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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21145

SPDR® INDEX SHARES FUNDS

(Exact name of registrant as specified in charter)

One Iron Street, Boston, Massachusetts, 02210

(Address of principal executive offices) (zip code)

Joshua A. Weinberg, Esq.

Managing Director and Managing Counsel

c/o SSGA Funds Management, Inc.

One Iron Street

Boston, Massachusetts 02210

(Name and address of agent for service)

Copy to:

W. John McGuire, Esq.

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, N.W.

Washington, DC 20004

Registrant’s telephone number, including area code: (617) 664-7037

Date of fiscal year end: September 30

Date of reporting period: March 31, 2018

Item 1. Report to Shareholders.

Semi-Annual Report

March 31, 2018

SPDR^® Index Shares Funds

SPDR Dow Jones Global Real Estate ETF

SPDR Dow Jones International Real Estate ETF

SPDR S&P China ETF

SPDR S&P Global Natural Resources ETF

SPDR S&P International Small Cap ETF

SPDR S&P North American Natural Resources ETF

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.

TABLE OF CONTENTS (UNAUDITED)

Portfolio Statistics (Unaudited)
SPDR Dow Jones Global Real Estate ETF (RWO)	1
SPDR Dow Jones International Real Estate ETF (RWX)	2
SPDR S&P China ETF (GXC)	3
SPDR S&P Global Natural Resources ETF (GNR)	4
SPDR S&P International Small Cap ETF (GWX)	5
SPDR S&P North American Natural Resources ETF (NANR)	6
Schedules of Investments (Unaudited)
SPDR Dow Jones Global Real Estate ETF (RWO)	7
SPDR Dow Jones International Real Estate ETF (RWX)	16
SPDR S&P China ETF (GXC) (Summary)	23
SPDR S&P Global Natural Resources ETF (GNR)	32
SPDR S&P International Small Cap ETF (GWX) (Summary)	38
SPDR S&P North American Natural Resources ETF (NANR)	46
Financial Statements (Unaudited)	49
Financial Highlights (Unaudited)	61
Notes to Financial Statements (Unaudited)	67
Other Information (Unaudited)	79

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.

[This Page Intentionally Left Blank]

SPDR DOW JONES GLOBAL REAL ESTATE ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Simon Property Group, Inc. REIT		4.4	%
Prologis, Inc. REIT		3.1
Public Storage REIT		2.8
Mitsui Fudosan Co., Ltd.		2.2
AvalonBay Communities, Inc. REIT		2.1
Equity Residential REIT		2.1
Unibail-Rodamco SE REIT		2.1
Digital Realty Trust, Inc. REIT		2.0
Welltower, Inc. REIT		1.9
Boston Properties, Inc. REIT		1.7
TOTAL		24.4	%

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

Industry Breakdown as of March 31, 2018

	% of Net Assets
Real Estate Investment Trusts (REITs)		87.3	%
Real Estate Management & Development		11.9
Equity Real Estate Investment Trusts (REITS)		0.3
Diversified Financial Services		0.0	*
Short-Term Investments		1.1
Liabilities in Excess of Other Assets		(0.6	)
TOTAL		100.0	%

* Amount shown represents less than 0.05% of net assets.

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

See accompanying notes to financial statements.

1

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Mitsui Fudosan Co., Ltd.		5.1	%
Unibail-Rodamco SE REIT		4.9
Link REIT		4.0
Scentre Group REIT		3.4
Westfield Corp. REIT		2.7
Goodman Group REIT		2.2
Land Securities Group PLC REIT		2.1
British Land Co. PLC REIT		1.9
Segro PLC REIT		1.8
Klepierre SA REIT		1.8
TOTAL		29.9	%

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

Industry Breakdown as of March 31, 2018

	% of Net Assets
Real Estate Investment Trusts (REITs)		71.8	%
Real Estate Management & Development		27.6
Diversified Financial Services		0.0	*
Short-Term Investments		4.9
Liabilities in Excess of Other Assets		(4.3	)
TOTAL		100.0	%

* Amount shown represents less than 0.05% of net assets.

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

See accompanying notes to financial statements.

2

SPDR S&P CHINA ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Tencent Holdings, Ltd.		15.1	%
Alibaba Group Holding, Ltd. ADR		11.1
China Construction Bank Corp.		5.8
Industrial & Commercial Bank of China, Ltd.		3.5
Baidu, Inc. ADR		3.2
China Mobile, Ltd.		2.8
Ping An Insurance Group Co. of China, Ltd.		2.7
Bank of China, Ltd.		2.2
JD.com, Inc. ADR		1.7
CNOOC, Ltd.		1.3
TOTAL		49.4	%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Information Technology		36.1	%
Financials		22.9
Consumer Discretionary		10.2
Real Estate		6.4
Industrials		5.4
Energy		4.4
Telecommunication Services		3.7
Health Care		3.3
Consumer Staples		3.0
Materials		2.3
Utilities		2.2
Short-Term Investments		1.8
Liabilities in Excess of Other Assets		(1.7	)
TOTAL		100.0	%

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

See accompanying notes to financial statements.

3

SPDR S&P GLOBAL NATURAL RESOURCES ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Nutrien, Ltd.		4.7	%
Exxon Mobil Corp.		4.2
BHP Billiton, Ltd.		4.1
TOTAL SA		3.9
Royal Dutch Shell PLC Class A		3.9
Glencore PLC		3.6
BP PLC		3.6
Monsanto Co.		3.1
UPM-Kymmene Oyj		3.0
Chevron Corp.		2.9
TOTAL		37.0	%

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

Industry Breakdown as of March 31, 2018

	% of Net Assets
Oil, Gas & Consumable Fuels		32.2	%
Metals & Mining		31.0
Chemicals		11.5
Containers & Packaging		8.5
Paper & Forest Products		8.2
Food Products		4.2
Energy Equipment & Services		1.9
Real Estate Investment Trusts (REITs)		1.9
Short-Term Investments		3.5
Liabilities in Excess of Other Assets		(2.9	)
TOTAL		100.0	%

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

See accompanying notes to financial statements.

4

SPDR S&P INTERNATIONAL SMALL CAP ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Nikkon Holdings Co., Ltd.		0.4	%
SillaJen, Inc.		0.4
Wihlborgs Fastigheter AB		0.3
Shochiku Co., Ltd.		0.3
Jenoptik AG		0.3
Canopy Growth Corp.		0.3
Barco NV		0.3
Toagosei Co., Ltd.		0.2
Colliers International Group, Inc.		0.2
Indus Holding AG		0.2
TOTAL		2.9	%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Industrials		20.7	%
Consumer Discretionary		16.9
Information Technology		12.3
Materials		10.6
Real Estate		9.5
Health Care		8.9
Financials		8.2
Consumer Staples		6.0
Energy		3.8
Utilities		1.4
Telecommunication Services		0.7
Short-Term Investments		10.6
Liabilities in Excess of Other Assets		(9.6	)
TOTAL		100.0	%

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

See accompanying notes to financial statements.

5

SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Chevron Corp.		10.4	%
Exxon Mobil Corp.		9.9
Monsanto Co.		6.5
Freeport-McMoRan, Inc.		5.9
Newmont Mining Corp.		5.2
Nutrien, Ltd.		3.9
Barrick Gold Corp.		3.6
ConocoPhillips		3.4
Teck Resources, Ltd. Class B		3.2
Franco-Nevada Corp.		3.1
TOTAL		55.1	%

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

Industry Breakdown as of March 31, 2018

	% of Net Assets
Oil, Gas & Consumable Fuels		46.1	%
Metals & Mining		33.8
Chemicals		13.9
Food Products		5.6
Paper & Forest Products		0.5
Short-Term Investments		4.3
Liabilities in Excess of Other Assets		(4.2	)
TOTAL		100.0	%

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

See accompanying notes to financial statements.

6

SPDR DOW JONES GLOBAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 5.7%
BGP Holdings PLC (a) (b)		1,313,937	$	—
BWP Trust REIT		1,157,853		2,682,156
Charter Hall Retail REIT		793,071		2,342,052
Dexus REIT		2,402,555		17,175,640
Goodman Group REIT		3,817,553		24,685,181
GPT Group REIT		4,272,067		15,532,454
Investa Office Fund REIT		1,195,545		3,952,454
Scentre Group REIT		12,685,450		37,267,333
Vicinity Centres REIT		7,648,020		14,138,057
Westfield Corp. REIT		4,553,743		29,759,921
				147,535,248
AUSTRIA — 0.5%
CA Immobilien Anlagen AG		173,521		5,791,808
IMMOFINANZ AG		2,304,159		5,990,592
				11,782,400
BELGIUM — 0.2%
Cofinimmo SA REIT		46,606		6,041,360
BRAZIL — 0.3%
BR Malls Participacoes SA		2,073,121		7,266,777
CANADA — 1.4%
Artis Real Estate Investment Trust		173,554		1,829,435
Boardwalk Real Estate Investment Trust		53,836		1,848,610
Canadian Apartment Properties REIT		163,012		4,697,224
Canadian Real Estate Investment Trust		86,188		3,356,602
Dream Office Real Estate Investment Trust		84,625		1,532,669
First Capital Realty, Inc. (c)		393,638		6,213,328
H&R Real Estate Investment Trust		336,998		5,497,047
RioCan Real Estate Investment Trust		375,552		6,886,212
SmartCentres Real Estate Investment Trust		153,793		3,472,495
				35,333,622
FRANCE — 4.3%
Fonciere Des Regions REIT		127,354		14,041,554
Gecina SA REIT		114,627		19,891,441
Klepierre SA REIT		494,061		19,899,592
Mercialys SA REIT		132,805		2,549,586
Unibail-Rodamco SE REIT		236,676		54,038,275
				110,420,448

See accompanying notes to financial statements.

7

SPDR DOW JONES GLOBAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
GERMANY — 1.0%
Deutsche EuroShop AG		120,044	$	4,399,558
Grand City Properties SA		250,344		5,979,140
LEG Immobilien AG		149,415		16,784,465
				27,163,163
HONG KONG — 3.3%
Champion REIT		4,881,462		3,476,852
Hang Lung Properties, Ltd.		4,846,018		11,287,184
Hongkong Land Holdings, Ltd.		2,801,000		19,298,890
Hysan Development Co., Ltd.		1,216,731		6,433,793
Link REIT		5,169,682		44,132,958
				84,629,677
ITALY — 0.1%
Beni Stabili SpA SIIQ		2,436,157		2,025,370
JAPAN — 11.9%
Activia Properties, Inc. REIT		1,670		7,451,011
Advance Residence Investment Corp. REIT		3,209		8,134,898
Aeon Mall Co., Ltd.		269,900		5,611,179
AEON REIT Investment Corp.		3,534		3,728,395
Daiwa House REIT Investment Corp.		4,096		9,875,077
Daiwa Office Investment Corp.		743		4,296,615
Frontier Real Estate Investment Corp.		1,194		4,895,007
Fukuoka REIT Corp.		1,930		3,014,321
GLP J - REIT		8,042		8,870,020
Heiwa Real Estate Co., Ltd.		79,000		1,508,688
Hoshino Resorts REIT, Inc.		510		2,680,677
Hulic Co., Ltd.		1,151,300		12,427,761
Hulic Reit, Inc.		2,338		3,561,410
Industrial & Infrastructure Fund Investment Corp. REIT		4,048		4,537,110
Invincible Investment Corp. REIT		9,993		4,594,807
Japan Excellent, Inc.		3,134		4,051,951
Japan Hotel REIT Investment Corp.		9,527		6,736,534
Japan Logistics Fund, Inc. REIT		2,193		4,429,303
Japan Prime Realty Investment Corp. REIT		2,193		7,938,928
Japan Real Estate Investment Corp. REIT		3,116		16,144,015
Japan Rental Housing Investments, Inc.		3,949		3,044,833
Japan Retail Fund Investment Corp. REIT		6,228		12,063,639
Kenedix Office Investment Corp. REIT		961		5,846,422
Kenedix Residential Next Investment Corp.		1,900		2,713,775
Kenedix Retail REIT Corp.		1,217		2,649,135
Leopalace21 Corp.		598,900		4,876,797
MCUBS MidCity Investment Corp.		3,964		2,892,397

See accompanying notes to financial statements.

8

SPDR DOW JONES GLOBAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Mitsui Fudosan Co., Ltd.		2,362,600	$	56,249,207
Mori Hills REIT Investment Corp.		3,528		4,465,151
Mori Trust Sogo REIT, Inc.		2,314		3,398,654
Nippon Building Fund, Inc. REIT		3,362		18,588,209
Nippon Prologis REIT, Inc.		5,190		11,229,140
Nomura Real Estate Master Fund, Inc.		9,954		13,824,220
NTT Urban Development Corp.		259,700		3,142,773
Orix JREIT, Inc. REIT		6,373		9,899,573
Premier Investment Corp.		3,156		3,317,732
Tokyu Fudosan Holdings Corp.		1,218,700		8,674,715
Tokyu REIT, Inc.		2,355		3,193,145
United Urban Investment Corp. REIT		7,267		11,356,609
Unizo Holdings Co., Ltd.		54,000		1,310,014
				307,223,847
MEXICO — 0.4%
Fibra Uno Administracion SA de CV REIT		7,856,870		11,776,589
NETHERLANDS — 0.3%
Eurocommercial Properties NV		118,130		4,875,672
Wereldhave NV (c)		97,344		3,718,458
				8,594,130
PHILIPPINES — 0.7%
SM Prime Holdings, Inc.		27,657,100		17,862,954
ROMANIA — 0.5%
NEPI Rockcastle PLC (c)		1,382,467		13,417,762
SINGAPORE — 2.8%
Ascendas REIT		5,752,020		11,536,500
CapitaLand Commercial Trust		6,230,508		8,695,058
CapitaLand Mall Trust REIT		6,461,104		10,248,681
CapitaLand, Ltd.		6,053,551		16,480,727
Keppel REIT (c)		4,335,612		4,000,679
Mapletree Commercial Trust REIT		4,569,700		5,471,234
Mapletree Industrial Trust		2,904,800		4,496,869
Mapletree Logistics Trust		4,945,073		4,638,481
Suntec Real Estate Investment Trust		5,343,995		7,702,395
				73,270,624
SOUTH AFRICA — 1.3%
Growthpoint Properties, Ltd. REIT		6,589,638		15,800,115
Hyprop Investments, Ltd.		597,804		5,460,015
Redefine Properties, Ltd. REIT		12,636,271		12,360,323
				33,620,453

See accompanying notes to financial statements.

9

SPDR DOW JONES GLOBAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SPAIN — 0.8%
Inmobiliaria Colonial Socimi SA REIT		765,708	$	8,852,039
Martinsa Fadesa SA (a) (b)		178		—
Merlin Properties Socimi SA		793,477		12,139,674
				20,991,713
SWEDEN — 0.8%
Castellum AB (c)		654,891		10,674,001
Fabege AB		334,008		7,210,757
Kungsleden AB		450,307		2,997,637
				20,882,395
SWITZERLAND — 1.0%
PSP Swiss Property AG		96,805		9,421,706
Swiss Prime Site AG (b)		170,147		16,426,577
				25,848,283
THAILAND — 0.3%
Central Pattana PCL NVDR		3,186,300		7,998,866
UNITED KINGDOM — 5.0%
British Land Co. PLC REIT		2,366,553		21,313,119
Capital & Counties Properties PLC		1,787,083		6,818,823
Derwent London PLC		263,535		11,467,688
Grainger PLC		999,171		4,050,731
Great Portland Estates PLC REIT		669,110		6,250,324
Hammerson PLC REIT		1,887,349		14,206,878
Intu Properties PLC REIT		2,075,178		6,046,271
Land Securities Group PLC REIT		1,789,133		23,519,296
Segro PLC REIT		2,367,334		19,965,227
Shaftesbury PLC		584,193		8,047,548
UNITE Group PLC REIT		626,708		6,958,440
				128,644,345
UNITED STATES — 56.9%
Acadia Realty Trust REIT		198,560		4,884,576
Alexandria Real Estate Equities, Inc. REIT		241,141		30,116,099
American Assets Trust, Inc. REIT		99,575		3,326,801
American Campus Communities, Inc. REIT		325,331		12,564,283
American Homes 4 Rent Class A, REIT		598,825		12,024,406
Apartment Investment & Management Co. Class A, REIT		376,125		15,327,094
Apple Hospitality REIT, Inc.		502,774		8,833,739
Ashford Hospitality Prime, Inc. REIT		81,436		791,558
Ashford Hospitality Trust, Inc. REIT		218,546		1,411,807
AvalonBay Communities, Inc. REIT		329,011		54,109,149
Boston Properties, Inc. REIT		367,727		45,311,321

See accompanying notes to financial statements.

10

SPDR DOW JONES GLOBAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Brandywine Realty Trust REIT		415,948	$	6,605,254
Brixmor Property Group, Inc. REIT		724,813		11,053,398
Camden Property Trust REIT		220,609		18,570,866
CBL & Associates Properties, Inc. REIT (c)		410,614		1,712,260
Cedar Realty Trust, Inc. REIT		183,980		724,881
Chatham Lodging Trust REIT		106,583		2,041,064
Chesapeake Lodging Trust REIT		144,331		4,013,845
Columbia Property Trust, Inc. REIT		284,545		5,821,791
Corporate Office Properties Trust REIT		239,944		6,197,753
Cousins Properties, Inc. REIT		1,007,167		8,742,210
CubeSmart REIT		433,501		12,224,728
DCT Industrial Trust, Inc. REIT		223,163		12,573,003
DDR Corp. REIT		735,629		5,392,161
DiamondRock Hospitality Co. REIT		475,691		4,966,214
Digital Realty Trust, Inc. REIT		489,526		51,586,250
Douglas Emmett, Inc. REIT		379,338		13,944,465
Duke Realty Corp. REIT		850,151		22,511,998
Easterly Government Properties, Inc. REIT (c)		106,378		2,170,111
EastGroup Properties, Inc. REIT		82,865		6,849,621
Education Realty Trust, Inc. REIT		181,889		5,956,865
Equity Commonwealth REIT (b)		297,626		9,128,189
Equity LifeStyle Properties, Inc. REIT		210,344		18,461,893
Equity Residential REIT		877,338		54,061,568
Essex Property Trust, Inc. REIT		157,353		37,871,720
Extra Space Storage, Inc. REIT		300,152		26,221,279
Federal Realty Investment Trust REIT		174,622		20,275,360
First Industrial Realty Trust, Inc. REIT		285,576		8,347,386
Forest City Realty Trust, Inc. Class A, REIT		634,685		12,858,718
Franklin Street Properties Corp. REIT		256,684		2,158,712
GGP, Inc. REIT		1,498,641		30,662,195
HCP, Inc. REIT		1,118,088		25,973,184
Healthcare Realty Trust, Inc. REIT		299,477		8,298,508
Hersha Hospitality Trust REIT (c)		87,769		1,571,065
Highwoods Properties, Inc. REIT		247,369		10,839,710
Hospitality Properties Trust REIT		391,659		9,924,639
Host Hotels & Resorts, Inc. REIT		1,748,868		32,598,899
Hudson Pacific Properties, Inc. REIT		369,337		12,014,533
Independence Realty Trust, Inc. REIT		196,864		1,807,212
Invitation Homes, Inc. REIT		678,736		15,495,543
JBG SMITH Properties REIT		221,878		7,479,507
Kilroy Realty Corp. REIT		235,597		16,717,963
Kimco Realty Corp. REIT		1,012,595		14,581,368
Kite Realty Group Trust REIT		197,665		3,010,438
LaSalle Hotel Properties REIT		268,926		7,801,543

See accompanying notes to financial statements.

11

SPDR DOW JONES GLOBAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Liberty Property Trust REIT		350,909	$	13,941,615
Life Storage, Inc. REIT		110,510		9,229,795
LTC Properties, Inc. REIT		95,595		3,632,610
Macerich Co. REIT		258,008		14,453,608
Mack-Cali Realty Corp. REIT		217,404		3,632,821
Mid-America Apartment Communities, Inc. REIT		270,660		24,695,018
National Storage Affiliates Trust REIT		119,428		2,995,254
NorthStar Realty Europe Corp. REIT		133,930		1,743,769
Paramount Group, Inc. REIT		484,770		6,903,125
Park Hotels & Resorts, Inc. REIT		478,815		12,937,581
Pebblebrook Hotel Trust REIT (c)		163,572		5,618,698
Pennsylvania Real Estate Investment Trust (c)		166,343		1,605,210
Piedmont Office Realty Trust, Inc. Class A, REIT		320,522		5,637,982
Prologis, Inc. REIT		1,270,453		80,025,834
PS Business Parks, Inc. REIT		47,234		5,339,331
Public Storage REIT		357,079		71,555,061
QTS Realty Trust, Inc. Class A, REIT		121,244		4,391,458
Quality Care Properties, Inc. REIT (b)		222,364		4,320,533
Ramco-Gershenson Properties Trust REIT		189,928		2,347,510
Regency Centers Corp. REIT		353,840		20,869,483
Retail Opportunity Investments Corp. REIT (c)		265,249		4,686,950
Retail Properties of America, Inc. Class A, REIT		539,306		6,288,308
Rexford Industrial Realty, Inc. REIT		187,821		5,407,367
RLJ Lodging Trust REIT		419,020		8,145,749
Ryman Hospitality Properties, Inc. REIT		121,706		9,426,130
Saul Centers, Inc. REIT		29,773		1,517,530
Senior Housing Properties Trust REIT		569,607		8,920,046
Seritage Growth Properties Class A, REIT (c)		62,604		2,225,572
Simon Property Group, Inc. REIT		741,662		114,475,530
SL Green Realty Corp. REIT		215,055		20,823,776
Summit Hotel Properties, Inc. REIT		252,408		3,435,273
Sun Communities, Inc. REIT		188,887		17,258,605
Sunstone Hotel Investors, Inc. REIT		540,428		8,225,314
Tanger Factory Outlet Centers, Inc. REIT (c)		225,344		4,957,568
Taubman Centers, Inc. REIT		145,586		8,285,299
Tier REIT, Inc.		114,270		2,111,710
UDR, Inc. REIT		638,643		22,748,464
Universal Health Realty Income Trust REIT		30,374		1,825,477
Urban Edge Properties REIT		251,008		5,359,021
Ventas, Inc. REIT		848,636		42,032,941
Vornado Realty Trust REIT		411,792		27,713,602
Washington Prime Group, Inc. REIT (c)		438,668		2,925,916
Washington Real Estate Investment Trust		186,752		5,098,330
Weingarten Realty Investors REIT		286,404		8,042,224

See accompanying notes to financial statements.

12

SPDR DOW JONES GLOBAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Welltower, Inc. REIT		882,543	$	48,036,815
Xenia Hotels & Resorts, Inc. REIT		253,125		4,991,625
				1,471,362,141
TOTAL COMMON STOCKS (Cost $2,519,804,676)				2,573,692,167
SHORT-TERM INVESTMENTS — 1.1%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (d) (e)		2,854,482		2,854,482
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		25,171,435		25,171,435
TOTAL SHORT-TERM INVESTMENTS (Cost $28,025,917)				28,025,917
TOTAL INVESTMENTS — 100.6% (Cost $2,547,830,593)				2,601,718,084
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%				(14,820,924	)
NET ASSETS — 100.0%			$	2,586,897,160

(a) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $0, representing 0.0% of the Fund’s net assets.

(b) Non-income producing security.

(c) All or a portion of the shares of the security are on loan at March 31, 2018.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2018.

(f) Investment of cash collateral for securities loaned.

NVDR =Non Voting Depositary Receipt

REIT =Real Estate Investment Trust

See accompanying notes to financial statements.

13

SPDR DOW JONES GLOBAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs				Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia		$	147,535,248		$	—		$	0	(a)		$	147,535,248
Austria			11,782,400			—			—				11,782,400
Belgium			6,041,360			—			—				6,041,360
Brazil			7,266,777			—			—				7,266,777
Canada			35,333,622			—			—				35,333,622
France			110,420,448			—			—				110,420,448
Germany			27,163,163			—			—				27,163,163
Hong Kong			84,629,677			—			—				84,629,677
Italy			2,025,370			—			—				2,025,370
Japan			307,223,847			—			—				307,223,847
Mexico			11,776,589			—			—				11,776,589
Netherlands			8,594,130			—			—				8,594,130
Philippines			17,862,954			—			—				17,862,954
Romania			13,417,762			—			—				13,417,762
Singapore			73,270,624			—			—				73,270,624
South Africa			33,620,453			—			—				33,620,453
Spain			20,991,713			—			0	(a)			20,991,713
Sweden			20,882,395			—			—				20,882,395
Switzerland			25,848,283			—			—				25,848,283
Thailand			7,998,866			—			—				7,998,866
United Kingdom			128,644,345			—			—				128,644,345
United States			1,471,362,141			—			—				1,471,362,141
Short-Term Investments			28,025,917			—			—				28,025,917
TOTAL INVESTMENTS		$	2,601,718,084		$	—		$	0			$	2,601,718,084

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2018.

See accompanying notes to financial statements.

14

SPDR DOW JONES GLOBAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		3,970,115		$3,970,115		$110,230,236		$111,345,869		$—		$—		2,854,482		$2,854,482		$34,687
State Street Navigator Securities Lending Government Money Market Portfolio		22,923,440		22,923,440		236,112,790		233,864,795		—		—		25,171,435		25,171,435		101,601
Total				$26,893,555		$346,343,026		$345,210,664		$—		$—				$28,025,917		$136,288

See accompanying notes to financial statements.

15

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 13.3%
BGP Holdings PLC (a) (b)		32,410,441	$	—
BWP Trust REIT		3,643,532		8,440,209
Charter Hall Retail REIT		2,482,874		7,332,281
Dexus REIT		7,502,003		53,631,113
Goodman Group REIT		11,917,483		77,061,203
GPT Group REIT		13,341,046		48,505,601
Investa Office Fund REIT		3,754,925		12,413,728
Scentre Group REIT		39,593,025		116,316,446
Vicinity Centres REIT		23,884,856		44,153,317
Westfield Corp. REIT		14,214,334		92,894,452
				460,748,350
AUSTRIA — 1.1%
CA Immobilien Anlagen AG		542,795		18,117,488
IMMOFINANZ AG		7,207,986		18,740,070
				36,857,558
BELGIUM — 0.5%
Cofinimmo SA REIT		145,762		18,894,579
BRAZIL — 0.7%
BR Malls Participacoes SA		6,615,416		23,188,590
CANADA — 3.2%
Artis Real Estate Investment Trust		546,114		5,756,594
Boardwalk Real Estate Investment Trust		169,796		5,830,420
Canadian Apartment Properties REIT		497,934		14,348,069
Canadian Real Estate Investment Trust		266,058		10,361,662
Dream Office Real Estate Investment Trust		272,585		4,936,870
First Capital Realty, Inc.		1,216,038		19,194,395
H&R Real Estate Investment Trust		1,054,268		17,197,018
RioCan Real Estate Investment Trust		1,174,237		21,531,094
SmartCentres Real Estate Investment Trust		482,992		10,905,463
				110,061,585
FRANCE — 10.0%
Fonciere Des Regions REIT		400,309		44,136,506
Gecina SA REIT		357,894		62,106,025
Klepierre SA REIT		1,542,481		62,127,435
Mercialys SA REIT		408,399		7,840,430
Unibail-Rodamco SE REIT (c)		738,618		168,642,542
				344,852,938

See accompanying notes to financial statements.

16

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
GERMANY — 2.5%
Deutsche EuroShop AG		380,997	$	13,963,366
Grand City Properties SA		782,994		18,700,790
LEG Immobilien AG		466,584		52,413,499
				85,077,655
HONG KONG — 7.6%
Champion REIT		15,347,174		10,931,119
Hang Lung Properties, Ltd.		15,046,755		35,046,403
Hongkong Land Holdings, Ltd.		8,745,500		60,256,495
Hysan Development Co., Ltd.		3,812,846		20,161,450
Link REIT		16,136,855		137,758,404
				264,153,871
ITALY — 0.2%
Beni Stabili SpA SIIQ		7,681,391		6,386,146
JAPAN — 27.7%
Activia Properties, Inc. REIT		5,200		23,200,752
Advance Residence Investment Corp. REIT		10,021		25,403,494
Aeon Mall Co., Ltd.		843,740		17,541,224
AEON REIT Investment Corp. (c)		11,267		11,886,764
Daiwa House REIT Investment Corp.		12,789		30,833,094
Daiwa Office Investment Corp.		2,303		13,317,771
Frontier Real Estate Investment Corp.		3,686		15,111,387
Fukuoka REIT Corp. (c)		6,015		9,394,372
GLP J - REIT		25,132		27,719,639
Heiwa Real Estate Co., Ltd.		250,300		4,780,059
Hoshino Resorts REIT, Inc. (c)		1,583		8,320,611
Hulic Co., Ltd.		3,596,390		38,821,398
Hulic Reit, Inc.		7,441		11,334,669
Industrial & Infrastructure Fund Investment Corp. REIT		12,759		14,300,638
Invincible Investment Corp. REIT		31,322		14,401,935
Japan Excellent, Inc.		9,720		12,566,996
Japan Hotel REIT Investment Corp.		29,794		21,067,314
Japan Logistics Fund, Inc. REIT		6,862		13,859,498
Japan Prime Realty Investment Corp. REIT		6,854		24,812,318
Japan Real Estate Investment Corp. REIT		9,734		50,431,913
Japan Rental Housing Investments, Inc.		12,098		9,328,030
Japan Retail Fund Investment Corp. REIT		19,464		37,701,777
Kenedix Office Investment Corp. REIT		3,045		18,524,824
Kenedix Residential Next Investment Corp.		5,871		8,385,566
Kenedix Retail REIT Corp.		3,766		8,197,734
Leopalace21 Corp.		1,879,200		15,302,183
MCUBS MidCity Investment Corp.		12,272		8,954,464

See accompanying notes to financial statements.

17

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Mitsui Fudosan Co., Ltd.		7,373,400	$	175,547,238
Mori Hills REIT Investment Corp.		11,068		14,008,019
Mori Trust Sogo REIT, Inc.		7,152		10,504,395
Nippon Building Fund, Inc. REIT		10,499		58,048,068
Nippon Prologis REIT, Inc.		16,194		35,037,512
Nomura Real Estate Master Fund, Inc.		31,087		43,173,953
NTT Urban Development Corp.		803,031		9,717,921
Orix JREIT, Inc. REIT		19,912		30,930,535
Premier Investment Corp.		9,967		10,477,768
Tokyu Fudosan Holdings Corp.		3,808,600		27,109,640
Tokyu REIT, Inc.		7,232		9,805,871
United Urban Investment Corp. REIT		22,706		35,484,130
Unizo Holdings Co., Ltd. (c)		171,100		4,150,804
				959,496,278
MEXICO — 1.0%
Fibra Uno Administracion SA de CV REIT		24,405,275		36,580,838
NETHERLANDS — 0.8%
Eurocommercial Properties NV		368,731		15,218,923
Wereldhave NV (c)		297,307		11,356,876
				26,575,799
PHILIPPINES — 1.6%
SM Prime Holdings, Inc.		85,875,400		55,464,539
ROMANIA — 1.2%
NEPI Rockcastle PLC		4,294,860		41,684,473
SINGAPORE — 6.6%
Ascendas REIT		17,845,268		35,791,242
CapitaLand Commercial Trust		19,298,229		26,931,869
CapitaLand Mall Trust REIT		20,026,447		31,766,194
CapitaLand, Ltd.		18,903,097		51,463,476
Keppel REIT (c)		13,312,953		12,284,506
Mapletree Commercial Trust REIT		14,110,700		16,894,531
Mapletree Industrial Trust		9,092,500		14,075,936
Mapletree Logistics Trust (c)		15,436,902		14,479,821
Suntec Real Estate Investment Trust		16,601,776		23,928,435
				227,616,010
SOUTH AFRICA — 3.0%
Growthpoint Properties, Ltd. REIT		20,564,270		49,307,388
Hyprop Investments, Ltd.		1,844,337		16,845,165
Redefine Properties, Ltd. REIT		39,470,399		38,608,454
				104,761,007

See accompanying notes to financial statements.

18

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SPAIN — 1.9%
Inmobiliaria Colonial Socimi SA REIT		2,393,023	$	27,664,768
Martinsa Fadesa SA (a) (b)		35,998		—
Merlin Properties Socimi SA		2,478,652		37,921,738
				65,586,506
SWEDEN — 1.9%
Castellum AB (c)		2,030,063		33,087,787
Fabege AB		1,044,139		22,541,473
Kungsleden AB		1,416,579		9,429,990
				65,059,250
SWITZERLAND — 2.3%
PSP Swiss Property AG		299,878		29,186,121
Swiss Prime Site AG (b)		531,332		51,296,620
				80,482,741
THAILAND — 0.7%
Central Pattana PCL NVDR		10,000,859		25,106,090
UNITED KINGDOM — 11.6%
British Land Co. PLC REIT		7,388,670		66,542,184
Capital & Counties Properties PLC (c)		5,587,721		21,320,598
Derwent London PLC		823,470		35,833,178
Grainger PLC		3,143,780		12,745,173
Great Portland Estates PLC REIT		2,091,839		19,540,383
Hammerson PLC REIT		5,894,549		44,370,774
Intu Properties PLC REIT (c)		6,489,755		18,908,651
Land Securities Group PLC REIT		5,585,587		73,426,109
Segro PLC REIT		7,391,359		62,336,013
Shaftesbury PLC		1,825,998		25,154,028
UNITE Group PLC REIT		1,955,757		21,715,087
				401,892,178
TOTAL COMMON STOCKS (Cost $3,228,755,776)				3,440,526,981
SHORT-TERM INVESTMENTS — 4.9%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (d) (e)		2,870,583		2,870,583

See accompanying notes to financial statements.

19

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		166,351,563	$	166,351,563
TOTAL SHORT-TERM INVESTMENTS (Cost $169,222,146)				169,222,146
TOTAL INVESTMENTS — 104.3% (Cost $3,397,977,922)				3,609,749,127
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.3)%				(149,601,492	)
NET ASSETS — 100.0%			$	3,460,147,635

(a) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $0, representing 0.0% of the Fund’s net assets.

(b) Non-income producing security.

(c) All or a portion of the shares of the security are on loan at March 31, 2018.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2018.

(f) Investment of cash collateral for securities loaned.

NVDR =Non Voting Depositary Receipt

REIT =Real Estate Investment Trust

See accompanying notes to financial statements.

20

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs				Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia		$	460,748,350		$	—		$	0	(a)		$	460,748,350
Austria			36,857,558			—			—				36,857,558
Belgium			18,894,579			—			—				18,894,579
Brazil			23,188,590			—			—				23,188,590
Canada			110,061,585			—			—				110,061,585
France			344,852,938			—			—				344,852,938
Germany			85,077,655			—			—				85,077,655
Hong Kong			264,153,871			—			—				264,153,871
Italy			6,386,146			—			—				6,386,146
Japan			959,496,278			—			—				959,496,278
Mexico			36,580,838			—			—				36,580,838
Netherlands			26,575,799			—			—				26,575,799
Philippines			55,464,539			—			—				55,464,539
Romania			41,684,473			—			—				41,684,473
Singapore			227,616,010			—			—				227,616,010
South Africa			104,761,007			—			—				104,761,007
Spain			65,586,506			—			0	(a)			65,586,506
Sweden			65,059,250			—			—				65,059,250
Switzerland			80,482,741			—			—				80,482,741
Thailand			25,106,090			—			—				25,106,090
United Kingdom			401,892,178			—			—				401,892,178
Short-Term Investments			169,222,146			—			—				169,222,146
TOTAL INVESTMENTS		$	3,609,749,127		$	—		$	0			$	3,609,749,127

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2018.

See accompanying notes to financial statements.

21

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		3,755,745		$	3,755,745		$	108,670,837		$	109,555,999		$	—		$	—		2,870,583		$	2,870,583		$	23,099
State Street Navigator Securities Lending Government Money Market Portfolio		60,686,836			60,686,836			515,632,774			409,968,047			—			—		166,351,563			166,351,563			253,058
Total				$	64,442,581		$	624,303,611		$	519,524,046		$	—		$	—				$	169,222,146		$	276,157

See accompanying notes to financial statements.

22

SPDR S&P CHINA ETF

SUMMARY SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 0.1%
Other Security		1,728,000	$	1,217,568
AIR FREIGHT & LOGISTICS — 0.2%
Other Securities		947,794		2,308,183
AIRLINES — 0.4%
Other Securities		4,414,000		4,565,042
AUTO COMPONENTS — 0.5%
Other Securities		2,384,000		5,429,838
AUTOMOBILES — 2.3%
Geely Automobile Holdings, Ltd.		3,254,000		9,370,233
Other Securities		12,402,637		17,386,838
				26,757,071
BANKS — 15.4%
Agricultural Bank of China, Ltd. Class H		17,007,000		9,664,669
Bank of China, Ltd. Class H		47,648,700		25,620,518
Bank of Communications Co., Ltd. Class H		14,645,824		11,476,602
China CITIC Bank Corp., Ltd. Class H		7,176,471		4,901,174
China Construction Bank Corp. Class H		66,318,623		68,107,501
China Merchants Bank Co., Ltd. Class H		2,452,235		10,045,406
China Minsheng Banking Corp., Ltd. Class H		4,654,800		4,525,327
Industrial & Commercial Bank of China, Ltd. Class H		48,386,789		41,492,182
Other Securities		7,535,000		5,004,352
				180,837,731
BEVERAGES — 0.5%
China Resources Beer Holdings Co., Ltd.		1,053,667		4,564,642
Other Securities		1,674,000		1,691,667
				6,256,309
BIOTECHNOLOGY — 0.6%
BeiGene, Ltd. ADR (a)		26,792		4,501,056
Other Securities		571,698		2,216,790
				6,717,846
BUILDING PRODUCTS — 0.0% (b)
Other Security		356,000		270,800
CAPITAL MARKETS — 1.6%
Other Securities		27,157,994		18,482,010
CHEMICALS — 0.2%
China Lumena New Materials Corp. (a) (c) (d)		3,564,548		—

See accompanying notes to financial statements.

23

SPDR S&P CHINA ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Other Securities		5,387,999	$	2,603,944
				2,603,944
COMMERCIAL SERVICES & SUPPLIES — 0.8%
China Evergrande Group (a) (c)		2,151,600		6,771,469
Other Securities		2,084,600		2,912,843
				9,684,312
COMMUNICATIONS EQUIPMENT — 0.4%
China Fiber Optic Network System Group, Ltd. (a) (d)		1,131,600		—
Other Securities		4,208,607		4,386,096
				4,386,096
CONSTRUCTION & ENGINEERING — 0.8%
Other Securities		15,180,269		9,676,374
CONSTRUCTION MATERIALS — 0.8%
Anhui Conch Cement Co., Ltd. Class H		851,500		4,638,154
China Shanshui Cement Group, Ltd. (a) (c) (d)		1,896,000		90,593
Other Securities		4,874,363		4,059,840
				8,788,587
CONSUMER FINANCE — 0.2%
Other Securities		18,832,900		2,330,643
CONTAINERS & PACKAGING — 0.1%
Other Securities		9,961,714		615,628
DISTRIBUTORS — 0.0% (b)
Other Securities		11,593,000		584,472
DIVERSIFIED CONSUMER SERVICES — 1.4%
New Oriental Education & Technology Group, Inc. ADR		86,975		7,623,359
TAL Education Group ADR		189,262		7,019,728
Other Securities		1,179,000		1,327,938
				15,971,025
DIVERSIFIED FINANCIAL SERVICES — 0.1%
Other Security		1,161,000		1,227,820
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9%
China Telecom Corp., Ltd. Class H		9,424,951		4,155,082
China Unicom Hong Kong, Ltd. (a)		3,855,805		4,863,788
Other Securities		3,348,600		1,640,604
				10,659,474
ELECTRICAL EQUIPMENT — 0.3%
Other Securities		7,640,456		3,625,328

See accompanying notes to financial statements.

24

SPDR S&P CHINA ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.8%
AAC Technologies Holdings, Inc.		466,745	$	8,421,071
Anxin-China Holdings, Ltd. (a ) (d)		3,068,000		—
Sunny Optical Technology Group Co., Ltd.		429,000		7,920,454
Other Securities		7,003,681		4,875,216
				21,216,741
ENERGY EQUIPMENT & SERVICES — 0.1%
Other Securities		4,145,900		1,706,878
FOOD & STAPLES RETAILING — 0.1%
Other Security		1,439,000		1,674,002
FOOD PRODUCTS — 1.9%
China Huishan Dairy Holdings Co., Ltd. (a) (c) (d)		2,729,000		—
China Mengniu Dairy Co., Ltd.		1,839,220		6,303,915
WH Group, Ltd. (e)		4,820,106		5,134,371
Other Securities		16,449,277		10,254,837
				21,693,123
GAS UTILITIES — 0.7%
China Gas Holdings, Ltd.		1,500,000		5,456,595
Other Securities		2,261,000		2,369,218
				7,825,813
HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%
Other Securities		2,387,000		1,369,279
HEALTH CARE PROVIDERS & SERVICES — 0.5%
Other Securities		1,902,200		6,270,447
HOTELS, RESTAURANTS & LEISURE — 1.3%
Yum China Holdings, Inc.		243,244		10,094,626
Other Securities		34,057,038		4,597,634
				14,692,260
HOUSEHOLD DURABLES — 0.4%
Other Securities		2,951,423		4,459,137
HOUSEHOLD PRODUCTS — 0.1%
Other Security		434,000		764,227
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.0%
Other Securities		28,196,508		11,877,650
INDUSTRIAL CONGLOMERATES — 0.8%
CITIC, Ltd.		4,282,000		5,990,643
Other Securities		749,500		3,077,545
				9,068,188

See accompanying notes to financial statements.

25

SPDR S&P CHINA ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
INSURANCE — 5.6%
China Life Insurance Co., Ltd. Class H		4,771,040	$	13,130,801
China Pacific Insurance Group Co., Ltd. Class H		1,584,200		7,095,120
PICC Property & Casualty Co., Ltd. Class H		2,998,858		5,250,094
Ping An Insurance Group Co. of China, Ltd. Class H (c)		3,140,100		31,927,931
Other Securities		6,188,665		7,637,825
				65,041,771
INTERNET & CATALOG RETAIL — 3.0%
Ctrip.com International, Ltd. ADR (a)		241,421		11,255,047
JD.com, Inc. ADR (a)		496,240		20,092,757
Other Security		227,874		3,787,266
				35,135,070
INTERNET SOFTWARE & SERVICES — 32.4%
58.com, Inc. ADR (a)		50,383		4,023,586
Alibaba Group Holding, Ltd. ADR (a)		709,906		130,296,147
Baidu, Inc. ADR (a)		169,905		37,921,097
NetEase, Inc. ADR		46,342		12,993,833
SINA Corp. (a)		43,184		4,502,796
Tencent Holdings, Ltd.		3,383,615		176,589,670
Other Securities		581,340		13,484,896
				379,812,025
IT SERVICES — 0.4%
Other Securities		6,105,000		4,824,863
LIFE SCIENCES TOOLS & SERVICES — 0.2%
Other Securities		552,500		2,475,877
MACHINERY — 1.1%
Other Securities		12,401,230		13,254,109
MARINE — 0.2%
Other Securities		5,127,475		2,259,293
MEDIA — 0.1%
Other Securities		9,829,700		1,292,728
METALS & MINING — 1.0%
China Metal Recycling Holdings, Ltd. (a) (c) (d)		268,085		—
Other Securities		24,223,667		11,752,751
				11,752,751
MULTILINE RETAIL — 0.1%
Other Securities		2,145,120		797,583
OIL, GAS & CONSUMABLE FUELS — 4.2%
China Petroleum & Chemical Corp. Class H		16,016,640		14,060,962

See accompanying notes to financial statements.

26

SPDR S&P CHINA ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
China Shenhua Energy Co., Ltd. Class H		2,179,200	$	5,414,472
CNOOC, Ltd.		10,459,174		15,405,636
PetroChina Co., Ltd. Class H		13,430,930		9,223,999
Other Securities		8,481,313		5,585,951
				49,691,020
PAPER & FOREST PRODUCTS — 0.3%
Other Securities		2,907,000		3,633,714
PERSONAL PRODUCTS — 0.4%
Hengan International Group Co., Ltd.		518,500		4,802,945
PHARMACEUTICALS — 1.9%
China Animal Healthcare, Ltd. (a)(c)(d)		763,600		—
CSPC Pharmaceutical Group, Ltd.		2,280,000		6,057,108
Hua Han Health Industry Holdings, Ltd. (a) (c) (d)		3,728,400		188,836
Sino Biopharmaceutical, Ltd.		3,113,000		6,108,355
Other Securities		8,142,632		10,021,669
				22,375,968
REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.8%
China Overseas Land & Investment, Ltd.		2,703,862		9,388,051
China Resources Land, Ltd.		1,926,555		7,008,288
China Vanke Co., Ltd. Class H		891,664		4,067,323
Country Garden Holdings Co., Ltd.		4,365,500		8,988,759
Sunac China Holdings, Ltd. (c)		1,273,300		4,915,840
Other Securities		56,669,301		33,513,037
				67,881,298
ROAD & RAIL — 0.2%
Other Securities		2,687,300		1,850,484
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.4%
Hanergy Thin Film Power Group, Ltd. (a) (c) (d)		17,589,376		—
Other Securities		12,533,112		4,766,254
				4,766,254
SOFTWARE — 0.4%
Other Securities		4,543,910		4,266,305
SPECIALTY RETAIL — 0.3%
Other Securities		12,093,248		3,319,621
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.3%
Coolpad Group, Ltd. (a) (d)		2,629,400		120,610
Other Securities		5,851,500		3,709,000
				3,829,610

See accompanying notes to financial statements.

27

SPDR S&P CHINA ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
TEXTILES,APPAREL & LUXURY GOODS — 0.9%
Shenzhou International Group Holdings, Ltd.		429,000	$	4,517,774
Other Securities		9,386,868		6,306,797
				10,824,571
TRADING COMPANIES & DISTRIBUTORS — 0.0% (b)
Other Securities		7,424,000		319,397
TRANSPORTATION INFRASTRUCTURE — 1.0%
Other Securities		12,200,698		11,698,270
WATER UTILITIES — 0.5%
Other Securities		8,066,400		5,741,048
WIRELESS TELECOMMUNICATION SERVICES — 2.8%
China Mobile, Ltd.		3,520,504		32,274,539
TOTAL COMMON STOCKS (Cost $902,099,523)				1,169,534,960
SHORT-TERM INVESTMENTS — 1.8%
State Street Navigator Securities Lending Government Money Market Portfolio (f) (g)		18,667,846		18,667,846
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (f) (h)		2,369,667		2,369,667
TOTAL SHORT-TERM INVESTMENTS (Cost $21,037,513)				21,037,513
TOTAL INVESTMENTS — 101.7% (Cost $923,137,036)				1,190,572,473
OTHER ASSETS — (1.7)%				(19,767,962	)
NET ASSETS — 100.0%			$	1,170,804,511

See accompanying notes to financial statements.

28

SPDR S&P CHINA ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund’s website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

(a) Non-income producing security.

(b) Amount is less than 0.05% of net assets.

(c) All or a portion of the shares of the security are on loan at March 31, 2018.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $400,039, representing less than 0.05% of the Fund’s net assets.

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.0% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

(h) The rate shown is the annualized seven-day yield at March 31, 2018.

ADR= American Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	1,217,568	$	—	$	—		$	1,217,568
Air Freight & Logistics		2,308,183		—		—			2,308,183
Airlines		4,565,042		—		—			4,565,042
Auto Components		5,429,838		—		—			5,429,838
Automobiles		26,757,071		—		—			26,757,071
Banks		180,837,731		—		—			180,837,731
Beverages		6,256,309		—		—			6,256,309
Biotechnology		6,717,846		—		—			6,717,846
Building Products		270,800		—		—			270,800
Capital Markets		18,482,010		—		—			18,482,010
Chemicals		2,603,944		—		0	(a)		2,603,944
Commercial Services & Supplies		9,684,312		—		—			9,684,312

See accompanying notes to financial statements.

29

SPDR S&P CHINA ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs				Total
Communications Equipment		$	4,386,096		$	—		$	0	(a)		$	4,386,096
Construction & Engineering			9,676,374			—			—				9,676,374
Construction Materials			8,697,994			—			90,593				8,788,587
Consumer Finance			2,330,643			—			—				2,330,643
Containers & Packaging			615,628			—			—				615,628
Distributors			584,472			—			—				584,472
Diversified Consumer Services			15,971,025			—			—				15,971,025
Diversified Financial Services			1,227,820			—			—				1,227,820
Diversified Telecommunication Services			10,659,474			—			—				10,659,474
Electrical Equipment			3,586,500			38,828			—				3,625,328
Electronic Equipment, Instruments & Components			21,216,741			—			0	(a)			21,216,741
Energy Equipment & Services			1,706,878			—			—				1,706,878
Food & Staples Retailing			1,674,002			—			—				1,674,002
Food Products			21,693,123			—			0	(a)			21,693,123
Gas Utilities			7,825,813			—			—				7,825,813
Health Care Equipment & Supplies			1,369,279			—			—				1,369,279
Health Care Providers & Services			6,270,447			—			—				6,270,447
Hotels, Restaurants & Leisure			14,692,260			—			—				14,692,260
Household Durables			4,459,137			—			—				4,459,137
Household Products			764,227			—			—				764,227
Independent Power Producers & Energy Traders			11,877,650			—			—				11,877,650
Industrial Conglomerates			9,068,188			—			—				9,068,188
Insurance			65,041,771			—			—				65,041,771
Internet & Catalog Retail			35,135,070			—			—				35,135,070
Internet Software & Services			379,812,025			—			—				379,812,025
IT Services			4,824,863			—			—				4,824,863
Life Sciences Tools & Services			2,475,877			—			—				2,475,877
Machinery			13,254,109			—			—				13,254,109
Marine			2,259,293			—			—				2,259,293
Media			1,292,728			—			—				1,292,728
Metals & Mining			11,752,751			—			0	(a)			11,752,751
Multiline Retail			797,583			—			—				797,583
Oil, Gas & Consumable Fuels			49,691,020			—			—				49,691,020
Paper & Forest Products			3,633,714			—			—				3,633,714
Personal Products			4,802,945			—			—				4,802,945
Pharmaceuticals			22,187,132			—			188,836				22,375,968
Real Estate Management & Development			67,881,298			—			—				67,881,298
Road & Rail			1,850,484			—			—				1,850,484
Semiconductors & Semiconductor Equipment			4,766,254			—			0	(a)			4,766,254

See accompanying notes to financial statements.

30

SPDR S&P CHINA ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
Software		$	4,266,305		$	—		$	—		$	4,266,305
Specialty Retail			3,319,621			—			—			3,319,621
Technology Hardware, Storage & Peripherals			3,709,000			—			120,610			3,829,610
Textiles, Apparel & Luxury Goods			10,824,571			—			—			10,824,571
Trading Companies & Distributors			319,397			—			—			319,397
Transportation Infrastructure			11,698,270			—			—			11,698,270
Water Utilities			5,741,048			—			—			5,741,048
Wireless Telecommunication Services			32,274,539			—			—			32,274,539
Short-Term Investments			21,037,513			—			—			21,037,513
TOTAL INVESTMENTS		$	1,190,133,606		$	38,828		$	400,039		$	1,190,572,473

^(a)  Fund held Level 3 securities that were valued at $0 at March 31, 2018.

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		2,785,729		$	2,785,729		$	54,675,652		$	55,091,714		$	—		$	—		2,369,667		$	2,369,667		$	17,272
State Street Navigator Securities Lending Government Money Market Portfolio		22,187,451			22,187,451			62,355,765			65,875,370			—			—		18,667,846			18,667,846			416,932
Total				$	24,973,180		$	117,031,417		$	120,967,084		$	—		$	—				$	21,037,513		$	434,204

See accompanying notes to financial statements.

31

SPDR S&P GLOBAL NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 8.4%
Amcor, Ltd.		2,591,769	$	28,170,192
BHP Billiton, Ltd.		2,796,699		60,516,316
Fortescue Metals Group, Ltd.		1,480,928		4,918,645
Newcrest Mining, Ltd.		664,444		9,968,984
South32, Ltd.		4,541,902		11,218,048
Woodside Petroleum, Ltd.		367,501		8,242,512
				123,034,697
AUSTRIA — 0.4%
Voestalpine AG		95,939		5,022,861
BRAZIL — 3.9%
Fibria Celulose SA ADR		506,903		9,884,608
Petroleo Brasileiro SA ADR (a)		584,712		8,267,828
Vale SA ADR (b)		3,040,331		38,673,010
				56,825,446
CANADA — 10.2%
Barrick Gold Corp.		1,015,117		12,638,206
Canadian Natural Resources, Ltd.		425,892		13,378,806
Franco-Nevada Corp. (b)		161,657		11,021,641
Goldcorp, Inc.		754,790		10,415,136
Imperial Oil, Ltd. (b)		98,705		2,612,228
Nutrien, Ltd. (b)		1,443,811		68,234,501
Suncor Energy, Inc.		652,907		22,530,799
Wheaton Precious Metals Corp.		385,065		7,840,183
				148,671,500
CHILE — 0.3%
Antofagasta PLC		300,346		3,880,407
CHINA — 0.6%
CNOOC, Ltd.		6,314,000		9,300,083
COLOMBIA — 0.1%
Ecopetrol SA ADR (b)		90,476		1,748,901
FINLAND — 4.6%
Stora Enso Oyj Class R (b)		1,277,461		23,448,458
UPM-Kymmene Oyj (b)		1,192,983		44,162,439
				67,610,897
FRANCE — 3.9%
TOTAL SA		994,378		56,414,048

See accompanying notes to financial statements.

32

SPDR S&P GLOBAL NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
GERMANY — 1.4%
KS AG (b)		427,231	$	12,316,085
ThyssenKrupp AG		335,963		8,755,374
				21,071,459
HONG KONG — 0.4%
Nine Dragons Paper Holdings, Ltd.		3,797,000		5,679,801
IRELAND — 1.5%
Smurfit Kappa Group PLC		530,142		21,463,688
ITALY — 1.2%
Eni SpA		1,004,564		17,652,302
JAPAN — 3.5%
JFE Holdings, Inc.		502,800		10,011,086
Nippon Steel & Sumitomo Metal Corp.		769,100		16,690,953
Oji Holdings Corp.		2,264,000		14,433,399
Sumitomo Metal Mining Co., Ltd. (b)		242,200		9,849,694
				50,985,132
LUXEMBOURG — 1.2%
ArcelorMittal (a)		548,174		17,326,221
MEXICO — 0.2%
Fresnillo PLC		165,998		2,953,854
NETHERLANDS — 4.1%
OCI NV (a)(b)		143,177		3,302,498
Royal Dutch Shell PLC Class A		1,792,507		56,162,001
				59,464,499
NORWAY — 2.3%
Norsk Hydro ASA		1,188,625		6,956,778
Statoil ASA		431,712		10,153,627
Yara International ASA		392,977		16,573,114
				33,683,519
PERU — 0.3%
Southern Copper Corp. (b)		74,032		4,011,054
RUSSIA — 3.3%
Gazprom PJSC ADR		2,604,020		12,671,161
LUKOIL PJSC ADR		187,118		12,892,430
MMC Norilsk Nickel PJSC ADR		592,298		10,978,244
Novatek PJSC GDR		35,784		4,902,408
Novolipetsk Steel PJSC GDR		86,393		2,151,186
Rosneft Oil Co. PJSC GDR		466,844		2,559,238

See accompanying notes to financial statements.

33

SPDR S&P GLOBAL NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Severstal PJSC GDR		158,507	$	2,391,871
				48,546,538
SINGAPORE — 1.6%
Golden Agri-Resources, Ltd.		14,997,768		4,003,065
Wilmar International, Ltd.		8,048,019		19,517,044
				23,520,109
SOUTH AFRICA — 1.5%
Mondi PLC		823,799		22,130,223
SOUTH KOREA — 1.9%
Korea Zinc Co., Ltd.		10,997		4,972,844
POSCO ADR (a)		263,948		20,812,300
POSCO		4,195		1,326,311
				27,111,455
SPAIN — 0.6%
Repsol SA		492,023		8,722,728
SWITZERLAND — 3.6%
Glencore PLC (a)		10,573,706		52,478,428
UNITED KINGDOM — 8.0%
Anglo American PLC (b)		1,228,106		28,615,493
BP PLC		7,789,979		52,371,397
DS Smith PLC		2,395,361		15,813,160
Rio Tinto, Ltd.		359,060		20,022,814
				116,822,864
UNITED STATES — 30.4%
Anadarko Petroleum Corp.		106,045		6,406,178
Archer-Daniels-Midland Co.		486,325		21,091,915
Avery Dennison Corp.		76,491		8,127,169
Baker Hughes a GE Co.		82,284		2,285,027
Bunge, Ltd.		121,670		8,996,280
CF Industries Holdings, Inc.		201,814		7,614,442
Chevron Corp.		368,992		42,079,848
ConocoPhillips		231,720		13,738,679
Devon Energy Corp.		101,154		3,215,686
EOG Resources, Inc.		112,504		11,843,296
Exxon Mobil Corp.		824,649		61,527,062
FMC Corp.		116,194		8,896,975
Freeport-McMoRan, Inc. (a)		1,176,922		20,678,519
Halliburton Co.		170,000		7,979,800
Ingredion, Inc.		62,154		8,012,894
International Paper Co.		359,140		19,188,850

See accompanying notes to financial statements.

34

SPDR S&P GLOBAL NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Monsanto Co.		381,722	$	44,543,140
Mosaic Co.		302,505		7,344,821
Newmont Mining Corp.		464,245		18,138,052
Nucor Corp.		276,767		16,907,696
Occidental Petroleum Corp.		149,052		9,682,418
Packaging Corp. of America		81,648		9,201,730
Phillips 66		81,374		7,805,394
Pioneer Natural Resources Co.		33,200		5,703,096
Rayonier, Inc. REIT		111,608		3,926,369
Schlumberger, Ltd.		269,363		17,449,335
Sealed Air Corp.		156,100		6,679,519
Valero Energy Corp.		85,006		7,886,007
WestRock Co.		220,316		14,137,678
Weyerhaeuser Co. REIT		656,298		22,970,430
				444,058,305
TOTAL COMMON STOCKS (Cost $1,318,671,533)				1,450,191,019
SHORT-TERM INVESTMENTS — 3.5%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (c) (d)		2,904,677		2,904,677
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		48,214,731		48,214,731
TOTAL SHORT-TERM INVESTMENTS (Cost $51,119,408)				51,119,408
TOTAL INVESTMENTS — 102.9% (Cost $1,369,790,941)				1,501,310,427
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.9)%				(42,087,057	)
NET ASSETS — 100.0%			$	1,459,223,370

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at March 31, 2018.

(e) Investment of cash collateral for securities loaned.

ADR =American Depositary Receipt

GDR =Global Depositary Receipt

REIT =Real Estate Investment Trust

See accompanying notes to financial statements.

35

SPDR S&P GLOBAL NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	123,034,697	$	—	$	—	$	123,034,697
Austria		5,022,861		—		—		5,022,861
Brazil		56,825,446		—		—		56,825,446
Canada		148,671,500		—		—		148,671,500
Chile		3,880,407		—		—		3,880,407
China		9,300,083		—		—		9,300,083
Colombia		1,748,901		—		—		1,748,901
Finland		67,610,897		—		—		67,610,897
France		56,414,048		—		—		56,414,048
Germany		21,071,459		—		—		21,071,459
Hong Kong		5,679,801		—		—		5,679,801
Ireland		21,463,688		—		—		21,463,688
Italy		17,652,302		—		—		17,652,302
Japan		50,985,132		—		—		50,985,132
Luxembourg		17,326,221		—		—		17,326,221
Mexico		2,953,854		—		—		2,953,854
Netherlands		59,464,499		—		—		59,464,499
Norway		33,683,519		—		—		33,683,519
Peru		4,011,054		—		—		4,011,054
Russia		48,546,538		—		—		48,546,538
Singapore		23,520,109		—		—		23,520,109
South Africa		22,130,223		—		—		22,130,223
South Korea		27,111,455		—		—		27,111,455
Spain		8,722,728		—		—		8,722,728
Switzerland		52,478,428		—		—		52,478,428
United Kingdom		116,822,864		—		—		116,822,864
United States		444,058,305		—		—		444,058,305
Short-Term Investments		51,119,408		—		—		51,119,408
TOTAL INVESTMENTS	$	1,501,310,427	$	—	$	—	$	1,501,310,427

See accompanying notes to financial statements.

36

SPDR S&P GLOBAL NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		799,218	$	799,218	$	81,266,301	$	79,160,842	$	—	$	—		2,904,677	$	2,904,677	$	24,103
State Street Navigator Securities Lending Government Money Market Portfolio		27,454,617		27,454,617		294,870,997		274,110,883		—		—		48,214,731		48,214,731		183,019
Total			$	28,253,835	$	376,137,298	$	353,271,725	$	—	$	—			$	51,119,408	$	207,122

See accompanying notes to financial statements.

37

SPDR S&P INTERNATIONAL SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS - 99.0%
AUSTRALIA – 6.3%
AET&D Holdings No. 1 Pty, Ltd. (a)(b)		110,316	$	—
Arrium, Ltd. (a)(b)(c)		1,727,582		—
Beach Energy, Ltd.		1,532,360		1,428,107
CSR, Ltd.		347,380		1,380,252
InvoCare, Ltd.		201,637		2,009,107
Jacana Minerals, Ltd. (a)(b)(c)		12,051		—
Quintis, Ltd. (a)(b)(c)		148,677		—
Tiger Resources, Ltd. (a)(c)		2,464		—
Other Securities		36,852,966		53,532,436
				58,349,902
AUSTRIA – 0.3%
Other Securities		112,651		2,903,419
BELGIUM – 1.4%
Ablynx NV (c)		37,391		2,050,026
Barco NV		18,725		2,302,895
Tessenderlo Group SA (c)		40,793		1,708,264
Other Securities		639,382		6,628,421
				12,689,606
CANADA – 7.9%
Aurora Cannabis, Inc. (b)(c)		213,479		1,539,930
Canopy Growth Corp. (b)(c)		97,308		2,540,537
Colliers International Group, Inc.		30,939		2,146,352
Colossus Minerals, Inc. (a)(c)		390		—
GASFRAC Energy Services, Inc. (a)(c)		21,904		—
Great Basin Gold, Ltd. (a)(c)		266,255		—
Lightstream Resources, Ltd. (a)(c)		64,736		—
Parex Resources, Inc. (c)		97,136		1,365,216
Poseidon Concepts Corp. (a)(c)		43,064		—
Southern Pacific Resource Corp. (a)(c)		281,142		—
Twin Butte Energy, Ltd. (a)(c)		83,708		—
Other Securities		12,914,924		64,963,126
				72,555,161
CHINA – 0.3%
Other Securities		15,804,505		2,677,820
DENMARK – 0.7%
Amagerbanken A/S (a)(c)		308,573		—
OW Bunker A/S (a)(c)		9,828		—
Other Securities		285,124		6,131,667
				6,131,667

See accompanying notes to financial statements.

38

SPDR S&P INTERNATIONAL SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
FINLAND – 0.7%
Ahtium PLC (a)		572,382	$	—
Other Securities		693,066		6,544,251
				6,544,251
FRANCE – 2.1%
Other Securities		1,124,517		19,284,098
GERMANY – 3.2%
Indus Holding AG		29,915		2,093,407
Jenoptik AG		80,061		2,827,859
Other Securities		1,126,954		25,008,785
				29,930,051
GREECE – 0.0% (d)
TT Hellenic Postbank SA (a)(c)		129,076		—
HONG KONG – 2.6%
China Ocean Resources Co., Ltd. (a)(b)(c)		26,593		—
HKR International, Ltd. (b)		2,347,259		1,405,670
Peace Mark Holdings, Ltd. (a)(c)		504,228		—
Superb Summit International Group, Ltd. (a)(b)(c)		1,685,500		—
Other Securities		157,087,310		22,143,140
				23,548,810
INDIA – 0.0% (d)
Other Security		17,109		186,488
IRELAND – 0.8%
Other Securities		2,579,943		7,055,211
ISRAEL – 1.8%
Orbotech, Ltd. (c)		27,030		1,680,725
Other Securities		2,463,129		14,972,760
				16,653,485
ITALY – 1.2%
Other Securities		27,955,516		11,460,844
JAPAN – 36.6%
Awa Bank, Ltd.		254,000		1,647,955
Bank of the Ryukyus, Ltd.		92,020		1,407,772
Doutor Nichires Holdings Co., Ltd.		69,672		1,644,351
Fancl Corp.		40,100		1,461,095
FCC Co., Ltd.		49,128		1,368,285
Fukuoka REIT Corp.		882		1,377,529
Iwatani Corp.		53,000		1,941,091
Japan Logistics Fund, Inc. REIT		661		1,335,052
Kanematsu Corp.		118,299		1,576,208

See accompanying notes to financial statements.

39

SPDR S&P INTERNATIONAL SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Kiyo Bank, Ltd.		94,360	$	1,506,566
Makino Milling Machine Co., Ltd.		158,000		1,466,347
Marudai Food Co., Ltd.		324,656		1,544,673
Nakanishi, Inc.		80,040		1,607,573
Nikkon Holdings Co., Ltd. (b)		138,480		3,614,673
Nippon Gas Co., Ltd.		33,400		1,579,709
NIPPON REIT Investment Corp.		605		1,820,404
Premier Investment Corp.		1,506		1,583,176
Rengo Co., Ltd.		235,600		2,022,593
Shima Seiki Manufacturing, Ltd. (b)		26,545		1,837,059
Shimachu Co., Ltd.		45,960		1,456,372
Shochiku Co., Ltd.		20,160		2,832,068
TAKATA Corp. (a)(c)		300		—
Toagosei Co., Ltd.		186,200		2,183,276
Toei Co., Ltd.		14,140		1,497,098
Toho Holdings Co., Ltd. (b)		73,819		1,740,143
Tokai Carbon Co., Ltd.		134,000		1,951,725
Tokuyama Corp. (b)		47,200		1,473,474
Other Securities		20,883,549		292,998,609
				338,474,876
LIECHTENSTEIN – 0.0% (d)
Other Security		1,823		282,131
LUXEMBOURG – 0.1%
Other Security		19,911		539,588
MACAU – 0.1%
Other Security		3,261,740		477,938
MALTA – 0.0% (d)
Other Security		28,235		381,645
NETHERLANDS – 1.4%
Other Securities		1,173,676		13,185,764
NEW ZEALAND – 1.1%
Other Securities		5,362,090		10,130,154
NORWAY – 1.3%
Other Securities		2,974,469		12,153,056
PERU – 0.0% (d)
Other Security		91,708		256,202
PORTUGAL – 0.2%
Altri SGPS SA		215,886		1,439,051
Other Securities		258,350		661,510
				2,100,561

See accompanying notes to financial statements.

40

SPDR S&P INTERNATIONAL SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SINGAPORE – 1.5%
Ezra Holdings, Ltd. (a)(b)(c)		1,444,295	$	—
Swiber Holdings, Ltd. (a)(b)(c)		100,100		—
Technics Oil & Gas, Ltd. (a)(c)		1,254		—
Other Securities		20,370,383		13,349,673
				13,349,673
SOUTH AFRICA – 0.0% (d)
Other Security		212,460		195,216
SOUTH KOREA – 11.5%
CNK International Co., Ltd. (a)(c)		16,071		—
Com2uSCorp		7,716		1,350,789
Hanjin Shipping Co., Ltd. (a)(c)		1,732		—
Samsung Engineering Co., Ltd. (c)		99,738		1,731,075
SillaJen, Inc. (c)		33,254		3,341,311
ViroMed Co., Ltd. (c)		8,460		1,754,067
Woojeon Co., Ltd. (a)(c)		7,674		—
Other Securities		6,184,332		97,836,728
				106,013,970
SPAIN – 1.4%
Let’s GOWEX SA (a)(b)(c)		9,561		—
Other Securities		15,692,818		12,982,699
				12,982,699
SWEDEN – 2.9%
Wihlborgs Fastigheter AB		129,933		3,000,554
Other Securities		3,756,320		23,363,976
				26,364,530
SWITZERLAND – 2.2%
Valora Holding AG		5,283		1,804,032
Other Securities		991,325		18,615,364
				20,419,396
UNITED ARAB EMIRATES – 0.0% (d)
Other Securities		125,871		129,037
UNITED KINGDOM – 8.5%
Carillion PLC (a)(b)		8,202		—
Fenner PLC		178,393		1,524,021
J D Wetherspoon PLC		92,793		1,482,637
Senior PLC		451,404		1,903,488
Other Securities		32,750,475		73,373,258
				78,283,404

See accompanying notes to financial statements.

41

SPDR S&P INTERNATIONAL SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
UNITED STATES – 0.9%
Ferroglobe Representation & Warranty Insurance Trust (a)(c)		19,857	$	—
Other Securities		2,120,161		8,670,451
				8,670,451
TOTAL COMMON STOCKS (Cost $836,992,633)				914,361,104
WARRANTS - 0.0% (d)
AUSTRALIA – 0.0% (d)
Other Securities		19,387		2,893
FRANCE – 0.0% (d)
Other Securities		2,262		516
SINGAPORE – 0.0% (d)
Other Security		115,305		2,638
TOTAL WARRANTS (Cost $0)				6,047
RIGHTS - 0.0% (d)
ITALY – 0.0% (d)
Other Security		16,859		17,927
SWEDEN – 0.0% (d)
Other Security		51,093		854
UNITED KINGDOM – 0.0% (d)
Other Securities		75,189		372,522
TOTAL RIGHTS (Cost $266,038)				391,303
SHORT-TERM INVESTMENTS - 10.6%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (e)(f)		1,510,725		1,510,725
State Street Navigator Securities Lending Government Money Market Portfolio (e)(g)		95,964,387		95,964,387
TOTAL SHORT-TERM INVESTMENTS (Cost $97,475,112)				97,475,112
TOTAL INVESTMENTS - 109.6% (Cost $934,733,783)				1,012,233,566
LIABILITIES IN EXCESS OF OTHER ASSETS - (9.6)%				(88,411,858	)
NET ASSETS - 100.0%			$	923,821,708

See accompanying notes to financial statements.

42

SPDR S&P INTERNATIONAL SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund’s website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

(a) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $0, representing 0.0% of the Fund’s net assets.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) Non-income producing security.

(d) Amount is less than 0.05% of net assets.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2018.

(g) Investment of cash collateral for securities loaned.

REIT Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs				Level 3 – Significant Unobservable Inputs				Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia		$	58,349,902		$	0	(a)		$	0	(b)		$	58,349,902
Austria			2,903,419			—				—				2,903,419
Belgium			12,689,606			—				—				12,689,606
Canada			72,498,781			56,380				0	(b)			72,555,161
China			2,677,820			—				—				2,677,820
Denmark			6,131,667			—				0	(b)			6,131,667
Finland			6,544,251			—				0	(b)			6,544,251
France			19,284,098			—				—				19,284,098
Germany			29,930,051			—				—				29,930,051
Greece			—			—				0	(b)			0
Hong Kong			23,335,653			213,157				0	(b)			23,548,810
India.			186,488			—				—				186,488
Ireland			7,055,211			—				—				7,055,211
Israel			16,653,485			—				—				16,653,485
Italy			11,460,844			—				—				11,460,844

See accompanying notes to financial statements.

43

SPDR S&P INTERNATIONAL SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs				Total
Japan		$	338,474,876		$	—		$	0	(b)		$	338,474,876
Liechtenstein			282,131			—			—				282,131
Luxembourg			539,588			—			—				539,588
Macau			477,938			—			—				477,938
Malta			381,645			—			—				381,645
Netherlands			13,185,764			—			—				13,185,764
New Zealand			10,130,154			—			—				10,130,154
Norway			12,153,056			—			—				12,153,056
Peru			256,202			—			—				256,202
Portugal			2,100,561			—			—				2,100,561
Singapore			13,078,293			271,380			0	(b)			13,349,673
South Africa			195,216			—			—				195,216
South Korea			105,825,744			188,226			0	(b)			106,013,970
Spain			12,982,699			—			0	(b)			12,982,699
Sweden			26,364,530			—			—				26,364,530
Switzerland			20,419,396			—			—				20,419,396
United Arab Emirates			129,037			—			—				129,037
United Kingdom			78,260,663			22,741			0	(b)			78,283,404
United States			8,670,451			—			0	(b)			8,670,451
Warrants
Australia			2,893			—			—				2,893
France			516			—			—				516
Singapore			—			2,638			—				2,638
Rights
Italy			17,927			—			—				17,927
Sweden			854			—			—				854
United Kingdom			372,522			—			—				372,522
Short-Term Investments			97,475,112			—			—				97,475,112
TOTAL INVESTMENTS		$	1,011,479,044		$	754,522		$	0			$	1,012,233,566

(a) Fund held a Level 2 security that was valued at $0 at March 31, 2018.

(b) Fund held Level 3 securities that were valued at $0 at March 31, 2018.

See accompanying notes to financial statements.

44

SPDR S&P INTERNATIONAL SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		73,500		$	73,500		$	71,569,182		$	70,131,957		$	—		$	—		1,510,725		$	1,510,725		$	24,500
State Street Navigator Securities Lending Government Money Market Portfolio		66,029,680			66,029,680			101,110,821			71,176,114			—			—		95,964,387			95,964,387			1,512,147
Total				$	66,103,180		$	172,680,003		$	141,308,071		$	—		$	—				$	97,475,112		$	1,536,647

See accompanying notes to financial statements.

45

SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
CANADA — 34.5%
Agnico Eagle Mines, Ltd.		390,653	$	16,423,031
ARC Resources, Ltd. (a)		116,409		1,267,700
Barrick Gold Corp.		1,961,058		24,413,404
Cameco Corp. (a)		130,273		1,183,244
Canadian Natural Resources, Ltd.		356,835		11,209,476
Cenovus Energy, Inc.		335,743		2,856,778
Crescent Point Energy Corp. (a)		179,642		1,220,604
Encana Corp.		320,321		3,520,612
First Quantum Minerals, Ltd.		1,159,193		16,265,116
Franco-Nevada Corp. (a)		312,314		21,293,311
Goldcorp, Inc.		1,458,078		20,119,610
Husky Energy, Inc.		99,275		1,419,919
Imperial Oil, Ltd.		82,757		2,190,164
Kinross Gold Corp. (b)		2,096,817		8,278,300
Lundin Mining Corp.		1,064,525		6,977,108
Nutrien, Ltd. (a)		558,456		26,375,323
Peyto Exploration & Development Corp. (a)		53,898		451,502
PrairieSky Royalty, Ltd. (a)		69,215		1,512,342
Seven Generations Energy, Ltd. Class A (b)		91,048		1,129,934
Suncor Energy, Inc.		544,398		18,786,323
Teck Resources, Ltd. Class B		853,731		21,971,530
Tourmaline Oil Corp.		82,570		1,399,383
Vermilion Energy, Inc. (a)		40,120		1,292,678
West Fraser Timber Co., Ltd.		51,759		3,436,950
Wheaton Precious Metals Corp.		743,835		15,144,983
Yamana Gold, Inc. (a)		1,594,477		4,402,822
				234,542,147
UNITED STATES — 65.4%
Anadarko Petroleum Corp.		180,112		10,880,566
Antero Resources Corp. (b)		70,681		1,403,018
Apache Corp. (a)		125,364		4,824,007
Archer-Daniels-Midland Co.		484,786		21,025,169
Bunge, Ltd.		121,835		9,008,480
Cabot Oil & Gas Corp.		152,269		3,651,411
CF Industries Holdings, Inc.		202,235		7,630,326
Chevron Corp.		618,378		70,519,827
Cimarex Energy Co.		31,392		2,935,152
Concho Resources, Inc. (a)(b)		49,000		7,366,170
ConocoPhillips		393,501		23,330,674
Continental Resources, Inc. (b)		28,367		1,672,235
Devon Energy Corp.		172,944		5,497,890

See accompanying notes to financial statements.

46

SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
EOG Resources, Inc.		190,379	$	20,041,197
EQT Corp.		80,606		3,829,591
Exxon Mobil Corp.		905,973		67,594,645
FMC Corp.		116,347		8,908,690
Freeport-McMoRan, Inc. (b)		2,263,738		39,773,877
Hess Corp.		88,900		4,500,118
Ingredion, Inc.		62,336		8,036,357
Marathon Oil Corp.		279,652		4,510,787
Monsanto Co.		380,799		44,435,435
Mosaic Co.		303,045		7,357,933
Newmont Mining Corp.		896,834		35,039,304
Noble Energy, Inc.		160,204		4,854,181
Occidental Petroleum Corp.		251,917		16,364,528
Pioneer Natural Resources Co.		56,029		9,624,662
				444,616,230
TOTAL COMMON STOCKS (Cost $580,333,341)				679,158,377
SHORT-TERM INVESTMENTS — 4.3%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (c) (d)		337,289		337,289
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		28,720,522		28,720,522
TOTAL SHORT-TERM INVESTMENTS (Cost $29,057,811)				29,057,811
TOTAL INVESTMENTS — 104.2% (Cost $609,391,152)				708,216,188
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.2)%				(28,491,254	)
NET ASSETS — 100.0%			$	679,724,934

(a) All or a portion of the shares of the security are on loan at March 31, 2018.

(b) Non-income producing security.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at March 31, 2018.

(e) Investment of cash collateral for securities loaned.

See accompanying notes to financial statements.

47

SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Canada		$	234,542,147		$	—		$	—		$	234,542,147
United States			444,616,230			—			—			444,616,230
Short-Term Investments			29,057,811			—			—			29,057,811
TOTAL INVESTMENTS		$	708,216,188		$	—		$	—		$	708,216,188

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		3,488,016		$	3,488,016		$	32,165,902		$	35,316,629		$	—		$	—		337,289		$	337,289		$	12,753
State Street Navigator Securities Lending Government Money Market Portfolio		4,770,511			4,770,511			94,529,421			70,579,410			—			—		28,720,522			28,720,522			9,662
Total				$	8,258,527		$	126,695,323		$	105,896,039		$	—		$	—				$	29,057,811		$	22,415

See accompanying notes to financial statements.

48

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2018 (Unaudited)

	SPDR Dow Jones Global Real Estate ETF				SPDR Dow Jones International Real Estate ETF
ASSETS
Investments in unaffiliated issuers, at value*		$	2,573,692,167			$	3,440,526,981
Investments in affiliated issuers, at value			28,025,917				169,222,146
Total Investments			2,601,718,084				3,609,749,127
Foreign currency, at value			1,854,624				5,528,593
Cash			733,464				—
Receivable for investments sold			—				35,391,122
Dividends receivable — unaffiliated issuers			11,289,306				17,618,514
Dividends receivable — affiliated issuers			4,846				6,229
Securities lending income receivable — unaffiliated issuers			2,617				4,505
Securities lending income receivable — affiliated issuers			26,617				89,553
Receivable for foreign taxes recoverable			316,993				1,103,859
TOTAL ASSETS			2,615,946,551				3,669,491,502
LIABILITIES
Payable upon return of securities loaned			25,171,435				166,351,563
Payable for investments purchased			618,155				1,886,832
Payable for fund shares repurchased			—				35,765,804
Advisory fee payable			3,255,056				5,328,269
Trustees’ fees and expenses payable			4,692				11,319
Accrued expenses and other liabilities			53				80
TOTAL LIABILITIES			29,049,391				209,343,867
NET ASSETS		$	2,586,897,160			$	3,460,147,635
NET ASSETS CONSIST OF:
Paid-in Capital		$	2,596,505,383			$	4,076,681,038
Undistributed (distribution in excess of) net investment income (loss)			(16,888,191	)			(78,803,865	)
Accumulated net realized gain (loss) investments and foreign currency transactions			(46,642,992	)			(749,615,833	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers			53,887,491				211,771,205
Foreign currency translations			35,469				115,090
NET ASSETS		$	2,586,897,160			$	3,460,147,635
NET ASSET VALUE PER SHARE
Net asset value per share		$	46.19			$	39.80
Shares outstanding (unlimited amount authorized, $0.01 par value)			56,000,000				86,935,379
COST OF INVESTMENTS:
Investments in unaffiliated issuers		$	2,519,804,676			$	3,228,755,776
Investments in affiliated issuers			28,025,917				169,222,146
Total cost of investments		$	2,547,830,593			$	3,397,977,922
Foreign currency, at cost		$	1,852,934			$	5,533,647
* Includes investments in securities on loan, at value		$	42,984,802			$	170,226,643

See accompanying notes to financial statements.

