UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21145
SPDR® INDEX SHARES FUNDS
(Exact name of registrant as specified in charter)
One Lincoln Street, Boston, Massachusetts 02111
(Address of principal executive offices) (zip code)
(Name and Address of Agent for Service) | Copy to: | |
Christopher A. Madden, Esq. State Street Bank and Trust Company One Lincoln Street/CPH0326 Boston, MA 02111 | W. John McGuire, Esq. Morgan, Lewis & Brockius LLP 2020 K Street, N.W. Washington, DC 20006 |
Registrant’s telephone number, including area code: (866) 787-2257
Date of fiscal year end: September 30
Date of reporting period: September 30, 2015
Item 1. Reports to Shareholders.
Annual Report
30 September 2015
30 September 2015
SPDR® Index Shares Funds
TABLE OF CONTENTS
Management’s Discussion of Fund Performance & Portfolio Summary (unaudited) | ||
SPDR® STOXX® Europe 50 ETF (FEU) | 1 | |
SPDR EURO STOXX 50® ETF (FEZ) | 5 | |
SPDR EURO STOXX Small Cap ETF (SMEZ) | 9 | |
SPDR EURO STOXX 50 Currency Hedged ETF (HFEZ) | 13 | |
SPDR S&P International Dividend Currency Hedged ETF (HDWX) | 15 | |
SPDR MSCI International Real Estate Currency Hedged ETF (HREX) | 16 | |
SPDR S&P Emerging Asia Pacific ETF (GMF) | 17 | |
SPDR S&P Russia ETF (RBL) | 21 | |
SPDR S&P China ETF (GXC) | 25 | |
SPDR S&P Emerging Markets ETF (GMM) | 29 | |
SPDR S&P Emerging Markets Dividend ETF (EDIV) | 33 | |
SPDR S&P BRIC 40 ETF (BIK) | 37 | |
SPDR S&P Emerging Europe ETF (GUR) | 41 | |
SPDR S&P Emerging Latin America ETF (GML) | 45 | |
SPDR S&P Emerging Middle East & Africa ETF (GAF) | 49 | |
SPDR S&P World ex-US ETF (GWL) | 53 | |
SPDR S&P International Small Cap ETF (GWX) | 57 | |
SPDR Dow Jones International Real Estate ETF (RWX) | 61 | |
SPDR S&P Global Infrastructure ETF (GII) | 65 | |
SPDR S&P Global Natural Resources ETF (GNR) | 69 | |
SPDR MSCI ACWI ex-US ETF (CWI) | 73 | |
SPDR MSCI ACWI IMI ETF (ACIM) | 77 | |
SPDR MSCI ACWI Low Carbon Target ETF (LOWC) | 81 | |
SPDR MSCI EM 50 ETF (EMFT) | 85 | |
SPDR MSCI EM Beyond BRIC ETF (EMBB) | 89 | |
SPDR MSCI EAFE Quality Mix ETF (QEFA) | 93 | |
SPDR MSCI Emerging Markets Quality Mix ETF (QEMM) | 97 | |
SPDR MSCI World Quality Mix ETF (QWLD) | 101 | |
SPDR MSCI Australia Quality Mix ETF (QAUS) | 105 | |
SPDR MSCI Canada Quality Mix ETF (QCAN) | 109 | |
SPDR MSCI Germany Quality Mix ETF (QDEU) | 113 | |
SPDR MSCI Japan Quality Mix ETF (QJPN) | 117 | |
SPDR MSCI Mexico Quality Mix ETF (QMEX) | 121 | |
SPDR MSCI South Korea Quality Mix ETF (QKOR) | 125 | |
SPDR MSCI Spain Quality Mix ETF (QESP) | 129 | |
SPDR MSCI Taiwan Quality Mix ETF (QTWN) | 133 | |
SPDR MSCI United Kingdom Quality Mix ETF (QGBR) | 137 | |
SPDR Russell/Nomura PRIMETM Japan ETF (JPP) | 141 | |
SPDR Russell/Nomura Small CapTM Japan ETF (JSC) | 145 | |
SPDR S&P Global Dividend ETF (WDIV) | 149 | |
SPDR S&P International Dividend ETF (DWX) | 153 |
SPDR S&P International Mid Cap ETF (MDD) | 157 | |
SPDR S&P Emerging Markets Small Cap ETF (EWX) | 161 | |
SPDR Dow Jones Global Real Estate ETF (RWO) | 166 | |
SPDR S&P International Consumer Discretionary Sector ETF (IPD) | 170 | |
SPDR S&P International Consumer Staples Sector ETF (IPS) | 174 | |
SPDR S&P International Energy Sector ETF (IPW) | 178 | |
SPDR S&P International Financial Sector ETF (IPF) | 182 | |
SPDR S&P International Health Care Sector ETF (IRY) | 187 | |
SPDR S&P International Industrial Sector ETF (IPN) | 191 | |
SPDR S&P International Materials Sector ETF (IRV) | 195 | |
SPDR S&P International Technology Sector ETF (IPK) | 199 | |
SPDR S&P International Telecommunications Sector ETF (IST) | 203 | |
SPDR S&P International Utilities Sector ETF (IPU) | 207 | |
Schedules of Investments | ||
SPDR STOXX Europe 50 ETF (FEU) | 211 | |
SPDR EURO STOXX 50 ETF (FEZ) | 212 | |
SPDR EURO STOXX Small Cap ETF (SMEZ) | 213 | |
SPDR EURO STOXX 50 Currency Hedged ETF (HFEZ) | 215 | |
SPDR S&P International Dividend Currency Hedged ETF (HDWX) | 216 | |
SPDR MSCI International Real Estate Currency Hedged ETF (HREX) | 218 | |
SPDR S&P Emerging Asia Pacific ETF (GMF) | 223 | |
SPDR S&P Russia ETF (RBL) | 233 | |
SPDR S&P China ETF (GXC) | 234 | |
SPDR S&P Emerging Markets ETF (GMM) | 242 | |
SPDR S&P Emerging Markets Dividend ETF (EDIV) | 257 | |
SPDR S&P BRIC 40 ETF (BIK) | 259 | |
SPDR S&P Emerging Europe ETF (GUR) | 260 | |
SPDR S&P Emerging Latin America ETF (GML) | 262 | |
SPDR S&P Emerging Middle East & Africa ETF (GAF) | 265 | |
SPDR S&P World ex-US ETF (GWL) | 268 | |
SPDR S&P International Small Cap ETF (GWX) | 282 | |
SPDR Dow Jones International Real Estate ETF (RWX) | 305 | |
SPDR S&P Global Infrastructure ETF (GII) | 307 | |
SPDR S&P Global Natural Resources ETF (GNR) | 309 | |
SPDR MSCI ACWI ex-US ETF (CWI) | 311 | |
SPDR MSCI ACWI IMI ETF (ACIM) | 322 | |
SPDR MSCI ACWI Low Carbon Target ETF (LOWC) | 331 | |
SPDR MSCI EM 50 ETF (EMFT) | 344 | |
SPDR MSCI EM Beyond BRIC ETF (EMBB) | 345 | |
SPDR MSCI EAFE Quality Mix ETF (QEFA) | 349 | |
SPDR MSCI Emerging Markets Quality Mix ETF (QEMM) | 355 | |
SPDR MSCI World Quality Mix ETF (QWLD) | 363 | |
SPDR MSCI Australia Quality Mix ETF (QAUS) | 373 | |
SPDR MSCI Canada Quality Mix ETF (QCAN) | 375 |
SPDR MSCI Germany Quality Mix ETF (QDEU) | 377 | |
SPDR MSCI Japan Quality Mix ETF (QJPN) | 379 | |
SPDR MSCI Mexico Quality Mix ETF (QMEX) | 383 | |
SPDR MSCI South Korea Quality Mix ETF (QKOR) | 384 | |
SPDR MSCI Spain Quality Mix ETF (QESP) | 386 | |
SPDR MSCI Taiwan Quality Mix ETF (QTWN) | 387 | |
SPDR MSCI United Kingdom Quality Mix ETF (QGBR) | 389 | |
SPDR Russell/Nomura PRIME Japan ETF (JPP) | 391 | |
SPDR Russell/Nomura Small Cap Japan ETF (JSC) | 397 | |
SPDR S&P Global Dividend ETF (WDIV) | 405 | |
SPDR S&P International Dividend ETF (DWX) | 407 | |
SPDR S&P International Mid Cap ETF (MDD) | 409 | |
SPDR S&P Emerging Markets Small Cap ETF (EWX) | 417 | |
SPDR Dow Jones Global Real Estate ETF (RWO) | 428 | |
SPDR S&P International Consumer Discretionary Sector ETF (IPD) | 431 | |
SPDR S&P International Consumer Staples Sector ETF (IPS) | 434 | |
SPDR S&P International Energy Sector ETF (IPW) | 437 | |
SPDR S&P International Financial Sector ETF (IPF) | 439 | |
SPDR S&P International Health Care Sector ETF (IRY) | 442 | |
SPDR S&P International Industrial Sector ETF (IPN) | 444 | |
SPDR S&P International Materials Sector ETF (IRV) | 447 | |
SPDR S&P International Technology Sector ETF (IPK) | 450 | |
SPDR S&P International Telecommunications Sector ETF (IST) | 453 | |
SPDR S&P International Utilities Sector ETF (IPU) | 455 | |
Financial Statements | 458 | |
Financial Highlights | 504 | |
Notes to Financial Statements | 532 | |
Report of Independent Registered Public Accounting Firm | 570 | |
Other Information (unaudited) | 571 |
SPDR STOXX Europe 50 ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR STOXX Europe 50 ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the STOXX® Europe 50 Index (the “Index”). In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −11.36%, and the total return for the Index was −11.50%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, cash and small security misweights contributed to the difference between the Fund’s performance and that of the Index.
The fourth quarter of 2014 saw a mixed performance for stocks in the Fund as the economic data in Eurozone countries confronted continued weakness and the European Central Bank (ECB) prepared for alternative measures to boost their balance sheet. After a turbulent January 2015 for equity markets as ECB announced a larger than expected quantitative easing, volatility subsided through the month of February and the stocks in the Fund witnessed a significant positive performance of 5.92% that month. However, this momentum was short-lived and the rest of the year witnessed a downward trajectory again as uncertainty lingered with the possibility of a Greek exit from the Eurozone. By the end of the third quarter of 2015, the Greek drama had been largely resolved, though, with Greece agreeing to a new, more austere bailout agreement with its creditors.
On an individual security level, the top positive contributors to the Fund’s performance were Nestle SA, Deutsche Telekom AG, and LVMH Moet Hennessy Louis Vuitton SE. The top negative contributors to the Fund’s performance were HSBC Holdings PLC, Royal Dutch Shell PLC (Class A), and Banco Santander SA.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
1
SPDR STOXX Europe 50 ETF —
Performance Summary
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 September 24, 2015) is 0.29%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −11.36% | −10.98% | −11.50% | −11.36% | −10.98% | −11.50% | ||||||||||||||||||
THREE YEARS | 13.04% | 12.70% | 12.94% | 4.17% | 4.07% | 4.14% | ||||||||||||||||||
FIVE YEARS | 16.49% | 16.93% | 16.17% | 3.10% | 3.18% | 3.04% | ||||||||||||||||||
TEN YEARS | 17.93% | 18.10% | 17.83% | 1.66% | 1.68% | 1.65% | ||||||||||||||||||
2
SPDR STOXX Europe 50 ETF —
Performance Summary (continued)
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.
3
SPDR STOXX Europe 50 ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
DESCRIPTION | NESTLE SA | NOVARTIS AG | ROCHE HOLDING AG | HSBC HOLDINGS PLC | SANOFI | |||||
MARKET VALUE | $15,693,837 | 15,276,137 | 12,133,262 | 9,692,966 | 7,433,420 | |||||
% OF NET ASSETS | 6.3 | 6.1 | 4.9 | 3.9 | 3.0 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Pharmaceuticals | 24.2 | % | ||||
Banks | 15.4 | |||||
Oil, Gas & Consumable Fuels | 10.2 | |||||
Food Products | 6.3 | |||||
Insurance | 5.7 | |||||
Diversified Telecommunication Services | 4.3 | |||||
Tobacco | 4.0 | |||||
Beverages | 3.9 | |||||
Capital Markets | 3.5 | |||||
Personal Products | 3.1 | |||||
Chemicals | 2.9 | |||||
Textiles, Apparel & Luxury Goods | 2.3 | |||||
Wireless Telecommunication Services | 2.2 | |||||
Electrical Equipment | 2.0 | |||||
Automobiles | 1.9 | |||||
Industrial Conglomerates | 1.8 | |||||
Software | 1.7 | |||||
Household Products | 1.6 | |||||
Multi-Utilities | 1.4 | |||||
Metals & Mining | 1.1 | |||||
Short Term Investments | 0.1 | |||||
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. |
4
SPDR EURO STOXX 50 ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR EURO STOXX 50 ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the EURO STOXX 50® Index (the “Index”). In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −12.60%, and the total return for the Index was −12.90%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, cash and small security misweights contributed to the difference between the Fund’s performance and that of the Index.
The fourth quarter of 2014 saw a mixed performance for stocks in the Fund as the economic data in Eurozone countries confronted continued weakness and the European Central Bank (ECB) prepared for alternative measures to boost their balance sheet. After a turbulent January 2015 for equity markets as ECB announced a larger than expected quantitative easing, volatility subsided through the month of February and the stocks in the Fund witnessed a significant positive performance of 6.72% that month. However, this momentum was short-lived and the rest of the year witnessed a downward trajectory again as uncertainty lingered around with the possibility of a Greek exit from the Eurozone. By the end of the third quarter of 2015, the Greek drama had been largely resolved, though, with Greece agreeing to a new, more austere bailout agreement with its creditors.
On an individual security level, the top positive contributors to the Fund’s performance were Deutsche Telekom AG, LVMH Moet Hennessy Louis Vuitton SE, and Intesa Sanpaolo SpA. The top negative contributors to the Fund’s performance were Banco Bilbao Vizcaya Argentaria SA, Total SA, and Banco Santander SA.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
5
SPDR EURO STOXX 50 ETF —
Performance Summary
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 September 24, 2015) is 0.29%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −12.60% | −12.02% | −12.90% | −12.60% | −12.02% | −12.90% | ||||||||||||||||||
THREE YEARS | 20.01% | 20.12% | 18.88% | 6.27% | 6.30% | 5.94% | ||||||||||||||||||
FIVE YEARS | 9.92% | 10.63% | 7.75% | 1.91% | 2.04% | 1.50% | ||||||||||||||||||
TEN YEARS | 17.47% | 18.02% | 13.71% | 1.62% | 1.67% | 1.29% | ||||||||||||||||||
6
SPDR EURO STOXX 50 ETF —
Performance Summary (continued)
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.
7
SPDR EURO STOXX 50 ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
ANHEUSER-BUSCH | ||||||||||
DESCRIPTION | SANOFI | TOTAL SA | BAYER AG | INBEV SA | BANCO SANTANDER SA | |||||
MARKET VALUE | $203,550,387 | 194,801,301 | 189,958,304 | 146,437,365 | 136,301,148 | |||||
% OF NET ASSETS | 5.0 | 4.8 | 4.7 | 3.6 | 3.4 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 16.6 | % | ||||
Pharmaceuticals | 9.7 | |||||
Insurance | 7.7 | |||||
Oil, Gas & Consumable Fuels | 6.7 | |||||
Diversified Telecommunication Services | 6.2 | |||||
Automobiles | 5.2 | |||||
Chemicals | 4.9 | |||||
Personal Products | 4.7 | |||||
Industrial Conglomerates | 4.1 | |||||
Beverages | 3.6 | |||||
Electric Utilities | 3.1 | |||||
Software | 2.8 | |||||
Aerospace & Defense | 2.7 | |||||
Textiles, Apparel & Luxury Goods | 2.0 | |||||
Multi-Utilities | 1.9 | |||||
Food Products | 1.7 | |||||
Specialty Retail | 1.6 | |||||
Capital Markets | 1.6 | |||||
Construction & Engineering | 1.5 | |||||
Electrical Equipment | 1.5 | |||||
Semiconductors & Semiconductor Equipment | 1.4 | |||||
Media | 1.2 | |||||
Health Care Providers & Services | 1.2 | |||||
Air Freight & Logistics | 1.2 | |||||
Health Care Equipment & Supplies | 1.2 | |||||
Real Estate Investment Trusts | 1.1 | |||||
Communications Equipment | 1.1 | |||||
Building Products | 1.0 | |||||
Food & Staples Retailing | 0.7 | |||||
Metals & Mining | 0.0 | ** | ||||
Short Term Investments | 0.8 | |||||
Other Assets & Liabilities | (0.7 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Amount shown represents less than 0.05% of net assets. |
8
SPDR EURO STOXX Small Cap ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR EURO STOXX Small Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the EURO STOXX Small Index (the “Index”). In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −4.97%, and the total return for the Index was −5.16%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, cash and an aggregation of miniscule security misweights contributed to the difference between the Fund’s performance and that of the Index.
The fourth quarter of 2014 saw a mixed performance for stocks in the Fund as the economic data in Eurozone countries confronted continued weakness and the European Central Bank (ECB) prepared for alternative measures to boost their balance sheet. After a turbulent January 2015 for equity markets as ECB announced a larger than expected quantitative easing, volatility subsided through the month of February and the stocks in the Fund witnessed a significant positive performance of 6.4% that month. However, this momentum was short-lived and the rest of the year witnessed a downward trajectory again as uncertainty lingered around with the possibility of a Greek exit from the Eurozone. By the end of the third quarter of 2015, the Greek drama had been largely resolved, though, with Greece agreeing to a new, more austere bailout agreement with its creditors.
On an individual security level, the top positive contributors to the Fund’s performance were Paddy Power PLC, Altice NV (Class A), and Hermes International SCA. The top negative contributors to the Fund’s performance were Piraeus Bank SA, Delta Lloyd NV, and Eurobank Ergasias SA.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
9
SPDR EURO STOXX Small Cap ETF —
Performance Summary
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 September 24, 2015) is 0.45%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −4.97% | −4.74% | −5.16% | −4.97% | −4.74% | −5.16% | ||||||||||||||||||
SINCE INCEPTION (1) | −19.63% | −19.65% | −19.48% | −15.20% | −15.21% | −15.11% | ||||||||||||||||||
(1) | For the period June 4, 2014 to September 30, 2015. |
10
SPDR EURO STOXX Small Cap ETF —
Performance Summary (continued)
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.
11
SPDR EURO STOXX Small Cap ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
BANCA POPOLARE DI | ||||||||||
DESCRIPTION | PADDY POWER PLC | OSRAM LICHT AG | MILANO SCARL | TELEPERFORMANCE | SOCIETE BIC SA | |||||
MARKET VALUE | $242,951 | 223,116 | 215,439 | 215,307 | 212,261 | |||||
% OF NET ASSETS | 2.1 | 1.9 | 1.8 | 1.8 | 1.8 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Media | 11.0 | % | ||||
Banks | 6.2 | |||||
Real Estate Investment Trusts | 5.7 | |||||
Diversified Financial Services | 5.5 | |||||
Machinery | 5.3 | |||||
Insurance | 4.6 | |||||
Chemicals | 4.0 | |||||
Food & Staples Retailing | 3.7 | |||||
Pharmaceuticals | 3.6 | |||||
Electrical Equipment | 3.2 | |||||
Air Freight & Logistics | 3.2 | |||||
Hotels, Restaurants & Leisure | 2.9 | |||||
Food Products | 2.6 | |||||
Commercial Services & Supplies | 2.5 | |||||
Health Care Providers & Services | 2.5 | |||||
Oil, Gas & Consumable Fuels | 2.4 | |||||
Diversified Telecommunication Services | 2.3 | |||||
Airlines | 2.1 | |||||
Semiconductors & Semiconductor Equipment | 2.0 | |||||
Professional Services | 1.8 | |||||
Energy Equipment & Services | 1.8 | |||||
Wireless Telecommunication Services | 1.8 | |||||
Life Sciences Tools & Services | 1.7 | |||||
Real Estate Management & Development | 1.7 | |||||
Auto Components | 1.5 | |||||
Building Products | 1.5 | |||||
Beverages | 1.4 | |||||
Leisure Products | 1.3 | |||||
Independent Power and Renewable Electricity Producers | 1.2 | |||||
Containers & Packaging | 1.2 | |||||
Gas Utilities | 1.2 | |||||
Industrial Conglomerates | 1.0 | |||||
Capital Markets | 1.0 | |||||
Transportation Infrastructure | 1.0 | |||||
Household Durables | 1.0 | |||||
Thrifts & Mortgage Finance | 0.9 | |||||
Construction Materials | 0.9 | |||||
Aerospace & Defense | 0.9 | |||||
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. |
12
SPDR EURO STOXX 50 Currency Hedged ETF —
Performance Summary
Performance 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.
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Mutual Funds | 98.2 | % | ||||
Short Term Investments | 1.7 | |||||
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. |
13
SPDR S&P International Dividend Currency Hedged ETF —
Performance Summary
Performance 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.
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Mutual Funds | 99.7 | % | ||||
Short Term Investments | 0.4 | |||||
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. |
14
SPDR MSCI International Real Estate Currency Hedged ETF —
Performance Summary
Performance Summary
The Fund had less than six months of operations at reporting period end and therefore does not have performance history to provide in this report.
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
SUN HUNG KAI | MITSUBISHI ESTATE | LAND SECURITIES | ||||||||
DESCRIPTION | UNIBAIL-RODAMCO SE | PROPERTIES, LTD. | CO., LTD. | GROUP PLC | VONOVIA SE | |||||
MARKET VALUE | $196,740 | 181,547 | 122,014 | 116,636 | 115,704 | |||||
% OF NET ASSETS | 4.9 | 4.5 | 3.0 | 2.9 | 2.8 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Real Estate Investment Trusts | 57.2 | % | ||||
Real Estate Management & Development | 42.5 | |||||
Short Term Investments | 0.1 | |||||
Other Assets & Liabilities | 0.2 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
15
SPDR S&P Emerging Asia Pacific ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P Emerging Asia Pacific ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging markets of the Asia Pacific region. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −12.15%, and the total return for the S&P Asia Pacific Emerging BMI Index (the “Index”) was −11.96%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, transaction costs, cash and receivables drag, compounding, and security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Index gained 1.07% in the last quarter of 2014. The Index could not hold the 2.35% positive return it realized in September. The Index declined 2.02% in December, reflecting continuing concerns over global growth as oil traded to new lows only to move much lower later in this quarter. China’s economy remains on a slowing trend. The HSBC Manufacturing PMI for December fell a half point to 49.5.
The Index gained 4.76% in the first quarter of 2015 representing the best quarter during the Reporting Period. The new year began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing. After a turbulent January for equity markets, volatility subsided through the month of February as oil prices stabilized and the aggressive pace of global central bank actions witnessed the prior month moderated. Fresh news in March came into the markets that raised uncertainties anew. On March 1, China eased administered rates, and maybe more consequentially, lowered its GDP forecast for 2015 to “about” 7%. The word “about” became key as it allows some wiggle room in case that the economy doesn’t grow at a pace officially targeted by the Chinese Government. Emerging market equites, commodities and indeed global equities traded lower on the news.
The second quarter of 2015 started off well as April 2015 delivered the best one month return during the Reporting Period. The Index gained 6.88% in April driven by the strong equity returns in China in spite of evidence suggesting a slowdown in economic growth. The economic concerns in China were realized in June 2015, causing the Index to decline −3.78%. On June 27, China’s central bank announced a surprise reduction in interest rates. This move was widely viewed as a response to a precipitous fall in China’s roaring stock market. The Chinese market has been viewed as particularly vulnerable given the rapid run up in shares driven in part by retail margin buying.
The third quarter of 2015 was the worst quarter during the Reporting Period, as the Index declined −18.66%. Global markets entered the third quarter of 2015 nervously with a sudden free fall in China’s stock market in previous months. By the end of the quarter, continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of global equities in August and September.
On an individual security level, the top positive contributors to the Fund’s performance were Infosys, Ltd. ADR, China Life Insurance Co., Ltd., and Taiwan Semiconductor Manufacturing Co., Ltd. ADR. The top negative contributors to the Fund’s performance were PetroChina Co., Ltd. (Class H), Baidu, Inc. ADR, and Alibaba Group Holding, Ltd. ADR.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
16
SPDR S&P Emerging Asia Pacific ETF —
Performance Summary
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 September 24, 2015) is 0.49%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −12.15% | −12.20% | −11.96% | −12.15% | −12.20% | −11.96% | ||||||||||||||||||
THREE YEARS | 4.13% | 5.15% | 7.07% | 1.36% | 1.69% | 2.30% | ||||||||||||||||||
FIVE YEARS | 0.60% | 0.57% | 2.89% | 0.12% | 0.11% | 0.57% | ||||||||||||||||||
SINCE INCEPTION (1) | 43.58% | 43.61% | 49.15% | 4.33% | 4.33% | 4.80% | ||||||||||||||||||
(1) | For the period March 20, 2007 to September 30, 2015. |
17
SPDR S&P Emerging Asia Pacific ETF —
Performance Summary (continued)
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.
18
SPDR S&P Emerging Asia Pacific ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
TAIWAN SEMICONDUCTOR | ||||||||||
TENCENT | MANUFACTURING CO., | ALIBABA GROUP | CHINA CONSTRUCTION | |||||||
DESCRIPTION | HOLDINGS, LTD. | LTD. ADR | CHINA MOBILE, LTD. | HOLDING, LTD. ADR | BANK CORP. (CLASS H) | |||||
MARKET VALUE | $15,617,170 | 13,094,039 | 11,597,949 | 10,591,484 | 9,960,466 | |||||
% OF NET ASSETS | 3.7 | 3.0 | 2.7 | 2.5 | 2.3 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 15.3 | % | ||||
Internet Software & Services | 8.9 | |||||
Semiconductors & Semiconductor Equipment | 5.9 | |||||
Oil, Gas & Consumable Fuels | 5.2 | |||||
Wireless Telecommunication Services | 4.9 | |||||
Insurance | 3.9 | |||||
Real Estate Management & Development | 3.7 | |||||
Electronic Equipment, Instruments & Components | 3.6 | |||||
IT Services | 3.5 | |||||
Pharmaceuticals | 2.9 | |||||
Food Products | 2.5 | |||||
Technology Hardware, Storage & Peripherals | 2.5 | |||||
Automobiles | 2.3 | |||||
Chemicals | 2.1 | |||||
Construction & Engineering | 1.8 | |||||
Diversified Telecommunication Services | 1.7 | |||||
Industrial Conglomerates | 1.7 | |||||
Independent Power and Renewable Electricity Producers | 1.6 | |||||
Transportation Infrastructure | 1.6 | |||||
Thrifts & Mortgage Finance | 1.5 | |||||
Internet & Catalog Retail | 1.5 | |||||
Textiles, Apparel & Luxury Goods | 1.4 | |||||
Construction Materials | 1.4 | |||||
Metals & Mining | 1.4 | |||||
Capital Markets | 1.3 | |||||
Machinery | 1.2 | |||||
Hotels, Restaurants & Leisure | 1.1 | |||||
Diversified Financial Services | 1.1 | |||||
Food & Staples Retailing | 0.9 | |||||
Electrical Equipment | 0.9 | |||||
Media | 0.7 | |||||
Beverages | 0.7 | |||||
Personal Products | 0.7 | |||||
Electric Utilities | 0.6 | |||||
Health Care Providers & Services | 0.6 | |||||
Household Products | 0.6 | |||||
Tobacco | 0.5 | |||||
Auto Components | 0.5 | |||||
Consumer Finance | 0.5 | |||||
Marine | 0.5 | |||||
Gas Utilities | 0.4 | |||||
Specialty Retail | 0.4 | |||||
Water Utilities | 0.4 | |||||
Household Durables | 0.3 | |||||
Airlines | 0.3 | |||||
Software | 0.3 | |||||
Energy Equipment & Services | 0.2 | |||||
Communications Equipment | 0.2 | |||||
Building Products | 0.2 | |||||
Commercial Services & Supplies | 0.2 | |||||
Diversified Consumer Services | 0.2 | |||||
Aerospace & Defense | 0.2 | |||||
Health Care Equipment & Supplies | 0.2 | |||||
Road & Rail | 0.1 | |||||
Multiline Retail | 0.1 | |||||
Biotechnology | 0.1 | |||||
Leisure Products | 0.1 | |||||
Trading Companies & Distributors | 0.1 | |||||
Distributors | 0.1 | |||||
Containers & Packaging | 0.1 | |||||
Paper & Forest Products | 0.1 | |||||
Air Freight & Logistics | 0.0 | ** | ||||
Professional Services | 0.0 | ** | ||||
Short Term Investments | 5.8 | |||||
Other Assets & Liabilities | (5.3 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Amount shown represents less than 0.05% of net assets. |
19
SPDR S&P Russia ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P Russia ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an equity index based upon the Russian equity market. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −29.32%, and the total return for the S&P Russia Capped BMI Index (the “Index”) was −27.22%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, a cash drag, compounding, and optimization contributed to the difference between the Fund’s performance and that of the Index.
After a weak last quarter of 2014 when Index returns fell over 32%, Russian markets partially rebounded slightly in the first quarter of 2015 only to slide back down in the third quarter of 2015. Russia’s recession deepened in 2015 with a severe impact on households. The Russian economy continued to adjust to the sanctions shock from 2014 amid a tense geopolitical situation. Consumer demand dropped significantly and was driven by a sharp contraction in real wages which resulted from increase in consumer price inflation. Unemployment increased slightly from 5.3 percent in 2014 to 5.6 percent in the first half of 2015. The erosion of real income significantly increased the poverty rate.
Oil and gas prices remained low through the first half of 2015, further underlining Russia’s vulnerability to volatile global commodity markets. After rebounding in Q2, oil prices were again pressured over the third quarter, with Brent Crude decreasing 23.2% to finish at $47/barrel, while West Texas Intermediate declined 24.2% to end the period at $45/barrel. The energy sector was the main detractor from the Fund’s performance.
The ruble weakened in 2015 significantly, which created a price advantage for some industries, boosting exports, decreasing imports, and encouraging investment in certain sectors such as real estate, but failing to generate an overall increase in non-energy exports. Economic policy uncertainty combined with an unpredictable geopolitical situation and the continuation of the sanctions regime caused private investment to decline rapidly as capital costs rose and consumer demand evaporated.
Overall, emerging market equities were volatile through the third quarter of 2015, with no shortage of significant events causing considerable uncertainty across all major regions. The quarter opened on a positive note with news that Greece had successfully come to an agreement on austerity measures with creditors, but the resulting optimism was short lived as weakness across heavily weighted constituents China and Korea outweighed any positive sentiment through the remainder of July. The downward pressure across emerging market equities accelerated in August as a surprise devaluation of the yuan by the PBOC and a weak flash PMI reading on the evening of August 20 of 47.1 (6.5 year low and sixth consecutive monthly contraction) led to a significant equity selloff the following day. This correction spread to all major markets including the S&P 500, which fell 3.2%. Concerns persisted through the weekend with the Dow Jones initially opening 1,000 points lower on Monday the 24th, before moderately rebounding but still closing the day 3.6% lower.
On an individual security level, the top positive contributors to the Fund’s performance were Surgutneftegas OAO ADR Pfd., Severstal PAO GDR, and Sistema JSFC GDR. The top negative contributors to the Fund’s performance were Yandex NV (Class A), Lukoil PJSC ADR, and Public Joint-Stock Company Gazprom PAO ADR.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
20
SPDR S&P Russia ETF —
Performance Summary
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 September 24, 2015) is 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −29.32% | −29.15% | −27.22% | −29.32% | −29.15% | −27.22% | ||||||||||||||||||
THREE YEARS | −42.09% | −42.12% | −39.60% | −16.65% | −16.66% | −15.48% | ||||||||||||||||||
FIVE YEARS | −43.25% | −43.02% | −39.39% | −10.71% | −10.64% | −9.53% | ||||||||||||||||||
SINCE INCEPTION (1) | −42.83% | −42.83% | −37.89% | −9.57% | −9.57% | −8.21% | ||||||||||||||||||
(1) | For the period March 10, 2010 to September 30, 2015. |
21
SPDR S&P Russia ETF —
Performance Summary (continued)
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.
22
SPDR S&P Russia ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
SBERBANK OF | ||||||||||
DESCRIPTION | GAZPROM PAO ADR | LUKOIL PJSC ADR | MAGNIT PJSC GDR | RUSSIA ADR | NOVATEK OAO GDR | |||||
MARKET VALUE | $3,329,649 | 2,729,331 | 1,368,849 | 1,152,183 | 1,142,560 | |||||
% OF NET ASSETS | 14.4 | 11.8 | 5.9 | 5.0 | 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 SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Oil, Gas & Consumable Fuels | 47.3 | % | ||||
Banks | 12.2 | |||||
Metals & Mining | 11.7 | |||||
Food & Staples Retailing | 8.2 | |||||
Wireless Telecommunication Services | 5.8 | |||||
Internet Software & Services | 3.1 | |||||
Diversified Telecommunication Services | 1.8 | |||||
Chemicals | 1.6 | |||||
Household Durables | 1.4 | |||||
Electric Utilities | 1.1 | |||||
IT Services | 1.0 | |||||
Energy Equipment & Services | 0.8 | |||||
Real Estate Management & Development | 0.6 | |||||
Road & Rail | 0.6 | |||||
Media | 0.3 | |||||
Short Term Investments | 0.2 | |||||
Other Assets & Liabilities | 2.3 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
23
SPDR S&P China ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P China ETF (the “Fund”) seeks to provide investments results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Chinese equity market. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −8.69%, and the total return for the S&P China BMI Index (the “Index”) was −8.61%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The accumulation of small misweights between the Fund and the Index, and the impact of cash drag on returns helped offset some of the impact of fees and helps explain the difference between the Fund’s performance and that of the Index.
The Index started the year strongly, rising 20.6% over the first 3 quarters. Rising fear of a slowdown in the Chinese economy, concerns over asset valuations (both equity and real estate,) and fears of unsustainable bank loans and government investment policies combined to bring a significant change in the China equity markets. In the last quarter of the year (ending September 30, 2015) the Index fell over 24%, bringing the full year return into negative territory. Volatility also increased significantly in the market, as markets showed significant moves up and down, sometimes within the same trading session.
On an individual security level, top positive contributors to the Fund’s performance were Tencent Holdings, Ltd. (+12%), China Life Insurance Co., Ltd. (Class H) (+26%) and Ping An Insurance Group Co. of China, Ltd. (+33%). Tencent Holdings, Ltd., a leading Chinese internet provider, held up better than rival Alibaba. Its share price did not exhibit the sharp rise of Alibaba, and did not fall as much during the market downturn. Both China Life Insurance Co., Ltd. and Ping An Insurance Group Co. of China, Ltd. posted strong results in August helping support their share prices. Notable negative contributors to performance were Alibaba Group Holding, Ltd. ADR (−47%), PetroChina Co., Ltd. (Class H) (−44%), and CNOOC, Ltd. (−37%). Alibaba Group Holding, Ltd. had risen as much as 75% from its IPO price, before falling significantly in the latter part of the year on concerns over valuation, missed earnings estimates, increasing competition and regulatory concerns over the sale of counterfeit items on its website. Energy prices combined with the decline of the local market hit energy shares PetroChina Co., Ltd. and CNOOC, Ltd. particularly hard.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
24
SPDR S&P China ETF —
Performance Summary
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 September 24, 2015) is 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −8.69% | −8.58% | −8.61% | −8.69% | −8.58% | −8.61% | ||||||||||||||||||
THREE YEARS | 11.41% | 12.46% | 14.78% | 3.67% | 3.99% | 4.71% | ||||||||||||||||||
FIVE YEARS | −0.29% | −0.04% | 0.46% | −0.06% | −0.01% | 0.09% | ||||||||||||||||||
SINCE INCEPTION (1) | 52.03% | 52.69% | 55.60% | 5.03% | 5.08% | 5.32% | ||||||||||||||||||
(1) | For the period March 20, 2007 to September 30, 2015. |
25
SPDR S&P China ETF —
Performance Summary (continued)
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.
26
SPDR S&P China ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
TENCENT | CHINA | ALIBABA GROUP | CHINA CONSTRUCTION | INDUSTRIAL & COMMERCIAL | ||||||
DESCRIPTION | HOLDINGS, LTD. | MOBILE, LTD. | HOLDING, LTD. ADR | BANK CORP. (CLASS H) | BANK OF CHINA, LTD. (CLASS H) | |||||
MARKET VALUE | $64,112,616 | 46,628,223 | 45,371,577 | 43,690,739 | 31,613,881 | |||||
% OF NET ASSETS | 7.8 | 5.7 | 5.6 | 5.3 | 3.9 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Internet Software & Services | 19.2 | % | ||||
Banks | 17.1 | |||||
Insurance | 7.0 | |||||
Wireless Telecommunication Services | 5.7 | |||||
Real Estate Management & Development | 5.6 | |||||
Oil, Gas & Consumable Fuels | 5.5 | |||||
Internet & Catalog Retail | 3.2 | |||||
Food Products | 2.4 | |||||
Independent Power and Renewable Electricity Producers | 2.3 | |||||
Transportation Infrastructure | 2.0 | |||||
Automobiles | 2.0 | |||||
Capital Markets | 1.8 | |||||
Pharmaceuticals | 1.8 | |||||
Construction & Engineering | 1.6 | |||||
Industrial Conglomerates | 1.5 | |||||
Diversified Telecommunication Services | 1.5 | |||||
Machinery | 1.5 | |||||
Textiles, Apparel & Luxury Goods | 1.4 | |||||
Electronic Equipment, Instruments & Components | 1.1 | |||||
Electrical Equipment | 1.0 | |||||
Metals & Mining | 1.0 | |||||
Construction Materials | 0.9 | |||||
Water Utilities | 0.9 | |||||
Semiconductors & Semiconductor Equipment | 0.8 | |||||
Personal Products | 0.7 | |||||
Health Care Providers & Services | 0.7 | |||||
Technology Hardware, Storage & Peripherals | 0.6 | |||||
Gas Utilities | 0.6 | |||||
Diversified Consumer Services | 0.5 | |||||
Marine | 0.5 | |||||
Airlines | 0.5 | |||||
Communications Equipment | 0.5 | |||||
Software | 0.5 | |||||
Hotels, Restaurants & Leisure | 0.4 | |||||
Commercial Services & Supplies | 0.4 | |||||
Specialty Retail | 0.4 | |||||
Household Durables | 0.4 | |||||
Food & Staples Retailing | 0.4 | |||||
Chemicals | 0.4 | |||||
Health Care Equipment & Supplies | 0.4 | |||||
Road & Rail | 0.3 | |||||
IT Services | 0.3 | |||||
Auto Components | 0.3 | |||||
Containers & Packaging | 0.3 | |||||
Paper & Forest Products | 0.2 | |||||
Media | 0.2 | |||||
Multiline Retail | 0.2 | |||||
Energy Equipment & Services | 0.2 | |||||
Beverages | 0.2 | |||||
Aerospace & Defense | 0.2 | |||||
Distributors | 0.1 | |||||
Diversified Financial Services | 0.1 | |||||
Household Products | 0.1 | |||||
Consumer Finance | 0.1 | |||||
Air Freight & Logistics | 0.1 | |||||
Building Products | 0.0 | ** | ||||
Trading Companies & Distributors | 0.0 | ** | ||||
Short Term Investments | 12.2 | |||||
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. | |
** | Amount shown represents less than 0.05% of net assets. |
27
SPDR S&P Emerging Markets ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P Emerging Markets ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging markets of the world. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −19.34%, and the total return for the S&P Emerging BMI Index (the “Index”) was −19.20%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cumulative security misweights and the Fund’s cash position contributed to the difference between the Fund’s performance and that of the Index.
During the Reporting Period, a significantly heightened, diverse and global level of geopolitical tensions had an appreciable impact on the Fund. One of the more impactful geopolitical events was the ongoing Western sanctions on Russia associated with events in the Ukraine. Along with humanitarian concerns, this led to significant negative impacts to the Russian economy and continuing worries regarding broader regional destabilization. Another geopolitical hotspot was the Middle East, where the focus continued to revolve around ISIS, which has been brutally seizing territory as it strives to establish a caliphate. A third area of increased geopolitical tensions can be found in the Pacific, where land disputes and saber rattling between China and its neighbors have remained a concern. For non-geopolitical issues, slowing growth continued to impact many markets, especially in China where concerns escalated regarding their ability to navigate a slowing economy without experiencing a hard landing. This led to increasing worries regarding potential currency wars. A strengthening US dollar and weakening local currencies have impacted most of the emerging market countries due to their propensity to have borrowed in US dollars. This has led to heightened concerns regarding the impact of a Federal Reserve interest rate increase, especially in regards to the likely impact on both debt servicing and capital outflows out of the emerging markets. Finally, many of the emerging market countries have been negatively impacted by declining commodity prices.
The Fund invested in futures to achieve the desired exposure during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance were Infosys Limited ADR, Tencent Holdings Ltd., and China Life Insurance Co. Ltd. Class H. The top negative contributors to the Fund’s performance were Banco Bradesco SA ADR Pfd., Baidu, Inc. ADR, and Petroleo Brasileiro SA ADR Pfd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
28
SPDR S&P Emerging Markets ETF —
Performance Summary
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 September 24, 2015) is 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −19.34% | −19.51% | −18.96% | −19.34% | −19.51% | −18.96% | ||||||||||||||||||
THREE YEARS | −12.78% | −12.28% | −11.43% | −4.46% | −4.27% | −3.97% | ||||||||||||||||||
FIVE YEARS | −15.38% | −15.46% | −15.26% | −3.28% | −3.30% | −3.26% | ||||||||||||||||||
SINCE INCEPTION (1) | 14.06% | 14.11% | 16.49% | 1.55% | 1.56% | 1.81% | ||||||||||||||||||
(1) | For the period March 20, 2007 to September 30, 2015. |
29
SPDR S&P Emerging Markets ETF —
Performance Summary (continued)
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.
30
SPDR S&P Emerging Markets ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
TENCENT | ALIBABA GROUP | CHINA CONSTRUCTION | TAIWAN SEMICONDUCTOR | |||||||
DESCRIPTION | HOLDINGS, LTD. | CHINA MOBILE, LTD. | HOLDING, LTD. ADR | BANK CORP. (CLASS H) | MANUFACTURING CO., LTD. | |||||
MARKET VALUE | $4,762,664 | 3,380,184 | 3,250,485 | 3,217,752 | 2,986,713 | |||||
% OF NET ASSETS | 2.5 | 1.8 | 1.7 | 1.7 | 1.6 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 17.0 | % | ||||
Oil, Gas & Consumable Fuels | 7.2 | |||||
Internet Software & Services | 6.1 | |||||
Wireless Telecommunication Services | 5.0 | |||||
Real Estate Management & Development | 3.7 | |||||
Semiconductors & Semiconductor Equipment | 3.5 | |||||
Insurance | 3.4 | |||||
Metals & Mining | 2.9 | |||||
Food Products | 2.8 | |||||
IT Services | 2.7 | |||||
Electronic Equipment, Instruments & Components | 2.5 | |||||
Pharmaceuticals | 2.3 | |||||
Beverages | 2.2 | |||||
Automobiles | 2.1 | |||||
Media | 2.1 | |||||
Industrial Conglomerates | 2.0 | |||||
Diversified Financial Services | 2.0 | |||||
Diversified Telecommunication Services | 1.7 | |||||
Technology Hardware, Storage & Peripherals | 1.7 | |||||
Transportation Infrastructure | 1.6 | |||||
Independent Power and Renewable Electricity Producers | 1.5 | |||||
Construction & Engineering | 1.5 | |||||
Food & Staples Retailing | 1.4 | |||||
Chemicals | 1.3 | |||||
Construction Materials | 1.3 | |||||
Multiline Retail | 1.2 | |||||
Thrifts & Mortgage Finance | 1.2 | |||||
Household Durables | 1.1 | |||||
Internet & Catalog Retail | 1.1 | |||||
Capital Markets | 1.0 | |||||
Textiles, Apparel & Luxury Goods | 0.9 | |||||
Electric Utilities | 0.9 | |||||
Specialty Retail | 0.9 | |||||
Hotels, Restaurants & Leisure | 0.8 | |||||
Household Products | 0.7 | |||||
Machinery | 0.6 | |||||
Health Care Providers & Services | 0.6 | |||||
Electrical Equipment | 0.6 | |||||
Airlines | 0.6 | |||||
Paper & Forest Products | 0.4 | |||||
Water Utilities | 0.4 | |||||
Personal Products | 0.4 | |||||
Gas Utilities | 0.3 | |||||
Marine | 0.3 | |||||
Tobacco | 0.3 | |||||
Aerospace & Defense | 0.2 | |||||
Auto Components | 0.2 | |||||
Software | 0.2 | |||||
Air Freight & Logistics | 0.2 | |||||
Real Estate Investment Trusts | 0.2 | |||||
Building Products | 0.2 | |||||
Diversified Consumer Services | 0.2 | |||||
Communications Equipment | 0.2 | |||||
Consumer Finance | 0.2 | |||||
Road & Rail | 0.2 | |||||
Trading Companies & Distributors | 0.1 | |||||
Health Care Equipment & Supplies | 0.1 | |||||
Energy Equipment & Services | 0.1 | |||||
Leisure Products | 0.1 | |||||
Biotechnology | 0.1 | |||||
Commercial Services & Supplies | 0.1 | |||||
Distributors | 0.1 | |||||
Containers & Packaging | 0.1 | |||||
Professional Services | 0.0 | ** | ||||
Multi-Utilities | 0.0 | ** | ||||
Short Term Investments | 7.0 | |||||
Other Assets & Liabilities | (5.6 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Amount shown represents less than 0.05% of net assets. |
31
SPDR S&P Emerging Markets Dividend ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P Emerging Markets Dividend ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks dividend-paying securities of publicly traded companies in emerging markets. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −28.56%, and the total return for the S&P Emerging Markets Dividend Opportunities Index (the “Index”) was −27.92%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, cash and an aggregation of miniscule security misweights contributed to the difference between the Fund’s performance and that of the Index.
The fourth quarter of 2014 began with emerging market stocks sliding as Grexit, Ebola, ISIS, and lack of Chinese growth all added to an increased level of uncertainty and volatility in the markets. Although emerging market equities continued to look attractive on a valuation basis, the stocks in the Fund fared poorly on account of further European economic weakness, soft oil prices, and Russia-Ukraine tensions. 2015 began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining inflation and a major expansion of quantitative easing by the European Central Bank (ECB). All three quarters of 2015 witnessed the second and fourth largest emerging markets by GDP, Brazil and Russia, respectively, succumb to negative growth. In the third quarter of 2015, continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of equities in August and September.
On an individual security level, the top positive contributors to the Fund’s performance were Evergrande Real Estate Group, Ltd., Indiabulls Housing Finance, Ltd., and Zijin Mining Group Co., Ltd. (Class H). The top negative contributors to the Fund’s performance were CCR SA, Ecopetrol SA ADR, and Cia Energetica de Minas Gerais Pfd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
32
SPDR S&P Emerging Markets Dividend ETF —
Performance Summary
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 September 24, 2015) is 0.49%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −28.56% | −28.56% | −27.92% | −28.56% | −28.56% | −27.92% | ||||||||||||||||||
THREE YEARS | −34.14% | −34.05% | −32.43% | −13.00% | −12.96% | −12.26% | ||||||||||||||||||
SINCE INCEPTION (1) | −36.56% | −36.63% | −32.13% | −9.41% | −9.44% | −8.08% | ||||||||||||||||||
(1) | For the period February 23, 2011 to September 30, 2015. |
33
SPDR S&P Emerging Markets Dividend ETF —
Performance Summary (continued)
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.
34
SPDR S&P Emerging Markets Dividend ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
ADVANCED INFO | ASUSTEK | |||||||||
DESCRIPTION | SK TELECOM CO., LTD. | VODACOM GROUP, LTD. | SERVICE PCL NVDR | MTN GROUP, LTD. | COMPUTER, INC. | |||||
MARKET VALUE | $11,609,232 | 9,915,463 | 9,475,530 | 8,151,671 | 7,807,304 | |||||
% OF NET ASSETS | 3.9 | 3.3 | 3.2 | 2.7 | 2.6 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Wireless Telecommunication Services | 19.8 | % | ||||
Semiconductors & Semiconductor Equipment | 10.2 | |||||
Banks | 9.6 | |||||
Real Estate Management & Development | 7.6 | |||||
Technology Hardware, Storage & Peripherals | 6.3 | |||||
Electric Utilities | 5.9 | |||||
Oil, Gas & Consumable Fuels | 4.4 | |||||
Real Estate Investment Trusts | 4.0 | |||||
Metals & Mining | 3.9 | |||||
Transportation Infrastructure | 3.8 | |||||
Specialty Retail | 2.3 | |||||
Insurance | 1.9 | |||||
Construction Materials | 1.8 | |||||
Tobacco | 1.6 | |||||
Automobiles | 1.6 | |||||
Road & Rail | 1.6 | |||||
Auto Components | 1.3 | |||||
Capital Markets | 1.3 | |||||
Industrial Conglomerates | 1.3 | |||||
Diversified Telecommunication Services | 1.3 | |||||
Electronic Equipment, Instruments & Components | 1.2 | |||||
Textiles, Apparel & Luxury Goods | 1.2 | |||||
Media | 1.0 | |||||
Diversified Financial Services | 1.0 | |||||
Marine | 0.7 | |||||
Water Utilities | 0.7 | |||||
Independent Power and Renewable Electricity Producers | 0.6 | |||||
Energy Equipment & Services | 0.5 | |||||
Multi-Utilities | 0.3 | |||||
Chemicals | 0.3 | |||||
Machinery | 0.2 | |||||
Thrifts & Mortgage Finance | 0.2 | |||||
Food & Staples Retailing | 0.0 | ** | ||||
Short Term Investments | 5.8 | |||||
Other Assets & Liabilities | (5.2 | ) | ||||
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. |
35
SPDR S&P BRIC 40 ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P BRIC 40 ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging markets of Brazil, Russia, India and China. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −18.23%, and the total return for the S&P BRIC 40 Index (the “Index”) was −17.61%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, transaction costs, cash drag, lending income, misweights, and compounding contributed to the difference between the Fund’s performance and that of the Index.
It was a volatile period under review. For the first 9 months under review, the Fund returned +4.0%, but then gave this all back and then some by returning −21.36% during the last 3 months of the Reporting Period. The Fund invests in companies domiciled in the emerging market countries of Brazil, Russia, India, & China. The downward pressure across emerging market equities accelerated in August as a surprise devaluation of the yuan by the PBOC and a weak flash PMI reading on the evening of August 20 of 47.1 (6.5 year low and sixth consecutive monthly contraction) led to a significant equity selloff the following day. Following concerns related to Chinese growth, pressure spread across the Latin American region with key commodity exporters Brazil falling significantly. Brazil was specifically pressured in August as a Q2 GDP release of −1.9% confirmed the economy’s slide into recession after a −0.7% fall in Q1. Additional catalysts weighing on Brazilian equities in the third quarter would include Moody’s downgrading the country’s credit rating to Baa3 from Baa2 in August, unemployment reaching 7.6% for the month of August (five-year high), and S&P downgrading its sovereign credit rating to junk status in September. Commodity prices were continually pressured in Q3, with weakness across oil, agricultural commodities and metal prices. After rebounding in Q2, Oil prices were again pressured over the third (calendar) quarter, with Brent Crude decreasing 23.2% to finish at $47/barrel, while West Texas Intermediate declined 24.2% to end the period at $45/barrel. This weakness in commodities, and specifically oil, weighed heavily on Brazil and Russia, given the high exposure to the Materials and Energy sectors that those two markets have within the Fund.
On an individual security level, the top positive contributors to the Fund’s performance were Infosys, Ltd. ADR, Tencent Holdings, Ltd., and China Life Insurance Co., Ltd. (Class H). The top negative contributors to the Fund’s performance were Public Joint-Stock Company Gazprom PAO ADR, Alibaba Group Holding, Ltd. ADR, and Baidu, Inc. ADR.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
36
SPDR S&P BRIC 40 ETF —
Performance Summary
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 September 24, 2015) is 0.49%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −18.23% | −17.85% | −17.61% | −18.23% | −17.85% | −17.61% | ||||||||||||||||||
THREE YEARS | −13.02% | −12.47% | −11.31% | −4.54% | −4.34% | −3.92% | ||||||||||||||||||
FIVE YEARS | −19.04% | −18.77% | −16.41% | −4.14% | −4.07% | −3.52% | ||||||||||||||||||
SINCE INCEPTION (1) | −7.68% | −7.35% | −3.26% | −0.96% | −0.92% | −0.40% | ||||||||||||||||||
(1) | For the period June 19, 2007 to September 30, 2015. |
37
SPDR S&P BRIC 40 ETF —
Performance Summary (continued)
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.
38
SPDR S&P BRIC 40 ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 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 | $9,256,586 | 6,775,389 | 5,645,433 | 4,880,049 | 3,901,894 | |||||
% OF NET ASSETS | 11.3 | 8.3 | 6.9 | 6.0 | 4.8 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 31.6 | % | ||||
Internet Software & Services | 18.9 | |||||
Oil, Gas & Consumable Fuels | 16.0 | |||||
Wireless Telecommunication Services | 8.3 | |||||
Insurance | 5.8 | |||||
IT Services | 4.7 | |||||
Beverages | 2.9 | |||||
Food Products | 2.2 | |||||
Food & Staples Retailing | 1.7 | |||||
Metals & Mining | 1.7 | |||||
Real Estate Management & Development | 1.5 | |||||
Industrial Conglomerates | 1.3 | |||||
Personal Products | 1.0 | |||||
Diversified Telecommunication Services | 0.8 | |||||
Technology Hardware, Storage & Peripherals | 0.7 | |||||
Automobiles | 0.5 | |||||
Short Term Investments | 3.6 | |||||
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. |
39
SPDR S&P Emerging Europe ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P Emerging Europe ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon European emerging markets. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −28.73%, and the total return for the S&P European Emerging BMI Capped Index (the “Index”) was −27.42%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, income from securities lending, cash drag, transaction costs, compounding differences resulting from performance volatility, and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.
The fourth quarter of 2014 witnessed mixed returns in the S&P European Emerging BMI ETF on account of the Russian-Ukraine fighting and bleak economic data from other Eurozone countries. The beginning of 2015 also had a turbulent start as the European Central Bank announced a larger than expected quantitative easing and drama with Greek debt and required austerity measures renewed afresh. The slowdown in European emerging market equities continued through the second quarter of 2015 as a cascade of worrying headlines emanated from the possibility of a Greek exit from the Eurozone and created a challenging situation for all euro-denominated nations. By the end of the third quarter of 2015, the Greek drama had been largely resolved, though, with Greece agreeing to a new, more austere bailout agreement with its creditors.
On an individual security level, the top positive contributors to the Fund’s performance were Polski Koncern Naftowy Orelen SA, OTP Bank PLC, and Tupras-Turkiye Petrol Rafinerileri AS. The top negative contributors to the Fund’s performance were oil company Lukoil PJSC ADR, Sberbank of Russia ADR, and Public Joint-Stock Company Gazprom ADR.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
40
SPDR S&P Emerging Europe ETF —
Performance Summary
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 September 24, 2015) is 0.49%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −28.73% | −28.56% | −27.42% | −28.73% | −28.56% | −27.42% | ||||||||||||||||||
THREE YEARS | −35.51% | −35.46% | −34.56% | −13.60% | −13.58% | −13.19% | ||||||||||||||||||
FIVE YEARS | −39.06% | −38.94% | −37.74% | −9.43% | −9.40% | −9.04% | ||||||||||||||||||
SINCE INCEPTION (1) | −46.70% | −46.77% | −43.93% | −7.11% | −7.12% | −6.56% | ||||||||||||||||||
(1) | For the period March 20, 2007 to September 30, 2015. |
41
SPDR S&P Emerging Europe ETF —
Performance Summary (continued)
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.
42
SPDR S&P Emerging Europe ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
DESCRIPTION | GAZPROM PAO ADR | LUKOIL PJSC ADR | SBERBANK | MAGNIT PJSC GDR | NOVATEK OAO GDR | |||||
MARKET VALUE | $3,355,269 | 2,082,122 | 1,765,802 | 1,497,112 | 1,079,567 | |||||
% OF NET ASSETS | 8.2 | 5.1 | 4.3 | 3.7 | 2.6 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Oil, Gas & Consumable Fuels | 31.1 | % | �� | |||
Banks | 22.0 | |||||
Metals & Mining | 8.7 | |||||
Food & Staples Retailing | 5.9 | |||||
Wireless Telecommunication Services | 3.8 | |||||
Electric Utilities | 3.8 | |||||
Diversified Telecommunication Services | 2.9 | |||||
Industrial Conglomerates | 2.7 | |||||
Insurance | 2.2 | |||||
Diversified Financial Services | 1.8 | |||||
Chemicals | 1.6 | |||||
Internet Software & Services | 1.4 | |||||
Household Durables | 1.3 | |||||
Airlines | 1.1 | |||||
Textiles, Apparel & Luxury Goods | 0.8 | |||||
Real Estate Management & Development | 0.8 | |||||
Beverages | 0.8 | |||||
Hotels, Restaurants & Leisure | 0.8 | |||||
Real Estate Investment Trusts | 0.7 | |||||
Pharmaceuticals | 0.7 | |||||
Software | 0.6 | |||||
Specialty Retail | 0.5 | |||||
Construction Materials | 0.4 | |||||
Food Products | 0.4 | |||||
Construction & Engineering | 0.4 | |||||
Media | 0.3 | |||||
Transportation Infrastructure | 0.3 | |||||
Automobiles | 0.3 | |||||
Energy Equipment & Services | 0.3 | |||||
Distributors | 0.2 | |||||
Consumer Finance | 0.2 | |||||
Marine | 0.2 | |||||
IT Services | 0.2 | |||||
Independent Power and Renewable Electricity Producers | 0.2 | |||||
Road & Rail | 0.1 | |||||
Machinery | 0.1 | |||||
Water Utilities | 0.1 | |||||
Short Term Investments | 0.1 | |||||
Other Assets & Liabilities | 0.2 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
43
SPDR S&P Emerging Latin America ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P Emerging Latin America ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Latin American emerging markets. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −38.76%, and the total return for the S&P Latin America BMI Index (the “Index”) was −38.55%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, transaction costs, cash drag, lending income, misweights, and compounding contributed to the difference between the Fund’s performance and that of the Index.
It was a volatile period under review. The Fund produced negative returns in three out of the four quarters under review, but the last 3 months detracted the most from the overall Fund return, as it finished −23.58% for the quarter ending September 30, 2015. The Fund invests in companies domiciled in the emerging market countries of Brazil, Chile, Mexico, Colombia & Peru, with Brazil carrying the largest weight in both the Fund and Index. The downward pressure across emerging market equities accelerated in August as a surprise devaluation of the yuan by the PBOC and a weak flash PMI reading on the evening of August 20 of 47.1 (6.5 year low and sixth consecutive monthly contraction) led to a significant equity selloff the following day. Following concerns related to Chinese growth, pressure spread across the Latin American region with key commodity exporters Brazil and Chile falling significantly as a result. Brazil was specifically pressured in August, as a Q2 2015 GDP release of −1.9%, confirmed the economy’s slide into recession after a −0.7% fall in the previous quarter. Additional catalysts weighing on Brazilian equities in the third quarter would include Moody’s downgrading the country’s credit rating to Baa3 from Baa2 in August, unemployment reaching 7.6% for the month of August (five-year high), as well as S&P downgrading its sovereign credit rating to junk status in September. The Latin American region was particularly exposed to soft commodity prices, as metals in combination with the oil and gas industry account for significant exposure within the region. The Colombian peso, Brazilian real, Chilean peso, Peruvian sol & Mexican peso each experienced significant currency depreciation over the 12 months under review. In fact, while the Index return, as measured in USD terms, was −38.63%, the return in local terms was much less negative at −13.09%. This implies aggregate regional currency depreciation for the five members of −29.38%.
On an individual security level, the top positive contributors to the Fund’s performance were Wal-Mart de Mexico SAB de CV, El Puerto de Liverpool SAB de CV, and Compania General de Electricidad SA. The top negative contributors to the Fund’s performance were Banco Bradesco SA ADR Pfd., Itau Unibanco Holding SA ADR Pfd., and Petroleo Brasileiro SA ADR Pfd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
44
SPDR S&P Emerging Latin America ETF —
Performance Summary
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 September 24, 2015) is 0.49%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −38.76% | −38.52% | −38.55% | −38.76% | −38.52% | −38.55% | ||||||||||||||||||
THREE YEARS | −44.64% | −44.45% | −43.49% | −17.89% | −17.79% | −17.34% | ||||||||||||||||||
FIVE YEARS | −51.05% | −50.99% | −48.42% | −13.31% | −13.29% | −12.40% | ||||||||||||||||||
SINCE INCEPTION (1) | −22.84% | −22.73% | −16.19% | −2.99% | −2.98% | −2.05% | ||||||||||||||||||
(1) | For the period March 20, 2007 to September 30, 2015. |
45
SPDR S&P Emerging Latin America ETF —
Performance Summary (continued)
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.
46
SPDR S&P Emerging Latin America ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
ITAU UNIBANCO | ||||||||||
HOLDING SA | BANCO BRADESCO | |||||||||
AMERICA MOVIL | PREFERENCE | AMBEV | FOMENTO ECONOMICO | SA PREFERENCE | ||||||
DESCRIPTION | SAB DE CV (SERIES L) | SHARES ADR | SA ADR | MEXICANO SAB DE CV | SHARES ADR | |||||
MARKET VALUE | $1,315,035 | 1,096,682 | 1,055,798 | 961,824 | 772,263 | |||||
% OF NET ASSETS | 5.1 | 4.3 | 4.1 | 3.7 | 3.0 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 20.5 | % | ||||
Beverages | 9.3 | |||||
Metals & Mining | 7.1 | |||||
Oil, Gas & Consumable Fuels | 6.1 | |||||
Wireless Telecommunication Services | 5.5 | |||||
Food Products | 5.4 | |||||
Food & Staples Retailing | 4.4 | |||||
Multiline Retail | 3.5 | |||||
Electric Utilities | 3.3 | |||||
Construction Materials | 2.6 | |||||
Industrial Conglomerates | 2.6 | |||||
Media | 2.5 | |||||
Transportation Infrastructure | 2.4 | |||||
Paper & Forest Products | 2.4 | |||||
Independent Power and Renewable Electricity Producers | 2.1 | |||||
Diversified Financial Services | 2.0 | |||||
Real Estate Investment Trusts | 1.6 | |||||
IT Services | 1.5 | |||||
Construction & Engineering | 1.0 | |||||
Insurance | 1.0 | |||||
Diversified Telecommunication Services | 1.0 | |||||
Household Products | 0.9 | |||||
Aerospace & Defense | 0.9 | |||||
Chemicals | 0.8 | |||||
Diversified Consumer Services | 0.8 | |||||
Capital Markets | 0.8 | |||||
Real Estate Management & Development | 0.7 | |||||
Tobacco | 0.7 | |||||
Containers & Packaging | 0.7 | |||||
Airlines | 0.6 | |||||
Machinery | 0.5 | |||||
Health Care Providers & Services | 0.5 | |||||
Personal Products | 0.5 | |||||
Auto Components | 0.4 | |||||
Water Utilities | 0.4 | |||||
Gas Utilities | 0.3 | |||||
Software | 0.3 | |||||
Household Durables | 0.3 | |||||
Consumer Finance | 0.3 | |||||
Road & Rail | 0.3 | |||||
Hotels, Restaurants & Leisure | 0.2 | |||||
Pharmaceuticals | 0.1 | |||||
Specialty Retail | 0.1 | |||||
Internet & Catalog Retail | 0.1 | |||||
Technology Hardware, Storage & Peripherals | 0.1 | |||||
Commercial Services & Supplies | 0.1 | |||||
Trading Companies & Distributors | 0.1 | |||||
Building Products | 0.1 | |||||
Short Term Investments | 7.8 | |||||
Other Assets & Liabilities | (7.2 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
47
SPDR S&P Emerging Middle East & Africa ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P Emerging Middle East & Africa ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Middle Eastern and African emerging markets. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −16.01%, and the total return for the S&P Mid-East & Africa BMI Index (the “Index”) was −14.53%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, transaction costs, cash drag, lending income, misweights, and compounding contributed to the difference between the Fund’s performance and that of the Index.
As of September 30, 2015, the Fund invested in companies domiciled in the emerging market countries of South Africa, Egypt, the United Arab Emirates, and Qatar. In accordance with the annual Index reconstitution, the Fund divested its Moroccan holdings due to S&P’s demotion of that market to Frontier status, effective September 18, 2015. Through the first three months of the period under review, the Fund’s performance was nearly flat, having returned 0.24%. However, during the quarter ending September 30, 2015, the Fund generated a negative return of −16.21%. Emerging market equities broadly were volatile during the third calendar quarter of 2015, with no shortage of significant events causing considerable uncertainty across all major regions. The downward pressure across emerging market equities accelerated in August as a surprise devaluation of the yuan by the PBOC and a weak flash PMI reading on the evening of August 20 of 47.1 (6.5 year low and sixth consecutive monthly contraction) led to a significant global equity selloff the following day. This event sent ripples across global equity markets and during the three day period beginning on August 20, the Fund experienced a negative return of −6.40%. In comparison with Asia and Latin America, the Middle East & African region was actually one of the better performers during this very difficult quarter. Most emerging currencies came under pressure during the 12 months under review, and the Mid-East African currencies experienced this as well. In fact, while the Index return as measured in USD terms, was −14.82%, the return in local terms was nearly flat at −0.046%. This implies aggregate regional currency return of −14.78%.
On an individual security level, the top positive contributors to the Fund’s performance were Naspers, Ltd. (Class N), Steinhoff International Holdings, Ltd., and Brait SE. The top negative contributors to the Fund’s performance were Emaar Properties PJSC, MTN Group, Ltd., and Sasol, Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
48
SPDR S&P Emerging Middle East & Africa ETF —
Performance Summary
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 September 24, 2015) is 0.49%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −16.01% | −16.11% | −14.53% | −16.01% | −16.11% | −14.53% | ||||||||||||||||||
THREE YEARS | −12.68% | −12.64% | −9.03% | −4.42% | −4.40% | −3.11% | ||||||||||||||||||
FIVE YEARS | −7.65% | −7.95% | −2.95% | −1.58% | −1.64% | −0.60% | ||||||||||||||||||
SINCE INCEPTION (1) | 21.88% | 20.84% | 33.52% | 2.35% | 2.24% | 3.45% | ||||||||||||||||||
(1) | For the period March 20, 2007 to September 30, 2015. |
49
SPDR S&P Emerging Middle East & Africa ETF —
Performance Summary (continued)
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.
50
SPDR S&P Emerging Middle East & Africa ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
NASPERS, LTD. | STEINHOFF INTERNATIONAL | STANDARD BANK | ||||||||
DESCRIPTION | (CLASS N) | MTN GROUP, LTD. | HOLDINGS, LTD. | SASOL, LTD. | GROUP, LTD. | |||||
MARKET VALUE | $5,466,467 | 2,081,172 | 1,934,728 | 1,499,494 | 1,232,262 | |||||
% OF NET ASSETS | 13.6 | 5.2 | 4.8 | 3.7 | 3.1 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 16.8 | % | ||||
Media | 13.6 | |||||
Wireless Telecommunication Services | 7.3 | |||||
Diversified Financial Services | 7.3 | |||||
Household Durables | 4.8 | |||||
Insurance | 4.7 | |||||
Real Estate Management & Development | 4.6 | |||||
Oil, Gas & Consumable Fuels | 4.1 | |||||
Real Estate Investment Trusts | 3.9 | |||||
Industrial Conglomerates | 3.1 | |||||
Metals & Mining | 3.0 | |||||
Food Products | 3.0 | |||||
Food & Staples Retailing | 2.9 | |||||
Health Care Providers & Services | 2.6 | |||||
Specialty Retail | 2.3 | |||||
Capital Markets | 2.3 | |||||
Pharmaceuticals | 1.8 | |||||
Multiline Retail | 1.4 | |||||
Diversified Telecommunication Services | 1.2 | |||||
Paper & Forest Products | 1.0 | |||||
Transportation Infrastructure | 1.0 | |||||
Hotels, Restaurants & Leisure | 0.8 | |||||
Construction & Engineering | 0.8 | |||||
Distributors | 0.7 | |||||
Chemicals | 0.6 | |||||
Marine | 0.5 | |||||
Containers & Packaging | 0.5 | |||||
Multi-Utilities | 0.4 | |||||
Construction Materials | 0.4 | |||||
Trading Companies & Distributors | 0.4 | |||||
IT Services | 0.3 | |||||
Energy Equipment & Services | 0.2 | |||||
Airlines | 0.2 | |||||
Electronic Equipment, Instruments & Components | 0.2 | |||||
Electrical Equipment | 0.2 | |||||
Tobacco | 0.2 | |||||
Diversified Consumer Services | 0.2 | |||||
Beverages | 0.1 | |||||
Building Products | 0.1 | |||||
Biotechnology | 0.1 | |||||
Commercial Services & Supplies | 0.1 | |||||
Professional Services | 0.0 | ** | ||||
Textiles, Apparel & Luxury Goods | 0.0 | ** | ||||
Short Term Investments | 12.5 | |||||
Other Assets & Liabilities | (12.2 | ) | ||||
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. |
51
SPDR S&P World ex-US ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P World ex-US ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the developed world (ex-U.S.) equity markets. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −9.14%, and the total return for the S&P Developed Ex-U.S. BMI Index (the “Index”) was −8.76%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.
The Fund started out the year slightly in the red for the first quarter of the period, though this was offset with a small comeback the following three months and remained relatively flat for the quarter ending June 2015. The overall negative performance was driven largely by the last quarter of the Reporting Period with the Fund falling over 10% in these three months. Global markets were very cautious in the beginning of this quarter due to continued uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July, while continued volatility in China’s equity markets and growing concerns generally led to a broad selloff of global equities both in Europe and Asia during August and September. By the end of the quarter, investors in global equity markets experienced the worst three month performance of the last four years as measured by the MSCI World Index and many country level markets posting double digit gains through the first half of 2015 now were in the red for the year.
On an individual security level, the top positive contributors to the Fund’s performance were Nestle SA, Imperial Tobacco Group PLC, and Novo Nordisk A/S (Class B). The top negative contributors to the Fund’s performance were Glencore PLC, Banco Santander SA, and Royal Dutch Shell PLC (Class A).
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
52
SPDR S&P World ex-US ETF —
Performance Summary
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 September 24, 2015) is 0.34%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −9.14% | −8.35% | −8.76% | −9.14% | −8.35% | −8.76% | ||||||||||||||||||
THREE YEARS | 14.21% | 15.03% | 17.04% | 4.53% | 4.78% | 5.39% | ||||||||||||||||||
FIVE YEARS | 19.09% | 20.00% | 23.32% | 3.56% | 3.71% | 4.28% | ||||||||||||||||||
SINCE INCEPTION (1) | −4.38% | −3.86% | 0.75% | −0.53% | −0.46% | 0.09% | ||||||||||||||||||
(1) | For the period April 20, 2007 to September 30, 2015. |
53
SPDR S&P World ex-US ETF —
Performance Summary (continued)
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.
54
SPDR S&P World ex-US ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
DESCRIPTION | NOVARTIS AG | NESTLE SA | ROCHE HOLDING AG | TOYOTA MOTOR CORP. | HSBC HOLDINGS PLC | |||||
MARKET VALUE | $10,863,596 | 10,346,984 | 8,310,482 | 7,408,881 | 6,684,767 | |||||
% OF NET ASSETS | 1.5 | 1.5 | 1.2 | 1.0 | 0.9 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 12.5 | % | ||||
Pharmaceuticals | 8.4 | |||||
Insurance | 5.4 | |||||
Oil, Gas & Consumable Fuels | 5.1 | |||||
Chemicals | 3.4 | |||||
Automobiles | 3.2 | |||||
Food Products | 3.0 | |||||
Diversified Telecommunication Services | 2.6 | |||||
Metals & Mining | 2.6 | |||||
Real Estate Management & Development | 2.3 | |||||
Media | 2.2 | |||||
Machinery | 2.2 | |||||
Beverages | 2.1 | |||||
Capital Markets | 2.0 | |||||
Real Estate Investment Trusts | 2.0 | |||||
Food & Staples Retailing | 1.9 | |||||
Electric Utilities | 1.8 | |||||
Wireless Telecommunication Services | 1.6 | |||||
Personal Products | 1.5 | |||||
Textiles, Apparel & Luxury Goods | 1.5 | |||||
Hotels, Restaurants & Leisure | 1.5 | |||||
Technology Hardware, Storage & Peripherals | 1.5 | |||||
Industrial Conglomerates | 1.5 | |||||
Auto Components | 1.4 | |||||
Road & Rail | 1.4 | |||||
Electronic Equipment, Instruments & Components | 1.4 | |||||
Tobacco | 1.3 | |||||
Trading Companies & Distributors | 1.3 | |||||
Software | 1.2 | |||||
Household Durables | 1.2 | |||||
Electrical Equipment | 1.1 | |||||
Specialty Retail | 1.0 | |||||
Multi-Utilities | 1.0 | |||||
Aerospace & Defense | 1.0 | |||||
Semiconductors & Semiconductor Equipment | 1.0 | |||||
Construction & Engineering | 1.0 | |||||
Diversified Financial Services | 0.9 | |||||
Health Care Equipment & Supplies | 0.9 | |||||
Commercial Services & Supplies | 0.8 | |||||
IT Services | 0.8 | |||||
Professional Services | 0.8 | |||||
Household Products | 0.8 | |||||
Building Products | 0.7 | |||||
Multiline Retail | 0.6 | |||||
Biotechnology | 0.6 | |||||
Health Care Providers & Services | 0.5 | |||||
Gas Utilities | 0.5 | |||||
Construction Materials | 0.5 | |||||
Communications Equipment | 0.5 | |||||
Internet Software & Services | 0.4 | |||||
Transportation Infrastructure | 0.4 | |||||
Air Freight & Logistics | 0.3 | |||||
Energy Equipment & Services | 0.3 | |||||
Marine | 0.3 | |||||
Airlines | 0.3 | |||||
Containers & Packaging | 0.3 | |||||
Paper & Forest Products | 0.2 | |||||
Leisure Products | 0.2 | |||||
Water Utilities | 0.1 | |||||
Internet & Catalog Retail | 0.1 | |||||
Consumer Finance | 0.1 | |||||
Independent Power and Renewable Electricity Producers | 0.1 | |||||
Diversified Consumer Services | 0.1 | |||||
Distributors | 0.1 | |||||
Thrifts & Mortgage Finance | 0.1 | |||||
Health Care Technology | 0.1 | |||||
Life Sciences Tools & Services | 0.0 | ** | ||||
Short Term Investments | 6.9 | |||||
Other Assets & Liabilities | (6.4 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Amount shown represents less than 0.05% of net assets. |
55
SPDR S&P International Small Cap ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P International Small Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the developed world (ex-U.S.) small cap equity markets. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −4.77%, and the total return for the S&P Developed Ex-U.S. Under USD2 Billion Index (the “Index”) was −4.78%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, transaction costs, cash and receivables drag, compounding, and security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Index declined 5.33% in the last quarter of 2014 largely driven by concerns over both macroeconomic and geopolitical events. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing. Reports continued to flow out of Syria and Iraq about ISIS advances in the region. US airstrikes seemed to have stemmed the advances, but ISIS continues to hold large swaths of the region.
The Index gained 4.73% in the first quarter of 2015 as the new year began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing. After a turbulent January for equity markets, volatility subsided through the month of February as oil prices stabilized and the aggressive pace of global central bank actions witnessed the prior month moderated.
The second quarter of 2015 started off well as April 2015 delivered the best one month Index return of 6.01% during the Reporting Period. The returns were modest in local terms but the large decline in the US dollar helped to lift the Index on an unhedged basis. After rising for nine consecutive months on anticipated policy divergence, the US dollar declined nearly 4% for the month reflecting, in part, a softening in US data and a later expected start to possible Fed rate hikes.
The third quarter of 2015 was the worst quarter during the Reporting Period, as the Index declined −9.37%. Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. Investors in global equities in the third quarter of 2015 found almost nowhere to hide amidst the chill in sentiment brought about by a slowdown in global growth led by emerging markets.
On an individual security level, the top positive contributors to the Fund’s performance were Hanmi Pharm Co., Ltd., Hanmi Science Co., Ltd, and Patrizia Immobilien AG. The top negative contributors to the Fund’s performance were Afren PLC, Beach Energy, Ltd., and Corus Entertainment, Inc. (Class B).
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
56
SPDR S&P International Small Cap ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −4.77% | −4.66% | −4.78% | −4.77% | −4.66% | −4.78% | ||||||||||||||||||
THREE YEARS | 19.55% | 20.02% | 21.27% | 6.13% | 6.27% | 6.64% | ||||||||||||||||||
FIVE YEARS | 24.84% | 24.53% | 25.99% | 4.54% | 4.49% | 4.73% | ||||||||||||||||||
SINCE INCEPTION (1) | 4.96% | 4.83% | 3.28% | 0.58% | 0.56% | 0.38% | ||||||||||||||||||
(1) | For the period April 20, 2007 to September 30, 2015. |
57
SPDR S&P International Small Cap ETF —
Performance Summary (continued)
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.
58
SPDR S&P International Small Cap ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
NIPPON KONPO UNYU | WIHLBORGS | MARUDAI FOOD | ||||||||
DESCRIPTION | SHOCHIKU CO., LTD. | SOKO CO., LTD. | SIMCORP A/S | FASTIGHETER AB | CO., LTD. | |||||
MARKET VALUE | $2,594,750 | 2,299,025 | 2,265,942 | 2,155,055 | 1,996,460 | |||||
% OF NET ASSETS | 0.4 | 0.4 | 0.4 | 0.3 | 0.3 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Real Estate Investment Trusts | 6.0 | % | ||||
Banks | 5.3 | |||||
Machinery | 4.8 | |||||
Real Estate Management & Development | 4.2 | |||||
Metals & Mining | 4.2 | |||||
Chemicals | 3.8 | |||||
Electronic Equipment, Instruments & Components | 3.4 | |||||
Hotels, Restaurants & Leisure | 3.2 | |||||
Capital Markets | 3.2 | |||||
Food Products | 3.1 | |||||
Construction & Engineering | 3.1 | |||||
Specialty Retail | 3.0 | |||||
Commercial Services & Supplies | 3.0 | |||||
Media | 2.5 | |||||
Trading Companies & Distributors | 2.4 | |||||
Oil, Gas & Consumable Fuels | 2.3 | |||||
Software | 2.1 | |||||
Pharmaceuticals | 1.8 | |||||
Auto Components | 1.8 | |||||
Building Products | 1.8 | |||||
IT Services | 1.7 | |||||
Electrical Equipment | 1.7 | |||||
Biotechnology | 1.6 | |||||
Semiconductors & Semiconductor Equipment | 1.6 | |||||
Textiles, Apparel & Luxury Goods | 1.6 | |||||
Health Care Providers & Services | 1.5 | |||||
Food & Staples Retailing | 1.4 | |||||
Energy Equipment & Services | 1.2 | |||||
Household Durables | 1.2 | |||||
Professional Services | 1.2 | |||||
Road & Rail | 1.2 | |||||
Health Care Equipment & Supplies | 1.1 | |||||
Insurance | 1.1 | |||||
Communications Equipment | 1.0 | |||||
Internet Software & Services | 0.9 | |||||
Internet & Catalog Retail | 0.9 | |||||
Beverages | 0.8 | |||||
Industrial Conglomerates | 0.8 | |||||
Diversified Consumer Services | 0.8 | |||||
Paper & Forest Products | 0.7 | |||||
Personal Products | 0.6 | |||||
Containers & Packaging | 0.6 | |||||
Aerospace & Defense | 0.6 | |||||
Air Freight & Logistics | 0.6 | |||||
Construction Materials | 0.6 | |||||
Multiline Retail | 0.6 | |||||
Thrifts & Mortgage Finance | 0.6 | |||||
Consumer Finance | 0.6 | |||||
Diversified Financial Services | 0.5 | |||||
Technology Hardware, Storage & Peripherals | 0.5 | |||||
Independent Power and Renewable Electricity Producers | 0.5 | |||||
Diversified Telecommunication Services | 0.5 | |||||
Marine | 0.5 | |||||
Leisure Products | 0.4 | |||||
Airlines | 0.4 | |||||
Distributors | 0.3 | |||||
Transportation Infrastructure | 0.3 | |||||
Multi-Utilities | 0.3 | |||||
Life Sciences Tools & Services | 0.3 | |||||
Wireless Telecommunication Services | 0.2 | |||||
Gas Utilities | 0.2 | |||||
Household Products | 0.2 | |||||
Health Care Technology | 0.1 | |||||
Electric Utilities | 0.1 | |||||
Water Utilities | 0.0 | ** | ||||
Automobiles | 0.0 | ** | ||||
Commercial & Professional Services | 0.0 | ** | ||||
Short Term Investments | 19.1 | |||||
Other Assets & Liabilities | (18.2 | ) | ||||
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. |
59
SPDR Dow Jones International Real Estate ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR Dow Jones International Real Estate ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the international real estate market. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −2.66%, and the total return for the Dow Jones Global ex-U.S. Select Real Estate Securities IndexSM (the “Index”) was −2.44%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, cash drag and dividend tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
Real estate securities had a strong year globally relative to the broader market, outperforming the MSCI World ex-U.S. Index in each fiscal quarter other than the third, when most markets were unsettled on renewed concerns that Greece would not reach an accord with its creditors. Overall for the Reporting Period, the Index beat the World ex-US Index by 7.70%. Low global bond yields produced lower costs of capital and real estate securities were a prime benefactor. Investors continued to be attracted to the sector’s yield potential and the opportunity it offered to participate in economic growth. Also, the low borrowing costs allowed for higher rents and increased development and office occupancy.
On an individual security level, the top positive contributors to the Fund’s performance were Land Securities Group PLC, British Land Co. PLC, and Westfield Corp. The top negative contributors to the Fund’s performance were Global Logistic Properties, Ltd., BR Malls Participacoes SA, and Mitsui Fudosan Co., Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
60
SPDR Dow Jones International Real Estate ETF —
Performance Summary
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 September 24, 2015) is 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −2.66% | −2.14% | −2.44% | −2.66% | −2.14% | −2.44% | ||||||||||||||||||
THREE YEARS | 14.76% | 15.32% | 15.70% | 4.70% | 4.87% | 4.98% | ||||||||||||||||||
FIVE YEARS | 34.33% | 34.29% | 36.78% | 6.08% | 6.07% | 6.47% | ||||||||||||||||||
SINCE INCEPTION (1) | −1.18% | −0.87% | 2.13% | −0.14% | −0.10% | 0.24% | ||||||||||||||||||
(1) | For the period December 15, 2006 to September 30, 2015. |
61
SPDR Dow Jones International Real Estate ETF —
Performance Summary (continued)
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.
62
SPDR Dow Jones International Real Estate ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
BROOKFIELD ASSET | ||||||||||
MANAGEMENT, INC. | LAND SECURITIES | |||||||||
DESCRIPTION | (CLASS A) | MITSUI FUDOSAN CO., LTD. | UNIBAIL-RODAMCO SE | GROUP PLC | SCENTRE GROUP | |||||
MARKET VALUE | $323,100,319 | 322,526,565 | 302,270,088 | 182,452,543 | 174,164,009 | |||||
% OF NET ASSETS | 6.8 | 6.8 | 6.4 | 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 SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Real Estate Management & Development | 32.4 | % | ||||
Retail REITs | 27.4 | |||||
Diversified REITs | 20.9 | |||||
Office REITs | 12.3 | |||||
Industrial REITs | 4.2 | |||||
Diversified Capital Markets | 1.2 | |||||
Residential REITs | 1.0 | |||||
Specialized REITs | 0.4 | |||||
Short Term Investments | 1.7 | |||||
Other Assets & Liabilities | (1.5 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
63
SPDR S&P Global Infrastructure ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P Global Infrastructure ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the global infrastructure industry market. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −8.77%, and the total return for the S&P Global Infrastructure Index (the “Index”) was −9.09%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash drag, small security misweights, securities lending, compounding and dividend tax differences contributed to the difference between the Fund’s performance and that of the Index.
For the Reporting Period, the Index slightly lagged broader economic indices. An infrastructure index tends to track the broader environment; however, during this Reporting Period the underperformance of the energy sector hindered both Index and Fund performance. The fourth quarter of 2014 began as the third quarter ended, with stocks sliding and bond markets rallying. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing. Equities rolled over in December as the weakness in oil prices continued to put global growth into question. The industrials and utilities sectors, both major components of the Index, did not experience as much of a drop as the energy sector, yet their performance was lackluster. Chinese demand is a major driver of global growth and the Asian country continued to see weakness in its economy despite yuan devaluations and liquidity injections. As a result, industrial companies realized lower profits and have had to reduce future investments, manage larger inventories and work towards reducing costs.
On an individual security level, the top positive contributors to the Fund’s performance were Atlantia SpA, Transurban Group Ltd., and Grupo Aeroportuario del Pacifico SAB de CV ADR. The top negative contributors to the Fund’s performance were TransCanada Corp., E.ON SE, and Kinder Morgan, Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
64
SPDR S&P Global Infrastructure ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −8.77% | −8.79% | −9.09% | −8.77% | −8.79% | −9.09% | ||||||||||||||||||
THREE YEARS (1) | 18.46% | 18.02% | 17.68% | 5.81% | 5.68% | 5.58% | ||||||||||||||||||
FIVE YEARS (1) | 26.86% | 27.04% | 31.85% | 4.87% | 4.90% | 5.69% | ||||||||||||||||||
SINCE INCEPTION (1)(2) | 15.95% | 15.60% | 21.24% | 1.72% | 1.68% | 2.24% | ||||||||||||||||||
(1) | Effective May 1, 2013, the Fund changed its benchmark index from the Macquarie Global Infrastructure 100 Index to the S&P Global Infrastructure Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to May 1, 2013. | |
(2) | For the period January 25, 2007 to September 30, 2015. |
65
SPDR S&P Global Infrastructure ETF —
Performance Summary (continued)
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.
(1) | Effective May 1, 2013, the Fund changed its benchmark index from the Macquarie Global Infrastructure 100 Index to the S&P Global Infrastructure Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to May 1, 2013. | |
(2) | Index returns represent the Fund’s prior investment strategy from January 25, 2007 through April 30, 2013 and the S&P Global Infrastructure Index from May 1, 2013 through September 30, 2015. |
66
SPDR S&P Global Infrastructure ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
DESCRIPTION | TRANSURBAN GROUP | ATLANTIA SPA | KINDER MORGAN, INC. | NATIONAL GRID PLC | AENA SA | |||||
MARKET VALUE | $2,923,482 | 2,586,487 | 2,558,573 | 2,018,956 | 1,858,141 | |||||
% OF NET ASSETS | 5.2 | 4.6 | 4.5 | 3.6 | 3.3 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Transportation Infrastructure | 40.1 | % | ||||
Electric Utilities | 23.0 | |||||
Oil, Gas & Consumable Fuels | 18.2 | |||||
Multi-Utilities | 16.2 | |||||
Independent Power and Renewable Electricity Producers | 1.3 | |||||
Water Utilities | 0.5 | |||||
Gas Utilities | 0.2 | |||||
Short Term Investments | 10.0 | |||||
Other Assets & Liabilities | (9.5 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
67
SPDR S&P Global Natural Resources ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P Global Natural Resources ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks publicly traded companies in natural resources and/or commodities businesses. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −30.97%, and the total return for the S&P Global Natural Resources Index (the “Index”) was −30.76%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cumulative security misweights and Fund expenses contributed to the difference between the Fund’s performance and that of the Index.
The Fund had negative returns for the Reporting Period, including negative returns for every quarter. A persistent theme in the negative performance this past year has been the Chinese economy and its effect on commodities and metals producers. China is the world’s largest metals consumer and its recent economic weakness has had the result of dragging down the industrial metals markets. The once-frenzied demand for metals from China has abated along with the weak pace of growth in other countries like the United States. Chinese economic weakness prevailed for the Reporting Period despite various attempts by the government to bolster the market via yuan devaluations and liquidity injections. In addition to China, many emerging market countries are also large consumers of natural resources and lower demand in those countries also contributed to the Fund’s negative performance. The result has been lower demand, fewer new orders and increasing inventories. Companies held by the Fund have tried to adjust to these conditions by closing mines, reducing output and restricting future investments. In addition to ongoing economic weakness throughout the globe, in the third calendar quarter of the year, the Fund was negatively impacted by accounting and balance sheet fears of one of the companies held by the Fund.
On an individual security level, the top positive contributors to the Fund’s performance were Mondi PLC, Sealed Air Corp., and K+S AG. The top negative contributors to the Fund’s performance were Freeport-McMoRan, Inc., BHP Billiton, Ltd., and Glencore PLC.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
68
SPDR S&P Global Natural Resources ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −30.97% | −31.01% | −30.76% | −30.97% | −31.01% | −30.76% | ||||||||||||||||||
THREE YEARS | −30.80% | −30.70% | −29.69% | −11.55% | −11.51% | −11.09% | ||||||||||||||||||
FIVE YEARS | −28.46% | −28.59% | −26.44% | −6.48% | −6.51% | −5.96% | ||||||||||||||||||
SINCE INCEPTION (1) | −27.37% | −27.39% | −25.29% | −6.14% | −6.14% | −5.61% | ||||||||||||||||||
(1) | For the period September 13, 2010 to September 30, 2015. |
69
SPDR S&P Global Natural Resources ETF —
Performance Summary (continued)
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.
70
SPDR S&P Global Natural Resources ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
DESCRIPTION | EXXON MOBIL CORP. | BHP BILLITON, LTD. | SYNGENTA AG | TOTAL SA | BP PLC | |||||
MARKET VALUE | $31,824,105 | 28,248,183 | 25,473,314 | 20,496,702 | 17,690,007 | |||||
% OF NET ASSETS | 5.6 | 5.0 | 4.5 | 3.6 | 3.1 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Oil, Gas & Consumable Fuels | 33.3 | % | ||||
Metals & Mining | 31.5 | |||||
Chemicals | 16.5 | |||||
Paper & Forest Products | 6.4 | |||||
Containers & Packaging | 4.8 | |||||
Food Products | 4.1 | |||||
Energy Equipment & Services | 2.1 | |||||
Real Estate Investment Trusts | 0.7 | |||||
Short Term Investments | 9.4 | |||||
Other Assets & Liabilities | (8.8 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
71
SPDR MSCI ACWI ex-US ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI ACWI ex-US ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon broad based world (ex-U.S.) equity markets. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −11.58%, and the total return for the MSCI ACWI ex USA Index (the “Index”) was −11.78%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash drag, lending, compounding and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.
The Index made it through the Reporting Period relatively flat until the fourth quarter of its fiscal year. Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July, while continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of global equities in August and September. That a slowdown in emerging markets should be cause for increasing market jitters is attributable to the outsize contribution they have made to global growth in recent years. Since 2000, emerging markets have provided the majority of global GDP growth, doubling their share of global output from about 20% to near 40% today. Already in 2015, however, the second and fourth largest emerging markets by GDP, Brazil and Russia, respectively, have succumbed to negative growth. By the end of the quarter, investors in global equity markets experienced the worst three month performance of the last four years as measured by the MSCI World Index and many country level markets posting double digit gains through the first half of 2015 now were in the red for the year. The period was also punctuated by a resumption of the selloff in commodity prices led by crude oil, taking the Bloomberg Commodity Index to a thirteen year low on August 24.
On an individual security level, the top positive contributors to the Fund’s performance were Novo Nordisk A/S (Class B), Infosys, Ltd. ADR, and Imperial Tobacco Group PLC. The top negative contributors to the Fund’s performance were HSBC Holdings PLC, Petroleo Brasileiro SA ADR Pfd., and Banco Santander SA.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
72
SPDR MSCI ACWI ex-US ETF —
Performance Summary
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 September 24, 2015) is 0.30%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −11.58% | −11.21% | −11.78% | −11.58% | −11.21% | −11.78% | ||||||||||||||||||
THREE YEARS | 8.10% | 8.97% | 8.59% | 2.63% | 2.90% | 2.79% | ||||||||||||||||||
FIVE YEARS | 9.90% | 10.78% | 11.90% | 1.91% | 2.07% | 2.27% | ||||||||||||||||||
SINCE INCEPTION (1) | 6.53% | 6.85% | 9.09% | 0.73% | 0.76% | 1.00% | ||||||||||||||||||
(1) | For the period January 10, 2007 to September 30, 2015. |
73
SPDR MSCI ACWI ex-US ETF —
Performance Summary (continued)
Performance Summary (continued)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)
Past performance is not a guarantee of future results.
Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
74
SPDR MSCI ACWI ex-US ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
DESCRIPTION | NESTLE SA | NOVARTIS AG | ROCHE HOLDING AG | TOYOTA MOTOR CORP. | HSBC HOLDINGS PLC | |||||
MARKET VALUE | $11,048,073 | 9,813,597 | 9,076,932 | 8,137,150 | 6,997,014 | |||||
% OF NET ASSETS | 1.5 | 1.4 | 1.3 | 1.1 | 1.0 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
�� | ||||||
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 14.8 | % | ||||
Pharmaceuticals | 8.4 | |||||
Oil, Gas & Consumable Fuels | 6.2 | |||||
Insurance | 5.4 | |||||
Automobiles | 3.6 | |||||
Chemicals | 3.1 | |||||
Diversified Telecommunication Services | 3.0 | |||||
Wireless Telecommunication Services | 2.7 | |||||
Beverages | 2.6 | |||||
Food Products | 2.5 | |||||
Media | 2.2 | |||||
Metals & Mining | 2.0 | |||||
Food & Staples Retailing | 2.0 | |||||
Capital Markets | 1.7 | |||||
Real Estate Management & Development | 1.7 | |||||
Textiles, Apparel & Luxury Goods | 1.7 | |||||
Semiconductors & Semiconductor Equipment | 1.7 | |||||
Road & Rail | 1.6 | |||||
Electric Utilities | 1.6 | |||||
Machinery | 1.5 | |||||
Personal Products | 1.5 | |||||
Technology Hardware, Storage & Peripherals | 1.5 | |||||
Tobacco | 1.5 | |||||
Real Estate Investment Trusts | 1.4 | |||||
Industrial Conglomerates | 1.4 | |||||
Electronic Equipment, Instruments & Components | 1.3 | |||||
Diversified Financial Services | 1.3 | |||||
Construction & Engineering | 1.2 | |||||
Hotels, Restaurants & Leisure | 1.2 | |||||
Electrical Equipment | 1.1 | |||||
Multi-Utilities | 1.0 | |||||
Trading Companies & Distributors | 1.0 | |||||
IT Services | 1.0 | |||||
Auto Components | 0.8 | |||||
Software | 0.8 | |||||
Internet Software & Services | 0.8 | |||||
Aerospace & Defense | 0.7 | |||||
Health Care Equipment & Supplies | 0.7 | |||||
Transportation Infrastructure | 0.7 | |||||
Specialty Retail | 0.7 | |||||
Building Products | 0.7 | |||||
Household Products | 0.7 | |||||
Multiline Retail | 0.6 | |||||
Household Durables | 0.6 | |||||
Gas Utilities | 0.6 | |||||
Construction Materials | 0.5 | |||||
Commercial Services & Supplies | 0.4 | |||||
Communications Equipment | 0.4 | |||||
Professional Services | 0.4 | |||||
Health Care Providers & Services | 0.3 | |||||
Independent Power and Renewable Electricity Producers | 0.3 | |||||
Marine | 0.3 | |||||
Water Utilities | 0.3 | |||||
Biotechnology | 0.3 | |||||
Air Freight & Logistics | 0.2 | |||||
Thrifts & Mortgage Finance | 0.2 | |||||
Containers & Packaging | 0.2 | |||||
Paper & Forest Products | 0.2 | |||||
Leisure Products | 0.1 | |||||
Consumer Finance | 0.1 | |||||
Energy Equipment & Services | 0.1 | |||||
Airlines | 0.0 | ** | ||||
Internet & Catalog Retail | 0.0 | ** | ||||
Diversified Consumer Services | 0.0 | ** | ||||
Distributors | 0.0 | ** | ||||
Short Term Investments | 5.5 | |||||
Other Assets & Liabilities | (4.6 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Amount shown represents less than 0.05% of net assets. |
75
SPDR MSCI ACWI IMI ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI ACWI IMI ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks securities of publicly traded companies in developed and emerging markets. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −5.61%, and the total return for the MSCI ACWI IMI Index (the “Index”) was −6.21%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Dividend tax withholding differences, Fund expenses, a slight cash drag, and optimization contributed to the difference between the Fund’s performance and that of the Index.
Despite mixed but modestly positive performance in the beginning of the year, sharply negative drop in returns in the third quarter erased any previous gains for the 12 months reported period. Energy, materials and financial sectors were the main detractors from the Fund’s performance. US, Canada and Australia were the main detractors from the Fund’s performance on a country level. Small cap stocks underperformed large cap ones for the Reporting Period.
After a shaky beginning of the year, global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July, while continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of global equities in August and September. That a slowdown in emerging markets should be cause for increasing market jitters is attributable to the outsize contribution they have made to global growth in recent years. Since 2000, emerging markets have provided the majority of global GDP growth, doubling their share of global output from about 20% to near 40% today. Already in 2015, however, the second and fourth largest emerging markets by GDP, Brazil and Russia, respectively, have succumbed to negative growth. By the end of the quarter, investors in global equity markets experienced the worst three month performance of the last four years as measured by the MSCI World Index and many country level markets posting double digit gains through the first half of 2015 now were in the red for the year. The period was also punctuated by a resumption of the selloff in commodity prices led by crude oil, taking the Bloomberg Commodity Index to a thirteen year low on August 24.
On an individual security level, the top positive contributors to the Fund’s performance were Amazon.com, Inc., O’Reilly Automotive, Inc., and Apple, Inc. The top negative contributors to the Fund’s performance were International Business Machines Corp., Chevron Corp., and Royal Dutch Shell PLC (Class B).
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
76
SPDR MSCI ACWI IMI ETF —
Performance Summary
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 September 24, 2015) is 0.25%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −5.61% | −3.25% | −6.21% | −5.61% | −3.25% | −6.21% | ||||||||||||||||||
SINCE INCEPTION (1) | 27.31% | 30.32% | 25.27% | 6.95% | 7.65% | 6.48% | ||||||||||||||||||
(1) | For the period February 27, 2012 to September 30, 2015. |
77
SPDR MSCI ACWI IMI ETF —
Performance Summary (continued)
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.
78
SPDR MSCI ACWI IMI ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
DESCRIPTION | APPLE, INC. | MICROSOFT CORP. | WELLS FARGO & CO. | EXXON MOBIL CORP. | GENERAL ELECTRIC CO. | |||||
MARKET VALUE | $477,599 | 300,570 | 253,515 | 245,727 | 233,588 | |||||
% OF NET ASSETS | 1.4 | 0.9 | 0.7 | 0.7 | 0.7 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 8.3 | % | ||||
Pharmaceuticals | 5.8 | |||||
Oil, Gas & Consumable Fuels | 5.7 | |||||
Insurance | 4.7 | |||||
Media | 3.3 | |||||
Real Estate Investment Trusts | 2.9 | |||||
Software | 2.8 | |||||
Technology Hardware, Storage & Peripherals | 2.7 | |||||
Food Products | 2.5 | |||||
Chemicals | 2.5 | |||||
Aerospace & Defense | 2.4 | |||||
Diversified Telecommunication Services | 2.3 | |||||
Specialty Retail | 2.3 | |||||
Biotechnology | 2.3 | |||||
Semiconductors & Semiconductor Equipment | 2.3 | |||||
Food & Staples Retailing | 2.2 | |||||
Capital Markets | 2.2 | |||||
Industrial Conglomerates | 2.1 | |||||
IT Services | 2.0 | |||||
Hotels, Restaurants & Leisure | 1.9 | |||||
Internet Software & Services | 1.8 | |||||
Machinery | 1.8 | |||||
Electric Utilities | 1.7 | |||||
Health Care Equipment & Supplies | 1.7 | |||||
Health Care Providers & Services | 1.7 | |||||
Automobiles | 1.6 | |||||
Metals & Mining | 1.5 | |||||
Beverages | 1.4 | |||||
Household Products | 1.3 | |||||
Electronic Equipment, Instruments & Components | 1.3 | |||||
Road & Rail | 1.3 | |||||
Wireless Telecommunication Services | 1.2 | |||||
Tobacco | 1.2 | |||||
Real Estate Management & Development | 1.2 | |||||
Multiline Retail | 1.2 | |||||
Textiles, Apparel & Luxury Goods | 1.1 | |||||
Communications Equipment | 1.0 | |||||
Energy Equipment & Services | 1.0 | |||||
Diversified Financial Services | 0.9 | |||||
Electrical Equipment | 0.8 | |||||
Internet & Catalog Retail | 0.7 | |||||
Commercial Services & Supplies | 0.7 | |||||
Construction & Engineering | 0.7 | |||||
Air Freight & Logistics | 0.7 | |||||
Consumer Finance | 0.6 | |||||
Life Sciences Tools & Services | 0.6 | |||||
Trading Companies & Distributors | 0.5 | |||||
Auto Components | 0.5 | |||||
Multi-Utilities | 0.5 | |||||
Professional Services | 0.5 | |||||
Personal Products | 0.5 | |||||
Building Products | 0.4 | |||||
Leisure Products | 0.4 | |||||
Thrifts & Mortgage Finance | 0.4 | |||||
Marine | 0.3 | |||||
Water Utilities | 0.3 | |||||
Construction Materials | 0.2 | |||||
Transportation Infrastructure | 0.2 | |||||
Household Durables | 0.2 | |||||
Independent Power and Renewable Electricity Producers | 0.1 | |||||
Airlines | 0.1 | |||||
Paper & Forest Products | 0.1 | |||||
Gas Utilities | 0.1 | |||||
Containers & Packaging | 0.1 | |||||
Short Term Investments | 19.5 | |||||
Other Assets & Liabilities | (18.8 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
79
SPDR MSCI ACWI Low Carbon Target ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI ACWI Low Carbon Target ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks securities of publicly traded companies in developed and emerging markets, while seeking to minimize carbon exposure. In seeking this objective, the Fund uses a sampling strategy.
For the period ended from inception (11/25/14) to September 30, 2015 (the “Reporting Period”), the total return for the Fund was −8.25%, and the total return for the MSCI ACWI Low Carbon Target Index (the “Index”) was −8.46%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, cash and an aggregation of miniscule security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Fund saw mixed performance in the first quarter of 2015 on account of an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing by the European Central Bank (ECB). By the end of January, Denmark, Singapore, India and Turkey also eased policy by cutting interest rates, while Brazil hiked rates. Volatility subsided through February as oil prices stabilized and the aggressive pace of global central bank actions moderated. US equity markets traded down slightly on the jobs report as expectations increased that the US economy is gaining strength and that the Federal Reserve may raise rates in the not too distant future. Markets in June were again unsettled by a steady stream of worrying headlines from Europe as increasingly acrimonious negotiations between Greece and the Troika (European Commission, European Central Bank and International Monetary Fund) to extend an existing bailout agreement came to an impasse. The third quarter of 2015 was again a difficult one for the stocks in the Fund as a cascade of worrying headlines surrounding the Greek exit from the Eurozone and a sudden free fall in China’s stock market dragged the returns of the global markets.
On an individual security level, the top positive contributors to the Fund’s performance were Apple, Inc., Amazon.com, Inc., and Home Depot, Inc. The top negative contributors to the Fund’s performance were HSBC Holdings PLC, Banco Santander SA, and Schlumberger, Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
80
SPDR MSCI ACWI Low Carbon Target ETF —
Performance Summary
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 (11/25/14, 11/26/14, 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 September 24, 2015) is 0.20%.
PERFORMANCE AS OF SEPTEMBER 30, 2015
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
NET ASSET | MARKET | MSCI ACWI LOW | NET ASSET | MARKET | MSCI ACWI LOW | |||||||||||||||||||
VALUE | VALUE | CARBON TARGET INDEX | VALUE | VALUE | CARBON TARGET INDEX | |||||||||||||||||||
SINCE INCEPTION (1) | −8.25% | −7.87% | −8.46% | N/A | N/A | N/A | ||||||||||||||||||
(1) For the period November 25, 2014 to September 30, 2015. |
81
SPDR MSCI ACWI Low Carbon Target ETF —
Performance Summary (continued)
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.
82
SPDR MSCI ACWI Low Carbon Target ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
DESCRIPTION | APPLE, INC. | MICROSOFT CORP. | JOHNSON & JOHNSON | GENERAL ELECTRIC CO. | WELLS FARGO & CO. | |||||
MARKET VALUE | $1,546,847 | 839,302 | 663,438 | 662,202 | 643,980 | |||||
% OF NET ASSETS | 1.9 | 1.0 | 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 SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 10.5 | % | ||||
Pharmaceuticals | 6.7 | |||||
Insurance | 5.0 | |||||
Oil, Gas & Consumable Fuels | 3.9 | |||||
Technology Hardware, Storage & Peripherals | 3.1 | |||||
Media | 3.0 | |||||
Diversified Telecommunication Services | 2.8 | |||||
Beverages | 2.6 | |||||
IT Services | 2.5 | |||||
Software | 2.5 | |||||
Capital Markets | 2.3 | |||||
Aerospace & Defense | 2.3 | |||||
Chemicals | 2.2 | |||||
Automobiles | 2.2 | |||||
Internet Software & Services | 2.2 | |||||
Food & Staples Retailing | 2.1 | |||||
Real Estate Investment Trusts | 2.1 | |||||
Industrial Conglomerates | 2.1 | |||||
Semiconductors & Semiconductor Equipment | 2.1 | |||||
Biotechnology | 2.0 | |||||
Food Products | 1.9 | |||||
Machinery | 1.8 | |||||
Health Care Providers & Services | 1.8 | |||||
Tobacco | 1.8 | |||||
Specialty Retail | 1.7 | |||||
Health Care Equipment & Supplies | 1.5 | |||||
Wireless Telecommunication Services | 1.4 | |||||
Energy Equipment & Services | 1.4 | |||||
Metals & Mining | 1.3 | |||||
Hotels, Restaurants & Leisure | 1.3 | |||||
Diversified Financial Services | 1.3 | |||||
Household Products | 1.2 | |||||
Textiles, Apparel & Luxury Goods | 1.2 | |||||
Road & Rail | 1.1 | |||||
Real Estate Management & Development | 1.1 | |||||
Internet & Catalog Retail | 1.1 | |||||
Communications Equipment | 1.0 | |||||
Electrical Equipment | 1.0 | |||||
Trading Companies & Distributors | 0.9 | |||||
Electric Utilities | 0.9 | |||||
Personal Products | 0.8 | |||||
Gas Utilities | 0.7 | |||||
Electronic Equipment, Instruments & Components | 0.6 | |||||
Water Utilities | 0.6 | |||||
Transportation Infrastructure | 0.6 | |||||
Household Durables | 0.6 | |||||
Consumer Finance | 0.5 | |||||
Professional Services | 0.5 | |||||
Construction & Engineering | 0.5 | |||||
Multiline Retail | 0.4 | |||||
Multi-Utilities | 0.4 | |||||
Auto Components | 0.4 | |||||
Air Freight & Logistics | 0.4 | |||||
Life Sciences Tools & Services | 0.3 | |||||
Commercial Services & Supplies | 0.2 | |||||
Independent Power and Renewable Electricity Producers | 0.2 | |||||
Building Products | 0.2 | |||||
Containers & Packaging | 0.2 | |||||
Thrifts & Mortgage Finance | 0.1 | |||||
Diversified Consumer Services | 0.1 | |||||
Health Care Technology | 0.1 | |||||
Leisure Products | 0.1 | |||||
Marine | 0.1 | |||||
Distributors | 0.0 | ** | ||||
Short Term Investments | 0.2 | |||||
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. |
83
SPDR MSCI EM 50 ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI EM 50 ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks securities of publicly traded companies in emerging markets. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −18.67%, and the total return for the MSCI EM 50 Index (the “Index”) was −18.41%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, income from securities lending, cash drag, transaction costs, compounding differences resulting from performance volatility, and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.
During the Reporting Period, a significantly heightened, diverse and global level of geopolitical tensions had an appreciable impact on this Fund. One of the more impactful geopolitical events was the ongoing Western sanctions on Russia associated with events in the Ukraine. Along with humanitarian concerns, this led to significant negative impacts to the Russian economy and continuing worries regarding broader regional destabilization. Another geopolitical hotspot was the Middle East where the focus continued to revolve around ISIS, which has been brutally seizing territory as it strives to establish a caliphate. A third area of increased geopolitical tensions can be found in the Pacific where land disputes and saber rattling between China and its neighbors have remained a concern. For non-geopolitical issues, slowing growth continued to impact many markets, especially in China where concerns escalated regarding their ability to navigate a slowing economy without experiencing a hard landing. This led to increasing worries regarding potential currency wars. A strengthening US dollar and weakening local currencies have impacted most of the emerging market countries due to their propensity to have borrowed in US dollars. This has led to heightened concerns regarding the impact of a Federal Reserve interest rate increase especially in regards to the likely impact on both debt servicing and capital outflows out of the emerging markets. Finally, many of the emerging market countries have been negatively impacted by declining commodity prices.
On an individual security level, the top positive contributors to the Fund’s performance were Naspers, Ltd. (Class N), Tencent Holdings, Ltd., and China Life Insurance Co., Ltd. (Class H). The top negative contributors to the Fund’s performance were Banco Bradesco SA Pfd., Itau Unibanco Holding SA Pfd., and Petroleo Brasileiro SA Pfd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
84
SPDR MSCI EM 50 ETF —
Performance Summary
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 September 24, 2015) is 0.50%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −18.67% | −18.80% | −18.41% | −18.67% | −18.80% | −18.41% | ||||||||||||||||||
THREE YEARS | −13.37% | −13.17% | −12.02% | −4.67% | −4.60% | −4.18% | ||||||||||||||||||
SINCE INCEPTION (1) | −17.16% | −16.96% | −15.18% | −5.11% | −5.04% | −4.48% | ||||||||||||||||||
(1) | For the period February 27, 2012 to September 30, 2015. |
85
SPDR MSCI EM 50 ETF —
Performance Summary (continued)
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.
86
SPDR MSCI EM 50 ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
TAIWAN | ||||||||||
SEMICONDUCTOR | ||||||||||
SAMSUNG ELECTRONICS | MANUFACTURING | TENCENT HOLDINGS, | CHINA CONSTRUCTION | |||||||
DESCRIPTION | CO., LTD. GDR | CO., LTD. ADR | LTD. | CHINA MOBILE, LTD. | BANK CORP. (CLASS H) | |||||
MARKET VALUE | $336,893 | 316,666 | 276,667 | 235,184 | 180,185 | |||||
% OF NET ASSETS | 8.8 | 8.3 | 7.3 | 6.2 | 4.7 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 23.2 | % | ||||
Semiconductors & Semiconductor Equipment | 10.7 | |||||
Wireless Telecommunication Services | 10.2 | |||||
Oil, Gas & Consumable Fuels | 9.5 | |||||
Technology Hardware, Storage & Peripherals | 8.8 | |||||
Internet Software & Services | 8.3 | |||||
Insurance | 5.3 | |||||
Media | 5.3 | |||||
Automobiles | 3.4 | |||||
Electronic Equipment, Instruments & Components | 3.1 | |||||
Beverages | 2.0 | |||||
Household Durables | 1.2 | |||||
Auto Components | 1.1 | |||||
Food & Staples Retailing | 1.1 | |||||
Diversified Financial Services | 1.0 | |||||
Food Products | 1.0 | |||||
Diversified Telecommunication Services | 1.0 | |||||
Real Estate Management & Development | 0.9 | |||||
Metals & Mining | 0.8 | |||||
Construction Materials | 0.8 | |||||
Chemicals | 0.7 | |||||
Short Term Investments | 11.4 | |||||
Other Assets & Liabilities | (10.8 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
87
SPDR MSCI EM Beyond BRIC ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI EM Beyond BRIC ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks publicly-traded companies in emerging markets, excluding securities in Brazil, Russia, India and China. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −21.86%, and the total return for the MSCI EM Beyond BRIC Index (the “Index”) was −21.55%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, a slight cash drag, security misweights and compounding.
During the Reporting Period, a significantly heightened, diverse and global level of geopolitical tensions had an appreciable impact on this Fund. One of the more impactful geopolitical events was the ongoing Western sanctions on Russia associated with events in Ukraine. Along with humanitarian concerns, this led to significant negative impacts to the Russian economy and continuing worries regarding broader regional destabilization. Another geopolitical hotspot was the Middle East, where the focus continued to revolve around ISIS which has been brutally seizing territory as it strives to establish a Caliphate. A third area of increased geopolitical tensions can be found in the Pacific where land disputes and saber rattling between China and its neighbors have remained a concern. For non-geopolitical issues, slowing growth continued to impact many markets. This led to increasing worries regarding potential currency wars. A strengthening US dollar and weakening local currencies have impacted most of the emerging market countries due to their propensity to have borrowed in US dollars. This has led to heightened concerns regarding the impact of a Federal Reserve interest rate increase, especially with regard to the likely impact on both debt servicing and capital outflows out of the emerging markets. Finally, many of the emerging market countries have been negatively impacted by declining commodity prices. The Index underperformed the MSCI Emerging Markets Index (which includes BRIC countries) over the last year. From a country perspective, having no exposure to China and India was the main driver of this under-performance, while at the same time, having no exposure to Brazil, as well as over-weights to South Africa and Taiwan, all led to positive contribution.
On an individual security level, the top positive contributors to the Fund’s performance were Naspers, Ltd., Steinhoff International Holdings, Ltd., Taiwan Semiconductor Manufacturing Co., Ltd., AmorePacific Corp. and LG Household & Health Care, Ltd. The top negative contributors to the Fund’s performance were America Movil SAB de CV, Sasol, Ltd., MTN Group, Ltd., Cemex SAB de CV and Samsung Electronics Co., Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
88
SPDR MSCI EM Beyond BRIC ETF —
Performance Summary
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 September 24, 2015) is 0.49%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −21.86% | −22.73% | −21.55% | −21.86% | −22.73% | −21.55% | ||||||||||||||||||
SINCE INCEPTION (1) | −18.44% | −19.39% | −17.39% | −10.57% | −11.14% | −9.96% | ||||||||||||||||||
(1) | For the period December 4, 2013 to September 30, 2015. |
89
SPDR MSCI EM Beyond BRIC ETF —
Performance Summary (continued)
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.
90
SPDR MSCI EM Beyond BRIC ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
TAIWAN | ||||||||||
SEMICONDUCTOR | ||||||||||
MANUFACTURING CO., | SAMSUNG ELECTRONICS | NASPERS, LTD. | AMERICA MOVIL SAB | HON HAI PRECISION | ||||||
DESCRIPTION | LTD. ADR | CO., LTD. GDR | (CLASS N) | DE CV (SERIES L) | INDUSTRY CO., LTD. GDR | |||||
MARKET VALUE | $86,424 | 80,325 | 63,459 | 49,424 | 32,403 | |||||
% OF NET ASSETS | 3.6 | 3.4 | 2.7 | 2.1 | 1.4 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 19.7 | % | ||||
Wireless Telecommunication Services | 6.8 | |||||
Technology Hardware, Storage & Peripherals | 5.7 | |||||
Semiconductors & Semiconductor Equipment | 5.3 | |||||
Industrial Conglomerates | 4.3 | |||||
Media | 4.0 | |||||
Oil, Gas & Consumable Fuels | 3.9 | |||||
Diversified Financial Services | 3.1 | |||||
Food & Staples Retailing | 3.0 | |||||
Metals & Mining | 2.9 | |||||
Electronic Equipment, Instruments & Components | 2.8 | |||||
Food Products | 2.7 | |||||
Chemicals | 2.7 | |||||
Real Estate Management & Development | 2.5 | |||||
Insurance | 2.3 | |||||
Electric Utilities | 2.2 | |||||
Construction Materials | 2.2 | |||||
Automobiles | 2.0 | |||||
Beverages | 1.9 | |||||
Diversified Telecommunication Services | 1.7 | |||||
Transportation Infrastructure | 1.5 | |||||
Hotels, Restaurants & Leisure | 1.3 | |||||
Pharmaceuticals | 1.2 | |||||
Household Durables | 1.1 | |||||
Construction & Engineering | 1.1 | |||||
Multiline Retail | 1.1 | |||||
Household Products | 0.9 | |||||
Health Care Providers & Services | 0.9 | |||||
Real Estate Investment Trusts | 0.9 | |||||
Specialty Retail | 0.8 | |||||
Independent Power and Renewable Electricity Producers | 0.8 | |||||
Auto Components | 0.7 | |||||
Textiles, Apparel & Luxury Goods | 0.7 | |||||
Personal Products | 0.6 | |||||
Tobacco | 0.6 | |||||
Internet Software & Services | 0.5 | |||||
Gas Utilities | 0.5 | |||||
Machinery | 0.4 | |||||
Multi-Utilities | 0.4 | |||||
Capital Markets | 0.4 | |||||
Airlines | 0.3 | |||||
Energy Equipment & Services | 0.2 | |||||
IT Services | 0.2 | |||||
Distributors | 0.2 | |||||
Paper & Forest Products | 0.1 | |||||
Commercial Services & Supplies | 0.1 | |||||
Consumer Finance | 0.1 | |||||
Air Freight & Logistics | 0.1 | |||||
Aerospace & Defense | 0.1 | |||||
Software | 0.0 | ** | ||||
Short Term Investments | 4.2 | |||||
Other Assets & Liabilities | (3.7 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Amount shown represents less than 0.05% of net assets. |
91
SPDR MSCI EAFE Quality Mix ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI EAFE Quality Mix ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the European, Australasian, and Far Eastern developed equity markets. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −5.34%, and the total return for the MSCI EAFE (Europe, Australasia, Far East) Quality Mix Index (the “Index”) was −5.03%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses of the Fund, the effects of cash holdings and the cumulative effect of security misweights between the securities in the Fund and the Index contributed to the difference between the Fund’s performance and that of the Index.
The Fund had a negative return for the Reporting Period. A persistent theme in the performance of the Fund, especially in the first and fourth quarters of the Reporting Period, was falling oil prices. The Fund’s performance was negatively impacted by depressed oil prices and their resulting effect on companies in the Fund. In particular, oil producers in the Fund saw lower earnings and profits due to the drop in crude prices that could not be offset by inventory reductions or reduced capital investments. The Fund had positive performance in the second and third quarters of the Reporting Period as national central banks maintained accommodative monetary policies and companies posted positive earnings reports in spite of continued strength in the US dollar. The Fund was also helped by its emphasis on higher quality, greater value-weighted and lower volatility companies.
On an individual security level, the top positive contributors to the Fund’s performance were Eisai Co., Ltd., Imperial Tobacco Group PLC, and West Japan Railway Co. The top negative contributors to the Fund’s performance were BP PLC, Total SA, and Royal Dutch Shell PLC (Class B).
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
92
SPDR MSCI EAFE Quality Mix ETF —
Performance Summary
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 September 24, 2015) is 0.30%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −5.34% | −4.85% | −5.03% | −5.34% | −4.85% | −5.03% | ||||||||||||||||||
SINCE INCEPTION (1) | −9.58% | −9.21% | −9.17% | −7.31% | −7.03% | −7.01% | ||||||||||||||||||
(1) | For the period June 4, 2014 to September 30, 2015. |
93
SPDR MSCI EAFE Quality Mix ETF —
Performance Summary (continued)
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.
94
SPDR MSCI EAFE Quality Mix ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
NOVO NORDISK A/S | BRITISH AMERICAN | |||||||||
DESCRIPTION | NESTLE SA | NOVARTIS AG | ROCHE HOLDING AG | (CLASS B) | TOBACCO PLC | |||||
MARKET VALUE | $143,861 | 129,923 | 120,465 | 84,147 | 77,366 | |||||
% OF NET ASSETS | 2.7 | 2.5 | 2.3 | 1.6 | 1.5 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Pharmaceuticals | 11.7 | % | ||||
Banks | 9.1 | |||||
Insurance | 4.9 | |||||
Food Products | 4.3 | |||||
Diversified Telecommunication Services | 4.2 | |||||
Oil, Gas & Consumable Fuels | 3.9 | |||||
Chemicals | 3.4 | |||||
Personal Products | 3.3 | |||||
Media | 3.0 | |||||
Electric Utilities | 2.8 | |||||
Beverages | 2.7 | |||||
Tobacco | 2.6 | |||||
Real Estate Investment Trusts | 2.4 | |||||
Food & Staples Retailing | 2.3 | |||||
Metals & Mining | 1.9 | |||||
Textiles, Apparel & Luxury Goods | 1.9 | |||||
Specialty Retail | 1.8 | |||||
Household Products | 1.8 | |||||
Hotels, Restaurants & Leisure | 1.7 | |||||
Multi-Utilities | 1.7 | |||||
Automobiles | 1.6 | |||||
Wireless Telecommunication Services | 1.6 | |||||
Machinery | 1.5 | |||||
Road & Rail | 1.4 | |||||
Health Care Equipment & Supplies | 1.3 | |||||
Health Care Providers & Services | 1.3 | |||||
Aerospace & Defense | 1.2 | |||||
Capital Markets | 1.2 | |||||
Auto Components | 1.1 | |||||
Trading Companies & Distributors | 1.1 | |||||
Software | 1.1 | |||||
Real Estate Management & Development | 1.1 | |||||
Airlines | 1.0 | |||||
Diversified Financial Services | 0.9 | |||||
Professional Services | 0.9 | |||||
Commercial Services & Supplies | 0.9 | |||||
Technology Hardware, Storage & Peripherals | 0.7 | |||||
Biotechnology | 0.6 | |||||
Multiline Retail | 0.6 | |||||
Gas Utilities | 0.6 | |||||
Industrial Conglomerates | 0.6 | |||||
Electrical Equipment | 0.6 | |||||
Transportation Infrastructure | 0.6 | |||||
Air Freight & Logistics | 0.5 | |||||
Semiconductors & Semiconductor Equipment | 0.5 | |||||
Marine | 0.5 | |||||
Household Durables | 0.4 | |||||
Building Products | 0.4 | |||||
IT Services | 0.3 | |||||
Construction & Engineering | 0.3 | |||||
Energy Equipment & Services | 0.2 | |||||
Containers & Packaging | 0.2 | |||||
Electronic Equipment, Instruments & Components | 0.2 | |||||
Internet Software & Services | 0.2 | |||||
Leisure Products | 0.2 | |||||
Construction Materials | 0.1 | |||||
Paper & Forest Products | 0.1 | |||||
Communications Equipment | 0.1 | |||||
Diversified Consumer Services | 0.1 | |||||
Health Care Technology | 0.1 | |||||
Independent Power and Renewable Electricity Producers | 0.1 | |||||
Water Utilities | 0.0 | ** | ||||
Short Term Investments | 0.0 | ** | ||||
Other Assets & Liabilities | 0.6 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Amount shown represents less than 0.05% of net assets. |
95
SPDR MSCI Emerging Markets Quality Mix ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI Emerging Markets Quality Mix ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging equity markets of the world. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −18.29%, and the total return for the MSCI Emerging Markets (EM) Quality Mix Index (the “Index”) was −17.47%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, cash and an aggregation of miniscule security misweights contributed to the difference between the Fund’s performance and that of the Index.
Emerging market equities rolled into the fourth quarter of 2014 in a downward spiral as the IMF cut its global growth forecasts, oil traded to new lows, ISIS advanced in Syria and Iraq and fighting continued in eastern Ukraine and Russia. The beginning of 2015 also had a turbulent start for stocks in the Fund as the European Central Bank announced a larger than expected quantitative easing, drama with Greek debt and required austerity measures renewed afresh, and Brazil and India witnessed slow economic growth. The slowdown in emerging market equities continued through the third quarter of 2015 as a cascade of worrying headlines emanated from Chinese surprise currency devaluation, its plummeting stock markets that dramatically rattled other global financial markets, and plunging commodities that proved particularly toxic for emerging market currencies.
On an individual security level, the top positive contributors to the Fund’s performance were Infosys, Ltd., Hanergy Thin Film Power Group, Ltd., and Tencent Holdings, Ltd. The top negative contributors to the Fund’s performance were Petroleo Brasileiro SA Pfd., Sasol, Ltd., and Public Joint-Stock Company Gazprom PAO ADR.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
96
SPDR MSCI Emerging Markets Quality Mix ETF —
Performance Summary
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 September 24, 2015) is 0.30%.
PERFORMANCE AS OF SEPTEMBER 30, 2015
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
MSCI EM | MSCI EM | |||||||||||||||||||||||
NET ASSET | MARKET | QUALITY | NET ASSET | MARKET | QUALITY | |||||||||||||||||||
VALUE | VALUE | MIX INDEX | VALUE | VALUE | MIX INDEX | |||||||||||||||||||
ONE YEAR | −18.29% | −17.61% | −17.47% | −18.29% | −17.61% | −17.47% | ||||||||||||||||||
SINCE INCEPTION (1) | −18.81% | −18.17% | −17.38% | −14.55% | −14.03% | −13.45% | ||||||||||||||||||
(1) | For the period June 4, 2014 to September 30, 2015. |
97
SPDR MSCI Emerging Markets Quality Mix ETF —
Performance Summary (continued)
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.
98
SPDR MSCI Emerging Markets Quality Mix ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
SAMSUNG ELECTRONICS | CHINA MOBILE, | TAIWAN SEMICONDUCTOR | TENCENT HOLDINGS, | |||||||
DESCRIPTION | CO., LTD. GDR | LTD. | MANUFACTURING CO., LTD. | LTD. | INFOSYS, LTD. ADR | |||||
MARKET VALUE | $2,345,018 | 2,049,164 | 1,991,780 | 1,493,514 | 1,125,375 | |||||
% OF NET ASSETS | 3.3 | 2.9 | 2.8 | 2.1 | 1.6 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 17.2 | % | ||||
Wireless Telecommunication Services | 8.2 | |||||
Oil, Gas & Consumable Fuels | 7.0 | |||||
Technology Hardware, Storage & Peripherals | 6.3 | |||||
Semiconductors & Semiconductor Equipment | 4.2 | |||||
IT Services | 4.0 | |||||
Insurance | 3.5 | |||||
Food & Staples Retailing | 3.2 | |||||
Pharmaceuticals | 3.2 | |||||
Internet Software & Services | 2.6 | |||||
Electronic Equipment, Instruments & Components | 2.3 | |||||
Automobiles | 2.3 | |||||
Food Products | 2.3 | |||||
Diversified Telecommunication Services | 2.1 | |||||
Industrial Conglomerates | 1.9 | |||||
Beverages | 1.9 | |||||
Tobacco | 1.7 | |||||
Personal Products | 1.7 | |||||
Metals & Mining | 1.6 | |||||
Transportation Infrastructure | 1.5 | |||||
Real Estate Management & Development | 1.3 | |||||
Household Products | 1.3 | |||||
Electric Utilities | 1.3 | |||||
Diversified Financial Services | 1.2 | |||||
Independent Power and Renewable Electricity Producers | 1.2 | |||||
Textiles, Apparel & Luxury Goods | 1.2 | |||||
Health Care Providers & Services | 1.2 | |||||
Chemicals | 1.1 | |||||
Auto Components | 0.9 | |||||
Water Utilities | 0.9 | |||||
Construction Materials | 0.8 | |||||
Hotels, Restaurants & Leisure | 0.8 | |||||
Multiline Retail | 0.8 | |||||
Gas Utilities | 0.7 | |||||
Household Durables | 0.6 | |||||
Specialty Retail | 0.5 | |||||
Commercial Services & Supplies | 0.5 | |||||
Media | 0.4 | |||||
Machinery | 0.4 | |||||
Multi-Utilities | 0.4 | |||||
Construction & Engineering | 0.4 | |||||
Road & Rail | 0.3 | |||||
Real Estate Investment Trusts | 0.3 | |||||
Capital Markets | 0.3 | |||||
Airlines | 0.3 | |||||
Software | 0.3 | |||||
Electrical Equipment | 0.2 | |||||
Life Sciences Tools & Services | 0.2 | |||||
Thrifts & Mortgage Finance | 0.2 | |||||
Air Freight & Logistics | 0.2 | |||||
Leisure Products | 0.1 | |||||
Marine | 0.1 | |||||
Consumer Finance | 0.1 | |||||
Paper & Forest Products | 0.1 | |||||
Communications Equipment | 0.1 | |||||
Energy Equipment & Services | 0.1 | |||||
Trading Companies & Distributors | 0.1 | |||||
Diversified Consumer Services | 0.0 | |||||
Distributors | 0.0 | |||||
Aerospace & Defense | 0.0 | |||||
Containers & Packaging | 0.0 | |||||
Building Products | 0.0 | |||||
Health Care Equipment & Supplies | 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. |
99
SPDR MSCI World Quality Mix ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI World Quality Mix ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the developed equity markets of the world. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −1.25%, and the total return for the MSCI World Quality Mix Index (the “Index”) was −1.71%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, cash and an aggregation of miniscule security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Fund had a mixed performance in the fourth quarter of 2014 as global stocks rallied up and down on account of the IMF cutting its global growth forecasts, interest rates moving lower and Europe and Japan confronting continued weakness. Equities rolled over in December 2014 as the weakness in oil prices continued to put global growth into question. 2015 began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing by the European Central Bank (ECB). By the end of January 2015, Denmark, Singapore, India and Turkey also eased policy by cutting interest rates while Brazil hiked rates. The Fund again witnessed negative returns in the third quarter of 2015 as global markets plummeted on the uncertainty of a Greek exit from the Eurozone and a sudden free fall in China’s stock market.
On an individual security level, the top positive contributors to the Fund’s performance were Apple, Inc., Starbucks Corp., and Visa, Inc. (Class A). The top negative contributors to the Fund’s performance were Johnson & Johnson, Chevron Corp., and Exxon Mobil Corp.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
100
SPDR MSCI World Quality Mix ETF —
Performance Summary
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 September 24, 2015) is 0.30%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −1.25% | −1.36% | −1.71% | −1.25% | −1.36% | −1.71% | ||||||||||||||||||
SINCE INCEPTION (1) | −1.27% | −1.44% | −1.63% | −0.96% | −1.09% | −1.23% | ||||||||||||||||||
(1) | For the period June 4, 2014 to September 30, 2015. |
101
SPDR MSCI World Quality Mix ETF —
Performance Summary (continued)
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.
102
SPDR MSCI World Quality Mix ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
DESCRIPTION | EXXON MOBIL CORP. | APPLE, INC. | MICROSOFT CORP. | JOHNSON & JOHNSON | PROCTER & GAMBLE CO. | |||||
MARKET VALUE | $118,737 | 110,410 | 99,231 | 97,644 | 72,659 | |||||
% OF NET ASSETS | 2.1 | 1.9 | 1.7 | 1.7 | 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 SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Pharmaceuticals | 8.1 | % | ||||
Banks | 6.1 | |||||
Oil, Gas & Consumable Fuels | 4.9 | |||||
Insurance | 4.2 | |||||
IT Services | 3.9 | |||||
Specialty Retail | 3.5 | |||||
Software | 3.5 | |||||
Diversified Telecommunication Services | 3.2 | |||||
Food Products | 3.0 | |||||
Household Products | 3.0 | |||||
Hotels, Restaurants & Leisure | 3.0 | |||||
Technology Hardware, Storage & Peripherals | 2.7 | |||||
Electric Utilities | 2.5 | |||||
Media | 2.5 | |||||
Chemicals | 2.4 | |||||
Health Care Providers & Services | 2.4 | |||||
Real Estate Investment Trusts | 2.4 | |||||
Food & Staples Retailing | 2.3 | |||||
Beverages | 2.2 | |||||
Aerospace & Defense | 2.2 | |||||
Biotechnology | 2.0 | |||||
Internet Software & Services | 2.0 | |||||
Health Care Equipment & Supplies | 1.8 | |||||
Multi-Utilities | 1.8 | |||||
Metals & Mining | 1.6 | |||||
Tobacco | 1.4 | |||||
Multiline Retail | 1.4 | |||||
Textiles, Apparel & Luxury Goods | 1.4 | |||||
Semiconductors & Semiconductor Equipment | 1.3 | |||||
Road & Rail | 1.2 | |||||
Wireless Telecommunication Services | 1.2 | |||||
Capital Markets | 1.1 | |||||
Commercial Services & Supplies | 1.1 | |||||
Automobiles | 1.0 | |||||
Industrial Conglomerates | 1.0 | |||||
Machinery | 0.9 | |||||
Communications Equipment | 0.9 | |||||
Diversified Financial Services | 0.8 | |||||
Personal Products | 0.7 | |||||
Air Freight & Logistics | 0.7 | |||||
Trading Companies & Distributors | 0.6 | |||||
Airlines | 0.5 | |||||
Auto Components | 0.5 | |||||
Professional Services | 0.4 | |||||
Electronic Equipment, Instruments & Components | 0.4 | |||||
Energy Equipment & Services | 0.4 | |||||
Internet & Catalog Retail | 0.4 | |||||
Household Durables | 0.3 | |||||
Electrical Equipment | 0.3 | |||||
Marine | 0.2 | |||||
Transportation Infrastructure | 0.2 | |||||
Health Care Technology | 0.2 | |||||
Consumer Finance | 0.2 | |||||
Gas Utilities | 0.2 | |||||
Real Estate Management & Development | 0.2 | |||||
Construction & Engineering | 0.2 | |||||
Building Products | 0.1 | |||||
Diversified Consumer Services | 0.1 | |||||
Distributors | 0.1 | |||||
Containers & Packaging | 0.1 | |||||
Life Sciences Tools & Services | 0.1 | |||||
Construction Materials | 0.1 | |||||
Leisure Products | 0.1 | |||||
Paper & Forest Products | 0.1 | |||||
Water Utilities | 0.0 | ** | ||||
Thrifts & Mortgage Finance | 0.0 | ** | ||||
Independent Power and Renewable Electricity Producers | 0.0 | ** | ||||
Short Term Investments | 0.3 | |||||
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. |
103
SPDR MSCI Australia Quality Mix ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI Australia Quality Mix ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the equity market of Australia. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −19.87%, and the total return for the MSCI Australia Quality Mix A-Series Index (the “Index”) was −19.77%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, tax withholdings and positive cash drag contributed to the difference between the Fund’s performance and that of the Index.
The MSCI Australia Quality Mix Index had a difficult second half of the fiscal year, under-performing the broader MSCI EAFE Index in each of the last two quarters. Over the year the Australian dollar fell nearly 20% relative to the US dollar, accounting for nearly all of the Index’s performance. In comparison, the MSCI Australian Quality Mix return calculated in Australian dollars was 0.03%. The potential of a US rate increase, continued volatility in China’s equity markets, and a second rate cut by Canada all helped to drive the Australian currency lower. However, this fiscal year the MSCI Australia Quality Mix Index was still able to post outperformance of 1.31% versus the MSCI Australia Index as a whole.
On an individual security level, the top positive contributors to the Fund’s performance were Toll Holdings, Ltd., Westfield Corp., and Incitec Pivot, Ltd. The top negative contributors to the Fund’s performance were Woodside Petroleum, Ltd., Woolworths, Ltd., and BHP Billiton, Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
104
SPDR MSCI Australia Quality Mix ETF —
Performance Summary
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 Australia Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.30%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −19.87% | −19.21% | −19.77% | −19.87% | −19.21% | −19.77% | ||||||||||||||||||
SINCE INCEPTION (1) | −25.34% | −24.99% | −25.27% | −20.04% | −19.75% | −20.03% | ||||||||||||||||||
(1) | For the period June 11, 2014 to September 30, 2015. |
105
SPDR MSCI Australia Quality Mix ETF —
Performance Summary (continued)
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.
106
SPDR MSCI Australia Quality Mix ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
COMMONWEALTH | ||||||||||
DESCRIPTION | BHP BILLITON, LTD. | WESFARMERS, LTD. | CSL, LTD. | WOOLWORTHS, LTD. | BANK OF AUSTRALIA | |||||
MARKET VALUE | $413,085 | 401,428 | 377,410 | 358,263 | 329,131 | |||||
% OF NET ASSETS | 6.5 | 6.3 | 5.9 | 5.6 | 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 SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 19.2 | % | ||||
Food & Staples Retailing | 11.9 | |||||
Metals & Mining | 11.8 | |||||
Real Estate Investment Trusts | 8.2 | |||||
Biotechnology | 5.9 | |||||
Diversified Telecommunication Services | 5.2 | |||||
Insurance | 5.1 | |||||
Oil, Gas & Consumable Fuels | 3.9 | |||||
Containers & Packaging | 3.8 | |||||
Health Care Providers & Services | 3.7 | |||||
Transportation Infrastructure | 3.0 | |||||
Commercial Services & Supplies | 2.9 | |||||
Multi-Utilities | 1.7 | |||||
Chemicals | 1.7 | |||||
Diversified Financial Services | 1.6 | |||||
Hotels, Restaurants & Leisure | 1.6 | |||||
Gas Utilities | 1.0 | |||||
Capital Markets | 0.9 | |||||
Real Estate Management & Development | 0.9 | |||||
Road & Rail | 0.8 | |||||
Construction Materials | 0.7 | |||||
Health Care Equipment & Supplies | 0.7 | |||||
Beverages | 0.6 | |||||
Professional Services | 0.4 | |||||
Airlines | 0.4 | |||||
Construction & Engineering | 0.3 | |||||
Electric Utilities | 0.3 | |||||
Multiline Retail | 0.3 | |||||
Media | 0.2 | |||||
Energy Equipment & Services | 0.2 | |||||
IT Services | 0.1 | |||||
Short Term Investments | 0.0 | ** | ||||
Other Assets & Liabilities | 1.0 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Amount shown represents less than 0.05% of net assets. |
107
SPDR MSCI Canada Quality Mix ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI Canada Quality Mix ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the equity market of Canada. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −19.84%, and the total return for the MSCI Canada Quality Mix A-Series Index (the “Index”) was −19.79%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, tax withholdings and positive cash drag contributed to the difference between the Fund’s performance and that of the Index.
The first half of the fiscal year the Bank of Canada provided shock therapy to the market by unexpectedly cutting overnight rates by 0.25% to 0.75%. Canadian stocks and bonds rallied, but the Canadian dollar traded down 2.5% on the news. The Bank of Canada’s cut was widely viewed as insurance against economic risk, which includes inflation, growth and financial stability. Weak oil prices also played a significant role in the Bank of Canada’s decision to cut rates. The themes for the second half of the fiscal year were similar to the themes that dominated the first half of the fiscal year. Commodities resumed their descent primarily led by crude oil. Total production remained at record high levels and new supply was expected to hit the market with the removal of sanctions on Iran. A surprise currency devaluation in China and plummeting stock markets rattled the global financial markets. This accelerated a selloff in oil and commodities sending the price of crude oil below $40 – the lowest level since 2009.
On an individual security level, the top positive contributors to the Fund’s performance were Dollarama, Inc., Alimentation Couche-Tard, Inc. (Class B), and Metro, Inc. (Class A). The top negative contributors to the Fund’s performance were Imperial Oil, Ltd., Potash Corp. of Saskatchewan, Inc., and Canadian Natural Resources, Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
108
SPDR MSCI Canada Quality Mix ETF —
Performance Summary
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 September 24, 2015) is 0.30%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −19.84% | −18.83% | −19.79% | −19.84% | −18.83% | −19.79% | ||||||||||||||||||
SINCE INCEPTION (1) | −20.05% | −19.41% | −20.02% | −15.74% | −15.22% | −15.75% | ||||||||||||||||||
(1) | For the period June 11, 2014 to September 30, 2015. |
109
SPDR MSCI Canada Quality Mix ETF —
Performance Summary (continued)
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.
110
SPDR MSCI Canada Quality Mix ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
CANADIAN IMPERIAL | ROYAL BANK | TORONTO-DOMINION | CANADIAN NATIONAL | |||||||
DESCRIPTION | BANK OF COMMERCE | OF CANADA | BANK | RAILWAY CO. | DOLLARAMA, INC. | |||||
MARKET VALUE | $378,671 | 356,044 | 355,571 | 324,667 | 321,811 | |||||
% OF NET ASSETS | 4.1 | 3.8 | 3.8 | 3.5 | 3.5 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 18.6 | % | ||||
Oil, Gas & Consumable Fuels | 17.6 | |||||
Insurance | 10.8 | |||||
Food & Staples Retailing | 8.5 | |||||
Road & Rail | 5.5 | |||||
Multiline Retail | 4.0 | |||||
Diversified Telecommunication Services | 3.5 | |||||
Chemicals | 3.4 | |||||
Media | 2.6 | |||||
Metals & Mining | 2.6 | |||||
Auto Components | 2.6 | |||||
Real Estate Management & Development | 2.3 | |||||
Capital Markets | 2.2 | |||||
Textiles, Apparel & Luxury Goods | 2.1 | |||||
Food Products | 1.9 | |||||
IT Services | 1.9 | |||||
Software | 1.5 | |||||
Real Estate Investment Trusts | 1.4 | |||||
Multi-Utilities | 1.3 | |||||
Electric Utilities | 1.3 | |||||
Wireless Telecommunication Services | 1.2 | |||||
Diversified Financial Services | 0.7 | |||||
Pharmaceuticals | 0.7 | |||||
Trading Companies & Distributors | 0.6 | |||||
Aerospace & Defense | 0.2 | |||||
Construction & Engineering | 0.1 | |||||
Hotels, Restaurants & Leisure | 0.1 | |||||
Independent Power and Renewable Electricity Producers | 0.1 | |||||
Technology Hardware, Storage & Peripherals | 0.1 | |||||
Paper & Forest Products | 0.1 | |||||
Short Term Investments | 0.1 | |||||
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. |
111
SPDR MSCI Germany Quality Mix ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI Germany Quality Mix ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the equity market of Germany. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −7.64%, and the total return for the MSCI Germany Quality Mix A-Series Index (the “Index”) was −7.71%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, tax withholdings and positive cash drag contributed to the difference between the Fund’s performance and that of the Index.
Germany had a solid first half of the fiscal year, significantly outpacing the broader MSCI EAFE in each of the first two quarters. The market was one of the only outliers in a struggling Eurozone during this period. Germany is the largest exporter in Europe thanks mostly to their position within the automobile industry. The decline of the euro ironically made exports look more attractive in other regions, boosting the country’s relative performance. The second half of the fiscal year wasn’t as kind to Germany, as the market gave back all of its first half gains and more. This slump was driven by the rebound of the euro, as well as the ongoing unrest in Greece since Germany is one of their primary lenders. Though down for the fiscal year, the Index was still able to post an outperformance of 2.52% versus the MSCI EAFE as a whole.
On an individual security level, the top positive contributors to the Fund’s performance were Fresenius SE & Co. KGaA, Deutsche Telekom AG, and Hannover Rueck SE. The top negative contributors to the Fund’s performance were RWE AG, Siemens AG, and E.ON SE.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
112
SPDR MSCI Germany Quality Mix ETF —
Performance Summary
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 September 24, 2015) is 0.30%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −7.64% | −6.77% | −7.71% | −7.64% | −6.77% | −7.71% | ||||||||||||||||||
SINCE INCEPTION (1) | −17.52% | −17.35% | −17.51% | −13.70% | −13.56% | −13.73% | ||||||||||||||||||
(1) | For the period June 11, 2014 to September 30, 2015. |
113
SPDR MSCI Germany Quality Mix ETF —
Performance Summary (continued)
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.
114
SPDR MSCI Germany Quality Mix ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
DESCRIPTION | SIEMENS AG | BASF SE | SAP SE | BAYER AG | ALLIANZ SE | |||||
MARKET VALUE | $624,006 | 578,982 | 562,127 | 541,041 | 477,333 | |||||
% OF NET ASSETS | 6.4 | 6.0 | 5.8 | 5.6 | 4.9 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Chemicals | 11.2 | % | ||||
Insurance | 10.7 | |||||
Pharmaceuticals | 7.9 | |||||
Automobiles | 7.6 | |||||
Industrial Conglomerates | 6.4 | |||||
Health Care Providers & Services | 5.8 | |||||
Software | 5.8 | |||||
Household Products | 4.9 | |||||
Air Freight & Logistics | 4.5 | |||||
Textiles, Apparel & Luxury Goods | 4.1 | |||||
Diversified Telecommunication Services | 3.6 | |||||
Media | 3.3 | |||||
Diversified Financial Services | 3.0 | |||||
Auto Components | 2.9 | |||||
Multi-Utilities | 2.8 | |||||
Machinery | 2.7 | |||||
Personal Products | 2.5 | |||||
Capital Markets | 2.5 | |||||
Real Estate Management & Development | 1.7 | |||||
Semiconductors & Semiconductor Equipment | 1.2 | |||||
Biotechnology | 1.0 | |||||
Internet Software & Services | 0.9 | |||||
Banks | 0.7 | |||||
Airlines | 0.5 | |||||
Food & Staples Retailing | 0.4 | |||||
Construction Materials | 0.3 | |||||
Transportation Infrastructure | 0.3 | |||||
Metals & Mining | 0.2 | |||||
Trading Companies & Distributors | 0.2 | |||||
Electrical Equipment | 0.1 | |||||
Short Term Investments | 0.0 | ** | ||||
Other Assets & Liabilities | 0.3 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Amount shown represents less than 0.05% of net assets. |
115
SPDR MSCI Japan Quality Mix ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI Japan Quality Mix ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the equity market of Japan. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 0.21%, and the total return for the MSCI Japan Quality Mix A-Series Index (the “Index”) was 0.45%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, tax withholdings and positive cash drag contributed to the difference between the Fund’s performance and that of the Index.
The Fund out-performed the broader MSCI EAFE in three of the four fiscal year quarters. This led to strong relative fiscal year-end outperformance of 11.61% versus the MSCI EAFE. Over the fiscal year, the Japanese Yen fell approximately 9.3% relative to the US dollar, offsetting nearly all of the Index’s performance. In comparison, the Japan Quality Mix return calculated in Japanese Yen was 9.98%. The potential of a US rate increase and continued volatility in the China’s equity markets helped to drive the Japanese currency lower. This fiscal year the MSCI Japan Quality Mix Index posted underperformance of 5.64% versus the MSCI Japan Index as a whole.
On an individual security level, the top positive contributors to the Fund’s performance were Oriental Land Co., Ltd., Kao Corp., and Fast Retailing Co., Ltd. The top negative contributors to the Fund’s performance were Mitsui & Co., Ltd, JGC Corp., and FANUC Corp.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
116
SPDR MSCI Japan Quality Mix ETF —
Performance Summary
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 September 24, 2015) is 0.30%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | 0.21% | 0.93% | 0.45% | 0.21% | 0.93% | 0.45% | ||||||||||||||||||
SINCE INCEPTION (1) | 0.97% | 1.50% | 1.28% | 0.74% | 1.15% | 0.98% | ||||||||||||||||||
(1) | For the period June 11, 2014 to September 30, 2015. |
117
SPDR MSCI Japan Quality Mix ETF —
Performance Summary (continued)
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.
118
SPDR MSCI Japan Quality Mix ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
DESCRIPTION | KDDI CORP. | BRIDGESTONE CORP. | KAO CORP. | JAPAN TOBACCO, INC. | TOYOTA MOTOR CORP. | |||||
MARKET VALUE | $307,307 | 292,832 | 288,725 | 259,158 | 256,105 | |||||
% OF NET ASSETS | 2.6 | 2.5 | 2.4 | 2.2 | 2.2 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Automobiles | 7.6 | % | ||||
Banks | 7.4 | |||||
Pharmaceuticals | 5.6 | |||||
Machinery | 5.2 | |||||
Electronic Equipment, Instruments & Components | 5.0 | |||||
Auto Components | 5.0 | |||||
Specialty Retail | 4.5 | |||||
Road & Rail | 4.0 | |||||
Wireless Telecommunication Services | 3.8 | |||||
Trading Companies & Distributors | 3.5 | |||||
Personal Products | 2.7 | |||||
Chemicals | 2.6 | |||||
Health Care Equipment & Supplies | 2.5 | |||||
Real Estate Investment Trusts | 2.2 | |||||
Tobacco | 2.2 | |||||
Real Estate Management & Development | 2.1 | |||||
Food & Staples Retailing | 2.0 | |||||
Technology Hardware, Storage & Peripherals | 1.8 | |||||
Leisure Products | 1.7 | |||||
Hotels, Restaurants & Leisure | 1.7 | |||||
Electric Utilities | 1.5 | |||||
Food Products | 1.5 | |||||
Airlines | 1.5 | |||||
IT Services | 1.5 | |||||
Household Durables | 1.5 | |||||
Insurance | 1.5 | |||||
Oil, Gas & Consumable Fuels | 1.4 | |||||
Beverages | 1.2 | |||||
Commercial Services & Supplies | 1.2 | |||||
Gas Utilities | 1.2 | |||||
Software | 1.1 | |||||
Diversified Telecommunication Services | 1.1 | |||||
Internet Software & Services | 1.1 | |||||
Diversified Financial Services | 1.0 | |||||
Household Products | 0.8 | |||||
Professional Services | 0.6 | |||||
Metals & Mining | 0.6 | |||||
Health Care Technology | 0.6 | |||||
Construction & Engineering | 0.6 | |||||
Health Care Providers & Services | 0.5 | |||||
Electrical Equipment | 0.4 | |||||
Air Freight & Logistics | 0.4 | |||||
Building Products | 0.4 | |||||
Industrial Conglomerates | 0.4 | |||||
Multiline Retail | 0.4 | |||||
Capital Markets | 0.3 | |||||
Textiles, Apparel & Luxury Goods | 0.3 | |||||
Diversified Consumer Services | 0.3 | |||||
Media | 0.3 | |||||
Independent Power and Renewable Electricity Producers | 0.2 | |||||
Marine | 0.1 | |||||
Semiconductors & Semiconductor Equipment | 0.1 | |||||
Construction Materials | 0.1 | |||||
Paper & Forest Products | 0.1 | |||||
Transportation Infrastructure | 0.1 | |||||
Consumer Finance | 0.1 | |||||
Containers & Packaging | 0.1 | |||||
Internet & Catalog Retail | 0.0 | ** | ||||
Short Term Investments | 0.0 | ** | ||||
Other Assets & Liabilities | 0.8 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Amount shown represents less than 0.05% of net assets. |
119
SPDR MSCI Mexico Quality Mix ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI Mexico Quality Mix ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the equity market of Mexico. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −20.76%, and the total return for the MSCI Mexico Quality Mix A-Series Index (the “Index”) was −20.60%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, transaction costs, cash drag, lending income, misweights, and compounding contributed to the difference between the Fund’s performance and that of the Index.
It was a volatile period under review. The Fund produced negative returns in all four quarters under review, but the first and last quarters of the reporting period months detracted the most from the overall Fund return, as it finished −11.92% for the quarter ending December 31, 2014, and another −8.26% for the quarter ending September 30, 2015. The Fund invests in companies domiciled in the emerging market country of Mexico. For the quarter ending December 31, the Latin American region was particularly exposed to soft commodity prices, as the metals in combination with the oil and gas industry represented significant exposure. The downward pressure across emerging market equities accelerated in August as a surprise devaluation of the yuan by the PBOC and a weak flash PMI reading on the evening of August 20 of 47.1 (6.5 year low and sixth consecutive monthly contraction) led to a significant equity selloff the following day. Following concerns related to Chinese growth, pressure spread across the Latin American region. This event sent ripples across global equity markets and during the 3 day period beginning on August 20, the Fund experienced a negative return of −7.42%. Most emerging currencies came under pressure during the 12 months under review, and the Mexican peso experienced this as well. In fact, while the Index return as measured in USD terms, was −20.60%, the return in local terms was actually +0.20%. This implies a depreciation of the Mexican peso of −20.75%.
On an individual security level, the top positive contributors to the Fund’s performance were Grupo Aeroportuario del Pacifico SAB de CV (Class B), El Puerto de Liverpool SAB de CV, and Wal-Mart de Mexico SAB de CV. The top negative contributors to the Fund’s performance were Grupo Televisa SAB, Grupo Mexico SAB. de C.V. (Series B), and America Movil SAB de CV (Series L).
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
120
SPDR MSCI Mexico Quality Mix ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −20.76% | −20.56% | −20.60% | −20.76% | −20.56% | −20.60% | ||||||||||||||||||
SINCE INCEPTION (1) | −23.86% | −23.58% | −23.67% | −23.08% | −22.82% | −22.97% | ||||||||||||||||||
(1) | For the period September 17, 2014 to September 30, 2015. |
121
SPDR MSCI Mexico Quality Mix ETF —
Performance Summary (continued)
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.
122
SPDR MSCI Mexico Quality Mix ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
AMERICA MOVIL SAB | WAL-MART DE MEXICO | FOMENTO ECONOMICO | GRUPO MEXICO SAB | |||||||
DESCRIPTION | DE CV (SERIES L) | SAB DE CV | MEXICANO SAB DE CV | DE CV (SERIES B) | GRUPO TELEVISA SAB | |||||
MARKET VALUE | $304,895 | 196,244 | 188,566 | 126,181 | 109,446 | |||||
% OF NET ASSETS | 13.5 | 8.7 | 8.3 | 5.6 | 4.8 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Wireless Telecommunication Services | 13.5 | % | ||||
Beverages | 13.3 | |||||
Food & Staples Retailing | 12.2 | |||||
Banks | 8.9 | |||||
Transportation Infrastructure | 8.0 | |||||
Food Products | 7.5 | |||||
Metals & Mining | 7.5 | |||||
Industrial Conglomerates | 4.9 | |||||
Media | 4.8 | |||||
Multiline Retail | 4.0 | |||||
Construction & Engineering | 3.0 | |||||
Household Products | 3.0 | |||||
Construction Materials | 2.5 | |||||
Real Estate Investment Trusts | 2.1 | |||||
Consumer Finance | 1.9 | |||||
Chemicals | 1.7 | |||||
Pharmaceuticals | 0.8 | |||||
Short Term Investments | 0.0 | ** | ||||
Other Assets & Liabilities | 0.4 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Amount shown represents less than 0.05% of net assets. |
123
SPDR MSCI South Korea Quality Mix ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI South Korea Quality Mix ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the equity market of South Korea. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −15.78%, and the total return for the MSCI Korea Quality Mix A-Series Index (the “Index”) was −15.42%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, a cash drag, and slight security misweights contributed to the difference between the Fund’s performance and that of the Index.
Emerging market equities were volatile through 2015, with no shortage of significant events causing considerable uncertainty across all major regions. The third quarter opened on a positive note with news that Greece had successfully come to an agreement on austerity measures with creditors, but the resulting optimism was short lived as weakness across heavily weighted constituents China and Korea outweighed any positive sentiment through the remainder of July. The downward pressure across emerging market equities accelerated in August as a surprise devaluation of the yuan by the PBOC and a weak flash PMI reading on the evening of August 20 of 47.1 (6.5 year low and sixth consecutive monthly contraction) led to a significant equity selloff the following day. This correction spread to all major markets including the S&P 500, which fell 3.2%. Concerns persisted through the weekend with the Dow Jones initially opening 1,000 points lower on Monday the 24th, before moderately rebounding but still closing the day 3.6% lower. Following concerns related to Chinese growth, pressure spread across the Latin American region with key commodity exporters Brazil and Chile falling 33.6% and 13.6%, respectively. Brazil was specifically pressured in August as a Q2 GDP release of −1.9%, confirmed the economy’s slide into recession after a −0.7% fall in Q1. The increase in market jitters accelerated a selloff in oil and commodities generally that had been underway since early July sending the price of WTI crude below $40 on August 24 to the lowest level since 2009, while the broad Bloomberg Commodity Index declined to new thirteen year lows.
Over the twelve month reporting period, the MSCI Emerging Market Index (the “EM Index”) declined 19.3%. Developed markets (as defined by the MSCI World Index) outperformed emerging through the period, but also ended lower, falling 10.1%. MSCI South Korea Index has declined 18.4% for the reporting period, slightly outperforming the broader EM Index but lower than the Fund Index. Asia Pacific region was the best performing region in the MSCI Emerging Markets Index and declined 12.9%. Consumer staples and energy sectors were the strongest contributors to the fund’s performance during the reporting period. Information technology and consumer discretionary were the main detractors from the Fund’s performance. Exports contracted throughout the year and the slowdown in China, Korea’s main export destination, continues to cause concern for the industrial and material sectors.
On an individual security level, the top positive contributors to the Fund’s performance were LG Household & Health Care, Ltd., Amorepacific Corp., and S-Oil Corp. The top negative contributors to the Fund’s performance were POSCO, NAVER Corp., and Samsung Electronics Co., Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
124
SPDR MSCI South Korea Quality Mix ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −15.78% | −15.61% | −15.42% | −15.78% | −15.61% | −15.42% | ||||||||||||||||||
SINCE INCEPTION (1) | −19.86% | −20.11% | −19.82% | −19.21% | −19.45% | −19.22% | ||||||||||||||||||
(1) | For the period September 17, 2014 to September 30, 2015. |
125
SPDR MSCI South Korea Quality Mix ETF —
Performance Summary (continued)
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.
126
SPDR MSCI South Korea Quality Mix ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
SAMSUNG ELECTRONICS | HYUNDAI | HYUNDAI MOBIS | KIA MOTORS | |||||||
DESCRIPTION | CO., LTD. | MOTOR CO. | CO., LTD. | CORP. | KT&G CORP. | |||||
MARKET VALUE | $374,078 | 118,714 | 97,069 | 94,918 | 80,617 | |||||
% OF NET ASSETS | 15.8 | 5.0 | 4.1 | 4.0 | 3.4 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Technology Hardware, Storage & Peripherals | 19.1 | % | ||||
Automobiles | 11.4 | |||||
Insurance | 7.2 | |||||
Auto Components | 5.8 | |||||
Banks | 5.8 | |||||
Industrial Conglomerates | 4.3 | |||||
Internet Software & Services | 3.9 | |||||
Personal Products | 3.6 | |||||
Tobacco | 3.4 | |||||
Chemicals | 3.0 | |||||
Electronic Equipment, Instruments & Components | 3.0 | |||||
Metals & Mining | 2.4 | |||||
Household Durables | 2.3 | |||||
Electric Utilities | 2.0 | |||||
Hotels, Restaurants & Leisure | 1.8 | |||||
Household Products | 1.8 | |||||
Semiconductors & Semiconductor Equipment | 1.7 | |||||
Food Products | 1.6 | |||||
IT Services | 1.6 | |||||
Commercial Services & Supplies | 1.6 | |||||
Oil, Gas & Consumable Fuels | 1.5 | |||||
Wireless Telecommunication Services | 1.4 | |||||
Multiline Retail | 1.3 | |||||
Air Freight & Logistics | 1.2 | |||||
Diversified Telecommunication Services | 1.0 | |||||
Software | 0.9 | |||||
Pharmaceuticals | 0.8 | |||||
Aerospace & Defense | 0.8 | |||||
Food & Staples Retailing | 0.7 | |||||
Machinery | 0.6 | |||||
Gas Utilities | 0.4 | |||||
Media | 0.4 | |||||
Construction & Engineering | 0.4 | |||||
Electrical Equipment | 0.3 | |||||
Capital Markets | 0.3 | |||||
Trading Companies & Distributors | 0.2 | |||||
Consumer Finance | 0.2 | |||||
Building Products | 0.2 | |||||
Airlines | 0.1 | |||||
Road & Rail | 0.1 | |||||
Specialty Retail | 0.0 | ** | ||||
Marine | 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. |
127
SPDR MSCI Spain Quality Mix ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI Spain Quality Mix ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the equity market of Spain. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −16.00%, and the total return for the MSCI Spain Quality Mix A-Series Index (the “Index”) was −15.90%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, tax withholdings and positive cash drag contributed to the difference between the Fund’s performance and that of the Index.
The Fund under-performed the broader MSCI EAFE in the first three of the four fiscal year quarters. This led to fiscal year-end relative under-performance of 7.8% versus the MSCI EAFE Index. Over the fiscal year, the euro fell approximately 11.5% relative to the US dollar, contributing significantly to the Index’s under-performance. The potential of a US rate increase along with continued quantitative easing in Europe helped to drive the euro lower. Spain in particular in the Eurozone has suffered a slow recovery since the financial crisis and continues to post the region’s highest unemployment rate, 22.2% at fiscal year-end.
On an individual security level, the top positive contributors to the Fund’s performance were Industria de Diseno Textil, SA, International Consolidated Airlines Group SA, and Ferrovial SA. The top negative contributors to the Fund’s performance were Banco Bilbao Vizcaya Argentaria SA, Repsol SA, and Banco Santander SA.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
128
SPDR MSCI Spain Quality Mix ETF —
Performance Summary
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 September 24, 2015) is 0.30%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −16.00% | −15.36% | −15.90% | −16.00% | −15.36% | −15.90% | ||||||||||||||||||
SINCE INCEPTION (1) | −22.86% | −22.70% | −22.73% | −18.01% | −17.88% | −17.95% | ||||||||||||||||||
(1) | For the period June 11, 2014 to September 30, 2015. |
129
SPDR MSCI Spain Quality Mix ETF —
Performance Summary (continued)
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.
130
SPDR MSCI Spain Quality Mix ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
BANCO BILBAO | INDUSTRIA DE | |||||||||
DESCRIPTION | BANCO SANTANDER SA | TELEFONICA SA | IBERDROLA SA | VIZCAYA ARGENTARIA SA | DISENO TEXTIL SA | |||||
MARKET VALUE | $258,775 | 208,160 | 167,113 | 162,548 | 162,202 | |||||
% OF NET ASSETS | 11.6 | 9.4 | 7.5 | 7.3 | 7.3 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 27.0 | % | ||||
Electric Utilities | 15.3 | |||||
Diversified Telecommunication Services | 9.4 | |||||
Specialty Retail | 7.3 | |||||
Construction & Engineering | 6.8 | |||||
Gas Utilities | 6.8 | |||||
IT Services | 4.5 | |||||
Transportation Infrastructure | 4.4 | |||||
Oil, Gas & Consumable Fuels | 3.6 | |||||
Insurance | 3.4 | |||||
Machinery | 2.8 | |||||
Food & Staples Retailing | 2.4 | |||||
Biotechnology | 2.4 | |||||
Airlines | 2.3 | |||||
Media | 1.4 | |||||
Short Term Investments | 0.0 | ** | ||||
Other Assets & Liabilities | 0.2 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Amount shown represents less than 0.05% of net assets. |
131
SPDR MSCI Taiwan Quality Mix ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI Taiwan Quality Mix ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the equity market of Taiwan. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −12.64%, and the total return for the MSCI Taiwan Quality Mix A-Series Index (the “Index”) was −12.16%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, a cash drag, and slight security misweights contributed to the difference between the Fund’s performance and that of the Index.
Emerging market equities were volatile through 2015, with no shortage of significant events causing considerable uncertainty across all major regions. The third quarter opened on a positive note with news that Greece had successfully come to an agreement on austerity measures with creditors, but the resulting optimism was short lived as weakness across heavily weighted constituents China and Korea outweighed any positive sentiment through the remainder of July. The downward pressure across emerging market equities accelerated in August as a surprise devaluation of the yuan by the PBOC and a weak flash PMI reading on the evening of August 20 of 47.1 (6.5 year low and sixth consecutive monthly contraction) led to a significant equity selloff the following day. This correction spread to all major markets including the S&P 500, which fell 3.2%. Concerns persisted through the weekend with the Dow Jones initially opening 1,000 points lower on Monday the 24th, before moderately rebounding but still closing the day 3.6% lower. Following concerns related to Chinese growth, pressure spread across the Latin American region with key commodity exporters Brazil and Chile falling 33.6% and 13.6%, respectively. Brazil was specifically pressured in August as a Q2 GDP release of −1.9%, confirmed the economy’s slide into recession after a −0.7% fall in Q1. The increase in market jitters accelerated a selloff in oil and commodities generally that had been underway since early July, sending the price of WTI crude below $40 on August 24 to the lowest level since 2009 while the broad Bloomberg Commodity Index declined to new thirteen year lows.
Over the Reporting Period, the MSCI Emerging Market Index (the “EM Index”) declined 19.3%. Developed markets (as defined by the MSCI World Index) outperformed emerging markets through the period, but also ended lower, falling 10.1%. The MSCI Taiwan Index has declined 11.3% for the Reporting Period. The Asia Pacific region was the best performing region in the EM Index and declined 12.9%. Telecommunication and consumer discretionary sectors were the strongest contributors to the Fund’s performance during the Reporting Period. Information technology and financials were the main detractors from the Fund’s performance. Taiwan’s economic growth sunk to a six-year low in the second quarter, weighed down by slowdown in production and weak foreign demand affected by slowdown from China.
On an individual security level, the top positive contributors to the Fund’s performance were Taiwan Semiconductor Manufacturing Co., Ltd., Eclat Textile Co., Ltd., and Far EasTone Telecommunications Co., Ltd. The top negative contributors to the Fund’s performance were Hon Hai Precision Industry Co., Ltd., Delta Electronics, Inc., and MediaTek, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
132
SPDR MSCI Taiwan Quality Mix ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −12.64% | −12.79% | −12.16% | −12.64% | −12.79% | −12.16% | ||||||||||||||||||
SINCE INCEPTION (1) | −15.80% | −16.09% | −15.46% | −15.26% | −15.54% | −14.98% | ||||||||||||||||||
(1) | For the period September 17, 2014 to September 30, 2015. |
133
SPDR MSCI Taiwan Quality Mix ETF —
Performance Summary (continued)
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.
134
SPDR MSCI Taiwan Quality Mix ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
TAIWAN | ||||||||||
SEMICONDUCTOR | ||||||||||
MANUFACTURING | HON HAI PRECISION | CHUNGHWA TELECOM | DELTA ELECTRONICS, | |||||||
DESCRIPTION | CO., LTD. | INDUSTRY CO., LTD. | CO., LTD. | MEDIATEK, INC. | INC. | |||||
MARKET VALUE | $710,652 | 332,755 | 276,049 | 199,666 | 196,431 | |||||
% OF NET ASSETS | 14.1 | 6.6 | 5.4 | 4.0 | 3.9 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Semiconductors & Semiconductor Equipment | 25.4 | % | ||||
Electronic Equipment, Instruments & Components | 17.6 | |||||
Technology Hardware, Storage & Peripherals | 16.1 | |||||
Banks | 11.0 | |||||
Diversified Telecommunication Services | 5.5 | |||||
Wireless Telecommunication Services | 4.3 | |||||
Chemicals | 2.7 | |||||
Textiles, Apparel & Luxury Goods | 2.6 | |||||
Insurance | 2.1 | |||||
Food & Staples Retailing | 2.1 | |||||
Food Products | 1.6 | |||||
Metals & Mining | 1.2 | |||||
Leisure Products | 1.1 | |||||
Construction Materials | 1.1 | |||||
Diversified Financial Services | 1.1 | |||||
Auto Components | 1.1 | |||||
Oil, Gas & Consumable Fuels | 0.7 | |||||
Industrial Conglomerates | 0.5 | |||||
Capital Markets | 0.4 | |||||
Airlines | 0.3 | |||||
Specialty Retail | 0.2 | |||||
Real Estate Management & Development | 0.2 | |||||
Marine | 0.2 | |||||
Automobiles | 0.1 | |||||
Electrical Equipment | 0.1 | |||||
Machinery | 0.1 | |||||
Construction & Engineering | 0.0 | ** | ||||
Building Products | 0.0 | ** | ||||
Short Term Investments | 0.0 | ** | ||||
Other Assets & Liabilities | 0.6 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Amount shown represents less than 0.05% of net assets. |
135
SPDR MSCI United Kingdom Quality Mix ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR MSCI United Kingdom Quality Mix ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the equity market of the United Kingdom. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −8.85%, and the total return for the MSCI UK Quality Mix A-Series Index (the “Index”) was −8.62%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash, and slight security misweights contributed to the difference between the Fund’s performance and that of the Index.
After a volatile beginning of the year, global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July, while continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of global equities in August and September. That a slowdown in emerging markets should be cause for increasing market jitters is attributable to the outsize contribution they have made to global growth in recent years. By the end of the quarter, investors in global equity markets experienced the worst three month performance of the last four years as measured by the MSCI World Index and many country level markets posting double digit gains through the first half of 2015 now were in the red for the year. The quarter was also punctuated by a resumption of the selloff in commodity prices led by crude oil, taking the Bloomberg Commodity Index to a thirteen year low on August 24.
Setting up a showdown with the rest of the Eurozone, on June 26 Greece’s Syriza government announced a surprise referendum for July 5 asking its citizens to approve or reject terms to release funds from a just expired bailout package from the European Troika of creditors. On the night of the referendum the government won a victory with a successful ‘No’ vote, though it soon became clear the following week that the tactics employed by the Greek government only hardened the negotiating stance of its creditors, resulting in a tentative deal on July 13 with terms much more punitive than those in the just rejected referendum. The standoff before and after the referendum caused European equity markets to gyrate, though in comparison to previous episodes in 2010 and 2012 when Greece threatened to undo the Eurozone, peripheral bond spreads in Italy and Spain moved only modestly. This relative stability suggests that markets were convinced any Greek defaults or outright Eurozone exit could be firewalled. This lack of market reaction arguably also undermined the Greek government strategy to create negotiating leverage with the threat of market chaos.
The UK economy slowed a little in early 2015, but domestic demand growth remained relatively strong, helped by lower oil prices. Net exports continued to subtract from UK growth, reflecting sluggish growth in early 2015 in both the US and the Eurozone. Consumer discretionary and consumer staples sectors were the main contributors to the Fund’s performance, as low oil prices and subdued inflation continued to support consumer spending. Energy, materials and industrials were the main detractors from the Fund’s performance. The Index outperformed MSCI UK standard index by over 3% over the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance were Imperial Tobacco Group PLC, Reckitt Benckiser Group PLC, and RELX PLC. The top negative contributors to the Fund’s performance were HSBC Holdings PLC, BP PLC, and Royal Dutch Shell PLC (Class A).
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
136
SPDR MSCI United Kingdom Quality Mix ETF —
Performance Summary
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 September 24, 2015) is 0.30%.
PERFORMANCE AS OF SEPTEMBER 30, 2015
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
MSCI UNITED KINGDOM | MSCI UNITED KINGDOM | |||||||||||||||||||||||
NET ASSET | MARKET | QUALITY MIX | NET ASSET | MARKET | QUALITY MIX | |||||||||||||||||||
VALUE | VALUE | A-SERIES INDEX | VALUE | VALUE | A-SERIES INDEX | |||||||||||||||||||
ONE YEAR | −8.85% | −8.56% | −8.62% | −8.85% | −8.56% | −8.62% | ||||||||||||||||||
SINCE INCEPTION (1) | −13.28% | −12.93% | −12.99% | −10.33% | −10.05% | −10.13% | ||||||||||||||||||
(1) | For the period June 11, 2014 to September 30, 2015. |
137
SPDR MSCI United Kingdom Quality Mix ETF —
Performance Summary (continued)
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.
138
SPDR MSCI United Kingdom Quality Mix ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
RECKITT BENCKISER | BRITISH AMERICAN | ROYAL DUTCH SHELL | ||||||||
DESCRIPTION | HSBC HOLDINGS PLC | GROUP PLC | TOBACCO PLC | BP PLC | PLC (CLASS A) | |||||
MARKET VALUE | $110,236 | 97,218 | 97,176 | 95,974 | 84,459 | |||||
% OF NET ASSETS | 4.4 | 3.9 | 3.9 | 3.8 | 3.4 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Oil, Gas & Consumable Fuels | 9.7 | % | ||||
Banks | 7.9 | |||||
Pharmaceuticals | 6.9 | |||||
Media | 6.0 | |||||
Tobacco | 5.5 | |||||
Hotels, Restaurants & Leisure | 5.1 | |||||
Insurance | 4.9 | |||||
Aerospace & Defense | 4.4 | |||||
Metals & Mining | 4.3 | |||||
Household Products | 3.9 | |||||
Personal Products | 3.1 | |||||
Multi-Utilities | 2.9 | |||||
Beverages | 2.7 | |||||
Wireless Telecommunication Services | 2.5 | |||||
Real Estate Investment Trusts | 2.5 | |||||
Food Products | 2.2 | |||||
Multiline Retail | 2.2 | |||||
Trading Companies & Distributors | 2.0 | |||||
Diversified Telecommunication Services | 2.0 | |||||
Professional Services | 1.9 | |||||
Capital Markets | 1.8 | |||||
Health Care Equipment & Supplies | 1.7 | |||||
Food & Staples Retailing | 1.4 | |||||
Semiconductors & Semiconductor Equipment | 1.4 | |||||
Chemicals | 1.2 | |||||
Electric Utilities | 1.2 | |||||
Commercial Services & Supplies | 1.0 | |||||
Household Durables | 0.9 | |||||
Software | 0.9 | |||||
Textiles, Apparel & Luxury Goods | 0.8 | |||||
Specialty Retail | 0.7 | |||||
Water Utilities | 0.6 | |||||
Auto Components | 0.6 | |||||
Airlines | 0.5 | |||||
Machinery | 0.5 | |||||
Industrial Conglomerates | 0.4 | |||||
Air Freight & Logistics | 0.4 | |||||
Energy Equipment & Services | 0.3 | |||||
Paper & Forest Products | 0.1 | |||||
Containers & Packaging | 0.1 | |||||
Diversified Financial Services | 0.1 | |||||
Short Term Investments | 0.0 | ** | ||||
Other Assets & Liabilities | 0.8 | |||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. | |
** | Amount shown represents less than 0.05% of net assets. |
139
SPDR Russell/Nomura PRIME Japan ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR Russell/Nomura PRIME Japan ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Japanese equity market. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −1.32%, and the total return for the Russell/Nomura PRIMEtm Index (the “Index”) was −0.59%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.
Despite a very volatile year in the Japanese market, the Russell/Nomura PRIME Index still managed to finish off the Reporting Period in close to flat territory. A great deal of focus was placed on Japanese Prime Minister Shinzo Abe and his continued pledge to strengthen the country’s economy. After being appointed to another three-year term as party leader, Abe announced an ambitious goal to expand the economy by 20 percent. Unfortunately, both his lack of a detailed plan and inability to control deflation minimized any positive long term economic impact. The continued economic concerns and jitters over China’s economy also kept any meaningful profits throughout the period at bay.
On an individual security level, the top positive contributors to the Fund’s performance were Sony Corp., Central Japan Railway Co., and Mitsubishi UFJ Financial Group, Inc. The top negative contributors to the Fund’s performance were Toshiba Corp., Hitachi, Ltd., and SoftBank Group Corp.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
140
SPDR Russell/Nomura PRIME Japan ETF —
Performance Summary
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 September 24, 2015) is 0.30%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −1.32% | −0.74% | −0.59% | −1.32% | −0.74% | −0.59% | ||||||||||||||||||
THREE YEARS | 28.69% | 30.71% | 31.62% | 8.77% | 9.34% | 9.60% | ||||||||||||||||||
FIVE YEARS | 26.39% | 27.47% | 31.33% | 4.80% | 4.97% | 5.60% | ||||||||||||||||||
SINCE INCEPTION (1) | −0.90% | −0.11% | 4.65% | −0.10% | −0.01% | 0.51% | ||||||||||||||||||
(1) | For the period November 9, 2006 to September 30, 2015. |
141
SPDR Russell/Nomura PRIME Japan ETF —
Performance Summary (continued)
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.
142
SPDR Russell/Nomura PRIME Japan ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
TOYOTA MOTOR | MITSUBISHI UFJ | NIPPON TELEGRAPH & | HONDA MOTOR | SUMITOMO MITSUI | ||||||
DESCRIPTION | CORP. | FINANCIAL GROUP, INC. | TELEPHONE CORP. | CO., LTD. | FINANCIAL GROUP, INC. | |||||
MARKET VALUE | $1,005,619 | 643,632 | 460,482 | 415,880 | 410,644 | |||||
% OF NET ASSETS | 3.9 | 2.5 | 1.8 | 1.6 | 1.6 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 9.2 | % | ||||
Automobiles | 8.2 | |||||
Pharmaceuticals | 5.6 | |||||
Machinery | 5.1 | |||||
Electronic Equipment, Instruments & Components | 4.7 | |||||
Road & Rail | 4.5 | |||||
Chemicals | 4.1 | |||||
Wireless Telecommunication Services | 3.4 | |||||
Auto Components | 3.3 | |||||
Trading Companies & Distributors | 3.2 | |||||
Real Estate Management & Development | 3.1 | |||||
Household Durables | 2.9 | |||||
Insurance | 2.8 | |||||
Technology Hardware, Storage & Peripherals | 2.6 | |||||
Food & Staples Retailing | 2.0 | |||||
Specialty Retail | 1.8 | |||||
Diversified Telecommunication Services | 1.8 | |||||
Construction & Engineering | 1.8 | |||||
Electric Utilities | 1.6 | |||||
Food Products | 1.6 | |||||
Metals & Mining | 1.5 | |||||
Electrical Equipment | 1.5 | |||||
Health Care Equipment & Supplies | 1.4 | |||||
Multiline Retail | 1.4 | |||||
Beverages | 1.4 | |||||
Personal Products | 1.3 | |||||
Capital Markets | 1.3 | |||||
Building Products | 1.2 | |||||
Commercial Services & Supplies | 1.1 | |||||
Tobacco | 1.1 | |||||
Leisure Products | 1.0 | |||||
Software | 0.9 | |||||
Diversified Financial Services | 0.9 | |||||
IT Services | 0.9 | |||||
Gas Utilities | 0.8 | |||||
Media | 0.8 | |||||
Oil, Gas & Consumable Fuels | 0.7 | |||||
Industrial Conglomerates | 0.7 | |||||
Airlines | 0.6 | |||||
Hotels, Restaurants & Leisure | 0.5 | |||||
Internet Software & Services | 0.5 | |||||
Health Care Providers & Services | 0.5 | |||||
Internet & Catalog Retail | 0.5 | |||||
Semiconductors & Semiconductor Equipment | 0.4 | |||||
Textiles, Apparel & Luxury Goods | 0.4 | |||||
Consumer Finance | 0.4 | |||||
Air Freight & Logistics | 0.3 | |||||
Professional Services | 0.3 | |||||
Marine | 0.2 | |||||
Household Products | 0.2 | |||||
Paper & Forest Products | 0.2 | |||||
Construction Materials | 0.2 | |||||
Independent Power and Renewable Electricity Producers | 0.1 | |||||
Transportation Infrastructure | 0.1 | |||||
Diversified Consumer Services | 0.1 | |||||
Containers & Packaging | 0.1 | |||||
Distributors | 0.1 | |||||
Biotechnology | 0.0 | ** | ||||
Communications Equipment | 0.0 | ** | ||||
Health Care Technology | 0.0 | ** | ||||
Short Term Investments | 18.9 | |||||
Other Assets & Liabilities | (17.8 | ) | ||||
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. |
143
SPDR Russell/Nomura Small Cap Japan ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR Russell/Nomura Small Cap Japan ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Japanese small cap equity market. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 2.13%, and the total return for the Russell/Nomura Japan Small Captm Index (the “Index”) was 2.57%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses of the Fund, the effects of cash holdings on the Fund performance and the cumulative effect of security misweights between the securities in the Fund and the Index contributed to the difference between the Fund’s performance and that of the Index.
Despite a very volatile year in the Japanese market, the Russell/Nomura Small Cap Index still managed to finish off the 12 month period in close to flat territory. A great deal of focus was placed on Japanese Prime Minister Shinzo Abe and his continued pledge to strengthen the country’s economy. After being appointed to another three-year team as party leader, Abe announced an ambitious goal to expand the economy by 20 percent. Unfortunately, both his lack of a detailed plan and inability to control deflation minimized any positive long term economic impact. The continued economic concerns and jitters over China’s economy also kept any meaningful profits throughout the period at bay.
On an individual security level, the top positive contributors to the Fund’s performance were Kose Corp., Sohgo Security Services Co., Ltd., and Adastria Co., Ltd. The top negative contributors to the Fund’s performance were COLOPL, Inc., Sanken Electric Co., Ltd., and Tadano, Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
144
SPDR Russell/Nomura Small Cap Japan ETF —
Performance Summary
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 September 24, 2015) is 0.40%
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | 2.13% | 2.39% | 2.57% | 2.13% | 2.39% | 2.57% | ||||||||||||||||||
THREE YEARS | 28.30% | 29.84% | 35.53% | 8.66% | 9.09% | 10.67% | ||||||||||||||||||
FIVE YEARS | 39.51% | 39.90% | 51.47% | 6.89% | 6.95% | 8.66% | ||||||||||||||||||
SINCE INCEPTION (1) | 20.79% | 21.15% | 32.39% | 2.15% | 2.18% | 3.21% | ||||||||||||||||||
(1) | For the period November 9, 2006 to September 30, 2015. |
145
SPDR Russell/Nomura Small Cap Japan ETF —
Performance Summary (continued)
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.
146
SPDR Russell/Nomura Small Cap Japan ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
SOHGO SECURITY | TEMP HOLDINGS | |||||||||
DESCRIPTION | KOSE CORP. | SERVICES CO., LTD. | CO., LTD. | NEXON CO., LTD. | KINDEN CORP. | |||||
MARKET VALUE | $362,376 | 336,125 | 281,618 | 269,979 | 264,509 | |||||
% OF NET ASSETS | 0.6 | 0.6 | 0.5 | 0.5 | 0.4 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 7.7 | % | ||||
Machinery | 6.5 | |||||
Construction & Engineering | 5.8 | |||||
Chemicals | 4.7 | |||||
Specialty Retail | 4.5 | |||||
Auto Components | 4.3 | |||||
Food Products | 4.1 | |||||
Electronic Equipment, Instruments & Components | 3.7 | |||||
Hotels, Restaurants & Leisure | 3.6 | |||||
Food & Staples Retailing | 3.3 | |||||
Commercial Services & Supplies | 2.8 | |||||
IT Services | 2.5 | |||||
Trading Companies & Distributors | 2.5 | |||||
Metals & Mining | 2.5 | |||||
Media | 2.4 | |||||
Pharmaceuticals | 2.2 | |||||
Building Products | 2.1 | |||||
Software | 2.0 | |||||
Household Durables | 1.9 | |||||
Personal Products | 1.9 | |||||
Textiles, Apparel & Luxury Goods | 1.8 | |||||
Health Care Equipment & Supplies | 1.7 | |||||
Real Estate Management & Development | 1.7 | |||||
Road & Rail | 1.6 | |||||
Capital Markets | 1.6 | |||||
Electrical Equipment | 1.5 | |||||
Professional Services | 1.4 | |||||
Semiconductors & Semiconductor Equipment | 1.3 | |||||
Consumer Finance | 1.3 | |||||
Diversified Financial Services | 1.3 | |||||
Beverages | 1.2 | |||||
Internet Software & Services | 1.1 | |||||
Technology Hardware, Storage & Peripherals | 0.9 | |||||
Health Care Providers & Services | 0.8 | |||||
Multiline Retail | 0.8 | |||||
Oil, Gas & Consumable Fuels | 0.7 | |||||
Internet & Catalog Retail | 0.7 | |||||
Containers & Packaging | 0.7 | |||||
Leisure Products | 0.7 | |||||
Biotechnology | 0.6 | |||||
Household Products | 0.5 | |||||
Industrial Conglomerates | 0.5 | |||||
Communications Equipment | 0.4 | |||||
Distributors | 0.4 | |||||
Construction Materials | 0.4 | |||||
Paper & Forest Products | 0.3 | |||||
Air Freight & Logistics | 0.3 | |||||
Energy Equipment & Services | 0.3 | |||||
Gas Utilities | 0.2 | |||||
Transportation Infrastructure | 0.2 | |||||
Electric Utilities | 0.2 | |||||
Automobiles | 0.2 | |||||
Wireless Telecommunication Services | 0.1 | |||||
Diversified Consumer Services | 0.1 | |||||
Marine | 0.1 | |||||
Life Sciences Tools & Services | 0.1 | |||||
Aerospace & Defense | 0.1 | |||||
Health Care Technology | 0.1 | |||||
Insurance | 0.0 | ** | ||||
Diversified Telecommunication Services | 0.0 | ** | ||||
Short Term Investments | 24.2 | |||||
Other Assets & Liabilities | (23.1 | ) | ||||
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. |
147
SPDR S&P Global Dividend ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P Global Dividend ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return of an index that tracks stocks of global companies that offer high dividend yields. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −5.17%, and the total return for the S&P Global Dividend Aristocrats Index (the “Index”) was −5.45%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, cash and small security misweights contributed to the difference between the Fund’s performance and that of the Index.
While dividend paying companies are often comparatively less volatile and more mature with solid cash flows, this didn’t protect the Fund from negative performance for the Reporting Period. Specifically, it was the last quarter, with a return of −7.75% that contributed most to the Fund’s negative performance for the time period. Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new more austere bailout agreement with creditors in July. Continued volatility in China’s equity markets more generally led to a broad selloff of global equities in August and September.
On an individual security level, the top positive contributors to the Fund’s performance were HollyFrontier Corp., Amlin PLC, and UIL Holdings Corp. The top negative contributors to the Fund’s performance were Fortum Oyj, Natura Cosmeticos SA, and Neopost SA.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
148
SPDR S&P Global Dividend ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −5.17% | −4.53% | −5.45% | −5.17% | −4.53% | −5.45% | ||||||||||||||||||
SINCE INCEPTION (1) | 8.03% | 8.60% | 7.55% | 3.35% | 3.59% | 3.16% | ||||||||||||||||||
(1) | For the period May 29, 2013 to September 30, 2015. |
149
SPDR S&P Global Dividend ETF —
Performance Summary (continued)
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.
150
SPDR S&P Global Dividend ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
NEW YORK | ||||||||||
HOLLYFRONTIER | WILLIAM MORRISON | COMMUNITY | ||||||||
DESCRIPTION | CORP. | SUPERMARKETS PLC | BANCORP, INC. | AMLIN PLC | UNIVERSAL CORP. | |||||
MARKET VALUE | $2,493,233 | 1,122,574 | 1,121,869 | 1,118,449 | 1,113,590 | |||||
% OF NET ASSETS | 3.4 | 1.5 | 1.5 | 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 SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Electric Utilities | 9.6 | % | ||||
Oil, Gas & Consumable Fuels | 9.6 | |||||
Insurance | 6.4 | |||||
Banks | 5.6 | |||||
Diversified Telecommunication Services | 5.5 | |||||
Real Estate Investment Trusts | 4.6 | |||||
Tobacco | 3.9 | |||||
Multi-Utilities | 3.5 | |||||
Food & Staples Retailing | 3.4 | |||||
Construction & Engineering | 3.2 | |||||
Gas Utilities | 3.1 | |||||
Media | 3.1 | |||||
Transportation Infrastructure | 3.1 | |||||
Real Estate Management & Development | 3.0 | |||||
Wireless Telecommunication Services | 2.9 | |||||
Commercial Services & Supplies | 2.5 | |||||
Food Products | 2.4 | |||||
Pharmaceuticals | 2.3 | |||||
Metals & Mining | 2.1 | |||||
Technology Hardware, Storage & Peripherals | 2.0 | |||||
Specialty Retail | 1.9 | |||||
Diversified Financial Services | 1.9 | |||||
Thrifts & Mortgage Finance | 1.5 | |||||
Capital Markets | 1.3 | |||||
Beverages | 1.3 | |||||
Energy Equipment & Services | 1.1 | |||||
Hotels, Restaurants & Leisure | 1.1 | |||||
Machinery | 1.0 | |||||
Aerospace & Defense | 1.0 | |||||
Leisure Products | 1.0 | |||||
Textiles, Apparel & Luxury Goods | 0.9 | |||||
Chemicals | 0.8 | |||||
Health Care Providers & Services | 0.8 | |||||
Electronic Equipment, Instruments & Components | 0.7 | |||||
Industrial Conglomerates | 0.7 | |||||
Personal Products | 0.6 | |||||
Independent Power and Renewable Electricity Producers | 0.0 | ** | ||||
Short Term Investments | 15.0 | |||||
Other Assets & Liabilities | (14.4 | ) | ||||
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. |
151
SPDR S&P International Dividend ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
SPDR S&P International Dividend ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P International Dividend ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks exchange-listed common stocks of companies domiciled in countries outside the United States that offer high dividend yields. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −22.86%, and the total return for the S&P International Dividend Opportunities® Index (the “Index”) was −22.09%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, income from securities lending, cash drag, transaction costs, compounding differences resulting from performance volatility, and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.
During the third quarter of 2015, the Fund experienced the largest resistance and returned roughly −17%. Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July, while continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of global equities in August and September. That a slowdown in emerging markets should be cause for increasing market jitters is attributable to the outsize contribution they have made to global growth in recent years. Since 2000, emerging markets have provided the majority of global GDP growth, doubling their share of global output from about 20% to near 40% today. Already in 2015, however, the second and fourth largest emerging markets by GDP, Brazil and Russia, respectively, have succumbed to negative growth. By the end of the quarter, investors in global equity markets experienced the worst three month performance of the last four years as measured by the MSCI World Index, and many country level markets posting double digit gains through the first half of 2015 now were in the red for the year.
On an individual security level, the top positive contributors to the Fund’s performance were Drillisch AG, Berkeley Group Holdings PLC, and Evergrande Real Estate Group, Ltd. The top negative contributors to the Fund’s performance were Canadian Oil Sands, Ltd., Crescent Point Energy Corp., and Baytex Energy Corp.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
152
SPDR S&P International Dividend ETF —
Performance Summary
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 September 24, 2015) is 0.45%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −22.86% | −22.75% | −22.09% | −22.86% | −22.75% | −22.09% | ||||||||||||||||||
THREE YEARS | −11.18% | −11.01% | −7.46% | −3.88% | −3.81% | −2.55% | ||||||||||||||||||
FIVE YEARS | −15.12% | −15.02% | −10.23% | −3.23% | −3.20% | −2.14% | ||||||||||||||||||
SINCE INCEPTION (1) | −24.20% | −24.16% | −17.93% | −3.57% | −3.56% | −2.56% | ||||||||||||||||||
(1) | For the period February 12, 2008 to September 30, 2015. |
153
SPDR S&P International Dividend ETF —
Performance Summary (continued)
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.
154
SPDR S&P International Dividend ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
FORTESCUE METALS | NATIONAL | BERKELEY GROUP | WOODSIDE | |||||||
DESCRIPTION | GROUP, LTD. | GRID PLC | HOLDINGS PLC | PETROLEUM, LTD. | FORTUM OYJ | |||||
MARKET VALUE | $32,913,361 | 30,471,861 | 29,275,940 | 26,849,307 | 24,080,982 | |||||
% OF NET ASSETS | 3.4 | 3.1 | 3.0 | 2.7 | 2.5 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Oil, Gas & Consumable Fuels | 12.6 | % | ||||
Electric Utilities | 12.2 | |||||
Real Estate Investment Trusts | 9.6 | |||||
Wireless Telecommunication Services | 9.4 | |||||
Diversified Telecommunication Services | 7.0 | |||||
Metals & Mining | 6.8 | |||||
Gas Utilities | 6.4 | |||||
Banks | 5.0 | |||||
Insurance | 4.9 | |||||
Multi-Utilities | 4.2 | |||||
Household Durables | 3.0 | |||||
Food & Staples Retailing | 2.4 | |||||
Hotels, Restaurants & Leisure | 2.4 | |||||
Construction & Engineering | 2.1 | |||||
Real Estate Management & Development | 2.1 | |||||
Capital Markets | 1.3 | |||||
Pharmaceuticals | 1.1 | |||||
Energy Equipment & Services | 1.0 | |||||
Construction Materials | 0.9 | |||||
Textiles, Apparel & Luxury Goods | 0.9 | |||||
Air Freight & Logistics | 0.8 | |||||
Diversified Financial Services | 0.7 | |||||
Semiconductors & Semiconductor Equipment | 0.5 | |||||
Road & Rail | 0.5 | |||||
Technology Hardware, Storage & Peripherals | 0.4 | |||||
Automobiles | 0.4 | |||||
Consumer Finance | 0.4 | |||||
Thrifts & Mortgage Finance | 0.3 | |||||
Short Term Investments | 15.9 | |||||
Other Assets & Liabilities | (15.2 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
155
SPDR S&P International Mid Cap ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P International Mid Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the mid-capitalization segment of global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −4.53%, and the total return for the S&P Developed Ex-U.S. between USD2 Billion and USD5 Billion Index (the “Index”) was −3.54%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, cash drag, optimization and compounding contributed to the difference between the Fund’s performance and that of the Index.
The overall negative performance was driven largely by the last quarter of the Reporting Period; the Fund returned −9.33% in these three months. Global markets entered this quarter nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July. Continued volatility in China’s equity markets and growing concerns generally led to a broad selloff of global equities in August and September. Over the Reporting Period, the worst performing sectors were energy, industrials and materials. While its weight is one of the smallest in the Fund, the weakness of the energy sector contributed significantly to the negative performance.
On an individual security level, the top positive contributors to the Fund’s performance were Goldin Financial Holdings, Ltd., Alps Electric Co., Ltd., and Ryohin Keikaku Co., Ltd. The top negative contributors to the Fund’s performance were Macau Legend Development, Ltd., Trican Well Service, Ltd., and Penn West Petroleum, Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
156
SPDR S&P International Mid Cap ETF —
Performance Summary
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 September 24, 2015) is 0.45%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −4.53% | −4.13% | −3.54% | −4.53% | −4.13% | −3.54% | ||||||||||||||||||
THREE YEARS | 22.94% | 23.97% | 27.46% | 7.13% | 7.42% | 8.43% | ||||||||||||||||||
FIVE YEARS | 30.92% | 30.57% | 35.88% | 5.54% | 5.48% | 6.32% | ||||||||||||||||||
SINCE INCEPTION (1) | 14.20% | 14.42% | 19.83% | 1.81% | 1.84% | 2.48% | ||||||||||||||||||
(1) | For the period May 7, 2008 to September 30, 2015. |
157
SPDR S&P International Mid Cap ETF —
Performance Summary (continued)
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.
158
SPDR S&P International Mid Cap ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
MEDIPAL HOLDINGS | J FRONT RETAILING | HIROSHIMA BANK, | TOYO SUISAN | |||||||
DESCRIPTION | CORP. | CO., LTD. | LTD. | KAISHA, LTD. | SURUGA BANK, LTD. | |||||
MARKET VALUE | $206,839 | 205,083 | 189,571 | 188,703 | 183,179 | |||||
% OF NET ASSETS | 0.5 | 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 SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 5.7 | % | ||||
Real Estate Investment Trusts | 5.0 | |||||
Chemicals | 4.9 | |||||
Machinery | 4.9 | |||||
Hotels, Restaurants & Leisure | 3.6 | |||||
Food Products | 3.6 | |||||
Media | 3.4 | |||||
Real Estate Management & Development | 3.2 | |||||
Capital Markets | 3.1 | |||||
Commercial Services & Supplies | 2.7 | |||||
Insurance | 2.7 | |||||
Oil, Gas & Consumable Fuels | 2.6 | |||||
Metals & Mining | 2.5 | |||||
Electronic Equipment, Instruments & Components | 2.4 | |||||
Road & Rail | 2.3 | |||||
Auto Components | 2.2 | |||||
Health Care Providers & Services | 2.2 | |||||
Food & Staples Retailing | 2.0 | |||||
Diversified Financial Services | 1.9 | |||||
Specialty Retail | 1.8 | |||||
Construction & Engineering | 1.8 | |||||
Software | 1.8 | |||||
Household Durables | 1.8 | |||||
Health Care Equipment & Supplies | 1.8 | |||||
Multiline Retail | 1.8 | |||||
Pharmaceuticals | 1.6 | |||||
Diversified Telecommunication Services | 1.5 | |||||
Transportation Infrastructure | 1.5 | |||||
IT Services | 1.4 | |||||
Electric Utilities | 1.4 | |||||
Electrical Equipment | 1.2 | |||||
Trading Companies & Distributors | 1.2 | |||||
Professional Services | 1.2 | |||||
Internet Software & Services | 1.2 | |||||
Beverages | 1.0 | |||||
Energy Equipment & Services | 1.0 | |||||
Aerospace & Defense | 0.9 | |||||
Construction Materials | 0.9 | |||||
Industrial Conglomerates | 0.9 | |||||
Containers & Packaging | 0.9 | |||||
Semiconductors & Semiconductor Equipment | 0.8 | |||||
Air Freight & Logistics | 0.7 | |||||
Wireless Telecommunication Services | 0.7 | |||||
Leisure Products | 0.7 | |||||
Building Products | 0.7 | |||||
Marine | 0.6 | |||||
Textiles, Apparel & Luxury Goods | 0.6 | |||||
Paper & Forest Products | 0.6 | |||||
Multi-Utilities | 0.6 | |||||
Consumer Finance | 0.5 | |||||
Gas Utilities | 0.5 | |||||
Life Sciences Tools & Services | 0.5 | |||||
Technology Hardware, Storage & Peripherals | 0.4 | |||||
Airlines | 0.4 | |||||
Household Products | 0.3 | |||||
Biotechnology | 0.3 | |||||
Diversified Consumer Services | 0.2 | |||||
Internet & Catalog Retail | 0.2 | |||||
Thrifts & Mortgage Finance | 0.2 | |||||
Independent Power and Renewable Electricity Producers | 0.1 | |||||
Distributors | 0.1 | |||||
Personal Products | 0.1 | |||||
Communications Equipment | 0.1 | |||||
Short Term Investments | 14.0 | |||||
Other Assets & Liabilities | (13.4 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
159
SPDR S&P Emerging Markets Small Cap ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P Emerging Markets Small Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the small capitalization segment of global emerging market countries. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −21.38%, and the total return for the S&P Emerging Markets Under USD2 Billion Index (the “Index”) was −20.59%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, transaction costs, cash and receivables drag, compounding, and security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Index dropped 5.92% in the last quarter of 2014 largely driven by concerns over both macroeconomic and geopolitical events. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing. Reports continued to flow out of Syria and Iraq about ISIS advances in the region. US airstrikes seemed to have stemmed the advances, but ISIS continues to hold large swaths of the region.
The Index gained 1.31% in the first quarter of 2015. The new year began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing. After a turbulent January for equity markets, volatility subsided through the month of February as oil prices stabilized and the aggressive pace of global central bank actions witnessed the prior month moderated. Fresh news in March came into the markets that raised uncertainties anew. On March 1, China eased administered rates, and maybe more consequentially, lowered its GDP forecast for 2015 to “about” 7%. The word “about” became key as it allows some wiggle room in case that the economy doesn’t grow at a pace officially targeted by the Chinese Government. Emerging market equites, commodities and global equities traded lower on the news.
The second quarter of 2015 started off well as April 2015 delivered the best one month return during the Reporting Period ended September 30, 2015. The Index gained 6.64% in April stemming from strong equity returns in China in spite of evidence suggesting a slowdown in economic growth. On June 27, China’s central bank announced a surprise reduction in interest rates. This move was widely viewed as a response to a precipitous fall in China’s roaring stock market. The Chinese market has been viewed as particularly vulnerable given the rapid run up in shares driven in part by retail margin buying. Markets in June were also unsettled by a steady stream of worrying headlines from Europe as increasingly acrimonious negotiations between Greece and the Troika (European Commission, European Central Bank and International Monetary Fund) to extend an existing bailout agreement came to an impasse. The economic concerns in China and Greece were realized in June 2015 causing the Index to decline 4.83% for the month but still edged out a gain of 1.52% for the quarter.
The third quarter of 2015 was the worst quarter during the Reporting Period ended September 30, 2015, as the Index declined −18.22%. Global markets entered the third quarter of 2015 nervously with a sudden free fall in China’s stock market in previous months. By the end of the quarter, continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of global equities in August and September.
On an individual security level, the top positive contributors to the Fund’s performance were Feng TAY Enterprise Co. Ltd., Eclat Textile Co., Ltd., and Jiangsu Future Land Co., Ltd. (Class B). The top negative contributors to the Fund’s performance were PT Trada Maritime Tbk, Epistar Corp., and Suncorp Technologies, Ltd.
160
SPDR S&P Emerging Markets Small Cap ETF —
Management’s Discussion of Fund Performance (continued)
Management’s Discussion of Fund Performance (continued)
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
161
SPDR S&P Emerging Markets Small Cap ETF —
Performance Summary
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 September 24, 2015) is 0.65%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −21.38% | −20.74% | −20.59% | −21.38% | −20.74% | −20.59% | ||||||||||||||||||
THREE YEARS | −10.67% | −10.62% | −6.64% | −3.69% | −3.67% | −2.27% | ||||||||||||||||||
FIVE YEARS | −20.51% | −20.78% | −13.26% | −4.49% | −4.55% | −2.81% | ||||||||||||||||||
SINCE INCEPTION (1) | −14.48% | −14.48% | 0.99% | −2.09% | −2.09% | 0.13% | ||||||||||||||||||
(1) | For the period May 12, 2008 to September 30, 2015. |
162
SPDR S&P Emerging Markets Small Cap ETF —
Performance Summary (continued)
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.
163
SPDR S&P Emerging Markets Small Cap ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
CHINA TRAVEL | ||||||||||
INTERNATIONAL | ||||||||||
CLICKS GROUP, | TECH PRO TECHNOLOGY | TAL EDUCATION | PARQUE ARAUCO | INVESTMENT HONG | ||||||
DESCRIPTION | LTD. | DEVELOPMENT, LTD. | GROUP ADR | SA | KONG, LTD. | |||||
MARKET VALUE | $1,693,166 | 1,580,902 | 1,565,769 | 1,507,460 | 1,446,742 | |||||
% OF NET ASSETS | 0.5 | 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 SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Real Estate Management & Development | 7.9 | % | ||||
Semiconductors & Semiconductor Equipment | 5.5 | |||||
Chemicals | 4.9 | |||||
Electronic Equipment, Instruments & Components | 4.6 | |||||
Banks | 4.4 | |||||
Metals & Mining | 3.9 | |||||
Hotels, Restaurants & Leisure | 3.5 | |||||
Food Products | 3.2 | |||||
Construction & Engineering | 2.8 | |||||
Textiles, Apparel & Luxury Goods | 2.8 | |||||
Pharmaceuticals | 2.5 | |||||
Electrical Equipment | 2.4 | |||||
Capital Markets | 2.3 | |||||
Machinery | 2.3 | |||||
Technology Hardware, Storage & Peripherals | 2.0 | |||||
Household Durables | 1.9 | |||||
Auto Components | 1.9 | |||||
Internet Software & Services | 1.8 | |||||
Oil, Gas & Consumable Fuels | 1.8 | |||||
Transportation Infrastructure | 1.8 | |||||
Food & Staples Retailing | 1.7 | |||||
IT Services | 1.7 | |||||
Diversified Financial Services | 1.6 | |||||
Health Care Providers & Services | 1.6 | |||||
Marine | 1.6 | |||||
Media | 1.5 | |||||
Software | 1.4 | |||||
Specialty Retail | 1.3 | |||||
Real Estate Investment Trusts | 1.3 | |||||
Industrial Conglomerates | 1.3 | |||||
Communications Equipment | 1.2 | |||||
Electric Utilities | 1.2 | |||||
Diversified Consumer Services | 1.1 | |||||
Diversified Telecommunication Services | 1.1 | |||||
Construction Materials | 1.1 | |||||
Airlines | 1.0 | |||||
Consumer Finance | 1.0 | |||||
Commercial Services & Supplies | 0.9 | |||||
Containers & Packaging | 0.9 | |||||
Water Utilities | 0.8 | |||||
Health Care Equipment & Supplies | 0.8 | |||||
Independent Power and Renewable Electricity Producers | 0.8 | |||||
Multiline Retail | 0.8 | |||||
Trading Companies & Distributors | 0.8 | |||||
Automobiles | 0.8 | |||||
Energy Equipment & Services | 0.7 | |||||
Insurance | 0.6 | |||||
Beverages | 0.5 | |||||
Tobacco | 0.5 | |||||
Internet & Catalog Retail | 0.5 | |||||
Road & Rail | 0.4 | |||||
Distributors | 0.4 | |||||
Building Products | 0.4 | |||||
Paper & Forest Products | 0.4 | |||||
Personal Products | 0.3 | |||||
Air Freight & Logistics | 0.3 | |||||
Biotechnology | 0.3 | |||||
Thrifts & Mortgage Finance | 0.2 | |||||
Gas Utilities | 0.2 | |||||
Professional Services | 0.2 | |||||
Multi-Utilities | 0.1 | |||||
Wireless Telecommunication Services | 0.1 | |||||
Aerospace & Defense | 0.1 | |||||
Leisure Products | 0.0 | ** | ||||
Household Products | 0.0 | ** | ||||
Short Term Investments | 8.5 | |||||
Other Assets & Liabilities | (8.2 | ) | ||||
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. |
164
SPDR Dow Jones Global Real Estate ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR Dow Jones Global Real Estate ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the global real estate market. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 4.96%, and the total return for the Dow Jones Global Select Real Estate Securities IndexSM (the “Index”) was 4.70%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, cash drag and dividend tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
Real estate securities had a strong year globally relative to the broader market, outperforming the MSCI World Index in each fiscal quarter other than the third, when most markets were unsettled on renewed concerns that Greece would not reach an accord with its creditors. Overall for the period, the Index beat the World Index by 6.41%. Low global bond yields produced lower costs of capital and real estate securities were a prime benefactor. Investors continued to be attracted to the sector’s yield potential and the opportunity it offered to participate in economic growth. Also, the low borrowing costs allowed for higher rents and increased development and office occupancy.
On an individual security level, the top positive contributors to the Fund’s performance were Simon Property Group, Inc., Public Storage, and Equity Residential. The top negative contributors to the Fund’s performance were BR Malls Participacoes SA, Host Hotels & Resorts, Inc., and Mitsui Fudosan Co., Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
165
SPDR Dow Jones Global Real Estate ETF —
Performance Summary
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 September 24, 2015) is 0.50%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | 4.96% | 4.85% | 4.70% | 4.96% | 4.85% | 4.70% | ||||||||||||||||||
THREE YEARS | 23.61% | 23.71% | 22.89% | 7.32% | 7.35% | 7.12% | ||||||||||||||||||
FIVE YEARS | 54.49% | 54.24% | 53.14% | 9.09% | 9.05% | 8.90% | ||||||||||||||||||
SINCE INCEPTION (1) | 24.48% | 24.56% | 21.89% | 3.00% | 3.01% | 2.71% | ||||||||||||||||||
(1) | For the period May 7, 2008 to September 30, 2015. |
166
SPDR Dow Jones Global Real Estate ETF —
Performance Summary (continued)
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.
167
SPDR Dow Jones Global Real Estate ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
BROOKFIELD ASSET | ||||||||||
SIMON PROPERTY | MANAGEMENT, | MITSUI FUDOSAN | ||||||||
DESCRIPTION | GROUP, INC. | PUBLIC STORAGE | EQUITY RESIDENTIAL | INC. (CLASS A) | CO., LTD. | |||||
MARKET VALUE | $111,409,829 | 60,976,317 | 53,608,036 | 53,028,168 | 52,800,852 | |||||
% OF NET ASSETS | 5.9 | 3.2 | 2.8 | 2.8 | 2.8 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Retail REITs | 26.5 | % | ||||
Office REITs | 14.2 | |||||
Diversified REITs | 13.9 | |||||
Real Estate Management & Development | 13.6 | |||||
Specialized REITs | 13.4 | |||||
Residential REITs | 12.5 | |||||
Industrial REITs | 4.8 | |||||
Diversified Capital Markets | 0.5 | |||||
Hotel & Resort REITs | 0.3 | |||||
Short Term Investments | 1.3 | |||||
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. |
168
SPDR S&P International Consumer Discretionary Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P International Consumer Discretionary Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the consumer discretionary sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −0.85%, and the total return for the S&P Developed Ex-U.S. BMI Consumer Discretionary Sector Index (the “Index”) was −0.11%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, a slight cash drag, and optimization contributed to the difference between the Fund’s performance and that of the Index.
Despite negative returns for the past twelve months, the consumer discretionary sector was the third best performing sector in the S&P Global ex US Index, lagging behind consumer staples and health care sectors only. Media and specialty retail industries were the main contributors to the Fund’s performance, while automobile, hotels and restaurants were the weakest performing industries in the Fund. The automobile industry was dragged down by the Volkswagen emissions cheating scandal. On a country level, UK, Japan and France were the main positive contributors to the Fund’s performance, while Hong Kong and Korea were the main detractors.
Positive returns from the first three quarters of the Reporting Period were wiped off by the losses in the third quarter in 2015. Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July, while continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of global equities in August and September. That a slowdown in emerging markets should be cause for increasing market jitters is attributable to the outsize contribution they have made to global growth in recent years. Since 2000, emerging markets have provided the majority of global GDP growth, doubling their share of global output from about 20% to near 40% today. Already in 2015, however, the second and fourth largest emerging markets by GDP, Brazil and Russia, respectively, have succumbed to negative growth. By the end of the quarter, investors in global equity markets experienced the worst three month performance of the last four years as measured by the MSCI World Index and many country level markets posting double digit gains through the first half of 2015 now were in the red for the year. The quarter was also punctuated by a resumption of the selloff in commodity prices.
On an individual security level, the top positive contributors to the Fund’s performance were Fast Retailing Co., Ltd., LVMH Moet Hennessy Louis Vuitton SE, and Industria de Diseno Textil SA The top negative contributors to the Fund’s performance were Hyundai Motor Co., Honda Motor Co., Ltd., and Volkswagen AG Pfd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
169
SPDR S&P International Consumer Discretionary Sector ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −0.85% | −0.37% | −0.11% | −0.85% | −0.37% | −0.11% | ||||||||||||||||||
THREE YEARS | 37.49% | 38.78% | 39.28% | 11.20% | 11.54% | 11.69% | ||||||||||||||||||
FIVE YEARS | 48.87% | 48.88% | 50.78% | 8.28% | 8.29% | 8.56% | ||||||||||||||||||
SINCE INCEPTION (1) | 63.07% | 63.37% | 64.28% | 7.02% | 7.04% | 7.13% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2015. |
170
SPDR S&P International Consumer Discretionary Sector ETF —
Performance Summary (continued)
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.
171
SPDR S&P International Consumer Discretionary Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
TOYOTA | HONDA MOTOR | LVMH MOET HENNESSY | CIE FINANCIERE | |||||||
DESCRIPTION | MOTOR CORP. | DAIMLER AG | CO., LTD. | LOUIS VUITTON SE | RICHEMONT SA | |||||
MARKET VALUE | $1,094,266 | 486,018 | 319,135 | 313,283 | 283,788 | |||||
% OF NET ASSETS | 7.6 | 3.4 | 2.2 | 2.2 | 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 SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Automobiles | 23.1 | % | ||||
Media | 18.1 | |||||
Hotels, Restaurants & Leisure | 12.0 | |||||
Textiles, Apparel & Luxury Goods | 11.1 | |||||
Auto Components | 11.1 | |||||
Specialty Retail | 8.7 | |||||
Household Durables | 7.3 | |||||
Multiline Retail | 4.2 | |||||
Leisure Products | 2.0 | |||||
Internet & Catalog Retail | 0.8 | |||||
Diversified Consumer Services | 0.5 | |||||
Distributors | 0.3 | |||||
Short Term Investments | 14.5 | |||||
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. |
172
SPDR S&P International Consumer Staples Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P International Consumer Staples Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the consumer staples sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 3.41%, and the total return for the S&P Developed Ex-U.S. BMI Consumer Staples Sector Index (the “Index”) was 4.08%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, cash drag, and optimization contributed to the difference between the Fund’s performance and that of the Index.
Consumer staples had a strong fiscal year, outpacing the market in the last 3 fiscal quarters and for the year as a whole. The sector’s defensive characteristics made it attractive to investors concerned about volatility and general global uncertainty. The decline of both oil and gas prices also contributed to the success of the consumer staples sector as it boosted disposable income. Spending in emerging markets continued to increase as well and consumer staple companies took advantage allocating more resources in those areas.
On an individual security level, the top positive contributors to the Fund’s performance were Nestle SA, Imperial Tobacco Group PLC, and Alimentation Couche-Tard, Inc. (Class B). The top negative contributors to the Fund’s performance were Casino Guichard-Perrachon SA, Wesfarmers, Ltd., and Woolworths, Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
173
SPDR S&P International Consumer Staples Sector ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | 3.41% | 3.92% | 4.08% | 3.41% | 3.92% | 4.08% | ||||||||||||||||||
THREE YEARS | 22.23% | 23.01% | 26.69% | 6.92% | 7.15% | 8.21% | ||||||||||||||||||
FIVE YEARS | 49.12% | 49.64% | 56.69% | 8.32% | 8.39% | 9.40% | ||||||||||||||||||
SINCE INCEPTION (1) | 70.23% | 70.82% | 86.06% | 7.66% | 7.71% | 9.00% | ||||||||||||||||||
(1) | For the period July 16, 2008 to SEPTEMBER 30, 2015. |
174
SPDR S&P International Consumer Staples Sector ETF —
Performance Summary (continued)
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.
175
SPDR S&P International Consumer Staples Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
BRITISH AMERICAN | ANHEUSER-BUSCH | |||||||||
DESCRIPTION | NESTLE SA | TOBACCO PLC | INBEV SA | DIAGEO PLC | UNILEVER NV | |||||
MARKET VALUE | $9,338,607 | 3,978,371 | 3,420,208 | 2,692,190 | 2,669,585 | |||||
% OF NET ASSETS | 14.4 | 6.1 | 5.3 | 4.1 | 4.1 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Food Products | 28.5 | % | ||||
Beverages | 19.1 | |||||
Food & Staples Retailing | 17.8 | |||||
Personal Products | 13.9 | |||||
Tobacco | 12.4 | |||||
Household Products | 7.8 | |||||
Short Term Investments | 5.3 | |||||
Other Assets & Liabilities | (4.8 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
176
SPDR S&P International Energy Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P International Energy Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the energy sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −37.45%, and the total return for the S&P Developed Ex-U.S. BMI Energy Sector Index (the “Index”) was −37.74%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash drag, securities lending, compounding and misweights between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology contributed to the difference between the Fund’s performance and that of the Index.
Energy was the worst performing of the sectors in the S&P Global ex-U.S. Index during the Reporting Period. The fourth quarter of 2014 began as the third quarter ended, with stocks sliding and bond markets rallying. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing. The first and second quarters of 2015 gave this sector some room to breathe as the drag began to bounce back with a positive result at the end of June which saw oil scale a year-high of $61.43 per barrel. This positive sentiment was unfortunately short lived as the energy theme from the beginning of the fiscal year made a comeback. A primary contributor to that decline was crude oil, where total production remained at record high levels and new supply was expected to hit the market in coming months with the removal of sanctions on Iran. A cascade of worrying headlines emanating from China, including surprise currency devaluation and plummeting stock market, spilled over in dramatic fashion to rattle global financial markets in late August.
On an individual security level, the top positive contributors to the Fund’s performance were Saras SpA., Talisman Energy, Inc., and Dragon Oil PLC. The top negative contributors to the Fund’s performance were Total SA, BP PLC, and Royal Dutch Shell PLC (Class A).
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
177
SPDR S&P International Energy Sector ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −37.45% | −36.84% | −37.74% | −37.45% | −36.84% | −37.74% | ||||||||||||||||||
THREE YEARS | −32.11% | −31.61% | −31.04% | −12.11% | −11.89% | −11.66% | ||||||||||||||||||
FIVE YEARS | −25.79% | −25.54% | −23.32% | −5.79% | −5.73% | −5.17% | ||||||||||||||||||
SINCE INCEPTION (1) | −38.57% | −38.33% | −34.79% | −6.53% | −6.48% | −5.76% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2015. |
178
SPDR S&P International Energy Sector ETF —
Performance Summary (continued)
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.
179
SPDR S&P International Energy Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
ROYAL DUTCH SHELL PLC | ROYAL DUTCH SHELL PLC | |||||||||
DESCRIPTION | TOTAL SA | (CLASS A) | BP PLC | (CLASS B) | BG GROUP PLC | |||||
MARKET VALUE | $2,883,689 | 2,438,733 | 2,432,611 | 1,495,584 | 1,307,206 | |||||
% OF NET ASSETS | 12.4 | 10.5 | 10.5 | 6.4 | 5.6 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Oil, Gas & Consumable Fuels | 93.1 | % | ||||
Energy Equipment & Services | 6.4 | |||||
Short Term Investments | 14.9 | |||||
Other Assets & Liabilities | (14.4 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
180
SPDR S&P International Financial Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P International Financial Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the financial sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −9.25%, and the total return for the S&P Developed Ex-U.S. BMI Financials Sector Index (the “Index”) was −8.28%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, transaction costs, cash and receivables drag, compounding, and security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Index lost 2.77% in the fourth quarter of 2014 as the equity market continued its downward path from the previous quarter. Most of the negative return for the quarter occurred in December 2014. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing.
The Index gained 3.40% in the first quarter of 2015. 2015 began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing by the European Central Bank (ECB). After a turbulent January for equity markets, volatility subsided through the month of February as oil prices stabilized and the aggressive pace of global central bank actions witnessed the prior month moderated. Coming in to March, the outlook for global investors appeared to be improving with equity market volatility declining substantially in February. Very quickly into the month, however, fresh news came into the markets that raised uncertainties anew. On March 1, China eased administered rates, and maybe more consequentially, lowered its GDP forecast for 2015 to “about” 7%. The word “about” became key as it allowed some wiggle room in case the economy doesn’t grow at a pace officially targeted by the Chinese Government. Emerging market equites, commodities and indeed global equities traded lower on the news.
The Index posted modest gains in the second quarter of 2015 despite the Index gaining 5.15% in April. The April gains in US dollar terms were largely due to the US dollar declining nearly 4% for the month, reflecting in part a softening in US data and a later expected start to possible Fed rate hikes. The Index dropped 4.20% in June as equity markets were unsettled by a steady stream of worrying headlines from Europe as increasingly acrimonious negotiations between Greece and the Troika (European Commission, European Central Bank and International Monetary Fund) to extend an existing bailout agreement came to an impasse.
The third quarter delivered the worst quarter of the year ending on September 30, 2015. Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. Setting up a showdown with the rest of the Eurozone, on June 26 Greece’s Syriza government announced a surprise referendum for July 5 asking its citizens to approve or reject terms to release funds from a just expired bailout package from the European Troika of creditors. The standoff before and after the referendum caused European equity markets to gyrate, though in comparison to previous episodes in 2010 and 2012 when Greece threatened to undo the Eurozone, peripheral bond spreads in Italy and Spain moved only modestly. This relative stability suggests that markets were convinced any Greek defaults or outright Eurozone exit could be firewalled. Investors in global equities in the third quarter of 2015 found almost nowhere to hide amidst the chill in sentiment brought about by a slowdown in global growth led by emerging markets.
On an individual security level, the top positive contributors to the Fund’s performance were CK Hutchison Holdings, Ltd., Tokio Marine Holdings, Inc., and Intesa Sanpaolo SpA. The top negative contributors to the
181
SPDR S&P International Financial Sector ETF —
Management’s Discussion of Fund Performance (continued)
Management’s Discussion of Fund Performance (continued)
Fund’s performance were Banco Bilbao Vizcaya Argentaria, SA, HSBC Holdings PLC, and Banco Santander SA.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
182
SPDR S&P International Financial Sector ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −9.25% | −8.92% | −8.28% | −9.25% | −8.92% | −8.28% | ||||||||||||||||||
THREE YEARS | 21.05% | 21.20% | 24.06% | 6.57% | 6.62% | 7.46% | ||||||||||||||||||
FIVE YEARS | 17.15% | 17.42% | 22.62% | 3.22% | 3.26% | 4.16% | ||||||||||||||||||
SINCE INCEPTION (1) | −0.42% | −0.36% | 4.56% | −0.06% | −0.05% | 0.62% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2015. |
183
SPDR S&P International Financial Sector ETF —
Performance Summary (continued)
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.
184
SPDR S&P International Financial Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
MITSUBISHI | ||||||||||
HSBC HOLDINGS | UFJ FINANCIAL | COMMONWEALTH | ROYAL BANK OF | TORONTO-DOMINION | ||||||
DESCRIPTION | PLC | GROUP, INC. | BANK OF AUSTRALIA | CANADA | BANK | |||||
MARKET VALUE | $382,560 | 232,354 | 226,434 | 206,229 | 200,796 | |||||
% OF NET ASSETS | 3.6 | 2.2 | 2.1 | 2.0 | 1.9 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Banks | 49.0 | % | ||||
Insurance | 21.7 | |||||
Real Estate Management & Development | 9.4 | |||||
Real Estate Investment Trusts | 8.4 | |||||
Capital Markets | 6.4 | |||||
Diversified Financial Services | 4.1 | |||||
Consumer Finance | 0.5 | |||||
Short Term Investments | 11.4 | |||||
Other Assets & Liabilities | (10.9 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
185
SPDR S&P International Health Care Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P International Health Care Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the health care sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 0.10%, and the total return for the S&P Developed Ex-U.S. BMI Health Care Sector Index (the “Index”) was 1.03%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cumulative security misweights and Fund expenses contributed to the difference between the Fund’s performance and that of the Index.
The Fund had positive returns for the Reporting Period. The Fund was helped by positive performance in the last calendar quarter of 2014 and first calendar quarter of 2015 on the back of accommodative monetary policy, a strong earnings season and mergers and acquisitions activity. Additionally, promising new drugs and therapies, ongoing efforts to increase corporate efficiency, growing demand in emerging markets and ever-increasing health care spending helped with the positive performance of the Fund. The Fund experienced negative performance in the second and third calendar quarters of 2015. The performance was driven by concerns of a global economic slowdown, weakness in China (regardless of continued government intervention, including yuan devaluations and liquidity injections) and uncertainty over the Fed’s rate decision despite ongoing merger activity in the sector and advances in product pipelines. The Fund’s performance was also driven by worries of increased regulation from various lawmakers after comments made by US Presidential candidate Hillary Clinton and her plan to cap drug prices and a proposal by Democrats in the US House of Representatives to examine drug pricing practices.
On an individual security level, the top positive contributors to the Fund’s performance were Valeant Pharmaceuticals International, Inc., Novo Nordisk A/S (Class B), and Fresenius SE & Co. KGaA. The top negative contributors to the Fund’s performance were Roche Holding, Ltd. Genusssch, Shire PLC, and Sanofi.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
186
SPDR S&P International Health Care Sector ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | 0.10% | 0.27% | 1.03% | 0.10% | 0.27% | 1.03% | ||||||||||||||||||
THREE YEARS | 45.00% | 44.90% | 48.89% | 13.18% | 13.16% | 14.20% | ||||||||||||||||||
FIVE YEARS | 81.73% | 82.28% | 88.71% | 12.69% | 12.76% | 13.54% | ||||||||||||||||||
SINCE INCEPTION (1) | 79.72% | 80.04% | 92.95% | 8.47% | 8.50% | 9.55% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2015. |
187
SPDR S&P International Health Care Sector ETF —
Performance Summary (continued)
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.
188
SPDR S&P International Health Care Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
NOVO NORDISK | ||||||||||
DESCRIPTION | NOVARTIS AG | ROCHE HOLDING AG | SANOFI | BAYER AG | A/S (CLASS B) | |||||
MARKET VALUE | $9,568,572 | 7,143,974 | 4,362,109 | 4,026,958 | 3,936,462 | |||||
% OF NET ASSETS | 12.8 | 9.5 | 5.8 | 5.4 | 5.3 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Pharmaceuticals | 75.6 | % | ||||
Health Care Equipment & Supplies | 9.0 | |||||
Health Care Providers & Services | 6.9 | |||||
Biotechnology | 6.3 | |||||
Life Sciences Tools & Services | 0.7 | |||||
Chemicals | 0.5 | |||||
Health Care Technology | 0.3 | |||||
Short Term Investments | 8.7 | |||||
Other Assets & Liabilities | (8.0 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
189
SPDR S&P International Industrial Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P International Industrial Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the industrial sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −10.70%, and the total return for the S&P Developed Ex-U.S. BMI Industrial Sector Index (the “Index”) was −9.65%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Fund had negative performance for the Reporting Period. Disappointing European and US manufacturing data, slowing Eurozone growth and low oil prices contributed to negative performance in the last calendar quarter of 2014. Despite some positive macroeconomic influences in the first calendar quarter of 2015, the Fund still had negative performance as the drop in oil prices and weakening global demand, especially in China, weighed on the Fund. Additionally, the strong US dollar had an adverse effect on revenues of many Fund constituents. The negative performance continued in the second half of the Reporting Period. Chinese demand is a major driver of global growth and the Asian country continued to see weakness in its economy despite yuan devaluations and liquidity injections. This has led to softened demand for industrial products like engines, turbines and other types of power generation equipment. As a result, industrial companies realized lower profits and have had to reduce future investments, manage larger inventories and work towards reducing costs.
On an individual security level, the top positive contributors to the Fund’s performance were Hutchison Whampoa, Ltd, Central Japan Railway Co., and International Consolidated Airlines Group SA. The top negative contributors to the Fund’s performance were ABB, Ltd., Rolls-Royce Holdings PLC, and Siemens AG.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
190
SPDR S&P International Industrial Sector ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −10.70% | −10.25% | −9.65% | −10.70% | −10.25% | −9.65% | ||||||||||||||||||
THREE YEARS | 15.48% | 16.04% | 19.26% | 4.91% | 5.08% | 6.05% | ||||||||||||||||||
FIVE YEARS | 16.13% | 16.08% | 23.39% | 3.04% | 3.03% | 4.29% | ||||||||||||||||||
SINCE INCEPTION (1) | 13.39% | 13.57% | 19.83% | 1.76% | 1.78% | 2.54% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2015. |
191
SPDR S&P International Industrial Sector ETF —
Performance Summary (continued)
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.
192
SPDR S&P International Industrial Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
CANADIAN NATIONAL | CK HUTCHISON | |||||||||
DESCRIPTION | SIEMENS AG | RAILWAY CO. | ABB, LTD. | HOLDINGS, LTD. | AIRBUS GROUP SE | |||||
MARKET VALUE | $585,993 | 369,037 | 343,254 | 290,850 | 284,555 | |||||
% OF NET ASSETS | 3.4 | 2.1 | 2.0 | 1.7 | 1.7 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Machinery | 16.9 | % | ||||
Road & Rail | 11.4 | |||||
Industrial Conglomerates | 11.1 | |||||
Trading Companies & Distributors | 8.5 | |||||
Construction & Engineering | 8.2 | |||||
Electrical Equipment | 7.8 | |||||
Aerospace & Defense | 7.1 | |||||
Commercial Services & Supplies | 6.1 | |||||
Building Products | 5.5 | |||||
Professional Services | 5.3 | |||||
Transportation Infrastructure | 3.9 | |||||
Airlines | 2.5 | |||||
Air Freight & Logistics | 2.3 | |||||
Marine | 2.0 | |||||
Food Products | 0.3 | |||||
Multi-Utilities | 0.2 | |||||
Auto Components | 0.2 | |||||
Real Estate Management & Development | 0.1 | |||||
Short Term Investments | 6.1 | |||||
Other Assets & Liabilities | (5.5 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
193
SPDR S&P International Materials Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P International Materials Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the materials sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −21.82%, and the total return for the S&P Developed Ex-U.S. BMI Materials Sector Index (the “Index”) was −21.81%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, transaction costs, cash and receivables drag, compounding, and security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Index lost 6.06% in the fourth quarter of 2014 as the equity markets continued its downward path from the third quarter of 2014. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing. Copper fell to a four-year low in London after declines in China’s official PMI index. China is the world’s largest consumer of copper and a slowing economy could cut demand for the metal. Gold was down 2% on the quarter after hitting lows for the year below $1,150/oz in November. Gold futures rallied into the year-end, helped in part by reallocation to the metal while gold related equities sold off.
The Index gained 2.98% in the first quarter of 2015. 2015 began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing by the European Central Bank (ECB). Commodities were a mixed bag in January as oil continued its move lower. Brent was down another 10% after being down 47% in 2014. Oil continued to be oversupplied in world markets and production did not seem to be slowing in the immediate future. Gold and silver traded higher as a reaction to central bank pressure on currencies around the world.
Global equity markets posted modest positive results for the second quarter of 2015 with gains in many major bourses in local terms wiped out by a volatile last few trading sessions of the quarter. The Index gained 5.15% in April but gave most of it back in the following months delivering a modest gain of 0.12% during the second quarter of 2015. The rise in commodity prices helped lift the Index but was offset by a steady stream of worrying headlines from Europe as increasingly acrimonious negotiations between Greece and the Troika (European Commission, European Central Bank and International Monetary Fund) to extend an existing bailout agreement came to an impasse.
The Index lost 19.59% during the third quarter of 2015 resulting in the worst performing quarter during the year ending in September 30, 2015. Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. That a slowdown in emerging markets should be cause for increasing market jitters is attributable to the outsize contribution they have made to global growth in recent years. For investors in industrial commodities, the growth concern emanating from emerging markets and China predictably weighed on returns.
On an individual security level, the top positive contributors to the Fund’s performance were Toray Industries, Inc., Sumitomo Chemical Co., Ltd., and CRH PLC. The top negative contributors to the Fund’s performance were BHP Billiton PLC, BHP Billiton, Ltd., and Glencore PLC.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
194
SPDR S&P International Materials Sector ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | MATERIALS | NET ASSET | MARKET | MATERIALS | |||||||||||||||||||
VALUE | VALUE | SECTOR INDEX | VALUE | VALUE | SECTOR INDEX | |||||||||||||||||||
ONE YEAR | −21.82% | −21.54% | −21.81% | −21.82% | −21.54% | −21.81% | ||||||||||||||||||
THREE YEARS | −24.78% | −24.44% | −24.11% | −9.05% | −8.92% | −8.79% | ||||||||||||||||||
FIVE YEARS | −30.07% | −30.21% | −27.94% | −6.90% | −6.94% | −6.34% | ||||||||||||||||||
SINCE INCEPTION (1) | −39.70% | −39.72% | −33.24% | −6.78% | −6.78% | −5.45% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2015. |
195
SPDR S&P International Materials Sector ETF —
Performance Summary (continued)
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.
196
SPDR S&P International Materials Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
DESCRIPTION | BASF SE | BHP BILLITON, LTD. | RIO TINTO PLC | AIR LIQUIDE SA | BHP BILLITON PLC | |||||
MARKET VALUE | $309,167 | 216,911 | 188,135 | 177,605 | 146,143 | |||||
% OF NET ASSETS | 6.2 | 4.4 | 3.8 | 3.6 | 3.0 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Chemicals | 48.7 | % | ||||
Metals & Mining | 34.4 | |||||
Construction Materials | 7.4 | |||||
Containers & Packaging | 4.3 | |||||
Paper & Forest Products | 3.7 | |||||
Industrial Conglomerates | 0.2 | |||||
Short Term Investments | 13.0 | |||||
Other Assets & Liabilities | (11.7 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
197
SPDR S&P International Technology Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P International Technology Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the technology sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −6.50%, and the total return for the S&P Developed Ex-U.S. BMI Information Technology Sector Index (the “Index”) was −6.14%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, small security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) contributed to the difference between the Fund’s performance and that of the Index.
Buoyed by a rebound in software names, information technology started the first two periods of the fiscal year with positive returns. This can be attributed to improving overseas demand and rising global information technology spending. Performance during this period was also helped by market fundamentals continuing to rebound for many tech names. Performance took a turn in the final two quarters of the fiscal year. During this period, healthy earnings data, accommodative monetary policy and increased mergers and acquisition activity was offset by geopolitical concerns around Greece’s debt crisis, increased unrest in the Middle East, weak macro and earnings reports, falling oil prices, and slowing growth in China. Additionally, the sector experienced a slowdown in demand and operating profits for the makers of various semiconductor and microprocessor chip products.
On an individual security level, the top positive contributors to the Fund’s performance were Nintendo Co., Ltd., NXP Semiconductors NV, and Constellation Software, Inc. The top negative contributors to the Fund’s performance were NAVER Corp., Hitachi, Ltd., and Samsung Electronics Co., Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
198
SPDR S&P International Technology Sector ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 2015
CUMULATIVE TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | |||||||||||||||||||||||
S&P DEVELOPED | S&P DEVELOPED | |||||||||||||||||||||||
EX-U.S. BMI | EX-U.S. BMI | |||||||||||||||||||||||
INFORMATION | INFORMATION | |||||||||||||||||||||||
NET ASSET | MARKET | TECHNOLOGY | NET ASSET | MARKET | TECHNOLOGY | |||||||||||||||||||
VALUE | VALUE | SECTOR INDEX | VALUE | VALUE | SECTOR INDEX | |||||||||||||||||||
ONE YEAR | −6.50% | −6.40% | −6.14% | −6.50% | −6.40% | −6.14% | ||||||||||||||||||
THREE YEARS | 24.92% | 24.91% | 26.88% | 7.70% | 7.69% | 8.27% | ||||||||||||||||||
FIVE YEARS | 26.39% | 26.51% | 31.12% | 4.80% | 4.82% | 5.57% | ||||||||||||||||||
SINCE INCEPTION (1) | 15.42% | 15.22% | 20.15% | 2.01% | 1.98% | 2.58% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2015. |
199
SPDR S&P International Technology Sector ETF —
Performance Summary (continued)
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.
200
SPDR S&P International Technology Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
SAMSUNG ELECTRONICS | TELEFONAKTIEBOLAGET | |||||||||
DESCRIPTION | CO., LTD. GDR | SAP SE | ASML HOLDING NV | LM ERICSSON (CLASS B) | CANON, INC. | |||||
MARKET VALUE | $1,200,623 | 599,322 | 368,004 | 299,307 | 297,598 | |||||
% OF NET ASSETS | 11.8 | 5.9 | 3.6 | 2.9 | 2.9 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Technology Hardware, Storage & Peripherals | 20.8 | % | ||||
Electronic Equipment, Instruments & Components | 20.2 | |||||
Software | 18.2 | |||||
Semiconductors & Semiconductor Equipment | 15.0 | |||||
IT Services | 11.9 | |||||
Communications Equipment | 7.1 | |||||
Internet Software & Services | 6.0 | |||||
Short Term Investments | 13.4 | |||||
Other Assets & Liabilities | (12.6 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
201
SPDR S&P International Telecommunications Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P International Telecommunications Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the telecommunications sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −2.70%, and the total return for the S&P Developed Ex-U.S. BMI Telecommunication Services Sector Index (the “Index”) was −2.27%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, small security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) contributed to the difference between the Fund’s performance and that of the Index.
Although the first quarter of the fiscal year saw slightly negative returns, the first half of the calendar year 2015 brought two consecutive quarters of positive performance in the international telecommunications sector. Encouraging market trends in mobile broadband, cloud computing and data management ensured the steady growth of firms even while telecom operators struggled to generate revenue. Most countries already have, or are now in the process of developing, national broadband network policies for fixed broadband. Unfortunately, the positive momentum waned and those gains were wiped out in the final quarter of the fiscal year, when global equity indexes posted their worst performance in several years on concerns about the global economy. Disappointing macro data, Chinese yuan devaluation and uncertainty around the Fed’s rate decision weighed heavily on the markets, thus amounting to negative returns for the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance were Deutsche Telekom AG, Nippon Telegraph & Telephone Corp., and KDDI Corp. The top negative contributors to the Fund’s performance were TeliaSonera AB, Telefonica SA, and SoftBank Group Corp.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
202
SPDR S&P International Telecommunications Sector ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −2.70% | −2.58% | −2.27% | −2.70% | −2.58% | −2.27% | ||||||||||||||||||
THREE YEARS | 28.24% | 28.27% | 32.26% | 8.64% | 8.65% | 9.78% | ||||||||||||||||||
FIVE YEARS | 35.23% | 35.67% | 42.23% | 6.22% | 6.29% | 7.30% | ||||||||||||||||||
SINCE INCEPTION (1) | 34.31% | 34.48% | 43.62% | 4.18% | 4.19% | 5.15% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2015. |
203
SPDR S&P International Telecommunications Sector ETF —
Performance Summary (continued)
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.
204
SPDR S&P International Telecommunications Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
VODAFONE | DEUTSCHE | SOFTBANK | ||||||||
DESCRIPTION | GROUP PLC | TELEKOM AG | TELEFONICA SA | BT GROUP PLC | GROUP CORP. | |||||
MARKET VALUE | $3,788,275 | 2,503,156 | 2,394,392 | 2,374,993 | 1,979,476 | |||||
% OF NET ASSETS | 10.4 | 6.9 | 6.6 | 6.5 | 5.5 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Diversified Telecommunication Services | 67.1 | % | ||||
Wireless Telecommunication Services | 32.1 | |||||
Short Term Investments | 4.5 | |||||
Other Assets & Liabilities | (3.7 | ) | ||||
TOTAL | 100.0 | % | ||||
* | The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time. |
205
SPDR S&P International Utilities Sector ETF —
Management’s Discussion of Fund Performance
Management’s Discussion of Fund Performance
The SPDR S&P International Utilities Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the utilities sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.
For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −11.98%, and the total return for the S&P Developed Ex-U.S. BMI Utilities Sector Index (the “Index”) was −11.52%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, cash, security misweights, and compounding contributed to the difference between the Fund’s performance and that of the Index.
The demand for utility services like electricity, gas and water varies with the swings of the economy. Three of the four quarters in the Reporting Period posted negative returns, signaling that there was some trouble in the global economy. The last quarter of the time period proved to be the worst performing; global markets entered it nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. While a variety of factors influenced utility stocks over this time period, nearly half of the overall performance was driven by a significant drop in German stock prices within this sector. This decline came as utility companies were short of the money they needed to set aside to build a safe disposal site for nuclear waste as part of Germany’s exit from nuclear power.
On an individual security level, the top positive contributors to the Fund’s performance were Veolia Environnement SA, Tokyo Electric Power Co., Inc., and Chubu Electric Power Co., Inc. The top negative contributors to the Fund’s performance were Engie, RWE AG, and E.ON SE.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
206
SPDR S&P International Utilities Sector ETF —
Performance Summary
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 September 24, 2015) is 0.40%.
PERFORMANCE AS OF SEPTEMBER 30, 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 | |||||||||||||||||||
ONE YEAR | −11.98% | −11.75% | −11.52% | −11.98% | −11.75% | −11.52% | ||||||||||||||||||
THREE YEARS | 9.07% | 8.73% | 11.24% | 2.94% | 2.83% | 3.62% | ||||||||||||||||||
FIVE YEARS | −4.67% | −4.75% | −0.80% | −0.95% | −0.97% | −0.16% | ||||||||||||||||||
SINCE INCEPTION (1) | −27.19% | −27.19% | −23.45% | −4.31% | −4.31% | −3.64% | ||||||||||||||||||
(1) | For the period July 16, 2008 to September 30, 2015. |
207
SPDR S&P International Utilities Sector ETF —
Performance Summary (continued)
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.
208
SPDR S&P International Utilities Sector ETF —
Portfolio Summary
Portfolio Summary
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015
DESCRIPTION | NATIONAL GRID PLC | IBERDROLA SA | ENEL SPA | ENGIE | SSE PLC | |||||
MARKET VALUE | $2,673,374 | 1,927,727 | 1,537,473 | 1,275,404 | 1,095,371 | |||||
% OF NET ASSETS | 9.9 | 7.1 | 5.7 | 4.7 | 4.0 | |||||
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*
PERCENT OF | ||||||
INDUSTRY | NET ASSETS | |||||
Electric Utilities | 47.2 | % | ||||
Multi-Utilities | 29.5 | |||||
Gas Utilities | 14.1 | |||||
Independent Power and Renewable Electricity Producers | 4.6 | |||||
Water Utilities | 4.2 | |||||
Semiconductors & Semiconductor Equipment | 0.0 | ** | ||||
Short Term Investments | 9.0 | |||||
Other Assets & Liabilities | (8.6 | ) | ||||
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. |
209
SPDR STOXX Europe 50 ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.5% | ||||||||
BELGIUM — 2.2% | ||||||||
Anheuser-Busch InBev SA | 50,481 | $ | 5,348,685 | |||||
DENMARK — 2.7% | ||||||||
Novo Nordisk A/S (Class B) | 124,683 | 6,682,595 | ||||||
FRANCE — 12.1% | ||||||||
Air Liquide SA | 22,543 | 2,658,536 | ||||||
AXA SA | 137,781 | 3,327,419 | ||||||
BNP Paribas SA | 73,427 | 4,299,771 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 17,824 | 3,028,176 | ||||||
Sanofi | 78,446 | 7,433,420 | ||||||
Schneider Electric SE | 38,505 | 2,149,489 | ||||||
Total SA | 158,538 | 7,114,113 | ||||||
30,010,924 | ||||||||
GERMANY — 14.4% | ||||||||
Allianz SE | 30,011 | 4,698,342 | ||||||
BASF SE | 60,317 | 4,599,905 | ||||||
Bayer AG | 54,301 | 6,937,212 | ||||||
Daimler AG | 65,451 | 4,737,918 | ||||||
Deutsche Bank AG | 85,114 | 2,286,854 | ||||||
Deutsche Telekom AG | 208,117 | 3,690,253 | ||||||
SAP SE | 63,454 | 4,104,628 | ||||||
Siemens AG | 50,965 | 4,547,759 | ||||||
35,602,871 | ||||||||
ITALY — 2.5% | ||||||||
ENI SpA | 175,349 | 2,750,052 | ||||||
Intesa Sanpaolo SpA | 943,790 | 3,324,862 | ||||||
6,074,914 | ||||||||
NETHERLANDS — 3.1% | ||||||||
ING Groep NV | 254,127 | 3,588,415 | ||||||
Unilever NV | 102,498 | 4,106,295 | ||||||
7,694,710 | ||||||||
SPAIN — 4.8% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 414,105 | 3,503,814 | ||||||
Banco Santander SA | 940,163 | 4,978,622 | ||||||
Telefonica SA | 287,037 | 3,469,985 | ||||||
11,952,421 | ||||||||
SWITZERLAND — 23.1% | ||||||||
ABB, Ltd. (a) | 151,686 | 2,673,250 | ||||||
Cie Financiere Richemont SA | 34,207 | 2,650,159 | ||||||
Credit Suisse Group AG (a) | 90,894 | 2,178,628 | ||||||
Nestle SA | 209,344 | 15,693,837 | ||||||
Novartis AG | 166,961 | 15,276,137 | ||||||
Roche Holding AG | 46,130 | 12,133,262 | ||||||
UBS Group AG | 230,791 | 4,253,962 | ||||||
Zurich Insurance Group AG (a) | 9,856 | 2,412,808 | ||||||
57,272,043 | ||||||||
UNITED KINGDOM — 34.6% | ||||||||
AstraZeneca PLC | 82,912 | 5,251,585 | ||||||
Barclays PLC | 1,100,147 | 4,068,632 | ||||||
BG Group PLC | 223,814 | 3,224,101 | ||||||
BP PLC | 1,200,318 | 6,072,726 | ||||||
British American Tobacco PLC | 122,415 | 6,755,146 | ||||||
BT Group PLC | 549,879 | 3,494,971 | ||||||
Diageo PLC | 164,967 | 4,424,192 | ||||||
GlaxoSmithKline PLC | 319,442 | 6,125,854 | ||||||
HSBC Holdings PLC | 1,283,147 | 9,692,966 | ||||||
Imperial Tobacco Group PLC | 62,857 | 3,249,607 | ||||||
Lloyds Banking Group PLC | 4,036,926 | 4,595,984 | ||||||
National Grid PLC | 257,493 | 3,584,054 | ||||||
Prudential PLC | 168,850 | 3,564,092 | ||||||
Reckitt Benckiser Group PLC | 43,265 | 3,923,620 | ||||||
Rio Tinto PLC | 80,162 | 2,683,501 | ||||||
Royal Dutch Shell PLC (Class A) | 254,660 | 6,022,135 | ||||||
Unilever PLC | 86,115 | 3,503,691 | ||||||
Vodafone Group PLC | 1,743,190 | 5,504,116 | ||||||
85,740,973 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $286,858,593) | 246,380,136 | |||||||
SHORT TERM INVESTMENT — 0.1% | ||||||||
UNITED STATES — 0.1% | ||||||||
MONEY MARKET FUND — 0.1% | ||||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (b)(c) (Cost $251,986) | 251,986 | 251,986 | ||||||
TOTAL INVESTMENTS — 99.6% | ||||||||
(Cost $287,110,579) | 246,632,122 | |||||||
OTHER ASSETS & LIABILITIES — 0.4% | 993,526 | |||||||
NET ASSETS — 100.0% | $ | 247,625,648 | ||||||
(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.
210
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.9% | ||||||||
BELGIUM — 3.6% | ||||||||
Anheuser-Busch InBev SA | 1,382,079 | $ | 146,437,365 | |||||
FINLAND — 1.1% | ||||||||
Nokia Oyj | 6,620,770 | 45,118,586 | ||||||
FRANCE — 35.9% | ||||||||
Air Liquide SA | 619,214 | 73,025,002 | ||||||
AXA SA | 3,770,739 | 91,063,572 | ||||||
BNP Paribas SA | 2,009,982 | 117,701,437 | ||||||
Carrefour SA | 998,887 | 29,480,790 | ||||||
Compagnie de Saint-Gobain | 910,056 | 39,323,539 | ||||||
Danone SA | 1,098,699 | 69,194,746 | ||||||
Engie (a) | 2,924,117 | 47,132,801 | ||||||
Essilor International SA | 389,022 | 47,289,351 | ||||||
L’Oreal SA | 439,548 | 76,074,549 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 488,833 | 83,049,396 | ||||||
Orange SA | 3,669,292 | 55,375,833 | ||||||
Safran SA | 615,284 | 46,222,347 | ||||||
Sanofi | 2,148,098 | 203,550,387 | ||||||
Schneider Electric SE | 1,057,635 | 59,041,037 | ||||||
Societe Generale SA | 1,450,918 | 64,540,526 | ||||||
Total SA | 4,341,147 | 194,801,301 | ||||||
Unibail-Rodamco SE | 177,504 | 45,829,497 | ||||||
Vinci SA | 942,676 | 59,673,760 | ||||||
Vivendi SA | 2,108,208 | 49,724,939 | ||||||
1,452,094,810 | ||||||||
GERMANY — 30.5% | ||||||||
Allianz SE | 821,574 | 128,620,699 | ||||||
BASF SE | 1,651,196 | 125,923,792 | ||||||
Bayer AG | 1,486,898 | 189,958,304 | ||||||
Bayerische Motoren Werke AG | 577,530 | 51,070,569 | ||||||
Daimler AG | 1,791,869 | 129,711,220 | ||||||
Deutsche Bank AG | 2,337,851 | 62,813,679 | ||||||
Deutsche Post AG | 1,723,104 | 47,652,585 | ||||||
Deutsche Telekom AG | 5,696,143 | 101,001,869 | ||||||
E.ON SE | 3,601,647 | 30,864,127 | ||||||
Fresenius SE & Co. KGaA | 733,338 | 49,115,294 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 264,210 | 49,178,627 | ||||||
SAP SE | 1,736,898 | 112,354,136 | ||||||
Siemens AG | 1,395,203 | 124,498,137 | ||||||
Volkswagen AG Preference Shares | 283,490 | 30,932,557 | ||||||
1,233,695,595 | ||||||||
ITALY — 8.3% | ||||||||
Assicurazioni Generali SpA | 2,424,789 | 44,281,116 | ||||||
Enel SpA | 12,609,366 | 56,131,896 | ||||||
ENI SpA (a) | 4,809,056 | 75,421,900 | ||||||
Intesa Sanpaolo SpA | 25,828,622 | 90,991,231 | ||||||
UniCredit SpA | 10,740,462 | 66,778,931 | ||||||
333,605,074 | ||||||||
LUXEMBOURG — 0.0% (b) | ||||||||
APERAM SA (c) | 1 | 27 | ||||||
NETHERLANDS — 9.2% | ||||||||
Airbus Group SE | 1,050,159 | 62,023,194 | ||||||
ASML Holding NV | 667,884 | 58,270,252 | ||||||
ING Groep NV | 6,955,423 | 98,214,448 | ||||||
Koninklijke Philips NV | 1,715,068 | 40,289,473 | ||||||
Unilever NV | 2,805,567 | 112,397,179 | ||||||
371,194,546 | ||||||||
SPAIN — 11.3% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 11,333,581 | 95,895,376 | ||||||
Banco Santander SA | 25,739,110 | 136,301,148 | ||||||
Iberdrola SA | 10,334,868 | 68,606,329 | ||||||
Industria de Diseno Textil SA | 1,891,602 | 63,197,193 | ||||||
Telefonica SA | 7,856,031 | 94,971,425 | ||||||
458,971,471 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $4,596,036,309) | 4,041,117,474 | |||||||
SHORT TERM INVESTMENTS — 0.8% | ||||||||
UNITED STATES — 0.8% | ||||||||
MONEY MARKET FUNDS — 0.8% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 29,979,227 | 29,979,227 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f) | 278,198 | 278,198 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $30,257,425) | 30,257,425 | |||||||
TOTAL INVESTMENTS — 100.7% | ||||||||
(Cost $4,626,293,734) | 4,071,374,899 | |||||||
OTHER ASSETS & LIABILITIES — (0.7)% | (26,954,056 | ) | ||||||
NET ASSETS — 100.0% | $ | 4,044,420,843 | ||||||
(a) | All or a portion of the security was on loan at September 30, 2015. | |||||
(b) | Amount shown represents less than 0.05% of net assets. | |||||
(c) | Non-income producing security | |||||
(d) | Investments of cash collateral for securities loaned | |||||
(e) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). | |||||
(f) | The rate shown is the annualized seven-day yield at period end. |
See accompanying notes to financial statements.
211
SPDR EURO STOXX Small Cap ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 100.1% | ||||||||
AUSTRIA — 1.5% | ||||||||
IMMOFINANZ AG (a) | 41,421 | $ | 95,247 | |||||
Raiffeisen Bank International AG (a) | 5,743 | 75,068 | ||||||
170,315 | ||||||||
BELGIUM — 5.8% | ||||||||
Ackermans & van haaren NV | 1,119 | 163,630 | ||||||
bpost SA | 4,987 | 118,182 | ||||||
Cofinimmo SA | 1,015 | 106,898 | ||||||
Colruyt SA (a) | 3,023 | 145,201 | ||||||
Telenet Group Holding NV (a) | 2,532 | 144,907 | ||||||
678,818 | ||||||||
FINLAND — 7.4% | ||||||||
Amer Sports Oyj | 5,911 | 150,042 | ||||||
Huhtamaki Oyj | 4,751 | 144,833 | ||||||
Kesko Oyj (Class B) | 3,406 | 120,369 | ||||||
Metso Oyj | 5,463 | 113,363 | ||||||
Neste Oyj | 6,381 | 146,516 | ||||||
Orion Oyj (Class B) | 5,057 | 190,797 | ||||||
865,920 | ||||||||
FRANCE — 19.6% | ||||||||
Air France-KLM (a) | 12,348 | 85,871 | ||||||
CNP Assurances | 7,452 | 103,230 | ||||||
Dassault Aviation SA | 92 | 105,165 | ||||||
Eurazeo SA | 2,059 | 136,752 | ||||||
Faurecia | 3,007 | 93,212 | ||||||
Fonciere Des Regions | 1,458 | 126,716 | ||||||
ICADE | 1,768 | 119,576 | ||||||
Imerys SA | 1,650 | 105,702 | ||||||
JCDecaux SA | 3,242 | 117,234 | ||||||
Lagardere SCA | 5,093 | 140,648 | ||||||
Orpea | 2,000 | 158,664 | ||||||
Remy Cointreau SA | 1,093 | 71,581 | ||||||
Rubis SCA | 1,930 | 143,179 | ||||||
SEB SA | 1,211 | 111,400 | ||||||
Societe BIC SA | 1,370 | 212,261 | ||||||
Societe Television Francaise 1 | 5,971 | 83,647 | ||||||
Technicolor SA | 15,287 | 105,166 | ||||||
Teleperformance | 2,847 | 215,307 | ||||||
Vallourec SA | 6,192 | 54,714 | ||||||
2,290,025 | ||||||||
GERMANY — 21.3% | ||||||||
Aareal Bank AG | 2,985 | 105,824 | ||||||
Axel Springer SE | 2,018 | 112,449 | ||||||
Bilfinger SE | 2,295 | 84,795 | ||||||
Deutsche Euroshop AG | 2,216 | 99,464 | ||||||
Deutsche Lufthansa AG (a) | 11,540 | 160,053 | ||||||
Duerr AG | 1,230 | 86,210 | ||||||
Evonik Industries AG | 6,033 | 201,458 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 1,852 | 114,094 | ||||||
Freenet AG | 6,373 | 210,108 | ||||||
Fuchs Petrolub SE Preference Shares | 3,466 | 152,861 | ||||||
Gerresheimer AG | 1,566 | 114,042 | ||||||
Kabel Deutschland Holding AG (a) | 1,022 | 132,904 | ||||||
KION Group AG (a) | 3,043 | 134,749 | ||||||
Leoni AG | 1,629 | 86,573 | ||||||
MorphoSys AG (a) | 1,306 | 86,901 | ||||||
OSRAM Licht AG | 4,325 | 223,116 | ||||||
Rheinmetall AG | 1,975 | 120,768 | ||||||
Stada Arzneimittel AG | 3,109 | 111,053 | ||||||
Telefonica Deutschland Holding AG | 25,814 | 157,358 | ||||||
2,494,780 | ||||||||
GREECE — 2.0% | ||||||||
Hellenic Telecommunications Organization SA | 12,223 | 106,423 | ||||||
National Bank of Greece SA (a) | 74,430 | 31,987 | ||||||
OPAP SA | 10,530 | 94,973 | ||||||
233,383 | ||||||||
IRELAND — 5.0% | ||||||||
Glanbia PLC | 8,884 | 165,015 | ||||||
Kingspan Group PLC | 7,384 | 177,582 | ||||||
Paddy Power PLC | 2,109 | 242,951 | ||||||
585,548 | ||||||||
ITALY — 14.5% | ||||||||
Azimut Holding SpA | 5,617 | 120,258 | ||||||
Banca Popolare dell’Emilia Romagna SC | 24,005 | 197,483 | ||||||
Banca Popolare di Milano SCARL | 218,576 | 215,439 | ||||||
Banca Popolare di Sondrio SCARL | 22,612 | 103,335 | ||||||
Davide Campari-Milano SpA | 11,152 | 88,633 | ||||||
Enel Green Power SpA | 76,882 | 145,121 | ||||||
Exor SpA | 4,778 | 207,898 | ||||||
Mediaset SpA | 39,153 | 179,626 | ||||||
Recordati SpA | 5,083 | 117,052 | ||||||
Saipem SpA (a) | 12,561 | 100,462 | ||||||
Unipol Gruppo Finanziario SpA | 24,544 | 107,616 | ||||||
UnipolSai SpA | 53,973 | 117,181 | ||||||
1,700,104 | ||||||||
LUXEMBOURG — 2.5% | ||||||||
Eurofins Scientific SE | 430 | 131,853 | ||||||
RTL Group SA | 1,921 | 165,112 | ||||||
296,965 | ||||||||
NETHERLANDS — 8.9% | ||||||||
Aalberts Industries NV | 4,783 | 141,271 | ||||||
ASM International NV | 2,580 | 83,316 | ||||||
Delta Lloyd NV | 9,412 | 78,828 | ||||||
Koninklijke Vopak NV | 3,306 | 131,689 | ||||||
OCI NV (a) | 4,532 | 115,746 | ||||||
PostNL NV (a) | 22,023 | 80,092 | ||||||
SBM Offshore NV (a) | 8,969 | 113,132 | ||||||
TNT Express NV | 23,363 | 177,806 | ||||||
Wereldhave NV | 2,008 | 115,568 | ||||||
1,037,448 | ||||||||
PORTUGAL — 2.2% | ||||||||
Banco Comercial Portugues SA (a) | 2,028,012 | 98,474 | ||||||
Jeronimo Martins SGPS SA | 12,206 | 164,112 | ||||||
262,586 | ||||||||
SPAIN — 8.1% | ||||||||
Bolsas y Mercados Espanoles SHMSF SA | 3,954 | 133,336 | ||||||
Gamesa Corp. Tecnologica SA | 11,186 | 154,581 | ||||||
Mapfre SA | 49,579 | 129,225 | ||||||
Mediaset Espana Comunicacion SA | 9,831 | 107,127 |
See accompanying notes to financial statements.
212
SPDR EURO STOXX Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Merlin Properties Socimi SA (a) | 16,111 | $ | 191,528 | |||||
Viscofan SA | 2,208 | 132,797 | ||||||
Zardoya Otis SA | 8,631 | 93,068 | ||||||
941,662 | ||||||||
UNITED KINGDOM — 1.3% | ||||||||
Dialog Semiconductor PLC (a) | 3,884 | 155,081 | ||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $13,033,097) | 11,712,635 | |||||||
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 0.13% (c)(d) (Cost $1,463) | 1,463 | 1,463 | ||||||
TOTAL INVESTMENTS — 100.1% | ||||||||
(Cost $13,034,560) | 11,714,098 | |||||||
OTHER ASSETS & LIABILITIES — (0.1)% | (6,579 | ) | ||||||
NET ASSETS — 100.0% | $ | 11,707,519 | ||||||
(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.
213
SPDR EURO STOXX 50 Currency Hedged ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
MUTUAL FUNDS — 98.2% | ||||||||
UNITED STATES — 98.2% | ||||||||
SPDR EURO STOXX 50 ETF (a) (Cost $7,429,789) | 197,566 | $ | 6,687,609 | |||||
SHORT TERM INVESTMENT — 1.7% | ||||||||
MONEY MARKET FUND — 1.7% | ||||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (a)(b) (Cost $113,782) | 113,782 | 113,782 | ||||||
TOTAL INVESTMENTS — 99.9% | ||||||||
(Cost $7,543,571) | 6,801,391 | |||||||
OTHER ASSETS & LIABILITIES — 0.1% | 5,403 | |||||||
NET ASSETS — 100.0% | $ | 6,806,794 | ||||||
(a) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). | |||||
(b) | The rate shown is the annualized seven-day yield at period end. |
At September 30, 2015, open futures contracts purchased were as follows:
Expiration | Unrealized | |||||||||||||||||||
Futures | Date | Contracts | Value | Depreciation | ||||||||||||||||
Euro Stoxx 50 | 12/18/2015 | 4 | $ | 138,013 | $ | (3,159 | ) |
At September 30, 2015, open forward foreign currency contracts were as follows:
Net Unrealized | ||||||||||||||||||||
Settlement | Appreciation/ | |||||||||||||||||||
Counterparty | Amount Sold | Amount Bought | Date | (Depreciation) | ||||||||||||||||
Bank of America N.A. | EUR | 1,415,862 | USD | 1,587,195 | 10/5/2015 | $ | 6,674 | |||||||||||||
Bank of Montreal | EUR | 1,415,862 | USD | 1,587,181 | 10/5/2015 | 6,659 | ||||||||||||||
Bank of Montreal | USD | 370,000 | EUR | 330,031 | 10/5/2015 | (1,588 | ) | |||||||||||||
Bank of Montreal | USD | 1,433,157 | EUR | 1,283,849 | 10/5/2015 | — | ||||||||||||||
BNP Paribas SA | EUR | 1,415,862 | USD | 1,587,237 | 10/5/2015 | 6,714 | ||||||||||||||
BNP Paribas SA | USD | 370,000 | EUR | 330,034 | 10/5/2015 | (1,584 | ) | |||||||||||||
Citibank N.A. | USD | 1,433,173 | EUR | 1,283,849 | 10/5/2015 | (17 | ) | |||||||||||||
HSBC Bank USA | USD | 1,433,156 | EUR | 1,283,849 | 10/5/2015 | 1 | ||||||||||||||
Royal Bank of Canada | USD | 1,433,156 | EUR | 1,283,849 | 10/5/2015 | 1 | ||||||||||||||
Standard Chartered Bank | EUR | 1,415,862 | USD | 1,587,235 | 10/5/2015 | 6,713 | ||||||||||||||
Toronto Dominion Bank | EUR | 1,415,864 | USD | 1,587,204 | 10/5/2015 | 6,681 | ||||||||||||||
UBS AG | USD | 1,433,156 | EUR | 1,283,851 | 10/5/2015 | 3 | ||||||||||||||
Societe Generale | USD | 160,439 | EUR | 144,000 | 10/7/2015 | 312 | ||||||||||||||
Bank of Montreal | EUR | 1,283,849 | USD | 1,433,770 | 11/4/2015 | (27 | ) | |||||||||||||
Citibank N.A. | EUR | 1,283,849 | USD | 1,433,738 | 11/4/2015 | (59 | ) | |||||||||||||
Goldman Sachs | USD | 537,000 | EUR | 480,774 | 11/4/2015 | (73 | ) | |||||||||||||
HSBC Bank USA | EUR | 1,283,849 | USD | 1,433,795 | 11/4/2015 | (3 | ) | |||||||||||||
Royal Bank of Canada | EUR | 1,283,849 | USD | 1,433,786 | 11/4/2015 | (12 | ) | |||||||||||||
UBS AG | EUR | 1,283,851 | USD | 1,433,798 | 11/4/2015 | (2 | ) | |||||||||||||
$ | 30,393 | |||||||||||||||||||
EUR — Euro Currency
See accompanying notes to financial statements.
214
SPDR S&P International Dividend Currency Hedged ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
MUTUAL FUNDS — 99.7% | ||||||||
UNITED STATES — 99.7% | ||||||||
SPDR S&P International Dividend ETF (a) (Cost $4,038,740) | 114,286 | $ | 3,881,153 | |||||
SHORT TERM INVESTMENT — 0.4% | ||||||||
MONEY MARKET FUND — 0.4% | ||||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (a)(b) (Cost $14,218) | 14,218 | 14,218 | ||||||
TOTAL INVESTMENTS — 100.1% | ||||||||
(Cost $4,052,958) | 3,895,371 | |||||||
OTHER ASSETS & LIABILITIES — (0.1)% | (3,443 | ) | ||||||
NET ASSETS — 100.0% | $ | 3,891,928 | ||||||
(a) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). | |||||
(b) | The rate shown is the annualized seven-day yield at period end. |
At September 30, 2015, open forward foreign currency contracts were as follows:
Net Unrealized | ||||||||||||||||||||
Settlement | Appreciation/ | |||||||||||||||||||
Counterparty | Amount Sold | Amount Bought | Date | Depreciation | ||||||||||||||||
Bank of America N.A. | CAD | 484,000 | USD | 364,989 | 10/5/2015 | $ | 3,992 | |||||||||||||
Bank of America N.A. | CHF | 44,000 | USD | 45,377 | 10/5/2015 | 341 | ||||||||||||||
Bank of America N.A. | DKK | 384,000 | USD | 58,145 | 10/5/2015 | 685 | ||||||||||||||
Bank of Montreal | EUR | 872,000 | USD | 984,997 | 10/5/2015 | 11,586 | ||||||||||||||
Bank of Montreal | USD | 973,411 | EUR | 872,000 | 10/5/2015 | — | ||||||||||||||
Citibank N.A. | CZK | 450,000 | USD | 18,786 | 10/5/2015 | 300 | ||||||||||||||
Citibank N.A. | NOK | 100,000 | USD | 12,174 | 10/5/2015 | 452 | ||||||||||||||
Citibank N.A. | NZD | 89,000 | USD | 56,299 | 10/5/2015 | (622 | ) | |||||||||||||
Citibank N.A. | SEK | 1,430,000 | USD | 172,825 | 10/5/2015 | 2,313 | ||||||||||||||
Citibank N.A. | SGD | 65,000 | USD | 46,182 | 10/5/2015 | 470 | ||||||||||||||
Citibank N.A. | TRY | 300,000 | USD | 97,556 | 10/5/2015 | (1,406 | ) | |||||||||||||
Citibank N.A. | USD | 192,219 | ZAR | 2,659,000 | 10/5/2015 | (9 | ) | |||||||||||||
Citibank N.A. | USD | 18,488 | CZK | 450,000 | 10/5/2015 | (3 | ) | |||||||||||||
Citibank N.A. | USD | 56,924 | NZD | 89,000 | 10/5/2015 | (2 | ) | |||||||||||||
Citibank N.A. | USD | 170,514 | SEK | 1,430,000 | 10/5/2015 | (2 | ) | |||||||||||||
Citibank N.A. | USD | 98,963 | TRY | 300,000 | 10/5/2015 | (1 | ) | |||||||||||||
Citibank N.A. | USD | 11,723 | NOK | 100,000 | 10/5/2015 | — | ||||||||||||||
Citibank N.A. | USD | 45,712 | SGD | 65,000 | 10/5/2015 | — | ||||||||||||||
Citibank N.A. | ZAR | 2,659,000 | USD | 195,595 | 10/5/2015 | 3,386 | ||||||||||||||
HSBC Bank USA | USD | 57,463 | DKK | 384,000 | 10/5/2015 | (2 | ) | |||||||||||||
HSBC Bank USA | USD | 360,995 | CAD | 484,000 | 10/5/2015 | 3 | ||||||||||||||
HSBC Bank USA | USD | 45,035 | CHF | 44,000 | 10/5/2015 | — | ||||||||||||||
Royal Bank of Canada | GBP | 461,000 | USD | 709,352 | 10/5/2015 | 11,064 | ||||||||||||||
Royal Bank of Canada | HKD | 1,765,000 | USD | 227,733 | 10/5/2015 | (7 | ) | |||||||||||||
Royal Bank of Canada | USD | 227,740 | HKD | 1,765,000 | 10/5/2015 | — | ||||||||||||||
Royal Bank of Canada | USD | 698,289 | GBP | 461,000 | 10/5/2015 | (1 | ) | |||||||||||||
Societe Generale | THB | 4,824,000 | USD | 133,702 | 10/5/2015 | 806 | ||||||||||||||
Societe Generale | USD | 66,436 | THB | 2,412,000 | 10/5/2015 | 12 | ||||||||||||||
BNP Paribas SA | AUD | 1,370,000 | USD | 978,332 | 10/6/2015 | 16,469 | ||||||||||||||
UBS AG | USD | 961,853 | AUD | 1,370,000 | 10/6/2015 | 11 |
See accompanying notes to financial statements.
215
SPDR S&P International Dividend Currency Hedged ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Net Unrealized | ||||||||||||||||||||
Settlement | Appreciation/ | |||||||||||||||||||
Counterparty | Amount Sold | Amount Bought | Date | Depreciation | ||||||||||||||||
Bank of Montreal | EUR | 872,000 | USD | 973,828 | 11/4/2015 | $ | (19 | ) | ||||||||||||
Citibank N.A. | CZK | 450,000 | USD | 18,496 | 11/4/2015 | (3 | ) | |||||||||||||
Citibank N.A. | NOK | 100,000 | USD | 11,717 | 11/4/2015 | (1 | ) | |||||||||||||
Citibank N.A. | NZD | 89,000 | USD | 56,793 | 11/4/2015 | (2 | ) | |||||||||||||
Citibank N.A. | SEK | 1,430,000 | USD | 170,621 | 11/4/2015 | (6 | ) | |||||||||||||
Citibank N.A. | SGD | 65,000 | USD | 45,653 | 11/4/2015 | (17 | ) | |||||||||||||
Citibank N.A. | TRY | 300,000 | USD | 98,015 | 11/4/2015 | (29 | ) | |||||||||||||
Citibank N.A. | ZAR | 2,659,000 | USD | 191,210 | 11/4/2015 | (18 | ) | |||||||||||||
Goldman Sachs | USD | 4,493 | CAD | 6,000 | 11/4/2015 | (19 | ) | |||||||||||||
Goldman Sachs | USD | 24,582 | EUR | 22,000 | 11/4/2015 | (13 | ) | |||||||||||||
Goldman Sachs | USD | 66,599 | AUD | 95,000 | 11/4/2015 | (6 | ) | |||||||||||||
Goldman Sachs | USD | 21,937 | HKD | 170,000 | 11/4/2015 | (2 | ) | |||||||||||||
Goldman Sachs | USD | 9,584 | DKK | 64,000 | 11/4/2015 | (1 | ) | |||||||||||||
Goldman Sachs | USD | 15,146 | GBP | 10,000 | 11/4/2015 | (1 | ) | |||||||||||||
Goldman Sachs | USD | 5,970 | ZAR | 83,000 | 11/4/2015 | (1 | ) | |||||||||||||
Goldman Sachs | USD | 9,075 | GBP | 6,000 | 11/4/2015 | 12 | ||||||||||||||
Goldman Sachs | USD | 11,901 | AUD | 17,000 | 11/4/2015 | 16 | ||||||||||||||
Goldman Sachs | USD | 6,086 | SEK | 51,000 | 11/4/2015 | — | ||||||||||||||
HSBC Bank USA | CAD | 484,000 | USD | 360,957 | 11/4/2015 | 4 | ||||||||||||||
HSBC Bank USA | CHF | 44,000 | USD | 45,080 | 11/4/2015 | (2 | ) | |||||||||||||
HSBC Bank USA | DKK | 384,000 | USD | 57,498 | 11/4/2015 | (4 | ) | |||||||||||||
Royal Bank of Canada | GBP | 461,000 | USD | 698,187 | 11/4/2015 | (4 | ) | |||||||||||||
Royal Bank of Canada | HKD | 1,765,000 | USD | 227,733 | 11/4/2015 | (3 | ) | |||||||||||||
Societe Generale | THB | 2,412,000 | USD | 66,170 | 11/4/2015 | (207 | ) | |||||||||||||
UBS AG | AUD | 1,370,000 | USD | 960,362 | 11/4/2015 | 10 | ||||||||||||||
$ | 49,519 | |||||||||||||||||||
AUD — Australian Dollar
CAD — Canadian Dollar
CHF — Swiss Franc
CZK — Czech Koruna
DKK — Danish Krone
EUR — Euro
GBP — Great British Pound
HKD — Hong Kong Dollar
NOK — Norwegian Krone
NZD — New Zealand Dollar
SEK — Swedish Krona
SGD — Singapore Dollar
THB — Thai Baht
TRY — Turkish Lira
ZAR — South African Rand
See accompanying notes to financial statements.