49

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2018 (Unaudited)

	SPDR S&P China ETF				SPDR S&P Global Natural Resources ETF
ASSETS
Investments in unaffiliated issuers, at value*		$	1,169,534,960			$	1,450,191,019
Investments in affiliated issuers, at value			21,037,513				51,119,408
Total Investments			1,190,572,473				1,501,310,427
Foreign currency, at value			434,236				4,681,230
Cash			23,529				11
Dividends receivable — unaffiliated issuers			40,216				4,758,351
Dividends receivable — affiliated issuers			2,837				7,378
Securities lending income receivable — unaffiliated issuers			76,918				15,183
Securities lending income receivable — affiliated issuers			74,513				33,768
Receivable for foreign taxes recoverable			—				30,455
Other Receivable			—				1,382
TOTAL ASSETS			1,191,224,722				1,510,838,185
LIABILITIES
Payable upon return of securities loaned			18,667,846				48,214,731
Payable for investments purchased			—				1,945,886
Advisory fee payable			1,750,178				1,451,763
Trustees’ fees and expenses payable			2,174				1,531
Accrued expenses and other liabilities			13				904
TOTAL LIABILITIES			20,420,211				51,614,815
NET ASSETS		$	1,170,804,511			$	1,459,223,370
NET ASSETS CONSIST OF:
Paid-in Capital		$	1,041,159,915			$	1,524,363,688
Undistributed (distribution in excess of) net investment income (loss)			(6,253,971	)			9,476,697
Accumulated net realized gain (loss) investments and foreign currency transactions			(131,537,967	)			(206,104,522	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers			267,435,437				131,519,486
Foreign currency translations			1,097				(31,979	)
NET ASSETS		$	1,170,804,511			$	1,459,223,370
NET ASSET VALUE PER SHARE
Net asset value per share		$	109.42			$	48.16
Shares outstanding (unlimited amount authorized, $0.01 par value)			10,700,000				30,300,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers		$	902,099,523			$	1,318,671,533
Investments in affiliated issuers			21,037,513				51,119,408
Total cost of investments		$	923,137,036			$	1,369,790,941
Foreign currency, at cost		$	435,801			$	4,702,250
* Includes investments in securities on loan, at value		$	80,905,230			$	84,253,583

See accompanying notes to financial statements.

50

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2018 (Unaudited)

	SPDR S&P International Small Cap ETF				SPDR S&P North American Natural Resources ETF
ASSETS
Investments in unaffiliated issuers, at value*		$	914,758,454			$	679,158,377
Investments in affiliated issuers, at value			97,475,112				29,057,811
Total Investments			1,012,233,566				708,216,188
Foreign currency, at value			2,775,495				394,576
Cash			5,603				—
Receivable for investments sold			807,678				—
Receivable for fund shares sold			—				3,356,661
Dividends receivable — unaffiliated issuers			4,426,871				595,568
Dividends receivable — affiliated issuers			1,434				2,188
Securities lending income receivable — unaffiliated issuers			75,434				5,468
Securities lending income receivable — affiliated issuers			255,527				4,623
Receivable for foreign taxes recoverable			168,416				—
TOTAL ASSETS			1,020,750,024				712,575,272
LIABILITIES
Payable upon return of securities loaned			95,964,387				28,720,522
Payable for investments purchased			—				3,356,426
Deferred foreign taxes payable			31,958				—
Advisory fee payable			930,606				771,500
Trustees’ fees and expenses payable			1,352				1,873
Accrued expenses and other liabilities			13				17
TOTAL LIABILITIES			96,928,316				32,850,338
NET ASSETS		$	923,821,708			$	679,724,934
NET ASSETS CONSIST OF:
Paid-in Capital		$	904,538,738			$	587,452,251
Undistributed (distribution in excess of) net investment income (loss)			(2,554,192	)			2,237,451
Accumulated net realized gain (loss) investments and foreign currency transactions			(55,632,928	)			(8,791,418	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers**			77,469,095				98,825,036
Foreign currency translations			995				1,614
NET ASSETS		$	923,821,708			$	679,724,934
NET ASSET VALUE PER SHARE
Net asset value per share		$	35.13			$	33.57
Shares outstanding (unlimited amount authorized, $0.01 par value)			26,300,000				20,250,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers		$	837,258,671			$	580,333,341
Investments in affiliated issuers			97,475,112				29,057,811
Total cost of investments		$	934,733,783			$	609,391,152
Foreign currency, at cost		$	2,792,388			$	394,131
* Includes investments in securities on loan, at value		$	124,248,733			$	60,839,392
** Includes deferred foreign taxes		$	30,688			$	—

See accompanying notes to financial statements.

51

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2018 (Unaudited)

	SPDR Dow Jones Global Real Estate ETF				SPDR Dow Jones International Real Estate ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers		$	54,098,660			$	64,974,758
Dividend income — affiliated issuers			34,687				23,099
Dividend income — non-cash			—				3,791,227
Unaffiliated securities lending income			9,118				—
Affiliated securities lending income			101,601				253,058
Foreign taxes withheld			(2,018,501	)			(6,658,374	)
TOTAL INVESTMENT INCOME (LOSS)			52,225,565				62,383,768
EXPENSES
Advisory fee			6,710,161				10,779,273
Trustees’ fees and expenses			24,119				33,593
Miscellaneous expenses			1,362				4,052
TOTAL EXPENSES			6,735,642				10,816,918
NET INVESTMENT INCOME (LOSS)			45,489,923				51,566,850
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers			(2,847,775	)			15,547,242
In-kind redemptions — unaffiliated issuers			17,069,055				60,541,716
Foreign currency transactions			403,344				1,331,105
Net realized gain (loss)			14,624,624				77,420,063
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers			(100,624,015	)			40,092,392
Foreign currency translations			75,411				157,557
Net change in unrealized appreciation/depreciation			(100,548,604	)			40,249,949
NET REALIZED AND UNREALIZED GAIN (LOSS)			(85,923,980	)			117,670,012
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS		$	(40,434,057	)		$	169,236,862

See accompanying notes to financial statements.

52

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2018 (Unaudited)

	SPDR S&P China ETF				SPDR S&P Global Natural Resources ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers		$	491,822			$	16,631,419
Dividend income — affiliated issuers			17,272				24,103
Dividend income — non-cash			178,493				3,098,163
Unaffiliated securities lending income			501,676				30,048
Affiliated securities lending income			416,932				183,019
Foreign taxes withheld			(3,358	)			(1,027,453	)
TOTAL INVESTMENT INCOME (LOSS)			1,602,837				18,939,299
EXPENSES
Advisory fee			3,350,889				2,774,633
Trustees’ fees and expenses			9,120				10,721
Miscellaneous expenses			507				1,794
TOTAL EXPENSES			3,360,516				2,787,148
NET INVESTMENT INCOME (LOSS)			(1,757,679	)			16,152,151
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers			4,101,720				(9,306,365	)
In-kind redemptions — unaffiliated issuers			—				38,524,672
Foreign currency transactions			6,433				25,262
Net realized gain (loss)			4,108,153				29,243,569
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers			83,911,279				29,874,238
Foreign currency translations			1,244				545
Net change in unrealized appreciation/depreciation			83,912,523				29,874,783
NET REALIZED AND UNREALIZED GAIN (LOSS)			88,020,676				59,118,352
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS		$	86,262,997			$	75,270,503

See accompanying notes to financial statements.

53

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2018 (Unaudited)

	SPDR S&P International Small Cap ETF				SPDR S&P North American Natural Resources ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers		$	9,689,562			$	9,284,112
Dividend income — affiliated issuers			24,500				12,753
Unaffiliated securities lending income			425,473				31,691
Affiliated securities lending income			1,512,147				9,662
Foreign taxes withheld			(937,126	)			(389,154	)
TOTAL INVESTMENT INCOME (LOSS)			10,714,556				8,949,064
EXPENSES
Advisory fee			1,793,944				1,688,281
Trustees’ fees and expenses			7,484				8,940
Miscellaneous expenses			3,098				52
TOTAL EXPENSES			1,804,526				1,697,273
NET INVESTMENT INCOME (LOSS)			8,910,030				7,251,791
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*			(55,142,287	)			(8,513,539	)
In-kind redemptions — unaffiliated issuers			15,947,947				120,608,930
Foreign currency transactions			33,542				(78,466	)
Net realized gain (loss)			(39,160,798	)			112,016,925
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**			77,218,589				(108,166,153	)
Foreign currency translations			4,861				35,410
Net change in unrealized appreciation/depreciation			77,223,450				(108,130,743	)
NET REALIZED AND UNREALIZED GAIN (LOSS)			38,062,652				3,886,182
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS		$	46,972,682			$	11,137,973
* Includes foreign capital gain taxes		$	(1,270	)		$	—
** Includes foreign deferred taxes		$	(30,688	)		$	—

See accompanying notes to financial statements.

54

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR Dow Jones Global Real Estate ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	45,489,923		$	64,602,385
Net realized gain (loss)		14,624,624			16,578,175
Net change in unrealized appreciation/depreciation		(100,548,604	)		(96,432,712	)
Net increase (decrease) in net assets resulting from operations		(40,434,057	)		(15,252,152	)
Net equalization credits and charges		268,730			(65,431	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(44,104,984	)		(89,877,393	)
Net realized gains		—			(857,139	)
Total distributions to shareholders		(44,104,984	)		(90,734,532	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		58,219,519			475,561,849
Cost of shares redeemed		(74,949,539	)		(175,481,476	)
Net income equalization		(268,730	)		65,431
Net increase (decrease) in net assets from beneficial interest transactions		(16,998,750	)		300,145,804
Net increase (decrease) in net assets during the period		(101,269,061	)		194,093,689
Net assets at beginning of period		2,688,166,221			2,494,072,532
NET ASSETS AT END OF PERIOD	$	2,586,897,160		$	2,688,166,221
Undistributed (distribution in excess of) net investment income (loss)	$	(16,888,191	)	$	(18,273,130	)
SHARES OF BENEFICIAL INTEREST:
Shares sold		1,200,000			10,000,000
Shares redeemed		(1,600,000	)		(3,800,000	)
Net increase (decrease)		(400,000	)		6,200,000

See accompanying notes to financial statements.

55

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Dow Jones International Real Estate ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	51,566,850		$	113,061,250
Net realized gain (loss)		77,420,063			5,247,767
Net change in unrealized appreciation/depreciation		40,249,949			(154,768,441	)
Net increase (decrease) in net assets resulting from operations		169,236,862			(36,459,424	)
Net equalization credits and charges		12,143,075			15,880,576
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(37,502,617	)		(311,582,179	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		20,946,055			256,719,441
Cost of shares redeemed		(347,165,251	)		(782,280,454	)
Net income equalization		(12,143,075	)		(15,880,576	)
Net increase (decrease) in net assets from beneficial interest transactions		(338,362,271	)		(541,441,589	)
Net increase (decrease) in net assets during the period		(194,484,951	)		(873,602,616	)
Net assets at beginning of period		3,654,632,586			4,528,235,202
NET ASSETS AT END OF PERIOD	$	3,460,147,635		$	3,654,632,586
Undistributed (distribution in excess of) net investment income (loss)	$	(78,803,865	)	$	(92,868,098	)
SHARES OF BENEFICIAL INTEREST:
Shares sold		500,000			7,000,000
Shares redeemed		(8,800,000	)		(20,600,000	)
Net increase (decrease)		(8,300,000	)		(13,600,000	)

See accompanying notes to financial statements.

56

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P China ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,757,679	)	$	16,238,110
Net realized gain (loss)		4,108,153			12,351,245
Net change in unrealized appreciation/depreciation		83,912,523			216,230,520
Net increase (decrease) in net assets resulting from operations		86,262,997			244,819,875
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(17,293,452	)		(13,804,543	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		72,595,854			65,862,580
Cost of shares redeemed		—			(79,843,509	)
Other capital		—			81,680
Net increase (decrease) in net assets from beneficial interest transactions		72,595,854			(13,899,249	)
Net increase (decrease) in net assets during the period		141,565,399			217,116,083
Net assets at beginning of period		1,029,239,112			812,123,029
NET ASSETS AT END OF PERIOD	$	1,170,804,511		$	1,029,239,112
Undistributed (distribution in excess of) net investment income (loss)	$	(6,253,971	)	$	12,797,160
SHARES OF BENEFICIAL INTEREST:
Shares sold		600,000			800,000
Shares redeemed		—			(1,000,000	)
Net increase (decrease)		600,000			(200,000	)

See accompanying notes to financial statements.

57

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Global Natural Resources ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	16,152,151		$	27,102,435
Net realized gain (loss)		29,243,569			(14,310,322	)
Net change in unrealized appreciation/depreciation		29,874,783			164,355,129
Net increase (decrease) in net assets resulting from operations		75,270,503			177,147,242
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(17,742,516	)		(21,131,997	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		286,005,809			383,018,989
Cost of shares redeemed		(110,463,967	)		(35,713,570	)
Net increase (decrease) in net assets from beneficial interest transactions		175,541,842			347,305,419
Net increase (decrease) in net assets during the period		233,069,829			503,320,664
Net assets at beginning of period		1,226,153,541			722,832,877
NET ASSETS AT END OF PERIOD	$	1,459,223,370		$	1,226,153,541
Undistributed (distribution in excess of) net investment income (loss)	$	9,476,697		$	11,067,062
SHARES OF BENEFICIAL INTEREST:
Shares sold		5,850,000			9,150,000
Shares redeemed		(2,300,000	)		(900,000	)
Net increase (decrease)		3,550,000			8,250,000

See accompanying notes to financial statements.

58

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P International Small Cap ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	8,910,030		$	15,381,998
Net realized gain (loss)		(39,160,798	)		30,389,035
Net change in unrealized appreciation/depreciation		77,223,450			74,520,391
Net increase (decrease) in net assets resulting from operations		46,972,682			120,291,424
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(20,549,602	)		(18,173,278	)
Net realized gains		(25,045,644	)		(8,822,560	)
Total distributions to shareholders		(45,595,246	)		(26,995,838	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		127,692,902			109,633,538
Cost of shares redeemed		(91,678,167	)		(18,811,709	)
Net increase (decrease) in net assets from beneficial interest transactions		36,014,735			90,821,829
Net increase (decrease) in net assets during the period		37,392,171			184,117,415
Net assets at beginning of period		886,429,537			702,312,122
NET ASSETS AT END OF PERIOD	$	923,821,708		$	886,429,537
Undistributed (distribution in excess of) net investment income (loss)	$	(2,554,192	)	$	9,085,380
SHARES OF BENEFICIAL INTEREST:
Shares sold		3,500,000			3,500,000
Shares redeemed		(2,600,000	)		(600,000	)
Net increase (decrease)		900,000			2,900,000

See accompanying notes to financial statements.

59

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P North American Natural Resources ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	7,251,791		$	13,633,658
Net realized gain (loss)		112,016,925			7,457,091
Net change in unrealized appreciation/depreciation		(108,130,743	)		17,983,725
Net increase (decrease) in net assets resulting from operations		11,137,973			39,074,474
Net equalization credits and charges		(68,156	)		344,809
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(9,205,689	)		(13,273,288	)
Net realized gains		(4,485,257	)		(27,661,995	)
Total distributions to shareholders		(13,690,946	)		(40,935,283	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		53,268,085			199,954,790
Cost of shares redeemed		(387,750,182	)		(10,426,420	)
Net income equalization		68,156			(344,809	)
Net increase (decrease) in net assets from beneficial interest transactions		(334,413,941	)		189,183,561
Net increase (decrease) in net assets during the period		(337,035,070	)		187,667,561
Net assets at beginning of period		1,016,760,004			829,092,443
NET ASSETS AT END OF PERIOD	$	679,724,934		$	1,016,760,004
Undistributed (distribution in excess of) net investment income (loss)	$	2,237,451		$	4,191,349
SHARES OF BENEFICIAL INTEREST:
Shares sold		1,550,000			6,150,000
Shares redeemed		(11,500,000	)		(300,000	)
Net increase (decrease)		(9,950,000	)		5,850,000

See accompanying notes to financial statements.

60

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR Dow Jones Global Real Estate ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13
Net asset value, beginning of period	$	47.66		$	49.68		$	45.11		$	44.24		$	42.16		$	40.56
Income (loss) from investment operations:
Net investment income (loss) (a)		0.80			1.19			1.23			1.17			1.23			1.16
Net realized and unrealized gain (loss) (b)		(1.50	)		(1.51	)		4.88			1.04			2.24			2.21
Total from investment operations		(0.70	)		(0.32	)		6.11			2.21			3.47			3.37
Net equalization credits and charges (a)		0.00	(c)		(0.00	)(c)		0.03			0.02			0.07			0.10
Distributions to shareholders from:
Net investment income		(0.77	)		(1.68	)		(1.57	)		(1.36	)		(1.46	)		(1.87	)
Net realized gains		—			(0.02	)		—			—			—			—
Total distributions		(0.77	)		(1.70	)		(1.57	)		(1.36	)		(1.46	)		(1.87	)
Net asset value, end of period	$	46.19		$	47.66		$	49.68		$	45.11		$	44.24		$	42.16
Total return (d)		(1.50	)%		(0.55	)%		13.71	%		4.96	%		8.44	%		8.61	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,586,897		$	2,688,166		$	2,494,073		$	1,899,194		$	1,473,132		$	1,003,377
Ratios to average net assets:
Total expenses		0.50	%(e)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		3.39	%(e)		2.52	%		2.56	%		2.46	%		2.77	%		2.71	%
Portfolio turnover rate (f)		4	%(g)		13	%		9	%		6	%		7	%		8	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

See accompanying notes to financial statements.

61

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Dow Jones International Real Estate ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13
Net asset value, beginning of period	$	38.37		$	41.61		$	39.24		$	41.54		$	42.00		$	39.29
Income (loss) from investment operations:
Net investment income (loss) (a)		0.56			1.16			1.08			1.02			1.39			1.29
Net realized and unrealized gain (loss) (b)		1.15			(1.36	)		2.32			(2.07	)		0.16			4.01
Total from investment operations		1.71			(0.20	)		3.40			(1.05	)		1.55			5.30
Net equalization credits and charges (a)		0.13			0.16			0.08			(0.01	)		(0.06	)		0.02
Distributions to shareholders from:
Net investment income		(0.41	)		(3.20	)		(1.11	)		(1.24	)		(1.95	)		(2.61	)
Net asset value, end of period	$	39.80		$	38.37		$	41.61		$	39.24		$	41.54		$	42.00
Total return (c)		4.79	%		0.48	%		8.93	%		(2.66	)%		3.57	%		13.83	%(d)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	3,460,148		$	3,654,633		$	4,528,235		$	4,753,058		$	4,903,056		$	4,045,899
Ratios to average net assets:
Total expenses		0.59	%(e)		0.59	%		0.59	%		0.60	%		0.59	%		0.59	%
Net investment income (loss)		2.82	%(e)		3.03	%		2.65	%		2.40	%		3.27	%		3.10	%
Portfolio turnover rate (f)		6	%(g)		18	%		14	%		8	%		8	%		11	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have remained 13.83%.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

See accompanying notes to financial statements.

62

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P China ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13
Net asset value, beginning of period	$	101.90		$	78.85		$	68.73		$	76.42		$	74.18		$	65.45
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.17	)		1.57	(b)		1.38			1.92			1.77			1.63
Net realized and unrealized gain (loss) (c)		9.40			22.78			10.68			(8.34	)		1.93			8.72
Total from investment operations		9.23			24.35			12.06			(6.42	)		3.70			10.35
Other capital		—			0.01			0.00	(d)		0.02			—			—
Distributions to shareholders from:
Net investment income		(1.71	)		(1.31	)		(1.94	)		(1.29	)		(1.46	)		(1.62	)
Net asset value, end of period	$	109.42		$	101.90		$	78.85		$	68.73		$	76.42		$	74.18
Total return (e)		9.09	%		31.50	%(b)		17.81	%		(8.69	)%		5.00	%		16.20	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	1,170,805		$	1,029,239		$	812,123		$	817,908		$	947,605		$	897,623
Ratios to average net assets:
Total expenses		0.59	%(f)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		(0.31	)%(f)		1.85	%(b)		1.94	%		2.32	%		2.33	%		2.31	%
Portfolio turnover rate (g)		2	%(h)		5	%		6	%		14	%		10	%		12	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividend from portfolio holding. The resulting increase to net investment income amounted to $0.19 per share and 0.23% of average net assets. If the special dividends were not received during the year ended September 30, 2017, the total return would have been 31.24%.

(c) 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.

(d) Amount is less than $0.005 per share.

(e) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(h) Not annualized.

See accompanying notes to financial statements.

63

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Global Natural Resources ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13
Net asset value, beginning of period	$	45.84		$	39.07		$	32.56		$	48.62		$	48.54		$	50.90
Income (loss) from investment operations:
Net investment income (loss) (a)		0.56			1.19			0.97			1.51			1.33			1.30
Net realized and unrealized gain (loss) (b)		2.40			6.51			6.63			(16.27	)		(0.10	)		(2.41	)
Total from investment operations		2.96			7.70			7.60			(14.76	)		1.23			(1.11	)
Distributions to shareholders from:
Net investment income		(0.64	)		(0.93	)		(1.09	)		(1.30	)		(1.15	)		(1.25	)
Net asset value, end of period	$	48.16		$	45.84		$	39.07		$	32.56		$	48.62		$	48.54
Total return (c)		6.44	%		19.95	%		23.87	%		(30.97	)%		2.39	%		(2.09	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	1,459,223		$	1,226,154		$	722,833		$	569,822		$	595,617		$	407,763
Ratios to average net assets:
Total expenses		0.40	%(d)		0.41	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income (loss)		2.33	%(d)		2.82	%		2.75	%		3.52	%		2.63	%		2.63	%
Portfolio turnover rate (e)		8	%(f)		25	%		23	%		21	%		18	%		31	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

See accompanying notes to financial statements.

64

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Small Cap ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13
Net asset value, beginning of period	$	34.90		$	31.21		$	27.57		$	32.76		$	32.82		$	27.49
Income (loss) from investment operations:
Net investment income (loss) (a)		0.35			0.63			0.62			0.57			0.54			0.65
Net realized and unrealized gain (loss) (b)		1.72			4.23			3.76			(2.14	)		0.36			5.37
Total from investment operations		2.07			4.86			4.38			(1.57	)		0.90			6.02
Distributions to shareholders from:
Net investment income		(0.83	)		(0.79	)		(0.59	)		(0.49	)		(0.96	)		(0.69	)
Net realized gains		(1.01	)		(0.38	)		(0.15	)		(3.13	)		—			—
Total distributions		(1.84	)		(1.17	)		(0.74	)		(3.62	)		(0.96	)		(0.69	)
Net asset value, end of period	$	35.13		$	34.90		$	31.21		$	27.57		$	32.76		$	32.82
Total return (c)		5.88	%		16.30	%		16.18	%		(4.77	)%		2.69	%		22.25	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	923,822		$	886,430		$	702,312		$	650,556		$	792,719		$	813,871
Ratios to average net assets:
Total expenses		0.40	%(d)		0.40	%		0.40	%		0.47	%		0.60	%		0.59	%
Net investment income (loss)		1.99	%(d)		1.99	%		2.15	%		1.93	%		1.59	%		2.20	%
Portfolio turnover rate (e)		2	%(f)		31	%		20	%		17	%		51	%		21	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

See accompanying notes to financial statements.

65

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P North American Natural Resources ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17			For the Period 12/16/15* - 9/30/16
Net asset value, beginning of period	$	33.67		$	34.05		$	25.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.26			0.50			0.39
Net realized and unrealized gain (loss) (b)		0.09			0.75			8.91
Total from investment operations		0.35			1.25			9.30
Net equalization credits and charges (a)		(0.00	)(c)		0.01			(0.02	)
Distributions to shareholders from:
Net investment income		(0.30	)		(0.51	)		(0.25	)
Net realized gains		(0.15	)		(1.13	)		—
Total distributions		(0.45	)		(1.64	)		(0.25	)
Net asset value, end of period	$	33.57		$	33.67		$	34.05
Total return (d)		0.95	%		3.74	%		37.21	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	679,725		$	1,016,760		$	829,092
Ratios to average net assets:
Total expenses		0.35	%(e)		0.35	%		0.35	%(e)
Net investment income (loss)		1.50	%(e)		1.53	%		1.63	%(e)
Portfolio turnover rate (f)		9	%(g)		15	%		15	%(g)

* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

See accompanying notes to financial statements.

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1. Organization

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

As of March 31, 2018, the Trust consists of thirty (30) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):

SPDR Dow Jones Global Real Estate ETF

SPDR Dow Jones International Real Estate ETF

SPDR S&P China ETF

SPDR S&P Global Natural Resources ETF

SPDR S&P International Small Cap ETF

SPDR S&P North American Natural Resources ETF

Each Fund is classified as a non-diversified investment company under the 1940 Act.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would 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.

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Security Valuation

Each Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE 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 the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by 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.

Valuation techniques used to value each Fund’s investments by major category are as follows:

• Equity investments (including 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 services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy 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 (“NAV”) per share or unit.

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 determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Funds’ underlying benchmarks. Various inputs are used in determining the value of the Funds’ investments.

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The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize 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 an identical asset or liability;

• 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.

The value of each Fund’s investments according to the fair value hierarchy as of March 31, 2018, is disclosed in each Fund’s respective Schedule 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. The Funds had no material transfers between levels for the period ended March 31, 2018.

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any. 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

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March 31, 2018 (Unaudited)

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 determine the tax character of their distributions 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 initially as dividend income and re-designate the prior calendar year’s to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. 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 within the Trust.

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 at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the 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 March 31, 2018, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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Equalization

Certain Funds in the Trust 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 utilized equalization during the period ended March 31, 2018:

SPDR Dow Jones Global Real Estate ETF

SPDR Dow Jones International Real Estate ETF

SPDR S&P North American Natural Resources ETF

Distributions

The SPDR Dow Jones Global Real Estate ETF and the SPDR Dow Jones International Real Estate ETF declare and distribute from net investment income, if any, to their shareholders quarterly. The SPDR S&P North American Natural Resources ETF, SPDR S&P China ETF, SPDR S&P International Small Cap ETF and SPDR S&P Global Natural Resources ETF declare and distribute from net investment income, if any, to their shareholders semi-annually.

Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve index tracking or to comply with the distribution requirements of the Internal Revenue Code. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Fees and Transactions with Affiliates

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

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March 31, 2018 (Unaudited)

quarterly, based on a percentage of each Fund’s average daily net assets as shown in the following table:

	Annual Rate
SPDR Dow Jones Global Real Estate ETF		0.50	%
SPDR Dow Jones International Real Estate ETF		0.59
SPDR S&P China ETF		0.59
SPDR S&P Global Natural Resources ETF		0.40
SPDR S&P International Small Cap ETF		0.40
SPDR S&P North American Natural Resources ETF		0.35

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 expenses, taxes, interest, the fees and expenses of the Trust’s trustees who are “not interested persons” of the Trust, as defined in the 1940 Act, (“Independent Trustees”) (including any Trustees’ counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.

Administrator, Custodian, Sub-Administrator and Transfer Agent Fees

SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.

Distributor

State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the Distributor of the Trust.

Other Transactions with Affiliates - Securities Lending

State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017.

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.

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March 31, 2018 (Unaudited)

In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, an affiliated money market fund, for which SSGA FM serves as investment adviser. See Note 8 for additional information regarding securities lending.

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2018, are disclosed in the Schedules of Investments.

4. Trustees’ Fees

The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

5. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended March 31, 2018, were as follows:

	Purchases		Sales
SPDR Dow Jones Global Real Estate ETF	$	171,139,483	$	185,062,388
SPDR Dow Jones International Real Estate ETF		257,409,823		565,303,548
SPDR S&P China ETF		76,411,897		17,317,575
SPDR S&P Global Natural Resources ETF		149,647,493		106,023,104
SPDR S&P International Small Cap ETF		20,233,038		54,977,839
SPDR S&P North American Natural Resources ETF		87,260,502		88,087,783

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SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

For the period ended March 31, 2018, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

	In-kind Contributions		In-kind Redemptions		In-kind Net Realized Gains/(Losses)
SPDR Dow Jones Global Real Estate ETF	$	57,938,581	$	74,674,949	$	17,069,055
SPDR Dow Jones International Real Estate ETF		20,780,831		344,367,972		60,541,716
SPDR S&P China ETF		11,919,223		—		—
SPDR S&P Global Natural Resources ETF		238,043,763		110,299,694		38,524,672
SPDR S&P International Small Cap ETF		101,259,362		71,978,458		15,947,947
SPDR S&P North American Natural Resources ETF		53,268,695		389,000,735		120,608,930

6. Shareholder Transactions

Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes on Net Assets.

7. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. 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. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon

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March 31, 2018 (Unaudited)

jurisdiction. As of September 30, 2017, SSGA FM has analyzed each Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

As of March 31, 2018, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SPDR Dow Jones Global Real Estate ETF	$	2,577,945,414	$	245,698,672	$	221,926,002	$	23,772,670
SPDR Dow Jones International Real Estate ETF		3,539,911,790		375,081,916		305,244,579		69,837,337
SPDR S&P China ETF		930,102,433		387,486,750		127,016,710		260,470,040
SPDR S&P Global Natural Resources ETF		1,383,751,554		162,950,812		45,391,939		117,558,873
SPDR S&P International Small Cap ETF		943,769,214		161,816,271		93,351,919		68,464,352
SPDR S&P North American Natural Resources ETF		610,409,798		112,755,829		14,949,439		97,806,390

8. Securities Lending

Each Fund may lend securities 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

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March 31, 2018 (Unaudited)

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.

The market value of securities on loan as of March 31, 2018, 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 non-cash collateral and 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 March 31, 2018:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non Cash Collateral Received*		Total Collateral Received
SPDR Dow Jones Global Real Estate ETF	$	42,984,802	$	25,171,435	$	19,325,377	$	44,496,812
SPDR Dow Jones International Real Estate ETF		170,226,643		166,351,563		11,320,596		177,672,159
SPDR S&P China ETF		80,905,230		18,667,846		69,825,776		88,493,622
SPDR S&P Global Natural Resources ETF		84,253,583		48,214,731		39,097,682		87,312,413
SPDR S&P International Small Cap ETF		124,248,733		95,964,387		35,333,821		131,298,208
SPDR S&P North American Natural Resources ETF		60,839,392		28,720,522		34,031,804		62,752,326

* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of March 31, 2018:

		Remaining Contractual Maturity of the Agreements As of March 31, 2018
Fund	Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total Borrowings		Gross Amount of Recognized Liabilities for Securities Lending Transactions
SPDR Dow Jones Global Real Estate ETF	Common Stocks	$	25,171,435	$	—	$	—	$	—	$	25,171,435	$	25,171,435
SPDR Dow Jones International Real Estate ETF	Common Stocks		166,351,563		—		—		—		166,351,563		166,351,563
SPDR S&P China ETF	Common Stocks		18,667,846		—		—		—		18,667,846		18,667,846
SPDR S&P Global Natural Resources ETF	Common Stocks		48,214,731		—		—		—		48,214,731		48,214,731
SPDR S&P International Small Cap ETF	Common Stocks		95,964,387		—		—		—		95,964,387		95,964,387
SPDR S&P North American Natural Resources ETF	Common Stocks		28,720,522		—		—		—		28,720,522		28,720,522

9. Line of Credit

The Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless extended or renewed.

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 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 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

Prior to October 12, 2017, the Funds and other affiliated funds participated in a $360 million revolving credit facility.

The Funds had no outstanding loans as of March 31, 2018.

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10. Risks

Concentration Risk

As a result of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if the Funds were more broadly diversified.

Foreign and Emerging Markets Risk

Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

11. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date on which 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.

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OTHER INFORMATION

March 31, 2018 (Unaudited)

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from October 1, 2017 to March 31, 2018.

The table below illustrates your Fund’s cost in two ways:

Based on actual fund return — This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, 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 given for the Fund under the heading “Expenses Paid During Period”.

Based on hypothetical 5% return — This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

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 sales load charges (loads). Therefore, the hypothetical 5% return section of the 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.

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OTHER INFORMATION (continued)

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	SPDR Dow Jones Global Real Estate ETF			SPDR Dow Jones International Real Estate ETF			SPDR S&P China ETF
Annualized Expense Ratio		0.50	%		0.59	%		0.59	%
Actual:
Ending Account Value	$	985.00		$	1,047.90		$	1,090.90
Expenses Paid During Period(a)		2.47			3.01			3.08
Hypothetical (assuming a 5% return before expenses):
Ending Account Value		1,022.40			1,022.00			1,022.00
Expenses Paid During Period(a)		2.52			2.97			2.97
	SPDR S&P Global Natural Resources ETF			SPDR S&P International Small Cap ETF			SPDR S&P North American Natural Resources ETF
Annualized Expense Ratio		0.40	%		0.40	%		0.35	%
Actual:
Ending Account Value	$	1,064.40		$	1,058.80		$	1,009.50
Expenses Paid During Period(a)		2.06			2.05			1.75
Hypothetical (assuming a 5% return before expenses):
Ending Account Value		1,022.90			1,022.90			1,023.20
Expenses Paid During Period(a)		2.02			2.02			1.77

(a) Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by 182, then divided by 365.

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 NAV of the Fund during the past calendar year can be found at www.spdrs.com.

80

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

March 31, 2018 (Unaudited)

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 SEC’s website, 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 Funds’ 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.

Full Portfolio Schedule

The complete schedule of portfolio holdings for the following Funds is available on the Funds’ website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

SPDR S&P China ETF

SPDR S&P International Small Cap ETF

81

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

Investment Manager and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

Distributor

State Street Global Advisors Funds

Distributors, LLC

One Iron Street

Boston, MA 02210

Custodian, Sub-Administrator and Transfer Agent

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Legal Counsel

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

101 Seaport Boulevard

Suite 500

Boston, MA 02210

Fund Shares are distributed by State Street Global Advisors Funds Distributors, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Advisors Funds Distributors, 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 1.866.787.2257 or

visit spdrs.com today.

ssga.com | spdrs.com

The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indices 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 Advisors Funds Distributors, LLC, an indirect wholly-owned subsidiary of State Street Corporation. State Street Global Advisors Funds Distributors, 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 adviser, administrator and securities lending agent.

Standard & Poor’s^®, S&P^® and SPDR^® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain

purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

Before investing, consider the Funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.spdrs.com. Read it carefully.

Not FDIC Insured • No Bank Guarantee • May Lose Value

The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.

State Street Global Advisors © 2018 State Street Corporation - All Rights Reserved

0515 Exp. Date: 11/30/2018 SPDRISRASAR

Semi-Annual Report

March 31, 2018

SPDR^® Index Shares Funds

SPDR EURO STOXX 50 ETF

SPDR MSCI ACWI ex-US ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR S&P Emerging Markets Small Cap ETF

SPDR S&P International Dividend ETF

SPDR STOXX Europe 50 ETF

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.

TABLE OF CONTENTS (UNAUDITED)

Portfolio Statistics (Unaudited)
SPDR EURO STOXX 50 ETF (FEZ)	1
SPDR MSCI ACWI ex-US ETF (CWI)	2
SPDR S&P Emerging Markets Dividend ETF (EDIV)	3
SPDR S&P Emerging Markets Small Cap ETF (EWX)	4
SPDR S&P International Dividend ETF (DWX)	5
SPDR STOXX Europe 50 ETF (FEU)	6
Schedules of Investments (Unaudited)
SPDR EURO STOXX 50 ETF (FEZ)	7
SPDR MSCI ACWI ex-US ETF (CWI) (Summary)	11
SPDR S&P Emerging Markets Dividend ETF (EDIV)	19
SPDR S&P Emerging Markets Small Cap ETF (EWX) (Summary)	25
SPDR S&P International Dividend ETF (DWX)	32
SPDR STOXX Europe 50 ETF (FEU)	39
Financial Statements (Unaudited)	43
Financial Highlights (Unaudited)	55
Notes to Financial Statements (Unaudited)	61
Other Information (Unaudited)	74

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.

[This Page Intentionally Left Blank]

SPDR EURO STOXX 50 ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
TOTAL SA		5.1	%
SAP SE		4.0
Siemens AG		3.8
Banco Santander SA		3.7
Allianz SE		3.5
Bayer AG		3.3
BASF SE		3.3
Sanofi		3.2
Unilever NV		3.1
BNP Paribas SA		3.0
TOTAL		36.0	%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Financials		21.9	%
Industrials		13.7
Consumer Discretionary		12.1
Consumer Staples		10.7
Health Care		9.9
Information Technology		8.1
Energy		6.6
Materials		6.1
Utilities		5.2
Telecommunication Services		4.7
Real Estate		0.8
Short-Term Investments		1.6
Liabilities in Excess of Other Assets		(1.4	)
TOTAL		100.0	%

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

See accompanying notes to financial statements.

1

SPDR MSCI ACWIEX-US ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Tencent Holdings, Ltd.		1.4	%
Nestle SA		1.2
Samsung Electronics Co., Ltd. GDR		1.1
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1.0
Novartis AG		0.9
HSBC Holdings PLC		0.9
Alibaba Group Holding, Ltd. ADR		0.9
Toyota Motor Corp.		0.8
Roche Holding AG		0.8
Royal Dutch Shell PLC Class A		0.7
TOTAL		9.7	%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Financials		23.2	%
Industrials		12.3
Consumer Discretionary		11.2
Information Technology		11.1
Consumer Staples		9.2
Health Care		7.8
Materials		7.6
Energy		6.7
Telecommunication Services		4.3
Utilities		3.0
Real Estate		2.6
Short-Term Investments		2.3
Liabilities in Excess of Other Assets		(1.3	)
TOTAL		100.0	%

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

See accompanying notes to financial statements.

2

SPDR S&P EMERGING MARKETS DIVIDEND ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
PTT PCL NVDR		4.0	%
Tenaga Nasional Bhd		3.0
PTT Global Chemical PCL NVDR		2.9
Public Bank Bhd		2.6
China Resources Land, Ltd.		2.6
China Overseas Land & Investment, Ltd.		2.4
LUKOIL PJSC		2.3
United Microelectronics Corp.		2.3
Siam Cement PCL NVDR		2.3
Barclays Africa Group, Ltd.		2.3
TOTAL		26.7	%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Financials		25.3	%
Information Technology		14.1
Energy		10.6
Consumer Discretionary		8.1
Telecommunication Services		7.8
Materials		7.7
Real Estate		7.2
Consumer Staples		6.7
Utilities		6.1
Industrials		3.2
Health Care		2.7
Short-Term Investments		8.1
Liabilities in Excess of Other Assets		(7.6	)
TOTAL		100.0	%

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

See accompanying notes to financial statements.

3

SPDR S&P EMERGING MARKETS SMALL CAP ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Future Land Holdings Co., Ltd.		0.5	%
WNS Holdings, Ltd. ADR		0.4
Li Ning Co., Ltd.		0.4
Top Glove Corp. Bhd		0.4
Moneta Money Bank A/S		0.4
My EG Services Bhd		0.4
Indah Kiat Pulp & Paper Corp. Tbk PT		0.4
Mindtree, Ltd.		0.4
Chroma ATE, Inc.		0.4
CVC Brasil Operadora e Agencia de Viagens SA		0.4
TOTAL		4.1	%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Information Technology		21.8	%
Consumer Discretionary		16.2
Industrials		13.7
Materials		10.9
Real Estate		9.5
Financials		8.3
Health Care		6.2
Consumer Staples		6.1
Utilities		2.9
Energy		2.7
Telecommunication Services		1.4
Short-Term Investments		3.7
Liabilities in Excess of Other Assets		(3.4	)
TOTAL		100.0	%

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

See accompanying notes to financial statements.

4

SPDR S&P INTERNATIONAL DIVIDEND ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
SSE PLC		2.5	%
EDP - Energias de Portugal SA		2.4
Gazprom PJSC ADR		2.1
Enagas SA		2.0
Swiss Re AG		2.0
Westpac Banking Corp.		1.9
National Grid PLC		1.8
Skanska AB		1.8
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1.7
Commonwealth Bank of Australia		1.6
TOTAL		19.8	%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Financials		22.0	%
Utilities		21.6
Real Estate		14.1
Industrials		12.2
Telecommunication Services		8.6
Consumer Staples		8.1
Consumer Discretionary		5.6
Energy		4.2
Health Care		1.8
Information Technology		0.7
Materials		0.6
Short-Term Investments		2.9
Liabilities in Excess of Other Assets		(2.4	)
TOTAL		100.0	%

(The Fund’s sector breakdown is expressed as a percentage of net assets andmay change over time.)

See accompanying notes to financial statements.

5

SPDR STOXX EUROPE 50 ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Nestle SA		5.7	%
Novartis AG		4.6
HSBC Holdings PLC		4.4
Roche Holding AG		3.7
Royal Dutch Shell PLC Class A		3.4
TOTAL SA		3.3
BP PLC		3.1
British American Tobacco PLC		3.1
SAP SE		2.6
Siemens AG		2.5
TOTAL		36.4	%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Financials		23.1	%
Consumer Staples		19.6
Health Care		18.9
Energy		10.8
Industrials		7.5
Materials		6.1
Information Technology		4.6
Telecommunication Services		3.9
Consumer Discretionary		3.9
Utilities		0.9
Short-Term Investments		0.1
Other Assets in Excess of Liabilities		0.6
TOTAL		100.0	%

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

See accompanying notes to financial statements.

6

SPDR EURO STOXX 50 ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
BELGIUM — 2.9%
Anheuser-Busch InBev SA		1,138,993	$	125,062,624
FINLAND — 1.1%
Nokia Oyj		8,647,511		47,698,626
FRANCE — 36.8%
Air Liquide SA		657,922		80,493,810
Airbus SE		875,498		100,997,424
AXA SA		3,198,312		84,962,421
BNP Paribas SA		1,769,513		130,944,140
Cie de Saint-Gobain		850,129		44,811,481
Danone SA		977,524		79,021,153
Engie SA		2,838,691		47,322,747
Essilor International Cie Generale d’Optique SA		336,531		45,361,555
L’Oreal SA		375,503		84,673,327
LVMH Moet Hennessy Louis Vuitton SE (a)		414,685		127,602,132
Orange SA		3,147,668		53,363,953
Safran SA		550,797		58,242,674
Sanofi		1,756,951		141,164,212
Schneider Electric SE		858,598		75,331,268
Societe Generale SA		1,240,782		67,387,113
TOTAL SA (a)		3,894,889		220,968,740
Unibail-Rodamco SE REIT (a) (b)		147,961		33,782,712
Unibail-Rodamco SE REIT (b)		5,396		1,232,024
Vinci SA		853,471		83,866,370
Vivendi SA		1,581,622		40,848,329
				1,602,377,585
GERMANY — 32.4%
adidas AG		280,079		67,737,131
Allianz SE		676,090		152,495,189
BASF SE		1,410,572		143,068,345
Bayer AG		1,270,000		143,367,724
Bayerische Motoren Werke AG		493,697		53,522,342
Daimler AG		1,530,643		129,833,402
Deutsche Bank AG		2,891,708		40,279,428
Deutsche Post AG		1,498,033		65,440,504
Deutsche Telekom AG		4,980,550		81,160,644
E.ON SE		3,380,380		37,499,404
Fresenius SE & Co. KGaA		629,804		48,069,487
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		238,083		55,296,504
SAP SE		1,662,646		173,747,158
Siemens AG		1,305,402		166,196,103

See accompanying notes to financial statements.

7

SPDR EURO STOXX 50 ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Volkswagen AG Preference Shares		281,146	$	55,799,964
				1,413,513,329
IRELAND — 1.0%
CRH PLC		1,288,465		43,687,952
ITALY — 5.1%
Enel SpA		11,930,406		72,922,897
Eni SpA		3,901,311		68,554,239
Intesa Sanpaolo SpA		22,347,532		81,174,354
				222,651,490
LUXEMBOURG — 0.0% (c)
APERAM SA		1		48
NETHERLANDS — 7.5%
ASML Holding NV		662,874		130,560,026
ING Groep NV		5,967,683		100,549,199
Koninklijke Ahold Delhaize NV		1,818,310		43,029,910
Koninklijke Philips NV		1,445,027		55,385,412
				329,524,547
SPAIN — 9.9%
Banco Bilbao Vizcaya Argentaria SA		10,240,342		80,967,399
Banco Santander SA		24,781,415		161,378,013
Iberdrola SA		9,047,035		66,447,458
Industria de Diseno Textil SA		1,706,855		53,382,055
Telefonica SA		7,058,508		69,690,339
				431,865,264
UNITED KINGDOM — 3.1%
Unilever NV		2,400,043		135,394,201
TOTAL COMMON STOCKS (Cost $4,261,606,853)				4,351,775,666
SHORT-TERM INVESTMENTS — 1.6%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (d) (e)		92,725		92,725

See accompanying notes to financial statements.

8

SPDR EURO STOXX 50 ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		69,782,046	$	69,782,046
TOTAL SHORT-TERM INVESTMENTS (Cost $69,874,771)				69,874,771
TOTAL INVESTMENTS — 101.4% (Cost $4,331,481,624)				4,421,650,437
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.4)%				(63,188,830	)
NET ASSETS — 100.0%			$	4,358,461,607

(a) All or a portion of the shares of the security are on loan at March 31, 2018.

(b) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(c) Amount is less than 0.05% of net assets.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2018.

(f) Investment of cash collateral for securities loaned.

REIT =Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Belgium		$	125,062,624		$	—		$	—		$	125,062,624
Finland			47,698,626			—			—			47,698,626
France			1,602,377,585			—			—			1,602,377,585
Germany			1,413,513,329			—			—			1,413,513,329
Ireland			43,687,952			—			—			43,687,952
Italy			222,651,490			—			—			222,651,490
Luxembourg			48			—			—			48
Netherlands			329,524,547			—			—			329,524,547
Spain			431,865,264			—			—			431,865,264
United Kingdom			135,394,201			—			—			135,394,201
Short-Term Investments			69,874,771			—			—			69,874,771
TOTAL INVESTMENTS		$	4,421,650,437		$	—		$	—		$	4,421,650,437

See accompanying notes to financial statements.

9

SPDR EURO STOXX 50 ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		164,128		$	164,128		$	25,152,924		$	25,224,327		$	—		$	—		92,725		$	92,725		$	7,045
State Street Navigator Securities Lending Government Money Market Portfolio		2,656,640			2,656,640			664,697,199			597,571,793			—			—		69,782,046			69,782,046			747,194
Total				$	2,820,768		$	689,850,123		$	622,796,120		$	—		$	—				$	69,874,771		$	754,239

See accompanying notes to financial statements.

10

SPDR MSCI ACWI EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS - 99.0%
AUSTRALIA – 4.6%
Australia & New Zealand Banking Group, Ltd.		241,837	$	4,982,559
BHP Billiton, Ltd.		237,595		5,141,195
Commonwealth Bank of Australia		139,974		7,763,712
Westpac Banking Corp.		265,281		5,823,706
Other Securities		5,713,836		47,196,517
				70,907,689
AUSTRIA – 0.3%
Other Securities		98,660		4,820,045
BELGIUM – 0.9%
Anheuser-Busch InBev SA		62,826		6,898,360
Other Securities		93,326		7,341,178
				14,239,538
BRAZIL – 1.9%
Other Securities		3,310,595		29,550,197
CANADA – 6.1%
Bank of Nova Scotia		86,760		5,340,526
Royal Bank of Canada		109,585		8,459,103
Toronto-Dominion Bank		138,395		7,848,019
Other Securities		2,429,657		73,211,109
				94,858,757
CHILE – 0.3%
Other Securities		429,896		5,073,113
CHINA – 7.4%
Alibaba Group Holding, Ltd. ADR (a) (b)		74,861		13,739,988
China Construction Bank Corp. Class H		5,177,720		5,317,384
China Huishan Dairy Holdings Co., Ltd. (a) (b) (c)		1,418,000		—
Tencent Holdings, Ltd		422,000		22,024,031
Other Securities		45,160,549		73,903,647
				114,985,050
COLOMBIA – 0.1%
Other Securities		138,217		1,467,836
DENMARK – 1.2%
Novo Nordisk A/S Class B		153,188		7,519,251
Other Securities		160,837		11,361,256
				18,880,507
EGYPT – 0.1%
Other Securities		898,429		1,025,331

See accompanying notes to financial statements.

11

SPDR MSCI ACWI EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
FINLAND – 0.8%
Other Securities		607,996	$	11,648,801
FRANCE – 7.1%
Airbus SE		47,480		5,477,291
BNP Paribas SA		78,031		5,774,302
L’Oreal SA		23,057		5,199,194
LVMH Moet Hennessy Louis Vuitton SE		21,207		6,525,576
Sanofi		92,478		7,430,249
TOTAL SA (b)		180,943		10,265,439
Other Securities		1,324,182		68,555,125
				109,227,176
GERMANY – 6.4%
Allianz SE		40,416		9,116,014
BASF SE		72,220		7,324,969
Bayer AG		66,057		7,457,041
Daimler AG		73,159		6,205,550
SAP SE		85,152		8,898,417
Siemens AG		67,586		8,604,652
Other Securities		1,192,234		51,952,165
				99,558,808
GREECE – 0.1%
Other Securities		780,984		1,543,075
HONG KONG – 2.8%
AIA Group, Ltd.		961,400		8,133,858
Hanergy Thin Film Power Group, Ltd. (a)(c)		448,000		—
Other Securities		8,935,402		35,236,022
				43,369,880
HUNGARY – 0.1%
Other Securities		124,205		2,197,237
INDIA – 1.9%
Other Securities		2,795,943		29,614,364
INDONESIA – 0.5%
Other Securities		20,868,300		8,154,204
IRELAND – 0.5%
Other Securities		273,844		6,917,219
ISRAEL – 0.4%
Other Securities		550,679		5,342,873
ITALY – 1.4%
Other Securities		3,611,606		21,840,437

See accompanying notes to financial statements.

12

SPDR MSCI ACWI EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
JAPAN – 16.5%
Honda Motor Co., Ltd.		140,500	$	4,810,160
Mitsubishi UFJ Financial Group, Inc.		836,200		5,474,810
SoftBank Group Corp.		79,400		5,827,893
Toyota Motor Corp.		201,100		12,937,717
Other Securities		11,835,628		226,576,096
				255,626,676
LUXEMBOURG – 0.1%
Other Securities		65,377		1,595,273
MACAU – 0.0% (d)
Other Securities		127,600		397,352
MALAYSIA – 0.5%
Other Securities		5,983,929		7,530,619
MEXICO – 0.8%
Other Securities		6,662,702		12,623,589
NETHERLANDS – 3.2%
ASML Holding NV		31,568		6,217,651
Royal Dutch Shell PLC Class A		347,301		10,881,474
Royal Dutch Shell PLC Class B		278,858		8,907,214
Other Securities		1,121,082		23,866,165
				49,872,504
NEW ZEALAND – 0.1%
Other Securities		647,250		1,456,619
NORWAY – 0.5%
Other Securities		476,916		7,922,160
PERU – 0.1%
Other Securities		27,279		2,018,437
PHILIPPINES – 0.3%
Other Securities		9,388,564		3,851,015
POLAND – 0.2%
Other Securities		361,925		3,628,841
PORTUGAL – 0.1%
Other Securities		192,109		1,040,904
QATAR – 0.0% (d)
Other Securities		51,890		534,255
ROMANIA – 0.0% (d)
Other Security		7,505		72,841
RUSSIA – 0.9%
Other Securities		1,145,211		13,665,748

See accompanying notes to financial statements.

13

SPDR MSCI ACWI EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SINGAPORE – 1.0%
Other Securities		2,806,287	$	15,880,457
SOUTH AFRICA – 1.7%
Naspers, Ltd. Class N		34,446		8,406,990
Other Securities		1,921,025		17,400,742
				25,807,732
SOUTH KOREA – 3.9%
Samsung Electronics Co., Ltd. GDR		15,036		17,231,256
Other Securities		530,671		42,496,151
				59,727,407
SPAIN – 2.1%
Banco Santander SA		1,147,808		7,474,592
Other Securities		2,322,272		25,646,908
				33,121,500
SWEDEN – 1.8%
Other Securities		1,987,957		27,539,012
SWITZERLAND – 5.8%
Nestle SA		236,318		18,661,620
Novartis AG		178,453		14,397,743
Roche Holding AG		52,068		11,913,219
UBS Group AG (a)		275,054		4,824,073
Other Securities		1,406,632		40,599,428
				90,396,083
TAIWAN – 2.7%
Hon Hai Precision Industry Co., Ltd. GDR		878,934		5,466,969
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		364,799		15,963,604
Other Securities		11,213,701		21,008,207
				42,438,780
THAILAND – 0.6%
Other Securities		8,094,238		8,443,509
TURKEY – 0.3%
Other Securities		2,352,453		3,841,886
UNITED ARAB EMIRATES – 0.1%
Other Securities		715,190		810,908
UNITED KINGDOM – 10.8%
AstraZeneca PLC		89,976		6,179,018
BP PLC		1,463,468		9,838,777
British American Tobacco PLC		165,699		9,602,202
Diageo PLC		178,770		6,048,779

See accompanying notes to financial statements.

14

SPDR MSCI ACWI EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
GlaxoSmithKline PLC		346,713	$	6,779,984
HSBC Holdings PLC		1,490,816		13,915,621
Unilever NV		127,844		7,212,094
Unilever PLC		104,329		5,788,982
Vodafone Group PLC		2,142,081		5,836,139
Other Securities		13,856,853		95,946,660
				167,148,256
TOTAL COMMON STOCKS (Cost $1,415,744,425)				1,532,214,500
RIGHTS - 0.0% (d)
SOUTH KOREA – 0.0% (d)
Other Security (cost $0)		11,428		22,247
SHORT-TERM INVESTMENTS - 2.3%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (e) (f)		2,338,108		2,338,108
State Street Navigator Securities Lending Government Money Market Portfolio (e) (g)		32,639,102		32,639,102
TOTAL SHORT-TERM INVESTMENTS (Cost $34,977,210)				34,977,210
TOTAL INVESTMENTS - 101.3% (Cost $1,450,721,635)				1,567,213,957
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.3)%				(19,654,945	)
NET ASSETS - 100.0%			$	1,547,559,012

See accompanying notes to financial statements.

15

SPDR MSCI ACWI EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund’s website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $0, representing 0.0% of the Fund’s net assets.

(d) Amount is less than 0.05% of net assets.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2018.

(g) Investment of cash collateral for securities loaned.

ADR American Depositary Receipt

GDR Global Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs				Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia		$	70,907,689		$	—		$	—			$	70,907,689
Austria			4,820,045			—			—				4,820,045
Belgium			14,239,538			—			—				14,239,538
Brazil			29,550,197			—			—				29,550,197
Canada			94,858,757			—			—				94,858,757
Chile			5,073,113			—			—				5,073,113
China			114,985,050			—			0	(a)			114,985,050
Colombia			1,467,836			—			—				1,467,836
Denmark			18,880,507			—			—				18,880,507
Egypt			1,025,331			—			—				1,025,331
Finland			11,648,801			—			—				11,648,801
France			109,227,176			—			—				109,227,176
Germany			99,558,808			—			—				99,558,808

See accompanying notes to financial statements.

16

SPDR MSCI ACWI EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs				Total
Greece		$	1,543,075		$	—		$	—			$	1,543,075
Hong Kong			43,369,880			—			0	(a)			43,369,880
Hungary			2,197,237			—			—				2,197,237
India			29,614,364			—			—				29,614,364
Indonesia			8,154,204			—			—				8,154,204
Ireland			6,917,219			—			—				6,917,219
Israel			5,342,873			—			—				5,342,873
Italy			21,840,437			—			—				21,840,437
Japan			255,626,676			—			—				255,626,676
Luxembourg			1,595,273			—			—				1,595,273
Macau			397,352			—			—				397,352
Malaysia			7,530,619			—			—				7,530,619
Mexico			12,623,589			—			—				12,623,589
Netherlands			49,872,504			—			—				49,872,504
New Zealand			1,456,619			—			—				1,456,619
Norway			7,922,160			—			—				7,922,160
Peru			2,018,437			—			—				2,018,437
Philippines			3,851,015			—			—				3,851,015
Poland			3,628,841			—			—				3,628,841
Portugal			1,040,904			—			—				1,040,904
Qatar			534,255			—			—				534,255
Romania			72,841			—			—				72,841
Russia			13,665,748			—			—				13,665,748
Singapore			15,880,457			—			—				15,880,457
South Africa			25,807,732			—			—				25,807,732
South Korea			59,727,407			—			—				59,727,407
Spain			33,121,500			—			—				33,121,500
Sweden			27,539,012			—			—				27,539,012
Switzerland			90,396,083			—			—				90,396,083
Taiwan			42,438,780			—			—				42,438,780
Thailand			1,546,619			6,896,890			—				8,443,509
Turkey			3,841,886			—			—				3,841,886
United Arab Emirates			810,908			—			—				810,908
United Kingdom			167,148,256			—			—				167,148,256
Rights
South Korea			22,247			—			—				22,247
Short-Term Investments			34,977,210			—			—				34,977,210
TOTAL INVESTMENTS		$	1,560,317,067		$	6,896,890		$	—			$	1,567,213,957

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2018.

See accompanying notes to financial statements.

17

SPDR MSCI ACWI EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds From Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		1,559,265		$	1,559,265		$	27,790,407		$	27,011,564		$	—		$	—		2,338,108		$	2,338,108		$	13,344
State Street Navigator Securities Lending Government Money Market Portfolio		19,433,641			19,433,641			197,035,868			183,830,407			—			—		32,639,102			32,639,102			149,706
Total				$	20,992,906		$	224,826,275		$	210,841,971		$	—		$	—				$	34,977,210		$	163,050

See accompanying notes to financial statements.

18

SPDR S&P EMERGING MARKETS DIVIDEND ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
CHILE — 0.8%
Banco de Chile ADR (a)		364	$	36,611
Banco de Credito e Inversiones SA		33,274		2,469,729
Embotelladora Andina SA Class B, Preference Shares		231,393		1,136,176
				3,642,516
CHINA — 11.7%
China Merchants Port Holdings Co., Ltd.		2,901,812		6,396,461
China Overseas Land & Investment, Ltd.		3,350,000		11,631,500
China Resources Land, Ltd.		3,446,000		12,535,619
China Telecom Corp., Ltd. Class H		24,632,000		10,859,259
China Zhongwang Holdings, Ltd. (a)		3,266,400		1,939,455
Far East Horizon, Ltd.		1,362,000		1,440,388
Guangdong Investment, Ltd.		3,628,000		5,704,359
Jiangsu Expressway Co., Ltd. Class H		1,902,000		2,690,035
Shenzhen International Holdings, Ltd.		1,795,719		3,930,845
				57,127,921
COLOMBIA — 1.1%
Bancolombia SA Preference Shares		417,600		4,377,691
Grupo Aval Acciones y Valores SA Preference Shares		2,126,183		886,829
				5,264,520
HONG KONG — 2.2%
Lee & Man Paper Manufacturing, Ltd.		6,579,000		6,949,264
Skyworth Digital Holdings, Ltd.		8,180,000		3,679,192
				10,628,456
INDIA — 0.4%
Infosys, Ltd.		124,042		2,152,516
INDONESIA — 3.7%
Bank Rakyat Indonesia Persero Tbk PT		38,798,300		10,145,189
Telekomunikasi Indonesia Persero Tbk PT		30,259,000		7,912,286
				18,057,475
MALAYSIA — 7.1%
Astro Malaysia Holdings Bhd		1,300,200		685,731
Bursa Malaysia Bhd		463,800		1,314,180
Inari Amertron Bhd		3,764,100		2,724,788
IOI Properties Group Bhd		1,334,100		555,300
Petronas Gas Bhd		358,300		1,650,700
Public Bank Bhd		2,066,400		12,821,510
Tenaga Nasional Bhd		3,519,900		14,705,683

See accompanying notes to financial statements.

19

SPDR S&P EMERGING MARKETS DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Westports Holdings Bhd		321,800	$	293,680
				34,751,572
MEXICO — 0.4%
Bolsa Mexicana de Valores SAB de CV		466,949		888,696
Macquarie Mexico Real Estate Management SA de CV REIT (b)		954,902		1,068,239
				1,956,935
PHILIPPINES — 0.2%
DMCI Holdings, Inc.		1,085,700		253,023
Semirara Mining & Power Corp.		964,530		560,112
				813,135
POLAND — 0.7%
Asseco Poland SA		65,500		860,509
Polskie Gornictwo Naftowe i Gazownictwo SA		1,610,818		2,657,029
				3,517,538
QATAR — 0.5%
Qatar Electricity & Water Co. QSC		26,839		1,385,429
Qatar International Islamic Bank QSC		51,068		701,238
Qatar Islamic Bank SAQ		6,616		177,117
				2,263,784
RUSSIA — 5.9%
Gazprom PJSC ADR (c)		496,920		2,418,013
Gazprom PJSC ADR (c)		2,236,705		11,026,955
LUKOIL PJSC ADR		58,726		4,046,221
LUKOIL PJSC		164,413		11,385,958
				28,877,147
SOUTH AFRICA — 26.7%
AVI, Ltd.		407,639		3,812,601
Barclays Africa Group, Ltd.		692,761		11,091,192
FirstRand, Ltd. (a)		1,486,305		8,391,924
Foschini Group, Ltd.		480,050		9,065,191
Growthpoint Properties, Ltd. REIT (a)		3,503,223		8,399,752
JSE, Ltd.		95,035		1,486,472
Liberty Holdings, Ltd. (a)		230,831		2,445,898
Life Healthcare Group Holdings, Ltd.		1,770,029		4,124,528
MMI Holdings, Ltd.		899,003		1,667,694
Nedbank Group, Ltd. (a)		418,058		10,074,673
Netcare, Ltd.		2,198,237		5,194,694
Pick n Pay Stores, Ltd.		530,521		3,068,839
Rand Merchant Investment Holdings, Ltd.		765,294		2,583,543
Reunert, Ltd.		107,382		674,992

See accompanying notes to financial statements.

20

SPDR S&P EMERGING MARKETS DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
RMB Holdings, Ltd.		668,998	$	4,356,003
Sanlam, Ltd. (a)		925,283		6,661,179
SPAR Group, Ltd.		279,819		4,783,639
Standard Bank Group, Ltd. (a)		533,300		9,842,561
Tiger Brands, Ltd.		122,215		3,837,028
Truworths International, Ltd.		932,065		8,458,694
Tsogo Sun Holdings, Ltd.		632,154		1,244,701
Vodacom Group, Ltd.		838,964		10,838,293
Woolworths Holdings, Ltd.		1,615,149		8,178,832
				130,282,923
TAIWAN — 20.2%
Advanced Semiconductor Engineering, Inc.		5,832,361		8,431,389
Cheng Shin Rubber Industry Co., Ltd.		2,217,000		3,600,334
Chin-Poon Industrial Co., Ltd.		1,023,000		1,831,485
FLEXium Interconnect, Inc.		1,847,864		6,331,297
Giant Manufacturing Co., Ltd.		117,000		613,952
Ginko International Co., Ltd.		207,000		1,537,041
Hua Nan Financial Holdings Co., Ltd.		3,942,900		2,366,524
Huaku Development Co., Ltd.		432,000		1,065,295
Kung Long Batteries Industrial Co., Ltd.		6,000		29,941
Lite-On Technology Corp.		4,682,000		6,535,563
Mega Financial Holding Co., Ltd.		4,960,000		4,261,344
Namchow Holdings Co., Ltd.		192,000		399,053
Phison Electronics Corp.		774,000		8,056,693
Pou Chen Corp.		1,813,000		2,406,390
Sercomm Corp.		601,000		1,644,881
Simplo Technology Co., Ltd.		350,800		2,231,828
Sinbon Electronics Co., Ltd.		697,000		1,831,128
Sitronix Technology Corp.		148,000		439,579
Taiwan Mobile Co., Ltd.		2,224,200		8,314,909
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		206,023		9,015,566
TTY Biopharm Co., Ltd.		633,000		2,149,295
TXC Corp.		172,000		230,950
Uni-President Enterprises Corp.		4,109,000		9,625,294
United Microelectronics Corp.		21,622,000		11,346,044
Wistron NeWeb Corp.		755,035		1,978,416
WPG Holdings, Ltd.		1,759,000		2,274,387
				98,548,578
THAILAND — 17.6%
Bangkok Bank PCL (d)		1,322,451		9,050,352
Bangkok Bank PCL NVDR		423,400		2,680,947
Delta Electronics Thailand PCL (d)		75,000		158,898
Delta Electronics Thailand PCL NVDR		486,600		1,030,932

See accompanying notes to financial statements.

21

SPDR S&P EMERGING MARKETS DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Electricity Generating PCL (d)		32,800	$	240,205
Electricity Generating PCL NVDR		263,300		1,928,228
Glow Energy PCL (d)		44,600		121,234
Glow Energy PCL NVDR		884,100		2,403,214
Major Cineplex Group PCL (d)		714,700		651,389
Major Cineplex Group PCL NVDR		849,700		774,431
Pruksa Holding PCL NVDR		37,000		25,676
PTT Global Chemical PCL (d)		8,600		26,059
PTT Global Chemical PCL NVDR		4,652,300		14,096,752
PTT PCL NVDR		1,119,853		19,625,182
Ratchaburi Electricity Generating Holding PCL (d)		811,500		1,336,497
Siam Cement PCL (d)		188,800		2,982,641
Siam Cement PCL NVDR		714,800		11,292,331
Thai Beverage PCL (a)		8,514,000		5,064,379
Thai Vegetable Oil PCL (d)		19,300		21,139
Thai Vegetable Oil PCL NVDR		984,937		1,078,801
Thanachart Capital PCL NVDR		2,336,600		3,885,616
Thanachart Capital PCL (d)		252,600		420,058
Tisco Financial Group PCL NVDR		2,166,900		6,098,088
Tisco Financial Group PCL (d)		216,300		608,711
				85,601,760
TURKEY — 0.3%
Enka Insaat ve Sanayi A/S		1,018,633		1,391,125
TOTAL COMMON STOCKS (Cost $420,262,904)				484,877,901
SHORT-TERM INVESTMENTS — 8.1%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (e) (f)		713,909		713,909
State Street Navigator Securities Lending Government Money Market Portfolio (e) (g)		38,837,851		38,837,851
TOTAL SHORT-TERM INVESTMENTS (Cost $39,551,760)				39,551,760
TOTAL INVESTMENTS — 107.6% (Cost $459,814,664)				524,429,661
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.6)%				(37,099,605	)
NET ASSETS — 100.0%			$	487,330,056

See accompanying notes to financial statements.

22

SPDR S&P EMERGING MARKETS DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

(a) All or a portion of the shares of the security are on loan at March 31, 2018.

(b) Non-income producing security.

(c) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $15,617,183 representing 3.2% of net assets.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2018.

(g) Investment of cash collateral for securities loaned.

ADR =American Depositary Receipt

NVDR =Non Voting Depositary Receipt

REIT =Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Chile		$	3,642,516		$              —		$—		$	3,642,516
China			57,127,921		—		—			57,127,921
Colombia			5,264,520		—		—			5,264,520
Hong Kong			10,628,456		—		—			10,628,456
India			2,152,516		—		—			2,152,516
Indonesia			18,057,475		—		—			18,057,475
Malaysia			34,751,572		—		—			34,751,572
Mexico			1,956,935		—		—			1,956,935
Philippines			813,135		—		—			813,135
Poland			3,517,538		—		—			3,517,538
Qatar			2,263,784		—		—			2,263,784
Russia			28,877,147		—		—			28,877,147
South Africa			130,282,923		—		—			130,282,923
Taiwan			98,548,578		—		—			98,548,578
Thailand			69,984,577		15,617,183		—			85,601,760
Turkey			1,391,125		—		—			1,391,125
Short-Term Investments			39,551,760		—		—			39,551,760
TOTAL INVESTMENTS		$	508,812,478		$15,617,183		$—		$	524,429,661

See accompanying notes to financial statements.

23

SPDR S&P EMERGING MARKETS DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		26,195		$	26,195		$	21,808,503		$	21,120,789		$	—		$	—		713,909		$	713,909		$	4,679
State Street Navigator Securities Lending Government Money Market Portfolio		16,561,043			16,561,043			79,261,261			56,984,453			—			—		38,837,851			38,837,851			48,726
Total				$	16,587,238		$	101,069,764		$	78,105,242		$	—		$	—				$	39,551,760		$	53,405

See accompanying notes to financial statements.

24

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS - 99.7%
BRAZIL – 4.5%
CVC Brasil Operadora e Agencia de Viagens SA		108,309	$	1,976,454
Other Securities		6,515,807		23,410,015
				25,386,469
CHILE – 1.5%
Vina Concha y Toro SA		635,708		1,375,130
Other Securities		12,104,567		6,741,564
				8,116,694
CHINA – 15.1%
Boshiwa International Holding, Ltd. (a) (b) (c)		1,843,000		—
China Animal Healthcare, Ltd. (a) (b) (c)		1,059,700		—
China Forestry Holdings Co., Ltd. (b) (c)		1,642,000		—
China Hongxing Sports, Ltd. (a) (b) (c)		4,053,000		—
China Shanshui Cement Group, Ltd. (a) (b) (c)		1,224,000		58,484
Chinasoft International, Ltd. (a) (b)		1,934,000		1,734,816
Coolpad Group, Ltd. (a) (c)		2,353,600		107,959
Fu Shou Yuan International Group, Ltd.		1,508,000		1,494,877
Future Land Holdings Co., Ltd. Class A		531,529		2,955,144
Genscript Biotech Corp. (b)		510,000		1,631,054
Kingdee International Software Group Co., Ltd. (a) (b)		1,928,000		1,940,701
Li Ning Co., Ltd. (a)		2,197,249		2,250,918
Luye Pharma Group, Ltd. (b)		1,916,500		1,833,889
National Agricultural Holdings, Ltd. (a) (c)		396,000		30,022
Real Gold Mining, Ltd. (a) (c)		251,500		—
Silergy Corp.		64,000		1,442,124
Other Securities		212,990,312		69,061,947
				84,541,935
COLOMBIA – 0.0% (d)
Other Security		189,675		203,046
CZECH REPUBLIC – 0.5%
Moneta Money Bank A/S (e)		506,469		2,097,947
Other Security		1,032		857,971
				2,955,918
EGYPT – 1.1%
Eastern Tobacco		43,562		1,469,742
ElSewedy Electric Co.		107,126		1,316,380
Other Securities		6,774,877		3,604,028
				6,390,150

See accompanying notes to financial statements.

25

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
GREECE – 0.9%
Other Securities		1,484,038	$	5,100,962
HONG KONG – 2.8%
Anxin-China Holdings, Ltd. (a) (c)		2,248,000		—
China High Precision Automation Group, Ltd. (a) (c)		1,226,000		—
China Lumena New Materials Corp. (a) (b) (c)		4,181,298		—
China Metal Recycling Holdings, Ltd. (a) (b) (c)		693,675		—
Hua Han Health Industry Holdings, Ltd. (a) (c)		2,414,560		122,292
SSY Group, Ltd.		1,969,562		1,729,073
Other Securities		92,963,034		14,065,788
				15,917,153
HUNGARY – 0.2%
Other Security		571,848		1,021,657
INDIA – 13.1%
Bharat Financial Inclusion, Ltd. (a)		104,983		1,765,526
Chennai Super Kings Cricket, Ltd. (a) (c)		418,560		—
Escorts, Ltd.		114,143		1,431,738
Info Edge India, Ltd.		84,867		1,529,440
Jubilant Foodworks, Ltd.		54,417		1,940,547
Jubilant Life Sciences, Ltd.		106,181		1,366,626
MakeMyTrip, Ltd. (a) (b)		38,166		1,324,360
Mindtree, Ltd.		170,441		2,017,303
NCC, Ltd.		736,612		1,327,606
PI Industries, Ltd.		97,293		1,320,477
Tata Global Beverages, Ltd.		384,936		1,527,133
WNS Holdings, Ltd. ADR (a)		51,952		2,354,984
Other Securities		32,680,327		55,229,618
				73,135,358
INDONESIA – 3.1%
Indah Kiat Pulp & Paper Corp. Tbk PT		2,528,300		2,020,069
Other Securities		195,537,086		15,269,960
				17,290,029
MALAYSIA – 5.0%
Bursa Malaysia Bhd		490,073		1,388,625
My EG Services Bhd		2,818,450		2,069,389
Top Glove Corp. Bhd		855,300		2,155,940
Other Securities		55,227,495		22,474,555
				28,088,509
MEXICO – 2.0%
Other Securities		12,537,721		11,386,180

See accompanying notes to financial statements.

26

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
MONACO – 0.2%
Other Securities		196,530	$	1,270,391
PAKISTAN – 1.3%
Other Securities		6,288,218		7,072,336
PERU – 0.6%
Ferreycorp SAA		1,893,991		1,490,800
Other Securities		2,434,755		1,822,275
				3,313,075
PHILIPPINES – 1.2%
Other Securities		30,649,765		6,808,816
POLAND – 2.0%
Other Securities		1,984,760		10,919,961
QATAR – 0.5%
Other Securities		876,138		2,760,785
RUSSIA – 0.9%
Globaltrans Investment PLC GDR		111,827		1,326,268
Other Securities		707,389		3,762,719
				5,088,987
SINGAPORE – 0.3%
Other Securities		3,674,160		1,430,380
SOUTH AFRICA – 5.6%
Coronation Fund Managers, Ltd.		210,012		1,431,068
Hosken Consolidated Investments, Ltd.		113,266		1,376,542
JSE, Ltd.		111,331		1,741,363
Reunert, Ltd.		253,706		1,594,769
Other Securities		16,759,487		25,258,296
				31,402,038
TAIWAN – 29.0%
Accton Technology Corp.		487,341		1,587,866
Acer, Inc. (a)		2,343,000		1,944,665
Chipbond Technology Corp.		685,000		1,609,305
Chroma ATE, Inc.		326,680		2,011,149
King’s Town Bank Co., Ltd.		1,174,000		1,485,770
Micro-Star International Co., Ltd.		578,000		1,936,777
Realtek Semiconductor Corp.		440,053		1,894,113
Silicon Motion Technology Corp. ADR		31,543		1,517,849
Sino-American Silicon Products, Inc. (a)		425,058		1,567,162
Synnex Technology International Corp.		1,077,000		1,606,801
Teco Electric and Machinery Co., Ltd.		1,773,000		1,462,450
Tripod Technology Corp.		427,353		1,437,848

See accompanying notes to financial statements.

27

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Walsin Lihwa Corp		2,550,000	$	1,556,745
Other Securities		139,547,036		140,634,936
				162,253,436
THAILAND – 5.8%
Beauty Community PCL (f)		2,432,400		1,656,863
Inter Far East Energy Corp. NVDR (a) (c)		283,900		—
International Engineering PCL (a) (c)		127,711,868		—
Srisawad Corp. PCL NVDR		730,309		1,424,651
Other Securities		88,628,451		29,260,160
				32,341,674
TURKEY – 1.6%
Other Securities		9,579,405		8,970,575
UNITED ARAB EMIRATES – 0.7%
Other Securities		14,593,121		3,836,243
UNITED KINGDOM – 0.0% (d)
Other Security		1,269,532		128,574
UNITED STATES – 0.2%
Other Securities		64,851		1,089,844
TOTAL COMMON STOCKS (Cost $580,255,960)				558,221,175
WARRANTS - 0.0% (d)
INDONESIA – 0.0% (d)
Other Security		2,135,866		97,737
MALAYSIA – 0.0% (d)
Other Securities		354,041		30,403
THAILAND – 0.0% (d)
International Engineering PCL (expiring 5/22/19) (a) (c)		13,635,806		—
Other Security		2,640,860		22,802
				22,802
TOTAL WARRANTS (Cost $0)				150,942
SHORT-TERM INVESTMENTS - 3.7%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (g) (h)		823,507		823,507

See accompanying notes to financial statements.

28

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		19,823,794	$	19,823,794
TOTAL SHORT-TERM INVESTMENTS (Cost $20,647,301)				20,647,301
TOTAL INVESTMENTS - 103.4% (Cost $600,903,261)				579,019,418
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.4)%				(19,272,977	)
NET ASSETS - 100.0%			$	559,746,441

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund’s website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $318,757, representing less than 0.05% of the Fund’s net assets.

(d) Amount is less than 0.05% of net assets.

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.9% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $7,937,267 representing 1.4% of net assets.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at March 31, 2018.

(i) Investment of cash collateral for securities loaned.

  ADR American Depositary Receipt

  GDR Global Depositary Receipt

NVDR Non Voting Depositary Receipt

See accompanying notes to financial statements.

29

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs				Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil		$	25,386,469		$	—		$	—			$	25,386,469
Chile			8,116,694			—			—				8,116,694
China			84,345,470			—			196,465				84,541,935
Colombia			203,046			—			—				203,046
Czech Republic			2,955,918			—			—				2,955,918
Egypt			6,390,150			—			—				6,390,150
Greece			5,100,962			—			—				5,100,962
Hong Kong			15,742,571			52,290			122,292				15,917,153
Hungary			1,021,657			—			—				1,021,657
India			73,135,358			—			0	(a)			73,135,358
Indonesia			17,290,029			—			—				17,290,029
Malaysia			28,088,509			—			—				28,088,509
Mexico			11,386,180			—			—				11,386,180
Monaco			1,270,391			—			—				1,270,391
Pakistan			7,072,336			—			—				7,072,336
Peru			3,313,075			—			—				3,313,075
Philippines			6,808,816			—			—				6,808,816
Poland			10,919,961			—			—				10,919,961
Qatar			2,760,785			—			—				2,760,785
Russia			5,088,987			—			—				5,088,987
Singapore			1,430,380			—			—				1,430,380
South Africa			31,402,038			—			—				31,402,038
Taiwan			162,253,436			—			—				162,253,436
Thailand			24,624,557			7,717,117			0	(a)			32,341,674
Turkey			8,970,575			—			—				8,970,575
United Arab Emirates			3,672,476			163,767			—				3,836,243
United Kingdom			128,574			—			—				128,574
United States			1,089,844			—			—				1,089,844
Warrants
Indonesia			97,737			—			—				97,737
Malaysia			26,310			4,093			—				30,403
Thailand			22,802			—			0	(a)			22,802
Short-Term Investments			20,647,301			—			—				20,647,301
TOTAL INVESTMENTS		$	570,763,394		$	7,937,267		$	318,757			$	579,019,418

See accompanying notes to financial statements.

30

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2018.