216
SPDR MSCI International Real Estate Currency Hedged ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.7% | ||||||||
AUSTRALIA — 12.2% | ||||||||
Abacus Property Group | 2,140 | $ | 4,764 | |||||
Aveo Group | 2,990 | 5,627 | ||||||
BWP Trust | 3,976 | 8,628 | ||||||
Cedar Woods Properties, Ltd. | 458 | 1,383 | ||||||
Charter Hall Retail REIT | 2,470 | 7,060 | ||||||
Cromwell Property Group | 9,422 | 6,352 | ||||||
Dexus Property Group | 7,428 | 37,297 | ||||||
Federation Centres | 26,032 | 50,090 | ||||||
GDI Property Group | 3,852 | 2,475 | ||||||
GPT Group | 13,752 | 43,554 | ||||||
Growthpoint Properties Australia, Ltd. | 1,502 | 3,291 | ||||||
Investa Office Fund | 4,512 | 12,484 | ||||||
Mirvac Group | 28,606 | 34,552 | ||||||
Scentre Group | 41,190 | 112,810 | ||||||
Shopping Centres Australasia Property Group | 5,276 | 7,225 | ||||||
Stockland | 18,270 | 49,396 | ||||||
Westfield Corp. | 15,272 | 106,926 | ||||||
493,914 | ||||||||
AUSTRIA — 1.1% | ||||||||
BUWOG AG (a) | 424 | 8,992 | ||||||
CA Immobilien Anlagen AG (a) | 574 | 10,553 | ||||||
Conwert Immobilien Invest SE (a) | 496 | 6,694 | ||||||
IMMOFINANZ AG (a) | 7,058 | 16,230 | ||||||
S IMMO AG (a) | 414 | 3,512 | ||||||
45,981 | ||||||||
BELGIUM — 0.9% | ||||||||
Befimmo SA | 158 | 9,681 | ||||||
Cofinimmo SA | 158 | 16,640 | ||||||
Intervest Offices & Warehouses NV | 106 | 2,448 | ||||||
Warehouses De Pauw CVA | 108 | 8,358 | ||||||
37,127 | ||||||||
BERMUDA — 0.0% (b) | ||||||||
CSI Properties, Ltd. | 40,000 | 1,265 | ||||||
CANADA — 3.7% | ||||||||
Allied Properties Real Estate Investment Trust | 294 | 7,660 | ||||||
Artis Real Estate Investment Trust | 520 | 4,918 | ||||||
Boardwalk Real Estate Investment Trust | 180 | 7,360 | ||||||
Brookfield Canada Office Properties | 100 | 1,838 | ||||||
Canadian Apartment Properties REIT | 448 | 9,483 | ||||||
Canadian Real Estate Investment Trust | 282 | 8,618 | ||||||
Choice Properties Real Estate Investment Trust | 340 | 2,916 | ||||||
Cominar Real Estate Investment Trust | 636 | 7,652 | ||||||
Crombie Real Estate Investment Trust | 294 | 2,811 | ||||||
CT Real Estate Investment Trust | 244 | 2,341 | ||||||
Dream Global Real Estate Investment Trust | 424 | 2,796 | ||||||
Dream Industrial Real Estate Investment Trust | 220 | 1,295 | ||||||
Dream Office Real Estate Investment Trust | 410 | 6,483 | ||||||
First Capital Realty, Inc. | 858 | 11,967 | ||||||
Granite Real Estate Investment Trust | 178 | 4,989 | ||||||
H&R Real Estate Investment Trust | 1,046 | 16,049 | ||||||
InnVest Real Estate Investment Trust | 496 | 1,842 | ||||||
InterRent Real Estate Investment Trust | 266 | 1,290 | ||||||
Killam Properties, Inc. | 432 | 3,206 | ||||||
Mainstreet Equity Corp. (a) | 44 | 1,029 | ||||||
Milestone Apartments Real Estate Investment Trust | 230 | 2,630 | ||||||
Morguard Real Estate Investment Trust | 236 | 2,406 | ||||||
Northern Property Real Estate Investment Trust | 120 | 1,766 | ||||||
NorthWest Healthcare Properties Real Estate Investment Trust | 216 | 1,289 | ||||||
Pure Industrial Real Estate Trust | 716 | 2,371 | ||||||
RioCan Real Estate Investment Trust | 1,202 | 22,835 | ||||||
Smart Real Estate Investment Trust | 486 | 11,085 | ||||||
150,925 | ||||||||
CHINA — 1.5% | ||||||||
Far East Consortium International, Ltd. | 8,000 | 2,973 | ||||||
K Wah International Holdings, Ltd. | 8,000 | 3,179 | ||||||
Kerry Properties, Ltd. | 5,000 | 13,677 | ||||||
Kowloon Development Co., Ltd. | 2,000 | 2,292 | ||||||
Sino Land Co., Ltd. | 24,000 | 36,356 | ||||||
58,477 | ||||||||
FINLAND — 0.4% | ||||||||
Citycon Oyj (a) | 3,098 | 7,608 | ||||||
Sponda Oyj | 1,642 | 6,401 | ||||||
Technopolis Oyj | 660 | 2,534 | ||||||
16,543 | ||||||||
FRANCE — 8.7% | ||||||||
ANF Immobilier | 50 | 1,113 | ||||||
Fonciere Des Regions | 232 | 20,163 | ||||||
Gecina SA | 268 | 32,593 | ||||||
ICADE | 258 | 17,449 | ||||||
Klepierre | 1,460 | 65,988 | ||||||
Mercialys SA | 392 | 8,463 | ||||||
Nexity SA | 230 | 9,888 | ||||||
Unibail-Rodamco SE | 762 | 196,740 | ||||||
352,397 | ||||||||
GERMANY — 7.0% | ||||||||
ADLER Real Estate AG (a) | 178 | 2,432 | ||||||
Alstria Office REIT-AG (a) | 672 | 8,728 | ||||||
Deutsche Euroshop AG | 354 | 15,889 | ||||||
Deutsche Wohnen AG | 2,602 | 69,373 | ||||||
DIC Asset AG | 344 | 3,091 | ||||||
DO Deutsche Office AG | 698 | 3,420 | ||||||
Hamborner REIT AG | 464 | 4,480 | ||||||
LEG Immobilien AG (a) | 442 | 36,417 | ||||||
Patrizia Immobilien AG (a) | 296 | 7,056 | ||||||
TAG Immobilien AG | 774 | 9,162 | ||||||
TLG Immobilien AG | 404 | 7,306 | ||||||
Vonovia SE | 3,606 | 115,704 | ||||||
283,058 | ||||||||
HONG KONG — 13.6% | ||||||||
Champion REIT | 18,000 | 8,965 | ||||||
Hang Lung Properties, Ltd. | 18,000 | 40,320 | ||||||
Henderson Land Development Co., Ltd. | 9,000 | 53,535 | ||||||
Hysan Development Co., Ltd. | 5,000 | 20,774 | ||||||
Lai Sun Development Co., Ltd. | 90,000 | 1,405 |
See accompanying notes to financial statements.
217
SPDR MSCI International Real Estate Currency Hedged ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Langham Hospitality Investments and Langham Hospitality Investments, Ltd. | 7,000 | $ | 2,448 | |||||
Link REIT | 18,000 | 98,709 | ||||||
New World Development Co., Ltd. | 42,000 | 40,645 | ||||||
Prosperity REIT | 8,000 | 2,735 | ||||||
Redefine International PLC | 7,860 | 6,269 | ||||||
Regal Real Estate Investment Trust | 8,000 | 1,961 | ||||||
Sun Hung Kai Properties, Ltd. | 14,000 | 181,547 | ||||||
Sunlight Real Estate Investment Trust | 8,000 | 3,912 | ||||||
Swire Properties, Ltd. | 9,200 | 25,404 | ||||||
Wharf Holdings, Ltd. | 11,000 | 61,742 | ||||||
550,371 | ||||||||
ISRAEL — 0.4% | ||||||||
Africa Israel Properties, Ltd. (a) | 100 | 1,309 | ||||||
Amot Investments, Ltd. | 850 | 2,616 | ||||||
Bayside Land Corp. | 6 | 1,762 | ||||||
Melisron, Ltd. | 120 | 4,464 | ||||||
Nitsba Holdings 1995, Ltd. (a) | 198 | 3,481 | ||||||
REIT 1, Ltd. | 1,246 | 3,273 | ||||||
16,905 | ||||||||
ITALY — 0.2% | ||||||||
Beni Stabili SpA | 7,900 | 6,124 | ||||||
Immobiliare Grande Distribuzione SpA | 2,634 | 2,358 | ||||||
8,482 | ||||||||
JAPAN — 20.0% | ||||||||
Activia Properties, Inc. | 4 | 16,733 | ||||||
Advance Residence Investment Corp. | 6 | 12,645 | ||||||
Aeon Mall Co., Ltd. | 600 | 9,173 | ||||||
AEON REIT Investment Corp. | 4 | 4,215 | ||||||
Ardepro Co., Ltd. | 600 | 491 | ||||||
Comforia Residential REIT, Inc. | 2 | 3,766 | ||||||
Daibiru Corp. | 200 | 1,550 | ||||||
Daikyo, Inc. | 2,000 | 3,373 | ||||||
Daiwa House Industry Co., Ltd. | 2,800 | 68,910 | ||||||
Daiwa House REIT Investment Corp. | 2 | 7,339 | ||||||
Daiwa Office Investment Corp. | 2 | 9,652 | ||||||
Daiwahouse Residential Investment Corp. | 4 | 8,143 | ||||||
Frontier Real Estate Investment Corp. | 2 | 7,740 | ||||||
Fukuoka REIT Corp. | 4 | 5,912 | ||||||
Global One Real Estate Investment Corp. | 1 | 2,998 | ||||||
GLP J-REIT | 12 | 11,472 | ||||||
Hankyu REIT, Inc. | 2 | 2,106 | ||||||
Heiwa Real Estate Co., Ltd. | 200 | 2,134 | ||||||
Heiwa Real Estate REIT, Inc. | 4 | 2,929 | ||||||
Hulic Co., Ltd. | 1,400 | 12,590 | ||||||
Hulic REIT, Inc. | 4 | 5,277 | ||||||
Ichigo Office REIT Investment | 6 | 4,138 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 2 | 8,700 | ||||||
Invesco Office J-REIT, Inc. | 2 | 1,563 | ||||||
Invincible Investment Corp. | 12 | 6,673 | ||||||
Japan Excellent, Inc. | 6 | 6,603 | ||||||
Japan Hotel REIT Investment Corp. | 14 | 8,919 | ||||||
Japan Logistics Fund, Inc. | 4 | 7,184 | ||||||
Japan Prime Realty Investment Corp. | 4 | 12,975 | ||||||
Japan Real Estate Investment Corp. | 6 | 27,604 | ||||||
Japan Rental Housing Investments, Inc. | 8 | 5,217 | ||||||
Japan Retail Fund Investment Corp. | 12 | 23,205 | ||||||
Kenedix Office Investment Corp. | 2 | 9,502 | ||||||
Kenedix Residential Investment Corp. | 2 | 5,160 | ||||||
Leopalace21 Corp. (a) | 1,200 | 5,571 | ||||||
MCUBS MidCity Investment Corp. | 2 | 5,202 | ||||||
Mitsubishi Estate Co., Ltd. | 6,000 | 122,014 | ||||||
Mitsui Fudosan Co., Ltd. | 4,000 | 108,980 | ||||||
Mori Hills REIT Investment Corp. | 6 | 7,049 | ||||||
Mori Trust Sogo REIT, Inc. | 4 | 6,840 | ||||||
Nippon Accommodations Fund, Inc. | 2 | 6,655 | ||||||
Nippon Building Fund, Inc. | 7 | 33,841 | ||||||
Nippon Prologis REIT, Inc. | 8 | 14,508 | ||||||
NIPPON REIT Investment Corp. | 2 | 4,302 | ||||||
Nomura Real Estate Holdings, Inc. | 600 | 12,004 | ||||||
Nomura Real Estate Master Fund, Inc. | 8 | 10,240 | ||||||
Nomura Real Estate Office Fund, Inc. | 2 | 9,068 | ||||||
NTT Urban Development Corp. | 600 | 5,496 | ||||||
Orix JREIT, Inc. | 10 | 13,518 | ||||||
Premier Investment Corp. | 2 | 9,953 | ||||||
Sekisui House SI Residential Investment Corp. | 4 | 3,420 | ||||||
Sumitomo Realty & Development Co., Ltd. | 2,000 | 63,307 | ||||||
Sun Frontier Fudousan Co., Ltd. | 200 | 1,505 | ||||||
Takara Leben Co., Ltd. | 400 | 1,950 | ||||||
TOC Co., Ltd. | 200 | 1,396 | ||||||
Tokyo Tatemono Co., Ltd. | 1,000 | 11,865 | ||||||
Tokyu REIT, Inc. | 4 | 5,153 | ||||||
Top REIT, Inc. | 1 | 3,863 | ||||||
Tosei Corp. | 200 | 1,283 | ||||||
United Urban Investment Corp. | 12 | 16,011 | ||||||
811,585 | ||||||||
LUXEMBOURG — 0.3% | ||||||||
Grand City Properties SA | 596 | 11,426 | ||||||
NETHERLANDS — 1.1% | ||||||||
Eurocommercial Properties NV | 368 | 16,029 | ||||||
NSI NV | 998 | 3,859 | ||||||
VastNed Retail NV | 148 | 6,398 | ||||||
Wereldhave NV | 312 | 17,957 | ||||||
44,243 | ||||||||
NEW ZEALAND — 0.6% | ||||||||
Argosy Property, Ltd. | 6,210 | 4,171 | ||||||
Goodman Property Trust | 8,080 | 5,996 | ||||||
Kiwi Income Property Group, Ltd. | 9,260 | 7,612 | ||||||
Precinct Properties New Zealand, Ltd. | 7,964 | 5,782 | ||||||
23,561 | ||||||||
NORWAY — 0.2% | ||||||||
Entra ASA (c) | 640 | 5,158 | ||||||
Norwegian Property ASA (a) | 1,910 | 2,114 | ||||||
Selvaag Bolig ASA | 254 | 750 | ||||||
8,022 | ||||||||
SINGAPORE — 7.1% | ||||||||
AIMS AMP Capital Industrial REIT | 3,600 | 3,431 | ||||||
Ascendas Hospitality Trust | 5,600 | 2,461 | ||||||
Ascendas India Trust | 5,800 | 3,488 | ||||||
Ascendas Real Estate Investment Trust | 15,800 | 26,002 | ||||||
Ascott Residence Trust | 6,600 | 5,686 | ||||||
Cache Logistics Trust | 5,400 | 3,684 |
See accompanying notes to financial statements.
218
SPDR MSCI International Real Estate Currency Hedged ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Cambridge Industrial Trust | 7,000 | $ | 3,003 | |||||
CapitaLand Commercial Trust, Ltd. | 16,000 | 15,078 | ||||||
CapitaLand Mall Trust | 18,800 | 25,121 | ||||||
CapitaLand Retail China Trust | 4,200 | 4,032 | ||||||
CDL Hospitality Trusts | 5,000 | 4,571 | ||||||
City Developments, Ltd. | 3,200 | 17,329 | ||||||
Far East Hospitality Trust | 6,200 | 2,812 | ||||||
First Real Estate Investment Trust | 3,800 | 3,447 | ||||||
Frasers Centrepoint Trust | 4,200 | 5,627 | ||||||
Frasers Commercial Trust | 4,600 | 4,303 | ||||||
Frasers Hospitality Trust | 3,600 | 1,848 | ||||||
Global Logistic Properties, Ltd. | 24,400 | 35,007 | ||||||
Ho Bee Land, Ltd. | 1,400 | 1,920 | ||||||
Hong Fok Corp., Ltd. | 1,800 | 854 | ||||||
Keppel DC REIT | 4,000 | 2,869 | ||||||
Keppel REIT | 14,800 | 9,940 | ||||||
Lippo Malls Indonesia Retail Trust | 13,600 | 3,061 | ||||||
Mapletree Commercial Trust | 9,800 | 8,650 | ||||||
Mapletree Greater China Commercial Trust | 14,800 | 9,680 | ||||||
Mapletree Industrial Trust | 9,400 | 9,817 | ||||||
Mapletree Logistics Trust | 11,400 | 7,857 | ||||||
OUE Hospitality Trust | 5,600 | 3,151 | ||||||
Parkway Life Real Estate Investment Trust | 2,800 | 4,529 | ||||||
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust | 4,600 | 2,443 | ||||||
SingHaiyi Group, Ltd. | 6,600 | 473 | ||||||
Soilbuild Business Space REIT | 5,000 | 2,831 | ||||||
SPH REIT | 5,800 | 3,814 | ||||||
Starhill Global REIT | 10,800 | 5,735 | ||||||
Suntec Real Estate Investment Trust | 18,400 | 19,411 | ||||||
UOL Group, Ltd. | 3,600 | 15,216 | ||||||
Wheelock Properties Singapore, Ltd. | 2,400 | 2,540 | ||||||
Yanlord Land Group, Ltd. | 4,600 | 3,284 | ||||||
Ying Li International Real Estate, Ltd. (a) | 7,000 | 847 | ||||||
285,852 | ||||||||
SPAIN — 1.5% | ||||||||
Axiare Patrimonio SOCIMI SA | 558 | 7,618 | ||||||
Hispania Activos Inmobiliarios SA (a) | 638 | 8,856 | ||||||
Inmobiliaria Colonial SA (a) | 14,802 | 10,277 | ||||||
Lar Espana Real Estate Socimi SA | 464 | 4,428 | ||||||
Merlin Properties Socimi SA (a) | 2,374 | 28,222 | ||||||
59,401 | ||||||||
SWEDEN — 3.3% | ||||||||
Castellum AB | 1,198 | 16,812 | ||||||
Dios Fastigheter AB | 346 | 2,290 | ||||||
Fabege AB | 1,024 | 14,981 | ||||||
Fastighets AB Balder (Class B) (a) | 644 | 12,193 | ||||||
Great Portland Estates PLC | 2,660 | 34,450 | ||||||
Hemfosa Fastigheter AB | 966 | 10,280 | ||||||
Hufvudstaden AB (Class A) | 864 | 11,280 | ||||||
Klovern AB (Class B) | 3,550 | 3,344 | ||||||
Kungsleden AB | 1,268 | 8,504 | ||||||
Wallenstam AB (Class B) | 1,418 | 11,632 | ||||||
Wihlborgs Fastigheter AB | 536 | 9,586 | ||||||
135,352 | ||||||||
SWITZERLAND — 2.2% | ||||||||
Allreal Holding AG (a) | 104 | 13,571 | ||||||
Intershop Holding AG | 8 | 3,324 | ||||||
Mobimo Holding AG (a) | 48 | 9,658 | ||||||
PSP Swiss Property AG (a) | 320 | 26,232 | ||||||
Swiss Prime Site AG (a) | 512 | 37,309 | ||||||
90,094 | ||||||||
UNITED KINGDOM — 13.7% | ||||||||
Big Yellow Group PLC | 1,152 | 12,634 | ||||||
British Land Co. PLC | 7,502 | 95,284 | ||||||
Capital & Counties Properties PLC | 5,854 | 38,511 | ||||||
Derwent London PLC | 814 | 44,869 | ||||||
Grainger PLC | 3,220 | 11,608 | ||||||
Hammerson PLC | 6,068 | 57,309 | ||||||
Hansteen Holdings PLC | 5,570 | 10,184 | ||||||
Helical Bar PLC | 778 | 4,835 | ||||||
Intu Properties PLC | 7,252 | 36,206 | ||||||
Land Securities Group PLC | 6,116 | 116,636 | ||||||
Londonmetric Property PLC | 4,616 | 11,474 | ||||||
NewRiver Retail, Ltd. | 934 | 4,966 | ||||||
Primary Health Properties PLC | 818 | 5,018 | ||||||
Safestore Holdings PLC | 1,606 | 7,170 | ||||||
Schroder Real Estate Investment Trust, Ltd. | 4,012 | 3,540 | ||||||
Segro PLC | 5,782 | 37,617 | ||||||
Shaftesbury PLC | 2,044 | 28,392 | ||||||
Unite Group PLC | 1,716 | 16,974 | ||||||
Workspace Group PLC | 934 | 13,271 | ||||||
556,498 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $4,024,999) | 4,041,479 | |||||||
SHORT TERM INVESTMENT — 0.1% | ||||||||
MONEY MARKET FUND — 0.1% | ||||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e) (Cost $2,435) | 2,435 | 2,435 | ||||||
TOTAL INVESTMENTS — 99.8% | ||||||||
(Cost $4,027,434) | 4,043,914 | |||||||
OTHER ASSETS & LIABILITIES — 0.2% | 8,406 | |||||||
NET ASSETS — 100.0% | $ | 4,052,320 | ||||||
(a) | Non-income producing security | |||||
(b) | Amount shown represents less than 0.05% of net assets. | |||||
(c) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of September 30, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(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
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
219
SPDR MSCI International Real Estate Currency Hedged ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
At September 30, 2015, open forward foreign currency contracts were as follows:
Net Unrealized | ||||||||||||||||||||
Settlement | Appreciation/ | |||||||||||||||||||
Counterparty | Amount Sold | Amount Bought | Date | Depreciation | ||||||||||||||||
Bank of America N.A. | GBP | 388,000 | USD | 597,025 | 10/5/2015 | $ | 9,312 | |||||||||||||
Bank of America N.A. | SGD | 419,000 | USD | 297,704 | 10/5/2015 | 3,039 | ||||||||||||||
Bank of Montreal | CAD | 200,000 | USD | 150,820 | 10/5/2015 | 1,648 | ||||||||||||||
Bank of Montreal | CHF | 91,000 | USD | 93,846 | 10/5/2015 | 705 | ||||||||||||||
Bank of Montreal | SEK | 826,000 | USD | 99,832 | 10/5/2015 | 1,340 | ||||||||||||||
Bank of Montreal | USD | 93,142 | CHF | 91,000 | 10/5/2015 | (1 | ) | |||||||||||||
Bank of Montreal | USD | 149,170 | CAD | 200,000 | 10/5/2015 | 2 | ||||||||||||||
Bank of Montreal | USD | 98,491 | SEK | 826,000 | 10/5/2015 | — | ||||||||||||||
BNP Paribas SA | JPY | 98,440,000 | USD | 820,301 | 10/5/2015 | (1,671 | ) | |||||||||||||
Citibank N.A. | HKD | 4,582,000 | USD | 591,202 | 10/5/2015 | (20 | ) | |||||||||||||
Citibank N.A. | NOK | 69,000 | USD | 8,400 | 10/5/2015 | 312 | ||||||||||||||
Citibank N.A. | NZD | 38,000 | USD | 24,038 | 10/5/2015 | (266 | ) | |||||||||||||
Citibank N.A. | USD | 24,304 | NZD | 38,000 | 10/5/2015 | (1 | ) | |||||||||||||
Citibank N.A. | USD | 591,222 | HKD | 4,582,000 | 10/5/2015 | — | ||||||||||||||
Citibank N.A. | USD | 8,089 | NOK | 69,000 | 10/5/2015 | — | ||||||||||||||
HSBC Bank USA | USD | 294,676 | SGD | 419,000 | 10/5/2015 | (11 | ) | |||||||||||||
HSBC Bank USA | USD | 587,715 | GBP | 388,000 | 10/5/2015 | (2 | ) | |||||||||||||
Royal Bank of Canada | EUR | 763,000 | USD | 861,879 | 10/5/2015 | 10,144 | ||||||||||||||
Royal Bank of Canada | USD | 851,734 | EUR | 763,000 | 10/5/2015 | 1 | ||||||||||||||
UBS AG | USD | 821,971 | JPY | 98,440,000 | 10/5/2015 | — | ||||||||||||||
Bank of Montreal | AUD | 704,000 | USD | 502,779 | 10/6/2015 | 8,508 | ||||||||||||||
Bank of Montreal | USD | 494,270 | AUD | 704,000 | 10/6/2015 | 2 | ||||||||||||||
Citibank N.A. | ILS | 68,000 | USD | 17,498 | 10/6/2015 | 173 | ||||||||||||||
Citibank N.A. | USD | 17,326 | ILS | 68,000 | 10/6/2015 | — | ||||||||||||||
Bank of Montreal | AUD | 704,000 | USD | 493,469 | 11/4/2015 | (26 | ) | |||||||||||||
Bank of Montreal | CAD | 200,000 | USD | 149,154 | 11/4/2015 | (1 | ) | |||||||||||||
Bank of Montreal | CHF | 91,000 | USD | 93,228 | 11/4/2015 | (10 | ) | |||||||||||||
Bank of Montreal | SEK | 826,000 | USD | 98,556 | 11/4/2015 | (2 | ) | |||||||||||||
Citibank N.A. | HKD | 4,582,000 | USD | 591,201 | 11/4/2015 | (10 | ) | |||||||||||||
Citibank N.A. | ILS | 68,000 | USD | 17,329 | 11/4/2015 | (2 | ) | |||||||||||||
Citibank N.A. | NOK | 69,000 | USD | 8,085 | 11/4/2015 | — | ||||||||||||||
Citibank N.A. | NZD | 38,000 | USD | 24,249 | 11/4/2015 | (1 | ) | |||||||||||||
Goldman Sachs | CAD | 2,000 | USD | 1,491 | 11/4/2015 | — | ||||||||||||||
Goldman Sachs | EUR | 2,000 | USD | 2,234 | 11/4/2015 | — | ||||||||||||||
Goldman Sachs | GBP | 2,000 | USD | 3,029 | 11/4/2015 | — | ||||||||||||||
Goldman Sachs | SEK | 19,000 | USD | 2,267 | 11/4/2015 | — | ||||||||||||||
Goldman Sachs | USD | 25,879 | JPY | 3,098,000 | 11/4/2015 | (2 | ) | |||||||||||||
Goldman Sachs | USD | 6,309 | AUD | 9,000 | 11/4/2015 | (1 | ) | |||||||||||||
Goldman Sachs | USD | 2,049 | CHF | 2,000 | 11/4/2015 | — | ||||||||||||||
Goldman Sachs | USD | 3,742 | HKD | 29,000 | 11/4/2015 | — | ||||||||||||||
Goldman Sachs | USD | 255 | ILS | 1,000 | 11/4/2015 | — | ||||||||||||||
Goldman Sachs | USD | 8,432 | SGD | 12,000 | 11/4/2015 | — | ||||||||||||||
HSBC Bank USA | GBP | 388,000 | USD | 587,629 | 11/4/2015 | (2 | ) | |||||||||||||
HSBC Bank USA | SGD | 419,000 | USD | 294,298 | 11/4/2015 | (96 | ) |
See accompanying notes to financial statements.
220
SPDR MSCI International Real Estate Currency Hedged ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Net Unrealized | ||||||||||||||||||||
Settlement | Appreciation/ | |||||||||||||||||||
Counterparty | Amount Sold | Amount Bought | Date | Depreciation | ||||||||||||||||
Royal Bank of Canada | EUR | 763,000 | USD | 852,108 | 11/4/2015 | $ | (7 | ) | ||||||||||||
UBS AG | JPY | 98,440,000 | USD | 822,249 | 11/4/2015 | (25 | ) | |||||||||||||
$ | 33,029 | |||||||||||||||||||
AUD — Australian Dollar
CAD — Canadian Dollar
CHF — Swiss Franc
EUR — Euro Currency
GBP — Great British Pound
HKD — Hong Kong Dollar
ILS — Israeli Shekel
JPY — Japanese Yen
NOK — Norwegian Krone
NZD — New Zealand Dollar
SEK — Swedish Krona
SGD — Singapore Dollar
USD — United States Dollar
See accompanying notes to financial statements.
221
SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.5% | ||||||||
CHINA — 33.3% | ||||||||
21Vianet Group, Inc. ADR (a)(b) | 12,653 | $ | 231,297 | |||||
500.com, Ltd. ADR (Class A) (a) | 2,300 | 37,306 | ||||||
51job, Inc. ADR (a) | 3,764 | 103,134 | ||||||
58.com Inc, ADR (a)(b) | 5,763 | 271,149 | ||||||
A8 New Media Group, Ltd. (a) | 544,000 | 47,029 | ||||||
Agricultural Bank of China, Ltd. (Class H) | 3,778,000 | 1,428,319 | ||||||
Air China, Ltd. (Class H) | 513,414 | 404,766 | ||||||
Alibaba Group Holding, Ltd. ADR (a)(b) | 179,608 | 10,591,484 | ||||||
Aluminum Corp. of China, Ltd. (Class H) (a)(b) | 994,304 | 309,194 | ||||||
Angang Steel Co., Ltd. (b) | 561,244 | 225,220 | ||||||
Anhui Conch Cement Co., Ltd. (Class H) | 327,750 | 962,099 | ||||||
Anhui Expressway Co., Ltd. (Class H) (b) | 72,000 | 58,529 | ||||||
Anta Sports Products, Ltd. | 136,000 | 350,966 | ||||||
Autohome, Inc. ADR (a) | 6,793 | 220,976 | ||||||
BAIC Motor Corp., Ltd. (Class H) (b)(c) | 273,500 | 239,620 | ||||||
Baidu, Inc. ADR (a) | 49,248 | 6,767,168 | ||||||
Bank of China, Ltd. (Class H) | 12,318,466 | 5,292,933 | ||||||
Bank of Communications Co., Ltd. (Class H) | 3,475,630 | 2,408,260 | ||||||
BBMG Corp. (Class H) | 154,500 | 105,857 | ||||||
Beijing Enterprises Clean Energy Group, Ltd. (a)(b) | 2,436,600 | 301,822 | ||||||
Bitauto Holdings, Ltd. ADR (a)(b) | 3,528 | 105,029 | ||||||
Boer Power Holdings, Ltd. (b) | 67,000 | 113,078 | ||||||
Boyaa Interactive International, Ltd. (b) | 146,200 | 59,989 | ||||||
Brilliance China Automotive Holdings, Ltd. (b) | 506,000 | 598,056 | ||||||
BYD Co., Ltd. (Class H) (a)(b) | 125,800 | 663,083 | ||||||
BYD Electronic International Co., Ltd. (a) | 161,000 | 99,923 | ||||||
CAR, Inc. (a)(b) | 249,649 | 359,492 | ||||||
CGN Power Co., Ltd. (Class H) (c) | 1,775,000 | 739,769 | ||||||
Chanjet Information Technology Co., Ltd. (Class H) | 35,300 | 60,943 | ||||||
China Animal Healthcare, Ltd. (a)(b)(d) | 305,700 | 102,557 | ||||||
China Assurance Finance Group, Ltd. (a) | 205,000 | 26,716 | ||||||
China Biologic Products, Inc. (a) | 1,100 | 98,802 | ||||||
China Cinda Asset Management Co., Ltd. (Class H) | 1,518,600 | 525,138 | ||||||
China CITIC Bank Corp., Ltd. (Class H) (a) | 1,832,341 | 1,061,569 | ||||||
China Coal Energy Co., Ltd. (Class H) (b) | 896,000 | 361,866 | ||||||
China Communications Construction Co., Ltd. (Class H) | 816,000 | 1,003,410 | ||||||
China Conch Venture Holdings, Ltd. (b) | 204,100 | 432,953 | ||||||
China Construction Bank Corp. (Class H) | 14,989,148 | 9,960,466 | ||||||
China COSCO Holdings Co., Ltd. (Class H) (a)(b)(e) | 1,067,730 | 680,587 | ||||||
China Eastern Airlines Corp., Ltd. (Class H) (a) | 254,000 | 151,744 | ||||||
China Fangda Group Co., Ltd. (Class B) | 118,000 | 72,322 | ||||||
China Fire Safety Enterprise Group, Ltd. (a) | 570,000 | 30,155 | ||||||
China Galaxy Securities Co., Ltd. (Class H) (b) | 481,100 | 337,699 | ||||||
China Harmony New Energy Auto Holdings, Ltd. | 105,500 | 49,687 | ||||||
China Hongqiao Group, Ltd. (b) | 166,000 | 77,752 | ||||||
China Huiyuan Juice Group, Ltd. (a) | 195,500 | 73,154 | ||||||
China International Marine Containers Group Co., Ltd. (Class H) | 116,000 | 203,560 | ||||||
China Jicheng Holdings, Ltd. (a)(c) | 626,300 | 163,241 | ||||||
China Lesso Group Holdings, Ltd. | 186,000 | 149,759 | ||||||
China Life Insurance Co., Ltd. (Class H) | 1,327,708 | 4,591,270 | ||||||
China Lilang, Ltd. (b) | 115,000 | 98,083 | ||||||
China Lodging Group, Ltd. ADR (a) | 5,455 | 132,720 | ||||||
China Longyuan Power Group Corp. (Class H) | 661,000 | 709,611 | ||||||
China Machinery Engineering Corp. (Class H) | 118,000 | 101,403 | ||||||
China Merchants Bank Co., Ltd. (Class H) | 865,760 | 2,088,982 | ||||||
China Merchants Property Development Co., Ltd. (Class B) | 296,126 | 961,735 | ||||||
China Minsheng Banking Corp., Ltd. (Class H) | 1,202,600 | 1,107,937 | ||||||
China Molybdenum Co., Ltd. (Class H) (b) | 185,000 | 89,754 | ||||||
China National Building Material Co., Ltd. (Class H) (b) | 578,000 | 332,628 | ||||||
China NT Pharma Group Co., Ltd. (a) | 145,500 | 33,793 | ||||||
China Oilfield Services, Ltd. (Class H) (b) | 382,557 | 382,061 | ||||||
China Pacific Insurance Group Co., Ltd. (Class H) | 402,000 | 1,486,094 | ||||||
China Petroleum & Chemical Corp. (Class H) | 4,699,726 | 2,856,202 | ||||||
China Railway Construction Corp., Ltd. (Class H) | 331,500 | 486,767 | ||||||
China Railway Group, Ltd. (Class H) | 908,000 | 823,639 | ||||||
China Shengmu Organic Milk, Ltd. (a)(c) | 469,000 | 102,877 | ||||||
China Shenhua Energy Co., Ltd. (Class H) | 690,040 | 1,054,196 | ||||||
China Shipping Container Lines Co., Ltd. (a)(b)(e) | 1,637,339 | 657,044 | ||||||
China Shipping Development Co., Ltd. (b)(e) | 775,215 | 549,149 | ||||||
China Silver Group, Ltd. | 120,000 | 29,264 | ||||||
China Southern Airlines Co., Ltd. (Class H) | 282,000 | 207,041 |
See accompanying notes to financial statements.
222
SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
China Telecom Corp., Ltd. (Class H) | 3,149,320 | $ | 1,515,727 | |||||
China Vanke Co., Ltd. (Class H) (b) | 172,700 | 368,573 | ||||||
Chinasoft International, Ltd. (a) | 300,000 | 114,967 | ||||||
Chongqing Changan Automobile Co., Ltd. (Class B) | 116,300 | 196,433 | ||||||
Chongqing Rural Commercial Bank Co., Ltd. (Class H) | 277,000 | 156,191 | ||||||
CITIC Securities Co., Ltd. (Class H) (b) | 289,500 | 515,493 | ||||||
CNinsure, Inc. ADR (a)(b) | 11,532 | 88,220 | ||||||
Cogobuy Group (a)(c) | 80,000 | 80,722 | ||||||
Colour Life Services Group Co., Ltd. | 119,000 | 93,050 | ||||||
Consun Pharmaceutical Group, Ltd. | 238,400 | 144,885 | ||||||
Coolpad Group, Ltd. (a) | 600,000 | 112,257 | ||||||
Cosmo Lady China Holdings Co., Ltd. (b)(c) | 130,000 | 137,548 | ||||||
Country Garden Holdings Co., Ltd. (b) | 995,333 | 358,318 | ||||||
Credit China Holdings, Ltd. | 536,000 | 138,322 | ||||||
CRRC Corp., Ltd. (Class H) (a)(b) | 689,000 | 871,246 | ||||||
CSG Holding Co., Ltd. (Class B) | 152,200 | 115,278 | ||||||
CT Environmental Group, Ltd. (b) | 508,000 | 158,626 | ||||||
Ctrip.com International, Ltd. ADR (a) | 27,112 | 1,712,936 | ||||||
Dalian Wanda Commercial Properties Co., Ltd. (Class H) (c) | 87,300 | 500,141 | ||||||
Datang International Power Generation Co., Ltd. (Class H) | 498,000 | 188,275 | ||||||
Dazhong Transportation Group Co., Ltd. (Class B) | 97,800 | 88,705 | ||||||
Dongfang Electric Corp., Ltd. (Class H) | 28,400 | 29,133 | ||||||
Dongfeng Motor Group Co., Ltd. (Class H) | 630,468 | 785,029 | ||||||
E-Commerce China Dangdang, Inc. (Class A) ADR (a)(b) | 15,562 | 92,905 | ||||||
E-House China Holdings, Ltd. ADR (b) | 22,421 | 133,181 | ||||||
FIH Mobile, Ltd. | 446,000 | 204,295 | ||||||
First Tractor Co., Ltd. (Class H) | 104,000 | 60,789 | ||||||
GF Securities Co., Ltd. (Class H) (a)(b) | 149,200 | 269,521 | ||||||
Golden Eagle Retail Group, Ltd. (b) | 124,000 | 145,279 | ||||||
Goodbaby International Holdings, Ltd. (a) | 345,000 | 153,580 | ||||||
Great Wall Motor Co., Ltd. (Class H) | 489,000 | 540,105 | ||||||
Greentown China Holdings, Ltd. (a)(b) | 141,500 | 101,332 | ||||||
Guangshen Railway Co., Ltd. | 96,000 | 38,152 | ||||||
Guangzhou Automobile Group Co., Ltd. (Class H) | 652,032 | 530,877 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. (Class H) (b) | 62,000 | 159,199 | ||||||
Guangzhou R&F Properties Co., Ltd. (Class H) (b) | 530,976 | 480,958 | ||||||
Haitian International Holdings, Ltd. | 101,000 | 166,551 | ||||||
Haitong Securities Co., Ltd. (Class H) (b) | 459,600 | 661,820 | ||||||
Hengan International Group Co., Ltd. | 118,500 | 1,152,118 | ||||||
Hi Sun Technology China, Ltd. (a)(b) | 450,000 | 75,483 | ||||||
Homeinns Hotel Group ADR (a) | 5,973 | 171,664 | ||||||
Huadian Fuxin Energy Corp., Ltd. (Class H) | 320,000 | 110,244 | ||||||
Huadian Power International Corp., Ltd. (Class H) | 284,000 | 220,969 | ||||||
Huaneng Power International, Inc. (Class H) | 820,472 | 881,869 | ||||||
Huaneng Renewables Corp., Ltd. (Class H) | 516,000 | 190,419 | ||||||
Huatai Securities Co., Ltd. (Class H) (a)(c) | 101,200 | 199,265 | ||||||
Huishang Bank Corp., Ltd. (Class H) | 911,000 | 398,486 | ||||||
Industrial & Commercial Bank of China, Ltd. (Class H) | 13,661,138 | 7,861,714 | ||||||
Inner Mongolia Yitai Coal Co., Ltd. (Class B) | 350,878 | 285,264 | ||||||
Intime Retail Group Co., Ltd. | 233,500 | 241,031 | ||||||
JD.com, Inc. ADR (a) | 136,138 | 3,547,756 | ||||||
Jiangsu Expressway Co., Ltd. (Class H) | 492,299 | 626,963 | ||||||
Jiangsu Future Land Co., Ltd. (Class B) | 134,434 | 243,191 | ||||||
Jiangxi Copper Co., Ltd. (Class H) | 473,578 | 574,401 | ||||||
Jingwei Textile Machinery (Class H) (b) | 152,000 | 227,900 | ||||||
Jinheng Automotive Safety Technology Holdings, Ltd. (a) | 244,000 | 29,595 | ||||||
JinkoSolar Holding Co., Ltd. ADR (a)(b) | 4,426 | 97,106 | ||||||
Jumei International Holding, Ltd. ADR (a)(b) | 3,400 | 33,558 | ||||||
Kama Co., Ltd. (Class B) (a) | 162,217 | 135,613 | ||||||
Kangda International Environmental Co., Ltd. (a)(b)(c) | 310,000 | 81,599 | ||||||
Kingsoft Corp., Ltd. | 155,000 | 301,998 | ||||||
Konka Group Co., Ltd. (Class B) | 662,600 | 252,214 | ||||||
KWG Property Holding, Ltd. | 220,000 | 144,206 | ||||||
Lao Feng Xiang Co., Ltd. (Class B) | 80,616 | 327,946 | ||||||
Launch Tech Co., Ltd. (Class H) (a) | 25,000 | 29,677 | ||||||
Leyou Technologies Holdings, Ltd. (a) | 320,800 | 34,770 | ||||||
Lifetech Scientific Corp. (a) | 368,000 | 53,182 | ||||||
Livzon Pharmaceutical Group, Inc. (Class H) (e) | 26,590 | 137,238 | ||||||
Luoyang Glass Co., Ltd. (Class H) (a) | 82,000 | 53,855 | ||||||
Luthai Textile Co., Ltd. | 67,000 | 82,820 | ||||||
Luye Pharma Group, Ltd. (a) | 283,000 | 251,595 | ||||||
Maanshan Iron & Steel (a)(b) | 972,971 | 209,658 | ||||||
Metallurgical Corp. of China, Ltd. (Class H) (e) | 574,000 | 211,823 | ||||||
Mindray Medical International, Ltd. ADR | 16,035 | 350,685 | ||||||
MOBI Development Co., Ltd. | 660,000 | 102,193 | ||||||
Nanjing Panda Electronics Co., Ltd. (Class H) | 46,000 | 31,636 | ||||||
NetEase, Inc. ADR | 14,455 | 1,736,335 | ||||||
New China Life Insurance Co., Ltd. (Class H) | 106,700 | 458,463 | ||||||
New Oriental Education & Technology Group, Inc. ADR | 19,466 | 393,408 | ||||||
Nine Dragons Paper Holdings, Ltd. | 248,000 | 128,319 |
See accompanying notes to financial statements.
223
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SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Noah Holdings, Ltd. ADS (a)(b) | 3,451 | $ | 81,064 | |||||
Ourgame International Holdings, Ltd. | 60,000 | 30,503 | ||||||
People’s Insurance Co. Group of China, Ltd. (Class H) | 757,000 | 368,242 | ||||||
PetroChina Co., Ltd. (Class H) | 3,677,208 | 2,547,933 | ||||||
Phoenix Healthcare Group Co., Ltd. | 106,500 | 172,872 | ||||||
PICC Property & Casualty Co., Ltd. (Class H) | 742,289 | 1,442,426 | ||||||
Ping An Insurance Group Co. of China, Ltd. (Class H) | 795,728 | 3,937,545 | ||||||
Poly Culture Group Corp., Ltd. (Class H) | 43,600 | 92,263 | ||||||
Qihoo 360 Technology Co., Ltd. ADR (a)(b) | 15,194 | 726,729 | ||||||
Qunar Cayman Islands, Ltd. ADR (a) | 6,741 | 202,702 | ||||||
Renhe Commercial Holdings Co., Ltd. (a)(b) | 2,874,000 | 153,897 | ||||||
REXLot Holdings, Ltd. (b)(d) | 3,100,000 | 131,999 | ||||||
Semiconductor Manufacturing International Corp. (a) | 8,007,837 | 723,284 | ||||||
Shandong Airlines Co., Ltd. (Class B) | 31,500 | 65,723 | ||||||
Shandong Chenming Paper Holdings, Ltd. (Class H) | 76,500 | 29,514 | ||||||
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. (Class H) | 94,000 | 147,973 | ||||||
Shandong Weigao Group Medical Polymer Co., Ltd. (Class H) | 372,000 | 234,239 | ||||||
Shang Gong Group Co., Ltd. (Class B) (a) | 182,700 | 160,776 | ||||||
Shanghai Baosight Software Co., Ltd. (Class B) | 26,700 | 87,763 | ||||||
Shanghai Electric Group Co., Ltd. (Class H) (b) | 640,418 | 347,889 | ||||||
Shanghai Fosun Pharmaceutical Group Co., Ltd. (Class H) | 53,000 | 165,838 | ||||||
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Class H) (b) | 252,000 | 231,513 | ||||||
Shanghai Haixin Group Co. (Class B) | 115,000 | 68,310 | ||||||
Shanghai Highly Group Co., Ltd. (Class B) | 338,800 | 207,007 | ||||||
Shanghai Jinjiang International Industrial Investment Co., Ltd. (Class B) | 21,100 | 31,671 | ||||||
Shanghai Jinjiang International Travel Co., Ltd. (Class B) | 40,431 | 129,864 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. (Class B) | 57,400 | 84,263 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. (Class B) | 95,261 | 258,348 | ||||||
Shanghai Mechanical and Electrical Industry Co., Ltd. (Class B) | 73,439 | 167,000 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H) | 94,900 | 197,881 | ||||||
Shanghai Prime Machinery Co., Ltd. (Class H) | 832,000 | 135,266 | ||||||
Shanghai Tonva Petrochemical Co. Ltd. (Class H) | 280,000 | 30,709 | ||||||
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. (Class B) | 16,100 | 31,282 | ||||||
Shanghai Zhenhua Heavy Industries Co., Ltd. (Class B) (a) | 157,200 | 76,556 | ||||||
Shengjing Bank Co., Ltd. (Class H) (b)(c) | 35,000 | 49,316 | ||||||
Shenzhen Expressway Co., Ltd. (Class H) | 46,000 | 29,974 | ||||||
Shenzhou International Group Holdings, Ltd. | 70,000 | 360,385 | ||||||
Shunfeng International Clean Energy, Ltd. (a) | 320,700 | 81,519 | ||||||
Sihuan Pharmaceutical Holdings Group, Ltd. (e) | 91,000 | 11,742 | ||||||
Sina Corp. (a) | 13,838 | 555,181 | ||||||
Sinopec Oilfield Service Corp. (Class H) (a)(b) | 294,000 | 94,838 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd. (Class H) (a)(b) | 830,878 | 316,268 | ||||||
Sinopharm Group Co. (Class H) | 163,600 | 572,069 | ||||||
Sohu.com, Inc. (a)(b) | 5,541 | 228,843 | ||||||
SouFun Holdings, Ltd. ADR (b) | 35,864 | 236,702 | ||||||
SPT Energy Group, Inc. (a)(b) | 342,000 | 30,890 | ||||||
Sun King Power Electronics Group (a) | 213,000 | 23,911 | ||||||
Sunny Optical Technology Group Co., Ltd. (b) | 151,800 | 301,248 | ||||||
Synertone Communication Corp. (a) | 1,528,000 | 31,151 | ||||||
TAL Education Group ADR (a) | 8,620 | 277,133 | ||||||
Tencent Holdings, Ltd. | 936,070 | 15,617,170 | ||||||
Tian Ge Interactive Holdings, Ltd. (c) | 80,000 | 34,787 | ||||||
Tianjin ZhongXin Pharmaceutical Group Co., Ltd. (Class S) | 47,300 | 50,138 | ||||||
Tingyi Cayman Islands Holding Corp. (b) | 522,383 | 830,415 | ||||||
Tong Ren Tang Technologies Co., Ltd. (Class H) | 188,000 | 256,164 | ||||||
TravelSky Technology, Ltd. (Class H) (b) | 152,000 | 191,225 | ||||||
Trina Solar, Ltd. ADR (a)(b) | 16,886 | 151,467 | ||||||
Tsingtao Brewery Co., Ltd. (Class H) (b) | 72,000 | 314,940 | ||||||
Universal Health International Group Holding, Ltd. (b) | 318,000 | 104,632 | ||||||
Vipshop Holdings, Ltd. ADS (a)(b) | 50,918 | 855,422 | ||||||
Want Want China Holdings, Ltd. (b) | 1,501,000 | 1,231,780 | ||||||
Weichai Power Co., Ltd. (Class H) | 30,000 | 27,832 | ||||||
Wisdom Holdings Group (b) | 216,000 | 91,974 | ||||||
WuXi PharmaTech Cayman, Inc. ADR (a) | 12,014 | 519,125 | ||||||
Xiamen International Port Co., Ltd. (Class H) | 162,000 | 39,089 | ||||||
Xinchen China Power Holdings, Ltd. (a)(b) | 345,000 | 78,793 | ||||||
Xinjiang Goldwind Science & Technology Co., Ltd. (Class H) | 43,600 | 75,385 | ||||||
Xinyi Solar Holdings, Ltd. (b) | 367,200 | 125,084 | ||||||
Yantai Changyu Pioneer Wine Co., Ltd. (Class B) | 41,053 | 126,072 | ||||||
Yanzhou Coal Mining Co., Ltd. (Class H) (b) | 512,882 | 227,652 |
See accompanying notes to financial statements.
224
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SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Yestar International Holdings Co., Ltd. (b) | 500,000 | $ | 198,708 | |||||
Youku Tudou, Inc. ADR (a)(b) | 20,835 | 367,321 | ||||||
YY, Inc. ADR (a) | 4,884 | 266,373 | ||||||
Zhejiang Expressway Co., Ltd. (Class H) | 286,000 | 310,354 | ||||||
Zhengzhou Coal Mining Machinery Group Co., Ltd. (Class H) | 69,200 | 29,376 | ||||||
Zhuzhou CSR Times Electric Co., Ltd. (Class H) | 112,000 | 824,459 | ||||||
Zijin Mining Group Co., Ltd. (Class H) | 1,390,685 | 362,473 | ||||||
ZTE Corp. (Class H) | 127,440 | 290,068 | ||||||
142,789,017 | ||||||||
HONG KONG — 11.9% | ||||||||
AAC Technologies Holdings, Inc. (b) | 111,000 | 691,060 | ||||||
Agile Property Holdings, Ltd. (b) | 735,598 | 382,509 | ||||||
Alibaba Pictures Group, Ltd. (a)(b) | 1,700,107 | 377,312 | ||||||
Asia Resources Holdings, Ltd. (a) | 570,000 | 28,684 | ||||||
AVIC International Holding HK, Ltd. (a)(b) | 720,000 | 78,038 | ||||||
AVIC Joy Holdings HK, Ltd. (a) | 810,000 | 28,219 | ||||||
AviChina Industry & Technology Co., Ltd. (Class H) | 606,000 | 446,482 | ||||||
Beijing Capital International Airport Co., Ltd. | 182,000 | 169,318 | ||||||
Beijing Capital Land, Ltd. (Class H) | 154,000 | 60,805 | ||||||
Beijing Enterprises Holdings, Ltd. | 108,000 | 647,299 | ||||||
Beijing Enterprises Medical & Health Group, Ltd. (a) | 570,400 | 57,408 | ||||||
Beijing Enterprises Water Group, Ltd. (a) | 652,000 | 454,294 | ||||||
Belle International Holdings, Ltd. | 813,000 | 702,847 | ||||||
BEP International Holdings, Ltd. | 1,360,000 | 203,560 | ||||||
Biostime International Holdings, Ltd. (b) | 32,500 | 62,316 | ||||||
C.banner International Holdings, Ltd. (a)(b) | 248,000 | 82,239 | ||||||
Carnival Group International Holdings, Ltd. (a)(b) | 1,380,000 | 172,721 | ||||||
CCT Land Holdings, Ltd. (a) | 14,800,000 | 36,284 | ||||||
Changshouhua Food Co., Ltd. | 109,000 | 58,649 | ||||||
Chia Tai Enterprises International, Ltd. (a) | 20,300 | 7,910 | ||||||
Chiho-Tiande Group, Ltd. (a)(e) | 58,000 | 38,991 | ||||||
China Aerospace International Holdings, Ltd. (b) | 402,000 | 52,908 | ||||||
China Agri-Industries Holdings, Ltd. (a)(b) | 387,000 | 132,328 | ||||||
China All Access Holdings, Ltd. (b) | 248,000 | 78,720 | ||||||
China Beidahuang Industry Group Holdings, Ltd. (Class A) (a) | 288,800 | 51,425 | ||||||
China Chengtong Development Group, Ltd. (a) | 488,000 | 62,967 | ||||||
China Dongxiang Group Co., Ltd. | 659,000 | 159,009 | ||||||
China Everbright International, Ltd. | 394,000 | 550,071 | ||||||
China Everbright, Ltd. | 152,000 | 345,969 | ||||||
China Fiber Optic Network System Group, Ltd. (a)(b) | 1,006,800 | 136,404 | ||||||
China Finance Investment Holldings, Ltd. (a) | 920,000 | 35,613 | ||||||
China Financial International Investments, Ltd. (a) | 910,000 | 105,677 | ||||||
China Gas Holdings, Ltd. | 390,000 | 535,429 | ||||||
China High Speed Transmission Equipment Group Co., Ltd. (a) | 252,000 | 244,520 | ||||||
China Huarong Energy Co., Ltd. (a)(b) | 1,148,500 | 45,940 | ||||||
China Huishan Dairy Holdings Co., Ltd. (b) | 831,000 | 299,158 | ||||||
China Jinhai International Group, Ltd. (a) | 546,000 | 53,543 | ||||||
China Medical System Holdings, Ltd. | 225,000 | 257,514 | ||||||
China Mengniu Dairy Co., Ltd. | 270,390 | 948,976 | ||||||
China Merchants Holdings International Co., Ltd. | 421,375 | 1,236,932 | ||||||
China Minsheng Drawin Technology Group, Ltd. (a) | 540,000 | 34,838 | ||||||
China Mobile, Ltd. | 979,136 | 11,597,949 | ||||||
China Modern Dairy Holdings, Ltd. (b) | 468,000 | 142,513 | ||||||
China National Culture Group, Ltd. (a) | 2,340,000 | 27,778 | ||||||
China Nuclear Energy Technology Corp., Ltd. (a) | 136,000 | 36,325 | ||||||
China Ocean Shipbuilding Industry Group, Ltd. (a) | 2,357,800 | 69,973 | ||||||
China Oil Gangran Energy Group Holdings, Ltd. (a) | 1,680,000 | 27,964 | ||||||
China Overseas Land & Investment, Ltd. | 999,084 | 3,016,570 | ||||||
China Pharmaceutical Group, Ltd. | 376,000 | 329,422 | ||||||
China Power International Development, Ltd. (b) | 368,000 | 239,317 | ||||||
China Precious Metal Resources Holdings Co., Ltd. (a) | 674,000 | 26,525 | ||||||
China Public Procurement, Ltd. (a) | 1,812,000 | 28,992 | ||||||
China Resources Enterprise, Ltd. | 337,018 | 625,327 | ||||||
China Resources Gas Group, Ltd. | 82,000 | 211,188 | ||||||
China Resources Land, Ltd. | 538,767 | 1,262,445 | ||||||
China Resources Power Holdings Co., Ltd. | 438,000 | 999,199 | ||||||
China Singyes Solar Technologies Holdings, Ltd. (a)(b) | 92,000 | 62,085 | ||||||
China South City Holdings, Ltd. (b) | 522,000 | 127,300 | ||||||
China State Construction International Holdings, Ltd. | 316,000 | 451,775 | ||||||
China Taiping Insurance Holdings Co., Ltd. (a) | 165,741 | 514,328 | ||||||
China Travel International Investment Hong Kong, Ltd. | 358,000 | 130,265 | ||||||
China Unicom (Hong Kong), Ltd. | 1,044,172 | 1,321,711 | ||||||
China Yurun Food Group, Ltd. (a)(b) | 258,659 | 58,740 | ||||||
CITIC Dameng Holdings, Ltd. (a) | 322,000 | 26,591 | ||||||
Citic Resources Holdings, Ltd. (a)(b) | 474,000 | 69,112 | ||||||
Citic Telecom International Holdings, Ltd. | 259,000 | 88,561 | ||||||
CITIC, Ltd. (b) | 819,000 | 1,490,042 |
See accompanying notes to financial statements.
225
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SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Citychamp Watch & Jewellery Group, Ltd. (a)(b) | 620,000 | $ | 95,199 | |||||
CNOOC, Ltd. | 2,975,249 | 3,044,332 | ||||||
Comba Telecom Systems Holdings, Ltd. | 354,260 | 75,423 | ||||||
COSCO Pacific, Ltd. (e) | 1,135,283 | 1,468,827 | ||||||
CP Pokphand Co., Ltd. (b) | 1,170,000 | 129,831 | ||||||
Dawnrays Pharmaceutical Holdings, Ltd. | 184,000 | 158,358 | ||||||
Digital China Holdings, Ltd. | 193,000 | 178,555 | ||||||
Essex Bio-technology, Ltd. | 87,000 | 52,985 | ||||||
EVA Precision Industrial Holdings, Ltd. | 568,000 | 110,668 | ||||||
Evergrande Real Estate Group, Ltd. (b) | 759,000 | 430,913 | ||||||
Far East Horizon, Ltd. | 194,000 | 149,942 | ||||||
Fufeng Group, Ltd. (b) | 158,000 | 64,015 | ||||||
Fullshare Holdings, Ltd. (a) | 220,500 | 39,548 | ||||||
GCL Poly Energy Holdings, Ltd. (a)(b) | 1,384,000 | 266,083 | ||||||
Geely Automobile Holdings, Ltd. | 820,000 | 390,423 | ||||||
Global Bio-Chem Technology Group Co., Ltd. (a) | 704,000 | 26,797 | ||||||
GOME Electrical Appliances Holding, Ltd. (b) | 2,140,322 | 325,879 | ||||||
Guangdong Investment, Ltd. | 414,000 | 615,387 | ||||||
Guotai Junan International Holdings, Ltd. (b) | 389,000 | 109,923 | ||||||
Haier Electronics Group Co., Ltd. | 189,000 | 315,079 | ||||||
Hanergy Thin Film Power Group, Ltd. (a)(b)(d) | 5,962,000 | 0 | ||||||
Hang Fat Ginseng Holdings Co., Ltd. (b) | 4,361,600 | 326,414 | ||||||
HNA International Investment Holdings, Ltd. (a) | 604,000 | 30,784 | ||||||
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H) (b) | 1,322,400 | 162,100 | ||||||
Huabao International Holdings, Ltd. | 357,000 | 112,857 | ||||||
Huajun Holdings, Ltd. | 196,000 | 29,842 | ||||||
Huiyin Smart Community Co., Ltd. (a) | 332,000 | 28,702 | ||||||
Imperial Pacific International Holdings, Ltd. (a)(b) | 11,881,500 | 259,092 | ||||||
Joy City Property, Ltd. | 614,000 | 90,317 | ||||||
Kingboard Chemical Holdings, Ltd. | 169,200 | 205,004 | ||||||
Kingdee International Software Group Co., Ltd. (b) | 330,000 | 123,483 | ||||||
Kunlun Energy Co., Ltd. | 566,000 | 404,596 | ||||||
Lee & Man Paper Manufacturing, Ltd. | 323,000 | 163,374 | ||||||
Lenovo Group, Ltd. (b) | 1,395,703 | 1,175,985 | ||||||
Li Ning Co., Ltd. (a)(b) | 405,874 | 175,441 | ||||||
Millennium Pacific Group Holdings, Ltd. (a) | 33,800 | 54,080 | ||||||
Minth Group, Ltd. | 120,000 | 213,986 | ||||||
National Agricultural Holdings, Ltd. (a)(b) | 192,000 | 77,790 | ||||||
NetDragon Websoft, Inc. | 69,000 | 172,721 | ||||||
North Mining Shares Co., Ltd. (a) | 3,490,000 | 40,979 | ||||||
NVC Lighting Holdings, Ltd. (e) | 170,000 | 0 | ||||||
Poly Property Group Co., Ltd. (b) | 374,000 | 102,789 | ||||||
Shanghai Industrial Holdings, Ltd. | 64,000 | 141,212 | ||||||
Shenzhen Investment, Ltd. | 430,000 | 151,470 | ||||||
Shimao Property Holdings, Ltd. | 225,500 | 338,102 | ||||||
SIM Technology Group, Ltd. (a) | 590,000 | 29,690 | ||||||
Sino Biopharmaceutical, Ltd. | 580,000 | 712,460 | ||||||
Sino I Technology, Ltd. (a) | 2,300,000 | 27,303 | ||||||
Sino-Ocean Land Holdings, Ltd. | 1,155,711 | 629,299 | ||||||
Sinotrans, Ltd. (Class H) | 334,000 | 156,009 | ||||||
SITC International Holdings Co., Ltd. | 255,000 | 123,057 | ||||||
Skyworth Digital Holdings, Ltd. | 337,835 | 227,547 | ||||||
SSY Group, Ltd. (b) | 753,289 | 177,872 | ||||||
Sun Art Retail Group, Ltd. (b) | 319,500 | 245,292 | ||||||
Sunac China Holdings, Ltd. | 393,000 | 204,866 | ||||||
Suncorp Technologies, Ltd. (a)(b) | 2,340,000 | 59,783 | ||||||
Tack Fiori International Group, Ltd. (a) | 336,000 | 73,269 | ||||||
TCL Multimedia Technology Holdings, Ltd. (b) | 170,000 | 76,335 | ||||||
Tech Pro Technology Development, Ltd. (a)(b) | 2,324,800 | 542,950 | ||||||
Tianneng Power International, Ltd. (a) | 130,000 | 78,838 | ||||||
Tibet 5100 Water Resources Holdings, Ltd. (b) | 469,000 | 124,057 | ||||||
Uni-President China Holdings, Ltd. (b) | 274,000 | 264,453 | ||||||
United Energy Group, Ltd. (a) | 736,000 | 80,722 | ||||||
United Laboratories International Holdings, Ltd. (a) | 186,000 | 94,559 | ||||||
Victory City International Holdings, Ltd. | 712,000 | 103,814 | ||||||
Vinda International Holdings, Ltd. | 59,000 | 105,819 | ||||||
Vision Values Holdings, Ltd. (a)(d) | 680,000 | 128,102 | ||||||
Wasion Group Holdings, Ltd. | 108,000 | 111,623 | ||||||
West China Cement, Ltd. | 484,000 | 65,574 | ||||||
WH Group, Ltd. (a)(c) | 1,255,500 | 622,076 | ||||||
Xinyi Glass Holdings, Ltd. (b) | 458,000 | 204,474 | ||||||
Yuhua Energy Holdings, Ltd. (a) | 148,700 | 27,821 | ||||||
51,063,834 | ||||||||
INDIA — 18.8% | ||||||||
Adani Ports and Special Economic Zone, Ltd. | 155,324 | 707,524 | ||||||
Adani Power, Ltd. (a) | 121,785 | 45,827 | ||||||
Adani Transmissions, Ltd. (a) | 65,490 | 26,789 | ||||||
AIA Engineering, Ltd. | 13,203 | 199,473 | ||||||
Ajanta Pharma, Ltd. | 5,214 | 117,541 | ||||||
Alembic Pharmaceuticals, Ltd. | 15,393 | 160,320 | ||||||
Apollo Hospitals Enterprise, Ltd. | 43,074 | 946,001 | ||||||
Apollo Tyres, Ltd. | 73,312 | 200,983 | ||||||
Arvind Infrastructure, Ltd. (a) | 6,683 | 6,801 | ||||||
Arvind, Ltd. | 43,342 | 184,454 | ||||||
Asian Paints, Ltd. | 41,164 | 527,782 | ||||||
Aurobindo Pharma, Ltd. | 52,707 | 617,645 | ||||||
Axis Bank, Ltd. | 198,974 | 1,502,460 | ||||||
Bajaj Auto, Ltd. | 9,290 | 327,230 | ||||||
Bajaj Finance, Ltd. | 2,262 | 176,826 | ||||||
Bharat Electronics, Ltd. | 13,834 | 239,302 | ||||||
Bharat Forge, Ltd. | 20,915 | 289,174 | ||||||
Bharat Heavy Electricals, Ltd. | 237,415 | 743,459 | ||||||
Bharat Petroleum Corp., Ltd. | 22,915 | 296,980 | ||||||
Bharti Airtel, Ltd. | 299,876 | 1,543,466 |
See accompanying notes to financial statements.
226
SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Bharti Infratel, Ltd. | 77,182 | $ | 417,658 | |||||
Biocon, Ltd. | 35,235 | 238,658 | ||||||
Bosch, Ltd. | 1,108 | 327,248 | ||||||
Britannia Industries, Ltd. | 3,772 | 177,107 | ||||||
Cadila Healthcare, Ltd. | 7,904 | 251,871 | ||||||
Cipla, Ltd. | 136,924 | 1,326,790 | ||||||
Coal India, Ltd. | 208,690 | 1,041,542 | ||||||
Dabur India, Ltd. | 54,608 | 229,613 | ||||||
DCB Bank, Ltd. (a) | 112,373 | 244,896 | ||||||
DLF, Ltd. | 100,757 | 210,831 | ||||||
Dr Reddy’s Laboratories, Ltd. | 13,965 | 885,546 | ||||||
Eicher Motors, Ltd. | 1,305 | 353,718 | ||||||
Emami, Ltd. | 8,332 | 146,305 | ||||||
Escorts, Ltd. | 75,108 | 174,783 | ||||||
GAIL India, Ltd. | 70,740 | 325,788 | ||||||
Gillette India, Ltd. | 1,419 | 105,173 | ||||||
Glenmark Pharmaceuticals, Ltd. | 22,173 | 354,417 | ||||||
Godrej Consumer Products, Ltd. | 24,317 | 451,906 | ||||||
Godrej Industries, Ltd. | 28,676 | 152,074 | ||||||
Gujarat Mineral Development Corp., Ltd. | 69,150 | 75,429 | ||||||
Gujarat Pipavav Port, Ltd. (a) | 57,881 | 163,441 | ||||||
Havells India, Ltd. | 54,997 | 211,350 | ||||||
HCL Technologies, Ltd. | 77,305 | 1,156,690 | ||||||
HDFC Bank, Ltd. | 254,133 | 4,137,985 | ||||||
Hero Motocorp, Ltd. | 18,513 | 675,341 | ||||||
Hindalco Industries, Ltd. | 173,266 | 186,887 | ||||||
Hindustan Unilever, Ltd. | 170,662 | 2,118,325 | ||||||
Hindustan Zinc, Ltd. | 368,454 | 784,733 | ||||||
Housing Development & Infrastructure, Ltd. (a) | 101,085 | 113,420 | ||||||
Housing Development Finance Corp., Ltd. | 275,638 | 5,092,626 | ||||||
ICICI Bank Ltd. | 795 | 3,274 | ||||||
ICICI Bank, Ltd. ADR | 275,185 | 2,306,050 | ||||||
Idea Cellular, Ltd. | 304,073 | 692,549 | ||||||
IDFC, Ltd. | 224,208 | 481,788 | ||||||
IIFL Holdings, Ltd. (a) | 249,345 | 719,849 | ||||||
Indiabulls Housing Finance, Ltd. | 91,336 | 1,104,896 | ||||||
Indian Hotels Co., Ltd. (a) | 545,689 | 715,365 | ||||||
Indian Oil Corp., Ltd. | 83,315 | 510,501 | ||||||
IndusInd Bank, Ltd. | 38,799 | 557,071 | ||||||
Infosys, Ltd. ADR | 346,703 | 6,618,560 | ||||||
ITC, Ltd. GDR (a) | 302,577 | 1,518,634 | ||||||
Jaiprakash Associates, Ltd. (a) | 483,653 | 83,261 | ||||||
Jindal Steel & Power, Ltd. (a) | 89,865 | 83,033 | ||||||
JSW Steel, Ltd. | 22,841 | 309,436 | ||||||
Jubilant Foodworks, Ltd. | 7,999 | 195,143 | ||||||
Just Dial, Ltd. | 8,824 | 132,219 | ||||||
Kotak Mahindra Bank, Ltd. | 109,544 | 1,081,588 | ||||||
KPIT Technologies, Ltd. | 81,564 | 132,709 | ||||||
Larsen & Toubro, Ltd. GDR | 47,953 | 1,071,750 | ||||||
LIC Housing Finance, Ltd. | 58,025 | 415,961 | ||||||
Lupin, Ltd. | 25,554 | 791,847 | ||||||
Mahindra & Mahindra Financial Services, Ltd. | 57,746 | 210,565 | ||||||
Mahindra & Mahindra, Ltd. | 87,907 | 1,692,518 | ||||||
Marico, Ltd. | 40,158 | 247,286 | ||||||
Marksans Pharma, Ltd. | 154,839 | 244,973 | ||||||
MAX India, Ltd. | 23,710 | 184,869 | ||||||
Mindtree, Ltd. | 10,235 | 236,143 | ||||||
Motherson Sumi Systems, Ltd. | 62,492 | 219,303 | ||||||
NCC, Ltd. | 119,095 | 135,715 | ||||||
Nestle India, Ltd. | 3,301 | 320,226 | ||||||
NTPC, Ltd. | 211,474 | 398,688 | ||||||
Oil & Natural Gas Corp., Ltd. | 363,038 | 1,268,476 | ||||||
Page Industries, Ltd. | 1,196 | 241,826 | ||||||
PI Industries, Ltd. | 14,237 | 138,162 | ||||||
Power Finance Corp., Ltd. | 63,489 | 222,560 | ||||||
Power Grid Corp. of India, Ltd. | 135,220 | 272,644 | ||||||
Rajesh Exports, Ltd. | 39,442 | 338,057 | ||||||
Reliance Capital, Ltd. | 52,382 | 300,135 | ||||||
Reliance Communications, Ltd. (a) | 294,446 | 304,360 | ||||||
Reliance Industries, Ltd. GDR (c) | 146,951 | 3,858,933 | ||||||
Reliance Infrastructure, Ltd. | 95,694 | 507,190 | ||||||
Rural Electrification Corp., Ltd. | 59,389 | 247,952 | ||||||
Shriram City Union Finance, Ltd. | 11,243 | 292,200 | ||||||
Shriram Transport Finance Co., Ltd. | 28,058 | 395,415 | ||||||
Siemens, Ltd. | 42,912 | 866,837 | ||||||
Sintex Industries, Ltd. | 151,858 | 243,611 | ||||||
SKS Microfinance, Ltd. (a) | 42,296 | 261,321 | ||||||
State Bank of India | 264,458 | 955,457 | ||||||
Steel Authority of India, Ltd. | 322,217 | 252,069 | ||||||
Strides Arcolab, Ltd. | 10,687 | 198,810 | ||||||
Sun Pharma Advanced Research Co., Ltd. (a) | 19,081 | 111,902 | ||||||
Sun Pharmaceutical Industries, Ltd. (a) | 181,546 | 2,401,806 | ||||||
Suzlon Energy, Ltd. (a) | 507,248 | 161,123 | ||||||
Tata Consultancy Services, Ltd. | 93,929 | 3,703,427 | ||||||
Tata Motors, Ltd. (a) | 300,798 | 1,368,347 | ||||||
Tata Steel, Ltd. | 53,761 | 174,125 | ||||||
Tech Mahindra, Ltd. | 79,080 | 671,469 | ||||||
Torrent Pharmaceuticals, Ltd. | 7,250 | 165,925 | ||||||
UltraTech Cement, Ltd. | 9,650 | 393,027 | ||||||
United Breweries, Ltd. | 11,711 | 157,297 | ||||||
United Spirits, Ltd. (a) | 14,082 | 663,832 | ||||||
UPL, Ltd. | 44,709 | 312,159 | ||||||
Vakrangee, Ltd. | 156,527 | 305,352 | ||||||
Vedanta, Ltd. | 191,143 | 246,646 | ||||||
Wipro, Ltd. ADR | 128,778 | 1,582,682 | ||||||
WNS Holdings, Ltd. ADR (a) | 13,297 | 371,651 | ||||||
Wockhardt, Ltd. | 6,880 | 159,920 | ||||||
Yes Bank, Ltd. | 33,508 | 372,498 | ||||||
Zee Entertainment Enterprises, Ltd. | 234,566 | 1,402,429 | ||||||
80,299,590 | ||||||||
INDONESIA — 3.3% | ||||||||
Ace Hardware Indonesia Tbk PT | 3,031,300 | 104,492 | ||||||
Adaro Energy Tbk PT | 3,673,600 | 134,155 | ||||||
AKR Corporindo Tbk PT | 168,800 | 67,405 | ||||||
Astra International Tbk PT | 4,366,200 | 1,557,228 | ||||||
Bank Central Asia Tbk PT | 2,825,296 | 2,367,270 | ||||||
Bank Mandiri Persero Tbk PT | 1,845,605 | 998,390 | ||||||
Bank Negara Indonesia Persero Tbk PT | 707,400 | 199,665 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 2,465,996 | 1,456,032 | ||||||
Charoen Pokphand Indonesia Tbk PT | 477,100 | 65,133 | ||||||
Ciputra Surya Tbk PT | 584,088 | 65,785 |
See accompanying notes to financial statements.
227
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SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Citra Marga Nusaphala Persada Tbk PT (a) | 456,044 | $ | 46,694 | |||||
Garda Tujuh Buana Tbk PT (a)(e) | 127,500 | 0 | ||||||
Garuda Indonesia Tbk PT (a) | 4,449,800 | 93,856 | ||||||
Gudang Garam Tbk PT | 127,200 | 364,669 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 440,425 | 494,539 | ||||||
Indosat Tbk PT (a) | 975,448 | 249,688 | ||||||
Intiland Development Tbk PT | 1,604,200 | 64,059 | ||||||
Kalbe Farma Tbk PT | 1,285,600 | 120,662 | ||||||
Kawasan Industri Jababeka Tbk PT | 8,375,284 | 91,471 | ||||||
Lippo Cikarang Tbk PT (a) | 417,200 | 190,089 | ||||||
Lippo Karawaci Tbk PT | 2,109,100 | 162,681 | ||||||
Matahari Department Store Tbk PT | 119,100 | 130,888 | ||||||
Matahari Putra Prima Tbk PT | 579,300 | 75,922 | ||||||
Mayora Indah Tbk PT | 93,800 | 170,313 | ||||||
Media Nusantara Citra Tbk PT | 589,600 | 66,003 | ||||||
Metropolitan Land Tbk PT | 2,682,112 | 39,911 | ||||||
Modernland Realty Tbk PT | 7,269,600 | 215,359 | ||||||
Pakuwon Jati Tbk PT | 2,902,800 | 65,585 | ||||||
Pembangunan Perumahan Persero Tbk PT | 765,300 | 181,008 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 3,089,440 | 533,535 | ||||||
Selamat Sempurna Tbk PT | 757,200 | 231,036 | ||||||
Semen Indonesia Persero Tbk PT | 706,100 | 436,192 | ||||||
Summarecon Agung Tbk PT | 1,099,500 | 84,057 | ||||||
Surya Semesta Internusa Tbk PT | 1,748,700 | 80,572 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 11,016,470 | 1,988,980 | ||||||
Tiga Pilar Sejahtera Food Tbk | 1,161,500 | 114,961 | ||||||
Tower Bersama Infrastructure Tbk PT (a) | 416,500 | 186,217 | ||||||
Unilever Indonesia Tbk PT | 83,800 | 217,365 | ||||||
United Tractors Tbk PT | 359,445 | 428,758 | ||||||
Wijaya Karya Persero Tbk PT | 631,700 | 111,679 | ||||||
14,252,304 | ||||||||
MACAU — 0.0% (f) | ||||||||
Newtree Group Holdings, Ltd. (a) | 154,000 | 59,215 | ||||||
MALAYSIA — 4.6% | ||||||||
7-Eleven Malaysia Holdings Bhd (Class B) | 342,500 | 115,316 | ||||||
Aeon Credit Service M Bhd | 57,900 | 178,346 | ||||||
AirAsia Bhd | 312,400 | 90,968 | ||||||
Alliance Financial Group Bhd | 925,810 | 705,560 | ||||||
APM Automotive Holdings Bhd | 86,800 | 79,183 | ||||||
Astro Malaysia Holdings Bhd | 317,500 | 203,685 | ||||||
Axiata Group Bhd | 593,524 | 783,129 | ||||||
Berjaya Auto Bhd | 367,280 | 163,765 | ||||||
British American Tobacco Malaysia Bhd | 20,700 | 284,053 | ||||||
Bursa Malaysia Bhd | 310,334 | 568,319 | ||||||
Cahya Mata Sarawak Bhd | 309,700 | 362,840 | ||||||
Carlsberg Brewery Malay Bhd | 254,603 | 692,726 | ||||||
CB Industrial Product Holding Bhd | 288,400 | 122,689 | ||||||
CIMB Group Holdings Bhd | 497,958 | 505,236 | ||||||
Coastal Contracts Bhd | 142,900 | 60,791 | ||||||
Cypark Resources Bhd | 291,400 | 112,695 | ||||||
Dialog Group Bhd | 812,100 | 295,595 | ||||||
Eastern & Oriental Bhd | 471,070 | 169,320 | ||||||
ECM Libra Financial Group Bhd (a) | 1,166,172 | 344,884 | ||||||
Eco World Development Group Bhd (a) | 426,300 | 134,802 | ||||||
Genting Bhd | 635,300 | 1,050,704 | ||||||
Genting Malaysia Bhd | 703,200 | 663,887 | ||||||
IJM Corp. Bhd | 1,415,380 | 1,036,802 | ||||||
Inari Amertron Bhd | 183,462 | 141,486 | ||||||
IOI Corp. Bhd | 900,196 | 833,486 | ||||||
IOI Properties Group Bhd | 620,513 | 279,501 | ||||||
Karex Bhd | 356,950 | 263,911 | ||||||
KNM Group Bhd (a) | 1,158,900 | 123,911 | ||||||
Kuala Lumpur Kepong Bhd | 68,900 | 340,131 | ||||||
Land & General Bhd | 1,536,000 | 138,024 | ||||||
Landmarks Bhd (a) | 2,103,900 | 536,056 | ||||||
Lingkaran Trans Kota Holdings Bhd | 75,400 | 88,166 | ||||||
Malayan Banking Bhd | 599,632 | 1,167,685 | ||||||
Maxis Bhd | 475,300 | 708,233 | ||||||
Media Prima Bhd | 386,600 | 105,538 | ||||||
MKH Bhd | 206,200 | 106,483 | ||||||
Muhibbah Engineering M Bhd | 391,800 | 180,046 | ||||||
Oldtown Bhd | 261,200 | 75,465 | ||||||
OSK Holdings Bhd | 1,105,625 | 432,617 | ||||||
Padini Holdings Bhd | 274,600 | 84,334 | ||||||
PPB Group Bhd | 135,700 | 476,027 | ||||||
Press Metal Bhd | 223,800 | 104,880 | ||||||
Prestariang Bhd | 253,200 | 106,562 | ||||||
Public Bank Bhd | 244,520 | 974,576 | ||||||
Salcon Bhd | 832,200 | 121,164 | ||||||
SapuraKencana Petroleum Bhd | 275,300 | 117,742 | ||||||
Sime Darby Bhd | 451,105 | 799,433 | ||||||
TA Enterprise Bhd | 937,800 | 131,206 | ||||||
Tambun Indah Land Bhd | 531,000 | 157,038 | ||||||
TAN Chong Motor Holdings Bhd | 761,800 | 415,929 | ||||||
Telekom Malaysia Bhd | 184,009 | 279,629 | ||||||
Tenaga Nasional Bhd | 425,250 | 1,162,829 | ||||||
TSH Resources Bhd | 269,700 | 118,415 | ||||||
UEM Edgenta Bhd | 115,700 | 93,439 | ||||||
Uzma Bhd | 171,000 | 77,024 | ||||||
Wah Seong Corp. Bhd | 879,900 | 242,206 | ||||||
Yinson Holdings Bhd | 198,900 | 130,315 | ||||||
19,838,782 | ||||||||
PHILIPPINES — 2.6% | ||||||||
ABS-CBN Holdings Corp, PDR | 236,500 | 308,654 | ||||||
Alliance Global Group, Inc. | 1,010,000 | 331,048 | ||||||
Ayala Land, Inc. | 2,061,788 | 1,499,803 | ||||||
BDO Unibank, Inc. | 214,160 | 474,231 | ||||||
Belle Corp. | 1,830,200 | 119,037 | ||||||
Bloomberry Resorts Corp. | 580,700 | 64,729 | ||||||
Cebu Air, Inc. | 80,000 | 148,139 | ||||||
Cebu Holdings, Inc. | 1,212,200 | 129,675 | ||||||
Cosco Capital, Inc. | 2,315,700 | 335,415 | ||||||
D&L Industries, Inc. | 2,048,600 | 437,859 | ||||||
DoubleDragon Properties Corp. | 662,500 | 282,066 | ||||||
First Gen Corp. | 1,499,270 | 710,501 | ||||||
First Philippine Holdings Corp. | 548,737 | 770,744 | ||||||
Globe Telecom, Inc. | 3,005 | 150,957 | ||||||
GMA Holdings, Inc. | 224,400 | 29,814 | ||||||
GT Capital Holdings, Inc. | 8,995 | 243,446 |
See accompanying notes to financial statements.
228
SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
JG Summit Holdings, Inc. | 436,060 | $ | 660,994 | |||||
Jollibee Foods Corp. | 57,410 | 236,813 | ||||||
LT Group, Inc. | 688,500 | 148,483 | ||||||
Megawide Construction Corp. (a) | 1,757,218 | 212,791 | ||||||
Metro Pacific Investments Corp. | 1,642,000 | 174,950 | ||||||
Nickel Asia Corp. | 895,284 | 122,589 | ||||||
Pepsi-Cola Products Philippines, Inc. | 1,504,000 | 131,930 | ||||||
Philex Mining Corp. | 1,156,900 | 118,066 | ||||||
Philippine Long Distance Telephone Co. | 28,149 | 1,318,920 | ||||||
Puregold Price Club, Inc. | 429,500 | 284,863 | ||||||
Robinsons Retail Holdings, Inc. | 218,150 | 340,480 | ||||||
SM Investments Corp. | 15,610 | 297,405 | ||||||
SM Prime Holdings, Inc. | 1,331,900 | 588,441 | ||||||
Universal Robina Corp. | 121,760 | 500,170 | ||||||
11,173,013 | ||||||||
SINGAPORE — 0.1% | ||||||||
Nam Cheong, Ltd. (b) | 487,300 | 56,547 | ||||||
SIIC Environment Holdings, Ltd. (a)(b) | 200,799 | 118,624 | ||||||
Silverlake Axis, Ltd. (b) | 288,800 | 116,787 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. (b) | 373,000 | 297,739 | ||||||
589,697 | ||||||||
TAIWAN — 20.7% | ||||||||
Acer, Inc. (a) | 934,395 | 366,068 | ||||||
Advanced Semiconductor Engineering, Inc. | 1,329,636 | 1,425,439 | ||||||
Advantech Co., Ltd. | 59,000 | 403,159 | ||||||
Airtac International Group | 11,900 | 62,703 | ||||||
Asia Cement Corp. | 1,211,073 | 1,184,316 | ||||||
Asustek Computer, Inc. | 164,138 | 1,408,215 | ||||||
AU Optronics Corp. ADR (b) | 214,754 | 635,672 | ||||||
Catcher Technology Co., Ltd. | 149,539 | 1,591,783 | ||||||
Cathay Financial Holding Co., Ltd. | 1,764,604 | 2,408,897 | ||||||
Center Laboratories, Inc. (a) | 60,900 | 124,473 | ||||||
Chang Hwa Commercial Bank, Ltd. | 2,465,781 | 1,213,140 | ||||||
China Development Financial Holding Corp. | 4,310,272 | 1,158,482 | ||||||
China Life Insurance Co., Ltd. | 305,000 | 231,569 | ||||||
China Steel Chemical Corp. | 38,877 | 119,840 | ||||||
China Steel Corp. | 2,741,625 | 1,598,639 | ||||||
Chlitina Holding, Ltd. | 33,000 | 241,531 | ||||||
Chunghwa Telecom Co., Ltd. | 563,268 | 1,690,103 | ||||||
Coland Holdings, Ltd. | 143,411 | 214,501 | ||||||
Compal Electronics, Inc. | 1,343,431 | 758,874 | ||||||
CTBC Financial Holding Co., Ltd. | 3,654,255 | 1,881,091 | ||||||
Delta Electronics, Inc. | 411,893 | 1,926,400 | ||||||
E.Sun Financial Holding Co., Ltd. | 512,854 | 301,381 | ||||||
Eclat Textile Co., Ltd. | 31,000 | 489,560 | ||||||
eMemory Technology, Inc. | 16,000 | 157,923 | ||||||
Epistar Corp. | 289,170 | 222,624 | ||||||
Everlight Electronics Co., Ltd. | 221,996 | 334,401 | ||||||
Far Eastern New Century Corp. | 1,536,170 | 1,366,936 | ||||||
Far EasTone Telecommunications Co., Ltd. | 223,000 | 480,844 | ||||||
Feng TAY Enterprise Co., Ltd. | 34,770 | 215,943 | ||||||
Firich Enterprises Co., Ltd. | 46,359 | 127,698 | ||||||
First Financial Holding Co., Ltd | 3,125,099 | 1,423,627 | ||||||
Formosa Chemicals & Fibre Corp. | 932,691 | 1,892,150 | ||||||
Formosa Petrochemical Corp. | 285,000 | 677,716 | ||||||
Formosa Plastics Corp. | 1,127,137 | 2,375,623 | ||||||
Foxconn Technology Co., Ltd. | 309,277 | 884,789 | ||||||
Fubon Financial Holding Co., Ltd. | 1,455,998 | 2,268,399 | ||||||
Giant Manufacturing Co., Ltd. | 40,000 | 290,335 | ||||||
Hermes Microvision, Inc. | 13,000 | 491,534 | ||||||
Himax Technologies, Inc. ADR (b) | 25,459 | 202,908 | ||||||
Hiwin Technologies Corp. | 24,620 | 130,848 | ||||||
Hon Hai Precision Industry Co., Ltd. | 2,450,773 | 6,371,154 | ||||||
Hotai Motor Co., Ltd. | 56,000 | 595,247 | ||||||
HTC Corp. | 162,710 | 313,783 | ||||||
Hua Nan Financial Holdings Co., Ltd. | 2,941,972 | 1,367,009 | ||||||
Innolux Corp. | 1,286,753 | 400,553 | ||||||
Inotera Memories, Inc. (a) | 377,000 | 235,285 | ||||||
Inventec Corp. | 505,000 | 239,253 | ||||||
King Yuan Electronics Co., Ltd. | 1,269,898 | 806,040 | ||||||
Largan Precision Co., Ltd. | 20,710 | 1,610,131 | ||||||
Lite-On Technology Corp. | 804,066 | 737,462 | ||||||
Macronix International Co., Ltd. (a) | 1,927,374 | 245,842 | ||||||
Makalot Industrial Co., Ltd. | 33,119 | 272,073 | ||||||
MediaTek, Inc. | 282,219 | 2,087,019 | ||||||
Medigen Biotechnology Corp. (a) | 34,000 | 100,366 | ||||||
Mega Financial Holding Co., Ltd. | 2,411,986 | 1,670,132 | ||||||
Merry Electronics Co., Ltd. | 36,000 | 43,514 | ||||||
MIN AIK Technology Co., Ltd. | 52,000 | 86,384 | ||||||
Motech Industries, Inc. (a) | 175,507 | 193,749 | ||||||
Nan Ya Plastics Corp. | 1,229,759 | 2,076,520 | ||||||
Novatek Microelectronics Corp. | 220,062 | 688,373 | ||||||
PChome Online, Inc. | 16,043 | 184,170 | ||||||
Pegatron Corp. | 464,630 | 1,131,678 | ||||||
Pou Chen Corp. | 323,000 | 484,095 | ||||||
Powertech Technology, Inc. | 376,518 | 678,081 | ||||||
President Chain Store Corp. | 68,000 | 423,354 | ||||||
ProMOS Technologies, Inc. (a)(d) | 1,135,850 | 0 | ||||||
Quanta Computer, Inc. | 726,194 | 1,259,302 | ||||||
Radiant Opto-Electronics Corp. | 61,000 | 188,034 | ||||||
Realtek Semiconductor Corp. | 258,161 | 437,488 | ||||||
Shin Kong Financial Holding Co., Ltd. | 3,353,980 | 794,504 | ||||||
Silicon Motion Technology Corp. ADR (b) | 4,842 | 132,235 | ||||||
Siliconware Precision Industries Co., Ltd. | 577,763 | 716,775 | ||||||
SinoPac Financial Holdings Co., Ltd. | 3,968,723 | 1,253,503 | ||||||
Synnex Technology International Corp. | 285,000 | 283,896 | ||||||
Tainan Enterprises Co., Ltd. | 931,830 | 710,316 | ||||||
Taishin Financial Holding Co., Ltd. | 3,633,715 | 1,285,636 | ||||||
Taiwan Cement Corp. | 1,022,216 | 1,035,332 | ||||||
Taiwan FU Hsing Industrial Co., Ltd. | 283,000 | 416,410 | ||||||
Taiwan Mobile Co., Ltd. | 373,200 | 1,139,066 | ||||||
Taiwan Paiho, Ltd. | 30,000 | 81,543 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 631,038 | 13,094,039 | ||||||
Tatung Co., Ltd. (a) | 1,073,107 | 164,905 | ||||||
Teco Electric & Machinery Co., Ltd. | 230,000 | 180,563 | ||||||
TPK Holding Co., Ltd. | 40,000 | 95,240 | ||||||
Tripod Technology Corp. | 524,361 | 753,239 | ||||||
Uni-President Enterprises Corp. | 1,140,971 | 1,975,107 |
See accompanying notes to financial statements.
229
SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
United Integrated Services Co., Ltd. | 1,189,194 | $ | 1,280,295 | |||||
United Microelectronics Corp. ADR (b) | 777,376 | 1,259,349 | ||||||
Walsin Lihwa Corp. (a) | 714,000 | 151,788 | ||||||
Wistron Corp. | 1,013,695 | 527,974 | ||||||
Yageo Corp. | 328,564 | 502,912 | ||||||
Yuanta Financial Holding Co., Ltd. | 2,350,383 | 870,843 | ||||||
88,611,695 | ||||||||
THAILAND — 4.2% | ||||||||
Advanced Info Service PCL | 244,802 | 1,524,322 | ||||||
Airports of Thailand PCL | 51,100 | 395,622 | ||||||
Bangkok Expressway PCL | 1,353,275 | 1,351,597 | ||||||
Bank of Ayudhya PCL NVDR | 245,400 | 204,528 | ||||||
BEC World PCL | 174,800 | 154,115 | ||||||
Big C Supercenter PCL | 1,000 | 5,538 | ||||||
Big C Supercenter PCL NVDR | 37,300 | 206,566 | ||||||
Bumrungrad Hospital PCL | 51,600 | 307,084 | ||||||
Central Plaza Hotel PCL | 70,700 | 73,047 | ||||||
Charoen Pokphand Foods PCL | 339,200 | 193,455 | ||||||
Chularat Hospital PCL | 2,819,700 | 167,807 | ||||||
CP ALL PCL | 1,079,000 | 1,419,541 | ||||||
E for L Aim PCL | 4,146,200 | 121,090 | ||||||
Electricity Generating PCL | 328,518 | 1,384,853 | ||||||
Energy Absolute PCL | 332,200 | 196,785 | ||||||
Gunkul Engineering PCL | 342,625 | 189,744 | ||||||
Hana Microelectronics PCL | 151,000 | 117,530 | ||||||
Ichitan Group PCL | 195,500 | 84,567 | ||||||
Indorama Ventures PCL | 243,700 | 154,432 | ||||||
IRPC PCL | 4,360,939 | 451,774 | ||||||
Jasmine International PCL | 882,225 | 136,120 | ||||||
Kasikornbank PCL | 82,054 | 385,458 | ||||||
KCE Electronics PCL | 229,600 | 354,253 | ||||||
MC Group PCL | 435,000 | 159,402 | ||||||
Mega Lifesciences PCL | 332,100 | 167,445 | ||||||
Minor International PCL | 439,480 | 345,094 | ||||||
Nok Airlines PCL (a) | 574,000 | 110,704 | ||||||
PTT Exploration & Production PCL | 450,032 | 867,950 | ||||||
PTT Global Chemical PCL NVDR | 113,900 | 168,677 | ||||||
PTT PCL | 161,555 | 1,068,279 | ||||||
Raimon Land PCL (a) | 4,847,900 | 149,598 | ||||||
Siam Cement PCL NVDR | 71,200 | 910,230 | ||||||
Siam Commercial Bank PCL | 345,397 | 1,275,195 | ||||||
SNC Former PCL | 59,000 | 22,270 | ||||||
Somboon Advance Technology PCL | 241,300 | 105,708 | ||||||
Srisawad Power 1979 PCL | 352,694 | 357,115 | ||||||
Superblock PCL NVDR (a) | 1,482,500 | 64,128 | ||||||
SVI PCL (a) | 1,410,700 | 196,281 | ||||||
Thai Beverage PCL | 1,439,000 | 693,238 | ||||||
Thai Oil PCL | 562,664 | 817,758 | ||||||
Thai Union Group PCL | 314,700 | 159,539 | ||||||
TMB Bank PCL | 2,897,400 | 193,187 | ||||||
True Corp. PCL NVDR (a) | 1,540,800 | 413,908 | ||||||
17,825,534 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $483,201,294) | 426,502,681 | |||||||
WARRANTS — 0.0% (f) | ||||||||
MALAYSIA — 0.0% (f) | ||||||||
CB Industrial Product Holding Bhd (expiring 11/6/19) (a) | 55,233 | 4,272 | ||||||
Eastern & Oriental Bhd (expiring 7/21/19) (a) | 102,340 | 4,889 | ||||||
Inari Amertron Bhd (expiring 2/17/20) (a) | 24,462 | 7,513 | ||||||
KNM Group Bhd (expiring 4/21/20) (a) | 122,500 | 3,205 | ||||||
OSK Holdings Bhd (expiring 7/22/20) (a) | 429,631 | 31,765 | ||||||
51,644 | ||||||||
THAILAND — 0.0% (f) | ||||||||
Minor International PCL (expiring 11/3/17) (a) | 19,060 | 1,554 | ||||||
Raimon Land PCL (expiring 6/14/18) (a) | 2,131,875 | 11,748 | ||||||
Srisawad Power 1979 PCL (expiring 6/11/20) (a) | 21,788 | 4,922 | ||||||
18,224 | ||||||||
TOTAL WARRANTS — | ||||||||
(Cost $0) | 69,868 | |||||||
SHORT TERM INVESTMENTS — 5.8% | ||||||||
UNITED STATES — 5.8% | ||||||||
MONEY MARKET FUNDS — 5.8% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (g)(h) | 24,557,557 | 24,557,557 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (h)(i) | 144,386 | 144,386 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $24,701,943) | 24,701,943 | |||||||
TOTAL INVESTMENTS — 105.3% | ||||||||
(Cost $507,903,237) | 451,274,492 | |||||||
OTHER ASSETS & LIABILITIES — (5.3)% | (22,827,269 | ) | ||||||
NET ASSETS — 100.0% | $ | 428,447,223 | ||||||
See accompanying notes to financial statements.
230
SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
(a) | Non-income producing security | |||||
(b) | All or a portion of the security was on loan at September 30, 2015. | |||||
(c) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.6% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(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 3 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 2 inputs (Note 2). | |||||
(f) | Amount shown represents less than 0.05% of net assets. | |||||
(g) | Investments of cash collateral for securities loaned. | |||||
(h) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). | |||||
(i) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
ADS = American Depositary Shares
GDR = Global Depositary Receipt
NVDR = Non Voting Depositary Receipt
PCL = Public Company Limited
PDR = Philippine Depository Receipts
See accompanying notes to financial statements.
231
SPDR S&P Russia ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 97.5% | ||||||||
RUSSIA — 97.5% | ||||||||
BANKS — 12.2% | ||||||||
Sberbank of Russia ADR (a) | 146,635 | $ | 721,444 | |||||
Sberbank of Russia ADR (a) | 233,448 | 1,152,183 | ||||||
VTB Bank PJSC GDR | 468,269 | 945,903 | ||||||
2,819,530 | ||||||||
CHEMICALS — 1.6% | ||||||||
PhosAgro OAO GDR | 15,658 | 216,080 | ||||||
Uralkali PJSC GDR (b) | 10,566 | 156,694 | ||||||
372,774 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.8% | ||||||||
Rostelecom PJSC ADR (a) | 3,500 | 27,440 | ||||||
Rostelecom PJSC ADR (a) | 49,987 | 395,897 | ||||||
423,337 | ||||||||
ELECTRIC UTILITIES — 1.1% | ||||||||
RusHydro PJSC ADR (a) | 278,408 | 261,704 | ||||||
RusHydro PJSC ADR (a) | 1,612 | 1,644 | ||||||
263,348 | ||||||||
ENERGY EQUIPMENT & SERVICES — 0.8% | ||||||||
Eurasia Drilling Co., Ltd. GDR | 14,540 | 133,768 | ||||||
TMK PAO GDR | 15,306 | 47,296 | ||||||
181,064 | ||||||||
FOOD & STAPLES RETAILING — 8.2% | ||||||||
Lenta, Ltd. GDR (b) | 21,205 | 159,038 | ||||||
Magnit PJSC GDR | 28,655 | 1,368,849 | ||||||
O’Key Group SA GDR | 16,667 | 26,667 | ||||||
X5 Retail Group NV GDR (b) | 19,961 | 347,321 | ||||||
1,901,875 | ||||||||
HOUSEHOLD DURABLES — 1.4% | ||||||||
PIK Group PJSC GDR | 114,052 | 330,751 | ||||||
INTERNET SOFTWARE & SERVICES — 3.1% | ||||||||
Mail.ru Group, Ltd. GDR (b) | 16,954 | 295,000 | ||||||
Yandex NV (Class A) (b) | 39,614 | 425,058 | ||||||
720,058 | ||||||||
IT SERVICES — 1.0% | ||||||||
Luxoft Holding, Inc. (b) | 1,993 | 126,137 | ||||||
QIWI PLC ADR | 6,140 | 98,977 | ||||||
225,114 | ||||||||
MEDIA — 0.3% | ||||||||
CTC Media, Inc. | 38,748 | 67,809 | ||||||
METALS & MINING — 11.7% | ||||||||
Evraz PLC (b) | 85,695 | 94,629 | ||||||
Magnitogorsk Iron & Steel Works GDR | 32,890 | 132,711 | ||||||
Mechel ADR (b) | 79,043 | 71,929 | ||||||
MMC Norilsk Nickel PJSC ADR | 69,808 | 1,001,396 | ||||||
Novolipetsk Steel OJSC GDR | 15,990 | 183,086 | ||||||
Polymetal International PLC | 38,346 | 330,211 | ||||||
Polyus Gold International, Ltd. | 112,294 | 327,437 | ||||||
Severstal PAO GDR | 38,492 | 408,015 | ||||||
United Co. RUSAL PLC (b) | 366,000 | 146,871 | ||||||
2,696,285 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 47.3% | ||||||||
Exillon Energy PLC (b) | 32,682 | 55,446 | ||||||
Gazprom Neft OAO ADR | 15,282 | 168,102 | ||||||
Gazprom PAO ADR | 828,271 | 3,329,649 | ||||||
Lukoil PJSC ADR | 80,369 | 2,729,331 | ||||||
NOVATEK OAO GDR | 12,352 | 1,142,560 | ||||||
Rosneft OAO GDR | 200,571 | 740,107 | ||||||
Surgutneftegas OAO ADR | 172,205 | 879,107 | ||||||
Surgutneftegas OAO ADR Preference Shares | 125,932 | 755,592 | ||||||
Tatneft PAO ADR | 40,137 | 1,121,829 | ||||||
10,921,723 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6% | ||||||||
Etalon Group, Ltd. GDR | 28,762 | 47,313 | ||||||
LSR Group PJSC GDR | 52,244 | 94,562 | ||||||
141,875 | ||||||||
ROAD & RAIL — 0.6% | ||||||||
Globaltrans Investment PLC GDR (b) | 32,183 | 129,376 | ||||||
WIRELESS TELECOMMUNICATION SERVICES — 5.8% | ||||||||
MegaFon PJSC GDR | 16,789 | 203,986 | ||||||
Mobile TeleSystems PJSC ADR | 94,988 | 685,813 | ||||||
Sistema JSFC GDR | 33,350 | 229,448 | ||||||
VimpelCom, Ltd. ADR | 52,151 | 214,602 | ||||||
1,333,849 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $38,715,337) | 22,528,768 | |||||||
SHORT TERM INVESTMENT — 0.2% | ||||||||
UNITED STATES — 0.2% | ||||||||
MONEY MARKET FUND — 0.2% | ||||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (c)(d) (Cost $46,732) | 46,732 | 46,732 | ||||||
TOTAL INVESTMENTS — 97.7% | ||||||||
(Cost $38,762,069) | 22,575,500 | |||||||
OTHER ASSETS & LIABILITIES — 2.3% | 525,850 | |||||||
NET ASSETS — 100.0% | $ | 23,101,350 | ||||||
(a) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(b) | Non-income producing security | |||||
(c) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). | |||||
(d) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
OJSC = Open Joint Stock Company
PJSC = Private Joint Stock Company
PLC = Public Limited Company
See accompanying notes to financial statements.
232
SPDR S&P China ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.6% | ||||||||
AEROSPACE & DEFENSE — 0.2% | ||||||||
AviChina Industry & Technology Co., Ltd. (Class H) | 1,876,000 | $ | 1,382,179 | |||||
AIR FREIGHT & LOGISTICS — 0.1% | ||||||||
Sinotrans, Ltd. (Class H) | 984,000 | 459,620 | ||||||
AIRLINES — 0.5% | ||||||||
Air China, Ltd. (Class H) | 1,952,000 | 1,538,922 | ||||||
China Eastern Airlines Corp., Ltd. (Class H) (a) | 1,942,000 | 1,160,181 | ||||||
China Southern Airlines Co., Ltd. (Class H) | 1,390,000 | 1,020,522 | ||||||
Shandong Airlines Co., Ltd. (Class B) | 106,000 | 221,162 | ||||||
3,940,787 | ||||||||
AUTO COMPONENTS — 0.3% | ||||||||
Minth Group, Ltd. | 680,000 | 1,212,586 | ||||||
Xinchen China Power Holdings, Ltd. (a)(b) | 765,000 | 174,715 | ||||||
Xinyi Glass Holdings, Ltd. (b) | 1,598,000 | 713,425 | ||||||
2,100,726 | ||||||||
AUTOMOBILES — 2.0% | ||||||||
BAIC Motor Corp., Ltd. (Class H) (b)(c) | 1,172,000 | 1,026,817 | ||||||
Brilliance China Automotive Holdings, Ltd. (b) | 1,682,000 | 1,988,003 | ||||||
BYD Co., Ltd. (Class H) (a)(b) | 478,500 | 2,522,142 | ||||||
Chongqing Changan Automobile Co., Ltd. (Class B) | 390,400 | 659,394 | ||||||
Dongfeng Motor Group Co., Ltd. (Class H) | 2,277,300 | 2,835,587 | ||||||
Geely Automobile Holdings, Ltd. | 4,090,000 | 1,947,355 | ||||||
Great Wall Motor Co., Ltd. (Class H) | 2,499,000 | 2,760,168 | ||||||
Guangzhou Automobile Group Co., Ltd. (Class H) (b) | 1,990,637 | 1,620,753 | ||||||
Qingling Motors Co., Ltd. (Class H) | 2,868,000 | 954,760 | ||||||
16,314,979 | ||||||||
BANKS — 17.1% | ||||||||
Agricultural Bank of China, Ltd. (Class H) | 19,138,000 | 7,235,352 | ||||||
Bank of China, Ltd. (Class H) | 54,306,700 | 23,334,212 | ||||||
Bank of Chongqing Co., Ltd. (Class H) | 2,040,500 | 1,408,594 | ||||||
Bank of Communications Co., Ltd. (Class H) | 16,073,824 | 11,137,533 | ||||||
China CITIC Bank Corp., Ltd. (Class H) (a) | 7,724,471 | 4,475,181 | ||||||
China Construction Bank Corp. (Class H) | 65,748,623 | 43,690,739 | ||||||
China Merchants Bank Co., Ltd. (Class H) | 3,338,235 | 8,054,786 | ||||||
China Minsheng Banking Corp., Ltd. (Class H) | 5,157,800 | 4,751,801 | ||||||
Chongqing Rural Commercial Bank Co., Ltd. (Class H) | 2,130,000 | 1,201,037 | ||||||
Harbin Bank Co., Ltd. (Class H) (b)(c) | 4,166,000 | 1,204,101 | ||||||
Huishang Bank Corp., Ltd. (Class H) | 1,989,000 | 870,021 | ||||||
Industrial & Commercial Bank of China, Ltd. (Class H) | 54,934,789 | 31,613,881 | ||||||
Shengjing Bank Co., Ltd. (Class H) (b)(c) | 610,000 | 859,504 | ||||||
139,836,742 | ||||||||
BEVERAGES — 0.2% | ||||||||
Tibet 5100 Water Resources Holdings, Ltd. (b) | 1,699,000 | 449,410 | ||||||
Tsingtao Brewery Co., Ltd. (Class H) (b) | 243,000 | 1,062,922 | ||||||
1,512,332 | ||||||||
BUILDING PRODUCTS — 0.0% (d) | ||||||||
China Lesso Group Holdings, Ltd. | 440,000 | 354,269 | ||||||
CAPITAL MARKETS — 1.8% | ||||||||
Central China Securities Co., Ltd. (Class H) (b) | 444,000 | 228,587 | ||||||
China Cinda Asset Management Co., Ltd. (Class H) | 9,258,200 | 3,201,525 | ||||||
China Everbright, Ltd. | 702,000 | 1,597,832 | ||||||
China Financial International Investments, Ltd. (a)(b) | 4,850,000 | 563,222 | ||||||
China Galaxy Securities Co., Ltd. (Class H) (b) | 1,791,000 | 1,257,158 | ||||||
CITIC Securities Co., Ltd. (Class H) (b) | 1,299,500 | 2,313,934 | ||||||
GF Securities Co., Ltd. (Class H) (a)(b) | 598,000 | 1,080,251 | ||||||
Guotai Junan International Holdings, Ltd. (b) | 2,094,000 | 591,720 | ||||||
Haitong Securities Co., Ltd. (Class H) (b) | 2,050,600 | 2,952,845 | ||||||
Huatai Securities Co., Ltd. (Class H) (a)(c) | 332,200 | 654,108 | ||||||
Noah Holdings, Ltd. ADS (a)(b) | 13,817 | 324,561 | ||||||
Shenwan Hongyuan HK, Ltd. | 610,000 | 245,573 | ||||||
15,011,316 | ||||||||
CHEMICALS — 0.4% | ||||||||
China Bluechemical, Ltd. (Class H) | 2,328,000 | 621,797 | ||||||
China Lumena New Materials Corp. (a)(b)(e) | 3,654,548 | 0 | ||||||
Fufeng Group, Ltd. (b) | 655,000 | 265,379 | ||||||
Huabao International Holdings, Ltd. | 1,573,000 | 497,268 | ||||||
Sinopec Oilfield Service Corp. (Class H) (a)(b) | 1,524,000 | 491,610 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd. (Class H) (a)(b) | 2,929,999 | 1,115,283 | ||||||
Yingde Gases Group Co., Ltd. | 1,272,500 | 523,774 | ||||||
3,515,111 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 0.4% | ||||||||
China Everbright International, Ltd. | 2,124,000 | 2,965,359 | ||||||
Dongjiang Environmental Co., Ltd. (Class H) | 181,800 | 281,964 | ||||||
Yestar International Holdings Co., Ltd. (b) | 845,000 | 335,817 | ||||||
3,583,140 | ||||||||
See accompanying notes to financial statements.
233
SPDR S&P China ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
COMMUNICATIONS EQUIPMENT — 0.5% | ||||||||
BYD Electronic International Co., Ltd. (a) | 592,000 | $ | 367,420 | |||||
China All Access Holdings, Ltd. (b) | 1,274,000 | 404,390 | ||||||
China Fiber Optic Network System Group, Ltd. (a)(b) | 1,155,600 | 156,564 | ||||||
Comba Telecom Systems Holdings, Ltd. | 1,118,430 | 238,116 | ||||||
SIM Technology Group, Ltd. (a) | 4,330,000 | 217,895 | ||||||
Suncorp Technologies, Ltd. (a)(b) | 9,380,000 | 239,642 | ||||||
Synertone Communication Corp. (a)(b) | 4,450,100 | 90,724 | ||||||
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. (Class H) (c) | 321,500 | 340,166 | ||||||
ZTE Corp. (Class H) | 733,997 | 1,670,661 | ||||||
3,725,578 | ||||||||
CONSTRUCTION & ENGINEERING — 1.6% | ||||||||
China Communications Construction Co., Ltd. (Class H) | 3,212,394 | 3,950,183 | ||||||
China Machinery Engineering Corp. (Class H) | 560,000 | 481,236 | ||||||
China Railway Construction Corp., Ltd. (Class H) | 1,331,875 | 1,955,695 | ||||||
China Railway Group, Ltd. (Class H) | 3,058,000 | 2,773,884 | ||||||
China Singyes Solar Technologies Holdings, Ltd. (a)(b) | 358,000 | 241,591 | ||||||
China State Construction International Holdings, Ltd. (b) | 1,202,000 | 1,718,461 | ||||||
Concord New Energy Group, Ltd. (b) | 4,270,000 | 286,501 | ||||||
Metallurgical Corp. of China, Ltd. (Class H) (f) | 2,860,000 | 1,055,425 | ||||||
Sinopec Engineering Group Co., Ltd. (Class H) | 1,153,000 | 1,002,732 | ||||||
13,465,708 | ||||||||
CONSTRUCTION MATERIALS — 0.9% | ||||||||
Anhui Conch Cement Co., Ltd. (Class H) | 1,185,000 | 3,478,526 | ||||||
BBMG Corp. (Class H) | 746,500 | 511,470 | ||||||
China National Building Material Co., Ltd. (Class H) (b) | 3,262,000 | 1,877,216 | ||||||
China Resources Cement Holdings, Ltd. | 937,163 | 426,860 | ||||||
China Shanshui Cement Group, Ltd. (a)(b)(e) | 1,913,000 | 931,563 | ||||||
CSG Holding Co., Ltd. (Class B) | 388,000 | 293,877 | ||||||
Dongpeng Holdings Co., Ltd. | 635,000 | 213,031 | ||||||
7,732,543 | ||||||||
CONSUMER FINANCE — 0.1% | ||||||||
China Financial Services Holdings, Ltd. | 3,170,000 | 208,605 | ||||||
Credit China Holdings, Ltd. (b) | 1,800,000 | 464,513 | ||||||
673,118 | ||||||||
CONTAINERS & PACKAGING — 0.3% | ||||||||
AMVIG Holdings, Ltd. | 1,470,000 | 610,757 | ||||||
Beijing Enterprises Clean Energy Group, Ltd. (a) | 9,920,000 | 1,228,792 | ||||||
Greatview Aseptic Packaging Co., Ltd. | 557,000 | 259,453 | ||||||
2,099,002 | ||||||||
DISTRIBUTORS — 0.1% | ||||||||
Hang Fat Ginseng Holdings Co., Ltd. (b) | 7,320,000 | 547,816 | ||||||
Xinhua Winshare Publishing and Media Co., Ltd. (Class H) | 713,000 | 561,196 | ||||||
1,109,012 | ||||||||
DIVERSIFIED CONSUMER SERVICES — 0.5% | ||||||||
Fu Shou Yuan International Group, Ltd. (b) | 754,000 | 473,801 | ||||||
New Oriental Education & Technology Group, Inc. ADR | 115,776 | 2,339,833 | ||||||
TAL Education Group ADR (a) | 50,694 | 1,629,812 | ||||||
4,443,446 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 0.1% | ||||||||
Far East Horizon, Ltd. | 1,218,000 | 941,390 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.5% | ||||||||
Asia Satellite Telecommunications Holdings, Ltd. | 33,500 | 52,044 | ||||||
China Communications Services Corp., Ltd. (Class H) | 3,677,600 | 1,414,087 | ||||||
China Telecom Corp., Ltd. (Class H) | 10,312,951 | 4,963,491 | ||||||
China Unicom (Hong Kong), Ltd. | 4,059,805 | 5,138,894 | ||||||
Citic Telecom International Holdings, Ltd. | 1,400,000 | 478,707 | ||||||
12,047,223 | ||||||||
ELECTRICAL EQUIPMENT — 1.0% | ||||||||
Boer Power Holdings, Ltd. (b) | 230,000 | 388,178 | ||||||
China High Speed Transmission Equipment Group Co., Ltd. (a) | 1,254,000 | 1,216,777 | ||||||
Dongfang Electric Corp., Ltd. (Class H) (b) | 288,600 | 296,046 | ||||||
Shanghai Electric Group Co., Ltd. (Class H) (b) | 2,636,000 | 1,431,934 | ||||||
Tech Pro Technology Development, Ltd. (a)(b) | 5,333,396 | 1,245,598 | ||||||
Xinjiang Goldwind Science & Technology Co., Ltd. (Class H) (b) | 322,800 | 558,128 | ||||||
Zhuzhou CSR Times Electric Co., Ltd. (Class H) | 466,000 | 3,430,339 | ||||||
8,567,000 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.1% | ||||||||
AAC Technologies Holdings, Inc. (b) | 559,745 | 3,484,842 | ||||||
Anxin-China Holdings, Ltd. (a)(b)(e) | 3,068,000 | 75,215 | ||||||
Avic International Holdings, Ltd. | 712,030 | 376,684 | ||||||
Digital China Holdings, Ltd. | 862,000 | 797,484 | ||||||
Ju Teng International Holdings, Ltd. (b) | 1,252,000 | 617,111 | ||||||
Kingboard Chemical Holdings, Ltd. | 716,499 | 868,114 | ||||||
Shijiazhuang Baoshi Electronic Glass Co. Ltd. (Class B) | 2,444,400 | 1,409,858 | ||||||
Sunny Optical Technology Group Co., Ltd. (b) | 443,000 | 879,135 |
See accompanying notes to financial statements.
234
SPDR S&P China ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Wasion Group Holdings, Ltd. | 438,000 | $ | 452,691 | |||||
8,961,134 | ||||||||
ENERGY EQUIPMENT & SERVICES — 0.2% | ||||||||
Anton Oilfield Services Group (a)(b) | 924,000 | 120,417 | ||||||
China Oilfield Services, Ltd. (Class H) (b) | 1,437,900 | 1,436,036 | ||||||
Hilong Holding, Ltd. (b) | 670,000 | 135,728 | ||||||
1,692,181 | ||||||||
FOOD & STAPLES RETAILING — 0.4% | ||||||||
China Resources Enterprise, Ltd. (b) | 927,751 | 1,721,416 | ||||||
Sun Art Retail Group, Ltd. (b) | 1,647,500 | 1,264,847 | ||||||
Wumart Stores, Inc. (Class H) (a) | 425,000 | 171,095 | ||||||
3,157,358 | ||||||||
FOOD PRODUCTS — 2.4% | ||||||||
Biostime International Holdings, Ltd. (b) | 185,500 | 355,679 | ||||||
China Agri-Industries Holdings, Ltd. (a)(b) | 1,877,600 | 642,014 | ||||||
China Huishan Dairy Holdings Co., Ltd. (b) | 3,138,000 | 1,129,673 | ||||||
China Huiyuan Juice Group, Ltd. (a) | 848,000 | 317,314 | ||||||
China Mengniu Dairy Co., Ltd. | 1,071,110 | 3,759,226 | ||||||
China Milk Products Group, Ltd. (a)(e) | 15,000 | 0 | ||||||
China Modern Dairy Holdings, Ltd. (b) | 2,518,000 | 766,767 | ||||||
China Yurun Food Group, Ltd. (a)(b) | 1,279,000 | 290,455 | ||||||
CP Pokphand Co., Ltd. (b) | 3,844,000 | 426,557 | ||||||
Imperial Pacific International Holdings, Ltd. (a)(b) | 38,420,800 | 837,816 | ||||||
Shenguan Holdings Group, Ltd. (b) | 1,706,000 | 220,128 | ||||||
Tingyi Cayman Islands Holding Corp. (b) | 1,671,844 | 2,657,675 | ||||||
Uni-President China Holdings, Ltd. (b) | 1,336,400 | 1,289,833 | ||||||
Want Want China Holdings, Ltd. (b) | 5,129,933 | 4,209,827 | ||||||
WH Group, Ltd. (a)(c) | 5,235,106 | 2,593,894 | ||||||
YuanShengTai Dairy Farm, Ltd. (a)(b) | 2,355,000 | 170,167 | ||||||
19,667,025 | ||||||||
GAS UTILITIES — 0.6% | ||||||||
China Gas Holdings, Ltd. | 1,790,000 | 2,457,481 | ||||||
China Oil and Gas Group, Ltd. (a)(b) | 2,736,000 | 169,454 | ||||||
China Resources Gas Group, Ltd. | 719,000 | 1,851,761 | ||||||
4,478,696 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 0.4% | ||||||||
Mindray Medical International, Ltd. ADR | 76,162 | 1,665,663 | ||||||
Shandong Weigao Group Medical Polymer Co., Ltd. (Class H) | 1,932,000 | 1,216,529 | ||||||
2,882,192 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 0.7% | ||||||||
Phoenix Healthcare Group Co., Ltd. | 444,000 | 720,708 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H) | 752,000 | 1,568,031 | ||||||
Sinopharm Group Co., Ltd. (Class H) | 838,800 | 2,933,075 | ||||||
Universal Health International Group Holding, Ltd. (b) | 758,000 | 249,405 | ||||||
5,471,219 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 0.4% | ||||||||
Ajisen China Holdings, Ltd. | 464,000 | 208,350 | ||||||
China Lodging Group, Ltd. ADR (a) | 21,214 | 516,137 | ||||||
China Travel International Investment Hong Kong, Ltd. | 3,184,000 | 1,158,558 | ||||||
Homeinns Hotel Group ADR (a) | 17,448 | 501,455 | ||||||
Jinmao Investments and Jinmao China Investments Holdings, Ltd. | 1,034,000 | 613,725 | ||||||
REXLot Holdings, Ltd. (b)(e) | 5,602,210 | 238,544 | ||||||
Shanghai Jin Jiang International Hotels Group Co., Ltd. (Class H) (b) | 1,278,187 | 357,890 | ||||||
3,594,659 | ||||||||
HOUSEHOLD DURABLES — 0.4% | ||||||||
Haier Electronics Group Co., Ltd. | 1,076,000 | 1,793,785 | ||||||
Hisense Kelon Electrical Holdings Co., Ltd. (Class H) (a) | 298,000 | 149,191 | ||||||
Skyworth Digital Holdings, Ltd. | 1,931,655 | 1,301,055 | ||||||
3,244,031 | ||||||||
HOUSEHOLD PRODUCTS — 0.1% | ||||||||
NVC Lighting Holdings, Ltd. (f) | 2,205,000 | 0 | ||||||
Vinda International Holdings, Ltd. | 466,000 | 835,788 | ||||||
835,788 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 2.3% | ||||||||
Beijing Jingneng Clean Energy Co., Ltd. (Class H) (b) | 1,418,000 | 433,631 | ||||||
CGN Power Co., Ltd. (Class H) (b)(c) | 8,435,000 | 3,515,467 | ||||||
China Datang Corp. Renewable Power Co., Ltd. (a) | 2,050,000 | 269,805 | ||||||
China Longyuan Power Group Corp. (Class H) | 2,512,000 | 2,696,736 | ||||||
China Power International Development, Ltd. (b) | 2,764,000 | 1,797,480 | ||||||
China Resources Power Holdings Co., Ltd. | 1,434,112 | 3,271,605 | ||||||
Datang International Power Generation Co., Ltd. (Class H) | 3,194,287 | 1,207,639 | ||||||
Huadian Fuxin Energy Corp., Ltd. (Class H) | 1,960,000 | 675,247 | ||||||
Huadian Power International Corp., Ltd. (Class H) | 1,184,000 | 921,222 | ||||||
Huaneng Power International, Inc. (Class H) | 3,024,129 | 3,250,430 | ||||||
Huaneng Renewables Corp., Ltd. (Class H) | 2,666,000 | 983,834 | ||||||
19,023,096 | ||||||||
INDUSTRIAL CONGLOMERATES — 1.5% | ||||||||
Beijing Enterprises Holdings, Ltd. | 450,000 | 2,697,080 | ||||||
CITIC, Ltd. (b) | 4,792,000 | 8,718,292 |
See accompanying notes to financial statements.
235
SPDR S&P China ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Shanghai Industrial Holdings, Ltd. | 332,000 | $ | 732,537 | |||||
12,147,909 | ||||||||
INSURANCE — 7.0% | ||||||||
China Life Insurance Co., Ltd. (Class H) | 5,309,040 | 18,358,884 | ||||||
China Pacific Insurance Group Co., Ltd. (Class H) | 1,700,000 | 6,284,476 | ||||||
China Taiping Insurance Holdings Co., Ltd. (a) | 865,091 | 2,684,555 | ||||||
CNinsure, Inc. ADR (a)(b) | 31,185 | 238,565 | ||||||
New China Life Insurance Co., Ltd. (Class H) | 438,700 | 1,884,983 | ||||||
People’s Insurance Co. Group of China, Ltd. (Class H) | 5,229,000 | 2,543,639 | ||||||
PICC Property & Casualty Co., Ltd. (Class H) | 3,798,858 | 7,381,991 | ||||||
Ping An Insurance Group Co. of China, Ltd. (Class H) | 3,676,100 | 18,190,649 | ||||||
57,567,742 | ||||||||
INTERNET & CATALOG RETAIL — 3.2% | ||||||||
Ctrip.com International, Ltd. ADR (a) | 106,445 | 6,725,195 | ||||||
E-Commerce China Dangdang, Inc. (Class A) ADR (a)(b) | 59,509 | 355,269 | ||||||
JD.com, Inc. ADR (a) | 574,151 | 14,962,375 | ||||||
Qunar Cayman Islands, Ltd. ADR (a) | 8,220 | 247,175 | ||||||
Vipshop Holdings, Ltd. ADS (a)(b) | 217,835 | 3,659,628 | ||||||
25,949,642 | ||||||||
INTERNET SOFTWARE & SERVICES — 19.2% | ||||||||
21Vianet Group, Inc. ADR (a) | 47,236 | 863,474 | ||||||
58.com, Inc. ADR (a)(b) | 14,466 | 680,625 | ||||||
Alibaba Group Holding, Ltd. ADR (a)(b) | 769,401 | 45,371,577 | ||||||
Autohome, Inc. ADR (a) | 12,880 | 418,986 | ||||||
Baidu, Inc. ADR (a) | 198,590 | 27,288,252 | ||||||
Bitauto Holdings, Ltd. ADR (a)(b) | 22,700 | 675,779 | ||||||
NetEase, Inc. ADR | 56,837 | 6,827,261 | ||||||
Phoenix New Media, Ltd. ADR (a) | 44,582 | 195,269 | ||||||
Qihoo 360 Technology Co., Ltd. ADR (a)(b) | 67,145 | 3,211,545 | ||||||
Sina Corp. (a) | 51,826 | 2,079,259 | ||||||
Sohu.com, Inc. (a) | 32,191 | 1,329,488 | ||||||
SouFun Holdings, Ltd. ADR (b) | 138,166 | 911,896 | ||||||
Tencent Holdings, Ltd. | 3,842,815 | 64,112,616 | ||||||
Youku Tudou, Inc. ADR (a)(b) | 96,243 | 1,696,764 | ||||||
YY, Inc. ADR (a) | 21,386 | 1,166,393 | ||||||
156,829,184 | ||||||||
IT SERVICES — 0.3% | ||||||||
AGTech Holdings, Ltd. (a)(b) | 1,772,000 | 384,121 | ||||||
Chinasoft International, Ltd. (a)(b) | 676,000 | 259,059 | ||||||
Hi Sun Technology China, Ltd. (a)(b) | 1,680,000 | 281,805 | ||||||
TravelSky Technology, Ltd. (Class H) (b) | 975,000 | 1,226,605 | ||||||
2,151,590 | ||||||||
MACHINERY — 1.5% | ||||||||
China Conch Venture Holdings, Ltd. (b) | 811,500 | 1,721,416 | ||||||
China Huarong Energy Co., Ltd. (a)(b) | 2,899,500 | 115,979 | ||||||
China International Marine Containers Group Co., Ltd. (Class H) | 621,100 | 1,089,923 | ||||||
CIMC Enric Holdings, Ltd. (b) | 704,000 | 401,505 | ||||||
CRRC Corp., Ltd. (Class H) (a)(b) | 2,980,950 | 3,769,435 | ||||||
Haitian International Holdings, Ltd. | 725,000 | 1,195,541 | ||||||
Lonking Holdings, Ltd. | 2,660,000 | 350,088 | ||||||
Weichai Power Co., Ltd. (Class H) | 1,201,840 | 1,114,990 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. (b) | 2,151,400 | 1,717,307 | ||||||
Zoomlion Heavy Industry Science and Technology Co., Ltd. (Class H) (b) | 1,036,400 | 389,149 | ||||||
11,865,333 | ||||||||
MARINE — 0.5% | ||||||||
China COSCO Holdings Co., Ltd. (Class H) (a)(b)(f) | 2,430,675 | 1,549,349 | ||||||
China Shipping Container Lines Co., Ltd. (a)(b)(f) | 3,585,500 | 1,438,817 | ||||||
China Shipping Development Co., Ltd. (b)(f) | 1,431,800 | 1,014,262 | ||||||
SITC International Holdings Co., Ltd. | 815,000 | 393,301 | ||||||
4,395,729 | ||||||||
MEDIA — 0.2% | ||||||||
Alibaba Pictures Group, Ltd. (a)(b) | 6,940,000 | 1,540,222 | ||||||
Poly Culture Group Corp., Ltd. (Class H) | 110,700 | 234,254 | ||||||
Wisdom Holdings Group (b) | 470,000 | 200,128 | ||||||
1,974,604 | ||||||||
METALS & MINING — 1.0% | ||||||||
Aluminum Corp. of China, Ltd. (Class H) (a)(b) | 3,840,000 | 1,194,108 | ||||||
Angang Steel Co., Ltd. (b) | 1,225,720 | 491,866 | ||||||
China Hongqiao Group, Ltd. (b) | 515,000 | 241,218 | ||||||
China Metal Recycling Holdings, Ltd. (a)(b)(e) | 268,085 | 0 | ||||||
China Molybdenum Co., Ltd. (Class H) (b) | 1,340,000 | 650,112 | ||||||
China Precious Metal Resources Holdings Co., Ltd. (a)(b) | 4,084,000 | 160,724 | ||||||
China Zhongwang Holdings, Ltd. (b) | 969,200 | 367,668 | ||||||
Jiangxi Copper Co., Ltd. (Class H) | 1,437,000 | 1,742,931 | ||||||
Maanshan Iron & Steel (a)(b) | 2,110,000 | 454,668 | ||||||
MMG, Ltd. (a) | 1,412,000 | 266,001 | ||||||
North Mining Shares Co., Ltd. (a) | 9,640,000 | 113,192 | ||||||
Shougang Fushan Resources Group, Ltd. | 3,138,000 | 388,705 | ||||||
Zhaojin Mining Industry Co., Ltd. (Class H) (b) | 1,061,000 | 554,455 | ||||||
Zijin Mining Group Co., Ltd. (Class H) | 6,342,750 | 1,653,196 | ||||||
8,278,844 | ||||||||
MULTILINE RETAIL — 0.2% | ||||||||
Golden Eagle Retail Group, Ltd. (b) | 571,120 | 669,127 |
See accompanying notes to financial statements.
236
SPDR S&P China ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Intime Retail Group Co., Ltd. | 800,500 | $ | 826,317 | |||||
Parkson Retail Group, Ltd. (b) | 1,707,500 | 226,931 | ||||||
1,722,375 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 5.5% | ||||||||
China Coal Energy Co., Ltd. (Class H) (b) | 3,400,013 | 1,373,158 | ||||||
China Petroleum & Chemical Corp. (Class H) | 19,092,640 | 11,603,323 | ||||||
China Shenhua Energy Co., Ltd. (Class H) | 2,800,700 | 4,278,719 | ||||||
China Suntien Green Energy Corp., Ltd. (Class H) | 1,155,000 | 204,173 | ||||||
CNOOC, Ltd. | 12,034,174 | 12,313,598 | ||||||
Inner Mongolia Yitai Coal Co., Ltd. (b) | 1,162,100 | 752,736 | ||||||
Kunlun Energy Co., Ltd. | 2,869,400 | 2,051,145 | ||||||
Newocean Energy Holdings, Ltd. (b) | 874,000 | 329,299 | ||||||
PetroChina Co., Ltd. (Class H) | 15,336,930 | 10,626,940 | ||||||
Sinopec Kantons Holdings, Ltd. | 1,222,000 | 625,975 | ||||||
United Energy Group, Ltd. (a) | 3,056,000 | 335,172 | ||||||
Yanzhou Coal Mining Co., Ltd. (Class H) (b) | 1,693,900 | 751,868 | ||||||
45,246,106 | ||||||||
PAPER & FOREST PRODUCTS — 0.2% | ||||||||
Lee & Man Paper Manufacturing, Ltd. | 2,168,000 | 1,096,581 | ||||||
Nine Dragons Paper Holdings, Ltd. | 1,754,000 | 907,548 | ||||||
2,004,129 | ||||||||
PERSONAL PRODUCTS — 0.7% | ||||||||
Hengan International Group Co., Ltd. | 585,000 | 5,687,673 | ||||||
PHARMACEUTICALS — 1.8% | ||||||||
China Animal Healthcare, Ltd. (a)(e) | 753,600 | 252,819 | ||||||
China Medical System Holdings, Ltd. | 916,300 | 1,048,713 | ||||||
China Pharmaceutical Group, Ltd. | 1,830,000 | 1,603,306 | ||||||
China Shineway Pharmaceutical Group, Ltd. | 357,000 | 412,735 | ||||||
Consun Pharmaceutical Group, Ltd. | 705,000 | 428,455 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. (Class H) (b) | 234,000 | 600,848 | ||||||
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H) (b) | 4,448,400 | 545,284 | ||||||
Luye Pharma Group, Ltd. (a) | 1,259,500 | 1,119,729 | ||||||
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. (Class H) | 228,000 | 358,914 | ||||||
Shanghai Fosun Pharmaceutical Group Co., Ltd. (Class H) (b) | 246,000 | 769,737 | ||||||
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Class H) | 556,000 | 510,799 | ||||||
Sihuan Pharmaceutical Holdings Group, Ltd. (f) | 311,000 | 40,129 | ||||||
Sino Biopharmaceutical, Ltd. | 2,472,000 | 3,036,553 | ||||||
SSY Group, Ltd. (b) | 2,099,534 | 495,758 | ||||||
Tong Ren Tang Technologies Co., Ltd. (Class H) (b) | 447,000 | 609,070 | ||||||
WuXi PharmaTech Cayman, Inc. ADR (a) | 64,100 | 2,769,761 | ||||||
14,602,610 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.6% | ||||||||
Agile Property Holdings, Ltd. (b) | 1,698,747 | 883,343 | ||||||
Beijing Capital Land, Ltd. (Class H) | 988,000 | 390,098 | ||||||
Carnival Group International Holdings, Ltd. (a)(b) | 8,450,000 | 1,057,606 | ||||||
China Jinmao Holdings Group, Ltd. | 1,898,000 | 477,558 | ||||||
China Overseas Land & Investment, Ltd. | 3,337,862 | 10,078,125 | ||||||
China Resources Land, Ltd. | 2,140,555 | 5,015,771 | ||||||
China South City Holdings, Ltd. (b) | 2,548,000 | 621,379 | ||||||
China Vanke Co., Ltd. (Class H) (b) | 1,227,564 | 2,619,842 | ||||||
Colour Life Services Group Co., Ltd. (b) | 345,000 | 269,766 | ||||||
Country Garden Holdings Co., Ltd. (b) | 6,430,500 | 2,314,965 | ||||||
Dalian Wanda Commercial Properties Co., Ltd. (Class H) (b)(c) | 478,100 | 2,739,033 | ||||||
E-House China Holdings, Ltd. ADR (b) | 65,088 | 386,623 | ||||||
Evergrande Real Estate Group, Ltd. (b) | 3,789,000 | 2,151,160 | ||||||
First Sponsor Group, Ltd. | 828,100 | 707,604 | ||||||
Greentown China Holdings, Ltd. (a)(b) | 440,000 | 315,095 | ||||||
Guangzhou R&F Properties Co., Ltd. (Class H) (b) | 1,053,424 | 954,192 | ||||||
Hopson Development Holdings, Ltd. (a)(b) | 432,000 | 342,811 | ||||||
Hydoo International Holding Ltd. (b) | 1,538,000 | 196,466 | ||||||
Jiangsu Future Land Co., Ltd. (Class B) | 547,200 | 989,885 | ||||||
Kaisa Group Holdings, Ltd. (a)(f) | 1,416,000 | 0 | ||||||
KWG Property Holding, Ltd. | 857,092 | 561,806 | ||||||
Longfor Properties Co., Ltd. | 965,000 | 1,215,270 | ||||||
Poly Property Group Co., Ltd. (b) | 1,523,000 | 418,577 | ||||||
Redco Properties Group, Ltd. (c) | 304,000 | 211,818 | ||||||
Renhe Commercial Holdings Co., Ltd. (a)(b) | 10,377,000 | 555,668 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. (Class B) | 399,200 | 1,082,630 | ||||||
Shenzhen Investment, Ltd. | 2,069,432 | 728,969 | ||||||
Shimao Property Holdings, Ltd. | 1,257,441 | 1,885,338 | ||||||
Shui On Land, Ltd. (b) | 3,577,000 | 821,551 | ||||||
Sino-Ocean Land Holdings, Ltd. | 4,049,212 | 2,204,847 | ||||||
Soho China, Ltd. (b) | 1,097,000 | 426,058 | ||||||
Sunac China Holdings, Ltd. | 1,368,300 | 713,277 | ||||||
Yanlord Land Group, Ltd. (b) | 777,400 | 554,934 | ||||||
Yuexiu Property Co., Ltd. | 7,430,000 | 1,217,553 | ||||||
Yuzhou Properties Co. (b) | 2,971,840 | 690,229 | ||||||
45,799,847 | ||||||||
ROAD & RAIL — 0.3% | ||||||||
CAR, Inc. (a)(b) | 961,000 | 1,383,831 | ||||||
Dazhong Transportation Group Co., Ltd. (Class B) | 248,000 | 224,936 |
See accompanying notes to financial statements.
237
SPDR S&P China ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Guangshen Railway Co., Ltd. (b) | 2,182,000 | $ | 867,164 | |||||
2,475,931 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.8% | ||||||||
China Jinhai International Group, Ltd. (a) | 2,611,000 | 256,045 | ||||||
GCL Poly Energy Holdings, Ltd. (a)(b) | 8,383,000 | 1,611,689 | ||||||
Hanergy Thin Film Power Group, Ltd. (a)(b)(e) | 18,461,376 | 0 | ||||||
JinkoSolar Holding Co., Ltd. ADR (a)(b) | 16,203 | 355,494 | ||||||
Semiconductor Manufacturing International Corp. (a) | 23,986,000 | 2,166,463 | ||||||
Shunfeng International Clean Energy, Ltd. (a) | 676,000 | 171,834 | ||||||
Trina Solar, Ltd. ADR (a)(b) | 64,826 | 581,489 | ||||||
Xinyi Solar Holdings, Ltd. (b) | 2,810,000 | 957,207 | ||||||
Yingli Green Energy Holding Co., Ltd. ADR (a)(b) | 107,226 | 43,780 | ||||||
6,144,001 | ||||||||
SOFTWARE — 0.5% | ||||||||
Boyaa Interactive International, Ltd. (b) | 329,000 | 134,995 | ||||||
Cheetah Mobile, Inc. ADR (a)(b) | 17,271 | 249,739 | ||||||
Kingdee International Software Group Co., Ltd. (b) | 1,230,000 | 460,255 | ||||||
Kingsoft Corp., Ltd. | 600,000 | 1,169,025 | ||||||
NetDragon Websoft, Inc. | 224,000 | 560,719 | ||||||
Shanda Games, Ltd. ADR (a) | 100,500 | 673,350 | ||||||
Shanghai Baosight Software Co., Ltd. (Class B) | 75,300 | 247,511 | ||||||
V1 Group, Ltd. (a)(b) | 2,086,000 | 166,879 | ||||||
3,662,473 | ||||||||
SPECIALTY RETAIL — 0.4% | ||||||||
Baoxin Auto Group, Ltd. | 750,000 | 319,353 | ||||||
BEP International Holdings, Ltd. | 5,420,000 | 811,246 | ||||||
China Harmony New Energy Auto Holdings, Ltd. | 371,000 | 174,728 | ||||||
GOME Electrical Appliances Holding, Ltd. (b) | 8,290,279 | 1,262,254 | ||||||
Hengdeli Holdings, Ltd. (b) | 3,048,895 | 436,678 | ||||||
Zhongsheng Group Holdings, Ltd. (b) | 622,500 | 252,211 | ||||||
3,256,470 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.6% | ||||||||
Coolpad Group, Ltd. (a) | 2,820,000 | 527,610 | ||||||
Lenovo Group, Ltd. (b) | 5,172,000 | 4,357,799 | ||||||
TCL Communication Technology Holdings, Ltd. (b) | 416,000 | 298,981 | ||||||
5,184,390 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 1.4% | ||||||||
Anta Sports Products, Ltd. | 724,000 | 1,868,375 | ||||||
Belle International Holdings, Ltd. | 4,181,000 | 3,614,519 | ||||||
Bosideng International Holdings, Ltd. (b) | 3,870,000 | 344,553 | ||||||
China Dongxiang Group Co., Ltd. | 3,643,000 | 879,015 | ||||||
China Jicheng Holdings, Ltd. (a)(b)(c) | 2,405,000 | 626,847 | ||||||
Cosmo Lady China Holdings Co., Ltd. (c) | 358,000 | 378,785 | ||||||
Lao Feng Xiang Co., Ltd. (Class B) | 85,900 | 349,441 | ||||||
Li Ning Co., Ltd. (a)(b) | 1,511,207 | 653,227 | ||||||
Shenzhou International Group Holdings, Ltd. | 469,000 | 2,414,578 | ||||||
11,129,340 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 0.0% (d) | ||||||||
Citic Resources Holdings, Ltd. (a)(b) | 2,112,000 | 307,941 | ||||||
TRANSPORTATION INFRASTRUCTURE — 2.0% | ||||||||
Anhui Expressway Co., Ltd. (Class H) (b) | 632,000 | 513,752 | ||||||
Beijing Capital International Airport Co., Ltd. | 1,599,939 | 1,488,450 | ||||||
China Merchants Holdings International Co., Ltd. | 1,435,828 | 4,214,823 | ||||||
Cosco International Holdings, Ltd. (f) | 2,188,000 | 1,239,388 | ||||||
COSCO Pacific, Ltd. (f) | 2,315,308 | 2,995,541 | ||||||
Dalian Port PDA Co., Ltd. (Class H) (b) | 634,000 | 197,970 | ||||||
HNA Infrastructure Co., Ltd. | 447,000 | 511,019 | ||||||
Jiangsu Expressway Co., Ltd. (Class H) | 870,795 | 1,108,992 | ||||||
Qingdao Port International Co., Ltd. (Class H) (c) | 1,029,000 | 462,051 | ||||||
Shenzhen Expressway Co., Ltd. (Class H) | 932,000 | 607,299 | ||||||
Shenzhen International Holdings Ltd. (b) | 788,795 | 1,080,897 | ||||||
Sichuan Expressway Co., Ltd. (Class H) | 972,000 | 304,767 | ||||||
Xiamen International Port Co., Ltd. (Class H) | 1,185,000 | 285,927 | ||||||
Yuexiu Transport Infrastructure, Ltd. (b) | 460,000 | 288,463 | ||||||
Zhejiang Expressway Co., Ltd. (Class H) | 1,020,000 | 1,106,857 | ||||||
16,406,196 | ||||||||
WATER UTILITIES — 0.9% | ||||||||
Beijing Enterprises Water Group, Ltd. (a) | 3,778,000 | 2,632,396 | ||||||
CT Environmental Group, Ltd. (b) | 2,114,400 | 660,234 | ||||||
Guangdong Investment, Ltd. | 2,290,000 | 3,403,952 | ||||||
Kangda International Environmental Co., Ltd. (a)(c) | 902,000 | 237,428 | ||||||
SIIC Environment Holdings, Ltd. (a) | 104,280 | 61,605 | ||||||
6,995,615 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 5.7% | ||||||||
China Mobile, Ltd. | 3,936,504 | 46,628,223 | ||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $966,510,483) | 814,236,497 | |||||||
See accompanying notes to financial statements.
238
SPDR S&P China ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
SHORT TERM INVESTMENTS — 12.2% | ||||||||
UNITED STATES — 12.2% | ||||||||
MONEY MARKET FUNDS — 12.2% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (g)(h) | 100,160,856 | $ | 100,160,856 | |||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (h)(i) | 8,325 | 8,325 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $100,169,181) | 100,169,181 | |||||||
TOTAL INVESTMENTS — 111.8% | ||||||||
(Cost $1,066,679,664) | 914,405,678 | |||||||
OTHER ASSETS & LIABILITIES — (11.8)% | (96,497,493 | ) | ||||||
NET ASSETS — 100.0% | $ | 817,908,185 | ||||||
(a) | Non-income producing security | |||||
(b) | All or a portion of the security was on loan at September 30, 2015. | |||||
(c) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.8% of net assets as of September 30, 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.
239
SPDR S&P China ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
GEOGRAPHICAL BREAKDOWN AS OF
SEPTEMBER 30, 2015
SEPTEMBER 30, 2015
PERCENT OF | ||||
COUNTRY | NET ASSETS | |||
China | 75.7 | % | ||
Hong Kong | 23.9 | |||
Singapore | 0.0 | * | ||
United States (Short Term Investments) | 12.2 | |||
Other Assets & Liabilities | (11.8 | ) | ||
Total | 100.0 | % | ||
* | Amount shown represents less than 0.05% of net assets. |
See accompanying notes to financial statements.
240
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.6% | ||||||||
BRAZIL — 6.0% | ||||||||
Ambev SA ADR | 259,621 | $ | 1,272,143 | |||||
B2W Cia Digital (a) | 4,348 | 16,226 | ||||||
Banco Bradesco SA Preference Shares ADR | 182,962 | 980,676 | ||||||
Banco do Brasil SA | 48,053 | 183,429 | ||||||
Banco Pan SA Preference Shares | 22,673 | 7,858 | ||||||
Banco Santander Brasil SA | 1,254 | 3,971 | ||||||
BB Seguridade Participacoes SA | 31,867 | 198,551 | ||||||
BM&FBovespa SA | 101,973 | 283,746 | ||||||
BR Malls Participacoes SA | 37,553 | 98,646 | ||||||
Bradespar SA Preference Shares | 26,547 | 54,668 | ||||||
Brasil Brokers Participacoes SA | 10,297 | 4,525 | ||||||
Braskem SA Preference Shares ADR (b) | 10,267 | 86,551 | ||||||
BRF — Brasil Foods SA ADR | 29,221 | 519,842 | ||||||
CCR SA | 28,642 | 87,538 | ||||||
Centrais Eletricas Brasileiras SA ADR (a) | 32,895 | 42,435 | ||||||
Cia Energetica de Sao Paulo Preference Shares (Class B) | 3,251 | 12,418 | ||||||
Cia Hering | 2,598 | 9,167 | ||||||
Cielo SA | 41,149 | 378,840 | ||||||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR (b) | 13,000 | 163,020 | ||||||
Companhia de Saneamento Basico do Estado de Sao Paulo | 41,794 | 166,254 | ||||||
Companhia Energetica de Minas Gerais ADR | 73,383 | 130,622 | ||||||
Companhia Siderurgica Nacional SA ADR (b) | 84,105 | 80,598 | ||||||
Cosan Logistica SA | 10,499 | 3,059 | ||||||
Cosan SA Industria e Comercio | 10,499 | 53,076 | ||||||
CPFL Energia SA (a) | 7,529 | 28,116 | ||||||
Cyrela Brazil Realty SA | 29,568 | 61,409 | ||||||
Duratex SA | 21,718 | 32,070 | ||||||
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares (a) | 2,014 | 5,538 | ||||||
Embraer SA | 45,167 | 289,245 | ||||||
Estacio Participacoes SA | 12,719 | 45,038 | ||||||
Eternit SA | 12,089 | 5,283 | ||||||
Fibria Celulose SA ADR (b) | 16,183 | 219,441 | ||||||
GAEC Educacao SA | 1,662 | 4,044 | ||||||
Gafisa SA (a) | 7,161 | 3,633 | ||||||
Gerdau SA ADR (b) | 62,634 | 85,809 | ||||||
Hypermarcas SA (a) | 2,742 | 10,522 | ||||||
Itau Unibanco Holding SA Preference Shares ADR | 181,728 | 1,203,039 | ||||||
Itausa — Investimentos Itau SA Preference Shares | 243,709 | 436,992 | ||||||
Itausa — Investimentos Itau SA | 22,499 | 42,998 | ||||||
JBS SA | 20,866 | 88,034 | ||||||
Kepler Weber SA | 1,272 | 6,702 | ||||||
Klabin SA | 8,614 | 47,332 | ||||||
Kroton Educacional SA | 63,021 | 122,024 | ||||||
Log-in Logistica Intermodal SA (a) | 10,286 | 3,746 | ||||||
Lojas Americanas SA Preference Shares | 42,331 | 172,218 | ||||||
Lojas Renner SA | 72,745 | 336,144 | ||||||
Magnesita Refratarios SA (a) | 15,398 | 10,943 | ||||||
Marcopolo SA Preference Shares | 23,647 | 9,502 | ||||||
Metalurgica Gerdau SA Preference Shares | 32,956 | 24,167 | ||||||
Mills Estruturas e Servicos de Engenharia SA (a) | 5,196 | 5,872 | ||||||
MMX Mineracao e Metalicos SA (a) | 67,839 | 4,941 | ||||||
MRV Engenharia e Participacoes SA | 5,735 | 8,771 | ||||||
Natura Cosmeticos SA | 16,161 | 79,142 | ||||||
Oi SA, ADR (a)(c) | 607 | 413 | ||||||
Oi SA, ADR (a)(b)(c) | 19,101 | 12,912 | ||||||
PDG Realty SA Empreendimentos e Participacoes (a) | 139,313 | 2,099 | ||||||
Petroleo Brasileiro SA ADR (a)(b) | 56,034 | 243,748 | ||||||
Petroleo Brasileiro SA Preference Shares ADR (a) | 125,825 | 463,036 | ||||||
Profarma Distribuidora de Produtos Farmaceuticos SA (a) | 1,814 | 3,234 | ||||||
Prumo Logistica SA (a) | 17,959 | 2,661 | ||||||
Qualicorp SA | 5,016 | 18,694 | ||||||
Raia Drogasil SA | 3,500 | 34,368 | ||||||
Restoque Comercio e Confeccoes de Roupas SA | 6,748 | 5,541 | ||||||
Rodobens Negocios Imobiliarios SA | 5,726 | 5,996 | ||||||
Rossi Residencial SA (a) | 22,693 | 4,673 | ||||||
Rumo Logistica Operadora Multimodal SA (a) | 3,841 | 5,797 | ||||||
Souza Cruz SA | 38,347 | 258,090 | ||||||
Suzano Papel e Celulose SA Preference Shares (Class A) | 5,090 | 24,658 | ||||||
T4F Entretenimento SA (a) | 9,264 | 6,747 | ||||||
Telefonica Brasil SA ADR (b) | 9,335 | 85,229 | ||||||
Telefonica Brasil SA Preference Shares | 37,905 | 349,069 | ||||||
Tereos Internacional SA (a) | 45,666 | 7,569 | ||||||
Tim Participacoes SA ADR | 13,025 | 123,086 | ||||||
Totvs SA | 3,182 | 24,085 | ||||||
Tractebel Energia SA ADR | 14,704 | 126,307 | ||||||
Ultrapar Participacoes SA | 15,438 | 258,983 | ||||||
Usinas Siderurgicas de Minas Gerais SA ADR (b) | 45,106 | 38,340 | ||||||
Vale SA ADR (b) | 75,342 | 316,436 | ||||||
Vale SA Preference Shares ADR (b) | 109,458 | 366,684 | ||||||
Weg SA | 68,228 | 264,725 | ||||||
11,283,754 | ||||||||
BRITISH VIRGIN ISLANDS — 0.0% (d) | ||||||||
Winsway Enterprises Holdings, Ltd. (a)(e) | 10,000 | 187 | ||||||
CHILE — 1.6% | ||||||||
Antarchile SA | 18,804 | 184,881 | ||||||
Empresa Nacional de Electricidad SA ADR | 9,684 | 343,879 | ||||||
Empresas COPEC SA | 43,279 | 391,780 | ||||||
Empresas Iansa SA | 464,722 | 15,454 | ||||||
Enersis SA ADR | 37,174 | 469,879 | ||||||
Enjoy SA | 213,624 | 12,459 |
See accompanying notes to financial statements.
241
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SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Latam Airlines Group SA ADR (a)(b) | 28,767 | $ | 140,383 | |||||
Multiexport Foods SA | 194,362 | 24,794 | ||||||
Parque Arauco SA | 268,552 | 459,872 | ||||||
SACI Falabella | 107,759 | 666,167 | ||||||
Sociedad Quimica y Minera de Chile SA Preference Shares (Class B) | 1,282 | 18,491 | ||||||
Tech Pack SA (a) | 11,507 | 3,876 | ||||||
Vina Concha y Toro SA ADR | 6,352 | 210,887 | ||||||
2,942,802 | ||||||||
CHINA — 22.4% | ||||||||
21Vianet Group, Inc. ADR (a)(b) | 742 | 13,564 | ||||||
3SBio, Inc. (a)(f) | 32,000 | 32,454 | ||||||
500.com, Ltd. ADR (Class A) (a) | 424 | 6,877 | ||||||
58.com, Inc. ADR (a)(b) | 530 | 24,936 | ||||||
Agricultural Bank of China, Ltd. (Class H) | 1,268,000 | 479,383 | ||||||
Air China, Ltd. (Class H) | 159,744 | 125,939 | ||||||
Alibaba Group Holding, Ltd. ADR (a)(b) | 55,121 | 3,250,485 | ||||||
Aluminum Corp. of China, Ltd. (Class H) (a)(b) | 360,000 | 111,948 | ||||||
Angang Steel Co., Ltd. (b) | 74,640 | 29,952 | ||||||
Anhui Conch Cement Co., Ltd. (Class H) | 124,135 | 364,394 | ||||||
Anhui Expressway Co., Ltd. (Class H) (b) | 8,000 | 6,503 | ||||||
Anta Sports Products, Ltd. | 35,000 | 90,322 | ||||||
Anton Oilfield Services Group (a)(b) | 46,000 | 5,995 | ||||||
Aupu Group Holding Co., Ltd. | 124,000 | 31,200 | ||||||
Autohome, Inc. ADR (a) | 1,590 | 51,723 | ||||||
Avic International Holdings, Ltd. | 70,000 | 37,032 | ||||||
BAIC Motor Corp., Ltd. (Class H) (b)(f) | 10,000 | 8,761 | ||||||
Baidu, Inc. ADR (a) | 14,377 | 1,975,544 | ||||||
BAIOO Family Interactive, Ltd. (b)(f) | 150,000 | 9,871 | ||||||
Bank of China, Ltd. (Class H) | 3,634,900 | 1,561,824 | ||||||
Bank of Communications Co., Ltd. (Class H) | 1,032,864 | 715,670 | ||||||
Baoxin Auto Group, Ltd. | 16,000 | 6,813 | ||||||
BBMG Corp. (Class H) | 18,000 | 12,333 | ||||||
Beijing Enterprises Clean Energy Group, Ltd. (a) | 738,000 | 91,416 | ||||||
Beijing Jingneng Clean Energy Co., Ltd. (Class H) (b) | 52,000 | 15,902 | ||||||
Bitauto Holdings, Ltd. ADR (a) | 954 | 28,401 | ||||||
BOE Technology Group Co., Ltd. (Class B) (a) | 42,700 | 11,625 | ||||||
Boer Power Holdings, Ltd. (b) | 7,000 | 11,814 | ||||||
Bona Film Group, Ltd. ADR (a) | 848 | 10,100 | ||||||
Boyaa Interactive International, Ltd. | 24,000 | 9,848 | ||||||
Brilliance China Automotive Holdings, Ltd. (b) | 158,000 | 186,745 | ||||||
BYD Co., Ltd. (Class H) (a)(b) | 25,500 | 134,409 | ||||||
BYD Electronic International Co., Ltd. (a) | 25,000 | 15,516 | ||||||
Cabbeen Fashion, Ltd. | 46,000 | 29,737 | ||||||
CAR, Inc. (a)(b) | 37,000 | 53,280 | ||||||
CGN Power Co., Ltd. (Class H) (f) | 478,000 | 199,217 | ||||||
Changyou.com, Ltd. ADR (a) | 318 | 5,660 | ||||||
Chanjet Information Technology Co., Ltd. (Class H) | 4,000 | 6,906 | ||||||
Cheetah Mobile, Inc. ADR (a)(b) | 530 | 7,664 | ||||||
China Aircraft Leasing Group Holdings, Ltd. | 6,500 | 6,450 | ||||||
China Aoyuan Property Group, Ltd. | 44,000 | 8,232 | ||||||
China Automation Group, Ltd. (a) | 57,000 | 6,031 | ||||||
China Child Care Corp., Ltd. | 71,000 | 6,321 | ||||||
China Cinda Asset Management Co., Ltd. (Class H) | 592,000 | 204,716 | ||||||
China CITIC Bank Corp., Ltd. (Class H) (a) | 556,000 | 322,119 | ||||||
China Coal Energy Co., Ltd. (Class H) (b) | 360,000 | 145,393 | ||||||
China Communications Construction Co., Ltd. (Class H) | 255,241 | 313,862 | ||||||
China Communications Services Corp., Ltd. (Class H) | 68,000 | 26,147 | ||||||
China Conch Venture Holdings, Ltd. (b) | 77,700 | 164,823 | ||||||
China Construction Bank Corp. (Class H) | 4,842,280 | 3,217,752 | ||||||
China COSCO Holdings Co., Ltd. (Class H) (a)(b)(e) | 245,425 | 156,438 | ||||||
China Datang Corp. Renewable Power Co., Ltd. (a) | 96,000 | 12,635 | ||||||
China Distance Education Holdings, Ltd. ADR | 636 | 8,128 | ||||||
China Eastern Airlines Corp., Ltd. (Class H) (a) | 60,000 | 35,845 | ||||||
China Fangda Group Co., Ltd. (Class B) | 116,700 | 71,525 | ||||||
China Galaxy Securities Co., Ltd. (Class H) (b) | 145,900 | 102,412 | ||||||
China Hanking Holdings, Ltd. (a) | 56,000 | 28,831 | ||||||
China Harmony New Energy Auto Holdings, Ltd. | 12,000 | 5,652 | ||||||
China Hongqiao Group, Ltd. (b) | 17,500 | 8,197 | ||||||
China Huiyuan Juice Group, Ltd. (a) | 27,000 | 10,103 | ||||||
China International Marine Containers Group Co., Ltd. (Class H) | 10,300 | 18,075 | ||||||
China Jicheng Holdings, Ltd. (a)(f) | 197,800 | 51,555 | ||||||
China Jiuhao Health Industry Corp., Ltd. | 180,000 | 14,632 | ||||||
China Lesso Group Holdings, Ltd. | 35,000 | 28,180 | ||||||
China Life Insurance Co., Ltd. (Class H) | 381,260 | 1,318,413 | ||||||
China Lodging Group, Ltd. ADR (a) | 954 | 23,211 | ||||||
China Longyuan Power Group Corp. (Class H) | 115,000 | 123,457 | ||||||
China Machinery Engineering Corp. (Class H) | 21,000 | 18,046 | ||||||
China Merchants Bank Co., Ltd. (Class H) | 253,923 | 612,688 | ||||||
China Ming Yang Wind Power Group, Ltd. ADS (a)(b) | 6,469 | 12,679 | ||||||
China Minsheng Banking Corp., Ltd. (Class H) | 307,400 | 283,203 |
See accompanying notes to financial statements.
242
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
China Molybdenum Co., Ltd. (Class H) (b) | 35,000 | $ | 16,981 | |||||
China National Accord Medicines Corp., Ltd. (Class B) | 2,500 | 11,900 | ||||||
China National Building Material Co., Ltd. (Class H) (b) | 72,000 | 41,435 | ||||||
China NT Pharma Group Co., Ltd. (a) | 129,100 | 29,984 | ||||||
China Oilfield Services, Ltd. (Class H) (b) | 153,723 | 153,524 | ||||||
China Pacific Insurance Group Co., Ltd. (Class H) | 123,600 | 456,918 | ||||||
China Petroleum & Chemical Corp. (Class H) | 1,419,200 | 862,502 | ||||||
China Railway Construction Corp., Ltd. (Class H) | 130,490 | 191,609 | ||||||
China Railway Group, Ltd. (Class H) | 289,487 | 262,591 | ||||||
China Sanjiang Fine Chemicals Co., Ltd. (a)(b) | 31,000 | 5,680 | ||||||
China Shenhua Energy Co., Ltd. (Class H) | 245,056 | 374,380 | ||||||
China Shipping Container Lines Co., Ltd. (a)(b)(e) | 448,117 | 179,824 | ||||||
China Shipping Development Co., Ltd. (b)(e) | 140,000 | 99,174 | ||||||
China Southern Airlines Co., Ltd. (Class H) | 72,000 | 52,862 | ||||||
China Telecom Corp., Ltd. (Class H) | 939,615 | 452,225 | ||||||
China Vanke Co., Ltd. (Class H) (b) | 50,600 | 107,989 | ||||||
ChinaCache International Holdings, Ltd. ADR (a) | 954 | 7,460 | ||||||
Chinasoft International, Ltd. (a) | 58,000 | 22,227 | ||||||
Chongqing Changan Automobile Co., Ltd. (Class B) | 55,400 | 93,572 | ||||||
Chongqing Machinery & Electric Co., Ltd. | 54,000 | 7,107 | ||||||
CIFI Holdings Group Co., Ltd. | 40,000 | 7,122 | ||||||
CITIC Securities Co., Ltd. (Class H) | 83,000 | 147,793 | ||||||
CNinsure, Inc. ADR (a) | 2,014 | 15,407 | ||||||
Cogobuy Group (a)(f) | 22,000 | 22,199 | ||||||
Coland Holdings, Ltd. | 11,938 | 17,856 | ||||||
Colour Life Services Group Co., Ltd. | 27,000 | 21,112 | ||||||
Comtec Solar Systems Group, Ltd. (a) | 128,000 | 10,240 | ||||||
Coolpad Group, Ltd. (a) | 172,000 | 32,180 | ||||||
Cosmo Lady China Holdings Co., Ltd. (f) | 29,000 | 30,684 | ||||||
Country Garden Holdings Co., Ltd. (b) | 279,466 | 100,607 | ||||||
Credit China Holdings, Ltd. | 72,000 | 18,580 | ||||||
CRRC Corp., Ltd. (Class H) (a) | 209,000 | 264,282 | ||||||
CSG Holding Co., Ltd. (Class B) | 8,200 | 6,211 | ||||||
Ctrip.com International, Ltd. ADR (a) | 8,370 | 528,817 | ||||||
Dalian Wanda Commercial Properties Co., Ltd. (Class H) (f) | 30,100 | 172,443 | ||||||
Daqo New Energy Corp. ADR (a)(b) | 636 | 10,170 | ||||||
Datang International Power Generation Co., Ltd. (Class H) | 432,000 | 163,323 | ||||||
Dazhong Transportation Group Co., Ltd. (Class B) | 49,500 | 44,896 | ||||||
Dongfang Electric Corp., Ltd. (Class H) (b) | 14,400 | 14,771 | ||||||
Dongfeng Motor Group Co., Ltd. (Class H) | 284,000 | 353,623 | ||||||
Dongpeng Holdings Co., Ltd. | 23,000 | 7,716 | ||||||
Double Coin Holdings, Ltd. (Class B) | 200 | 168 | ||||||
E-Commerce China Dangdang, Inc. (Class A) ADR (a)(b) | 2,757 | 16,459 | ||||||
E-House China Holdings, Ltd. ADR (b) | 1,908 | 11,333 | ||||||
Fantasia Holdings Group Co., Ltd. | 54,000 | 6,062 | ||||||
GF Securities Co., Ltd. (Class H) (a)(b) | 83,600 | 151,018 | ||||||
Goodbaby International Holdings, Ltd. (a) | 25,000 | 11,129 | ||||||
Great Wall Motor Co., Ltd. (Class H) | 171,750 | 189,699 | ||||||
Greentown China Holdings, Ltd. (a)(b) | 30,500 | 21,842 | ||||||
Guangdong Electric Power Development Co. Ltd. (Class B) | 101,440 | 64,790 | ||||||
Guangshen Railway Co., Ltd. (b) | 288,000 | 114,456 | ||||||
Guangzhou Automobile Group Co., Ltd. (Class H) | 164,636 | 134,045 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. (Class H) (b) | 6,000 | 15,406 | ||||||
Guangzhou R&F Properties Co., Ltd. (Class H) (b) | 129,600 | 117,392 | ||||||
Guodian Technology & Environment Group Co., Ltd. (Class H) (a) | 31,000 | 2,680 | ||||||
Haichang Ocean Park Holdings, Ltd. (a)(f) | 44,000 | 8,573 | ||||||
Haitian International Holdings, Ltd. | 5,000 | 8,245 | ||||||
Haitong Securities Co., Ltd. (Class H) (b) | 129,600 | 186,623 | ||||||
Hangzhou Steam Turbine Co. (Class B) (g) | 17,400 | 17,804 | ||||||
Harbin Electric Co., Ltd. (Class H) (b) | 72,000 | 39,576 | ||||||
Hengan International Group Co., Ltd. | 38,000 | 369,456 | ||||||
Hi Sun Technology China, Ltd. (a)(b) | 99,000 | 16,606 | ||||||
HNA Infrastructure Co., Ltd. | 23,000 | 26,294 | ||||||
Homeinns Hotel Group ADR (a) | 636 | 18,279 | ||||||
Honworld Group, Ltd. (f) | 14,000 | 7,966 | ||||||
Huadian Fuxin Energy Corp., Ltd. (Class H) | 30,000 | 10,335 | ||||||
Huadian Power International Corp., Ltd. (Class H) | 193,308 | 150,405 | ||||||
Huaneng Power International, Inc. (Class H) | 288,000 | 309,552 | ||||||
Huaneng Renewables Corp., Ltd. (Class H) | 140,000 | 51,664 | ||||||
Huangshan Tourism Development Co., Ltd. (Class B) | 32,820 | 50,215 | ||||||
Huatai Securities Co., Ltd. (Class H) (a)(f) | 35,400 | 69,703 | ||||||
Industrial & Commercial Bank of China, Ltd. (Class H) | 3,908,590 | 2,249,316 | ||||||
Inner Mongolia Yitai Coal Co., Ltd. (Class B) | 26,665 | 21,679 | ||||||
Intime Retail Group Co., Ltd. | 76,500 | 78,967 |
See accompanying notes to financial statements.
243
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
JA Solar Holdings Co., Ltd. ADR (a)(b) | 1,166 | $ | 9,095 | |||||
JD.com, Inc. ADR (a) | 42,839 | 1,116,384 | ||||||
Jiangnan Group, Ltd. | 50,000 | 10,258 | ||||||
Jiangsu Expressway Co., Ltd. (Class H) | 194,000 | 247,067 | ||||||
Jiangsu Future Land Co., Ltd. (Class B) | 55,689 | 100,741 | ||||||
Jiangxi Copper Co., Ltd. (Class H) | 74,000 | 89,754 | ||||||
JinkoSolar Holding Co., Ltd. ADR (a)(b) | 742 | 16,279 | ||||||
Jumei International Holding, Ltd. ADR (a)(b) | 424 | 4,185 | ||||||
Kama Co., Ltd. (Class B) (a) | 7,100 | 5,936 | ||||||
Kingsoft Corp., Ltd. | 33,000 | 64,296 | ||||||
Konka Group Co., Ltd. (Class B) | 630,000 | 239,805 | ||||||
KWG Property Holding, Ltd. | 70,412 | 46,154 | ||||||
Lao Feng Xiang Co., Ltd. (Class B) | 9,301 | 37,836 | ||||||
Lifetech Scientific Corp. (a) | 70,000 | 10,116 | ||||||
Livzon Pharmaceutical Group, Inc. (Class H) (e) | 4,520 | 23,329 | ||||||
Luye Pharma Group, Ltd. (a) | 32,000 | 28,449 | ||||||
Maanshan Iron & Steel (a)(b) | 216,000 | 46,544 | ||||||
Metallurgical Corp. of China, Ltd. (Class H) (e) | 90,000 | 33,213 | ||||||
Mindray Medical International, Ltd. ADR | 2,984 | 65,260 | ||||||
MOBI Development Co., Ltd. | 102,000 | 15,793 | ||||||
Momo, Inc. ADR (a) | 848 | 10,600 | ||||||
NetEase, Inc. ADR | 4,935 | 592,792 | ||||||
New China Life Insurance Co., Ltd. (Class H) | 34,300 | 147,378 | ||||||
New Oriental Education & Technology Group, Inc. ADR | 5,902 | 119,279 | ||||||
Nine Dragons Paper Holdings, Ltd. | 108,000 | 55,881 | ||||||
Noah Holdings, Ltd. ADS (a)(b) | 636 | 14,940 | ||||||
NQ Mobile, Inc. ADR (a)(b) | 1,908 | 6,315 | ||||||
Ourgame International Holdings, Ltd. | 23,000 | 11,693 | ||||||
Ozner Water International Holding, Ltd. (a)(f) | 44,000 | 8,062 | ||||||
Parkson Retail Group, Ltd. | 89,634 | 11,913 | ||||||
People’s Insurance Co. Group of China, Ltd. (Class H) | 259,000 | 125,990 | ||||||
PetroChina Co., Ltd. (Class H) | 1,100,970 | 762,861 | ||||||
PICC Property & Casualty Co., Ltd. (Class H) | 367,506 | 714,143 | ||||||
Ping An Insurance Group Co. of China, Ltd. (Class H) | 249,000 | 1,232,140 | ||||||
Poly Culture Group Corp., Ltd. (Class H) | 3,000 | 6,348 | ||||||
PW Medtech Group, Ltd. (a) | 26,000 | 5,435 | ||||||
Qihoo 360 Technology Co., Ltd. ADR (a)(b) | 4,024 | 192,468 | ||||||
Qunar Cayman Islands, Ltd. ADR (a) | 1,590 | 47,811 | ||||||
ReneSola, Ltd. ADR (a)(b) | 8,802 | 8,556 | ||||||
Renhe Commercial Holdings Co., Ltd. (a)(b) | 785,000 | 42,035 | ||||||
REXLot Holdings, Ltd. (g) | 175,000 | 7,452 | ||||||
Semiconductor Manufacturing International Corp. (a) | 1,315,000 | 118,773 | ||||||
Shandong Airlines Co., Ltd. (Class B) | 2,900 | 6,051 | ||||||
Shandong Chenming Paper Holdings, Ltd. (Class B) | 15,200 | 7,355 | ||||||
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. (Class H) | 8,000 | 12,593 | ||||||
Shandong Weigao Group Medical Polymer Co., Ltd. (Class H) | 104,000 | 65,486 | ||||||
Shanghai Baosight Software Co., Ltd. (Class B) | 2,700 | 8,875 | ||||||
Shanghai Electric Group Co., Ltd. (Class H) (b) | 306,077 | 166,268 | ||||||
Shanghai Fosun Pharmaceutical Group Co., Ltd. (Class H) | 12,500 | 39,113 | ||||||
Shanghai Fudan Microelectronics Group Co., Ltd. (Class H) (a) | 16,000 | 9,724 | ||||||
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Class H) | 8,000 | 7,350 | ||||||
Shanghai Greencourt Investment Group Co., Ltd. (Class B) (a) | 68,848 | 39,794 | ||||||
Shanghai Jin Jiang International Hotels Group Co., Ltd. (Class H) | 28,000 | 7,840 | ||||||
Shanghai Jinjiang International Industrial Investment Co., Ltd. (Class B) | 39,458 | 59,226 | ||||||
Shanghai Jinjiang International Travel Co., Ltd. (Class B) | 2,300 | 7,388 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. (Class B) | 52,020 | 76,365 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. (Class B) | 18,300 | 49,630 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H) | 14,500 | 30,235 | ||||||
Shanghai Prime Machinery Co., Ltd. (Class H) | 52,000 | 8,454 | ||||||
Shengjing Bank Co., Ltd. (Class H) (b)(f) | 29,300 | 41,284 | ||||||
Shenzhen Expressway Co., Ltd. (Class H) | 116,482 | 75,901 | ||||||
Shenzhou International Group Holdings, Ltd. | 22,000 | 113,264 | ||||||
Shunfeng International Clean Energy, Ltd. (a) | 54,000 | 13,726 | ||||||
Sihuan Pharmaceutical Holdings Group, Ltd. (e) | 2,000 | 258 | ||||||
Sina Corp. (a) | 4,147 | 166,378 | ||||||
Sinofert Holdings, Ltd. | 46,000 | 6,826 | ||||||
Sinopec Oilfield Service Corp. (Class H) (a)(b) | 64,000 | 20,645 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd. (Class H) (a) | 286,600 | 109,092 | ||||||
Sinopharm Group Co., Ltd. (Class H) | 46,000 | 160,851 | ||||||
Sinosoft Technology Group, Ltd. | 28,000 | 13,982 | ||||||
Sinovac Biotech, Ltd. (a) | 5,700 | 28,956 | ||||||
Soho China, Ltd. | 24,000 | 9,321 | ||||||
SouFun Holdings, Ltd. ADR (b) | 8,802 | 58,093 | ||||||
SPT Energy Group, Inc. (a)(b) | 20,000 | 1,806 |
See accompanying notes to financial statements.
244
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Sunny Optical Technology Group Co., Ltd. (b) | 32,000 | $ | 63,504 | |||||
Synertone Communication Corp. (a) | 176,000 | 3,588 | ||||||
Tencent Holdings, Ltd. | 285,467 | 4,762,664 | ||||||
Tian Ge Interactive Holdings, Ltd. (f) | 29,000 | 12,610 | ||||||
Tingyi Cayman Islands Holding Corp. | 196,000 | 311,575 | ||||||
Tong Ren Tang Technologies Co., Ltd. (Class H) | 10,000 | 13,626 | ||||||
TravelSky Technology, Ltd. (Class H) (b) | 141,841 | 178,444 | ||||||
Trigiant Group, Ltd. (b) | 36,000 | 6,828 | ||||||
Trina Solar, Ltd. ADR (a)(b) | 3,818 | 34,247 | ||||||
Universal Health International Group Holding, Ltd. (b) | 27,000 | 8,884 | ||||||
Vimicro International Co. ADR (a) | 2,500 | 31,150 | ||||||
Vipshop Holdings, Ltd. ADS (a)(b) | 14,540 | 244,272 | ||||||
Want Want China Holdings, Ltd. (b) | 398,000 | 326,615 | ||||||
Weiqiao Textile Co. | 90,500 | 36,433 | ||||||
Wisdom Holdings Group (b) | 33,000 | 14,051 | ||||||
WuXi PharmaTech Cayman, Inc. ADR (a) | 2,202 | 95,148 | ||||||
Xiamen International Port Co., Ltd. (Class H) | 40,000 | 9,652 | ||||||
Xinchen China Power Holdings, Ltd. (a)(b) | 39,000 | 8,907 | ||||||
Xinjiang Goldwind Science & Technology Co., Ltd. (Class H) (b) | 4,800 | 8,299 | ||||||
Xinyi Solar Holdings, Ltd. (b) | 138,000 | 47,009 | ||||||
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. (Class H) (f) | 10,000 | 10,581 | ||||||
Yanzhou Coal Mining Co., Ltd. (Class H) (b) | 216,000 | 95,875 | ||||||
Yestar International Holdings Co., Ltd. (b) | 22,500 | 8,942 | ||||||
Yingli Green Energy Holding Co., Ltd. ADR (a)(b) | 10,498 | 4,286 | ||||||
Youku Tudou, Inc. ADR (a) | 5,424 | 95,625 | ||||||
YY, Inc. ADR (a) | 1,272 | 69,375 | ||||||
Zhaojin Mining Industry Co., Ltd. (Class H) (b) | 15,500 | 8,100 | ||||||
Zhejiang Expressway Co., Ltd. (Class H) | 253,862 | 275,479 | ||||||
Zhuzhou CSR Times Electric Co., Ltd. (Class H) | 33,500 | 246,602 | ||||||
Zijin Mining Group Co., Ltd. (Class H) | 399,000 | 103,997 | ||||||
ZTE Corp. (Class H) | 72,927 | 165,990 | ||||||
42,283,074 | ||||||||
COLOMBIA — 0.6% | ||||||||
Almacenes Exito SA | 7,343 | 31,540 | ||||||
Banco Davivienda SA Preference Shares | 12,347 | 95,908 | ||||||
Banco de Bogota SA | 3,963 | 75,739 | ||||||
BanColombia SA | 11,474 | 88,161 | ||||||
BanColombia SA ADR (b) | 4,134 | 133,115 | ||||||
Bolsa de Valores de Colombia | 7,489,248 | 40,028 | ||||||
Celsia SA ESP | 8,036 | 9,293 | ||||||
Cementos Argos SA | 8,163 | 24,961 | ||||||
Cementos Argos SA Preference Shares | 9,750 | 28,425 | ||||||
Constructora Conconcreto SA | 24,393 | 9,600 | ||||||
Corp Financiera Colombiana SA | 3,681 | 45,286 | ||||||
Ecopetrol SA | 110,421 | 47,572 | ||||||
Empresa de Telecomunicaciones de Bogota | 217,515 | 40,303 | ||||||
Grupo Argos SA | 3,302 | 19,146 | ||||||
Grupo Argos SA/Colombia Preference Shares | 12,494 | 69,935 | ||||||
Grupo Aval Acciones y Valores SA | 328,378 | 125,517 | ||||||
Grupo de Inversiones Suramericana SA | 4,498 | 52,278 | ||||||
Grupo de Inversiones Suramericana SA Preference Shares | 4,489 | 51,475 | ||||||
Grupo Nutresa SA | 4,150 | 27,934 | ||||||
Interbolsa SA/Colombia (a)(g) | 52,588 | 0 | ||||||
Interconexion Electrica SA ESP | 16,733 | 38,755 | ||||||
Isagen SA ESP | 73,773 | 68,823 | ||||||
1,123,794 | ||||||||
CZECH REPUBLIC — 0.4% | ||||||||
CEZ AS | 15,067 | 313,286 | ||||||
Komercni Banka AS | 1,590 | 344,191 | ||||||
Unipetrol (a) | 10,740 | 68,601 | ||||||
726,078 | ||||||||
EGYPT — 0.5% | ||||||||
Commercial International Bank Egypt SAE | 114,546 | 776,362 | ||||||
Egyptian Financial Group-Hermes Holding Co. (a) | 62,720 | 64,642 | ||||||
Egyptian Kuwait Holding Co. | 54,463 | 31,589 | ||||||
Global Telecom Holding GDR (a) | 1,676 | 1,927 | ||||||
Global Telecom Holding SAE (a) | 57,917 | 14,054 | ||||||
Global Telecom Holding SAE GDR (a) | 28,452 | 32,720 | ||||||
Orascom Telecom Media & Technology Holding SAE (a) | 50,320 | 4,499 | ||||||
925,793 | ||||||||
GREECE — 0.3% | ||||||||
Alpha Bank AE (a) | 197,838 | 23,630 | ||||||
Diana Shipping, Inc. (a) | 2,570 | 16,654 | ||||||
DryShips, Inc. (a) | 13,117 | 2,214 | ||||||
Ellaktor SA (a) | 230 | 393 | ||||||
Eurobank Ergasias SA (a) | 435,646 | 10,698 | ||||||
FF Group (a) | 1,014 | 20,600 | ||||||
Fourlis Holdings SA (a) | 112 | 311 | ||||||
Frigoglass SAIC (a) | 196 | 431 | ||||||
GEK Terna Holding Real Estate Construction SA (a) | 279 | 523 | ||||||
Grivalia Properties REIC AE | 4,985 | 44,293 | ||||||
Hellenic Exchanges — Athens Stock Exchange SA | 9,456 | 52,249 | ||||||
Hellenic Telecommunications Organization SA | 7,892 | 68,714 | ||||||
Intralot SA — Integrated Lottery Systems & Services (a) | 21,251 | 40,326 | ||||||
JUMBO SA | 3,238 | 28,373 | ||||||
Marfin Investment Group Holdings SA (a) | 3,150 | 264 | ||||||
Mytilineos Holdings SA (a) | 73 | 379 |
See accompanying notes to financial statements.
245
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
National Bank of Greece SA (a) | 49,558 | $ | 21,298 | |||||
OPAP SA | 9,744 | 87,884 | ||||||
Piraeus Bank SA (a) | 51,978 | 4,526 | ||||||
Public Power Corp. SA | 3,659 | 19,074 | ||||||
Terna Energy SA (a) | 146 | 445 | ||||||
Titan Cement Co. SA | 1,562 | 35,220 | ||||||
478,499 | ||||||||
HONG KONG — 8.1% | ||||||||
AAC Technologies Holdings, Inc. (b) | 56,992 | 354,819 | ||||||
Agile Property Holdings, Ltd. (b) | 252,999 | 131,559 | ||||||
AGTech Holdings, Ltd. (a) | 56,000 | 12,139 | ||||||
Alibaba Pictures Group, Ltd. (a)(b) | 592,400 | 131,474 | ||||||
AMVIG Holdings, Ltd. | 48,000 | 19,943 | ||||||
Asian Citrus Holdings, Ltd. (a)(b) | 48,000 | 6,379 | ||||||
AVIC International Holding HK, Ltd. (a)(b) | 180,000 | 19,510 | ||||||
AviChina Industry & Technology Co., Ltd. (Class H) | 114,000 | 83,992 | ||||||
Beijing Capital International Airport Co., Ltd. | 216,000 | 200,948 | ||||||
Beijing Capital Land, Ltd. (Class H) | 42,000 | 16,583 | ||||||
Beijing Enterprises Holdings, Ltd. | 25,000 | 149,838 | ||||||
Beijing Enterprises Water Group, Ltd. (a) | 240,000 | 167,225 | ||||||
Belle International Holdings, Ltd. | 265,000 | 229,095 | ||||||
BEP International Holdings, Ltd. | 410,000 | 61,367 | ||||||
Biostime International Holdings, Ltd. (b) | 5,000 | 9,587 | ||||||
Bosideng International Holdings, Ltd. (b) | 76,000 | 6,766 | ||||||
C.banner International Holdings, Ltd. (a) | 12,000 | 3,979 | ||||||
Carnival Group International Holdings, Ltd. (a)(b) | 260,000 | 32,542 | ||||||
CGN Meiya Power Holdings Co., Ltd. (a)(f) | 24,000 | 5,946 | ||||||
CGN Mining Co., Ltd. (a) | 80,000 | 5,987 | ||||||
Chaowei Power Holdings, Ltd. (a)(b) | 33,000 | 16,819 | ||||||
Chia Tai Enterprises International, Ltd. (a) | 2,300 | 896 | ||||||
Chiho-Tiande Group, Ltd. (a)(e) | 14,000 | 9,412 | ||||||
China Aerospace International Holdings, Ltd. (b) | 80,000 | 10,529 | ||||||
China Agri-Industries Holdings, Ltd. (a)(b) | 64,000 | 21,884 | ||||||
China All Access Holdings, Ltd. | 28,000 | 8,888 | ||||||
China Animation Characters Co., Ltd. (a) | 10,000 | 7,548 | ||||||
China Chengtong Development Group, Ltd. (a) | 236,000 | 30,451 | ||||||
China Dongxiang Group Co., Ltd. | 40,000 | 9,652 | ||||||
China Electronics Corp. Holdings Co., Ltd. (b) | 50,000 | 15,548 | ||||||
China Energine International Holdings, Ltd. | 120,000 | 9,600 | ||||||
China Everbright International, Ltd. | 130,000 | 181,496 | ||||||
China Everbright, Ltd. | 38,000 | 86,492 | ||||||
China Fiber Optic Network System Group, Ltd. (a)(b) | 78,800 | 10,676 | ||||||
China Financial International Investments, Ltd. (a) | 160,000 | 18,581 | ||||||
China Financial Leasing Group, Ltd. (a) | 80,000 | 9,497 | ||||||
China Financial Services Holdings, Ltd. | 112,000 | 7,370 | ||||||
China Foods, Ltd. (a) | 16,000 | 8,175 | ||||||
China Gas Holdings, Ltd. | 120,000 | 164,747 | ||||||
China High Speed Transmission Equipment Group Co., Ltd. (a) | 41,000 | 39,783 | ||||||
China Huarong Energy Co., Ltd. (a)(b) | 199,500 | 7,980 | ||||||
China Huishan Dairy Holdings Co., Ltd. (b) | 229,600 | 82,655 | ||||||
China Jinhai International Group, Ltd. (a) | 168,000 | 16,475 | ||||||
China Medical System Holdings, Ltd. | 79,000 | 90,416 | ||||||
China Mengniu Dairy Co., Ltd. | 102,310 | 359,073 | ||||||
China Merchants China Direct Investments, Ltd. | 4,000 | 6,173 | ||||||
China Merchants Holdings International Co., Ltd. | 83,682 | 245,646 | ||||||
China Mobile, Ltd. | 285,366 | 3,380,184 | ||||||
China Modern Dairy Holdings, Ltd. (b) | 110,000 | 33,497 | ||||||
China National Culture Group, Ltd. (a) | 260,000 | 3,086 | ||||||
China National Materials Co., Ltd. (Class H) | 44,000 | 10,617 | ||||||
China Ocean Shipbuilding Industry Group, Ltd. (a) | 315,000 | 9,348 | ||||||
China Oil and Gas Group, Ltd. (a)(b) | 132,000 | 8,175 | ||||||
China Overseas Grand Oceans Group, Ltd. (b) | 31,000 | 9,120 | ||||||
China Overseas Land & Investment, Ltd. | 291,200 | 879,230 | ||||||
China Power International Development, Ltd. (b) | 360,000 | 234,115 | ||||||
China Power New Energy Development Co., Ltd. | 120,000 | 8,671 | ||||||
China Precious Metal Resources Holdings Co., Ltd. (a)(b) | 190,000 | 7,477 | ||||||
China Public Procurement, Ltd. (a) | 396,000 | 6,336 | ||||||
China Rare Earth Holdings, Ltd. (a) | 85,200 | 6,926 | ||||||
China Resources Enterprise, Ltd. | 72,469 | 134,464 | ||||||
China Resources Gas Group, Ltd. | 24,000 | 61,811 | ||||||
China Resources Land, Ltd. | 184,222 | 431,671 | ||||||
China Resources Power Holdings Co., Ltd. | 149,600 | 341,279 | ||||||
China Singyes Solar Technologies Holdings, Ltd. (a)(b) | 8,000 | 5,399 | ||||||
China South City Holdings, Ltd. (b) | 82,000 | 19,997 | ||||||
China State Construction International Holdings, Ltd. | 58,000 | 82,921 | ||||||
China Taiping Insurance Holdings Co., Ltd. (a) | 56,835 | 176,371 | ||||||
China Travel International Investment Hong Kong, Ltd. | 370,000 | 134,631 | ||||||
China Unicom (Hong Kong), Ltd. | 293,668 | 371,724 | ||||||
China Vanguard Group, Ltd. (a)(b) | 70,000 | 8,852 |
See accompanying notes to financial statements.
246
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
China Yurun Food Group, Ltd. (a)(b) | 12,000 | $ | 2,725 | |||||
China ZhengTong Auto Services Holdings, Ltd. | 17,000 | 7,019 | ||||||
CIMC Enric Holdings, Ltd. (b) | 10,000 | 5,703 | ||||||
Citic Resources Holdings, Ltd. (a)(b) | 78,000 | 11,373 | ||||||
Citic Telecom International Holdings, Ltd. | 38,000 | 12,993 | ||||||
CITIC, Ltd. (b) | 325,000 | 591,286 | ||||||
Citychamp Watch & Jewellery Group, Ltd. (a) | 74,000 | 11,363 | ||||||
CNOOC, Ltd. | 930,603 | 952,211 | ||||||
Comba Telecom Systems Holdings, Ltd. | 47,602 | 10,135 | ||||||
Concord New Energy Group, Ltd. | 120,000 | 8,052 | ||||||
COSCO Pacific, Ltd. (e) | 154,413 | 199,779 | ||||||
CP Pokphand Co., Ltd. | 242,000 | 26,854 | ||||||
Digital China Holdings, Ltd. | 46,000 | 42,557 | ||||||
Essex Bio-technology, Ltd. | 54,000 | 32,888 | ||||||
Eternity Investment, Ltd. (a) | 39,600 | 2,453 | ||||||
Evergrande Real Estate Group, Ltd. (b) | 205,000 | 116,386 | ||||||
Far East Horizon, Ltd. | 107,000 | 82,700 | ||||||
Feiyu Technology International Co., Ltd. (f) | 30,000 | 7,084 | ||||||
First Shanghai Investments, Ltd. | 40,000 | 5,677 | ||||||
Fufeng Group, Ltd. (b) | 29,000 | 11,750 | ||||||
Fullshare Holdings, Ltd. (a) | 287,000 | 51,474 | ||||||
GCL Poly Energy Holdings, Ltd. (a)(b) | 402,000 | 77,287 | ||||||
Geely Automobile Holdings, Ltd. | 140,000 | 66,658 | ||||||
Global Bio-Chem Technology Group Co., Ltd. (a) | 170,000 | 6,471 | ||||||
Golden Meditech Holdings, Ltd. | 44,000 | 5,677 | ||||||
Goldpac Group, Ltd. | 15,000 | 7,568 | ||||||
GOME Electrical Appliances Holding, Ltd. (b) | 542,000 | 82,523 | ||||||
Greatview Aseptic Packaging Co., Ltd. | 10,000 | 4,658 | ||||||
Guangdong Investment, Ltd. | 290,000 | 431,068 | ||||||
Guotai Junan International Holdings, Ltd. (b) | 99,000 | 27,975 | ||||||
Haier Electronics Group Co., Ltd. | 30,000 | 50,013 | ||||||
Hanergy Thin Film Power Group, Ltd. (a)(b)(g) | 856,000 | 0 | ||||||
Hang Fat Ginseng Holdings Co., Ltd. (b) | 220,000 | 16,464 | ||||||
Hengdeli Holdings, Ltd. | 953,600 | 136,579 | ||||||
Honghua Group, Ltd. (a)(b) | 14,000 | 1,066 | ||||||
Hopson Development Holdings, Ltd. (a)(b) | 26,000 | 20,632 | ||||||
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H) | 259,600 | 31,822 | ||||||
Hua Hong Semiconductor, Ltd. (a)(f) | 7,000 | 7,063 | ||||||
Huabao International Holdings, Ltd. | 66,000 | 20,864 | ||||||
Imperial Pacific International Holdings, Ltd. (a)(b) | 1,490,000 | 32,491 | ||||||
Joy City Property, Ltd. | 164,000 | 24,124 | ||||||
Ju Teng International Holdings, Ltd. (b) | 50,500 | 24,891 | ||||||
Kingboard Chemical Holdings, Ltd. | 69,340 | 84,013 | ||||||
Kingboard Laminates Holdings, Ltd. | 39,500 | 16,004 | ||||||
Kingdee International Software Group Co., Ltd. (b) | 86,000 | 32,180 | ||||||
Kunlun Energy Co., Ltd. | 360,000 | 257,340 | ||||||
Lee & Man Paper Manufacturing, Ltd. | 34,000 | 17,197 | ||||||
Lenovo Group, Ltd. (b) | 504,000 | 424,658 | ||||||
Li Ning Co., Ltd. (a)(b) | 102,333 | 44,234 | ||||||
Lianhua Supermarket Holdings Co., Ltd. (a) | 13,000 | 6,005 | ||||||
Millennium Pacific Group Holdings, Ltd. (a) | 25,200 | 40,320 | ||||||
Minth Group, Ltd. | 18,000 | 32,098 | ||||||
National Agricultural Holdings, Ltd. (a) | 30,000 | 12,155 | ||||||
Neo Telemedia, Ltd. (a) | 360,000 | 30,658 | ||||||
NetDragon Websoft, Inc. | 13,500 | 33,793 | ||||||
Newocean Energy Holdings, Ltd. (b) | 22,000 | 8,289 | ||||||
Pacific Online, Ltd. | 22,000 | 7,097 | ||||||
Poly Property Group Co., Ltd. (b) | 48,000 | 13,192 | ||||||
Portico International Holdings, Ltd. (a) | 16,500 | 6,472 | ||||||
Pou Sheng International Holdings, Ltd. (a) | 91,000 | 15,382 | ||||||
Real Nutriceutical Group, Ltd. (b) | 59,000 | 10,049 | ||||||
Shanghai Industrial Urban Development Group, Ltd. (a) | 40,000 | 7,381 | ||||||
Shenwan Hongyuan HK, Ltd. | 10,000 | 4,026 | ||||||
Shenzhen International Holdings Ltd. | 33,966 | 46,544 | ||||||
Shenzhen Investment, Ltd. | 95,016 | 33,470 | ||||||
Shimao Property Holdings, Ltd. | 108,000 | 161,929 | ||||||
Shougang Concord International Enterprises Co., Ltd. (a) | 186,000 | 7,800 | ||||||
Silver Grant International Industries, Ltd. | 58,000 | 7,858 | ||||||
SIM Technology Group, Ltd. (a) | 218,000 | 10,970 | ||||||
Sino Biopharmaceutical, Ltd. | 140,000 | 171,973 | ||||||
Sino-Ocean Land Holdings, Ltd. | 277,980 | 151,364 | ||||||
SinoMedia Holding, Ltd. | 16,000 | 5,182 | ||||||
Sinotrans, Ltd. (Class H) | 326,300 | 152,413 | ||||||
SITC International Holdings Co., Ltd. | 27,000 | 13,030 | ||||||
Skyworth Digital Holdings, Ltd. | 69,411 | 46,751 | ||||||
Solargiga Energy Holdings, Ltd. (a) | 471,000 | 12,155 | ||||||
SSY Group, Ltd. (b) | 25,391 | 5,996 | ||||||
Sun Art Retail Group, Ltd. (b) | 59,000 | 45,296 | ||||||
Sunac China Holdings, Ltd. | 72,000 | 37,533 | ||||||
Suncorp Technologies, Ltd. (a)(b) | 640,000 | 16,351 | ||||||
Tack Fiori International Group, Ltd. (a) | 76,000 | 16,573 | ||||||
TCL Multimedia Technology Holdings, Ltd. (b) | 24,000 | 10,777 | ||||||
Tech Pro Technology Development, Ltd. (a)(b) | 196,000 | 45,775 | ||||||
Tiangong International Co., Ltd. | 58,000 | 5,239 | ||||||
Tianneng Power International, Ltd. (a) | 32,000 | 19,406 | ||||||
Tibet 5100 Water Resources Holdings, Ltd. (b) | 25,000 | 6,613 | ||||||
Uni-President China Holdings, Ltd. (b) | 30,000 | 28,955 | ||||||
United Laboratories International Holdings, Ltd. (a) | 12,000 | 6,101 |
See accompanying notes to financial statements.
247
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Universal Medical Financial & Technical Advisory Services Co., Ltd. (a) | 39,600 | $ | 29,636 | |||||
V1 Group, Ltd. (a)(b) | 226,200 | 18,096 | ||||||
Vision Values Holdings, Ltd. (a)(g) | 60,000 | 11,303 | ||||||
Wanda Hotel Development Co., Ltd. (a) | 42,000 | 6,449 | ||||||
Wasion Group Holdings, Ltd. | 24,000 | 24,805 | ||||||
West China Cement, Ltd. | 90,000 | 12,193 | ||||||
WH Group, Ltd. (a)(f) | 345,000 | 170,941 | ||||||
Xinyi Glass Holdings, Ltd. | 100,000 | 44,645 | ||||||
Yingde Gases Group Co., Ltd. | 23,500 | 9,673 | ||||||
Yip’s Chemical Holdings, Ltd. | 10,000 | 4,129 | ||||||
Yuexiu Property Co., Ltd. | 504,000 | 82,590 | ||||||
Yuexiu Transport Infrastructure, Ltd. (b) | 1,258 | 789 | ||||||
15,344,244 | ||||||||
HUNGARY — 0.5% | ||||||||
MOL Hungarian Oil & Gas PLC | 5,042 | 219,577 | ||||||
OTP Bank PLC | 20,365 | 392,276 | ||||||
Richter Gedeon NyRt | 17,438 | 276,857 | ||||||
888,710 | ||||||||
INDIA — 12.3% | ||||||||
Adani Enterprises, Ltd. | 1,015 | 1,250 | ||||||
Adani Ports and Special Economic Zone, Ltd. | 42,010 | 191,362 | ||||||
Adani Power, Ltd. (a) | 1,941 | 730 | ||||||
Adani Transmissions, Ltd. (a) | 985 | 403 | ||||||
AIA Engineering, Ltd. | 685 | 10,349 | ||||||
Alok Industries, Ltd. (a) | 258,384 | 24,012 | ||||||
Amtek Auto, Ltd. | 8,431 | 5,639 | ||||||
Anant Raj, Ltd. | 58,289 | 31,968 | ||||||
Apollo Hospitals Enterprise, Ltd. | 5,203 | 114,269 | ||||||
Ashok Leyland, Ltd. | 31,290 | 43,975 | ||||||
Aurobindo Pharma, Ltd. | 16,973 | 198,898 | ||||||
Axis Bank, Ltd. | 59,203 | 447,044 | ||||||
Bajaj Hindusthan Sugar, Ltd. (a) | 88,988 | 18,980 | ||||||
Balrampur Chini Mills, Ltd. (a) | 44,326 | 35,622 | ||||||
BF Investment, Ltd. (a) | 10,442 | 19,837 | ||||||
Bharat Forge, Ltd. | 1,267 | 17,518 | ||||||
Bharat Heavy Electricals, Ltd. | 67,656 | 211,863 | ||||||
Bharti Airtel, Ltd. | 110,496 | 568,724 | ||||||
Bharti Infratel, Ltd. | 18,669 | 101,024 | ||||||
Biocon, Ltd. | 2,351 | 15,924 | ||||||
Bosch, Ltd. | 84 | 24,809 | ||||||
Britannia Industries, Ltd. | 4,345 | 204,011 | ||||||
Cipla, Ltd. | 46,184 | 447,522 | ||||||
Coal India, Ltd. | 29,630 | 147,879 | ||||||
Core Education & Technologies, Ltd. (a) | 10,751 | 732 | ||||||
DCB Bank, Ltd. (a) | 122,590 | 267,162 | ||||||
Dewan Housing Finance Corp., Ltd. | 30,484 | 102,147 | ||||||
Dr. Reddy’s Laboratories, Ltd. ADR | 10,925 | 698,217 | ||||||
Educomp Solutions, Ltd. (a) | 17,003 | 2,992 | ||||||
Eicher Motors, Ltd. | 415 | 112,485 | ||||||
Era Infra Engineering, Ltd. (a) | 2,941 | 173 | ||||||
Fortis Healthcare, Ltd. (a) | 24,131 | 62,092 | ||||||
GAIL India, Ltd. | 50,812 | 234,011 | ||||||
Gammon India, Ltd. (a) | 41,814 | 7,867 | ||||||
Gateway Distriparks, Ltd. | 14,438 | 78,536 | ||||||
Gitanjali Gems Ltd. (a) | 1,890 | 1,027 | ||||||
Glenmark Pharmaceuticals, Ltd. | 3,922 | 62,690 | ||||||
Godrej Consumer Products, Ltd. | 2,818 | 52,370 | ||||||
Godrej Industries, Ltd. | 24,846 | 131,763 | ||||||
Grasim Industries, Ltd. GDR | 30 | 1,618 | ||||||
Gruh Finance Ltd. | 40,604 | 164,637 | ||||||
GTL Infrastructure Ltd. (a) | 284,534 | 9,970 | ||||||
GTL, Ltd. (a) | 1,939 | 331 | ||||||
Gujarat NRE Coke, Ltd. (a) | 14,472 | 695 | ||||||
Gujarat Pipavav Port, Ltd. (a) | 3,029 | 8,553 | ||||||
GVK Power & Infrastructure, Ltd. (a) | 127,904 | 15,101 | ||||||
HCL Technologies, Ltd. | 26,764 | 400,461 | ||||||
HDFC Bank, Ltd. | 73,553 | 1,197,645 | ||||||
Hero Motocorp, Ltd. | 14,788 | 539,456 | ||||||
Hindalco Industries, Ltd. | 47,073 | 50,773 | ||||||
Hindustan Construction Co. (a) | 15,904 | 4,519 | ||||||
Hindustan Unilever, Ltd. | 63,540 | 788,684 | ||||||
Housing Development & Infrastructure, Ltd. (a) | 13,440 | 15,080 | ||||||
Housing Development Finance Corp., Ltd. | 96,677 | 1,786,183 | ||||||
ICICI Bank, Ltd. ADR | 99,147 | 830,852 | ||||||
Idea Cellular, Ltd. | 20,270 | 46,166 | ||||||
IDFC, Ltd. | 18 | 39 | ||||||
IIFL Holdings, Ltd. (a) | 105,619 | 304,918 | ||||||
Indiabulls Housing Finance, Ltd. | 4,974 | 60,171 | ||||||
Indiabulls Real Estate, Ltd. (a) | 19,309 | 18,782 | ||||||
Indian Hotels Co., Ltd. (a) | 63,522 | 83,273 | ||||||
Infosys, Ltd. ADR (b) | 108,124 | 2,064,087 | ||||||
IRB Infrastructure Developers, Ltd. | 4,186 | 15,136 | ||||||
ITC, Ltd. | 7,229 | 36,211 | ||||||
ITC, Ltd. GDR | 35,554 | 178,094 | ||||||
IVRCL Infrastructures & Projects, Ltd. (a) | 16,306 | 1,851 | ||||||
Jain Irrigation Systems, Ltd. | 11,077 | 10,826 | ||||||
Jaiprakash Associates, Ltd. (a) | 59,308 | 10,210 | ||||||
Jet Airways India, Ltd. (a) | 13,137 | 64,914 | ||||||
Jindal Steel & Power, Ltd. (a) | 5,475 | 5,059 | ||||||
Kotak Mahindra Bank, Ltd. | 25,636 | 253,118 | ||||||
Lanco Infratech, Ltd. (a) | 33,238 | 2,507 | ||||||
Larsen & Toubro, Ltd. GDR | 22,260 | 497,511 | ||||||
LIC Housing Finance, Ltd. | 14,611 | 104,741 | ||||||
Lupin, Ltd. | 8,886 | 275,352 | ||||||
Magma Fincorp, Ltd. | 7,950 | 10,428 | ||||||
Mahanagar Telephone Nigam, Ltd. (a) | 52,276 | 12,742 | ||||||
Mahindra & Mahindra Financial Services, Ltd. | 13,173 | 48,034 | ||||||
Mahindra & Mahindra, Ltd. GDR | 25,424 | 490,683 | ||||||
Marico, Ltd. | 2,948 | 18,153 | ||||||
Marksans Pharma, Ltd. | 11,399 | 18,035 | ||||||
Maruti Suzuki India, Ltd. | 10,515 | 750,595 | ||||||
Mindtree, Ltd. | 1,377 | 31,770 | ||||||
Monnet Ispat, Ltd. (a) | 5,847 | 3,296 | ||||||
MRF, Ltd. | 132 | 84,332 | ||||||
NCC, Ltd. | 18,276 | 20,826 | ||||||
NTPC, Ltd. | 92,825 | 175,001 | ||||||
Oil & Natural Gas Corp., Ltd. | 132,210 | 461,949 | ||||||
OnMobile Global, Ltd. | 4,067 | 5,353 |
See accompanying notes to financial statements.
248
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Opto Circuits India, Ltd. (a) | 5,238 | $ | 1,289 | |||||
Page Industries, Ltd. | 166 | 33,564 | ||||||
PS IT Infrastructure & Services, Ltd. (a) | 1,057 | 151 | ||||||
PTC India, Ltd. | 42,506 | 38,562 | ||||||
Punj Lloyd, Ltd. (a) | 10,781 | 3,917 | ||||||
Rajesh Exports, Ltd. | 6,920 | 59,311 | ||||||
RattanIndia Infrastructure, Ltd. (a) | 52,700 | 1,686 | ||||||
REI Agro, Ltd. (a) | 1,081,686 | 10,711 | ||||||
Reliance Capital, Ltd. | 5,846 | 33,496 | ||||||
Reliance Communications, Ltd. (a) | 71,926 | 74,348 | ||||||
Reliance Industries, Ltd. GDR (f) | 46,592 | 1,223,506 | ||||||
Reliance Infrastructure, Ltd. | 17,187 | 91,093 | ||||||
Rolta India, Ltd. | 5,475 | 8,491 | ||||||
Ruchi Soya Industries Ltd. | 31,251 | 15,140 | ||||||
SE Investments Ltd. | 16,950 | 64,247 | ||||||
Sharda Cropchem, Ltd. | 2,027 | 8,721 | ||||||
Shree Renuka Sugars, Ltd. (a) | 70,689 | 7,754 | ||||||
Shriram Transport Finance Co., Ltd. | 6,073 | 85,585 | ||||||
Siemens, Ltd. | 15,671 | 316,559 | ||||||
Sintex Industries, Ltd. | 39,491 | 63,352 | ||||||
SKS Microfinance, Ltd. (a) | 2,675 | 16,527 | ||||||
State Bank of India GDR | 6,732 | 244,708 | ||||||
Strides Arcolab, Ltd. | 1,747 | 32,499 | ||||||
Sun Pharma Advanced Research Co., Ltd. (a) | 2,099 | 12,310 | ||||||
Sun Pharmaceutical Industries, Ltd. (a) | 55,284 | 731,393 | ||||||
Sun TV Network, Ltd. | 5,203 | 28,476 | ||||||
Suzlon Energy, Ltd. (a) | 297,576 | 94,523 | ||||||
Symphony, Ltd. | 438 | 12,274 | ||||||
Tata Communications, Ltd. | 11,688 | 73,647 | ||||||
Tata Consultancy Services, Ltd. | 31,862 | 1,256,253 | ||||||
Tata Elxsi, Ltd. | 997 | 28,554 | ||||||
Tata Motors, Ltd. ADR (a) | 18,326 | 412,335 | ||||||
Tata Power Co., Ltd. | 168,643 | 166,870 | ||||||
Tata Steel, Ltd. | 24,908 | 80,674 | ||||||
Tech Mahindra, Ltd. | 22,409 | 190,275 | ||||||
UltraTech Cement, Ltd. | 252 | 10,264 | ||||||
Unitech, Ltd. (a) | 109,029 | 10,215 | ||||||
United Breweries, Ltd. | 3,658 | 49,133 | ||||||
United Spirits, Ltd. (a) | 3,273 | 154,291 | ||||||
UPL, Ltd. | 6,780 | 47,338 | ||||||
Vedanta, Ltd. | 24,114 | 31,116 | ||||||
Videocon Industries, Ltd. | 18,839 | 39,779 | ||||||
VST Industries Ltd. | 1,362 | 33,295 | ||||||
Welspun India, Ltd. | 1,293 | 16,648 | ||||||
Wipro, Ltd. ADR (b) | 40,226 | 494,378 | ||||||
Wockhardt, Ltd. | 1,601 | 37,214 | ||||||
Zee Entertainment Enterprises, Ltd. | 28,687 | 171,515 | ||||||
23,294,584 | ||||||||
INDONESIA — 2.3% | ||||||||
Alam Sutera Realty Tbk PT | 462,300 | 9,972 | ||||||
Astra International Tbk PT | 1,538,188 | 548,603 | ||||||
Bank Central Asia Tbk PT | 1,015,287 | 850,693 | ||||||
Bank Danamon Indonesia Tbk PT | 309,018 | 61,065 | ||||||
Bank Mandiri Persero Tbk PT | 766,949 | 414,885 | ||||||
Bank Negara Indonesia Persero Tbk PT | 124,600 | 35,169 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 769,465 | 454,326 | ||||||
Barito Pacific Tbk PT (a) | 611,800 | 5,262 | ||||||
Bekasi Fajar Industrial Estate Tbk PT | 287,900 | 5,424 | ||||||
Bumi Resources Tbk PT (a) | 1,069,500 | 3,650 | ||||||
Bumi Serpong Damai Tbk PT | 245,500 | 23,544 | ||||||
Charoen Pokphand Indonesia Tbk PT | 267,600 | 36,532 | ||||||
Ciputra Development Tbk PT | 381,300 | 21,212 | ||||||
Citra Marga Nusaphala Persada Tbk PT (a) | 87,213 | 8,930 | ||||||
Garuda Indonesia Tbk PT (a) | 820,600 | 17,308 | ||||||
Global Mediacom Tbk PT | 39,700 | 2,547 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 32,600 | 36,605 | ||||||
Indofood Sukses Makmur Tbk PT | 675,351 | 253,545 | ||||||
Indosat Tbk PT (a) | 162,600 | 41,621 | ||||||
Japfa Comfeed Indonesia Tbk PT (a) | 70,500 | 1,429 | ||||||
Kalbe Farma Tbk PT | 3,382,167 | 317,439 | ||||||
Kawasan Industri Jababeka Tbk PT | 314,249 | 3,432 | ||||||
Lippo Cikarang Tbk PT (a) | 11,700 | 5,331 | ||||||
Lippo Karawaci Tbk PT | 793,000 | 61,167 | ||||||
Matahari Putra Prima Tbk PT | 39,900 | 5,229 | ||||||
Mayora Indah Tbk PT | 22,567 | 40,975 | ||||||
Medco Energi Internasional Tbk PT | 423,500 | 33,099 | ||||||
Media Nusantara Citra Tbk PT | 52,200 | 5,844 | ||||||
Modernland Realty Tbk PT | 495,400 | 14,676 | ||||||
Pakuwon Jati Tbk PT | 349,000 | 7,885 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 928,600 | 160,366 | ||||||
Semen Indonesia Persero Tbk PT | 52,500 | 32,432 | ||||||
Sigmagold Inti Perkasa Tbk PT (a) | 795,600 | 24,058 | ||||||
Summarecon Agung Tbk PT | 270,300 | 20,665 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 2,350,900 | 424,446 | ||||||
Tiga Pilar Sejahtera Food Tbk | 381,300 | 37,740 | ||||||
Unilever Indonesia Tbk PT | 38,900 | 100,901 | ||||||
United Tractors Tbk PT | 163,615 | 195,165 | ||||||
XL Axiata Tbk PT (a) | 40,200 | 7,176 | ||||||
4,330,348 | ||||||||
MACAU — 0.0% (d) | ||||||||
Newtree Group Holdings, Ltd. (a) | 14,000 | 5,383 | ||||||
MALAYSIA — 2.9% | ||||||||
Aeon Co. M Bhd | 500,690 | 307,539 | ||||||
Aeon Credit Service M Bhd | 6,900 | 21,254 | ||||||
AirAsia Bhd | 77,800 | 22,655 | ||||||
Alliance Financial Group Bhd | 298,500 | 227,487 | ||||||
Axiata Group Bhd | 88,683 | 117,013 | ||||||
Berjaya Sports Toto Bhd | 142,596 | 99,914 | ||||||
Bintulu Port Holdings Bhd | 94 | 139 | ||||||
British American Tobacco Malaysia Bhd | 3,000 | 41,167 | ||||||
Bursa Malaysia Bhd | 61,093 | 111,880 | ||||||
CapitaMalls Malaysia Trust | 97,400 | 31,242 | ||||||
Carlsberg Brewery Malay Bhd | 152,876 | 415,946 | ||||||
CIMB Group Holdings Bhd | 58,078 | 58,927 | ||||||
Dialog Group Bhd | 1,047,967 | 381,447 | ||||||
Digi.Com Bhd | 384,100 | 484,958 | ||||||
Felda Global Ventures Holdings Bhd | 29,300 | 9,998 | ||||||
Genting Bhd | 232,100 | 383,863 | ||||||
Genting Malaysia Bhd | 36,500 | 34,459 | ||||||
Guan Chong Bhd (a) | 67,000 | 12,879 |
See accompanying notes to financial statements.
249
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Hap Seng Plantations Holdings Bhd | 9,500 | $ | 4,927 | |||||
IHH Healthcare Bhd | 52,600 | 71,438 | ||||||
IOI Corp. Bhd | 367,460 | 340,229 | ||||||
IOI Properties Group Bhd | 265,550 | 119,613 | ||||||
Iskandar Waterfront City Bhd (a) | 27,100 | 4,994 | ||||||
KLCC Property Holdings Bhd | 38,700 | 61,628 | ||||||
KNM Group Bhd (a) | 315,321 | 33,715 | ||||||
KPJ Healthcare Bhd | 26,720 | 25,530 | ||||||
Lingkaran Trans Kota Holdings Bhd | 25,000 | 29,233 | ||||||
Magnum Bhd | 220,860 | 128,625 | ||||||
Malayan Banking Bhd | 165,069 | 321,445 | ||||||
Malaysian Resources Corp. Bhd | 409,100 | 109,819 | ||||||
MPHB Capital Bhd (a) | 110,330 | 35,892 | ||||||
Naim Holdings Bhd | 87 | 43 | ||||||
OSK Holdings Bhd | 428,406 | 167,630 | ||||||
Pavilion Real Estate Investment Trust | 92,600 | 31,599 | ||||||
POS Malaysia Bhd | 72,700 | 60,532 | ||||||
Public Bank Bhd | 53,800 | 214,429 | ||||||
SapuraKencana Petroleum Bhd | 38,600 | 16,509 | ||||||
Sime Darby Bhd | 66,634 | 118,087 | ||||||
SP Setia Bhd | 23,649 | 16,947 | ||||||
Sunway Real Estate Investment Trust | 96,200 | 33,921 | ||||||
TA Enterprise Bhd | 378,400 | 52,941 | ||||||
TA Global Bhd | 303,556 | 19,336 | ||||||
Telekom Malaysia Bhd | 48,227 | 73,288 | ||||||
Tenaga Nasional Bhd | 51,800 | 141,645 | ||||||
UEM Edgenta Bhd | 49,300 | 39,815 | ||||||
UEM Sunrise Bhd | 306,188 | 85,676 | ||||||
UMW Holdings Bhd | 21,700 | 37,123 | ||||||
Unisem M Bhd | 23,800 | 10,991 | ||||||
United Plantations Bhd | 4,700 | 28,847 | ||||||
VS Industry Bhd | 97,200 | 31,842 | ||||||
WCT Holdings Bhd | 550,195 | 171,476 | ||||||
5,402,532 | ||||||||
MALTA — 0.0% (d) | ||||||||
Tiso Blackstar Group SE | 135 | 106 | ||||||
MEXICO — 5.2% | ||||||||
Alfa SAB de CV (Class A) | 302,213 | 587,957 | ||||||
America Movil SAB de CV (Series L) (b) | 1,669,708 | 1,381,345 | ||||||
Axtel SAB de CV (a)(b) | 117,660 | 54,919 | ||||||
Cemex SAB de CV (a) | 791,259 | 550,486 | ||||||
Coca-Cola FEMSA SAB de CV (Series L) | 44,926 | 311,547 | ||||||
Consorcio ARA SAB de CV (a) | 116,908 | 42,081 | ||||||
Corporacion GEO SAB de CV (a)(b)(g) | 42,565 | 0 | ||||||
Desarrolladora Homex SAB de CV (a)(b)(e) | 19,859 | 571 | ||||||
El Puerto de Liverpool SAB de CV | 25,900 | 335,511 | ||||||
Empresas ICA SAB de CV (a)(b) | 47,932 | 20,110 | ||||||
Fibra Uno Administracion SA de CV REIT | 100,131 | 206,268 | ||||||
Fomento Economico Mexicano SAB de CV | 146,658 | 1,309,098 | ||||||
Grupo Aeroportuario del Sureste SAB de CV (Class B) (b) | 33,829 | 515,577 | ||||||
Grupo Bimbo SAB de CV (a)(b) | 213,785 | 540,053 | ||||||
Grupo Elektra SA de CV (b) | 3,633 | 62,259 | ||||||
Grupo Financiero Banorte SAB de CV | 112,566 | 549,985 | ||||||
Grupo Financiero Inbursa SAB de CV | 90,235 | 186,042 | ||||||
Grupo Mexico SAB de CV (Series B) | 222,718 | 537,780 | ||||||
Grupo Televisa SAB | 136,573 | 710,799 | ||||||
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a) | 121,708 | 237,502 | ||||||
Industrias CH SAB, Series B (a)(b) | 31,273 | 107,068 | ||||||
Industrias Penoles SAB de CV | 10,848 | 147,504 | ||||||
Kimberly-Clark de Mexico SAB de CV (Class A) | 189,085 | 426,555 | ||||||
Sare Holding SAB de CV (Class B) (a)(b) | 131,095 | 2,212 | ||||||
TV Azteca SAB de CV | 268,951 | 42,374 | ||||||
Urbi Desarrollos Urbanos SA de CV (a)(b)(g) | 44,913 | 0 | ||||||
Wal-Mart de Mexico SAB de CV | 357,203 | 874,946 | ||||||
9,740,549 | ||||||||
MONACO — 0.0% (d) | ||||||||
GasLog, Ltd. (b) | 1,198 | 11,525 | ||||||
MOROCCO — 0.3% | ||||||||
Banque Marocaine du Commerce Exterieur | 15,290 | 337,458 | ||||||
Banque Marocaine pour le Commerce et l’Industrie SA | 1,398 | 79,648 | ||||||
Douja Promotion Groupe Addoha SA | 12,839 | 33,081 | ||||||
Holcim Maroc SA | 677 | 149,418 | ||||||
599,605 | ||||||||
PANAMA — 0.0% (d) | ||||||||
Avianca Holding SA Preference Shares (a) | 109,817 | 65,631 | ||||||
PERU — 0.6% | ||||||||
Compania de Minas Buenaventura SA ADR | 23,291 | 138,814 | ||||||
Credicorp, Ltd. | 5,211 | 554,242 | ||||||
Southern Copper Corp. (b) | 18,402 | 491,701 | ||||||
Volcan Compania Minera SAA (Class B) | 353,565 | 41,493 | ||||||
1,226,250 | ||||||||
PHILIPPINES — 1.7% | ||||||||
Alliance Global Group, Inc. | 145,700 | 47,756 | ||||||
Ayala Land, Inc. | 936,280 | 681,077 | ||||||
Bank of the Philippine Islands | 337,527 | 579,876 | ||||||
BDO Unibank, Inc. | 239,034 | 529,312 | ||||||
Bloomberry Resorts Corp. | 51,200 | 5,707 | ||||||
Cebu Air, Inc. | 101,520 | 187,988 | ||||||
Cebu Holdings, Inc. | 515,300 | 55,124 | ||||||
D&L Industries, Inc. | 154,400 | 33,001 | ||||||
DoubleDragon Properties Corp. | 101,900 | 43,385 | ||||||
East West Banking Corp. (a) | 58,400 | 24,989 | ||||||
Filinvest Land, Inc. | 4,306,000 | 154,773 | ||||||
First Philippine Holdings Corp. | 28,460 | 39,974 | ||||||
Global Ferronickel Holdings, Inc. (a) | 331,000 | 6,586 | ||||||
GMA Holdings, Inc. | 249,600 | 33,163 | ||||||
GT Capital Holdings, Inc. | 670 | 18,133 | ||||||
JG Summit Holdings, Inc. | 33,820 | 51,265 | ||||||
Megawide Construction Corp. (a) | 324,788 | 39,330 |
See accompanying notes to financial statements.
250
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Megaworld Corp. | 468,300 | $ | 43,784 | |||||
Nickel Asia Corp. | 39,000 | 5,340 | ||||||
Philippine Long Distance Telephone Co. | 7,175 | 336,184 | ||||||
Puregold Price Club, Inc. | 23,300 | 15,454 | ||||||
San Miguel Corp. | 10,000 | 10,377 | ||||||
SM Investments Corp. | 7,690 | 146,511 | ||||||
SM Prime Holdings, Inc. | 217,690 | 96,177 | ||||||
Top Frontier Investment Holding Ltd. (a) | 1,151 | 1,798 | ||||||
Universal Robina Corp. | 16,290 | 66,917 | ||||||
Vista Land & Lifescapes, Inc. | 74,600 | 8,028 | ||||||
3,262,009 | ||||||||
POLAND — 1.3% | ||||||||
Asseco Poland SA | 6,046 | 85,875 | ||||||
Bank Pekao SA | 11,031 | 447,906 | ||||||
Bank Zachodni WBK SA (a) | 1,628 | 125,657 | ||||||
Bioton SA (a) | 72 | 189 | ||||||
Eurocash SA | 568 | 6,674 | ||||||
Getin Holding SA (a) | 21,649 | 8,483 | ||||||
Getin Noble Bank SA (a) | 60,251 | 13,627 | ||||||
Globe Trade Centre SA (a) | 13,526 | 22,232 | ||||||
Globe Trade Centre SA (a)(e) | 4,193 | 6,892 | ||||||
Grupa Lotos SA (a) | 11,719 | 86,138 | ||||||
KGHM Polska Miedz SA | 11,813 | 254,586 | ||||||
LPP SA | 31 | 63,752 | ||||||
mBank SA (a) | 1,786 | 162,981 | ||||||
Orange Polska SA | 72,324 | 138,274 | ||||||
Orbis SA | 5,660 | 84,173 | ||||||
PGE Polska Grupa Energetyczna SA | 41,156 | 145,898 | ||||||
Polimex- Mostostal SA (a) | 53,173 | 1,678 | ||||||
Polski Koncern Naftowy Orlen SA | 15,624 | 272,004 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA (a) | 32,699 | 253,075 | ||||||
Powszechny Zaklad Ubezpieczen SA | 2,103 | 215,524 | ||||||
2,395,618 | ||||||||
QATAR — 0.8% | ||||||||
Aamal Co. | 3,770 | 13,974 | ||||||
Industries Qatar QSC | 3,122 | 105,437 | ||||||
Mannai Corp. QSC | 2,049 | 57,103 | ||||||
Masraf Al Rayan QSC | 22,240 | 262,577 | ||||||
Mazaya Qatar Real Estate Development QSC | 11,502 | 49,614 | ||||||
Medicare Group | 1,660 | 77,028 | ||||||
National Leasing | 17,876 | 85,698 | ||||||
Ooredoo QSC | 5,705 | 120,615 | ||||||
Qatar Electricity & Water Co. QSC | 543 | 31,220 | ||||||
Qatar Insurance Co. SAQ | 3,586 | 91,667 | ||||||
Qatar National Bank SAQ | 10,581 | 544,731 | ||||||
Qatari Investors Group QSC | 6,129 | 73,204 | ||||||
Vodafone Qatar QSC | 22,133 | 82,527 | ||||||
1,595,395 | ||||||||
RUSSIA — 3.9% | ||||||||
Eurasia Drilling Co., Ltd. GDR | 1,068 | 9,826 | ||||||
Evraz PLC (a) | 13,631 | 15,052 | ||||||
Gazprom PAO ADR | 320,804 | 1,289,632 | ||||||
LSR Group PJSC GDR | 8,229 | 14,894 | ||||||
Lukoil PJSC ADR | 27,057 | 918,856 | ||||||
Magnit PJSC GDR | 8,977 | 428,831 | ||||||
Mail.ru Group, Ltd. GDR (a) | 2,423 | 42,160 | ||||||
Mechel ADR (a) | 19,265 | 17,531 | ||||||
MMC Norilsk Nickel PJSC ADR | 38,294 | 549,327 | ||||||
Mobile TeleSystems PJSC ADR | 59,180 | 427,280 | ||||||
Novatek OAO GDR | 5,425 | 501,813 | ||||||
Novolipetsk Steel OJSC GDR | 2,069 | 23,690 | ||||||
Novorossiysk Commercial Sea Port PJSC GDR | 3,818 | 12,981 | ||||||
Pharmstandard OJSC GDR (a) | 244 | 970 | ||||||
Polymetal International PLC | 7,511 | 64,680 | ||||||
Rosneft OAO GDR | 92,366 | 340,831 | ||||||
Rostelecom PJSC ADR | 5,796 | 45,441 | ||||||
Sberbank of Russia ADR (c) | 87,448 | 430,244 | ||||||
Sberbank of Russia ADR (c) | 14,074 | 69,462 | ||||||
Severstal PAO GDR | 34,368 | 364,301 | ||||||
Sistema JSFC GDR | 9,129 | 62,808 | ||||||
Surgutneftegas OAO ADR | 129,232 | 659,729 | ||||||
Tatneft PAO ADR | 17,985 | 502,681 | ||||||
TMK PAO GDR | 3,127 | 9,662 | ||||||
Uralkali PJSC GDR (a) | 2,665 | 39,522 | ||||||
VimpelCom, Ltd. ADR | 24,189 | 99,538 | ||||||
VTB Bank PJSC GDR | 129,044 | 260,669 | ||||||
X5 Retail Group NV GDR (a) | 2,533 | 44,074 | ||||||
Yandex NV (Class A) (a) | 6,977 | 74,863 | ||||||
7,321,348 | ||||||||
SOUTH AFRICA — 7.8% | ||||||||
Adbee Rf, Ltd. (a) | 1,082 | 2,729 | ||||||
Adcock Ingram Holdings, Ltd. | 6,130 | 22,122 | ||||||
Adcorp Holdings, Ltd. | 35,398 | 71,861 | ||||||
African Bank Investments, Ltd. (a)(g) | 183,473 | 0 | ||||||
African Rainbow Minerals, Ltd. | 7,548 | 28,315 | ||||||
Allied Electronics Corp., Ltd. | 42,078 | 21,607 | ||||||
Anglo American Platinum, Ltd. (a) | 2,058 | 34,096 | ||||||
AngloGold Ashanti, Ltd. (a) | 18,174 | 143,912 | ||||||
Aquarius Platinum, Ltd. (a) | 70,328 | 6,978 | ||||||
ArcelorMittal South Africa, Ltd. (a)(b) | 14,112 | 8,726 | ||||||
Aspen Pharmacare Holdings, Ltd. (a) | 18,097 | 384,792 | ||||||
Aveng, Ltd. (a) | 40,731 | 10,605 | ||||||
Barclays Africa Group, Ltd. | 24,483 | 301,367 | ||||||
Barloworld, Ltd. | 17,424 | 95,015 | ||||||
Bidvest Group, Ltd. | 25,542 | 602,612 | ||||||
Coronation Fund Managers, Ltd. | 36,804 | 173,786 | ||||||
Discovery, Ltd. | 25,095 | 249,843 | ||||||
FirstRand, Ltd. (b) | 193,188 | 686,714 | ||||||
Foschini Group, Ltd. | 15,891 | 161,278 | ||||||
Gold Fields, Ltd. | 40,523 | 105,652 | ||||||
Grindrod, Ltd. (b) | 68,548 | 73,173 | ||||||
Group Five, Ltd. | 19,475 | 26,479 | ||||||
Harmony Gold Mining Co., Ltd. (a)(b) | 16,406 | 10,240 | ||||||
Impala Platinum Holdings, Ltd. (a) | 29,133 | 80,950 | ||||||
Imperial Holdings, Ltd. | 13,453 | 164,954 | ||||||
Investec, Ltd. | 14,846 | 113,651 | ||||||
Invicta Holdings, Ltd. (b) | 27,785 | 117,554 | ||||||
Kumba Iron Ore, Ltd. (b) | 2,890 | 16,407 | ||||||
Lewis Group, Ltd. (b) | 17,605 | 78,940 |
See accompanying notes to financial statements.
251
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Massmart Holdings, Ltd. | 11,462 | $ | 89,610 | |||||
MMI Holdings, Ltd. (b) | 65,164 | 112,118 | ||||||
Mr. Price Group, Ltd. | 11,946 | 166,745 | ||||||
MTN Group, Ltd. | 73,790 | 949,926 | ||||||
Murray & Roberts Holdings, Ltd. | 48,794 | 41,288 | ||||||
Naspers, Ltd. (Class N) | 21,203 | 2,653,879 | ||||||
Nedbank Group, Ltd. | 19,805 | 314,686 | ||||||
Netcare, Ltd. | 153,300 | 402,458 | ||||||
Northam Platinum, Ltd. (a) | 20,502 | 39,930 | ||||||
PPC, Ltd. | 14,927 | 18,460 | ||||||
PSG Group, Ltd. (b) | 16,654 | 267,991 | ||||||
Rand Merchant Insurance Holdings, Ltd. | 80,862 | 242,229 | ||||||
Remgro, Ltd. | 31,451 | 573,474 | ||||||
RMB Holdings, Ltd. (b) | 65,909 | 314,220 | ||||||
Sanlam, Ltd. | 103,783 | 448,848 | ||||||
Sappi, Ltd. (a) | 20,695 | 63,610 | ||||||
Sasol, Ltd. (b) | 24,362 | 682,918 | ||||||
Shoprite Holdings, Ltd. | 34,746 | 394,929 | ||||||
Sibanye Gold, Ltd. | 45,941 | 52,131 | ||||||
Standard Bank Group, Ltd. | 66,772 | 651,929 | ||||||
Steinhoff International Holdings, Ltd. (b) | 145,538 | 893,627 | ||||||
Sun International, Ltd. | 12,120 | 76,259 | ||||||
Telkom SA SOC, Ltd. | 19,615 | 94,394 | ||||||
Tiger Brands, Ltd. | 14,322 | 315,701 | ||||||
Trans Hex Group, Ltd. | 1,685 | 294 | ||||||
Truworths International, Ltd. (b) | 28,119 | 172,899 | ||||||
Vodacom Group, Ltd. | 25,667 | 255,241 | ||||||
Wilson Bayly Holmes-Ovcon, Ltd. | 16,869 | 135,408 | ||||||
Woolworths Holdings, Ltd. | 59,762 | 418,382 | ||||||
Zambezi Platinum RF, Ltd. Preference Shares | 5,263 | 16,443 | ||||||
14,654,385 | ||||||||
SPAIN — 0.0% (d) | ||||||||
Cemex Latam Holdings SA (a) | 3,132 | 12,479 | ||||||
TAIWAN — 13.7% | ||||||||
Acer, Inc. (a) | 200,701 | 78,629 | ||||||
Adlink Technology, Inc. | 36,993 | 102,348 | ||||||
Advanced Ceramic X Corp. | 4,000 | 25,207 | ||||||
Advanced Semiconductor Engineering, Inc. | 441,184 | 472,972 | ||||||
Advanced Wireless Semiconductor Co. | 13,000 | 34,388 | ||||||
Advancetek Enterprise Co. Ltd. | 177,000 | 92,189 | ||||||
Advantech Co., Ltd. | 5,000 | 34,166 | ||||||
AGV Products Corp. (a) | 361,000 | 69,728 | ||||||
Airmate Cayman International Co., Ltd. (a) | 11,000 | 7,650 | ||||||
APCB, Inc. | 70,000 | 25,192 | ||||||
Asustek Computer, Inc. | 39,340 | 337,516 | ||||||
AU Optronics Corp. ADR (b) | 74,720 | 221,171 | ||||||
Audix Corp. | 55,600 | 55,216 | ||||||
Bank of Kaohsiung | 111,588 | 28,806 | ||||||
Basso Industry Corp. | 211,000 | 315,915 | ||||||
Biostar Microtech International Corp. (a) | 141,000 | 29,975 | ||||||
C Sun Manufacturing Ltd. | 68,000 | 28,086 | ||||||
Carnival Industrial Corp. (a) | 143,000 | 25,145 | ||||||
Catcher Technology Co., Ltd. | 41,000 | 436,429 | ||||||
Cathay Financial Holding Co., Ltd. | 364,541 | 497,642 | ||||||
Cathay No. 1 REIT | 97,000 | 51,258 | ||||||
Center Laboratories, Inc. (a) | 43,124 | 88,140 | ||||||
Chailease Holding Co., Ltd. | 38,608 | 60,385 | ||||||
Champion Building Materials Co. Ltd. (a) | 100,000 | 21,684 | ||||||
Chang Hwa Commercial Bank, Ltd. | 544,431 | 267,855 | ||||||
Chang Wah Electromaterials, Inc. | 8,257 | 20,813 | ||||||
Charoen Pokphand Enterprise | 333,060 | 216,460 | ||||||
Chen Full International Co., Ltd. | 19,000 | 32,487 | ||||||
Cheng Loong Corp. | 41,000 | 14,070 | ||||||
Cheng Shin Rubber Industry Co., Ltd. | 26,850 | 44,033 | ||||||
China Airlines, Ltd. (a) | 138,000 | 47,149 | ||||||
China Chemical & Pharmaceutical Co., Ltd. | 109,000 | 56,606 | ||||||
China Development Financial Holding Corp. | 868,945 | 233,548 | ||||||
China Steel Chemical Corp. | 44,595 | 137,465 | ||||||
China Steel Corp. | 560,451 | 326,799 | ||||||
Chipbond Technology Corp. | 24,000 | 34,767 | ||||||
Chlitina Holding, Ltd. | 2,000 | 14,638 | ||||||
Chong Hong Construction Co., Ltd. | 7,717 | 10,148 | ||||||
Chung Hwa Pulp Corp. | 155,000 | 48,015 | ||||||
Chunghwa Chemical Synthesis & Biotech Co. Ltd. | 42,000 | 40,626 | ||||||
Chunghwa Telecom Co., Ltd. | 179,457 | 538,466 | ||||||
CMC Magnetics Corp. (a) | 180,933 | 21,650 | ||||||
Compal Electronics, Inc. | 361,774 | 204,358 | ||||||
Coxon Precise Industrial Co. Ltd. | 10,000 | 17,068 | ||||||
CTBC Financial Holding Co., Ltd. | 915,081 | 471,054 | ||||||
Da-Li Construction Co., Ltd. | 86,636 | 56,700 | ||||||
Delta Electronics, Inc. | 136,025 | 636,181 | ||||||
Dimerco Express Taiwan Corp. | 191,000 | 102,381 | ||||||
E.Sun Financial Holding Co., Ltd. | 107,000 | 62,879 | ||||||
Eclat Textile Co., Ltd. | 8,486 | 134,013 | ||||||
Elan Microelectronics Corp. | 2,000 | 2,065 | ||||||
Elite Advanced Laser Corp. | 8,000 | 31,949 | ||||||
Elite Material Co., Ltd. | 13,000 | 28,584 | ||||||
Elite Semiconductor Memory Technology, Inc. | 113,750 | 85,673 | ||||||
Epistar Corp. | 43,180 | 33,243 | ||||||
Etron Technology, Inc. (a) | 12,445 | 5,046 | ||||||
Eva Airways Corp. (a) | 91,782 | 51,288 | ||||||
Excelsior Medical Co., Ltd. | 30,344 | 43,036 | ||||||
Far Eastern New Century Corp. | 393,850 | 350,461 | ||||||
Feng TAY Enterprise Co., Ltd. | 14,060 | 87,321 | ||||||
Flytech Technology Co. Ltd. | 8,854 | 25,195 | ||||||
Formosa Chemicals & Fibre Corp. | 189,243 | 383,917 | ||||||
Formosa Plastics Corp. | 295,714 | 623,265 | ||||||
Founding Construction & Development Co. Ltd. | 289,407 | 153,372 | ||||||
Foxconn Technology Co., Ltd. | 94,281 | 269,722 | ||||||
Fubon Financial Holding Co., Ltd. | 458,903 | 714,956 | ||||||
Fullerton Technology Co. Ltd. | 35,000 | 24,979 | ||||||
Fwusow Industry Co. Ltd. | 139,627 | 62,334 | ||||||
Giant Manufacturing Co., Ltd. | 30,302 | 219,943 | ||||||
Grape King, Inc. | 31,664 | 157,226 | ||||||
Great Wall Enterprise Co. | 37,300 | 20,504 |
See accompanying notes to financial statements.
252
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
HannStar Display Corp. (a) | 102,500 | $ | 12,887 | |||||
Hermes Microvision, Inc. | 3,000 | 113,431 | ||||||
Himax Technologies, Inc. ADR (b) | 3,620 | 28,851 | ||||||
Hiwin Technologies Corp. | 9,178 | 48,778 | ||||||
Hocheng Corp. | 207,000 | 52,807 | ||||||
Hon Hai Precision Industry Co., Ltd. | 664,905 | 1,728,521 | ||||||
Hong TAI Electric Industrial | 133,000 | 31,142 | ||||||
Hota Industrial Manufacturing Co., Ltd. | 9,000 | 28,699 | ||||||
Hotai Motor Co., Ltd. | 30,433 | 323,485 | ||||||
HTC Corp. | 65,198 | 125,733 | ||||||
Hua Nan Financial Holdings Co., Ltd. | 550,942 | 255,999 | ||||||
Hung Sheng Construction Co., Ltd. (a) | 75,000 | 34,280 | ||||||
Ibase Technology, Inc. | 109,165 | 161,124 | ||||||
Innolux Corp. | 279,820 | 87,105 | ||||||
Inotera Memories, Inc. (a) | 87,000 | 54,297 | ||||||
Iron Force Industrial Co., Ltd. | 6,000 | 28,699 | ||||||
Janfusun Fancyworld Corp. (a) | 418,112 | 39,872 | ||||||
KEE TAI Properties Co., Ltd. | 73,000 | 36,359 | ||||||
Kenda Rubber Industrial Co., Ltd. | 4,673 | 6,670 | ||||||
Kerry TJ Logistics Co., Ltd. | 64,000 | 72,887 | ||||||
Kindom Construction Co. | 47,000 | 24,408 | ||||||
Kung Long Batteries Industrial Co. Ltd. | 9,000 | 34,166 | ||||||
Kuoyang Construction Co., Ltd. | 48,225 | 16,330 | ||||||
Kwong Fong Industries | 37,000 | 17,923 | ||||||
Land Mark Optoelectronics Corp. | 2,000 | 25,693 | ||||||
Largan Precision Co., Ltd. | 4,000 | 310,986 | ||||||
Leofoo Development Co., Ltd. | 135,000 | 39,441 | ||||||
Li Cheng Enterprise Co., Ltd. | 6,000 | 32,526 | ||||||
Lite-On Technology Corp. | 189,321 | 173,639 | ||||||
Long Bon International Co., Ltd. | 11,000 | 7,015 | ||||||
Long Chen Paper Co. Ltd. | 878,401 | 278,773 | ||||||
Makalot Industrial Co., Ltd. | 4,000 | 32,860 | ||||||
MediaTek, Inc. | 64,329 | 475,715 | ||||||
Medigen Biotechnology Corp. (a) | 5,248 | 15,492 | ||||||
Mega Financial Holding Co., Ltd. | 386,921 | 267,916 | ||||||
Merida Industry Co., Ltd. | 2,100 | 11,288 | ||||||
Merry Electronics Co., Ltd. | 13,356 | 16,144 | ||||||
Mosel Vitelic, Inc. (a) | 3,758 | 247 | ||||||
Namchow Chemical Industrial Ltd. | 63,000 | 134,887 | ||||||
Nan Ya Plastics Corp. | 290,486 | 490,503 | ||||||
Nanya Technology Corp. | 3,603 | 3,994 | ||||||
National Petroleum Co., Ltd. | 360,003 | 390,315 | ||||||
Neo Solar Power Corp. | 20,870 | 11,726 | ||||||
New Era Electronics Co. Ltd. | 29,000 | 16,822 | ||||||
Newmax Technology Co., Ltd. (a) | 30,185 | 13,888 | ||||||
Nexcom International Co. Ltd. | 81,638 | 65,454 | ||||||
Novatek Microelectronics Corp. | 36,225 | 113,315 | ||||||
Obi Pharma, Inc. (a) | 3,000 | 34,804 | ||||||
Pacific Hospital Supply Co. Ltd. | 26,000 | 49,983 | ||||||
Pan Jit International, Inc. (a) | 9,000 | 2,870 | ||||||
Parade Technologies, Ltd. | 4,000 | 29,155 | ||||||
PChome Online, Inc. | 3,000 | 34,439 | ||||||
Pegatron Corp. | 65,686 | 159,988 | ||||||
Phytohealth Corp. (a) | 9,000 | 7,845 | ||||||
Pihsiang Machinery Manufacturing Co. Ltd. (a) | 29,000 | 65,173 | ||||||
Portwell, Inc. | 30,000 | 37,446 | ||||||
Pou Chen Corp. | 243,462 | 364,888 | ||||||
Powertech Technology, Inc. | 77,285 | 139,185 | ||||||
Precision Silicon Corp. | 909 | 333 | ||||||
Promate Electronic Co., Ltd. | 67,000 | 55,956 | ||||||
ProMOS Technologies, Inc. (a)(g) | 130,950 | 0 | ||||||
Quanta Computer, Inc. | 251,664 | 436,414 | ||||||
Radiant Opto-Electronics Corp. | 21,000 | 64,733 | ||||||
Sampo Corp. | 243,000 | 94,831 | ||||||
Sesoda Corp. | 93,648 | 90,157 | ||||||
Shih Wei Navigation Co., Ltd. | 124,321 | 46,629 | ||||||
Shin Kong Financial Holding Co., Ltd. | 320,663 | 75,960 | ||||||
Silicon Motion Technology Corp. ADR (b) | 1,000 | 27,310 | ||||||
Siliconware Precision Industries Co., Ltd. | 151,473 | 187,918 | ||||||
Sinbon Electronics Co., Ltd. | 82,592 | 139,211 | ||||||
Sinon Corp. | 134,000 | 55,549 | ||||||
SinoPac Financial Holdings Co., Ltd. | 818,784 | 258,609 | ||||||
Sinphar Pharmaceutical Co., Ltd. | 85,120 | 70,314 | ||||||
Solar Applied Materials Technology Corp. | 187,250 | 107,479 | ||||||
Solartech Energy Corp. | 10,041 | 4,742 | ||||||
Stark Technology, Inc. | 63,000 | 46,684 | ||||||
Supreme Electronics Co. Ltd. | 167,347 | 66,578 | ||||||
Ta Ya Electric Wire & Cable (a) | 423,000 | 56,524 | ||||||
Tainan Enterprises Co., Ltd. | 45,000 | 34,303 | ||||||
Taishin Financial Holding Co., Ltd. | 735,836 | 260,344 | ||||||
Taisun Enterprise Co., Ltd. (a) | 172,000 | 52,758 | ||||||
Taiwan Acceptance Corp. | 9,000 | 20,199 | ||||||
Taiwan Cement Corp. | 321,533 | 325,659 | ||||||
Taiwan Chinsan Electronic Industrial Co. Ltd. | 33,000 | 38,084 | ||||||
Taiwan Cogeneration Corp. | 47,000 | 30,118 | ||||||
Taiwan Fire & Marine Insurance Co. | 28,000 | 18,538 | ||||||
Taiwan FU Hsing Industrial Co., Ltd. | 38,000 | 55,914 | ||||||
Taiwan Land Development Corp. | 217,345 | 69,638 | ||||||
Taiwan Mobile Co., Ltd. | 4,000 | 12,209 | ||||||
Taiwan Paiho, Ltd. | 48,433 | 131,645 | ||||||
Taiwan Pulp & Paper Corp. (a) | 335,000 | 107,843 | ||||||
Taiwan Sakura Corp. | 109,000 | 53,296 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 756,500 | 2,986,713 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 27,319 | 566,869 | ||||||
Taiwan Tea Corp. | 113,913 | 48,606 | ||||||
Taiwan Union Technology Corp. | 141,000 | 91,424 | ||||||
Taiyen Biotech Co., Ltd. | 57,500 | 39,291 | ||||||
Tatung Co., Ltd. (a) | 185,885 | 28,565 | ||||||
TPK Holding Co., Ltd. | 8,000 | 19,048 | ||||||
Transasia Airways Corp. (a) | 279,000 | 57,617 | ||||||
Tripod Technology Corp. | 77,320 | 111,069 | ||||||
TrueLight Corp. | 13,000 | 35,059 | ||||||
Tung Thih Electronic Co., Ltd. | 5,000 | 34,166 | ||||||
Uni-President Enterprises Corp. | 134,993 | 233,683 | ||||||
United Microelectronics Corp. ADR (b) | 273,423 | 442,945 | ||||||
Unity Opto Technology Co., Ltd. | 12,759 | 5,599 | ||||||
Ve Wong Corp. | 65,000 | 39,283 | ||||||
Visual Photonics Epitaxy Co., Ltd. | 130,869 | 151,029 |
See accompanying notes to financial statements.
253
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Wei Chuan Food Corp. (a) | 35,000 | $ | 20,515 | |||||
Wei Mon Industry Co. Ltd. (a) | 240,450 | 15,335 | ||||||
Weikeng Industrial Co., Ltd. | 71,000 | 38,166 | ||||||
Winbond Electronics Corp. (a) | 48,000 | 9,913 | ||||||
Wistron Corp. | 173,141 | 90,179 | ||||||
Zeng Hsing Industrial Co. Ltd. | 28,350 | 109,775 | ||||||
Zenitron Corp. | 151,000 | 70,163 | ||||||
25,864,504 | ||||||||
THAILAND — 2.9% | ||||||||
Advanced Info Service PCL | 114,915 | 715,547 | ||||||
Airports of Thailand PCL | 18,500 | 143,229 | ||||||
Bangkok Dusit Medical Services PCL | 52,500 | 26,760 | ||||||
Bangkok Expressway PCL | 346,487 | 346,057 | ||||||
Bangkokland PCL | 740,800 | 30,208 | ||||||
Bank of Ayudhya PCL | 26,700 | 22,253 | ||||||
Banpu PCL | 149,480 | 82,369 | ||||||
BEC World PCL | 28,600 | 25,216 | ||||||
Big C Supercenter PCL | 3,800 | 21,044 | ||||||
BTS Group Holdings PCL | 34,500 | 9,268 | ||||||
Bumrungrad Hospital PCL | 8,300 | 49,395 | ||||||
Central Pattana PCL | 55,500 | 68,429 | ||||||
Central Plaza Hotel PCL | 41,200 | 42,568 | ||||||
CH Karnchang PCL | 7,048 | 5,194 | ||||||
Charoen Pokphand Foods PCL | 20,700 | 11,806 | ||||||
CP ALL PCL | 191,400 | 251,807 | ||||||
Electricity Generating PCL | 85,674 | 361,155 | ||||||
IRPC PCL | 962,658 | 99,727 | ||||||
Jasmine International PCL | 270,341 | 41,711 | ||||||
Kasikornbank PCL | 61,800 | 290,313 | ||||||
Krung Thai Bank PCL | 47,400 | 22,332 | ||||||
Land and Houses PCL | 77,400 | 17,167 | ||||||
Minor International PCL | 9,200 | 7,224 | ||||||
Pruksa Real Estate PCL | 28,100 | 22,259 | ||||||
PTT Exploration & Production PCL | 121,430 | 234,195 | ||||||
PTT Global Chemical PCL | 23,700 | 35,098 | ||||||
PTT PCL | 61,036 | 403,599 | ||||||
Quality Houses PCL | 259,483 | 17,301 | ||||||
Sansiri PCL | 269,433 | 12,620 | ||||||
Siam Cement PCL | 41,273 | 529,914 | ||||||
Siam Commercial Bank PCL | 123,602 | 456,335 | ||||||
Siam Future Development PCL | 189,413 | 28,703 | ||||||
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund | 93,066 | 33,078 | ||||||
Thai Airways International PCL (a) | 66,500 | 18,505 | ||||||
Thai Beverage PCL (b) | 425,500 | 204,985 | ||||||
Thai Oil PCL | 118,795 | 172,653 | ||||||
Thaicom PCL | 42,400 | 36,798 | ||||||
Ticon Industrial Connection PCL | 123,280 | 39,401 | ||||||
Tisco Financial Group PCL | 173,718 | 171,109 | ||||||
Tisco Financial Group PCL NVDR | 5,100 | 4,988 | ||||||
TMB Bank PCL | 4,817,117 | 321,185 | ||||||
Total Access Communication PCL | 7,800 | 12,411 | ||||||
True Corp. PCL (a) | 395,573 | 106,264 | ||||||
TTCL PCL | 7,600 | 4,795 | ||||||
U City PCL (a)(b) | 7,078,800 | 7,801 | ||||||
5,564,776 | ||||||||
TURKEY — 1.5% | ||||||||
Akbank TAS | 109,040 | 244,172 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 23,438 | 165,272 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 3,241 | 14,718 | ||||||
BIM Birlesik Magazalar AS | 4,267 | 75,609 | ||||||
Coca-Cola Icecek AS | 490 | 5,600 | ||||||
Dogan Sirketler Grubu Holdings AS (a) | 167,256 | 28,173 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 161,235 | 198,632 | ||||||
Haci Omer Sabanci Holding AS | 58,164 | 170,395 | ||||||
KOC Holding AS | 87,295 | 340,213 | ||||||
Migros Ticaret AS (a) | 911 | 5,265 | ||||||
Tupras-Turkiye Petrol Rafinerileri AS (a) | 11,920 | 291,726 | ||||||
Turk Hava Yollari AO (a) | 28,633 | 75,371 | ||||||
Turkcell Iletisim Hizmetleri AS | 50,126 | 174,661 | ||||||
Turkiye Garanti Bankasi AS | 216,334 | 502,296 | ||||||
Turkiye Halk Bankasi AS | 11,152 | 37,201 | ||||||
Turkiye Is Bankasi (Class C) | 136,205 | 211,882 | ||||||
Turkiye Vakiflar Bankasi Tao (Class D) | 19,039 | 24,084 | ||||||
Ulker Biskuvi Sanayi AS | 30,102 | 190,390 | ||||||
Yapi ve Kredi Bankasi AS | 87,620 | 97,524 | ||||||
2,853,184 | ||||||||
UNITED ARAB EMIRATES — 1.0% | ||||||||
Abu Dhabi Commercial Bank PJSC | 98,327 | 204,801 | ||||||
Agthia Group PJSC | 7,648 | 16,658 | ||||||
Air Arabia PJSC | 227,161 | 86,588 | ||||||
Ajman Bank PJSC (a) | 62,032 | 29,556 | ||||||
Al Waha Capital PJSC | 44,382 | 26,826 | ||||||
Aldar Properties PJSC | 190,570 | 124,527 | ||||||
Arabtec Holding PJSC (a) | 121,106 | 60,671 | ||||||
Bank of Sharjah | 44,619 | 18,344 | ||||||
DAMAC Properties Dubai Co. PJSC | 157,939 | 130,725 | ||||||
Depa, Ltd. (a)(e) | 25,085 | 11,539 | ||||||
Deyaar Development PJSC (a) | 149,764 | 26,668 | ||||||
DP World, Ltd. | 7,788 | 165,417 | ||||||
Dubai Financial Market PJSC | 90,270 | 41,290 | ||||||
Dubai Investments PJSC | 73,100 | 47,170 | ||||||
Emaar Malls Group PJSC (a) | 48,168 | 40,524 | ||||||
Emaar Properties PJSC | 164,563 | 289,442 | ||||||
Eshraq Properties Co. PJSC (a) | 115,597 | 21,087 | ||||||
First Gulf Bank PJSC | 31,243 | 118,665 | ||||||
Gulf General Investment Co. (a) | 100,542 | 19,053 | ||||||
Gulf Pharmaceutical Industries | 18,083 | 12,309 | ||||||
Invest bank PSC | 14,643 | 10,166 | ||||||
National Bank of Abu Dhabi PJSC | 61,425 | 159,213 | ||||||
National Central Cooling Co. PJSC | 171,277 | 55,494 | ||||||
Orascom Construction, Ltd. (a) | 858 | 9,438 | ||||||
RAK Properties PJSC | 174,804 | 29,032 | ||||||
Ras Al Khaimah Ceramics | 16,904 | 16,569 | ||||||
SHUAA Capital PSC (a) | 236,053 | 36,441 | ||||||
Union National Bank PJSC | 36,053 | 60,369 | ||||||
Union Properties PJSC | 69,636 | 17,898 | ||||||
1,886,480 | ||||||||
See accompanying notes to financial statements.
254
SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
UNITED STATES — 0.0% (d) | ||||||||
China Biologic Products, Inc. (a) | 800 | $ | 71,856 | |||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $247,049,266) | 186,155,482 | |||||||
RIGHTS — 0.0% (d) | ||||||||
HONG KONG — 0.0% (d) | ||||||||
Golden Meditech Holdings, Ltd. (expired 9/29/15) (a)(e) (Cost $0) | 22,000 | 0 | ||||||
WARRANTS — 0.0% (d) | ||||||||
MALAYSIA — 0.0% (d) | ||||||||
KNM Group Bhd (expiring 11/15/17) (a) | 66,712 | 1,214 | ||||||
KNM Group Bhd (expiring 4/21/20) (a) | 22,551 | 590 | ||||||
Malaysian Resources Corp. Bhd (expiring 09/16/18) (a) | 123,400 | 3,369 | ||||||
OSK Holdings Bhd (expiring 7/22/20) (a) | 101,001 | 7,468 | ||||||
WCT Holdings Bhd (expiring 8/27/20) (a) | 108,949 | 3,346 | ||||||
15,987 | ||||||||
SOUTH AFRICA — 0.0% (d) | ||||||||
Adcock Ingram Holdings, Ltd. (expiring 7/26/19) (a) | 335 | 135 | ||||||
THAILAND — 0.0% (d) | ||||||||
Minor International PCL (expiring 11/3/17) (a) | 480 | 39 | ||||||
Sansiri PCL (expiring 11/24/17) (a) | 75,433 | 395 | ||||||
434 | ||||||||
TOTAL WARRANTS — | ||||||||
(Cost $9,950) | 16,556 | |||||||
SHORT TERM INVESTMENTS — 7.0% | ||||||||
UNITED STATES — 7.0% | ||||||||
MONEY MARKET FUNDS — 7.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (h)(i) | 12,858,812 | 12,858,812 | ||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (i)(j)(k) | 258,144 | 258,144 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $13,116,956) | 13,116,956 | |||||||
TOTAL INVESTMENTS — 105.6% | ||||||||
(Cost $260,176,172) | 199,288,994 | |||||||
OTHER ASSETS & LIABILITIES — (5.6)% | (10,582,113 | ) | ||||||
NET ASSETS — 100.0% | $ | 188,706,881 | ||||||
(a) | Non-income producing security | |||||
(b) | All or a portion of the security was on loan at September 30, 2015. | |||||
(c) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(d) | Amount shown represents less than 0.05% of net assets. | |||||
(e) | Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2). | |||||
(f) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.1% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(g) | 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). | |||||
(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
NVDR = Non Voting Depositary Receipt
OJSC = Open Joint Stock Company
PCL = Public Company Limited
PJSC = Public Joint Stock Company
PLC = Public Limited Company
PSC = Public Stock Company
REIC = Real Estate Investment Company
REIT = Real Estate Investment Trust
At September 30, 2015, open futures contracts purchased were as follows:
Expiration | Unrealized | |||||||||||||||||||
Futures | Date | Contracts | Value | Depreciation | ||||||||||||||||
MSCI Taiwan Index Futures | 10/29/2015 | 61 | $ | 1,839,150 | $ | (1,989 | ) |
See accompanying notes to financial statements.
255
SPDR S&P Emerging Markets Dividend ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
BRAZIL — 10.5% | ||||||||
AES Tiete SA Preference Shares | 359,396 | $ | 1,269,906 | |||||
Alupar Investimento SA | 116,210 | 434,844 | ||||||
Banco do Brasil SA ADR | 525,695 | 1,997,641 | ||||||
Banco do Estado do Rio Grande do Sul SA Preference Shares | 570,567 | 799,549 | ||||||
CCR SA | 2,247,528 | 6,869,101 | ||||||
CETIP SA — Mercados Organizados | 186,067 | 1,537,338 | ||||||
Cia Paranaense de Energia Preference Shares | 305,570 | 2,504,754 | ||||||
Companhia Energetica de Minas Gerais ADR (a) | 2,625,756 | 4,673,846 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 1,048,130 | 1,605,644 | ||||||
Grendene SA | 193,604 | 857,178 | ||||||
Light SA | 507,161 | 1,471,065 | ||||||
Multiplus SA | 167,900 | 1,348,024 | ||||||
Souza Cruz SA | 503,498 | 3,388,728 | ||||||
Transmissora Alianca de Energia Electrica SA | 536,865 | 2,571,106 | ||||||
31,328,724 | ||||||||
CHILE — 1.5% | ||||||||
Aguas Andinas SA Class A | 2,863,151 | 1,485,890 | ||||||
Banco de Chile ADR | 23,029 | 1,446,221 | ||||||
Banco Santander Chile | 37,231,635 | 1,683,154 | ||||||
4,615,265 | ||||||||
CHINA — 5.9% | ||||||||
Bank of China, Ltd. (Class H) | 4,272,536 | 1,835,800 | ||||||
CIFI Holdings Group Co., Ltd. | 12,118,000 | 2,157,772 | ||||||
Country Garden Holdings Co., Ltd. (a) | 5,394,000 | 1,941,828 | ||||||
Greentown China Holdings, Ltd. (a)(b) | 2,501,000 | 1,791,027 | ||||||
Jiangsu Expressway Co., Ltd. (Class H) | 2,200,000 | 2,801,788 | ||||||
KWG Property Holding, Ltd. | 3,153,500 | 2,067,055 | ||||||
Soho China, Ltd. (a) | 4,051,000 | 1,573,346 | ||||||
TCL Communication Technology Holdings, Ltd. (a) | 4,765,000 | 3,424,630 | ||||||
17,593,246 | ||||||||
COLOMBIA — 1.5% | ||||||||
Ecopetrol SA ADR (a) | 525,350 | 4,518,010 | ||||||
CZECH REPUBLIC — 0.9% | ||||||||
Komercni Banka AS | 13,042 | 2,823,234 | ||||||
HONG KONG — 4.2% | ||||||||
Agile Property Holdings, Ltd. (a) | 5,034,000 | 2,617,663 | ||||||
Evergrande Real Estate Group, Ltd. (a) | 7,312,000 | 4,151,302 | ||||||
Shenzhen Investment, Ltd. (a) | 4,960,829 | 1,747,481 | ||||||
Xinyi Glass Holdings, Ltd. (a) | 8,724,000 | 3,894,819 | ||||||
12,411,265 | ||||||||
INDIA — 3.3% | ||||||||
Coal India, Ltd. | 1,511,586 | 7,544,113 | ||||||
Indiabulls Housing Finance, Ltd. | 59,159 | 715,649 | ||||||
NMDC, Ltd. | 1,112,327 | 1,577,661 | ||||||
9,837,423 | ||||||||
INDONESIA — 1.2% | ||||||||
Indo Tambangraya Megah Tbk PT | 1,612,900 | 1,087,194 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 1,411,700 | 1,585,151 | ||||||
Matahari Putra Prima Tbk PT | 661,349 | 86,675 | ||||||
Media Nusantara Citra Tbk PT | 6,636,500 | 742,925 | ||||||
3,501,945 | ||||||||
MALAYSIA — 2.0% | ||||||||
British American Tobacco Malaysia Bhd | 106,600 | 1,462,802 | ||||||
HAP Seng Consolidated Bhd | 686,500 | 866,764 | ||||||
Malayan Banking Bhd | 1,319,444 | 2,569,400 | ||||||
YTL Corp. Bhd | 2,810,800 | 1,023,097 | ||||||
5,922,063 | ||||||||
MEXICO — 1.4% | ||||||||
Grupo Financiero Santander Mexico SAB de CV ADR (Class B) (a) | 214,012 | 1,570,848 | ||||||
Mexico Real Estate Management SA de CV (b) | 897,385 | 1,130,551 | ||||||
PLA Administradora Industrial S de RL de CV (b) | 738,791 | 1,341,414 | ||||||
4,042,813 | ||||||||
POLAND — 4.4% | ||||||||
Bank Handlowy w Warszawie SA | 28,394 | 603,341 | ||||||
Bank Pekao SA | 68,369 | 2,776,078 | ||||||
Energa SA | 415,859 | 1,843,863 | ||||||
PGE Polska Grupa Energetyczna SA | 1,160,562 | 4,114,180 | ||||||
Powszechny Zaklad Ubezpieczen SA | 37,357 | 3,828,490 | ||||||
13,165,952 | ||||||||
RUSSIA — 1.6% | ||||||||
E.ON Russia JSC (b) | 11,143,631 | 484,258 | ||||||
Eurasia Drilling Co., Ltd. GDR | 148,140 | 1,362,888 | ||||||
Moscow Exchange MICEX-RTS PJSC | 2,343,361 | 2,855,713 | ||||||
4,702,859 | ||||||||
SOUTH AFRICA — 14.7% | ||||||||
Barclays Africa Group, Ltd. | 170,761 | 2,101,940 | ||||||
Capital Property Fund, Ltd. | 1,371,686 | 1,557,494 | ||||||
Coronation Fund Managers, Ltd. (a) | 492,086 | 2,323,591 | ||||||
Foschini Group, Ltd. (a) | 669,224 | 6,791,944 | ||||||
Growthpoint Properties, Ltd. REIT | 1,393,259 | 2,584,588 | ||||||
Hyprop Investments, Ltd. | 203,088 | 1,772,962 | ||||||
Kumba Iron Ore, Ltd. (a) | 584,860 | 3,320,425 | ||||||
MMI Holdings, Ltd. (a) | 990,190 | 1,703,668 | ||||||
MTN Group, Ltd. | 633,220 | 8,151,671 | ||||||
Redefine Properties, Ltd. | 4,106,333 | 3,474,658 | ||||||
Vodacom Group, Ltd. | 997,099 | 9,915,463 | ||||||
43,698,404 | ||||||||
SOUTH KOREA — 3.9% | ||||||||
SK Telecom Co., Ltd. | 52,321 | 11,609,232 | ||||||
TAIWAN — 25.8% | ||||||||
Asustek Computer, Inc. | 910,000 | 7,807,304 | ||||||
Chicony Electronics Co., Ltd. | 860,096 | 1,979,964 | ||||||
China Development Financial Holding Corp. | 7,952,000 | 2,137,277 | ||||||
China Steel Chemical Corp. | 325,000 | 1,001,822 | ||||||
Far Eastern New Century Corp. | 3,334,615 | 2,967,253 |
See accompanying notes to financial statements.
256
SPDR S&P Emerging Markets Dividend ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Inventec Corp. | 6,612,000 | $ | 3,132,555 | |||||
King’s Town Bank | 1,175,000 | 833,232 | ||||||
Lite-On Technology Corp. | 2,795,837 | 2,564,248 | ||||||
MediaTek, Inc. | 687,000 | 5,080,389 | ||||||
Mega Financial Holding Co., Ltd. | 3,018,000 | 2,089,755 | ||||||
Novatek Microelectronics Corp. | 2,491,000 | 7,792,058 | ||||||
Radiant Opto-Electronics Corp. | 2,475,300 | 7,630,186 | ||||||
Realtek Semiconductor Corp. | 1,357,000 | 2,299,616 | ||||||
Ruentex Development Co., Ltd. | 2,680,217 | 2,918,101 | ||||||
Ruentex Industries, Ltd. | 1,571,000 | 2,781,544 | ||||||
Synnex Technology International Corp. | 1,819,000 | 1,811,957 | ||||||
Taiwan Cement Corp. | 3,872,000 | 3,921,683 | ||||||
Taiwan Mobile Co., Ltd. | 1,864,200 | 5,689,837 | ||||||
Transcend Information, Inc. | 531,000 | 1,338,486 | ||||||
Vanguard International Semiconductor Corp. | 5,496,000 | 6,225,823 | ||||||
Wan Hai Lines, Ltd. | 3,308,000 | 2,079,587 | ||||||
WPG Holdings, Ltd. | 1,971,000 | 1,897,523 | ||||||
Yulon Nissan Motor Co., Ltd. | 130,282 | 981,245 | ||||||
76,961,445 | ||||||||
THAILAND — 9.2% | ||||||||
Advanced Info Service PCL | 30 | 187 | ||||||
Advanced Info Service PCL NVDR | 1,521,745 | 9,475,530 | ||||||
BEC World PCL NVDR | 881,100 | 776,834 | ||||||
BTS Group Holdings PCL NVDR | 17,323,200 | 4,653,566 | ||||||
Intouch Holdings PCL NVDR | 3,445,222 | 6,905,632 | ||||||
Krung Thai Bank PCL NVDR | 4,957,300 | 2,335,579 | ||||||
Land and Houses PCL NVDR | 8,282,614 | 1,837,031 | ||||||
Tisco Financial Group PCL NVDR | 915,200 | 895,153 | ||||||
TTW PCL NVDR | 1,721,141 | 516,888 | ||||||
27,396,400 | ||||||||
TURKEY — 7.4% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 5,452,929 | 6,717,670 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 625,325 | 3,707,236 | ||||||
Turk Telekomunikasyon AS | 1,918,246 | 3,782,323 | ||||||
Turk Traktor ve Ziraat Makineleri AS | 31,263 | 756,342 | ||||||
Turkcell Iletisim Hizmetleri AS | 2,068,086 | 7,206,113 | ||||||
22,169,684 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $399,538,361) | 296,297,964 | |||||||
SHORT TERM INVESTMENT — 5.8% | ||||||||
UNITED STATES — 5.8% | ||||||||
MONEY MARKET FUND — 5.8% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (c)(d) (Cost $17,309,750) | 17,309,750 | 17,309,750 | ||||||
TOTAL INVESTMENTS — 105.2% | ||||||||
(Cost $416,848,111) | 313,607,714 | |||||||
OTHER ASSETS & LIABILITIES — (5.2)% | (15,444,971 | ) | ||||||
NET ASSETS — 100.0% | $ | 298,162,743 | ||||||
(a) | All or a portion of the security was on loan at September 30, 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). |
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
NVDR = Non Voting Depositary Receipt
PCL = Public Company Limited
PJSC = Public Joint Stock Company
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
257
SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.6% | ||||||||
BRAZIL — 11.2% | ||||||||
Ambev SA ADR | 473,674 | $ | 2,321,002 | |||||
Banco Bradesco SA Preference Shares ADR | 262,528 | 1,407,150 | ||||||
BRF SA ADR | 68,705 | 1,222,262 | ||||||
Itau Unibanco Holding SA Preference Shares ADR | 315,763 | 2,090,351 | ||||||
Petroleo Brasileiro SA ADR (a)(b) | 154,936 | 673,972 | ||||||
Ultrapar Participacoes SA ADR | 45,129 | 754,557 | ||||||
Vale SA ADR (a) | 154,015 | 646,863 | ||||||
9,116,157 | ||||||||
CHINA — 52.8% | ||||||||
Agricultural Bank of China, Ltd. (Class H) | 2,476,000 | 936,082 | ||||||
Alibaba Group Holding, Ltd. ADR (a)(b) | 38,439 | 2,266,748 | ||||||
Baidu, Inc. ADR (b) | 28,396 | 3,901,894 | ||||||
Bank of China, Ltd. (Class H) | 7,127,254 | 3,062,400 | ||||||
Bank of Communications Co., Ltd. (Class H) | 2,148,000 | 1,488,346 | ||||||
China Construction Bank Corp. (Class H) | 8,495,610 | 5,645,433 | ||||||
China Life Insurance Co., Ltd. (Class H) | 773,000 | 2,673,067 | ||||||
China Merchants Bank Co., Ltd. (Class H) | 474,860 | 1,145,784 | ||||||
China Petroleum & Chemical Corp. (Class H) | 2,653,174 | 1,612,435 | ||||||
China Shenhua Energy Co., Ltd. (Class H) | 354,000 | 540,817 | ||||||
China Telecom Corp., Ltd. (Class H) | 1,440,000 | 693,053 | ||||||
Hengan International Group Co., Ltd. | 81,500 | 792,385 | ||||||
Industrial & Commercial Bank of China, Ltd. (Class H) | 8,479,960 | 4,880,049 | ||||||
PetroChina Co., Ltd. (Class H) | 2,194,171 | 1,520,338 | ||||||
Ping An Insurance Group Co. of China, Ltd. (Class H) | 410,000 | 2,028,826 | ||||||
Tencent Holdings, Ltd. | 554,826 | 9,256,586 | ||||||
Want Want China Holdings, Ltd. (a) | 712,000 | 584,296 | ||||||
43,028,539 | ||||||||
HONG KONG — 13.9% | ||||||||
China Mobile, Ltd. | 572,000 | 6,775,389 | ||||||
China Overseas Land & Investment, Ltd. | 416,560 | 1,257,734 | ||||||
CITIC, Ltd. | 567,000 | 1,031,568 | ||||||
CNOOC, Ltd. | 1,671,221 | 1,710,025 | ||||||
Lenovo Group, Ltd. (a) | 652,000 | 549,359 | ||||||
11,324,075 | ||||||||
INDIA — 11.2% | ||||||||
HDFC Bank, Ltd. ADR | 41,008 | 2,505,179 | ||||||
ICICI Bank, Ltd. ADR | 145,659 | 1,220,622 | ||||||
Infosys, Ltd. ADR (a) | 200,411 | 3,825,846 | ||||||
Reliance Industries, Ltd. GDR (c) | 44,070 | 1,145,820 | ||||||
Tata Motors, Ltd. ADR (b) | 19,811 | 445,748 | ||||||
9,143,215 | ||||||||
RUSSIA — 10.5% | ||||||||
Gazprom PAO ADR | 615,252 | 2,473,313 | ||||||
Lukoil PJSC ADR (d) | 1,675 | 57,051 | ||||||
Lukoil PJSC ADR (d) | 52,270 | 1,775,089 | ||||||
Magnit PJSC GDR | 29,993 | 1,432,766 | ||||||
MMC Norilsk Nickel PJSC ADR | 50,812 | 728,898 | ||||||
Sberbank of Russia ADR (d) | 14,597 | 71,817 | ||||||
Sberbank of Russia ADR (d) | 264,807 | 1,306,955 | ||||||
Tatneft PAO ADR | 25,201 | 704,368 | ||||||
8,550,257 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $120,749,550) | 81,162,243 | |||||||
SHORT TERM INVESTMENTS — 3.6% | ||||||||
UNITED STATES — 3.6% | ||||||||
MONEY MARKET FUNDS — 3.6% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (e)(f) | 2,786,086 | 2,786,086 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g) | 153,764 | 153,764 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $2,939,850) | 2,939,850 | |||||||
TOTAL INVESTMENTS — 103.2% | ||||||||
(Cost $123,689,400) | 84,102,093 | |||||||
OTHER ASSETS & LIABILITIES — (3.2)% | (2,597,563 | ) | ||||||
NET ASSETS — 100.0% | $ | 81,504,530 | ||||||
(a) | All or a portion of the security was on loan at September 30, 2015. | |||||
(b) | Non-income producing security | |||||
(c) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.4% of net assets as of September 30, 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
PJSC = Public Joint Stock Company
See accompanying notes to financial statements.
258
SPDR S&P Emerging Europe ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.7% | ||||||||
BRITISH VIRGIN ISLANDS — 0.1% | ||||||||
Lenta, Ltd. GDR (a) | 6,772 | $ | 50,790 | |||||
CYPRUS — 0.2% | ||||||||
QIWI PLC ADR | 4,217 | 67,978 | ||||||
TCS Group Holding PLC GDR | 11,259 | 19,703 | ||||||
87,681 | ||||||||
CZECH REPUBLIC — 2.6% | ||||||||
CEZ AS | 28,466 | 591,889 | ||||||
Komercni Banka AS | 2,152 | 465,849 | ||||||
1,057,738 | ||||||||
GREECE — 4.7% | ||||||||
Aegean Airlines SA | 4,532 | 33,945 | ||||||
Alpha Bank AE (a) | 628,815 | 75,105 | ||||||
Athens Water Supply & Sewage Co. SA | 4,219 | 26,844 | ||||||
Costamare, Inc. | 3,124 | 38,331 | ||||||
Diana Shipping, Inc. (a) | 3,488 | 22,602 | ||||||
DryShips, Inc. (a) | 37,965 | 6,408 | ||||||
Ellaktor SA (a) | 16,909 | 28,878 | ||||||
Eurobank Ergasias SA (a) | 755,485 | 18,553 | ||||||
FF Group (a) | 4,549 | 92,416 | ||||||
Fourlis Holdings SA (a) | 6,257 | 17,391 | ||||||
GEK Terna Holding Real Estate Construction SA (a) | 11,930 | 22,372 | ||||||
Grivalia Properties REIC AE | 5,644 | 50,149 | ||||||
Hellenic Exchanges — Athens Stock Exchange SA | 9,772 | 53,995 | ||||||
Hellenic Petroleum SA | 8,054 | 48,098 | ||||||
Hellenic Telecommunications Organization SA | 33,543 | 292,050 | ||||||
Intralot SA — Integrated Lottery Systems & Services (a) | 18,763 | 35,605 | ||||||
JUMBO SA | 14,994 | 131,386 | ||||||
Lamda Development SA (a) | 3,941 | 20,368 | ||||||
Marfin Investment Group Holdings SA (a) | 80,496 | 6,739 | ||||||
Metka SA | 3,821 | 31,520 | ||||||
Motor Oil Hellas Corinth Refineries SA (a) | 8,247 | 99,422 | ||||||
Mytilineos Holdings SA (a) | 11,377 | 59,053 | ||||||
National Bank of Greece SA (a) | 226,753 | 97,449 | ||||||
Navios Maritime Holdings, Inc. (b) | 6,219 | 15,485 | ||||||
OPAP SA | 28,289 | 255,147 | ||||||
Piraeus Bank SA (a) | 237,075 | 20,642 | ||||||
Piraeus Port Authority SA | 1,084 | 18,259 | ||||||
Public Power Corp. SA | 16,032 | 83,573 | ||||||
Safe Bulkers, Inc. | 2,731 | 7,538 | ||||||
Terna Energy SA (a) | 8,176 | 24,915 | ||||||
Titan Cement Co. SA | 7,359 | 165,933 | ||||||
Tsakos Energy Navigation, Ltd. | 2,886 | 23,463 | ||||||
1,923,634 | ||||||||
HUNGARY — 3.2% | ||||||||
Magyar Telekom Telecommunications PLC (a) | 97,366 | 135,327 | ||||||
MOL Hungarian Oil & Gas PLC | 8,350 | 363,638 | ||||||
OTP Bank PLC | 25,720 | 495,426 | ||||||
Richter Gedeon NyRt | 18,337 | 291,131 | ||||||
1,285,522 | ||||||||
MONACO — 0.1% | ||||||||
GasLog, Ltd. (b) | 4,910 | 47,234 | ||||||
POLAND — 19.9% | ||||||||
Alior Bank SA (a) | 6,155 | 128,197 | ||||||
AmRest Holdings SE (a) | 794 | 34,245 | ||||||
Asseco Poland SA | 16,345 | 232,158 | ||||||
Bank Handlowy w Warszawie SA | 4,410 | 93,708 | ||||||
Bank Millennium SA (a) | 80,164 | 123,960 | ||||||
Bank Pekao SA | 20,173 | 819,111 | ||||||
Bank Zachodni WBK SA (a) | 4,130 | 318,774 | ||||||
Budimex SA | 1,383 | 72,704 | ||||||
CCC SA | 2,971 | 128,097 | ||||||
Cyfrowy Polsat SA (a) | 22,593 | 138,854 | ||||||
Echo Investment SA (a) | 84,057 | 143,685 | ||||||
Enea SA | 16,980 | 60,328 | ||||||
Energa SA | 26,833 | 118,974 | ||||||
Eurocash SA | 10,253 | 120,473 | ||||||
Getin Holding SA (a) | 59,642 | 23,370 | ||||||
Getin Noble Bank SA (a) | 181,122 | 40,963 | ||||||
Globe Trade Centre SA (a)(c) | 52,729 | 86,667 | ||||||
Grupa Azoty SA (a) | 3,525 | 82,040 | ||||||
Grupa Kety SA | 427 | 32,565 | ||||||
Grupa Lotos SA (a) | 11,552 | 84,911 | ||||||
ING Bank Slaski SA | 3,670 | 115,045 | ||||||
Jastrzebska Spolka Weglowa SA (a) | 2,562 | 7,681 | ||||||
KGHM Polska Miedz SA | 21,287 | 458,763 | ||||||
KRUK SA | 2,011 | 92,074 | ||||||
LPP SA | 110 | 226,217 | ||||||
Lubelski Wegiel Bogdanka SA | 7,438 | 111,104 | ||||||
mBank SA (a) | 2,369 | 216,182 | ||||||
Netia SA | 161,637 | 238,042 | ||||||
Orange Polska SA | 120,274 | 229,949 | ||||||
PGE Polska Grupa Energetyczna SA | 103,788 | 367,928 | ||||||
Polski Koncern Naftowy Orlen SA | 44,043 | 766,761 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 249,224 | 427,329 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA (a) | 126,101 | 975,964 | ||||||
Powszechny Zaklad Ubezpieczen SA | 7,575 | 776,315 | ||||||
Synthos SA | 82,458 | 81,969 | ||||||
Tauron Polska Energia SA | 227,977 | 196,648 | ||||||
8,171,755 | ||||||||
RUSSIA — 49.4% | ||||||||
AK Transneft OAO Preference Shares (a) | 215 | 483,379 | ||||||
Alrosa PAO (a) | 315,786 | 276,288 | ||||||
Bashneft OAO Preference Shares (a) | 4,180 | 91,366 | ||||||
Bashneft PAO (a) | 2,905 | 76,426 | ||||||
CTC Media, Inc. | 9,086 | 15,900 | ||||||
E.ON Russia JSC (a) | 895,000 | 38,893 | ||||||
Etalon Group, Ltd. GDR | 14,218 | 23,389 | ||||||
Eurasia Drilling Co., Ltd. GDR | 7,298 | 67,142 | ||||||
Evraz PLC (a) | 66,597 | 73,540 | ||||||
Gazprom Neft OAO ADR (d) | 3 | 33 | ||||||
Gazprom Neft OAO ADR (d) | 5,996 | 66,316 | ||||||
Gazprom PAO ADR | 834,644 | 3,355,269 |
See accompanying notes to financial statements.