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		379,285		$	379,285		$	25,055,869		$	24,611,647		$	—		$	—		823,507		$	823,507		$	6,544
State Street Navigator Securities Lending Government Money Market Portfolio		16,261,252			16,261,252			39,107,436			35,544,894			—			—		19,823,794			19,823,794			405,535
Total				$	16,640,537		$	64,163,305		$	60,156,541		$	—		$	—				$	20,647,301		$	412,079

See accompanying notes to financial statements.

31

SPDR S&P INTERNATIONAL DIVIDEND ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 11.5%
AusNet Services		6,625,387	$	8,512,355
carsales.com, Ltd.		833,032		8,632,582
Charter Hall Group REIT		1,311,453		5,764,093
Commonwealth Bank of Australia		364,791		20,233,273
DuluxGroup, Ltd.		1,297,515		7,345,010
Goodman Group REIT		668,420		4,322,158
GPT Group REIT		1,554,825		5,653,059
Investa Office Fund REIT		1,521,418		5,029,786
Mirvac Group REIT		3,666,579		6,046,766
Sonic Healthcare, Ltd.		808,360		14,186,802
Stockland REIT		2,072,642		6,406,975
Transurban Group Stapled Security		2,113,050		18,509,707
Vicinity Centres REIT		4,327,244		7,999,302
Westpac Banking Corp.		1,052,605		23,107,807
				141,749,675
BELGIUM — 0.6%
bpost SA		327,016		7,384,039
CANADA — 13.6%
BCE, Inc.		425,151		18,282,235
Canadian Imperial Bank of Commerce (a)		206,991		18,257,915
Emera, Inc.		550,246		17,396,181
Fortis, Inc.		443,132		14,948,079
H&R Real Estate Investment Trust		401,068		6,542,145
Intact Financial Corp.		131,286		9,858,288
Power Corp. of Canada		648,827		14,795,822
Royal Bank of Canada		192,181		14,834,868
SmartCentres Real Estate Investment Trust		183,716		4,148,127
Sun Life Financial, Inc.		389,532		15,986,145
TELUS Corp.		497,737		17,465,675
Toronto-Dominion Bank		266,125		15,091,254
				167,606,734
FINLAND — 1.1%
Kone Oyj Class B		270,343		13,475,473
FRANCE — 2.3%
Bureau Veritas SA		480,073		12,463,724
Danone SA		135,034		10,915,888
ICADE REIT		48,312		4,687,964
				28,067,576

See accompanying notes to financial statements.

32

SPDR S&P INTERNATIONAL DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
GERMANY — 5.6%
Axel Springer SE		174,867	$	14,624,098
Deutsche EuroShop AG		263,368		9,652,317
Deutsche Post AG		277,685		12,130,471
Fielmann AG		74,815		6,045,140
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		90,961		21,126,352
Talanx AG (b)		132,336		5,751,708
				69,330,086
HONG KONG — 6.9%
CK Infrastructure Holdings, Ltd.		1,784,500		14,586,047
CLP Holdings, Ltd.		1,579,500		16,080,177
Hang Seng Bank, Ltd.		618,200		14,304,387
Link REIT		654,500		5,587,388
Power Assets Holdings, Ltd.		2,214,500		19,737,303
Sino Land Co., Ltd.		4,244,597		6,868,542
Yue Yuen Industrial Holdings, Ltd.		2,038,500		8,090,832
				85,254,676
ITALY — 1.4%
Atlantia SpA		545,720		16,879,523
JAPAN — 6.8%
Activia Properties, Inc. REIT		1,072		4,782,924
Advance Residence Investment Corp. REIT		1,980		5,019,351
Daiwa House REIT Investment Corp.		1,791		4,317,935
GLP J - REIT		3,920		4,323,611
Hikari Tsushin, Inc.		65,300		10,419,756
Japan Prime Realty Investment Corp. REIT		1,433		5,187,635
Japan Real Estate Investment Corp. REIT		813		4,212,158
Japan Retail Fund Investment Corp. REIT		2,794		5,411,979
Kenedix Office Investment Corp. REIT		771		4,690,522
Lawson, Inc. (a)		226,900		15,446,695
Nippon Building Fund, Inc. REIT		795		4,395,487
Nippon Prologis REIT, Inc.		2,307		4,991,450
Orix JREIT, Inc. REIT		3,304		5,132,307
United Urban Investment Corp. REIT		3,378		5,279,018
				83,610,828
MALAYSIA — 3.6%
Gamuda Bhd		6,974,500		9,286,110
Public Bank Bhd		2,590,000		16,070,321
Tenaga Nasional Bhd		4,522,000		18,892,327
				44,248,758

See accompanying notes to financial statements.

33

SPDR S&P INTERNATIONAL DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
NEW ZEALAND — 1.0%
Spark New Zealand, Ltd.		5,021,837	$	12,099,991
PORTUGAL — 2.4%
EDP - Energias de Portugal SA		7,851,497		29,818,244
RUSSIA — 2.1%
Gazprom PJSC ADR		5,393,901		26,246,722
SINGAPORE — 3.5%
CapitaLand, Ltd.		4,092,600		11,142,059
Singapore Exchange, Ltd.		2,086,000		11,724,106
Singapore Telecommunications, Ltd.		7,859,800		20,199,440
				43,065,605
SOUTH AFRICA — 1.7%
AVI, Ltd.		954,162		8,924,168
Shoprite Holdings, Ltd.		572,799		12,210,366
				21,134,534
SPAIN — 5.2%
Enagas SA		925,387		25,299,688
Iberdrola SA		2,681,731		19,696,421
Red Electrica Corp. SA		934,050		19,218,450
				64,214,559
SWEDEN — 3.5%
ICA Gruppen AB (a)		342,174		12,069,327
Intrum Justitia AB (a)		338,054		9,554,542
Skanska AB Class B		1,076,231		21,929,935
				43,553,804
SWITZERLAND — 9.4%
Baloise Holding AG		90,593		13,821,676
Helvetia Holding AG		21,629		12,863,111
Nestle SA		129,538		10,229,390
PSP Swiss Property AG		73,389		7,142,706
Roche Holding AG Bearer Shares		33,820		7,833,413
Schindler Holding AG		31,497		6,775,670
Swiss Prime Site AG (b)		140,193		13,534,715
Swiss Re AG		239,810		24,361,651
Swisscom AG (a)		39,094		19,334,710
				115,897,042
TAIWAN — 1.8%
Hua Nan Financial Holdings Co., Ltd.		6,466,350		3,881,096

See accompanying notes to financial statements.

34

SPDR S&P INTERNATIONAL DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Taiwan Mobile Co., Ltd.		4,870,000	$	18,205,920
				22,087,016
THAILAND — 1.3%
Bangkok Bank PCL (c)		2,243,092		15,350,869
UNITED KINGDOM — 14.2%
Diageo PLC		319,755		10,819,082
Experian PLC		432,571		9,329,713
Imperial Brands PLC		560,561		19,076,972
Kingfisher PLC		3,107,452		12,750,466
National Grid PLC		1,990,603		22,400,776
Pennon Group PLC		1,584,620		14,302,170
RELX PLC		319,598		6,568,065
Segro PLC REIT		684,725		5,774,720
SSE PLC		1,721,032		30,806,004
Ultra Electronics Holdings PLC		345,191		6,696,955
United Utilities Group PLC		1,937,888		19,447,929
WPP PLC		1,043,630		16,579,847
				174,552,699
TOTAL COMMON STOCKS (Cost $1,198,144,738)				1,225,628,453
SHORT-TERM INVESTMENTS — 2.9%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (d) (e)		1,136,427		1,136,427
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		33,995,826		33,995,826
TOTAL SHORT-TERM INVESTMENTS (Cost $35,132,253)				35,132,253
TOTAL INVESTMENTS — 102.4% (Cost $1,233,276,991)				1,260,760,706
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.4)%				(29,178,172	)
NET ASSETS — 100.0%			$	1,231,582,534

See accompanying notes to financial statements.

35

SPDR S&P INTERNATIONAL DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

(a) All or a portion of the shares of the security are on loan at March 31, 2018.

(b) Non-income producing security.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $15,350,869 representing 1.3% of net assets.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2018.

(f) Investment of cash collateral for securities loaned.

ADR =American Depositary Receipt

REIT =Real Estate Investment Trust

See accompanying notes to financial statements.

36

SPDR S&P INTERNATIONAL DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia		$	141,749,675		$	—		$	—		$	141,749,675
Belgium			7,384,039			—			—			7,384,039
Canada			167,606,734			—			—			167,606,734
Finland			13,475,473			—			—			13,475,473
France			28,067,576			—			—			28,067,576
Germany			69,330,086			—			—			69,330,086
Hong Kong			85,254,676			—			—			85,254,676
Italy			16,879,523			—			—			16,879,523
Japan			83,610,828			—			—			83,610,828
Malaysia			44,248,758			—			—			44,248,758
New Zealand			12,099,991			—			—			12,099,991
Portugal			29,818,244			—			—			29,818,244
Russia			26,246,722			—			—			26,246,722
Singapore			43,065,605			—			—			43,065,605
South Africa			21,134,534			—			—			21,134,534
Spain			64,214,559			—			—			64,214,559
Sweden			43,553,804			—			—			43,553,804
Switzerland			115,897,042			—			—			115,897,042
Taiwan			22,087,016			—			—			22,087,016
Thailand			—			15,350,869			—			15,350,869
United Kingdom			174,552,699			—			—			174,552,699
Short-Term Investments			35,132,253			—			—			35,132,253
TOTAL INVESTMENTS		$	1,245,409,837		$	15,350,869		$	—		$	1,260,760,706

See accompanying notes to financial statements.

37

SPDR S&P INTERNATIONAL DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		870,594		$	870,594		$	38,885,319		$	38,619,486		$	—		$	—		1,136,427		$	1,136,427		$	8,869
State Street Navigator Securities Lending Government Money Market Portfolio		513,248			513,248			372,357,066			338,874,489			—			—		33,995,826			33,995,826			176,201
Total				$	1,383,842		$	411,242,385		$	377,493,975		$	—		$	—				$	35,132,253		$	185,070

See accompanying notes to financial statements.

38

SPDR STOXX EUROPE 50 ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
BELGIUM — 1.9%
Anheuser-Busch InBev SA		39,048	$	4,287,511
DENMARK — 2.0%
Novo Nordisk A/S Class B		94,633		4,645,072
FRANCE — 17.0%
Air Liquide SA		22,579		2,762,440
Airbus SE		30,043		3,465,760
AXA SA		109,757		2,915,669
BNP Paribas SA		60,661		4,488,920
L’Oreal SA		12,886		2,905,704
LVMH Moet Hennessy Louis Vuitton SE		14,229		4,378,385
Sanofi		60,227		4,839,006
Schneider Electric SE		29,467		2,585,362
TOTAL SA (a)		133,622		7,580,777
Vinci SA		29,276		2,876,808
				38,798,831
GERMANY — 14.9%
Allianz SE		23,175		5,227,227
BASF SE		48,352		4,904,139
Bayer AG		43,533		4,914,352
Daimler AG		52,474		4,450,991
Deutsche Telekom AG		170,924		2,785,295
SAP SE		57,028		5,959,448
Siemens AG		44,741		5,696,161
				33,937,613
ITALY — 2.3%
Eni SpA		133,900		2,352,904
Intesa Sanpaolo SpA		766,918		2,785,725
				5,138,629
NETHERLANDS — 6.8%
ASML Holding NV		22,715		4,473,959
ING Groep NV		204,779		3,450,311
Royal Dutch Shell PLC Class A		242,218		7,681,143
				15,605,413
SPAIN — 4.7%
Banco Bilbao Vizcaya Argentaria SA		351,428		2,778,639
Banco Santander SA		849,382		5,531,225
Telefonica SA		242,254		2,391,831
				10,701,695

See accompanying notes to financial statements.

39

SPDR STOXX EUROPE 50 ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SWITZERLAND — 19.2%
ABB, Ltd.		108,174	$	2,566,534
Glencore PLC (b)		638,718		3,170,026
Nestle SA		163,963		12,947,872
Novartis AG		129,695		10,463,906
Roche Holding AG		37,016		8,469,304
UBS Group AG (b)		203,092		3,561,957
Zurich Insurance Group AG (b)		7,977		2,610,685
				43,790,284
UNITED KINGDOM — 30.5%
AstraZeneca PLC		66,675		4,578,844
Barclays PLC		845,689		2,449,777
BP PLC		1,049,715		7,057,149
British American Tobacco PLC		120,853		7,003,391
Diageo PLC		129,880		4,394,561
GlaxoSmithKline PLC		261,259		5,108,928
HSBC Holdings PLC		1,070,639		9,993,592
Imperial Brands PLC		50,280		1,711,125
Lloyds Banking Group PLC		3,798,048		3,445,021
National Grid PLC		178,078		2,003,958
Prudential PLC		136,346		3,401,669
Reckitt Benckiser Group PLC		36,493		3,088,948
Rio Tinto PLC		61,317		3,106,019
Unilever NV		82,283		4,641,851
Unilever PLC		64,875		3,599,768
Vodafone Group PLC		1,404,567		3,826,766
				69,411,367
TOTAL COMMON STOCKS (Cost $240,096,571)				226,316,415
SHORT-TERM INVESTMENTS — 0.1%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (c) (d)		162,654		162,654

See accompanying notes to financial statements.

40

SPDR STOXX EUROPE 50 ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		101,922	$	101,922
TOTAL SHORT-TERM INVESTMENTS (Cost $264,576)				264,576
TOTAL INVESTMENTS — 99.4% (Cost $240,361,147)				226,580,991
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				1,350,835
NET ASSETS — 100.0%			$	227,931,826

(a) All or a portion of the shares of the security are on loan at March 31, 2018.

(b) Non-income producing security.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at March 31, 2018.

(e) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Belgium		$	4,287,511		$	—		$	—		$	4,287,511
Denmark			4,645,072			—			—			4,645,072
France			38,798,831			—			—			38,798,831
Germany			33,937,613			—			—			33,937,613
Italy			5,138,629			—			—			5,138,629
Netherlands			15,605,413			—			—			15,605,413
Spain			10,701,695			—			—			10,701,695
Switzerland			43,790,284			—			—			43,790,284
United Kingdom			69,411,367			—			—			69,411,367
Short-Term Investments			264,576			—			—			264,576
TOTAL INVESTMENTS		$	226,580,991		$	—		$	—		$	226,580,991

See accompanying notes to financial statements.

41

SPDR STOXX EUROPE 50 ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		76,612		$	76,612		$	3,491,115		$	3,405,073		$	—		$	—		162,654		$	162,654		$	820
State Street Navigator Securities Lending Government Money Market Portfolio		128,419			128,419			61,184,011			61,210,508			—			—		101,922			101,922			36,771
Total				$	205,031		$	64,675,126		$	64,615,581		$	—		$	—				$	264,576		$	37,591

See accompanying notes to financial statements.

42

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2018 (Unaudited)

	SPDR EURO STOXX 50 ETF				SPDR MSCI ACWI ex-US ETF
ASSETS
Investments in unaffiliated issuers, at value*		$	4,351,775,666			$	1,532,236,747
Investments in affiliated issuers, at value			69,874,771				34,977,210
Total Investments			4,421,650,437				1,567,213,957
Foreign currency, at value			2,198,379				8,136,447
Cash			—				8
Dividends receivable — unaffiliated issuers			3,385,322				5,313,594
Dividends receivable — affiliated issuers			1,641				1,713
Securities lending income receivable — unaffiliated issuers			16,043				17,077
Securities lending income receivable — affiliated issuers			41,158				46,306
Receivable from Adviser			—				163,715
Receivable for foreign taxes recoverable			4,129,470				662,478
Other Receivable			1,382				—
TOTAL ASSETS			4,431,423,832				1,581,555,295
LIABILITIES
Payable upon return of securities loaned			69,782,046				32,639,102
Deferred foreign taxes payable			—				24,901
Advisory fee payable			3,174,480				1,330,910
Trustees’ fees and expenses payable			4,982				1,351
Accrued expenses and other liabilities			717				19
TOTAL LIABILITIES			72,962,225				33,996,283
NET ASSETS		$	4,358,461,607			$	1,547,559,012
NET ASSETS CONSIST OF:
Paid-in Capital		$	4,642,869,852			$	1,527,698,419
Undistributed (distribution in excess of) net investment income (loss)			(886,792	)			5,558,628
Accumulated net realized gain (loss) investments and foreign currency transactions			(374,069,154	)			(102,189,006	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers**			90,168,813				116,467,421
Foreign currency translations			378,888				23,550
NET ASSETS		$	4,358,461,607			$	1,547,559,012
NET ASSET VALUE PER SHARE
Net asset value per share		$	40.17			$	38.50
Shares outstanding (unlimited amount authorized, $0.01 par value)			108,500,967				40,200,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers		$	4,261,606,853			$	1,415,744,425
Investments in affiliated issuers			69,874,771				34,977,210
Total cost of investments		$	4,331,481,624			$	1,450,721,635
Foreign currency, at cost		$	2,195,189			$	8,141,865
* Includes investments in securities on loan, at value		$	68,087,528			$	67,362,665
** Includes deferred foreign taxes		$	—			$	24,901

See accompanying notes to financial statements.

43

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2018 (Unaudited)

	SPDR S&P Emerging Markets Dividend ETF				SPDR S&P Emerging Markets Small Cap ETF
ASSETS
Investments in unaffiliated issuers, at value*		$	484,877,901			$	558,372,117
Investments in affiliated issuers, at value			39,551,760				20,647,301
Total Investments			524,429,661				579,019,418
Foreign currency, at value			1,149,419				727,443
Cash			—				1,145
Dividends receivable — unaffiliated issuers			1,121,839				588,190
Dividends receivable — affiliated issuers			2,228				1,034
Securities lending income receivable — unaffiliated issuers			1,580				50,982
Securities lending income receivable — affiliated issuers			26,676				65,661
Receivable for foreign taxes recoverable			18,158				—
TOTAL ASSETS			526,749,561				580,453,873
LIABILITIES
Payable upon return of securities loaned			38,837,851				19,823,794
Advisory fee payable			581,143				882,910
Trustees’ fees and expenses payable			506				722
Accrued expenses and other liabilities			5				6
TOTAL LIABILITIES			39,419,505				20,707,432
NET ASSETS		$	487,330,056			$	559,746,441
NET ASSETS CONSIST OF:
Paid-in Capital		$	656,251,362			$	642,223,722
Undistributed (distribution in excess of) net investment income (loss)			836,098				(846,625	)
Accumulated net realized gain (loss) investments and foreign currency transactions			(234,373,379	)			(59,748,456	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers			64,614,997				(21,883,843	)
Foreign currency translations			978				1,643
NET ASSETS		$	487,330,056			$	559,746,441
NET ASSET VALUE PER SHARE
Net asset value per share		$	35.06			$	51.83
Shares outstanding (unlimited amount authorized, $0.01 par value)			13,900,000				10,800,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers		$	420,262,904			$	580,255,960
Investments in affiliated issuers			39,551,760				20,647,301
Total cost of investments		$	459,814,664			$	600,903,261
Foreign currency, at cost		$	1,147,993			$	725,192
* Includes investments in securities on loan, at value		$	37,897,145			$	35,948,563

See accompanying notes to financial statements.

44

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2018 (Unaudited)

	SPDR S&P International Dividend ETF			SPDR STOXX Europe 50 ETF
ASSETS
Investments in unaffiliated issuers, at value*	$	1,225,628,453		$	226,316,415
Investments in affiliated issuers, at value		35,132,253			264,576
Total Investments		1,260,760,706			226,580,991
Foreign currency, at value		2,622,755			485,427
Cash		7			—
Dividends receivable — unaffiliated issuers		2,916,291			814,455
Dividends receivable — affiliated issuers		2,217			309
Securities lending income receivable — unaffiliated issuers		55,574			—
Securities lending income receivable — affiliated issuers		74,741			12
Receivable for foreign taxes recoverable		568,958			353,131
TOTAL ASSETS		1,267,001,249			228,234,325
LIABILITIES
Payable upon return of securities loaned		33,995,826			101,922
Advisory fee payable		1,420,784			200,189
Trustees’ fees and expenses payable		2,085			388
Accrued expenses and other liabilities		20			—
TOTAL LIABILITIES		35,418,715			302,499
NET ASSETS	$	1,231,582,534		$	227,931,826
NET ASSETS CONSIST OF:
Paid-in Capital	$	1,622,844,926		$	284,457,678
Undistributed (distribution in excess of) net investment income (loss)		102,875			359,729
Accumulated net realized gain (loss) investments and foreign currency transactions		(418,882,051	)		(43,116,786	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		27,483,715			(13,780,156	)
Foreign currency translations		33,069			11,361
NET ASSETS	$	1,231,582,534		$	227,931,826
NET ASSET VALUE PER SHARE
Net asset value per share	$	39.92		$	34.53
Shares outstanding (unlimited amount authorized, $0.01 par value)		30,851,326			6,600,370
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	1,198,144,738		$	240,096,571
Investments in affiliated issuers		35,132,253			264,576
Total cost of investments	$	1,233,276,991		$	240,361,147
Foreign currency, at cost	$	2,624,002		$	489,805
* Includes investments in securities on loan, at value	$	52,568,218		$	91,479

See accompanying notes to financial statements.

45

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2018 (Unaudited)

	SPDR EURO STOXX 50 ETF				SPDR MSCI ACWI ex-US ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers		$	27,704,750			$	16,108,102
Dividend income — affiliated issuers			7,045				13,344
Dividend income — non-cash			2,599,092				1,282,927
Unaffiliated securities lending income			68,724				54,966
Affiliated securities lending income			747,194				149,706
Foreign taxes withheld			(4,038,982	)			(1,361,645	)
TOTAL INVESTMENT INCOME (LOSS)			27,087,823				16,247,400
EXPENSES
Advisory fee			6,380,033				2,653,438
Trustees’ fees and expenses			35,727				12,675
Miscellaneous expenses			15,233				78
TOTAL EXPENSES			6,430,993				2,666,191
Expenses waived/reimbursed by the Adviser			—				(324,922	)
NET EXPENSES			6,430,993				2,341,269
NET INVESTMENT INCOME (LOSS)			20,656,830				13,906,131
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers			(5,954,791	)			(1,297,505	)
In-kind redemptions — unaffiliated issuers			75,094,718				24,635,409
Foreign currency transactions			131,150				78,381
Net realized gain (loss)			69,271,077				23,416,285
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers*			(195,224,055	)			15,464,757
Foreign currency translations			64,012				918
Net change in unrealized appreciation/depreciation			(195,160,043	)			15,465,675
NET REALIZED AND UNREALIZED GAIN (LOSS)			(125,888,966	)			38,881,960
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS		$	(105,232,136	)		$	52,788,091
* Includes foreign deferred taxes		$	—			$	115,360

See accompanying notes to financial statements.

46

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2018 (Unaudited)

	SPDR S&P Emerging Markets Dividend ETF				SPDR S&P Emerging Markets Small Cap ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers		$	4,173,409			$	3,351,091
Dividend income — affiliated issuers			4,679				6,544
Dividend income — non-cash			622,980				—
Unaffiliated securities lending income			11,324				285,428
Affiliated securities lending income			48,726				405,535
Foreign taxes withheld			(491,443	)			(335,623	)
TOTAL INVESTMENT INCOME (LOSS)			4,369,675				3,712,975
EXPENSES
Advisory fee			1,121,260				1,686,706
Trustees’ fees and expenses			3,675				4,173
Miscellaneous expenses			566				160
TOTAL EXPENSES			1,125,501				1,691,039
NET INVESTMENT INCOME (LOSS)			3,244,174				2,021,936
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers			2,985,391				437,805
In-kind redemptions — unaffiliated issuers			3,014,659				—
Foreign currency transactions			(57,682	)			51,423
Net realized gain (loss)			5,942,368				489,228
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers			60,550,067				29,510,950
Foreign currency translations			16,091				5,516
Net change in unrealized appreciation/depreciation			60,566,158				29,516,466
NET REALIZED AND UNREALIZED GAIN (LOSS)			66,508,526				30,005,694
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS		$	69,752,700			$	32,027,630

See accompanying notes to financial statements.

47

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2018 (Unaudited)

	SPDR S&P International Dividend ETF				SPDR STOXX Europe 50 ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers		$	17,723,186			$	3,959,940
Dividend income — affiliated issuers			8,869				820
Dividend income — non-cash			1,003,371				—
Unaffiliated securities lending income			79,279				—
Affiliated securities lending income			176,201				36,771
Foreign taxes withheld			(1,495,186	)			(324,838	)
TOTAL INVESTMENT INCOME (LOSS)			17,495,720				3,672,693
EXPENSES
Advisory fee			2,881,870				427,172
Trustees’ fees and expenses			11,096				2,522
Miscellaneous expenses			584				1,217
TOTAL EXPENSES			2,893,550				430,911
NET INVESTMENT INCOME (LOSS)			14,602,170				3,241,782
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers			7,252,123				(501,011	)
In-kind redemptions — unaffiliated issuers			3,931,487				10,005,763
Foreign currency transactions			27,834				36,446
Net realized gain (loss)			11,211,444				9,541,198
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers			(15,897,951	)			(15,811,961	)
Foreign currency translations			70,310				(5,201	)
Net change in unrealized appreciation/depreciation			(15,827,641	)			(15,817,162	)
NET REALIZED AND UNREALIZED GAIN (LOSS)			(4,616,197	)			(6,275,964	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS		$	9,985,973			$	(3,034,182	)

See accompanying notes to financial statements.

48

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR EURO STOXX 50 ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	20,656,830		$	89,168,391
Net realized gain (loss)		69,271,077			(47,488,563	)
Net change in unrealized appreciation/depreciation		(195,160,043	)		767,645,429
Net increase (decrease) in net assets resulting from operations		(105,232,136	)		809,325,257
Net equalization credits and charges		(47,711	)		11,045,586
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(21,543,622	)		(96,010,453	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		320,267,379			1,783,480,945
Cost of shares redeemed		(390,697,072	)		(479,844,142	)
Net income equalization		47,711			(11,045,586	)
Net increase (decrease) in net assets from beneficial interest transactions		(70,381,982	)		1,292,591,217
Net increase (decrease) in net assets during the period		(197,205,451	)		2,016,951,607
Net assets at beginning of period		4,555,667,058			2,538,715,451
NET ASSETS AT END OF PERIOD	$	4,358,461,607		$	4,555,667,058
Undistributed (distribution in excess of) net investment income (loss)	$	(886,792	)	$	—
SHARES OF BENEFICIAL INTEREST:
Shares sold		7,700,000			46,900,000
Shares redeemed		(9,500,000	)		(14,100,000	)
Net increase (decrease)		(1,800,000	)		32,800,000

See accompanying notes to financial statements.

49

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR MSCI ACWI ex-US ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	13,906,131		$	30,530,226
Net realized gain (loss)		23,416,285			(2,679,958	)
Net change in unrealized appreciation/depreciation		15,465,675			194,915,268
Net increase (decrease) in net assets resulting from operations		52,788,091			222,765,536
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(17,865,746	)		(27,970,511	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		123,202,349			419,780,280
Cost of shares redeemed		(72,460,933	)		—
Other capital		120,679			(99,689	)
Net increase (decrease) in net assets from beneficial interest transactions		50,862,095			419,680,591
Net increase (decrease) in net assets during the period		85,784,440			614,475,616
Net assets at beginning of period		1,461,774,572			847,298,956
NET ASSETS AT END OF PERIOD	$	1,547,559,012		$	1,461,774,572
Undistributed (distribution in excess of) net investment income (loss)	$	5,558,628		$	9,518,243
SHARES OF BENEFICIAL INTEREST:
Shares sold		3,200,000			12,600,000
Shares redeemed		(1,800,000	)		—
Net increase (decrease)		1,400,000			12,600,000

See accompanying notes to financial statements.

50

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Emerging Markets Dividend ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,244,174			$	14,349,782
Net realized gain (loss)		5,942,368				28,726,180
Net change in unrealized appreciation/depreciation		60,566,158				3,575,929
Net increase (decrease) in net assets resulting from operations		69,752,700				46,651,891
Net equalization credits and charges		42,311				447,960
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(3,436,133	)			(13,211,413	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		21,595,993				95,845,524
Cost of shares redeemed		(23,458,636	)			(6,518,090	)
Net income equalization		(42,311	)			(447,960	)
Other capital		18,545				47,441
Net increase (decrease) in net assets from beneficial interest transactions		(1,886,409	)			88,926,915
Net increase (decrease) in net assets during the period		64,472,469				122,815,353
Net assets at beginning of period		422,857,587		��		300,042,234
NET ASSETS AT END OF PERIOD	$	487,330,056			$	422,857,587
Undistributed (distribution in excess of) net investment income (loss)	$	836,098			$	1,028,057
SHARES OF BENEFICIAL INTEREST:
Shares sold		650,000				3,250,000
Shares redeemed		(700,000	)			(250,000	)
Net increase (decrease)		(50,000	)			3,000,000

See accompanying notes to financial statements.

51

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Emerging Markets Small Cap ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)		$	2,021,936			$	9,287,724
Net realized gain (loss)			489,228				20,776,592
Net change in unrealized appreciation/depreciation			29,516,466				37,278,832
Net increase (decrease) in net assets resulting from operations			32,027,630				67,343,148
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			(10,065,060	)			(8,720,849	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold			58,400,001				133,120,554
Cost of shares redeemed			—				(33,210,110	)
Other capital			45,489				249,509
Net increase (decrease) in net assets from beneficial interest transactions			58,445,490				100,159,953
Net increase (decrease) in net assets during the period			80,408,060				158,782,252
Net assets at beginning of period			479,338,381				320,556,129
NET ASSETS AT END OF PERIOD		$	559,746,441			$	479,338,381
Undistributed (distribution in excess of) net investment income (loss)		$	(846,625	)		$	7,196,499
SHARES OF BENEFICIAL INTEREST:
Shares sold			1,100,000				3,000,000
Shares redeemed			—				(800,000	)
Net increase (decrease)			1,100,000				2,200,000

See accompanying notes to financial statements.

52

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P International Dividend ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)		$	14,602,170			$	44,330,093
Net realized gain (loss)			11,211,444				77,464,040
Net change in unrealized appreciation/depreciation			(15,827,641	)			45,336,374
Net increase (decrease) in net assets resulting from operations			9,985,973				167,130,507
Net equalization credits and charges			(28,977	)			(211,475	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			(19,834,326	)			(58,780,820	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold			36,351,454				226,668,368
Cost of shares redeemed			(46,882,129	)			(93,577,293	)
Net income equalization			28,977				211,475
Other capital			—				12,771
Net increase (decrease) in net assets from beneficial interest transactions			(10,501,698	)			133,315,321
Net increase (decrease) in net assets during the period			(20,379,028	)			241,453,533
Net assets at beginning of period			1,251,961,562				1,010,508,029
NET ASSETS AT END OF PERIOD		$	1,231,582,534			$	1,251,961,562
Undistributed (distribution in excess of) net investment income (loss)		$	102,875			$	5,335,031
SHARES OF BENEFICIAL INTEREST:
Shares sold			900,000				5,950,000
Shares redeemed			(1,150,000	)			(2,450,000	)
Net increase (decrease)			(250,000	)			3,500,000

See accompanying notes to financial statements.

53

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR STOXX Europe 50 ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,241,782		$	6,456,978
Net realized gain (loss)		9,541,198			(5,560,708	)
Net change in unrealized appreciation/depreciation		(15,817,162	)		39,673,053
Net increase (decrease) in net assets resulting from operations		(3,034,182	)		40,569,323
Net equalization credits and charges		(298,771	)		837,646
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,882,053	)		(7,278,371	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			115,916,959
Cost of shares redeemed		(83,816,536	)		(17,804,866	)
Net income equalization		298,771			(837,646	)
Other capital		—			41,867
Net increase (decrease) in net assets from beneficial interest transactions		(83,517,765	)		97,316,314
Net increase (decrease) in net assets during the period		(89,732,771	)		131,444,912
Net assets at beginning of period		317,664,597			186,219,685
NET ASSETS AT END OF PERIOD	$	227,931,826		$	317,664,597
Undistributed (distribution in excess of) net investment income (loss)	$	359,729		$	—
SHARES OF BENEFICIAL INTEREST:
Shares sold		—			3,400,000
Shares redeemed		(2,350,000	)		(600,000	)
Net increase (decrease)		(2,350,000	)		2,800,000

See accompanying notes to financial statements.

54

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR EURO STOXX 50 ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				Year Ended 9/30/14				Year Ended 9/30/13
Net asset value, beginning of period		$	41.30			$	32.76			$	33.77			$	39.88			$	38.33			$	30.96
Income (loss) from investment operations:
Net investment income (loss) (a)			0.19				1.04				1.05				1.20				1.32				1.19
Net realized and unrealized gain (loss) (b)			(1.12	)			8.34				(0.83	)			(6.11	)			1.46				7.19
Total from investment operations			(0.93	)			9.38				0.22				(4.91	)			2.78				8.38
Net equalization credits and charges (a)			(0.00	)(c)			0.13				(0.06	)			(0.01	)			0.06				0.13
Distributions to shareholders from:
Net investment income			(0.20	)			(0.97	)			(1.17	)			(1.19	)			(1.29	)			(1.14	)
Net asset value, end of period		$	40.17			$	41.30			$	32.76			$	33.77			$	39.88			$	38.33
Total return (d)			(2.25	)%			29.30	%			0.62	%			(12.60	)%			7.20	%			28.10	%(e)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	4,358,462			$	4,555,667			$	2,538,715			$	4,044,421			$	4,949,488			$	3,285,263
Ratios to average net assets:
Total expenses			0.29	%(f)			0.29	%			0.29	%			0.29	%			0.29	%			0.29	%
Net investment income (loss)			0.94	%(f)			2.83	%			3.13	%			3.16	%			3.16	%			3.43	%
Portfolio turnover rate (g)			1	%(h)			4	%			7	%			6	%			6	%			8	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have remained 28.10%.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(h) Not annualized.

See accompanying notes to financial statements.

55

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI ACWI ex-US ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				Year Ended 9/30/14				Year Ended 9/30/13
Net asset value, beginning of period		$	37.67			$	32.34			$	30.31			$	35.09			$	34.29			$	30.49
Income (loss) from investment operations:
Net investment income (loss) (a)			0.35				0.90				0.87				0.94				1.17				0.90
Net realized and unrealized gain (loss) (b)			0.92				5.22				2.00				(4.92	)			0.72				3.88
Total from investment operations			1.27				6.12				2.87				(3.98	)			1.89				4.78
Other capital			0.00	(c)			(0.00	)(c)			—				—				—				—
Distributions to shareholders from:
Net investment income			(0.44	)			(0.79	)			(0.84	)			(0.80	)			(1.09	)			(0.98	)
Net asset value, end of period		$	38.50			$	37.67			$	32.34			$	30.31			$	35.09			$	34.29
Total return (d)			3.33	%			19.24	%			9.66	%			(11.58	)%			5.43	%			15.96	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	1,547,559			$	1,461,775			$	847,299			$	715,311			$	575,494			$	493,824
Ratios to average net assets:
Total expenses			0.34	%(e)			0.34	%			0.34	%			0.34	%			0.35	%			0.34	%
Net expenses			0.30	%(e)			0.30	%			0.30	%			0.32	%			0.35	%			0.34	%
Net investment income (loss)			1.78	%(e)			2.62	%			2.80	%			2.74	%			3.25	%			2.76	%
Portfolio turnover rate (f)			0	%(g)(h)			3	%			7	%			8	%			3	%			2	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Amount is less than 0.005%.

(h) Not annualized.

See accompanying notes to financial statements.

56

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Markets Dividend ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				Year Ended 9/30/14				Year Ended 9/30/13
Net asset value, beginning of period		$	30.31			$	27.40			$	25.06			$	36.66			$	40.34			$	43.70
Income (loss) from investment operations:
Net investment income (loss) (a)			0.23				1.18				1.28				1.44				1.77				2.45
Net realized and unrealized gain (loss) (b)			4.76				2.70				2.29				(11.68	)			(3.86	)			(3.87	)
Total from investment operations			4.99				3.88				3.57				(10.24	)			(2.09	)			(1.42	)
Net equalization credits and charges (a)			0.00	(c)			0.04				0.04				(0.03	)			0.04				0.09
Other capital			0.00	(c)			0.00	(c)			0.02				0.01				0.01				0.05
Distributions to shareholders from:
Net investment income			(0.24	)			(1.01	)			(1.29	)			(1.34	)			(1.64	)			(2.08	)
Net asset value, end of period		$	35.06			$	30.31			$	27.40			$	25.06			$	36.66			$	40.34
Total return (d)			16.49	%			14.47	%			14.70	%			(28.56	)%			(5.16	)%			(2.80	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	487,330			$	422,858			$	300,042			$	298,163			$	491,217			$	538,651
Ratios to average net assets:
Total expenses			0.49	%(e)			0.49	%			0.49	%			0.53	%			0.59	%			0.60	%
Net investment income (loss)			1.42	%(e)			4.05	%			4.91	%			4.32	%			4.50	%			5.71	%
Portfolio turnover rate (f)			12	%(g)			123	%			48	%			78	%			67	%			85	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

See accompanying notes to financial statements.

57

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Markets Small Cap ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				Year Ended 9/30/14				Year Ended 9/30/13
Net asset value, beginning of period		$	49.42			$	42.74			$	37.00			$	48.31			$	46.15			$	44.43
Income (loss) from investment operations:
Net investment income (loss) (a)			0.20				1.04				0.89				1.01				1.01				0.95
Net realized and unrealized gain (loss) (b)			3.25				6.61				5.84				(11.19	)			2.11				1.81
Total from investment operations			3.45				7.65				6.73				(10.18	)			3.12				2.76
Net equalization credits and charges (a)			—				—				—				0.00	(c)			—				—
Other capital			0.00	(c)			0.03				0.04				0.04				0.05				0.03
Distributions to shareholders from:
Net investment income			(1.04	)			(1.00	)			(1.03	)			(1.17	)			(1.01	)			(1.07	)
Net asset value, end of period		$	51.83			$	49.42			$	42.74			$	37.00			$	48.31			$	46.15
Total return (d)			6.98	%			18.46	%			18.67	%			(21.38	)%			6.90	%			6.29	%(e)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	559,746			$	479,338			$	320,556			$	373,681			$	570,082			$	761,466
Ratios to average net assets:
Total expenses			0.65	%(f)			0.65	%			0.65	%			0.65	%			0.65	%			0.65	%
Net investment income (loss)			0.78	%(f)			2.30	%			2.29	%			2.26	%			2.10	%			2.05	%
Portfolio turnover rate (g)			2	%(h)			34	%			19	%			12	%			23	%			18	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have been 6.29%.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(h) Not annualized.

See accompanying notes to financial statements.

58

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Dividend ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				Year Ended 9/30/14				Year Ended 9/30/13
Net asset value, beginning of period		$	40.25			$	36.61			$	33.95			$	46.33			$	46.60			$	45.27
Income (loss) from investment operations:
Net investment income (loss) (a)			0.46				1.51				1.68				2.05				2.41				3.27
Net realized and unrealized gain (loss) (b)			(0.16	)			4.13				2.56				(12.36	)			(0.29	)			1.20
Total from investment operations			0.30				5.64				4.24				(10.31	)			2.12				4.47
Net equalization credits and charges (a)			(0.00	)(c)			(0.01	)			0.05				(0.01	)			0.03				0.00	(c)
Other capital			—				0.00	(c)			—				—				—				—
Distributions to shareholders from:
Net investment income			(0.63	)			(1.99	)			(1.63	)			(2.06	)			(2.42	)			(3.14	)
Net asset value, end of period		$	39.92			$	40.25			$	36.61			$	33.95			$	46.33			$	46.60
Total return (d)			0.71	%			15.84	%			12.98	%			(22.86	)%			4.43	%			10.24	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	1,231,583			$	1,251,962			$	1,010,508			$	974,416			$	1,450,114			$	1,304,826
Ratios to average net assets:
Total expenses			0.45	%(e)			0.45	%			0.45	%			0.46	%			0.46	%			0.45	%
Net investment income (loss)			2.28	%(e)			3.95	%			4.81	%			4.84	%			4.96	%			6.97	%
Portfolio turnover rate (f)			7	%(g)			122	%			39	%			76	%			62	%			121	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

See accompanying notes to financial statements.

59

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR STOXX Europe 50 ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				Year Ended 9/30/14				Year Ended 9/30/13
Net asset value, beginning of period		$	35.49			$	30.28			$	31.54			$	36.86			$	36.47			$	31.50
Income (loss) from investment operations:
Net investment income (loss) (a)			0.39				0.95				1.10				1.23				2.03	(b)			1.19
Net realized and unrealized gain (loss) (c)			(0.92	)			5.14				(1.21	)			(5.37	)			0.22				4.84
Total from investment operations			(0.53	)			6.09				(0.11	)			(4.14	)			2.25				6.03
Net equalization credits and charges (a)			(0.04	)			0.12				(0.04	)			0.04				0.11				0.13
Other capital			—				0.01				—				—				—				—
Distributions to shareholders from:
Net investment income			(0.39	)			(1.01	)			(1.11	)			(1.22	)			(1.97	)			(1.19	)
Net asset value, end of period		$	34.53			$	35.49			$	30.28			$	31.54			$	36.86			$	36.47
Total return (d)			(1.60	)%			20.83	%			(0.42	)%			(11.36	)%			6.33	%(b)			19.94	%(e)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	227,932			$	317,665			$	186,220			$	247,626			$	261,730			$	109,419
Ratios to average net assets:
Total expenses			0.29	%(f)			0.29	%			0.29	%			0.29	%			0.29	%			0.29	%
Net investment income (loss)			2.20	%(f)			2.92	%			3.57	%			3.50	%			5.28	%(b)			3.47	%
Portfolio turnover rate (g)			1	%(h)			8	%			8	%			9	%			9	%			12	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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%.

(c) 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.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have been 19.93%.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(h) Not annualized.

See accompanying notes to financial statements.

60

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

1. Organization

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

As of March 31, 2018, the Trust consists of thirty (30) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):

SPDR EURO STOXX 50 ETF

SPDR MSCI ACWI ex-US ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR S&P Emerging Markets Small Cap ETF

SPDR S&P International Dividend ETF

SPDR STOXX Europe 50 ETF

Each Fund is classified as a non-diversified investment company under the 1940 Act.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would 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.

61

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

Security Valuation

Each Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE 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 the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by 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.

Valuation techniques used to value each Fund’s investments by major category are as follows:

• Equity investments 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.

• 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 (“NAV”) per share or unit.

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 determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Funds’ underlying benchmarks. Various inputs are used in determining the value of the Funds’ investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize 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

62

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

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 an identical asset or liability;

• 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.

The value of each Fund’s investments according to the fair value hierarchy as of March 31, 2018, is disclosed in each Fund’s respective Schedule 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. The SPDR S&P Emerging Markets Dividend ETF and SPDR S&P International Dividend ETF had transfers of securities from Level 1 to Level 2 during the period ended March 31, 2018 in the amounts of $12,032,994 and $15,350,869, respectively. At March 31, 2018, these investments were valued using alternative valuation procedures under the valuation policy and procedures adopted by the Board. At September 30, 2017, these investments were valued at exchange closing prices in accordance with the Fund’s valuation policy.

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any. 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.

63

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

Certain Funds invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions 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 initially as dividend income and re-designate the prior calendar year’s to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. 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 within the Trust.

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 at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the 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 March 31, 2018, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

64

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

Equalization

Certain Funds in the Trust 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 utilized equalization during the period ended March 31, 2018:

SPDR EURO STOXX 50 ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR S&P International Dividend ETF

SPDR STOXX Europe 50 ETF

Distributions

The SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P International Dividend ETF, and the SPDR STOXX Europe 50 ETF declare and distribute from net investment income, if any, to their shareholders quarterly. The SPDR MSCI ACWI Ex-US ETF and the SPDR S&P Emerging Markets Small Cap ETF declare and distribute from net investment income, if any, to their shareholders semi-annually.

Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve index tracking or to comply with the distribution requirements of the Internal Revenue Code. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Fees and Transactions with Affiliates

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement (the “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

65

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

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 EURO STOXX 50 ETF		0.29	%
SPDR MSCI ACWI ex-US ETF		0.34
SPDR S&P Emerging Markets Dividend ETF		0.49
SPDR S&P Emerging Markets Small Cap ETF		0.65
SPDR S&P International Dividend ETF		0.45
SPDR STOXX Europe 50 ETF		0.29

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 expenses, taxes, interest, the fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.

The Adviser has contractually agreed to waive its advisory fee and reimburse certain expenses, until January 31, 2019, so that the net annual Fund operating expenses of the SPDR MSCI ACWI ex-US ETF will be limited to 0.30% of the Fund’s average daily net assets before application of any fees and expenses not paid by the Adviser under the Investment Advisory Agreement. Such fees and expenses paid by the Adviser are limited to certain direct operating expenses of the Fund and, therefore, do not include the Fund’s acquired fund fees and expenses, if any. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver from year to year, but there is no guarantee that the Adviser will do so and after January 31, 2019, the waiver may be cancelled or modified at any time. The waiver and/or reimbursement may not be terminated prior to January 31, 2019 except with the approval of the Board. For the period ended March 31, 2018, SPDR MSCI ACWI ex-US ETF waived $324,922.

Administrator, Custodian, Sub-Administrator and Transfer Agent Fees

SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.

66

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

Distributor

State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the Distributor of the Trust.

Other Transactions with Affiliates - Securities Lending

State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017.

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 Government Money Market Portfolio, an affiliated money market fund, for which SSGA FM serves as investment adviser. See Note 8 for additional information regarding securities lending.

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2018, are disclosed in the Schedules of Investments.

4. Trustees’ Fees

The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

67

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

5. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended March 31, 2018, were as follows:

	Purchases		Sales
SPDR EURO STOXX 50 ETF	$	40,910,151	$	42,943,899
SPDR MSCI ACWI ex-US ETF		7,499,500		12,738,715
SPDR S&P Emerging Markets Dividend ETF		54,805,503		56,455,634
SPDR S&P Emerging Markets Small Cap ETF		38,281,438		12,082,726
SPDR S&P International Dividend ETF		91,751,697		96,715,359
SPDR STOXX Europe 50 ETF		3,090,743		4,309,645

For the period ended March 31, 2018, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

	In-kind Contributions			In-kind Redemptions			In-kind Net Realized Gains/(Losses)
SPDR EURO STOXX 50 ETF		$	320,239,585		$	390,199,496		$	75,094,718
SPDR MSCI ACWI ex-US ETF			113,624,393			66,779,349			24,635,409
SPDR S&P Emerging Markets Dividend ETF			14,211,018			15,799,959			3,014,659
SPDR S&P Emerging Markets Small Cap ETF			23,637,671			—			—
SPDR S&P International Dividend ETF			33,392,784			43,562,199			3,931,487
SPDR STOXX Europe 50 ETF			—			82,987,888			10,005,763

6. Shareholder Transactions

Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for

68

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes on Net Assets.

7. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. 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. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of September 30, 2017, SSGA FM has analyzed each Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

As of March 31, 2018, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

	Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
SPDR EURO STOXX 50 ETF		$	4,334,026,565		$	354,858,736		$	267,234,864		$	87,623,872
SPDR MSCI ACWI ex-US ETF			1,456,112,439			227,983,943			116,882,425			111,101,518
SPDR S&P Emerging Markets Dividend ETF			460,743,413			76,151,111			12,464,863			63,686,248
SPDR S&P Emerging Markets Small Cap ETF			604,844,591			89,963,009			115,788,182			(25,825,173	)
SPDR S&P International Dividend ETF			1,235,535,869			82,313,364			57,088,527			25,224,837
SPDR STOXX Europe 50 ETF			241,015,440			9,668,690			24,103,139			(14,434,449	)

69

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

8. Securities Lending

Each Fund may lend securities 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.

The market value of securities on loan as of March 31, 2018, 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 non-cash collateral and 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 March 31, 2018:

Fund	Market Value of Securities on Loan			Cash Collateral Received			Non Cash Collateral Received*			Total Collateral Received
SPDR EURO STOXX 50 ETF		$	68,087,528		$	69,782,046		$	213,723		$	69,995,769
SPDR MSCI ACWI ex-US ETF			67,362,665			32,639,102			37,399,888			70,038,990

70

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

Fund	Market Value of Securities on Loan			Cash Collateral Received			Non Cash Collateral Received*			Total Collateral Received
SPDR S&P Emerging Markets Dividend ETF		$	37,897,145		$	38,837,851		$	843,463		$	39,681,314
SPDR S&P Emerging Markets Small Cap ETF			35,948,563			19,823,794			19,566,899			39,390,693
SPDR S&P International Dividend ETF			52,568,218			33,995,826			21,099,655			55,095,481
SPDR STOXX Europe 50 ETF			91,479			101,922			—			101,922

* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of March 31, 2018:

		Remaining Contractual Maturity of the Agreements As of March 31, 2018
Fund	Securities Lending Transactions	Overnight and Continuous			<30 Days			Between 30 & 90 Days			>90 Days			Total Borrowings			Gross Amount of Recognized Liabilities for Securities Lending Transactions
SPDR EURO STOXX 50 ETF	Common Stocks		$	69,782,046		$	—		$	—		$	—		$	69,782,046		$	69,782,046
SPDR MSCI ACWI ex-US ETF	Common Stocks			32,639,102			—			—			—			32,639,102			32,639,102
SPDR S&P Emerging Markets Dividend ETF	Common Stocks			38,837,851			—			—			—			38,837,851			38,837,851
SPDR S&P Emerging Markets Small Cap ETF	Common Stocks			19,823,794			—			—			—			19,823,794			19,823,794
SPDR S&P International Dividend ETF	Common Stocks			33,995,826			—			—			—			33,995,826			33,995,826
SPDR STOXX Europe 50 ETF	Common Stocks			101,922			—			—			—			101,922			101,922

9. Line of Credit

Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless extended or renewed.

71

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

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 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 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

Prior to October 12, 2017, the Funds and other affiliated funds participated in a $360 million revolving credit facility.

The following Funds participate in the credit facility as of March 31, 2018:

SPDR MSCI ACWI ex-US ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR S&P Emerging Markets Small Cap ETF

SPDR S&P International Dividend ETF

The Funds had no outstanding loans as of March 31, 2018.

10. Risks

Concentration Risk

As a result of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if the Funds were more broadly diversified.

Foreign and Emerging Markets Risk

Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to

72

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

11. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date on which 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.

73

SPDR INDEX SHARES FUNDS

OTHER INFORMATION

March 31, 2018 (Unaudited)

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from October 1, 2017 to March 31, 2018.

The table below illustrates your Fund’s cost in two ways:

Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, 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 given for the Fund under the heading “Expenses Paid During Period”.

Based on hypothetical 5% return ——This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

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 sales load charges (loads). Therefore, the hypothetical 5% return section of the 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.

74

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

March 31, 2018 (Unaudited)

	SPDR EURO STOXX 50 ETF				SPDR MSCI ACWI ex-US ETF				SPDR S&P Emerging Markets Dividend ETF
Annualized Expense Ratio			0.29	%			0.30	%			0.49	%
Actual:
Ending Account Value		$	977.50			$	1,033.30			$	1,164.90
Expenses Paid During Period(a)			1.43				1.52				2.64
Hypothetical (assuming a 5% return before expenses):
Ending Account Value			1,023.50				1,023.40				1,022.50
Expenses Paid During Period(a)			1.46				1.51				2.47
	SPDR S&P Emerging Markets Small Cap ETF				SPDR S&P International Dividend ETF				SPDR STOXX Europe 50 ETF
Annualized Expense Ratio			0.65	%			0.45	%			0.29	%
Actual:
Ending Account Value		$	1,069.80			$	1,007.10			$	984.00
Expenses Paid During Period(a)			3.35				2.25				1.43
Hypothetical (assuming a 5% return before expenses):
Ending Account Value			1,021.70				1,022.70				1,023.50
Expenses Paid During Period(a)			3.28				2.27				1.46

(a) Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by 182, then divided by 365.

Proxy Voting Policies and Procedures and Records

A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC’s website, 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.

75

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

March 31, 2018 (Unaudited)

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 Funds’ 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.

Full Portfolio Schedule

The complete schedule of portfolio holdings for the following Funds is available on the Funds’ website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

SPDR MSCI ACWI ex-US ETF

SPDR S&P Emerging Markets Small Cap ETF

76

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

Investment Manager and

Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

Distributor

State Street Global Advisors Funds

Distributors, LLC

One Iron Street

Boston, MA 02210

Custodian, Sub-Administrator

and Transfer Agent

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Legal Counsel

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

Independent Registered Public

Accounting Firm

PricewaterhouseCoopers LLP

101 Seaport Boulevard

Suite 500

Boston, MA 02210

Fund Shares are distributed by State Street Global Advisors Funds Distributors, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Advisors Funds Distributors, 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 1.866.787.2257 or

visit spdrs.com today.

ssga.com | spdrs.com

The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indices 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 Advisors Funds Distributors, LLC, an indirect wholly-owned subsidiary of State Street Corporation. State Street Global Advisors Funds Distributors, 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 adviser, administrator and securities lending agent.

Standard & Poor’s^®, S&P^® and SPDR^® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P

Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

Before investing, consider the Funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.spdrs.com. Read it carefully.

Not FDIC Insured • No Bank Guarantee • May Lose Value

The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.

State Street Global Advisors ©  2018 State Street Corporation - All Rights Reserved 0515 Exp. Date: 11/30/2018 SPDRISINTLSAR

Semi-Annual Report

March 31, 2018

SPDR^® Index Shares Funds

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SPDR Portfolio Developed World ex-US ETF

(formerly, SPDR Portfolio World ex-US ETF)

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.

TABLE OF CONTENTS (UNAUDITED)

Portfolio Statistics (Unaudited)
SPDR Portfolio Emerging Markets ETF (SPEM) (formerly, SPDR S&P Emerging Markets ETF)	1
SPDR Portfolio Developed World ex-US ETF (SPDW) (formerly, SPDR Portfolio World ex-US ETF)	2
Schedules of Investments (Unaudited)
SPDR Portfolio Emerging Markets ETF (SPEM) (formerly, SPDR S&P Emerging Markets ETF) (Summary)	3
SPDR Portfolio Developed World ex-US ETF (SPDW) (formerly, SPDR Portfolio World ex-US ETF) (Summary)	10
Financial Statements (Unaudited)	17
Financial Highlights (Unaudited)	21
Notes to Financial Statements (Unaudited)	23
Other Information (Unaudited)	36

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.

[This Page Intentionally Left Blank]

SPDR PORTFOLIO EMERGING MARKETS ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Tencent Holdings, Ltd.		5.5	%
Alibaba Group Holding, Ltd. ADR		3.7
Taiwan Semiconductor Manufacturing Co., Ltd.		2.4
Naspers, Ltd.		1.9
China Construction Bank Corp.		1.8
Industrial & Commercial Bank of China, Ltd.		1.2
Baidu, Inc. ADR		1.2
Itau Unibanco Holding SA Preference Shares ADR		1.2
Housing Development Finance Corp., Ltd.		1.0
Banco Bradesco SA Preference Shares ADR		1.0
TOTAL		20.9	%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Financials		25.3	%
Information Technology		22.2
Consumer Discretionary		9.7
Energy		8.4
Materials		7.5
Consumer Staples		6.9
Industrials		6.1
Telecommunication Services		4.7
Real Estate		4.0
Utilities		2.5
Health Care		2.0
Short-Term Investments		2.5
Liabilities in Excess of Other Assets		(1.8	)
TOTAL		100.0	%

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

See accompanying notes to financial statements.

1

SPDR PORTFOLIO DEVELOPED WORLDEX-US ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Nestle SA		1.2	%
Samsung Electronics Co., Ltd. GDR		1.1
Novartis AG		1.0
HSBC Holdings PLC		1.0
Toyota Motor Corp.		0.9
Roche Holding AG		0.8
TOTAL SA		0.7
Royal Dutch Shell PLC Class A		0.7
BP PLC		0.7
British American Tobacco PLC		0.6
TOTAL		8.7	%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Financials		20.6	%
Industrials		14.6
Consumer Discretionary		12.2
Consumer Staples		10.1
Health Care		9.1
Information Technology		8.8
Materials		8.1
Energy		5.7
Real Estate		3.9
Telecommunication Services		3.3
Utilities		3.0
Short-Term Investments		2.6
Liabilities in Excess of Other Assets		(2.0	)
TOTAL		100.0	%

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

See accompanying notes to financial statements.

2

SPDR PORTFOLIO EMERGING MARKETS ETF

SUMMARY SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS - 99.3%
BRAZIL – 8.5%
Ambev SA ADR		1,647,853	$	11,979,891
Banco Bradesco SA Preference Shares ADR		1,405,188		16,693,633
Itau Unibanco Holding SA Preference Shares ADR		1,268,749		19,792,484
Itausa - Investimentos Itau SA Preference Shares		1,707,925		7,086,378
Petroleo Brasileiro SA Preference Shares ADR (a)		798,594		10,373,736
Vale SA ADR (b)		693,490		8,821,193
Other Securities		10,025,758		71,088,568
				145,835,883
CHILE – 1.8%
SACI Falabella		683,937		6,598,743
Other Securities		7,250,501		23,638,149
				30,236,892
CHINA – 31.5%
AAC Technologies Holdings, Inc.		406,492		7,333,979
Alibaba Group Holding, Ltd. ADR (a)(b)		349,873		64,215,690
Baidu, Inc. ADR (a)		91,225		20,360,508
Bank of China, Ltd. Class H		23,004,900		12,369,644
China Construction Bank Corp. Class H		30,770,280		31,600,277
China Huishan Dairy Holdings Co., Ltd. (a)(b)(c)		310,600		—
China Life Insurance Co., Ltd. Class H		2,369,260		6,520,650
China Merchants Bank Co., Ltd. Class H		1,559,923		6,390,113
China Mobile, Ltd.		1,773,366		16,257,493
China Overseas Land & Investment, Ltd		1,779,200		6,177,542
China Petroleum & Chemical Corp. Class H		8,859,200		7,777,466
CNOOC, Ltd.		5,807,603		8,554,195
Coolpad Group, Ltd. (a)(c)		253,600		11,633
Industrial & Commercial Bank of China, Ltd. Class H		24,794,590		21,261,622
JD.com, Inc. ADR (a)		271,935		11,010,648
National Agricultural Holdings, Ltd. (a)(b)(c)		72,000		5,459
NetEase, Inc. ADR		31,298		8,775,646
Ping An Insurance Group Co. of China, Ltd. Class H		1,551,000		15,770,269
Tencent Holdings, Ltd.		1,806,167		94,263,217
Other Securities		212,984,997		202,965,916
				541,621,967
COLOMBIA – 0.5%
Other Securities		50,055,029		9,080,559
CZECH REPUBLIC – 0.3%
Other Securities		149,714		4,750,366

See accompanying notes to financial statements.

3

SPDR PORTFOLIO EMERGING MARKETS ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
EGYPT – 0.3%
Other Securities		2,260,931	$	5,755,218
GREECE – 0.2%
Other Securities		441,236		3,089,770
HONG KONG – 1.2%
Asian Citrus Holdings, Ltd. (a)(c)		51,000		1,949
China Fiber Optic Network System Group, Ltd. (a)(c)		88,800		—
Hanergy Thin Film Power Group, Ltd. (a)(c)		856,000		—
Hua Han Health Industry Holdings, Ltd. (a)(b)(c)		283,600		14,364
Other Securities		62,777,235		21,036,807
				21,053,120
HUNGARY – 0.6%
Other Securities		495,927		10,923,729
INDIA – 11.0%
CORE Education & Technologies, Ltd. (a)(c)		9,253		—
Era Infra Engineering, Ltd. (a)(c)		2,941		—
HDFC Bank, Ltd.		220,439		6,374,719
Hindustan Unilever, Ltd.		403,334		8,245,498
Housing Development Finance Corp., Ltd.		613,615		17,175,504
ICICI Bank, Ltd. ADR		850,956		7,530,961
Infosys, Ltd. ADR (b)		837,144		14,943,020
Maruti Suzuki India, Ltd.		66,707		9,062,895
Reliance Industries, Ltd. GDR (d)		407,620		11,046,502
Tata Consultancy Services, Ltd.		202,250		8,835,105
Other Securities		27,162,233		105,525,287
				188,739,491
INDONESIA – 2.8%
Bank Central Asia Tbk PT		6,324,787		10,704,016
Bank Rakyat Indonesia Persero Tbk PT		23,987,325		6,272,335
Other Securities		130,202,127		30,358,102
				47,334,453
MACAU – 0.0% (e)
Other Security		35,000		2,141
MALAYSIA – 2.6%
Other Securities		54,221,893		45,459,809
MEXICO – 3.5%
America Movil SAB de CV Series L		10,502,722		9,925,327
Fomento Economico Mexicano SAB de CV		906,720		8,236,903
Other Securities		22,550,624		41,708,912
				59,871,142

See accompanying notes to financial statements.

4

SPDR PORTFOLIO EMERGING MARKETS ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
MONACO – 0.0% (e)
Other Security		7,530	$	123,868
NETHERLANDS – 0.0% (e)
Other Security		170,558		450,273
PERU – 0.9%
Credicorp, Ltd.		30,548		6,935,618
Other Securities		2,334,539		8,368,586
				15,304,204
PHILIPPINES – 1.4%
Other Securities		54,624,468		23,331,413
POLAND – 1.1%
Other Securities		1,870,810		18,273,169
QATAR – 0.5%
Other Securities		733,713		8,021,548
RUSSIA – 4.3%
Gazprom PJSC ADR		2,193,337		10,672,778
LUKOIL PJSC ADR		178,836		12,321,800
Sberbank of Russia PJSC ADR (f)		339,107		6,317,563
Sberbank of Russia PJSC ADR (f)		355,019		6,621,104
Tatneft PJSC ADR (b)		101,618		6,414,128
Other Securities		3,579,207		32,326,374
				74,673,747
SOUTH AFRICA – 7.4%
FirstRand, Ltd. (b)		1,226,187		6,923,254
Naspers, Ltd. Class N		134,550		32,838,660
Standard Bank Group, Ltd.		423,815		7,821,911
Other Securities		12,603,519		78,857,657
				126,441,482
TAIWAN – 13.8%
Formosa Plastics Corp.		1,785,714		6,308,212
Hon Hai Precision Industry Co., Ltd.		4,781,495		14,759,219
Long Chen Paper Co., Ltd.		6,595,165		7,419,193
Pihsiang Machinery Manufacturing Co., Ltd. (a)(c)		51,000		—
ProMOS Technologies, Inc. (a)(c)		257		—
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		173,372		7,586,759
Taiwan Semiconductor Manufacturing Co., Ltd.		4,822,500		40,357,033
Transasia Airways Corp. (a)(c)		361,784		—
Wei Mon Industry Co., Ltd. (a)(c)		240,450		—
Other Securities		135,490,125		160,878,842
				237,309,258

See accompanying notes to financial statements.

5

SPDR PORTFOLIO EMERGING MARKETS ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
THAILAND – 3.3%
PTT PCL (g)		391,936	$	6,868,594
Other Securities		145,583,402		50,738,570
				57,607,164
TURKEY – 1.2%
Other Securities		7,604,368		21,406,630
UNITED ARAB EMIRATES – 0.6%
Other Securities		15,247,303		10,584,570
UNITED KINGDOM – 0.0% (e)
Other Security		871		379
TOTAL COMMON STOCKS (Cost $1,626,921,680)				1,707,282,245
PREFERRED STOCKS - 0.0% (e)
SOUTH AFRICA – 0.0% (e)
Other Security (cost: $148,254)		33,422		169,271
WARRANTS - 0.0% (e)
INDONESIA – 0.0% (e)
Other Security		1,696,566		77,635
MALAYSIA – 0.0% (e)
Other Security		179,301		15,529
SOUTH AFRICA – 0.0% (e)
Other Security		335		226
TOTAL WARRANTS (Cost $0)				93,390
RIGHTS - 0.0% (e)
BRAZIL – 0.0% (e)
Other Security (cost $0)		3,501		32
SHORT-TERM INVESTMENTS - 2.5%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (h)(i)		4,427,757		4,427,757

See accompanying notes to financial statements.

6

SPDR PORTFOLIO EMERGING MARKETS ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio (h)(j)		37,930,341	$	37,930,341
TOTAL SHORT-TERM INVESTMENTS (Cost $42,358,098)				42,358,098
TOTAL INVESTMENTS - 101.8% (Cost $1,669,428,032)				1,749,903,036
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.8)%				(30,253,971	)
NET ASSETS - 100.0%			$	1,719,649,065

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund’s website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $33,405, representing less than 0.05% of the Fund’s net assets.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.9% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) Amount is less than 0.05% of net assets.

(f) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(g) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $56,299,184 representing 3.3% of net assets.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at March 31, 2018.

(j) Investment of cash collateral for securities loaned.

ADR   American Depositary Receipt

GDR   Global Depositary Receipt

See accompanying notes to financial statements.

7

SPDR PORTFOLIO EMERGING MARKETS ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

At March 31, 2018, open futures contracts purchased were as follows:

Description	Number of Contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/ Depreciation
MSCI Taiwan Index Futures	13	04/27/2018	$528,197	$530,010	$1,813

During the period ended March 31, 2018, average notional value related to futures contracts was $519,369 or less than 0.5% of net assets.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs				Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil		$	145,835,883		$	—		$	—			$	145,835,883
Chile			30,236,892			—			—				30,236,892
China			541,604,875			—			17,092				541,621,967
Colombia			9,080,559			—			—				9,080,559
Czech Republic			4,750,366			—			—				4,750,366
Egypt			5,755,218			—			—				5,755,218
Greece			3,089,770			—			—				3,089,770
Hong Kong			21,032,596			4,211			16,313				21,053,120
Hungary			10,923,729			—			—				10,923,729
India			188,012,885			726,606			0	(a)			188,739,491
Indonesia			47,329,686			4,767			—				47,334,453
Macau			2,141			—			—				2,141
Malaysia			45,459,666			143			—				45,459,809
Mexico			59,871,142			—			—				59,871,142
Monaco			123,868			—			—				123,868
Netherlands			450,273			—			—				450,273
Peru			15,304,204			—			—				15,304,204
Philippines			23,331,413			—			—				23,331,413
Poland			18,273,169			—			—				18,273,169
Qatar			8,021,548			—			—				8,021,548
Russia			74,673,747			—			—				74,673,747
South Africa			126,441,482			—			—				126,441,482
Taiwan			237,309,258			—			0	(a)			237,309,258
Thailand			2,250,368			55,356,796			—				57,607,164
Turkey			21,406,630			—			—				21,406,630

See accompanying notes to financial statements.

8

SPDR PORTFOLIO EMERGING MARKETS ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
United Arab Emirates		$	10,377,909		$	206,661		$	—		$	10,584,570
United Kingdom			379			—			—			379
Preferred Stocks
South Africa			169,271			—			—			169,271
Warrants
Indonesia			77,635			—			—			77,635
Malaysia			15,529			—			—			15,529
South Africa			226			—			—			226
Rights
Brazil			32			—			—			32
Short-Term Investments			42,358,098			—			—			42,358,098
TOTAL INVESTMENTS		$	1,693,570,447		$	56,299,184		$	33,405		$	1,749,903,036
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts(b)			1,813			—			—			1,813
TOTAL INVESTMENTS AND OTHER
FINANCIAL INSTRUMENTS		$	1,693,572,260		$	56,299,184		$	33,405		$	1,749,904,849

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2018.

(b) Futures Contracts are valued at unrealized appreciation (depreciation).

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		—		$	—		$	90,676,387		$	86,248,630		$	—		$	—		4,427,757		$	4,427,757		$	12,171
State Street Navigator Securities Lending Government Money Market Portfolio		8,647,800			8,647,800			84,715,944			55,433,403			—			—		37,930,341			37,930,341			133,723
Total				$	8,647,800		$	175,392,331		$	141,682,033		$	—		$	—				$	42,358,098		$	145,894

See accompanying notes to financial statements.

9

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS - 99.4%
AUSTRALIA – 5.6%
Arrium, Ltd. (a)(b)(c)		163,093	$	—
BHP Billiton, Ltd.		402,120		8,701,266
Commonwealth Bank of Australia		215,502		11,952,901
CSL, Ltd.		65,087		7,761,338
Westpac Banking Corp.		407,780		8,951,982
Other Securities		14,888,337		107,931,593
				145,299,080
AUSTRIA – 0.3%
Other Securities		158,795		8,667,184
BELGIUM – 1.2%
Anheuser-Busch InBev SA		123,856		13,599,518
Other Securities		235,263		16,605,148
				30,204,666
CANADA – 7.7%
Bank of Nova Scotia		152,180		9,367,465
Royal Bank of Canada		179,931		13,889,264
Suncor Energy, Inc.		244,513		8,437,761
Toronto-Dominion Bank		249,991		14,176,337
Other Securities		6,810,661		153,700,264
				199,571,091
CHILE – 0.0% (d)
Other Security		43,660		564,078
CHINA – 0.1%
Other Securities		2,141,145		1,454,522
DENMARK – 1.4%
Novo Nordisk A/S Class B		249,053		12,224,796
Other Securities		406,555		24,562,222
				36,787,018
FINLAND – 0.9%
Other Securities		1,345,995		22,415,427
FRANCE – 8.1%
Airbus SE		79,471		9,167,772
BNP Paribas SA		139,116		10,294,598
LVMH Moet Hennessy Louis Vuitton SE (c)		34,060		10,480,554
Sanofi		152,181		12,227,154
TOTAL SA		317,178		17,994,460

See accompanying notes to financial statements.

10

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Other Securities		3,211,059	$	148,526,611
				208,691,149
GERMANY – 7.8%
Allianz SE		57,181		12,897,436
BASF SE		114,818		11,645,504
Bayer AG		105,584		11,919,164
Daimler AG		124,233		10,537,789
SAP SE		124,386		12,998,386
Siemens AG		106,173		13,517,322
Other Securities		2,824,918		127,441,593
				200,957,194
HONG KONG – 2.9%
AIA Group, Ltd.		1,576,600		13,338,715
Other Securities		17,313,487		61,385,977
				74,724,692
IRELAND – 0.5%
Irish Bank Resolution Corp., Ltd. (a)		5,635		—
Other Securities		652,996		13,827,590
				13,827,590
ISRAEL – 0.5%
Other Securities		1,415,957		13,553,579
ITALY – 2.0%
Other Securities		9,890,350		52,470,131
JAPAN – 23.3%
FANUC Corp.		29,855		7,458,837
Honda Motor Co., Ltd.		245,075		8,390,391
Mitsubishi UFJ Financial Group, Inc.		1,702,324		11,145,540
SoftBank Group Corp.		114,536		8,406,845
Sony Corp.		163,820		7,871,370
Toyota Motor Corp.		340,688		21,918,075
Other Securities		28,327,480		538,615,375
				603,806,433
JORDAN – 0.0% (d)
Other Security		17,751		300,930
LUXEMBOURG – 0.2%
Other Securities		171,062		4,921,092
MACAU – 0.0% (d)
Other Securities		177,600		621,230

See accompanying notes to financial statements.

11

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
MALTA – 0.0% (d)
Other Securities		55,023	$	746,969
MEXICO – 0.0% (d)
Other Security		25,223		448,831
NETHERLANDS – 3.7%
ASML Holding NV		65,592		12,919,036
ING Groep NV		524,648		8,839,768
Royal Dutch Shell PLC Class A		562,303		17,617,818
Royal Dutch Shell PLC Class B		465,278		14,861,796
Other Securities		1,813,203		41,780,588
				96,019,006
NEW ZEALAND – 0.3%
Other Securities		2,211,451		7,039,646
NORWAY – 0.7%
Other Securities		1,328,733		18,432,640
PORTUGAL – 0.2%
Other Securities		2,002,584		4,857,592
SINGAPORE – 1.2%
Other Securities		14,230,306		30,824,309
SOUTH AFRICA – 0.1%
Other Securities		163,845		3,026,071
SOUTH KOREA – 5.0%
Digitech Systems Co., Ltd. (a)		19,094		—
Samsung Electronics Co., Ltd. GDR		24,680		28,283,280
Other Securities		2,547,456		101,699,998
				129,983,278
SPAIN – 2.7%
Banco Santander SA		2,053,626		13,373,332
Let’s GOWEX SA (a)(b)(c)		4,019		—
Other Securities		5,206,453		55,334,269
				68,707,601
SWEDEN – 2.6%
Other Securities		4,680,299		67,198,759
SWITZERLAND – 6.9%
Nestle SA		386,759		30,541,683
Novartis AG		328,125		26,473,410
Roche Holding AG		93,196		21,323,354
UBS Group AG (b)		456,139		8,000,057

See accompanying notes to financial statements.

12

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Other Securities		2,576,645	$	91,532,021
				177,870,525
UNITED KINGDOM – 13.3%
Afren PLC (a)(c)		55,933		—
AstraZeneca PLC		172,777		11,865,300
BP PLC		2,467,608		16,589,529
British American Tobacco PLC		283,584		16,433,599
Diageo PLC		345,741		11,698,332
GlaxoSmithKline PLC		662,371		12,952,686
HSBC Holdings PLC		2,609,645		24,359,030
Lloyds Banking Group PLC		8,848,625		8,026,150
Prudential PLC		322,109		8,036,232
Rio Tinto PLC		149,144		7,554,905
Unilever NV		214,288		12,088,680
Unilever PLC		185,129		10,272,392
Vodafone Group PLC		3,630,455		9,891,241
Other Securities		24,463,024		194,062,736
				343,830,812
UNITED STATES – 0.2%
Other Securities		633,872		4,152,617
TOTAL COMMON STOCKS (Cost $2,514,314,674)				2,571,975,742
WARRANTS – 0.0% (d)
FRANCE – 0.0% (d)
Other Securities (cost $0)		18,956		4,324
RIGHTS – 0.0% (d)
ITALY – 0.0% (d)
Other Security		48,911		52,009
SOUTH KOREA – 0.0% (d)
Other Security		16,450		32,023
UNITED KINGDOM – 0.0% (d)
Other Security		5,756		29,957
TOTAL RIGHTS (Cost $49,428)				113,989
SHORT-TERM INVESTMENTS - 2.6%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (e)(f)		2,509,422		2,509,422

See accompanying notes to financial statements.

13

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio (e)(g)		65,277,407	$	65,277,407
TOTAL SHORT-TERM INVESTMENTS (Cost $67,786,829)				67,786,829
TOTAL INVESTMENTS - 102.0% (Cost $2,582,150,931)				2,639,880,884
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.0)%				(50,947,933	)
NET ASSETS - 100.0%			$	2,588,932,951

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund’s website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

(a) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $0, representing 0.0% of the Fund’s net assets.

(b) Non-income producing security.

(c) All or a portion of the shares of the security are on loan at March 31, 2018.

(d) Amount is less than 0.05% of net assets.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2018.

(g) Investment of cash collateral for securities loaned.

GDR  Global Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs				Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia		$	145,299,080		$	—		$	0	(a)		$	145,299,080
Austria			8,667,184			—			—				8,667,184
Belgium			30,204,666			—			—				30,204,666
Canada			199,571,091			—			—				199,571,091

See accompanying notes to financial statements.

14

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs				Total
Chile		$	564,078		$	—		$	—			$	564,078
China			1,454,522			—			—				1,454,522
Denmark			36,787,018			—			—				36,787,018
Finland			22,415,427			—			—				22,415,427
France			208,691,149			—			—				208,691,149
Germany			200,957,194			—			—				200,957,194
Hong Kong			74,724,692			—			—				74,724,692
Ireland			13,827,590			—			0	(a)			13,827,590
Israel			13,553,579			—			—				13,553,579
Italy			52,470,131			—			—				52,470,131
Japan			603,806,433			—			—				603,806,433
Jordan			300,930			—			—				300,930
Luxembourg			4,921,092			—			—				4,921,092
Macau			621,230			—			—				621,230
Malta			746,969			—			—				746,969
Mexico			448,831			—			—				448,831
Netherlands			96,005,511			13,495			—				96,019,006
New Zealand			7,039,646			—			—				7,039,646
Norway			18,432,640			—			—				18,432,640
Portugal			4,857,592			—			—				4,857,592
Singapore			30,771,879			52,430			—				30,824,309
South Africa			3,026,071			—			—				3,026,071
South Korea			129,983,278			—			0	(a)			129,983,278
Spain			68,707,601			—			0	(a)			68,707,601
Sweden			67,198,759			—			—				67,198,759
Switzerland			177,870,525			—			—				177,870,525
United Kingdom			343,830,812			—			0	(a)			343,830,812
United States			4,152,617			—			—				4,152,617
Warrants
France			4,324			—			—				4,324
Rights
Italy			52,009			—			—				52,009
South Korea.			32,023			—			—				32,023
United Kingdom			29,957			—			—				29,957
Short-Term Investments			67,786,829			—			—				67,786,829
TOTAL INVESTMENTS		$	2,639,814,959		$	65,925		$	0			$	2,639,880,884

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2018.

See accompanying notes to financial statements.

15

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		1,169,081		$	1,169,081		$	9,556,166		$	7,046,744		$	—		$	—		2,509,422		$	2,509,422		$	28,979
State Street Navigator Securities Lending Government Money Market Portfolio		22,963,226			22,963,226			224,925,176			182,610,995			—			—		65,277,407			65,277,407			283,601
Total				$	24,132,307		$	234,481,342		$	189,657,739		$	—		$	—				$	67,786,829		$	312,580

See accompanying notes to financial statements.

16

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2018 (Unaudited)

	SPDR Portfolio Emerging Markets ETF				SPDR Portfolio Developed World ex-US ETF
ASSETS
Investments in unaffiliated issuers, at value*		$	1,707,544,938			$	2,572,094,055
Investments in affiliated issuers, at value			42,358,098				67,786,829
Total Investments			1,749,903,036				2,639,880,884
Foreign currency, at value			6,365,192				4,916,396
Cash at broker			22,880				—
Cash			11				—
Receivable from broker — variation margin on open futures contracts			6,831				—
Receivable for investments sold			—				25
Dividends receivable — unaffiliated issuers			1,712,110				9,705,077
Dividends receivable — affiliated issuers			3,290				3,966
Securities lending income receivable — unaffiliated issuers			35,953				24,991
Securities lending income receivable — affiliated issuers			37,758				107,015
Receivable for foreign taxes recoverable			502				804,567
TOTAL ASSETS			1,758,087,563				2,655,442,921
LIABILITIES
Due to custodian			—				874,250
Payable upon return of securities loaned			37,930,341				65,277,407
Payable for investments purchased			97,549				99,709
Deferred foreign taxes payable			—				20,940
Advisory fee payable			410,132				236,175
Trustees’ fees and expenses payable			476				1,478
Accrued expenses and other liabilities			—				11
TOTAL LIABILITIES			38,438,498				66,509,970
NET ASSETS		$	1,719,649,065			$	2,588,932,951
NET ASSETS CONSIST OF:
Paid-in Capital		$	1,661,509,654			$	2,521,068,251
Undistributed (distribution in excess of) net investment income (loss)			4,842,790				14,537,408
Accumulated net realized gain (loss) investments, foreign currency transactions and futures contracts			(27,191,527	)			(4,386,486	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers**			80,475,004				57,709,013
Foreign currency translations			11,331				4,765
Futures contracts			1,813				—
NET ASSETS		$	1,719,649,065			$	2,588,932,951
NET ASSET VALUE PER SHARE
Net asset value per share		$	38.73			$	31.19
Shares outstanding (unlimited amount authorized, $0.01 par value)			44,400,000				83,000,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers		$	1,627,069,934			$	2,514,364,102
Investments in affiliated issuers			42,358,098				67,786,829
Total cost of investments		$	1,669,428,032			$	2,582,150,931
Foreign currency, at cost		$	6,346,709			$	4,930,484
* Includes investments in securities on loan, at value		$	100,219,647			$	97,149,903
** Includes deferred foreign taxes		$	—			$	20,940

See accompanying notes to financial statements.