259
SPDR S&P Emerging Europe ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Globaltrans Investment PLC GDR (a) | 11,765 | $ | 47,295 | |||||
LSR Group PJSC GDR | 29,386 | 53,189 | ||||||
Lukoil PJSC ADR | 61,311 | 2,082,122 | ||||||
Magnit PJSC GDR | 31,340 | 1,497,112 | ||||||
Mail.ru Group, Ltd. GDR (a) | 14,541 | 253,013 | ||||||
Mechel ADR (a) | 21,209 | 19,300 | ||||||
MegaFon PJSC GDR | 14,420 | 175,203 | ||||||
MMC Norilsk Nickel PJSC ADR | 73,368 | 1,052,464 | ||||||
Mobile Telesystems OJSC (a) | 38,158 | 123,828 | ||||||
Mobile TeleSystems PJSC ADR | 76,477 | 552,164 | ||||||
Moscow Exchange MICEX-RTS PJSC | 169,814 | 206,942 | ||||||
NOVATEK OAO GDR | 11,671 | 1,079,567 | ||||||
Novolipetsk Steel OJSC GDR | 12,976 | 148,575 | ||||||
O’Key Group SA GDR | 5,475 | 8,760 | ||||||
PhosAgro OAO GDR | 13,049 | 180,076 | ||||||
PIK Group PJSC GDR | 52,582 | 152,488 | ||||||
Polymetal International PLC | 32,564 | 280,420 | ||||||
Polyus Gold International, Ltd. | 94,180 | 274,619 | ||||||
Rosneft OAO GDR | 168,590 | 622,097 | ||||||
Rostelecom PJSC ADR (d) | 26,665 | 209,054 | ||||||
Rostelecom PJSC ADR (d) | 4 | 32 | ||||||
RusHydro PJSC ADR (d) | 136,311 | 139,037 | ||||||
RusHydro PJSC ADR (d) | 8,194 | 7,702 | ||||||
Sberbank of Russia (a) | 1,540,110 | 1,765,802 | ||||||
Sberbank of Russia ADR | 25,471 | 125,712 | ||||||
Severstal PAO GDR | 31,743 | 336,476 | ||||||
Sistema JSFC GDR | 26,457 | 182,024 | ||||||
Surgutneftegas OAO ADR | 156,539 | 799,132 | ||||||
Surgutneftegas OAO Preference Shares (a) | 1,084,900 | 645,755 | ||||||
Tatneft PAO ADR | 32,489 | 908,068 | ||||||
TMK PAO GDR | 6,631 | 20,490 | ||||||
United Co. RUSAL PLC (a) | 159,134 | 63,858 | ||||||
Uralkali PJSC GDR (a) | 18,028 | 267,355 | ||||||
VimpelCom, Ltd. ADR | 31,217 | 128,458 | ||||||
VTB Bank PJSC GDR | 346,470 | 699,869 | ||||||
X5 Retail Group NV GDR (a) | 14,978 | 260,617 | ||||||
Yandex NV (a) | 30,353 | 325,688 | ||||||
20,262,304 | ||||||||
TURKEY — 19.5% | ||||||||
Akbank TAS | 244,403 | 547,288 | ||||||
Anadolu Anonim Turk Sigorta Sirketi | 210,667 | 104,368 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 34,840 | 245,672 | ||||||
Arcelik AS | 70,101 | 341,504 | ||||||
BIM Birlesik Magazalar AS | 27,880 | 494,018 | ||||||
Coca-Cola Icecek AS | 6,960 | 79,536 | ||||||
Dogan Sirketler Grubu Holdings AS (a) | 272,941 | 45,975 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 30,010 | 96,143 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 292,370 | 242,374 | ||||||
Enka Insaat ve Sanayi AS | 163,988 | 270,808 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 285,056 | 351,171 | ||||||
Ford Otomotiv Sanayi AS | 5,905 | 62,994 | ||||||
Haci Omer Sabanci Holding AS | 162,031 | 474,681 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D) | 115,915 | 47,472 | ||||||
KOC Holding AS | 160,702 | 626,301 | ||||||
Kombassan Holdings AS (a) | 16,396 | 10,181 | ||||||
Koza Altin Isletmeleri AS | 4,041 | 29,296 | ||||||
Petkim Petrokimya Holding AS (a) | 25,323 | 33,455 | ||||||
TAV Havalimanlari Holding AS | 15,877 | 124,541 | ||||||
Tekfen Holding AS | 8,445 | 11,659 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 7,802 | 46,254 | ||||||
Tupras-Turkiye Petrol Rafinerileri AS (a) | 22,378 | 547,671 | ||||||
Turk Hava Yollari AO (a) | 158,796 | 418,001 | ||||||
Turk Sise ve Cam Fabrikalari AS | 90,290 | 85,586 | ||||||
Turk Telekomunikasyon AS | 42,468 | 83,737 | ||||||
Turkcell Iletisim Hizmetleri AS | 127,321 | 443,642 | ||||||
Turkiye Garanti Bankasi AS | 364,789 | 846,988 | ||||||
Turkiye Halk Bankasi AS | 81,865 | 273,086 | ||||||
Turkiye Is Bankasi (Class C) | 207,775 | 323,217 | ||||||
Turkiye Sinai Kalkinma Bankasi AS | 105,412 | 49,090 | ||||||
Turkiye Vakiflar Bankasi Tao (Class D) | 101,880 | 128,875 | ||||||
Ulker Biskuvi Sanayi AS | 23,381 | 147,881 | ||||||
Vestel Elektronik Sanayi ve Ticaret AS (a) | 32,407 | 42,599 | ||||||
Yapi ve Kredi Bankasi AS | 201,813 | 224,625 | ||||||
Yazicilar Holding AS (Class A) | 13,756 | 73,602 | ||||||
7,974,291 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $85,575,722) | 40,860,949 | |||||||
SHORT TERM INVESTMENT — 0.1% | ||||||||
UNITED STATES — 0.1% | ||||||||
MONEY MARKET FUND — 0.1% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (e)(f) (Cost $47,805) | 47,805 | 47,805 | ||||||
TOTAL INVESTMENTS — 99.8% | ||||||||
(Cost $85,623,527) | 40,908,754 | |||||||
OTHER ASSETS & LIABILITIES — 0.2% | 100,302 | |||||||
NET ASSETS — 100.0% | $ | 41,009,056 | ||||||
(a) | Non-income producing security | |||||
(b) | All or a portion of the security was on loan at September 30, 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). |
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
OJSC = Open Joint Stock Company
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.
260
SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
BRAZIL — 43.3% | ||||||||
AES Tiete SA Preference Shares | 14,540 | $ | 51,376 | |||||
Ambev SA ADR | 215,469 | 1,055,798 | ||||||
B2W Cia Digital (a) | 7,347 | 27,418 | ||||||
Banco Bradesco SA | 11,546 | 68,488 | ||||||
Banco Bradesco SA Preference Shares ADR | 144,079 | 772,263 | ||||||
Banco do Brasil SA | 34,407 | 131,339 | ||||||
Banco do Brasil SA ADR | 19,566 | 74,351 | ||||||
Banco Santander Brazil SA ADS ADR | 21,900 | 68,985 | ||||||
BB Seguridade Participacoes SA | 32,604 | 203,143 | ||||||
Bematech SA | 10,211 | 25,643 | ||||||
BM&FBovespa SA | 86,795 | 241,512 | ||||||
BR Malls Participacoes SA | 18,806 | 49,401 | ||||||
BR Properties SA | 9,944 | 26,721 | ||||||
Bradespar SA Preference Shares | 20,229 | 41,657 | ||||||
Braskem SA Preference Shares ADR (b) | 5,148 | 43,398 | ||||||
BRF SA | 12,127 | 214,981 | ||||||
BRF — Brasil Foods SA ADR | 22,793 | 405,487 | ||||||
BTG Pactual Grupo | 10,823 | 71,674 | ||||||
CCR SA | 50,521 | 154,407 | ||||||
Centrais Eletricas Brasileiras SA (a) | 2,775 | 3,659 | ||||||
Centrais Eletricas Brasileiras SA ADR (a) | 20,194 | 26,050 | ||||||
CETIP SA — Mercados Organizados | 11,837 | 97,801 | ||||||
Cia Energetica de Sao Paulo Preference Shares (Class B) | 17,859 | 68,217 | ||||||
Cia Hering | 7,210 | 25,440 | ||||||
Cia Paranaense de Energia Preference Shares | 9,772 | 80,101 | ||||||
Cielo SA | 37,764 | 347,676 | ||||||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR (b) | 8,788 | 110,202 | ||||||
Companhia de Saneamento Basico do Estado de Sao Paulo | 25,940 | 103,188 | ||||||
Companhia Energetica de Minas Gerais ADR | 50,137 | 89,244 | ||||||
Companhia Siderurgica Nacional SA ADR (b) | 40,652 | 38,957 | ||||||
Cosan Logistica SA | 11,577 | 3,373 | ||||||
Cosan SA Industria e Comercio | 11,577 | 58,525 | ||||||
Cosan, Ltd. BDR | 8,184 | 23,430 | ||||||
CPFL Energia SA ADR (a) | 13,782 | 103,365 | ||||||
Cyrela Brazil Realty SA | 24,259 | 50,383 | ||||||
Duratex SA | 47,589 | 70,273 | ||||||
EDP — Energias do Brasil SA | 3,600 | 10,379 | ||||||
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares (a) | 3,200 | 8,800 | ||||||
Embraer SA | 34,573 | 221,402 | ||||||
Equatorial Energia SA | 5,700 | 48,469 | ||||||
Estacio Participacoes SA | 15,134 | 53,589 | ||||||
Fibria Celulose SA ADR (b) | 12,706 | 172,293 | ||||||
Fleury SA | 2,700 | 11,018 | ||||||
Gafisa SA (a) | 17,074 | 8,661 | ||||||
Gerdau SA ADR (b) | 33,429 | 45,798 | ||||||
Gerdau SA Preference Shares | 6,503 | 8,933 | ||||||
Gol Linhas Aereas Inteligentes SA Preference Shares (a) | 11,082 | 10,214 | ||||||
GP Investments, Ltd. BDR (a) | 6,036 | 9,853 | ||||||
Hypermarcas SA (a) | 17,628 | 67,644 | ||||||
Itau Unibanco Holding SA Preference Shares ADR | 165,662 | 1,096,682 | ||||||
Itausa — Investimentos Itau SA Preference Shares | 172,662 | 309,599 | ||||||
Itausa — Investimentos Itau SA | 45,164 | 86,314 | ||||||
JBS SA | 44,499 | 187,743 | ||||||
Kepler Weber SA | 4,186 | 22,055 | ||||||
Klabin SA | 29,915 | 164,377 | ||||||
Kroton Educacional SA | 64,846 | 125,557 | ||||||
Linx SA | 2,530 | 27,956 | ||||||
Localiza Rent a Car SA | 7,332 | 45,002 | ||||||
Lojas Americanas SA Preference Shares | 31,925 | 129,882 | ||||||
Lojas Renner SA | 42,100 | 194,538 | ||||||
M Dias Branco SA | 662 | 9,659 | ||||||
Marfrig Global Foods SA (a) | 8,600 | 15,485 | ||||||
Metalurgica Gerdau SA Preference Shares | 18,437 | 13,520 | ||||||
Minerva SA (a) | 2,995 | 10,034 | ||||||
MRV Engenharia e Participacoes SA | 6,129 | 9,374 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 4,476 | 47,661 | ||||||
Multiplus SA | 1,200 | 9,634 | ||||||
Natura Cosmeticos SA | 12,038 | 58,951 | ||||||
Odontoprev SA | 5,900 | 14,150 | ||||||
Oi SA (a) | 28 | 22 | ||||||
Oi SA Preference Shares (a) | 305 | 214 | ||||||
Oi SA, ADR (a)(c) | 5,023 | 3,416 | ||||||
Oi SA, ADR (a)(b)(c) | 17,792 | 12,027 | ||||||
Ouro Fino Saude Animal Participacoes SA | 1,222 | 10,281 | ||||||
PDG Realty SA Empreendimentos e Participacoes (a) | 63,510 | 957 | ||||||
Petroleo Brasileiro SA ADR (a)(b) | 63,021 | 274,141 | ||||||
Petroleo Brasileiro SA Preference Shares ADR (a) | 106,778 | 392,943 | ||||||
Porto Seguro SA | 4,500 | 34,016 | ||||||
Prumo Logistica SA (a) | 53,736 | 7,962 | ||||||
Qualicorp SA | 7,970 | 29,703 | ||||||
Raia Drogasil SA | 5,400 | 53,024 | ||||||
Rumo Logistica Operadora Multimodal SA (a) | 10,126 | 15,283 | ||||||
Sao Martinho SA | 1,100 | 10,829 | ||||||
Smiles SA | 1,508 | 11,380 | ||||||
Somos Educacao SA | 5,891 | 19,380 | ||||||
Souza Cruz SA | 26,777 | 180,219 | ||||||
Sul America SA | 6,500 | 29,138 | ||||||
Suzano Papel e Celulose SA Preference Shares (Class A) | 22,400 | 108,514 | ||||||
Telefonica Brasil SA Preference Shares | 23,415 | 215,630 | ||||||
Tim Participacoes SA | 12,342 | 23,277 | ||||||
Tim Participacoes SA ADR (b) | 8,029 | 75,874 | ||||||
Totvs SA | 7,077 | 53,567 | ||||||
Tractebel Energia SA ADR | 9,806 | 84,234 | ||||||
Transmissora Alianca de Energia Electrica SA | 5,800 | 27,777 |
See accompanying notes to financial statements.
261
SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Ultrapar Participacoes SA ADR | 23,836 | $ | 398,538 | |||||
Usinas Siderurgicas de Minas Gerais SA ADR (b) | 24,185 | 20,557 | ||||||
Usinas Siderurgicas de Minas Gerais SA Preference Shares (Class A) | 10,028 | 8,437 | ||||||
Vale SA ADR (b) | 56,034 | 235,343 | ||||||
Vale SA Preference Shares ADR | 118,217 | 396,027 | ||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 1,200 | 13,790 | ||||||
Weg SA | 29,348 | 113,870 | ||||||
11,143,522 | ||||||||
CHILE — 10.8% | ||||||||
Antarchile SA | 13,015 | 127,964 | ||||||
Banco de Chile ADR | 3,069 | 192,733 | ||||||
Banco de Credito e Inversiones | 5,026 | 203,527 | ||||||
Banco Santander Chile ADR | 3,595 | 65,501 | ||||||
Banmedica SA | 13,988 | 22,756 | ||||||
Bupa Chile SA | 45,000 | 34,747 | ||||||
CAP SA | 7,672 | 20,104 | ||||||
Cencosud SA | 85,334 | 165,783 | ||||||
Cia Cervecerias Unidas SA | 6,000 | 66,008 | ||||||
Coca-Cola Embonor SA Preference Shares (Class B) | 5,680 | 9,354 | ||||||
Colbun SA | 82,815 | 21,290 | ||||||
Embotelladora Andina SA Preference Shares (Class B) | 14,145 | 48,842 | ||||||
Empresa Nacional de Electricidad SA ADR | 8,413 | 298,746 | ||||||
Empresas AquaChile SA (a) | 22,933 | 7,889 | ||||||
Empresas CMPC SA | 98,171 | 252,073 | ||||||
Empresas COPEC SA | 35,990 | 325,796 | ||||||
Enersis SA ADR | 25,399 | 321,043 | ||||||
Gasco SA | 2,593 | 17,316 | ||||||
Grupo Security SA | 41,244 | 11,676 | ||||||
Latam Airlines Group SA ADR (a)(b) | 20,448 | 99,786 | ||||||
SACI Falabella | 62,168 | 384,323 | ||||||
Sociedad Matriz SAAM SA | 80,937 | 5,371 | ||||||
Sociedad Quimica y Minera de Chile SA ADR (b) | 3,851 | 55,994 | ||||||
Sonda SA | 18,679 | 27,892 | ||||||
Vina Concha y Toro SA | 1,680 | 2,778 | ||||||
2,789,292 | ||||||||
COLOMBIA — 5.8% | ||||||||
Almacenes Exito SA | 11,845 | 50,877 | ||||||
Banco Davivienda SA Preference Shares | 6,813 | 52,922 | ||||||
Banco de Bogota SA | 4,090 | 78,166 | ||||||
BanColombia SA | 11,973 | 91,995 | ||||||
BanColombia SA ADR (b) | 6,814 | 219,411 | ||||||
Bolsa de Valores de Colombia | 1,214,855 | 6,493 | ||||||
Celsia SA ESP | 12,429 | 14,373 | ||||||
Cementos Argos SA | 15,567 | 47,602 | ||||||
Corp Financiera Colombiana SA | 4,734 | 58,241 | ||||||
Ecopetrol SA ADR | 10,892 | 93,671 | ||||||
Empresa de Energia de Bogota SA | 103,073 | 58,095 | ||||||
Empresa de Telecomunicaciones de Bogota | 58,718 | 10,880 | ||||||
Grupo Argos SA | 17,450 | 101,180 | ||||||
Grupo Argos SA/Colombia Preference Shares | 5,293 | 29,627 | ||||||
Grupo Aval Acciones y Valores SA | 243,693 | 93,147 | ||||||
Grupo Aval Acciones y Valores SA Preference Shares | 254,289 | 96,786 | ||||||
Grupo de Inversiones Suramericana SA | 12,710 | 147,721 | ||||||
Grupo de Inversiones Suramericana SA Preference Shares | 4,083 | 46,820 | ||||||
Grupo Nutresa SA | 14,297 | 96,236 | ||||||
Grupo Odinsa SA (a) | 876 | 2,554 | ||||||
Interconexion Electrica SA ESP | 18,147 | 42,030 | ||||||
Isagen SA ESP | 39,773 | 37,104 | ||||||
Organizacion Terpel SA | 1,985 | 9,002 | ||||||
1,484,933 | ||||||||
LUXEMBOURG — 0.1% | ||||||||
Ternium SA ADR | 1,078 | 13,249 | ||||||
MEXICO — 35.5% | ||||||||
Alfa SAB de CV (Class A) | 200,034 | 389,167 | ||||||
Alsea SAB de CV | 14,600 | 43,266 | ||||||
America Movil SAB de CV (Series L) (b) | 1,589,556 | 1,315,035 | ||||||
Arca Continental SAB de CV | 15,726 | 88,324 | ||||||
Asesor de Activos Prisma SAPI de CV REIT (a) | 20,800 | 18,325 | ||||||
Axtel SAB de CV (a) | 49,500 | 23,104 | ||||||
Banregio Grupo Financiero SAB de CV | 2,029 | 10,828 | ||||||
Bolsa Mexicana de Valores SAB de CV | 6,532 | 10,218 | ||||||
Cemex SAB de CV (a) | 676,141 | 470,397 | ||||||
Coca-Cola FEMSA SAB de CV (Series L) | 23,924 | 165,905 | ||||||
Concentradora Fibra Danhos SA de CV | 38,405 | 80,949 | ||||||
Concentradora Fibra Hotelera Mexicana SA de CV | 20,400 | 20,464 | ||||||
Concentradora Hipotecaria SAPI de CV | 20,100 | 30,802 | ||||||
Controladora Comercial Mexicana SAB de CV | 5,643 | 16,346 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV (Class A) (a) | 26,500 | 39,547 | ||||||
Corp Actinver SAB de CV (a) | 19,500 | 17,490 | ||||||
Corp Inmobiliaria Vesta SAB de CV (b) | 12,600 | 19,681 | ||||||
Corporacion GEO SAB de CV (a)(b)(d) | 71,361 | 0 | ||||||
Desarrolladora Homex SAB de CV (a)(e) | 28,753 | 827 | ||||||
El Puerto de Liverpool SAB de CV | 14,737 | 190,905 | ||||||
Empresas ICA SAB de CV (a)(b) | 40,562 | 17,018 | ||||||
Fibra Shop Portafolios Inmobiliarios SAPI de CV | 17,400 | 17,208 | ||||||
Fibra Uno Administracion SA de CV REIT | 99,312 | 204,581 | ||||||
Fomento Economico Mexicano SAB de CV | 107,753 | 961,824 | ||||||
Genomma Lab Internacional SAB de CV (Class B) (a) | 29,424 | 24,429 | ||||||
Gentera SAB de CV (b) | 35,512 | 57,983 | ||||||
Gruma SAB de CV (Class B) | 12,683 | 175,725 | ||||||
Grupo Aeromexico SAB de CV (a) | 8,600 | 13,438 | ||||||
Grupo Aeroportuario del Centro Norte Sab de CV (a)(b) | 6,500 | 32,150 |
See accompanying notes to financial statements.
262
SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Grupo Aeroportuario del Pacifico SAB de CV (Class B) | 11,975 | $ | 103,888 | |||||
Grupo Aeroportuario del Sureste SAB de CV (Class B) (b) | 17,887 | 272,610 | ||||||
Grupo Bimbo SAB de CV (a)(b) | 56,386 | 142,439 | ||||||
Grupo Carso SAB de CV | 30,869 | 137,999 | ||||||
Grupo Comercial Chedraui SA de CV | 3,700 | 9,617 | ||||||
Grupo Elektra SA de CV (b) | 3,629 | 62,191 | ||||||
Grupo Financiero Banorte SAB de CV | 132,981 | 649,731 | ||||||
Grupo Financiero Inbursa SAB de CV | 170,889 | 352,331 | ||||||
Grupo Financiero Santander Mexico SAB de CV (Class B) (b) | 71,769 | 106,044 | ||||||
Grupo GICSA SA de CV (a) | 44,500 | 37,340 | ||||||
Grupo Herdez SAB de CV | 8,600 | 22,689 | ||||||
Grupo Industrial Maseca SAB de CV (Class B) | 7,400 | 10,283 | ||||||
Grupo Industrial Saltillo SAB de CV | 8,000 | 15,243 | ||||||
Grupo Lala SAB de CV | 9,800 | 23,097 | ||||||
Grupo Lamosa SAB de CV | 6,600 | 11,956 | ||||||
Grupo Mexico SAB de CV (Series B) | 182,847 | 441,506 | ||||||
Grupo Televisa SA de CV ADR | 833 | 21,675 | ||||||
Grupo Televisa SAB | 104,006 | 541,303 | ||||||
Hoteles City Express SAB de CV (a) | 15,300 | 19,628 | ||||||
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a) | 50,522 | 98,589 | ||||||
Industrias Bachoco SAB de CV, (Series B) | 2,800 | 14,214 | ||||||
Industrias Penoles SAB de CV | 6,393 | 86,928 | ||||||
Infraestructura Energetica Nova SAB de CV (b) | 2,400 | 9,777 | ||||||
Kimberly-Clark de Mexico SAB de CV (Class A) | 99,821 | 225,185 | ||||||
Medica Sur SAB de CV, Series B | 7,500 | 22,128 | ||||||
Megacable Holdings SAB de CV | 10,463 | 37,964 | ||||||
Mexichem SAB de CV | 44,333 | 108,591 | ||||||
Mexico Real Estate Management SA de CV (a) | 17,300 | 21,795 | ||||||
Minera Frisco SAB de CV (a)(b) | 36,725 | 19,179 | ||||||
Nemak SAB de CV (a)(e) | 89,900 | 108,484 | ||||||
OHL Mexico SAB de CV (a) | 23,754 | 30,543 | ||||||
PLA Administradora Industrial S de RL de CV (a) | 14,100 | 25,601 | ||||||
Promotora y Operadora de Infraestructura SAB de CV (a) | 13,170 | 144,548 | ||||||
TV Azteca SAB de CV | 190,594 | 30,029 | ||||||
Unifin Financiera SAPI de CV (a) | 4,500 | 10,247 | ||||||
Urbi Desarrollos Urbanos SA de CV (a)(b)(d) | 86,307 | 0 | ||||||
Vitro SAB de CV, (Series A) | 2,800 | 6,336 | ||||||
Wal-Mart de Mexico SAB de CV (b) | 284,785 | 697,563 | ||||||
9,135,207 | ||||||||
PANAMA — 0.3% | ||||||||
InRetail Peru Corp. (a)(e) | 2,942 | 35,157 | ||||||
Intercorp Financial Services, Inc. | 1,245 | 31,735 | ||||||
66,892 | ||||||||
PERU — 3.5% | ||||||||
Alicorp SAA (a) | 25,766 | 40,637 | ||||||
Compania de Minas Buenaventura SA ADR | 11,967 | 71,323 | ||||||
Compania Minera Milpo SA | 69,281 | 38,501 | ||||||
Credicorp, Ltd. | 3,122 | 332,056 | ||||||
Empresa de Distribucion Electrica de Lima Norte SAA | 9,232 | 13,930 | ||||||
Enersur SA | 8,613 | 20,055 | ||||||
Ferreyros SAA | 33,776 | 13,213 | ||||||
Grana y Montero SA | 7,037 | 5,680 | ||||||
Luz del Sur SAA | 8,502 | 26,264 | ||||||
Minsur SA | 103,547 | 24,111 | ||||||
Southern Copper Corp. (b) | 10,707 | 286,091 | ||||||
Volcan Compania Minera SAA (Class B) | 222,875 | 26,156 | ||||||
898,017 | ||||||||
SPAIN — 0.1% | ||||||||
Cemex Latam Holdings SA (a) | 6,408 | 25,531 | ||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $57,733,708) | 25,556,643 | |||||||
SHORT TERM INVESTMENTS — 7.8% | ||||||||
UNITED STATES — 7.8% | ||||||||
MONEY MARKET FUNDS — 7.8% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (f)(g) | 1,984,900 | 1,984,900 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (g)(h) | 31,061 | 31,061 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $2,015,961) | 2,015,961 | |||||||
TOTAL INVESTMENTS — 107.2% | ||||||||
(Cost $59,749,669) | 27,572,604 | |||||||
OTHER ASSETS & LIABILITIES — (7.2)% | (1,859,423 | ) | ||||||
NET ASSETS — 100.0% | $ | 25,713,181 | ||||||
(a) | Non-income producing security | |||||
(b) | All or a portion of the security was on loan at September 30, 2015. | |||||
(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 3 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 2 inputs (Note 2). | |||||
(f) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.6% of net assets as of September 30, 2015, are 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.
263
SPDR S&P Emerging Middle East & Africa ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.7% | ||||||||
EGYPT — 3.7% | ||||||||
Arab Cotton Ginning | 24,607 | $ | 8,485 | |||||
Commercial International Bank Egypt SAE | 102,168 | 692,468 | ||||||
Eastern Tobacco | 2,451 | 67,282 | ||||||
Edita Food Industries SAE (a) | 6,797 | 29,523 | ||||||
Egyptian Financial Group-Hermes Holding Co. (a) | 58,135 | 59,916 | ||||||
Egyptian Kuwait Holding Co. | 100,146 | 58,085 | ||||||
ElSewedy Electric Co. (a) | 13,130 | 72,105 | ||||||
Ezz Steel (a) | 34,769 | 40,364 | ||||||
Global Telecom Holding SAE GDR (a) | 56,836 | 65,361 | ||||||
Juhayna Food Industries | 66,518 | 68,217 | ||||||
Maridive & Oil Services SAE (a) | 29,309 | 9,086 | ||||||
Palm Hills Developments SAE (a) | 106,577 | 27,086 | ||||||
Sidi Kerir Petrochemicals Co. | 38,606 | 64,047 | ||||||
Six of October Development & Investment Co. (a) | 40,557 | 46,358 | ||||||
Talaat Moustafa Group | 143,006 | 124,193 | ||||||
Telecom Egypt Co. | 62,962 | 56,127 | ||||||
1,488,703 | ||||||||
QATAR — 9.9% | ||||||||
Aamal Co. | 16,725 | 61,995 | ||||||
Al Khalij Commercial Bank QSC | 9,803 | 57,870 | ||||||
Al Meera Consumer Goods Co. QSC | 756 | 51,852 | ||||||
Barwa Real Estate Co. | 10,606 | 124,346 | ||||||
Commercial Bank QSC | 12,941 | 200,402 | ||||||
Doha Bank QSC | 10,153 | 139,943 | ||||||
Gulf International Services QSC | 5,066 | 90,413 | ||||||
Industries Qatar QSC | 7,256 | 245,051 | ||||||
Mannai Corp. QSC | 375 | 10,451 | ||||||
Masraf Al Rayan QSC | 40,067 | 473,053 | ||||||
Medicare Group | 766 | 35,544 | ||||||
Ooredoo QSC | 13,268 | 280,511 | ||||||
Qatar Electricity & Water Co. QSC | 2,999 | 172,428 | ||||||
Qatar Gas Transport Co., Ltd. | 15,100 | 92,290 | ||||||
Qatar Insurance Co. SAQ | 8,463 | 216,336 | ||||||
Qatar International Islamic Bank QSC | 4,126 | 84,626 | ||||||
Qatar Islamic Bank SAQ | 6,440 | 202,109 | ||||||
Qatar National Bank SAQ | 19,072 | 981,865 | ||||||
Qatar National Cement Co. QSC | 1,471 | 42,409 | ||||||
Qatar Navigation QSC | 3,122 | 83,835 | ||||||
Qatari Investors Group QSC | 3,385 | 40,430 | ||||||
Salam International Investment Co. | 6,973 | 23,626 | ||||||
United Development Co. QSC | 9,651 | 62,007 | ||||||
Vodafone Qatar QSC | 50,694 | 189,021 | ||||||
3,962,413 | ||||||||
SOUTH AFRICA — 75.7% | ||||||||
Adcock Ingram Holdings, Ltd. | 16,255 | 58,662 | ||||||
Adcorp Holdings, Ltd. | 8,073 | 16,389 | ||||||
Advtech, Ltd. | 29,963 | 26,632 | ||||||
AECI, Ltd. | 13,514 | 89,829 | ||||||
African Bank Investments, Ltd. (a)(b) | 258,160 | 0 | ||||||
African Oxygen, Ltd. | 14,847 | 16,160 | ||||||
African Rainbow Minerals, Ltd. | 13,721 | 51,472 | ||||||
Alexander Forbes Group Holdings, Ltd. | 44,304 | 24,512 | ||||||
Allied Electronics Corp., Ltd. | 30,537 | 15,680 | ||||||
Anglo American Platinum, Ltd. (a) | 7,040 | 116,636 | ||||||
AngloGold Ashanti, Ltd. (a) | 43,836 | 347,118 | ||||||
Aquarius Platinum, Ltd. (a) | 158,404 | 15,716 | ||||||
ArcelorMittal South Africa, Ltd. (a)(c) | 19,002 | 11,750 | ||||||
Arrowhead Properties, Ltd. (Class A) | 68,440 | 47,517 | ||||||
Ascendis Health, Ltd. | 28,841 | 33,791 | ||||||
Aspen Pharmacare Holdings, Ltd. (a) | 31,303 | 665,588 | ||||||
Assore, Ltd. (c) | 6,573 | 35,339 | ||||||
Astral Foods, Ltd. | 6,024 | 75,867 | ||||||
Attacq, Ltd. (a)(c) | 73,521 | 116,713 | ||||||
Aveng, Ltd. (a)(c) | 55,621 | 14,482 | ||||||
AVI, Ltd. | 28,436 | 180,072 | ||||||
Barclays Africa Group, Ltd. | 35,122 | 432,326 | ||||||
Barloworld, Ltd. | 20,913 | 114,041 | ||||||
Bidvest Group, Ltd. (c) | 30,509 | 719,798 | ||||||
Blue Label Telecoms, Ltd. | 35,989 | 25,638 | ||||||
Brait SE (a)(c) | 30,113 | 305,987 | ||||||
Capevin Holdings, Ltd. | 21,007 | 14,631 | ||||||
Capital Property Fund, Ltd. | 159,137 | 180,694 | ||||||
Capitec Bank Holdings, Ltd. | 5,908 | 214,067 | ||||||
Cashbuild, Ltd. | 1,971 | 43,478 | ||||||
Caxton and CTP Publishers and Printers, Ltd. | 11,142 | 15,302 | ||||||
City Lodge Hotels, Ltd. | 3,693 | 38,327 | ||||||
Clicks Group, Ltd. | 22,810 | 148,190 | ||||||
Clover Industries, Ltd. | 15,063 | 20,143 | ||||||
Consolidated Infrastructure Group, Ltd. (a) | 4,068 | 9,724 | ||||||
Coronation Fund Managers, Ltd. | 30,511 | 144,071 | ||||||
Curro Holdings, Ltd. (a) | 12,731 | 33,331 | ||||||
DataTec, Ltd. | 20,015 | 89,747 | ||||||
Delta Property Fund, Ltd. | 31,880 | 18,215 | ||||||
Discovery, Ltd. | 39,528 | 393,536 | ||||||
Distell Group, Ltd. | 2,321 | 29,208 | ||||||
Emira Property Fund, Ltd. | 31,838 | 40,664 | ||||||
EOH Holdings, Ltd. | 9,697 | 104,165 | ||||||
Exxaro Resources, Ltd. (c) | 14,835 | 56,327 | ||||||
Famous Brands, Ltd. | 6,165 | 60,192 | ||||||
FirstRand, Ltd. (c) | 344,271 | 1,223,759 | ||||||
Foschini Group, Ltd. | 17,921 | 181,880 | ||||||
Gold Fields, Ltd. | 77,286 | 201,501 | ||||||
Grindrod, Ltd. (c) | 70,186 | 74,922 | ||||||
Group Five, Ltd. | 15,314 | 20,822 | ||||||
Growthpoint Properties, Ltd. REIT | 224,320 | 416,128 | ||||||
Harmony Gold Mining Co., Ltd. (a)(c) | 53,075 | 33,126 | ||||||
Hosken Consolidated Investments, Ltd. | 6,486 | 64,733 | ||||||
Hudaco Industries, Ltd. | 3,475 | 27,298 | ||||||
Hyprop Investments, Ltd. | 19,422 | 169,555 | ||||||
Illovo Sugar, Ltd. | 28,140 | 33,254 | ||||||
Impala Platinum Holdings, Ltd. (a) | 59,966 | 166,623 | ||||||
Imperial Holdings, Ltd. | 21,610 | 264,971 | ||||||
Investec, Ltd. | 24,568 | 188,076 | ||||||
Italtile, Ltd. | 6,466 | 5,799 | ||||||
JSE, Ltd. | 10,920 | 101,879 | ||||||
KAP Industrial Holdings, Ltd. | 72,792 | 33,745 | ||||||
Kumba Iron Ore, Ltd. (c) | 6,321 | 35,886 | ||||||
Lewis Group, Ltd. (c) | 12,396 | 55,583 | ||||||
Liberty Holdings, Ltd. | 9,966 | 90,996 | ||||||
Life Healthcare Group Holdings, Ltd. | 97,720 | 251,668 |
See accompanying notes to financial statements.
264
SPDR S&P Emerging Middle East & Africa ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Massmart Holdings, Ltd. | 13,158 | $ | 102,870 | |||||
Mediclinic International, Ltd. | 47,460 | 379,042 | ||||||
Merafe Resources, Ltd. | 230,552 | 11,672 | ||||||
MMI Holdings, Ltd. (c) | 88,998 | 153,125 | ||||||
Mondi, Ltd. | 12,255 | 257,216 | ||||||
Mpact, Ltd. | 19,277 | 67,059 | ||||||
Mr. Price Group, Ltd. | 25,468 | 355,487 | ||||||
MTN Group, Ltd. | 161,665 | 2,081,172 | ||||||
Murray & Roberts Holdings, Ltd. | 59,259 | 50,143 | ||||||
Nampak, Ltd. | 56,272 | 104,999 | ||||||
Naspers, Ltd. (Class N) | 43,674 | 5,466,467 | ||||||
Nedbank Group, Ltd. | 18,916 | 300,560 | ||||||
Netcare, Ltd. | 155,852 | 409,158 | ||||||
Northam Platinum, Ltd. (a) | 41,587 | 80,996 | ||||||
Oceana Group, Ltd. (c) | 4,455 | 31,060 | ||||||
Octodec Investments, Ltd. | 10,091 | 18,501 | ||||||
Omnia Holdings, Ltd. | 6,956 | 75,008 | ||||||
Pick n Pay Stores, Ltd. (c) | 18,331 | 87,897 | ||||||
Pick’ n Pay Holdings, Ltd. | 33,499 | 68,200 | ||||||
Pioneer Foods Group, Ltd. | 12,746 | 180,455 | ||||||
PPC, Ltd. (c) | 54,071 | 66,870 | ||||||
PSG Group, Ltd. (c) | 7,435 | 119,642 | ||||||
Rand Merchant Insurance Holdings, Ltd. | 77,791 | 233,030 | ||||||
Raubex Group, Ltd. | 18,949 | 23,969 | ||||||
Redefine Properties, Ltd. | 422,548 | 357,548 | ||||||
Remgro, Ltd. | 47,180 | 860,275 | ||||||
Resilient Property Income Fund, Ltd. | 34,620 | 290,466 | ||||||
Reunert, Ltd. | 16,015 | 70,653 | ||||||
Rhodes Food Group Pty, Ltd. (a) | 6,765 | 10,999 | ||||||
RMB Holdings, Ltd. (c) | 78,247 | 373,041 | ||||||
SA Corporate Real Estate Fund Nominees Pty, Ltd. | 155,757 | 57,337 | ||||||
Sanlam, Ltd. | 173,197 | 749,055 | ||||||
Santam, Ltd. | 1,389 | 22,703 | ||||||
Sappi, Ltd. (a) | 50,603 | 155,538 | ||||||
Sasol, Ltd. (c) | 53,492 | 1,499,494 | ||||||
Shoprite Holdings, Ltd. | 41,057 | 466,661 | ||||||
Sibanye Gold, Ltd. | 78,267 | 88,812 | ||||||
Spar Group, Ltd. | 15,622 | 209,016 | ||||||
Spur Corp., Ltd. | 3,871 | 9,239 | ||||||
Standard Bank Group, Ltd. | 126,211 | 1,232,262 | ||||||
Steinhoff International Holdings, Ltd. (c) | 315,094 | 1,934,728 | ||||||
Sun International, Ltd. | 11,574 | 72,824 | ||||||
Super Group, Ltd. (a) | 14,954 | 31,277 | ||||||
Telkom SA SOC, Ltd. | 30,414 | 146,362 | ||||||
Tiger Brands, Ltd. | 20,882 | 460,304 | ||||||
Tongaat Hulett, Ltd. | 12,407 | 96,792 | ||||||
Trencor, Ltd. | 13,377 | 50,588 | ||||||
Truworths International, Ltd. (c) | 39,031 | 239,995 | ||||||
Tsogo Sun Holdings, Ltd. | 41,945 | 73,412 | ||||||
Vodacom Group, Ltd. | 55,156 | 548,488 | ||||||
Vukile Property Fund, Ltd. | 26,525 | 35,336 | ||||||
Wilson Bayly Holmes-Ovcon, Ltd. | 4,673 | 37,510 | ||||||
Woolworths Holdings, Ltd. | 81,116 | 567,877 | ||||||
Zeder Investments, Ltd. | 53,651 | 26,967 | ||||||
30,354,088 | ||||||||
UNITED ARAB EMIRATES — 10.4% | ||||||||
Abu Dhabi Commercial Bank PJSC | 181,849 | 378,764 | ||||||
Agthia Group PJSC | 16,841 | 36,682 | ||||||
Air Arabia PJSC | 249,308 | 95,030 | ||||||
Ajman Bank PJSC (a) | 28,553 | 13,605 | ||||||
Al Waha Capital PJSC | 103,881 | 62,789 | ||||||
Aldar Properties PJSC | 342,893 | 224,061 | ||||||
Arabtec Holding PJSC (a) | 246,549 | 123,514 | ||||||
Bank of Sharjah | 28,546 | 11,736 | ||||||
DAMAC Properties Dubai Co. PJSC | 165,000 | 136,570 | ||||||
Dana Gas PJSC (a) | 371,875 | 55,687 | ||||||
Deyaar Development PJSC (a) | 157,340 | 28,016 | ||||||
DP World, Ltd. | 18,098 | 384,401 | ||||||
Dubai Financial Market PJSC | 174,441 | 79,791 | ||||||
Dubai Investments PJSC | 154,526 | 99,712 | ||||||
Dubai Islamic Bank PJSC | 107,765 | 196,585 | ||||||
Dubai Parks & Resorts PJSC (a) | 204,541 | 67,385 | ||||||
Emaar Malls Group PJSC (a) | 205,715 | 173,070 | ||||||
Emaar Properties PJSC | 382,493 | 672,749 | ||||||
Emirates REIT CEIC, Ltd. | 8,194 | 9,259 | ||||||
Eshraq Properties Co. PJSC (a) | 124,092 | 22,637 | ||||||
First Gulf Bank PJSC | 122,654 | 465,857 | ||||||
Gulf Pharmaceutical Industries | 20,396 | 13,883 | ||||||
National Bank of Abu Dhabi PJSC | 141,998 | 368,058 | ||||||
National Bank of Ras Al-Khaimah PSC | 60,961 | 116,848 | ||||||
Orascom Construction, Ltd. (a) | 3,575 | 39,325 | ||||||
RAK Properties PJSC | 106,745 | 17,729 | ||||||
Ras Al Khaimah Ceramics | 38,290 | 37,531 | ||||||
Union National Bank PJSC | 119,991 | 200,919 | ||||||
Union Properties PJSC | 101,080 | 25,980 | ||||||
4,158,173 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $53,483,026) | 39,963,377 | |||||||
RIGHTS — 0.0% (d) | ||||||||
SOUTH AFRICA — 0.0% (d) | ||||||||
Super Group, Ltd. (expiring 10/9/15) (a) (Cost $0) | 1,750 | 437 | ||||||
WARRANTS — 0.0% (d) | ||||||||
SOUTH AFRICA — 0.0% (d) | ||||||||
Adcock Ingram Holdings, Ltd. (expiring 7/26/19) (a) (Cost $0) | 888 | 358 | ||||||
SHORT TERM INVESTMENTS — 12.5% | ||||||||
UNITED STATES — 12.5% | ||||||||
MONEY MARKET FUNDS — 12.5% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (e)(f) | 4,837,997 | 4,837,997 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g) | 149,623 | 149,623 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $4,987,620) | 4,987,620 | |||||||
TOTAL INVESTMENTS — 112.2% | ||||||||
(Cost $58,470,646) | 44,951,792 | |||||||
OTHER ASSETS & LIABILITIES — (12.2)% | (4,875,322 | ) | ||||||
NET ASSETS — 100.0% | $ | 40,076,470 | ||||||
See accompanying notes to financial statements.
265
SPDR S&P Emerging Middle East & Africa ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
(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) | All or a portion of the security was on loan at September 30, 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. |
GDR = Global Depositary Receipt
PJSC = Public Joint Stock Company
PSC = Public Stock Company
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
266
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.5% | ||||||||
AUSTRALIA — 5.3% | ||||||||
Abacus Property Group REIT | 11,074 | $ | 24,652 | |||||
AGL Energy, Ltd. | 29,143 | 326,837 | ||||||
Alumina, Ltd. (a) | 286,033 | 225,975 | ||||||
Amcor, Ltd. | 84,816 | 784,432 | ||||||
AMP, Ltd. | 161,199 | 629,403 | ||||||
Ansell, Ltd. | 25,395 | 334,381 | ||||||
APA Group | 112,014 | 672,559 | ||||||
Aristocrat Leisure, Ltd. | 96,339 | 582,502 | ||||||
Arrium, Ltd. (a)(b) | 161,979 | 9,896 | ||||||
Asciano, Ltd. | 42,222 | 249,063 | ||||||
Australia & New Zealand Banking Group, Ltd. | 124,167 | 2,361,276 | ||||||
BHP Billiton, Ltd. | 136,976 | 2,137,373 | ||||||
Billabong International, Ltd. (a)(b) | 124,742 | 56,940 | ||||||
BlueScope Steel, Ltd. (a) | 36,654 | 92,665 | ||||||
Brambles, Ltd. | 115,204 | 787,986 | ||||||
Bunnings Warehouse Property Trust (a) | 176,820 | 383,691 | ||||||
Caltex Australia, Ltd. | 11,688 | 256,743 | ||||||
carsales.com, Ltd. (a) | 15,727 | 107,903 | ||||||
Commonwealth Bank of Australia | 74,284 | 3,793,508 | ||||||
Computershare, Ltd. | 74,359 | 552,995 | ||||||
CSL, Ltd. | 25,597 | 1,603,414 | ||||||
CSR, Ltd. | 103,556 | 210,167 | ||||||
Dexus Property Group | 20,275 | 101,803 | ||||||
DUET Group | 74,373 | 112,814 | ||||||
Fairfax Media, Ltd. | 106,414 | 66,135 | ||||||
Federation Centres | 141,430 | 272,135 | ||||||
Fortescue Metals Group, Ltd. (a) | 74,204 | 94,840 | ||||||
Goodman Group | 32,547 | 133,708 | ||||||
GPT Group | 76,381 | 241,910 | ||||||
GWA Group, Ltd. (a) | 94,994 | 165,440 | ||||||
Harvey Norman Holdings, Ltd. (a) | 194,436 | 529,786 | ||||||
Hills, Ltd. | 98,533 | 26,640 | ||||||
Iluka Resources, Ltd. (a) | 22,924 | 99,971 | ||||||
Incitec Pivot, Ltd. | 72,535 | 198,657 | ||||||
Ingenia Communities Group | 353,338 | 107,937 | ||||||
Insurance Australia Group, Ltd. (a) | 184,317 | 626,473 | ||||||
Lend Lease Group | 72,441 | 638,440 | ||||||
Macquarie Group, Ltd. | 20,527 | 1,105,061 | ||||||
Medibank Pvt, Ltd. | 119,217 | 202,603 | ||||||
Mirvac Group | 78,026 | 94,245 | ||||||
National Australia Bank, Ltd. | 106,251 | 2,236,951 | ||||||
Newcrest Mining, Ltd. (b) | 37,705 | 336,275 | ||||||
Orica, Ltd. (a) | 13,222 | 139,649 | ||||||
Origin Energy, Ltd. (c) | 81,252 | 316,108 | ||||||
Orora, Ltd. | 81,632 | 132,423 | ||||||
OZ Minerals, Ltd. | 20,741 | 48,211 | ||||||
Perpetual, Ltd. (a) | 13,148 | 366,004 | ||||||
QBE Insurance Group, Ltd. | 58,523 | 529,751 | ||||||
Ramsay Health Care, Ltd. | 5,581 | 229,159 | ||||||
REA Group, Ltd. (a) | 2,272 | 70,713 | ||||||
Recall Holdings, Ltd. | 24,901 | 127,828 | ||||||
Rio Tinto, Ltd. | 25,790 | 880,196 | ||||||
Santos, Ltd. (a) | 68,020 | 190,113 | ||||||
Scentre Group | 177,233 | 485,401 | ||||||
Seek, Ltd. (a) | 15,333 | 129,211 | ||||||
Sonic Healthcare, Ltd. | 53,403 | 684,416 | ||||||
South32, Ltd. (b)(d) | 81,578 | 78,158 | ||||||
South32, Ltd. (a)(b)(d) | 136,976 | 131,301 | ||||||
Stockland | 41,408 | 111,953 | ||||||
Suncorp Group, Ltd. | 55,695 | 476,773 | ||||||
Sydney Airport | 47,009 | 196,752 | ||||||
Tatts Group, Ltd. | 249,463 | 658,697 | ||||||
Telstra Corp., Ltd. | 187,740 | 739,625 | ||||||
TPG Telecom, Ltd. | 15,698 | 119,720 | ||||||
Transurban Group | 58,350 | 407,304 | ||||||
Treasury Wine Estates, Ltd. | 47,868 | 220,517 | ||||||
Wesfarmers, Ltd. | 51,214 | 1,410,549 | ||||||
Westfield Corp. | 87,403 | 611,946 | ||||||
Westpac Banking Corp. | 138,904 | 2,897,097 | ||||||
Woodside Petroleum, Ltd. | 39,760 | 807,768 | ||||||
Woolworths, Ltd. (a) | 69,973 | 1,220,602 | ||||||
WorleyParsons, Ltd. (a) | 21,434 | 88,958 | ||||||
38,083,088 | ||||||||
AUSTRIA — 0.2% | ||||||||
Andritz AG | 1,547 | 69,488 | ||||||
Erste Group Bank AG (b) | 15,262 | 441,919 | ||||||
OMV AG | 15,171 | 367,989 | ||||||
Voestalpine AG | 13,512 | 463,041 | ||||||
1,342,437 | ||||||||
BELGIUM — 1.2% | ||||||||
Aedifica SA | 2,500 | 148,405 | ||||||
Ageas | 20,017 | 820,135 | ||||||
Anheuser-Busch InBev SA | 38,347 | 4,063,034 | ||||||
Bekaert SA (a) | 4,242 | 111,394 | ||||||
Delhaize Group | 7,316 | 645,969 | ||||||
Gimv NV | 804 | 36,608 | ||||||
Groupe Bruxelles Lambert SA | 3,492 | 262,760 | ||||||
KBC Groep NV | 14,620 | 919,934 | ||||||
Proximus | 6,146 | 211,714 | ||||||
Solvay SA | 2,567 | 261,383 | ||||||
UCB SA | 10,095 | 787,108 | ||||||
Umicore SA | 4,363 | 167,754 | ||||||
8,436,198 | ||||||||
CANADA — 7.4% | ||||||||
AGF Management, Ltd. (a) | 28,712 | 113,289 | ||||||
Agnico-Eagle Mines, Ltd. | 9,870 | 249,051 | ||||||
Agrium, Inc. (a) | 10,550 | 941,135 | ||||||
Alamos Gold, Inc. (Class A) | 10,575 | 38,965 | ||||||
Alimentation Couche-Tard, Inc. (Class B) | 18,182 | 832,274 | ||||||
Amaya, Inc. (a)(b) | 7,994 | 145,069 | ||||||
ARC Resources, Ltd. (a) | 16,084 | 211,622 | ||||||
Argonaut Gold, Inc. (b) | 15,079 | 15,296 | ||||||
Athabasca Oil Corp. (a)(b) | 14,785 | 14,005 | ||||||
Avigilon Corp. (a)(b) | 2,937 | 24,973 | ||||||
B2Gold Corp. (a)(b) | 47,893 | 50,369 | ||||||
Badger Daylighting, Ltd. (a) | 2,840 | 41,307 | ||||||
Bank of Montreal | 26,017 | 1,412,335 | ||||||
Bank of Nova Scotia | 51,630 | 2,265,528 | ||||||
Bankers Petroleum, Ltd. (b) | 24,091 | 31,266 | ||||||
Barrick Gold Corp. | 51,971 | 329,107 | ||||||
BCE, Inc. | 11,814 | 481,301 |
See accompanying notes to financial statements.
267
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
BlackBerry, Ltd. (a)(b) | 27,854 | $ | 170,153 | |||||
Bombardier, Inc. (Class B) (a) | 103,495 | 128,915 | ||||||
Brookfield Asset Management, Inc. (Class A) | 46,936 | 1,470,010 | ||||||
CAE, Inc. | 12,441 | 131,212 | ||||||
Cameco Corp. | 28,755 | 348,955 | ||||||
Canadian Energy Services & Technology Corp. (a) | 13,512 | 62,183 | ||||||
Canadian Imperial Bank of Commerce (a) | 19,167 | 1,370,726 | ||||||
Canadian National Railway Co. | 34,562 | 1,953,538 | ||||||
Canadian Natural Resources, Ltd. | 56,289 | 1,091,185 | ||||||
Canadian Oil Sands, Ltd. (a) | 29,862 | 140,545 | ||||||
Canadian Pacific Railway, Ltd. (a) | 8,584 | 1,226,359 | ||||||
Canadian Solar, Inc. (a)(b) | 1,958 | 32,542 | ||||||
Canadian Tire Corp., Ltd. (Class A) | 3,614 | 323,608 | ||||||
Canadian Western Bank (a) | 19,117 | 334,943 | ||||||
CCL Industries, Inc. (Class B) | 1,076 | 150,345 | ||||||
Cenovus Energy, Inc. | 33,134 | 500,210 | ||||||
CGI Group, Inc. (Class A) (b) | 18,310 | 660,318 | ||||||
CI Financial Corp. | 10,400 | 235,041 | ||||||
Constellation Software, Inc. | 875 | 365,056 | ||||||
Crescent Point Energy Corp. (a) | 30,680 | 349,432 | ||||||
CT Real Estate Investment Trust | 12,572 | 120,591 | ||||||
Detour Gold Corp. (b) | 8,323 | 88,339 | ||||||
Dollarama, Inc. | 2,958 | 198,855 | ||||||
Eldorado Gold Corp. | 28,470 | 90,887 | ||||||
Element Financial Corp. (b) | 16,600 | 225,593 | ||||||
Emera, Inc. | 6,300 | 208,026 | ||||||
Enbridge, Inc. | 38,143 | 1,409,701 | ||||||
Encana Corp. | 40,676 | 260,615 | ||||||
Enerplus Corp. (a) | 6,756 | 32,755 | ||||||
Exchange Income Corp. (a) | 6,168 | 111,794 | ||||||
Fairfax Financial Holdings, Ltd. | 1,644 | 745,226 | ||||||
Finning International, Inc. (a) | 5,979 | 87,319 | ||||||
Firm Capital Mortgage Investment Corp. (a) | 25,074 | 231,533 | ||||||
First Majestic Silver Corp. (a)(b) | 11,848 | 37,735 | ||||||
First Quantum Minerals, Ltd. (a) | 37,687 | 137,458 | ||||||
Fortis, Inc. | 10,754 | 306,169 | ||||||
Franco-Nevada Corp. (a) | 7,344 | 322,146 | ||||||
Gildan Activewear, Inc. | 10,009 | 300,710 | ||||||
Goldcorp, Inc. (a) | 40,416 | 504,333 | ||||||
Gran Tierra Energy, Inc. (b) | 21,542 | 45,954 | ||||||
Great-West Lifeco, Inc. | 13,077 | 311,831 | ||||||
HNZ Group, Inc. | 8,323 | 102,307 | ||||||
Home Capital Group, Inc. (a) | 2,929 | 69,975 | ||||||
Husky Energy, Inc. (a) | 29,822 | 462,889 | ||||||
IAMGOLD Corp. (b) | 36,398 | 59,184 | ||||||
Imperial Oil, Ltd. (a) | 25,969 | 818,952 | ||||||
Innergex Renewable Energy, Inc. (a) | 21,743 | 169,474 | ||||||
Intact Financial Corp. | 6,076 | 424,735 | ||||||
Inter Pipeline, Ltd. | 14,500 | 266,271 | ||||||
InterOil Corp. (a)(b) | 1,958 | 66,004 | ||||||
K-Bro Linen, Inc. | 5,979 | 211,831 | ||||||
Keyera Corp. (a) | 7,400 | 202,842 | ||||||
Kinross Gold Corp. (b) | 47,301 | 81,852 | ||||||
Linamar Corp. | 2,155 | 112,435 | ||||||
Loblaw Cos., Ltd. | 10,072 | 516,183 | ||||||
Lundin Mining Corp. (b) | 31,837 | 89,524 | ||||||
MacDonald, Dettwiler & Associates, Ltd. | 1,958 | 105,998 | ||||||
Magna International, Inc. | 16,920 | 807,824 | ||||||
Manulife Financial Corp. | 89,572 | 1,378,956 | ||||||
Methanex Corp. | 3,622 | 119,464 | ||||||
Metro, Inc., (Class A) | 10,600 | 287,474 | ||||||
National Bank of Canada (a) | 16,135 | 512,681 | ||||||
New Gold, Inc. (b) | 25,766 | 57,847 | ||||||
Onex Corp. | 3,500 | 201,093 | ||||||
Open Text Corp. | 4,706 | 209,764 | ||||||
Pacific Exploration and Production Corp. (a) | 15,053 | 33,459 | ||||||
Parex Resources, Inc. (b) | 15,672 | 108,127 | ||||||
Pembina Pipeline Corp. (a) | 13,270 | 317,819 | ||||||
Pengrowth Energy Corp. (a) | 19,785 | 16,823 | ||||||
Penn West Petroleum, Ltd. (a) | 22,011 | 9,851 | ||||||
Peyto Exploration & Development Corp. (a) | 5,680 | 117,565 | ||||||
Potash Corp. of Saskatchewan, Inc. | 46,180 | 944,818 | ||||||
Power Corp. of Canada | 16,084 | 331,949 | ||||||
Power Financial Corp. (a) | 13,397 | 305,772 | ||||||
Precision Drilling Corp. (a) | 13,329 | 49,113 | ||||||
Pure Industrial Real Estate Trust | 36,234 | 119,996 | ||||||
Redknee Solutions, Inc. (a)(b) | 20,554 | 59,024 | ||||||
Restaurant Brands International, Inc. (a) | 7,470 | 267,665 | ||||||
Richelieu Hardware, Ltd. | 774 | 38,437 | ||||||
Rogers Communications, Inc. (Class B) | 24,303 | 833,484 | ||||||
Royal Bank of Canada (a) | 68,519 | 3,771,177 | ||||||
Russel Metals, Inc. | 28,470 | 458,892 | ||||||
Saputo, Inc. | 11,325 | 247,499 | ||||||
Secure Energy Services, Inc. (a) | 8,231 | 55,131 | ||||||
SEMAFO, Inc. (a)(b) | 19,882 | 42,857 | ||||||
Shaw Communications, Inc. (Class B) (a) | 35,115 | 676,789 | ||||||
Sherritt International Corp. (a) | 40,899 | 22,879 | ||||||
Silver Wheaton Corp. | 17,190 | 205,659 | ||||||
Sirius XM Canada Holdings, Inc. (a) | 546 | 2,008 | ||||||
SNC-Lavalin Group, Inc. (a) | 8,573 | 242,860 | ||||||
Stantec, Inc. (a) | 3,328 | 72,433 | ||||||
Sun Life Financial, Inc. (a) | 33,293 | 1,068,793 | ||||||
Suncor Energy, Inc. | 78,377 | 2,086,429 | ||||||
Tahoe Resources, Inc. | 6,168 | 47,432 | ||||||
Teck Resources, Ltd. (Class B) (a) | 30,580 | 145,293 | ||||||
TELUS Corp. | 20,274 | 635,878 | ||||||
Thomson Reuters Corp. | 18,270 | 730,964 | ||||||
TMX Group, Ltd. | 2,112 | 73,818 | ||||||
Toronto-Dominion Bank | 84,823 | 3,327,881 | ||||||
Tourmaline Oil Corp. (b) | 5,483 | 127,066 | ||||||
TransCanada Corp. (a) | 38,215 | 1,202,859 | ||||||
Trinidad Drilling, Ltd. (a) | 9,804 | 16,161 | ||||||
Turquoise Hill Resources, Ltd. (b) | 41,050 | 104,409 | ||||||
Valeant Pharmaceuticals International, Inc. (b) | 14,509 | 2,577,791 | ||||||
West Fraser Timber Co., Ltd. | 1,782 | 56,356 | ||||||
Yamana Gold, Inc. (a) | 50,385 | 84,557 | ||||||
Yellow Pages, Ltd. (b) | 4,854 | 57,711 | ||||||
53,050,781 | ||||||||
See accompanying notes to financial statements.
268
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
CHINA — 0.3% | ||||||||
China Everbright Water, Ltd. (a)(b) | 105,400 | $ | 44,846 | |||||
Dah Sing Banking Group, Ltd. (a) | 123,725 | 227,014 | ||||||
Dah Sing Financial Holdings, Ltd. | 62,085 | 338,862 | ||||||
ENN Energy Holdings, Ltd. (a) | 38,000 | 182,154 | ||||||
Hongkong Land Holdings, Ltd. | 96,400 | 637,204 | ||||||
Sino Land Co., Ltd. | 332,897 | 504,282 | ||||||
1,934,362 | ||||||||
DENMARK — 1.5% | ||||||||
AP Moeller — Maersk A/S (Class B) | 561 | 862,076 | ||||||
Carlsberg A/S (Class B) | 2,311 | 177,217 | ||||||
Chr Hansen Holding A/S | 4,167 | 232,565 | ||||||
Coloplast A/S (Class B) | 3,736 | 264,244 | ||||||
Danske Bank A/S | 43,172 | 1,301,636 | ||||||
DSV A/S | 7,575 | 282,564 | ||||||
FLSmidth & Co. A/S (a) | 7,919 | 262,456 | ||||||
Genmab A/S (b) | 2,311 | 211,451 | ||||||
GN Store Nord A/S | 24,509 | 439,701 | ||||||
Jyske Bank A/S (b) | 2,026 | 111,891 | ||||||
Novo Nordisk A/S (Class B) | 84,478 | 4,527,740 | ||||||
Novozymes A/S (Class B) | 9,427 | 410,326 | ||||||
Pandora A/S | 5,294 | 617,069 | ||||||
SimCorp A/S | 11,093 | 557,700 | ||||||
TDC A/S | 11,260 | 57,907 | ||||||
Vestas Wind Systems A/S | 11,644 | 603,869 | ||||||
10,920,412 | ||||||||
FINLAND — 0.9% | ||||||||
Amer Sports Oyj | 5,805 | 147,351 | ||||||
Caverion Corp. | 11,306 | 112,826 | ||||||
Elisa Oyj (a) | 6,574 | 221,761 | ||||||
Fortum Oyj | 19,340 | 285,613 | ||||||
Kemira Oyj (a) | 18,387 | 211,813 | ||||||
Kesko Oyj (Class B) | 3,234 | 114,291 | ||||||
Kone Oyj (Class B) (a) | 16,528 | 627,279 | ||||||
Konecranes Oyj (a) | 2,967 | 74,054 | ||||||
Lassila & Tikanoja Oyj | 1,598 | 32,054 | ||||||
Metso Oyj | 11,867 | 246,253 | ||||||
Neste Oyj (a) | 10,538 | 241,966 | ||||||
Nokia Oyj | 170,636 | 1,162,834 | ||||||
Sampo Oyj (Class A) | 26,252 | 1,268,268 | ||||||
Sanoma Oyj (a) | 16,174 | 59,651 | ||||||
Stockmann Oyj Abp (Class B) (a)(b) | 16,929 | 131,617 | ||||||
Stora Enso Oyj | 35,907 | 270,748 | ||||||
Tikkurila Oyj | 7,923 | 131,334 | ||||||
UPM-Kymmene Oyj | 29,794 | 445,651 | ||||||
Valmet Oyj | 11,621 | 112,337 | ||||||
Wartsila Oyj Abp | 8,665 | 343,076 | ||||||
YIT Oyj (a) | 16,734 | 91,417 | ||||||
6,332,194 | ||||||||
FRANCE — 7.6% | ||||||||
Accor SA | 14,985 | 698,520 | ||||||
Air Liquide SA | 14,115 | 1,664,607 | ||||||
Albioma SA | 13,388 | 222,521 | ||||||
Alcatel-Lucent (b) | 139,860 | 512,069 | ||||||
Alstom SA (a)(b) | 13,238 | 407,917 | ||||||
Arkema SA | 1,874 | 120,951 | ||||||
Atos SE | 3,504 | 268,083 | ||||||
AXA SA | 86,173 | 2,081,083 | ||||||
BNP Paribas SA | 44,007 | 2,576,982 | ||||||
Bollore SA | 22,422 | 108,874 | ||||||
Bourbon SA (a) | 14,629 | 183,382 | ||||||
Bouygues SA | 13,925 | 493,204 | ||||||
Bureau Veritas SA | 9,606 | 201,962 | ||||||
Cap Gemini SA | 12,257 | 1,089,351 | ||||||
Carrefour SA | 36,786 | 1,085,689 | ||||||
Casino Guichard-Perrachon SA | 6,000 | 318,131 | ||||||
CGG SA (a)(b) | 14,581 | 50,114 | ||||||
Christian Dior SE | 2,481 | 462,631 | ||||||
Compagnie de Saint-Gobain | 28,274 | 1,221,720 | ||||||
Compagnie Generale des Etablissements Michelin | 8,349 | 758,799 | ||||||
Credit Agricole SA | 51,466 | 589,138 | ||||||
Danone SA | 26,255 | 1,653,508 | ||||||
Dassault Systemes | 4,426 | 326,074 | ||||||
Edenred | 15,225 | 248,041 | ||||||
EDF SA | 13,181 | 231,955 | ||||||
Engie (a) | 69,990 | 1,128,144 | ||||||
Essilor International SA | 8,581 | 1,043,103 | ||||||
Eutelsat Communications SA | 3,534 | 108,088 | ||||||
Faurecia | 2,380 | 73,776 | ||||||
Gecina SA | 1,594 | 193,855 | ||||||
Groupe Eurotunnel SE | 17,491 | 237,611 | ||||||
Hermes International | 1,159 | 420,463 | ||||||
Iliad SA | 951 | 191,610 | ||||||
Ingenico Group | 2,136 | 257,029 | ||||||
Kering | 4,964 | 808,995 | ||||||
Klepierre | 8,165 | 369,033 | ||||||
L’Oreal SA | 11,230 | 1,943,627 | ||||||
Lagardere SCA | 13,332 | 368,177 | ||||||
Legrand SA | 11,746 | 621,942 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 12,374 | 2,102,258 | ||||||
Natixis SA | 20,067 | 110,632 | ||||||
Nexans SA (b) | 4,189 | 140,793 | ||||||
Numericable-SFR SAS (b) | 9,320 | 429,454 | ||||||
Orange SA | 89,593 | 1,352,110 | ||||||
Pernod Ricard SA | 8,987 | 904,662 | ||||||
Peugeot SA (b) | 19,647 | 295,081 | ||||||
Plastic Omnium SA | 3,081 | 70,331 | ||||||
Publicis Groupe SA | 13,663 | 930,025 | ||||||
Renault SA | 10,972 | 783,839 | ||||||
Rexel SA | 12,702 | 155,681 | ||||||
Safran SA | 14,674 | 1,102,364 | ||||||
Sanofi | 51,631 | 4,892,472 | ||||||
Schneider Electric SE (d) | 23,747 | 1,325,644 | ||||||
Schneider Electric SE (d) | 2,000 | 111,437 | ||||||
SCOR SE | 7,851 | 280,832 | ||||||
Societe BIC SA | 1,175 | 182,049 | ||||||
Societe Generale SA | 35,706 | 1,588,294 | ||||||
Societe Television Francaise 1 | 5,088 | 71,277 | ||||||
Sodexo SA | 4,341 | 358,577 | ||||||
Suez Environnement Co. | 15,435 | 276,186 | ||||||
Technicolor SA | 17,786 | 122,358 | ||||||
Technip SA | 6,580 | 309,699 | ||||||
Thales SA | 4,349 | 301,809 | ||||||
Total SA (a) | 109,646 | 4,920,171 |
See accompanying notes to financial statements.
269
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
UBISOFT Entertainment (b) | 6,794 | $ | 137,343 | |||||
Unibail-Rodamco SE | 4,182 | 1,079,744 | ||||||
Valeo SA | 5,488 | 739,712 | ||||||
Vallourec SA (a) | 8,215 | 72,590 | ||||||
Veolia Environnement SA | 36,800 | 839,223 | ||||||
Vinci SA | 20,177 | 1,277,255 | ||||||
Vivendi SA | 54,163 | 1,277,508 | ||||||
Zodiac Aerospace | 5,169 | 118,254 | ||||||
54,000,423 | ||||||||
GERMANY — 7.0% | ||||||||
Aareal Bank AG | 2,157 | 76,470 | ||||||
adidas AG | 12,492 | 1,004,121 | ||||||
Allianz SE | 19,783 | 3,097,108 | ||||||
BASF SE | 43,651 | 3,328,920 | ||||||
Bayer AG | 35,797 | 4,573,237 | ||||||
Bayerische Motoren Werke AG | 13,812 | 1,221,385 | ||||||
Bayerische Motoren Werke AG Preference Shares | 2,349 | 160,812 | ||||||
Beiersdorf AG | 4,314 | 381,243 | ||||||
Bilfinger SE (a) | 5,754 | 212,598 | ||||||
Brenntag AG | 6,688 | 359,575 | ||||||
Commerzbank AG (b) | 39,531 | 415,760 | ||||||
Continental AG | 4,741 | 1,006,036 | ||||||
Daimler AG | 43,070 | 3,117,785 | ||||||
Deutsche Bank AG | 56,447 | 1,516,625 | ||||||
Deutsche Boerse AG | 11,683 | 1,004,559 | ||||||
Deutsche Lufthansa AG (b) | 7,719 | 107,058 | ||||||
Deutsche Post AG | 51,125 | 1,413,866 | ||||||
Deutsche Telekom AG | 144,913 | 2,569,543 | ||||||
Deutsche Wohnen AG | 14,551 | 387,953 | ||||||
DMG Mori AG | 3,072 | 117,567 | ||||||
E.ON SE | 87,191 | 747,179 | ||||||
Evonik Industries AG | 5,245 | 175,144 | ||||||
Freenet AG | 5,544 | 182,777 | ||||||
Fresenius Medical Care AG & Co. KGaA | 13,629 | 1,062,197 | ||||||
Fresenius SE & Co. KGaA | 17,111 | 1,146,009 | ||||||
Fuchs Petrolub SE Preference Shares | 3,009 | 132,706 | ||||||
GEA Group AG | 16,684 | 633,851 | ||||||
Hamborner REIT AG | 16,247 | 156,874 | ||||||
Hannover Rueck SE | 2,610 | 266,694 | ||||||
HeidelbergCement AG | 6,101 | 417,195 | ||||||
Henkel AG & Co. KGaA | 5,391 | 475,037 | ||||||
Henkel AG & Co. KGaA Preference Shares | 8,503 | 872,931 | ||||||
Hochtief AG (a) | 4,202 | 349,582 | ||||||
Hugo Boss AG | 2,804 | 314,248 | ||||||
Infineon Technologies AG | 48,819 | 547,939 | ||||||
K+S AG | 9,079 | 303,273 | ||||||
Lanxess AG | 3,961 | 184,884 | ||||||
LEG Immobilien AG (b) | 2,522 | 207,789 | ||||||
Linde AG | 7,790 | 1,260,425 | ||||||
MAN SE | 4,062 | 413,338 | ||||||
Merck KGaA | 8,973 | 792,174 | ||||||
Metro AG | 7,015 | 193,335 | ||||||
MorphoSys AG (b) | 937 | 62,348 | ||||||
MTU Aero Engines AG | 1,641 | 136,998 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 6,356 | 1,183,072 | ||||||
Norma Group SE | 2,121 | 103,995 | ||||||
OHB SE (a) | 4,488 | 88,422 | ||||||
OSRAM Licht AG | 3,410 | 175,913 | ||||||
Porsche Automobil Holding SE Preference Shares | 9,939 | 422,641 | ||||||
ProSiebenSat.1 Media SE | 9,602 | 469,887 | ||||||
Puma AG Rudolf Dassler Sport (a) | 1,700 | 351,060 | ||||||
Rheinmetall AG | 1,847 | 112,941 | ||||||
RWE AG | 23,262 | 263,557 | ||||||
Salzgitter AG (a) | 4,405 | 109,110 | ||||||
SAP SE | 47,468 | 3,070,547 | ||||||
Siemens AG | 37,226 | 3,321,787 | ||||||
Symrise AG | 5,282 | 317,147 | ||||||
Telefonica Deutschland Holding AG | 21,890 | 133,438 | ||||||
ThyssenKrupp AG | 22,307 | 390,435 | ||||||
TUI AG | 20,568 | 379,472 | ||||||
United Internet AG | 5,324 | 269,006 | ||||||
Volkswagen AG (a) | 1,658 | 194,235 | ||||||
Volkswagen AG Preference Shares | 6,871 | 749,718 | ||||||
Vonovia SE | 19,164 | 614,907 | ||||||
Wincor Nixdorf AG | 8,625 | 337,931 | ||||||
Wirecard AG | 2,925 | 139,433 | ||||||
50,305,802 | ||||||||
HONG KONG — 2.7% | ||||||||
AIA Group, Ltd. | 533,200 | 2,755,422 | ||||||
APT Satellite Holdings, Ltd. | 152,000 | 131,209 | ||||||
Bank of East Asia, Ltd. (a) | 206,476 | 692,689 | ||||||
Bloomage Biotechnology Corp., Ltd. (a) | 24,147 | 36,516 | ||||||
BOC Hong Kong Holdings, Ltd. | 159,500 | 468,207 | ||||||
Cheung Kong Infrastructure Holdings, Ltd. (a) | 26,000 | 232,321 | ||||||
Cheung Kong Property Holdings, Ltd. | 135,348 | 984,105 | ||||||
China Water Industry Group, Ltd. (a)(b) | 760,000 | 144,154 | ||||||
Chong Hing Bank, Ltd. | 1,385 | 2,881 | ||||||
CK Hutchison Holdings, Ltd. | 135,348 | 1,749,907 | ||||||
CLP Holdings, Ltd. | 138,500 | 1,182,157 | ||||||
Esprit Holdings, Ltd. (a) | 153,019 | 113,727 | ||||||
Galaxy Entertainment Group, Ltd. | 113,000 | 287,237 | ||||||
Hang Lung Group, Ltd. | 129,000 | 437,765 | ||||||
Hang Lung Properties, Ltd. | 238,000 | 533,117 | ||||||
Hang Seng Bank, Ltd. | 32,200 | 578,350 | ||||||
HC International, Inc. (a)(b) | 60,000 | 33,213 | ||||||
Henderson Land Development Co., Ltd. | 58,300 | 346,789 | ||||||
HKT Trust/HKT, Ltd. | 112,900 | 134,168 | ||||||
Hong Kong & China Gas Co., Ltd. | 308,270 | 577,555 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 51,426 | 1,173,169 | ||||||
Hopewell Highway Infrastructure, Ltd. | 6,975 | 3,474 | ||||||
Hopewell Holdings | 146,500 | 497,152 | ||||||
Hysan Development Co., Ltd. | 26,841 | 111,519 | ||||||
Jardine Matheson Holdings, Ltd. | 11,881 | 561,377 | ||||||
Jardine Strategic Holdings, Ltd. | 4,000 | 107,360 | ||||||
Li & Fung, Ltd. (a) | 396,000 | 301,980 | ||||||
Link REIT | 113,351 | 621,598 | ||||||
Melco Crown Entertainment, Ltd. ADR | 6,302 | 86,715 |
See accompanying notes to financial statements.
270
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Melco International Development, Ltd. (a) | 34,000 | $ | 41,546 | |||||
MTR Corp., Ltd. | 62,000 | 268,798 | ||||||
New World Development Co., Ltd. | 543,252 | 525,724 | ||||||
Noble Group, Ltd. (a) | 215,000 | 62,751 | ||||||
Pacific Basin Shipping, Ltd. (a) | 554,000 | 167,986 | ||||||
Power Assets Holdings, Ltd. | 59,000 | 556,500 | ||||||
Sands China, Ltd. | 110,000 | 330,707 | ||||||
SJM Holdings, Ltd. (a) | 57,000 | 40,304 | ||||||
Sun Hung Kai Properties, Ltd. | 78,509 | 1,018,078 | ||||||
Swire Pacific, Ltd. (Class A) | 25,500 | 284,447 | ||||||
Techtronic Industries Co., Ltd. | 57,000 | 210,347 | ||||||
Wharf Holdings, Ltd. | 86,000 | 482,707 | ||||||
Wheelock & Co., Ltd. | 140,000 | 605,157 | ||||||
Wynn Macau, Ltd. (a) | 46,800 | 53,019 | ||||||
19,533,904 | ||||||||
IRELAND — 0.7% | ||||||||
Bank of Ireland (b) | 1,167,825 | 453,647 | ||||||
C&C Group PLC | 16,858 | 66,652 | ||||||
CRH PLC | 41,601 | 1,091,272 | ||||||
DCC PLC | 3,679 | 278,025 | ||||||
FleetMatics Group PLC (a)(b) | 2,304 | 113,103 | ||||||
Glanbia PLC | 5,298 | 98,407 | ||||||
Grafton Group PLC | 9,371 | 94,750 | ||||||
Green REIT PLC | 168,316 | 278,442 | ||||||
Greencore Group PLC | 22,451 | 92,909 | ||||||
ICON PLC (a)(b) | 2,622 | 186,083 | ||||||
Irish Bank Resolution Corp., Ltd. (b)(e) | 5,635 | 0 | ||||||
James Hardie Industries PLC | 18,036 | 215,825 | ||||||
Kerry Group PLC (Class A) | 6,545 | 490,588 | ||||||
Kingspan Group PLC | 18,014 | 433,230 | ||||||
Paddy Power PLC | 1,268 | 146,070 | ||||||
Ryanair Holdings PLC ADR | 5,461 | 427,596 | ||||||
Smurfit Kappa Group PLC | 8,235 | 220,616 | ||||||
UDG Healthcare PLC | 10,516 | 80,124 | ||||||
4,767,339 | ||||||||
ISRAEL — 0.7% | ||||||||
Bank Hapoalim BM | 46,435 | 233,423 | ||||||
Bank Leumi Le-Israel BM (b) | 60,818 | 226,853 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 91,372 | 174,601 | ||||||
Check Point Software Technologies, Ltd. (a)(b) | 6,199 | 491,767 | ||||||
Evogene, Ltd. (b) | 7,231 | 59,434 | ||||||
Israel Chemicals, Ltd. | 18,909 | 97,221 | ||||||
Mazor Robotics, Ltd. (b) | 6,689 | 36,300 | ||||||
NICE Systems, Ltd. | 2,683 | 146,355 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd. | 6,935 | 295,960 | ||||||
REIT 1, Ltd. | 64,945 | 170,599 | ||||||
Shufersal, Ltd. (b) | 99,919 | 237,215 | ||||||
Stratasys, Ltd. (a)(b) | 2,009 | 53,218 | ||||||
Strauss Group, Ltd. (b) | 28,565 | 383,035 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 46,186 | 2,607,662 | ||||||
5,213,643 | ||||||||
ITALY — 2.2% | ||||||||
A2A SpA | 62,915 | 77,954 | ||||||
Assicurazioni Generali SpA | 59,220 | 1,081,466 | ||||||
Atlantia SpA | 17,532 | 489,056 | ||||||
Azimut Holding SpA | 4,210 | 90,135 | ||||||
Banca Generali SpA | 3,090 | 86,955 | ||||||
Banca IFIS SpA | 8,263 | 191,758 | ||||||
Banca Monte dei Paschi di Siena SpA (b) | 154,052 | 273,761 | ||||||
Banca Popolare dell’Emilia Romagna SC | 22,857 | 188,039 | ||||||
Banca Popolare di Milano SCARL | 263,475 | 259,694 | ||||||
Banca Popolare di Sondrio SCARL | 31,491 | 143,912 | ||||||
Banco Popolare SC (b) | 11,105 | 163,874 | ||||||
Biesse SpA | 499 | 7,536 | ||||||
Brembo SpA | 3,790 | 146,378 | ||||||
Cairo Communication SpA (a) | 21,853 | 104,209 | ||||||
Credito Valtellinese SC (b) | 64,968 | 83,834 | ||||||
Davide Campari-Milano SpA (a) | 11,062 | 87,917 | ||||||
Enel SpA | 305,293 | 1,359,043 | ||||||
ENI SpA | 112,552 | 1,765,188 | ||||||
Esprinet SpA | 17,193 | 142,018 | ||||||
Exor SpA | 4,157 | 180,877 | ||||||
Falck Renewables SpA | 5,055 | 6,263 | ||||||
Finmeccanica SpA (b) | 33,276 | 415,645 | ||||||
Immobiliare Grande Distribuzione SpA | 167,492 | 149,944 | ||||||
Interpump Group SpA | 8,477 | 112,698 | ||||||
Intesa Sanpaolo SpA | 581,273 | 2,047,757 | ||||||
Iren SpA | 127,987 | 208,441 | ||||||
Luxottica Group SpA | 6,043 | 418,221 | ||||||
Mediaset SpA | 30,962 | 142,047 | ||||||
Mediobanca SpA | 17,954 | 176,162 | ||||||
Pirelli & C. SpA | 13,823 | 230,986 | ||||||
Prada SpA (a) | 19,300 | 73,962 | ||||||
Prysmian SpA | 7,752 | 159,651 | ||||||
Recordati SpA | 6,705 | 154,404 | ||||||
Reply SpA | 1,660 | 181,869 | ||||||
Saipem SpA (a)(b) | 18,100 | 144,763 | ||||||
Salvatore Ferragamo SpA (a) | 2,904 | 77,247 | ||||||
SAVE SpA | 7,003 | 98,574 | ||||||
Snam SpA | 92,438 | 474,027 | ||||||
Societa Cattolica di Assicurazioni SCRL | 21,483 | 151,076 | ||||||
Sogefi SpA (b) | 16,423 | 33,585 | ||||||
Telecom Italia SpA (b)(d) | 618,516 | 760,841 | ||||||
Telecom Italia SpA (d) | 260,862 | 267,019 | ||||||
Terna Rete Elettrica Nazionale SpA | 60,632 | 294,139 | ||||||
UBI Banca SCpA (a) | 37,715 | 266,910 | ||||||
UniCredit SpA | 231,021 | 1,436,375 | ||||||
Unipol Gruppo Finanziario SpA | 15,585 | 68,334 | ||||||
UnipolSai SpA | 39,576 | 85,924 | ||||||
World Duty Free SpA (b) | 5,463 | 62,383 | ||||||
Yoox SpA (b) | 3,080 | 92,484 | ||||||
Zignago Vetro SpA | 16,857 | 104,432 | ||||||
15,819,767 | ||||||||
JAPAN — 21.7% | ||||||||
Acom Co., Ltd. (a)(b) | 25,000 | 127,124 | ||||||
Activia Properties, Inc. | 20 | 83,664 | ||||||
Aderans Co., Ltd. | 17,600 | 139,754 |
See accompanying notes to financial statements.
271
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Advance Residence Investment Corp. | 38 | $ | 80,083 | |||||
Advantest Corp. (a) | 22,800 | 162,959 | ||||||
Aeon Co., Ltd. (a) | 56,620 | 876,968 | ||||||
AEON Financial Service Co., Ltd. | 3,500 | 68,851 | ||||||
AEON REIT Investment Corp. | 80 | 84,298 | ||||||
Aisin Seiki Co., Ltd. | 8,500 | 283,889 | ||||||
Ajinomoto Co., Inc. | 22,000 | 461,988 | ||||||
Akita Bank, Ltd. | 141,550 | 452,667 | ||||||
Alconix Corp. (a) | 26,800 | 340,804 | ||||||
Alfresa Holdings Corp. | 9,600 | 163,119 | ||||||
Alps Electric Co., Ltd. (a) | 8,600 | 240,913 | ||||||
ANA Holdings, Inc. | 36,000 | 100,517 | ||||||
Aomori Bank, Ltd. | 10,101 | 32,387 | ||||||
Aoyama Trading Co., Ltd. | 2,100 | 73,820 | ||||||
Aozora Bank, Ltd. | 51,000 | 176,295 | ||||||
Asahi Glass Co., Ltd. | 51,000 | 296,806 | ||||||
Asahi Group Holdings, Ltd. | 33,036 | 1,067,502 | ||||||
Asahi Kasei Corp. | 106,550 | 747,313 | ||||||
Asics Corp. (a) | 9,000 | 213,268 | ||||||
Astellas Pharma, Inc. | 128,100 | 1,652,524 | ||||||
Atom Corp. (a) | 45,500 | 245,802 | ||||||
Awa Bank, Ltd. | 11,550 | 66,350 | ||||||
Bandai Namco Holdings, Inc. | 10,000 | 231,286 | ||||||
Bank of Iwate, Ltd. (a) | 10,555 | 476,788 | ||||||
Bank of Kyoto, Ltd. | 16,000 | 161,783 | ||||||
Bank of Okinawa, Ltd. (a) | 12,055 | 496,735 | ||||||
Bank of Yokohama, Ltd. | 54,550 | 329,810 | ||||||
Bridgestone Corp. | 39,665 | 1,366,491 | ||||||
Brother Industries, Ltd. | 8,800 | 105,366 | ||||||
Calbee, Inc. | 3,700 | 119,096 | ||||||
Can Do Co., Ltd. (a) | 5,300 | 67,486 | ||||||
Canon, Inc. | 56,416 | 1,627,027 | ||||||
Casio Computer Co., Ltd. (a) | 32,300 | 583,889 | ||||||
Central Japan Railway Co. | 8,900 | 1,428,652 | ||||||
Chiba Bank, Ltd. | 35,550 | 251,119 | ||||||
Chubu Electric Power Co., Inc. | 42,465 | 624,397 | ||||||
Chugai Pharmaceutical Co., Ltd. | 16,280 | 498,194 | ||||||
Chugoku Electric Power Co., Inc. (a) | 6,100 | 83,887 | ||||||
COLOPL, Inc. (a) | 2,000 | 31,996 | ||||||
Colowide Co., Ltd. (a) | 2,400 | 33,626 | ||||||
COOKPAD, Inc. (a) | 6,300 | 132,191 | ||||||
Credit Saison Co., Ltd. (a) | 26,200 | 473,619 | ||||||
CyberAgent, Inc. (a) | 2,900 | 112,838 | ||||||
Dai Nippon Printing Co., Ltd. | 27,000 | 260,159 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 51,900 | 820,546 | ||||||
Daicel Corp. | 11,700 | 142,825 | ||||||
Daifuku Co., Ltd. (a) | 5,300 | 72,354 | ||||||
Daiichi Sankyo Co., Ltd. (a) | 42,465 | 733,959 | ||||||
Daiken Medical Co., Ltd. (a) | 13,400 | 110,319 | ||||||
Daikin Industries, Ltd. | 18,010 | 1,003,922 | ||||||
Daisan Bank, Ltd. | 7,651 | 11,435 | ||||||
Daishi Bank, Ltd. | 15,176 | 71,087 | ||||||
Daito Trust Construction Co., Ltd. | 5,355 | 542,140 | ||||||
Daiwa House Industry Co., Ltd. | 29,800 | 733,399 | ||||||
Daiwa House REIT Investment Corp. (a) | 10 | 36,697 | ||||||
Daiwa Securities Group, Inc. | 109,550 | 704,051 | ||||||
Daiwahouse Residential Investment Corp. (a) | 38 | 77,355 | ||||||
DeNA Co., Ltd. (a) | 8,400 | 155,635 | ||||||
Denso Corp. | 28,310 | 1,190,408 | ||||||
Dentsu, Inc. | 9,600 | 490,561 | ||||||
Don Quijote Holdings Co., Ltd. | 3,400 | 127,466 | ||||||
Dowa Holdings Co., Ltd. (a) | 22,000 | 165,875 | ||||||
East Japan Railway Co. | 17,000 | 1,427,253 | ||||||
Ebara Corp. (a) | 19,000 | 69,803 | ||||||
Eighteenth Bank, Ltd. | 8,251 | 25,422 | ||||||
Eisai Co., Ltd. (a) | 14,251 | 836,509 | ||||||
Electric Power Development Co., Ltd. | 5,500 | 167,390 | ||||||
Euglena Co., Ltd. (a)(b) | 5,000 | 73,394 | ||||||
F@N Communications, Inc. (a) | 8,200 | 53,678 | ||||||
FANUC Corp. | 9,955 | 1,522,363 | ||||||
Fast Retailing Co., Ltd. (a) | 2,600 | 1,052,678 | ||||||
Feed One Holdings Co., Ltd. (a) | 211,900 | 253,010 | ||||||
Financial Products Group Co., Ltd. (a) | 12,800 | 91,700 | ||||||
Foster Electric Co., Ltd. | 15,800 | 314,113 | ||||||
Frontier Real Estate Investment Corp. | 20 | 77,402 | ||||||
Fuji Heavy Industries, Ltd. | 28,500 | 1,019,208 | ||||||
FUJIFILM Holdings Corp. | 28,310 | 1,053,307 | ||||||
Fujitsu, Ltd. | 102,513 | 443,811 | ||||||
Fukuoka Financial Group, Inc. | 141,550 | 670,136 | ||||||
Fukuoka REIT Corp. | 10 | 14,779 | ||||||
Furukawa Electric Co., Ltd. | 110,550 | 173,535 | ||||||
GLP J-REIT (a) | 155 | 148,186 | ||||||
GMO Internet, Inc. | 3,500 | 45,122 | ||||||
GS Yuasa Corp. (a) | 17,000 | 63,875 | ||||||
GungHo Online Entertainment, Inc. (a) | 16,300 | 48,179 | ||||||
Gurunavi, Inc. (a) | 6,000 | 98,593 | ||||||
Hankyu Hanshin Holdings, Inc. | 55,513 | 338,367 | ||||||
Hankyu REIT, Inc. | 178 | 187,415 | ||||||
Heiwa Real Estate REIT, Inc. (a) | 407 | 298,033 | ||||||
Higo Bank, Ltd. (a) | 9,550 | 70,410 | ||||||
Hino Motors, Ltd. (a) | 9,300 | 94,192 | ||||||
Hirose Electric Co., Ltd. (a) | 900 | 97,466 | ||||||
Hitachi Metals, Ltd. | 11,300 | 130,488 | ||||||
Hitachi, Ltd. | 245,475 | 1,231,628 | ||||||
Hokkoku Bank, Ltd. | 141,550 | 572,039 | ||||||
Honda Motor Co., Ltd. | 81,275 | 2,401,638 | ||||||
Hoya Corp. | 31,506 | 1,026,743 | ||||||
Hulic Co., Ltd. (a) | 14,800 | 133,091 | ||||||
Hyakugo Bank, Ltd. | 10,550 | 50,651 | ||||||
Ibiden Co., Ltd. (a) | 14,600 | 190,538 | ||||||
Ichigo Office REIT Investment | 561 | 386,913 | ||||||
IHI Corp. | 45,000 | 114,975 | ||||||
Iida Group Holdings Co., Ltd. | 5,000 | 77,777 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 40 | 174,007 | ||||||
Infomart Corp. | 12,400 | 139,774 | ||||||
Inpex Corp. | 34,100 | 302,804 | ||||||
Intage Holdings, Inc. | 10,800 | 153,751 | ||||||
Iriso Electronics Co., Ltd. (a) | 2,200 | 95,520 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 17,100 | 255,861 | ||||||
Isuzu Motors, Ltd. | 60,300 | 601,666 | ||||||
ITOCHU Corp. (a) | 104,250 | 1,094,597 | ||||||
Iwatani Corp. (a) | 14,000 | 79,255 | ||||||
J Front Retailing Co., Ltd. | 5,100 | 82,356 | ||||||
Jafco Co., Ltd. | 2,100 | 82,411 |
See accompanying notes to financial statements.
272
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Japan Airlines Co., Ltd. | 4,000 | $ | 140,776 | |||||
Japan Airport Terminal Co., Ltd. (a) | 4,800 | 205,603 | ||||||
Japan Digital Laboratory Co., Ltd. | 19,420 | 267,062 | ||||||
Japan Excellent, Inc. | 84 | 92,441 | ||||||
Japan Exchange Group, Inc. | 27,600 | 400,294 | ||||||
Japan Hotel REIT Investment Corp. | 979 | 623,702 | ||||||
Japan Logistics Fund, Inc. | 37 | 66,453 | ||||||
Japan Prime Realty Investment Corp. | 29 | 94,072 | ||||||
Japan Real Estate Investment Corp. | 35 | 161,024 | ||||||
Japan Retail Fund Investment Corp. | 47 | 90,888 | ||||||
Japan Tissue Engineering Co., Ltd. (a)(b) | 2,200 | 17,249 | ||||||
Japan Tobacco, Inc. | 56,000 | 1,727,717 | ||||||
JFE Holdings, Inc. (a) | 28,310 | 369,343 | ||||||
JGC Corp. (a) | 8,000 | 105,774 | ||||||
Joyo Bank, Ltd. | 31,000 | 162,552 | ||||||
JSR Corp. (a) | 23,700 | 339,971 | ||||||
JTEKT Corp. | 10,500 | 145,886 | ||||||
JX Holdings, Inc. (a) | 177,300 | 637,904 | ||||||
Kajima Corp. | 102,475 | 541,616 | ||||||
Kakaku.com, Inc. (a) | 11,900 | 192,165 | ||||||
Kaken Pharmaceutical Co., Ltd. | 2,000 | 184,528 | ||||||
Kansai Electric Power Co., Inc. (b) | 52,400 | 580,594 | ||||||
Kansai Paint Co., Ltd. | 12,000 | 162,518 | ||||||
Kao Corp. | 23,500 | 1,060,164 | ||||||
Kawai Musical Instruments Manufacturing Co., Ltd. (a) | 9,500 | 162,134 | ||||||
Kawasaki Heavy Industries, Ltd. (a) | 46,000 | 157,859 | ||||||
KDDI Corp. | 80,700 | 1,797,077 | ||||||
Keikyu Corp. | 24,000 | 190,373 | ||||||
Keio Corp. | 26,000 | 184,094 | ||||||
Keisei Electric Railway Co., Ltd. | 15,000 | 163,946 | ||||||
Kenedix Office Investment Corp. | 42 | 199,541 | ||||||
Kenedix, Inc. (a) | 13,500 | 44,637 | ||||||
Keyence Corp. | 2,000 | 888,406 | ||||||
Kikkoman Corp. | 8,000 | 219,096 | ||||||
Kintetsu Group Holdings Co., Ltd. (a) | 82,101 | 294,087 | ||||||
Kirin Holdings Co., Ltd. | 26,800 | 350,314 | ||||||
Kiyo Bank, Ltd. | 31,600 | 504,481 | ||||||
KNT-CT Holdings Co., Ltd. (b) | 126,000 | 256,703 | ||||||
Kobe Steel, Ltd. | 158,000 | 170,183 | ||||||
Koito Manufacturing Co., Ltd. | 5,000 | 162,193 | ||||||
Komatsu, Ltd. | 52,520 | 768,516 | ||||||
Konami Corp. (a) | 4,300 | 92,739 | ||||||
Konica Minolta Holdings, Inc. | 50,275 | 526,405 | ||||||
Kubota Corp. | 78,550 | 1,072,672 | ||||||
Kuraray Co., Ltd. | 15,400 | 191,078 | ||||||
Kurita Water Industries, Ltd. | 14,910 | 315,343 | ||||||
Kyocera Corp. | 25,000 | 1,139,732 | ||||||
Kyoritsu Maintenance Co., Ltd. | 600 | 38,425 | ||||||
Kyoto Kimono Yuzen Co., Ltd. | 22,500 | 187,868 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 11,000 | 163,303 | ||||||
Kyushu Electric Power Co., Inc. (a)(b) | 17,900 | 194,447 | ||||||
Lawson, Inc. | 3,000 | 220,682 | ||||||
Leopalace21 Corp. (a)(b) | 1,600 | 7,428 | ||||||
LIXIL Group Corp. (a) | 9,800 | 198,021 | ||||||
M3, Inc. | 8,700 | 171,944 | ||||||
Makita Corp. (a) | 5,600 | 295,980 | ||||||
Marubeni Corp. (a) | 143,550 | 699,741 | ||||||
Matsuya Co., Ltd. (a) | 26,200 | 377,583 | ||||||
Mazda Motor Corp. | 20,200 | 317,088 | ||||||
MCUBS MidCity Investment Corp. REIT (a) | 115 | 299,107 | ||||||
Medipal Holdings Corp. | 30,599 | 483,135 | ||||||
MEIJI Holdings Co., Ltd. | 5,200 | 379,476 | ||||||
Meiko Network Japan Co., Ltd. (a) | 26,100 | 285,266 | ||||||
Milbon Co., Ltd. | 12,100 | 399,578 | ||||||
Minebea Co., Ltd. (a) | 16,000 | 168,463 | ||||||
MISUMI Group, Inc. (a) | 51,400 | 527,455 | ||||||
Mitsubishi Chemical Holdings Corp. | 66,300 | 343,942 | ||||||
Mitsubishi Corp. | 83,138 | 1,356,073 | ||||||
Mitsubishi Electric Corp. | 124,550 | 1,133,549 | ||||||
Mitsubishi Estate Co., Ltd. | 56,925 | 1,157,607 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 15,000 | 68,885 | ||||||
Mitsubishi Heavy Industries, Ltd. | 199,101 | 885,078 | ||||||
Mitsubishi Logistics Corp. (a) | 9,000 | 103,853 | ||||||
Mitsubishi Materials Corp. | 57,000 | 172,287 | ||||||
Mitsubishi Motors Corp. | 42,300 | 322,111 | ||||||
Mitsubishi Tanabe Pharma Corp. | 10,700 | 188,064 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 637,424 | 3,812,888 | ||||||
Mitsui & Co., Ltd. (a) | 100,426 | 1,124,043 | ||||||
Mitsui Chemicals, Inc. (a) | 111,550 | 354,866 | ||||||
Mitsui Fudosan Co., Ltd. | 43,000 | 1,171,536 | ||||||
Mitsui OSK Lines, Ltd. (a) | 118,550 | 283,099 | ||||||
Mizuho Financial Group, Inc. (a) | 1,094,400 | 2,036,837 | ||||||
Mori Hills REIT Investment Corp. | 60 | 70,488 | ||||||
MS&AD Insurance Group Holdings, Inc. | 28,599 | 762,465 | ||||||
Murata Manufacturing Co., Ltd. | 12,800 | 1,642,684 | ||||||
Musashino Bank, Ltd. | 14,155 | 508,807 | ||||||
Nabtesco Corp. | 5,200 | 94,348 | ||||||
Nachi-Fujikoshi Corp. (a) | 15,000 | 61,871 | ||||||
Nagoya Railroad Co., Ltd. | 40,000 | 156,640 | ||||||
Nanto Bank, Ltd. (a) | 139,550 | 439,280 | ||||||
NEC Corp. | 100,000 | 306,433 | ||||||
NGK Insulators, Ltd. | 12,000 | 228,147 | ||||||
NGK Spark Plug Co., Ltd. | 6,000 | 136,718 | ||||||
NH Foods, Ltd. | 9,000 | 183,058 | ||||||
NHK Spring Co., Ltd. | 10,300 | 99,332 | ||||||
Nidec Corp. | 13,300 | 909,062 | ||||||
Nikon Corp. (a) | 28,000 | 337,127 | ||||||
Nintendo Co., Ltd. | 4,900 | 820,724 | ||||||
Nippon Accommodations Fund, Inc. | 11 | 36,601 | ||||||
Nippon Building Fund, Inc. | 38 | 183,710 | ||||||
Nippon Express Co., Ltd. | 41,000 | 194,790 | ||||||
Nippon Paint Holdings Co., Ltd. (a) | 9,700 | 168,544 | ||||||
Nippon Paper Industries Co., Ltd. (a) | 4,200 | 63,930 | ||||||
Nippon Prologis REIT, Inc. | 10 | 18,136 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 45,810 | 829,451 | ||||||
Nippon Suisan Kaisha, Ltd. | 89,200 | 265,146 | ||||||
Nippon Telegraph & Telephone Corp. | 29,000 | 1,011,664 | ||||||
Nippon Yusen K.K. | 141,550 | 326,204 | ||||||
Nissan Motor Co., Ltd. (a) | 113,141 | 1,033,493 | ||||||
Nissei ASB Machine Co., Ltd. (a) | 4,300 | 84,553 | ||||||
Nissin Foods Holding Co., Ltd. | 4,100 | 187,943 | ||||||
Nitori Holding Co., Ltd. | 1,700 | 132,718 | ||||||
Nitto Denko Corp. | 9,400 | 559,220 |
See accompanying notes to financial statements.
273
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Nomura Holdings, Inc. | 183,285 | $ | 1,053,049 | |||||
Nomura Real Estate Residential Fund, Inc. (a) | 16 | 89,642 | ||||||
Nomura Research Institute, Ltd. | 3,300 | 126,059 | ||||||
NSK, Ltd. | 17,800 | 171,364 | ||||||
NTT Data Corp. | 10,800 | 541,961 | ||||||
NTT DoCoMo, Inc. (a) | 83,000 | 1,381,196 | ||||||
Obayashi Corp. | 89,550 | 761,173 | ||||||
Odakyu Electric Railway Co., Ltd. | 28,000 | 251,092 | ||||||
Ogaki Kyoritsu Bank, Ltd. (a) | 141,550 | 555,492 | ||||||
OJI Paper Co., Ltd. | 23,000 | 98,326 | ||||||
Oki Electric Industry Co., Ltd. | 36,000 | 55,909 | ||||||
Olympus Corp. | 15,000 | 465,286 | ||||||
Omron Corp. | 9,300 | 278,383 | ||||||
Ono Pharmaceutical Co., Ltd. | 4,700 | 554,511 | ||||||
Oriental Land Co., Ltd. (a) | 12,000 | 668,209 | ||||||
ORIX Corp. | 56,500 | 722,732 | ||||||
Orix JREIT, Inc. | 81 | 109,497 | ||||||
Osaka Gas Co., Ltd. | 90,000 | 340,417 | ||||||
Otsuka Holdings Co., Ltd. | 24,100 | 766,274 | ||||||
Panasonic Corp. | 113,450 | 1,140,042 | ||||||
Pigeon Corp. | 10,100 | 234,695 | ||||||
Rakuten, Inc. (a) | 30,400 | 386,838 | ||||||
Raysum Co., Ltd. (a) | 3,300 | 29,180 | ||||||
Recruit Holdings Co., Ltd. | 20,000 | 597,837 | ||||||
Renesas Electronics Corp. (a)(b) | 10,500 | 55,321 | ||||||
Resona Holdings, Inc. | 95,600 | 483,967 | ||||||
Ricoh Co., Ltd. (a) | 26,600 | 267,521 | ||||||
Ringer Hut Co., Ltd. | 900 | 19,418 | ||||||
Riso Kyoiku Co., Ltd. (a)(b) | 19,706 | 38,173 | ||||||
Rock Field Co., Ltd. (a) | 12,700 | 292,037 | ||||||
Rohm Co., Ltd. | 5,700 | 251,768 | ||||||
Rohto Pharmaceutical Co., Ltd. (a) | 5,901 | 90,315 | ||||||
Ryohin Keikaku Co., Ltd. | 1,000 | 203,064 | ||||||
San-In Godo Bank, Ltd. | 7,550 | 73,568 | ||||||
Sankyo Seiko Co., Ltd. | 51,900 | 201,074 | ||||||
Sanrio Co., Ltd. (a) | 3,900 | 105,995 | ||||||
Santen Pharmaceutical Co., Ltd. | 17,900 | 238,985 | ||||||
Sawai Pharmaceutical Co., Ltd. | 1,600 | 92,715 | ||||||
SBI Holdings, Inc. | 9,100 | 101,892 | ||||||
Secom Co., Ltd. | 14,348 | 858,855 | ||||||
Sega Sammy Holdings, Inc. | 5,300 | 51,511 | ||||||
Seibu Holdings, Inc. | 10,000 | 201,812 | ||||||
Seiko Epson Corp. | 18,200 | 256,364 | ||||||
Seino Holdings Co., Ltd. | 9,200 | 95,484 | ||||||
Sekisui Chemical Co., Ltd. | 17,000 | 177,857 | ||||||
Sekisui House SI Residential Investment Corp. (a) | 154 | 131,671 | ||||||
Sekisui House, Ltd. | 28,000 | 436,021 | ||||||
Seria Co., Ltd. | 1,900 | 93,600 | ||||||
Seven & i Holdings Co., Ltd. | 42,328 | 1,924,048 | ||||||
Sharp Corp. (a)(b) | 80,000 | 91,513 | ||||||
Shiga Bank, Ltd. | 11,550 | 58,442 | ||||||
Shikoku Bank, Ltd. | 9,101 | 19,226 | ||||||
Shikoku Electric Power Co., Inc. (a) | 9,300 | 151,033 | ||||||
Shimadzu Corp. | 12,000 | 171,837 | ||||||
Shimano, Inc. | 3,700 | 517,163 | ||||||
Shimizu Corp. | 31,513 | 269,439 | ||||||
Shin-Etsu Chemical Co., Ltd. | 22,917 | 1,170,104 | ||||||
Shinsei Bank, Ltd. (a) | 82,000 | 167,745 | ||||||
Shionogi & Co., Ltd. | 13,900 | 496,159 | ||||||
Shiseido Co., Ltd. (a) | 10,500 | 227,990 | ||||||
Shizuoka Bank, Ltd. | 27,000 | 269,628 | ||||||
SMC Corp. | 2,200 | 478,612 | ||||||
SMS Co., Ltd. | 9,000 | 151,497 | ||||||
SoftBank Group Corp. | 44,436 | 2,032,113 | ||||||
Sohgo Security Services Co., Ltd. | 3,800 | 172,605 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 29,000 | 836,839 | ||||||
Sony Corp. | 54,620 | 1,321,889 | ||||||
Square Enix Holdings Co., Ltd. | 3,400 | 84,060 | ||||||
Stanley Electric Co., Ltd. (a) | 24,373 | 483,329 | ||||||
Start Today Co., Ltd. (a) | 2,700 | 88,824 | ||||||
Starts Proceed Investment Corp. | 51 | 72,307 | ||||||
Sumitomo Chemical Co., Ltd. | 141,550 | 711,503 | ||||||
Sumitomo Corp. (a) | 75,775 | 728,867 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. (a) | 5,300 | 52,838 | ||||||
Sumitomo Electric Industries, Ltd. | 56,320 | 716,432 | ||||||
Sumitomo Heavy Industries, Ltd. | 24,000 | 94,385 | ||||||
Sumitomo Metal Mining Co., Ltd. | 24,000 | 270,931 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 62,300 | 2,347,076 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 242,550 | 885,829 | ||||||
Sumitomo Precision Products Co., Ltd. (a) | 46,000 | 175,911 | ||||||
Sumitomo Realty & Development Co., Ltd. | 20,000 | 633,073 | ||||||
Sun Corp. (a) | 3,000 | 32,514 | ||||||
Sun Frontier Fudousan Co., Ltd. (a) | 3,100 | 23,321 | ||||||
Suntory Beverage & Food, Ltd. | 5,000 | 191,417 | ||||||
Suruga Bank, Ltd. | 8,900 | 164,676 | ||||||
Suzuki Motor Corp. | 19,400 | 593,185 | ||||||
Sysmex Corp. | 5,800 | 304,129 | ||||||
T&D Holdings, Inc. | 42,700 | 500,749 | ||||||
Tadano, Ltd. | 6,000 | 66,180 | ||||||
Taiheiyo Cement Corp. | 23,000 | 68,751 | ||||||
Taisei Corp. | 86,438 | 561,506 | ||||||
Taiyo Yuden Co., Ltd. (a) | 19,400 | 251,723 | ||||||
Takeda Pharmaceutical Co., Ltd. (a) | 39,065 | 1,708,207 | ||||||
Takeuchi Manufacturing Co., Ltd. | 16,600 | 288,298 | ||||||
TDK Corp. | 11,255 | 632,456 | ||||||
Teijin, Ltd. | 145,550 | 439,937 | ||||||
Temp Holdings Co., Ltd. | 2,700 | 122,640 | ||||||
Terumo Corp. | 28,600 | 804,759 | ||||||
THK Co., Ltd. (a) | 5,400 | 85,397 | ||||||
Tobu Railway Co., Ltd. | 47,000 | 201,319 | ||||||
Toho Bank, Ltd. | 12,101 | 44,659 | ||||||
Tohoku Electric Power Co., Inc. | 44,600 | 602,164 | ||||||
Tokio Marine Holdings, Inc. | 42,465 | 1,574,997 | ||||||
Tokyo Dome Corp. | 80,000 | 348,683 | ||||||
Tokyo Electric Power Co., Inc. (b) | 56,975 | 379,151 | ||||||
Tokyo Electron, Ltd. (a) | 10,655 | 499,455 | ||||||
Tokyo Gas Co., Ltd. | 143,475 | 692,188 | ||||||
Tokyo Tatemono Co., Ltd. | 8,300 | 98,479 | ||||||
Tokyu Corp. | 50,550 | 369,317 | ||||||
Tokyu Fudosan Holdings Corp. | 18,500 | 122,494 | ||||||
Toppan Printing Co., Ltd. | 28,000 | 224,673 |
See accompanying notes to financial statements.
274
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Toray Industries, Inc. (a) | 123,550 | $ | 1,063,067 | |||||
Toshiba Corp. (a)(b) | 240,513 | 603,266 | ||||||
TOTO, Ltd. | 4,000 | 124,076 | ||||||
Toyo Suisan Kaisha, Ltd. | 3,000 | 113,222 | ||||||
Toyo Tire & Rubber Co., Ltd. (a) | 8,300 | 178,662 | ||||||
Toyota Industries Corp. | 9,000 | 425,333 | ||||||
Toyota Motor Corp. | 127,288 | 7,408,881 | ||||||
Toyota Tsusho Corp. | 8,400 | 176,255 | ||||||
Trend Micro, Inc. (a) | 4,500 | 158,373 | ||||||
Unicharm Corp. (a) | 16,800 | 296,541 | ||||||
United Urban Investment Corp. | 55 | 73,385 | ||||||
Usen Corp. (b) | 32,930 | 82,212 | ||||||
USS Co., Ltd. | 9,810 | 162,510 | ||||||
ValueCommerce Co., Ltd. | 4,400 | 17,120 | ||||||
Warabeya Nichiyo Co., Ltd. | 14,400 | 249,729 | ||||||
West Japan Railway Co. | 8,300 | 518,451 | ||||||
Yahoo! Japan Corp. | 48,200 | 182,714 | ||||||
Yakult Honsha Co., Ltd. (a) | 4,200 | 208,308 | ||||||
Yamada Denki Co., Ltd. (a) | 75,080 | 302,163 | ||||||
Yamagata Bank, Ltd. (a) | 128,176 | 510,499 | ||||||
Yamaha Corp. | 10,000 | 220,265 | ||||||
Yamaha Motor Co., Ltd. | 11,100 | 221,601 | ||||||
Yamanashi Chuo Bank, Ltd. | 7,550 | 39,274 | ||||||
Yamato Holdings Co., Ltd. | 15,000 | 286,060 | ||||||
Yaskawa Electric Corp. (a) | 9,900 | 100,186 | ||||||
Yokogawa Electric Corp. (a) | 9,600 | 99,956 | ||||||
Zenrin Co., Ltd. | 27,100 | 364,531 | ||||||
155,394,309 | ||||||||
LUXEMBOURG — 0.1% | ||||||||
ArcelorMittal (a) | 35,149 | 182,796 | ||||||
SES SA | 14,514 | 456,389 | ||||||
Tenaris SA (a) | 16,150 | 193,435 | ||||||
832,620 | ||||||||
MACAU — 0.0% (f) | ||||||||
MGM China Holdings, Ltd. (a) | 21,600 | 25,000 | ||||||
NETHERLANDS — 2.9% | ||||||||
Aegon NV | 123,250 | 706,462 | ||||||
AerCap Holdings NV (b) | 3,524 | 134,758 | ||||||
Airbus Group SE | 26,931 | 1,590,565 | ||||||
Akzo Nobel NV | 14,946 | 967,474 | ||||||
Altice NV (Class A) (b) | 13,512 | 282,425 | ||||||
ASML Holding NV | 22,280 | 1,943,842 | ||||||
CNH Industrial NV | 42,962 | 279,345 | ||||||
Constellium NV (Class A) (a)(b) | 3,496 | 21,186 | ||||||
Fiat Chrysler Automobiles NV (b) | 46,088 | 597,285 | ||||||
Fugro NV (a)(b) | 5,738 | 101,232 | ||||||
Gemalto NV (a) | 3,100 | 200,736 | ||||||
Heineken Holding NV | 4,115 | 292,276 | ||||||
Heineken NV | 9,357 | 754,529 | ||||||
ING Groep NV | 188,657 | 2,663,942 | ||||||
Koninklijke Ahold NV | 36,119 | 701,933 | ||||||
Koninklijke DSM NV | 11,978 | 550,795 | ||||||
Koninklijke KPN NV | 197,364 | 736,708 | ||||||
Koninklijke Philips NV | 53,468 | 1,256,042 | ||||||
Mobileye NV (b) | 5,910 | 268,787 | ||||||
NXP Semiconductor NV (a)(b) | 14,802 | 1,288,810 | ||||||
OCI NV (b) | 1,714 | 43,775 | ||||||
PostNL NV (b) | 33,974 | 123,555 | ||||||
QIAGEN NV (b) | 10,377 | 266,822 | ||||||
Randstad Holding NV | 2,770 | 164,526 | ||||||
RELX NV | 45,315 | 736,992 | ||||||
SBM Offshore NV (a)(b) | 17,941 | 226,301 | ||||||
TNT Express NV | 29,714 | 226,141 | ||||||
Unilever NV | 85,147 | 3,411,176 | ||||||
Wolters Kluwer NV (a) | 13,058 | 400,985 | ||||||
20,939,405 | ||||||||
NEW ZEALAND — 0.2% | ||||||||
a2 Milk Co., Ltd. (a)(b) | 121,952 | 54,609 | ||||||
Air New Zealand, Ltd. | 54,037 | 84,863 | ||||||
Auckland International Airport, Ltd. | 22,663 | 70,748 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 104,713 | 475,593 | ||||||
Fletcher Building, Ltd. | 15,324 | 66,659 | ||||||
Goodman Property Trust | 100,031 | 74,228 | ||||||
Infratil, Ltd. | 42,748 | 83,678 | ||||||
Kiwi Income Property Group, Ltd. | 99,371 | 81,684 | ||||||
Property for Industry, Ltd. | 98,055 | 92,834 | ||||||
Steel & Tube Holdings, Ltd. | 63,850 | 109,056 | ||||||
Stride Property, Ltd. (a) | 65,972 | 84,194 | ||||||
Vital Healthcare Property Trust | 86,544 | 94,669 | ||||||
Xero, Ltd. (a)(b) | 4,621 | 44,341 | ||||||
1,417,156 | ||||||||
NORWAY — 0.6% | ||||||||
Akastor ASA (a)(b) | 5,977 | 7,708 | ||||||
Aker Solutions ASA | 5,977 | 20,629 | ||||||
DnB ASA | 51,773 | 671,896 | ||||||
DNO ASA (a)(b) | 34,342 | 36,274 | ||||||
Norsk Hydro ASA | 86,812 | 288,627 | ||||||
Opera Software ASA (a) | 11,962 | 64,368 | ||||||
Orkla ASA | 83,167 | 615,221 | ||||||
REC Silicon ASA (a)(b) | 129,957 | 22,731 | ||||||
Schibsted ASA (Class A) | 3,005 | 101,635 | ||||||
Schibsted ASA (Class B) (b) | 2,900 | 91,454 | ||||||
Seadrill, Ltd. (a)(b) | 8,424 | 49,033 | ||||||
Statoil ASA | 58,690 | 853,860 | ||||||
Storebrand ASA (b) | 48,135 | 157,440 | ||||||
Telenor ASA | 44,118 | 821,846 | ||||||
TGS Nopec Geophysical Co. ASA (a) | 4,889 | 90,157 | ||||||
Yara International ASA | 14,542 | 578,782 | ||||||
4,471,661 | ||||||||
PAPUA NEW GUINEA — 0.0% (f) | ||||||||
Oil Search, Ltd. | 50,632 | 254,939 | ||||||
PORTUGAL — 0.2% | ||||||||
Banco Comercial Portugues SA (a)(b) | 1,957,088 | 95,030 | ||||||
EDP — Energias de Portugal SA | 147,862 | 539,882 | ||||||
Galp Energia SGPS SA | 18,027 | 177,059 | ||||||
Mota-Engil SGPS SA (a) | 23,323 | 49,439 | ||||||
NOS SGPS SA | 55,299 | 454,993 | ||||||
Pharol SGPS SA (b) | 63,957 | 19,062 | ||||||
1,335,465 | ||||||||
SINGAPORE — 1.2% | ||||||||
AIMS AMP Capital Industrial REIT | 125,798 | 119,879 | ||||||
Ascendas Hospitality Trust | 179,600 | 78,944 | ||||||
Ascendas REIT | 89,800 | 147,783 | ||||||
Cache Logistics Trust (a) | 144,000 | 98,235 | ||||||
CapitaLand, Ltd. | 280,000 | 527,745 |
See accompanying notes to financial statements.
275
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
China New Town Development Co., Ltd. (b) | 1,712,700 | $ | 61,430 | |||||
City Developments, Ltd. | 20,400 | 110,472 | ||||||
ComfortDelGro Corp., Ltd. | 93,000 | 187,714 | ||||||
Cosco Corp. Singapore, Ltd. (a)(c) | 563,700 | 148,666 | ||||||
Croesus Retail Trust | 247,400 | 144,414 | ||||||
DBS Group Holdings, Ltd. | 78,616 | 896,241 | ||||||
Flextronics International, Ltd. (a)(b) | 59,052 | 622,408 | ||||||
Genting Singapore PLC (a) | 568,900 | 290,071 | ||||||
Global Logistic Properties, Ltd. | 75,000 | 107,602 | ||||||
IGG, Inc. | 60,000 | 22,839 | ||||||
Jardine Cycle & Carriage, Ltd. | 3,333 | 63,336 | ||||||
Keppel Corp., Ltd. (a) | 149,175 | 711,306 | ||||||
Keppel REIT (a) | 37,913 | 25,464 | ||||||
Lippo Malls Indonesia Retail Trust | 840,800 | 189,223 | ||||||
Oversea-Chinese Banking Corp., Ltd. (a) | 125,668 | 776,863 | ||||||
Oxley Holdings, Ltd. (a) | 172,400 | 47,892 | ||||||
SembCorp Industries, Ltd. (a) | 38,600 | 93,928 | ||||||
Singapore Airlines, Ltd. | 20,200 | 152,008 | ||||||
Singapore Exchange, Ltd. (a) | 36,000 | 177,987 | ||||||
Singapore Press Holdings, Ltd. | 69,000 | 186,342 | ||||||
Singapore Telecommunications, Ltd. | 335,400 | 849,174 | ||||||
Sino Grandness Food Industry Group, Ltd. (a)(b) | 216,000 | 44,813 | ||||||
Soilbuild Business Space REIT | 216,000 | 122,287 | ||||||
Tiger Airways Holdings, Ltd. (a)(b) | 581,449 | 122,677 | ||||||
United Overseas Bank, Ltd. | 49,212 | 642,016 | ||||||
UOL Group, Ltd. | 27,428 | 115,931 | ||||||
Wilmar International, Ltd. | 139,000 | 251,234 | ||||||
8,136,924 | ||||||||
SOUTH KOREA — 4.3% | ||||||||
AmorePacific Corp. | 1,140 | 370,286 | ||||||
Asiana Airlines, Inc. (b) | 34,506 | 153,709 | ||||||
Bioland, Ltd. (a) | 11,994 | 246,397 | ||||||
BNK Financial Group, Inc. | 11,512 | 133,059 | ||||||
Celltrion, Inc. (a)(b) | 3,633 | 208,117 | ||||||
CJ CGV Co., Ltd. (a) | 5,048 | 447,178 | ||||||
Coway Co., Ltd. | 1,758 | 124,141 | ||||||
Credu Corp. | 5,944 | 299,883 | ||||||
Crown Confectionery Co., Ltd. | 682 | 457,429 | ||||||
Dae Han Flour Mills Co., Ltd. | 1,909 | 339,023 | ||||||
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a) | 3,914 | 21,034 | ||||||
Digitech Systems Co., Ltd. (b)(e) | 19,094 | 0 | ||||||
Dongkuk Industries Co., Ltd. | 68,776 | 199,023 | ||||||
Dongwon F&B Co., Ltd. | 996 | 337,378 | ||||||
Dongwon Industries Co., Ltd. (a) | 1,110 | 331,043 | ||||||
DY Corp. | 10,170 | 49,936 | ||||||
E-Mart Co., Ltd. | 769 | 149,544 | ||||||
Genic Co., Ltd. (a)(b) | 6,445 | 222,391 | ||||||
GS Home Shopping, Inc. | 995 | 159,495 | ||||||
Hana Financial Group, Inc. | 11,200 | 249,456 | ||||||
Hana Tour Service, Inc. | 3,446 | 421,556 | ||||||
Hancom, Inc. | 8,110 | 163,527 | ||||||
Hankook Shell Oil Co., Ltd. | 403 | 175,439 | ||||||
Hankook Tire Co., Ltd. | 1,846 | 61,674 | ||||||
Hanssem Co., Ltd. | 2,051 | 494,019 | ||||||
Harim Co., Ltd. (a)(b) | 30,567 | 102,122 | ||||||
Hotel Shilla Co., Ltd. (a) | 4,112 | 398,954 | ||||||
Huons Co., Ltd. | 4,118 | 312,333 | ||||||
Hyundai Elevator Co., Ltd. (b) | 2,773 | 119,782 | ||||||
Hyundai Engineering Plastics Co., Ltd. (a) | 48,129 | 369,505 | ||||||
Hyundai Glovis Co., Ltd. | 668 | 126,240 | ||||||
Hyundai Heavy Industries Co., Ltd. (b) | 1,727 | 140,602 | ||||||
Hyundai Hy Communications & Networks Co., Ltd. | 48,511 | 143,654 | ||||||
Hyundai Mobis Co., Ltd. | 2,601 | 507,999 | ||||||
Hyundai Motor Co. | 6,579 | 910,281 | ||||||
Hyundai Motor Co. Preference Shares | 1,111 | 106,854 | ||||||
Hyundai Securities Co., Ltd. | 53,063 | 339,786 | ||||||
Hyundai Steel Co. | 2,306 | 100,193 | ||||||
INFINITT Co., Ltd. (a)(b) | 16,576 | 142,643 | ||||||
Interpark Holdings Corp. | 10,831 | 116,507 | ||||||
Jenax, Inc. (a)(b) | 17,421 | 191,803 | ||||||
JoyCity Corp. (a)(b) | 3,853 | 78,016 | ||||||
Kangwon Land, Inc. | 4,005 | 142,927 | ||||||
KB Capital Co., Ltd. | 4,973 | 98,805 | ||||||
KB Financial Group, Inc. | 14,572 | 433,361 | ||||||
KCC Corp. | 186 | 64,809 | ||||||
Kia Motors Corp. | 9,499 | 429,551 | ||||||
KIWOOM Securities Co., Ltd. | 7,523 | 359,235 | ||||||
Koh Young Technology, Inc. | 12,625 | 365,340 | ||||||
Korea Electric Power Corp. ADR (a) | 32,437 | 664,634 | ||||||
Korea Zinc Co., Ltd. | 655 | 257,237 | ||||||
Korean Air Lines Co., Ltd. (b) | 3,013 | 79,691 | ||||||
KT Corp. ADR (a)(b) | 30,481 | 398,387 | ||||||
KT&G Corp. | 4,619 | 434,505 | ||||||
Ktis Corp. (a) | 27,341 | 126,867 | ||||||
KyungDong City Gas Co., Ltd. | 1,768 | 161,093 | ||||||
LG Chem, Ltd. | 1,893 | 455,962 | ||||||
LG Chem, Ltd. Preference Shares | 825 | 132,245 | ||||||
LG Display Co., Ltd. | 9,600 | 183,447 | ||||||
LG Display Co., Ltd. ADR | 42,384 | 402,648 | ||||||
LG Electronics, Inc. | 5,434 | 209,282 | ||||||
LG Household & Health Care, Ltd. | 439 | 316,296 | ||||||
LG Uplus Corp. | 10,163 | 103,748 | ||||||
Lotte Chemical Corp. | 623 | 141,913 | ||||||
Lotte Food Co., Ltd. | 416 | 368,163 | ||||||
Lotte Shopping Co., Ltd. | 234 | 56,363 | ||||||
Medy-Tox, Inc. | 769 | 276,575 | ||||||
Modetour Network, Inc. (a) | 11,678 | 377,838 | ||||||
Muhak Co., Ltd. (b) | 10,135 | 402,305 | ||||||
NAVER Corp. | 1,373 | 594,237 | ||||||
NCSoft Corp. | 728 | 116,082 | ||||||
Nexon GT Co., Ltd. (b) | 9,791 | 96,233 | ||||||
NHN Entertainment Corp. (a)(b) | 555 | 30,201 | ||||||
OCI Co., Ltd. (a) | 649 | 45,117 | ||||||
Orion Corp. | 136 | 108,084 | ||||||
Ottogi Corp. | 357 | 312,936 | ||||||
POSCO ADR | 20,835 | 729,642 | ||||||
S-1 Corp. | 1,666 | 131,138 | ||||||
Sajo Industries Co., Ltd. (a)(b) | 6,566 | 437,623 | ||||||
Samchuly Bicycle Co., Ltd. (a) | 6,878 | 119,537 | ||||||
Samsung C&T Corp. (b) | 4,026 | 497,603 | ||||||
Samsung Electronics Co., Ltd. GDR | 12,045 | 5,691,263 | ||||||
Samsung Engineering Co., Ltd. (b) | 1,351 | 34,764 |
See accompanying notes to financial statements.
276
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 1,197 | $ | 282,764 | |||||
Samsung Heavy Industries Co., Ltd. | 6,627 | 68,769 | ||||||
Samsung Life Insurance Co., Ltd. | 3,505 | 292,453 | ||||||
Samsung SDI Co., Ltd. | 1,361 | 124,583 | ||||||
Samsung SDS Co., Ltd. | 1,640 | 398,481 | ||||||
Shinhan Financial Group Co., Ltd. | 18,093 | 631,950 | ||||||
Shinsegae Food Co., Ltd. | 2,500 | 421,834 | ||||||
SK Holdings Co., Ltd. | 714 | 146,981 | ||||||
SK Hynix, Inc. | 22,248 | 629,731 | ||||||
SK Innovation Co., Ltd. (b) | 5,198 | 429,768 | ||||||
SK Telecom Co., Ltd. ADR | 25,408 | 619,955 | ||||||
Woori Bank | 7,947 | 62,956 | ||||||
30,519,923 | ||||||||
SPAIN — 2.9% | ||||||||
Abengoa SA (Class A) (a) | 15,182 | 22,167 | ||||||
Abertis Infraestructuras SA | 20,207 | 318,717 | ||||||
Acciona SA | 3,509 | 247,941 | ||||||
Acerinox SA (a) | 29,367 | 261,657 | ||||||
ACS, Actividades de Construccion y Servicios SA | 18,041 | 517,453 | ||||||
Aena SA (b)(g) | 3,182 | 350,751 | ||||||
Amadeus IT Holding SA (Class A) | 19,375 | 826,705 | ||||||
Atresmedia Corp. de Medios de Comunicaion SA | 9,890 | 125,522 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 275,668 | 2,332,474 | ||||||
Banco de Sabadell SA (a) | 198,363 | 363,576 | ||||||
Banco Popular Espanol SA (a) | 79,143 | 287,911 | ||||||
Banco Santander SA | 618,069 | 3,272,977 | ||||||
Bankia SA (a) | 129,387 | 167,248 | ||||||
Bankinter SA (a) | 35,529 | 260,640 | ||||||
CaixaBank SA (b) | 43,989 | 169,160 | ||||||
Distribuidora Internacional de Alimentacion SA (a)(b) | 33,232 | 200,425 | ||||||
Ebro Puleva SA | 4,465 | 87,445 | ||||||
Enagas SA | 9,818 | 280,778 | ||||||
Endesa SA | 13,750 | 289,164 | ||||||
Faes Farma SA | 105,715 | 277,310 | ||||||
Ferrovial SA | 18,245 | 434,610 | ||||||
Gamesa Corp. Tecnologica SA | 25,905 | 357,986 | ||||||
Gas Natural SDG SA | 15,595 | 303,420 | ||||||
Grifols SA (a) | 8,870 | 365,302 | ||||||
Grifols SA Preference Shares (Class B) | 5,620 | 173,081 | ||||||
Iberdrola SA | 280,657 | 1,863,096 | ||||||
Indra Sistemas SA (a)(b) | 21,652 | 224,095 | ||||||
Industria de Diseno Textil SA | 48,570 | 1,622,692 | ||||||
International Consolidated Airlines Group SA (b) | 29,212 | 260,183 | ||||||
Let’s GOWEX SA (a)(b)(e) | 4,019 | 0 | ||||||
Mediaset Espana Comunicacion SA | 41,454 | 451,717 | ||||||
NH Hotel Group SA (b) | 36,812 | 196,417 | ||||||
Red Electrica Corp. SA | 4,685 | 387,725 | ||||||
Repsol SA | 54,994 | 639,039 | ||||||
Sacyr SA (a) | 21,770 | 47,994 | ||||||
Telefonica SA | 188,499 | 2,278,761 | ||||||
Zeltia SA (b) | 45,723 | 171,744 | ||||||
20,437,883 | ||||||||
SWEDEN — 2.8% | ||||||||
AddTech AB (Class B) | 8,497 | 120,560 | ||||||
Alfa Laval AB (a) | 36,064 | 588,665 | ||||||
Assa Abloy AB (Class B) | 42,931 | 767,297 | ||||||
Atlas Copco AB (Class A) | 28,253 | 677,435 | ||||||
Atlas Copco AB (Class B) | 17,301 | 385,748 | ||||||
Bilia AB (Class A) | 6,506 | 129,933 | ||||||
BillerudKorsnas AB | 7,689 | 110,288 | ||||||
Boliden AB | 32,569 | 507,929 | ||||||
Concentric AB | 7,153 | 82,941 | ||||||
Electrolux AB (Series B) | 20,908 | 588,322 | ||||||
Elekta AB (Class B) | 11,303 | 74,998 | ||||||
Getinge AB (Class B) | 3,843 | 85,410 | ||||||
Great Portland Estates PLC | 14,888 | 192,816 | ||||||
Hennes & Mauritz AB (Class B) | 44,147 | 1,609,116 | ||||||
Hexagon AB, (Class B) | 8,730 | 265,739 | ||||||
Hexpol AB | 13,548 | 151,035 | ||||||
Husqvarna AB (Class B) | 17,802 | 116,316 | ||||||
ICA Gruppen AB (a) | 3,346 | 112,902 | ||||||
Industrivarden AB (Class A) | 8,400 | 158,745 | ||||||
Industrivarden AB (Class C) | 7,082 | 123,958 | ||||||
Investor AB (Class A) | 5,800 | 192,110 | ||||||
Investor AB (Class B) | 16,081 | 550,474 | ||||||
JM AB | 3,585 | 96,090 | ||||||
Karo Bio AB (b) | 40,676 | 220,669 | ||||||
Kinnevik Investment AB (Class B) | 13,971 | 397,955 | ||||||
KNOW IT AB | 16,582 | 101,326 | ||||||
Lagercrantz Group AB (Class B) | 7,353 | 167,013 | ||||||
Lundin Petroleum AB (Class B) (a)(b) | 9,865 | 126,796 | ||||||
Meda AB (Class A) | 9,521 | 135,543 | ||||||
NetEnt AB (b) | 10,252 | 569,009 | ||||||
Nibe Industrier AB (Class B) (a) | 3,564 | 104,068 | ||||||
Nordea Bank AB | 138,071 | 1,534,296 | ||||||
Opus Group AB (a) | 63,771 | 46,001 | ||||||
Orexo AB (a)(b) | 4,775 | 34,018 | ||||||
Qliro Group AB (a)(b) | 49,836 | 62,391 | ||||||
Saab AB | 4,321 | 115,405 | ||||||
Sandvik AB | 66,639 | 565,717 | ||||||
Securitas AB (Class B) | 13,856 | 168,676 | ||||||
Skandinaviska Enskilda Banken AB (Class A) | 75,223 | 801,375 | ||||||
Skanska AB (Class B) | 17,316 | 338,390 | ||||||
SKF AB (Class A) | 11,367 | 207,497 | ||||||
Svenska Cellulosa AB (Class B) | 21,339 | 594,853 | ||||||
Svenska Handelsbanken AB (Class A) | 64,455 | 921,439 | ||||||
Swedbank AB (Class A) | 44,593 | 983,093 | ||||||
Swedish Match AB | 6,851 | 206,419 | ||||||
Swedish Orphan Biovitrum AB (a)(b) | 9,544 | 125,629 | ||||||
Tele2 AB (Class B) | 33,783 | 328,080 | ||||||
Telefonaktiebolaget LM Ericsson (Class B) | 163,518 | 1,602,611 | ||||||
TeliaSonera AB | 109,723 | 589,233 | ||||||
Tethys Oil AB | 13,360 | 70,726 | ||||||
Trelleborg AB (Class B) | 10,487 | 165,550 | ||||||
Volvo AB (Class A) (a) | 97,402 | 927,909 | ||||||
19,900,514 | ||||||||
SWITZERLAND — 7.7% | ||||||||
ABB, Ltd. (b) | 86,717 | 1,528,264 |
See accompanying notes to financial statements.
277
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Actelion, Ltd. (b) | 4,647 | $ | 588,306 | |||||
Adecco SA (b) | 12,969 | 945,698 | ||||||
Aryzta AG (b) | 1,632 | 68,931 | ||||||
Baloise Holding AG | 2,164 | 247,384 | ||||||
Chocoladefabriken Lindt & Spruengli AG (d) | 42 | 245,655 | ||||||
Chocoladefabriken Lindt & Spruengli AG (d) | 2 | 141,511 | ||||||
Cie Financiere Richemont SA | 22,597 | 1,750,683 | ||||||
Clariant AG (b) | 12,357 | 207,531 | ||||||
Coca-Cola HBC AG (b) | 7,531 | 159,364 | ||||||
Comet Holding AG (a)(b) | 227 | 156,468 | ||||||
Credit Suisse Group AG (b) | 62,413 | 1,495,970 | ||||||
Galenica AG | 163 | 207,024 | ||||||
Geberit AG | 1,662 | 506,373 | ||||||
Givaudan SA (b) | 400 | 648,859 | ||||||
Julius Baer Group, Ltd. (b) | 14,258 | 645,265 | ||||||
Kuehne + Nagel International AG | 5,223 | 669,245 | ||||||
LafargeHolcim, Ltd. (b)(d) | 9,294 | 483,656 | ||||||
LafargeHolcim, Ltd. (b)(d) | 16,312 | 852,244 | ||||||
Leonteq AG (b) | 1,984 | 349,449 | ||||||
Logitech International SA (a) | 7,277 | 94,584 | ||||||
Lonza Group AG (b) | 2,291 | 299,652 | ||||||
Meyer Burger Technology AG (a)(b) | 5,398 | 34,583 | ||||||
Nestle SA | 138,021 | 10,346,984 | ||||||
Novartis AG | 118,734 | 10,863,596 | ||||||
Partners Group Holding AG | 474 | 160,207 | ||||||
PSP Swiss Property AG (b) | 1,692 | 138,705 | ||||||
Roche Holding AG | 31,596 | 8,310,482 | ||||||
Schindler Holding AG | 1,931 | 276,676 | ||||||
SGS SA | 484 | 842,084 | ||||||
Sika AG | 93 | 286,395 | ||||||
Sonova Holding AG | 2,443 | 313,532 | ||||||
STMicroelectronics NV (a) | 35,364 | 240,403 | ||||||
Sulzer AG (a) | 3,638 | 355,572 | ||||||
Swatch Group AG (d) | 2,545 | 940,277 | ||||||
Swatch Group AG (d) | 2,524 | 181,467 | ||||||
Swiss Life Holding AG (b) | 1,389 | 309,046 | ||||||
Swiss Prime Site AG (b) | 3,015 | 219,699 | ||||||
Swiss Re AG | 15,131 | 1,294,598 | ||||||
Swisscom AG | 1,099 | 546,857 | ||||||
Syngenta AG | 5,026 | 1,605,378 | ||||||
Temenos Group AG (b) | 4,177 | 170,996 | ||||||
U-Blox AG (a)(b) | 790 | 158,550 | ||||||
UBS Group AG | 170,412 | 3,141,050 | ||||||
Youlchon Chemical Co., Ltd. | 10,153 | 106,644 | ||||||
Zurich Insurance Group AG (b) | 7,351 | 1,799,569 | ||||||
54,935,466 | ||||||||
UNITED KINGDOM — 17.2% | ||||||||
3i Group PLC | 89,635 | 633,117 | ||||||
Aberdeen Asset Management PLC | 48,394 | 217,349 | ||||||
Admiral Group PLC | 10,616 | 241,530 | ||||||
Afren PLC (a)(b)(d) | 55,933 | 0 | ||||||
Aggreko PLC | 9,386 | 135,208 | ||||||
Amec Foster Wheeler PLC | 39,393 | 427,539 | ||||||
Amlin PLC | 21,511 | 213,913 | ||||||
Anglo American PLC | 67,127 | 560,158 | ||||||
Antofagasta PLC | 14,817 | 112,153 | ||||||
ARM Holdings PLC | 55,910 | 802,435 | ||||||
Ashtead Group PLC | 18,934 | 266,727 | ||||||
Associated British Foods PLC | 11,787 | 596,336 | ||||||
AstraZeneca PLC | 58,612 | 3,712,441 | ||||||
Aviva PLC | 219,794 | 1,504,857 | ||||||
Avon Rubber PLC | 19,837 | 274,640 | ||||||
Babcock International Group PLC | 22,360 | 309,062 | ||||||
BAE Systems PLC | 188,909 | 1,281,093 | ||||||
Balfour Beatty PLC | 115,961 | 441,765 | ||||||
Barclays PLC | 724,689 | 2,680,090 | ||||||
Barratt Developments PLC | 69,513 | 678,625 | ||||||
BBA Aviation PLC | 23,075 | 93,569 | ||||||
Bellway PLC | 4,388 | 165,238 | ||||||
Berkeley Group Holdings PLC | 4,596 | 232,524 | ||||||
BG Group PLC | 157,793 | 2,273,051 | ||||||
BHP Billiton PLC | 81,578 | 1,241,881 | ||||||
Big Yellow Group PLC | 12,032 | 131,952 | ||||||
Booker Group PLC | 71,866 | 201,280 | ||||||
BP PLC | 868,492 | 4,393,931 | ||||||
British American Tobacco PLC | 84,053 | 4,638,241 | ||||||
British Land Co. PLC | 74,164 | 941,970 | ||||||
Britvic PLC | 9,320 | 95,787 | ||||||
BT Group PLC | 407,492 | 2,589,975 | ||||||
BTG PLC (b) | 16,314 | 161,367 | ||||||
Bunzl PLC | 14,342 | 384,524 | ||||||
Burberry Group PLC | 23,699 | 491,085 | ||||||
Cable & Wireless Communications PLC | 195,260 | 163,857 | ||||||
Cairn Energy PLC (b) | 18,894 | 40,068 | ||||||
Capita PLC | 40,252 | 730,441 | ||||||
Capital & Counties Properties PLC | 32,176 | 211,672 | ||||||
Carnival PLC | 13,716 | 711,173 | ||||||
Centamin PLC | 98,231 | 90,765 | ||||||
Centrica PLC | 269,487 | 935,607 | ||||||
Cobham PLC | 35,952 | 155,587 | ||||||
Compass Group PLC | 75,083 | 1,197,598 | ||||||
Croda International PLC | 3,247 | 133,239 | ||||||
Daily Mail & General Trust PLC | 9,812 | 111,991 | ||||||
Darty PLC | 38,578 | 56,391 | ||||||
Derwent London PLC | 4,846 | 267,120 | ||||||
Diageo PLC | 117,282 | 3,145,344 | ||||||
Dialog Semiconductor PLC (b) | 3,371 | 134,598 | ||||||
Direct Line Insurance Group PLC | 61,812 | 351,018 | ||||||
Dixons Carphone PLC | 43,838 | 281,817 | ||||||
Drax Group PLC | 16,589 | 61,313 | ||||||
DS Smith PLC | 23,815 | 142,095 | ||||||
easyJet PLC | 10,835 | 291,647 | ||||||
Experian PLC | 47,857 | 766,959 | ||||||
FirstGroup PLC (b) | 149,369 | 221,053 | ||||||
Foxtons Group PLC | 15,729 | 56,514 | ||||||
Fresnillo PLC | 8,542 | 76,534 | ||||||
G4S PLC | 156,527 | 546,988 | ||||||
GKN PLC | 74,063 | 300,661 | ||||||
GlaxoSmithKline PLC | 224,678 | 4,308,590 | ||||||
Glencore PLC (b) | 493,270 | 684,044 | ||||||
Halma PLC | 16,358 | 178,775 | ||||||
Hammerson PLC | 32,036 | 302,563 | ||||||
Hansteen Holdings PLC | 57,147 | 104,482 | ||||||
Hargreaves Lansdown PLC | 8,483 | 155,095 | ||||||
Hays PLC | 264,844 | 614,997 |
See accompanying notes to financial statements.
278
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Henderson Group PLC | 46,626 | $ | 183,771 | |||||
Hikma Pharmaceuticals PLC | 6,012 | 207,632 | ||||||
HomeServe PLC | 17,285 | 106,248 | ||||||
Howden Joinery Group PLC | 25,643 | 188,970 | ||||||
HSBC Holdings PLC | 884,924 | 6,684,767 | ||||||
ICAP PLC | 68,917 | 477,280 | ||||||
IMI PLC | 9,970 | 143,243 | ||||||
Imperial Tobacco Group PLC | 41,259 | 2,133,025 | ||||||
Inchcape PLC | 17,909 | 195,048 | ||||||
Indivior PLC | 34,713 | 119,150 | ||||||
Informa PLC | 26,891 | 228,717 | ||||||
Inmarsat PLC | 13,234 | 196,854 | ||||||
InterContinental Hotels Group PLC | 11,214 | 387,969 | ||||||
International Personal Finance PLC | 14,468 | 85,032 | ||||||
Intertek Group PLC | 7,232 | 266,308 | ||||||
Investec PLC | 24,364 | 186,557 | ||||||
IP Group PLC (b) | 30,189 | 105,176 | ||||||
ITV PLC | 156,829 | 584,389 | ||||||
J Sainsbury PLC (a) | 105,567 | 417,359 | ||||||
John Wood Group PLC | 15,265 | 142,204 | ||||||
Johnson Matthey PLC | 4,914 | 182,216 | ||||||
Keller Group PLC | 4,331 | 56,714 | ||||||
Kingfisher PLC | 167,751 | 911,205 | ||||||
Land Securities Group PLC | 56,365 | 1,074,920 | ||||||
Legal & General Group PLC | 382,753 | 1,380,444 | ||||||
Lloyds Banking Group PLC | 2,527,384 | 2,877,391 | ||||||
London Stock Exchange Group PLC | 10,320 | 378,143 | ||||||
Lonmin PLC (a)(b) | 19,832 | 4,882 | ||||||
Man Group PLC | 118,046 | 273,937 | ||||||
Marks & Spencer Group PLC | 107,563 | 816,285 | ||||||
Meggitt PLC | 27,060 | 195,190 | ||||||
Mondi PLC | 31,246 | 654,572 | ||||||
National Grid PLC | 179,413 | 2,497,256 | ||||||
Next PLC | 9,161 | 1,056,011 | ||||||
Ocado Group PLC (b) | 17,099 | 82,882 | ||||||
Old Mutual PLC | 322,817 | 924,674 | ||||||
Ophir Energy PLC (b) | 25,367 | 34,525 | ||||||
Pace PLC | 15,033 | 82,090 | ||||||
Pearson PLC | 51,081 | 872,016 | ||||||
Pennon Group PLC | 17,810 | 209,617 | ||||||
Persimmon PLC (b) | 22,745 | 691,816 | ||||||
Petrofac, Ltd. | 10,237 | 119,090 | ||||||
Provident Financial PLC | 2,837 | 134,937 | ||||||
Prudential PLC | 133,458 | 2,817,037 | ||||||
Randgold Resources, Ltd. | 7,348 | 429,855 | ||||||
Reckitt Benckiser Group PLC | 28,376 | 2,573,365 | ||||||
RELX PLC | 52,378 | 898,124 | ||||||
Rentokil Initial PLC | 297,516 | 662,924 | ||||||
Rexam PLC | 31,556 | 250,230 | ||||||
Rightmove PLC | 4,395 | 242,859 | ||||||
Rio Tinto PLC | 59,328 | 1,986,062 | ||||||
Rolls-Royce Holdings PLC (b) | 93,349 | 957,281 | ||||||
Royal Bank of Scotland Group PLC (b) | 75,276 | 359,177 | ||||||
Royal Dutch Shell PLC (Class A) | 177,933 | 4,188,403 | ||||||
Royal Dutch Shell PLC (Class B) | 109,450 | 2,591,288 | ||||||
Royal Mail PLC | 19,596 | 136,186 | ||||||
RSA Insurance Group PLC | 63,278 | 385,989 | ||||||
SABMiller PLC | 47,727 | 2,701,644 | ||||||
Sage Group PLC | 106,149 | 802,981 | ||||||
Schroders PLC | 4,892 | 207,855 | ||||||
Segro PLC | 32,121 | 208,974 | ||||||
Serco Group PLC (a)(b) | 77,507 | 119,634 | ||||||
Severn Trent PLC | 5,397 | 178,544 | ||||||
Shire PLC | 29,795 | 2,032,744 | ||||||
Sky PLC | 57,150 | 903,769 | ||||||
Smith & Nephew PLC | 40,970 | 715,544 | ||||||
Smiths Group PLC | 42,167 | 641,918 | ||||||
Sports Direct International PLC (b) | 6,716 | 77,010 | ||||||
SSE PLC | 58,845 | 1,333,466 | ||||||
St. James’s Place PLC | 22,403 | 288,447 | ||||||
Standard Chartered PLC | 96,818 | 939,766 | ||||||
Standard Life PLC | 144,883 | 851,072 | ||||||
TalkTalk Telecom Group PLC (a) | 18,619 | 88,699 | ||||||
Tate & Lyle PLC | 38,998 | 347,345 | ||||||
Taylor Wimpey PLC | 105,452 | 312,279 | ||||||
Telecom Plus PLC (a) | 2,688 | 45,480 | ||||||
Tesco PLC (b) | 406,618 | 1,128,374 | ||||||
Thomas Cook Group PLC (b) | 45,902 | 80,446 | ||||||
Travis Perkins PLC | 6,850 | 203,993 | ||||||
Trinity Mirror PLC | 20,224 | 46,105 | ||||||
Tullow Oil PLC (b) | 52,904 | 135,511 | ||||||
Unilever PLC | 62,789 | 2,554,645 | ||||||
United Utilities Group PLC | 30,418 | 426,200 | ||||||
Victrex PLC | 4,070 | 109,244 | ||||||
Vodafone Group PLC | 1,231,405 | 3,888,156 | ||||||
Weir Group PLC | 4,746 | 84,111 | ||||||
Whitbread PLC | 8,085 | 571,678 | ||||||
William Hill PLC | 61,610 | 327,380 | ||||||
William Morrison Supermarkets PLC (a) | 168,848 | 424,821 | ||||||
Wolseley PLC | 15,555 | 909,019 | ||||||
Workspace Group PLC | 10,098 | 143,476 | ||||||
WPP PLC | 57,443 | 1,194,672 | ||||||
Xaar PLC | 7,603 | 64,436 | ||||||
122,774,739 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $768,050,089) | 711,116,354 | |||||||
RIGHTS — 0.0% (f) | ||||||||
SPAIN — 0.0% (f) | ||||||||
Banco Popular Espanol SA (expired 9/25/15) (a)(b) (Cost $1,776) | 79,143 | 1,583 | ||||||
WARRANTS — 0.0% (f) | ||||||||
FRANCE — 0.0% (f) | ||||||||
Peugeot SA (expiring 4/29/17) (b) (Cost $15,679) | 13,373 | 37,618 | ||||||
SHORT TERM INVESTMENTS — 6.9% | ||||||||
UNITED STATES — 6.9% | ||||||||
MONEY MARKET FUNDS — 6.9% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (h)(i) | 49,401,027 | 49,401,027 |
See accompanying notes to financial statements.
279
SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (i)(j) | 363,149 | $ | 363,149 | |||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $49,764,176) | 49,764,176 | |||||||
TOTAL INVESTMENTS — 106.4% | ||||||||
(Cost $817,831,720) | 760,919,731 | |||||||
OTHER ASSETS & LIABILITIES — (6.4)% | (46,006,031 | ) | ||||||
NET ASSETS — 100.0% | $ | 714,913,700 | ||||||
(a) | All or a portion of the security was on loan at September 30, 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) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(e) | Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2). | |||||
(f) | Amount shown represents less than 0.05% of net assets. | |||||
(g) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of September 30, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(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. |
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
PLC = Public Limited Company
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
280
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.1% | ||||||||
AUSTRALIA — 6.4% | ||||||||
Abacus Property Group REIT | 132,989 | $ | 296,051 | |||||
Aconex, Ltd. (a) | 111,425 | 324,730 | ||||||
Acrux, Ltd. (b) | 53,574 | 21,445 | ||||||
AET&D Holdings No 1 Pty, Ltd. (a)(b)(c) | 110,316 | 0 | ||||||
Ainsworth Game Technology, Ltd. (b) | 62,446 | 122,788 | ||||||
ALE Property Group | 73,333 | 193,118 | ||||||
ALS, Ltd. | 150,959 | 487,651 | ||||||
Amalgamated Holdings, Ltd. | 48,898 | 442,968 | ||||||
APN News & Media, Ltd. (a) | 262,637 | 90,374 | ||||||
ARB Corp., Ltd. (b) | 15,599 | 150,075 | ||||||
Ardent Leisure Group | 232,696 | 439,575 | ||||||
Arrium, Ltd. (a)(b) | 1,781,043 | 108,814 | ||||||
Asaleo Care, Ltd. | 182,060 | 228,215 | ||||||
Aspen Group | 211,332 | 199,609 | ||||||
Astro Japan Property Group | 31,358 | 115,611 | ||||||
Austal, Ltd. | 146,288 | 231,144 | ||||||
Austbrokers Holdings, Ltd. | 24,904 | 154,601 | ||||||
Australian Agricultural Co., Ltd. (a)(b) | 176,360 | 160,384 | ||||||
Australian Industrial REIT | 40,813 | 67,640 | ||||||
Australian Pharmaceutical Industries, Ltd. | 69,199 | 73,622 | ||||||
Automotive Holdings Group, Ltd. | 63,679 | 176,638 | ||||||
Aveo Group | 174,986 | 329,329 | ||||||
AWE, Ltd. (a)(b) | 275,928 | 120,138 | ||||||
Beach Energy, Ltd. (b) | 987,292 | 315,463 | ||||||
Bega Cheese, Ltd. (b) | 53,476 | 177,628 | ||||||
Billabong International, Ltd. (a)(b) | 300,564 | 137,196 | ||||||
Blackmores, Ltd. | 3,588 | 367,746 | ||||||
BlueScope Steel, Ltd. | 197,092 | 498,268 | ||||||
Bradken, Ltd. (a) | 85,864 | 60,298 | ||||||
Breville Group, Ltd. (b) | 24,520 | 101,593 | ||||||
Brickworks, Ltd. | 15,938 | 173,819 | ||||||
Brookside Energy, Ltd. (a)(d) | 49,351,929 | 34,657 | ||||||
BT Investment Management, Ltd. | 71,867 | 482,480 | ||||||
Burson Group, Ltd. | 94,475 | 242,823 | ||||||
BWP Trust | 155,463 | 337,347 | ||||||
Cabcharge Australia, Ltd. (b) | 56,753 | 119,166 | ||||||
Cardno, Ltd. (b) | 62,450 | 125,865 | ||||||
carsales.com, Ltd. | 84,488 | 579,671 | ||||||
Cash Converters International, Ltd. (b) | 28,704 | 10,683 | ||||||
Charter Hall Group | 115,574 | 353,054 | ||||||
Charter Hall Retail REIT | 214,334 | 612,601 | ||||||
Collins Foods, Ltd. | 31,923 | 72,858 | ||||||
Corporate Travel Management, Ltd. (b) | 46,562 | 315,537 | ||||||
Cover-More Group, Ltd. (b) | 135,235 | 211,780 | ||||||
Credit Corp. Group, Ltd. | 8,238 | 59,066 | ||||||
Cromwell Property Group | 445,252 | 300,171 | ||||||
CSG, Ltd. | 81,210 | 99,232 | ||||||
CSR, Ltd. | 310,985 | 631,145 | ||||||
CuDeco, Ltd. (a)(b)(e) | 26,238 | 20,360 | ||||||
Decmil Group, Ltd. | 31,613 | 20,535 | ||||||
Downer EDI, Ltd. | 218,344 | 512,129 | ||||||
Drillsearch Energy, Ltd. (a)(b) | 141,039 | 48,037 | ||||||
DuluxGroup, Ltd. | 78,128 | 293,530 | ||||||
Energy World Corp., Ltd. (a)(b) | 521,533 | 73,249 | ||||||
ERM Power, Ltd. | 38,846 | 61,106 | ||||||
Evolution Mining, Ltd. | 363,288 | 320,174 | ||||||
Fairfax Media, Ltd. | 978,831 | 608,335 | ||||||
FlexiGroup, Ltd. (b) | 102,847 | 169,727 | ||||||
Folkestone Education Trust | 113,660 | 157,640 | ||||||
G8 Education, Ltd. (b) | 153,904 | 315,591 | ||||||
GDI Property Group | 202,510 | 130,125 | ||||||
Greencross, Ltd. (b) | 47,844 | 218,726 | ||||||
Greenland Minerals & Energy, Ltd. (a) | 4,931 | 90 | ||||||
GUD Holdings, Ltd. | 42,466 | 257,064 | ||||||
GWA Group, Ltd. (b) | 68,951 | 120,084 | ||||||
Hills, Ltd. | 64,555 | 17,454 | ||||||
Hotel Property Investments | 77,861 | 140,522 | ||||||
Independence Group NL (b) | 241,734 | 429,487 | ||||||
Industria REIT (b) | 92,344 | 129,373 | ||||||
Infigen Energy (a) | 893,294 | 169,375 | ||||||
Ingenia Communities Group | 319,378 | 97,563 | ||||||
Investa Office Fund REIT | 189,752 | 525,018 | ||||||
Invocare, Ltd. (b) | 210,355 | 1,602,782 | ||||||
IOOF Holdings, Ltd. (b) | 100,711 | 604,693 | ||||||
iProperty Group, Ltd. (a)(b) | 53,230 | 109,900 | ||||||
Iress, Ltd. (b) | 50,268 | 337,828 | ||||||
iSelect, Ltd. (a) | 153,307 | 162,028 | ||||||
iSentia Group, Ltd. | 88,713 | 243,588 | ||||||
Jacana Minerals, Ltd. (a)(b)(e) | 12,051 | 0 | ||||||
Japara Healthcare, Ltd. (b) | 121,177 | 239,121 | ||||||
JB Hi-Fi, Ltd. (b) | 76,041 | 1,019,936 | ||||||
Karoon Gas Australia, Ltd. (a)(b) | 123,041 | 142,569 | ||||||
Kingsgate Consolidated, Ltd. (a) | 104,426 | 52,800 | ||||||
Liquefied Natural Gas, Ltd. (a)(b) | 221,575 | 198,391 | ||||||
Lynas Corp., Ltd. (a)(b) | 746,605 | 16,778 | ||||||
M2 Group, Ltd. | 84,094 | 560,432 | ||||||
MACA, Ltd. | 27,709 | 17,124 | ||||||
Macquarie Atlas Roads Group | 177,115 | 483,835 | ||||||
Mantra Group, Ltd. | 136,794 | 384,254 | ||||||
Mayne Pharma Group, Ltd. (a)(b) | 308,955 | 222,388 | ||||||
McMillan Shakespeare, Ltd. | 17,385 | 150,288 | ||||||
Medusa Mining, Ltd. (a) | 94,975 | 25,345 | ||||||
Mesoblast, Ltd. (a)(b) | 107,820 | 239,265 | ||||||
Metals X, Ltd. | 100,292 | 84,516 | ||||||
Metcash, Ltd. (b) | 293,358 | 216,311 | ||||||
Mineral Resources, Ltd. (b) | 80,090 | 231,722 | ||||||
MMA Offshore, Ltd. (b) | 99,774 | 36,084 | ||||||
Monadelphous Group, Ltd. (b) | 69,555 | 299,908 | ||||||
Mount Gibson Iron, Ltd. (a)(b) | 491,058 | 60,348 | ||||||
Myer Holdings, Ltd. (b) | 420,740 | 260,009 | ||||||
Navitas, Ltd. (b) | 135,355 | 377,361 | ||||||
New South Resources, Ltd. | 147,806 | 158,290 | ||||||
NewSat, Ltd. (a)(b)(e) | 237,780 | 0 | ||||||
NEXTDC, Ltd. (a) | 58,049 | 96,205 | ||||||
NIB Holdings, Ltd. | 203,249 | 466,733 | ||||||
Nine Entertainment Co., Holdings, Ltd. (b) | 222,643 | 245,471 | ||||||
Northern Star Resources, Ltd. (b) | 292,691 | 548,798 | ||||||
Nufarm, Ltd. | 114,979 | 657,256 |
See accompanying notes to financial statements.
281
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Orocobre, Ltd. (a) | 44,067 | $ | 51,680 | |||||
Orora, Ltd. | 482,038 | 781,961 | ||||||
OZ Minerals, Ltd. | 105,308 | 244,783 | ||||||
OzForex Group, Ltd. (b) | 118,328 | 221,866 | ||||||
Pacific Brands, Ltd. (a) | 1,172,731 | 584,721 | ||||||
Pact Group Holdings, Ltd. | 12,727 | 42,364 | ||||||
Paladin Energy, Ltd. (a)(b) | 738,620 | 88,178 | ||||||
Peet, Ltd. | 35,757 | 26,994 | ||||||
Perpetual, Ltd. | 18,624 | 518,440 | ||||||
Perseus Mining, Ltd. (a)(b) | 262,520 | 56,228 | ||||||
Platinum Australia, Ltd. (a)(c) | 610,876 | 0 | ||||||
Premier Investments, Ltd. | 38,700 | 349,226 | ||||||
Primary Health Care, Ltd. (b) | 165,274 | 439,881 | ||||||
Programmed Maintenance Services, Ltd. (b) | 218,753 | 407,091 | ||||||
Qube Holdings, Ltd. (b) | 299,025 | 415,781 | ||||||
RCR Tomlinson, Ltd. | 46,850 | 70,736 | ||||||
Recall Holdings, Ltd. | 140,217 | 719,797 | ||||||
Regis Resources, Ltd. (b) | 138,996 | 174,234 | ||||||
Reject Shop, Ltd. | 18,786 | 113,719 | ||||||
Resolute Mining, Ltd. (a) | 338,614 | 73,716 | ||||||
Retail Food Group, Ltd. (b) | 71,412 | 207,617 | ||||||
Ridley Corp., Ltd. | 50,734 | 46,138 | ||||||
S2 Resources, Ltd. (a)(b)(e) | 67,119 | 0 | ||||||
SAI Global, Ltd. | 191,414 | 610,269 | ||||||
Sandfire Resources NL | 53,580 | 202,807 | ||||||
Saracen Mineral Holdings, Ltd. (a) | 253,954 | 89,170 | ||||||
Select Harvests, Ltd. | 29,082 | 227,102 | ||||||
Senex Energy, Ltd. (a) | 560,654 | 59,058 | ||||||
Seven West Media, Ltd. | 447,322 | 232,458 | ||||||
Shopping Centres Australasia Property Group | 264,569 | 362,298 | ||||||
Sigma Pharmaceuticals, Ltd. | 1,265,530 | 662,095 | ||||||
Silver Chef, Ltd. | 9,745 | 65,218 | ||||||
Sims Metal Management, Ltd. (b) | 40,494 | 274,701 | ||||||
Sino Gas & Energy Holdings, Ltd. (a)(b) | 610,987 | 35,183 | ||||||
Sirtex Medical, Ltd. | 31,135 | 715,846 | ||||||
Skilled Group, Ltd. | 51,724 | 62,113 | ||||||
Slater & Gordon, Ltd. (b) | 146,541 | 302,551 | ||||||
Southern Cross Media Group, Ltd. (b) | 455,896 | 284,936 | ||||||
Spotless Group Holdings, Ltd. | 288,290 | 435,271 | ||||||
St Barbara, Ltd. (a) | 257,106 | 189,580 | ||||||
Starpharma Holdings, Ltd. (a) | 129,769 | 71,537 | ||||||
Steadfast Group, Ltd. | 224,096 | 224,254 | ||||||
STW Communications Group, Ltd. (b) | 606,261 | 300,152 | ||||||
Sundance Energy Australia, Ltd. (a) | 180,464 | 36,118 | ||||||
Sunland Group, Ltd. | 26,979 | 29,556 | ||||||
Super Retail Group, Ltd. (b) | 50,310 | 314,792 | ||||||
Syrah Resources, Ltd. (a) | 47,434 | 81,944 | ||||||
Tassal Group, Ltd. | 39,595 | 119,286 | ||||||
Technology One, Ltd. (b) | 120,679 | 325,428 | ||||||
Ten Network Holdings, Ltd. (a)(b) | 470,784 | 59,510 | ||||||
TFS Corp., Ltd. (b) | 139,263 | 149,141 | ||||||
Tox Free Solutions, Ltd. | 29,976 | 54,311 | ||||||
Transfield Services, Ltd. (a) | 305,936 | 226,660 | ||||||
Transpacific Industries Group, Ltd. (b) | 688,608 | 328,831 | ||||||
UGL, Ltd. (b) | 74,158 | 97,906 | ||||||
UXC, Ltd. | 71,946 | 63,408 | ||||||
Veda Group, Ltd. | 270,555 | 507,293 | ||||||
Village Roadshow, Ltd. | 7,220 | 35,289 | ||||||
Virgin Australia Holdings, Ltd. (a) | 489,525 | 166,728 | ||||||
Virtus Health, Ltd. | 15,806 | 60,272 | ||||||
Vocus Communications, Ltd. (b) | 119,969 | 495,380 | ||||||
Webjet, Ltd. (b) | 55,300 | 163,881 | ||||||
Western Areas NL | 108,169 | 163,318 | ||||||
Whitehaven Coal, Ltd. (a)(b) | 197,996 | 124,443 | ||||||
WorleyParsons, Ltd. | 92,301 | 383,077 | ||||||
41,370,640 | ||||||||
AUSTRIA — 0.4% | ||||||||
CA Immobilien Anlagen AG (a) | 21,511 | 395,472 | ||||||
Conwert Immobilien Invest SE (a)(b) | 24,674 | 332,987 | ||||||
DO & Co. AG | 4,283 | 350,816 | ||||||
Flughafen Wien AG | 571 | 51,443 | ||||||
Lenzing AG | 2,766 | 207,082 | ||||||
POLYTEC Holding AG | 3,257 | 24,755 | ||||||
Porr AG | 7,468 | 191,731 | ||||||
RHI AG (b) | 12,292 | 248,212 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG (b) | 4,609 | 259,503 | ||||||
Semperit AG Holding | 4,933 | 149,363 | ||||||
Zumtobel Group AG | 21,630 | 474,801 | ||||||
2,686,165 | ||||||||
BAHAMAS — 0.0% (f) | ||||||||
United International Enterprises | 476 | 75,425 | ||||||
BELGIUM — 1.2% | ||||||||
Ablynx NV (a)(b) | 30,876 | 396,351 | ||||||
Aedifica SA | 5,754 | 341,570 | ||||||
AGFA-Gevaert NV (a) | 189,157 | 681,158 | ||||||
AGFA-Gevaert NV VVPR Strip (b)(c) | 42,353 | 0 | ||||||
Barco NV | 16,766 | 1,080,607 | ||||||
Befimmo SA | 2,522 | 154,525 | ||||||
Bekaert SA | 4,605 | 120,926 | ||||||
BHF Kleinwort Benson Group (a) | 116,927 | 696,975 | ||||||
Deceuninck NV | 20,586 | 55,380 | ||||||
Econocom Group SA (b) | 23,186 | 200,736 | ||||||
EVS Broadcast Equipment SA (b) | 14,854 | 383,348 | ||||||
Fagron | 14,609 | 277,387 | ||||||
Ion Beam Applications | 10,757 | 346,056 | ||||||
Kinepolis Group NV | 3,239 | 125,549 | ||||||
Lotus Bakeries | 171 | 328,521 | ||||||
Melexis NV | 9,832 | 453,705 | ||||||
Mobistar SA (a) | 20,838 | 447,996 | ||||||
Nyrstar NV (a)(b) | 210,665 | 471,720 | ||||||
Tessenderlo Chemie NV (a) | 36,511 | 1,068,403 | ||||||
Tessenderlo Chemie NV VVPR Strip (a)(c) | 4,451 | 0 | ||||||
ThromboGenics NV (a) | 15,569 | 64,997 | ||||||
Warehouses De Pauw CVA REIT | 3,589 | 277,751 | ||||||
7,973,661 | ||||||||
See accompanying notes to financial statements.
282
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
BERMUDA — 0.2% | ||||||||
Global Sources, Ltd. (a)(b) | 7,617 | $ | 63,297 | |||||
Ship Finance International, Ltd. (b) | 32,795 | 532,919 | ||||||
SmarTone Telecommunications Holdings, Ltd. | 219,749 | 412,842 | ||||||
Trinity, Ltd. (b) | 596,000 | 64,598 | ||||||
1,073,656 | ||||||||
CANADA — 9.4% | ||||||||
Advantage Oil & Gas, Ltd. (a) | 127,472 | 662,698 | ||||||
Aecon Group, Inc. | 10,926 | 110,751 | ||||||
Africa Oil Corp. (a)(b) | 145,318 | 168,004 | ||||||
AG Growth International, Inc. (b) | 6,091 | 162,963 | ||||||
AGF Management, Ltd. (Class B) (b) | 10,916 | 43,071 | ||||||
AGT Food & Ingredients, Inc. (b) | 10,331 | 199,731 | ||||||
Aimia, Inc. | 57,655 | 502,283 | ||||||
Alacer Gold Corp. (a) | 110,448 | 247,966 | ||||||
Alamos Gold, Inc. (Class A) | 135,641 | 499,789 | ||||||
Alaris Royalty Corp. (b) | 13,035 | 262,119 | ||||||
Algonquin Power & Utilities Corp. (b) | 78,901 | 555,550 | ||||||
Altius Minerals Corp. (b) | 3,173 | 28,376 | ||||||
Altus Group, Ltd. (b) | 9,049 | 138,229 | ||||||
Arbutus Biopharma Corp. (a)(e) | 11,948 | 72,763 | ||||||
Argonaut Gold, Inc. (a)(b) | 64,375 | 65,302 | ||||||
Artis REIT | 16,293 | 154,095 | ||||||
Asanko Gold, Inc. (a) | 52,083 | 75,753 | ||||||
Atlantic Power Corp. (b) | 58,373 | 108,848 | ||||||
Atrium Mortgage Investment Corp. | 33,342 | 290,222 | ||||||
ATS Automation Tooling Systems, Inc. (a) | 32,107 | 309,168 | ||||||
AutoCanada, Inc. (b) | 8,600 | 165,880 | ||||||
Avigilon Corp. (a)(b) | 14,690 | 124,909 | ||||||
B2Gold Corp. (a) | 372,216 | 391,456 | ||||||
Badger Daylighting, Ltd. (b) | 14,463 | 210,359 | ||||||
Ballard Power Systems, Inc. (a)(b) | 68,280 | 82,504 | ||||||
Bankers Petroleum, Ltd. (a) | 145,641 | 189,017 | ||||||
Baytex Energy Corp. | 89,800 | 286,004 | ||||||
Bellatrix Exploration, Ltd. (a)(b) | 91,892 | 139,822 | ||||||
Birchcliff Energy, Ltd. (a) | 60,432 | 287,578 | ||||||
Bird Construction, Inc. (b) | 18,405 | 164,735 | ||||||
Black Diamond Group, Ltd. (b) | 11,680 | 72,483 | ||||||
BlackPearl Resources, Inc. (a)(b) | 160,986 | 114,072 | ||||||
Bombardier, Inc. (Class B) | 754,500 | 939,819 | ||||||
Bonavista Energy Corp. (b) | 89,600 | 205,170 | ||||||
Bonterra Energy Corp. (b) | 9,364 | 136,266 | ||||||
Boulder Energy, Ltd. (a) | 14,148 | 52,447 | ||||||
Boyd Group Income Fund | 1,473 | 67,942 | ||||||
BRP, Inc. (a) | 14,504 | 273,918 | ||||||
Calfrac Well Services, Ltd. (b) | 39,389 | 91,370 | ||||||
Callidus Capital Corp. (b) | 17,815 | 151,880 | ||||||
Canaccord Genuity Group, Inc. | 46,061 | 179,682 | ||||||
Canacol Energy, Ltd. (a)(b) | 38,886 | 75,701 | ||||||
Canadian Energy Services & Technology Corp. | 80,626 | 371,047 | ||||||
Canadian Solar, Inc. (a)(b) | 16,357 | 271,853 | ||||||
Canadian Western Bank (b) | 18,100 | 317,125 | ||||||
Canam Group, Inc. | 3,588 | 34,443 | ||||||
Canexus Corp. (b) | 86,987 | 75,263 | ||||||
Canyon Services Group, Inc. | 24,636 | 84,527 | ||||||
Capital Power Corp. (b) | 16,500 | 232,356 | ||||||
Capstone Infrastructure Corp. (b) | 21,286 | 49,059 | ||||||
Capstone Mining Corp. (a) | 198,540 | 65,158 | ||||||
Cardinal Energy, Ltd. (b) | 43,595 | 289,398 | ||||||
Celestica, Inc. (a) | 104,684 | 1,341,442 | ||||||
Centerra Gold, Inc. | 71,855 | 404,107 | ||||||
Chartwell Retirement Residences | 12,126 | 111,157 | ||||||
China Gold International Resources Corp., Ltd. (a)(b) | 119,802 | 169,780 | ||||||
Chinook Energy, Inc. (a)(b) | 117,241 | 53,343 | ||||||
Cogeco Cable, Inc. | 5,600 | 269,411 | ||||||
Colliers International Group, Inc. | 36,864 | 1,490,288 | ||||||
Colossus Minerals, Inc. (a)(b)(e) | 380 | 0 | ||||||
Computer Modelling Group, Ltd. | 39,635 | 334,948 | ||||||
Continental Gold, Inc. (a)(b) | 54,559 | 67,146 | ||||||
Corus Entertainment, Inc. (Class B) (b) | 83,903 | 883,025 | ||||||
Cott Corp. | 72,206 | 776,617 | ||||||
Crew Energy, Inc. (a) | 66,197 | 201,450 | ||||||
Delphi Energy Corp. (a) | 63,676 | 32,771 | ||||||
Denison Mines Corp. (a)(b) | 265,558 | 99,037 | ||||||
Descartes Systems Group, Inc. (a) | 39,934 | 704,139 | ||||||
Detour Gold Corp. (a)(b) | 66,522 | 706,055 | ||||||
DHX Media, Ltd. | 30,940 | 193,851 | ||||||
DirectCash Payments, Inc. (b) | 2,155 | 19,771 | ||||||
DIRTT Environmental Solutions (a)(b) | 27,057 | 114,428 | ||||||
Dominion Diamond Corp. | 43,921 | 467,154 | ||||||
Dorel Industries, Inc. (Class B) | 14,163 | 332,445 | ||||||
Dream Unlimited Corp. (Class A) (a)(b) | 78,979 | 414,129 | ||||||
Dundee Corp. (Class A) (a) | 59,693 | 383,795 | ||||||
Dundee Precious Metals, Inc. (a)(b) | 56,081 | 91,189 | ||||||
Enbridge Income Fund Holdings, Inc. (b) | 17,358 | 405,499 | ||||||
Endeavour Mining Corp. (a) | 218,875 | 89,790 | ||||||
Endeavour Silver Corp. (a)(b) | 58,796 | 90,341 | ||||||
EnerCare, Inc. (b) | 26,234 | 275,509 | ||||||
Enerflex, Ltd. | 39,803 | 391,588 | ||||||
Enerplus Corp. (b) | 80,800 | 391,736 | ||||||
Enghouse Systems, Ltd. | 10,983 | 438,189 | ||||||
Ensign Energy Services, Inc. | 53,500 | 327,616 | ||||||
Entertainment One, Ltd. | 94,912 | 356,544 | ||||||
Epsilon Energy, Ltd. (a) | 16,469 | 35,009 | ||||||
Equitable Group, Inc. (b) | 6,291 | 263,943 | ||||||
Essential Energy Services Trust | 37,391 | 18,965 | ||||||
Exchange Income Corp. (b) | 12,198 | 221,087 | ||||||
Extendicare, Inc. (b) | 43,740 | 261,324 | ||||||
Firm Capital Mortgage Investment Corp. (b) | 29,680 | 274,065 | ||||||
First Majestic Silver Corp. (a)(b) | 49,393 | 157,312 | ||||||
FirstService Corp. | 30,552 | 982,851 | ||||||
Fortuna Silver Mines, Inc. (a)(b) | 73,158 | 159,881 | ||||||
Freehold Royalties, Ltd. (b) | 23,227 | 187,451 | ||||||
Gasfrac Energy Services, Inc. (a)(e) | 21,904 | 0 | ||||||
Gibson Energy, Inc. (b) | 37,549 | 468,557 | ||||||
Gluskin Sheff + Associates, Inc. (b) | 12,267 | 182,262 | ||||||
GMP Capital, Inc. | 97,720 | 301,753 |
See accompanying notes to financial statements.
283
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Gran Tierra Energy, Inc. (a) | 145,755 | $ | 310,927 | |||||
Granite Oil Corp. | 9,426 | 50,550 | ||||||
Granite Real Estate Investment Trust | 23,587 | 661,147 | ||||||
Great Basin Gold, Ltd. (a)(e) | 266,255 | 0 | ||||||
Great Canadian Gaming Corp. (a) | 27,813 | 386,897 | ||||||
Guardian Capital Group, Ltd. (Class A) | 138,326 | 1,806,585 | ||||||
Guyana Goldfields, Inc. (a) | 75,590 | 201,844 | ||||||
Heroux-Devtek, Inc. (a) | 4,619 | 40,757 | ||||||
High Liner Foods, Inc. | 5,378 | 62,537 | ||||||
HNZ Group, Inc. | 10,950 | 134,598 | ||||||
Home Capital Group, Inc. (b) | 22,000 | 525,591 | ||||||
Horizon North Logistics, Inc. (b) | 71,093 | 126,204 | ||||||
HudBay Minerals, Inc. | 84,500 | 310,722 | ||||||
IAMGOLD Corp. (a) | 161,623 | 262,802 | ||||||
IMAX Corp. (a)(e) | 25,358 | 856,847 | ||||||
Imperial Metals Corp. (a) | 22,558 | 103,982 | ||||||
Innergex Renewable Energy, Inc. (b) | 55,041 | 429,014 | ||||||
Interfor Corp. (a) | 26,652 | 187,262 | ||||||
InterOil Corp. (a)(b) | 16,501 | 556,249 | ||||||
InterRent Real Estate Investment Trust | 7,774 | 37,690 | ||||||
Intertain Group, Ltd. (a) | 39,541 | 338,577 | ||||||
Intertape Polymer Group, Inc. | 17,763 | 189,064 | ||||||
Ithaca Energy, Inc. (a)(b) | 152,909 | 70,712 | ||||||
Ivanhoe Mines, Ltd. (Class A) (a) | 164,684 | 79,842 | ||||||
Jean Coutu Group PJC, Inc. (Class A) | 8,600 | 128,997 | ||||||
Just Energy Group, Inc. (b) | 75,909 | 465,408 | ||||||
Kelso Technologies, Inc. | 19,277 | 30,482 | ||||||
Kelt Exploration, Ltd. (a)(b) | 56,471 | 240,508 | ||||||
Kirkland Lake Gold, Inc. (a)(b) | 40,576 | 167,970 | ||||||
Knight Therapeutics, Inc. (a) | 21,539 | 113,422 | ||||||
KP Tissue, Inc. | 6,253 | 56,714 | ||||||
Labrador Iron Ore Royalty Corp. (b) | 24,348 | 259,697 | ||||||
Lake Shore Gold Corp. (a)(b) | 237,666 | 198,542 | ||||||
Laurentian Bank of Canada (b) | 3,274 | 122,906 | ||||||
Lightstream Resources, Ltd. (b) | 67,986 | 17,748 | ||||||
Liquor Stores NA, Ltd. (b) | 15,547 | 126,978 | ||||||
Lucara Diamond Corp. | 108,262 | 121,126 | ||||||
MAG Silver Corp. (a) | 49,922 | 353,740 | ||||||
Major Drilling Group International, Inc. (b) | 95,960 | 318,507 | ||||||
Mart Resources, Inc. | 203,797 | 25,081 | ||||||
Martinrea International, Inc. | 65,078 | 512,586 | ||||||
MCAN Mortgage Corp. (b) | 26,102 | 241,804 | ||||||
Medical Facilities Corp. (b) | 15,699 | 183,957 | ||||||
MEG Energy Corp. (a) | 64,100 | 393,961 | ||||||
Mitel Networks Corp. (a)(b) | 37,065 | 239,069 | ||||||
Morguard Corp. | 1,739 | 175,132 | ||||||
Morneau Shepell, Inc. (b) | 18,534 | 212,062 | ||||||
MTY Food Group, Inc. (b) | 9,270 | 220,082 | ||||||
Mullen Group, Ltd. | 14,800 | 197,046 | ||||||
Nevsun Resources, Ltd. (b) | 104,003 | 303,313 | ||||||
New Gold, Inc. (a) | 165,100 | 370,665 | ||||||
Newalta Corp. | 20,287 | 139,060 | ||||||
Norbord, Inc. (b) | 12,070 | 172,313 | ||||||
North American Palladium, Ltd. (a) | 235 | 771 | ||||||
North West Co., Inc. (b) | 27,547 | 578,596 | ||||||
Novadaq Technologies, Inc. (a)(b) | 22,308 | 232,672 | ||||||
Novagold Resources, Inc. (a)(b) | 111,405 | 401,347 | ||||||
NuVista Energy, Ltd. (a) | 98,265 | 370,134 | ||||||
OceanaGold Corp. (b) | 153,409 | 223,128 | ||||||
OneREIT | 8,821 | 20,396 | ||||||
Osisko Gold Royalties, Ltd. | 33,812 | 355,597 | ||||||
Pacific Exploration and Production Corp. (b) | 74,567 | 165,741 | ||||||
Painted Pony Petroleum, Ltd. (a) | 47,122 | 191,904 | ||||||
Pan American Silver Corp. | 43,100 | 272,610 | ||||||
Paramount Resources, Ltd. (Class A) (a)(b) | 26,400 | 193,761 | ||||||
Parex Resources, Inc. (a) | 57,259 | 395,052 | ||||||
Parkland Fuel Corp. (b) | 43,536 | 742,323 | ||||||
Pason Systems, Inc. | 15,100 | 211,290 | ||||||
Pengrowth Energy Corp. | 224,400 | 190,808 | ||||||
Performance Sports Group, Ltd. (a)(b) | 22,707 | 304,728 | ||||||
PHX Energy Services Corp. | 9,473 | 20,137 | ||||||
Pizza Pizza Royalty Corp. (b) | 21,397 | 216,093 | ||||||
Poseidon Concepts Corp. (a)(e) | 43,064 | 0 | ||||||
Precision Drilling Corp. | 135,000 | 497,427 | ||||||
Premier Gold Mines, Ltd. (a)(b) | 91,826 | 154,105 | ||||||
Premium Brands Holdings Corp. | 5,258 | 122,871 | ||||||
Pretium Resources, Inc. (a)(b) | 40,506 | 244,118 | ||||||
Primero Mining Corp. (a) | 53,558 | 124,637 | ||||||
ProMetic Life Sciences, Inc. (a)(b) | 232,479 | 254,900 | ||||||
Pulse Seismic, Inc. (b) | 19,280 | 33,507 | ||||||
Pure Technologies, Ltd. | 31,834 | 122,521 | ||||||
Quebecor, Inc. (Class B) | 17,500 | 381,275 | ||||||
Raging River Exploration, Inc. (a)(b) | 81,426 | 447,609 | ||||||
Redknee Solutions, Inc. (a)(b) | 30,876 | 88,665 | ||||||
Regal Lifestyle Communities, Inc. | 8,346 | 74,328 | ||||||
Reitmans Canada, Ltd. (Class A) | 25,911 | 81,558 | ||||||
Richelieu Hardware, Ltd. | 8,124 | 403,443 | ||||||
RMP Energy, Inc. (a) | 52,428 | 49,663 | ||||||
Rogers Sugar, Inc. (b) | 9,181 | 27,871 | ||||||
Romarco Minerals, Inc. (a) | 480,951 | 168,604 | ||||||
RONA, Inc. | 54,659 | 554,866 | ||||||
Rubicon Minerals Corp. (a)(b) | 181,309 | 129,825 | ||||||
Russel Metals, Inc. | 16,100 | 259,507 | ||||||
Sandstorm Gold, Ltd. (a)(b) | 37,047 | 98,096 | ||||||
Sandvine Corp. (a)(b) | 35,597 | 61,598 | ||||||
Savanna Energy Services Corp. (b) | 105,896 | 110,580 | ||||||
Seabridge Gold, Inc. (a)(b) | 22,765 | 131,764 | ||||||
Sears Canada, Inc. (a)(b) | 4,869 | 31,596 | ||||||
Secure Energy Services, Inc. | 58,320 | 390,627 | ||||||
SEMAFO, Inc. (a) | 133,158 | 287,034 | ||||||
ShawCor, Ltd. | 18,835 | 393,081 | ||||||
Sherritt International Corp. (b) | 152,943 | 85,558 | ||||||
Sierra Wireless, Inc. (a)(b) | 16,184 | 341,377 | ||||||
Silver Standard Resources, Inc. (a)(b) | 44,382 | 288,001 | ||||||
Silvercorp Metals, Inc. (b) | 99,381 | 63,007 | ||||||
SilverCrest Mines, Inc. (a) | 25,014 | 22,016 | ||||||
Sirius XM Canada Holdings, Inc. (b) | 40,744 | 149,823 | ||||||
Solium Capital, Inc. (a)(b) | 30,416 | 158,580 |
See accompanying notes to financial statements.
284
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Southern Pacific Resource Corp. (a)(e) | 281,142 | $ | 0 | |||||
Spartan Energy Corp. (a)(b) | 119,692 | 203,549 | ||||||
Stuart Olson, Inc. | 5,209 | 21,602 | ||||||
SunOpta, Inc. (a) | 31,210 | 151,681 | ||||||
Sunshine Oilsands, Ltd. (a)(b) | 1,674,500 | 140,441 | ||||||
Superior Plus Corp. (b) | 57,127 | 468,282 | ||||||
Surge Energy, Inc. (b) | 106,954 | 215,392 | ||||||
Tahoe Resources, Inc. | 83,051 | 638,663 | ||||||
Taseko Mines, Ltd. (a) | 25,320 | 10,009 | ||||||
Tembec, Inc. (a)(b) | 20,383 | 16,267 | ||||||
Teranga Gold Corp. (a) | 79,617 | 32,068 | ||||||
Thompson Creek Metals Co., Inc. (a)(b) | 91,489 | 42,309 | ||||||
Timmins Gold Corp. (a) | 45,501 | 11,369 | ||||||
TORC Oil & Gas, Ltd. (b) | 31,526 | 131,917 | ||||||
Torex Gold Resources, Inc. (a) | 368,629 | 343,691 | ||||||
Toromont Industries, Ltd. (b) | 25,155 | 609,221 | ||||||
Torstar Corp. (Class B) (b) | 19,590 | 61,954 | ||||||
Total Energy Services, Inc. | 10,691 | 116,503 | ||||||
TransAlta Corp. | 105,600 | 488,342 | ||||||
Transcontinental, Inc. (Class A) | 38,940 | 551,846 | ||||||
TransForce, Inc. (b) | 7,700 | 137,207 | ||||||
TransGlobe Energy Corp. (b) | 49,556 | 129,000 | ||||||
Trevali Mining Corp. (a) | 50,065 | 11,950 | ||||||
Tricon Capital Group, Inc. (b) | 35,849 | 275,144 | ||||||
Trinidad Drilling, Ltd. (b) | 94,412 | 155,628 | ||||||
Twin Butte Energy, Ltd. (b) | 87,910 | 20,327 | ||||||
Uni-Select, Inc. (b) | 28,907 | 1,302,292 | ||||||
Wajax Corp. (b) | 5,276 | 86,930 | ||||||
Western Energy Services Corp. (b) | 17,008 | 65,206 | ||||||
Western Forest Products, Inc. (b) | 178,917 | 240,211 | ||||||
Westport Innovations, Inc. (a)(b) | 22,980 | 56,906 | ||||||
Westshore Terminals Investment Corp. | 7,312 | 138,528 | ||||||
Whistler Blackcomb Holdings, Inc. | 18,770 | 301,003 | ||||||
Wi-LAN, Inc. | 84,499 | 152,523 | ||||||
Winpak, Ltd. (b) | 11,097 | 333,564 | ||||||
Yamana Gold, Inc. (b) | 343,100 | 575,800 | ||||||
Yellow Pages, Ltd. (a) | 11,465 | 136,311 | ||||||
60,927,712 | ||||||||
CHINA — 0.9% | ||||||||
Allied Properties HK, Ltd. (b) | 2,552,391 | 526,942 | ||||||
China Everbright Water, Ltd. (a)(b) | 152,900 | 65,057 | ||||||
China Sandi Holdings, Ltd. (a) | 103 | 7 | ||||||
Chow Sang Sang Holdings International, Ltd. | 242,939 | 485,875 | ||||||
Daphne International Holdings, Ltd. (a) | 552,000 | 125,357 | ||||||
G-Resources Group, Ltd. | 12,854,400 | 333,383 | ||||||
Greenland Hong Kong Holdings, Ltd. (a) | 184,000 | 89,032 | ||||||
HKR International, Ltd. | 2,575,659 | 1,232,985 | ||||||
K Wah International Holdings, Ltd. (b) | 1,476,247 | 586,685 | ||||||
Midland Holdings, Ltd. (a)(b) | 749,790 | 309,589 | ||||||
Nam Tai Property, Inc. (b) | 5,210 | 31,781 | ||||||
Road King Infrastructure, Ltd. | 1,148,482 | 998,802 | ||||||
Shun Tak Holdings, Ltd. | 1,234,749 | 466,812 | ||||||
Texwinca Holdings, Ltd. | 730,850 | 656,346 | ||||||
5,908,653 | ||||||||
DENMARK — 1.3% | ||||||||
ALK-Abello A/S | 2,214 | 253,095 | ||||||
Amagerbanken A/S (a)(c) | 308,573 | 0 | ||||||
Ambu A/S (Class B) (b) | 17,735 | 478,984 | ||||||
Bang & Olufsen A/S (a)(b) | 32,554 | 226,014 | ||||||
Bavarian Nordic A/S (a) | 16,083 | 635,306 | ||||||
D/S Norden A/S (a) | 14,526 | 319,938 | ||||||
FLSmidth & Co. A/S (b) | 20,689 | 685,686 | ||||||
Forward Pharma A/S ADR (a) | 2,511 | 59,159 | ||||||
IC Group A/S | 25,229 | 717,242 | ||||||
Matas A/S | 13,304 | 248,831 | ||||||
NKT Holding A/S | 11,022 | 580,517 | ||||||
OW Bunker A/S (a)(e) | 9,828 | 0 | ||||||
PER Aarsleff A/S (Class B) | 475 | 162,829 | ||||||
Rockwool International A/S (Class B) | 1,979 | 281,752 | ||||||
Royal Unibrew A/S | 15,129 | 565,477 | ||||||
Santa Fe Group A/S (a)(b) | 35,329 | 306,600 | ||||||
Schouw & Co. | 3,042 | 163,405 | ||||||
SimCorp A/S | 45,071 | 2,265,942 | ||||||
Solar A/S (Class B) | 1,401 | 84,375 | ||||||
Spar Nord Bank A/S | 31,572 | 359,028 | ||||||
Torm A/S (a) | 10,698 | 153,665 | ||||||
8,547,845 | ||||||||
FINLAND — 1.2% | ||||||||
BasWare Oyj | 4,256 | 185,707 | ||||||
Caverion Corp. | 31,184 | 311,194 | ||||||
Cramo Oyj | 14,996 | 311,853 | ||||||
Fiskars Oyj Abp | 22,334 | 448,746 | ||||||
Kemira Oyj (b) | 14,795 | 170,434 | ||||||
Konecranes Oyj (b) | 18,539 | 462,721 | ||||||
Lassila & Tikanoja Oyj | 69,841 | 1,400,941 | ||||||
Metsa Board Oyj | 88,300 | 496,767 | ||||||
Olvi OYJ (Class A) | 5,779 | 142,498 | ||||||
Oriola-KD OYJ (Class B) (a) | 33,404 | 160,335 | ||||||
Outokumpu Oyj (a)(b) | 106,159 | 244,110 | ||||||
Outotec Oyj (b) | 54,969 | 202,853 | ||||||
PKC Group Oyj (b) | 13,478 | 244,478 | ||||||
Poyry Oyj (a)(b) | 85,220 | 342,457 | ||||||
Raisio Oyj (Class V) | 33,417 | 160,397 | ||||||
Ramirent Oyj | 32,539 | 248,803 | ||||||
Sanoma Oyj (b) | 14,488 | 53,433 | ||||||
Sponda Oyj | 48,751 | 190,029 | ||||||
Stockmann Oyj Abp (Class B) (a)(b) | 10,118 | 78,664 | ||||||
Talvivaara Mining Co. PLC (a)(b)(c) | 572,382 | 0 | ||||||
Tieto Oyj | 28,022 | 706,292 | ||||||
Tikkurila Oyj | 9,466 | 156,911 | ||||||
Uponor Oyj | 14,467 | 187,810 | ||||||
Valmet Oyj | 49,303 | 476,599 | ||||||
YIT Oyj (b) | 45,960 | 251,076 | ||||||
7,635,108 | ||||||||
FRANCE — 2.1% | ||||||||
AB Science SA (a)(b) | 4,337 | 59,450 |
See accompanying notes to financial statements.
285
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Albioma SA | 10,909 | $ | 181,318 | |||||
Alten SA | 14,107 | 722,863 | ||||||
Altran Technologies SA | 52,421 | 607,385 | ||||||
ANF Immobilier | 3,248 | 72,330 | ||||||
Assystem | 2,218 | 45,382 | ||||||
Beneteau SA | 12,353 | 183,187 | ||||||
Bourbon SA (b) | 7,406 | 92,838 | ||||||
Cellectis SA (a)(b) | 13,918 | 371,620 | ||||||
CGG SA (a)(b) | 81,891 | 281,454 | ||||||
Coface SA | 32,942 | 289,612 | ||||||
DBV Technologies SA (a)(b) | 6,456 | 453,938 | ||||||
Elis SA | 25,966 | 404,044 | ||||||
Etablissements Maurel et Prom (a)(b) | 40,827 | 150,893 | ||||||
Faiveley Transport SA (a) | 2,200 | 226,911 | ||||||
Flamel Technologies SA ADR (a) | 20,024 | 326,591 | ||||||
Fonciere De Paris SIIC | 2,098 | 250,582 | ||||||
GameLoft SE (a)(b) | 42,205 | 154,996 | ||||||
Gaztransport Et Technigaz SA | 6,378 | 330,556 | ||||||
Genfit (a)(b) | 8,633 | 327,017 | ||||||
GL Events | 27,182 | 524,611 | ||||||
Groupe Fnac SA (a) | 4,103 | 233,991 | ||||||
Haulotte Group SA | 3,020 | 42,273 | ||||||
Innate Pharma SA (a)(b) | 25,063 | 374,886 | ||||||
Interparfums SA | 1,765 | 45,137 | ||||||
IPSOS | 14,078 | 275,869 | ||||||
Jacquet Metal Service | 33,801 | 456,726 | ||||||
Laurent-Perrier | 13 | 1,121 | ||||||
LISI | 7,308 | 197,535 | ||||||
Marie Brizard Wine & Spirits (a)(b) | 13,571 | 293,883 | ||||||
Mersen | 30,442 | 613,355 | ||||||
Montupet (b) | 2,725 | 159,846 | ||||||
MPI (b) | 28,237 | 69,343 | ||||||
Naturex (a)(b) | 3,347 | 237,615 | ||||||
Neopost SA | 10,962 | 284,862 | ||||||
Nexans SA (a) | 11,725 | 394,080 | ||||||
NextRadioTV | 3,998 | 161,998 | ||||||
NicOx SA (a) | 13,455 | 25,217 | ||||||
Norbert Dentressangle SA | 549 | 124,433 | ||||||
Parrot SA (a) | 2,844 | 138,477 | ||||||
Pierre & Vacances SA (a) | 1,010 | 27,261 | ||||||
Rallye SA (b) | 9,557 | 156,286 | ||||||
Saft Groupe SA | 19,377 | 632,449 | ||||||
Sequana SA (a) | 24,941 | 112,754 | ||||||
SOITEC (a)(b) | 120,400 | 68,542 | ||||||
Solocal Group (a)(b) | 611,410 | 155,607 | ||||||
Tarkett SA | 6,604 | 154,069 | ||||||
Trigano SA | 3,076 | 145,996 | ||||||
UbiSoft Entertainment (a) | 61,531 | 1,243,866 | ||||||
Vallourec SA | 41,671 | 368,215 | ||||||
Valneva SE (a)(b) | 12,183 | 43,518 | ||||||
Vetoquinol SA | 2,379 | 104,098 | ||||||
Virbac SA (b) | 1,782 | 307,325 | ||||||
13,708,211 | ||||||||
GERMANY — 3.0% | ||||||||
ADVA Optical Networking SE (a) | 11,609 | 124,104 | ||||||
Aixtron SE (a)(b) | 45,679 | 276,208 | ||||||
Alstria Office REIT-AG (a)(b) | 45,906 | 596,207 | ||||||
Amadeus Fire AG | 3,021 | 267,853 | ||||||
Aurelius AG | 9,632 | 446,895 | ||||||
BayWa AG (b) | 2,208 | 70,958 | ||||||
Bechtle AG | 5,652 | 508,130 | ||||||
Bertrandt AG | 803 | 83,567 | ||||||
Bilfinger SE (b) | 16,230 | 599,664 | ||||||
Biotest AG Preference Shares (b) | 10,248 | 214,487 | ||||||
Borussia Dortmund GmbH & Co. KGaA (b) | 38,006 | 172,879 | ||||||
CANCOM SE | 8,442 | 292,926 | ||||||
Cewe Stiftung & Co. KGaA | 3,052 | 169,505 | ||||||
CompuGroup Medical AG (b) | 8,060 | 265,771 | ||||||
Deutsche Pfandbriefbank AG (a)(g) | 19,422 | 225,470 | ||||||
Deutz AG | 34,192 | 114,424 | ||||||
DIC Asset AG | 73,459 | 660,089 | ||||||
Draegerwerk AG & Co. KGaA | 2,190 | 154,767 | ||||||
Draegerwerk AG & Co. KGaA Preference Shares | 1,436 | 120,653 | ||||||
Elmos Semiconductor AG | 9,717 | 146,863 | ||||||
ElringKlinger AG (b) | 8,024 | 154,057 | ||||||
Evotec AG (a) | 47,664 | 211,490 | ||||||
GFK SE | 4,233 | 147,895 | ||||||
Grammer AG (b) | 7,168 | 163,586 | ||||||
Hamborner REIT AG | 34,010 | 328,386 | ||||||
Hamburger Hafen und Logistik AG (b) | 6,699 | 108,913 | ||||||
Hawesko Holding AG | 2,608 | 117,320 | ||||||
Heidelberger Druckmaschinen AG (a)(b) | 110,841 | 283,333 | ||||||
Hornbach Holding AG Preference Shares | 2,453 | 197,148 | ||||||
Indus Holding AG | 42,975 | 1,915,955 | ||||||
Isra Vision AG | 501 | 27,979 | ||||||
Jenoptik AG | 81,489 | 1,152,489 | ||||||
Kloeckner & Co. SE (b) | 55,132 | 450,542 | ||||||
Koenig & Bauer AG (a) | 8,328 | 244,767 | ||||||
Kontron AG (a)(b) | 64,513 | 182,336 | ||||||
LPKF Laser & Electronics AG (b) | 12,492 | 116,239 | ||||||
MLP AG | 63,047 | 279,042 | ||||||
MorphoSys AG (a) | 10,060 | 669,389 | ||||||
Nemetschek AG | 10,216 | 383,161 | ||||||
Norma Group SE | 11,985 | 587,640 | ||||||
Patrizia Immobilien AG (a) | 48,923 | 1,166,202 | ||||||
Pfeiffer Vacuum Technology AG | 2,068 | 238,227 | ||||||
QSC AG (b) | 19,417 | 32,663 | ||||||
RIB Software AG | 15,954 | 250,300 | ||||||
Salzgitter AG (b) | 8,688 | 215,198 | ||||||
Schaltbau Holding AG | 2,366 | 122,545 | ||||||
SGL Carbon SE (a)(b) | 17,001 | 269,763 | ||||||
Sixt SE (b) | 10,391 | 504,728 | ||||||
SLM Solutions Group AG (a) | 2,219 | 36,473 | ||||||
SMA Solar Technology AG (a)(b) | 3,421 | 147,478 | ||||||
STRATEC Biomedical AG | 2,864 | 166,209 | ||||||
Suss Microtec AG (a)(b) | 4,032 | 25,447 | ||||||
TAG Immobilien AG (b) | 50,996 | 603,682 | ||||||
Takkt AG | 15,727 | 294,928 | ||||||
TLG Immobilien AG | 20,991 | 379,585 | ||||||
Vossloh AG (a) | 3,320 | 246,890 | ||||||
Wacker Neuson SE | 9,315 | 134,704 | ||||||
Wincor Nixdorf AG | 13,065 | 511,891 |
See accompanying notes to financial statements.
286
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
XING AG | 1,598 | $ | 342,483 | |||||
zooplus AG (a) | 2,546 | 321,143 | ||||||
19,243,626 | ||||||||
GIBRALTAR — 0.1% | ||||||||
888 Holdings PLC (b) | 75,291 | 188,463 | ||||||
Bwin Party Digital Entertainment PLC | 335,565 | 565,226 | ||||||
753,689 | ||||||||
GREECE — 0.0% (f) | ||||||||
TT Hellenic Postbank SA (a)(c) | 129,076 | 0 | ||||||
HONG KONG — 3.2% | ||||||||
APT Satellite Holdings, Ltd. | 134,500 | 116,103 | ||||||
Beijing Properties Holdings, Ltd. (a)(b) | 1,240,000 | 73,600 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co., Ltd. | 87,000 | 96,092 | ||||||
Bloomage Biotechnology Corp., Ltd. | 62,500 | 94,516 | ||||||
Cafe de Coral Holdings, Ltd. | 182,000 | 608,228 | ||||||
Century Sunshine Group Holdings, Ltd. | 792,698 | 65,461 | ||||||
China Cord Blood Corp. (a) | 19,480 | 117,270 | ||||||
China Household Holdings, Ltd. (a) | 705,000 | 28,200 | ||||||
China Innovationpay Group, Ltd. (a)(b) | 2,340,000 | 150,967 | ||||||
China LNG Group, Ltd. (b) | 7,750,000 | 319,998 | ||||||
China LotSynergy Holdings, Ltd. (b) | 4,500,000 | 194,515 | ||||||
China Merchants Land, Ltd. (b) | 212,000 | 34,740 | ||||||
China Ocean Resources Co., Ltd. (a)(b) | 27,289 | 79,199 | ||||||
China Oceanwide Holdings, Ltd. (a) | 488,000 | 63,597 | ||||||
China Regenerative Medicine International, Ltd. (a) | 5,793,056 | 317,682 | ||||||
China Resources and Transportation Group, Ltd. (a)(b) | 5,100,000 | 22,374 | ||||||
China Ruifeng Renewable Energy Holdings, Ltd. (a) | 356,000 | 39,964 | ||||||
China Smarter Energy Group Holdings, Ltd. (a)(b) | 1,320,000 | 120,928 | ||||||
China Strategic Holdings, Ltd. (a) | 8,785,000 | 258,447 | ||||||
China Water Industry Group, Ltd. (a) | 484,000 | 91,803 | ||||||
Chong Hing Bank, Ltd. | 57,000 | 118,559 | ||||||
CK Life Sciences Int’l Holdings, Inc. | 2,562,000 | 228,099 | ||||||
CST Mining Group, Ltd. (a) | 14,132,000 | 145,878 | ||||||
Culturecom Holdings, Ltd. (a) | 375,000 | 64,838 | ||||||
Dah Sing Financial Holdings, Ltd. | 96,400 | 526,154 | ||||||
Digital Domain Holdings, Ltd. (a) | 2,770,000 | 130,457 | ||||||
Emperor Entertainment Hotel, Ltd. | 100,000 | 17,935 | ||||||
Emperor Watch & Jewellery, Ltd. | 2,600,000 | 85,548 | ||||||
Enerchina Holdings, Ltd. (a) | 2,238,000 | 114,065 | ||||||
Esprit Holdings, Ltd. (b) | 918,600 | 682,723 | ||||||
EverChina International Holdings Co., Ltd. (a) | 1,045,000 | 40,451 | ||||||
Extrawell Pharmaceutical Holdings, Ltd. (a) | 1,370,000 | 64,522 | ||||||
Fairwood Holdings, Ltd. | 149,000 | 421,042 | ||||||
FDG Electric Vehicles, Ltd. (a)(b) | 7,202,493 | 520,435 | ||||||
Giordano International, Ltd. | 1,322,000 | 637,968 | ||||||
Global Brands Group Holding, Ltd. (a) | 2,602,000 | 537,184 | ||||||
Haier Healthwise Holdings, Ltd. (a)(b) | 2,740,000 | 175,005 | ||||||
Hao Tian Development Group, Ltd. (a) | 924,000 | 65,574 | ||||||
HC International, Inc. (a)(b) | 168,000 | 92,996 | ||||||
Heng Tai Consumables Group, Ltd. (a) | 3,270,000 | 33,755 | ||||||
Heritage International Holdings, Ltd. (a)(b) | 7,260,000 | 627,635 | ||||||
HKBN, Ltd. (a) | 520,413 | 600,318 | ||||||
HKC Holdings, Ltd. (a) | 1,331,000 | 29,196 | ||||||
Honbridge Holdings, Ltd. (a) | 1,324,000 | 181,088 | ||||||
Hong Kong Television Network, Ltd. (a) | 121,000 | 25,449 | ||||||
Hopewell Highway Infrastructure, Ltd. | 558,500 | 278,167 | ||||||
Hybrid Kinetic Group, Ltd. (a) | 8,372,000 | 367,285 | ||||||
Imagi International Holdings, Ltd. (a) | 5,544,000 | 80,119 | ||||||
Inspur International, Ltd. (b) | 310,000 | 58,400 | ||||||
International Housewares Retail Co., Ltd. | 65,000 | 13,671 | ||||||
iOne Holdings, Ltd. (a) | 1,320,000 | 49,393 | ||||||
Kingwell Group, Ltd. (a) | 532,000 | 18,191 | ||||||
Kong Sun Holdings, Ltd. (a) | 4,000,000 | 340,643 | ||||||
KuangChi Science, Ltd. (a)(b) | 631,000 | 129,456 | ||||||
L & A International Holdings, Ltd. (a) | 328,000 | 133,315 | ||||||
L’sea Resources International Holdings, Ltd. (a) | 1,600,000 | 97,032 | ||||||
Landing International Development, Ltd. (a) | 5,308,500 | 147,267 | ||||||
Le Saunda Holdings, Ltd. | 110,000 | 28,245 | ||||||
Lee’s Pharmaceutical Holdings, Ltd. | 209,000 | 269,406 | ||||||
Loudong General Nice Resources China Holdings, Ltd. (a)(b) | 1,101,000 | 103,706 | ||||||
Louis XIII Holdings, Ltd. (a) | 84,500 | 23,551 | ||||||
Luk Fook Holdings International, Ltd. (b) | 183,000 | 457,615 | ||||||
Macau Legend Development, Ltd. (a)(b) | 2,942,985 | 417,711 | ||||||
Man Wah Holdings, Ltd. | 288,800 | 280,973 | ||||||
Mascotte Holdings, Ltd. (a) | 10,192,000 | 381,376 | ||||||
Mason Financial Holdings, Ltd. (a) | 3,680,000 | 135,328 | ||||||
Mei Ah Entertainment Group, Ltd. (a) | 1,840,000 | 211,302 | ||||||
New Focus Auto Tech Holdings, Ltd. (a) | 700,000 | 73,161 | ||||||
Pacific Basin Shipping, Ltd. (b) | 1,509,000 | 457,565 | ||||||
PAX Global Technology, Ltd. (b) | 367,000 | 380,730 | ||||||
Peace Map Holding, Ltd. (a) | 1,560,000 | 54,348 | ||||||
Peace Mark (Holdings), Ltd. (a)(c) | 504,228 | 0 | ||||||
PetroAsian Energy Holdings, Ltd. (a) | 2,276,000 | 46,988 | ||||||
Phoenix Satellite Television Holdings, Ltd. | 1,000,000 | 211,612 |
See accompanying notes to financial statements.
287
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Pico Far East Holdings, Ltd. (b) | 202,000 | $ | 46,916 | |||||
Playmates Toys, Ltd. | 272,000 | 52,294 | ||||||
Prosperity REIT | 566,000 | 193,534 | ||||||
Redefine International PLC | 300,222 | 239,432 | ||||||
Simsen International Corp., Ltd. (a) | 342,000 | 159,746 | ||||||
Sincere Watch Hong Kong, Ltd. (a)(b) | 1,090,000 | 122,361 | ||||||
Sino Oil And Gas Holdings, Ltd. (a) | 6,570,000 | 144,115 | ||||||
Sinolink Worldwide Holdings, Ltd. (a) | 674,000 | 73,052 | ||||||
Skyway Securities Group, Ltd. (a) | 1,640,000 | 52,056 | ||||||
SMI Holdings Group, Ltd. | 2,968,000 | 248,927 | ||||||
Spring Real Estate Investment Trust (b) | 246,000 | 96,812 | ||||||
Summit Ascent Holdings, Ltd. (a)(b) | 550,000 | 285,288 | ||||||
Sun Hung Kai & Co., Ltd. (b) | 330,000 | 225,250 | ||||||
SUNeVision Holdings, Ltd. | 134,000 | 41,324 | ||||||
Sunlight Real Estate Investment Trust | 155,000 | 75,800 | ||||||
Superb Summit International Group, Ltd. (a)(b)(e) | 2,435,000 | 0 | ||||||
TCC International Holdings, Ltd. | 174,000 | 32,330 | ||||||
Television Broadcasts, Ltd. | 171,300 | 570,260 | ||||||
Texhong Textile Group, Ltd. | 213,500 | 147,383 | ||||||
Tongda Group Holdings, Ltd. | 1,060,000 | 183,276 | ||||||
Town Health International Medical Group, Ltd. (b) | 1,824,000 | 378,919 | ||||||
Truly International Holdings, Ltd. | 730,000 | 184,618 | ||||||
TSC Group Holdings, Ltd. (a) | 197,000 | 38,891 | ||||||
United Photovoltaics Group, Ltd. (a)(b) | 2,094,000 | 199,942 | ||||||
Value Partners Group, Ltd. (b) | 402,000 | 376,062 | ||||||
Varitronix International, Ltd. | 106,000 | 70,575 | ||||||
Vitasoy International Holdings, Ltd. | 562,000 | 831,029 | ||||||
Viva China Holdings, Ltd. (a) | 1,752,000 | 189,893 | ||||||
VST Holdings, Ltd. | 122,000 | 33,215 | ||||||
World Wide Touch Technology Holdings, Ltd. (a) | 2,112,000 | 433,298 | ||||||
Yanchang Petroleum International, Ltd. (a) | 4,240,000 | 123,643 | ||||||
Yuexiu Real Estate Investment Trust | 1,063,000 | 539,040 | ||||||
Yuxing InfoTech Investment Holdings, Ltd. (b) | 342,000 | 93,994 | ||||||
Zhongyu Gas Holdings, Ltd. (a)(b) | 28,000 | 6,323 | ||||||
20,796,712 | ||||||||
IRELAND — 0.9% | ||||||||
C&C Group PLC | 147,489 | 583,136 | ||||||
Cairn Homes PLC (a) | 184,279 | 214,958 | ||||||
Dalata Hotel Group PLC (a) | 76,960 | 369,398 | ||||||
FBD Holdings PLC | 9,898 | 73,407 | ||||||
FleetMatics Group PLC (a)(b) | 15,149 | 743,664 | ||||||
Fly Leasing, Ltd. ADR | 17,553 | 231,700 | ||||||
Fyffes PLC | 146,030 | 236,359 | ||||||
Green REIT PLC | 303,180 | 501,545 | ||||||
Greencore Group PLC | 169,975 | 703,407 | ||||||
Hibernia REIT PLC | 215,865 | 305,536 | ||||||
IFG Group PLC | 14,632 | 31,686 | ||||||
Irish Continental Group PLC | 44,504 | 216,594 | ||||||
Irish Residential Properties REIT PLC | 136,726 | 167,730 | ||||||
Kenmare Resources PLC (a) | 1,205,542 | 35,244 | ||||||
Origin Enterprises PLC | 25,246 | 180,526 | ||||||
Total Produce PLC | 132,319 | 182,411 | ||||||
Trinity Biotech PLC ADR (b) | 12,023 | 137,543 | ||||||
UDG Healthcare PLC | 110,901 | 844,976 | ||||||
5,759,820 | ||||||||
ISRAEL — 1.5% | ||||||||
Africa Israel Properties, Ltd. (a) | 2,446 | 32,020 | ||||||
Africa-Israel Investments, Ltd. (a) | 32,461 | 20,991 | ||||||
Airport City, Ltd. (a) | 18,019 | 174,456 | ||||||
Allot Communications, Ltd. (a) | 10,277 | 49,305 | ||||||
Alony Hetz Properties & Investments, Ltd. | 32,100 | 231,126 | ||||||
Caesarstone Sdot-Yam, Ltd. (b) | 11,693 | 355,467 | ||||||
Cellcom Israel, Ltd. (a) | 31,673 | 198,516 | ||||||
Compugen, Ltd. (a) | 28,834 | 139,729 | ||||||
CyberArk Software, Ltd. (a)(b) | 6,247 | 313,225 | ||||||
Delta-Galil Industries, Ltd. | 5,353 | 160,253 | ||||||
Electra, Ltd. | 308 | 38,005 | ||||||
Evogene, Ltd. (a) | 20,116 | 165,340 | ||||||
EZchip Semiconductor, Ltd. (a) | 16,409 | 412,850 | ||||||
Gazit-Globe, Ltd. | 20,272 | 202,983 | ||||||
Harel Insurance Investments & Financial Services, Ltd. | 40,627 | 168,516 | ||||||
IDI Insurance Co., Ltd. | 6,605 | 301,229 | ||||||
Israel Discount Bank, Ltd. (Class A) (a) | 430,668 | 786,304 | ||||||
Ituran Location and Control, Ltd. | 12,590 | 258,831 | ||||||
Jerusalem Oil Exploration (a) | 5,313 | 206,298 | ||||||
Matrix IT, Ltd. | 11,349 | 66,766 | ||||||
Mazor Robotics, Ltd. (a) | 14,561 | 79,021 | ||||||
Melisron, Ltd. | 8,318 | 309,416 | ||||||
Mellanox Technologies, Ltd. (a)(b) | 14,892 | 562,769 | ||||||
Migdal Insurance & Financial Holding, Ltd. | 240,923 | 218,647 | ||||||
Nitsba Holdings 1995, Ltd. (a) | 12,707 | 223,390 | ||||||
Nova Measuring Instruments, Ltd. (a) | 25,380 | 244,624 | ||||||
Oil Refineries, Ltd. (a) | 492,418 | 180,537 | ||||||
Orbotech, Ltd. (a) | 24,202 | 373,921 | ||||||
Partner Communications Co., Ltd. (a) | 53,381 | 211,489 | ||||||
Paz Oil Co., Ltd. | 3,108 | 462,292 | ||||||
RADWARE, Ltd. (a)(b) | 25,829 | 419,979 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd. | 4,455 | 190,123 | ||||||
REIT 1, Ltd. | 115,039 | 302,187 | ||||||
Sarine Technologies, Ltd. | 106,000 | 126,732 | ||||||
Shikun & Binui, Ltd. | 72,093 | 130,965 | ||||||
Shufersal, Ltd. (a) | 56,832 | 134,923 | ||||||
SodaStream International, Ltd. (a)(b) | 10,860 | 149,434 | ||||||
Stratasys, Ltd. (a)(b) | 19,716 | 522,277 | ||||||
Strauss Group, Ltd. (a) | 18,425 | 247,066 | ||||||
Syneron Medical, Ltd. (a) | 10,039 | 71,779 |
See accompanying notes to financial statements.
288
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Tower Semiconductor, Ltd. (a) | 21,834 | $ | 278,703 | |||||
9,722,484 | ||||||||
ITALY — 1.7% | ||||||||
Amplifon SpA | 184,006 | 1,389,508 | ||||||
Astaldi SpA (b) | 111,225 | 1,011,241 | ||||||
Banca Carige SpA (a)(b) | 118,791 | 192,005 | ||||||
Banca Popolare dell’Etruria e del Lazio SC (a)(b)(e) | 46,016 | 0 | ||||||
Beni Stabili SpA | 348,949 | 270,518 | ||||||
Brunello Cucinelli SpA | 4,168 | 75,464 | ||||||
Cairo Communication SpA (b) | 3,952 | 18,846 | ||||||
Cerved Information Solutions SpA (a) | 55,084 | 405,203 | ||||||
CIR-Compagnie Industriali Riunite SpA (a) | 47,814 | 47,902 | ||||||
Credito Valtellinese SC (a) | 388,590 | 501,431 | ||||||
Danieli & C Officine Meccaniche SpA | 4,679 | 71,241 | ||||||
EI Towers SpA | 17,045 | 1,046,456 | ||||||
Esprinet SpA | 42,523 | 351,250 | ||||||
Gruppo Editoriale L’Espresso SpA (a)(b) | 26,073 | 26,106 | ||||||
Immobiliare Grande Distribuzione SpA | 31,764 | 28,436 | ||||||
IMMSI SpA (a) | 443,669 | 227,862 | ||||||
Industria Macchine Automatiche SpA (b) | 6,724 | 300,227 | ||||||
Interpump Group SpA | 98,942 | 1,315,388 | ||||||
Iren SpA | 181,646 | 295,830 | ||||||
Italmobiliare SpA Preference Shares | 13,316 | 368,627 | ||||||
Maire Tecnimont SpA (a)(b) | 16,254 | 44,996 | ||||||
MARR SpA | 4,869 | 92,287 | ||||||
Newron Pharmaceuticals SpA (a) | 3,355 | 89,274 | ||||||
OVS SpA (a)(g) | 18,108 | 123,502 | ||||||
Piaggio & C. SpA (b) | 17,345 | 41,627 | ||||||
RCS MediaGroup SpA (a)(b) | 82,765 | 82,593 | ||||||
Reply SpA | 459 | 50,288 | ||||||
Safilo Group SpA (a)(b) | 6,460 | 75,355 | ||||||
Salini Impregilo SpA | 87,012 | 330,426 | ||||||
Societa Cattolica di Assicurazioni SCRL | 13,847 | 97,377 | ||||||
Sorin SpA (a) | 372,327 | 1,072,273 | ||||||
Yoox SpA (a)(b) | 27,036 | 811,813 | ||||||
10,855,352 | ||||||||
JAPAN — 33.0% | ||||||||
3-D Matrix, Ltd. (a)(b) | 8,300 | 73,391 | ||||||
Access Co., Ltd. (a) | 6,600 | 37,198 | ||||||
Accordia Golf Co., Ltd. (b) | 37,100 | 334,555 | ||||||
Achilles Corp. | 31,000 | 38,050 | ||||||
Adastria Co., Ltd. | 20,910 | 1,248,332 | ||||||
ADEKA Corp. | 40,400 | 513,412 | ||||||
Aderans Co., Ltd. | 17,400 | 138,166 | ||||||
Advanced Media, Inc. (a)(b) | 3,900 | 25,107 | ||||||
Advantest Corp. (b) | 37,000 | 264,451 | ||||||
Adways, Inc. (b) | 8,100 | 50,724 | ||||||
AEON REIT Investment Corp. | 361 | 380,397 | ||||||
Ahresty Corp. | 8,100 | 47,478 | ||||||
Ai Holdings Corp. (b) | 19,900 | 490,667 | ||||||
Aica Kogyo Co., Ltd. | 25,200 | 502,254 | ||||||
Aichi Steel Corp. (b) | 32,000 | 120,235 | ||||||
Aiful Corp. (a)(b) | 95,800 | 353,556 | ||||||
Ain Pharmaciez, Inc. | 14,700 | 747,489 | ||||||
Alpine Electronics, Inc. | 21,000 | 228,823 | ||||||
Amano Corp. | 29,900 | 343,526 | ||||||
Amiyaki Tei Co., Ltd. | 1,700 | 66,643 | ||||||
AnGes MG, Inc. (a)(b) | 47,000 | 80,449 | ||||||
Anritsu Corp. (b) | 62,200 | 376,529 | ||||||
AOKI Holdings, Inc. | 9,800 | 118,894 | ||||||
Arcs Co., Ltd. | 24,500 | 460,276 | ||||||
Argo Graphics, Inc. | 8,200 | 118,517 | ||||||
Ariake Japan Co., Ltd. (b) | 3,900 | 152,236 | ||||||
Arisawa Manufacturing Co., Ltd. (b) | 12,400 | 72,993 | ||||||
Artnature, Inc. | 14,400 | 144,523 | ||||||
As One Corp. | 3,800 | 115,651 | ||||||
Asahi Diamond Industrial Co., Ltd. (b) | 28,700 | 259,046 | ||||||
Asahi Holdings, Inc. | 48,173 | 721,197 | ||||||
Asatsu-DK, Inc. | 3,400 | 76,224 | ||||||
ASKA Pharmaceutical Co., Ltd. | 12,100 | 130,936 | ||||||
ASKUL Corp. (b) | 6,600 | 250,465 | ||||||
Asukanet Co., Ltd. (b) | 5,200 | 116,795 | ||||||
Ateam, Inc. (b) | 6,400 | 86,570 | ||||||
Atom Corp. (b) | 13,700 | 74,011 | ||||||
Autobacs Seven Co., Ltd. (b) | 41,500 | 687,133 | ||||||
Avex Group Holdings, Inc. (b) | 19,000 | 215,597 | ||||||
Awa Bank, Ltd. | 125,000 | 718,073 | ||||||
Axial Retailing, Inc. | 3,800 | 124,536 | ||||||
Azbil Corp. | 23,900 | 602,664 | ||||||
Bank of Iwate, Ltd. (b) | 1,800 | 81,309 | ||||||
Bank of Nagoya, Ltd. (b) | 187,600 | 717,412 | ||||||
Bank of Okinawa, Ltd. | 44,400 | 1,829,533 | ||||||
Bank of the Ryukyus, Ltd. | 85,820 | 1,256,864 | ||||||
Best Denki Co., Ltd. (b) | 242,269 | 248,813 | ||||||
Bic Camera, Inc. (b) | 60,400 | 523,989 | ||||||
Broadleaf Co., Ltd. | 13,900 | 140,782 | ||||||
Broccoli Co., Ltd. (b) | 18,000 | 59,366 | ||||||
Bunka Shutter Co., Ltd. | 39,600 | 283,365 | ||||||
C. Uyemura & Co., Ltd. | 1,400 | 67,799 | ||||||
Calsonic Kansei Corp. | 56,000 | 417,551 | ||||||
Can Do Co., Ltd. (b) | 22,300 | 283,952 | ||||||
Capcom Co., Ltd. (b) | 23,700 | 465,629 | ||||||
Central Glass Co., Ltd. | 313,345 | 1,365,725 | ||||||
Chiome Bioscience, Inc. (a)(b) | 6,600 | 28,601 | ||||||
Chiyoda Co., Ltd. (b) | 18,600 | 595,591 | ||||||
Chiyoda Corp. | 29,000 | 197,345 | ||||||
Chiyoda Integre Co., Ltd. | 5,600 | 119,467 | ||||||
Chudenko Corp. (b) | 4,600 | 89,031 | ||||||
Chugoku Marine Paints, Ltd. | 33,000 | 208,032 | ||||||
CKD Corp. | 4,000 | 32,831 | ||||||
Clarion Co., Ltd. (b) | 59,000 | 185,722 | ||||||
Cocokara fine, Inc. | 13,400 | 493,416 | ||||||
Colowide Co., Ltd. (b) | 28,300 | 396,505 | ||||||
Comforia Residential REIT, Inc. | 119 | 224,060 | ||||||
Cosmo Oil Co., Ltd. (a) | 336,000 | 460,101 | ||||||
Create Restaurants Holdings, Inc. (b) | 4,600 | 94,984 | ||||||
CROOZ, Inc. (b) | 2,300 | 78,449 |
See accompanying notes to financial statements.
289
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
CYBERDYNE, Inc. (a)(b) | 17,300 | $ | 204,107 | |||||
D.Western Therapeutics Institute, Inc. (a) | 9,300 | 44,650 | ||||||
Daibiru Corp. | 5,600 | 43,392 | ||||||
Daido Metal Co., Ltd. | 26,600 | 220,325 | ||||||
Daido Steel Co., Ltd. (b) | 146,000 | 460,802 | ||||||
Daifuku Co., Ltd. (b) | 45,600 | 622,519 | ||||||
Daihen Corp. | 48,000 | 226,043 | ||||||
DAIICHI CHUO KISEN KAISHA (a)(b)(e) | 328,834 | 0 | ||||||
Daikyo, Inc. (b) | 107,000 | 180,470 | ||||||
Daio Paper Corp. (b) | 47,000 | 385,371 | ||||||
Daiseki Co., Ltd. | 5,700 | 96,805 | ||||||
Daishi Bank, Ltd. | 174,000 | 815,046 | ||||||
Daishinku Corp. (a) | 9,000 | 17,359 | ||||||
Daito Bank, Ltd. | 41,000 | 55,801 | ||||||
Daito Pharmaceutical Co., Ltd. | 2,900 | 64,337 | ||||||
Daiwa House REIT Investment Corp. (b) | 125 | 458,711 | ||||||
Daiwahouse Residential Investment Corp. (b) | 250 | 508,913 | ||||||
DCM Holdings Co., Ltd. | 73,393 | 535,595 | ||||||
Denki Kagaku Kogyo Kabushiki Kaisha | 160,000 | 627,896 | ||||||
Densan System Co., Ltd. | 15,300 | 252,179 | ||||||
Denyo Co., Ltd. | 3,800 | 59,967 | ||||||
Descente, Ltd. | 10,500 | 147,902 | ||||||
Digital Garage, Inc. | 16,600 | 228,282 | ||||||
Dip Corp. | 8,500 | 139,248 | ||||||
DMG Mori Co., Ltd. (b) | 46,900 | 591,708 | ||||||
Doutor Nichires Holdings Co., Ltd. (b) | 75,272 | 1,152,036 | ||||||
DTS Corp. | 52,262 | 1,230,130 | ||||||
Dunlop Sports Co., Ltd. | 2,600 | 24,358 | ||||||
Duskin Co., Ltd. (b) | 6,400 | 115,747 | ||||||
Dynam Japan Holdings Co., Ltd. | 103,200 | 127,834 | ||||||
Eagle Industry Co., Ltd. | 13,000 | 230,769 | ||||||
Earth Chemical Co., Ltd. | 10,600 | 402,705 | ||||||
Ebara Corp. (b) | 63,000 | 231,453 | ||||||
EDION Corp. (b) | 103,600 | 709,322 | ||||||
Ehime Bank, Ltd. (b) | 630,200 | 1,304,969 | ||||||
Eidai Co., Ltd. | 14,000 | 48,044 | ||||||
Eighteenth Bank, Ltd. | 483,730 | 1,490,388 | ||||||
Eizo Corp. (b) | 5,900 | 136,952 | ||||||
Elecom Co., Ltd. | 8,600 | 98,448 | ||||||
en-japan, Inc. | 5,800 | 154,486 | ||||||
Enplas Corp. (b) | 5,300 | 182,766 | ||||||
EPS Holdings, Inc. | 2,900 | 28,306 | ||||||
Euglena Co., Ltd. (a)(b) | 32,800 | 481,463 | ||||||
Exedy Corp. (b) | 7,000 | 154,536 | ||||||
F@N Communications, Inc. (b) | 13,800 | 90,337 | ||||||
Fancl Corp. (b) | 7,900 | 112,928 | ||||||
FCC Co., Ltd. (b) | 80,428 | 1,284,672 | ||||||
Feed One Holdings Co., Ltd. (b) | 48,000 | 57,312 | ||||||
Ferrotec Corp. | 10,400 | 89,615 | ||||||
Fields Corp. | 3,500 | 47,401 | ||||||
Financial Products Group Co., Ltd. (b) | 11,900 | 85,252 | ||||||
Foster Electric Co., Ltd. | 4,400 | 87,475 | ||||||
FP Corp. (b) | 11,100 | 410,116 | ||||||
Frontier Real Estate Investment Corp. | 104 | 402,488 | ||||||
Fudo Tetra Corp. (b) | 83,000 | 110,191 | ||||||
Fuji Kyuko Co., Ltd. | 27,000 | 252,044 | ||||||
Fuji Machine Manufacturing Co., Ltd. | 39,400 | 344,768 | ||||||
Fuji Oil Co., Ltd. | 41,500 | 537,093 | ||||||
Fuji Pharma Co., Ltd. | 3,500 | 58,506 | ||||||
Fuji Seal International, Inc. (b) | 8,900 | 255,634 | ||||||
Fujibo Holdings, Inc. | 72,000 | 134,063 | ||||||
Fujicco Co., Ltd. | 10,000 | 202,396 | ||||||
Fujikura, Ltd. | 125,000 | 513,506 | ||||||
Fujimori Kogyo Co., Ltd. | 7,500 | 183,484 | ||||||
Fujitec Co., Ltd. (b) | 36,400 | 316,086 | ||||||
Fujitsu General, Ltd. | 29,000 | 313,815 | ||||||
Fujiya Co., Ltd. (a) | 68,000 | 108,446 | ||||||
Fukuda Corp. | 20,000 | 189,538 | ||||||
Fukuda Denshi Co., Ltd. | 4,900 | 241,799 | ||||||
Fukuoka REIT Corp. | 1,217 | 1,798,597 | ||||||
Fukuyama Transporting Co., Ltd. (b) | 97,000 | 522,398 | ||||||
Furukawa Co., Ltd. (b) | 160,387 | 337,474 | ||||||
Furukawa Electric Co., Ltd. | 343,000 | 538,421 | ||||||
Fuso Pharmaceutical Industries, Ltd. | 22,000 | 50,332 | ||||||
Futaba Corp. | 12,200 | 156,976 | ||||||
Fuyo General Lease Co., Ltd. | 9,600 | 366,718 | ||||||
Genki Sushi Co., Ltd. | 5,000 | 80,825 | ||||||
Global One Real Estate Investment Corp. | 52 | 155,872 | ||||||
GLOBERIDE, Inc. (b) | 6,800 | 79,489 | ||||||
Glory, Ltd. | 12,800 | 301,070 | ||||||
GMO Internet, Inc. | 30,300 | 390,625 | ||||||
GMO Payment Gateway, Inc. | 6,200 | 238,133 | ||||||
GNI Group, Ltd. (a)(b) | 46,000 | 76,049 | ||||||
Gree, Inc. (b) | 46,600 | 208,166 | ||||||
Gulliver International Co., Ltd. (b) | 29,700 | 270,800 | ||||||
Gurunavi, Inc. (b) | 12,300 | 202,116 | ||||||
Hankyu REIT, Inc. | 85 | 89,496 | ||||||
Hanwa Co., Ltd. (b) | 88,000 | 321,830 | ||||||
Happinet Corp. | 3,700 | 35,899 | ||||||
Harmonic Drive Systems, Inc. (b) | 15,500 | 220,532 | ||||||
Hazama Ando Corp. (b) | 92,400 | 588,663 | ||||||
Hearts United Group Co., Ltd. (b) | 1,300 | 17,845 | ||||||
Heiwa Real Estate Co., Ltd. | 14,900 | 158,996 | ||||||
Heiwa Real Estate REIT, Inc. | 183 | 134,005 | ||||||
Heiwado Co., Ltd. | 18,600 | 407,363 | ||||||
HI-LEX CORP. | 6,800 | 198,722 | ||||||
Hibiya Engineering, Ltd. | 7,500 | 83,288 | ||||||
Higo Bank, Ltd. (b) | 110,000 | 811,005 | ||||||
Hiramatsu, Inc. | 15,400 | 81,137 | ||||||
Hitachi Kokusai Electric, Inc. | 20,372 | 214,156 | ||||||
Hitachi Maxell, Ltd. | 11,100 | 159,876 | ||||||
Hitachi Transport System, Ltd. | 9,600 | 157,508 | ||||||
Hitachi Zosen Corp. | 153,700 | 794,392 | ||||||
Hogy Medical Co., Ltd. (b) | 2,300 | 105,239 | ||||||
Hokkaido Gas Co., Ltd. (b) | 12,000 | 27,754 | ||||||
Hokkoku Bank, Ltd. | 145,000 | 585,981 | ||||||
Hokuetsu Bank, Ltd. | 926,000 | 1,878,829 | ||||||
Hokuetsu Kishu Paper Co., Ltd. (b) | 21,300 | 115,424 |
See accompanying notes to financial statements.
290
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Hokuriku Electric Industry Co., Ltd. (b) | 33,000 | $ | 38,300 | |||||
Hokuto Corp. | 5,000 | 90,010 | ||||||
Horiba, Ltd. (b) | 17,913 | 650,620 | ||||||
Hoshino Resorts REIT, Inc. | 27 | 242,800 | ||||||
Hosiden Corp. (b) | 104,100 | 548,467 | ||||||
House Foods Group, Inc. (b) | 31,300 | 527,917 | ||||||
Hulic Reit, Inc. | 228 | 300,789 | ||||||
Hyakujushi Bank, Ltd. | 151,000 | 542,145 | ||||||
IBJ Leasing Co., Ltd. (b) | 12,300 | 238,677 | ||||||
Ichigo Office REIT Investment | 404 | 278,632 | ||||||
Ichigo, Inc. (b) | 16,400 | 37,931 | ||||||
Iino Kaiun Kaisha, Ltd. | 111,380 | 502,193 | ||||||
Imasen Electric Industrial | 9,500 | 81,146 | ||||||
Imperial Hotel, Ltd. | 10,900 | 220,066 | ||||||
Inaba Denki Sangyo Co., Ltd. (b) | 3,000 | 90,177 | ||||||
Inabata & Co., Ltd. | 3,400 | 35,316 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 144 | 626,427 | ||||||
Infomart Corp. | 21,600 | 243,477 | ||||||
Intage Holdings, Inc. | 4,000 | 56,945 | ||||||
Internet Initiative Japan, Inc. (b) | 15,500 | 276,700 | ||||||
Invesco Office J-REIT, Inc. | 116 | 90,658 | ||||||
Invincible Investment Corp. | 1,183 | 657,853 | ||||||
Iriso Electronics Co., Ltd. (b) | 3,300 | 143,281 | ||||||
Iseki & Co., Ltd. (b) | 56,000 | 80,424 | ||||||
Ishihara Sangyo Kaisha, Ltd. (a) | 84,000 | 72,241 | ||||||
IT Holdings Corp. | 38,808 | 875,865 | ||||||
Itfor, Inc. (b) | 37,000 | 148,908 | ||||||
Itoham Foods, Inc. (b) | 60,000 | 325,137 | ||||||
Itoki Corp. | 27,900 | 177,280 | ||||||
Iwasaki Electric Co., Ltd. | 27,000 | 53,881 | ||||||
Iwatani Corp. (b) | 125,000 | 707,636 | ||||||
J Trust Co., Ltd. | 39,400 | 314,832 | ||||||
Jaccs Co., Ltd. (b) | 75,000 | 281,176 | ||||||
Japan Asset Marketing Co., Ltd. (a)(b) | 54,300 | 48,966 | ||||||
Japan Aviation Electronics Industry, Ltd. | 21,000 | 312,637 | ||||||
Japan Cash Machine Co., Ltd. (b) | 3,200 | 34,093 | ||||||
Japan Communications, Inc. (a)(b) | 58,400 | 152,138 | ||||||
Japan Digital Laboratory Co., Ltd. | 4,000 | 55,008 | ||||||
Japan Display, Inc. (a) | 110,400 | 316,179 | ||||||
Japan Excellent, Inc. | 672 | 739,528 | ||||||
Japan Hotel REIT Investment Corp. | 1,305 | 831,391 | ||||||
Japan Logistics Fund, Inc. | 868 | 1,558,943 | ||||||
Japan Petroleum Exploration Co., Ltd. | 3,900 | 102,413 | ||||||
Japan Pile Corp. (b) | 6,600 | 40,890 | ||||||
Japan Rental Housing Investments, Inc. | 48 | 31,301 | ||||||
Japan Securities Finance Co., Ltd. | 25,100 | 127,842 | ||||||
Japan Steel Works, Ltd. (b) | 154,000 | 486,052 | ||||||
Japan Tissue Engineering Co., Ltd. (a)(b) | 2,800 | 21,953 | ||||||
JCR Pharmaceuticals Co., Ltd. (b) | 3,800 | 72,405 | ||||||
Jeol, Ltd. (b) | 41,000 | 234,159 | ||||||
Jin Co., Ltd. (b) | 6,600 | 308,604 | ||||||
Joban Kosan Co., Ltd. | 80,000 | 100,864 | ||||||
Juki Corp. (b) | 32,200 | 342,259 | ||||||
Juroku Bank, Ltd. | 83,000 | 361,758 | ||||||
Justsystems Corp. | 7,700 | 56,706 | ||||||
JVC Kenwood Corp. | 75,600 | 168,540 | ||||||
K’s Holdings Corp. (b) | 21,900 | 685,718 | ||||||
Kadokawa Dwango (b) | 22,700 | 300,797 | ||||||
Kaga Electronics Co., Ltd. | 6,400 | 81,226 | ||||||
Kagome Co., Ltd. (b) | 16,300 | 261,176 | ||||||
Kagoshima Bank, Ltd. (b) | 51,000 | 413,059 | ||||||
Kanamoto Co., Ltd. (b) | 16,900 | 302,539 | ||||||
Kandenko Co., Ltd. (b) | 25,000 | 161,149 | ||||||
Kanematsu Corp. | 555,498 | 774,585 | ||||||
Kasai Kogyo Co., Ltd. (b) | 8,000 | 88,907 | ||||||
Katakura Industries Co., Ltd. (b) | 74,974 | 798,162 | ||||||
Kato Sangyo Co., Ltd. | 14,600 | 315,004 | ||||||
KAWADA TECHNOLOGIES, Inc. (b) | 1,300 | 45,752 | ||||||
Kawai Musical Instruments Manufacturing Co., Ltd. | 9,300 | 158,721 | ||||||
Keihin Corp. | 12,800 | 180,193 | ||||||
Keiyo Bank, Ltd. | 140,000 | 741,118 | ||||||
Kenedix Office Investment Corp. | 129 | 612,875 | ||||||
Kenedix Residential Investment Corp. | 106 | 273,486 | ||||||
Kenedix, Inc. (b) | 101,600 | 335,938 | ||||||
KEY Coffee, Inc. (b) | 6,100 | 103,038 | ||||||
Kintetsu World Express, Inc. | 6,000 | 105,306 | ||||||
Kissei Pharmaceutical Co., Ltd. | 7,900 | 179,418 | ||||||
Kitano Construction Corp. | 15,000 | 39,327 | ||||||
Kito Corp. | 15,000 | 110,967 | ||||||
Kitz Corp. | 177,500 | 785,497 | ||||||
Kiyo Bank, Ltd. | 95,960 | 1,531,963 | ||||||
KLab, Inc. (a)(b) | 15,500 | 149,092 | ||||||
Kokuyo Co., Ltd. | 32,600 | 344,333 | ||||||
Komeri Co., Ltd. (b) | 10,300 | 222,487 | ||||||
Komori Corp. | 72,036 | 738,013 | ||||||
Kotobuki Spirits Co., Ltd. (b) | 7,000 | 229,115 | ||||||
Kourakuen Holdings Corp. (b) | 8,000 | 99,528 | ||||||
Kumagai Gumi Co., Ltd. | 164,000 | 510,767 | ||||||
Kurabo Industries, Ltd. | 508,600 | 900,290 | ||||||
Kureha Corp. (b) | 35,000 | 125,371 | ||||||
Kuroda Electric Co., Ltd. | 6,500 | 120,160 | ||||||
Kusuri No Aoki Co., Ltd. | 3,600 | 190,273 | ||||||
KYB Co., Ltd. (b) | 228,832 | 601,863 | ||||||
Kyoei Steel, Ltd. (b) | 4,000 | 62,589 | ||||||
Kyokuto Kaihatsu Kogyo Co., Ltd. | 15,800 | 157,255 | ||||||
Kyokuyo Co., Ltd. (b) | 22,000 | 48,128 | ||||||
KYORIN Holdings, Inc. | 30,300 | 461,970 | ||||||
Kyoritsu Maintenance Co., Ltd. | 2,800 | 179,318 | ||||||
Kyosan Electric Manufacturing Co., Ltd. | 12,000 | 31,963 | ||||||
Kyoto Kimono Yuzen Co., Ltd. | 18,000 | 150,294 | ||||||
Kyowa Exeo Corp. | 65,980 | 635,202 | ||||||
Kyudenko Corp. (b) | 18,000 | 298,635 | ||||||
LAC Co., Ltd. (b) | 6,900 | 81,753 | ||||||
Lasertec Corp. (b) | 4,900 | 49,710 | ||||||
Leopalace21 Corp. (a)(b) | 126,700 | 588,195 | ||||||
Life Corp. (b) | 13,600 | 386,089 | ||||||
Lintec Corp. | 12,700 | 265,845 |
See accompanying notes to financial statements.
291
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Maeda Corp. (b) | 74,000 | $ | 538,788 | |||||
Maeda Road Construction Co., Ltd. | 16,000 | 279,481 | ||||||
Makino Milling Machine Co., Ltd. (b) | 111,000 | 692,331 | ||||||
Mandom Corp. | 8,800 | 286,561 | ||||||
Mani, Inc. | 12,000 | 232,455 | ||||||
Marudai Food Co., Ltd. (b) | 507,656 | 1,996,460 | ||||||
Maruha Nichiro Corp. (b) | 34,220 | 490,592 | ||||||
Marusan Securities Co., Ltd. (b) | 59,038 | 595,975 | ||||||
Maruwa Co., Ltd. | 1,900 | 38,741 | ||||||
Marvelous, Inc. (b) | 19,200 | 146,527 | ||||||
Matsuya Co., Ltd. (b) | 27,700 | 399,200 | ||||||
MCUBS MidCity Investment Corp. REIT | 71 | 184,666 | ||||||
Medinet Co., Ltd. (a)(b) | 13,900 | 19,382 | ||||||
Megmilk Snow Brand Co., Ltd. (b) | 16,000 | 305,398 | ||||||
Meidensha Corp. (b) | 126,000 | 373,481 | ||||||
Meitec Corp. | 12,500 | 434,184 | ||||||
Melco Holdings, Inc. (b) | 4,000 | 65,261 | ||||||
Message Co., Ltd. (b) | 3,500 | 72,651 | ||||||
Michinoku Bank, Ltd. (b) | 627,200 | 1,084,043 | ||||||
Micronics Japan Co., Ltd. (b) | 16,800 | 151,918 | ||||||
Minato Bank, Ltd. | 626,800 | 1,114,753 | ||||||
Mirait Holdings Corp. (b) | 41,860 | 378,178 | ||||||
Mitani Corp. (b) | 4,400 | 104,007 | ||||||
Mitsuba Corp. | 18,100 | 241,202 | ||||||
Mitsubishi Kakoki Kaisha, Ltd. | 16,000 | 36,605 | ||||||
Mitsubishi Nichiyu Forklift Co., Ltd. | 10,900 | 42,775 | ||||||
Mitsubishi Pencil Co., Ltd. | 14,200 | 668,710 | ||||||
Mitsubishi Shokuhin Co., Ltd. | 1,200 | 27,303 | ||||||
Mitsui Engineering & Shipbuilding Co., Ltd. | 293,000 | 420,791 | ||||||
Mitsui Mining & Smelting Co., Ltd. | 251,000 | 448,495 | ||||||
Mitsui Sugar Co., Ltd. | 11,000 | 45,740 | ||||||
Mitsui-Soko Holdings Co., Ltd. (b) | 235,000 | 682,837 | ||||||
Mitsumi Electric Co., Ltd. (b) | 55,700 | 306,951 | ||||||
Miura Co., Ltd. | 48,300 | 556,943 | ||||||
Miyaji Engineering Group, Inc. (b) | 26,000 | 44,287 | ||||||
Miyazaki Bank, Ltd. | 567,800 | 1,915,344 | ||||||
Miyoshi Oil & Fat Co., Ltd. (b) | 30,000 | 32,564 | ||||||
Mizuno Corp. (b) | 39,000 | 177,147 | ||||||
Mochida Pharmaceutical Co., Ltd. | 3,100 | 178,859 | ||||||
Modec, Inc. (b) | 9,000 | 109,189 | ||||||
Monex Group, Inc. (b) | 91,600 | 224,096 | ||||||
Monogatari Corp. | 1,400 | 54,532 | ||||||
Morinaga & Co., Ltd. | 98,000 | 480,324 | ||||||
Morinaga Milk Industry Co., Ltd. | 97,000 | 402,530 | ||||||
Morita Holdings Corp. | 20,800 | 191,041 | ||||||
MOS Food Services, Inc. (b) | 4,700 | 99,561 | ||||||
Moshi Moshi Hotline, Inc. (b) | 22,600 | 233,048 | ||||||
Musashi Seimitsu Industry Co., Ltd. (b) | 6,100 | 106,399 | ||||||
Musashino Bank, Ltd. | 32,880 | 1,181,885 | ||||||
Mutoh Holdings Co., Ltd. | 20,000 | 47,259 | ||||||
Nachi-Fujikoshi Corp. (b) | 84,000 | 346,479 | ||||||
Nagase & Co., Ltd. | 58,900 | 681,630 | ||||||
Nakanishi, Inc. | 25,480 | 946,737 | ||||||
Namura Shipbuilding Co., Ltd. (b) | 18,100 | 131,180 | ||||||
NanoCarrier Co., Ltd. (a)(b) | 10,800 | 94,505 | ||||||
Nanto Bank, Ltd. (b) | 127,000 | 399,775 | ||||||
NEC Networks & System Integration Corp. | 3,700 | 65,897 | ||||||
NET One Systems Co., Ltd. | 117,200 | 661,522 | ||||||
Neturen Co., Ltd. (b) | 132,283 | 945,470 | ||||||
Next Co., Ltd. (b) | 14,900 | 117,319 | ||||||
Nichi-iko Pharmaceutical Co., Ltd. (b) | 25,600 | 670,112 | ||||||
Nichias Corp. | 12,000 | 71,740 | ||||||
Nichicon Corp. (b) | 10,900 | 77,997 | ||||||
Nichiha Corp. | 7,500 | 103,327 | ||||||
Nichii Gakkan Co. (b) | 6,700 | 46,433 | ||||||
Nichirei Corp. (b) | 150,000 | 934,330 | ||||||
Nichireki Co., Ltd. | 13,000 | 100,514 | ||||||
Nihon Dempa Kogyo Co., Ltd. (b) | 25,200 | 174,642 | ||||||
Nihon Kohden Corp. | 20,100 | 331,965 | ||||||
Nihon M&A Center, Inc. (b) | 15,300 | 664,301 | ||||||
Nihon Nohyaku Co., Ltd. (b) | 11,100 | 74,423 | ||||||
Nihon Parkerizing Co., Ltd. | 41,400 | 336,689 | ||||||
Nihon Trim Co., Ltd. (b) | 1,500 | 55,985 | ||||||
Nihon Unisys, Ltd. (b) | 10,800 | 111,188 | ||||||
Nikkiso Co., Ltd. (b) | 63,140 | 421,232 | ||||||
Nippon Accommodations Fund, Inc. | 208 | 692,089 | ||||||
Nippon Beet Sugar Manufacturing Co., Ltd. | 33,000 | 52,904 | ||||||
Nippon Carbon Co., Ltd. (b) | 164,712 | 380,956 | ||||||
Nippon Chemi-Con Corp. | 69,000 | 150,369 | ||||||
Nippon Chemiphar Co., Ltd. | 13,000 | 60,569 | ||||||
Nippon Coke & Engineering Co., Ltd. | 35,200 | 29,685 | ||||||
Nippon Concrete Industries Co., Ltd. (b) | 31,400 | 105,659 | ||||||
Nippon Densetsu Kogyo Co., Ltd. | 23,200 | 414,545 | ||||||
Nippon Flour Mills Co., Ltd. | 54,000 | 336,359 | ||||||
Nippon Gas Co., Ltd. (b) | 30,700 | 871,540 | ||||||
Nippon Kayaku Co., Ltd. | 45,000 | 466,664 | ||||||
Nippon Koei Co., Ltd. (b) | 17,000 | 70,263 | ||||||
Nippon Konpo Unyu Soko Co., Ltd. | 130,680 | 2,299,025 | ||||||
Nippon Light Metal Holdings Co., Ltd. (b) | 234,500 | 348,524 | ||||||
Nippon Paper Industries Co., Ltd. (b) | 53,300 | 811,305 | ||||||
Nippon Parking Development Co., Ltd. (b) | 42,100 | 44,643 | ||||||
NIPPON REIT Investment Corp. | 52 | 111,846 | ||||||
Nippon Seiki Co., Ltd. (b) | 55,200 | 1,066,529 | ||||||
Nippon Sheet Glass Co., Ltd. (a)(b) | 414,000 | 349,134 | ||||||
Nippon Signal Co., Ltd. | 31,600 | 303,955 | ||||||
Nippon Soda Co., Ltd. | 64,000 | 362,844 | ||||||
Nippon Steel & Sumikin Bussan Corp. (b) | 36,000 | 106,108 | ||||||
Nippon Suisan Kaisha, Ltd. | 119,699 | 355,804 | ||||||
Nippon Thompson Co., Ltd. | 141,600 | 584,064 | ||||||
Nippon Yakin Kogyo Co., Ltd. (a)(b) | 76,400 | 95,687 | ||||||
Nipro Corp. | 47,900 | 490,339 | ||||||
Nishi-Nippon Railroad Co., Ltd. (b) | 149,000 | 727,800 | ||||||
Nishimatsu Construction Co., Ltd. (b) | 125,000 | 517,680 |
See accompanying notes to financial statements.
292
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Nishimatsuya Chain Co., Ltd. | 23,253 | $ | 214,930 | |||||
Nishio Rent All Co., Ltd. | 7,000 | 136,885 | ||||||
Nissha Printing Co., Ltd. (b) | 23,400 | 444,886 | ||||||
Nisshin Oillio Group, Ltd. | 24,000 | 86,770 | ||||||
Nisshin Steel Co., Ltd. (b) | 52,100 | 463,295 | ||||||
Nissin Electric Co., Ltd. | 8,000 | 49,096 | ||||||
Nissin Kogyo Co., Ltd. (b) | 12,900 | 192,587 | ||||||
Nitto Boseki Co., Ltd. (b) | 135,153 | 402,869 | ||||||
Nitto Kogyo Corp. | 8,500 | 148,119 | ||||||
NOF Corp. | 237,600 | 1,622,818 | ||||||
Nohmi Bosai, Ltd. | 16,400 | 177,604 | ||||||
Nojima Corp. (b) | 9,800 | 108,012 | ||||||
Nomura Real Estate Master Fund, Inc. (b) | 241 | 308,482 | ||||||
Nomura Real Estate Office Fund, Inc. | 177 | 802,497 | ||||||
Nomura Real Estate Residential Fund, Inc. (b) | 53 | 296,940 | ||||||
Noritsu Koki Co., Ltd. | 9,800 | 47,050 | ||||||
Noritz Corp. (b) | 4,700 | 70,442 | ||||||
North Pacific Bank, Ltd. | 146,200 | 576,182 | ||||||
NS United Kaiun Kaisha, Ltd. | 19,000 | 37,281 | ||||||
NSD Co., Ltd. | 19,100 | 233,796 | ||||||
Nuflare Technology, Inc. (b) | 1,000 | 36,613 | ||||||
Obara Group, Inc. (b) | 3,500 | 136,914 | ||||||
Oenon Holdings, Inc. | 97,000 | 170,893 | ||||||
Ogaki Kyoritsu Bank, Ltd. | 19,000 | 74,563 | ||||||
Ohsho Food Service Corp. (b) | 6,800 | 224,840 | ||||||
Oiles Corp. (b) | 10,900 | 161,181 | ||||||
Oita Bank, Ltd. | 340,800 | 1,411,404 | ||||||
Okabe Co., Ltd. (b) | 20,700 | 174,221 | ||||||
Okamoto Industries, Inc. (b) | 32,000 | 301,925 | ||||||
Okamura Corp. | 57,600 | 517,493 | ||||||
Okasan Securities Group, Inc. | 88,682 | 530,915 | ||||||
Oki Electric Industry Co., Ltd. | 521,000 | 809,135 | ||||||
Okinawa Electric Power Co., Inc. | 3,000 | 67,307 | ||||||
OKUMA Corp. (b) | 68,000 | 422,427 | ||||||
Okumura Corp. (b) | 84,000 | 446,074 | ||||||
OncoTherapy Science, Inc. (a)(b) | 20,800 | 52,970 | ||||||
Onward Holdings Co., Ltd. (b) | 17,000 | 100,213 | ||||||
Open House Co., Ltd. | 6,600 | 101,509 | ||||||
Orient Corp. (a)(b) | 197,100 | 332,436 | ||||||
OSAKA Titanium Technologies Co., Ltd. | 8,500 | 222,143 | ||||||
Osaki Electric Co., Ltd. (b) | 9,000 | 44,262 | ||||||
OSG Corp. (b) | 46,440 | 874,397 | ||||||
Otsuka Kagu, Ltd. (b) | 7,200 | 91,559 | ||||||
Pacific Industrial Co., Ltd. (b) | 29,300 | 291,373 | ||||||
Pacific Metals Co., Ltd. (b) | 74,000 | 170,534 | ||||||
Pal Co., Ltd. | 5,700 | 164,672 | ||||||
Paramount Bed Holdings Co., Ltd. | 5,600 | 165,992 | ||||||
Pasona Group, Inc. | 11,500 | 96,886 | ||||||
Penta-Ocean Construction Co., Ltd. | 115,600 | 540,525 | ||||||
PeptiDream, Inc. (a)(b) | 14,400 | 368,522 | ||||||
Piolax, Inc. | 5,300 | 242,508 | ||||||
Pioneer Corp. (a) | 165,800 | 358,554 | ||||||
Poletowin Pitcrew Holdings, Inc. | 2,800 | 25,226 | ||||||
Premier Investment Corp. | 345 | 1,716,862 | ||||||
Qol Co., Ltd. | 8,600 | 122,862 | ||||||
Raito Kogyo Co., Ltd. | 14,500 | 136,689 | ||||||
Relo Holdings, Inc. | 5,900 | 574,408 | ||||||
Rengo Co., Ltd. (b) | 212,000 | 817,802 | ||||||
ReproCELL, Inc. (a)(b) | 21,000 | 80,483 | ||||||
Riso Kagaku Corp. | 9,200 | 155,939 | ||||||
Rock Field Co., Ltd. (b) | 5,300 | 121,874 | ||||||
Rohto Pharmaceutical Co., Ltd. (b) | 46,400 | 710,151 | ||||||
Roland DG Corp. | 4,400 | 93,977 | ||||||
Round One Corp. (b) | 22,100 | 88,758 | ||||||
Ryobi, Ltd. | 37,000 | 137,786 | ||||||
Ryosan Co., Ltd. | 3,500 | 81,564 | ||||||
Sagami Chain Co., Ltd. (b) | 21,000 | 212,867 | ||||||
Saibu Gas Co., Ltd. (b) | 121,000 | 275,815 | ||||||
Saizeriya Co., Ltd. | 8,400 | 189,792 | ||||||
Sakai Chemical Industry Co., Ltd. | 267,765 | 748,977 | ||||||
San-A Co., Ltd. | 10,200 | 446,274 | ||||||
San-Ai Oil Co., Ltd. | 17,000 | 115,969 | ||||||
San-In Godo Bank, Ltd. | 11,000 | 107,185 | ||||||
Sanden Holdings Corp. (b) | 56,000 | 173,473 | ||||||
Sangetsu Co., Ltd. | 16,300 | 259,270 | ||||||
Sanix, Inc. (a)(b) | 10,700 | 22,693 | ||||||
Sanken Electric Co., Ltd. (b) | 68,000 | 228,247 | ||||||
Sankyo Tateyama, Inc. | 4,400 | 68,113 | ||||||
Sankyu, Inc. | 136,000 | 655,216 | ||||||
Sanwa Holdings Corp. | 87,300 | 597,721 | ||||||
Sanyo Electric Railway Co., Ltd. | 39,000 | 152,724 | ||||||
Sanyo Shokai, Ltd. (b) | 207,000 | 622,218 | ||||||
Sanyo Special Steel Co., Ltd. | 224,937 | 850,803 | ||||||
Sapporo Holdings, Ltd. (b) | 231,000 | 898,810 | ||||||
Sato Holdings Corp. (b) | 41,040 | 762,443 | ||||||
SCREEN Holdings Co., Ltd. (b) | 169,000 | 821,258 | ||||||
Seika Corp. | 22,000 | 46,291 | ||||||
Seikagaku Corp. | 20,600 | 251,641 | ||||||
Seiko Holdings Corp. | 59,000 | 341,394 | ||||||
Seiren Co., Ltd. | 134,580 | 1,486,656 | ||||||
Sekisui House REIT, Inc. | 139 | 143,683 | ||||||
Sekisui House SI Residential Investment Corp. | 270 | 230,852 | ||||||
Senko Co., Ltd. (b) | 42,000 | 294,577 | ||||||
Senshu Ikeda Holdings, Inc. | 103,660 | 448,344 | ||||||
Senshukai Co., Ltd. (b) | 17,100 | 106,942 | ||||||
Septeni Holdings Co., Ltd. (b) | 6,900 | 123,752 | ||||||
Seria Co., Ltd. | 7,800 | 384,252 | ||||||
Shibuya Kogyo Co., Ltd. | 10,900 | 163,548 | ||||||
Shiga Bank, Ltd. | 128,000 | 647,668 | ||||||
Shima Seiki Manufacturing, Ltd. (b) | 52,645 | 720,893 | ||||||
Shimachu Co., Ltd. | 40,560 | 886,620 | ||||||
Shindengen Electric Manufacturing Co., Ltd. | 41,000 | 131,457 | ||||||
Shinkawa, Ltd. (a) | 9,200 | 50,315 | ||||||
Shinkin Central Bank (Class A) Preference Shares | 351 | 645,935 | ||||||
Shinko Electric Industries Co., Ltd. (b) | 26,500 | 148,470 | ||||||
Shinmaywa Industries, Ltd. | 26,000 | 260,944 | ||||||
Shinsho Corp. | 40,000 | 75,481 | ||||||
Ship Healthcare Holdings, Inc. | 13,700 | 293,984 | ||||||
SHO-BOND Holdings Co., Ltd. (b) | 11,300 | 430,714 | ||||||
Shochiku Co., Ltd. (b) | 308,600 | 2,594,750 |
See accompanying notes to financial statements.
293
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Shoei Co., Ltd. | 5,600 | $ | 83,697 | |||||
Showa Aircraft Industry Co., Ltd. | 7,000 | 64,585 | ||||||
Showa Corp. | 22,500 | 178,474 | ||||||
Showa Denko KK (b) | 537,000 | 587,375 | ||||||
SIA Reit, Inc. | 48 | 176,746 | ||||||
Sinanen Co., Ltd. | 14,000 | 51,785 | ||||||
Sinfonia Technology Co., Ltd. (b) | 330,400 | 485,537 | ||||||
SK Kaken Co., Ltd. (b) | 4,000 | 390,431 | ||||||
SMK Corp. (b) | 125,343 | 517,008 | ||||||
SMS Co., Ltd. | 9,200 | 154,863 | ||||||
Sodick Co., Ltd. (b) | 24,100 | 149,914 | ||||||
Sogo Medical Co., Ltd. | 2,200 | 69,252 | ||||||
Sosei Group Corp. (b) | 6,000 | 186,114 | ||||||
St Marc Holdings Co., Ltd. | 3,000 | 91,429 | ||||||
Star Micronics Co., Ltd. (b) | 18,200 | 247,094 | ||||||
Starts Corp., Inc. | 13,700 | 211,508 | ||||||
Starts Proceed Investment Corp. | 68 | 96,409 | ||||||
Sumitomo Bakelite Co., Ltd. (b) | 54,000 | 197,487 | ||||||
Sumitomo Forestry Co., Ltd. | 88,000 | 980,186 | ||||||
Sumitomo Mitsui Construction Co., Ltd. (b) | 363,600 | 437,176 | ||||||
Sumitomo Osaka Cement Co., Ltd. | 184,793 | 654,216 | ||||||
Sumitomo Real Estate Sales Co., Ltd. | 3,700 | 94,226 | ||||||
Sumitomo Seika Chemicals Co., Ltd. (b) | 12,000 | 76,550 | ||||||
Sumitomo Warehouse Co., Ltd. | 48,000 | 230,852 | ||||||
Sun Corp. (b) | 10,000 | 108,379 | ||||||
Sun Frontier Fudousan Co., Ltd. (b) | 5,800 | 43,634 | ||||||
SWCC Showa Holdings Co., Ltd. (a)(b) | 45,000 | 28,932 | ||||||
T RAD Co., Ltd. | 15,000 | 23,546 | ||||||
Tabuchi Electric Co., Ltd. | 15,800 | 102,506 | ||||||
Tachi-S Co., Ltd. (b) | 18,500 | 240,045 | ||||||
Tadano, Ltd. | 32,000 | 352,958 | ||||||
Taikisha, Ltd. | 6,000 | 135,265 | ||||||
Taiko Pharmaceutical Co., Ltd. (b) | 4,200 | 59,687 | ||||||
Taiyo Holdings Co., Ltd. (b) | 4,600 | 140,191 | ||||||
Taiyo Yuden Co., Ltd. (b) | 59,100 | 766,847 | ||||||
Takaoka Toko Co., Ltd. | 1,900 | 21,576 | ||||||
Takara Bio, Inc. (b) | 23,100 | 215,444 | ||||||
Takara Holdings, Inc. | 87,800 | 525,634 | ||||||
Takara Leben Co., Ltd. (b) | 14,400 | 70,218 | ||||||
Takara Standard Co., Ltd. | 53,000 | 375,268 | ||||||
Takasago International Corp. | 51,739 | 1,261,016 | ||||||
Takasago Thermal Engineering Co., Ltd. (b) | 32,300 | 445,266 | ||||||
Takashima & Co., Ltd. | 36,000 | 75,748 | ||||||
Takata Corp. (a)(b) | 15,400 | 168,575 | ||||||
Takeuchi Manufacturing Co., Ltd. | 20,100 | 349,084 | ||||||
Takuma Co., Ltd. | 34,000 | 255,784 | ||||||
Tamron Co., Ltd. | 5,400 | 98,157 | ||||||
Tamura Corp. (b) | 49,000 | 135,424 | ||||||
Tanseisha Co., Ltd. | 21,600 | 141,577 | ||||||
TechnoPro Holdings, Inc. | 5,400 | 142,479 | ||||||
Teikoku Electric Manufacturing Co., Ltd. (b) | 3,600 | 23,746 | ||||||
Teikoku Sen-I Co., Ltd. (b) | 13,200 | 153,420 | ||||||
Tekken Corp. (b) | 72,000 | 182,157 | ||||||
TKC Corp. (b) | 3,700 | 94,999 | ||||||
Toa Corp. (h) | 33,000 | 79,080 | ||||||
Toa Corp. (h) | 17,500 | 157,517 | ||||||
Toagosei Co., Ltd. | 202,400 | 1,461,829 | ||||||
Tobishima Corp. (a)(b) | 28,000 | 49,330 | ||||||
TOC Co., Ltd. (b) | 156,860 | 1,094,936 | ||||||
Tochigi Bank, Ltd. | 229,000 | 1,252,411 | ||||||
Toda Corp. (b) | �� | 129,000 | 568,714 | |||||
Toei Co., Ltd. | 170,400 | 1,335,996 | ||||||
Toho Bank, Ltd. | 90,000 | 332,150 | ||||||
Toho Holdings Co., Ltd. (b) | 67,219 | 1,396,409 | ||||||
Toho Zinc Co., Ltd. (b) | 53,000 | 120,812 | ||||||
Tokai Carbon Co., Ltd. (b) | 126,000 | 300,889 | ||||||
Tokai Corp. | 1,600 | 44,086 | ||||||
TOKAI Holdings Corp. (b) | 57,000 | 237,490 | ||||||
Tokai Rika Co., Ltd. | 17,500 | 359,016 | ||||||
Toko, Inc. | 17,000 | 40,028 | ||||||
Tokuyama Corp. (a)(b) | 218,000 | 354,945 | ||||||
Tokyo Dome Corp. | 79,000 | 344,324 | ||||||
Tokyo Ohka Kogyo Co., Ltd. | 16,900 | 445,907 | ||||||
Tokyo Seimitsu Co., Ltd. (b) | 21,200 | 391,376 | ||||||
Tokyo Steel Manufacturing Co., Ltd. | 51,100 | 277,761 | ||||||
Tokyo Tekko Co., Ltd. | 9,000 | 36,822 | ||||||
Tokyo TY Financial Group, Inc. (b) | 17,100 | 532,568 | ||||||
Tokyotokeiba Co., Ltd. | 73,000 | 174,325 | ||||||
Tokyu Construction Co., Ltd. | 14,700 | 121,022 | ||||||
Tokyu REIT, Inc. | 287 | 369,758 | ||||||
Tomoe Engineering Co., Ltd. | 2,800 | 37,290 | ||||||
TOMONY Holdings, Inc. | 215,080 | 836,866 | ||||||
Tomy Co., Ltd. (b) | 52,400 | 255,076 | ||||||
Top REIT, Inc. | 92 | 355,279 | ||||||
Topcon Corp. | 23,800 | 310,206 | ||||||
Topre Corp. | 23,000 | 442,082 | ||||||
Topy Industries, Ltd. (b) | 345,981 | 710,653 | ||||||
Torii Pharmaceutical Co., Ltd. | 3,700 | 86,626 | ||||||
Torishima Pump Manufacturing Co., Ltd. (b) | 5,600 | 40,072 | ||||||
Toshiba Machine Co., Ltd. | 51,000 | 159,262 | ||||||
Toshiba Plant Systems & Services Corp. | 10,900 | 106,302 | ||||||
Toshiba TEC Corp. | 54,000 | 171,336 | ||||||
Totetsu Kogyo Co., Ltd. | 13,100 | 279,687 | ||||||
Towa Pharmaceutical Co., Ltd. (b) | 2,800 | 178,850 | ||||||
Toyo Construction Co., Ltd. | 9,700 | 42,359 | ||||||
Toyo Corp./Chuo-ku (b) | 136,368 | 1,003,133 | ||||||
Toyo Engineering Corp. (a)(b) | 58,000 | 139,473 | ||||||
Toyo Ink SC Holdings Co., Ltd. | 60,000 | 218,929 | ||||||
Toyo Wharf & Warehouse Co., Ltd. | 31,000 | 48,144 | ||||||
Toyobo Co., Ltd. | 391,788 | 529,952 | ||||||
TPR Co., Ltd. | 15,100 | 342,056 | ||||||
Trusco Nakayama Corp. | 10,200 | 358,978 | ||||||
TS Tech Co., Ltd. | 20,600 | 559,011 | ||||||
TSI Holdings Co., Ltd. (b) | 65,100 | 469,096 | ||||||
Tsubakimoto Chain Co. (b) | 62,000 | 386,707 | ||||||
Tsukui Corp. (b) | 4,300 | 41,253 | ||||||
Tsumura & Co. (b) | 27,200 | 589,354 | ||||||
Tsurumi Manufacturing Co., Ltd. | 10,900 | 174,378 | ||||||
UACJ Corp. (b) | 127,000 | 202,538 | ||||||
Ube Industries, Ltd. | 314,000 | 545,335 |
See accompanying notes to financial statements.
294
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Ulvac, Inc. | 33,900 | $ | 549,125 | |||||
UMN Pharma, Inc. (a)(b) | 4,600 | 88,148 | ||||||
Unipres Corp. | 16,200 | 307,051 | ||||||
United Arrows, Ltd. (b) | 12,500 | 515,593 | ||||||
United Super Markets Holdings, Inc. (b) | 11,900 | 100,355 | ||||||
UNITED, Inc. (b) | 3,700 | 39,977 | ||||||
Unitika, Ltd. (a) | 1,045,000 | 497,349 | ||||||
UNY Group Holdings Co., Ltd. | 74,300 | 466,527 | ||||||
Usen Corp. (a) | 45,710 | 114,118 | ||||||
Ushio, Inc. (b) | 41,800 | 500,141 | ||||||
UT Group Co., Ltd. (a) | 11,100 | 59,687 | ||||||
Valor Co., Ltd. | 31,400 | 786,278 | ||||||
VT Holdings Co., Ltd. | 21,500 | 129,253 | ||||||
Wacoal Holdings Corp. (b) | 72,000 | 858,481 | ||||||
Wacom Co., Ltd. (b) | 71,600 | 263,048 | ||||||
Wakachiku Construction Co., Ltd. (b) | 38,000 | 47,276 | ||||||
Wakita & Co., Ltd. | 10,900 | 98,201 | ||||||
WirelessGate, Inc. (b) | 4,300 | 72,238 | ||||||
Xebio Co., Ltd. (b) | 8,000 | 143,347 | ||||||
YAMABIKO Corp. | 20,800 | 168,811 | ||||||
Yamazen Corp. | 46,100 | 379,147 | ||||||
Yodogawa Steel Works, Ltd. (b) | 68,040 | 1,265,755 | ||||||
Yokogawa Bridge Holdings Corp. (b) | 16,700 | 140,555 | ||||||
Yondoshi Holdings, Inc. | 13,000 | 315,869 | ||||||
Yorozu Corp. | 13,000 | 265,069 | ||||||
Yoshinoya Holdings Co., Ltd. (b) | 30,400 | 394,452 | ||||||
Yushin Precision Equipment Co., Ltd. | 1,400 | 23,753 | ||||||
Zenrin Co., Ltd. | 56,477 | 759,691 | ||||||
Zensho Holdings Co., Ltd. (b) | 19,000 | 177,047 | ||||||
ZERIA Pharmaceutical Co., Ltd. (b) | 18,000 | 221,534 | ||||||
Zojirushi Corp. | 23,000 | 329,545 | ||||||
214,964,119 | ||||||||
LUXEMBOURG — 0.1% | ||||||||
ADO Properties SA (a)(g) | 4,830 | 116,564 | ||||||
BRAAS Monier Building Group SA | 8,290 | 221,395 | ||||||
SAF-Holland SA (b) | 15,205 | 199,937 | ||||||
Stabilus SA (a) | 5,773 | 207,822 | ||||||
745,718 | ||||||||
MONGOLIA — 0.0% (f) | ||||||||
Mongolian Mining Corp. (a)(b) | 1,198,500 | 30,465 | ||||||
NETHERLANDS — 1.2% | ||||||||
Amsterdam Commodities NV | 15,153 | 346,748 | ||||||
AVG Technologies NV (a)(b) | 21,217 | 461,470 | ||||||
BE Semiconductor Industries NV | 13,164 | 203,516 | ||||||
Beter Bed Holding NV | 12,188 | 270,737 | ||||||
BinckBank NV | 40,236 | 330,653 | ||||||
Constellium NV (Class A) (a)(b) | 31,011 | 187,927 | ||||||
Corbion NV | 38,559 | 882,350 | ||||||
Fugro NV (a)(b) | 18,308 | 322,996 | ||||||
Grontmij NV (a)(b) | 27,184 | 138,703 | ||||||
IMCD Group NV | 12,208 | 420,126 | ||||||
InterXion Holding NV (a)(b) | 14,990 | 405,929 | ||||||
Koninklijke BAM Groep NV (a) | 140,965 | 655,529 | ||||||
Koninklijke Ten Cate NV | 10,937 | 296,237 | ||||||
Lastminute.com NV (a) | 1,524 | 21,602 | ||||||
NSI NV | 48,522 | 187,619 | ||||||
PostNL NV (a) | 132,557 | 482,075 | ||||||
Refresco Gerber NV (a)(g) | 18,100 | 282,858 | ||||||
Sligro Food Group NV | 9,279 | 337,816 | ||||||
TKH Group NV | 15,325 | 553,482 | ||||||
USG People NV | 30,755 | 418,314 | ||||||
VastNed Retail NV | 5,433 | 234,881 | ||||||
Wessanen | 29,255 | 308,663 | ||||||
7,750,231 | ||||||||
NEW ZEALAND — 1.2% | ||||||||
a2 Milk Co., Ltd. (a)(b) | 191,461 | 85,734 | ||||||
Air New Zealand, Ltd. | 233,378 | 366,512 | ||||||
Argosy Property, Ltd. | 322,568 | 216,664 | ||||||
Chorus, Ltd. (a)(b) | 139,259 | 237,854 | ||||||
Ebos Group, Ltd. | 29,522 | 235,310 | ||||||
Freightways, Ltd. | 78,529 | 278,804 | ||||||
Genesis Energy, Ltd. | 181,905 | 212,947 | ||||||
Goodman Property Trust | 363,730 | 269,907 | ||||||
Heartland New Zealand, Ltd. | 234,616 | 168,094 | ||||||
Infratil, Ltd. (b) | 301,317 | 589,822 | ||||||
Kathmandu Holdings, Ltd. (b) | 75,981 | 68,047 | ||||||
Kiwi Income Property Group, Ltd. | 475,201 | 390,622 | ||||||
Mainfreight, Ltd. | 57,394 | 556,231 | ||||||
Metlifecare, Ltd. | 64,510 | 174,560 | ||||||
New Zealand Oil & Gas, Ltd. (b) | 270,759 | 72,746 | ||||||
Nuplex Industries, Ltd. | 136,246 | 339,039 | ||||||
NZX, Ltd. | 241,398 | 151,334 | ||||||
PGG Wrightson, Ltd. | 99,733 | 25,201 | ||||||
Port of Tauranga, Ltd. (b) | 23,290 | 253,276 | ||||||
Precinct Properties New Zealand, Ltd. | 262,402 | 190,519 | ||||||
Property for Industry, Ltd. | 208,131 | 197,049 | ||||||
Restaurant Brands New Zealand, Ltd. | 117,947 | 297,276 | ||||||
Skellerup Holdings, Ltd. | 145,014 | 119,667 | ||||||
Sky City Entertainment Group, Ltd. | 283,223 | 677,605 | ||||||
Sky Network Television, Ltd. | 68,839 | 204,769 | ||||||
Steel & Tube Holdings, Ltd. | 15,741 | 26,886 | ||||||
Stride Property, Ltd. (b) | 247,622 | 316,015 | ||||||
Summerset Group Holdings, Ltd. (b) | 60,041 | 135,581 | ||||||
Tower, Ltd. | 132,035 | 168,926 | ||||||
Trade Me Group, Ltd. | 199,793 | 467,776 | ||||||
Vital Healthcare Property Trust | 210,137 | 229,866 | ||||||
Warehouse Group, Ltd. | 62,435 | 99,849 | ||||||
Z Energy, Ltd. | 70,089 | 297,262 | ||||||
8,121,750 | ||||||||
NORWAY — 1.7% | ||||||||
AF Gruppen ASA | 13,076 | 168,624 | ||||||
Aker Solutions ASA | 56,337 | 194,439 | ||||||
Atea ASA | 39,526 | 362,592 | ||||||
Austevoll Seafood ASA | 34,545 | 214,641 | ||||||
Avance Gas Holding, Ltd. (g) | 12,916 | 164,289 | ||||||
Bakkafrost P/F | 20,227 | 644,988 | ||||||
Borregaard ASA | 53,084 | 318,940 | ||||||
BW LPG, Ltd. (b)(g) | 27,433 | 170,451 | ||||||
BW Offshore, Ltd. | 184,181 | 74,277 | ||||||
Det Norske Oljeselskap ASA (a) | 46,445 | 258,633 |
See accompanying notes to financial statements.