17

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2018 (Unaudited)

	SPDR Portfolio Emerging Markets ETF			SPDR Portfolio Developed World ex-US ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers	$	7,503,485		$	24,484,150
Dividend income — affiliated issuers		12,171			28,979
Unaffiliated securities lending income		113,123			85,641
Affiliated securities lending income		133,723			283,601
Foreign taxes withheld		(603,352	)		(2,241,683	)
TOTAL INVESTMENT INCOME (LOSS)		7,159,150			22,640,688
EXPENSES
Advisory fee		725,891			489,887
Trustees’ fees and expenses		5,411			10,003
Miscellaneous expenses		2,681			1,975
TOTAL EXPENSES		733,983			501,865
NET INVESTMENT INCOME (LOSS)		6,425,167			22,138,823
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers		361,673			1,282,042
In-kind redemptions — unaffiliated issuers		—			(264	)
Foreign currency transactions		(124,049	)		131,176
Futures contracts		29,690			—
Net realized gain (loss)		267,314			1,412,954
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers*		35,655,348			(18,330,401	)
Foreign currency translations		37,518			(6,039	)
Futures contracts		2,903			—
Net change in unrealized appreciation/depreciation		35,695,769			(18,336,440	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		35,963,083			(16,923,486	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	42,388,250		$	5,215,337
* Includes foreign deferred taxes	$	287,885		$	(20,940	)

See accompanying notes to financial statements.

18

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR Portfolio Emerging Markets ETF
	Six Months Ended 3/31/18(a) (Unaudited)			Year Ended 9/30/17(a)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	6,425,167		$	7,916,297
Net realized gain (loss)		267,314			(718,708	)
Net change in unrealized appreciation/depreciation		35,695,769			71,340,770
Net increase (decrease) in net assets resulting from operations		42,388,250			78,538,359
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(7,039,001	)		(4,140,214	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		1,121,349,786			253,169,111
Other capital		514,039			85,243
Net increase (decrease) in net assets from beneficial interest transactions		1,121,863,825			253,254,354
Net increase (decrease) in net assets during the period		1,157,213,074			327,652,499
Net assets at beginning of period		562,435,991			234,783,492
NET ASSETS AT END OF PERIOD	$	1,719,649,065		$	562,435,991
Undistributed (distribution in excess of) net investment income (loss)	$	4,842,790		$	5,456,624
SHARES OF BENEFICIAL INTEREST:
Shares sold		28,800,000			7,800,000

(a) After the close of trading on October 13, 2017, the SPDR Portfolio Emerging Markets ETF underwent a 2-for-1 share split. The historical per share activity presented here has been retroactively adjusted to reflect this split. See Note 12.

See accompanying notes to financial statements.

19

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Portfolio Devleoped World ex-US ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	22,138,823		$	20,021,553
Net realized gain (loss)		1,412,954			10,416,165
Net change in unrealized appreciation/depreciation		(18,336,440	)		118,542,737
Net increase (decrease) in net assets resulting from operations		5,215,337			148,980,455
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(13,153,312	)		(21,128,852	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		1,583,495,203			341,888,994
Cost of shares redeemed		—			(91,199,248	)
Other capital		—			1,822
Net increase (decrease) in net assets from beneficial interest transactions		1,583,495,203			250,691,568
Net increase (decrease) in net assets during the period		1,575,557,228			378,543,171
Net assets at beginning of period		1,013,375,723			634,832,552
NET ASSETS AT END OF PERIOD	$	2,588,932,951		$	1,013,375,723
Undistributed (distribution in excess of) net investment income (loss)	$	14,537,408		$	5,551,897
SHARES OF BENEFICIAL INTEREST:
Shares sold		49,800,000			12,600,000
Shares redeemed		—			(3,400,000	)
Net increase (decrease)		49,800,000			9,200,000

See accompanying notes to financial statements.

20

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR Portfolio Emerging Markets ETF
	Six Months Ended 3/31/18(a) (Unaudited)			Year Ended 9/30/17(a)			Year Ended 9/30/16(a)			Year Ended 9/30/15(a)			Year Ended 9/30/14(a)			Year Ended 9/30/13(a)
Net asset value, beginning of period	$	36.06		$	30.10		$	26.21		$	33.18		$	31.57		$	31.93
Income (loss) from investment operations:
Net investment income (loss) (b)		0.22			0.70			0.56			0.64			0.70			0.69
Net realized and unrealized gain (loss) (c)		2.70			5.64			3.91			(6.94	)		1.43			(0.28	)
Total from investment operations		2.92			6.34			4.47			(6.30	)		2.13			0.41
Net equalization credits and charges (b)		—			—			—			0.00	(d)		—			—
Other capital		0.02			0.01			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.27	)		(0.39	)		(0.58	)		(0.67	)		(0.52	)		(0.77	)
Net asset value, end of period	$	38.73		$	36.06		$	30.10		$	26.21		$	33.18		$	31.57
Total return (e)		8.20	%		21.36	%		17.38	%		(19.34	)%		6.73	%		1.31	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	1,719,649		$	562,436		$	234,783		$	188,707		$	285,285		$	189,412
Ratios to average net assets:
Total expenses		0.13	%(f)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		1.15	%(f)		2.16	%		2.05	%		2.02	%		2.12	%		2.15	%
Portfolio turnover rate (g)		0	%(h)(i)		0	%(h)		12	%		18	%		9	%		21	%

(a) After the close of trading on October 13, 2017, the SPDR Portfolio Emerging Markets ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 12.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) 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.

(d) Amount is less than $0.005 per share.

(e) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(h) Amount is less than 0.005%.

(i) Not annualized.

See accompanying notes to financial statements.

21

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Portfolio Developed World ex-US ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13
Net asset value, beginning of period	$	30.52		$	26.45		$	25.17		$	28.46		$	28.00		$	23.91
Income (loss) from investment operations:
Net investment income (loss) (a)		0.38			0.70			0.69			0.71			0.89			0.73
Net realized and unrealized gain (loss) (b)		0.52			4.16			1.32			(3.25	)		0.40			4.04
Total from investment operations		0.90			4.86			2.01			(2.54	)		1.29			4.77
Other capital		—			0.00	(c)		—			—			—			—
Distributions to shareholders from:
Net investment income		(0.23	)		(0.79	)		(0.69	)		(0.75	)		(0.83	)		(0.68	)
Net realized gains		—			—			(0.04	)		—			—			—
Total distributions		(0.23	)		(0.79	)		(0.73	)		(0.75	)		(0.83	)		(0.68	)
Net asset value, end of period	$	31.19		$	30.52		$	26.45		$	25.17		$	28.46		$	28.00
Total return (d)		2.93	%		18.75	%		8.12	%		(9.14	)%		4.52	%		20.27	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,588,933		$	1,013,376		$	634,833		$	714,914		$	825,443		$	688,755
Ratios to average net assets:
Total expenses		0.06	%(e)		0.34	%		0.34	%		0.34	%		0.34	%		0.34	%
Net investment income (loss)		2.43	%(e)		2.49	%		2.70	%		2.53	%		3.06	%		2.79	%
Portfolio turnover rate (f)		1	%(g)		5	%		3	%		8	%		17	%		2	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

See accompanying notes to financial statements.

22

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

1. Organization

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

As of March 31, 2018, the Trust consists of thirty (30) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):

SPDR Portfolio Emerging Markets ETF

SPDR Portfolio Developed World ex-US ETF

Each Fund is classified as a non-diversified investment company under the 1940 Act.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would 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.

Security Valuation

Each Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE 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

23

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by 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.

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 services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy 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 (“NAV”) per share or unit.

• 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 determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Funds’ underlying benchmarks. Various inputs are used in determining the value of the Funds’ investments.

24

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize 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 an identical asset or liability;

• 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.

The value of each Fund’s investments according to the fair value hierarchy as of March 31, 2018, is disclosed in each Fund’s respective Schedule 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. The Funds had no material transfers between levels for the period ended March 31, 2018.

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock are recorded as dividend income at fair value. Distributions received by the Fund’s may include a return of capital that is estimated by

25

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. 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 within the Trust.

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 at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the 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 Statement of Operations, if applicable. Foreign taxes payable or deferred as of March 31, 2018, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Equalization

The Funds in the Trust 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.

26

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

Distributions

The SPDR Portfolio Emerging Markets ETF and the SPDR Portfolio Developed World Ex-US ETF declare and distribute from net investment income, if any, to their shareholders semi-annually.

Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve index tracking or to comply with the distribution requirements of the Internal Revenue Code. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Derivative Financial Instruments

Futures Contracts

The 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. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed.

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 with the movement of the assets underlying such contracts.

For the period ended March 31, 2018, the SPDR Portfolio Emerging Markets ETF entered into futures contracts for return enhancement, hedging and exposing cash reserves to markets.

27

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

The following tables summarize the value of the Fund’s derivative instruments as of March 31, 2018, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

	Asset Derivatives
	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk			Credit Contracts Risk			Equity Contracts Risk			Commodity Contracts Risk			Total
SPDR Portfolio Emerging Markets ETF
Futures Contracts		$	—		$	—		$	—		$	6,831		$	—		$	6,831
	Net Realized Gain (Loss)
	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk			Credit Contracts Risk			Equity Contracts Risk			Commodity Contracts Risk			Total
SPDR Portfolio Emerging Markets ETF
Futures Contracts		$	—		$	—		$	—		$	29,690		$	—		$	29,690
	Net Change in Unrealized Appreciation (Depreciation)
	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk			Credit Contracts Risk			Equity Contracts Risk			Commodity Contracts Risk			Total
SPDR Portfolio Emerging Markets ETF
Futures Contracts		$	—		$	—		$	—		$	2,903		$	—		$	2,903

4. Fees and Transactions with Affiliates

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement (the “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

28

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

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 Portfolio Emerging Markets ETF		0.11	%(1)
SPDR Portfolio Developed World ex-US ETF		0.04	(2)

(1) Effective October 16, 2017, the advisory fee of the Fund was reduced from 0.59% to 0.11% of the Fund’s average daily net assets.

(2) Effective October 16, 2017, the advisory fee of the Fund was reduced from 0.34% to 0.04% of the Fund’s average daily net assets.

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 expenses, 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).

Administrator, Custodian, Sub-Administrator and Transfer Agent Fees

SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.

Distributor

State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the Distributor of the Trust.

Other Transactions with Affiliates - Securities Lending

State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017.

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.

29

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, an affiliated money market fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2018, are disclosed in the Schedules of Investments.

Due to Custodian

In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds. As of March 31, 2018, the SPDR PortfolioWorld ex-US ETF has a cash overdraft related to investment operations of the Fund.

5. Trustees’ Fees

The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended March 31, 2018, were as follows:

	Purchases		Sales
SPDR Portfolio Emerging Markets ETF	$	338,940,558	$	2,709,680
SPDR Portfolio Developed World ex-US ETF		120,697,892		18,969,637

30

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

For the period ended March 31, 2018, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

	In-kind Contributions			In-kind Redemptions			In-kind Net Realized Gains/(Losses)
SPDR Portfolio Emerging Markets ETF		$	777,055,906		$	—		$	—
SPDR Portfolio Developed World ex-US ETF			1,479,266,987			4,148			(264	)

7. Shareholder Transactions

Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes on Net Assets.

8. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. 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. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of September 30, 2017, SSGA FM has analyzed each Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

31

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

As of March 31, 2018, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SPDR Portfolio Emerging Markets ETF	$	1,672,688,489	$	143,619,808	$	66,405,261	$	77,214,547
SPDR Portfolio Developed World ex-US ETF		2,585,949,835		164,888,248		110,957,199		53,931,049

9. Securities Lending

Each Fund may lend securities 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.

The market value of securities on loan as of March 31, 2018, 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

32

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

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 non-cash collateral and 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 March 31, 2018:

Fund	Market Value of Securities on Loan			Cash Collateral Received			Non Cash Collateral Received*			Total Collateral Received
SPDR Portfolio Emerging Markets ETF		$	100,219,647		$	37,930,341		$	66,812,162		$	104,742,503
SPDR Portfolio Developed World ex-US ETF			97,149,903			65,277,407			35,817,530			101,094,937

* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of March 31, 2018:

		Remaining Contractual Maturity of the Agreements As of March 31, 2018
Fund	Securities Lending Transactions	Overnight and Continuous			<30 Days			Between 30 & 90 Days			>90 Days			Total Borrowings			Gross Amount of Recognized Liabilities for Securities Lending Transactions
SPDR Portfolio Emerging Markets ETF	Common Stocks		$	37,930,341		$	—		$	—		$	—		$	37,930,341		$	37,930,341
SPDR Portfolio Developed World ex-US ETF	Common Stocks			65,277,407			—			—			—			65,277,407			65,277,407

10. Line of Credit

Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless extended or renewed.

The SPDR Portfolio Emerging Markets ETF participates in the credit facility as of period ended March 31, 2018.

33

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

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 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 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

Prior to October 12, 2017, the Funds and other affiliated funds participated in a $360 million revolving credit facility.

The Fund had no outstanding loans as of March 31, 2018.

11. Risks

Concentration Risk

As a result of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if the Funds were more broadly diversified.

Foreign and Emerging Markets Risk

Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

34

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

12. Stock Split

The Board authorized a 2-for-1 split for the SPDR Portfolio Emerging Markets ETF, effective after the close of trading on October 13, 2017 for the shareholders of record on October 11, 2017. The impact of the stock split was to increase the number of shares outstanding by a factor of 2, while decreasing the NAV of shares outstanding by a factor of 2, resulting in no effect to the net assets of the aforementioned Fund.

13. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date on which 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.

35

SPDR INDEX SHARES FUNDS

OTHER INFORMATION

March 31, 2018 (Unaudited)

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from October 1, 2017 to March 31, 2018.

The table below illustrates your Fund’s cost in two ways:

Based on actual fund return — This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, 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 given for the Fund under the heading “Expenses Paid During Period”.

Based on hypothetical 5% return — This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

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 sales load charges (loads). Therefore, the hypothetical 5% return section of the 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.

36

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

March 31, 2018 (Unaudited)

	SPDR Portfolio Emerging Markets ETF				SPDR Portfolio Developed World ex-US ETF
Annualized Expense Ratio			0.13	%			0.06	%
Actual:
Ending Account Value		$	1,082.00			$	1,029.30
Expenses Paid During Period(a)			0.67				0.30
Hypothetical (assuming a 5% return before expenses):
Ending Account Value			1,024.30				1,024.60
Expenses Paid During Period(a)			0.66				0.30

(a) Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by 182, then divided by 365.

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 NAV of the Fund during the past calendar year can be found at 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 SEC’s website, at www.sec.gov.

Information regarding how the investment adviser voted for the prior 12-month 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 Funds’ 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.

37

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

March 31, 2018 (Unaudited)

Full Portfolio Schedule

The complete schedule of portfolio holdings for the following Funds is available on the Funds’ website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

SPDR Portfolio Emerging Markets ETF

SPDR Portfolio Developed World ex-US ETF

38

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

Investment Manager and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

Distributor

State Street Global Advisors Funds

Distributors, LLC

One Iron Street

Boston, MA 02210

Custodian, Sub-Administrator and Transfer Agent

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Legal Counsel

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

101 Seaport Boulevard

Suite 500

Boston, MA 02210

Fund Shares are distributed by State Street Global Advisors Funds Distributors, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Advisors Funds Distributors, 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 1.866.787.2257 or visit spdrs.com today.

ssga.com | spdrs.com

The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indices 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 Advisors Funds Distributors, LLC, an indirect wholly-owned subsidiary of State Street Corporation. State Street Global Advisors Funds Distributors, 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 adviser, administrator and securities lending agent.

Standard & Poor’s^®, S&P^® and SPDR^® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain

purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

Before investing, consider the Funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.spdrs.com. Read it carefully.

Not FDIC Insured • No Bank Guarantee • May Lose Value

The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.

State Street Global Advisors ©  2018 State Street Corporation - All Rights Reserved 0515 Exp. Date: 11/30/2018 SPDRPTSAR

Semi-Annual Report

March 31, 2018

SPDR^® Index Shares Funds

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.

TABLE OF CONTENTS (UNAUDITED )

Portfolio Statistics (Unaudited)
SPDR EURO STOXX Small Cap ETF (SMEZ)	4
SPDR MSCI ACWI IMI ETF (ACIM)	5
SPDR MSCI ACWI Low Carbon Target ETF (LOWC)	6
SPDR MSCI Canada StrategicFactorsSM ETF (QCAN)	7
SPDR MSCI China A Shares IMI ETF (XINA)	8
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (EFAX)	9
SPDR MSCI EAFE StrategicFactorsSM ETF (QEFA)	10
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF (EEMX)	11
SPDR MSCI Emerging Markets StrategicFactorsSM ETF (QEMM)	12
SPDR MSCI Germany StrategicFactorsSM ETF (QDEU)	13
SPDR MSCI Japan StrategicFactorsSM ETF (QJPN)	14
SPDR MSCI United Kingdom StrategicFactorsSM ETF (QGBR)	15
SPDR MSCI World StrategicFactorsSM ETF (QWLD)	16
SPDR S&P Emerging Asia Pacific ETF (GMF)	17
SPDR S&P Global Dividend ETF (WDIV)	18
SPDR S&P Global Infrastructure ETF (GII)	19
Schedules of Investments (Unaudited)
SPDR EURO STOXX Small Cap ETF (SMEZ)	20
SPDR MSCI ACWI IMI ETF (ACIM)	23
SPDR MSCI ACWI Low Carbon Target ETF (LOWC) (Summary)	35
SPDR MSCI Canada StrategicFactorsSM ETF (QCAN)	39
SPDR MSCI China A Shares IMI ETF (XINA)	42
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (EFAX)	52
SPDR MSCI EAFE StrategicFactorsSM ETF (QEFA)	62
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF (EEMX)	70
SPDR MSCI Emerging Markets StrategicFactorsSM ETF (QEMM) (Summary)	76
SPDR MSCI Germany StrategicFactorsSM ETF (QDEU)	79
SPDR MSCI Japan StrategicFactorsSM ETF (QJPN)	82
SPDR MSCI United Kingdom StrategicFactorsSM ETF (QGBR)	89
SPDR MSCI World StrategicFactorsSM ETF (QWLD) (Summary)	93
SPDR S&P Emerging Asia Pacific ETF (GMF)	96
SPDR S&P Global Dividend ETF (WDIV)	107
SPDR S&P Global Infrastructure ETF (GII)	110
Financial Statements (Unaudited)	114
Financial Highlights (Unaudited)	129
Notes to Financial Statements (Unaudited)	145
Other Information (Unaudited)	155

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 EURO STOXX SMALL CAP ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
ASR Nederland NV	1.9%
Ipsen SA	1.7
Merlin Properties Socimi SA	1.7
Delivery Hero AG	1.6
Aalberts Industries NV	1.5
Bollore SA	1.5
Sartorius AG Preference Shares	1.4
Gemalto NV	1.4
Elis SA	1.4
FinecoBank Banca Fineco SpA	1.4
TOTAL	15.5%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Financials	19.0%
Industrials	17.8
Consumer Discretionary	13.5
Information Technology	10.2
Health Care	8.7
Consumer Staples	8.4
Real Estate	8.1
Materials	5.4
Telecommunication Services	4.3
Energy	2.5
Utilities	1.8
Short-Term Investments	4.9
Liabilities in Excess of Other Assets	(4.6)
TOTAL	100.0%

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

See accompanying notes to financial statements.

1

SPDR MSCI ACWI IMI ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Apple, Inc.	1.6%
Microsoft Corp.	1.3
Amazon.com, Inc.	1.2
JPMorgan Chase & Co.	0.9
Bank of America Corp.	0.7
Alphabet, Inc.	0.7
Alphabet, Inc.	0.7
Tencent Holdings, Ltd.	0.7
Visa, Inc.	0.6
Cisco Systems, Inc.	0.6
TOTAL	9.0%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Information Technology	18.3%
Financials	17.5
Industrials	13.1
Consumer Discretionary	11.8
Health Care	11.0
Consumer Staples	7.4
Energy	6.2
Materials	5.3
Real Estate	3.6
Telecommunication Services	2.9
Utilities	2.3
Short-Term Investments	2.0
Liabilities in Excess of Other Assets	(1.4)
TOTAL	100.0%

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

See accompanying notes to financial statements.

2

SPDR MSCI ACWI LOW CARBON TARGET ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Apple, Inc.	1.9%
Microsoft Corp.	1.5
Amazon.com, Inc.	1.3
JPMorgan Chase & Co.	0.9
Facebook, Inc.	0.8
Johnson & Johnson	0.8
Alphabet, Inc.	0.7
Bank of America Corp.	0.7
Tencent Holdings, Ltd.	0.7
Alphabet, Inc.	0.7
TOTAL	10.0%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Financials	19.7%
Information Technology	18.7
Industrials	12.8
Consumer Discretionary	12.3
Health Care	10.5
Consumer Staples	8.5
Energy	4.0
Materials	3.8
Telecommunication Services	3.3
Real Estate	3.0
Utilities	2.6
Short-Term Investments	1.8
Liabilities in Excess of Other Assets	(1.0)
TOTAL	100.0%

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

See accompanying notes to financial statements.

3

SPDR MSCI CANADA STRATEGIC FACTORS^SM ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

	Description	% of Net Assets
	Royal Bank of Canada	4.3%
	Toronto-Dominion Bank	4.1
	Canadian Imperial Bank of Commerce	4.1
	Bank of Nova Scotia	3.4
	Canadian National Railway Co.	3.3
	Sun Life Financial, Inc.	3.2
	Magna International, Inc.	2.7
	CGI Group, Inc.	2.7
��	Bank of Montreal	2.7
	Intact Financial Corp.	2.7
	TOTAL	33.2%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Financials	39.4%
Energy	12.8
Consumer Staples	9.6
Consumer Discretionary	8.7
Industrials	7.7
Materials	7.0
Information Technology	5.7
Telecommunication Services	4.0
Utilities	2.9
Real Estate	1.7
Health Care	0.3
Short-Term Investments	4.1
Liabilities in Excess of Other Assets	(3.9)
TOTAL	100.0%

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

See accompanying notes to financial statements.

4

SPDR MSCI CHINA A SHARES IMI ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Kweichow Moutai Co., Ltd.	2.8%
Ping An Insurance Group Co. of China, Ltd.	2.3
China Merchants Bank Co., Ltd.	2.0
Industrial Bank Co., Ltd.	1.6
Hangzhou Hikvision Digital Technology Co., Ltd.	1.4
Midea Group Co., Ltd.	1.3
Shanghai Pudong Development Bank Co., Ltd.	1.3
China Vanke Co., Ltd.	1.2
Agricultural Bank of China, Ltd.	1.0
Bank of China, Ltd.	1.0
TOTAL	15.9%

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

Sector Breakdown as of March 31, 2018

		% of Net Assets
	Financials		19.8%
	Industrials		18.6
	Consumer Discretionary		11.7
	Materials		11.1
	Information Technology		10.3
	Consumer Staples		9.2
	Health Care		6.6
	Real Estate		5.6
	Utilities		2.7
	Energy		2.6
	Telecommunication Services		0.3
	Short-Term Investment		0.0*
	Other Assets in Excess of Liabilities		1.5
	TOTAL		100.0%
*	Amount shown represents less than 0.05% of net assets.

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

See accompanying notes to financial statements.

5

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Nestle SA	1.8%
HSBC Holdings PLC	1.4
Novartis AG	1.3
Toyota Motor Corp.	1.3
Roche Holding AG	1.2
British American Tobacco PLC	1.0
Banco Santander SA	0.8
SAP SE	0.8
AIA Group, Ltd.	0.8
Allianz SE	0.8
TOTAL	11.2%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Financials	23.0%
Industrials	15.8
Consumer Discretionary	13.7
Consumer Staples	11.9
Health Care	11.2
Information Technology	7.0
Materials	6.5
Telecommunication Services	4.1
Real Estate	3.7
Utilities	2.2
Energy	0.4
Short-Term Investments	2.9
Liabilities in Excess of Other Assets	(2.4)
TOTAL	100.0%

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

See accompanying notes to financial statements.

6

SPDR MSCI EAFE STRATEGIC FACTORS^SM ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Nestle SA	2.3%
Roche Holding AG	2.0
Novo Nordisk A/S	1.2
AstraZeneca PLC	1.2
Diageo PLC	1.1
Unilever NV	1.0
SAP SE	0.9
Reckitt Benckiser Group PLC	0.9
Bayer AG	0.8
Novartis AG	0.8
TOTAL	12.2%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Financials	18.1%
Industrials	14.3
Consumer Staples	14.3
Health Care	13.5
Consumer Discretionary	12.4
Materials	5.7
Telecommunication Services	5.5
Information Technology	5.3
Utilities	4.5
Real Estate	3.3
Energy	2.5
Short-Term Investments	2.5
Liabilities in Excess of Other Assets	(1.9)
TOTAL	100.0%

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

See accompanying notes to financial statements.

7

SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Tencent Holdings, Ltd.	6.0%
Taiwan Semiconductor Manufacturing Co., Ltd.	4.4
Alibaba Group Holding, Ltd. ADR	4.2
Samsung Electronics Co., Ltd.	4.1
Naspers, Ltd.	2.2
China Construction Bank Corp.	1.7
Baidu, Inc. ADR	1.3
Industrial & Commercial Bank of China, Ltd.	1.2
China Mobile, Ltd.	1.2
Itau Unibanco Holding SA Preference Shares	1.0
TOTAL	27.3%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Information Technology	27.7%
Financials	25.5
Consumer Discretionary	9.1
Consumer Staples	6.7
Materials	6.3
Industrials	5.0
Telecommunication Services	4.9
Real Estate	2.8
Health Care	2.4
Utilities	2.1
Energy	0.8
Short-Term Investments	6.7
Other Assets in Excess of Liabilities	0.0
TOTAL	100.0%

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

See accompanying notes to financial statements.

8

SPDR MSCI EMERGING MARKETS STRATEGIC FACTORS^SM ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.	2.9%
Tencent Holdings, Ltd.	2.2
China Mobile, Ltd.	2.1
Hon Hai Precision Industry Co., Ltd.	1.9
China Construction Bank Corp.	1.6
Ambev SA ADR	1.2
Samsung Electronics Co., Ltd. GDR	1.2
Industrial & Commercial Bank of China, Ltd.	1.1
Bank of China, Ltd.	1.1
Tata Consultancy Services, Ltd.	1.1
TOTAL	16.4%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Information Technology	23.6%
Financials	23.5
Consumer Staples	11.0
Consumer Discretionary	9.0
Telecommunication Services	7.9
Energy	6.6
Industrials	4.7
Health Care	4.1
Materials	3.9
Utilities	3.7
Real Estate	1.4
Short-Term Investments	2.0
Liabilities in Excess of Other Assets	(1.4)
TOTAL	100.0%

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

See accompanying notes to financial statements.

9

SPDR MSCI GERMANY STRATEGIC FACTORS^SM ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	5.1%
BASF SE	4.8
Siemens AG	4.5
Allianz SE	4.5
Daimler AG	4.3
SAP SE	3.9
Bayer AG	3.9
Deutsche Post AG	3.6
Beiersdorf AG	3.1
Continental AG	3.1
TOTAL	40.8%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Consumer Discretionary	21.2%
Industrials	17.1
Financials	13.8
Materials	13.1
Health Care	8.9
Information Technology	8.8
Consumer Staples	6.9
Utilities	4.0
Telecommunication Services	3.3
Real Estate	1.9
Short-Term Investment	0.1
Other Assets in Excess of Liabilities	0.9
TOTAL	100.0%

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

See accompanying notes to financial statements.

10

SPDR MSCI JAPAN STRATEGIC FACTORS^SM ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Toyota Motor Corp.	2.6%
Astellas Pharma, Inc.	2.5
Kao Corp.	2.4
NTT DOCOMO, Inc.	2.4
KDDI Corp.	2.3
Keyence Corp.	2.3
Recruit Holdings Co., Ltd.	2.0
Bridgestone Corp.	1.9
Japan Tobacco, Inc.	1.9
Oriental Land Co., Ltd.	1.8
TOTAL	22.1%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Consumer Discretionary	20.6%
Industrials	18.2
Consumer Staples	10.9
Health Care	10.8
Financials	10.3
Information Technology	9.5
Telecommunication Services	6.2
Real Estate	5.8
Materials	3.8
Utilities	2.2
Energy	0.7
Short-Term Investments	10.7
Liabilities in Excess of Other Assets	(9.7)
TOTAL	100.0%

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

See accompanying notes to financial statements.

11

SPDR MSCI UNITED KINGDOM STRATEGIC FACTORS^SM ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
GlaxoSmithKline PLC	5.8%
AstraZeneca PLC	5.2
Diageo PLC	5.1
HSBC Holdings PLC	4.5
Unilever PLC	4.4
Reckitt Benckiser Group PLC	4.2
Royal Dutch Shell PLC Class A	3.9
BP PLC	3.5
Compass Group PLC	2.5
Vodafone Group PLC	2.3
TOTAL	41.4%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Consumer Staples	19.8%
Financials	18.1
Health Care	13.5
Consumer Discretionary	11.9
Industrials	10.4
Energy	9.5
Materials	5.8
Telecommunication Services	4.2
Utilities	4.1
Real Estate	1.2
Information Technology	0.9
Short-Term Investments	0.8
Liabilities in Excess of Other Assets	(0.2)
TOTAL	100.0%

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

See accompanying notes to financial statements.

12

SPDR MSCI WORLD STRATEGIC FACTORS^SM ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Apple, Inc.	2.2%
Microsoft Corp.	2.1
Johnson & Johnson	1.8
Visa, Inc.	1.1
Procter & Gamble Co.	1.1
Alphabet, Inc.	1.0
Intel Corp.	1.0
Alphabet, Inc.	1.0
Roche Holding AG	0.9
Altria Group, Inc.	0.8
TOTAL	13.0%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Information Technology	19.1%
Financials	14.4
Health Care	13.5
Industrials	12.2
Consumer Discretionary	12.0
Consumer Staples	11.2
Materials	4.1
Utilities	3.7
Telecommunication Services	3.7
Energy	3.3
Real Estate	2.4
Short-Term Investments	1.3
Liabilities in Excess of Other Assets	(0.9)
TOTAL	100.0%

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

See accompanying notes to financial statements.

13

SPDR S&P EMERGING ASIA PACIFIC ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Tencent Holdings, Ltd.	7.6%
Alibaba Group Holding, Ltd. ADR	5.5
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	4.2
China Construction Bank Corp.	2.5
Industrial & Commercial Bank of China, Ltd.	1.8
Baidu, Inc. ADR	1.7
China Mobile, Ltd.	1.4
Ping An Insurance Group Co. of China, Ltd.	1.4
Hon Hai Precision Industry Co., Ltd.	1.3
Reliance Industries, Ltd. GDR	1.3
TOTAL	28.7%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Information Technology	31.8%
Financials	23.0
Consumer Discretionary	8.6
Energy	5.9
Industrials	5.6
Materials	5.6
Consumer Staples	5.5
Telecommunication Services	4.2
Real Estate	4.1
Health Care	3.4
Utilities	2.2
Short-Term Investment	1.1
Liabilities in Excess of Other Assets	(1.0)
TOTAL	100.0%

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

See accompanying notes to financial statements.

14

SPDR S&P GLOBAL DIVIDEND ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

	Description	% of Net Assets
��	EDP - Energias de Portugal SA	1.7%
	Enbridge Income Fund Holdings, Inc.	1.7
	Fortum Oyj	1.6
	GlaxoSmithKline PLC	1.6
	Enagas SA	1.4
	Truworths International, Ltd.	1.4
	Greene King PLC	1.3
	RioCan Real Estate Investment Trust REIT	1.3
	SCANA Corp.	1.3
	TOTAL SA	1.3
	TOTAL	14.6%

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

Sector Breakdown as of March 31, 2018

	% of Net Assets
Financials	22.5%
Utilities	21.9
Real Estate	10.9
Consumer Discretionary	9.3
Consumer Staples	7.9
Industrials	6.9
Telecommunication Services	6.8
Energy	5.5
Health Care	4.1
Information Technology	1.8
Materials	1.5
Short-Term Investments	10.6
Liabilities in Excess of Other Assets	(9.7)
TOTAL	100.0%

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

See accompanying notes to financial statements.

15

SPDR S&P GLOBAL INFRASTRUCTURE ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of March 31, 2018

Description	% of Net Assets
Abertis Infraestructuras SA	5.1%
Transurban Group Stapled Security	4.9
Aena SME SA	4.4
Atlantia SpA	4.3
NextEra Energy, Inc.	4.0
Enbridge, Inc.	4.0
TransCanada Corp.	3.0
Duke Energy Corp.	2.8
Enel SpA	2.5
Southern Co.	2.3
TOTAL	37.3%

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

Industry Breakdown as of March 31, 2018

	% of Net Assets
Transportation Infrastructure	39.5%
Electric Utilities	25.4
Oil, Gas & Consumable Fuels	19.7
Multi-Utilities	13.2
Gas Utilities	1.3
Water Utilities	0.6
Independent Power Producers & Energy Traders	0.2
Short-Term Investments	1.1
Liabilities in Excess of Other Assets	(1.0)
TOTAL	100.0%

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

See accompanying notes to financial statements.

16

SPDR EURO STOXX SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRIA — 2.1%
BUWOG AG		14,135	$	505,177
Wienerberger AG		14,713		367,686
				872,863
BELGIUM — 7.2%
Ablynx NV (a)		9,453		518,277
Ackermans & van Haaren NV		2,787		487,404
bpost SA		12,259		276,809
Cofinimmo SA REIT		2,587		335,343
Colruyt SA		7,091		391,741
Galapagos NV (a) (b)		5,561		556,027
Telenet Group Holding NV (a)		6,467		431,474
				2,997,075
FINLAND — 4.8%
Amer Sports Oyj (a)		14,928		460,265
Kesko Oyj Class B		8,599		492,394
Konecranes Oyj		8,392		363,709
Metso Oyj (b)		13,417		422,588
Outokumpu Oyj (b)		40,226		274,174
				2,013,130
FRANCE — 26.3%
Air France-KLM (a)		35,384		392,088
Altran Technologies SA (b)		19,728		291,635
Amundi SA (c)		6,192		496,970
BioMerieux		5,368		442,323
Bollore SA		113,507		604,453
Bollore SA (a)		248		1,315
Casino Guichard Perrachon SA (b)		6,892		337,435
Christian Dior SE		1,130		445,965
Cie Plastic Omnium SA		8,020		383,686
CNP Assurances		19,862		500,759
Dassault Aviation SA		293		558,897
Elior Group SA (c)		13,412		291,297
Elis SA		24,075		595,134
Eurazeo SA		5,390		495,510
Eutelsat Communications SA		17,304		342,629
Fonciere Des Regions REIT		4,359		480,606
ICADE REIT		3,943		382,610
Imerys SA		4,080		395,904
Ipsen SA		4,589		711,963
JCDecaux SA		9,577		332,854
Lagardere SCA		13,064		372,749
Remy Cointreau SA		2,799		398,624
SEB SA		3,090		589,797
Societe BIC SA		3,271		325,247
Sopra Steria Group		2,065		420,819
SPIE SA		15,103		333,783
				10,925,052
GERMANY — 22.7%
1&1 Drillisch AG		5,911		398,013
Aareal Bank AG		7,494		357,047
Aroundtown SA		71,326		552,638
Aurubis AG		4,742		398,206
Axel Springer SE		5,846		488,900

Security Description	Shares		Value
Delivery Hero AG (a) (c)		13,448	$	649,984
Duerr AG		3,084		338,095
Fraport AG Frankfurt Airport Services Worldwide		4,689		461,918
Freenet AG		16,128		490,124
Fuchs Petrolub SE Preference Shares		8,753		474,731
Gerresheimer AG		3,931		322,222
GRENKE AG		3,184		337,154
Hella GmbH & Co. KGaA		5,517		362,324
HOCHTIEF AG		2,291		427,428
METRO AG		21,077		373,011
Sartorius AG Preference Shares		4,302		600,508
Schaeffler AG Preference Shares		20,782		320,379
Scout24 AG (c)		12,228		569,061
Siltronic AG (a)		2,613		445,887
Software AG		6,440		336,769
Telefonica Deutschland Holding AG		79,393		372,600
Wacker Chemie AG		2,187		358,669
				9,435,668
IRELAND — 2.5%
AIB Group PLC		98,688		593,749
Glanbia PLC		25,540		439,746
				1,033,495
ITALY — 11.1%
A2A SpA		196,107		374,918
Azimut Holding SpA		13,883		297,856
BPER Banca (b)		54,308		302,562
Davide Campari-Milano SpA		56,911		430,451
FinecoBank Banca Fineco SpA		49,436		593,883
Italgas SpA		61,244		365,759
Pirelli & C SpA (a) (c)		46,183		408,947
Poste Italiane SpA (c)		58,778		536,378
Recordati SpA		12,837		473,312
Saipem SpA (a)		72,028		281,873
Unione di Banche Italiane SpA		116,789		533,022
				4,598,961
LUXEMBOURG — 0.9%
RTL Group SA		4,818		399,670
NETHERLANDS — 12.9%
Aalberts Industries NV		12,072		614,062
ASM International NV		5,915		431,091
ASR Nederland NV		18,495		789,744
BE Semiconductor Industries NV		4,783		488,531
Boskalis Westminster		10,512		307,691
Euronext NV (c)		6,712		490,332
Gemalto NV		9,780		597,187
IMCD Group NV		6,584		404,219
Koninklijke Vopak NV		8,298		406,681
Philips Lighting NV (c)		12,785		479,571
SBM Offshore NV		21,883		349,732
				5,358,841
PORTUGAL — 0.9%
Banco Comercial Portugues SA Class R (a)		1,127,717		377,243

See accompanying notes to financial statements.

17

SPDR EURO STOXX SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SPAIN — 8.2%
Bolsas y Mercados Espanoles SHMSF SA		9,206	$	311,355
Cellnex Telecom SA (c)		19,254		513,609
Distribuidora Internacional de Alimentacion SA (b)		66,237		280,798
Inmobiliaria Colonial Socimi SA REIT		34,781		402,089
Mapfre SA		124,489		413,531
Merlin Properties Socimi SA		45,953		703,051
Siemens Gamesa Renewable Energy SA (b)		28,255		452,611
Viscofan SA (b)		4,900		338,074
				3,415,118
TOTAL COMMON STOCKS (Cost $39,188,165)				41,427,116
RIGHTS — 0.1%
FRANCE — 0.1%
Altran Technologies SA (expires 4/9/18) (a) (b) (Cost $0)		19,342		32,356
SHORT-TERM INVESTMENTS — 4.9%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (d) (e)		1,789		1,789

Security Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		2,031,488	$	2,031,488
TOTAL SHORT-TERM INVESTMENTS (Cost $2,033,277)				2,033,277
TOTAL INVESTMENTS — 104.6% (Cost $41,221,442)				43,492,749
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.6)%				(1,928,032	)
NET ASSETS — 100.0%			$	41,564,717

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 10.7% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2018.

(f) Investment of cash collateral for securities loaned.

REIT =Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Austria			$   872,863		$—		$—			$   872,863
Belgium			2,997,075		—		—			2,997,075
Finland			2,013,130		—		—			2,013,130
France			10,925,052		—		—			10,925,052
Germany			9,435,668		—		—			9,435,668
Ireland			1,033,495		—		—			1,033,495
Italy			4,598,961		—		—			4,598,961
Luxembourg			399,670		—		—			399,670
Netherlands			5,358,841		—		—			5,358,841
Portugal			377,243		—		—			377,243
Spain			3,415,118		—		—			3,415,118
Rights
France			32,356		—		—			32,356
Short-Term Investments			2,033,277		—		—			2,033,277
TOTAL INVESTMENTS		$	43,492,749		$—		$—		$	43,492,749

See accompanying notes to financial statements.

18

SPDR EURO STOXX SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		720		$	720		$	179,430		$	178,361		$	—		$	—		1,789		$	1,789		$	42		$	—
State Street Navigator Securities Lending Government Money Market Portfolio		—			—			3,947,581			1,916,093			—			—		2,031,488			2,031,488			3,651			—
Total				$	720		$	4,127,011		$	2,094,454		$	—		$	—				$	2,033,277		$	3,693		$	—

See accompanying notes to financial statements.

19

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 2.4%
Alumina, Ltd.		41,540	$	75,197
Amcor, Ltd.		3,583		38,944
AMP, Ltd.		12,597		48,216
Australia & New Zealand Banking Group, Ltd.		2,819		58,080
BHP Billiton PLC		822		16,185
BHP Billiton, Ltd.		3,499		75,713
Boral, Ltd.		16,530		94,334
Brambles, Ltd.		8,403		64,326
Coca-Cola Amatil, Ltd.		4,110		27,333
Commonwealth Bank of Australia		929		51,527
CSL, Ltd.		1,602		191,031
Fortescue Metals Group, Ltd.		6,250		20,758
Iluka Resources, Ltd.		1,663		13,470
Insurance Australia Group, Ltd.		19,207		110,201
LendLease Group		9,913		131,621
Macquarie Group, Ltd.		1,682		132,759
National Australia Bank, Ltd.		3,755		82,059
Newcrest Mining, Ltd.		1,972		29,587
Origin Energy, Ltd. (a)		6,248		41,695
Orora, Ltd.		1,507		3,815
OZ Minerals, Ltd.		6,043		41,671
QBE Insurance Group, Ltd.		2,939		21,710
Santos, Ltd. (a)		7,327		28,494
Scentre Group REIT		8,770		25,765
Shopping Centres Australasia Property Group REIT		94,783		169,399
Sonic Healthcare, Ltd.		4,605		80,818
South32, Ltd. (b)		6,221		15,362
Suncorp Group, Ltd.		6,347		64,945
Sydney Airport		943		4,854
Transurban Group Stapled Security		6,703		58,716
Vicinity Centres REIT		32,610		60,283
Wesfarmers, Ltd.		3,839		122,382
Westfield Corp. REIT		7,039		46,002
Westpac Banking Corp.		4,243		93,147
Woodside Petroleum, Ltd.		1,804		40,461
Woolworths, Ltd.		1,428		28,797
				2,209,657
AUSTRIA — 0.1%
OMV AG		1,687		98,095
BELGIUM — 0.3%
Anheuser-Busch InBev SA		981		107,715
Solvay SA		570		79,109
UCB SA		1,483		120,704
				307,528
BRAZIL — 0.8%
Ambev SA ADR		12,779		92,903
Banco Bradesco SA Preference Shares ADR		10,314		122,530
Cia Energetica de Minas Gerais ADR (c)		7,152		18,452
Cia Siderurgica Nacional SA ADR (a) (c)		6,276		16,506

Security Description	Shares		Value
Gerdau SA ADR		5,672	$	26,432
Itau Unibanco Holding SA Preference Shares ADR		8,148		127,109
Petroleo Brasileiro SA Preference Shares ADR (a)		9,465		122,951
Petroleo Brasileiro SA ADR (a)		3,229		45,658
Tim Participacoes SA ADR (c)		2,160		46,807
Vale SA ADR (c)		9,806		124,732
				744,080
CANADA — 2.9%
Aphria, Inc. (a) (c)		700		6,239
Aurora Cannabis, Inc. (a) (c)		1,000		7,213
Bank of Montreal		921		69,522
Bank of Nova Scotia		1,161		71,466
Barrick Gold Corp.		1,797		22,371
Brookfield Asset Management, Inc. Class A		2,676		104,238
Cameco Corp.		2,394		21,744
Canadian Imperial Bank of Commerce (c)		419		36,958
Canadian National Railway Co.		1,814		132,485
Canadian Natural Resources, Ltd.		1,814		56,984
Canadian Pacific Railway, Ltd.		383		67,495
Canadian Tire Corp., Ltd. Class A (c)		443		58,208
Canopy Growth Corp. (a)		300		7,832
Cenovus Energy, Inc.		2,298		19,553
Eldorado Gold Corp. (a) (c)		2,470		2,069
Enbridge, Inc. (b)		2,052		64,493
Enbridge, Inc. (b) (c)		2,632		82,829
Encana Corp.		3,366		36,995
Enerplus Corp.		2,646		29,739
First Majestic Silver Corp. (a) (c)		8,089		49,503
First Quantum Minerals, Ltd.		1,280		17,960
Goldcorp, Inc.		1,761		24,300
IAMGOLD Corp. (a)		2,658		13,772
IGM Financial, Inc. (c)		707		20,658
Imperial Oil, Ltd.		1,316		34,828
Just Energy Group, Inc.		16,099		71,052
Kinross Gold Corp. (a)		3,893		15,370
Loblaw Cos., Ltd.		1,475		74,468
Manulife Financial Corp.		4,721		87,591
National Bank of Canada		2,489		117,070
Nutrien, Ltd. (c)		1,469		69,379
Obsidian Energy, Ltd. (a)		1,743		1,744
Onex Corp.		1,566		112,866
Paramount Resources, Ltd. Class A (a) (c)		2,907		33,439
PrairieSky Royalty, Ltd. (c)		24		524
Rogers Communications, Inc. Class B		2,494		111,309
Royal Bank of Canada		2,184		168,588
Shaw Communications, Inc. Class B		1,663		32,015
SNC-Lavalin Group, Inc.		1,042		45,721
Sun Life Financial, Inc.		2,573		105,594
Suncor Energy, Inc.		3,666		126,508
Teck Resources, Ltd. Class B		1,304		33,560
TELUS Corp.		3,523		123,623

See accompanying notes to financial statements.

20

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
TMX Group, Ltd.		18	$	1,044
Toronto-Dominion Bank		3,489		197,852
TransAlta Corp.		4,083		22,105
TransCanada Corp. (c)		1,606		66,370
Wheaton Precious Metals Corp		1,173		23,883
Yamana Gold, Inc. (c)		3,594		9,924
				2,711,053
CHILE — 0.0% (d)
Enel Americas SA ADR		1,244		14,455
Enel Chile SA ADR		690		4,416
Enel Generacion Chile SA ADR		310		7,375
Liberty Latin America, Ltd. Class C (a)		309		5,899
Sociedad Quimica y Minera de Chile SA ADR (c)		153		7,520
				39,665
CHINA — 3.4%
Agricultural Bank of China, Ltd. Class H		84,000		47,735
Alibaba Group Holding, Ltd. ADR (a) (c)		2,036		373,688
Baidu, Inc. ADR (a)		500		111,595
Bank of China, Ltd. Class H		167,000		89,795
Bank of Communications Co., Ltd. Class H		60,000		47,017
Baozun, Inc. ADR (a)		2,948		135,254
China Construction Bank Corp. Class H		131,000		134,534
China Life Insurance Co., Ltd. Class H		23,000		63,300
China Merchants Bank Co., Ltd. Class H		29,174		119,509
China Mobile, Ltd.		11,500		105,427
China Overseas Land & Investment, Ltd.		24,000		83,330
China Petroleum & Chemical Corp. Class H		71,200		62,506
China Pioneer Pharma Holdings, Ltd.		360,000		114,216
China Shenhua Energy Co., Ltd. Class H		11,500		28,573
China Telecom Corp., Ltd. Class H		72,000		31,742
China Unicom Hong Kong, Ltd. (a)		24,000		30,274
CITIC, Ltd.		24,000		33,577
CNOOC, Ltd.		36,000		53,026
COSCO SHIPPING Ports, Ltd.		23,317		19,608
Ctrip.com International, Ltd. ADR (a)		700		32,634
Health and Happiness H&H International Holdings, Ltd. (a)		16,500		125,616
Hengan International Group Co., Ltd.		6,000		55,579
Huaneng Power International, Inc. Class H		48,000		32,231
Industrial & Commercial Bank of China, Ltd. Class H		132,000		113,191
JD.com, Inc. ADR (a)		1,200		48,588
NetEase, Inc. ADR		100		28,039

Security Description	Shares		Value
New Oriental Education & Technology Group, Inc. ADR		200	$	17,530
PetroChina Co., Ltd. Class H		48,000		32,965
PICC Property & Casualty Co., Ltd. Class H		25,859		45,271
Ping An Insurance Group Co. of China, Ltd. Class H		12,000		122,014
Shandong Xinhua Pharmaceutical Co., Ltd. Class H		84,000		85,624
TAL Education Group ADR		500		18,545
Tencent Holdings, Ltd.		12,000		626,276
Yanzhou Coal Mining Co., Ltd. Class H		24,000		30,580
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (c) (e)		1,400		6,449
Yum China Holdings, Inc		1,244		51,626
				3,157,464
COLOMBIA — 0.0% (d)
Bancolombia SA ADR		260		10,925
DENMARK — 0.7%
AP Moeller - Maersk A/S Class B		60		92,501
Danske Bank A/S		2,040		75,866
DSV A/S		3,057		239,228
Novo Nordisk A/S Class B		4,542		222,944
				630,539
FINLAND — 0.4%
Fortum Oyj (c)		1,590		34,123
Metso Oyj		945		29,764
Nokia Oyj		9,862		54,398
Sampo Oyj Class A		1,113		61,953
UPM-Kymmene Oyj		3,630		134,377
Valmet Oyj (c)		179		3,584
Wartsila Oyj Abp		3,231		71,327
				389,526
FRANCE — 3.2%
Accor SA		1,990		107,319
Airbus SE		815		94,018
Alstom SA		1,471		66,232
AXA SA		3,834		101,849
BNP Paribas SA		2,035		150,590
Bouygues SA		1,167		58,428
Capgemini SE		1,435		178,601
Carrefour SA		2,427		50,295
Credit Agricole SA		4,166		67,657
Danone SA		1,153		93,206
Engie SA		1,956		32,608
Essilor International Cie Generale d’Optique SA		740		99,746
Groupe Fnac SA (a)		1,182		126,543
Hermes International		13		7,698
Kering SA		251		120,020
LVMH Moet Hennessy Louis Vuitton SE		395		121,545
Orange SA		5,584		94,668
Pernod Ricard SA		536		89,157

See accompanying notes to financial statements.

21

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Publicis Groupe SA		970	$	67,497
Renault SA		1,351		163,660
Sanofi		1,785		143,418
Schneider Electric SE		1,292		113,357
Societe Generale SA		1,627		88,363
Sodexo SA		1,137		114,524
TOTAL SA		3,214		182,340
Unibail-Rodamco SE REIT		431		98,407
Vallourec SA (a)(c)		1,266		6,701
Veolia Environnement SA		3,431		81,207
Vinci SA		1,651		162,236
Vivendi SA		4,208		108,679
				2,990,569
GERMANY — 3.0%
adidas AG		981		237,255
Allianz SE		921		207,736
BASF SE		1,483		150,414
Bayer AG		1,749		197,441
Commerzbank AG (a)		1,651		21,409
CompuGroup Medical SE		3,019		163,146
Daimler AG		2,052		174,056
Deutsche Bank AG		3,905		54,394
Deutsche Boerse AG		707		96,167
Deutsche Lufthansa AG		4,242		135,330
Deutsche Post AG		3,523		153,900
Deutsche Telekom AG		5,815		94,758
E.ON SE		3,642		40,401
Fresenius Medical Care AG & Co. KGaA		395		40,311
Linde AG (a)		251		52,817
MAN SE		335		39,037
Merck KGaA		1,244		119,182
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		536		124,490
OSRAM Licht AG		14		1,029
RWE AG (a)		1,220		30,098
Salzgitter AG		1,292		66,006
SAP SE		1,814		189,564
Siemens AG		1,443		183,714
ThyssenKrupp AG		2,274		59,262
Uniper SE		331		10,075
Volkswagen AG		431		86,189
Volkswagen AG Preference Shares		395		78,397
				2,806,578
HONG KONG — 1.4%
AIA Group, Ltd.		16,800		142,135
Bank of East Asia, Ltd.		16,611		66,247
CK Asset Holdings, Ltd.		18,920		158,745
CK Hutchison Holdings, Ltd.		11,420		136,633
Global Brands Group Holding, Ltd. (a)		8,000		449
Hang Lung Properties, Ltd.		12,000		27,950
Henderson Land Development Co., Ltd.		15,406		100,308
Hong Kong Exchanges & Clearing, Ltd.		3,795		123,400

Security Description	Shares		Value
Li & Fung, Ltd.		24,000	$	11,743
Li Bao Ge Group, Ltd.		150,000		7,741
Link REIT		12,058		102,938
New World Development Co., Ltd.		40,993		57,873
Sands China, Ltd.		9,600		51,619
Shangri-La Asia, Ltd.		24,000		48,316
Sun Hung Kai Properties, Ltd.		12,253		193,592
Swire Pacific, Ltd. Class A		6,000		60,510
				1,290,199
HUNGARY — 0.1%
MOL Hungarian Oil & Gas PLC		2,200		24,025
Richter Gedeon Nyrt		2,238		46,773
				70,798
INDIA — 0.9%
Dr Reddy’s Laboratories, Ltd. ADR (c)		2,554		83,490
ICICI Bank, Ltd. ADR		8,764		77,561
Infosys, Ltd. ADR (c)		11,147		198,974
Larsen & Toubro, Ltd. GDR		3,746		75,295
Mahindra & Mahindra, Ltd., GDR		3,446		39,629
Reliance Industries, Ltd. GDR (e)		3,960		107,316
State Bank of India GDR		1,669		64,423
Tata Motors, Ltd. ADR (a)		2,380		61,166
Vedanta, Ltd. ADR		3,722		65,396
Wipro, Ltd. ADR		10,614		54,768
				828,018
INDONESIA — 0.4%
Astra International Tbk PT		60,800		32,238
Bank Central Asia Tbk PT		54,800		92,743
Bank Mandiri Persero Tbk PT		109,600		61,099
Bank Rakyat Indonesia Persero Tbk PT		321,000		83,937
Gudang Garam Tbk PT		6,000		31,585
Telekomunikasi Indonesia Persero Tbk PT		402,400		105,222
				406,824
IRELAND — 0.1%
CRH PLC		1,970		66,797
Prothena Corp. PLC (a)		1,813		66,555
				133,352
ISRAEL — 0.3%
Bank Hapoalim BM		8,316		56,943
Bank Leumi Le-Israel BM		37,874		227,728
Teva Pharmaceutical Industries, Ltd. ADR		1,423		24,319
				308,990
ITALY — 0.7%
Assicurazioni Generali SpA		3,450		66,297
Atlantia SpA		923		28,549
Banca Monte dei Paschi di Siena SpA (a)(c)		90		285
Enel SpA		15,198		92,896
Eni SpA		5,232		91,937
Ferrari NV		277		33,229

See accompanying notes to financial statements.

22

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Intesa Sanpaolo SpA		27,419	$	99,596
Italgas SpA		1,720		10,272
Luxottica Group SpA		369		22,918
Mediaset SpA (a)		13,484		51,607
Saipem SpA (a)		1,573		6,156
Snam SpA		8,606		39,510
Telecom Italia SpA/Milano (a)		64,065		60,747
UniCredit SpA (a)		3,642		76,091
				680,090
JAPAN — 8.2%
Aisin Seiki Co., Ltd.		1,200		64,767
Asahi Group Holdings, Ltd.		1,200		64,203
Asahi Kasei Corp.		12,000		157,800
Astellas Pharma, Inc.		6,000		91,171
Bridgestone Corp.		1,200		52,220
Canon, Inc.		1,200		43,441
Credit Saison Co., Ltd.		2,400		39,583
Daiichi Sankyo Co., Ltd.		3,600		119,661
Daikin Industries, Ltd.		1,200		131,396
Daiwa Securities Group, Inc.		12,000		76,310
Denso Corp.		2,400		130,482
Eisai Co., Ltd. (c)		1,200		76,570
FUJIFILM Holdings Corp.		2,400		94,691
Fujitsu, Ltd.		11,000		66,093
Hitachi, Ltd.		12,000		86,104
Hokuhoku Financial Group, Inc. (c)		2,400		32,654
Honda Motor Co., Ltd.		2,400		82,166
Hoya Corp.		2,400		119,808
Istyle, Inc.		500		6,996
ITOCHU Corp. (c)		3,600		69,444
Japan Tobacco, Inc.		2,400		68,491
JFE Holdings, Inc.		2,400		47,786
JSR Corp.		2,400		53,326
JXTG Holdings, Inc.		6,000		35,972
Kajima Corp.		12,000		111,368
Kamigumi Co., Ltd.		6,000		132,807
Kansai Electric Power Co., Inc.		2,400		31,120
KDDI Corp.		7,200		183,165
Kobe Steel, Ltd. (a)		3,600		35,306
Komatsu, Ltd.		2,400		79,097
Konica Minolta, Inc. (c)		6,000		50,381
Kyocera Corp.		2,400		133,755
Makita Corp.		2,400		117,348
Marubeni Corp.		12,000		86,511
Marui Group Co., Ltd. (c)		4,300		85,717
Mebuki Financial Group, Inc.		12,800		49,106
Mitsubishi Chemical Holdings Corp.		6,000		57,546
Mitsubishi Corp.		2,400		63,763
Mitsubishi Electric Corp.		12,000		191,763
Mitsubishi Heavy Industries, Ltd. (c)		1,200		45,800
Mitsubishi UFJ Financial Group, Inc.		21,500		140,766
Mitsui & Co., Ltd.		2,400		40,846
Mizuho Financial Group, Inc.		44,300		79,769
MS&AD Insurance Group Holdings, Inc.		2,400		73,929

Security Description	Shares		Value
Murata Manufacturing Co., Ltd.		1,200	$	163,498
NanoCarrier Co., Ltd. (a)(c)		800		5,439
NEC Corp.		200		5,567
Nintendo Co., Ltd. (c)		400		175,496
Nippon Steel & Sumitomo Metal Corp.		3,500		75,957
Nippon Yusen KK		2,400		46,511
Nissan Motor Co., Ltd. (c)		4,800		49,399
Nitto Denko Corp.		1,200		89,275
Nomura Holdings, Inc.		11,900		68,390
NTT Data Corp.		6,000		62,228
NTT DOCOMO, Inc.		1,900		48,049
Obayashi Corp.		12,000		130,437
ORIX Corp.		4,800		84,784
Osaka Gas Co., Ltd. (c)		2,400		47,323
Panasonic Corp.		7,200		101,788
Resona Holdings, Inc.		7,200		38,244
Rohm Co., Ltd.		1,200		111,707
Secom Co., Ltd.		1,200		88,350
Seven & i Holdings Co., Ltd.		1,200		51,137
Shin-Etsu Chemical Co., Ltd.		1,200		122,708
SoftBank Group Corp.		2,400		176,158
Sompo Holdings, Inc.		2,400		95,707
Sony Corp.		3,600		172,976
Sumitomo Chemical Co., Ltd.		12,000		68,604
Sumitomo Corp.		2,400		39,695
Sumitomo Electric Industries, Ltd.		3,600		54,381
Sumitomo Mitsui Financial Group, Inc.		2,400		100,446
Sumitomo Mitsui Trust Holdings, Inc.		1,200		48,553
T&D Holdings, Inc.		4,800		75,532
Takeda Pharmaceutical Co., Ltd.		1,200		57,772
TDK Corp.		1,200		105,049
Teijin, Ltd.		2,400		45,134
Terumo Corp.		2,400		123,667
Tokio Marine Holdings, Inc.		2,400		107,712
Tokyo Electron, Ltd.		1,100		198,745
Tokyu Corp.		5,500		86,004
Toppan Printing Co., Ltd.		12,000		97,489
Toshiba Corp. (a)		12,000		34,528
Toyota Motor Corp.		4,800		308,807
Toyota Tsusho Corp.		3,600		120,000
UNITED, Inc.		200		7,917
West Japan Railway Co.		1,200		84,344
Yamada Denki Co., Ltd. (c)		4,800		28,931
Yamaha Corp.		3,900		168,872
				7,574,308
LUXEMBOURG — 0.1%
ArcelorMittal (a)		1,371		43,333
MALAYSIA — 0.1%
CIMB Group Holdings Bhd		12,279		22,729
Malayan Banking Bhd		8,160		22,193
Public Bank Bhd		5,200		32,265
Tenaga Nasional Bhd		6,100		25,485
				102,672

See accompanying notes to financial statements.

23

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
MEXICO — 0.4%
America Movil SAB de CV Series L		93,026	$	87,912
Cemex SAB de CV Series CPO (a)		47,666		31,414
Fomento Economico Mexicano SAB de CV		9,562		86,864
Grupo Financiero Banorte SAB de CV Series O		9,204		56,035
Grupo Mexico SAB de CV Series B		15,308		50,779
Grupo Televisa SAB Series CPO		8,133		25,767
Industrias Penoles SAB de CV		620		12,475
				351,246
NETHERLANDS — 1.6%
Akzo Nobel NV		972		91,736
ASML Holding NV		875		172,341
Heineken NV		647		69,466
ING Groep NV		8,398		141,498
Koninklijke Ahold Delhaize NV		3,577		84,649
Koninklijke DSM NV		1,153		114,349
Koninklijke KPN NV		11,057		33,139
Koninklijke Philips NV		3,480		133,382
Royal Dutch Shell PLC Class A		2,293		71,843
Royal Dutch Shell PLC Class B		11,878		379,404
Wolters Kluwer NV		3,630		192,816
				1,484,623
NORWAY — 0.3%
DNB ASA		4,506		87,326
Norsk Hydro ASA		13,852		81,073
Telenor ASA		3,690		83,191
Yara International ASA		768		32,389
				283,979
PERU — 0.0% (d)
Cia de Minas Buenaventura SAA ADR		324		4,935
PHILIPPINES — 0.0% (d)
PLDT, Inc. ADR		897		25,448
POLAND — 0.0% (d)
Polski Koncern Naftowy ORLEN SA		538		13,212
Powszechna Kasa Oszczednosci Bank Polski SA (a)		1,684		19,882
				33,094
RUSSIA — 0.4%
Gazprom PJSC ADR (b)		1,770		8,613
Gazprom PJSC ADR (b)		803		3,959
LUKOIL PJSC ADR		1,185		82,026
MMC Norilsk Nickel PJSC ADR (c)		1,447		27,059
Mobile TeleSystems PJSC ADR		2,262		25,764
RusHydro PJSC ADR (b)		1,077		1,314
RusHydro PJSC ADR (b)		579		728
Sberbank of Russia PJSC ADR (b)		4,626		86,182
Sberbank of Russia PJSC ADR (b)		427		7,963
Surgutneftegas OJSC ADR		445		2,234
Tatneft PJSC ADR (b)		1,097		69,243
Tatneft PJSC ADR (b)		96		6,166
				321,251

Security Description	Shares		Value
SINGAPORE — 0.6%
Broadcom, Ltd.		929	$	218,919
CapitaLand, Ltd.		36,000		98,009
Singapore Exchange, Ltd.		24,000		134,889
Singapore Press Holdings, Ltd. (c)		24,000		46,122
Singapore Telecommunications, Ltd.		12,000		30,840
				528,779
SOUTH AFRICA — 0.8%
AngloGold Ashanti, Ltd.		1,053		10,000
Discovery, Ltd. (c)		15,747		226,595
FirstRand, Ltd. (c)		13,266		74,902
Gold Fields, Ltd.		2,554		10,342
Harmony Gold Mining Co., Ltd.		2,422		5,750
Impala Platinum Holdings, Ltd. (a) (c)		1,639		3,256
MTN Group, Ltd. (c)		4,899		49,210
Naspers, Ltd. Class N		780		190,369
Sanlam, Ltd. (c)		12,283		88,426
Sasol, Ltd.		945		32,160
Sibanye Gold, Ltd.		2,507		2,490
Standard Bank Group, Ltd. (c)		3,174		58,579
				752,079
SOUTH KOREA — 2.1%
Able C&C Co., Ltd. (a)		5,776		101,875
Ahnlab, Inc.		111		8,841
Aprogen pharmaceuticals, Inc. (a)		2,268		8,926
Cell Biotech Co., Ltd.		341		15,516
Celltrion, Inc. (a)		106		31,525
CMG Pharmaceutical Co., Ltd. (a)		1,212		7,664
CrystalGenomics, Inc. (a)		307		7,114
Dae Hwa Pharmaceutical Co., Ltd.		418		11,726
DIO Corp. (a)		1,932		80,931
E-MART, Inc.		27		6,852
Genexine Co., Ltd. (a)		93		8,917
Green Cross Cell Corp.		209		10,961
Hana Financial Group, Inc.		410		17,540
Hanall Biopharma Co., Ltd. (a)		262		7,939
Humedix Co., Ltd.		209		8,755
Huons Co., Ltd.		92		9,287
Hyundai Construction Equipment Co., Ltd. (a)		4		662
Hyundai Electric & Energy System Co., Ltd. (a)		4		308
Hyundai Heavy Industries Co., Ltd. (a)		35		4,515
Hyundai Mobis Co., Ltd.		167		39,795
Hyundai Motor Co.		373		50,216
Hyundai Robotics Co., Ltd. (a)		6		2,398
Hyundai Steel Co.		163		7,891
iNtRON Biotechnology, Inc. (a)		214		8,784
Jayjun Cosmetic Co., Ltd. (a)		592		10,941
JW Holdings Corp.		4,923		37,919
JW Pharmaceutical Corp.		1,048		41,540
KB Financial Group, Inc.		903		52,186
Kia Motors Corp.		300		8,964
Korea Electric Power Corp. ADR (a) (c)		990		15,236

See accompanying notes to financial statements.

24

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
KT&G Corp.		336	$	31,523
LG Chem, Ltd. Preference Shares		507		102,504
LG Electronics, Inc.		129		13,192
LG Household & Health Care, Ltd.		53		59,270
Lotte Chemical Corp.		17		6,906
NAVER Corp.		95		70,054
NHN Entertainment Corp. (a)		33		2,090
NUTRIBIOTECH Co., Ltd. (a)		353		7,799
PHARMA RESEARCH PRODUCTS Co., Ltd.		146		7,369
POSCO ADR (a)		1,356		106,921
Samsung C&T Corp.		158		20,308
Samsung Electronics Co., Ltd. GDR		430		492,780
Samsung Engineering Co., Ltd. (a)		355		6,161
Samsung Fire & Marine Insurance Co., Ltd.		89		22,377
Samsung Heavy Industries Co., Ltd. (a)		692		5,116
Samsung Securities Co., Ltd.		351		12,941
SeAH Steel Corp.		1,504		118,243
Sejong Telecom, Inc. (a)		13,717		7,914
Shinhan Financial Group Co., Ltd.		903		38,250
SillaJen, Inc. (a)		82		8,239
SK Holdings Co., Ltd.		86		24,084
SK Hynix, Inc.		1,395		105,093
SK Innovation Co., Ltd.		68		13,397
ViroMed Co., Ltd. (a)		36		7,464
Whanin Pharmaceutical Co., Ltd.		722		16,934
				1,932,653
SPAIN — 1.0%
Acciona SA (c)		1,582		120,084
Acerinox SA (c)		3,629		50,634
ACS Actividades de Construccion y Servicios SA		2,837		110,429
Amadeus IT Group SA		1,206		88,962
Banco Bilbao Vizcaya Argentaria SA		10,804		85,424
Banco Santander SA		24,626		160,366
Iberdrola SA		9,774		71,787
Industria de Diseno Textil SA		2,405		75,217
Repsol SA		1,841		32,638
Telefonica SA		8,707		85,966
				881,507
SWEDEN — 1.0%
Assa Abloy AB Class B		4,095		88,185
Atlas Copco AB Class B		3,810		147,627
Nordea Bank AB		6,612		70,345
Sandvik AB		3,547		64,567
Securitas AB Class B		5,512		93,295
Skandinaviska Enskilda Banken AB Class A		8,340		87,077
Skanska AB Class B		3,618		73,723
SKF AB Class B (c)		2,573		52,383
Svenska Handelsbanken AB Class A		3,383		42,092
Tele2 AB Class B		2,530		30,255
Telefonaktiebolaget LM Ericsson Class B (c)		6,751		42,659

Security Description	Shares		Value
Telia Co. AB		5,815	$	27,225
Volvo AB Class A		5,565		101,335
				920,768
SWITZERLAND — 2.8%
ABB, Ltd.		5,027		119,270
Adecco Group AG		969		68,810
Cie Financiere Richemont SA		1,363		122,066
Credit Suisse Group AG (a)		4,248		70,933
Ferguson PLC		1,053		79,086
Geberit AG		395		174,236
Givaudan SA		48		109,073
Glencore PLC (a)		6,604		32,776
Kuehne + Nagel International AG		466		73,141
LafargeHolcim, Ltd. (a)		930		50,793
Nestle SA		4,818		380,469
Novartis AG		3,281		264,714
Roche Holding AG		1,220		279,137
SGS SA		48		117,694
Swatch Group AG		144		63,368
Swiss Re AG		1,173		119,162
TE Connectivity, Ltd.		2,482		247,952
TRANSOCEAN, Ltd. (a)		885		8,734
UBS Group AG (a)		6,826		119,719
Zurich Insurance Group AG (a)		239		78,219
				2,579,352
TAIWAN — 1.4%
Advanced Semiconductor Engineering, Inc. ADR		14,349		104,174
AU Optronics Corp. ADR (c)		24,401		111,513
Chunghwa Telecom Co., Ltd. ADR		3,269		127,033
Hon Hai Precision Industry Co., Ltd. GDR		25,771		160,296
Siliconware Precision Industries Co., Ltd. ADR (c)		16,934		146,479
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		11,449		501,008
United Microelectronics Corp. ADR (c)		48,217		124,882
				1,275,385
THAILAND — 0.2%
Bangkok Bank PCL (f)		13,200		90,336
CP ALL PCL NVDR		8,900		24,833
Kasikornbank PCL NVDR		2,100		14,237
PTT PCL (f)		2,400		42,059
Siam Commercial Bank PCL NVDR		3,200		14,685
				186,150
TURKEY — 0.1%
Akbank Turk A/S		9,083		21,920
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT (a)		49,741		31,768
Turkiye Garanti Bankasi A/S		10,507		28,910
Turkiye Is Bankasi A/S Class C		24,114		43,402
				126,000

See accompanying notes to financial statements.

25

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
UNITED KINGDOM — 5.7%
3i Group PLC		22,031	$	265,475
Anglo American PLC (c)		2,770		64,542
AstraZeneca PLC		2,196		150,808
BAE Systems PLC		11,076		90,335
Barclays PLC		30,004		86,915
BP PLC		25,447		171,078
British American Tobacco PLC		2,054		119,029
British Land Co. PLC REIT		7,942		71,525
BT Group PLC		25,842		82,471
Burberry Group PLC		1,968		46,822
Capita PLC		6,676		13,490
CNH Industrial NV		1,712		21,118
Cobham PLC (a)		69,090		119,114
Compass Group PLC		5,391		110,072
CYBG PLC		934		3,862
Diageo PLC		3,378		114,296
Experian PLC		4,616		99,558
Fiat Chrysler Automobiles NV		2,122		43,066
G4S PLC		7,743		26,948
GlaxoSmithKline PLC		7,767		151,884
Hammerson PLC REIT (c)		12,777		96,178
HSBC Holdings PLC		31,620		295,148
Imperial Brands PLC		1,244		42,336
Indivior PLC (a)		946		5,409
InterContinental Hotels Group PLC		2,496		149,439
J Sainsbury PLC		9,155		30,668
Land Securities Group PLC REIT		5,134		67,490
Liberty Global PLC Class A (a)		1,244		38,950
Liberty Global PLC Series C (a)		2,220		67,555
Lloyds Banking Group PLC		107,617		97,614
Lonmin PLC (a) (c)		13		11
Marks & Spencer Group PLC		12,641		47,914
Micro Focus International PLC ADR		683		9,589
National Grid PLC		2,355		26,501
Next PLC		897		59,883
Old Mutual PLC		18,636		62,559
Pearson PLC		1,483		15,582
Pentair PLC		143		9,743
Prudential PLC		6,031		150,466
Randgold Resources, Ltd.		367		30,282
Reckitt Benckiser Group PLC		993		84,052
RELX NV		6,531		135,181
RELX PLC		3,869		79,512
Rio Tinto PLC		2,668		135,148
Rio Tinto, Ltd.		208		11,599
Rolls-Royce Holdings PLC (a)		3,929		48,039
RSA Insurance Group PLC		8,770		77,506
Sage Group PLC		21,128		189,448
Severn Trent PLC		3,105		80,319
Shire PLC ADR		92		13,744
Shire PLC		717		35,912
Sky PLC		2,494		45,394
Smith & Nephew PLC		5,632		105,157
Smiths Group PLC		4,337		92,081
SSE PLC		2,334		41,778
Standard Chartered PLC		6,071		60,696

Security Description	Shares		Value
Standard Life Aberdeen PLC		20,882	$	105,368
TechnipFMC PLC (b)		2,482		73,095
TechnipFMC PLC (b)		1,286		37,373
Tesco PLC		14,684		42,413
Tullow Oil PLC (a)		3,334		9,167
Unilever NV		2,492		140,582
Unilever PLC		1,901		105,482
United Utilities Group PLC		5,524		55,437
Vodafone Group PLC		45,308		123,443
Whitbread PLC		3,545		183,998
WPP PLC		4,276		67,932
				5,335,581
UNITED STATES — 51.5%
3M Co.		1,244		273,083
Abbott Laboratories		4,642		278,149
AbbVie, Inc.		1,220		115,473
Abeona Therapeutics, Inc. (a) (c)		500		7,175
Accenture PLC Class A		1,244		190,954
Adient PLC (c)		13		777
Adobe Systems, Inc. (a)		1,922		415,306
AdvanSix, Inc. (a)		88		3,061
Aetna, Inc.		1,877		317,213
Aflac, Inc.		4,964		217,225
Agenus, Inc. (a) (c)		1,900		8,949
Agilent Technologies, Inc.		2,482		166,046
AGNC Investment Corp. REIT		1,244		23,536
Alexion Pharmaceuticals, Inc. (a)		944		105,218
Allegion PLC		406		34,628
Allergan PLC		463		77,918
Allstate Corp.		2,482		235,294
Alphabet, Inc. Class A (a)		608		630,581
Alphabet, Inc. Class C (a)		608		627,328
Altria Group, Inc.		2,482		154,678
Amazon.com, Inc. (a)		802		1,160,767
American Electric Power Co., Inc.		2,482		170,240
American Express Co.		2,482		231,521
American Tower Corp. REIT		1,244		180,803
Amgen, Inc.		2,124		362,099
Anadarko Petroleum Corp.		1,244		75,150
Annaly Capital Management, Inc. REIT		2,482		25,887
Anthem, Inc.		1,244		273,307
Apache Corp.		1,244		47,869
Apple, Inc.		8,713		1,461,867
Applied Materials, Inc.		5,389		299,682
Archer-Daniels-Midland Co.		3,726		161,597
AT&T, Inc.		11,045		393,754
Automatic Data Processing, Inc.		1,244		141,169
Baker Hughes a GE Co.		1,884		52,319
Bank of America Corp.		21,134		633,809
Bank of New York Mellon Corp.		3,726		192,001
Baxter International, Inc.		2,429		157,982
Becton Dickinson and Co.		1,244		269,575
Bed Bath & Beyond, Inc.		1,244		26,112
Bellicum Pharmaceuticals, Inc. (a) (c)		1,500		9,840
Berkshire Hathaway, Inc. Class B (a)		1,444		288,049
Biogen, Inc. (a)		763		208,925

See accompanying notes to financial statements.

26

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Boeing Co.		1,244	$	407,883
Booking Holdings, Inc. (a)		92		191,396
Brighthouse Financial, Inc. (a)		367		18,864
Bristol-Myers Squibb Co.		3,726		235,669
C.H. Robinson Worldwide, Inc.		1,244		116,575
California Resources Corp. (a) (c)		81		1,389
Calithera Biosciences, Inc. (a)		1,000		6,300
Capital One Financial Corp.		1,244		119,200
Cara Therapeutics, Inc. (a) (c)		700		8,666
Carnival Corp.		1,244		81,581
Caterpillar, Inc.		1,244		183,341
CBS Corp. Class B		2,214		113,777
CDK Global, Inc.		409		25,906
Celgene Corp. (a)		2,489		222,044
CenturyLink, Inc.		2,482		40,779
Charles Schwab Corp.		6,214		324,495
Charter Communications, Inc. Class A (a)		529		164,635
Chemours Co.		422		20,556
Chesapeake Energy Corp. (a) (c)		3,726		11,252
Chevron Corp.		3,122		356,033
Chubb, Ltd.		1,895		259,179
Church & Dwight Co., Inc.		3,755		189,102
Cisco Systems, Inc.		12,415		532,479
Citigroup, Inc.		6,214		419,445
Citrix Systems, Inc. (a)		1,244		115,443
Clorox Co.		1,244		165,589
Coca-Cola Co.		4,977		216,151
Cognizant Technology Solutions Corp. Class A		2,489		200,364
Colgate-Palmolive Co.		2,482		177,910
Comcast Corp. Class A		6,410		219,030
CommerceHub, Inc. Class A (a)		46		1,035
CommerceHub, Inc. Series C (a)		105		2,361
Community Healthcare Trust, Inc. REIT (c)		400		10,296
Conagra Brands, Inc.		2,482		91,536
ConocoPhillips		2,482		147,158
Corning, Inc.		4,977		138,759
Costco Wholesale Corp.		1,244		234,407
Coty, Inc. Class A (c)		659		12,060
CSX Corp.		3,177		176,991
Cummins, Inc.		1,244		201,640
CVS Health Corp.		2,482		154,405
Danaher Corp.		2,482		243,013
Deere & Co.		1,244		193,218
Dell Technologies, Inc. Class V (a)		555		40,632
Devon Energy Corp.		1,244		39,547
Discover Financial Services		2,482		178,530
Dollar Tree, Inc. (a)		1,675		158,957
DowDuPont, Inc.		6,907		440,045
Duke Energy Corp.		1,351		104,662
DXC Technology Co.		460		46,244
Easterly Government Properties, Inc. REIT (c)		7,000		142,800
Eaton Corp. PLC		2,482		198,337
eBay, Inc. (a)		3,726		149,934
Ecolab, Inc.		1,244		170,515

Security Description	Shares		Value
Edison International		2,482	$	158,004
Eli Lilly & Co.		2,482		192,032
Emerson Electric Co.		2,482		169,521
Entercom Communications Corp. Class A (c)		1,453		14,021
EOG Resources, Inc.		2,489		262,017
Equity Residential REIT		1,244		76,655
Estee Lauder Cos., Inc. Class A		1,244		186,252
Exelon Corp.		2,482		96,823
Express Scripts Holding Co. (a)		1,736		119,923
Exxon Mobil Corp.		6,652		496,306
Facebook, Inc. Class A (a)		3,299		527,147
Fastenal Co. (c)		1,244		67,910
FedEx Corp.		1,244		298,697
FirstEnergy Corp.		2,482		84,413
Ford Motor Co.		9,934		110,069
Fortive Corp.		1,241		96,202
Franklin Resources, Inc.		3,726		129,218
Freeport-McMoRan, Inc. (a)		2,482		43,609
GCI Liberty, Inc. Class A (a)		314		16,598
General Dynamics Corp.		1,244		274,800
General Electric Co.		17,316		233,420
General Mills, Inc.		1,244		56,055
General Motors Co.		2,482		90,196
Geron Corp. (a) (c)		3,100		13,175
Gilead Sciences, Inc.		3,293		248,259
Gladstone Commercial Corp. REIT		4,500		78,030
Goldman Sachs Group, Inc.		1,244		313,314
Halliburton Co.		2,482		116,505
Halyard Health, Inc. (a)		155		7,142
HCP, Inc. REIT		3,726		86,555
Hershey Co.		1,244		123,106
Hess Corp.		1,244		62,971
Hewlett Packard Enterprise Co.		4,977		87,297
Home Depot, Inc.		2,482		442,392
Honeywell International, Inc.		2,482		358,674
Hovnanian Enterprises, Inc. Class A (a)		6,700		12,261
HP, Inc.		4,977		109,096
Illinois Tool Works, Inc.		1,877		294,051
ImmunoGen, Inc. (a) (c)		700		7,364
Ingersoll-Rand PLC		2,482		212,236
Intel Corp.		9,534		496,531
International Business Machines Corp.		2,004		307,474
Intuit, Inc.		1,244		215,647
Iron Mountain, Inc. REIT		91		2,990
Iron Mountain, Inc. (c)		29		952
J.M. Smucker Co.		1,244		154,268
Johnson & Johnson		3,726		477,487
Johnson Controls International PLC		3,290		115,940
JPMorgan Chase & Co.		7,457		820,046
Juniper Networks, Inc.		2,482		60,387
Kellogg Co. (c)		1,244		80,872
Keysight Technologies, Inc. (a)		1,243		65,121
Kimberly-Clark Corp.		1,244		137,002
Kinder Morgan, Inc.		3,586		54,005
Kohl’s Corp. (c)		1,244		81,494

See accompanying notes to financial statements.

27

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Kraft Heinz Co.		203	$	12,645
L Brands, Inc. (c)		1,577		60,257
Lamb Weston Holdings, Inc.		826		48,090
Las Vegas Sands Corp.		1,244		89,444
Leidos Holdings, Inc.		313		20,470
Liberty Expedia Holdings, Inc. Class A (a)		210		8,249
Liberty Interactive Corp. QVC Group Class A (a)		2,482		62,472
Liberty TripAdvisor Holdings, Inc. Class A (a)		168		1,806
Lockheed Martin Corp.		1,002		338,606
LogMeIn, Inc.		213		24,612
Lowe’s Cos., Inc.		3,726		326,956
LyondellBasell Industries NV Class A		1,244		131,466
Macy’s, Inc. (c)		2,482		73,815
Mallinckrodt PLC (a)		155		2,244
Marathon Oil Corp.		3,726		60,100
Marathon Petroleum Corp.		2,490		182,044
Marsh & McLennan Cos., Inc.		2,482		204,988
Mastercard, Inc. Class A		800		140,128
Mattel, Inc. (c)		3,477		45,723
McCormick & Co., Inc.		1,870		198,949
McDonald’s Corp.		1,244		194,537
McKesson Corp.		944		132,981
Medtronic PLC		5,150		413,133
Merck & Co., Inc.		4,977		271,097
MetLife, Inc.		3,726		170,986
Microsoft Corp.		13,664		1,247,113
Mondelez International, Inc. Class A		1,244		51,912
Monsanto Co.		1,244		145,162
Morgan Stanley		3,726		201,055
Mosaic Co.		1,244		30,204
National Oilwell Varco, Inc.		1,244		45,792
Nektar Therapeutics (a)		100		10,626
NetApp, Inc.		1,244		76,742
Netflix, Inc. (a)		200		59,070
Newmont Mining Corp.		1,244		48,603
News Corp. Class A		756		11,945
NexPoint Residential Trust, Inc. REIT		5,000		124,200
NextEra Energy, Inc.		1,244		203,182
NIKE, Inc. Class B		4,158		276,257
Noble Corp. PLC (a) (c)		2,482		9,208
Noble Energy, Inc.		2,482		75,205
Norfolk Southern Corp.		1,244		168,910
Northrop Grumman Corp.		833		290,817
Novavax, Inc. (a) (c)		3,700		7,770
NOW, Inc. (a) (c)		310		3,168
NVIDIA Corp.		800		185,272
Occidental Petroleum Corp.		2,482		161,231
Oracle Corp.		8,689		397,522
O’Reilly Automotive, Inc. (a)		517		127,895
Outfront Media, Inc. REIT		3		56
Parker-Hannifin Corp.		1,244		212,761
PayPal Holdings, Inc. (a)		3,726		282,692

Security Description	Shares		Value
PepsiCo, Inc.		2,482	$	270,910
Perrigo Co. PLC		21		1,750
Pfizer, Inc.		12,269		435,427
PG&E Corp.		1,244		54,649
Philip Morris International, Inc.		2,482		246,711
Phillips 66		608		58,319
Pioneer Natural Resources Co.		844		144,982
PNC Financial Services Group, Inc.		1,244		188,143
PPL Corp.		3,726		105,409
Praxair, Inc.		1,244		179,509
Procter & Gamble Co.		2,714		215,166
Progenics Pharmaceuticals, Inc. (a) (c)		2,000		14,920
Prologis, Inc. REIT		3,726		234,701
Prudential Financial, Inc.		1,882		194,881
PTC Therapeutics, Inc. (a)		300		8,118
Public Service Enterprise Group, Inc.		2,482		124,696
Public Storage REIT		1,042		208,806
QUALCOMM, Inc.		3,726		206,458
Quality Care Properties, Inc. REIT (a)		744		14,456
Range Resources Corp. (c)		1,244		18,088
Raytheon Co.		1,244		268,480
Retail Opportunity Investments Corp. REIT		10,219		180,570
Ross Stores, Inc.		2,190		170,776
salesforce.com, Inc. (a)		2,566		298,426
Sangamo Therapeutics, Inc. (a)		300		5,700
Schlumberger, Ltd.		3,654		236,706
Seagate Technology PLC		1,244		72,799
Sears Holdings Corp. (a)		3,000		8,010
Simon Property Group, Inc. REIT		1,244		192,011
Southern Co.		1,244		55,557
Southwestern Energy Co. (a)		1,244		5,386
Starbucks Corp.		4,962		287,250
State Street Corp. (g)		1,244		124,064
Synchrony Financial		1,387		46,506
Sysco Corp.		2,482		148,821
Tapestry, Inc.		1,244		65,447
Target Corp.		1,244		86,371
Tesla, Inc. (a)		100		26,613
Texas Instruments, Inc.		3,726		387,094
Thermo Fisher Scientific, Inc.		1,879		387,938
Time Warner, Inc.		2,004		189,538
TJX Cos., Inc.		2,482		202,432
Travelers Cos., Inc.		1,244		172,742
Twenty-First Century Fox, Inc. Class A		6,214		227,992
Twitter, Inc. (a)		200		5,802
Tyson Foods, Inc. Class A		2,970		217,374
UMH Properties, Inc.		7,100		95,211
Union Pacific Corp.		1,889		253,938
United Financial Bancorp, Inc.		10,408		168,610
United Parcel Service, Inc. Class B		1,244		130,197
United Technologies Corp.		1,244		156,520
UnitedHealth Group, Inc.		2,482		531,148
US Bancorp		3,726		188,163

See accompanying notes to financial statements.

28

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Valero Energy Corp.		2,482	$	230,255
Vanda Pharmaceuticals, Inc. (a)		400		6,740
Vector Group, Ltd. (c)		8,194		167,076
Verizon Communications, Inc.		4,208		201,227
Viacom, Inc. Class B		1,244		38,639
Visa, Inc. Class A (c)		4,986		596,425
Voyager Therapeutics, Inc. (a) (c)		300		5,637
Walmart, Inc.		2,482		220,824
Walgreens Boots Alliance, Inc.		2,482		162,497
Walt Disney Co.		3,726		374,239
Washington Prime Group, Inc. REIT		619		4,129
Waste Management, Inc.		2,482		208,786
Weatherford International PLC (a) (c)		6,214		14,230
Wells Fargo & Co.		9,634		504,918
Western Digital Corp.		1,541		142,188
Williams Cos., Inc.		3,726		92,628
Windstream Holdings, Inc.		8,600		12,126
Yum! Brands, Inc.		1,244		105,902
Zoetis, Inc.		143		11,942
				47,862,430
TOTAL COMMON STOCKS (Cost $80,231,092)				92,419,523
RIGHTS — 0.0% (d)
SOUTH KOREA — 0.0% (d)
Samsung Heavy Industries Co., Ltd. (expires 4/13/18) (a) (Cost $0)		364		709
SHORT-TERM INVESTMENTS — 2.0%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (h) (i)		222,089		222,089
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)		1,690,862		1,690,862
TOTAL SHORT-TERM INVESTMENTS (Cost $1,912,951)				1,912,951
TOTAL INVESTMENTS — 101.4% (Cost $82,144,043)				94,333,183
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.4)%				(1,335,771	)
NET ASSETS — 100.0%			$	92,997,412

(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 shares of the security are on loan at March 31, 2018.

(d) Amount is less than 0.05% of net assets.

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.1% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $132,395 representing 0.2% of net assets.

(g) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below. (h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at March 31, 2018.

(j) Investment of cash collateral for securities loaned.

ADR	=American Depositary Receipt
GDR	=Global Depositary Receipt
NVDR	=Non Voting Depositary Receipt
REIT	=Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	2,209,657		$    —		$—	$	2,209,657

See accompanying notes to financial statements.

29

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs		Total
Austria		$	98,095			$        —		$—		$	98,095
Belgium			307,528			—		—			307,528
Brazil			744,080			—		—			744,080
Canada			2,711,053			—		—			2,711,053
Chile			39,665			—		—			39,665
China			3,157,464			—		—			3,157,464
Colombia			10,925			—		—			10,925
Denmark			630,539			—		—			630,539
Finland			389,526			—		—			389,526
France			2,990,569			—		—			2,990,569
Germany			2,806,578			—		—			2,806,578
Hong Kong			1,290,199			—		—			1,290,199
Hungary			70,798			—		—			70,798
India			828,018			—		—			828,018
Indonesia			406,824			—		—			406,824
Ireland			133,352			—		—			133,352
Israel			308,990			—		—			308,990
Italy			680,090			—		—			680,090
Japan			7,574,308			—		—			7,574,308
Luxembourg			43,333			—		—			43,333
Malaysia			102,672			—		—			102,672
Mexico			351,246			—		—			351,246
Netherlands			1,484,623			—		—			1,484,623
Norway			283,979			—		—			283,979
Peru			4,935			—		—			4,935
Philippines			25,448			—		—			25,448
Poland			33,094			—		—			33,094
Russia			321,251			—		—			321,251
Singapore			528,779			—		—			528,779
South Africa			752,079			—		—			752,079
South Korea			1,932,653			—		—			1,932,653
Spain			881,507			—		—			881,507
Sweden			920,768			—		—			920,768
Switzerland			2,579,352			—		—			2,579,352
Taiwan			1,275,385			—		—			1,275,385
Thailand			53,755			132,395		—			186,150
Turkey			126,000			—		—			126,000
United Kingdom			5,335,581			—		—			5,335,581
United States			47,862,430			—		—			47,862,430
Rights
South Korea			709			—		—			709
Short-Term Investments			1,912,951			—		—			1,912,951
TOTAL INVESTMENTS		$	94,200,788		$	132,395		$—		$	94,333,183

See accompanying notes to financial statements.

30

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income		Capital Gains Distributions
State Street Corp		1,244		$	118,852		$	—		$	—		$—		$5,212		1,244		$	124,064		$1,045		$—
State Street Institutional U.S. Government Money Market Fund, Class G Shares		55,517			55,517			2,121,582			1,955,010		—		—		222,089			222,089		1,279		—
State Street Navigator Securities Lending Government Money Market Portfolio		985,141			985,141			6,908,805			6,203,084		—		—		1,690,862			1,690,862		6,970		—
Total				$	1,159,510		$	9,030,387			$8,158,094		$—		$5,212					$2,037,015		$9,294		$—

See accompanying notes to financial statements.

31

SPDR MSCI ACWI LOW CARBON TARGET ETF

SUMMARY SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS – 99.2%
ARGENTINA – 0.0% (a)
Other Security		132	$	47,043
AUSTRALIA – 2.0%
Other Securities		331,281		3,031,668
AUSTRIA – 0.1%
Other Securities		2,573		118,516
BELGIUM – 0.3%
Other Securities		5,794		487,020
BERMUDA – 0.0% (a)
Other Security		1,918		40,278
BRAZIL – 1.0%
Other Securities		152,994		1,463,939
CANADA – 3.1%
Other Securities		163,577		4,674,085
CHILE – 0.3%
Other Securities		114,703		378,180
CHINA – 3.5%
Alibaba Group Holding, Ltd. ADR (b) (c)		3,785		694,699
Tencent Holdings, Ltd		19,184		1,001,206
Other Securities		2,805,927		3,578,033
				5,273,938
COLOMBIA – 0.2%
Other Securities		211,074		353,930
CZECH REPUBLIC – 0.0% (a)
Other Security		477		21,746
DENMARK – 0.5%
Other Securities		16,089		735,352
FINLAND – 0.3%
Other Securities		31,117		431,269
FRANCE – 3.6%
Other Securities		98,402		5,452,943
GERMANY – 3.1%
Other Securities		76,771		4,732,899
GREECE – 0.0% (a)
Other Securities		4,660		25,879
HONG KONG – 1.2%
Hanergy Thin Film Power Group, Ltd. (c) (d)		24,000		—
Other Securities		366,109		1,772,137
				1,772,137
HUNGARY – 0.0% (a)
Other Security		1,274		57,317
INDIA – 0.9%
Other Securities		150,483		1,377,639
INDONESIA – 0.3%
Other Securities		866,050		389,526
IRELAND – 0.2%
Other Securities		8,843		245,153

Security Description	Shares		Value
ISRAEL – 0.1%
Other Securities		12,327	$	202,655
ITALY – 0.7%
Other Securities		254,302		1,104,690
JAPAN – 8.0%
Mitsui & Co., Ltd.		37,600		639,925
Toyota Motor Corp.		9,700		624,047
Other Securities		586,738		10,905,335
				12,169,307
LUXEMBOURG – 0.1%
Other Securities		4,234		76,584
MACAU – 0.0% (a)
Other Security		6,800		17,545
MALAYSIA – 0.4%
Other Securities		355,638		545,348
MEXICO – 0.4%
Other Securities		195,618		564,384
NETHERLANDS – 0.8%
Other Securities		42,683		1,219,490
NEW ZEALAND – 0.1%
Other Security		47,457		97,742
NORWAY – 0.3%
Other Securities		28,510		505,288
PERU – 0.1%
Other Securities		3,744		192,723
PHILIPPINES – 0.1%
Other Securities		40,135		79,916
POLAND – 0.1%
Other Securities		10,834		211,558
PORTUGAL – 0.1%
Other Security		8,029		151,129
QATAR – 0.1%
Other Securities		15,320		109,685
ROMANIA – 0.0%
Other Security		1,449		14,064
RUSSIA – 0.3%
Other Securities		72,809		470,201
SINGAPORE – 0.6%
Other Securities		211,272		962,056
SOUTH AFRICA – 0.9%
Other Securities		227,493		1,396,235
SOUTH KOREA – 1.7%
Samsung Electronics Co., Ltd.		324		745,331
Other Securities		31,155		1,896,237
				2,641,568
SPAIN – 1.2%
Other Securities		160,181		1,748,529
SWEDEN – 0.9%
Other Securities		79,428		1,437,721

See accompanying notes to financial statements.

32

SPDR MSCI ACWI LOW CARBON TARGET ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SWITZERLAND – 2.6%
Nestle SA		10,933	$	863,360
Novartis AG		7,418		598,491
Roche Holding AG		2,349		537,454
Other Securities		36,568		1,908,001
				3,907,306
TAIWAN – 1.4%
Taiwan Semiconductor Manufacturing Co., Ltd.		88,000		736,427
Other Securities		993,022		1,360,393
				2,096,820
THAILAND – 0.2%
Other Securities		238,338		308,452
TURKEY – 0.1%
Other Securities		90,280		157,845
UNITED ARAB EMIRATES – 0.1%
Other Securities		30,406		78,465
UNITED KINGDOM – 5.5%
HSBC Holdings PLC		73,549		686,523
Other Securities		952,038		7,708,359
				8,394,882
UNITED STATES – 51.7%
AbbVie, Inc.		5,330		504,485
Alphabet, Inc. Class A (c)		957		992,543
Alphabet, Inc. Class C (c)		1,084		1,118,460
Amazon.com, Inc. (c)		1,375		1,990,093
Apple, Inc.		17,425		2,923,567
AT&T, Inc.		21,500		766,475
Bank of America Corp.		34,890		1,046,351
Berkshire Hathaway, Inc. Class B (c)		2,512		501,094
Boeing Co.		2,132		699,040
Cisco Systems, Inc.		17,467		749,160
Citigroup, Inc.		10,098		681,615
Coca-Cola Co.		16,555		718,984
Comcast Corp. Class A		16,168		552,461
Eversource Energy		9,219		543,184
Facebook, Inc. Class A (c)		7,865		1,256,748
Home Depot, Inc.		4,346		774,631
Intel Corp.		17,195		895,516
International Business Machines Corp.		3,330		510,922
Johnson & Johnson		9,560		1,225,114
JPMorgan Chase & Co.		11,997		1,319,310
Mastercard, Inc. Class A		3,414		597,996
McDonald’s Corp.		3,097		484,309
Merck & Co., Inc.		9,952		542,085
Microsoft Corp.		24,899		2,272,532
Netflix, Inc. (c)		1,573		464,586
NVIDIA Corp.		2,042		472,907
ONEOK, Inc.		10,283		585,308
Oracle Corp.		11,489		525,622
PepsiCo, Inc.		5,429		592,575
Pfizer, Inc.		20,715		735,175
Philip Morris International, Inc.		5,687		565,288
Phillips 66		6,681		640,842

Security Description	Shares		Value
Procter & Gamble Co.		9,284	$	736,036
Schlumberger, Ltd.		8,723		565,076
State Street Corp. (e)		1,155		115,188
UnitedHealth Group, Inc.		3,520		753,280
Verizon Communications, Inc.		14,049		671,823
Visa, Inc. Class A		6,688		800,019
Walmart, Inc.		5,345		475,545
Walt Disney Co.		5,671		569,595
Wells Fargo & Co.		15,886		832,585
Other Securities		656,435		44,565,043
				78,333,168
TOTAL COMMON STOCKS (Cost $124,192,146)				150,305,813
SHORT-TERM INVESTMENTS -1.8%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (f) (g)		345,905		345,905
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)		2,338,517		2,338,517
TOTAL SHORT-TERM INVESTMENTS (Cost $2,684,422)				2,684,422
TOTAL INVESTMENTS - 101.0% (Cost $126,876,568)				152,990,235
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)%				(1,577,751	)
NET ASSETS - 100.0%			$	151,412,484

See accompanying notes to financial statements.

33

SPDR MSCI ACWI LOW CARBON TARGET ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund’s website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

(a) Amount is less than 0.05% of net assets.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) Non-income producing security.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

(e) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at March 31, 2018.

(h) Investment of cash collateral for securities loaned.

ADR American Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Argentina	$	47,043		$    —		$—	$	47,043
Australia		3,031,668		—		—		3,031,668
Austria		118,516		—		—		118,516
Belgium		487,020		—		—		487,020
Bermuda		40,278		—		—		40,278
Brazil		1,463,939		—		—		1,463,939
Canada		4,674,085		—		—		4,674,085
Chile		378,180		—		—		378,180
China		5,273,938		—		—		5,273,938
Colombia		353,930		—		—		353,930
Czech Republic		21,746		—		—		21,746
Denmark		735,352		—		—		735,352
Finland		431,269		—		—		431,269
France		5,452,943		—		—		5,452,943
Germany		4,732,899		—		—		4,732,899
Greece		25,879		—		—		25,879
Hong Kong		1,772,137		—		0(a)		1,772,137
Hungary		57,317		—		—		57,317
India		1,377,639		—		—		1,377,639
Indonesia		389,526		—		—		389,526

See accompanying notes to financial statements.

34

SPDR MSCI ACWI LOW CARBON TARGET ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs		Total
Ireland		$	245,153			$        —		$—		$	245,153
Israel			202,655			—		—			202,655
Italy			1,104,690			—		—			1,104,690
Japan			12,169,307			—		—			12,169,307
Luxembourg			76,584			—		—			76,584
Macau			17,545			—		—			17,545
Malaysia			545,348			—		—			545,348
Mexico			564,384			—		—			564,384
Netherlands			1,219,490			—		—			1,219,490
New Zealand			97,742			—		—			97,742
Norway			505,288			—		—			505,288
Peru			192,723			—		—			192,723
Philippines			79,916			—		—			79,916
Poland			211,558			—		—			211,558
Portugal			151,129			—		—			151,129
Qatar			109,685			—		—			109,685
Romania			14,064			—		—			14,064
Russia			470,201			—		—			470,201
Singapore			962,056			—		—			962,056
South Africa			1,396,235			—		—			1,396,235
South Korea			2,641,568			—		—			2,641,568
Spain			1,748,529			—		—			1,748,529
Sweden			1,437,721			—		—			1,437,721
Switzerland			3,907,306			—		—			3,907,306
Taiwan			2,096,820			—		—			2,096,820
Thailand			48,302			260,150		—			308,452
Turkey			157,845			—		—			157,845
United Arab Emirates			78,465			—		—			78,465
United Kingdom			8,394,882			—		—			8,394,882
United States			78,333,168			—		—			78,333,168
Short-Term Investments			2,684,422			—		—			2,684,422
TOTAL INVESTMENTS		$	152,730,085		$	260,150		$  0		$	152,990,235

(a) Fund held a Level 3 security that was valued at $0 at March 31, 2018.

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income		Capital Gains Distributions
State Street Corp.		1,555		$	148,565		$	—		$	38,137		$6,070		$(1,310)		1,155		$	115,188		$970		$—
State Street Institutional U.S. Government Money Market Fund, Class G Shares		215,632			215,632			2,057,884			1,927,611		—		—		345,905			345,905		1,318		—
State Street Navigator Securities Lending Government Money Market Portfolio		378,038			378,038			9,317,082			7,356,603		—		—		2,338,517			2,338,517		4,991		—
Total				$	742,235		$	11,374,966			$9,322,351		$6,070		$(1,310)					$2,799,610		$7,279		$—

See accompanying notes to financial statements.

35

SPDR MSCI CANADA STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 1.6%
Bombardier, Inc. Class B (a)		25,073	$	72,929
CAE, Inc.		29,817		554,595
				627,524
AUTO COMPONENTS — 3.4%
Linamar Corp.		5,218		284,850
Magna International, Inc.		19,495		1,097,345
				1,382,195
BANKS — 19.7%
Bank of Montreal		14,435		1,089,637
Bank of Nova Scotia		22,052		1,357,415
Canadian Imperial Bank of Commerce		18,477		1,629,788
National Bank of Canada		9,247		434,934
Royal Bank of Canada		22,491		1,736,129
Toronto-Dominion Bank		29,006		1,644,854
				7,892,757
CAPITAL MARKETS — 4.3%
Brookfield Asset Management, Inc. Class A		13,779		536,732
CI Financial Corp. (b)		31,311		670,299
IGM Financial, Inc.		1,475		43,097
Thomson Reuters Corp.		12,043		465,093
				1,715,221
CHEMICALS — 1.0%
Methanex Corp.		799		48,371
Nutrien, Ltd. (b)		7,133		336,884
				385,255
CONSTRUCTION & ENGINEERING — 0.3%
SNC-Lavalin Group, Inc.		2,569		112,723
CONTAINERS & PACKAGING — 1.8%
CCL Industries, Inc. Class B		14,511		732,050
DIVERSIFIED FINANCIAL SERVICES — 0.8%
Element Fleet Management Corp. (b)		4,119		13,259
Onex Corp.		4,578		329,950
				343,209
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.2%
BCE, Inc.		21,144		909,229
TELUS Corp.		10,266		360,236
				1,269,465
ELECTRIC UTILITIES — 2.7%
Emera, Inc. (b)		8,564		270,753
Fortis, Inc.		12,243		412,990
Hydro One, Ltd. (c)		24,715		401,038
				1,084,781
FOOD & STAPLES RETAILING — 7.4%
Alimentation Couche-Tard, Inc. Class B		20,757		928,490
Empire Co., Ltd.		4,024		80,714
George Weston, Ltd.		3,713		298,710
Jean Coutu Group PJC, Inc. Class A		12,956		246,810

Security Description	Shares		Value
Loblaw Cos., Ltd. (b)		8,734	$	440,951
Metro, Inc.		30,441		970,429
				2,966,104
FOOD PRODUCTS — 2.2%
Saputo, Inc.		27,750		890,023
HOTELS, RESTAURANTS & LEISURE — 0.2%
Restaurant Brands International, Inc.		1,637		93,097
INSURANCE — 14.6%
Fairfax Financial Holdings, Ltd.		581		294,306
Great-West Lifeco, Inc.		42,314		1,079,143
Industrial Alliance Insurance & Financial Services, Inc.		10,752		442,006
Intact Financial Corp.		14,504		1,089,108
Manulife Financial Corp.		23,619		438,213
Power Corp. of Canada		13,950		318,115
Power Financial Corp.		35,524		888,892
Sun Life Financial, Inc.		31,434		1,290,031
				5,839,814
INTERNET SOFTWARE & SERVICES — 0.0% (d)
Shopify, Inc. Class A (a)		63		7,834
IT SERVICES — 2.7%
CGI Group, Inc. Class A (a)		19,010		1,095,554
MEDIA — 0.7%
Shaw Communications, Inc. Class B		14,861		286,097
METALS & MINING — 3.2%
Agnico Eagle Mines, Ltd.		3,623		152,311
Barrick Gold Corp.		18,895		235,225
First Quantum Minerals, Ltd.		8,662		121,540
Franco-Nevada Corp.		4,029		274,694
Goldcorp, Inc.		8,670		119,635
Kinross Gold Corp. (a)		11,049		43,622
Lundin Mining Corp.		4,627		30,326
Teck Resources, Ltd. Class B		7,872		202,593
Turquoise Hill Resources, Ltd. (a)		13,641		41,687
Wheaton Precious Metals Corp.		2,586		52,653
				1,274,286
MULTI-UTILITIES — 0.2%
Atco, Ltd. Class I		1,135		36,429
Canadian Utilities, Ltd. Class A		1,629		43,453
				79,882
MULTILINE RETAIL — 2.6%
Canadian Tire Corp., Ltd. Class A		6,487		852,354
Dollarama, Inc.		1,489		180,840
				1,033,194
OIL, GAS & CONSUMABLE FUELS — 12.8%
AltaGas, Ltd. (b)		12,287		227,203
ARC Resources, Ltd. (b)		3,527		38,409
Cameco Corp.		5,667		51,472
Canadian Natural Resources, Ltd.		9,299		292,115
Cenovus Energy, Inc.		14,630		124,484
Crescent Point Energy Corp.		13,700		93,087
Enbridge, Inc.		22,991		722,587

See accompanying notes to financial statements.

36

SPDR MSCI CANADA STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Encana Corp.		8,655	$	95,126
Husky Energy, Inc.		7,922		113,307
Imperial Oil, Ltd.		33,316		881,708
Inter Pipeline, Ltd. (b)		6,506		112,836
Keyera Corp.		17,579		456,911
Pembina Pipeline Corp.		14,073		438,809
PrairieSky Royalty, Ltd. (b)		896		19,578
Seven Generations Energy, Ltd. Class A (a)		1,515		18,802
Suncor Energy, Inc.		24,154		833,517
Tourmaline Oil Corp.		2,737		46,386
TransCanada Corp.		13,711		566,626
Vermilion Energy, Inc. (b)		631		20,331
				5,153,294
PAPER & FOREST PRODUCTS — 1.0%
West Fraser Timber Co., Ltd. (b)		6,032		400,543
PHARMACEUTICALS — 0.3%
Valeant Pharmaceuticals International, Inc. (a)		7,527		119,743
REAL ESTATE INVESTMENT TRUSTS (REITS) —1.3%
H&R Real Estate Investment Trust		8,540		139,303
RioCan Real Estate Investment Trust		14,999		275,025
SmartCentres Real Estate Investment Trust		4,258		96,142
				510,470
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%
First Capital Realty, Inc.		11,030		174,102
ROAD & RAIL — 5.7%
Canadian National Railway Co.		18,354		1,340,479
Canadian Pacific Railway, Ltd.		5,471		964,135
				2,304,614
SOFTWARE — 2.9%
Constellation Software, Inc.		1,533		1,039,420
Open Text Corp.		3,538		122,996
				1,162,416
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1%
BlackBerry, Ltd. (a)		2,559		29,396
TEXTILES,APPAREL & LUXURY GOODS — 1.7%
Gildan Activewear, Inc.		23,619		681,685

Security Description	Shares		Value
TRADING COMPANIES & DISTRIBUTORS — 0.1%
Finning International, Inc.		1,483	$	35,739
WIRELESS TELECOMMUNICATION SERVICES — 0.9%
Rogers Communications, Inc. Class B		7,985		356,375
TOTAL COMMON STOCKS (Cost $36,417,959)				40,039,442
SHORT-TERM INVESTMENTS — 4.1%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (e) (f)		16,538		16,538
State Street Navigator Securities Lending Government Money Market Portfolio (e) (g)		1,622,347		1,622,347
TOTAL SHORT-TERM INVESTMENTS (Cost $1,638,885)				1,638,885
TOTAL INVESTMENTS — 103.9% (Cost $38,056,844)				41,678,327
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.9)%				(1,567,665	)
NET ASSETS — 100.0%			$	40,110,662

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.0% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Amount is less than 0.05% of net assets.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2018.

(g) Investment of cash collateral for securities loaned.

REIT =Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense		$	627,524		$	—		$	—		$	627,524
Auto Components			1,382,195			—			—			1,382,195

See accompanying notes to financial statements.

37

SPDR MSCI CANADA STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
Banks		$	7,892,757		$—		$—		$	7,892,757
Capital Markets			1,715,221		—		—			1,715,221
Chemicals			385,255		—		—			385,255
Construction & Engineering			112,723		—		—			112,723
Containers & Packaging			732,050		—		—			732,050
Diversified Financial Services			343,209		—		—			343,209
Diversified Telecommunication Services			1,269,465		—		—			1,269,465
Electric Utilities			1,084,781		—		—			1,084,781
Food & Staples Retailing			2,966,104		—		—			2,966,104
Food Products			890,023		—		—			890,023
Hotels, Restaurants & Leisure			93,097		—		—			93,097
Insurance			5,839,814		—		—			5,839,814
Internet Software & Services			7,834		—		—			7,834
IT Services			1,095,554		—		—			1,095,554
Media			286,097		—		—			286,097
Metals & Mining			1,274,286		—		—			1,274,286
Multi-Utilities			79,882		—		—			79,882
Multiline Retail			1,033,194		—		—			1,033,194
Oil, Gas & Consumable Fuels			5,153,294		—		—			5,153,294
Paper & Forest Products			400,543		—		—			400,543
Pharmaceuticals			119,743		—		—			119,743
Real Estate Investment Trusts (REITs)			510,470		—		—			510,470
Real Estate Management & Development			174,102		—		—			174,102
Road & Rail			2,304,614		—		—			2,304,614
Software			1,162,416		—		—			1,162,416
Technology Hardware, Storage & Peripherals			29,396		—		—			29,396
Textiles, Apparel & Luxury Goods			681,685		—		—			681,685
Trading Companies & Distributors			35,739		—		—			35,739
Wireless Telecommunication Services			356,375		—		—			356,375
Short-Term Investments			1,638,885		—		—			1,638,885
TOTAL INVESTMENTS		$	41,678,327		$—		$—		$	41,678,327

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18		Dividend Income		Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		13,104		$13,104		$   504,340		$   500,906		$—		$—		16,538		$     16,538		$202		$—
State Street Navigator Securities Lending Government Money Market Portfolio		—		—		4,470,806		2,848,459		—		—		1,622,347		1,622,347		591		—
Total				$13,104		$4,975,146		$3,349,365		$—		$—				$1,638,885		$793		$—

See accompanying notes to financial statements.

38

SPDR MSCI CHINAA SHARES IMI ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.5%
AEROSPACE & DEFENSE — 0.8%
AECC Aero Science and Technology Co., Ltd. Class A (a)		400	$	1,238
AECC Aero-Engine Control Co., Ltd. Class A		700		1,765
AECC Aviation Power Co., Ltd. Class A		800		3,475
AVIC Aircraft Co., Ltd. Class A		1,400		3,689
AVIC Helicopter Co., Ltd. Class A		400		2,878
Changchun UP Optotech Co., Ltd. Class A		600		1,267
China Avionics Systems Co., Ltd. Class A		800		1,883
China Spacesat Co., Ltd. Class A		700		2,463
				18,658
AIR FREIGHT & LOGISTICS — 0.4%
Jiangsu Aucksun Co., Ltd. Class A		4,700		6,686
Sinotrans Air Transportation Development Co., Ltd. Class A		1,100		3,236
				9,922
AIRLINES — 1.1%
Air China, Ltd. Class A		3,000		5,426
China Eastern Airlines Corp., Ltd. Class A		4,300		4,880
China Southern Airlines Co., Ltd. Class A		4,700		7,552
Hainan Airlines Holding Co., Ltd. Class A (b)		11,900		5,986
Spring Airlines Co., Ltd. Class A		700		3,378
				27,222
AUTO COMPONENTS — 1.9%
Anhui Zhongding Sealing Parts Co., Ltd. Class A		1,500		4,029
China Shipbuilding Industry Group Power Co., Ltd. Class A		1,000		3,857
Fangda Special Steel Technology Co., Ltd. Class A		1,200		3,137
Fuyao Glass Industry Group Co., Ltd. Class A		2,500		9,532
Greatoo Intelligent Equipment, Inc.		5,100		2,189
Huayu Automotive Systems Co., Ltd. Class A		1,700		6,396
Sailun Jinyu Group Co., Ltd. Class A		5,940		2,823
Wanxiang Qianchao Co., Ltd. Class A		1,560		2,078
Weifu High-Technology Group Co., Ltd. Class A		1,000		3,574
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. Class A		800		2,364
Zhejiang Dehong Automotive Electronic & Electrical Co., Ltd. Class A		800		2,257
Zhejiang Wanfeng Auto Wheel Co., Ltd. Class A (b)		1,320		2,575
				44,811
AUTOMOBILES — 1.5%
Anhui Jianghuai Automobile Group Corp., Ltd Class A		1,400		1,700
Beiqi Foton Motor Co., Ltd. Class A		10,600		4,229
BYD Co., Ltd. Class A		700		6,229

Security Description	Shares		Value
Chongqing Changan Automobile Co., Ltd. Class A		2,200	$	3,902
FAW CAR Co., Ltd. Class A (a)		1,500		2,418
Haima Automobile Group Co., Ltd. Class A (a)		4,100		2,555
Jiangsu Xinri E-Vehicle Co., Ltd. Class A (a)		1,200		2,672
SAIC Motor Corp., Ltd. Class A		2,400		12,565
				36,270
BANKS — 11.6%
Agricultural Bank of China, Ltd. Class A		38,400		24,169
Bank of Beijing Co., Ltd. Class A		2,736		3,014
Bank of China, Ltd. Class A		37,100		23,528
Bank of Communications Co., Ltd. Class A		12,800		12,735
Bank of Nanjing Co., Ltd. Class A		5,544		7,252
Bank of Ningbo Co., Ltd. Class A		3,900		11,994
China CITIC Bank Corp., Ltd. Class A		3,200		3,301
China Everbright Bank Co., Ltd. Class A		20,300		13,229
China Merchants Bank Co., Ltd. Class A		10,300		47,983
China Minsheng Banking Corp., Ltd. Class A		14,500		18,621
Huaxia Bank Co., Ltd. Class A		7,320		10,424
Industrial & Commercial Bank of China, Ltd. Class A		15,600		15,100
Industrial Bank Co., Ltd. Class A		14,400		38,702
Ping An Bank Co., Ltd. Class A		8,520		14,964
Shanghai Pudong Development Bank Co., Ltd. Class A		16,302		30,108
				275,124
BEVERAGES — 5.5%
Anhui Gujing Distillery Co., Ltd. Class A		400		3,776
Beijing Yanjing Brewery Co., Ltd. Class A		3,200		3,799
Chongqing Brewery Co., Ltd. Class A		2,200		7,417
Hainan Yedao Co., Ltd. Class A (a)		1,400		1,647
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A		600		10,285
Kweichow Moutai Co., Ltd. Class A		600		65,715
Luzhou Laojiao Co., Ltd. Class A		1,400		12,615
Qinghai Huzhu Barley Wine Co., Ltd. Class A		1,100		2,227
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A		600		5,228
Tsingtao Brewery Co., Ltd. Class A		700		4,449
Wuliangye Yibin Co., Ltd. Class A		1,100		11,801
Zhejiang Guyuelongshan Shaoxing Wine Co., Ltd. Class A		2,100		2,770
				131,729
BIOTECHNOLOGY — 0.4%
Beijing SL Pharmaceutical Co., Ltd. Class A		600		3,319
Da An Gene Co., Ltd. of Sun Yat-Sen University Class A		660		1,658
Hualan Biological Engineering, Inc. Class A		800		3,745
				8,722

See accompanying notes to financial statements.

39

SPDR MSCI CHINA A SHARES IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
BUILDING PRODUCTS — 0.3%
Beijing New Building Materials PLC Class A		1,100	$	4,366
Zhejiang Dun’An Artificial Environment Co., Ltd. Class A		1,400		1,593
Zhejiang Goldensea Environment Technology Co., Ltd. Class A		1,000		2,258
				8,217
CAPITAL MARKETS — 4.4%
China Merchants Securities Co., Ltd. Class A		3,700		10,185
CITIC Securities Co., Ltd. Class A		3,600		10,477
Dongxing Securities Co., Ltd. Class A		1,800		4,065
Everbright Securities Co., Ltd. Class A		2,100		4,092
First Capital Securities Co., Ltd. Class A		2,800		3,596
GF Securities Co., Ltd. Class A		3,100		8,071
Guosen Securities Co., Ltd. Class A		2,300		3,948
Haitong Securities Co., Ltd. Class A		3,600		6,523
Huatai Securities Co., Ltd. Class A		3,000		8,168
Industrial Securities Co., Ltd. Class A		5,590		5,828
Northeast Securities Co., Ltd. Class A		3,600		4,486
Orient Securities Co., Ltd. Class A		2,200		4,350
Pacific Securities Co., Ltd. Class A		11,505		5,266
Sealand Securities Co., Ltd. Class A		4,950		3,399
Shanxi Securities Co., Ltd. Class A		2,700		3,339
Shenwan Hongyuan Group Co., Ltd. Class A		8,910		7,010
Sinolink Securities Co., Ltd. Class A		2,600		3,405
Southwest Securities Co., Ltd. Class A		5,500		3,803
Western Securities Co., Ltd. Class A		2,268		3,493
				103,504
CHEMICALS — 4.6%
Anhui Sierte Fertilizer Industry, Ltd. Co. Class A		1,300		1,665
Anhui Wanwei Updated High-Tech Material Industry Co., Ltd. Class A (a)		4,100		2,131
Befar Group Co., Ltd. Class A		5,520		7,966
China Hainan Rubber Industry Group Co., Ltd. Class A (a)		3,200		3,031
Do-Fluoride Chemicals Co., Ltd. Class A		400		1,099
Gpro Titanium Industry Co., Ltd. Class A		2,800		1,927
Hubei Biocause Pharmaceutical Co., Ltd. Class A		2,700		3,352
Hubei Kaile Science & Technology Co., Ltd. Class A (a)		1,400		7,205
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd. Class A (b)		4,400		3,378
Jiangsu Huifeng Bio Agriculture Co., Ltd. Class A		3,040		2,073
Jiangsu Yangnong Chemical Co., Ltd. Class A		700		5,198
Kangde Xin Composite Material Group Co., Ltd. Class A (b)		1,599		4,748
Kingfa Sci & Tech Co., Ltd. Class A		3,000		2,856
Luxi Chemical Group Co., Ltd. Class A (a)		2,200		6,126
Nanjing Redsun Co., Ltd. Class A		1,500		5,204

Security Description	Shares		Value
Qinghai Salt Lake Industry Co., Ltd. Class A		1,650	$	3,312
Shanghai Chlor-Alkali Chemical Co., Ltd. Class A (a)		1,500		2,513
Shanghai Pret Composites Co., Ltd. Class A		900		3,337
Shanghai Yahong Moulding Co., Ltd. Class A		200		710
Shanxi Yongdong Chemistry Industry Co., Ltd. Class A		1,650		4,844
Shenzhen Noposion Agrochemicals Co., Ltd. Class A (a)		1,000		1,237
Sinopec Shanghai Petrochemical Co., Ltd. Class A		3,500		3,349
Tianqi Lithium Corp. Class A		690		6,367
Wanhua Chemical Group Co., Ltd. Class A (b)		1,680		10,110
Xinjiang Xuefeng Sci-Tech Group Co., Ltd. Class A (a)		1,200		954
Yueyang Xingchang Petrochemical Class A		772		1,496
Zhejiang Huafeng Spandex Co., Ltd. Class A (a)		3,200		2,457
Zhejiang Huge Leaf Co., Ltd. Class A (a) (b)		4,200		4,027
Zhejiang Jiaao Enprotech Stock Co., Ltd. Class A (b)		400		2,222
Zhejiang Longsheng Group Co., Ltd. Class A		2,500		4,450
				109,344
COMMERCIAL SERVICES & SUPPLIES — 1.0%
Eternal Asia Supply Chain Management, Ltd. Class A		1,600		1,841
Jiangsu Flowers King Horticulture Co., Ltd. Class A		500		1,117
Jihua Group Corp., Ltd. Class A		2,300		2,014
Shaanxi Jinye Science Technology & Education Group Co., Ltd. Class A (b)		2,000		2,366
Shanghai Environment Group Co., Ltd. Class A (a)		391		1,156
Shanghai Jielong Industry Group Corp., Ltd. Class A (a)		1,200		933
Shenzhen Comix Group Co., Ltd. Class A (b)		1,400		3,284
Shenzhen ESUN Display Co., Ltd. Class A		200		1,155
Tungkong, Inc. Class A		600		1,473
Tus-Sound Environmental Resources Co., Ltd. Class A		700		3,116
UE Furniture Co., Ltd. Class A		1,200		2,161
Yunnan Yuntou Ecology and Environment Technology Co., Ltd. Class A (a)		1,300		2,147
				22,763
COMMUNICATIONS EQUIPMENT — 0.9%
Addsino Co., Ltd. Class A		1,000		1,689
Fiberhome Telecommunication Technologies Co., Ltd. Class A		1,100		4,843

See accompanying notes to financial statements.

40

SPDR MSCI CHINA A SHARES IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Guangzhou Haige Communications Group, Inc. Co. Class A		1,600	$	2,607
Shenzhen Coship Electronics Co., Ltd. Class A (a)		2,200		1,619
Shenzhen Keybridge Communications Co., Ltd. Class A (a)		1,200		1,995
ZTE Corp. Class A (a)		2,000		9,485
				22,238
CONSTRUCTION & ENGINEERING — 3.6%
Changjiang & Jinggong Steel Building Group Co., Ltd. Class A		2,500		1,411
Changshu Fengfan Power Equipment Co., Ltd. Class A		3,300		2,754
China Gezhouba Group Co., Ltd. Class A		4,400		6,056
China National Chemical Engineering Co., Ltd. Class A		4,200		4,860
China Railway Construction Corp., Ltd. Class A		1,500		2,322
China Railway Group, Ltd. Class A		4,900		5,748
China State Construction Engineering Corp., Ltd. Class A		13,600		18,957
East China Engineering Science and Technology Co., Ltd. Class A		1,000		1,424
Jiangsu Zhongtai Bridge Steel Structure Co., Ltd. Class A (a)		1,300		2,574
Metallurgical Corp. of China, Ltd. Class A		11,600		6,951
Norinco International Cooperation, Ltd. Class A		1,100		3,095
Northcom Group Co., Ltd. Class A (a)		1,190		5,163
Power Construction Corp. of China, Ltd. Class A		5,300		5,652
Shanghai Chengdi Construction Corp., Ltd. Class A (b)		600		2,548
Shanghai Construction Group Co., Ltd. Class A		5,141		3,064
Shanghai Tunnel Engineering Co., Ltd. Class A		1,900		2,186
Shenzhen Tagen Group Co., Ltd. Class A		1,400		2,154
Suzhou Gold Mantis Construction Decoration Co., Ltd. Class A		1,950		3,995
Wuhan Xianglong Power Industry Co., Ltd. Class A (a)		2,600		2,426
Xinjiang Beixin Road & Bridge Group Co., Ltd. Class A		900		1,492
				84,832
CONSTRUCTION MATERIALS — 1.0%
Anhui Conch Cement Co., Ltd. Class A		1,700		8,671
Anhui Xinli Finance Co., Ltd. Class A (b)		1,400		2,473
Arcplus Group PLC Class A (a)		700		1,708
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. Class A		800		5,282
Shandong Jinjing Science & Technology Co., Ltd. Class A (a)		4,700		3,003
Shandong Longquan Pipeline Engineering Co., Ltd. Class A		1,000		939

Security Description	Shares		Value
Xiamen Wanli Stone Stock Co., Ltd. Class A		1,200	$	2,172
				24,248
CONTAINERS & PACKAGING — 0.5%
Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. Class A		2,340		2,484
Org Packaging Co., Ltd. Class A (a)		2,880		2,632
Shanghai Zi Jiang Enterprise Group Co., Ltd. Class A		3,400		2,507
Shenzhen Beauty Star Co., Ltd. Class A		2,700		3,219
				10,842
DISTRIBUTORS — 0.0% (c)
Shanghai Shenhua Holdings Co., Ltd. Class A (a)		2,900		1,060
DIVERSIFIED CONSUMER SERVICES — 0.3%
But one Information Corp. Xi an Class A (a)		1,300		6,697
Zhejiang Yasha Decoration Co., Ltd. Class A		1,200		1,276
				7,973
DIVERSIFIED FINANCIAL SERVICES — 0.1%
Avic Capital Co., Ltd. Class A		4,200		3,571
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
263 Network Communications Co., Ltd. Class A (a)		1,700		1,932
Dr Peng Telecom & Media Group Co., Ltd. Class A		1,000		2,386
GuangDong Super Telecom Co., Ltd. Class A		300		1,856
				6,174
ELECTRIC UTILITIES — 0.1%
Xinjiang Tianfu Energy Co., Ltd. Class A		3,200		2,965
ELECTRICAL EQUIPMENT — 2.9%
Anhui Xinlong Electrical Co., Ltd. Class A		1,100		1,490
Beijing Sifang Automation Co., Ltd. Class A		1,200		1,295
China XD Electric Co., Ltd. Class A		3,700		2,393
Dongfang Electronics Co., Ltd. Class A (a)		5,600		3,863
Fangda Carbon New Material Co., Ltd. Class A		1,100		4,621
Guoxuan High-Tech Co., Ltd. Class A		1,200		4,158
Henan Tong-DA Cable Co., Ltd. Class A (b)		1,300		1,388
Jiangsu SINOJIT Wind Energy Technology Co., Ltd. Class A (a)		6,300		3,224
Jiangsu Zongyi Co., Ltd. Class A (a)		1,200		1,318
Luxshare Precision Industry Co., Ltd. Class A		1,800		6,966
Nanjing Kangni Mechanical & Electrical Co., Ltd. Class A		1,750		3,065

See accompanying notes to financial statements.

41

SPDR MSCI CHINA A SHARES IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Shanghai Welltech Automation Co., Ltd. Class A		900	$	2,427
Shenzhen Center Power Tech Co., Ltd. Class A		600		1,367
Shenzhen Hifuture Electric Co., Ltd. Class A (a) (b)		2,500		5,467
Shenzhen Invt Electric Co., Ltd. Class A		1,700		2,262
Shenzhen Moso Power Supply Technology Co., Ltd. Class A (a)		1,600		2,403
Shenzhen Woer Heat-Shrinkable Material Co., Ltd. Class A		1,600		1,381
Sieyuan Electric Co., Ltd. Class A		2,520		6,505
TBEA Co., Ltd. Class A		2,313		3,239
Tongling Jingda Special Magnet Wire Co., Ltd. Class A		6,000		4,072
Xinjiang Goldwind Science & Technology Co., Ltd. Class A		2,210		6,242
				69,146
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.9%
Accelink Technologies Co., Ltd. Class A		1,200		5,178
Beijing SDL Technology Co., Ltd. Class A		700		1,218
Dongxu Optoelectronic Technology Co., Ltd. Class A		2,100		2,577
Fujian Torch Electron Technology Co., Ltd. Class A		1,500		5,970
GoerTek, Inc. Class A		2,000		4,342
Hangzhou Hikvision Digital Technology Co., Ltd. Class A		4,950		32,650
Holitech Technology Co., Ltd. Class A		3,000		4,554
Ningbo Yunsheng Group Co., Ltd. Class A		900		2,353
O-film Tech Co., Ltd. Class A		1,700		5,431
Shen Zhen Mindata Holding Co., Ltd. Class A (a)		1,400		2,470
Shenzhen Fastprint Circuit Tech Co., Ltd. Class A		2,700		2,257
Shenzhen Infinova, Ltd. Class A (a)		2,210		1,651
Shenzhen Mason Technologies Co., Ltd. Class A		2,400		2,575
Shenzhen Sunlord Electronics Co., Ltd. Class A		1,900		4,901
TDG Holdings Co., Ltd. Class A (a)		1,700		2,308
Unigroup Guoxin Co., Ltd. Class A		400		3,236
WUS Printed Circuit Kunshan Co., Ltd. Class A		3,400		2,307
Zhejiang Dahua Technology Co., Ltd. Class A		1,750		7,084
				93,062
ENERGY EQUIPMENT & SERVICES — 0.6%
Beijing New Oriental Star Petrochemical Engineering Co., Ltd. Class A		200		792
Cangzhou Mingzhu Plastic Co., Ltd. Class A		3,230		4,851
Offshore Oil Engineering Co., Ltd. Class A		3,100		3,040
Yantai Jereh Oilfield Services Group Co., Ltd. Class A		900		2,130

Security Description	Shares		Value
Zhejiang Kingland Pipeline & Technologies Co., Ltd. Class A		2,300	$	3,199
				14,012
FOOD & STAPLES RETAILING — 0.4%
Shenzhen Agricultural Products Co., Ltd. Class A		1,300		1,490
Yonghui Superstores Co., Ltd. Class A		5,600		8,865
				10,355
FOOD PRODUCTS — 3.2%
Baotou Huazi Industry Co., Ltd. Class A		1,500		1,822
Beijing Dabeinong Technology Group Co., Ltd. Class A		3,450		3,159
Bright Dairy & Food Co., Ltd. Class A		1,100		2,224
COFCO Tunhe Sugar Co., Ltd. Class A		1,300		1,595
Foshan Haitian Flavouring & Food Co., Ltd. Class A		1,000		9,118
Gansu Yasheng Industrial Group Co., Ltd. Class A		2,800		1,664
Henan Shuanghui Investment & Development Co., Ltd. Class A		2,600		10,529
Hunan Dakang International Food & Agriculture Co., Ltd. Class A (a)		6,080		2,416
Inner Mongolia Yili Industrial Group Co., Ltd. Class A		3,800		16,899
Lotus Health Group Co. Class A (a)		3,000		1,140
MeiHua Holdings Group Co., Ltd. Class A		2,800		2,296
Muyuan Foodstuff Co., Ltd. Class A		500		3,614
Qiaqia Food Co., Ltd. Class A		1,500		3,557
Shandong Delisi Food Co., Ltd. Class A (a)		2,800		3,062
Shanghai Maling Aquarius Co., Ltd. Class A		1,400		1,604
Tongwei Co., Ltd. Class A		2,000		3,312
Xinjiang Guannong Fruit & Antler Group Co., Ltd. Class A		1,800		2,023
Yuan Longping High-tech Agriculture Co., Ltd. Class A		1,400		5,730
				75,764
HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A		600		2,268
HEALTH CARE PROVIDERS & SERVICES — 0.8%
Huadong Medicine Co., Ltd. Class A		600		6,037
Meinian Onehealth Healthcare Holdings Co., Ltd. Class A		1,400		5,665
Shanghai Pharmaceuticals Holding Co., Ltd. Class A		1,200		4,629
Zhejiang Huatong Pharmaceutical Co., Ltd. Class A		1,500		2,353
				18,684

See accompanying notes to financial statements.

42

SPDR MSCI CHINA A SHARES IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
HOTELS, RESTAURANTS & LEISURE — 0.7%
China International Travel Service Corp., Ltd. Class A		1,200	$	10,244
Shenzhen Overseas Chinese Town Co., Ltd. Class A		4,200		5,574
				15,818
HOUSEHOLD DURABLES — 2.6%
A-Zenith Furniture Co., Ltd. Class A		1,300		2,304
Chahua Modern Housewares Co., Ltd. Class A		1,200		2,274
Guangdong Homa Appliances Co., Ltd. Class A		560		2,314
Guangzhou Holike Creative Home Co., Ltd. Class A		600		2,686
Hangzhou Robam Appliances Co., Ltd. Class A		800		4,706
Hisense Electric Co., Ltd. Class A		1,600		3,929
Leo Group Co., Ltd. Class A		3,163		1,428
Markor International Home Furnishings Co., Ltd. Class A		2,530		2,151
Midea Group Co., Ltd. Class A		3,600		31,642
NavInfo Co., Ltd. Class A		900		3,546
Suofeiya Home Collection Co., Ltd. Class A		900		4,832
				61,812
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 2.2%
An Hui Wenergy Co., Ltd. Class A		2,210		1,700
China National Nuclear Power Co., Ltd. Class A		7,000		7,454
China Yangtze Power Co., Ltd. Class A		3,900		9,980
Datang Huayin Electric Power Co., Ltd. Class A (a)		2,100		1,128
Guangdong Baolihua New Energy Stock Co., Ltd. Class A		1,800		2,360
Huadian Power International Corp., Ltd. Class A		4,300		2,590
Huaneng Power International, Inc. Class A		2,900		3,144
Hubei Energy Group Co., Ltd. Class A		3,200		2,207
Inner Mongolia MengDian HuaNeng Thermal Power Corp., Ltd. Class A		5,600		2,412
SDIC Power Holdings Co., Ltd. Class A		4,000		4,489
Shanxi Zhangze Electric Power Co., Ltd. Class A (a)		4,200		1,822
Shenergy Co., Ltd. Class A		3,900		3,571
Shenzhen Energy Group Co., Ltd. Class A		2,700		2,489
Sichuan Chuantou Energy Co., Ltd. Class A		3,800		5,400
Zhongmin Energy Co., Ltd. Class A (a)		4,400		2,748
				53,494
INDUSTRIAL CONGLOMERATES — 0.1%
China Baoan Group Co., Ltd. Class A		2,025		1,950
INSURANCE — 3.5%
China Life Insurance Co., Ltd. Class A		600		2,454

Security Description	Shares		Value
China Pacific Insurance Group Co., Ltd. Class A		3,300	$	18,441
New China Life Insurance Co., Ltd. Class A		700		5,224
Ping An Insurance Group Co. of China, Ltd. Class A		5,200		54,870
Xishui Strong Year Co., Ltd. Inner Mongolia Class A		800		2,501
				83,490
INTERNET SOFTWARE & SERVICES — 0.3%
Focus Technology Co., Ltd. Class A		600		1,989
Kee Ever Bright Decorative Technology Co., Ltd. Class A (a) (b)		640		2,820
People.cn Co., Ltd. Class A		900		1,582
				6,391
IT SERVICES — 0.4%
DHC Software Co., Ltd. Class A		2,400		3,090
Fujian Rongji Software Co., Ltd. Class A		2,300		3,429
Shanghai AtHub Co., Ltd. Class A		300		1,889
				8,408
LEISURE EQUIPMENT & PRODUCTS — 0.2%
Alpha Group Class A		900		1,752
Comefly Outdoor Co., Ltd. Class A		400		1,904
				3,656
LIFE SCIENCES TOOLS & SERVICES — 0.1%
Shanghai Runda Medical Technology Co., Ltd. Class A		1,080		2,722
MACHINERY — 4.8%
Anhui Ankai Automobile Co., Ltd. Class A (a)		2,500		2,591
Anhui Heli Co., Ltd. Class A		2,280		3,606
CRRC Corp., Ltd. Class A		11,800		18,999
Dongguan Chitwing Technology Co., Ltd. Class A (a)		1,300		2,335
Eurocrane China Co., Ltd. Class A		600		1,435
Fujian Longma Environmental Sanitation Equipment Co., Ltd. Class A		700		2,659
Fujian Longxi Bearing Group Co., Ltd. Class A		2,500		3,413
Geron Co., Ltd. Class A		100		337
Han’s Laser Technology Industry Group Co., Ltd. Class A		900		7,567
IFE Elevators Co., Ltd. Class A (a)		1,700		2,397
Jiangsu Hengli Hydraulic Co., Ltd. Class A		1,200		5,767
Jiangsu Nonghua Intelligent Agriculture Technology Co., Ltd. Class A (a)		1,900		1,048
Linzhou Heavy Machinery Group Co., Ltd. Class A (a)		2,210		1,507
Mesnac Co., Ltd. Class A (a)		1,300		1,529
Nancal Energy-Saving Technology Co., Ltd. Class A		600		2,125
Nanxing Furniture Machinery & Equipment Co., Ltd. Class A		300		1,638

See accompanying notes to financial statements.

43

SPDR MSCI CHINA A SHARES IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
North Navigation Control Technology Co., Ltd. Class A		1,200	$	2,098
Sanlux Co., Ltd. Class A		2,000		2,489
Sany Heavy Industry Co., Ltd. Class A		3,900		4,891
Shanghai Mechanical and Electrical Industry Co., Ltd. Class A		800		2,696
Shanghai Xinpeng Industrial Co., Ltd. Class A		2,400		2,445
Shantui Construction Machinery Co., Ltd. Class A (a)		3,200		2,177
Shenzhen Silver Basis Technology Co., Ltd. Class A		1,800		2,603
Sunward Intelligent Equipment Co., Ltd. Class A		2,600		2,888
Suzhou Dongshan Precision Manufacturing Co., Ltd. Class A (b)		1,000		3,784
Suzhou Thvow Technology Co., Ltd. Class A (a)		2,600		3,240
Taihai Manoir Nuclear Equipment Co., Ltd. Class A (b)		900		3,881
Taiyuan Heavy Industry Co., Ltd. Class A (a)		4,600		2,193
Tian Di Science & Technology Co., Ltd. Class A		3,000		2,003
Weihai Guangtai Airport Equipment Co., Ltd. Class A		700		1,351
XCMG Construction Machinery Co., Ltd. Class A		4,400		2,741
Zhejiang Sanhua Intelligent Controls Co., Ltd. Class A		1,900		5,315
Zhengzhou Yutong Bus Co., Ltd. Class A		1,500		5,371
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class A		4,700		3,145
				114,264
MARINE — 0.2%
COSCO SHIPPING Holdings Co., Ltd. Class A (a)		3,800		3,575
MEDIA — 1.5%
Beijing Gehua CATV Network Co., Ltd. Class A		1,000		2,012
China Media Group Class A (b)		1,700		2,090
China South Publishing & Media Group Co., Ltd. Class A		1,300		2,661
China Television Media, Ltd. Class A		700		1,719
Chinese Universe Publishing and Media Co., Ltd. Class A		1,000		2,422
CITIC Guoan Information Industry Co., Ltd. Class A		4,000		4,476
Contemporary Eastern Investment Co., Ltd. Class A (a)		2,600		6,447
Guangdong Advertising Group Co., Ltd. Class A		1,859		1,380
Jiangsu Phoenix Publishing & Media Corp., Ltd. Class A		1,500		1,757
Jishi Media Co., Ltd. Class A		3,500		1,552
Shanghai Oriental Pearl Group Co., Ltd. Class A		1,500		3,876

Security Description	Shares		Value
Shenzhen Topway Video Communication Co., Ltd. Class A		1,680	$	2,411
Wanda Film Holding Co., Ltd. Class A (b)		200		1,930
				34,733
METALS & MINING — 4.8%
Advanced Technology & Materials Co., Ltd. Class A (a)		2,100		2,663
Anyang Iron & Steel, Inc. Class A (a)		8,100		5,137
Baoshan Iron & Steel Co., Ltd. Class A		8,656		11,887
China Northern Rare Earth Group High-Tech Co., Ltd. Class A		2,400		4,944
Hunan Gold Corp., Ltd. Class A		4,800		6,828
Inner Mongolia BaoTou Steel Union Co., Ltd. Class A (a)		37,800		13,157
Jiangxi Ganfeng Lithium Co., Ltd. Class A		400		4,975
Kingswood Enterprise Co., Ltd. Class A (a) (b)		4,500		2,118
Maanshan Iron & Steel Co., Ltd. Class A (a)		7,400		4,246
Ningxia Xinri Hengli Steel Wire Co., Ltd. Class A (a) (b)		1,100		2,943
Shandong Gold Mining Co., Ltd. Class A		1,600		7,334
Shandong Humon Smelting Co., Ltd. Class A (a)		3,100		5,090
Shandong Iron and Steel Co., Ltd. Class A (a) (b)		9,360		3,030
Shanghai Prosolar Resources Development Co., Ltd. Class A (a)		2,300		1,630
Shanxi Taigang Stainless Steel Co., Ltd. Class A		4,600		4,226
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. Class A		1,700		2,524
Tongling Nonferrous Metals Group Co., Ltd. Class A (a)		10,600		4,448
Western Mining Co., Ltd. Class A		5,700		6,142
Zhejiang Huayou Cobalt Co., Ltd. Class A (a)		300		5,488
Zhongjin Gold Corp., Ltd. Class A		4,130		6,072
Zhongnan Red Culture Group Co., Ltd. Class A		1,300		2,519
Zijin Mining Group Co., Ltd. Class A		10,400		7,273
				114,674
MULTILINE RETAIL — 1.0%
Beijing Capital Retailing Group Co., Ltd. Class A		1,800		2,263
Chengdu Hongqi Chain Co., Ltd. Class A		2,800		2,497
Dalian Friendship Group Class A		4,200		4,219
Hunan Friendship & Apollo Cmmericial Co., Ltd. Class A		4,000		3,147
Rainbow Department Store Co., Ltd. Class A		1,700		5,255
Shanghai Yimin Commerce Group Co., Ltd. Class A		3,100		2,207
Wuhan Department Store Group Co., Ltd. Class A		2,080		5,042
				24,630

See accompanying notes to financial statements.

44

SPDR MSCI CHINA A SHARES IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 2.0%
Changchun Sinoenergy Corp. Class A (a) (b)		2,800	$	4,750
China Petroleum & Chemical Corp. Class A		4,700		4,945
Guanghui Energy Co., Ltd. Class A (b)		4,600		3,002
Jizhong Energy Resources Co., Ltd. Class A		4,100		3,350
Oriental Energy Co., Ltd. Class A		1,400		2,526
PetroChina Co., Ltd. Class A		4,500		5,507
Shanxi Lanhua Sci-Tech Venture Co., Ltd. Class A (a)		6,800		8,365
Shanxi Xishan Coal & Electricity Power Co., Ltd. Class A		7,000		8,767
Wintime Energy Co., Ltd. Class A (b)		6,200		3,307
Yang Quan Coal Industry Group Co., Ltd. Class A (a)		3,400		3,918
				48,437
PAPER & FOREST PRODUCTS — 0.7%
DeHua TB New Decoration Materials Co., Ltd. Class A		1,950		3,490
Fujian Jinsen Forestry Co., Ltd. Class A		400		1,448
Guangdong Weihua Corp. Class A (a)		3,000		7,739
Sichuan Guodong Construction Co., Ltd. Class A (a)		5,200		2,818
				15,495
PHARMACEUTICALS — 5.3%
Beijing Tongrentang Co., Ltd. Class A		1,000		5,353
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A		1,000		4,307
Dong-E-E-Jiao Co., Ltd. Class A		700		6,782
Guangdong Zhongsheng Pharmaceutical Co., Ltd. Class A		1,900		3,603
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class A		600		2,770
Guizhou Bailing Group Pharmaceutical Co., Ltd. Class A		800		1,826
Harbin Gloria Pharmaceuticals Co., Ltd. Class A (b)		2,400		2,152
Humanwell Healthcare Group Co., Ltd. Class A		1,000		2,424
Jiangsu Hengrui Medicine Co., Ltd. Class A		1,440		18,951
Jilin Aodong Pharmaceutical Group Co., Ltd. Class A		1,430		4,652
Joincare Pharmaceutical Group Industry Co., Ltd. Class A		1,400		2,672
Kangmei Pharmaceutical Co., Ltd. Class A		2,600		9,257
Renhe Pharmacy Co., Ltd. Class A		1,800		1,459
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A		1,100		7,350
Shenzhen Hepalink Pharmaceutical Group Co., Ltd. Class A		1,280		3,473
Shenzhen Salubris Pharmaceuticals Co., Ltd. Class A		800		5,300

Security Description	Shares		Value
Shijiazhuang Yiling Pharmaceutical Co., Ltd. Class A		900	$	2,186
Sichuan Kelun Pharmaceutical Co., Ltd. Class A		1,100		5,054
Tasly Pharmaceutical Group Co., Ltd. Class A		600		4,100
Tianjin Lisheng Pharmaceutical Co., Ltd. Class A		900		4,085
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A		1,152		4,581
Yabao Pharmaceutical Group Co., Ltd. Class A		1,500		1,805
Yifan Pharmaceutical Co., Ltd. Class A		900		3,117
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A		600		7,744
Zhejiang Yatai Pharmaceutical Co., Ltd. Class A		3,600		10,545
				125,548
PROFESSIONAL SERVICES — 0.3%
Beijing Orient Landscape & Environment Co., Ltd. Class A		2,000		6,361
REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.6%
Beijing Capital Development Co., Ltd. Class A		1,600		2,177
Beijing Centergate Technologies Holding Co., Ltd. Class A (a)		3,200		3,270
Beijing Urban Construction Investment & Development Co., Ltd. Class A		1,500		2,804
China Fortune Land Development Co., Ltd. Class A		1,400		7,472
China Merchants Shekou Industrial Zone Holdings Co., Ltd. Class A		2,721		9,575
China Vanke Co., Ltd. Class A		5,100		27,690
Chongqing Dima Industry Co., Ltd. Class A		3,600		2,214
Citychamp Dartong Co., Ltd. Class A		2,100		1,963
Gemdale Corp. Class A		2,700		5,145
Guangdong Shirongzhaoye Co., Ltd. Class A		1,900		4,143
Hainan Haide Industry Co., Ltd. Class A (a)		1,000		4,069
Hubei Fuxing Science And Technology Co., Ltd. Class A		1,700		2,629
Jinke Properties Group Co., Ltd. Class A		4,100		3,597
Lushang Property Co., Ltd. Class A (a)		3,200		1,882
Myhome Real Estate Development Group Co., Ltd. Class A		3,600		1,717
Oceanwide Holdings Co., Ltd. Class A (b)		2,600		3,112
Poly Real Estate Group Co., Ltd. Class A		1,700		3,718
RiseSun Real Estate Development Co., Ltd. Class A		2,600		4,215
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class A		1,440		4,312
Shanghai Wanye Enterprises Co., Ltd. Class A		2,200		4,241
Shanghai Zhangjiang High-Tech Park Development Co., Ltd. Class A		1,300		2,765

See accompanying notes to financial statements.

45

SPDR MSCI CHINA A SHARES IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Shenzhen World Union Properties Consultancy, Inc. Class A		2,100	$	3,211
Tahoe Group Co., Ltd. Class A		800		3,617
Xinhu Zhongbao Co., Ltd. Class A (a)		15,100		11,160
Youngor Group Co., Ltd. Class A		2,660		3,556
Zhejiang China Commodities City Group Co., Ltd. Class A		4,100		3,499
Zhongtian Financial Group Co., Ltd. Class A (b)		3,000		3,928
Zhongzhu Holding Co., Ltd. Class A (b)		2,800		2,659
				134,340
ROAD & RAIL — 0.7%
China High-Speed Railway Technology Co., Ltd. Class A		3,300		3,588
Daqin Railway Co., Ltd. Class A		7,400		9,762
Guangshen Railway Co., Ltd. Class A		4,300		3,130
				16,480
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.2%
EGing Photovoltaic Technology Co., Ltd. Class A		3,600		2,386
Hangzhou Silan Microelectronics Co., Ltd. Class A		2,600		6,149
LONGi Green Energy Technology Co., Ltd. Class A		1,800		9,653
Sanan Optoelectronics Co., Ltd. Class A		2,240		8,253
Shanghai Belling Co., Ltd. Class A		1,300		2,847
				29,288
SOFTWARE — 1.9%
Beijing Shiji Information Technology Co., Ltd. Class A		600		2,422
Glodon Co., Ltd. Class A		1,000		4,018
Hangzhou Lianluo Interactive Information Technology Co., Ltd. Class A		1,000		1,090
Hunan Tianrun Digital Entertainment & Cultural Media Co., Ltd. Class A (a) (b)		3,800		5,467
Hundsun Technologies, Inc. Class A		400		3,664
Iflytek Co., Ltd. Class A		900		8,453
Inspur Software Co., Ltd. Class A		500		1,416
Kingnet Network Co., Ltd. Class A		1,000		2,707
Neusoft Corp. Class A		1,200		2,706
Shanghai 2345 Network Holding Group Co., Ltd. Class A		2,040		1,822
Shanghai Golden Bridge InfoTech Co., Ltd. Class A		600		1,624
Sinodata Co., Ltd. Class A		300		953
Wisesoft Co., Ltd. Class A		500		1,381
Yonyou Network Technology Co., Ltd. Class A		1,100		6,539
				44,262
SPECIALTY RETAIL — 0.5%
Pang Da Automobile Trade Co., Ltd. Class A (a)		5,700		2,120

Security Description	Shares		Value
Suning Commerce Group Co., Ltd. Class A		4,300	$	9,602
				11,722
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.5%
BOE Technology Group Co., Ltd. Class A		18,800		16,046
Dawning Information Industry Co., Ltd. Class A		400		3,370
Focus Media Information Technology Co., Ltd. Class A		4,300		9,007
GRG Banking Equipment Co., Ltd. Class A		2,025		2,250
Guangzhou KingTeller Technology Co., Ltd. Class A (a)		2,700		2,077
Inspur Electronic Information Industry Co., Ltd. Class A		1,040		3,954
				36,704
TEXTILES,APPAREL & LUXURY GOODS — 1.4%
Anhui Huamao Textile Co. Class A		4,300		2,877
Bros Eastern Co., Ltd. Class A		3,000		2,522
Gansu Gangtai Holding Group Co., Ltd. Class A		1,300		2,236
Huafu Top Dyed Melange Yarn Co., Ltd. Class A		2,500		4,697
Huasi Holding Co., Ltd. Class A		1,000		1,238
Jiangsu Huaxicun Co., Ltd. Class A		2,000		2,387
Jiangsu Sunshine Co., Ltd. Class A (a)		3,300		1,432
Luthai Textile Co., Ltd. Class A		1,300		2,159
NanJi E-Commerce Co., Ltd. Class A (a)		2,000		4,854
Yantai Tayho Advanced Materials Co., Ltd. Class A		1,200		2,270
Zhejiang Hangmin Co., Ltd. Class A (b)		1,700		3,092
Zhejiang Ming Jewelry Co., Ltd. Class A		1,500		1,631
Zhejiang Weixing Industrial Development Co., Ltd. Class A		1,300		2,322
				33,717
TRADING COMPANIES & DISTRIBUTORS — 0.6%
CMST Development Co., Ltd. Class A		2,700		3,815
Shandong Hiking International Co., Ltd. Class A (a) (b)		1,800		2,560
Shanghai Lansheng Corp. Class A		600		1,285
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class A		700		1,977
Sinochem International Corp. Class A		2,100		2,450
Tianjin Teda Co., Ltd. Class A		4,500		3,247
				15,334
TRANSPORTATION INFRASTRUCTURE — 1.8%
Dalian Port PDA Co., Ltd. Class A		7,130		2,878
Fujian Expressway Development Co., Ltd. Class A		9,700		5,381
Henan Zhongyuan Expressway Co., Ltd. Class A		4,400		3,322

See accompanying notes to financial statements.

46

SPDR MSCI CHINA A SHARES IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Hubei Chutian Expressway Co., Ltd. Class A		6,400	$	4,313
Jiangxi Ganyue Expressway Co., Ltd. Class A		4,000		3,071
Shanghai International Port Group Co., Ltd. Class A		3,700		4,181
Shenzhen Chiwan Wharf Holdings, Ltd. Class A (b)		1,500		5,787
TangShan Port Group Co., Ltd. Class A		5,040		3,821
Xiandai Investment Co., Ltd. Class A (b)		4,800		4,937
Yingkou Port Liability Co., Ltd. Class A		5,100		2,472
Zhangjiagang Freetrade Science & Technology Group Co., Ltd. Class A (b)		3,600		2,635
				42,798
WATER UTILITIES — 0.4%
Beijing Capital Co., Ltd. Class A		4,600		3,846
Chengdu Xingrong Environment Co., Ltd. Class A		3,600		2,884
Guangdong Golden Dragon Development, Inc. Class A		900		2,214
				8,944
TOTAL COMMON STOCKS (Cost $2,391,939)				2,342,527

Security Description	Shares		Value
SHORT-TERM INVESTMENT — 0.0% (c)
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (d) (e) (Cost $749)		749	$	749
TOTAL INVESTMENTS — 98.5% (Cost $2,392,688)				2,343,276
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.5%				35,233
NET ASSETS — 100.0%			$	2,378,509

(a) Non-income producing security.

(b) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $120,556 representing 5.1% of net assets.

(c) Amount shown represents less than 0.05% of net assets.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2018.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense		$	18,658		$	—		$	—		$	18,658
Air Freight & Logistics			9,922			—			—			9,922
Airlines			21,236			5,986			—			27,222
Auto Components			42,236			2,575			—			44,811
Automobiles			36,270			—			—			36,270
Banks			275,124			—			—			275,124
Beverages			131,729			—			—			131,729
Biotechnology			8,722			—			—			8,722
Building Products			8,217			—			—			8,217
Capital Markets			103,504			—			—			103,504
Chemicals			84,859			24,485			—			109,344
Commercial Services & Supplies			17,113			5,650			—			22,763
Communications Equipment			22,238			—			—			22,238
Construction & Engineering			82,284			2,548			—			84,832
Construction Materials			21,775			2,473			—			24,248
Containers & Packaging			10,842			—			—			10,842
Distributors			1,060			—			—			1,060
Diversified Consumer Services			7,973			—			—			7,973
Diversified Financial Services			3,571			—			—			3,571
Diversified Telecommunication Services			6,174			—			—			6,174
Electric Utilities			2,965			—			—			2,965
Electrical Equipment			62,291			6,855			—			69,146
Electronic Equipment, Instruments & Components			93,062			—			—			93,062

See accompanying notes to financial statements.

47

SPDR MSCI CHINA A SHARES IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
Energy Equipment & Services		$	14,012		$	—		$	—		$	14,012
Food & Staples Retailing			10,355			—			—			10,355
Food Products			75,764			—			—			75,764
Health Care Equipment & Supplies			2,268			—			—			2,268
Health Care Providers & Services			18,684			—			—			18,684
Hotels, Restaurants & Leisure			15,818			—			—			15,818
Household Durables			61,812			—			—			61,812
Independent Power Producers & Energy Traders			53,494			—			—			53,494
Industrial Conglomerates			1,950			—			—			1,950
Insurance			83,490			—			—			83,490
Internet Software & Services			3,571			2,820			—			6,391
IT Services			8,408			—			—			8,408
Leisure Equipment & Products			3,656			—			—			3,656
Life Sciences Tools & Services			2,722			—			—			2,722
Machinery			106,599			7,665			—			114,264
Marine			3,575			—			—			3,575
Media			30,713			4,020			—			34,733
Metals & Mining			106,583			8,091			—			114,674
Multiline Retail			24,630			—			—			24,630
Oil, Gas & Consumable Fuels			37,378			11,059			—			48,437
Paper & Forest Products			15,495			—			—			15,495
Pharmaceuticals			123,396			2,152			—			125,548
Professional Services			6,361			—			—			6,361
Real Estate Management & Development			124,641			9,699			—			134,340
Road & Rail			16,480			—			—			16,480
Semiconductors & Semiconductor Equipment			29,288			—			—			29,288
Software			38,795			5,467			—			44,262
Specialty Retail			11,722			—			—			11,722
Technology Hardware, Storage & Peripherals			36,704			—			—			36,704
Textiles, Apparel & Luxury Goods			30,625			3,092			—			33,717
Trading Companies & Distributors			12,774			2,560			—			15,334
Transportation Infrastructure			29,439			13,359			—			42,798
Water Utilities			8,944			—			—			8,944
Short-Term Investment			749			—			—			749
TOTAL INVESTMENTS		$	2,222,720		$	120,556		$	—		$	2,343,276

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		966		$	966		$	3,955		$	4,172		$	—		$	—		749		$	749		$	6		$	—

See accompanying notes to financial statements.

48

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 5.9%
Alumina, Ltd.		13,278	$	24,036
Amcor, Ltd.		6,275		68,204
AMP, Ltd.		16,060		61,471
APA Group		5,535		33,455
Aristocrat Leisure, Ltd.		2,927		54,018
ASX, Ltd.		1,040		44,721
Aurizon Holdings, Ltd.		11,127		36,103
Australia & New Zealand Banking Group, Ltd.		15,820		325,939
Bank of Queensland, Ltd.		2,131		17,915
Bendigo & Adelaide Bank, Ltd. (a)		2,647		19,979
BlueScope Steel, Ltd.		3,378		39,100
Boral, Ltd.		5,871		33,505
Brambles, Ltd.		8,619		65,980
Caltex Australia, Ltd.		1,426		34,346
Challenger, Ltd.		3,087		27,325
CIMIC Group, Ltd.		540		18,420
Coca-Cola Amatil, Ltd.		3,087		20,530
Cochlear, Ltd.		320		44,580
Commonwealth Bank of Australia		9,032		500,963
Computershare, Ltd.		2,527		33,553
Crown Resorts, Ltd.		1,970		19,176
CSL, Ltd.		2,467		294,179
Dexus REIT		5,254		37,560
Domino’s Pizza Enterprises, Ltd. (a)		340		10,883
Flight Centre Travel Group, Ltd. (a)		422		18,447
Fortescue Metals Group, Ltd. (a)		8,459		28,095
Goodman Group REIT		9,653		62,419
GPT Group REIT		9,773		35,533
Healthscope, Ltd.		9,413		13,971
Incitec Pivot, Ltd.		9,159		24,659
Insurance Australia Group, Ltd.		13,178		75,609
LendLease Group		2,987		39,660
Macquarie Group, Ltd.		1,686		133,075
Medibank Pvt, Ltd.		14,938		33,229
Mirvac Group REIT		20,112		33,168
National Australia Bank, Ltd.		14,360		313,813
Newcrest Mining, Ltd.		4,172		62,595
Orica, Ltd.		2,030		27,654
QBE Insurance Group, Ltd.		7,461		55,112
Ramsay Health Care, Ltd. (a)		760		36,330
REA Group, Ltd.		280		17,012
Scentre Group REIT		28,899		84,899
SEEK, Ltd.		1,787		25,495
Sonic Healthcare, Ltd.		2,193		38,487
Stockland REIT		13,515		41,778
Suncorp Group, Ltd.		6,977		71,392
Sydney Airport		5,937		30,557
Tabcorp Holdings, Ltd.		8,059		27,137
Telstra Corp., Ltd.		23,217		55,919
Transurban Group Stapled Security		11,833		103,654
Treasury Wine Estates, Ltd.		4,012		51,885
Vicinity Centres REIT		18,270		33,774
Wesfarmers, Ltd.		6,117		195,001
Westfield Corp. REIT		10,707		69,973
Westpac Banking Corp.		17,869		392,278

Security Description	Shares		Value
Woolworths, Ltd.		7,147	$	144,125
				4,242,676
AUSTRIA — 0.2%
ANDRITZ AG		400		22,334
Erste Group Bank AG		1,646		82,593
Raiffeisen Bank International AG (b)		640		24,864
Voestalpine AG		620		32,460
				162,251
BELGIUM — 1.3%
Ageas		1,080		55,733
Anheuser-Busch InBev SA		4,058		445,573
Colruyt SA		360		19,888
Groupe Bruxelles Lambert SA		440		50,217
KBC Group NV		1,380		120,026
Proximus SADP		820		25,444
Solvay SA		400		55,516
Telenet Group Holding NV (b)		280		18,681
UCB SA		680		55,346
Umicore SA		1,040		54,909
				901,333
CHILE — 0.0% (c)
Antofagasta PLC		2,127		27,480
CHINA — 0.1%
Minth Group, Ltd.		4,000		18,221
Yangzijiang Shipbuilding Holdings, Ltd.		14,000		12,918
				31,139
DENMARK — 2.0%
AP Moeller - Maersk A/S Class B		40		61,667
AP Moller - Maersk A/S Class A		15		21,915
Carlsberg A/S Class B		580		68,977
Chr Hansen Holding A/S		540		46,419
Coloplast A/S Class B		640		53,917
Danske Bank A/S		3,748		139,385
DONG Energy A/S (d)		1,081		69,916
DSV A/S		1,020		79,821
Genmab A/S (b)		300		64,248
H Lundbeck A/S		299		16,665
ISS A/S		900		33,203
Novo Nordisk A/S Class B		9,976		489,673
Novozymes A/S Class B		1,260		64,945
Pandora A/S		600		64,327
TDC A/S (b)		4,032		33,342
Tryg A/S		558		12,935
Vestas Wind Systems A/S		1,220		86,515
William Demant Holding A/S (b)		640		23,674
				1,431,544
FINLAND — 1.1%
Elisa Oyj		760		34,369
Fortum Oyj (a)		2,407		51,656
Kone Oyj Class B		1,847		92,065
Metso Oyj (a)		620		19,528
Neste Oyj (a)		700		48,727
Nokia Oyj		31,679		174,738

See accompanying notes to financial statements.