295
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
DNO ASA (a)(b) | 239,030 | $ | 252,481 | |||||
Ekornes ASA | 45,383 | 508,098 | ||||||
Europris ASA (a)(g) | 35,638 | 169,625 | ||||||
Fred Olsen Energy ASA (a) | 13,953 | 72,546 | ||||||
Frontline, Ltd. (a)(b) | 62,456 | 169,869 | ||||||
Hexagon Composites ASA (b) | 51,125 | 89,903 | ||||||
Hoegh LNG Holdings, Ltd. (b) | 19,840 | 267,479 | ||||||
Kongsberg Automotive ASA (a) | 199,651 | 99,240 | ||||||
Kongsberg Gruppen ASA | 12,600 | 181,688 | ||||||
Kvaerner ASA | 106,179 | 48,795 | ||||||
Nordic Semiconductor ASA (a)(b) | 80,157 | 392,328 | ||||||
Norwegian Air Shuttle AS (a)(b) | 8,279 | 323,201 | ||||||
Opera Software ASA (b) | 65,873 | 354,463 | ||||||
Petroleum Geo-Services ASA | 102,640 | 393,834 | ||||||
ProSafe SE (b) | 115,010 | 319,547 | ||||||
Protector Forsikring ASA | 55,077 | 387,411 | ||||||
REC Silicon ASA (a)(b) | 875,027 | 153,053 | ||||||
Salmar ASA | 16,174 | 255,030 | ||||||
Solstad Offshore ASA | 10,811 | 32,192 | ||||||
SpareBank 1 SMN | 30,607 | 193,761 | ||||||
Spectrum ASA | 20,451 | 71,686 | ||||||
Storebrand ASA (a) | 144,196 | 471,637 | ||||||
TGS Nopec Geophysical Co. ASA (b) | 36,559 | 674,177 | ||||||
Thin Film Electronics ASA (a)(b) | 279,525 | 130,423 | ||||||
Tomra Systems ASA | 112,596 | 1,056,000 | ||||||
Veidekke ASA | 108,715 | 1,213,963 | ||||||
Wilh Wilhelmsen ASA (b) | 21,194 | 90,938 | ||||||
XXL ASA (g) | 29,626 | 288,272 | ||||||
11,233,514 | ||||||||
PANAMA — 0.0% (f) | ||||||||
Norstar Holdings, Inc. | 6,605 | 130,101 | ||||||
PORTUGAL — 0.2% | ||||||||
Altri SGPS SA | 193,258 | 777,254 | ||||||
CTT-Correios de Portugal SA | 33,558 | 373,430 | ||||||
Mota-Engil SGPS SA (b) | 45,377 | 96,188 | ||||||
Pharol SGPS SA (a) | 234,502 | 69,891 | ||||||
1,316,763 | ||||||||
SINGAPORE — 2.4% | ||||||||
AIMS AMP Capital Industrial REIT | 240,958 | 229,621 | ||||||
Ascendas Hospitality Trust (b) | 498,000 | 218,897 | ||||||
Ascendas India Trust | 584,000 | 351,164 | ||||||
Ascott Residence Trust | 405,600 | 349,434 | ||||||
Biosensors International Group, Ltd. (a) | 621,000 | 294,799 | ||||||
Boustead Singapore, Ltd. | 300,657 | 158,586 | ||||||
Cache Logistics Trust (b) | 481,000 | 328,131 | ||||||
Cambridge Industrial Trust | 1,006,855 | 431,944 | ||||||
Cape PLC (b) | 37,516 | 133,686 | ||||||
CapitaLand Retail China Trust | 323,147 | 310,216 | ||||||
CDL Hospitality Trusts (b) | 394,000 | 360,222 | ||||||
China New Town Development Co., Ltd. (a) | 435,000 | 15,602 | ||||||
China Yuchai International, Ltd. | 21,177 | 261,960 | ||||||
Civmec, Ltd. (b) | 396,000 | 114,185 | ||||||
Cordlife Group, Ltd. (b) | 242,000 | 215,296 | ||||||
Cosco Corp. Singapore, Ltd. (b)(e) | 573,000 | 151,118 | ||||||
Croesus Retail Trust | 181,000 | 105,654 | ||||||
CSE Global, Ltd. (b) | 141,000 | 50,077 | ||||||
CWT, Ltd. (b) | 184,000 | 256,221 | ||||||
Ezion Holdings, Ltd. (b) | 512,000 | 234,053 | ||||||
Ezra Holdings, Ltd. (a)(b) | 1,439,195 | 118,423 | ||||||
Far East Hospitality Trust | 409,000 | 185,530 | ||||||
First Real Estate Investment Trust | 542,031 | 491,751 | ||||||
Fortune Real Estate Investment Trust | 444,000 | 415,925 | ||||||
Frasers Centrepoint Trust | 256,000 | 342,978 | ||||||
Frasers Commercial Trust (b) | 300,357 | 280,944 | ||||||
Frasers Hospitality Trust | 202,000 | 103,706 | ||||||
GuocoLeisure, Ltd. | 395,000 | 220,849 | ||||||
Haw Par Corp., Ltd. | 67,986 | 388,724 | ||||||
Hong Fok Corp., Ltd. | 238,000 | 112,983 | ||||||
Hyflux, Ltd. (b) | 303,000 | 147,036 | ||||||
IGG, Inc. | 430,000 | 163,676 | ||||||
International Healthway Corp., Ltd. (a)(b) | 148,000 | 8,639 | ||||||
K1 Ventures, Ltd. | 255,000 | 33,895 | ||||||
Keppel DC REIT | 231,700 | 166,210 | ||||||
Keppel Infrastructure Trust (b) | 780,538 | 288,194 | ||||||
Lian Beng Group, Ltd. | 123,000 | 44,982 | ||||||
Lippo Malls Indonesia Retail Trust | 1,190,000 | 267,811 | ||||||
Mapletree Greater China Commercial Trust | 675,000 | 441,487 | ||||||
Mapletree Industrial Trust | 775,437 | 809,849 | ||||||
Metro Holdings, Ltd. | 324,000 | 197,103 | ||||||
Mewah International, Inc. | 200,000 | 40,791 | ||||||
OM Holdings, Ltd. (a) | 1,038 | 131 | ||||||
OSIM International, Ltd. (b) | 196,000 | 223,996 | ||||||
OUE Commercial Real Estate Investment Trust | 120,000 | 54,012 | ||||||
OUE Hospitality Trust | 336,333 | 189,230 | ||||||
OUE, Ltd. (b) | 86,000 | 108,566 | ||||||
Oxley Holdings, Ltd. (b) | 122,000 | 33,891 | ||||||
Pacific Radiance, Ltd. (b) | 220,000 | 48,738 | ||||||
Parkway Life Real Estate Investment Trust | 244,000 | 394,683 | ||||||
Petra Foods, Ltd. | 177,000 | 312,448 | ||||||
Raffles Medical Group, Ltd. | 150,702 | 479,058 | ||||||
Religare Health Trust | 446,000 | 297,982 | ||||||
Rotary Engineering, Ltd. | 100,000 | 23,912 | ||||||
Rowsley, Ltd. (a) | 1,592,000 | 193,696 | ||||||
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (b) | 389,729 | 206,938 | ||||||
Sinarmas Land, Ltd. (b) | 571,000 | 226,890 | ||||||
Sino Grandness Food Industry Group, Ltd. (a)(b) | 175,000 | 36,307 | ||||||
SMRT Corp., Ltd. (b) | 344,000 | 315,718 | ||||||
Soilbuild Business Space REIT | 249,000 | 140,970 | ||||||
Starhill Global REIT | 720,000 | 382,305 | ||||||
Super Group, Ltd. | 238,000 | 128,884 | ||||||
Swiber Holdings, Ltd. (a)(b) | 101,300 | 13,892 | ||||||
Tiger Airways Holdings, Ltd. (a)(b) | 305,850 | 64,530 | ||||||
Tuan Sing Holdings, Ltd. | 188,936 | 38,534 | ||||||
UMS Holdings, Ltd. | 319,000 | 113,296 | ||||||
United Engineers, Ltd. (b) | 277,000 | 374,035 | ||||||
Venture Corp., Ltd. | 75,000 | 437,267 | ||||||
Wing Tai Holdings, Ltd. (b) | 543,299 | 638,096 | ||||||
XP Power, Ltd. | 2,552 | 61,850 |
See accompanying notes to financial statements.
296
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Yoma Strategic Holdings, Ltd. (a)(b) | 705,333 | $ | 181,058 | |||||
Yongnam Holdings, Ltd. (a) | 115,749 | 32,562 | ||||||
15,595,827 | ||||||||
SOUTH KOREA — 9.2% | ||||||||
Able C&C Co., Ltd. | 7,926 | 186,899 | ||||||
Actoz Soft Co., Ltd. (a) | 1,039 | 34,625 | ||||||
Advanced Process Systems Corp. (a) | 6,345 | 41,433 | ||||||
AeroSpace Technology of Korea, Inc. (a)(b) | 4,370 | 118,900 | ||||||
AfreecaTV Co., Ltd. | 3,198 | 82,560 | ||||||
Ahnlab, Inc. | 2,161 | 77,667 | ||||||
AJ Rent A Car Co., Ltd. (a) | 2,864 | 29,116 | ||||||
AK Holdings, Inc. | 1,903 | 128,601 | ||||||
Amicogen, Inc. | 1,888 | 132,525 | ||||||
Asiana Airlines, Inc. (a) | 43,109 | 192,032 | ||||||
Basic House Co., Ltd. (a)(b) | 1,960 | 17,941 | ||||||
Binex Co., Ltd. (a) | 14,877 | 212,116 | ||||||
Binggrae Co., Ltd. | 4,002 | 254,915 | ||||||
Bioland, Ltd. (b) | 3,897 | 80,057 | ||||||
Boryung Pharmaceutical Co., Ltd. | 3,233 | 162,837 | ||||||
Bukwang Pharmaceutical Co., Ltd. | 8,845 | 167,527 | ||||||
Byucksan Corp. | 28,752 | 221,468 | ||||||
Cell Biotech Co., Ltd. | 1,569 | 79,291 | ||||||
Celltrion Pharm, Inc. (a) | 7,703 | 83,184 | ||||||
Chabiotech Co., Ltd. (a)(b) | 26,172 | 312,439 | ||||||
Cheil Worldwide, Inc. (a) | 42,190 | 647,817 | ||||||
Choa Pharmaceutical Co. (a) | 17,860 | 62,306 | ||||||
Chong Kun Dang Pharmaceutical Corp. | 3,434 | 223,081 | ||||||
Chongkundang Holdings Corp. | 1,955 | 149,268 | ||||||
CJ Freshway Corp. | 1,680 | 110,838 | ||||||
CNK International Co., Ltd. (a)(e) | 16,071 | 0 | ||||||
Com2uSCorp (a)(b) | 6,883 | 675,350 | ||||||
Corentec Co., Ltd. (a) | 2,688 | 35,831 | ||||||
Cosmax BTI, Inc. | 6,239 | 434,251 | ||||||
Cosmax, Inc. | 4,565 | 820,337 | ||||||
Crown Confectionery Co., Ltd. | 275 | 184,447 | ||||||
CrucialTec Co., Ltd. (a) | 6,281 | 84,255 | ||||||
CrystalGenomics, Inc. (a) | 5,283 | 58,834 | ||||||
CTC BIO, Inc. (a) | 6,360 | 102,754 | ||||||
D.I Corp. | 9,174 | 64,937 | ||||||
Dae Han Flour Mills Co., Ltd. | 477 | 84,711 | ||||||
Daeduck GDS Co., Ltd. | 3,270 | 26,788 | ||||||
Daelim Industrial Co., Ltd. | 11,253 | 637,034 | ||||||
Daesang Corp. | 15,655 | 406,795 | ||||||
Daesang Holdings Co., Ltd. | 4,924 | 100,740 | ||||||
Daewon Pharmaceutical Co., Ltd. | 9,018 | 162,055 | ||||||
Daewoo Shipbuilding & Marine Engineering Co., Ltd. | 52,940 | 284,508 | ||||||
Daewoong Pharmaceutical Co., Ltd. | 1,705 | 116,515 | ||||||
Daou Technology, Inc. | 17,815 | 438,875 | ||||||
DGB Financial Group, Inc. | 39,310 | 348,228 | ||||||
Digital Power Communications Co., Ltd. | 13,792 | 57,074 | ||||||
Dong-A Socio Holdings Co., Ltd. | 4,067 | 499,239 | ||||||
Dong-A ST Co., Ltd. | 4,287 | 415,933 | ||||||
Dongbu HiTek Co., Ltd. (a)(b) | 7,247 | 86,208 | ||||||
DongKook Pharmaceutical Co., Ltd. | 3,150 | 121,185 | ||||||
Dongkuk Steel Mill Co., Ltd. (a)(b) | 52,235 | 314,212 | ||||||
Dongsung Finetec Co., Ltd. | 4,278 | 21,836 | ||||||
Dongwha Pharm Co., Ltd. | 30,901 | 183,013 | ||||||
Dongwon F&B Co., Ltd. | 400 | 135,493 | ||||||
Dongwon Industries Co., Ltd. | 1,084 | 323,289 | ||||||
Doosan Corp. | 6,065 | 567,970 | ||||||
Doosan Heavy Industries & Construction Co., Ltd. | 21,613 | 385,653 | ||||||
Doosan Infracore Co., Ltd. (a) | 56,070 | 310,790 | ||||||
Eo Technics Co., Ltd. | 4,887 | 453,118 | ||||||
Eugene Investment & Securities Co., Ltd. (a)(b) | 107,797 | 270,561 | ||||||
Eugene Technology Co., Ltd. | 3,771 | 38,496 | ||||||
Eusu Holdings Co., Ltd. (a) | 6,548 | 49,001 | ||||||
Fila Korea, Ltd. | 6,661 | 559,158 | ||||||
Gamevil, Inc. (a)(b) | 3,228 | 187,640 | ||||||
GemVax & Kael Co., Ltd. (a)(b) | 12,846 | 366,316 | ||||||
Genexine Co., Ltd. (a) | 1,468 | 99,080 | ||||||
Genic Co., Ltd. (a) | 2,881 | 99,412 | ||||||
GOLFZON Co., Ltd. (a) | 2,178 | 159,128 | ||||||
GOLFZONYUWONHOLDINGS Co., Ltd. | 10,618 | 73,456 | ||||||
Grand Korea Leisure Co., Ltd. (b) | 13,600 | 381,507 | ||||||
Green Cross Cell Corp. (a) | 1,763 | 72,585 | ||||||
Green Cross Corp. | 3,889 | 613,552 | ||||||
Green Cross Holdings Corp. | 12,792 | 432,228 | ||||||
GS Engineering & Construction Corp. (a) | 24,481 | 507,052 | ||||||
GS Home Shopping, Inc. | 2,394 | 383,751 | ||||||
Halla Holdings Corp. | 2,582 | 128,741 | ||||||
Hana Tour Service, Inc. | 4,442 | 543,398 | ||||||
Hanall Biopharma Co., Ltd. (a)(b) | 15,743 | 168,016 | ||||||
Hancom, Inc. | 6,137 | 123,744 | ||||||
Hanil Cement Co., Ltd. | 1,658 | 186,041 | ||||||
Hanil E-Hwa Co., Ltd. | 3,416 | 38,618 | ||||||
Hanjin Heavy Industries & Construction Co., Ltd. (a)(b) | 36,178 | 125,446 | ||||||
Hanjin Kal Corp. | 19,581 | 415,475 | ||||||
Hanjin Shipping Co., Ltd. (a)(b) | 67,455 | 311,296 | ||||||
Hanjin Transportation Co., Ltd. | 4,004 | 160,457 | ||||||
Hankook Shell Oil Co., Ltd. | 290 | 126,247 | ||||||
Hanmi Pharm Co., Ltd. (a) | 441 | 138,219 | ||||||
Hanmi Semiconductor Co., Ltd. | 5,547 | 47,266 | ||||||
Hansol Chemical Co., Ltd. | 2,637 | 163,074 | ||||||
Hansol Holdings Co., Ltd. | 45,736 | 283,607 | ||||||
Hansol Paper Co., Ltd. (a)(b) | 24,113 | 420,091 | ||||||
Hansol Technics Co., Ltd. (a) | 12,244 | 245,851 | ||||||
Hanwha Investment & Securities Co., Ltd. | 131,460 | 551,770 | ||||||
Hanwha Techwin Co., Ltd. (a) | 17,327 | 451,704 | ||||||
Harim Co., Ltd. (a)(b) | 12,374 | 41,341 | ||||||
Heung-A Shipping Co., Ltd. (b) | 40,131 | 72,624 | ||||||
Hite Jinro Co., Ltd. (b) | 31,178 | 599,729 | ||||||
HLB, Inc. (a) | 16,103 | 350,508 | ||||||
Humax Co., Ltd. | 31,097 | 512,905 | ||||||
Humedix Co., Ltd. (a) | 1,426 | 72,906 | ||||||
Huons Co., Ltd. | 4,095 | 310,588 | ||||||
Hwa Shin Co., Ltd. | 3,244 | 16,531 | ||||||
Hyundai BNG Steel Co., Ltd. | 2,480 | 22,074 |
See accompanying notes to financial statements.
297
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Hyundai Corp. (e) | 4,024 | $ | 125,442 | |||||
Hyundai Elevator Co., Ltd. (a) | 7,791 | 336,539 | ||||||
Hyundai Engineering Plastics Co., Ltd. | 5,124 | 39,339 | ||||||
Hyundai Home Shopping Network Corp. | 3,820 | 418,966 | ||||||
Hyundai Hy Communications & Networks Co., Ltd. | 7,480 | 22,150 | ||||||
Hyundai Livart Furniture Co., Ltd. | 1,875 | 80,201 | ||||||
Hyundai Merchant Marine Co., Ltd. (a)(b) | 48,200 | 250,089 | ||||||
Hyundai Mipo Dockyard Co., Ltd. (a) | 3,861 | 216,617 | ||||||
Hyundai Rotem Co., Ltd. (a)(b) | 23,501 | 341,025 | ||||||
Hyundai Securities Co., Ltd. | 83,732 | 536,173 | ||||||
i-SENS, Inc. (a) | 2,550 | 80,568 | ||||||
Il Dong Pharmaceutical Co., Ltd. | 8,924 | 198,763 | ||||||
Iljin Display Co., Ltd. | 5,724 | 36,267 | ||||||
Ilyang Pharmaceutical Co., Ltd. (a) | 8,074 | 361,024 | ||||||
iMarketKorea, Inc. | 7,858 | 194,909 | ||||||
InBody Co., Ltd. | 2,581 | 84,705 | ||||||
Innox Corp. (a) | 3,499 | 40,442 | ||||||
Inscobee, Inc. (a) | 22,530 | 25,090 | ||||||
Interojo Co., Ltd. | 3,459 | 108,121 | ||||||
Interpark Holdings Corp. | 31,206 | 335,676 | ||||||
iNtRON Biotechnology, Inc. (a)(b) | 4,677 | 190,781 | ||||||
IS Dongseo Co., Ltd. | 6,185 | 276,037 | ||||||
JB Financial Group Co., Ltd. (b) | 294,348 | 1,502,409 | ||||||
Jeil Pharmaceutical Co. | 6,490 | 111,698 | ||||||
Jenax, Inc. (a) | 7,034 | 77,443 | ||||||
JoyCity Corp. (a) | 1,474 | 29,846 | ||||||
Jusung Engineering Co., Ltd. (a) | 8,001 | 38,341 | ||||||
JW Pharmaceutical Corp. | 5,486 | 175,878 | ||||||
JYP Entertainment Corp. (a) | 12,368 | 43,721 | ||||||
KB Insurance Co., Ltd. | 38,858 | 773,685 | ||||||
KCP Co., Ltd. (a) | 6,344 | 190,539 | ||||||
Kginicis Co., Ltd. | 16,592 | 278,563 | ||||||
KGMobilians Co., Ltd. | 2,952 | 40,844 | ||||||
KH Vatec Co., Ltd. (b) | 5,909 | 76,523 | ||||||
Koh Young Technology, Inc. | 2,834 | 82,010 | ||||||
Kolao Holdings (b) | 16,848 | 191,891 | ||||||
Kolon Corp. | 3,818 | 216,460 | ||||||
Kolon Industries, Inc. | 8,764 | 462,859 | ||||||
Kolon Life Science, Inc. (b) | 1,937 | 271,275 | ||||||
Komipharm International Co., Ltd. (a)(b) | 13,569 | 262,726 | ||||||
KONA I Co., Ltd. | 5,973 | 221,222 | ||||||
Korea Electric Terminal Co., Ltd. | 2,520 | 216,857 | ||||||
Korea Kolmar Co., Ltd. (b) | 8,646 | 720,682 | ||||||
Korea Kolmar Holdings Co., Ltd. | 2,056 | 131,308 | ||||||
Korea Line Corp. (a) | 3,874 | 68,309 | ||||||
Korea Petrochemical Industries | 1,394 | 195,228 | ||||||
Korea Real Estate Investment & Trust Co., Ltd. | 51,848 | 143,913 | ||||||
Korea United Pharm, Inc. | 6,868 | 123,419 | ||||||
Korean Reinsurance Co. | 90,039 | 1,082,473 | ||||||
Kortek Corp. (b) | 6,615 | 80,085 | ||||||
KT Skylife Co., Ltd. | 14,760 | 253,409 | ||||||
Ktis Corp. (b) | 13,635 | 63,269 | ||||||
Kumho Industrial Co., Ltd. (a)(b) | 16,820 | 254,010 | ||||||
Kumho Petrochemical Co., Ltd. | 9,546 | 428,455 | ||||||
Kumho Tire Co., Inc. (a)(b) | 61,642 | 375,479 | ||||||
Kwang Dong Pharmaceutical Co., Ltd. | 17,096 | 186,782 | ||||||
KyungDong City Gas Co., Ltd. | 512 | 46,652 | ||||||
Kyungdong Pharm Co., Ltd. | 6,815 | 137,990 | ||||||
LEENO Industrial, Inc. | 3,397 | 126,675 | ||||||
LF Corp. | 12,231 | 337,944 | ||||||
LG Hausys, Ltd. | 3,760 | 509,137 | ||||||
LG Innotek Co., Ltd. | 6,184 | 459,118 | ||||||
LG International Corp. (b) | 36,878 | 844,713 | ||||||
LG Life Sciences, Ltd. (a)(b) | 4,986 | 232,200 | ||||||
Lock & Lock Co., Ltd. | 3,333 | 40,914 | ||||||
Lotte Food Co., Ltd. | 727 | 643,401 | ||||||
LOTTE Himart Co., Ltd. | 4,178 | 233,345 | ||||||
LS Corp. | 12,658 | 366,295 | ||||||
LS Industrial Systems Co., Ltd. | 10,922 | 419,262 | ||||||
Lumens Co., Ltd. (b) | 14,744 | 46,522 | ||||||
Lutronic Corp. | 2,917 | 101,392 | ||||||
Macrogen, Inc. (a) | 3,321 | 96,103 | ||||||
Maeil Dairy Industry Co., Ltd. | 1,489 | 48,741 | ||||||
Mando Corp. | 2,862 | 330,797 | ||||||
Medipost Co., Ltd. (a)(b) | 4,164 | 315,119 | ||||||
MegaStudy Co., Ltd. | 3,897 | 128,059 | ||||||
MegaStudyEdu Co., Ltd. (a) | 2,254 | 120,563 | ||||||
Meritz Financial Group, Inc. | 31,958 | 388,252 | ||||||
Meritz Fire & Marine Insurance Co., Ltd. (b) | 52,927 | 709,980 | ||||||
Mirae Asset Securities Co., Ltd. (b) | 18,559 | 437,631 | ||||||
Mirae Corp. (a) | 194,561 | 89,951 | ||||||
Modetour Network, Inc. | 3,051 | 98,714 | ||||||
Muhak Co., Ltd. (a) | 5,941 | 235,826 | ||||||
Naturalendo Tech Co., Ltd. (a)(b) | 10,611 | 205,900 | ||||||
Neowiz Games Corp. (a)(b) | 11,566 | 181,008 | ||||||
NEPES Corp. (a) | 5,790 | 35,464 | ||||||
Nexen Tire Corp. (b) | 25,776 | 312,061 | ||||||
NH Investment & Securities Co., Ltd. | 3 | 25 | ||||||
NHN Entertainment Corp. (a)(b) | 10,361 | 563,810 | ||||||
NICE Holdings Co., Ltd. | 5,338 | 120,919 | ||||||
NongShim Co., Ltd. | 2,725 | 841,433 | ||||||
OCI Co., Ltd. | 7,393 | 513,949 | ||||||
OCI Materials Co., Ltd. | 1,334 | 102,529 | ||||||
Opto Device Technology Co., Ltd. | 6,003 | 43,555 | ||||||
Osstem Implant Co., Ltd. (a) | 3,020 | 166,122 | ||||||
Paradise Co., Ltd. | 24,057 | 455,648 | ||||||
Partron Co., Ltd. (b) | 24,142 | 191,458 | ||||||
Pharmicell Co., Ltd. (a) | 9,758 | 41,163 | ||||||
Poongsan Corp. | 18,103 | 383,350 | ||||||
Posco ICT Co., Ltd. | 7,881 | 36,769 | ||||||
Power Logics Co., Ltd. (a) | 15,455 | 49,678 | ||||||
Redrover Co., Ltd. (a) | 11,475 | 91,970 | ||||||
S&T Dynamics Co., Ltd. | 7,267 | 84,607 | ||||||
Sajo Industries Co., Ltd. (a) | 1,220 | 81,313 | ||||||
Sam Yung Trading Co., Ltd. | 5,557 | 95,172 | ||||||
Samchully Co., Ltd. | 490 | 46,301 | ||||||
Samchuly Bicycle Co., Ltd. | 5,177 | 89,974 | ||||||
Samjin Pharmaceutical Co., Ltd. | 9,991 | 221,685 |
See accompanying notes to financial statements.
298
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Samkwang Glass | 971 | $ | 80,691 | |||||
Samsung Engineering Co., Ltd. (a) | 15,370 | 395,499 | ||||||
Samsung Fine Chemicals Co., Ltd. (b) | 14,206 | 482,402 | ||||||
Samyang Holdings Corp. | 3,831 | 437,949 | ||||||
Sansung Life & Science Co., Ltd. (a)(b) | 7,273 | 260,166 | ||||||
Sapphire Technology Co., Ltd. (a)(b) | 2,664 | 28,768 | ||||||
Schnell Biopharmaceuticals, Inc. | 38,640 | 110,512 | ||||||
SeAH Steel Corp. | 660 | 38,421 | ||||||
Sebang Co., Ltd. | 2,593 | 40,143 | ||||||
Seegene, Inc. (a)(b) | 13,354 | 466,427 | ||||||
Seobu T&D (a) | 4,499 | 84,074 | ||||||
Seoul Semiconductor Co., Ltd. (a)(b) | 22,950 | 274,943 | ||||||
SEOWONINTECH Co., Ltd. | 2,901 | 32,184 | ||||||
Seoyeon Co., Ltd. | 4,386 | 49,029 | ||||||
SFA Engineering Corp. (b) | 21,033 | 798,519 | ||||||
Silicon Works Co., Ltd. | 1,853 | 51,433 | ||||||
Silla Co., Ltd. | 1,570 | 23,577 | ||||||
Sindoh Co., Ltd. | 840 | 44,363 | ||||||
SK Chemicals Co., Ltd. | 6,907 | 428,300 | ||||||
SK Communications Co., Ltd. (a)(b) | 5,808 | 41,944 | ||||||
SK Networks Co., Ltd. | 68,740 | 399,577 | ||||||
SKC Co., Ltd. | 13,662 | 439,148 | ||||||
SM Culture & Contents Co., Ltd. (a) | 15,511 | 35,987 | ||||||
SM Entertainment Co. (a)(b) | 8,833 | 296,222 | ||||||
Soulbrain Co., Ltd. | 7,367 | 266,637 | ||||||
Suheung Co., Ltd. | 1,530 | 64,153 | ||||||
SundayToz Corp. (a)(b) | 11,324 | 142,350 | ||||||
Sungshin Cement Co., Ltd. (a) | 7,157 | 70,948 | ||||||
Sungwoo Hitech Co., Ltd. | 27,939 | 186,213 | ||||||
Suprema, Inc. (a) | 3,252 | 61,731 | ||||||
Synopex, Inc. (a) | 29,999 | 38,343 | ||||||
Taekwang Industrial Co., Ltd. | 512 | 517,054 | ||||||
Taihan Electric Wire Co., Ltd. (a)(e) | 26,608 | 0 | ||||||
Tera Semicon Co., Ltd. (a) | 2,641 | 36,987 | ||||||
Tongyang Life Insurance Co., Ltd. | 7,703 | 92,283 | ||||||
Tongyang, Inc. (a) | 135,510 | 346,406 | ||||||
Tovis Co., Ltd. | 7,512 | 62,679 | ||||||
Value Added Technologies Co., Ltd. | 3,600 | 118,907 | ||||||
Vieworks Co., Ltd. | 1,640 | 45,936 | ||||||
ViroMed Co., Ltd. (a)(b) | 4,963 | 515,016 | ||||||
Webzen, Inc. (a) | 12,328 | 332,304 | ||||||
WeMade Entertainment Co., Ltd. (a)(b) | 5,598 | 222,446 | ||||||
Whanin Pharmaceutical Co., Ltd. | 8,588 | 148,531 | ||||||
Wins Co., Ltd. | 3,913 | 48,199 | ||||||
WiSoL Co., Ltd. | 5,330 | 64,978 | ||||||
Wonik IPS Co., Ltd. (a) | 44,528 | 343,361 | ||||||
Woojeon & Handan Co., Ltd. (a) | 8,140 | 11,812 | ||||||
Woongjin Thinkbig Co., Ltd. (a) | 8,092 | 56,596 | ||||||
YG Entertainment, Inc. (b) | 6,635 | 292,202 | ||||||
Yuanta Securities Korea Co., Ltd. (a)(b) | 74,382 | 268,586 | ||||||
Yungjin Pharmaceutical Co., Ltd. (a)(b) | 52,933 | 90,879 | ||||||
59,630,400 | ||||||||
SPAIN — 1.1% | ||||||||
Applus Services SA | 33,782 | 319,774 | ||||||
Axiare Patrimonio SOCIMI SA REIT | 21,539 | 294,045 | ||||||
Baron de Ley (a) | 953 | 100,049 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 2,206 | 679,266 | ||||||
Euskaltel SA (a)(g) | 30,878 | 355,016 | ||||||
Faes Farma SA | 245,510 | 644,018 | ||||||
Hispania Activos Inmobiliarios SA (a) | 24,049 | 333,814 | ||||||
Indra Sistemas SA (a)(b) | 43,566 | 450,902 | ||||||
Lar Espana Real Estate Socimi SA REIT (b) | 16,493 | 157,408 | ||||||
Let’s GOWEX SA (a)(b)(c) | 9,561 | 0 | ||||||
NH Hotel Group SA (a)(b) | 56,135 | 299,518 | ||||||
Obrascon Huarte Lain SA (b) | 15,793 | 207,316 | ||||||
Promotora de Informaciones SA (Class A) (a)(b) | 44,325 | 165,750 | ||||||
Sacyr SA (b) | 114,311 | 252,009 | ||||||
Saeta Yield SA | 13,520 | 124,506 | ||||||
Talgo SA (a)(g) | 36,302 | 184,376 | ||||||
Tubacex SA (b) | 156,828 | 329,987 | ||||||
Tubos Reunidos SA (b) | 210,511 | 202,085 | ||||||
Vidrala SA | 25,396 | 1,190,911 | ||||||
Zeltia SA (a)(b) | 171,993 | 646,037 | ||||||
6,936,787 | ||||||||
SWEDEN — 2.8% | ||||||||
AddTech AB (Class B) | 25,329 | 359,382 | ||||||
AF AB (Class B) | 29,012 | 400,396 | ||||||
Arcam AB (a)(b) | 8,312 | 145,932 | ||||||
Avanza Bank Holding AB | 9,892 | 405,137 | ||||||
B&B Tools AB (Class B) | 13,069 | 173,354 | ||||||
Beijer Alma AB | 8,849 | 188,859 | ||||||
Beijer Ref AB | 15,390 | 311,945 | ||||||
Bilia AB (Class A) | 12,880 | 257,230 | ||||||
BioGaia AB (Class B) | 3,822 | 126,230 | ||||||
Bufab Holding AB | 22,632 | 124,129 | ||||||
Byggmax Group AB | 26,931 | 239,221 | ||||||
Clas Ohlson AB (Class B) | 13,332 | 203,468 | ||||||
Cloetta AB (Class B) (a) | 107,482 | 306,284 | ||||||
Com Hem Holding AB | 40,542 | 338,130 | ||||||
Concentric AB | 21,761 | 252,324 | ||||||
D. Carnegie Co. & AB (a) | 9,241 | 58,396 | ||||||
Duni AB | 13,358 | 195,901 | ||||||
Eltel AB (a)(g) | 21,773 | 238,185 | ||||||
Evolution Gaming Group AB (a)(g) | 10,019 | 319,550 | ||||||
Fingerprint Cards AB (Class B) (a)(b) | 24,277 | 894,426 | ||||||
Haldex AB | 47,566 | 499,080 | ||||||
Hemfosa Fastigheter AB | 46,402 | 493,782 | ||||||
HIQ International AB (a) | 31,419 | 170,824 | ||||||
Hoist Finance AB (a)(g) | 16,924 | 123,090 | ||||||
Holmen AB (Class B) | 24,349 | 680,792 |
See accompanying notes to financial statements.
299
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Industrial & Financial Systems (Class B) | 10,291 | $ | 361,968 | |||||
Indutrade AB | 12,403 | 565,356 | ||||||
Investment AB Oresund | 7,600 | 155,406 | ||||||
Inwido AB | 30,258 | 311,165 | ||||||
JM AB | 24,922 | 667,990 | ||||||
KNOW IT AB | 22,925 | 140,086 | ||||||
Kungsleden AB | 66,774 | 447,838 | ||||||
Lagercrantz Group AB (Class B) | 7,540 | 171,260 | ||||||
Lifco AB (Class B) (b) | 17,285 | 376,117 | ||||||
Lindab International AB | 20,335 | 150,445 | ||||||
Loomis AB (Class B) | 19,877 | 519,259 | ||||||
Medivir AB (Class B) (a) | 11,002 | 94,776 | ||||||
Modern Times Group AB (Class B) | 19,671 | 504,496 | ||||||
Mycronic AB | 15,270 | 83,751 | ||||||
NetEnt AB (a) | 12,618 | 700,327 | ||||||
New Wave Group AB (Class B) (b) | 163,633 | 630,179 | ||||||
Nolato AB (Class B) | 11,822 | 296,006 | ||||||
Nordnet AB (Class B) | 50,912 | 190,001 | ||||||
Opus Group AB (b) | 84,191 | 60,731 | ||||||
Orexo AB (a)(b) | 7,644 | 54,456 | ||||||
Proffice AB (Class B) | 63,594 | 141,033 | ||||||
Qliro Group AB (a)(b) | 93,173 | 116,646 | ||||||
Ratos AB (Class B) | 54,151 | 325,731 | ||||||
Recipharm AB (Class B) | 8,287 | 151,175 | ||||||
Rezidor Hotel Group AB | 47,812 | 183,562 | ||||||
Sagax AB Class B | 35,118 | 248,090 | ||||||
SAS AB (a)(b) | 45,087 | 84,400 | ||||||
SkiStar AB | 10,546 | 149,632 | ||||||
Sweco AB (Class B) (b) | 15,682 | 216,895 | ||||||
Systemair AB | 11,478 | 146,091 | ||||||
Tethys Oil AB | 30,417 | 161,024 | ||||||
Thule Group AB (g) | 26,938 | 308,338 | ||||||
Vostok New Ventures, Ltd. SDR (a)(b) | 21,023 | 125,957 | ||||||
Wihlborgs Fastigheter AB | 120,497 | 2,155,055 | ||||||
18,501,289 | ||||||||
SWITZERLAND — 2.5% | ||||||||
AFG Arbonia-Forster Holding AG (a)(b) | 19,882 | 183,335 | ||||||
APG SGA SA | 294 | 113,737 | ||||||
Ascom Holding AG | 20,419 | 375,111 | ||||||
Autoneum Holding AG (a) | 1,378 | 249,763 | ||||||
Basilea Pharmaceutica AG (a) | 8,405 | 806,006 | ||||||
Belimo Holding AG | 846 | 1,774,946 | ||||||
Bell AG (b) | 79 | 219,512 | ||||||
Bobst Group SA | 2,683 | 108,462 | ||||||
Bossard Holding AG (a)(b) | 1,949 | 182,014 | ||||||
Burckhardt Compression Holding AG | 1,337 | 431,026 | ||||||
Cembra Money Bank AG (a) | 9,682 | 570,753 | ||||||
Comet Holding AG (a) | 332 | 228,843 | ||||||
Conzzeta AG | 184 | 121,179 | ||||||
EFG International AG (a)(b) | 18,764 | 199,719 | ||||||
Evolva Holding SA (a)(b) | 101,863 | 106,335 | ||||||
Gategroup Holding AG (a) | 7,794 | 262,034 | ||||||
Gurit Holding AG (a) | 64 | 35,370 | ||||||
HBM Healthcare Investments AG (Class A) (a) | 3,024 | 284,728 | ||||||
Huber & Suhner AG | 6,100 | 262,205 | ||||||
Implenia AG | 4,852 | 239,347 | ||||||
Inficon Holding AG (a) | 911 | 253,599 | ||||||
Interroll Holding AG (a) | 388 | 275,980 | ||||||
Intershop Holding AG | 245 | 101,801 | ||||||
Kardex AG (a) | 3,943 | 260,082 | ||||||
Komax Holding AG | 2,142 | 346,368 | ||||||
Kudelski SA | 49,482 | 676,067 | ||||||
Kuoni Reisen Holding (Class B) (a)(b) | 1,553 | 290,542 | ||||||
LEM Holding SA | 265 | 189,034 | ||||||
MCH Group AG | 410 | 24,505 | ||||||
Metall Zug AG (Class B) | 62 | 163,074 | ||||||
Meyer Burger Technology AG (a)(b) | 36,878 | 236,267 | ||||||
Micronas Semiconductor Holding AG (a) | 36,638 | 140,613 | ||||||
Mobilezone Holding AG | 13,905 | 189,982 | ||||||
Mobimo Holding AG (a) | 2,998 | 603,221 | ||||||
Myriad Group AG (a)(b) | 26,654 | 86,746 | ||||||
Orascom Development Holding AG (a) | 5,150 | 62,194 | ||||||
Oriflame Holding AG (a)(b) | 19,195 | 237,562 | ||||||
Orior AG (a) | 5,571 | 307,885 | ||||||
Phoenix Mecano AG | 109 | 50,506 | ||||||
Rieter Holding AG (a) | 286 | 42,179 | ||||||
Santhera Pharmaceutical Holding AG (a) | 2,073 | 229,131 | ||||||
Schmolz + Bickenbach AG (a) | 179,040 | 113,606 | ||||||
Schweiter Technologies AG | 326 | 262,075 | ||||||
Siegfried Holding AG (a)(b) | 1,687 | 301,281 | ||||||
Swissquote Group Holding SA | 5,350 | 117,173 | ||||||
Tecan Group AG | 4,521 | 634,819 | ||||||
U-Blox AG (a)(b) | 2,765 | 554,924 | ||||||
Valiant Holding AG | 6,402 | 737,760 | ||||||
Valora Holding AG (a) | 5,881 | 1,116,493 | ||||||
Vaudoise Assurances Holding SA | 430 | 222,239 | ||||||
Wizz Air Holdings PLC (a)(g) | 16,491 | 511,335 | ||||||
Ypsomed Holding AG (a)(b) | 1,047 | 112,940 | ||||||
Zehnder Group AG | 2,480 | 81,347 | ||||||
16,287,755 | ||||||||
UNITED KINGDOM — 10.1% | ||||||||
4imprint Group PLC | 7,943 | 149,193 | ||||||
A.G.BARR PLC | 44,638 | 354,643 | ||||||
Acacia Mining PLC | 37,205 | 139,764 | ||||||
Air Berlin PLC (a)(b) | 96,798 | 97,786 | ||||||
Aldermore Group PLC (a) | 59,529 | 252,751 | ||||||
Alent PLC | 99,502 | 732,502 | ||||||
Allied Minds PLC (a)(b) | 87,319 | 465,578 | ||||||
Amarin Corp. PLC ADR (a)(b) | 63,637 | 122,819 | ||||||
AO World PLC (a)(b) | 82,382 | 210,143 | ||||||
APR Energy PLC (a)(b) | 20,882 | 25,068 | ||||||
Arrow Global Group PLC | 65,846 | 279,273 | ||||||
Assura PLC (h) | 382,690 | 317,375 | ||||||
Assura PLC (a)(h) | 76,538 | 5,507 | ||||||
Avon Rubber PLC | 4,168 | 57,705 | ||||||
Big Yellow Group PLC | 56,233 | 616,695 | ||||||
Bloomsbury Publishing PLC | 20,333 | 52,205 | ||||||
Bodycote PLC | 47,750 | 398,534 | ||||||
Brammer PLC | 53,932 | 211,586 |
See accompanying notes to financial statements.
300
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Brewin Dolphin Holdings PLC | 105,919 | $ | 412,333 | |||||
Cairn Energy PLC (a) | 242,202 | 513,626 | ||||||
Centamin PLC | 446,711 | 412,760 | ||||||
Chemring Group PLC | 185,059 | 625,109 | ||||||
Chesnara PLC | 48,703 | 248,246 | ||||||
Chime Communications PLC | 22,640 | 124,658 | ||||||
Circassia Pharmaceuticals PLC (a) | 85,549 | 379,685 | ||||||
Clarkson PLC | 11,832 | 365,082 | ||||||
Coats Group PLC (a)(b) | 554,891 | 224,839 | ||||||
Communisis PLC | 50,048 | 41,696 | ||||||
Computacenter PLC | 31,379 | 359,337 | ||||||
Connect Group PLC | 68,194 | 162,176 | ||||||
Consort Medical PLC | 11,258 | 159,446 | ||||||
Countrywide PLC | 65,053 | 494,666 | ||||||
Cranswick PLC | 20,177 | 487,787 | ||||||
Daejan Holdings PLC | 2,159 | 207,994 | ||||||
Dairy Crest Group PLC (b) | 61,869 | 570,262 | ||||||
Darty PLC | 338,792 | 495,224 | ||||||
De La Rue PLC | 36,082 | 263,301 | ||||||
Debenhams PLC | 446,022 | 533,733 | ||||||
Dechra Pharmaceuticals PLC | 27,603 | 392,611 | ||||||
Development Securities PLC | 52,834 | 196,074 | ||||||
Devro PLC | 59,938 | 267,834 | ||||||
Dialight PLC (b) | 12,053 | 116,025 | ||||||
Dignity PLC | 14,439 | 520,104 | ||||||
Diploma PLC | 46,383 | 467,220 | ||||||
Doric Nimrod Air Three, Ltd. Preference Shares | 52,279 | 82,753 | ||||||
Drax Group PLC | 158,731 | 586,668 | ||||||
E2V Technologies PLC | 99,728 | 342,913 | ||||||
Electrocomponents PLC | 167,594 | 454,669 | ||||||
Elementis PLC | 140,194 | 473,985 | ||||||
Empiric Student Property PLC REIT | 17,781 | 29,290 | ||||||
EnQuest PLC (a)(b) | 287,677 | 120,923 | ||||||
Enterprise Inns PLC (a) | 417,420 | 684,134 | ||||||
esure Group PLC | 109,043 | 409,629 | ||||||
Exova Group PLC | 55,035 | 150,056 | ||||||
F&C Commercial Property Trust, Ltd. | 271,902 | 569,195 | ||||||
FDM Group Holdings PLC | 38,814 | 283,385 | ||||||
Fenner PLC | 159,724 | 398,599 | ||||||
Fidessa Group PLC | 18,343 | 498,464 | ||||||
Findel PLC (a) | 29,200 | 107,481 | ||||||
Flybe Group PLC (a) | 116,973 | 130,231 | ||||||
Foxtons Group PLC | 91,975 | 330,465 | ||||||
Fuller Smith & Turner PLC (Class A) | 19,235 | 322,538 | ||||||
Games Workshop Group PLC | 5,906 | 48,801 | ||||||
Gem Diamonds, Ltd. | 93,122 | 164,684 | ||||||
Genel Energy PLC (a) | 61,107 | 256,628 | ||||||
Genus PLC | 32,443 | 697,831 | ||||||
Go-Ahead Group PLC | 16,931 | 629,871 | ||||||
Grainger PLC | 164,833 | 594,240 | ||||||
Greggs PLC | 49,380 | 811,562 | ||||||
Gulf Keystone Petroleum, Ltd. (a)(b) | 411,790 | 199,603 | ||||||
Gulf Marine Services PLC | 80,602 | 140,406 | ||||||
Halfords Group PLC | 82,886 | 579,797 | ||||||
Hansteen Holdings PLC | 166,701 | 304,780 | ||||||
Headlam Group PLC | 18,764 | 142,824 | ||||||
Helical Bar PLC | 39,625 | 246,240 | ||||||
HellermannTyton Group PLC | 69,481 | 491,290 | ||||||
Hilton Food Group PLC | 29,789 | 206,494 | ||||||
Hochschild Mining PLC (a)(b) | 59,716 | 63,318 | ||||||
Hogg Robinson Group PLC | 29,721 | 26,956 | ||||||
Home Retail Group PLC | 303,826 | 625,900 | ||||||
HomeServe PLC | 121,679 | 747,943 | ||||||
Hunting PLC | 63,124 | 383,329 | ||||||
Imagination Technologies Group PLC (a) | 83,994 | 279,588 | ||||||
Infinis Energy PLC | 51,863 | 105,662 | ||||||
Innovation Group PLC | 542,073 | 320,231 | ||||||
Intelligent Energy Holdings PLC (a) | 46,373 | 70,419 | ||||||
International Personal Finance PLC | 86,309 | 507,258 | ||||||
Interserve PLC | 90,784 | 789,336 | ||||||
IP Group PLC (a) | 211,113 | 735,502 | ||||||
ITE Group PLC | 294,848 | 629,736 | ||||||
J.D. Wetherspoon PLC | 125,913 | 1,403,749 | ||||||
James Fisher & Sons PLC | 19,123 | 269,679 | ||||||
John Menzies PLC | 20,009 | 125,250 | ||||||
Johnston Press PLC (a) | 27,494 | 31,235 | ||||||
Just Retirement Group PLC (h) | 60,945 | 151,214 | ||||||
Just Retirement Group PLC (a)(h) | 7,730 | 562 | ||||||
Kcom Group PLC | 210,191 | 283,364 | ||||||
Keller Group PLC | 53,815 | 704,708 | ||||||
Ladbrokes PLC | 353,571 | 512,542 | ||||||
Laird PLC | 193,114 | 1,101,336 | ||||||
Lamprell PLC (a) | 112,687 | 194,590 | ||||||
Lancashire Holdings, Ltd. | 58,580 | 613,152 | ||||||
Lavendon Group PLC | 76,592 | 180,698 | ||||||
Londonmetric Property PLC | 136,724 | 339,855 | ||||||
Lookers PLC | 125,460 | 316,798 | ||||||
Low & Bonar PLC | 85,555 | 84,560 | ||||||
LSL Property Services PLC | 38,805 | 201,321 | ||||||
Luxfer Holdings PLC ADR (b) | 8,597 | 92,762 | ||||||
Marshalls PLC | 99,431 | 537,388 | ||||||
Marston’s PLC | 142,055 | 322,552 | ||||||
McBride PLC (a) | 141,225 | 323,020 | ||||||
McColl’s Retail Group PLC | 59,848 | 134,169 | ||||||
McKay Securities PLC | 51,759 | 196,201 | ||||||
Mears Group PLC | 32,944 | 192,621 | ||||||
Mitie Group PLC | 247,359 | 1,143,545 | ||||||
Morgan Advanced Materials PLC | 171,571 | 733,661 | ||||||
Morgan Sindall PLC | 63,258 | 707,152 | ||||||
Mothercare PLC (a) | 57,633 | 193,150 | ||||||
N Brown Group PLC | 69,808 | 323,781 | ||||||
NCC Group PLC | 71,643 | 297,348 | ||||||
Northgate PLC | 46,686 | 320,987 | ||||||
Novae Group PLC | 25,519 | 334,365 | ||||||
OneSavings Bank PLC | 57,723 | 341,087 | ||||||
Ophir Energy PLC (a) | 261,788 | 356,294 | ||||||
Oxford Immunotec Global PLC (a)(b) | 2,662 | 35,937 | ||||||
Oxford Instruments PLC | 22,630 | 199,503 | ||||||
Pace PLC | 166,249 | 907,831 | ||||||
Paragon Group of Cos. PLC | 125,398 | 750,289 | ||||||
PayPoint PLC | 72,438 | 1,121,394 | ||||||
Pendragon PLC | 502,225 | 315,709 |
See accompanying notes to financial statements.
301
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Petra Diamonds, Ltd. (a) | 169,535 | $ | 216,228 | |||||
Petropavlovsk PLC (a)(b) | 976,903 | 87,306 | ||||||
Photo-Me International PLC | 48,501 | 115,527 | ||||||
Polypipe Group PLC | 69,777 | 348,528 | ||||||
Poundland Group PLC | 69,883 | 296,395 | ||||||
Premier Farnell PLC | 351,410 | 557,582 | ||||||
Premier Foods PLC (a) | 432,577 | 209,679 | ||||||
Premier Oil PLC (a) | 218,483 | 220,576 | ||||||
Quintain Estates & Development PLC (a) | 178,197 | 379,918 | ||||||
Rank Group PLC | 57,722 | 233,712 | ||||||
Rathbone Brothers PLC | 18,415 | 575,456 | ||||||
Raven Russia, Ltd. (a) | 150,679 | 86,732 | ||||||
Renewables Infrastructure Group, Ltd. | 94,885 | 146,242 | ||||||
Renold PLC (a) | 80,640 | 87,184 | ||||||
Ricardo PLC | 14,892 | 198,507 | ||||||
Robert Walters PLC | 46,788 | 291,284 | ||||||
RPS Group PLC | 194,784 | 663,123 | ||||||
Safestore Holdings PLC | 75,929 | 339,002 | ||||||
Savills PLC | 42,213 | 583,472 | ||||||
Schroder Real Estate Investment Trust, Ltd. | 33,141 | 29,242 | ||||||
SDL PLC | 44,649 | 219,804 | ||||||
Senior PLC | 445,629 | 1,695,641 | ||||||
Serco Group PLC (a) | 364,239 | 562,214 | ||||||
Shanks Group PLC | 398,284 | 553,528 | ||||||
SIG PLC | 301,764 | 793,520 | ||||||
Skyepharma PLC (a) | 44,006 | 233,970 | ||||||
SOCO International PLC | 97,305 | 232,512 | ||||||
Speedy Hire PLC | 179,637 | 91,835 | ||||||
Spirent Communications PLC | 323,256 | 369,687 | ||||||
ST Modwen Properties PLC | 68,639 | 431,895 | ||||||
St. Ives PLC | 59,746 | 163,579 | ||||||
Stallergenes Greer (a) | 407 | 19,985 | ||||||
SThree PLC | 55,531 | 292,302 | ||||||
Stobart Group, Ltd. | 111,141 | 188,553 | ||||||
Stock Spirits Group PLC | 86,343 | 242,612 | ||||||
Stolt-Nielsen, Ltd. | 13,565 | 194,013 | ||||||
SuperGroup PLC (a) | 19,271 | 397,578 | ||||||
SVG Capital PLC (a) | 14,482 | 102,466 | ||||||
Synergy Health PLC (a) | 21,291 | 699,837 | ||||||
Synthomer PLC | 122,653 | 632,053 | ||||||
Telecom Plus PLC (b) | 29,071 | 491,874 | ||||||
Topps Tiles PLC | 25,332 | 56,023 | ||||||
Trinity Mirror PLC | 101,350 | 231,047 | ||||||
Tritax Big Box REIT PLC | 129,828 | 250,738 | ||||||
Tullett Prebon PLC | 213,300 | 1,208,056 | ||||||
Tyman PLC | 60,066 | 252,711 | ||||||
Urban & Civic PLC | 35,687 | 144,872 | ||||||
Vectura Group PLC (a) | 148,664 | 394,080 | ||||||
Vesuvius PLC | 28,836 | 153,926 | ||||||
Vitec Group PLC | 11,271 | 106,619 | ||||||
Wilmington PLC | 20,984 | 86,457 | ||||||
Wincanton PLC (a) | 220,840 | 686,597 | ||||||
Xaar PLC | 30,078 | 254,912 | ||||||
Xchanging PLC | 111,287 | 179,951 | ||||||
Zeal Network SE | 4,283 | 192,503 | ||||||
Zoopla Property Group PLC (g) | 135,776 | 429,638 | ||||||
65,605,204 | ||||||||
UNITED STATES — 0.1% | ||||||||
Diligent Corp. (a) | 56,544 | 187,367 | ||||||
Globant SA (a)(b) | 11,667 | 356,893 | ||||||
Magnachip Semiconductor Corp. (a)(b) | 23,357 | 153,923 | ||||||
Ormat Technologies, Inc. | 1 | 26 | ||||||
698,209 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $780,284,718) | 644,586,891 | |||||||
RIGHTS — 0.0% (f) | ||||||||
HONG KONG — 0.0% (f) | ||||||||
Kingwell Group, Ltd. (expiring 10/27/15) (a) | 59,111 | 801 | ||||||
SOUTH KOREA — 0.0% (f) | ||||||||
Kortek Corp. (expiring 10/27/15) (a) | 1,365 | 3,743 | ||||||
Mirae Asset Securities Co., Ltd (expiring 11/5/15) (a) | 16,168 | 69,568 | ||||||
73,311 | ||||||||
TOTAL RIGHTS — | ||||||||
(Cost $100,685) | 74,112 | |||||||
WARRANTS — 0.0% (f) | ||||||||
HONG KONG — 0.0% (f) | ||||||||
HKC Holdings, Ltd. (expiring 10/17/15) (a) | 276,200 | 356 | ||||||
SINGAPORE — 0.0% (f) | ||||||||
Interra Resources, Ltd. (expiring 12/8/15) (a) | 25,700 | 18 | ||||||
TOTAL WARRANTS — | ||||||||
(Cost $0) | 374 | |||||||
SHORT TERM INVESTMENTS — 19.1% | ||||||||
UNITED STATES — 19.1% | ||||||||
MONEY MARKET FUNDS — 19.1% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (i)(j) | 123,921,999 | 123,921,999 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (j)(k) | 675,295 | 675,295 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $124,597,294) | 124,597,294 | |||||||
TOTAL INVESTMENTS — 118.2% | ||||||||
(Cost $904,982,697) | 769,258,671 | |||||||
OTHER ASSETS & LIABILITIES — (18.2)% | (118,702,363 | ) | ||||||
NET ASSETS — 100.0% | $ | 650,556,308 | ||||||
See accompanying notes to financial statements.
302
SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
(a) | Non-income producing security | |||||
(b) | All or a portion of the security was on loan at September 30, 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 (Note 2). | |||||
(d) | Affiliated issuer (Note 3). | |||||
(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 2 inputs (Note 2). | |||||
(f) | Amount shown represents less than 0.05% of net assets. | |||||
(g) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.6% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(h) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(i) | Investments of cash collateral for securities loaned. | |||||
(j) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). | |||||
(k) | 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
SDR = Swedish Depositary Receipt
See accompanying notes to financial statements.
303
SPDR Dow Jones International Real Estate ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.8% | ||||||||
AUSTRALIA — 12.2% | ||||||||
Astro Japan Property Group | 632,868 | $ | 2,333,266 | |||||
BGP Holdings PLC (a)(b) | 32,410,441 | 0 | ||||||
BWP Trust (c) | 5,700,458 | 12,369,726 | ||||||
Charter Hall Retail REIT | 3,952,349 | 11,296,438 | ||||||
Dexus Property Group | 11,473,821 | 57,611,071 | ||||||
Goodman Group | 18,643,371 | 76,590,014 | ||||||
GPT Group | 20,695,456 | 65,545,576 | ||||||
Investa Office Fund REIT | 7,348,867 | 20,333,327 | ||||||
Scentre Group | 63,591,924 | 174,164,009 | ||||||
Westfield Corp. | 22,832,557 | 159,860,641 | ||||||
580,104,068 | ||||||||
AUSTRIA — 1.3% | ||||||||
Atrium European Real Estate, Ltd. (a) | 2,027,361 | 8,859,805 | ||||||
BUWOG AG (a)(c) | 598,886 | 12,701,619 | ||||||
CA Immobilien Anlagen AG (a) | 875,666 | 16,098,796 | ||||||
IMMOFINANZ AG (a) | 10,784,339 | 24,798,308 | ||||||
62,458,528 | ||||||||
BELGIUM — 0.8% | ||||||||
Befimmo SA | 241,728 | 14,810,902 | ||||||
Cofinimmo SA | 241,963 | 25,483,095 | ||||||
40,293,997 | ||||||||
BRAZIL — 0.3% | ||||||||
BR Malls Participacoes SA | 5,473,940 | 14,379,239 | ||||||
CANADA — 9.9% | ||||||||
Artis REIT | 794,482 | 7,514,009 | ||||||
Boardwalk REIT | 279,239 | 11,417,828 | ||||||
Brookfield Asset Management, Inc. (Class A) | 10,316,280 | 323,100,319 | ||||||
Canadian Apartment Properties REIT | 697,597 | 14,766,766 | ||||||
Canadian REIT | 420,581 | 12,852,393 | ||||||
Crombie Real Estate Investment Trust | 458,486 | 4,384,120 | ||||||
First Capital Realty, Inc. (c) | 1,343,170 | 18,734,451 | ||||||
H&R Real Estate Investment Trust | 1,625,844 | 24,944,888 | ||||||
RioCan REIT | 1,867,978 | 35,486,984 | ||||||
Smart Real Estate Investment Trust | 730,606 | 16,664,378 | ||||||
469,866,136 | ||||||||
CHINA — 2.0% | ||||||||
Hongkong Land Holdings, Ltd. | 14,053,600 | 92,894,296 | ||||||
FRANCE — 10.7% | ||||||||
Fonciere Des Regions | 520,064 | 45,199,382 | ||||||
Gecina SA | 429,341 | 52,214,474 | ||||||
Klepierre | 2,253,225 | 101,838,888 | ||||||
Mercialys SA REIT | 221,833 | 4,788,990 | ||||||
Unibail-Rodamco SE | 1,170,734 | 302,270,088 | ||||||
506,311,822 | ||||||||
HONG KONG — 6.3% | ||||||||
Champion REIT | 26,221,174 | 13,059,752 | ||||||
Hang Lung Group, Ltd. | 829,808 | 2,815,976 | ||||||
Hang Lung Properties, Ltd. | 25,190,755 | 56,426,927 | ||||||
Hysan Development Co., Ltd. | 7,508,846 | 31,197,843 | ||||||
Link REIT | 27,393,855 | 150,223,397 | ||||||
Prosperity REIT | 13,858,000 | 4,738,511 | ||||||
Wheelock & Co., Ltd. | 9,714,545 | 41,991,633 | ||||||
300,454,039 | ||||||||
ITALY — 0.3% | ||||||||
Beni Stabili SpA (c) | 12,785,962 | 9,912,129 | ||||||
Immobiliare Grande Distribuzione SpA | 3,612,076 | 3,233,647 | ||||||
13,145,776 | ||||||||
JAPAN — 22.1% | ||||||||
Activia Properties, Inc. | 5,984 | 25,032,221 | ||||||
Aeon Mall Co., Ltd. | 1,391,440 | 21,272,714 | ||||||
Daibiru Corp. | 691,600 | 5,358,868 | ||||||
Daiwa Office Investment Corp. (c) | 3,884 | 18,744,642 | ||||||
Frontier Real Estate Investment Corp. | 5,934 | 22,965,048 | ||||||
Fukuoka REIT Corp. | 8,041 | 11,883,747 | ||||||
Global One Real Estate Investment Corp. (c) | 2,148 | 6,438,709 | ||||||
Hankyu REIT, Inc. | 7,188 | 7,568,211 | ||||||
Heiwa Real Estate Co., Ltd. (c) | 426,600 | 4,552,205 | ||||||
Hoshino Resorts REIT, Inc. | 590 | 5,305,640 | ||||||
Hulic Co., Ltd. (c) | 5,385,190 | 48,426,916 | ||||||
Hulic Reit, Inc. (c) | 8,244 | 10,875,899 | ||||||
Japan Excellent, Inc. | 14,778 | 16,263,018 | ||||||
Japan Prime Realty Investment Corp. | 10,436 | 33,852,845 | ||||||
Japan Real Estate Investment Corp. | 15,640 | 71,954,578 | ||||||
Japan Rental Housing Investments, Inc. | 19,661 | 12,821,142 | ||||||
Japan Retail Fund Investment Corp. | 29,041 | 56,159,108 | ||||||
Kenedix Office Investment Corp. | 4,846 | 23,023,204 | ||||||
Kenedix Residential Investment Corp. (c) | 4,098 | 10,573,056 | ||||||
MCUBS MidCity Investment Corp. REIT | 3,192 | 8,302,158 | ||||||
Mitsui Fudosan Co., Ltd. | 11,838,000 | 322,526,565 | ||||||
Mori Hills REIT Investment Corp. (c) | 14,666 | 17,229,626 | ||||||
Mori Trust Sogo REIT, Inc. (c) | 12,074 | 20,646,727 | ||||||
Nippon Building Fund, Inc. | 16,870 | 81,557,467 | ||||||
Nomura Real Estate Office Fund, Inc. (c) | 4,502 | 20,411,523 | ||||||
NTT Urban Development Corp. | 1,282,931 | 11,751,140 | ||||||
Orix JREIT, Inc. (c) | 26,738 | 36,144,802 | ||||||
Premier Investment Corp. (c) | 2,671 | 13,291,997 | ||||||
Tokyu Fudosan Holdings Corp. | 6,128,200 | 40,576,651 | ||||||
Tokyu REIT, Inc. | 10,976 | 14,140,999 | ||||||
Top REIT, Inc. | 2,054 | 7,931,992 | ||||||
United Urban Investment Corp. | 31,612 | 42,179,248 | ||||||
1,049,762,666 | ||||||||
NETHERLANDS — 1.3% | ||||||||
Eurocommercial Properties NV | 570,298 | 24,839,933 | ||||||
VastNed Retail NV (c) | 224,270 | 9,695,718 | ||||||
Wereldhave NV | 481,689 | 27,723,046 | ||||||
62,258,697 | ||||||||
NEW ZEALAND — 0.8% | ||||||||
Argosy Property, Ltd. (c) | 9,280,983 | 6,233,896 |
See accompanying notes to financial statements.
304
SPDR Dow Jones International Real Estate ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Goodman Property Trust | 11,807,097 | $ | 8,761,479 | |||||
Kiwi Income Property Group, Ltd. | 14,748,588 | 12,123,552 | ||||||
Precinct Properties New Zealand, Ltd. (c) | 12,066,961 | 8,761,330 | ||||||
35,880,257 | ||||||||
PHILIPPINES — 2.4% | ||||||||
Ayala Land, Inc. | 70,252,000 | 51,103,295 | ||||||
SM Prime Holdings, Inc. | 138,042,300 | 60,987,880 | ||||||
112,091,175 | ||||||||
SINGAPORE — 6.3% | ||||||||
Ascendas REIT (c) | 24,466,831 | 40,264,705 | ||||||
Cambridge Industrial Trust | 12,263,579 | 5,261,117 | ||||||
CapitaLand Commercial Trust, Ltd. | 24,006,676 | 22,623,916 | ||||||
CapitaLand Mall Trust | 31,059,968 | 41,503,579 | ||||||
CapitaLand, Ltd. | 30,088,899 | 56,711,618 | ||||||
Frasers Commercial Trust (c) | 6,850,204 | 6,407,463 | ||||||
Global Logistic Properties, Ltd. (c) | 37,007,100 | 53,094,088 | ||||||
Guocoland, Ltd. (c) | 3,307,666 | 4,291,894 | ||||||
Keppel REIT (c) | 20,270,000 | 13,614,073 | ||||||
Mapletree Logistics Trust | 17,322,649 | 11,939,093 | ||||||
Starhill Global REIT | 16,263,782 | 8,635,738 | ||||||
Suntec REIT (c) | 30,081,351 | 31,733,614 | ||||||
United Industrial Corp., Ltd. (c) | 2,263,131 | 4,870,371 | ||||||
300,951,269 | ||||||||
SOUTH AFRICA — 2.0% | ||||||||
Capital Property Fund, Ltd. | 18,061,496 | 20,508,099 | ||||||
Growthpoint Properties, Ltd. REIT | 26,245,110 | 48,686,416 | ||||||
Hyprop Investments, Ltd. | 2,503,146 | 21,852,517 | ||||||
SA Corporate Real Estate Fund Nominees Pty, Ltd. | 17,576,352 | 6,470,213 | ||||||
97,517,245 | ||||||||
SPAIN — 0.0% (d) | ||||||||
Martinsa-Fadesa SA (a)(b) | 35,998 | 0 | ||||||
SWEDEN — 2.5% | ||||||||
Castellum AB | 2,057,155 | 28,869,167 | ||||||
Fabege AB | 1,681,881 | 24,605,409 | ||||||
Great Portland Estates PLC | 4,110,307 | 53,233,044 | ||||||
Kungsleden AB | 1,869,841 | 12,540,590 | ||||||
119,248,210 | ||||||||
SWITZERLAND — 2.1% | ||||||||
PSP Swiss Property AG (a)(c) | 482,546 | 39,557,808 | ||||||
Swiss Prime Site AG (a) | 832,282 | 60,647,302 | ||||||
100,205,110 | ||||||||
THAILAND — 0.4% | ||||||||
Central Pattana PCL NVDR | 16,114,372 | 19,868,250 | ||||||
UNITED KINGDOM — 16.1% | ||||||||
Big Yellow Group PLC | 1,751,275 | 19,205,864 | ||||||
British Land Co. PLC | 12,221,553 | 155,228,117 | ||||||
Capital & Counties Properties PLC | 8,882,444 | 58,433,679 | ||||||
Derwent London PLC | 1,324,044 | 72,983,620 | ||||||
Grainger PLC (c) | 4,984,489 | 17,969,605 | ||||||
Hammerson PLC | 9,369,555 | 88,490,439 | ||||||
Intu Properties PLC | 9,763,824 | 48,747,020 | ||||||
Land Securities Group PLC | 9,567,165 | 182,452,543 | ||||||
Segro PLC | 8,867,411 | 57,690,052 | ||||||
Shaftesbury PLC | 3,321,066 | 46,130,458 | ||||||
Workspace Group PLC | 1,407,118 | 19,992,830 | ||||||
767,324,227 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $4,460,074,844) | 4,745,015,007 | |||||||
SHORT TERM INVESTMENTS — 1.7% | ||||||||
UNITED STATES — 1.7% | ||||||||
MONEY MARKET FUNDS — 1.7% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (e)(f) | 77,123,206 | 77,123,206 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g) | 412,581 | 412,581 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $77,535,787) | 77,535,787 | |||||||
TOTAL INVESTMENTS — 101.5% | ||||||||
(Cost $4,537,610,631) | 4,822,550,794 | |||||||
OTHER ASSETS & LIABILITIES — (1.5)% | (69,492,476 | ) | ||||||
NET ASSETS — 100.0% | $ | 4,753,058,318 | ||||||
(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 3 inputs (Note 2). | |||||
(c) | All or a portion of the security was on loan at September 30, 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. |
NVDR = Non Voting Depositary Receipt
PCL = Public Company Limited
PLC = Public Limited Company
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
305
SPDR S&P Global Infrastructure ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.5% | ||||||||
AUSTRALIA — 8.0% | ||||||||
Macquarie Atlas Roads Group (a) | 92,573 | $ | 252,887 | |||||
Qube Holdings Ltd. (a) | 184,064 | 255,933 | ||||||
Sydney Airport | 249,059 | 1,042,414 | ||||||
Transurban Group | 418,815 | 2,923,482 | ||||||
4,474,716 | ||||||||
BRAZIL — 0.8% | ||||||||
CPFL Energia SA ADR (b) | 11,103 | 83,273 | ||||||
Ultrapar Participacoes SA ADR | 22,334 | 373,424 | ||||||
456,697 | ||||||||
CANADA — 7.2% | ||||||||
AltaGas, Ltd. (a) | 6,970 | 170,936 | ||||||
Enbridge, Inc. | 44,030 | 1,627,274 | ||||||
Inter Pipeline, Ltd. (a) | 17,262 | 316,991 | ||||||
Pembina Pipeline Corp. (a) | 17,646 | 422,625 | ||||||
TransCanada Corp. (a) | 36,498 | 1,148,814 | ||||||
Veresen, Inc. (a) | 15,015 | 114,234 | ||||||
Westshore Terminals Investment Corp. (a) | 13,623 | 258,092 | ||||||
4,058,966 | ||||||||
CHILE — 0.6% | ||||||||
Empresa Nacional de Electricidad SA ADR | 4,133 | 146,763 | ||||||
Enersis SA ADR | 14,513 | 183,444 | ||||||
330,207 | ||||||||
CHINA — 0.7% | ||||||||
CGN Power Co., Ltd. (Class H) (c) | 375,839 | 156,639 | ||||||
China Longyuan Power Group Corp. (Class H) | 115,000 | 123,457 | ||||||
Huaneng Power International Inc, ADR | 3,191 | 134,980 | ||||||
415,076 | ||||||||
FRANCE — 6.3% | ||||||||
Aeroports de Paris | 7,490 | 847,358 | ||||||
Engie | 59,784 | 963,637 | ||||||
Groupe Eurotunnel SE | 126,141 | 1,713,595 | ||||||
3,524,590 | ||||||||
GERMANY — 2.2% | ||||||||
E.ON SE | 74,029 | 634,388 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 8,471 | 521,863 | ||||||
Hamburger Hafen und Logistik AG | 5,462 | 88,802 | ||||||
1,245,053 | ||||||||
HONG KONG — 4.3% | ||||||||
Beijing Enterprises Water Group, Ltd. (b) | 180,000 | 125,419 | ||||||
China Gas Holdings, Ltd. | 80,000 | 109,832 | ||||||
China Merchants Holdings International Co., Ltd. | 402,740 | 1,182,229 | ||||||
China Resources and Transportation Group, Ltd. (a)(b) | 4,135,791 | 18,144 | ||||||
China Resources Power Holdings Co., Ltd. | 66,000 | 150,564 | ||||||
COSCO Pacific, Ltd. (d) | 441,413 | 571,099 | ||||||
Guangdong Investment, Ltd. | 104,000 | 154,590 | ||||||
Hopewell Highway Infrastructure, Ltd. | 233,000 | 116,048 | ||||||
2,427,925 | ||||||||
ITALY — 7.5% | ||||||||
Ansaldo STS SpA | 27,522 | 291,239 | ||||||
Atlantia SpA | 92,722 | 2,586,487 | ||||||
Enel SpA | 260,915 | 1,161,490 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 15,653 | 175,426 | ||||||
4,214,642 | ||||||||
JAPAN — 3.2% | ||||||||
Japan Airport Terminal Co., Ltd. (a) | 16,700 | 715,326 | ||||||
Kamigumi Co., Ltd. | 59,000 | 480,808 | ||||||
Mitsubishi Logistics Corp. (a) | 38,000 | 438,492 | ||||||
Sumitomo Warehouse Co., Ltd. (a) | 35,000 | 168,330 | ||||||
1,802,956 | ||||||||
MEXICO — 2.4% | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV ADR | 7,437 | 645,829 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, ADR | 4,638 | 706,228 | ||||||
1,352,057 | ||||||||
NETHERLANDS — 0.2% | ||||||||
Koninklijke Vopak NV | 3,419 | 136,190 | ||||||
NEW ZEALAND — 1.2% | ||||||||
Auckland International Airport, Ltd. | 212,970 | 664,836 | ||||||
NORWAY — 0.2% | ||||||||
Golar LNG, Ltd. | 4,515 | 125,878 | ||||||
SINGAPORE — 2.2% | ||||||||
Hutchison Port Holdings Trust (a) | 1,239,000 | 681,450 | ||||||
SATS Ltd. | 146,900 | 395,687 | ||||||
SIA Engineering Co., Ltd. | 59,253 | 153,352 | ||||||
1,230,489 | ||||||||
SPAIN — 8.9% | ||||||||
Abertis Infraestructuras SA (a) | 108,163 | 1,706,013 | ||||||
Aena SA (b)(c) | 16,857 | 1,858,141 | ||||||
Iberdrola SA | 219,342 | 1,456,066 | ||||||
5,020,220 | ||||||||
SWITZERLAND — 1.1% | ||||||||
Flughafen Zuerich AG | 873 | 605,766 | ||||||
UNITED KINGDOM — 6.9% | ||||||||
BBA Aviation PLC | 94,571 | 383,484 | ||||||
Centrica PLC | 188,490 | 654,401 | ||||||
National Grid PLC | 145,050 | 2,018,956 | ||||||
SSE PLC | 36,532 | 827,839 | ||||||
3,884,680 | ||||||||
UNITED STATES — 35.6% | ||||||||
American Electric Power Co., Inc. | 18,146 | 1,031,781 | ||||||
Cheniere Energy, Inc. (b) | 12,125 | 585,637 | ||||||
Consolidated Edison, Inc. (a) | 10,816 | 723,050 | ||||||
Dominion Resources, Inc. (a) | 22,035 | 1,550,823 | ||||||
Duke Energy Corp. (a) | 25,465 | 1,831,952 | ||||||
Edison International (a) | 12,085 | 762,201 | ||||||
Exelon Corp. | 31,866 | 946,420 | ||||||
Kinder Morgan, Inc. | 92,434 | 2,558,573 |
See accompanying notes to financial statements.
306
SPDR S&P Global Infrastructure ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
NextEra Energy, Inc. | 17,042 | $ | 1,662,447 | |||||
ONEOK, Inc. | 10,733 | 345,603 | ||||||
PG&E Corp. | 18,110 | 956,208 | ||||||
PPL Corp. | 24,780 | 815,014 | ||||||
Public Service Enterprise Group, Inc. | 18,699 | 788,350 | ||||||
Sempra Energy | 8,744 | 845,720 | ||||||
Southern Co. (a) | 33,631 | 1,503,306 | ||||||
Spectra Energy Corp. | 34,519 | 906,814 | ||||||
Targa Resources Corp. | 2,507 | 129,161 | ||||||
Wesco Aircraft Holdings, Inc. (a)(b) | 13,195 | 160,979 | ||||||
Williams Cos., Inc. | 35,116 | 1,294,025 | ||||||
Xcel Energy, Inc. (a) | 18,772 | 664,716 | ||||||
20,062,780 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $65,840,727) | 56,033,724 | |||||||
SHORT TERM INVESTMENTS — 10.0% | ||||||||
UNITED STATES — 10.0% | ||||||||
MONEY MARKET FUNDS — 10.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (e)(f) | 5,589,364 | 5,589,364 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g) | 48,040 | 48,040 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $5,637,404) | 5,637,404 | |||||||
TOTAL INVESTMENTS — 109.5% | ||||||||
(Cost $71,478,131) | 61,671,128 | |||||||
OTHER ASSETS & LIABILITIES — (9.5)% | (5,371,668 | ) | ||||||
NET ASSETS — 100.0% | $ | 56,299,460 | ||||||
(a) | All or a portion of the security was on loan at September 30, 2015. | |||||
(b) | Non-income producing security | |||||
(c) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 3.6% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(d) | Security is valued at fair value as determined in good faith by the Trust’s 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. |
ADR = American Depositary Receipt
PLC = Public Limited Company
See accompanying notes to financial statements.
307
SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
AUSTRALIA — 10.4% | ||||||||
Amcor, Ltd. | 1,022,359 | $ | 9,455,425 | |||||
BHP Billiton, Ltd. | 1,810,317 | 28,248,183 | ||||||
Newcrest Mining, Ltd. (a) | 536,260 | 4,782,676 | ||||||
Rio Tinto, Ltd. | 298,536 | 10,188,842 | ||||||
South32, Ltd. (a) | 3,739,280 | 3,584,367 | ||||||
Woodside Petroleum, Ltd. | 135,702 | 2,756,935 | ||||||
59,016,428 | ||||||||
AUSTRIA — 0.5% | ||||||||
Voestalpine AG | 76,589 | 2,624,618 | ||||||
BRAZIL — 1.4% | ||||||||
Fibria Celulose SA ADR (b) | 189,761 | 2,573,159 | ||||||
Petroleo Brasileiro SA ADR (a)(b) | 284,699 | 1,238,441 | ||||||
Vale SA ADR (b) | 1,040,294 | 4,369,235 | ||||||
8,180,835 | ||||||||
CANADA — 9.9% | ||||||||
Agrium, Inc. (b) | 122,732 | 10,948,570 | ||||||
Barrick Gold Corp. | 818,659 | 5,206,671 | ||||||
Canadian Natural Resources, Ltd. | 210,392 | 4,078,532 | ||||||
First Quantum Minerals, Ltd. (b) | 485,704 | 1,771,532 | ||||||
Goldcorp, Inc. (b) | 584,161 | 7,289,486 | ||||||
Imperial Oil, Ltd. (b) | 48,682 | 1,535,224 | ||||||
Potash Corp. of Saskatchewan, Inc. | 714,481 | 14,682,585 | ||||||
Silver Wheaton Corp. | 284,372 | 3,402,198 | ||||||
Suncor Energy, Inc. | 277,792 | 7,394,940 | ||||||
56,309,738 | ||||||||
CHINA — 0.5% | ||||||||
PetroChina Co., Ltd. (Class H) | 4,048,000 | 2,804,854 | ||||||
COLOMBIA — 0.1% | ||||||||
Ecopetrol SA ADR | 47,189 | 405,825 | ||||||
FINLAND — 1.8% | ||||||||
Stora Enso Oyj | 487,850 | 3,678,519 | ||||||
UPM-Kymmene Oyj | 455,981 | 6,820,447 | ||||||
10,498,966 | ||||||||
FRANCE — 3.6% | ||||||||
Total SA | 456,769 | 20,496,702 | ||||||
GERMANY — 1.8% | ||||||||
K+S AG | 147,555 | 4,928,893 | ||||||
ThyssenKrupp AG | 306,844 | 5,370,627 | ||||||
10,299,520 | ||||||||
HONG KONG — 0.6% | ||||||||
CNOOC, Ltd. | 3,080,000 | 3,151,515 | ||||||
INDIA — 0.7% | ||||||||
Reliance Industries, Ltd. GDR (c) | 152,088 | 3,954,288 | ||||||
IRELAND — 0.9% | ||||||||
Smurfit Kappa Group PLC | 198,422 | 5,315,723 | ||||||
ISRAEL — 0.3% | ||||||||
Israel Chemicals, Ltd. | 368,841 | 1,896,408 | ||||||
ITALY — 1.4% | ||||||||
ENI SpA | 516,710 | 8,103,721 | ||||||
JAPAN — 4.5% | ||||||||
JFE Holdings, Inc. (b) | 405,800 | 5,294,222 | ||||||
Nippon Steel & Sumitomo Metal Corp. (b) | 667,000 | 12,076,897 | ||||||
OJI Paper Co., Ltd. (b) | 850,000 | 3,633,783 | ||||||
Sumitomo Metal Mining Co., Ltd. (b) | 388,000 | 4,380,044 | ||||||
25,384,946 | ||||||||
LUXEMBOURG — 0.6% | ||||||||
ArcelorMittal (b) | 713,750 | 3,711,933 | ||||||
NETHERLANDS — 0.2% | ||||||||
OCI NV (a) | 54,171 | 1,383,516 | ||||||
NORWAY — 2.1% | ||||||||
Norsk Hydro ASA | 959,821 | 3,191,152 | ||||||
Statoil ASA | 202,433 | 2,945,127 | ||||||
Yara International ASA | 152,676 | 6,076,612 | ||||||
12,212,891 | ||||||||
PERU — 0.7% | ||||||||
Southern Copper Corp. (b) | 143,163 | 3,825,315 | ||||||
RUSSIA — 3.2% | ||||||||
Gazprom PAO ADR | 1,137,734 | 4,573,691 | ||||||
Lukoil PJSC ADR (d) | 3,605 | 122,786 | ||||||
Lukoil PJSC ADR (d) | 96,175 | 3,266,103 | ||||||
MMC Norilsk Nickel PJSC ADR | 345,443 | 4,955,380 | ||||||
Novolipetsk Steel OJSC GDR | 59,534 | 681,664 | ||||||
Rosneft OAO GDR | 208,854 | 770,671 | ||||||
Severstal PAO GDR | 124,283 | 1,317,400 | ||||||
Uralkali PJSC GDR (a) | 164,589 | 2,440,855 | ||||||
18,128,550 | ||||||||
SINGAPORE — 0.9% | ||||||||
Golden Agri-Resources, Ltd. (b) | 5,498,600 | 1,276,136 | ||||||
Wilmar International, Ltd. | 2,138,700 | 3,865,574 | ||||||
5,141,710 | ||||||||
SOUTH AFRICA — 0.5% | ||||||||
Sasol, Ltd. ADR | 97,670 | 2,717,180 | ||||||
SOUTH KOREA — 2.0% | ||||||||
Korea Zinc Co., Ltd. | 8,958 | 3,518,054 | ||||||
POSCO ADR | 225,274 | 7,889,095 | ||||||
11,407,149 | ||||||||
SPAIN — 0.4% | ||||||||
Repsol YPF SA | 189,918 | 2,206,877 | ||||||
SWITZERLAND — 4.5% | ||||||||
Syngenta AG | 79,750 | 25,473,314 | ||||||
UNITED KINGDOM — 12.9% | ||||||||
Anglo American PLC | 978,501 | 8,165,353 | ||||||
Antofagasta PLC (b) | 270,475 | 2,047,281 | ||||||
BG Group PLC | 653,489 | 9,413,686 | ||||||
BP PLC | 3,496,557 | 17,690,007 | ||||||
Fresnillo PLC | 130,193 | 1,166,496 | ||||||
Glencore PLC (a) | 7,785,121 | 10,796,044 | ||||||
Mondi PLC | 314,326 | 6,584,813 | ||||||
Royal Dutch Shell PLC (Class A) | 748,656 | 17,622,773 | ||||||
73,486,453 | ||||||||
UNITED STATES — 33.0% | ||||||||
Alcoa, Inc. | 921,760 | 8,904,202 | ||||||
Anadarko Petroleum Corp. | 52,048 | 3,143,179 | ||||||
Archer-Daniels-Midland Co. | 267,882 | 11,103,709 |
See accompanying notes to financial statements.
308
SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Bunge, Ltd. | 62,076 | $ | 4,550,171 | |||||
CF Industries Holdings, Inc. | 101,528 | 4,558,607 | ||||||
Chevron Corp. | 192,548 | 15,188,186 | ||||||
ConocoPhillips | 126,074 | 6,046,509 | ||||||
Devon Energy Corp. | 39,624 | 1,469,654 | ||||||
EOG Resources, Inc. | 56,217 | 4,092,598 | ||||||
Exxon Mobil Corp. | 428,031 | 31,824,105 | ||||||
Freeport-McMoRan, Inc. (b) | 732,161 | 7,094,640 | ||||||
Halliburton Co. | 87,200 | 3,082,520 | ||||||
Ingredion, Inc. | 30,846 | 2,693,164 | ||||||
International Paper Co. | 182,590 | 6,900,076 | ||||||
Monsanto Co. | 205,471 | 17,534,895 | ||||||
Mosaic Co. | 133,791 | 4,162,238 | ||||||
Newmont Mining Corp. | 372,373 | 5,984,034 | ||||||
Nucor Corp. (b) | 224,629 | 8,434,819 | ||||||
Occidental Petroleum Corp. | 78,593 | 5,198,927 | ||||||
Packaging Corp. of America | 42,695 | 2,568,531 | ||||||
Phillips 66 (b) | 55,620 | 4,273,841 | ||||||
Plum Creek Timber Co., Inc. (b) | 75,669 | 2,989,682 | ||||||
Rayonier, Inc. (b) | 54,748 | 1,208,288 | ||||||
Schlumberger, Ltd. | 130,064 | 8,970,514 | ||||||
Sealed Air Corp. (b) | 90,620 | 4,248,266 | ||||||
WestRock Co. | 112,395 | 5,781,599 | ||||||
Weyerhaeuser Co. | 223,304 | 6,105,131 | ||||||
188,112,085 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $798,442,698) | 566,251,060 | |||||||
SHORT TERM INVESTMENTS — 9.4% | ||||||||
UNITED STATES — 9.4% | ||||||||
MONEY MARKET FUNDS — 9.4% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (e)(f) | 52,819,846 | 52,819,846 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g) | 618,093 | 618,093 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $53,437,939) | 53,437,939 | |||||||
TOTAL INVESTMENTS — 108.8% | ||||||||
(Cost $851,880,637) | 619,688,999 | |||||||
OTHER ASSETS & LIABILITIES — (8.8)% | (49,867,469 | ) | ||||||
NET ASSETS — 100.0% | $ | 569,821,530 | ||||||
(a) | Non-income producing security | |||||
(b) | All or a portion of the security was on loan at September 30, 2015. | |||||
(c) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.7% of net assets as of September 30, 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.
309
SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.1% | ||||||||
AUSTRALIA — 4.5% | ||||||||
Alumina, Ltd. (a) | 425,537 | $ | 336,188 | |||||
Amcor, Ltd. | 136,263 | 1,260,247 | ||||||
AMP, Ltd. | 152,352 | 594,860 | ||||||
Australia & New Zealand Banking Group, Ltd. | 141,321 | 2,687,492 | ||||||
BHP Billiton, Ltd. | 153,200 | 2,390,533 | ||||||
Boral, Ltd. | 152,644 | 564,914 | ||||||
Brambles, Ltd. | 103,399 | 707,240 | ||||||
Coca-Cola Amatil, Ltd. | 85,948 | 543,816 | ||||||
Commonwealth Bank of Australia | 82,400 | 4,207,973 | ||||||
CSL, Ltd. | 29,241 | 1,831,677 | ||||||
Federation Centres | 266,049 | 511,922 | ||||||
Fortescue Metals Group, Ltd. (a) | 117,319 | 149,945 | ||||||
Iluka Resources, Ltd. | 22,971 | 100,176 | ||||||
Insurance Australia Group, Ltd. (a) | 162,413 | 552,024 | ||||||
Lend Lease Group | 81,013 | 713,987 | ||||||
Macquarie Group, Ltd. | 25,128 | 1,352,753 | ||||||
Medibank Pvt, Ltd. | 104 | 177 | ||||||
National Australia Bank, Ltd. | 90,348 | 1,902,138 | ||||||
Newcrest Mining, Ltd. (b) | 33,898 | 302,322 | ||||||
Origin Energy, Ltd. (c) | 81,485 | 317,015 | ||||||
Qantas Airways, Ltd. (b) | 41,962 | 109,620 | ||||||
QBE Insurance Group, Ltd. | 50,449 | 456,665 | ||||||
Rio Tinto, Ltd. | 18,512 | 631,803 | ||||||
Santos, Ltd. (a) | 86,804 | 242,613 | ||||||
Scentre Group | 99,950 | 273,741 | ||||||
Sonic Healthcare, Ltd. | 49,861 | 639,022 | ||||||
South32, Ltd. (b)(d) | 93,041 | 89,141 | ||||||
South32, Ltd. (b)(d) | 166,352 | 159,460 | ||||||
Suncorp Group, Ltd. | 107,768 | 922,540 | ||||||
Sydney Airport | 41,933 | 175,507 | ||||||
Transurban Group | 79,131 | 552,363 | ||||||
Wesfarmers, Ltd. | 54,056 | 1,488,824 | ||||||
Westfield Corp. | 80,206 | 561,557 | ||||||
Westpac Banking Corp. | 150,086 | 3,130,318 | ||||||
Woodside Petroleum, Ltd. | 35,959 | 730,546 | ||||||
Woolworths, Ltd. (a) | 65,422 | 1,141,214 | ||||||
32,332,333 | ||||||||
AUSTRIA — 0.2% | ||||||||
Erste Group Bank AG (b) | 28,818 | 834,440 | ||||||
OMV AG | 13,475 | 326,851 | ||||||
Raiffeisen Bank International AG (b) | 22,149 | 289,516 | ||||||
1,450,807 | ||||||||
BELGIUM — 1.1% | ||||||||
Ageas | 21,300 | 872,702 | ||||||
Anheuser-Busch InBev NV VVPR Strip (b)(e) | 8,694 | 0 | ||||||
Anheuser-Busch InBev SA | 36,725 | 3,891,176 | ||||||
Delhaize Group | 6,096 | 538,249 | ||||||
KBC Groep NV | 17,447 | 1,097,817 | ||||||
Solvay SA | 5,396 | 549,444 | ||||||
UCB SA | 9,037 | 704,615 | ||||||
7,654,003 | ||||||||
BRAZIL — 1.2% | ||||||||
Ambev SA ADR | 346,165 | 1,696,208 | ||||||
B2W Cia Digital (b) | 21,839 | 81,500 | ||||||
Banco Bradesco SA Preference Shares ADR | 157,661 | 845,063 | ||||||
Banco do Brasil SA | 17,080 | 65,198 | ||||||
Banco do Estado do Rio Grande do Sul SA Preference Shares | 5,362 | 7,514 | ||||||
BB Seguridade Participacoes SA | 2,049 | 12,767 | ||||||
BM&FBovespa SA | 65,671 | 182,733 | ||||||
Braskem SA Preference Shares (Class A) | 488 | 2,043 | ||||||
BRF SA | 8,676 | 153,804 | ||||||
Cielo SA | 24,062 | 221,528 | ||||||
Companhia Energetica de Minas Gerais ADR | 165,648 | 294,853 | ||||||
Companhia Siderurgica Nacional SA ADR (a) | 85,117 | 81,568 | ||||||
EDP — Energias do Brasil SA | 67,985 | 196,001 | ||||||
Embraer SA | 33,219 | 212,731 | ||||||
Estacio Participacoes SA | 6,338 | 22,443 | ||||||
Fibria Celulose SA | 6,336 | 85,605 | ||||||
Gerdau SA ADR (a) | 126,873 | 173,816 | ||||||
Itau Unibanco Holding SA Preference Shares ADR | 229,396 | 1,518,601 | ||||||
JBS SA | 21,257 | 89,684 | ||||||
Kroton Educacional SA | 62,829 | 121,652 | ||||||
Lojas Renner SA | 16,095 | 74,373 | ||||||
Natura Cosmeticos SA | 5,559 | 27,223 | ||||||
Odontoprev SA | 40,071 | 96,103 | ||||||
Oi SA Preference Shares (b) | 23,400 | 16,395 | ||||||
Petroleo Brasileiro SA Preference Shares ADR (b) | 178,801 | 657,988 | ||||||
Porto Seguro SA | 6,435 | 48,643 | ||||||
Qualicorp SA | 17,880 | 66,635 | ||||||
Raia Drogasil SA | 17,203 | 168,922 | ||||||
Souza Cruz SA | 14,861 | 100,020 | ||||||
Sul America SA | 28,185 | 126,346 | ||||||
Tim Participacoes SA ADR (a) | 13,824 | 130,637 | ||||||
Totvs SA | 16,949 | 128,290 | ||||||
Vale SA ADR (a) | 28,347 | 119,057 | ||||||
Vale SA Preference Shares ADR | 139,908 | 468,692 | ||||||
Via Varejo SA | 16,126 | 16,037 | ||||||
8,310,673 | ||||||||
CANADA — 6.4% | ||||||||
Agnico-Eagle Mines, Ltd. | 7,593 | 191,595 | ||||||
Agrium, Inc. (a) | 9,974 | 889,752 | ||||||
Alimentation Couche-Tard, Inc. (Class B) | 13,592 | 622,168 | ||||||
Bank of Montreal | 32,338 | 1,755,471 | ||||||
Bank of Nova Scotia | 50,702 | 2,224,807 | ||||||
Barrick Gold Corp. | 54,626 | 345,920 | ||||||
BlackBerry, Ltd. (a)(b) | 27,817 | 169,927 | ||||||
Bombardier, Inc. (Class B) (a) | 96,657 | 120,398 | ||||||
Brookfield Asset Management, Inc. (Class A) | 50,463 | 1,580,474 | ||||||
CAE, Inc. | 19,561 | 206,305 | ||||||
Cameco Corp. | 22,518 | 273,266 | ||||||
Canadian Imperial Bank of Commerce (a) | 20,019 | 1,431,656 | ||||||
Canadian National Railway Co. | 37,663 | 2,128,815 |
See accompanying notes to financial statements.
310
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SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Canadian Natural Resources, Ltd. | 62,808 | $ | 1,217,558 | |||||
Canadian Oil Sands, Ltd. | 15,523 | 73,059 | ||||||
Canadian Pacific Railway, Ltd. (a) | 11,641 | 1,663,099 | ||||||
Canadian Tire Corp., Ltd. (Class A) | 6,592 | 590,266 | ||||||
Cenovus Energy, Inc. | 43,736 | 660,265 | ||||||
CGI Group, Inc. (Class A) (b) | 4,422 | 159,472 | ||||||
Constellation Software, Inc. | 829 | 345,865 | ||||||
Eldorado Gold Corp. | 28,824 | 92,017 | ||||||
Enbridge, Inc. | 45,910 | 1,696,756 | ||||||
Encana Corp. | 43,967 | 281,701 | ||||||
Enerplus Corp. (a) | 17,674 | 85,687 | ||||||
Fairfax Financial Holdings, Ltd. | 357 | 161,828 | ||||||
First Quantum Minerals, Ltd. (a) | 22,080 | 80,533 | ||||||
Franco-Nevada Corp. (a) | 5,493 | 240,951 | ||||||
Gildan Activewear, Inc. | 42,371 | 1,272,995 | ||||||
Goldcorp, Inc. (a) | 40,299 | 502,873 | ||||||
Husky Energy, Inc. (a) | 22,784 | 353,647 | ||||||
IGM Financial, Inc. (a) | 11,595 | 292,837 | ||||||
Imperial Oil, Ltd. (a) | 25,549 | 805,707 | ||||||
Kinross Gold Corp. (b) | 50,639 | 87,628 | ||||||
Loblaw Cos., Ltd. | 22,773 | 1,167,101 | ||||||
Magna International, Inc. | 9,872 | 471,326 | ||||||
Manulife Financial Corp. | 80,056 | 1,232,458 | ||||||
National Bank of Canada | 24,483 | 777,934 | ||||||
Onex Corp. | 30,967 | 1,779,211 | ||||||
Open Text Corp. | 97 | 4,324 | ||||||
Potash Corp. of Saskatchewan, Inc. | 45,667 | 934,322 | ||||||
Restaurant Brands International, Inc. (a) | 7,111 | 254,802 | ||||||
Rogers Communications, Inc. (Class B) | 27,126 | 930,300 | ||||||
Royal Bank of Canada (a) | 64,036 | 3,524,440 | ||||||
Shaw Communications, Inc. (Class B) (a) | 29,052 | 559,934 | ||||||
Silver Wheaton Corp. | 18,185 | 217,563 | ||||||
SNC-Lavalin Group, Inc. (a) | 15,183 | 430,111 | ||||||
Sun Life Financial, Inc. | 32,318 | 1,037,493 | ||||||
Suncor Energy, Inc. | 63,682 | 1,695,242 | ||||||
Teck Resources, Ltd. (Class B) (a) | 40,585 | 192,829 | ||||||
TELUS Corp. | 19,028 | 596,798 | ||||||
Thomson Reuters Corp. | 23,866 | 954,854 | ||||||
Toronto-Dominion Bank | 80,867 | 3,172,674 | ||||||
TransAlta Corp. (a) | 34,719 | 160,556 | ||||||
TransCanada Corp. (a) | 34,174 | 1,075,664 | ||||||
Turquoise Hill Resources, Ltd. (b) | 10,259 | 26,093 | ||||||
Valeant Pharmaceuticals International, Inc. (b) | 12,758 | 2,266,693 | ||||||
West Fraser Timber Co., Ltd. | 809 | 25,585 | ||||||
Yamana Gold, Inc. (a) | 34,459 | 57,830 | ||||||
46,151,435 | ||||||||
CHILE — 0.3% | ||||||||
Embotelladora Andina SA Preference Shares (Class B) | 14,802 | 51,110 | ||||||
Empresa Nacional de Electricidad SA ADR | 28,370 | 1,007,419 | ||||||
Enersis SA ADR | 87,474 | 1,105,671 | ||||||
Sociedad Quimica y Minera de Chile SA ADR (a) | 6,654 | 96,749 | ||||||
Sonda SA | 13,798 | 20,604 | ||||||
2,281,553 | ||||||||
CHINA — 3.2% | ||||||||
Agricultural Bank of China, Ltd. (Class H) | 1,329,000 | 502,445 | ||||||
Air China, Ltd. (Class H) | 64,000 | 50,456 | ||||||
Anhui Conch Cement Co., Ltd. (Class H) | 8,500 | 24,951 | ||||||
Anta Sports Products, Ltd. | 29,000 | 74,838 | ||||||
Bank of China, Ltd. (Class H) | 3,899,436 | 1,675,489 | ||||||
Bank of Communications Co., Ltd. (Class H) | 734,710 | 509,080 | ||||||
BBMG Corp. (Class H) | 41,000 | 28,091 | ||||||
Brilliance China Automotive Holdings, Ltd. (a) | 160,000 | 189,108 | ||||||
BYD Co., Ltd. (Class H) (a)(b) | 24,500 | 129,138 | ||||||
CGN Power Co., Ltd. (Class H) (a)(f) | 109,400 | 45,595 | ||||||
China CITIC Bank Corp., Ltd. (Class H) (b) | 346,000 | 200,455 | ||||||
China Coal Energy Co., Ltd. (Class H) (a) | 40,000 | 16,155 | ||||||
China Communications Construction Co., Ltd. (Class H) | 214,000 | 263,149 | ||||||
China Conch Venture Holdings, Ltd. | 16,000 | 33,940 | ||||||
China Construction Bank Corp. (Class H) | 2,949,720 | 1,960,124 | ||||||
China COSCO Holdings Co., Ltd. (Class H) (a)(b)(c) | 422,795 | 269,496 | ||||||
China Everbright Bank Co., Ltd. (Class H) | 36,000 | 15,654 | ||||||
China Galaxy Securities Co., Ltd. (Class H) (a) | 118,500 | 83,179 | ||||||
China International Marine Containers Group Co., Ltd. (Class H) | 12,000 | 21,058 | ||||||
China Life Insurance Co., Ltd. (Class H) | 374,000 | 1,293,308 | ||||||
China Merchants Bank Co., Ltd. (Class H) | 273,014 | 658,752 | ||||||
China Minsheng Banking Corp., Ltd. (Class H) | 194,000 | 178,729 | ||||||
China Oilfield Services, Ltd. (Class H) (a) | 32,000 | 31,959 | ||||||
China Pacific Insurance Group Co., Ltd. (Class H) | 118,200 | 436,956 | ||||||
China Petroleum & Chemical Corp. (Class H) | 1,513,800 | 919,994 | ||||||
China Railway Construction Corp., Ltd. (Class H) | 84,500 | 124,078 | ||||||
China Railway Group, Ltd. (Class H) | 171,000 | 155,113 | ||||||
China Shenhua Energy Co., Ltd. (Class H) | 115,500 | 176,453 | ||||||
China Southern Airlines Co., Ltd. (Class H) | 110,000 | 80,761 | ||||||
China Telecom Corp., Ltd. (Class H) | 1,120,000 | 539,042 | ||||||
CITIC Securities Co., Ltd. (Class H) (a) | 47,000 | 83,690 | ||||||
CRRC Corp., Ltd. (Class H) (a)(b) | 181,000 | 228,876 |
See accompanying notes to financial statements.
311
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SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Dalian Wanda Commercial Properties Co., Ltd. (Class H) (f) | 4,600 | $ | 26,353 | |||||
Datang International Power Generation Co., Ltd. (Class H) | 52,000 | 19,659 | ||||||
ENN Energy Holdings, Ltd. (a) | 8,000 | 38,348 | ||||||
GF Securities Co., Ltd. (Class H) (a)(b) | 4,400 | 7,948 | ||||||
Great Wall Motor Co., Ltd. (Class H) | 154,500 | 170,647 | ||||||
Guangzhou Automobile Group Co., Ltd. (Class H) (a) | 104,000 | 84,676 | ||||||
Haitong Securities Co., Ltd. (Class H) (a) | 91,200 | 131,327 | ||||||
Hengan International Group Co., Ltd. | 58,500 | 568,767 | ||||||
Huadian Power International Corp., Ltd. (Class H) | 72,000 | 56,020 | ||||||
Huaneng Power International, Inc. (Class H) | 528,000 | 567,511 | ||||||
Huatai Securities Co., Ltd. (Class H) (b)(f) | 36,000 | 70,885 | ||||||
Industrial & Commercial Bank of China, Ltd. (Class H) | 3,185,045 | 1,832,930 | ||||||
Jiangsu Expressway Co., Ltd. (Class H) | 14,000 | 17,830 | ||||||
Kingsoft Corp., Ltd. | 73,000 | 142,231 | ||||||
New China Life Insurance Co., Ltd. (Class H) | 28,100 | 120,739 | ||||||
PetroChina Co., Ltd. (Class H) | 1,084,000 | 751,102 | ||||||
PICC Property & Casualty Co., Ltd. (Class H) | 273,610 | 531,683 | ||||||
Ping An Insurance Group Co. of China, Ltd. (Class H) | 234,000 | 1,157,915 | ||||||
Shandong Weigao Group Medical Polymer Co., Ltd. (Class H) | 124,000 | 78,080 | ||||||
Shanghai Electric Group Co., Ltd. (Class H) (a) | 168,000 | 91,261 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H) | 17,900 | 37,324 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd. (Class H) (a)(b) | 160,000 | 60,903 | ||||||
Sinopharm Group Co., Ltd. (Class H) | 12,400 | 43,360 | ||||||
Tencent Holdings, Ltd. | 247,700 | 4,132,568 | ||||||
Tingyi Cayman Islands Holding Corp. (a) | 232,000 | 368,803 | ||||||
Tsingtao Brewery Co., Ltd. (Class H) (a) | 8,000 | 34,993 | ||||||
Want Want China Holdings, Ltd. (a) | 116,000 | 95,194 | ||||||
Yanzhou Coal Mining Co., Ltd. (Class H) (a) | 230,000 | 102,090 | ||||||
Zhuzhou CSR Times Electric Co., Ltd. (Class H) | 43,500 | 320,214 | ||||||
Zijin Mining Group Co., Ltd. (Class H) | 894,000 | 233,015 | ||||||
ZTE Corp. (Class H) | 22,600 | 51,440 | ||||||
22,945,928 | ||||||||
COLOMBIA — 0.1% | ||||||||
Almacenes Exito SA | 11,407 | 48,996 | ||||||
Banco Davivienda SA Preference Shares | 9,265 | 71,968 | ||||||
BanColombia SA ADR (a) | 14,985 | 482,517 | ||||||
Cementos Argos SA | 13,699 | 41,890 | ||||||
Corp Financiera Colombiana SA | 3,378 | 41,558 | ||||||
Isagen SA ESP | 40,407 | 37,696 | ||||||
724,625 | ||||||||
DENMARK — 1.4% | ||||||||
AP Moeller — Maersk A/S (Class B) | 585 | 898,956 | ||||||
Danske Bank A/S | 39,400 | 1,187,910 | ||||||
DSV A/S | 30,283 | 1,129,623 | ||||||
Novo Nordisk A/S (Class B) | 110,178 | 5,905,175 | ||||||
Novozymes A/S (Class B) | 3,586 | 156,087 | ||||||
Pandora A/S | 4,753 | 554,010 | ||||||
Vestas Wind Systems A/S | 8,295 | 430,187 | ||||||
10,261,948 | ||||||||
FINLAND — 0.9% | ||||||||
Elisa Oyj (a) | 19,341 | 652,431 | ||||||
Fortum Oyj | 28,861 | 426,219 | ||||||
Kone Oyj (Class B) (a) | 22,587 | 857,233 | ||||||
Metso Oyj | 15,307 | 317,637 | ||||||
Neste Oyj | 17,028 | 390,984 | ||||||
Nokia Oyj | 123,085 | 838,788 | ||||||
Sampo Oyj (Class A) | 25,291 | 1,221,840 | ||||||
Stora Enso Oyj | 50,980 | 384,403 | ||||||
UPM-Kymmene Oyj | 36,439 | 545,045 | ||||||
Wartsila Oyj Abp | 13,930 | 551,536 | ||||||
6,186,116 | ||||||||
FRANCE — 6.8% | ||||||||
Accor SA | 14,174 | 660,715 | ||||||
Air Liquide SA | 19,906 | 2,347,550 | ||||||
Alcatel-Lucent (b) | 117,823 | 431,385 | ||||||
Alstom SA (a)(b) | 12,402 | 382,156 | ||||||
AXA SA | 78,794 | 1,902,880 | ||||||
BNP Paribas SA | 49,985 | 2,927,044 | ||||||
Bouygues SA | 14,045 | 497,454 | ||||||
Cap Gemini SA | 9,126 | 811,080 | ||||||
Carrefour SA | 37,024 | 1,092,713 | ||||||
Compagnie Generale des Etablissements Michelin | 1,477 | 134,237 | ||||||
Credit Agricole SA | 46,742 | 535,062 | ||||||
Danone SA | 31,361 | 1,975,078 | ||||||
Engie | 54,540 | 879,111 | ||||||
Essilor International SA | 18,842 | 2,290,426 | ||||||
Hermes International | 599 | 217,306 | ||||||
Kering | 7,740 | 1,261,407 | ||||||
L’Oreal SA | 15,224 | 2,634,886 | ||||||
Lagardere SCA | 10,534 | 290,907 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 12,397 | 2,106,166 | ||||||
Numericable-SFR SAS (b) | 2,017 | 92,941 | ||||||
Orange SA | 103,934 | 1,568,540 | ||||||
Pernod Ricard SA | 10,798 | 1,086,963 | ||||||
Peugeot SA (b) | 1,901 | 28,551 | ||||||
Publicis Groupe SA | 14,304 | 973,658 | ||||||
Renault SA | 15,609 | 1,115,107 | ||||||
Safran SA | 5,496 | 412,879 | ||||||
Sanofi | 54,542 | 5,168,314 | ||||||
Schneider Electric SE | 28,318 | 1,580,814 | ||||||
Societe Generale SA | 33,613 | 1,495,192 |
See accompanying notes to financial statements.
312
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SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Sodexo SA | 8,214 | $ | 678,497 | |||||
Technip SA | 8,893 | 418,564 | ||||||
Total SA | 110,365 | 4,952,434 | ||||||
Unibail-Rodamco SE | 4,107 | 1,060,380 | ||||||
Valeo SA | 709 | 95,564 | ||||||
Vallourec SA (a) | 6,549 | 57,869 | ||||||
Veolia Environnement SA | 24,953 | 569,053 | ||||||
Vinci SA | 29,617 | 1,874,831 | ||||||
Vivendi SA | 72,066 | 1,699,774 | ||||||
Zodiac Aerospace | 2,636 | 60,305 | ||||||
48,367,793 | ||||||||
GERMANY — 6.2% | ||||||||
adidas AG | 17,687 | 1,421,701 | ||||||
Allianz SE | 23,617 | 3,697,336 | ||||||
BASF SE | 49,170 | 3,749,811 | ||||||
Bayer AG | 38,610 | 4,932,611 | ||||||
Bayerische Motoren Werke AG | 15,302 | 1,353,145 | ||||||
Commerzbank AG (b) | 34,766 | 365,645 | ||||||
Continental AG | 915 | 194,162 | ||||||
Daimler AG | 49,516 | 3,584,403 | ||||||
Deutsche Bank AG | 53,620 | 1,440,669 | ||||||
Deutsche Boerse AG | 14,982 | 1,288,223 | ||||||
Deutsche Lufthansa AG (b) | 21,659 | 300,397 | ||||||
Deutsche Post AG | 57,811 | 1,598,768 | ||||||
Deutsche Telekom AG | 157,180 | 2,787,057 | ||||||
E.ON SE | 100,426 | 860,595 | ||||||
Fresenius Medical Care AG & Co. KGaA | 16,277 | 1,268,573 | ||||||
Henkel AG & Co. KGaA Preference Shares | 1,374 | 141,057 | ||||||
K+S AG | 3,439 | 114,876 | ||||||
Linde AG | 7,404 | 1,197,970 | ||||||
MAN SE | 8,444 | 859,239 | ||||||
Merck KGaA | 11,952 | 1,055,173 | ||||||
Metro AG | 10,651 | 293,544 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 11,904 | 2,215,746 | ||||||
OSRAM Licht AG | 4,363 | 225,076 | ||||||
RWE AG | 25,897 | 293,411 | ||||||
SAP SE | 49,757 | 3,218,614 | ||||||
Siemens AG | 45,039 | 4,018,965 | ||||||
ThyssenKrupp AG | 21,211 | 371,252 | ||||||
TUI AG | 4,798 | 88,521 | ||||||
Volkswagen AG (a) | 6,707 | 785,728 | ||||||
Volkswagen AG Preference Shares | 6,250 | 681,959 | ||||||
Vonovia SE | 4,585 | 147,117 | ||||||
44,551,344 | ||||||||
GREECE — 0.1% | ||||||||
Alpha Bank AE (b) | 135,287 | 16,159 | ||||||
Eurobank Ergasias SA (b) | 299,434 | 7,353 | ||||||
Hellenic Telecommunications Organization SA | 13,815 | 120,284 | ||||||
JUMBO SA | 16,878 | 147,894 | ||||||
National Bank of Greece SA (b) | 87,199 | 37,474 | ||||||
OPAP SA | 24,279 | 218,980 | ||||||
Piraeus Bank SA (b) | 94,162 | 8,198 | ||||||
556,342 | ||||||||
HONG KONG — 3.9% | ||||||||
AAC Technologies Holdings, Inc. (a) | 46,000 | 286,385 | ||||||
AIA Group, Ltd. | 563,000 | 2,909,420 | ||||||
Alibaba Health Information Technology, Ltd. (a)(b) | 84,000 | 53,543 | ||||||
Alibaba Pictures Group, Ltd. (a)(b) | 510,000 | 113,186 | ||||||
AviChina Industry & Technology Co., Ltd. (Class H) | 363,000 | 267,447 | ||||||
Bank of East Asia, Ltd. (a) | 247,811 | 831,361 | ||||||
Beijing Enterprises Water Group, Ltd. (b) | 58,000 | 40,413 | ||||||
Belle International Holdings, Ltd. | 348,000 | 300,850 | ||||||
BOC Hong Kong Holdings, Ltd. | 90,500 | 265,660 | ||||||
Cheung Kong Property Holdings, Ltd. | 146,032 | 1,061,787 | ||||||
China Agri-Industries Holdings, Ltd. (a)(b) | 67,000 | 22,910 | ||||||
China Everbright International, Ltd. | 26,000 | 36,299 | ||||||
China Everbright, Ltd. | 44,000 | 100,149 | ||||||
China Huishan Dairy Holdings Co., Ltd. (a) | 311,000 | 111,959 | ||||||
China Mengniu Dairy Co., Ltd. | 138,000 | 484,332 | ||||||
China Merchants Holdings International Co., Ltd. | 243,051 | 713,468 | ||||||
China Mobile, Ltd. | 298,500 | 3,535,758 | ||||||
China Overseas Land & Investment, Ltd. | 236,000 | 712,563 | ||||||
China Pharmaceutical Group, Ltd. | 274,000 | 240,058 | ||||||
China Resources Enterprise, Ltd. (a) | 175,753 | 326,105 | ||||||
China Resources Land, Ltd. | 52,000 | 121,847 | ||||||
China Taiping Insurance Holdings Co., Ltd. (b) | 83,800 | 260,049 | ||||||
China Unicom (Hong Kong), Ltd. | 464,000 | 587,330 | ||||||
CITIC, Ltd. (a) | 236,000 | 429,365 | ||||||
CK Hutchison Holdings, Ltd. | 155,032 | 2,004,401 | ||||||
CNOOC, Ltd. | 1,059,217 | 1,083,811 | ||||||
COSCO Pacific, Ltd. (c) | 554,646 | 717,600 | ||||||
Evergrande Real Estate Group, Ltd. (a) | 159,000 | 90,270 | ||||||
Fosun International, Ltd. (a) | 51,500 | 88,380 | ||||||
Galaxy Entertainment Group, Ltd. | 97,000 | 246,566 | ||||||
Geely Automobile Holdings, Ltd. | 490,000 | 233,302 | ||||||
Goldin Properties Holdings, Ltd. (a)(b) | 76,000 | 68,449 | ||||||
GOME Electrical Appliances Holding, Ltd. (a) | 954,000 | 145,253 | ||||||
Hanergy Thin Film Power Group, Ltd. (a)(b)(e) | 448,000 | 0 | ||||||
Hang Lung Properties, Ltd. | 236,000 | 528,637 | ||||||
Hang Seng Bank, Ltd. | 600 | 10,777 | ||||||
Henderson Land Development Co., Ltd. | 105,943 | 630,186 | ||||||
Hong Kong & China Gas Co., Ltd. | 687,135 | 1,287,372 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 61,976 | 1,413,843 | ||||||
Lenovo Group, Ltd. (a) | 284,000 | 239,291 | ||||||
Li & Fung, Ltd. (a) | 472,000 | 359,936 | ||||||
Link REIT | 194,786 | 1,068,174 | ||||||
New World Development Co., Ltd. | 485,872 | 470,196 | ||||||
Noble Group, Ltd. | 148,100 | 43,225 |
See accompanying notes to financial statements.
313
SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Sands China, Ltd. | 141,200 | $ | 424,508 | |||||
Shangri-La Asia, Ltd. | 234,333 | 202,583 | ||||||
Sino Biopharmaceutical, Ltd. | 288,000 | 353,773 | ||||||
Sinotrans, Ltd. (Class H) | 56,000 | 26,157 | ||||||
SJM Holdings, Ltd. (a) | 38,000 | 26,869 | ||||||
Sun Art Retail Group, Ltd. (a) | 51,500 | 39,538 | ||||||
Sun Hung Kai Properties, Ltd. | 105,185 | 1,364,003 | ||||||
Sunac China Holdings, Ltd. | 81,300 | 42,381 | ||||||
Swire Pacific, Ltd. (Class A) | 69,506 | 775,323 | ||||||
Techtronic Industries Co., Ltd. | 42,500 | 156,838 | ||||||
WH Group, Ltd. (b)(f) | 138,601 | 68,674 | ||||||
Wynn Macau, Ltd. (a) | 32,000 | 36,253 | ||||||
28,058,813 | ||||||||
HUNGARY — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC | 7,280 | 317,040 | ||||||
OTP Bank PLC | 2,643 | 50,910 | ||||||
367,950 | ||||||||
INDIA — 1.8% | ||||||||
ACC, Ltd. | 2,134 | 43,784 | ||||||
Aditya Birla Nuvo, Ltd. | 2,714 | 88,649 | ||||||
Ambuja Cements, Ltd. | 20,223 | 63,405 | ||||||
Apollo Hospitals Enterprise, Ltd. | 4,882 | 107,220 | ||||||
Aurobindo Pharma, Ltd. | 5,461 | 63,995 | ||||||
Bajaj Auto, Ltd. | 34 | 1,198 | ||||||
Bharat Forge, Ltd. | 3,246 | 44,880 | ||||||
Bharat Heavy Electricals, Ltd. | 2,574 | 8,060 | ||||||
Bharti Airtel, Ltd. | 17,726 | 91,236 | ||||||
Bharti Infratel, Ltd. | 20,437 | 110,591 | ||||||
Bosch, Ltd. | 76 | 22,447 | ||||||
Dabur India, Ltd. | 35,548 | 149,471 | ||||||
DLF, Ltd. | 1,152 | 2,411 | ||||||
Dr. Reddy’s Laboratories, Ltd. ADR | 21,077 | 1,347,031 | ||||||
Eicher Motors, Ltd. | 477 | 129,290 | ||||||
GlaxoSmithKline Consumer Healthcare, Ltd. | 505 | 46,546 | ||||||
Glenmark Pharmaceuticals, Ltd. | 1,272 | 20,332 | ||||||
Godrej Consumer Products, Ltd. | 7,662 | 142,390 | ||||||
HCL Technologies, Ltd. | 24,268 | 363,114 | ||||||
Hindustan Unilever, Ltd. | 26,991 | 335,023 | ||||||
Housing Development Finance Corp., Ltd. | 56,171 | 1,037,803 | ||||||
ICICI Bank, Ltd. ADR | 117,658 | 985,974 | ||||||
Idea Cellular, Ltd. | 18,365 | 41,828 | ||||||
Indiabulls Housing Finance, Ltd. | 14,192 | 171,681 | ||||||
Infosys, Ltd. ADR (a) | 120,781 | 2,305,709 | ||||||
ITC, Ltd. | 58,337 | 292,218 | ||||||
LIC Housing Finance, Ltd. | 19,835 | 142,190 | ||||||
Lupin, Ltd. | 6,402 | 198,380 | ||||||
Mahindra & Mahindra Financial Services, Ltd. | 31,646 | 115,394 | ||||||
Mahindra & Mahindra, Ltd. GDR | 20,487 | 395,399 | ||||||
Marico, Ltd. | 27,996 | 172,395 | ||||||
Motherson Sumi Systems, Ltd. | 8,487 | 29,783 | ||||||
Nestle India, Ltd. | 701 | 68,003 | ||||||
Reliance Industries, Ltd. GDR (f) | 53,903 | 1,401,478 | ||||||
Shree Cement, Ltd. | 504 | 90,143 | ||||||
Shriram Transport Finance Co., Ltd. | 7,124 | 100,397 | ||||||
Siemens, Ltd. | 6,400 | 129,282 | ||||||
State Bank of India | 6,999 | 25,287 | ||||||
Sun Pharmaceutical Industries, Ltd. (b) | 30,737 | 406,642 | ||||||
Tata Consultancy Services, Ltd. | 7,601 | 299,692 | ||||||
Tata Motors, Ltd. ADR (b) | 34,352 | 772,920 | ||||||
Tech Mahindra, Ltd. | 5,689 | 48,305 | ||||||
United Breweries, Ltd. | 5,958 | 80,025 | ||||||
United Spirits, Ltd. (b) | 1,634 | 77,027 | ||||||
UPL, Ltd. | 12,591 | 87,911 | ||||||
Zee Entertainment Enterprises, Ltd. | 21,834 | 130,542 | ||||||
12,787,481 | ||||||||
INDONESIA — 0.5% | ||||||||
Astra Agro Lestari Tbk PT | 165,700 | 205,004 | ||||||
Astra International Tbk PT | 2,414,600 | 861,180 | ||||||
Bank Central Asia Tbk PT | 412,000 | 345,208 | ||||||
Bank Danamon Indonesia Tbk PT | 9,200 | 1,818 | ||||||
Bank Mandiri Persero Tbk PT | 476,500 | 257,765 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 1,390,200 | 820,835 | ||||||
Bumi Serpong Damai Tbk PT | 119,500 | 11,461 | ||||||
Charoen Pokphand Indonesia Tbk PT | 1,209,800 | 165,160 | ||||||
Gudang Garam Tbk PT | 57,000 | 163,413 | ||||||
Matahari Department Store Tbk PT | 32,100 | 35,277 | ||||||
Summarecon Agung Tbk PT | 335,300 | 25,634 | ||||||
Surya Citra Media Tbk PT | 19,900 | 3,722 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 3,240,500 | 585,060 | ||||||
3,481,537 | ||||||||
IRELAND — 0.4% | ||||||||
Bank of Ireland (b) | 1,323,959 | 514,298 | ||||||
CRH PLC | 31,286 | 820,690 | ||||||
James Hardie Industries PLC | 81,333 | 973,259 | ||||||
Kerry Group PLC (Class A) | 5,237 | 392,545 | ||||||
2,700,792 | ||||||||
ISRAEL — 0.6% | ||||||||
Bank Hapoalim BM | 136,218 | 684,752 | ||||||
Bank Leumi Le-Israel BM (b) | 132,650 | 494,789 | ||||||
NICE Systems, Ltd. | 6,221 | 339,350 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 44,233 | 2,497,395 | ||||||
4,016,286 | ||||||||
ITALY — 1.6% | ||||||||
Assicurazioni Generali SpA | 54,860 | 1,001,845 | ||||||
Atlantia SpA | 41,412 | 1,155,191 | ||||||
Banca Monte dei Paschi di Siena SpA (b) | 101,263 | 179,951 | ||||||
Banco Popolare SC (b) | 13,308 | 196,384 | ||||||
Enel SpA | 313,166 | 1,394,091 | ||||||
ENI SpA (a) | 107,933 | 1,692,746 | ||||||
Finmeccanica SpA (b) | 55,348 | 691,343 | ||||||
Intesa Sanpaolo SpA | 564,956 | 1,990,274 | ||||||
Mediobanca SpA | 37,515 | 368,091 | ||||||
Pirelli & C. SpA | 48,683 | 813,505 | ||||||
Saipem SpA (a)(b) | 23,147 | 185,128 | ||||||
Telecom Italia SpA (b) | 772,723 | 950,532 | ||||||
UBI Banca SCpA (a) | 55,217 | 390,772 |
See accompanying notes to financial statements.
314
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SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
UniCredit SpA | 118,692 | $ | 737,969 | |||||
11,747,822 | ||||||||
JAPAN — 16.4% | ||||||||
Acom Co., Ltd. (a)(b) | 1,800 | 9,153 | ||||||
Aeon Co., Ltd. (a) | 34,900 | 540,554 | ||||||
Aisin Seiki Co., Ltd. | 23,300 | 778,191 | ||||||
Ajinomoto Co., Inc. | 1,000 | 20,999 | ||||||
Alps Electric Co., Ltd. | 600 | 16,808 | ||||||
Asahi Glass Co., Ltd. | 116,000 | 675,089 | ||||||
Asahi Group Holdings, Ltd. | 35,300 | 1,140,659 | ||||||
Asahi Kasei Corp. | 118,000 | 827,621 | ||||||
Astellas Pharma, Inc. | 152,100 | 1,962,130 | ||||||
Bank of Yokohama, Ltd. | 118,000 | 713,429 | ||||||
Bridgestone Corp. | 35,300 | 1,216,113 | ||||||
Canon, Inc. | 46,800 | 1,349,703 | ||||||
Central Japan Railway Co. | 10,500 | 1,685,488 | ||||||
Chiba Bank, Ltd. | 118,000 | 833,532 | ||||||
Chubu Electric Power Co., Inc. | 47,000 | 691,078 | ||||||
Credit Saison Co., Ltd. (a) | 34,800 | 629,082 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 26,900 | 425,292 | ||||||
Daiichi Sankyo Co., Ltd. (a) | 47,100 | 814,069 | ||||||
Daikin Industries, Ltd. | 22,400 | 1,248,632 | ||||||
Daiwa Securities Group, Inc. | 116,000 | 745,503 | ||||||
Denso Corp. | 23,600 | 992,357 | ||||||
Dentsu, Inc. | 2,200 | 112,420 | ||||||
East Japan Railway Co. | 23,000 | 1,930,990 | ||||||
Eisai Co., Ltd. (a) | 11,800 | 692,640 | ||||||
Electric Power Development Co., Ltd. | 11,800 | 359,128 | ||||||
FANUC Corp. | 10,600 | 1,620,999 | ||||||
Fast Retailing Co., Ltd. (a) | 1,100 | 445,364 | ||||||
Fuji Heavy Industries, Ltd. | 5,400 | 193,113 | ||||||
FUJIFILM Holdings Corp. | 35,000 | 1,302,217 | ||||||
Fujitsu, Ltd. | 118,000 | 510,859 | ||||||
Hitachi, Ltd. | 235,000 | 1,179,072 | ||||||
Honda Motor Co., Ltd. | 82,400 | 2,434,882 | ||||||
Hoya Corp. | 23,600 | 769,096 | ||||||
Inpex Corp. | 46,400 | 412,027 | ||||||
ITOCHU Corp. (a) | 117,700 | 1,235,818 | ||||||
Japan Real Estate Investment Corp. | 236 | 1,085,760 | ||||||
Japan Retail Fund Investment Corp. | 472 | 912,747 | ||||||
Japan Tobacco, Inc. | 47,100 | 1,453,133 | ||||||
JFE Holdings, Inc. (a) | 35,000 | 456,623 | ||||||
Joyo Bank, Ltd. | 118,000 | 618,745 | ||||||
JSR Corp. (a) | 23,600 | 338,536 | ||||||
JX Holdings, Inc. (a) | 192,108 | 691,181 | ||||||
Kajima Corp. | 118,000 | 623,671 | ||||||
Kamigumi Co., Ltd. | 117,000 | 953,467 | ||||||
Kansai Electric Power Co., Inc. (b) | 58,400 | 647,074 | ||||||
KDDI Corp. | 70,800 | 1,576,618 | ||||||
Keikyu Corp. (a) | 117,423 | 931,423 | ||||||
Keyence Corp. | 300 | 133,261 | ||||||
Kintetsu Group Holdings Co., Ltd. (a) | 235,000 | 841,773 | ||||||
Kobe Steel, Ltd. | 236,000 | 254,198 | ||||||
Komatsu, Ltd. | 58,800 | 860,410 | ||||||
Konica Minolta Holdings, Inc. | 59,000 | 617,760 | ||||||
Kose Corp. | 200 | 18,119 | ||||||
Kubota Corp. | 103,000 | 1,406,559 | ||||||
Kyocera Corp. | 23,400 | 1,066,789 | ||||||
LIXIL Group Corp. (a) | 23,300 | 470,805 | ||||||
Makita Corp. (a) | 11,600 | 613,101 | ||||||
Marubeni Corp. (a) | 117,000 | 570,322 | ||||||
Marui Group Co., Ltd. (a) | 54,000 | 648,821 | ||||||
MEIJI Holdings Co., Ltd. | 3,200 | 233,524 | ||||||
Mitsubishi Chemical Holdings Corp. | 118,000 | 612,144 | ||||||
Mitsubishi Corp. | 82,400 | 1,344,035 | ||||||
Mitsubishi Electric Corp. | 117,000 | 1,064,835 | ||||||
Mitsubishi Estate Co., Ltd. | 100,618 | 2,046,133 | ||||||
Mitsubishi Heavy Industries, Ltd. | 235,000 | 1,044,662 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 487,600 | 2,916,684 | ||||||
Mitsui & Co., Ltd. (a) | 117,700 | 1,317,387 | ||||||
Mitsui Chemicals, Inc. (a) | 118,000 | 375,385 | ||||||
Mitsui Fudosan Co., Ltd. | 21,000 | 572,145 | ||||||
Mizuho Financial Group, Inc. (a) | 676,600 | 1,259,251 | ||||||
MS&AD Insurance Group Holdings, Inc. | 35,300 | 941,117 | ||||||
Murata Manufacturing Co., Ltd. | 11,800 | 1,514,349 | ||||||
NEC Corp. | 123,000 | 376,913 | ||||||
Nidec Corp. | 16,700 | 1,141,454 | ||||||
Nintendo Co., Ltd. | 4,000 | 669,979 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 47,100 | 852,806 | ||||||
Nippon Telegraph & Telephone Corp. | 47,000 | 1,639,594 | ||||||
Nippon Yusen K.K. | 118,000 | 271,933 | ||||||
Nissan Motor Co., Ltd. (a) | 117,700 | 1,075,137 | ||||||
Nitori Holding Co., Ltd. | 100 | 7,807 | ||||||
Nitto Denko Corp. | 11,700 | 696,051 | ||||||
Nomura Holdings, Inc. | 130,100 | 747,479 | ||||||
NTT Data Corp. | 11,800 | 592,143 | ||||||
NTT DoCoMo, Inc. (a) | 94,200 | 1,567,575 | ||||||
Obayashi Corp. | 118,000 | 1,002,998 | ||||||
Ono Pharmaceutical Co., Ltd. | 600 | 70,789 | ||||||
Oriental Land Co., Ltd. (a) | 2,900 | 161,484 | ||||||
ORIX Corp. | 105,000 | 1,343,130 | ||||||
Osaka Gas Co., Ltd. | 235,000 | 888,866 | ||||||
Panasonic Corp. | 119,200 | 1,197,822 | ||||||
Rakuten, Inc. (a) | 16,700 | 212,506 | ||||||
Resona Holdings, Inc. | 35,300 | 178,703 | ||||||
Rohm Co., Ltd. | 11,600 | 512,370 | ||||||
Ryohin Keikaku Co., Ltd. | 400 | 81,226 | ||||||
Secom Co., Ltd. | 11,800 | 706,335 | ||||||
Seven & i Holdings Co., Ltd. | 47,100 | 2,140,963 | ||||||
Sharp Corp. (a)(b) | 116,000 | 132,693 | ||||||
Shin-Etsu Chemical Co., Ltd. | 23,500 | 1,199,871 | ||||||
Shionogi & Co., Ltd. | 5,000 | 178,475 | ||||||
Shiseido Co., Ltd. (a) | 6,000 | 130,280 | ||||||
Shizuoka Bank, Ltd. | 117,000 | 1,168,388 | ||||||
SoftBank Group Corp. | 47,100 | 2,153,941 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 35,200 | 1,015,749 | ||||||
Sony Corp. | 58,600 | 1,418,212 | ||||||
Sumitomo Chemical Co., Ltd. | 118,000 | 593,128 | ||||||
Sumitomo Corp. (a) | 58,900 | 566,549 | ||||||
Sumitomo Electric Industries, Ltd. | 47,100 | 599,147 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 35,300 | 1,329,884 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 117,000 | 427,302 | ||||||
T&D Holdings, Inc. | 23,300 | 273,242 | ||||||
Takeda Pharmaceutical Co., Ltd. | 47,100 | 2,059,556 |
See accompanying notes to financial statements.
315
SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
TDK Corp. | 11,800 | $ | 663,082 | |||||
Teijin, Ltd. | 218,000 | 658,924 | ||||||
Terumo Corp. | 32,700 | 920,127 | ||||||
Tohoku Electric Power Co., Inc. | 23,700 | 319,984 | ||||||
Tokio Marine Holdings, Inc. | 35,300 | 1,309,252 | ||||||
Tokyo Electric Power Co., Inc. (b) | 82,300 | 547,682 | ||||||
Tokyo Electron, Ltd. (a) | 11,800 | 553,127 | ||||||
Tokyo Gas Co., Ltd. | 235,000 | 1,133,745 | ||||||
Tokyu Corp. | 118,000 | 862,105 | ||||||
Toppan Printing Co., Ltd. | 118,000 | 946,838 | ||||||
Toray Industries, Inc. (a) | 118,000 | 1,015,313 | ||||||
Toshiba Corp. (a)(b) | 118,000 | 295,973 | ||||||
Toyota Motor Corp. | 139,800 | 8,137,150 | ||||||
Toyota Tsusho Corp. | 35,300 | 740,691 | ||||||
West Japan Railway Co. | 18,800 | 1,174,323 | ||||||
Yahoo! Japan Corp. | 153,100 | 580,365 | ||||||
Yakult Honsha Co., Ltd. (a) | 900 | 44,637 | ||||||
Yamada Denki Co., Ltd. (a) | 71,100 | 286,145 | ||||||
Yamaha Corp. | 46,200 | 1,017,623 | ||||||
Yamaha Motor Co., Ltd. | 47,100 | 940,309 | ||||||
117,076,529 | ||||||||
LUXEMBOURG — 0.0% (g) | ||||||||
ArcelorMittal (a) | 38,697 | 201,248 | ||||||
MACAU — 0.0% (g) | ||||||||
MGM China Holdings, Ltd. | 29,200 | 33,796 | ||||||
MALAYSIA — 0.5% | ||||||||
AirAsia Bhd | 322,700 | 93,967 | ||||||
Alliance Financial Group Bhd | 396,600 | 302,249 | ||||||
AMMB Holdings Bhd | 125,300 | 129,982 | ||||||
Astro Malaysia Holdings Bhd | 66,300 | 42,533 | ||||||
Berjaya Sports Toto Bhd | 593,600 | 415,922 | ||||||
British American Tobacco Malaysia Bhd | 22,700 | 311,497 | ||||||
Bumi Armada Bhd (b) | 161,500 | 33,985 | ||||||
CIMB Group Holdings Bhd | 227,800 | 231,130 | ||||||
Dialog Group Bhd | 106,900 | 38,910 | ||||||
Felda Global Ventures Holdings Bhd | 401,700 | 137,076 | ||||||
Gamuda Bhd | 30,400 | 30,360 | ||||||
Genting Bhd | 111,300 | 184,076 | ||||||
Genting Malaysia Bhd | 282,100 | 266,329 | ||||||
Genting Plantations Bhd | 123,200 | 277,748 | ||||||
Hong Leong Financial Group Bhd | 17,100 | 54,462 | ||||||
IOI Properties Group Bhd | 89,400 | 40,269 | ||||||
Lafarge Malaysia Bhd | 113,700 | 232,793 | ||||||
Malaysia Airports Holdings Bhd | 20,600 | 24,603 | ||||||
Petronas Chemicals Group Bhd | 15,900 | 22,209 | ||||||
PPB Group Bhd | 65,300 | 229,068 | ||||||
RHB Capital Bhd | 50,300 | 68,085 | ||||||
SapuraKencana Petroleum Bhd | 100,100 | 42,811 | ||||||
Tenaga Nasional Bhd | 50,200 | 137,270 | ||||||
UEM Sunrise Bhd | 133,700 | 37,411 | ||||||
UMW Holdings Bhd | 27,600 | 47,216 | ||||||
Westports Holdings Bhd | 90,100 | 86,908 | ||||||
3,518,869 | ||||||||
MEXICO — 1.0% | ||||||||
America Movil SAB de CV (Series L) (a) | 2,195,831 | 1,816,605 | ||||||
Cemex SAB de CV (a)(b) | 923,302 | 642,349 | ||||||
Controladora Comercial Mexicana SAB de CV | 62,047 | 179,733 | ||||||
Fomento Economico Mexicano SAB de CV | 159,040 | 1,419,622 | ||||||
Gentera SAB de CV (a) | 84,972 | 138,739 | ||||||
Grupo Financiero Banorte SAB de CV | 245,835 | 1,201,123 | ||||||
Grupo Mexico SAB de CV (Series B) | 137,999 | 333,216 | ||||||
Grupo Televisa SAB | 215,598 | 1,122,088 | ||||||
Industrias Penoles SAB de CV | 9,930 | 135,021 | ||||||
Kimberly-Clark de Mexico SAB de CV (Class A) | 80,668 | 181,978 | ||||||
Wal-Mart de Mexico SAB de CV | 94,995 | 232,684 | ||||||
7,403,158 | ||||||||
NETHERLANDS — 2.7% | ||||||||
Airbus Group SE | 27,743 | 1,638,523 | ||||||
Akzo Nobel NV | 15,542 | 1,006,054 | ||||||
Altice NV (Class A) (b) | 9,381 | 196,079 | ||||||
Altice NV (Class B) (b) | 2,667 | 59,437 | ||||||
ASML Holding NV | 18,450 | 1,609,690 | ||||||
CNH Industrial NV | 39,530 | 257,030 | ||||||
Fiat Chrysler Automobiles NV (b) | 89,191 | 1,155,885 | ||||||
Heineken NV | 14,981 | 1,208,036 | ||||||
ING Groep NV | 144,890 | 2,045,927 | ||||||
Koninklijke Ahold NV | 55,155 | 1,071,877 | ||||||
Koninklijke DSM NV | 12,772 | 587,306 | ||||||
Koninklijke KPN NV | 312,602 | 1,166,862 | ||||||
Koninklijke Philips NV | 56,379 | 1,324,426 | ||||||
RELX NV | 72,030 | 1,171,478 | ||||||
TNT Express NV | 31,528 | 239,947 | ||||||
Unilever NV | 101,639 | 4,071,882 | ||||||
Wolters Kluwer NV (a) | 21,730 | 667,285 | ||||||
19,477,724 | ||||||||
NEW ZEALAND — 0.0% (g) | ||||||||
Meridian Energy, Ltd. | 56,971 | 76,533 | ||||||
Mighty River Power, Ltd. | 7,400 | 11,906 | ||||||
Spark New Zealand, Ltd. | 3,125 | 5,957 | ||||||
94,396 | ||||||||
NORWAY — 0.5% | ||||||||
DnB NOR ASA | 94,794 | 1,230,210 | ||||||
Norsk Hydro ASA | 143,306 | 476,455 | ||||||
Statoil ASA | 50,514 | 734,911 | ||||||
Telenor ASA | 45,744 | 852,136 | ||||||
Yara International ASA | 11,715 | 466,265 | ||||||
3,759,977 | ||||||||
PERU — 0.1% | ||||||||
Cia de Minas Buenaventura SA ADR | 12,280 | 73,189 | ||||||
Credicorp, Ltd. | 3,414 | 363,113 | ||||||
436,302 | ||||||||
PHILIPPINES — 0.3% | ||||||||
Alliance Global Group, Inc. | 137,500 | 45,068 | ||||||
Ayala Land, Inc. | 74,100 | 53,902 | ||||||
BDO Unibank, Inc. | 20,360 | 45,085 | ||||||
DMCI Holdings, Inc. | 418,150 | 114,513 | ||||||
Energy Development Corp. | 217,200 | 25,558 | ||||||
Globe Telecom, Inc. | 1,675 | 84,144 |
See accompanying notes to financial statements.
316
SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
GT Capital Holdings, Inc. | 4,940 | $ | 133,699 | |||||
JG Summit Holdings, Inc. | 60,740 | 92,072 | ||||||
Jollibee Foods Corp. | 65,090 | 268,493 | ||||||
Megaworld Corp. | 1,032,000 | 96,488 | ||||||
Metro Pacific Investments Corp. | 1,277,000 | 136,060 | ||||||
Philippine Long Distance Telephone Co. ADR | 14,712 | 679,106 | ||||||
SM Prime Holdings, Inc. | 45,300 | 20,014 | ||||||
Universal Robina Corp. | 38,420 | 157,823 | ||||||
1,952,025 | ||||||||
POLAND — 0.2% | ||||||||
Alior Bank SA (b) | 19,311 | 402,212 | ||||||
Bank Millennium SA (b) | 78,134 | 120,821 | ||||||
Bank Zachodni WBK SA (b) | 674 | 52,023 | ||||||
CCC SA | 4,654 | 200,661 | ||||||
Enea SA | 34,732 | 123,399 | ||||||
Energa SA | 21,639 | 95,944 | ||||||
Eurocash SA | 14,756 | 173,383 | ||||||
Getin Noble Bank SA (b) | 238,059 | 53,840 | ||||||
Grupa Azoty SA (b) | 2,247 | 52,296 | ||||||
LPP SA | 48 | 98,713 | ||||||
Orange Polska SA | 56,478 | 107,979 | ||||||
Polski Koncern Naftowy Orlen SA | 6,564 | 114,275 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA (b) | 6,789 | 52,544 | ||||||
1,648,090 | ||||||||
PORTUGAL — 0.0% (g) | ||||||||
Banco Comercial Portugues SA (a)(b) | 2,009,978 | 97,598 | ||||||
Jeronimo Martins SGPS SA | 12,624 | 169,733 | ||||||
267,331 | ||||||||
RUSSIA — 0.7% | ||||||||
Gazprom PAO ADR | 276,117 | 1,109,990 | ||||||
Lukoil PJSC ADR | 33,547 | 1,142,611 | ||||||
MMC Norilsk Nickel PJSC ADR | 18,169 | 261,088 | ||||||
Mobile TeleSystems PJSC ADR | 55,133 | 398,060 | ||||||
RusHydro PJSC ADR (d) | 40,054 | 40,855 | ||||||
RusHydro PJSC ADR (d) | 41,939 | 39,423 | ||||||
Sberbank of Russia ADR | 76,843 | 379,259 | ||||||
Surgutneftegas OAO ADR Preference Shares | 77,509 | 465,054 | ||||||
Tatneft PAO ADR | 38,686 | 1,081,274 | ||||||
Uralkali PJSC GDR (b) | 5,939 | 88,075 | ||||||
5,005,689 | ||||||||
SINGAPORE — 1.1% | ||||||||
CapitaLand, Ltd. (a) | 235,000 | 442,929 | ||||||
DBS Group Holdings, Ltd. | 122,136 | 1,392,380 | ||||||
Singapore Exchange, Ltd. (a) | 235,000 | 1,161,861 | ||||||
Singapore Press Holdings, Ltd. (a) | 353,000 | 953,316 | ||||||
Singapore Telecommunications, Ltd. | 822,800 | 2,083,184 | ||||||
United Overseas Bank, Ltd. | 118,959 | 1,551,930 | ||||||
7,585,600 | ||||||||
SOUTH AFRICA — 1.3% | ||||||||
Anglo American Platinum, Ltd. (b) | 9,276 | 153,681 | ||||||
AngloGold Ashanti, Ltd. (b) | 24,559 | 194,472 | ||||||
Brait SE (a)(b) | 19,178 | 194,873 | ||||||
Capitec Bank Holdings, Ltd. | 3,033 | 109,896 | ||||||
Coronation Fund Managers, Ltd. | 1,787 | 8,438 | ||||||
Discovery, Ltd. | 59,775 | 595,113 | ||||||
FirstRand, Ltd. (a) | 230,768 | 820,297 | ||||||
Foschini Group, Ltd. | 4,574 | 46,421 | ||||||
Gold Fields, Ltd. | 55,912 | 145,775 | ||||||
Impala Platinum Holdings, Ltd. (b) | 35,398 | 98,358 | ||||||
Imperial Holdings, Ltd. | 98 | 1,202 | ||||||
Massmart Holdings, Ltd. | 1,144 | 8,944 | ||||||
Mr. Price Group, Ltd. | 7,021 | 98,001 | ||||||
MTN Group, Ltd. | 86,793 | 1,117,318 | ||||||
Naspers, Ltd. (Class N) | 22,082 | 2,763,899 | ||||||
Pioneer Foods Group, Ltd. | 4,496 | 63,653 | ||||||
PSG Group, Ltd. (a) | 9,591 | 154,336 | ||||||
Rand Merchant Insurance Holdings, Ltd. | 20,617 | 61,760 | ||||||
Resilient Property Income Fund, Ltd. | 1,467 | 12,308 | ||||||
Sanlam, Ltd. | 226,951 | 981,534 | ||||||
Sasol, Ltd. (a) | 33,720 | 945,243 | ||||||
Standard Bank Group, Ltd. | 77,151 | 753,264 | ||||||
Truworths International, Ltd. (a) | 13,934 | 85,678 | ||||||
Woolworths Holdings, Ltd. | 5,480 | 38,364 | ||||||
9,452,828 | ||||||||
SOUTH KOREA — 3.2% | ||||||||
AmorePacific Corp. | 241 | 78,280 | ||||||
AmorePacific Corp. Preference Shares | 1,247 | 195,682 | ||||||
AmorePacific Group | 331 | 45,518 | ||||||
BGF retail Co., Ltd. | 204 | 34,766 | ||||||
Celltrion, Inc. (a)(b) | 4,816 | 275,885 | ||||||
CJ CheilJedang Corp. | 1,434 | 460,337 | ||||||
CJ Corp. | 92 | 20,491 | ||||||
Coway Co., Ltd. | 50 | 3,531 | ||||||
E-Mart Co., Ltd. | 1,662 | 323,202 | ||||||
Hana Financial Group, Inc. | 27,901 | 621,435 | ||||||
Hanmi Pharm Co., Ltd. (b) | 184 | 57,670 | ||||||
Hanmi Science Co., Ltd. (b) | 438 | 51,364 | ||||||
Hanssem Co., Ltd. | 224 | 53,954 | ||||||
Hotel Shilla Co., Ltd. | 635 | 61,609 | ||||||
Hyundai Department Store Co., Ltd. | 2,773 | 313,492 | ||||||
Hyundai Development Co.-Engineering & Construction | 6,977 | 320,802 | ||||||
Hyundai Heavy Industries Co., Ltd. (a)(b) | 3,223 | 262,397 | ||||||
Hyundai Mobis Co., Ltd. | 4,332 | 846,079 | ||||||
Hyundai Motor Co. | 9,292 | 1,285,656 | ||||||
Hyundai Steel Co. | 3,935 | 170,971 | ||||||
KB Financial Group, Inc. | 28,152 | 837,221 | ||||||
Kia Motors Corp. | 17,001 | 768,796 | ||||||
Korea Aerospace Industries, Ltd. | 177 | 10,139 | ||||||
Korea Electric Power Corp. ADR (a) | 33,277 | 681,846 | ||||||
Korea Zinc Co., Ltd. | 1,684 | 661,353 | ||||||
KT Corp. ADR (a)(b) | 23,187 | 303,054 | ||||||
KT&G Corp. | 8,224 | 773,624 | ||||||
LG Chem, Ltd. Preference Shares | 4,459 | 714,764 | ||||||
LG Electronics, Inc. (a) | 12,136 | 467,399 | ||||||
LG Household & Health Care, Ltd. | 799 | 575,674 | ||||||
Lotte Chemical Corp. | 1,626 | 370,387 | ||||||
NAVER Corp. | 1,697 | 734,465 | ||||||
NCSoft Corp. | 1,435 | 228,816 | ||||||
POSCO ADR | 16,951 | 593,624 |
See accompanying notes to financial statements.
317
SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Samsung C&T Corp. (b) | 2,693 | $ | 332,848 | |||||
Samsung Electronics Co., Ltd. GDR | 11,386 | 5,379,885 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 2,866 | 677,027 | ||||||
Samsung Heavy Industries Co., Ltd. (a) | 8,160 | 84,677 | ||||||
Samsung SDS Co., Ltd. | 829 | 201,427 | ||||||
Samsung Securities Co., Ltd. | 14,245 | 546,221 | ||||||
Shinhan Financial Group Co., Ltd. | 24,989 | 872,812 | ||||||
SK Holdings Co., Ltd. | 2,617 | 538,723 | ||||||
SK Hynix, Inc. | 20,930 | 592,425 | ||||||
SK Innovation Co., Ltd. (b) | 4,570 | 377,845 | ||||||
SK Telecom Co., Ltd. ADR | 11,518 | 281,039 | ||||||
23,089,212 | ||||||||
SPAIN — 2.4% | ||||||||
Abertis Infraestructuras SA | 52,605 | 829,718 | ||||||
ACS, Actividades de Construccion y Servicios SA | 24,558 | 704,373 | ||||||
Aena SA (b)(f) | 591 | 65,146 | ||||||
Amadeus IT Holding SA (Class A) (a) | 14,409 | 614,812 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 254,241 | 2,151,177 | ||||||
Banco de Sabadell SA (a) | 66,614 | 122,096 | ||||||
Banco Popular Espanol SA (a) | 84,748 | 308,301 | ||||||
Banco Santander SA | 593,777 | 3,144,339 | ||||||
Distribuidora Internacional de Alimentacion SA (a)(b) | 46,843 | 282,515 | ||||||
Ferrovial SA | 66,493 | 1,583,914 | ||||||
Gas Natural SDG SA | 19,683 | 382,957 | ||||||
Iberdrola SA | 270,459 | 1,795,398 | ||||||
Industria de Diseno Textil SA | 56,170 | 1,876,603 | ||||||
Mapfre SA | 134,584 | 350,786 | ||||||
Repsol SA | 64,295 | 747,118 | ||||||
Telefonica SA | 197,120 | 2,382,980 | ||||||
17,342,233 | ||||||||
SWEDEN — 2.3% | ||||||||
Assa Abloy AB (Class B) | 92,614 | 1,655,271 | ||||||
Atlas Copco AB (Class B) | 63,478 | 1,415,323 | ||||||
Hennes & Mauritz AB (Class B) | 50,439 | 1,838,454 | ||||||
Husqvarna AB (Class B) | 117,800 | 769,691 | ||||||
Nordea Bank AB | 155,884 | 1,732,241 | ||||||
Sandvik AB | 63,578 | 539,731 | ||||||
Securitas AB (Class B) | 38,337 | 466,697 | ||||||
Skandinaviska Enskilda Banken AB (Class A) | 68,607 | 730,893 | ||||||
Skanska AB (Class B) | 38,229 | 747,072 | ||||||
SKF AB (Class B) | 37,164 | 681,063 | ||||||
Svenska Handelsbanken AB (Class A) | 98,046 | 1,401,651 | ||||||
Swedbank AB (Class A) | 41,799 | 921,496 | ||||||
Tele2 AB (Class B) | 47,623 | 462,486 | ||||||
Telefonaktiebolaget LM Ericsson (Class B) | 160,780 | 1,575,776 | ||||||
TeliaSonera AB | 112,875 | 606,160 | ||||||
Volvo AB (Class B) | 65,990 | 630,233 | ||||||
16,174,238 | ||||||||
SWITZERLAND — 7.0% | ||||||||
ABB, Ltd. (b) | 112,029 | 1,974,352 | ||||||
Actelion, Ltd. (b) | 198 | 25,067 | ||||||
Adecco SA (b) | 9,508 | 693,322 | ||||||
Aryzta AG (b) | 818 | 34,550 | ||||||
Cie Financiere Richemont SA | 24,024 | 1,861,239 | ||||||
Coca-Cola HBC AG (b) | 7,578 | 160,358 | ||||||
Credit Suisse Group AG (b) | 64,036 | 1,534,872 | ||||||
Geberit AG | 2,591 | 789,418 | ||||||
Givaudan SA (b) | 674 | 1,093,327 | ||||||
Julius Baer Group, Ltd. (b) | 7,336 | 332,001 | ||||||
Kuehne + Nagel International AG | 5,513 | 706,404 | ||||||
LafargeHolcim, Ltd. (b) | 15,622 | 816,194 | ||||||
Lonza Group AG (b) | 1,291 | 168,857 | ||||||
Nestle SA | 147,373 | 11,048,073 | ||||||
Novartis AG | 107,258 | 9,813,597 | ||||||
Roche Holding AG | 34,510 | 9,076,932 | ||||||
SGS SA | 471 | 819,466 | ||||||
Sika AG | 71 | 218,646 | ||||||
Sonova Holding AG | 1,387 | 178,006 | ||||||
Swatch Group AG | 2,686 | 992,371 | ||||||
Swiss Re AG | 16,041 | 1,372,457 | ||||||
Syngenta AG | 4,866 | 1,554,271 | ||||||
Transocean, Ltd. (a) | 6,941 | 88,725 | ||||||
UBS Group AG | 158,338 | 2,918,501 | ||||||
Zurich Insurance Group AG (b) | 7,472 | 1,829,191 | ||||||
50,100,197 | ||||||||
TAIWAN — 2.5% | ||||||||
Advanced Semiconductor Engineering Inc, ADR | 147,451 | 809,506 | ||||||
Advantech Co., Ltd. | 14,000 | 95,665 | ||||||
Asia Pacific Telecom Co., Ltd. (b) | 48,000 | 13,951 | ||||||
Asustek Computer, Inc. | 11,000 | 94,374 | ||||||
AU Optronics Corp. ADR (a) | 156,848 | 464,270 | ||||||
Catcher Technology Co., Ltd. | 20,000 | 212,892 | ||||||
Cathay Financial Holding Co., Ltd. | 148,000 | 202,038 | ||||||
Chicony Electronics Co., Ltd. | 80,425 | 185,141 | ||||||
China Airlines, Ltd. (b) | 462,000 | 157,847 | ||||||
China Development Financial Holding Corp. | 280,000 | 75,256 | ||||||
China Life Insurance Co., Ltd. | 161,400 | 122,542 | ||||||
China Motor Corp. | 132,000 | 92,603 | ||||||
Chunghwa Telecom Co., Ltd. ADR (a) | 59,429 | 1,795,944 | ||||||
Compal Electronics, Inc. | 151,000 | 85,297 | ||||||
CTBC Financial Holding Co., Ltd. | 303,184 | 156,069 | ||||||
CTCI Corp. | 59,000 | 70,598 | ||||||
Delta Electronics, Inc. | 34,000 | 159,016 | ||||||
E.Sun Financial Holding Co., Ltd. | 173,520 | 101,970 | ||||||
Eclat Textile Co., Ltd. | 9,000 | 142,130 | ||||||
Eva Airways Corp. (b) | 285,000 | 159,259 | ||||||
Feng TAY Enterprise Co., Ltd. | 15,390 | 95,581 | ||||||
Foxconn Technology Co., Ltd. | 24,000 | 68,660 | ||||||
Fubon Financial Holding Co., Ltd. | 198,000 | 308,478 | ||||||
Giant Manufacturing Co., Ltd. | 17,000 | 123,392 | ||||||
Hermes Microvision, Inc. | 2,000 | 75,621 | ||||||
Highwealth Construction Corp. | 36,400 | 51,293 | ||||||
Hiwin Technologies Corp. | 6,180 | 32,845 | ||||||
Hon Hai Precision Industry Co., Ltd. GDR | 525,982 | 2,882,381 | ||||||
Hotai Motor Co., Ltd. | 7,000 | 74,406 | ||||||
HTC Corp. | 13,000 | 25,070 |
See accompanying notes to financial statements.
318
SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Innolux Corp. | 163,000 | $ | 50,740 | |||||
Inotera Memories, Inc. (b) | 1,000 | 624 | ||||||
Largan Precision Co., Ltd. | 4,000 | 310,986 | ||||||
MediaTek, Inc. | 43,000 | 317,987 | ||||||
Mega Financial Holding Co., Ltd. | 24,000 | 16,618 | ||||||
Merida Industry Co., Ltd. | 28,000 | 150,513 | ||||||
Pegatron Corp. | 48,000 | 116,911 | ||||||
Phison Electronics Corp. | 3,000 | 18,860 | ||||||
Pou Chen Corp. | 64,000 | 95,920 | ||||||
Powertech Technology, Inc. | 2,000 | 3,602 | ||||||
President Chain Store Corp. | 15,000 | 93,387 | ||||||
Radiant Opto-Electronics Corp. | 13,000 | 40,073 | ||||||
Ruentex Development Co., Ltd. | 35,158 | 38,278 | ||||||
ScinoPharm Taiwan, Ltd. | 27,120 | 32,122 | ||||||
Siliconware Precision Industries Co., Ltd. ADR (a) | 77,584 | 487,615 | ||||||
Standard Foods Corp. | 138,000 | 297,563 | ||||||
Taishin Financial Holding Co., Ltd. | 112,000 | 39,626 | ||||||
Taiwan Business Bank (b) | 595,048 | 147,644 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 234,276 | 4,861,227 | ||||||
Teco Electric & Machinery Co., Ltd. | 53,000 | 41,608 | ||||||
TPK Holding Co., Ltd. | 21,000 | 50,001 | ||||||
Transcend Information, Inc. | 7,000 | 17,645 | ||||||
Uni-President Enterprises Corp. | 38,000 | 65,781 | ||||||
United Microelectronics Corp. ADR (a) | 828,113 | 1,341,543 | ||||||
Wan Hai Lines, Ltd. | 11,000 | 6,915 | ||||||
Zhen Ding Technology Holding, Ltd. | 21,000 | 60,077 | ||||||
17,637,961 | ||||||||
THAILAND — 0.4% | ||||||||
Bangkok Bank PCL | 338,176 | 1,481,471 | ||||||
BEC World PCL | 49,100 | 43,290 | ||||||
Bumrungrad Hospital PCL | 18,500 | 110,098 | ||||||
Central Pattana PCL | 48,900 | 60,291 | ||||||
Delta Electronics Thailand PCL | 42,200 | 102,317 | ||||||
Indorama Ventures PCL | 27,000 | 17,110 | ||||||
IRPC PCL | 2,987,000 | 309,440 | ||||||
Kasikornbank PCL | 38,400 | 180,388 | ||||||
Minor International PCL | 57,100 | 44,837 | ||||||
PTT PCL | 94,977 | 628,034 | ||||||
Thai Union Group PCL | 141,400 | 71,684 | ||||||
TMB Bank PCL | 716,400 | 47,766 | ||||||
3,096,726 | ||||||||
TURKEY — 0.3% | ||||||||
Akbank TAS | 295,251 | 661,152 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 538,790 | 446,656 | ||||||
Turkiye Garanti Bankasi AS | 226,256 | 525,334 | ||||||
Turkiye Is Bankasi (Class C) | 467,294 | 726,927 | ||||||
2,360,069 | ||||||||
UNITED KINGDOM — 14.9% | ||||||||
3i Group PLC | 138,687 | 979,585 | ||||||
Anglo American PLC | 74,809 | 624,263 | ||||||
ARM Holdings PLC | 11,223 | 161,075 | ||||||
AstraZeneca PLC | 52,576 | 3,330,125 | ||||||
BAE Systems PLC | 146,673 | 994,668 | ||||||
Barclays PLC | 699,554 | 2,587,134 | ||||||
BG Group PLC | 156,530 | 2,254,857 | ||||||
BHP Billiton PLC | 93,041 | 1,416,385 | ||||||
BP PLC | 872,508 | 4,414,249 | ||||||
British American Tobacco PLC | 78,677 | 4,341,581 | ||||||
British Land Co. PLC | 131,455 | 1,669,633 | ||||||
BT Group PLC | 333,133 | 2,117,357 | ||||||
Burberry Group PLC | 31,321 | 649,027 | ||||||
Capita PLC | 29,489 | 535,128 | ||||||
Centrica PLC | 341,331 | 1,185,035 | ||||||
Cobham PLC | 46,223 | 200,036 | ||||||
Compass Group PLC | 132,586 | 2,114,788 | ||||||
Diageo PLC | 147,774 | 3,963,099 | ||||||
Experian PLC | 44,931 | 720,066 | ||||||
Fresnillo PLC | 12,877 | 115,375 | ||||||
G4S PLC | 69,373 | 242,426 | ||||||
GlaxoSmithKline PLC | 202,620 | 3,885,590 | ||||||
Glencore PLC (b) | 488,501 | 677,430 | ||||||
Hammerson PLC | 111,680 | 1,054,758 | ||||||
HSBC Holdings PLC | 926,259 | 6,997,014 | ||||||
ICAP PLC | 128,726 | 891,484 | ||||||
Imperial Tobacco Group PLC | 53,852 | 2,784,063 | ||||||
InterContinental Hotels Group PLC | 9,951 | 344,274 | ||||||
J Sainsbury PLC (a) | 118,082 | 466,837 | ||||||
Land Securities Group PLC | 63,437 | 1,209,788 | ||||||
Lloyds Banking Group PLC | 2,390,049 | 2,721,037 | ||||||
Marks & Spencer Group PLC | 98,971 | 751,081 | ||||||
National Grid PLC | 248,556 | 3,459,660 | ||||||
Next PLC | 18,911 | 2,179,917 | ||||||
Old Mutual PLC | 631,174 | 1,807,930 | ||||||
Pearson PLC | 53,216 | 908,463 | ||||||
Prudential PLC | 72,814 | 1,536,961 | ||||||
Randgold Resources, Ltd. | 3,288 | 192,347 | ||||||
Reckitt Benckiser Group PLC | 39,198 | 3,554,791 | ||||||
RELX PLC | 77,472 | 1,328,410 | ||||||
Rio Tinto PLC | 67,254 | 2,251,393 | ||||||
Rolls-Royce Holdings PLC (b) | 86,765 | 889,763 | ||||||
Royal Bank of Scotland Group PLC (b) | 130,168 | 621,092 | ||||||
Royal Dutch Shell PLC (Class A) | 165,692 | 3,900,259 | ||||||
Royal Dutch Shell PLC (Class B) | 101,864 | 2,411,685 | ||||||
RSA Insurance Group PLC | 55,037 | 335,720 | ||||||
SABMiller PLC | 48,680 | 2,755,590 | ||||||
Sage Group PLC | 106,993 | 809,366 | ||||||
Severn Trent PLC | 35,000 | 1,157,875 | ||||||
Shire PLC | 25,883 | 1,765,850 | ||||||
Sky PLC | 76,163 | 1,204,441 | ||||||
Smith & Nephew PLC | 73,768 | 1,288,363 | ||||||
Smiths Group PLC | 17,677 | 269,101 | ||||||
SSE PLC | 70,289 | 1,592,795 | ||||||
Standard Chartered PLC | 84,474 | 819,948 | ||||||
Standard Life PLC | 153,515 | 901,778 | ||||||
Tesco PLC (b) | 431,420 | 1,197,200 | ||||||
Tullow Oil PLC (b) | 27,305 | 69,940 | ||||||
Unilever PLC | 75,742 | 3,081,653 | ||||||
United Utilities Group PLC | 51,855 | 726,563 | ||||||
Vodafone Group PLC | 1,379,994 | 4,357,326 | ||||||
Whitbread PLC | 7,575 | 535,617 | ||||||
Wolseley PLC | 11,729 | 685,432 |
See accompanying notes to financial statements.
319
SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
WPP PLC | 76,407 | $ | 1,589,076 | |||||
106,585,553 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $858,394,528) | 709,235,332 | |||||||
RIGHTS — 0.0% (g) | ||||||||
HONG KONG — 0.0% (g) | ||||||||
Fosun International, Ltd. (expiring 10/19/15) (b) | 5,768 | 0 | ||||||
SPAIN — 0.0% (g) | ||||||||
Banco Popular Espanol SA (expired 9/25/15) (a)(b) | 84,748 | 1,696 | ||||||
TOTAL RIGHTS — | ||||||||
(Cost $1,902) | 1,696 | |||||||
SHORT TERM INVESTMENTS — 5.5% | ||||||||
UNITED STATES — 5.5% | ||||||||
MONEY MARKET FUNDS — 5.5% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (h)(i) | 38,237,835 | 38,237,835 | ||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (i)(j) | 756,698 | 756,698 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $38,994,533) | 38,994,533 | |||||||
TOTAL INVESTMENTS — 104.6% | ||||||||
(Cost $897,390,963) | 748,231,561 | |||||||
OTHER ASSETS & LIABILITIES — (4.6)% | (32,920,203 | ) | ||||||
NET ASSETS — 100.0% | $ | 715,311,358 | ||||||
(a) | All or a portion of the security was on loan at September 30, 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) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(e) | Securities are valued at fair value as determined in good faith by the Trust’s 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 0.2% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(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. |
ADR = American Depositary Receipt
GDR = Global 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.
320
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.3% | ||||||||
AUSTRALIA — 2.3% | ||||||||
Alumina, Ltd. | 20,642 | $ | 16,308 | |||||
Amcor, Ltd. | 1,780 | 16,463 | ||||||
AMP, Ltd. | 6,260 | 24,442 | ||||||
Australia & New Zealand Banking Group, Ltd. | 1,401 | 26,643 | ||||||
BHP Billiton, Ltd. | 1,738 | 27,120 | ||||||
Boral, Ltd. (a) | 5,663 | 20,958 | ||||||
Brambles, Ltd. | 4,151 | 28,392 | ||||||
Coca-Cola Amatil, Ltd. | 2,042 | 12,920 | ||||||
Commonwealth Bank of Australia (a) | 461 | 23,542 | ||||||
CSL, Ltd. | 797 | 49,925 | ||||||
Federation Centres | 16,205 | 31,181 | ||||||
Fortescue Metals Group, Ltd. (a) | 3,105 | 3,968 | ||||||
Iluka Resources, Ltd. (a) | 827 | 3,607 | ||||||
Insurance Australia Group, Ltd. (a) | 9,544 | 32,439 | ||||||
Lend Lease Group | 4,926 | 43,414 | ||||||
Macquarie Group, Ltd. | 835 | 44,952 | ||||||
National Australia Bank, Ltd. | 1,866 | 39,286 | ||||||
Newcrest Mining, Ltd. (b) | 980 | 8,740 | ||||||
Origin Energy, Ltd. (c) | 1,975 | 7,684 | ||||||
Orora, Ltd. | 877 | 1,423 | ||||||
OZ Minerals, Ltd. | 3,003 | 6,980 | ||||||
QBE Insurance Group, Ltd. | 1,461 | 13,225 | ||||||
Recall Holdings, Ltd. | 416 | 2,135 | ||||||
Rio Tinto, Ltd. | 626 | 21,365 | ||||||
Santos, Ltd. (a) | 2,287 | 6,392 | ||||||
Scentre Group | 4,358 | 11,936 | ||||||
Shopping Centres Australasia Property Group | 42,869 | 58,704 | ||||||
Sonic Healthcare, Ltd. | 2,162 | 27,708 | ||||||
South32, Ltd. (b)(d) | 1,875 | 1,796 | ||||||
South32, Ltd. (a)(b)(d) | 1,738 | 1,666 | ||||||
Suncorp Group, Ltd. | 3,155 | 27,008 | ||||||
Sydney Airport | 462 | 1,934 | ||||||
Transurban Group | 2,941 | 20,529 | ||||||
Wesfarmers, Ltd. (a) | 1,908 | 52,551 | ||||||
Westfield Corp. | 3,497 | 24,484 | ||||||
Westpac Banking Corp. (a) | 2,019 | 42,110 | ||||||
Woodside Petroleum, Ltd. | 803 | 16,314 | ||||||
Woolworths, Ltd. (a) | 707 | 12,333 | ||||||
812,577 | ||||||||
AUSTRIA — 0.1% | ||||||||
OMV AG | 839 | 20,351 | ||||||
BELGIUM — 0.5% | ||||||||
Anheuser-Busch InBev SA | 488 | 51,706 | ||||||
Delhaize Group | 440 | 38,850 | ||||||
Solvay SA | 226 | 23,012 | ||||||
UCB SA | 738 | 57,542 | ||||||
171,110 | ||||||||
BRAZIL — 0.3% | ||||||||
Ambev SA ADR | 4,725 | 23,152 | ||||||
Banco Bradesco SA Preference Shares ADR | 3,251 | 17,425 | ||||||
Companhia Energetica de Minas Gerais ADR | 3,554 | 6,326 | ||||||
Companhia Siderurgica Nacional SA ADR (a) | 3,119 | 2,989 | ||||||
Gerdau SA ADR (a) | 2,818 | 3,861 | ||||||
Itau Unibanco Holding SA Preference Shares ADR | 3,680 | 24,362 | ||||||
Oi SA, ADR (a)(b) | 492 | 332 | ||||||
Petroleo Brasileiro SA Preference Shares ADR (b) | 4,704 | 17,311 | ||||||
Tim Participacoes SA ADR | 1,073 | 10,140 | ||||||
Vale SA Preference Shares ADR | 3,748 | 12,556 | ||||||
118,454 | ||||||||
CANADA — 3.0% | ||||||||
Agrium, Inc. (a) | 209 | 18,644 | ||||||
Bank of Montreal | 458 | 24,863 | ||||||
Bank of Nova Scotia | 578 | 25,363 | ||||||
Barrick Gold Corp. | 893 | 5,655 | ||||||
Brookfield Asset Management, Inc. (Class A) | 1,330 | 41,655 | ||||||
Cameco Corp. (a) | 1,190 | 14,441 | ||||||
Canadian Imperial Bank of Commerce (a) | 209 | 14,947 | ||||||
Canadian National Railway Co. | 901 | 50,927 | ||||||
Canadian Natural Resources, Ltd. | 901 | 17,466 | ||||||
Canadian Pacific Railway, Ltd. (a) | 191 | 27,287 | ||||||
Canadian Tire Corp., Ltd. (Class A) | 221 | 19,789 | ||||||
Cenovus Energy, Inc. | 1,142 | 17,240 | ||||||
Eldorado Gold Corp. | 1,227 | 3,917 | ||||||
Enbridge, Inc. | 1,019 | 37,661 | ||||||
Encana Corp. | 1,672 | 10,713 | ||||||
Enerplus Corp. (a) | 1,315 | 6,375 | ||||||
First Quantum Minerals, Ltd. (a) | 637 | 2,323 | ||||||
Goldcorp, Inc. (a) | 875 | 10,919 | ||||||
IAMGOLD Corp. (b) | 1,321 | 2,148 | ||||||
IGM Financial, Inc. (a) | 352 | 8,890 | ||||||
Imperial Oil, Ltd. (a) | 655 | 20,656 | ||||||
Kinross Gold Corp. (b) | 1,934 | 3,347 | ||||||
Loblaw Cos., Ltd. | 733 | 37,566 | ||||||
Manulife Financial Corp. | 2,346 | 36,117 | ||||||
National Bank of Canada (a) | 1,237 | 39,305 | ||||||
Onex Corp. | 779 | 44,757 | ||||||
Penn West Petroleum, Ltd. (a) | 1,013 | 453 | ||||||
Potash Corp. of Saskatchewan, Inc. | 666 | 13,626 | ||||||
Rogers Communications, Inc. (Class B) | 1,239 | 42,492 | ||||||
Royal Bank of Canada (a) | 1,085 | 59,717 | ||||||
Shaw Communications, Inc. (Class B) (a) | 827 | 15,939 | ||||||
Silver Wheaton Corp. | 584 | 6,987 | ||||||
SNC-Lavalin Group, Inc. (a) | 518 | 14,674 | ||||||
Sun Life Financial, Inc. | 1,279 | 41,059 | ||||||
Suncor Energy, Inc. | 1,821 | 48,476 | ||||||
Teck Resources, Ltd. (Class B) (a) | 649 | 3,084 | ||||||
TELUS Corp. | 1,750 | 54,887 | ||||||
TMX Group, Ltd. | 20 | 699 | ||||||
Toronto-Dominion Bank | 1,734 | 68,030 | ||||||
TransAlta Corp. (a) | 2,029 | 9,383 | ||||||
TransCanada Corp. (a) | 364 | 11,457 | ||||||
Valeant Pharmaceuticals International, Inc. (b) | 708 | 125,789 |
See accompanying notes to financial statements.
321
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Yamana Gold, Inc. (a) | 1,785 | $ | 2,996 | |||||
1,062,719 | ||||||||
CHILE — 0.0% (e) | ||||||||
Empresa Nacional de Electricidad SA ADR | 154 | 5,469 | ||||||
Enersis SA ADR | 392 | 4,955 | ||||||
Sociedad Quimica y Minera de Chile SA ADR (a) | 88 | 1,279 | ||||||
11,703 | ||||||||
CHINA — 1.5% | ||||||||
Agricultural Bank of China, Ltd. (Class H) | 42,000 | 15,879 | ||||||
Bank of China, Ltd. (Class H) | 83,000 | 35,663 | ||||||
Bank of Communications Co., Ltd. (Class H) | 30,000 | 20,787 | ||||||
China Construction Bank Corp. (Class H) | 65,000 | 43,193 | ||||||
China Life Insurance Co., Ltd. (Class H) | 11,000 | 38,038 | ||||||
China Merchants Bank Co., Ltd. (Class H) | 14,174 | 34,200 | ||||||
China Petroleum & Chemical Corp. (Class H) | 35,200 | 21,392 | ||||||
China Shenhua Energy Co., Ltd. (Class H) | 5,500 | 8,403 | ||||||
China Telecom Corp., Ltd. (Class H) | 36,000 | 17,326 | ||||||
Hengan International Group Co., Ltd. | 3,000 | 29,168 | ||||||
Huaneng Power International, Inc. (Class H) | 24,000 | 25,796 | ||||||
Industrial & Commercial Bank of China, Ltd. (Class H) | 66,000 | 37,982 | ||||||
PetroChina Co., Ltd. (Class H) | 24,000 | 16,630 | ||||||
PICC Property & Casualty Co., Ltd. (Class H) | 13,859 | 26,931 | ||||||
Ping An Insurance Group Co. of China, Ltd. (Class H) | 6,000 | 29,690 | ||||||
Tencent Holdings, Ltd. | 6,000 | 100,103 | ||||||
Wumart Stores, Inc. (Class H) (b) | 59,000 | 23,752 | ||||||
Yanzhou Coal Mining Co., Ltd. (Class H) (a) | 12,000 | 5,326 | ||||||
530,259 | ||||||||
COLOMBIA — 0.0% (e) | ||||||||
BanColombia SA ADR | 128 | 4,122 | ||||||
DENMARK — 0.7% | ||||||||
AP Moeller — Maersk A/S (Class B) | 30 | 46,100 | ||||||
Danske Bank A/S | 1,013 | 30,542 | ||||||
DSV A/S | 1,519 | 56,662 | ||||||
Novo Nordisk A/S (Class B) | 2,257 | 120,968 | ||||||
254,272 | ||||||||
FINLAND — 0.4% | ||||||||
Fortum Oyj | 791 | 11,682 | ||||||
Metso Oyj | 470 | 9,753 | ||||||
Nokia Oyj | 4,901 | 33,399 | ||||||
Sampo Oyj (Class A) | 554 | 26,764 | ||||||
UPM-Kymmene Oyj | 1,803 | 26,969 | ||||||
Valmet Oyj | 104 | 1,005 | ||||||
Wartsila Oyj Abp | 536 | 21,222 | ||||||
130,794 | ||||||||
FRANCE — 3.2% | ||||||||
Accor SA | 962 | 44,843 | ||||||
Alstom SA (b) | 732 | 22,556 | ||||||
AXA SA | 1,905 | 46,006 | ||||||
BNP Paribas SA | 1,011 | 59,203 | ||||||
Bouygues SA | 579 | 20,507 | ||||||
Cap Gemini SA | 714 | 63,457 | ||||||
Carrefour SA | 1,133 | 33,439 | ||||||
Credit Agricole SA | 2,069 | 23,684 | ||||||
Danone SA | 556 | 35,016 | ||||||
Engie | 971 | 15,651 | ||||||
Essilor International SA | 364 | 44,248 | ||||||
Groupe Fnac SA (b) | 587 | 33,476 | ||||||
Hermes International | 7 | 2,539 | ||||||
Kering | 125 | 20,372 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 197 | 33,469 | ||||||
Orange SA | 2,775 | 41,879 | ||||||
Pernod Ricard SA | 266 | 26,776 | ||||||
Publicis Groupe SA | 461 | 31,380 | ||||||
Renault SA | 672 | 48,008 | ||||||
Sanofi | 887 | 84,051 | ||||||
Schneider Electric SE | 643 | 35,895 | ||||||
Societe Generale SA | 809 | 35,986 | ||||||
Sodexo SA | 566 | 46,753 | ||||||
Technip SA | 307 | 14,449 | ||||||
Total SA (a) | 1,392 | 62,464 | ||||||
Unibail-Rodamco SE | 215 | 55,511 | ||||||
Vallourec SA (a) | 245 | 2,165 | ||||||
Veolia Environnement SA | 1,705 | 38,883 | ||||||
Vinci SA | 821 | 51,971 | ||||||
Vivendi SA | 2,091 | 49,319 | ||||||
1,123,956 | ||||||||
GERMANY — 2.7% | ||||||||
adidas AG | 488 | 39,226 | ||||||
Allianz SE | 458 | 71,702 | ||||||
BASF SE | 738 | 56,281 | ||||||
Bayer AG | 869 | 111,019 | ||||||
Commerzbank AG (b) | 821 | 8,635 | ||||||
Daimler AG | 1,019 | 73,764 | ||||||
Deutsche Bank AG | 1,262 | 33,908 | ||||||
Deutsche Boerse AG | 352 | 30,267 | ||||||
Deutsche Lufthansa AG (b) | 2,108 | 29,237 | ||||||
Deutsche Post AG | 1,750 | 48,396 | ||||||
Deutsche Telekom AG | 2,890 | 51,244 | ||||||
E.ON SE | 1,809 | 15,502 | ||||||
Fresenius Medical Care AG & Co. KGaA | 197 | 15,354 | ||||||
Linde AG | 125 | 20,225 | ||||||
MAN SE | 167 | 16,993 | ||||||
Merck KGaA | 619 | 54,648 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 266 | 49,512 | ||||||
OSRAM Licht AG | 15 | 774 | ||||||
RWE AG | 607 | 6,877 | ||||||
Salzgitter AG (a) | 643 | 15,927 | ||||||
SAP SE | 901 | 58,283 | ||||||
Siemens AG | 716 | 63,891 | ||||||
ThyssenKrupp AG | 1,130 | 19,778 | ||||||
Volkswagen AG (a) | 215 | 25,187 |
See accompanying notes to financial statements.
322
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Volkswagen AG Preference Shares | 197 | $ | 21,495 | |||||
938,125 | ||||||||
HONG KONG — 2.1% | ||||||||
AIA Group, Ltd. | 8,400 | 43,409 | ||||||
Bank of East Asia, Ltd. (a) | 7,637 | 25,621 | ||||||
Cheung Kong Property Holdings, Ltd. | 9,920 | 72,127 | ||||||
China Mobile, Ltd. | 5,500 | 65,148 | ||||||
China Overseas Land & Investment, Ltd. | 12,000 | 36,232 | ||||||
China Unicom (Hong Kong), Ltd. | 12,000 | 15,190 | ||||||
CITIC, Ltd. (a) | 12,000 | 21,832 | ||||||
CK Hutchison Holdings, Ltd. | 8,920 | 115,326 | ||||||
CNOOC, Ltd. (a) | 18,000 | 18,418 | ||||||
COSCO Pacific, Ltd. (c) | 10,240 | 13,248 | ||||||
Global Brands Group Holding, Ltd. (b) | 8,000 | 1,652 | ||||||
Hang Lung Properties, Ltd. | 6,000 | 13,440 | ||||||
Henderson Land Development Co., Ltd. | 6,959 | 41,395 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 1,836 | 41,884 | ||||||
Li & Fung, Ltd. (a) | 12,000 | 9,151 | ||||||
Link REIT (a) | 6,058 | 33,221 | ||||||
New World Development Co., Ltd. | 18,715 | 18,111 | ||||||
Sands China, Ltd. | 4,800 | 14,431 | ||||||
Shangri-La Asia, Ltd. | 12,000 | 10,374 | ||||||
Sun Hung Kai Properties, Ltd. | 6,253 | 81,087 | ||||||
Swire Pacific, Ltd. (Class A) | 3,000 | 33,464 | ||||||
724,761 | ||||||||
HUNGARY — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC | 137 | 5,966 | ||||||
Richter Gedeon NyRt | 1,112 | 17,655 | ||||||
23,621 | ||||||||
INDIA — 0.6% | ||||||||
Dr. Reddy’s Laboratories, Ltd. ADR | 1,269 | 81,102 | ||||||
ICICI Bank, Ltd. ADR | 3,958 | 33,168 | ||||||
Infosys, Ltd. ADR | 2,215 | 42,284 | ||||||
Mahindra & Mahindra, Ltd. GDR | 316 | 6,099 | ||||||
Reliance Industries, Ltd. GDR (f) | 983 | 25,558 | ||||||
Tata Motors, Ltd. ADR (b) | 1,183 | 26,617 | ||||||
214,828 | ||||||||
INDONESIA — 0.3% | ||||||||
Astra Agro Lestari Tbk PT | 9,000 | 11,135 | ||||||
Astra International Tbk PT | 30,200 | 10,771 | ||||||
Bank Central Asia Tbk PT | 27,200 | 22,790 | ||||||
Bank Mandiri Persero Tbk PT | 27,200 | 14,714 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 31,800 | 18,776 | ||||||
Gudang Garam Tbk PT | 3,000 | 8,601 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 200,000 | 36,109 | ||||||
122,896 | ||||||||
IRELAND — 1.4% | ||||||||
Accenture PLC (Class A) (a) | 619 | 60,823 | ||||||
Allegion PLC (a) | 202 | 11,647 | ||||||
Allergan PLC (b) | 229 | 62,245 | ||||||
CRH PLC | 959 | 25,156 | ||||||
Eaton Corp. PLC (a) | 1,233 | 63,253 | ||||||
Mallinckrodt PLC (a)(b) | 77 | 4,923 | ||||||
Medtronic PLC (a) | 2,859 | 191,381 | ||||||
Pentair PLC (a) | 71 | 3,624 | ||||||
Perrigo Co. PLC | 11 | 1,730 | ||||||
Seagate Technology PLC (a) | 619 | 27,731 | ||||||
Tyco International PLC (a) | 619 | 20,712 | ||||||
Weatherford International PLC (a)(b) | 3,087 | 26,178 | ||||||
499,403 | ||||||||
ISRAEL — 0.4% | ||||||||
Bank Hapoalim BM | 4,133 | 20,776 | ||||||
Bank Leumi Le-Israel BM (b) | 18,820 | 70,199 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 708 | 39,974 | ||||||
130,949 | ||||||||
ITALY — 0.8% | ||||||||
Assicurazioni Generali SpA | 1,714 | 31,301 | ||||||
Banca Monte dei Paschi di Siena SpA (b) | 4,978 | 8,846 | ||||||
Enel SpA | 7,551 | 33,614 | ||||||
ENI SpA | 2,600 | 40,777 | ||||||
Intesa Sanpaolo SpA | 13,625 | 47,999 | ||||||
Mediaset SpA | 6,701 | 30,743 | ||||||
Saipem SpA (a)(b) | 340 | 2,719 | ||||||
Telecom Italia SpA (b) | 31,835 | 39,161 | ||||||
UniCredit SpA | 4,695 | 29,191 | ||||||
264,351 | ||||||||
JAPAN — 8.0% | ||||||||
Aisin Seiki Co., Ltd. | 600 | 20,039 | ||||||
Asahi Group Holdings, Ltd. | 600 | 19,388 | ||||||
Asahi Kasei Corp. | 6,000 | 42,082 | ||||||
Astellas Pharma, Inc. (a) | 3,000 | 38,701 | ||||||
Bridgestone Corp. (a) | 600 | 20,670 | ||||||
Canon, Inc. | 600 | 17,304 | ||||||
Credit Saison Co., Ltd. (a) | 1,200 | 21,692 | ||||||
Daiichi Sankyo Co., Ltd. (a) | 1,800 | 31,111 | ||||||
Daikin Industries, Ltd. | 600 | 33,446 | ||||||
Daiwa Securities Group, Inc. | 6,000 | 38,561 | ||||||
Denso Corp. (a) | 1,200 | 50,459 | ||||||
Eisai Co., Ltd. (a) | 600 | 35,219 | ||||||
FUJIFILM Holdings Corp. | 1,200 | 44,647 | ||||||
Fujitsu, Ltd. | 5,000 | 21,647 | ||||||
Hitachi, Ltd. | 6,000 | 30,104 | ||||||
Hokuhoku Financial Group, Inc. | 12,000 | 27,354 | ||||||
Honda Motor Co., Ltd. | 1,200 | 35,459 | ||||||
Hoya Corp. | 1,200 | 39,107 | ||||||
ITOCHU Corp. (a) | 1,800 | 18,900 | ||||||
Japan Tobacco, Inc. | 1,200 | 37,022 | ||||||
JFE Holdings, Inc. (a) | 1,200 | 15,656 | ||||||
Joyo Bank, Ltd. | 6,000 | 31,462 | ||||||
JSR Corp. (a) | 1,200 | 17,214 | ||||||
JX Holdings, Inc. (a) | 3,000 | 10,794 | ||||||
Kajima Corp. | 6,000 | 31,712 | ||||||
Kamigumi Co., Ltd. | 6,000 | 48,896 | ||||||
Kansai Electric Power Co., Inc. (b) | 1,200 | 13,296 | ||||||
KDDI Corp. | 3,600 | 80,167 | ||||||
Kobe Steel, Ltd. (a) | 18,000 | 19,388 | ||||||
Komatsu, Ltd. (a) | 1,200 | 17,559 | ||||||
Konica Minolta Holdings, Inc. (a) | 3,000 | 31,412 | ||||||
Kyocera Corp. | 1,200 | 54,707 | ||||||
Makita Corp. (a) | 600 | 31,712 | ||||||
Marubeni Corp. (a) | 6,000 | 29,247 |
See accompanying notes to financial statements.
323
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Marui Group Co., Ltd. (a) | 5,400 | $ | 64,882 | |||||
Mitsubishi Chemical Holdings Corp. | 3,000 | 15,563 | ||||||
Mitsubishi Corp. (a) | 1,200 | 19,573 | ||||||
Mitsubishi Electric Corp. | 6,000 | 54,607 | ||||||
Mitsubishi Heavy Industries, Ltd. | 6,000 | 26,672 | ||||||
Mitsubishi UFJ Financial Group, Inc. (a) | 10,700 | 64,004 | ||||||
Mitsui & Co., Ltd. (a) | 1,200 | 13,431 | ||||||
Mizuho Financial Group, Inc. (a) | 22,100 | 41,131 | ||||||
MS&AD Insurance Group Holdings, Inc. (a) | 1,200 | 31,993 | ||||||
Murata Manufacturing Co., Ltd. | 600 | 77,001 | ||||||
NEC Corp. | 2,000 | 6,129 | ||||||
Nippon Steel & Sumitomo Metal Corp. (a) | 1,700 | 30,781 | ||||||
Nippon Yusen K.K. (a) | 12,000 | 27,654 | ||||||
Nissan Motor Co., Ltd. (a) | 2,400 | 21,923 | ||||||
Nitto Denko Corp. | 600 | 35,695 | ||||||
Nomura Holdings, Inc. (a) | 5,900 | 33,898 | ||||||
NTT Data Corp. | 600 | 30,109 | ||||||
Obayashi Corp. | 6,000 | 51,000 | ||||||
ORIX Corp. | 2,400 | 30,700 | ||||||
Osaka Gas Co., Ltd. | 6,000 | 22,694 | ||||||
Panasonic Corp. (a) | 3,600 | 36,176 | ||||||
Resona Holdings, Inc. (a) | 3,600 | 18,225 | ||||||
Rohm Co., Ltd. | 600 | 26,502 | ||||||
Secom Co., Ltd. | 600 | 35,915 | ||||||
Seven & i Holdings Co., Ltd. | 600 | 27,273 | ||||||
Shin-Etsu Chemical Co., Ltd. | 600 | 30,635 | ||||||
SoftBank Group Corp. | 1,200 | 54,877 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 1,200 | 34,628 | ||||||
Sony Corp. | 1,800 | 43,563 | ||||||
Sumitomo Chemical Co., Ltd. | 6,000 | 30,159 | ||||||
Sumitomo Corp. (a) | 1,200 | 11,543 | ||||||
Sumitomo Electric Industries, Ltd. | 1,800 | 22,897 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1,200 | 45,209 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. (a) | 6,000 | 21,913 | ||||||
T&D Holdings, Inc. | 2,400 | 28,145 | ||||||
Takeda Pharmaceutical Co., Ltd. (a) | 600 | 26,236 | ||||||
TDK Corp. (a) | 600 | 33,716 | ||||||
Teijin, Ltd. | 6,000 | 18,136 | ||||||
Terumo Corp. (a) | 1,200 | 33,766 | ||||||
Tokio Marine Holdings, Inc. | 1,200 | 44,507 | ||||||
Tokyo Electron, Ltd. | 600 | 28,125 | ||||||
Tokyu Corp. | 6,000 | 43,836 | ||||||
Toppan Printing Co., Ltd. | 6,000 | 48,144 | ||||||
Toshiba Corp. (a)(b) | 6,000 | 15,049 | ||||||
Toyota Motor Corp. | 2,400 | 139,694 | ||||||
Toyota Tsusho Corp. (a) | 1,800 | 37,769 | ||||||
West Japan Railway Co. | 600 | 37,478 | ||||||
Yamada Denki Co., Ltd. (a) | 2,400 | 9,659 | ||||||
Yamaha Corp. | 3,600 | 79,295 | ||||||
2,818,644 | ||||||||
LUXEMBOURG — 0.0% (e) | ||||||||
ArcelorMittal (a) | 1,203 | 6,256 | ||||||
MEXICO — 0.5% | ||||||||
America Movil SAB de CV (Series L) | 46,226 | 38,243 | ||||||
Cemex SAB de CV (b) | 21,900 | 15,236 | ||||||
Fomento Economico Mexicano SAB de CV | 4,752 | 42,417 | ||||||
Grupo Financiero Banorte SAB de CV | 4,574 | 22,348 | ||||||
Grupo Mexico SAB de CV (Series B) | 7,607 | 18,368 | ||||||
Grupo Televisa SAB | 4,040 | 21,026 | ||||||
Industrias Penoles SAB de CV | 308 | 4,188 | ||||||
161,826 | ||||||||
NETHERLANDS — 1.5% | ||||||||
Airbus Group SE | 406 | 23,979 | ||||||
Akzo Nobel NV | 462 | 29,906 | ||||||
ASML Holding NV | 436 | 38,039 | ||||||
CNH Industrial NV (a) | 851 | 5,533 | ||||||
Heineken NV | 322 | 25,966 | ||||||
ING Groep NV | 4,174 | 58,939 | ||||||
Koninklijke Ahold NV | 1,971 | 38,304 | ||||||
Koninklijke DSM NV | 549 | 25,245 | ||||||
Koninklijke KPN NV | 5,495 | 20,512 | ||||||
Koninklijke Philips NV | 1,638 | 38,479 | ||||||
LyondellBasell Industries NV (Class A) | 619 | 51,600 | ||||||
RELX NV | 3,245 | 52,776 | ||||||
Unilever NV | 1,225 | 49,076 | ||||||
Wolters Kluwer NV | 2,616 | 80,332 | ||||||
538,686 | ||||||||
NORWAY — 0.3% | ||||||||
DnB ASA | 2,239 | 29,057 | ||||||
Norsk Hydro ASA | 6,885 | 22,891 | ||||||
Telenor ASA (a) | 1,833 | 34,146 | ||||||
Yara International ASA | 382 | 15,204 | ||||||
101,298 | ||||||||
PERU — 0.0% (e) | ||||||||
Compania de Minas Buenaventura SA ADR | 185 | 1,103 | ||||||
PHILIPPINES — 0.1% | ||||||||
Philippine Long Distance Telephone Co. ADR | 446 | 20,587 | ||||||
PORTUGAL — 0.0% (e) | ||||||||
Pharol SGPS SA (b) | 5,239 | 1,561 | ||||||
RUSSIA — 0.3% | ||||||||
Gazprom PAO ADR (d) | 468 | 1,900 | ||||||
Gazprom PAO ADR (d) | 4,358 | 17,519 | ||||||
Lukoil PJSC ADR | 590 | 20,096 | ||||||
MMC Norilsk Nickel PJSC ADR | 720 | 10,346 | ||||||
Mobile TeleSystems PJSC ADR | 1,124 | 8,115 | ||||||
RusHydro PJSC ADR (a)(d) | 989 | 1,009 | ||||||
RusHydro PJSC ADR (d) | 579 | 544 | ||||||
Sberbank of Russia ADR (d) | 247 | 1,215 | ||||||
Sberbank of Russia ADR (d) | 2,299 | 11,347 | ||||||
Surgutneftegas OAO ADR Preference Shares | 5,191 | 31,146 | ||||||
Tatneft PAO ADR | 601 | 16,798 | ||||||
Uralkali PJSC GDR (b) | 88 | 1,305 | ||||||
121,340 | ||||||||
SINGAPORE — 0.4% | ||||||||
CapitaLand, Ltd. (a) | 18,000 | 33,927 | ||||||
Singapore Exchange, Ltd. (a) | 12,000 | 59,329 | ||||||
Singapore Press Holdings, Ltd. (a) | 12,000 | 32,407 |
See accompanying notes to financial statements.
324
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Singapore Telecommunications, Ltd. | 6,000 | $ | 15,191 | |||||
140,854 | ||||||||
SOUTH AFRICA — 0.7% | ||||||||
AngloGold Ashanti, Ltd. (b) | 524 | 4,149 | ||||||
Discovery, Ltd. | 7,825 | 77,905 | ||||||
FirstRand, Ltd. (a) | 6,592 | 23,432 | ||||||
Gold Fields, Ltd. | 1,269 | 3,309 | ||||||
Harmony Gold Mining Co., Ltd. (a)(b) | 1,406 | 877 | ||||||
Impala Platinum Holdings, Ltd. (b) | 953 | 2,648 | ||||||
MTN Group, Ltd. | 2,434 | 31,334 | ||||||
Naspers, Ltd. (Class N) | 388 | 48,564 | ||||||
Sanlam, Ltd. | 6,103 | 26,395 | ||||||
Sasol, Ltd. (a) | 470 | 13,175 | ||||||
Sibanye Gold, Ltd. | 625 | 709 | ||||||
Standard Bank Group, Ltd. | 1,577 | 15,397 | ||||||
247,894 | ||||||||
SOUTH KOREA — 1.5% | ||||||||
Actoz Soft Co., Ltd. (b) | 373 | 12,430 | ||||||
E-Mart Co., Ltd. | 24 | 4,667 | ||||||
Hana Financial Group, Inc. | 328 | 7,306 | ||||||
Hyundai Heavy Industries Co., Ltd. (b) | 35 | 2,849 | ||||||
Hyundai Mobis Co., Ltd. | 83 | 16,211 | ||||||
Hyundai Motor Co. | 184 | 25,459 | ||||||
Hyundai Steel Co. | 142 | 6,170 | ||||||
JoyCity Corp. (b) | 933 | 18,891 | ||||||
KB Financial Group, Inc. | 448 | 13,323 | ||||||
KH Vatec Co., Ltd. | 1,043 | 13,507 | ||||||
Kia Motors Corp. | 262 | 11,848 | ||||||
Korea Electric Power Corp. ADR | 492 | 10,081 | ||||||
KT&G Corp. | 168 | 15,804 | ||||||
LG Chem, Ltd. Preference Shares | 253 | 40,555 | ||||||
LG Electronics, Inc. | 113 | 4,352 | ||||||
LG Household & Health Care, Ltd. | 25 | 18,012 | ||||||
Lotte Chemical Corp. | 15 | 3,417 | ||||||
NAVER Corp. | 46 | 19,909 | ||||||
NHN Entertainment Corp. (b) | 29 | 1,578 | ||||||
POSCO ADR | 674 | 23,603 | ||||||
Samsung C&T Corp. (b) | 97 | 11,989 | ||||||
Samsung Electronics Co., Ltd. GDR | 228 | 107,730 | ||||||
Samsung Engineering Co., Ltd. (b) | 71 | 1,827 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 55 | 12,993 | ||||||
Samsung Heavy Industries Co., Ltd. | 373 | 3,871 | ||||||
Samsung Securities Co., Ltd. | 270 | 10,353 | ||||||
SeAH Steel Corp. | 1,061 | 61,764 | ||||||
Shinhan Financial Group Co., Ltd. | 448 | 15,648 | ||||||
SK Holdings Co., Ltd. | 59 | 12,145 | ||||||
SK Hynix, Inc. | 693 | 19,615 | ||||||
SK Innovation Co., Ltd. (b) | 59 | 4,878 | ||||||
532,785 | ||||||||
SPAIN — 1.0% | ||||||||
Acciona SA | 786 | 55,538 | ||||||
Acerinox SA (a) | 1,725 | 15,370 | ||||||
ACS, Actividades de Construccion y Servicios SA | 1,284 | 36,828 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 5,029 | 42,551 | ||||||
Banco Santander SA | 11,397 | 60,353 | ||||||
Iberdrola SA | 4,361 | 28,950 | ||||||
Industria de Diseno Textil SA | 1,195 | 39,924 | ||||||
Repsol SA | 800 | 9,296 | ||||||
Telefonica SA | 4,041 | 48,851 | ||||||
337,661 | ||||||||
SWEDEN — 1.1% | ||||||||
Assa Abloy AB (Class B) | 2,034 | 36,353 | ||||||
Atlas Copco AB (Class B) | 1,893 | 42,207 | ||||||
Nordea Bank AB | 3,286 | 36,515 | ||||||
Sandvik AB | 1,762 | 14,958 | ||||||
Securitas AB (Class B) | 2,739 | 33,343 | ||||||
Skandinaviska Enskilda Banken AB (Class A) | 4,145 | 44,158 | ||||||
Skanska AB (Class B) | 1,797 | 35,117 | ||||||
SKF AB (Class B) | 1,279 | 23,439 | ||||||
Svenska Handelsbanken AB (Class A) | 1,681 | 24,031 | ||||||
Tele2 AB (Class B) | 1,130 | 10,974 | ||||||
Telefonaktiebolaget LM Ericsson (Class B) | 3,355 | 32,882 | ||||||
TeliaSonera AB | 2,890 | 15,520 | ||||||
Volvo AB (Class A) | 2,765 | 26,341 | ||||||
375,838 | ||||||||
SWITZERLAND — 3.4% | ||||||||
ABB, Ltd. (b) | 2,497 | 44,006 | ||||||
ACE, Ltd. (a) | 619 | 64,005 | ||||||
Adecco SA (b) | 482 | 35,147 | ||||||
Cie Financiere Richemont SA | 678 | 52,528 | ||||||
Credit Suisse Group AG (b) | 1,470 | 35,234 | ||||||
Geberit AG | 197 | 60,022 | ||||||
Givaudan SA (b) | 24 | 38,932 | ||||||
Kuehne + Nagel International AG | 232 | 29,727 | ||||||
LafargeHolcim, Ltd. (b) | 462 | 24,138 | ||||||
Nestle SA | 2,394 | 179,470 | ||||||
Novartis AG | 1,630 | 149,137 | ||||||
Roche Holding AG | 607 | 159,655 | ||||||
Santhera Pharmaceutical Holding AG (b) | 300 | 33,159 | ||||||
SGS SA | 24 | 41,756 | ||||||
Swatch Group AG | 72 | 26,601 | ||||||
Swiss Re AG | 584 | 49,967 | ||||||
Syngenta AG | 60 | 19,165 | ||||||
TE Connectivity, Ltd. | 1,233 | 73,844 | ||||||
Transocean, Ltd. (a) | 440 | 5,625 | ||||||
UBS Group AG | 3,393 | 62,540 | ||||||
Zurich Insurance Group AG (b) | 119 | 29,132 | ||||||
1,213,790 | ||||||||
TAIWAN — 1.2% | ||||||||
Advanced Semiconductor Engineering Inc, ADR | 7,130 | 39,144 | ||||||
AU Optronics Corp. ADR (a) | 12,126 | 35,893 | ||||||
Chunghwa Telecom Co., Ltd. ADR (a) | 1,624 | 49,077 | ||||||
Hon Hai Precision Industry Co., Ltd. GDR | 11,641 | 63,793 | ||||||
Siliconware Precision Industries Co., Ltd. ADR | 10,200 | 64,107 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 6,773 | 140,540 |
See accompanying notes to financial statements.
325
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
United Microelectronics Corp. ADR (a) | 27,936 | $ | 45,256 | |||||
437,810 | ||||||||
THAILAND — 0.1% | ||||||||
Bangkok Bank PCL | 6,600 | 28,913 | ||||||
PTT PCL | 1,200 | 7,935 | ||||||
36,848 | ||||||||
TURKEY — 0.2% | ||||||||
Akbank TAS | 4,514 | 10,108 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 24,717 | 20,490 | ||||||
Turkiye Garanti Bankasi AS | 5,221 | 12,123 | ||||||
Turkiye Is Bankasi (Class C) | 11,982 | 18,639 | ||||||
61,360 | ||||||||
UNITED KINGDOM — 7.5% | ||||||||
3i Group PLC | 10,948 | 77,329 | ||||||
Anglo American PLC | 1,376 | 11,482 | ||||||
AstraZeneca PLC | 1,091 | 69,103 | ||||||
BAE Systems PLC | 5,503 | 37,319 | ||||||
Barclays PLC | 14,771 | 54,627 | ||||||
BG Group PLC | 2,751 | 39,629 | ||||||
BHP Billiton PLC | 408 | 6,211 | ||||||
BP PLC | 11,427 | 57,812 | ||||||
British American Tobacco PLC | 314 | 17,327 | ||||||
British Land Co. PLC | 3,919 | 49,776 | ||||||
BT Group PLC | 12,841 | 81,616 | ||||||
Burberry Group PLC | 977 | 20,245 | ||||||
Capita PLC | 3,317 | 60,193 | ||||||
Cobham PLC | 16,349 | 70,753 | ||||||
Compass Group PLC | 2,786 | 44,438 | ||||||
Diageo PLC | 1,678 | 45,002 | ||||||
Experian PLC | 2,294 | 36,764 | ||||||
G4S PLC | 3,848 | 13,447 | ||||||
GlaxoSmithKline PLC | 3,860 | 74,022 | ||||||
Glencore PLC (b) | 3,281 | 4,550 | ||||||
Hammerson PLC | 6,230 | 58,839 | ||||||
HSBC Holdings PLC | 14,560 | 109,987 | ||||||
Imperial Tobacco Group PLC | 619 | 32,001 | ||||||
Indivior PLC | 551 | 1,891 | ||||||
InterContinental Hotels Group PLC | 1,555 | 53,798 | ||||||
J Sainsbury PLC (a) | �� | 4,550 | 17,988 | |||||
Land Securities Group PLC | 2,722 | 51,910 | ||||||
Liberty Global PLC (Class A) (b) | 619 | 26,580 | ||||||
Liberty Global PLC (Series C) (b) | 1,103 | 45,245 | ||||||
Liberty Global PLC LiLAC (Series A) (b) | 30 | 1,011 | ||||||
Liberty Global PLC LiLAC (Series C) (b) | 54 | 1,849 | ||||||
Lloyds Banking Group PLC | 53,476 | 60,882 | ||||||
Lonmin PLC (a)(b) | 29 | 7 | ||||||
Marks & Spencer Group PLC | 6,282 | 47,673 | ||||||
National Grid PLC | 1,225 | 17,051 | ||||||
Next PLC | 446 | 51,412 | ||||||
Noble Corp. PLC (a) | 1,233 | 13,452 | ||||||
Old Mutual PLC | 9,260 | 26,524 | ||||||
Paragon Offshore PLC (a) | 741 | 178 | ||||||
Pearson PLC | 738 | 12,599 | ||||||
Prudential PLC | 2,997 | 63,261 | ||||||
Randgold Resources, Ltd. | 181 | 10,588 | ||||||
Reckitt Benckiser Group PLC | 494 | 44,800 | ||||||
RELX PLC | 1,922 | 32,956 | ||||||
Rio Tinto PLC | 1,326 | 44,389 | ||||||
Rolls-Royce Holdings PLC (b) | 1,952 | 20,018 | ||||||
Royal Dutch Shell PLC (Class A) | 226 | 5,320 | ||||||
Royal Dutch Shell PLC (Class B) | 4,678 | 110,754 | ||||||
RSA Insurance Group PLC | 4,358 | 26,583 | ||||||
SABMiller PLC | 809 | 45,794 | ||||||
Sage Group PLC | 10,498 | 79,414 | ||||||
Severn Trent PLC | 1,543 | 51,046 | ||||||
Sky PLC | 1,239 | 19,594 | ||||||
Smith & Nephew PLC | 2,799 | 48,885 | ||||||
Smiths Group PLC | 2,155 | 32,806 | ||||||
SSE PLC | 1,054 | 23,884 | ||||||
Standard Chartered PLC | 2,346 | 22,772 | ||||||
Standard Life PLC | 10,377 | 60,957 | ||||||
Tesco PLC (b) | 7,297 | 20,249 | ||||||
Tullow Oil PLC (b) | 1,097 | 2,810 | ||||||
Unilever PLC | 945 | 38,448 | ||||||
United Utilities Group PLC | 2,745 | 38,461 | ||||||
Vodafone Group PLC | 22,514 | 71,088 | ||||||
Whitbread PLC | 2,017 | 142,619 | ||||||
Wolseley PLC | 524 | 30,622 | ||||||
WPP PLC | 2,125 | 44,195 | ||||||
2,634,835 | ||||||||
UNITED STATES — 51.1% | ||||||||
3M Co. (a) | 619 | 87,756 | ||||||
Abbott Laboratories (a) | 1,233 | 49,591 | ||||||
AbbVie, Inc. | 607 | 33,027 | ||||||
Adobe Systems, Inc. (b) | 1,851 | 152,189 | ||||||
ADT Corp. (a) | 150 | 4,485 | ||||||
Aetna, Inc. (a) | 1,233 | 134,903 | ||||||
Aflac, Inc. | 1,233 | 71,674 | ||||||
Agilent Technologies, Inc. | 1,233 | 42,329 | ||||||
Alexion Pharmaceuticals, Inc. (a)(b) | 619 | 96,805 | ||||||
Allstate Corp. | 1,233 | 71,810 | ||||||
Alphabet, Inc. (Class A) (b) | 302 | 192,788 | ||||||
Alphabet, Inc. (Class C) (b) | 302 | 183,743 | ||||||
Altera Corp. | 619 | 31,000 | ||||||
Altria Group, Inc. | 1,233 | 67,075 | ||||||
Amazon.com, Inc. (b) | 399 | 204,244 | ||||||
American Capital Agency Corp. (a) | 619 | 11,575 | ||||||
American Electric Power Co., Inc. | 1,233 | 70,108 | ||||||
American Express Co. | 1,233 | 91,402 | ||||||
American Tower Corp. | 619 | 54,460 | ||||||
Amgen, Inc. | 1,055 | 145,928 | ||||||
Anadarko Petroleum Corp. | 619 | 37,381 | ||||||
Annaly Capital Management, Inc. | 1,233 | 12,170 | ||||||
Anthem, Inc. (a) | 619 | 86,660 | ||||||
Apache Corp. | 619 | 24,240 | ||||||
Apple, Inc. (a) | 4,330 | 477,599 | ||||||
Applied Materials, Inc. | 4,318 | 63,431 | ||||||
Archer-Daniels-Midland Co. (a) | 1,851 | 76,724 | ||||||
AT&T, Inc. (a) | 5,489 | 178,832 | ||||||
Automatic Data Processing, Inc. (a) | 619 | 49,743 | ||||||
Baker Hughes, Inc. | 935 | 48,657 | ||||||
Bank of America Corp. | 10,502 | 163,621 | ||||||
Bank of New York Mellon Corp. | 1,851 | 72,467 |
See accompanying notes to financial statements.
326
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Baxalta, Inc. (a) | 1,233 | $ | 38,852 | |||||
Baxter International, Inc. | 1,233 | 40,504 | ||||||
Becton, Dickinson and Co. (a) | 619 | 82,117 | ||||||
Bed Bath & Beyond, Inc. (a)(b) | 619 | 35,295 | ||||||
Berkshire Hathaway, Inc. (Class B) (b) | 619 | 80,718 | ||||||
Biogen, Inc. (b) | 379 | 110,596 | ||||||
Boeing Co. (a) | 619 | 81,058 | ||||||
Bristol-Myers Squibb Co. (a) | 1,851 | 109,579 | ||||||
Broadcom Corp. (Class A) | 1,233 | 63,413 | ||||||
C.H. Robinson Worldwide, Inc. (a) | 619 | 41,956 | ||||||
California Resources Corp. (a) | 492 | 1,279 | ||||||
Cameron International Corp. (b) | 1,233 | 75,608 | ||||||
Capital One Financial Corp. (a) | 619 | 44,890 | ||||||
Carnival Corp. | 619 | 30,764 | ||||||
Caterpillar, Inc. (a) | 619 | 40,458 | ||||||
CBS Corp. (Class B) | 1,227 | 48,957 | ||||||
CDK Global, Inc. | 204 | 9,747 | ||||||
Celgene Corp. (b) | 1,237 | 133,806 | ||||||
CenturyLink, Inc. (a) | 1,233 | 30,973 | ||||||
Charles Schwab Corp. | 3,087 | 88,165 | ||||||
Chemours Co. | 246 | 1,592 | ||||||
Chesapeake Energy Corp. (a) | 1,851 | 13,568 | ||||||
Chevron Corp. (a) | 1,551 | 122,343 | ||||||
Chubb Corp. | 619 | 75,920 | ||||||
Church & Dwight Co., Inc. | 1,233 | 103,449 | ||||||
Cisco Systems, Inc. (a) | 6,169 | 161,936 | ||||||
Citigroup, Inc. | 3,087 | 153,146 | ||||||
Citrix Systems, Inc. (a)(b) | 619 | 42,884 | ||||||
Clorox Co. | 619 | 71,513 | ||||||
Coach, Inc. | 619 | 17,908 | ||||||
Coca-Cola Co. (a) | 2,473 | 99,217 | ||||||
Cognizant Technology Solutions Corp. (Class A) (b) | 1,237 | 77,449 | ||||||
Colgate-Palmolive Co. (a) | 1,233 | 78,246 | ||||||
Comcast Corp. (Class A) Special | 1,593 | 91,183 | ||||||
ConAgra Foods, Inc. | 1,233 | 49,949 | ||||||
ConocoPhillips (a) | 1,233 | 59,135 | ||||||
Corning, Inc. (a) | 2,473 | 42,338 | ||||||
Costco Wholesale Corp. | 619 | 89,489 | ||||||
CST Brands, Inc. (a) | 66 | 2,222 | ||||||
CSX Corp. (a) | 2,473 | 66,524 | ||||||
Cummins, Inc. | 619 | 67,211 | ||||||
CVS Health Corp. | 1,233 | 118,960 | ||||||
Danaher Corp. (a) | 1,233 | 105,064 | ||||||
Deere & Co. (a) | 619 | 45,806 | ||||||
Devon Energy Corp. | 619 | 22,959 | ||||||
Discover Financial Services | 1,233 | 64,104 | ||||||
Dollar Tree, Inc. (a)(b) | 1,233 | 82,192 | ||||||
Dow Chemical Co. | 1,851 | 78,482 | ||||||
Duke Energy Corp. | 672 | 48,344 | ||||||
E. I. du Pont de Nemours & Co. | 1,233 | 59,431 | ||||||
eBay, Inc. (a)(b) | 1,851 | 45,238 | ||||||
Ecolab, Inc. (a) | �� | 619 | 67,917 | |||||
Edison International (a) | 1,233 | 77,765 | ||||||
Eli Lilly & Co. | 1,233 | 103,190 | ||||||
EMC Corp. | 2,473 | 59,748 | ||||||
Emerson Electric Co. | 1,233 | 54,462 | ||||||
EOG Resources, Inc. (a) | 1,237 | 90,054 | ||||||
Equity Residential (a) | 619 | 46,499 | ||||||
Estee Lauder Cos., Inc. (Class A) | 619 | 49,941 | ||||||
Exelon Corp. (a) | 1,233 | 36,620 | ||||||
Express Scripts Holding Co. (a)(b) | 863 | 69,868 | ||||||
Exxon Mobil Corp. (a) | 3,305 | 245,727 | ||||||
Facebook, Inc. (Class A) (b) | 597 | 53,670 | ||||||
Fastenal Co. (a) | 619 | 22,662 | ||||||
FedEx Corp. | 619 | 89,124 | ||||||
FirstEnergy Corp. (a) | 1,233 | 38,605 | ||||||
FMC Technologies, Inc. (a)(b) | 1,233 | 38,223 | ||||||
Ford Motor Co. | 4,937 | 66,995 | ||||||
Franklin Resources, Inc. (a) | 1,851 | 68,968 | ||||||
Freeport-McMoRan, Inc. (a) | 1,233 | 11,948 | ||||||
General Dynamics Corp. | 619 | 85,391 | ||||||
General Electric Co. (a) | 9,262 | 233,588 | ||||||
General Mills, Inc. (a) | 619 | 34,744 | ||||||
General Motors Co. | 1,233 | 37,015 | ||||||
Gilead Sciences, Inc. | 1,636 | 160,639 | ||||||
Goldman Sachs Group, Inc. | 619 | 107,557 | ||||||
Halliburton Co. | 1,233 | 43,587 | ||||||
Halyard Health, Inc. (a)(b) | 77 | 2,190 | ||||||
HCP, Inc. | 1,851 | 68,950 | ||||||
Hershey Co. (a) | 619 | 56,874 | ||||||
Hess Corp. (a) | 619 | 30,987 | ||||||
Hewlett-Packard Co. | 2,473 | 63,334 | ||||||
Home Depot, Inc. | 1,233 | 142,399 | ||||||
Honeywell International, Inc. (a) | 1,233 | 116,753 | ||||||
Illinois Tool Works, Inc. (a) | 1,233 | 101,488 | ||||||
Ingersoll-Rand PLC (a) | 1,233 | 62,599 | ||||||
Intel Corp. | 4,937 | 148,801 | ||||||
International Business Machines Corp. (a) | 995 | 144,245 | ||||||
Intuit, Inc. (a) | 619 | 54,936 | ||||||
J.M. Smucker Co. (a) | 619 | 70,622 | ||||||
Johnson & Johnson (a) | 1,851 | 172,791 | ||||||
Johnson Controls, Inc. (a) | 1,233 | 50,997 | ||||||
JPMorgan Chase & Co. | 3,705 | 225,894 | ||||||
Juniper Networks, Inc. (a) | 1,233 | 31,700 | ||||||
Kellogg Co. | 619 | 41,194 | ||||||
Keysight Technologies, Inc. (b) | 618 | 19,059 | ||||||
Kimberly-Clark Corp. | 619 | 67,496 | ||||||
Kinder Morgan, Inc. (a) | 1,782 | 49,326 | ||||||
Kohl’s Corp. (a) | 619 | 28,666 | ||||||
Kraft Heinz Co. (a) | 101 | 7,129 | ||||||
L Brands, Inc. (a) | 1,233 | 111,130 | ||||||
Las Vegas Sands Corp. (a) | 619 | 23,503 | ||||||
Liberty Interactive Corp. QVC Group (Class A) (b) | 1,233 | 32,342 | ||||||
Liberty TripAdvisor Holdings, Inc. (Class A) (b) | 84 | 1,862 | ||||||
Liberty Ventures, (Series A) (b) | 260 | 10,491 | ||||||
Lockheed Martin Corp. (a) | 619 | 128,325 | ||||||
Lowe’s Cos., Inc. | 1,851 | 127,571 | ||||||
Macy’s, Inc. | 1,233 | 63,278 | ||||||
Marathon Oil Corp. (a) | 1,851 | 28,505 | ||||||
Marathon Petroleum Corp. | 1,238 | 57,357 | ||||||
Marsh & McLennan Cos., Inc. (a) | 1,233 | 64,387 | ||||||
Mattel, Inc. (a) | 2,473 | 52,081 | ||||||
McCormick & Co., Inc. (a) | 1,851 | 152,115 | ||||||
McDonald’s Corp. | 619 | 60,990 |
See accompanying notes to financial statements.
327
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
McKesson Corp. | 619 | $ | 114,534 | |||||
Mead Johnson Nutrition Co. | 619 | 43,578 | ||||||
Merck & Co., Inc. (a) | 2,473 | 122,141 | ||||||
MetLife, Inc. (a) | 1,851 | 87,275 | ||||||
Microsoft Corp. | 6,791 | 300,570 | ||||||
Mondelez International, Inc. (Class A) | 619 | 25,918 | ||||||
Monsanto Co. | 619 | 52,825 | ||||||
Morgan Stanley (a) | 1,851 | 58,307 | ||||||
Mosaic Co. | 619 | 19,257 | ||||||
National Oilwell Varco, Inc. (a) | 619 | 23,305 | ||||||
NetApp, Inc. (a) | 619 | 18,322 | ||||||
Newmont Mining Corp. | 619 | 9,947 | ||||||
News Corp. (Class A) (a) | 376 | 4,745 | ||||||
NextEra Energy, Inc. (a) | 619 | 60,383 | ||||||
NIKE, Inc. (Class B) | 1,233 | 151,622 | ||||||
Noble Energy, Inc. (a) | 1,233 | 37,212 | ||||||
Norfolk Southern Corp. | 619 | 47,292 | ||||||
Northrop Grumman Corp. (a) | 875 | 145,206 | ||||||
NOW, Inc. (a)(b) | 154 | 2,279 | ||||||
O’Reilly Automotive, Inc. (a)(b) | 619 | 154,750 | ||||||
Occidental Petroleum Corp. | 1,233 | 81,563 | ||||||
Oracle Corp. | 4,318 | 155,966 | ||||||
Outfront Media, Inc. | 3 | 62 | ||||||
Parker-Hannifin Corp. (a) | 619 | 60,229 | ||||||
PayPal Holdings, Inc. (b) | 1,851 | 57,455 | ||||||
PepsiCo, Inc. | 1,233 | 116,272 | ||||||
Pfizer, Inc. | 6,097 | 191,507 | ||||||
PG&E Corp. (a) | 619 | 32,683 | ||||||
Philip Morris International, Inc. (a) | 1,233 | 97,814 | ||||||
Phillips 66 | 302 | 23,206 | ||||||
Pioneer Natural Resources Co. (a) | 619 | 75,295 | ||||||
PNC Financial Services Group, Inc. (a) | 619 | 55,215 | ||||||
PPL Corp. | 1,851 | 60,879 | ||||||
Praxair, Inc. | 619 | 63,051 | ||||||
Procter & Gamble Co. (a) | 1,233 | 88,702 | ||||||
ProLogis, Inc. | 1,851 | 72,004 | ||||||
Prudential Financial, Inc. | 1,233 | 93,967 | ||||||
Public Service Enterprise Group, Inc. | 1,233 | 51,983 | ||||||
Public Storage (a) | 619 | 130,999 | ||||||
QUALCOMM, Inc. | 1,851 | 99,454 | ||||||
Range Resources Corp. (a) | 619 | 19,882 | ||||||
Raytheon Co. | 619 | 67,632 | ||||||
Retail Opportunity Investments Corp. (a) | 6,278 | 103,838 | ||||||
Ross Stores, Inc. (a) | 1,238 | 60,006 | ||||||
Salesforce.com, Inc. (b) | 1,275 | 88,523 | ||||||
SanDisk Corp. | 619 | 33,630 | ||||||
Schlumberger, Ltd. | 933 | 64,349 | ||||||
Seventy Seven Energy, Inc. (a)(b) | 235 | 324 | ||||||
Simon Property Group, Inc. | 619 | 113,723 | ||||||
Southern Co. (a) | 619 | 27,669 | ||||||
Southwestern Energy Co. (a)(b) | 619 | 7,855 | ||||||
Spectra Energy Corp. (a) | 1,233 | 32,391 | ||||||
St. Jude Medical, Inc. (a) | 1,233 | 77,790 | ||||||
Starbucks Corp. | 2,466 | 140,167 | ||||||
State Street Corp. (a)(g) | 619 | 41,603 | ||||||
Sysco Corp. (a) | 1,233 | 48,050 | ||||||
Talen Energy Corp. (a)(b) | 192 | 1,939 | ||||||
Target Corp. | 619 | 48,691 | ||||||
Texas Instruments, Inc. (a) | 1,851 | 91,662 | ||||||
Thermo Fisher Scientific, Inc. (a) | 1,233 | 150,771 | ||||||
Time Warner Cable, Inc. (a) | 619 | 111,030 | ||||||
Time Warner, Inc. | 995 | 68,406 | ||||||
Time, Inc. (a) | 154 | 2,934 | ||||||
TJX Cos., Inc. | 1,233 | 88,061 | ||||||
Travelers Cos., Inc. | 619 | 61,609 | ||||||
Twenty-First Century Fox, Inc. (Class A) (a) | 3,087 | 83,287 | ||||||
Tyson Foods, Inc. (Class A) (a) | 2,473 | 106,586 | ||||||
U.S. Bancorp (a) | 1,851 | 75,910 | ||||||
Union Pacific Corp. | 1,237 | 109,363 | ||||||
United Financial Bancorp, Inc. | 9,881 | 128,947 | ||||||
United Parcel Service, Inc. (Class B) (a) | 619 | 61,089 | ||||||
United Technologies Corp. | 619 | 55,085 | ||||||
UnitedHealth Group, Inc. | 1,233 | 143,040 | ||||||
Valero Energy Corp. (a) | 1,233 | 74,103 | ||||||
Vector Group, Ltd. (a) | 6,743 | 152,461 | ||||||
Verizon Communications, Inc. | 2,091 | 90,979 | ||||||
Viacom, Inc. (Class B) | 619 | 26,710 | ||||||
Visa, Inc. (Class A) (a) | 2,478 | 172,617 | ||||||
Wal-Mart Stores, Inc. | 1,233 | 79,948 | ||||||
Walgreens Boots Alliance, Inc. | 1,233 | 102,462 | ||||||
Walt Disney Co. (a) | 1,851 | 189,172 | ||||||
Waste Management, Inc. (a) | 1,233 | 61,416 | ||||||
Wells Fargo & Co. | 4,937 | 253,515 | ||||||
Western Digital Corp. | 619 | 49,173 | ||||||
Whole Foods Market, Inc. (a) | 1,233 | 39,024 | ||||||
Williams Cos., Inc. | 1,851 | 68,209 | ||||||
WP GLIMCHER, Inc. | 307 | 3,580 | ||||||
Yahoo!, Inc. (b) | 1,851 | 53,512 | ||||||
Yum! Brands, Inc. | 619 | 49,489 | ||||||
Zoetis, Inc. | 71 | 2,924 | ||||||
17,974,738 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $39,626,846) | 34,924,965 | |||||||
SHORT TERM INVESTMENTS — 19.5% | ||||||||
UNITED STATES — 19.5% | ||||||||
MONEY MARKET FUNDS — 19.5% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (h)(i) | 6,738,898 | 6,738,898 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (i)(j) | 139,125 | 139,125 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $6,878,023) | 6,878,023 | |||||||
TOTAL INVESTMENTS — 118.8% | ||||||||
(Cost $46,504,869) | 41,802,988 | |||||||
OTHER ASSETS & LIABILITIES — (18.8)% | (6,617,442 | ) | ||||||
NET ASSETS — 100.0% | $ | 35,185,546 | ||||||
See accompanying notes to financial statements.
328
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
(a) | All or a portion of the security was on loan at September 30, 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) | 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) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of September 30, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(g) | Affiliated issuer (Note 3). | |||||
(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. |
ADR = American Depositary Receipt
GDR = Global 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.
329
SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.5% | ||||||||
AUSTRALIA — 2.3% | ||||||||
AMP, Ltd. | 6,274 | $ | 24,497 | |||||
APA Group | 12,101 | 72,657 | ||||||
ASX, Ltd. | 648 | 17,238 | ||||||
Aurizon Holdings, Ltd. | 1,467 | 5,161 | ||||||
Australia & New Zealand Banking Group, Ltd. | 7,335 | 139,489 | ||||||
Brambles, Ltd. | 5,427 | 37,120 | ||||||
Caltex Australia, Ltd. | 2,856 | 62,736 | ||||||
Coca-Cola Amatil, Ltd. | 1,923 | 12,167 | ||||||
Commonwealth Bank of Australia | 4,387 | 224,034 | ||||||
Computershare, Ltd. | 876 | 6,515 | ||||||
Crown Resorts, Ltd. | 2,772 | 19,272 | ||||||
CSL, Ltd. | 1,176 | 73,665 | ||||||
Dexus Property Group | 4,670 | 23,448 | ||||||
Fortescue Metals Group, Ltd. | 3,848 | 4,918 | ||||||
Goodman Group | 9,409 | 38,654 | ||||||
GPT Group | 8,181 | 25,910 | ||||||
Harvey Norman Holdings, Ltd. | 1,832 | 4,992 | ||||||
Iluka Resources, Ltd. | 8,594 | 37,478 | ||||||
Insurance Australia Group, Ltd. | 5,762 | 19,584 | ||||||
Lend Lease Group | 1,645 | 14,498 | ||||||
Macquarie Group, Ltd. | 852 | 45,867 | ||||||
Mirvac Group | 17,680 | 21,355 | ||||||
National Australia Bank, Ltd. | 6,742 | 141,942 | ||||||
Newcrest Mining, Ltd. (a) | 756 | 6,742 | ||||||
QBE Insurance Group, Ltd. | 3,531 | 31,963 | ||||||
Ramsay Health Care, Ltd. | 132 | 5,420 | ||||||
Scentre Group | 17,163 | 47,006 | ||||||
Seek, Ltd. | 924 | 7,787 | ||||||
Sonic Healthcare, Ltd. | 708 | 9,074 | ||||||
Stockland | 11,514 | 31,130 | ||||||
Suncorp Group, Ltd. | 2,904 | 24,859 | ||||||
Sydney Airport | 9,858 | 41,260 | ||||||
Tabcorp Holdings, Ltd. | 4,432 | 14,535 | ||||||
Tatts Group, Ltd. | 8,523 | 22,505 | ||||||
Telstra Corp., Ltd. | 18,243 | 71,871 | ||||||
Transurban Group | 9,322 | 65,071 | ||||||
Treasury Wine Estates, Ltd. | 2,219 | 10,222 | ||||||
Wesfarmers, Ltd. | 2,537 | 69,875 | ||||||
Westfield Corp. | 8,114 | 56,810 | ||||||
Westpac Banking Corp. | 7,922 | 165,228 | ||||||
Woolworths, Ltd. | 3,815 | 66,548 | ||||||
WorleyParsons, Ltd. | 3,011 | 12,497 | ||||||
1,833,600 | ||||||||
AUSTRIA — 0.0% (b) | ||||||||
Andritz AG | 120 | 5,390 | ||||||
Erste Group Bank AG (a) | 443 | 12,827 | ||||||
Raiffeisen Bank International AG (a) | 720 | 9,412 | ||||||
27,629 | ||||||||
BELGIUM — 0.4% | ||||||||
Ageas | 648 | 26,550 | ||||||
Anheuser-Busch InBev SA | 2,183 | 231,298 | ||||||
Colruyt SA (a) | 540 | 25,937 | ||||||
KBC Groep NV | 519 | 32,657 | ||||||
Proximus | 312 | 10,748 | ||||||
UCB SA | 240 | 18,713 | ||||||
Umicore SA | 144 | 5,537 | ||||||
351,440 | ||||||||
BERMUDA — 0.0% (b) | ||||||||
Marvell Technology Group, Ltd. | 2,368 | 21,430 | ||||||
BRAZIL — 0.7% | ||||||||
AES Tiete SA Preference Shares | 4,743 | 16,759 | ||||||
Ambev SA | 13,272 | 64,728 | ||||||
Banco Bradesco SA | 1,425 | 8,453 | ||||||
Banco Bradesco SA Preference Shares | 5,691 | 30,613 | ||||||
Banco do Brasil SA | 2,369 | 9,043 | ||||||
BB Seguridade Participacoes SA | 1,188 | 7,402 | ||||||
BM&FBovespa SA | 3,555 | 9,892 | ||||||
BRF SA | 1,188 | 21,060 | ||||||
CCR SA | 3,555 | 10,865 | ||||||
Cia Energetica de Minas Gerais Preference Shares | 5,931 | 10,411 | ||||||
Cia Energetica de Sao Paulo Preference Shares (Class B) | 4,743 | 18,117 | ||||||
Cia Paranaense de Energia Preference Shares | 1,188 | 9,738 | ||||||
Cielo SA | 1,425 | 13,119 | ||||||
Cosan SA Industria e Comercio | 4,743 | 23,977 | ||||||
CPFL Energia SA (a) | 6,120 | 22,854 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 1,188 | 1,820 | ||||||
EDP — Energias do Brasil SA | 5,931 | 17,099 | ||||||
Embraer SA | 1,188 | 7,608 | ||||||
Estacio Participacoes SA | 1,188 | 4,207 | ||||||
Itau Unibanco Holding SA Preference Share | 6,524 | 43,434 | ||||||
Itausa — Investimentos Itau SA Preference Shares | 3,939 | 7,063 | ||||||
Klabin SA | 1,212 | 6,660 | ||||||
Kroton Educacional SA | 3,555 | 6,883 | ||||||
Souza Cruz SA | 1,188 | 7,996 | ||||||
Telefonica Brasil SA Preference Shares | 1,540 | 14,182 | ||||||
Tim Participacoes SA | 1,483 | 2,797 | ||||||
Ultrapar Participacoes SA | 10,677 | 179,114 | ||||||
Vale SA Preference Shares | 8,301 | 27,768 | ||||||
603,662 | ||||||||
BRITISH VIRGIN ISLANDS — 0.0% (b) | ||||||||
Michael Kors Holdings, Ltd. (a) | 519 | 21,923 | ||||||
CANADA — 3.1% | ||||||||
Agnico-Eagle Mines, Ltd. | 1,188 | 29,977 | ||||||
Alimentation Couche-Tard, Inc. (Class B) | 1,188 | 54,380 | ||||||
AltaGas, Ltd. | 2,368 | 58,074 | ||||||
ARC Resources, Ltd. | 681 | 8,960 | ||||||
Bank of Montreal | 1,188 | 64,491 | ||||||
Bank of Nova Scotia | 2,864 | 125,673 | ||||||
BCE, Inc. | 588 | 23,955 | ||||||
BlackBerry, Ltd. (a) | 732 | 4,472 | ||||||
Bombardier, Inc. (Class B) | 2,368 | 2,950 | ||||||
Brookfield Asset Management, Inc. (Class A) | 1,782 | 55,811 | ||||||
Cameco Corp. | 6,374 | 77,351 | ||||||
Canadian Imperial Bank of Commerce | 588 | 42,051 | ||||||
Canadian National Railway Co. | 1,632 | 92,245 | ||||||
Canadian Pacific Railway, Ltd. | 324 | 46,288 |
See accompanying notes to financial statements.
330
SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Crescent Point Energy Corp. | 912 | $ | 10,387 | |||||
Eldorado Gold Corp. | 3,555 | 11,349 | ||||||
Enbridge, Inc. | 5,131 | 189,633 | ||||||
First Quantum Minerals, Ltd. | 5,927 | 21,618 | ||||||
Fortis, Inc. | 3,961 | 112,770 | ||||||
Franco-Nevada Corp. | 1,188 | 52,112 | ||||||
Goldcorp, Inc. | 4,742 | 59,173 | ||||||
Inter Pipeline, Ltd. | 6,019 | 110,530 | ||||||
Keyera Corp. | 1,464 | 40,130 | ||||||
Loblaw Cos., Ltd. | 396 | 20,295 | ||||||
Magna International, Inc. | 552 | 26,355 | ||||||
Manulife Financial Corp. | 3,555 | 54,729 | ||||||
Pembina Pipeline Corp. | 3,555 | 85,143 | ||||||
PrairieSky Royalty, Ltd. | 4,756 | 89,962 | ||||||
Restaurant Brands International, Inc. | 151 | 5,411 | ||||||
Rogers Communications, Inc. (Class B) | 1,188 | 40,743 | ||||||
Royal Bank of Canada | 3,131 | 172,325 | ||||||
Silver Wheaton Corp. | 4,260 | 50,966 | ||||||
SNC-Lavalin Group, Inc. | 563 | 15,949 | ||||||
Sun Life Financial, Inc. | 1,188 | 38,138 | ||||||
Toronto-Dominion Bank | 3,959 | 155,324 | ||||||
TransCanada Corp. | 5,259 | 165,533 | ||||||
Valeant Pharmaceuticals International, Inc. (a) | 744 | 132,185 | ||||||
Veresen, Inc. | 6,839 | 52,031 | ||||||
Vermilion Energy, Inc. | 2,368 | 75,895 | ||||||
Yamana Gold, Inc. | 4,742 | 7,958 | ||||||
2,483,322 | ||||||||
CHILE — 0.1% | ||||||||
Aguas Andinas SA Class A | 112,426 | 58,346 | ||||||
Banco Santander Chile | 202,278 | 9,144 | ||||||
Cencosud SA | 3,771 | 7,326 | ||||||
Cia Cervecerias Unidas SA | 567 | 6,238 | ||||||
Empresa Nacional de Telecomunicaciones SA | 591 | 5,567 | ||||||
SACI Falabella | 3,099 | 19,158 | ||||||
Sociedad Quimica y Minera de Chile SA Preference Shares (Class B) | 372 | 5,366 | ||||||
111,145 | ||||||||
CHINA — 1.4% | ||||||||
Agricultural Bank of China, Ltd. (Class H) | 108,000 | 40,831 | ||||||
Bank of China, Ltd. (Class H) | 288,000 | 123,746 | ||||||
Bank of Communications Co., Ltd. (Class H) | 48,000 | 33,259 | ||||||
China Cinda Asset Management Co., Ltd. (Class H) | 12,000 | 4,150 | ||||||
China CITIC Bank Corp., Ltd. (Class H) (a) | 48,000 | 27,809 | ||||||
China Communications Construction Co., Ltd. (Class H) | 12,000 | 14,756 | ||||||
China Construction Bank Corp. (Class H) | 240,000 | 159,483 | ||||||
China Everbright Bank Co., Ltd. (Class H) | 12,000 | 5,218 | ||||||
China Life Insurance Co., Ltd. (Class H) | 24,000 | 82,993 | ||||||
China Merchants Bank Co., Ltd. (Class H) | 18,000 | 43,432 | ||||||
China Minsheng Banking Corp., Ltd. (Class H) | 24,000 | 22,111 | ||||||
China Oilfield Services, Ltd. (Class H) | 24,000 | 23,969 | ||||||
China Pacific Insurance Group Co., Ltd. (Class H) | 4,800 | 17,744 | ||||||
China Telecom Corp., Ltd. (Class H) | 48,000 | 23,102 | ||||||
Chongqing Changan Automobile Co., Ltd. (Class B) | 2,400 | 4,054 | ||||||
Chongqing Rural Commercial Bank Co., Ltd. (Class H) | 12,000 | 6,766 | ||||||
CITIC Securities Co., Ltd. (Class H) | 6,000 | 10,684 | ||||||
Country Garden Holdings Co., Ltd. | 12,000 | 4,320 | ||||||
Great Wall Motor Co., Ltd. (Class H) | 18,000 | 19,881 | ||||||
Haitong Securities Co., Ltd. (Class H) | 4,800 | 6,912 | ||||||
Industrial & Commercial Bank of China, Ltd. (Class H) | 240,000 | 138,115 | ||||||
Jiangsu Expressway Co., Ltd. (Class H) | 24,000 | 30,565 | ||||||
Ping An Insurance Group Co. of China, Ltd. (Class H) | 12,000 | 59,380 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H) | 2,400 | 5,004 | ||||||
Sinopec Engineering Group Co., Ltd. (Class H) | 6,000 | 5,218 | ||||||
Sinopharm Group Co., Ltd. (Class H) | 4,800 | 16,784 | ||||||
Tencent Holdings, Ltd. | 12,000 | 200,205 | ||||||
Want Want China Holdings, Ltd. | 12,000 | 9,848 | ||||||
Zhejiang Expressway Co., Ltd. (Class H) | 24,000 | 26,044 | ||||||
1,166,383 | ||||||||
COLOMBIA — 0.1% | ||||||||
Almacenes Exito SA | 1,503 | 6,456 | ||||||
Bancolombia SA Preference Shares | 936 | 7,568 | ||||||
Interconexion Electrica SA ESP | 18,516 | 42,884 | ||||||
56,908 | ||||||||
DENMARK — 0.6% | ||||||||
Carlsberg A/S (Class B) | 431 | 33,051 | ||||||
Coloplast A/S (Class B) | 264 | 18,672 | ||||||
Danske Bank A/S | 1,980 | 59,697 | ||||||
Novo Nordisk A/S (Class B) | 4,610 | 247,081 | ||||||
Novozymes A/S (Class B) | 1,271 | 55,323 | ||||||
Pandora A/S | 300 | 34,968 | ||||||
TDC A/S | 2,368 | 12,178 | ||||||
Vestas Wind Systems A/S | 624 | 32,361 | ||||||
493,331 | ||||||||
EGYPT — 0.0% (b) | ||||||||
Commercial International Bank Egypt SAE | 852 | 5,775 | ||||||
FINLAND — 0.4% | ||||||||
Elisa Oyj | 600 | 20,240 | ||||||
Kone Oyj (Class B) | 1,503 | 57,043 | ||||||
Metso Oyj | 396 | 8,217 | ||||||
Nokia Oyj | 9,566 | 65,190 | ||||||
Nokian Renkaat Oyj | 348 | 11,230 | ||||||
Orion Oyj (Class B) | 288 | 10,866 | ||||||
Sampo Oyj (Class A) | 1,716 | 82,902 | ||||||
Wartsila Oyj Abp | 780 | 30,883 | ||||||
286,571 | ||||||||
FRANCE — 3.2% | ||||||||
Aeroports de Paris | 252 | 28,509 | ||||||
Alcatel-Lucent (a) | 3,399 | 12,445 | ||||||
Alstom SA (a) | 636 | 19,598 | ||||||
Atos SE | 230 | 17,597 |
See accompanying notes to financial statements.
331
SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
AXA SA | 6,482 | $ | 156,541 | |||||
BNP Paribas SA | 3,119 | 182,644 | ||||||
Bollore SA | 5,996 | 29,115 | ||||||
Bureau Veritas SA | 612 | 12,867 | ||||||
Cap Gemini SA | 372 | 33,062 | ||||||
Carrefour SA | 872 | 25,736 | ||||||
Christian Dior SE | 240 | 44,753 | ||||||
CNP Assurances | 1,800 | 24,935 | ||||||
Credit Agricole SA | 3,770 | 43,156 | ||||||
Danone SA | 1,687 | 106,245 | ||||||
Dassault Systemes | 205 | 15,103 | ||||||
Edenred | 529 | 8,618 | ||||||
Essilor International SA | 519 | 63,089 | ||||||
Eutelsat Communications SA | 252 | 7,707 | ||||||
Fonciere Des Regions | 178 | 15,470 | ||||||
Gecina SA | 120 | 14,594 | ||||||
Groupe Eurotunnel SE | 1,152 | 15,650 | ||||||
ICADE | 252 | 17,044 | ||||||
Iliad SA | 48 | 9,671 | ||||||
Kering | 252 | 41,069 | ||||||
Klepierre | 623 | 28,158 | ||||||
L’Oreal SA | 792 | 137,075 | ||||||
Lagardere SCA | 240 | 6,628 | ||||||
Legrand SA | 960 | 50,831 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 804 | 136,594 | ||||||
Natixis SA | 1,872 | 10,321 | ||||||
Orange SA | 5,063 | 76,409 | ||||||
Pernod Ricard SA | 840 | 84,557 | ||||||
Peugeot SA (a) | 768 | 11,535 | ||||||
Publicis Groupe SA | 624 | 42,475 | ||||||
Remy Cointreau SA | 108 | 7,073 | ||||||
Renault SA | 648 | 46,293 | ||||||
Rexel SA | 1,667 | 20,431 | ||||||
Safran SA | 984 | 73,922 | ||||||
Sanofi | 3,023 | 286,455 | ||||||
Schneider Electric SE | 1,848 | 103,162 | ||||||
SCOR SE | 1,056 | 37,773 | ||||||
Societe BIC SA | 72 | 11,155 | ||||||
Societe Generale SA | 2,356 | 104,801 | ||||||
Sodexo SA | 396 | 32,711 | ||||||
Technip SA | 772 | 36,335 | ||||||
Thales SA | 696 | 48,300 | ||||||
Unibail-Rodamco SE | 276 | 71,260 | ||||||
Valeo SA | 72 | 9,705 | ||||||
Vinci SA | 1,443 | 91,346 | ||||||
Vivendi SA | 3,543 | 83,566 | ||||||
Zodiac Aerospace | 780 | 17,844 | ||||||
2,611,933 | ||||||||
GERMANY — 3.1% | ||||||||
adidas AG | 648 | 52,087 | ||||||
Allianz SE | 1,443 | 225,907 | ||||||
BASF SE | 1,962 | 149,626 | ||||||
Bayer AG | 1,872 | 239,157 | ||||||
Bayerische Motoren Werke AG | 996 | 88,076 | ||||||
Bayerische Motoren Werke AG Preference Shares | 576 | 39,433 | ||||||
Beiersdorf AG | 372 | 32,875 | ||||||
Brenntag AG | 600 | 32,259 | ||||||
Commerzbank AG (a) | 2,463 | 25,904 | ||||||
Continental AG | 192 | 40,742 | ||||||
Daimler AG | 2,602 | 188,356 | ||||||
Deutsche Bank AG | 4,311 | 115,829 | ||||||
Deutsche Boerse AG | 495 | 42,562 | ||||||
Deutsche Post AG | 1,812 | 50,111 | ||||||
Deutsche Telekom AG | 7,598 | 134,725 | ||||||
Deutsche Wohnen AG | 891 | 23,756 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 336 | 20,700 | ||||||
Fresenius Medical Care AG & Co. KGaA | 443 | 34,526 | ||||||
Fresenius SE & Co. KGaA | 648 | 43,400 | ||||||
GEA Group AG | 420 | 15,956 | ||||||
Hannover Rueck SE | 154 | 15,736 | ||||||
Henkel AG & Co. KGaA | 396 | 34,894 | ||||||
Henkel AG & Co. KGaA Preference Shares | 507 | 52,049 | ||||||
Hugo Boss AG | 84 | 9,414 | ||||||
Infineon Technologies AG | 3,983 | 44,705 | ||||||
MAN SE | 48 | 4,884 | ||||||
Merck KGaA | 360 | 31,782 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 660 | 122,849 | ||||||
Porsche Automobil Holding SE Preference Shares | 912 | 38,781 | ||||||
ProSiebenSat.1 Media SE | 455 | 22,266 | ||||||
SAP SE | 2,475 | 160,099 | ||||||
Siemens AG | 2,356 | 210,233 | ||||||
Symrise AG | 840 | 50,436 | ||||||
Telefonica Deutschland Holding AG | 3,251 | 19,818 | ||||||
Volkswagen AG | 48 | 5,623 | ||||||
Volkswagen AG Preference Shares | 449 | 48,992 | ||||||
Vonovia SE | 1,115 | 35,777 | ||||||
2,504,325 | ||||||||
GREECE — 0.0% (b) | ||||||||
Eurobank Ergasias SA (a) | 19,974 | 491 | ||||||
FF Group (a) | 192 | 3,901 | ||||||
Hellenic Telecommunications Organization SA | 555 | 4,832 | ||||||
JUMBO SA | 495 | 4,337 | ||||||
National Bank of Greece SA (a) | 3,579 | 1,538 | ||||||
OPAP SA | 531 | 4,789 | ||||||
Piraeus Bank SA (a) | 4,566 | 398 | ||||||
20,286 | ||||||||
HONG KONG — 2.0% | ||||||||
AIA Group, Ltd. | 24,000 | 124,025 | ||||||
Beijing Capital International Airport Co., Ltd. | 24,000 | 22,328 | ||||||
Beijing Enterprises Water Group, Ltd. (a) | 48,000 | 33,445 | ||||||
Belle International Holdings, Ltd. | 12,000 | 10,374 | ||||||
BOC Hong Kong Holdings, Ltd. | 6,000 | 17,613 | ||||||
Cheung Kong Infrastructure Holdings, Ltd. | 12,000 | 107,225 | ||||||
China Jinmao Holdings Group, Ltd. | 24,000 | 6,039 | ||||||
China Mobile, Ltd. | 18,000 | 213,212 | ||||||
China Overseas Land & Investment, Ltd. | 24,000 | 72,464 | ||||||
China Unicom (Hong Kong), Ltd. | 24,000 | 30,379 | ||||||
CITIC, Ltd. | 12,000 | 21,832 | ||||||
CK Hutchison Holdings, Ltd. | 12,000 | 155,147 | ||||||
COSCO Pacific, Ltd. (c) | 24,000 | 31,051 |
See accompanying notes to financial statements.
332
SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
GCL Poly Energy Holdings, Ltd. (a) | 24,000 | $ | 4,614 | |||||
Guangdong Investment, Ltd. | 48,000 | 71,349 | ||||||
Hanergy Thin Film Power Group, Ltd. (a)(d) | 24,000 | 0 | ||||||
Hang Lung Properties, Ltd. | 12,000 | 26,880 | ||||||
Hong Kong & China Gas Co., Ltd. | 66,000 | 123,653 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 2,418 | 55,161 | ||||||
Kunlun Energy Co., Ltd. | 48,000 | 34,312 | ||||||
Lenovo Group, Ltd. | 24,000 | 20,222 | ||||||
Li & Fung, Ltd. | 24,000 | 18,302 | ||||||
Link REIT | 6,000 | 32,903 | ||||||
MTR Corp., Ltd. | 12,000 | 52,026 | ||||||
New World Development Co., Ltd. | 24,314 | 23,530 | ||||||
Sands China, Ltd. | 4,800 | 14,431 | ||||||
Shimao Property Holdings, Ltd. | 6,000 | 8,996 | ||||||
Sun Art Retail Group, Ltd. | 6,000 | 4,606 | ||||||
Sun Hung Kai Properties, Ltd. | 12,000 | 155,612 | ||||||
Swire Properties, Ltd. | 4,800 | 13,254 | ||||||
Wharf Holdings, Ltd. | 12,000 | 67,354 | ||||||
Wynn Macau, Ltd. | 4,800 | 5,438 | ||||||
Yuexiu Property Co., Ltd. | 48,000 | 7,866 | ||||||
1,585,643 | ||||||||
INDIA — 1.0% | ||||||||
Bharat Petroleum Corp., Ltd. | 3,212 | 41,628 | ||||||
Cairn India, Ltd. | 21,424 | 50,051 | ||||||
Dr. Reddy’s Laboratories, Ltd. ADR | 1,188 | 75,925 | ||||||
Housing Development Finance Corp., Ltd. | 3,253 | 60,102 | ||||||
ICICI Bank, Ltd. ADR | 5,930 | 49,693 | ||||||
Infosys, Ltd. ADR | 12,620 | 240,916 | ||||||
Larsen & Toubro, Ltd. GDR | 2,999 | 67,028 | ||||||
Mahindra & Mahindra, Ltd. GDR | 2,391 | 46,146 | ||||||
State Bank of India GDR | 1,212 | 44,056 | ||||||
Tata Consultancy Services, Ltd. | 1,304 | 51,414 | ||||||
Tata Motors, Ltd. ADR (a) | 2,498 | 56,205 | ||||||
Wipro, Ltd. ADR | 4,742 | 58,279 | ||||||
841,443 | ||||||||
INDONESIA — 0.2% | ||||||||
Astra International Tbk PT | 64,800 | 23,111 | ||||||
Bank Central Asia Tbk PT | 18,000 | 15,082 | ||||||
Bank Mandiri Persero Tbk PT | 24,000 | 12,983 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 24,000 | 14,171 | ||||||
Bumi Serpong Damai Tbk PT | 47,200 | 4,527 | ||||||
Charoen Pokphand Indonesia Tbk PT | 18,000 | 2,457 | ||||||
Jasa Marga Persero Tbk PT | 24,000 | 7,904 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 124,800 | 21,552 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 144,000 | 25,999 | ||||||
Unilever Indonesia Tbk PT | 6,000 | 15,563 | ||||||
United Tractors Tbk PT | 6,000 | 7,157 | ||||||
150,506 | ||||||||
IRELAND — 1.3% | ||||||||
Accenture PLC (Class A) | 1,716 | 168,614 | ||||||
Allergan PLC (a) | 937 | 254,686 | ||||||
Bank of Ireland (a) | 51,284 | 19,922 | ||||||
Eaton Corp. PLC | 1,575 | 80,797 | ||||||
Endo International PLC (a) | 384 | 26,603 | ||||||
Jazz Pharmaceuticals PLC (a) | 144 | 19,125 | ||||||
Kerry Group PLC (Class A) | 348 | 26,085 | ||||||
Mallinckrodt PLC (a) | 276 | 17,647 | ||||||
Medtronic PLC | 3,909 | 261,668 | ||||||
Pentair PLC | 728 | 37,157 | ||||||
Perrigo Co. PLC | 348 | 54,730 | ||||||
Seagate Technology PLC | 672 | 30,106 | ||||||
Weatherford International PLC (a) | 2,710 | 22,981 | ||||||
1,020,121 | ||||||||
ISRAEL — 0.2% | ||||||||
Bank Hapoalim BM | 3,363 | 16,905 | ||||||
Bank Leumi Le-Israel BM (a) | 5,171 | 19,288 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 3,767 | 7,198 | ||||||
Teva Pharmaceutical Industries, Ltd. | 2,195 | 125,552 | ||||||
168,943 | ||||||||
ITALY — 0.9% | ||||||||
Assicurazioni Generali SpA | 3,744 | 68,372 | ||||||
Atlantia SpA | 2,523 | 70,379 | ||||||
Banco Popolare SC (a) | 672 | 9,917 | ||||||
Enel Green Power SpA | 41,147 | 77,668 | ||||||
Intesa Sanpaolo SpA | 30,486 | 107,399 | ||||||
Luxottica Group SpA | 420 | 29,067 | ||||||
Mediobanca SpA | 1,740 | 17,073 | ||||||
Saipem SpA (a) | 876 | 7,006 | ||||||
Snam SpA | 17,307 | 88,751 | ||||||
Telecom Italia SpA (a)(e) | 8,762 | 10,778 | ||||||
Telecom Italia SpA (e) | 37,771 | 38,662 | ||||||
Terna Rete Elettrica Nazionale SpA | 24,758 | 120,107 | ||||||
UBI Banca SCpA | 1,128 | 7,983 | ||||||
UniCredit SpA | 10,735 | 66,745 | ||||||
UnipolSai SpA | 3,687 | 8,005 | ||||||
727,912 | ||||||||
JAPAN — 7.5% | ||||||||
Alfresa Holdings Corp. | 1,200 | 20,390 | ||||||
Amada Holdings Co., Ltd. | 1,200 | 9,098 | ||||||
Asahi Group Holdings, Ltd. | 1,200 | 38,776 | ||||||
Astellas Pharma, Inc. | 6,000 | 77,402 | ||||||
Brother Industries, Ltd. | 1,200 | 14,368 | ||||||
Canon, Inc. | 3,600 | 103,823 | ||||||
Central Japan Railway Co. | 1,200 | 192,627 | ||||||
Chugai Pharmaceutical Co., Ltd. | 1,200 | 36,722 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 2,400 | 37,944 | ||||||
Daiichi Sankyo Co., Ltd. | 1,200 | 20,741 | ||||||
Daikin Industries, Ltd. | 1,200 | 66,891 | ||||||
Daiwa House Industry Co., Ltd. | 2,400 | 59,066 | ||||||
Daiwa Securities Group, Inc. | 12,000 | 77,121 | ||||||
Denso Corp. | 1,200 | 50,459 | ||||||
Dentsu, Inc. | 1,200 | 61,320 | ||||||
East Japan Railway Co. | 1,200 | 100,747 | ||||||
FANUC Corp. | 1,200 | 183,509 | ||||||
Fuji Heavy Industries, Ltd. | 2,400 | 85,828 | ||||||
FUJIFILM Holdings Corp. | 1,200 | 44,647 | ||||||
GungHo Online Entertainment, Inc. | 1,200 | 3,547 | ||||||
Hino Motors, Ltd. | 1,200 | 12,154 | ||||||
Hitachi Chemical Co., Ltd. | 1,200 | 16,442 | ||||||
Hitachi Construction Machinery Co., Ltd. | 1,200 | 16,001 | ||||||
Hitachi Metals, Ltd. | 12,000 | 138,571 | ||||||
Hitachi, Ltd. | 12,000 | 60,208 |
See accompanying notes to financial statements.
333
SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Honda Motor Co., Ltd. | 4,800 | $ | 141,838 | |||||
Hoya Corp. | 1,200 | 39,107 | ||||||
Isuzu Motors, Ltd. | 1,200 | 11,973 | ||||||
ITOCHU Corp. | 9,600 | 100,797 | ||||||
Japan Tobacco, Inc. | 3,600 | 111,067 | ||||||
JTEKT Corp. | 1,200 | 16,673 | ||||||
Kao Corp. | 1,200 | 54,136 | ||||||
KDDI Corp. | 3,600 | 80,167 | ||||||
Keyence Corp. | 100 | 44,420 | ||||||
Kirin Holdings Co., Ltd. | 1,200 | 15,686 | ||||||
Komatsu, Ltd. | 3,600 | 52,678 | ||||||
Kyocera Corp. | 1,200 | 54,707 | ||||||
Marubeni Corp. | 15,600 | 76,043 | ||||||
Mazda Motor Corp. | 1,200 | 18,837 | ||||||
Medipal Holdings Corp. | 2,400 | 37,894 | ||||||
Mitsubishi Corp. | 6,000 | 97,867 | ||||||
Mitsubishi Electric Corp. | 12,000 | 109,214 | ||||||
Mitsubishi Estate Co., Ltd. | 3,000 | 61,007 | ||||||
Mitsubishi Heavy Industries, Ltd. | 12,000 | 53,344 | ||||||
Mitsubishi Motors Corp. | 1,200 | 9,138 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 40,800 | 244,054 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 2,400 | 10,501 | ||||||
Mitsui & Co., Ltd. | 4,800 | 53,725 | ||||||
Mitsui Fudosan Co., Ltd. | 2,000 | 54,490 | ||||||
Mizuho Financial Group, Inc. | 81,600 | 151,869 | ||||||
MS&AD Insurance Group Holdings, Inc. | 2,400 | 63,985 | ||||||
Murata Manufacturing Co., Ltd. | 400 | 51,334 | ||||||
NEC Corp. | 9,000 | 27,579 | ||||||
Nidec Corp. | 1,200 | 82,021 | ||||||
Nikon Corp. | 1,200 | 14,448 | ||||||
Nippon Telegraph & Telephone Corp. | 2,400 | 83,724 | ||||||
Nissan Motor Co., Ltd. | 7,200 | 65,769 | ||||||
Nitto Denko Corp. | 1,200 | 71,390 | ||||||
Nomura Holdings, Inc. | 12,000 | 68,945 | ||||||
NTT DoCoMo, Inc. | 6,000 | 99,846 | ||||||
Olympus Corp. | 1,200 | 37,223 | ||||||
ORIX Corp. | 4,800 | 61,400 | ||||||
Otsuka Holdings Co., Ltd. | 1,200 | 38,155 | ||||||
Panasonic Corp. | 4,800 | 48,234 | ||||||
Rakuten, Inc. | 2,400 | 30,540 | ||||||
Resona Holdings, Inc. | 8,400 | 42,524 | ||||||
Ricoh Co., Ltd. | 2,400 | 24,137 | ||||||
SBI Holdings, Inc. | 1,200 | 13,436 | ||||||
Secom Co., Ltd. | 1,200 | 71,831 | ||||||
Sekisui House, Ltd. | 2,400 | 37,373 | ||||||
Seven & i Holdings Co., Ltd. | 2,400 | 109,094 | ||||||
Shin-Etsu Chemical Co., Ltd. | 1,200 | 61,270 | ||||||
Shionogi & Co., Ltd. | 1,200 | 42,834 | ||||||
Shiseido Co., Ltd. | 1,200 | 26,056 | ||||||
SoftBank Group Corp. | 2,400 | 109,755 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 1,200 | 34,628 | ||||||
Sony Corp. | 2,400 | 58,084 | ||||||
Sumitomo Corp. | 8,400 | 80,798 | ||||||
Sumitomo Metal Mining Co., Ltd. | 12,000 | 135,465 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 3,600 | 135,626 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 12,000 | 43,826 | ||||||
Suzuki Motor Corp. | 1,200 | 36,692 | ||||||
T&D Holdings, Inc. | 2,400 | 28,145 | ||||||
Takeda Pharmaceutical Co., Ltd. | 2,400 | 104,946 | ||||||
Toho Gas Co., Ltd. | 12,000 | 70,538 | ||||||
Tokio Marine Holdings, Inc. | 2,400 | 89,014 | ||||||
Tokyo Gas Co., Ltd. | 12,000 | 57,893 | ||||||
Tokyu Corp. | 12,000 | 87,672 | ||||||
Tokyu Fudosan Holdings Corp. | 1,200 | 7,946 | ||||||
Toshiba Corp. (a) | 12,000 | 30,099 | ||||||
Toyota Motor Corp. | 7,200 | 419,081 | ||||||
Toyota Tsusho Corp. | 1,200 | 25,179 | ||||||
Unicharm Corp. | 1,200 | 21,181 | ||||||
Yahoo! Japan Corp. | 3,600 | 13,647 | ||||||
Yamato Holdings Co., Ltd. | 1,200 | 22,885 | ||||||
6,115,882 | ||||||||
LUXEMBOURG — 0.1% | ||||||||
RTL Group SA | 120 | 10,314 | ||||||
SES SA | 612 | 19,244 | ||||||
Subsea 7 SA (a) | 3,935 | 29,524 | ||||||
Tenaris SA | 1,455 | 17,427 | ||||||
76,509 | ||||||||
MACAU — 0.0% (b) | ||||||||
MGM China Holdings, Ltd. | 4,800 | 5,556 | ||||||
MALAYSIA — 0.3% | ||||||||
Axiata Group Bhd | 6,138 | 8,099 | ||||||
Bumi Armada Bhd (a) | 60,300 | 12,689 | ||||||
CIMB Group Holdings Bhd | 12,108 | 12,285 | ||||||
Gamuda Bhd | 9,600 | 9,587 | ||||||
Genting Bhd | 10,800 | 17,862 | ||||||
Genting Malaysia Bhd | 16,800 | 15,861 | ||||||
IJM Corp. Bhd | 14,400 | 10,548 | ||||||
IOI Properties Group Bhd | 8,750 | 3,941 | ||||||
Malayan Banking Bhd | 11,085 | 21,586 | ||||||
Petronas Chemicals Group Bhd | 13,200 | 18,438 | ||||||
Petronas Dagangan Bhd | 4,800 | 23,827 | ||||||
Petronas Gas Bhd | 12,000 | 59,949 | ||||||
PPB Group Bhd | 3,600 | 12,629 | ||||||
Public Bank Bhd | 3,600 | 14,348 | ||||||
SapuraKencana Petroleum Bhd | 47,300 | 20,229 | ||||||
261,878 | ||||||||
MEXICO — 0.5% | ||||||||
America Movil SAB de CV (Series L) | 85,329 | 70,593 | ||||||
Coca-Cola FEMSA SAB de CV (Series L) | 1,188 | 8,238 | ||||||
Fibra Uno Administracion SA de CV REIT | 5,003 | 10,306 | ||||||
Fomento Economico Mexicano SAB de CV | 4,742 | 42,328 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV (Class B) | 1,188 | 10,306 | ||||||
Grupo Financiero Banorte SAB de CV | 4,742 | 23,169 | ||||||
Grupo Financiero Santander Mexico SAB de CV (Class B) | 2,368 | 3,499 | ||||||
Grupo Mexico SAB de CV (Series B) | 56,528 | 136,494 | ||||||
Grupo Televisa SAB | 4,742 | 24,680 | ||||||
Mexichem SAB de CV | 1,188 | 2,910 | ||||||
OHL Mexico SAB de CV (a) | 10,334 | 13,287 | ||||||
Wal-Mart de Mexico SAB de CV | 16,589 | 40,634 | ||||||
386,444 | ||||||||
NETHERLANDS — 1.3% | ||||||||
Aegon NV | 8,707 | 49,908 | ||||||
Airbus Group SE | 1,692 | 99,931 | ||||||
Altice NV (Class A) (a) | 396 | 8,277 |
See accompanying notes to financial statements.
334
SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
ASML Holding NV | 924 | $ | 80,615 | |||||
Chicago Bridge & Iron Co. NV | 420 | 16,657 | ||||||
CNH Industrial NV | 2,415 | 15,703 | ||||||
Core Laboratories NV | 264 | 26,347 | ||||||
Delta Lloyd NV | 861 | 7,211 | ||||||
Gemalto NV | 168 | 10,879 | ||||||
Heineken NV | 660 | 53,221 | ||||||
ING Groep NV | 10,034 | 141,686 | ||||||
Koninklijke Ahold NV | 732 | 14,226 | ||||||
Koninklijke KPN NV | 7,694 | 28,720 | ||||||
Koninklijke Philips NV | 2,820 | 66,246 | ||||||
Koninklijke Vopak NV | 2,040 | 81,260 | ||||||
LyondellBasell Industries NV (Class A) | 495 | 41,263 | ||||||
Mylan NV (a) | 1,188 | 47,829 | ||||||
OCI NV (a) | 204 | 5,210 | ||||||
Randstad Holding NV | 552 | 32,786 | ||||||
RELX NV | 2,330 | 37,895 | ||||||
Sensata Technologies Holding NV (a) | 519 | 23,012 | ||||||
Unilever NV | 4,265 | 170,865 | ||||||
Wolters Kluwer NV | 852 | 26,163 | ||||||
1,085,910 | ||||||||
NEW ZEALAND — 0.0% (b) | ||||||||
Auckland International Airport, Ltd. | 8,270 | 25,817 | ||||||
NORWAY — 0.2% | ||||||||
DnB ASA | 3,119 | 40,478 | ||||||
Gjensidige Forsikring ASA | 336 | 4,514 | ||||||
Orkla ASA | 3,779 | 27,955 | ||||||
Seadrill, Ltd. (a) | 1,992 | 11,595 | ||||||
Telenor ASA | 2,760 | 51,414 | ||||||
135,956 | ||||||||
PERU — 0.0% (b) | ||||||||
Compania de Minas Buenaventura SA ADR | 1,188 | 7,080 | ||||||
Credicorp, Ltd. | 216 | 22,974 | ||||||
30,054 | ||||||||
PHILIPPINES — 0.1% | ||||||||
Aboitiz Power Corp. | 54,000 | 49,910 | ||||||
Energy Development Corp. | 45,500 | 5,354 | ||||||
International Container Terminal Services, Inc. | 2,400 | 3,854 | ||||||
JG Summit Holdings, Inc. | 4,720 | 7,155 | ||||||
Philippine Long Distance Telephone Co. | 300 | 14,056 | ||||||
SM Investments Corp. | 360 | 6,859 | ||||||
SM Prime Holdings, Inc. | 22,800 | 10,073 | ||||||
Universal Robina Corp. | 1,440 | 5,915 | ||||||
103,176 | ||||||||
POLAND — 0.1% | ||||||||
Bank Pekao SA | 420 | 17,054 | ||||||
Bank Zachodni WBK SA (a) | 96 | 7,410 | ||||||
Cyfrowy Polsat SA (a) | 864 | 5,310 | ||||||
KGHM Polska Miedz SA | 1,283 | 27,650 | ||||||
mBank SA (a) | 48 | 4,380 | ||||||
Orange Polska SA | 2,111 | 4,036 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA (a) | 3,131 | 24,232 | ||||||
Powszechny Zaklad Ubezpieczen SA | 204 | 20,907 | ||||||
110,979 | ||||||||
PORTUGAL — 0.0% (b) | ||||||||
Banco Comercial Portugues SA (a) | 69,158 | 3,358 | ||||||
QATAR — 0.1% | ||||||||
Barwa Real Estate Co. | 627 | 7,351 | ||||||
Doha Bank QSC | 444 | 6,120 | ||||||
Industries Qatar QSC | 420 | 14,184 | ||||||
Ooredoo QSC | 444 | 9,387 | ||||||
Qatar National Bank SAQ | 473 | 24,351 | ||||||
61,393 | ||||||||
RUSSIA — 0.3% | ||||||||
Magnit PJSC GDR | 948 | 45,286 | ||||||
MegaFon PJSC GDR | 1,200 | 14,580 | ||||||
Mobile TeleSystems PJSC ADR | 3,555 | 25,667 | ||||||
Moscow Exchange MICEX-RTS PJSC | 14,448 | 17,607 | ||||||
Rostelecom PJSC ADR | 948 | 7,508 | ||||||
Sberbank of Russia ADR | 8,294 | 40,935 | ||||||
Surgutneftegas OAO (a) | 98,800 | 50,073 | ||||||
VTB Bank PJSC GDR | 14,581 | 29,454 | ||||||
231,110 | ||||||||
SINGAPORE — 0.6% | ||||||||
Ascendas REIT | 12,000 | 19,748 | ||||||
Avago Technologies, Ltd. | 624 | 78,006 | ||||||
CapitaLand Mall Trust | 12,000 | 16,035 | ||||||
DBS Group Holdings, Ltd. | 12,171 | 138,752 | ||||||
Genting Singapore PLC | 24,000 | 12,237 | ||||||
Global Logistic Properties, Ltd. | 12,000 | 17,217 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 12,478 | 77,137 | ||||||
Singapore Telecommunications, Ltd. | 36,000 | 91,146 | ||||||
UOL Group, Ltd. | 12,240 | 51,735 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 24,000 | 19,158 | ||||||
521,171 | ||||||||
SOUTH AFRICA — 0.7% | ||||||||
Aspen Pharmacare Holdings, Ltd. (a) | 696 | 14,799 | ||||||
Barclays Africa Group, Ltd. | 780 | 9,601 | ||||||
Bidvest Group, Ltd. | 696 | 16,421 | ||||||
Brait SE (a) | 1,162 | 11,807 | ||||||
FirstRand, Ltd. | 12,337 | 43,854 | ||||||
Foschini Group, Ltd. | 648 | 6,576 | ||||||
Growthpoint Properties, Ltd. REIT | 13,466 | 24,980 | ||||||
Investec, Ltd. | 1,068 | 8,176 | ||||||
Kumba Iron Ore, Ltd. | 2,135 | 12,121 | ||||||
Liberty Holdings, Ltd. | 1,283 | 11,715 | ||||||
Mediclinic International, Ltd. | 785 | 6,269 | ||||||
Mr. Price Group, Ltd. | 288 | 4,020 | ||||||
MTN Group, Ltd. | 4,931 | 63,479 | ||||||
Naspers, Ltd. (Class N) | 984 | 123,163 | ||||||
Nedbank Group, Ltd. | 876 | 13,919 | ||||||
Redefine Properties, Ltd. | 15,531 | 13,142 | ||||||
Remgro, Ltd. | 264 | 4,814 | ||||||
RMB Holdings, Ltd. | 4,787 | 22,822 | ||||||
Sanlam, Ltd. | 3,923 | 16,966 | ||||||
Shoprite Holdings, Ltd. | 1,044 | 11,866 | ||||||
Spar Group, Ltd. | 455 | 6,088 | ||||||
Standard Bank Group, Ltd. | 4,751 | 46,386 | ||||||
Steinhoff International Holdings, Ltd. | 4,682 | 28,748 |
See accompanying notes to financial statements.
335
SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Telkom SA SOC, Ltd. | 1,044 | $ | 5,024 | |||||
Truworths International, Ltd. | 1,116 | 6,862 | ||||||
Vodacom Group, Ltd. | 1,704 | 16,945 | ||||||
Woolworths Holdings, Ltd. | 2,219 | 15,535 | ||||||
566,098 | ||||||||
SOUTH KOREA — 1.5% | ||||||||
AmorePacific Corp. | 120 | 38,977 | ||||||
AmorePacific Group | 120 | 16,502 | ||||||
BNK Financial Group, Inc. | 360 | 4,161 | ||||||
Celltrion, Inc. (a) | 189 | 10,827 | ||||||
Coway Co., Ltd. | 120 | 8,474 | ||||||
Daelim Industrial Co., Ltd. | 216 | 12,228 | ||||||
Daewoo Engineering & Construction Co., Ltd. (a) | 948 | 5,103 | ||||||
Daewoo International Corp. | 240 | 4,201 | ||||||
Daewoo Securities Co., Ltd. | 591 | 5,933 | ||||||
Daum Kakao Corp. | 48 | 5,098 | ||||||
Dongbu Insurance Co., Ltd. | 120 | 6,206 | ||||||
Doosan Corp. | 60 | 5,619 | ||||||
E-Mart Co., Ltd. | 72 | 14,002 | ||||||
GS Engineering & Construction Corp. (a) | 228 | 4,722 | ||||||
Hana Financial Group, Inc. | 948 | 21,115 | ||||||
Hanwha Life Insurance Co., Ltd. | 828 | 5,700 | ||||||
Hyundai Department Store Co., Ltd. | 96 | 10,853 | ||||||
Hyundai Development Co.-Engineering & Construction | 240 | 11,035 | ||||||
Hyundai Engineering & Construction Co., Ltd. | 312 | 9,002 | ||||||
Hyundai Glovis Co., Ltd. | 36 | 6,803 | ||||||
Hyundai Mobis Co., Ltd. | 264 | 51,562 | ||||||
Hyundai Motor Co. | 444 | 61,433 | ||||||
Hyundai Motor Co. Preference Shares (e) | 144 | 13,424 | ||||||
Hyundai Motor Co. Preference Shares (e) | 144 | 13,850 | ||||||
Hyundai Wia Corp. | 36 | 3,918 | ||||||
Industrial Bank of Korea | 828 | 9,500 | ||||||
Kangwon Land, Inc. | 591 | 21,091 | ||||||
KB Financial Group, Inc. | 1,080 | 32,118 | ||||||
Kia Motors Corp. | 888 | 40,156 | ||||||
Korea Aerospace Industries, Ltd. | 120 | 6,874 | ||||||
Korea Electric Power Corp. | 1,680 | 69,451 | ||||||
Korea Gas Corp. | 708 | 23,743 | ||||||
Korea Zinc Co., Ltd. | 72 | 28,276 | ||||||
KT&G Corp. | 495 | 46,564 | ||||||
LG Household & Health Care, Ltd. | 24 | 17,292 | ||||||
Lotte Shopping Co., Ltd. | 24 | 5,781 | ||||||
NAVER Corp. | 72 | 31,162 | ||||||
NCSoft Corp. | 48 | 7,654 | ||||||
Orion Corp. | 12 | 9,537 | ||||||
Paradise Co., Ltd. | 240 | 4,546 | ||||||
S-1 Corp. | 96 | 7,557 | ||||||
Samsung C&T Corp. (a) | 182 | 22,495 | ||||||
Samsung Card Co., Ltd. | 144 | 4,404 | ||||||
Samsung Electronics Co., Ltd. | 276 | 264,055 | ||||||
Samsung Electronics Co., Ltd. Preference Share | 60 | 46,419 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 84 | 19,843 | ||||||
Samsung Heavy Industries Co., Ltd. | 360 | 3,736 | ||||||
Samsung Life Insurance Co., Ltd. | 180 | 15,019 | ||||||
Samsung SDI Co., Ltd. | 96 | 8,788 | ||||||
Samsung Securities Co., Ltd. | 168 | 6,442 | ||||||
Shinhan Financial Group Co., Ltd. | 1,188 | 41,494 | ||||||
SK Holdings Co., Ltd. | 48 | 9,881 | ||||||
SK Hynix, Inc. | 1,308 | 37,023 | ||||||
SK Telecom Co., Ltd. | 60 | 13,313 | ||||||
Woori Bank | 1,308 | 10,362 | ||||||
1,215,324 | ||||||||
SPAIN — 1.1% | ||||||||
Abertis Infraestructuras SA | 3,224 | 50,851 | ||||||
Amadeus IT Holding SA (Class A) | 1,008 | 43,010 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 15,186 | 128,491 | ||||||
Banco de Sabadell SA | 8,797 | 16,124 | ||||||
Banco Popular Espanol SA | 3,905 | 14,206 | ||||||
Banco Santander SA | 39,996 | 211,798 | ||||||
Bankia SA | 9,966 | 12,882 | ||||||
CaixaBank SA (a) | 4,510 | 17,343 | ||||||
Enagas SA | 2,267 | 64,832 | ||||||
Ferrovial SA | 657 | 15,650 | ||||||
Grifols SA | 168 | 6,919 | ||||||
Industria de Diseno Textil SA | 2,415 | 80,684 | ||||||
Mapfre SA | 10,813 | 28,184 | ||||||
Red Electrica Corp. SA | 1,056 | 87,393 | ||||||
Telefonica SA | 11,548 | 139,604 | ||||||
917,971 | ||||||||
SWEDEN — 1.1% | ||||||||
Alfa Laval AB | 948 | 15,474 | ||||||
Assa Abloy AB (Class B) | 1,872 | 33,458 | ||||||
Atlas Copco AB (Class A) | 972 | 23,306 | ||||||
Atlas Copco AB (Class B) | 2,279 | 50,813 | ||||||
Autoliv, Inc. | 192 | 20,930 | ||||||
Boliden AB | 4,179 | 65,173 | ||||||
Electrolux AB (Series B) | 228 | 6,416 | ||||||
Getinge AB (Class B) | 288 | 6,401 | ||||||
Hennes & Mauritz AB (Class B) | 2,231 | 81,318 | ||||||
Hexagon AB, (Class B) | 264 | 8,036 | ||||||
Industrivarden AB (Class C) | 420 | 7,351 | ||||||
Investor AB (Class B) | 1,455 | 49,807 | ||||||
Kinnevik Investment AB (Class B) | 552 | 15,723 | ||||||
Lundin Petroleum AB (Class B) (a) | 8,717 | 112,041 | ||||||
Nordea Bank AB | 7,043 | 78,264 | ||||||
Sandvik AB | 2,451 | 20,807 | ||||||
Skandinaviska Enskilda Banken AB (Class A) | 2,339 | 24,918 | ||||||
SKF AB (Class B) | 372 | 6,817 | ||||||
Svenska Handelsbanken AB (Class A) | 1,449 | 20,715 | ||||||
Swedbank AB (Class A) | 1,259 | 27,756 | ||||||
Swedish Match AB | 495 | 14,914 | ||||||
Telefonaktiebolaget LM Ericsson (Class B) | 7,370 | 72,232 | ||||||
TeliaSonera AB | 8,282 | 44,476 | ||||||
Volvo AB (Class B) | 4,883 | 46,635 | ||||||
853,781 | ||||||||
SWITZERLAND — 3.7% | ||||||||
ABB, Ltd. (a) | 5,654 | 99,644 | ||||||
ACE, Ltd. | 1,188 | 122,839 | ||||||
Actelion, Ltd. (a) | 168 | 21,269 | ||||||
Adecco SA (a) | 552 | 40,252 |
See accompanying notes to financial statements.