49

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Nokian Renkaat Oyj		620	$	28,137
Orion Oyj Class B		560		17,128
Sampo Oyj Class A		2,427		135,094
Stora Enso Oyj Class R (a)		2,987		54,828
UPM-Kymmene Oyj		2,887		106,872
Wartsila Oyj Abp		2,404		53,070
				816,212
FRANCE — 10.2%
Accor SA		949		51,179
Aeroports de Paris		160		34,829
Air Liquide SA		2,313		282,985
Airbus SE		3,077		354,963
Alstom SA		820		36,920
Amundi SA (d)		320		25,683
Arkema SA		360		46,931
Atos SE		480		65,585
AXA SA		10,305		273,750
BioMerieux		219		18,046
BNP Paribas SA		5,965		441,411
Bollore SA (e)		4,760		25,348
Bollore SA (a) (b) (e)		22		117
Bouygues SA		1,140		57,077
Bureau Veritas SA		1,466		38,060
Capgemini SE		880		109,526
Carrefour SA (a)		3,089		64,013
Casino Guichard Perrachon SA (a)		300		14,688
Cie de Saint-Gobain		2,687		141,635
Cie Generale des Etablissements Michelin SCA		860		126,815
CNP Assurances		920		23,195
Credit Agricole SA		5,743		93,267
Danone SA		3,084		249,305
Dassault Aviation SA		14		26,705
Dassault Systemes SE		702		95,314
Edenred		1,158		40,218
Eiffage SA		320		36,396
Essilor International Cie Generale d’Optique SA		1,121		151,101
Eurazeo SA		235		21,604
Eutelsat Communications SA		940		18,613
Faurecia SA		401		32,411
Fonciere Des Regions REIT		182		20,067
Gecina SA REIT		242		41,995
Getlink SE		2,523		35,994
Hermes International		155		91,787
ICADE REIT		200		19,407
Iliad SA		140		28,926
Imerys SA		200		19,407
Ingenico Group SA		303		24,550
Ipsen SA		201		31,184
JCDecaux SA		400		13,902
Kering SA		401		191,745
Klepierre SA REIT		1,200		48,333
Lagardere SCA		640		18,261
Legrand SA		1,466		114,849
L’Oreal SA		1,373		309,602
LVMH Moet Hennessy Louis Vuitton SE		1,477		454,486

Security Description	Shares		Value
Natixis SA		5,094	$	41,711
Orange SA		10,787		182,877
Pernod Ricard SA		1,160		192,951
Peugeot SA		2,627		63,162
Publicis Groupe SA		1,053		73,273
Remy Cointreau SA		120		17,090
Renault SA		918		111,207
Rexel SA		1,666		28,173
Safran SA		1,707		180,503
Sanofi		5,976		480,148
Schneider Electric SE		3,027		265,581
SCOR SE		880		35,996
SEB SA		105		20,042
Societe BIC SA		160		15,909
Societe Generale SA		4,043		219,576
Sodexo SA		520		52,377
Suez		1,932		27,966
Teleperformance		304		47,108
Thales SA		580		70,575
Ubisoft Entertainment SA (b)		335		28,230
Unibail-Rodamco SE REIT (a)		540		123,294
Valeo SA		1,300		85,760
Veolia Environnement SA		2,447		57,917
Vinci SA		2,727		267,969
Vivendi SA		5,337		137,838
Wendel SA		160		24,932
				7,314,350
GERMANY — 10.4%
1&1 Drillisch AG		280		18,854
adidas AG		1,020		246,687
Allianz SE		2,375		535,692
Axel Springer SE		240		20,071
BASF SE		4,843		491,205
Bayer AG		4,361		492,304
Bayerische Motoren Werke AG		1,807		195,899
Bayerische Motoren Werke AG Preference Shares		300		28,096
Beiersdorf AG		540		61,112
Brenntag AG		840		49,897
Commerzbank AG (b)		5,783		74,991
Continental AG		600		165,513
Covestro AG (d)		819		80,439
Daimler AG		5,009		424,877
Deutsche Bank AG		10,568		147,205
Deutsche Boerse AG		1,040		141,462
Deutsche Lufthansa AG		1,280		40,835
Deutsche Post AG		5,274		230,391
Deutsche Telekom AG		17,492		285,041
Deutsche Wohnen SE		1,847		86,091
Evonik Industries AG		880		30,996
Fraport AG Frankfurt Airport Services Worldwide		220		21,672
Fresenius Medical Care AG & Co. KGaA		1,200		122,464
Fresenius SE & Co. KGaA		2,207		168,448
Fuchs Petrolub SE Preference Shares		380		20,610
GEA Group AG		980		41,642

See accompanying notes to financial statements.

50

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Hannover Rueck SE		320	$	43,645
HeidelbergCement AG		760		74,569
Henkel AG & Co. KGaA Preference Shares		960		126,153
Henkel AG & Co. KGaA		560		70,456
HOCHTIEF AG		120		22,388
HUGO BOSS AG		360		31,329
Infineon Technologies AG		6,141		164,192
Innogy SE (d)		910		43,054
KION Group AG		242		22,542
KS AG		1,040		29,981
Lanxess AG		500		38,248
Linde AG (b)		1,000		210,427
MAN SE		200		23,306
Merck KGaA		700		67,064
METRO AG		960		16,990
MTU Aero Engines AG		276		46,435
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		761		176,748
OSRAM Licht AG		480		35,278
Porsche Automobil Holding SE Preference Shares		820		68,072
ProSiebenSat.1 Media SE		1,200		41,589
QIAGEN NV (b)		1,177		37,998
RWE AG (b)		2,647		65,304
SAP SE		5,186		541,939
Schaeffler AG Preference Shares		900		13,875
Siemens AG		4,018		511,548
Symrise AG		660		53,053
Telefonica Deutschland Holding AG		4,052		19,016
ThyssenKrupp AG		1,990		51,860
TUI AG		2,275		48,764
United Internet AG		660		41,478
Volkswagen AG		117		23,397
Volkswagen AG Preference Shares		1,000		198,473
Vonovia SE		2,608		129,100
Wirecard AG		620		73,140
Zalando SE (b) (d)		460		25,051
				7,408,956
HONG KONG — 3.6%
AIA Group, Ltd.		64,000		541,468
ASM Pacific Technology, Ltd.		1,600		22,344
Bank of East Asia, Ltd.		8,134		32,439
BOC Hong Kong Holdings, Ltd.		20,000		97,346
CK Asset Holdings, Ltd.		12,000		100,684
CK Hutchison Holdings, Ltd.		13,000		155,537
CK Infrastructure Holdings, Ltd.		2,000		16,347
CLP Holdings, Ltd.		9,000		91,625
Galaxy Entertainment Group, Ltd.		15,000		136,176
Hang Lung Group, Ltd.		3,000		9,805
Hang Lung Properties, Ltd.		16,000		37,267
Hang Seng Bank, Ltd.		4,000		92,555
Henderson Land Development Co., Ltd.		5,000		32,555
HKT Trust & HKT, Ltd.		20,000		25,152
Hong Kong Exchanges & Clearing, Ltd.		6,076		197,571

Security Description	Shares		Value
Hongkong Land Holdings, Ltd.		6,000	$	41,340
Hysan Development Co., Ltd.		2,000		10,575
Jardine Matheson Holdings, Ltd.		1,300		80,106
Jardine Strategic Holdings, Ltd.		1,500		57,510
Kerry Properties, Ltd.		2,500		11,260
Kingston Financial Group, Ltd. (a)		20,000		8,945
Li & Fung, Ltd.		40,000		19,571
Link REIT		10,000		85,369
Melco Resorts & Entertainment, Ltd. ADR		1,020		29,560
MTR Corp., Ltd.		8,500		45,704
New World Development Co., Ltd.		33,943		47,920
NWS Holdings, Ltd.		7,530		13,662
Power Assets Holdings, Ltd.		8,500		75,758
Sands China, Ltd.		13,600		73,127
Shangri-La Asia, Ltd.		2,000		4,026
Sino Land Co., Ltd.		14,675		23,747
SJM Holdings, Ltd.		20,000		17,380
Sun Hung Kai Properties, Ltd.		8,000		126,397
Swire Pacific, Ltd. Class A		1,000		10,085
Swire Properties, Ltd.		8,000		28,031
Techtronic Industries Co., Ltd.		8,000		46,634
WH Group, Ltd. (d)		47,500		50,597
Wharf Holdings, Ltd.		4,000		13,735
Wharf Real Estate Investment Co., Ltd. (b)		5,000		32,555
Wheelock & Co., Ltd.		2,000		14,615
Yue Yuen Industrial Holdings, Ltd.		3,500		13,891
				2,570,971
IRELAND — 0.6%
AerCap Holdings NV (b)		758		38,446
AIB Group PLC		4,304		25,895
Bank of Ireland Group PLC (b)		4,978		43,529
CRH PLC		4,534		153,734
James Hardie Industries PLC		2,407		42,224
Kerry Group PLC Class A		860		87,152
Paddy Power Betfair PLC		440		45,158
Ryanair Holdings PLC ADR (b)		180		22,113
				458,251
ISRAEL — 0.5%
Azrieli Group, Ltd.		240		11,491
Bank Hapoalim BM		5,783		39,598
Bank Leumi Le-Israel BM		6,279		37,754
Bezeq The Israeli Telecommunication Corp., Ltd.		11,247		14,352
Check Point Software Technologies, Ltd. (b)		700		69,538
Elbit Systems, Ltd.		122		14,630
Frutarom Industries, Ltd.		218		19,938
Israel Chemicals, Ltd.		2,767		11,664
Mizrahi Tefahot Bank, Ltd.		760		14,510
Nice, Ltd.		320		29,686
Teva Pharmaceutical Industries, Ltd.		4,954		84,043
				347,204
ITALY — 1.7%
Assicurazioni Generali SpA		6,335		121,736

See accompanying notes to financial statements.

51

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Atlantia SpA		2,227	$	68,883
Davide Campari-Milano SpA		3,070		23,220
Ferrari NV		660		79,173
Intesa Sanpaolo SpA (e)		70,526		256,176
Intesa Sanpaolo SpA (e)		5,054		19,132
Leonardo SpA		2,187		25,224
Luxottica Group SpA		920		57,139
Mediobanca Banca di Credito Finanziario SpA		3,067		36,015
Poste Italiane SpA (d)		2,827		25,798
Prysmian SpA		1,080		33,870
Recordati SpA		561		20,685
Snam SpA		13,298		61,052
Telecom Italia SpA/Milano (b)		54,948		52,102
Telecom Italia SpA/Milano		32,710		27,210
Terna Rete Elettrica Nazionale SpA		8,179		47,770
UniCredit SpA (b)		10,559		220,606
UnipolSai Assicurazioni SpA		6,137		14,589
				1,190,380
JAPAN — 25.8%
Aeon Co., Ltd.		3,400		60,087
AEON Financial Service Co., Ltd. (a)		500		11,462
Air Water, Inc.		1,500		28,956
Aisin Seiki Co., Ltd.		1,200		64,767
Ajinomoto Co., Inc.		3,500		63,138
Alfresa Holdings Corp. (a)		1,500		33,413
Alps Electric Co., Ltd.		500		12,177
Amada Holdings Co., Ltd.		2,000		23,977
ANA Holdings, Inc.		300		11,518
Aozora Bank, Ltd.		300		11,932
Asahi Glass Co., Ltd.		1,200		49,591
Asahi Group Holdings, Ltd.		2,000		107,005
Asahi Kasei Corp.		6,100		80,215
Asics Corp. (a)		500		9,220	��
Astellas Pharma, Inc.		11,200		170,185
Bandai Namco Holdings, Inc.		1,500		47,955
Bank of Kyoto, Ltd.		200		11,171
Benesse Holdings, Inc.		300		10,776
Bridgestone Corp.		3,600		156,660
Brother Industries, Ltd.		1,600		36,513
Calbee, Inc. (a)		300		10,127
Canon, Inc.		5,700		206,347
Casio Computer Co., Ltd. (a)		500		7,353
Central Japan Railway Co.		800		151,274
Chiba Bank, Ltd.		2,000		16,117
Chubu Electric Power Co., Inc.		4,000		57,057
Chugai Pharmaceutical Co., Ltd.		1,500		75,176
Chugoku Electric Power Co., Inc. (a)		2,000		24,297
Coca-Cola Bottlers Japan Holdings, Inc.		300		12,327
Concordia Financial Group, Ltd.		6,000		33,456
Credit Saison Co., Ltd.		1,500		24,739
Dai Nippon Printing Co., Ltd.		1,500		30,790
Daicel Corp.		2,000		21,702
Daifuku Co., Ltd.		400		23,282
Dai-ichi Life Holdings, Inc.		6,000		109,732

Security Description	Shares		Value
Daiichi Sankyo Co., Ltd.		3,500	$	116,338
Daikin Industries, Ltd.		1,500		164,245
Daito Trust Construction Co., Ltd.		300		50,804
Daiwa House Industry Co., Ltd.		3,300		125,360
Daiwa House REIT Investment Corp.		4		9,644
Daiwa Securities Group, Inc.		6,000		38,155
DeNA Co., Ltd. (a)		500		9,017
Denso Corp.		2,300		125,046
Dentsu, Inc.		1,500		65,585
Disco Corp.		100		20,987
Don Quijote Holdings Co., Ltd.		500		28,397
East Japan Railway Co.		1,800		167,086
Eisai Co., Ltd.		1,700		108,474
FamilyMart UNY Holdings Co., Ltd.		200		16,568
FANUC Corp.		1,200		299,803
Fast Retailing Co., Ltd.		300		118,308
Fuji Electric Co., Ltd.		2,000		13,521
FUJIFILM Holdings Corp.		2,000		78,909
Fujitsu, Ltd.		10,000		60,085
Fukuoka Financial Group, Inc.		2,000		10,832
Hakuhodo DY Holdings, Inc.		2,000		27,325
Hamamatsu Photonics KK		600		22,849
Hankyu Hanshin Holdings, Inc.		1,500		55,712
Hikari Tsushin, Inc.		100		15,957
Hino Motors, Ltd.		2,000		25,689
Hirose Electric Co., Ltd.		105		14,355
Hisamitsu Pharmaceutical Co., Inc.		200		15,308
Hitachi Chemical Co., Ltd.		400		8,816
Hitachi Construction Machinery Co., Ltd. (a)		400		15,270
Hitachi High-Technologies Corp.		300		13,992
Hitachi Metals, Ltd.		1,400		16,271
Hitachi, Ltd.		25,000		179,384
Honda Motor Co., Ltd.		9,400		321,819
Hoshizaki Corp.		200		17,640
Hoya Corp.		2,000		99,840
Hulic Co., Ltd.		2,000		21,589
IHI Corp.		500		15,421
Iida Group Holdings Co., Ltd. (a)		1,400		25,854
Isetan Mitsukoshi Holdings, Ltd.		2,000		21,871
Isuzu Motors, Ltd.		2,400		36,310
ITOCHU Corp. (a)		8,000		154,321
J Front Retailing Co., Ltd.		1,500		24,979
Japan Airlines Co., Ltd.		300		12,099
Japan Exchange Group, Inc.		3,400		62,821
Japan Post Bank Co., Ltd. (a)		2,000		26,949
Japan Post Holdings Co., Ltd.		7,900		95,454
Japan Prime Realty Investment Corp. REIT		3		10,860
Japan Real Estate Investment Corp. REIT		3		15,543
Japan Retail Fund Investment Corp. REIT		20		38,740
Japan Tobacco, Inc.		6,000		171,227
JFE Holdings, Inc.		2,500		49,777
JGC Corp.		1,400		30,014

See accompanying notes to financial statements.

52

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
JSR Corp.		1,500	$	33,329
JTEKT Corp.		1,400		20,246
Kajima Corp.		3,000		27,842
Kakaku.com, Inc.		400		6,962
Kamigumi Co., Ltd.		500		11,067
Kaneka Corp.		1,000		9,864
Kansai Electric Power Co., Inc.		4,000		51,866
Kansai Paint Co., Ltd.		1,600		37,040
Kao Corp.		2,500		186,460
Kawasaki Heavy Industries, Ltd.		400		12,732
KDDI Corp.		9,700		246,764
Keihan Holdings Co., Ltd.		400		12,318
Keikyu Corp.		500		8,721
Keio Corp.		500		21,345
Keisei Electric Railway Co., Ltd.		400		12,186
Keyence Corp.		500		307,945
Kikkoman Corp.		600		24,034
Kintetsu Group Holdings Co., Ltd.		800		31,255
Kirin Holdings Co., Ltd.		4,400		116,402
Kobe Steel, Ltd. (b)		2,000		19,614
Koito Manufacturing Co., Ltd.		500		34,462
Komatsu, Ltd.		4,500		148,308
Konami Holdings Corp.		300		15,007
Konica Minolta, Inc. (a)		2,000		16,794
Kose Corp.		100		20,771
Kubota Corp.		6,000		104,090
Kuraray Co., Ltd.		2,000		34,227
Kurita Water Industries, Ltd.		400		12,732
Kyocera Corp.		1,800		100,316
Kyowa Hakko Kirin Co., Ltd.		1,600		34,407
Kyushu Electric Power Co., Inc.		2,000		23,996
Kyushu Financial Group, Inc.		2,000		9,892
Kyushu Railway Co.		349		10,829
Lawson, Inc.		100		6,808
Lion Corp.		600		12,214
LIXIL Group Corp.		1,600		35,129
M3, Inc. (a)		1,400		63,451
Mabuchi Motor Co., Ltd.		200		9,817
Makita Corp.		1,400		68,453
Marubeni Corp.		10,000		72,092
Marui Group Co., Ltd. (a)		500		9,967
Mazda Motor Corp. (a)		3,300		43,736
McDonald’s Holdings Co. Japan, Ltd.		200		9,422
Mebuki Financial Group, Inc.		4,500		17,264
Medipal Holdings Corp.		1,400		28,935
MEIJI Holdings Co., Ltd.		500		38,223
MINEBEA MITSUMI, Inc. (a)		2,000		42,181
MISUMI Group, Inc. (a)		1,600		43,554
Mitsubishi Chemical Holdings Corp.		8,000		76,728
Mitsubishi Corp.		8,000		212,544
Mitsubishi Electric Corp.		10,000		159,803
Mitsubishi Estate Co., Ltd.		6,500		106,958
Mitsubishi Gas Chemical Co., Inc.		1,400		33,187
Mitsubishi Heavy Industries, Ltd.		1,300		49,616
Mitsubishi Materials Corp.		300		8,787
Mitsubishi Motors Corp. (a)		4,000		28,284

Security Description	Shares		Value
Mitsubishi Tanabe Pharma Corp.		1,600	$	32,135
Mitsubishi UFJ Financial Group, Inc.		63,100		413,131
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,600		9,433
Mitsui & Co., Ltd.		9,300		158,279
Mitsui Chemicals, Inc.		800		25,049
Mitsui Fudosan Co., Ltd.		4,500		107,137
Mitsui OSK Lines, Ltd.		300		8,420
Mixi, Inc.		200		7,410
Mizuho Financial Group, Inc. (a)		130,000		234,086
MS&AD Insurance Group Holdings, Inc.		2,400		73,930
Murata Manufacturing Co., Ltd.		1,200		163,498
Nabtesco Corp.		300		11,495
Nagoya Railroad Co., Ltd.		400		10,133
NEC Corp.		800		22,266
Nexon Co., Ltd. (b)		2,800		47,101
NGK Insulators, Ltd. (a)		1,600		27,321
NGK Spark Plug Co., Ltd.		1,200		28,536
NH Foods, Ltd.		500		20,428
Nidec Corp.		1,400		211,942
Nikon Corp.		2,000		35,712
Nintendo Co., Ltd.		600		263,244
Nippon Building Fund, Inc. REIT		5		27,645
Nippon Electric Glass Co., Ltd.		300		8,575
Nippon Express Co., Ltd.		200		13,070
Nippon Paint Holdings Co., Ltd.		500		18,218
Nippon Prologis REIT, Inc.		7		15,145
Nippon Steel & Sumitomo Metal Corp.		4,000		86,808
Nippon Telegraph & Telephone Corp.		3,800		175,154
Nippon Yusen KK		900		17,441
Nissan Chemical Industries, Ltd.		300		12,299
Nissan Motor Co., Ltd. (a)		12,200		125,556
Nisshin Seifun Group, Inc.		700		13,809
Nissin Foods Holdings Co., Ltd.		200		13,803
Nitori Holdings Co., Ltd.		400		69,525
Nitto Denko Corp.		700		52,077
NOK Corp.		200		3,857
Nomura Holdings, Inc.		20,000		114,941
Nomura Real Estate Holdings, Inc.		500		11,594
Nomura Real Estate Master Fund, Inc.		20		27,776
Nomura Research Institute, Ltd.		600		27,955
NSK, Ltd.		2,000		26,479
NTT Data Corp.		3,500		36,300
NTT DOCOMO, Inc.		7,600		192,197
Obayashi Corp.		4,000		43,479
Obic Co., Ltd.		200		16,606
Odakyu Electric Railway Co., Ltd. (a)		2,000		40,433
Oji Holdings Corp.		2,000		12,750
Olympus Corp.		1,700		64,260
Omron Corp. (a)		1,400		80,433
Ono Pharmaceutical Co., Ltd.		2,000		63,056
Oracle Corp. Japan		100		8,171

See accompanying notes to financial statements.

53

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Oriental Land Co., Ltd.		1,400	$	142,040
ORIX Corp.		6,700		118,345
Osaka Gas Co., Ltd. (a)		2,200		43,379
Otsuka Corp.		400		20,160
Otsuka Holdings Co., Ltd.		2,000		99,539
Panasonic Corp.		12,000		169,647
Park24 Co., Ltd. (a)		400		10,840
Pola Orbis Holdings, Inc.		300		12,398
Rakuten, Inc.		6,000		49,241
Recruit Holdings Co., Ltd.		6,000		148,040
Renesas Electronics Corp. (b)		2,400		23,718
Resona Holdings, Inc.		12,000		63,741
Ricoh Co., Ltd. (a)		4,000		39,003
Rinnai Corp.		100		9,441
Rohm Co., Ltd.		500		46,544
Ryohin Keikaku Co., Ltd.		100		33,098
Santen Pharmaceutical Co., Ltd.		2,000		33,098
SBI Holdings, Inc.		1,300		29,851
Secom Co., Ltd.		1,400		103,075
Sega Sammy Holdings, Inc.		500		8,016
Seibu Holdings, Inc.		1,400		24,275
Seiko Epson Corp.		1,600		27,411
Sekisui Chemical Co., Ltd.		2,000		34,603
Sekisui House, Ltd.		3,400		61,766
Seven & i Holdings Co., Ltd.		4,000		170,456
Seven Bank, Ltd. (a)		4,000		12,713
Sharp Corp. (b)		600		17,772
Shimadzu Corp.		1,400		37,992
Shimamura Co., Ltd.		100		12,393
Shimano, Inc.		300		43,018
Shimizu Corp.		2,000		17,621
Shin-Etsu Chemical Co., Ltd.		2,000		204,513
Shinsei Bank, Ltd.		700		10,775
Shionogi & Co., Ltd. (a)		1,800		92,835
Shiseido Co., Ltd.		2,000		127,654
Shizuoka Bank, Ltd.		2,000		18,994
Showa Shell Sekiyu KK		1,300		17,492
SMC Corp.		300		120,141
SoftBank Group Corp.		4,300		315,616
Sohgo Security Services Co., Ltd.		200		9,723
Sompo Holdings, Inc.		2,000		79,756
Sony Corp.		6,500		312,318
Sony Financial Holdings, Inc. (a)		1,400		25,301
Stanley Electric Co., Ltd.		500		18,500
Start Today Co., Ltd.		1,400		35,925
Subaru Corp.		3,500		114,824
SUMCO Corp.		1,500		38,392
Sumitomo Chemical Co., Ltd.		8,000		45,736
Sumitomo Corp.		6,000		99,238
Sumitomo Dainippon Pharma Co., Ltd.		500		8,265
Sumitomo Electric Industries, Ltd.		4,000		60,423
Sumitomo Heavy Industries, Ltd.		500		18,806
Sumitomo Metal Mining Co., Ltd.		1,000		40,668
Sumitomo Mitsui Financial Group, Inc.		7,300		305,522
Sumitomo Mitsui Trust Holdings, Inc.		2,000		80,922

Security Description	Shares		Value
Sumitomo Realty & Development Co., Ltd.		2,000	$	73,794
Sumitomo Rubber Industries, Ltd.		1,400		25,486
Sundrug Co., Ltd. (a)		200		9,271
Suntory Beverage & Food, Ltd.		600		29,055
Suruga Bank, Ltd.		1,500		20,818
Suzuken Co., Ltd.		300		12,496
Suzuki Motor Corp.		2,000		107,250
Sysmex Corp.		700		62,793
T&D Holdings, Inc.		2,500		39,339
Taiheiyo Cement Corp.		300		10,663
Taisei Corp.		1,100		55,646
Takashimaya Co., Ltd.		1,000		9,525
Takeda Pharmaceutical Co., Ltd.		3,800		182,943
TDK Corp.		700		61,279
Teijin, Ltd.		1,500		28,209
Temp Holdings Co., Ltd.		700		20,075
Terumo Corp.		1,800		92,750
THK Co., Ltd.		300		12,200
Tobu Railway Co., Ltd.		600		18,166
Toho Co., Ltd.		300		9,887
Tohoku Electric Power Co., Inc. (a)		2,000		26,986
Tokio Marine Holdings, Inc.		3,700		166,056
Tokyo Electric Power Co. Holdings, Inc. (b)		8,000		31,067
Tokyo Electron, Ltd.		800		144,542
Tokyo Gas Co., Ltd.		2,200		58,294
Tokyo Tatemono Co., Ltd.		1,400		20,997
Tokyu Corp.		2,100		32,838
Tokyu Fudosan Holdings Corp.		2,500		17,795
Toppan Printing Co., Ltd.		1,000		8,124
Toray Industries, Inc.		7,900		74,357
Toshiba Corp. (b)		34,000		97,828
Tosoh Corp.		1,600		31,067
TOTO, Ltd.		400		20,649
Toyo Seikan Group Holdings, Ltd. (a)		1,400		20,694
Toyo Suisan Kaisha, Ltd.		300		11,791
Toyota Industries Corp.		600		35,882
Toyota Motor Corp.		13,800		887,819
Toyota Tsusho Corp.		1,400		46,667
Trend Micro, Inc.		500		29,008
Tsuruha Holdings, Inc.		100		14,283
Unicharm Corp.		2,000		57,339
United Urban Investment Corp. REIT		20		31,255
USS Co., Ltd.		1,400		28,355
West Japan Railway Co.		900		63,258
Yahoo! Japan Corp. (a)		8,000		37,160
Yakult Honsha Co., Ltd.		600		44,739
Yamada Denki Co., Ltd. (a)		4,000		24,109
Yamaha Corp.		500		21,650
Yamaha Motor Co., Ltd.		1,600		47,015
Yamato Holdings Co., Ltd. (a)		2,000		49,826
Yaskawa Electric Corp.		1,600		71,011
Yokogawa Electric Corp.		1,400		27,934
Yokohama Rubber Co., Ltd.		500		11,443
				18,405,844

See accompanying notes to financial statements.

54

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
LUXEMBOURG — 0.4%
ArcelorMittal (b)		3,327	$	105,157
Eurofins Scientific SE		59		31,129
Millicom International Cellular SA SDR		360		24,481
RTL Group SA		220		18,250
SES SA (a)		1,970		26,614
Tenaris SA		2,547		43,697
				249,328
MACAU — 0.1%
MGM China Holdings, Ltd.		8,000		20,641
Wynn Macau, Ltd.		8,000		29,000
				49,641
MEXICO — 0.0% (c)
Fresnillo PLC		1,220		21,709
NETHERLANDS — 3.0%
ABN AMRO Group NV (d)		1,926		57,962
Aegon NV		9,226		62,134
Akzo Nobel NV		1,390		131,186
Altice NV Class A (a) (b)		2,010		16,558
ASML Holding NV		1,990		391,952
Boskalis Westminster		497		14,547
EXOR NV		600		42,592
Heineken Holding NV		540		55,587
Heineken NV		1,260		135,281
ING Groep NV		20,495		345,319
Koninklijke Ahold Delhaize NV		6,937		164,163
Koninklijke DSM NV		1,007		99,869
Koninklijke KPN NV		18,548		55,591
Koninklijke Philips NV		4,959		190,070
Koninklijke Vopak NV		380		18,624
NN Group NV		1,646		72,957
NXP Semiconductors NV (b)		1,362		159,354
Randstad Holding NV (a)		640		42,047
Wolters Kluwer NV		1,646		87,431
				2,143,224
NEW ZEALAND — 0.2%
Auckland International Airport, Ltd.		5,357		23,651
Fisher & Paykel Healthcare Corp., Ltd.		3,018		28,739
Fletcher Building, Ltd.		3,768		16,391
Meridian Energy, Ltd.		6,957		14,329
Ryman Healthcare, Ltd.		2,114		16,150
Spark New Zealand, Ltd.		9,931		23,928
				123,188
NORWAY — 0.5%
DNB ASA		5,334		103,372
Gjensidige Forsikring ASA (a)		1,100		20,120
Marine Harvest ASA		2,067		41,388
Norsk Hydro ASA		7,301		42,731
Orkla ASA		4,434		47,520
Telenor ASA		4,072		91,803
Yara International ASA		960		40,486
				387,420

Security Description	Shares		Value
PORTUGAL — 0.1%
EDP - Energias de Portugal SA		12,571	$	47,742
Jeronimo Martins SGPS SA		1,380		25,127
				72,869
SINGAPORE — 1.5%
Ascendas REIT		12,000		24,068
CapitaLand Commercial Trust		13,894		19,390
CapitaLand Mall Trust REIT		14,000		22,207
CapitaLand, Ltd.		14,000		38,115
City Developments, Ltd.		2,000		19,828
ComfortDelGro Corp., Ltd.		12,000		18,760
DBS Group Holdings, Ltd.		9,573		200,761
Genting Singapore PLC		32,000		26,356
Golden Agri-Resources, Ltd.		25,500		6,806
Hutchison Port Holdings Trust		36,100		10,649
Jardine Cycle & Carriage, Ltd.		400		10,524
Keppel Corp., Ltd.		8,000		47,403
Oversea-Chinese Banking Corp., Ltd.		16,000		156,425
SATS, Ltd.		3,600		14,084
Sembcorp Industries, Ltd.		6,000		14,230
Singapore Airlines, Ltd.		2,000		16,533
Singapore Exchange, Ltd.		4,000		22,481
Singapore Press Holdings, Ltd. (a)		8,000		15,374
Singapore Technologies Engineering, Ltd.		8,000		21,902
Singapore Telecommunications, Ltd.		44,000		113,079
Suntec Real Estate Investment Trust		14,000		20,178
United Overseas Bank, Ltd.		7,371		154,581
UOL Group, Ltd.		2,523		16,451
Wilmar International, Ltd.		10,000		24,251
				1,034,436
SOUTH AFRICA — 0.1%
Investec PLC		3,367		25,959
Mediclinic International PLC (a)		1,990		16,777
Mondi PLC		1,990		53,459
				96,195
SPAIN — 3.3%
Abertis Infraestructuras SA		3,507		78,585
ACS Actividades de Construccion y Servicios SA		1,087		42,311
Aena SME SA (d)		360		72,455
Amadeus IT Group SA		2,367		174,605
Banco Bilbao Vizcaya Argentaria SA		36,357		287,464
Banco de Sabadell SA		28,698		58,624
Banco Santander SA		85,461		556,527
Bankia SA (a)		6,250		27,971
Bankinter SA (a)		3,667		37,684
CaixaBank SA		17,872		85,106
Enagas SA		1,240		33,901
Endesa SA		1,747		38,427
Ferrovial SA		2,787		58,149
Gas Natural SDG SA		1,912		45,595
Grifols SA		1,646		46,580
Iberdrola SA		31,182		229,021

See accompanying notes to financial statements.

55

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Industria de Diseno Textil SA		5,687	$	177,862
Mapfre SA		5,863		19,476
Red Electrica Corp. SA		2,347		48,291
Siemens Gamesa Renewable Energy SA (a)		1,498		23,996
Telefonica SA		24,322		240,137
				2,382,767
SWEDEN — 2.9%
Alfa Laval AB		1,606		37,807
Assa Abloy AB Class B		5,454		117,451
Atlas Copco AB Class A		3,469		149,616
Atlas Copco AB Class B		2,107		81,640
Boliden AB		1,506		52,599
Electrolux AB Class B		1,320		41,374
Essity AB Class B (b)		3,307		91,058
Getinge AB Class B		1,233		13,978
Hennes & Mauritz AB Class B (a)		5,154		77,038
Hexagon AB Class B		1,426		84,455
Husqvarna AB Class B		2,247		21,593
ICA Gruppen AB		440		15,520
Industrivarden AB Class C		880		20,380
Investor AB Class B		2,467		108,757
Kinnevik AB Class B		1,300		46,630
L E Lundbergforetagen AB Class B		176		12,567
Nordea Bank AB		15,957		169,768
Sandvik AB		5,783		105,270
Securitas AB Class B		1,727		29,231
Skandinaviska Enskilda Banken AB Class A		8,259		86,231
Skanska AB Class B		1,867		38,043
SKF AB Class B (a)		2,147		43,710
Svenska Handelsbanken AB Class A (a)		8,219		102,262
Swedbank AB Class A		4,914		109,724
Swedish Match AB		1,020		45,977
Tele2 AB Class B		1,938		23,176
Telefonaktiebolaget LM Ericsson Class B (a)		16,660		105,274
Telia Co. AB		14,096		65,996
Volvo AB Class B		8,379		152,326
				2,049,451
SWITZERLAND — 8.9%
ABB, Ltd.		9,746		231,233
Adecco Group AG		900		63,910
Baloise Holding AG		280		42,719
Barry Callebaut AG		14		27,310
Chocoladefabriken Lindt & Spruengli AG (e)		3		18,562
Chocoladefabriken Lindt & Spruengli AG (e)		1		72,577
Cie Financiere Richemont SA		2,827		253,178
Clariant AG (b)		1,229		29,275
Coca-Cola HBC AG (b)		980		36,211
Credit Suisse Group AG (b)		12,554		209,627
Dufry AG (b)		240		31,366
EMS-Chemie Holding AG		40		25,188
Ferguson PLC		1,380		103,646

Security Description	Shares		Value
Geberit AG		200	$	88,221
Givaudan SA		45		102,256
Julius Baer Group, Ltd. (b)		1,220		74,836
Kuehne + Nagel International AG		300		47,086
LafargeHolcim, Ltd. (b)		2,467		134,737
Lonza Group AG (b)		360		84,662
Nestle SA		16,381		1,293,579
Novartis AG		11,704		944,289
Pargesa Holding SA		180		15,921
Partners Group Holding AG		100		74,144
Roche Holding AG		3,718		850,683
Schindler Holding AG (e)		240		51,629
Schindler Holding AG (e)		120		25,063
SGS SA		24		58,847
Sika AG		14		109,430
Sonova Holding AG		280		44,386
STMicroelectronics NV (a)		3,467		76,686
Straumann Holding AG		56		35,205
Swatch Group AG (e)		160		70,409
Swatch Group AG (e)		260		21,734
Swiss Life Holding AG (b)		180		63,966
Swiss Prime Site AG (b)		380		36,686
Swiss Re AG		1,674		170,057
Swisscom AG		140		69,240
UBS Group AG (b)		19,305		338,583
Vifor Pharma AG		200		30,754
Zurich Insurance Group AG (b)		820		268,367
				6,326,258
UNITED KINGDOM — 15.1%
3i Group PLC		5,274		63,552
Admiral Group PLC		1,160		30,006
Ashtead Group PLC		2,727		74,213
Associated British Foods PLC		1,932		67,511
AstraZeneca PLC		6,808		467,533
Auto Trader Group PLC (d)		5,454		26,824
Aviva PLC		22,021		153,189
Babcock International Group PLC		1,380		12,947
BAE Systems PLC		17,210		140,363
Barclays PLC		85,780		248,486
Barratt Developments PLC		5,454		40,580
Berkeley Group Holdings PLC		720		38,270
British American Tobacco PLC		12,061		698,931
British Land Co. PLC REIT		5,334		48,038
BT Group PLC		45,795		146,149
Bunzl PLC		1,827		53,693
Burberry Group PLC		2,407		57,266
Capita PLC		3,627		7,329
Carnival PLC		1,020		65,533
CNH Industrial NV		5,574		68,758
Cobham PLC (b)		12,969		22,359
Coca-Cola European Partners PLC		1,200		49,912
Compass Group PLC		8,577		175,123
ConvaTec Group PLC (d)		6,289		17,565
Croda International PLC		700		44,856
DCC PLC		480		44,171
Diageo PLC		13,416		453,938
Direct Line Insurance Group PLC		7,481		40,015

See accompanying notes to financial statements.

56

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
easyJet PLC		860	$	19,357
Experian PLC		5,214		112,456
Fiat Chrysler Automobiles NV		5,610		113,855
G4S PLC		8,419		29,301
GKN PLC		9,299		60,397
GlaxoSmithKline PLC		26,240		513,124
Hammerson PLC REIT (a)		4,314		32,473
Hargreaves Lansdown PLC		1,426		32,666
HSBC Holdings PLC		106,167		990,987
IMI PLC		1,486		22,513
Imperial Brands PLC		5,094		173,359
InterContinental Hotels Group PLC		978		58,554
International Consolidated Airlines Group SA		3,496		30,183
Intertek Group PLC		880		57,526
ITV PLC		19,688		39,812
J Sainsbury PLC		8,899		29,811
John Wood Group PLC		3,575		27,081
Johnson Matthey PLC		1,040		44,380
Kingfisher PLC		12,351		50,679
Land Securities Group PLC REIT		4,022		52,872
Legal & General Group PLC		32,290		116,774
Lloyds Banking Group PLC		385,214		349,409
London Stock Exchange Group PLC		1,727		99,958
Marks & Spencer Group PLC		8,819		33,427
Meggitt PLC		4,212		25,513
Merlin Entertainments PLC (d)		3,848		18,709
Micro Focus International PLC		2,303		31,880
National Grid PLC		18,783		211,370
Next PLC		760		50,737
Old Mutual PLC		26,765		89,848
Pearson PLC		4,474		47,008
Persimmon PLC		1,686		59,838
Prudential PLC		13,856		345,691
Randgold Resources, Ltd.		500		41,256
Reckitt Benckiser Group PLC		3,379		286,015
RELX NV		5,414		112,061
RELX PLC		5,937		122,011
Rolls-Royce Holdings PLC (b)		8,554		104,588
Royal Bank of Scotland Group PLC (b)		19,200		69,705
Royal Mail PLC		4,894		37,128
RSA Insurance Group PLC		5,554		49,084
Sage Group PLC		5,863		52,572
Schroders PLC		740		33,135
Segro PLC REIT		5,519		46,545
Severn Trent PLC		1,300		33,628
Shire PLC		4,838		242,321
Sky PLC		5,614		102,182
Smith & Nephew PLC		4,854		90,630
Smiths Group PLC		2,147		45,584
St James’s Place PLC		2,847		43,392
Standard Chartered PLC		17,170		171,662
Standard Life Aberdeen PLC		14,522		73,276
Taylor Wimpey PLC		17,708		45,856

Security Description	Shares		Value
Tesco PLC		51,459	$	148,632
Travis Perkins PLC		896		15,510
Unilever NV		8,615		486,000
Unilever PLC		6,680		370,658
United Utilities Group PLC		3,707		37,202
Vodafone Group PLC		137,528		374,698
Weir Group PLC		1,190		33,295
Whitbread PLC		980		50,866
Wm Morrison Supermarkets PLC		12,047		36,081
WPP PLC		6,997		111,159
				10,795,390
TOTAL COMMON STOCKS (Cost $65,862,874)				71,040,467
SHORT-TERM INVESTMENTS — 2.9%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (f) (g)		7,344		7,344
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)		2,106,482		2,106,482
TOTAL SHORT-TERM INVESTMENTS (Cost $2,113,826)				2,113,826
TOTAL INVESTMENTS — 102.4% (Cost $67,976,700)				73,154,293
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.4)%				(1,736,667	)
NET ASSETS — 100.0%			$	71,417,626

(a) All or a portion of the shares of the security are on loan at March 31, 2018.

(b) Non-income producing security.

(c) Amount is less than 0.05% of net assets.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.7% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at March 31, 2018.

(h) Investment of cash collateral for securities loaned.

ADR =American Depositary Receipt

REIT =Real Estate Investment Trust

SDR =Swedish Depositary Receipt

See accompanying notes to financial statements.

57

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia		$	4,242,676		$	—		$	—		$	4,242,676
Austria			162,251			—			—			162,251
Belgium			901,333			—			—			901,333
Chile			27,480			—			—			27,480
China			31,139			—			—			31,139
Denmark			1,431,544			—			—			1,431,544
Finland			816,212			—			—			816,212
France			7,314,350			—			—			7,314,350
Germany			7,408,956			—			—			7,408,956
Hong Kong			2,570,971			—			—			2,570,971
Ireland			458,251			—			—			458,251
Israel			347,204			—			—			347,204
Italy			1,190,380			—			—			1,190,380
Japan			18,405,844			—			—			18,405,844
Luxembourg			249,328			—			—			249,328
Macau			49,641			—			—			49,641
Mexico			21,709			—			—			21,709
Netherlands			2,143,224			—			—			2,143,224
New Zealand			123,188			—			—			123,188
Norway			387,420			—			—			387,420
Portugal			72,869			—			—			72,869
Singapore			1,034,436			—			—			1,034,436
South Africa			96,195			—			—			96,195
Spain			2,382,767			—			—			2,382,767
Sweden			2,049,451			—			—			2,049,451
Switzerland			6,326,258			—			—			6,326,258
United Kingdom			10,795,390			—			—			10,795,390
Short-Term Investments			2,113,826			—			—			2,113,826
TOTAL INVESTMENTS		$	73,154,293		$	—		$	—		$	73,154,293

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		75,546		$	75,546		$	1,646,576		$	1,714,778		$	—		$	—		7,344		$	7,344		$	313		$	—
State Street Navigator Securities Lending Government Money Market Portfolio		242,956			242,956			4,347,394			2,483,868			—			—		2,106,482			2,106,482			4,886			—
Total				$	318,502		$	5,993,970		$	4,198,646		$	—		$	—				$	2,113,826		$	5,199		$	—

See accompanying notes to financial statements.

58

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 5.0%
AGL Energy, Ltd.		28,993	$	482,143
Amcor, Ltd.		11,776		127,995
Aristocrat Leisure, Ltd.		11,077		204,428
ASX, Ltd.		4,727		203,265
Australia & New Zealand Banking Group, Ltd.		22,684		467,358
BHP Billiton PLC		11,909		234,485
BHP Billiton, Ltd.		16,833		364,241
Brambles, Ltd.		33,116		253,508
Caltex Australia, Ltd.		5,481		132,012
Cochlear, Ltd.		2,255		314,148
Commonwealth Bank of Australia		15,664		868,810
CSL, Ltd.		15,269		1,820,761
Dexus REIT		31,237		223,310
Goodman Group REIT		18,315		118,429
GPT Group REIT		41,624		151,337
Insurance Australia Group, Ltd.		30,445		174,679
LendLease Group		11,057		146,811
Macquarie Group, Ltd.		1,918		151,387
Medibank Pvt, Ltd.		102,957		229,022
Mirvac Group REIT		92,705		152,885
National Australia Bank, Ltd.		18,433		402,821
Newcrest Mining, Ltd.		17,348		260,281
QBE Insurance Group, Ltd.		13,073		96,566
Ramsay Health Care, Ltd. (a)		2,160		103,254
REA Group, Ltd.		2,478		150,558
Scentre Group REIT		99,811		293,225
SEEK, Ltd.		9,699		138,377
Sonic Healthcare, Ltd.		24,136		423,589
Stockland REIT		49,381		152,647
Suncorp Group, Ltd.		12,501		127,916
Tabcorp Holdings, Ltd.		18,086		60,902
Telstra Corp., Ltd.		276,176		665,180
Transurban Group Stapled Security		50,055		438,467
Vicinity Centres REIT		138,068		255,231
Wesfarmers, Ltd.		24,205		771,621
Westfield Corp. REIT		46,778		305,707
Westpac Banking Corp.		22,454		492,932
Woodside Petroleum, Ltd.		7,620		170,905
Woolworths, Ltd.		31,295		631,087
				12,762,280
AUSTRIA — 0.1%
OMV AG		3,205		186,362
BELGIUM — 1.1%
Ageas		2,403		124,006
Anheuser-Busch InBev SA		4,003		439,534
Colruyt SA		9,530		526,484
Groupe Bruxelles Lambert SA		5,682		648,487
KBC Group NV		1,760		153,076
Proximus SADP		18,028		559,393
Solvay SA		1,118		155,166
UCB SA		3,843		312,787
				2,918,933

Security Description	Shares		Value
CHILE — 0.0% (b)
Antofagasta PLC		1,193	$	15,413
DENMARK — 3.9%
AP Moeller - Maersk A/S Class B		81		124,876
Carlsberg A/S Class B		1,198		142,474
Chr Hansen Holding A/S		8,004		688,030
Coloplast A/S Class B		8,249		694,936
Danske Bank A/S		30,390		1,130,180
DONG Energy A/S (c)		12,361		799,471
DSV A/S		8,293		648,975
Genmab A/S (d)		945		202,381
H Lundbeck A/S		6,077		338,697
ISS A/S		9,858		363,683
Novo Nordisk A/S Class B		61,488		3,018,146
Novozymes A/S Class B		6,249		322,095
Pandora A/S		2,887		309,520
TDC A/S (d)		33,355		275,826
Tryg A/S		14,994		347,582
William Demant Holding A/S (d)		18,193		672,981
				10,079,853
FINLAND — 1.3%
Elisa Oyj (a)		10,822		489,388
Fortum Oyj (a)		7,287		156,385
Kone Oyj Class B		9,459		471,492
Neste Oyj (a)		2,642		183,908
Nokia Oyj		20,520		113,186
Nokian Renkaat Oyj		2,880		130,699
Orion Oyj Class B		7,444		227,685
Sampo Oyj Class A		19,381		1,078,805
UPM-Kymmene Oyj		4,096		151,628
Wartsila Oyj Abp		11,052		243,982
				3,247,158
FRANCE — 7.6%
Aeroports de Paris		3,367		732,940
Air Liquide SA		7,444		910,740
Airbus SE		4,378		505,046
Atos SE		1,040		142,102
AXA SA		19,872		527,895
BNP Paribas SA		13,231		979,095
Bureau Veritas SA		6,007		155,955
Capgemini SE		1,198		149,104
Carrefour SA (a)		5,771		119,592
Casino Guichard Perrachon SA (a)		2,076		101,642
Cie de Saint-Gobain		4,164		219,490
Cie Generale des Etablissements Michelin SCA		4,004		590,426
Credit Agricole SA		23,002		373,557
Danone SA		6,094		492,627
Dassault Systemes SE		6,354		862,718
Engie SA		15,389		256,544
Essilor International Cie Generale d’Optique SA		4,568		615,728
Eutelsat Communications SA		4,306		85,261
Hermes International		1,141		675,669
Iliad SA		640		132,234
Kering SA		561		268,251
Legrand SA		5,290		414,426

See accompanying notes to financial statements.

59

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
L’Oreal SA		7,997	$	1,803,268
LVMH Moet Hennessy Louis Vuitton SE		5,844		1,798,249
Orange SA		12,991		220,243
Pernod Ricard SA		878		146,044
Publicis Groupe SA		3,115		216,757
Renault SA		1,920		232,589
Safran SA		1,598		168,977
Sanofi		8,444		678,443
Schneider Electric SE		3,047		267,336
SCOR SE		13,584		555,651
SEB SA		961		183,429
Societe BIC SA		721		71,692
Societe Generale SA		11,534		626,414
Sodexo SA		3,845		387,287
Thales SA		5,848		711,593
TOTAL SA		21,329		1,210,058
Unibail-Rodamco SE REIT (a)		456		104,115
Unibail-Rodamco SE REIT		24		5,480
Valeo SA		5,446		359,268
Vinci SA		2,967		291,552
Vivendi SA		8,304		214,466
				19,563,953
GERMANY — 8.7%
adidas AG		4,003		968,126
Allianz SE		3,207		723,354
BASF SE		19,872		2,015,533
Bayer AG		18,620		2,101,974
Bayerische Motoren Werke AG		2,807		304,311
Beiersdorf AG		6,510		736,742
Commerzbank AG (d)		21,979		285,014
Continental AG		2,880		794,464
Covestro AG (c)		2,098		206,057
Daimler AG		10,896		924,229
Deutsche Bank AG		23,496		327,283
Deutsche Boerse AG		2,132		289,998
Deutsche Lufthansa AG		6,568		209,534
Deutsche Post AG		22,124		966,471
Deutsche Telekom AG		17,709		288,577
E.ON SE		26,261		291,320
Fresenius Medical Care AG & Co. KGaA		6,567		670,182
Fresenius SE & Co. KGaA		4,733		361,244
Fuchs Petrolub SE Preference Shares		2,160		117,151
GEA Group AG		3,285		139,584
Hannover Rueck SE		1,438		196,129
HeidelbergCement AG		1,200		117,741
Henkel AG & Co. KGaA Preference Shares		3,507		460,853
Henkel AG & Co. KGaA		5,446		685,181
HUGO BOSS AG		2,000		174,048
Infineon Technologies AG		8,249		220,553
Innogy SE (c)		9,396		444,547
Linde AG (d)		952		200,327
MAN SE		4,163		485,107
Merck KGaA		2,563		245,549
METRO AG		5,183		91,726

Security Description	Shares		Value
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3,603	$	836,823
Porsche Automobil Holding SE Preference Shares		3,513		291,631
ProSiebenSat.1 Media SE		4,324		149,858
RWE AG (d)		10,825		267,061
SAP SE		22,447		2,345,720
Siemens AG		4,163		530,009
ThyssenKrupp AG		6,325		164,833
TUI AG		13,821		296,250
Uniper SE		14,051		427,696
United Internet AG		2,467		155,039
Volkswagen AG Preference Shares		3,913		776,626
				22,284,455
HONG KONG — 5.4%
AIA Group, Ltd.		240,823		2,037,466
Bank of East Asia, Ltd.		32,471		129,498
BOC Hong Kong Holdings, Ltd.		40,036		194,867
CK Asset Holdings, Ltd.		38,120		319,840
CK Hutchison Holdings, Ltd.		38,000		454,646
CK Infrastructure Holdings, Ltd.		80,000		653,900
CLP Holdings, Ltd.		119,500		1,216,576
Galaxy Entertainment Group, Ltd.		48,000		435,763
Hang Seng Bank, Ltd.		64,029		1,481,552
HK Electric Investments & HK Electric Investments, Ltd. (a) (c)		359,040		347,681
HKT Trust & HKT, Ltd.		400,540		503,718
Hong Kong & China Gas Co., Ltd.		312,066		640,967
Hong Kong Exchanges & Clearing, Ltd.		30,797		1,001,414
Jardine Matheson Holdings, Ltd.		1,800		110,916
Jardine Strategic Holdings, Ltd.		2,600		99,684
Li & Fung, Ltd.		240,000		117,427
Link REIT		40,000		341,475
MTR Corp., Ltd.		160,167		861,212
New World Development Co., Ltd.		165,567		233,743
PCCW, Ltd.		400,000		231,388
Power Assets Holdings, Ltd.		80,000		713,021
Sands China, Ltd.		64,000		344,125
Sun Hung Kai Properties, Ltd.		10,000		157,996
Swire Pacific, Ltd. Class A		38,000		383,229
Techtronic Industries Co., Ltd.		40,000		233,172
WH Group, Ltd. (c)		226,000		240,735
Yue Yuen Industrial Holdings, Ltd.		80,500		319,505
				13,805,516
IRELAND — 0.7%
CRH PLC		4,095		138,849
Kerry Group PLC Class A		10,336		1,047,447
Paddy Power Betfair PLC		1,280		131,368
Ryanair Holdings PLC ADR (d)		4,599		564,987
				1,882,651
ISRAEL — 0.9%
Azrieli Group, Ltd.		3,426		164,037
Bank Hapoalim BM		84,039		575,444
Bank Leumi Le-Israel BM		91,550		550,471

See accompanying notes to financial statements.

60

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Bezeq The Israeli Telecommunication Corp., Ltd.		75,569	$	96,429
Check Point Software Technologies, Ltd. (d)		4,193		416,533
Mizrahi Tefahot Bank, Ltd.		19,473		371,783
Teva Pharmaceutical Industries, Ltd. ADR		600		10,254
Teva Pharmaceutical Industries, Ltd.		12,568		213,211
				2,398,162
ITALY — 0.9%
Assicurazioni Generali SpA		16,429		315,706
Enel SpA		85,297		521,366
Eni SpA		16,149		283,772
Ferrari NV		1,174		140,833
Intesa Sanpaolo SpA		100,846		366,309
Luxottica Group SpA		2,960		183,838
Snam SpA		42,407		194,692
Telecom Italia SpA/Milano		174,517		145,176
UniCredit SpA (d)		14,200		296,676
				2,448,368
JAPAN — 24.3%
ABC-Mart, Inc.		6,500		425,388
Aeon Co., Ltd.		8,000		141,382
Ajinomoto Co., Inc.		8,100		146,120
ANA Holdings, Inc.		14,800		568,203
Aozora Bank, Ltd.		6,100		242,623
Asahi Group Holdings, Ltd.		8,000		428,021
Astellas Pharma, Inc.		87,900		1,335,650
Benesse Holdings, Inc.		8,000		287,353
Bridgestone Corp.		21,100		918,202
Canon, Inc.		40,000		1,448,049
Central Japan Railway Co.		2,300		435,346
Chubu Electric Power Co., Inc.		8,000		114,114
Concordia Financial Group, Ltd.		15,300		85,312
Daicel Corp.		7,200		78,127
Dai-ichi Life Holdings, Inc.		15,408		281,792
Daiichi Sankyo Co., Ltd.		15,906		528,704
Daito Trust Construction Co., Ltd.		5,100		863,667
Daiwa House Industry Co., Ltd.		8,100		307,701
Daiwa House REIT Investment Corp.		31		74,738
Denso Corp.		7,000		380,574
Disco Corp.		500		104,937
East Japan Railway Co.		8,000		742,605
Eisai Co., Ltd.		7,000		446,657
FamilyMart UNY Holdings Co., Ltd.		7,000		579,878
Fujitsu, Ltd.		13,000		78,110
Hitachi, Ltd.		74,000		530,977
Honda Motor Co., Ltd.		17,300		592,283
Hoya Corp.		8,100		404,353
Inpex Corp.		7,800		95,089
Isuzu Motors, Ltd.		9,800		148,267
ITOCHU Corp. (a)		22,514		434,297
Japan Airlines Co., Ltd.		16,000		645,266
Japan Exchange Group, Inc.		16,006		295,738
Japan Post Bank Co., Ltd. (a)		15,700		211,548

Security Description	Shares		Value
Japan Post Holdings Co., Ltd.		12,300	$	148,618
Japan Prime Realty Investment Corp. REIT		80		289,610
Japan Real Estate Investment Corp. REIT		75		388,575
Japan Retail Fund Investment Corp. REIT		240		464,880
Japan Tobacco, Inc.		29,400		839,013
JFE Holdings, Inc.		9,500		189,151
JXTG Holdings, Inc.		54,882		329,034
Kajima Corp.		72,000		668,209
Kakaku.com, Inc.		8,000		139,238
Kansai Electric Power Co., Inc.		8,400		108,920
Kao Corp.		16,000		1,193,343
KDDI Corp.		55,818		1,419,987
Keikyu Corp. (a)		22,300		388,966
Keyence Corp.		1,800		1,108,604
Kirin Holdings Co., Ltd.		26,100		690,478
Koito Manufacturing Co., Ltd. (a)		1,600		110,277
Komatsu, Ltd.		8,000		263,658
Konami Holdings Corp.		1,600		80,038
Kubota Corp.		8,000		138,787
Kyowa Hakko Kirin Co., Ltd.		8,000		172,036
Kyushu Railway Co. (a)		14,719		456,725
Lawson, Inc. (a)		6,300		428,886
M3, Inc. (a)		7,600		344,448
Marubeni Corp.		55,800		402,274
Mazda Motor Corp. (a)		8,000		106,027
McDonald’s Holdings Co. Japan, Ltd.		8,000		376,869
MEIJI Holdings Co., Ltd.		7,000		535,120
MISUMI Group, Inc. (a)		6,300		171,495
Mitsubishi Chemical Holdings Corp.		24,000		230,183
Mitsubishi Corp.		16,500		438,371
Mitsubishi Electric Corp.		8,100		129,440
Mitsubishi Heavy Industries, Ltd. (a)		4,300		164,116
Mitsubishi Tanabe Pharma Corp.		24,113		484,301
Mitsubishi UFJ Financial Group, Inc.		175,700		1,150,352
Mitsui & Co., Ltd.		24,300		413,568
Mizuho Financial Group, Inc. (a)		600,800		1,081,835
MS&AD Insurance Group Holdings, Inc.		8,000		246,432
Murata Manufacturing Co., Ltd.		1,500		204,372
Nagoya Railroad Co., Ltd.		14,600		369,839
NH Foods, Ltd.		4,500		183,850
Nippon Building Fund, Inc. REIT		53		293,032
Nippon Prologis REIT, Inc.		161		348,341
Nippon Steel & Sumitomo Metal Corp.		10,200		221,360
Nippon Telegraph & Telephone Corp.		32,000		1,474,979
Nippon Yusen KK		3,600		69,766
Nissan Motor Co., Ltd. (a)		24,016		247,160
Nissin Foods Holdings Co., Ltd.		8,000		552,139
Nitori Holdings Co., Ltd.		5,400		938,590
Nitto Denko Corp.		5,700		424,056

See accompanying notes to financial statements.

61

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Nomura Holdings, Inc.		32,800	$	188,504
Nomura Real Estate Master Fund, Inc.		399		554,135
Nomura Research Institute, Ltd.		4,700		218,980
NTT DOCOMO, Inc.		66,322		1,677,226
Obayashi Corp.		16,900		183,699
Oracle Corp. Japan		7,100		580,150
Oriental Land Co., Ltd.		9,900		1,004,429
ORIX Corp.		14,600		257,885
Osaka Gas Co., Ltd. (a)		14,800		291,825
Otsuka Corp.		14,600		735,834
Otsuka Holdings Co., Ltd.		15,900		791,337
Panasonic Corp.		16,900		238,920
Park24 Co., Ltd. (a)		8,000		216,794
Recruit Holdings Co., Ltd.		48,905		1,206,645
Resona Holdings, Inc.		40,500		215,124
Ricoh Co., Ltd. (a)		8,700		84,832
Ryohin Keikaku Co., Ltd.		600		198,590
Sankyo Co., Ltd.		8,000		278,326
Santen Pharmaceutical Co., Ltd.		16,000		264,786
Secom Co., Ltd.		8,000		588,999
Sekisui House, Ltd.		8,000		145,331
Seven & i Holdings Co., Ltd.		7,900		336,651
Shimamura Co., Ltd.		1,300		161,110
Shimano, Inc.		800		114,716
Shionogi & Co., Ltd. (a)		7,400		381,655
SMC Corp.		700		280,329
SoftBank Group Corp.		7,600		557,834
Sompo Holdings, Inc.		2,700		107,670
Sony Corp.		7,700		369,976
Start Today Co., Ltd.		6,600		169,360
Subaru Corp.		16,100		528,189
Sumitomo Corp.		16,112		266,488
Sumitomo Electric Industries, Ltd.		8,100		122,357
Sumitomo Mitsui Financial Group, Inc.		22,900		958,419
Sumitomo Mitsui Trust Holdings, Inc.		6,700		271,087
Suntory Beverage & Food, Ltd.		15,787		764,486
Suzuki Motor Corp. (a)		1,100		58,987
Sysmex Corp.		7,000		627,927
T&D Holdings, Inc.		6,900		108,577
Taisei Corp.		7,000		354,114
Taisho Pharmaceutical Holdings Co., Ltd.		7,200		707,475
Takeda Pharmaceutical Co., Ltd.		22,800		1,097,659
Terumo Corp.		7,900		407,071
Tobu Railway Co., Ltd.		14,000		423,883
Tohoku Electric Power Co., Inc. (a)		8,000		107,945
Tokio Marine Holdings, Inc.		7,800		350,065
Tokyo Electric Power Co. Holdings, Inc. (d)		63,000		244,654
Tokyo Gas Co., Ltd.		10,708		283,734
Toray Industries, Inc.		71,500		672,981
Toshiba Corp. (d)		29,000		83,441
Tosoh Corp.		5,300		102,910
Toyo Suisan Kaisha, Ltd.		15,900		624,936
Toyota Motor Corp.		30,800		1,981,510

Security Description	Shares		Value
Toyota Tsusho Corp.		7,100	$	236,667
Trend Micro, Inc.		1,500		87,024
Tsuruha Holdings, Inc.		800		114,264
Unicharm Corp.		7,606		218,060
United Urban Investment Corp. REIT		320		500,085
USS Co., Ltd.		16,000		324,062
West Japan Railway Co.		7,100		499,036
Yahoo! Japan Corp. (a)		32,000		148,641
Yamada Denki Co., Ltd. (a)		58,900		355,006
Yamato Holdings Co., Ltd. (a)		12,200		303,939
				62,357,750
LUXEMBOURG — 0.3%
ArcelorMittal (d)		7,128		225,296
RTL Group SA		4,731		392,453
SES SA (a)		7,275		98,284
				716,033
MEXICO — 0.0% (b)
Fresnillo PLC		539		9,591
NETHERLANDS — 2.6%
Aegon NV		30,076		202,552
Akzo Nobel NV		1,779		167,900
ASML Holding NV		9,590		1,888,851
Boskalis Westminster		3,036		88,865
EXOR NV		2,887		204,939
Heineken NV		1,278		137,214
ING Groep NV		27,979		471,417
Koninklijke Ahold Delhaize NV		14,062		332,774
Koninklijke DSM NV		2,214		219,574
Koninklijke KPN NV		29,749		89,162
Koninklijke Philips NV		5,714		219,008
NN Group NV		11,869		526,079
Randstad Holding NV (a)		2,068		135,865
Royal Dutch Shell PLC Class A		37,693		1,180,980
Royal Dutch Shell PLC Class B		23,123		738,589
Wolters Kluwer NV		3,285		174,490
				6,778,259
NEW ZEALAND — 0.2%
Auckland International Airport, Ltd.		35,176		155,301
Meridian Energy, Ltd.		61,808		127,300
Ryman Healthcare, Ltd.		18,754		143,273
Spark New Zealand, Ltd.		94,415		227,491
				653,365
NORWAY — 0.4%
DNB ASA		11,136		215,814
Gjensidige Forsikring ASA		5,450		99,685
Statoil ASA		14,471		340,350
Telenor ASA		9,697		218,619
Yara International ASA		2,476		104,421
				978,889
PORTUGAL — 0.1%
EDP - Energias de Portugal SA		31,675		120,295
Jeronimo Martins SGPS SA		6,807		123,941
				244,236

See accompanying notes to financial statements.

62

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SINGAPORE — 2.4%
ComfortDelGro Corp., Ltd.		80,000	$	125,067
DBS Group Holdings, Ltd.		69,703		1,461,780
Keppel Corp., Ltd.		38,811		229,971
Oversea-Chinese Banking Corp., Ltd.		159,602		1,560,358
SATS, Ltd.		40,400		158,051
Singapore Airlines, Ltd.		80,000		661,328
Singapore Press Holdings, Ltd. (a)		80,000		153,741
Singapore Technologies Engineering, Ltd.		80,000		219,019
Singapore Telecommunications, Ltd.		408,400		1,049,575
StarHub, Ltd. (a)		80,000		140,319
United Overseas Bank, Ltd.		16,075		337,118
				6,096,327
SOUTH AFRICA — 0.1%
Investec PLC		4,878		37,608
Mediclinic International PLC (a)		1,618		13,641
Mondi PLC		8,581		230,517
				281,766
SPAIN — 2.0%
ACS Actividades de Construccion y Servicios SA		4,434		172,592
Amadeus IT Group SA		11,776		868,674
Banco Bilbao Vizcaya Argentaria SA		67,622		534,667
Banco de Sabadell SA		67,732		138,362
Banco Santander SA		177,817		1,157,955
CaixaBank SA		37,668		179,374
Endesa SA		10,256		225,590
Iberdrola SA		40,992		301,073
Industria de Diseno Textil SA		27,329		854,717
Repsol SA		20,964		371,656
Telefonica SA		33,053		326,340
				5,131,000
SWEDEN — 2.4%
Alfa Laval AB		7,033		165,563
Assa Abloy AB Class B		20,494		441,335
Atlas Copco AB Class A		21,959		947,078
Atlas Copco AB Class B		4,807		186,258
Boliden AB		5,520		192,793
Electrolux AB Class B		4,011		125,721
Essity AB Class B (d)		3,524		97,033
Hennes & Mauritz AB Class B (a)		35,255		526,964
Hexagon AB Class B		4,811		284,933
ICA Gruppen AB		4,244		149,696
Investor AB Class B		14,509		639,624
Kinnevik AB Class B		7,769		278,670
L E Lundbergforetagen AB Class B		2,727		194,721
Nordea Bank AB		23,813		253,348
Sandvik AB		11,137		202,731
Skandinaviska Enskilda Banken AB Class A		12,262		128,026
Skanska AB Class B		10,017		204,112
Svenska Handelsbanken AB Class A (a)		11,079		137,846

Security Description	Shares		Value
Swedbank AB Class A		5,924	$	132,276
Swedish Match AB		5,852		263,783
Telefonaktiebolaget LM Ericsson Class B (a)		22,124		139,801
Telia Co. AB		67,798		317,424
Volvo AB Class B (a)		12,342		224,372
				6,234,108
SWITZERLAND — 11.5%
ABB, Ltd.		48,985		1,162,217
Adecco Group AG		4,004		284,327
Baloise Holding AG		2,000		305,138
Barry Callebaut AG		160		312,114
Chocoladefabriken Lindt & Spruengli AG		160		989,975
Cie Financiere Richemont SA		1,678		150,277
Coca-Cola HBC AG (d)		542		20,027
Credit Suisse Group AG (d)		26,873		448,725
EMS-Chemie Holding AG		240		151,128
Ferguson PLC		6,180		464,154
Geberit AG		1,118		493,153
Givaudan SA		399		906,667
Glencore PLC (d)		101,127		501,904
Julius Baer Group, Ltd. (d)		5,428		332,958
Kuehne + Nagel International AG		6,967		1,093,505
LafargeHolcim, Ltd. (d) (e)		1,280		69,908
LafargeHolcim, Ltd. (d) (e)		1,520		82,776
Nestle SA		73,910		5,836,544
Novartis AG		25,420		2,050,908
Partners Group Holding AG		1,041		771,836
Roche Holding AG		22,384		5,121,485
Schindler Holding AG (e)		1,118		240,505
Schindler Holding AG (e)		958		200,084
SGS SA		160		392,314
Sika AG		78		609,680
Sonova Holding AG		5,710		905,157
Straumann Holding AG		147		92,412
Swatch Group AG		480		211,228
Swiss Life Holding AG (d)		880		312,723
Swiss Prime Site AG (d)		7,127		688,065
Swiss Re AG		14,669		1,490,184
Swisscom AG		2,318		1,146,413
UBS Group AG (d)		28,219		494,923
Vifor Pharma AG		800		123,016
Zurich Insurance Group AG (d)		3,040		994,921
				29,451,351
UNITED KINGDOM — 17.5%
3i Group PLC		30,971		373,202
Admiral Group PLC		12,210		315,844
Anglo American PLC (a)		10,606		247,125
Ashtead Group PLC		11,846		322,381
Associated British Foods PLC		7,566		264,384
AstraZeneca PLC		43,863		3,012,251
Auto Trader Group PLC (c)		1,504		7,397
Aviva PLC		27,589		191,923
Babcock International Group PLC		6,874		64,491
BAE Systems PLC		145,031		1,182,855
Barclays PLC		243,336		704,891

See accompanying notes to financial statements.

63

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Barratt Developments PLC		23,980	$	178,422
Berkeley Group Holdings PLC		4,083		217,020
BP PLC		133,491		897,449
British American Tobacco PLC		17,862		1,035,097
British Land Co. PLC REIT		5,739		51,685
BT Group PLC		305,596		975,270
Bunzl PLC		9,031		265,409
Burberry Group PLC		11,044		262,753
Capita PLC		5,258		10,625
Carnival PLC		5,135		329,915
Centrica PLC		186,054		371,137
CNH Industrial NV		10,982		135,467
Cobham PLC (d)		37,502		64,655
Compass Group PLC		91,262		1,863,365
ConvaTec Group PLC (c)		2,654		7,413
Croda International PLC		3,542		226,971
DCC PLC		423		38,926
Diageo PLC		81,600		2,760,980
Direct Line Insurance Group PLC		79,379		424,588
easyJet PLC		1,276		28,720
Experian PLC		22,451		484,224
Fiat Chrysler Automobiles NV		21,641		439,204
G4S PLC		8,924		31,059
GKN PLC		59,171		384,314
GlaxoSmithKline PLC		56,828		1,111,273
Hammerson PLC REIT (a)		4,204		31,645
Hargreaves Lansdown PLC		7,761		177,787
HSBC Holdings PLC		205,007		1,913,583
IMI PLC		7,717		116,914
Imperial Brands PLC		32,542		1,107,467
InterContinental Hotels Group PLC		302		18,081
International Consolidated Airlines Group SA		5,319		45,922
Intertek Group PLC		3,950		258,213
ITV PLC		104,428		211,168
J Sainsbury PLC		29,595		99,140
John Wood Group PLC		1,668		12,635
Johnson Matthey PLC		4,949		211,190
Kingfisher PLC		88,952		364,987
Land Securities Group PLC REIT		5,038		66,228
Legal & General Group PLC		156,968		567,662
Lloyds Banking Group PLC		433,592		393,290
London Stock Exchange Group PLC		6,414		371,239
Marks & Spencer Group PLC		47,096		178,511
Meggitt PLC		5,098		30,880
Merlin Entertainments PLC (c)		3,457		16,808
Micro Focus International PLC		580		8,029
National Grid PLC		90,980		1,023,822
Next PLC		4,035		269,374
Old Mutual PLC		31,251		104,907
Pearson PLC		8,971		94,258
Persimmon PLC		9,033		320,589
Prudential PLC		11,486		286,562
Randgold Resources, Ltd.		4,545		375,020
Reckitt Benckiser Group PLC		25,672		2,173,005
RELX NV		27,567		570,592
RELX PLC		60,322		1,239,679
Rio Tinto PLC		31,265		1,583,732

Security Description	Shares		Value
Rio Tinto, Ltd.		9,297	$	518,443
Rolls-Royce Holdings PLC (d)		8,601		105,163
Royal Bank of Scotland Group PLC (d)		26,670		96,824
Royal Mail PLC		58,947		447,192
RSA Insurance Group PLC		5,362		47,387
Sage Group PLC		28,524		255,766
Schroders PLC		2,912		130,392
Segro PLC REIT		3,139		26,473
Severn Trent PLC		2,640		68,291
Shire PLC		3,775		189,078
Sky PLC		22,615		411,623
Smith & Nephew PLC		44,613		832,981
Smiths Group PLC		8,988		190,828
SSE PLC		44,505		796,627
St James’s Place PLC		1,031		15,714
Standard Chartered PLC		32,005		319,978
Standard Life Aberdeen PLC		15,163		76,511
Taylor Wimpey PLC		91,027		235,721
Tesco PLC		82,137		237,242
Travis Perkins PLC		6,094		105,491
Unilever NV		43,559		2,457,304
Unilever PLC		36,628		2,032,405
United Utilities Group PLC		7,486		75,127
Vodafone Group PLC		356,605		971,577
Weir Group PLC		747		20,900
Whitbread PLC		4,519		234,552
Wm Morrison Supermarkets PLC		24,261		72,661
WPP PLC		30,405		483,035
				44,980,890
TOTAL COMMON STOCKS (Cost $239,556,739)				255,506,669
SHORT-TERM INVESTMENTS — 2.5%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (f) (g)		228,183		228,183
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)		6,204,945		6,204,945
TOTAL SHORT-TERM INVESTMENTS (Cost $6,433,128)				6,433,128
TOTAL INVESTMENTS — 101.9% (Cost $245,989,867)				261,939,797
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.9)%				(4,904,394	)
NET ASSETS — 100.0%			$	257,035,403

See accompanying notes to financial statements.

64

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

(a) All or a portion of the shares of the security are on loan at March 31, 2018.

(b) Amount is less than 0.05% of net assets.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.8% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Non-income producing security.

(e) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at March 31, 2018.

(h) Investment of cash collateral for securities loaned.

ADR =American Depositary Receipt

REIT =Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia		$	12,762,280		$	—		$	—		$	12,762,280
Austria			186,362			—			—			186,362
Belgium			2,918,933			—			—			2,918,933
Chile			15,413			—			—			15,413
Denmark			10,079,853			—			—			10,079,853
Finland			3,247,158			—			—			3,247,158
France			19,563,953			—			—			19,563,953
Germany			22,284,455			—			—			22,284,455
Hong Kong			13,805,516			—			—			13,805,516
Ireland			1,882,651			—			—			1,882,651
Israel			2,398,162			—			—			2,398,162
Italy			2,448,368			—			—			2,448,368
Japan			62,357,750			—			—			62,357,750
Luxembourg			716,033			—			—			716,033
Mexico			9,591			—			—			9,591
Netherlands			6,778,259			—			—			6,778,259
New Zealand			653,365			—			—			653,365
Norway			978,889			—			—			978,889
Portugal			244,236			—			—			244,236
Singapore			6,096,327			—			—			6,096,327
South Africa			281,766			—			—			281,766
Spain			5,131,000			—			—			5,131,000
Sweden			6,234,108			—			—			6,234,108
Switzerland			29,451,351			—			—			29,451,351
United Kingdom			44,980,890			—			—			44,980,890
Short-Term Investments			6,433,128			—			—			6,433,128
TOTAL INVESTMENTS		$	261,939,797		$	—		$	—		$	261,939,797

See accompanying notes to financial statements.

65

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		152,020		$	152,020		$	2,949,375		$	2,873,212		$	—		$	—		228,183		$	228,183		$	1,651		$	—
State Street Navigator Securities Lending Government Money Market Portfolio		666,545			666,545			21,920,591			16,382,191			—			—		6,204,945			6,204,945			15,935			—
Total				$	818,565		$	24,869,966		$	19,255,403		$	—		$	—				$	6,433,128		$	17,586		$	—

See accompanying notes to financial statements.

66

SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 93.3%
BRAZIL — 7.1%
Ambev SA		26,285	$	190,360
B3 SA - Brasil Bolsa Balcao		11,600		93,153
Banco Bradesco SA Preference Shares		20,809		247,309
Banco do Brasil SA		4,904		60,540
BB Seguridade Participacoes SA		4,205		37,032
BRF SA (a)		4,205		28,884
CCR SA		5,593		21,035
Cia de Saneamento Basico do Estado de Sao Paulo		3,502		36,879
Cielo SA		7,001		43,583
Embraer SA		7,005		45,420
Equatorial Energia SA		2,103		45,241
Itau Unibanco Holding SA Preference Shares		16,113		248,754
Itausa - Investimentos Itau SA Preference Shares		25,365		105,242
Itausa - Investimentos Itau SA (b)		3		13
Itausa - Investimentos Itau SA (a) (b)		596		2,473
Kroton Educacional SA		8,406		34,397
Lojas Americanas SA Preference Shares		5,805		32,906
Lojas Renner SA		5,754		59,469
Raia Drogasil SA		1,401		31,531
Telefonica Brasil SA Preference Shares		3,502		53,105
Ultrapar Participacoes SA		2,103		44,874
Vale SA		17,801		226,074
WEG SA		6,305		42,892
				1,731,166
CHILE — 1.2%
Banco Santander Chile		817,790		68,939
Cencosud SA		11,469		35,116
Empresas CMPC SA		19,401		73,909
Enel Americas SA		209,900		49,028
SACI Falabella		6,901		66,582
				293,574
CHINA — 30.2%
58.com, Inc. ADR (a)		780		62,291
AAC Technologies Holdings, Inc.		2,000		36,084
Agricultural Bank of China, Ltd. Class H		85,000		48,303
Alibaba Group Holding, Ltd. ADR (a) (c)		5,590		1,025,989
Anhui Conch Cement Co., Ltd. Class H		14,000		76,259
Baidu, Inc. ADR (a)		1,403		313,136
Bank of China, Ltd. Class H		370,000		198,948
Bank of Communications Co., Ltd. Class H		50,000		39,180
Beijing Enterprises Holdings, Ltd.		7,000		36,568
Beijing Enterprises Water Group, Ltd.		56,000		31,253
Brilliance China Automotive Holdings, Ltd.		28,000		58,438

Security Description	Shares		Value
Byd Co., Ltd. Class H		7,000	$	54,585
CGN Power Co., Ltd. Class H (d)		120,000		31,039
China Cinda Asset Management Co., Ltd. Class H		99,000		35,950
China CITIC Bank Corp., Ltd. Class H		57,000		38,928
China Communications Construction Co., Ltd. Class H		35,000		35,944
China Conch Venture Holdings, Ltd.		17,500		53,403
China Construction Bank Corp. Class H		404,000		414,897
China Everbright International, Ltd.		28,000		39,244
China Evergrande Group (a)		24,000		75,532
China Galaxy Securities Co., Ltd. Class H		39,000		25,939
China Life Insurance Co., Ltd. Class H		35,000		96,327
China Longyuan Power Group Corp., Ltd. Class H		43,000		32,983
China Mengniu Dairy Co., Ltd.		21,000		71,977
China Merchants Bank Co., Ltd. Class H		14,000		57,350
China Merchants Port Holdings Co., Ltd.		14,981		33,023
China Minsheng Banking Corp., Ltd. Class H		32,000		31,110
China Mobile, Ltd.		32,000		293,363
China Overseas Land & Investment, Ltd.		14,000		48,609
China Pacific Insurance Group Co., Ltd. Class H		10,000		44,787
China Railway Group, Ltd. Class H		50,000		34,657
China Resources Beer Holdings Co., Ltd.		14,000		60,650
China Resources Gas Group, Ltd.		14,000		48,609
China Resources Land, Ltd.		14,000		50,928
China Taiping Insurance Holdings Co., Ltd.		17,000		56,210
China Telecom Corp., Ltd. Class H		70,000		30,860
China Unicom Hong Kong, Ltd. (a)		28,000		35,320
China Vanke Co., Ltd. Class H		14,200		64,773
CITIC Securities Co., Ltd. Class H		17,500		40,047
CITIC, Ltd.		21,000		29,380
Country Garden Holdings Co., Ltd.		65,000		133,838
CRRC Corp., Ltd. Class H		35,000		29,834
CSPC Pharmaceutical Group, Ltd.		28,000		74,386
Ctrip.com International, Ltd. ADR (a)		1,970		91,841
Fosun International, Ltd.		25,000		54,152
Geely Automobile Holdings, Ltd.		35,000		100,786
Great Wall Motor Co., Ltd. Class H (c)		32,000		32,088
Guangdong Investment, Ltd.		28,000		44,025
Haitong Securities Co., Ltd. Class H		20,000		26,452
Hengan International Group Co., Ltd.		3,500		32,421
Huaneng Power International, Inc. Class H		56,000		37,603

See accompanying notes to financial statements.