336
SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Baloise Holding AG | 48 | $ | 5,487 | |||||
Cie Financiere Richemont SA | 1,319 | 102,188 | ||||||
Credit Suisse Group AG (a) | 4,288 | 102,779 | ||||||
EMS-Chemie Holding AG | 84 | 34,452 | ||||||
Geberit AG | 60 | 18,281 | ||||||
Givaudan SA (a) | 60 | 97,329 | ||||||
Julius Baer Group, Ltd. (a) | 348 | 15,749 | ||||||
Kuehne + Nagel International AG | 168 | 21,526 | ||||||
Nestle SA | 8,126 | 609,180 | ||||||
Novartis AG | 5,750 | 526,098 | ||||||
Roche Holding AG | 1,704 | 448,192 | ||||||
Schindler Holding AG | 84 | 12,036 | ||||||
Sika AG | 12 | 36,954 | ||||||
Sulzer AG | 48 | 4,691 | ||||||
Swatch Group AG | 60 | 22,168 | ||||||
Swiss Life Holding AG (a) | 156 | 34,709 | ||||||
Swiss Re AG | 1,343 | 114,906 | ||||||
Swisscom AG | 36 | 17,913 | ||||||
Syngenta AG | 408 | 130,321 | ||||||
TE Connectivity, Ltd. | 1,176 | 70,431 | ||||||
UBS Group AG | 9,263 | 170,736 | ||||||
Zurich Insurance Group AG (a) | 396 | 96,943 | ||||||
2,977,073 | ||||||||
TAIWAN — 1.2% | ||||||||
Advanced Semiconductor Engineering, Inc. | 12,000 | 12,865 | ||||||
Cathay Financial Holding Co., Ltd. | 24,000 | 32,763 | ||||||
China Development Financial Holding Corp. | 48,000 | 12,901 | ||||||
Chunghwa Telecom Co., Ltd. | 12,000 | 36,006 | ||||||
CTBC Financial Holding Co., Ltd. | 51,888 | 26,710 | ||||||
E.Sun Financial Holding Co., Ltd. | 13,043 | 7,665 | ||||||
Far Eastern New Century Corp. | 12,240 | 10,892 | ||||||
Far EasTone Telecommunications Co., Ltd. | 12,000 | 25,875 | ||||||
Formosa Petrochemical Corp. | 60,000 | 142,677 | ||||||
Formosa Plastics Corp. | 12,000 | 25,292 | ||||||
Fubon Financial Holding Co., Ltd. | 24,000 | 37,391 | ||||||
Hon Hai Precision Industry Co., Ltd. | 25,200 | 65,511 | ||||||
Inotera Memories, Inc. (a) | 12,000 | 7,489 | ||||||
Inventec Corp. | 12,000 | 5,685 | ||||||
MediaTek, Inc. | 12,000 | 88,740 | ||||||
Mega Financial Holding Co., Ltd. | 36,000 | 24,928 | ||||||
Pou Chen Corp. | 12,000 | 17,985 | ||||||
Quanta Computer, Inc. | 12,000 | 20,809 | ||||||
Ruentex Development Co., Ltd. | 13,609 | 14,817 | ||||||
Shin Kong Financial Holding Co., Ltd. | 37,469 | 8,876 | ||||||
SinoPac Financial Holdings Co., Ltd. | 25,766 | 8,138 | ||||||
Taishin Financial Holding Co., Ltd. | 24,000 | 8,491 | ||||||
Taiwan Mobile Co., Ltd. | 12,000 | 36,626 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 60,000 | 236,884 | ||||||
Teco Electric & Machinery Co., Ltd. | 12,000 | 9,421 | ||||||
Yuanta Financial Holding Co., Ltd. | 61,573 | 22,814 | ||||||
948,251 | ||||||||
THAILAND — 0.2% | ||||||||
Advanced Info Service PCL | 2,400 | 14,944 | ||||||
Airports of Thailand PCL | 2,400 | 18,581 | ||||||
Bangkok Bank PCL NVDR | 3,600 | 15,870 | ||||||
BTS Group Holdings PCL | 22,800 | 6,125 | ||||||
CP ALL PCL | 9,600 | 12,630 | ||||||
Energy Absolute PCL | 54,000 | 31,988 | ||||||
Kasikornbank PCL NVDR | 4,800 | 22,615 | ||||||
Krung Thai Bank PCL | 10,800 | 5,088 | ||||||
Siam Commercial Bank PCL | 4,800 | 17,721 | ||||||
145,562 | ||||||||
TURKEY — 0.1% | ||||||||
Akbank TAS | 2,796 | 6,261 | ||||||
TAV Havalimanlari Holding AS | 720 | 5,648 | ||||||
Turkcell Iletisim Hizmetleri AS | 3,287 | 11,453 | ||||||
Turkiye Garanti Bankasi AS | 3,555 | 8,254 | ||||||
Turkiye Halk Bankasi AS | 1,431 | 4,774 | ||||||
Turkiye Is Bankasi (Class C) | 3,351 | 5,213 | ||||||
Turkiye Vakiflar Bankasi Tao (Class D) | 2,796 | 3,537 | ||||||
45,140 | ||||||||
UNITED ARAB EMIRATES — 0.0% (b) | ||||||||
Aldar Properties PJSC | 5,985 | 3,911 | ||||||
DP World, Ltd. | 594 | 12,617 | ||||||
Emaar Properties PJSC | 6,597 | 11,603 | ||||||
First Gulf Bank PJSC | 996 | 3,783 | ||||||
31,914 | ||||||||
UNITED KINGDOM — 7.6% | ||||||||
3i Group PLC | 4,324 | 30,542 | ||||||
Aberdeen Asset Management PLC | 2,904 | 13,043 | ||||||
Admiral Group PLC | 324 | 7,371 | ||||||
Amec Foster Wheeler PLC | 5,444 | 59,085 | ||||||
Antofagasta PLC | 13,876 | 105,030 | ||||||
Aon PLC | 612 | 54,229 | ||||||
ARM Holdings PLC | 3,579 | 51,367 | ||||||
Ashtead Group PLC | 1,728 | 24,343 | ||||||
Associated British Foods PLC | 720 | 36,427 | ||||||
AstraZeneca PLC | 3,292 | 208,513 | ||||||
Aviva PLC | 12,064 | 82,598 | ||||||
Babcock International Group PLC | 1,680 | 23,221 | ||||||
BAE Systems PLC | 11,329 | 76,828 | ||||||
Barclays PLC | 44,124 | 163,182 | ||||||
Barratt Developments PLC | 3,648 | 35,614 | ||||||
BG Group PLC | 3,246 | 46,759 | ||||||
British American Tobacco PLC | 5,486 | 302,730 | ||||||
British Land Co. PLC | 3,356 | 42,625 | ||||||
BT Group PLC | 27,007 | 171,653 | ||||||
Bunzl PLC | 1,455 | 39,010 | ||||||
Burberry Group PLC | 1,319 | 27,332 | ||||||
Capita PLC | 2,183 | 39,614 | ||||||
Cobham PLC | 6,458 | 27,948 | ||||||
Compass Group PLC | 5,231 | 83,436 | ||||||
Croda International PLC | 1,008 | 41,363 | ||||||
Delphi Automotive PLC | 672 | 51,099 | ||||||
Diageo PLC | 7,790 | 208,917 | ||||||
Direct Line Insurance Group PLC | 3,618 | 20,546 | ||||||
Dixons Carphone PLC | 1,596 | 10,260 | ||||||
Ensco PLC (Class A) | 1,283 | 18,065 | ||||||
Experian PLC | 3,779 | 60,562 | ||||||
Fresnillo PLC | 1,848 | 16,558 | ||||||
GlaxoSmithKline PLC | 12,613 | 241,876 | ||||||
Hammerson PLC | 4,151 | 39,204 | ||||||
Hargreaves Lansdown PLC | 396 | 7,240 |
See accompanying notes to financial statements.
337
SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
HSBC Holdings PLC | 51,842 | $ | 391,617 | |||||
ICAP PLC | 1,479 | 10,243 | ||||||
IMI PLC | 1,420 | 20,402 | ||||||
Imperial Tobacco Group PLC | 3,227 | 166,831 | ||||||
Inmarsat PLC | 672 | 9,996 | ||||||
Intertek Group PLC | 507 | 18,670 | ||||||
Intu Properties PLC | 4,937 | 24,649 | ||||||
Investec PLC | 1,680 | 12,864 | ||||||
ITV PLC | 10,830 | 40,356 | ||||||
J Sainsbury PLC | 1,716 | 6,784 | ||||||
Johnson Matthey PLC | 1,563 | 57,958 | ||||||
Kingfisher PLC | 7,610 | 41,337 | ||||||
Land Securities Group PLC | 2,595 | 49,488 | ||||||
Legal & General Group PLC | 16,756 | 60,432 | ||||||
Liberty Global PLC (Class A) (a) | 876 | 37,615 | ||||||
Liberty Global PLC (Series C) (a) | 1,044 | 42,825 | ||||||
Lloyds Banking Group PLC | 150,444 | 171,278 | ||||||
London Stock Exchange Group PLC | 612 | 22,425 | ||||||
Marks & Spencer Group PLC | 4,670 | 35,440 | ||||||
Meggitt PLC | 4,091 | 29,509 | ||||||
Melrose Industries PLC | 4,314 | 17,264 | ||||||
National Grid PLC | 11,761 | 163,702 | ||||||
Next PLC | 420 | 48,414 | ||||||
Nielsen Holdings PLC | 1,032 | 45,893 | ||||||
Old Mutual PLC | 12,089 | 34,628 | ||||||
Pearson PLC | 2,368 | 40,425 | ||||||
Persimmon PLC (a) | 1,319 | 40,119 | ||||||
Petrofac, Ltd. | 2,640 | 30,712 | ||||||
Prudential PLC | 6,854 | 144,674 | ||||||
Randgold Resources, Ltd. | 823 | 48,145 | ||||||
Reckitt Benckiser Group PLC | 1,800 | 163,239 | ||||||
RELX PLC | 3,675 | 63,015 | ||||||
Rolls-Royce Holdings PLC (a) | 5,450 | 55,889 | ||||||
Royal Bank of Scotland Group PLC (a) | 6,650 | 31,730 | ||||||
Royal Mail PLC | 1,872 | 13,010 | ||||||
RSA Insurance Group PLC | 2,040 | 12,444 | ||||||
SABMiller PLC | 2,832 | 160,309 | ||||||
Sage Group PLC | 2,892 | 21,877 | ||||||
Schroders PLC | 648 | 27,533 | ||||||
Segro PLC | 3,840 | 24,982 | ||||||
Severn Trent PLC | 2,832 | 93,689 | ||||||
Shire PLC | 1,491 | 101,722 | ||||||
Signet Jewelers, Ltd. | 180 | 24,503 | ||||||
Sky PLC | 3,483 | 55,080 | ||||||
Smith & Nephew PLC | 2,844 | 49,671 | ||||||
Smiths Group PLC | 1,848 | 28,133 | ||||||
Sports Direct International PLC (a) | 936 | 10,733 | ||||||
Standard Chartered PLC | 7,148 | 69,382 | ||||||
Standard Life PLC | 4,761 | 27,967 | ||||||
Tesco PLC (a) | 18,700 | 51,893 | ||||||
Travis Perkins PLC | 1,128 | 33,592 | ||||||
Unilever PLC | 3,555 | 144,639 | ||||||
United Utilities Group PLC | 7,790 | 109,149 | ||||||
Vodafone Group PLC | 72,795 | 229,850 | ||||||
Weir Group PLC | 912 | 16,163 | ||||||
Whitbread PLC | 624 | 44,122 | ||||||
William Hill PLC | 3,305 | 17,562 | ||||||
Wolseley PLC | 972 | 56,803 | ||||||
WPP PLC | 4,835 | 100,556 | ||||||
6,172,122 | ||||||||
UNITED STATES — 50.2% | ||||||||
3M Co. | 1,539 | 218,184 | ||||||
Abbott Laboratories | 4,127 | 165,988 | ||||||
AbbVie, Inc. | 3,995 | 217,368 | ||||||
Activision Blizzard, Inc. | 1,188 | 36,697 | ||||||
Adobe Systems, Inc. (a) | 1,188 | 97,677 | ||||||
ADT Corp. | 588 | 17,581 | ||||||
Advance Auto Parts, Inc. | 156 | 29,567 | ||||||
Aetna, Inc. | 1,188 | 129,979 | ||||||
Affiliated Managers Group, Inc. (a) | 132 | 22,571 | ||||||
Aflac, Inc. | 1,716 | 99,751 | ||||||
Agilent Technologies, Inc. | 1,188 | 40,784 | ||||||
Akamai Technologies, Inc. (a) | 384 | 26,519 | ||||||
Alexion Pharmaceuticals, Inc. (a) | 455 | 71,157 | ||||||
Alleghany Corp. (a) | 48 | 22,469 | ||||||
Alliance Data Systems Corp. (a) | 120 | 31,078 | ||||||
Allstate Corp. | 1,188 | 69,189 | ||||||
Ally Financial, Inc. (a) | 1,655 | 33,729 | ||||||
Alnylam Pharmaceuticals, Inc. (a) | 166 | 13,340 | ||||||
Alphabet, Inc. (Class A) (a) | 684 | 436,645 | ||||||
Alphabet, Inc. (Class C) (a) | 721 | 438,671 | ||||||
Altera Corp. | 1,188 | 59,495 | ||||||
Altria Group, Inc. | 5,927 | 322,429 | ||||||
Amazon.com, Inc. (a) | 948 | 485,272 | ||||||
American Capital Agency Corp. | 3,118 | 58,307 | ||||||
American Express Co. | 2,571 | 190,588 | ||||||
American International Group, Inc. | 4,342 | 246,712 | ||||||
American Tower Corp. | 924 | 81,294 | ||||||
American Water Works Co., Inc. | 2,736 | 150,699 | ||||||
Ameriprise Financial, Inc. | 576 | 62,859 | ||||||
AmerisourceBergen Corp. | 564 | 53,574 | ||||||
AMETEK, Inc. | 1,188 | 62,156 | ||||||
Amgen, Inc. | 1,884 | 260,595 | ||||||
Amphenol Corp. (Class A) | 467 | 23,798 | ||||||
Analog Devices, Inc. | 1,188 | 67,015 | ||||||
Annaly Capital Management, Inc. | 4,742 | 46,804 | ||||||
Anthem, Inc. | 840 | 117,600 | ||||||
Apple, Inc. | 14,024 | 1,546,847 | ||||||
Applied Materials, Inc. | 3,555 | 52,223 | ||||||
Ashland, Inc. | 336 | 33,808 | ||||||
Assurant, Inc. | 443 | 35,001 | ||||||
AT&T, Inc. | 15,440 | 503,035 | ||||||
Autodesk, Inc. (a) | 472 | 20,834 | ||||||
Automatic Data Processing, Inc. | 1,188 | 95,468 | ||||||
AutoZone, Inc. (a) | 84 | 60,802 | ||||||
AvalonBay Communities, Inc. | 348 | 60,837 | ||||||
Avery Dennison Corp. | 540 | 30,548 | ||||||
Avnet, Inc. | 1,188 | 50,704 | ||||||
Axis Capital Holdings, Ltd. | 467 | 25,087 | ||||||
B/E Aerospace, Inc. | 360 | 15,804 | ||||||
Baker Hughes, Inc. | 1,793 | 93,308 | ||||||
Ball Corp. | 407 | 25,315 | ||||||
Bank of America Corp. | 26,071 | 406,186 | ||||||
Bank of New York Mellon Corp. | 3,555 | 139,178 | ||||||
Baxter International, Inc. | 1,431 | 47,008 | ||||||
BB&T Corp. | 1,752 | 62,371 | ||||||
Becton, Dickinson and Co. | 536 | 71,106 |
See accompanying notes to financial statements.
338
SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Berkshire Hathaway, Inc. (Class B) (a) | 2,389 | $ | 311,526 | |||||
Best Buy Co., Inc. | 1,088 | 40,387 | ||||||
Biogen, Inc. (a) | 576 | 168,083 | ||||||
BioMarin Pharmaceutical, Inc. (a) | 323 | 34,018 | ||||||
BlackRock, Inc. | 408 | 121,368 | ||||||
Boeing Co. | 1,872 | 245,138 | ||||||
BorgWarner, Inc. | 483 | 20,088 | ||||||
Boston Properties, Inc. | 276 | 32,678 | ||||||
Boston Scientific Corp. (a) | 3,555 | 58,338 | ||||||
Bristol-Myers Squibb Co. | 4,091 | 242,187 | ||||||
Broadcom Corp. (Class A) | 1,608 | 82,699 | ||||||
Brown-Forman Corp. (Class B) | 519 | 50,291 | ||||||
C.R. Bard, Inc. | 180 | 33,536 | ||||||
CA, Inc. | 2,168 | 59,186 | ||||||
Cameron International Corp. (a) | 1,188 | 72,848 | ||||||
Campbell Soup Co. | 408 | 20,677 | ||||||
Capital One Financial Corp. | 1,932 | 140,109 | ||||||
Cardinal Health, Inc. | 1,088 | 83,580 | ||||||
CarMax, Inc. (a) | 431 | 25,567 | ||||||
Caterpillar, Inc. | 1,680 | 109,805 | ||||||
CBRE Group, Inc. (Class A) (a) | 912 | 29,184 | ||||||
CBS Corp. (Class B) | 1,188 | 47,401 | ||||||
Celanese Corp. (Series A) | 888 | 52,543 | ||||||
Celgene Corp. (a) | 1,944 | 210,282 | ||||||
CenturyLink, Inc. | 1,188 | 29,843 | ||||||
Cerner Corp. (a) | 744 | 44,610 | ||||||
Charles Schwab Corp. | 2,955 | 84,395 | ||||||
Charter Communications, Inc. (Class A) (a) | 132 | 23,212 | ||||||
Cheniere Energy, Inc. (a) | 1,934 | 93,412 | ||||||
Chipotle Mexican Grill, Inc. (a) | 72 | 51,858 | ||||||
Chubb Corp. | 720 | 88,308 | ||||||
Cigna Corp. | 792 | 106,936 | ||||||
Cimarex Energy Co. | 216 | 22,136 | ||||||
Cincinnati Financial Corp. | 505 | 27,169 | ||||||
Cisco Systems, Inc. | 13,549 | 355,661 | ||||||
CIT Group, Inc. | 498 | 19,935 | ||||||
Citigroup, Inc. | 7,922 | 393,010 | ||||||
Citizens Financial Group, Inc. | 1,116 | 26,628 | ||||||
Citrix Systems, Inc. (a) | 384 | 26,604 | ||||||
CME Group, Inc. | 828 | 76,789 | ||||||
Coach, Inc. | 702 | 20,309 | ||||||
Cobalt International Energy, Inc. (a) | 9,482 | 67,133 | ||||||
Coca-Cola Co. | 10,669 | 428,040 | ||||||
Coca-Cola Enterprises, Inc. | 1,188 | 57,440 | ||||||
Cognizant Technology Solutions Corp. (Class A) (a) | 1,563 | 97,859 | ||||||
Colgate-Palmolive Co. | 2,368 | 150,273 | ||||||
Comcast Corp. (Class A) | 5,753 | 327,231 | ||||||
Comcast Corp. (Class A) Special | 788 | 45,105 | ||||||
Comerica, Inc. | 507 | 20,838 | ||||||
Computer Sciences Corp. | 384 | 23,570 | ||||||
Concho Resources, Inc. (a) | 406 | 39,910 | ||||||
Consolidated Edison, Inc. | 888 | 59,363 | ||||||
Constellation Brands, Inc. (Class A) | 624 | 78,131 | ||||||
Cooper Cos., Inc. | 120 | 17,863 | ||||||
Corning, Inc. | 3,555 | 60,862 | ||||||
Costco Wholesale Corp. | 1,179 | 170,448 | ||||||
Crown Castle International Corp. | 756 | 59,626 | ||||||
CSX Corp. | 2,128 | 57,243 | ||||||
Cummins, Inc. | 588 | 63,845 | ||||||
CVS Health Corp. | 3,555 | 342,986 | ||||||
D.R. Horton, Inc. | 1,188 | 34,880 | ||||||
Danaher Corp. | 2,028 | 172,806 | ||||||
DaVita HealthCare Partners, Inc. (a) | 300 | 21,699 | ||||||
Deere & Co. | 827 | 61,198 | ||||||
Discover Financial Services | 1,188 | 61,764 | ||||||
Discovery Communications, Inc. (Series A) (a) | 1,188 | 30,924 | ||||||
DISH Network Corp. (Class A) (a) | 495 | 28,878 | ||||||
Dollar General Corp. | 660 | 47,810 | ||||||
Dollar Tree, Inc. (a) | 288 | 19,198 | ||||||
Dover Corp. | 636 | 36,366 | ||||||
Dr. Pepper Snapple Group, Inc. | 552 | 43,636 | ||||||
E. I. du Pont de Nemours & Co. | 1,860 | 89,652 | ||||||
eBay, Inc. (a) | 2,832 | 69,214 | ||||||
Ecolab, Inc. | 1,563 | 171,492 | ||||||
Edwards Lifesciences Corp. (a) | 228 | 32,415 | ||||||
Electronic Arts, Inc. (a) | 672 | 45,528 | ||||||
Eli Lilly & Co. | 2,368 | 198,178 | ||||||
EMC Corp. | 5,927 | 143,196 | ||||||
Emerson Electric Co. | 2,368 | 104,595 | ||||||
EOG Resources, Inc. | 1,188 | 86,486 | ||||||
Equifax, Inc. | 431 | 41,885 | ||||||
Equinix, Inc. | 84 | 22,966 | ||||||
Equity Residential | 876 | 65,805 | ||||||
Essex Property Trust, Inc. | 113 | 25,246 | ||||||
Estee Lauder Cos., Inc. (Class A) | 744 | 60,026 | ||||||
Everest Re Group, Ltd. | 276 | 47,842 | ||||||
Eversource Energy | 2,368 | 119,868 | ||||||
Expedia, Inc. | 252 | 29,655 | ||||||
Expeditors International of Washington, Inc. | 1,188 | 55,895 | ||||||
Express Scripts Holding Co. (a) | 2,076 | 168,073 | ||||||
F5 Networks, Inc. (a) | 156 | 18,065 | ||||||
Facebook, Inc. (Class A) (a) | 5,158 | 463,704 | ||||||
Fastenal Co. | 1,188 | 43,493 | ||||||
FedEx Corp. | 122 | 17,566 | ||||||
Fidelity National Information Services, Inc. | 1,088 | 72,983 | ||||||
Fifth Third Bancorp | 2,368 | 44,779 | ||||||
Fiserv, Inc. (a) | 588 | 50,927 | ||||||
FleetCor Technologies, Inc. (a) | 156 | 21,469 | ||||||
Flowserve Corp. | 564 | 23,203 | ||||||
Fluor Corp. | 1,188 | 50,312 | ||||||
FMC Technologies, Inc. (a) | 1,620 | 50,220 | ||||||
FNF Group | 300 | 10,641 | ||||||
Foot Locker, Inc. | 324 | 23,318 | ||||||
Ford Motor Co. | 8,294 | 112,550 | ||||||
Franklin Resources, Inc. | 1,188 | 44,265 | ||||||
Freeport-McMoRan, Inc. | 1,669 | 16,173 | ||||||
Frontier Communications Corp. | 2,368 | 11,248 | ||||||
Gap, Inc. | 612 | 17,442 | ||||||
Garmin, Ltd. | 324 | 11,625 | ||||||
General Dynamics Corp. | 924 | 127,466 | ||||||
General Electric Co. | 26,257 | 662,202 | ||||||
General Growth Properties, Inc. | 1,188 | 30,852 | ||||||
General Mills, Inc. | 1,657 | 93,007 | ||||||
General Motors Co. | 3,166 | 95,043 |
See accompanying notes to financial statements.
339
SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Gilead Sciences, Inc. | 3,555 | $ | 349,065 | |||||
Goldman Sachs Group, Inc. | 1,188 | 206,427 | ||||||
H&R Block, Inc. | 1,188 | 43,006 | ||||||
Halliburton Co. | 3,555 | 125,669 | ||||||
Hanesbrands, Inc. | 864 | 25,004 | ||||||
Harley-Davidson, Inc. | 540 | 29,646 | ||||||
Harman International Industries, Inc. | 198 | 19,006 | ||||||
Hartford Financial Services Group, Inc. | 1,968 | 90,095 | ||||||
HCA Holdings, Inc. (a) | 564 | 43,631 | ||||||
HCP, Inc. | 1,188 | 44,253 | ||||||
Helmerich & Payne, Inc. | 552 | 26,088 | ||||||
Henry Schein, Inc. (a) | 336 | 44,594 | ||||||
Hershey Co. | 528 | 48,513 | ||||||
Hertz Global Holdings, Inc. (a) | 1,188 | 19,875 | ||||||
Hewlett-Packard Co. | 4,742 | 121,443 | ||||||
HollyFrontier Corp. | 1,176 | 57,436 | ||||||
Hologic, Inc. (a) | 502 | 19,643 | ||||||
Home Depot, Inc. | 3,455 | 399,018 | ||||||
Honeywell International, Inc. | 1,891 | 179,059 | ||||||
Host Hotels & Resorts, Inc. | 1,188 | 18,782 | ||||||
Humana, Inc. | 443 | 79,297 | ||||||
Huntington Bancshares, Inc. | 1,188 | 12,593 | ||||||
IHS, Inc. (Class A) (a) | 192 | 22,272 | ||||||
Illinois Tool Works, Inc. | 1,179 | 97,043 | ||||||
Illumina, Inc. (a) | 324 | 56,966 | ||||||
Incyte Corp. (a) | 252 | 27,803 | ||||||
Ingersoll-Rand PLC | 828 | 42,038 | ||||||
Intel Corp. | 12,050 | 363,187 | ||||||
Intercontinental Exchange, Inc. | 276 | 64,857 | ||||||
International Business Machines Corp. | 2,368 | 343,289 | ||||||
International Flavors & Fragrances, Inc. | 657 | 67,842 | ||||||
Interpublic Group of Cos., Inc. | 1,188 | 22,726 | ||||||
Intuit, Inc. | 612 | 54,315 | ||||||
Intuitive Surgical, Inc. (a) | 84 | 38,605 | ||||||
Invesco, Ltd. | 1,188 | 37,101 | ||||||
Iron Mountain, Inc. | 156 | 4,839 | ||||||
J.M. Smucker Co. | 431 | 49,173 | ||||||
Jacobs Engineering Group, Inc. (a) | 1,188 | 44,467 | ||||||
Johnson & Johnson | 7,107 | 663,438 | ||||||
Johnson Controls, Inc. | 1,188 | 49,136 | ||||||
JPMorgan Chase & Co. | 9,482 | 578,118 | ||||||
Juniper Networks, Inc. | 1,188 | 30,543 | ||||||
Kansas City Southern | 324 | 29,445 | ||||||
Kellogg Co. | 588 | 39,131 | ||||||
Keurig Green Mountain, Inc. | 312 | 16,268 | ||||||
KeyCorp | 2,368 | 30,808 | ||||||
Kimberly-Clark Corp. | 424 | 46,233 | ||||||
Kimco Realty Corp. | 1,188 | 29,023 | ||||||
Kinder Morgan, Inc. | 7,901 | 218,700 | ||||||
KLA-Tencor Corp. | 528 | 26,400 | ||||||
Kohl’s Corp. | 396 | 18,339 | ||||||
Kraft Heinz Co. | 1,860 | 131,279 | ||||||
Kroger Co. | 868 | 31,309 | ||||||
L Brands, Inc. | 552 | 49,752 | ||||||
L-3 Communications Holdings, Inc. | 300 | 31,356 | ||||||
Lam Research Corp. | 483 | 31,554 | ||||||
Las Vegas Sands Corp. | 1,188 | 45,108 | ||||||
Lennar Corp. (Class A) | 507 | 24,402 | ||||||
Level 3 Communications, Inc. (a) | 300 | 13,107 | ||||||
Liberty Interactive Corp. QVC Group (Class A) (a) | 1,188 | 31,161 | ||||||
Liberty Media Corp. (Class A) (a) | 472 | 16,860 | ||||||
Liberty Media Corp. (Class C) (a) | 507 | 17,471 | ||||||
Lincoln National Corp. | 1,188 | 56,382 | ||||||
Linear Technology Corp. | 576 | 23,242 | ||||||
LinkedIn Corp. (Class A) (a) | 240 | 45,631 | ||||||
LKQ Corp. (a) | 534 | 15,144 | ||||||
Lockheed Martin Corp. | 768 | 159,214 | ||||||
Loews Corp. | 1,188 | 42,934 | ||||||
Lowe’s Cos., Inc. | 2,368 | 163,203 | ||||||
M&T Bank Corp. | 216 | 26,341 | ||||||
Macy’s, Inc. | 804 | 41,261 | ||||||
ManpowerGroup, Inc. | 540 | 44,221 | ||||||
Marathon Petroleum Corp. | 1,512 | 70,051 | ||||||
Marsh & McLennan Cos., Inc. | 853 | 44,544 | ||||||
Masco Corp. | 1,188 | 29,914 | ||||||
Mastercard, Inc. (Class A) | 2,368 | 213,404 | ||||||
Mattel, Inc. | 1,188 | 25,019 | ||||||
McCormick & Co., Inc. | 564 | 46,350 | ||||||
McDonald’s Corp. | 2,760 | 271,943 | ||||||
McGraw Hill Financial, Inc. | 588 | 50,862 | ||||||
McKesson Corp. | 624 | 115,459 | ||||||
Mead Johnson Nutrition Co. | 552 | 38,861 | ||||||
Merck & Co., Inc. | 7,107 | 351,015 | ||||||
MetLife, Inc. | 3,555 | 167,618 | ||||||
Micron Technology, Inc. (a) | 2,368 | 35,473 | ||||||
Microsoft Corp. | 18,963 | 839,302 | ||||||
Molson Coors Brewing Co. (Class B) | 408 | 33,872 | ||||||
Mondelez International, Inc. (Class A) | 4,575 | 191,555 | ||||||
Monsanto Co. | 1,836 | 156,684 | ||||||
Monster Beverage Corp. (a) | 384 | 51,894 | ||||||
Moody’s Corp. | 336 | 32,995 | ||||||
Morgan Stanley | 4,342 | 136,773 | ||||||
Mosaic Co. | 132 | 4,107 | ||||||
Motorola Solutions, Inc. | 483 | 33,028 | ||||||
Nasdaq, Inc. | 431 | 22,985 | ||||||
National Oilwell Varco, Inc. | 2,368 | 89,155 | ||||||
Navient Corp. | 1,089 | 12,240 | ||||||
NetApp, Inc. | 1,188 | 35,165 | ||||||
Netflix, Inc. (a) | 924 | 95,412 | ||||||
News Corp. (Class A) | 1,224 | 15,447 | ||||||
NIKE, Inc. (Class B) | 1,824 | 224,297 | ||||||
Norfolk Southern Corp. | 495 | 37,818 | ||||||
Northern Trust Corp. | 600 | 40,896 | ||||||
Northrop Grumman Corp. | 544 | 90,277 | ||||||
Nuance Communications, Inc. (a) | 1,188 | 19,448 | ||||||
NVIDIA Corp. | 2,368 | 58,371 | ||||||
O’Reilly Automotive, Inc. (a) | 252 | 63,000 | ||||||
Oceaneering International, Inc. | 588 | 23,097 | ||||||
Omnicom Group, Inc. | 708 | 46,657 | ||||||
ONEOK, Inc. | 2,646 | 85,201 | ||||||
Oracle Corp. | 9,482 | 342,490 | ||||||
PACCAR, Inc. | 1,188 | 61,978 | ||||||
Packaging Corp. of America | 396 | 23,823 | ||||||
Palo Alto Networks, Inc. (a) | 96 | 16,512 | ||||||
Parker-Hannifin Corp. | 483 | 46,996 | ||||||
PartnerRe, Ltd. | 264 | 36,664 | ||||||
Paychex, Inc. | 612 | 29,150 |
See accompanying notes to financial statements.
340
SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Pepco Holdings, Inc. | 1,188 | $ | 28,773 | |||||
PepsiCo, Inc. | 4,055 | 382,387 | ||||||
Pfizer, Inc. | 15,516 | 487,358 | ||||||
PG&E Corp. | 1,720 | 90,816 | ||||||
Philip Morris International, Inc. | 4,359 | 345,799 | ||||||
Phillips 66 | 685 | 52,635 | ||||||
Pioneer Natural Resources Co. | 824 | 100,231 | ||||||
PNC Financial Services Group, Inc. | 1,596 | 142,363 | ||||||
Polaris Industries, Inc. | 132 | 15,823 | ||||||
PPG Industries, Inc. | 1,224 | 107,333 | ||||||
Precision Castparts Corp. | 443 | 101,762 | ||||||
Priceline Group, Inc. (a) | 132 | 163,266 | ||||||
Principal Financial Group, Inc. | 839 | 39,718 | ||||||
Procter & Gamble Co. | 7,107 | 511,278 | ||||||
Progressive Corp. | 1,188 | 36,400 | ||||||
ProLogis, Inc. | 1,431 | 55,666 | ||||||
Prudential Financial, Inc. | 1,608 | 122,546 | ||||||
Public Storage | 396 | 83,805 | ||||||
Pulte Group, Inc. | 1,188 | 22,418 | ||||||
PVH Corp. | 240 | 24,466 | ||||||
Qorvo, Inc. (a) | 354 | 15,948 | ||||||
QUALCOMM, Inc. | 4,542 | 244,042 | ||||||
Quanta Services, Inc. (a) | 1,188 | 28,761 | ||||||
Quest Diagnostics, Inc. | 360 | 22,129 | ||||||
Ralph Lauren Corp. | 204 | 24,105 | ||||||
Raymond James Financial, Inc. | 324 | 16,080 | ||||||
Raytheon Co. | 988 | 107,949 | ||||||
Realogy Holdings Corp. (a) | 431 | 16,219 | ||||||
Realty Income Corp. | 455 | 21,562 | ||||||
Red Hat, Inc. (a) | 336 | 24,152 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 180 | 83,725 | ||||||
Regions Financial Corp. | 4,742 | 42,725 | ||||||
Reynolds American, Inc. | 3,066 | 135,732 | ||||||
Robert Half International, Inc. | 396 | 20,259 | ||||||
Rockwell Automation, Inc. | 588 | 59,664 | ||||||
Rockwell Collins, Inc. | 495 | 40,511 | ||||||
Roper Technologies, Inc. | 348 | 54,532 | ||||||
Ross Stores, Inc. | 1,014 | 49,149 | ||||||
Salesforce.com, Inc. (a) | 1,497 | 103,937 | ||||||
SanDisk Corp. | 624 | 33,902 | ||||||
SBA Communications Corp. (Class A) (a) | 180 | 18,853 | ||||||
Schlumberger, Ltd. | 4,642 | 320,159 | ||||||
Sealed Air Corp. | 788 | 36,941 | ||||||
Sempra Energy | 332 | 32,111 | ||||||
ServiceNow, Inc. (a) | 192 | 13,334 | ||||||
Sherwin-Williams Co. | 467 | 104,038 | ||||||
Sigma-Aldrich Corp. | 948 | 131,696 | ||||||
Simon Property Group, Inc. | 768 | 141,097 | ||||||
Sirius XM Holdings, Inc. (a) | 5,123 | 19,160 | ||||||
Skyworks Solutions, Inc. | 455 | 38,316 | ||||||
SL Green Realty Corp. | 180 | 19,469 | ||||||
Snap-On, Inc. | 240 | 36,226 | ||||||
Spectra Energy Corp. | 7,823 | 205,510 | ||||||
Splunk, Inc. (a) | 331 | 18,321 | ||||||
Sprint Corp. (a) | 1,307 | 5,019 | ||||||
St. Jude Medical, Inc. | 1,088 | 68,642 | ||||||
Stanley Black & Decker, Inc. | 636 | 61,679 | ||||||
Staples, Inc. | 2,368 | 27,777 | ||||||
Starbucks Corp. | 4,080 | 231,907 | ||||||
State Street Corp. (f) | 1,188 | 79,845 | ||||||
Stryker Corp. | 1,188 | 111,791 | ||||||
SunTrust Banks, Inc. | 1,188 | 45,429 | ||||||
Symantec Corp. | 2,368 | 46,105 | ||||||
Synopsys, Inc. (a) | 528 | 24,383 | ||||||
Sysco Corp. | 2,268 | 88,384 | ||||||
T-Mobile US, Inc. (a) | 588 | 23,408 | ||||||
T. Rowe Price Group, Inc. | 768 | 53,376 | ||||||
Target Corp. | 1,188 | 93,448 | ||||||
TD Ameritrade Holding Corp. | 1,088 | 34,642 | ||||||
TEGNA, Inc. | 707 | 15,830 | ||||||
Tesla Motors, Inc. (a) | 204 | 50,674 | ||||||
Tesoro Corp. | 237 | 23,046 | ||||||
Texas Instruments, Inc. | 2,368 | 117,263 | ||||||
Textron, Inc. | 1,088 | 40,952 | ||||||
Thermo Fisher Scientific, Inc. | 1,188 | 145,269 | ||||||
Tiffany & Co. | 384 | 29,652 | ||||||
Time Warner Cable, Inc. | 720 | 129,146 | ||||||
Time Warner, Inc. | 2,368 | 162,800 | ||||||
TJX Cos., Inc. | 1,860 | 132,841 | ||||||
Toll Brothers, Inc. (a) | 988 | 33,829 | ||||||
Towers Watson & Co. (Class A) | 240 | 28,171 | ||||||
Tractor Supply Co. | 300 | 25,296 | ||||||
TransDigm Group, Inc. (a) | 132 | 28,038 | ||||||
Travelers Cos., Inc. | 1,188 | 118,242 | ||||||
Trimble Navigation, Ltd. (a) | 1,188 | 19,507 | ||||||
TripAdvisor, Inc. (a) | 276 | 17,394 | ||||||
Twenty-First Century Fox, Inc. (Class A) | 2,676 | 72,198 | ||||||
Twenty-First Century Fox, Inc. (Class B) | 2,207 | 59,743 | ||||||
Twitter, Inc. (a) | 816 | 21,983 | ||||||
U.S. Bancorp | 4,742 | 194,469 | ||||||
Under Armour, Inc. (Class A) (a) | 360 | 34,841 | ||||||
Union Pacific Corp. | 2,088 | 184,600 | ||||||
United Parcel Service, Inc. (Class B) | 1,367 | 134,909 | ||||||
United Rentals, Inc. (a) | 324 | 19,456 | ||||||
United Technologies Corp. | 2,477 | 220,428 | ||||||
UnitedHealth Group, Inc. | 2,595 | 301,046 | ||||||
Unum Group | 1,188 | 38,111 | ||||||
V.F. Corp. | 876 | 59,752 | ||||||
Valero Energy Corp. | 798 | 47,960 | ||||||
Vantiv, Inc. (Class A) (a) | 192 | 8,625 | ||||||
Varian Medical Systems, Inc. (a) | 252 | 18,593 | ||||||
Ventas, Inc. | 648 | 36,327 | ||||||
VEREIT, Inc. | 2,356 | 18,188 | ||||||
Verisk Analytics, Inc. (a) | 372 | 27,495 | ||||||
Verizon Communications, Inc. | 10,669 | 464,208 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 519 | 54,049 | ||||||
Viacom, Inc. (Class B) | 1,188 | 51,262 | ||||||
Visa, Inc. (Class A) | 5,132 | 357,495 | ||||||
VMware, Inc. (Class A) (a) | 216 | 17,019 | ||||||
Vornado Realty Trust | 273 | 24,685 | ||||||
Voya Financial, Inc. | 1,078 | 41,794 | ||||||
W.W. Grainger, Inc. | 228 | 49,022 | ||||||
Wabtec Corp. | 396 | 34,868 | ||||||
Wal-Mart Stores, Inc. | 4,276 | 277,256 | ||||||
Walgreens Boots Alliance, Inc. | 2,368 | 196,781 | ||||||
Walt Disney Co. | 4,042 | 413,092 | ||||||
Waters Corp. (a) | 204 | 24,115 | ||||||
Wells Fargo & Co. | 12,541 | 643,980 |
See accompanying notes to financial statements.
341
SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Welltower, Inc. | 792 | $ | 53,634 | |||||
Western Digital Corp. | 624 | 49,571 | ||||||
Western Union Co. | 1,188 | 21,812 | ||||||
Whirlpool Corp. | 144 | 21,205 | ||||||
Whole Foods Market, Inc. | 1,188 | 37,600 | ||||||
Williams Cos., Inc. | 4,351 | 160,334 | ||||||
Workday, Inc. (Class A) (a) | 156 | 10,742 | ||||||
Wyndham Worldwide Corp. | 240 | 17,256 | ||||||
Wynn Resorts, Ltd. | 204 | 10,836 | ||||||
Xerox Corp. | 3,555 | 34,590 | ||||||
Xilinx, Inc. | 1,188 | 50,371 | ||||||
XL Group PLC | 1,188 | 43,148 | ||||||
Xylem, Inc. | 648 | 21,287 | ||||||
Yahoo!, Inc. (a) | 2,368 | 68,459 | ||||||
Yum! Brands, Inc. | 900 | 71,955 | ||||||
Zimmer Biomet Holdings, Inc. | 552 | 51,849 | ||||||
Zoetis, Inc. | 984 | 40,522 | ||||||
40,918,885 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $88,460,676) | 81,041,545 | |||||||
RIGHTS — 0.0% (b) | ||||||||
SPAIN — 0.0% (b) | ||||||||
Banco Popular Espanol SA (expired 9/25/15) (a) (Cost $88) | 3,905 | 78 | ||||||
SHORT TERM INVESTMENT — 0.2% | ||||||||
UNITED STATES — 0.2% | ||||||||
MONEY MARKET FUND — 0.2% | ||||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (g)(h) (Cost $147,924) | 147,924 | 147,924 | ||||||
TOTAL INVESTMENTS — 99.7% | ||||||||
(Cost $88,608,688) | 81,189,547 | |||||||
OTHER ASSETS & LIABILITIES — 0.3% | 284,688 | |||||||
NET ASSETS — 100.0% | $ | 81,474,235 | ||||||
(a) | Non-income producing security | |||||
(b) | Amount shown represents less than 0.05% of net assets. | |||||
(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) | 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). | |||||
(e) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(f) | Affiliated issuer (Note 3). | |||||
(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.
342
SPDR MSCI EM 50 ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
BRAZIL — 6.4% | ||||||||
Ambev SA ADR | 15,218 | $ | 74,568 | |||||
Banco Bradesco SA Preference Shares ADR | 8,160 | 43,738 | ||||||
BRF — Brasil Foods SA ADR | 2,110 | 37,537 | ||||||
Itau Unibanco Holding SA Preference Shares ADR | 9,826 | 65,048 | ||||||
Petroleo Brasileiro SA Preference Shares ADR (a) | 6,353 | 23,379 | ||||||
244,270 | ||||||||
CHINA — 27.0% | ||||||||
Agricultural Bank of China, Ltd. (Class H) | 74,000 | 27,977 | ||||||
Bank of China, Ltd. (Class H) | 256,196 | 110,081 | ||||||
China Construction Bank Corp. (Class H) | 271,154 | 180,185 | ||||||
China Life Insurance Co., Ltd. (Class H) | 23,584 | 81,555 | ||||||
China Merchants Bank Co., Ltd. (Class H) | 15,000 | 36,193 | ||||||
China Petroleum & Chemical Corp. (Class H) | 81,600 | 49,591 | ||||||
Industrial & Commercial Bank of China, Ltd. (Class H) | 237,454 | 136,650 | ||||||
PetroChina Co., Ltd. (Class H) | 66,812 | 46,294 | ||||||
Ping An Insurance Group Co. of China, Ltd. (Class H) | 17,000 | 84,122 | ||||||
Tencent Holdings, Ltd. | 16,583 | 276,667 | ||||||
1,029,315 | ||||||||
HONG KONG — 8.7% | ||||||||
China Mobile, Ltd. | 19,855 | 235,184 | ||||||
China Overseas Land & Investment, Ltd. | 12,000 | 36,232 | ||||||
CNOOC, Ltd. (b) | 57,362 | 58,694 | ||||||
330,110 | ||||||||
INDIA — 2.1% | ||||||||
ICICI Bank, Ltd. ADR | 6,920 | 57,990 | ||||||
Tata Motors, Ltd. ADR (a)(b) | 1,029 | 23,152 | ||||||
81,142 | ||||||||
MALAYSIA — 1.6% | ||||||||
Malayan Banking Bhd | 15,063 | 29,333 | ||||||
Public Bank Bhd | 8,130 | 32,403 | ||||||
61,736 | ||||||||
MEXICO — 4.1% | ||||||||
America Movil SAB de CV, Series L, ADR | 5,178 | 85,696 | ||||||
Cemex SAB de CV ADR (a) | 4,137 | 28,918 | ||||||
Grupo Televisa SA de CV ADR | 1,578 | 41,059 | ||||||
155,673 | ||||||||
RUSSIA — 5.7% | ||||||||
Gazprom PAO ADR | 19,101 | 76,786 | ||||||
Lukoil PJSC ADR | 1,647 | 55,932 | ||||||
Magnit PJSC GDR | 842 | 40,223 | ||||||
Sberbank of Russia ADR (c) | 8,028 | 39,622 | ||||||
Sberbank of Russia ADR (c) | 713 | 3,508 | ||||||
216,071 | ||||||||
SOUTH AFRICA — 10.6% | ||||||||
FirstRand, Ltd. (b) | 10,903 | 38,756 | ||||||
MTN Group, Ltd. | 5,366 | 69,079 | ||||||
Naspers, Ltd. (Class N) | 1,282 | 160,462 | ||||||
Sasol, Ltd. (b) | 1,791 | 50,206 | ||||||
Standard Bank Group, Ltd. | 3,932 | 38,390 | ||||||
Steinhoff International Holdings, Ltd. (b) | 7,429 | 45,615 | ||||||
402,508 | ||||||||
SOUTH KOREA — 18.2% | ||||||||
Hyundai Mobis Co., Ltd. | 218 | 42,577 | ||||||
Hyundai Motor Co. | 498 | 68,904 | ||||||
KB Financial Group, Inc. ADR | 1,252 | 36,796 | ||||||
Kia Motors Corp. | 842 | 38,076 | ||||||
NAVER Corp. | 90 | 38,952 | ||||||
POSCO ADR | 902 | 31,588 | ||||||
Samsung Electronics Co., Ltd. GDR | 713 | 336,893 | ||||||
Shinhan Financial Group Co., Ltd. ADR | 1,373 | 47,780 | ||||||
SK Hynix, Inc. | 1,880 | 53,214 | ||||||
694,780 | ||||||||
TAIWAN — 15.0% | ||||||||
Cathay Financial Holding Co., Ltd. | 26,650 | 36,380 | ||||||
Chunghwa Telecom Co., Ltd. ADR (b) | 1,199 | 36,234 | ||||||
Formosa Plastics Corp. | 13,280 | 27,990 | ||||||
Hon Hai Precision Industry Co., Ltd. GDR | 21,786 | 119,387 | ||||||
MediaTek, Inc. | 5,000 | 36,975 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR (b) | 15,261 | 316,666 | ||||||
573,632 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $4,834,974) | 3,789,237 | |||||||
SHORT TERM INVESTMENTS — 11.4% | ||||||||
UNITED STATES — 11.4% | ||||||||
MONEY MARKET FUNDS — 11.4% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 428,141 | 428,141 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f) | 7,182 | 7,182 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $435,323) | 435,323 | |||||||
TOTAL INVESTMENTS — 110.8% | ||||||||
(Cost $5,270,297) | 4,224,560 | |||||||
OTHER ASSETS & LIABILITIES — (10.8)% | (410,766 | ) | ||||||
NET ASSETS — 100.0% | $ | 3,813,794 | ||||||
(a) | Non-income producing security | |||||
(b) | All or a portion of the security was on loan at September 30, 2015. | |||||
(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.
343
SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.5% | ||||||||
CHILE — 3.2% | ||||||||
AES Gener SA | 3,116 | $ | 1,454 | |||||
Banco de Chile | 91,964 | 9,563 | ||||||
Banco Santander Chile ADR | 467 | 8,509 | ||||||
Cencosud SA ADR | 1,152 | 6,728 | ||||||
Cia Cervecerias Unidas SA | 287 | 3,157 | ||||||
Corpbanca SA | 244,432 | 2,148 | ||||||
Empresa Nacional de Electricidad SA ADR | 441 | 15,660 | ||||||
Empresas COPEC SA | 410 | 3,711 | ||||||
Enersis SA ADR (a) | 988 | 12,488 | ||||||
Latam Airlines Group SA ADR (a)(b) | 733 | 3,577 | ||||||
SACI Falabella | 657 | 4,062 | ||||||
Sociedad Quimica y Minera de Chile SA ADR | 311 | 4,522 | ||||||
75,579 | ||||||||
COLOMBIA — 1.3% | ||||||||
Almacenes Exito SA | 512 | 2,199 | ||||||
BanColombia SA ADR (a) | 193 | 6,215 | ||||||
Cementos Argos SA | 1,416 | 4,330 | ||||||
Ecopetrol SA ADR | 449 | 3,861 | ||||||
Grupo de Inversiones Suramericana SA | 691 | 8,031 | ||||||
Grupo de Inversiones Suramericana SA Preference Shares | 185 | 2,121 | ||||||
Interconexion Electrica SA ESP | 1,477 | 3,421 | ||||||
30,178 | ||||||||
CZECH REPUBLIC — 0.6% | ||||||||
CEZ AS | 358 | 7,444 | ||||||
Komercni Banka AS | 36 | 7,793 | ||||||
15,237 | ||||||||
EGYPT — 0.5% | ||||||||
Commercial International Bank Egypt SAE GDR | 1,615 | 9,900 | ||||||
Global Telecom Holding SAE GDR (b) | 2,245 | 2,582 | ||||||
12,482 | ||||||||
GREECE — 0.6% | ||||||||
Alpha Bank AE (b) | 4,195 | 501 | ||||||
Eurobank Ergasias SA (b) | 14,452 | 355 | ||||||
FF Group (b) | 60 | 1,219 | ||||||
Hellenic Telecommunications Organization SA | 474 | 4,127 | ||||||
JUMBO SA | 114 | 999 | ||||||
National Bank of Greece SA (b) | 2,735 | 1,175 | ||||||
OPAP SA | 432 | 3,896 | ||||||
Piraeus Bank SA (b) | 3,614 | 315 | ||||||
Titan Cement Co. SA | 55 | 1,240 | ||||||
13,827 | ||||||||
HUNGARY — 0.8% | ||||||||
MOL Hungarian Oil & Gas PLC | 119 | 5,182 | ||||||
OTP Bank PLC | 456 | 8,784 | ||||||
Richter Gedeon NyRt | 270 | 4,287 | ||||||
18,253 | ||||||||
INDONESIA — 5.6% | ||||||||
Adaro Energy Tbk PT | 34,900 | 1,275 | ||||||
Astra International Tbk PT | 34,900 | 12,447 | ||||||
Bank Central Asia Tbk PT | 22,000 | 18,433 | ||||||
Bank Mandiri Persero Tbk PT | 21,000 | 11,360 | ||||||
Bank Negara Indonesia Persero Tbk PT | 20,000 | 5,645 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 19,000 | 11,218 | ||||||
Charoen Pokphand Indonesia Tbk PT | 18,000 | 2,457 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 4,000 | 4,491 | ||||||
Indofood Sukses Makmur Tbk PT | 12,500 | 4,693 | ||||||
Kalbe Farma Tbk PT | 67,400 | 6,326 | ||||||
Lippo Karawaci Tbk PT | 55,900 | 4,312 | ||||||
Matahari Department Store Tbk PT | 3,100 | 3,407 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 26,000 | 4,490 | ||||||
Semen Indonesia Persero Tbk PT | 7,500 | 4,633 | ||||||
Surya Citra Media Tbk PT | 14,200 | 2,656 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 99,300 | 17,928 | ||||||
Tower Bersama Infrastructure Tbk PT (b) | 3,601 | 1,610 | ||||||
Unilever Indonesia Tbk PT | 3,500 | 9,079 | ||||||
United Tractors Tbk PT | 4,500 | 5,368 | ||||||
131,828 | ||||||||
MALAYSIA — 7.7% | ||||||||
AirAsia Bhd | 2,200 | 641 | ||||||
Alliance Financial Group Bhd | 3,500 | 2,667 | ||||||
AMMB Holdings Bhd | 3,500 | 3,631 | ||||||
Axiata Group Bhd | 4,808 | 6,344 | ||||||
British American Tobacco Malaysia Bhd | 300 | 4,117 | ||||||
Bumi Armada Bhd (b) | 5,300 | 1,115 | ||||||
CIMB Group Holdings Bhd | 8,595 | 8,721 | ||||||
Dialog Group Bhd | 5,700 | 2,075 | ||||||
Digi.Com Bhd | 7,300 | 9,217 | ||||||
Felda Global Ventures Holdings Bhd | 2,900 | 990 | ||||||
Gamuda Bhd | 6,000 | 5,992 | ||||||
Genting Bhd | 4,600 | 7,608 | ||||||
Genting Malaysia Bhd | 7,100 | 6,703 | ||||||
Hong Leong Bank Bhd | 1,300 | 3,880 | ||||||
IHH Healthcare Bhd | 6,100 | 8,284 | ||||||
IJM Corp. Bhd | 7,600 | 5,567 | ||||||
IOI Corp. Bhd | 5,500 | 5,092 | ||||||
IOI Properties Group Bhd | 3,148 | 1,418 | ||||||
Kuala Lumpur Kepong Bhd | 1,000 | 4,937 | ||||||
Malayan Banking Bhd | 7,699 | 14,992 | ||||||
Malaysia Airports Holdings Bhd | 1,585 | 1,893 | ||||||
Maxis Bhd | 4,300 | 6,407 | ||||||
Petronas Chemicals Group Bhd | 5,100 | 7,124 | ||||||
Petronas Dagangan Bhd | 500 | 2,482 | ||||||
Petronas Gas Bhd | 1,300 | 6,494 | ||||||
PPB Group Bhd | 1,400 | 4,911 | ||||||
Public Bank Bhd | 2,860 | 11,399 | ||||||
SapuraKencana Petroleum Bhd | 8,300 | 3,550 | ||||||
Sime Darby Bhd | 4,728 | 8,379 | ||||||
Telekom Malaysia Bhd | 3,415 | 5,190 | ||||||
Tenaga Nasional Bhd | 5,400 | 14,766 | ||||||
UMW Holdings Bhd | 1,400 | 2,395 | ||||||
YTL Corp. Bhd | 10,800 | 3,931 | ||||||
182,912 | ||||||||
MEXICO — 11.8% | ||||||||
Alfa SAB de CV (Class A) | 5,372 | 10,451 | ||||||
America Movil SAB de CV (Series L) | 59,741 | 49,424 | ||||||
Arca Continental SAB de CV | 700 | 3,931 | ||||||
Cemex SAB de CV (b) | 21,361 | 14,861 | ||||||
Coca-Cola FEMSA SAB de CV (Series L) | 995 | 6,900 |
See accompanying notes to financial statements.
344
SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
El Puerto de Liverpool SAB de CV (Class C1) | 300 | $ | 3,886 | |||||
Fibra Uno Administracion SA de CV REIT | 3,106 | 6,398 | ||||||
Fomento Economico Mexicano SAB de CV | 3,182 | 28,403 | ||||||
Gentera SAB de CV | 1,839 | 3,003 | ||||||
Gruma SAB de CV (Class B) | 300 | 4,157 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV (Class B) | 500 | 4,338 | ||||||
Grupo Aeroportuario del Sureste SAB de CV (Class B) | 697 | 10,623 | ||||||
Grupo Bimbo SAB de CV (b) | 3,683 | 9,304 | ||||||
Grupo Carso SAB de CV | 1,393 | 6,227 | ||||||
Grupo Financiero Banorte SAB de CV | 4,578 | 22,368 | ||||||
Grupo Financiero Inbursa SAB de CV | 4,977 | 10,261 | ||||||
Grupo Financiero Santander Mexico SAB de CV (Class B) | 3,982 | 5,884 | ||||||
Grupo Mexico SAB de CV (Series B) | 4,464 | 10,779 | ||||||
Grupo Televisa SAB | 4,774 | 24,846 | ||||||
Industrias Penoles SAB de CV | 304 | 4,134 | ||||||
Kimberly-Clark de Mexico SAB de CV (Class A) | 3,683 | 8,308 | ||||||
Mexichem SAB de CV | 2,488 | 6,094 | ||||||
Promotora y Operadora de Infraestructura SAB de CV (b) | 549 | 6,026 | ||||||
Wal-Mart de Mexico SAB de CV | 8,391 | 20,553 | ||||||
281,159 | ||||||||
PERU — 1.0% | ||||||||
Compania de Minas Buenaventura SA ADR | 161 | 960 | ||||||
Credicorp, Ltd. (a) | 132 | 14,039 | ||||||
Southern Copper Corp. (a) | 298 | 7,963 | ||||||
22,962 | ||||||||
PHILIPPINES — 3.8% | ||||||||
Aboitiz Equity Ventures, Inc. | 5,790 | 7,148 | ||||||
Ayala Corp. | 520 | 8,533 | ||||||
Ayala Land, Inc. | 15,000 | 10,911 | ||||||
BDO Unibank, Inc. | 4,730 | 10,474 | ||||||
Globe Telecom, Inc. | 105 | 5,275 | ||||||
GT Capital Holdings, Inc. | 170 | 4,601 | ||||||
International Container Terminal Services, Inc. | 2,810 | 4,512 | ||||||
JG Summit Holdings, Inc. | 3,760 | 5,700 | ||||||
Jollibee Foods Corp. | 1,570 | 6,476 | ||||||
Philippine Long Distance Telephone Co. | 115 | 5,388 | ||||||
SM Investments Corp. | 400 | 7,621 | ||||||
SM Prime Holdings, Inc. | 14,500 | 6,406 | ||||||
Universal Robina Corp. | 1,980 | 8,133 | ||||||
91,178 | ||||||||
POLAND — 3.6% | ||||||||
Bank Pekao SA | 281 | 11,410 | ||||||
Bank Zachodni WBK SA (b) | 41 | 3,165 | ||||||
Eurocash SA | 111 | 1,304 | ||||||
KGHM Polska Miedz SA | 314 | 6,767 | ||||||
LPP SA | 1 | 2,057 | ||||||
mBank SA (b) | 39 | 3,559 | ||||||
Orange Polska SA | 1,857 | 3,550 | ||||||
PGE Polska Grupa Energetyczna SA | 1,662 | 5,892 | ||||||
Polski Koncern Naftowy Orlen SA | 658 | 11,455 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 4,454 | 7,637 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA (b) | 1,773 | 13,722 | ||||||
Powszechny Zaklad Ubezpieczen SA | 122 | 12,503 | ||||||
Tauron Polska Energia SA | 3,880 | 3,347 | ||||||
86,368 | ||||||||
QATAR — 2.9% | ||||||||
Barwa Real Estate Co. | 117 | 1,372 | ||||||
Commercial Bank QSC | 157 | 2,431 | ||||||
Doha Bank QSC | 115 | 1,585 | ||||||
Ezdan Holding Group QSC | 1,397 | 7,173 | ||||||
Gulf International Services QSC | 78 | 1,392 | ||||||
Industries Qatar QSC | 267 | 9,017 | ||||||
Masraf Al Rayan QSC | 684 | 8,076 | ||||||
Ooredoo QSC | 122 | 2,579 | ||||||
Qatar Electricity & Water Co. QSC | 96 | 5,520 | ||||||
Qatar Insurance Co. SAQ | 214 | 5,470 | ||||||
Qatar Islamic Bank SAQ | 180 | 5,649 | ||||||
Qatar National Bank SAQ | 265 | 13,643 | ||||||
Vodafone Qatar QSC | 974 | 3,632 | ||||||
67,539 | ||||||||
SOUTH AFRICA — 13.9% | ||||||||
Anglo American Platinum, Ltd. (a)(b) | 75 | 1,243 | ||||||
AngloGold Ashanti, Ltd. (b) | 671 | 5,313 | ||||||
Aspen Pharmacare Holdings, Ltd. (b) | 498 | 10,589 | ||||||
Barclays Africa Group, Ltd. | 577 | 7,102 | ||||||
Bidvest Group, Ltd. (a) | 565 | 13,330 | ||||||
Brait SE (a)(b) | 409 | 4,156 | ||||||
Discovery, Ltd. | 520 | 5,177 | ||||||
Exxaro Resources, Ltd. (a) | 233 | 885 | ||||||
FirstRand, Ltd. | 2,946 | 10,472 | ||||||
Foschini Group, Ltd. | 490 | 4,973 | ||||||
Gold Fields, Ltd. | 1,371 | 3,574 | ||||||
Growthpoint Properties, Ltd. REIT | 3,645 | 6,762 | ||||||
Impala Platinum Holdings, Ltd. (b) | 962 | 2,673 | ||||||
Imperial Holdings, Ltd. | 349 | 4,279 | ||||||
Kumba Iron Ore, Ltd. (a) | 74 | 420 | ||||||
Life Healthcare Group Holdings, Ltd. | 2,251 | 5,797 | ||||||
Mediclinic International, Ltd. | 672 | 5,367 | ||||||
MMI Holdings, Ltd. | 2,293 | 3,945 | ||||||
Mondi, Ltd. | 161 | 3,379 | ||||||
Mr. Price Group, Ltd. | 266 | 3,713 | ||||||
MTN Group, Ltd. | 2,258 | 29,068 | ||||||
Naspers, Ltd. (Class N) | 507 | 63,459 | ||||||
Nedbank Group, Ltd. | 365 | 5,800 | ||||||
Redefine Properties, Ltd. | 6,564 | 5,554 | ||||||
Remgro, Ltd. | 819 | 14,934 | ||||||
RMB Holdings, Ltd. | 1,611 | 7,680 | ||||||
Sanlam, Ltd. | 2,269 | 9,813 | ||||||
Sasol, Ltd. (a) | 713 | 19,987 | ||||||
Shoprite Holdings, Ltd. | 752 | 8,547 | ||||||
Spar Group, Ltd. | 360 | 4,817 | ||||||
Standard Bank Group, Ltd. | 1,556 | 15,192 | ||||||
Steinhoff International Holdings, Ltd. (a) | 2,772 | 17,021 | ||||||
Tiger Brands, Ltd. | 232 | 5,114 | ||||||
Truworths International, Ltd. | 593 | 3,646 | ||||||
Vodacom Group, Ltd. | 668 | 6,643 |
See accompanying notes to financial statements.
345
SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Woolworths Holdings, Ltd. | 1,469 | $ | 10,284 | |||||
330,708 | ||||||||
SOUTH KOREA — 15.7% | ||||||||
AmorePacific Corp. | 30 | 9,744 | ||||||
AmorePacific Group | 30 | 4,125 | ||||||
Celltrion, Inc. (b) | 35 | 2,005 | ||||||
Cheil Worldwide, Inc. (b) | 110 | 1,689 | ||||||
CJ CheilJedang Corp. | 6 | 1,926 | ||||||
CJ Corp. | 11 | 2,450 | ||||||
Coway Co., Ltd. | 40 | 2,825 | ||||||
Daewoo Securities Co., Ltd. | 50 | 502 | ||||||
Daum Kakao Corp. | 23 | 2,443 | ||||||
E-Mart Co., Ltd. | 27 | 5,251 | ||||||
GS Engineering & Construction Corp. (b) | 50 | 1,036 | ||||||
Hana Financial Group, Inc. | 290 | 6,459 | ||||||
Hankook Tire Co., Ltd. | 99 | 3,307 | ||||||
Hanmi Pharm Co., Ltd. (b) | 7 | 2,194 | ||||||
Hanssem Co., Ltd. | 10 | 2,409 | ||||||
Hotel Shilla Co., Ltd. | 30 | 2,911 | ||||||
Hyosung Corp. | 26 | 2,468 | ||||||
Hyundai Development Co.-Engineering & Construction | 50 | 2,299 | ||||||
Hyundai Engineering & Construction Co., Ltd. | 91 | 2,626 | ||||||
Hyundai Glovis Co., Ltd. | 15 | 2,835 | ||||||
Hyundai Heavy Industries Co., Ltd. (b) | 43 | 3,501 | ||||||
Hyundai Mobis Co., Ltd. | 56 | 10,937 | ||||||
Hyundai Motor Co. | 123 | 17,018 | ||||||
Hyundai Motor Co. Preference Shares | 38 | 3,543 | ||||||
Hyundai Steel Co. | 83 | 3,606 | ||||||
Hyundai Wia Corp. | 10 | 1,088 | ||||||
Industrial Bank of Korea | 210 | 2,409 | ||||||
KB Financial Group, Inc. ADR | 363 | 10,669 | ||||||
KEPCO Plant Service & Engineering Co., Ltd. | 20 | 2,042 | ||||||
Kia Motors Corp. | 223 | 10,084 | ||||||
Korea Aerospace Industries, Ltd. | 30 | 1,719 | ||||||
Korea Electric Power Corp. ADR (a) | 458 | 9,384 | ||||||
KT&G Corp. | 90 | 8,466 | ||||||
LG Chem, Ltd. | 40 | 9,635 | ||||||
LG Corp. | 73 | 3,751 | ||||||
LG Display Co., Ltd. ADR | 677 | 6,431 | ||||||
LG Electronics, Inc. | 134 | 5,161 | ||||||
LG Household & Health Care, Ltd. | 8 | 5,764 | ||||||
LG Innotek Co., Ltd. | 20 | 1,485 | ||||||
Lotte Chemical Corp. | 12 | 2,733 | ||||||
Lotte Shopping Co., Ltd. | 18 | 4,336 | ||||||
NAVER Corp. | 21 | 9,089 | ||||||
NCSoft Corp. | 7 | 1,116 | ||||||
Orion Corp. | 2 | 1,589 | ||||||
POSCO ADR | 223 | 7,809 | ||||||
S-1 Corp. | 14 | 1,102 | ||||||
S-Oil Corp. | 54 | 2,852 | ||||||
Samsung C&T Corp. (b) | 36 | 4,449 | ||||||
Samsung Electro-Mechanics Co., Ltd. | 44 | 2,387 | ||||||
Samsung Electronics Co., Ltd. GDR (c) | 170 | 80,325 | ||||||
Samsung Electronics Co., Ltd. GDR (c) | 31 | 11,873 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 23 | 5,433 | ||||||
Samsung Heavy Industries Co., Ltd. | 210 | 2,179 | ||||||
Samsung Life Insurance Co., Ltd. | 61 | 5,090 | ||||||
Samsung SDI Co., Ltd. | 59 | 5,401 | ||||||
Samsung SDS Co., Ltd. | 20 | 4,859 | ||||||
Samsung Securities Co., Ltd. | 44 | 1,687 | ||||||
Shinhan Financial Group Co., Ltd. ADR | 296 | 10,301 | ||||||
SK Holdings Co., Ltd. | 36 | 7,411 | ||||||
SK Hynix, Inc. | 510 | 14,436 | ||||||
SK Innovation Co., Ltd. (b) | 75 | 6,201 | ||||||
Woori Bank | 403 | 3,193 | ||||||
374,048 | ||||||||
TAIWAN — 15.4% | ||||||||
Advanced Semiconductor Engineering Inc, ADR | 1,381 | 7,582 | ||||||
Asia Cement Corp. | 5,120 | 5,007 | ||||||
Asustek Computer, Inc. | 1,000 | 8,579 | ||||||
AU Optronics Corp. ADR (a) | 902 | 2,670 | ||||||
Catcher Technology Co., Ltd. | 1,000 | 10,645 | ||||||
Cathay Financial Holding Co., Ltd. | 6,450 | 8,805 | ||||||
Chang Hwa Commercial Bank, Ltd. | 8,731 | 4,296 | ||||||
Cheng Shin Rubber Industry Co., Ltd. | 2,000 | 3,280 | ||||||
China Development Financial Holding Corp. | 12,000 | 3,225 | ||||||
China Steel Corp. | 13,260 | 7,732 | ||||||
Chunghwa Telecom Co., Ltd. ADR | 189 | 5,712 | ||||||
Compal Electronics, Inc. | 7,000 | 3,954 | ||||||
CTBC Financial Holding Co., Ltd. | 17,934 | 9,232 | ||||||
Delta Electronics, Inc. | 2,000 | 9,354 | ||||||
E.Sun Financial Holding Co., Ltd. | 12,915 | 7,590 | ||||||
Far Eastern New Century Corp. | 7,282 | 6,480 | ||||||
Far EasTone Telecommunications Co., Ltd. | 2,000 | 4,312 | ||||||
Feng TAY Enterprise Co., Ltd. | 1,000 | 6,211 | ||||||
First Financial Holding Co., Ltd | 5,781 | 2,633 | ||||||
Formosa Chemicals & Fibre Corp. | 3,000 | 6,086 | ||||||
Formosa Plastics Corp. | 4,000 | 8,431 | ||||||
Foxconn Technology Co., Ltd. | 1,000 | 2,861 | ||||||
Fubon Financial Holding Co., Ltd. | 7,000 | 10,906 | ||||||
Hon Hai Precision Industry Co., Ltd. GDR | 5,913 | 32,403 | ||||||
HTC Corp. | 1,000 | 1,928 | ||||||
Hua Nan Financial Holdings Co., Ltd. | 10,938 | 5,082 | ||||||
Innolux Corp. | 7,000 | 2,179 | ||||||
Inotera Memories, Inc. (b) | 4,000 | 2,496 | ||||||
Inventec Corp. | 2,000 | 947 | ||||||
Lite-On Technology Corp. | 4,040 | 3,705 | ||||||
MediaTek, Inc. | 1,000 | 7,395 | ||||||
Mega Financial Holding Co., Ltd. | 12,000 | 8,309 | ||||||
Nan Ya Plastics Corp. | 5,000 | 8,443 | ||||||
Pegatron Corp. | 1,000 | 2,436 | ||||||
Pou Chen Corp. | 4,000 | 5,995 | ||||||
Quanta Computer, Inc. | 4,000 | 6,936 | ||||||
Siliconware Precision Industries Co., Ltd. ADR | 659 | 4,142 | ||||||
SinoPac Financial Holdings Co., Ltd. | 18,345 | 5,794 | ||||||
Taishin Financial Holding Co., Ltd. | 15,886 | 5,621 | ||||||
Taiwan Cement Corp. | 5,000 | 5,064 | ||||||
Taiwan Cooperative Financial Holding Co., Ltd. | 6,098 | 2,519 | ||||||
Taiwan Mobile Co., Ltd. | 2,000 | 6,104 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR (a) | 4,165 | 86,424 | ||||||
Uni-President Enterprises Corp. | 4,534 | 7,849 |
See accompanying notes to financial statements.
346
SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
United Microelectronics Corp. | 18,000 | $ | 5,904 | |||||
Yuanta Financial Holding Co., Ltd. | 7,568 | 2,804 | ||||||
366,062 | ||||||||
THAILAND — 5.7% | ||||||||
Advanced Info Service PCL | 2,200 | 13,699 | ||||||
Airports of Thailand PCL | 1,000 | 7,742 | ||||||
Bangkok Bank PCL NVDR | 1,258 | 5,546 | ||||||
BEC World PCL | 3,300 | 2,909 | ||||||
Bumrungrad Hospital PCL | 608 | 3,618 | ||||||
Central Pattana PCL | 3,900 | 4,809 | ||||||
Charoen Pokphand Foods PCL | 7,200 | 4,106 | ||||||
CP ALL PCL | 9,600 | 12,630 | ||||||
Delta Electronics Thai PCL NVDR | 900 | 2,182 | ||||||
Energy Absolute PCL NVDR | 2,900 | 1,718 | ||||||
IRPC PCL NVDR | 18,400 | 1,906 | ||||||
Kasikornbank PCL | 3,100 | 14,563 | ||||||
Krung Thai Bank PCL | 11,100 | 5,230 | ||||||
Minor International PCL | 5,800 | 4,554 | ||||||
PTT Exploration & Production PCL | 2,900 | 5,593 | ||||||
PTT Global Chemical PCL | 3,800 | 5,628 | ||||||
PTT PCL | 1,700 | 11,241 | ||||||
Siam Cement PCL NVDR | 1,000 | 12,784 | ||||||
Siam Commercial Bank PCL | 3,066 | 11,320 | ||||||
True Corp. PCL NVDR (b) | 16,310 | 4,381 | ||||||
136,159 | ||||||||
TURKEY — 3.4% | ||||||||
Akbank TAS | 3,401 | 7,616 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 485 | 3,420 | ||||||
BIM Birlesik Magazalar AS | 395 | 6,999 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 4,040 | 3,349 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 3,015 | 3,714 | ||||||
Haci Omer Sabanci Holding AS | 2,002 | 5,865 | ||||||
KOC Holding AS | 1,639 | 6,388 | ||||||
TAV Havalimanlari Holding AS | 160 | 1,255 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 428 | 2,537 | ||||||
Tupras-Turkiye Petrol Rafinerileri AS (b) | 274 | 6,706 | ||||||
Turk Hava Yollari AO (b) | 1,693 | 4,457 | ||||||
Turkcell Iletisim Hizmetleri AS | 1,728 | 6,021 | ||||||
Turkiye Garanti Bankasi AS | 4,534 | 10,527 | ||||||
Turkiye Halk Bankasi AS | 887 | 2,959 | ||||||
Turkiye Is Bankasi (Class C) | 4,152 | 6,459 | ||||||
Turkiye Vakiflar Bankasi Tao (Class D) | 2,626 | 3,322 | ||||||
81,594 | ||||||||
UNITED ARAB EMIRATES — 2.0% | ||||||||
Abu Dhabi Commercial Bank PJSC | 4,499 | 9,371 | ||||||
Aldar Properties PJSC | 5,839 | 3,815 | ||||||
Arabtec Holding PJSC (b) | 3,161 | 1,584 | ||||||
DP World, Ltd. | 239 | 5,076 | ||||||
Dubai Financial Market PJSC | 4,897 | 2,240 | ||||||
Dubai Islamic Bank PJSC | 822 | 1,500 | ||||||
Emaar Malls Group PJSC (b) | 6,226 | 5,238 | ||||||
Emaar Properties PJSC | 5,580 | 9,814 | ||||||
First Gulf Bank PJSC | 1,190 | 4,520 | ||||||
National Bank of Abu Dhabi PJSC | 1,346 | 3,489 | ||||||
46,647 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $3,042,938) | 2,364,720 | |||||||
SHORT TERM INVESTMENTS — 4.2% | ||||||||
UNITED STATES — 4.2% | ||||||||
MONEY MARKET FUNDS — 4.2% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 97,002 | 97,002 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f) | 3,195 | 3,195 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $100,197) | 100,197 | |||||||
TOTAL INVESTMENTS — 103.7% | ||||||||
(Cost $3,143,135) | 2,464,917 | |||||||
OTHER ASSETS & LIABILITIES — (3.7)% | (88,765 | ) | ||||||
NET ASSETS — 100.0% | $ | 2,376,152 | ||||||
(a) | All or a portion of the security was on loan at September 30, 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
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.
347
SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
AUSTRALIA — 6.1% | ||||||||
AGL Energy, Ltd. | 1,522 | $ | 17,069 | |||||
Amcor, Ltd. | 697 | 6,446 | ||||||
AMP, Ltd. | 535 | 2,089 | ||||||
ASX, Ltd. | 141 | 3,751 | ||||||
Australia & New Zealand Banking Group, Ltd. | 397 | 7,550 | ||||||
BHP Billiton, Ltd. | 576 | 8,988 | ||||||
Brambles, Ltd. | 943 | 6,450 | ||||||
Cochlear, Ltd. | 46 | 2,696 | ||||||
Commonwealth Bank of Australia | 445 | 22,725 | ||||||
CSL, Ltd. | 380 | 23,803 | ||||||
Federation Centres | 5,035 | 9,688 | ||||||
Flight Centre Travel Group, Ltd. | 53 | 1,344 | ||||||
Fortescue Metals Group, Ltd. | 1,274 | 1,628 | ||||||
GPT Group | 3,697 | 11,709 | ||||||
Healthscope, Ltd. | 3,702 | 6,629 | ||||||
Lend Lease Group | 489 | 4,310 | ||||||
Macquarie Group, Ltd. | 47 | 2,530 | ||||||
Medibank Pvt, Ltd. | 9,055 | 15,388 | ||||||
National Australia Bank, Ltd. | 380 | 8,000 | ||||||
Origin Energy, Ltd. (a) | 184 | 716 | ||||||
QBE Insurance Group, Ltd. | 241 | 2,182 | ||||||
Ramsay Health Care, Ltd. | 63 | 2,587 | ||||||
REA Group, Ltd. | 61 | 1,899 | ||||||
Rio Tinto, Ltd. | 256 | 8,737 | ||||||
Scentre Group | 3,400 | 9,312 | ||||||
Seek, Ltd. | 169 | 1,424 | ||||||
Sonic Healthcare, Ltd. | 1,159 | 14,854 | ||||||
South32, Ltd. (b) | 1,736 | 1,664 | ||||||
Stockland | 2,697 | 7,292 | ||||||
Suncorp Group, Ltd. | 209 | 1,789 | ||||||
Telstra Corp., Ltd. | 7,693 | 30,308 | ||||||
Transurban Group | 1,725 | 12,041 | ||||||
Wesfarmers, Ltd. | 455 | 12,532 | ||||||
Westfield Corp. | 1,682 | 11,776 | ||||||
Westpac Banking Corp. | 424 | 8,843 | ||||||
Woodside Petroleum, Ltd. | 433 | 8,797 | ||||||
Woolworths, Ltd. | 1,331 | 23,218 | ||||||
322,764 | ||||||||
AUSTRIA — 0.1% | ||||||||
Erste Group Bank AG (b) | 80 | 2,316 | ||||||
OMV AG | 61 | 1,480 | ||||||
Voestalpine AG | 54 | 1,851 | ||||||
5,647 | ||||||||
BELGIUM — 1.4% | ||||||||
Ageas | 60 | 2,458 | ||||||
Anheuser-Busch InBev SA | 370 | 39,203 | ||||||
Colruyt SA (b) | 202 | 9,703 | ||||||
Delhaize Group | 34 | 3,002 | ||||||
KBC Groep NV | 44 | 2,769 | ||||||
Proximus | 340 | 11,712 | ||||||
Solvay SA | 16 | 1,629 | ||||||
Umicore SA | 52 | 1,999 | ||||||
72,475 | ||||||||
DENMARK — 2.7% | ||||||||
AP Moeller — Maersk A/S (Class A) | 1 | 1,502 | ||||||
AP Moeller — Maersk A/S (Class B) | 1 | 1,537 | ||||||
Carlsberg A/S (Class B) | 24 | 1,840 | ||||||
Coloplast A/S (Class B) | 184 | 13,014 | ||||||
Danske Bank A/S | 104 | 3,136 | ||||||
DSV A/S | 102 | 3,805 | ||||||
Novo Nordisk A/S (Class B) | 1,570 | 84,147 | ||||||
Novozymes A/S (Class B) | 156 | 6,790 | ||||||
Pandora A/S | 75 | 8,742 | ||||||
TDC A/S | 693 | 3,564 | ||||||
Tryg A/S | 370 | 7,175 | ||||||
William Demant Holding A/S (b) | 70 | 5,813 | ||||||
141,065 | ||||||||
FINLAND — 0.8% | ||||||||
Elisa Oyj | 133 | 4,486 | ||||||
Fortum Oyj | 320 | 4,726 | ||||||
Kone Oyj (Class B) | 210 | 7,970 | ||||||
Metso Oyj | 62 | 1,287 | ||||||
Nokia Oyj | 338 | 2,303 | ||||||
Nokian Renkaat Oyj | 82 | 2,646 | ||||||
Orion Oyj (Class B) | 79 | 2,981 | ||||||
Sampo Oyj (Class A) | 214 | 10,339 | ||||||
UPM-Kymmene Oyj | 144 | 2,154 | ||||||
Wartsila Oyj Abp | 80 | 3,167 | ||||||
42,059 | ||||||||
FRANCE — 6.4% | ||||||||
Aeroports de Paris | 92 | 10,408 | ||||||
Air Liquide SA | 240 | 28,304 | ||||||
Alstom SA (b) | 63 | 1,941 | ||||||
AXA SA | 521 | 12,582 | ||||||
BNP Paribas SA | 318 | 18,622 | ||||||
Bouygues SA | 55 | 1,948 | ||||||
Bureau Veritas SA | 149 | 3,133 | ||||||
Cap Gemini SA | 36 | 3,199 | ||||||
Carrefour SA | 118 | 3,483 | ||||||
Christian Dior SE | 12 | 2,238 | ||||||
Compagnie de Saint-Gobain | 103 | 4,451 | ||||||
Compagnie Generale des Etablissements Michelin | 99 | 8,998 | ||||||
Credit Agricole SA | 261 | 2,988 | ||||||
Danone SA | 119 | 7,494 | ||||||
Dassault Systemes | 169 | 12,451 | ||||||
Engie | 319 | 5,142 | ||||||
Essilor International SA | 122 | 14,830 | ||||||
Eutelsat Communications SA | 137 | 4,190 | ||||||
Hermes International | 15 | 5,442 | ||||||
Kering | 11 | 1,793 | ||||||
L’Oreal SA | 169 | 29,250 | ||||||
Legrand SA | 130 | 6,883 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 125 | 21,237 | ||||||
Natixis SA | 373 | 2,056 | ||||||
Orange SA | 434 | 6,550 | ||||||
Pernod Ricard SA | 21 | 2,114 | ||||||
Publicis Groupe SA | 96 | 6,535 | ||||||
Renault SA | 51 | 3,643 | ||||||
Rexel SA | 5 | 61 | ||||||
Safran SA | 39 | 2,930 |
See accompanying notes to financial statements.
348
SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Sanofi | 155 | $ | 14,687 | |||||
Schneider Electric SE | 55 | 3,070 | ||||||
SCOR SE | 298 | 10,659 | ||||||
Societe BIC SA | 19 | 2,944 | ||||||
Societe Generale SA | 233 | 10,364 | ||||||
Sodexo SA | 103 | 8,508 | ||||||
Technip SA | 30 | 1,412 | ||||||
Total SA | 507 | 22,751 | ||||||
Unibail-Rodamco SE | 13 | 3,356 | ||||||
Valeo SA | 41 | 5,526 | ||||||
Veolia Environnement SA | 135 | 3,079 | ||||||
Vinci SA | 79 | 5,001 | ||||||
Vivendi SA | 396 | 9,340 | ||||||
Zodiac Aerospace | 97 | 2,219 | ||||||
337,812 | ||||||||
GERMANY — 6.6% | ||||||||
adidas AG | 46 | 3,697 | ||||||
Allianz SE | 87 | 13,620 | ||||||
Axel Springer SE | 41 | 2,285 | ||||||
BASF SE | 492 | 37,521 | ||||||
Bayer AG | 49 | 6,260 | ||||||
Bayerische Motoren Werke AG | 51 | 4,510 | ||||||
Bayerische Motoren Werke AG Preference Shares | 26 | 1,780 | ||||||
Beiersdorf AG | 161 | 14,228 | ||||||
Commerzbank AG (b) | 296 | 3,113 | ||||||
Continental AG | 58 | 12,308 | ||||||
Daimler AG | 189 | 13,681 | ||||||
Deutsche Bank AG | 379 | 10,183 | ||||||
Deutsche Boerse AG | 78 | 6,707 | ||||||
Deutsche Post AG | 548 | 15,155 | ||||||
Deutsche Telekom AG | 571 | 10,125 | ||||||
E.ON SE | 780 | 6,684 | ||||||
Fresenius Medical Care AG & Co. KGaA | 290 | 22,602 | ||||||
Fresenius SE & Co. KGaA | 213 | 14,266 | ||||||
Fuchs Petrolub SE Preference Shares | 54 | 2,382 | ||||||
GEA Group AG | 94 | 3,571 | ||||||
Hannover Rueck SE | 35 | 3,576 | ||||||
HeidelbergCement AG | 30 | 2,051 | ||||||
Henkel AG & Co. KGaA | 90 | 7,930 | ||||||
Henkel AG & Co. KGaA Preference Shares | 97 | 9,958 | ||||||
Hugo Boss AG | 64 | 7,173 | ||||||
Infineon Technologies AG | 211 | 2,368 | ||||||
K+S AG | 69 | 2,305 | ||||||
Kabel Deutschland Holding AG (b) | 44 | 5,722 | ||||||
Lanxess AG | 36 | 1,680 | ||||||
Linde AG | 37 | 5,987 | ||||||
MAN SE | 135 | 13,737 | ||||||
Merck KGaA | 64 | 5,650 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 40 | 7,445 | ||||||
Porsche Automobil Holding SE Preference Shares | 49 | 2,084 | ||||||
ProSiebenSat.1 Media SE | 80 | 3,915 | ||||||
RWE AG | 186 | 2,107 | ||||||
SAP SE | 510 | 32,990 | ||||||
Siemens AG | 102 | 9,102 | ||||||
Telefonica Deutschland Holding AG | 1,296 | 7,900 | ||||||
ThyssenKrupp AG | 83 | 1,453 | ||||||
United Internet AG | 62 | 3,133 | ||||||
Volkswagen AG | 24 | 2,812 | ||||||
Volkswagen AG Preference Shares | 33 | 3,601 | ||||||
349,357 | ||||||||
HONG KONG — 4.7% | ||||||||
AIA Group, Ltd. | 1,200 | 6,201 | ||||||
Bank of East Asia, Ltd. | 1,825 | 6,123 | ||||||
BOC Hong Kong Holdings, Ltd. | 5,500 | 16,145 | ||||||
Cheung Kong Infrastructure Holdings, Ltd. | 2,000 | 17,871 | ||||||
Cheung Kong Property Holdings, Ltd. | 500 | 3,635 | ||||||
CK Hutchison Holdings, Ltd. | 500 | 6,464 | ||||||
CLP Holdings, Ltd. | 3,000 | 25,606 | ||||||
Galaxy Entertainment Group, Ltd. | 2,000 | 5,084 | ||||||
Hang Seng Bank, Ltd. | 1,900 | 34,126 | ||||||
HKT Trust/HKT, Ltd. | 3,540 | 4,207 | ||||||
Hong Kong & China Gas Co., Ltd. | 4,840 | 9,068 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 604 | 13,779 | ||||||
Li & Fung, Ltd. | 4,000 | 3,050 | ||||||
Link REIT | 1,500 | 8,226 | ||||||
MTR Corp., Ltd. | 4,500 | 19,510 | ||||||
New World Development Co., Ltd. | 2,026 | 1,961 | ||||||
Noble Group, Ltd. | 3,000 | 876 | ||||||
Power Assets Holdings, Ltd. | 3,000 | 28,297 | ||||||
Sands China, Ltd. | 1,600 | 4,810 | ||||||
SJM Holdings, Ltd. | 1,000 | 707 | ||||||
Sun Hung Kai Properties, Ltd. | 1,000 | 12,968 | ||||||
Swire Pacific, Ltd. (Class A) | 500 | 5,577 | ||||||
Techtronic Industries Co., Ltd. | 1,000 | 3,690 | ||||||
Wharf Holdings, Ltd. | 1,000 | 5,613 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 1,000 | 3,697 | ||||||
247,291 | ||||||||
IRELAND — 0.6% | ||||||||
CRH PLC | 99 | 2,597 | ||||||
Kerry Group PLC (Class A) | 268 | 20,088 | ||||||
Ryanair Holdings PLC | 573 | 8,344 | ||||||
31,029 | ||||||||
ISRAEL — 0.9% | ||||||||
Bank Hapoalim BM | 2,346 | 11,793 | ||||||
Bank Leumi Le-Israel BM (b) | 2,385 | 8,896 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 3,417 | 6,529 | ||||||
Israel Chemicals, Ltd. | 277 | 1,424 | ||||||
Mizrahi Tefahot Bank, Ltd. | 411 | 4,855 | ||||||
Teva Pharmaceutical Industries, Ltd. | 225 | 12,870 | ||||||
46,367 | ||||||||
ITALY — 1.1% | ||||||||
Assicurazioni Generali SpA | 258 | 4,712 | ||||||
Banca Monte dei Paschi di Siena SpA (b) | 860 | 1,528 | ||||||
Enel SpA | 1,946 | 8,663 | ||||||
ENI SpA | 764 | 11,982 | ||||||
Exor SpA | 72 | 3,133 | ||||||
Intesa Sanpaolo SpA | 1,993 | 7,021 | ||||||
Luxottica Group SpA | 73 | 5,052 | ||||||
Snam SpA | 454 | 2,328 | ||||||
Telecom Italia SpA | 4,214 | 4,313 | ||||||
UBI Banca SCpA | 311 | 2,201 |
See accompanying notes to financial statements.
349
SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
UniCredit SpA | 812 | $ | 5,049 | |||||
55,982 | ||||||||
JAPAN — 18.9% | ||||||||
ABC-Mart, Inc. | 100 | 5,561 | ||||||
Aeon Co., Ltd. | 300 | 4,647 | ||||||
ANA Holdings, Inc. | 4,000 | 11,169 | ||||||
Aozora Bank, Ltd. | 3,000 | 10,370 | ||||||
Asahi Group Holdings, Ltd. | 100 | 3,231 | ||||||
Asahi Kasei Corp. | 1,000 | 7,014 | ||||||
Asics Corp. | 100 | 2,370 | ||||||
Astellas Pharma, Inc. | 800 | 10,320 | ||||||
Bank of Yokohama, Ltd. | 1,000 | 6,046 | ||||||
Benesse Holdings, Inc. | 200 | 5,335 | ||||||
Bridgestone Corp. | 300 | 10,335 | ||||||
Brother Industries, Ltd. | 200 | 2,395 | ||||||
Calbee, Inc. | 100 | 3,219 | ||||||
Canon, Inc. | 800 | 23,072 | ||||||
Chubu Electric Power Co., Inc. | 200 | 2,941 | ||||||
Chugoku Bank, Ltd. | 100 | 1,477 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 300 | 4,743 | ||||||
Daihatsu Motor Co., Ltd. | 200 | 2,306 | ||||||
Daiichi Sankyo Co., Ltd. | 300 | 5,185 | ||||||
Daito Trust Construction Co., Ltd. | 100 | 10,124 | ||||||
Denso Corp. | 100 | 4,205 | ||||||
East Japan Railway Co. | 200 | 16,791 | ||||||
Eisai Co., Ltd. | 100 | 5,870 | ||||||
Electric Power Development Co., Ltd. | 100 | 3,043 | ||||||
FamilyMart Co., Ltd. | 200 | 9,101 | ||||||
Fuji Heavy Industries, Ltd. | 100 | 3,576 | ||||||
FUJIFILM Holdings Corp. | 100 | 3,721 | ||||||
Fujitsu, Ltd. | 1,000 | 4,329 | ||||||
Hino Motors, Ltd. | 200 | 2,026 | ||||||
Hitachi, Ltd. | 1,000 | 5,017 | ||||||
Honda Motor Co., Ltd. | 300 | 8,865 | ||||||
Hoya Corp. | 200 | 6,518 | ||||||
Idemitsu Kosan Co., Ltd. | 100 | 1,525 | ||||||
Inpex Corp. | 200 | 1,776 | ||||||
ITOCHU Corp. | 700 | 7,350 | ||||||
Iyo Bank, Ltd. | 300 | 3,429 | ||||||
Japan Airlines Co., Ltd. | 400 | 14,078 | ||||||
Japan Prime Realty Investment Corp. | 3 | 9,732 | ||||||
Japan Real Estate Investment Corp. | 3 | 13,802 | ||||||
Japan Retail Fund Investment Corp. | 5 | 9,669 | ||||||
Japan Tobacco, Inc. | 600 | 18,511 | ||||||
JFE Holdings, Inc. | 200 | 2,609 | ||||||
JX Holdings, Inc. | 1,400 | 5,037 | ||||||
Kakaku.com, Inc. | 200 | 3,230 | ||||||
Kaneka Corp. | 1,000 | 7,331 | ||||||
Kansai Electric Power Co., Inc. (b) | 300 | 3,324 | ||||||
Kao Corp. | 400 | 18,045 | ||||||
KDDI Corp. | 400 | 8,907 | ||||||
Kirin Holdings Co., Ltd. | 200 | 2,614 | ||||||
Koito Manufacturing Co., Ltd. | 100 | 3,244 | ||||||
Komatsu, Ltd. | 200 | 2,927 | ||||||
Kyocera Corp. | 100 | 4,559 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 1,000 | 14,846 | ||||||
Lawson, Inc. | 200 | 14,712 | ||||||
M3, Inc. | 200 | 3,953 | ||||||
Marubeni Corp. | 1,600 | 7,799 | ||||||
McDonald’s Holdings Co. (Japan), Ltd. | 200 | 4,490 | ||||||
Miraca Holdings, Inc. | 100 | 4,225 | ||||||
Mitsubishi Chemical Holdings Corp. | 700 | 3,631 | ||||||
Mitsubishi Corp. | 600 | 9,787 | ||||||
Mitsubishi Heavy Industries, Ltd. | 1,000 | 4,445 | ||||||
Mitsubishi Motors Corp. | 300 | 2,284 | ||||||
Mitsubishi Tanabe Pharma Corp. | 700 | 12,303 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 3,400 | 20,338 | ||||||
Mitsui & Co., Ltd. | 600 | 6,716 | ||||||
Mizuho Financial Group, Inc. | 16,900 | 31,453 | ||||||
MS&AD Insurance Group Holdings, Inc. | 100 | 2,666 | ||||||
Nagoya Railroad Co., Ltd. | 1,000 | 3,916 | ||||||
NEC Corp. | 1,000 | 3,064 | ||||||
Nippon Building Fund, Inc. | 2 | 9,669 | ||||||
Nippon Paint Holdings Co., Ltd. | 100 | 1,738 | ||||||
Nippon Prologis REIT, Inc. | 4 | 7,254 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 100 | 1,811 | ||||||
Nippon Telegraph & Telephone Corp. | 900 | 31,397 | ||||||
Nippon Yusen K.K. | 1,000 | 2,305 | ||||||
Nissan Motor Co., Ltd. | 700 | 6,394 | ||||||
Nissin Foods Holding Co., Ltd. | 100 | 4,584 | ||||||
Nitori Holding Co., Ltd. | 200 | 15,614 | ||||||
Nomura Holdings, Inc. | 600 | 3,447 | ||||||
Nomura Research Institute, Ltd. | 110 | 4,202 | ||||||
NTT DoCoMo, Inc. | 1,700 | 28,290 | ||||||
Oracle Corp. | 100 | 4,208 | ||||||
Oriental Land Co., Ltd. | 200 | 11,137 | ||||||
ORIX Corp. | 200 | 2,558 | ||||||
Osaka Gas Co., Ltd. | 2,000 | 7,565 | ||||||
Otsuka Corp. | 100 | 4,860 | ||||||
Otsuka Holdings Co., Ltd. | 800 | 25,437 | ||||||
Panasonic Corp. | 400 | 4,020 | ||||||
Park24 Co., Ltd. | 400 | 7,501 | ||||||
Recruit Holdings Co., Ltd. | 100 | 2,989 | ||||||
Resona Holdings, Inc. | 900 | 4,556 | ||||||
Ricoh Co., Ltd. | 200 | 2,011 | ||||||
Sankyo Co., Ltd. | 200 | 7,097 | ||||||
Santen Pharmaceutical Co., Ltd. | 300 | 4,005 | ||||||
Secom Co., Ltd. | 200 | 11,972 | ||||||
Sega Sammy Holdings, Inc. | 200 | 1,944 | ||||||
Sekisui House, Ltd. | 200 | 3,114 | ||||||
Seven & i Holdings Co., Ltd. | 100 | 4,546 | ||||||
Seven Bank, Ltd. | 700 | 3,016 | ||||||
Sharp Corp. (b) | 1,000 | 1,144 | ||||||
Shimamura Co., Ltd. | 100 | 10,738 | ||||||
Shin-Etsu Chemical Co., Ltd. | 100 | 5,106 | ||||||
Shionogi & Co., Ltd. | 200 | 7,139 | ||||||
SoftBank Group Corp. | 100 | 4,573 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 100 | 2,886 | ||||||
Sony Corp. | 200 | 4,840 | ||||||
Sumitomo Corp. | 500 | 4,809 | ||||||
Sumitomo Electric Industries, Ltd. | 200 | 2,544 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 400 | 15,070 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,000 | 3,652 | ||||||
Suntory Beverage & Food, Ltd. | 300 | 11,485 | ||||||
Suzuken Co., Ltd. | 100 | 3,319 | ||||||
Suzuki Motor Corp. | 100 | 3,058 | ||||||
Sysmex Corp. | 100 | 5,244 | ||||||
T&D Holdings, Inc. | 200 | 2,345 |
See accompanying notes to financial statements.
350
SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 100 | $ | 5,728 | |||||
Takeda Pharmaceutical Co., Ltd. | 600 | 26,236 | ||||||
Tobu Railway Co., Ltd. | 1,000 | 4,283 | ||||||
Tohoku Electric Power Co., Inc. | 200 | 2,700 | ||||||
Tokio Marine Holdings, Inc. | 100 | 3,709 | ||||||
Tokyo Electric Power Co., Inc. (b) | 700 | 4,658 | ||||||
Tokyo Gas Co., Ltd. | 3,000 | 14,473 | ||||||
TonenGeneral Sekiyu K.K. | 1,000 | 9,661 | ||||||
Toshiba Corp. (b) | 1,000 | 2,508 | ||||||
Toyo Suisan Kaisha, Ltd. | 100 | 3,774 | ||||||
Toyota Industries Corp. | 100 | 4,726 | ||||||
Toyota Motor Corp. | 400 | 23,282 | ||||||
Toyota Tsusho Corp. | 100 | 2,098 | ||||||
Trend Micro, Inc. | 100 | 3,519 | ||||||
Unicharm Corp. | 500 | 8,826 | ||||||
United Urban Investment Corp. | 7 | 9,340 | ||||||
USS Co., Ltd. | 700 | 11,596 | ||||||
West Japan Railway Co. | 400 | 24,986 | ||||||
Yahoo! Japan Corp. | 800 | 3,033 | ||||||
Yamada Denki Co., Ltd. | 1,200 | 4,829 | ||||||
Yamato Holdings Co., Ltd. | 400 | 7,628 | ||||||
996,035 | ||||||||
LUXEMBOURG — 0.5% | ||||||||
ArcelorMittal | 378 | 1,966 | ||||||
Millicom International Cellular SA SDR | 44 | 2,744 | ||||||
RTL Group SA | 26 | 2,235 | ||||||
SES SA | 585 | 18,395 | ||||||
Tenaris SA | 237 | 2,838 | ||||||
28,178 | ||||||||
NETHERLANDS — 3.3% | ||||||||
Aegon NV | 568 | 3,256 | ||||||
Airbus Group SE | 376 | 22,207 | ||||||
Akzo Nobel NV | 34 | 2,201 | ||||||
ASML Holding NV | 171 | 14,919 | ||||||
Boskalis Westminster NV | 49 | 2,138 | ||||||
CNH Industrial NV | 378 | 2,458 | ||||||
Fiat Chrysler Automobiles NV (b) | 371 | 4,808 | ||||||
Heineken NV | 36 | 2,903 | ||||||
ING Groep NV | 669 | 9,447 | ||||||
Koninklijke Ahold NV | 520 | 10,106 | ||||||
Koninklijke DSM NV | 35 | 1,609 | ||||||
Koninklijke KPN NV | 736 | 2,747 | ||||||
Koninklijke Philips NV | 114 | 2,678 | ||||||
NN Group NV | 527 | 15,071 | ||||||
QIAGEN NV (b) | 111 | 2,854 | ||||||
RELX NV | 724 | 11,775 | ||||||
Unilever NV | 1,449 | 58,050 | ||||||
Wolters Kluwer NV | 112 | 3,439 | ||||||
172,666 | ||||||||
NEW ZEALAND — 0.2% | ||||||||
Auckland International Airport, Ltd. | 2,380 | 7,430 | ||||||
Ryman Healthcare, Ltd. | 367 | 1,716 | ||||||
9,146 | ||||||||
NORWAY — 0.3% | ||||||||
DnB NOR ASA | 185 | 2,401 | ||||||
Gjensidige Forsikring ASA | 134 | 1,800 | ||||||
Seadrill, Ltd. (b) | 190 | 1,106 | ||||||
Statoil ASA | 343 | 4,990 | ||||||
Telenor ASA | 240 | 4,471 | ||||||
Yara International ASA | 52 | 2,070 | ||||||
16,838 | ||||||||
PORTUGAL — 0.1% | ||||||||
EDP — Energias de Portugal SA | 613 | 2,238 | ||||||
Jeronimo Martins SGPS SA | 169 | 2,273 | ||||||
4,511 | ||||||||
SINGAPORE — 2.3% | ||||||||
ComfortDelGro Corp., Ltd. | 1,000 | 2,018 | ||||||
DBS Group Holdings, Ltd. | 2,060 | 23,485 | ||||||
Keppel Corp., Ltd. | 1,000 | 4,768 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 2,468 | 15,257 | ||||||
SembCorp Industries, Ltd. | 1,000 | 2,433 | ||||||
SembCorp Marine, Ltd. | 1,000 | 1,611 | ||||||
Singapore Airlines, Ltd. | 2,000 | 15,050 | ||||||
Singapore Exchange, Ltd. | 1,000 | 4,944 | ||||||
Singapore Press Holdings, Ltd. | 2,000 | 5,401 | ||||||
Singapore Technologies Engineering Ltd. | 1,000 | 2,096 | ||||||
Singapore Telecommunications, Ltd. | 9,000 | 22,786 | ||||||
StarHub, Ltd. | 2,000 | 4,867 | ||||||
United Overseas Bank, Ltd. | 1,000 | 13,046 | ||||||
Wilmar International, Ltd. | 1,000 | 1,807 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 2,000 | 1,597 | ||||||
121,166 | ||||||||
SPAIN — 1.6% | ||||||||
ACS, Actividades de Construccion y Servicios SA | 65 | 1,864 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 1,217 | 10,297 | ||||||
Banco de Sabadell SA | 1,010 | 1,851 | ||||||
Banco Santander SA | 2,613 | 13,837 | ||||||
CaixaBank SA (b) | 441 | 1,694 | ||||||
Distribuidora Internacional de Alimentacion SA (b) | 438 | 2,642 | ||||||
Endesa SA | 253 | 5,321 | ||||||
Iberdrola SA | 1,205 | 7,999 | ||||||
Industria de Diseno Textil SA | 645 | 21,549 | ||||||
Repsol SA | 365 | 4,241 | ||||||
Telefonica SA | 954 | 11,533 | ||||||
Zardoya Otis SA | 150 | 1,618 | ||||||
84,446 | ||||||||
SWEDEN — 1.8% | ||||||||
Alfa Laval AB | 174 | 2,840 | ||||||
Assa Abloy AB (Class B) | 465 | 8,311 | ||||||
Atlas Copco AB (Class A) | 644 | 15,441 | ||||||
Hennes & Mauritz AB (Class B) | 627 | 22,854 | ||||||
ICA Gruppen AB | 50 | 1,687 | ||||||
Industrivarden AB (Class C) | 121 | 2,118 | ||||||
Investor AB (Class B) | 142 | 4,861 | ||||||
Kinnevik Investment AB (Class B) | 224 | 6,380 | ||||||
Nordea Bank AB | 536 | 5,956 | ||||||
Sandvik AB | 171 | 1,452 | ||||||
Skandinaviska Enskilda Banken AB (Class A) | 260 | 2,770 | ||||||
Skanska AB (Class B) | 248 | 4,846 | ||||||
Svenska Cellulosa AB (Class B) | 87 | 2,425 | ||||||
Svenska Handelsbanken AB (Class A) | 231 | 3,302 | ||||||
Swedbank AB (Class A) | 146 | 3,219 |
See accompanying notes to financial statements.
351
SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Telefonaktiebolaget LM Ericsson (Class B) | 358 | $ | 3,509 | |||||
TeliaSonera AB | 585 | 3,142 | ||||||
Volvo AB (Class B) | 234 | 2,235 | ||||||
97,348 | ||||||||
SWITZERLAND — 13.6% | ||||||||
ABB, Ltd. (b) | 1,089 | 19,192 | ||||||
Actelion, Ltd. (b) | 58 | 7,343 | ||||||
Adecco SA (b) | 99 | 7,219 | ||||||
Barry Callebaut AG (b) | 5 | 5,424 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 4 | 23,396 | ||||||
Cie Financiere Richemont SA | 257 | 19,911 | ||||||
Credit Suisse Group AG (b) | 293 | 7,023 | ||||||
EMS-Chemie Holding AG | 9 | 3,691 | ||||||
Geberit AG | 24 | 7,312 | ||||||
Givaudan SA (b) | 12 | 19,466 | ||||||
Julius Baer Group, Ltd. (b) | 232 | 10,499 | ||||||
Kuehne + Nagel International AG | 151 | 19,348 | ||||||
LafargeHolcim, Ltd. (b)(c) | 32 | 1,672 | ||||||
LafargeHolcim, Ltd. (b)(c) | 27 | 1,405 | ||||||
Nestle SA | 1,919 | 143,861 | ||||||
Novartis AG | 1,420 | 129,923 | ||||||
Partners Group Holding AG | 18 | 6,084 | ||||||
Roche Holding AG | 458 | 120,465 | ||||||
Schindler Holding AG (c) | 27 | 3,869 | ||||||
Schindler Holding AG (c) | 17 | 2,485 | ||||||
SGS SA | 5 | 8,699 | ||||||
Sika AG | 1 | 3,080 | ||||||
Sonova Holding AG | 24 | 3,080 | ||||||
Sulzer AG | 17 | 1,662 | ||||||
Swatch Group AG (c) | 15 | 5,542 | ||||||
Swatch Group AG (c) | 40 | 2,876 | ||||||
Swiss Life Holding AG (b) | 11 | 2,447 | ||||||
Swiss Prime Site AG (b) | 188 | 13,699 | ||||||
Swiss Re AG | 381 | 32,598 | ||||||
Swisscom AG | 60 | 29,856 | ||||||
Syngenta AG | 68 | 21,720 | ||||||
Transocean, Ltd. | 205 | 2,620 | ||||||
UBS Group AG | 511 | 9,419 | ||||||
Zurich Insurance Group AG (b) | 75 | 18,360 | ||||||
715,246 | ||||||||
UNITED KINGDOM — 25.4% | ||||||||
Aberdeen Asset Management PLC | 632 | 2,838 | ||||||
Admiral Group PLC | 637 | 14,493 | ||||||
Aggreko PLC | 81 | 1,167 | ||||||
Amec Foster Wheeler PLC | 167 | 1,812 | ||||||
Anglo American PLC | 467 | 3,897 | ||||||
ARM Holdings PLC | 722 | 10,362 | ||||||
Associated British Foods PLC | 179 | 9,056 | ||||||
AstraZeneca PLC | 1,051 | 66,570 | ||||||
Aviva PLC | 371 | 2,540 | ||||||
Babcock International Group PLC | 322 | 4,451 | ||||||
BAE Systems PLC | 2,319 | 15,726 | ||||||
Barclays PLC | 4,613 | 17,060 | ||||||
BG Group PLC | 1,856 | 26,736 | ||||||
BHP Billiton PLC | 1,248 | 18,999 | ||||||
BP PLC | 8,802 | 44,532 | ||||||
British American Tobacco PLC | 1,402 | 77,366 | ||||||
BT Group PLC | 2,316 | 14,720 | ||||||
Bunzl PLC | 391 | 10,483 | ||||||
Burberry Group PLC | 281 | 5,823 | ||||||
Capita PLC | 577 | 10,471 | ||||||
Centrica PLC | 5,667 | 19,675 | ||||||
Cobham PLC | 687 | 2,973 | ||||||
Compass Group PLC | 2,532 | 40,386 | ||||||
Croda International PLC | 89 | 3,652 | ||||||
Diageo PLC | 1,977 | 53,020 | ||||||
Direct Line Insurance Group PLC | 1,699 | 9,648 | ||||||
easyJet PLC | 96 | 2,584 | ||||||
Experian PLC | 543 | 8,702 | ||||||
Fresnillo PLC | 415 | 3,718 | ||||||
G4S PLC | 3,050 | 10,658 | ||||||
GKN PLC | 1,077 | 4,372 | ||||||
GlaxoSmithKline PLC | 1,558 | 29,877 | ||||||
Glencore PLC (b) | 3,264 | 4,526 | ||||||
Hargreaves Lansdown PLC | 156 | 2,852 | ||||||
HSBC Holdings PLC | 6,059 | 45,770 | ||||||
ICAP PLC | 385 | 2,666 | ||||||
IMI PLC | 183 | 2,629 | ||||||
Imperial Tobacco Group PLC | 817 | 42,238 | ||||||
Inmarsat PLC | 609 | 9,059 | ||||||
Intertek Group PLC | 137 | 5,045 | ||||||
ITV PLC | 2,331 | 8,686 | ||||||
J Sainsbury PLC | 1,722 | 6,808 | ||||||
Johnson Matthey PLC | 121 | 4,487 | ||||||
Kingfisher PLC | 360 | 1,955 | ||||||
Land Securities Group PLC | 248 | 4,730 | ||||||
Legal & General Group PLC | 2,879 | 10,383 | ||||||
Lloyds Banking Group PLC | 7,832 | 8,917 | ||||||
Marks & Spencer Group PLC | 1,471 | 11,163 | ||||||
Meggitt PLC | 476 | 3,434 | ||||||
Merlin Entertainments PLC (d) | 680 | 3,828 | ||||||
Mondi PLC | 198 | 4,148 | ||||||
National Grid PLC | 2,383 | 33,169 | ||||||
Next PLC | 198 | 22,824 | ||||||
Old Mutual PLC | 759 | 2,174 | ||||||
Pearson PLC | 127 | 2,168 | ||||||
Persimmon PLC (b) | 182 | 5,536 | ||||||
Petrofac, Ltd. | 183 | 2,129 | ||||||
Prudential PLC | 1,279 | 26,997 | ||||||
Randgold Resources, Ltd. | 214 | 12,519 | ||||||
Reckitt Benckiser Group PLC | 712 | 64,570 | ||||||
RELX PLC | 1,800 | 30,865 | ||||||
Rexam PLC | 432 | 3,426 | ||||||
Rio Tinto PLC | 807 | 27,015 | ||||||
Rolls-Royce Holdings PLC (b) | 1,067 | 10,942 | ||||||
Royal Bank of Scotland Group PLC (b) | 449 | 2,142 | ||||||
Royal Dutch Shell PLC (Class A) | 896 | 21,091 | ||||||
Royal Dutch Shell PLC (Class B) | 1,692 | 40,059 | ||||||
Royal Mail PLC | 709 | 4,927 | ||||||
RSA Insurance Group PLC | 300 | 1,830 | ||||||
SABMiller PLC | 462 | 26,152 | ||||||
Sage Group PLC | 688 | 5,204 | ||||||
Schroders PLC | 70 | 2,974 | ||||||
Shire PLC | 404 | 27,563 | ||||||
Sky PLC | 1,726 | 27,295 | ||||||
Smith & Nephew PLC | 1,129 | 19,718 | ||||||
Smiths Group PLC | 257 | 3,912 |
See accompanying notes to financial statements.
352
SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Sports Direct International PLC (b) | 203 | $ | 2,328 | |||||
SSE PLC | 1,391 | 31,521 | ||||||
Standard Chartered PLC | 765 | 7,426 | ||||||
Standard Life PLC | 310 | 1,821 | ||||||
Tate & Lyle PLC | 295 | 2,628 | ||||||
Tesco PLC (b) | 3,351 | 9,299 | ||||||
Unilever PLC | 1,319 | 53,665 | ||||||
United Utilities Group PLC | 175 | 2,452 | ||||||
Vodafone Group PLC | 10,258 | 32,390 | ||||||
Weir Group PLC | 117 | 2,074 | ||||||
Whitbread PLC | 93 | 6,576 | ||||||
William Hill PLC | 530 | 2,816 | ||||||
William Morrison Supermarkets PLC | 703 | 1,769 | ||||||
Wolseley PLC | 149 | 8,707 | ||||||
WPP PLC | 670 | 13,934 | ||||||
1,338,298 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $5,972,113) | 5,235,726 | |||||||
SHORT TERM INVESTMENT — 0.0% (e) | ||||||||
UNITED STATES — 0.0% (e) | ||||||||
MONEY MARKET FUND — 0.0% (e) | ||||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g) (Cost $530) | 530 | 530 | ||||||
TOTAL INVESTMENTS — 99.4% | ||||||||
(Cost $5,972,643) | 5,236,256 | |||||||
OTHER ASSETS & LIABILITIES — 0.6% | 32,009 | |||||||
NET ASSETS — 100.0% | $ | 5,268,265 | ||||||
(a) | 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). | |||||
(b) | Non-income producing security | |||||
(c) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(d) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of September 30, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(e) | Amount shown represents less than 0.05% of net assets. | |||||
(f) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). | |||||
(g) | The rate shown is the annualized seven-day yield at period end. |
PLC = Public Limited Company
REIT = Real Estate Investment Trust
SDR = Swedish Depositary Receipt
See accompanying notes to financial statements.
353
SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.6% | ||||||||
BRAZIL — 4.8% | ||||||||
AES Tiete SA Preference Shares | 2,732 | $ | 9,653 | |||||
Ambev SA ADR | 168,664 | 826,454 | ||||||
Banco Bradesco SA | 6,022 | 35,721 | ||||||
Banco Bradesco SA Preference Shares | 22,512 | 121,098 | ||||||
Banco do Brasil SA | 14,868 | 56,754 | ||||||
Banco do Estado do Rio Grande do Sul SA Preference Shares | 3,852 | 5,398 | ||||||
Banco Santander Brasil SA | 2,600 | 8,234 | ||||||
BB Seguridade Participacoes SA | 27,824 | 173,361 | ||||||
BM&FBovespa SA | 7,704 | 21,437 | ||||||
BR Malls Participacoes SA | 2,564 | 6,735 | ||||||
BRF — Brasil Foods SA ADR | 4,101 | 72,957 | ||||||
CCR SA | 2,420 | 7,396 | ||||||
Centrais Eletricas Brasileiras SA ADR preferred shares | 4,435 | 9,580 | ||||||
CETIP SA — Mercados Organizados | 5,142 | 42,485 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 2,947 | 11,434 | ||||||
Cia Energetica de Sao Paulo Preference Shares (Class B) | 1,288 | 4,920 | ||||||
Cia Paranaense de Energia, ADR | 1,488 | 12,216 | ||||||
Cielo SA | 40,624 | 374,007 | ||||||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR | 1,488 | 18,660 | ||||||
Companhia Energetica de Minas Gerais ADR | 25,159 | 44,783 | ||||||
Companhia Siderurgica Nacional SA ADR | 8,868 | 8,498 | ||||||
Cosan SA Industria e Comercio | 1,288 | 6,511 | ||||||
CPFL Energia SA ADR (a) | 1,535 | 11,512 | ||||||
Cyrela Brazil Realty SA | 2,564 | 5,325 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 1,424 | 2,181 | ||||||
EDP — Energias do Brasil SA | 2,100 | 6,054 | ||||||
Embraer SA, ADR | 736 | 18,827 | ||||||
Estacio Participacoes SA | 6,164 | 21,827 | ||||||
Fibria Celulose SA ADR | 847 | 11,485 | ||||||
Gerdau SA Preference Shares | 11,904 | 16,352 | ||||||
Itau Unibanco Holding SA Preference Shares ADR | 22,103 | 146,322 | ||||||
Itausa — Investimentos Itau SA Preference Shares | 120,357 | 215,811 | ||||||
JBS SA | 4,204 | 17,737 | ||||||
Klabin SA | 1,766 | 9,704 | ||||||
Kroton Educacional SA | 5,140 | 9,952 | ||||||
Lojas Renner SA | 16,820 | 77,723 | ||||||
M Dias Branco SA | 788 | 11,498 | ||||||
Natura Cosmeticos SA | 604 | 2,958 | ||||||
Odontoprev SA | 7,400 | 17,748 | ||||||
Oi SA, ADR (a) | 13,837 | 9,354 | ||||||
Petroleo Brasileiro SA ADR (a) | 31,740 | 138,069 | ||||||
Petroleo Brasileiro SA Preference Shares ADR (a) | 44,492 | 163,731 | ||||||
Porto Seguro SA | 664 | 5,019 | ||||||
Souza Cruz SA | 18,624 | 125,346 | ||||||
Sul America SA | 1,800 | 8,069 | ||||||
Telefonica Brasil SA ADR | 2,947 | 26,906 | ||||||
Tim Participacoes SA ADR | 1,462 | 13,816 | ||||||
Totvs SA | 11,280 | 85,380 | ||||||
Tractebel Energia SA | 6,372 | 54,023 | ||||||
Transmissora Alianca de Energia Electrica SA | 7,704 | 36,895 | ||||||
Ultrapar Participacoes SA ADR | 6,369 | 106,490 | ||||||
Usinas Siderurgicas de Minas Gerais SA Preference Shares (Class A) | 5,140 | 4,324 | ||||||
Vale SA ADR | 17,765 | 74,613 | ||||||
Vale SA Preference Shares ADR | 31,388 | 105,150 | ||||||
Via Varejo SA | 2,564 | 2,550 | ||||||
3,441,043 | ||||||||
CHILE — 1.8% | ||||||||
AES Gener SA | 82,839 | 38,655 | ||||||
Aguas Andinas SA Class A | 321,388 | 166,791 | ||||||
Banco de Chile ADR | 5,217 | 327,627 | ||||||
Banco de Credito e Inversiones | 735 | 29,764 | ||||||
Banco Santander Chile ADR | 918 | 16,726 | ||||||
Cencosud SA ADR | 3,919 | 22,887 | ||||||
Cia Cervecerias Unidas SA, ADR | 3,813 | 84,458 | ||||||
Colbun SA | 695,877 | 178,899 | ||||||
Corpbanca SA ADR | 696 | 9,278 | ||||||
Empresa Nacional de Electricidad SA ADR | 4,465 | 158,552 | ||||||
Empresa Nacional de Telecomunicaciones SA | 678 | 6,386 | ||||||
Empresas CMPC SA | 9,291 | 23,856 | ||||||
Empresas COPEC SA | 5,074 | 45,932 | ||||||
Enersis SA ADR | 2,434 | 30,766 | ||||||
Latam Airlines Group SA ADR (a) | 1,924 | 9,389 | ||||||
SACI Falabella | 4,498 | 27,807 | ||||||
Sociedad Quimica y Minera de Chile SA ADR | 548 | 7,968 | ||||||
Vina Concha y Toro SA ADR | 2,044 | 67,861 | ||||||
1,253,602 | ||||||||
CHINA — 12.1% | ||||||||
Agricultural Bank of China, Ltd. (Class H) | 525,000 | 198,483 | ||||||
Air China, Ltd. (Class H) | 10,000 | 7,884 | ||||||
Aluminum Corp. of China, Ltd. (Class H) (a) | 28,000 | 8,707 | ||||||
Anhui Conch Cement Co., Ltd. (Class H) | 7,500 | 22,016 | ||||||
Anta Sports Products, Ltd. | 30,000 | 77,419 | ||||||
Bank of China, Ltd. (Class H) | 1,496,071 | 642,824 | ||||||
Bank of Communications Co., Ltd. (Class H) | 149,000 | 103,242 | ||||||
BBMG Corp. (Class H) | 10,500 | 7,194 | ||||||
Brilliance China Automotive Holdings, Ltd. | 102,000 | 120,557 | ||||||
CGN Power Co., Ltd. (Class H) (b) | 16,100 | 6,710 | ||||||
China Cinda Asset Management Co., Ltd. (Class H) | 45,000 | 15,561 | ||||||
China CITIC Bank Corp., Ltd. (Class H) (a) | 169,000 | 97,910 | ||||||
China Coal Energy Co., Ltd. (Class H) | 33,000 | 13,328 | ||||||
China Communications Construction Co., Ltd. (Class H) | 39,000 | 47,957 |
See accompanying notes to financial statements.
354
SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
China Communications Services Corp., Ltd. (Class H) | 210,000 | $ | 80,748 | |||||
China Conch Venture Holdings, Ltd. | 2,500 | 5,303 | ||||||
China Construction Bank Corp. (Class H) | 1,326,394 | 881,405 | ||||||
China COSCO Holdings Co., Ltd. (Class H) (a)(c) | 9,500 | 6,055 | ||||||
China Everbright Bank Co., Ltd. (Class H) | 203,274 | 88,391 | ||||||
China International Marine Containers Group Co., Ltd. (Class H) | 3,000 | 5,264 | ||||||
China Life Insurance Co., Ltd. (Class H) | 32,000 | 110,657 | ||||||
China Longyuan Power Group Corp. (Class H) | 15,000 | 16,103 | ||||||
China Merchants Bank Co., Ltd. (Class H) | 46,000 | 110,993 | ||||||
China Minsheng Banking Corp., Ltd. (Class H) | 79,300 | 73,058 | ||||||
China National Building Material Co., Ltd. (Class H) | 50,000 | 28,774 | ||||||
China Oilfield Services, Ltd. (Class H) | 18,000 | 17,977 | ||||||
China Pacific Insurance Group Co., Ltd. (Class H) | 9,800 | 36,228 | ||||||
China Petroleum & Chemical Corp. (Class H) | 568,395 | 345,435 | ||||||
China Railway Construction Corp., Ltd. (Class H) | 21,500 | 31,570 | ||||||
China Railway Group, Ltd. (Class H) | 39,000 | 35,377 | ||||||
China Shenhua Energy Co., Ltd. (Class H) | 105,000 | 160,412 | ||||||
China Southern Airlines Co., Ltd. (Class H) | 18,000 | 13,215 | ||||||
China Telecom Corp., Ltd. (Class H) | 116,000 | 55,829 | ||||||
China Vanke Co., Ltd. (Class H) | 8,328 | 17,773 | ||||||
Chongqing Changan Automobile Co., Ltd. (Class B) | 18,700 | 31,585 | ||||||
Chongqing Rural Commercial Bank Co., Ltd. (Class H) | 45,000 | 25,374 | ||||||
CITIC Securities Co., Ltd. (Class H) | 2,000 | 3,561 | ||||||
Country Garden Holdings Co., Ltd. | 60,266 | 21,696 | ||||||
CRRC Corp., Ltd. (Class H) (a) | 12,000 | 15,174 | ||||||
Dalian Wanda Commercial Properties Co., Ltd. (Class H) (b) | 14,000 | 80,206 | ||||||
Datang International Power Generation Co., Ltd. (Class H) | 32,000 | 12,098 | ||||||
Dongfeng Motor Group Co., Ltd. (Class H) | 90,000 | 112,064 | ||||||
ENN Energy Holdings, Ltd. | 6,000 | 28,761 | ||||||
GF Securities Co., Ltd. (Class H) (a) | 3,000 | 5,419 | ||||||
Great Wall Motor Co., Ltd. (Class H) | 96,000 | 106,033 | ||||||
Guangzhou Automobile Group Co., Ltd. (Class H) | 12,000 | 9,770 | ||||||
Guangzhou R&F Properties Co., Ltd. (Class H) | 18,000 | 16,304 | ||||||
Haitian International Holdings, Ltd. | 15,000 | 24,735 | ||||||
Haitong Securities Co., Ltd. (Class H) | 4,400 | 6,336 | ||||||
Hengan International Group Co., Ltd. | 38,374 | 373,092 | ||||||
Huadian Power International Corp., Ltd. (Class H) | 10,000 | 7,781 | ||||||
Huaneng Power International, Inc. (Class H) | 28,000 | 30,095 | ||||||
Industrial & Commercial Bank of China, Ltd. (Class H) | 1,084,448 | 624,078 | ||||||
Inner Mongolia Yitai Coal Co., Ltd. (Class B) | 64,200 | 52,195 | ||||||
Jiangsu Expressway Co., Ltd. (Class H) | 166,000 | 211,408 | ||||||
Jiangxi Copper Co., Ltd. (Class H) | 19,000 | 23,045 | ||||||
Kingsoft Corp., Ltd. | 15,000 | 29,226 | ||||||
Longfor Properties Co., Ltd. | 12,000 | 15,112 | ||||||
Luye Pharma Group, Ltd. (a) | 28,000 | 24,893 | ||||||
New China Life Insurance Co., Ltd. (Class H) | 3,500 | 15,039 | ||||||
Nine Dragons Paper Holdings, Ltd. | 14,000 | 7,244 | ||||||
People’s Insurance Co. Group of China, Ltd. (Class H) | 39,000 | 18,972 | ||||||
PetroChina Co., Ltd. (Class H) | 270,000 | 187,083 | ||||||
PICC Property & Casualty Co., Ltd. (Class H) | 20,180 | 39,214 | ||||||
Ping An Insurance Group Co. of China, Ltd. (Class H) | 20,000 | 98,967 | ||||||
Semiconductor Manufacturing International Corp. (a) | 446,000 | 40,284 | ||||||
Shandong Weigao Group Medical Polymer Co., Ltd. (Class H) | 20,000 | 12,593 | ||||||
Shanghai Electric Group Co., Ltd. (Class H) | 10,000 | 5,432 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H) | 25,400 | 52,963 | ||||||
Shenzhou International Group Holdings, Ltd. | 62,000 | 319,198 | ||||||
Shui On Land, Ltd. | 27,500 | 6,316 | ||||||
Sihuan Pharmaceutical Holdings Group, Ltd. (c) | 13,000 | 1,677 | ||||||
Sinopec Engineering Group Co., Ltd. (Class H) | 42,241 | 36,736 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd. (Class H) (a) | 26,000 | 9,897 | ||||||
Sinopharm Group Co., Ltd. (Class H) | 12,000 | 41,961 | ||||||
Soho China, Ltd. | 247,500 | 96,125 | ||||||
Tencent Holdings, Ltd. | 89,519 | 1,493,514 | ||||||
Tingyi Cayman Islands Holding Corp. | 68,000 | 108,097 | ||||||
Tsingtao Brewery Co., Ltd. (Class H) | 24,000 | 104,980 | ||||||
Want Want China Holdings, Ltd. | 210,000 | 172,334 | ||||||
Weichai Power Co., Ltd. (Class H) | 10,000 | 9,277 | ||||||
Yanzhou Coal Mining Co., Ltd. (Class H) | 30,000 | 13,316 | ||||||
Zhejiang Expressway Co., Ltd. (Class H) | 190,000 | 206,179 | ||||||
Zhuzhou CSR Times Electric Co., Ltd. (Class H) | 15,000 | 110,419 | ||||||
Zijin Mining Group Co., Ltd. (Class H) | 38,000 | 9,904 | ||||||
ZTE Corp. (Class H) | 29,680 | 67,555 | ||||||
8,665,676 | ||||||||
COLOMBIA — 0.7% | ||||||||
Almacenes Exito SA | 6,095 | 26,180 | ||||||
Banco Davivienda SA Preference Shares | 10,467 | 81,305 | ||||||
BanColombia SA ADR | 691 | 22,250 | ||||||
Corp Financiera Colombiana SA | 3,310 | 40,722 | ||||||
Ecopetrol SA ADR | 11,437 | 98,358 |
See accompanying notes to financial statements.
355
SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Grupo Argos SA | 1,593 | $ | 9,237 | |||||
Grupo Aval Acciones y Valores SA Preference Shares | 23,735 | 9,034 | ||||||
Grupo de Inversiones Suramericana SA | 1,303 | 15,144 | ||||||
Grupo de Inversiones Suramericana SA Preference Shares | 14,374 | 164,826 | ||||||
Isagen SA ESP | 52,555 | 49,029 | ||||||
516,085 | ||||||||
CZECH REPUBLIC — 0.2% | ||||||||
CEZ AS | 4,428 | 92,071 | ||||||
Komercni Banka AS | 206 | 44,593 | ||||||
136,664 | ||||||||
EGYPT — 0.5% | ||||||||
Commercial International Bank Egypt SAE GDR | 55,612 | 340,902 | ||||||
GREECE — 0.1% | ||||||||
Alpha Bank AE (a) | 26,452 | 3,159 | ||||||
Eurobank Ergasias SA (a) | 113,446 | 2,786 | ||||||
FF Group (a) | 268 | 5,445 | ||||||
Hellenic Telecommunications Organization SA | 2,254 | 19,625 | ||||||
National Bank of Greece SA (a) | 20,689 | 8,891 | ||||||
OPAP SA | 6,403 | 57,751 | ||||||
Piraeus Bank SA (a) | 40,013 | 3,484 | ||||||
101,141 | ||||||||
HONG KONG — 7.8% | ||||||||
AAC Technologies Holdings, Inc. | 35,000 | 217,902 | ||||||
AviChina Industry & Technology Co., Ltd. (Class H) | 4,000 | 2,947 | ||||||
Beijing Enterprises Holdings, Ltd. | 27,500 | 164,822 | ||||||
Beijing Enterprises Water Group, Ltd. (a) | 132,000 | 91,974 | ||||||
Belle International Holdings, Ltd. | 135,000 | 116,709 | ||||||
China Agri-Industries Holdings, Ltd. (a) | 27,000 | 9,232 | ||||||
China Everbright, Ltd. | 2,000 | 4,552 | ||||||
China Gas Holdings, Ltd. | 20,000 | 27,458 | ||||||
China Huishan Dairy Holdings Co., Ltd. | 29,000 | 10,440 | ||||||
China Jinmao Holdings Group, Ltd. | 34,000 | 8,555 | ||||||
China Medical System Holdings, Ltd. | 89,000 | 101,861 | ||||||
China Mengniu Dairy Co., Ltd. | 40,000 | 140,386 | ||||||
China Merchants Holdings International Co., Ltd. | 10,000 | 29,355 | ||||||
China Mobile, Ltd. | 172,997 | 2,049,164 | ||||||
China Overseas Land & Investment, Ltd. | 112,000 | 338,166 | ||||||
China Pharmaceutical Group, Ltd. | 124,000 | 108,639 | ||||||
China Power International Development, Ltd. | 24,000 | 15,608 | ||||||
China Resources Cement Holdings, Ltd. | 20,000 | 9,110 | ||||||
China Resources Enterprise, Ltd. | 10,069 | 18,683 | ||||||
China Resources Gas Group, Ltd. | 56,000 | 144,226 | ||||||
China Resources Land, Ltd. | 10,444 | 24,472 | ||||||
China Resources Power Holdings Co., Ltd. | 48,000 | 109,501 | ||||||
China State Construction International Holdings, Ltd. | 6,000 | 8,578 | ||||||
China Taiping Insurance Holdings Co., Ltd. (a) | 4,810 | 14,926 | ||||||
China Unicom (Hong Kong), Ltd. | 60,000 | 75,948 | ||||||
CITIC, Ltd. | 30,000 | 54,580 | ||||||
CNOOC, Ltd. | 195,000 | 199,528 | ||||||
COSCO Pacific, Ltd. (c) | 10,000 | 12,938 | ||||||
Evergrande Real Estate Group, Ltd. | 84,000 | 47,690 | ||||||
Far East Horizon, Ltd. | 11,000 | 8,502 | ||||||
Fosun International, Ltd. | 8,000 | 13,729 | ||||||
GCL Poly Energy Holdings, Ltd. (a) | 75,000 | 14,419 | ||||||
Geely Automobile Holdings, Ltd. | 30,000 | 14,284 | ||||||
GOME Electrical Appliances Holding, Ltd. | 71,000 | 10,810 | ||||||
Guangdong Investment, Ltd. | 240,000 | 356,746 | ||||||
Haier Electronics Group Co., Ltd. | 50,000 | 83,354 | ||||||
Hanergy Thin Film Power Group, Ltd. (a)(d) | 598,000 | 0 | ||||||
Kunlun Energy Co., Ltd. | 26,000 | 18,586 | ||||||
Lenovo Group, Ltd. | 330,915 | 278,821 | ||||||
New World China Land, Ltd. | 30,000 | 17,768 | ||||||
Shanghai Industrial Holdings, Ltd. | 4,000 | 8,826 | ||||||
Shimao Property Holdings, Ltd. | 15,000 | 22,490 | ||||||
Sino Biopharmaceutical, Ltd. | 240,000 | 294,811 | ||||||
Sino-Ocean Land Holdings, Ltd. | 45,000 | 24,503 | ||||||
Sinotrans, Ltd. (Class H) | 13,000 | 6,072 | ||||||
Sun Art Retail Group, Ltd. | 250,832 | 192,573 | ||||||
Sunac China Holdings, Ltd. | 15,000 | 7,819 | ||||||
Yuexiu Property Co., Ltd. | 74,000 | 12,126 | ||||||
5,544,189 | ||||||||
HUNGARY — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC | 736 | 32,052 | ||||||
OTP Bank PLC | 1,672 | 32,207 | ||||||
Richter Gedeon NyRt | 2,095 | 33,262 | ||||||
97,521 | ||||||||
INDIA — 9.4% | ||||||||
ACC, Ltd. | 1,140 | 23,390 | ||||||
Adani Ports and Special Economic Zone, Ltd. | 2,351 | 10,709 | ||||||
Aditya Birla Nuvo, Ltd. | 376 | 12,282 | ||||||
Ambuja Cements, Ltd. | 17,404 | 54,566 | ||||||
Asian Paints, Ltd. | 9,506 | 121,881 | ||||||
Aurobindo Pharma, Ltd. | 5,498 | 64,428 | ||||||
Bajaj Auto, Ltd. | 2,724 | 95,950 | ||||||
Bharat Heavy Electricals, Ltd. | 4,352 | 13,628 | ||||||
Bharat Petroleum Corp., Ltd. | 1,838 | 23,821 | ||||||
Bharti Airtel, Ltd. | 5,639 | 29,024 | ||||||
Bharti Infratel, Ltd. | 1,813 | 9,811 | ||||||
Bosch, Ltd. | 181 | 53,458 | ||||||
Cairn India, Ltd. | 7,956 | 18,587 | ||||||
Cipla, Ltd. | 9,529 | 92,336 | ||||||
Coal India, Ltd. | 28,635 | 142,913 | ||||||
Container Corp. of India, Ltd. | 804 | 18,190 | ||||||
Dabur India, Ltd. | 60,100 | 252,706 | ||||||
Divi’s Laboratories, Ltd. | 7,719 | 131,114 | ||||||
Dr. Reddy’s Laboratories, Ltd. ADR | 4,776 | 305,234 | ||||||
Eicher Motors, Ltd. | 335 | 90,801 | ||||||
GAIL India, Ltd, GDR | 513 | 14,005 | ||||||
GlaxoSmithKline Consumer Healthcare, Ltd. | 323 | 29,771 | ||||||
Godrej Consumer Products, Ltd. | 3,009 | 55,919 | ||||||
HCL Technologies, Ltd. | 20,216 | 302,485 |
See accompanying notes to financial statements.
356
SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Hero Motocorp, Ltd. | 1,736 | $ | 63,328 | |||||
Hindalco Industries, Ltd. | 21,346 | 23,024 | ||||||
Hindustan Unilever, Ltd. | 28,421 | 352,773 | ||||||
Housing Development Finance Corp., Ltd. | 4,423 | 81,718 | ||||||
ICICI Bank, Ltd. ADR | 4,952 | 41,498 | ||||||
Idea Cellular, Ltd. | 5,922 | 13,488 | ||||||
Indiabulls Housing Finance, Ltd. | 1,100 | 13,307 | ||||||
Infosys, Ltd. ADR | 58,951 | 1,125,375 | ||||||
ITC, Ltd. | 76,285 | 382,122 | ||||||
JSW Steel, Ltd. | 752 | 10,188 | ||||||
Larsen & Toubro, Ltd. GDR | 977 | 21,836 | ||||||
LIC Housing Finance, Ltd. | 2,145 | 15,377 | ||||||
Lupin, Ltd. | 7,140 | 221,249 | ||||||
Mahindra & Mahindra, Ltd. GDR | 2,690 | 51,917 | ||||||
Marico, Ltd. | 6,986 | 43,019 | ||||||
Motherson Sumi Systems, Ltd. | 7,531 | 26,428 | ||||||
Nestle India, Ltd. | 773 | 74,988 | ||||||
NTPC, Ltd. | 9,255 | 17,448 | ||||||
Oil & Natural Gas Corp., Ltd. | 23,921 | 83,581 | ||||||
Oil India, Ltd. | 1,733 | 11,177 | ||||||
Power Finance Corp., Ltd. | 3,615 | 12,672 | ||||||
Reliance Communications, Ltd. (a) | 12,256 | 12,669 | ||||||
Reliance Industries, Ltd. GDR (b) | 5,294 | 137,644 | ||||||
Rural Electrification Corp., Ltd. | 2,424 | 10,120 | ||||||
Shriram Transport Finance Co., Ltd. | 727 | 10,245 | ||||||
State Bank of India GDR | 1,143 | 41,548 | ||||||
Sun Pharmaceutical Industries, Ltd. (a) | 40,561 | 536,611 | ||||||
Tata Consultancy Services, Ltd. | 16,761 | 660,852 | ||||||
Tata Motors, Ltd. ADR (a) | 1,272 | 28,620 | ||||||
Tata Power Co., Ltd. | 12,347 | 12,217 | ||||||
Tata Steel, Ltd. GDR | 12,974 | 42,684 | ||||||
Tech Mahindra, Ltd. | 11,655 | 98,963 | ||||||
UltraTech Cement, Ltd. | 213 | 8,675 | ||||||
UPL, Ltd. | 7,127 | 49,761 | ||||||
Vedanta, Ltd. | 9,613 | 12,404 | ||||||
Wipro, Ltd. ADR | 21,823 | 268,205 | ||||||
Zee Entertainment Enterprises, Ltd. | 15,581 | 93,156 | ||||||
6,677,896 | ||||||||
INDONESIA — 4.6% | ||||||||
Adaro Energy Tbk PT | 199,900 | 7,300 | ||||||
Astra Agro Lestari Tbk PT | 37,500 | 46,395 | ||||||
Astra International Tbk PT | 541,000 | 192,951 | ||||||
Bank Central Asia Tbk PT | 736,725 | 617,290 | ||||||
Bank Danamon Indonesia Tbk PT | 245,500 | 48,514 | ||||||
Bank Mandiri Persero Tbk PT | 457,000 | 247,217 | ||||||
Bank Negara Indonesia Persero Tbk PT | 332,200 | 93,764 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 485,300 | 286,542 | ||||||
Bumi Serpong Damai Tbk PT | 192,400 | 18,452 | ||||||
Charoen Pokphand Indonesia Tbk PT | 207,400 | 28,314 | ||||||
Gudang Garam Tbk PT | 17,900 | 51,317 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 52,500 | 58,951 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 61,200 | 51,801 | ||||||
Indofood Sukses Makmur Tbk PT | 324,900 | 121,976 | ||||||
Jasa Marga Persero Tbk PT | 309,700 | 102,000 | ||||||
Kalbe Farma Tbk PT | 1,984,200 | 186,230 | ||||||
Lippo Karawaci Tbk PT | 86,100 | 6,641 | ||||||
Media Nusantara Citra Tbk PT | 133,800 | 14,978 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 413,300 | 71,375 | ||||||
Semen Indonesia Persero Tbk PT | 88,800 | 54,856 | ||||||
Summarecon Agung Tbk PT | 261,700 | 20,007 | ||||||
Surya Citra Media Tbk PT | 186,800 | 34,937 | ||||||
Tambang Batubara Bukit Asam Persero Tbk PT | 52,500 | 20,158 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 2,477,060 | 447,224 | ||||||
Tower Bersama Infrastructure Tbk PT (a) | 157,800 | 70,552 | ||||||
Unilever Indonesia Tbk PT | 126,300 | 327,604 | ||||||
United Tractors Tbk PT | 45,000 | 53,678 | ||||||
3,281,024 | ||||||||
MALAYSIA — 4.1% | ||||||||
Alliance Financial Group Bhd | 6,900 | 5,258 | ||||||
AMMB Holdings Bhd | 9,100 | 9,440 | ||||||
Astro Malaysia Holdings Bhd | 19,500 | 12,510 | ||||||
Axiata Group Bhd | 150,865 | 199,060 | ||||||
Berjaya Sports Toto Bhd | 33,600 | 23,543 | ||||||
British American Tobacco Malaysia Bhd | 3,900 | 53,517 | ||||||
CIMB Group Holdings Bhd | 37,691 | 38,242 | ||||||
Digi.Com Bhd | 119,000 | 150,247 | ||||||
Gamuda Bhd | 5,500 | 5,493 | ||||||
Genting Bhd | 10,400 | 17,200 | ||||||
Genting Malaysia Bhd | 15,600 | 14,728 | ||||||
Hong Leong Bank Bhd | 61,000 | 182,067 | ||||||
IHH Healthcare Bhd | 240,500 | 326,630 | ||||||
IJM Corp. Bhd | 18,200 | 13,332 | ||||||
IOI Corp. Bhd | 65,700 | 60,831 | ||||||
IOI Properties Group Bhd | 27,300 | 12,297 | ||||||
Kuala Lumpur Kepong Bhd | 2,600 | 12,835 | ||||||
Malayan Banking Bhd | 181,264 | 352,982 | ||||||
Maxis Bhd | 192,800 | 287,287 | ||||||
MISC Bhd | 5,100 | 10,210 | ||||||
Petronas Chemicals Group Bhd | 120,700 | 168,594 | ||||||
Petronas Dagangan Bhd | 4,600 | 22,834 | ||||||
Petronas Gas Bhd | 42,600 | 212,818 | ||||||
PPB Group Bhd | 3,900 | 13,681 | ||||||
Public Bank Bhd | 89,190 | 355,482 | ||||||
RHB Capital Bhd | 7,874 | 10,658 | ||||||
SapuraKencana Petroleum Bhd | 14,300 | 6,116 | ||||||
Sime Darby Bhd | 55,817 | 98,917 | ||||||
Telekom Malaysia Bhd | 59,185 | 89,940 | ||||||
Tenaga Nasional Bhd | 40,600 | 111,019 | ||||||
UMW Holdings Bhd | 5,200 | 8,896 | ||||||
Westports Holdings Bhd | 23,700 | 22,860 | ||||||
YTL Corp. Bhd | 35,100 | 12,776 | ||||||
YTL Power International Bhd | 16,300 | 5,970 | ||||||
2,928,270 | ||||||||
MEXICO — 3.1% | ||||||||
Alfa SAB de CV (Class A) | 13,315 | 25,904 | ||||||
America Movil SAB de CV (Series L) | 301,674 | 249,574 | ||||||
Arca Continental SAB de CV | 24,401 | 137,046 | ||||||
Cemex SAB de CV (a) | 56,570 | 39,356 | ||||||
Coca-Cola FEMSA SAB de CV (Series L) | 5,921 | 41,060 | ||||||
El Puerto de Liverpool SAB de CV | 23,959 | 310,368 | ||||||
Fibra Uno Administracion SA de CV REIT | 17,920 | 36,915 | ||||||
Fomento Economico Mexicano SAB de CV | 7,409 | 66,134 |
See accompanying notes to financial statements.
357
SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Gentera SAB de CV | 29,594 | $ | 48,320 | |||||
Gruma SAB de CV (Class B) | 5,428 | 75,206 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV (Class B) | 11,844 | 102,752 | ||||||
Grupo Aeroportuario del Sureste SAB de CV (Class B) | 4,435 | 67,592 | ||||||
Grupo Bimbo SAB de CV (a) | 11,567 | 29,220 | ||||||
Grupo Carso SAB de CV | 2,879 | 12,871 | ||||||
Grupo Financiero Banorte SAB de CV | 14,500 | 70,846 | ||||||
Grupo Financiero Inbursa SAB de CV | 64,631 | 133,253 | ||||||
Grupo Financiero Santander Mexico SAB de CV (Class B) | 11,844 | 17,500 | ||||||
Grupo Lala SAB de CV | 15,401 | 36,297 | ||||||
Grupo Mexico SAB de CV (Series B) | 21,000 | 50,707 | ||||||
Grupo Televisa SAB | 7,409 | 38,560 | ||||||
Industrias Penoles SAB de CV | 888 | 12,074 | ||||||
Kimberly-Clark de Mexico SAB de CV (Class A) | 36,836 | 83,098 | ||||||
Mexichem SAB de CV | 5,921 | 14,503 | ||||||
OHL Mexico SAB de CV (a) | 7,409 | 9,527 | ||||||
Promotora y Operadora de Infraestructura SAB de CV (a) | 493 | 5,411 | ||||||
Wal-Mart de Mexico SAB de CV | 198,423 | 486,025 | ||||||
2,200,119 | ||||||||
PERU — 0.6% | ||||||||
Compania de Minas Buenaventura SA ADR | 5,921 | 35,289 | ||||||
Credicorp, Ltd. | 2,592 | 275,685 | ||||||
Southern Copper Corp. | 4,435 | 118,503 | ||||||
429,477 | ||||||||
PHILIPPINES — 1.9% | ||||||||
Aboitiz Equity Ventures, Inc. | 9,720 | 11,999 | ||||||
Aboitiz Power Corp. | 154,800 | 143,076 | ||||||
Ayala Corp. | 640 | 10,502 | ||||||
Ayala Land, Inc. | 12,100 | 8,802 | ||||||
Bank of the Philippine Islands | 116,490 | 200,132 | ||||||
BDO Unibank, Inc. | 72,780 | 161,162 | ||||||
DMCI Holdings, Inc. | 15,030 | 4,116 | ||||||
International Container Terminal Services, Inc. | 51,680 | 82,982 | ||||||
JG Summit Holdings, Inc. | 7,580 | 11,490 | ||||||
Jollibee Foods Corp. | 35,620 | 146,931 | ||||||
Megaworld Corp. | 296,000 | 27,675 | ||||||
Metropolitan Bank & Trust | 49,291 | 86,054 | ||||||
Philippine Long Distance Telephone Co. | 7,409 | 347,148 | ||||||
SM Investments Corp. | 540 | 10,288 | ||||||
Universal Robina Corp. | 20,290 | 83,348 | ||||||
1,335,705 | ||||||||
POLAND — 1.4% | ||||||||
Bank Pekao SA | 3,237 | 131,436 | ||||||
Bank Zachodni WBK SA (a) | 766 | 59,124 | ||||||
CCC SA | 600 | 25,869 | ||||||
Enea SA | 4,193 | 14,897 | ||||||
Energa SA | 3,487 | 15,461 | ||||||
Eurocash SA | 700 | 8,225 | ||||||
Grupa Lotos SA (a) | 2,524 | 18,552 | ||||||
KGHM Polska Miedz SA | 1,569 | 33,814 | ||||||
LPP SA | 39 | 80,204 | ||||||
mBank SA (a) | 135 | 12,319 | ||||||
Orange Polska SA | 6,749 | 12,903 | ||||||
PGE Polska Grupa Energetyczna SA | 49,600 | 175,832 | ||||||
Polski Koncern Naftowy Orlen SA | 3,282 | 57,138 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 15,136 | 25,953 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA (a) | 6,975 | 53,983 | ||||||
Powszechny Zaklad Ubezpieczen SA | 2,300 | 235,713 | ||||||
Tauron Polska Energia SA | 18,878 | 16,284 | ||||||
977,707 | ||||||||
QATAR — 2.0% | ||||||||
Barwa Real Estate Co. | 561 | 6,577 | ||||||
Commercial Bank QSC | 17,562 | 271,961 | ||||||
Doha Bank QSC | 4,208 | 58,001 | ||||||
Ezdan Holding Group QSC | 1,342 | 6,890 | ||||||
Gulf International Services QSC | 1,075 | 19,186 | ||||||
Industries Qatar QSC | 5,603 | 189,226 | ||||||
Masraf Al Rayan QSC | 11,311 | 133,544 | ||||||
Ooredoo QSC | 2,602 | 55,011 | ||||||
Qatar Electricity & Water Co. QSC | 4,580 | 263,327 | ||||||
Qatar Insurance Co. SAQ | 4,911 | 125,538 | ||||||
Qatar Islamic Bank SAQ | 4,937 | 154,940 | ||||||
Qatar National Bank SAQ | 2,882 | 148,371 | ||||||
Vodafone Qatar QSC | 3,126 | 11,656 | ||||||
1,444,228 | ||||||||
RUSSIA — 3.6% | ||||||||
AK Transneft OAO Preference Shares (a) | 56 | 125,903 | ||||||
Alrosa PAO (a) | 4,869 | 4,260 | ||||||
Gazprom PAO ADR | 147,173 | 591,635 | ||||||
Lukoil PJSC ADR | 13,305 | 451,838 | ||||||
Magnit PJSC GDR | 7,979 | 381,157 | ||||||
MegaFon PJSC GDR | 2,826 | 34,336 | ||||||
MMC Norilsk Nickel PJSC ADR | 1,883 | 27,012 | ||||||
Mobile TeleSystems PJSC ADR | 16,277 | 117,520 | ||||||
Moscow Exchange MICEX-RTS PJSC | 25,557 | 31,145 | ||||||
NOVATEK OAO GDR | 255 | 23,587 | ||||||
Rosneft OAO GDR | 33,006 | 121,792 | ||||||
Rostelecom PJSC ADR | 1,924 | 15,084 | ||||||
RusHydro PJSC ADR | 17,029 | 16,007 | ||||||
Sberbank of Russia ADR | 46,674 | 230,360 | ||||||
Severstal PAO GDR | 620 | 6,572 | ||||||
Sistema JSFC GDR | 4,454 | 30,644 | ||||||
Surgutneftegas OAO ADR | 8,296 | 42,351 | ||||||
Surgutneftegas OAO ADR Preference Shares | 7,006 | 42,036 | ||||||
Tatneft PAO ADR | 7,665 | 214,237 | ||||||
Uralkali PJSC GDR (a) | 428 | 6,347 | ||||||
VTB Bank PJSC GDR | 44,013 | 88,906 | ||||||
2,602,729 | ||||||||
SOUTH AFRICA — 7.4% | ||||||||
African Bank Investments, Ltd. (a)(d) | 1,693 | 0 | ||||||
African Rainbow Minerals, Ltd. | 390 | 1,463 | ||||||
AngloGold Ashanti, Ltd. (a) | 3,547 | 28,087 | ||||||
Aspen Pharmacare Holdings, Ltd. (a) | 2,404 | 51,116 |
See accompanying notes to financial statements.
358
SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Barclays Africa Group, Ltd. | 2,374 | $ | 29,222 | |||||
Barloworld, Ltd. | 2,149 | 11,719 | ||||||
Bidvest Group, Ltd. | 10,941 | 258,131 | ||||||
Brait SE (a) | 1,224 | 12,437 | ||||||
Coronation Fund Managers, Ltd. | 7,334 | 34,631 | ||||||
Discovery, Ltd. | 16,820 | 167,458 | ||||||
Exxaro Resources, Ltd. | 1,653 | 6,276 | ||||||
FirstRand, Ltd. | 101,608 | 361,180 | ||||||
Foschini Group, Ltd. | 8,402 | 85,272 | ||||||
Gold Fields, Ltd. | 7,529 | 19,630 | ||||||
Growthpoint Properties, Ltd. REIT | 7,316 | 13,572 | ||||||
Hyprop Investments, Ltd. | 1,013 | 8,844 | ||||||
Impala Platinum Holdings, Ltd. (a) | 3,052 | 8,480 | ||||||
Imperial Holdings, Ltd. | 1,783 | 21,862 | ||||||
Investec, Ltd. | 2,569 | 19,667 | ||||||
Kumba Iron Ore, Ltd. | 2,284 | 12,967 | ||||||
Liberty Holdings, Ltd. | 8,643 | 78,917 | ||||||
Life Healthcare Group Holdings, Ltd. | 58,991 | 151,925 | ||||||
Massmart Holdings, Ltd. | 3,262 | 25,502 | ||||||
Mediclinic International, Ltd. | 3,270 | 26,116 | ||||||
MMI Holdings, Ltd. | 8,762 | 15,075 | ||||||
Mondi, Ltd. | 487 | 10,221 | ||||||
Mr. Price Group, Ltd. | 10,311 | 143,923 | ||||||
MTN Group, Ltd. | 48,121 | 619,479 | ||||||
Nampak, Ltd. | 2,721 | 5,077 | ||||||
Naspers, Ltd. (Class N) | 320 | 40,053 | ||||||
Nedbank Group, Ltd. | 7,274 | 115,578 | ||||||
Netcare, Ltd. | 37,730 | 99,053 | ||||||
Pick n Pay Stores, Ltd. | 18,947 | 90,850 | ||||||
Rand Merchant Insurance Holdings, Ltd. | 27,338 | 81,893 | ||||||
Redefine Properties, Ltd. | 153,833 | 130,169 | ||||||
Remgro, Ltd. | 1,653 | 30,141 | ||||||
Resilient Property Income Fund, Ltd. | 957 | 8,029 | ||||||
RMB Holdings, Ltd. | 19,959 | 95,154 | ||||||
Sanlam, Ltd. | 48,590 | 210,146 | ||||||
Sappi, Ltd. (a) | 6,509 | 20,007 | ||||||
Sasol, Ltd. | 19,723 | 552,877 | ||||||
Shoprite Holdings, Ltd. | 21,226 | 241,258 | ||||||
Spar Group, Ltd. | 11,250 | 150,521 | ||||||
Standard Bank Group, Ltd. | 59,285 | 578,829 | ||||||
Steinhoff International Holdings, Ltd. | 6,875 | 42,214 | ||||||
Telkom SA SOC, Ltd. | 1,879 | 9,042 | ||||||
Tiger Brands, Ltd. | 6,364 | 140,282 | ||||||
Truworths International, Ltd. | 15,301 | 94,083 | ||||||
Tsogo Sun Holdings, Ltd. | 16,494 | 28,868 | ||||||
Vodacom Group, Ltd. | 25,536 | 253,938 | ||||||
Woolworths Holdings, Ltd. | 2,539 | 17,775 | ||||||
5,259,009 | ||||||||
SOUTH KOREA — 15.9% | ||||||||
AmorePacific Corp. | 1,179 | 382,954 | ||||||
AmorePacific Group | 803 | 110,427 | ||||||
BNK Financial Group, Inc. | 2,536 | 29,312 | ||||||
Cheil Worldwide, Inc. (a) | 2,916 | 44,774 | ||||||
CJ CheilJedang Corp. | 221 | 70,944 | ||||||
CJ Corp. | 135 | 30,068 | ||||||
Coway Co., Ltd. | 1,938 | 136,852 | ||||||
Daelim Industrial Co., Ltd. | 312 | 17,662 | ||||||
Daewoo International Corp. | 638 | 11,169 | ||||||
Daewoo Securities Co., Ltd. | 796 | 7,992 | ||||||
Daewoo Shipbuilding & Marine Engineering Co., Ltd. | 1,528 | 8,212 | ||||||
DGB Financial Group, Inc. | 1,693 | 14,997 | ||||||
Dongbu Insurance Co., Ltd. | 5,085 | 262,980 | ||||||
Doosan Corp. | 156 | 14,609 | ||||||
Doosan Heavy Industries & Construction Co., Ltd. | 768 | 13,704 | ||||||
Doosan Infracore Co., Ltd. (a) | 1,536 | 8,514 | ||||||
E-Mart Co., Ltd. | 364 | 70,785 | ||||||
GS Engineering & Construction Corp. (a) | 508 | 10,522 | ||||||
GS Holdings Corp. | 374 | 14,372 | ||||||
Hana Financial Group, Inc. | 6,462 | 143,927 | ||||||
Hankook Tire Co., Ltd. | 777 | 25,959 | ||||||
Hanon Systems Corp. | 898 | 29,736 | ||||||
Hanssem Co., Ltd. | 240 | 57,808 | ||||||
Hanwha Chemical Corp. | 1,028 | 18,690 | ||||||
Hanwha Corp. | 1,158 | 37,955 | ||||||
Hanwha Life Insurance Co., Ltd. | 2,954 | 20,336 | ||||||
Hotel Shilla Co., Ltd. | 70 | 6,792 | ||||||
Hyosung Corp. | 226 | 21,450 | ||||||
Hyundai Department Store Co., Ltd. | 156 | 17,636 | ||||||
Hyundai Development Co.-Engineering & Construction | 150 | 6,897 | ||||||
Hyundai Engineering & Construction Co., Ltd. | 804 | 23,198 | ||||||
Hyundai Glovis Co., Ltd. | 545 | 102,995 | ||||||
Hyundai Heavy Industries Co., Ltd. (a) | 651 | 53,001 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 8,306 | 211,977 | ||||||
Hyundai Mobis Co., Ltd. | 2,398 | 468,351 | ||||||
Hyundai Motor Co. | 2,157 | 298,446 | ||||||
Hyundai Motor Co. Preference Shares (e) | 364 | 33,934 | ||||||
Hyundai Motor Co. Preference Shares (e) | 903 | 86,849 | ||||||
Hyundai Motor Co., GDR | 1,458 | 66,485 | ||||||
Hyundai Steel Co. | 1,071 | 46,534 | ||||||
Hyundai Wia Corp. | 302 | 32,868 | ||||||
Industrial Bank of Korea | 3,864 | 44,335 | ||||||
Kangwon Land, Inc. | 8,256 | 294,633 | ||||||
KB Financial Group, Inc. ADR | 5,929 | 174,253 | ||||||
KCC Corp. | 39 | 13,589 | ||||||
KEPCO Plant Service & Engineering Co., Ltd. | 1,833 | 187,120 | ||||||
Kia Motors Corp. | 5,973 | 270,103 | ||||||
Korea Electric Power Corp. ADR | 11,478 | 235,184 | ||||||
Korea Gas Corp. | 678 | 22,737 | ||||||
Korea Investment Holdings Co., Ltd. | 188 | 9,691 | ||||||
Korea Zinc Co., Ltd. | 38 | 14,924 | ||||||
Korean Air Lines Co., Ltd. (a) | 758 | 20,048 | ||||||
KT Corp. ADR (a) | 5,863 | 76,629 | ||||||
KT&G Corp. | 6,618 | 622,549 | ||||||
Kumho Petrochemical Co., Ltd. | 113 | 5,072 | ||||||
LG Chem, Ltd. | 356 | 85,749 | ||||||
LG Chem, Ltd. Preference Shares | 72 | 11,541 | ||||||
LG Corp. | 703 | 36,120 | ||||||
LG Display Co., Ltd. ADR | 7,955 | 75,573 | ||||||
LG Electronics, Inc. | 1,830 | 70,480 | ||||||
LG Household & Health Care, Ltd. | 226 | 162,831 | ||||||
LG Innotek Co., Ltd. | 132 | 9,800 | ||||||
LG Uplus Corp. | 2,446 | 24,970 |
See accompanying notes to financial statements.
359
SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Lotte Chemical Corp. | 108 | $ | 24,601 | |||||
Lotte Shopping Co., Ltd. | 341 | 82,136 | ||||||
Mirae Asset Securities Co., Ltd. | 150 | 3,537 | ||||||
NAVER Corp. | 795 | 344,077 | ||||||
NCSoft Corp. | 423 | 67,449 | ||||||
NH Investment & Securities Co., Ltd. | 760 | 6,373 | ||||||
OCI Co., Ltd. | 117 | 8,134 | ||||||
Orion Corp. | 117 | 92,984 | ||||||
POSCO ADR | 4,785 | 167,571 | ||||||
S-1 Corp. | 2,318 | 182,460 | ||||||
S-Oil Corp. | 407 | 21,495 | ||||||
Samsung C&T Corp. (a) | 659 | 81,451 | ||||||
Samsung Card Co., Ltd. | 508 | 15,536 | ||||||
Samsung Electro-Mechanics Co., Ltd. | 466 | 25,280 | ||||||
Samsung Electronics Co., Ltd. GDR | 4,963 | 2,345,018 | ||||||
Samsung Electronics Co., Ltd. GDR Preference Shares | 1,243 | 476,069 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 978 | 231,030 | ||||||
Samsung Heavy Industries Co., Ltd. | 2,316 | 24,033 | ||||||
Samsung Life Insurance Co., Ltd. | 2,686 | 224,117 | ||||||
Samsung SDI Co., Ltd. | 431 | 39,453 | ||||||
Samsung SDS Co., Ltd. | 65 | 15,793 | ||||||
Samsung Securities Co., Ltd. | 231 | 8,858 | ||||||
Shinhan Financial Group Co., Ltd. ADR | 6,005 | 208,974 | ||||||
Shinsegae Co., Ltd. | 91 | 18,157 | ||||||
SK Holdings Co., Ltd. | 1,370 | 282,021 | ||||||
SK Hynix, Inc. | 6,736 | 190,663 | ||||||
SK Innovation Co., Ltd. (a) | 1,243 | 102,771 | ||||||
SK Networks Co., Ltd. | 2,316 | 13,463 | ||||||
SK Telecom Co., Ltd. ADR | 8,005 | 195,322 | ||||||
Woori Bank | 6,554 | 51,921 | ||||||
Yuhan Corp. | 1,141 | 234,399 | ||||||
11,325,750 | ||||||||
TAIWAN — 13.4% | ||||||||
Acer, Inc. (a) | 52,258 | 20,473 | ||||||
Advanced Semiconductor Engineering, Inc. | 52,000 | 55,747 | ||||||
Advantech Co., Ltd. | 29,867 | 204,087 | ||||||
Asia Cement Corp. | 156,200 | 152,749 | ||||||
Asustek Computer, Inc. | 33,000 | 283,122 | ||||||
AU Optronics Corp. | 117,000 | 34,502 | ||||||
Catcher Technology Co., Ltd. | 17,000 | 180,958 | ||||||
Cathay Financial Holding Co., Ltd. | 38,100 | 52,011 | ||||||
Chailease Holding Co., Ltd. | 4,160 | 6,506 | ||||||
Chang Hwa Commercial Bank, Ltd. | 52,794 | 25,974 | ||||||
Cheng Shin Rubber Industry Co., Ltd. | 13,000 | 21,320 | ||||||
Chicony Electronics Co., Ltd. | 60,280 | 138,766 | ||||||
China Airlines, Ltd. (a) | 302,000 | 103,181 | ||||||
China Development Financial Holding Corp. | 104,000 | 27,952 | ||||||
China Life Insurance Co., Ltd. | 28,820 | 21,881 | ||||||
China Steel Corp. | 318,440 | 185,682 | ||||||
Chunghwa Telecom Co., Ltd. | 157,540 | 472,704 | ||||||
Compal Electronics, Inc. | 62,000 | 35,022 | ||||||
CTBC Financial Holding Co., Ltd. | 124,649 | 64,165 | ||||||
Delta Electronics, Inc. | 68,000 | 318,032 | ||||||
E.Sun Financial Holding Co., Ltd. | 52,680 | 30,958 | ||||||
Eclat Textile Co., Ltd. | 6,000 | 94,754 | ||||||
Epistar Corp. | 5,000 | 3,849 | ||||||
Eva Airways Corp. (a) | 52,589 | 29,387 | ||||||
Far Eastern New Century Corp. | 26,560 | 23,634 | ||||||
Far EasTone Telecommunications Co., Ltd. | 179,449 | 386,937 | ||||||
Feng TAY Enterprise Co., Ltd. | 8,240 | 51,175 | ||||||
First Financial Holding Co., Ltd | 414,585 | 188,863 | ||||||
Formosa Chemicals & Fibre Corp. | 20,000 | 40,574 | ||||||
Formosa Petrochemical Corp. | 54,000 | 128,409 | ||||||
Formosa Plastics Corp. | 60,000 | 126,460 | ||||||
Formosa Taffeta Co., Ltd. | 74,000 | 69,781 | ||||||
Foxconn Technology Co., Ltd. | 46,220 | 132,228 | ||||||
Fubon Financial Holding Co., Ltd. | 26,000 | 40,507 | ||||||
Giant Manufacturing Co., Ltd. | 8,000 | 58,067 | ||||||
Hermes Microvision, Inc. | 1,000 | 37,810 | ||||||
Highwealth Construction Corp. | 19,500 | 27,478 | ||||||
Hon Hai Precision Industry Co., Ltd. | 149,058 | 387,499 | ||||||
Hotai Motor Co., Ltd. | 1,000 | 10,629 | ||||||
HTC Corp. | 52,000 | 100,281 | ||||||
Hua Nan Financial Holdings Co., Ltd. | 390,946 | 181,656 | ||||||
Innolux Corp. | 103,751 | 32,297 | ||||||
Inotera Memories, Inc. (a) | 64,000 | 39,942 | ||||||
Inventec Corp. | 26,000 | 12,318 | ||||||
Kinsus Interconnect Technology Corp. | 34,000 | 65,052 | ||||||
Largan Precision Co., Ltd. | 3,000 | 233,240 | ||||||
Lite-On Technology Corp. | 186,910 | 171,428 | ||||||
MediaTek, Inc. | 41,877 | 309,682 | ||||||
Mega Financial Holding Co., Ltd. | 78,000 | 54,009 | ||||||
Merida Industry Co., Ltd. | 6,000 | 32,253 | ||||||
Nan Ya Plastics Corp. | 18,000 | 30,394 | ||||||
Novatek Microelectronics Corp. | 20,000 | 62,562 | ||||||
Pegatron Corp. | 24,000 | 58,456 | ||||||
Phison Electronics Corp. | 3,000 | 18,860 | ||||||
Pou Chen Corp. | 16,000 | 23,980 | ||||||
Powertech Technology, Inc. | 4,000 | 7,204 | ||||||
President Chain Store Corp. | 43,000 | 267,709 | ||||||
Quanta Computer, Inc. | 36,000 | 62,428 | ||||||
Radiant Opto-Electronics Corp. | 3,000 | 9,248 | ||||||
Realtek Semiconductor Corp. | 11,000 | 18,641 | ||||||
Ruentex Development Co., Ltd. | 4,536 | 4,939 | ||||||
Ruentex Industries, Ltd. | 3,000 | 5,312 | ||||||
Shin Kong Financial Holding Co., Ltd. | 67,936 | 16,093 | ||||||
Siliconware Precision Industries Co., Ltd. | 10,300 | 12,778 | ||||||
Simplo Technology Co., Ltd. | 7,000 | 22,534 | ||||||
SinoPac Financial Holdings Co., Ltd. | 82,190 | 25,959 | ||||||
Standard Foods Corp. | 17,699 | 38,163 | ||||||
Synnex Technology International Corp. | 123,000 | 122,524 | ||||||
Taishin Financial Holding Co., Ltd. | 65,496 | 23,173 | ||||||
Taiwan Business Bank (a) | 130,047 | 32,267 | ||||||
Taiwan Cement Corp. | 97,000 | 98,245 | ||||||
Taiwan Cooperative Financial Holding Co., Ltd. | 714,466 | 295,095 | ||||||
Taiwan Mobile Co., Ltd. | 153,542 | 468,635 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 504,495 | 1,991,780 | ||||||
Teco Electric & Machinery Co., Ltd. | 13,000 | 10,206 | ||||||
TPK Holding Co., Ltd. | 3,000 | 7,143 | ||||||
Transcend Information, Inc. | 34,000 | 85,703 | ||||||
U-Ming Marine Transport Corp. | 62,000 | 65,902 |
See accompanying notes to financial statements.
360
SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Uni-President Enterprises Corp. | 27,164 | $ | 47,023 | |||||
United Microelectronics Corp. | 177,000 | 58,055 | ||||||
Wistron Corp. | 53,681 | 27,959 | ||||||
WPG Holdings, Ltd. | 37,000 | 35,621 | ||||||
Yuanta Financial Holding Co., Ltd. | 53,466 | 19,810 | ||||||
Yulon Motor Co., Ltd. | 7,000 | 6,261 | ||||||
9,586,653 | ||||||||
THAILAND — 2.3% | ||||||||
Advanced Info Service PCL | 45,600 | 283,940 | ||||||
Bangkok Bank PCL NVDR | 19,000 | 83,758 | ||||||
Bangkok Dusit Medical Services PCL | 183,400 | 93,481 | ||||||
Banpu PCL | 24,000 | 13,225 | ||||||
BEC World PCL | 34,500 | 30,417 | ||||||
BTS Group Holdings PCL | 833,000 | 223,771 | ||||||
Bumrungrad Hospital PCL | 9,000 | 53,561 | ||||||
Charoen Pokphand Foods PCL | 25,500 | 14,543 | ||||||
CP ALL PCL | 125,700 | 165,372 | ||||||
Delta Electronics Thailand PCL | 45,800 | 111,046 | ||||||
Glow Energy PCL | 28,900 | 67,682 | ||||||
Home Product Center PCL | 112,159 | 21,168 | ||||||
IRPC PCL | 86,600 | 8,971 | ||||||
Kasikornbank PCL NVDR | 24,000 | 113,073 | ||||||
Krung Thai Bank PCL | 40,500 | 19,081 | ||||||
PTT Exploration & Production PCL | 25,200 | 48,602 | ||||||
PTT Global Chemical PCL | 16,500 | 24,435 | ||||||
PTT PCL | 27,100 | 179,198 | ||||||
Siam Cement PCL | 1,300 | 16,691 | ||||||
Siam Cement PCL NVDR | 200 | 2,557 | ||||||
Siam Commercial Bank PCL | 10,500 | 38,766 | ||||||
Thai Oil PCL | 27,800 | 40,404 | ||||||
1,653,742 | ||||||||
TURKEY — 0.8% | ||||||||
Akbank TAS | 20,016 | 44,821 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 1,759 | 12,403 | ||||||
BIM Birlesik Magazalar AS | 7,304 | 129,423 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 16,727 | 13,867 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 8,432 | 10,388 | ||||||
Ford Otomotiv Sanayi AS | 2,059 | 21,965 | ||||||
Haci Omer Sabanci Holding AS | 7,109 | 20,826 | ||||||
KOC Holding AS | 7,394 | 28,816 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 3,372 | 19,991 | ||||||
Tupras-Turkiye Petrol Rafinerileri AS (a) | 3,616 | 88,497 | ||||||
Turk Hava Yollari AO (a) | 6,704 | 17,647 | ||||||
Turk Telekomunikasyon AS | 12,901 | 25,438 | ||||||
Turkcell Iletisim Hizmetleri AS | 5,604 | 19,527 | ||||||
Turkiye Garanti Bankasi AS | 20,937 | 48,613 | ||||||
Turkiye Halk Bankasi AS | 7,109 | 23,714 | ||||||
Turkiye Is Bankasi (Class C) | 19,223 | 29,903 | ||||||
Turkiye Vakiflar Bankasi Tao (Class D) | 10,521 | 13,309 | ||||||
Yapi ve Kredi Bankasi AS | 10,506 | 11,694 | ||||||
580,842 | ||||||||
UNITED ARAB EMIRATES — 1.0% | ||||||||
Abu Dhabi Commercial Bank PJSC | 28,612 | 59,595 | ||||||
Aldar Properties PJSC | 18,195 | 11,889 | ||||||
DP World, Ltd. | 8,667 | 184,087 | ||||||
Dubai Financial Market PJSC | 6,173 | 2,824 | ||||||
Dubai Islamic Bank PJSC | 5,910 | 10,781 | ||||||
Emaar Properties PJSC | 12,285 | 21,607 | ||||||
First Gulf Bank PJSC | 54,083 | 205,415 | ||||||
National Bank of Abu Dhabi PJSC | 83,149 | 215,522 | ||||||
711,720 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $83,328,162) | 71,091,694 | |||||||
RIGHTS — 0.0% (f) | ||||||||
HONG KONG — 0.0% (f) | ||||||||
Fosun International, Ltd. (expiring 10/19/15) (a) | 896 | 0 | ||||||
SOUTH KOREA — 0.0% (f) | ||||||||
Mirae Asset Securities Co., Ltd (expiring 11/5/15) (a) | 131 | 562 | ||||||
TOTAL RIGHTS — | ||||||||
(Cost $1,099) | 562 | |||||||
TOTAL INVESTMENTS — 99.6% | ||||||||
(Cost $83,329,261) | 71,092,256 | |||||||
OTHER ASSETS & LIABILITIES — 0.4% | 278,870 | |||||||
NET ASSETS — 100.0% | $ | 71,371,126 | ||||||
(a) | Non-income producing security | |||||
(b) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.3% of net assets as of September 30, 2015, are 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. Securities’ values are determined based on Level 2 inputs (Note 2). | |||||
(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 3 inputs (Note 2). | |||||
(e) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(f) | Amount shown represents less than 0.05% of net assets. |
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.
361
SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.3% | ||||||||
AUSTRALIA — 1.4% | ||||||||
AGL Energy, Ltd. | 87 | $ | 976 | |||||
Amcor, Ltd. | 301 | 2,784 | ||||||
AMP, Ltd. | 227 | 886 | ||||||
Aurizon Holdings, Ltd. | 235 | 827 | ||||||
Australia & New Zealand Banking Group, Ltd. | 191 | 3,632 | ||||||
BHP Billiton, Ltd. | 192 | 2,996 | ||||||
Brambles, Ltd. | 412 | 2,818 | ||||||
Cochlear, Ltd. | 19 | 1,114 | ||||||
Commonwealth Bank of Australia | 92 | 4,698 | ||||||
CSL, Ltd. | 193 | 12,090 | ||||||
Flight Centre Travel Group, Ltd. | 24 | 608 | ||||||
Fortescue Metals Group, Ltd. | 264 | 337 | ||||||
Insurance Australia Group, Ltd. | 203 | 690 | ||||||
Lend Lease Group | 85 | 749 | ||||||
Macquarie Group, Ltd. | 20 | 1,077 | ||||||
Medibank Pvt, Ltd. | 3,210 | 5,455 | ||||||
National Australia Bank, Ltd. | 181 | 3,811 | ||||||
Newcrest Mining, Ltd. (a) | 109 | 972 | ||||||
Orica, Ltd. | 58 | 613 | ||||||
Origin Energy, Ltd. (b) | 79 | 307 | ||||||
QBE Insurance Group, Ltd. | 110 | 996 | ||||||
REA Group, Ltd. | 27 | 840 | ||||||
Rio Tinto, Ltd. | 32 | 1,092 | ||||||
Santos, Ltd. | 80 | 224 | ||||||
Scentre Group | 471 | 1,290 | ||||||
Seek, Ltd. | 73 | 615 | ||||||
South32, Ltd. (a)(c) | 144 | 138 | ||||||
South32, Ltd. (a)(c) | 192 | 184 | ||||||
Suncorp Group, Ltd. | 84 | 719 | ||||||
Telstra Corp., Ltd. | 2,662 | 10,487 | ||||||
Transurban Group | 784 | 5,473 | ||||||
Wesfarmers, Ltd. | 62 | 1,708 | ||||||
Westfield Corp. | 106 | 742 | ||||||
Westpac Banking Corp. | 201 | 4,192 | ||||||
Woodside Petroleum, Ltd. | 32 | 650 | ||||||
Woolworths, Ltd. | 333 | 5,809 | ||||||
82,599 | ||||||||
AUSTRIA — 0.1% | ||||||||
Erste Group Bank AG (a) | 33 | 956 | ||||||
OMV AG | 30 | 728 | ||||||
Raiffeisen Bank International AG (a) | 32 | 418 | ||||||
Voestalpine AG | 23 | 788 | ||||||
2,890 | ||||||||
BELGIUM — 0.2% | ||||||||
Ageas | 26 | 1,065 | ||||||
Anheuser-Busch InBev SA | 29 | 3,073 | ||||||
Colruyt SA (a) | 21 | 1,009 | ||||||
Delhaize Group | 15 | 1,324 | ||||||
Groupe Bruxelles Lambert SA | 10 | 753 | ||||||
KBC Groep NV | 19 | 1,196 | ||||||
Proximus | 72 | 2,480 | ||||||
Solvay SA | 7 | 713 | ||||||
Umicore SA | 21 | 807 | ||||||
12,420 | ||||||||
BRITISH VIRGIN ISLANDS — 0.0% (d) | ||||||||
Michael Kors Holdings, Ltd. (a) | 68 | 2,872 | ||||||
�� | ||||||||
CANADA — 3.9% | ||||||||
Agnico-Eagle Mines, Ltd. | 186 | 4,693 | ||||||
Agrium, Inc. | 12 | 1,070 | ||||||
Alimentation Couche-Tard, Inc. (Class B) | 96 | 4,394 | ||||||
Bank of Montreal | 136 | 7,383 | ||||||
Bank of Nova Scotia | 294 | 12,901 | ||||||
Barrick Gold Corp. | 257 | 1,627 | ||||||
BCE, Inc. | 158 | 6,437 | ||||||
Bombardier, Inc. (Class B) | 295 | 367 | ||||||
Brookfield Asset Management, Inc. (Class A) | 49 | 1,535 | ||||||
Canadian Imperial Bank of Commerce | 81 | 5,793 | ||||||
Canadian National Railway Co. | 190 | 10,739 | ||||||
Canadian Natural Resources, Ltd. | 62 | 1,202 | ||||||
Canadian Oil Sands, Ltd. | 120 | 565 | ||||||
Canadian Pacific Railway, Ltd. | 7 | 1,000 | ||||||
Canadian Tire Corp., Ltd. (Class A) | 11 | 985 | ||||||
Cenovus Energy, Inc. | 42 | 634 | ||||||
CI Financial Corp. | 40 | 904 | ||||||
Crescent Point Energy Corp. | 25 | 285 | ||||||
Dollarama, Inc. | 180 | 12,101 | ||||||
Eldorado Gold Corp. | 467 | 1,491 | ||||||
Enbridge, Inc. | 151 | 5,581 | ||||||
Encana Corp. | 45 | 288 | ||||||
Fairfax Financial Holdings, Ltd. | 12 | 5,440 | ||||||
First Capital Realty, Inc. | 121 | 1,688 | ||||||
First Quantum Minerals, Ltd. | 52 | 190 | ||||||
Franco-Nevada Corp. | 241 | 10,572 | ||||||
Gildan Activewear, Inc. | 52 | 1,562 | ||||||
Goldcorp, Inc. | 910 | 11,356 | ||||||
Great-West Lifeco, Inc. | 37 | 882 | ||||||
Husky Energy, Inc. | 32 | 497 | ||||||
Imperial Oil, Ltd. | 21 | 662 | ||||||
Intact Financial Corp. | 167 | 11,674 | ||||||
Loblaw Cos., Ltd. | 26 | 1,332 | ||||||
Magna International, Inc. | 132 | 6,302 | ||||||
Manulife Financial Corp. | 101 | 1,555 | ||||||
Metro, Inc., (Class A) | 75 | 2,034 | ||||||
National Bank of Canada | 188 | 5,974 | ||||||
Onex Corp. | 18 | 1,034 | ||||||
Pembina Pipeline Corp. | 8 | 192 | ||||||
Potash Corp. of Saskatchewan, Inc. | 108 | 2,210 | ||||||
Power Corp. of Canada | 39 | 805 | ||||||
Power Financial Corp. | 33 | 753 | ||||||
Restaurant Brands International, Inc. | 88 | 3,153 | ||||||
RioCan REIT | 148 | 2,812 | ||||||
Rogers Communications, Inc. (Class B) | 241 | 8,265 | ||||||
Royal Bank of Canada | 258 | 14,200 | ||||||
Saputo, Inc. | 56 | 1,224 | ||||||
Shaw Communications, Inc. (Class B) | 363 | 6,996 | ||||||
Silver Wheaton Corp. | 453 | 5,420 | ||||||
Sun Life Financial, Inc. | 32 | 1,027 | ||||||
Suncor Energy, Inc. | 107 | 2,848 | ||||||
Teck Resources, Ltd. (Class B) | 67 | 318 | ||||||
TELUS Corp. | 258 | 8,092 | ||||||
Thomson Reuters Corp. | 150 | 6,001 | ||||||
Toronto-Dominion Bank | 293 | 11,495 | ||||||
TransCanada Corp. | 194 | 6,106 |
See accompanying notes to financial statements.
362
SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Yamana Gold, Inc. | 252 | $ | 423 | |||||
227,069 | ||||||||
DENMARK — 1.0% | ||||||||
AP Moeller — Maersk A/S (Class A) | 1 | 1,502 | ||||||
AP Moeller — Maersk A/S (Class B) | 1 | 1,537 | ||||||
Carlsberg A/S (Class B) | 10 | 767 | ||||||
Coloplast A/S (Class B) | 62 | 4,385 | ||||||
Danske Bank A/S | 52 | 1,568 | ||||||
Novo Nordisk A/S (Class B) | 684 | 36,660 | ||||||
Novozymes A/S (Class B) | 93 | 4,048 | ||||||
Pandora A/S | 34 | 3,963 | ||||||
TDC A/S | 173 | 890 | ||||||
Tryg A/S | 60 | 1,163 | ||||||
56,483 | ||||||||
FINLAND — 0.2% | ||||||||
Fortum Oyj | 59 | 871 | ||||||
Kone Oyj (Class B) | 100 | 3,795 | ||||||
Nokia Oyj | 129 | 879 | ||||||
Orion Oyj (Class B) | 35 | 1,321 | ||||||
Sampo Oyj (Class A) | 24 | 1,159 | ||||||
Stora Enso Oyj | 103 | 777 | ||||||
UPM-Kymmene Oyj | 59 | 883 | ||||||
Wartsila Oyj Abp | 36 | 1,425 | ||||||
11,110 | ||||||||
FRANCE — 1.8% | ||||||||
Aeroports de Paris | 25 | 2,828 | ||||||
Air Liquide SA | 15 | 1,769 | ||||||
Alcatel-Lucent (a) | 267 | 978 | ||||||
Alstom SA (a) | 27 | 832 | ||||||
Arkema SA | 11 | 710 | ||||||
AXA SA | 261 | 6,303 | ||||||
BNP Paribas SA | 145 | 8,491 | ||||||
Bouygues SA | 27 | 956 | ||||||
Bureau Veritas SA | 56 | 1,177 | ||||||
Cap Gemini SA | 14 | 1,244 | ||||||
Carrefour SA | 62 | 1,830 | ||||||
Casino Guichard-Perrachon SA | 8 | 424 | ||||||
Christian Dior SE | 5 | 932 | ||||||
CNP Assurances | 48 | 665 | ||||||
Compagnie de Saint-Gobain | 38 | 1,642 | ||||||
Compagnie Generale des Etablissements Michelin | 17 | 1,545 | ||||||
Credit Agricole SA | 127 | 1,454 | ||||||
Danone SA | 26 | 1,637 | ||||||
Dassault Systemes | 76 | 5,599 | ||||||
EDF SA | 27 | 475 | ||||||
Engie | 160 | 2,579 | ||||||
Essilor International SA | 15 | 1,823 | ||||||
Hermes International | 8 | 2,902 | ||||||
Iliad SA | 3 | 604 | ||||||
Kering | 5 | 815 | ||||||
L’Oreal SA | 8 | 1,385 | ||||||
Lagardere SCA | 30 | 829 | ||||||
Legrand SA | 16 | 847 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 12 | 2,039 | ||||||
Natixis SA | 158 | 871 | ||||||
Orange SA | 213 | 3,215 | ||||||
Pernod Ricard SA | 10 | 1,007 | ||||||
Peugeot SA (a) | 81 | 1,217 | ||||||
Publicis Groupe SA | 44 | 2,995 | ||||||
Renault SA | 25 | 1,786 | ||||||
Rexel SA | 44 | 539 | ||||||
Safran SA | 16 | 1,202 | ||||||
Sanofi | 63 | 5,970 | ||||||
Schneider Electric SE | 26 | 1,451 | ||||||
SCOR SE | 29 | 1,037 | ||||||
Societe BIC SA | 8 | 1,240 | ||||||
Societe Generale SA | 98 | 4,359 | ||||||
Sodexo SA | 10 | 826 | ||||||
Suez Environnement Co. | 51 | 913 | ||||||
Technip SA | 11 | 518 | ||||||
Total SA | 256 | 11,488 | ||||||
Unibail-Rodamco SE | 5 | 1,291 | ||||||
Valeo SA | 8 | 1,078 | ||||||
Veolia Environnement SA | 61 | 1,391 | ||||||
Vinci SA | 37 | 2,342 | ||||||
Vivendi SA | 119 | 2,807 | ||||||
104,857 | ||||||||
GERMANY — 2.2% | ||||||||
adidas AG | 11 | 884 | ||||||
Allianz SE | 45 | 7,045 | ||||||
BASF SE | 77 | 5,872 | ||||||
Bayer AG | 29 | 3,705 | ||||||
Bayerische Motoren Werke AG | 31 | 2,741 | ||||||
Bayerische Motoren Werke AG Preference Shares | 11 | 753 | ||||||
Beiersdorf AG | 22 | 1,944 | ||||||
Brenntag AG | 18 | 968 | ||||||
Commerzbank AG (a) | 145 | 1,525 | ||||||
Continental AG | 6 | 1,273 | ||||||
Daimler AG | 94 | 6,805 | ||||||
Deutsche Bank AG | 252 | 6,771 | ||||||
Deutsche Boerse AG | 54 | 4,643 | ||||||
Deutsche Lufthansa AG (a) | 41 | 569 | ||||||
Deutsche Post AG | 288 | 7,965 | ||||||
Deutsche Telekom AG | 283 | 5,018 | ||||||
E.ON SE | 398 | 3,411 | ||||||
Fresenius Medical Care AG & Co. KGaA | 125 | 9,742 | ||||||
Fresenius SE & Co. KGaA | 21 | 1,406 | ||||||
Fuchs Petrolub SE Preference Shares | 22 | 970 | ||||||
Hannover Rueck SE | 12 | 1,226 | ||||||
HeidelbergCement AG | 12 | 821 | ||||||
Henkel AG & Co. KGaA | 10 | 881 | ||||||
Henkel AG & Co. KGaA Preference Shares | 9 | 924 | ||||||
Hugo Boss AG | 10 | 1,121 | ||||||
Infineon Technologies AG | 94 | 1,055 | ||||||
K+S AG | 29 | 969 | ||||||
Kabel Deutschland Holding AG (a) | 27 | 3,511 | ||||||
Lanxess AG | 15 | 700 | ||||||
Linde AG | 10 | 1,618 | ||||||
MAN SE | 45 | 4,579 | ||||||
Merck KGaA | 12 | 1,059 | ||||||
Metro AG | 30 | 827 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 21 | 3,909 |
See accompanying notes to financial statements.
363
SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Porsche Automobil Holding SE Preference Shares | 25 | $ | 1,063 | |||||
RWE AG | 91 | 1,031 | ||||||
SAP SE | 223 | 14,425 | ||||||
Siemens AG | 51 | 4,551 | ||||||
Telefonica Deutschland Holding AG | 324 | 1,975 | ||||||
ThyssenKrupp AG | 37 | 648 | ||||||
TUI AG | 59 | 1,088 | ||||||
United Internet AG | 30 | 1,516 | ||||||
Volkswagen AG | 5 | 586 | ||||||
Volkswagen AG Preference Shares | 29 | 3,164 | ||||||
127,257 | ||||||||
HONG KONG — 1.9% | ||||||||
AIA Group, Ltd. | 400 | 2,067 | ||||||
Bank of East Asia, Ltd. | 1,223 | 4,103 | ||||||
BOC Hong Kong Holdings, Ltd. | 1,000 | 2,936 | ||||||
Cheung Kong Infrastructure Holdings, Ltd. | 1,000 | 8,935 | ||||||
CK Hutchison Holdings, Ltd. | 500 | 6,465 | ||||||
CLP Holdings, Ltd. | 2,000 | 17,071 | ||||||
Galaxy Entertainment Group, Ltd. | 1,000 | 2,542 | ||||||
Hang Seng Bank, Ltd. | 1,200 | 21,553 | ||||||
HKT Trust/HKT, Ltd. | 3,540 | 4,207 | ||||||
Hong Kong & China Gas Co., Ltd. | 3,300 | 6,183 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 302 | 6,889 | ||||||
Link REIT | 1,000 | 5,484 | ||||||
MTR Corp., Ltd. | 2,000 | 8,671 | ||||||
New World Development Co., Ltd. | 1,013 | 980 | ||||||
Noble Group, Ltd. | 1,000 | 292 | ||||||
Power Assets Holdings, Ltd. | 1,000 | 9,432 | ||||||
Sands China, Ltd. | 800 | 2,405 | ||||||
SJM Holdings, Ltd. | 1,000 | 707 | ||||||
Wynn Macau, Ltd. | 400 | 453 | ||||||
111,375 | ||||||||
IRELAND — 1.0% | ||||||||
Accenture PLC (Class A) | 284 | 27,906 | ||||||
Allergan PLC (a) | 8 | 2,175 | ||||||
Bank of Ireland (a) | 2,748 | 1,067 | ||||||
CRH PLC | 44 | 1,154 | ||||||
Eaton Corp. PLC | 24 | 1,231 | ||||||
James Hardie Industries PLC | 109 | 1,304 | ||||||
Kerry Group PLC (Class A) | 106 | 7,945 | ||||||
Medtronic PLC | 57 | 3,816 | ||||||
Pentair PLC | 14 | 715 | ||||||
Perrigo Co. PLC | 25 | 3,932 | ||||||
Ryanair Holdings PLC | 228 | 3,320 | ||||||
Seagate Technology PLC | 24 | 1,075 | ||||||
Tyco International PLC | 24 | 803 | ||||||
Weatherford International PLC (a) | 48 | 407 | ||||||
Willis Group Holdings PLC | 32 | 1,311 | ||||||
58,161 | ||||||||
ISRAEL — 0.3% | ||||||||
Bank Hapoalim BM | 308 | 1,548 | ||||||
Bank Leumi Le-Israel BM (a) | 418 | 1,559 | ||||||
Israel Chemicals, Ltd. | 122 | 627 | ||||||
Mizrahi Tefahot Bank, Ltd. | 89 | 1,051 | ||||||
NICE Systems, Ltd. | 74 | 4,037 | ||||||
Teva Pharmaceutical Industries, Ltd. | 188 | 10,754 | ||||||
19,576 | ||||||||
ITALY — 0.5% | ||||||||
Assicurazioni Generali SpA | 123 | 2,246 | ||||||
Atlantia SpA | 38 | 1,060 | ||||||
Banca Monte dei Paschi di Siena SpA (a) | 715 | 1,270 | ||||||
Banco Popolare SC (a) | 61 | 900 | ||||||
Enel SpA | 939 | 4,180 | ||||||
ENI SpA | 310 | 4,862 | ||||||
Intesa Sanpaolo SpA | 1,159 | 4,083 | ||||||
Saipem SpA (a) | 40 | 320 | ||||||
Snam SpA | 185 | 949 | ||||||
Telecom Italia SpA (a)(c) | 1,742 | 2,143 | ||||||
Telecom Italia SpA (c) | 1,354 | 1,386 | ||||||
UBI Banca SCpA | 129 | 913 | ||||||
UniCredit SpA | 390 | 2,425 | ||||||
26,737 | ||||||||
JAPAN — 8.2% | ||||||||
Aeon Co., Ltd. | 100 | 1,549 | ||||||
ANA Holdings, Inc. | 2,000 | 5,584 | ||||||
Aozora Bank, Ltd. | 1,000 | 3,457 | ||||||
Astellas Pharma, Inc. | 400 | 5,160 | ||||||
Benesse Holdings, Inc. | 100 | 2,668 | ||||||
Bridgestone Corp. | 100 | 3,445 | ||||||
Calbee, Inc. | 100 | 3,219 | ||||||
Canon, Inc. | 700 | 20,188 | ||||||
Chubu Electric Power Co., Inc. | 100 | 1,470 | ||||||
Chugoku Bank, Ltd. | 200 | 2,954 | ||||||
Chugoku Electric Power Co., Inc. | 100 | 1,375 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 100 | 1,581 | ||||||
Daiichi Sankyo Co., Ltd. | 100 | 1,728 | ||||||
Eisai Co., Ltd. | 100 | 5,870 | ||||||
FamilyMart Co., Ltd. | 100 | 4,551 | ||||||
FUJIFILM Holdings Corp. | 100 | 3,721 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 100 | 3,332 | ||||||
Hitachi, Ltd. | 1,000 | 5,017 | ||||||
Honda Motor Co., Ltd. | 200 | 5,910 | ||||||
Idemitsu Kosan Co., Ltd. | 100 | 1,525 | ||||||
Inpex Corp. | 100 | 888 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 100 | 1,496 | ||||||
ITOCHU Corp. | 300 | 3,150 | ||||||
Japan Airlines Co., Ltd. | 200 | 7,039 | ||||||
Japan Prime Realty Investment Corp. | 1 | 3,244 | ||||||
Japan Real Estate Investment Corp. | 1 | 4,601 | ||||||
Japan Retail Fund Investment Corp. | 3 | 5,801 | ||||||
Japan Tobacco, Inc. | 300 | 9,256 | ||||||
JFE Holdings, Inc. | 100 | 1,305 | ||||||
JX Holdings, Inc. | 700 | 2,519 | ||||||
Kakaku.com, Inc. | 200 | 3,230 | ||||||
Kansai Electric Power Co., Inc. (a) | 100 | 1,108 | ||||||
KDDI Corp. | 300 | 6,681 | ||||||
Kirin Holdings Co., Ltd. | 100 | 1,307 | ||||||
Kobe Steel, Ltd. | 1,000 | 1,077 | ||||||
Komatsu, Ltd. | 100 | 1,463 | ||||||
Kyushu Electric Power Co., Inc. (a) | 100 | 1,086 | ||||||
Lawson, Inc. | 100 | 7,356 | ||||||
M3, Inc. | 300 | 5,929 | ||||||
Marubeni Corp. | 1,000 | 4,875 |
See accompanying notes to financial statements.
364
SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
McDonald’s Holdings Co. (Japan), Ltd. | 100 | $ | 2,245 | |||||
Miraca Holdings, Inc. | 100 | 4,225 | ||||||
Mitsubishi Chemical Holdings Corp. | 300 | 1,556 | ||||||
Mitsubishi Corp. | 300 | 4,893 | ||||||
Mitsubishi Motors Corp. | 100 | 761 | ||||||
Mitsubishi Tanabe Pharma Corp. | 300 | 5,273 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 2,000 | 11,963 | ||||||
Mitsui & Co., Ltd. | 300 | 3,358 | ||||||
Mizuho Financial Group, Inc. | 3,200 | 5,956 | ||||||
MS&AD Insurance Group Holdings, Inc. | 100 | 2,666 | ||||||
Nagoya Railroad Co., Ltd. | 1,000 | 3,916 | ||||||
Nikon Corp. | 100 | 1,204 | ||||||
Nippon Building Fund, Inc. | 1 | 4,834 | ||||||
Nippon Prologis REIT, Inc. | 2 | 3,627 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 100 | 1,811 | ||||||
Nippon Telegraph & Telephone Corp. | 400 | 13,954 | ||||||
Nissan Motor Co., Ltd. | 400 | 3,654 | ||||||
Nissin Foods Holding Co., Ltd. | 100 | 4,584 | ||||||
Nitori Holding Co., Ltd. | 100 | 7,807 | ||||||
Nomura Holdings, Inc. | 200 | 1,149 | ||||||
Nomura Research Institute, Ltd. | 220 | 8,404 | ||||||
NTT DoCoMo, Inc. | 1,368 | 22,765 | ||||||
Oracle Corp. | 100 | 4,208 | ||||||
Oriental Land Co., Ltd. | 200 | 11,137 | ||||||
ORIX Corp. | 100 | 1,279 | ||||||
Osaka Gas Co., Ltd. | 1,000 | 3,782 | ||||||
Otsuka Corp. | 100 | 4,859 | ||||||
Otsuka Holdings Co., Ltd. | 400 | 12,718 | ||||||
Panasonic Corp. | 200 | 2,010 | ||||||
Park24 Co., Ltd. | 100 | 1,875 | ||||||
Recruit Holdings Co., Ltd. | 166 | 4,962 | ||||||
Resona Holdings, Inc. | 400 | 2,025 | ||||||
Ricoh Co., Ltd. | 100 | 1,006 | ||||||
Santen Pharmaceutical Co., Ltd. | 500 | 6,676 | ||||||
Secom Co., Ltd. | 200 | 11,972 | ||||||
Sekisui House, Ltd. | 100 | 1,557 | ||||||
Seven & i Holdings Co., Ltd. | 100 | 4,546 | ||||||
Showa Shell Sekiyu K.K. | 200 | 1,571 | ||||||
SoftBank Group Corp. | 100 | 4,573 | ||||||
Sony Corp. | 200 | 4,840 | ||||||
Sumitomo Corp. | 200 | 1,924 | ||||||
Sumitomo Electric Industries, Ltd. | 100 | 1,272 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 200 | 7,535 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,000 | 3,652 | ||||||
Suntory Beverage & Food, Ltd. | 200 | 7,657 | ||||||
Suzuken Co., Ltd. | 100 | 3,319 | ||||||
T&D Holdings, Inc. | 100 | 1,173 | ||||||
Takeda Pharmaceutical Co., Ltd. | 589 | 25,755 | ||||||
Tobu Railway Co., Ltd. | 1,000 | 4,283 | ||||||
Toho Co., Ltd. | 100 | 2,274 | ||||||
Tohoku Electric Power Co., Inc. | 100 | 1,350 | ||||||
Tokio Marine Holdings, Inc. | 100 | 3,709 | ||||||
Tokyo Electric Power Co., Inc. (a) | 300 | 1,996 | ||||||
Toshiba Corp. (a) | 1,000 | 2,508 | ||||||
Toyota Motor Corp. | 200 | 11,641 | ||||||
Unicharm Corp. | 100 | 1,765 | ||||||
United Urban Investment Corp. | 3 | 4,003 | ||||||
USS Co., Ltd. | 300 | 4,970 | ||||||
West Japan Railway Co. | 200 | 12,493 | ||||||
Yahoo! Japan Corp. | 400 | 1,516 | ||||||
Yamada Denki Co., Ltd. | 300 | 1,207 | ||||||
Yamato Holdings Co., Ltd. | 400 | 7,628 | ||||||
477,546 | ||||||||
LUXEMBOURG — 0.0% (d) | ||||||||
ArcelorMittal | 144 | 749 | ||||||
RTL Group SA | 12 | 1,031 | ||||||
Subsea 7 SA (a) | 54 | 405 | ||||||
Tenaris SA | 46 | 551 | ||||||
2,736 | ||||||||
NETHERLANDS — 1.3% | ||||||||
Aegon NV | 278 | 1,593 | ||||||
Airbus Group SE | 177 | 10,454 | ||||||
Akzo Nobel NV | 15 | 971 | ||||||
Altice NV (Class A) (a) | 12 | 251 | ||||||
Altice NV (Class B) (a) | 4 | 89 | ||||||
ASML Holding NV | 12 | 1,047 | ||||||
Chicago Bridge & Iron Co. NV | 25 | 992 | ||||||
CNH Industrial NV | 94 | 611 | ||||||
Core Laboratories NV | 11 | 1,098 | ||||||
Fiat Chrysler Automobiles NV (a) | 262 | 3,395 | ||||||
Heineken Holding NV | 16 | 1,136 | ||||||
Heineken NV | 16 | 1,290 | ||||||
ING Groep NV | 434 | 6,128 | ||||||
Koninklijke Ahold NV | 90 | 1,749 | ||||||
Koninklijke DSM NV | 14 | 644 | ||||||
Koninklijke KPN NV | 337 | 1,258 | ||||||
Koninklijke Philips NV | 56 | 1,316 | ||||||
LyondellBasell Industries NV (Class A) | 146 | 12,171 | ||||||
Mylan NV (a) | 22 | 886 | ||||||
Randstad Holding NV | 18 | 1,069 | ||||||
RELX NV | 342 | 5,562 | ||||||
Unilever NV | 471 | 18,869 | ||||||
72,579 | ||||||||
NEW ZEALAND — 0.1% | ||||||||
Auckland International Airport, Ltd. | 1,039 | 3,244 | ||||||
Ryman Healthcare, Ltd. | 147 | 687 | ||||||
3,931 | ||||||||
NORWAY — 0.1% | ||||||||
DnB ASA | 94 | 1,220 | ||||||
Norsk Hydro ASA | 195 | 648 | ||||||
Seadrill, Ltd. (a) | 27 | 157 | ||||||
Statoil ASA | 118 | 1,717 | ||||||
Telenor ASA | 45 | 838 | ||||||
Yara International ASA | 23 | 916 | ||||||
5,496 | ||||||||
PORTUGAL — 0.0% (d) | ||||||||
EDP — Energias de Portugal SA | 228 | 833 | ||||||
Galp Energia SGPS SA | 60 | 589 | ||||||
Jeronimo Martins SGPS SA | 72 | 968 | ||||||
2,390 | ||||||||
SINGAPORE — 0.7% | ||||||||
Flextronics International, Ltd. (a) | 104 | 1,096 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 1,004 | 6,207 | ||||||
Singapore Airlines, Ltd. | 1,000 | 7,525 | ||||||
Singapore Press Holdings, Ltd. | 2,000 | 5,401 |
See accompanying notes to financial statements.
365
SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Singapore Telecommunications, Ltd. | 6,842 | $ | 17,323 | |||||
StarHub, Ltd. | 1,000 | 2,433 | ||||||
39,985 | ||||||||
SPAIN — 0.7% | ||||||||
ACS, Actividades de Construccion y Servicios SA | 26 | 746 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 451 | 3,816 | ||||||
Banco de Sabadell SA | 405 | 742 | ||||||
Banco Popular Espanol SA | 154 | 560 | ||||||
Banco Santander SA | 1,120 | 5,931 | ||||||
CaixaBank SA (a) | 183 | 703 | ||||||
Endesa SA | 152 | 3,197 | ||||||
Ferrovial SA | 49 | 1,167 | ||||||
Gas Natural SDG SA | 35 | 681 | ||||||
Iberdrola SA | 565 | 3,751 | ||||||
Industria de Diseno Textil SA | 295 | 9,856 | ||||||
International Consolidated Airlines Group SA (a) | 161 | 1,431 | ||||||
Repsol SA | 115 | 1,336 | ||||||
Telefonica SA | 448 | 5,416 | ||||||
Zardoya Otis SA | 64 | 690 | ||||||
40,023 | ||||||||
SWEDEN — 0.7% | ||||||||
Alfa Laval AB | 76 | 1,241 | ||||||
Assa Abloy AB (Class B) | 60 | 1,072 | ||||||
Atlas Copco AB (Class A) | 181 | 4,340 | ||||||
Atlas Copco AB (Class B) | 106 | 2,363 | ||||||
Autoliv, Inc. | 10 | 1,090 | ||||||
Boliden AB | 74 | 1,154 | ||||||
Electrolux AB (Series B) | 42 | 1,182 | ||||||
Hennes & Mauritz AB (Class B) | 299 | 10,898 | ||||||
Investor AB (Class B) | 67 | 2,294 | ||||||
Kinnevik Investment AB (Class B) | 25 | 712 | ||||||
Nordea Bank AB | 254 | 2,823 | ||||||
Sandvik AB | 70 | 594 | ||||||
Skandinaviska Enskilda Banken AB (Class A) | 116 | 1,236 | ||||||
Skanska AB (Class B) | 48 | 938 | ||||||
SKF AB (Class B) | 40 | 733 | ||||||
Svenska Cellulosa AB (Class B) | 36 | 1,004 | ||||||
Svenska Handelsbanken AB (Class A) | 105 | 1,501 | ||||||
Swedbank AB (Class A) | 67 | 1,477 | ||||||
Telefonaktiebolaget LM Ericsson (Class B) | 170 | 1,666 | ||||||
TeliaSonera AB | 174 | 934 | ||||||
Volvo AB (Class B) | 108 | 1,031 | ||||||
40,283 | ||||||||
SWITZERLAND — 4.2% | ||||||||
ABB, Ltd. (a) | 110 | 1,939 | ||||||
ACE, Ltd. | 25 | 2,585 | ||||||
Actelion, Ltd. (a) | 26 | 3,292 | ||||||
Adecco SA (a) | 13 | 948 | ||||||
Baloise Holding AG | 9 | 1,029 | ||||||
Barry Callebaut AG (a) | 3 | 3,254 | ||||||
Cie Financiere Richemont SA | 119 | 9,219 | ||||||
Credit Suisse Group AG (a) | 141 | 3,380 | ||||||
EMS-Chemie Holding AG | 3 | 1,230 | ||||||
Geberit AG | 10 | 3,047 | ||||||
Givaudan SA (a) | 4 | 6,489 | ||||||
Julius Baer Group, Ltd. (a) | 104 | 4,707 | ||||||
Kuehne + Nagel International AG | 82 | 10,507 | ||||||
LafargeHolcim, Ltd. (a)(c) | 14 | 731 | ||||||
LafargeHolcim, Ltd. (a)(c) | 10 | 520 | ||||||
Nestle SA | 488 | 36,584 | ||||||
Novartis AG | 277 | 25,344 | ||||||
Partners Group Holding AG | 7 | 2,366 | ||||||
Roche Holding AG | 248 | 65,230 | ||||||
Schindler Holding AG (c) | 19 | 2,722 | ||||||
Schindler Holding AG (c) | 31 | 4,530 | ||||||
SGS SA | 2 | 3,480 | ||||||
Swatch Group AG (c) | 8 | 2,956 | ||||||
Swatch Group AG (c) | 13 | 935 | ||||||
Swiss Life Holding AG (a) | 4 | 890 | ||||||
Swiss Prime Site AG (a) | 74 | 5,392 | ||||||
Swiss Re AG | 39 | 3,337 | ||||||
Swisscom AG | 30 | 14,928 | ||||||
Syngenta AG | 23 | 7,346 | ||||||
TE Connectivity, Ltd. | 102 | 6,109 | ||||||
Transocean, Ltd. | 28 | 358 | ||||||
UBS Group AG | 249 | 4,590 | ||||||
Zurich Insurance Group AG (a) | 13 | 3,182 | ||||||
243,156 | ||||||||
UNITED KINGDOM — 8.2% | ||||||||
Aberdeen Asset Management PLC | 282 | 1,267 | ||||||
Admiral Group PLC | 64 | 1,456 | ||||||
Aggreko PLC | 70 | 1,008 | ||||||
Amec Foster Wheeler PLC | 77 | 836 | ||||||
Anglo American PLC | 148 | 1,235 | ||||||
Aon PLC | 12 | 1,063 | ||||||
ARM Holdings PLC | 345 | 4,952 | ||||||
Associated British Foods PLC | 21 | 1,063 | ||||||
AstraZeneca PLC | 410 | 25,969 | ||||||
Aviva PLC | 338 | 2,314 | ||||||
Babcock International Group PLC | 12 | 166 | ||||||
BAE Systems PLC | 1,094 | 7,419 | ||||||
Barclays PLC | 2,251 | 8,325 | ||||||
BG Group PLC | 190 | 2,737 | ||||||
BHP Billiton PLC | 144 | 2,192 | ||||||
BP PLC | 3,489 | 17,652 | ||||||
British American Tobacco PLC | 511 | 28,198 | ||||||
British Land Co. PLC | 84 | 1,067 | ||||||
BT Group PLC | 425 | 2,701 | ||||||
Bunzl PLC | 87 | 2,333 | ||||||
Burberry Group PLC | 128 | 2,652 | ||||||
Capita PLC | 264 | 4,791 | ||||||
Carnival PLC | 26 | 1,348 | ||||||
Centrica PLC | 1,505 | 5,225 | ||||||
Cobham PLC | 301 | 1,303 | ||||||
Compass Group PLC | 932 | 14,866 | ||||||
Croda International PLC | 40 | 1,641 | ||||||
Delphi Automotive PLC | 107 | 8,136 | ||||||
Diageo PLC | 660 | 17,700 | ||||||
Direct Line Insurance Group PLC | 223 | 1,266 | ||||||
easyJet PLC | 39 | 1,050 | ||||||
Ensco PLC (Class A) | 23 | 324 | ||||||
Experian PLC | 60 | 962 | ||||||
Fresnillo PLC | 280 | 2,509 | ||||||
G4S PLC | 1,567 | 5,476 |
See accompanying notes to financial statements.
366
SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
GKN PLC | 158 | $ | 641 | |||||
GlaxoSmithKline PLC | 822 | 15,763 | ||||||
Glencore PLC (a) | 1,799 | 2,495 | ||||||
Hargreaves Lansdown PLC | 73 | 1,335 | ||||||
HSBC Holdings PLC | 2,155 | 16,279 | ||||||
ICAP PLC | 156 | 1,080 | ||||||
IMI PLC | 80 | 1,149 | ||||||
Imperial Tobacco Group PLC | 259 | 13,390 | ||||||
Inmarsat PLC | 540 | 8,032 | ||||||
Intertek Group PLC | 55 | 2,025 | ||||||
ITV PLC | 1,074 | 4,002 | ||||||
J Sainsbury PLC | 172 | 680 | ||||||
Johnson Matthey PLC | 54 | 2,002 | ||||||
Kingfisher PLC | 167 | 907 | ||||||
Land Securities Group PLC | 63 | 1,202 | ||||||
Legal & General Group PLC | 298 | 1,075 | ||||||
Liberty Global PLC (Class A) (a) | 31 | 1,331 | ||||||
Liberty Global PLC (Series C) (a) | 45 | 1,846 | ||||||
Lloyds Banking Group PLC | 2,616 | 2,978 | ||||||
London Stock Exchange Group PLC | 50 | 1,832 | ||||||
Marks & Spencer Group PLC | 144 | 1,093 | ||||||
Merlin Entertainments PLC (e) | 403 | 2,268 | ||||||
National Grid PLC | 780 | 10,857 | ||||||
Next PLC | 77 | 8,876 | ||||||
Old Mutual PLC | 359 | 1,028 | ||||||
Pearson PLC | 53 | 905 | ||||||
Persimmon PLC (a) | 97 | 2,950 | ||||||
Petrofac, Ltd. | 81 | 942 | ||||||
Prudential PLC | 124 | 2,617 | ||||||
Randgold Resources, Ltd. | 111 | 6,494 | ||||||
Reckitt Benckiser Group PLC | 275 | 24,939 | ||||||
RELX PLC | 385 | 6,602 | ||||||
Rexam PLC | 100 | 793 | ||||||
Rio Tinto PLC | 356 | 11,918 | ||||||
Rolls-Royce Holdings PLC (a) | 486 | 4,984 | ||||||
Royal Bank of Scotland Group PLC (a) | 227 | 1,083 | ||||||
Royal Dutch Shell PLC (Class A) | 716 | 16,854 | ||||||
Royal Dutch Shell PLC (Class B) | 439 | 10,394 | ||||||
Royal Mail PLC | 180 | 1,251 | ||||||
RSA Insurance Group PLC | 141 | 860 | ||||||
SABMiller PLC | 32 | 1,811 | ||||||
Sage Group PLC | 300 | 2,269 | ||||||
Schroders PLC | 30 | 1,275 | ||||||
Shire PLC | 192 | 13,099 | ||||||
Sky PLC | 834 | 13,189 | ||||||
Smith & Nephew PLC | 221 | 3,860 | ||||||
Smiths Group PLC | 111 | 1,690 | ||||||
Sports Direct International PLC (a) | 79 | 906 | ||||||
SSE PLC | 226 | 5,121 | ||||||
Standard Chartered PLC | 395 | 3,834 | ||||||
Standard Life PLC | 135 | 793 | ||||||
Tate & Lyle PLC | 130 | 1,158 | ||||||
Tesco PLC (a) | 1,711 | 4,748 | ||||||
Travis Perkins PLC | 39 | 1,161 | ||||||
Tullow Oil PLC (a) | 74 | 190 | ||||||
Unilever PLC | 367 | 14,932 | ||||||
Vodafone Group PLC | 3,956 | 12,491 | ||||||
Weir Group PLC | 51 | 904 | ||||||
Whitbread PLC | 41 | 2,899 | ||||||
William Hill PLC | 224 | 1,190 | ||||||
William Morrison Supermarkets PLC | 345 | 868 | ||||||
Wolseley PLC | 69 | 4,032 | ||||||
WPP PLC | 76 | 1,581 | ||||||
474,955 | ||||||||
UNITED STATES — 60.6% | ||||||||
3M Co. | 167 | 23,676 | ||||||
Abbott Laboratories | 476 | 19,145 | ||||||
AbbVie, Inc. | 52 | 2,829 | ||||||
Activision Blizzard, Inc. | 49 | 1,514 | ||||||
Adobe Systems, Inc. (a) | 17 | 1,398 | ||||||
ADT Corp. | 31 | 927 | ||||||
Advance Auto Parts, Inc. | 19 | 3,601 | ||||||
AES Corp. | 74 | 724 | ||||||
Aetna, Inc. | 27 | 2,954 | ||||||
Aflac, Inc. | 27 | 1,570 | ||||||
AGCO Corp. | 19 | 886 | ||||||
Agilent Technologies, Inc. | 18 | 618 | ||||||
Air Products & Chemicals, Inc. | 9 | 1,148 | ||||||
Albemarle Corp. | 21 | 926 | ||||||
Alcoa, Inc. | 85 | 821 | ||||||
Alexion Pharmaceuticals, Inc. (a) | 100 | 15,639 | ||||||
Alleghany Corp. (a) | 19 | 8,894 | ||||||
Allstate Corp. | 39 | 2,271 | ||||||
Ally Financial, Inc. (a) | 97 | 1,977 | ||||||
Alphabet, Inc. (Class A) (a) | 68 | 43,409 | ||||||
Alphabet, Inc. (Class C) (a) | 73 | 44,415 | ||||||
Altria Group, Inc. | 297 | 16,157 | ||||||
Amazon.com, Inc. (a) | 5 | 2,559 | ||||||
Ameren Corp. | 27 | 1,141 | ||||||
American Capital Agency Corp. | 548 | 10,248 | ||||||
American Electric Power Co., Inc. | 36 | 2,047 | ||||||
American Express Co. | 40 | 2,965 | ||||||
American International Group, Inc. | 171 | 9,716 | ||||||
American Tower Corp. | 111 | 9,766 | ||||||
American Water Works Co., Inc. | 49 | 2,699 | ||||||
Ameriprise Financial, Inc. | 10 | 1,091 | ||||||
AmerisourceBergen Corp. | 167 | 15,863 | ||||||
Amgen, Inc. | 20 | 2,766 | ||||||
Amphenol Corp. (Class A) | 72 | 3,669 | ||||||
Anadarko Petroleum Corp. | 19 | 1,147 | ||||||
Analog Devices, Inc. | 20 | 1,128 | ||||||
Annaly Capital Management, Inc. | 1,355 | 13,374 | ||||||
Antero Resources Corp. (a) | 18 | 381 | ||||||
Anthem, Inc. | 30 | 4,200 | ||||||
Apache Corp. | 40 | 1,566 | ||||||
Apple, Inc. | 1,001 | 110,410 | ||||||
Applied Materials, Inc. | 52 | 764 | ||||||
Arch Capital Group, Ltd. (a) | 200 | 14,694 | ||||||
Archer-Daniels-Midland Co. | 71 | 2,943 | ||||||
Arrow Electronics, Inc. (a) | 19 | 1,050 | ||||||
Assurant, Inc. | 16 | 1,264 | ||||||
AT&T, Inc. | 1,090 | 35,512 | ||||||
Automatic Data Processing, Inc. | 491 | 39,457 | ||||||
AutoZone, Inc. (a) | 31 | 22,439 | ||||||
AvalonBay Communities, Inc. | 41 | 7,168 | ||||||
Avnet, Inc. | 24 | 1,024 | ||||||
Axis Capital Holdings, Ltd. | 122 | 6,554 | ||||||
Baker Hughes, Inc. | 27 | 1,405 |
See accompanying notes to financial statements.
367
SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Bank of America Corp. | 922 | $ | 14,365 | |||||
Bank of New York Mellon Corp. | 96 | 3,758 | ||||||
Baxalta, Inc. | 253 | 7,972 | ||||||
Baxter International, Inc. | 253 | 8,311 | ||||||
BB&T Corp. | 58 | 2,065 | ||||||
Becton, Dickinson and Co. | 126 | 16,715 | ||||||
Bed Bath & Beyond, Inc. (a) | 84 | 4,790 | ||||||
Berkshire Hathaway, Inc. (Class B) (a) | 187 | 24,385 | ||||||
Best Buy Co., Inc. | 45 | 1,670 | ||||||
Biogen, Inc. (a) | 56 | 16,341 | ||||||
BlackRock, Inc. | 6 | 1,785 | ||||||
Boeing Co. | 196 | 25,666 | ||||||
BorgWarner, Inc. | 17 | 707 | ||||||
Boston Scientific Corp. (a) | 77 | 1,264 | ||||||
Bristol-Myers Squibb Co. | 237 | 14,030 | ||||||
Broadcom Corp. (Class A) | 36 | 1,851 | ||||||
Brown-Forman Corp. (Class B) | 33 | 3,198 | ||||||
Bunge, Ltd. | 23 | 1,686 | ||||||
C.H. Robinson Worldwide, Inc. | 45 | 3,050 | ||||||
C.R. Bard, Inc. | 82 | 15,277 | ||||||
CA, Inc. | 86 | 2,348 | ||||||
Camden Property Trust | 18 | 1,330 | ||||||
Cameron International Corp. (a) | 16 | 981 | ||||||
Campbell Soup Co. | 152 | 7,703 | ||||||
Capital One Financial Corp. | 59 | 4,279 | ||||||
Cardinal Health, Inc. | 140 | 10,755 | ||||||
CarMax, Inc. (a) | 24 | 1,424 | ||||||
Carnival Corp. | 25 | 1,243 | ||||||
Caterpillar, Inc. | 43 | 2,810 | ||||||
CBS Corp. (Class B) | 22 | 878 | ||||||
CDK Global, Inc. | 54 | 2,580 | ||||||
Celanese Corp. (Series A) | 17 | 1,006 | ||||||
Celgene Corp. (a) | 196 | 21,201 | ||||||
CenterPoint Energy, Inc. | 47 | 848 | ||||||
CenturyLink, Inc. | 52 | 1,306 | ||||||
Cerner Corp. (a) | 100 | 5,996 | ||||||
CF Industries Holdings, Inc. | 75 | 3,367 | ||||||
Charles Schwab Corp. | 39 | 1,114 | ||||||
Chesapeake Energy Corp. | 54 | 396 | ||||||
Chevron Corp. | 202 | 15,934 | ||||||
Chipotle Mexican Grill, Inc. (a) | 13 | 9,363 | ||||||
Chubb Corp. | 190 | 23,303 | ||||||
Church & Dwight Co., Inc. | 197 | 16,528 | ||||||
Cigna Corp. | 17 | 2,295 | ||||||
Cimarex Energy Co. | 8 | 820 | ||||||
Cisco Systems, Inc. | 276 | 7,245 | ||||||
CIT Group, Inc. | 25 | 1,001 | ||||||
Citigroup, Inc. | 333 | 16,520 | ||||||
Citrix Systems, Inc. (a) | 37 | 2,563 | ||||||
Clorox Co. | 154 | 17,792 | ||||||
CME Group, Inc. | 24 | 2,226 | ||||||
Coach, Inc. | 96 | 2,777 | ||||||
Coca-Cola Co. | 508 | 20,381 | ||||||
Coca-Cola Enterprises, Inc. | 65 | 3,143 | ||||||
Cognizant Technology Solutions Corp. (Class A) (a) | 22 | 1,377 | ||||||
Colgate-Palmolive Co. | 279 | 17,705 | ||||||
Columbia Pipeline Group, Inc. | 28 | 512 | ||||||
Comcast Corp. (Class A) | 120 | 6,826 | ||||||
Comcast Corp. (Class A) Special | 31 | 1,774 | ||||||
Comerica, Inc. | 23 | 945 | ||||||
Computer Sciences Corp. | 17 | 1,043 | ||||||
ConAgra Foods, Inc. | 32 | 1,296 | ||||||
ConocoPhillips | 91 | 4,364 | ||||||
CONSOL Energy, Inc. | 23 | 225 | ||||||
Consolidated Edison, Inc. | 379 | 25,336 | ||||||
Corning, Inc. | 93 | 1,592 | ||||||
Costco Wholesale Corp. | 109 | 15,758 | ||||||
Crown Castle International Corp. | 120 | 9,464 | ||||||
CSX Corp. | 52 | 1,399 | ||||||
Cummins, Inc. | 43 | 4,669 | ||||||
CVS Health Corp. | 72 | 6,947 | ||||||
Danaher Corp. | 26 | 2,215 | ||||||
Darden Restaurants, Inc. | 22 | 1,508 | ||||||
DaVita HealthCare Partners, Inc. (a) | 90 | 6,510 | ||||||
Deere & Co. | 27 | 1,998 | ||||||
Delta Air Lines, Inc. | 27 | 1,211 | ||||||
Devon Energy Corp. | 25 | 927 | ||||||
Dick’s Sporting Goods, Inc. | 28 | 1,389 | ||||||
Discover Financial Services | 33 | 1,716 | ||||||
DISH Network Corp. (Class A) (a) | 18 | 1,050 | ||||||
Dollar General Corp. | 185 | 13,401 | ||||||
Dollar Tree, Inc. (a) | 154 | 10,266 | ||||||
Dominion Resources, Inc. | 249 | 17,525 | ||||||
Dover Corp. | 12 | 686 | ||||||
Dow Chemical Co. | 75 | 3,180 | ||||||
Dr. Pepper Snapple Group, Inc. | 49 | 3,873 | ||||||
DTE Energy Co. | 16 | 1,286 | ||||||
Duke Energy Corp. | 248 | 17,841 | ||||||
E. I. du Pont de Nemours & Co. | 241 | 11,616 | ||||||
Eastman Chemical Co. | 40 | 2,589 | ||||||
Eaton Vance Corp. | 32 | 1,069 | ||||||
eBay, Inc. (a) | 145 | 3,544 | ||||||
Ecolab, Inc. | 71 | 7,790 | ||||||
Edison International | 24 | 1,514 | ||||||
Edwards Lifesciences Corp. (a) | 27 | 3,839 | ||||||
Electronic Arts, Inc. (a) | 100 | 6,775 | ||||||
Eli Lilly & Co. | 469 | 39,251 | ||||||
EMC Corp. | 97 | 2,344 | ||||||
Emerson Electric Co. | 161 | 7,111 | ||||||
Entergy Corp. | 18 | 1,172 | ||||||
EOG Resources, Inc. | 21 | 1,529 | ||||||
EQT Corp. | 13 | 842 | ||||||
Equity Residential | 18 | 1,352 | ||||||
Estee Lauder Cos., Inc. (Class A) | 60 | 4,841 | ||||||
Everest Re Group, Ltd. | 100 | 17,334 | ||||||
Eversource Energy | 25 | 1,265 | ||||||
Exelon Corp. | 76 | 2,257 | ||||||
Expeditors International of Washington, Inc. | 48 | 2,258 | ||||||
Express Scripts Holding Co. (a) | 129 | 10,444 | ||||||
Exxon Mobil Corp. | 1,597 | 118,737 | ||||||
F5 Networks, Inc. (a) | 18 | 2,084 | ||||||
Facebook, Inc. (Class A) (a) | 128 | 11,507 | ||||||
Fastenal Co. | 74 | 2,709 | ||||||
Federal Realty Investment Trust | 81 | 11,052 | ||||||
FedEx Corp. | 17 | 2,448 | ||||||
Fidelity National Information Services, Inc. | 59 | 3,958 | ||||||
Fifth Third Bancorp | 86 | 1,626 |
See accompanying notes to financial statements.
368
SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
FirstEnergy Corp. | 45 | $ | 1,409 | |||||
Fiserv, Inc. (a) | 17 | 1,472 | ||||||
FleetCor Technologies, Inc. (a) | 15 | 2,064 | ||||||
Flowserve Corp. | 35 | 1,440 | ||||||
Fluor Corp. | 43 | 1,821 | ||||||
FMC Corp. | 33 | 1,119 | ||||||
FMC Technologies, Inc. (a) | 55 | 1,705 | ||||||
Foot Locker, Inc. | 36 | 2,591 | ||||||
Ford Motor Co. | 533 | 7,233 | ||||||
Franklin Resources, Inc. | 102 | 3,801 | ||||||
Freeport-McMoRan, Inc. | 81 | 785 | ||||||
Frontier Communications Corp. | 177 | 841 | ||||||
GameStop Corp. (Class A) | 36 | 1,484 | ||||||
Gap, Inc. | 79 | 2,251 | ||||||
Garmin, Ltd. | 29 | 1,041 | ||||||
Gartner, Inc. (a) | 100 | 8,393 | ||||||
General Dynamics Corp. | 71 | 9,794 | ||||||
General Electric Co. | 549 | 13,846 | ||||||
General Mills, Inc. | 659 | 36,990 | ||||||
General Motors Co. | 252 | 7,565 | ||||||
Genuine Parts Co. | 67 | 5,554 | ||||||
Gilead Sciences, Inc. | 345 | 33,876 | ||||||
Goldman Sachs Group, Inc. | 42 | 7,298 | ||||||
H&R Block, Inc. | 80 | 2,896 | ||||||
Halliburton Co. | 36 | 1,273 | ||||||
Harris Corp. | 27 | 1,975 | ||||||
Hartford Financial Services Group, Inc. | 40 | 1,831 | ||||||
HCA Holdings, Inc. (a) | 21 | 1,625 | ||||||
HCP, Inc. | 26 | 969 | ||||||
Helmerich & Payne, Inc. | 26 | 1,229 | ||||||
Henry Schein, Inc. (a) | 125 | 16,590 | ||||||
Hershey Co. | 128 | 11,761 | ||||||
Hertz Global Holdings, Inc. (a) | 37 | 619 | ||||||
Hess Corp. | 30 | 1,502 | ||||||
Hewlett-Packard Co. | 567 | 14,521 | ||||||
HollyFrontier Corp. | 22 | 1,074 | ||||||
Home Depot, Inc. | 392 | 45,272 | ||||||
Honeywell International, Inc. | 179 | 16,950 | ||||||
Hormel Foods Corp. | 11 | 696 | ||||||
Host Hotels & Resorts, Inc. | 49 | 775 | ||||||
Hudson City Bancorp, Inc. | 112 | 1,139 | ||||||
Humana, Inc. | 13 | 2,327 | ||||||
Illinois Tool Works, Inc. | 18 | 1,482 | ||||||
Ingersoll-Rand PLC | 18 | 914 | ||||||
Intel Corp. | 1,467 | 44,215 | ||||||
Intercontinental Exchange, Inc. | 6 | 1,410 | ||||||
International Business Machines Corp. | 144 | 20,876 | ||||||
International Flavors & Fragrances, Inc. | 19 | 1,962 | ||||||
International Paper Co. | 32 | 1,209 | ||||||
Intuit, Inc. | 123 | 10,916 | ||||||
Intuitive Surgical, Inc. (a) | 9 | 4,136 | ||||||
Invesco, Ltd. | 29 | 906 | ||||||
J.B. Hunt Transport Services, Inc. | 68 | 4,855 | ||||||
J.M. Smucker Co. | 49 | 5,590 | ||||||
Jacobs Engineering Group, Inc. (a) | 19 | 711 | ||||||
Johnson & Johnson | 1,046 | 97,644 | ||||||
Johnson Controls, Inc. | 42 | 1,737 | ||||||
JPMorgan Chase & Co. | 384 | 23,412 | ||||||
Juniper Networks, Inc. | 41 | 1,054 | ||||||
Kellogg Co. | 238 | 15,839 | ||||||
Keurig Green Mountain, Inc. | 26 | 1,356 | ||||||
KeyCorp | 83 | 1,080 | ||||||
Kimberly-Clark Corp. | 184 | 20,063 | ||||||
Kinder Morgan, Inc. | 43 | 1,190 | ||||||
KLA-Tencor Corp. | 17 | 850 | ||||||
Kohl’s Corp. | 22 | 1,019 | ||||||
Kraft Heinz Co. | 24 | 1,694 | ||||||
Kroger Co. | 112 | 4,040 | ||||||
L Brands, Inc. | 18 | 1,622 | ||||||
L-3 Communications Holdings, Inc. | 9 | 941 | ||||||
Laboratory Corp. of America Holdings (a) | 107 | 11,606 | ||||||
Las Vegas Sands Corp. | 97 | 3,683 | ||||||
Leucadia National Corp. | 40 | 810 | ||||||
Liberty Interactive Corp. QVC Group (Class A) (a) | 40 | 1,049 | ||||||
Liberty Media Corp. (Class A) (a) | 33 | 1,179 | ||||||
Liberty Media Corp. (Class C) (a) | 66 | 2,274 | ||||||
Lincoln National Corp. | 22 | 1,044 | ||||||
Linear Technology Corp. | 66 | 2,663 | ||||||
Lockheed Martin Corp. | 78 | 16,170 | ||||||
Loews Corp. | 27 | 976 | ||||||
Lowe’s Cos., Inc. | 254 | 17,506 | ||||||
Lululemon Athletica, Inc. (a) | 29 | 1,469 | ||||||
M&T Bank Corp. | 9 | 1,098 | ||||||
Macy’s, Inc. | 126 | 6,466 | ||||||
ManpowerGroup, Inc. | 13 | 1,065 | ||||||
Marathon Oil Corp. | 61 | 939 | ||||||
Marathon Petroleum Corp. | 188 | 8,710 | ||||||
Marsh & McLennan Cos., Inc. | 256 | 13,368 | ||||||
Mastercard, Inc. (Class A) | 321 | 28,929 | ||||||
Mattel, Inc. | 94 | 1,980 | ||||||
McCormick & Co., Inc. | 171 | 14,053 | ||||||
McDonald’s Corp. | 590 | 58,133 | ||||||
McKesson Corp. | 54 | 9,992 | ||||||
Mead Johnson Nutrition Co. | 100 | 7,040 | ||||||
Merck & Co., Inc. | 445 | 21,979 | ||||||
MetLife, Inc. | 90 | 4,243 | ||||||
Mettler-Toledo International, Inc. (a) | 9 | 2,563 | ||||||
MGM Resorts International (a) | 41 | 756 | ||||||
Micron Technology, Inc. (a) | 40 | 599 | ||||||
Microsoft Corp. | 2,242 | 99,231 | ||||||
Molson Coors Brewing Co. (Class B) | 16 | 1,328 | ||||||
Mondelez International, Inc. (Class A) | 109 | 4,564 | ||||||
Monsanto Co. | 115 | 9,814 | ||||||
Monster Beverage Corp. (a) | 42 | 5,676 | ||||||
Morgan Stanley | 106 | 3,339 | ||||||
Mosaic Co. | 24 | 747 | ||||||
Motorola Solutions, Inc. | 155 | 10,599 | ||||||
Murphy Oil Corp. | 17 | 411 | ||||||
Nabors Industries, Ltd. | 42 | 397 | ||||||
National Oilwell Varco, Inc. | 26 | 979 | ||||||
Navient Corp. | 70 | 787 | ||||||
NetApp, Inc. | 29 | 858 | ||||||
New York Community Bancorp, Inc. | 73 | 1,318 | ||||||
Newell Rubbermaid, Inc. | 67 | 2,661 | ||||||
Newmont Mining Corp. | 684 | 10,992 | ||||||
News Corp. (Class A) | 63 | 795 | ||||||
NextEra Energy, Inc. | 85 | 8,292 |
See accompanying notes to financial statements.
369
SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
NIKE, Inc. (Class B) | 185 | $ | 22,749 | |||||
Noble Energy, Inc. | 15 | 453 | ||||||
Nordstrom, Inc. | 39 | 2,797 | ||||||
Norfolk Southern Corp. | 15 | 1,146 | ||||||
Northern Trust Corp. | 18 | 1,227 | ||||||
Northrop Grumman Corp. | 52 | 8,629 | ||||||
NRG Energy, Inc. | 30 | 446 | ||||||
Nucor Corp. | 21 | 789 | ||||||
NVIDIA Corp. | 59 | 1,454 | ||||||
O’Reilly Automotive, Inc. (a) | 63 | 15,750 | ||||||
Occidental Petroleum Corp. | 52 | 3,440 | ||||||
Oceaneering International, Inc. | 27 | 1,061 | ||||||
Omnicom Group, Inc. | 65 | 4,283 | ||||||
ONEOK, Inc. | 16 | 515 | ||||||
Oracle Corp. | 933 | 33,700 | ||||||
PACCAR, Inc. | 18 | 939 | ||||||
Parker-Hannifin Corp. | 9 | 876 | ||||||
Patterson Cos., Inc. | 106 | 4,584 | ||||||
Paychex, Inc. | 498 | 23,720 | ||||||
PayPal Holdings, Inc. (a) | 145 | 4,501 | ||||||
People’s United Financial, Inc. | 407 | 6,402 | ||||||
Pepco Holdings, Inc. | 300 | 7,266 | ||||||
PepsiCo, Inc. | 605 | 57,051 | ||||||
Pfizer, Inc. | 624 | 19,600 | ||||||
PG&E Corp. | 285 | 15,048 | ||||||
Philip Morris International, Inc. | 63 | 4,998 | ||||||
Phillips 66 | 182 | 13,985 | ||||||
Pioneer Natural Resources Co. | 5 | 608 | ||||||
PNC Financial Services Group, Inc. | 54 | 4,817 | ||||||
Polaris Industries, Inc. | 19 | 2,278 | ||||||
PPG Industries, Inc. | 12 | 1,052 | ||||||
PPL Corp. | 44 | 1,447 | ||||||
Praxair, Inc. | 66 | 6,723 | ||||||
Precision Castparts Corp. | 31 | 7,121 | ||||||
Priceline Group, Inc. (a) | 13 | 16,079 | ||||||
Principal Financial Group, Inc. | 22 | 1,041 | ||||||
Procter & Gamble Co. | 1,010 | 72,659 | ||||||
Progressive Corp. | 151 | 4,627 | ||||||
ProLogis, Inc. | 27 | 1,050 | ||||||
Prudential Financial, Inc. | 35 | 2,667 | ||||||
Public Service Enterprise Group, Inc. | 36 | 1,518 | ||||||
Public Storage | 78 | 16,507 | ||||||
Pulte Group, Inc. | 54 | 1,019 | ||||||
QUALCOMM, Inc. | 461 | 24,770 | ||||||
Quest Diagnostics, Inc. | 18 | 1,106 | ||||||
Ralph Lauren Corp. | 15 | 1,772 | ||||||
Range Resources Corp. | 38 | 1,221 | ||||||
Raytheon Co. | 77 | 8,413 | ||||||
Regions Financial Corp. | 136 | 1,225 | ||||||
RenaissanceRe Holdings, Ltd. | 100 | 10,632 | ||||||
Republic Services, Inc. | 137 | 5,644 | ||||||
ResMed, Inc. | 34 | 1,733 | ||||||
Reynolds American, Inc. | 232 | 10,271 | ||||||
Robert Half International, Inc. | 38 | 1,944 | ||||||
Rockwell Automation, Inc. | 37 | 3,754 | ||||||
Rockwell Collins, Inc. | 38 | 3,110 | ||||||
Ross Stores, Inc. | 196 | 9,500 | ||||||
Royal Caribbean Cruises, Ltd. | 19 | 1,693 | ||||||
SanDisk Corp. | 12 | 652 | ||||||
SBA Communications Corp. (Class A) (a) | 116 | 12,150 | ||||||
SCANA Corp. | 30 | 1,688 | ||||||
Schlumberger, Ltd. | 100 | 6,897 | ||||||
Scripps Networks Interactive, Inc. (Class A) | 21 | 1,033 | ||||||
SEI Investments Co. | 39 | 1,881 | ||||||
Sempra Energy | 22 | 2,128 | ||||||
Sherwin-Williams Co. | 50 | 11,139 | ||||||
Sigma-Aldrich Corp. | 128 | 17,782 | ||||||
Simon Property Group, Inc. | 7 | 1,286 | ||||||
Skyworks Solutions, Inc. | 41 | 3,453 | ||||||
Southern Co. | 652 | 29,144 | ||||||
Southwest Airlines Co. | 6 | 228 | ||||||
Southwestern Energy Co. (a) | 78 | 990 | ||||||
Spectra Energy Corp. | 52 | 1,366 | ||||||
St. Jude Medical, Inc. | 66 | 4,164 | ||||||
Stanley Black & Decker, Inc. | 12 | 1,164 | ||||||
Staples, Inc. | 93 | 1,091 | ||||||
Starbucks Corp. | 648 | 36,832 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 13 | 864 | ||||||
State Street Corp. (f) | 36 | 2,420 | ||||||
Stericycle, Inc. (a) | 105 | 14,628 | ||||||
Stryker Corp. | 13 | 1,223 | ||||||
SunTrust Banks, Inc. | 53 | 2,027 | ||||||
Symantec Corp. | 46 | 896 | ||||||
Synopsys, Inc. (a) | 194 | 8,959 | ||||||
Sysco Corp. | 213 | 8,301 | ||||||
T. Rowe Price Group, Inc. | 67 | 4,656 | ||||||
Target Corp. | 266 | 20,924 | ||||||
TD Ameritrade Holding Corp. | 61 | 1,942 | ||||||
Teradata Corp. (a) | 41 | 1,187 | ||||||
Tesoro Corp. | 21 | 2,042 | ||||||
Texas Instruments, Inc. | 238 | 11,786 | ||||||
Textron, Inc. | 28 | 1,054 | ||||||
Thermo Fisher Scientific, Inc. | 13 | 1,590 | ||||||
Tiffany & Co. | 29 | 2,239 | ||||||
Time Warner Cable, Inc. | 14 | 2,511 | ||||||
Time Warner, Inc. | 61 | 4,194 | ||||||
TJX Cos., Inc. | 348 | 24,854 | ||||||
Tractor Supply Co. | 39 | 3,288 | ||||||
Travelers Cos., Inc. | 125 | 12,441 | ||||||
TripAdvisor, Inc. (a) | 28 | 1,765 | ||||||
Twenty-First Century Fox, Inc. (Class A) | 370 | 9,983 | ||||||
Twenty-First Century Fox, Inc. (Class B) | 130 | 3,519 | ||||||
Tyson Foods, Inc. (Class A) | 28 | 1,207 | ||||||
U.S. Bancorp | 189 | 7,751 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. (a) | 15 | 2,450 | ||||||
Under Armour, Inc. (Class A) (a) | 34 | 3,291 | ||||||
Union Pacific Corp. | 229 | 20,246 | ||||||
United Parcel Service, Inc. (Class B) | 137 | 13,521 | ||||||
United Technologies Corp. | 39 | 3,471 | ||||||
UnitedHealth Group, Inc. | 159 | 18,446 | ||||||
Universal Health Services, Inc. (Class B) | 12 | 1,498 | ||||||
Unum Group | 30 | 962 | ||||||
Urban Outfitters, Inc. (a) | 33 | 970 | ||||||
V.F. Corp. | 200 | 13,642 | ||||||
Valero Energy Corp. | 81 | 4,868 | ||||||
Varian Medical Systems, Inc. (a) | 200 | 14,756 | ||||||
Ventas, Inc. | 61 | 3,420 | ||||||
Verizon Communications, Inc. | 770 | 33,503 |
See accompanying notes to financial statements.
370
SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Visa, Inc. (Class A) | 640 | $ | 44,582 | |||||
Voya Financial, Inc. | 28 | 1,086 | ||||||
W.R. Berkley Corp. | 139 | 7,557 | ||||||
W.W. Grainger, Inc. | 16 | 3,440 | ||||||
Wabtec Corp. | 22 | 1,937 | ||||||
Wal-Mart Stores, Inc. | 705 | 45,712 | ||||||
Walgreens Boots Alliance, Inc. | 44 | 3,656 | ||||||
Walt Disney Co. | 358 | 36,588 | ||||||
Waste Management, Inc. | 329 | 16,387 | ||||||
Waters Corp. (a) | 21 | 2,482 | ||||||
WEC Energy Group, Inc. | 194 | 10,131 | ||||||
Wells Fargo & Co. | 582 | 29,886 | ||||||
Welltower, Inc. | 181 | 12,257 | ||||||
Western Digital Corp. | 13 | 1,033 | ||||||
Western Union Co. | 68 | 1,248 | ||||||
Westlake Chemical Corp. | 13 | 675 | ||||||
WestRock Co. | 22 | 1,132 | ||||||
Weyerhaeuser Co. | 34 | 930 | ||||||
Whirlpool Corp. | 7 | 1,031 | ||||||
Whiting Petroleum Corp. (a) | 14 | 214 | ||||||
Whole Foods Market, Inc. | 100 | 3,165 | ||||||
Williams Cos., Inc. | 22 | 811 | ||||||
Xcel Energy, Inc. | 338 | 11,969 | ||||||
Xerox Corp. | 123 | 1,197 | ||||||
Xilinx, Inc. | 57 | 2,417 | ||||||
XL Group PLC | 32 | 1,162 | ||||||
Yahoo!, Inc. (a) | 143 | 4,134 | ||||||
Yum! Brands, Inc. | 128 | 10,234 | ||||||
Zimmer Biomet Holdings, Inc. | 10 | 939 | ||||||
3,510,537 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $6,066,094) | 5,757,023 | |||||||
RIGHTS — 0.0% (d) | ||||||||
SPAIN — 0.0% (d) | ||||||||
Banco Popular Espanol SA (expired 9/25/15) (a) (Cost $4) | 154 | 3 | ||||||
SHORT TERM INVESTMENT — 0.3% | ||||||||
UNITED STATES — 0.3% | ||||||||
MONEY MARKET FUND — 0.3% | ||||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (g)(h) (Cost $16,482) | 16,482 | 16,482 | ||||||
TOTAL INVESTMENTS — 99.6% | ||||||||
(Cost $6,082,580) | 5,773,508 | |||||||
OTHER ASSETS & LIABILITIES — 0.4% | 22,164 | |||||||
NET ASSETS — 100.0% | $ | 5,795,672 | ||||||
(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) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(d) | Amount shown represents less than 0.05% of net assets. | |||||
(e) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.0% of net assets as of September 30, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(f) | Affiliated issuer (Note 3). | |||||
(g) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). | |||||
(h) | The rate shown is the annualized seven-day yield at period end. |
PLC = Public Limited Company
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
371
SPDR MSCI Australia Quality Mix ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.0% | ||||||||
AIRLINES — 0.4% | ||||||||
Qantas Airways, Ltd. (a) | 9,779 | $ | 25,546 | |||||
BANKS — 19.2% | ||||||||
Australia & New Zealand Banking Group, Ltd. | 14,016 | 266,541 | ||||||
Bank of Queensland, Ltd. | 444 | 3,620 | ||||||
Bendigo & Adelaide Bank, Ltd. | 5,084 | 35,381 | ||||||
Commonwealth Bank of Australia | 6,445 | 329,131 | ||||||
National Australia Bank, Ltd. | 13,745 | 289,380 | ||||||
Westpac Banking Corp. | 14,387 | 300,067 | ||||||
1,224,120 | ||||||||
BEVERAGES — 0.6% | ||||||||
Coca-Cola Amatil, Ltd. | 4,840 | 30,624 | ||||||
Treasury Wine Estates, Ltd. | 1,344 | 6,192 | ||||||
36,816 | ||||||||
BIOTECHNOLOGY — 5.9% | ||||||||
CSL, Ltd. | 6,025 | 377,410 | ||||||
CAPITAL MARKETS — 0.9% | ||||||||
Macquarie Group, Ltd. | 1,016 | 54,696 | ||||||
Platinum Asset Management, Ltd. | 651 | 3,095 | ||||||
57,791 | ||||||||
CHEMICALS — 1.7% | ||||||||
Incitec Pivot, Ltd. | 16,682 | 45,688 | ||||||
Orica, Ltd. | 5,717 | 60,382 | ||||||
106,070 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 2.9% | ||||||||
Brambles, Ltd. | 27,425 | 187,585 | ||||||
CONSTRUCTION & ENGINEERING — 0.3% | ||||||||
CIMIC Group, Ltd. | 1,324 | 21,850 | ||||||
CONSTRUCTION MATERIALS — 0.7% | ||||||||
Boral, Ltd. | 4,540 | 16,802 | ||||||
James Hardie Industries PLC | 2,403 | 28,755 | ||||||
45,557 | ||||||||
CONTAINERS & PACKAGING — 3.8% | ||||||||
Amcor, Ltd. | 26,486 | 244,959 | ||||||
DIVERSIFIED FINANCIAL SERVICES — 1.6% | ||||||||
ASX, Ltd. | 3,928 | 104,490 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.2% | ||||||||
Telstra Corp., Ltd. | 81,137 | 319,649 | ||||||
TPG Telecom, Ltd. | 1,466 | 11,181 | ||||||
330,830 | ||||||||
ELECTRIC UTILITIES — 0.3% | ||||||||
AusNet Services | 18,749 | 17,972 | ||||||
ENERGY EQUIPMENT & SERVICES — 0.2% | ||||||||
WorleyParsons, Ltd. | 2,343 | 9,724 | ||||||
FOOD & STAPLES RETAILING — 11.9% | ||||||||
Wesfarmers, Ltd. | 14,575 | 401,428 | ||||||
Woolworths, Ltd. | 20,538 | 358,263 | ||||||
759,691 | ||||||||
GAS UTILITIES — 1.0% | ||||||||
APA Group | 10,901 | 65,452 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 0.7% | ||||||||
Cochlear, Ltd. | 711 | 41,677 | ||||||
HEALTH CARE PROVIDERS & SERVICES — 3.7% | ||||||||
Healthscope, Ltd. | 24,016 | 43,007 | ||||||
Ramsay Health Care, Ltd. | 2,647 | 108,687 | ||||||
Sonic Healthcare, Ltd. | 6,670 | 85,483 | ||||||
237,177 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 1.6% | ||||||||
Aristocrat Leisure, Ltd. | 1,378 | 8,332 | ||||||
Crown Resorts, Ltd. | 4,057 | 28,205 | ||||||
Flight Centre Travel Group, Ltd. | 673 | 17,061 | ||||||
Tabcorp Holdings, Ltd. | 3,745 | 12,282 | ||||||
Tatts Group, Ltd. | 14,155 | 37,376 | ||||||
103,256 | ||||||||
INSURANCE — 5.1% | ||||||||
AMP, Ltd. | 11,415 | 44,570 | ||||||
Insurance Australia Group, Ltd. | 23,387 | 79,490 | ||||||
Medibank Pvt, Ltd. | 33,547 | 57,011 | ||||||
QBE Insurance Group, Ltd. | 4,631 | 41,920 | ||||||
Suncorp Group, Ltd. | 11,731 | 100,422 | ||||||
323,413 | ||||||||
IT SERVICES — 0.1% | ||||||||
Computershare, Ltd. | 729 | 5,421 | ||||||
MEDIA — 0.2% | ||||||||
REA Group, Ltd. | 490 | 15,251 | ||||||
METALS & MINING — 11.8% | ||||||||
Alumina, Ltd. | 8,525 | 6,735 | ||||||
BHP Billiton, Ltd. | 26,473 | 413,085 | ||||||
Fortescue Metals Group, Ltd. | 24,411 | 31,200 | ||||||
Iluka Resources, Ltd. | 4,088 | 17,828 | ||||||
Newcrest Mining, Ltd. (a) | 5,050 | 45,039 | ||||||
Rio Tinto, Ltd. | 6,096 | 208,052 | ||||||
South32, Ltd. (a) | 29,483 | 28,261 | ||||||
750,200 | ||||||||
MULTI-UTILITIES — 1.7% | ||||||||
AGL Energy, Ltd. | 9,788 | 109,772 | ||||||
MULTILINE RETAIL — 0.3% | ||||||||
Harvey Norman Holdings, Ltd. | 5,759 | 15,692 | ||||||
OIL, GAS & CONSUMABLE FUELS — 3.9% | ||||||||
Caltex Australia, Ltd. | 1,213 | 26,645 | ||||||
Origin Energy, Ltd. (b) | 3,468 | 13,492 | ||||||
Santos, Ltd. | 2,318 | 6,479 | ||||||
Woodside Petroleum, Ltd. | 9,947 | 202,084 | ||||||
248,700 | ||||||||
PROFESSIONAL SERVICES — 0.4% | ||||||||
Seek, Ltd. | 3,240 | 27,304 | ||||||
REAL ESTATE INVESTMENT TRUSTS — 8.2% | ||||||||
Dexus Property Group | 4,928 | 24,744 | ||||||
Federation Centres | 14,055 | 27,044 | ||||||
Goodman Group | 11,642 | 47,827 | ||||||
GPT Group | 25,123 | 79,568 | ||||||
Mirvac Group | 12,676 | 15,311 | ||||||
Scentre Group | 46,863 | 128,347 | ||||||
Stockland | 18,987 | 51,335 |
See accompanying notes to financial statements.
372
SPDR MSCI Australia Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Westfield Corp. | 20,866 | $ | 146,092 | |||||
520,268 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.9% | ||||||||
Lend Lease Group | 6,184 | 54,501 | ||||||
ROAD & RAIL — 0.8% | ||||||||
Asciano, Ltd. | 1,979 | 11,674 | ||||||
Aurizon Holdings, Ltd. | 10,474 | 36,850 | ||||||
48,524 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 3.0% | ||||||||
Sydney Airport | 13,612 | 56,972 | ||||||
Transurban Group | 19,314 | 134,819 | ||||||
191,791 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $7,681,700) | 6,308,810 | |||||||
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 0.13% (d)(e) (Cost $1,749) | 1,749 | 1,749 | ||||||
TOTAL INVESTMENTS — 99.0% | ||||||||
(Cost $7,683,449) | 6,310,559 | |||||||
OTHER ASSETS & LIABILITIES — 1.0% | 64,125 | |||||||
NET ASSETS — 100.0% | $ | 6,374,684 | ||||||
(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) | Amount shown represents less than 0.05% of net assets. | |||||
(d) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). | |||||
(e) | The rate shown is the annualized seven-day yield at period end. |
PLC = Public Limited Company
See accompanying notes to financial statements.
373
SPDR MSCI Canada Quality Mix ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.5% | ||||||||
AEROSPACE & DEFENSE — 0.2% | ||||||||
Bombardier, Inc. (Class B) | 9,323 | $ | 11,613 | |||||
CAE, Inc. | 792 | 8,353 | ||||||
19,966 | ||||||||
AUTO COMPONENTS — 2.6% | ||||||||
Magna International, Inc. | 5,039 | 240,581 | ||||||
BANKS — 18.6% | ||||||||
Bank of Montreal | 4,603 | 249,874 | ||||||
Bank of Nova Scotia | 7,059 | 309,749 | ||||||
Canadian Imperial Bank of Commerce | 5,295 | 378,671 | ||||||
National Bank of Canada | 2,624 | 83,376 | ||||||
Royal Bank of Canada | 6,469 | 356,044 | ||||||
Toronto-Dominion Bank | 9,063 | 355,571 | ||||||
1,733,285 | ||||||||
CAPITAL MARKETS — 2.2% | ||||||||
CI Financial Corp. | 8,792 | 198,701 | ||||||
IGM Financial, Inc. | 255 | 6,440 | ||||||
205,141 | ||||||||
CHEMICALS — 3.4% | ||||||||
Agrium, Inc. | 645 | 57,539 | ||||||
Methanex Corp. | 2,262 | 74,607 | ||||||
Potash Corp. of Saskatchewan, Inc. | 8,950 | 183,112 | ||||||
315,258 | ||||||||
CONSTRUCTION & ENGINEERING — 0.1% | ||||||||
SNC-Lavalin Group, Inc. | 459 | 13,003 | ||||||
DIVERSIFIED FINANCIAL SERVICES — 0.7% | ||||||||
Onex Corp. | 1,174 | 67,452 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.5% | ||||||||
BCE, Inc. | 2,954 | 120,346 | ||||||
TELUS Corp. | 6,470 | 202,926 | ||||||
323,272 | ||||||||
ELECTRIC UTILITIES — 1.3% | ||||||||
Fortis, Inc. | 4,275 | 121,710 | ||||||
FOOD & STAPLES RETAILING — 8.5% | ||||||||
Alimentation Couche-Tard, Inc. (Class B) | 6,675 | 305,546 | ||||||
Empire Co., Ltd. (Class A) | 3,244 | 66,419 | ||||||
George Weston, Ltd. | 874 | 70,379 | ||||||
Jean Coutu Group PJC, Inc. (Class A) | 2,995 | 44,924 | ||||||
Loblaw Cos., Ltd. | 1,662 | 85,176 | ||||||
Metro, Inc., (Class A) | 7,976 | 216,310 | ||||||
788,754 | ||||||||
FOOD PRODUCTS — 1.9% | ||||||||
Saputo, Inc. | 8,083 | 176,648 | ||||||
HOTELS, RESTAURANTS & LEISURE — 0.1% | ||||||||
Restaurant Brands International, Inc. | 244 | 8,743 | ||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1% | ||||||||
TransAlta Corp. | 1,616 | 7,473 | ||||||
INSURANCE — 10.8% | ||||||||
Fairfax Financial Holdings, Ltd. | 236 | 106,979 | ||||||
Great-West Lifeco, Inc. | 10,778 | 257,010 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 482 | 14,316 | ||||||
Intact Financial Corp. | 4,391 | 306,947 | ||||||
Manulife Financial Corp. | 6,780 | 104,378 | ||||||
Power Corp. of Canada | 2,669 | 55,084 | ||||||
Power Financial Corp. | 3,435 | 78,400 | ||||||
Sun Life Financial, Inc. | 2,633 | 84,526 | ||||||
1,007,640 | ||||||||
IT SERVICES — 1.9% | ||||||||
CGI Group, Inc. (Class A) (a) | 4,875 | 175,808 | ||||||
MEDIA — 2.6% | ||||||||
Shaw Communications, Inc. (Class B) | 5,484 | 105,696 | ||||||
Thomson Reuters Corp. | 3,484 | 139,391 | ||||||
245,087 | ||||||||
METALS & MINING — 2.6% | ||||||||
Agnico-Eagle Mines, Ltd. | 971 | 24,501 | ||||||
Barrick Gold Corp. | 6,206 | 39,300 | ||||||
Eldorado Gold Corp. | 2,648 | 8,453 | ||||||
First Quantum Minerals, Ltd. | 2,929 | 10,683 | ||||||
Franco-Nevada Corp. | 977 | 42,856 | ||||||
Goldcorp, Inc. | 4,043 | 50,451 | ||||||
Kinross Gold Corp. (a) | 5,516 | 9,545 | ||||||
Silver Wheaton Corp. | 2,194 | 26,249 | ||||||
Teck Resources, Ltd. (Class B) | 4,241 | 20,150 | ||||||
Turquoise Hill Resources, Ltd. (a) | 1,617 | 4,113 | ||||||
Yamana Gold, Inc. | 4,313 | 7,238 | ||||||
243,539 | ||||||||
MULTI-UTILITIES — 1.3% | ||||||||
Atco, Ltd. (Class I) | 827 | 24,180 | ||||||
Canadian Utilities, Ltd. (Class A) | 3,749 | 100,975 | ||||||
125,155 | ||||||||
MULTILINE RETAIL — 4.0% | ||||||||
Canadian Tire Corp., Ltd. (Class A) | 564 | 50,502 | ||||||
Dollarama, Inc. | 4,787 | 321,811 | ||||||
372,313 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 17.6% | ||||||||
AltaGas, Ltd. | 959 | 23,519 | ||||||
ARC Resources, Ltd. | 766 | 10,079 | ||||||
Baytex Energy Corp. | 705 | 2,245 | ||||||
Cameco Corp. | 1,070 | 12,985 | ||||||
Canadian Natural Resources, Ltd. | 10,172 | 197,188 | ||||||
Canadian Oil Sands, Ltd. | 2,783 | 13,098 | ||||||
Cenovus Energy, Inc. | 4,518 | 68,206 | ||||||
Crescent Point Energy Corp. | 1,658 | 18,884 | ||||||
Enbridge, Inc. | 3,183 | 117,638 | ||||||
Encana Corp. | 3,406 | 21,823 | ||||||
Enerplus Corp. | 1,106 | 5,362 | ||||||
Husky Energy, Inc. | 4,356 | 67,613 | ||||||
Imperial Oil, Ltd. | 8,568 | 270,198 | ||||||
Inter Pipeline, Ltd. | 1,802 | 33,091 | ||||||
Keyera Corp. | 4,343 | 119,046 | ||||||
MEG Energy Corp. (a) | 419 | 2,575 | ||||||
Paramount Resources, Ltd. (Class A) (a) | 64 | 470 | ||||||
Pembina Pipeline Corp. | 2,163 | 51,804 | ||||||
Peyto Exploration & Development Corp. | 3,258 | 67,435 | ||||||
PrairieSky Royalty, Ltd. | 4,670 | 88,335 | ||||||
Suncor Energy, Inc. | 8,609 | 229,175 | ||||||
Tourmaline Oil Corp. (a) | 341 | 7,903 |
See accompanying notes to financial statements.
374
SPDR MSCI Canada Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
TransCanada Corp. | 4,031 | $ | 126,880 | |||||
Veresen, Inc. | 2,246 | 17,088 | ||||||
Vermilion Energy, Inc. | 2,242 | 71,857 | ||||||
1,644,497 | ||||||||
PAPER & FOREST PRODUCTS — 0.1% | ||||||||
West Fraser Timber Co., Ltd. | 168 | 5,313 | ||||||
PHARMACEUTICALS — 0.7% | ||||||||
Valeant Pharmaceuticals International, Inc. (a) | 366 | 65,027 | ||||||
REAL ESTATE INVESTMENT TRUSTS — 1.4% | ||||||||
H&R Real Estate Investment Trust | 3,892 | 59,714 | ||||||
RioCan REIT | 3,712 | 70,519 | ||||||
130,233 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.3% | ||||||||
Brookfield Asset Management, Inc. (Class A) | 3,953 | 123,806 | ||||||
First Capital Realty, Inc. | 6,722 | 93,758 | ||||||
217,564 | ||||||||
ROAD & RAIL — 5.5% | ||||||||
Canadian National Railway Co. | 5,744 | 324,667 | ||||||
Canadian Pacific Railway, Ltd. | 1,303 | 186,154 | ||||||
510,821 | ||||||||
SOFTWARE — 1.5% | ||||||||
Constellation Software, Inc. | 29 | 12,099 | ||||||
Open Text Corp. | 2,928 | 130,512 | ||||||
142,611 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1% | ||||||||
BlackBerry, Ltd. (a) | 1,199 | 7,324 | ||||||
TEXTILES, APPAREL & LUXURY GOODS — 2.1% | ||||||||
Gildan Activewear, Inc. | 6,544 | 196,608 | ||||||
TRADING COMPANIES & DISTRIBUTORS — 0.6% | ||||||||
Finning International, Inc. | 4,030 | 58,855 | ||||||
WIRELESS TELECOMMUNICATION SERVICES — 1.2% | ||||||||
Rogers Communications, Inc. (Class B) | 3,168 | 108,648 | ||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $10,318,036) | 9,278,329 | |||||||
SHORT TERM INVESTMENT — 0.1% | ||||||||
UNITED STATES — 0.1% | ||||||||
MONEY MARKET FUND — 0.1% | ||||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (b)(c) (Cost $6,707) | 6,707 | 6,707 | ||||||
TOTAL INVESTMENTS — 99.6% | ||||||||
(Cost $10,324,743) | 9,285,036 | |||||||
OTHER ASSETS & LIABILITIES — 0.4% | 34,063 | |||||||
NET ASSETS — 100.0% | $ | 9,319,099 | ||||||
(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.
375
SPDR MSCI Germany Quality Mix ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.7% | ||||||||
AIR FREIGHT & LOGISTICS — 4.5% | ||||||||
Deutsche Post AG | 15,939 | $ | 440,794 | |||||
AIRLINES — 0.5% | ||||||||
Deutsche Lufthansa AG (a) | 3,402 | 47,184 | ||||||
AUTO COMPONENTS — 2.9% | ||||||||
Continental AG | 1,330 | 282,225 | ||||||
AUTOMOBILES — 7.6% | ||||||||
Bayerische Motoren Werke AG | 1,180 | 104,347 | ||||||
Bayerische Motoren Werke AG Preference Shares | 1,664 | 113,917 | ||||||
Daimler AG | 3,921 | 283,837 | ||||||
Porsche Automobil Holding SE Preference Shares | 1,716 | 72,970 | ||||||
Volkswagen AG | 195 | 22,844 | ||||||
Volkswagen AG Preference Shares | 1,280 | 139,665 | ||||||
737,580 | ||||||||
BANKS — 0.7% | ||||||||
Commerzbank AG (a) | 6,718 | 70,655 | ||||||
BIOTECHNOLOGY — 1.0% | ||||||||
QIAGEN NV (a) | 3,598 | 92,515 | ||||||
CAPITAL MARKETS — 2.5% | ||||||||
Deutsche Bank AG | 8,940 | 240,201 | ||||||
CHEMICALS — 11.2% | ||||||||
BASF SE | 7,592 | 578,982 | ||||||
Evonik Industries AG | 1,423 | 47,518 | ||||||
Fuchs Petrolub SE Preference Shares | 1,063 | 46,882 | ||||||
K+S AG | 2,076 | 69,346 | ||||||
Lanxess AG | 331 | 15,450 | ||||||
Linde AG | 1,228 | 198,691 | ||||||
Symrise AG | 2,166 | 130,053 | ||||||
1,086,922 | ||||||||
CONSTRUCTION MATERIALS — 0.3% | ||||||||
HeidelbergCement AG | 448 | 30,635 | ||||||
DIVERSIFIED FINANCIAL SERVICES — 3.0% | ||||||||
Deutsche Boerse AG | 3,370 | 289,768 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.6% | ||||||||
Deutsche Telekom AG | 15,707 | 278,511 | ||||||
Telefonica Deutschland Holding AG | 11,949 | 72,839 | ||||||
351,350 | ||||||||
ELECTRICAL EQUIPMENT — 0.1% | ||||||||
OSRAM Licht AG | 202 | 10,421 | ||||||
FOOD & STAPLES RETAILING — 0.4% | ||||||||
Metro AG | 1,240 | 34,175 | ||||||
HEALTH CARE PROVIDERS & SERVICES — 5.8% | ||||||||
Fresenius Medical Care AG & Co. KGaA | 4,102 | 319,696 | ||||||
Fresenius SE & Co. KGaA | 3,671 | 245,865 | ||||||
565,561 | ||||||||
HOUSEHOLD PRODUCTS — 4.9% | ||||||||
Henkel AG & Co. KGaA | 1,185 | 104,418 | ||||||
Henkel AG & Co. KGaA Preference Shares | 3,599 | 369,479 | ||||||
473,897 | ||||||||
INDUSTRIAL CONGLOMERATES — 6.4% | ||||||||
Siemens AG | 6,993 | 624,006 | ||||||
INSURANCE — 10.7% | ||||||||
Allianz SE | 3,049 | 477,333 | ||||||
Hannover Rueck SE | 1,905 | 194,656 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 1,941 | 361,287 | ||||||
1,033,276 | ||||||||
INTERNET SOFTWARE & SERVICES — 0.9% | ||||||||
United Internet AG | 1,651 | 83,420 | ||||||
MACHINERY — 2.7% | ||||||||
GEA Group AG | 1,973 | 74,957 | ||||||
MAN SE | 1,864 | 189,676 | ||||||
264,633 | ||||||||
MEDIA — 3.3% | ||||||||
Axel Springer SE | 615 | 34,270 | ||||||
Kabel Deutschland Holding AG (a) | 592 | 76,986 | ||||||
ProSiebenSat.1 Media SE | 2,070 | 101,298 | ||||||
RTL Group SA (b) | 702 | 60,455 | ||||||
RTL Group SA (b) | 534 | 45,898 | ||||||
318,907 | ||||||||
METALS & MINING — 0.2% | ||||||||
ThyssenKrupp AG | 1,103 | 19,305 | ||||||
MULTI-UTILITIES — 2.8% | ||||||||
E.ON SE | 22,771 | 195,135 | ||||||
RWE AG | 7,047 | 79,842 | ||||||
274,977 | ||||||||
PERSONAL PRODUCTS — 2.5% | ||||||||
Beiersdorf AG | 2,721 | 240,464 | ||||||
PHARMACEUTICALS — 7.9% | ||||||||
Bayer AG | 4,235 | 541,041 | ||||||
Merck KGaA | 2,502 | 220,887 | ||||||
761,928 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.7% | ||||||||
Deutsche Wohnen AG | 463 | 12,344 | ||||||
Vonovia SE | 4,620 | 148,240 | ||||||
160,584 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.2% | ||||||||
Infineon Technologies AG | 10,729 | 120,421 | ||||||
SOFTWARE — 5.8% | ||||||||
SAP SE | 8,690 | 562,127 | ||||||
TEXTILES, APPAREL & LUXURY GOODS — 4.1% | ||||||||
adidas AG | 2,532 | 203,525 | ||||||
Hugo Boss AG | 1,716 | 192,315 | ||||||
395,840 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 0.2% | ||||||||
Brenntag AG | 334 | 17,957 | ||||||
See accompanying notes to financial statements.
376
SPDR MSCI Germany Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
TRANSPORTATION INFRASTRUCTURE — 0.3% | ||||||||
Fraport AG Frankfurt Airport Services Worldwide | 445 | $ | 27,415 | |||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $11,181,525) | 9,659,143 | |||||||
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 0.13% (d)(e) (Cost $1) | 1 | 1 | ||||||
TOTAL INVESTMENTS — 99.7% | ||||||||
(Cost $11,181,526) | 9,659,144 | |||||||
OTHER ASSETS & LIABILITIES — 0.3% | 28,922 | |||||||
NET ASSETS — 100.0% | $ | 9,688,066 | ||||||
(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.
377
SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.2% | ||||||||
AIR FREIGHT & LOGISTICS — 0.4% | ||||||||
Yamato Holdings Co., Ltd. | 2,500 | $ | 47,677 | |||||
AIRLINES — 1.5% | ||||||||
ANA Holdings, Inc. | 18,000 | 50,259 | ||||||
Japan Airlines Co., Ltd. | 3,600 | 126,698 | ||||||
176,957 | ||||||||
AUTO COMPONENTS — 5.0% | ||||||||
Aisin Seiki Co., Ltd. | 700 | 23,379 | ||||||
Bridgestone Corp. | 8,500 | 292,832 | ||||||
Denso Corp. | 1,900 | 79,893 | ||||||
Koito Manufacturing Co., Ltd. | 1,300 | 42,170 | ||||||
NGK Spark Plug Co., Ltd. | 1,800 | 41,015 | ||||||
NHK Spring Co., Ltd. | 400 | 3,858 | ||||||
NOK Corp. | 200 | 4,297 | ||||||
Stanley Electric Co., Ltd. | 200 | 3,966 | ||||||
Sumitomo Electric Industries, Ltd. | 3,300 | 41,978 | ||||||
Sumitomo Rubber Industries, Inc. | 2,000 | 27,654 | ||||||
Toyoda Gosei Co., Ltd. | 200 | 3,913 | ||||||
Toyota Industries Corp. | 600 | 28,355 | ||||||
Yokohama Rubber Co., Ltd. | 200 | 3,509 | ||||||
596,819 | ||||||||
AUTOMOBILES — 7.6% | ||||||||
Daihatsu Motor Co., Ltd. | 2,100 | 24,215 | ||||||
Fuji Heavy Industries, Ltd. | 7,000 | 250,332 | ||||||
Honda Motor Co., Ltd. | 5,000 | 147,748 | ||||||
Isuzu Motors, Ltd. | 1,200 | 11,973 | ||||||
Mazda Motor Corp. | 600 | 9,418 | ||||||
Mitsubishi Motors Corp. | 9,300 | 70,819 | ||||||
Nissan Motor Co., Ltd. | 12,200 | 111,441 | ||||||
Suzuki Motor Corp. | 500 | 15,288 | ||||||
Toyota Motor Corp. | 4,400 | 256,105 | ||||||
Yamaha Motor Co., Ltd. | 400 | 7,986 | ||||||
905,325 | ||||||||
BANKS — 7.4% | ||||||||
Aozora Bank, Ltd. | 14,000 | 48,395 | ||||||
Bank of Kyoto, Ltd. | 1,000 | 10,111 | ||||||
Bank of Yokohama, Ltd. | 5,000 | 30,230 | ||||||
Chiba Bank, Ltd. | 3,000 | 21,191 | ||||||
Chugoku Bank, Ltd. | 400 | 5,908 | ||||||
Fukuoka Financial Group, Inc. | 2,000 | 9,469 | ||||||
Gunma Bank, Ltd. | 1,000 | 6,371 | ||||||
Hachijuni Bank, Ltd. | 1,000 | 7,055 | ||||||
Hiroshima Bank, Ltd. | 1,000 | 5,745 | ||||||
Hokuhoku Financial Group, Inc. | 2,000 | 4,559 | ||||||
Iyo Bank, Ltd. | 600 | 6,858 | ||||||
Joyo Bank, Ltd. | 1,000 | 5,244 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 36,500 | 218,333 | ||||||
Mizuho Financial Group, Inc. | 98,300 | 182,950 | ||||||
Resona Holdings, Inc. | 14,400 | 72,899 | ||||||
Seven Bank, Ltd. | 4,600 | 19,819 | ||||||
Shinsei Bank, Ltd. | 3,000 | 6,137 | ||||||
Shizuoka Bank, Ltd. | 1,000 | 9,986 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 4,700 | 177,067 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 8,000 | 29,217 | ||||||
Suruga Bank, Ltd. | 600 | 11,102 | ||||||
888,646 | ||||||||
BEVERAGES — 1.2% | ||||||||
Asahi Group Holdings, Ltd. | 1,400 | 45,239 | ||||||
Kirin Holdings Co., Ltd. | 4,100 | 53,593 | ||||||
Suntory Beverage & Food, Ltd. | 1,300 | 49,768 | ||||||
148,600 | ||||||||
BUILDING PRODUCTS — 0.4% | ||||||||
Asahi Glass Co., Ltd. | 4,000 | 23,279 | ||||||
Daikin Industries, Ltd. | 200 | 11,148 | ||||||
LIXIL Group Corp. | 600 | 12,124 | ||||||
46,551 | ||||||||
CAPITAL MARKETS — 0.3% | ||||||||
Daiwa Securities Group, Inc. | 2,000 | 12,854 | ||||||
Nomura Holdings, Inc. | 4,800 | 27,578 | ||||||
SBI Holdings, Inc. | 200 | 2,239 | ||||||
42,671 | ||||||||
CHEMICALS — 2.6% | ||||||||
Asahi Kasei Corp. | 7,000 | 49,096 | ||||||
Daicel Corp. | 200 | 2,441 | ||||||
Hitachi Chemical Co., Ltd. | 200 | 2,740 | ||||||
JSR Corp. | 200 | 2,869 | ||||||
Kaneka Corp. | 2,000 | 14,662 | ||||||
Kuraray Co., Ltd. | 1,400 | 17,371 | ||||||
Mitsubishi Chemical Holdings Corp. | 3,800 | 19,713 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 1,000 | 4,592 | ||||||
Mitsui Chemicals, Inc. | 2,000 | 6,363 | ||||||
Nippon Paint Holdings Co., Ltd. | 2,200 | 38,227 | ||||||
Nitto Denko Corp. | 200 | 11,898 | ||||||
Shin-Etsu Chemical Co., Ltd. | 1,200 | 61,270 | ||||||
Sumitomo Chemical Co., Ltd. | 2,000 | 10,053 | ||||||
Taiyo Nippon Sanso Corp. | 100 | 945 | ||||||
Teijin, Ltd. | 2,000 | 6,045 | ||||||
Toray Industries, Inc. | 7,000 | 60,231 | ||||||
308,516 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 1.2% | ||||||||
Dai Nippon Printing Co., Ltd. | 2,000 | 19,271 | ||||||
Park24 Co., Ltd. | 2,200 | 41,257 | ||||||
Secom Co., Ltd. | 1,100 | 65,845 | ||||||
Toppan Printing Co., Ltd. | 2,000 | 16,048 | ||||||
142,421 | ||||||||
CONSTRUCTION & ENGINEERING — 0.6% | ||||||||
JGC Corp. | 2,000 | 26,443 | ||||||
Kajima Corp. | 2,000 | 10,571 | ||||||
Obayashi Corp. | 1,000 | 8,500 | ||||||
Shimizu Corp. | 1,000 | 8,550 | ||||||
Taisei Corp. | 2,000 | 12,992 | ||||||
67,056 | ||||||||
CONSTRUCTION MATERIALS — 0.1% | ||||||||
Taiheiyo Cement Corp. | 3,000 | 8,968 | ||||||
CONSUMER FINANCE — 0.1% | ||||||||
Acom Co., Ltd. (a) | 300 | 1,526 | ||||||
AEON Financial Service Co., Ltd. | 100 | 1,967 | ||||||
Credit Saison Co., Ltd. | 200 | 3,615 | ||||||
7,108 | ||||||||
See accompanying notes to financial statements.
378
SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
CONTAINERS & PACKAGING — 0.1% | ||||||||
Toyo Seikan Group Holdings, Ltd. | 400 | $ | 6,326 | |||||
DIVERSIFIED CONSUMER SERVICES — 0.3% | ||||||||
Benesse Holdings, Inc. | 1,300 | 34,680 | ||||||
DIVERSIFIED FINANCIAL SERVICES — 1.0% | ||||||||
Japan Exchange Group, Inc. | 6,400 | 92,822 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 1,000 | 4,375 | ||||||
ORIX Corp. | 2,000 | 25,583 | ||||||
122,780 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.1% | ||||||||
Nippon Telegraph & Telephone Corp. | 3,800 | 132,563 | ||||||
ELECTRIC UTILITIES — 1.5% | ||||||||
Chubu Electric Power Co., Inc. | 3,100 | 45,582 | ||||||
Chugoku Electric Power Co., Inc. | 1,300 | 17,877 | ||||||
Hokuriku Electric Power Co. | 700 | 9,387 | ||||||
Kansai Electric Power Co., Inc. (a) | 3,100 | 34,348 | ||||||
Kyushu Electric Power Co., Inc. (a) | 1,000 | 10,863 | ||||||
Shikoku Electric Power Co., Inc. | 300 | 4,872 | ||||||
Tohoku Electric Power Co., Inc. | 900 | 12,151 | ||||||
Tokyo Electric Power Co., Inc. (a) | 7,400 | 49,245 | ||||||
184,325 | ||||||||
ELECTRICAL EQUIPMENT — 0.4% | ||||||||
Fuji Electric Holdings Co., Ltd. | 1,000 | 3,607 | ||||||
Mitsubishi Electric Corp. | 2,000 | 18,203 | ||||||
Nidec Corp. | 400 | 27,340 | ||||||
49,150 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.0% | ||||||||
Citizen Holdings Co., Ltd. | 400 | 2,752 | ||||||
Hamamatsu Photonics K.K. | 100 | 2,254 | ||||||
Hirose Electric Co., Ltd. | 100 | 10,830 | ||||||
Hitachi High-Technologies Corp. | 100 | 2,152 | ||||||
Hitachi, Ltd. | 14,000 | 70,243 | ||||||
Ibiden Co., Ltd. | 200 | 2,610 | ||||||
Keyence Corp. | 500 | 222,102 | ||||||
Kyocera Corp. | 700 | 31,912 | ||||||
Murata Manufacturing Co., Ltd. | 1,700 | 218,169 | ||||||
Nippon Electric Glass Co., Ltd. | 1,000 | 4,809 | ||||||
Omron Corp. | 200 | 5,987 | ||||||
Shimadzu Corp. | 1,000 | 14,320 | ||||||
TDK Corp. | 100 | 5,619 | ||||||
Yaskawa Electric Corp. | 200 | 2,024 | ||||||
Yokogawa Electric Corp. | 200 | 2,082 | ||||||
597,865 | ||||||||
FOOD & STAPLES RETAILING — 2.0% | ||||||||
Aeon Co., Ltd. | 3,300 | 51,113 | ||||||
FamilyMart Co., Ltd. | 200 | 9,101 | ||||||
Lawson, Inc. | 1,200 | 88,273 | ||||||
Seven & i Holdings Co., Ltd. | 2,000 | 90,911 | ||||||
239,398 | ||||||||
FOOD PRODUCTS — 1.5% | ||||||||
Ajinomoto Co., Inc. | 2,000 | 41,999 | ||||||
Calbee, Inc. | 1,000 | 32,188 | ||||||
MEIJI Holdings Co., Ltd. | 200 | 14,595 | ||||||
NH Foods, Ltd. | 1,000 | 20,340 | ||||||
Nisshin Seifun Group, Inc. | 500 | 7,235 | ||||||
Nissin Foods Holding Co., Ltd. | 600 | 27,504 | ||||||
Toyo Suisan Kaisha, Ltd. | 600 | 22,644 | ||||||
Yamazaki Baking Co., Ltd. | 1,000 | 15,330 | ||||||
181,835 | ||||||||
GAS UTILITIES — 1.2% | ||||||||
Osaka Gas Co., Ltd. | 16,000 | 60,519 | ||||||
Toho Gas Co., Ltd. | 2,000 | 11,756 | ||||||
Tokyo Gas Co., Ltd. | 14,000 | 67,542 | ||||||
139,817 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 2.5% | ||||||||
Hoya Corp. | 5,500 | 179,239 | ||||||
Olympus Corp. | 200 | 6,204 | ||||||
Sysmex Corp. | 1,900 | 99,628 | ||||||
Terumo Corp. | 700 | 19,697 | ||||||
304,768 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 0.5% | ||||||||
Alfresa Holdings Corp. | 800 | 13,593 | ||||||
Medipal Holdings Corp. | 500 | 7,895 | ||||||
Miraca Holdings, Inc. | 600 | 25,350 | ||||||
Suzuken Co., Ltd. | 300 | 9,957 | ||||||
56,795 | ||||||||
HEALTH CARE TECHNOLOGY — 0.6% | ||||||||
M3, Inc. | 3,500 | 69,173 | ||||||
HOTELS, RESTAURANTS & LEISURE — 1.7% | ||||||||
McDonald’s Holdings Co. (Japan), Ltd. | 2,000 | 44,905 | ||||||
Oriental Land Co., Ltd. | 2,800 | 155,915 | ||||||
200,820 | ||||||||
HOUSEHOLD DURABLES — 1.5% | ||||||||
Casio Computer Co., Ltd. | 200 | 3,615 | ||||||
Iida Group Holdings Co., Ltd. | 300 | 4,667 | ||||||
Nikon Corp. | 1,000 | 12,040 | ||||||
Panasonic Corp. | 3,000 | 30,147 | ||||||
Rinnai Corp. | 500 | 37,991 | ||||||
Sekisui Chemical Co., Ltd. | 1,000 | 10,462 | ||||||
Sekisui House, Ltd. | 2,600 | 40,488 | ||||||
Sharp Corp. (a) | 5,000 | 5,719 | ||||||
Sony Corp. | 1,300 | 31,462 | ||||||
176,591 | ||||||||
HOUSEHOLD PRODUCTS — 0.8% | ||||||||
Unicharm Corp. | 5,700 | 100,612 | ||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.2% | ||||||||
Electric Power Development Co., Ltd. | 800 | 24,348 | ||||||
INDUSTRIAL CONGLOMERATES — 0.4% | ||||||||
Keihan Electric Railway Co., Ltd. | 1,000 | 6,646 | ||||||
Toshiba Corp. (a) | 15,000 | 37,624 | ||||||
44,270 | ||||||||
INSURANCE — 1.5% | ||||||||
Dai-ichi Life Insurance Co., Ltd. | 2,300 | 36,363 | ||||||
MS&AD Insurance Group Holdings, Inc. | 900 | 23,994 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 600 | 17,314 | ||||||
Sony Financial Holdings, Inc. | 1,800 | 29,428 | ||||||
T&D Holdings, Inc. | 1,100 | 12,900 |
See accompanying notes to financial statements.
379
SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Tokio Marine Holdings, Inc. | 1,500 | $ | 55,634 | |||||
175,633 | ||||||||
INTERNET & CATALOG RETAIL — 0.0% (b) | ||||||||
Rakuten, Inc. | 400 | 5,090 | ||||||
INTERNET SOFTWARE & SERVICES — 1.1% | ||||||||
Kakaku.com, Inc. | 2,000 | 32,297 | ||||||
Mixi, Inc. | 500 | 17,033 | ||||||
Yahoo! Japan Corp. | 21,000 | 79,606 | ||||||
128,936 | ||||||||
IT SERVICES — 1.5% | ||||||||
Fujitsu, Ltd. | 5,000 | 21,646 | ||||||
Itochu Techno-Solutions Corp. | 1,000 | 21,250 | ||||||
Nomura Research Institute, Ltd. | 1,320 | 50,424 | ||||||
NTT Data Corp. | 600 | 30,109 | ||||||
Otsuka Corp. | 1,100 | 53,455 | ||||||
176,884 | ||||||||
LEISURE PRODUCTS — 1.7% | ||||||||
Bandai Namco Holdings, Inc. | 800 | 18,503 | ||||||
Sankyo Co., Ltd. | 700 | 24,840 | ||||||
Sega Sammy Holdings, Inc. | 200 | 1,944 | ||||||
Shimano, Inc. | 1,100 | 153,751 | ||||||
Yamaha Corp. | 200 | 4,405 | ||||||
203,443 | ||||||||
MACHINERY — 5.2% | ||||||||
Amada Holdings Co., Ltd. | 300 | 2,274 | ||||||
FANUC Corp. | 1,200 | 183,509 | ||||||
Hino Motors, Ltd. | 3,000 | 30,384 | ||||||
Hitachi Construction Machinery Co., Ltd. | 200 | 2,667 | ||||||
IHI Corp. | 2,000 | 5,110 | ||||||
JTEKT Corp. | 400 | 5,558 | ||||||
Kawasaki Heavy Industries, Ltd. | 2,000 | 6,863 | ||||||
Komatsu, Ltd. | 2,000 | 29,266 | ||||||
Kubota Corp. | 11,000 | 150,215 | ||||||
Kurita Water Industries, Ltd. | 200 | 4,230 | ||||||
Makita Corp. | 1,200 | 63,424 | ||||||
Mitsubishi Heavy Industries, Ltd. | 5,000 | 22,227 | ||||||
Nabtesco Corp. | 100 | 1,814 | ||||||
NSK, Ltd. | 400 | 3,851 | ||||||
SMC Corp. | 500 | 108,776 | ||||||
Sumitomo Heavy Industries, Ltd. | 1,000 | 3,933 | ||||||
THK Co., Ltd. | 200 | 3,163 | ||||||
627,264 | ||||||||
MARINE — 0.1% | ||||||||
Mitsui OSK Lines, Ltd. | 3,000 | 7,164 | ||||||
Nippon Yusen K.K. | 4,000 | 9,218 | ||||||
16,382 | ||||||||
MEDIA — 0.3% | ||||||||
Dentsu, Inc. | 400 | 20,440 | ||||||
Hakuhodo DY Holdings, Inc. | 500 | 4,722 | ||||||
Toho Co., Ltd. | 400 | 9,094 | ||||||
34,256 | ||||||||
METALS & MINING — 0.6% | ||||||||
Hitachi Metals, Ltd. | 500 | 5,774 | ||||||
JFE Holdings, Inc. | 1,200 | 15,655 | ||||||
Kobe Steel, Ltd. | 7,000 | 7,540 | ||||||
Mitsubishi Materials Corp. | 3,000 | 9,068 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 1,500 | 27,159 | ||||||
Sumitomo Metal Mining Co., Ltd. | 1,000 | 11,289 | ||||||
76,485 | ||||||||
MULTILINE RETAIL — 0.4% | ||||||||
Don Quijote Holdings Co., Ltd. | 100 | 3,749 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 600 | 8,978 | ||||||
J Front Retailing Co., Ltd. | 1,200 | 19,378 | ||||||
Marui Group Co., Ltd. | 300 | 3,605 | ||||||
Takashimaya Co., Ltd. | 1,000 | 8,057 | ||||||
43,767 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 1.4% | ||||||||
Idemitsu Kosan Co., Ltd. | 800 | 12,197 | ||||||
Inpex Corp. | 2,000 | 17,760 | ||||||
JX Holdings, Inc. | 17,200 | 61,884 | ||||||
Showa Shell Sekiyu K.K. | 1,300 | 10,214 | ||||||
TonenGeneral Sekiyu K.K. | 7,000 | 67,624 | ||||||
169,679 | ||||||||
PAPER & FOREST PRODUCTS — 0.1% | ||||||||
OJI Paper Co., Ltd. | 2,000 | 8,550 | ||||||
PERSONAL PRODUCTS — 2.7% | ||||||||
Kao Corp. | 6,400 | 288,725 | ||||||
Shiseido Co., Ltd. | 1,400 | 30,399 | ||||||
319,124 | ||||||||
PHARMACEUTICALS — 5.6% | ||||||||
Astellas Pharma, Inc. | 5,300 | 68,371 | ||||||
Chugai Pharmaceutical Co., Ltd. | 800 | 24,481 | ||||||
Daiichi Sankyo Co., Ltd. | 2,600 | 44,938 | ||||||
Eisai Co., Ltd. | 400 | 23,479 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 200 | 6,663 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 2,000 | 29,692 | ||||||
Mitsubishi Tanabe Pharma Corp. | 3,900 | 68,547 | ||||||
Ono Pharmaceutical Co., Ltd. | 100 | 11,798 | ||||||
Otsuka Holdings Co., Ltd. | 6,500 | 206,671 | ||||||
Santen Pharmaceutical Co., Ltd. | 1,800 | 24,032 | ||||||
Shionogi & Co., Ltd. | 900 | 32,126 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 400 | 3,988 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 600 | 34,367 | ||||||
Takeda Pharmaceutical Co., Ltd. | 2,000 | 87,455 | ||||||
666,608 | ||||||||
PROFESSIONAL SERVICES — 0.6% | ||||||||
Recruit Holdings Co., Ltd. | 2,600 | 77,719 | ||||||
REAL ESTATE INVESTMENT TRUSTS — 2.2% | ||||||||
Japan Prime Realty Investment Corp. | 10 | 32,439 | ||||||
Japan Real Estate Investment Corp. | 8 | 36,805 | ||||||
Japan Retail Fund Investment Corp. | 25 | 48,345 | ||||||
Nippon Building Fund, Inc. | 11 | 53,179 | ||||||
Nippon Prologis REIT, Inc. | 22 | 39,898 | ||||||
United Urban Investment Corp. | 38 | 50,703 | ||||||
261,369 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.1% | ||||||||
Aeon Mall Co., Ltd. | 100 | 1,529 | ||||||
Daito Trust Construction Co., Ltd. | 1,300 | 131,612 | ||||||
Daiwa House Industry Co., Ltd. | 2,200 | 54,143 | ||||||
Mitsubishi Estate Co., Ltd. | 1,000 | 20,336 |
See accompanying notes to financial statements.
380
SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Mitsui Fudosan Co., Ltd. | 1,000 | $ | 27,245 | |||||
Nomura Real Estate Holdings, Inc. | 200 | 4,001 | ||||||
NTT Urban Development Corp. | 100 | 916 | ||||||
Tokyo Tatemono Co., Ltd. | 200 | 2,373 | ||||||
Tokyu Fudosan Holdings Corp. | 600 | 3,973 | ||||||
246,128 | ||||||||
ROAD & RAIL — 4.0% | ||||||||
Central Japan Railway Co. | 300 | 48,157 | ||||||
East Japan Railway Co. | 1,100 | 92,352 | ||||||
Hankyu Hanshin Holdings, Inc. | 8,000 | 48,762 | ||||||
Keikyu Corp. | 2,000 | 15,864 | ||||||
Keio Corp. | 2,000 | 14,161 | ||||||
Kintetsu Group Holdings Co., Ltd. | 8,000 | 28,656 | ||||||
Nagoya Railroad Co., Ltd. | 8,000 | 31,328 | ||||||
Nippon Express Co., Ltd. | 7,000 | 33,257 | ||||||
Odakyu Electric Railway Co., Ltd. | 2,000 | 17,935 | ||||||
Tobu Railway Co., Ltd. | 9,000 | 38,551 | ||||||
Tokyu Corp. | 4,000 | 29,224 | ||||||
West Japan Railway Co. | 1,300 | 81,203 | ||||||
479,450 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1% | ||||||||
Rohm Co., Ltd. | 100 | 4,417 | ||||||
Tokyo Electron, Ltd. | 100 | 4,687 | ||||||
9,104 | ||||||||
SOFTWARE — 1.1% | ||||||||
COLOPL, Inc. | 400 | 6,399 | ||||||
GungHo Online Entertainment, Inc. | 4,500 | 13,301 | ||||||
Konami Corp. | 200 | 4,314 | ||||||
Nexon Co., Ltd. | 200 | 2,647 | ||||||
Oracle Corp. | 1,400 | 58,915 | ||||||
Trend Micro, Inc. | 1,500 | 52,791 | ||||||
138,367 | ||||||||
SPECIALTY RETAIL — 4.5% | ||||||||
ABC-Mart, Inc. | 700 | 38,926 | ||||||
Fast Retailing Co., Ltd. | 600 | 242,926 | ||||||
Hikari Tsushin, Inc. | 100 | 6,972 | ||||||
Nitori Holding Co., Ltd. | 1,300 | 101,490 | ||||||
Sanrio Co., Ltd. | 600 | 16,307 | ||||||
Shimamura Co., Ltd. | 300 | 32,213 | ||||||
USS Co., Ltd. | 4,600 | 76,203 | ||||||
Yamada Denki Co., Ltd. | 4,800 | 19,318 | ||||||
534,355 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.8% | ||||||||
Brother Industries, Ltd. | 3,000 | 35,920 | ||||||
Canon, Inc. | 3,400 | 98,056 | ||||||
FUJIFILM Holdings Corp. | 1,200 | 44,648 | ||||||
Konica Minolta Holdings, Inc. | 700 | 7,329 | ||||||
NEC Corp. | 4,000 | 12,257 | ||||||
Ricoh Co., Ltd. | 1,700 | 17,097 | ||||||
Seiko Epson Corp. | 300 | 4,226 | ||||||
219,533 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.3% | ||||||||
Asics Corp. | 1,700 | 40,284 | ||||||
TOBACCO — 2.2% | ||||||||
Japan Tobacco, Inc. | 8,400 | 259,158 | ||||||
TRADING COMPANIES & DISTRIBUTORS — 3.5% | ||||||||
ITOCHU Corp. | 7,600 | 79,798 | ||||||
Marubeni Corp. | 12,600 | 61,419 | ||||||
Mitsubishi Corp. | 6,900 | 112,547 | ||||||
Mitsui & Co., Ltd. | 8,900 | 99,615 | ||||||
Sumitomo Corp. | 5,200 | 50,018 | ||||||
Toyota Tsusho Corp. | 700 | 14,688 | ||||||
418,085 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 0.1% | ||||||||
Kamigumi Co., Ltd. | 1,000 | 8,149 | ||||||
WIRELESS TELECOMMUNICATION SERVICES — 3.8% | ||||||||
KDDI Corp. | 13,800 | 307,307 | ||||||
NTT DoCoMo, Inc. | 5,500 | 91,525 | ||||||
SoftBank Group Corp. | 1,200 | 54,877 | ||||||
453,709 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $12,702,806) | 11,850,942 | |||||||
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 0.13% (c)(d) (Cost $4,203) | 4,203 | 4,203 | ||||||
TOTAL INVESTMENTS — 99.2% | ||||||||
(Cost $12,707,009) | 11,855,145 | |||||||
OTHER ASSETS & LIABILITIES — 0.8% | 96,329 | |||||||
NET ASSETS — 100.0% | $ | 11,951,474 | ||||||
(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.
381
SPDR MSCI Mexico Quality Mix ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.6% | ||||||||
BANKS — 8.9% | ||||||||
Grupo Financiero Banorte SAB de CV | 18,503 | $ | 90,403 | |||||
Grupo Financiero Inbursa SAB de CV | 38,927 | 80,258 | ||||||
Grupo Financiero Santander Mexico SAB de CV (Class B) | 20,053 | 29,630 | ||||||
200,291 | ||||||||
BEVERAGES — 13.3% | ||||||||
Arca Continental SAB de CV | 11,675 | 65,572 | ||||||
Coca-Cola FEMSA SAB de CV (Series L) | 6,865 | 47,606 | ||||||
Fomento Economico Mexicano SAB de CV | 21,125 | 188,566 | ||||||
301,744 | ||||||||
CHEMICALS — 1.7% | ||||||||
Mexichem SAB de CV | 15,497 | 37,959 | ||||||
CONSTRUCTION & ENGINEERING — 3.0% | ||||||||
Promotora y Operadora de Infraestructura SAB de CV (a) | 6,177 | 67,796 | ||||||
CONSTRUCTION MATERIALS — 2.5% | ||||||||
Cemex SAB de CV (a) | 80,952 | 56,319 | ||||||
CONSUMER FINANCE — 1.9% | ||||||||
Gentera SAB de CV | 26,320 | 42,974 | ||||||
FOOD & STAPLES RETAILING — 12.2% | ||||||||
Controladora Comercial Mexicana SAB de CV | 12,191 | 35,314 | ||||||
Grupo Comercial Chedraui SA de CV | 17,232 | 44,791 | ||||||
Wal-Mart de Mexico SAB de CV | 80,118 | 196,244 | ||||||
276,349 | ||||||||
FOOD PRODUCTS — 7.5% | ||||||||
Gruma SAB de CV (Class B) | 3,271 | 45,320 | ||||||
Grupo Bimbo SAB de CV (a) | 25,951 | 65,556 | ||||||
Grupo Lala SAB de CV | 25,315 | 59,663 | ||||||
170,539 | ||||||||
HOUSEHOLD PRODUCTS — 3.0% | ||||||||
Kimberly-Clark de Mexico SAB de CV (Class A) | 29,996 | 67,668 | ||||||
INDUSTRIAL CONGLOMERATES — 4.9% | ||||||||
Alfa SAB de CV (Class A) | 26,339 | 51,243 | ||||||
Grupo Carso SAB de CV | 13,087 | 58,505 | ||||||
109,748 | ||||||||
MEDIA — 4.8% | ||||||||
Grupo Televisa SAB | 21,029 | 109,446 | ||||||
METALS & MINING — 7.5% | ||||||||
Grupo Mexico SAB de CV (Series B) | 52,257 | 126,181 | ||||||
Industrias Penoles SAB de CV | 2,554 | 34,728 | ||||||
Minera Frisco SAB de CV (a) | 17,995 | 9,397 | ||||||
170,306 | ||||||||
MULTILINE RETAIL — 4.0% | ||||||||
El Puerto de Liverpool SAB de CV | 6,941 | 89,914 | ||||||
PHARMACEUTICALS — 0.8% | ||||||||
Genomma Lab Internacional SAB de CV (Class B) (a) | 20,713 | 17,197 | ||||||
REAL ESTATE INVESTMENT TRUSTS — 2.1% | ||||||||
Fibra Uno Administracion SA de CV REIT | 23,048 | 47,479 | ||||||
TRANSPORTATION INFRASTRUCTURE — 8.0% | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV (Class B) | 8,509 | 73,819 | ||||||
Grupo Aeroportuario del Sureste SAB de CV (Class B) | 5,221 | 79,572 | ||||||
OHL Mexico SAB de CV (a) | 21,771 | 27,993 | ||||||
181,384 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 13.5% | ||||||||
America Movil SAB de CV (Series L) | 368,544 | 304,895 | ||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $2,987,229) | 2,252,008 | |||||||
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 0.13% (c)(d) (Cost $964) | 964 | 964 | ||||||
TOTAL INVESTMENTS — 99.6% | ||||||||
(Cost $2,988,193) | 2,252,972 | |||||||
OTHER ASSETS & LIABILITIES — 0.4% | 7,927 | |||||||
NET ASSETS — 100.0% | $ | 2,260,899 | ||||||
(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.
382
SPDR MSCI South Korea Quality Mix ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 100.1% | ||||||||
AEROSPACE & DEFENSE — 0.8% | ||||||||
Korea Aerospace Industries, Ltd. | 333 | $ | 19,076 | |||||
AIR FREIGHT & LOGISTICS — 1.2% | ||||||||
Hyundai Glovis Co., Ltd. | 152 | 28,725 | ||||||
AIRLINES — 0.1% | ||||||||
Korean Air Lines Co., Ltd. (a) | 87 | 2,301 | ||||||
AUTO COMPONENTS — 5.8% | ||||||||
Hankook Tire Co., Ltd. | 504 | 16,838 | ||||||
Hanon Systems Corp. | 261 | 8,643 | ||||||
Hyundai Mobis Co., Ltd. | 497 | 97,069 | ||||||
Hyundai Wia Corp. | 130 | 14,148 | ||||||
136,698 | ||||||||
AUTOMOBILES — 11.4% | ||||||||
Hyundai Motor Co. | 858 | 118,714 | ||||||
Hyundai Motor Co. Preference Shares (b) | 330 | 31,739 | ||||||
Hyundai Motor Co. Preference Shares (b) | 261 | 24,332 | ||||||
Kia Motors Corp. | 2,099 | 94,918 | ||||||
269,703 | ||||||||
BANKS — 5.8% | ||||||||
BNK Financial Group, Inc. | 354 | 4,092 | ||||||
DGB Financial Group, Inc. | 523 | 4,633 | ||||||
Hana Financial Group, Inc. | 936 | 20,847 | ||||||
Industrial Bank of Korea | 1,472 | 16,889 | ||||||
KB Financial Group, Inc. | 1,182 | 35,152 | ||||||
Shinhan Financial Group Co., Ltd. | 1,267 | 44,254 | ||||||
Woori Bank | 1,333 | 10,560 | ||||||
136,427 | ||||||||
BUILDING PRODUCTS — 0.2% | ||||||||
KCC Corp. | 12 | 4,181 | ||||||
CAPITAL MARKETS — 0.3% | ||||||||
Daewoo Securities Co., Ltd. | 118 | 1,185 | ||||||
Korea Investment Holdings Co., Ltd. | 29 | 1,495 | ||||||
Mirae Asset Securities Co., Ltd. | 19 | 448 | ||||||
NH Investment & Securities Co., Ltd. | 111 | 931 | ||||||
Samsung Securities Co., Ltd. | 51 | 1,955 | ||||||
6,014 | ||||||||
CHEMICALS — 3.0% | ||||||||
Hanwha Chemical Corp. | 150 | 2,727 | ||||||
Hanwha Corp. | 131 | 4,294 | ||||||
Hyosung Corp. | 35 | 3,322 | ||||||
Kumho Petrochemical Co., Ltd. | 50 | 2,244 | ||||||
LG Chem, Ltd. | 188 | 45,283 | ||||||
LG Chem, Ltd. Preference Shares | 58 | 9,297 | ||||||
Lotte Chemical Corp. | 16 | �� | 3,645 | |||||
OCI Co., Ltd. | 18 | 1,251 | ||||||
72,063 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 1.6% | ||||||||
KEPCO Plant Service & Engineering Co., Ltd. | 220 | 22,459 | ||||||
S-1 Corp. | 185 | 14,562 | ||||||
37,021 | ||||||||
CONSTRUCTION & ENGINEERING — 0.4% | ||||||||
Daelim Industrial Co., Ltd. | 36 | 2,038 | ||||||
Daewoo Engineering & Construction Co., Ltd. (a) | 83 | 447 | ||||||
GS Engineering & Construction Corp. (a) | 66 | 1,367 | ||||||
Hyundai Development Co.-Engineering & Construction | 23 | 1,058 | ||||||
Hyundai Engineering & Construction Co., Ltd. | 134 | 3,866 | ||||||
8,776 | ||||||||
CONSUMER FINANCE — 0.2% | ||||||||
Samsung Card Co., Ltd. | 164 | 5,016 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0% | ||||||||
KT Corp. (a) | 541 | 14,012 | ||||||
LG Uplus Corp. | 940 | 9,596 | ||||||
23,608 | ||||||||
ELECTRIC UTILITIES — 2.0% | ||||||||
Korea Electric Power Corp. | 1,132 | 46,797 | ||||||
ELECTRICAL EQUIPMENT — 0.3% | ||||||||
Doosan Heavy Industries & Construction Co., Ltd. | 107 | 1,909 | ||||||
LS Industrial Systems Co., Ltd. | 136 | 5,221 | ||||||
7,130 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.0% | ||||||||
LG Display Co., Ltd. | 1,214 | 23,199 | ||||||
LG Innotek Co., Ltd. | 83 | 6,162 | ||||||
Samsung Electro-Mechanics Co., Ltd. | 388 | 21,048 | ||||||
Samsung SDI Co., Ltd. | 223 | 20,413 | ||||||
70,822 | ||||||||
FOOD & STAPLES RETAILING — 0.7% | ||||||||
E-Mart Co., Ltd. | 88 | 17,113 | ||||||
FOOD PRODUCTS — 1.6% | ||||||||
CJ CheilJedang Corp. | 37 | 11,877 | ||||||
Lotte Confectionery Co., Ltd. | 3 | 5,566 | ||||||
Orion Corp. | 27 | 21,458 | ||||||
38,901 | ||||||||
GAS UTILITIES — 0.4% | ||||||||
Korea Gas Corp. | 303 | 10,161 | ||||||
HOTELS, RESTAURANTS & LEISURE — 1.8% | ||||||||
Kangwon Land, Inc. | 1,143 | 40,791 | ||||||
Paradise Co., Ltd. | 164 | 3,106 | ||||||
43,897 | ||||||||
HOUSEHOLD DURABLES — 2.3% | ||||||||
Coway Co., Ltd. | 360 | 25,422 | ||||||
Hanssem Co., Ltd. | 50 | 12,043 | ||||||
LG Electronics, Inc. | 446 | 17,177 | ||||||
54,642 | ||||||||
HOUSEHOLD PRODUCTS — 1.8% | ||||||||
LG Household & Health Care, Ltd. | 58 | 41,789 | ||||||
INDUSTRIAL CONGLOMERATES — 4.3% | ||||||||
CJ Corp. | 21 | 4,677 | ||||||
Doosan Corp. | 21 | 1,967 | ||||||
LG Corp. | 586 | 30,108 | ||||||
Samsung C&T Corp. (a) | 149 | 18,416 |
See accompanying notes to financial statements.
383
SPDR MSCI South Korea Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
SK Holdings Co., Ltd. | 230 | $ | 47,347 | |||||
102,515 | ||||||||
INSURANCE — 7.2% | ||||||||
Dongbu Insurance Co., Ltd. | 523 | 27,048 | ||||||
Hanwha Life Insurance Co., Ltd. | 1,725 | 11,876 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 816 | 20,825 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 288 | 68,033 | ||||||
Samsung Life Insurance Co., Ltd. | 503 | 41,970 | ||||||
169,752 | ||||||||
INTERNET SOFTWARE & SERVICES — 3.9% | ||||||||
Daum Kakao Corp. | 196 | 20,819 | ||||||
NAVER Corp. | 163 | 70,546 | ||||||
91,365 | ||||||||
IT SERVICES — 1.6% | ||||||||
Samsung SDS Co., Ltd. | 160 | 38,876 | ||||||
MACHINERY — 0.6% | ||||||||
Daewoo Shipbuilding & Marine Engineering Co., Ltd. | 211 | 1,134 | ||||||
Doosan Infracore Co., Ltd. (a) | 249 | 1,380 | ||||||
Hyundai Heavy Industries Co., Ltd. (a) | 98 | 7,978 | ||||||
Samsung Heavy Industries Co., Ltd. | 365 | 3,788 | ||||||
14,280 | ||||||||
MARINE — 0.0% (c) | ||||||||
Hyundai Merchant Marine Co., Ltd. (a) | 87 | 451 | ||||||
MEDIA — 0.4% | ||||||||
Cheil Worldwide, Inc. (a) | 612 | 9,397 | ||||||
METALS & MINING — 2.4% | ||||||||
Hyundai Steel Co. | 115 | 4,997 | ||||||
Korea Zinc Co., Ltd. | 49 | 19,244 | ||||||
POSCO | 229 | 32,554 | ||||||
56,795 | ||||||||
MULTILINE RETAIL — 1.3% | ||||||||
Hyundai Department Store Co., Ltd. | 106 | 11,983 | ||||||
Lotte Shopping Co., Ltd. | 70 | 16,861 | ||||||
Shinsegae Co., Ltd. | 8 | 1,596 | ||||||
30,440 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 1.5% | ||||||||
GS Holdings Corp. | 253 | 9,723 | ||||||
S-Oil Corp. | 170 | 8,978 | ||||||
SK Innovation Co., Ltd. (a) | 209 | 17,280 | ||||||
35,981 | ||||||||
PERSONAL PRODUCTS — 3.6% | ||||||||
AmorePacific Corp. | 160 | 51,970 | ||||||
AmorePacific Corp. Preference Shares | 70 | 10,985 | ||||||
AmorePacific Group | 155 | 21,315 | ||||||
84,270 | ||||||||
PHARMACEUTICALS — 0.8% | ||||||||
Celltrion, Inc. (a) | 12 | 687 | ||||||
Yuhan Corp. | 92 | 18,900 | ||||||
19,587 | ||||||||
ROAD & RAIL — 0.1% | ||||||||
CJ Korea Express Co., Ltd. (a) | 11 | 1,851 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.7% | ||||||||
SK Hynix, Inc. | 1,406 | 39,797 | ||||||
SOFTWARE — 0.9% | ||||||||
NCSoft Corp. | 139 | 22,164 | ||||||
SPECIALTY RETAIL — 0.0% (c) | ||||||||
Hotel Shilla Co., Ltd. | 12 | 1,164 | ||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 19.1% | ||||||||
Samsung Electronics Co., Ltd. | 391 | 374,078 | ||||||
Samsung Electronics Co., Ltd. Preference Share | 101 | 78,138 | ||||||
452,216 | ||||||||
TOBACCO — 3.4% | ||||||||
KT&G Corp. | 857 | 80,617 | ||||||
TRADING COMPANIES & DISTRIBUTORS — 0.2% | ||||||||
Daewoo International Corp. | 209 | 3,659 | ||||||
SK Networks Co., Ltd. | 344 | 1,999 | ||||||
5,658 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 1.4% | ||||||||
SK Telecom Co., Ltd. | 147 | 32,617 | ||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $2,968,569) | 2,370,654 | |||||||
RIGHTS — 0.0% (c) | ||||||||
CAPITAL MARKETS — 0.0% (c) | ||||||||
Mirae Asset Securities Co., Ltd (expiring 11/5/15) (a) (Cost $118) | 17 | 71 | ||||||
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 0.13% (d)(e) (Cost $689) | 689 | 689 | ||||||
TOTAL INVESTMENTS — 100.1% | ||||||||
(Cost $2,969,376) | 2,371,414 | |||||||
OTHER ASSETS & LIABILITIES — (0.1)% | (2,086 | ) | ||||||
NET ASSETS — 100.0% | $ | 2,369,328 | ||||||
(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.
384
SPDR MSCI Spain Quality Mix ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.8% | ||||||||
AIRLINES — 2.3% | ||||||||
International Consolidated Airlines Group SA (a) | 5,664 | $ | 50,352 | |||||
BANKS — 27.0% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 19,211 | 162,548 | ||||||
Banco de Sabadell SA | 23,832 | 43,681 | ||||||
Banco Popular Espanol SA | 9,185 | 33,414 | ||||||
Banco Santander SA | 48,867 | 258,775 | ||||||
Bankia SA | 19,179 | 24,791 | ||||||
Bankinter SA | 4,906 | 35,990 | ||||||
CaixaBank SA | 10,774 | 41,432 | ||||||
600,631 | ||||||||
BIOTECHNOLOGY — 2.4% | ||||||||
Grifols SA | 1,293 | 53,251 | ||||||
CONSTRUCTION & ENGINEERING — 6.8% | ||||||||
ACS, Actividades de Construccion y Servicios SA | 1,840 | 52,775 | ||||||
Ferrovial SA | 4,110 | 97,903 | ||||||
150,678 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 9.4% | ||||||||
Telefonica SA | 17,219 | 208,160 | ||||||
ELECTRIC UTILITIES — 15.3% | ||||||||
Endesa SA | 4,299 | 90,409 | ||||||
Iberdrola SA | 25,174 | 167,113 | ||||||
Red Electrica Corp. SA | 1,009 | 83,503 | ||||||
341,025 | ||||||||
FOOD & STAPLES RETAILING — 2.4% | ||||||||
Distribuidora Internacional de Alimentacion SA (a) | 8,921 | 53,803 | ||||||
GAS UTILITIES — 6.8% | ||||||||
Enagas SA | 3,073 | 87,883 | ||||||
Gas Natural SDG SA | 3,216 | 62,571 | ||||||
150,454 | ||||||||
INSURANCE — 3.4% | ||||||||
Grupo Catalana Occidente SA | 1,307 | 37,480 | ||||||
Mapfre SA | 14,407 | 37,551 | ||||||
75,031 | ||||||||
IT SERVICES — 4.5% | ||||||||
Amadeus IT Holding SA (Class A) | 2,324 | 99,162 | ||||||
MACHINERY — 2.8% | ||||||||
Zardoya Otis SA | 5,774 | 62,261 | ||||||
MEDIA — 1.4% | ||||||||
Mediaset Espana Comunicacion SA | 2,833 | 30,871 | ||||||
OIL, GAS & CONSUMABLE FUELS — 3.6% | ||||||||
Repsol SA | 6,838 | 79,459 | ||||||
SPECIALTY RETAIL — 7.3% | ||||||||
Industria de Diseno Textil SA | 4,855 | 162,202 | ||||||
TRANSPORTATION INFRASTRUCTURE — 4.4% | ||||||||
Abertis Infraestructuras SA | 4,050 | 63,879 | ||||||
Aena SA (a)(b) | 312 | 34,392 | ||||||
98,271 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $3,032,721) | 2,215,611 | |||||||
RIGHTS — 0.0% (c) | ||||||||
BANKS — 0.0% (c) | ||||||||
Banco Popular Espanol SA (expired 9/25/15) (a) (Cost $206) | 9,185 | 184 | ||||||
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 0.13% (d)(e) (Cost $328) | 328 | 328 | ||||||
TOTAL INVESTMENTS — 99.8% | ||||||||
(Cost $3,033,255) | 2,216,123 | |||||||
OTHER ASSETS & LIABILITIES — 0.2% | 4,221 | |||||||
NET ASSETS — 100.0% | $ | 2,220,344 | ||||||
(a) | Non-income producing security | |||||
(b) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.6% of net assets as of September 30, 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.
385
SPDR MSCI Taiwan Quality Mix ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
AIRLINES — 0.3% | ||||||||
China Airlines, Ltd. (a) | 25,000 | $ | 8,541 | |||||
Eva Airways Corp. (a) | 13,240 | 7,399 | ||||||
15,940 | ||||||||
AUTO COMPONENTS — 1.1% | ||||||||
Cheng Shin Rubber Industry Co., Ltd. | 34,000 | 55,759 | ||||||
AUTOMOBILES — 0.1% | ||||||||
China Motor Corp. | 3,000 | 2,105 | ||||||
Yulon Motor Co., Ltd. | 6,000 | 5,366 | ||||||
7,471 | ||||||||
BANKS — 11.0% | ||||||||
Chang Hwa Commercial Bank, Ltd. | 88,810 | 43,694 | ||||||
China Development Financial Holding Corp. | 96,000 | 25,802 | ||||||
CTBC Financial Holding Co., Ltd. | 146,367 | 75,345 | ||||||
E.Sun Financial Holding Co., Ltd. | 56,259 | 33,061 | ||||||
First Financial Holding Co., Ltd | 190,633 | 86,842 | ||||||
Hua Nan Financial Holdings Co., Ltd. | 144,246 | 67,025 | ||||||
Mega Financial Holding Co., Ltd. | 118,000 | 81,707 | ||||||
SinoPac Financial Holdings Co., Ltd. | 108,084 | 34,138 | ||||||
Taishin Financial Holding Co., Ltd. | 55,000 | 19,459 | ||||||
Taiwan Business Bank (a) | 38,628 | 9,584 | ||||||
Taiwan Cooperative Financial Holding Co., Ltd. | 186,034 | 76,837 | ||||||
553,494 | ||||||||
BUILDING PRODUCTS — 0.0% (b) | ||||||||
Taiwan Glass Industry Corp. (a) | 2,000 | 729 | ||||||
CAPITAL MARKETS — 0.4% | ||||||||
Yuanta Financial Holding Co., Ltd. | 51,311 | 19,011 | ||||||
CHEMICALS — 2.7% | ||||||||
Formosa Chemicals & Fibre Corp. | 19,000 | 38,545 | ||||||
Formosa Plastics Corp. | 28,000 | 59,015 | ||||||
Nan Ya Plastics Corp. | 21,000 | 35,460 | ||||||
Taiwan Fertilizer Co., Ltd. | 3,000 | 3,735 | ||||||
136,755 | ||||||||
CONSTRUCTION & ENGINEERING — 0.0% (b) | ||||||||
CTCI Corp. | 2,000 | 2,393 | ||||||
CONSTRUCTION MATERIALS — 1.1% | ||||||||
Asia Cement Corp. | 33,000 | 32,271 | ||||||
Taiwan Cement Corp. | 25,000 | 25,321 | ||||||
57,592 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 1.1% | ||||||||
Chailease Holding Co., Ltd. | 3,120 | 4,880 | ||||||
Fubon Financial Holding Co., Ltd. | 33,000 | 51,413 | ||||||
56,293 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.5% | ||||||||
Asia Pacific Telecom Co., Ltd. (a) | 12,000 | 3,488 | ||||||
Chunghwa Telecom Co., Ltd. | 92,000 | 276,049 | ||||||
279,537 | ||||||||
ELECTRICAL EQUIPMENT — 0.1% | ||||||||
Teco Electric & Machinery Co., Ltd. | 9,000 | 7,066 | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 17.6% | ||||||||
AU Optronics Corp. | 77,000 | 22,707 | ||||||
Delta Electronics, Inc. | 42,000 | 196,431 | ||||||
Hon Hai Precision Industry Co., Ltd. | 128,000 | 332,755 | ||||||
Innolux Corp. | 92,000 | 28,639 | ||||||
Largan Precision Co., Ltd. | 2,000 | 155,493 | ||||||
Simplo Technology Co., Ltd. | 10,000 | 32,192 | ||||||
Synnex Technology International Corp. | 41,000 | 40,841 | ||||||
TPK Holding Co., Ltd. | 2,000 | 4,762 | ||||||
WPG Holdings, Ltd. | 48,000 | 46,211 | ||||||
Zhen Ding Technology Holding, Ltd. | 9,000 | 25,747 | ||||||
885,778 | ||||||||
FOOD & STAPLES RETAILING — 2.1% | ||||||||
President Chain Store Corp. | 17,000 | 105,839 | ||||||
FOOD PRODUCTS — 1.6% | ||||||||
Standard Foods Corp. | 7,600 | 16,387 | ||||||
Uni-President Enterprises Corp. | 38,440 | 66,543 | ||||||
82,930 | ||||||||
INDUSTRIAL CONGLOMERATES — 0.5% | ||||||||
Far Eastern New Century Corp. | 26,520 | 23,598 | ||||||
INSURANCE — 2.1% | ||||||||
Cathay Financial Holding Co., Ltd. | 58,000 | 79,177 | ||||||
China Life Insurance Co., Ltd. | 19,800 | 15,033 | ||||||
Shin Kong Financial Holding Co., Ltd. | 49,376 | 11,696 | ||||||
105,906 | ||||||||
LEISURE PRODUCTS — 1.1% | ||||||||
Giant Manufacturing Co., Ltd. | 5,000 | 36,292 | ||||||
Merida Industry Co., Ltd. | 4,000 | 21,502 | ||||||
57,794 | ||||||||
MACHINERY — 0.1% | ||||||||
Hiwin Technologies Corp. | 1,030 | 5,474 | ||||||
MARINE — 0.2% | ||||||||
Evergreen Marine Corp., Ltd. | 7,070 | 2,974 | ||||||
U-Ming Marine Transport Corp. | 2,000 | 2,126 | ||||||
Wan Hai Lines, Ltd. | 2,000 | 1,257 | ||||||
Yang Ming Marine Transport Corp. (a) | 8,000 | 2,311 | ||||||
8,668 | ||||||||
METALS & MINING — 1.2% | ||||||||
China Steel Corp. | 101,000 | 58,893 | ||||||
OIL, GAS & CONSUMABLE FUELS — 0.7% | ||||||||
Formosa Petrochemical Corp. | 14,000 | 33,291 | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2% | ||||||||
Highwealth Construction Corp. | 3,900 | 5,496 | ||||||
Ruentex Development Co., Ltd. | 4,402 | 4,792 | ||||||
10,288 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 25.4% | ||||||||
Advanced Semiconductor Engineering, Inc. | 53,000 | 56,819 | ||||||
Epistar Corp. | 4,000 | 3,079 | ||||||
Hermes Microvision, Inc. | 1,000 | 37,810 | ||||||
Inotera Memories, Inc. (a) | 60,000 | 37,446 | ||||||
Kinsus Interconnect Technology Corp. | 5,000 | 9,566 | ||||||
MediaTek, Inc. | 27,000 | 199,666 | ||||||
Novatek Microelectronics Corp. | 15,000 | 46,921 | ||||||
Phison Electronics Corp. | 3,000 | 18,860 | ||||||
Powertech Technology, Inc. | 6,000 | 10,806 |
See accompanying notes to financial statements.
386
SPDR MSCI Taiwan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Radiant Opto-Electronics Corp. | 2,000 | $ | 6,165 | |||||
Realtek Semiconductor Corp. | 4,000 | 6,779 | ||||||
Siliconware Precision Industries Co., Ltd. | 28,000 | 34,737 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 180,000 | 710,652 | ||||||
Transcend Information, Inc. | 12,000 | 30,248 | ||||||
United Microelectronics Corp. | 141,000 | 46,247 | ||||||
Vanguard International Semiconductor Corp. | 21,000 | 23,789 | ||||||
1,279,590 | ||||||||
SPECIALTY RETAIL — 0.2% | ||||||||
Hotai Motor Co., Ltd. | 1,000 | 10,629 | ||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 16.1% | ||||||||
Acer, Inc. (a) | 56,612 | 22,179 | ||||||
Advantech Co., Ltd. | 10,000 | 68,332 | ||||||
Asustek Computer, Inc. | 19,000 | 163,010 | ||||||
Casetek Holdings, Ltd. | 3,000 | 12,755 | ||||||
Catcher Technology Co., Ltd. | 13,000 | 138,380 | ||||||
Chicony Electronics Co., Ltd. | 23,115 | 53,211 | ||||||
Compal Electronics, Inc. | 60,000 | 33,893 | ||||||
Foxconn Technology Co., Ltd. | 22,220 | 63,568 | ||||||
HTC Corp. | 14,000 | 26,999 | ||||||
Inventec Corp. | 44,000 | 20,846 | ||||||
Lite-On Technology Corp. | 47,235 | 43,322 | ||||||
Pegatron Corp. | 25,000 | 60,891 | ||||||
Quanta Computer, Inc. | 42,000 | 72,833 | ||||||
Wistron Corp. | 57,721 | 30,063 | ||||||
810,282 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 2.6% | ||||||||
Eclat Textile Co., Ltd. | 4,000 | 63,169 | ||||||
Feng TAY Enterprise Co., Ltd. | 6,150 | 38,195 | ||||||
Formosa Taffeta Co., Ltd. | 5,000 | 4,715 | ||||||
Pou Chen Corp. | 12,000 | 17,985 | ||||||
Ruentex Industries, Ltd. | 3,000 | 5,312 | ||||||
129,376 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 4.3% | ||||||||
Far EasTone Telecommunications Co., Ltd. | 39,000 | 84,094 | ||||||
Taiwan Mobile Co., Ltd. | 43,000 | 131,243 | ||||||
215,337 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $6,128,108) | 5,015,713 | |||||||
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 0.13% (c)(d) (Cost $484) | 484 | 484 | ||||||
TOTAL INVESTMENTS — 99.4% | ||||||||
(Cost $6,128,592) | 5,016,197 | |||||||
OTHER ASSETS & LIABILITIES — 0.6% | 28,291 | |||||||
NET ASSETS — 100.0% | $ | 5,044,488 | ||||||
(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.
387
SPDR MSCI United Kingdom Quality Mix ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.2% | ||||||||
AEROSPACE & DEFENSE — 4.4% | ||||||||
BAE Systems PLC | 8,991 | $ | 60,973 | |||||
Cobham PLC | 332 | 1,437 | ||||||
Meggitt PLC | 1,428 | 10,301 | ||||||
Rolls-Royce Holdings PLC (a) | 3,584 | 36,753 | ||||||
109,464 | ||||||||
AIR FREIGHT & LOGISTICS — 0.4% | ||||||||
Royal Mail PLC | 1,339 | 9,306 | ||||||
AIRLINES — 0.5% | ||||||||
easyJet PLC | 470 | 12,651 | ||||||
AUTO COMPONENTS — 0.6% | ||||||||
GKN PLC | 3,579 | 14,529 | ||||||
BANKS — 7.9% | ||||||||
Barclays PLC | 9,881 | 36,543 | ||||||
HSBC Holdings PLC | 14,593 | 110,236 | ||||||
Lloyds Banking Group PLC | 26,430 | 30,090 | ||||||
Royal Bank of Scotland Group PLC (a) | 1,430 | 6,823 | ||||||
Standard Chartered PLC | 1,526 | 14,812 | ||||||
198,504 | ||||||||
BEVERAGES — 2.7% | ||||||||
Coca-Cola HBC AG (a) | 54 | 1,143 | ||||||
Diageo PLC | 1,572 | 42,159 | ||||||
SABMiller PLC | 418 | 23,661 | ||||||
66,963 | ||||||||
CAPITAL MARKETS — 1.8% | ||||||||
3i Group PLC | 406 | 2,868 | ||||||
Aberdeen Asset Management PLC | 2,001 | 8,987 | ||||||
Hargreaves Lansdown PLC | 789 | 14,425 | ||||||
ICAP PLC | 1,005 | 6,960 | ||||||
Investec PLC | 169 | 1,294 | ||||||
Schroders PLC | 242 | 10,282 | ||||||
44,816 | ||||||||
CHEMICALS — 1.2% | ||||||||
Croda International PLC | 370 | 15,183 | ||||||
Johnson Matthey PLC | 427 | 15,833 | ||||||
31,016 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 1.0% | ||||||||
Aggreko PLC | 477 | 6,871 | ||||||
Babcock International Group PLC | 238 | 3,290 | ||||||
G4S PLC | 4,476 | 15,641 | ||||||
25,802 | ||||||||
CONTAINERS & PACKAGING — 0.1% | ||||||||
Rexam PLC | 229 | 1,816 | ||||||
DIVERSIFIED FINANCIAL SERVICES — 0.1% | ||||||||
London Stock Exchange Group PLC | 44 | 1,612 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.0% | ||||||||
BT Group PLC | 4,970 | 31,589 | ||||||
Inmarsat PLC | 1,221 | 18,162 | ||||||
49,751 | ||||||||
ELECTRIC UTILITIES — 1.2% | ||||||||
SSE PLC | 1,307 | 29,618 | ||||||
ENERGY EQUIPMENT & SERVICES — 0.3% | ||||||||
Amec Foster Wheeler PLC | 143 | �� | 1,552 | |||||
Petrofac, Ltd. | 518 | 6,026 | ||||||
7,578 | ||||||||
FOOD & STAPLES RETAILING — 1.4% | ||||||||
J Sainsbury PLC | 2,455 | 9,706 | ||||||
Tesco PLC | 6,486 | 17,999 | ||||||
William Morrison Supermarkets PLC | 3,472 | 8,735 | ||||||
36,440 | ||||||||
FOOD PRODUCTS — 2.2% | ||||||||
Associated British Foods PLC | 817 | 41,334 | ||||||
Tate & Lyle PLC | 1,623 | 14,456 | ||||||
55,790 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 1.7% | ||||||||
Smith & Nephew PLC | 2,434 | 42,510 | ||||||
HOTELS, RESTAURANTS & LEISURE — 5.1% | ||||||||
Carnival PLC | 42 | 2,178 | ||||||
Compass Group PLC | 4,149 | 66,178 | ||||||
InterContinental Hotels Group PLC | 51 | 1,764 | ||||||
Merlin Entertainments PLC (b) | 1,650 | 9,288 | ||||||
TUI AG | 566 | 10,443 | ||||||
Whitbread PLC | 377 | 26,657 | ||||||
William Hill PLC | 2,000 | 10,627 | ||||||
127,135 | ||||||||
HOUSEHOLD DURABLES — 0.9% | ||||||||
Barratt Developments PLC | 197 | 1,923 | ||||||
Persimmon PLC (a) | 609 | 18,523 | ||||||
Taylor Wimpey PLC | 602 | 1,783 | ||||||
22,229 | ||||||||
HOUSEHOLD PRODUCTS — 3.9% | ||||||||
Reckitt Benckiser Group PLC | 1,072 | 97,218 | ||||||
INDUSTRIAL CONGLOMERATES — 0.4% | ||||||||
Smiths Group PLC | 753 | 11,463 | ||||||
INSURANCE — 4.9% | ||||||||
Admiral Group PLC | 1,337 | 30,419 | ||||||
Aviva PLC | 3,103 | 21,245 | ||||||
Direct Line Insurance Group PLC | 4,836 | 27,463 | ||||||
Legal & General Group PLC | 4,120 | 14,859 | ||||||
Old Mutual PLC | 1,489 | 4,265 | ||||||
Prudential PLC | 775 | 16,359 | ||||||
RSA Insurance Group PLC | 884 | 5,392 | ||||||
St. James’s Place PLC | 50 | 644 | ||||||
Standard Life PLC | 404 | 2,373 | ||||||
123,019 | ||||||||
MACHINERY — 0.5% | ||||||||
IMI PLC | 693 | 9,957 | ||||||
Melrose Industries PLC | 307 | 1,228 | ||||||
Weir Group PLC | 65 | 1,152 | ||||||
12,337 | ||||||||
MEDIA — 6.0% | ||||||||
ITV PLC | 10,706 | 39,894 | ||||||
Pearson PLC | 489 | 8,348 | ||||||
RELX PLC | 4,106 | 70,405 | ||||||
Sky PLC | 1,628 | 25,745 |
See accompanying notes to financial statements.
388
SPDR MSCI United Kingdom Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
WPP PLC | 303 | $ | 6,302 | |||||
150,694 | ||||||||
METALS & MINING — 4.3% | ||||||||
Anglo American PLC | 933 | 7,786 | ||||||
Antofagasta PLC | 126 | 954 | ||||||
BHP Billiton PLC | 970 | 14,766 | ||||||
Fresnillo PLC | 534 | 4,784 | ||||||
Glencore PLC (a) | 7,143 | 9,906 | ||||||
Randgold Resources, Ltd. | 232 | 13,572 | ||||||
Rio Tinto PLC | 1,654 | 55,369 | ||||||
107,137 | ||||||||
MULTI-UTILITIES — 2.9% | ||||||||
Centrica PLC | 4,785 | 16,613 | ||||||
National Grid PLC | 3,963 | 55,161 | ||||||
71,774 | ||||||||
MULTILINE RETAIL — 2.2% | ||||||||
Marks & Spencer Group PLC | 943 | 7,156 | ||||||
Next PLC | 418 | 48,184 | ||||||
55,340 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 9.7% | ||||||||
BG Group PLC | 1,010 | 14,549 | ||||||
BP PLC | 18,970 | 95,974 | ||||||
Royal Dutch Shell PLC (Class A) | 3,588 | 84,459 | ||||||
Royal Dutch Shell PLC (Class B) | 2,027 | 47,990 | ||||||
Tullow Oil PLC (a) | 338 | 866 | ||||||
243,838 | ||||||||
PAPER & FOREST PRODUCTS — 0.1% | ||||||||
Mondi PLC | 90 | 1,885 | ||||||
PERSONAL PRODUCTS — 3.1% | ||||||||
Unilever PLC | 1,939 | 78,891 | ||||||
PHARMACEUTICALS — 6.9% | ||||||||
AstraZeneca PLC | 1,288 | 81,581 | ||||||
GlaxoSmithKline PLC | 2,393 | 45,890 | ||||||
Shire PLC | 668 | 45,574 | ||||||
173,045 | ||||||||
PROFESSIONAL SERVICES — 1.9% | ||||||||
Capita PLC | 1,586 | 28,781 | ||||||
Experian PLC | 498 | 7,981 | ||||||
Intertek Group PLC | 300 | 11,047 | ||||||
47,809 | ||||||||
REAL ESTATE INVESTMENT TRUSTS — 2.5% | ||||||||
British Land Co. PLC | 1,271 | 16,143 | ||||||
Hammerson PLC | 1,405 | 13,270 | ||||||
Intu Properties PLC | 1,707 | 8,522 | ||||||
Land Securities Group PLC | 1,142 | 21,779 | ||||||
Segro PLC | 374 | 2,433 | ||||||
62,147 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.4% | ||||||||
ARM Holdings PLC | 2,489 | 35,723 | ||||||
SOFTWARE — 0.9% | ||||||||
Sage Group PLC | 2,856 | 21,605 | ||||||
SPECIALTY RETAIL — 0.7% | ||||||||
Dixons Carphone PLC | 711 | 4,570 | ||||||
Kingfisher PLC | 1,347 | 7,317 | ||||||
Sports Direct International PLC (a) | 499 | 5,722 | ||||||
17,609 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.8% | ||||||||
Burberry Group PLC | 939 | 19,458 | ||||||
TOBACCO — 5.5% | ||||||||
British American Tobacco PLC | 1,761 | 97,176 | ||||||
Imperial Tobacco Group PLC | 779 | 40,273 | ||||||
137,449 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 2.0% | ||||||||
Ashtead Group PLC | 66 | 930 | ||||||
Bunzl PLC | 1,213 | 32,522 | ||||||
Travis Perkins PLC | 445 | 13,252 | ||||||
Wolseley PLC | 70 | 4,090 | ||||||
50,794 | ||||||||
WATER UTILITIES — 0.6% | ||||||||
Severn Trent PLC | 206 | 6,815 | ||||||
United Utilities Group PLC | 653 | 9,149 | ||||||
15,964 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 2.5% | ||||||||
Vodafone Group PLC | 19,968 | 63,049 | ||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $2,967,538) | 2,485,778 | |||||||
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 0.13% (d)(e) (Cost $983) | 983 | 983 | ||||||
TOTAL INVESTMENTS — 99.2% | ||||||||
(Cost $2,968,521) | 2,486,761 | |||||||
OTHER ASSETS & LIABILITIES — 0.8% | 20,118 | |||||||
NET ASSETS — 100.0% | $ | 2,506,879 | ||||||
(a) | Non-income producing security | |||||
(b) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.4% of net assets as of September 30, 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. |
PLC = Public Limited Company
See accompanying notes to financial statements.
389
SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.9% | ||||||||
JAPAN — 98.9% | ||||||||
AIR FREIGHT & LOGISTICS — 0.3% | ||||||||
Yamato Holdings Co., Ltd. | 3,580 | $ | 68,273 | |||||
AIRLINES — 0.6% | ||||||||
All Nippon Airways Co., Ltd. | 15,000 | 41,882 | ||||||
Japan Airlines Co., Ltd. | 3,000 | 105,582 | ||||||
147,464 | ||||||||
AUTO COMPONENTS — 3.3% | ||||||||
Aisin Seiki Co., Ltd. | 1,768 | 59,049 | ||||||
Bridgestone Corp. | 5,703 | 196,473 | ||||||
Daido Metal Co., Ltd. | 1,300 | 10,768 | ||||||
Denso Corp. | 3,947 | 165,968 | ||||||
FCC Co., Ltd. (a) | 1,484 | 23,704 | ||||||
Futaba Industrial Co., Ltd. (a) | 608 | 2,188 | ||||||
Keihin Corp. | 856 | 12,050 | ||||||
NGK Spark Plug Co., Ltd. | 1,160 | 26,432 | ||||||
NHK Spring Co., Ltd. | 540 | 5,208 | ||||||
Nifco, Inc. (a) | 1,528 | 51,990 | ||||||
Nissin Kogyo Co., Ltd. (a) | 916 | 13,675 | ||||||
NOK Corp. | 1,516 | 32,569 | ||||||
Showa Corp. | 1,812 | 14,373 | ||||||
Stanley Electric Co., Ltd. (a) | 944 | 18,720 | ||||||
Sumitomo Electric Industries, Ltd. | 5,687 | 72,343 | ||||||
Sumitomo Rubber Industries, Inc. | 2,708 | 37,444 | ||||||
Tokai Rika Co., Ltd. | 20 | 410 | ||||||
Toyo Tire & Rubber Co., Ltd. (a) | 1,400 | 30,136 | ||||||
Toyota Industries Corp. | 1,772 | 83,743 | ||||||
857,243 | ||||||||
AUTOMOBILES — 8.2% | ||||||||
Daihatsu Motor Co., Ltd. (a) | 464 | 5,350 | ||||||
Fuji Heavy Industries, Ltd. | 5,347 | 191,218 | ||||||
Honda Motor Co., Ltd. | 14,074 | 415,880 | ||||||
Isuzu Motors, Ltd. | 7,400 | 73,836 | ||||||
Mazda Motor Corp. | 4,800 | 75,348 | ||||||
Mitsubishi Motors Corp. (a) | 3,900 | 29,698 | ||||||
Nissan Motor Co., Ltd. (a) | 20,262 | 185,084 | ||||||
Suzuki Motor Corp. | 3,292 | 100,658 | ||||||
Toyota Motor Corp. | 17,277 | 1,005,619 | ||||||
Yamaha Motor Co., Ltd. | 1,816 | 36,255 | ||||||
2,118,946 | ||||||||
BANKS — 9.2% | ||||||||
77 Bank, Ltd. | 5,803 | 32,803 | ||||||
Awa Bank, Ltd. | 5,731 | 32,922 | ||||||
Bank of Kyoto, Ltd. (a) | 2,916 | 29,485 | ||||||
Bank of Yokohama, Ltd. | 11,947 | 72,232 | ||||||
Chiba Bank, Ltd. | 9,063 | 64,020 | ||||||
Chugoku Bank, Ltd. | 2,504 | 36,986 | ||||||
Fukuoka Financial Group, Inc. | 9,000 | 42,608 | ||||||
Hachijuni Bank, Ltd. | 8,719 | 61,517 | ||||||
Hiroshima Bank, Ltd. (a) | 8,811 | 50,616 | ||||||
Hokuhoku Financial Group, Inc. | 14,658 | 33,412 | ||||||
Hyakugo Bank, Ltd. (a) | 6,147 | 29,512 | ||||||
Iyo Bank, Ltd. | 2,380 | 27,205 | ||||||
Joyo Bank, Ltd. | 6,155 | 32,274 | ||||||
Juroku Bank, Ltd. (a) | 8,883 | 38,717 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 107,600 | 643,632 | ||||||
Mizuho Financial Group, Inc. (a) | 206,900 | 385,071 | ||||||
Musashino Bank, Ltd. | 620 | 22,286 | ||||||
Nanto Bank, Ltd. (a) | 3,391 | 10,674 | ||||||
Nishi-Nippon City Bank, Ltd. | 11,799 | 32,215 | ||||||
Resona Holdings, Inc. | 14,300 | 72,393 | ||||||
Shinsei Bank, Ltd. (a) | 14,726 | 30,125 | ||||||
Shizuoka Bank, Ltd. | 3,363 | 33,584 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 10,900 | 410,644 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 29,981 | 109,495 | ||||||
Suruga Bank, Ltd. | 496 | 9,177 | ||||||
Yamaguchi Financial Group, Inc. (a) | 3,076 | 37,550 | ||||||
2,381,155 | ||||||||
BEVERAGES — 1.4% | ||||||||
Asahi Group Holdings, Ltd. | 3,884 | 125,505 | ||||||
Ito En, Ltd. (a) | 2,056 | 42,900 | ||||||
Kirin Holdings Co., Ltd. | 9,207 | 120,349 | ||||||
Suntory Beverage & Food, Ltd. | 1,400 | 53,596 | ||||||
Takara Holdings, Inc. | 3,479 | 20,828 | ||||||
363,178 | ||||||||
BIOTECHNOLOGY — 0.0% (b) | ||||||||
GNI Group, Ltd. (a)(c) | 4,000 | 6,613 | ||||||
Takara Bio, Inc. | 500 | 4,663 | ||||||
11,276 | ||||||||
BUILDING PRODUCTS — 1.2% | ||||||||
Aica Kogyo Co., Ltd. (a) | 384 | 7,653 | ||||||
Asahi Glass Co., Ltd. (a) | 9,299 | 54,118 | ||||||
Daikin Industries, Ltd. | 2,132 | 118,843 | ||||||
LIXIL Group Corp. (a) | 2,672 | 53,991 | ||||||
Nippon Sheet Glass Co., Ltd. (a)(c) | 9,000 | 7,590 | ||||||
TOTO, Ltd. (a) | 2,222 | 68,924 | ||||||
311,119 | ||||||||
CAPITAL MARKETS — 1.3% | ||||||||
Daiwa Securities Group, Inc. | 12,482 | 80,219 | ||||||
Jafco Co., Ltd. | 312 | 12,244 | ||||||
Nomura Holdings, Inc. | 27,676 | 159,010 | ||||||
Okasan Securities Group, Inc. | 3,107 | 18,601 | ||||||
SBI Holdings, Inc. | 2,358 | 26,402 | ||||||
Tokai Tokyo Financial Holdings, Inc. (a) | 5,967 | 35,274 | ||||||
331,750 | ||||||||
CHEMICALS — 4.1% | ||||||||
Asahi Kasei Corp. | 8,859 | 62,135 | ||||||
C. Uyemura & Co., Ltd. | 300 | 14,528 | ||||||
Daicel Chemical Industries, Ltd. | 3,055 | 37,293 | ||||||
DIC Corp. | 9,391 | 20,936 | ||||||
Hitachi Chemical Co., Ltd. (a) | 1,476 | 20,224 | ||||||
JSR Corp. (a) | 2,060 | 29,550 | ||||||
Kaneka Corp. | 3,224 | 23,635 | ||||||
Kansai Paint Co., Ltd. | 3,092 | 41,876 | ||||||
Kuraray Co., Ltd. | 4,471 | 55,474 | ||||||
Mitsubishi Chemical Holdings Corp. | 9,123 | 47,327 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 3,268 | 15,008 | ||||||
Mitsui Chemicals, Inc. (a) | 8,843 | 28,132 | ||||||
Nippon Paint Holdings Co., Ltd. | 1,200 | 20,851 | ||||||
Nissan Chemical Industries, Ltd. (a) | 3,216 | 70,327 | ||||||
Nitto Denko Corp. | 1,184 | 70,438 | ||||||
Shin-Etsu Chemical Co., Ltd. | 3,620 | 184,831 |
See accompanying notes to financial statements.
390
SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Showa Denko KK (a) | 11,723 | $ | 12,823 | |||||
Sumitomo Chemical Co., Ltd. | 14,674 | 73,759 | ||||||
Teijin, Ltd. | 9,367 | 28,313 | ||||||
Tokai Carbon Co., Ltd. (a) | 2,828 | 6,753 | ||||||
Toray Industries, Inc. (a) | 11,758 | 101,170 | ||||||
Tosoh Corp. (a) | 8,599 | 41,141 | ||||||
Toyobo Co., Ltd. | 12,302 | 16,640 | ||||||
Ube Industries, Ltd. (a) | 14,543 | 25,257 | ||||||
Zeon Corp. | 3,132 | 24,608 | ||||||
1,073,029 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 1.1% | ||||||||
Aeon Delight Co., Ltd. | 300 | 8,642 | ||||||
Dai Nippon Printing Co., Ltd. (a) | 5,739 | 55,298 | ||||||
Daiseki Co., Ltd. | 600 | 10,190 | ||||||
Nissha Printing Co., Ltd. (a) | 336 | 6,388 | ||||||
Park24 Co., Ltd. | 1,500 | 28,130 | ||||||
Secom Co., Ltd. | 2,068 | 123,788 | ||||||
Toppan Printing Co., Ltd. | 6,299 | 50,544 | ||||||
282,980 | ||||||||
COMMUNICATIONS EQUIPMENT — 0.0% (b) | ||||||||
Denki Kogyo Co., Ltd. | 2,000 | 9,018 | ||||||
CONSTRUCTION & ENGINEERING — 1.8% | ||||||||
Chiyoda Corp. (a) | 1,688 | 11,487 | ||||||
COMSYS Holdings Corp. (a) | 3,000 | 35,620 | ||||||
JGC Corp. (a) | 2,760 | 36,492 | ||||||
Kajima Corp. | 11,595 | 61,284 | ||||||
Maeda Corp. (a) | 5,855 | 42,630 | ||||||
Nishimatsu Construction Co., Ltd. (a) | 3,000 | 12,424 | ||||||
Obayashi Corp. | 8,679 | 73,771 | ||||||
Raito Kogyo Co., Ltd. | 100 | 943 | ||||||
Shimizu Corp. | 8,559 | 73,180 | ||||||
Taisei Corp. | 16,995 | 110,400 | ||||||
Tokyu Construction Co., Ltd. (a) | 200 | 1,646 | ||||||
459,877 | ||||||||
CONSTRUCTION MATERIALS — 0.2% | ||||||||
Taiheiyo Cement Corp. | 14,607 | 43,663 | ||||||
CONSUMER FINANCE — 0.4% | ||||||||
Acom Co., Ltd. (a)(c) | 300 | 1,525 | ||||||
AEON Financial Service Co., Ltd. | 1,540 | 30,295 | ||||||
Credit Saison Co., Ltd. (a) | 2,064 | 37,311 | ||||||
J Trust Co., Ltd. (a) | 700 | 5,593 | ||||||
Jaccs Co., Ltd. (a) | 3,000 | 11,247 | ||||||
Orient Corp. (a)(c) | 6,001 | 10,122 | ||||||
96,093 | ||||||||
CONTAINERS & PACKAGING — 0.1% | ||||||||
Toyo Seikan Group Holdings, Ltd. (a) | 1,548 | 24,481 | ||||||
DISTRIBUTORS — 0.1% | ||||||||
Canon Marketing Japan, Inc. | 1,492 | 22,000 | ||||||
DIVERSIFIED CONSUMER SERVICES — 0.1% | ||||||||
Benesse Holdings, Inc. (a) | 928 | 24,756 | ||||||
DIVERSIFIED FINANCIAL SERVICES — 0.9% | ||||||||
Japan Exchange Group, Inc. | 4,400 | 63,815 | ||||||
ORIX Corp. | 11,500 | 147,105 | ||||||
Zenkoku Hosho Co., Ltd. | 800 | 26,385 | ||||||
237,305 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.8% | ||||||||
Nippon Telegraph & Telephone Corp. | 13,200 | 460,482 | ||||||
ELECTRIC UTILITIES — 1.6% | ||||||||
Chubu Electric Power Co., Inc. | 3,563 | 52,390 | ||||||
Chugoku Electric Power Co., Inc. (a) | 2,448 | 33,665 | ||||||
Hokkaido Electric Power Co., Inc. (a)(c) | 1,428 | 13,819 | ||||||
Hokuriku Electric Power Co. | 2,112 | 28,321 | ||||||
Kansai Electric Power Co., Inc. (c) | 7,211 | 79,898 | ||||||
Kyushu Electric Power Co., Inc. (a)(c) | 3,576 | 38,846 | ||||||
Shikoku Electric Power Co., Inc. (a) | 1,472 | 23,905 | ||||||
Tohoku Electric Power Co., Inc. | 4,243 | 57,287 | ||||||
Tokyo Electric Power Co., Inc. (c) | 13,067 | 86,957 | ||||||
415,088 | ||||||||
ELECTRICAL EQUIPMENT — 1.5% | ||||||||
Fuji Electric Holdings Co., Ltd. | 9,099 | 32,821 | ||||||
Fujikura, Ltd. | 6,107 | 25,088 | ||||||
Furukawa Electric Co., Ltd. (a) | 5,899 | 9,260 | ||||||
GS Yuasa Corp. (a) | 2,000 | 7,515 | ||||||
Mitsubishi Electric Corp. | 17,974 | 163,584 | ||||||
Nidec Corp. | 1,800 | 123,031 | ||||||
Tatsuta Electric Wire and Cable Co., Ltd. | 2,000 | 7,247 | ||||||
Ushio, Inc. (a) | 1,536 | 18,378 | ||||||
386,924 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.7% | ||||||||
Alps Electric Co., Ltd. (a) | 2,368 | 66,335 | ||||||
Amano Corp. (a) | 1,836 | 21,094 | ||||||
Anritsu Corp. | 100 | 605 | ||||||
Citizen Holdings Co., Ltd. (a) | 4,403 | 30,293 | ||||||
Hamamatsu Photonics K.K. (a) | 2,300 | 51,852 | ||||||
Hirose Electric Co., Ltd. (a) | 200 | 21,659 | ||||||
Hitachi, Ltd. | 38,933 | 195,340 | ||||||
Horiba, Ltd. (a) | 604 | 21,938 | ||||||
Ibiden Co., Ltd. (a) | 1,496 | 19,524 | ||||||
Iriso Electronics Co., Ltd. (a) | 300 | 13,026 | ||||||
Japan Aviation Electronics Industry, Ltd. | 1,000 | 14,887 | ||||||
Keyence Corp. | 340 | 151,029 | ||||||
Kyocera Corp. | 2,900 | 132,209 | ||||||
Murata Manufacturing Co., Ltd. | 1,628 | 208,929 | ||||||
Nippon Electric Glass Co., Ltd. (a) | 5,548 | 26,683 | ||||||
Oki Electric Industry Co., Ltd. (a) | 9,166 | 14,235 | ||||||
Omron Corp. | 2,080 | 62,262 | ||||||
Shimadzu Corp. | 3,312 | 47,427 | ||||||
TDK Corp. | 1,196 | 67,207 | ||||||
Yaskawa Electric Corp. (a) | 2,604 | 26,352 | ||||||
Yokogawa Electric Corp. (a) | 2,964 | 30,861 | ||||||
1,223,747 | ||||||||
FOOD & STAPLES RETAILING — 2.0% | ||||||||
Aeon Co., Ltd. (a) | 6,603 | 102,272 | ||||||
Cawachi, Ltd. (a) | 648 | 10,621 | ||||||
Cosmos Pharmaceutical Corp. (a) | 200 | 23,496 | ||||||
FamilyMart Co., Ltd. | 552 | 25,119 | ||||||
Lawson, Inc. | 600 | 44,136 | ||||||
Seven & i Holdings Co., Ltd. | 6,639 | 301,780 | ||||||
UNY Group Holdings Co., Ltd. | 3,000 | 18,837 | ||||||
526,261 | ||||||||
See accompanying notes to financial statements.
391
SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
FOOD PRODUCTS — 1.6% | ||||||||
Ajinomoto Co., Inc. | 6,003 | $ | 126,060 | |||||
Hokuto Corp. (a) | 600 | 10,801 | ||||||
Kikkoman Corp. (a) | 2,256 | 61,785 | ||||||
MEIJI Holdings Co., Ltd. | 1,200 | 87,572 | ||||||
Nissin Foods Holding Co., Ltd. (a) | 940 | 43,089 | ||||||
Sakata Seed Corp. | 2,384 | 39,214 | ||||||
Yakult Honsha Co., Ltd. (a) | 864 | 42,852 | ||||||
411,373 | ||||||||
GAS UTILITIES — 0.8% | ||||||||
Osaka Gas Co., Ltd. | 18,150 | 68,651 | ||||||
Saibu Gas Co., Ltd. | 15,273 | 34,814 | ||||||
Tokyo Gas Co., Ltd. | 20,873 | 100,701 | ||||||
204,166 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 1.4% | ||||||||
Asahi Intecc Co., Ltd. | 1,000 | 35,820 | ||||||
Hoya Corp. | 3,932 | 128,139 | ||||||
Nakanishi, Inc. | 500 | 18,578 | ||||||
Olympus Corp. | 1,542 | 47,832 | ||||||
Sysmex Corp. | 1,200 | 62,923 | ||||||
Terumo Corp. | 2,900 | 81,602 | ||||||
374,894 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 0.5% | ||||||||
BML, Inc. | 300 | 8,329 | ||||||
Medipal Holdings Corp. | 1,792 | 28,294 | ||||||
Miraca Holdings, Inc. | 936 | 39,546 | ||||||
Nichii Gakkan Co. (a) | 300 | 2,079 | ||||||
Suzuken Co., Ltd. | 900 | 29,871 | ||||||
Tsukui Corp. (a) | 1,400 | 13,431 | ||||||
121,550 | ||||||||
HEALTH CARE TECHNOLOGY — 0.0% (b) | ||||||||
M3, Inc. | 400 | 7,905 | ||||||
HOTELS, RESTAURANTS & LEISURE — 0.5% | ||||||||
Oriental Land Co., Ltd. (a) | 2,400 | 133,642 | ||||||
Round One Corp. (a) | 1,200 | 4,819 | ||||||
138,461 | ||||||||
HOUSEHOLD DURABLES — 2.9% | ||||||||
Casio Computer Co., Ltd. (a) | 3,348 | 60,522 | ||||||
Fujitsu General, Ltd. | 1,000 | 10,821 | ||||||
Funai Electric Co., Ltd. (a) | 595 | 5,470 | ||||||
Haseko Corp. | 2,700 | 30,435 | ||||||
Nikon Corp. (a) | 2,740 | 32,990 | ||||||
Panasonic Corp. | 18,981 | 190,737 | ||||||
Pioneer Corp. (a)(c) | 3,560 | 7,699 | ||||||
Sangetsu Co., Ltd. | 500 | 7,953 | ||||||
Sekisui Chemical Co., Ltd. | 3,079 | 32,213 | ||||||
Sekisui House, Ltd. | 5,679 | 88,434 | ||||||
Sharp Corp. (a)(c) | 8,519 | 9,745 | ||||||
Sony Corp. | 10,211 | 247,122 | ||||||
Sumitomo Forestry Co., Ltd. | 2,068 | 23,035 | ||||||
747,176 | ||||||||
HOUSEHOLD PRODUCTS — 0.2% | ||||||||
Unicharm Corp. (a) | 2,700 | 47,658 | ||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1% | ||||||||
Electric Power Development Co., Ltd. | 1,240 | 37,739 | ||||||
INDUSTRIAL CONGLOMERATES — 0.7% | ||||||||
Keihan Electric Railway Co., Ltd. (a) | 8,747 | 58,136 | ||||||
Nisshinbo Holdings, Inc. | 2,584 | 29,041 | ||||||
Toshiba Corp. (a)(c) | 35,633 | 89,376 | ||||||
176,553 | ||||||||
INSURANCE — 2.8% | ||||||||
Dai-ichi Life Insurance Co., Ltd. | 9,200 | 145,453 | ||||||
MS&AD Insurance Group Holdings, Inc. | 5,336 | 142,261 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 3,000 | 86,569 | ||||||
Sony Financial Holdings, Inc. | 2,400 | 39,237 | ||||||
T&D Holdings, Inc. | 6,300 | 73,881 | ||||||
Tokio Marine Holdings, Inc. | 6,447 | 239,115 | ||||||
726,516 | ||||||||
INTERNET & CATALOG RETAIL — 0.5% | ||||||||
ASKUL Corp. | 500 | 18,975 | ||||||
Rakuten, Inc. (a) | 7,700 | 97,982 | ||||||
116,957 | ||||||||
INTERNET SOFTWARE & SERVICES — 0.5% | ||||||||
DeNA Co., Ltd. (a) | 1,200 | 22,234 | ||||||
F@N Communications, Inc. | 600 | 3,928 | ||||||
Gree, Inc. (a) | 900 | 4,020 | ||||||
Gurunavi, Inc. (a) | 600 | 9,859 | ||||||
Internet Initiative Japan, Inc. (a) | 900 | 16,066 | ||||||
Kakaku.com, Inc. (a) | 400 | 6,459 | ||||||
Mixi, Inc. (a) | 300 | 10,220 | ||||||
Yahoo! Japan Corp. | 15,500 | 58,757 | ||||||
131,543 | ||||||||
IT SERVICES — 0.9% | ||||||||
Digital Garage, Inc. (a) | 400 | 5,501 | ||||||
Fujitsu, Ltd. | 15,498 | 67,096 | ||||||
IT Holdings Corp. (a) | 1,232 | 27,805 | ||||||
Itochu Techno-Solutions Corp. | 900 | 19,125 | ||||||
NET One Systems Co., Ltd. (a) | 3,000 | 16,933 | ||||||
Nomura Research Institute, Ltd. | 330 | 12,606 | ||||||
NTT Data Corp. | 1,200 | 60,218 | ||||||
SCSK Corp. (a) | 200 | 7,473 | ||||||
TKC Corp. (a) | 600 | 15,405 | ||||||
232,162 | ||||||||
LEISURE PRODUCTS — 1.0% | ||||||||
Bandai Namco Holdings, Inc. | 2,632 | 60,875 | ||||||
Sankyo Co., Ltd. | 940 | 33,357 | ||||||
Sega Sammy Holdings, Inc. | 2,431 | 23,627 | ||||||
Shimano, Inc. (a) | 692 | 96,723 | ||||||
Yamaha Corp. | 1,792 | 39,471 | ||||||
254,053 | ||||||||
MACHINERY — 5.1% | ||||||||
Amada Holdings Co., Ltd. (a) | 2,627 | 19,917 | ||||||
DMG Mori Co., Ltd. (a) | 1,468 | 18,521 | ||||||
FANUC Corp. | 1,780 | 272,206 | ||||||
Glory, Ltd. | 1,544 | 36,317 | ||||||
IHI Corp. | 15,311 | 39,120 | ||||||
Japan Steel Works, Ltd. (a) | 2,708 | 8,547 |
See accompanying notes to financial statements.
392
SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
JTEKT Corp. | 2,108 | $ | 29,288 | |||||
Kawasaki Heavy Industries, Ltd. (a) | 11,978 | 41,105 | ||||||
Komatsu, Ltd. (a) | 8,139 | 119,097 | ||||||
Komori Corp. | 1,188 | 12,171 | ||||||
Kubota Corp. | 7,663 | 104,645 | ||||||
Kurita Water Industries, Ltd. | 1,476 | 31,217 | ||||||
Makita Corp. (a) | 1,276 | 67,441 | ||||||
Minebea Co., Ltd. (a) | 3,255 | 34,272 | ||||||
Mitsubishi Heavy Industries, Ltd. | 27,676 | 123,030 | ||||||
Mitsui Engineering & Shipbuilding Co., Ltd. (a) | 11,567 | 16,612 | ||||||
NGK Insulators, Ltd. | 2,320 | 44,108 | ||||||
NSK, Ltd. | 3,663 | 35,264 | ||||||
NTN Corp. | 3,495 | 14,299 | ||||||
OKUMA Corp. (a) | 2,648 | 16,450 | ||||||
OSG Corp. (a) | 1,512 | 28,469 | ||||||
SMC Corp. | 620 | 134,882 | ||||||
Sodick Co., Ltd. | 200 | 1,244 | ||||||
Sumitomo Heavy Industries, Ltd. | 5,795 | 22,790 | ||||||
Takuma Co., Ltd. | 3,000 | 22,569 | ||||||
THK Co., Ltd. (a) | 1,500 | 23,721 | ||||||
Toshiba Machine Co., Ltd. | 2,944 | 9,193 | ||||||
1,326,495 | ||||||||
MARINE — 0.2% | ||||||||
Kawasaki Kisen Kaisha, Ltd. (a) | 8,759 | 19,161 | ||||||
Mitsui OSK Lines, Ltd. (a) | 6,491 | 15,501 | ||||||
Nippon Yusen K.K. | 11,995 | 27,643 | ||||||
62,305 | ||||||||
MEDIA — 0.8% | ||||||||
Adways, Inc. | 500 | 3,131 | ||||||
CyberAgent, Inc. (a) | 600 | 23,346 | ||||||
Dentsu, Inc. | 2,400 | 122,640 | ||||||
Toho Co., Ltd. | 2,052 | 46,655 | ||||||
Usen Corp. (c) | 1,670 | 4,169 | ||||||
199,941 | ||||||||
METALS & MINING — 1.5% | ||||||||
Daido Steel Co., Ltd. (a) | 3,199 | 10,097 | ||||||
Dowa Holdings Co., Ltd. (a) | 2,767 | 20,862 | ||||||
JFE Holdings, Inc. (a) | 4,247 | 55,408 | ||||||
Kobe Steel, Ltd. (a) | 18,645 | 20,083 | ||||||
Mitsubishi Materials Corp. | 12,027 | 36,353 | ||||||
Mitsubishi Steel Manufacturing Co., Ltd. | 6,000 | 10,971 | ||||||
Mitsui Mining & Smelting Co., Ltd. | 8,839 | 15,794 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 5,576 | 100,952 | ||||||
Nippon Yakin Kogyo Co., Ltd. (c) | 400 | 501 | ||||||
Nisshin Steel Co., Ltd. (a) | 800 | 7,114 | ||||||
Sumitomo Metal Mining Co., Ltd. | 5,575 | 62,935 | ||||||
Toho Zinc Co., Ltd. (a) | 6,000 | 13,677 | ||||||
Tokyo Steel Manufacturing Co., Ltd. | 244 | 1,326 | ||||||
Topy Industries, Ltd. (a) | 8,000 | 16,432 | ||||||
Yodogawa Steel Works, Ltd. (a) | 1,193 | 22,186 | ||||||
394,691 | ||||||||
MULTILINE RETAIL — 1.4% | ||||||||
Don Quijote Holdings Co., Ltd. | 1,000 | 37,490 | ||||||
H2O Retailing Corp. | 3,500 | 66,017 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 3,641 | 54,479 | ||||||
J Front Retailing Co., Ltd. | 2,800 | 45,215 | ||||||
Marui Group Co., Ltd. (a) | 3,916 | 47,052 | ||||||
Ryohin Keikaku Co., Ltd. | 336 | 68,230 | ||||||
Seria Co., Ltd. (a) | 400 | 19,705 | ||||||
Takashimaya Co., Ltd. | 3,332 | 26,847 | ||||||
365,035 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 0.7% | ||||||||
Cosmo Oil Co., Ltd. (c) | 8,927 | 12,224 | ||||||
Inpex Corp. | 8,900 | 79,031 | ||||||
JX Holdings, Inc. (a) | 21,700 | 78,074 | ||||||
TonenGeneral Sekiyu K.K. | 2,547 | 24,606 | ||||||
193,935 | ||||||||
PAPER & FOREST PRODUCTS — 0.2% | ||||||||
Nippon Paper Industries Co., Ltd. (a) | 600 | 9,133 | ||||||
OJI Paper Co., Ltd. | 8,839 | 37,787 | ||||||
46,920 | ||||||||
PERSONAL PRODUCTS — 1.3% | ||||||||
Euglena Co., Ltd. (a)(c) | 800 | 11,743 | ||||||
Kao Corp. | 4,839 | 218,303 | ||||||
Mandom Corp. | 1,616 | 52,623 | ||||||
Shiseido Co., Ltd. (a) | 2,732 | 59,321 | ||||||
341,990 | ||||||||
PHARMACEUTICALS — 5.6% | ||||||||
Astellas Pharma, Inc. | 19,100 | 246,395 | ||||||
Chugai Pharmaceutical Co., Ltd. | 1,616 | 49,452 | ||||||
Daiichi Sankyo Co., Ltd. (a) | 6,051 | 104,585 | ||||||
Eisai Co., Ltd. (a) | 2,340 | 137,354 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 604 | 20,122 | ||||||
Kissei Pharmaceutical Co., Ltd. | 1,500 | 34,067 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 2,833 | 42,058 | ||||||
Mitsubishi Tanabe Pharma Corp. | 3,000 | 52,728 | ||||||
Mochida Pharmaceutical Co., Ltd. | 600 | 34,618 | ||||||
Nichi-iko Pharmaceutical Co., Ltd. (a) | 300 | 7,853 | ||||||
Ono Pharmaceutical Co., Ltd. | 632 | 74,564 | ||||||
Otsuka Holdings Co., Ltd. | 3,800 | 120,823 | ||||||
Santen Pharmaceutical Co., Ltd. | 4,800 | 64,085 | ||||||
Seikagaku Corp. | 1,200 | 14,659 | ||||||
Shionogi & Co., Ltd. (a) | 2,996 | 106,942 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. (a) | 1,460 | 14,556 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. (a) | 500 | 28,639 | ||||||
Takeda Pharmaceutical Co., Ltd. (a) | 6,555 | 286,632 | ||||||
Torii Pharmaceutical Co., Ltd. | 300 | 7,024 | ||||||
Towa Pharmaceutical Co., Ltd. (a) | 200 | 12,775 | ||||||
Tsumura & Co. | 100 | 2,167 | ||||||
1,462,098 | ||||||||
PROFESSIONAL SERVICES — 0.3% | ||||||||
Meitec Corp. | 1,212 | 42,098 | ||||||
Nihon M&A Center, Inc. (a) | 600 | 26,051 | ||||||
68,149 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.1% | ||||||||
Daikyo, Inc. (a) | 6,256 | 10,552 | ||||||
Daito Trust Construction Co., Ltd. | 864 | 87,471 | ||||||
Daiwa House Industry Co., Ltd. | 4,363 | 107,377 | ||||||
Heiwa Real Estate Co., Ltd. (a) | 1,400 | 14,939 | ||||||
Hulic Co., Ltd. (a) | 800 | 7,194 |
See accompanying notes to financial statements.
393
SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Leopalace21 Corp. (a)(c) | 1,544 | $ | 7,168 | |||||
Mitsubishi Estate Co., Ltd. | 10,111 | 205,614 | ||||||
Mitsui Fudosan Co., Ltd. | 7,923 | 215,862 | ||||||
Sumitomo Realty & Development Co., Ltd. | 2,843 | 89,991 | ||||||
Tokyo Tatemono Co., Ltd. | 2,700 | 32,035 | ||||||
Tokyu Fudosan Holdings Corp. | 4,000 | 26,485 | ||||||
804,688 | ||||||||
ROAD & RAIL — 4.5% | ||||||||
Central Japan Railway Co. | 1,300 | 208,680 | ||||||
East Japan Railway Co. | 2,700 | 226,681 | ||||||
Hankyu Hanshin Holdings, Inc. | 12,486 | 76,106 | ||||||
Keikyu Corp. (a) | 6,355 | 50,409 | ||||||
Keio Corp. | 8,000 | 56,644 | ||||||
Keisei Electric Railway Co., Ltd. | 3,147 | 34,396 | ||||||
Kintetsu Group Holdings Co., Ltd. (a) | 18,038 | 64,612 | ||||||
Nagoya Railroad Co., Ltd. (a) | 12,362 | 48,410 | ||||||
Nankai Electric Railway Co., Ltd. | 9,111 | 46,405 | ||||||
Nippon Express Co., Ltd. | 11,555 | 54,898 | ||||||
Odakyu Electric Railway Co., Ltd. (a) | 3,483 | 31,234 | ||||||
Sotetsu Holdings, Inc. (a) | 12,254 | 66,813 | ||||||
Tobu Railway Co., Ltd. | 9,007 | 38,581 | ||||||
Tokyu Corp. | 9,391 | 68,610 | ||||||
West Japan Railway Co. | 1,600 | 99,942 | ||||||
1,172,421 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.4% | ||||||||
Advantest Corp. (a) | 1,816 | 12,979 | ||||||
Disco Corp. (a) | 284 | 19,824 | ||||||
Rohm Co., Ltd. | 876 | 38,693 | ||||||
Sanken Electric Co., Ltd. (a) | 3,404 | 11,426 | ||||||
SCREEN Holdings Co., Ltd. | 364 | 1,769 | ||||||
Shinko Electric Industries Co., Ltd. (a) | 892 | 4,997 | ||||||
Sumco Corp. | 1,546 | 13,761 | ||||||
103,449 | ||||||||
SOFTWARE — 0.9% | ||||||||
GungHo Online Entertainment, Inc. (a) | 3,100 | 9,163 | ||||||
Konami Corp. (a) | 1,192 | 25,708 | ||||||
Nintendo Co., Ltd. | 948 | 158,785 | ||||||
NSD Co., Ltd. | 1,400 | 17,137 | ||||||
Square Enix Holdings Co., Ltd. | 596 | 14,735 | ||||||
Trend Micro, Inc. (a) | 568 | 19,990 | ||||||
245,518 | ||||||||
SPECIALTY RETAIL — 1.8% | ||||||||
Aoyama Trading Co., Ltd. | 1,484 | 52,166 | ||||||
Arcland Sakamoto Co., Ltd. | 500 | 10,729 | ||||||
Autobacs Seven Co., Ltd. (a) | 780 | 12,915 | ||||||
Fast Retailing Co., Ltd. (a) | 276 | 111,746 | ||||||
Gulliver International Co., Ltd. (a) | 900 | 8,206 | ||||||
Hikari Tsushin, Inc. | 284 | 19,800 | ||||||
Jin Co., Ltd. (a) | 500 | 23,379 | ||||||
K’s Holdings Corp. (a) | 400 | 12,525 | ||||||
Nitori Holding Co., Ltd. | 600 | 46,842 | ||||||
Sanrio Co., Ltd. (a) | 648 | 17,612 | ||||||
Shimachu Co., Ltd. | 1,484 | 32,439 | ||||||
Shimamura Co., Ltd. (a) | 332 | 35,649 | ||||||
USS Co., Ltd. | 3,000 | 49,697 | ||||||
VT Holdings Co., Ltd. | 900 | 5,411 | ||||||
Yamada Denki Co., Ltd. (a) | 9,000 | 36,221 | ||||||
475,337 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.6% | ||||||||
Brother Industries, Ltd. | 2,732 | 32,711 | ||||||
Canon, Inc. | 9,258 | 266,999 | ||||||
FUJIFILM Holdings Corp. | 4,227 | 157,271 | ||||||
Konica Minolta Holdings, Inc. | 6,075 | 63,608 | ||||||
NEC Corp. | 17,918 | 54,907 | ||||||
Ricoh Co., Ltd. (a) | 5,555 | 55,868 | ||||||
Roland DG Corp. | 400 | 8,543 | ||||||
Seiko Epson Corp. | 3,200 | 45,075 | ||||||
Wacom Co., Ltd. (a) | 200 | 735 | ||||||
685,717 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.4% | ||||||||
Asics Corp. | 1,764 | 41,800 | ||||||
Gunze, Ltd. | 6,223 | 18,758 | ||||||
Japan Wool Textile Co., Ltd. (a) | 3,031 | 25,460 | ||||||
Onward Holdings Co., Ltd. (a) | 2,580 | 15,209 | ||||||
101,227 | ||||||||
TOBACCO — 1.1% | ||||||||
Japan Tobacco, Inc. | 9,000 | 277,669 | ||||||
TRADING COMPANIES & DISTRIBUTORS — 3.2% | ||||||||
Hanwa Co., Ltd. (a) | 3,207 | 11,729 | ||||||
Inaba Denki Sangyo Co., Ltd. (a) | 1,356 | 40,760 | ||||||
ITOCHU Corp. (a) | 13,066 | 137,189 | ||||||
Iwatani Corp. | 451 | 2,553 | ||||||
Kanematsu Corp. | 9,000 | 12,550 | ||||||
Marubeni Corp. (a) | 15,402 | 75,078 | ||||||
Mitsubishi Corp. | 11,407 | 186,061 | ||||||
Mitsui & Co., Ltd. (a) | 14,902 | 166,794 | ||||||
Nishio Rent All Co., Ltd. | 400 | 7,822 | ||||||
Sojitz Corp. (a) | 12,828 | 23,778 | ||||||
Sumitomo Corp. (a) | 9,575 | 92,100 | ||||||
Toyota Tsusho Corp. | 1,539 | 32,292 | ||||||
Yamazen Corp. (a) | 4,200 | 34,543 | ||||||
823,249 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 0.1% | ||||||||
Kamigumi Co., Ltd. | 3,395 | 27,667 | ||||||
Mitsubishi Logistics Corp. | 216 | 2,492 | ||||||
30,159 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 3.4% | ||||||||
KDDI Corp. | 15,000 | 334,029 | ||||||
NTT DoCoMo, Inc. (a) | 12,600 | 209,675 | ||||||
SoftBank Group Corp. | 7,215 | 329,951 | ||||||
873,655 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $30,647,776) | 25,659,462 | |||||||
SHORT TERM INVESTMENTS — 18.9% | ||||||||
UNITED STATES — 18.9% | ||||||||
MONEY MARKET FUNDS — 18.9% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 4,865,671 | 4,865,671 |
See accompanying notes to financial statements.
394
SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f) | 24,674 | $ | 24,674 | |||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $4,890,345) | 4,890,345 | |||||||
TOTAL INVESTMENTS — 117.8% | ||||||||
(Cost $35,538,121) | 30,549,807 | |||||||
OTHER ASSETS & LIABILITIES — (17.8)% | (4,616,220 | ) | ||||||
NET ASSETS — 100.0% | $ | 25,933,587 | ||||||
(a) | All or a portion of the security was on loan at September 30, 2015. | |||||
(b) | Amount shown represents less than 0.05% of net assets. | |||||
(c) | Non-income producing security | |||||
(d) | Investments of cash collateral for securities loaned | |||||
(e) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). | |||||
(f) | The rate shown is the annualized seven-day yield at period end. |
See accompanying notes to financial statements.
395
SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.9% | ||||||||
JAPAN — 98.9% | ||||||||
AEROSPACE & DEFENSE — 0.1% | ||||||||
Jamco Corp. | 1,000 | $ | 38,325 | |||||
AIR FREIGHT & LOGISTICS — 0.3% | ||||||||
Kintetsu World Express, Inc. | 7,200 | 126,367 | ||||||
Mitsui-Soko Holdings Co., Ltd. (a) | 21,686 | 63,013 | ||||||
189,380 | ||||||||
AUTO COMPONENTS — 4.3% | ||||||||
Ahresty Corp. | 4,300 | 25,204 | ||||||
Akebono Brake Industry Co., Ltd. (a) | 4,400 | 13,924 | ||||||
Calsonic Kansei Corp. | 13,000 | 96,932 | ||||||
Daido Metal Co., Ltd. | 1,900 | 15,737 | ||||||
Eagle Industry Co., Ltd. | 5,000 | 88,757 | ||||||
Exedy Corp. (a) | 3,600 | 79,476 | ||||||
FCC Co., Ltd. | 7,113 | 113,616 | ||||||
Futaba Industrial Co., Ltd. (a) | 10,194 | 36,685 | ||||||
Keihin Corp. | 7,341 | 103,343 | ||||||
KYB Co., Ltd. (a) | 19,902 | 52,345 | ||||||
Mitsuba Corp. | 2,700 | 35,980 | ||||||
Musashi Seimitsu Industry Co., Ltd. (a) | 4,152 | 72,421 | ||||||
Nifco, Inc. (a) | 6,900 | 234,772 | ||||||
Nippon Seiki Co., Ltd. | 5,000 | 96,606 | ||||||
Nissin Kogyo Co., Ltd. (a) | 7,534 | 112,477 | ||||||
Piolax, Inc. | 900 | 41,181 | ||||||
Press Kogyo Co., Ltd. (a) | 18,569 | 70,546 | ||||||
Riken Corp. | 21,000 | 69,261 | ||||||
Sanden Holdings Corp. (a) | 18,000 | 55,759 | ||||||
Showa Corp. | 8,139 | 64,560 | ||||||
Sumitomo Riko Co., Ltd. | 8,600 | 74,680 | ||||||
Tachi-S Co., Ltd. (a) | 5,300 | 68,770 | ||||||
Takata Corp. (a)(b) | 4,600 | 50,354 | ||||||
Tokai Rika Co., Ltd. | 7,500 | 153,864 | ||||||
Topre Corp. (a) | 5,834 | 112,135 | ||||||
Toyoda Gosei Co., Ltd. | 9,500 | 185,851 | ||||||
Toyota Boshoku Corp. (a) | 6,800 | 114,748 | ||||||
TPR Co., Ltd. | 3,500 | 79,284 | ||||||
TS Tech Co., Ltd. | 6,200 | 168,246 | ||||||
Unipres Corp. | 5,200 | 98,560 | ||||||
Yorozu Corp. | 1,000 | 20,390 | ||||||
2,606,464 | ||||||||
AUTOMOBILES — 0.2% | ||||||||
Nissan Shatai Co., Ltd. (a) | 9,700 | 106,666 | ||||||
BANKS — 7.7% | ||||||||
Aichi Bank, Ltd. | 1,149 | 65,813 | ||||||
Akita Bank, Ltd. | 9,000 | 28,781 | ||||||
Aomori Bank, Ltd. | 24,000 | 76,951 | ||||||
Awa Bank, Ltd. | 20,000 | 114,892 | ||||||
Bank of Iwate, Ltd. (a) | 2,956 | 133,528 | ||||||
Bank of Nagoya, Ltd. (a) | 25,000 | 95,604 | ||||||
Bank of Okinawa, Ltd. | 3,300 | 135,979 | ||||||
Bank of the Ryukyus, Ltd. | 7,781 | 113,955 | ||||||
Chukyo Bank, Ltd. | 11,000 | 22,594 | ||||||
Daishi Bank, Ltd. | 45,000 | 210,788 | ||||||
Eighteenth Bank, Ltd. | 17,000 | 52,378 | ||||||
Fukui Bank, Ltd. | 12,000 | 24,548 | ||||||
Fukushima Bank, Ltd. | 72,478 | 54,465 | ||||||
Higashi-nippon Bank, Ltd. | 15,000 | 49,096 | ||||||
Higo Bank, Ltd. (a) | 30,000 | 221,183 | ||||||
Hokkoku Bank, Ltd. | 29,000 | 117,196 | ||||||
Hyakugo Bank, Ltd. | 42,000 | 201,645 | ||||||
Hyakujushi Bank, Ltd. | 35,000 | 125,663 | ||||||
Jimoto Holdings, Inc. | 25,700 | 44,205 | ||||||
Juroku Bank, Ltd. | 47,000 | 204,851 | ||||||
Kagoshima Bank, Ltd. (a) | 25,000 | 202,480 | ||||||
Kansai Urban Banking Corp. | 6,400 | 73,958 | ||||||
Keiyo Bank, Ltd. | 35,000 | 185,280 | ||||||
Kiyo Bank, Ltd. | 12,600 | 201,154 | ||||||
Miyazaki Bank, Ltd. | 16,000 | 53,972 | ||||||
Musashino Bank, Ltd. | 5,700 | 204,889 | ||||||
Nagano Bank, Ltd. | 35,534 | 58,746 | ||||||
Nanto Bank, Ltd. (a) | 35,000 | 110,174 | ||||||
North Pacific Bank, Ltd. | 43,300 | 170,648 | ||||||
Ogaki Kyoritsu Bank, Ltd. | 30,000 | 117,731 | ||||||
Oita Bank, Ltd. (a) | 12,000 | 49,697 | ||||||
San-In Godo Bank, Ltd. | 14,000 | 136,417 | ||||||
Senshu Ikeda Holdings, Inc. | 18,200 | 78,717 | ||||||
Shiga Bank, Ltd. | 20,000 | 101,198 | ||||||
Shikoku Bank, Ltd. | 42,000 | 88,724 | ||||||
Shimizu Bank, Ltd. | 2,500 | 62,330 | ||||||
Taiko Bank, Ltd. (a) | 32,000 | 61,186 | ||||||
Tochigi Bank, Ltd. | 20,846 | 114,008 | ||||||
Toho Bank, Ltd. | 21,000 | 77,502 | ||||||
Tokyo TY Financial Group, Inc. | 3,700 | 115,234 | ||||||
Tomato Bank, Ltd. | 46,872 | 66,532 | ||||||
TOMONY Holdings, Inc. | 24,705 | 96,126 | ||||||
Towa Bank, Ltd. | 47,000 | 41,206 | ||||||
Yamagata Bank, Ltd. (a) | 10,000 | 39,828 | ||||||
Yamanashi Chuo Bank, Ltd. | 16,000 | 83,230 | ||||||
4,685,082 | ||||||||
BEVERAGES — 1.2% | ||||||||
Coca-Cola East Japan Co., Ltd. | 8,200 | 132,074 | ||||||
Coca-Cola West Co., Ltd. | 6,400 | 124,243 | ||||||
Ito En, Ltd. (a) | 8,100 | 169,014 | ||||||
Oenon Holdings, Inc. | 9,000 | 15,856 | ||||||
Sapporo Holdings, Ltd. (a) | 33,000 | 128,401 | ||||||
Takara Holdings, Inc. | 23,100 | 138,293 | ||||||
707,881 | ||||||||
BIOTECHNOLOGY — 0.6% | ||||||||
3-D Matrix, Ltd. (a)(b) | 3,000 | 26,527 | ||||||
D.Western Therapeutics Institute, Inc. (b) | 1,500 | 7,202 | ||||||
GNI Group, Ltd. (a)(b) | 11,000 | 18,186 | ||||||
Japan Tissue Engineering Co., Ltd. (a)(b) | 1,000 | 7,840 | ||||||
NanoCarrier Co., Ltd. (a)(b) | 3,000 | 26,251 | ||||||
OncoTherapy Science, Inc. (a)(b) | 17,700 | 45,076 | ||||||
PeptiDream, Inc. (a)(b) | 4,000 | 102,367 | ||||||
ReproCELL, Inc. (a)(b) | 8,600 | 32,960 | ||||||
Takara Bio, Inc. (a) | 7,300 | 68,084 | ||||||
UMN Pharma, Inc. (a)(b) | 1,000 | 19,162 | ||||||
353,655 | ||||||||
See accompanying notes to financial statements.
396
SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
BUILDING PRODUCTS — 2.1% | ||||||||
Aica Kogyo Co., Ltd. | 8,519 | $ | 169,790 | |||||
Bunka Shutter Co., Ltd. | 9,577 | 68,530 | ||||||
Central Glass Co., Ltd. | 35,309 | 153,896 | ||||||
Nichias Corp. | 17,000 | 101,632 | ||||||
Nichiha Corp. | 1,100 | 15,155 | ||||||
Nippon Sheet Glass Co., Ltd. (a)(b) | 137,000 | 115,535 | ||||||
Nitto Boseki Co., Ltd. | 20,020 | 59,676 | ||||||
Noritz Corp. (a) | 5,565 | 83,406 | ||||||
Okabe Co., Ltd. (a) | 3,300 | 27,774 | ||||||
Sankyo Tateyama, Inc. | 4,000 | 61,921 | ||||||
Sanwa Holdings Corp. | 28,310 | 193,831 | ||||||
Sekisui Jushi Corp. | 1,200 | 15,601 | ||||||
Takara Standard Co., Ltd. | 15,000 | 106,208 | ||||||
Takasago Thermal Engineering Co., Ltd. (a) | 8,500 | 117,175 | ||||||
1,290,130 | ||||||||
CAPITAL MARKETS — 1.6% | ||||||||
Aizawa Securities Co., Ltd. | 2,600 | 15,696 | ||||||
Ichigo, Inc. (a) | 12,900 | 29,836 | ||||||
Ichiyoshi Securities Co., Ltd. (a) | 7,900 | 68,139 | ||||||
Jafco Co., Ltd. | 3,500 | 137,352 | ||||||
kabu.com Securities Co., Ltd | 11,200 | 36,098 | ||||||
Kyokuto Securities Co., Ltd. | 5,500 | 73,340 | ||||||
Marusan Securities Co., Ltd. (a) | 3,600 | 36,341 | ||||||
Matsui Securities Co., Ltd. | 12,700 | 109,434 | ||||||
Mito Securities Co., Ltd. | 8,200 | 26,839 | ||||||
Monex Group, Inc. (a) | 33,600 | 82,201 | ||||||
Okasan Securities Group, Inc. | 22,447 | 134,384 | ||||||
Sawada Holdings Co., Ltd. | 1,800 | 17,449 | ||||||
Sparx Group Co., Ltd. (a) | 7,500 | 18,035 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 28,221 | 166,831 | ||||||
Toyo Securities Co., Ltd. | 16,457 | 51,117 | ||||||
1,003,092 | ||||||||
CHEMICALS — 4.7% | ||||||||
ADEKA Corp. | 12,913 | 164,101 | ||||||
Asahi Organic Chemicals Industry Co., Ltd. (a) | 26,540 | 48,531 | ||||||
C. Uyemura & Co., Ltd. | 976 | 47,266 | ||||||
Chugoku Marine Paints, Ltd. | 6,000 | 37,824 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co., Ltd. | 600 | 24,298 | ||||||
Fujikura Kasei Co., Ltd. | 8,238 | 36,525 | ||||||
Fujimi, Inc. | 3,473 | 46,717 | ||||||
Fujimori Kogyo Co., Ltd. | 2,500 | 61,161 | ||||||
Ihara Chemical Industry Co., Ltd. (a) | 7,100 | 73,333 | ||||||
Ishihara Sangyo Kaisha, Ltd. (b) | 55,811 | 47,998 | ||||||
Japan Pure Chemical Co., Ltd. | 3,300 | 60,453 | ||||||
Kureha Corp. | 20,000 | 71,640 | ||||||
Lintec Corp. | 9,008 | 188,561 | ||||||
Nihon Nohyaku Co., Ltd. (a) | 4,000 | 26,819 | ||||||
Nihon Parkerizing Co., Ltd. | 14,600 | 118,736 | ||||||
Nippon Soda Co., Ltd. | 24,065 | 136,435 | ||||||
Nippon Synthetic Chemical Industry Co., Ltd. | 2,000 | 12,458 | ||||||
Nippon Valqua Industries, Ltd. | 29,025 | 69,797 | ||||||
NOF Corp. | 24,731 | 168,914 | ||||||
Okamoto Industries, Inc. (a) | 9,841 | 92,851 | ||||||
Sakai Chemical Industry Co., Ltd. | 8,000 | 22,377 | ||||||
Sakata INX Corp. | 6,100 | 48,386 | ||||||
Sanyo Chemical Industries, Ltd. | 11,000 | 73,661 | ||||||
Sumitomo Bakelite Co., Ltd. | 30,000 | 109,715 | ||||||
T Hasegawa Co., Ltd. (a) | 5,100 | 66,132 | ||||||
Taiyo Holdings Co., Ltd. (a) | 3,500 | 106,667 | ||||||
Taki Chemical Co., Ltd. | 4,000 | 23,212 | ||||||
Toagosei Co., Ltd. | 19,000 | 137,227 | ||||||
Tokai Carbon Co., Ltd. (a) | 30,542 | 72,935 | ||||||
Tokuyama Corp. (a)(b) | 51,000 | 83,038 | ||||||
Tokyo Ohka Kogyo Co., Ltd. | 6,700 | 176,780 | ||||||
Toyo Ink SC Holdings Co., Ltd. (a) | 31,000 | 113,113 | ||||||
Toyobo Co., Ltd. | 102,000 | 137,970 | ||||||
Zeon Corp. | 19,000 | 149,284 | ||||||
2,854,915 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 2.8% | ||||||||
Aeon Delight Co., Ltd. | 3,700 | 106,584 | ||||||
Asukanet Co., Ltd. | 1,300 | 29,199 | ||||||
Daiseki Co., Ltd. | 7,593 | 128,954 | ||||||
Duskin Co., Ltd. (a) | 9,800 | 177,237 | ||||||
Itoki Corp. | 3,000 | 19,062 | ||||||
Kokuyo Co., Ltd. | 10,300 | 108,792 | ||||||
Kyodo Printing Co., Ltd. | 15,000 | 41,331 | ||||||
Mitsubishi Pencil Co., Ltd. | 1,000 | 47,092 | ||||||
Moshi Moshi Hotline, Inc. | 8,744 | 90,167 | ||||||
Nippon Parking Development Co., Ltd. (a) | 17,100 | 18,133 | ||||||
Nissha Printing Co., Ltd. (a) | 4,800 | 91,259 | ||||||
Okamura Corp. | 11,184 | 100,480 | ||||||
Oyo Corp. | 1,100 | 12,776 | ||||||
Pilot Corp. | 4,900 | 201,499 | ||||||
Prestige International, Inc. (a) | 1,400 | 13,887 | ||||||
Sanix, Inc. (b) | 2,900 | 6,150 | ||||||
Sato Holdings Corp. (a) | 4,100 | 76,170 | ||||||
Sohgo Security Services Co., Ltd. (a) | 7,400 | 336,125 | ||||||
Toppan Forms Co., Ltd. | 7,300 | 86,309 | ||||||
1,691,206 | ||||||||
COMMUNICATIONS EQUIPMENT — 0.4% | ||||||||
Aiphone Co., Ltd. | 3,106 | 46,448 | ||||||
Denki Kogyo Co., Ltd. | 11,303 | 50,963 | ||||||
Hitachi Kokusai Electric, Inc. | 9,634 | 101,275 | ||||||
Icom, Inc. | 3,000 | 62,122 | ||||||
Japan Radio Co., Ltd. | 3,000 | 9,694 | ||||||
270,502 | ||||||||
CONSTRUCTION & ENGINEERING — 5.8% | ||||||||
Chudenko Corp. (a) | 4,000 | 77,418 | ||||||
Daiho Corp. | 7,000 | 29,341 | ||||||
Fudo Tetra Corp. (a) | 12,200 | 16,197 | ||||||
Hazama Ando Corp. (a) | 22,000 | 140,158 | ||||||
Hibiya Engineering, Ltd. | 1,200 | 13,326 | ||||||
Kandenko Co., Ltd. (a) | 15,000 | 96,689 | ||||||
Kinden Corp. | 20,924 | 264,509 | ||||||
Kumagai Gumi Co., Ltd. | 53,000 | 165,065 | ||||||
Kyowa Exeo Corp. | 12,376 | 119,146 | ||||||
Kyudenko Corp. (a) | 5,657 | 93,854 | ||||||
Maeda Corp. (a) | 16,158 | 117,645 | ||||||
Maeda Road Construction Co., Ltd. | 11,000 | 192,143 |
See accompanying notes to financial statements.
397
SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Mirait Holdings Corp. (a) | 10,900 | $ | 98,474 | |||||
Mitsubishi Kakoki Kaisha, Ltd. | 11,000 | 25,166 | ||||||
Nichireki Co., Ltd. | 2,000 | 15,464 | ||||||
Nippo Corp. | 10,000 | 169,916 | ||||||
Nippon Densetsu Kogyo Co., Ltd. | 2,500 | 44,671 | ||||||
Nippon Koei Co., Ltd. | 6,000 | 24,799 | ||||||
Nippon Road Co., Ltd. | 15,000 | 74,771 | ||||||
Nishimatsu Construction Co., Ltd. | 43,000 | 178,082 | ||||||
Okumura Corp. (a) | 29,000 | 154,002 | ||||||
Penta-Ocean Construction Co., Ltd. | 38,600 | 180,487 | ||||||
Raito Kogyo Co., Ltd. | 3,700 | 34,879 | ||||||
Sanki Engineering Co., Ltd. (a) | 11,496 | 86,389 | ||||||
SHO-BOND Holdings Co., Ltd. (a) | 3,900 | 148,654 | ||||||
Sumitomo Mitsui Construction Co., Ltd. (a) | 126,900 | 152,579 | ||||||
Taihei Dengyo Kaisha, Ltd. (a) | 3,000 | 30,785 | ||||||
Taikisha, Ltd. | 4,900 | 110,466 | ||||||
Tekken Corp. (a) | 11,000 | 27,829 | ||||||
Toa Corp. | 12,000 | 28,756 | ||||||
Tobishima Corp. (a)(b) | 27,900 | 49,154 | ||||||
Toda Corp. (a) | 34,000 | 149,894 | ||||||
Tokyu Construction Co., Ltd. | 11,622 | 95,681 | ||||||
Toshiba Plant Systems & Services Corp. | 6,800 | 66,317 | ||||||
Totetsu Kogyo Co., Ltd. | 4,600 | 98,211 | ||||||
Toyo Construction Co., Ltd. | 4,000 | 17,468 | ||||||
Toyo Engineering Corp. (a)(b) | 20,000 | 48,094 | ||||||
Yahagi Construction Co. Ltd. (a) | 2,400 | 21,422 | ||||||
Yokogawa Bridge Holdings Corp. (a) | 2,800 | 23,566 | ||||||
Yurtec Corp. | 3,000 | 27,103 | ||||||
3,508,570 | ||||||||
CONSTRUCTION MATERIALS — 0.4% | ||||||||
Sumitomo Osaka Cement Co., Ltd. | 63,000 | 223,037 | ||||||
CONSUMER FINANCE — 1.3% | ||||||||
Acom Co., Ltd. (a)(b) | 45,200 | 229,840 | ||||||
Aiful Corp. (a)(b) | 41,900 | 154,635 | ||||||
Hitachi Capital Corp. (a) | 7,200 | 174,702 | ||||||
J Trust Co., Ltd. | 10,500 | 83,902 | ||||||
Jaccs Co., Ltd. (a) | 18,000 | 67,482 | ||||||
Orient Corp. (a)(b) | 49,300 | 83,151 | ||||||
793,712 | ||||||||
CONTAINERS & PACKAGING — 0.7% | ||||||||
FP Corp. (a) | 3,900 | 144,095 | ||||||
Fuji Seal International, Inc. (a) | 3,470 | 99,668 | ||||||
Rengo Co., Ltd. (a) | 25,000 | 96,439 | ||||||
Taisei Lamick Co., Ltd. (a) | 3,000 | 66,706 | ||||||
406,908 | ||||||||
DISTRIBUTORS — 0.4% | ||||||||
Arata Corp. | 1,100 | 25,239 | ||||||
Canon Marketing Japan, Inc. | 8,200 | 120,914 | ||||||
Doshisha Co., Ltd. | 4,400 | 80,494 | ||||||
Paltac Corp. | 2,100 | 37,787 | ||||||
264,434 | ||||||||
DIVERSIFIED CONSUMER SERVICES — 0.1% | ||||||||
JP-Holdings, Inc. (a) | 3,600 | 10,340 | ||||||
Meiko Network Japan Co., Ltd. | 6,400 | 69,951 | ||||||
80,291 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 1.3% | ||||||||
Century Tokyo Leasing Corp. | 6,900 | 198,476 | ||||||
Financial Products Group Co., Ltd. | 5,000 | 35,820 | ||||||
Fuyo General Lease Co., Ltd. | 2,900 | 110,779 | ||||||
IBJ Leasing Co., Ltd. (a) | 4,000 | 77,619 | ||||||
Japan Securities Finance Co., Ltd. | 15,519 | 79,043 | ||||||
Ricoh Leasing Co., Ltd. | 2,967 | 80,019 | ||||||
Zenkoku Hosho Co., Ltd. | 6,300 | 207,782 | ||||||
789,538 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% (c) | ||||||||
Freebit Co., Ltd. | 2,000 | 13,944 | ||||||
ELECTRIC UTILITIES — 0.2% | ||||||||
Okinawa Electric Power Co., Inc. | 5,200 | 116,665 | ||||||
ELECTRICAL EQUIPMENT — 1.5% | ||||||||
Cosel Co., Ltd. | 6,100 | 58,879 | ||||||
Daihen Corp. | 17,971 | 84,629 | ||||||
Furukawa Electric Co., Ltd. | 110,000 | 172,672 | ||||||
Futaba Corp. | 4,000 | 51,468 | ||||||
Nippon Carbon Co., Ltd. (a) | 23,000 | 53,196 | ||||||
Nissin Electric Co., Ltd. | 3,000 | 18,411 | ||||||
Nitto Kogyo Corp. | 1,800 | 31,366 | ||||||
Sanyo Denki Co., Ltd. | 10,000 | 59,533 | ||||||
Sinfonia Technology Co., Ltd. (a) | 43,826 | 64,404 | ||||||
SWCC Showa Holdings Co., Ltd. (a)(b) | 61,075 | 39,267 | ||||||
Tatsuta Electric Wire and Cable Co., Ltd. | 7,000 | 25,366 | ||||||
Toyo Tanso Co., Ltd. | 2,400 | 29,939 | ||||||
Ushio, Inc. | 16,700 | 199,817 | ||||||
888,947 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.7% | ||||||||
Ai Holdings Corp. (a) | 6,800 | 167,665 | ||||||
Amano Corp. | 10,732 | 123,302 | ||||||
Anritsu Corp. (a) | 23,800 | 144,074 | ||||||
Arisawa Manufacturing Co., Ltd. (a) | 2,000 | 11,773 | ||||||
Daiwabo Holdings Co., Ltd. | 23,635 | 41,245 | ||||||
DDS, Inc. (b) | 3,000 | 10,946 | ||||||
Enplas Corp. (a) | 1,100 | 37,933 | ||||||
ESPEC Corp. (a) | 8,831 | 85,091 | ||||||
Hakuto Co., Ltd. | 6,711 | 70,156 | ||||||
Horiba, Ltd. | 5,100 | 185,238 | ||||||
Hosiden Corp. (a) | 13,795 | 72,681 | ||||||
Iriso Electronics Co., Ltd. (a) | 1,000 | 43,418 | ||||||
Japan Aviation Electronics Industry, Ltd. | 9,000 | 133,987 | ||||||
Japan Cash Machine Co., Ltd. (a) | 2,924 | 31,153 | ||||||
Kaga Electronics Co., Ltd. | 1,200 | 15,230 | ||||||
Koa Corp. | 6,791 | 58,801 | ||||||
Macnica Fuji Electronics Holdings, Inc. (b) | 3,000 | 35,520 | ||||||
Maruwa Co., Ltd. | 1,200 | 24,468 | ||||||
Mitsumi Electric Co., Ltd. (a) | 15,500 | 85,417 | ||||||
Nichicon Corp. (a) | 8,700 | 62,254 | ||||||
Nihon Dempa Kogyo Co., Ltd. (a) | 3,595 | 24,914 |
See accompanying notes to financial statements.
398
SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Nippon Ceramic Co., Ltd. (a) | 4,023 | $ | 59,254 | |||||
Nippon Chemi-Con Corp. | 17,432 | 37,989 | ||||||
Nippon Signal Co., Ltd. | 10,700 | 102,922 | ||||||
Nohmi Bosai, Ltd. | 1,500 | 16,244 | ||||||
Ryosan Co., Ltd. | 6,596 | 153,713 | ||||||
Ryoyo Electro Corp. | 7,104 | 89,983 | ||||||
Shibaura Electronics Co., Ltd. | 1,100 | 16,734 | ||||||
Shinko Shoji Co., Ltd. | 1,600 | 16,739 | ||||||
Siix Corp. (a) | 1,000 | 25,926 | ||||||
SMK Corp. (a) | 5,000 | 20,624 | ||||||
Tabuchi Electric Co., Ltd. | 1,500 | 9,732 | ||||||
Taiyo Yuden Co., Ltd. (a) | 14,500 | 188,143 | ||||||
Tamura Corp. (a) | 7,000 | 19,346 | ||||||
2,222,615 | ||||||||
ENERGY EQUIPMENT & SERVICES — 0.3% | ||||||||
Japan Drilling Co., Ltd. (a) | 1,100 | 23,403 | ||||||
Modec, Inc. (a) | 3,500 | 42,462 | ||||||
Shinko Plantech Co., Ltd. | 11,386 | 92,312 | ||||||
158,177 | ||||||||
FOOD & STAPLES RETAILING — 3.3% | ||||||||
Ain Pharmaciez, Inc. | 3,000 | 152,549 | ||||||
Arcs Co., Ltd. | 4,300 | 80,783 | ||||||
Axial Retailing, Inc. (a) | 2,100 | 68,822 | ||||||
Belc Co., Ltd. | 1,600 | 54,507 | ||||||
Cawachi, Ltd. | 5,435 | 89,082 | ||||||
Cocokara fine, Inc. | 1,100 | 40,504 | ||||||
Cosmos Pharmaceutical Corp. (a) | 1,200 | 140,976 | ||||||
CREATE SD HOLDINGS Co., Ltd. | 400 | 21,910 | ||||||
Heiwado Co., Ltd. | 3,700 | 81,034 | ||||||
Kato Sangyo Co., Ltd. | 5,200 | 112,193 | ||||||
Kobe Bussan Co., Ltd. | 600 | 54,156 | ||||||
Kusuri No Aoki Co., Ltd. | 1,400 | 73,995 | ||||||
Life Corp. | 800 | 22,711 | ||||||
Matsumotokiyoshi Holdings Co., Ltd. | 5,200 | 229,683 | ||||||
Ministop Co., Ltd. (a) | 5,794 | 131,540 | ||||||
Okuwa Co., Ltd. | 2,000 | 16,432 | ||||||
San-A Co., Ltd. | 2,400 | 105,006 | ||||||
Sogo Medical Co., Ltd. | 500 | 15,739 | ||||||
UNY Group Holdings Co., Ltd. | 18,200 | 114,277 | ||||||
Valor Co., Ltd. | 5,900 | 147,740 | ||||||
Welcia Holdings Co., Ltd. | 2,300 | 111,385 | ||||||
Yaoko Co., Ltd. (a) | 1,400 | 63,124 | ||||||
Yokohama Reito Co., Ltd. (a) | 12,780 | 100,413 | ||||||
2,028,561 | ||||||||
FOOD PRODUCTS — 4.1% | ||||||||
Ariake Japan Co., Ltd. | 3,564 | 139,120 | ||||||
Dydo Drinco, Inc. | 1,500 | 63,750 | ||||||
Ezaki Glico Co., Ltd. | 4,000 | 184,361 | ||||||
Fuji Oil Co., Ltd. | 8,500 | 110,007 | ||||||
Fujicco Co., Ltd. | 4,157 | 84,136 | ||||||
Hokuto Corp. | 5,921 | 106,589 | ||||||
House Foods Group, Inc. (a) | 7,300 | 123,124 | ||||||
Itoham Foods, Inc. (a) | 10,000 | 54,189 | ||||||
J-Oil Mills, Inc. | 14,000 | 40,095 | ||||||
Kagome Co., Ltd. (a) | 8,600 | 137,798 | ||||||
Kameda Seika Co., Ltd. | 1,500 | 62,435 | ||||||
Marudai Food Co., Ltd. (a) | 25,417 | 99,957 | ||||||
Maruha Nichiro Corp. (a) | 7,100 | 101,789 | ||||||
Megmilk Snow Brand Co., Ltd. (a) | 6,800 | 129,794 | ||||||
Mitsui Sugar Co., Ltd. | 19,497 | 81,071 | ||||||
Morinaga & Co., Ltd. | 22,000 | 107,828 | ||||||
Morinaga Milk Industry Co., Ltd. | 30,000 | 124,494 | ||||||
Nakamuraya Co., Ltd. | 20,952 | 77,325 | ||||||
Nichirei Corp. | 24,000 | 149,493 | ||||||
Nippon Flour Mills Co., Ltd. | 9,000 | 56,060 | ||||||
Nippon Suisan Kaisha, Ltd. | 33,375 | 99,207 | ||||||
Nisshin Oillio Group, Ltd. | 18,000 | 65,077 | ||||||
Prima Meat Packers, Ltd. | 10,000 | 26,636 | ||||||
Riken Vitamin Co., Ltd. (a) | 2,980 | 94,303 | ||||||
S Foods, Inc. (a) | 2,300 | 46,090 | ||||||
Sakata Seed Corp. | 4,500 | 74,020 | ||||||
Showa Sangyo Co., Ltd. | 11,000 | 42,709 | ||||||
2,481,457 | ||||||||
GAS UTILITIES — 0.2% | ||||||||
Saibu Gas Co., Ltd. (a) | 13,000 | 29,633 | ||||||
Shizuoka Gas Co., Ltd. | 15,519 | 100,424 | ||||||
130,057 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 1.7% | ||||||||
Asahi Intecc Co., Ltd. | 7,200 | 257,905 | ||||||
CYBERDYNE, Inc. (a)(b) | 5,800 | 68,429 | ||||||
Eiken Chemical Co., Ltd. | 3,300 | 56,127 | ||||||
Fukuda Denshi Co., Ltd. | 1,286 | 63,460 | ||||||
Hogy Medical Co., Ltd. (a) | 1,600 | 73,210 | ||||||
Jeol, Ltd. (a) | 7,000 | 39,978 | ||||||
Mani, Inc. | 1,800 | 34,868 | ||||||
Nagaileben Co., Ltd. | 1,800 | 33,215 | ||||||
Nakanishi, Inc. | 3,600 | 133,762 | ||||||
Nikkiso Co., Ltd. (a) | 9,100 | 60,710 | ||||||
Nipro Corp. | 12,900 | 132,054 | ||||||
Paramount Bed Holdings Co., Ltd. | 3,000 | 88,924 | ||||||
1,042,642 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 0.8% | ||||||||
As One Corp. | 1,200 | 36,522 | ||||||
BML, Inc. | 900 | 24,986 | ||||||
Message Co., Ltd. (a) | 1,900 | 39,439 | ||||||
Nichii Gakkan Co. (a) | 6,600 | 45,740 | ||||||
Ship Healthcare Holdings, Inc. | 5,500 | 118,023 | ||||||
Toho Holdings Co., Ltd. (a) | 6,800 | 141,263 | ||||||
Tokai Corp. | 1,800 | 49,597 | ||||||
Tsukui Corp. (a) | 1,700 | 16,309 | ||||||
Vital KSK Holdings, Inc. (a) | 1,800 | 12,129 | ||||||
WIN-Partners Co., Ltd. | 1,000 | 13,810 | ||||||
497,818 | ||||||||
HEALTH CARE TECHNOLOGY — 0.1% | ||||||||
FINDEX, Inc. (a) | 3,000 | 22,093 | ||||||
Medinet Co., Ltd. (a)(b) | 7,100 | 9,900 | ||||||
31,993 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 3.6% | ||||||||
Accordia Golf Co., Ltd. (a) | 12,700 | 114,524 | ||||||
Colowide Co., Ltd. (a) | 11,400 | 159,723 | ||||||
Doutor Nichires Holdings Co., Ltd. (a) | 7,775 | 118,996 | ||||||
Fuji Kyuko Co., Ltd. | 4,000 | 37,340 | ||||||
Hiday Hidaka Corp. | 1,000 | 25,300 |
See accompanying notes to financial statements.
399
SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
HIS Co., Ltd. | 5,900 | $ | 191,880 | |||||
Ichibanya Co., Ltd. (a) | 1,900 | 86,302 | ||||||
Kappa Create Holdings Co., Ltd. (a)(b) | 5,600 | 57,513 | ||||||
Kisoji Co., Ltd. (a) | 4,900 | 80,968 | ||||||
KNT-CT Holdings Co., Ltd. (b) | 10,000 | 20,373 | ||||||
Kura Corp. | 900 | 28,443 | ||||||
Kyoritsu Maintenance Co., Ltd. | 2,000 | 128,084 | ||||||
MOS Food Services, Inc. (a) | 5,914 | 125,277 | ||||||
Ohsho Food Service Corp. | 3,000 | 99,194 | ||||||
Plenus Co., Ltd. (a) | 3,700 | 57,061 | ||||||
Round One Corp. (a) | 9,500 | 38,154 | ||||||
Royal Holdings Co., Ltd. | 6,300 | 107,626 | ||||||
Saizeriya Co., Ltd. | 5,900 | 133,306 | ||||||
St Marc Holdings Co., Ltd. | 3,200 | 97,524 | ||||||
Tokyo Dome Corp. | 28,085 | 122,409 | ||||||
Tokyotokeiba Co., Ltd. | 11,000 | 26,268 | ||||||
Toridoll.corp. | 3,800 | 44,960 | ||||||
Yoshinoya Holdings Co., Ltd. (a) | 9,700 | 125,862 | ||||||
Zensho Holdings Co., Ltd. (a) | 15,846 | 147,657 | ||||||
2,174,744 | ||||||||
HOUSEHOLD DURABLES — 1.9% | ||||||||
Alpine Electronics, Inc. | 7,000 | 76,274 | ||||||
Chofu Seisakusho Co., Ltd. (a) | 3,800 | 73,738 | ||||||
Clarion Co., Ltd. (a) | 18,000 | 56,661 | ||||||
Foster Electric Co., Ltd. | 3,600 | 71,570 | ||||||
France Bed Holdings Co., Ltd. | 9,747 | 68,850 | ||||||
Fujitsu General, Ltd. | 10,000 | 108,212 | ||||||
Funai Electric Co., Ltd. (a) | 3,600 | 33,095 | ||||||
Janome Sewing Machine Co., Ltd. (a)(b) | 3,600 | 24,768 | ||||||
JVC Kenwood Corp. (a) | 18,600 | 41,466 | ||||||
Misawa Homes Holdings, Inc. (a) | 5,966 | 36,016 | ||||||
PanaHome Corp. | 14,000 | 90,477 | ||||||
Pioneer Corp. (b) | 49,000 | 105,966 | ||||||
Sangetsu Co., Ltd. | 9,200 | 146,337 | ||||||
Starts Corp., Inc. | 1,100 | 16,982 | ||||||
Tamron Co., Ltd. | 2,900 | 52,714 | ||||||
Token Corp. | 1,980 | 148,461 | ||||||
West Holdings Corp. | 1,100 | 5,676 | ||||||
Zojirushi Corp. | 2,000 | 28,656 | ||||||
1,185,919 | ||||||||
HOUSEHOLD PRODUCTS — 0.5% | ||||||||
Earth Chemical Co., Ltd. | 2,500 | 94,978 | ||||||
Lion Corp. (a) | 27,000 | 236,488 | ||||||
331,466 | ||||||||
INDUSTRIAL CONGLOMERATES — 0.5% | ||||||||
Katakura Industries Co., Ltd. (a) | 4,980 | 53,016 | ||||||
Nisshinbo Holdings, Inc. | 19,000 | 213,535 | ||||||
TOKAI Holdings Corp. | 12,900 | 53,748 | ||||||
320,299 | ||||||||
INSURANCE — 0.0% (c) | ||||||||
Anicom Holdings, Inc. (b) | 1,000 | 22,202 | ||||||
INTERNET & CATALOG RETAIL — 0.7% | ||||||||
ASKUL Corp. | 2,500 | 94,873 | ||||||
Ikyu Corp. | 1,200 | 26,021 | ||||||
Senshukai Co., Ltd. (a) | 9,924 | 62,064 | ||||||
Start Today Co., Ltd. | 7,400 | 243,443 | ||||||
426,401 | ||||||||
INTERNET SOFTWARE & SERVICES — 1.1% | ||||||||
Access Co., Ltd. (b) | 3,200 | 18,035 | ||||||
Ateam, Inc. (a) | 2,000 | 27,053 | ||||||
COOKPAD, Inc. (a) | 6,300 | 132,191 | ||||||
CROOZ, Inc. (a) | 800 | 27,287 | ||||||
Dip Corp. | 1,800 | 29,488 | ||||||
F@N Communications, Inc. (a) | 5,900 | 38,622 | ||||||
GMO Internet, Inc. | 9,600 | 123,762 | ||||||
Gree, Inc. (a) | 12,500 | 55,839 | ||||||
Gurunavi, Inc. (a) | 2,900 | 47,653 | ||||||
Infomart Corp. | 3,100 | 34,944 | ||||||
Internet Initiative Japan, Inc. (a) | 3,500 | 62,481 | ||||||
SMS Co., Ltd. | 2,100 | 35,349 | ||||||
UNITED, Inc. | 1,200 | 12,965 | ||||||
V-Cube, Inc. (b) | 1,000 | 21,083 | ||||||
666,752 | ||||||||
IT SERVICES — 2.5% | ||||||||
Bit-isle, Inc. | 2,500 | 19,100 | ||||||
Digital Garage, Inc. | 4,600 | 63,259 | ||||||
DTS Corp. | 4,732 | 111,381 | ||||||
Future Architect, Inc. | 7,100 | 40,016 | ||||||
GMO Payment Gateway, Inc. | 2,000 | 76,817 | ||||||
Ines Corp. | 10,060 | 90,634 | ||||||
IT Holdings Corp. | 10,937 | 246,839 | ||||||
Itochu Techno-Solutions Corp. | 7,200 | 153,000 | ||||||
LAC Co., Ltd. | 1,500 | 17,772 | ||||||
NEC Networks & System Integration Corp. | 4,100 | 73,021 | ||||||
NET One Systems Co., Ltd. (a) | 13,000 | 73,377 | ||||||
Nihon Unisys, Ltd. (a) | 5,500 | 56,623 | ||||||
NS Solutions Corp. | 3,300 | 138,872 | ||||||
SCSK Corp. | 6,300 | 235,398 | ||||||
TKC Corp. (a) | 900 | 23,108 | ||||||
Transcosmos, Inc. | 4,967 | 120,686 | ||||||
1,539,903 | ||||||||
LEISURE PRODUCTS — 0.7% | ||||||||
Fields Corp. (a) | 3,600 | 48,755 | ||||||
Heiwa Corp. | 11,200 | 191,615 | ||||||
Mizuno Corp. (a) | 8,000 | 36,338 | ||||||
Tomy Co., Ltd. (a) | 12,300 | 59,875 | ||||||
Universal Entertainment Corp. (a) | 3,600 | 63,304 | ||||||
399,887 | ||||||||
LIFE SCIENCES TOOLS & SERVICES — 0.1% | ||||||||
Chiome Bioscience, Inc. (a)(b) | 1,400 | 6,067 | ||||||
CMIC Holdings Co., Ltd. | 1,300 | 18,453 | ||||||
EPS Holdings, Inc. | 4,800 | 46,851 | ||||||
71,371 | ||||||||
MACHINERY — 6.5% | ||||||||
Aida Engineering, Ltd. | 3,400 | 27,906 | ||||||
Asahi Diamond Industrial Co., Ltd. (a) | 6,442 | 58,146 | ||||||
Chugai Ro Co., Ltd. (a) | 27,522 | 50,326 | ||||||
CKD Corp. | 9,805 | 80,477 | ||||||
Daifuku Co., Ltd. (a) | 10,981 | 149,910 | ||||||
DMG Mori Co., Ltd. | 14,600 | 184,199 |
See accompanying notes to financial statements.
400
SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Fuji Machine Manufacturing Co., Ltd. | 11,242 | $ | 98,373 | |||||
Fujitec Co., Ltd. (a) | 11,200 | 97,257 | ||||||
Furukawa Co., Ltd. (a) | 49,280 | 103,691 | ||||||
Harmonic Drive Systems, Inc. (a) | 2,500 | 35,570 | ||||||
Hitachi Koki Co., Ltd. (a) | 12,300 | 85,447 | ||||||
Hitachi Zosen Corp. | 22,500 | 116,290 | ||||||
Iseki & Co., Ltd. (a) | 22,000 | 31,595 | ||||||
Japan Steel Works, Ltd. (a) | 50,000 | 157,809 | ||||||
Juki Corp. (a) | 4,800 | 51,020 | ||||||
Kato Works Co., Ltd. (a) | 11,000 | 44,086 | ||||||
Kitz Corp. | 10,402 | 46,032 | ||||||
Komori Corp. | 8,240 | 84,419 | ||||||
Kyokuto Kaihatsu Kogyo Co., Ltd. | 4,840 | 48,172 | ||||||
Makino Milling Machine Co., Ltd. | 11,739 | 73,219 | ||||||
Meidensha Corp. (a) | 25,000 | 74,103 | ||||||
Mitsubishi Nichiyu Forklift Co., Ltd. | 2,800 | 10,988 | ||||||
Mitsuboshi Belting, Ltd. | 9,000 | 68,234 | ||||||
Miura Co., Ltd. | 15,200 | 175,270 | ||||||
Morita Holdings Corp. | 7,200 | 66,130 | ||||||
Nachi-Fujikoshi Corp. (a) | 19,418 | 80,094 | ||||||
Namura Shipbuilding Co., Ltd. (a) | 4,800 | 34,788 | ||||||
Nihon Trim Co., Ltd. | 500 | 18,662 | ||||||
Nippon Sharyo, Ltd. (a)(b) | 12,970 | 31,081 | ||||||
Nippon Thompson Co., Ltd. | 11,511 | 47,480 | ||||||
Nitta Corp. | 3,700 | 88,542 | ||||||
Nitto Kohki Co., Ltd. | 4,400 | 83,984 | ||||||
Obara Group, Inc. (a) | 1,200 | 46,942 | ||||||
Oiles Corp. (a) | 3,900 | 57,670 | ||||||
OKUMA Corp. (a) | 13,192 | 81,951 | ||||||
OSG Corp. (a) | 11,100 | 208,997 | ||||||
Ryobi, Ltd. | 15,723 | 58,552 | ||||||
Shibuya Kogyo Co., Ltd. | 1,100 | 16,505 | ||||||
Shima Seiki Manufacturing, Ltd. (a) | 5,400 | 73,945 | ||||||
Shinmaywa Industries, Ltd. | 15,000 | 150,545 | ||||||
Sintokogio, Ltd. | 11,319 | 88,461 | ||||||
Sodick Co., Ltd. | 7,000 | 43,544 | ||||||
Star Micronics Co., Ltd. (a) | 6,069 | 82,396 | ||||||
Tadano, Ltd. | 10,913 | 120,370 | ||||||
Takeuchi Manufacturing Co., Ltd. | 3,300 | 57,312 | ||||||
Takuma Co., Ltd. | 7,000 | 52,661 | ||||||
Teikoku Sen-I Co., Ltd. (a) | 1,900 | 22,083 | ||||||
Tocalo Co., Ltd. | 3,800 | 68,534 | ||||||
Toshiba Machine Co., Ltd. | 20,009 | 62,484 | ||||||
Tsubakimoto Chain Co. (a) | 15,124 | 94,332 | ||||||
Tsugami Corp. (a) | 12,000 | 44,187 | ||||||
Tsukishima Kikai Co., Ltd. (a) | 6,400 | 53,010 | ||||||
Tsurumi Manufacturing Co., Ltd. | 1,000 | 15,998 | ||||||
Union Tool Co. | 2,732 | 65,765 | ||||||
YAMABIKO Corp. | 2,000 | 16,232 | ||||||
3,985,776 | ||||||||
MARINE — 0.1% | ||||||||
Iino Kaiun Kaisha, Ltd. | 17,506 | 78,932 | ||||||
MEDIA — 2.4% | ||||||||
Adways, Inc. (a) | 2,100 | 13,151 | ||||||
Amuse, Inc. | 400 | 17,301 | ||||||
Asatsu-DK, Inc. | 3,700 | 82,950 | ||||||
Avex Group Holdings, Inc. (a) | 5,592 | 63,454 | ||||||
Broccoli Co., Ltd. (a) | 3,000 | 9,894 | ||||||
Daiichikosho Co., Ltd. | 6,281 | 222,102 | ||||||
Kadokawa Dwango (a) | 5,800 | 76,855 | ||||||
Next Co., Ltd. (a) | 5,900 | 46,455 | ||||||
Septeni Holdings Co., Ltd. (a) | 1,700 | 30,490 | ||||||
Shochiku Co., Ltd. (a) | 17,243 | 144,981 | ||||||
SKY Perfect JSAT Holdings, Inc. | 25,200 | 118,041 | ||||||
Toei Co., Ltd. | 16,000 | 125,446 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 10,100 | 134,762 | ||||||
TV Asahi Holdings Corp. | 8,400 | 127,931 | ||||||
Tv Tokyo Holdings Corp. | 3,000 | 50,799 | ||||||
Usen Corp. (b) | 11,680 | 29,160 | ||||||
ValueCommerce Co., Ltd. | 1,200 | 4,669 | ||||||
Wowow, Inc. | 2,600 | 70,772 | ||||||
Zenrin Co., Ltd. | 5,924 | 79,686 | ||||||
1,448,899 | ||||||||
METALS & MINING — 2.5% | ||||||||
Aichi Steel Corp. (a) | 19,000 | 71,390 | ||||||
Asahi Holdings, Inc. | 6,500 | 97,311 | ||||||
Daido Steel Co., Ltd. (a) | 39,000 | 123,091 | ||||||
Godo Steel, Ltd. | 20,440 | 31,574 | ||||||
Kyoei Steel, Ltd. (a) | 3,000 | 46,942 | ||||||
Maruichi Steel Tube, Ltd. (a) | 8,300 | 187,117 | ||||||
Nippon Denko Co., Ltd. | 23,600 | 42,366 | ||||||
Nippon Light Metal Holdings Co., Ltd. | 69,500 | 103,294 | ||||||
Nippon Yakin Kogyo Co., Ltd. (a)(b) | 18,000 | 22,544 | ||||||
Nisshin Steel Co., Ltd. | 8,400 | 74,696 | ||||||
OSAKA Titanium Technologies Co., Ltd. | 3,600 | 94,084 | ||||||
Pacific Metals Co., Ltd. (a) | 15,000 | 34,568 | ||||||
Sanyo Special Steel Co., Ltd. | 18,750 | 70,920 | ||||||
Toho Titanium Co., Ltd. (b) | 5,800 | 68,817 | ||||||
Toho Zinc Co., Ltd. (a) | 20,796 | 47,404 | ||||||
Tokyo Rope Manufacturing Co., Ltd. (a)(b) | 33,654 | 48,332 | ||||||
Tokyo Steel Manufacturing Co., Ltd. | 11,400 | 61,966 | ||||||
Tokyo Tekko Co., Ltd. | 4,000 | 16,365 | ||||||
Toyo Kohan Co., Ltd. | 4,000 | 11,923 | ||||||
UACJ Corp. (a) | 34,000 | 54,223 | ||||||
Yamato Kogyo Co., Ltd. (a) | 5,700 | 113,748 | ||||||
Yodogawa Steel Works, Ltd. (a) | 4,800 | 89,295 | ||||||
1,511,970 | ||||||||
MULTILINE RETAIL — 0.8% | ||||||||
Izumi Co., Ltd. | 5,700 | 230,113 | ||||||
Matsuya Co., Ltd. (a) | 5,308 | 76,496 | ||||||
Parco Co., Ltd. | 9,225 | 73,791 | ||||||
Seria Co., Ltd. | 2,200 | 108,379 | ||||||
488,779 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 0.7% | ||||||||
Cosmo Oil Co., Ltd. (b) | 80,000 | 109,548 | ||||||
Itochu Enex Co., Ltd. | 9,104 | 68,946 | ||||||
Japan Petroleum Exploration Co., Ltd. (a) | 4,500 | 118,169 | ||||||
Nippon Gas Co., Ltd. (a) | 3,700 | 105,039 | ||||||
San-Ai Oil Co., Ltd. | 4,000 | 27,287 | ||||||
428,989 | ||||||||
See accompanying notes to financial statements.
401
SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
PAPER & FOREST PRODUCTS — 0.3% | ||||||||
Daio Paper Corp. (a) | 11,940 | $ | 97,901 | |||||
Hokuetsu Kishu Paper Co., Ltd. (a) | 9,100 | 49,313 | ||||||
Mitsubishi Paper Mills, Ltd. (a)(b) | 19,000 | 12,374 | ||||||
Tokushu Tokai Paper Co., Ltd. | 8,000 | 21,442 | ||||||
Wood One Co., Ltd. | 10,000 | 20,039 | ||||||
201,069 | ||||||||
PERSONAL PRODUCTS — 1.9% | ||||||||
Aderans Co., Ltd. | 4,604 | 36,558 | ||||||
Dr Ci:Labo Co., Ltd. (a) | 6,000 | 112,771 | ||||||
Euglena Co., Ltd. (a)(b) | 7,300 | 107,155 | ||||||
Fancl Corp. (a) | 6,900 | 98,633 | ||||||
Kose Corp. | 4,000 | 362,376 | ||||||
Mandom Corp. | 3,145 | 102,413 | ||||||
Milbon Co., Ltd. | 2,700 | 89,162 | ||||||
Pola Orbis Holdings, Inc. | 3,600 | 222,436 | ||||||
1,131,504 | ||||||||
PHARMACEUTICALS — 2.2% | ||||||||
ASKA Pharmaceutical Co., Ltd. | 2,100 | 22,725 | ||||||
JCR Pharmaceuticals Co., Ltd. | 1,200 | 22,865 | ||||||
Kissei Pharmaceutical Co., Ltd. | 2,400 | 54,507 | ||||||
KYORIN Holdings, Inc. | 9,700 | 147,891 | ||||||
Mochida Pharmaceutical Co., Ltd. | 2,400 | 138,471 | ||||||
Nichi-iko Pharmaceutical Co., Ltd. (a) | 5,965 | 156,141 | ||||||
Nippon Shinyaku Co., Ltd. (a) | 7,000 | 251,618 | ||||||
Rohto Pharmaceutical Co., Ltd. (a) | 13,700 | 209,678 | ||||||
Seikagaku Corp. | 5,600 | 68,407 | ||||||
Sosei Group Corp. (a) | 1,800 | 55,834 | ||||||
Torii Pharmaceutical Co., Ltd. | 2,200 | 51,508 | ||||||
Towa Pharmaceutical Co., Ltd. (a) | 1,400 | 89,425 | ||||||
ZERIA Pharmaceutical Co., Ltd. (a) | 5,200 | 63,999 | ||||||
1,333,069 | ||||||||
PROFESSIONAL SERVICES — 1.4% | ||||||||
Benefit One, Inc. | 1,200 | 20,220 | ||||||
en-japan, Inc. | 1,100 | 29,299 | ||||||
Meitec Corp. | 4,844 | 168,255 | ||||||
Nihon M&A Center, Inc. (a) | 4,100 | 178,015 | ||||||
Nomura Co., Ltd. | 7,300 | 103,010 | ||||||
Pasona Group, Inc. | 4,400 | 37,069 | ||||||
Tanseisha Co., Ltd. | 2,300 | 15,076 | ||||||
Temp Holdings Co., Ltd. | 6,200 | 281,618 | ||||||
Yumeshin Holdings Co., Ltd. (a) | 1,500 | 8,842 | ||||||
841,404 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.7% | ||||||||
Daibiru Corp. | 10,026 | 77,686 | ||||||
Daikyo, Inc. (a) | 35,352 | 59,626 | ||||||
Goldcrest Co., Ltd. (a) | 3,409 | 63,105 | ||||||
Heiwa Real Estate Co., Ltd. | 7,600 | 81,099 | ||||||
K.K. daVinci Holdings (b)(d) | 262 | 0 | ||||||
Kabuki-Za Co., Ltd | 1,000 | 41,122 | ||||||
Kenedix, Inc. (a) | 32,700 | 108,122 | ||||||
NTT Urban Development Corp. | 15,400 | 141,058 | ||||||
Open House Co., Ltd. | 4,800 | 73,825 | ||||||
Raysum Co., Ltd. | 1,100 | 9,727 | ||||||
Relo Holdings, Inc. | 1,800 | 175,243 | ||||||
Shinoken Group Co., Ltd. | 1,100 | 16,440 | ||||||
Sumitomo Real Estate Sales Co., Ltd. | 1,100 | 28,013 | ||||||
Sun Frontier Fudousan Co., Ltd. (a) | 1,600 | 12,037 | ||||||
Takara Leben Co., Ltd. (a) | 14,800 | 72,168 | ||||||
TOC Co., Ltd. | 10,000 | 69,803 | ||||||
1,029,074 | ||||||||
ROAD & RAIL — 1.6% | ||||||||
Fukuyama Transporting Co., Ltd. (a) | 11,000 | 59,241 | ||||||
Hamakyorex Co., Ltd. | 4,800 | 86,209 | ||||||
Hitachi Transport System, Ltd. | 7,400 | 121,413 | ||||||
Kobe Electric Railway Co., Ltd. (a)(b) | 24,500 | 71,189 | ||||||
Nippon Konpo Unyu Soko Co., Ltd. | 6,900 | 121,390 | ||||||
Nishi-Nippon Railroad Co., Ltd. (a) | 28,000 | 136,768 | ||||||
Sankyu, Inc. | 35,830 | 172,621 | ||||||
Seino Holdings Co., Ltd. | 19,000 | 197,194 | ||||||
Trancom Co., Ltd. | 700 | 37,173 | ||||||
1,003,198 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.3% | ||||||||
Ferrotec Corp. | 2,800 | 24,127 | ||||||
Lasertec Corp. (a) | 4,900 | 49,710 | ||||||
Megachips Corp. | 4,400 | 42,139 | ||||||
Micronics Japan Co., Ltd. (a) | 4,400 | 39,788 | ||||||
Renesas Electronics Corp. (a)(b) | 3,200 | 16,860 | ||||||
Sanken Electric Co., Ltd. (a) | 17,000 | 57,062 | ||||||
SCREEN Holdings Co., Ltd. (a) | 29,000 | 140,926 | ||||||
Shindengen Electric Manufacturing Co., Ltd. | 7,000 | 22,444 | ||||||
Shinko Electric Industries Co., Ltd. (a) | 11,200 | 62,749 | ||||||
Sumco Corp. | 15,500 | 137,962 | ||||||
Tokyo Seimitsu Co., Ltd. | 6,600 | 121,844 | ||||||
Ulvac, Inc. | 4,902 | 79,404 | ||||||
UT Group Co., Ltd. (b) | 2,200 | 11,830 | ||||||
806,845 | ||||||||
SOFTWARE — 2.0% | ||||||||
Advanced Media, Inc. (a)(b) | 1,200 | 7,725 | ||||||
Broadleaf Co., Ltd. | 2,900 | 29,372 | ||||||
Capcom Co., Ltd. | 6,800 | 133,598 | ||||||
COLOPL, Inc. (a) | 5,800 | 92,788 | ||||||
Fuji Soft, Inc. (a) | 3,574 | 62,369 | ||||||
Justsystems Corp. | 2,800 | 20,620 | ||||||
KLab, Inc. (a)(b) | 4,600 | 44,247 | ||||||
Koei Tecmo Holdings Co., Ltd. | 9,600 | 122,079 | ||||||
Marvelous, Inc. (a) | 2,300 | 17,553 | ||||||
Nexon Co., Ltd. | 20,400 | 269,979 | ||||||
NSD Co., Ltd. | 9,200 | 112,614 | ||||||
OBIC Business Consultants Co., Ltd. | 1,800 | 85,217 | ||||||
Square Enix Holdings Co., Ltd. | 8,300 | 205,204 | ||||||
1,203,365 | ||||||||
SPECIALTY RETAIL — 4.5% | ||||||||
Adastria Co., Ltd. | 2,350 | 140,296 | ||||||
AOKI Holdings, Inc. | 6,100 | 74,006 | ||||||
Aoyama Trading Co., Ltd. | 5,500 | 193,337 | ||||||
Arcland Sakamoto Co., Ltd. | 2,700 | 57,938 | ||||||
AT-Group Co., Ltd. | 1,000 | 20,874 | ||||||
Autobacs Seven Co., Ltd. (a) | 10,688 | 176,966 | ||||||
Bic Camera, Inc. (a) | 10,800 | 93,693 | ||||||
Carchs Holdings Co., Ltd. | 4,800 | 27,774 | ||||||
Chiyoda Co., Ltd. (a) | 3,213 | 102,884 |
See accompanying notes to financial statements.
402
SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
DCM Holdings Co., Ltd. | 14,600 | $ | 106,545 | |||||
EDION Corp. (a) | 11,150 | 76,341 | ||||||
Geo Holdings Corp. (a) | 8,000 | 127,516 | ||||||
Gulliver International Co., Ltd. (a) | 9,600 | 87,531 | ||||||
Hikari Tsushin, Inc. | 2,600 | 181,272 | ||||||
Honeys Co., Ltd. | 3,000 | 25,224 | ||||||
Jin Co., Ltd. (a) | 1,200 | 56,110 | ||||||
K’s Holdings Corp. (a) | 5,900 | 184,737 | ||||||
Kohnan Shoji Co., Ltd. (a) | 8,700 | 109,545 | ||||||
Komeri Co., Ltd. (a) | 5,230 | 112,971 | ||||||
Kyoto Kimono Yuzen Co., Ltd. | 3,000 | 25,049 | ||||||
Laox Co., Ltd. (b) | 7,000 | 20,749 | ||||||
Nishimatsuya Chain Co., Ltd. | 8,766 | 81,025 | ||||||
Pal Co., Ltd. | 2,100 | 60,669 | ||||||
Sanrio Co., Ltd. (a) | 6,700 | 182,094 | ||||||
Shimachu Co., Ltd. (a) | 8,200 | 179,248 | ||||||
United Arrows, Ltd. (a) | 3,029 | 124,939 | ||||||
VT Holdings Co., Ltd. | 4,300 | 25,851 | ||||||
Xebio Co., Ltd. (a) | 4,561 | 81,726 | ||||||
Yellow Hat, Ltd. | 1,000 | 21,642 | ||||||
�� | ||||||||
2,758,552 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.9% | ||||||||
Eizo Corp. (a) | 3,800 | 88,206 | ||||||
Hitachi Maxell, Ltd. | 6,300 | 90,740 | ||||||
Japan Digital Laboratory Co., Ltd. | 4,700 | 64,634 | ||||||
Melco Holdings, Inc. (a) | 2,200 | 35,894 | ||||||
Riso Kagaku Corp. | 6,700 | 113,564 | ||||||
Roland DG Corp. | 1,000 | 21,359 | ||||||
Toshiba TEC Corp. | 21,000 | 66,630 | ||||||
Wacom Co., Ltd. (a) | 20,900 | 76,784 | ||||||
557,811 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 1.8% | ||||||||
Atsugi Co., Ltd. | 59,470 | 53,628 | ||||||
Descente, Ltd. | 5,000 | 70,430 | ||||||
Fujibo Holdings, Inc. | 8,000 | 14,896 | ||||||
Gunze, Ltd. | 35,348 | 106,547 | ||||||
Japan Vilene Co., Ltd. | 1,000 | 9,944 | ||||||
Japan Wool Textile Co., Ltd. (a) | 12,170 | 102,225 | ||||||
Kurabo Industries, Ltd. | 29,000 | 51,334 | ||||||
Onward Holdings Co., Ltd. (a) | 19,000 | 112,003 | ||||||
Sanyo Shokai, Ltd. (a) | 17,516 | 52,651 | ||||||
Seiko Holdings Corp. | 14,649 | 84,764 | ||||||
Seiren Co., Ltd. | 9,400 | 103,838 | ||||||
TSI Holdings Co., Ltd. (a) | 13,500 | 97,278 | ||||||
Unitika, Ltd. (b) | 87,084 | 41,446 | ||||||
Wacoal Holdings Corp. (a) | 11,000 | 131,157 | ||||||
Yondoshi Holdings, Inc. (a) | 3,300 | 80,182 | ||||||
1,112,323 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 2.5% | ||||||||
Hanwa Co., Ltd. | 28,032 | 102,518 | ||||||
Inaba Denki Sangyo Co., Ltd. (a) | 3,863 | 116,117 | ||||||
Inabata & Co., Ltd. | 9,475 | 98,417 | ||||||
Iwatani Corp. (a) | 26,422 | 149,577 | ||||||
Kanamoto Co., Ltd. (a) | 3,000 | 53,705 | ||||||
Kanematsu Corp. | 61,000 | 85,058 | ||||||
Kuroda Electric Co., Ltd. | 7,000 | 129,403 | ||||||
Mitani Corp. | 1,200 | 28,366 | ||||||
MonotaRO Co., Ltd. | 8,600 | 195,819 | ||||||
Nagase & Co., Ltd. | 10,700 | 123,828 | ||||||
Nichiden Corp. | 3,400 | 74,010 | ||||||
Nippon Steel & Sumikin Bussan Corp. (a) | 12,000 | 35,369 | ||||||
Nishio Rent All Co., Ltd. | 1,800 | 35,199 | ||||||
Okaya & Co., Ltd. | 700 | 49,681 | ||||||
Trusco Nakayama Corp. | 2,900 | 102,062 | ||||||
Wakita & Co., Ltd. | 7,200 | 64,867 | ||||||
Yamazen Corp. | 10,600 | 87,179 | ||||||
1,531,175 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 0.2% | ||||||||
Sumitomo Warehouse Co., Ltd. | 25,563 | 122,943 | ||||||
WIRELESS TELECOMMUNICATION SERVICES — 0.1% | ||||||||
Japan Communications, Inc. (a)(b) | 16,800 | 43,766 | ||||||
Okinawa Cellular Telephone Co. | 1,000 | 26,218 | ||||||
WirelessGate, Inc. (a) | 1,000 | 16,799 | ||||||
86,783 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $66,435,378) | 60,278,068 | |||||||
SHORT TERM INVESTMENTS — 24.2% | ||||||||
UNITED STATES — 24.2% | ||||||||
MONEY MARKET FUNDS — 24.2% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (e)(f) | 14,662,395 | 14,662,395 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g) | 85,999 | 85,999 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $14,748,394) | 14,748,394 | |||||||
TOTAL INVESTMENTS — 123.1% | ||||||||
(Cost $81,183,772) | 75,026,462 | |||||||
OTHER ASSETS & LIABILITIES — (23.1)% | (14,098,867 | ) | ||||||
NET ASSETS — 100.0% | $ | 60,927,595 | ||||||
(a) | All or a portion of the security was on loan at September 30, 2015. | |||||
(b) | Non-income producing security | |||||
(c) | Amount shown represents less than 0.05% of net assets. | |||||
(d) | Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 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.
403
SPDR S&P Global Dividend ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
AUSTRALIA — 5.0% | ||||||||
APA Group | 141,233 | $ | 847,997 | |||||
Challenger, Ltd. | 126,645 | 635,006 | ||||||
Coca-Cola Amatil, Ltd. | 153,923 | 973,913 | ||||||
Sonic Healthcare, Ltd. | 45,262 | 580,081 | ||||||
South32, Ltd. (a) | 49,368 | 47,298 | ||||||
Woolworths, Ltd. (b) | 33,059 | 576,678 | ||||||
3,660,973 | ||||||||
BRAZIL — 0.6% | ||||||||
Natura Cosmeticos SA | 94,393 | 462,252 | ||||||
CANADA — 15.5% | ||||||||
Bank of Montreal | 9,573 | 519,671 | ||||||
Bank of Nova Scotia | 12,069 | 529,589 | ||||||
Canadian Imperial Bank of Commerce (b) | 8,419 | 602,084 | ||||||
Cominar Real Estate Investment Trust | 76,240 | 917,246 | ||||||
Emera, Inc. | 22,834 | 753,980 | ||||||
Enbridge Income Fund Holdings, Inc. (b) | 21,572 | 503,942 | ||||||
Fortis, Inc. | 19,924 | 567,240 | ||||||
Great-West Lifeco, Inc. | 21,756 | 518,788 | ||||||
IGM Financial, Inc. (b) | 20,949 | 529,077 | ||||||
Labrador Iron Ore Royalty Corp. (b) | 67,768 | 722,818 | ||||||
National Bank of Canada (b) | 17,019 | 540,769 | ||||||
Power Corp. of Canada | 23,156 | 477,904 | ||||||
Power Financial Corp. (b) | 21,124 | 482,132 | ||||||
RioCan REIT | 34,778 | 660,696 | ||||||
Rogers Communications, Inc. (Class B) | 20,383 | 699,046 | ||||||
Royal Bank of Canada (b) | 9,182 | 505,363 | ||||||
Shaw Communications, Inc. (Class B) (b) | 27,045 | 521,252 | ||||||
TELUS Corp. | 20,676 | 648,486 | ||||||
Vermilion Energy, Inc. (b) | 19,196 | 615,240 | ||||||
11,315,323 | ||||||||
CHINA — 1.9% | ||||||||
Jiangsu Expressway Co., Ltd. (Class H) | 622,000 | 792,142 | ||||||
Sino Land Co., Ltd. | 378,887 | 573,949 | ||||||
1,366,091 | ||||||||
FINLAND — 2.0% | ||||||||
Fortum Oyj | 51,952 | 767,226 | ||||||
Konecranes Oyj (b) | 28,911 | 721,600 | ||||||
1,488,826 | ||||||||
FRANCE — 6.1% | ||||||||
Klepierre | 14,431 | 652,237 | ||||||
Neopost SA (b) | 29,941 | 778,056 | ||||||
Sanofi | 7,469 | 707,751 | ||||||
Total SA (b) | 20,753 | 931,254 | ||||||
Unibail-Rodamco SE | 2,349 | 606,485 | ||||||
Vinci SA | 12,797 | 810,082 | ||||||
4,485,865 | ||||||||
GERMANY — 3.4% | ||||||||
Bilfinger SE (b) | 21,428 | 791,719 | ||||||
Deutsche Euroshop AG | 11,998 | 538,523 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 3,334 | 620,573 | ||||||
Siemens AG | 5,744 | 512,554 | ||||||
2,463,369 | ||||||||
HONG KONG — 0.9% | ||||||||
CLP Holdings, Ltd. | 80,000 | 682,834 | ||||||
ITALY — 3.3% | ||||||||
Atlantia SpA | 29,259 | 816,182 | ||||||
Hera SpA | 359,997 | 933,088 | ||||||
Tod’s SpA | 7,420 | 648,525 | ||||||
2,397,795 | ||||||||
JAPAN — 3.2% | ||||||||
Canon, Inc. (b) | 24,900 | 718,111 | ||||||
TonenGeneral Sekiyu K.K. (b) | 80,000 | 772,847 | ||||||
UNY Group Holdings Co., Ltd. (b) | 134,100 | 842,009 | ||||||
2,332,967 | ||||||||
MALAYSIA — 0.4% | ||||||||
AMMB Holdings Bhd | 308,000 | 319,509 | ||||||
NORWAY — 2.5% | ||||||||
Orkla ASA | 129,706 | 959,490 | ||||||
Statoil ASA | 57,928 | 842,774 | ||||||
1,802,264 | ||||||||
PORTUGAL — 1.3% | ||||||||
EDP — Energias de Portugal SA | 264,723 | 966,570 | ||||||
SINGAPORE — 0.9% | ||||||||
Singapore Telecommunications, Ltd. | 273,100 | 691,441 | ||||||
SOUTH AFRICA — 3.4% | ||||||||
Foschini Group, Ltd. | 54,871 | 556,885 | ||||||
MTN Group, Ltd. | 49,761 | 640,591 | ||||||
Standard Bank Group, Ltd. | 45,785 | 447,022 | ||||||
Truworths International, Ltd. (b) | 133,742 | 822,358 | ||||||
2,466,856 | ||||||||
SOUTH KOREA — 1.4% | ||||||||
KT&G Corp. | 10,822 | 1,018,015 | ||||||
SPAIN — 2.0% | ||||||||
Abertis Infraestructuras SA | 39,271 | 619,406 | ||||||
Enagas SA | 29,202 | 835,128 | ||||||
1,454,534 | ||||||||
SWEDEN — 2.1% | ||||||||
Skanska AB (Class B) | 32,561 | 636,308 | ||||||
TeliaSonera AB | 171,662 | 921,857 | ||||||
1,558,165 | ||||||||
SWITZERLAND — 3.0% | ||||||||
Baloise Holding AG | 4,271 | 488,252 | ||||||
PSP Swiss Property AG (a) | 5,627 | 461,286 | ||||||
Swiss Prime Site AG (a) | 8,662 | 631,189 | ||||||
Syngenta AG | 1,955 | 624,455 | ||||||
2,205,182 | ||||||||
TAIWAN — 0.7% | ||||||||
Simplo Technology Co., Ltd. | 168,000 | 540,824 | ||||||
THAILAND — 1.0% | ||||||||
Advanced Info Service PCL NVDR | 118,000 | 734,757 | ||||||
See accompanying notes to financial statements.
404
SPDR S&P Global Dividend ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
UNITED KINGDOM — 15.0% | ||||||||
Aberdeen Asset Management PLC | 99,752 | $ | 448,009 | |||||
Amec Foster Wheeler PLC | 74,471 | 808,247 | ||||||
Amlin PLC | 112,471 | 1,118,449 | ||||||
BAE Systems PLC | 104,788 | 710,623 | ||||||
BHP Billiton PLC | 49,336 | 751,054 | ||||||
British American Tobacco PLC | 13,569 | 748,769 | ||||||
Carillion PLC (b) | 188,052 | 859,398 | ||||||
Centrica PLC | 278,740 | 967,731 | ||||||
GlaxoSmithKline PLC | 47,659 | 913,944 | ||||||
Sky PLC | 47,905 | 757,569 | ||||||
Tate & Lyle PLC | 87,190 | 776,578 | ||||||
United Business Media PLC | 135,009 | 993,076 | ||||||
William Morrison Supermarkets PLC (b) | 446,174 | 1,122,574 | ||||||
10,976,021 | ||||||||
UNITED STATES — 23.8% | ||||||||
AT&T, Inc. (b) | 30,666 | 999,098 | ||||||
CME Group, Inc. | 7,895 | 732,182 | ||||||
Consolidated Edison, Inc. (b) | 10,188 | 681,068 | ||||||
Darden Restaurants, Inc. | 11,759 | 805,962 | ||||||
Entergy Corp. (b) | 7,922 | 515,722 | ||||||
HollyFrontier Corp. | 51,049 | 2,493,233 | ||||||
Mattel, Inc. (b) | 32,721 | 689,104 | ||||||
National Health Investors, Inc. (b) | 9,055 | 520,572 | ||||||
New York Community Bancorp, Inc. (b) | 62,119 | 1,121,869 | ||||||
Northwest Natural Gas Co. (b) | 13,650 | 625,716 | ||||||
Old Republic International Corp. (b) | 54,366 | 850,284 | ||||||
People’s United Financial, Inc. (b) | 47,552 | 747,993 | ||||||
Pepco Holdings, Inc. | 27,338 | 662,127 | ||||||
PPL Corp. (b) | 21,400 | 703,846 | ||||||
R.R. Donnelley & Sons Co. (b) | 72,193 | 1,051,130 | ||||||
Southern Co. (b) | 15,288 | 683,374 | ||||||
Talen Energy Corp. (a)(b) | 2,674 | 27,008 | ||||||
UIL Holdings Corp. (b) | 15,980 | 803,315 | ||||||
Universal Corp. (b) | 22,465 | 1,113,590 | ||||||
Verizon Communications, Inc. (b) | 18,104 | 787,705 | ||||||
Williams Cos., Inc. | 22,211 | 818,475 | ||||||
17,433,373 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $81,968,146) | 72,823,806 | |||||||
SHORT TERM INVESTMENTS — 15.0% | ||||||||
UNITED STATES — 15.0% | ||||||||
MONEY MARKET FUNDS — 15.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (c)(d) | 10,950,786 | 10,950,786 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e) | 47,526 | 47,526 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $10,998,312) | 10,998,312 | |||||||
TOTAL INVESTMENTS — 114.4% | ||||||||
(Cost $92,966,458) | 83,822,118 | |||||||
OTHER ASSETS & LIABILITIES — (14.4)% | (10,572,618 | ) | ||||||
NET ASSETS — 100.0% | $ | 73,249,500 | ||||||
(a) | Non-income producing security | |||||
(b) | All or a portion of the security was on loan at September 30, 2015. | |||||
(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.
405
SPDR S&P International Dividend ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.3% | ||||||||
AUSTRALIA — 23.1% | ||||||||
APA Group | 2,698,617 | $ | 16,203,141 | |||||
ASX, Ltd. | 144,269 | 3,837,734 | ||||||
Australia & New Zealand Banking Group, Ltd. | 234,926 | 4,467,572 | ||||||
Bank of Queensland, Ltd. | 572,320 | 4,666,196 | ||||||
Bendigo & Adelaide Bank, Ltd. (a) | 559,057 | 3,890,645 | ||||||
Commonwealth Bank of Australia | 75,514 | 3,856,321 | ||||||
CSR, Ltd. | 4,361,287 | 8,851,245 | ||||||
Dexus Property Group | 1,748,520 | 8,779,474 | ||||||
DUET Group | 7,387,196 | 11,205,344 | ||||||
Federation Centres | 5,156,789 | 9,922,515 | ||||||
Fortescue Metals Group, Ltd. (a) | 25,751,884 | 32,913,361 | ||||||
Genworth Mortgage Insurance Australia, Ltd. (a) | 2,064,540 | 3,334,594 | ||||||
Insurance Australia Group, Ltd. (a) | 1,663,546 | 5,654,211 | ||||||
IOOF Holdings, Ltd. (a) | 860,307 | 5,165,489 | ||||||
National Australia Bank, Ltd. | 239,787 | 5,048,346 | ||||||
Spark Infrastructure Group | 5,633,494 | 7,397,948 | ||||||
Stockland | 3,501,744 | 9,467,536 | ||||||
Suncorp Group, Ltd. | 576,142 | 4,932,023 | ||||||
Tatts Group, Ltd. | 3,950,258 | 10,430,500 | ||||||
Westpac Banking Corp. | 232,551 | 4,850,277 | ||||||
Woodside Petroleum, Ltd. | 1,321,578 | 26,849,307 | ||||||
Woolworths, Ltd. (a) | 1,365,296 | 23,816,078 | ||||||
WorleyParsons, Ltd. (a) | 2,412,138 | 10,011,092 | ||||||
225,550,949 | ||||||||
BELGIUM — 0.8% | ||||||||
bpost SA | 340,579 | 8,071,034 | ||||||
BRAZIL — 0.6% | ||||||||
Companhia Energetica de Minas Gerais ADR | 3,546,290 | 6,312,396 | ||||||
CANADA — 9.1% | ||||||||
ARC Resources, Ltd. (a) | 1,126,688 | 14,824,179 | ||||||
Artis REIT | 528,129 | 4,994,910 | ||||||
Cominar Real Estate Investment Trust | 679,749 | 8,178,079 | ||||||
Crescent Point Energy Corp. (a) | 2,062,385 | 23,489,684 | ||||||
Freehold Royalties, Ltd. (a) | 552,570 | 4,459,467 | ||||||
Gibson Energy, Inc. (a) | 568,223 | 7,090,602 | ||||||
Smart Real Estate Investment Trust | 281,113 | 6,411,901 | ||||||
Whitecap Resources, Inc. (a) | 2,408,111 | 18,931,521 | ||||||
88,380,343 | ||||||||
CHINA — 2.0% | ||||||||
Bank of China, Ltd. (Class H) | 6,913,000 | 2,970,341 | ||||||
CIFI Holdings Group Co., Ltd. | 19,602,691 | 3,490,521 | ||||||
Country Garden Holdings Co., Ltd. (a) | 8,652,200 | 3,114,772 | ||||||
Greentown China Holdings, Ltd. (a)(b) | 4,002,500 | 2,866,288 | ||||||
Industrial & Commercial Bank of China, Ltd. (Class H) | 4,747,000 | 2,731,804 | ||||||
TCL Communication Technology Holdings, Ltd. (a) | 5,646,457 | 4,058,137 | ||||||
19,231,863 | ||||||||
COLOMBIA — 0.5% | ||||||||
Ecopetrol SA ADR (a) | 558,411 | 4,802,335 | ||||||
CZECH REPUBLIC — 0.5% | ||||||||
Komercni Banka AS | 20,871 | 4,517,996 | ||||||
DENMARK — 1.2% | ||||||||
TDC A/S | 2,273,713 | 11,693,041 | ||||||
FINLAND — 5.3% | ||||||||
Elisa Oyj (a) | 509,387 | 17,183,183 | ||||||
Fortum Oyj | 1,630,621 | 24,080,982 | ||||||
Orion Oyj (Class B) | 286,896 | 10,824,367 | ||||||
52,088,532 | ||||||||
FRANCE — 4.2% | ||||||||
CNP Assurances | 223,784 | 3,100,003 | ||||||
EDF SA | 1,060,572 | 18,663,601 | ||||||
Fonciere Des Regions | 119,416 | 10,378,587 | ||||||
ICADE | 124,160 | 8,397,383 | ||||||
40,539,574 | ||||||||
GERMANY — 4.1% | ||||||||
Drillisch AG (a) | 393,374 | 20,861,810 | ||||||
Freenet AG | 566,713 | 18,683,639 | ||||||
39,545,449 | ||||||||
HONG KONG — 3.3% | ||||||||
Agile Property Holdings, Ltd. (a) | 8,080,000 | 4,201,573 | ||||||
Evergrande Real Estate Group, Ltd. (a) | 11,704,000 | 6,644,809 | ||||||
SJM Holdings, Ltd. (a) | 17,627,000 | 12,463,914 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 2,317,000 | 8,565,371 | ||||||
31,875,667 | ||||||||
�� | ||||||||
INDONESIA — 0.0% (c) | ||||||||
Matahari Putra Prima Tbk PT | 873,151 | 114,433 | ||||||
ITALY — 5.1% | ||||||||
Snam SpA | 4,649,611 | 23,843,440 | ||||||
Terna Rete Elettrica Nazionale SpA | 4,246,613 | 20,601,257 | ||||||
UnipolSai SpA | 2,246,459 | 4,877,300 | ||||||
49,321,997 | ||||||||
NETHERLANDS — 0.7% | ||||||||
BE Semiconductor Industries NV (a) | 312,857 | 4,836,787 | ||||||
Delta Lloyd NV | 294,881 | 2,469,693 | ||||||
7,306,480 | ||||||||
NEW ZEALAND — 1.4% | ||||||||
Spark New Zealand, Ltd. | 6,934,849 | 13,219,942 | ||||||
NORWAY — 0.3% | ||||||||
Gjensidige Forsikring ASA | 206,690 | 2,776,867 | ||||||
PORTUGAL — 2.0% | ||||||||
EDP — Energias de Portugal SA | 5,364,578 | 19,587,428 | ||||||
SINGAPORE — 1.1% | ||||||||
Keppel REIT (a) | 7,324,000 | 4,919,066 | ||||||
StarHub, Ltd. | 2,473,300 | 6,018,439 | ||||||
10,937,505 | ||||||||
SOUTH AFRICA — 4.7% | ||||||||
Barclays Africa Group, Ltd. | 275,767 | 3,394,485 | ||||||
Coronation Fund Managers, Ltd. | 832,016 | 3,928,714 |
See accompanying notes to financial statements.
406
SPDR S&P International Dividend ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Growthpoint Properties, Ltd. REIT | 5,115,220 | $ | 9,489,072 | |||||
Kumba Iron Ore, Ltd. (a) | 1,304,478 | 7,405,910 | ||||||
MMI Holdings, Ltd. (a) | 1,602,469 | 2,757,123 | ||||||
MTN Group, Ltd. | 259,620 | 3,342,183 | ||||||
Redefine Properties, Ltd. | 13,703,842 | 11,595,787 | ||||||
Vodacom Group, Ltd. | 419,563 | 4,172,265 | ||||||
46,085,539 | ||||||||
SPAIN — 2.5% | ||||||||
Bolsas y Mercados Espanoles SHMSF SA (a) | 90,585 | 3,054,698 | ||||||
Enagas SA | 729,436 | 20,860,640 | ||||||
23,915,338 | ||||||||
SWEDEN — 4.2% | ||||||||
NCC AB (Class B) | 391,484 | 11,781,325 | ||||||
Ratos AB (Class B) | 678,300 | 4,080,128 | ||||||
Swedbank AB (Class A) | 180,868 | 3,987,396 | ||||||
TeliaSonera AB | 3,958,896 | 21,259,999 | ||||||
41,108,848 | ||||||||
SWITZERLAND — 1.1% | ||||||||
Cembra Money Bank AG (b) | 62,555 | 3,687,614 | ||||||
Swiss Re AG | 41,554 | 3,555,332 | ||||||
Zurich Insurance Group AG (b) | 14,001 | 3,427,530 | ||||||
10,670,476 | ||||||||
THAILAND — 1.6% | ||||||||
Advanced Info Service PCL | 22,800 | 141,970 | ||||||
Advanced Info Service PCL NVDR | 550,500 | 3,427,827 | ||||||
BTS Group Holdings PCL NVDR | 16,899,997 | 4,539,881 | ||||||
Intouch Holdings PCL NVDR | 1,992,508 | 3,993,800 | ||||||
Krung Thai Bank PCL | 60,800 | 28,645 | ||||||
Krung Thai Bank PCL NVDR | 8,181,200 | 3,854,485 | ||||||
15,986,608 | ||||||||
TURKEY — 2.4% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 5,038,931 | 6,207,650 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 632,457 | 3,749,518 | ||||||
Turk Telekomunikasyon AS | 2,415,306 | 4,762,407 | ||||||
Turkcell Iletisim Hizmetleri AS | 2,557,454 | 8,911,284 | ||||||
23,630,859 | ||||||||
UNITED KINGDOM — 17.5% | ||||||||
Admiral Group PLC | 219,896 | 5,002,973 | ||||||
Amlin PLC | 572,805 | 5,696,164 | ||||||
Berkeley Group Holdings PLC | 578,660 | 29,275,940 | ||||||
Carillion PLC (a) | 1,877,468 | 8,580,029 | ||||||
National Grid PLC | 2,189,222 | 30,471,861 | ||||||
Phoenix Group Holdings | 355,482 | 4,401,962 | ||||||
Rio Tinto PLC | 568,423 | 19,028,513 | ||||||
Royal Dutch Shell PLC (Class A) | 947,416 | 22,301,427 | ||||||
SSE PLC | 1,000,054 | 22,661,882 | ||||||
Vodafone Group PLC | 7,332,166 | 23,151,286 | ||||||
170,572,037 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $1,178,918,880) | 967,843,536 | |||||||
SHORT TERM INVESTMENTS — 15.9% | ||||||||
UNITED STATES — 15.9% | ||||||||
MONEY MARKET FUNDS — 15.9% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 153,680,936 | 153,680,936 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f) | 1,284,078 | 1,284,078 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $154,965,014) | 154,965,014 | |||||||
TOTAL INVESTMENTS — 115.2% | ||||||||
(Cost $1,333,883,894) | 1,122,808,550 | |||||||
OTHER ASSETS & LIABILITIES — (15.2)% | (148,392,931 | ) | ||||||
NET ASSETS — 100.0% | $ | 974,415,619 | ||||||
(a) | All or a portion of the security was on loan at September 30, 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
NVDR = Non Voting Depositary Receipt
PCL = Public Company Limited
PLC = Public Limited Company
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
407
SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
AUSTRALIA — 5.3% | ||||||||
Adelaide Brighton, Ltd. | 8,385 | $ | 25,614 | |||||
Alumina, Ltd. (a) | 62,488 | 49,368 | ||||||
Ansell, Ltd. | 4,391 | 57,817 | ||||||
Aristocrat Leisure, Ltd. | 14,974 | 90,538 | ||||||
AusNet Services | 43,266 | 41,474 | ||||||
Bank of Queensland, Ltd. | 11,623 | 94,764 | ||||||
Bendigo & Adelaide Bank, Ltd. (a) | 13,194 | 91,821 | ||||||
BGP Holdings PLC (b)(c) | 31,422 | 0 | ||||||
Boral, Ltd. | 22,866 | 84,624 | ||||||
Challenger, Ltd. | 13,026 | 65,313 | ||||||
Coca-Cola Amatil, Ltd. | 12,271 | 77,642 | ||||||
Cochlear, Ltd. | 1,800 | 105,510 | ||||||
Computershare, Ltd. | 13,453 | 100,048 | ||||||
Domino’s Pizza Enterprises, Ltd. | 1,653 | 46,711 | ||||||
DUET Group | 52,991 | 80,380 | ||||||
Echo Entertainment Group, Ltd. | 26,932 | 91,539 | ||||||
Flight Centre Travel Group, Ltd. (a) | 1,657 | 42,007 | ||||||
Fortescue Metals Group, Ltd. (a) | 45,933 | 58,707 | ||||||
Harvey Norman Holdings, Ltd. (a) | 24,962 | 68,015 | ||||||
Healthscope, Ltd. | 32,849 | 58,824 | ||||||
Iluka Resources, Ltd. | 12,254 | 53,439 | ||||||
Incitec Pivot, Ltd. | 45,458 | 124,499 | ||||||
Medibank Pvt, Ltd. | 72,002 | 122,364 | ||||||
Mirvac Group | 87,829 | 106,086 | ||||||
Orica, Ltd. | 9,739 | 102,862 | ||||||
Platinum Asset Management, Ltd. (a) | 4,120 | 19,587 | ||||||
REA Group, Ltd. (a) | 1,151 | 35,823 | ||||||
Reece Australia, Ltd. | 1,274 | 31,313 | ||||||
Santos, Ltd. | 27,099 | 75,741 | ||||||
Seek, Ltd. | 9,173 | 77,301 | ||||||
Spark Infrastructure Group (a) | 33,204 | 43,604 | ||||||
Tabcorp Holdings, Ltd. | 23,448 | 76,898 | ||||||
Tatts Group, Ltd. | 51,095 | 134,914 | ||||||
Treasury Wine Estates, Ltd. | 19,799 | 91,209 | ||||||
Washington H Soul Pattinson & Co., Ltd. | 3,232 | 34,522 | ||||||
2,460,878 | ||||||||
AUSTRIA — 1.0% | ||||||||
ams AG | 2,039 | 75,750 | ||||||
BUWOG AG (b) | 1,646 | 34,909 | ||||||
IMMOFINANZ AG (b) | 33,604 | 77,271 | ||||||
Mayr Melnhof Karton AG | 203 | 23,408 | ||||||
Oesterreichische Post AG | 859 | 29,418 | ||||||
Raiffeisen Bank International AG (b) | 2,439 | 31,881 | ||||||
Telekom Austria AG | 3,001 | 16,900 | ||||||
UNIQA Insurance Group AG | 3,839 | 33,211 | ||||||
Verbund AG (a) | 3,016 | 39,962 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 1,219 | 35,855 | ||||||
Wienerberger AG | 2,768 | 48,587 | ||||||
447,152 | ||||||||
BELGIUM — 1.4% | ||||||||
Ackermans & van haaren NV | 678 | 99,143 | ||||||
bpost SA | 1,915 | 45,382 | ||||||
Cie d’Entreprises CFE | 55 | 6,953 | ||||||
Cofinimmo SA | 1,429 | 150,500 | ||||||
Elia System Operator SA/NV | 712 | 34,572 | ||||||
Euronav NV | 2,723 | 37,979 | ||||||
Financiere de Tubize SA | 433 | 27,932 | ||||||
Galapagos NV (b) | 844 | 34,429 | ||||||
KBC Ancora | 133 | 5,110 | ||||||
Ontex Group NV | 858 | 26,290 | ||||||
S.A. D’Ieteren NV | 457 | 17,602 | ||||||
Sofina SA | 530 | 58,883 | ||||||
Umicore SA | 2,172 | 83,512 | ||||||
628,287 | ||||||||
BERMUDA — 0.4% | ||||||||
Hiscox, Ltd. | 11,719 | 167,218 | ||||||
CANADA — 7.5% | ||||||||
Air Canada (b) | 8,743 | 69,973 | ||||||
Allied Properties REIT | 3,680 | 95,877 | ||||||
AltaGas, Ltd. (a) | 2,800 | 68,669 | ||||||
Amaya, Inc. (a)(b) | 3,607 | 65,457 | ||||||
Atco, Ltd. (Class I) | 3,177 | 92,891 | ||||||
BlackBerry, Ltd. (b) | 11,322 | 69,163 | ||||||
CAE, Inc. | 6,975 | 73,563 | ||||||
Canadian Apartment Properties REIT | 1,648 | 34,885 | ||||||
Canadian Oil Sands, Ltd. | 12,600 | 59,302 | ||||||
Canadian REIT | 1,009 | 30,834 | ||||||
Canfor Corp. (b) | 2,235 | 26,523 | ||||||
CCL Industries, Inc. (Class B) | 824 | 115,134 | ||||||
Cineplex, Inc. (a) | 1,769 | 62,582 | ||||||
Cominar Real Estate Investment Trust | 1,882 | 22,642 | ||||||
Concordia Healthcare Corp. | 487 | 20,683 | ||||||
DH Corp. | 4,253 | 124,256 | ||||||
E-L Financial Corp., Ltd. | 88 | 44,961 | ||||||
Eldorado Gold Corp. | 19,100 | 60,974 | ||||||
Element Financial Corp. (b) | 10,339 | 140,506 | ||||||
Emera, Inc. | 3,561 | 117,585 | ||||||
Empire Co., Ltd. (Class A) | 4,200 | 85,992 | ||||||
Finning International, Inc. | 4,000 | 58,417 | ||||||
First Capital Realty, Inc. | 2,587 | 36,083 | ||||||
First Quantum Minerals, Ltd. | 18,800 | 68,570 | ||||||
Genworth MI Canada, Inc. (a) | 710 | 15,225 | ||||||
H&R Real Estate Investment Trust | 730 | 11,200 | ||||||
Hudson’s Bay Co. | 3,406 | 57,364 | ||||||
IMAX Corp. (a)(b) | 1,763 | 59,572 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 2,785 | 82,717 | ||||||
Kinross Gold Corp. (b) | 37,114 | 64,224 | ||||||
Linamar Corp. | 1,533 | 79,983 | ||||||
Lundin Mining Corp. (b) | 18,102 | 50,902 | ||||||
MacDonald, Dettwiler & Associates, Ltd. | 944 | 51,104 | ||||||
Maple Leaf Foods, Inc. | 2,798 | 45,976 | ||||||
Methanex Corp. | 2,200 | 72,562 | ||||||
Northland Power, Inc. | 1,000 | 12,971 | ||||||
Peyto Exploration & Development Corp. (a) | 3,800 | 78,653 | ||||||
PrairieSky Royalty, Ltd. (a) | 3,776 | 71,425 | ||||||
Progressive Waste Solutions, Ltd. (a) | 4,810 | 126,609 | ||||||
Ritchie Bros Auctioneers, Inc. (a) | 2,661 | 68,475 | ||||||
Seven Generations Energy, Ltd. (Class A) (b) | 5,432 | 51,091 | ||||||
Silver Wheaton Corp. | 10,600 | 126,817 | ||||||
Smart Real Estate Investment Trust | 1,578 | 35,993 |
See accompanying notes to financial statements.
408
SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
SNC-Lavalin Group, Inc. | 3,700 | $ | 104,815 | |||||
Stantec, Inc. (a) | 2,596 | 56,501 | ||||||
Stella-Jones, Inc. | 800 | 25,676 | ||||||
Teck Resources, Ltd. (Class B) | 12,400 | 58,916 | ||||||
Veresen, Inc. (a) | 9,139 | 69,529 | ||||||
Vermilion Energy, Inc. (a) | 2,700 | 86,536 | ||||||
West Fraser Timber Co., Ltd. | 1,990 | 62,934 | ||||||
Westjet Airlines, Ltd. | 3,137 | 55,688 | ||||||
Whitecap Resources, Inc. (a) | 9,096 | 71,509 | ||||||
WSP Global, Inc. (a) | 1,705 | 57,278 | ||||||
3,457,767 | ||||||||
CHINA — 0.1% | ||||||||
Dah Sing Banking Group, Ltd. (a) | 3,200 | 5,871 | ||||||
Kerry Properties, Ltd. | 14,000 | 38,297 | ||||||
44,168 | ||||||||
DENMARK — 0.7% | ||||||||
Dfds A/S | 810 | 25,755 | ||||||
GN Store Nord A/S | 5,505 | 98,762 | ||||||
Sydbank A/S | 2,431 | 92,355 | ||||||
Topdanmark A/S (b) | 2,314 | 65,647 | ||||||
William Demant Holding A/S (b) | 702 | 58,296 | ||||||
340,815 | ||||||||
FINLAND — 0.9% | ||||||||
Amer Sports Oyj | 3,079 | 78,156 | ||||||
Cargotec Oyj | 1,085 | 29,600 | ||||||
Citycon Oyj (b) | 2,262 | 5,555 | ||||||
Huhtamaki Oyj | 2,217 | 67,585 | ||||||
Kesko Oyj (Class B) | 2,060 | 72,801 | ||||||
Metso Oyj | 3,033 | 62,938 | ||||||
Nokian Renkaat Oyj | 3,748 | 120,951 | ||||||
437,586 | ||||||||
FRANCE — 3.7% | ||||||||
Air France-KLM (a)(b) | 3,470 | 24,131 | ||||||
Areva SA (b) | 969 | 7,496 | ||||||
bioMerieux | 426 | 45,997 | ||||||
Criteo SA ADR (b) | 1,348 | 50,604 | ||||||
Edenred | 4,871 | 79,357 | ||||||
Elior (e) | 1,415 | 27,009 | ||||||
Eurazeo SA | 889 | 59,045 | ||||||
Faurecia | 1,437 | 44,544 | ||||||
Havas SA | 7,647 | 62,227 | ||||||
Korian SA | 3,036 | 114,139 | ||||||
Lagardere SCA | 3,922 | 108,310 | ||||||
Mercialys SA REIT | 2,901 | 62,628 | ||||||
Metropole Television SA | 2,038 | 38,901 | ||||||
Nexity | 1,018 | 43,766 | ||||||
Norbert Dentressangle SA | 33 | 7,480 | ||||||
Orpea | 1,274 | 101,069 | ||||||
Plastic Omnium SA | 1,831 | 41,797 | ||||||
Remy Cointreau SA (a) | 1,437 | 94,110 | ||||||
Rexel SA | 6,365 | 78,012 | ||||||
Rothschild & Co. | 581 | 16,862 | ||||||
Rubis SCA | 1,331 | 98,741 | ||||||
Sa des Ciments Vicat | 523 | 32,617 | ||||||
Sartorius Stedim Biotech | 141 | 41,866 | ||||||
Schneider Electric SE | 563 | 31,429 | ||||||
SEB SA | 874 | 80,399 | ||||||
Societe Television Francaise 1 | 3,414 | 47,826 | ||||||
Somfy SA | 19 | 5,472 | ||||||
Sopra Steria Group | 288 | 31,884 | ||||||
SPIE SA (b) | 588 | 9,757 | ||||||
Technicolor SA | 7,921 | 54,492 | ||||||
Teleperformance | 1,811 | 136,959 | ||||||
Worldline SA (b)(e) | 533 | 13,625 | ||||||
1,692,551 | ||||||||
GERMANY — 4.0% | ||||||||
Aareal Bank AG | 1,643 | 58,248 | ||||||
Aurubis AG | 794 | 50,431 | ||||||
Carl Zeiss Meditec AG (a) | 797 | 22,237 | ||||||
CTS Eventim AG & Co. KGaA | 1,575 | 58,228 | ||||||
Deutsche Euroshop AG | 848 | 38,062 | ||||||
DMG Mori AG | 1,155 | 44,203 | ||||||
Drillisch AG | 1,851 | 98,164 | ||||||
Duerr AG | 768 | 53,829 | ||||||
Freenet AG | 4,164 | 137,280 | ||||||
Gerresheimer AG | 1,153 | 83,966 | ||||||
GRENKELEASING AG | 155 | 24,499 | ||||||
Hella KGaA Hueck & Co. | 542 | 19,521 | ||||||
KION Group AG (b) | 1,129 | 49,994 | ||||||
Krones AG | 399 | 41,911 | ||||||
KUKA AG (a) | 826 | 63,149 | ||||||
KWS Saat SE | 64 | 21,296 | ||||||
Lanxess AG | 2,011 | 93,865 | ||||||
LEG Immobilien AG (b) | 1,557 | 128,282 | ||||||
Leoni AG | 1,193 | 63,402 | ||||||
MTU Aero Engines AG | 1,546 | 129,067 | ||||||
Nordex SE (b) | 1,451 | 39,569 | ||||||
Puma AG Rudolf Dassler Sport (a) | 71 | 14,662 | ||||||
Rational AG | 73 | 29,127 | ||||||
Rheinmetall AG | 1,022 | 62,493 | ||||||
Rocket Internet SE (b)(e) | 1,132 | 36,335 | ||||||
Sartorius AG | 257 | 61,004 | ||||||
Software AG | 1,652 | 48,111 | ||||||
Stada Arzneimittel AG | 2,006 | 71,654 | ||||||
Stroeer SE | 457 | 26,848 | ||||||
Suedzucker AG (a) | 1,362 | 24,690 | ||||||
Wacker Chemie AG | 157 | 11,901 | ||||||
Wirecard AG | 3,485 | 166,128 | ||||||
1,872,156 | ||||||||
HONG KONG — 2.1% | ||||||||
ASM Pacific Technology, Ltd. (a) | 6,100 | 39,787 | ||||||
Brightoil Petroleum Holdings, Ltd. (b) | 75,000 | 26,322 | ||||||
Champion REIT | 93,000 | 46,320 | ||||||
China Traditional Chinese Medicine Co., Ltd. (b) | 28,000 | 21,063 | ||||||
Chinese Estates Holdings, Ltd. | 12,000 | 28,180 | ||||||
First Pacific Co., Ltd. | 72,500 | 44,248 | ||||||
Genting Hong Kong, Ltd. | 52,999 | 17,225 | ||||||
Goldin Properties Holdings, Ltd. (a)(b) | 36,000 | 32,423 | ||||||
Great Eagle Holdings, Ltd. | 4,069 | 12,102 | ||||||
Guoco Group, Ltd. | 1,000 | 11,484 | ||||||
Haitong International Securities Group, Ltd. | 48,000 | 23,721 | ||||||
Hopewell Holdings | 31,500 | 106,896 |
See accompanying notes to financial statements.
409
SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Hutchison Telecommunications Hong Kong Holdings, Ltd. (a) | 20,000 | $ | 8,026 | |||||
Hysan Development Co., Ltd. | 14,000 | 58,167 | ||||||
Johnson Electric Holdings, Ltd. (a) | 10,000 | 32,968 | ||||||
Kerry Logistics Network, Ltd. (a) | 12,000 | 17,032 | ||||||
Kingston Financial Group, Ltd. (a)(b) | 96,000 | 33,321 | ||||||
Lifestyle International Holdings, Ltd. | 8,000 | 11,437 | ||||||
Melco International Development, Ltd. (a) | 33,000 | 40,324 | ||||||
Noble Group, Ltd. | 144,000 | 42,028 | ||||||
Nord Anglia Education, Inc. (a)(b) | 1,028 | 20,899 | ||||||
NWS Holdings, Ltd. | 35,000 | 45,974 | ||||||
Orient Overseas International, Ltd. | 5,000 | 23,419 | ||||||
Pacific Textiles Holdings, Ltd. | 11,000 | 14,932 | ||||||
PCCW, Ltd. | 139,807 | 71,617 | ||||||
Shangri-La Asia, Ltd. | 66,000 | 57,058 | ||||||
Stella International Holdings, Ltd. | 17,500 | 42,813 | ||||||
VTech Holdings, Ltd. (a) | 3,300 | 39,110 | ||||||
968,896 | ||||||||
IRELAND — 1.1% | ||||||||
Avolon Holdings, Ltd. (a)(b) | 545 | 16,590 | ||||||
Grafton Group PLC | 10,622 | 107,399 | ||||||
ICON PLC (a)(b) | 1,742 | 123,630 | ||||||
King Digital Entertainment PLC (a) | 2,765 | 37,438 | ||||||
Kingspan Group PLC | 3,249 | 78,137 | ||||||
Paddy Power PLC | 1,348 | 155,285 | ||||||
Permanent TSB Group Holdings PLC (b) | 1,812 | 9,607 | ||||||
528,086 | ||||||||
ISRAEL — 0.9% | ||||||||
Azrieli Group | 714 | 28,524 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 57,347 | 109,583 | ||||||
Delek Group, Ltd. | 124 | 27,088 | ||||||
Elbit Systems, Ltd. | 443 | 32,721 | ||||||
Frutarom Industries, Ltd. | 798 | 30,152 | ||||||
Israel Corp., Ltd. | 75 | 17,962 | ||||||
Mizrahi Tefahot Bank, Ltd. | 2,964 | 35,010 | ||||||
NICE Systems, Ltd. | 2,055 | 112,099 | ||||||
Osem Investments, Ltd. | 1,875 | 36,182 | ||||||
Tower Semiconductor, Ltd. (b) | 1 | 13 | ||||||
429,334 | ||||||||
ITALY — 3.2% | ||||||||
A2A SpA | 34,209 | 42,386 | ||||||
ACEA SpA | 365 | 4,922 | ||||||
Anima Holding SpA (e) | 5,400 | 47,077 | ||||||
Ansaldo STS SpA | 3,535 | 37,407 | ||||||
Autogrill SpA (b) | 2,998 | 27,241 | ||||||
Azimut Holding SpA | 2,791 | 59,754 | ||||||
Banca Generali SpA | 1,483 | 41,733 | ||||||
Banca Popolare dell’Emilia Romagna SC | 12,307 | 101,247 | ||||||
Banca Popolare di Milano SCARL | 173,375 | 170,887 | ||||||
Banca Popolare di Sondrio SCARL | 13,655 | 62,402 | ||||||
Brembo SpA | 388 | 14,985 | ||||||
Buzzi Unicem SpA (f) | 36 | 600 | ||||||
Buzzi Unicem SpA (f) | 3,478 | 34,941 | ||||||
Davide Campari-Milano SpA (a) | 9,107 | 72,380 | ||||||
De’ Longhi SpA | 1,404 | 34,400 | ||||||
DiaSorin SpA | 619 | 27,030 | ||||||
ERG SpA | 255 | 3,558 | ||||||
FinecoBank Banca Fineco SpA | 13,714 | 90,931 | ||||||
Hera SpA | 12,429 | 32,215 | ||||||
Infrastrutture Wireless Italiane SpA (b)(e) | 2,728 | 13,338 | ||||||
Italcementi SpA | 5,789 | 64,070 | ||||||
Moncler SpA | 4,194 | 74,905 | ||||||
Prysmian SpA | 6,417 | 132,157 | ||||||
Recordati SpA | 3,922 | 90,317 | ||||||
Saipem SpA (a)(b) | 6,462 | 51,683 | ||||||
Salvatore Ferragamo Italia SpA | 355 | 9,443 | ||||||
Saras SpA (a)(b) | 6,975 | 14,793 | ||||||
Tod’s SpA (a) | 537 | 46,935 | ||||||
Unipol Gruppo Finanziario SpA | 13,794 | 60,482 | ||||||
World Duty Free SpA (b) | 2,624 | 29,964 | ||||||
1,494,183 | ||||||||
JAPAN — 31.1% | ||||||||
Activia Properties, Inc. | 4 | 16,733 | ||||||
Advance Residence Investment Corp. | 60 | 126,448 | ||||||
AEON Financial Service Co., Ltd. (a) | 5,200 | 102,294 | ||||||
Aeon Mall Co., Ltd. | 1,000 | 15,288 | ||||||
Air Water, Inc. | 7,000 | 104,680 | ||||||
Alfresa Holdings Corp. | 8,800 | 149,526 | ||||||
Amada Holdings Co., Ltd. (a) | 11,100 | 84,155 | ||||||
Aozora Bank, Ltd. | 5,000 | 17,284 | ||||||
Asahi Intecc Co., Ltd. | 700 | 25,074 | ||||||
Bank of Kyoto, Ltd. (a) | 11,000 | 111,226 | ||||||
Benesse Holdings, Inc. (a) | 3,300 | 88,035 | ||||||
Brother Industries, Ltd. | 4,300 | 51,486 | ||||||
Calbee, Inc. (a) | 4,700 | 151,284 | ||||||
Canon Marketing Japan, Inc. | 3,300 | 48,660 | ||||||
Chugoku Bank, Ltd. | 6,400 | 94,532 | ||||||
Citizen Holdings Co., Ltd. (a) | 9,700 | 66,737 | ||||||
Coca-Cola East Japan Co., Ltd. | 1,000 | 16,107 | ||||||
Coca-Cola West Co., Ltd. | 300 | 5,824 | ||||||
COLOPL, Inc. | 200 | 3,200 | ||||||
COOKPAD, Inc. | 700 | 14,688 | ||||||
Cosmos Pharmaceutical Corp. | 100 | 11,748 | ||||||
Credit Saison Co., Ltd. (a) | 3,900 | 70,501 | ||||||
CyberAgent, Inc. (a) | 900 | 35,019 | ||||||
Daicel Corp. | 11,200 | 136,721 | ||||||
Daiichikosho Co., Ltd. | 400 | 14,144 | ||||||
DeNA Co., Ltd. (a) | 2,100 | 38,909 | ||||||
DIC Corp. | 28,000 | 62,422 | ||||||
Disco Corp. (a) | 900 | 62,823 | ||||||
Dowa Holdings Co., Ltd. (a) | 12,000 | 90,477 | ||||||
Ezaki Glico Co., Ltd. | 1,100 | 50,699 | ||||||
FamilyMart Co., Ltd. | 3,300 | 150,169 | ||||||
Fuji Electric Holdings Co., Ltd. | 33,000 | 119,033 | ||||||
Fuji Television Network, Inc. | 3,300 | 38,410 | ||||||
Fukuoka Financial Group, Inc. | 33,000 | 156,231 | ||||||
GLP J-REIT | 117 | 111,857 | ||||||
GungHo Online Entertainment, Inc. (a) | 5,100 | 15,075 | ||||||
Gunma Bank, Ltd. | 17,000 | 108,304 | ||||||
H2O Retailing Corp. | 800 | 15,090 | ||||||
Hachijuni Bank, Ltd. | 14,000 | 98,777 | ||||||
Hakuhodo DY Holdings, Inc. | 6,600 | 62,327 | ||||||
Hamamatsu Photonics K.K. (a) | 6,600 | 148,791 |
See accompanying notes to financial statements.
410
SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Haseko Corp. | 8,300 | $ | 93,558 | |||||
Hikari Tsushin, Inc. | 300 | 20,916 | ||||||
Hirose Electric Co., Ltd. | 500 | 54,148 | ||||||
Hiroshima Bank, Ltd. (a) | 33,000 | 189,571 | ||||||
HIS Co., Ltd. | 300 | 9,757 | ||||||
Hisamitsu Pharmaceutical Co., Inc. (a) | 4,400 | 146,587 | ||||||
Hitachi Capital Corp. (a) | 3,300 | 80,072 | ||||||
Hitachi Construction Machinery Co., Ltd. (a) | 3,300 | 44,004 | ||||||
Hitachi High-Technologies Corp. | 300 | 6,455 | ||||||
Hokkaido Electric Power Co., Inc. (b) | 3,100 | 30,000 | ||||||
Hokuhoku Financial Group, Inc. | 33,000 | 75,222 | ||||||
Hokuriku Electric Power Co. | 6,300 | 84,480 | ||||||
Hoshizaki Electric Co., Ltd. | 2,300 | 160,356 | ||||||
Ibiden Co., Ltd. (a) | 3,300 | 43,067 | ||||||
Idemitsu Kosan Co., Ltd. (a) | 6,400 | 97,578 | ||||||
IHI Corp. | 30,000 | 76,650 | ||||||
Ito En, Ltd. | 400 | 8,346 | ||||||
Iyo Bank, Ltd. (a) | 10,100 | 115,450 | ||||||
Izumi Co., Ltd. | 300 | 12,111 | ||||||
J Front Retailing Co., Ltd. | 12,700 | 205,083 | ||||||
Jafco Co., Ltd. | 300 | 11,773 | ||||||
Japan Airport Terminal Co., Ltd. (a) | 3,000 | 128,502 | ||||||
Japan Prime Realty Investment Corp. | 33 | 107,047 | ||||||
Japan Retail Fund Investment Corp. | 77 | 148,902 | ||||||
JGC Corp. | 4,000 | 52,887 | ||||||
Joyo Bank, Ltd. | 33,000 | 173,039 | ||||||
JSR Corp. (a) | 6,200 | 88,937 | ||||||
JTEKT Corp. | 4,500 | 62,522 | ||||||
Kakaku.com, Inc. (a) | 4,000 | 64,593 | ||||||
Kaken Pharmaceutical Co., Ltd. | 1,000 | 92,264 | ||||||
Kamigumi Co., Ltd. | 8,000 | 65,194 | ||||||
Kaneka Corp. | 11,000 | 80,641 | ||||||
Kansai Paint Co., Ltd. | 8,000 | 108,346 | ||||||
Kawasaki Kisen Kaisha, Ltd. (a) | 28,000 | 61,253 | ||||||
Keihan Electric Railway Co., Ltd. (a) | 16,000 | 106,342 | ||||||
Keikyu Corp. | 2,000 | 15,864 | ||||||
Keio Corp. | 16,000 | 113,289 | ||||||
Keisei Electric Railway Co., Ltd. | 10,000 | 109,297 | ||||||
Kewpie Corp. (a) | 3,300 | 65,386 | ||||||
Kobayashi Pharmaceutical Co., Ltd. | 300 | 22,519 | ||||||
Konami Corp. | 4,300 | 92,739 | ||||||
Kuraray Co., Ltd. (a) | 10,100 | 125,317 | ||||||
Kurita Water Industries, Ltd. | 6,100 | 129,013 | ||||||
Laox Co., Ltd. (b) | 5,000 | 14,821 | ||||||
Lion Corp. (a) | 4,000 | 35,035 | ||||||
Mabuchi Motor Co., Ltd. (a) | 1,600 | 69,069 | ||||||
Marui Group Co., Ltd. (a) | 14,900 | 179,026 | ||||||
Matsumotokiyoshi Holdings Co., Ltd. | 900 | 39,753 | ||||||
Medipal Holdings Corp. | 13,100 | 206,839 | ||||||
Minebea Co., Ltd. | 9,000 | 94,761 | ||||||
Miraca Holdings, Inc. | 3,300 | 139,423 | ||||||
MISUMI Group, Inc. (a) | 9,900 | 101,591 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 24,000 | 110,216 | ||||||
Mitsubishi Logistics Corp. (a) | 2,000 | 23,079 | ||||||
Mitsubishi Materials Corp. | 50,000 | 151,129 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 17,200 | 75,254 | ||||||
Mitsui Chemicals, Inc. (a) | 33,000 | 104,981 | ||||||
Mitsui OSK Lines, Ltd. (a) | 33,000 | 78,804 | ||||||
Mixi, Inc. (a) | 1,400 | 47,693 | ||||||
MonotaRO Co., Ltd. | 1,400 | 31,877 | ||||||
Nabtesco Corp. | 3,300 | 59,875 | ||||||
Nagoya Railroad Co., Ltd. (a) | 33,000 | 129,228 | ||||||
Nankai Electric Railway Co., Ltd. | 22,000 | 112,053 | ||||||
NH Foods, Ltd. | 9,000 | 183,058 | ||||||
NHK Spring Co., Ltd. | 7,100 | 68,472 | ||||||
Nifco, Inc. | 300 | 10,207 | ||||||
Nippon Electric Glass Co., Ltd. (a) | 12,000 | 57,713 | ||||||
Nippon Express Co., Ltd. | 33,000 | 156,782 | ||||||
Nippon Prologis REIT, Inc. (a) | 48 | 87,050 | ||||||
Nippon Shokubai Co., Ltd. (a) | 1,600 | 108,212 | ||||||
Nippon Yusen K.K. (a) | 37,000 | 85,267 | ||||||
Nishi-Nippon City Bank, Ltd. | 23,000 | 62,798 | ||||||
Nissan Chemical Industries, Ltd. (a) | 5,400 | 118,086 | ||||||
Nisshin Seifun Group, Inc. | 7,700 | 111,419 | ||||||
Nisshinbo Holdings, Inc. | 1,000 | 11,239 | ||||||
NOK Corp. | 3,300 | 70,896 | ||||||
Nomura Real Estate Holdings, Inc. | 3,300 | 66,019 | ||||||
NTN Corp. | 25,000 | 102,284 | ||||||
NTT Urban Development Corp. (a) | 3,300 | 30,227 | ||||||
Obic Co., Ltd. | 3,300 | 150,169 | ||||||
OJI Paper Co., Ltd. | 33,000 | 141,076 | ||||||
Orix JREIT, Inc. | 70 | 94,627 | ||||||
Otsuka Corp. | 900 | 43,736 | ||||||
Park24 Co., Ltd. | 3,300 | 61,886 | ||||||
Pigeon Corp. | 2,400 | 55,769 | ||||||
Pilot Corp. | 700 | 28,786 | ||||||
Pola Orbis Holdings, Inc. | 200 | 12,358 | ||||||
Resorttrust, Inc. | 1,800 | 44,622 | ||||||
Rinnai Corp. | 1,900 | 144,366 | ||||||
Sankyo Co., Ltd. (a) | 3,300 | 117,104 | ||||||
Sanrio Co., Ltd. (a) | 3,300 | 89,688 | ||||||
SBI Holdings, Inc. | 6,600 | 73,900 | ||||||
SCSK Corp. | 400 | 14,946 | ||||||
Seino Holdings Co., Ltd. | 3,000 | 31,136 | ||||||
Seven Bank, Ltd. (a) | 17,100 | 73,674 | ||||||
Sharp Corp. (a)(b) | 38,000 | 43,468 | ||||||
Shikoku Electric Power Co., Inc. (a) | 6,300 | 102,313 | ||||||
Shimadzu Corp. | 10,000 | 143,197 | ||||||
Shimamura Co., Ltd. | 300 | 32,213 | ||||||
Showa Shell Sekiyu K.K. (a) | 6,000 | 47,142 | ||||||
Skylark Co., Ltd. | 1,700 | 22,072 | ||||||
Sohgo Security Services Co., Ltd. (a) | 1,800 | 81,760 | ||||||
Sojitz Corp. (a) | 38,900 | 72,106 | ||||||
Sotetsu Holdings, Inc. | 4,000 | 21,809 | ||||||
Square Enix Holdings Co., Ltd. | 1,300 | 32,140 | ||||||
Stanley Electric Co., Ltd. (a) | 7,000 | 138,814 | ||||||
Start Today Co., Ltd. | 900 | 29,608 | ||||||
Sumco Corp. | 3,500 | 31,153 | ||||||
Sumitomo Heavy Industries, Ltd. | 33,000 | 129,779 | ||||||
Sumitomo Rubber Industries, Inc. | 4,200 | 58,074 | ||||||
Sundrug Co., Ltd. | 300 | 15,731 | ||||||
Suruga Bank, Ltd. | 9,900 | 183,179 | ||||||
Suzuken Co., Ltd. | 3,600 | 119,484 | ||||||
Taiheiyo Cement Corp. | 33,000 | 98,643 | ||||||
Takashimaya Co., Ltd. | 17,000 | 136,977 | ||||||
Teijin, Ltd. | 28,000 | 84,632 |
See accompanying notes to financial statements.
411
SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Temp Holdings Co., Ltd. | 900 | $ | 40,880 | |||||
THK Co., Ltd. (a) | 3,700 | 58,513 | ||||||
Tobu Railway Co., Ltd. | 7,000 | 29,984 | ||||||
Toho Co., Ltd. | 8,000 | 181,890 | ||||||
Toho Gas Co., Ltd. (a) | 14,000 | 82,294 | ||||||
Tokyo Tatemono Co., Ltd. | 8,500 | 100,852 | ||||||
Tokyu Fudosan Holdings Corp. | 5,600 | 37,079 | ||||||
Tosoh Corp. (a) | 18,000 | 86,119 | ||||||
Toyo Seikan Group Holdings, Ltd. (a) | 4,300 | 68,001 | ||||||
Toyo Suisan Kaisha, Ltd. | 5,000 | 188,703 | ||||||
Toyo Tire & Rubber Co., Ltd. | 1,900 | 40,898 | ||||||
Toyota Boshoku Corp. (a) | 3,300 | 55,687 | ||||||
Trend Micro, Inc. (a) | 3,300 | 116,140 | ||||||
Tsuruha Holdings, Inc. | 1,000 | 85,918 | ||||||
United Urban Investment Corp. | 101 | 134,762 | ||||||
Welcia Holdings Co., Ltd. | 200 | 9,686 | ||||||
Yamada Denki Co., Ltd. (a) | 29,500 | 118,724 | ||||||
Yamaguchi Financial Group, Inc. (a) | 8,000 | 97,658 | ||||||
Yamaha Corp. | 5,200 | 114,538 | ||||||
Yamazaki Baking Co., Ltd. (a) | 5,000 | 76,650 | ||||||
Yaoko Co., Ltd. | 100 | 4,509 | ||||||
Yaskawa Electric Corp. (a) | 7,800 | 78,935 | ||||||
Yokogawa Electric Corp. (a) | 5,700 | 59,349 | ||||||
Yokohama Rubber Co., Ltd. | 4,000 | 70,171 | ||||||
Zenkoku Hosho Co., Ltd. | 400 | 13,192 | ||||||
Zeon Corp. | 2,000 | 15,714 | ||||||
14,373,084 | ||||||||
JERSEY — 0.2% | ||||||||
Beazley PLC | 21,163 | 114,442 | ||||||
LUXEMBOURG — 0.6% | ||||||||
APERAM SA (a)(b) | 1,084 | 29,125 | ||||||
B&M European Value Retail SA | 12,553 | 61,874 | ||||||
Cosmo Pharmaceuticals SA (b) | 74 | 11,277 | ||||||
Eurofins Scientific SE | 252 | 77,272 | ||||||
Grand City Properties SA | 1,431 | 27,434 | ||||||
L’Occitane International SA | 10,500 | 21,867 | ||||||
Subsea 7 SA (a)(b) | 6,513 | 48,866 | ||||||
277,715 | ||||||||
MALTA — 0.1% | ||||||||
Unibet Group PLC, SDR | 665 | 55,502 | ||||||
NETHERLANDS — 1.5% | ||||||||
Aalberts Industries NV | 2,584 | 76,321 | ||||||
Arcadis NV | 3,330 | 78,078 | ||||||
ASM International NV | 2,137 | 69,010 | ||||||
Cimpress NV (a)(b) | 793 | 60,355 | ||||||
Delta Lloyd NV | 5,336 | 44,690 | ||||||
Eurocommercial Properties NV | 1,786 | 77,791 | ||||||
Euronext NV (e) | 1,659 | 70,556 | ||||||
SBM Offshore NV (a)(b) | 6,571 | 82,884 | ||||||
TNT Express NV | 11,027 | 83,922 | ||||||
TomTom NV (b) | 1,996 | 20,320 | ||||||
Wereldhave NV | 302 | 17,381 | ||||||
681,308 | ||||||||
NEW ZEALAND — 1.1% | ||||||||
Auckland International Airport, Ltd. | 21,423 | 66,877 | ||||||
Contact Energy, Ltd. | 17,940 | 56,807 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 27,686 | 125,746 | ||||||
Fletcher Building, Ltd. | 15,426 | 67,103 | ||||||
Meridian Energy, Ltd. | 29,805 | 40,039 | ||||||
Mighty River Power, Ltd. | 12,734 | 20,487 | ||||||
Ryman Healthcare, Ltd. | 11,541 | 53,968 | ||||||
Spark New Zealand, Ltd. | 45,066 | 85,910 | ||||||
Vector, Ltd. | 1,415 | 2,851 | ||||||
519,788 | ||||||||
NORWAY — 0.3% | ||||||||
Golar LNG, Ltd. | 2,337 | 65,155 | ||||||
Seadrill, Ltd. (a)(b) | 9,374 | 54,563 | ||||||
119,718 | ||||||||
PORTUGAL — 0.5% | ||||||||
Banco Comercial Portugues SA (b) | 968,609 | 47,033 | ||||||
NOS SGPS SA | 12,304 | 101,236 | ||||||
Portucel SA | 7,028 | 24,319 | ||||||
Sonae SGPS SA (a) | 29,472 | 36,188 | ||||||
208,776 | ||||||||
SINGAPORE — 2.4% | ||||||||
Ascendas REIT | 58,800 | 96,766 | ||||||
CapitaLand Commercial Trust, Ltd. | 40,100 | 37,790 | ||||||
CapitaLand Mall Trust | 60,000 | 80,175 | ||||||
ComfortDelGro Corp., Ltd. | 75,600 | 152,593 | ||||||
Fraser and Neave, Ltd. | 1,000 | 1,533 | ||||||
Golden Agri-Resources, Ltd. (a) | 165,000 | 38,294 | ||||||
Hutchison Port Holdings Trust (a) | 120,000 | 66,000 | ||||||
Keppel REIT (a) | 20,200 | 13,567 | ||||||
Mapletree Commercial Trust | 22,900 | 20,212 | ||||||
Olam International, Ltd. | 10,000 | 14,206 | ||||||
SATS Ltd. | 32,900 | 88,619 | ||||||
SembCorp Industries, Ltd. (a) | 20,000 | 48,667 | ||||||
SembCorp Marine, Ltd. | 16,000 | 25,768 | ||||||
SIA Engineering Co., Ltd. (a) | 4,400 | 11,388 | ||||||
Singapore Post, Ltd. (a) | 68,600 | 81,776 | ||||||
Singapore Press Holdings, Ltd. | 35,000 | 94,522 | ||||||
StarHub, Ltd. | 6,000 | 14,600 | ||||||
Suntec REIT (a) | 64,000 | 67,515 | ||||||
UOL Group, Ltd. (a) | 34,470 | 145,696 | ||||||
1,099,687 | ||||||||
SOUTH KOREA — 5.8% | ||||||||
BGF retail Co., Ltd. | 245 | 41,753 | ||||||
BNK Financial Group, Inc. | 7,167 | 82,838 | ||||||
CJ CGV Co., Ltd. | 310 | 27,461 | ||||||
CJ CheilJedang Corp. | 199 | 63,882 | ||||||
CJ E&M Corp. (b) | 457 | 35,201 | ||||||
CJ Korea Express Co., Ltd. (b) | 181 | 30,464 | ||||||
Cuckoo Electronics Co., Ltd. | 54 | 12,392 | ||||||
Daewoo Engineering & Construction Co., Ltd. (b) | 5,759 | 30,998 | ||||||
Daewoo International Corp. | 1,741 | 30,478 | ||||||
Daewoo Securities Co., Ltd. | 8,066 | 80,980 | ||||||
Dongbu Insurance Co., Ltd. | 1,813 | 93,763 | ||||||
Dongsuh Cos., Inc. | 1,210 | 37,465 | ||||||
GS Holdings Corp. | 2,554 | 98,148 | ||||||
GS Retail Co., Ltd. | 618 | 31,805 | ||||||
Hankook Tire Co., Ltd. | 1,682 | 56,194 | ||||||
Hanmi Pharm Co., Ltd. (b) | 110 | 34,477 | ||||||
Hanon Systems Corp. | 540 | 17,882 |
See accompanying notes to financial statements.
412
SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Hansae Co., Ltd. | 474 | $ | 22,074 | |||||
Hanwha Chemical Corp. | 2,610 | 47,453 | ||||||
Hanwha Corp. | 2,806 | 91,971 | ||||||
Hotel Shilla Co., Ltd. | 980 | 95,081 | ||||||
Hyosung Corp. | 605 | 57,422 | ||||||
Hyundai Department Store Co., Ltd. | 360 | 40,699 | ||||||
Hyundai Development Co.-Engineering & Construction | 1,745 | 80,235 | ||||||
Hyundai Engineering & Construction Co., Ltd. | 1,581 | 45,617 | ||||||
Hyundai Greenfood Co., Ltd. | 1,070 | 23,110 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 1,676 | 42,773 | ||||||
Hyundai Wia Corp. | 386 | 42,010 | ||||||
KCC Corp. | 155 | 54,007 | ||||||
KEPCO Plant Service & Engineering Co., Ltd. | 531 | 54,207 | ||||||
Korea Gas Corp. | 803 | 26,929 | ||||||
Korea Investment Holdings Co., Ltd. | 1,981 | 102,117 | ||||||
Korean Air Lines Co., Ltd. (b) | 735 | 19,440 | ||||||
LG Uplus Corp. | 7,257 | 74,082 | ||||||
Loen Entertainment, Inc. | 113 | 7,627 | ||||||
Lotte Chilsung Beverage Co., Ltd. | 15 | 30,524 | ||||||
Lotte Confectionery Co., Ltd. | 37 | 68,643 | ||||||
Medy-Tox, Inc. | 96 | 34,527 | ||||||
Meritz Securities Co., Ltd. | 6,440 | 24,259 | ||||||
NCSoft Corp. | 395 | 62,984 | ||||||
NH Investment & Securities Co., Ltd. | 3,752 | 31,465 | ||||||
Orion Corp. | 91 | 72,321 | ||||||
Ottogi Corp. | 59 | 51,718 | ||||||
Pan Ocean Co., Ltd. (b)(d) | 3,420 | 13,374 | ||||||
S-1 Corp. | 743 | 58,485 | ||||||
Samlip General Foods Co., Ltd. | 52 | 13,863 | ||||||
Samsung Electro-Mechanics Co., Ltd. | 2,043 | 110,828 | ||||||
Samsung Heavy Industries Co., Ltd. | 4,550 | 47,216 | ||||||
Samsung SDI Co., Ltd. | 1,346 | 123,210 | ||||||
Samsung Securities Co., Ltd. | 2,282 | 87,503 | ||||||
Shinsegae Co., Ltd. | 158 | 31,525 | ||||||
Young Poong Corp. | 25 | 28,495 | ||||||
Youngone Corp. | 482 | 24,602 | ||||||
Yuhan Corp. | 107 | 21,981 | ||||||
2,670,558 | ||||||||
SPAIN — 2.3% | ||||||||
Acciona SA | 778 | 54,972 | ||||||
Acerinox SA (a) | 4,218 | 37,582 | ||||||
Almirall SA | 1,841 | 32,777 | ||||||
Atresmedia Corp. de Medios de Comunicaion SA | 2,490 | 31,602 | ||||||
Bolsas y Mercados Espanoles SHMSF SA (a) | 2,547 | 85,890 | ||||||
Cellnex Telecom SAU (b)(e) | 4,529 | 76,844 | ||||||
Cia de Distribucion Integral Logista Holdings SAU | 1,165 | 21,925 | ||||||
Corporacion Financiera Alba SA | 420 | 17,464 | ||||||
Distribuidora Internacional de Alimentacion SA (a)(b) | 15,452 | 93,193 | ||||||
Ebro Puleva SA | 3,005 | 58,852 | ||||||
Fomento de Construcciones y Contratas SA (b) | 2,408 | 17,767 | ||||||
Gamesa Corp. Tecnologica SA | 9,638 | 133,189 | ||||||
Grupo Catalana Occidente SA | 1,353 | 38,799 | ||||||
Inmobiliaria Colonial SA (b) | 62,801 | 43,603 | ||||||
Mediaset Espana Comunicacion SA | 6,094 | 66,405 | ||||||
Melia Hotels International SA | 2,285 | 31,743 | ||||||
Merlin Properties Socimi SA (b) | 6,455 | 76,737 | ||||||
Prosegur Cia de Seguridad SA | 6,283 | 30,158 | ||||||
Tecnicas Reunidas SA (a) | 745 | 32,878 | ||||||
Viscofan SA | 1,513 | 90,997 | ||||||
1,073,377 | ||||||||
SWEDEN — 3.9% | ||||||||
AAK AB | 755 | 48,881 | ||||||
Axfood AB | 1,831 | 30,127 | ||||||
Axis Communications AB | 14 | 577 | ||||||
Betsson AB (b) | 3,025 | 50,783 | ||||||
BillerudKorsnas AB | 5,213 | 74,773 | ||||||
Boliden AB | 7,452 | 116,217 | ||||||
Castellum AB | 7,962 | 111,735 | ||||||
Elekta AB (Class B) | 12,592 | 83,551 | ||||||
Fabege AB | 4,202 | 61,474 | ||||||
Fastighets AB Balder (b) | 1,154 | 21,850 | ||||||
Great Portland Estates PLC | 9,823 | 127,219 | ||||||
Hexpol AB | 7,675 | 85,562 | ||||||
Hufvudstaden AB | 3,539 | 46,205 | ||||||
Husqvarna AB (Class B) | 10,224 | 66,802 | ||||||
Intrum Justitia AB | 2,427 | 83,716 | ||||||
Investment AB Latour (Class B) | 600 | 18,951 | ||||||
Lundin Petroleum AB (Class B) (b) | 5,375 | 69,086 | ||||||
NCC AB (Class B) | 2,407 | 72,436 | ||||||
Nibe Industrier AB (Class B) (a) | 4,328 | 126,377 | ||||||
Nobia AB | 2,607 | 31,736 | ||||||
Pandox AB (b) | 876 | 12,732 | ||||||
Peab AB | 11,150 | 77,173 | ||||||
Saab AB | 1,672 | 44,655 | ||||||
Securitas AB (Class B) | 8,900 | 108,344 | ||||||
SSAB AB (a)(b) | 947 | 2,850 | ||||||
SSAB AB, (Series A) (a)(b) | 7,761 | 26,521 | ||||||
Swedish Orphan Biovitrum AB (b) | 3,503 | 46,110 | ||||||
Tele2 AB (Class B) | 6,560 | 63,707 | ||||||
Trelleborg AB (Class B) | 4,830 | 76,248 | ||||||
Wallenstam AB (Class B) (a) | 3,799 | 31,164 | ||||||
1,817,562 | ||||||||
SWITZERLAND — 3.1% | ||||||||
Allreal Holding AG (b) | 158 | 20,617 | ||||||
Aryzta AG (b) | 2,306 | 97,399 | ||||||
Banque Cantonale Vaudoise (a) | 131 | 77,090 | ||||||
Basellandschaftliche Kantonalbank | 24 | 21,762 | ||||||
Bucher Industries AG | 191 | 40,933 | ||||||
Daetwyler Holding AG (a) | 178 | 24,083 | ||||||
DKSH Holding AG (b) | 237 | 14,954 | ||||||
dorma+kaba Holding AG | 44 | 26,929 | ||||||
Emmi AG (b) | 36 | 14,995 | ||||||
Flughafen Zuerich AG | 231 | 160,289 | ||||||
Forbo Holding AG (b) | 40 | 44,868 | ||||||
GAM Holding AG (b) | 6,105 | 107,155 | ||||||
Georg Fischer AG | 109 | 61,634 | ||||||
Leonteq AG (b) | 228 | 40,158 | ||||||
Logitech International SA (a) | 5,725 | 74,412 |
See accompanying notes to financial statements.
413
SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Luzerner Kantonalbank AG | 58 | $ | 21,087 | |||||
OC Oerlikon Corp. AG (b) | 3,913 | 38,285 | ||||||
Panalpina Welttransport Holding AG (a) | 538 | 58,640 | ||||||
PSP Swiss Property AG (b) | 1,107 | 90,749 | ||||||
St Galler Kantonalbank AG | 57 | 20,782 | ||||||
Straumann Holding AG | 235 | 67,402 | ||||||
Sulzer AG (a) | 713 | 69,687 | ||||||
Sunrise Communications Group AG (b)(e) | 1,018 | 58,240 | ||||||
Temenos Group AG (b) | 3,754 | 153,679 | ||||||
Vontobel Holding AG | 558 | 28,183 | ||||||
VZ Holding AG | 30 | 9,303 | ||||||
1,443,315 | ||||||||
UNITED KINGDOM — 14.1% | ||||||||
AA PLC (b) | 18,282 | 78,481 | ||||||
Abengoa Yield PLC (a) | 829 | 13,720 | ||||||
Aggreko PLC | 6,651 | 95,809 | ||||||
Amlin PLC | 16,563 | 164,708 | ||||||
Ashmore Group PLC (a) | 9,898 | 36,958 | ||||||
Aveva Group PLC | 1,876 | 57,856 | ||||||
Balfour Beatty PLC | 20,621 | 78,558 | ||||||
BBA Aviation PLC | 14,184 | 57,516 | ||||||
BCA Marketplace PLC (b) | 18,675 | 48,302 | ||||||
Bellway PLC | 3,487 | 131,309 | ||||||
Berendsen PLC | 4,656 | 70,738 | ||||||
Betfair Group PLC | 2,018 | 101,515 | ||||||
Booker Group PLC | 43,696 | 122,383 | ||||||
Bovis Homes Group PLC | 2,973 | 45,349 | ||||||
Britvic PLC | 7,202 | 74,019 | ||||||
BTG PLC (b) | 12,814 | 126,747 | ||||||
Cable & Wireless Communications PLC | 142,142 | 119,282 | ||||||
Card Factory PLC | 5,937 | 35,253 | ||||||
Carillion PLC (a) | 13,577 | 62,047 | ||||||
Cineworld Group PLC | 3,965 | 33,333 | ||||||
Close Brothers Group PLC | 3,097 | 70,039 | ||||||
Crest Nicholson Holdings PLC | 6,093 | 52,700 | ||||||
Daily Mail & General Trust PLC | 7,039 | 80,341 | ||||||
Dialog Semiconductor PLC (b) | 2,793 | 111,520 | ||||||
Domino’s Pizza Group PLC | 3,971 | 53,414 | ||||||
Dunelm Group PLC | 2,250 | 30,674 | ||||||
Essentra PLC | 6,349 | 75,591 | ||||||
Euromoney Institutional Investor PLC | 1,151 | 16,563 | ||||||
FirstGroup PLC (b) | 34,159 | 50,552 | ||||||
Galliford Try PLC | 1,494 | 35,892 | ||||||
Greene King PLC | 8,990 | 108,328 | ||||||
Halma PLC | 8,834 | 96,546 | ||||||
Hays PLC | 36,060 | 83,735 | ||||||
Henderson Group PLC | 30,704 | 121,016 | ||||||
Howden Joinery Group PLC | 18,622 | 137,230 | ||||||
ICAP PLC | 15,956 | 110,502 | ||||||
IG Group Holdings PLC | 9,449 | 110,138 | ||||||
IMI PLC | 6,057 | 87,023 | ||||||
Indivior PLC | 19,151 | 65,734 | ||||||
Intermediate Capital Group PLC | 8,433 | 65,977 | ||||||
International Game Technology PLC (a) | 2,363 | 36,225 | ||||||
Jardine Lloyd Thompson Group PLC | 3,932 | 60,692 | ||||||
JD Sports Fashion PLC | 1,043 | 15,088 | ||||||
John Wood Group PLC | 10,600 | 98,747 | ||||||
Jupiter Fund Management PLC | 9,855 | 64,697 | ||||||
Just Eat PLC (b) | 11,454 | 71,204 | ||||||
Kier Group PLC | 1,737 | 35,520 | ||||||
Man Group PLC | 57,803 | 134,137 | ||||||
Manchester United PLC (Class A) (a) | 1,055 | 18,114 | ||||||
Markit, Ltd. (b) | 2,541 | 73,689 | ||||||
Melrose Industries PLC | 24,001 | 96,051 | ||||||
Michael Page International PLC | 6,736 | 48,364 | ||||||
Micro Focus International PLC | 2,538 | 46,249 | ||||||
Millennium & Copthorne Hotels PLC | 3,325 | 24,311 | ||||||
Mitchells & Butlers PLC (b) | 4,318 | 20,655 | ||||||
Moneysupermarket.com Group PLC | 11,567 | 59,221 | ||||||
National Express Group PLC | 12,100 | 52,200 | ||||||
Ocado Group PLC (a)(b) | 15,983 | 77,473 | ||||||
Petrofac, Ltd. | 6,862 | 79,828 | ||||||
Pets at Home Group PLC | 3,792 | 15,836 | ||||||
Phoenix Group Holdings | 3,990 | 49,409 | ||||||
Playtech Plc | 5,173 | 64,920 | ||||||
PZ Cussons PLC | 9,524 | 41,909 | ||||||
QinetiQ Group PLC | 25,320 | 86,487 | ||||||
Redrow PLC | 4,224 | 29,189 | ||||||
Regus PLC | 17,224 | 79,992 | ||||||
Renishaw PLC | 682 | 20,826 | ||||||
Rentokil Initial PLC | 47,956 | 106,855 | ||||||
Restaurant Group PLC | 11,190 | 114,413 | ||||||
Rotork PLC | 25,354 | 63,291 | ||||||
RPC Group PLC | 5,449 | 52,288 | ||||||
Saga PLC | 10,623 | 33,067 | ||||||
Segro PLC | 20,822 | 135,465 | ||||||
Shaftesbury PLC | 5,975 | 82,994 | ||||||
Spectris PLC | 3,510 | 89,907 | ||||||
Spirax-Sarco Engineering PLC | 2,147 | 91,093 | ||||||
Spire Healthcare Group PLC (e) | 1,536 | 8,376 | ||||||
SSP Group PLC | 9,556 | 44,192 | ||||||
Stagecoach Group PLC | 12,580 | 64,332 | ||||||
TalkTalk Telecom Group PLC (a) | 15,094 | 71,906 | ||||||
Tate & Lyle PLC | 11,099 | 98,856 | ||||||
Ted Baker PLC | 654 | 31,770 | ||||||
Telecity Group PLC | 6,290 | 103,662 | ||||||
Thomas Cook Group PLC (b) | 44,326 | 77,684 | ||||||
Tullow Oil PLC (b) | 24,142 | 61,838 | ||||||
Unite Group PLC | 4,667 | 46,163 | ||||||
United Business Media PLC | 10,300 | 75,763 | ||||||
Vedanta Resources PLC | 1,523 | 9,809 | ||||||
Victrex PLC | 1,919 | 51,509 | ||||||
Virgin Money Holdings UK PLC | 4,198 | 24,577 | ||||||
Weir Group PLC | 5,555 | 98,449 | ||||||
WH Smith PLC | 6,288 | 148,967 | ||||||
Workspace Group PLC | 2,677 | 38,036 | ||||||
WS Atkins PLC | 4,268 | 89,734 | ||||||
6,533,427 | ||||||||
UNITED STATES — 0.1% | ||||||||
Eros International PLC (a)(b) | 734 | 19,958 | ||||||
Nexteer Automotive Group Ltd. | 21,000 | 21,135 | ||||||
41,093 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $49,766,159) | 45,998,429 | |||||||
See accompanying notes to financial statements.
414
SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
RIGHTS — 0.0% (g) | ||||||||
GERMANY — 0.0% (g) | ||||||||
RHOEN-KLINIKUM AG (expiring 10/8/15) (a)(b) (Cost $221) | 1,957 | $ | 44 | |||||
SHORT TERM INVESTMENTS — 14.0% | ||||||||
UNITED STATES — 14.0% | ||||||||
MONEY MARKET FUNDS — 14.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (h)(i) | 6,425,112 | 6,425,112 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (i)(j) | 37,447 | 37,447 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $6,462,559) | 6,462,559 | |||||||
TOTAL INVESTMENTS — 113.4% | ||||||||
(Cost $56,228,939) | 52,461,032 | |||||||
OTHER ASSETS & LIABILITIES — (13.4)% | (6,216,341 | ) | ||||||
NET ASSETS — 100.0% | $ | 46,244,691 | ||||||
(a) | All or a portion of the security was on loan at September 30, 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) | 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 purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.8% of net assets as of September 30, 2015, are 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
SDR = Swedish Depositary Receipt
See accompanying notes to financial statements.
415
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.7% | ||||||||
BRAZIL — 4.9% | ||||||||
Aliansce Shopping Centers SA | 105,711 | $ | 282,731 | |||||
Alupar Investimento SA | 35,421 | 132,541 | ||||||
Arezzo Industria e Comercio SA | 51,322 | 256,484 | ||||||
B2W Cia Digital (a) | 89,800 | 335,119 | ||||||
Banco ABC Brasil SA (a)(b) | 2,830 | 6,396 | ||||||
Banco ABC Brasil SA Preference Shares | 73,243 | 171,062 | ||||||
Banco do Estado do Rio Grande do Sul SA Preference Shares | 128,900 | 180,631 | ||||||
BR Malls Participacoes SA | 217,900 | 572,391 | ||||||
BR Properties SA | 284,331 | 764,033 | ||||||
Bradespar SA Preference Shares | 180,400 | 371,496 | ||||||
Brasil Brokers Participacoes SA | 312,566 | 137,368 | ||||||
Braskem SA Preference Shares (Class A) | 113,800 | 476,411 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 53,200 | 166,336 | ||||||
Cia Energetica de Sao Paulo Preference Shares (Class B) | 72,000 | 275,021 | ||||||
Cia Ferro Ligas da Bahia — Ferbasa Prefernce Shares | 108,576 | 208,048 | ||||||
Cia Hering | 140,150 | 494,508 | ||||||
Cia Paranaense de Energia Preference Shares | 46,300 | 379,521 | ||||||
Cia Siderurgica Nacional SA | 517,500 | 509,449 | ||||||
Cosan Logistica SA | 256,167 | 74,625 | ||||||
Cosan, Ltd. BDR | 54,500 | 156,029 | ||||||
Direcional Engenharia SA | 181,469 | 164,974 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 144,700 | 221,668 | ||||||
EDP — Energias do Brasil SA | 34,500 | 99,464 | ||||||
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares (a) | 109,315 | 300,606 | ||||||
Equatorial Energia SA | 39,900 | 339,285 | ||||||
Estacio Participacoes SA | 207,200 | 733,691 | ||||||
Eternit SA | 332,139 | 145,135 | ||||||
Even Construtora e Incorporadora SA | 265,623 | 229,471 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 93,009 | 270,014 | ||||||
Fleury SA | 107,381 | 438,213 | ||||||
GAEC Educacao SA | 95,913 | 233,403 | ||||||
Gafisa SA (a) | 488,866 | 247,996 | ||||||
Helbor Empreendimentos SA | 175,689 | 84,713 | ||||||
Iguatemi Empresa de Shopping Centers SA | 44,100 | 227,591 | ||||||
International Meal Co. Alimentacao SA (a) | 89,567 | 105,943 | ||||||
Iochpe-Maxion SA | 91,076 | 346,514 | ||||||
JHSF Participacoes SA | 147,492 | 53,708 | ||||||
JSL SA | 43,700 | 105,355 | ||||||
Kepler Weber SA | 16,980 | 89,464 | ||||||
Light SA | 77,000 | 223,345 | ||||||
Linx SA | 27,349 | 302,203 | ||||||
Localiza Rent a Car SA | 62,000 | 380,537 | ||||||
Log-in Logistica Intermodal SA (a) | 88,227 | 32,127 | ||||||
LPS Brasil Consultoria de I moveis SA | 95,304 | 68,212 | ||||||
Magnesita Refratarios SA (a) | 310,374 | 220,585 | ||||||
Mahle-Metal Leve SA | 37,506 | 216,920 | ||||||
Marcopolo SA Preference Shares | 547,068 | 219,819 | ||||||
Marfrig Global Foods SA (a) | 226,383 | 407,631 | ||||||
Metalurgica Gerdau SA Preference Shares | 281,500 | 206,427 | ||||||
Mills Estruturas e Servicos de Engenharia SA (a) | 179,529 | 202,886 | ||||||
Minerva SA (a) | 39,730 | 133,100 | ||||||
MRV Engenharia e Participacoes SA | 278,990 | 426,688 | ||||||
Paranapanema SA (a) | 232,097 | 120,072 | ||||||
PDG Realty SA Empreendimentos e Participacoes (a) | 979,040 | 14,752 | ||||||
Prumo Logistica SA (a) | 745,300 | 110,430 | ||||||
QGEP Participacoes SA | 92,285 | 141,836 | ||||||
Qualicorp SA | 109,911 | 409,618 | ||||||
Randon SA Implementos e Participacoes Preference Shares | 229,067 | 167,402 | ||||||
Restoque Comercio e Confeccoes de Roupas SA | 120,093 | 98,621 | ||||||
Rumo Logistica Operadora Multimodal SA (a) | 170,961 | 258,033 | ||||||
Santos Brasil Participacoes SA | 30,700 | 98,685 | ||||||
Sao Martinho SA | 19,900 | 195,904 | ||||||
Ser Educacional SA | 50,262 | 108,175 | ||||||
SLC Agricola SA | 85,773 | 385,574 | ||||||
Smiles SA | 41,478 | 313,016 | ||||||
Somos Educacao SA | 84,815 | 279,028 | ||||||
Sul America SA | 102,500 | 459,480 | ||||||
Totvs SA | 49,400 | 373,916 | ||||||
Usinas Siderurgicas de Minas Gerais SA Preference Shares (Class A) | 462,800 | 389,352 | ||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 76,119 | 874,749 | ||||||
Via Varejo SA | 173,505 | 172,549 | ||||||
18,399,080 | ||||||||
CHILE — 1.8% | ||||||||
Administradora de Fondos de Pensiones Habitat SA | 450,128 | 524,621 | ||||||
Besalco SA | 563,578 | 183,371 | ||||||
E.CL SA | 210,000 | 291,261 | ||||||
Inversiones Aguas Metropolitanas SA | 614,758 | 847,569 | ||||||
Inversiones La Construccion SA | 53,219 | 572,634 | ||||||
Parque Arauco SA | 880,313 | 1,507,460 | ||||||
Ripley Corp. SA | 1,231,614 | 406,042 | ||||||
Salfacorp SA | 568,572 | 298,560 | ||||||
Sociedad Matriz SAAM SA | 8,757,970 | 581,212 | ||||||
Sociedad Quimica y Minera de Chile SA Preference Shares (Class B) | 20,000 | 288,475 | ||||||
Vina Concha y Toro SA | 825,793 | 1,365,689 | ||||||
6,866,894 | ||||||||
CHINA — 12.0% | ||||||||
21Vianet Group, Inc. ADR (a) | 44,154 | 807,135 | ||||||
500.com, Ltd. ADR (Class A) (a) | 9,900 | 160,578 | ||||||
51job, Inc. ADR (a) | 25,390 | 695,686 | ||||||
Autohome, Inc. ADR (a) | 12,400 | 403,372 | ||||||
Bank of Chongqing Co., Ltd. (Class H) | 866,500 | 598,161 | ||||||
Baoxin Auto Group, Ltd. | 300,000 | 127,741 |
See accompanying notes to financial statements.
416
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Beijing Enterprises Clean Energy Group, Ltd. (a) | 3,828,400 | $ | 474,225 | |||||
Beijing North Star Co., Ltd. (Class H) | 630,000 | 182,089 | ||||||
Bitauto Holdings, Ltd. ADR (a) | 14,100 | 419,757 | ||||||
Boer Power Holdings, Ltd. | 126,000 | 212,654 | ||||||
Boyaa Interactive International, Ltd. (c) | 907,200 | 372,242 | ||||||
Broad Greenstate International Co., Ltd. | 560,000 | 122,838 | ||||||
BYD Electronic International Co., Ltd. (a) | 166,000 | 103,026 | ||||||
Central China Securities Co., Ltd. (Class H) (c) | 384,000 | 197,697 | ||||||
Chanjet Information Technology Co., Ltd. (Class H) | 29,200 | 50,412 | ||||||
Cheetah Mobile, Inc. ADR (a)(c) | 14,868 | 214,991 | ||||||
China Aircraft Leasing Group Holdings, Ltd. | 98,500 | 97,737 | ||||||
China Animal Healthcare, Ltd. (a)(c)(d) | 1,059,700 | 355,510 | ||||||
China Assurance Finance Group, Ltd. (a) | �� | 775,000 | 100,999 | |||||
China Distance Education Holdings, Ltd. ADR (c) | 39,170 | 500,593 | ||||||
China Fangda Group Co., Ltd. (Class B) | 132,700 | 81,332 | ||||||
China Hanking Holdings, Ltd. (a) | 140,000 | 72,077 | ||||||
China Harmony New Energy Auto Holdings, Ltd. | 425,500 | 200,395 | ||||||
China Hongxing Sports, Ltd. (a)(c)(d) | 4,758,000 | 0 | ||||||
China Huiyuan Juice Group, Ltd. (a) | 1,737,900 | 650,307 | ||||||
China Lilang, Ltd. (c) | 951,000 | 811,106 | ||||||
China Lodging Group, Ltd. ADR (a) | 40,267 | 979,696 | ||||||
China Ming Yang Wind Power Group, Ltd. ADS (a)(c) | 50,000 | 98,000 | ||||||
China NT Pharma Group Co., Ltd. (a) | 437,900 | 101,705 | ||||||
China Pioneer Pharma Holdings, Ltd. | 440,000 | 189,625 | ||||||
China SCE Property Holdings, Ltd. (c) | 2,241,800 | 488,854 | ||||||
China Shanshui Cement Group, Ltd. (a)(c)(d) | 1,224,000 | 596,045 | ||||||
China Shengmu Organic Milk, Ltd. (a)(e) | 448,000 | 98,270 | ||||||
China Silver Group, Ltd. | 1,016,000 | 247,771 | ||||||
China Suntien Green Energy Corp., Ltd. (Class H) | 1,556,000 | 275,059 | ||||||
China Zhongwang Holdings, Ltd. | 280,000 | 106,219 | ||||||
Chinasoft International, Ltd. (a)(c) | 906,000 | 347,200 | ||||||
CNinsure, Inc. ADR (a)(c) | 9,992 | 76,439 | ||||||
Cogobuy Group (a)(e) | 265,000 | 267,392 | ||||||
Colour Life Services Group Co., Ltd. (c) | 583,000 | 455,865 | ||||||
Consun Pharmaceutical Group, Ltd. | 495,600 | 301,195 | ||||||
Coolpad Group, Ltd. (a) | 2,504,000 | 468,487 | ||||||
Credit China Holdings, Ltd. (c) | 2,024,000 | 522,319 | ||||||
Dongjiang Environmental Co., Ltd. (Class H) | 100,000 | 155,096 | ||||||
Dongyue Group | 839,000 | 217,597 | ||||||
Double Coin Holdings, Ltd. (Class B) | 480,024 | 402,740 | ||||||
E-Commerce China Dangdang, Inc. (Class A) ADR (a)(c) | 46,553 | 277,921 | ||||||
E-House China Holdings, Ltd. ADR (c) | 56,682 | 336,691 | ||||||
First Tractor Co., Ltd. (Class H) (c) | 604,500 | 353,338 | ||||||
Foshan Electrical and Lighting Co., Ltd. (Class B) | 95,600 | 80,427 | ||||||
Fu Shou Yuan International Group, Ltd. | 462,000 | 290,313 | ||||||
Fuyao Glass Industry Group Co., Ltd. (Class H) (a)(c)(e) | 124,000 | 235,839 | ||||||
Guorui Properties, Ltd. | 150,000 | 74,516 | ||||||
Hangzhou Steam Turbine Co. (Class B) (d) | 787,050 | 805,325 | ||||||
Harbin Electric Co., Ltd. (Class H) (c) | 1,138,000 | 625,529 | ||||||
Hi Sun Technology China, Ltd. (a)(c) | 1,116,000 | 187,199 | ||||||
Hilong Holding, Ltd. (c) | 1,469,000 | 297,589 | ||||||
Hisense Kelon Electrical Holdings Co., Ltd. (Class H) (a) | 244,000 | 122,157 | ||||||
Homeinns Hotel Group ADR (a) | 27,445 | 788,769 | ||||||
Huadian Energy Co., Ltd. (Class B) (a) | 198,100 | 106,380 | ||||||
Huangshan Tourism Development Co., Ltd. (Class B) | 391,000 | 598,230 | ||||||
Inner Mongolia Yitai Coal Co., Ltd. (Class B) | 404,500 | 328,859 | ||||||
JA Solar Holdings Co., Ltd. ADR (a)(c) | 60,912 | 475,114 | ||||||
Jiangnan Group, Ltd. | 490,000 | 100,528 | ||||||
Jiangsu Future Land Co., Ltd. (Class B) | 543,000 | 982,287 | ||||||
Jingwei Textile Machinery (Class H) | 224,000 | 335,853 | ||||||
JinkoSolar Holding Co., Ltd. ADR (a)(c) | 22,135 | 485,642 | ||||||
Jumei International Holding, Ltd. ADR (a)(c) | 17,800 | 175,686 | ||||||
Kama Co., Ltd. (Class B) (a) | 97,700 | 81,677 | ||||||
Kangda International Environmental Co., Ltd. (a)(c)(e) | 1,771,200 | 466,223 | ||||||
KWG Property Holding, Ltd. | 158,500 | 103,894 | ||||||
Launch Tech Co., Ltd. (Class H) (a) | 75,000 | 89,032 | ||||||
Leyou Technologies Holdings, Ltd. (a) | 879,200 | 95,293 | ||||||
Lifetech Scientific Corp. (a) | 1,106,000 | 159,834 | ||||||
Lonking Holdings, Ltd. | 2,241,000 | 294,943 | ||||||
Luoyang Glass Co., Ltd. (Class H) (a) | 436,000 | 286,352 | ||||||
MIE Holdings Corp. (a) | 1,910,754 | 202,169 | ||||||
Minth Group, Ltd. | 94,000 | 167,622 | ||||||
Nanjing Panda Electronics Co., Ltd. (Class H) | 138,000 | 94,908 | ||||||
Noah Holdings, Ltd. ADS (a)(c) | 45,328 | 1,064,755 | ||||||
NQ Mobile, Inc. ADR (a)(c) | 57,536 | 190,444 | ||||||
Ourgame International Holdings, Ltd. | 181,000 | 92,017 | ||||||
Ozner Water International Holding, Ltd. (a)(c)(e) | 1,225,000 | 224,450 | ||||||
Parkson Retail Group, Ltd. (c) | 2,685,500 | 356,909 | ||||||
Peak Sport Products Co., Ltd. | 1,127,000 | 286,474 | ||||||
Phoenix Healthcare Group Co., Ltd. | 603,500 | 979,610 |
See accompanying notes to financial statements.
417
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Poly Culture Group Corp., Ltd. (Class H) (c) | 155,600 | $ | 329,268 | |||||
PW Medtech Group, Ltd. (a)(c) | 2,354,000 | 492,059 | ||||||
Qunar Cayman Islands, Ltd. ADR (a) | 20,947 | 629,876 | ||||||
Real Gold Mining, Ltd. (a)(d) | 251,500 | 0 | ||||||
Renren, Inc. ADR (a)(c) | 110,999 | 344,097 | ||||||
REXLot Holdings, Ltd. (c)(d) | 13,122,064 | 558,742 | ||||||
Shanda Games, Ltd. ADR (a) | 59,064 | 395,729 | ||||||
Shandong Airlines Co., Ltd. (Class B) | 49,800 | 103,905 | ||||||
Shandong Chenming Paper Holdings, Ltd. (Class B) | 152,600 | 73,838 | ||||||
Shandong Molong Petroleum Machinery Co., Ltd. (Class H) (a) | 268,400 | 89,351 | ||||||
Shang Gong Group Co., Ltd. (Class B) (a) | 113,000 | 99,440 | ||||||
Shanghai Chlor-Alkali Chemical Co., Ltd. (Class B) (a) | 143,000 | 83,512 | ||||||
Shanghai Diesel Engine Co., Ltd. (Class B) | 378,360 | 259,177 | ||||||
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Class H) | 442,000 | 406,067 | ||||||
Shanghai Greencourt Investment Group Co., Ltd. (Class B) (a) | 629,000 | 363,562 | ||||||
Shanghai Haixin Group Co. (Class B) | 641,700 | 381,170 | ||||||
Shanghai Highly Group Co., Ltd. (Class B) | 129,800 | 79,308 | ||||||
Shanghai Jin Jiang International Hotels Group Co., Ltd. (Class H) (c) | 1,002,000 | 280,558 | ||||||
Shanghai Jinjiang International Industrial Investment Co., Ltd. (Class B) | 116,200 | 174,416 | ||||||
Shanghai Jinjiang International Travel Co., Ltd. (Class B) | 26,000 | 83,512 | ||||||
Shanghai Potevio Co., Ltd. (Class B) (a) | 78,800 | 88,650 | ||||||
Shanghai Shibei Hi-Tech Co., Ltd. (Class B) (b) | 118,500 | 100,607 | ||||||
Shenguan Holdings Group, Ltd. (c) | 1,712,010 | 220,903 | ||||||
Shenzhen Expressway Co., Ltd. (Class H) | 384,000 | 250,218 | ||||||
Shenzhen SEG Co., Ltd. (Class B) (a) | 130,900 | 77,188 | ||||||
Shui On Land, Ltd. (c) | 448,000 | 102,895 | ||||||
Shunfeng International Clean Energy, Ltd. (a) | 1,403,300 | 356,708 | ||||||
Sinofert Holdings, Ltd. | 1,482,000 | 219,908 | ||||||
Sinosoft Technology Group, Ltd. | 140,000 | 69,909 | ||||||
Sohu.com, Inc. (a) | 7,800 | 322,140 | ||||||
SouFun Holdings, Ltd. ADR (c) | 113,000 | 745,800 | ||||||
SPT Energy Group, Inc. (a)(c) | 1,224,000 | 110,554 | ||||||
Sun King Power Electronics Group (a) | 711,000 | 79,815 | ||||||
Sunac China Holdings, Ltd. | 889,000 | 463,424 | ||||||
Sunny Optical Technology Group Co., Ltd. (c) | 506,000 | 1,004,159 | ||||||
TAL Education Group ADR (a)(c) | 48,702 | 1,565,769 | ||||||
TCL Communication Technology Holdings, Ltd. (c) | 636,000 | 457,096 | ||||||
Tian Ge Interactive Holdings, Ltd. (e) | 692,000 | 300,906 | ||||||
Tianjin Capital Environmental Protection Group Co., Ltd. (Class H) | 508,000 | 300,210 | ||||||
Tianjin ZhongXin Pharmaceutical Group Co., Ltd. (Class S) | 135,200 | 143,312 | ||||||
Tong Ren Tang Technologies Co., Ltd. (Class H) | 420,000 | 572,280 | ||||||
Trina Solar, Ltd. ADR (a)(c) | 53,286 | 477,975 | ||||||
Wang Tai Holdings, Ltd. (a) | 670,000 | 75,212 | ||||||
Wisdom Holdings Group (c) | 1,160,000 | 493,932 | ||||||
Wumart Stores, Inc. (Class H) (a) | 450,000 | 181,160 | ||||||
Xiamen International Port Co., Ltd. (Class H) | 496,000 | 119,679 | ||||||
Xinchen China Power Holdings, Ltd. (a)(c) | 739,000 | 168,777 | ||||||
Xinhua Winshare Publishing and Media Co., Ltd. (Class H) | 485,000 | 381,739 | ||||||
Yestar International Holdings Co., Ltd. (c) | 1,876,600 | 745,792 | ||||||
Yingli Green Energy Holding Co., Ltd. ADR (a)(c) | 142,483 | 58,176 | ||||||
YuanShengTai Dairy Farm, Ltd. (a)(c) | 4,955,000 | 358,036 | ||||||
YY, Inc. ADR (a) | 14,300 | 779,922 | ||||||
Zhaojin Mining Industry Co., Ltd. (Class H) (c) | 913,000 | 477,113 | ||||||
Zhengzhou Coal Mining Machinery Group Co., Ltd. (Class H) | 225,200 | 95,600 | ||||||
Zhonglu Co., Ltd. (Class B) (a) | 34,400 | 89,509 | ||||||
44,991,692 | ||||||||
CYPRUS — 0.3% | ||||||||
Global Ports Investments PLC, GDR | 29,504 | 122,737 | ||||||
QIWI PLC ADR | 36,561 | 589,363 | ||||||
TCS Group Holding PLC GDR | 113,928 | 199,374 | ||||||
911,474 | ||||||||
CZECH REPUBLIC — 0.3% | ||||||||
Philip Morris CR AS | 2,130 | 1,005,291 | ||||||
EGYPT — 1.3% | ||||||||
Arab Cotton Ginning | 421,331 | 145,286 | ||||||
Citadel Capital SAE (a) | 551,627 | 114,129 | ||||||
Eastern Tobacco | 26,194 | 719,042 | ||||||
Egyptian Financial Group-Hermes Holding Co. (a) | 454,714 | 468,649 | ||||||
Egyptian Kuwait Holding Co. | 667,750 | 387,295 | ||||||
ElSewedy Electric Co. (a) | 128,300 | 704,580 | ||||||
Ezz Steel (a) | 463,706 | 538,322 | ||||||
Juhayna Food Industries | 576,432 | 591,152 | ||||||
Maridive & Oil Services SAE (a) | 240,889 | 74,676 | ||||||
Orascom Telecom Media & Technology Holding SAE (a) | 3,708,639 | 331,549 | ||||||
Sidi Kerir Petrochemicals Co. | 155,629 | 258,187 | ||||||
Six of October Development & Investment Co. (a) | 535,765 | 612,397 | ||||||
4,945,264 | ||||||||
GREECE — 1.8% | ||||||||
Aegean Airlines SA | 54,223 | 406,132 | ||||||
Aegean Marine Petroleum Network, Inc. | 22,008 | 148,334 | ||||||
Alpha Bank AE (a) | 2,858,887 | 341,462 | ||||||
Costamare, Inc. | 35,172 | 431,561 |
See accompanying notes to financial statements.
418
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Diana Shipping, Inc. (a) | 130,458 | $ | 845,368 | |||||
DryShips, Inc. (a) | 396,524 | 66,933 | ||||||
Ellaktor SA (a) | 88,803 | 151,663 | ||||||
FF Group (a) | 12,090 | 245,617 | ||||||
Grivalia Properties REIC AE | 24,648 | 219,006 | ||||||
Hellenic Exchanges — Athens Stock Exchange SA | 52,644 | 290,881 | ||||||
JUMBO SA | 43,115 | 377,798 | ||||||
Metka SA | 21,153 | 174,493 | ||||||
Motor Oil Hellas Corinth Refineries SA (a) | 18,341 | 221,110 | ||||||
Mytilineos Holdings SA (a) | 71,922 | 373,316 | ||||||
Navios Maritime Holdings, Inc. (c) | 91,821 | 228,634 | ||||||
Piraeus Bank SA (a) | 1,321,599 | 115,068 | ||||||
Public Power Corp. SA | 57,134 | 297,833 | ||||||
Star Bulk Carriers Corp. (a) | 44,248 | 90,708 | ||||||
StealthGas, Inc. (a) | 42,386 | 190,313 | ||||||
Titan Cement Co. SA | 21,456 | 483,795 | ||||||
Tsakos Energy Navigation, Ltd. | 104,961 | 853,333 | ||||||
6,553,358 | ||||||||
HONG KONG — 9.5% | ||||||||
361 Degrees International, Ltd. | 940,000 | 292,308 | ||||||
AAG Energy Holdings, Ltd. (a)(e) | 584,000 | 85,904 | ||||||
Ajisen China Holdings, Ltd. | 641,000 | 287,828 | ||||||
Anton Oilfield Services Group (a)(c) | 1,086,000 | 141,529 | ||||||
Anxin-China Holdings, Ltd. (a)(d) | 2,248,000 | 55,112 | ||||||
AVIC International Holding HK, Ltd. (a)(c) | 1,906,000 | 206,584 | ||||||
Beijing Capital Land, Ltd. (Class H) | 1,156,400 | 456,589 | ||||||
Beijing Enterprises Medical & Health Group, Ltd. (a) | 2,105,600 | 211,917 | ||||||
Boshiwa International Holding, Ltd. (a)(c)(d) | 1,843,000 | 0 | ||||||
Carnival Group International Holdings, Ltd. (a)(c) | 3,450,000 | 431,804 | ||||||
CGN Meiya Power Holdings Co., Ltd. (a)(e) | 420,000 | 104,051 | ||||||
Chaowei Power Holdings, Ltd. (a)(c) | 544,000 | 277,263 | ||||||
Chiho-Tiande Group, Ltd. (a)(b) | 394,000 | 264,868 | ||||||
China Aerospace International Holdings, Ltd. (c) | 1,252,000 | 164,778 | ||||||
China All Access Holdings, Ltd. | 384,000 | 121,888 | ||||||
China Animation Characters Co., Ltd. (a) | 59,000 | 44,535 | ||||||
China Beidahuang Industry Group Holdings, Ltd. (Class A) (a) | 1,019,200 | 181,482 | ||||||
China Chengtong Development Group, Ltd. (a) | 1,710,000 | 220,644 | ||||||
China Dongxiang Group Co., Ltd. (c) | 4,196,000 | 1,012,448 | ||||||
China Electronics Corp. Holdings Co., Ltd. (c) | 206,000 | 64,059 | ||||||
China Energine International Holdings, Ltd. | 692,000 | 55,360 | ||||||
China Financial International Investments, Ltd. (a)(c) | 2,760,000 | 320,514 | ||||||
China Foods, Ltd. (a) | 688,000 | 351,544 | ||||||
China Forestry Holdings, Ltd. (a)(c)(d) | 1,642,000 | 0 | ||||||
China High Precision Automation Group, Ltd. (a)(d) | 1,226,000 | 0 | ||||||
China High Speed Transmission Equipment Group Co., Ltd. (a) | 988,000 | 958,672 | ||||||
China Huarong Energy Co., Ltd. (a)(c) | 2,164,500 | 86,579 | ||||||
China Jinhai International Group, Ltd. (a) | 2,086,000 | 204,561 | ||||||
China Lumena New Materials Corp. (a)(c)(d) | 4,287,298 | 0 | ||||||
China Metal Recycling Holdings, Ltd. (a)(c)(d) | 693,675 | 0 | ||||||
China Minsheng Drawin Technology Group, Ltd. (a) | 1,700,000 | 109,677 | ||||||
China National Materials Co., Ltd. (Class H) | 1,240,000 | 299,198 | ||||||
China Nuclear Energy Technology Corp., Ltd. (a) | 458,000 | 122,330 | ||||||
China Ocean Shipbuilding Industry Group, Ltd. (a)(c) | 9,497,200 | 281,851 | ||||||
China Oil and Gas Group, Ltd. (a)(c) | 4,588,000 | 284,158 | ||||||
China Overseas Grand Oceans Group, Ltd. (c) | 754,000 | 221,820 | ||||||
China Power New Energy Development Co., Ltd. (c) | 4,880,000 | 352,617 | ||||||
China Precious Metal Resources Holdings Co., Ltd. (a)(c) | 2,698,000 | 106,179 | ||||||
China Public Procurement, Ltd. (a)(c) | 3,024,000 | 48,384 | ||||||
China Rare Earth Holdings, Ltd. (a)(c) | 1,784,400 | 145,054 | ||||||
China Shineway Pharmaceutical Group, Ltd. | 353,000 | 408,111 | ||||||
China Singyes Solar Technologies Holdings, Ltd. (a)(c) | 442,000 | 298,277 | ||||||
China Travel International Investment Hong Kong, Ltd. | 3,976,000 | 1,446,742 | ||||||
China Vanguard Group, Ltd. (a) | 795,000 | 100,528 | ||||||
China Yurun Food Group, Ltd. (a)(c) | 1,054,000 | 239,358 | ||||||
China ZhengTong Auto Services Holdings, Ltd. | 703,500 | 290,476 | ||||||
Citic Resources Holdings, Ltd. (a)(c) | 3,245,000 | 473,139 | ||||||
Citic Telecom International Holdings, Ltd. | 859,000 | 293,721 | ||||||
Comba Telecom Systems Holdings, Ltd. (c) | 819,490 | 174,471 | ||||||
Concord New Energy Group, Ltd. | 7,820,000 | 524,693 | ||||||
Dah Chong Hong Holdings, Ltd. (c) | 641,000 | 257,225 | ||||||
Dawnrays Pharmaceutical Holdings, Ltd. | 576,000 | 495,728 | ||||||
Digital China Holdings, Ltd. | 624,000 | 577,297 | ||||||
Fufeng Group, Ltd. (c) | 923,600 | 374,205 | ||||||
Golden Meditech Holdings, Ltd. | 756,000 | 97,548 | ||||||
Greatview Aseptic Packaging Co., Ltd. | 942,048 | 438,809 | ||||||
Guangdong Land Holdings, Ltd. (a) | 1,254,000 | 262,125 | ||||||
Guotai Junan International Holdings, Ltd. (c) | 2,887,000 | 815,805 | ||||||
Hang Fat Ginseng Holdings Co., Ltd. (c) | 3,860,000 | 288,876 | ||||||
Hengdeli Holdings, Ltd. | 2,028,400 | 290,517 |
See accompanying notes to financial statements.
419
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
HNA International Investment Holdings, Ltd. (a) | 1,006,000 | $ | 51,273 | |||||
Honghua Group, Ltd. (a)(c) | 4,170,000 | 317,456 | ||||||
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H) (c) | 3,246,560 | 397,963 | ||||||
Huabao International Holdings, Ltd. | 1,074,000 | 339,520 | ||||||
Huajun Holdings, Ltd. | 836,000 | 127,287 | ||||||
Ju Teng International Holdings, Ltd. (c) | 925,500 | 456,179 | ||||||
Kingboard Laminates Holdings, Ltd. (c) | 971,500 | 393,612 | ||||||
Kingdee International Software Group Co., Ltd. (c) | 1,148,000 | 429,571 | ||||||
Li Ning Co., Ltd. (a)(c) | 2,052,749 | 887,312 | ||||||
Maoye International Holdings, Ltd. (c) | 1,537,000 | 200,304 | ||||||
Millennium Pacific Group Holdings, Ltd. (a) | 193,000 | 308,798 | ||||||
MMG, Ltd. (a)(c) | 996,000 | 187,632 | ||||||
National Agricultural Holdings, Ltd. (a)(c) | 524,000 | 212,303 | ||||||
Neo Telemedia, Ltd. (a) | 2,080,000 | 177,134 | ||||||
NetDragon Websoft, Inc. (c) | 242,000 | 605,777 | ||||||
Newocean Energy Holdings, Ltd. (c) | 1,078,000 | 406,160 | ||||||
NVC Lighting Holdings, Ltd. (b) | 2,578,000 | 0 | ||||||
Pacific Online, Ltd. (c) | 862,100 | 278,095 | ||||||
Poly Property Group Co., Ltd. (c) | 1,961,000 | 538,955 | ||||||
Pou Sheng International Holdings, Ltd. (a) | 529,000 | 89,417 | ||||||
Real Nutriceutical Group, Ltd. (c) | 955,000 | 162,657 | ||||||
Shenwan Hongyuan HK, Ltd. | 115,000 | 46,296 | ||||||
Shougang Concord International Enterprises Co., Ltd. (a)(c) | 8,884,000 | 372,552 | ||||||
Shougang Fushan Resources Group, Ltd. (c) | 2,880,000 | 356,746 | ||||||
Sichuan Expressway Co., Ltd. (Class H) (c) | 1,516,000 | 475,336 | ||||||
Sinotrans Shipping, Ltd. | 2,020,000 | 388,359 | ||||||
Sinotruk Hong Kong, Ltd. | 516,500 | 184,606 | ||||||
SITC International Holdings Co., Ltd. | 478,000 | 230,672 | ||||||
Skyworth Digital Holdings, Ltd. | 1,601,810 | 1,078,890 | ||||||
Springland International Holdings, Ltd. | 1,259,000 | 333,024 | ||||||
SSY Group, Ltd. (c) | 1,917,360 | 452,741 | ||||||
Suncorp Technologies, Ltd. (a)(c) | 8,520,000 | 217,671 | ||||||
Tack Fiori International Group, Ltd. (a) | 1,080,000 | 235,508 | ||||||
Tech Pro Technology Development, Ltd. (a)(c) | 6,769,100 | 1,580,902 | ||||||
Tiangong International Co., Ltd. (c) | 1,600,000 | 144,515 | ||||||
Tianjin Development Holdings, Ltd. | 780,000 | 482,087 | ||||||
Tianjin Port Development Holdings, Ltd. | 3,804,000 | 603,728 | ||||||
Tianneng Power International, Ltd. (a) | 884,000 | 536,100 | ||||||
TPV Technology, Ltd. | 1,212,000 | 181,408 | ||||||
United Energy Group, Ltd. (a)(c) | 3,968,000 | 435,197 | ||||||
United Laboratories International Holdings, Ltd. (a) | 900,500 | 457,800 | ||||||
Universal Medical Financial & Technical Advisory Services Co., Ltd. (a)(e) | 348,900 | 261,111 | ||||||
V1 Group, Ltd. (a)(c) | 2,122,999 | 169,839 | ||||||
Wanda Hotel Development Co., Ltd. (a) | 492,000 | 75,545 | ||||||
Wasion Group Holdings, Ltd. | 701,000 | 724,513 | ||||||
West China Cement, Ltd. | 2,448,000 | 331,662 | ||||||
Xinyi Glass Holdings, Ltd. | 350,000 | 156,257 | ||||||
Yingde Gases Group Co., Ltd. | 1,133,500 | 466,560 | ||||||
Yip’s Chemical Holdings, Ltd. | 399,580 | 164,987 | ||||||
Yuexiu Transport Infrastructure, Ltd. (c) | 1,104,549 | 692,655 | ||||||
Yuhua Energy Holdings, Ltd. (a) | 503,300 | 94,165 | ||||||
Zhidao International Holdings, Ltd. (a) | 1,500,000 | 222,579 | ||||||
35,443,156 | ||||||||
HUNGARY — 0.1% | ||||||||
Magyar Telekom Telecommunications PLC (a) | 325,961 | 453,046 | ||||||
INDIA — 10.6% | ||||||||
Adani Enterprises, Ltd. | 95,919 | 118,145 | ||||||
AIA Engineering, Ltd. | 32,671 | 493,599 | ||||||
Amtek Auto, Ltd. | 180,963 | 121,028 | ||||||
Apollo Tyres, Ltd. | 359,070 | 984,379 | ||||||
Arvind, Ltd. | 181,888 | 774,077 | ||||||
Balkrishna Industries, Ltd. | 38,610 | 394,188 | ||||||
Balrampur Chini Mills, Ltd. (a) | 455,936 | 366,402 | ||||||
Bata India, Ltd. | 54,396 | 893,548 | ||||||
Biocon, Ltd. | 118,956 | 805,726 | ||||||
Ceat, Ltd. | 4,758 | 92,924 | ||||||
CESC, Ltd. | 118,591 | 933,787 | ||||||
Coromandel International, Ltd. | 154,160 | 363,558 | ||||||
Credit Analysis & Research, Ltd. | 13,216 | 225,461 | ||||||
Crompton Greaves, Ltd. | 99,268 | 258,227 | ||||||
Dewan Housing Finance Corp., Ltd. | 275,088 | 921,779 | ||||||
Dish TV India, Ltd. (a) | 741,949 | 1,202,107 | ||||||
Federal Bank, Ltd. | 1,379,182 | 1,343,673 | ||||||
Fortis Healthcare, Ltd. (a) | 234,794 | 604,155 | ||||||
Gateway Distriparks, Ltd. | 192,163 | 1,045,274 | ||||||
GMR Infrastructure, Ltd. (a) | 1,079,942 | 222,931 | ||||||
Godrej Industries, Ltd. | 188,956 | 1,002,066 | ||||||
Gujarat Pipavav Port, Ltd. (a) | 222,424 | 628,067 | ||||||
Hexaware Technologies, Ltd. | 224,518 | 846,731 | ||||||
Housing Development & Infrastructure, Ltd. (a) | 369,307 | 414,373 | ||||||
IFCI, Ltd. | 994,676 | 327,316 | ||||||
IIFL Holdings, Ltd. (a) | 410,903 | 1,186,260 | ||||||
India Cements, Ltd. (a) | 418,560 | 498,012 | ||||||
Indiabulls Real Estate, Ltd. (a) | 470,300 | 457,475 | ||||||
Indian Hotels Co., Ltd. (a) | 676,423 | 886,749 | ||||||
Info Edge India, Ltd. | 87,589 | 1,065,439 | ||||||
Ipca Laboratories, Ltd. | 67,702 | 765,103 | ||||||
IRB Infrastructure Developers, Ltd. | 215,896 | 780,666 | ||||||
Jain Irrigation Systems, Ltd. | 293,656 | 286,990 | ||||||
Jaiprakash Associates, Ltd. (a) | 720,428 | 124,022 | ||||||
Jammu & Kashmir Bank, Ltd. | 408,592 | 560,849 | ||||||
JSW Energy, Ltd. | 250,686 | 359,760 | ||||||
Jubilant Foodworks, Ltd. | 55,564 | 1,355,536 | ||||||
Just Dial, Ltd. | 46,311 | 693,924 | ||||||
KPIT Technologies, Ltd. | 48,990 | 79,710 | ||||||
Mahindra CIE Automotive, Ltd. (a) | 19,043 | 74,095 | ||||||
Marksans Pharma, Ltd. | 56,825 | 89,904 |
See accompanying notes to financial statements.