67

SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Huatai Securities Co., Ltd. Class H (d)		17,000	$	32,708
Industrial & Commercial Bank of China, Ltd. Class H		348,000		298,414
JD.com, Inc. ADR (a) (c)		3,618		146,493
Lenovo Group, Ltd. (c)		56,000		28,613
NetEase, Inc. ADR		397		111,315
New China Life Insurance Co., Ltd. Class H		7,800		36,325
New Oriental Education & Technology Group, Inc. ADR		751		65,825
PICC Property & Casualty Co., Ltd. Class H		28,000		49,020
Ping An Insurance Group Co. of China, Ltd. Class H		21,500		218,608
Semiconductor Manufacturing International Corp. (a) (c)		28,700		37,519
Shenzhou International Group Holdings, Ltd.		7,000		73,717
Sinopharm Group Co., Ltd. Class H		8,400		42,063
TAL Education Group ADR		2,937		108,933
Tencent Holdings, Ltd.		28,100		1,466,529
Vipshop Holdings, Ltd. ADR (a)		2,475		41,134
Want Want China Holdings, Ltd.		57,000		45,682
Zhuzhou CRRC Times Electric Co., Ltd. Class H		7,100		34,377
				7,387,574
COLOMBIA — 0.5%
Bancolombia SA Preference Shares		6,026		63,170
Grupo Argos SA		6,542		44,080
Grupo de Inversiones Suramericana SA Preference Shares		10		128
Grupo de Inversiones Suramericana SA		756		10,091
				117,469
EGYPT — 0.1%
Commercial International Bank Egypt SAE		6,167		31,136
GREECE — 0.1%
Piraeus Bank SA (a)		9,963		31,490
HONG KONG — 0.5%
Sino Biopharmaceutical, Ltd.		57,000		111,846
HUNGARY — 0.4%
OTP Bank PLC		1,552		69,824
Richter Gedeon Nyrt		1,702		35,571
				105,395
INDONESIA — 2.3%
Astra International Tbk PT		112,100		59,439
Bank Central Asia Tbk PT		66,600		112,713
Bank Mandiri Persero Tbk PT		105,000		58,535
Bank Negara Indonesia Persero Tbk PT		84,300		53,118
Bank Rakyat Indonesia Persero Tbk PT		315,400		82,473
Indofood Sukses Makmur Tbk PT		52,500		27,456
Kalbe Farma Tbk PT		263,100		28,665

Security Description	Shares		Value
Matahari Department Store Tbk PT		24,800	$	19,725
Telekomunikasi Indonesia Persero Tbk PT		282,900		73,974
Unilever Indonesia Tbk PT		10,600		38,131
				554,229
MALAYSIA — 2.5%
CIMB Group Holdings Bhd		31,829		58,918
DiGi.Com Bhd		29,500		35,311
Genting Bhd		19,100		42,960
Genting Malaysia Bhd		31,500		39,497
IHH Healthcare Bhd		23,400		36,298
IJM Corp. Bhd		44,700		31,087
IOI Corp. Bhd		33,000		40,781
Malayan Banking Bhd		17,231		46,864
Maxis Bhd		24,800		36,418
Petronas Chemicals Group Bhd		22,000		46,355
Petronas Gas Bhd		7,100		32,710
Public Bank Bhd		12,000		74,457
Sime Darby Bhd		20,055		13,584
Tenaga Nasional Bhd		17,700		73,948
				609,188
MEXICO — 3.3%
Alfa SAB de CV Class A		21,738		27,736
America Movil SAB de CV Series L		161,981		153,076
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B (c)		19,632		28,125
Cemex SAB de CV Series CPO (a)		75,117		49,506
Coca-Cola Femsa SAB de CV Series L		4,207		27,710
Fibra Uno Administracion SA de CV REIT		18,646		27,949
Fomento Economico Mexicano SAB de CV		9,114		82,794
Grupo Aeroportuario del Pacifico SAB de CV Class B		3,505		34,492
Grupo Bimbo SAB de CV Series A		12,622		27,507
Grupo Financiero Banorte SAB de CV Series O		11,219		68,303
Grupo Financiero Inbursa SAB de CV Series O		21,738		35,834
Grupo Mexico SAB de CV Series B		21,738		72,109
Grupo Televisa SAB Series CPO		12,622		39,989
Industrias Penoles SAB de CV		1,510		30,381
Kimberly-Clark de Mexico SAB de CV Class A (c)		15,427		28,769
Promotora y Operadora de Infraestructura SAB de CV		2,804		27,764
Wal-Mart de Mexico SAB de CV		21,892		55,481
				817,525
PERU — 0.7%
Credicorp, Ltd.		702		159,382
PHILIPPINES — 1.2%
Aboitiz Equity Ventures, Inc.		22,500		29,107
Ayala Corp.		2,050		37,246

See accompanying notes to financial statements.

68

SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Ayala Land, Inc.		46,800	$	36,864
BDO Unibank, Inc.		16,875		44,955
JG Summit Holdings, Inc.		23,830		28,636
SM Investments Corp.		2,550		44,815
SM Prime Holdings, Inc.		65,200		42,111
Universal Robina Corp.		9,680		28,199
				291,933
POLAND — 1.0%
Bank Pekao SA		1,219		43,880
KGHM Polska Miedz SA		2,532		64,178
Powszechna Kasa Oszczednosci Bank Polski SA (a)		5,980		70,601
Powszechny Zaklad Ubezpieczen SA		5,420		66,063
				244,722
QATAR — 0.6%
Ezdan Holding Group QSC		6,252		18,025
Industries Qatar QSC		1,184		34,167
Masraf Al Rayan QSC		3,642		35,340
Qatar Insurance Co. SAQ		1,923		19,800
Qatar National Bank QPSC		1,134		40,478
				147,810
RUSSIA — 1.5%
Magnit PJSC GDR		1,517		27,966
Mobile TeleSystems PJSC ADR		4,910		55,925
Sberbank of Russia PJSC ADR		13,325		248,245
VTB Bank PJSC GDR		16,374		32,060
				364,196
SOUTH AFRICA — 7.0%
AngloGold Ashanti, Ltd.		2,430		23,076
Aspen Pharmacare Holdings, Ltd.		1,830		40,073
Barclays Africa Group, Ltd.		3,375		54,034
Bid Corp., Ltd.		1,999		43,485
Bidvest Group, Ltd.		3,035		57,402
Discovery, Ltd.		4,537		65,286
FirstRand, Ltd. (c)		16,009		90,389
Fortress REIT, Ltd. Class B, (c)		15,778		15,846
Gold Fields, Ltd.		6,300		25,511
Growthpoint Properties, Ltd. REIT (c)		20,878		50,060
Life Healthcare Group Holdings, Ltd.		15,553		36,242
MTN Group, Ltd.		8,575		86,135
Naspers, Ltd. Class N		2,159		526,932
Nedbank Group, Ltd. (c)		2,326		56,054
Redefine Properties, Ltd. REIT		46,443		45,429
Remgro, Ltd.		2,567		48,096
Sanlam, Ltd. (c)		7,888		56,786
Sappi, Ltd.		6,417		41,268
Shoprite Holdings, Ltd.		2,659		56,682
SPAR Group, Ltd.		2,574		44,004
Standard Bank Group, Ltd. (c)		6,242		115,202
Steinhoff International Holdings NV		15,595		4,343
Tiger Brands, Ltd.		1,333		41,851
Vodacom Group, Ltd.		3,382		43,691

Security Description	Shares		Value
Woolworths Holdings, Ltd.		6,520	$	33,016
				1,700,893
SOUTH KOREA — 16.1%
Amorepacific Corp.		191		55,012
AMOREPACIFIC Group		255		32,775
Celltrion, Inc. (a)		470		139,779
CJ CheilJedang Corp.		113		33,924
Coway Co., Ltd.		418		34,431
DB Insurance Co., Ltd.		560		34,675
E-MART, Inc.		241		61,160
GS Holdings Corp.		770		44,499
Hana Financial Group, Inc.		1,543		66,011
Hankook Tire Co., Ltd.		687		33,902
Hyundai Engineering & Construction Co., Ltd.		953		38,088
Hyundai Glovis Co., Ltd.		227		38,760
Hyundai Heavy Industries Co., Ltd. (a)		192		24,768
Hyundai Mobis Co., Ltd.		348		82,927
Hyundai Motor Co.		702		94,509
Hyundai Motor Co. Preference Shares		411		33,276
Hyundai Robotics Co., Ltd. (a)		12		4,796
Hyundai Steel Co.		806		39,018
Industrial Bank of Korea		3,224		47,185
Kangwon Land, Inc.		1,050		26,844
KB Financial Group, Inc.		2,032		117,432
Kia Motors Corp.		1,507		45,030
Korea Aerospace Industries, Ltd. (a)		560		26,243
Korea Electric Power Corp.		1,330		41,052
Korea Zinc Co., Ltd.		92		41,602
KT&G Corp.		638		59,856
LG Chem, Ltd.		288		104,295
LG Corp.		638		52,014
LG Display Co., Ltd.		1,330		32,255
LG Electronics, Inc.		799		81,707
LG Household & Health Care, Ltd.		57		63,743
Lotte Chemical Corp.		128		51,997
NAVER Corp.		149		109,873
NCSoft Corp.		142		54,621
POSCO		397		125,517
Samsung C&T Corp.		390		50,127
Samsung Electronics Co., Ltd. Preference Shares		79		150,084
Samsung Electronics Co., Ltd.		439		1,009,877
Samsung Fire & Marine Insurance Co., Ltd.		163		40,983
Samsung Life Insurance Co., Ltd.		370		40,093
Samsung SDI Co., Ltd.		432		77,411
Samsung SDS Co., Ltd.		255		60,407
Shinhan Financial Group Co., Ltd.		2,173		92,045
SK Holdings Co., Ltd.		248		69,451
SK Hynix, Inc.		3,082		232,184
SK Telecom Co., Ltd.		177		38,193
S-Oil Corp.		489		54,823
Woori Bank		3,434		46,392
				3,935,646

See accompanying notes to financial statements.

69

SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
TAIWAN — 13.2%
Advanced Semiconductor Engineering, Inc.		35,312	$	51,048
Asustek Computer, Inc.		7,000		65,182
AU Optronics Corp.		96,000		44,449
Catcher Technology Co., Ltd.		7,000		86,789
Cathay Financial Holding Co., Ltd.		34,000		60,404
Chang Hwa Commercial Bank, Ltd.		73,500		42,476
Cheng Shin Rubber Industry Co., Ltd.		14,000		22,735
China Development Financial Holding Corp.		142,000		50,163
China Life Insurance Co., Ltd.		34,980		36,291
China Steel Corp.		78,000		62,064
Chunghwa Telecom Co., Ltd.		13,000		49,714
Compal Electronics, Inc.		57,000		38,805
CTBC Financial Holding Co., Ltd.		78,000		55,911
Delta Electronics, Inc.		7,000		31,210
E.Sun Financial Holding Co., Ltd.		70,491		47,386
Far EasTone Telecommunications Co., Ltd.		14,000		36,972
First Financial Holding Co., Ltd.		72,000		50,005
Formosa Chemicals & Fibre Corp.		14,000		52,337
Formosa Petrochemical Corp.		14,000		56,899
Formosa Plastics Corp.		21,000		74,185
Foxconn Technology Co., Ltd.		14,000		37,500
Fubon Financial Holding Co., Ltd.		34,000		58,422
Hon Hai Precision Industry Co., Ltd.		78,000		240,765
Hua Nan Financial Holdings Co., Ltd.		73,500		44,115
Lite-On Technology Corp.		28,000		39,085
MediaTek, Inc.		6,000		68,114
Mega Financial Holding Co., Ltd.		50,000		42,957
Nan Ya Plastics Corp.		28,000		78,554
Pegatron Corp.		14,000		34,859
President Chain Store Corp.		7,000		70,343
Quanta Computer, Inc.		12,000		24,200
Siliconware Precision Industries Co., Ltd.		21,000		36,660
SinoPac Financial Holdings Co., Ltd.		123,975		43,795
Taishin Financial Holding Co., Ltd.		103,007		50,520
Taiwan Cement Corp.		28,000		35,100
Taiwan Cooperative Financial Holding Co., Ltd.		79,650		46,850
Taiwan Mobile Co., Ltd.		7,000		26,169
Taiwan Semiconductor Manufacturing Co., Ltd.		128,000		1,071,166
Uni-President Enterprises Corp.		28,000		65,590
United Microelectronics Corp.		99,000		51,950
Yuanta Financial Holding Co., Ltd.		99,000		45,329
				3,227,068
THAILAND — 2.1%
Advanced Info Service PCL NVDR		9,200		60,608
Airports of Thailand PCL NVDR		30,700		64,797
Bangkok Dusit Medical Services PCL NVDR		57,400		43,137

Security Description	Shares		Value
CP ALL PCL NVDR		29,100	$	81,195
Kasikornbank PCL (e)		9,900		67,435
Minor International PCL NVDR		31,500		38,280
PTT Global Chemical PCL NVDR		21,300		64,540
Siam Cement PCL (e)		2,800		44,234
Siam Commercial Bank PCL NVDR		10,600		48,644
				512,870
TURKEY — 1.0%
Akbank Turk A/S		16,261		39,242
BIM Birlesik Magazalar A/S		2,188		39,409
Haci Omer Sabanci Holding A/S		11,564		30,593
Turkcell Iletisim Hizmetleri A/S		11,113		42,248
Turkiye Garanti Bankasi A/S		18,744		51,575
Turkiye Is Bankasi A/S Class C		24,410		43,935
				247,002
UNITED ARAB EMIRATES — 0.7%
Abu Dhabi Commercial Bank PJSC		21,129		37,967
Aldar Properties PJSC		50,062		29,031
DP World, Ltd.		1,891		42,547
Emaar Properties PJSC		20,010		31,598
Emirates Telecommunications Group Co. PJSC		7,154		34,377
				175,520
TOTAL COMMON STOCKS (Cost $19,817,886)				22,797,634
SHORT-TERM INVESTMENTS — 6.7%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (f) (g)		1,195,895		1,195,895
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)		434,013		434,013
TOTAL SHORT-TERM INVESTMENTS (Cost $1,629,908)				1,629,908
TOTAL INVESTMENTS — 100.0% (Cost $21,447,794)				24,427,542
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (i)				9,598
NET ASSETS — 100.0%			$	24,437,140

See accompanying notes to financial statements.

70

SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

(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 shares of the security are on loan at March 31, 2018.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.3% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $111,669 representing 0.5% of net assets.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at March 31, 2018.

(h) Investment of cash collateral for securities loaned.

(i) Amount is less than 0.05% of net assets.

ADR =American Depositary Receipt

GDR =Global Depositary Receipt

NVDR =Non Voting Depositary Receipt

REIT =Real Estate Investment Trust

At March 31, 2018, open futures contracts purchased were as follows:

Description	Number of Contracts	Expiration Date		Notional Amount			Value			Unrealized Appreciation/ Depreciation
SGX NIFTY 50	80		04/26/2018		$	1,617,197		$	1,636,634		$	19,437

During the period ended March 31, 2018, average notional value related to futures contracts was $1,566,171 or less than 0.5% of net assets.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil		$	1,731,166		$	—		$	—		$	1,731,166
Chile			293,574			—			—			293,574
China			7,387,574			—			—			7,387,574
Colombia			117,469			—			—			117,469
Egypt			31,136			—			—			31,136
Greece			31,490			—			—			31,490
Hong Kong			111,846			—			—			111,846
Hungary			105,395			—			—			105,395
Indonesia			554,229			—			—			554,229
Malaysia			609,188			—			—			609,188
Mexico			817,525			—			—			817,525
Peru			159,382			—			—			159,382
Philippines			291,933			—			—			291,933
Poland			244,722			—			—			244,722
Qatar			147,810			—			—			147,810
Russia			364,196			—			—			364,196

See accompanying notes to financial statements.

71

SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
South Africa		$	1,700,893		$	—		$	—		$	1,700,893
South Korea			3,935,646			—			—			3,935,646
Taiwan			3,227,068			—			—			3,227,068
Thailand			401,201			111,669			—			512,870
Turkey			247,002			—			—			247,002
United Arab Emirates			175,520			—			—			175,520
Short-Term Investments			1,629,908			—			—			1,629,908
TOTAL INVESTMENTS		$	24,315,873		$	111,669		$	—		$	24,427,542
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts(a)			19,437			—			—			19,437
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS		$	24,335,310		$	111,669		$	—		$	24,446,979

(a) Futures Contracts are valued at unrealized appreciation (depreciation).

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		851,592		$	851,592		$	2,252,882		$	1,908,579		$	—		$	—		1,195,895		$	1,195,895		$	7,371		$	—
State Street Navigator Securities Lending Government Money Market Portfolio		172,291			172,291			1,038,024			776,302			—			—		434,013			434,013			1,465			—
Total				$	1,023,883		$	3,290,906		$	2,684,881		$	—		$	—				$	1,629,908		$	8,836		$	—

See accompanying notes to financial statements.

72

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SUMMARY SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS - 99.4%
BRAZIL – 5.4%
Ambev SA ADR		511,700	$	3,720,060
Itausa - Investimentos Itau SA Preference Shares		433,691		1,799,434
Other Securities		1,303,483		11,702,064
				17,221,558
CHILE – 1.7%
Other Securities		4,300,163		5,614,528
CHINA – 25.3%
AAC Technologies Holdings, Inc.		109,500		1,975,613
Agricultural Bank of China, Ltd. Class H		4,040,000		2,295,835
Alibaba Group Holding, Ltd. ADR (a) (b)		12,009		2,204,132
Bank of China, Ltd. Class H		6,746,071		3,627,336
China Construction Bank Corp. Class H		5,094,394		5,231,810
China Huishan Dairy Holdings Co., Ltd. (a) (c)		1,072,393		—
China Mobile, Ltd.		740,997		6,793,157
China Petroleum & Chemical Corp. Class H		2,388,395		2,096,765
CSPC Pharmaceutical Group, Ltd.		958,000		2,545,048
Geely Automobile Holdings, Ltd.		492,000		1,416,765
Guangdong Investment, Ltd.		968,000		1,522,001
Industrial & Commercial Bank of China, Ltd. Class H		4,257,448		3,650,807
NetEase, Inc. ADR		11,007		3,086,253
PetroChina Co., Ltd. Class H		2,240,000		1,538,371
Shenzhou International Group Holdings, Ltd.		146,000		1,537,518
Sunny Optical Technology Group Co., Ltd.		86,693		1,600,578
Tencent Holdings, Ltd.		136,678		7,133,176
Yum China Holdings, Inc.		64,362		2,671,023
Other Securities		19,815,308		30,322,005
				81,248,193
COLOMBIA – 0.4%
Other Securities		209,928		1,154,439
CZECH REPUBLIC – 0.3%
Other Securities		109,544		1,104,488
EGYPT – 0.3%
Other Security		193,077		980,831
GREECE – 0.6%
Other Securities		738,417		1,804,234
HONG KONG – 0.9%
Hanergy Thin Film Power Group, Ltd. (a) (c)		598,000		—
Other Securities		2,249,925		3,043,190
				3,043,190
HUNGARY – 0.4%
Other Securities		71,653		1,198,467

Security Description	Shares		Value
INDIA – 9.8%
HCL Technologies, Ltd.		117,425	$	1,743,865
Hindustan Unilever, Ltd.		101,904		2,083,259
Infosys, Ltd. ADR (b)		165,681		2,957,406
Infosys, Ltd.		100,407		1,742,375
Tata Consultancy Services, Ltd.		79,950		3,492,542
Other Securities		2,484,248		19,320,154
				31,339,601
INDONESIA – 4.1%
Bank Central Asia Tbk PT		1,946,925		3,294,959
Bank Rakyat Indonesia Persero Tbk PT		6,661,500		1,741,885
Telekomunikasi Indonesia Persero Tbk PT		8,018,275		2,096,662
Unilever Indonesia Tbk PT		419,400		1,508,682
Other Securities		15,741,869		4,568,272
				13,210,460
MALAYSIA – 3.7%
Malayan Banking Bhd		614,399		1,671,013
Public Bank Bhd		370,511		2,298,931
Other Securities		3,772,069		7,850,273
				11,820,217
MEXICO – 2.0%
Wal-Mart de Mexico SAB de CV		801,824		2,032,069
Other Securities		1,710,678		4,285,277
				6,317,346
PAKISTAN – 0.1%
Other Securities		163,105		409,785
PERU – 0.5%
Credicorp, Ltd.		6,810		1,546,143
Other Securities		2,571		71,251
				1,617,394
PHILIPPINES – 1.5%
Other Securities		3,150,104		4,690,661
POLAND – 1.0%
Other Securities		453,709		3,348,162
QATAR – 0.8%
Other Securities		162,997		2,621,216
ROMANIA – 0.1%
Other Security		24,874		241,419
RUSSIA – 3.7%
Gazprom PJSC ADR		457,553		2,226,453
LUKOIL PJSC ADR		21,698		1,494,992
Sberbank of Russia PJSC ADR		87,280		1,626,026
Tatneft PJSC ADR		24,499		1,546,377
Other Securities		64,723,064		4,979,056
				11,872,904
SOUTH AFRICA – 5.0%
FirstRand, Ltd. (b)		363,615		2,053,030
Vodacom Group, Ltd.		119,159		1,539,375
Other Securities		1,621,021		12,522,158
				16,114,563

See accompanying notes to financial statements.

73

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SOUTH KOREA – 11.7%
KT&G Corp.		20,621	$	1,934,609
NAVER Corp.		3,542		2,611,889
Samsung Electronics Co., Ltd. GDR (d)		3,218		3,687,828
Samsung Electronics Co., Ltd.		740		1,702,299
SK Hynix, Inc.		20,260		1,526,295
Other Securities		534,522		25,963,728
				37,426,648
TAIWAN – 14.5%
Chunghwa Telecom Co., Ltd.		739,540		2,828,093
Far EasTone Telecommunications Co., Ltd.		604,449		1,596,274
Hon Hai Precision Industry Co., Ltd.		1,973,163		6,090,636
President Chain Store Corp.		148,000		1,487,259
Taiwan Cooperative Financial Holding Co., Ltd.		2,648,165		1,557,637
Taiwan Mobile Co., Ltd.		529,542		1,979,630
Taiwan Semiconductor Manufacturing Co., Ltd.		1,123,495		9,401,954
Other Securities		15,966,627		21,501,672
				46,443,155
THAILAND – 3.7%
Other Securities		9,774,796		11,860,156
TURKEY – 0.8%
Other Securities		827,691		2,721,957
UNITED ARAB EMIRATES – 1.1%
Other Securities		1,347,350		3,634,010
TOTAL COMMON STOCKS (Cost $278,424,508)				319,059,582
RIGHTS - 0.0% (e)
SOUTH KOREA – 0.0% (e)
Other Security (cost $0)		4,217		8,209
SHORT-TERM INVESTMENTS - 2.0%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (f) (g)		419,516		419,516
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)		5,879,993		5,879,993
TOTAL SHORT-TERM INVESTMENTS (Cost $6,299,509)				6,299,509
TOTAL INVESTMENTS - 101.4% (Cost $284,724,017)				325,367,300
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)%				(4,366,673	)
NET ASSETS - 100.0%			$	321,000,627

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund’s website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $0, representing 0.0% of the Fund’s net assets.

(d) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(e) Amount is less than 0.05% of net assets.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at March 31, 2018.

(h) Investment of cash collateral for securities loaned.

ADR American Depositary Receipt

GDR Global Depositary Receipt

See accompanying notes to financial statements.

74

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs				Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil		$	17,221,558		$	—		$	—			$	17,221,558
Chile			5,614,528			—			—				5,614,528
China			81,248,193			—			0	(a)			81,248,193
Colombia			1,154,439			—			—				1,154,439
Czech Republic			1,104,488			—			—				1,104,488
Egypt			980,831			—			—				980,831
Greece			1,804,234			—			—				1,804,234
Hong Kong			3,043,190			—			0	(a)			3,043,190
Hungary			1,198,467			—			—				1,198,467
India			31,339,601			—			—				31,339,601
Indonesia			13,210,460			—			—				13,210,460
Malaysia			11,820,217			—			—				11,820,217
Mexico			6,317,346			—			—				6,317,346
Pakistan			409,785			—			—				409,785
Peru			1,617,394			—			—				1,617,394
Philippines			4,690,661			—			—				4,690,661
Poland			3,348,162			—			—				3,348,162
Qatar			2,621,216			—			—				2,621,216
Romania			241,419			—			—				241,419
Russia			11,872,904			—			—				11,872,904
South Africa			16,114,563			—			—				16,114,563
South Korea			37,426,648			—			—				37,426,648
Taiwan			46,443,155			—			—				46,443,155
Thailand			2,637,588			9,222,568			—				11,860,156
Turkey			2,721,957			—			—				2,721,957
United Arab Emirates			3,634,010			—			—				3,634,010
Rights
South Korea			8,209			—			—				8,209
Short-Term Investments			6,299,509			—			—				6,299,509
TOTAL INVESTMENTS		$	316,144,732		$	9,222,568		$	0			$	325,367,300

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2018.

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		647,704		$	647,704		$	12,177,070		$	12,405,258		$	—		$	—		419,516		$	419,516		$	2,997		$	—
State Street Navigator Securities Lending Government Money Market Portfolio		3,055,835			3,055,835			14,107,878			11,283,720			—			—		5,879,993			5,879,993			12,523			—
Total				$	3,703,539		$	26,284,948		$	23,688,978		$	—		$	—				$	6,299,509		$	15,520		$	—

See accompanying notes to financial statements.

75

SPDR MSCI GERMANY STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.0%
AEROSPACE & DEFENSE — 1.8%
MTU Aero Engines AG		1,009	$	169,758
AIR FREIGHT & LOGISTICS — 3.6%
Deutsche Post AG		7,791		340,344
AIRLINES — 0.7%
Deutsche Lufthansa AG		1,960		62,529
AUTO COMPONENTS — 3.2%
Continental AG		1,075		296,545
Schaeffler AG Preference Shares		592		9,126
				305,671
AUTOMOBILES — 9.5%
Bayerische Motoren Werke AG		1,448		156,980
Bayerische Motoren Werke AG Preference Shares		401		37,555
Daimler AG		4,884		414,275
Porsche Automobil Holding SE Preference Shares		569		47,235
Volkswagen AG		184		36,795
Volkswagen AG Preference Shares		1,105		219,313
				912,153
BANKS — 0.7%
Commerzbank AG (a)		5,016		65,045
CAPITAL MARKETS — 1.7%
Deutsche Bank AG		7,514		104,665
Deutsche Boerse AG		432		58,761
				163,426
CHEMICALS — 12.1%
BASF SE		4,519		458,343
Covestro AG (b)		1,970		193,485
Evonik Industries AG		2,644		93,129
Fuchs Petrolub SE Preference Shares		1,757		95,293
KS AG		699		20,151
Lanxess AG		174		13,311
Linde AG (a)		503		105,845
Symrise AG		2,278		183,113
				1,162,670
CONSTRUCTION & ENGINEERING — 0.2%
HOCHTIEF AG		122		22,761
CONSTRUCTION MATERIALS — 0.7%
HeidelbergCement AG		650		63,776
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.2%
Deutsche Telekom AG		16,851		274,596
Telefonica Deutschland Holding AG		6,005		28,182
				302,778
ELECTRICAL EQUIPMENT — 1.2%
OSRAM Licht AG		1,501		110,317

Security Description	Shares		Value
FOOD & STAPLES RETAILING — 0.2%
METRO AG		1,040	$	18,406
HEALTH CARE PROVIDERS & SERVICES — 3.1%
Fresenius Medical Care AG & Co. KGaA		1,357		138,486
Fresenius SE & Co. KGaA		2,034		155,244
				293,730
HOUSEHOLD PRODUCTS — 3.6%
Henkel AG & Co. KGaA Preference Shares		2,045		268,732
Henkel AG & Co. KGaA		597		75,111
				343,843
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.0%
Uniper SE		3,267		99,444
INDUSTRIAL CONGLOMERATES — 4.5%
Siemens AG		3,419		435,287
INSURANCE — 11.4%
Allianz SE		1,919		432,839
Hannover Rueck SE		1,284		175,126
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,080		483,095
				1,091,060
INTERNET & CATALOG RETAIL — 0.2%
Zalando SE (a) (b)		302		16,446
INTERNET SOFTWARE & SERVICES — 0.4%
United Internet AG		551		34,628
IT SERVICES — 2.3%
Wirecard AG		1,881		221,896
LIFE SCIENCES TOOLS & SERVICES — 0.4%
QIAGEN NV (a)		1,331		42,969
MACHINERY — 3.2%
GEA Group AG		2,880		122,375
KION Group AG		143		13,320
MAN SE		1,484		172,928
				308,623
MEDIA — 3.8%
Axel Springer SE		695		58,123
ProSiebenSat.1 Media SE		4,662		161,572
RTL Group SA		1,798		149,150
				368,845
METALS & MINING — 0.3%
ThyssenKrupp AG		1,189		30,986
MULTI-UTILITIES — 3.0%
E.ON SE		7,517		83,388
Innogy SE (b)		2,668		126,229

See accompanying notes to financial statements.

76

SPDR MSCI GERMANY STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
RWE AG (a)		2,995	$	73,889
				283,506
PERSONAL PRODUCTS — 3.1%
Beiersdorf AG		2,628		297,413
PHARMACEUTICALS — 5.4%
Bayer AG		3,267		368,805
Merck KGaA		1,532		146,774
				515,579
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.9%
Deutsche Wohnen SE		1,844		85,951
Vonovia SE		1,962		97,122
				183,073
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.1%
Infineon Technologies AG		7,701		205,901
SOFTWARE — 3.9%
SAP SE		3,618		378,082
TEXTILES, APPAREL & LUXURY GOODS — 4.5%
adidas AG		1,204		291,188
HUGO BOSS AG		1,584		137,846
				429,034
TRADING COMPANIES & DISTRIBUTORS — 1.5%
Brenntag AG		2,349		139,535
TRANSPORTATION INFRASTRUCTURE — 0.5%
Fraport AG Frankfurt Airport Services Worldwide		530		52,211

Security Description	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 0.1%
1&1 Drillisch AG		209	$	14,073
TOTAL COMMON STOCKS (Cost $9,085,708)				9,485,798
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (c) (d) (Cost $4,859)		4,859		4,859
TOTAL INVESTMENTS — 99.1% (Cost $9,090,567)				9,490,657
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%				89,284
NET ASSETS — 100.0%			$	9,579,941

(a) Non-income producing security.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.5% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at March 31, 2018.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense		$	169,758		$	—		$	—		$	169,758
Air Freight & Logistics			340,344			—			—			340,344
Airlines			62,529			—			—			62,529
Auto Components			305,671			—			—			305,671
Automobiles			912,153			—			—			912,153
Banks			65,045			—			—			65,045
Capital Markets			163,426			—			—			163,426
Chemicals			1,162,670			—			—			1,162,670
Construction & Engineering			22,761			—			—			22,761
Construction Materials			63,776			—			—			63,776
Diversified Telecommunication Services			302,778			—			—			302,778
Electrical Equipment			110,317			—			—			110,317
Food & Staples Retailing			18,406			—			—			18,406

See accompanying notes to financial statements.

77

SPDR MSCI GERMANY STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
Health Care Providers & Services		$	293,730		$	—		$	—		$	293,730
Household Products			343,843			—			—			343,843
Independent Power Producers & Energy Traders			99,444			—			—			99,444
Industrial Conglomerates			435,287			—			—			435,287
Insurance			1,091,060			—			—			1,091,060
Internet & Catalog Retail			16,446			—			—			16,446
Internet Software & Services			34,628			—			—			34,628
IT Services			221,896			—			—			221,896
Life Sciences Tools & Services			42,969			—			—			42,969
Machinery			308,623			—			—			308,623
Media			368,845			—			—			368,845
Metals & Mining			30,986			—			—			30,986
Multi-Utilities			283,506			—			—			283,506
Personal Products			297,413			—			—			297,413
Pharmaceuticals			515,579			—			—			515,579
Real Estate Management & Development			183,073			—			—			183,073
Semiconductors & Semiconductor Equipment			205,901			—			—			205,901
Software			378,082			—			—			378,082
Textiles, Apparel & Luxury Goods			429,034			—			—			429,034
Trading Companies & Distributors			139,535			—			—			139,535
Transportation Infrastructure			52,211			—			—			52,211
Wireless Telecommunication Services			14,073			—			—			14,073
Short-Term Investment			4,859			—			—			4,859
TOTAL INVESTMENTS		$	9,490,657		$	—		$	—		$	9,490,657

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		1,300		$	1,300		$	62,580		$	59,021		$	—		$	—		4,859		$	4,859		$	29		$	—

See accompanying notes to financial statements.

78

SPDR MSCI JAPAN STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.0%
AIR FREIGHT & LOGISTICS — 0.1%
Yamato Holdings Co., Ltd. (a)		900	$	22,582
AIRLINES — 1.2%
ANA Holdings, Inc.		2,500		96,803
Japan Airlines Co., Ltd.		4,700		189,237
				286,040
AUTO COMPONENTS — 3.4%
Aisin Seiki Co., Ltd.		900		48,914
Bridgestone Corp.		10,700		465,226
Denso Corp.		1,200		65,670
Koito Manufacturing Co., Ltd. (a)		1,900		131,847
NGK Spark Plug Co., Ltd.		300		7,230
NOK Corp.		300		5,828
Stanley Electric Co., Ltd.		200		7,391
Sumitomo Electric Industries, Ltd.		2,800		42,744
Sumitomo Rubber Industries, Ltd.		900		16,519
Toyoda Gosei Co., Ltd.		200		4,652
Toyota Industries Corp.		400		24,222
Yokohama Rubber Co., Ltd.		300		6,948
				827,191
AUTOMOBILES — 7.6%
Honda Motor Co., Ltd.		7,400		254,669
Isuzu Motors, Ltd.		1,400		21,484
Mazda Motor Corp. (a)		2,700		35,708
Mitsubishi Motors Corp. (a)		1,800		12,880
Nissan Motor Co., Ltd. (a)		17,900		185,817
Subaru Corp.		11,100		363,946
Suzuki Motor Corp. (a)		5,400		290,945
Toyota Motor Corp.		9,900		635,331
Yamaha Motor Co., Ltd.		600		17,941
				1,818,721
BANKS — 6.7%
Aozora Bank, Ltd.		1,900		75,661
Bank of Kyoto, Ltd.		200		11,171
Chiba Bank, Ltd.		4,000		32,158
Concordia Financial Group, Ltd.		7,500		41,396
Fukuoka Financial Group, Inc.		3,000		16,164
Hachijuni Bank Ltd.		2,000		10,719
Japan Post Bank Co., Ltd. (a)		7,800		104,733
Kyushu Financial Group, Inc.		2,800		13,849
Mebuki Financial Group, Inc.		6,200		23,844
Mitsubishi UFJ Financial Group, Inc.		56,400		369,636
Mizuho Financial Group, Inc. (a)		168,800		303,792
Resona Holdings, Inc.		17,400		91,949
Seven Bank, Ltd. (a)		800		2,550
Shinsei Bank, Ltd.		800		12,307
Shizuoka Bank, Ltd.		2,000		18,919
Sumitomo Mitsui Financial Group, Inc.		7,900		331,154
Sumitomo Mitsui Trust Holdings, Inc.		1,500		60,747
Suruga Bank, Ltd.		3,300		45,582

Security Description	Shares		Value
Yamaguchi Financial Group, Inc. (a)		4,000	$	48,444
				1,614,775
BEVERAGES — 1.6%
Asahi Group Holdings, Ltd.		2,100		111,901
Coca-Cola Bottlers Japan Holdings, Inc.		700		28,928
Kirin Holdings Co., Ltd.		5,400		143,822
Suntory Beverage & Food, Ltd.		1,800		87,504
				372,155
BUILDING PRODUCTS — 0.5%
Asahi Glass Co., Ltd.		600		24,852
Daikin Industries, Ltd.		500		55,172
LIXIL Group Corp.		800		17,873
TOTO, Ltd.		200		10,550
				108,447
CAPITAL MARKETS — 1.0%
Daiwa Securities Group, Inc.		4,000		25,527
Japan Exchange Group, Inc.		7,500		138,928
Nomura Holdings, Inc.		10,000		57,856
SBI Holdings, Inc. (a)		600		13,727
				236,038
CHEMICALS — 3.0%
Air Water, Inc.		300		5,856
Asahi Kasei Corp.		4,700		61,827
Daicel Corp.		600		6,556
Hitachi Chemical Co., Ltd.		1,500		34,203
JSR Corp.		400		9,000
Kaneka Corp.		1,000		9,920
Kansai Paint Co., Ltd.		200		4,660
Kuraray Co., Ltd.		1,800		30,601
Mitsubishi Chemical Holdings Corp.		4,600		44,573
Mitsubishi Gas Chemical Co., Inc.		400		9,587
Mitsui Chemicals, Inc.		400		12,619
Nippon Paint Holdings Co., Ltd.		200		7,344
Nissan Chemical Industries, Ltd.		2,100		87,278
Nitto Denko Corp.		200		15,003
Shin-Etsu Chemical Co., Ltd.		1,300		134,523
Sumitomo Chemical Co., Ltd.		4,000		23,319
Taiyo Nippon Sanso Corp.		200		3,030
Teijin, Ltd.		500		9,408
Toray Industries, Inc.		11,500		108,836
Tosoh Corp.		4,700		92,276
				710,419
COMMERCIAL SERVICES & SUPPLIES — 1.2%
Dai Nippon Printing Co., Ltd.		1,600		33,068
Park24 Co., Ltd. (a)		3,600		96,542
Secom Co., Ltd.		1,500		111,707
Sohgo Security Services Co., Ltd.		100		4,946
Toppan Printing Co., Ltd.		6,000		49,252
				295,515

See accompanying notes to financial statements.

79

SPDR MSCI JAPAN STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
CONSTRUCTION & ENGINEERING — 2.5%
JGC Corp.		500	$	10,879
Kajima Corp.		9,000		83,526
Obayashi Corp.		14,100		154,324
Shimizu Corp.		12,500		111,777
Taisei Corp.		4,600		233,569
				594,075
CONSTRUCTION MATERIALS — 0.0% (b)
Taiheiyo Cement Corp.		300		10,903
CONSUMER FINANCE — 0.0% (b)
Acom Co., Ltd. (a) (c)		300		1,337
AEON Financial Service Co., Ltd.		200		4,598
Credit Saison Co., Ltd.		300		4,928
				10,863
CONTAINERS & PACKAGING — 0.0% (b)
Toyo Seikan Group Holdings, Ltd. (a)		500		7,438
DIVERSIFIED CONSUMER SERVICES — 0.2%
Benesse Holdings, Inc.		1,000		36,248
DIVERSIFIED FINANCIAL SERVICES — 0.3%
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,600		9,388
ORIX Corp.		4,200		74,107
				83,495
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.8%
Nippon Telegraph & Telephone Corp.		4,100		188,905
ELECTRIC UTILITIES — 1.3%
Chubu Electric Power Co., Inc.		5,000		70,663
Chugoku Electric Power Co., Inc. (a)		2,100		25,315
Kansai Electric Power Co., Inc.		3,900		50,130
Kyushu Electric Power Co., Inc.		2,200		26,230
Tohoku Electric Power Co., Inc. (a)		4,200		56,118
Tokyo Electric Power Co. Holdings, Inc. (c)		23,700		91,368
				319,824
ELECTRICAL EQUIPMENT — 0.6%
Fuji Electric Co., Ltd.		1,000		6,808
Mitsubishi Electric Corp.		4,100		65,596
Nidec Corp.		400		61,645
				134,049

Security Description	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.8%
Alps Electric Co., Ltd. (a)		300	$	7,357
Hamamatsu Photonics KK		100		3,780
Hirose Electric Co., Ltd.		105		14,434
Hitachi High-Technologies Corp.		100		4,758
Hitachi, Ltd.		15,000		108,716
Keyence Corp.		900		558,872
Kyocera Corp.		1,500		84,683
Murata Manufacturing Co., Ltd.		300		41,100
Nippon Electric Glass Co., Ltd.		200		5,943
Omron Corp. (a)		300		17,659
Shimadzu Corp.		700		19,693
TDK Corp.		300		27,052
Yaskawa Electric Corp.		100		4,537
Yokogawa Electric Corp.		300		6,200
				904,784
FOOD & STAPLES RETAILING — 2.2%
Aeon Co., Ltd. (a)		4,200		75,015
FamilyMart UNY Holdings Co., Ltd.		800		67,400
Lawson, Inc. (a)		1,500		102,257
Seven & i Holdings Co., Ltd.		2,900		124,453
Sundrug Co., Ltd. (a)		1,300		60,080
Tsuruha Holdings, Inc.		700		99,850
				529,055
FOOD PRODUCTS — 1.6%
Ajinomoto Co., Inc.		2,900		52,492
Calbee, Inc. (a)		1,300		43,028
Kikkoman Corp.		100		4,024
MEIJI Holdings Co., Ltd.		800		60,931
NH Foods, Ltd.		1,500		61,495
Nisshin Seifun Group, Inc.		1,100		21,814
Nissin Foods Holdings Co., Ltd.		800		55,515
Toyo Suisan Kaisha, Ltd.		1,500		58,180
Yakult Honsha Co., Ltd.		100		7,400
Yamazaki Baking Co., Ltd.		1,100		22,838
				387,717
GAS UTILITIES — 0.8%
Osaka Gas Co., Ltd. (a)		4,900		96,733
Toho Gas Co., Ltd.		400		12,299
Tokyo Gas Co., Ltd.		2,800		74,285
				183,317
HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%
Hoya Corp.		7,200		359,154
Olympus Corp.		300		11,396
Sysmex Corp.		2,600		235,675
Terumo Corp.		1,800		94,612
				700,837
HEALTH CARE PROVIDERS & SERVICES — 0.3%
Alfresa Holdings Corp. (a)		1,200		26,719

See accompanying notes to financial statements.

80

SPDR MSCI JAPAN STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Medipal Holdings Corp.		1,000	$	20,498
Suzuken Co., Ltd.		800		33,061
				80,278
HEALTH CARE TECHNOLOGY — 0.7%
M3, Inc. (a)		3,900		175,289
HOTELS, RESTAURANTS & LEISURE — 2.3%
McDonald’s Holdings Co. Japan, Ltd.		2,700		126,432
Oriental Land Co., Ltd.		4,200		429,083
				555,515
HOUSEHOLD DURABLES — 2.0%
Casio Computer Co., Ltd. (a)		300		4,474
Iida Group Holdings Co., Ltd.		500		9,347
Nikon Corp.		2,000		35,656
Panasonic Corp.		5,500		78,660
Rinnai Corp.		300		28,491
Sekisui Chemical Co., Ltd.		7,300		127,398
Sekisui House, Ltd.		3,800		69,390
Sharp Corp. (c)		100		2,990
Sony Corp.		2,500		120,968
				477,374
HOUSEHOLD PRODUCTS — 0.7%
Lion Corp.		600		12,090
Unicharm Corp.		5,900		168,041
				180,131
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
Electric Power Development Co., Ltd.		600		15,131
INDUSTRIAL CONGLOMERATES — 0.2%
Keihan Holdings Co., Ltd.		100		3,084
Seibu Holdings, Inc.		400		6,966
Toshiba Corp. (c)		11,000		31,857
				41,907
INSURANCE — 2.2%
Dai-ichi Life Holdings, Inc.		4,100		74,887
Japan Post Holdings Co., Ltd.		14,200		171,041
MS&AD Insurance Group Holdings, Inc.		2,600		82,022
Sompo Holdings, Inc.		1,500		60,395
Sony Financial Holdings, Inc. (a)		400		7,281
T&D Holdings, Inc.		1,900		30,166
Tokio Marine Holdings, Inc.		2,500		111,307
				537,099
INTERNET & CATALOG RETAIL — 0.4%
Rakuten, Inc.		2,000		16,909

Security Description	Shares		Value
Start Today Co., Ltd.		3,000	$	80,169
				97,078
INTERNET SOFTWARE & SERVICES — 0.7%
DeNA Co., Ltd. (a)		200		3,611
Kakaku.com, Inc.		2,600		45,521
Yahoo! Japan Corp. (a)		26,700		124,023
				173,155
IT SERVICES — 1.5%
Fujitsu, Ltd.		7,000		43,099
Nomura Research Institute, Ltd.		600		28,434
NTT Data Corp.		6,000		63,865
Obic Co., Ltd.		900		74,894
Otsuka Corp.		2,800		141,119
				351,411
LEISURE EQUIPMENT & PRODUCTS — 0.6%
Bandai Namco Holdings, Inc.		1,200		39,436
Sankyo Co., Ltd.		1,500		52,891
Sega Sammy Holdings, Inc.		300		4,753
Shimano, Inc.		200		28,848
Yamaha Corp.		400		17,584
				143,512
MACHINERY — 2.6%
Amada Holdings Co., Ltd.		300		3,645
FANUC Corp.		500		126,751
Hino Motors, Ltd.		800		10,298
Hitachi Construction Machinery Co., Ltd. (a)		200		7,720
Hoshizaki Corp.		1,000		87,823
IHI Corp.		400		12,431
JTEKT Corp.		600		8,891
Kawasaki Heavy Industries, Ltd.		400		12,938
Komatsu, Ltd.		2,700		90,051
Kubota Corp.		1,800		31,515
Kurita Water Industries, Ltd.		400		12,694
Makita Corp.		1,300		63,564
MINEBEA MITSUMI, Inc.		700		14,954
Mitsubishi Heavy Industries, Ltd. (a)		1,200		45,969
Nabtesco Corp.		1,600		61,758
NGK Insulators, Ltd.		500		8,622
NSK, Ltd.		900		12,068
Sumitomo Heavy Industries, Ltd.		200		7,588
THK Co., Ltd.		200		8,275
				627,555
MARINE — 0.1%
Mitsui OSK Lines, Ltd.		400		11,509
Nippon Yusen KK		700		14,138
				25,647
MEDIA — 0.2%
Dentsu, Inc.		500		21,956
Hakuhodo DY Holdings, Inc.		1,000		13,757

See accompanying notes to financial statements.

81

SPDR MSCI JAPAN STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Toho Co., Ltd.		600	$	19,915
				55,628
METALS & MINING — 0.7%
Hitachi Metals, Ltd.		600		7,097
JFE Holdings, Inc.		2,000		40,310
Kobe Steel, Ltd. (c)		1,900		19,045
Maruichi Steel Tube, Ltd.		100		3,061
Mitsubishi Materials Corp.		600		18,054
Nippon Steel & Sumitomo Metal Corp.		3,000		65,910
Sumitomo Metal Mining Co., Ltd.		300		12,637
				166,114
MULTILINE RETAIL — 1.0%
Don Quijote Holdings Co., Ltd.		300		17,235
Isetan Mitsukoshi Holdings, Ltd.		1,200		13,247
J Front Retailing Co., Ltd.		600		10,206
Marui Group Co., Ltd. (a)		400		8,154
Ryohin Keikaku Co., Ltd.		500		167,842
Takashimaya Co., Ltd.		2,000		19,201
				235,885
OIL, GAS & CONSUMABLE FUELS — 0.7%
Idemitsu Kosan Co., Ltd.		600		22,821
Inpex Corp.		2,100		25,986
JXTG Holdings, Inc.		19,700		119,237
Showa Shell Sekiyu KK		700		9,485
				177,529
PAPER & FOREST PRODUCTS — 0.1%
Oji Holdings Corp.		3,000		19,295
PERSONAL PRODUCTS — 2.9%
Kao Corp.		7,800		585,348
Kose Corp. (a)		400		83,761
Shiseido Co., Ltd.		300		19,219
				688,328
PHARMACEUTICALS — 6.8%
Astellas Pharma, Inc.		38,900		590,358
Chugai Pharmaceutical Co., Ltd.		900		45,529
Daiichi Sankyo Co., Ltd.		3,900		129,303
Eisai Co., Ltd.		800		51,009
Hisamitsu Pharmaceutical Co., Inc.		300		23,244
Kyowa Hakko Kirin Co., Ltd.		900		19,777
Mitsubishi Tanabe Pharma Corp.		5,000		97,790
Ono Pharmaceutical Co., Ltd.		400		12,389
Otsuka Holdings Co., Ltd.		2,500		125,270
Santen Pharmaceutical Co., Ltd.		1,600		25,802
Shionogi & Co., Ltd. (a)		5,400		278,810
Sumitomo Dainippon Pharma Co., Ltd. (a)		1,800		30,229
Taisho Pharmaceutical Holdings Co., Ltd. (a)		600		59,013
Takeda Pharmaceutical Co., Ltd.		2,800		136,459
				1,624,982

Security Description	Shares		Value
PROFESSIONAL SERVICES — 2.0%
Recruit Holdings Co., Ltd.		18,900	$	469,968
Temp Holdings Co., Ltd.		100		2,910
				472,878
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.8%
Daiwa House REIT Investment Corp.		30		71,820
Japan Prime Realty Investment Corp. REIT		14		49,892
Japan Real Estate Investment Corp. REIT		19		98,439
Japan Retail Fund Investment Corp. REIT		44		84,483
Nippon Building Fund, Inc. REIT		19		105,049
Nippon Prologis REIT, Inc.		54		116,276
Nomura Real Estate Master Fund, Inc.		49		67,637
United Urban Investment Corp. REIT		49		76,852
				670,448
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.0%
Aeon Mall Co., Ltd.		200		4,194
Daito Trust Construction Co., Ltd.		1,700		293,963
Daiwa House Industry Co., Ltd.		8,700		335,402
Hulic Co., Ltd.		300		3,275
Mitsubishi Estate Co., Ltd.		1,400		23,676
Mitsui Fudosan Co., Ltd.		1,400		33,983
Nomura Real Estate Holdings, Inc.		300		7,086
Tokyo Tatemono Co., Ltd.		300		4,522
Tokyu Fudosan Holdings Corp.		1,400		10,202
				716,303
ROAD & RAIL — 4.1%
Central Japan Railway Co.		900		170,353
East Japan Railway Co.		1,700		157,644
Hankyu Hanshin Holdings, Inc.		2,400		89,027
Keikyu Corp. (a)		2,200		38,270
Keio Corp.		600		25,642
Keisei Electric Railway Co., Ltd.		600		18,448
Kintetsu Group Holdings Co., Ltd.		1,200		46,770
Kyushu Railway Co. (a)		2,700		84,034
Nagoya Railroad Co., Ltd.		3,300		83,656
Nippon Express Co., Ltd.		400		26,779
Odakyu Electric Railway Co., Ltd.		1,000		20,244
Tobu Railway Co., Ltd.		2,400		72,327
Tokyu Corp.		2,900		45,211
West Japan Railway Co.		1,500		104,810
				983,215
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.8%
Disco Corp.		500		107,899
Renesas Electronics Corp. (c)		400		4,024
Rohm Co., Ltd.		100		9,525

See accompanying notes to financial statements.

82

SPDR MSCI JAPAN STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SUMCO Corp.		100	$	2,623
Tokyo Electron, Ltd.		300		56,460
				180,531
SOFTWARE — 1.2%
Konami Holdings Corp.		700		36,794
LINE Corp. (c)		200		7,917
Nexon Co., Ltd. (c)		200		3,310
Oracle Corp. Japan		1,400		113,869
Trend Micro, Inc.		2,100		125,388
				287,278
SPECIALTY RETAIL — 2.9%
ABC-Mart, Inc.		1,400		92,280
Hikari Tsushin, Inc.		600		95,966
Nitori Holdings Co., Ltd.		1,600		282,915
Shimamura Co., Ltd.		400		50,061
USS Co., Ltd.		4,600		92,995
Yamada Denki Co., Ltd. (a)		13,700		82,187
				696,404
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.6%
Brother Industries, Ltd.		500		11,627
Canon, Inc.		4,900		177,524
FUJIFILM Holdings Corp.		2,500		99,788
Konica Minolta, Inc. (a)		1,600		13,721
NEC Corp.		1,200		33,749
Ricoh Co., Ltd. (a)		3,200		31,624
Seiko Epson Corp.		700		12,447
				380,480
TEXTILES,APPAREL & LUXURY GOODS — 0.0% (b)
Asics Corp. (a)		300		5,554
TOBACCO — 1.9%
Japan Tobacco, Inc.		16,000		461,269
TRADING COMPANIES & DISTRIBUTORS — 3.1%
ITOCHU Corp. (a)		6,400		124,359
Marubeni Corp.		11,400		82,528
MISUMI Group, Inc. (a)		3,700		101,624
Mitsubishi Corp.		5,100		137,247
Mitsui & Co., Ltd.		9,500		162,800
Sumitomo Corp.		6,100		102,728
Toyota Tsusho Corp.		1,000		33,897
				745,183

Security Description	Shares		Value
TRANSPORTATION INFRASTRUCTURE — 0.1%
Kamigumi Co., Ltd.		1,400	$	31,278
WIRELESS TELECOMMUNICATION SERVICES — 5.4%
KDDI Corp.		21,900		559,392
NTT DOCOMO, Inc.		22,200		567,055
SoftBank Group Corp.		2,200		164,457
				1,290,904
TOTAL COMMON STOCKS (Cost $23,067,384)				23,753,961
SHORT-TERM INVESTMENTS — 10.7%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (d) (e)		11,984		11,984
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		2,568,084		2,568,084
TOTAL SHORT-TERM INVESTMENTS (Cost $2,580,068)				2,580,068
TOTAL INVESTMENTS — 109.7% (Cost $25,647,452)				26,334,029
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.7)%				(2,332,790	)
NET ASSETS — 100.0%			$	24,001,239

(a) All or a portion of the shares of the security are on loan at March 31, 2018.

(b) Amount is less than 0.05% of net assets.

(c) Non-income producing security.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2018.

(f) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description		Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Air Freight & Logistics	��		$	22,582		$	—		$	—		$	22,582

See accompanying notes to financial statements.

83

SPDR MSCI JAPAN STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
Airlines		$	286,040		$	—		$	—		$	286,040
Auto Components			827,191			—			—			827,191
Automobiles			1,818,721			—			—			1,818,721
Banks			1,614,775			—			—			1,614,775
Beverages			372,155			—			—			372,155
Building Products			108,447			—			—			108,447
Capital Markets			236,038			—			—			236,038
Chemicals			710,419			—			—			710,419
Commercial Services & Supplies			295,515			—			—			295,515
Construction & Engineering			594,075			—			—			594,075
Construction Materials			10,903			—			—			10,903
Consumer Finance			10,863			—			—			10,863
Containers & Packaging			7,438			—			—			7,438
Diversified Consumer Services			36,248			—			—			36,248
Diversified Financial Services			83,495			—			—			83,495
Diversified Telecommunication Services			188,905			—			—			188,905
Electric Utilities			319,824			—			—			319,824
Electrical Equipment			134,049			—			—			134,049
Electronic Equipment, Instruments & Components			904,784			—			—			904,784
Food & Staples Retailing			529,055			—			—			529,055
Food Products			387,717			—			—			387,717
Gas Utilities			183,317			—			—			183,317
Health Care Equipment & Supplies			700,837			—			—			700,837
Health Care Providers & Services			80,278			—			—			80,278
Health Care Technology			175,289			—			—			175,289
Hotels, Restaurants & Leisure			555,515			—			—			555,515
Household Durables			477,374			—			—			477,374
Household Products			180,131			—			—			180,131
Independent Power Producers & Energy Traders			15,131			—			—			15,131
Industrial Conglomerates			41,907			—			—			41,907
Insurance			537,099			—			—			537,099
Internet & Catalog Retail			97,078			—			—			97,078
Internet Software & Services			173,155			—			—			173,155
IT Services			351,411			—			—			351,411
Leisure Equipment & Products			143,512			—			—			143,512
Machinery			627,555			—			—			627,555
Marine			25,647			—			—			25,647
Media			55,628			—			—			55,628
Metals & Mining			166,114			—			—			166,114
Multiline Retail			235,885			—			—			235,885
Oil, Gas & Consumable Fuels			177,529			—			—			177,529
Paper & Forest Products			19,295			—			—			19,295
Personal Products			688,328			—			—			688,328
Pharmaceuticals			1,624,982			—			—			1,624,982
Professional Services			472,878			—			—			472,878
Real Estate Investment Trusts (REITs)			670,448			—			—			670,448
Real Estate Management & Development			716,303			—			—			716,303
Road & Rail			983,215			—			—			983,215
Semiconductors & Semiconductor Equipment			180,531			—			—			180,531
Software			287,278			—			—			287,278
Specialty Retail			696,404			—			—			696,404
Technology Hardware, Storage & Peripherals			380,480			—			—			380,480
Textiles, Apparel & Luxury Goods			5,554			—			—			5,554
Tobacco			461,269			—			—			461,269

See accompanying notes to financial statements.

84

SPDR MSCI JAPAN STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
Trading Companies & Distributors		$	745,183		$	—		$	—		$	745,183
Transportation Infrastructure			31,278			—			—			31,278
Wireless Telecommunication Services			1,290,904			—			—			1,290,904
Short-Term Investments			2,580,068			—			—			2,580,068
TOTAL INVESTMENTS		$	26,334,029		$	—		$	—		$	26,334,029

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		131		$	131		$	449,523		$	437,670		$	—		$	—		11,984		$	11,984		$	114		$	—
State Street Navigator Securities Lending Government Money Market Portfolio		—			—			2,964,810			396,726			—			—		2,568,084			2,568,084			617			—
Total				$	131		$	3,414,333		$	834,396		$	—		$	—				$	2,580,068		$	731		$	—

See accompanying notes to financial statements.

85

SPDR MSCI UNITED KINGDOM STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AEROSPACE & DEFENSE — 2.8%
BAE Systems PLC		46,789	$	381,605
Cobham PLC (a)		14,191		24,466
Meggitt PLC		5,457		33,055
Rolls-Royce Holdings PLC (a)		5,889		72,004
				511,130
AIR FREIGHT & LOGISTICS — 0.7%
Royal Mail PLC		17,489		132,678
AIRLINES — 0.2%
easyJet PLC		1,877		42,247
AUTO COMPONENTS — 0.8%
GKN PLC		21,770		141,395
BANKS — 8.5%
Barclays PLC		105,620		305,958
HSBC Holdings PLC		88,790		828,786
Lloyds Banking Group PLC		263,336		238,859
Royal Bank of Scotland Group PLC (a)		15,528		56,374
Standard Chartered PLC		13,635		136,320
				1,566,297
BEVERAGES — 5.6%
Coca-Cola HBC AG (a)		2,584		95,478
Diageo PLC		28,009		947,700
				1,043,178
BIOTECHNOLOGY — 0.7%
Shire PLC		2,555		127,972
CAPITAL MARKETS — 3.4%
3i Group PLC		18,376		221,432
Hargreaves Lansdown PLC		3,795		86,935
Investec PLC		2,286		17,624
London Stock Exchange Group PLC		4,115		238,174
Schroders PLC		1,259		56,375
				620,540
CHEMICALS — 1.2%
Croda International PLC		2,284		146,359
Johnson Matthey PLC		1,967		83,938
				230,297
COMMERCIAL SERVICES & SUPPLIES — 0.2%
Babcock International Group PLC		2,948		27,658
G4S PLC		4,107		14,294
				41,952
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.9%
BT Group PLC		109,711		350,128
ELECTRIC UTILITIES — 1.0%
SSE PLC		10,310		184,546

Security Description	Shares		Value
ENERGY EQUIPMENT & SERVICES — 0.0% (b)
John Wood Group PLC		1,085	$	8,219
FOOD & STAPLES RETAILING —1.4%
J Sainsbury PLC		14,604		48,922
Tesco PLC		47,388		136,874
Wm Morrison Supermarkets PLC		22,960		68,764
				254,560
FOOD PRODUCTS — 0.9%
Associated British Foods PLC		4,913		171,679
HEALTH CARE EQUIPMENT & SUPPLIES — 1.7%
ConvaTec Group PLC (c)		9,167		25,603
Smith & Nephew PLC		15,537		290,096
				315,699
HEALTH CARE PROVIDERS & SERVICES —0.1%
Mediclinic International PLC (d)		1,514		12,764
HOTELS, RESTAURANTS & LEISURE — 4.4%
Carnival PLC		1,626		104,468
Compass Group PLC		22,738		464,259
GVC Holdings PLC		700		9,024
InterContinental Hotels Group PLC		138		8,262
Merlin Entertainments PLC (c)		5,631		27,379
TUI AG		4,145		88,847
Whitbread PLC		1,997		103,651
				805,890
HOUSEHOLD DURABLES — 2.1%
Barratt Developments PLC		9,769		72,686
Berkeley Group Holdings PLC		1,715		91,156
Persimmon PLC		3,803		134,972
Taylor Wimpey PLC		35,260		91,308
				390,122
HOUSEHOLD PRODUCTS — 4.2%
Reckitt Benckiser Group PLC		9,065		767,307
INDUSTRIAL CONGLOMERATES — 0.5%
DCC PLC		317		29,172
Smiths Group PLC		3,329		70,679
				99,851
INSURANCE — 6.3%
Admiral Group PLC		6,122		158,362
Aviva PLC		20,585		143,199
Direct Line Insurance Group PLC		21,568		115,365
Legal & General Group PLC		77,746		281,162
Old Mutual PLC		12,916		43,358
Prudential PLC		7,496		187,016
RSA Insurance Group PLC		20,097		177,610
St James’s Place PLC		377		5,746

See accompanying notes to financial statements.

86

SPDR MSCI UNITED KINGDOM STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Standard Life Aberdeen PLC		10,163	$	51,281
				1,163,099
INTERNET SOFTWARE & SERVICES — 0.1%
Auto Trader Group PLC (c)		2,095		10,304
MACHINERY — 0.3%
IMI PLC		2,641		40,012
Weir Group PLC		346		9,680
				49,692
MEDIA — 2.1%
ITV PLC		46,599		94,229
Pearson PLC		4,425		46,493
Sky PLC		8,069		146,867
WPP PLC		5,862		93,128
				380,717
METALS & MINING — 3.9%
Anglo American PLC (d)		4,399		102,499
Antofagasta PLC		582		7,519
BHP Billiton PLC		4,931		97,090
Fresnillo PLC		1,628		28,970
Glencore PLC (a)		42,200		209,443
Randgold Resources, Ltd.		1,395		115,105
Rio Tinto PLC		3,258		165,034
				725,660
MULTI-UTILITIES — 2.3%
Centrica PLC		35,775		71,363
National Grid PLC		30,805		346,657
				418,020
MULTILINE RETAIL — 1.2%
Marks & Spencer Group PLC		23,010		87,216
Next PLC		2,094		139,794
				227,010
OIL, GAS & CONSUMABLE FUELS — 9.5%
BP PLC		97,614		656,251
Royal Dutch Shell PLC Class A		22,768		713,357
Royal Dutch Shell PLC Class B		12,032		384,323
				1,753,931
PAPER & FOREST PRODUCTS — 0.6%
Mondi PLC		4,301		115,540
PERSONAL PRODUCTS — 4.4%
Unilever PLC		14,547		807,180
PHARMACEUTICALS — 11.0%
AstraZeneca PLC		14,049		964,802
GlaxoSmithKline PLC		54,945		1,074,451
				2,039,253
PROFESSIONAL SERVICES — 3.5%
Capita PLC		2,388		4,826
Experian PLC		5,097		109,932
Intertek Group PLC		2,046		133,748

Security Description	Shares		Value
RELX PLC		19,236	$	395,319
				643,825
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.2%
British Land Co. PLC REIT		2,950		26,568
Hammerson PLC REIT (d)		4,969		37,404
Land Securities Group PLC REIT		5,766		75,798
Segro PLC REIT		10,381		87,549
				227,319
SOFTWARE — 0.8%
Micro Focus International PLC		945		13,082
Sage Group PLC		15,247		136,715
				149,797
SPECIALTY RETAIL — 0.8%
Kingfisher PLC		35,964		147,567
TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Burberry Group PLC		4,306		102,446
TOBACCO — 3.3%
British American Tobacco PLC		6,776		392,667
Imperial Brands PLC		6,342		215,830
				608,497
TRADING COMPANIES & DISTRIBUTORS — 2.1%
Ashtead Group PLC		740		20,139
Bunzl PLC		5,133		150,852
Ferguson PLC		2,396		179,954
Travis Perkins PLC		2,654		45,942
				396,887
WATER UTILITIES — 0.8%
Severn Trent PLC		3,126		80,862
United Utilities Group PLC		6,674		66,978
				147,840
WIRELESS TELECOMMUNICATION SERVICES — 2.3%
Vodafone Group PLC		158,329		431,370
TOTAL COMMON STOCKS (Cost $18,532,459)				18,364,405
SHORT-TERM INVESTMENTS — 0.8%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (e) (f)		1,693		1,693

See accompanying notes to financial statements.

87

SPDR MSCI UNITED KINGDOM STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio (e) (g)		142,395	$	142,395
TOTAL SHORT-TERM INVESTMENTS (Cost $144,088)				144,088
TOTAL INVESTMENTS — 100.2% (Cost $18,676,547)				18,508,493
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(43,538	)
NET ASSETS — 100.0%			$	18,464,955

(a) Non-income producing security.

(b) Amount shown represents less than 0.05% of net assets.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.3% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) All or a portion of the shares of the security are on loan at March 31, 2018.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2018.

(g) Investment of cash collateral for securities loaned.

REIT =Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	511,130	$	—	$	—	$	511,130
Air Freight & Logistics		132,678		—		—		132,678
Airlines		42,247		—		—		42,247
Auto Components		141,395		—		—		141,395
Banks		1,566,297		—		—		1,566,297
Beverages		1,043,178		—		—		1,043,178
Biotechnology		127,972		—		—		127,972
Capital Markets		620,540		—		—		620,540
Chemicals		230,297		—		—		230,297
Commercial Services & Supplies		41,952		—		—		41,952
Diversified Telecommunication Services		350,128		—		—		350,128
Electric Utilities		184,546		—		—		184,546
Energy Equipment & Services		8,219		—		—		8,219
Food & Staples Retailing		254,560		—		—		254,560
Food Products		171,679		—		—		171,679
Health Care Equipment & Supplies		315,699		—		—		315,699
Health Care Providers & Services		12,764		—		—		12,764
Hotels, Restaurants & Leisure		805,890		—		—		805,890
Household Durables		390,122		—		—		390,122
Household Products		767,307		—		—		767,307
Industrial Conglomerates		99,851		—		—		99,851

See accompanying notes to financial statements.

88

SPDR MSCI UNITED KINGDOM STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
Insurance	$	1,163,099	$	—	$	—	$	1,163,099
Internet Software & Services		10,304		—		—		10,304
Machinery		49,692		—		—		49,692
Media		380,717		—		—		380,717
Metals & Mining		725,660		—		—		725,660
Multi-Utilities		418,020		—		—		418,020
Multiline Retail		227,010		—		—		227,010
Oil, Gas & Consumable Fuels		1,753,931		—		—		1,753,931
Paper & Forest Products		115,540		—		—		115,540
Personal Products		807,180		—		—		807,180
Pharmaceuticals		2,039,253		—		—		2,039,253
Professional Services		643,825		—		—		643,825
Real Estate Investment Trusts (REITs)		227,319		—		—		227,319
Software		149,797		—		—		149,797
Specialty Retail		147,567		—		—		147,567
Textiles, Apparel & Luxury Goods		102,446		—		—		102,446
Tobacco		608,497		—		—		608,497
Trading Companies & Distributors		396,887		—		—		396,887
Water Utilities		147,840		—		—		147,840
Wireless Telecommunication Services		431,370		—		—		431,370
Short-Term Investments		144,088		—		—		144,088
TOTAL INVESTMENTS	$	18,508,493	$	—	$	—	$	18,508,493

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18		Dividend Income		Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		1,793	$	1,793	$	96,943	$	97,043	$	—	$	—		1,693	$	1,693	$	9	$	—
State Street Navigator Securities Lending Government Money Market Portfolio		—		—		458,983		316,588		—		—		142,395		142,395		61		—
Total			$	1,793	$	555,926	$	413,631	$	—	$	—			$	144,088	$	70	$	—

See accompanying notes to financial statements.

89

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SUMMARY SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS - 99.6%
ARGENTINA – 0.1%
Other Security		50	$	17,820
AUSTRALIA – 1.3%
Other Securities		34,224		395,510
AUSTRIA – 0.1%
Other Securities		348		18,573
BELGIUM – 0.3%
Other Securities		1,613		87,712
BERMUDA – 0.1%
Other Security		240		33,242
CANADA – 3.0%
Other Securities		23,642		899,625
CHILE – 0.0% (a)
Other Security		148		1,912
DENMARK – 1.2%
Novo Nordisk A/S Class B		2,886		141,660
Other Securities		3,821		223,163
				364,823
FINLAND – 0.3%
Other Securities		3,473		91,519
FRANCE – 2.3%
Other Securities		12,143		694,052
GERMANY – 2.5%
Other Securities		16,243		744,961
HONG KONG – 1.9%
Other Securities		103,722		570,787
IRELAND – 0.4%
Other Securities		2,100		106,917
ISRAEL – 0.4%
Other Securities		13,855		122,176
ITALY – 0.7%
Other Securities		33,948		199,866
JAPAN – 10.2%
Other Securities		143,978		3,020,452
LUXEMBOURG – 0.1%
Other Securities		779		27,510
MEXICO – 0.0% (a)
Other Security		16		285
NETHERLANDS – 1.0%
Other Securities		9,534		292,846
NEW ZEALAND – 0.1%
Other Securities		6,315		34,449
NORWAY – 0.1%
Other Securities		2,056		37,453
PORTUGAL – 0.0% (a)
Other Securities		1,432		13,180
SINGAPORE – 0.7%
Other Securities		63,612		212,968

Security Description	Shares		Value
SOUTH AFRICA – 0.1%
Other Securities		670	$	13,785
SPAIN – 0.9%
Other Securities		22,839		260,280
SWEDEN – 0.8%
Other Securities		10,828		231,120
SWITZERLAND – 4.5%
Nestle SA		1,762		139,142
Roche Holding AG		1,200		274,561
Other Securities		17,056		905,333
				1,319,036
UNITED KINGDOM – 6.1%
AstraZeneca PLC		1,731		118,875
Unilever NV		1,889		106,565
Other Securities		167,096		1,584,002
				1,809,442
UNITED STATES – 60.4%
3M Co.		861		189,007
Accenture PLC Class A		1,228		188,498
Alphabet, Inc. Class A (b)		283		293,511
Alphabet, Inc. Class C (b)		299		308,505
Altria Group, Inc.		3,770		234,946
Amgen, Inc.		873		148,829
Apple, Inc.		3,872		649,644
AT&T, Inc.		4,025		143,491
Automatic Data Processing, Inc.		1,019		115,636
Bank of America Corp.		3,854		115,581
Becton Dickinson and Co.		565		122,436
Berkshire Hathaway, Inc. Class B (b)		841		167,763
Booking Holdings, Inc. (b)		52		108,180
Bristol-Myers Squibb Co.		2,134		134,976
Coca-Cola Co.		2,549		110,703
Consolidated Edison, Inc.		1,504		117,222
Costco Wholesale Corp.		633		119,276
Exxon Mobil Corp.		2,369		176,751
Gilead Sciences, Inc.		1,767		133,214
Honeywell International, Inc.		809		116,909
Intel Corp.		5,746		299,252
International Business Machines Corp.		1,367		209,739
Intuitive Surgical, Inc. (b)		311		128,390
Johnson & Johnson		4,251		544,766
JPMorgan Chase & Co.		1,345		147,910
Lockheed Martin Corp.		366		123,682
Mastercard, Inc. Class A		1,333		233,488
McDonald’s Corp.		853		133,392
Microsoft Corp.		6,845		624,743
NIKE, Inc. Class B		1,767		117,400
Northrop Grumman Corp.		672		234,609
NVIDIA Corp.		764		176,935
PepsiCo, Inc.		1,106		120,720
Procter & Gamble Co.		3,916		310,461
Raytheon Co.		772		166,613
Starbucks Corp.		2,572		148,893
State Street Corp. (c)		144		14,361
Texas Instruments, Inc.		1,477		153,446
TJX Cos., Inc.		1,779		145,095

See accompanying notes to financial statements.

90

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Union Pacific Corp.		909	$	122,197
UnitedHealth Group, Inc.		563		120,482
Verizon Communications, Inc.		3,255		155,654
Visa, Inc. Class A		2,620		313,404
Walmart, Inc.		2,600		231,322
Walt Disney Co.		1,917		192,544
Waste Management, Inc.		1,308		110,029
Other Securities		130,840		8,947,533
				17,922,138
TOTAL COMMON STOCKS (Cost $27,347,281)				29,544,439
SHORT-TERM INVESTMENTS — 1.3%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (d) (e)		14,591		14,591
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		376,622		376,622
TOTAL SHORT-TERM INVESTMENTS (Cost $391,213)				391,213
TOTAL INVESTMENTS — 100.9% (Cost $27,738,494)				29,935,652
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.9)%				(259,700	)
NET ASSETS — 100.0%			$	29,675,952

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund’s website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

(a) Amount shown represents less than 0.05% of net assets.

(b) Non-income producing security.

(c) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2018.

(f) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Argentina		$       17,820		$—		$—		$         17,820
Australia		395,510		—		—		395,510
Austria		18,573		—		—		18,573
Belgium		87,712		—		—		87,712
Bermuda		33,242		—		—		33,242
Canada		899,625		—		—		899,625
Chile		1,912		—		—		1,912
Denmark		364,823		—		—		364,823
Finland		91,519		—		—		91,519
France		694,052		—		—		694,052
Germany		744,961		—		—		744,961
Hong Kong		570,787		—		—		570,787
Ireland		106,917		—		—		106,917
Israel		122,176		—		—		122,176
Italy		199,866		—		—		199,866
Japan		3,020,452		—		—		3,020,452
Luxembourg		27,510		—		—		27,510

See accompanying notes to financial statements.

91

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
Mexico		$	285		$	—		$	—		$	285
Netherlands			292,846			—			—			292,846
New Zealand			34,449			—			—			34,449
Norway			37,453			—			—			37,453
Portugal			13,180			—			—			13,180
Singapore			212,968			—			—			212,968
South Africa			13,785			—			—			13,785
Spain			260,280			—			—			260,280
Sweden			231,120			—			—			231,120
Switzerland			1,319,036			—			—			1,319,036
United Kingdom			1,809,442			—			—			1,809,442
United States			17,922,138			—			—			17,922,138
Short-Term Investments			391,213			—			—			391,213
TOTAL INVESTMENTS		$	29,935,652		$	—		$	—		$	29,935,652

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income		Capital Gains Distributions
State Street Corp.		108		$	10,318		$	3,650		$	—		$—		$393		367,874,930		$	14,361		$   106		$—
State Street Institutional U.S. Government Money Market Fund, Class G Shares		4,411,701			4,411,701			565,543			4,962,653		—		—		14,591			14,591		252		—
State Street Navigator Securities Lending Government Money Market Portfolio		24,983			24,983			1,427,994			1,076,355		—		—		376,622			376,622		792		—
Total				$	4,447,002		$	1,997,187			$6,039,008		$—		$393					$405,574		$1,150		$—

See accompanying notes to financial statements.