420
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
McLeod Russel India, Ltd. | 126,494 | $ | 297,157 | |||||
Mindtree, Ltd. | 43,658 | 1,007,280 | ||||||
Mphasis, Ltd. | 93,847 | 586,544 | ||||||
NCC, Ltd. | 96,107 | 109,519 | ||||||
PC Jeweller, Ltd. | 14,404 | 77,319 | ||||||
PI Industries, Ltd. | 36,660 | 355,765 | ||||||
Pipavav Defence & Offshore Engineering Co., Ltd. (a) | 347,916 | 311,661 | ||||||
PTC India, Ltd. | 434,208 | 393,923 | ||||||
Punj Lloyd, Ltd. (a) | 689,025 | 250,354 | ||||||
Reliance Infrastructure, Ltd. | 36,332 | 192,564 | ||||||
Rolta India, Ltd. | 232,061 | 359,900 | ||||||
Shriram City Union Finance, Ltd. | 6,836 | 177,664 | ||||||
Sintex Industries, Ltd. | 423,607 | 679,552 | ||||||
SKS Microfinance, Ltd. (a) | 190,106 | 1,174,550 | ||||||
Strides Arcolab, Ltd. | 70,160 | 1,305,185 | ||||||
Sun Pharma Advanced Research Co., Ltd. (a) | 17,420 | 102,161 | ||||||
Suzlon Energy, Ltd. (a) | 1,363,684 | 433,163 | ||||||
Symphony, Ltd. | 3,685 | 103,260 | ||||||
Tata Chemicals, Ltd. | 167,144 | 972,078 | ||||||
Tata Elxsi, Ltd. | 2,493 | 71,400 | ||||||
Tata Global Beverages, Ltd. | 503,424 | 980,158 | ||||||
Thermax, Ltd. | 59,697 | 774,679 | ||||||
TVS Motor Co., Ltd. | 198,184 | 694,580 | ||||||
Union Bank of India | 69,185 | 184,662 | ||||||
Unitech, Ltd. (a) | 1,647,082 | 154,320 | ||||||
Vakrangee, Ltd. | 197,881 | 386,025 | ||||||
Videocon Industries, Ltd. | 135,342 | 285,777 | ||||||
Voltas, Ltd. | 265,984 | 1,087,195 | ||||||
Welspun Corp., Ltd. | 282,588 | 494,228 | ||||||
Welspun India, Ltd. | 11,653 | 150,039 | ||||||
WNS Holdings, Ltd. ADR (a) | 32,178 | 899,375 | ||||||
39,700,052 | ||||||||
INDONESIA — 3.0% | ||||||||
Adaro Energy Tbk PT | 5,916,500 | 216,063 | ||||||
Adhi Karya Persero Tbk PT | 509,000 | 78,174 | ||||||
AKR Corporindo Tbk PT | 1,830,900 | 731,110 | ||||||
Alam Sutera Realty Tbk PT | 17,505,200 | 377,587 | ||||||
Astra Agro Lestari Tbk PT | 190,500 | 235,687 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 5,979,800 | 251,029 | ||||||
Bank Tabungan Negara Tbk PT | 4,353,286 | 295,667 | ||||||
Ciputra Development Tbk PT | 11,058,609 | 615,206 | ||||||
Dharma Satya Nusantara Tbk PT | 365,000 | 73,498 | ||||||
Energi Mega Persada Tbk PT (a) | 32,752,500 | 114,019 | ||||||
Gajah Tunggal Tbk PT | 1,939,200 | 69,494 | ||||||
Garuda Indonesia Tbk PT (a) | 9,333,700 | 196,868 | ||||||
Global Mediacom Tbk PT | 1,120,500 | 71,896 | ||||||
Indosat Tbk PT (a) | 463,600 | 118,669 | ||||||
Intiland Development Tbk PT | 5,787,200 | 231,093 | ||||||
Japfa Comfeed Indonesia Tbk PT (a) | 5,413,400 | 109,746 | ||||||
Kawasan Industri Jababeka Tbk PT | 26,581,238 | 290,307 | ||||||
Link Net Tbk PT (a) | 355,500 | 108,955 | ||||||
Lippo Karawaci Tbk PT | 6,235,500 | 480,963 | ||||||
Matahari Putra Prima Tbk PT | 2,600,500 | 340,816 | ||||||
Medco Energi Internasional Tbk PT | 1,701,800 | 133,008 | ||||||
Media Nusantara Citra Tbk PT | 2,352,000 | 263,296 | ||||||
Mitra Adiperkasa Tbk PT (a) | 942,600 | 193,024 | ||||||
MNC Investama Tbk PT | 12,289,500 | 166,936 | ||||||
MNC Sky Vision Tbk PT (a) | 1,528,200 | 154,906 | ||||||
Modernland Realty Tbk PT | 5,822,000 | 172,474 | ||||||
Pakuwon Jati Tbk PT | 18,554,800 | 419,225 | ||||||
Pembangunan Perumahan Persero Tbk PT | 4,424,900 | 1,046,572 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 3,006,100 | 284,194 | ||||||
Siloam International Hospitals Tbk PT | 946,200 | 799,265 | ||||||
Summarecon Agung Tbk PT | 11,299,100 | 863,822 | ||||||
Surya Semesta Internusa Tbk PT | 3,199,300 | 147,408 | ||||||
Tambang Batubara Bukit Asam Persero Tbk PT | 272,000 | 104,437 | ||||||
Timah Persero Tbk PT | 3,884,429 | 169,695 | ||||||
Vale Indonesia Tbk PT | 1,273,500 | 189,938 | ||||||
Waskita Karya Persero Tbk PT | 1,140,500 | 120,667 | ||||||
Wijaya Karya Persero Tbk PT | 4,014,500 | 709,731 | ||||||
XL Axiata Tbk PT (a) | 1,626,000 | 290,238 | ||||||
11,235,683 | ||||||||
MACAU — 0.0% (f) | ||||||||
Newtree Group Holdings, Ltd. (a) | 220,000 | 84,593 | ||||||
MALAYSIA — 5.0% | ||||||||
Aeon Co. M Bhd | 1,059,100 | 650,531 | ||||||
AirAsia Bhd | 608,100 | 177,073 | ||||||
Berjaya Auto Bhd | 631,960 | 281,782 | ||||||
Berjaya Corp. Bhd | 4,110,800 | 355,367 | ||||||
Berjaya Sports Toto Bhd | 1,209,677 | 847,593 | ||||||
Boustead Holdings Bhd | 627,260 | 563,653 | ||||||
Boustead Plantations Bhd | 549,500 | 171,260 | ||||||
Bumi Armada Bhd (a) | 477,000 | 100,375 | ||||||
Bursa Malaysia Bhd | 664,573 | 1,217,042 | ||||||
Cahya Mata Sarawak Bhd | 449,200 | 526,276 | ||||||
Carlsberg Brewery Malay Bhd | 93,100 | 253,307 | ||||||
Datasonic Group Bhd | 729,600 | 239,009 | ||||||
DRB-Hicom Bhd | 1,281,500 | 387,737 | ||||||
Eastern & Oriental Bhd | 1,342,110 | 482,405 | ||||||
Evergreen Fibreboard Bhd (a) | 166,700 | 72,433 | ||||||
Felda Global Ventures Holdings Bhd | 288,300 | 98,379 | ||||||
Gas Malaysia Bhd | 325,600 | 183,697 | ||||||
IGB REIT | 506,500 | 147,488 | ||||||
Inari Amertron Bhd | 593,775 | 457,919 | ||||||
KNM Group Bhd (a) | 3,588,606 | 383,699 | ||||||
KPJ Healthcare Bhd | 1,160,993 | 1,109,292 | ||||||
Magnum Bhd | 1,476,400 | 859,827 | ||||||
Malakoff Corp. Bhd | 943,200 | 347,605 | ||||||
Malaysia Airports Holdings Bhd | 95,000 | 113,462 | ||||||
Malaysian Bulk Carriers Bhd | 712,600 | 142,658 | ||||||
Malaysian Resources Corp. Bhd | 1,673,100 | 449,129 | ||||||
Media Prima Bhd | 1,603,800 | 437,823 | ||||||
Oriental Holdings Bhd | 265,500 | 421,587 | ||||||
OSK Holdings Bhd | 1,103,800 | 431,903 | ||||||
Padini Holdings Bhd | 575,800 | 176,837 | ||||||
Parkson Holdings Bhd (a) | 414,176 | 114,008 | ||||||
Pavilion Real Estate Investment Trust | 794,200 | 271,012 | ||||||
POS Malaysia Bhd | 703,900 | 586,083 | ||||||
Press Metal Bhd | 713,000 | 334,136 | ||||||
Sunway Real Estate Investment Trust | 3,327,000 | 1,173,144 | ||||||
TAN Chong Motor Holdings Bhd | 726,800 | 396,820 |
See accompanying notes to financial statements.
421
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Top Glove Corp. Bhd | 687,400 | $ | 1,261,973 | |||||
TSH Resources Bhd | 631,800 | 277,398 | ||||||
UEM Sunrise Bhd | 302,100 | 84,532 | ||||||
UOA Development Bhd | 1,850,800 | 808,403 | ||||||
Wah Seong Corp. Bhd | 1,317,984 | 362,796 | ||||||
WCT Holdings Bhd | 1,356,686 | 422,831 | ||||||
Yinson Holdings Bhd | 530,700 | 347,703 | ||||||
18,527,987 | ||||||||
MEXICO — 2.6% | ||||||||
Asesor de Activos Prisma SAPI de CV REIT (a) | 376,212 | 331,441 | ||||||
Axtel SAB de CV (a)(c) | 1,595,664 | 744,786 | ||||||
Banregio Grupo Financiero SAB de CV | 207,685 | 1,108,356 | ||||||
Bolsa Mexicana de Valores SAB de CV (c) | 556,256 | 870,158 | ||||||
Concentradora Fibra Hotelera Mexicana SA de CV | 330,332 | 331,370 | ||||||
Consorcio ARA SAB de CV (a) | 1,781,271 | 641,170 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV (Class A) (a) | 53,200 | 79,391 | ||||||
Corp Inmobiliaria Vesta SAB de CV (c) | 214,331 | 334,775 | ||||||
Corporacion GEO SAB de CV (a)(c)(d) | 791,193 | 0 | ||||||
Credito Real SAB de CV SOFOM | 201,237 | 391,983 | ||||||
Empresas ICA SAB de CV (a)(c) | 693,715 | 291,048 | ||||||
Genomma Lab Internacional SAB de CV (Class B) (a)(c) | 118,600 | 98,467 | ||||||
Grupo Aeromexico SAB de CV (a)(c) | 99,767 | 155,890 | ||||||
Grupo Aeroportuario del Centro Norte Sab de CV (a)(c) | 220,999 | 1,093,079 | ||||||
Grupo GICSA SA de CV (a) | 327,500 | 274,805 | ||||||
Hoteles City Express SAB de CV (a)(c) | 130,457 | 167,356 | ||||||
Megacable Holdings SAB de CV (c) | 159,886 | 580,134 | ||||||
Mexico Real Estate Management SA de CV (a) | 601,429 | 757,697 | ||||||
PLA Administradora Industrial S de RL de CV (a) | 356,563 | 647,407 | ||||||
Prologis Property Mexico SA de CV REIT (a) | 131,348 | 200,974 | ||||||
Qualitas Controladora SAB de CV (a) | 141,496 | 195,043 | ||||||
TV Azteca SAB de CV (c) | 1,368,038 | 215,538 | ||||||
Urbi Desarrollos Urbanos SA de CV (a)(c)(d) | 679,159 | 0 | ||||||
Vitro SAB de CV, (Series A) | 29,700 | 67,210 | ||||||
9,578,078 | ||||||||
MONACO — 0.1% | ||||||||
GasLog, Ltd. (c) | 51,088 | 491,467 | ||||||
PANAMA — 0.0% (f) | ||||||||
Avianca Holding SA Preference Shares (a) | 195,803 | 117,020 | ||||||
PERU — 0.7% | ||||||||
Alicorp SAA (a) | 162,692 | 256,590 | ||||||
Compania de Minas Buenaventura SA ADR | 102,000 | 607,920 | ||||||
Ferreyros SAA | 1,930,949 | 755,354 | ||||||
Grana y Montero SA | 95,517 | 77,102 | ||||||
Luz del Sur SAA | 218,975 | 676,436 | ||||||
Minsur SA | 275,473 | 64,143 | ||||||
Volcan Compania Minera SAA (Class B) | 620,393 | 72,806 | ||||||
2,510,351 | ||||||||
PHILIPPINES — 1.6% | ||||||||
Belle Corp. | 2,676,400 | 174,075 | ||||||
Cebu Air, Inc. | 483,760 | 895,794 | ||||||
Cosco Capital, Inc. | 5,518,900 | 799,379 | ||||||
D&L Industries, Inc. | 2,969,800 | 634,752 | ||||||
DoubleDragon Properties Corp. | 206,700 | 88,004 | ||||||
First Gen Corp. | 927,300 | 439,446 | ||||||
First Philippine Holdings Corp. | 307,540 | 431,964 | ||||||
Manila Water Co., Inc. | 1,014,000 | 471,855 | ||||||
Philex Mining Corp. | 1,132,400 | 115,566 | ||||||
Rizal Commercial Banking Corp. | 377,480 | 242,689 | ||||||
Robinsons Retail Holdings, Inc. | 339,310 | 529,582 | ||||||
Security Bank Corp. | 363,844 | 1,068,023 | ||||||
SM Prime Holdings, Inc. | 1 | 0 | ||||||
5,891,129 | ||||||||
POLAND — 3.1% | ||||||||
Alior Bank SA (a) | 54,896 | 1,143,381 | ||||||
Alumetal SA | 12,115 | 156,115 | ||||||
AmRest Holdings SE (a) | 12,903 | 556,493 | ||||||
Asseco Poland SA | 101,822 | 1,446,242 | ||||||
Bank Millennium SA (a) | 68,636 | 106,134 | ||||||
Boryszew SA | 168,492 | 217,120 | ||||||
CCC SA | 14,272 | 615,349 | ||||||
Ciech SA (a) | 51,729 | 987,361 | ||||||
Echo Investment SA (a) | 287,705 | 491,797 | ||||||
Emperia Holding SA | 27,130 | 456,620 | ||||||
Eurocash SA | 90,448 | 1,062,765 | ||||||
Fabryki Mebli Forte SA | 8,967 | 121,445 | ||||||
Getin Noble Bank SA (a) | 423,449 | 95,769 | ||||||
Globe Trade Centre SA (a)(b) | 363,547 | 597,538 | ||||||
Grupa Kety SA | 2,105 | 160,537 | ||||||
Grupa Lotos SA (a) | 105,227 | 773,453 | ||||||
Inter Cars SA | 2,822 | 175,886 | ||||||
Jastrzebska Spolka Weglowa SA (a) | 55,516 | 166,436 | ||||||
KRUK SA | 7,982 | 365,457 | ||||||
Lubelski Wegiel Bogdanka SA | 36,689 | 548,036 | ||||||
Netia SA | 501,304 | 738,268 | ||||||
PKP Cargo SA | 14,021 | 248,853 | ||||||
Stomil Sanok SA | 9,329 | 127,624 | ||||||
Synthos SA | 186,609 | 185,502 | ||||||
Zespol Elektrowni Patnow Adamow Konin SA | 19,240 | 70,938 | ||||||
11,615,119 | ||||||||
QATAR — 0.6% | ||||||||
Al Meera Consumer Goods Co. QSC | 13,452 | 922,643 | ||||||
Mannai Corp. QSC | 15,000 | 418,034 | ||||||
Medicare Group | 12,000 | 556,829 | ||||||
Salam International Investment Co. | 100,000 | 338,820 | ||||||
2,236,326 | ||||||||
RUSSIA — 0.6% | ||||||||
Aeroflot — Russian Airlines OJSC (a) | 473,612 | 255,626 |
See accompanying notes to financial statements.
422
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
CTC Media, Inc. | 65,805 | $ | 115,159 | |||||
DIXY Group OJSC (a) | 22,440 | 106,546 | ||||||
Etalon Group, Ltd. GDR | 57,991 | 95,395 | ||||||
Eurasia Drilling Co., Ltd. GDR | 48,621 | 447,313 | ||||||
Globaltrans Investment PLC GDR (a) | 104,359 | 419,523 | ||||||
LSR Group PJSC GDR | 184,840 | 334,561 | ||||||
Mechel ADR (a) | 208,200 | 189,462 | ||||||
Ros Agro PLC GDR | 9,360 | 78,624 | ||||||
TMK PAO GDR | 55,778 | 172,354 | ||||||
2,214,563 | ||||||||
SINGAPORE — 0.6% | ||||||||
Asian Pay Television Trust | 774,500 | 427,585 | ||||||
Bumitama Agri, Ltd. (c) | 326,300 | 183,585 | ||||||
Nam Cheong, Ltd. (c) | 2,445,900 | 283,827 | ||||||
SIIC Environment Holdings, Ltd. (a) | 1,097,560 | 648,393 | ||||||
Silverlake Axis, Ltd. | 272,200 | 110,074 | ||||||
Yanlord Land Group, Ltd. (c) | 841,700 | 600,834 | ||||||
2,254,298 | ||||||||
SOUTH AFRICA — 5.6% | ||||||||
Adcock Ingram Holdings, Ltd. | 190,228 | 686,510 | ||||||
AECI, Ltd. | 88,120 | 585,746 | ||||||
African Bank Investments, Ltd. (a)(d) | 1,222,985 | 0 | ||||||
African Rainbow Minerals, Ltd. | 44,121 | 165,514 | ||||||
Alexander Forbes Group Holdings, Ltd. | 190,391 | 105,337 | ||||||
Aquarius Platinum, Ltd. (a) | 1,488,371 | 147,670 | ||||||
ArcelorMittal South Africa, Ltd. (a)(c) | 267,220 | 165,237 | ||||||
Arrowhead Properties, Ltd. (Class A) | 207,507 | 144,071 | ||||||
Assore, Ltd. | 26,256 | 141,164 | ||||||
Attacq, Ltd. (a)(c) | 226,147 | 359,002 | ||||||
Aveng, Ltd. (a)(c) | 379,721 | 98,864 | ||||||
Clicks Group, Ltd. | 260,619 | 1,693,166 | ||||||
Coronation Fund Managers, Ltd. | 72,216 | 340,998 | ||||||
Curro Holdings, Ltd. (a) | 28,751 | 75,272 | ||||||
DataTec, Ltd. | 281,414 | 1,261,855 | ||||||
Emira Property Fund, Ltd. | 319,164 | 407,640 | ||||||
EOH Holdings, Ltd. | 26,928 | 289,261 | ||||||
Exxaro Resources, Ltd. | 64,488 | 244,856 | ||||||
Famous Brands, Ltd. (c) | 37,498 | 366,112 | ||||||
Grindrod, Ltd. (c) | 626,003 | 668,244 | ||||||
Harmony Gold Mining Co., Ltd. (a)(c) | 405,685 | 253,205 | ||||||
Hosken Consolidated Investments, Ltd. | 116,668 | 1,164,402 | ||||||
Illovo Sugar, Ltd. | 147,058 | 173,785 | ||||||
JSE, Ltd. | 143,938 | 1,342,880 | ||||||
KAP Industrial Holdings, Ltd. | 148,761 | 68,963 | ||||||
Lewis Group, Ltd. (c) | 187,067 | 838,805 | ||||||
Merafe Resources, Ltd. | 3,783,842 | 191,559 | ||||||
Montauk Energy Holdings, Ltd. (a) | 1 | 1 | ||||||
Mpact, Ltd. | 210,102 | 730,882 | ||||||
Murray & Roberts Holdings, Ltd. (c) | 343,769 | 290,887 | ||||||
Nampak, Ltd. | 167,334 | 312,231 | ||||||
Northam Platinum, Ltd. (a) | 438,033 | 853,130 | ||||||
Omnia Holdings, Ltd. | 35,400 | 381,727 | ||||||
Pick’ n Pay Holdings, Ltd. | 178,922 | 364,262 | ||||||
PPC, Ltd. (c) | 517,061 | 639,455 | ||||||
Reunert, Ltd. | 236,759 | 1,044,500 | ||||||
SA Corporate Real Estate Fund Nominees Pty, Ltd. | 3,452,472 | 1,270,925 | ||||||
Sappi, Ltd. (a) | 174,426 | 536,133 | ||||||
Sibanye Gold, Ltd. | 397,400 | 450,944 | ||||||
Sun International, Ltd. | 109,821 | 690,998 | ||||||
Super Group, Ltd. (a) | 348,632 | 729,185 | ||||||
Tongaat Hulett, Ltd. | 12,461 | 97,213 | ||||||
Wilson Bayly Holmes-Ovcon, Ltd. | 84,337 | 676,977 | ||||||
21,049,568 | ||||||||
TAIWAN — 27.1% | ||||||||
A-DATA Technology Co., Ltd. (c) | 257,652 | 258,219 | ||||||
Ability Enterprise Co., Ltd. (a) | 556,000 | 273,546 | ||||||
AcBel Polytech, Inc. | 311,000 | 182,761 | ||||||
Accton Technology Corp. | 1,193,341 | 559,931 | ||||||
Adlink Technology, Inc. (c) | 114,153 | 315,825 | ||||||
Advanced Ceramic X Corp. | 54,642 | 344,339 | ||||||
Advanced International Multitech Co., Ltd. | 20,000 | 11,601 | ||||||
AGV Products Corp. (a)(c) | 1,558,926 | 301,109 | ||||||
Airtac International Group (c) | 105,200 | 554,315 | ||||||
Alpha Networks, Inc. (b) | 439,513 | 186,203 | ||||||
Altek Corp. | 207,516 | 184,340 | ||||||
AmTRAN Technology Co., Ltd. | 825,717 | 391,198 | ||||||
Arcadyan Technology Corp. | 282,172 | 209,096 | ||||||
Asia Optical Co., Inc. (a) | 208,540 | 205,832 | ||||||
Asia Polymer Corp. | 521,367 | 278,675 | ||||||
Aten International Co., Ltd. | 202,000 | 399,368 | ||||||
Basso Industry Corp. | 434,000 | 649,797 | ||||||
BES Engineering Corp. | 2,393,356 | 578,578 | ||||||
Capital Securities Corp. | 2,273,730 | 620,092 | ||||||
Career Technology Co., Ltd. | 237,726 | 168,940 | ||||||
Casetek Holdings, Ltd. (c) | 170,000 | 722,800 | ||||||
Cathay No. 1 REIT | 1,031,000 | 544,815 | ||||||
Cathay Real Estate Development Co., Ltd. | 1,709,904 | 734,800 | ||||||
Center Laboratories, Inc. (a) | 174,900 | 357,475 | ||||||
Chailease Holding Co., Ltd. | 53,000 | 82,894 | ||||||
Chang Wah Electromaterials, Inc. | 104,577 | 263,606 | ||||||
Charoen Pokphand Enterprise | 673,675 | 437,830 | ||||||
Cheng Loong Corp. | 1,409,128 | 483,582 | ||||||
Cheng Uei Precision Industry Co., Ltd. | 315,915 | 440,856 | ||||||
Chin-Poon Industrial Co. | 199,000 | 271,357 | ||||||
China Airlines, Ltd. (a) | 500,000 | 170,830 | ||||||
China Bills Finance Corp. | 834,394 | 282,545 | ||||||
China Chemical & Pharmaceutical Co., Ltd. | 602,000 | 312,632 | ||||||
China Manmade Fibers Corp. (a)(c) | 1,472,904 | 407,953 | ||||||
China Motor Corp. | 813,000 | 570,353 | ||||||
China Petrochemical Development Corp. (a) | 1,506,575 | 395,775 | ||||||
China Steel Chemical Corp. (c) | 202,000 | 622,671 | ||||||
China Synthetic Rubber Corp. | 654,832 | 477,290 | ||||||
Chipbond Technology Corp. | 401,000 | 580,903 | ||||||
ChipMOS TECHNOLOGIES Bermuda, Ltd. | 39,170 | 643,171 | ||||||
Chong Hong Construction Co., Ltd. | 269,275 | 354,099 | ||||||
Chroma ATE, Inc. (c) | 303,680 | 519,237 | ||||||
Chung Hung Steel Corp. (a) | 875,239 | 110,842 | ||||||
Clevo Co. | 501,265 | 548,800 |
See accompanying notes to financial statements.
423
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
CMC Magnetics Corp. (a) | 1,710,788 | $ | 204,707 | |||||
Coretronic Corp. | 372,065 | 336,161 | ||||||
CTCI Corp. | 696,000 | 832,811 | ||||||
CyberTAN Technology, Inc. | 518,210 | 233,708 | ||||||
D-Link Corp. (a) | 1,044,054 | 311,369 | ||||||
Darwin Precisions Corp. | 765,576 | 276,679 | ||||||
Dynapack International Technology Corp. | 89,000 | 135,686 | ||||||
E Ink Holdings, Inc. (a) | 748,000 | 352,107 | ||||||
Elan Microelectronics Corp. (c) | 566,899 | 585,364 | ||||||
Elite Material Co., Ltd. | 316,782 | 696,531 | ||||||
Elite Semiconductor Memory Technology, Inc. | 304,674 | 229,471 | ||||||
eMemory Technology, Inc. (c) | 59,000 | 582,340 | ||||||
Epistar Corp. (c) | 897,572 | 691,017 | ||||||
Eternal Materials Co., Ltd. | 798,099 | 702,904 | ||||||
Everlight Chemical Industrial Corp. (c) | 552,147 | 277,520 | ||||||
Everlight Electronics Co., Ltd. (c) | 480,503 | 723,801 | ||||||
Excelsior Medical Co., Ltd. | 205,403 | 291,316 | ||||||
Far Eastern Department Stores, Ltd. | 797,490 | 423,843 | ||||||
Far Eastern International Bank | 3,008,211 | 892,574 | ||||||
Faraday Technology Corp. | 353,385 | 434,655 | ||||||
Farglory Land Development Co., Ltd. | 222,464 | 234,439 | ||||||
Feng Hsin Iron & Steel Co., Ltd. | 489,270 | 539,382 | ||||||
Feng TAY Enterprise Co., Ltd. | 9,035 | 56,113 | ||||||
Firich Enterprises Co., Ltd. (c) | 151,838 | 418,243 | ||||||
FLEXium Interconnect, Inc. (c) | 211,281 | 577,490 | ||||||
Formosa Taffeta Co., Ltd. | 1,002,000 | 944,867 | ||||||
Formosan Rubber Group, Inc. | 711,124 | 387,660 | ||||||
FSP Technology, Inc. | 452,184 | 232,770 | ||||||
Gemtek Technology Corp. | 415,234 | 195,464 | ||||||
GeoVision, Inc. (a)(c) | 104,321 | 293,059 | ||||||
Gigabyte Technology Co., Ltd. | 366,000 | 346,798 | ||||||
Gigastorage Corp. (a)(c) | 407,114 | 238,624 | ||||||
Ginko International Co., Ltd. (c) | 50,000 | 502,619 | ||||||
Gintech Energy Corp. (a)(c) | 437,172 | 200,480 | ||||||
Global Unichip Corp. | 104,669 | 184,687 | ||||||
Gloria Material Technology Corp. | 541,913 | 279,782 | ||||||
Grand Pacific Petrochemical | 1,059,000 | 484,032 | ||||||
Grape King, Inc. | 124,000 | 615,716 | ||||||
Great Wall Enterprise Co. | 901,867 | 495,750 | ||||||
HannStar Display Corp. (a)(c) | 1,958,599 | 246,256 | ||||||
HannsTouch Solution, Inc. (a)(b) | 953,000 | 95,510 | ||||||
Hey Song Corp. | 424,770 | 404,420 | ||||||
Highwealth Construction Corp. | 886,730 | 1,249,541 | ||||||
Himax Technologies, Inc. ADR (c) | 80,368 | 640,533 | ||||||
Ho Tung Chemical Corp. (a)(c) | 1,696,482 | 364,774 | ||||||
Hong TAI Electric Industrial | 606,000 | 141,895 | ||||||
HTC Corp. (c) | 175,000 | 337,484 | ||||||
Huaku Development Co., Ltd. | 319,260 | 553,633 | ||||||
Huang Hsiang Construction Co. | 312,484 | 253,859 | ||||||
I-Sheng Electric Wire & Cable Co., Ltd. | 386,000 | 359,301 | ||||||
Ibase Technology, Inc. (c) | 348,666 | 514,621 | ||||||
Ichia Technologies, Inc. (c) | 183,000 | 100,594 | ||||||
ITE Technology, Inc. | 270,887 | 208,960 | ||||||
Jess-Link Products Co., Ltd. | 266,974 | 248,103 | ||||||
Jih Sun Financial Holdings Co., Ltd. | 1,817,918 | 399,166 | ||||||
KEE TAI Properties Co., Ltd. | 1,043,076 | 519,519 | ||||||
Kenda Rubber Industrial Co., Ltd. (c) | 633,634 | 904,435 | ||||||
Kerry TJ Logistics Co., Ltd. | 501,000 | 570,572 | ||||||
King Slide Works Co., Ltd. | 65,000 | 888,315 | ||||||
King Yuan Electronics Co., Ltd. | 1,386,656 | 880,149 | ||||||
King’s Town Bank | 1,405,000 | 996,333 | ||||||
Kinpo Electronics (a) | 1,266,371 | 403,823 | ||||||
Kinsus Interconnect Technology Corp. | 198,030 | 378,890 | ||||||
Kuoyang Construction Co., Ltd. (c) | 924,527 | 313,066 | ||||||
KYE Systems Corp. (a) | 673,413 | 187,539 | ||||||
LCY Chemical Corp. (a) | 509,862 | 355,367 | ||||||
Lingsen Precision Industries, Ltd. | 800,694 | 219,825 | ||||||
Long Bon International Co., Ltd. | 416,000 | 265,310 | ||||||
Longwell Co. | 315,000 | 233,900 | ||||||
Lumax International Corp., Ltd. | 208,358 | 273,993 | ||||||
Lung Yen Life Service Corp. | 200,000 | 379,622 | ||||||
Macronix International Co., Ltd. (a)(c) | 3,163,170 | 403,472 | ||||||
Makalot Industrial Co., Ltd. | 144,014 | 1,183,078 | ||||||
Masterlink Securities Corp. | 1,585,826 | 419,965 | ||||||
Medigen Biotechnology Corp. (a) | 88,000 | 259,771 | ||||||
Mercuries & Associates Holding, Ltd. | 521,835 | 335,185 | ||||||
Merry Electronics Co., Ltd. (c) | 104,000 | 125,706 | ||||||
Micro-Star International Co., Ltd. | 598,000 | 506,695 | ||||||
Microbio Co., Ltd. (a)(c) | 559,723 | 458,963 | ||||||
MIN AIK Technology Co., Ltd. (c) | 162,000 | 269,119 | ||||||
Mirle Automation Corp. | 720,854 | 565,912 | ||||||
Mitac Holdings Corp. | 734,999 | 456,479 | ||||||
Motech Industries, Inc. (a) | 300,885 | 332,159 | ||||||
Nan Kang Rubber Tire Co., Ltd. (a)(c) | 817,204 | 737,103 | ||||||
Nantex Industry Co., Ltd. | 524,778 | 430,309 | ||||||
Neo Solar Power Corp. (c) | 509,436 | 286,222 | ||||||
Nien Hsing Textile Co., Ltd. | 405,938 | 247,798 | ||||||
Oriental Union Chemical Corp. (c) | 835,500 | 586,138 | ||||||
Pan-International Industrial Co., Ltd. | 544,539 | 190,181 | ||||||
Parade Technologies, Ltd. | 60,000 | 437,324 | ||||||
PChome Online, Inc. | 60,832 | 698,337 | ||||||
Phison Electronics Corp. | 100,837 | 633,916 | ||||||
Phytohealth Corp. (a)(c) | 311,511 | 271,517 | ||||||
PixArt Imaging, Inc. | 104,060 | 212,055 | ||||||
Portwell, Inc. | 215,000 | 268,362 | ||||||
Powertech Technology, Inc. | 602,000 | 1,084,158 | ||||||
President Securities Corp. | 1,329,850 | 506,860 | ||||||
Primax Electronics, Ltd. (c) | 365,000 | 473,328 | ||||||
Prince Housing Development Corp. | 1,886,996 | 569,064 | ||||||
Promate Electronic Co., Ltd. | 493,000 | 411,738 | ||||||
Qisda Corp. | 1,502,641 | 460,912 | ||||||
Radiant Opto-Electronics Corp. (c) | 359,331 | 1,107,648 | ||||||
Radium Life Tech Co., Ltd. (a)(c) | 960,810 | 316,598 | ||||||
Realtek Semiconductor Corp. | 393,053 | 666,080 | ||||||
RichTek Technology Corp. | 101,477 | 591,712 | ||||||
Ritek Corp. (a) | 2,471,596 | 218,430 | ||||||
Sampo Corp. | 1,488,527 | 580,900 | ||||||
Sanyang Industry Co., Ltd. (a)(c) | 583,945 | 414,982 | ||||||
ScinoPharm Taiwan, Ltd. (c) | 264,553 | 313,342 | ||||||
Senao International Co., Ltd. | 176,911 | 243,117 | ||||||
Sercomm Corp. (c) | 267,000 | 653,563 | ||||||
Shinkong Insurance Co., Ltd. | 566,841 | 360,650 | ||||||
Shinkong Synthetic Fibers Corp. | 2,285,796 | 600,475 |
See accompanying notes to financial statements.
424
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Sigurd Microelectronics Corp. | 692,694 | $ | 441,776 | |||||
Silicon Integrated Systems Corp. (a)(c) | 1,003,000 | 164,489 | ||||||
Silicon Motion Technology Corp. ADR (c) | 29,077 | 794,093 | ||||||
Simplo Technology Co., Ltd. | 202,129 | 650,692 | ||||||
Sinbon Electronics Co., Ltd. | 413,872 | 697,590 | ||||||
Sinmag Equipment Corp. (c) | 103,726 | 378,016 | ||||||
Sino-American Silicon Products, Inc. (a) | 464,058 | 483,401 | ||||||
Sinon Corp. (c) | 1,209,662 | 501,462 | ||||||
Sinphar Pharmaceutical Co., Ltd. (c) | 388,346 | 320,796 | ||||||
Sinyi Realty Co. | 679,940 | 575,092 | ||||||
Soft-World International Corp. | 100,848 | 158,649 | ||||||
Solar Applied Materials Technology Corp. | 420,090 | 241,127 | ||||||
Solartech Energy Corp. (c) | 427,207 | 201,748 | ||||||
St. Shine Optical Co., Ltd. | 47,000 | 573,806 | ||||||
Standard Foods Corp. | 548,592 | 1,182,903 | ||||||
Systex Corp. (c) | 308,000 | 498,562 | ||||||
Ta Chong Bank Co., Ltd. (a) | 2,152,315 | 866,090 | ||||||
Taichung Commercial Bank | 2,619,632 | 740,681 | ||||||
Taiflex Scientific Co., Ltd. | 323,725 | 345,084 | ||||||
Tainan Enterprises Co., Ltd. | 372,000 | 283,568 | ||||||
Tainan Spinning Co., Ltd. | 1,706,105 | 720,214 | ||||||
Taisun Enterprise Co., Ltd. (a) | 830,549 | 254,758 | ||||||
Taiwan Acceptance Corp. (c) | 301,000 | 675,542 | ||||||
Taiwan Building Materials Co., Ltd. | 1,899,041 | 497,145 | ||||||
Taiwan Business Bank (a) | 4,705,652 | 1,167,570 | ||||||
Taiwan Cogeneration Corp. | 598,469 | 383,500 | ||||||
Taiwan Fertilizer Co., Ltd. | 278,000 | 346,154 | ||||||
Taiwan Hon Chuan Enterprise Co., Ltd. | 420,218 | 603,001 | ||||||
Taiwan Land Development Corp. | 1,317,003 | 421,969 | ||||||
Taiwan Life Insurance Co., Ltd. (a) | 519,025 | 427,168 | ||||||
Taiwan Secom Co., Ltd. | 372,961 | 1,046,590 | ||||||
Taiwan Surface Mounting Technology Corp. | 405,308 | 370,504 | ||||||
Taiyen Biotech Co., Ltd. (c) | 405,979 | 277,413 | ||||||
Tatung Co., Ltd. (a)(c) | 2,943,691 | 452,360 | ||||||
Test Rite International Co., Ltd. | 521,896 | 317,790 | ||||||
Thye Ming Industrial Co., Ltd. | 489,218 | 436,066 | ||||||
Ton Yi Industrial Corp. (c) | 415,000 | 201,025 | ||||||
Tong Hsing Electronic Industries, Ltd. | 103,327 | 262,338 | ||||||
Tong Yang Industry Co., Ltd. | 470,872 | 467,619 | ||||||
Topco Scientific Co., Ltd. | 320,965 | 460,575 | ||||||
Transcend Information, Inc. | 233,484 | 588,541 | ||||||
Tripod Technology Corp. | 498,353 | 715,879 | ||||||
TSRC Corp. (c) | 601,028 | 363,236 | ||||||
TTY Biopharm Co., Ltd. (c) | 261,436 | 760,628 | ||||||
Tung Ho Steel Enterprise Corp. | 914,258 | 477,572 | ||||||
Tung Thih Electronic Co., Ltd. | 81,893 | 559,591 | ||||||
TXC Corp. (c) | 490,120 | 506,828 | ||||||
U-Ming Marine Transport Corp. | 457,000 | 485,764 | ||||||
Unimicron Technology Corp. (c) | 983,000 | 373,168 | ||||||
Unity Opto Technology Co., Ltd. | 413,307 | 181,377 | ||||||
Unizyx Holding Corp. (c) | 559,694 | 204,823 | ||||||
UPC Technology Corp. | 887,914 | 248,354 | ||||||
USI Corp. | 1,086,318 | 447,031 | ||||||
Ve Wong Corp. | 239,000 | 144,442 | ||||||
Visual Photonics Epitaxy Co., Ltd. | 292,162 | 337,170 | ||||||
Wafer Works Corp. (a)(c) | 466,872 | 146,041 | ||||||
Wah Hong Industrial Corp. | 76,000 | 38,545 | ||||||
Walsin Lihwa Corp. (a) | 3,116,000 | 662,425 | ||||||
Wan Hai Lines, Ltd. | 1,116,320 | 701,779 | ||||||
Waterland Financial Holdings Co., Ltd. (c) | 2,254,660 | 551,211 | ||||||
Wei Chuan Food Corp. (a)(c) | 285,899 | 167,576 | ||||||
Weikeng Industrial Co., Ltd. | 417,628 | 224,494 | ||||||
Winbond Electronics Corp. (a) | 2,658,730 | 549,066 | ||||||
Wistron NeWeb Corp. | 206,435 | 429,452 | ||||||
WUS Printed Circuit Co., Ltd. | 433,000 | 322,835 | ||||||
Yageo Corp. | 569,640 | 871,911 | ||||||
Yang Ming Marine Transport Corp. (a)(c) | 1,610,788 | 465,222 | ||||||
YFY, Inc. | 2,076,941 | 646,531 | ||||||
Yieh Phui Enterprise Co., Ltd. | 1,833,924 | 394,326 | ||||||
Yungtay Engineering Co., Ltd. | 413,000 | 653,475 | ||||||
Zenitron Corp. | 548,348 | 254,794 | ||||||
Zinwell Corp. | 487,674 | 540,585 | ||||||
101,135,649 | ||||||||
THAILAND — 4.0% | ||||||||
Bangkok Expressway PCL NVDR | 644,900 | 644,100 | ||||||
Bangkokland PCL NVDR | 14,156,500 | 577,259 | ||||||
Central Plaza Hotel PCL NVDR (c) | 435,300 | 449,752 | ||||||
Chularat Hospital PCL NVDR | 3,134,300 | 186,530 | ||||||
Dynasty Ceramic PCL NVDR | 3,278,020 | 334,169 | ||||||
Esso Thailand PCL NVDR (a) | 940,900 | 132,211 | ||||||
GFPT PCL | 283,000 | 75,243 | ||||||
Gunkul Engineering PCL NVDR | 125,800 | 69,667 | ||||||
Hana Microelectronics PCL | 1,405,560 | 1,094,009 | ||||||
Ichitan Group PCL NVDR | 1,416,000 | 612,514 | ||||||
Inter Far East Engineering PCL NVDR | 350,600 | 97,563 | ||||||
Jasmine International PCL NVDR | 5,458,200 | 842,152 | ||||||
Kiatnakin Bank PCL NVDR | 477,100 | 404,211 | ||||||
LPN Development PCL ADR NVDR | 847,100 | 396,768 | ||||||
Major Cineplex Group PCL NVDR | 230,500 | 203,224 | ||||||
MBK PCL NVDR | 603,600 | 237,815 | ||||||
MK Restaurants Group PCL NVDR | 660,300 | 1,050,622 | ||||||
Precious Shipping PCL (a) | 575,400 | 112,559 | ||||||
Pruksa Real Estate PCL NVDR | 196,100 | 155,335 | ||||||
PTG Energy PCL NVDR | 182,700 | 73,996 | ||||||
Robinson Department Store PCL NVDR (c) | 344,300 | 360,474 | ||||||
Siam Global House PCL NVDR | 862,671 | 278,089 | ||||||
Sino Thai Engineering & Construction PCL NVDR | 803,300 | 535,607 | ||||||
Sri Trang Agro-Industry PCL NVDR | 470,400 | 145,157 | ||||||
Srisawad Power 1979 PCL NVDR | 282,900 | 286,447 | ||||||
Supalai PCL NVDR (c) | 473,300 | 238,639 | ||||||
Superblock PCL NVDR (a) | 4,576,700 | 197,973 | ||||||
Thai Airways International PCL NVDR (a) | 832,800 | 231,748 | ||||||
Thai Vegetable Oil PCL NVDR | 438,600 | 344,403 | ||||||
Thaicom PCL NVDR | 654,300 | 567,859 | ||||||
Thanachart Capital PCL | 1,437,642 | 1,257,615 | ||||||
Thoresen Thai Agencies PCL | 3,401,706 | 946,611 | ||||||
Tipco Asphalt PCL NVDR | 187,500 | 152,397 |
See accompanying notes to financial statements.
425
SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Tisco Financial Group PCL | 302,203 | $ | 297,665 | |||||
TPI Polene PCL | 1,013,500 | 69,251 | ||||||
TTW PCL | 1,603,400 | 481,528 | ||||||
VGI Global Media PCL NVDR | 3,729,612 | 359,654 | ||||||
WHA Corp. PCL NVDR (a)(c) | 4,833,300 | 420,808 | ||||||
14,921,624 | ||||||||
TURKEY — 1.7% | ||||||||
Afyon Cimento Sanayi TAS (a) | 61,566 | 102,280 | ||||||
Akfen Holding AS | 94,254 | 273,322 | ||||||
Albaraka Turk Katilim Bankasi | 1,591,818 | 699,238 | ||||||
Aygaz AS (c) | 118,313 | 380,602 | ||||||
Dogan Sirketler Grubu Holdings AS (a)(c) | 968,572 | 163,148 | ||||||
GSD Holding | 472,889 | 179,613 | ||||||
Ihlas Holding (a) | 3 | 0 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D) (c) | 1,413,565 | 578,919 | ||||||
Koza Altin Isletmeleri AS (c) | 102,121 | 740,337 | ||||||
NET Holding AS (a) | 271,603 | 280,775 | ||||||
Pegasus Hava Tasimaciligi AS (a)(c) | 39,866 | 232,395 | ||||||
Petkim Petrokimya Holding AS (a)(c) | 981,624 | 1,296,836 | ||||||
Sekerbank TAS (a) | 1,066,626 | 489,674 | ||||||
Sinpas Gayrimenkul Yatirim Ortakligi AS | 3 | 1 | ||||||
Tekfen Holding AS (c) | 143,204 | 197,702 | ||||||
Torunlar Gayrimenkul Yatirim Ortakligi AS | 194,809 | 195,597 | ||||||
Turkiye Sinai Kalkinma Bankasi AS | 982,388 | 457,491 | ||||||
Yazicilar Holding AS (Class A) | 25,804 | 138,064 | ||||||
6,405,994 | ||||||||
UNITED ARAB EMIRATES — 0.8% | ||||||||
Air Arabia PJSC | 1,900,000 | 724,233 | ||||||
Al Waha Capital PJSC | 1,150,000 | 695,101 | ||||||
Dana Gas PJSC (a) | 3,150,000 | 471,704 | ||||||
Eshraq Properties Co. PJSC (a) | 1,783,041 | 325,262 | ||||||
Exillon Energy PLC (a) | 76,065 | 129,046 | ||||||
National Central Cooling Co. PJSC | 700,000 | 226,799 | ||||||
RAK Properties PJSC | 2,800,000 | 465,034 | ||||||
3,037,179 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $552,671,213) | 372,575,935 | |||||||
RIGHTS — 0.0% (f) | ||||||||
HONG KONG — 0.0% (f) | ||||||||
Golden Meditech Holdings, Ltd. (expired 9/29/15) (a)(b) | 378,000 | 0 | ||||||
SOUTH AFRICA — 0.0% (f) | ||||||||
Super Group, Ltd. (expiring 10/9/15) (a) | 40,792 | 10,178 | ||||||
TOTAL RIGHTS — | ||||||||
(Cost $0) | 10,178 | |||||||
WARRANTS — 0.0% (f) | ||||||||
MALAYSIA — 0.0% (f) | ||||||||
WCT Holdings Bhd (expiring 8/27/20) (a) | 268,650 | 8,251 | ||||||
THAILAND — 0.0% (f) | ||||||||
WHA Corp. PCL NVDR (expiring 12/14/15) (a)(c) | 483,330 | 5,593 | ||||||
TOTAL WARRANTS — | ||||||||
(Cost $0) | 13,844 | |||||||
SHORT TERM INVESTMENT — 8.5% | ||||||||
UNITED STATES — 8.5% | ||||||||
MONEY MARKET FUND — 8.5% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (g)(h) (Cost $31,737,344) | 31,737,344 | 31,737,344 | ||||||
TOTAL INVESTMENTS — 108.2% | ||||||||
(Cost $584,408,557) | 404,337,301 | |||||||
OTHER ASSETS & LIABILITIES — (8.2)% | (30,656,604 | ) | ||||||
NET ASSETS — 100.0% | $ | 373,680,697 | ||||||
(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) | All or a portion of the security was on loan at September 30, 2015. | |||||
(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 3 inputs (Note 2). | |||||
(e) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.6% of net assets as of September 30, 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). |
ADR = American Depositary Receipt
ADS = American Depositary Shares
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.
426
SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.7% | ||||||||
AUSTRALIA — 5.0% | ||||||||
Astro Japan Property Group | 122,115 | $ | 450,215 | |||||
BGP Holdings PLC (a)(b) | 1,313,937 | 0 | ||||||
BWP Trust (c) | 960,615 | 2,084,489 | ||||||
Charter Hall Retail REIT | 612,704 | 1,751,205 | ||||||
Dexus Property Group | 1,882,871 | 9,454,062 | ||||||
Goodman Group | 3,064,684 | 12,590,223 | ||||||
GPT Group | 3,383,067 | 10,714,675 | ||||||
Investa Office Fund REIT | 1,201,432 | 3,324,201 | ||||||
Scentre Group | 10,405,520 | 28,498,384 | ||||||
Westfield Corp. | 3,735,997 | 26,157,336 | ||||||
95,024,790 | ||||||||
AUSTRIA — 0.5% | ||||||||
Atrium European Real Estate, Ltd. (a) | 330,108 | 1,442,611 | ||||||
BUWOG AG (a)(c) | 101,024 | 2,142,592 | ||||||
CA Immobilien Anlagen AG (a) | 142,898 | 2,627,127 | ||||||
IMMOFINANZ AG (a) | 1,761,810 | 4,051,236 | ||||||
10,263,566 | ||||||||
BELGIUM — 0.3% | ||||||||
Befimmo SA | 38,225 | 2,342,082 | ||||||
Cofinimmo SA | 39,581 | 4,168,597 | ||||||
6,510,679 | ||||||||
BRAZIL — 0.1% | ||||||||
BR Malls Participacoes SA | 918,026 | 2,411,520 | ||||||
CANADA — 4.1% | ||||||||
Artis REIT | 132,203 | 1,250,342 | ||||||
Boardwalk REIT | 45,511 | 1,860,903 | ||||||
Brookfield Asset Management, Inc. (Class A) | 1,693,138 | 53,028,168 | ||||||
Canadian Apartment Properties REIT | 113,456 | 2,401,642 | ||||||
Canadian REIT | 70,892 | 2,166,365 | ||||||
Crombie Real Estate Investment Trust | 74,239 | 709,886 | ||||||
First Capital Realty, Inc. (c) | 219,308 | 3,058,894 | ||||||
H&R Real Estate Investment Trust | 262,977 | 4,034,785 | ||||||
RioCan REIT | 302,378 | 5,744,438 | ||||||
Smart Real Estate Investment Trust | 119,229 | 2,719,492 | ||||||
76,974,915 | ||||||||
CHINA — 0.8% | ||||||||
Hongkong Land Holdings, Ltd. | 2,319,200 | 15,329,912 | ||||||
FRANCE — 4.4% | ||||||||
Fonciere Des Regions | 85,028 | 7,389,885 | ||||||
Gecina SA | 70,448 | 8,567,561 | ||||||
Klepierre | 368,616 | 16,660,317 | ||||||
Mercialys SA REIT | 35,947 | 776,033 | ||||||
Unibail-Rodamco SE | 191,588 | 49,465,824 | ||||||
82,859,620 | ||||||||
HONG KONG — 2.6% | ||||||||
Champion REIT | 4,276,462 | 2,129,940 | ||||||
Hang Lung Group, Ltd. | 138,996 | 471,687 | ||||||
Hang Lung Properties, Ltd. | 4,120,018 | 9,228,781 | ||||||
Hysan Development Co., Ltd. | 1,226,731 | 5,096,836 | ||||||
Link REIT | 4,482,182 | 24,579,549 | ||||||
Prosperity REIT | 2,534,000 | 866,459 | ||||||
Wheelock & Co., Ltd. | 1,583,016 | 6,842,670 | ||||||
49,215,922 | ||||||||
ITALY — 0.1% | ||||||||
Beni Stabili SpA (c) | 2,082,502 | 1,614,429 | ||||||
Immobiliare Grande Distribuzione SpA | 592,448 | 530,379 | ||||||
2,144,808 | ||||||||
JAPAN — 9.1% | ||||||||
Activia Properties, Inc. | 1,002 | 4,191,558 | ||||||
Aeon Mall Co., Ltd. | 225,600 | 3,449,034 | ||||||
Daibiru Corp. | 117,500 | 910,450 | ||||||
Daiwa Office Investment Corp. | 628 | 3,030,802 | ||||||
Frontier Real Estate Investment Corp. | 969 | 3,750,106 | ||||||
Fukuoka REIT Corp. | 1,357 | 2,005,502 | ||||||
Global One Real Estate Investment Corp. | 355 | 1,064,126 | ||||||
Hankyu REIT, Inc. | 1,061 | 1,117,122 | ||||||
Heiwa Real Estate Co., Ltd. (c) | 74,400 | 793,915 | ||||||
Hoshino Resorts REIT, Inc. | 98 | 881,276 | ||||||
Hulic Co., Ltd. | 885,500 | 7,962,957 | ||||||
Hulic Reit, Inc. | 1,343 | 1,771,753 | ||||||
Japan Excellent, Inc. (c) | 2,466 | 2,713,804 | ||||||
Japan Prime Realty Investment Corp. | 1,694 | 5,495,086 | ||||||
Japan Real Estate Investment Corp. | 2,561 | 11,782,332 | ||||||
Japan Rental Housing Investments, Inc. | 3,205 | 2,090,014 | ||||||
Japan Retail Fund Investment Corp. | 4,767 | 9,218,363 | ||||||
Kenedix Office Investment Corp. | 792 | 3,762,769 | ||||||
Kenedix Residential Investment Corp. (c) | 699 | 1,803,457 | ||||||
MCUBS MidCity Investment Corp. REIT | 520 | 1,352,482 | ||||||
Mitsui Fudosan Co., Ltd. | 1,938,000 | 52,800,852 | ||||||
Mori Hills REIT Investment Corp. | 2,338 | 2,746,684 | ||||||
Mori Trust Sogo REIT, Inc. | 2,000 | 3,420,031 | ||||||
Nippon Building Fund, Inc. | 2,764 | 13,362,468 | ||||||
Nomura Real Estate Office Fund, Inc. (c) | 725 | 3,287,062 | ||||||
NTT Urban Development Corp. | 217,900 | 1,995,878 | ||||||
Orix JREIT, Inc. | 4,349 | 5,879,039 | ||||||
Premier Investment Corp. (c) | 455 | 2,264,267 | ||||||
Tokyu Fudosan Holdings Corp. | 998,100 | 6,608,719 | ||||||
Tokyu REIT, Inc. | 1,829 | 2,356,404 | ||||||
Top REIT, Inc. | 352 | 1,359,329 | ||||||
United Urban Investment Corp. | 5,146 | 6,866,203 | ||||||
172,093,844 | ||||||||
NETHERLANDS — 0.5% | ||||||||
Eurocommercial Properties NV | 92,573 | 4,032,115 | ||||||
VastNed Retail NV | 37,811 | 1,634,658 | ||||||
Wereldhave NV | 78,704 | 4,529,717 | ||||||
10,196,490 | ||||||||
NEW ZEALAND — 0.3% | ||||||||
Argosy Property, Ltd. | 1,598,148 | 1,073,452 | ||||||
Goodman Property Trust | 2,026,035 | 1,503,423 | ||||||
Kiwi Income Property Group, Ltd. | 2,469,602 | 2,030,049 |
See accompanying notes to financial statements.
427
SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Precinct Properties New Zealand, Ltd. | 1,927,767 | $ | 1,399,673 | |||||
6,006,597 | ||||||||
PHILIPPINES — 1.0% | ||||||||
Ayala Land, Inc. | 11,586,600 | 8,428,421 | ||||||
SM Prime Holdings, Inc. | 22,575,900 | 9,974,162 | ||||||
18,402,583 | ||||||||
SINGAPORE — 2.6% | ||||||||
Ascendas REIT | 3,980,469 | 6,550,600 | ||||||
Cambridge Industrial Trust | 1,989,871 | 853,662 | ||||||
CapitaLand Commercial Trust, Ltd. (c) | 3,920,982 | 3,695,137 | ||||||
CapitaLand Mall Trust | 5,058,160 | 6,758,917 | ||||||
CapitaLand, Ltd. | 4,921,400 | 9,275,865 | ||||||
Frasers Commercial Trust | 972,583 | �� | 909,723 | |||||
Global Logistic Properties, Ltd. | 6,059,700 | 8,693,852 | ||||||
Guocoland, Ltd. | 606,999 | 787,617 | ||||||
Keppel REIT (c) | 3,416,600 | 2,294,713 | ||||||
Mapletree Logistics Trust | 2,944,173 | 2,029,179 | ||||||
Starhill Global REIT | 2,777,224 | 1,474,649 | ||||||
Suntec REIT (c) | 4,946,974 | 5,218,694 | ||||||
United Industrial Corp., Ltd. | 395,605 | 851,362 | ||||||
49,393,970 | ||||||||
SOUTH AFRICA — 0.8% | ||||||||
Capital Property Fund, Ltd. | 2,972,923 | 3,375,634 | ||||||
Growthpoint Properties, Ltd. REIT | 4,291,657 | 7,961,308 | ||||||
Hyprop Investments, Ltd. | 408,850 | 3,569,269 | ||||||
SA Corporate Real Estate Fund Nominees Pty, Ltd. | 2,918,198 | 1,074,248 | ||||||
15,980,459 | ||||||||
SPAIN — 0.0% (d) | ||||||||
Martinsa-Fadesa SA (a)(b) | 178 | 0 | ||||||
SWEDEN — 1.0% | ||||||||
Castellum AB | 341,811 | 4,796,818 | ||||||
Fabege AB | 275,153 | 4,025,405 | ||||||
Great Portland Estates PLC | 674,433 | 8,734,657 | ||||||
Kungsleden AB | 318,600 | 2,136,777 | ||||||
19,693,657 | ||||||||
SWITZERLAND — 0.9% | ||||||||
PSP Swiss Property AG (a) | 78,885 | 6,466,778 | ||||||
Swiss Prime Site AG (a) | 136,262 | 9,929,234 | ||||||
16,396,012 | ||||||||
THAILAND — 0.2% | ||||||||
Central Pattana PCL NVDR | 2,613,900 | 3,222,814 | ||||||
UNITED KINGDOM — 6.6% | ||||||||
Big Yellow Group PLC | 287,758 | 3,155,781 | ||||||
British Land Co. PLC | 1,999,734 | 25,398,977 | ||||||
Capital & Counties Properties PLC | 1,454,154 | 9,566,237 | ||||||
Derwent London PLC | 216,742 | 11,947,198 | ||||||
Grainger PLC | 829,289 | 2,989,674 | ||||||
Hammerson PLC | 1,546,413 | 14,605,044 | ||||||
Intu Properties PLC | 1,596,517 | 7,970,796 | ||||||
Land Securities Group PLC | 1,565,490 | 29,854,992 | ||||||
Segro PLC | 1,455,084 | 9,466,559 | ||||||
Shaftesbury PLC | 540,876 | 7,512,906 | ||||||
Workspace Group PLC | 228,091 | 3,240,798 | ||||||
125,708,962 | ||||||||
UNITED STATES — 58.8% | ||||||||
Acadia Realty Trust | 133,431 | 4,012,270 | ||||||
Alexandria Real Estate Equities, Inc. | 140,894 | 11,929,495 | ||||||
American Campus Communities, Inc. | 218,708 | 7,925,978 | ||||||
American Homes 4 Rent (Class A) | 304,938 | 4,903,403 | ||||||
Apartment Investment & Management Co. (Class A) | 306,491 | 11,346,297 | ||||||
Ashford Hospitality Prime, Inc. | 52,003 | 729,602 | ||||||
Ashford Hospitality Trust, Inc. | 173,143 | 1,056,172 | ||||||
AvalonBay Communities, Inc. | 260,436 | 45,529,422 | ||||||
BioMed Realty Trust, Inc. | 399,350 | 7,979,013 | ||||||
Boston Properties, Inc. | 301,031 | 35,642,070 | ||||||
Brandywine Realty Trust | 354,297 | 4,364,939 | ||||||
Brixmor Property Group, Inc. | 334,562 | 7,855,516 | ||||||
Camden Property Trust | 170,429 | 12,594,703 | ||||||
Care Capital Properties, Inc. | 162,389 | 5,347,470 | ||||||
CBL & Associates Properties, Inc. | 296,522 | 4,077,178 | ||||||
Cedar Realty Trust, Inc. (c) | 139,394 | 865,637 | ||||||
Columbia Property Trust, Inc. | 243,367 | 5,646,114 | ||||||
Corporate Office Properties Trust | 186,540 | 3,922,936 | ||||||
Cousins Properties, Inc. | 399,807 | 3,686,221 | ||||||
CubeSmart | 326,996 | 8,897,561 | ||||||
DCT Industrial Trust, Inc. | 174,039 | 5,858,153 | ||||||
DDR Corp. | 596,190 | 9,169,402 | ||||||
DiamondRock Hospitality Co. | 394,946 | 4,364,153 | ||||||
Digital Realty Trust, Inc. | 266,267 | 17,392,560 | ||||||
Douglas Emmett, Inc. | 272,370 | 7,822,466 | ||||||
Duke Realty Corp. | 677,135 | 12,899,422 | ||||||
DuPont Fabros Technology, Inc. | 131,036 | 3,391,212 | ||||||
EastGroup Properties, Inc. | 63,539 | 3,442,543 | ||||||
Education Realty Trust, Inc. | 94,164 | 3,102,704 | ||||||
Equity Commonwealth (a) | 252,472 | 6,877,337 | ||||||
Equity Lifestyle Properties, Inc. | 156,899 | 9,189,574 | ||||||
Equity One, Inc. | 144,251 | 3,511,069 | ||||||
Equity Residential | 713,632 | 53,608,036 | ||||||
Essex Property Trust, Inc. | 128,811 | 28,778,954 | ||||||
Extra Space Storage, Inc. | 240,072 | 18,523,956 | ||||||
Federal Realty Investment Trust (c) | 135,492 | 18,487,883 | ||||||
FelCor Lodging Trust, Inc. | 258,473 | 1,827,404 | ||||||
First Industrial Realty Trust, Inc. | 216,608 | 4,537,938 | ||||||
First Potomac Realty Trust | 116,723 | 1,283,953 | ||||||
Forest City Enterprises, Inc. (Class A) (a) | 406,417 | 8,181,174 | ||||||
Franklin Street Properties Corp. | 172,352 | 1,852,784 | ||||||
General Growth Properties, Inc. | 1,145,686 | 29,753,465 | ||||||
HCP, Inc. | 906,643 | 33,772,452 | ||||||
Healthcare Realty Trust, Inc. | 194,979 | 4,845,228 | ||||||
Hersha Hospitality Trust | 98,396 | 2,229,653 | ||||||
Highwoods Properties, Inc. | 184,346 | 7,143,408 | ||||||
Home Properties, Inc. | 113,532 | 8,486,517 | ||||||
Hospitality Properties Trust | 296,940 | 7,595,725 | ||||||
Host Hotels & Resorts, Inc. (c) | 1,467,959 | 23,208,432 | ||||||
Inland Real Estate Corp. | 173,856 | 1,408,234 | ||||||
Kilroy Realty Corp. | 180,169 | 11,739,812 | ||||||
Kimco Realty Corp. | 809,177 | 19,768,194 | ||||||
Kite Realty Group Trust | 163,566 | 3,894,506 | ||||||
LaSalle Hotel Properties | 219,967 | 6,244,863 |
See accompanying notes to financial statements.
428
SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Liberty Property Trust | 293,133 | $ | 9,236,621 | |||||
LTC Properties, Inc. (c) | 69,844 | 2,980,244 | ||||||
Macerich Co. | 262,953 | 20,200,050 | ||||||
Mack-Cali Realty Corp. | 174,148 | 3,287,914 | ||||||
Mid-America Apartment Communities, Inc. | 147,781 | 12,098,831 | ||||||
National Storage Affiliates Trust | 44,983 | 609,520 | ||||||
New York REIT, Inc. (c) | 315,050 | 3,169,403 | ||||||
NexPoint Residential Trust, Inc. | 41,833 | 558,889 | ||||||
Parkway Properties, Inc. | 166,485 | 2,590,507 | ||||||
Pebblebrook Hotel Trust | 141,203 | 5,005,646 | ||||||
Pennsylvania Real Estate Investment Trust | 134,053 | 2,658,271 | ||||||
Piedmont Office Realty Trust, Inc. (Class A) | 295,758 | 5,291,111 | ||||||
Post Properties, Inc. | 107,673 | 6,276,259 | ||||||
ProLogis, Inc. | 1,027,326 | 39,962,981 | ||||||
PS Business Parks, Inc. | 37,587 | 2,983,656 | ||||||
Public Storage | 288,127 | 60,976,317 | ||||||
Ramco-Gershenson Properties Trust | 152,598 | 2,290,496 | ||||||
Regency Centers Corp. | 184,996 | 11,497,501 | ||||||
Retail Opportunity Investments Corp. | 193,000 | 3,192,220 | ||||||
Rexford Industrial Realty, Inc. | 106,582 | 1,469,766 | ||||||
RLJ Lodging Trust | 255,568 | 6,458,203 | ||||||
Rouse Properties, Inc. | 73,930 | 1,151,829 | ||||||
Saul Centers, Inc. | 22,604 | 1,169,757 | ||||||
Senior Housing Properties Trust | 465,319 | 7,538,168 | ||||||
Silver Bay Realty Trust Corp. | 74,528 | 1,193,193 | ||||||
Simon Property Group, Inc. | 606,411 | 111,409,829 | ||||||
SL Green Realty Corp. (c) | 194,688 | 21,057,454 | ||||||
Sovran Self Storage, Inc. | 70,478 | 6,646,075 | ||||||
Strategic Hotels & Resorts, Inc. (a) | 540,833 | 7,458,087 | ||||||
Sun Communities, Inc. (c) | 105,099 | 7,121,508 | ||||||
Sunstone Hotel Investors, Inc. | 406,082 | 5,372,465 | ||||||
Tanger Factory Outlet Centers, Inc. | 187,215 | 6,172,479 | ||||||
Taubman Centers, Inc. | 118,969 | 8,218,379 | ||||||
UDR, Inc. | 513,502 | 17,705,549 | ||||||
Universal Health Realty Income Trust (c) | 25,554 | 1,199,505 | ||||||
Urban Edge Properties | 179,304 | 3,871,173 | ||||||
Ventas, Inc. | 651,952 | 36,548,429 | ||||||
Vornado Realty Trust | 347,257 | 31,398,978 | ||||||
Washington Real Estate Investment Trust (c) | 133,698 | 3,333,091 | ||||||
Weingarten Realty Investors | 222,435 | 7,364,823 | ||||||
Welltower, Inc. | 689,682 | 46,705,265 | ||||||
WP GLIMCHER, Inc. | 365,934 | 4,266,790 | ||||||
Xenia Hotels & Resorts, Inc. | 217,140 | 3,791,264 | ||||||
1,115,993,659 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $1,823,983,374) | 1,893,824,779 | |||||||
SHORT TERM INVESTMENTS — 1.3% | ||||||||
UNITED STATES — 1.3% | ||||||||
MONEY MARKET FUNDS — 1.3% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (e)(f) | 20,157,461 | 20,157,461 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g) | 3,964,339 | 3,964,339 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $24,121,800) | 24,121,800 | |||||||
TOTAL INVESTMENTS — 101.0% | ||||||||
(Cost $1,848,105,174) | 1,917,946,579 | |||||||
OTHER ASSETS & LIABILITIES — (1.0)% | (18,752,851 | ) | ||||||
NET ASSETS — 100.0% | $ | 1,899,193,728 | ||||||
(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 3 inputs (Note 2). | |||||
(c) | All or a portion of the security was on loan at September 30, 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. |
NVDR = Non Voting Depositary Receipt
PCL = Public Company Limited
PLC = Public Limited Company
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
429
SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.1% | ||||||||
AUSTRALIA — 1.8% | ||||||||
Aristocrat Leisure, Ltd. | 10,441 | $ | 63,130 | |||||
Automotive Holdings Group, Ltd. (a) | 12,725 | 35,298 | ||||||
Crown Resorts, Ltd. (a) | 7,531 | 52,358 | ||||||
Fairfax Media, Ltd. | 44,009 | 27,351 | ||||||
Tatts Group, Ltd. | 27,669 | 73,059 | ||||||
251,196 | ||||||||
BELGIUM — 0.2% | ||||||||
S.A. D’Ieteren NV | 920 | 35,435 | ||||||
CANADA — 4.8% | ||||||||
Amaya, Inc. (a)(b) | 774 | 14,046 | ||||||
Canadian Tire Corp., Ltd. (Class A) | 1,262 | 113,003 | ||||||
Gildan Activewear, Inc. | 3,063 | 92,025 | ||||||
Magna International, Inc. | 3,938 | 188,015 | ||||||
Restaurant Brands International, Inc. (a) | 745 | 26,695 | ||||||
Shaw Communications, Inc. (Class B) (a) | 4,179 | 80,544 | ||||||
Thomson Reuters Corp. | 4,180 | 167,237 | ||||||
681,565 | ||||||||
DENMARK — 0.6% | ||||||||
Pandora A/S | 733 | 85,438 | ||||||
FINLAND — 0.3% | ||||||||
Nokian Renkaat Oyj | 1,120 | 36,143 | ||||||
Sanoma Oyj (a) | 2,849 | 10,508 | ||||||
46,651 | ||||||||
FRANCE — 10.9% | ||||||||
Accor SA | 1,688 | 78,685 | ||||||
Christian Dior SE | 379 | 70,672 | ||||||
Compagnie Generale des Etablissements Michelin | 1,669 | 151,687 | ||||||
Havas SA | 6,865 | 55,864 | ||||||
Hermes International | 300 | 108,834 | ||||||
Kering | 706 | 115,059 | ||||||
Lagardere SCA | 1,302 | 35,956 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,844 | 313,283 | ||||||
Numericable-SFR SAS (b) | 1,100 | 50,687 | ||||||
Peugeot SA (a)(b) | 1,152 | 17,302 | ||||||
Publicis Groupe SA | 1,078 | 73,378 | ||||||
Renault SA | 1,581 | 112,947 | ||||||
Sodexo SA | 1,176 | 97,140 | ||||||
Valeo SA | 602 | 81,142 | ||||||
Vivendi SA | 8,065 | 190,224 | ||||||
1,552,860 | ||||||||
GERMANY — 9.8% | ||||||||
adidas AG | 1,850 | 148,705 | ||||||
Bayerische Motoren Werke AG | 2,052 | 181,457 | ||||||
Bayerische Motoren Werke AG Preference Shares | 347 | 23,756 | ||||||
Continental AG | 680 | 144,295 | ||||||
Daimler AG | 6,714 | 486,018 | ||||||
Hugo Boss AG | 222 | 24,880 | ||||||
Kabel Deutschland Holding AG (b) | 302 | 39,273 | ||||||
Leoni AG | 210 | 11,160 | ||||||
Porsche Automobil Holding SE Preference Shares | 777 | 33,041 | ||||||
ProSiebenSat.1 Media SE | 1,159 | 56,717 | ||||||
TUI AG | 6,423 | 118,502 | ||||||
Volkswagen AG (a) | 190 | 22,259 | ||||||
Volkswagen AG Preference Shares | 1,032 | 112,605 | ||||||
1,402,668 | ||||||||
HONG KONG — 2.8% | ||||||||
Esprit Holdings, Ltd. (a) | 23,082 | 17,155 | ||||||
Fairwood Holdings, Ltd. | 16,000 | 45,213 | ||||||
Galaxy Entertainment Group, Ltd. | 16,000 | 40,671 | ||||||
Giordano International, Ltd. | 80,000 | 38,606 | ||||||
Global Brands Group Holding, Ltd. (b) | 62,000 | 12,800 | ||||||
Li & Fung, Ltd. (a) | 62,000 | 47,280 | ||||||
Pico Far East Holdings, Ltd. | 108,000 | 25,084 | ||||||
Sands China, Ltd. | 24,000 | 72,154 | ||||||
Shangri-La Asia, Ltd. | 16,500 | 14,264 | ||||||
SJM Holdings, Ltd. (a) | 24,000 | 16,970 | ||||||
Techtronic Industries Co., Ltd. | 15,500 | 57,200 | ||||||
Wynn Macau, Ltd. (a) | 15,600 | 17,673 | ||||||
405,070 | ||||||||
IRELAND — 0.2% | ||||||||
Paddy Power PLC | 266 | 30,642 | ||||||
ITALY — 0.7% | ||||||||
Mediaset SpA | 8,217 | 37,698 | ||||||
Pirelli & C. SpA | 3,510 | 58,653 | ||||||
96,351 | ||||||||
JAPAN — 34.1% | ||||||||
Aisin Seiki Co., Ltd. | 2,300 | 76,817 | ||||||
Aoyama Trading Co., Ltd. | 1,400 | 49,213 | ||||||
Asics Corp. (a) | 800 | 18,957 | ||||||
Bandai Namco Holdings, Inc. | 3,900 | 90,202 | ||||||
Benesse Holdings, Inc. (a) | 1,600 | 42,684 | ||||||
Bookoff Corp. | 1,500 | 11,285 | ||||||
Bridgestone Corp. (a) | 6,300 | 217,040 | ||||||
Can Do Co., Ltd. (a) | 800 | 10,187 | ||||||
Casio Computer Co., Ltd. (a) | 3,900 | 70,501 | ||||||
Denso Corp. (a) | 3,100 | 130,352 | ||||||
Dentsu, Inc. (a) | 2,800 | 143,080 | ||||||
Fast Retailing Co., Ltd. | 488 | 197,580 | ||||||
Fuji Corp., Ltd. (a) | 3,100 | 17,394 | ||||||
Fuji Heavy Industries, Ltd. | 4,300 | 153,775 | ||||||
GLOBERIDE, Inc. (a) | 800 | 9,352 | ||||||
Gunze, Ltd. | 15,000 | 45,214 | ||||||
Haseko Corp. | 2,400 | 27,053 | ||||||
Honda Motor Co., Ltd. (a) | 10,800 | 319,135 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 5,100 | 76,309 | ||||||
Isuzu Motors, Ltd. (a) | 4,200 | 41,907 | ||||||
Kappa Create Holdings Co., Ltd. (b) | 800 | 8,216 | ||||||
Koito Manufacturing Co., Ltd. | 800 | 25,951 | ||||||
Kojima Co., Ltd. | 10,200 | 25,806 | ||||||
Konaka Co., Ltd. | 5,800 | 29,832 | ||||||
Kyoritsu Maintenance Co., Ltd. | 400 | 25,617 | ||||||
Kyoto Kimono Yuzen Co., Ltd. (a) | 3,400 | 28,389 | ||||||
Mazda Motor Corp. | 3,500 | 54,941 | ||||||
Mitsubishi Motors Corp. (a) | 3,100 | 23,606 | ||||||
NGK Spark Plug Co., Ltd. | 1,100 | 25,065 | ||||||
Nikon Corp. (a) | 3,900 | 46,957 | ||||||
Nissan Motor Co., Ltd. (a) | 15,300 | 139,759 |
See accompanying notes to financial statements.
430
SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Oriental Land Co., Ltd. (a) | 2,300 | $ | 128,073 | |||||
Otsuka Kagu, Ltd. (a) | 2,100 | 26,705 | ||||||
Panasonic Corp. (a) | 13,600 | 136,664 | ||||||
Pioneer Corp. (b) | 3,200 | 6,920 | ||||||
Rakuten, Inc. (a) | 6,300 | 80,167 | ||||||
Resorttrust, Inc. (a) | 4,000 | 99,161 | ||||||
Ringer Hut Co., Ltd. (a) | 1,100 | 23,733 | ||||||
Sanrio Co., Ltd. (a) | 300 | 8,153 | ||||||
Sanyo Housing Nagoya Co., Ltd. | 1,700 | 15,103 | ||||||
Sega Sammy Holdings, Inc. (a) | 700 | 6,803 | ||||||
Sekisui Chemical Co., Ltd. | 8,000 | 83,697 | ||||||
Sekisui House, Ltd. | 8,000 | 124,577 | ||||||
Sharp Corp. (a)(b) | 8,000 | 9,151 | ||||||
Shimano, Inc. (a) | 1,300 | 181,706 | ||||||
Sony Corp. | 7,100 | 171,831 | ||||||
Stanley Electric Co., Ltd. (a) | 2,400 | 47,593 | ||||||
Suminoe Textile Co., Ltd. | 7,000 | 19,755 | ||||||
Sumitomo Electric Industries, Ltd. | 5,000 | 63,604 | ||||||
Sumitomo Forestry Co., Ltd. | 6,800 | 75,742 | ||||||
Suzuki Motor Corp. (a) | 3,500 | 107,018 | ||||||
Toho Co., Ltd. | 1,000 | 22,736 | ||||||
Toyota Industries Corp. (a) | 1,900 | 89,792 | ||||||
Toyota Motor Corp. | 18,800 | 1,094,266 | ||||||
Yamada Denki Co., Ltd. (a) | 10,000 | 40,245 | ||||||
Yamaha Motor Co., Ltd. | 1,600 | 31,943 | ||||||
4,877,314 | ||||||||
LUXEMBOURG — 0.6% | ||||||||
SES SA | 2,849 | 89,586 | ||||||
NETHERLANDS — 3.4% | ||||||||
Altice NV (Class A) (b) | 1,500 | 31,352 | ||||||
Altice NV (Class B) (b) | 500 | 11,143 | ||||||
Fiat Chrysler Automobiles NV (b) | 7,734 | 100,230 | ||||||
RELX NV | 12,554 | 204,175 | ||||||
Wolters Kluwer NV | 4,556 | 139,906 | ||||||
486,806 | ||||||||
NORWAY — 0.5% | ||||||||
Schibsted ASA (Class A) | 1,040 | 35,175 | ||||||
Schibsted ASA (Class B) (b) | 1,040 | 32,797 | ||||||
67,972 | ||||||||
SINGAPORE — 0.6% | ||||||||
Genting Singapore PLC (a) | 47,900 | 24,423 | ||||||
Singapore Press Holdings, Ltd. (a) | 24,000 | 64,815 | ||||||
89,238 | ||||||||
SOUTH KOREA — 4.4% | ||||||||
Cheil Worldwide, Inc. (b) | 1,044 | 16,030 | ||||||
CJ Hellovision Co., Ltd. | 1,340 | 12,662 | ||||||
Coway Co., Ltd. | 386 | 27,257 | ||||||
Credu Corp. | 373 | 18,818 | ||||||
Fila Korea, Ltd. | 101 | 8,478 | ||||||
Hanil E-Hwa Co., Ltd. | 518 | 5,856 | ||||||
Hankook Tire Co., Ltd. | 882 | 29,467 | ||||||
Hanon Systems Corp. | 230 | 7,616 | ||||||
Hanssem Co., Ltd. | 80 | 19,269 | ||||||
Hotel Shilla Co., Ltd. | 249 | 24,159 | ||||||
Hyundai Department Store Co., Ltd. | 147 | 16,619 | ||||||
Hyundai Engineering Plastics Co., Ltd. | 2,315 | 17,773 | ||||||
Hyundai Mobis Co., Ltd. | 472 | 92,186 | ||||||
Hyundai Motor Co. | 1,059 | 146,525 | ||||||
Hyundai Wia Corp. | 151 | 16,434 | ||||||
Kangwon Land, Inc. | 711 | 25,374 | ||||||
Kia Motors Corp. | 1,921 | 86,869 | ||||||
LG Electronics, Inc. | 747 | 28,770 | ||||||
Lotte Shopping Co., Ltd. | 103 | 24,809 | ||||||
Seoyeon Co., Ltd. | 842 | 9,412 | ||||||
634,383 | ||||||||
SPAIN — 2.0% | ||||||||
Industria de Diseno Textil SA | 7,758 | 259,190 | ||||||
NH Hotel Group SA (a)(b) | 4,159 | 22,191 | ||||||
281,381 | ||||||||
SWEDEN — 2.5% | ||||||||
Electrolux AB (Series B) | 3,868 | 108,840 | ||||||
Hennes & Mauritz AB (Class B) | 6,688 | 243,771 | ||||||
352,611 | ||||||||
SWITZERLAND — 3.0% | ||||||||
Cie Financiere Richemont SA | 3,663 | 283,788 | ||||||
Dufry AG (b) | 174 | 20,301 | ||||||
Swatch Group AG | 347 | 128,203 | ||||||
432,292 | ||||||||
UNITED KINGDOM — 15.9% | ||||||||
Burberry Group PLC | 4,207 | 87,177 | ||||||
Carnival PLC | 2,117 | 109,766 | ||||||
Compass Group PLC | 15,187 | 242,238 | ||||||
GKN PLC | 14,630 | 59,391 | ||||||
Home Retail Group PLC | 11,676 | 24,053 | ||||||
Informa PLC | 8,067 | 68,612 | ||||||
International Game Technology PLC | 2,100 | 32,193 | ||||||
ITV PLC | 34,431 | 128,300 | ||||||
Kingfisher PLC | 28,259 | 153,500 | ||||||
Marks & Spencer Group PLC | 15,156 | 115,017 | ||||||
Next PLC | 2,159 | 248,873 | ||||||
Ocado Group PLC (b) | 2,693 | 13,054 | ||||||
Pearson PLC | 9,014 | 153,880 | ||||||
RELX PLC | 11,059 | 189,628 | ||||||
Sky PLC | 10,578 | 167,280 | ||||||
Sports Direct International PLC (b) | 1,582 | 18,140 | ||||||
Thomas Cook Group PLC (b) | 6,977 | 12,228 | ||||||
WH Smith PLC | 740 | 17,531 | ||||||
Whitbread PLC | 2,909 | 205,691 | ||||||
WPP PLC | 11,011 | 229,001 | ||||||
2,275,553 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $15,661,741) | 14,175,012 | |||||||
WARRANTS — 0.1% | ||||||||
FRANCE — 0.1% | ||||||||
Peugeot SA (expiring 4/29/17) (b) (Cost $7,745) | 3,417 | 9,612 | ||||||
SHORT TERM INVESTMENTS — 14.5% | ||||||||
UNITED STATES — 14.5% | ||||||||
MONEY MARKET FUNDS — 14.5% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (c)(d) | 2,025,769 | 2,025,769 |
See accompanying notes to financial statements.
431
SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e) | 46,679 | $ | 46,679 | |||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $2,072,448) | 2,072,448 | |||||||
TOTAL INVESTMENTS — 113.7% | ||||||||
(Cost $17,741,934) | 16,257,072 | |||||||
OTHER ASSETS & LIABILITIES — (13.7)% | (1,955,120 | ) | ||||||
NET ASSETS — 100.0% | $ | 14,301,952 | ||||||
(a) | All or a portion of the security was on loan at September 30, 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
See accompanying notes to financial statements.
432
SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.5% | ||||||||
AUSTRALIA — 4.1% | ||||||||
Blackmores, Ltd. | 271 | $ | 27,776 | |||||
Coca-Cola Amatil, Ltd. | 25,983 | 164,401 | ||||||
Treasury Wine Estates, Ltd. | 31,651 | 145,809 | ||||||
Wesfarmers, Ltd. | 50,672 | 1,395,621 | ||||||
Woolworths, Ltd. (a) | 51,657 | 901,099 | ||||||
2,634,706 | ||||||||
BELGIUM — 5.9% | ||||||||
Anheuser-Busch InBev NV VVPR Strip (b)(c) | 2,040 | 0 | ||||||
Anheuser-Busch InBev SA | 32,280 | 3,420,208 | ||||||
Delhaize Group | 4,671 | 412,428 | ||||||
3,832,636 | ||||||||
CANADA — 3.1% | ||||||||
AGT Food & Ingredients, Inc. (a) | 627 | 12,122 | ||||||
Alimentation Couche-Tard, Inc. (Class B) | 15,157 | 693,806 | ||||||
Clearwater Seafoods, Inc. | 1,311 | 9,954 | ||||||
Corby Spirit and Wine, Ltd. | 1,263 | 17,861 | ||||||
Cott Corp. | 3,821 | 41,097 | ||||||
Empire Co., Ltd. (Class A) | 3,759 | 76,963 | ||||||
High Liner Foods, Inc. | 529 | 6,151 | ||||||
Jean Coutu Group PJC, Inc. (Class A) | 1,083 | 16,245 | ||||||
KP Tissue, Inc. (a) | 2,959 | 26,838 | ||||||
Liquor Stores NA, Ltd. (a) | 1,062 | 8,674 | ||||||
Loblaw Cos., Ltd. | 13,216 | 677,311 | ||||||
Maple Leaf Foods, Inc. | 753 | 12,373 | ||||||
Metro, Inc., (Class A) | 6,578 | 178,396 | ||||||
North West Co., Inc. | 1,500 | 31,506 | ||||||
Premium Brands Holdings Corp. | 903 | 21,102 | ||||||
Saputo, Inc. | 6,251 | 136,611 | ||||||
SunOpta, Inc. (b) | 5,384 | 26,166 | ||||||
1,993,176 | ||||||||
DENMARK — 0.7% | ||||||||
Carlsberg A/S (Class B) | 5,717 | 438,404 | ||||||
Royal Unibrew A/S | 330 | 12,334 | ||||||
450,738 | ||||||||
FINLAND — 0.3% | ||||||||
Kesko Oyj (Class B) | 5,882 | 207,873 | ||||||
FRANCE — 7.9% | ||||||||
Carrefour SA | 25,290 | 746,400 | ||||||
Casino Guichard-Perrachon SA | 3,632 | 192,575 | ||||||
Danone SA | 26,424 | 1,664,152 | ||||||
L’Oreal SA | 9,554 | 1,653,554 | ||||||
Pernod Ricard SA | 8,968 | 902,749 | ||||||
5,159,430 | ||||||||
GERMANY — 2.5% | ||||||||
Beiersdorf AG | 5,129 | 453,268 | ||||||
Henkel AG & Co. KGaA | 426 | 37,538 | ||||||
Henkel AG & Co. KGaA Preference Shares | 10,757 | 1,104,329 | ||||||
Metro AG | 1,244 | 34,285 | ||||||
1,629,420 | ||||||||
HONG KONG — 0.3% | ||||||||
Vitasoy International Holdings, Ltd. | 148,000 | 218,848 | ||||||
IRELAND — 1.1% | ||||||||
C&C Group PLC | 8,781 | 34,718 | ||||||
Fyffes PLC | 4,761 | 7,706 | ||||||
Glanbia PLC | 4,117 | 76,471 | ||||||
Greencore Group PLC | 23,979 | 99,232 | ||||||
Kerry Group PLC (Class A) | 5,945 | 445,614 | ||||||
Origin Enterprises PLC | 1,047 | 7,487 | ||||||
Total Produce PLC | 9,171 | 12,643 | ||||||
683,871 | ||||||||
JAPAN — 17.4% | ||||||||
Aeon Co., Ltd. (a) | 36,205 | 560,767 | ||||||
Ain Pharmaciez, Inc. | 800 | 40,680 | ||||||
Ajinomoto Co., Inc. | 31,728 | 666,271 | ||||||
Ariake Japan Co., Ltd. (a) | 500 | 19,517 | ||||||
Asahi Group Holdings, Ltd. | 25,782 | 833,101 | ||||||
Axial Retailing, Inc. (a) | 600 | 19,664 | ||||||
Calbee, Inc. | 3,400 | 109,439 | ||||||
Coca-Cola East Japan Co., Ltd. | 2,600 | 41,877 | ||||||
Coca-Cola West Co., Ltd. | 800 | 15,530 | ||||||
Cocokara fine, Inc. | 700 | 25,775 | ||||||
Cosmos Pharmaceutical Corp. | 100 | 11,748 | ||||||
Euglena Co., Ltd. (a)(b) | 3,300 | 48,440 | ||||||
Ezaki Glico Co., Ltd. (a) | 3,300 | 152,098 | ||||||
FamilyMart Co., Ltd. | 3,200 | 145,619 | ||||||
Fuji Oil Co., Ltd. | 3,300 | 42,709 | ||||||
Fujicco Co., Ltd. (a) | 4,000 | 80,959 | ||||||
Genky Stores, Inc. | 200 | 9,652 | ||||||
Hokuto Corp. (a) | 3,200 | 57,606 | ||||||
Ito En, Ltd. | 500 | 10,433 | ||||||
Japan Tobacco, Inc. | 42,678 | 1,316,705 | ||||||
Kao Corp. | 23,308 | 1,051,502 | ||||||
Kenko Mayonnaise Co., Ltd. | 800 | 10,354 | ||||||
Kewpie Corp. (a) | 6,500 | 128,790 | ||||||
KEY Coffee, Inc. (a) | 6,500 | 109,794 | ||||||
Kikkoman Corp. (a) | 5,000 | 136,935 | ||||||
Kirin Holdings Co., Ltd. | 32,675 | 427,109 | ||||||
Kobe Bussan Co., Ltd. | 200 | 18,052 | ||||||
Kose Corp. (a) | 800 | 72,475 | ||||||
Kotobuki Spirits Co., Ltd. | 300 | 9,819 | ||||||
Kusuri No Aoki Co., Ltd. | 400 | 21,141 | ||||||
Lawson, Inc. | 5,724 | 421,062 | ||||||
Life Corp. (a) | 800 | 22,711 | ||||||
Lion Corp. (a) | 31,000 | 271,523 | ||||||
Matsumotokiyoshi Holdings Co., Ltd. | 1,300 | 57,421 | ||||||
Megmilk Snow Brand Co., Ltd. (a) | 900 | 17,179 | ||||||
MEIJI Holdings Co., Ltd. (a) | 6,400 | 467,048 | ||||||
Ministop Co., Ltd. | 400 | 9,081 | ||||||
Morinaga & Co., Ltd. (a) | 9,000 | 44,111 | ||||||
NH Foods, Ltd. | 4,000 | 81,359 | ||||||
Nichirei Corp. (a) | 26,388 | 164,367 | ||||||
Nippon Suisan Kaisha, Ltd. | 9,200 | 27,347 | ||||||
Nisshin Seifun Group, Inc. | 4,700 | 68,009 | ||||||
Nissin Foods Holding Co., Ltd. (a) | 3,200 | 146,687 | ||||||
Oenon Holdings, Inc. | 65,351 | 115,134 | ||||||
Pigeon Corp. | 3,200 | 74,359 | ||||||
Qol Co., Ltd. | 800 | 11,429 |
See accompanying notes to financial statements.
433
SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
S Foods, Inc. | 400 | $ | 8,016 | |||||
San-A Co., Ltd. | 300 | 13,126 | ||||||
Seven & i Holdings Co., Ltd. | 32,775 | 1,489,810 | ||||||
Shiseido Co., Ltd. (a) | 18,493 | 401,545 | ||||||
Sugi Holdings Co., Ltd. | 200 | 8,951 | ||||||
Sundrug Co., Ltd. | 300 | 15,731 | ||||||
Suntory Beverage & Food, Ltd. | 2,800 | 107,193 | ||||||
Takara Holdings, Inc. | 3,100 | 18,559 | ||||||
Toyo Suisan Kaisha, Ltd. | 3,100 | 116,996 | ||||||
Tsuruha Holdings, Inc. | 900 | 77,326 | ||||||
Unicharm Corp. (a) | 19,500 | 344,199 | ||||||
UNY Group Holdings Co., Ltd. (a) | 26,200 | 164,509 | ||||||
Valor Co., Ltd. (a) | 1,000 | 25,041 | ||||||
Warabeya Nichiyo Co., Ltd. (a) | 300 | 5,203 | ||||||
Welcia Holdings Co., Ltd. | 500 | 24,214 | ||||||
Yakult Honsha Co., Ltd. (a) | 5,380 | 266,833 | ||||||
Yamazaki Baking Co., Ltd. (a) | 4,000 | 61,320 | ||||||
Yaoko Co., Ltd. (a) | 400 | 18,035 | ||||||
11,359,995 | ||||||||
NETHERLANDS — 6.5% | ||||||||
Heineken NV | 9,797 | 790,009 | ||||||
Koninklijke Ahold NV | 39,380 | 765,307 | ||||||
Unilever NV (a) | 66,636 | 2,669,585 | ||||||
4,224,901 | ||||||||
NORWAY — 0.5% | ||||||||
Bakkafrost P/F | 1,060 | 33,801 | ||||||
Marine Harvest (b) | 19,824 | 251,925 | ||||||
Orkla ASA | 3,784 | 27,992 | ||||||
Salmar ASA | 390 | 6,149 | ||||||
319,867 | ||||||||
PORTUGAL — 0.2% | ||||||||
Jeronimo Martins SGPS SA | 5,713 | 76,813 | ||||||
Sonae SGPS SA | 18,007 | 22,110 | ||||||
98,923 | ||||||||
SINGAPORE — 0.5% | ||||||||
Golden Agri-Resources, Ltd. (a) | 430,675 | 99,953 | ||||||
Wilmar International, Ltd. | 132,000 | 238,582 | ||||||
338,535 | ||||||||
SOUTH KOREA — 3.9% | ||||||||
Able C&C Co., Ltd. | 508 | 11,979 | ||||||
AmorePacific Corp. | 1,034 | 335,856 | ||||||
AmorePacific Group | 925 | 127,204 | ||||||
BGF retail Co., Ltd. | 348 | 59,306 | ||||||
Binggrae Co., Ltd. | 343 | 21,848 | ||||||
CJ CheilJedang Corp. | 255 | 81,859 | ||||||
CJ Freshway Corp. | 223 | 14,712 | ||||||
Coreana Cosmetics Co., Ltd. (b) | 883 | 10,951 | ||||||
Cosmax BTI, Inc. | 122 | 8,492 | ||||||
Cosmax, Inc. | 189 | 33,964 | ||||||
Crown Confectionery Co., Ltd. | 92 | 61,706 | ||||||
Dae Han Flour Mills Co., Ltd. | 299 | 53,100 | ||||||
Daesang Corp. | 1,475 | 38,328 | ||||||
Dongsuh Cos., Inc. | 2,987 | 92,485 | ||||||
Dongwon F&B Co., Ltd. | 28 | 9,484 | ||||||
Dongwon Industries Co., Ltd. | 120 | 35,788 | ||||||
E-Mart Co., Ltd. | 658 | 127,958 | ||||||
GS Retail Co., Ltd. | 914 | 47,038 | ||||||
Hyundai Greenfood Co., Ltd. | 1,380 | 29,805 | ||||||
Korea Kolmar Co., Ltd. | 387 | 32,258 | ||||||
Korea Kolmar Holdings Co., Ltd. | 195 | 12,454 | ||||||
KT&G Corp. | 4,565 | 429,425 | ||||||
LG Household & Health Care, Ltd. | 379 | 273,067 | ||||||
Lotte Chilsung Beverage Co., Ltd. | 20 | 40,699 | ||||||
Lotte Confectionery Co., Ltd. | 33 | 61,222 | ||||||
Lotte Food Co., Ltd. | 91 | 80,536 | ||||||
Maeil Dairy Industry Co., Ltd. | 1,058 | 34,633 | ||||||
Muhak Co., Ltd. (b) | 464 | 18,418 | ||||||
Namyang Dairy Products Co., Ltd. | 33 | 22,802 | ||||||
NongShim Co., Ltd. | 128 | 39,524 | ||||||
Orion Corp. | 133 | 105,700 | ||||||
Ottogi Corp. | 133 | 116,584 | ||||||
Pulmuone Co., Ltd. | 56 | 10,040 | ||||||
Sajo Industries Co., Ltd. (b) | 438 | 29,193 | ||||||
Samlip General Foods Co., Ltd. | 69 | 18,395 | ||||||
Samyang Holdings Corp. | 224 | 25,607 | ||||||
Sansung Life & Science Co., Ltd. (b) | 424 | 15,167 | ||||||
2,567,587 | ||||||||
SPAIN — 0.5% | ||||||||
Distribuidora Internacional de Alimentacion SA (a)(b) | 8,581 | 51,753 | ||||||
Ebro Puleva SA | 15,191 | 297,509 | ||||||
349,262 | ||||||||
SWEDEN — 1.3% | ||||||||
ICA Gruppen AB (a) | 454 | 15,319 | ||||||
Svenska Cellulosa AB | 3,953 | 109,252 | ||||||
Svenska Cellulosa AB (Class B) | 13,639 | 380,205 | ||||||
Swedish Match AB | 10,522 | 317,026 | ||||||
821,802 | ||||||||
SWITZERLAND — 15.9% | ||||||||
Aryzta AG (b) | 2,044 | 86,333 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 132 | 772,060 | ||||||
Coca-Cola HBC AG (b) | 6,469 | 136,891 | ||||||
Nestle SA | 124,570 | 9,338,607 | ||||||
Oriflame Holding AG (a)(b) | 1,970 | 24,381 | ||||||
10,358,272 | ||||||||
UNITED KINGDOM — 26.9% | ||||||||
Associated British Foods PLC | 11,237 | 568,509 | ||||||
Booker Group PLC | 25,168 | 70,490 | ||||||
British American Tobacco PLC | 72,095 | 3,978,371 | ||||||
Diageo PLC | 100,385 | 2,692,190 | ||||||
Greggs PLC | 1,006 | 16,534 | ||||||
Imperial Tobacco Group PLC | 38,985 | 2,015,463 | ||||||
J Sainsbury PLC | 64,962 | 256,827 | ||||||
Reckitt Benckiser Group PLC | 26,904 | 2,439,872 | ||||||
SABMiller PLC | 35,609 | 2,015,690 | ||||||
Tate & Lyle PLC | 25,086 | 223,434 | ||||||
Tesco PLC (b) | 317,981 | 882,404 | ||||||
Unilever PLC | 51,070 | 2,077,843 | ||||||
William Morrison Supermarkets PLC | 110,174 | 277,198 | ||||||
17,514,825 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $64,319,763) | 64,764,667 | |||||||
See accompanying notes to financial statements.
434
SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
SHORT TERM INVESTMENTS — 5.3% | ||||||||
UNITED STATES — 5.3% | ||||||||
MONEY MARKET FUNDS — 5.3% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 3,446,144 | $ | 3,446,144 | |||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f) | 25,992 | 25,992 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $3,472,136) | 3,472,136 | |||||||
TOTAL INVESTMENTS — 104.8% | ||||||||
(Cost $67,791,899) | 68,236,803 | |||||||
OTHER ASSETS & LIABILITIES — (4.8)% | (3,106,540 | ) | ||||||
NET ASSETS — 100.0% | $ | 65,130,263 | ||||||
(a) | All or a portion of the security was on loan at September 30, 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. |
PLC = Public Limited Company
See accompanying notes to financial statements.
435
SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.5% | ||||||||
AUSTRALIA — 3.8% | ||||||||
Beach Energy, Ltd. (a) | 34,203 | $ | 10,929 | |||||
Caltex Australia, Ltd. | 7,367 | 161,826 | ||||||
Karoon Gas Australia, Ltd. (a)(b) | 4,372 | 5,066 | ||||||
Liquefied Natural Gas, Ltd. (a)(b) | 12,751 | 11,417 | ||||||
Origin Energy, Ltd. (c) | 35,189 | 136,902 | ||||||
Paladin Energy, Ltd. (a)(b) | 35,903 | 4,286 | ||||||
Santos, Ltd. (a) | 26,451 | 73,929 | ||||||
Washington H Soul Pattinson & Co., Ltd. | 3,581 | 38,249 | ||||||
Whitehaven Coal, Ltd. (a)(b) | 11,042 | 6,940 | ||||||
Woodside Petroleum, Ltd. | 20,082 | 407,988 | ||||||
WorleyParsons, Ltd. (a) | 5,856 | 24,304 | ||||||
881,836 | ||||||||
AUSTRIA — 0.6% | ||||||||
OMV AG | 5,360 | 130,013 | ||||||
BELGIUM — 0.2% | ||||||||
Euronav NV (a) | 2,748 | 38,328 | ||||||
CANADA — 27.7% | ||||||||
AltaGas, Ltd. (a) | 5,923 | 145,259 | ||||||
ARC Resources, Ltd. (a) | 8,955 | 117,824 | ||||||
Athabasca Oil Corp. (a)(b) | 15,972 | 15,130 | ||||||
Baytex Energy Corp. (a) | 4,464 | 14,217 | ||||||
Bonavista Energy Corp. (a) | 9,334 | 21,373 | ||||||
Bonterra Energy Corp. (a) | 900 | 13,097 | ||||||
Cameco Corp. | 15,872 | 192,614 | ||||||
Canadian Energy Services & Technology Corp. (a) | 6,816 | 31,368 | ||||||
Canadian Natural Resources, Ltd. | 32,291 | 625,974 | ||||||
Canadian Oil Sands, Ltd. | 13,371 | 62,931 | ||||||
Cenovus Energy, Inc. | 23,202 | 350,271 | ||||||
Crescent Point Energy Corp. (a) | 13,123 | 149,465 | ||||||
Enbridge Income Fund Holdings, Inc. (a) | 1,503 | 35,111 | ||||||
Enbridge, Inc. | 24,373 | 900,785 | ||||||
Encana Corp. | 22,208 | 142,289 | ||||||
Enerflex, Ltd. | 2,064 | 20,306 | ||||||
Enerplus Corp. (a) | 8,825 | 42,785 | ||||||
Ensign Energy Services, Inc. | 3,623 | 22,186 | ||||||
Gibson Energy, Inc. (a) | 3,451 | 43,064 | ||||||
Gran Tierra Energy, Inc. (b) | 6,565 | 14,005 | ||||||
Husky Energy, Inc. (a) | 9,996 | 155,155 | ||||||
Imperial Oil, Ltd. (a) | 7,149 | 225,449 | ||||||
Inter Pipeline, Ltd. (a) | 8,622 | 158,330 | ||||||
InterOil Corp. (a)(b) | 1,042 | 35,126 | ||||||
Keyera Corp. (a) | 4,556 | 124,885 | ||||||
Lightstream Resources, Ltd. (a) | 4,547 | 1,187 | ||||||
MEG Energy Corp. (b) | 3,563 | 21,898 | ||||||
Mullen Group, Ltd. (a) | 2,718 | 36,187 | ||||||
Pacific Exploration and Production Corp. (a) | 8,451 | 18,784 | ||||||
Paramount Resources, Ltd. (Class A) (a)(b) | 1,407 | 10,327 | ||||||
Parkland Fuel Corp. (a) | 2,187 | 37,290 | ||||||
Pason Systems, Inc. | 1,804 | 25,243 | ||||||
Pembina Pipeline Corp. (a) | 8,661 | 207,432 | ||||||
Pengrowth Energy Corp. (a) | 14,104 | 11,993 | ||||||
Penn West Petroleum, Ltd. (a) | 10,592 | 4,769 | ||||||
Peyto Exploration & Development Corp. (a) | 3,690 | 76,376 | ||||||
PrairieSky Royalty, Ltd. (a) | 3,956 | 74,830 | ||||||
Precision Drilling Corp. (a) | 16,122 | 59,404 | ||||||
Raging River Exploration, Inc. (b) | 7,644 | 42,020 | ||||||
Secure Energy Services, Inc. | 3,116 | 20,871 | ||||||
Seven Generations Energy, Ltd. (Class A) (b) | 4,493 | 42,259 | ||||||
ShawCor, Ltd. | 1,676 | 34,978 | ||||||
Suncor Energy, Inc. | 41,299 | 1,099,397 | ||||||
Sunshine Oilsands, Ltd. (a)(b) | 62,000 | 5,200 | ||||||
Tourmaline Oil Corp. (b) | 4,468 | 103,543 | ||||||
TransCanada Corp. (a) | 20,209 | 636,100 | ||||||
Trican Well Service, Ltd. (b) | 7,725 | 3,918 | ||||||
Trilogy Energy Corp. (a) | 1,345 | 3,411 | ||||||
Veresen, Inc. (a) | 5,689 | 43,282 | ||||||
Vermilion Energy, Inc. (a) | 2,885 | 92,465 | ||||||
Whitecap Resources, Inc. (a) | 7,899 | 62,098 | ||||||
6,434,261 | ||||||||
CYPRUS — 0.0% (d) | ||||||||
Ocean Rig UDW, Inc. (a) | 1,022 | 2,177 | ||||||
FINLAND — 0.4% | ||||||||
Neste Oyj (a) | 4,312 | 99,009 | ||||||
FRANCE — 13.4% | ||||||||
Bourbon SA (a) | 776 | 9,727 | ||||||
CGG SA (a)(b) | 7,074 | 24,313 | ||||||
Gaztransport Et Technigaz SA | 477 | 24,722 | ||||||
Technip SA | 3,483 | 163,933 | ||||||
Total SA (a) | 64,263 | 2,883,689 | ||||||
3,106,384 | ||||||||
HONG KONG — 0.2% | ||||||||
Brightoil Petroleum Holdings, Ltd. (a)(b) | 62,000 | 21,760 | ||||||
Sino Oil And Gas Holdings, Ltd. (a)(b) | 445,000 | 9,761 | ||||||
Yanchang Petroleum International, Ltd. (b) | 250,000 | 7,290 | ||||||
38,811 | ||||||||
ISRAEL — 0.2% | ||||||||
Delek Group, Ltd. | 121 | 26,432 | ||||||
Paz Oil Co., Ltd. | 153 | 22,758 | ||||||
49,190 | ||||||||
ITALY — 5.2% | ||||||||
ENI SpA (a) | 71,784 | 1,125,810 | ||||||
Saipem SpA (a)(b) | 8,136 | 65,071 | ||||||
Saras SpA (a)(b) | 10,213 | 21,661 | ||||||
1,212,542 | ||||||||
JAPAN — 3.0% | ||||||||
Cosmo Oil Co., Ltd. (b) | 4,000 | 5,477 | ||||||
Idemitsu Kosan Co., Ltd. (a) | 3,200 | 48,789 | ||||||
Inpex Corp. | 29,400 | 261,069 | ||||||
Japan Petroleum Exploration Co., Ltd. (a) | 500 | 13,130 | ||||||
JX Holdings, Inc. (a) | 66,197 | 238,169 | ||||||
Nippon Gas Co., Ltd. (a) | 1,100 | 31,228 | ||||||
Showa Shell Sekiyu K.K. (a) | 5,700 | 44,785 |
See accompanying notes to financial statements.
436
SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
TonenGeneral Sekiyu K.K. (a) | 5,000 | $ | 48,303 | |||||
690,950 | ||||||||
LUXEMBOURG — 0.9% | ||||||||
Subsea 7 SA (a)(b) | 8,707 | 65,328 | ||||||
Tenaris SA (a) | 12,771 | 152,963 | ||||||
218,291 | ||||||||
NETHERLANDS — 0.7% | ||||||||
Fugro NV (b) | 1,655 | 29,198 | ||||||
Koninklijke Vopak NV | 1,832 | 72,975 | ||||||
SBM Offshore NV (a)(b) | 5,598 | 70,611 | ||||||
172,784 | ||||||||
NEW ZEALAND — 0.2% | ||||||||
Z Energy, Ltd. | 10,682 | 45,305 | ||||||
NORWAY — 3.3% | ||||||||
Akastor ASA (a)(b) | 9,892 | 12,757 | ||||||
Aker Solutions ASA | 9,892 | 34,141 | ||||||
BW LPG, Ltd. (e) | 2,239 | 13,912 | ||||||
DNO ASA (a)(b) | 18,188 | 19,212 | ||||||
Fred Olsen Energy ASA (a)(b) | 930 | 4,835 | ||||||
Golar LNG, Ltd. (a) | 2,181 | 60,806 | ||||||
Kvaerner ASA | 16,601 | 7,629 | ||||||
Petroleum Geo-Services ASA | 9,037 | 34,675 | ||||||
ProSafe SE (a) | 6,781 | 18,841 | ||||||
Seadrill, Ltd. (a)(b) | 9,905 | 57,653 | ||||||
Ship Finance International, Ltd. (a) | 1,804 | 29,315 | ||||||
Statoil ASA | 28,084 | 408,584 | ||||||
TGS Nopec Geophysical Co. ASA (a) | 2,956 | 54,511 | ||||||
756,871 | ||||||||
PAPUA NEW GUINEA — 0.7% | ||||||||
Oil Search, Ltd. | 32,463 | 163,455 | ||||||
PORTUGAL — 0.3% | ||||||||
Galp Energia SGPS SA | 7,392 | 72,603 | ||||||
SINGAPORE — 0.1% | ||||||||
Ezion Holdings, Ltd. (a) | 32,080 | 14,665 | ||||||
SOUTH KOREA — 1.3% | ||||||||
GS Holdings Corp. | 1,551 | 59,603 | ||||||
Hankook Shell Oil Co., Ltd. | 123 | 53,546 | ||||||
S-Oil Corp. | 1,225 | 64,697 | ||||||
SK Innovation Co., Ltd. (b) | 1,623 | 134,189 | ||||||
312,035 | ||||||||
SPAIN — 1.8% | ||||||||
Repsol SA | 29,356 | 341,121 | ||||||
Tecnicas Reunidas SA | 1,864 | 82,260 | ||||||
423,381 | ||||||||
SWEDEN — 0.3% | ||||||||
Lundin Petroleum AB (Class B) (a)(b) | 5,381 | 69,163 | ||||||
UNITED KINGDOM — 35.2% | ||||||||
Afren PLC (a)(b)(c) | 26,211 | 0 | ||||||
Amec Foster Wheeler PLC | 8,346 | 90,581 | ||||||
BG Group PLC | 90,745 | 1,307,206 | ||||||
BP PLC | 480,823 | 2,432,611 | ||||||
Cairn Energy PLC (b) | 22,604 | 47,935 | ||||||
Genel Energy PLC (b) | 4,281 | 17,979 | ||||||
John Wood Group PLC | 14,642 | 136,400 | ||||||
Ophir Energy PLC (b) | 12,033 | 16,377 | ||||||
Petrofac, Ltd. | 7,166 | 83,364 | ||||||
Premier Oil PLC (b) | 17,306 | 17,472 | ||||||
Royal Dutch Shell PLC (Class A) | 103,603 | 2,438,733 | ||||||
Royal Dutch Shell PLC (Class B) | 63,170 | 1,495,584 | ||||||
Tullow Oil PLC (b) | 29,689 | 76,047 | ||||||
8,160,289 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $34,701,491) | 23,092,343 | |||||||
SHORT TERM INVESTMENTS — 14.9% | ||||||||
UNITED STATES — 14.9% | ||||||||
MONEY MARKET FUNDS — 14.9% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (f)(g) | 3,434,341 | 3,434,341 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (g)(h) | 14,517 | 14,517 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $3,448,858) | 3,448,858 | |||||||
TOTAL INVESTMENTS — 114.4% | ||||||||
(Cost $38,150,349) | 26,541,201 | |||||||
OTHER ASSETS & LIABILITIES — (14.4)% | (3,333,780 | ) | ||||||
NET ASSETS — 100.0% | $ | 23,207,421 | ||||||
(a) | All or a portion of the security was on loan at September 30, 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) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of September 30, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(f) | Investments of cash collateral for securities loaned | |||||
(g) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). | |||||
(h) | The rate shown is the annualized seven-day yield at period end. |
PLC = Public Limited Company
See accompanying notes to financial statements.
437
SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.5% | ||||||||
AUSTRALIA — 10.6% | ||||||||
AMP, Ltd. | 7,877 | $ | 30,756 | |||||
Astro Japan Property Group | 6,760 | 24,923 | ||||||
ASX, Ltd. | 956 | 25,431 | ||||||
Australia & New Zealand Banking Group, Ltd. | 7,397 | 140,668 | ||||||
Commonwealth Bank of Australia (a) | 4,434 | 226,434 | ||||||
Federation Centres | 17,704 | 34,065 | ||||||
Goodman Group | 9,237 | 37,947 | ||||||
Insurance Australia Group, Ltd. (a) | 6,582 | 22,371 | ||||||
Macquarie Group, Ltd. | 836 | 45,006 | ||||||
National Australia Bank, Ltd. | 7,044 | 148,301 | ||||||
QBE Insurance Group, Ltd. | 4,167 | 37,720 | ||||||
Scentre Group | 19,351 | 52,998 | ||||||
Servcorp, Ltd. | 2,820 | 13,763 | ||||||
Stockland | 6,042 | 16,336 | ||||||
Suncorp Group, Ltd. | 3,617 | 30,963 | ||||||
Westfield Corp. | 8,505 | 59,547 | ||||||
Westpac Banking Corp. (a) | 8,113 | 169,211 | ||||||
1,116,440 | ||||||||
AUSTRIA — 0.6% | ||||||||
Erste Group Bank AG (b) | 1,315 | 38,077 | ||||||
Sparkassen Immobilien AG (b) | 2,884 | 24,466 | ||||||
62,543 | ||||||||
BELGIUM — 1.5% | ||||||||
Aedifica SA | 587 | 34,846 | ||||||
Ageas | 978 | 40,070 | ||||||
Groupe Bruxelles Lambert SA | 298 | 22,423 | ||||||
KBC Groep NV | 926 | 58,267 | ||||||
155,606 | ||||||||
CANADA — 11.6% | ||||||||
Bank of Montreal | 2,044 | 110,959 | ||||||
Bank of Nova Scotia | 3,421 | 150,113 | ||||||
Brookfield Asset Management, Inc. (Class A) | 2,364 | 74,039 | ||||||
Canadian Imperial Bank of Commerce (a) | 1,061 | 75,877 | ||||||
CI Financial Corp. (a) | 931 | 21,041 | ||||||
Fairfax Financial Holdings, Ltd. | 109 | 49,410 | ||||||
Great-West Lifeco, Inc. | 1,876 | 44,734 | ||||||
Intact Financial Corp. | 801 | 55,993 | ||||||
Manulife Financial Corp. | 5,819 | 89,583 | ||||||
National Bank of Canada (a) | 852 | 27,072 | ||||||
Power Corp. of Canada | 1,079 | 22,269 | ||||||
Power Financial Corp. (a) | 1,580 | 36,062 | ||||||
Royal Bank of Canada | 3,747 | 206,229 | ||||||
Sun Life Financial, Inc. | 1,832 | 58,812 | ||||||
Toronto-Dominion Bank | 5,118 | 200,796 | ||||||
1,222,989 | ||||||||
CHINA — 0.8% | ||||||||
Hongkong Land Holdings, Ltd. | 4,809 | 31,788 | ||||||
Sino Land Co., Ltd. | 31,417 | 47,591 | ||||||
79,379 | ||||||||
DENMARK — 1.1% | ||||||||
Danske Bank A/S | 2,015 | 60,752 | ||||||
Sydbank A/S | 1,341 | 50,945 | ||||||
111,697 | ||||||||
FINLAND — 0.6% | ||||||||
Sampo Oyj (Class A) | 1,359 | 65,655 | ||||||
FRANCE — 5.5% | ||||||||
ANF Immobilier | 871 | 19,397 | ||||||
AXA SA | 5,145 | 124,252 | ||||||
BNP Paribas SA | 2,701 | 158,166 | ||||||
Credit Agricole SA | 4,005 | 45,846 | ||||||
Klepierre | 936 | 42,304 | ||||||
Mercialys SA REIT | 1,696 | 36,614 | ||||||
Societe Generale SA | 1,555 | 69,170 | ||||||
Unibail-Rodamco SE | 333 | 85,977 | ||||||
581,726 | ||||||||
GERMANY — 5.2% | ||||||||
Allianz SE | 1,184 | 185,360 | ||||||
Alstria Office REIT-AG (a)(b) | 1,804 | 23,430 | ||||||
Commerzbank AG (b) | 2,667 | 28,050 | ||||||
Deutsche Bank AG | 3,861 | 103,738 | ||||||
Deutsche Boerse AG | 355 | 30,524 | ||||||
Deutsche Wohnen AG | 1,140 | 30,394 | ||||||
Hamborner REIT AG | 3,626 | 35,011 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 400 | 74,454 | ||||||
Sixt Leasing AG (b) | 498 | 10,217 | ||||||
Vonovia SE | 1,028 | 32,985 | ||||||
554,163 | ||||||||
HONG KONG — 5.9% | ||||||||
AIA Group, Ltd. | 33,223 | 171,687 | ||||||
Bank of East Asia, Ltd. (a) | 3,886 | 13,037 | ||||||
BOC Hong Kong Holdings, Ltd. | 9,949 | 29,205 | ||||||
Cheung Kong Property Holdings, Ltd. | 1,480 | 10,761 | ||||||
Hang Lung Properties, Ltd. | 11,860 | 26,566 | ||||||
Hang Seng Bank, Ltd. | 2,089 | 37,521 | ||||||
Henderson Land Development Co., Ltd. | 8,143 | 48,437 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 2,907 | 66,317 | ||||||
Link REIT | 6,001 | 32,908 | ||||||
Lippo China Resources, Ltd. | 120,000 | 4,568 | ||||||
New World Development Co., Ltd. | 33,797 | 32,707 | ||||||
Sun Hung Kai Properties, Ltd. | 5,274 | 68,391 | ||||||
Swire Pacific, Ltd. (Class A) | 4,974 | 55,484 | ||||||
Wharf Holdings, Ltd. | 3,911 | 21,952 | ||||||
619,541 | ||||||||
IRELAND — 0.4% | ||||||||
Bank of Ireland (b) | 77,306 | 30,030 | ||||||
Irish Residential Properties REIT PLC | 10,446 | 12,815 | ||||||
42,845 | ||||||||
ISRAEL — 0.8% | ||||||||
Bank Leumi Le-Israel BM (b) | 8,955 | 33,403 | ||||||
Nitsba Holdings 1995, Ltd. (b) | 841 | 14,785 | ||||||
Sella Capital Real Estate, Ltd. | 24,138 | 35,442 | ||||||
83,630 | ||||||||
ITALY — 3.9% | ||||||||
Assicurazioni Generali SpA | 4,587 | 83,767 |
See accompanying notes to financial statements.
438
SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Banca Monte dei Paschi di Siena SpA (b) | 6,975 | $ | 12,395 | |||||
Banca Popolare dell’Emilia Romagna SC | 1,948 | 16,026 | ||||||
Banca Popolare dell’Etruria e del Lazio SC (b)(c) | 1,627 | 0 | ||||||
Banca Popolare di Milano SCARL | 19,555 | 19,274 | ||||||
Banco Popolare SC (b) | 946 | 13,960 | ||||||
Intesa Sanpaolo SpA | 39,379 | 138,728 | ||||||
UBI Banca SCpA | 3,377 | 23,899 | ||||||
UniCredit SpA | 16,173 | 100,556 | ||||||
408,605 | ||||||||
JAPAN — 16.5% | ||||||||
Bank of Kyoto, Ltd. (a) | 3,000 | 30,334 | ||||||
Bank of the Ryukyus, Ltd. | 2,300 | 33,684 | ||||||
Bank of Yokohama, Ltd. | 8,954 | 54,136 | ||||||
Chiba Bank, Ltd. | 6,000 | 42,383 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 3,183 | 50,324 | ||||||
Daito Trust Construction Co., Ltd. | 472 | 47,785 | ||||||
Daiwa House Industry Co., Ltd. | 1,890 | 46,514 | ||||||
Daiwa Securities Group, Inc. | 3,878 | 24,923 | ||||||
Hitachi Capital Corp. (a) | 900 | 21,838 | ||||||
Japan Exchange Group, Inc. | 3,400 | 49,311 | ||||||
LIFENET INSURANCE Co. (b) | 2,800 | 9,165 | ||||||
Mitsubishi Estate Co., Ltd. (a) | 3,977 | 80,875 | ||||||
Mitsubishi UFJ Financial Group, Inc. (a) | 38,844 | 232,354 | ||||||
Mitsui Fudosan Co., Ltd. | 2,983 | 81,272 | ||||||
Mizuho Financial Group, Inc. (a) | 56,928 | 105,951 | ||||||
MS&AD Insurance Group Holdings, Inc. (a) | 2,174 | 57,960 | ||||||
Nippon Building Fund, Inc. | 11 | 53,179 | ||||||
Nomura Holdings, Inc. (a) | 16,907 | 97,138 | ||||||
ORIX Corp. | 5,072 | 64,879 | ||||||
Raysum Co., Ltd. (a) | 1,600 | 14,148 | ||||||
Relo Holdings, Inc. | 100 | 9,736 | ||||||
Resona Holdings, Inc. (a) | 5,627 | 28,486 | ||||||
Shizuoka Bank, Ltd. (a) | 1,989 | 19,863 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 1,689 | 48,739 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 4,346 | 163,730 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. (a) | 17,825 | 65,100 | ||||||
Sumitomo Realty & Development Co., Ltd. | 1,994 | 63,117 | ||||||
T&D Holdings, Inc. | 3,377 | 39,602 | ||||||
Takara Leben Co., Ltd. | 1,600 | 7,802 | ||||||
TOC Co., Ltd. (a) | 200 | 1,396 | ||||||
Tokio Marine Holdings, Inc. | 2,661 | 98,695 | ||||||
1,744,419 | ||||||||
NETHERLANDS — 1.8% | ||||||||
Aegon NV | 6,824 | 39,115 | ||||||
ING Groep NV | 10,960 | 154,761 | ||||||
193,876 | ||||||||
NORWAY — 0.4% | ||||||||
DnB ASA | 2,574 | 33,404 | ||||||
Sparebanken Vest | 1,985 | 12,101 | ||||||
45,505 | ||||||||
PORTUGAL — 0.0% (d) | ||||||||
Banco Comercial Portugues SA (b) | 101,837 | 4,945 | ||||||
SINGAPORE — 2.1% | ||||||||
CapitaLand, Ltd. (a) | 11,960 | 22,542 | ||||||
DBS Group Holdings, Ltd. | 4,433 | 50,537 | ||||||
Oversea-Chinese Banking Corp., Ltd. (a) | 11,001 | 68,007 | ||||||
United Overseas Bank, Ltd. | 3,873 | 50,527 | ||||||
UOL Group, Ltd. (a) | 8,400 | 35,505 | ||||||
227,118 | ||||||||
SOUTH KOREA — 1.9% | ||||||||
DGB Financial Group, Inc. | 1,682 | 14,900 | ||||||
Hana Financial Group, Inc. | 681 | 15,168 | ||||||
Hanwha General Insurance Co., Ltd. (b) | 2,738 | 17,001 | ||||||
KB Financial Group, Inc. | 908 | 27,003 | ||||||
KB Financial Group, Inc. ADR | 584 | 17,164 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 129 | 30,473 | ||||||
Samsung Life Insurance Co., Ltd. | 337 | 28,119 | ||||||
Shinhan Financial Group Co., Ltd. | 1,111 | 38,805 | ||||||
Shinhan Financial Group Co., Ltd. ADR | 449 | 15,625 | ||||||
204,258 | ||||||||
SPAIN — 4.3% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 17,038 | 144,161 | ||||||
Banco de Sabadell SA (a) | 16,935 | 31,040 | ||||||
Banco Popular Espanol SA (a) | 5,427 | 19,743 | ||||||
Banco Santander SA | 35,607 | 188,556 | ||||||
Bankia SA (a) | 20,279 | 26,213 | ||||||
Bolsas y Mercados Espanoles SHMSF SA (a) | 644 | 21,717 | ||||||
CaixaBank SA (b) | 6,665 | 25,630 | ||||||
457,060 | ||||||||
SWEDEN — 3.3% | ||||||||
Investor AB (Class B) | 1,693 | 57,954 | ||||||
Kinnevik Investment AB (Class B) | 994 | 28,314 | ||||||
Nordea Bank AB | 9,300 | 103,345 | ||||||
Skandinaviska Enskilda Banken AB (Class A) | 4,451 | 47,418 | ||||||
Svenska Handelsbanken AB (Class A) | 3,814 | 54,524 | ||||||
Swedbank AB (Class A) | 2,843 | 62,676 | ||||||
354,231 | ||||||||
SWITZERLAND — 5.5% | ||||||||
Credit Suisse Group AG (b) | 4,084 | 97,889 | ||||||
GAM Holding AG (b) | 1,490 | 26,152 | ||||||
Julius Baer Group, Ltd. (b) | 1,002 | 45,347 | ||||||
Swiss Life Holding AG (b) | 227 | 50,507 | ||||||
Swiss Re AG | 973 | 83,249 | ||||||
UBS Group AG | 10,127 | 186,662 | ||||||
Zurich Insurance Group AG (b) | 387 | 94,740 | ||||||
584,546 | ||||||||
UNITED KINGDOM — 15.2% | ||||||||
Aviva PLC | 12,455 | 85,275 | ||||||
Barclays PLC | 41,577 | 153,763 | ||||||
British Land Co. PLC | 6,302 | 80,043 | ||||||
Derwent London PLC | 1,255 | 69,178 | ||||||
Henderson Group PLC | 5,829 | 22,974 | ||||||
HSBC Holdings PLC | 50,643 | 382,560 | ||||||
Land Securities Group PLC | 2,016 | 38,446 | ||||||
Legal & General Group PLC | 16,600 | 59,870 |
See accompanying notes to financial statements.
439
SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Lloyds Banking Group PLC | 124,269 | $ | 141,478 | |||||
London Stock Exchange Group PLC | 1,784 | 65,369 | ||||||
Londonmetric Property PLC | 26,985 | 67,077 | ||||||
Man Group PLC | 9,224 | 21,405 | ||||||
Old Mutual PLC | 15,133 | 43,347 | ||||||
Primary Health Properties PLC | 3,205 | 19,662 | ||||||
Provident Financial PLC | 413 | 19,644 | ||||||
Prudential PLC | 7,190 | 151,767 | ||||||
Royal Bank of Scotland Group PLC (b) | 5,457 | 26,038 | ||||||
RSA Insurance Group PLC | 7,225 | 44,072 | ||||||
Safestore Holdings PLC | 802 | 3,581 | ||||||
Standard Chartered PLC | 5,917 | 57,433 | ||||||
Standard Life PLC | 4,986 | 29,289 | ||||||
Tritax Big Box REIT PLC | 5,209 | 10,060 | ||||||
Virgin Money Holdings UK PLC | 2,472 | 14,472 | ||||||
1,606,803 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $13,141,520) | 10,527,580 | |||||||
RIGHTS — 0.0% (d) | ||||||||
SPAIN — 0.0% (d) | ||||||||
Banco Popular Espanol SA (expired 9/25/15) (a)(b) (Cost $144) | 6,429 | 129 | ||||||
SHORT TERM INVESTMENT — 11.4% | ||||||||
UNITED STATES — 11.4% | ||||||||
MONEY MARKET FUND — 11.4% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (e)(f) (Cost $1,200,411) | 1,200,411 | 1,200,411 | ||||||
TOTAL INVESTMENTS — 110.9% | ||||||||
(Cost $14,342,075) | 11,728,120 | |||||||
OTHER ASSETS & LIABILITIES — (10.9)% | (1,148,309 | ) | ||||||
NET ASSETS — 100.0% | $ | 10,579,811 | ||||||
(a) | All or a portion of the security was on loan at September 30, 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) | Investments of cash collateral for securities loaned. | |||||
(f) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). |
ADR = American Depositary Receipt
PLC = Public Limited Company
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
440
SPDR S&P International Health Care Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.3% | ||||||||
AUSTRALIA — 3.5% | ||||||||
Ansell, Ltd. | 9,727 | $ | 128,077 | |||||
Cochlear, Ltd. | 3,407 | 199,708 | ||||||
CSL, Ltd. | 21,808 | 1,366,069 | ||||||
Healthscope, Ltd. | 80,215 | 143,644 | ||||||
Primary Health Care, Ltd. (a) | 37,300 | 99,275 | ||||||
Ramsay Health Care, Ltd. | 7,473 | 306,846 | ||||||
Sirtex Medical, Ltd. | 3,679 | 84,586 | ||||||
Sonic Healthcare, Ltd. | 23,816 | 305,227 | ||||||
2,633,432 | ||||||||
BELGIUM — 0.9% | ||||||||
Fagron (a) | 2,532 | 48,076 | ||||||
Galapagos NV (a)(b) | 1,890 | 77,099 | ||||||
UCB SA | 6,910 | 538,773 | ||||||
663,948 | ||||||||
CANADA — 3.5% | ||||||||
Valeant Pharmaceuticals International, Inc. (b) | 14,971 | 2,659,873 | ||||||
DENMARK — 6.8% | ||||||||
Coloplast A/S (Class B) | 6,420 | 454,081 | ||||||
Genmab A/S (b) | 3,085 | 282,269 | ||||||
GN Store Nord A/S | 10,030 | 179,942 | ||||||
H. Lundbeck A/S (b) | 4,055 | 108,000 | ||||||
Novo Nordisk A/S (Class B) | 73,446 | 3,936,462 | ||||||
William Demant Holding A/S (b) | 2,034 | 168,910 | ||||||
5,129,664 | ||||||||
FINLAND — 0.4% | ||||||||
Orion Oyj (Class B) | 7,063 | 266,482 | ||||||
FRANCE — 8.7% | ||||||||
bioMerieux | 1,141 | 123,199 | ||||||
DBV Technologies SA (b) | 600 | 42,188 | ||||||
Essilor International SA | 10,591 | 1,287,437 | ||||||
Genfit (a)(b) | 1,245 | 47,161 | ||||||
Ipsen SA | 2,898 | 179,213 | ||||||
Korian SA | 5,102 | 191,811 | ||||||
Orpea | 2,477 | 196,505 | ||||||
Sanofi | 46,034 | 4,362,109 | ||||||
Virbac SA | 336 | 57,947 | ||||||
6,487,570 | ||||||||
GERMANY — 9.8% | ||||||||
Bayer AG | 31,521 | 4,026,958 | ||||||
Fresenius Medical Care AG & Co. KGaA | 10,952 | 853,561 | ||||||
Fresenius SE & Co. KGaA | 19,009 | 1,273,127 | ||||||
Gerresheimer AG | 2,438 | 177,545 | ||||||
Merck KGaA | 7,215 | 636,970 | ||||||
MorphoSys AG (b) | 1,489 | 99,078 | ||||||
RHOEN-KLINIKUM AG | 3,305 | 93,374 | ||||||
Stada Arzneimittel AG | 5,085 | 181,636 | ||||||
7,342,249 | ||||||||
HONG KONG — 0.4% | ||||||||
CK Life Sciences Int’l Holdings, Inc. (a) | 1,508,000 | 134,260 | ||||||
Lee’s Pharmaceutical Holdings, Ltd. | 67,845 | 87,454 | ||||||
Town Health International Medical Group, Ltd. (a) | 416,000 | 86,420 | ||||||
308,134 | ||||||||
IRELAND — 0.5% | ||||||||
ICON PLC (a)(b) | 3,382 | 240,020 | ||||||
UDG Healthcare PLC (c)(d) | 6,214 | 47,346 | ||||||
UDG Healthcare PLC (c) | 10,833 | 82,539 | ||||||
369,905 | ||||||||
ISRAEL — 3.5% | ||||||||
Taro Pharmaceutical Industries, Ltd. (b) | 972 | 138,889 | ||||||
Teva Pharmaceutical Industries, Ltd. | 43,501 | 2,488,210 | ||||||
2,627,099 | ||||||||
ITALY — 0.3% | ||||||||
Recordati SpA | 8,354 | 192,378 | ||||||
JAPAN — 15.7% | ||||||||
Alfresa Holdings Corp. (a) | 11,900 | 202,200 | ||||||
Asahi Intecc Co., Ltd. | 3,500 | 125,371 | ||||||
Astellas Pharma, Inc. (a) | 104,900 | 1,353,238 | ||||||
Chugai Pharmaceutical Co., Ltd. | 11,925 | 364,924 | ||||||
Daiichi Sankyo Co., Ltd. (a) | 35,600 | 615,305 | ||||||
Eisai Co., Ltd. (a) | 12,900 | 757,208 | ||||||
Hisamitsu Pharmaceutical Co., Inc. (a) | 4,500 | 149,919 | ||||||
Hoya Corp. | 13,700 | 446,467 | ||||||
Kaken Pharmaceutical Co., Ltd. | 1,900 | 175,302 | ||||||
Kissei Pharmaceutical Co., Ltd. | 3,200 | 72,676 | ||||||
KYORIN Holdings, Inc. | 4,100 | 62,511 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 16,422 | 243,797 | ||||||
M3, Inc. | 11,000 | 217,401 | ||||||
Medipal Holdings Corp. | 10,600 | 167,366 | ||||||
Miraca Holdings, Inc. | 3,000 | 126,748 | ||||||
Mitsubishi Tanabe Pharma Corp. | 12,700 | 223,216 | ||||||
Nakanishi, Inc. | 1,700 | 63,165 | ||||||
Nihon Kohden Corp. (a) | 5,000 | 82,578 | ||||||
Nippon Shinyaku Co., Ltd. (a) | 4,000 | 143,782 | ||||||
Olympus Corp. (a) | 15,000 | 465,286 | ||||||
Ono Pharmaceutical Co., Ltd. | 5,200 | 613,501 | ||||||
Otsuka Holdings Co., Ltd. (a) | 27,200 | 864,840 | ||||||
Rohto Pharmaceutical Co., Ltd. (a) | 8,300 | 127,031 | ||||||
Santen Pharmaceutical Co., Ltd. | 22,900 | 305,741 | ||||||
Sawai Pharmaceutical Co., Ltd. | 2,300 | 133,278 | ||||||
Shionogi & Co., Ltd. (a) | 15,500 | 553,271 | ||||||
Ship Healthcare Holdings, Inc. (a) | 3,200 | 68,668 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. (a) | 9,500 | 94,710 | ||||||
Suzuken Co., Ltd. | 4,900 | 162,631 | ||||||
Sysmex Corp. | 8,000 | 419,488 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. (a) | 3,000 | 171,836 | ||||||
Takara Bio, Inc. | 9,200 | 85,805 | ||||||
Takeda Pharmaceutical Co., Ltd. (a) | 33,200 | 1,451,746 | ||||||
Terumo Corp. (a) | 17,500 | 492,423 | ||||||
Toho Holdings Co., Ltd. (a) | 4,200 | 87,251 | ||||||
Tsumura & Co. (a) | 4,900 | 106,170 | ||||||
11,796,850 | ||||||||
LUXEMBOURG — 0.2% | ||||||||
Eurofins Scientific SE | 576 | 176,621 | ||||||
See accompanying notes to financial statements.
441
SPDR S&P International Health Care Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
NETHERLANDS — 0.5% | ||||||||
QIAGEN NV (b) | 14,518 | $ | 373,299 | |||||
NEW ZEALAND — 0.5% | ||||||||
Fisher & Paykel Healthcare Corp., Ltd. | 40,512 | 184,000 | ||||||
Ryman Healthcare, Ltd. | 33,357 | 155,984 | ||||||
339,984 | ||||||||
SINGAPORE — 0.4% | ||||||||
Biosensors International Group, Ltd. (b) | 141,100 | 66,982 | ||||||
Haw Par Corp., Ltd. (a) | 23,600 | 134,938 | ||||||
Raffles Medical Group, Ltd. (a) | 43,290 | 137,612 | ||||||
339,532 | ||||||||
SOUTH KOREA — 1.4% | ||||||||
Cell Biotech Co., Ltd. | 1,433 | 72,418 | ||||||
Celltrion, Inc. (a)(b) | 4,780 | 273,823 | ||||||
Green Cross Corp. | 617 | 97,342 | ||||||
Green Cross Holdings Corp. | 3,285 | 110,996 | ||||||
Hanmi Pharm Co., Ltd. (b) | 360 | 112,832 | ||||||
Hanmi Science Co., Ltd. (b) | 1,480 | 173,559 | ||||||
Medy-Tox, Inc. | 331 | 119,046 | ||||||
ViroMed Co., Ltd. (b) | 831 | 86,234 | ||||||
1,046,250 | ||||||||
SPAIN — 0.8% | ||||||||
Grifols SA (a) | 12,848 | 529,132 | ||||||
Grifols SA Preference Shares (Class B) | 2,238 | 68,925 | ||||||
598,057 | ||||||||
SWEDEN — 1.3% | ||||||||
Elekta AB (Class B) | 20,201 | 134,038 | ||||||
Getinge AB (Class B) | 9,917 | 220,403 | ||||||
Karo Bio AB (b) | 42,791 | 232,143 | ||||||
Meda AB (Class A) | 16,371 | 233,061 | ||||||
Swedish Orphan Biovitrum AB (b) | 9,521 | 125,326 | ||||||
944,971 | ||||||||
SWITZERLAND — 25.9% | ||||||||
Actelion, Ltd. (b) | 5,274 | 667,684 | ||||||
Basilea Pharmaceutica AG (b) | 1,219 | 116,897 | ||||||
Galenica AG (a) | 242 | 307,361 | ||||||
Lonza Group AG (b) | 3,093 | 404,550 | ||||||
Novartis AG | 104,580 | 9,568,572 | ||||||
Roche Holding AG (a)(c) | 2,251 | 591,489 | ||||||
Roche Holding AG (c) | 27,161 | 7,143,974 | ||||||
Sonova Holding AG | 2,626 | 337,018 | ||||||
Straumann Holding AG | 546 | 156,603 | ||||||
Tecan Group AG | 768 | 107,839 | ||||||
19,401,987 | ||||||||
UNITED KINGDOM — 14.3% | ||||||||
AstraZeneca PLC | 55,270 | 3,500,761 | ||||||
BTG PLC (b) | 20,633 | 204,088 | ||||||
Dechra Pharmaceuticals PLC | 7,787 | 110,758 | ||||||
Genus PLC | 7,100 | 152,717 | ||||||
GlaxoSmithKline PLC | 183,347 | 3,515,997 | ||||||
Hikma Pharmaceuticals PLC | 7,873 | 271,904 | ||||||
Shire PLC | 28,275 | 1,929,043 | ||||||
Smith & Nephew PLC | 50,918 | 889,286 | ||||||
Synergy Health PLC (b) | 4,201 | 138,088 | ||||||
10,712,642 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $70,186,160) | 74,410,927 | |||||||
RIGHTS — 0.0% (e) | ||||||||
GERMANY — 0.0% (e) | ||||||||
RHOEN-KLINIKUM AG (expiring 10/8/15) (a)(b) (Cost $385) | 3,412 | 76 | ||||||
SHORT TERM INVESTMENTS — 8.7% | ||||||||
UNITED STATES — 8.7% | ||||||||
MONEY MARKET FUNDS — 8.7% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (f)(g) | 6,462,640 | 6,462,640 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (g)(h) | 32,337 | 32,337 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $6,494,977) | 6,494,977 | |||||||
TOTAL INVESTMENTS — 108.0% | ||||||||
(Cost $76,681,522) | 80,905,980 | |||||||
OTHER ASSETS & LIABILITIES — (8.0)% | (6,005,071 | ) | ||||||
NET ASSETS — 100.0% | $ | 74,900,909 | ||||||
(a) | All or a portion of the security was on loan at September 30, 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) | Investments of cash collateral for securities loaned. | |||||
(g) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). | |||||
(h) | The rate shown is the annualized seven-day yield at period end. |
PLC = Public Limited Company
See accompanying notes to financial statements.
442
SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.4% | ||||||||
AUSTRALIA — 2.6% | ||||||||
Asciano, Ltd. | 8,712 | $ | 51,391 | |||||
Brambles, Ltd. | 14,317 | 97,927 | ||||||
CIMIC Group, Ltd. (a) | 2,425 | 40,020 | ||||||
GWA Group, Ltd. (a) | 19,060 | 33,195 | ||||||
Seek, Ltd. (a) | 5,332 | 44,933 | ||||||
Transurban Group | 25,702 | 179,409 | ||||||
446,875 | ||||||||
AUSTRIA — 0.4% | ||||||||
Andritz AG | 857 | 38,495 | ||||||
Zumtobel Group AG (a) | 1,303 | 28,602 | ||||||
67,097 | ||||||||
CANADA — 5.3% | ||||||||
Bombardier, Inc. (Class B) | 17,838 | 22,219 | ||||||
CAE, Inc. | 7,618 | 80,345 | ||||||
Canadian National Railway Co. | 6,529 | 369,037 | ||||||
Canadian Pacific Railway, Ltd. (a) | 1,228 | 175,439 | ||||||
Cargojet, Inc. | 1,955 | 29,499 | ||||||
K-Bro Linen, Inc. | 1,434 | 50,806 | ||||||
Progressive Waste Solutions, Ltd. (a) | 900 | 23,690 | ||||||
SNC-Lavalin Group, Inc. (a) | 2,253 | 63,824 | ||||||
Toromont Industries, Ltd. (a) | 3,316 | 80,309 | ||||||
Westjet Airlines, Ltd. | 1,351 | 23,902 | ||||||
919,070 | ||||||||
DENMARK — 1.9% | ||||||||
AP Moeller — Maersk A/S (Class B) | 75 | 115,251 | ||||||
FLSmidth & Co. A/S (a) | 1,069 | 35,429 | ||||||
NKT Holding A/S | 1,261 | 66,416 | ||||||
Vestas Wind Systems A/S | 2,135 | 110,723 | ||||||
327,819 | ||||||||
FINLAND — 1.5% | ||||||||
Kone Oyj (Class B) | 3,365 | 127,710 | ||||||
Metso Oyj | 1,756 | 36,439 | ||||||
Valmet Oyj | 2,118 | 20,474 | ||||||
Wartsila Oyj Abp | 1,944 | 76,970 | ||||||
261,593 | ||||||||
FRANCE — 8.0% | ||||||||
Air France-KLM (a)(b) | 4,279 | 29,757 | ||||||
Alstom SA (b) | 2,356 | 72,598 | ||||||
Bouygues SA | 2,159 | 76,469 | ||||||
Bureau Veritas SA | 1,820 | 38,265 | ||||||
Compagnie de Saint-Gobain | 4,053 | 175,130 | ||||||
Eiffage SA | 954 | 58,889 | ||||||
Legrand SA | 2,304 | 121,995 | ||||||
Safran SA | 2,437 | 183,076 | ||||||
Schneider Electric SE | 4,831 | 269,684 | ||||||
Vallourec SA (a) | 1,719 | 15,189 | ||||||
Vinci SA | 4,492 | 284,355 | ||||||
Zodiac Aerospace | 2,321 | 53,099 | ||||||
1,378,506 | ||||||||
GERMANY — 7.5% | ||||||||
Brenntag AG | 1,367 | 73,496 | ||||||
Deutsche Lufthansa AG (b) | 4,134 | 57,336 | ||||||
Deutsche Post AG | 8,158 | 225,610 | ||||||
GEA Group AG | 2,856 | 108,504 | ||||||
Hochtief AG | 744 | 61,896 | ||||||
MAN SE | 925 | 94,125 | ||||||
OSRAM Licht AG | 902 | 46,532 | ||||||
Pfeiffer Vacuum Technology AG | 435 | 50,111 | ||||||
Siemens AG | 6,567 | 585,993 | ||||||
1,303,603 | ||||||||
HONG KONG — 3.8% | ||||||||
Cathay Pacific Airways, Ltd. (a) | 27,000 | 50,585 | ||||||
Cheung Kong Property Holdings, Ltd. | 2,091 | 15,204 | ||||||
CK Hutchison Holdings, Ltd. | 22,496 | 290,850 | ||||||
Fosun International, Ltd. | 25,500 | 43,761 | ||||||
Hopewell Highway Infrastructure, Ltd. | 128,000 | 63,752 | ||||||
Jardine Matheson Holdings, Ltd. | 1,982 | 93,649 | ||||||
Jardine Strategic Holdings, Ltd. | 1,302 | 34,946 | ||||||
MTR Corp., Ltd. | 12,000 | 52,025 | ||||||
Noble Group, Ltd. (a) | 65,051 | 18,986 | ||||||
663,758 | ||||||||
IRELAND — 1.2% | ||||||||
DCC PLC | 1,302 | 98,393 | ||||||
Ryanair Holdings PLC ADR | 1,312 | 102,730 | ||||||
201,123 | ||||||||
ISRAEL — 0.3% | ||||||||
Inrom Construction Industries, Ltd. | 23,915 | 58,336 | ||||||
ITALY — 1.5% | ||||||||
Ansaldo STS SpA | 5,122 | 54,201 | ||||||
Atlantia SpA | 3,052 | 85,136 | ||||||
Autostrada Torino-Milano SpA | 2,949 | 39,107 | ||||||
Finmeccanica SpA (b) | 7,058 | 88,160 | ||||||
266,604 | ||||||||
JAPAN — 31.8% | ||||||||
Asahi Glass Co., Ltd. (a) | 13,000 | 75,656 | ||||||
Central Japan Railway Co. | 1,600 | 256,836 | ||||||
Dai Nippon Printing Co., Ltd. (a) | 9,000 | 86,720 | ||||||
Daikin Industries, Ltd. (a) | 2,400 | 133,782 | ||||||
East Japan Railway Co. | 3,100 | 260,264 | ||||||
FANUC Corp. | 1,500 | 229,387 | ||||||
Futaba Corp. | 2,800 | 36,027 | ||||||
Hankyu Hanshin Holdings, Inc. | 15,000 | 91,429 | ||||||
IHI Corp. (a) | 21,000 | 53,655 | ||||||
ITOCHU Corp. | 14,600 | 153,296 | ||||||
Japan Airport Terminal Co., Ltd. | 1,000 | 42,834 | ||||||
JGC Corp. | 3,000 | 39,665 | ||||||
JTEKT Corp. | 2,900 | 40,292 | ||||||
Kajima Corp. | 14,000 | 73,995 | ||||||
Kamigumi Co., Ltd. | 8,000 | 65,194 | ||||||
Kawasaki Heavy Industries, Ltd. | 23,000 | 78,930 | ||||||
Kawasaki Kisen Kaisha, Ltd. | 19,000 | 41,565 | ||||||
Keikyu Corp. | 6,000 | 47,593 | ||||||
Keisei Electric Railway Co., Ltd. | 4,000 | 43,719 | ||||||
Kintetsu Group Holdings Co., Ltd. | 15,000 | 53,730 | ||||||
Kitano Construction Corp. | 21,000 | 55,058 | ||||||
Kokuyo Co., Ltd. | 5,100 | 53,868 | ||||||
Komatsu, Ltd. | 8,900 | 130,232 | ||||||
Kubota Corp. | 11,000 | 150,215 | ||||||
LIXIL Group Corp. (a) | 2,600 | 52,536 | ||||||
Makita Corp. (a) | 1,300 | 68,710 | ||||||
Marubeni Corp. | 14,700 | 71,656 |
See accompanying notes to financial statements.
443
SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Minebea Co., Ltd. | 4,000 | $ | 42,116 | |||||
MISUMI Group, Inc. | 4,900 | 50,283 | ||||||
Mitsubishi Corp. | 13,300 | 216,938 | ||||||
Mitsubishi Electric Corp. | 18,000 | 163,821 | ||||||
Mitsubishi Heavy Industries, Ltd. | 32,000 | 142,252 | ||||||
Mitsui & Co., Ltd. | 14,900 | 166,772 | ||||||
Mitsui OSK Lines, Ltd. (a) | 12,000 | 28,656 | ||||||
NGK Insulators, Ltd. | 3,000 | 57,037 | ||||||
Nidec Corp. | 2,300 | 157,206 | ||||||
Nippon Air Conditioning Services Co., Ltd. | 5,400 | 50,950 | ||||||
Nippon Express Co., Ltd. | 13,000 | 61,763 | ||||||
Nippon Yusen K.K. | 17,000 | 39,177 | ||||||
NSK, Ltd. | 6,000 | 57,763 | ||||||
Obayashi Corp. | 9,000 | 76,500 | ||||||
Odakyu Electric Railway Co., Ltd. | 9,000 | 80,708 | ||||||
Park24 Co., Ltd. | 1,900 | 35,631 | ||||||
Recruit Holdings Co., Ltd. | 3,796 | 113,470 | ||||||
Secom Co., Ltd. | 2,600 | 155,633 | ||||||
SMC Corp. | 600 | 130,531 | ||||||
Sohgo Security Services Co., Ltd. | 1,400 | 63,591 | ||||||
Sojitz Corp. | 28,000 | 51,902 | ||||||
Sumitomo Corp. (a) | 11,800 | 113,502 | ||||||
Sumitomo Electric Industries, Ltd. | 2,363 | 30,059 | ||||||
Sumitomo Heavy Industries, Ltd. | 13,000 | 51,125 | ||||||
Taisei Corp. | 12,000 | 77,953 | ||||||
THK Co., Ltd. | 2,300 | 36,373 | ||||||
Tobu Railway Co., Ltd. | 14,000 | 59,967 | ||||||
Tokyu Corp. | 18,000 | 131,507 | ||||||
Tomoe Corp. | 21,600 | 61,861 | ||||||
Toppan Printing Co., Ltd. | 10,000 | 80,240 | ||||||
Toshiba Corp. (a)(b) | 36,000 | 90,297 | ||||||
TOTO, Ltd. | 2,500 | 77,548 | ||||||
Toyota Tsusho Corp. (a) | 2,300 | 48,260 | ||||||
West Japan Railway Co. | 2,000 | 124,928 | ||||||
Yamato Holdings Co., Ltd. | 5,000 | 95,353 | ||||||
5,508,517 | ||||||||
NETHERLANDS — 4.9% | ||||||||
Aalberts Industries NV | 1,406 | 41,528 | ||||||
AerCap Holdings NV (b) | 1,760 | 67,302 | ||||||
Airbus Group SE | 4,818 | 284,555 | ||||||
Boskalis Westminster NV | 1,275 | 55,619 | ||||||
CNH Industrial NV | 8,281 | 53,844 | ||||||
Koninklijke Philips NV | 9,583 | 225,119 | ||||||
Randstad Holding NV | 1,982 | 117,722 | ||||||
845,689 | ||||||||
NEW ZEALAND — 0.2% | ||||||||
Metro Performance Glass, Ltd. | 32,233 | 27,836 | ||||||
NORWAY — 0.3% | ||||||||
Orkla ASA | 6,667 | 49,319 | ||||||
SINGAPORE — 1.4% | ||||||||
ComfortDelGro Corp., Ltd. | 39,000 | 78,719 | ||||||
Keppel Corp., Ltd. (a) | 20,900 | 99,657 | ||||||
Keppel Infrastructure Trust (a) | 112,448 | 41,518 | ||||||
Neptune Orient Lines, Ltd. (a)(b) | 38,750 | 26,298 | ||||||
246,192 | ||||||||
SOUTH KOREA — 3.5% | ||||||||
CJ Corp. | 170 | 37,864 | ||||||
GS Global Corp. | 9,307 | 50,803 | ||||||
Hyundai Development Co.-Engineering & Construction | 790 | 36,324 | ||||||
Hyundai Engineering & Construction Co., Ltd. | 1,138 | 32,835 | ||||||
Hyundai Glovis Co., Ltd. | 224 | 42,332 | ||||||
Hyundai Heavy Industries Co., Ltd. (b) | 454 | 36,962 | ||||||
KCC Corp. | 77 | 26,829 | ||||||
Korea Aerospace Industries, Ltd. | 687 | 39,355 | ||||||
LG Corp. | �� | 1,510 | 77,583 | |||||
Samsung C&T Corp. (b) | 793 | 98,013 | ||||||
Samsung Heavy Industries Co., Ltd. | 1,904 | 19,758 | ||||||
SK Holdings Co., Ltd. | 273 | 56,198 | ||||||
Young Poong Precision Corp. | 6,558 | 52,008 | ||||||
606,864 | ||||||||
SPAIN — 2.5% | ||||||||
Abertis Infraestructuras SA (a) | 4,454 | 70,251 | ||||||
ACS, Actividades de Construccion y Servicios SA | 3,185 | 91,353 | ||||||
Aena SA (b)(c) | 749 | 82,562 | ||||||
Ferrovial SA | 3,575 | 85,159 | ||||||
International Consolidated Airlines Group SA (b) | 10,894 | 97,030 | ||||||
426,355 | ||||||||
SWEDEN — 5.3% | ||||||||
Alfa Laval AB | 4,044 | 66,009 | ||||||
Assa Abloy AB (Class B) | 7,770 | 138,872 | ||||||
Atlas Copco AB (Class A) | 4,991 | 119,671 | ||||||
Atlas Copco AB (Class B) | 3,230 | 72,017 | ||||||
B&B Tools AB (Class B) | 2,207 | 29,275 | ||||||
Sandvik AB | 10,350 | 87,864 | ||||||
Securitas AB (Class B) | 5,473 | 66,626 | ||||||
Skanska AB (Class B) | 3,443 | 67,283 | ||||||
SKF AB (Class B) | 3,326 | 60,952 | ||||||
Trelleborg AB (Class B) | 5,310 | 83,825 | ||||||
Volvo AB (Class A) | 5,925 | 56,445 | ||||||
Volvo AB (Class B) | 8,249 | 78,782 | ||||||
927,621 | ||||||||
SWITZERLAND — 5.4% | ||||||||
ABB, Ltd. (b) | 19,477 | 343,254 | ||||||
Adecco SA (b) | 2,039 | 148,684 | ||||||
Geberit AG | 516 | 157,213 | ||||||
Kuehne + Nagel International AG | 797 | 102,123 | ||||||
Schindler Holding AG | 427 | 61,181 | ||||||
SGS SA | 73 | 127,009 | ||||||
939,464 | ||||||||
UNITED KINGDOM — 10.1% | ||||||||
Aggreko PLC | 3,502 | 50,447 | ||||||
Ashtead Group PLC | 5,275 | 74,310 | ||||||
Babcock International Group PLC | 6,819 | 94,253 | ||||||
BAE Systems PLC | 27,408 | 185,868 | ||||||
Balfour Beatty PLC | 11,746 | 44,748 | ||||||
Bunzl PLC | 2,772 | 74,320 | ||||||
Capita PLC | 5,576 | 101,186 | ||||||
Cobham PLC | 15,948 | 69,017 |
See accompanying notes to financial statements.
444
SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
easyJet PLC | 2,892 | $ | 77,844 | |||||
Experian PLC | 10,941 | 175,341 | ||||||
FirstGroup PLC (b) | 23,134 | 34,236 | ||||||
G4S PLC | 11,575 | 40,449 | ||||||
IMI PLC | 2,868 | 41,206 | ||||||
Intertek Group PLC | 1,346 | 49,565 | ||||||
Meggitt PLC | 8,210 | 59,221 | ||||||
Melrose Industries PLC | 13,094 | 52,402 | ||||||
Rentokil Initial PLC | 44,709 | 99,620 | ||||||
Rolls-Royce Holdings PLC (b) | 16,529 | 169,503 | ||||||
Smiths Group PLC | 5,798 | 88,264 | ||||||
Weir Group PLC | 1,949 | 34,541 | ||||||
Wolseley PLC | 2,281 | 133,300 | ||||||
1,749,641 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $20,328,742) | 17,221,882 | |||||||
SHORT TERM INVESTMENTS — 6.1% | ||||||||
UNITED STATES — 6.1% | ||||||||
MONEY MARKET FUNDS — 6.1% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 1,026,410 | 1,026,410 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f) | 21,793 | 21,793 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $1,048,203) | 1,048,203 | |||||||
TOTAL INVESTMENTS — 105.5% | ||||||||
(Cost $21,376,945) | 18,270,085 | |||||||
OTHER ASSETS & LIABILITIES — (5.5)% | (948,491 | ) | ||||||
NET ASSETS — 100.0% | $ | 17,321,594 | ||||||
(a) | All or a portion of the security was on loan at September 30, 2015. | |||||
(b) | Non-income producing security | |||||
(c) | Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.5% of net assets as of September 30, 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
PLC = Public Limited Company
See accompanying notes to financial statements.
445
SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 98.7% | ||||||||
AUSTRALIA — 10.8% | ||||||||
Alumina, Ltd. (a) | 11,486 | $ | 9,074 | |||||
Amcor, Ltd. | 5,110 | 47,260 | ||||||
Arrium, Ltd. (a)(b) | 16,540 | 1,011 | ||||||
BHP Billiton, Ltd. | 13,901 | 216,911 | ||||||
BlueScope Steel, Ltd. (a) | 3,022 | 7,640 | ||||||
Boral, Ltd. | 6,938 | 25,677 | ||||||
DuluxGroup, Ltd. (a) | 1,570 | 5,899 | ||||||
Evolution Mining, Ltd. | 1,346 | 1,186 | ||||||
Fortescue Metals Group, Ltd. (a) | 8,553 | 10,932 | ||||||
Iluka Resources, Ltd. (a) | 1,916 | 8,356 | ||||||
Incitec Pivot, Ltd. | 8,449 | 23,140 | ||||||
Mineral Deposits, Ltd. (a)(b) | 652 | 211 | ||||||
Newcrest Mining, Ltd. (b) | 3,598 | 32,089 | ||||||
Northern Star Resources, Ltd. (a) | 881 | 1,652 | ||||||
Orica, Ltd. (a) | 2,209 | 23,331 | ||||||
Orora, Ltd. | 4,030 | 6,537 | ||||||
OZ Minerals, Ltd. | 2,402 | 5,583 | ||||||
Rio Tinto, Ltd. | 2,038 | 69,556 | ||||||
Sims Metal Management, Ltd. (a) | 1,690 | 11,464 | ||||||
South32, Ltd. (b)(c) | 9,913 | 9,497 | ||||||
South32, Ltd. (b)(c) | 13,901 | 13,325 | ||||||
St Barbara, Ltd. (b) | 1,748 | 1,289 | ||||||
531,620 | ||||||||
AUSTRIA — 0.7% | ||||||||
RHI AG (a) | 449 | 9,066 | ||||||
Voestalpine AG | 810 | 27,758 | ||||||
36,824 | ||||||||
BELGIUM — 1.0% | ||||||||
Solvay SA | 259 | 26,372 | ||||||
Tessenderlo Chemie NV (b) | 120 | 3,512 | ||||||
Tessenderlo Chemie NV VVPR Strip (b)(d) | 116 | 0 | ||||||
Umicore SA (a) | 485 | 18,648 | ||||||
48,532 | ||||||||
CANADA — 10.3% | ||||||||
Agnico-Eagle Mines, Ltd. | 1,134 | 28,614 | ||||||
Agrium, Inc. (a) | 617 | 55,041 | ||||||
Alacer Gold Corp. (b) | 827 | 1,857 | ||||||
Alamos Gold, Inc. (Class A) | 1,268 | 4,672 | ||||||
AuRico Metals, Inc. (b) | 556 | 274 | ||||||
B2Gold Corp. (a)(b) | 3,366 | 3,540 | ||||||
Barrick Gold Corp. | 4,928 | 31,207 | ||||||
Canam Group, Inc. | 573 | 5,501 | ||||||
Canexus Corp. (a) | 996 | 862 | ||||||
Canfor Corp. (b) | 299 | 3,548 | ||||||
CCL Industries, Inc. (Class B) | 150 | 20,959 | ||||||
Centerra Gold, Inc. | 721 | 4,055 | ||||||
China Gold International Resources Corp., Ltd. (b) | 700 | 992 | ||||||
Detour Gold Corp. (b) | 611 | 6,485 | ||||||
Eldorado Gold Corp. | 4,178 | 13,338 | ||||||
First Majestic Silver Corp. (b) | 673 | 2,143 | ||||||
First Quantum Minerals, Ltd. (a) | 2,843 | 10,369 | ||||||
Franco-Nevada Corp. | 748 | 32,811 | ||||||
Goldcorp, Inc. (a) | 4,035 | 50,351 | ||||||
Guyana Goldfields, Inc. (b) | 500 | 1,335 | ||||||
HudBay Minerals, Inc. | 1,038 | 3,817 | ||||||
IAMGOLD Corp. (b) | 1,739 | 2,828 | ||||||
Interfor Corp. (b) | 529 | 3,717 | ||||||
Intertape Polymer Group, Inc. | 575 | 6,120 | ||||||
Ivanhoe Mines, Ltd. (Class A) (b) | 1,493 | 724 | ||||||
Kinross Gold Corp. (b) | 5,582 | 9,659 | ||||||
Labrador Iron Ore Royalty Corp. (a) | 287 | 3,061 | ||||||
Lundin Mining Corp. (b) | 2,308 | 6,490 | ||||||
Methanex Corp. (a) | 374 | 12,336 | ||||||
New Gold, Inc. (b) | 1,547 | 3,473 | ||||||
Novagold Resources, Inc. (b) | 300 | 1,081 | ||||||
Osisko Gold Royalties, Ltd. | 198 | 2,082 | ||||||
Pan American Silver Corp. (a) | 1,022 | 6,464 | ||||||
Potash Corp. of Saskatchewan, Inc. | 4,303 | 88,037 | ||||||
Richmont Mines, Inc. (b) | 343 | 954 | ||||||
SEMAFO, Inc. (b) | 2,061 | 4,443 | ||||||
Sherritt International Corp. (a) | 2,432 | 1,360 | ||||||
Silver Wheaton Corp. | 1,711 | 20,470 | ||||||
Tahoe Resources, Inc. | 500 | 3,845 | ||||||
Tanzanian Royalty Exploration Corp. (a)(b) | 827 | 247 | ||||||
Teck Resources, Ltd. (Class B) (a) | 2,107 | 10,011 | ||||||
Thompson Creek Metals Co., Inc. (a)(b) | 654 | 302 | ||||||
Torex Gold Resources, Inc. (b) | 1,300 | 1,212 | ||||||
Turquoise Hill Resources, Ltd. (b) | 5,035 | 12,806 | ||||||
West Fraser Timber Co., Ltd. | 250 | 7,906 | ||||||
Winpak, Ltd. (a) | 332 | 9,980 | ||||||
Yamana Gold, Inc. (a) | 4,197 | 7,044 | ||||||
508,423 | ||||||||
CHINA — 0.0% (e) | ||||||||
G-Resources Group, Ltd. | 66,000 | 1,712 | ||||||
DENMARK — 1.4% | ||||||||
Chr Hansen Holding A/S | 446 | 24,892 | ||||||
Novozymes A/S (Class B) | 1,027 | 44,702 | ||||||
69,594 | ||||||||
FINLAND — 1.6% | ||||||||
Stora Enso Oyj | 4,240 | 31,971 | ||||||
UPM-Kymmene Oyj | 3,262 | 48,792 | ||||||
80,763 | ||||||||
FRANCE — 4.1% | ||||||||
Air Liquide SA | 1,506 | 177,605 | ||||||
Arkema SA | 350 | 22,589 | ||||||
Eramet (a)(b) | 21 | 773 | ||||||
200,967 | ||||||||
GERMANY — 12.7% | ||||||||
BASF SE | 4,054 | 309,167 | ||||||
Evonik Industries AG | 251 | 8,382 | ||||||
Fuchs Petrolub SE Preference Shares | 196 | 8,644 | ||||||
HeidelbergCement AG | 637 | 43,559 | ||||||
K+S AG | 976 | 32,602 | ||||||
Lanxess AG | 363 | 16,943 | ||||||
Linde AG | 822 | 133,000 | ||||||
Salzgitter AG (a) | 373 | 9,239 | ||||||
Symrise AG | 449 | 26,959 | ||||||
ThyssenKrupp AG | 1,862 | 32,590 | ||||||
Wacker Chemie AG (a) | 68 | 5,155 | ||||||
626,240 | ||||||||
See accompanying notes to financial statements.
446
SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
HONG KONG — 0.2% | ||||||||
CST Mining Group, Ltd. (b) | 96,000 | $ | 991 | |||||
Fosun International, Ltd. (a) | 4,724 | 8,107 | ||||||
Honbridge Holdings, Ltd. (b) | 8,000 | 1,094 | ||||||
KuangChi Science, Ltd. (b) | 4,000 | 821 | ||||||
L’sea Resources International Holdings, Ltd. (b) | 10,000 | 606 | ||||||
11,619 | ||||||||
IRELAND — 3.0% | ||||||||
CRH PLC | 4,050 | 106,239 | ||||||
James Hardie Industries PLC (a) | 1,875 | 22,437 | ||||||
Smurfit Kappa Group PLC | 809 | 21,673 | ||||||
150,349 | ||||||||
ISRAEL — 0.5% | ||||||||
Frutarom Industries, Ltd. | 319 | 12,053 | ||||||
Israel Chemicals, Ltd. | 1,975 | 10,155 | ||||||
22,208 | ||||||||
ITALY — 0.3% | ||||||||
Buzzi Unicem SpA | 552 | 9,206 | ||||||
Italcementi SpA | 446 | 4,936 | ||||||
14,142 | ||||||||
JAPAN — 19.9% | ||||||||
Air Water, Inc. | 1,000 | 14,954 | ||||||
Asahi Kasei Corp. | 5,833 | 40,911 | ||||||
Daicel Corp. | 1,700 | 20,752 | ||||||
Denki Kagaku Kogyo Kabushiki Kaisha | 6,855 | 26,901 | ||||||
DIC Corp. | 3,000 | 6,688 | ||||||
Fuji Seal International, Inc. (a) | 300 | 8,617 | ||||||
Hitachi Metals, Ltd. | 1,000 | 11,548 | ||||||
JFE Holdings, Inc. (a) | 3,256 | 42,479 | ||||||
JSR Corp. (a) | 1,973 | 28,302 | ||||||
Kaneka Corp. | 2,000 | 14,662 | ||||||
Kansai Paint Co., Ltd. | 1,000 | 13,543 | ||||||
Kobe Steel, Ltd. (a) | 21,641 | 23,310 | ||||||
Kuraray Co., Ltd. (a) | 1,500 | 18,611 | ||||||
Maruichi Steel Tube, Ltd. (a) | 300 | 6,763 | ||||||
Mitsubishi Chemical Holdings Corp. | 8,102 | 42,030 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 2,000 | 9,185 | ||||||
Mitsubishi Materials Corp. | 5,866 | 17,731 | ||||||
Mitsui Chemicals, Inc. (a) | 6,876 | 21,874 | ||||||
Mitsui Mining & Smelting Co., Ltd. (a) | 2,809 | 5,019 | ||||||
Nihon Nohyaku Co., Ltd. | 800 | 5,364 | ||||||
Nippon Kayaku Co., Ltd. | 1,000 | 10,370 | ||||||
Nippon Paint Holdings Co., Ltd. | 900 | 15,638 | ||||||
Nippon Paper Industries Co., Ltd. (a) | 400 | 6,089 | ||||||
Nippon Shokubai Co., Ltd. | 200 | 13,527 | ||||||
Nippon Steel & Sumitomo Metal Corp. (a) | 5,051 | 91,448 | ||||||
Nissan Chemical Industries, Ltd. (a) | 400 | 8,747 | ||||||
Nitto Denko Corp. | 876 | 52,115 | ||||||
OJI Paper Co., Ltd. (a) | 6,000 | 25,650 | ||||||
Pack Corp. | 300 | 6,603 | ||||||
Rengo Co., Ltd. (a) | 2,000 | 7,715 | ||||||
Shin-Etsu Chemical Co., Ltd. | 2,067 | 105,538 | ||||||
Showa Denko KK (a) | 4,000 | 4,375 | ||||||
Sumitomo Chemical Co., Ltd. | 8,838 | 44,424 | ||||||
Sumitomo Metal Mining Co., Ltd. (a) | 2,927 | 33,042 | ||||||
T&K Toka Co., Ltd. (a) | 300 | 5,080 | ||||||
Taiheiyo Cement Corp. | 9,744 | 29,127 | ||||||
Teijin, Ltd. | 3,805 | 11,501 | ||||||
Tomoku Co., Ltd. | 3,000 | 6,162 | ||||||
Toray Industries, Inc. (a) | 8,838 | �� | 76,045 | |||||
Tosoh Corp. (a) | 3,000 | 14,353 | ||||||
Toyo Seikan Group Holdings, Ltd. (a) | 600 | 9,489 | ||||||
Ube Industries, Ltd. (a) | 11,866 | 20,608 | ||||||
Zeon Corp. | 1,000 | 7,857 | ||||||
984,747 | ||||||||
LUXEMBOURG — 0.6% | ||||||||
APERAM SA (a)(b) | 306 | 8,222 | ||||||
ArcelorMittal (a) | 4,278 | 22,248 | ||||||
30,470 | ||||||||
NETHERLANDS — 2.3% | ||||||||
Akzo Nobel NV | 1,102 | 71,334 | ||||||
Constellium NV (Class A) (a)(b) | 213 | 1,291 | ||||||
Koninklijke DSM NV | 849 | 39,040 | ||||||
111,665 | ||||||||
NEW ZEALAND — 0.2% | ||||||||
Fletcher Building, Ltd. | 2,000 | 8,700 | ||||||
Steel & Tube Holdings, Ltd. | 1,852 | 3,163 | ||||||
11,863 | ||||||||
NORWAY — 1.3% | ||||||||
Norsk Hydro ASA | 5,907 | 19,639 | ||||||
Yara International ASA | 1,105 | 43,980 | ||||||
63,619 | ||||||||
PORTUGAL — 0.5% | ||||||||
Portucel SA | 6,453 | 22,330 | ||||||
SOUTH KOREA — 5.0% | ||||||||
Aekyung Petrochemical Co., Ltd. | 150 | 7,580 | ||||||
Dongkuk Industries Co., Ltd. | 938 | 2,714 | ||||||
Hanwha Chemical Corp. | 377 | 6,854 | ||||||
Hanwha Corp. | 265 | 8,686 | ||||||
Hyosung Corp. | 116 | 11,010 | ||||||
Hyundai BNG Steel Co., Ltd. | 110 | 979 | ||||||
Hyundai Steel Co. | 263 | 11,427 | ||||||
Jenax, Inc. (b) | 90 | 991 | ||||||
KISCO Corp. | 20 | 967 | ||||||
Kolon Corp. | 10 | 567 | ||||||
Kolon Industries, Inc. | 24 | 1,268 | ||||||
Korea Petrochemical Industries | 10 | 1,400 | ||||||
Korea Zinc Co., Ltd. | 79 | 31,025 | ||||||
Kukdo Chemical Co., Ltd. | 163 | 9,503 | ||||||
LG Chem, Ltd. | 234 | 56,363 | ||||||
Lotte Chemical Corp. | 72 | 16,401 | ||||||
OCI Co., Ltd. | 88 | 6,118 | ||||||
Poongsan Holdings Corp. | 70 | 2,401 | ||||||
POSCO ADR | 1,368 | 47,907 | ||||||
Sinjin SM Co., Ltd. | 69 | 1,473 | ||||||
SK Chemicals Co., Ltd. | 34 | 2,108 | ||||||
Taekwang Industrial Co., Ltd. | 6 | 6,059 | ||||||
Tongyang, Inc. (b) | 710 | 1,815 | ||||||
Wonik Materials Co., Ltd. (b) | 197 | 10,554 | ||||||
Young Poong Corp. | 2 | 2,280 | ||||||
248,450 | ||||||||
See accompanying notes to financial statements.
447
SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
SWEDEN — 0.8% | ||||||||
Boliden AB | 1,252 | $ | 19,525 | |||||
Hexpol AB | 1,140 | 12,709 | ||||||
SSAB AB, (Series A) (a)(b) | 2,221 | 7,590 | ||||||
39,824 | ||||||||
SWITZERLAND — 7.2% | ||||||||
Clariant AG (b) | 1,263 | 21,212 | ||||||
EMS-Chemie Holding AG | 37 | 15,175 | ||||||
Givaudan SA (b) | 40 | 64,886 | ||||||
LafargeHolcim, Ltd. (b)(c) | 1,057 | 55,225 | ||||||
LafargeHolcim, Ltd. (b)(c) | 916 | 47,668 | ||||||
Sika AG | 4 | 12,318 | ||||||
Syngenta AG | 411 | 131,279 | ||||||
Youlchon Chemical Co., Ltd. | 719 | 7,552 | ||||||
355,315 | ||||||||
UNITED KINGDOM — 14.3% | ||||||||
Alent PLC | 1,157 | 8,517 | ||||||
Anglo American PLC | 6,365 | 53,114 | ||||||
Antofagasta PLC | 1,760 | 13,322 | ||||||
BHP Billiton PLC | 9,600 | 146,143 | ||||||
Croda International PLC | 599 | 24,580 | ||||||
DS Smith PLC | 3,970 | 23,687 | ||||||
Elementis PLC | 1,585 | 5,359 | ||||||
Essentra PLC | 1,051 | 12,513 | ||||||
Fresnillo PLC | 635 | 5,689 | ||||||
Glencore PLC (b) | 46,652 | 64,695 | ||||||
Johnson Matthey PLC | 1,160 | 43,014 | ||||||
Lonmin PLC (a)(b) | 1,839 | 453 | ||||||
Mondi PLC | 1,496 | 31,340 | ||||||
Randgold Resources, Ltd. | 608 | 35,568 | ||||||
Rexam PLC | 2,992 | 23,726 | ||||||
Rio Tinto PLC | 5,620 | 188,135 | ||||||
RPC Group PLC | 969 | 9,298 | ||||||
Vedanta Resources PLC (a) | 699 | 4,502 | ||||||
Victrex PLC | 378 | 10,146 | ||||||
703,801 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $9,429,725) | 4,875,077 | |||||||
RIGHTS — 0.0% (e) | ||||||||
HONG KONG — 0.0% (e) | ||||||||
Fosun International, Ltd. (expiring 10/19/15) (b)(d) (Cost $0) | 840 | 0 | ||||||
SHORT TERM INVESTMENTS — 13.0% | ||||||||
UNITED STATES — 13.0% | ||||||||
MONEY MARKET FUNDS — 13.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (f)(g) | 620,519 | 620,519 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (g)(h) | 22,679 | 22,679 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $643,198) | 643,198 | |||||||
TOTAL INVESTMENTS — 111.7% | ||||||||
(Cost $10,072,923) | 5,518,275 | |||||||
OTHER ASSETS & LIABILITIES — (11.7)% | (578,669 | ) | ||||||
NET ASSETS — 100.0% | $ | 4,939,606 | ||||||
(a) | All or a portion of the security was on loan at September 30, 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 3 inputs (Note 2). | |||||
(e) | Amount shown represents less than 0.05% of net assets. | |||||
(f) | Investments of cash collateral for securities loaned. | |||||
(g) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). | |||||
(h) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
PLC = Public Limited Company
See accompanying notes to financial statements.
448
SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.2% | ||||||||
AUSTRALIA — 0.9% | ||||||||
carsales.com, Ltd. (a) | 3,036 | $ | 20,830 | |||||
Computershare, Ltd. | 6,512 | 48,429 | ||||||
iProperty Group, Ltd. (a)(b) | 2,525 | 5,213 | ||||||
Iress, Ltd. (a) | 3,289 | 22,104 | ||||||
96,576 | ||||||||
AUSTRIA — 0.2% | ||||||||
ams AG | 562 | 20,879 | ||||||
BELGIUM — 0.2% | ||||||||
Barco NV | 301 | 19,400 | ||||||
CANADA — 3.8% | ||||||||
Avigilon Corp. (a)(b) | 274 | 2,330 | ||||||
Blackberry, Ltd. (a)(b) | 5,472 | 33,427 | ||||||
Canadian Solar, Inc. (a)(b) | 341 | 5,667 | ||||||
Celestica, Inc. (b) | 2,902 | 37,187 | ||||||
CGI Group, Inc. (Class A) (b) | 3,021 | 108,947 | ||||||
Constellation Software, Inc. | 221 | 92,203 | ||||||
DH Corp. | 1,408 | 41,136 | ||||||
Mitel Networks Corp. (a)(b) | 504 | 3,251 | ||||||
Open Text Corp. | 1,264 | 56,341 | ||||||
Redknee Solutions, Inc. (a)(b) | 781 | 2,243 | ||||||
Sandvine Corp. (a)(b) | 1,900 | 3,288 | ||||||
386,020 | ||||||||
DENMARK — 0.4% | ||||||||
SimCorp A/S | 711 | 35,745 | ||||||
FINLAND — 2.7% | ||||||||
Nokia Oyj | 34,836 | 237,397 | ||||||
Tieto Oyj | 1,325 | 33,397 | ||||||
270,794 | ||||||||
FRANCE — 5.5% | ||||||||
Alcatel-Lucent (b) | 28,862 | 105,672 | ||||||
Atos SE | 729 | 55,774 | ||||||
Cap Gemini SA | 1,707 | 151,711 | ||||||
Criteo SA ADR (b) | 444 | 16,668 | ||||||
Dassault Systemes | 1,320 | 97,248 | ||||||
Ingenico Group | 568 | 68,348 | ||||||
Neopost SA | 512 | 13,305 | ||||||
SOITEC (a)(b) | 2,851 | 1,623 | ||||||
Sopra Steria Group | 90 | 9,964 | ||||||
UbiSoft Entertainment (b) | 1,980 | 40,026 | ||||||
560,339 | ||||||||
GERMANY — 9.0% | ||||||||
Aixtron SE (a)(b) | 1,545 | 9,342 | ||||||
Infineon Technologies AG | 11,778 | 132,195 | ||||||
RIB Software AG | 132 | 2,071 | ||||||
Rocket Internet SE (b)(c) | 285 | 9,148 | ||||||
SAP SE | 9,265 | 599,322 | ||||||
Software AG | 689 | 20,066 | ||||||
United Internet AG | 1,423 | 71,900 | ||||||
Wincor Nixdorf AG | 528 | 20,687 | ||||||
Wirecard AG | 1,104 | 52,627 | ||||||
917,358 | ||||||||
HONG KONG — 1.0% | ||||||||
ASM Pacific Technology, Ltd. (a) | 4,049 | 26,410 | ||||||
China Innovationpay Group, Ltd. (a)(b) | 84,000 | 5,419 | ||||||
Landing International Development, Ltd. (b) | 136,651 | 3,791 | ||||||
Nan Hai Corp., Ltd. (b) | 200,000 | 3,123 | ||||||
PAX Global Technology, Ltd. | 10,000 | 10,374 | ||||||
Peace Map Holding, Ltd. (b) | 120,000 | 4,181 | ||||||
Sinocom Software Group, Ltd. (b) | 140,000 | 2,854 | ||||||
United Photovoltaics Group, Ltd. (b) | 88,000 | 8,402 | ||||||
VTech Holdings, Ltd. (a) | 2,271 | 26,915 | ||||||
World Wide Touch Technology Holdings, Ltd. (b) | 44,000 | 9,027 | ||||||
Yunbo Digital Synergy Group, Ltd. (b) | 6,000 | 2,013 | ||||||
102,509 | ||||||||
IRELAND — 0.2% | ||||||||
FleetMatics Group PLC (a)(b) | 287 | 14,089 | ||||||
King Digital Entertainment PLC (a) | 542 | 7,339 | ||||||
21,428 | ||||||||
ISRAEL — 2.1% | ||||||||
Check Point Software Technologies, Ltd. (a)(b) | 1,428 | 113,283 | ||||||
CyberArk Software, Ltd. (b) | 186 | 9,326 | ||||||
EZchip Semiconductor, Ltd. (b) | 202 | 5,082 | ||||||
Ituran Location and Control, Ltd. | 1,002 | 20,600 | ||||||
NICE Systems, Ltd. | 812 | 44,294 | ||||||
Stratasys, Ltd. (a)(b) | 368 | 9,748 | ||||||
Tower Semiconductor, Ltd. (b) | 533 | 6,804 | ||||||
Wix.com, Ltd. (b) | 177 | 3,083 | ||||||
212,220 | ||||||||
JAPAN — 32.1% | ||||||||
Advantest Corp. (a) | 2,478 | 17,711 | ||||||
Alps Electric Co., Ltd. (a) | 2,347 | 65,747 | ||||||
Anritsu Corp. (a) | 1,800 | 10,896 | ||||||
Azbil Corp. (a) | 1,286 | 32,428 | ||||||
Brother Industries, Ltd. (a) | 3,248 | 38,890 | ||||||
Canon, Inc. | 10,319 | 297,598 | ||||||
Citizen Holdings Co., Ltd. (a) | 4,155 | 28,587 | ||||||
COLOPL, Inc. (a) | 300 | 4,799 | ||||||
COOKPAD, Inc. | 400 | 8,393 | ||||||
DeNA Co., Ltd. (a) | 1,300 | 24,086 | ||||||
Dip Corp. | 300 | 4,915 | ||||||
FUJIFILM Holdings Corp. | 4,825 | 179,520 | ||||||
Fujitsu, Ltd. | 20,688 | 89,565 | ||||||
GMO Internet, Inc. | 500 | 6,446 | ||||||
GungHo Online Entertainment, Inc. (a) | 3,800 | 11,232 | ||||||
Hamamatsu Photonics K.K. (a) | 1,800 | 40,579 | ||||||
Hirose Electric Co., Ltd. (a) | 400 | 43,318 | ||||||
Hitachi High-Technologies Corp. | 1,177 | 25,326 | ||||||
Hitachi, Ltd. | 46,325 | 232,428 | ||||||
Horiba, Ltd. (a) | 886 | 32,180 | ||||||
Ibiden Co., Ltd. (a) | 1,970 | 25,710 | ||||||
Infomart Corp. | 500 | 5,636 | ||||||
IT Holdings Corp. (a) | 1,779 | 40,151 | ||||||
Japan Digital Laboratory Co., Ltd. | 1,483 | 20,394 | ||||||
Japan Display, Inc. (a)(b) | 3,450 | 9,881 | ||||||
Kakaku.com, Inc. (a) | 1,700 | 27,452 | ||||||
Keyence Corp. | 392 | 174,128 | ||||||
Konami Corp. | 1,385 | 29,871 |
See accompanying notes to financial statements.
449
SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Konica Minolta Holdings, Inc. (a) | 5,506 | $ | 57,651 | |||||
Kyocera Corp. | 3,583 | 163,346 | ||||||
Mitsumi Electric Co., Ltd. (a) | 1,779 | 9,804 | ||||||
Murata Manufacturing Co., Ltd. | 1,969 | 252,691 | ||||||
NEC Corp. | 26,578 | 81,444 | ||||||
Nexon Co., Ltd. | 1,800 | 23,822 | ||||||
Nintendo Co., Ltd. (a) | 1,083 | 181,397 | ||||||
Nippon Electric Glass Co., Ltd. (a) | 4,933 | 23,725 | ||||||
Nomura Research Institute, Ltd. | 1,509 | 57,643 | ||||||
NTT Data Corp. | 1,692 | 84,907 | ||||||
Obic Co., Ltd. | 1,090 | 49,601 | ||||||
Oki Electric Industry Co., Ltd. (a) | 10,776 | 16,736 | ||||||
Omron Corp. | 2,461 | 73,667 | ||||||
Otsuka Corp. (a) | 800 | 38,876 | ||||||
Renesas Electronics Corp. (a)(b) | 1,900 | 10,010 | ||||||
Ricoh Co., Ltd. (a) | 6,801 | 68,399 | ||||||
Rohm Co., Ltd. | 1,180 | 52,120 | ||||||
SCREEN Holdings Co., Ltd. (a) | 4,937 | 23,991 | ||||||
SCSK Corp. (a) | 1,000 | 37,365 | ||||||
Seiko Epson Corp. | 3,100 | 43,666 | ||||||
Shimadzu Corp. | 2,000 | 28,639 | ||||||
Sumco Corp. | 1,878 | 16,716 | ||||||
Taiyo Yuden Co., Ltd. (a) | 1,784 | 23,148 | ||||||
TDK Corp. (a) | 1,478 | 83,054 | ||||||
Tokyo Electron, Ltd. (a) | 1,770 | 82,969 | ||||||
Trend Micro, Inc. (a) | 1,181 | 41,564 | ||||||
Wacom Co., Ltd. (a) | 2,200 | 8,082 | ||||||
Yahoo! Japan Corp. (a) | 13,919 | 52,763 | ||||||
Yaskawa Electric Corp. (a) | 3,312 | 33,517 | ||||||
Yokogawa Electric Corp. (a) | 3,035 | 31,601 | ||||||
3,280,781 | ||||||||
NETHERLANDS — 7.3% | ||||||||
ASM International NV | 877 | 28,321 | ||||||
ASML Holding NV | 4,218 | 368,004 | ||||||
Cimpress NV (a)(b) | 462 | 35,163 | ||||||
Gemalto NV | 939 | 60,803 | ||||||
Mobileye NV (a)(b) | 1,204 | 54,758 | ||||||
NXP Semiconductor NV (a)(b) | 2,327 | 202,612 | ||||||
749,661 | ||||||||
NEW ZEALAND — 0.1% | ||||||||
Xero, Ltd. (a)(b) | 664 | 6,371 | ||||||
NORWAY — 0.2% | ||||||||
Nordic Semiconductor ASA (a)(b) | 1,491 | 7,298 | ||||||
Opera Software ASA (a) | 1,452 | 7,813 | ||||||
REC Silicon ASA (a)(b) | 17,188 | 3,006 | ||||||
18,117 | ||||||||
SINGAPORE — 1.4% | ||||||||
Flextronics International, Ltd. (a)(b) | 8,902 | 93,827 | ||||||
IGG, Inc. | 9,000 | 3,426 | ||||||
Technovator International, Ltd. (b) | 8,000 | 5,099 | ||||||
Venture Corp., Ltd. | 6,925 | 40,375 | ||||||
142,727 | ||||||||
SOUTH KOREA — 18.8% | ||||||||
Actoz Soft Co., Ltd. (b) | 96 | 3,199 | ||||||
AfreecaTV Co., Ltd. | 225 | 5,809 | ||||||
Bluecom Co., Ltd. | 272 | 3,155 | ||||||
Com2uSCorp (b) | 97 | 9,518 | ||||||
Daou Technology, Inc. | 330 | 8,130 | ||||||
Daum Kakao Corp. | 249 | 26,448 | ||||||
Dongbu HiTek Co., Ltd. (b) | 360 | 4,282 | ||||||
Dongwon Systems Corp. | 58 | 4,394 | ||||||
DuzonBIzon Co., Ltd. | 370 | 6,524 | ||||||
Eo Technics Co., Ltd. | 96 | 8,901 | ||||||
Gamevil, Inc. (b) | 62 | 3,604 | ||||||
GemVax & Kael Co., Ltd. (b) | 300 | 8,555 | ||||||
Joymax Co., Ltd. (b) | 177 | 2,852 | ||||||
KCP Co., Ltd. (b) | 272 | 8,169 | ||||||
KH Vatec Co., Ltd. | 276 | 3,574 | ||||||
LG Display Co., Ltd. ADR | 4,834 | 45,923 | ||||||
LG Innotek Co., Ltd. | 207 | 15,368 | ||||||
Lumens Co., Ltd. | 969 | 3,058 | ||||||
NAVER Corp. | 289 | 125,080 | ||||||
NCSoft Corp. | 175 | 27,904 | ||||||
Neowiz Games Corp. (b) | 220 | 3,443 | ||||||
Nexon GT Co., Ltd. (b) | 286 | 2,811 | ||||||
NHN Entertainment Corp. (b) | 279 | 15,182 | ||||||
Partron Co., Ltd. | 870 | 6,900 | ||||||
Sam Young Electronics Co., Ltd. | 1,489 | 16,833 | ||||||
Samsung Electro-Mechanics Co., Ltd. | 616 | 33,417 | ||||||
Samsung Electronics Co., Ltd. GDR | 2,541 | 1,200,623 | ||||||
Samsung SDI Co., Ltd. | 470 | 43,023 | ||||||
Samsung SDS Co., Ltd. | 322 | 78,238 | ||||||
Seoul Semiconductor Co., Ltd. (b) | 581 | 6,960 | ||||||
SK Communications Co., Ltd. (b) | 816 | 5,893 | ||||||
SK Hynix, Inc. | 5,448 | 154,206 | ||||||
SundayToz Corp. (b) | 294 | 3,696 | ||||||
Texcell-NetCom Co., Ltd. (b) | 1,734 | 2,721 | ||||||
Tovis Co., Ltd. | 290 | 2,420 | ||||||
UniTest, Inc. | 524 | 4,620 | ||||||
Webzen, Inc. (b) | 225 | 6,065 | ||||||
WeMade Entertainment Co., Ltd. (b) | 115 | 4,570 | ||||||
Wonik IPS Co., Ltd. (b) | 727 | 5,606 | ||||||
1,921,674 | ||||||||
SPAIN — 1.9% | ||||||||
Amadeus IT Holding SA | 4,059 | 173,192 | ||||||
Indra Sistemas SA (a)(b) | 1,626 | 16,829 | ||||||
190,021 | ||||||||
SWEDEN — 4.1% | ||||||||
Fingerprint Cards AB (Class B) (a)(b) | 500 | 18,421 | ||||||
Hexagon AB, (Class B) | 2,757 | 83,923 | ||||||
NetEnt AB (b) | 338 | 18,760 | ||||||
Telefonaktiebolaget LM Ericsson (Class B) | 30,539 | 299,307 | ||||||
420,411 | ||||||||
SWITZERLAND — 1.1% | ||||||||
Logitech International SA (a) | 2,115 | 27,490 | ||||||
Myriad Group AG (a)(b) | 1,050 | 3,417 | ||||||
STMicroelectronics NV (a) | 7,558 | 51,379 | ||||||
Temenos Group AG (b) | 844 | 34,551 | ||||||
116,837 | ||||||||
UNITED KINGDOM — 6.1% | ||||||||
ARM Holdings PLC | 14,322 | 205,553 | ||||||
Auto Trader Group PLC (b)(c) | 3,961 | 20,346 | ||||||
Aveva Group PLC | 1,040 | 32,074 |
See accompanying notes to financial statements.
450
SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Dialog Semiconductor PLC (b) | 929 | $ | 37,093 | |||||
Fidessa Group PLC | 319 | 8,669 | ||||||
Imagination Technologies Group PLC (b) | 3,019 | 10,049 | ||||||
Just Eat PLC (b) | 4,410 | 27,415 | ||||||
Micro Focus International PLC | 734 | 13,375 | ||||||
Moneysupermarket.com Group PLC | 4,428 | 22,671 | ||||||
Pace PLC | 2,184 | 11,926 | ||||||
Playtech PLC | 981 | 12,311 | ||||||
Sage Group PLC | 14,551 | 110,073 | ||||||
Spectris PLC | 1,756 | 44,979 | ||||||
Spirent Communications PLC | 10,510 | 12,020 | ||||||
Telecity Group PLC | 2,559 | 42,173 | ||||||
Xaar PLC | 724 | 6,136 | ||||||
Zoopla Property Group PLC (c) | 2,852 | 9,025 | ||||||
625,888 | ||||||||
UNITED STATES — 0.1% | ||||||||
Globant SA (a)(b) | 186 | 5,690 | ||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $11,260,115) | 10,121,446 | |||||||
SHORT TERM INVESTMENTS — 13.4% | ||||||||
UNITED STATES — 13.4% | ||||||||
MONEY MARKET FUNDS — 13.4% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (d)(e) | 1,359,852 | 1,359,852 | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f) | 11,633 | 11,633 | ||||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $1,371,485) | 1,371,485 | |||||||
TOTAL INVESTMENTS — 112.6% | ||||||||
(Cost $12,631,600) | 11,492,931 | |||||||
OTHER ASSETS & LIABILITIES — (12.6)% | (1,286,439 | ) | ||||||
NET ASSETS — 100.0% | $ | 10,206,492 | ||||||
(a) | All or a portion of the security was on loan at September 30, 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 September 30, 2015, are 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.
451
SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.2% | ||||||||
AUSTRALIA — 4.4% | ||||||||
M2 Group, Ltd. | 18,687 | $ | 124,537 | |||||
Telstra Corp., Ltd. | 317,164 | 1,249,507 | ||||||
TPG Telecom, Ltd. | 27,490 | 209,651 | ||||||
Vocus Communications, Ltd. | 1,692 | 6,986 | ||||||
1,590,681 | ||||||||
BELGIUM — 1.1% | ||||||||
Mobistar SA (a) | 351 | 7,546 | ||||||
Proximus | 10,926 | 376,373 | ||||||
383,919 | ||||||||
CANADA — 5.6% | ||||||||
BCE, Inc. (b) | 15,348 | 628,654 | ||||||
BCE, Inc. (b)(c) | 2,935 | 119,572 | ||||||
Rogers Communications, Inc. (Class B) | 23,169 | 798,867 | ||||||
TELUS Corp. | 15,471 | 487,955 | ||||||
2,035,048 | ||||||||
DENMARK — 0.9% | ||||||||
TDC A/S | 63,361 | 325,847 | ||||||
FINLAND — 1.1% | ||||||||
Elisa Oyj | 11,262 | 379,902 | ||||||
FRANCE — 5.5% | ||||||||
Iliad SA | 1,959 | 394,705 | ||||||
Orange SA | 105,842 | 1,597,335 | ||||||
1,992,040 | ||||||||
GERMANY — 9.3% | ||||||||
Deutsche Telekom AG | 141,169 | 2,503,156 | ||||||
Drillisch AG | 4,083 | 216,534 | ||||||
Freenet AG | 10,511 | 346,531 | ||||||
Telefonica Deutschland Holding AG | 50,992 | 310,839 | ||||||
3,377,060 | ||||||||
HONG KONG — 2.0% | ||||||||
Alibaba Health Information Technology, Ltd. (a)(c) | 135,949 | 86,656 | ||||||
HKBN, Ltd. (a) | 31,587 | 36,437 | ||||||
HKT Trust/HKT, Ltd. | 301,662 | 358,489 | ||||||
PCCW, Ltd. | 473,941 | 242,778 | ||||||
724,360 | ||||||||
ISRAEL — 0.9% | ||||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 154,215 | 294,686 | ||||||
Cellcom Israel, Ltd. (a) | 2,637 | 16,528 | ||||||
Partner Communications Co., Ltd. (a) | 4,903 | 19,425 | ||||||
330,639 | ||||||||
ITALY — 3.8% | ||||||||
Infrastrutture Wireless Italiane SpA (a)(d) | 3,034 | 14,834 | ||||||
Telecom Italia SpA (a)(b) | 861,197 | 1,059,365 | ||||||
Telecom Italia SpA (b) | 285,090 | 291,818 | ||||||
1,366,017 | ||||||||
JAPAN — 18.2% | ||||||||
KDDI Corp. | 82,285 | 1,832,373 | ||||||
Nippon Telegraph & Telephone Corp. | 42,600 | 1,486,100 | ||||||
NTT DoCoMo, Inc. (c) | 78,937 | 1,313,584 | ||||||
SoftBank Group Corp. | 43,285 | 1,979,476 | ||||||
6,611,533 | ||||||||
LUXEMBOURG — 0.8% | ||||||||
Millicom International Cellular SA SDR | 4,881 | 304,370 | ||||||
NETHERLANDS — 2.4% | ||||||||
Koninklijke KPN NV | 237,247 | 885,581 | ||||||
NEW ZEALAND — 0.8% | ||||||||
Chorus, Ltd. (a) | 39,511 | 67,485 | ||||||
Spark New Zealand, Ltd. | 120,335 | 229,395 | ||||||
296,880 | ||||||||
NORWAY — 2.6% | ||||||||
Telenor ASA | 50,292 | 936,858 | ||||||
PORTUGAL — 0.0% (e) | ||||||||
Pharol SGPS SA (a) | 19,899 | 5,931 | ||||||
SINGAPORE — 4.3% | ||||||||
Singapore Telecommunications, Ltd. | 563,462 | 1,426,586 | ||||||
StarHub, Ltd. (c) | 61,199 | 148,920 | ||||||
1,575,506 | ||||||||
SOUTH KOREA — 3.0% | ||||||||
KT Corp. ADR (a)(c) | 19,614 | 256,355 | ||||||
LG Uplus Corp. | 19,774 | 201,861 | ||||||
SK Telecom Co., Ltd. ADR | 26,273 | 641,061 | ||||||
1,099,277 | ||||||||
SPAIN — 7.1% | ||||||||
Cellnex Telecom SAU (a)(d) | 7,853 | 133,242 | ||||||
Euskaltel SA (a)(d) | 3,537 | 40,666 | ||||||
Telefonica SA | 198,064 | 2,394,392 | ||||||
2,568,300 | ||||||||
SWEDEN — 3.1% | ||||||||
Com Hem Holding AB | 4,213 | 35,137 | ||||||
Tele2 AB | 23,140 | 224,722 | ||||||
TeliaSonera AB | 162,968 | 875,168 | ||||||
1,135,027 | ||||||||
SWITZERLAND — 2.6% | ||||||||
Sunrise Communications Group AG (a)(d) | 1,121 | 64,132 | ||||||
Swisscom AG | 1,771 | 881,241 | ||||||
945,373 | ||||||||
UNITED KINGDOM — 19.7% | ||||||||
BT Group PLC | 373,668 | 2,374,993 | ||||||
Cable & Wireless Communications PLC | 337,977 | 283,621 | ||||||
Inmarsat PLC | 33,506 | 498,396 | ||||||
TalkTalk Telecom Group PLC (c) | 41,799 | 199,126 | ||||||
Vodafone Group PLC | 1,199,772 | 3,788,275 | ||||||
7,144,411 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $38,569,321) | 36,014,560 | |||||||
SHORT TERM INVESTMENTS — 4.5% | ||||||||
UNITED STATES — 4.5% | ||||||||
MONEY MARKET FUNDS — 4.5% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (f)(g) | 1,591,584 | 1,591,584 |
See accompanying notes to financial statements.
452
SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (g)(h) | 30,521 | $ | 30,521 | |||||
TOTAL SHORT TERM INVESTMENTS — | ||||||||
(Cost $1,622,105) | 1,622,105 | |||||||
TOTAL INVESTMENTS — 103.7% | ||||||||
(Cost $40,191,426) | 37,636,665 | |||||||
OTHER ASSETS & LIABILITIES — (3.7)% | (1,336,758 | ) | ||||||
NET ASSETS — 100.0% | $ | 36,299,907 | ||||||
(a) | Non-income producing security | |||||
(b) | Reflects separate holdings of the issuer’s common stock traded on different securities exchanges. | |||||
(c) | All or a portion of the security was on loan at September 30, 2015. | |||||
(d) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.7% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |||||
(e) | Amount shown represents less than 0.05% of net assets. | |||||
(f) | Investments of cash collateral for securities loaned | |||||
(g) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). | |||||
(h) | The rate shown is the annualized seven-day yield at period end. |
ADR = American Depositary Receipt
PLC = Public Limited Company
SDR = Swedish Depositary Receipt
See accompanying notes to financial statements.
453
SPDR S&P International Utilities Sector ETF
SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS
September 30, 2015
Security Description | Shares | Value | ||||||
COMMON STOCKS — 99.6% | ||||||||
AUSTRALIA — 3.9% | ||||||||
AGL Energy, Ltd. | 32,879 | $ | 368,736 | |||||
APA Group | 54,390 | 326,571 | ||||||
AusNet Services (a) | 85,983 | 82,421 | ||||||
DUET Group (a) | 98,098 | 148,801 | ||||||
Energy Developments, Ltd. | 2,714 | 15,171 | ||||||
Energy World Corp., Ltd. (a)(b) | 38,989 | 5,476 | ||||||
ERM Power, Ltd. | 8,052 | 12,666 | ||||||
Infigen Energy (b) | 42,894 | 8,133 | ||||||
Spark Infrastructure Group (a) | 68,368 | 89,781 | ||||||
1,057,756 | ||||||||
AUSTRIA — 0.4% | ||||||||
EVN AG | 1,457 | 16,026 | ||||||
Verbund AG (a) | 6,154 | 81,540 | ||||||
97,566 | ||||||||
BELGIUM — 0.3% | ||||||||
Elia System Operator SA/NV | 1,451 | 70,456 | ||||||
CANADA — 5.0% | ||||||||
Algonquin Power & Utilities Corp. (a) | 9,487 | 66,799 | ||||||
Atco, Ltd. (Class I) | 3,618 | 105,785 | ||||||
Atlantic Power Corp. (a) | 5,943 | 11,082 | ||||||
Boralex, Inc. (Class A) (a) | 1,448 | 13,770 | ||||||
Canadian Utilities, Ltd. (Class A) | 5,657 | 152,364 | ||||||
Capital Power Corp. (a) | 4,775 | 67,242 | ||||||
Capstone Infrastructure Corp. (a) | 4,926 | 11,353 | ||||||
Emera, Inc. | 7,156 | 236,292 | ||||||
Fortis, Inc. | 13,638 | 388,277 | ||||||
Innergex Renewable Energy, Inc. (a) | 4,263 | 33,228 | ||||||
Just Energy Group, Inc. (a) | 5,585 | 34,242 | ||||||
Northland Power, Inc. (a) | 5,419 | 70,289 | ||||||
Superior Plus Corp. (a) | 6,391 | 52,388 | ||||||
TransAlta Corp. (a) | 13,929 | 64,414 | ||||||
TransAlta Renewables, Inc. | 2,357 | 18,073 | ||||||
Valener, Inc. (a) | 2,022 | 25,111 | ||||||
1,350,709 | ||||||||
CHINA — 1.0% | ||||||||
China Everbright Water, Ltd. (a)(b) | 27,600 | 11,744 | ||||||
ENN Energy Holdings, Ltd. (a) | 37,000 | 177,360 | ||||||
HK Electric Investments & HK Electric Investments, Ltd. (a)(c) | 115,027 | 81,928 | ||||||
271,032 | ||||||||
FINLAND — 1.2% | ||||||||
Fortum Oyj | 21,253 | 313,864 | ||||||
FRANCE — 9.4% | ||||||||
Albioma SA | 1,231 | 20,460 | ||||||
EDF SA | 14,517 | 255,465 | ||||||
Engie | 79,126 | 1,275,404 | ||||||
Rubis SCA (a) | 1,990 | 147,630 | ||||||
Suez Environnement Co. | 17,563 | 314,263 | ||||||
Theolia SA (b) | 10,048 | 5,945 | ||||||
Veolia Environnement SA | 23,643 | 539,178 | ||||||
2,558,345 | ||||||||
GERMANY — 4.1% | ||||||||
E.ON SE | 97,917 | 839,095 | ||||||
RWE AG | 24,324 | 275,589 | ||||||
RWE AG Preference Share | 850 | 7,588 | ||||||
1,122,272 | ||||||||
HONG KONG — 8.7% | ||||||||
Canvest Environment Protection Group Co., Ltd. (a)(b) | 30,000 | 12,852 | ||||||
Cheung Kong Infrastructure Holdings, Ltd. (a) | 29,000 | 259,127 | ||||||
China Ruifeng Renewable Energy Holdings, Ltd. (b) | 80,000 | 8,981 | ||||||
China Water Industry Group, Ltd. (a)(b) | 57,045 | 10,820 | ||||||
CLP Holdings, Ltd. | 97,000 | 827,937 | ||||||
Hong Kong & China Gas Co., Ltd. (a) | 327,845 | 614,229 | ||||||
Kong Sun Holdings, Ltd. (b) | 143,787 | 12,245 | ||||||
Power Assets Holdings, Ltd. | 63,500 | 598,944 | ||||||
Towngas China Co., Ltd. (a) | 46,000 | 28,253 | ||||||
2,373,388 | ||||||||
ISRAEL — 0.0% (d) | ||||||||
Tower Semiconductor, Ltd. (b) | 1 | 1 | ||||||
ITALY — 10.5% | ||||||||
A2A SpA | 75,725 | 93,826 | ||||||
ACEA SpA | 2,414 | 32,551 | ||||||
Ascopiave SpA | 4,064 | 9,345 | ||||||
Edison SpA (b) | 5,830 | 4,825 | ||||||
Enel Green Power SpA (a) | 78,729 | 148,607 | ||||||
Enel SpA | 345,375 | 1,537,473 | ||||||
Falck Renewables SpA | 7,137 | 8,843 | ||||||
Hera SpA | 35,259 | 91,389 | ||||||
Iren SpA | 27,498 | 44,783 | ||||||
Snam SpA | 104,396 | 535,348 | ||||||
Terna Rete Elettrica Nazionale SpA | 68,366 | 331,659 | ||||||
2,838,649 | ||||||||
JAPAN — 14.3% | ||||||||
Chubu Electric Power Co., Inc. (a) | 35,188 | 517,397 | ||||||
Chugoku Electric Power Co., Inc. (a) | 16,087 | 221,227 | ||||||
Electric Power Development Co., Ltd. | 8,900 | 270,868 | ||||||
Hiroshima Gas Co., Ltd. | 2,200 | 7,587 | ||||||
Hokkaido Electric Power Co., Inc. (a)(b) | 10,100 | 97,741 | ||||||
Hokkaido Gas Co., Ltd. | 3,000 | 6,939 | ||||||
Hokuriku Electric Power Co. | 10,194 | 136,697 | ||||||
K&O Energy Group, Inc. | 797 | 9,656 | ||||||
Kansai Electric Power Co., Inc. (b) | 39,398 | 436,531 | ||||||
Kyushu Electric Power Co., Inc. (a)(b) | 23,092 | 250,847 | ||||||
Okinawa Electric Power Co., Inc. | 1,500 | 33,653 | ||||||
Osaka Gas Co., Ltd. | 101,958 | 385,647 | ||||||
Saibu Gas Co., Ltd. (a) | 16,000 | 36,471 | ||||||
Shikoku Electric Power Co., Inc. (a) | 10,100 | 164,025 | ||||||
Shizuoka Gas Co., Ltd. | 3,500 | 22,648 | ||||||
Toho Gas Co., Ltd. (a) | 26,000 | 152,833 | ||||||
Tohoku Electric Power Co., Inc. | 24,572 | 331,757 | ||||||
Tokyo Electric Power Co., Inc. (b) | 39,199 | 260,858 | ||||||
Tokyo Gas Co., Ltd. | 109,958 | 530,487 | ||||||
3,873,869 | ||||||||
NEW ZEALAND — 1.4% | ||||||||
Contact Energy, Ltd. | 36,812 | 116,566 | ||||||
Genesis Energy, Ltd. | 25,503 | 29,855 | ||||||
Infratil, Ltd. | 27,471 | 53,774 | ||||||
Meridian Energy, Ltd. | 59,397 | 79,792 |
See accompanying notes to financial statements.
454
SPDR S&P International Utilities Sector ETF
SCHEDULE OF INVESTMENTS (continued)
SCHEDULE OF INVESTMENTS (continued)
September 30, 2015
Security Description | Shares | Value | ||||||
Mighty River Power, Ltd. | 34,372 | $ | 55,299 | |||||
TrustPower, Ltd. | 2,850 | 13,528 | ||||||
Vector, Ltd. | 13,285 | 26,770 | ||||||
375,584 | ||||||||
NORWAY — 0.0% (d) | ||||||||
Scatec Solar ASA (c) | 2,786 | 13,032 | ||||||
PORTUGAL — 1.8% | ||||||||
EDP — Energias de Portugal SA | 126,852 | 463,168 | ||||||
REN — Redes Energeticas Nacionais SGPS SA | 4,873 | 14,578 | ||||||
477,746 | ||||||||
SINGAPORE — 0.3% | ||||||||
Hyflux, Ltd. (a) | 33,600 | 16,305 | ||||||
Kenon Holdings, Ltd. (b) | 953 | 12,507 | ||||||
Keppel Infrastructure Trust (a) | 126,638 | 46,758 | ||||||
75,570 | ||||||||
SOUTH KOREA — 2.2% | ||||||||
Busan City Gas Co., Ltd. | 58 | 1,781 | ||||||
E1 Corp. | 123 | 7,212 | ||||||
Hanjin Heavy Industries & Construction Holdings Co., Ltd. | 683 | 3,826 | ||||||
Kg Eco Technology Service Co., Ltd. | 1,156 | 3,755 | ||||||
Korea District Heating Corp. | 174 | 9,747 | ||||||
Korea Electric Power Corp. ADR (a) | 25,108 | 514,463 | ||||||
Korea Gas Corp. | 1,323 | 44,368 | ||||||
KyungDong City Gas Co., Ltd. | 125 | 11,390 | ||||||
Samchully Co., Ltd. | 120 | 11,339 | ||||||
607,881 | ||||||||
SPAIN — 13.0% | ||||||||
Acciona SA | 1,347 | 95,177 | ||||||
EDP Renovaveis SA (a) | 10,306 | 67,471 | ||||||
Enagas SA | 11,069 | 316,555 | ||||||
Endesa SA | 15,506 | 326,093 | ||||||
Gas Natural SDG SA | 17,592 | 342,274 | ||||||
Iberdrola SA | 290,393 | 1,927,727 | ||||||
Red Electrica Corp. SA | 5,288 | 437,628 | ||||||
Saeta Yield SA | 2,958 | 27,241 | ||||||
3,540,166 | ||||||||
SWITZERLAND — 0.2% | ||||||||
Alpiq Holding AG (a)(b) | 254 | 24,825 | ||||||
BKW AG | 565 | 21,511 | ||||||
46,336 | ||||||||
UNITED KINGDOM — 21.9% | ||||||||
Abengoa Yield PLC (a) | 1,800 | 29,790 | ||||||
Centrica PLC | 249,346 | 865,681 | ||||||
Drax Group PLC | 20,464 | 75,635 | ||||||
Infinis Energy PLC | 4,990 | 10,166 | ||||||
National Grid PLC | 192,066 | 2,673,374 | ||||||
Pennon Group PLC | 20,288 | 238,782 | ||||||
Renewables Infrastructure Group, Ltd. | 31,025 | 47,817 | ||||||
Severn Trent PLC | 11,639 | 385,043 | ||||||
SSE PLC | 48,338 | 1,095,371 | ||||||
Telecom Plus PLC | 3,340 | 56,512 | ||||||
United Utilities Group PLC | 33,322 | 466,890 | ||||||
5,945,061 | ||||||||
TOTAL COMMON STOCKS — | ||||||||
(Cost $32,872,760) | 27,009,283 | |||||||
WARRANTS — 0.0% (d) | ||||||||
FRANCE — 0.0% (d) | ||||||||
Theolia SA (expiring 6/9/16) (b) (Cost $0) | 12,075 | 472 | ||||||
SHORT TERM INVESTMENT — 9.0% | ||||||||
UNITED STATES — 9.0% | ||||||||
MONEY MARKET FUND — 9.0% | ||||||||
State Street Navigator Securities Lending Prime Portfolio (e)(f) (Cost $2,439,082) | 2,439,082 | 2,439,082 | ||||||
TOTAL INVESTMENTS — 108.6% | ||||||||
(Cost $35,311,842) | 29,448,837 | |||||||
OTHER ASSETS & LIABILITIES — (8.6)% | (2,334,613 | ) | ||||||
NET ASSETS — 100.0% | $ | 27,114,224 | ||||||
(a) | All or a portion of the security was on loan at September 30, 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 September 30, 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) | Investments of cash collateral for securities loaned. | |||||
(f) | Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3). |
ADR = American Depositary Receipt
PLC = Public Limited Company
See accompanying notes to financial statements.
455
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2015
SPDR S&P International | SPDR MSCI International | |||||||||||||||||||||||||||||||||||
Dividend | Real Estate | |||||||||||||||||||||||||||||||||||
SPDR STOXX | SPDR EURO | SPDR EURO | SPDR EURO STOXX 50 Currency | Currency | Currency | SPDR S&P Emerging | ||||||||||||||||||||||||||||||
Europe | STOXX | STOXX | Hedged | Hedged | Hedged | Asia Pacific | SPDR S&P Russia | SPDR S&P | ||||||||||||||||||||||||||||
50 ETF | 50 ETF | Small Cap ETF | ETF | ETF | ETF | ETF | ETF | China ETF | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers, at value* (Note 2) | $ | 246,380,136 | $ | 4,041,117,474 | $ | 11,712,635 | $ | — | $ | — | $ | 4,041,479 | $ | 426,572,549 | $ | 22,528,768 | $ | 814,236,497 | ||||||||||||||||||
Investments in securities of affiliated issuers, at value (Notes 2 and 3) | 251,986 | 30,257,425 | 1,463 | 6,801,391 | 3,895,371 | 2,435 | 24,701,943 | 46,732 | 100,169,181 | |||||||||||||||||||||||||||
Total Investments | 246,632,122 | 4,071,374,899 | 11,714,098 | 6,801,391 | 3,895,371 | 4,043,914 | 451,274,492 | 22,575,500 | 914,405,678 | |||||||||||||||||||||||||||
Cash | — | — | — | — | — | — | — | 511,745 | — | |||||||||||||||||||||||||||
Due from broker | — | — | — | 17,544 | — | — | — | — | — | |||||||||||||||||||||||||||
Foreign currency, at value | 611,175 | 2,675,165 | 409 | 16,981 | — | — | 1,049,824 | 15,353 | 1,650,927 | |||||||||||||||||||||||||||
Receivable for investments sold | — | — | 4,052 | — | — | — | 273,517 | — | — | |||||||||||||||||||||||||||
Receivable for foreign taxes recoverable | 573,720 | 956,995 | 5,560 | — | — | 157 | — | — | — | |||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | — | — | — | 33,758 | 51,932 | 35,186 | — | — | — | |||||||||||||||||||||||||||
Dividends and interest receivable — unaffiliated issuers | 453,150 | 2,705,066 | 2,661 | — | — | 3,502 | 1,490,748 | 36,877 | 3,498,862 | |||||||||||||||||||||||||||
Dividends receivable — affiliated issuers | 38 | 345 | 1 | 9 | 2 | — | 261 | 5 | 122 | |||||||||||||||||||||||||||
Receivable from broker — variation margin on open futures contracts | — | — | — | 22,634 | — | — | — | — | — | |||||||||||||||||||||||||||
Due from Investment Adviser | — | — | — | 4,331 | 786 | — | — | — | — | |||||||||||||||||||||||||||
TOTAL ASSETS | 248,270,205 | 4,077,712,470 | 11,726,781 | 6,896,648 | 3,948,091 | 4,082,759 | 454,088,842 | 23,139,480 | 919,555,589 | |||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||
Payable upon return of securities loaned | — | 29,979,227 | — | — | — | — | 24,557,557 | — | 100,160,856 | |||||||||||||||||||||||||||
Payable for investments purchased | 445,755 | — | — | 36,024 | — | 27,434 | — | — | — | |||||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | — | — | — | 3,365 | 2,413 | 2,157 | — | — | — | |||||||||||||||||||||||||||
Due to custodian | — | — | 5,222 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Distributions payable | — | — | — | 45,679 | 52,907 | — | — | — | — | |||||||||||||||||||||||||||
Accrued advisory fee (Note 3) | 198,665 | 3,310,003 | 14,039 | 4,780 | 839 | 844 | 846,851 | 38,115 | 1,485,916 | |||||||||||||||||||||||||||
Deferred foreign taxes payable | — | — | — | — | — | — | 236,817 | — | — | |||||||||||||||||||||||||||
Accrued trustees’ fees and expenses (Note 3) | 137 | 2,397 | 1 | 6 | 4 | 4 | 394 | 15 | 632 | |||||||||||||||||||||||||||
TOTAL LIABILITIES | 644,557 | 33,291,627 | 19,262 | 89,854 | 56,163 | 30,439 | 25,641,619 | 38,130 | 101,647,404 | |||||||||||||||||||||||||||
NET ASSETS | $ | 247,625,648 | $ | 4,044,420,843 | $ | 11,707,519 | $ | 6,806,794 | $ | 3,891,928 | $ | 4,052,320 | $ | 428,447,223 | $ | 23,101,350 | $ | 817,908,185 | ||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||||||
Paid in capital (Note 4) | $ | 325,357,450 | $ | 4,830,077,962 | $ | 14,059,504 | $ | 7,569,987 | $ | 4,000,000 | $ | 4,000,000 | $ | 533,306,996 | $ | 44,972,933 | $ | 1,070,514,773 | ||||||||||||||||||
Undistributed (distribution in excess of) net investment income | — | — | (22,241 | ) | (35,761 | ) | (4 | ) | 2,816 | 12,350,914 | 718,388 | 17,289,278 | ||||||||||||||||||||||||
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures | (37,208,750 | ) | (230,630,791 | ) | (1,009,028 | ) | (12,486 | ) | — | — | (60,347,655 | ) | (6,403,340 | ) | (117,622,026 | ) | ||||||||||||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $0, $0, $225,124, $0, $0, respectively) | (40,478,457 | ) | (554,918,835 | ) | (1,320,462 | ) | (742,180 | ) | (157,587 | ) | 16,480 | (56,853,869 | ) | (16,186,569 | ) | (152,273,986 | ) | |||||||||||||||||||
Foreign currency | (44,595 | ) | (107,493 | ) | (254 | ) | 30,393 | 49,519 | 33,024 | (9,163 | ) | (62 | ) | 146 | ||||||||||||||||||||||
Futures | — | — | — | (3,159 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
NET ASSETS | $ | 247,625,648 | $ | 4,044,420,843 | $ | 11,707,519 | $ | 6,806,794 | $ | 3,891,928 | $ | 4,052,320 | $ | 428,447,223 | $ | 23,101,350 | $ | 817,908,185 | ||||||||||||||||||
NET ASSET VALUE PER SHARE | ||||||||||||||||||||||||||||||||||||
Net asset value per share | $ | 31.54 | $ | 33.77 | $ | 46.83 | $ | 34.03 | $ | 38.92 | $ | 40.52 | $ | 72.62 | $ | 14.90 | $ | 68.73 | ||||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 7,850,370 | 119,750,967 | 250,000 | 200,000 | 100,000 | 100,000 | 5,900,000 | 1,550,000 | 11,900,000 | |||||||||||||||||||||||||||
COST OF INVESTMENTS: | ||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 286,858,593 | $ | 4,596,036,309 | $ | 13,033,097 | $ | — | $ | — | $ | 4,024,999 | $ | 483,201,294 | $ | 38,715,337 | $ | 966,510,483 | ||||||||||||||||||
Affiliated issuers | 251,986 | 30,257,425 | 1,463 | 7,543,571 | 4,052,958 | 2,435 | 24,701,943 | 46,732 | 100,169,181 | |||||||||||||||||||||||||||
Total cost of investments | $ | 287,110,579 | $ | 4,626,293,734 | $ | 13,034,560 | $ | 7,543,571 | $ | 4,052,958 | $ | 4,027,434 | $ | 507,903,237 | $ | 38,762,069 | $ | 1,066,679,664 | ||||||||||||||||||
Foreign currency, at cost | $ | 617,625 | $ | 2,767,795 | $ | 420 | $ | 16,980 | $ | — | $ | — | $ | 1,051,150 | $ | 15,406 | $ | 1,650,856 | ||||||||||||||||||
Foreign currency due to custodian, at cost | $ | — | $ | — | $ | (5,215 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
* Includes investments in securities on loan, at value | $ | — | $ | 28,784,352 | $ | — | $ | — | $ | — | $ | — | $ | 24,240,528 | $ | — | $ | 97,758,716 | ||||||||||||||||||
See accompanying notes to financial statements.
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STATEMENTS OF ASSETS AND LIABILITIES (continued)
STATEMENTS OF ASSETS AND LIABILITIES (continued)
September 30, 2015
SPDR S&P Emerging | SPDR S&P Emerging | |||||||||||||||||||||||||||||||||||
SPDR S&P Emerging | Markets | SPDR S&P | SPDR S&P Emerging | SPDR S&P Emerging | Middle | SPDR Dow Jones International | ||||||||||||||||||||||||||||||
Markets | Dividend | BRIC | Europe | Latin America | East & Africa | SPDR S&P International | Real Estate | |||||||||||||||||||||||||||||
ETF | ETF | 40 ETF | ETF | ETF | ETF | SPDR S&P World ex-US ETF | Small Cap ETF | ETF | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers, at value* (Note 2) | $ | 186,172,038 | $ | 296,297,964 | $ | 81,162,243 | $ | 40,860,949 | $ | 25,556,643 | $ | 39,964,172 | $ | 711,155,555 | $ | 644,626,720 | $ | 4,745,015,007 | ||||||||||||||||||
Investments in securities of affiliated issuers, at value (Notes 2 and 3) | 13,116,956 | 17,309,750 | 2,939,850 | 47,805 | 2,015,961 | 4,987,620 | 49,764,176 | 124,631,951 | 77,535,787 | |||||||||||||||||||||||||||
Total Investments | 199,288,994 | 313,607,714 | 84,102,093 | 40,908,754 | 27,572,604 | 44,951,792 | 760,919,731 | 769,258,671 | 4,822,550,794 | |||||||||||||||||||||||||||
Cash | 30,204 | — | — | 102,213 | 4,352 | — | 847 | — | — | |||||||||||||||||||||||||||
Due from broker | 120,780 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Foreign currency, at value | 1,917,284 | 3,935,789 | 167,118 | 22,451 | 92,181 | 30,452 | 882,690 | 3,145,557 | — | |||||||||||||||||||||||||||
Receivable for investments sold | 91,920 | 2,479,790 | — | — | 9,594 | — | 375,367 | 234,796 | 6,881,542 | |||||||||||||||||||||||||||
Receivable for foreign taxes recoverable | 407 | 16,357 | 3,183 | 1,672 | 174 | — | 767,012 | 319,515 | 1,570,035 | |||||||||||||||||||||||||||
Dividends and interest receivable — unaffiliated issuers | 478,624 | 1,503,815 | 136,687 | 149,522 | 55,374 | 15,166 | 2,024,199 | 2,245,548 | 11,582,888 | |||||||||||||||||||||||||||
Dividends receivable — affiliated issuers | 13 | 111 | 14 | 7 | 4 | 2 | 39 | 98 | 1,161 | |||||||||||||||||||||||||||
Receivable from broker — variation margin on open futures contracts | 64,249 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
TOTAL ASSETS | 201,992,475 | 321,543,576 | 84,409,095 | 41,184,619 | 27,734,283 | 44,997,412 | 764,969,885 | 775,204,185 | 4,842,586,420 | |||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||
Payable upon return of securities loaned | 12,858,812 | 17,309,750 | 2,786,086 | 47,805 | 1,984,900 | 4,837,997 | 49,401,027 | 123,921,999 | 77,123,206 | |||||||||||||||||||||||||||
Payable for investments purchased | 62,164 | — | — | 70,376 | — | 28,893 | — | 1,622 | 271 | |||||||||||||||||||||||||||
Payable for fund shares repurchased | — | 2,467,240 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Due to custodian | — | 3,154,501 | — | — | — | — | — | 2,092 | 4,949,341 | |||||||||||||||||||||||||||
Accrued advisory fee (Note 3) | 299,789 | 444,628 | 118,401 | 57,346 | 36,182 | 54,019 | 654,757 | 721,774 | 7,375,617 | |||||||||||||||||||||||||||
Deferred foreign taxes payable | 64,678 | 4,426 | — | — | — | — | — | — | 76,705 | |||||||||||||||||||||||||||
Accrued trustees’ fees and expenses (Note 3) | 151 | 288 | 78 | 36 | 20 | 33 | 401 | 390 | 2,962 | |||||||||||||||||||||||||||
TOTAL LIABILITIES | 13,285,594 | 23,380,833 | 2,904,565 | 175,563 | 2,021,102 | 4,920,942 | 50,056,185 | 124,647,877 | 89,528,102 | |||||||||||||||||||||||||||
NET ASSETS | $ | 188,706,881 | $ | 298,162,743 | $ | 81,504,530 | $ | 41,009,056 | $ | 25,713,181 | $ | 40,076,470 | $ | 714,913,700 | $ | 650,556,308 | $ | 4,753,058,318 | ||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||||||
Paid in capital (Note 4) | $ | 268,821,662 | $ | 591,547,763 | $ | 219,313,816 | $ | 129,224,900 | $ | 77,329,650 | $ | 76,968,132 | $ | 766,336,513 | $ | 777,833,432 | $ | 5,316,340,099 | ||||||||||||||||||
Undistributed (distribution in excess of) net investment income | 1,947,448 | (709,247 | ) | 1,611,074 | 667,972 | 93,188 | 227,898 | 5,017,897 | 6,179,070 | (100,057,018 | ) | |||||||||||||||||||||||||
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures | (21,088,711 | ) | (189,400,116 | ) | (99,833,058 | ) | (44,167,912 | ) | (19,528,188 | ) | (23,601,124 | ) | 541,966 | 2,310,050 | (747,830,987 | ) | ||||||||||||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||
Investments (net of deferred foreign taxes of $64,678, $5,565, $0, $0, $0, $0, $0, $0, $75,941, respectively) | (60,951,856 | ) | (103,245,962 | ) | (39,587,307 | ) | (44,714,773 | ) | (32,177,065 | ) | (13,518,854 | ) | (56,911,989 | ) | (135,724,026 | ) | 284,864,222 | |||||||||||||||||||
Foreign currency | (19,673 | ) | (29,695 | ) | 5 | (1,131 | ) | (4,404 | ) | 418 | (70,687 | ) | (42,218 | ) | (257,998 | ) | ||||||||||||||||||||
Futures | (1,989 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
NET ASSETS | $ | 188,706,881 | $ | 298,162,743 | $ | 81,504,530 | $ | 41,009,056 | $ | 25,713,181 | $ | 40,076,470 | $ | 714,913,700 | $ | 650,556,308 | $ | 4,753,058,318 | ||||||||||||||||||
NET ASSET VALUE PER SHARE | ||||||||||||||||||||||||||||||||||||
Net asset value per share | $ | 52.42 | $ | 25.06 | $ | 18.52 | $ | 24.12 | $ | 36.73 | $ | 57.25 | $ | 25.17 | $ | 27.57 | $ | 39.24 | ||||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 3,600,000 | 11,900,000 | 4,400,000 | 1,700,000 | 700,000 | 700,000 | 28,400,000 | 23,600,000 | 121,135,379 | |||||||||||||||||||||||||||
COST OF INVESTMENTS: | ||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 247,059,216 | $ | 399,538,361 | $ | 120,749,550 | $ | 85,575,722 | $ | 57,733,708 | $ | 53,483,026 | $ | 768,067,544 | $ | 780,312,918 | $ | 4,460,074,844 | ||||||||||||||||||
Affiliated issuers | 13,116,956 | 17,309,750 | 2,939,850 | 47,805 | 2,015,961 | 4,987,620 | 49,764,176 | 124,669,779 | 77,535,787 | |||||||||||||||||||||||||||
Total cost of investments | $ | 260,176,172 | $ | 416,848,111 | $ | 123,689,400 | $ | 85,623,527 | $ | 59,749,669 | $ | 58,470,646 | $ | 817,831,720 | $ | 904,982,697 | $ | 4,537,610,631 | ||||||||||||||||||
Foreign currency, at cost | $ | 1,928,103 | $ | 3,937,082 | $ | 167,116 | $ | 22,727 | $ | 91,437 | $ | 30,159 | $ | 892,703 | $ | 3,154,048 | $ | (4,936,857 | ) | |||||||||||||||||
* Includes investments in securities on loan, at value | $ | 13,607,413 | $ | 17,378,557 | $ | 5,997,548 | $ | 47,034 | $ | 2,309,998 | $ | 5,238,278 | $ | 53,424,117 | $ | 121,302,311 | $ | 77,980,151 | ||||||||||||||||||
See accompanying notes to financial statements.
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STATEMENTS OF ASSETS AND LIABILITIES (continued)
STATEMENTS OF ASSETS AND LIABILITIES (continued)
September 30, 2015
SPDR S&P Global | ||||||||||||||||||||||||||||||||||||
SPDR S&P Global | Natural | SPDR MSCI ACWI Low Carbon | SPDR MSCI | SPDR MSCI Emerging | ||||||||||||||||||||||||||||||||
Infrastructure | Resources | SPDR MSCI | Target | SPDR MSCI EM | SPDR MSCI EM Beyond | EAFE | Markets | |||||||||||||||||||||||||||||
ETF | ETF | SPDR MSCI ACWI ex-US ETF | ACWI IMI ETF | ETF | 50 ETF | BRIC ETF | Quality Mix ETF | Quality Mix ETF | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers, at value* (Note 2) | $ | 56,033,724 | $ | 566,251,060 | $ | 709,237,028 | $ | 34,883,362 | $ | 80,961,778 | $ | 3,789,237 | $ | 2,364,720 | $ | 5,235,726 | $ | 71,092,256 | ||||||||||||||||||
Investments in securities of affiliated issuers, at value* (Notes 2 and 3) | 5,637,404 | 53,437,939 | 38,994,533 | 6,919,626 | 227,769 | 435,323 | 100,197 | 530 | — | |||||||||||||||||||||||||||
Total Investments | 61,671,128 | 619,688,999 | 748,231,561 | 41,802,988 | 81,189,547 | 4,224,560 | 2,464,917 | 5,236,256 | 71,092,256 | |||||||||||||||||||||||||||
Cash | — | — | 1,187 | — | 265 | — | — | — | — | |||||||||||||||||||||||||||
Foreign currency, at value | 122,059 | 2,637,317 | 2,706,738 | 55,373 | 131,512 | 13,975 | 9,186 | 25,129 | 2,128,103 | |||||||||||||||||||||||||||
Receivable for investments sold | 3,704,456 | 3,249,870 | 92,019 | 640 | — | — | — | — | 1,960,880 | |||||||||||||||||||||||||||
Receivable for fund shares sold | — | 4,801,812 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Receivable for foreign taxes recoverable | 25,236 | 436,099 | 656,512 | 14,700 | 41,863 | — | 431 | 5,729 | 147 | |||||||||||||||||||||||||||
Dividends and interest receivable — unaffiliated issuers | 153,326 | 1,632,620 | 2,439,182 | 71,809 | 154,678 | 8,666 | 3,079 | 13,869 | 110,569 | |||||||||||||||||||||||||||
Dividends receivable — affiliated issuers | 15 | 48 | 84 | 223 | 414 | 1 | — | — | 6 | |||||||||||||||||||||||||||
Due from Investment Adviser | — | — | 148,374 | — | 22,466 | — | — | — | — | |||||||||||||||||||||||||||
TOTAL ASSETS | 65,676,220 | 632,446,765 | 754,275,657 | 41,945,733 | 81,540,745 | 4,247,202 | 2,477,613 | 5,280,983 | 75,291,961 | |||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||
Payable upon return of securities loaned | 5,589,364 | 52,819,846 | 38,237,835 | 6,738,898 | — | 428,141 | 97,002 | — | — | |||||||||||||||||||||||||||
Payable for investments purchased | 3,700,442 | 5,930,928 | — | — | — | — | — | 8,463 | 2,043,366 | |||||||||||||||||||||||||||
Payable for fund shares repurchased | — | 3,256,105 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Due to custodian | — | — | — | — | — | — | — | — | 1,807,506 | |||||||||||||||||||||||||||
Accrued advisory fee (Note 3) | 86,896 | 617,962 | 721,130 | 21,244 | 65,881 | 5,267 | 3,161 | 4,252 | 52,112 | |||||||||||||||||||||||||||
Deferred foreign taxes payable | — | — | 5,089 | — | 552 | — | 1,296 | — | 17,842 | |||||||||||||||||||||||||||
Accrued trustees’ fees and expenses (Note 3) | 58 | 394 | 245 | 45 | 77 | — | 2 | 3 | 9 | |||||||||||||||||||||||||||
TOTAL LIABILITIES | 9,376,760 | 62,625,235 | 38,964,299 | 6,760,187 | 66,510 | 433,408 | 101,461 | 12,718 | 3,920,835 | |||||||||||||||||||||||||||
NET ASSETS | $ | 56,299,460 | $ | 569,821,530 | $ | 715,311,358 | $ | 35,185,546 | $ | 81,474,235 | $ | 3,813,794 | $ | 2,376,152 | $ | 5,268,265 | $ | 71,371,126 | ||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||||||
Paid in capital (Note 4) | $ | 83,304,440 | $ | 905,134,976 | $ | 930,631,351 | $ | 39,399,603 | $ | 88,300,106 | $ | 5,022,330 | $ | 3,041,030 | $ | 6,000,000 | $ | 83,569,247 | ||||||||||||||||||
Undistributed (distribution in excess of) net investment income | 796,927 | 6,025,548 | 6,613,656 | 490,989 | 538,675 | 65,842 | 18,940 | 39,314 | 710,303 | |||||||||||||||||||||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (17,987,067 | ) | (109,096,322 | ) | (72,664,130 | ) | (731 | ) | 59,785 | (228,224 | ) | (4,079 | ) | (34,207 | ) | (641,201 | ) | |||||||||||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||
Investments (net of deferred foreign taxes of $0, $0, $5,089, $0, $552, $0, $1,296, $0, $17,842, respectively) | (9,807,003 | ) | (232,191,638 | ) | (149,164,491 | ) | (4,701,881 | ) | (7,419,693 | ) | (1,045,737 | ) | (679,514 | ) | (736,387 | ) | (12,254,847 | ) | ||||||||||||||||||
Foreign currency | (7,837 | ) | (51,034 | ) | (105,028 | ) | (2,434 | ) | (4,638 | ) | (417 | ) | (225 | ) | (455 | ) | (12,376 | ) | ||||||||||||||||||
NET ASSETS | $ | 56,299,460 | $ | 569,821,530 | $ | 715,311,358 | $ | 35,185,546 | $ | 81,474,235 | $ | 3,813,794 | $ | 2,376,152 | $ | 5,268,265 | $ | 71,371,126 | ||||||||||||||||||
NET ASSET VALUE PER SHARE | ||||||||||||||||||||||||||||||||||||
Net asset value per share | $ | 43.31 | $ | 32.56 | $ | 30.31 | $ | 58.64 | $ | 67.90 | $ | 38.14 | $ | 47.52 | $ | 52.68 | $ | 47.58 | ||||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 1,300,000 | 17,500,000 | 23,600,000 | 600,000 | 1,200,000 | 100,000 | 50,000 | 100,000 | 1,500,000 | |||||||||||||||||||||||||||
COST OF INVESTMENTS: | ||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 65,840,727 | $ | 798,442,698 | $ | 858,396,430 | $ | 39,582,082 | $ | 88,367,760 | $ | 4,834,974 | $ | 3,042,938 | $ | 5,972,113 | $ | 83,329,261 | ||||||||||||||||||
Affiliated issuers | 5,637,404 | 53,437,939 | 38,994,533 | 6,922,787 | 240,928 | 435,323 | 100,197 | 530 | — | |||||||||||||||||||||||||||
Total cost of investments | $ | 71,478,131 | $ | 851,880,637 | $ | 897,390,963 | $ | 46,504,869 | $ | 88,608,688 | $ | 5,270,297 | $ | 3,143,135 | $ | 5,972,643 | $ | 83,329,261 | ||||||||||||||||||
Foreign currency, at cost | $ | 122,474 | $ | 2,657,490 | $ | 2,765,420 | $ | 57,039 | $ | 134,415 | $ | 14,392 | $ | 9,371 | $ | 25,411 | $ | 2,131,242 | ||||||||||||||||||
* Includes investments in securities on loan, at value | $ | 6,054,577 | $ | 51,907,963 | $ | 42,007,322 | $ | 7,277,105 | $ | — | $ | 426,686 | $ | 99,759 | $ | — | $ | — | ||||||||||||||||||
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)
STATEMENTS OF ASSETS AND LIABILITIES (continued)
September 30, 2015
SPDR MSCI | ||||||||||||||||||||||||||||||||||||
SPDR MSCI | SPDR MSCI | South | SPDR MSCI | |||||||||||||||||||||||||||||||||
World | SPDR MSCI Australia | SPDR MSCI Canada | SPDR MSCI Germany | Japan | SPDR MSCI Mexico | Korea | Spain | SPDR MSCI Taiwan | ||||||||||||||||||||||||||||
Quality Mix ETF | Quality Mix ETF | Quality Mix ETF | Quality Mix ETF | Quality Mix ETF | Quality Mix ETF | Quality Mix ETF | Quality Mix ETF | Quality Mix ETF | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers, at value* (Note 2) | $ | 5,754,606 | $ | 6,308,810 | $ | 9,278,329 | $ | 9,659,143 | $ | 11,850,942 | $ | 2,252,008 | $ | 2,370,725 | $ | 2,215,795 | $ | 5,015,713 | ||||||||||||||||||
Investments in securities of affiliated issuers, at value (Notes 2 and 3) | 18,902 | 1,749 | 6,707 | 1 | 4,203 | 964 | 689 | 328 | 484 | |||||||||||||||||||||||||||
Total Investments | 5,773,508 | 6,310,559 | 9,285,036 | 9,659,144 | 11,855,145 | 2,252,972 | 2,371,414 | 2,216,123 | 5,016,197 | |||||||||||||||||||||||||||
Cash | 11 | — | 396 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Foreign currency, at value | 14,623 | 42,856 | 25,058 | 13,289 | 24,163 | 9,648 | 314 | 5,420 | 19,990 | |||||||||||||||||||||||||||
Receivable for fund shares sold | — | — | 2,329,773 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Receivable for foreign taxes recoverable | 2,216 | — | — | 23,616 | 8,813 | — | — | 627 | — | |||||||||||||||||||||||||||
Dividends and interest receivable — unaffiliated issuers | 9,911 | 25,149 | 14,143 | — | 73,107 | 655 | — | — | 13,768 | |||||||||||||||||||||||||||
Dividends receivable — affiliated issuers | 13 | — | 1 | — | — | — | — | — | — | |||||||||||||||||||||||||||
TOTAL ASSETS | 5,800,282 | 6,378,564 | 11,654,407 | 9,696,049 | 11,961,228 | 2,263,275 | 2,371,728 | 2,222,170 | 5,049,955 | |||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||
Payable for investments purchased | — | — | 2,331,044 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Accrued advisory fee (Note 3) | 4,606 | 3,875 | 4,263 | 7,981 | 9,753 | 2,375 | 2,398 | 1,820 | 5,463 | |||||||||||||||||||||||||||
Accrued trustees’ fees and expenses (Note 3) | 4 | 5 | 1 | 2 | 1 | 1 | 2 | 6 | 4 | |||||||||||||||||||||||||||
TOTAL LIABILITIES | 4,610 | 3,880 | 2,335,308 | 7,983 | 9,754 | 2,376 | 2,400 | 1,826 | 5,467 | |||||||||||||||||||||||||||
NET ASSETS | $ | 5,795,672 | $ | 6,374,684 | $ | 9,319,099 | $ | 9,688,066 | $ | 11,951,474 | $ | 2,260,899 | $ | 2,369,328 | $ | 2,220,344 | $ | 5,044,488 | ||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||||||
Paid in capital (Note 4) | $ | 6,000,000 | $ | 7,654,881 | $ | 10,377,062 | $ | 11,345,141 | $ | 12,750,850 | $ | 3,000,000 | $ | 2,997,291 | $ | 3,094,469 | $ | 6,000,000 | ||||||||||||||||||
Undistributed (distribution in excess of) net investment income | 35,638 | 169,896 | 36,372 | — | 51,278 | 11,725 | — | 35,684 | 147,135 | |||||||||||||||||||||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | 69,554 | (77,032 | ) | (54,201 | ) | (134,563 | ) | 975 | (15,667 | ) | (30,005 | ) | (92,707 | ) | 10,449 | |||||||||||||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||
Investments | (309,072 | ) | (1,372,890 | ) | (1,039,707 | ) | (1,522,382 | ) | (851,864 | ) | (735,221 | ) | (597,962 | ) | (817,132 | ) | (1,112,395 | ) | ||||||||||||||||||
Foreign currency | (448 | ) | (171 | ) | (427 | ) | (130 | ) | 235 | 62 | 4 | 30 | (701 | ) | ||||||||||||||||||||||
NET ASSETS | $ | 5,795,672 | $ | 6,374,684 | $ | 9,319,099 | $ | 9,688,066 | $ | 11,951,474 | $ | 2,260,899 | $ | 2,369,328 | $ | 2,220,344 | $ | 5,044,488 | ||||||||||||||||||
NET ASSET VALUE PER SHARE | ||||||||||||||||||||||||||||||||||||
Net asset value per share | $ | 57.96 | $ | 42.50 | $ | 46.60 | $ | 48.44 | $ | 59.76 | $ | 22.61 | $ | 23.69 | $ | 44.41 | $ | 50.44 | ||||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 100,000 | 150,000 | 200,000 | 200,000 | 200,000 | 100,000 | 100,000 | 50,000 | 100,000 | |||||||||||||||||||||||||||
COST OF INVESTMENTS: | ||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 6,063,710 | $ | 7,681,700 | $ | 10,318,036 | $ | 11,181,525 | $ | 12,702,806 | $ | 2,987,229 | $ | 2,968,687 | $ | 3,032,927 | $ | 6,128,108 | ||||||||||||||||||
Affiliated issuers | 18,870 | 1,749 | 6,707 | 1 | 4,203 | 964 | 689 | 328 | 484 | |||||||||||||||||||||||||||
Total cost of investments | $ | 6,082,580 | $ | 7,683,449 | $ | 10,324,743 | $ | 11,181,526 | $ | 12,707,009 | $ | 2,988,193 | $ | 2,969,376 | $ | 3,033,255 | $ | 6,128,592 | ||||||||||||||||||
Foreign currency, at cost | $ | 15,018 | $ | 42,747 | $ | 25,376 | $ | 13,363 | $ | 24,077 | $ | 9,586 | $ | 310 | $ | 5,394 | $ | 20,507 | ||||||||||||||||||
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)
STATEMENTS OF ASSETS AND LIABILITIES (continued)
September 30, 2015
SPDR S&P International | ||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||
SPDR MSCI United | SPDR S&P Global | SPDR S&P International | SPDR S&P Emerging | SPDR Dow Jones Global | Discretionary | |||||||||||||||||||||||||||||||
Kingdom | SPDR Russell/Nomura | SPDR Russell/Nomura | Dividend | Dividend | SPDR S&P | Markets | Real Estate | Sector | ||||||||||||||||||||||||||||
Quality Mix ETF | PRIME Japan ETF | Small Cap Japan ETF | ETF | ETF | International Mid Cap ETF | Small Cap ETF | ETF | ETF | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers, at value* (Note 2) | $ | 2,485,778 | $ | 25,659,462 | $ | 60,278,068 | $ | 72,823,806 | $ | 967,843,536 | $ | 45,998,473 | $ | 372,599,957 | $ | 1,893,824,779 | $ | 14,184,624 | ||||||||||||||||||
Investments in securities of affiliated issuers, at value (Notes 2 and 3) | 983 | 4,890,345 | 14,748,394 | 10,998,312 | 154,965,014 | 6,462,559 | 31,737,344 | 24,121,800 | 2,072,448 | |||||||||||||||||||||||||||
Total Investments | 2,486,761 | 30,549,807 | 75,026,462 | 83,822,118 | 1,122,808,550 | 52,461,032 | 404,337,301 | 1,917,946,579 | 16,257,072 | |||||||||||||||||||||||||||
Foreign currency, at value | 16,188 | 36,229 | 515,670 | 197,828 | 3,286,191 | 151,443 | 1,489,549 | — | 36,138 | |||||||||||||||||||||||||||
Receivable for investments sold | — | — | 682,288 | — | 15,694,440 | 134,655 | 240,552 | 1,126,608 | — | |||||||||||||||||||||||||||
Receivable for foreign taxes recoverable | 89 | 46,587 | 16,945 | 44,331 | 313,186 | 20,085 | 10,308 | 217,733 | 11,578 | |||||||||||||||||||||||||||
Dividends and interest receivable — unaffiliated issuers | 5,866 | 187,982 | 348,414 | 210,059 | 4,232,760 | 145,559 | 1,012,010 | 5,281,216 | 39,232 | |||||||||||||||||||||||||||
Dividends receivable — affiliated issuers | — | 3 | 9 | 35 | 481 | 11 | 221 | 612 | 3 | |||||||||||||||||||||||||||
TOTAL ASSETS | 2,508,904 | 30,820,608 | 76,589,788 | 84,274,371 | 1,146,335,608 | 52,912,785 | 407,089,941 | 1,924,572,748 | 16,344,023 | |||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||
Payable upon return of securities loaned | — | 4,865,671 | 14,662,395 | 10,950,786 | 153,680,936 | 6,425,112 | 31,737,344 | 20,157,461 | 2,025,769 | |||||||||||||||||||||||||||
Payable for investments purchased | — | — | 935,676 | — | — | 182,234 | 148,826 | 2,452,783 | — | |||||||||||||||||||||||||||
Payable for fund shares repurchased | — | — | — | — | 16,886,733 | — | — | — | — | |||||||||||||||||||||||||||
Due to custodian | — | — | — | — | — | — | 424,162 | 312,869 | — | |||||||||||||||||||||||||||
Accrued advisory fee (Note 3) | 2,019 | 21,345 | 64,091 | 74,072 | 1,332,219 | 60,727 | 686,269 | 2,450,512 | 16,294 | |||||||||||||||||||||||||||
Deferred foreign taxes payable | — | — | — | — | 19,243 | — | 412,345 | 4,390 | — | |||||||||||||||||||||||||||
Accrued trustees’ fees and expenses (Note 3) | 6 | 5 | 31 | 13 | 858 | 21 | 298 | 1,005 | 8 | |||||||||||||||||||||||||||
TOTAL LIABILITIES | 2,025 | 4,887,021 | 15,662,193 | 11,024,871 | 171,919,989 | 6,668,094 | 33,409,244 | 25,379,020 | 2,042,071 | |||||||||||||||||||||||||||
NET ASSETS | $ | 2,506,879 | $ | 25,933,587 | $ | 60,927,595 | $ | 73,249,500 | $ | 974,415,619 | $ | 46,244,691 | $ | 373,680,697 | $ | 1,899,193,728 | $ | 14,301,952 | ||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||||||
Paid in capital (Note 4) | $ | 3,086,564 | $ | 32,532,566 | $ | 74,312,886 | $ | 82,240,393 | $ | 1,533,581,657 | $ | 54,392,775 | $ | 597,341,799 | $ | 1,877,264,186 | $ | 15,722,077 | ||||||||||||||||||
Undistributed (distribution in excess of) net investment income | — | 180,711 | (102,936 | ) | (2,708 | ) | 6,613,187 | 359,077 | 6,509,733 | (14,362,348 | ) | 65,965 | ||||||||||||||||||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (97,534 | ) | (1,783,802 | ) | (7,120,889 | ) | 164,542 | (354,653,125 | ) | (4,737,186 | ) | (49,694,153 | ) | (33,500,537 | ) | 1 | ||||||||||||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $18,821, $0, $394,681, $4,390, $0, respectively) | (481,760 | ) | (4,988,314 | ) | (6,157,310 | ) | (9,144,340 | ) | (211,094,165 | ) | (3,767,907 | ) | (180,465,937 | ) | 69,837,015 | (1,484,862 | ) | |||||||||||||||||||
Foreign currency | (391 | ) | (7,574 | ) | (4,156 | ) | (8,387 | ) | (31,935 | ) | (2,068 | ) | (10,745 | ) | (44,588 | ) | (1,229 | ) | ||||||||||||||||||
NET ASSETS | $ | 2,506,879 | $ | 25,933,587 | $ | 60,927,595 | $ | 73,249,500 | $ | 974,415,619 | $ | 46,244,691 | $ | 373,680,697 | $ | 1,899,193,728 | $ | 14,301,952 | ||||||||||||||||||
NET ASSET VALUE PER SHARE | ||||||||||||||||||||||||||||||||||||
Net asset value per share | $ | 50.14 | $ | 43.22 | $ | 50.77 | $ | 58.60 | $ | 33.95 | $ | 28.03 | $ | 37.00 | $ | 45.11 | $ | 35.75 | ||||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 50,000 | 600,000 | 1,200,075 | 1,250,000 | 28,701,326 | 1,650,000 | 10,100,000 | 42,100,000 | 400,000 | |||||||||||||||||||||||||||
COST OF INVESTMENTS: | ||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 2,967,538 | $ | 30,647,776 | $ | 66,435,378 | $ | 81,968,146 | $ | 1,178,918,880 | $ | 49,766,380 | $ | 552,671,213 | $ | 1,823,983,374 | $ | 15,669,486 | ||||||||||||||||||
Affiliated issuers | 983 | 4,890,345 | 14,748,394 | 10,998,312 | 154,965,014 | 6,462,559 | 31,737,344 | 24,121,800 | 2,072,448 | |||||||||||||||||||||||||||
Total cost of investments | $ | 2,968,521 | $ | 35,538,121 | $ | 81,183,772 | $ | 92,966,458 | $ | 1,333,883,894 | $ | 56,228,939 | $ | 584,408,557 | $ | 1,848,105,174 | $ | 17,741,934 | ||||||||||||||||||
Foreign currency, at cost | $ | 16,456 | $ | 36,088 | $ | 517,297 | $ | 201,753 | $ | 3,291,011 | $ | 152,082 | $ | 1,490,105 | $ | (307,720 | ) | $ | 36,686 | |||||||||||||||||
* Includes investments in securities on loan, at value | $ | — | $ | 4,658,307 | $ | 14,270,206 | $ | 12,701,605 | $ | 151,182,579 | $ | 6,331,705 | $ | 37,353,211 | $ | 21,917,310 | $ | 1,964,075 | ||||||||||||||||||
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)
STATEMENTS OF ASSETS AND LIABILITIES (continued)
September 30, 2015
SPDR S&P International | ||||||||||||||||||||||||||||||||||||
Consumer | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | ||||||||||||||||||||||||||||
Staples | Energy | Financial | Health | Industrial | Materials | Technology | Telecommunications | Utilities | ||||||||||||||||||||||||||||
Sector | Sector | Sector | Care Sector | Sector | Sector | Sector | Sector | Sector | ||||||||||||||||||||||||||||
ETF | ETF | ETF | ETF | ETF | ETF | ETF | ETF | ETF | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers, at value* (Note 2) | $ | 64,764,667 | $ | 23,092,343 | $ | 10,527,709 | $ | 74,411,003 | $ | 17,221,882 | $ | 4,875,077 | $ | 10,121,446 | $ | 36,014,560 | $ | 27,009,755 | ||||||||||||||||||
Investments in securities of affiliated issuers, at value (Notes 2 and 3) | 3,472,136 | 3,448,858 | 1,200,411 | 6,494,977 | 1,048,203 | 643,198 | 1,371,485 | 1,622,105 | 2,439,082 | |||||||||||||||||||||||||||
Total Investments | 68,236,803 | 26,541,201 | 11,728,120 | 80,905,980 | 18,270,085 | 5,518,275 | 11,492,931 | 37,636,665 | 29,448,837 | |||||||||||||||||||||||||||
Foreign currency, at value | 160,023 | 94,930 | 34,629 | 165,333 | 29,897 | 27,195 | 62,026 | 176,331 | 71,597 | |||||||||||||||||||||||||||
Receivable for investments sold | — | — | 30,481 | 2,398,587 | — | — | — | — | — | |||||||||||||||||||||||||||
Receivable for foreign currency contracts sold | — | — | — | 9,825 | 19,779 | 3,346 | — | — | — | |||||||||||||||||||||||||||
Receivable for foreign taxes recoverable | 116,170 | 2,896 | 1,884 | 223,974 | 13,390 | 5,923 | 2,179 | 24,207 | 15,804 | |||||||||||||||||||||||||||
Dividends and interest receivable — unaffiliated issuers | 128,985 | 71,347 | 41,438 | 171,025 | 54,550 | 14,334 | 20,111 | 96,127 | 47,501 | |||||||||||||||||||||||||||
Dividends receivable — affiliated issuers | 13 | 9 | 2 | 5 | 2 | 2 | 1 | 2 | 6 | |||||||||||||||||||||||||||
TOTAL ASSETS | 68,641,994 | 26,710,383 | 11,836,554 | 83,874,729 | 18,387,703 | 5,569,075 | 11,577,248 | 37,933,332 | 29,583,745 | |||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||
Payable upon return of securities loaned | 3,446,144 | 3,434,341 | 1,200,411 | 6,462,640 | 1,026,410 | 620,519 | 1,359,852 | 1,591,584 | 2,439,082 | |||||||||||||||||||||||||||
Payable for investments purchased | — | 45,077 | 6 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Payable for fund shares repurchased | — | — | — | 2,416,158 | — | — | — | — | — | |||||||||||||||||||||||||||
Due to custodian | — | — | 42,667 | 9,825 | 19,779 | 3,259 | — | — | 1,560 | |||||||||||||||||||||||||||
Accrued advisory fee (Note 3) | 65,559 | 23,533 | 13,655 | 85,158 | 19,908 | 5,687 | 10,897 | 41,814 | 28,842 | |||||||||||||||||||||||||||
Accrued trustees’ fees and expenses (Note 3) | 28 | 11 | 4 | 39 | 12 | 4 | 7 | 27 | 37 | |||||||||||||||||||||||||||
TOTAL LIABILITIES | 3,511,731 | 3,502,962 | 1,256,743 | 8,973,820 | 1,066,109 | 629,469 | 1,370,756 | 1,633,425 | 2,469,521 | |||||||||||||||||||||||||||
NET ASSETS | $ | 65,130,263 | $ | 23,207,421 | $ | 10,579,811 | $ | 74,900,909 | $ | 17,321,594 | $ | 4,939,606 | $ | 10,206,492 | $ | 36,299,907 | $ | 27,114,224 | ||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||||||
Paid in capital (Note 4) | $ | 64,820,893 | $ | 36,373,943 | $ | 14,305,659 | $ | 70,588,313 | $ | 21,529,317 | $ | 10,680,702 | $ | 11,574,982 | $ | 42,067,708 | $ | 37,240,925 | ||||||||||||||||||
Undistributed (distribution in excess of) net investment income | (19,742 | ) | (6,454 | ) | 170,489 | (1,914 | ) | 94,402 | 6,163 | 50,873 | 158,692 | 31,380 | ||||||||||||||||||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | (106,816 | ) | (1,549,128 | ) | (1,280,808 | ) | 105,954 | (1,193,768 | ) | (1,192,107 | ) | (280,068 | ) | (3,370,018 | ) | (4,293,005 | ) | |||||||||||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||
Investments | 444,904 | (11,609,148 | ) | (2,613,955 | ) | 4,224,458 | (3,106,860 | ) | (4,554,648 | ) | (1,138,669 | ) | (2,554,761 | ) | (5,863,005 | ) | ||||||||||||||||||||
Foreign currency | (8,976 | ) | (1,792 | ) | (1,574 | ) | (15,902 | ) | (1,497 | ) | (504 | ) | (626 | ) | (1,714 | ) | (2,071 | ) | ||||||||||||||||||
NET ASSETS | $ | 65,130,263 | $ | 23,207,421 | $ | 10,579,811 | $ | 74,900,909 | $ | 17,321,594 | $ | 4,939,606 | $ | 10,206,492 | $ | 36,299,907 | $ | 27,114,224 | ||||||||||||||||||
NET ASSET VALUE PER SHARE | ||||||||||||||||||||||||||||||||||||
Net asset value per share | $ | 39.47 | $ | 15.47 | $ | 19.24 | $ | 48.32 | $ | 26.65 | $ | 16.47 | $ | 29.16 | $ | 24.20 | $ | 15.95 | ||||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 1,650,000 | 1,500,000 | 550,000 | 1,550,000 | 650,000 | 300,000 | 350,000 | 1,500,000 | 1,700,000 | |||||||||||||||||||||||||||
COST OF INVESTMENTS: | ||||||||||||||||||||||||||||||||||||
Unaffiliated issuers | $ | 64,319,763 | $ | 34,701,491 | $ | 13,141,664 | $ | 70,186,545 | $ | 20,328,742 | $ | 9,429,725 | $ | 11,260,115 | $ | 38,569,321 | $ | 32,872,760 | ||||||||||||||||||
Affiliated issuers | 3,472,136 | 3,448,858 | 1,200,411 | 6,494,977 | 1,048,203 | 643,198 | 1,371,485 | 1,622,105 | 2,439,082 | |||||||||||||||||||||||||||
Total cost of investments | $ | 67,791,899 | $ | 38,150,349 | $ | 14,342,075 | $ | 76,681,522 | $ | 21,376,945 | $ | 10,072,923 | $ | 12,631,600 | $ | 40,191,426 | $ | 35,311,842 | ||||||||||||||||||
Foreign currency, at cost | $ | 160,764 | $ | 95,499 | $ | 35,517 | $ | 168,104 | $ | 30,024 | $ | 27,191 | $ | 62,421 | $ | 176,548 | $ | 72,328 | ||||||||||||||||||
* Includes investments in securities on loan, at value | $ | 3,374,095 | $ | 4,034,931 | $ | 1,143,350 | $ | 6,131,869 | $ | 1,128,106 | $ | 528,741 | $ | 1,498,591 | $ | 1,526,897 | $ | 2,366,735 | ||||||||||||||||||
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS
For the Year Ended September 30, 2015
SPDR S&P International | SPDR MSCI International | |||||||||||||||||||||||||||||||||||
Dividend | Real Estate | |||||||||||||||||||||||||||||||||||
SPDR STOXX | SPDR EURO | SPDR EURO | SPDR EURO STOXX 50 Currency | Currency | Currency | SPDR S&P Emerging | ||||||||||||||||||||||||||||||
Europe | STOXX | STOXX | Hedged | Hedged | Hedged | Asia Pacific | SPDR S&P Russia | SPDR S&P | ||||||||||||||||||||||||||||
50 ETF | 50 ETF | Small Cap ETF | ETF (1) | ETF (2) | ETF (2) | ETF | ETF | China ETF | ||||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||||||
Dividend income on securities of unaffiliated issuers (Note 2) | $ | 10,711,691 | $ | 169,568,557 | $ | 252,544 | $ | — | $ | — | $ | 4,140 | $ | 21,556,375 | $ | 1,171,704 | $ | 31,316,870 | ||||||||||||||||||
Dividend income on securities of affiliated issuers (Note 2 and Note 3) | 294 | 4,262 | 15 | 93,793 | 52,960 | — | 2,871 | 156 | 1,646 | |||||||||||||||||||||||||||
Affiliated securities lending — net (Note 3 and Note 9) | 130,268 | 5,509,302 | — | — | — | — | 822,970 | — | 2,864,087 | |||||||||||||||||||||||||||
Interest income (Note 2) | 26 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Foreign taxes withheld | (769,254 | ) | (20,870,304 | ) | (29,898 | ) | — | — | (476 | ) | (2,609,160 | ) | (126,983 | ) | (2,198,025 | ) | ||||||||||||||||||||
TOTAL INVESTMENT INCOME (LOSS) | 10,073,025 | 154,211,817 | 222,661 | 93,793 | 52,960 | 3,664 | 19,773,056 | 1,044,877 | 31,984,578 | |||||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||||||
Advisory fee (Note 3) | 771,881 | 12,970,948 | 35,918 | 5,508 | 839 | 844 | 3,869,887 | 159,731 | 6,482,489 | |||||||||||||||||||||||||||
Trustees’ fees and expenses (Note 3) | 4,805 | 80,793 | 105 | 23 | 4 | 4 | 13,705 | 481 | 20,036 | |||||||||||||||||||||||||||
Miscellaneous expenses | 3,173 | 16,856 | 474 | 70 | — | — | 12,445 | 438 | 4,414 | |||||||||||||||||||||||||||
TOTAL EXPENSES | 779,859 | 13,068,597 | 36,497 | 5,601 | 843 | 848 | 3,896,037 | 160,650 | 6,506,939 | |||||||||||||||||||||||||||
Expenses waived by Adviser (Note 3) | — | — | — | (4,992 | ) | (786 | ) | — | — | — | — | |||||||||||||||||||||||||
NET EXPENSES | 779,859 | 13,068,597 | 36,497 | 609 | 57 | 848 | 3,896,037 | 160,650 | 6,506,939 | |||||||||||||||||||||||||||
NET INVESTMENT INCOME | 9,293,166 | 141,143,220 | 186,164 | 93,184 | 52,903 | 2,816 | 15,877,019 | 884,227 | 25,477,639 | |||||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers | (5,520,484 | ) | 101,538,012 | (1,013,223 | ) | — | — | — | (17,331,231 | ) | (1,356,182 | ) | 4,308,281 | |||||||||||||||||||||||
Investments in securities of affiliated issuers | — | — | — | (17,857 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Foreign currency transactions | (50,456 | ) | (94,238 | ) | (1,808 | ) | 19,270 | — | — | (735,874 | ) | (1,453 | ) | (5,179 | ) | |||||||||||||||||||||
Futures | — | — | — | (16,867 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
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, $225,124, $0, $0, respectively) | (36,407,654 | ) | (870,442,123 | ) | (184,899 | ) | (742,180 | ) | (157,587 | ) | 16,480 | (104,631,995 | ) | (6,375,731 | ) | (127,877,423 | ) | |||||||||||||||||||
Foreign currency translations | (4,964 | ) | 109,863 | 15 | 30,393 | 49,519 | 33,024 | 139 | (63 | ) | 4,709 | |||||||||||||||||||||||||
Futures | — | — | — | (3,159 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES | (41,983,558 | ) | (768,888,486 | ) | (1,199,915 | ) | (730,400 | ) | (108,068 | ) | 49,504 | (122,698,961 | ) | (7,733,429 | ) | (123,569,612 | ) | |||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $ | (32,690,392 | ) | $ | (627,745,266 | ) | $ | (1,013,751 | ) | $ | (637,216 | ) | $ | (55,165 | ) | $ | 52,320 | $ | (106,821,942 | ) | $ | (6,849,202 | ) | $ | (98,091,973 | ) | ||||||||||
(1) | For the period June 8, 2015 (inception date) through September 30, 2015. | |
(2) | For the period September 14, 2015 (inception date) through September 30, 2015. |
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
STATEMENTS OF OPERATIONS (continued)
For the Year Ended September 30, 2015
SPDR S&P Emerging | SPDR S&P Emerging | |||||||||||||||||||||||||||||||||||
SPDR S&P Emerging | Markets | SPDR S&P | SPDR S&P Emerging | SPDR S&P Emerging | Middle | SPDR Dow Jones International | ||||||||||||||||||||||||||||||
Markets | Dividend | BRIC | Europe | Latin America | East & Africa | SPDR S&P International | Real Estate | |||||||||||||||||||||||||||||
ETF | ETF | 40 ETF | ETF | ETF | ETF | SPDR S&P World ex-US ETF | Small Cap ETF | ETF | ||||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||||||
Dividend income on securities of unaffiliated issuers (Note 2) | $ | 6,423,965 | $ | 22,170,210 | $ | 3,382,404 | $ | 2,004,733 | $ | 1,052,275 | $ | 1,689,250 | $ | 22,822,533 | $ | 16,863,733 | $ | 164,963,614 | ||||||||||||||||||
Dividend income on securities of affiliated issuers (Note 2 and Note 3) | 1,284 | 738 | 253 | 115 | 80 | 50 | 777 | 2,769 | 5,877 | |||||||||||||||||||||||||||
Affiliated securities lending — net (Note 3 and Note 9) | 140,391 | 549,871 | 35,681 | 3,697 | 24,844 | 13,957 | 590,053 | 1,534,379 | 1,766,781 | |||||||||||||||||||||||||||
Interest income (Note 2) | 2,701 | 2,612 | — | — | — | — | 506 | 1,314 | 2,081 | |||||||||||||||||||||||||||
Foreign taxes withheld | (698,401 | ) | (2,244,333 | ) | (322,739 | ) | (246,563 | ) | (75,003 | ) | (170,387 | ) | (1,885,423 | ) | (1,301,465 | ) | (15,690,889 | ) | ||||||||||||||||||
TOTAL INVESTMENT INCOME (LOSS) | 5,869,940 | 20,479,098 | 3,095,599 | 1,761,982 | 1,002,196 | 1,532,870 | 21,528,446 | 17,100,730 | 151,047,464 | |||||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||||||
Advisory fee (Note 3) | 1,325,099 | 2,223,919 | 584,598 | 277,339 | 191,299 | 269,474 | 2,548,411 | 3,307,580 | 29,696,268 | |||||||||||||||||||||||||||
Trustees’ fees and expenses (Note 3) | 4,602 | 8,481 | 2,445 | 1,046 | 766 | 1,042 | 13,826 | 13,234 | 94,495 | |||||||||||||||||||||||||||
Miscellaneous expenses | 2,231 | 7,074 | 838 | 530 | 255 | 600 | 6,980 | 38,111 | 483,883 | |||||||||||||||||||||||||||
TOTAL EXPENSES | 1,331,932 | 2,239,474 | 587,881 | 278,915 | 192,320 | 271,116 | 2,569,217 | 3,358,925 | 30,274,646 | |||||||||||||||||||||||||||
NET INVESTMENT INCOME | 4,538,008 | 18,239,624 | 2,507,718 | 1,483,067 | 809,876 | 1,261,754 | 18,959,229 | 13,741,805 | 120,772,818 | |||||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers | (6,384,566 | ) | (88,739,243 | ) | (14,606,320 | ) | (5,530,203 | ) | (4,160,497 | ) | (675,540 | ) | 29,486,660 | 13,197,116 | (7,333,269 | ) | ||||||||||||||||||||
Investments in securities of affiliated issuers | — | — | — | — | — | — | — | (2,673 | ) | — | ||||||||||||||||||||||||||
Foreign currency transactions | (459,799 | ) | (701,556 | ) | (346 | ) | (50,061 | ) | (62,014 | ) | (29,095 | ) | (218,759 | ) | (582,009 | ) | (2,748,635 | ) | ||||||||||||||||||
Futures | (44,762 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $64,678, $5,565, $0, $0, $0, $0, $0, $0, $75,941, respectively) | (46,531,064 | ) | (60,181,639 | ) | (7,905,225 | ) | (14,151,280 | ) | (13,580,860 | ) | (8,398,267 | ) | (126,090,575 | ) | (66,338,019 | ) | (255,531,749 | ) | ||||||||||||||||||
Foreign currency translations | 13,059 | 29,313 | 1,000 | 6,203 | (983 | ) | 7,962 | 26,725 | (17,674 | ) | (20,610 | ) | ||||||||||||||||||||||||
Futures | 47,404 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES | (53,359,728 | ) | (149,593,125 | ) | (22,510,891 | ) | (19,725,341 | ) | (17,804,354 | ) | (9,094,940 | ) | (96,795,949 | ) | (53,743,259 | ) | (265,634,263 | ) | ||||||||||||||||||
NET DECREASE IN NET ASSETS FROM OPERATIONS | $ | (48,821,720 | ) | $ | (131,353,501 | ) | $ | (20,003,173 | ) | $ | (18,242,274 | ) | $ | (16,994,478 | ) | $ | (7,833,186 | ) | $ | (77,836,720 | ) | $ | (40,001,454 | ) | $ | (144,861,445 | ) | |||||||||
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
STATEMENTS OF OPERATIONS (continued)
For the Year Ended September 30, 2015
SPDR S&P Global | ||||||||||||||||||||||||||||||||||||
SPDR S&P Global | Natural | SPDR MSCI ACWI Low Carbon | SPDR MSCI | SPDR MSCI Emerging | ||||||||||||||||||||||||||||||||
Infrastructure | Resources | SPDR MSCI | Target | SPDR MSCI EM | SPDR MSCI EM Beyond | EAFE | Markets | |||||||||||||||||||||||||||||
ETF | ETF | SPDR MSCI ACWI ex-US ETF | ACWI IMI ETF | ETF (1) | 50 ETF | BRIC ETF | Quality Mix ETF | Quality Mix ETF | ||||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||||||
Dividend income on securities of unaffiliated issuers (Note 2) | $ | 3,702,400 | $ | 26,717,382 | $ | 23,830,284 | $ | 1,480,858 | $ | 2,017,517 | $ | 106,894 | $ | 78,106 | $ | 191,665 | $ | 1,787,408 | ||||||||||||||||||
Dividend income on securities of affiliated issuers (Note 2 and Note 3) | 202 | 1,277 | 864 | 1,163 | 1,601 | 6 | 3 | 5 | 140 | |||||||||||||||||||||||||||
Affiliated securities lending — net (Note 3 and Note 9) | 64,588 | 441,968 | 457,400 | 22,852 | — | 885 | 441 | — | — | |||||||||||||||||||||||||||
Interest income (Note 2) | — | — | — | 80 | 36 | 1 | 301 | — | 182 | |||||||||||||||||||||||||||
Foreign taxes withheld | (187,068 | ) | (1,616,240 | ) | (1,984,428 | ) | (61,508 | ) | (116,121 | ) | (14,377 | ) | (11,057 | ) | (13,936 | ) | (210,040 | ) | ||||||||||||||||||
TOTAL INVESTMENT INCOME (LOSS) | 3,580,122 | 25,544,387 | 22,304,120 | 1,443,445 | 1,903,033 | 93,409 | 67,794 | 177,734 | 1,577,690 | |||||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||||||
Advisory fee (Note 3) | 417,287 | 2,603,548 | 2,476,912 | 122,307 | 217,849 | 14,448 | 14,597 | 17,172 | 151,783 | |||||||||||||||||||||||||||
Trustees’ fees and expenses (Note 3) | 2,113 | 11,978 | 11,998 | 1,120 | 1,016 | 44 | 55 | 97 | 446 | |||||||||||||||||||||||||||
Miscellaneous expenses | 1,001 | 4,907 | 15,278 | 332 | 249 | 11 | 207 | — | 2 | |||||||||||||||||||||||||||
TOTAL EXPENSES | 420,401 | 2,620,433 | 2,504,188 | 123,759 | 219,114 | 14,503 | 14,859 | 17,269 | 152,231 | |||||||||||||||||||||||||||
Expenses waived by Adviser (Note 3) | — | — | (148,373 | ) | — | (72,877 | ) | — | — | — | — | |||||||||||||||||||||||||
NET EXPENSES | 420,401 | 2,620,433 | 2,355,815 | 123,759 | 146,237 | 14,503 | 14,859 | 17,269 | 152,231 | |||||||||||||||||||||||||||
NET INVESTMENT INCOME | 3,159,721 | 22,923,954 | 19,948,305 | 1,319,686 | 1,756,796 | 78,906 | 52,935 | 160,465 | 1,425,459 | |||||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers | 1,206,980 | (33,916,573 | ) | 9,961,695 | 3,874,345 | 63,103 | (120,898 | ) | (4,166 | ) | (29,517 | ) | (626,342 | ) | ||||||||||||||||||||||
Investments in securities of affiliated issuers | — | — | — | 7,969 | — | — | — | — | — | |||||||||||||||||||||||||||
Foreign currency transactions | (70,796 | ) | (211,101 | ) | (293,642 | ) | (11,097 | ) | (16,675 | ) | (32 | ) | (2,596 | ) | (3,383 | ) | (114,544 | ) | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $5,089, $0, $552, $0, $1,296, $0, $17,842, respectively) | (12,105,483 | ) | (214,633,944 | ) | (137,398,070 | ) | (5,202,072 | ) | (7,406,535 | ) | (868,312 | ) | (714,867 | ) | (423,602 | ) | (12,144,814 | ) | ||||||||||||||||||
Investments in securities of affiliated issuers | — | — | — | (10,614 | ) | (13,158 | ) | — | — | — | — | |||||||||||||||||||||||||
Foreign currency translations | 7,622 | 2,515 | (27,963 | ) | 856 | (4,638 | ) | (199 | ) | 33 | 268 | (11,602 | ) | |||||||||||||||||||||||
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS | (10,961,677 | ) | (248,759,103 | ) | (127,757,980 | ) | (1,340,613 | ) | (7,377,903 | ) | (989,441 | ) | (721,596 | ) | (456,234 | ) | (12,897,302 | ) | ||||||||||||||||||
NET DECREASE IN NET ASSETS FROM OPERATIONS | $ | (7,801,956 | ) | $ | (225,835,149 | ) | $ | (107,809,675 | ) | $ | (20,927 | ) | $ | (5,621,107 | ) | $ | (910,535 | ) | $ | (668,661 | ) | $ | (295,769 | ) | $ | (11,471,843 | ) | |||||||||
(1) | For the period November 25, 2014 (inception date) through September 30, 2015. |
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
STATEMENTS OF OPERATIONS (continued)
For the Year Ended September 30, 2015
SPDR MSCI | ||||||||||||||||||||||||||||||||||||
SPDR MSCI | SPDR MSCI | South | SPDR MSCI | |||||||||||||||||||||||||||||||||
World | SPDR MSCI Australia | SPDR MSCI Canada | SPDR MSCI Germany | Japan | SPDR MSCI Mexico | Korea | Spain | SPDR MSCI Taiwan | ||||||||||||||||||||||||||||
Quality Mix ETF | Quality Mix ETF | Quality Mix ETF | Quality Mix ETF | Quality Mix ETF | Quality Mix ETF | Quality Mix ETF | Quality Mix ETF | Quality Mix ETF | ||||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||||||
Dividend income on securities of unaffiliated issuers (Note 2) | $ | 160,071 | $ | 301,526 | $ | 105,962 | $ | 246,170 | $ | 177,857 | $ | 49,163 | $ | 42,191 | $ | 207,194 | $ | 230,015 | ||||||||||||||||||
Dividend income on securities of affiliated issuers (Note 2 and Note 3) | 59 | 7 | 4 | 9 | 8 | 1 | 2 | 5 | 5 | |||||||||||||||||||||||||||
Foreign taxes withheld | (6,902 | ) | (4,058 | ) | (15,894 | ) | (32,045 | ) | (21,186 | ) | (425 | ) | (9,283 | ) | (11,195 | ) | (49,795 | ) | ||||||||||||||||||
TOTAL INVESTMENT INCOME (LOSS) | 153,228 | 297,475 | 90,072 | 214,134 | 156,679 | 48,739 | 32,910 | 196,004 | 180,225 | |||||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||||||
Advisory fee (Note 3) | 18,518 | 17,595 | 10,749 | 25,081 | 27,962 | 10,093 | 10,455 | 14,820 | 23,409 | |||||||||||||||||||||||||||
Trustees’ fees and expenses (Note 3) | 105 | 125 | 47 | 119 | 116 | 45 | 46 | 117 | 102 | |||||||||||||||||||||||||||
Miscellaneous expenses | — | 32 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
TOTAL EXPENSES | 18,623 | 17,752 | 10,796 | 25,200 | 28,078 | 10,138 | 10,501 | 14,937 | 23,511 | |||||||||||||||||||||||||||
NET INVESTMENT INCOME | 134,605 | 279,723 | 79,276 | 188,934 | 128,601 | 38,601 | 22,409 | 181,067 | 156,714 | |||||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers | 69,693 | (326,300 | ) | (53,959 | ) | (501,294 | ) | 7,131 | (14,984 | ) | (28,843 | ) | (1,013,189 | ) | 10,449 | |||||||||||||||||||||
Foreign currency transactions | (1,021 | ) | (4,590 | ) | (1,732 | ) | 731 | (4,779 | ) | (1,931 | ) | (111 | ) | (1,923 | ) | (9,579 | ) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers | (271,437 | ) | (857,496 | ) | (1,009,820 | ) | (881,974 | ) | (857,360 | ) | (618,423 | ) | (440,626 | ) | 32,716 | (886,829 | ) | |||||||||||||||||||
Investments in securities of affiliated issuers | (230 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Foreign currency translations | (151 | ) | 2,988 | (296 | ) | (87 | ) | 598 | 58 | 4 | 98 | (680 | ) | |||||||||||||||||||||||
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS | (203,146 | ) | (1,185,398 | ) | (1,065,807 | ) | (1,382,624 | ) | (854,410 | ) | (635,280 | ) | (469,576 | ) | (982,298 | ) | (886,639 | ) | ||||||||||||||||||
NET DECREASE IN NET ASSETS FROM OPERATIONS | $ | (68,541 | ) | $ | (905,675 | ) | $ | (986,531 | ) | $ | (1,193,690 | ) | $ | (725,809 | ) | $ | (596,679 | ) | $ | (447,167 | ) | $ | (801,231 | ) | $ | (729,925 | ) | |||||||||
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
STATEMENTS OF OPERATIONS (continued)
For the Year Ended September 30, 2015
SPDR S&P International | ||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||
SPDR MSCI United | SPDR S&P Global | SPDR S&P International | SPDR S&P Emerging | SPDR Dow Jones Global | Discretionary | |||||||||||||||||||||||||||||||
Kingdom | SPDR Russell/Nomura | SPDR Russell/Nomura | Dividend | Dividend | SPDR S&P | Markets | Real Estate | Sector | ||||||||||||||||||||||||||||
Quality Mix ETF | PRIME Japan ETF | Small Cap Japan ETF | ETF | ETF | International Mid Cap ETF | Small Cap ETF | ETF | ETF | ||||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||||||
Dividend income on securities of unaffiliated issuers (Note 2) | $ | 261,753 | $ | 444,209 | $ | 1,079,253 | $ | 2,648,268 | $ | 74,748,341 | $ | 1,327,614 | $ | 14,197,923 | $ | 57,740,497 | $ | 431,395 | ||||||||||||||||||
Dividend income on securities of affiliated issuers (Note 2 and Note 3) | 12 | 37 | 63 | 115 | 2,514 | 183 | 1,316 | 3,308 | 39 | |||||||||||||||||||||||||||
Affiliated securities lending — net (Note 3 and Note 9) | — | 7,851 | 94,651 | 64,222 | 2,727,135 | 62,937 | 1,166,819 | 333,706 | 14,875 | |||||||||||||||||||||||||||
Interest income (Note 2) | — | — | — | — | 983 | 14 | 883 | — | — | |||||||||||||||||||||||||||
Foreign taxes withheld | (1,738 | ) | (54,966 | ) | (123,583 | ) | (209,133 | ) | (6,143,313 | ) | (112,268 | ) | (1,659,364 | ) | (2,548,574 | ) | (41,201 | ) | ||||||||||||||||||
TOTAL INVESTMENT INCOME (LOSS) | 260,027 | 397,131 | 1,050,384 | 2,503,472 | 71,335,660 | 1,278,480 | 13,707,577 | 55,528,937 | 405,108 | |||||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||||||
Advisory fee (Note 3) | 18,577 | 91,343 | 287,665 | 219,411 | 6,056,487 | 256,582 | 3,057,592 | 9,382,575 | 70,156 | |||||||||||||||||||||||||||
Trustees’ fees and expenses (Note 3) | 108 | 387 | 1,205 | 781 | 26,252 | 1,136 | 9,254 | 33,260 | 300 | |||||||||||||||||||||||||||
Miscellaneous expenses | — | 125 | 340 | 126 | 53,286 | 1,331 | 5,804 | 13,710 | 770 | |||||||||||||||||||||||||||
TOTAL EXPENSES | 18,685 | 91,855 | 289,210 | 220,318 | 6,136,025 | 259,049 | 3,072,650 | 9,429,545 | 71,226 | |||||||||||||||||||||||||||
NET INVESTMENT INCOME | 241,342 | 305,276 | 761,174 | 2,283,154 | 65,199,635 | 1,019,431 | 10,634,927 | 46,099,392 | 333,882 | |||||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers | (167,611 | ) | (760,124 | ) | 213,114 | 463,145 | (235,222,242 | ) | (1,190,080 | ) | (25,078,076 | ) | 19,383,425 | 1,192,347 | ||||||||||||||||||||||
Foreign currency transactions | (2,347 | ) | (20,826 | ) | (74,657 | ) | (10,592 | ) | (1,120,070 | ) | (66,716 | ) | (395,301 | ) | (401,714 | ) | (10,028 | ) | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $0, $0, $18,821, $0, $394,681, $4,390, $0, respectively) | (130,336 | ) | (1,047,552 | ) | (161,072 | ) | (8,846,901 | ) | (163,128,220 | ) | (3,142,213 | ) | (93,910,977 | ) | (21,216,176 | ) | (1,856,146 | ) | ||||||||||||||||||
Foreign currency translations | 233 | 285 | 13,135 | (5,861 | ) | 124,934 | 2,505 | 27,908 | (5,214 | ) | 2,696 | |||||||||||||||||||||||||
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS | (300,061 | ) | (1,828,217 | ) | (9,480 | ) | (8,400,209 | ) | (399,345,598 | ) | (4,396,504 | ) | (119,356,446 | ) | (2,239,679 | ) | (671,131 | ) | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $ | (58,719 | ) | $ | (1,522,941 | ) | $ | 751,694 | $ | (6,117,055 | ) | $ | (334,145,963 | ) | $ | (3,377,073 | ) | $ | (108,721,519 | ) | $ | 43,859,713 | $ | (337,249 | ) | |||||||||||
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
STATEMENTS OF OPERATIONS (continued)
For the Year Ended September 30, 2015
SPDR S&P International | ||||||||||||||||||||||||||||||||||||
Consumer | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | SPDR S&P International | ||||||||||||||||||||||||||||
Staples | Energy | Financial | Health | Industrial | Materials | Technology | Telecommunications | Utilities | ||||||||||||||||||||||||||||
Sector | Sector | Sector | Care Sector | Sector | Sector | Sector | Sector | Sector | ||||||||||||||||||||||||||||
ETF | ETF | ETF | ETF | ETF | ETF | ETF | ETF | ETF | ||||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||||||
Dividend income on securities of unaffiliated issuers (Note 2) | $ | 1,305,043 | $ | 1,051,646 | $ | 423,064 | $ | 1,621,495 | $ | 507,538 | $ | 219,458 | $ | 176,794 | $ | 1,576,462 | $ | 1,712,102 | ||||||||||||||||||
Dividend income on securities of affiliated issuers (Note 2 and Note 3) | 70 | 35 | 30 | 55 | 22 | 13 | 14 | 85 | 49 | |||||||||||||||||||||||||||
Affiliated securities lending — net (Note 3 and Note 9) | — | 26,130 | 8,434 | 21,129 | 14,637 | 3,728 | 9,058 | 30,946 | 44,160 | |||||||||||||||||||||||||||
Interest income (Note 2) | — | — | — | — | — | — | 5 | 2 | — | |||||||||||||||||||||||||||
Foreign taxes withheld | (103,389 | ) | (98,305 | ) | (27,729 | ) | (163,473 | ) | (40,533 | ) | (8,091 | ) | (3,717 | ) | (112,963 | ) | (151,258 | ) | ||||||||||||||||||
TOTAL INVESTMENT INCOME (LOSS) | 1,201,724 | 979,506 | 403,799 | 1,479,206 | 481,664 | 215,108 | 182,154 | 1,494,532 | 1,605,053 | |||||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||||||
Advisory fee (Note 3) | 200,874 | 95,446 | 51,940 | 341,817 | 91,602 | 28,196 | 49,786 | 192,313 | 188,453 | |||||||||||||||||||||||||||
Trustees’ fees and expenses (Note 3) | 787 | 380 | 207 | 1,403 | 413 | 128 | 219 | 854 | 1,025 | |||||||||||||||||||||||||||
Miscellaneous expenses | 1,547 | 376 | 339 | 752 | 1,437 | 783 | 1,162 | 3,107 | 678 | |||||||||||||||||||||||||||
TOTAL EXPENSES | 203,208 | 96,202 | 52,486 | 343,972 | 93,452 | 29,107 | 51,167 | 196,274 | 190,156 | |||||||||||||||||||||||||||
NET INVESTMENT INCOME | 998,516 | 883,304 | 351,313 | 1,135,234 | 388,212 | 186,001 | 130,987 | 1,298,258 | 1,414,897 | |||||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers | 1,813,830 | (793,438 | ) | (126,442 | ) | 6,335,296 | 274,418 | (511,916 | ) | 430,714 | 709,476 | 3,051,464 | ||||||||||||||||||||||||
Foreign currency transactions | (4,891 | ) | (15,692 | ) | (5,594 | ) | (48,445 | ) | (17,613 | ) | (4,829 | ) | (7,597 | ) | (20,331 | ) | (29,177 | ) | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers | (3,189,997 | ) | (9,542,485 | ) | (1,692,616 | ) | (8,393,217 | ) | (3,061,407 | ) | (1,156,747 | ) | (1,248,547 | ) | (2,600,916 | ) | (10,156,141 | ) | ||||||||||||||||||
Foreign currency translations | 1,231 | 907 | 214 | (3,062 | ) | 316 | 386 | 294 | 1,466 | 2,304 | ||||||||||||||||||||||||||
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS | (1,379,827 | ) | (10,350,708 | ) | (1,824,438 | ) | (2,109,428 | ) | (2,804,286 | ) | (1,673,106 | ) | (825,136 | ) | (1,910,305 | ) | (7,131,550 | ) | ||||||||||||||||||
NET DECREASE IN NET ASSETS FROM OPERATIONS | $ | (381,311 | ) | $ | (9,467,404 | ) | $ | (1,473,125 | ) | $ | (974,194 | ) | $ | (2,416,074 | ) | $ | (1,487,105 | ) | $ | (694,149 | ) | $ | (612,047 | ) | $ | (5,716,653 | ) | |||||||||
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
STATEMENTS OF CHANGES IN NET ASSETS
SPDR STOXX Europe 50 ETF | SPDR EURO STOXX 50 ETF | SPDR EURO STOXX Small Cap ETF | SPDR EURO STOXX 50 Currency Hedged ETF | SPDR S&P International Dividend Currency Hedged ETF | SPDR MSCI International Real Estate Currency Hedged ETF | |||||||||||||||||||||||||||||||
For the Period | For the Period | For the Period | For the Period | |||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | 6/4/14*- | 6/8/15*- | 9/14/15*- | 9/14/15*- | ||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/15 | 9/30/15 | ||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 9,293,166 | $ | 11,761,626 | $ | 141,143,220 | $ | 160,808,940 | $ | 186,164 | $ | 23,277 | $ | 93,184 | $ | 52,903 | $ | 2,816 | ||||||||||||||||||
Net realized gain (loss) on investments, foreign currency transactions and futures | (5,570,940 | ) | 1,664,411 | 101,443,774 | 194,543,394 | (1,015,031 | ) | (265,612 | ) | (15,454 | ) | — | — | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and futures | (36,412,618 | ) | (6,756,666 | ) | (870,332,260 | ) | (111,175,297 | ) | (184,884 | ) | (1,135,832 | ) | (714,946 | ) | (108,068 | ) | 49,504 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (32,690,392 | ) | 6,669,371 | (627,745,266 | ) | 244,177,037 | (1,013,751 | ) | (1,378,167 | ) | (637,216 | ) | (55,165 | ) | 52,320 | |||||||||||||||||||||
Net equalization credits and charges (Note 2) | 331,770 | 660,097 | (1,214,874 | ) | 6,844,538 | 63,393 | — | 32,788 | — | — | ||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||
Net investment income | (9,622,930 | ) | (12,279,995 | ) | (143,035,636 | ) | (165,590,424 | ) | (256,115 | ) | (16,160 | ) | (125,977 | ) | (52,907 | ) | — | |||||||||||||||||||
Total distributions to shareholders | (9,622,930 | ) | (12,279,995 | ) | (143,035,636 | ) | (165,590,424 | ) | (256,115 | ) | (16,160 | ) | (125,977 | ) | (52,907 | ) | — | |||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 61,025,115 | 178,982,848 | 1,034,566,636 | 2,213,989,332 | 7,847,122 | 8,982,073 | 7,569,987 | 4,000,000 | 4,000,000 | |||||||||||||||||||||||||||
Cost of shares redeemed | (32,815,692 | ) | (21,062,047 | ) | (1,168,853,153 | ) | (628,350,417 | ) | (2,467,346 | ) | — | — | — | — | ||||||||||||||||||||||
Net income equalization (Note 2) | (331,770 | ) | (660,097 | ) | 1,214,874 | (6,844,538 | ) | (63,393 | ) | — | (32,788 | ) | — | — | ||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | 27,877,653 | 157,260,704 | (133,071,643 | ) | 1,578,794,377 | 5,316,383 | 8,982,073 | 7,537,199 | 4,000,000 | 4,000,000 | ||||||||||||||||||||||||||
Voluntary contribution from Adviser | — | — | — | — | — | 9,863 | — | — | — | |||||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | (14,103,899 | ) | 152,310,177 | (905,067,419 | ) | 1,664,225,528 | 4,109,910 | 7,597,609 | 6,806,794 | 3,891,928 | 4,052,320 | |||||||||||||||||||||||||
Net assets at beginning of year | 261,729,547 | 109,419,370 | 4,949,488,262 | 3,285,262,734 | 7,597,609 | — | — | — | — | |||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 247,625,648 | $ | 261,729,547 | $ | 4,044,420,843 | $ | 4,949,488,262 | $ | 11,707,519 | $ | 7,597,609 | $ | 6,806,794 | $ | 3,891,928 | $ | 4,052,320 | ||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||
Shares sold | 1,700,000 | 4,650,000 | 26,750,000 | 53,800,000 | 150,000 | 150,000 | 200,000 | 100,000 | 100,000 | |||||||||||||||||||||||||||
Shares redeemed | (950,000 | ) | (550,000 | ) | (31,100,000 | ) | (15,400,000 | ) | (50,000 | ) | — | — | — | — | ||||||||||||||||||||||
Net increase (decrease) | 750,000 | 4,100,000 | (4,350,000 | ) | 38,400,000 | 100,000 | 150,000 | 200,000 | 100,000 | 100,000 | ||||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | — | $ | (641,120 | ) | $ | — | $ | (10,493,081 | ) | $ | (22,241 | ) | $ | 5,569 | $ | (35,761 | ) | $ | (4 | ) | $ | 2,816 | |||||||||||||
* | Inception date. |
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
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 | ||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | |||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 15,877,019 | $ | 9,792,541 | $ | 884,227 | $ | 735,713 | $ | 25,477,639 | $ | 19,849,632 | $ | 4,538,008 | $ | 4,771,977 | $ | 18,239,624 | $ | 22,769,170 | ||||||||||||||||||||
Net realized gain (loss) on investments, foreign currency transactions and futures | (18,067,105 | ) | (2,280,917 | ) | (1,357,635 | ) | (5,423,988 | ) | 4,303,102 | 11,688,452 | (6,889,127 | ) | (407,687 | ) | (89,440,799 | ) | (42,536,752 | ) | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and futures | (104,631,856 | ) | 34,002,847 | (6,375,794 | ) | 779,159 | (127,872,714 | ) | 1,935,083 | (46,470,601 | ) | 2,401,364 | (60,152,326 | ) | (11,295,354 | ) | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (106,821,942 | ) | 41,514,471 | (6,849,202 | ) | (3,909,116 | ) | (98,091,973 | ) | 33,473,167 | (48,821,720 | ) | 6,765,654 | (131,353,501 | ) | (31,062,936 | ) | |||||||||||||||||||||||
Net equalization credits and charges (Note 2) | — | — | — | — | — | — | — | — | (349,335 | ) | 529,331 | |||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (10,643,553 | ) | (6,695,981 | ) | (854,073 | ) | (447,722 | ) | (17,843,531 | ) | (16,237,703 | ) | (4,507,319 | ) | (3,629,968 | ) | (16,798,542 | ) | (21,592,591 | ) | ||||||||||||||||||||
Total distributions to shareholders | (10,643,553 | ) | (6,695,981 | ) | (854,073 | ) | (447,722 | ) | (17,843,531 | ) | (16,237,703 | ) | (4,507,319 | ) | (3,629,968 | ) | (16,798,542 | ) | (21,592,591 | ) | ||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 227,969,415 | 283,492,388 | 16,037,529 | 18,178,584 | 202,232,959 | 233,346,479 | 45,399,268 | 135,365,420 | 22,707,186 | 53,666,361 | ||||||||||||||||||||||||||||||
Cost of shares redeemed | (369,551,101 | ) | (30,276,644 | ) | (8,367,902 | ) | (21,950,727 | ) | (216,315,583 | ) | (200,601,610 | ) | (88,647,909 | ) | (42,628,055 | ) | (67,694,997 | ) | (48,575,340 | ) | ||||||||||||||||||||
Net income equalization (Note 2) | — | — | — | — | — | — | — | — | 349,335 | (529,331 | ) | |||||||||||||||||||||||||||||
Other capital (Note 4) | — | — | — | — | 321,712 | 1,657 | — | — | 85,601 | 130,332 | ||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | (141,581,686 | ) | 253,215,744 | 7,669,627 | (3,772,143 | ) | (13,760,912 | ) | 32,746,526 | (43,248,641 | ) | 92,737,365 | (44,552,875 | ) | 4,692,022 | |||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | (259,047,181 | ) | 288,034,234 | (33,648 | ) | (8,128,981 | ) | (129,696,416 | ) | 49,981,990 | (96,577,680 | ) | 95,873,051 | (193,054,253 | ) | (47,434,174 | ) | |||||||||||||||||||||||
Net assets at beginning of year | 687,494,404 | 399,460,170 | 23,134,998 | 31,263,979 | 947,604,601 | 897,622,611 | 285,284,561 | 189,411,510 | 491,216,996 | 538,651,170 | ||||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 428,447,223 | $ | 687,494,404 | $ | 23,101,350 | $ | 23,134,998 | $ | 817,908,185 | $ | 947,604,601 | $ | 188,706,881 | $ | 285,284,561 | $ | 298,162,743 | $ | 491,216,996 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | 2,500,000 | 3,300,000 | 1,000,000 | 750,000 | 2,300,000 | 3,000,000 | 700,000 | 2,000,000 | 650,000 | 1,350,000 | ||||||||||||||||||||||||||||||
Shares redeemed | (4,800,000 | ) | (400,000 | ) | (500,000 | ) | (850,000 | ) | (2,800,000 | ) | (2,700,000 | ) | (1,400,000 | ) | (700,000 | ) | (2,150,000 | ) | (1,300,000 | ) | ||||||||||||||||||||
Net increase (decrease) | (2,300,000 | ) | 2,900,000 | 500,000 | (100,000 | ) | (500,000 | ) | 300,000 | (700,000 | ) | 1,300,000 | (1,500,000 | ) | 50,000 | |||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 12,350,914 | $ | 6,281,108 | $ | 718,388 | $ | 544,584 | $ | 17,289,278 | $ | 9,007,139 | $ | 1,947,448 | $ | 2,390,552 | $ | (709,247 | ) | $ | (1,282,865 | ) | ||||||||||||||||||
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
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 | ||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | |||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,507,718 | $ | 4,415,712 | $ | 1,483,067 | $ | 2,238,045 | $ | 809,876 | $ | 1,425,351 | $ | 1,261,754 | $ | 1,370,932 | $ | 18,959,229 | $ | 26,174,088 | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | (14,606,666 | ) | (7,465,068 | ) | (5,580,264 | ) | (6,285,718 | ) | (4,222,511 | ) | (5,587,888 | ) | (704,635 | ) | (777,282 | ) | 29,267,901 | 34,415,149 | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (7,904,225 | ) | 766,083 | (14,145,077 | ) | (5,352,335 | ) | (13,581,843 | ) | 3,397,801 | (8,390,305 | ) | 3,285,694 | (126,063,850 | ) | (27,098,565 | ) | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (20,003,173 | ) | (2,283,273 | ) | (18,242,274 | ) | (9,400,008 | ) | (16,994,478 | ) | (764,736 | ) | (7,833,186 | ) | 3,879,344 | (77,836,720 | ) | 33,490,672 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (3,046,052 | ) | (3,386,072 | ) | (1,961,721 | ) | (1,481,279 | ) | (877,726 | ) | (1,382,090 | ) | (1,502,559 | ) | (1,674,967 | ) | (20,112,214 | ) | (24,777,954 | ) | ||||||||||||||||||||
Total distributions to shareholders | (3,046,052 | ) | (3,386,072 | ) | (1,961,721 | ) | (1,481,279 | ) | (877,726 | ) | (1,382,090 | ) | (1,502,559 | ) | (1,674,967 | ) | (20,112,214 | ) | (24,777,954 | ) | ||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | — | 29,041,852 | 3,096,917 | 23,596,442 | — | — | — | — | 128,435,729 | 207,812,677 | ||||||||||||||||||||||||||||||
Cost of shares redeemed | (51,108,703 | ) | (115,150,730 | ) | (8,749,045 | ) | (22,335,414 | ) | (5,623,087 | ) | (19,219,737 | ) | (13,728,647 | ) | (6,598,281 | ) | (141,016,522 | ) | (79,837,317 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | (51,108,703 | ) | (86,108,878 | ) | (5,652,128 | ) | 1,261,028 | (5,623,087 | ) | (19,219,737 | ) | (13,728,647 | ) | (6,598,281 | ) | (12,580,793 | ) | 127,975,360 | ||||||||||||||||||||||
Net increase (decrease) in net assets during the year | (74,157,928 | ) | (91,778,223 | ) | (25,856,123 | ) | (9,620,259 | ) | (23,495,291 | ) | (21,366,563 | ) | (23,064,392 | ) | (4,393,904 | ) | (110,529,727 | ) | 136,688,078 | |||||||||||||||||||||
Net assets at beginning of year | 155,662,458 | 247,440,681 | 66,865,179 | 76,485,438 | 49,208,472 | 70,575,035 | 63,140,862 | 67,534,766 | 825,443,427 | 688,755,349 | ||||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 81,504,530 | $ | 155,662,458 | $ | 41,009,056 | $ | 66,865,179 | $ | 25,713,181 | $ | 49,208,472 | $ | 40,076,470 | $ | 63,140,862 | $ | 714,913,700 | $ | 825,443,427 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | — | 1,200,000 | 100,000 | 600,000 | — | — | — | — | 4,600,000 | 7,200,000 | ||||||||||||||||||||||||||||||
Shares redeemed | (2,300,000 | ) | (5,100,000 | ) | (300,000 | ) | (600,000 | ) | (100,000 | ) | (300,000 | ) | (200,000 | ) | (100,000 | ) | (5,200,000 | ) | (2,800,000 | ) | ||||||||||||||||||||
Net increase (decrease) | (2,300,000 | ) | (3,900,000 | ) | (200,000 | ) | — | (100,000 | ) | (300,000 | ) | (200,000 | ) | (100,000 | ) | (600,000 | ) | 4,400,000 | ||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 1,611,074 | $ | 2,149,733 | $ | 667,972 | $ | 1,196,687 | $ | 93,188 | $ | 223,053 | $ | 227,898 | $ | 441,064 | $ | 5,017,897 | $ | 5,408,856 | ||||||||||||||||||||
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
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 | ||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | |||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 13,741,805 | $ | 13,431,467 | $ | 120,772,818 | $ | 147,080,831 | $ | 3,159,721 | $ | 3,513,800 | $ | 22,923,954 | $ | 13,876,435 | $ | 19,948,305 | $ | 17,894,597 | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | 12,612,434 | 126,291,899 | (10,081,904 | ) | 2,009,479 | 1,136,184 | 3,645,942 | (34,127,674 | ) | (9,607,560 | ) | 9,668,053 | 6,590,053 | |||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (66,355,693 | ) | (116,936,922 | ) | (255,552,359 | ) | (23,184,292 | ) | (12,097,861 | ) | 6,752,010 | (214,631,429 | ) | 4,014,399 | (137,426,033 | ) | 2,046,911 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (40,001,454 | ) | 22,786,444 | (144,861,445 | ) | 125,906,018 | (7,801,956 | ) | 13,911,752 | (225,835,149 | ) | 8,283,274 | (107,809,675 | ) | 26,531,561 | |||||||||||||||||||||||||
Net equalization credits and charges (Note 2) | — | — | (1,772,371 | ) | (6,049,389 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (11,413,132 | ) | (23,935,017 | ) | (147,970,731 | ) | (207,509,734 | ) | (3,020,616 | ) | (3,517,695 | ) | (20,271,634 | ) | (12,447,584 | ) | (17,494,392 | ) | (16,800,571 | ) | ||||||||||||||||||||
Net realized gains | (71,368,674 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total distributions to shareholders | (82,781,806 | ) | (23,935,017 | ) | (147,970,731 | ) | (207,509,734 | ) | (3,020,616 | ) | (3,517,695 | ) | (20,271,634 | ) | (12,447,584 | ) | (17,494,392 | ) | (16,800,571 | ) | ||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 69,799,060 | 61,081,608 | 360,344,231 | 1,012,403,593 | 9,393,423 | 74,978,089 | 291,970,504 | 230,193,788 | 379,688,741 | 93,043,547 | ||||||||||||||||||||||||||||||
Cost of shares redeemed | (89,178,369 | ) | (81,085,368 | ) | (217,510,015 | ) | (73,642,653 | ) | (54,604,454 | ) | (25,255,803 | ) | (71,659,157 | ) | (38,175,395 | ) | (114,567,151 | ) | (21,105,047 | ) | ||||||||||||||||||||
Net income equalization (Note 2) | — | — | 1,772,371 | 6,049,389 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | (19,379,309 | ) | (20,003,760 | ) | 144,606,587 | 944,810,329 | (45,211,031 | ) | 49,722,286 | 220,311,347 | 192,018,393 | 265,121,590 | 71,938,500 | |||||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | (142,162,569 | ) | (21,152,333 | ) | (149,997,960 | ) | 857,157,224 | (56,033,603 | ) | 60,116,343 | (25,795,436 | ) | 187,854,083 | 139,817,523 | 81,669,490 | |||||||||||||||||||||||||
Net assets at beginning of year | 792,718,877 | 813,871,210 | 4,903,056,278 | 4,045,899,054 | 112,333,063 | 52,216,720 | 595,616,966 | 407,762,883 | 575,493,835 | 493,824,345 | ||||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 650,556,308 | $ | 792,718,877 | $ | 4,753,058,318 | $ | 4,903,056,278 | $ | 56,299,460 | $ | 112,333,063 | $ | 569,821,530 | $ | 595,616,966 | $ | 715,311,358 | $ | 575,493,835 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | 2,400,000 | 1,800,000 | 8,400,000 | 23,500,000 | 200,000 | 1,600,000 | 6,900,000 | 4,600,000 | 10,800,000 | 2,600,000 | ||||||||||||||||||||||||||||||
Shares redeemed | (3,000,000 | ) | (2,400,000 | ) | (5,300,000 | ) | (1,800,000 | ) | (1,200,000 | ) | (500,000 | ) | (1,650,000 | ) | (750,000 | ) | (3,600,000 | ) | (600,000 | ) | ||||||||||||||||||||
Net increase (decrease) | (600,000 | ) | (600,000 | ) | 3,100,000 | 21,700,000 | (1,000,000 | ) | 1,100,000 | 5,250,000 | 3,850,000 | 7,200,000 | 2,000,000 | |||||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 6,179,070 | $ | 1,749,229 | $ | (97,410,330 | ) | $ | (184,040,107 | ) | $ | 796,927 | $ | 728,410 | $ | 6,025,548 | $ | 3,721,420 | $ | 6,611,376 | $ | 3,964,780 | ||||||||||||||||||
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
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 | ||||||||||||||||||||||||||||||||
For the Period | For the Period | For the Period | ||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | 11/25/14*- | Year Ended | Year Ended | Year Ended | 12/4/13*- | Year Ended | 6/4/14*- | ||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | ||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,319,686 | $ | 488,149 | $ | 1,756,796 | $ | 78,906 | $ | 88,865 | $ | 52,935 | $ | 62,113 | $ | 160,465 | $ | 45,327 | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | 3,871,217 | (410 | ) | 46,428 | (120,930 | ) | 411,161 | (6,762 | ) | 196,923 | (32,900 | ) | (636 | ) | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (5,211,830 | ) | (272,979 | ) | (7,424,331 | ) | (868,511 | ) | (123,228 | ) | (714,834 | ) | 35,095 | (423,334 | ) | (313,508 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (20,927 | ) | 214,760 | (5,621,107 | ) | (910,535 | ) | 376,798 | (668,661 | ) | 294,131 | (295,769 | ) | (268,817 | ) | |||||||||||||||||||||
Net equalization credits and charges (Note 2) | — | — | 31,015 | — | — | — | — | — | — | |||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||
Net investment income | (1,135,208 | ) | (241,004 | ) | (1,204,764 | ) | (58,446 | ) | (55,039 | ) | (62,060 | ) | (29,342 | ) | (163,771 | ) | (3,253 | ) | ||||||||||||||||||
Net realized gains | (2,549 | ) | (8,630 | ) | — | — | — | — | — | (125 | ) | — | ||||||||||||||||||||||||
Total distributions to shareholders | (1,137,757 | ) | (249,634 | ) | (1,204,764 | ) | (58,446 | ) | (55,039 | ) | (62,060 | ) | (29,342 | ) | (163,896 | ) | (3,253 | ) | ||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 19,021,285 | 51,648,206 | 88,300,106 | 2,378,021 | 2,311,108 | — | 8,954,559 | — | 6,000,000 | |||||||||||||||||||||||||||
Cost of shares redeemed | (40,110,719 | ) | — | — | — | (2,583,320 | ) | — | (6,112,475 | ) | — | — | ||||||||||||||||||||||||
Net income equalization (Note 2) | — | — | (31,015 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | (21,089,434 | ) | 51,648,206 | 88,269,091 | 2,378,021 | (272,212 | ) | — | 2,842,084 | — | 6,000,000 | |||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | (22,248,118 | ) | 51,613,332 | 81,474,235 | 1,409,040 | 49,547 | (730,721 | ) | 3,106,873 | (459,665 | ) | 5,727,930 | ||||||||||||||||||||||||
Net assets at beginning of year | 57,433,664 | 5,820,332 | — | 2,404,754 | 2,355,207 | 3,106,873 | — | 5,727,930 | — | |||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 35,185,546 | $ | 57,433,664 | $ | 81,474,235 | $ | 3,813,794 | $ | 2,404,754 | $ | 2,376,152 | $ | 3,106,873 | $ | 5,268,265 | $ | 5,727,930 | ||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||
Shares sold | 300,000 | 800,000 | 1,200,000 | 50,000 | 50,000 | — | 150,000 | — | 100,000 | |||||||||||||||||||||||||||
Shares redeemed | (600,000 | ) | — | — | — | (50,000 | ) | — | (100,000 | ) | — | — | ||||||||||||||||||||||||
Net increase (decrease) | (300,000 | ) | 800,000 | 1,200,000 | 50,000 | — | — | 50,000 | — | 100,000 | ||||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 490,989 | $ | 274,250 | $ | 538,675 | $ | 65,842 | $ | 45,414 | $ | 18,940 | $ | 31,687 | $ | 39,312 | $ | 41,430 | ||||||||||||||||||
* | Inception date. |
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
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 | ||||||||||||||||||||||||||||||||||||
For the Period | For the Period | For the Period | For the Period | For the Period | ||||||||||||||||||||||||||||||||||||
Year Ended | 6/4/14*- | Year Ended | 6/4/14*- | Year Ended | 6/11/14*- | Year Ended | 6/11/14*- | Year Ended | 6/11/14*- | |||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | |||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,425,459 | $ | 77,331 | $ | 134,605 | $ | 37,275 | $ | 279,723 | $ | 110,356 | $ | 79,276 | $ | 37,670 | $ | 188,934 | $ | 1,867 | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | (740,886 | ) | (12,635 | ) | 68,672 | (773 | ) | (330,890 | ) | (1,923 | ) | (55,691 | ) | 56,136 | (500,563 | ) | (3,196 | ) | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (12,156,416 | ) | (110,807 | ) | (271,818 | ) | (37,702 | ) | (854,508 | ) | (518,553 | ) | (1,010,116 | ) | (30,018 | ) | (882,061 | ) | (640,451 | ) | ||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (11,471,843 | ) | (46,111 | ) | (68,541 | ) | (1,200 | ) | (905,675 | ) | (410,120 | ) | (986,531 | ) | 63,788 | (1,193,690 | ) | (641,780 | ) | |||||||||||||||||||||
Net equalization credits and charges (Note 2) | — | — | — | — | 17,046 | — | 26,740 | — | 27,707 | — | ||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (678,425 | ) | (1,381 | ) | (130,140 | ) | (4,196 | ) | (283,692 | ) | — | (80,540 | ) | (2,368 | ) | (226,792 | ) | (344 | ) | |||||||||||||||||||||
Net realized gains | (361 | ) | — | (251 | ) | — | (205 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
Total distributions to shareholders | (678,786 | ) | (1,381 | ) | (130,391 | ) | (4,196 | ) | (283,897 | ) | — | (80,540 | ) | (2,368 | ) | (226,792 | ) | (344 | ) | |||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 77,383,767 | 6,000,000 | — | 6,000,000 | 7,475,175 | 6,000,000 | 7,395,073 | 6,000,000 | 8,374,401 | 6,000,000 | ||||||||||||||||||||||||||||||
Cost of shares redeemed | — | — | — | — | (5,500,799 | ) | — | — | (3,070,323 | ) | (2,623,729 | ) | — | |||||||||||||||||||||||||||
Net income equalization (Note 2) | — | — | — | — | (17,046 | ) | — | (26,740 | ) | — | (27,707 | ) | — | |||||||||||||||||||||||||||
Other capital (Note 4) | 179,360 | 6,120 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | 77,563,127 | 6,006,120 | — | 6,000,000 | 1,957,330 | 6,000,000 | 7,368,333 | 2,929,677 | 5,722,965 | 6,000,000 | ||||||||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | 65,412,498 | 5,958,628 | (198,932 | ) | 5,994,604 | 784,804 | 5,589,880 | 6,328,002 | 2,991,097 | 4,330,190 | 5,357,876 | |||||||||||||||||||||||||||||
Net assets at beginning of year | 5,958,628 | — | 5,994,604 | — | 5,589,880 | — | 2,991,097 | — | 5,357,876 | — | ||||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 71,371,126 | $ | 5,958,628 | $ | 5,795,672 | $ | 5,994,604 | $ | 6,374,684 | $ | 5,589,880 | $ | 9,319,099 | $ | 2,991,097 | $ | 9,688,066 | $ | 5,357,876 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | 1,400,000 | 100,000 | — | 100,000 | 150,000 | 100,000 | 150,000 | 100,000 | 150,000 | 100,000 | ||||||||||||||||||||||||||||||
Shares redeemed | — | — | — | — | (100,000 | ) | — | — | (50,000 | ) | (50,000 | ) | — | |||||||||||||||||||||||||||
Net increase (decrease) | 1,400,000 | 100,000 | — | 100,000 | 50,000 | 100,000 | 150,000 | 50,000 | 100,000 | 100,000 | ||||||||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 710,303 | $ | 62,958 | $ | 35,638 | $ | 32,234 | $ | 163,390 | $ | 108,408 | $ | 36,372 | $ | 39,368 | $ | — | $ | 2,601 | ||||||||||||||||||||
* | Commencement of operations. |
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
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 | ||||||||||||||||||||||||||||||||||||
For the Period | For the Period | For the Period | For the Period | For the Period | ||||||||||||||||||||||||||||||||||||
Year Ended | 6/11/14*- | Year Ended | 9/16/14*- | Year Ended | 9/16/14*- | Year Ended | 6/11/14*- | Year Ended | 9/16/14*- | |||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | |||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 128,601 | $ | 40,992 | $ | 38,601 | $ | 390 | $ | 22,409 | $ | (419 | ) | $ | 181,067 | $ | 94,572 | $ | 156,714 | $ | (773 | ) | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | 2,352 | (382 | ) | (16,915 | ) | (704 | ) | (28,954 | ) | 12,121 | (1,015,112 | ) | (4,936 | ) | 870 | 9,685 | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (856,762 | ) | 5,133 | (618,365 | ) | (116,794 | ) | (440,622 | ) | (157,336 | ) | 32,814 | (849,916 | ) | (887,509 | ) | (225,587 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (725,809 | ) | 45,743 | (596,679 | ) | (117,108 | ) | (447,167 | ) | (145,634 | ) | (801,231 | ) | (760,280 | ) | (729,925 | ) | (216,675 | ) | |||||||||||||||||||||
Net equalization credits and charges (Note 2) | 35,562 | — | — | — | — | — | (19,841 | ) | — | — | — | |||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (118,700 | ) | — | (25,314 | ) | — | (37,871 | ) | — | (231,204 | ) | (5,821 | ) | (8,912 | ) | — | ||||||||||||||||||||||||
Net realized gains | (610 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total distributions to shareholders | (119,310 | ) | — | (25,314 | ) | — | (37,871 | ) | — | (231,204 | ) | (5,821 | ) | (8,912 | ) | — | ||||||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 6,750,850 | 6,000,000 | — | 3,000,000 | — | 3,000,000 | — | 9,023,738 | — | 6,000,000 | ||||||||||||||||||||||||||||||
Cost of shares redeemed | — | — | — | — | — | — | (5,004,858 | ) | — | — | — | |||||||||||||||||||||||||||||
Net income equalization (Note 2) | (35,562 | ) | — | — | — | — | — | 19,841 | — | — | — | |||||||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | 6,715,288 | 6,000,000 | — | 3,000,000 | — | 3,000,000 | (4,985,017 | ) | 9,023,738 | — | 6,000,000 | |||||||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | 5,905,731 | 6,045,743 | (621,993 | ) | 2,882,892 | (485,038 | ) | 2,854,366 | (6,037,293 | ) | 8,257,637 | (738,837 | ) | 5,783,325 | ||||||||||||||||||||||||||
Net assets at beginning of year | 6,045,743 | — | 2,882,892 | — | 2,854,366 | — | 8,257,637 | — | 5,783,325 | — | ||||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 11,951,474 | $ | 6,045,743 | $ | 2,260,899 | $ | 2,882,892 | $ | 2,369,328 | $ | 2,854,366 | $ | 2,220,344 | $ | 8,257,637 | $ | 5,044,488 | $ | 5,783,325 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | 100,000 | 100,000 | — | 100,000 | — | 100,000 | — | 150,000 | — | 100,000 | ||||||||||||||||||||||||||||||
Shares redeemed | — | — | — | — | — | — | (100,000 | ) | — | — | — | |||||||||||||||||||||||||||||
Net increase (decrease) | 100,000 | 100,000 | — | 100,000 | — | 100,000 | (100,000 | ) | 150,000 | — | 100,000 | |||||||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 51,278 | $ | 40,610 | $ | 11,725 | $ | 369 | $ | — | $ | 12,853 | $ | 35,684 | $ | 87,744 | $ | 147,135 | $ | 8,912 | ||||||||||||||||||||
* | Commencement of operations. |
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
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 | ||||||||||||||||||||||||||||||||||||
For the Period | ||||||||||||||||||||||||||||||||||||||||
Year Ended | 6/11/14*- | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | |||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 241,342 | $ | 61,755 | $ | 305,276 | $ | 1,094,248 | $ | 761,174 | $ | 836,771 | $ | 2,283,154 | $ | 775,811 | $ | 65,199,635 | $ | 70,444,331 | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | (169,958 | ) | (1,040 | ) | (780,950 | ) | 5,486,630 | 138,457 | 1,146,097 | 452,553 | 285,553 | (236,342,312 | ) | 67,019,027 | ||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (130,103 | ) | (352,048 | ) | (1,047,267 | ) | (3,608,750 | ) | (147,937 | ) | (2,284,312 | ) | (8,852,762 | ) | (575,700 | ) | (163,003,286 | ) | (86,957,107 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (58,719 | ) | (291,333 | ) | (1,522,941 | ) | 2,972,128 | 751,694 | (301,444 | ) | (6,117,055 | ) | 485,664 | (334,145,963 | ) | 50,506,251 | ||||||||||||||||||||||||
Net equalization credits and charges (Note 2) | 37,608 | — | — | — | — | — | 331,223 | 15,686 | (191,392 | ) | 871,464 | |||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (310,927 | ) | (610 | ) | (818,770 | ) | (1,581,813 | ) | (590,950 | ) | (2,287,511 | ) | (2,598,923 | ) | (774,129 | ) | (65,787,191 | ) | (71,478,207 | ) | ||||||||||||||||||||
Net realized gains | — | — | — | — | — | — | (301,724 | ) | — | — | — | |||||||||||||||||||||||||||||
Total distributions to shareholders | (310,927 | ) | (610 | ) | (818,770 | ) | (1,581,813 | ) | (590,950 | ) | (2,287,511 | ) | (2,900,647 | ) | (774,129 | ) | (65,787,191 | ) | (71,478,207 | ) | ||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 8,180,101 | 6,000,000 | 9,767,212 | 18,324,183 | — | — | 53,067,531 | 19,989,175 | 162,361,436 | 251,950,147 | ||||||||||||||||||||||||||||||
Cost of shares redeemed | (11,011,633 | ) | — | (8,613,583 | ) | (119,503,938 | ) | (11,983,785 | ) | (22,266,802 | ) | — | — | (238,126,598 | ) | (85,690,252 | ) | |||||||||||||||||||||||
Net income equalization (Note 2) | (37,608 | ) | — | — | — | — | — | (331,223 | ) | (15,686 | ) | 191,392 | (871,464 | ) | ||||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | (2,869,140 | ) | 6,000,000 | 1,153,629 | (101,179,755 | ) | (11,983,785 | ) | (22,266,802 | ) | 52,736,308 | 19,973,489 | (75,573,770 | ) | 165,388,431 | |||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | (3,201,178 | ) | 5,708,057 | (1,188,082 | ) | (99,789,440 | ) | (11,823,041 | ) | (24,855,757 | ) | 44,049,829 | 19,700,710 | (475,698,316 | ) | 145,287,939 | ||||||||||||||||||||||||
Net assets at beginning of year | 5,708,057 | — | 27,121,669 | 126,911,109 | 72,750,636 | 97,606,393 | 29,199,671 | 9,498,961 | 1,450,113,935 | 1,304,825,996 | ||||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 2,506,879 | $ | 5,708,057 | $ | 25,933,587 | $ | 27,121,669 | $ | 60,927,595 | $ | 72,750,636 | $ | 73,249,500 | $ | 29,199,671 | $ | 974,415,619 | $ | 1,450,113,935 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | 150,000 | 100,000 | 200,000 | 400,000 | — | — | 800,000 | 300,000 | 3,600,000 | 5,100,000 | ||||||||||||||||||||||||||||||
Shares redeemed | (200,000 | ) | — | (200,000 | ) | (2,600,000 | ) | (250,000 | ) | (450,000 | ) | — | — | (6,200,000 | ) | (1,800,000 | ) | |||||||||||||||||||||||
Net increase (decrease) | (50,000 | ) | 100,000 | — | (2,200,000 | ) | (250,000 | ) | (450,000 | ) | 800,000 | 300,000 | (2,600,000 | ) | 3,300,000 | |||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | — | $ | 60,153 | $ | 180,710 | $ | 699,387 | $ | (102,936 | ) | $ | (343,891 | ) | $ | (2,708 | ) | $ | 35,341 | $ | 6,601,355 | $ | 5,786,377 | |||||||||||||||||
* | Commencement of operations. |
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
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 | ||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | |||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,019,431 | $ | 1,166,533 | $ | 10,634,927 | $ | 14,165,333 | $ | 46,099,392 | $ | 32,752,784 | $ | 333,882 | $ | 385,898 | $ | 998,516 | $ | 976,690 | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | (1,256,796 | ) | 4,345,928 | (25,473,377 | ) | 4,826,776 | 18,981,711 | 15,272,479 | 1,182,319 | 1,704,705 | 1,808,939 | 13,653 | ||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (3,139,708 | ) | (4,020,643 | ) | (93,883,069 | ) | 24,288,920 | (21,221,390 | ) | 25,625,589 | (1,853,450 | ) | (2,228,684 | ) | (3,188,766 | ) | (161,027 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (3,377,073 | ) | 1,491,818 | (108,721,519 | ) | 43,281,029 | 43,859,713 | 73,650,852 | (337,249 | ) | (138,081 | ) | (381,311 | ) | 829,316 | |||||||||||||||||||||||||
Net equalization credits and charges (Note 2) | — | — | — | — | 652,292 | 1,802,684 | (1,165 | ) | (4,040 | ) | 34,294 | 42,871 | ||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (1,317,272 | ) | (1,269,253 | ) | (12,541,035 | ) | (15,106,089 | ) | (54,138,494 | ) | (40,259,506 | ) | (334,910 | ) | (441,020 | ) | (1,034,295 | ) | (1,023,722 | ) | ||||||||||||||||||||
Net realized gains | (4,175,861 | ) | (3,056,290 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total distributions to shareholders | (5,493,133 | ) | (4,325,543 | ) | (12,541,035 | ) | (15,106,089 | ) | (54,138,494 | ) | (40,259,506 | ) | (334,910 | ) | (441,020 | ) | (1,034,295 | ) | (1,023,722 | ) | ||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 24,147,721 | 26,880,442 | 9,545,721 | — | 521,262,317 | 486,791,879 | 4,080,127 | 5,846,832 | 33,260,747 | 6,105,682 | ||||||||||||||||||||||||||||||
Cost of shares redeemed | (39,478,986 | ) | — | (85,060,588 | ) | (220,214,602 | ) | (84,921,637 | ) | (50,428,622 | ) | (7,510,591 | ) | (5,839,099 | ) | (9,567,653 | ) | — | ||||||||||||||||||||||
Net income equalization (Note 2) | — | — | — | — | (652,292 | ) | (1,802,684 | ) | 1,165 | 4,040 | (34,294 | ) | (42,871 | ) | ||||||||||||||||||||||||||
Other capital (Note 4) | — | — | 375,932 | 655,796 | — | (164 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | (15,331,265 | ) | 26,880,442 | (75,138,935 | ) | (219,558,806 | ) | 435,688,388 | 434,560,409 | (3,429,299 | ) | 11,773 | 23,658,800 | 6,062,811 | ||||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | (24,201,471 | ) | 24,046,717 | (196,401,489 | ) | (191,383,866 | ) | 426,061,899 | 469,754,439 | (4,102,623 | ) | (571,368 | ) | 22,277,488 | 5,911,276 | |||||||||||||||||||||||||
Net assets at beginning of year | 70,446,162 | 46,399,445 | 570,082,186 | 761,466,052 | 1,473,131,829 | 1,003,377,390 | 18,404,575 | 18,975,943 | 42,852,775 | 36,941,499 | ||||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 46,244,691 | $ | 70,446,162 | $ | 373,680,697 | $ | 570,082,186 | $ | 1,899,193,728 | $ | 1,473,131,829 | $ | 14,301,952 | $ | 18,404,575 | $ | 65,130,263 | $ | 42,852,775 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | 800,000 | 800,000 | 200,000 | — | 10,600,000 | 10,700,000 | 100,000 | 150,000 | 800,000 | 150,000 | ||||||||||||||||||||||||||||||
Shares redeemed | (1,350,000 | ) | — | (1,900,000 | ) | (4,700,000 | ) | (1,800,000 | ) | (1,200,000 | ) | (200,000 | ) | (150,000 | ) | (250,000 | ) | — | ||||||||||||||||||||||
Net increase (decrease) | (550,000 | ) | 800,000 | (1,700,000 | ) | (4,700,000 | ) | 8,800,000 | 9,500,000 | (100,000 | ) | — | 550,000 | 150,000 | ||||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 359,077 | $ | 581,581 | $ | 6,509,733 | $ | 7,866,973 | $ | (7,162,702 | ) | $ | (19,484,396 | ) | $ | 65,965 | $ | 60,828 | $ | (19,742 | ) | $ | (74,898 | ) | ||||||||||||||||
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
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 | ||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | |||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 883,304 | $ | 536,448 | $ | 351,313 | $ | 322,674 | $ | 1,135,234 | $ | 1,076,313 | $ | 388,212 | $ | 536,137 | $ | 186,001 | $ | 179,174 | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | (809,130 | ) | 70,669 | (132,036 | ) | 431,422 | 6,286,851 | 4,554,473 | 256,805 | 194,008 | (516,745 | ) | (804,084 | ) | ||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (9,541,578 | ) | (515,923 | ) | (1,692,402 | ) | (440,409 | ) | (8,396,279 | ) | 5,005,472 | (3,061,091 | ) | (390,310 | ) | (1,156,361 | ) | 381,792 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (9,467,404 | ) | 91,194 | (1,473,125 | ) | 313,687 | (974,194 | ) | 10,636,258 | (2,416,074 | ) | 339,835 | (1,487,105 | ) | (243,118 | ) | ||||||||||||||||||||||||
Net equalization credits and charges (Note 2) | 38,353 | 31,461 | 11,454 | (81,523 | ) | 31,728 | 25,355 | 14,332 | (55,237 | ) | 717 | (453 | ) | |||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (880,204 | ) | (554,858 | ) | (355,265 | ) | (339,282 | ) | (1,138,903 | ) | (1,109,173 | ) | (390,429 | ) | (544,065 | ) | (185,820 | ) | (262,845 | ) | ||||||||||||||||||||
Net realized gains | — | — | — | — | (6,327 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Total distributions to shareholders | (880,204 | ) | (554,858 | ) | (355,265 | ) | (339,282 | ) | (1,145,230 | ) | (1,109,173 | ) | (390,429 | ) | (544,065 | ) | (185,820 | ) | (262,845 | ) | ||||||||||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares sold | 16,572,201 | 8,581,829 | 5,587,093 | 6,700,984 | 32,275,374 | 9,716,923 | 3,101,822 | 12,363,293 | — | — | ||||||||||||||||||||||||||||||
Cost of shares redeemed | (2,329,192 | ) | (1,340,943 | ) | (4,102,395 | ) | (2,279,644 | ) | (21,379,712 | ) | (13,598,412 | ) | (7,297,580 | ) | (1,574,953 | ) | (990,508 | ) | (1,223,889 | ) | ||||||||||||||||||||
Net income equalization (Note 2) | (38,353 | ) | (31,461 | ) | (11,454 | ) | 81,523 | (31,728 | ) | (25,355 | ) | (14,332 | ) | 55,237 | (717 | ) | 453 | |||||||||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | 14,204,656 | 7,209,425 | 1,473,244 | 4,502,863 | 10,863,934 | (3,906,844 | ) | (4,210,090 | ) | 10,843,577 | (991,225 | ) | (1,223,436 | ) | ||||||||||||||||||||||||||
Net increase (decrease) in net assets during the year | 3,895,401 | 6,777,222 | (343,692 | ) | 4,395,745 | 8,776,238 | 5,645,596 | (7,002,261 | ) | 10,584,110 | (2,663,433 | ) | (1,729,852 | ) | ||||||||||||||||||||||||||
Net assets at beginning of year | 19,312,020 | 12,534,798 | 10,923,503 | 6,527,758 | 66,124,671 | 60,479,075 | 24,323,855 | 13,739,745 | 7,603,039 | �� | 9,332,891 | |||||||||||||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 23,207,421 | $ | 19,312,020 | $ | 10,579,811 | $ | 10,923,503 | $ | 74,900,909 | $ | 66,124,671 | $ | 17,321,594 | $ | 24,323,855 | $ | 4,939,606 | $ | 7,603,039 | ||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||
Shares sold | 850,000 | 300,000 | 250,000 | 300,000 | 650,000 | 200,000 | 100,000 | 400,000 | — | — | ||||||||||||||||||||||||||||||
Shares redeemed | (100,000 | ) | (50,000 | ) | (200,000 | ) | (100,000 | ) | (450,000 | ) | (300,000 | ) | (250,000 | ) | (50,000 | ) | (50,000 | ) | (50,000 | ) | ||||||||||||||||||||
Net increase (decrease) | 750,000 | 250,000 | 50,000 | 200,000 | 200,000 | (100,000 | ) | (150,000 | ) | 350,000 | (50,000 | ) | (50,000 | ) | ||||||||||||||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | (6,454 | ) | $ | 1,660 | $ | 170,489 | $ | 130,491 | $ | (1,914 | ) | $ | 28,846 | $ | 94,402 | $ | 105,745 | $ | 6,163 | $ | 10,394 | ||||||||||||||||||
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
STATEMENTS OF CHANGES IN NET ASSETS (continued)
SPDR S&P International Technology Sector ETF | SPDR S&P International Telecommunications Sector ETF | SPDR S&P International Utilities Sector ETF | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | |||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 130,987 | $ | 131,861 | $ | 1,298,258 | $ | 4,194,166 | $ | 1,414,897 | $ | 2,191,775 | ||||||||||||
Net realized gain (loss) on investments and foreign currency transactions | 423,117 | 496,168 | 689,145 | 1,157,507 | 3,022,287 | (1,888,802 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (1,248,253 | ) | 200,443 | (2,599,450 | ) | (3,469,941 | ) | (10,153,837 | ) | 4,571,985 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (694,149 | ) | 828,472 | (612,047 | ) | 1,881,732 | (5,716,653 | ) | 4,874,958 | |||||||||||||||
Net equalization credits and charges (Note 2) | (1,504 | ) | (1,072 | ) | (15,221 | ) | (133,997 | ) | (13,083 | ) | 63,992 | |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||
Net investment income | (103,108 | ) | (206,790 | ) | (1,274,493 | ) | (4,048,039 | ) | (1,460,201 | ) | (2,223,595 | ) | ||||||||||||
Total distributions to shareholders | (103,108 | ) | (206,790 | ) | (1,274,493 | ) | (4,048,039 | ) | (1,460,201 | ) | (2,223,595 | ) | ||||||||||||
FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||||||||||||||||||
Proceeds from sale of shares sold | — | 1,543,488 | 3,867,631 | 20,600,179 | 2,732,569 | 27,067,122 | ||||||||||||||||||
Cost of shares redeemed | (1,587,742 | ) | (1,580,716 | ) | (9,245,790 | ) | (8,487,193 | ) | (38,028,330 | ) | — | |||||||||||||
Net income equalization (Note 2) | 1,504 | 1,072 | 15,221 | 133,997 | 13,083 | (63,992 | ) | |||||||||||||||||
Net increase (decrease) in net assets from beneficial interest transactions | (1,586,238 | ) | (36,156 | ) | (5,362,938 | ) | 12,246,983 | (35,282,678 | ) | 27,003,130 | ||||||||||||||
Net increase (decrease) in net assets during the year | (2,384,999 | ) | 584,454 | (7,264,699 | ) | 9,946,679 | (42,472,615 | ) | 29,718,485 | |||||||||||||||
Net assets at beginning of year | 12,591,491 | 12,007,037 | 43,564,606 | 33,617,927 | 69,586,839 | 39,868,354 | ||||||||||||||||||
NET ASSETS END OF YEAR (1) | $ | 10,206,492 | $ | 12,591,491 | $ | 36,299,907 | $ | 43,564,606 | $ | 27,114,224 | $ | 69,586,839 | ||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||
Shares sold | — | 50,000 | 150,000 | 750,000 | 150,000 | 1,450,000 | ||||||||||||||||||
Shares redeemed | (50,000 | ) | (50,000 | ) | (350,000 | ) | (300,000 | ) | (2,150,000 | ) | — | |||||||||||||
Net increase (decrease) | (50,000 | ) | — | (200,000 | ) | 450,000 | (2,000,000 | ) | 1,450,000 | |||||||||||||||
(1) Including undistributed (distribution in excess of) net investment income | $ | 50,873 | $ | 24,543 | $ | 158,692 | $ | 155,258 | $ | 31,380 | $ | (203,910 | ) | |||||||||||
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
SPDR EURO | SPDR S&P | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOXX | International | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
50 | Dividend | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency | Currency | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
SPDR STOXX Europe 50 ETF | SPDR EURO STOXX 50 ETF | SPDR EURO STOXX Small Cap ETF | Hedged ETF | Hedged ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | For the | For the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period | Period | Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | 6/4/14*- | 6/9/15*- | 9/15/15*- | |||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/15 | |||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 36.86 | $ | 36.47 | $ | 31.50 | $ | 28.26 | $ | 33.39 | $ | 39.88 | $ | 38.33 | $ | 30.96 | $ | 28.72 | $ | 36.90 | $ | 50.65 | $ | 60.00 | $ | 38.73 | $ | 40.00 | ||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) | 1.23 | 2.03 | (2) | 1.19 | 1.25 | 1.23 | 1.20 | 1.32 | 1.19 | 1.42 | 1.63 | 1.18 | 0.16 | 0.63 | 0.53 | |||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (3) | (5.37 | ) | 0.22 | 4.84 | 3.21 | (4.73 | ) | (6.11 | ) | 1.46 | 7.19 | 1.77 | (8.23 | ) | (4.00 | ) | (9.47 | ) | (4.52 | ) | (1.08 | ) | ||||||||||||||||||||||||||||||||||
Total from investment operations | (4.14 | ) | 2.25 | 6.03 | 4.46 | (3.50 | ) | (4.91 | ) | 2.78 | 8.38 | 3.19 | (6.60 | ) | (2.82 | ) | (9.31 | ) | (3.89 | ) | (0.55 | ) | ||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | 0.04 | 0.11 | 0.13 | 0.04 | (0.03 | ) | (0.01 | ) | 0.06 | 0.13 | 0.35 | (0.00 | )(4) | 0.40 | — | 0.22 | — | |||||||||||||||||||||||||||||||||||||||
Other capital | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (1.22 | ) | (1.97 | ) | (1.19 | ) | (1.26 | ) | (1.60 | ) | (1.19 | ) | (1.29 | ) | (1.14 | ) | (1.30 | ) | (1.58 | ) | (1.40 | ) | (0.11 | ) | (1.03 | ) | (0.53 | ) | ||||||||||||||||||||||||||||
Total distributions | (1.22 | ) | (1.97 | ) | (1.19 | ) | (1.26 | ) | (1.60 | ) | (1.19 | ) | (1.29 | ) | (1.14 | ) | (1.30 | ) | (1.58 | ) | (1.40 | ) | (0.11 | ) | (1.03 | ) | (0.53 | ) | ||||||||||||||||||||||||||||
Voluntary contribution from Adviser | — | — | — | — | — | — | — | — | — | — | — | 0.07 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 31.54 | $ | 36.86 | $ | 36.47 | $ | 31.50 | $ | 28.26 | $ | 33.77 | $ | 39.88 | $ | 38.33 | $ | 30.96 | $ | 28.72 | $ | 46.83 | $ | 50.65 | $ | 34.03 | $ | 38.92 | ||||||||||||||||||||||||||||
Total return (5) | (11.36 | )% | 6.33 | %(2) | 19.94 | %(6) | 16.25 | % | (11.37 | )% | (12.60 | )% | 7.20 | % | 28.10 | %(6) | 12.90 | % | (18.88 | )% | (4.97 | )% | (15.43 | )%(7) | (9.75 | )% | (1.38 | )% | ||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 247,626 | $ | 261,730 | $ | 109,419 | $ | 37,809 | $ | 29,684 | $ | 4,044,421 | $ | 4,949,488 | $ | 3,285,263 | $ | 993,820 | $ | 116,356 | $ | 11,708 | $ | 7,598 | $ | 6,807 | $ | 3,892 | ||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | 0.46 | % | 0.45 | %(8) | 0.04 | %(8) | 0.03 | %(8) | ||||||||||||||||||||||||||||
Ratio of expenses to average net assets before waivers | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | 0.46 | % | 0.45 | %(8) | 0.33 | %(8) | 0.48 | %(8) | ||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 3.50 | % | 5.28 | %(2) | 3.47 | % | 4.12 | % | 3.55 | % | 3.16 | % | 3.16 | % | 3.43 | % | 4.78 | % | 4.29 | % | 2.33 | % | 0.89 | %(8) | 5.41 | %(8) | 30.27 | %(8) | ||||||||||||||||||||||||||||
Portfolio turnover rate (9) | 9 | % | 9 | % | 12 | % | 6 | % | 7 | % | 6 | % | 6 | % | 8 | % | 9 | % | 7 | % | 46 | % | 30 | % | 2 | % | — | % |
* | Commencement of operations. | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(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) | If the Adviser had not made a contribution during the period ended September 30, 2014, the total return would have been (15.54)%. | |
(8) | Annualized | |
(9) | 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)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR MSCI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International Real | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged ETF | SPDR S&P Emerging Asia Pacific ETF | SPDR S&P Russia ETF | SPDR S&P China ETF | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/15/15*- | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 40.00 | $ | 83.84 | $ | 75.37 | $ | 73.54 | $ | 66.85 | $ | 82.86 | $ | 22.03 | $ | 27.19 | $ | 28.54 | $ | 25.65 | $ | 30.01 | $ | 76.42 | $ | 74.18 | $ | 65.45 | $ | 57.68 | $ | 76.14 | ||||||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) | 0.03 | 1.83 | 1.74 | 1.62 | 1.32 | 1.52 | 0.56 | 0.75 | 0.70 | 0.57 | 0.57 | 1.92 | 1.77 | 1.63 | 1.68 | 1.31 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) | 0.49 | (11.83 | ) | 7.95 | 1.96 | 8.00 | (13.63 | ) | (7.02 | ) | (5.51 | ) | (0.82 | ) | 2.80 | (4.53 | ) | (8.34 | ) | 1.93 | 8.72 | 7.56 | (18.48 | ) | ||||||||||||||||||||||||||||||||||||||||
Total from investment operations | 0.52 | (10.00 | ) | 9.69 | 3.58 | 9.32 | (12.11 | ) | (6.46 | ) | (4.76 | ) | (0.12 | ) | 3.37 | (3.96 | ) | (6.42 | ) | 3.70 | 10.35 | 9.24 | (17.17 | ) | ||||||||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Other capital | — | — | — | — | — | — | — | — | — | — | — | 0.02 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | — | (1.22 | ) | (1.22 | ) | (1.75 | ) | (1.71 | ) | (1.29 | ) | (0.67 | ) | (0.40 | ) | (1.23 | ) | (0.48 | ) | (0.29 | ) | (1.29 | ) | (1.46 | ) | (1.62 | ) | (1.47 | ) | (1.29 | ) | |||||||||||||||||||||||||||||||||
Net realized gains | — | — | — | — | (0.92 | ) | (2.61 | ) | — | — | — | — | (0.11 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total distributions | — | (1.22 | ) | (1.22 | ) | (1.75 | ) | (2.63 | ) | (3.90 | ) | (0.67 | ) | (0.40 | ) | (1.23 | ) | (0.48 | ) | (0.40 | ) | (1.29 | ) | (1.46 | ) | (1.62 | ) | (1.47 | ) | (1.29 | ) | |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 40.52 | $ | 72.62 | $ | 83.84 | $ | 75.37 | $ | 73.54 | $ | 66.85 | $ | 14.90 | $ | 22.03 | $ | 27.19 | $ | 28.54 | $ | 25.65 | $ | 68.73 | $ | 76.42 | $ | 74.18 | $ | 65.45 | $ | 57.68 | ||||||||||||||||||||||||||||||||
Total return (3) | 1.31 | % | (12.15 | )% | 12.99 | % | 4.91 | % | 14.40 | % | (15.55 | )% | (29.32 | )% | (17.72 | )% | (0.41 | )% | 13.40 | % | (13.58 | )% | (8.69 | )% | 5.00 | % | 16.20 | % | 16.17 | % | (22.95 | )% | ||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 4,052 | $ | 428,447 | $ | 687,494 | $ | 399,460 | $ | 389,769 | $ | 514,755 | $ | 23,101 | $ | 23,135 | $ | 31,264 | $ | 39,963 | $ | 43,611 | $ | 817,908 | $ | 947,605 | $ | 897,623 | $ | 759,186 | $ | 617,133 | ||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.48 | %(4) | 0.53 | % | 0.59 | % | 0.59 | % | 0.60 | % | 0.60 | % | 0.59 | % | 0.60 | % | 0.60 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.60 | % | ||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 1.60 | %(4) | 2.14 | % | 2.17 | % | 2.14 | % | 1.87 | % | 1.83 | % | 3.27 | % | 2.94 | % | 2.56 | % | 2.05 | % | 1.56 | % | 2.32 | % | 2.33 | % | 2.31 | % | 2.56 | % | 1.71 | % | ||||||||||||||||||||||||||||||||
Portfolio turnover rate (5) | — | % | 28 | % | 15 | % | 16 | % | 7 | % | 20 | % | 7 | % | 4 | % | 3 | % | 11 | % | 15 | % | 14 | % | 10 | % | 12 | % | 10 | % | 9 | % |
* | Commencement of operations. | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. | |
(3) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. | |
(4) | Annualized | |
(5) | Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P Emerging Markets ETF | SPDR S&P Emerging Markets Dividend ETF | SPDR S&P BRIC 40 ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | 2/23/11*- | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 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 | $ | 36.66 | $ | 40.34 | $ | 43.70 | $ | 43.89 | $ | 50.00 | $ | 23.23 | $ | 23.34 | $ | 22.97 | $ | 20.92 | $ | 25.84 | ||||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) | 1.28 | 1.39 | 1.38 | 1.48 | 1.36 | 1.44 | 1.77 | 2.45 | 3.18 | 2.32 | 0.48 | 0.54 | 0.57 | 0.54 | 0.60 | |||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) | (13.88 | ) | 2.85 | (0.55 | ) | 7.20 | (12.20 | ) | (11.68 | ) | (3.86 | ) | (3.87 | ) | (0.78 | ) | (6.96 | ) | (4.62 | ) | (0.22 | ) | 0.49 | 2.09 | (5.00 | ) | ||||||||||||||||||||||||||||||||||
Total from investment operations | (12.60 | ) | 4.24 | 0.83 | 8.68 | (10.84 | ) | (10.24 | ) | (2.09 | ) | (1.42 | ) | 2.40 | (4.64 | ) | (4.14 | ) | 0.32 | 1.06 | 2.63 | (4.40 | ) | |||||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | — | — | — | — | — | (0.03 | ) | 0.04 | 0.09 | 0.01 | 0.43 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other capital | — | — | — | 0.00 | (4) | — | 0.01 | 0.01 | 0.05 | — | — | — | — | — | 0.00 | (3) | — | |||||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (1.33 | ) | (1.03 | ) | (1.54 | ) | (1.41 | ) | (1.15 | ) | (1.34 | ) | (1.64 | ) | (2.08 | ) | (2.60 | ) | (1.28 | ) | (0.57 | ) | (0.43 | ) | (0.69 | ) | (0.58 | ) | (0.52 | ) | ||||||||||||||||||||||||||||||
Net realized gains | — | — | — | (0.68 | ) | (0.64 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Return of capital | — | — | — | — | — | — | — | — | — | (0.62 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total distributions | (1.33 | ) | (1.03 | ) | (1.54 | ) | (2.09 | ) | (1.79 | ) | (1.34 | ) | (1.64 | ) | (2.08 | ) | (2.60 | ) | (1.90 | ) | (0.57 | ) | (0.43 | ) | (0.69 | ) | (0.58 | ) | (0.52 | ) | ||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 52.42 | $ | 66.35 | $ | 63.14 | $ | 63.85 | $ | 57.26 | $ | 25.06 | $ | 36.66 | $ | 40.34 | $ | 43.70 | $ | 43.89 | $ | 18.52 | $ | 23.23 | $ | 23.34 | $ | 22.97 | $ | 20.92 | ||||||||||||||||||||||||||||||
Total return (5) | (19.34 | )% | 6.73 | % | 1.31 | % | 15.58 | % | (16.06 | )% | (28.56 | )% | (5.16 | )% | (2.80 | )% | 5.54 | % | (8.73 | )% | (18.23 | )% | 1.35 | % | 4.95 | % | 12.82 | % | (17.49 | )% | ||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 188,707 | $ | 285,285 | $ | 189,412 | $ | 166,023 | $ | 154,600 | $ | 298,163 | $ | 491,217 | $ | 538,651 | $ | 301,515 | $ | 54,862 | $ | 81,505 | $ | 155,662 | $ | 247,441 | $ | 296,324 | $ | 374,453 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.60 | % | 0.53 | % | 0.59 | % | 0.60 | % | 0.61 | % | 0.62 | %(6) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.51 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 2.02 | % | 2.12 | % | 2.15 | % | 2.39 | % | 1.90 | % | 4.32 | % | 4.50 | % | 5.71 | % | 6.80 | % | 7.46 | %(6) | 2.12 | % | 2.30 | % | 2.45 | % | 2.32 | % | 2.23 | % | ||||||||||||||||||||||||||||||
Portfolio turnover rate (7) | 18 | % | 9 | % | 21 | % | 11 | % | 4 | % | 78 | % | 67 | % | 85 | % | 134 | % | 42 | % | 12 | % | 7 | % | 9 | % | 13 | % | 10 | % |
* | Commencement of operations. | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. | |
(3) | State Street reimbursed the Fund $29,705 due to a record keeping error. The impact of the reimbursement is less than $0.005. | |
(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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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P Emerging Europe ETF | SPDR S&P Emerging Latin America ETF | SPDR S&P Emerging Middle East & Africa ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 35.19 | $ | 40.26 | $ | 41.26 | $ | 37.16 | $ | 45.55 | $ | 61.51 | $ | 64.16 | $ | 71.28 | $ | 64.12 | $ | 84.48 | $ | 70.16 | $ | 67.53 | $ | 70.76 | $ | 62.01 | $ | 71.33 | ||||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) | 0.82 | 1.07 | 1.02 | 0.95 | 1.02 | 1.13 | 1.58 | 1.65 | 1.76 | 1.93 | (2) | 1.69 | 1.47 | 1.52 | 2.13 | 1.87 | ||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (3) | (10.80 | ) | (5.43 | ) | (0.37 | ) | 4.22 | (8.73 | ) | (24.66 | ) | (2.77 | ) | (7.23 | ) | 7.40 | (20.76 | ) | (12.64 | ) | 2.87 | (3.17 | ) | 9.44 | (9.65 | ) | ||||||||||||||||||||||||||||||||||
Total from investment operations | (9.98 | ) | (4.36 | ) | 0.65 | 5.17 | (7.71 | ) | (23.53 | ) | (1.19 | ) | (5.58 | ) | 9.16 | (18.83 | ) | (10.95 | ) | 4.34 | (1.65 | ) | 11.57 | (7.78 | ) | |||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (1.09 | ) | (0.71 | ) | (1.65 | ) | (1.07 | ) | (0.68 | ) | (1.25 | ) | (1.46 | ) | (1.54 | ) | (2.00 | ) | (1.53 | ) | (1.96 | ) | (1.71 | ) | (1.58 | ) | (2.82 | ) | (1.54 | ) | ||||||||||||||||||||||||||||||
Total distributions | (1.09 | ) | (0.71 | ) | (1.65 | ) | (1.07 | ) | (0.68 | ) | (1.25 | ) | (1.46 | ) | (1.54 | ) | (2.00 | ) | (1.53 | ) | (1.96 | ) | (1.71 | ) | (1.58 | ) | (2.82 | ) | (1.54 | ) | ||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 24.12 | $ | 35.19 | $ | 40.26 | $ | 41.26 | $ | 37.16 | $ | 36.73 | $ | 61.51 | $ | 64.16 | $ | 71.28 | $ | 64.12 | $ | 57.25 | $ | 70.16 | $ | 67.53 | $ | 70.76 | $ | 62.01 | ||||||||||||||||||||||||||||||
Total return (4) | (28.73 | )% | (11.01 | )% | 1.68 | % | 14.32 | % | (17.35 | )% | (38.76 | )% | (1.88 | )% | (7.86 | )% | 14.49 | % | (22.78 | )%(2) | (16.01 | )% | 6.51 | % | (2.38 | )% | 19.26 | % | (11.32 | )% | ||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 41,009 | $ | 66,865 | $ | 76,485 | $ | 86,639 | $ | 118,917 | $ | 25,713 | $ | 49,208 | $ | 70,575 | $ | 114,055 | $ | 121,832 | $ | 40,076 | $ | 63,141 | $ | 67,535 | $ | 91,986 | $ | 105,410 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.53 | % | 0.59 | % | 0.59 | % | 0.60 | % | 0.61 | % | 0.53 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.60 | % | 0.53 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.60 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 2.82 | % | 2.77 | % | 2.48 | % | 2.41 | % | 2.04 | % | 2.24 | % | 2.50 | % | 2.35 | % | 2.43 | % | 2.27 | %(2) | 2.47 | % | 2.09 | % | 2.26 | % | 3.17 | % | 2.55 | % | ||||||||||||||||||||||||||||||
Portfolio turnover rate (5) | 7 | % | 15 | % | 6 | % | 6 | % | 10 | % | 6 | % | 5 | % | 10 | % | 7 | % | 12 | % | 4 | % | 23 | % | 2 | % | 7 | % | 4 | % |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.21 per share and 0.24% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (23.11)%. | |
(3) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. | |
(4) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation. | |
(5) | Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
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 | SPDR Dow Jones International Real Estate ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 28.46 | $ | 28.00 | $ | 23.91 | $ | 21.37 | $ | 24.19 | $ | 32.76 | $ | 32.82 | $ | 27.49 | $ | 25.79 | $ | 27.92 | $ | 41.54 | $ | 42.00 | $ | 39.29 | $ | 32.70 | $ | 38.39 | ||||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) | 0.71 | 0.89 | 0.73 | 0.75 | 0.75 | 0.57 | 0.54 | 0.65 | 0.57 | 0.64 | 1.02 | 1.39 | 1.29 | 1.41 | 1.57 | |||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) | (3.25 | ) | 0.40 | 4.04 | 2.38 | (2.89 | ) | (2.14 | ) | 0.36 | 5.37 | 2.08 | (2.14 | ) | (2.07 | ) | 0.16 | 4.01 | 5.67 | (3.82 | ) | |||||||||||||||||||||||||||||||||||||||
Total from investment operations | (2.54 | ) | 1.29 | 4.77 | 3.13 | (2.14 | ) | (1.57 | ) | 0.90 | 6.02 | 2.65 | (1.50 | ) | (1.05 | ) | 1.55 | 5.30 | 7.08 | (2.25 | ) | |||||||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | — | — | — | — | — | — | — | — | — | — | (0.01 | ) | (0.06 | ) | 0.02 | 1.06 | 0.09 | |||||||||||||||||||||||||||||||||||||||||||
Other capital | — | — | — | — | — | — | — | — | 0.00 | (3) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.75 | ) | (0.83 | ) | (0.68 | ) | (0.59 | ) | (0.68 | ) | (0.49 | ) | (0.96 | ) | (0.69 | ) | (0.75 | ) | (0.63 | ) | (1.24 | ) | (1.95 | ) | (2.61 | ) | (1.55 | ) | (3.53 | ) | ||||||||||||||||||||||||||||||
Net realized gains | — | — | — | — | — | (3.13 | ) | — | — | (0.20 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total distributions | (0.75 | ) | (0.83 | ) | (0.68 | ) | (0.59 | ) | (0.68 | ) | (3.62 | ) | (0.96 | ) | (0.69 | ) | (0.95 | ) | (0.63 | ) | (1.24 | ) | (1.95 | ) | (2.61 | ) | (1.55 | ) | (3.53 | ) | ||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 25.17 | $ | 28.46 | $ | 28.00 | $ | 23.91 | $ | 21.37 | $ | 27.57 | $ | 32.76 | $ | 32.82 | $ | 27.49 | $ | 25.79 | $ | 39.24 | $ | 41.54 | $ | 42.00 | $ | 39.29 | $ | 32.70 | ||||||||||||||||||||||||||||||
Total return (4) | (9.14 | )% | 4.52 | % | 20.27 | % | 14.99 | % | (9.32 | )% | (4.77 | )% | 2.69 | % | 22.25 | % | 10.74 | % | (5.72 | )% | (2.66 | )% | 3.57 | % | 13.83 | %(5) | 25.52 | % | (6.76 | )% | ||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 714,914 | $ | 825,443 | $ | 688,755 | $ | 411,282 | $ | 119,679 | $ | 650,556 | $ | 792,719 | $ | 813,871 | $ | 679,080 | $ | 729,907 | $ | 4,753,058 | $ | 4,903,056 | $ | 4,045,899 | $ | 3,136,658 | $ | 1,996,074 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.34 | % | 0.34 | % | 0.34 | % | 0.34 | % | 0.35 | % | 0.47 | % | 0.60 | % | 0.59 | % | 0.59 | % | 0.61 | % | 0.60 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.61 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 2.53 | % | 3.06 | % | 2.79 | % | 3.28 | % | 2.94 | % | 1.93 | % | 1.59 | % | 2.20 | % | 2.16 | % | 2.12 | % | 2.40 | % | 3.27 | % | 3.10 | % | 3.96 | % | 4.05 | % | ||||||||||||||||||||||||||||||
Portfolio turnover rate (6) | 8 | % | 17 | % | 2 | % | 8 | % | 2 | % | 17 | % | 51 | % | 21 | % | 2 | % | 22 | % | 8 | % | 8 | % | 11 | % | 11 | % | 10 | % |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. | |
(3) | State Street reimbursed the Fund $13,909 due to a record keeping error. The impact of the reimbursement is less than $0.005. | |
(4) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation. | |
(5) | If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have remained 13.83% for SPDR Dow Jones International Real Estate ETF. | |
(6) | Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P Global Infrastructure ETF | SPDR S&P Global Natural Resources ETF | SPDR MSCI ACWI ex-US ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 48.84 | $ | 43.51 | $ | 40.42 | $ | 38.94 | $ | 40.91 | $ | 48.62 | $ | 48.54 | $ | 50.90 | $ | 45.94 | $ | 50.76 | $ | 35.09 | $ | 34.29 | $ | 30.49 | $ | 27.55 | $ | 31.77 | ||||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) | 1.46 | 1.68 | 1.99 | 1.60 | 1.71 | 1.51 | 1.33 | 1.30 | 1.14 | 1.23 | 0.94 | 1.17 | 0.90 | 0.89 | 0.95 | |||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) | (5.62 | ) | 5.20 | 2.71 | 1.53 | (2.03 | ) | (16.27 | ) | (0.10 | ) | (2.41 | ) | 4.78 | (5.44 | ) | (4.92 | ) | 0.72 | 3.88 | 2.93 | (4.28 | ) | |||||||||||||||||||||||||||||||||||||
Total from investment operations | (4.16 | ) | 6.88 | 4.70 | 3.13 | (0.32 | ) | (14.76 | ) | 1.23 | (1.11 | ) | 5.92 | (4.21 | ) | (3.98 | ) | 1.89 | 4.78 | 3.82 | (3.33 | ) | ||||||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (1.37 | ) | (1.55 | ) | (1.61 | ) | (1.65 | ) | (1.65 | ) | (1.30 | ) | (1.15 | ) | (1.25 | ) | (0.96 | ) | (0.61 | ) | (0.80 | ) | (1.09 | ) | (0.98 | ) | (0.88 | ) | (0.89 | ) | ||||||||||||||||||||||||||||||
Total distributions | (1.37 | ) | (1.55 | ) | (1.61 | ) | (1.65 | ) | (1.65 | ) | (1.30 | ) | (1.15 | ) | (1.25 | ) | (0.96 | ) | (0.61 | ) | (0.80 | ) | (1.09 | ) | (0.98 | ) | (0.88 | ) | (0.89 | ) | ||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 43.31 | $ | 48.84 | $ | 43.51 | $ | 40.42 | $ | 38.94 | $ | 32.56 | $ | 48.62 | $ | 48.54 | $ | 50.90 | $ | 45.94 | $ | 30.31 | $ | 35.09 | $ | 34.29 | $ | 30.49 | $ | 27.55 | ||||||||||||||||||||||||||||||
Total return (3) | (8.77 | )% | 15.95 | % | 11.99 | % | 8.20 | % | (1.04 | )% | (30.97 | )% | 2.39 | % | (2.09 | )% | 13.07 | % | (8.56 | )% | (11.58 | )% | 5.43 | % | 15.96 | % | 14.20 | % | (10.99 | )% | ||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 56,299 | $ | 112,333 | $ | 52,217 | $ | 36,378 | $ | 35,045 | $ | 569,822 | $ | 595,617 | $ | 407,763 | $ | 414,852 | $ | 163,076 | $ | 715,311 | $ | 575,494 | $ | 493,824 | $ | 384,218 | $ | 363,713 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.40 | % | 0.41 | % | 0.50 | % | 0.59 | % | 0.60 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.32 | % | 0.35 | % | 0.34 | % | 0.34 | % | 0.35 | % | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before waivers | 0.40 | % | 0.41 | % | 0.50 | % | 0.59 | % | 0.60 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.34 | % | 0.35 | % | 0.34 | % | 0.34 | % | 0.35 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 3.03 | % | 3.51 | % | 4.79 | % | 4.02 | % | 4.07 | % | 3.52 | % | 2.63 | % | 2.63 | % | 2.28 | % | 2.13 | % | 2.74 | % | 3.25 | % | 2.76 | % | 3.03 | % | 2.85 | % | ||||||||||||||||||||||||||||||
Portfolio turnover rate (4) | 7 | % | 14 | % | 74 | % | 10 | % | 6 | % | 21 | % | 18 | % | 31 | % | 18 | % | 32 | % | 8 | % | 3 | % | 2 | % | 8 | % | 4 | % |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. | |
(3) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation. | |
(4) | 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)
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 | For the | For the | For the | For the | For the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period | Period | Period | Period | Period | Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | 2/27/12*- | 11/26/14*- | Year Ended | Year Ended | Year Ended | 2/27/12*- | Year Ended | 12/4/13*- | Year Ended | 6/4/14*- | Year Ended | 6/4/14*- | ||||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/15 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 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) | 1.74 | 1.48 | 1.30 | 0.88 | 1.53 | 1.24 | 1.15 | 0.92 | 0.86 | 1.06 | 0.77 | 1.60 | 0.45 | 1.58 | 0.77 | |||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) | (5.17 | ) | 5.39 | 8.16 | (0.30 | ) | (7.64 | ) | (10.03 | ) | 0.59 | 0.34 | (3.09 | ) | (14.44 | ) | 1.86 | (4.56 | ) | (3.14 | ) | (12.48 | ) | (1.23 | ) | |||||||||||||||||||||||||||||||||||
Total from investment operations | (3.43 | ) | 6.87 | 9.46 | 0.58 | (6.11 | ) | (8.79 | ) | 1.74 | 1.26 | (2.23 | ) | (13.38 | ) | 2.63 | (2.96 | ) | (2.69 | ) | (10.90 | ) | (0.46 | ) | ||||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | — | — | — | — | 0.03 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Other capital | — | — | — | — | — | — | — | — | — | — | — | — | — | 0.20 | 0.06 | |||||||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (1.75 | ) | (1.21 | ) | (1.28 | ) | (0.54 | ) | (1.02 | ) | (1.17 | ) | (0.74 | ) | (1.47 | ) | (0.46 | ) | (1.24 | ) | (0.49 | ) | (1.64 | ) | (0.03 | ) | (1.31 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
Net realized gains | (0.00 | )(3) | (0.04 | ) | (0.02 | ) | — | — | — | — | — | — | — | — | (0.00 | )(3) | — | (0.00 | )(3) | — | ||||||||||||||||||||||||||||||||||||||||
Total distributions | (1.75 | ) | (1.25 | ) | (1.30 | ) | (0.54 | ) | (1.02 | ) | (1.17 | ) | (0.74 | ) | (1.47 | ) | (0.46 | ) | (1.24 | ) | (0.49 | ) | (1.64 | ) | (0.03 | ) | (1.31 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 58.64 | $ | 63.82 | $ | 58.20 | $ | 50.04 | $ | 67.90 | $ | 38.14 | $ | 48.10 | $ | 47.10 | $ | 47.31 | $ | 47.52 | $ | 62.14 | $ | 52.68 | $ | 57.28 | $ | 47.58 | $ | 59.59 | ||||||||||||||||||||||||||||||
Total return (4) | (5.61 | )% | 11.77 | % | 19.15 | % | 1.28 | % | (8.25 | )% | (18.67 | )% | 3.67 | % | 2.74 | % | (4.37 | )% | (21.86 | )% | 4.38 | % | (5.34 | )% | (4.48 | )% | (18.29 | )% | (0.65 | )% | ||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 35,186 | $ | 57,434 | $ | 5,820 | $ | 5,004 | $ | 81,474 | $ | 3,814 | $ | 2,405 | $ | 2,355 | $ | 4,731 | $ | 2,376 | $ | 3,107 | $ | 5,268 | $ | 5,728 | $ | 71,371 | $ | 5,959 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | %(5) | 0.20 | %(5) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | %(5) | 0.52 | % | 0.56 | %(5) | 0.30 | % | 0.30 | %(5) | 0.30 | % | 0.31 | %(5) | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before waivers | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | %(5) | 0.30 | %(5) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | %(5) | 0.52 | % | 0.56 | %(5) | 0.30 | % | 0.30 | %(5) | 0.30 | % | 0.31 | %(5) | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 2.70 | % | 2.31 | % | 2.40 | % | 3.08 | %(5) | 2.42 | %(5) | 2.73 | % | 2.39 | % | 1.97 | % | 3.16 | %(5) | 1.85 | % | 1.52 | %(5) | 2.80 | % | 2.35 | %(5) | 2.82 | % | 3.85 | %(5) | ||||||||||||||||||||||||||||||
Portfolio turnover rate (6) | 3 | % | 0 | %(7) | 0 | %(7) | 0 | %(7) | 4 | % | 9 | % | 17 | % | 7 | % | 4 | % | 9 | % | 50 | % | 14 | % | 0 | %(7) | 23 | % | 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 year. | |
(2) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. | |
(3) | Amount is less than $0.005 per share. | |
(4) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. | |
(5) | Annualized | |
(6) | Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. | |
(7) | Amount shown represents less than 0.5%. |
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
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 | SPDR MSCI Spain Quality Mix ETF | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | For the | For the | For the | For the | For the | For the | For the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period | Period | Period | Period | Period | Period | Period | Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | 6/4/14*- | Year Ended | 6/11/14*- | Year Ended | 6/11/14*- | Year Ended | 6/11/14*- | Year Ended | 6/11/14*- | Year Ended | 9/16/14*- | Year Ended | 9/16/14*- | Year Ended | 6/11/14*- | |||||||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 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 | $ | 55.05 | $ | 60.00 | ||||||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) | 1.35 | 0.37 | 2.48 | 1.10 | 1.18 | 0.39 | 1.24 | 0.02 | (2) | 0.88 | 0.41 | 0.39 | 0.00 | (3) | 0.22 | 0.00 | (3) | 1.86 | 0.67 | (4) | ||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (5) | (2.04 | ) | (0.38 | ) | (13.31 | ) | (5.20 | ) | (13.19 | ) | (0.55 | ) | (5.39 | ) | (6.44 | ) | (0.97 | ) | 0.05 | (6.36 | ) | (1.17 | ) | (4.69 | ) | (1.46 | ) | (10.25 | ) | (5.56 | ) | |||||||||||||||||||||||||||||||||
Total from investment operations | (0.69 | ) | (0.01 | ) | (10.83 | ) | (4.10 | ) | (12.01 | ) | (0.16 | ) | (4.15 | ) | (6.42 | ) | (0.09 | ) | 0.46 | (5.97 | ) | (1.17 | ) | (4.47 | ) | (1.46 | ) | (8.39 | ) | (4.89 | ) | |||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | — | — | 0.15 | — | 0.40 | — | 0.18 | — | 0.24 | — | — | — | — | — | (0.20 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (1.30 | ) | (0.04 | ) | (2.72 | ) | — | (1.61 | ) | (0.02 | ) | (1.17 | ) | (0.00 | )(3) | (0.84 | ) | — | (0.25 | ) | — | (0.38 | ) | — | (2.05 | ) | (0.06 | ) | ||||||||||||||||||||||||||||||||||||
Net realized gains | (0.00 | )(3) | — | (0.00 | )(3) | — | — | — | — | — | (0.01 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total distributions | (1.30 | ) | (0.04 | ) | (2.72 | ) | — | (1.61 | ) | (0.02 | ) | (1.17 | ) | — | (0.85 | ) | — | (0.25 | ) | — | (0.38 | ) | — | (2.05 | ) | (0.06 | ) | |||||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 57.96 | $ | 59.95 | $ | 42.50 | $ | 55.90 | $ | 46.60 | $ | 59.82 | $ | 48.44 | $ | 53.58 | $ | 59.76 | $ | 60.46 | $ | 22.61 | $ | 28.83 | $ | 23.69 | $ | 28.54 | $ | 44.41 | $ | 55.05 | ||||||||||||||||||||||||||||||||
Total return (6) | (1.25 | )% | (0.02 | )% | (19.87 | )% | (6.84 | )% | (19.84 | )% | (0.26 | )% | (7.64 | )% | (10.70 | )%(2) | 0.21 | % | 0.76 | % | (20.76 | )% | (3.90 | )% | (15.78 | )% | (4.85 | )% | (16.00 | )% | (8.16 | )%(4) | ||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 5,796 | $ | 5,995 | $ | 6,375 | $ | 5,590 | $ | 9,319 | $ | 2,991 | $ | 9,688 | $ | 5,358 | $ | 11,951 | $ | 6,046 | $ | 2,261 | $ | 2,883 | $ | 2,369 | $ | 2,854 | $ | 2,220 | $ | 8,258 | ||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.30 | % | 0.30 | %(7) | 0.30 | % | 0.30 | %(7) | 0.30 | % | 0.30 | %(7) | 0.30 | % | 0.30 | %(7) | 0.30 | % | 0.30 | %(7) | 0.40 | % | 0.40 | %(7) | 0.40 | % | 0.40 | %(7) | 0.30 | % | 0.30 | %(7) | ||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 2.18 | % | 1.90 | %(7) | 4.77 | % | 5.99 | %(7) | 2.21 | % | 2.06 | %(7) | 2.26 | % | 0.11 | %(2) (7) | 1.38 | % | 2.21 | %(7) | 1.53 | % | 0.37 | %(7) | 0.86 | % | (0.40 | )%(7) | 3.67 | % | 3.83 | %(4) (7) | ||||||||||||||||||||||||||||||||
Portfolio turnover rate (8) | 13 | % | 0 | %(9) | 12 | % | 1 | % | 15 | % | 2 | % | 18 | % | 1 | % | 23 | % | 0 | % | 7 | % | 0 | % | 16 | % | 1 | % | 12 | % | 1 | % |
* | Commencement of operations. | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Net investment income per share and 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) | 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)%. | |
(5) | 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. | |
(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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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | For the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period | Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | 9/16/14*- | Year Ended | 6/11/14*- | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | |||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 57.83 | $ | 60.00 | $ | 57.08 | $ | 60.00 | $ | 45.20 | $ | 45.33 | $ | 35.57 | $ | 37.12 | $ | 37.80 | $ | 50.17 | $ | 51.37 | $ | 41.65 | $ | 43.79 | $ | 39.65 | ||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) | 1.57 | (0.01 | ) | 2.18 | 0.62 | (2) | 0.56 | 0.47 | 0.92 | 0.66 | 0.85 | 0.61 | 0.53 | 0.61 | 0.64 | 0.69 | ||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (3) | (8.87 | ) | (2.16 | ) | (7.43 | ) | (3.53 | ) | (1.18 | ) | (0.01 | ) | 9.34 | (1.55 | ) | (0.56 | ) | 0.48 | (0.36 | ) | 9.79 | (2.00 | ) | 4.12 | ||||||||||||||||||||||||||||||||
Total from investment operations | (7.30 | ) | (2.17 | ) | (5.25 | ) | (2.91 | ) | (0.62 | ) | 0.46 | 10.26 | (0.89 | ) | 0.29 | 1.09 | 0.17 | 10.40 | (1.36 | ) | 4.81 | |||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | — | — | 0.34 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.09 | ) | — | (2.03 | ) | (0.01 | ) | (1.36 | ) | (0.59 | ) | (0.50 | ) | (0.66 | ) | (0.97 | ) | (0.49 | ) | (1.37 | ) | (0.68 | ) | (0.78 | ) | (0.67 | ) | |||||||||||||||||||||||||||||
Total distributions | (0.09 | ) | — | (2.03 | ) | (0.01 | ) | (1.36 | ) | (0.59 | ) | (0.50 | ) | (0.66 | ) | (0.97 | ) | (0.49 | ) | (1.37 | ) | (0.68 | ) | (0.78 | ) | (0.67 | ) | |||||||||||||||||||||||||||||
Net asset value, end of period | $ | 50.44 | $ | 57.83 | $ | 50.14 | $ | 57.08 | $ | 43.22 | $ | 45.20 | $ | 45.33 | $ | 35.57 | $ | 37.12 | $ | 50.77 | $ | 50.17 | $ | 51.37 | $ | 41.65 | $ | 43.79 | ||||||||||||||||||||||||||||
Total return (4) | (12.64 | )% | (3.61 | )% | (8.85 | )% | (4.86 | )%(2) | (1.32 | )% | 1.01 | % | 29.11 | % | (2.33 | )% | 0.56 | % | 2.13 | % | 0.31 | % | 25.23 | % | (3.05 | )% | 12.17 | % | ||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 5,044 | $ | 5,783 | $ | 2,507 | $ | 5,708 | $ | 25,934 | $ | 27,122 | $ | 126,911 | $ | 14,227 | $ | 14,846 | $ | 60,928 | $ | 72,751 | $ | 97,606 | $ | 64,563 | $ | 98,537 | ||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.40 | % | 0.40 | %(5) | 0.30 | % | 0.30 | %(5) | 0.37 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.51 | % | 0.45 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.56 | % | ||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 2.68 | % | (0.37 | )%(5) | 3.90 | % | 3.40 | %(2) (5) | 1.22 | % | 1.06 | % | 2.18 | % | 1.83 | % | 2.16 | % | 1.20 | % | 1.05 | % | 1.34 | % | 1.54 | % | 1.63 | % | ||||||||||||||||||||||||||||
Portfolio turnover rate (7) | 16 | % | 0 | % | 31 | % | 0 | %(6) | 2 | % | 4 | % | 0 | %(6) | 1 | % | 3 | % | 19 | % | 28 | % | 13 | % | 22 | % | 10 | % |
* | Commencement of operations. | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | 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)%. | |
(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) | Amount shown represents less than 0.5%. | |
(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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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P Global Dividend ETF | SPDR S&P International Dividend ETF | SPDR S&P International Mid Cap ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | 5/29/13*- | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/13 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 64.89 | $ | 63.33 | $ | 60.00 | $ | 46.33 | $ | 46.60 | $ | 45.27 | $ | 45.07 | $ | 53.88 | $ | 32.02 | $ | 33.14 | $ | 27.69 | $ | 26.04 | $ | 28.76 | ||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) | 2.70 | 2.99 | 0.75 | 2.05 | 2.41 | 3.27 | 3.29 | 3.48 | 0.54 | 0.66 | 0.67 | 0.68 | 0.76 | |||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) | (6.27 | ) | 1.32 | 3.20 | (12.36 | ) | (0.29 | ) | 1.20 | (0.22 | ) | (9.35 | ) | (1.95 | ) | 0.88 | 5.60 | 2.57 | (2.31 | ) | ||||||||||||||||||||||||||||||||
Total from investment operations | (3.57 | ) | 4.31 | 3.95 | (10.31 | ) | 2.12 | 4.47 | 3.07 | (5.87 | ) | (1.41 | ) | 1.54 | 6.27 | 3.25 | (1.55 | ) | ||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | 0.39 | 0.06 | 0.01 | (0.01 | ) | 0.03 | (0.00 | )(3) | 0.14 | 0.37 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (2.61 | ) | (2.81 | ) | (0.63 | ) | (2.06 | ) | (2.42 | ) | (3.14 | ) | (3.01 | ) | (3.31 | ) | (0.64 | ) | (0.75 | ) | (0.75 | ) | (0.84 | ) | (0.70 | ) | ||||||||||||||||||||||||||
Net realized gains | (0.50 | ) | — | — | — | — | — | — | — | (1.94 | ) | (1.91 | ) | (0.07 | ) | (0.76 | ) | (0.47 | ) | |||||||||||||||||||||||||||||||||
Total distributions | (3.11 | ) | (2.81 | ) | (0.63 | ) | (2.06 | ) | (2.42 | ) | (3.14 | ) | (3.01 | ) | (3.31 | ) | (2.58 | ) | (2.66 | ) | (0.82 | ) | (1.60 | ) | (1.17 | ) | ||||||||||||||||||||||||||
Net asset value, end of period | $ | 58.60 | $ | 64.89 | $ | 63.33 | $ | 33.95 | $ | 46.33 | $ | 46.60 | $ | 45.27 | $ | 45.07 | $ | 28.03 | $ | 32.02 | $ | 33.14 | $ | 27.69 | $ | 26.04 | ||||||||||||||||||||||||||
Total return (4) | (5.17 | )% | 6.85 | % | 6.61 | % | (22.86 | )% | 4.43 | % | 10.24 | % | 7.45 | % | (11.06 | )% | (4.53 | )% | 4.63 | % | 23.07 | % | 13.27 | % | (6.00 | )% | ||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 73,250 | $ | 29,200 | $ | 9,499 | $ | 974,416 | $ | 1,450,114 | $ | 1,304,826 | $ | 1,000,522 | $ | 482,266 | $ | 46,245 | $ | 70,446 | $ | 46,399 | $ | 35,993 | $ | 36,461 | ||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.40 | % | 0.40 | % | 0.40 | %(5) | 0.46 | % | 0.46 | % | 0.45 | % | 0.45 | % | 0.46 | % | 0.45 | % | 0.46 | % | 0.45 | % | 0.45 | % | 0.46 | % | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 4.16 | % | 4.46 | % | 3.61 | %(5) | 4.84 | % | 4.96 | % | 6.97 | % | 7.11 | % | 6.24 | % | 1.79 | % | 1.98 | % | 2.23 | % | 2.56 | % | 2.49 | % | ||||||||||||||||||||||||||
Portfolio turnover rate (6) | 31 | % | 37 | % | 10 | % | 76 | % | 62 | % | 121 | % | 127 | % | 142 | % | 29 | % | 41 | % | 53 | % | 28 | % | 32 | % |
* | Commencement of operations. | |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. | |
(3) | Amount is less than $0.005 per share. | |
(4) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. | |
(5) | Annualized | |
(6) | Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P Emerging Markets Small Cap ETF | SPDR Dow Jones Global Real Estate ETF | SPDR S&P International Consumer Discretionary Sector ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 48.31 | $ | 46.15 | $ | 44.43 | $ | 40.57 | $ | 54.62 | $ | 44.24 | $ | 42.16 | $ | 40.56 | $ | 32.58 | $ | 36.00 | $ | 36.81 | $ | 37.95 | $ | 27.65 | $ | 25.05 | $ | 26.90 | ||||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) | 1.01 | 1.01 | 0.95 | 0.96 | 0.99 | 1.17 | 1.23 | 1.16 | 1.12 | 1.16 | 0.80 | 0.72 | 0.68 | 0.52 | 0.47 | |||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) | (11.19 | ) | 2.11 | 1.81 | 5.15 | (13.25 | ) | 1.04 | 2.24 | 2.21 | 7.52 | (2.00 | ) | (1.07 | ) | (1.00 | ) | 10.26 | 3.11 | (1.79 | ) | |||||||||||||||||||||||||||||||||||||||
Total from investment operations | (10.18 | ) | 3.12 | 2.76 | 6.11 | (12.26 | ) | 2.21 | 3.47 | 3.37 | 8.64 | (0.84 | ) | (0.27 | ) | (0.28 | ) | 10.94 | 3.63 | (1.32 | ) | |||||||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | — | — | — | — | — | 0.02 | 0.07 | 0.10 | 0.58 | 0.08 | (0.00 | )(3) | (0.01 | ) | (0.02 | ) | (0.13 | ) | (0.03 | ) | ||||||||||||||||||||||||||||||||||||||||
Other capital | 0.04 | 0.05 | 0.03 | 0.04 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (1.17 | ) | (1.01 | ) | (1.07 | ) | (0.92 | ) | (0.34 | ) | (1.36 | ) | (1.46 | ) | (1.87 | ) | (1.24 | ) | (2.66 | ) | (0.79 | ) | (0.85 | ) | (0.62 | ) | (0.51 | ) | (0.50 | ) | ||||||||||||||||||||||||||||||
Net realized gains | — | — | — | (1.37 | ) | (1.45 | ) | — | — | — | — | — | — | — | — | (0.39 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total distributions | (1.17 | ) | (1.01 | ) | (1.07 | ) | (2.29 | ) | (1.79 | ) | (1.36 | ) | (1.46 | ) | (1.87 | ) | (1.24 | ) | (2.66 | ) | (0.79 | ) | (0.85 | ) | (0.62 | ) | (0.90 | ) | (0.50 | ) | ||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 37.00 | $ | 48.31 | $ | 46.15 | $ | 44.43 | $ | 40.57 | $ | 45.11 | $ | 44.24 | $ | 42.16 | $ | 40.56 | $ | 32.58 | $ | 35.75 | $ | 36.81 | $ | 37.95 | $ | 27.65 | $ | 25.05 | ||||||||||||||||||||||||||||||
Total return (4) | (21.38 | )% | 6.90 | % | 6.29 | %(5) | 16.09 | % | (23.36 | )% | 4.96 | % | 8.44 | % | 8.61 | % | 28.56 | % | (2.80 | )% | (0.85 | )% | (0.91 | )% | 39.94 | % | 14.40 | % | (5.33 | )% | ||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 373,681 | $ | 570,082 | $ | 761,466 | $ | 897,446 | $ | 908,812 | $ | 1,899,194 | $ | 1,473,132 | $ | 1,003,377 | $ | 543,476 | $ | 273,706 | $ | 14,302 | $ | 18,405 | $ | 18,976 | $ | 5,529 | $ | 11,271 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.65 | % | 0.65 | % | 0.65 | % | 0.66 | % | 0.66 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.44 | % | 0.50 | % | 0.50 | % | 0.51 | % | 0.50 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 2.26 | % | 2.10 | % | 2.05 | % | 2.27 | % | 1.85 | % | 2.46 | % | 2.77 | % | 2.71 | % | 2.96 | % | 3.08 | % | 2.07 | % | 1.84 | % | 2.04 | % | 1.96 | % | 1.61 | % | ||||||||||||||||||||||||||||||
Portfolio turnover rate (6) | 12 | % | 23 | % | 18 | % | 22 | % | 70 | % | 6 | % | 7 | % | 8 | % | 8 | % | 9 | % | 9 | % | 2 | % | 2 | % | 5 | % | 9 | % |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. | |
(3) | Amount is less than $0.005 per share. | |
(4) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation. | |
(5) | If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have remained 6.29% for SPDR S&P Emerging Markets Small Cap ETF. | |
(6) | Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P International Consumer Staples Sector ETF | SPDR S&P International Energy Sector ETF | SPDR S&P International Financial Sector ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 38.96 | $ | 38.89 | $ | 34.52 | $ | 29.60 | $ | 29.80 | $ | 25.75 | $ | 25.07 | $ | 25.31 | $ | 22.46 | $ | 24.52 | $ | 21.85 | $ | 21.76 | $ | 17.67 | $ | 15.47 | $ | 19.60 | ||||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) | 0.85 | 0.96 | 0.92 | 0.82 | 0.88 | 0.78 | 0.89 | 0.81 | 0.79 | 0.70 | 0.62 | 0.72 | 0.70 | 0.64 | 0.69 | |||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) | 0.45 | 0.04 | 4.25 | 4.90 | (0.37 | ) | (10.33 | ) | 0.60 | (0.28 | ) | 2.89 | (2.10 | ) | (2.62 | ) | 0.39 | 4.27 | 2.15 | (4.09 | ) | |||||||||||||||||||||||||||||||||||||||
Total from investment operations | 1.30 | 1.00 | 5.17 | 5.72 | 0.51 | (9.55 | ) | 1.49 | 0.53 | 3.68 | (1.40 | ) | (2.00 | ) | 1.11 | 4.97 | 2.79 | (3.40 | ) | |||||||||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | 0.03 | 0.04 | 0.04 | (0.00 | )(3) | 0.15 | 0.03 | 0.05 | 0.03 | (0.02 | ) | 0.00 | (3) | 0.02 | (0.18 | ) | (0.11 | ) | (0.07 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.82 | ) | (0.97 | ) | (0.84 | ) | (0.80 | ) | (0.86 | ) | (0.76 | ) | (0.86 | ) | (0.80 | ) | (0.81 | ) | (0.66 | ) | (0.63 | ) | (0.84 | ) | (0.77 | ) | (0.52 | ) | (0.72 | ) | ||||||||||||||||||||||||||||||
Total distributions | (0.82 | ) | (0.97 | ) | (0.84 | ) | (0.80 | ) | (0.86 | ) | (0.76 | ) | (0.86 | ) | (0.80 | ) | (0.81 | ) | (0.66 | ) | (0.63 | ) | (0.84 | ) | (0.77 | ) | (0.52 | ) | (0.72 | ) | ||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 39.47 | $ | 38.96 | $ | 38.89 | $ | 34.52 | $ | 29.60 | $ | 15.47 | $ | 25.75 | $ | 25.07 | $ | 25.31 | $ | 22.46 | $ | 19.24 | $ | 21.85 | $ | 21.76 | $ | 17.67 | $ | 15.47 | ||||||||||||||||||||||||||||||
Total return (4) | 3.41 | % | 2.61 | % | 15.20 | % | 19.51 | % | 2.08 | % | (37.45 | )% | 6.04 | % | 2.35 | % | 16.44 | % | (6.14 | )% | (9.25 | )% | 4.23 | % | 27.98 | % | 18.02 | % | (17.99 | )% | ||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 65,130 | $ | 42,853 | $ | 36,941 | $ | 18,986 | $ | 19,239 | $ | 23,207 | $ | 19,312 | $ | 12,535 | $ | 11,389 | $ | 12,355 | $ | 10,580 | $ | 10,924 | $ | 6,528 | $ | 3,534 | $ | 7,735 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.43 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.51 | % | 0.43 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.51 | % | 0.44 | % | 0.51 | % | 0.50 | % | 0.50 | % | 0.51 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 2.12 | % | 2.40 | % | 2.47 | % | 2.53 | % | 2.81 | % | 3.95 | % | 3.30 | % | 3.30 | % | 3.16 | % | 2.55 | % | 2.92 | % | 3.19 | % | 3.50 | % | 3.94 | % | 3.47 | % | ||||||||||||||||||||||||||||||
Portfolio turnover rate (5) | 5 | % | 5 | % | 4 | % | 7 | % | 2 | % | 5 | % | 9 | % | 2 | % | 6 | % | 4 | % | 12 | % | 20 | % | 2 | % | 6 | % | 4 | % |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. | |
(3) | Amount is less than $0.005 per share. | |
(4) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation. | |
(5) | 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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525
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P International Health Care Sector ETF | SPDR S&P International Industrial Sector ETF | SPDR S&P International Materials Sector ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 48.98 | $ | 41.71 | $ | 35.15 | $ | 29.55 | $ | 29.46 | $ | 30.40 | $ | 30.53 | $ | 24.67 | $ | 22.46 | $ | 25.65 | $ | 21.72 | $ | 23.33 | $ | 23.68 | $ | 22.83 | $ | 26.34 | ||||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) | 0.73 | 0.81 | 0.77 | 0.86 | 0.74 | 0.55 | 0.68 | 0.63 | 0.55 | 0.62 | 0.59 | (2) | 0.46 | 0.44 | 0.42 | 0.42 | ||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (3) | (0.67 | ) | 7.30 | 6.53 | 5.57 | 0.04 | (3.77 | ) | (0.07 | ) | 6.18 | 2.32 | (3.23 | ) | (5.23 | ) | (1.40 | ) | (0.31 | ) | 0.87 | (3.51 | ) | |||||||||||||||||||||||||||||||||||||
Total from investment operations | 0.06 | 8.11 | 7.30 | 6.43 | 0.78 | (3.22 | ) | 0.61 | 6.81 | 2.87 | (2.61 | ) | (4.64 | ) | (0.94 | ) | 0.13 | 1.29 | (3.09 | ) | ||||||||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | 0.02 | 0.02 | 0.07 | (0.01 | ) | 0.05 | 0.02 | (0.07 | ) | (0.21 | ) | (0.10 | ) | (0.01 | ) | 0.00 | (4) | (0.00 | )(4) | (0.01 | ) | 0.01 | (0.03 | ) | ||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.74 | ) | (0.86 | ) | (0.81 | ) | (0.82 | ) | (0.74 | ) | (0.55 | ) | (0.67 | ) | (0.74 | ) | (0.56 | ) | (0.57 | ) | (0.61 | ) | (0.67 | ) | (0.47 | ) | (0.45 | ) | (0.39 | ) | ||||||||||||||||||||||||||||||
Net realized gains | (0.00 | )(4) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total distributions | (0.74 | ) | (0.86 | ) | (0.81 | ) | (0.82 | ) | (0.74 | ) | (0.55 | ) | (0.67 | ) | (0.74 | ) | (0.56 | ) | (0.57 | ) | (0.61 | ) | (0.67 | ) | (0.47 | ) | (0.45 | ) | (0.39 | ) | ||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 48.32 | $ | 48.98 | $ | 41.71 | $ | 35.15 | $ | 29.55 | $ | 26.65 | $ | 30.40 | $ | 30.53 | $ | 24.67 | $ | 22.46 | $ | 16.47 | $ | 21.72 | $ | 23.33 | $ | 23.68 | $ | 22.83 | ||||||||||||||||||||||||||||||
Total return (5) | 0.10 | % | 19.57 | % | 21.14 | % | 22.03 | % | 2.69 | % | (10.70 | )% | 1.67 | % | 27.19 | % | 12.53 | % | (10.62 | )% | (21.82 | )%(2) | (4.19 | )% | 0.43 | % | 5.79 | % | (12.12 | )% | ||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 74,901 | $ | 66,125 | $ | 60,479 | $ | 28,123 | $ | 19,207 | $ | 17,322 | $ | 24,324 | $ | 13,740 | $ | 8,635 | $ | 20,211 | $ | 4,940 | $ | 7,603 | $ | 9,333 | $ | 11,842 | $ | 19,403 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.44 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.45 | % | 0.51 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.45 | % | 0.52 | % | 0.50 | % | 0.50 | % | 0.51 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 1.44 | % | 1.76 | % | 1.98 | % | 2.70 | % | 2.37 | % | 1.85 | % | 2.17 | % | 2.29 | % | 2.27 | % | 2.22 | % | 2.88 | %(2) | 1.95 | % | 1.90 | % | 1.77 | % | 1.42 | % | ||||||||||||||||||||||||||||||
Portfolio turnover rate (7) | 11 | % | 13 | % | 8 | % | 14 | % | 5 | % | 12 | % | 4 | % | 7 | % | 11 | % | 0 | %(6) | 2 | % | 15 | % | 8 | % | 0 | %(6) | 1 | % |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amount to $0.13 per share and 0.64% of average net assets. If the special dividends were not received during the year ended September 30, 2015, the total return would have been (22.96)%. | |
(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. Broker commission charges are not included in this calculation. | |
(6) | Amount shown represents less than 0.5%. | |
(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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527
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
SPDR S&P International Technology Sector ETF | SPDR S&P International Telecommunications Sector ETF | SPDR S&P International Utilities Sector ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | 9/30/15 | 9/30/14 | 9/30/13 | 9/30/12 | 9/30/11 | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 31.48 | $ | 30.02 | $ | 24.18 | $ | 22.00 | $ | 24.76 | $ | 25.63 | $ | 26.89 | $ | 22.82 | $ | 22.65 | $ | 24.30 | $ | 18.81 | $ | 17.72 | $ | 16.39 | $ | 17.38 | $ | 20.55 | ||||||||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) | 0.37 | 0.32 | 0.31 | 0.29 | 0.34 | 0.77 | 3.19 | (2) | 0.98 | 1.45 | 1.22 | (3) | 0.60 | 0.69 | 0.65 | 0.85 | 0.92 | (4) | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (5) | (2.40 | ) | 1.62 | 5.89 | 2.37 | (2.68 | ) | (1.41 | ) | (1.01 | ) | 4.01 | 0.10 | (1.54 | ) | (2.82 | ) | 1.04 | 1.33 | (1.24 | ) | (3.20 | ) | |||||||||||||||||||||||||||||||||||||
Total from investment operations | (2.03 | ) | 1.94 | 6.20 | 2.66 | (2.34 | ) | (0.64 | ) | 2.18 | 4.99 | 1.55 | (0.32 | ) | (2.22 | ) | 1.73 | 1.98 | (0.39 | ) | (2.28 | ) | ||||||||||||||||||||||||||||||||||||||
Net equalization credits and charges (1) | (0.00 | )(6) | (0.00 | )(6) | (0.06 | ) | (0.03 | ) | 0.00 | (6) | (0.01 | ) | (0.10 | ) | 0.01 | (0.01 | ) | 0.01 | (0.01 | ) | 0.02 | 0.06 | 0.14 | 0.02 | ||||||||||||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.48 | ) | (0.30 | ) | (0.31 | ) | (0.33 | ) | (0.78 | ) | (3.34 | ) | (0.93 | ) | (1.37 | ) | (1.34 | ) | (0.63 | ) | (0.66 | ) | (0.71 | ) | (0.74 | ) | (0.91 | ) | ||||||||||||||||||||||||||||||
Net realized gains | — | — | — | (0.14 | ) | (0.09 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total distributions | (0.29 | ) | (0.48 | ) | (0.30 | ) | (0.45 | ) | (0.42 | ) | (0.78 | ) | (3.34 | ) | (0.93 | ) | (1.37 | ) | (1.34 | ) | (0.63 | ) | (0.66 | ) | (0.71 | ) | (0.74 | ) | (0.91 | ) | ||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 29.16 | $ | 31.48 | $ | 30.02 | $ | 24.18 | $ | 22.00 | $ | 24.20 | $ | 25.63 | $ | 26.89 | $ | 22.82 | $ | 22.65 | $ | 15.95 | $ | 18.81 | $ | 17.72 | $ | 16.39 | $ | 17.38 | ||||||||||||||||||||||||||||||
Total return (7) | (6.50 | )% | 6.43 | % | 25.54 | % | 12.06 | % | (9.74 | )% | (2.70 | )% | 7.43 | %(2) | 22.68 | % | 7.23 | % | (1.66 | )%(3) | (11.98 | )% | 9.86 | % | 12.79 | % | (1.30 | )% | (11.45 | )%(4) | ||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 10,206 | $ | 12,591 | $ | 12,007 | $ | 10,881 | $ | 18,702 | $ | 36,300 | $ | 43,565 | $ | 33,618 | $ | 25,098 | $ | 12,458 | $ | 27,114 | $ | 69,587 | $ | 39,868 | $ | 25,403 | $ | 9,561 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.45 | % | 0.53 | % | 0.50 | % | 0.50 | % | 0.51 | % | 0.44 | % | 0.51 | % | 0.50 | % | 0.50 | % | 0.51 | % | 0.45 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.51 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 1.14 | % | 1.00 | % | 1.13 | % | 1.21 | % | 1.27 | % | 2.94 | % | 11.54 | %(2) | 4.18 | % | 6.48 | % | 4.84 | %(3) | 3.38 | % | 3.65 | % | 3.87 | % | 5.15 | % | 4.49 | %(4) | ||||||||||||||||||||||||||||||
Portfolio turnover rate (8) | 5 | % | 4 | % | 13 | % | 6 | % | 1 | % | 21 | % | 16 | % | 7 | % | 3 | % | 8 | % | 6 | % | 8 | % | 1 | % | 8 | % | 2 | % |
(1) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. | |
(2) | Net investment income per share and 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) | 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)%. | |
(5) | 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. | |
(6) | Amount is less than $0.005 per share. | |
(7) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation. | |
(8) | Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
See accompanying notes to financial statements.
528
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529
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
September 30, 2015
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 management investment company that was organized as a Massachusetts business trust on February 14, 2002.
As of September 30, 2015, the Trust offered fifty-four (54) portfolios, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees to authorize the issuance of unlimited number of shares of beneficial interest at a $0.01 par value. The financial statements herein relate to the following Funds (each a “Fund” and collectively the “Funds”):
SPDR STOXX Europe 50 ETF |
SPDR EURO STOXX 50 ETF |
SPDR EURO STOXX Small Cap ETF |
SPDR EURO STOXX 50 Currency Hedged ETF |
SPDR S&P International Dividend Currency Hedged ETF |
SPDR MSCI International Real Estate Currency Hedged 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.
SPDR MSCI ACWI Low Carbon Target ETF was formed on November 25, 2014 and commenced operations on November 26, 2014. SPDR EURO STOXX 50 Currency Hedged ETF was formed on June 8, 2015 and commenced operations on June 9, 2015. SPDR S&P International Dividend Currency Hedged ETF and SPDR MSCI International Real Estate Currency Hedged ETF were formed on September 14, 2015 and commenced operations on September 15, 2015.
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
530
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
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.
2. | Summary of Significant Accounting Policies |
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) 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. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services Investment Companies (“ASC 946”).
Security Valuation
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to policies and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board of Trustees of the Trust (the “Board”). The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for determining the fair value of investments. The members of the Committee are approved by the Board. Valuation techniques used to value each Fund’s investments by major category are as follows:
• | Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. |
• | Rights and warrants are valued at the last reported sale price obtained from independent pricing service or brokers on the valuation date. If no prices are obtained from pricing services or brokers, valuation will be based upon the intrinsic value pursuant to valuation policies and procedures approved by the Board. |
• | Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value per share or unit. 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. |
• | Forward foreign currency contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. The rates are obtained from independent pricing services in accordance with valuation policy and procedures approved by the Board. |
• | Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value. |
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be
531
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
determined in good faith by the Committee, in accordance with valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate the Fund’s net asset value and the prices used by the Funds’ underlying indices, which in turn could result in a difference between the Funds’ performance and the performance of the Funds’ underlying indices. Various inputs are used in determining the value of Funds’ investments. These inputs are categorized into a hierarchy consisting of three broad levels for financial reporting purposes.
The Funds value their assets and liabilities at fair value using a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
• | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the end of the reporting period. Unless otherwise indicated on the Schedules of Investments, the values of the securities of the Funds are determined based on Level 1 inputs.
The SPDR S&P China ETF and SPDR S&P Global Infrastructure ETF had transfers from Level 1 to Level 2 during the period ended September 30, 2015 in the amount of $8,332,067 and $571,099, respectively, resulting from the temporary suspension of trading/halt or delisting of securities. At September 30, 2015 these investments were valued using alternative valuation procedures under the valuation policy and procedures adopted by the Board. At September 30, 2014 these investments were valued at exchange closing prices in accordance with Fund’s valuation policy.
All transfers are recognized as of the end of the reporting period.
The following table summarizes the value of each Funds’ investments according to the fair value hierarchy as of September 30, 2015:
Level 2 — | Level 3 — | |||||||||||||||
Level 1 — | Other Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Fund | Prices | Inputs | Inputs | Total | ||||||||||||
SPDR STOXX Europe 50 ETF | $ | 246,632,122 | $ | — | $ | — | $ | 246,632,122 | ||||||||
SPDR EURO STOXX 50 ETF | 4,071,374,899 | — | — | 4,071,374,899 | ||||||||||||
SPDR EURO STOXX Small Cap ETF | 11,714,098 | — | — | 11,714,098 | ||||||||||||
SPDR EURO STOXX 50 Currency Hedged ETF | 6,801,391 | — | — | 6,801,391 |
532
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Level 2 — | Level 3 — | |||||||||||||||
Level 1 — | Other Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Fund | Prices | Inputs | Inputs | Total | ||||||||||||
SPDR S&P International Dividend Currency Hedged ETF | $ | 3,895,371 | $ | — | $ | — | $ | 3,895,371 | ||||||||
SPDR MSCI International Real Estate Currency Hedged ETF | 4,043,914 | — | — | 4,043,914 | ||||||||||||
SPDR S&P Emerging Asia Pacific ETF | 447,156,433 | 3,755,401 | 362,658 | 451,274,492 | ||||||||||||
SPDR S&P Russia ETF | 22,575,500 | — | — | 22,575,500 | ||||||||||||
SPDR S&P China ETF | 903,574,626 | 9,332,911 | 1,498,141 | 914,405,678 | ||||||||||||
SPDR S&P Emerging Markets ETF | 198,531,819 | 720,616 | 36,559 | 199,288,994 | ||||||||||||
SPDR S&P Emerging Markets Dividend ETF | 313,607,714 | — | — | 313,607,714 | ||||||||||||
SPDR S&P BRIC 40 ETF | 84,102,093 | — | — | 84,102,093 | ||||||||||||
SPDR S&P Emerging Europe ETF | 40,822,087 | 86,667 | — | 40,908,754 | ||||||||||||
SPDR S&P Emerging Latin America ETF | 27,571,777 | 827 | — | ** | 27,572,604 | |||||||||||
SPDR S&P Emerging Middle East & Africa ETF | 44,951,792 | — | — | ** | 44,951,792 | |||||||||||
SPDR S&P World ex-US ETF | 760,454,957 | 464,774 | — | ** | 760,919,731 | |||||||||||
SPDR S&P International Small Cap ETF | 768,032,141 | 1,226,530 | — | ** | 769,258,671 | |||||||||||
SPDR Dow Jones International Real Estate ETF | 4,822,550,794 | — | — | ** | 4,822,550,794 | |||||||||||
SPDR S&P Global Infrastructure ETF | 61,100,029 | 571,099 | — | 61,671,128 | ||||||||||||
SPDR S&P Global Natural Resources ETF | 619,688,999 | — | — | 619,688,999 | ||||||||||||
SPDR MSCI ACWI ex-US ETF | 746,927,450 | 1,304,111 | — | ** | 748,231,561 | |||||||||||
SPDR MSCI ACWI IMI ETF | 41,782,056 | 20,932 | — | 41,802,988 | ||||||||||||
SPDR MSCI ACWI Low Carbon Target ETF | 81,158,496 | 31,051 | — | ** | 81,189,547 | |||||||||||
SPDR MSCI EM 50 ETF | 4,224,560 | — | — | 4,224,560 | ||||||||||||
SPDR MSCI EM Beyond BRIC ETF | 2,464,917 | — | — | 2,464,917 | ||||||||||||
SPDR MSCI EAFE Quality Mix ETF | 5,235,540 | 716 | — | 5,236,256 | ||||||||||||
SPDR MSCI Emerging Markets Quality Mix ETF | 71,071,586 | 20,670 | — | ** | 71,092,256 | |||||||||||
SPDR MSCI World Quality Mix ETF | 5,773,201 | 307 | — | 5,773,508 | ||||||||||||
SPDR MSCI Australia Quality Mix ETF | 6,297,067 | 13,492 | — | 6,310,559 | ||||||||||||
SPDR MSCI Canada Quality Mix ETF | 9,285,036 | — | — | 9,285,036 | ||||||||||||
SPDR MSCI Germany Quality Mix ETF | 9,659,144 | — | — | 9,659,144 | ||||||||||||
SPDR MSCI Japan Quality Mix ETF | 11,855,145 | — | — | 11,855,145 | ||||||||||||
SPDR MSCI Mexico Quality Mix ETF | 2,252,972 | — | — | 2,252,972 | ||||||||||||
SPDR MSCI South Korea Quality Mix ETF | 2,371,414 | — | — | 2,371,414 | ||||||||||||
SPDR MSCI Spain Quality Mix ETF | 2,216,123 | — | — | 2,216,123 | ||||||||||||
SPDR MSCI Taiwan Quality Mix ETF | 5,016,197 | — | — | 5,016,197 | ||||||||||||
SPDR MSCI United Kingdom Quality Mix ETF | 2,486,761 | — | — | 2,486,761 | ||||||||||||
SPDR Russell/Nomura PRIME Japan ETF | 30,549,807 | — | — | 30,549,807 | ||||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 75,026,462 | — | — | ** | 75,026,462 | |||||||||||
SPDR S&P Global Dividend ETF | 83,822,118 | — | — | 83,822,118 | ||||||||||||
SPDR S&P International Dividend ETF | 1,122,808,550 | — | — | 1,122,808,550 | ||||||||||||
SPDR S&P International Mid Cap ETF | 52,461,032 | — | — | ** | 52,461,032 |
533
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Level 2 — | Level 3 — | |||||||||||||||
Level 1 — | Other Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Fund | Prices | Inputs | Inputs | Total | ||||||||||||
SPDR S&P Emerging Markets Small Cap ETF | $ | 400,715,445 | $ | 1,251,122 | $ | 2,370,734 | $ | 404,337,301 | ||||||||
SPDR Dow Jones Global Real Estate ETF | 1,917,946,579 | — | — | ** | 1,917,946,579 | |||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 16,257,072 | — | — | 16,257,072 | ||||||||||||
SPDR S&P International Consumer Staples Sector ETF | 68,236,803 | — | — | ** | 68,236,803 | |||||||||||
SPDR S&P International Energy Sector ETF | 26,404,299 | 136,902 | — | ** | 26,541,201 | |||||||||||
SPDR S&P International Financial Sector ETF | 11,728,120 | — | — | ** | 11,728,120 | |||||||||||
SPDR S&P International Health Care Sector ETF | 80,858,634 | 47,346 | — | 80,905,980 | ||||||||||||
SPDR S&P International Industrial Sector ETF | 18,270,085 | — | — | 18,270,085 | ||||||||||||
SPDR S&P International Materials Sector ETF | 5,518,275 | — | — | ** | 5,518,275 | |||||||||||
SPDR S&P International Technology Sector ETF | 11,492,931 | — | — | 11,492,931 | ||||||||||||
SPDR S&P International Telecommunications Sector ETF | 37,636,665 | — | — | 37,636,665 | ||||||||||||
SPDR S&P International Utilities Sector ETF | 29,448,837 | — | — | 29,448,837 |
* | Fund held Level 2 securities that were valued at $0 at September 30, 2015. | |
** | Fund held Level 3 securities that were valued at $0 at September 30, 2015. |
Level 2 — | Level 3 — | |||||||||||||||
Level 1 — | Other Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Assets — Other Financial Instruments* | Prices | Inputs | Inputs | Total | ||||||||||||
SPDR EURO STOXX 50 Currency Hedged ETF — Forward Foreign Currency Contracts | $ | — | $ | 33,758 | $ | — | $ | 33,758 | ||||||||
SPDR S&P International Dividend Currency Hedged ETF — Forward Foreign Currency Contracts | — | 51,932 | — | 51,932 | ||||||||||||
SPDR MSCI International Real Estate Currency Hedged ETF — Forward Foreign Currency Contracts | — | 35,186 | — | 35,186 |
Level 2 — | Level 3 — | |||||||||||||||
Level 1 — | Other Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Liabilities — Other Financial Instruments* | Prices | Inputs | Inputs | Total | ||||||||||||
SPDR EURO STOXX 50 Currency Hedged ETF — Futures Contracts | $ | (3,159 | ) | $ | — | $ | — | $ | (3,159 | ) | ||||||
SPDR EURO STOXX 50 Currency Hedged ETF — Forward Foreign Currency Contracts | $ | — | $ | (3,365 | ) | $ | — | $ | (3,365 | ) | ||||||
SPDR S&P International Dividend Currency Hedged ETF — Forward Foreign Currency Contracts | — | (2,413 | ) | — | (2,413 | ) | ||||||||||
SPDR MSCI International Real Estate Currency Hedged ETF — Forward Foreign Currency Contracts | — | (2,157 | ) | — | (2,157 | ) | ||||||||||
SPDR S&P Emerging Markets ETF — Futures Contracts | (1,989 | ) | — | — | (1,989 | ) |
* | Other Financial Instruments are derivative instruments not reflected in the Schedules of Investments, such as futures and forward foreign currency contracts. |
534
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Dividend income and capital gain distributions, if any, are recognized daily on the ex-dividend date, net of any foreign taxes withheld at source, if any. Interest income, if any, is recorded daily on an accrual basis. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Certain Funds invest in Real Estate Investment Trusts (REITs). REITs will determine the characterization of their income annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds’ policy is to record all REIT distributions as dividend income initially and re-designate the prior calendar year’s return of capital or capital gain distributions at year end. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions are determined using the identified cost method.
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 following Funds utilize equalization:
SPDR STOXX Europe 50 ETF |
SPDR EURO STOXX 50 ETF |
SPDR EURO STOXX Small Cap ETF |
SPDR EURO STOXX 50 Currency Hedged ETF |
SPDR S&P Emerging Markets Dividend ETF |
SPDR Dow Jones International Real Estate ETF |
SPDR MSCI ACWI Low Carbon Target ETF |
SPDR MSCI Australia Quality Mix ETF |
SPDR MSCI Canada Quality Mix |
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 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 |
SPDR S&P International Utilities Sector ETF |
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates deemed appropriate pursuant to the valuation policies and procedures at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of transactions. The Funds do not isolate the effect of fluctuations in foreign exchange from the effect of fluctuations in the market price of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
535
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of September 30, 2015, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Futures
Certain Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Variation margin payments are made or received by the Funds each day, depending on the daily fluctuations in the value of the underlying security or index. Such receipt or payment is recorded by the Funds for financial statement purposes as part of unrealized gains or losses, and is recorded on the Statements of Assets and Liabilities as Receivable or Payable from broker — variation margin on open futures contracts. The Funds recognize a realized gain or loss when a contract is closed, which is recorded on the Statements of Operations. The risk of loss in trading futures contracts in some strategies is potentially unlimited.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate the movement of the assets underlying such contracts.
For the period ended September 30, 2015, the following Funds entered into futures contracts for the strategies listed below:
Funds | Strategies | ||
SPDR EURO STOXX 50 Currency Hedged ETF | Investment exposure to correlate closely with the index | ||
SPDR S&P Emerging Markets ETF | Return enhancement, hedging and exposing cash reserves to markets | ||
Forward Foreign Currency Contracts
Certain Funds may engage in forward foreign currency contracts to acquire exposure to foreign currencies or to hedge the Fund’s investments against currency fluctuations. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. Forward foreign currency contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies and are marked-to-market daily. The change in market value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Certain risks may arise upon entering into forward foreign currency contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gains on appreciated contracts, if any. Additionally, when utilizing forward foreign currency contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.
For the period ended September 30, 2015, the following Funds entered into forward foreign currency contracts for the strategies listed below:
Funds | Strategies | ||
SPDR EURO STOXX 50 Currency Hedged ETF | Hedging to offset the Fund’s exposure to the component currencies | ||
SPDR S&P International Dividend Currency Hedged ETF | Hedging to offset the Fund’s exposure to the component currencies | ||
SPDR MSCI International Real Estate Currency Hedged ETF | Hedging to offset the Fund’s exposure to the component currencies | ||
536
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
The following tables summarize the value of the Funds’ derivative instruments as of September 30, 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 | ||||||||||||||
Foreign | ||||||||||||||
Exchange | Equity | |||||||||||||
Contracts | Contracts | |||||||||||||
Risk | Risk | Total | ||||||||||||
SPDR EURO STOXX 50 Currency Hedged ETF (a) | Futures Contract | $ | — | $ | 22,634 | $ | 22,634 | |||||||
SPDR EURO STOXX 50 Currency Hedged ETF (b) | Forward Contracts | 33,758 | — | 33,758 | ||||||||||
SPDR S&P International Dividend Currency Hedged ETF (b) | Forward Contracts | 51,932 | — | 51,932 | ||||||||||
SPDR MSCI International Real Estate Currency Hedged ETF (b) | Forward Contracts | 35,186 | — | 35,186 | ||||||||||
SPDR S&P Emerging Markets ETF (a) | Futures Contract | — | 64,249 | 64,249 |
(a) Receivable from broker — variation margin on open futures contracts | ||
(b) Unrealized appreciation on forward foreign currency contracts |
Liability Derivatives | ||||||||||||||
Foreign | ||||||||||||||
Exchange | Equity | |||||||||||||
Contracts | Contracts | |||||||||||||
Risk | Risk | Total | ||||||||||||
SPDR EURO STOXX 50 Currency Hedged ETF (a) | Forward Contracts | $ | (3,365 | ) | $ | — | $ | (3,365 | ) | |||||
SPDR S&P International Dividend Currency Hedged ETF (a) | Forward Contracts | (2,413 | ) | — | (2,413 | ) | ||||||||
SPDR MSCI International Real Estate Currency Hedged ETF (a) | Forward Contracts | (2,157 | ) | — | (2,157 | ) |
(a) Unrealized depreciation on forward foreign currency contracts |
Net Realized Gain (Loss) | ||||||||||||||
Foreign | ||||||||||||||
Exchange | Equity | |||||||||||||
Contracts | Contracts | |||||||||||||
Risk | Risk | Total | ||||||||||||
SPDR EURO STOXX 50 Currency Hedged ETF (a) | Futures Contract | $ | — | $ | (16,867 | ) | $ | (16,867 | ) | |||||
SPDR EURO STOXX 50 Currency Hedged ETF (b) | Forward Contracts | (434 | ) | — | (434 | ) | ||||||||
SPDR S&P Emerging Markets ETF (a) | Futures Contract | — | (44,762 | ) | (44,762 | ) |
(a) Net realized gain/loss on futures | ||
(b) Net realized gain (loss) on foreign currency transactions |
Net Change In Unrealized Appreciation (Depreciation) | ||||||||||||||
Foreign | ||||||||||||||
Exchange | Equity | |||||||||||||
Contracts | Contracts | |||||||||||||
Risk | Risk | Total | ||||||||||||
SPDR EURO STOXX 50 Currency Hedged ETF (a) | Futures Contract | $ | — | $ | (3,159 | ) | $ | (3,159 | ) | |||||
SPDR EURO STOXX 50 Currency Hedged ETF (b) | Forward Contracts | 30,393 | — | 30,393 | ||||||||||
SPDR S&P International Dividend Currency Hedged ETF (b) | Forward Contracts | 49,519 | — | 49,519 |
537
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Net Change In Unrealized Appreciation (Depreciation) | ||||||||||||||
Foreign | ||||||||||||||
Exchange | Equity | |||||||||||||
Contracts | Contracts | |||||||||||||
Risk | Risk | Total | ||||||||||||
SPDR MSCI International Real Estate Currency Hedged ETF (b) | Forward Contracts | $ | 33,029 | $ | — | $ | 33,029 | |||||||
SPDR S&P Emerging Markets ETF (a) | Futures Contract | — | 47,404 | 47,404 |
(a) Net change in unrealized appreciation (depreciation) on futures | ||
(b) Net change in unrealized appreciation (depreciation) on foreign currency transactions |
During the period ended September 30, 2015, average notional value related to futures contracts and forward contracts were as follows:
Average Notional Value | Percent of Net Assets | |||||||
SPDR EURO STOXX 50 Currency Hedged ETF — Futures | $ | 149,169 | 2 | % | ||||
SPDR EURO STOXX 50 Currency Hedged ETF — Forwards | 18,254,081 | 268 | % | |||||
SPDR S&P International Dividend Currency Hedged ETF — Forwards | 12,195,965 | 313 | % | |||||
SPDR MSCI International Real Estate Currency Hedged ETF — Forwards | 12,151,621 | 300 | % | |||||
SPDR S&P Emerging Markets ETF — Futures | 3,142,051 | 2 | % |
For financial reporting purposes, the Funds do not offset derivative assets or liabilities, including those that may be subject to an enforceable Foreign Exchange Master Agreement that allows for net settlement between counterparties, on their Statements of Assets and Liabilities. The following tables set forth the Funds’ net exposure to derivative assets and liabilities available for offset and net of collateral at September 30, 2015.
SPDR EURO STOXX 50 Currency Hedged ETF
Collateral | ||||||||||||||||||||
Gross Amounts | Offset | Net Asset | (Received)/ | Net | ||||||||||||||||
Counterparty | of Assets | Amount | Balance | Pledged | Amount | |||||||||||||||
Bank of America N.A. | $ | 6,674 | $ | — | $ | 6,674 | $ | — | $ | 6,674 | ||||||||||
Bank of Montreal | 6,659 | (1,615 | ) | 5,044 | — | 5,044 | ||||||||||||||
BNP Paribas SA | 6,714 | (1,584 | ) | 5,130 | — | 5,130 | ||||||||||||||
HSBC Bank | 1 | (1 | ) | — | — | — | ||||||||||||||
Royal Bank of Canada | 1 | (1 | ) | — | — | — | ||||||||||||||
Societe Generale | 312 | — | 312 | — | 312 | |||||||||||||||
Standard Chartered Bank | 6,713 | — | 6,713 | — | 6,713 | |||||||||||||||
Toronto Dominion Bank | 6,681 | — | 6,681 | — | 6,681 | |||||||||||||||
UBS AG | 3 | (2 | ) | 1 | — | 1 | ||||||||||||||
$ | 33,758 | $ | (3,203 | ) | $ | 30,555 | $ | — | $ | 30,555 | ||||||||||
538
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Collateral | ||||||||||||||||||||
Gross Amounts | Offset | Net Liability | (Received)/ | Net | ||||||||||||||||
Counterparty | of Liabilities | Amount | Balance | Pledged | Amount | |||||||||||||||
Bank of Montreal | $ | (1,615 | ) | $ | 1,615 | $ | — | $ | — | $ | — | |||||||||
BNP Paribas SA | (1,584 | ) | 1,584 | — | — | — | ||||||||||||||
Citibank N.A. | (76 | ) | — | (76 | ) | — | (76 | ) | ||||||||||||
Goldman Sachs | (73 | ) | — | (73 | ) | — | (73 | ) | ||||||||||||
HSBC Bank | (3 | ) | 1 | (2 | ) | — | (2 | ) | ||||||||||||
Royal Bank of Canada | (12 | ) | 1 | (11 | ) | — | (11 | ) | ||||||||||||
UBS AG | (2 | ) | 2 | — | — | — | ||||||||||||||
$ | (3,365 | ) | $ | 3,203 | $ | (162 | ) | $ | — | $ | (162 | ) | ||||||||
SPDR S&P International Dividend Currency Hedged ETF
Collateral | ||||||||||||||||||||
Gross Amounts | Offset | Net Asset | (Received)/ | Net | ||||||||||||||||
Counterparty | of Assets | Amount | Balance | Pledged | Amount | |||||||||||||||
Bank of America N.A. | $ | 5,018 | $ | — | $ | 5,018 | $ | — | $ | 5,018 | ||||||||||
Bank of Montreal | 11,586 | (19 | ) | 11,567 | — | 11,567 | ||||||||||||||
BNP Paribas SA | 16,469 | — | 16,469 | — | 16,469 | |||||||||||||||
Citibank N.A. | 6,921 | (2,121 | ) | 4,800 | — | 4,800 | ||||||||||||||
Goldman Sachs | 28 | (28 | ) | — | — | — | ||||||||||||||
HSBC Bank | 7 | (7 | ) | — | — | — | ||||||||||||||
Royal Bank of Canada | 11,064 | (15 | ) | 11,049 | — | 11,049 | ||||||||||||||
Societe Generale | 818 | (207 | ) | 611 | — | 611 | ||||||||||||||
UBS AG | 21 | — | 21 | — | 21 | |||||||||||||||
$ | 51,932 | $ | (2,397 | ) | $ | 49,535 | $ | — | $ | 49,535 | ||||||||||
Collateral | ||||||||||||||||||||
Gross Amounts | Offset | Net Liability | (Received)/ | Net | ||||||||||||||||
Counterparty | of Liabilities | Amount | Balance | Pledged | Amount | |||||||||||||||
Bank of Montreal | $ | (19 | ) | $ | 19 | $ | — | $ | — | $ | — | |||||||||
Citibank N.A. | (2,121 | ) | 2,121 | — | — | — | ||||||||||||||
Goldman Sachs | (43 | ) | 28 | (15 | ) | — | (15 | ) | ||||||||||||
HSBC Bank | (8 | ) | 7 | (1 | ) | �� | (1 | ) | ||||||||||||
Royal Bank of Canada | (15 | ) | 15 | — | — | — | ||||||||||||||
Societe Generale | (207 | ) | 207 | — | — | — | ||||||||||||||
$ | (2,413 | ) | $ | 2,397 | $ | (16 | ) | $ | — | $ | (16 | ) | ||||||||
539
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
SPDR MSCI International Real Estate Currency Hedged ETF
Collateral | ||||||||||||||||||||
Gross Amounts | Offset | Net Asset | (Received)/ | Net | ||||||||||||||||
Counterparty | of Assets | Amount | Balance | Pledged | Amount | |||||||||||||||
Bank of America N.A. | $ | 12,351 | $ | — | $ | 12,351 | $ | — | $ | 12,351 | ||||||||||
Bank of Montreal | 12,205 | (41 | ) | 12,164 | — | 12,164 | ||||||||||||||
Citibank N.A | 485 | (299 | ) | 186 | — | 186 | ||||||||||||||
Royal Bank of Canada | 10,145 | (7 | ) | 10,138 | — | 10,138 | ||||||||||||||
$ | 35,186 | $ | (347 | ) | $ | 34,839 | $ | — | $ | 34,839 | ||||||||||
Collateral | ||||||||||||||||||||
Gross Amounts | Offset | Net Liability | (Received)/ | Net | ||||||||||||||||
Counterparty | of Liabilities | Amount | Balance | Pledged | Amount | |||||||||||||||
Bank of Montreal | $ | (41 | ) | $ | 41 | $ | — | $ | — | $ | — | |||||||||
BNP Paribas SA | (1,671 | ) | — | (1,671 | ) | — | (1,671 | ) | ||||||||||||
Citibank N.A. | (299 | ) | 299 | — | — | — | ||||||||||||||
Goldman Sachs | (3 | ) | — | (3 | ) | — | (3 | ) | ||||||||||||
HSBC Bank | (111 | ) | — | (111 | ) | — | (111 | ) | ||||||||||||
Royal Bank of Canada | (7 | ) | 7 | — | — | — | ||||||||||||||
UBS AG | (25 | ) | — | (25 | ) | — | (25 | ) | ||||||||||||
$ | (2,157 | ) | $ | 347 | $ | (1,810 | ) | $ | — | $ | (1,810 | ) | ||||||||
Federal Income Tax
The Funds have qualified and intend to continue to qualify for and elect treatment as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying and electing, each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. In addition, by distributing during each calendar year substantially all of their net investment income and capital gains, if any, the Funds will not be subject to federal excise tax. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. These book-tax differences are primarily due to differing treatments for tax equalization, in-kind transactions, foreign currencies, REITs and losses deferred due to wash sales.
Additionally, based on the SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) 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.
SSGA FM has reviewed the tax positions for the open tax years as of September 30, 2015 and have determined that no provision for income tax is required in the Funds’ Financial Statements. The Funds’ federal tax returns for the prior three fiscal years, as applicable, remain subject to examination by the Funds’ major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. No income tax returns are currently under examination. Management has analyzed tax laws and regulations and their application to the Funds’ facts and circumstances and does not believe there are any uncertain tax provisions that require recognition of tax liability.
540
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
For the period ended September 30, 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 | $ | 4,311,706 | ||
SPDR EURO STOXX 50 ETF | 187,262,865 | |||
SPDR EURO STOXX Small Cap ETF | (268,259 | ) | ||
SPDR EURO STOXX 50 Currency Hedged ETF | — | |||
SPDR S&P International Dividend Currency Hedged ETF | — | |||
SPDR MSCI International Real Estate Currency Hedged ETF | — | |||
SPDR S&P Emerging Asia Pacific ETF | 12,236,910 | |||
SPDR S&P Russia ETF | 1,482,049 | |||
SPDR S&P China ETF | 31,394,955 | |||
SPDR S&P Emerging Markets ETF | 3,625,602 | |||
SPDR S&P Emerging Markets Dividend ETF | (2,467,332 | ) | ||
SPDR S&P BRIC 40 ETF | (5,240,544 | ) | ||
SPDR S&P Emerging Europe ETF | (2,202,948 | ) | ||
SPDR S&P Emerging Latin America ETF | (2,301,719 | ) | ||
SPDR S&P Emerging Middle East & Africa ETF | (61,771 | ) | ||
SPDR S&P World ex-US ETF | 27,406,799 | |||
SPDR S&P International Small Cap ETF | 6,017,110 | |||
SPDR Dow Jones International Real Estate ETF | 64,553,723 | |||
SPDR S&P Global Infrastructure ETF | 2,816,906 | |||
SPDR S&P Global Natural Resources ETF | 8,042,283 | |||
SPDR MSCI ACWI ex-US ETF | 21,381,795 | |||
SPDR MSCI ACWI IMI ETF | 3,952,932 | |||
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 | (267,391 | ) | ||
SPDR MSCI Canada Quality Mix ETF | — | |||
SPDR MSCI Germany Quality Mix ETF | (371,005 | ) | ||
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 | (924,411 | ) | ||
SPDR MSCI Taiwan Quality Mix ETF | — | |||
SPDR MSCI United Kingdom Quality Mix ETF | (70,400 | ) | ||
SPDR Russell/Nomura PRIME Japan ETF | (606,272 | ) |
541
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Net Gain (Loss) | ||||
Reclassified to | ||||
Paid in Capital | ||||
SPDR Russell/Nomura Small Cap Japan ETF | $ | (888,409 | ) | |
SPDR S&P Global Dividend ETF | — | |||
SPDR S&P International Dividend ETF | (2,839,032 | ) | ||
SPDR S&P International Mid Cap ETF | 3,528,705 | |||
SPDR S&P Emerging Markets Small Cap ETF | (5,009,763 | ) | ||
SPDR Dow Jones Global Real Estate ETF | 26,827,605 | |||
SPDR S&P International Consumer Discretionary Sector ETF | 1,134,451 | |||
SPDR S&P International Consumer Staples Sector ETF | 1,891,792 | |||
SPDR S&P International Energy Sector ETF | (45,760 | ) | ||
SPDR S&P International Financial Sector ETF | 89,464 | |||
SPDR S&P International Health Care Sector ETF | 6,099,288 | |||
SPDR S&P International Industrial Sector ETF | 915,470 | |||
SPDR S&P International Materials Sector ETF | 487,183 | |||
SPDR S&P International Technology Sector ETF | 326,514 | |||
SPDR S&P International Telecommunications Sector ETF | 1,987,888 | |||
SPDR S&P International Utilities Sector ETF | 4,183,141 |
At September 30, 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 | $ | 2,379,500 | $ | 19,496,678 | ||||||||||||
SPDR EURO STOXX 50 ETF | — | 6,389,360 | 14,945,357 | 8,709,645 | 31,888,622 | 163,156,886 | ||||||||||||||||||
SPDR EURO STOXX Small Cap ETF | — | — | — | — | 875,818 | 107,373 | ||||||||||||||||||
SPDR EURO STOXX 50 Currency Hedged ETF | — | — | — | — | — | — | ||||||||||||||||||
SPDR S&P International Dividend Currency Hedged ETF | — | — | — | — | — | — | ||||||||||||||||||
SPDR MSCI International Real Estate Currency Hedged ETF | — | — | — | — | — | — | ||||||||||||||||||
SPDR S&P Emerging Asia Pacific ETF | — | — | — | — | 14,632,463 | 44,958,836 | ||||||||||||||||||
SPDR S&P Russia ETF | — | — | — | — | 1,583,765 | 4,738,224 | ||||||||||||||||||
SPDR S&P China ETF | — | 2,685,375 | 3,455,043 | 20,718,358 | 15,263,376 | 72,159,488 | ||||||||||||||||||
SPDR S&P Emerging Markets ETF | — | — | — | — | 2,457,347 | 17,884,501 | ||||||||||||||||||
SPDR S&P Emerging Markets Dividend ETF | — | — | — | 362,314 | 84,660,059 | 101,074,935 | ||||||||||||||||||
SPDR S&P BRIC 40 ETF | — | 399,946 | 37,661,979 | 9,992,324 | 5,134,185 | 46,618,991 | ||||||||||||||||||
SPDR S&P Emerging Europe ETF | — | 5,912,354 | 8,992,073 | 9,348,438 | 1,408,653 | 18,434,447 | ||||||||||||||||||
SPDR S&P Emerging Latin America ETF | — | 3,111,521 | 3,011,913 | 2,259,987 | 2,918,792 | 8,208,771 | ||||||||||||||||||
SPDR S&P Emerging Middle East & Africa ETF | — | 1,967,866 | 10,818,456 | 1,720,229 | 1,020,109 | 8,067,509 | ||||||||||||||||||
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 | 63,152,390 | 348,296,416 | ||||||||||||||||||
SPDR S&P Global Infrastructure ETF | — | 246,762 | 3,044,553 | 1,744,492 | 265,543 | 12,455,470 |
542
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Non-Expiring — | Non-Expiring — | |||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | Short Term | Long Term | |||||||||||||||||||
SPDR S&P Global Natural Resources ETF | $ | — | $ | — | $ | — | $ | — | $ | 21,304,614 | $ | 76,888,168 | ||||||||||||
SPDR MSCI ACWI ex-US ETF | — | 2,856,017 | 36,957,682 | 2,453,209 | 3,589,192 | 25,543,676 | ||||||||||||||||||
SPDR MSCI ACWI IMI ETF | — | — | — | — | — | — | ||||||||||||||||||
SPDR MSCI ACWI Low Carbon Target ETF | — | — | — | — | — | — | ||||||||||||||||||
SPDR MSCI EM 50 ETF | — | — | — | — | 49,303 | 178,202 | ||||||||||||||||||
SPDR MSCI EM Beyond BRIC ETF | — | — | — | — | — | 3,817 | ||||||||||||||||||
SPDR MSCI EAFE Quality Mix ETF | — | — | — | — | 28,213 | 772 | ||||||||||||||||||
SPDR MSCI Emerging Markets Quality Mix ETF | — | — | — | — | 628,908 | 7,148 | ||||||||||||||||||
SPDR MSCI World Quality Mix ETF | — | — | — | — | — | — | ||||||||||||||||||
SPDR MSCI Australia Quality Mix ETF | — | — | — | — | 62,055 | 2,036 | ||||||||||||||||||
SPDR MSCI Canada Quality Mix ETF | — | — | — | — | 50,026 | — | ||||||||||||||||||
SPDR MSCI Germany Quality Mix ETF | — | — | — | — | 120,700 | 657 | ||||||||||||||||||
SPDR MSCI Japan Quality Mix ETF | — | — | — | — | — | — | ||||||||||||||||||
SPDR MSCI Mexico Quality Mix ETF | — | — | — | — | 15,667 | — | ||||||||||||||||||
SPDR MSCI South Korea Quality Mix ETF | — | — | — | — | 24,894 | — | ||||||||||||||||||
SPDR MSCI Spain Quality Mix ETF | — | — | — | — | 80,102 | 6,416 | ||||||||||||||||||
SPDR MSCI Taiwan Quality Mix ETF | — | — | — | — | — | — | ||||||||||||||||||
SPDR MSCI United Kingdom Quality Mix ETF | — | — | — | — | 91,233 | 2,666 | ||||||||||||||||||
SPDR Russell/Nomura PRIME Japan ETF | — | 367,543 | 574,285 | 91,148 | 9,646 | 741,182 | ||||||||||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | — | 1,812,297 | 3,384,327 | 20,536 | 136,023 | 1,767,707 | ||||||||||||||||||
SPDR S&P Global Dividend ETF | — | — | — | — | — | — | ||||||||||||||||||
SPDR S&P International Dividend ETF | — | — | 13,759,514 | — | 142,328,414 | 194,513,294 | ||||||||||||||||||
SPDR S&P International Mid Cap ETF | — | — | — | — | 1,777,369 | 2,879,406 | ||||||||||||||||||
SPDR S&P Emerging Markets Small Cap ETF | — | — | — | — | 443,923 | 47,843,546 | ||||||||||||||||||
SPDR Dow Jones Global Real Estate ETF | — | 103,944 | 4,030,131 | 1,089,710 | 15,902,031 | 1,807,525 | ||||||||||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | — | — | — | — | — | — | ||||||||||||||||||
SPDR S&P International Consumer Staples Sector ETF | — | — | — | 1,783 | 36,980 | 62,069 | ||||||||||||||||||
SPDR S&P International Energy Sector ETF | — | 4,624 | 119,106 | 316,377 | 69,240 | 1,018,093 | ||||||||||||||||||
SPDR S&P International Financial Sector ETF | — | 39,777 | 563,054 | 43,972 | 67,883 | 542,975 | ||||||||||||||||||
SPDR S&P International Health Care Sector ETF | — | — | — | — | — | — | ||||||||||||||||||
SPDR S&P International Industrial Sector ETF | — | 4,087 | 41,800 | 85,376 | 76,533 | 957,703 | ||||||||||||||||||
SPDR S&P International Materials Sector ETF | — | 60,733 | 154,398 | 205,070 | 4,717 | 648,452 | ||||||||||||||||||
SPDR S&P International Technology Sector ETF | — | — | — | — | 46 | 279,949 | ||||||||||||||||||
SPDR S&P International Telecommunications Sector ETF | — | 2,618 | 97,364 | 213,502 | 409,574 | 2,528,317 | ||||||||||||||||||
SPDR S&P International Utilities Sector ETF | — | 16,137 | 130,798 | 182,287 | 133,708 | 3,733,468 |
543
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
During the tax year ended September 30, 2015, 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 EURO STOXX 50 Currency Hedged ETF | — | — | ||||||
SPDR S&P International Dividend Currency Hedged ETF | — | — | ||||||
SPDR MSCI International Real Estate Currency Hedged 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 | 1,078,695 | — | ||||||
SPDR S&P Global Dividend ETF | — | — |
544
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Amount Utilized | Amount Expired | |||||||
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 | 16,388 | — | ||||||
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 | 100,377 | — | ||||||
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 EURO STOXX 50 Currency Hedged ETF | — | — | ||||||
SPDR S&P International Dividend Currency Hedged ETF | — | — | ||||||
SPDR MSCI International Real Estate Currency Hedged 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 | — | (700,023 | ) | |||||
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 | — | (2,646,687 | ) | |||||
SPDR S&P Global Infrastructure ETF | — | — | ||||||
SPDR S&P Global Natural Resources ETF | — | — | ||||||
SPDR MSCI ACWI ex-US ETF | — | — | ||||||
SPDR MSCI ACWI IMI ETF | — | — |
545
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Post October | Late Year | |||||||
Capital Loss Deferral | Ordinary Loss Deferral | |||||||
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 | — | (7,199,645 | ) | |||||
SPDR S&P International Consumer Discretionary Sector ETF | — | — | ||||||
SPDR S&P International Consumer Staples Sector ETF | — | (2,110 | ) | |||||
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 | — | 32,765 |
For the period ended September 30, 2015, there were no significant differences between the book basis and the tax basis character of distributions to shareholders.
The tax character of distributions paid during the period ended September 30, 2015 was as follows:
Ordinary | Long-Term | Tax Return | ||||||||||
Income | Capital Gains | of Capital | ||||||||||
SPDR STOXX Europe 50 ETF | $ | 9,622,930 | $ | — | $ | — | ||||||
SPDR EURO STOXX 50 ETF | 143,035,636 | — | — | |||||||||
SPDR EURO STOXX Small Cap ETF | 256,115 | — | — | |||||||||
SPDR EURO STOXX 50 Currency Hedged ETF | 125,977 | — | — |
546
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Ordinary | Long-Term | Tax Return | ||||||||||
Income | Capital Gains | of Capital | ||||||||||
SPDR S&P International Dividend Currency Hedged ETF | $ | 52,907 | $ | — | $ | — | ||||||
SPDR MSCI International Real Estate Currency Hedged ETF | — | — | — | |||||||||
SPDR S&P Emerging Asia Pacific ETF | 10,643,553 | — | — | |||||||||
SPDR S&P Russia ETF | 854,073 | — | — | |||||||||
SPDR S&P China ETF | 17,843,531 | — | — | |||||||||
SPDR S&P Emerging Markets ETF | 4,507,319 | — | — | |||||||||
SPDR S&P Emerging Markets Dividend ETF | 16,798,542 | — | — | |||||||||
SPDR S&P BRIC 40 ETF | 3,046,052 | — | — | |||||||||
SPDR S&P Emerging Europe ETF | 1,961,721 | — | — | |||||||||
SPDR S&P Emerging Latin America ETF | 877,726 | — | — | |||||||||
SPDR S&P Emerging Middle East & Africa ETF | 1,502,559 | — | — | |||||||||
SPDR S&P World ex-US ETF | 20,112,214 | — | — | |||||||||
SPDR S&P International Small Cap ETF | 30,156,602 | 52,625,204 | — | |||||||||
SPDR Dow Jones International Real Estate ETF | 147,970,731 | — | — | |||||||||
SPDR S&P Global Infrastructure ETF | 3,020,616 | — | — | |||||||||
SPDR S&P Global Natural Resources ETF | 20,271,634 | — | — | |||||||||
SPDR MSCI ACWI ex-US ETF | 17,494,392 | — | — | |||||||||
SPDR MSCI ACWI IMI ETF | 1,137,757 | — | — | |||||||||
SPDR MSCI ACWI Low Carbon Target ETF | 1,204,764 | — | — | |||||||||
SPDR MSCI EM 50 ETF | 58,446 | — | — | |||||||||
SPDR MSCI EM Beyond BRIC ETF | 62,060 | — | — | |||||||||
SPDR MSCI EAFE Quality Mix ETF | 163,896 | — | — | |||||||||
SPDR MSCI Emerging Markets Quality Mix ETF | 678,786 | — | — | |||||||||
SPDR MSCI World Quality Mix ETF | 130,391 | — | — | |||||||||
SPDR MSCI Australia Quality Mix ETF | 283,897 | — | — | |||||||||
SPDR MSCI Canada Quality Mix ETF | 80,540 | — | — | |||||||||
SPDR MSCI Germany Quality Mix ETF | 226,792 | — | — | |||||||||
SPDR MSCI Japan Quality Mix ETF | 119,310 | — | — | |||||||||
SPDR MSCI Mexico Quality Mix ETF | 25,314 | — | — | |||||||||
SPDR MSCI South Korea Quality Mix ETF | 37,871 | — | (2,709 | ) | ||||||||
SPDR MSCI Spain Quality Mix ETF | 231,204 | — | — | |||||||||
SPDR MSCI Taiwan Quality Mix ETF | 8,912 | — | — | |||||||||
SPDR MSCI United Kingdom Quality Mix ETF | 310,927 | — | — | |||||||||
SPDR Russell/Nomura PRIME Japan ETF | 818,770 | — | — | |||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 590,950 | — | — | |||||||||
SPDR S&P Global Dividend ETF | 2,716,263 | 184,384 | — | |||||||||
SPDR S&P International Dividend ETF | 65,787,191 | — | — | |||||||||
SPDR S&P International Mid Cap ETF | 2,439,565 | 3,053,568 | — | |||||||||
SPDR S&P Emerging Markets Small Cap ETF | 12,541,035 | — | — | |||||||||
SPDR Dow Jones Global Real Estate ETF | 54,138,494 | — | — | |||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 334,910 | — | — |
547
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Ordinary | Long-Term | Tax Return | ||||||||||
Income | Capital Gains | of Capital | ||||||||||
SPDR S&P International Consumer Staples Sector ETF | $ | 1,034,295 | $ | — | $ | — | ||||||
SPDR S&P International Energy Sector ETF | 880,204 | — | — | |||||||||
SPDR S&P International Financial Sector ETF | 355,265 | — | — | |||||||||
SPDR S&P International Health Care Sector ETF | 1,145,230 | — | — | |||||||||
SPDR S&P International Industrial Sector ETF | 390,429 | — | — | |||||||||
SPDR S&P International Materials Sector ETF | 185,820 | — | — | |||||||||
SPDR S&P International Technology Sector ETF | 103,108 | — | — | |||||||||
SPDR S&P International Telecommunications Sector ETF | 1,274,493 | — | — | |||||||||
SPDR S&P International Utilities Sector ETF | 1,460,201 | — | — |
The tax character of distributions paid during the period ended September 30, 2014 was as follows:
Ordinary | Long-Term | Tax Return | ||||||||||
Income | Capital Gains | of Capital | ||||||||||
SPDR STOXX Europe 50 ETF | $ | 12,279,995 | $ | — | $ | — | ||||||
SPDR EURO STOXX 50 ETF | 165,590,424 | — | — | |||||||||
SPDR EURO STOXX Small Cap ETF | 16,160 | — | — | |||||||||
SPDR S&P Emerging Asia Pacific ETF | 6,695,981 | — | — | |||||||||
SPDR S&P Small Cap Emerging Asia Pacific ETF | 108,119 | 107,007 | — | |||||||||
SPDR S&P Russia ETF | 447,722 | — | — | |||||||||
SPDR S&P China ETF | 16,237,703 | — | — | |||||||||
SPDR S&P Emerging Markets ETF | 3,629,968 | — | — | |||||||||
SPDR S&P Emerging Markets Dividend ETF | 21,592,591 | — | — | |||||||||
SPDR S&P BRIC 40 ETF | 3,386,072 | — | — | |||||||||
SPDR S&P Emerging Europe ETF | 1,481,279 | — | — | |||||||||
SPDR S&P Emerging Latin America ETF | 1,382,090 | — | — | |||||||||
SPDR S&P Emerging Middle East & Africa ETF | 1,674,967 | — | — | |||||||||
SPDR S&P World ex-US ETF | 24,777,954 | — | — | |||||||||
SPDR S&P International Small Cap ETF | 23,935,017 | — | — | |||||||||
SPDR Dow Jones International Real Estate ETF | 207,509,734 | — | — | |||||||||
SPDR S&P Global Infrastructure ETF | 3,517,695 | — | — | |||||||||
SPDR S&P Global Natural Resources ETF | 12,447,584 | — | — | |||||||||
SPDR MSCI ACWI ex-US ETF | 16,800,571 | — | — | |||||||||
SPDR MSCI ACWI IMI ETF | 243,791 | 5,843 | — | |||||||||
SPDR MSCI EM 50 ETF | 55,039 | — | — | |||||||||
SPDR MSCI EM Beyond BRIC ETF | 29,342 | — | — | |||||||||
SPDR MSCI EAFE Quality Mix ETF | 3,253 | — | — | |||||||||
SPDR MSCI Emerging Markets Quality Mix ETF | 1,381 | — | — | |||||||||
SPDR MSCI World Quality Mix ETF | 4,196 | — | — | |||||||||
SPDR MSCI Australia Quality Mix ETF | — | — | — | |||||||||
SPDR MSCI Canada Quality Mix ETF | 2,368 | — | — | |||||||||
SPDR MSCI Germany Quality Mix ETF | 344 | — | — | |||||||||
SPDR MSCI Japan Quality Mix ETF | — | — | — |
548
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Ordinary | Long-Term | Tax Return | ||||||||||
Income | Capital Gains | of Capital | ||||||||||
SPDR MSCI Mexico Quality Mix ETF | $ | — | $ | — | $ | — | ||||||
SPDR MSCI South Korea Quality Mix ETF | — | — | — | |||||||||
SPDR MSCI Spain Quality Mix ETF | 5,821 | — | — | |||||||||
SPDR MSCI Taiwan Quality Mix ETF | — | — | — | |||||||||
SPDR MSCI United Kingdom Quality Mix ETF | 610 | — | — | |||||||||
SPDR Russell/Nomura PRIME Japan ETF | 1,581,813 | — | — | |||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 2,287,511 | — | — | |||||||||
SPDR S&P Global Dividend ETF | 774,129 | — | — | |||||||||
SPDR S&P International Dividend ETF | 71,478,207 | — | — | |||||||||
SPDR S&P International Mid Cap ETF | 2,637,058 | 1,688,485 | — | |||||||||
SPDR S&P Emerging Markets Small Cap ETF | 15,106,089 | — | — | |||||||||
SPDR Dow Jones Global Real Estate ETF | 40,259,506 | — | — | |||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 441,020 | — | — | |||||||||
SPDR S&P International Consumer Staples Sector ETF | 1,023,722 | — | — | |||||||||
SPDR S&P International Energy Sector ETF | 554,858 | — | — | |||||||||
SPDR S&P International Financial Sector ETF | 339,282 | — | — | |||||||||
SPDR S&P International Health Care Sector ETF | 1,109,173 | — | — | |||||||||
SPDR S&P International Industrial Sector ETF | 544,065 | — | — | |||||||||
SPDR S&P International Materials Sector ETF | 262,845 | — | — | |||||||||
SPDR S&P International Technology Sector ETF | 206,790 | — | — | |||||||||
SPDR S&P International Telecommunications Sector ETF | 4,048,039 | — | — | |||||||||
SPDR S&P International Utilities Sector ETF | 2,223,595 | — | — |
For the period ended September 30, 2015, significant differences between the book basis and the tax basis of components of net assets included differences in the net unrealized appreciation (depreciation) in the value of investments attributable to the tax deferral of losses on wash sales, the cumulative return of capital payment, PFICs (Passive Foreign Investment Companies), redemptions in-kind, dividend payables and the deferral of post-October losses.
As of September 30, 2015, the components of distributable earnings on a tax basis were as follows:
Undistributed | Undistributed | Net Unrealized | ||||||||||
Ordinary | Long-Term | Appreciation | ||||||||||
Income | Capital Gains | (Depreciation) | ||||||||||
SPDR STOXX Europe 50 ETF | $ | — | $ | — | $ | (41,844,345 | ) | |||||
SPDR EURO STOXX 50 ETF | — | — | (560,567,249 | ) | ||||||||
SPDR EURO STOXX Small Cap ETF | — | — | (1,368,796 | ) | ||||||||
SPDR EURO STOXX 50 Currency Hedged ETF | 10,174 | 19,549 | (747,237 | ) | ||||||||
SPDR S&P International Dividend Currency Hedged ETF | 72,324 | 29,131 | (156,620 | ) | ||||||||
SPDR MSCI International Real Estate Currency Hedged ETF | 44,056 | 18,123 | (9,859 | ) | ||||||||
SPDR S&P Emerging Asia Pacific ETF | 13,852,372 | — | (59,120,849 | ) | ||||||||
SPDR S&P Russia ETF | 746,513 | — | (16,296,107 | ) | ||||||||
SPDR S&P China ETF | 17,925,565 | — | (156,250,509 | ) | ||||||||
SPDR S&P Emerging Markets ETF | 2,181,858 | — | (61,954,793 | ) |
549
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Undistributed | Undistributed | Net Unrealized | ||||||||||
Ordinary | Long-Term | Appreciation | ||||||||||
Income | Capital Gains | (Depreciation) | ||||||||||
SPDR S&P Emerging Markets Dividend ETF | $ | — | $ | — | $ | (106,587,689 | ) | |||||
SPDR S&P BRIC 40 ETF | 1,611,074 | — | (39,612,937 | ) | ||||||||
SPDR S&P Emerging Europe ETF | 667,972 | — | (44,787,851 | ) | ||||||||
SPDR S&P Emerging Latin America ETF | 93,188 | — | (32,198,673 | ) | ||||||||
SPDR S&P Emerging Middle East & Africa ETF | 456,645 | — | (13,754,138 | ) | ||||||||
SPDR S&P World ex-US ETF | 6,634,154 | 874,742 | (58,931,709 | ) | ||||||||
SPDR S&P International Small Cap ETF | 12,899,185 | — | (140,176,304 | ) | ||||||||
SPDR Dow Jones International Real Estate ETF | — | — | 117,469,492 | |||||||||
SPDR S&P Global Infrastructure ETF | 796,641 | — | (10,044,800 | ) | ||||||||
SPDR S&P Global Natural Resources ETF | 6,025,549 | — | (243,146,212 | ) | ||||||||
SPDR MSCI ACWI ex-US ETF | 7,629,456 | — | (151,549,667 | ) | ||||||||
SPDR MSCI ACWI IMI ETF | 494,379 | — | (4,708,436 | ) | ||||||||
SPDR MSCI ACWI Low Carbon Target ETF | 601,689 | 1,833 | (7,429,392 | ) | ||||||||
SPDR MSCI EM 50 ETF | 66,439 | — | (1,047,470 | ) | ||||||||
SPDR MSCI EM Beyond BRIC ETF | 20,666 | — | (681,727 | ) | ||||||||
SPDR MSCI EAFE Quality Mix ETF | 40,858 | — | (743,610 | ) | ||||||||
SPDR MSCI Emerging Markets Quality Mix ETF | 722,073 | — | (12,284,138 | ) | ||||||||
SPDR MSCI World Quality Mix ETF | 96,860 | 9,038 | (310,226 | ) | ||||||||
SPDR MSCI Australia Quality Mix ETF | 171,984 | — | (1,388,092 | ) | ||||||||
SPDR MSCI Canada Quality Mix ETF | 36,372 | — | (1,044,308 | ) | ||||||||
SPDR MSCI Germany Quality Mix ETF | — | — | (1,535,718 | ) | ||||||||
SPDR MSCI Japan Quality Mix ETF | 52,129 | 1,592 | (853,098 | ) | ||||||||
SPDR MSCI Mexico Quality Mix ETF | 11,725 | — | (735,159 | ) | ||||||||
SPDR MSCI South Korea Quality Mix ETF | — | — | (603,069 | ) | ||||||||
SPDR MSCI Spain Quality Mix ETF | 35,684 | — | (823,290 | ) | ||||||||
SPDR MSCI Taiwan Quality Mix ETF | 157,584 | — | (1,113,096 | ) | ||||||||
SPDR MSCI United Kingdom Quality Mix ETF | — | — | (485,786 | ) | ||||||||
SPDR Russell/Nomura PRIME Japan ETF | 192,931 | — | (5,008,110 | ) | ||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 524,446 | — | (6,788,849 | ) | ||||||||
SPDR S&P Global Dividend ETF | — | 387,869 | (9,378,761 | ) | ||||||||
SPDR S&P International Dividend ETF | 7,391,602 | — | (215,956,415 | ) | ||||||||
SPDR S&P International Mid Cap ETF | 389,596 | — | (3,880,904 | ) | ||||||||
SPDR S&P Emerging Markets Small Cap ETF | 7,691,992 | — | (183,065,627 | ) | ||||||||
SPDR Dow Jones Global Real Estate ETF | — | — | 52,062,532 | |||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 80,190 | — | (1,500,316 | ) | ||||||||
SPDR S&P International Consumer Staples Sector ETF | — | — | 412,312 | |||||||||
SPDR S&P International Energy Sector ETF | 7,916 | — | (11,646,998 | ) | ||||||||
SPDR S&P International Financial Sector ETF | 174,001 | — | (2,642,192 | ) | ||||||||
SPDR S&P International Health Care Sector ETF | 111,868 | — | 4,200,728 | |||||||||
SPDR S&P International Industrial Sector ETF | 114,913 | — | (3,157,138 | ) | ||||||||
SPDR S&P International Materials Sector ETF | 7,395 | — | (4,675,122 | ) |
550
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Undistributed | Undistributed | Net Unrealized | ||||||||||
Ordinary | Long-Term | Appreciation | ||||||||||
Income | Capital Gains | (Depreciation) | ||||||||||
SPDR S&P International Technology Sector ETF | $ | 74,398 | $ | — | $ | (1,162,892 | ) | |||||
SPDR S&P International Telecommunications Sector ETF | 158,692 | — | (2,675,116 | ) | ||||||||
SPDR S&P International Utilities Sector ETF | — | — | (5,963,070 | ) |
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 EURO STOXX 50 Currency Hedged ETF |
SPDR S&P International Dividend Currency Hedged ETF |
SPDR MSCI International Real Estate Currency Hedged 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 |
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 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 |
SPDR S&P Emerging Markets Small Cap ETF |
Each Fund declares and distributes net realized capital gains, if any, at least annually. Dividends and 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. GAAP.
551
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
3. | Fees and Compensation paid to Affiliates and other Related Party Transactions |
Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, 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 EURO STOXX 50 Currency Hedged ETF | 0.32 | |||
SPDR S&P International Dividend Currency Hedged ETF | 0.48 | |||
SPDR MSCI International Real Estate Currency Hedged ETF | 0.48 | |||
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 | |||
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 |
552
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Annual Rate | ||||
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 the following Funds was:
Annual Rate | ||||
SPDR S&P Emerging Asia Pacific ETF | 0.59 | % | ||
SPDR S&P Emerging Markets Dividend ETF | 0.59 | |||
SPDR S&P BRIC 40 ETF | 0.50 | |||
SPDR S&P Emerging Europe ETF | 0.59 | |||
SPDR S&P Emerging Latin America ETF | 0.59 | |||
SPDR S&P Emerging Middle East & Africa ETF | 0.59 | |||
SPDR S&P International Small Cap ETF | 0.59 | |||
SPDR MSCI EM Beyond BRIC ETF | 0.55 | |||
SPDR Russell/Nomura PRIME Japan ETF | 0.50 | |||
SPDR Russell/Nomura Small Cap Japan ETF | 0.55 | |||
SPDR S&P International Consumer Discretionary Sector ETF | 0.50 | |||
SPDR S&P International Consumer Staples Sector ETF | 0.50 | |||
SPDR S&P International Energy Sector ETF | 0.50 | |||
SPDR S&P International Financial Sector ETF | 0.50 | |||
SPDR S&P International Health Care Sector ETF | 0.50 | |||
SPDR S&P International Industrial Sector ETF | 0.50 | |||
SPDR S&P International Materials Sector ETF | 0.50 | |||
SPDR S&P International Technology Sector ETF | 0.50 | |||
SPDR S&P International Telecommunications Sector ETF | 0.50 | |||
SPDR S&P International Utilities Sector ETF | 0.50 |
553
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
The Adviser pays all operating expenses of each Fund other than management fee, distribution fee pursuant to each fund’s Distribution and Service Plan, if any, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees’ counsel fees, acquired fund fees and expenses, litigation 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 Statements of Changes in Net Assets.
Effective June 1, 2015, SSGA FM serves as Administrator and State Street Bank and Trust Company (“State Street”) serves as Sub-Administrator. State Street, an affiliate of the Adviser, receives fees for its services as Custodian, Sub-Administrator and Transfer Agent from the Adviser. Prior to June 1, 2015, State Street served as Administrator.
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 ex-US ETF and the SPDR MSCI ACWI Low Carbon Target ETF will be limited to 0.30% and 0.20%, respectively, of each 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. For the period ended September 30, 2015, SPDR MSCI ACWI ex-US ETF and the SPDR MSCI ACWI Low Carbon Target ETF waived $148,373 and $72,877, respectively.
For the SPDR EURO STOXX 50 Currency Hedged ETF and the SPDR S&P International Dividend Currency Hedged ETF, the Adviser has contractually agreed to waive its advisory fee and/or reimburse certain expenses in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in the underlying fund, until January 31, 2017. The contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver and/or reimbursement 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 waiver and/or reimbursement may not be terminated during the relevant period except with the approval of the Fund’s Board of Trustees. For the period ended September 30, 2015, SPDR EURO STOXX 50 Currency Hedged ETF and the SPDR S&P International Dividend Currency Hedged ETF waived $4,992 and $786, respectively.
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 9 for additional information regarding securities lending.
For the period ended September 30, 2015, State Street earned securities lending agent fees from the following Funds:
Securities Lending | ||||
Agent Fees | ||||
SPDR STOXX Europe 50 ETF | $ | 22,988 | ||
SPDR EURO STOXX 50 ETF | 972,231 | |||
SPDR S&P Emerging Asia Pacific ETF | 145,246 | |||
SPDR S&P China ETF | 505,469 |
554
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Securities Lending | ||||
Agent Fees | ||||
SPDR S&P Emerging Markets ETF | $ | 24,772 | ||
SPDR S&P Emerging Markets Dividend ETF | 97,047 | |||
SPDR S&P BRIC 40 ETF | 6,298 | |||
SPDR S&P Emerging Europe ETF | 653 | |||
SPDR S&P Emerging Latin America ETF | 4,387 | |||
SPDR S&P Emerging Middle East & Africa ETF | 2,465 | |||
SPDR S&P World ex-US ETF | 104,107 | |||
SPDR S&P International Small Cap ETF | 270,794 | |||
SPDR Dow Jones International Real Estate ETF | 317,571 | |||
SPDR S&P Global Infrastructure ETF | 11,399 | |||
SPDR S&P Global Natural Resources ETF | 78,000 | |||
SPDR MSCI ACWI ex-US ETF | 80,729 | |||
SPDR MSCI ACWI IMI ETF | 4,031 | |||
SPDR MSCI EM 50 ETF | 157 | |||
SPDR MSCI EM Beyond BRIC ETF | 76 | |||
SPDR Russell/Nomura PRIME Japan ETF | 1,381 | |||
SPDR Russell/Nomura Small Cap Japan ETF | 16,709 | |||
SPDR S&P Global Dividend ETF | 11,342 | |||
SPDR S&P International Dividend ETF | 482,396 | |||
SPDR S&P International Mid Cap ETF | 11,099 | |||
SPDR S&P Emerging Markets Small Cap ETF | 212,095 | |||
SPDR Dow Jones Global Real Estate ETF | 61,625 | |||
SPDR S&P International Consumer Discretionary Sector ETF | 2,622 | |||
SPDR S&P International Consumer Staples Sector ETF | 2,509 | |||
SPDR S&P International Energy Sector ETF | 4,600 | |||
SPDR S&P International Financial Sector ETF | 1,489 | |||
SPDR S&P International Health Care Sector ETF | 3,728 | |||
SPDR S&P International Industrial Sector ETF | 2,585 | |||
SPDR S&P International Materials Sector ETF | 652 | |||
SPDR S&P International Technology Sector ETF | 1,599 | |||
SPDR S&P International Telecommunications Sector ETF | 5,462 | |||
SPDR S&P International Utilities Sector ETF | 7,795 |
Distributor
State Street Global Markets, LLC (the “Distributor”), an affiliate of the Adviser, serves as the distributor of the shares of each Fund. Pursuant to a Distribution and Service Plan adopted in accordance with Rule 12b-1 under the 1940 Act, each Fund is authorized to pay an amount of up to 0.25% of its average daily net assets for certain distribution-related activities. However, the Board has determined that no such payments will be made through at least October 31, 2015 and therefore no such payments have been made.
The Distributor has established an assisted trading program to aid authorized participants in certain creation and redemption activities for which the Distributor receives commissions from authorized participants. In addition, the
555
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Distributor receives compensation from State Street associated with on-line creation and redemption activity of authorized participants.
Trustees’ Fees
The Trust, SSGA Master Trust, SSGA Active Trust and SPDR Series Trust (together, the “Trusts”) pay, in the aggregate, each Independent Trustee an annual fee of $200,000 (prior to July 1, 2015 the annual fee was $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 Trusts also reimburse each Independent Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings and in connection with attending industry seminars and meetings. Trustee fees are allocated among the Trusts and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series.
Transactions with Affiliates
The following Funds invested in an affiliated company, State Street Corp. Amounts relating to these investments at September 30, 2015 and for the period then ended are:
Number of | Number of | |||||||||||||||||||||||||||||||||||||||||||
Shares Held | Cost at | Value at | Purchased | Sold | Shares Held | Value at | Dividend | Realized | ||||||||||||||||||||||||||||||||||||
at 9/30/14 | 9/30/14 | 9/30/14 | Cost | Shares | Proceeds | Shares | at 9/30/15 | 9/30/15 | Income | Gain/(Loss) | ||||||||||||||||||||||||||||||||||
SPDR MSCI ACWI IMI ETF | 932 | $ | 61,151 | $ | 68,605 | $ | 23,348 | 312 | $ | 47,705 | 625 | 619 | $ | 41,603 | $ | 1,008 | $ | 7,969 | ||||||||||||||||||||||||||
SPDR MSCI ACWI Low Carbon Target ETF | — | — | — | 93,003 | 1,188 | — | — | 1,188 | 79,845 | 1,521 | — | |||||||||||||||||||||||||||||||||
SPDR MSCI World Quality Mix ETF | 36 | 2,388 | 2,650 | — | — | — | — | 36 | 2,420 | 46 | — |
The following Funds invested in an affiliated fund. Amounts relating to these investments at September 30, 2015 and for the period then ended are:
Number of | Number of | |||||||||||||||||||||||||||||||||||||||||||
Shares Held | Cost at | Value at | Purchased | Sold | Shares Held | Value at | Dividend | Realized | ||||||||||||||||||||||||||||||||||||
at 9/30/14 | 9/30/14 | 9/30/14 | Cost | Shares | Proceeds | Shares | at 9/30/15 | 9/30/15 | Income | Gain/(Loss) | ||||||||||||||||||||||||||||||||||
SPDR EURO STOXX 50 Currency Hedged ETF | ||||||||||||||||||||||||||||||||||||||||||||
SPDR EURO STOXX 50 ETF | — | $ | — | $ | — | $ | 7,835,158 | 208,023 | $ | 387,511 | 10,457 | 197,566 | $ | 6,687,609 | $ | 93,763 | $ | (17,857 | ) | |||||||||||||||||||||||||
SPDR S&P International Dividend Currency Hedged ETF | ||||||||||||||||||||||||||||||||||||||||||||
SPDR S&P International Dividend ETF | — | — | — | 4,038,740 | 114,286 | — | — | 114,286 | 3,881,153 | 52,958 | — |
The Fund listed below has affiliated investments as a result of owning 5% or more of each company’s outstanding voting securities. Amounts relating to these investments at September 30, 2015 and for the period then ended are:
Number of | Number of | |||||||||||||||||||||||||||||||||||||||||||
Shares Held | Cost at | Value at | Purchased | Sold | Shares Held | Value at | Dividend | Realized | ||||||||||||||||||||||||||||||||||||
at 9/30/14 | 9/30/14 | 9/30/14 | Cost | Shares | Proceeds | Shares | at 9/30/15 | 9/30/15 | Income | Gain/(Loss) | ||||||||||||||||||||||||||||||||||
SPDR S&P International Small Cap ETF | ||||||||||||||||||||||||||||||||||||||||||||
Brookside Energy, Ltd. | — | $ | — | $ | — | $ | 53,155 | 49,365,437 | $ | 14 | 13,508 | 49,351,929 | $ | 34,657 | $ | — | ($ | 2,673 | ) |
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”) and State Street Institutional U.S. Government Money Market Fund — Premier Class (“U.S. Government Money Market Fund”), both series of State Street Institutional Investment Trust. The Liquid Reserves Fund and U.S. Government Money Market Fund are feeder funds in a master/feeder fund structure that invests substantially all of its assets in the State
556
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Street Money Market Portfolio and the State Street U.S. Government Money Market Portfolio (“Master Portfolios”). The Liquid Reserves Fund and U.S. Government Money Market Fund do not pay an investment advisory fee to the Adviser, but the Master Portfolios in which they invest pay an investment advisory fee to the Adviser. The Liquid Reserves Fund and U.S. Government Money Market Fund intend 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 the Prime Portfolio, for which SSGA FM serves as the investment adviser.
Amounts related to investments in Liquid Reserves Fund, U.S. Government Money Market Fund and/or Prime Portfolio at September 30, 2015 and for the period then ended are:
Value at | Purchased | Sold | Value at | |||||||||||||||||||||||||
Liquid Reserves Fund | 9/30/14 | Cost | Shares | Proceeds | Shares | 9/30/15 | Income | |||||||||||||||||||||
SPDR STOXX Europe 50 ETF | $ | 1,265,544 | $ | 10,268,281 | 10,268,281 | $ | 11,281,839 | 11,281,839 | $ | 251,986 | $ | 294 | ||||||||||||||||
SPDR EURO STOXX 50 ETF | 11,687,767 | 147,616,972 | 147,616,972 | 159,026,541 | 159,026,541 | 278,198 | 4,262 | |||||||||||||||||||||
SPDR EURO STOXX Small Cap ETF | 11,709 | 433,153 | 433,153 | 443,399 | 443,399 | 1,463 | 15 | |||||||||||||||||||||
SPDR EURO STOXX 50 Currency Hedged ETF | — | 534,905 | 534,905 | 421,123 | 421,123 | 113,782 | 30 | |||||||||||||||||||||
SPDR S&P International Dividend Currency Hedged ETF | — | 91,973 | 91,973 | 77,755 | 77,755 | 14,218 | 2 | |||||||||||||||||||||
SPDR MSCI International Real Estate Currency Hedged ETF | — | 2,435 | 2,435 | — | — | 2,435 | — | |||||||||||||||||||||
SPDR S&P Emerging Asia Pacific ETF | 4,643,520 | 107,078,494 | 107,078,494 | 111,577,628 | 111,577,628 | 144,386 | 2,871 | |||||||||||||||||||||
SPDR S&P Russia ETF | 38,242 | 2,237,373 | 2,237,373 | 2,228,883 | 2,228,883 | 46,732 | 156 | |||||||||||||||||||||
SPDR S&P China ETF | 948,043 | 179,425,947 | 179,425,947 | 180,365,665 | 180,365,665 | 8,325 | 1,646 | |||||||||||||||||||||
SPDR S&P Emerging Markets ETF | 2,601,157 | 33,083,675 | 33,083,675 | 35,684,832 | 35,684,832 | — | 1,284 | |||||||||||||||||||||
SPDR S&P Emerging Markets Dividend ETF | 8,920,769 | 64,811,474 | 64,811,474 | 73,732,243 | 73,732,243 | — | 738 | |||||||||||||||||||||
SPDR S&P BRIC 40 ETF | 526,416 | 5,549,059 | 5,549,059 | 5,921,711 | 5,921,711 | 153,764 | 253 | |||||||||||||||||||||
SPDR S&P Emerging Europe ETF | 4,982 | 3,855,136 | 3,855,136 | 3,860,118 | 3,860,118 | — | 115 | |||||||||||||||||||||
SPDR S&P Emerging Latin America ETF | — | 1,826,967 | 1,826,967 | 1,795,906 | 1,795,906 | 31,061 | 80 | |||||||||||||||||||||
SPDR S&P Emerging Middle East & Africa ETF | — | 2,778,506 | 2,778,506 | 2,628,883 | 2,628,883 | 149,623 | 50 | |||||||||||||||||||||
SPDR S&P World ex-US ETF | — | 24,904,663 | 24,904,663 | 24,541,514 | 24,541,514 | 363,149 | 777 | |||||||||||||||||||||
SPDR S&P International Small Cap ETF | 1,813,375 | 100,736,185 | 100,736,185 | 101,874,265 | 101,874,265 | 675,295 | 2,769 | |||||||||||||||||||||
SPDR Dow Jones International Real Estate ETF | 34,936,010 | 211,321,206 | 211,321,206 | 245,844,635 | 245,844,635 | 412,581 | 5,877 | |||||||||||||||||||||
SPDR S&P Global Infrastructure ETF | 71,982 | 7,959,636 | 7,959,636 | 7,983,578 | 7,983,578 | 48,040 | 202 | |||||||||||||||||||||
SPDR S&P Global Natural Resources ETF | 1,378,033 | 46,704,789 | 46,704,789 | 47,464,729 | 47,464,729 | 618,093 | 1,277 | |||||||||||||||||||||
SPDR MSCI ACWI ex-US ETF | 172,949 | 30,325,120 | 30,325,120 | 30,498,069 | 30,498,069 | — | 864 | |||||||||||||||||||||
SPDR MSCI ACWI IMI ETF | 151,005 | 2,248,564 | 2,248,564 | 2,260,444 | 2,260,444 | 139,125 | 155 | |||||||||||||||||||||
SPDR MSCI ACWI Low Carbon Target ETF | — | 2,374,171 | 2,374,171 | 2,226,247 | 2,226,247 | 147,924 | 80 | |||||||||||||||||||||
SPDR MSCI EM 50 ETF | 266 | 343,739 | 343,739 | 336,823 | 336,823 | 7,182 | 6 | |||||||||||||||||||||
SPDR MSCI EM Beyond BRIC ETF | — | 111,071 | 111,071 | 107,876 | 107,876 | 3,195 | 3 | |||||||||||||||||||||
SPDR MSCI EAFE Quality Mix ETF | 1,339 | 186,500 | 186,500 | 187,309 | 187,309 | 530 | 5 | |||||||||||||||||||||
SPDR MSCI Emerging Markets Quality Mix ETF | 9,513 | 22,858,440 | 22,858,440 | 22,867,953 | 22,867,953 | — | 140 | |||||||||||||||||||||
SPDR MSCI World Quality Mix ETF | 10,265 | 417,226 | 417,226 | 411,009 | 411,009 | 16,482 | 13 | |||||||||||||||||||||
SPDR MSCI Australia Quality Mix ETF | — | 400,246 | 400,246 | 398,497 | 398,497 | 1,749 | 7 | |||||||||||||||||||||
SPDR MSCI Canada Quality Mix ETF | 2,012 | 140,040 | 140,040 | 135,345 | 135,345 | 6,707 | 4 | |||||||||||||||||||||
SPDR MSCI Germany Quality Mix ETF | 722 | 237,141 | 237,141 | 237,862 | 237,862 | 1 | 9 | |||||||||||||||||||||
SPDR MSCI Japan Quality Mix ETF | 1,009 | 164,476 | 164,476 | 161,282 | 161,282 | 4,203 | 8 | |||||||||||||||||||||
SPDR MSCI Mexico Quality Mix ETF | 479 | 19,232 | 19,232 | 18,747 | 18,747 | 964 | 1 | |||||||||||||||||||||
SPDR MSCI South Korea Quality Mix ETF | 5,570 | 47,645 | 47,645 | 52,526 | 52,526 | 689 | 2 | |||||||||||||||||||||
SPDR MSCI Spain Quality Mix ETF | 6 | 240,033 | 240,033 | 239,711 | 239,711 | 328 | 5 |
557
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Value at | Purchased | Sold | Value at | |||||||||||||||||||||||||
Liquid Reserves Fund | 9/30/14 | Cost | Shares | Proceeds | Shares | 9/30/15 | Income | |||||||||||||||||||||
SPDR MSCI Taiwan Quality Mix ETF | $ | 35,826 | $ | 125,659 | 125,659 | $ | 161,001 | 161,001 | $ | 484 | $ | 5 | ||||||||||||||||
SPDR MSCI United Kingdom Quality Mix ETF | 8,151 | 317,603 | 317,603 | 324,771 | 324,771 | 983 | 12 | |||||||||||||||||||||
SPDR Russell/Nomura PRIME Japan ETF | 21,841 | 1,045,201 | 1,045,201 | 1,042,368 | 1,042,368 | 24,674 | 37 | |||||||||||||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 96,763 | 1,131,732 | 1,131,732 | 1,142,496 | 1,142,496 | 85,999 | 63 | |||||||||||||||||||||
SPDR S&P Global Dividend ETF | 259,380 | 4,037,313 | 4,037,313 | 4,249,167 | 4,249,167 | 47,526 | 115 | |||||||||||||||||||||
SPDR S&P International Dividend ETF | 14,252,632 | 157,464,382 | 157,464,382 | 170,432,936 | 170,432,936 | 1,284,078 | 2,514 | |||||||||||||||||||||
SPDR S&P International Mid Cap ETF | 36,002 | 7,131,154 | 7,131,154 | 7,129,709 | 7,129,709 | 37,447 | 183 | |||||||||||||||||||||
SPDR S&P Emerging Markets Small Cap ETF | — | 52,904,902 | 52,904,902 | 52,904,902 | 52,904,902 | — | 1,316 | |||||||||||||||||||||
SPDR Dow Jones Global Real Estate ETF | 13,698,796 | 101,186,964 | 101,186,964 | 110,921,421 | 110,921,421 | 3,964,339 | 3,308 | |||||||||||||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 51,426 | 2,452,994 | 2,452,994 | 2,457,741 | 2,457,741 | 46,679 | 39 | |||||||||||||||||||||
SPDR S&P International Consumer Staples Sector ETF | 245,715 | 1,896,065 | 1,896,065 | 2,115,788 | 2,115,788 | 25,992 | 70 | |||||||||||||||||||||
SPDR S&P International Energy Sector ETF | 140,815 | 1,041,803 | 1,041,803 | 1,168,101 | 1,168,101 | 14,517 | 35 | |||||||||||||||||||||
SPDR S&P International Financial Sector ETF | 130,752 | 709,873 | 709,873 | 840,625 | 840,625 | — | 30 | |||||||||||||||||||||
SPDR S&P International Health Care Sector ETF | 90,513 | 2,600,814 | 2,600,814 | 2,658,990 | 2,658,990 | 32,337 | 55 | |||||||||||||||||||||
SPDR S&P International Industrial Sector ETF | 44,378 | 596,975 | 596,975 | 619,560 | 619,560 | 21,793 | 22 | |||||||||||||||||||||
SPDR S&P International Materials Sector ETF | 62,190 | 255,868 | 255,868 | 295,379 | 295,379 | 22,679 | 13 | |||||||||||||||||||||
SPDR S&P International Technology Sector ETF | 6,109 | 288,963 | 288,963 | 283,439 | 283,439 | 11,633 | 14 | |||||||||||||||||||||
SPDR S&P International Telecommunications Sector ETF | 262,882 | 2,837,056 | 2,837,056 | 3,069,417 | 3,069,417 | 30,521 | 85 | |||||||||||||||||||||
SPDR S&P International Utilities Sector ETF | 554,052 | 1,885,791 | 1,885,791 | 2,439,843 | 2,439,843 | — | 49 |
Value at | Purchased | Sold | Value at | Income from | ||||||||||||||||||||||||
Prime Portfolio | 9/30/14 | Cost | Shares | Proceeds | Shares | 9/30/15 | Cash Collateral | |||||||||||||||||||||
SPDR STOXX Europe 50 ETF | $ | 3,067,594 | $ | 132,373,777 | 132,373,777 | $ | 135,441,371 | 135,441,371 | $ | — | $ | 112,963 | ||||||||||||||||
SPDR EURO STOXX 50 ETF | 58,567,565 | 3,181,699,608 | 3,181,699,608 | 3,210,287,946 | 3,210,287,946 | 29,979,227 | 5,132,943 | |||||||||||||||||||||
SPDR S&P Emerging Asia Pacific ETF | 37,269,587 | 161,614,495 | 161,614,495 | 174,326,525 | 174,326,525 | 24,557,557 | 706,836 | |||||||||||||||||||||
SPDR S&P China ETF | 107,999,843 | 398,107,271 | 398,107,271 | 405,946,258 | 405,946,258 | 100,160,856 | 2,373,923 | |||||||||||||||||||||
SPDR S&P Emerging Markets ETF | 16,220,774 | 59,196,057 | 59,196,057 | 62,558,019 | 62,558,019 | 12,858,812 | 132,594 | |||||||||||||||||||||
SPDR S&P Emerging Markets Dividend ETF | 86,295,235 | 225,161,033 | 225,161,033 | 294,146,518 | 294,146,518 | 17,309,750 | 497,114 | |||||||||||||||||||||
SPDR S&P BRIC 40 ETF | 7,484,526 | 78,241,929 | 78,241,929 | 82,940,369 | 82,940,369 | 2,786,086 | 32,283 | |||||||||||||||||||||
SPDR S&P Emerging Europe ETF | — | 2,754,444 | 2,754,444 | 2,706,639 | 2,706,639 | 47,805 | 3,697 | |||||||||||||||||||||
SPDR S&P Emerging Latin America ETF | 3,699,954 | 33,719,064 | 33,719,064 | 35,434,118 | 35,434,118 | 1,984,900 | 23,566 | |||||||||||||||||||||
SPDR S&P Emerging Middle East & Africa ETF | 2,557,190 | 20,907,209 | 20,907,209 | 18,626,402 | 18,626,402 | 4,837,997 | 11,042 | |||||||||||||||||||||
SPDR S&P World ex-US ETF | 45,988,685 | 264,256,338 | 264,256,338 | 260,843,996 | 260,843,996 | 49,401,027 | 524,165 | |||||||||||||||||||||
SPDR S&P International Small Cap ETF | 88,577,906 | 176,959,376 | 176,959,376 | 141,615,283 | 141,615,283 | 123,921,999 | 1,471,653 | |||||||||||||||||||||
SPDR Dow Jones International Real Estate ETF | 50,286,709 | 2,632,073,574 | 2,632,073,574 | 2,605,237,077 | 2,605,237,077 | 77,123,206 | 1,745,080 | |||||||||||||||||||||
SPDR S&P Global Infrastructure ETF | 15,919,982 | 153,929,560 | 153,929,560 | 164,260,178 | 164,260,178 | 5,589,364 | 50,165 | |||||||||||||||||||||
SPDR S&P Global Natural Resources ETF | 25,897,021 | 707,050,830 | 707,050,830 | 680,128,005 | 680,128,005 | 52,819,846 | 385,295 | |||||||||||||||||||||
SPDR MSCI ACWI ex-US ETF | 28,112,331 | 266,916,367 | 266,916,367 | 256,790,863 | 256,790,863 | 38,237,835 | 414,594 | |||||||||||||||||||||
SPDR MSCI ACWI IMI ETF | 9,719,463 | 77,609,074 | 77,609,074 | 80,589,639 | 80,589,639 | 6,738,898 | 20,588 | |||||||||||||||||||||
SPDR MSCI EM 50 ETF | 141,809 | 3,646,752 | 3,646,752 | 3,360,420 | 3,360,420 | 428,141 | 877 | |||||||||||||||||||||
SPDR MSCI EM Beyond BRIC ETF | 67,275 | 945,549 | 945,549 | 915,822 | 915,822 | 97,002 | 438 | |||||||||||||||||||||
SPDR Russell/Nomura PRIME Japan ETF | 3,923,260 | 17,246,858 | 17,246,858 | 16,304,447 | 16,304,447 | 4,865,671 | 7,749 | |||||||||||||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 13,400,169 | 29,725,825 | 29,725,825 | 28,463,599 | 28,463,599 | 14,662,395 | 92,412 | |||||||||||||||||||||
SPDR S&P Global Dividend ETF | 5,629,316 | 58,402,584 | 58,402,584 | 53,081,114 | 53,081,114 | 10,950,786 | 55,820 | |||||||||||||||||||||
SPDR S&P International Dividend ETF | 219,686,389 | 1,015,066,855 | 1,015,066,855 | 1,081,072,308 | 1,081,072,308 | 153,680,936 | 2,564,636 |
558
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Value at | Purchased | Sold | Value at | Income from | ||||||||||||||||||||||||
Prime Portfolio | 9/30/14 | Cost | Shares | Proceeds | Shares | 9/30/15 | Cash Collateral | |||||||||||||||||||||
SPDR S&P International Mid Cap ETF | $ | 8,645,480 | $ | 26,453,463 | 26,453,463 | $ | 28,673,831 | 28,673,831 | $ | 6,425,112 | $ | 59,985 | ||||||||||||||||
SPDR S&P Emerging Markets Small Cap ETF | 24,209,724 | 87,492,402 | 87,492,402 | 79,964,782 | 79,964,782 | 31,737,344 | 893,142 | |||||||||||||||||||||
SPDR Dow Jones Global Real Estate ETF | 36,031,602 | 605,509,827 | 605,509,827 | 621,383,968 | 621,383,968 | 20,157,461 | 307,699 | |||||||||||||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 3,636,022 | 20,676,398 | 20,676,398 | 22,286,651 | 22,286,651 | 2,025,769 | 13,647 | |||||||||||||||||||||
SPDR S&P International Consumer Staples Sector ETF | 2,614,374 | 31,479,181 | 31,479,181 | 30,647,411 | 30,647,411 | 3,446,144 | 13,485 | |||||||||||||||||||||
SPDR S&P International Energy Sector ETF | 2,934,069 | 21,267,125 | 21,267,125 | 20,766,853 | 20,766,853 | 3,434,341 | 20,452 | |||||||||||||||||||||
SPDR S&P International Financial Sector ETF | 443,839 | 8,327,049 | 8,327,049 | 7,570,477 | 7,570,477 | 1,200,411 | 5,662 | |||||||||||||||||||||
SPDR S&P International Health Care Sector ETF | 5,250,532 | 34,322,340 | 34,322,340 | 33,110,232 | 33,110,232 | 6,462,640 | 18,091 | |||||||||||||||||||||
SPDR S&P International Industrial Sector ETF | 2,817,118 | 10,810,119 | 10,810,119 | 12,600,827 | 12,600,827 | 1,026,410 | 12,919 | |||||||||||||||||||||
SPDR S&P International Materials Sector ETF | 790,923 | 4,109,275 | 4,109,275 | 4,279,679 | 4,279,679 | 620,519 | 2,496 | |||||||||||||||||||||
SPDR S&P International Technology Sector ETF | 1,440,406 | 12,369,284 | 12,369,284 | 12,449,838 | 12,449,838 | 1,359,852 | 8,623 | |||||||||||||||||||||
SPDR S&P International Telecommunications Sector ETF | 3,490,997 | 36,227,638 | 36,227,638 | 38,127,051 | 38,127,051 | 1,591,584 | 29,463 | |||||||||||||||||||||
SPDR S&P International Utilities Sector ETF | 3,015,709 | 34,173,140 | 34,173,140 | 34,749,767 | 34,749,767 | 2,439,082 | 40,697 |
Value at | Purchased | Purchased | Sold | Sold | Value at | Realized | ||||||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund | 6/30/15 | Cost | Shares | Proceeds | Shares | 9/30/15 | Income | Gain/(Loss) | ||||||||||||||||||||||||
SPDR S&P Emerging Markets ETF | — | 258,144 | 258,144 | — | — | 258,144 | — | — | ||||||||||||||||||||||||
SPDR MSCI ACWI ex-US ETF | — | 757,885 | 757,885 | 1,187 | 1,187 | 756,698 | — | — |
4. | Shareholder Transactions |
Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 25,000 shares for the following Fund:
SPDR MSCI Emerging Market Quality Mix ETF |
Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares for the following Funds:
SPDR STOXX Europe 50 ETF |
SPDR EURO STOXX 50 ETF |
SPDR EURO STOXX Small Cap ETF |
SPDR EURO STOXX 50 Currency Hedged ETF |
SPDR S&P International Dividend Currency Hedged ETF |
SPDR MSCI International Real Estate Currency Hedged 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 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 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 |
559
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 100,000 shares for the following Funds:
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 World 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 S&P International Dividend ETF |
SPDR S&P Emerging Markets Small Cap ETF |
SPDR Dow Jones Global Real Estate ETF |
Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 200,000 shares for the following Funds:
SPDR S&P World ex-US ETF |
SPDR MSCI ACWI ex-US ETF |
SPDR Russell/Nomura PRIME Japan ETF |
SPDR S&P International Mid Cap ETF |
Such transactions are generally permitted 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 are charged to authorized participants for transactions on a given day regardless of the number of Creation Unit that are created or redeemed on the same day. An additional fee, including a 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 |
As of September 30, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
Gross | Gross | Net Unrealized | ||||||||||||||
Tax | Unrealized | Unrealized | Appreciation | |||||||||||||
Cost | Appreciation | Depreciation | (Depreciation) | |||||||||||||
SPDR STOXX Europe 50 ETF | $ | 288,431,872 | $ | 3,088,984 | $ | 44,888,734 | $ | (41,799,750 | ) | |||||||
SPDR EURO STOXX 50 ETF | 4,631,834,655 | 84,686,256 | 645,146,012 | (560,459,756 | ) | |||||||||||
SPDR EURO STOXX Small Cap ETF | 13,082,640 | 287,775 | 1,656,317 | (1,368,542 | ) | |||||||||||
SPDR EURO STOXX 50 Currency Hedged ETF | 7,548,629 | — | 747,238 | (747,238 | ) | |||||||||||
SPDR S&P International Dividend Currency Hedged ETF | 4,052,958 | — | 157,587 | (157,587 | ) | |||||||||||
SPDR MSCI International Real Estate Currency Hedged ETF | 4,056,592 | 34,820 | 47,498 | (12,678 | ) | |||||||||||
SPDR S&P Emerging Asia Pacific ETF | 510,161,053 | 49,924,061 | 108,810,622 | (58,886,561 | ) | |||||||||||
SPDR S&P Russia ETF | 38,871,545 | 84,396 | 16,380,441 | (16,296,045 | ) | |||||||||||
SPDR S&P China ETF | 1,070,656,333 | 72,241,863 | 228,492,518 | (156,250,655 | ) | |||||||||||
SPDR S&P Emerging Markets ETF | 261,157,446 | 15,803,453 | 77,671,905 | (61,868,452 | ) | |||||||||||
SPDR S&P Emerging Markets Dividend ETF | 420,160,145 | 4,831,281 | 111,383,712 | (106,552,431 | ) | |||||||||||
SPDR S&P BRIC 40 ETF | 123,715,035 | 7,145,596 | 46,758,538 | (39,612,942 | ) | |||||||||||
SPDR S&P Emerging Europe ETF | 85,699,087 | 696,398 | 45,483,118 | (44,786,720 | ) |
560
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Gross | Gross | Net Unrealized | ||||||||||||||
Tax | Unrealized | Unrealized | Appreciation | |||||||||||||
Cost | Appreciation | Depreciation | (Depreciation) | |||||||||||||
SPDR S&P Emerging Latin America ETF | $ | 59,766,872 | $ | 1,868,482 | $ | 34,062,750 | $ | (32,194,268 | ) | |||||||
SPDR S&P Emerging Middle East & Africa ETF | 58,706,348 | 7,641,552 | 21,396,108 | (13,754,556 | ) | |||||||||||
SPDR S&P World ex-US ETF | 819,780,753 | 63,186,069 | 122,047,091 | (58,861,022 | ) | |||||||||||
SPDR S&P International Small Cap ETF | 909,392,757 | 58,822,313 | 198,956,399 | (140,134,086 | ) | |||||||||||
SPDR Dow Jones International Real Estate ETF | 4,704,747,360 | 404,007,428 | 286,203,994 | 117,803,434 | ||||||||||||
SPDR S&P Global Infrastructure ETF | 71,709,584 | 1,988,239 | 12,026,695 | (10,038,456 | ) | |||||||||||
SPDR S&P Global Natural Resources ETF | 862,784,177 | 6,588,839 | 249,684,017 | (243,095,178 | ) | |||||||||||
SPDR MSCI ACWI ex-US ETF | 899,671,111 | 31,871,994 | 183,311,544 | (151,439,550 | ) | |||||||||||
SPDR MSCI ACWI IMI ETF | 46,508,987 | 1,161,375 | 5,867,374 | (4,705,999 | ) | |||||||||||
SPDR MSCI ACWI Low Carbon Target ETF | 88,613,749 | 2,726,666 | 10,150,868 | (7,424,202 | ) | |||||||||||
SPDR MSCI EM 50 ETF | 5,271,613 | 9,740 | 1,056,793 | (1,047,053 | ) | |||||||||||
SPDR MSCI EM Beyond BRIC ETF | 3,145,122 | 83,638 | 763,843 | (680,205 | ) | |||||||||||
SPDR MSCI EAFE Quality Mix ETF | 5,979,411 | 164,799 | 907,954 | (743,155 | ) | |||||||||||
SPDR MSCI Emerging Markets Quality Mix ETF | 83,346,176 | 1,614,988 | 13,868,908 | (12,253,920 | ) | |||||||||||
SPDR MSCI World Quality Mix ETF | 6,083,286 | 378,554 | 688,332 | (309,778 | ) | |||||||||||
SPDR MSCI Australia Quality Mix ETF | 7,698,481 | 15,008 | 1,402,930 | (1,387,922 | ) | |||||||||||
SPDR MSCI Canada Quality Mix ETF | 10,328,917 | 107,560 | 1,151,441 | (1,043,881 | ) | |||||||||||
SPDR MSCI Germany Quality Mix ETF | 11,194,732 | 183,583 | 1,719,171 | (1,535,588 | ) | |||||||||||
SPDR MSCI Japan Quality Mix ETF | 12,708,478 | 418,428 | 1,271,761 | (853,333 | ) | |||||||||||
SPDR MSCI Mexico Quality Mix ETF | 2,988,193 | 48,961 | 784,182 | (735,221 | ) | |||||||||||
SPDR MSCI South Korea Quality Mix ETF | 2,974,487 | 66,867 | 669,940 | (603,073 | ) | |||||||||||
SPDR MSCI Spain Quality Mix ETF | 3,039,443 | 43,416 | 866,736 | (823,320 | ) | |||||||||||
SPDR MSCI Taiwan Quality Mix ETF | 6,128,592 | 67,322 | 1,179,717 | (1,112,395 | ) | |||||||||||
SPDR MSCI United Kingdom Quality Mix ETF | 2,972,156 | 26,907 | 512,302 | (485,395 | ) | |||||||||||
SPDR Russell/Nomura PRIME Japan ETF | 35,550,343 | 1,011,483 | 6,012,019 | (5,000,536 | ) | |||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 81,811,153 | 7,351,549 | 14,136,240 | (6,784,691 | ) | |||||||||||
SPDR S&P Global Dividend ETF | 93,192,492 | 1,921,701 | 11,292,075 | (9,370,374 | ) | |||||||||||
SPDR S&P International Dividend ETF | 1,338,714,209 | 37,749,250 | 253,654,909 | (215,905,659 | ) | |||||||||||
SPDR S&P International Mid Cap ETF | 56,339,869 | 1,794,181 | 5,673,018 | (3,878,837 | ) | |||||||||||
SPDR S&P Emerging Markets Small Cap ETF | 586,997,502 | 29,261,422 | 211,921,623 | (182,660,201 | ) | |||||||||||
SPDR Dow Jones Global Real Estate ETF | 1,865,835,070 | 148,540,406 | 96,428,897 | 52,111,509 | ||||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 17,756,159 | 907,347 | 2,406,434 | (1,499,087 | ) | |||||||||||
SPDR S&P International Consumer Staples Sector ETF | 67,815,515 | 4,329,249 | 3,907,961 | 421,288 | ||||||||||||
SPDR S&P International Energy Sector ETF | 38,186,407 | 27,810 | 11,673,016 | (11,645,206 | ) | |||||||||||
SPDR S&P International Financial Sector ETF | 14,368,734 | 95,331 | 2,735,945 | (2,640,614 | ) | |||||||||||
SPDR S&P International Health Care Sector ETF | 76,689,348 | 7,183,529 | 2,966,897 | 4,216,632 | ||||||||||||
SPDR S&P International Industrial Sector ETF | 21,425,726 | 639,201 | 3,794,842 | (3,155,641 | ) | |||||||||||
SPDR S&P International Materials Sector ETF | 10,192,893 | 187,326 | 4,861,944 | (4,674,618 | ) | |||||||||||
SPDR S&P International Technology Sector ETF | 12,655,197 | 1,430,646 | 2,592,912 | (1,162,266 | ) |
561
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Gross | Gross | Net Unrealized | ||||||||||||||
Tax | Unrealized | Unrealized | Appreciation | |||||||||||||
Cost | Appreciation | Depreciation | (Depreciation) | |||||||||||||
SPDR S&P International Telecommunications Sector ETF | $ | 40,310,067 | $ | 2,119,087 | $ | 4,792,489 | $ | (2,673,402 | ) | |||||||
SPDR S&P International Utilities Sector ETF | 35,409,836 | 895,250 | 6,856,249 | (5,960,999 | ) |
6. | Investment Transactions |
For the period ended September 30, 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 | $ | 60,884,749 | $ | 32,814,691 | $ | 4,501,209 | ||||||
SPDR EURO STOXX 50 ETF | 1,031,276,622 | 1,166,658,580 | 188,602,155 | |||||||||
SPDR EURO STOXX Small Cap ETF | 7,606,150 | 2,349,182 | (262,097 | ) | ||||||||
SPDR EURO STOXX 50 Currency Hedged ETF | 7,716,711 | — | — | |||||||||
SPDR S&P International Dividend Currency Hedged ETF | 3,922,245 | — | — | |||||||||
SPDR MSCI International Real Estate Currency Hedged ETF | 3,997,565 | — | — | |||||||||
SPDR S&P Emerging Asia Pacific ETF | 135,649,030 | 222,263,963 | 12,355,412 | |||||||||
SPDR S&P Russia ETF | 16,033,272 | 8,364,052 | 1,626,820 | |||||||||
SPDR S&P China ETF | (103,577 | ) | 203,700,319 | 36,012,709 | ||||||||
SPDR S&P Emerging Markets ETF | 30,988,809 | 60,237,592 | 3,662,884 | |||||||||
SPDR S&P Emerging Markets Dividend ETF | 15,250,308 | 41,386,684 | (1,372,475 | ) | ||||||||
SPDR S&P BRIC 40 ETF | — | 51,148,664 | (5,095,967 | ) | ||||||||
SPDR S&P Emerging Europe ETF | 2,776,644 | 7,797,743 | (2,106,950 | ) | ||||||||
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 | 122,887,518 | 134,669,225 | 27,431,694 | |||||||||
SPDR S&P International Small Cap ETF | 60,712,708 | 77,108,853 | 6,109,570 | |||||||||
SPDR Dow Jones International Real Estate ETF | 358,882,212 | 216,051,610 | 65,901,513 | |||||||||
SPDR S&P Global Infrastructure ETF | 9,403,522 | 54,461,394 | 3,468,669 | |||||||||
SPDR S&P Global Natural Resources ETF | 291,589,346 | 71,634,943 | 9,106,636 | |||||||||
SPDR MSCI ACWI ex-US ETF | 364,751,162 | 109,923,591 | 21,634,785 | |||||||||
SPDR MSCI ACWI IMI ETF | 18,792,449 | 39,663,425 | 3,834,986 | |||||||||
SPDR MSCI ACWI Low Carbon Target ETF | 84,303,815 | — | — | |||||||||
SPDR MSCI EM 50 ETF | 2,127,904 | — | — | |||||||||
SPDR MSCI Emerging Markets Quality Mix ETF | 6,210,751 | — | — | |||||||||
SPDR MSCI Australia Quality Mix ETF | 7,465,239 | 5,501,273 | (237,317 | ) | ||||||||
SPDR MSCI Canada Quality Mix ETF | 7,394,061 | — | — | |||||||||
SPDR MSCI Germany Quality Mix ETF | 8,374,562 | 2,623,904 | (370,548 | ) | ||||||||
SPDR MSCI Japan Quality Mix ETF | 6,727,870 | — | — | |||||||||
SPDR MSCI Spain Quality Mix ETF | — | 5,004,853 | (898,960 | ) | ||||||||
SPDR MSCI United Kingdom Quality Mix ETF | 8,180,101 | 11,010,873 | (61,305 | ) | ||||||||
SPDR Russell/Nomura PRIME Japan ETF | 9,663,851 | 8,569,807 | (604,697 | ) | ||||||||
SPDR Russell/Nomura Small Cap Japan ETF | — | 11,526,401 | (885,306 | ) |
562
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Realized | ||||||||||||
Contributions | Redemptions | Gain/(Loss) | ||||||||||
SPDR S&P Global Dividend ETF | $ | 51,234,114 | $ | — | $ | — | ||||||
SPDR S&P International Dividend ETF | 160,844,297 | 223,509,279 | 4,709,528 | |||||||||
SPDR S&P International Mid Cap ETF | 22,594,875 | 37,031,608 | 3,529,026 | |||||||||
SPDR S&P Emerging Markets Small Cap ETF | 4,344,980 | 37,286,404 | (4,944,101 | ) | ||||||||
SPDR Dow Jones Global Real Estate ETF | 520,657,685 | 84,779,532 | 27,033,065 | |||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 3,926,652 | 7,241,843 | 1,134,451 | |||||||||
SPDR S&P International Consumer Staples Sector ETF | 31,727,638 | 9,226,364 | 1,907,559 | |||||||||
SPDR S&P International Energy Sector ETF | 16,339,020 | 2,304,523 | (25,913 | ) | ||||||||
SPDR S&P International Financial Sector ETF | 5,307,944 | 3,903,152 | 95,203 | |||||||||
SPDR S&P International Health Care Sector ETF | 32,180,042 | 21,287,797 | 6,100,631 | |||||||||
SPDR S&P International Industrial Sector ETF | 2,893,287 | 6,975,746 | 915,471 | |||||||||
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 | 9,214,925 | 2,101,215 | |||||||||
SPDR S&P International Utilities Sector ETF | 2,737,936 | 38,120,454 | 4,269,103 |
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.
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended September 30, 2015 were as follows:
Purchases | Sales | |||||||
SPDR STOXX Europe 50 ETF | $ | 23,893,047 | $ | 24,976,328 | ||||
SPDR EURO STOXX 50 ETF | 255,548,188 | 282,695,717 | ||||||
SPDR EURO STOXX Small Cap ETF | 3,646,417 | 3,613,904 | ||||||
SPDR EURO STOXX 50 Currency Hedged ETF | 118,446 | 387,511 | ||||||
SPDR S&P International Dividend Currency Hedged ETF | 116,495 | — | ||||||
SPDR MSCI International Real Estate Currency Hedged ETF | 27,434 | — | ||||||
SPDR S&P Emerging Asia Pacific ETF | 204,367,038 | 250,547,057 | ||||||
SPDR S&P Russia ETF | 1,912,505 | 2,305,037 | ||||||
SPDR S&P China ETF | 353,738,214 | 155,601,573 | ||||||
SPDR S&P Emerging Markets ETF | 40,576,358 | 52,658,138 | ||||||
SPDR S&P Emerging Markets Dividend ETF | 326,826,094 | 344,504,644 | ||||||
SPDR S&P BRIC 40 ETF | 14,046,959 | 14,564,403 | ||||||
SPDR S&P Emerging Europe ETF | 3,452,961 | 4,479,978 | ||||||
SPDR S&P Emerging Latin America ETF | 2,092,208 | 4,129,074 | ||||||
SPDR S&P Emerging Middle East & Africa ETF | 2,129,940 | 5,791,728 | ||||||
SPDR S&P World ex-US ETF | 57,366,748 | 62,527,703 | ||||||
SPDR S&P International Small Cap ETF | 120,408,606 | 193,522,527 | ||||||
SPDR Dow Jones International Real Estate ETF | 379,039,560 | 422,692,153 | ||||||
SPDR S&P Global Infrastructure ETF | 6,795,913 | 12,785,688 |
563
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Purchases | Sales | |||||||
SPDR S&P Global Natural Resources ETF | $ | 132,981,966 | $ | 134,617,151 | ||||
SPDR MSCI ACWI ex-US ETF | 64,500,196 | 58,182,209 | ||||||
SPDR MSCI ACWI IMI ETF | 1,632,786 | 1,749,788 | ||||||
SPDR MSCI ACWI Low Carbon Target ETF | 7,930,718 | 3,665,758 | ||||||
SPDR MSCI EM 50 ETF | 522,280 | 257,726 | ||||||
SPDR MSCI EM Beyond BRIC ETF | 262,984 | 282,617 | ||||||
SPDR MSCI EAFE Quality Mix ETF | 787,102 | 816,722 | ||||||
SPDR MSCI Emerging Markets Quality Mix ETF | 83,827,906 | 12,129,555 | ||||||
SPDR MSCI World Quality Mix ETF | 832,280 | 822,241 | ||||||
SPDR MSCI Australia Quality Mix ETF | 675,783 | 822,516 | ||||||
SPDR MSCI Canada Quality Mix ETF | 620,199 | 588,982 | ||||||
SPDR MSCI Germany Quality Mix ETF | 1,503,086 | 1,572,163 | ||||||
SPDR MSCI Japan Quality Mix ETF | 2,151,081 | 2,184,867 | ||||||
SPDR MSCI Mexico Quality Mix ETF | 189,612 | 186,156 | ||||||
SPDR MSCI South Korea Quality Mix ETF | 428,403 | 437,422 | ||||||
SPDR MSCI Spain Quality Mix ETF | 571,608 | 761,854 | ||||||
SPDR MSCI Taiwan Quality Mix ETF | 1,099,042 | 955,221 | ||||||
SPDR MSCI United Kingdom Quality Mix ETF | 1,668,884 | 1,746,848 | ||||||
SPDR Russell/Nomura PRIME Japan ETF | 390,921 | 874,655 | ||||||
SPDR Russell/Nomura Small Cap Japan ETF | 12,310,289 | 12,717,806 | ||||||
SPDR S&P Global Dividend ETF | 17,436,783 | 16,733,776 | ||||||
SPDR S&P International Dividend ETF | 1,008,906,615 | 1,026,319,823 | ||||||
SPDR S&P International Mid Cap ETF | 16,915,208 | 22,188,199 | ||||||
SPDR S&P Emerging Markets Small Cap ETF | 58,659,103 | 104,257,394 | ||||||
SPDR Dow Jones Global Real Estate ETF | 110,462,146 | 110,421,984 | ||||||
SPDR S&P International Consumer Discretionary Sector ETF | 1,378,208 | 1,460,238 | ||||||
SPDR S&P International Consumer Staples Sector ETF | 3,248,082 | 2,322,878 | ||||||
SPDR S&P International Energy Sector ETF | 1,206,332 | 1,080,051 | ||||||
SPDR S&P International Financial Sector ETF | 1,489,036 | 1,380,080 | ||||||
SPDR S&P International Health Care Sector ETF | 9,280,834 | 8,689,827 | ||||||
SPDR S&P International Industrial Sector ETF | 2,418,561 | 2,497,511 | ||||||
SPDR S&P International Materials Sector ETF | 128,442 | 202,028 | ||||||
SPDR S&P International Technology Sector ETF | 562,267 | 669,746 | ||||||
SPDR S&P International Telecommunications Sector ETF | 9,155,522 | 9,246,086 | ||||||
SPDR S&P International Utilities Sector ETF | 2,604,157 | 2,843,761 |
For the period ended September 30, 2015, the Trust did not pay any commissions to an affiliate of the Adviser for investment transactions.
7. | Concentration of Risk |
Each Fund’s assets may be concentrated in a particular industry, group of industries or sector. Because each Fund will generally concentrate its investments to approximately the same extent that its index is so concentrated, a Fund may be adversely affected by the performance of a particular industry, group of industries or sector, and its shares may be
564
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
subject to increased price volatility. In addition, if a Fund concentrates in a single industry or group of industries, it may be more susceptible to any single economic, market, political or regulatory occurrence affecting that industry or group of industries.
8. Foreign Investment Risks
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.
9. | Securities Lending |
Each Fund may lend securities up to 25% 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 U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day. The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Proceeds collected by State Street on investment of cash collateral or any fee income is partially allocated to State Street as compensation for its lending services.
The market value of securities on loan as of September 30, 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’ Statements 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.
The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of September 30, 2015:
Market Value of | Non Cash | |||||||||||||||
Fund | Securities on Loan | Cash Collateral | Collateral* | Total Collateral | ||||||||||||
SPDR EURO STOXX 50 ETF | $ | 28,784,352 | $ | 29,979,227 | $ | — | $ | 29,979,227 | ||||||||
SPDR S&P Emerging Asia Pacific ETF | 24,240,528 | 24,557,557 | 1,628,444 | 26,186,001 | ||||||||||||
SPDR S&P China ETF | 97,758,716 | 100,160,856 | 5,079,274 | 105,240,130 | ||||||||||||
SPDR S&P Emerging Markets ETF | 13,607,413 | 12,858,812 | 1,515,298 | 14,374,110 | ||||||||||||
SPDR S&P Emerging Markets Dividend ETF | 17,378,557 | 17,309,750 | 903,033 | 18,212,783 |
565
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
Market Value of | Non Cash | |||||||||||||||
Fund | Securities on Loan | Cash Collateral | Collateral* | Total Collateral | ||||||||||||
SPDR S&P BRIC 40 ETF | $ | 5,997,548 | $ | 2,786,086 | $ | 3,124,270 | $ | 5,910,356 | ||||||||
SPDR S&P Emerging Europe ETF | 47,034 | 47,805 | — | 47,805 | ||||||||||||
SPDR S&P Emerging Latin America ETF | 2,309,998 | 1,984,900 | 361,645 | 2,346,545 | ||||||||||||
SPDR S&P Emerging Middle East & Africa ETF | 5,238,278 | 4,837,997 | 567,555 | 5,405,552 | ||||||||||||
SPDR S&P World ex-US ETF | 53,424,117 | 49,401,027 | 6,428,911 | 55,829,938 | ||||||||||||
SPDR S&P International Small Cap ETF | 121,302,311 | 123,921,999 | 4,106,768 | 128,028,767 | ||||||||||||
SPDR Dow Jones International Real Estate ETF | 77,980,151 | 77,123,206 | 4,758,591 | 81,881,797 | ||||||||||||
SPDR S&P Global Infrastructure ETF | 6,054,577 | 5,589,364 | 618,211 | 6,207,575 | ||||||||||||
SPDR S&P Global Natural Resources ETF | 51,907,963 | 52,819,846 | 7,535,313 | 60,355,159 | ||||||||||||
SPDR MSCI ACWI ex-US ETF | 42,007,322 | 38,237,835 | 5,574,768 | 43,812,603 | ||||||||||||
SPDR MSCI ACWI IMI ETF | 7,277,105 | 6,738,898 | 653,592 | 7,392,490 | ||||||||||||
SPDR MSCI EM 50 ETF | 426,686 | 428,141 | — | 428,141 | ||||||||||||
SPDR MSCI EM Beyond BRIC ETF | 99,759 | 97,002 | 3,116 | 100,118 | ||||||||||||
SPDR Russell/Nomura PRIME Japan ETF | 4,658,307 | 4,865,671 | 58,001 | 4,923,672 | ||||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 14,270,206 | 14,662,395 | 413,682 | 15,076,077 | ||||||||||||
SPDR S&P Global Dividend ETF | 12,701,605 | 10,950,786 | 2,044,273 | 12,995,059 | ||||||||||||
SPDR S&P International Dividend ETF | 151,182,579 | 153,680,936 | 4,873,390 | 158,554,326 | ||||||||||||
SPDR S&P International Mid Cap ETF | 6,331,705 | 6,425,112 | 214,091 | 6,639,203 | ||||||||||||
SPDR S&P Emerging Markets Small Cap ETF | 37,353,211 | 31,737,344 | 9,660,766 | 41,398,110 | ||||||||||||
SPDR Dow Jones Global Real Estate ETF | 21,917,310 | 20,157,461 | 2,306,855 | 22,464,316 | ||||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 1,964,075 | 2,025,769 | 43,673 | 2,069,442 | ||||||||||||
SPDR S&P International Consumer Staples Sector ETF | 3,374,095 | 3,446,144 | 92,434 | 3,538,578 | ||||||||||||
SPDR S&P International Energy Sector ETF | 4,034,931 | 3,434,341 | 772,160 | 4,206,501 | ||||||||||||
SPDR S&P International Financial Sector ETF | 1,143,350 | 1,200,411 | 1,971 | 1,202,382 | ||||||||||||
SPDR S&P International Health Care Sector ETF | 6,131,869 | 6,462,640 | — | 6,462,640 | ||||||||||||
SPDR S&P International Industrial Sector ETF | 1,128,106 | 1,026,410 | 155,248 | 1,181,658 | ||||||||||||
SPDR S&P International Materials Sector ETF | 528,741 | 620,519 | 9,148 | 629,667 | ||||||||||||
SPDR S&P International Technology Sector ETF | 1,498,591 | 1,359,852 | 191,415 | 1,551,267 | ||||||||||||
SPDR S&P International Telecommunications Sector ETF | 1,526,897 | 1,591,584 | — | 1,591,584 | ||||||||||||
SPDR S&P International Utilities Sector ETF | 2,366,735 | 2,439,082 | 28,388 | 2,467,470 |
* The non cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
566
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
NOTES TO FINANCIAL STATEMENTS (continued)
September 30, 2015
10. Line of Credit
Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) share in a $300 million revolving credit facility provided by a syndication of banks. The Participants may borrow for the purpose of meeting shareholder redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses and are paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1%. A Participant may borrow up to a maximum of 33 percent of its assets or a lower amount as may be set forth in the Fund’s prospectus. The SPDR Index Shares Funds Participants had no outstanding loans during the period ended September 30, 2015.
Effective October 15, 2015, the line of credit agreement has been restated and amended to increase the aggregate commitment amount from $300 million to $360 million.
11. Recent Accounting Pronouncements
In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-11, Transfers and Servicing (Topic 860) — Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (“ASU 2014-11”). ASU 2014-11 changes the accounting for repurchase-to-maturity transactions and enhances the required disclosures for repurchase agreements, reverse repurchase agreements and other similar transactions accounted for as secured borrowings, including securities lending. Management is evaluating the impact, if any, of this standard on the Funds’ financial statement disclosures, which would first be effective for annual and interim reporting periods beginning after December 15, 2014.
12. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
567
SPDR INDEX SHARES FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees and Shareholders of
the SPDR Index Shares Funds:
the SPDR Index Shares Funds:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the fifty-four funds, listed in footnote 1, (each a “Fund”) comprising the SPDR Index Shares Funds (the “Trust”) at September 30, 2015, the results of each of their operations for the period then ended, the changes in each of their net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian and brokers and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
November 25, 2015
568
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
OTHER INFORMATION
September 30, 2015 (Unaudited)
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, which may include creation and redemption fees or brokerage charges and (2) ongoing costs, including management fees, trustee fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. It is based on an investment of $1,000 invested on April 1, 2015 and held for the six months ended September 30, 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 | 4/1/15 to | |||||||||||||
Actual | Expense Ratio | 4/1/15 | 9/30/15 | 9/30/15 | ||||||||||||
SPDR STOXX Europe 50 ETF | 0.29 | % | $ | 1,000 | $ | 918.40 | $ | 1.39 | ||||||||
SPDR EURO STOXX 50 ETF | 0.29 | 1,000 | 890.90 | 1.37 | ||||||||||||
SPDR EURO STOXX Small Cap ETF | 0.45 | 1,000 | 934.60 | 2.18 | ||||||||||||
SPDR EURO STOXX 50 Currency Hedged ETF** | 0.04 | 1,000 | 902.50 | 0.12 | ||||||||||||
SPDR S&P International Dividend Currency Hedged ETF*** | 0.03 | 1,000 | 986.20 | 0.01 | ||||||||||||
SPDR MSCI International Real Estate Currency Hedged ETF*** | 0.48 | 1,000 | 1,013.10 | 0.21 | ||||||||||||
SPDR S&P Emerging Asia Pacific ETF | 0.49 | 1,000 | 831.10 | 2.25 | ||||||||||||
SPDR S&P Russia ETF | 0.59 | 1,000 | 905.30 | 2.82 | ||||||||||||
SPDR S&P China ETF | 0.59 | 1,000 | 823.20 | 2.70 | ||||||||||||
SPDR S&P Emerging Markets ETF | 0.59 | 1,000 | 819.60 | 2.69 | ||||||||||||
SPDR S&P Emerging Markets Dividend ETF | 0.49 | 1,000 | 782.30 | 2.19 |
569
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
Expenses Paid | ||||||||||||||||
Beginning Account | Ending Account | During Period* | ||||||||||||||
Annualized | Value | Value | 4/1/15 to | |||||||||||||
Actual | Expense Ratio | 4/1/15 | 9/30/15 | 9/30/15 | ||||||||||||
SPDR S&P BRIC 40 ETF | 0.49 | % | $ | 1,000 | $ | 828.90 | $ | 2.25 | ||||||||
SPDR S&P Emerging Europe ETF | 0.49 | 1,000 | 880.60 | 2.31 | ||||||||||||
SPDR S&P Emerging Latin America ETF | 0.49 | 1,000 | 783.50 | 2.19 | ||||||||||||
SPDR S&P Emerging Middle East & Africa ETF | 0.49 | 1,000 | 834.80 | 2.25 | ||||||||||||
SPDR S&P World ex-US ETF | 0.34 | 1,000 | 903.80 | 1.62 | ||||||||||||
SPDR S&P International Small Cap ETF | 0.41 | 1,000 | 955.40 | 2.01 | ||||||||||||
SPDR Dow Jones International Real Estate ETF | 0.59 | 1,000 | 922.80 | 2.84 | ||||||||||||
SPDR S&P Global Infrastructure ETF | 0.40 | 1,000 | 911.40 | 1.92 | ||||||||||||
SPDR S&P Global Natural Resources ETF | 0.40 | 1,000 | 770.00 | 1.77 | ||||||||||||
SPDR MSCI ACWI ex-US ETF | 0.31 | 1,000 | 884.60 | 1.46 | ||||||||||||
SPDR MSCI ACWI IMI ETF | 0.25 | 1,000 | 911.20 | 1.20 | ||||||||||||
SPDR MSCI ACWI Low Carbon Target ETF | 0.20 | 1,000 | 914.40 | 0.96 | ||||||||||||
SPDR MSCI EM 50 ETF | 0.50 | 1,000 | 820.10 | 2.28 | ||||||||||||
SPDR MSCI EM Beyond BRIC ETF | 0.51 | 1,000 | 826.10 | 2.33 | ||||||||||||
SPDR MSCI EAFE Quality Mix ETF | 0.30 | 1,000 | 927.90 | 1.45 | ||||||||||||
SPDR MSCI Emerging Markets Quality Mix ETF | 0.30 | 1,000 | 834.40 | 1.38 | ||||||||||||
SPDR MSCI World Quality Mix ETF | 0.30 | 1,000 | 939.20 | 1.46 | ||||||||||||
SPDR MSCI Australia Quality Mix ETF | 0.30 | 1,000 | 815.10 | 1.37 | ||||||||||||
SPDR MSCI Canada Quality Mix ETF | 0.30 | 1,000 | 867.40 | 1.40 | ||||||||||||
SPDR MSCI Germany Quality Mix ETF | 0.30 | 1,000 | 860.50 | 1.40 | ||||||||||||
SPDR MSCI Japan Quality Mix ETF | 0.30 | 1,000 | 919.70 | 1.44 | ||||||||||||
SPDR MSCI Mexico Quality Mix ETF | 0.40 | 1,000 | 915.20 | 1.92 | ||||||||||||
SPDR MSCI South Korea Quality Mix ETF | 0.40 | 1,000 | 878.90 | 1.88 | ||||||||||||
SPDR MSCI Spain Quality Mix ETF | 0.30 | 1,000 | 893.90 | 1.42 | ||||||||||||
SPDR MSCI Taiwan Quality Mix ETF | 0.40 | 1,000 | 829.30 | 1.83 | ||||||||||||
SPDR MSCI United Kingdom Quality Mix ETF | 0.30 | 1,000 | 939.30 | 1.46 | ||||||||||||
SPDR Russell/Nomura PRIME Japan ETF | 0.30 | 1,000 | 918.30 | 1.44 | ||||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 0.40 | 1,000 | 976.00 | 1.98 | ||||||||||||
SPDR S&P Global Dividend ETF | 0.40 | 1,000 | 915.00 | 1.92 | ||||||||||||
SPDR S&P International Dividend ETF | 0.45 | 1,000 | 834.90 | 2.07 | ||||||||||||
SPDR S&P International Mid Cap ETF | 0.45 | 1,000 | 924.80 | 2.17 | ||||||||||||
SPDR S&P Emerging Markets Small Cap ETF | 0.65 | 1,000 | 828.90 | 2.98 | ||||||||||||
SPDR Dow Jones Global Real Estate ETF | 0.50 | 1,000 | 924.10 | 2.41 | ||||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 0.40 | 1,000 | 906.50 | 1.91 | ||||||||||||
SPDR S&P International Consumer Staples Sector ETF | 0.40 | 1,000 | 994.10 | 2.00 | ||||||||||||
SPDR S&P International Energy Sector ETF | 0.40 | 1,000 | 823.60 | 1.83 | ||||||||||||
SPDR S&P International Financial Sector ETF | 0.40 | 1,000 | 908.70 | 1.91 | ||||||||||||
SPDR S&P International Health Care Sector ETF | 0.40 | 1,000 | 941.70 | 1.95 |
570
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
Expenses Paid | ||||||||||||||||
Beginning Account | Ending Account | During Period* | ||||||||||||||
Annualized | Value | Value | 4/1/15 to | |||||||||||||
Actual | Expense Ratio | 4/1/15 | 9/30/15 | 9/30/15 | ||||||||||||
SPDR S&P International Industrial Sector ETF | 0.40 | % | $ | 1,000 | $ | 886.00 | $ | 1.89 | ||||||||
SPDR S&P International Materials Sector ETF | 0.41 | 1,000 | 806.40 | 1.86 | ||||||||||||
SPDR S&P International Technology Sector ETF | 0.40 | 1,000 | 871.00 | 1.88 | ||||||||||||
SPDR S&P International Telecommunications Sector ETF | 0.41 | 1,000 | 958.60 | 2.01 | ||||||||||||
SPDR S&P International Utilities Sector ETF | 0.40 | 1,000 | 962.30 | 1.97 | ||||||||||||
Expenses Paid | ||||||||||||||||
Beginning Account | Ending Account | During Period* | ||||||||||||||
Annualized | Value | Value | 4/1/15 to | |||||||||||||
Hypothetical | Expense Ratio | 4/1/15 | 9/30/15 | 9/30/15 | ||||||||||||
SPDR STOXX Europe 50 ETF | 0.29 | % | $ | 1,000 | $ | 1,023.65 | $ | 1.47 | ||||||||
SPDR EURO STOXX 50 ETF | 0.29 | 1,000 | 1,023.65 | 1.47 | ||||||||||||
SPDR EURO STOXX Small Cap ETF | 0.45 | 1,000 | 1,022.84 | 2.28 | ||||||||||||
SPDR EURO STOXX 50 Currency Hedged ETF** | 0.04 | 1,000 | 1,024.90 | 0.20 | ||||||||||||
SPDR S&P International Dividend Currency Hedged ETF*** | 0.03 | 1,000 | 1,024.95 | 0.15 | ||||||||||||
SPDR MSCI International Real Estate Currency Hedged ETF*** | 0.48 | 1,000 | 1,022.69 | 2.43 | ||||||||||||
SPDR S&P Emerging Asia Pacific ETF | 0.49 | 1,000 | 1,022.64 | 2.48 | ||||||||||||
SPDR S&P Russia ETF | 0.59 | 1,000 | 1,022.14 | 2.99 | ||||||||||||
SPDR S&P China ETF | 0.59 | 1,000 | 1,022.14 | 2.99 | ||||||||||||
SPDR S&P Emerging Markets ETF | 0.59 | 1,000 | 1,022.14 | 2.99 | ||||||||||||
SPDR S&P Emerging Markets Dividend ETF | 0.49 | 1,000 | 1,022.64 | 2.48 | ||||||||||||
SPDR S&P BRIC 40 ETF | 0.49 | 1,000 | 1,022.64 | 2.48 | ||||||||||||
SPDR S&P Emerging Europe ETF | 0.49 | 1,000 | 1,022.64 | 2.48 | ||||||||||||
SPDR S&P Emerging Latin America ETF | 0.49 | 1,000 | 1,022.64 | 2.48 | ||||||||||||
SPDR S&P Emerging Middle East & Africa ETF | 0.49 | 1,000 | 1,022.64 | 2.48 | ||||||||||||
SPDR S&P World ex-US ETF | 0.34 | 1,000 | 1,023.40 | 1.72 | ||||||||||||
SPDR S&P International Small Cap ETF | 0.41 | 1,000 | 1,023.04 | 2.08 | ||||||||||||
SPDR Dow Jones International Real Estate ETF | 0.59 | 1,000 | 1,022.14 | 2.99 | ||||||||||||
SPDR S&P Global Infrastructure ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR S&P Global Natural Resources ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR MSCI ACWI ex-US ETF | 0.31 | 1,000 | 1,023.55 | 1.57 | ||||||||||||
SPDR MSCI ACWI IMI ETF | 0.25 | 1,000 | 1,023.85 | 1.27 | ||||||||||||
SPDR MSCI ACWI Low Carbon Target ETF | 0.20 | 1,000 | 1,024.10 | 1.01 | ||||||||||||
SPDR MSCI EM 50 ETF | 0.50 | 1,000 | 1,022.59 | 2.54 | ||||||||||||
SPDR MSCI EM Beyond BRIC ETF | 0.51 | 1,000 | 1,022.54 | 2.59 | ||||||||||||
SPDR MSCI EAFE Quality Mix ETF | 0.30 | 1,000 | 1,023.60 | 1.52 | ||||||||||||
SPDR MSCI Emerging Markets Quality Mix ETF | 0.30 | 1,000 | 1,023.60 | 1.52 | ||||||||||||
SPDR MSCI World Quality Mix ETF | 0.30 | 1,000 | 1,023.60 | 1.52 |
571
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
Expenses Paid | ||||||||||||||||
Beginning Account | Ending Account | During Period* | ||||||||||||||
Annualized | Value | Value | 4/1/15 to | |||||||||||||
Hypothetical | Expense Ratio | 4/1/15 | 9/30/15 | 9/30/15 | ||||||||||||
SPDR MSCI Australia Quality Mix ETF | 0.30 | % | $ | 1,000 | $ | 1,023.60 | $ | 1.52 | ||||||||
SPDR MSCI Canada Quality Mix ETF | 0.30 | 1,000 | 1,023.60 | 1.52 | ||||||||||||
SPDR MSCI Germany Quality Mix ETF | 0.30 | 1,000 | 1,023.60 | 1.52 | ||||||||||||
SPDR MSCI Japan Quality Mix ETF | 0.30 | 1,000 | 1,023.60 | 1.52 | ||||||||||||
SPDR MSCI Mexico Quality Mix ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR MSCI South Korea Quality Mix ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR MSCI Spain Quality Mix ETF | 0.30 | 1,000 | 1,023.60 | 1.52 | ||||||||||||
SPDR MSCI Taiwan Quality Mix ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR MSCI United Kingdom Quality Mix ETF | 0.30 | 1,000 | 1,023.60 | 1.52 | ||||||||||||
SPDR Russell/Nomura PRIME Japan ETF | 0.30 | 1,000 | 1,023.60 | 1.52 | ||||||||||||
SPDR Russell/Nomura Small Cap Japan ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR S&P Global Dividend ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR S&P International Dividend ETF | 0.45 | 1,000 | 1,022.84 | 2.28 | ||||||||||||
SPDR S&P International Mid Cap ETF | 0.45 | 1,000 | 1,022.84 | 2.28 | ||||||||||||
SPDR S&P Emerging Markets Small Cap ETF | 0.65 | 1,000 | 1,021.84 | 3.29 | ||||||||||||
SPDR Dow Jones Global Real Estate ETF | 0.50 | 1,000 | 1,022.59 | 2.54 | ||||||||||||
SPDR S&P International Consumer Discretionary Sector ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR S&P International Consumer Staples Sector ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR S&P International Energy Sector ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR S&P International Financial Sector ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR S&P International Health Care Sector ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR S&P International Industrial Sector ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR S&P International Materials Sector ETF | 0.41 | 1,000 | 1,023.04 | 2.08 | ||||||||||||
SPDR S&P International Technology Sector ETF | 0.40 | 1,000 | 1,023.09 | 2.03 | ||||||||||||
SPDR S&P International Telecommunications Sector ETF | 0.41 | 1,000 | 1,023.04 | 2.08 | ||||||||||||
SPDR S&P International Utilities Sector ETF | 0.40 | 1,000 | 1,023.09 | 2.03 |
* | Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by the number of days in the most recent six month period, then divided by 365. | |
** | Actual period is from commencement of operations 6/9/15. Hypothetical period is from 4/1/15. | |
*** | Actual period is from commencement of operations 9/15/15. Hypothetical period is from 4/1/15. |
Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2015.
Percentage of distributions which qualify for the corporate dividends received deduction:
Percentage | ||||
SPDR STOXX Europe 50 ETF | 0.00 | % |
572
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
Percentage | ||||
SPDR EURO STOXX 50 ETF | 0.00 | % | ||
SPDR EURO STOXX Small Cap ETF | 0.00 | |||
SPDR EURO STOXX 50 Currency Hedged ETF | 0.00 | |||
SPDR S&P International Dividend Currency Hedged ETF | 0.00 | |||
SPDR MSCI International Real Estate Currency Hedged ETF | 0.00 | |||
SPDR S&P Emerging Asia Pacific ETF | 0.00 | |||
SPDR S&P Russia ETF | 0.39 | |||
SPDR S&P China ETF | 0.00 | |||
SPDR S&P Emerging Markets ETF | 0.00 | |||
SPDR S&P Emerging Markets Dividend ETF | 0.52 | |||
SPDR S&P BRIC 40 ETF | 0.00 | |||
SPDR S&P Emerging Europe ETF | 0.09 | |||
SPDR S&P Emerging Latin America ETF | 0.00 | |||
SPDR S&P Emerging Middle East & Africa ETF | 0.34 | |||
SPDR S&P World ex-US ETF | 0.00 | |||
SPDR S&P International Small Cap ETF | 0.00 | |||
SPDR Dow Jones International Real Estate ETF | 0.00 | |||
SPDR S&P Global Infrastructure ETF | 29.54 | |||
SPDR S&P Global Natural Resources ETF | 20.23 | |||
SPDR MSCI ACWI ex-US ETF | 0.00 | |||
SPDR MSCI ACWI IMI ETF | 23.98 | |||
SPDR MSCI ACWI Low Carbon Target ETF | 37.85 | |||
SPDR MSCI EM 50 ETF | 0.00 | |||
SPDR MSCI EM Beyond BRIC ETF | 0.00 | |||
SPDR MSCI EAFE Quality Mix ETF | 0.00 | |||
SPDR MSCI Emerging Markets Quality Mix ETF | 0.00 | |||
SPDR MSCI World Quality Mix ETF | 43.48 | |||
SPDR MSCI Australia Quality Mix ETF | 0.00 | |||
SPDR MSCI Canada Quality Mix ETF | 0.00 | |||
SPDR MSCI Germany Quality Mix ETF | 0.00 | |||
SPDR MSCI Japan Quality Mix ETF | 0.00 | |||
SPDR MSCI Mexico Quality Mix ETF | 0.00 | |||
SPDR MSCI South Korea Quality Mix ETF | 0.00 | |||
SPDR MSCI Spain Quality Mix ETF | 0.00 | |||
SPDR MSCI Taiwan Quality Mix ETF | 0.00 | |||
SPDR MSCI United Kingdom Quality Mix ETF | 0.00 | |||
SPDR Russell/Nomura PRIME Japan ETF | 0.00 | |||
SPDR Russell/Nomura Small Cap Japan ETF | 0.00 | |||
SPDR S&P Global Dividend ETF | 11.67 | |||
SPDR S&P International Dividend ETF | 0.17 | |||
SPDR S&P International Mid Cap ETF | 0.00 | |||
SPDR S&P Emerging Markets Small Cap ETF | 0.27 |
573
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
Percentage | ||||
SPDR Dow Jones Global Real Estate ETF | 0.00 | % | ||
SPDR S&P International Consumer Discretionary Sector ETF | 0.00 | |||
SPDR S&P International Consumer Staples Sector ETF | 0.00 | |||
SPDR S&P International Energy Sector ETF | 0.00 | |||
SPDR S&P International Financial Sector ETF | 0.00 | |||
SPDR S&P International Health Care Sector ETF | 0.00 | |||
SPDR S&P International Industrial Sector ETF | 0.00 | |||
SPDR S&P International Materials Sector ETF | 0.00 | |||
SPDR S&P International Technology Sector ETF | 0.00 | |||
SPDR S&P International Telecommunications Sector ETF | 0.00 | |||
SPDR S&P International Utilities Sector ETF | 0.00 |
Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2015, are considered qualified dividend income, and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. These amounts are noted below:
Amount | ||||
SPDR STOXX Europe 50 ETF | $ | 8,299,648 | ||
SPDR EURO STOXX 50 ETF | 82,988,742 | |||
SPDR EURO STOXX Small Cap ETF | 231,106 | |||
SPDR EURO STOXX 50 Currency Hedged ETF | — | |||
SPDR S&P International Dividend Currency Hedged ETF | — | |||
SPDR MSCI International Real Estate Currency Hedged ETF | 2,123 | |||
SPDR S&P Emerging Asia Pacific ETF | 11,229,783 | |||
SPDR S&P Russia ETF | 1,116,268 | |||
SPDR S&P China ETF | 21,355,485 | |||
SPDR S&P Emerging Markets ETF | 3,633,691 | |||
SPDR S&P Emerging Markets Dividend ETF | 8,263,046 | |||
SPDR S&P BRIC 40 ETF | 2,936,727 | |||
SPDR S&P Emerging Europe ETF | 1,812,746 | |||
SPDR S&P Emerging Latin America ETF | 406,962 | |||
SPDR S&P Emerging Middle East & Africa ETF | 741,472 | |||
SPDR S&P World ex-US ETF | 15,595,654 | |||
SPDR S&P International Small Cap ETF | 10,975,977 | |||
SPDR Dow Jones International Real Estate ETF | 16,657,916 | |||
SPDR S&P Global Infrastructure ETF | 2,420,512 | |||
SPDR S&P Global Natural Resources ETF | 19,911,366 | |||
SPDR MSCI ACWI ex-US ETF | 17,187,256 | |||
SPDR MSCI ACWI IMI ETF | 811,912 | |||
SPDR MSCI ACWI Low Carbon Target ETF | 1,734,906 | |||
SPDR MSCI EM 50 ETF | 68,587 | |||
SPDR MSCI EM Beyond BRIC ETF | 47,383 |
574
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
Amount | ||||
SPDR MSCI EAFE Quality Mix ETF | $ | 170,920 | ||
SPDR MSCI Emerging Markets Quality Mix ETF | 923,153 | |||
SPDR MSCI World Quality Mix ETF | 143,781 | |||
SPDR MSCI Australia Quality Mix ETF | 274,643 | |||
SPDR MSCI Canada Quality Mix ETF | 103,149 | |||
SPDR MSCI Germany Quality Mix ETF | 236,941 | |||
SPDR MSCI Japan Quality Mix ETF | 171,841 | |||
SPDR MSCI Mexico Quality Mix ETF | 46,611 | |||
SPDR MSCI South Korea Quality Mix ETF | 42,188 | |||
SPDR MSCI Spain Quality Mix ETF | 207,180 | |||
SPDR MSCI Taiwan Quality Mix ETF | — | |||
SPDR MSCI United Kingdom Quality Mix ETF | 243,409 | |||
SPDR Russell/Nomura PRIME Japan ETF | 408,587 | |||
SPDR Russell/Nomura Small Cap Japan ETF | 967,393 | |||
SPDR S&P Global Dividend ETF | 1,563,202 | |||
SPDR S&P International Dividend ETF | 39,435,883 | |||
SPDR S&P International Mid Cap ETF | 888,829 | |||
SPDR S&P Emerging Markets Small Cap ETF | 3,941,748 | |||
SPDR Dow Jones Global Real Estate ETF | 2,492,637 | |||
SPDR S&P International Consumer Discretionary Sector ETF | 297,595 | |||
SPDR S&P International Consumer Staples Sector ETF | 1,107,514 | |||
SPDR S&P International Energy Sector ETF | 852,566 | |||
SPDR S&P International Financial Sector ETF | 241,428 | |||
SPDR S&P International Health Care Sector ETF | 1,284,731 | |||
SPDR S&P International Industrial Sector ETF | 339,448 | |||
SPDR S&P International Materials Sector ETF | 173,766 | |||
SPDR S&P International Technology Sector ETF | 117,307 | |||
SPDR S&P International Telecommunications Sector ETF | 1,030,214 | |||
SPDR S&P International Utilities Sector ETF | 944,017 |
For the fiscal year ended September 30, 2015, certain dividends paid by the following Funds, may be subject to a minimum tax rate of 15% as provided for by the Internal Revenue Code:
SPDR STOXX Europe 50 ETF |
SPDR EURO STOXX 50 ETF |
SPDR EURO STOXX Small Cap ETF |
SPDR EURO STOXX 50 Currency Hedged ETF |
SPDR S&P International Dividend Currency Hedged ETF |
SPDR MSCI International Real Estate Currency Hedged 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 |
575
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
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 |
The Funds noted above hereby designate the maximum amount of such dividends allowable up to the amount of dividends that were paid during the year. Complete information will be reported in conjunction with the 2015 form 1099-DIV.
Long term capital gains dividends were paid from the following Funds during the year ended September 30, 2015:
Amount | ||||
SPDR STOXX Europe 50 ETF | $ | — | ||
SPDR EURO STOXX 50 ETF | — | |||
SPDR EURO STOXX Small Cap ETF | — | |||
SPDR EURO STOXX 50 Currency Hedged ETF | — | |||
SPDR S&P International Dividend Currency Hedged ETF | — | |||
SPDR MSCI International Real Estate Currency Hedged 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 | 958,936 | |||
SPDR S&P International Small Cap ETF | 52,915,589 | |||
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 | 24,134 | |||
SPDR MSCI ACWI Low Carbon Target ETF | — |
576
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
Amount | ||||
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 | 184,384 | |||
SPDR S&P International Dividend ETF | — | |||
SPDR S&P International Mid Cap ETF | 3,053,568 | |||
SPDR S&P Emerging Markets Small Cap ETF | — | |||
SPDR Dow Jones Global Real Estate ETF | — | |||
SPDR S&P International Consumer Discretionary Sector ETF | 10,998 | |||
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 | 47,734 | |||
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 | — |
Foreign Tax Credit
The Trust has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by a Fund to its shareholders. For the year ended September 30, 2015, the total amount of foreign taxes that will be passed through are:
Amount | ||||
SPDR STOXX Europe 50 ETF | $ | 454,579 | ||
SPDR EURO STOXX 50 ETF | 7,575,183 | |||
SPDR EURO STOXX Small Cap ETF | 28,067 | |||
SPDR EURO STOXX 50 Currency Hedged ETF | — | |||
SPDR S&P International Dividend Currency Hedged ETF | — |
577
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
Amount | ||||
SPDR MSCI International Real Estate Currency Hedged ETF | $ | 453 | ||
SPDR S&P Emerging Asia Pacific ETF | 1,339,815 | |||
SPDR S&P Russia ETF | 126,983 | |||
SPDR S&P China ETF | 2,126,285 | |||
SPDR S&P Emerging Markets ETF | 421,959 | |||
SPDR S&P Emerging Markets Dividend ETF | 1,044,542 | |||
SPDR S&P BRIC 40 ETF | 295,471 | |||
SPDR S&P Emerging Europe ETF | 234,699 | |||
SPDR S&P Emerging Latin America ETF | 38,470 | |||
SPDR S&P Emerging Middle East & Africa ETF | 111,390 | |||
SPDR S&P World ex-US ETF | 1,079,871 | |||
SPDR S&P International Small Cap ETF | 972,770 | |||
SPDR Dow Jones International Real Estate ETF | 8,190,290 | |||
SPDR S&P Global Infrastructure ETF | 90,241 | |||
SPDR S&P Global Natural Resources ETF | 1,091,288 | |||
SPDR MSCI ACWI ex-US ETF | 1,249,193 | |||
SPDR MSCI ACWI IMI ETF | — | |||
SPDR MSCI ACWI Low Carbon Target ETF | — | |||
SPDR MSCI EM 50 ETF | 8,263 | |||
SPDR MSCI EM Beyond BRIC ETF | 6,123 | |||
SPDR MSCI EAFE Quality Mix ETF | 13,936 | |||
SPDR MSCI Emerging Markets Quality Mix ETF | 117,922 | |||
SPDR MSCI World Quality Mix ETF | — | |||
SPDR MSCI Australia Quality Mix ETF | 3,848 | |||
SPDR MSCI Canada Quality Mix ETF | 15,893 | |||
SPDR MSCI Germany Quality Mix ETF | 31,950 | |||
SPDR MSCI Japan Quality Mix ETF | 18,972 | |||
SPDR MSCI Mexico Quality Mix ETF | 425 | |||
SPDR MSCI South Korea Quality Mix ETF | 9,280 | |||
SPDR MSCI Spain Quality Mix ETF | 10,942 | |||
SPDR MSCI Taiwan Quality Mix ETF | — | |||
SPDR MSCI United Kingdom Quality Mix ETF | 1,738 | |||
SPDR Russell/Nomura PRIME Japan ETF | 40,858 | |||
SPDR Russell/Nomura Small Cap Japan ETF | 96,719 | |||
SPDR S&P Global Dividend ETF | 117,189 | |||
SPDR S&P International Dividend ETF | 3,441,918 | |||
SPDR S&P International Mid Cap ETF | 76,892 | |||
SPDR S&P Emerging Markets Small Cap ETF | 452,064 | |||
SPDR Dow Jones Global Real Estate ETF | — | |||
SPDR S&P International Consumer Discretionary Sector ETF | 25,608 | |||
SPDR S&P International Consumer Staples Sector ETF | 82,327 | |||
SPDR S&P International Energy Sector ETF | 73,360 |
578
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
Amount | ||||
SPDR S&P International Financial Sector ETF | $ | 13,688 | ||
SPDR S&P International Health Care Sector ETF | 114,584 | |||
SPDR S&P International Industrial Sector ETF | 26,848 | |||
SPDR S&P International Materials Sector ETF | 8,667 | |||
SPDR S&P International Technology Sector ETF | 3,717 | |||
SPDR S&P International Telecommunications Sector ETF | 57,263 | |||
SPDR S&P International Utilities Sector ETF | 56,403 |
The amount of foreign source income earned on the following Funds during the year ended September 30, 2015 were as follows:
Amount | ||||
SPDR STOXX Europe 50 ETF | $ | 10,703,137 | ||
SPDR EURO STOXX 50 ETF | 169,642,261 | |||
SPDR EURO STOXX Small Cap ETF | 252,543 | |||
SPDR EURO STOXX 50 Currency Hedged ETF | — | |||
SPDR S&P International Dividend Currency Hedged ETF | — | |||
SPDR MSCI International Real Estate Currency Hedged ETF | 4,140 | |||
SPDR S&P Emerging Asia Pacific ETF | 21,546,443 | |||
SPDR S&P Russia ETF | 1,166,966 | |||
SPDR S&P China ETF | 31,300,748 | |||
SPDR S&P Emerging Markets ETF | 6,423,901 | |||
SPDR S&P Emerging Markets Dividend ETF | 22,169,777 | |||
SPDR S&P BRIC 40 ETF | 3,382,433 | |||
SPDR S&P Emerging Europe ETF | 2,004,734 | |||
SPDR S&P Emerging Latin America ETF | 1,052,274 | |||
SPDR S&P Emerging Middle East & Africa ETF | 1,689,734 | |||
SPDR S&P World ex-US ETF | 22,819,169 | |||
SPDR S&P International Small Cap ETF | 16,872,797 | |||
SPDR Dow Jones International Real Estate ETF | 164,958,464 | |||
SPDR S&P Global Infrastructure ETF | 2,388,117 | |||
SPDR S&P Global Natural Resources ETF | 21,097,510 | |||
SPDR MSCI ACWI ex-US ETF | 23,830,536 | |||
SPDR MSCI ACWI IMI ETF | — | |||
SPDR MSCI ACWI Low Carbon Target ETF | 1,258,937 | |||
SPDR MSCI EM 50 ETF | 106,893 | |||
SPDR MSCI EM Beyond BRIC ETF | 78,105 | |||
SPDR MSCI EAFE Quality Mix ETF | 191,665 | |||
SPDR MSCI Emerging Markets Quality Mix ETF | 1,787,408 | |||
SPDR MSCI World Quality Mix ETF | 78,082 | |||
SPDR MSCI Australia Quality Mix ETF | 301,526 | |||
SPDR MSCI Canada Quality Mix ETF | 105,962 | |||
SPDR MSCI Germany Quality Mix ETF | 246,170 | |||
SPDR MSCI Japan Quality Mix ETF | 177,857 |
579
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
Amount | ||||
SPDR MSCI Mexico Quality Mix ETF | $ | 49,163 | ||
SPDR MSCI South Korea Quality Mix ETF | 42,188 | |||
SPDR MSCI Spain Quality Mix ETF | 207,194 | |||
SPDR MSCI Taiwan Quality Mix ETF | 230,015 | |||
SPDR MSCI United Kingdom Quality Mix ETF | 261,754 | |||
SPDR Russell/Nomura PRIME Japan ETF | 444,198 | |||
SPDR Russell/Nomura Small Cap Japan ETF | 1,080,264 | |||
SPDR S&P Global Dividend ETF | 2,126,707 | |||
SPDR S&P International Dividend ETF | 74,639,502 | |||
SPDR S&P International Mid Cap ETF | 1,325,230 | |||
SPDR S&P Emerging Markets Small Cap ETF | 14,167,525 | |||
SPDR Dow Jones Global Real Estate ETF | — | |||
SPDR S&P International Consumer Discretionary Sector ETF | 431,624 | |||
SPDR S&P International Consumer Staples Sector ETF | 1,290,822 | |||
SPDR S&P International Energy Sector ETF | 1,052,660 | |||
SPDR S&P International Financial Sector ETF | 423,109 | |||
SPDR S&P International Health Care Sector ETF | 1,621,608 | |||
SPDR S&P International Industrial Sector ETF | 507,522 | |||
SPDR S&P International Materials Sector ETF | 219,452 | |||
SPDR S&P International Technology Sector ETF | 176,829 | |||
SPDR S&P International Telecommunications Sector ETF | 1,575,732 | |||
SPDR S&P International Utilities Sector ETF | 1,712,097 |
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.
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 investments 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.
580
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
Approval of Advisory Agreement
At in-person meetings held prior to September 30, 2015, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the operational series of the Trust (collectively, the “Current ETFs”) and to continue and/or approve, as the case may be, the Agreement with respect to SPDR EURO STOXX 50 Currency Hedged ETF, SPDR S&P International Dividend Currency Hedged ETF and SPDR MSCI International Real Estate Currency Hedged ETF, each of which commenced operations during the period covered by this Annual Report, and the previously approved non-operational series of the Trust (collectively, the “New ETFs” and together with the Current ETFs, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”) also met separately with their independent legal counsel to consider the Agreement.
In evaluating the Agreement, the Board drew on materials provided to them by SSGA FM, the Trust’s investment adviser and administrator, and other materials provided by State Street Bank and Trust Company, the Trust’s sub-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 provided by, or expected to be provided by, the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the Current ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.
Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided by, or 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 responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing each SPDR ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, 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. The Board also considered the Adviser’s experience in managing equity exchange-traded funds.
Investment Performance
The Board then reviewed the Current ETFs’ performance, noting that the distinctive indexed investment objective of each of the Current ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. Instead, the Board focused on the extent to which each Current ETF achieved its objective as a passively-managed index fund. The Board reviewed information regarding the Current ETFs’ index tracking, noting that each Current ETF satisfactorily tracked its benchmark index.
Profits Realized by the Adviser
The Board considered the profitability of the advisory arrangement with the Current ETFs to the Adviser, including data on the Current ETFs’ historical profitability to the Adviser. The Independent Trustees, through their counsel, had
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OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable.
Fees Charged to Comparable Funds
The Board evaluated the SPDR ETFs’ 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 SPDR ETFs based upon data independently obtained from Lipper Analytical Services and related comparative information for similar exchange-traded funds. The Board also reviewed the historical expense ratios of the Current ETFs and estimated expense ratios for the New ETFs. In doing so, the Board used a fund by fund analysis of the data.
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 each SPDR ETF’s assets grow in size. The Board noted that the Agreement did not provide for breakpoints in each SPDR ETF’s advisory fee rates as assets of a SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.
The Board, including the Independent Trustees voting separately, approved the Agreement for each SPDR 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 provided, or expected to be provided, by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each Current ETF had been satisfactory; (c) the Adviser’s unitary fee for each SPDR ETF considered in relation to services provided, or expected to be provided, and in relation to fees charged to comparable funds, was fair and reasonable; (d) profitability of the Trust’s relationships with the Adviser was not excessive; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) fees paid to the Adviser adequately shared the economies of scale with respect to the Current ETFs by way of the relatively low fee structure of the Trust.
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OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
TRUSTEES AND OFFICERS
Number of | ||||||||||
Portfolios | Other | |||||||||
Term of | Principal | in Fund | Directorships | |||||||
Office and | Occupation(s) | Complex | Held by Trustee | |||||||
Name, Address | Position(s) | Length of | During Past | Overseen | During the | |||||
and Year of Birth | with Fund | Time Served | 5 Years | by Trustee | Past 5 Years | |||||
Trustees | ||||||||||
Independent Trustees | ||||||||||
FRANK NESVET c/o SPDR Index Shares State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1943 | Independent Trustee, Chairman, Trustee Committee Chair | Term: Unlimited Served: since September 2000 | Chief Executive Officer, Libra Group, Inc. (a financial services consulting company) (1998-present). | 197 | SPDR Series Trust Funds (Trustee); SSGA Master Trust (Trustee); SSGA Active Trust (Trustee). | |||||
DAVID M. KELLY c/o SPDR Index Shares State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1938 | Independent Trustee, Audit Committee Chair | Term: Unlimited Served: since September 2000 | Retired. | 197 | Chicago Stock Exchange (Former Director, retired); Penson Worldwide Inc. (Former Director, retired); SPDR Series Trust Funds (Trustee); SSGA Master Trust (Trustee); SSGA Active Trust (Trustee). | |||||
BONNY EUGENIA BOATMAN c/o SPDR Index Shares State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1950 | Independent Trustee | Term: Unlimited Served: since April 2010 | Retired. | 197 | SPDR Series Trust Funds (Trustee); SSGA Master Trust (Trustee); SSGA Active Trust (Trustee). | |||||
DWIGHT D. CHURCHILL c/o SPDR Index Shares State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1953 | Independent Trustee | Term: Unlimited Served: since April 2010 | Self-employed consultant since 2010; CEO and President, CFA Institute (June 2014-January 2015). | 197 | SPDR Series Trust Funds (Trustee); SSGA Master Trust (Trustee); SSGA Active Trust (Trustee); Affiliated Managers Group, Inc. (Director). | |||||
CARL G. VERBONCOEUR c/o SPDR Index Shares State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1952 | Independent Trustee | Term: Unlimited Served: since April 2010 | Self-employed consultant since 2009. | 197 | The Motley Fool Funds Trust (Trustee); SPDR Series Trust Funds (Trustee); SSGA Master Trust (Trustee); SSGA Active Trust (Trustee). | |||||
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OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
Number of | ||||||||||
Portfolios | Other | |||||||||
Term of | Principal | in Fund | Directorships | |||||||
Office and | Occupation(s) | Complex | Held by Trustee | |||||||
Name, Address | Position(s) | Length of | During Past | Overseen | During the | |||||
and Year of Birth | with Fund | Time Served | 5 Years | by Trustee | Past 5 Years | |||||
Interested Trustee | ||||||||||
JAMES E. ROSS* SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1965 | Interested Trustee | Term: Unlimited Served as Trustee: since April 2010 | Chairman and Director, SSGA Funds Management, Inc. (2005-present); Senior Managing Director and Principal, State Street Global Advisors (2006-present); President, SSGA Funds Management, Inc. (2005-2012). | 261 | SPDR Series Trust Funds (Trustee); SSGA Master Trust (Trustee); SSGA Active Trust (Trustee); Select Sector SPDR Trust (Trustee); State Street Master Funds (Trustee); and State Street Institutional Investment Trust (Trustee). |
* | Mr. Ross is an Interested Trustee because of his employment with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009. |
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OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
Term of | Principal | |||||
Office and | Occupation(s) | |||||
Name, Address | Position(s) | Length of | During the | |||
and Year of Birth | with Fund | Time Served | Past 5 Years | |||
Officers | ||||||
ELLEN M. NEEDHAM SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1967 | President | Term: Unlimited Served: since October 2012 | President and Director, SSGA Funds Management, Inc. (June 2012-present); Chief Operating Officer, SSGA Funds Management, Inc. (May 2010-June 2012); Senior Managing Director, SSGA Funds Management, Inc. (1992-2012)*; Senior Managing Director, State Street Global Advisors (1992-present).* | |||
ANN M. CARPENTER SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1966 | Vice President; Assistant Treasurer | Term: Unlimited Served: since August 2012; Term: Unlimited Served: since April 2015 | Chief Operating Officer, SSGA Funds Management, Inc. (April 2014-present); Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (2005-present).* | |||
MICHAEL P. RILEY SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969 | Vice President | Term: Unlimited Served: since February 2005 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (2008-present); Principal, State Street Global Advisors and SSGA Funds Management, Inc. (2005-2008). | |||
JOSHUA A. WEINBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1978 | Chief Legal Officer | Term: Unlimited Served: since February 2015 | Vice President and Managing Counsel, State Street Global Advisors (2011-present); Clerk, SSGA Funds Management, Inc. (2013-present); Associate, Financial Services Group, Dechert LLP (2006-2011). | |||
CHRISTOPHER A. MADDEN State Street Bank and Trust Company One Hundred Huntington Avenue, CPH0326 Boston, MA 02116 1967 | Secretary | Term: Unlimited Served: since August 2013 | Vice President and Senior Counsel, State Street Bank and Trust Company (2013-present); Counsel, Atlantic Fund Services (2009-2013); Vice President, Citigroup Fund Services, LLC (2005-2009).* | |||
PATRICIA A. MORISETTE State Street Bank and Trust Company One Hundred Huntington Avenue, CPH0326 Boston, MA 02116 1973 | Assistant Secretary | Term: Unlimited Served: since February 2015 | Vice President and Counsel, State Street Bank and Trust Company (2014-present); Assistant Vice President and Counsel, John Hancock Financial Services (2011-2013); Independent legal consultant (2009-2011); Associate, Bingham McCutchen LLP (2003-2009).*,** |
585
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
OTHER INFORMATION (continued)
September 30, 2015 (Unaudited)
Term of | Principal | |||||
Office and | Occupation(s) | |||||
Name, Address | Position(s) | Length of | During the | |||
and Year of Birth | with Fund | Time Served | Past 5 Years | |||
CHAD C. HALLETT SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969 | Treasurer | Term: Unlimited Served: since November 2010 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014-present); Vice President, State Street Bank and Trust Company (2001-November 2014).* | |||
BRIAN HARRIS SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1973 | Chief Compliance Officer | Term: Unlimited Served: since November 2013 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (2013-Present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010-2013); Director of Compliance, AARP Financial Inc. (2008-2010). | |||
TREVOR SWANBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1979 | Code of Ethics Compliance Officer | Term: Unlimited Served: since August 2015 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (January 2015-Present); Senior Manager – Mutual Fund Compliance, ICMA-Retirement Corporation (December 2011-January 2015); Assistant Vice President, J.P. Morgan (September 2007-December 2011). |
* | Served in various capacities and/or with various affiliated entities during noted time period. | |
** | Served in various capacities and/or with unaffiliated mutual funds or closed-end funds for which State Street Bank and Trust Company or its affiliates act as a provider of services during the noted time period. |
586
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 EURO STOXX 50 Currency Hedged ETF (HFEZ)
SPDR S&P International Dividend Currency Hedged ETF (HDWX)
SPDR MSCI International Real Estate Currency Hedged ETF (HREX)
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 China A Shares IMI ETF (XINA)
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 PRIMEtm Japan ETF (JPP)
SPDR Russell/Nomura Small Captm 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 S&P 500 High Dividend ETF (SPYD)
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 (BNDS)
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 Financial Services Select Sector SPDR Fund (XLFS)
The Health Care Select Sector SPDR Fund (XLV)
The Industrial Select Sector SPDR Fund (XLI)
The Materials Select Sector SPDR Fund (XLB)
The Real Estate Select Sector SPDR Fund (XLRE)
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 Growth Equity ETF (SYG)
SPDR MFS Systematic Value Equity ETF (SYV)
SPDR SSGA Risk Aware ETF (RORO)
SPDR S&P 500 ETF Trust (SPY)
SPDR Dow Jones Industrial Average ETF Trust (DIA)
SPDR S&P MidCap 400 ETF Trust (MDY)
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 Trust. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR S&P 500 ETF Trust (SPY), SPDR Dow Jones Industrial Average ETF Trust (DIA) and SPDR S&P MidCap 400 ETF Trust (MDY), all 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 and Assistant Treasurer
Michael P. Riley, Vice President
Chad C. Hallett, Treasurer
Joshua A. Weinberg, Chief Legal Officer
Christopher A. Madden, Secretary
Patricia A. Morisette, Assistant Secretary
Brian Harris, Chief Compliance Officer
Trevor Swanberg, Code of Ethics Compliance Officer
Investment Manager and Administrator
SSGA Funds Management, Inc.
State Street Financial Center
One Lincoln Street
Boston, MA 02111
State Street Financial Center
One Lincoln Street
Boston, MA 02111
Distributor
State Street Global Markets, LLC
One Lincoln Street
Boston, MA 02111
One Lincoln Street
Boston, MA 02111
Custodian, Sub-Administrator and Transfer Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
One Lincoln Street
Boston, MA 02111
Legal Counsel
Morgan, Lewis & Bockius LLP
2020 K Street NW
Washington, DC 20006
2020 K Street NW
Washington, DC 20006
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
101 Seaport Boulevard
Suite 500
Boston, MA 02210
101 Seaport Boulevard
Suite 500
Boston, MA 02210
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 EURO STOXX 50 Currency Hedged ETF, SPDR S&P International Dividend Currency Hedged ETF, SPDR MSCI International Real Estate Currency Hedged 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 China A Shares IMI 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 SPDRIDEXAR IBG-17342 |
Item 2. Code of Ethics.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.
The Code of Ethics is attached hereto as Exhibit 12(a)(1).
Item 3. Audit Committee Financial Expert.
(a)(1) The Board of Trustees of the registrant has determined that the registrant has five Board members serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.”
(2) Bonny Boatman, Dwight Churchill, David M. Kelly, Frank Nesvet and Carl Verboncoeur are the registrant’s audit committee financial experts. The Board also determined that each of the foregoing persons are not “interested person(s)” of the registrant as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”).
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees.
For the fiscal years ending September 30, 2015 and September 30, 2014, the aggregate audit fees billed for professional services rendered by the principal accountant were $1,080,513 and $971,504, respectively. The nature of the services are (1) auditing of the statements of assets and liabilities, related statements of operations and changes in net assets, and the financial highlights of each series of the registrant; (2) auditing and reporting on the financial statements to be included in the amendment to the registrant’s registration statement on Form N-1A to be filed with the Securities and Exchange Commission; (3) review of the amendment to the registration statement; (4) issuance of a Report on Internal Control for inclusion in the registrant’s Form N-SAR; and (5) Rule 17f-2 securities counts.
(b) Audit-Related Fees.
For the fiscal years ending September 30, 2015 and September 30, 2014, the principal accountant did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant’s financial statements that are not reported under paragraph (a) of this Item.
(c) Tax Fees.
For the fiscal years ending September 30, 2015 and September 30, 2014, the aggregate tax fees billed for professional services rendered by the principal accountant were $491,825 and $436,975, respectively. Services included the review of the registrant’s federal, state and local income, franchise and other tax returns.
(d) All Other Fees.
There were no other fees billed by the principal accountant for the fiscal years ending September 30, 2015 and September 30, 2014.
(e)(1) Audit Committee Pre-Approval Policies and Procedures.
The registrant’s Audit Committee Charter states the following with respect to pre-approval procedures:
Before the independent auditors are engaged by the Trust to render audit or non-audit services, either:
a. | The Audit Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) provided to the Trust. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at its next regularly scheduled meeting; or | ||
b. | The engagement to render the auditing service or permissible non-audit service is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the investment adviser. The Audit Committee must be informed of each service entered into pursuant to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter. | ||
c. | De Minimis Exceptions to Pre-Approval Requirements. Pre-Approval for a service provided to the Trust other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Trust constitutes not more than 5 percent of the total amount of revenues paid by the Trust to the independent auditors during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit. | ||
d. | Pre-Approval of Non-Audit Services Provided to the investment adviser and Certain Control Persons. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the independent auditors to (a) the investment adviser and (b) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the independent auditors’ engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust. It shall be the responsibility of the independent auditors to notify the Audit Committee of any non-audit services that need to be pre-approved. | ||
e. | Application of De Minimis Exception: The De Minimis exception set forth above applies to pre-approvals under this Section as well, except that the “total amount of revenues” calculation is based on the total amount of revenues paid to the independent auditors by the Trust and any other entity that has its services approved under this Section (i.e., the investment adviser or any control person). |
(e)(2) Percentage of Services.
One hundred percent of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) The aggregate non-audit fees for services rendered by the principal accountant to the registrant and its adviser and any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the registrant for the twelve months ended December 31, 2014 and December 31, 2013 were approximately $4,944,322 and $4,715,586, respectively. Such information is not readily available on a fiscal year basis.
(h) The principal accountant notified the registrant’s Audit Committee of all non-audit services that were rendered by the principal accountant to the registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the registrant’s Audit Committee to consider whether such services were compatible with maintaining the principal accountant’s independence.
Item 5. Disclosure of Audit Committees for Listed Companies.
The registrant has an audit committee which was established by the Board of Trustees of the registrant in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the registrant’s audit committee are Bonny Boatman, Dwight Churchill, Frank Nesvet, David Kelly and Carl Verboncoeur.
Item 6. Schedule of Investments.
(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 1940 Act) and evaluated their effectiveness. Based on their review, Ms. Needham and Mr. Hallett determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Code of Ethics referred to in Item 2.
(a)(2) Separate certifications required by Rule 30a-2 under the 1940 Act for each principal executive officer and principal financial officer of the registrant are attached.
(a)(3) Not applicable
(b) A single certification required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SPDR® Index Shares Funds
By: | /s/ Ellen M. Needham | |||
President and Principal Executive Officer | ||||
Date: | December 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. Needham | |||
President and Principal Executive Officer | ||||
Date: | December 4, 2015 | |||
By: | /s/ Chad C. Hallett | |||
Treasurer and Principal Financial Officer | ||||
Date: | December 4, 2015 |