92

SPDR S&P EMERGING ASIA PACIFIC ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
CHINA — 46.4%
21Vianet Group, Inc. ADR (a)		10,272	$	71,185
500.com, Ltd. Class A, ADR (a)		1,872		32,124
51job, Inc. (a)		3,059		263,196
58.com, Inc. ADR (a)		4,678		373,585
AAC Technologies Holdings, Inc.		89,000		1,605,749
Agile Group Holdings, Ltd.		605,598		1,251,583
Agricultural Bank of China, Ltd. Class H		3,064,000		1,741,197
Air China, Ltd. Class H		439,414		559,884
Alibaba Group Holding, Ltd. ADR (a) (b)		150,363		27,597,625
Aluminum Corp. of China, Ltd. Class H (a) (b)		784,304		434,708
Angang Steel Co., Ltd. Class H (b)		451,244		431,218
Anhui Conch Cement Co., Ltd. Class H		267,250		1,455,721
Anhui Expressway Co., Ltd. Class H		32,000		24,464
ANTA Sports Products, Ltd.		123,000		620,618
Autohome, Inc. ADR		5,519		474,303
AVIC International Holding HK, Ltd. (a) (b)		974,621		40,980
AviChina Industry & Technology Co., Ltd. Class H		500,000		352,306
BAIC Motor Corp., Ltd. Class H (c)		226,000		277,018
Baidu, Inc. ADR (a)		37,394		8,345,967
Bank of China, Ltd. Class H		10,328,466		5,553,576
Bank of Communications Co., Ltd. Class H		2,819,630		2,209,488
BBMG Corp. Class H		275,000		124,040
BeiGene, Ltd. ADR (a)		4,200		705,600
Beijing Capital International Airport Co., Ltd. Class H		120,000		161,156
Beijing Capital Land, Ltd. Class H		132,000		80,394
Beijing Enterprises Clean Energy Group, Ltd. (a)		2,230,400		72,468
Beijing Enterprises Holdings, Ltd.		86,000		449,269
Beijing Enterprises Water Group, Ltd.		502,000		280,158
Bitauto Holdings, Ltd. ADR (a) (b)		2,867		60,637
Boyaa Interactive International, Ltd. (a)		106,200		41,136
Brilliance China Automotive Holdings, Ltd.		436,000		909,965
Byd Co., Ltd. Class H (b)		103,800		809,419
BYD Electronic International Co., Ltd.		124,500		233,508
C.banner International Holdings, Ltd. (a)		204,000		66,802
CAR, Inc. (a)		201,043		180,850
CGN Power Co., Ltd. Class H (c)		1,446,000		374,015
China Aerospace International Holdings, Ltd.		348,000		37,690
China Agri-Industries Holdings, Ltd.		301,000		132,315

Security Description	Shares		Value
China Animal Healthcare, Ltd. (a) (b) (d)		305,700	$	—
China Biologic Products Holdings, Inc. (a)		2,151		174,231
China Chengtong Development Group, Ltd. (a) (b)		394,074		19,080
China Cinda Asset Management Co., Ltd. Class H		1,230,600		446,875
China CITIC Bank Corp., Ltd. Class H		1,492,341		1,019,195
China Coal Energy Co., Ltd. Class H		735,000		294,064
China Communications Construction Co., Ltd. Class H		662,000		679,857
China Conch Venture Holdings, Ltd.		165,600		505,348
China Construction Bank Corp. Class H		12,196,148		12,525,127
China Dongxiang Group Co., Ltd.		539,000		94,088
China Eastern Airlines Corp., Ltd. Class H		210,000		152,517
China Everbright International, Ltd.		317,000		444,300
China Everbright, Ltd.		130,000		272,314
China Evergrande Group (a)		616,000		1,938,662
China Fangda Group Co., Ltd. Class B		122,150		77,041
China Fire Safety Enterprise Group, Ltd. (a)		464,227		21,294
China Galaxy Securities Co., Ltd. Class H		394,600		262,453
China Harmony New Energy Auto Holding, Ltd. (a)		79,000		50,631
China Hongqiao Group, Ltd. (b)		116,000		126,667
China Huishan Dairy Holdings Co., Ltd. (a) (b) (d)		549,000		—
China Huiyuan Juice Group, Ltd. (a)		157,000		40,409
China International Marine Containers Group Co., Ltd. Class H		94,000		146,600
China Lesso Group Holdings, Ltd.		153,000		116,383
China Life Insurance Co., Ltd. Class H		1,057,708		2,911,012
China Lilang, Ltd.		93,000		116,127
China Lodging Group, Ltd. ADR		4,432		583,739
China Longyuan Power Group Corp., Ltd. Class H		541,000		414,971
China Machinery Engineering Corp. Class H		96,000		50,885
China Medical System Holdings, Ltd.		181,000		410,971
China Mengniu Dairy Co., Ltd.		439,780		1,507,343
China Merchants Bank Co., Ltd. Class H		700,760		2,870,613
China Merchants Port Holdings Co., Ltd.		423,606		933,754
China Minsheng Banking Corp., Ltd. Class H		977,600		950,408

See accompanying notes to financial statements.

93

SPDR S&P EMERGING ASIA PACIFIC ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
China Mobile, Ltd.		788,136	$	7,225,308
China Molybdenum Co., Ltd. Class H		456,000		343,962
China National Building Material Co., Ltd. Class H		448,000		486,342
China Nuclear Energy Technology Corp., Ltd. (a)		114,000		20,336
China Oilfield Services, Ltd. Class H		316,557		326,306
China Overseas Land & Investment, Ltd.		773,084		2,684,217
China Overseas Property Holdings, Ltd.		277,361		86,584
China Pacific Insurance Group Co., Ltd. Class H		327,400		1,466,319
China Petroleum & Chemical Corp. Class H		3,561,726		3,126,829
China Power International Development, Ltd.		303,000		77,986
China Railway Construction Corp., Ltd. Class H		273,000		273,407
China Railway Group, Ltd. Class H		689,000		477,576
China Resources Beer Holdings Co., Ltd.		353,357		1,530,795
China Resources Gas Group, Ltd.		98,000		340,265
China Resources Land, Ltd.		478,767		1,741,625
China Resources Phoenix Healthcare Holdings Co., Ltd. (b)		80,000		96,530
China Resources Power Holdings Co., Ltd.		352,437		643,056
China Shengmu Organic Milk, Ltd. (a) (b) (c)		381,000		51,944
China Shenhua Energy Co., Ltd. Class H		534,540		1,328,126
China Silver Group, Ltd.		98,000		21,477
China Singyes Solar Technologies Holdings, Ltd. (b)		81,600		29,840
China South City Holdings, Ltd.		440,000		99,232
China Southern Airlines Co., Ltd. Class H		256,000		264,210
China State Construction International Holdings, Ltd.		276,750		337,814
China Taiping Insurance Holdings Co., Ltd.		134,541		444,853
China Telecom Corp., Ltd. Class H		2,461,320		1,085,097
China Travel International Investment Hong Kong, Ltd.		292,000		103,431
China Unicom Hong Kong, Ltd. (a)		846,172		1,067,378
China Vanke Co., Ltd. Class H		154,500		704,751
China Yurun Food Group, Ltd. (a)		220,659		29,521
Chinasoft International, Ltd. (a) (b)		216,000		193,754
Chlitina Holding, Ltd.		47,000		315,139
Chong Sing Holdings FinTech Gr (a) (b)		2,416,000		317,073

Security Description	Shares		Value
Chongqing Changan Automobile Co., Ltd. Class B		97,600	$	97,621
Chongqing Rural Commercial Bank Co., Ltd. Class H		222,000		170,001
CITIC Resources Holdings, Ltd.		386,000		43,281
CITIC Securities Co., Ltd. Class H		234,500		536,628
CITIC Telecom International Holdings, Ltd.		221,000		63,921
CITIC, Ltd.		665,000		930,354
CNOOC, Ltd.		2,159,249		3,180,424
Cogobuy Group (c)		78,000		39,555
Colour Life Services Group Co., Ltd.		97,000		91,089
Consun Pharmaceutical Group, Ltd.		194,400		206,332
Coolpad Group, Ltd. (a) (d)		437,400		20,063
COSCO SHIPPING Development Co., Ltd. Class H (a)		1,373,339		255,479
COSCO SHIPPING Energy Transportation Co., Ltd. Class H		649,215		334,191
COSCO SHIPPING Holdings Co., Ltd. Class H (a)		28,500		14,126
COSCO SHIPPING Ports, Ltd.		37,562		31,588
Cosmo Lady China Holdings Co., Ltd. (c)		108,000		58,484
Country Garden Holdings Co., Ltd.		808,333		1,664,394
CRRC Corp., Ltd. Class H		557,000		474,795
CSG Holding Co., Ltd. Class B		130,000		74,538
CSMall Group, Ltd. (a)		1,567		469
CSPC Pharmaceutical Group, Ltd.		310,000		823,554
CT Environmental Group, Ltd. (b)		438,000		78,690
Ctrip.com International, Ltd. ADR (a)		41,333		1,926,944
Datang International Power Generation Co., Ltd. Class H (a)		410,000		122,765
Dazhong Transportation Group Co., Ltd. Class B		108,050		66,343
Dongfang Electric Corp., Ltd. Class H (a)		15,200		11,833
Dongfeng Motor Group Co., Ltd. Class H		532,468		618,068
Fang Holdings, Ltd. ADR (a)		29,113		149,641
Fanhua, Inc. ADR		9,359		252,880
Far East Horizon, Ltd.		170,000		179,784
FIH Mobile, Ltd.		352,000		76,246
First Tractor Co., Ltd. Class H (b)		82,000		30,509
Fufeng Group, Ltd.		125,000		74,061
Future Land Holdings Co., Ltd. Class A		139,621		776,251
Geely Automobile Holdings, Ltd.		653,000		1,880,382
GF Securities Co., Ltd. Class H		120,600		221,583
Golden Eagle Retail Group, Ltd.		102,000		116,838
GOME Retail Holdings, Ltd. (b)		1,731,322		187,509
Goodbaby International Holdings, Ltd.		279,000		190,543

See accompanying notes to financial statements.

94

SPDR S&P EMERGING ASIA PACIFIC ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Great Wall Motor Co., Ltd. Class H (b)		395,500	$	396,594
Greentown China Holdings, Ltd. (b)		114,000		154,260
Guangdong Investment, Ltd.		388,000		610,058
Guangshen Railway Co., Ltd. Class H		80,500		47,592
Guangzhou Automobile Group Co., Ltd. Class H		502,032		924,962
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H		100,000		308,347
Guangzhou R&F Properties Co., Ltd. Class H		429,776		1,072,209
Guotai Junan International Holdings, Ltd.		310,000		89,268
Haitian International Holdings, Ltd.		79,000		239,568
Haitong Securities Co., Ltd. Class H		370,800		490,412
Health and Happiness H&H International Holdings, Ltd. (a)		27,000		205,554
Hengan International Group Co., Ltd.		96,500		893,894
HNA Holding Group Co., Ltd. (a)		493,400		21,060
Huadian Fuxin Energy Corp., Ltd. Class H		254,000		65,051
Huadian Power International Corp., Ltd. Class H		254,000		97,738
Huaneng Power International, Inc. Class H		666,472		447,525
Huaneng Renewables Corp., Ltd. Class H		440,000		164,265
Huatai Securities Co., Ltd. Class H (c)		81,000		155,843
Huishang Bank Corp., Ltd. Class H		735,000		361,492
Industrial & Commercial Bank of China, Ltd. Class H		10,704,138		9,178,911
Inner Mongolia Yitai Coal Co., Ltd. Class B		218,681		291,939
JD.com, Inc. ADR (a)		110,521		4,474,995
Jiangsu Expressway Co., Ltd. Class H		404,299		571,808
Jiangxi Copper Co., Ltd. Class H		297,578		424,662
JinkoSolar Holding Co., Ltd. ADR (a) (b)		3,590		65,518
Joy City Property, Ltd.		504,000		80,914
Jumei International Holding, Ltd. ADR (a) (b)		2,761		8,007
Kama Co., Ltd. Class B (a)		120,649		94,709
Kangda International Environmental Co., Ltd. (c)		255,000		47,762
Kingdee International Software Group Co., Ltd. (a) (b)		264,000		265,739
Kingsoft Corp., Ltd.		113,000		358,511
Konka Group Co., Ltd. Class B (a)		382,000		159,647
Kunlun Energy Co., Ltd.		456,000		393,349
KWG Property Holding, Ltd.		190,951		260,334

Security Description	Shares		Value
Lao Feng Xiang Co., Ltd. Class B		64,179	$	232,649
Launch Tech Co., Ltd. Class H		28,000		31,039
Lenovo Group, Ltd. (b)		1,131,703		578,231
Leyou Technologies Holdings, Ltd. (a)		255,800		53,453
Li Ning Co., Ltd. (a)		328,874		336,907
Lifetech Scientific Corp. (a)		302,000		87,734
Livzon Pharmaceutical Group, Inc. Class H		27,227		219,251
Luoyang Glass Co., Ltd. Class H (a) (b)		70,153		34,324
Luthai Textile Co., Ltd. Class B		50,400		55,420
Luye Pharma Group, Ltd.		228,000		218,172
Maanshan Iron & Steel Co., Ltd. Class H (a)		800,971		342,910
Metallurgical Corp. of China, Ltd. Class H		484,000		138,139
Minth Group, Ltd.		98,000		446,402
Nanjing Panda Electronics Co., Ltd. Class H		29,000		14,965
National Agricultural Holdings, Ltd. (a) (b) (d)		112,000		8,491
NetEase, Inc. ADR		11,730		3,288,975
New China Life Insurance Co., Ltd. Class H		87,000		405,164
New Oriental Education & Technology Group, Inc. ADR		15,801		1,384,958
Noah Holdings, Ltd. ADS (a)		2,803		132,330
Ourgame International Holdings, Ltd. (a)		49,000		12,924
People’s Insurance Co. Group of China, Ltd. Class H		614,000		287,117
PetroChina Co., Ltd. Class H		2,819,208		1,936,156
PICC Property & Casualty Co., Ltd. Class H		620,289		1,085,938
Ping An Insurance Group Co. of China, Ltd. Class H		672,228		6,835,085
Poly Culture Group Corp., Ltd. Class H		36,200		64,206
Poly Property Group Co., Ltd. (a)		314,000		154,433
Renhe Commercial Holdings Co., Ltd. (a) (b)		2,324,000		45,306
Semiconductor Manufacturing International Corp. (a) (b)		650,883		850,893
Shandong Airlines Co., Ltd. Class B		24,300		45,731
Shandong Chenming Paper Holdings, Ltd. Class H		55,900		94,445
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		248,000		165,264
Shang Gong Group Co., Ltd. Class B (a)		164,200		146,302
Shanghai Baosight Software Co., Ltd. Class B		38,500		69,262
Shanghai Dasheng Agricultural Finance Technology Co., Ltd. Class H		363,000		9,944
Shanghai Electric Group Co., Ltd. Class H (a) (b)		508,418		176,203

See accompanying notes to financial statements.

95

SPDR S&P EMERGING ASIA PACIFIC ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		42,000	$	257,941
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H		215,000		102,729
Shanghai Haixin Group Co. Class B		96,000		59,136
Shanghai Highly Group Co., Ltd. Class B		155,300		137,285
Shanghai Industrial Holdings, Ltd.		53,000		138,100
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		14,100		17,075
Shanghai Jinjiang International Travel Co., Ltd. Class B		30,074		77,591
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		42,400		54,781
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		167,953		239,501
Shanghai Mechanical and Electrical Industry Co., Ltd. Class B		54,684		113,415
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		77,400		207,102
Shanghai Prime Machinery Co., Ltd. Class H		678,000		122,671
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class B		10,800		14,785
Shanghai Zhenhua Heavy Industries Co., Ltd. Class B		116,500		60,114
Shengjing Bank Co., Ltd. Class H (c)		21,000		15,680
Shenzhen Expressway Co., Ltd. Class H		29,000		29,524
Shenzhen Investment, Ltd.		366,888		155,669
Shenzhou International Group Holdings, Ltd.		59,000		621,326
Shunfeng International Clean Energy, Ltd. (a)		254,700		9,736
SINA Corp. (a)		11,238		1,171,786
Sino-Ocean Group Holding, Ltd.		938,211		680,201
Sinopec Oilfield Service Corp. Class H (a) (b)		214,000		32,175
Sinopec Shanghai Petrochemical Co., Ltd. Class H		676,878		411,389
Sinopharm Group Co., Ltd. Class H		132,800		664,990
Sinotrans, Ltd. Class H		268,000		147,176
SITC International Holdings Co., Ltd.		220,000		218,646
Sohu.com, Inc. (a)		4,496		139,016
Sun King Power Electronics Group		175,300		34,398
Sunac China Holdings, Ltd.		316,000		1,219,984
Sunny Optical Technology Group Co., Ltd.		126,000		2,326,287
TAL Education Group ADR		42,002		1,557,854

Security Description	Shares		Value
TCL Multimedia Technology Holdings, Ltd.		153,000	$	71,350
Tencent Holdings, Ltd.		729,670		38,081,219
Tian Ge Interactive Holdings, Ltd. (c)		95,000		80,011
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd.		38,345		35,277
Tianneng Power International, Ltd.		108,000		127,839
Tingyi Cayman Islands Holding Corp.		440,383		913,502
Tong Ren Tang Technologies Co., Ltd. Class H		155,000		258,323
TravelSky Technology, Ltd. Class H		110,000		318,859
Tsingtao Brewery Co., Ltd. Class H		98,000		511,958
Uni-President China Holdings, Ltd.		219,000		189,469
Vipshop Holdings, Ltd. ADR (a)		41,337		687,021
Want Want China Holdings, Ltd.		1,216,000		974,560
Weibo Corp. ADR		2,227		266,216
Weichai Power Co., Ltd. Class H		59,000		66,154
West China Cement, Ltd. (a)		446,000		84,673
Wisdom Sports Group		172,000		17,313
Xiamen International Port Co., Ltd. Class H		158,000		28,788
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (b)		38,659		61,966
Xinyi Solar Holdings, Ltd.		301,200		121,657
Yangzijiang Shipbuilding Holdings, Ltd.		310,900		286,882
Yantai Changyu Pioneer Wine Co., Ltd. Class B		30,553		78,248
Yanzhou Coal Mining Co., Ltd. Class H		438,882		559,206
Yestar Healthcare Holdings Co., Ltd. (b)		435,000		151,313
Yum China Holdings, Inc.		32,093		1,331,860
YY, Inc. ADR (a)		3,964		417,013
Zhejiang Expressway Co., Ltd. Class H		254,000		259,233
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H		62,600		33,740
Zhuzhou CRRC Times Electric Co., Ltd. Class H		89,100		431,406
Zijin Mining Group Co., Ltd. Class H		1,126,685		503,888
ZTE Corp. Class H (a) (b)		108,440		353,024
				233,756,967
HONG KONG — 2.0%
Alibaba Pictures Group, Ltd. (a) (b)		1,370,107		178,065
Beijing Enterprises Medical & Health Group, Ltd. (a) (b)		476,500		21,857
Carnival Group International Holdings, Ltd. (a)		1,250,000		57,337
China All Access Holdings, Ltd.		204,000		64,982

See accompanying notes to financial statements.

96

SPDR S&P EMERGING ASIA PACIFIC ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
China Beidahuang Industry Group Holdings, Ltd. Class A (a)		477,600	$	24,342
China Fiber Optic Network System Group, Ltd. (a) (d)		686,800		—
China Financial International Investments, Ltd. (a)		600,000		20,641
China Gas Holdings, Ltd.		339,600		1,235,373
China High Speed Transmission Equipment Group Co., Ltd.		8,000		12,579
China Jicheng Holdings, Ltd. (a) (b) (c)		115,575		1,075
China Minsheng Drawin Technology Group, Ltd. (a)		701,658		18,238
China NT Pharma Group Co., Ltd.		112,500		26,948
China Soft Power Technology Holdings, Ltd. (a) (b)		266,000		4,135
Citychamp Watch & Jewellery Group, Ltd.		510,000		109,170
Comba Telecom Systems Holdings, Ltd. (b)		393,847		52,692
CP Pokphand Co., Ltd.		950,000		73,838
Dawnrays Pharmaceutical Holdings, Ltd.		131,000		71,773
Digital China Holdings, Ltd. (a) (b)		160,000		87,866
EVA Precision Industrial Holdings, Ltd.		458,000		70,028
Fullshare Holdings, Ltd. (a) (b)		726,100		402,448
GCL-Poly Energy Holdings, Ltd. (a)		1,022,000		126,313
Haier Electronics Group Co., Ltd.		156,000		555,560
Hanergy Thin Film Power Group, Ltd. (a) (b) (d)		5,962,000		—
Hi Sun Technology China, Ltd. (a)		324,000		57,383
Hua Han Health Industry Holdings, Ltd. (a) (b) (d)		890,400		45,097
Huabao International Holdings, Ltd.		18,000		11,926
Imperial Pacific International Holdings, Ltd. (a) (b)		8,176,300		102,096
Kingboard Chemical Holdings, Ltd.		136,200		622,144
Lee & Man Paper Manufacturing, Ltd.		250,000		264,070
Munsun Capital Group, Ltd. (a)		550,200		2,804
NetDragon Websoft Holdings, Ltd. (b)		62,500		152,103
New Provenance Everlasting Holdings, Ltd. (a) (b)		1,225,231		25,134
Nine Dragons Paper Holdings, Ltd.		204,000		305,157
North Mining Shares Co., Ltd. (a) (b)		2,830,000		49,400
Qianhai Health Holdings, Ltd. (a)		906,374		9,123
Shimao Property Holdings, Ltd.		181,500		513,398
Sino Biopharmaceutical, Ltd.		711,000		1,395,130
Skyworth Digital Holdings, Ltd.		290,243		130,545
SSY Group, Ltd.		574,691		504,520
Sun Art Retail Group, Ltd.		259,000		301,297

Security Description	Shares		Value
Tech Pro Technology Development, Ltd. (a) (e)		1,684,800	$	14,598
Tibet Water Resources, Ltd. (a)		381,000		150,977
United Laboratories International Holdings, Ltd. (a) (b)		124,000		128,451
Victory City International Holdings, Ltd. (a)		969,915		14,212
Vinda International Holdings, Ltd.		48,000		84,523
Vision Values Holdings, Ltd. (a)		510,000		37,690
Wasion Group Holdings, Ltd. (b)		86,000		43,831
WH Group, Ltd. (c)		1,019,500		1,085,970
Xinyi Glass Holdings, Ltd.		370,000		557,242
				9,824,081
INDIA — 17.5%
Adani Ports & Special Economic Zone, Ltd.		123,233		669,054
Adani Power, Ltd. (a)		83,834		30,463
AIA Engineering, Ltd.		10,250		226,525
Ajanta Pharma, Ltd.		3,873		82,562
Alembic Pharmaceuticals, Ltd.		11,431		96,106
Apollo Hospitals Enterprise, Ltd.		34,174		557,841
Apollo Tyres, Ltd.		58,160		247,053
Arvind, Ltd.		32,913		193,249
Asian Paints, Ltd.		32,663		561,096
AstraZeneca Pharma India, Ltd. (a)		10,557		150,136
Aurobindo Pharma, Ltd.		41,816		357,658
Axis Bank, Ltd.		176,983		1,385,272
Bajaj Auto, Ltd.		7,369		310,107
Bajaj Finance, Ltd.		17,910		485,373
Bharat Electronics, Ltd.		120,727		261,828
Bharat Financial Inclusion, Ltd. (a)		31,402		528,095
Bharat Forge, Ltd.		33,191		356,048
Bharat Heavy Electricals, Ltd.		282,553		352,424
Bharat Petroleum Corp., Ltd.		54,535		357,412
Bharti Airtel, Ltd.		222,641		1,361,004
Bharti Infratel, Ltd.		58,795		303,027
Biocon, Ltd.		83,865		763,663
Bosch, Ltd.		880		243,101
Britannia Industries, Ltd.		2,865		218,344
Cadila Healthcare, Ltd.		31,070		179,998
Central Bank of India (a)		78,233		86,783
CG Power and Industrial Solutions, Ltd. (a)		92,237		109,742
Cipla, Ltd.		108,638		908,541
Coal India, Ltd.		165,569		719,173
Dabur India, Ltd.		41,469		208,802
DCB Bank, Ltd.		85,340		211,382
Dena Bank (a)		437,383		126,075
Divi’s Laboratories, Ltd.		11,170		186,710
DLF, Ltd.		79,933		246,644
Dr Lal PathLabs, Ltd. (c)		9,920		133,282
Dr Reddy’s Laboratories, Ltd.		12,606		402,127
Eicher Motors, Ltd.		1,215		528,548
Emami, Ltd.		6,186		101,376
Escorts, Ltd.		59,590		747,460
Federal Bank, Ltd.		90,373		123,598

See accompanying notes to financial statements.

97

SPDR S&P EMERGING ASIA PACIFIC ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Fortis Healthcare, Ltd. (a)		52,214	$	98,749
GAIL India, Ltd.		74,829		376,946
GAIL India, Ltd. (a) (e)		24,943		125,649
Gateway Distriparks, Ltd.		39,935		106,999
Gillette India, Ltd.		1,059		106,474
Glenmark Pharmaceuticals, Ltd.		22,919		184,943
Godrej Consumer Products, Ltd.		38,589		647,068
Godrej Industries, Ltd.		21,778		183,616
Granules India, Ltd.		70,045		110,886
Grasim Industries, Ltd.		17,564		283,004
Gujarat Mineral Development Corp., Ltd.		50,167		94,647
Gujarat Pipavav Port, Ltd.		42,971		95,763
Havells India, Ltd.		40,832		305,418
HCL Technologies, Ltd.		59,622		885,440
HDFC Bank, Ltd.		201,341		5,822,437
Hero MotoCorp, Ltd.		14,689		797,897
Hindalco Industries, Ltd.		137,471		452,218
Hindustan Unilever, Ltd.		135,400		2,768,030
Hindustan Zinc, Ltd.		183,639		846,232
Housing Development & Infrastructure, Ltd. (a)		75,053		44,418
Housing Development Finance Corp., Ltd.		225,931		6,323,963
ICICI Bank, Ltd. ADR		240,496		2,128,390
ICICI Bank, Ltd.		609		2,599
Idea Cellular, Ltd. (a)		241,249		280,747
IDFC, Ltd.		166,462		124,422
Igarashi Motors India, Ltd.		9,983		123,828
Indiabulls Housing Finance, Ltd.		72,461		1,374,579
Indian Hotels Co., Ltd.		389,553		772,874
Indian Oil Corp., Ltd.		264,382		715,864
Indo Count Industries, Ltd.		71,577		93,283
IndusInd Bank, Ltd.		28,807		793,585
Infosys, Ltd. ADR		290,825		5,191,226
Ipca Laboratories, Ltd.		17,258		173,488
ITC, Ltd. GDR		298,066		1,168,419
Jain Irrigation Systems, Ltd.		75,550		123,307
Jaiprakash Associates, Ltd. (a)		359,079		104,054
Jammu & Kashmir Bank, Ltd. (a)		107,573		99,538
Jindal Steel & Power, Ltd. (a)		71,301		239,522
JSW Steel, Ltd.		181,205		800,565
Jubilant Foodworks, Ltd.		5,934		211,610
Jubilant Life Sciences, Ltd.		11,567		148,876
Just Dial, Ltd. (a)		6,251		42,463
Karnataka Bank Ltd.		53,148		93,630
Kaveri Seed Co., Ltd.		13,459		99,753
Kotak Mahindra Bank, Ltd.		81,326		1,306,519
KPIT Technologies, Ltd.		60,551		201,042
Kwality, Ltd.		72,213		65,380
Lakshmi Vilas Bank Ltd.		65,093		98,306
Larsen & Toubro, Ltd. GDR		58,396		1,173,760
Laurus Labs, Ltd. (c)		12,465		96,103
LIC Housing Finance, Ltd.		46,038		377,217
Lupin, Ltd.		29,227		329,747
Mahindra & Mahindra Financial Services, Ltd.		45,815		325,410
Mahindra & Mahindra, Ltd.		139,488		1,580,267

Security Description	Shares		Value
Manappuram Finance, Ltd.		74,396	$	124,389
Marico, Ltd.		63,723		318,558
Marksans Pharma, Ltd.		194,400		94,336
Maruti Suzuki India, Ltd.		3,520		478,232
Max Financial Services, Ltd. (a)		17,605		122,398
Max India, Ltd. (a)		145,133		186,251
Mindtree, Ltd.		15,200		179,904
Motherson Sumi Systems, Ltd.		74,364		354,537
Narayana Hrudayalaya, Ltd. (a)		37,420		160,216
Natco Pharma, Ltd.		10,905		126,010
Navkar Corp., Ltd. (a) (c)		40,924		94,621
NCC, Ltd.		88,421		159,362
Nestle India, Ltd.		2,622		329,794
NTPC, Ltd.		167,785		436,559
Oil & Natural Gas Corp., Ltd.		439,722		1,198,720
Page Industries, Ltd.		951		330,764
PI Industries, Ltd.		10,570		143,458
Piramal Enterprises, Ltd.		5,047		188,259
Power Finance Corp., Ltd.		94,265		123,790
Power Grid Corp. of India, Ltd.		100,395		297,467
Rajesh Exports, Ltd.		31,294		354,867
Raymond, Ltd.		8,934		122,973
Reliance Capital, Ltd.		41,559		269,725
Reliance Communications, Ltd. (a)		218,613		72,903
Reliance Home Finance, Ltd. (a)		37,107		33,909
Reliance Industries, Ltd. GDR (c)		233,488		6,327,525
Reliance Infrastructure, Ltd.		75,920		497,623
Repco Home Finance, Ltd.		11,618		100,172
Rural Electrification Corp., Ltd.		88,186		168,606
Sanghvi Movers, Ltd.		39,760		105,737
Sequent Scientific, Ltd.		129,901		153,658
Shilpa Medicare, Ltd.		14,527		103,270
Shoppers Stop, Ltd.		18,608		150,241
Shree Renuka Sugars, Ltd. (a)		471,223		110,903
Shriram City Union Finance, Ltd.		8,640		282,369
Shriram Transport Finance Co., Ltd.		20,832		459,812
Siemens, Ltd.		34,050		560,098
Sintex Industries, Ltd.		484,610		133,372
SML ISUZU, Ltd.		19,439		229,077
State Bank of India		209,821		803,939
Steel Authority of India, Ltd. (a)		255,648		275,161
Strides Shasun, Ltd.		15,659		160,655
Sun Pharma Advanced Research Co., Ltd. (a)		28,270		163,560
Sun Pharmaceutical Industries, Ltd.		142,419		1,081,107
Suven Life Sciences, Ltd.		36,389		93,397
Suzlon Energy, Ltd. (a)		554,256		90,929
Tata Consultancy Services, Ltd.		74,520		3,255,338
Tata Motors, Ltd. (a)		231,481		1,160,037
Tata Steel, Ltd.		42,654		373,458
Tech Mahindra, Ltd.		62,746		614,456
Thyrocare Technologies, Ltd. (c)		45,152		413,190
Titan Co., Ltd.		14,406		208,133
Torrent Pharmaceuticals, Ltd.		9,236		176,976
Transport Corp. of India, Ltd.		25,362		105,147

See accompanying notes to financial statements.

98

SPDR S&P EMERGING ASIA PACIFIC ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
UltraTech Cement, Ltd.		7,656	$	463,668
Unichem Laboratories, Ltd.		19,434		85,010
United Breweries, Ltd.		8,695		126,362
United Spirits, Ltd. (a)		11,171		536,038
UPL, Ltd.		33,194		371,654
Vakrangee, Ltd.		184,388		625,778
Vedanta, Ltd.		141,912		604,557
V-Mart Retail, Ltd.		3,420		99,616
Wipro, Ltd. ADR		209,098		1,078,946
WNS Holdings, Ltd. ADR (a)		10,794		489,292
Wockhardt, Ltd. (a)		23,266		259,158
Yes Bank, Ltd.		178,962		836,479
Zee Entertainment Enterprises, Ltd.		186,105		1,642,144
				88,117,502
INDONESIA — 3.4%
Ace Hardware Indonesia Tbk PT		2,461,200		237,763
Adaro Energy Tbk PT		2,982,600		461,445
AKR Corporindo Tbk PT		136,700		56,348
Astra International Tbk PT		3,173,800		1,682,857
Bank Central Asia Tbk PT		2,293,696		3,881,832
Bank Mandiri Persero Tbk PT		2,997,610		1,671,085
Bank Negara Indonesia Persero Tbk PT		574,300		361,871
Bank Rakyat Indonesia Persero Tbk PT		9,133,980		2,388,402
Charoen Pokphand Indonesia Tbk PT		386,900		96,953
Ciputra Development Tbk PT		949,896		81,070
Garda Tujuh Buana Tbk PT (a)		139,100		2,708
Garuda Indonesia Persero Tbk PT (a)		3,613,000		77,154
Gudang Garam Tbk PT		103,000		542,214
Indocement Tunggal Prakarsa Tbk PT		293,025		340,541
Intiland Development Tbk PT		1,302,600		31,223
Kalbe Farma Tbk PT		1,043,800		113,724
Kawasan Industri Jababeka Tbk PT		6,852,998		130,415
Lippo Cikarang Tbk PT (a)		339,300		76,399
Lippo Karawaci Tbk PT		1,712,700		59,713
Matahari Department Store Tbk PT		216,200		171,955
Matahari Putra Prima Tbk PT (a)		470,800		13,679
Media Nusantara Citra Tbk PT		437,500		44,965
Modernland Realty Tbk PT		5,902,000		149,184
Pakuwon Jati Tbk PT		2,357,100		107,861
Pembangunan Perumahan Persero Tbk PT		804,476		152,510
Perusahaan Gas Negara Persero Tbk		1,860,040		310,738
Semen Indonesia Persero Tbk PT		573,100		430,840
Summarecon Agung Tbk PT		892,700		58,681
Surya Semesta Internusa Tbk PT		1,419,600		56,712
Telekomunikasi Indonesia Persero Tbk PT		8,943,870		2,338,691
Tiga Pilar Sejahtera Food Tbk (a)		943,400		43,855

Security Description		Shares		Value
Tower Bersama Infrastructure Tbk PT			338,300	$	136,991
Unilever Indonesia Tbk PT			68,800		247,490
United Tractors Tbk PT			291,745		678,107
Wijaya Karya Persero Tbk PT			760,557		92,808
					17,328,784
MACAU — 0.0% (f)
Newtree Group Holdings, Ltd. (a)			354,000		21,651
MALAYSIA — 3.7%
7-Eleven Malaysia Holdings Bhd Class B			253,800		98,423
AEON Credit Service M Bhd			68,850		218,939
AirAsia Bhd			248,100		254,001
Alliance Bank Malaysia Bhd			734,810		811,179
Astro Malaysia Holdings Bhd			236,000		124,467
Axiata Group Bhd			503,833		711,202
Bermaz Auto Bhd (a)			272,680		160,027
British American Tobacco Malaysia Bhd			14,200		96,551
Bursa Malaysia Bhd			246,434		698,272
Cahya Mata Sarawak Bhd			245,800		244,656
Carlsberg Brewery Malaysia Bhd Class B			201,403		982,022
CIMB Group Holdings Bhd			434,645		804,565
Coastal Contracts Bhd			101,300		30,380
Dialog Group Bhd			644,200		492,976
Eastern & Oriental Bhd			568,541		211,660
Eco World Development Group Bhd (a)			316,500		81,825
Genting Bhd			503,700		1,132,934
Genting Malaysia Bhd			558,200		699,915
IJM Corp. Bhd			1,122,980		780,976
Inari Amertron Bhd			434,208		314,318
IOI Corp. Bhd			713,996		882,343
IOI Properties Group Bhd			606,616		252,495
Karex Bhd			397,425		83,739
KIP REIT			479,100		97,232
KNM Group Bhd (a)			860,300		46,707
Kuala Lumpur Kepong Bhd			54,500		360,421
Land & General Bhd			1,057,500		47,844
Lingkaran Trans Kota Holdings Bhd			55,900		80,931
Malayan Banking Bhd			505,011		1,373,505
Maxis Bhd	��		377,500		554,343
Media Prima Bhd			287,400		28,606
MKH Bhd			142,500		51,945
Muhibbah Engineering M Bhd			310,800		235,430
Nam Cheong, Ltd. (a) (b) (e)			320,400		4,887
OSK Holdings Bhd			1,315,587		333,318
Padini Holdings Bhd			217,900		245,053
PPB Group Bhd			107,800		533,426
Press Metal Aluminium Holdings Bhd			498,740		585,388
Prestariang Bhd			188,400		62,345
Public Bank Bhd			193,520		1,200,745
Sapura Energy Bhd			204,500		26,699
Sime Darby Bhd			382,188		258,876

See accompanying notes to financial statements.

99

SPDR S&P EMERGING ASIA PACIFIC ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Sime Darby Plantation Bhd (a)		373,388	$	530,929
Sime Darby Property Bhd (a)		349,388		128,266
TA Enterprise Bhd		645,700		88,475
Telekom Malaysia Bhd		139,809		188,316
Tenaga Nasional Bhd		337,050		1,408,151
Yinson Holdings Bhd		147,600		143,479
				18,783,182
PAKISTAN — 0.3%
Bank Alfalah, Ltd.		329,000		149,618
Bank of Punjab (a)		1,337,000		113,309
Cherat Cement Co., Ltd.		86,500		98,883
Fauji Fertilizer Bin Qasim, Ltd.		431,000		156,826
Habib Bank, Ltd.		78,600		141,752
Hascol Petroleum, Ltd.		96,300		223,476
Maple Leaf Cement Factory, Ltd.		154,100		96,413
MCB Bank, Ltd.		67,700		130,296
Nishat Mills, Ltd.		94,600		130,186
Pioneer Cement, Ltd.		144,100		87,908
Searle Co. Ltd.		41,229		125,377
TRG Pakistan (a)		348,000		115,196
				1,569,240
PHILIPPINES — 1.7%
Alliance Global Group, Inc. (a)		819,600		207,345
Ayala Land, Inc.		1,666,988		1,313,079
BDO Unibank, Inc.		205,515		547,489
Belle Corp.		1,493,200		106,172
Bloomberry Resorts Corp. (a)		470,600		129,336
Cebu Air, Inc.		64,910		117,685
Cosco Capital, Inc.		1,879,700		266,586
D&L Industries, Inc.		1,663,400		368,529
DoubleDragon Properties Corp. (a)		537,970		328,901
First Gen Corp.		1,217,070		396,535
First Philippine Holdings Corp.		442,337		559,518
Globe Telecom, Inc.		2,455		76,317
GT Capital Holdings, Inc.		7,290		163,327
JG Summit Holdings, Inc.		354,010		425,402
Jollibee Foods Corp.		46,630		267,210
LT Group, Inc.		558,600		201,268
Metro Pacific Investments Corp.		1,333,100		133,878
Nickel Asia Corp.		728,184		85,131
Philex Mining Corp.		936,200		109,270
PLDT, Inc.		22,869		644,290
Puregold Price Club, Inc.		348,770		350,591
Robinsons Retail Holdings, Inc.		177,080		303,066
SM Investments Corp.		18,915		332,424
SM Prime Holdings, Inc.		1,081,300		698,382
SSI Group, Inc. (a)		1,956,000		103,090
Universal Robina Corp.		98,830		287,905
				8,522,726
SINGAPORE — 0.0% (f)
SIIC Environment Holdings, Ltd.		163,499		57,978
Silverlake Axis, Ltd.		233,100		95,103
				153,081
TAIWAN — 20.4%
Acer, Inc. (a)		742,395		616,180

Security Description	Shares		Value
Advanced Semiconductor Engineering, Inc.		1,080,797	$	1,562,424
Advantech Co., Ltd.		50,898		364,841
Airtac International Group		12,431		221,274
Asia Cement Corp.		957,073		922,377
Asustek Computer, Inc.		141,138		1,314,229
AU Optronics Corp. ADR (b)		174,346		796,761
Catcher Technology Co., Ltd.		141,539		1,754,856
Cathay Financial Holding Co., Ltd.		1,377,604		2,447,436
Center Laboratories, Inc. (a)		54,896		115,226
Chang Hwa Commercial Bank, Ltd.		2,180,831		1,260,315
China Development Financial Holding Corp.		3,416,272		1,206,832
China Life Insurance Co., Ltd.		189,812		196,927
China Steel Chemical Corp.		18,877		98,409
China Steel Corp.		2,057,625		1,637,236
Chunghwa Telecom Co., Ltd.		447,268		1,710,409
Compal Electronics, Inc.		1,065,431		725,342
CTBC Financial Holding Co., Ltd.		3,131,515		2,244,698
Delta Electronics, Inc.		337,787		1,506,064
E.Sun Financial Holding Co., Ltd.		501,476		337,104
Eclat Textile Co., Ltd.		48,365		563,985
eMemory Technology, Inc.		16,000		192,064
Epistar Corp. (a)		229,170		327,363
Everlight Electronics Co., Ltd.		173,996		267,346
Far Eastern New Century Corp.		1,224,170		1,102,118
Far EasTone Telecommunications Co., Ltd.		175,000		462,153
Feng TAY Enterprise Co., Ltd.		46,902		213,140
Firich Enterprises Co., Ltd. (a)		30,056		48,037
First Financial Holding Co., Ltd.		2,633,258		1,828,839
Formosa Chemicals & Fibre Corp.		716,691		2,679,265
Formosa Petrochemical Corp.		225,000		914,446
Formosa Plastics Corp.		939,137		3,317,595
Foxconn Technology Co., Ltd.		259,519		695,148
Fubon Financial Holding Co., Ltd.		1,155,998		1,986,333
Giant Manufacturing Co., Ltd.		48,000		251,878
Himax Technologies, Inc. ADR (b)		20,673		127,346
Hiwin Technologies Corp.		33,614		478,438
Hon Hai Precision Industry Co., Ltd.		2,050,950		6,330,744
Hotai Motor Co., Ltd.		44,000		438,385
HTC Corp. (a)		126,710		288,125
Hua Nan Financial Holdings Co., Ltd.		2,605,212		1,563,645
Innolux Corp.		1,020,753		446,363
Inventec Corp.		392,000		310,567
King Yuan Electronics Co., Ltd.		873,898		906,658
Largan Precision Co., Ltd.		12,710		1,445,061
Lite-On Technology Corp.		579,891		809,465
Macronix International (a)		633,990		1,067,631
Makalot Industrial Co., Ltd.		45,682		215,429
MediaTek, Inc.		234,219		2,658,932
Medigen Biotechnology Corp. (a)		14,000		18,726
Mega Financial Holding Co., Ltd.		1,955,148		1,679,750
Merry Electronics Co., Ltd.		49,000		280,653

See accompanying notes to financial statements.

100

SPDR S&P EMERGING ASIA PACIFIC ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
MIN AIK Technology Co., Ltd.		27,400	$	21,943
Motech Industries, Inc. (a)		139,934		109,425
Nan Ya Plastics Corp.		975,759		2,737,493
Novatek Microelectronics Corp.		153,062		692,945
PChome Online, Inc.		26,957		148,852
Pegatron Corp.		368,630		917,877
Pou Chen Corp.		245,000		325,188
Powertech Technology, Inc.		242,518		756,075
President Chain Store Corp.		56,000		562,746
ProMOS Technologies, Inc. (a) (d)		2,232		—
Quanta Computer, Inc.		587,194		1,184,176
Radiant Opto-Electronics Corp.		46,000		112,803
Realtek Semiconductor Corp.		173,161		745,334
Shin Kong Financial Holding Co., Ltd.		2,664,980		1,009,981
Silicon Motion Technology Corp. ADR		3,928		189,015
Siliconware Precision Industries Co., Ltd.		451,763		788,652
SinoPac Financial Holdings Co., Ltd.		3,420,795		1,208,430
Synnex Technology International Corp.		235,000		350,602
Tainan Enterprises Co., Ltd.		568,830		457,491
Taishin Financial Holding Co., Ltd.		3,211,828		1,575,235
Taiwan Cement Corp.		810,216		1,015,653
Taiwan FU Hsing Industrial Co., Ltd.		223,000		281,456
Taiwan Mobile Co., Ltd.		306,200		1,144,692
Taiwan Paiho, Ltd.		30,000		83,445
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		486,082		21,270,948
Tatung Co., Ltd. (a)		857,107		620,261
Teco Electric and Machinery Co., Ltd.		170,000		140,224
TPK Holding Co., Ltd. (a)		25,000		62,078
Tripod Technology Corp.		416,361		1,400,865
Uni-President Enterprises Corp.		895,971		2,098,804
United Integrated Services Co., Ltd.		583,194		1,310,121
United Microelectronics Corp. ADR		533,906		1,382,817
Walsin Lihwa Corp.		568,000		346,757
Wistron Corp.		861,873		737,515
Yageo Corp.		78,341		1,397,171
Yuanta Financial Holding Co., Ltd.		1,870,383		856,385
				102,998,023
THAILAND — 4.5%
Advanced Info Service PCL (e)		198,402		1,307,029
Airports of Thailand PCL (e)		409,500		864,311
Bangkok Expressway & Metro PCL (e)		5,031,432		1,158,500
Beauty Community PCL (e)		321,000		218,654
BEC World PCL (e)		141,600		57,057
Bumrungrad Hospital PCL (e)		41,700		276,044
Central Plaza Hotel PCL (e)		57,500		88,264

Security Description	Shares		Value
Charoen Pokphand Foods PCL (e)		275,500	$	222,462
Chularat Hospital PCL (e)		2,289,300		136,904
CP ALL PCL (e)		875,700		2,436,390
Electricity Generating PCL (e)		209,899		1,537,156
Energy Absolute PCL (e)		269,800		377,478
Gunkul Engineering PCL (e)		1,555,303		175,077
Hana Microelectronics PCL (e)		122,400		127,215
Ichitan Group PCL (a) (e)		158,800		40,881
Indorama Ventures PCL (e)		197,300		358,068
IRPC PCL (e)		3,540,439		820,856
Jasmine International PCL (e)		728,125		143,203
Kasikornbank PCL (e)		66,654		454,023
Kasikornbank PCL NVDR		33,000		223,729
KCE Electronics PCL (e)		187,100		400,886
Ladprao General Hospital PCL		481,800		107,084
MC Group PCL (e)		353,300		145,749
Mega Lifesciences PCL (e)		269,600		381,509
Minor International PCL (e)		377,786		459,094
Nok Airlines PCL (a) (e)		1,754,000		173,886
PTG Energy PCL (e)		210,000		109,466
PTT Exploration & Production PCL (e)		365,432		1,338,086
PTT Global Chemical PCL NVDR		92,600		280,584
PTT PCL (e)		130,755		2,291,453
Siam Cement PCL NVDR		58,000		916,278
Siam Commercial Bank PCL (e)		280,597		1,269,731
Somboon Advance Technology PCL (e)		196,300		129,946
Srisawad Corp. PCL (e)		305,828		596,594
Superblock PCL NVDR (a)		1,203,400		38,099
SVI PCL (e)		1,144,700		159,606
Thai Beverage PCL		1,162,700		691,608
Thai Oil PCL (e)		457,064		1,326,465
Thai Union Group PCL Class F (e)		255,600		152,853
TMB Bank PCL (e)		2,352,300		189,568
True Corp. PCL NVDR		1,694,983		376,723
				22,558,569
TOTAL COMMON STOCKS (Cost $404,066,809)				503,633,806
WARRANTS — 0.0% (f)
THAILAND — 0.0% (f)
E for L Aim PCL (expiring 6/1/20) (a)		272,340		87
Superblock PCL (expiring 8/31/20) (a)		194,700		1,681

See accompanying notes to financial statements.

101

SPDR S&P EMERGING ASIA PACIFIC ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SHORT-TERM INVESTMENT — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio 0.00% (g) (h) (Cost $5,463,090)		5,463,090	$	5,463,090
TOTAL INVESTMENTS — 101.0% (Cost $409,529,899)				509,098,664
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%				(5,081,800	)
NET ASSETS — 100.0%			$	504,016,864

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.8% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $73,651, representing less than 0.05% of the Fund’s net assets.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $20,069,598 representing 4.0% of net assets.

(f) Amount is less than 0.05% of net assets.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

ADR =American Depositary Receipt

ADS =American Depositary Shares

GDR =Global Depositary Receipt

NVDR =Non Voting Depositary Receipt

REIT =Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
China		$	233,728,413		$	—		$28,554			$233,756,967
Hong Kong			9,764,386			14,598		45,097			9,824,081
India			87,991,853			125,649		—			88,117,502
Indonesia			17,328,784			—		—			17,328,784
Macau			21,651			—		—			21,651
Malaysia			18,778,295			4,887		—			18,783,182
Pakistan			1,569,240			—		—			1,569,240
Philippines			8,522,726			—		—			8,522,726
Singapore			153,081			—		—			153,081
Taiwan			102,998,023			—		0	(a)		102,998,023

See accompanying notes to financial statements.

102

SPDR S&P EMERGING ASIA PACIFIC ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
Thailand		$	2,634,105		$	19,924,464		$	—		$	22,558,569
Warrants
Thailand			1,768			—			—			1,768
Short-Term Investment			5,463,090			—			—			5,463,090
TOTAL INVESTMENTS		$	488,955,415		$	20,069,598		$	73,651		$	509,098,664

(a) Fund held a Level 3 security that was valued at $0 at March 31, 2018.

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		2,046,576		$	2,046,576		$	22,108,210		$	24,154,786		$	—		$	—		—		$	—		$	9,790		$	—
State Street Navigator Securities Lending Government Money Market Portfolio		5,790,699			5,790,699			24,268,294			24,595,903			—			—		5,463,090			5,463,090			78,229			—
Total				$	7,837,275		$	46,376,504		$	48,750,689		$	—		$	—				$	5,463,090		$	88,019		$	—

See accompanying notes to financial statements.

103

SPDR S&P GLOBAL DIVIDEND ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.1%
AUSTRALIA — 1.3%
APA Group		376,046	$	2,272,955
BELGIUM — 0.8%
Groupe Bruxelles Lambert SA		12,622		1,440,550
CANADA — 19.5%
Bank of Montreal		19,888		1,501,261
Bank of Nova Scotia		26,333		1,620,932
Canadian Apartment Properties REIT		52,256		1,505,767
Canadian Imperial Bank of Commerce (a)		19,338		1,705,734
Canadian Utilities, Ltd. Class A		60,031		1,601,292
Emera, Inc.		58,346		1,844,625
Enbridge Income Fund Holdings, Inc. (a)		143,233		3,101,854
First Capital Realty, Inc.		111,576		1,761,157
Fortis, Inc.		46,849		1,580,347
Great-West Lifeco, Inc.		65,669		1,674,770
IGM Financial, Inc. (a)		64,379		1,881,060
Laurentian Bank of Canada (a)		46,097		1,693,352
National Bank of Canada		32,973		1,550,888
Power Corp. of Canada		76,674		1,748,470
Power Financial Corp.		76,171		1,905,974
RioCan Real Estate Investment Trust		131,972		2,419,871
Royal Bank of Canada		18,300		1,412,617
Shaw Communications, Inc. Class B		85,661		1,649,103
Sun Life Financial, Inc.		35,611		1,461,453
TELUS Corp.		50,838		1,783,914
				35,404,441
CHINA — 1.1%
Guangdong Investment, Ltd.		1,310,347		2,060,278
DENMARK — 0.7%
Coloplast A/S Class B		15,733		1,325,425
FINLAND — 1.6%
Fortum Oyj (a)		136,251		2,924,068
FRANCE — 7.1%
Bouygues SA		29,833		1,493,655
CNP Assurances		74,149		1,869,440
Klepierre SA REIT		50,032		2,015,169
Sanofi		21,464		1,724,549
SCOR SE		49,011		2,004,787
Societe BIC SA		14,256		1,417,523
TOTAL SA (a)		40,935		2,322,365
				12,847,488
GERMANY — 2.8%
Deutsche EuroShop AG		47,305		1,733,707
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		9,012		2,093,102
Siemens AG		9,471		1,205,792
				5,032,601

Security Description	Shares		Value
HONG KONG — 4.5%
CK Infrastructure Holdings, Ltd.		179,880	$	1,470,293
CLP Holdings, Ltd.		159,296		1,621,721
Power Assets Holdings, Ltd.		221,195		1,971,458
Sino Land Co., Ltd.		921,607		1,491,330
Wharf Real Estate Investment Co., Ltd. (b)		241,542		1,572,671
				8,127,473
ITALY — 1.7%
Atlantia SpA		56,012		1,732,493
Hera SpA		371,468		1,358,672
				3,091,165
JAPAN — 6.2%
Canon, Inc.		43,116		1,560,852
Chugoku Electric Power Co., Inc. (a)		167,200		2,031,240
Japan Tobacco, Inc.		52,106		1,486,993
KDDI Corp.		57,501		1,462,802
Lawson, Inc. (a)		23,264		1,583,746
MS&AD Insurance Group Holdings, Inc.		43,380		1,336,275
NTT DOCOMO, Inc.		68,259		1,726,211
				11,188,119
MEXICO — 1.2%
Kimberly-Clark de Mexico SAB de CV Class A		1,116,843		2,082,742
NORWAY — 0.8%
Orkla ASA		127,820		1,369,869
PORTUGAL — 1.7%
EDP - Energias de Portugal SA		830,445		3,153,846
SINGAPORE — 1.1%
Singapore Telecommunications, Ltd.		795,703		2,044,932
SOUTH AFRICA — 5.3%
AVI, Ltd.		181,834		1,700,673
Foschini Group, Ltd.		105,955		2,000,838
SPAR Group, Ltd.		89,561		1,531,088
Truworths International, Ltd. (a)		273,854		2,485,285
Woolworths Holdings, Ltd.		389,210		1,970,891
				9,688,775
SOUTH KOREA — 0.8%
SK Telecom Co., Ltd.		6,392		1,379,266
SPAIN — 4.6%
Abertis Infraestructuras SA		79,537		1,782,255
Enagas SA		92,089		2,517,674
Red Electrica Corp. SA		95,871		1,972,584
Tecnicas Reunidas SA (a)		70,866		2,090,839
				8,363,352
SWEDEN — 3.7%
Castellum AB		94,115		1,533,971
Hennes & Mauritz AB Class B (a)		131,733		1,969,042
Intrum Justitia AB (a)		33,283		940,689

See accompanying notes to financial statements.

104

SPDR S&P GLOBAL DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Skanska AB Class B		107,156	$	2,183,476
				6,627,178
SWITZERLAND — 2.7%
Baloise Holding AG		9,250		1,411,263
PSP Swiss Property AG		17,012		1,655,721
Swiss Prime Site AG (b)		19,609		1,893,120
				4,960,104
UNITED KINGDOM — 10.1%
Ashmore Group PLC		312,518		1,668,551
BAE Systems PLC		205,011		1,672,045
Carillion PLC (a)(c)		1,083,104		—
Close Brothers Group PLC		90,822		1,828,263
GlaxoSmithKline PLC		142,611		2,788,763
Greene King PLC		366,640		2,424,517
IG Group Holdings PLC		183,417		2,051,946
Pennon Group PLC		199,211		1,798,002
RPC Group PLC		116,000		1,258,188
Tate & Lyle PLC		193,351		1,477,134
Unilever NV		24,089		1,358,939
				18,326,348
UNITED STATES — 19.8%
AT&T, Inc.		60,615		2,160,925
Brinker International, Inc. (a)		45,416		1,639,518
CenterPoint Energy, Inc.		62,746		1,719,240
Compass Minerals International, Inc. (a)		24,480		1,476,144
Edison International		27,835		1,771,976
International Business Machines Corp.		10,715		1,644,002
L Brands, Inc.		34,618		1,322,754
Mercury General Corp.		39,820		1,826,543
National Health Investors, Inc. REIT		32,073		2,158,192
Northwest Bancshares, Inc.		99,730		1,651,529
OGE Energy Corp.		57,031		1,868,906
Owens & Minor, Inc.		107,449		1,670,832
Philip Morris International, Inc.		16,787		1,668,628
PPL Corp.		72,225		2,043,245
SCANA Corp.		63,381		2,379,957
Southern Co.		48,803		2,179,542
Tupperware Brands Corp.		30,085		1,455,512

Security Description	Shares		Value
United Bankshares, Inc.		48,080	$	1,694,820
Verizon Communications, Inc.		37,657		1,800,758
Waddell & Reed Financial, Inc. Class A (a)		88,308		1,784,705
				35,917,728
TOTAL COMMON STOCKS (Cost $184,232,598)				179,628,703
SHORT-TERM INVESTMENTS — 10.6%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (d) (e)		176,711		176,711
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		18,986,384		18,986,384
TOTAL SHORT-TERM INVESTMENTS (Cost $19,163,095)				19,163,095
TOTAL INVESTMENTS — 109.7% (Cost $203,395,693)				198,791,798
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.7)%				(17,648,470	)
NET ASSETS — 100.0%			$	181,143,328

(a) All or a portion of the shares of the security are on loan at March 31, 2018.

(b) Non-income producing security.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2018.

(f) Investment of cash collateral for securities loaned.

REIT =Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia		$	2,272,955		$	—		$	—		$	2,272,955
Belgium			1,440,550			—			—			1,440,550
Canada			35,404,441			—			—			35,404,441
China			2,060,278			—			—			2,060,278
Denmark			1,325,425			—			—			1,325,425
Finland			2,924,068			—			—			2,924,068

See accompanying notes to financial statements.

105

SPDR S&P GLOBAL DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs				Total
France		$	12,847,488		$	—		$	—			$	12,847,488
Germany			5,032,601			—			—				5,032,601
Hong Kong			8,127,473			—			—				8,127,473
Italy			3,091,165			—			—				3,091,165
Japan			11,188,119			—			—				11,188,119
Mexico			2,082,742			—			—				2,082,742
Norway			1,369,869			—			—				1,369,869
Portugal			3,153,846			—			—				3,153,846
Singapore			2,044,932			—			—				2,044,932
South Africa			9,688,775			—			—				9,688,775
South Korea			1,379,266			—			—				1,379,266
Spain			8,363,352			—			—				8,363,352
Sweden			6,627,178			—			—				6,627,178
Switzerland			4,960,104			—			—				4,960,104
United Kingdom			18,326,348			—			0	(a)			18,326,348
United States			35,917,728			—			—				35,917,728
Short-Term Investments			19,163,095			—			—				19,163,095
TOTAL INVESTMENTS		$	198,791,798		$	—		$	0			$	198,791,798

(a) Fund held a Level 3 security that was valued at $0 at March 31, 2018.

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		150,675		$	150,675		$	8,026,932		$	8,000,896		$	—		$	—		176,711		$	176,711		$	2,082		$	—
State Street Navigator Securities Lending Government Money Market Portfolio		5,848,371			5,848,371			62,061,870			48,923,857			—			—		18,986,384			18,986,384			65,255			—
Total				$	5,999,046		$	70,088,802		$	56,924,753		$	—		$	—				$	19,163,095		$	67,337		$	—

See accompanying notes to financial statements.

106

SPDR S&P GLOBAL INFRASTRUCTURE ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AUSTRALIA — 8.2%
Macquarie Atlas Roads Group		423,773	$	1,878,818
Qube Holdings, Ltd. (a)		875,853		1,464,574
Sydney Airport		708,909		3,648,688
Transurban Group Stapled Security		1,218,091		10,670,125
				17,662,205
BRAZIL — 1.0%
Cia de Saneamento Basico do Estadode Sao Paulo ADR		38,300		405,597
Ultrapar Participacoes SA ADR		76,249		1,648,503
				2,054,100
CANADA — 9.7%
AltaGas, Ltd. (a)		30,972		572,715
Enbridge, Inc. (b)		272,801		8,573,897
Enbridge, Inc. (b)		25,122		790,589
Inter Pipeline, Ltd.		66,962		1,161,350
Pembina Pipeline Corp.		88,419		2,756,985
TransCanada Corp.		154,896		6,401,287
Westshore Terminals Investment Corp. (a)		31,902		551,310
				20,808,133
CHILE — 0.3%
Enel Americas SA ADR		63,146		733,757
CHINA — 3.5%
Beijing Capital International Airport Co., Ltd. Class H		918,000		1,232,843
Beijing Enterprises Water Group, Ltd.		580,000		323,688
China Merchants Port Holdings Co., Ltd.		800,074		1,763,602
China Resources Power Holdings Co., Ltd.		200,000		364,920
COSCO SHIPPING Ports, Ltd.		452,725		380,717
Guangdong Investment, Ltd.		322,000		506,285
Jiangsu Expressway Co., Ltd. Class H		786,000		1,111,655
Kunlun Energy Co., Ltd.		596,000		514,114
Shenzhen International Holdings, Ltd.		613,500		1,342,957
				7,540,781
FRANCE — 5.5%
Aeroports de Paris		20,985		4,568,089
Engie SA		181,187		3,020,500
Getlink SE		300,407		4,285,686
				11,874,275
GERMANY — 2.5%
E.ON SE		246,795		2,737,759
Fraport AG Frankfurt Airport Services Worldwide		23,735		2,338,159
Hamburger Hafen und Logistik AG		13,504		303,094
				5,379,012
HONG KONG — 2.5%
China Gas Holdings, Ltd.		256,200		931,987

Security Description	Shares		Value
CLP Holdings, Ltd.		221,000	$	2,249,901
Hong Kong & China Gas Co., Ltd.		909,200		1,867,450
Hopewell Highway Infrastructure, Ltd.		653,500		398,846
				5,448,184
ITALY — 8.9%
Ansaldo STS SpA (c)		34,699		535,993
ASTM SpA		22,901		575,970
Atlantia SpA		302,200		9,347,269
Enav SpA (d)		163,614		872,091
Enel SpA		865,489		5,290,177
Snam SpA		393,759		1,807,760
Societa Iniziative Autostradali e Servizi SpA		43,856		816,057
				19,245,317
MEXICO — 2.7%
Grupo Aeroportuario del Centro Norte SAB de CV ADR		27,615		1,088,307
Grupo Aeroportuario del Pacifico SAB de CV ADR		24,228		2,414,078
Grupo Aeroportuario del Sureste SAB de CV		12,988		2,215,363
				5,717,748
NETHERLANDS — 0.3%
Koninklijke Vopak NV		11,683		572,578
NEW ZEALAND — 1.2%
Auckland International Airport, Ltd.		600,443		2,650,936
SINGAPORE — 0.6%
Hutchison Port Holdings Trust		3,358,570		990,778
SIA Engineering Co., Ltd.		158,100		383,404
				1,374,182
SPAIN — 12.3%
Abertis Infraestructuras SA		481,971		10,799,946
Aena SME SA (d)		47,230		9,505,747
Enagas SA		39,860		1,089,756
Iberdrola SA		678,580		4,983,944
				26,379,393
SWITZERLAND — 1.2%
Flughafen Zurich AG		12,231		2,692,455
UNITED KINGDOM — 4.3%
BBA Aviation PLC		577,693		2,596,482
National Grid PLC		404,900		4,556,446
SSE PLC		114,642		2,052,061
				9,204,989
UNITED STATES — 35.2%
American Electric Power Co., Inc.		55,187		3,785,276
Cheniere Energy, Inc. (c)		35,536		1,899,399
Consolidated Edison, Inc.		34,806		2,712,780
Dominion Energy, Inc.		73,095		4,928,796
DTE Energy Co.		20,101		2,098,544
Duke Energy Corp.		78,483		6,080,078
Edison International		36,561		2,327,473
Eversource Energy		35,573		2,095,961

See accompanying notes to financial statements.

107

SPDR S&P GLOBAL INFRASTRUCTURE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Exelon Corp.		108,243	$	4,222,559
Kinder Morgan, Inc.		333,427		5,021,411
Macquarie Infrastructure Corp.		51,243		1,892,404
NextEra Energy, Inc.		52,712		8,609,451
ONEOK, Inc.		72,204		4,109,852
PG&E Corp.		57,710		2,535,200
PPL Corp.		77,789		2,200,651
Public Service Enterprise Group, Inc.		56,576		2,842,378
Sempra Energy		28,630		3,184,229
Southern Co.		113,000		5,046,580
Targa Resources Corp.		37,939		1,669,316
WEC Energy Group, Inc.		35,334		2,215,442
Williams Cos., Inc.		145,378		3,614,097
Xcel Energy, Inc.		56,968		2,590,905
				75,682,782
TOTAL COMMON STOCKS (Cost $213,141,587)				215,020,827
SHORT-TERM INVESTMENTS — 1.1%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (e) (f)		498,865		498,865
State Street Navigator Securities Lending Government Money Market Portfolio (e) (g)		1,861,333		1,861,333
TOTAL SHORT-TERM INVESTMENTS (Cost $2,360,198)				2,360,198
TOTAL INVESTMENTS — 101.0% (Cost $215,501,785)				217,381,025
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%				(2,146,964	)
NET ASSETS — 100.0%			$	215,234,061

(a) All or a portion of the shares of the security are on loan at March 31, 2018.

(b) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(c) Non-income producing security.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 4.8% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2018.

(g) Investment of cash collateral for securities loaned.

ADR =American Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia		$	17,662,205		$	—		$	—		$	17,662,205
Brazil			2,054,100			—			—			2,054,100
Canada			20,808,133			—			—			20,808,133
Chile			733,757			—			—			733,757
China			7,540,781			—			—			7,540,781
France			11,874,275			—			—			11,874,275
Germany			5,379,012			—			—			5,379,012
Hong Kong			5,448,184			—			—			5,448,184
Italy			19,245,317			—			—			19,245,317
Mexico			5,717,748			—			—			5,717,748
Netherlands			572,578			—			—			572,578

See accompanying notes to financial statements.

108

SPDR S&P GLOBAL INFRASTRUCTURE ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
New Zealand		$	2,650,936		$	—		$	—		$	2,650,936
Singapore			1,374,182			—			—			1,374,182
Spain			26,379,393			—			—			26,379,393
Switzerland			2,692,455			—			—			2,692,455
United Kingdom			9,204,989			—			—			9,204,989
United States			75,682,782			—			—			75,682,782
Short-Term Investments			2,360,198			—			—			2,360,198
TOTAL INVESTMENTS		$	217,381,025		$	—		$	—		$	217,381,025

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		403,650		$	403,650		$	5,120,757		$	5,025,542		$	—		$	—		498,865		$	498,865		$	2,654		$	—
State Street Navigator Securities Lending Government Money Market Portfolio		7,104,926			7,104,926			41,502,918			46,746,511			—			—		1,861,333			1,861,333			21,619			—
Total				$	7,508,576		$	46,623,675		$	51,772,053		$	—		$	—				$	2,360,198		$	24,273		$	—

See accompanying notes to financial statements.

109

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110

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2018 (Unaudited)

	SPDR EURO STOXX Small Cap ETF				SPDR MSCI ACWI IMI ETF			SPDR MSCI ACWI Low Carbon Target ETF				SPDR MSCI Canada StrategicFactorsSM ETF
ASSETS
Investments in unaffiliated issuers, at value*		$	41,459,472			$	92,296,168		$	150,190,625			$	40,039,442
Investments in affiliated issuers, at value			2,033,277				2,037,015			2,799,610				1,638,885
Total Investments			43,492,749				94,333,183			152,990,235				41,678,327
Foreign currency, at value			65,907				163,212			461,508				111,952
Cash at broker			—				—			—				—
Cash			—				18,757			23,806				—
Receivable from broker — variation margin on open futures contracts			—				—			—				—
Receivable for investments sold			133,654				—			—				—
Dividends receivable — unaffiliated issuers			61,031				210,914			312,706				75,641
Dividends receivable — affiliated issuers			2				226			355				13
Securities lending income receivable — unaffiliated issuers			1,768				808			755				1,769
Securities lending income receivable — affiliated issuers			2,874				2,115			1,660				370
Receivable from Adviser			—				—			39,152				—
Receivable for foreign taxes recoverable			21,700				18,309			45,113				—
Other Receivable			—				—			1,382				—
TOTAL ASSETS			43,779,685				94,747,524			153,876,672				41,868,072
LIABILITIES
Payable upon return of securities loaned			2,031,488				1,690,862			2,338,517				1,622,347
Payable for investments purchased			137,348				—			341				104,521
Deferred foreign taxes payable			—				—			8,836				—
Advisory fee payable			46,043				59,129			115,377				30,532
Trustees’ fees and expenses payable			89				119			174				9
Accrued expenses and other liabilities			—				2			943				1
TOTAL LIABILITIES			2,214,968				1,750,112			2,464,188				1,757,410
NET ASSETS		$	41,564,717			$	92,997,412		$	151,412,484			$	40,110,662
NET ASSETS CONSIST OF:
Paid-in Capital		$	40,755,717			$	80,213,859		$	125,301,986			$	36,615,459
Undistributed (distribution in excess of) net investment income (loss)			67,143				255,546			386,824				130,545
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures contracts			(1,530,675	)			336,508			(385,878	)			(256,666	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers**			2,271,307				12,155,557			26,086,609				3,621,483
Investments — affiliated issuers			—				33,583			27,058				—
Foreign currency translations			1,225				2,359			4,721				(159	)
Futures contracts			—				—			—				—
NET ASSETS		$	41,564,717			$	92,997,412		$	151,412,484			$	40,110,662
NET ASSET VALUE PER SHARE
Net asset value per share		$	63.95			$	77.50		$	89.07			$	57.30
Shares outstanding (unlimited amount authorized, $0.01 par value)			650,000				1,200,000			1,700,000				700,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers		$	39,188,165			$	80,140,611		$	124,104,016			$	36,417,959
Investments in affiliated issuers			2,033,277				2,003,432			2,772,552				1,638,885
Total cost of investments		$	41,221,442			$	82,144,043		$	126,876,568			$	38,056,844
Foreign currency, at cost		$	66,341			$	161,625		$	459,651			$	112,232
*   Includes investments in securities on loan, at value		$	2,475,440			$	3,793,645		$	4,619,461			$	1,639,034
** Includes deferred foreign taxes		$	—			$	—		$	8,836			$	—

See accompanying notes to financial statements.

111

SPDR MSCI China A Shares IMI ETF				SPDR MSCI EAFE Fossil Fuel Reserves Free ETF			SPDR MSCI EAFE StrategicFactorsSM ETF				SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF				SPDR MSCI Emerging Markets StrategicFactorsSM ETF				SPDR MSCI Germany StrategicFactorsSM ETF				SPDR MSCI Japan StrategicFactorsSM ETF
	$	2,342,527			$	71,040,467		$	255,506,669			$	22,797,634			$	319,067,791			$	9,485,798			$	23,753,961
		749				2,113,826			6,433,128				1,629,908				6,299,509				4,859				2,580,068
		2,343,276				73,154,293			261,939,797				24,427,542				325,367,300				9,490,657				26,334,029
		39,214				152,664			1,186,029				286,225				1,172,257				9,188				43,426
		—				—			—				91,459				—				—				—
		—				—			—				—				1				—				—
		—				—			—				21,798				—				—				—
		—				—			1,175				—				—				—				—
		—				254,406			899,013				60,769				599,421				—				200,033
		1				31			227				1,498				565				6				15
		—				460			1,966				438				2,129				—				121
		—				2,749			7,286				309				2,957				—				515
		—				14,477			—				—				—				—				—
		—				45,454			136,433				518				458				90,372				6,646
		—				1,382			—				1,382				—				—				—
		2,382,491				73,625,916			264,171,926				24,891,938				327,145,088				9,590,223				26,584,785
		—				2,106,482			6,204,945				434,013				5,879,993				—				2,568,084
		—				58,158			755,557				1,398				18,676				—				—
		—				—			—				—				43,221				—				—
		3,934				42,741			176,004				18,628				202,414				10,275				15,438
		25				68			17				7				154				7				24
		23				841			—				752				3				—				—
		3,982				2,208,290			7,136,523				454,798				6,144,461				10,282				2,583,546
	$	2,378,509			$	71,417,626		$	257,035,403			$	24,437,140			$	321,000,627			$	9,579,941			$	24,001,239
	$	2,495,938			$	65,883,046		$	239,716,682			$	21,441,692			$	285,286,461			$	9,952,810			$	23,409,033
		(7,453	)			325,130			1,522,319				28,470				479,253				(23,503	)			161,275
		(61,414	)			30,644			(157,693	)			(40,155	)			(5,366,941	)			(757,433	)			(255,757	)
		(49,412	)			5,177,593			15,949,930				2,979,748				40,643,283				400,090				686,577
		—				—			—				—				—				—				—
		850				1,213			4,165				7,948				1,792				7,977				111
		—				—			—				19,437				—				—				—
	$	2,378,509			$	71,417,626		$	257,035,403			$	24,437,140			$	321,000,627			$	9,579,941			$	24,001,239
	$	23.79			$	71.42		$	64.26			$	69.82			$	64.85			$	63.87			$	80.00
		100,000				1,000,000			4,000,000				350,000				4,950,000				150,000				300,000
	$	2,391,939			$	65,862,874		$	239,556,739			$	19,817,886			$	278,424,508			$	9,085,708			$	23,067,384
		749				2,113,826			6,433,128				1,629,908				6,299,509				4,859				2,580,068
	$	2,392,688			$	67,976,700		$	245,989,867			$	21,447,794			$	284,724,017			$	9,090,567			$	25,647,452
	$	38,364			$	153,228		$	1,187,385			$	278,499			$	1,170,980			$	9,237			$	43,423
	$	—			$	2,635,868		$	6,524,858			$	1,703,020			$	10,839,683			$	—			$	2,558,616
	$	—			$	—		$	—			$	—			$	43,221			$	—			$	—

112

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2018 (Unaudited)

	SPDR MSCI United Kingdom StrategicFactorsSM ETF				SPDR MSCI World StrategicFactorsSM ETF			SPDR S&P Emerging Asia Pacific ETF				SPDR S&P Global Dividend ETF
ASSETS
Investments in unaffiliated issuers, at value*		$	18,364,405			$	29,530,078		$	503,635,574			$	179,628,703
Investments in affiliated issuers, at value			144,088				405,574			5,463,090				19,163,095
Total Investments			18,508,493				29,935,652			509,098,664				198,791,798
Foreign currency, at value			31,969				60,158			912,492				551,452
Cash			—				4,917			39,360				28,016
Receivable for investments sold			—				—			—				—
Dividends receivable — unaffiliated issuers			74,498				65,342			361,844				870,098
Dividends receivable — affiliated issuers			2				20			1,184				349
Securities lending income receivable — unaffiliated issuers			—				147			18,004				—
Securities lending income receivable — affiliated issuers			28				371			16,388				23,937
Receivable for foreign taxes recoverable			299				7,873			—				45,404
TOTAL ASSETS			18,615,289				30,074,480			510,447,936				200,311,054
LIABILITIES
Payable upon return of securities loaned			142,395				376,622			5,463,090				18,986,384
Payable for investments purchased			—				—			132,111				—
Deferred foreign taxes payable			—				—			224,169				—
Advisory fee payable			7,939				21,905			610,674				181,215
Trustees’ fees and expenses payable			—				—			1,022				127
Accrued expenses and other liabilities			—				1			6				—
TOTAL LIABILITIES			150,334				398,528			6,431,072				19,167,726
NET ASSETS		$	18,464,955			$	29,675,952		$	504,016,864			$	181,143,328
NET ASSETS CONSIST OF:
Paid-in Capital		$	19,118,628			$	27,198,597		$	469,519,269			$	192,214,157
Undistributed (distribution in excess of) net investment income (loss)			47,373				156,145			(2,256,616	)			(46,936	)
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures contracts			(533,234	)			123,922			(62,585,744	)			(6,425,618	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers**			(168,054	)			2,194,964			99,568,765				(4,603,895	)
Investments — affiliated issuers			—				2,194			—				—
Foreign currency translations			242				130			(4,641	)			5,620
NET ASSETS		$	18,464,955			$	29,675,952		$	504,016,864			$	181,143,328
NET ASSET VALUE PER SHARE
Net asset value per share		$	52.76			$	74.19		$	105.00			$	68.36
Shares outstanding (unlimited amount authorized, $0.01 par value)			350,000				400,000			4,800,000				2,650,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers		$	18,532,459			$	27,335,114		$	404,066,809			$	184,232,598
Investments in affiliated issuers			144,088				403,380			5,463,090				19,163,095
Total cost of investments		$	18,676,547			$	27,738,494		$	409,529,899			$	203,395,693
Foreign currency, at cost		$	32,082			$	60,278		$	917,805			$	549,865
*   Includes investments in securities on loan, at value		$	137,431			$	572,178		$	40,115,235			$	23,861,240
** Includes deferred foreign taxes		$	—			$	—		$	224,169			$	—

See accompanying notes to financial statements.

113

SPDR S&P Global Infrastructure ETF
	$	215,020,827
		2,360,198
		217,381,025
		429,267
		41,922
		7,088,003
		269,733
		474
		354
		2,194
		20,576
		225,233,548
		1,861,333
		7,942,197
		—
		195,892
		65
		—
		9,999,487
	$	215,234,061
	$	237,431,902
		1,172,955
		(25,254,551	)
		1,879,240
		—
		4,515
	$	215,234,061
	$	48.92
		4,400,000
	$	213,141,587
		2,360,198
	$	215,501,785
	$	425,916
	$	8,656,106
	$	—

114

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2018 (Unaudited)

	SPDR EURO STOXX Small Cap ETF				SPDR MSCI ACWI IMI ETF				SPDR MSCI ACWI Low Carbon Target ETF				SPDR MSCI Canada StrategicFactorsSM ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers		$	184,810			$	982,676			$	1,511,853			$	562,099
Dividend income — affiliated issuers			42				2,324				2,288				202
Unaffiliated securities lending income			1,834				2,549				3,453				1,775
Affiliated securities lending income			3,651				6,970				4,991				591
Foreign taxes withheld			(23,921	)			(42,296	)			(71,547	)			(84,315	)
TOTAL INVESTMENT INCOME (LOSS)			166,416				952,223				1,451,038				480,352
EXPENSES
Advisory fee			74,926				117,550				228,774				60,136
Trustees’ fees and expenses			195				816				1,286				319
Miscellaneous expenses			210				101				—				2
TOTAL EXPENSES			75,331				118,467				230,060				60,457
Expenses waived/reimbursed by the Adviser			—				—				(77,544	)			—
NET EXPENSES			75,331				118,467				152,516				60,457
NET INVESTMENT INCOME (LOSS)			91,085				833,756				1,298,522				419,895
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*			971,784				315,492				459,636				273,614
Investments — affiliated issuers			—				—				6,070				—
In-kind redemptions — unaffiliated issuers			—				—				—				—
Foreign currency transactions			100				(1,504	)			(12,926	)			(4,199	)
Futures contracts			—				—				—				—
Net realized gain (loss)			971,884				313,988				452,780				269,415
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**			(659,697	)			2,936,445				4,879,219				(1,954,539	)
Investments — affiliated issuers			—				5,212				(1,310	)			—
Foreign currency translations			(7	)			2,519				3,744				1,376
Futures contracts			—				—				—				—
Net change in unrealized appreciation/depreciation			(659,704	)			2,944,176				4,881,653				(1,953,163	)
NET REALIZED AND UNREALIZED GAIN (LOSS)			312,180				3,258,164				5,334,433				(1,683,748	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS		$	403,265			$	4,091,920			$	6,632,955			$	(1,263,853	)
* Includes foreign capital gain taxes		$	—			$	—			$	(1	)		$	—
** Includes foreign deferred taxes		$	—			$	—			$	2,935			$	—

See accompanying notes to financial statements.

115

SPDR MSCI China A Shares IMI ETF				SPDR MSCI EAFE Fossil Fuel Reserves Free ETF				SPDR MSCI EAFE StrategicFactorsSM ETF				SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF				SPDR MSCI Emerging Markets StrategicFactorsSM ETF				SPDR MSCI Germany StrategicFactorsSM ETF				SPDR MSCI Japan StrategicFactorsSM ETF
		507			$	662,175			$	2,680,629			$	171,689			$	2,101,130			$	37,420			$	255,903
		6				313				1,651				7,371				2,997				29				114
		—				1,081				2,592				1,098				7,117				28				176
		—				4,886				15,935				1,465				12,523				—				617
		(50	)			(57,271	)			(215,651	)			(23,769	)			(234,624	)			(5,411	)			(25,588	)
		463				611,184				2,485,156				157,854				1,889,143				32,066				231,222
		7,855				80,253				323,703				33,686				373,428				24,919				25,348
		22				395				1,469				145				1,828				151				118
		39				—				565				860				28				—				1
		7,916				80,648				325,737				34,691				375,284				25,070				25,467
		—				(27,146	)			—				—				—				—				—
		7,916				53,502				325,737				34,691				375,284				25,070				25,467
		(7,453	)			557,682				2,159,419				123,163				1,513,859				6,996				205,755
		(1,065	)			23,297				67,970				7,554				1,410,813				227,130				(2,458	)
		—				—				—				—				—				—				—
		—				—				4,152,487				—				—				1,893,039				892,635
		251				7,480				16,042				3,289				(77,804	)			409				2,776
		—				—				—				(17,389	)			—				—				—
		(814	)			30,777				4,236,499				(6,546	)			1,333,009				2,120,578				892,953
		28,676				(105,733	)			(3,541,354	)			1,387,132				14,308,358				(1,335,755	)			(321,810	)
		—				—				—				—				—				—				—
		767				206				1,132				8,674				6,264				2,683				825
		—				—				—				35,575				—				—				—
		29,443				(105,527	)			(3,540,222	)			1,431,381				14,314,622				(1,333,072	)			(320,985	)
		28,629				(74,750	)			696,277				1,424,835				15,647,631				787,506				571,968
	$	21,176			$	482,932			$	2,855,696			$	1,547,998			$	17,161,490			$	794,502			$	777,723
	$	—			$	—			$	—			$	—			$	—			$	—			$	—
	$	—			$	—			$	—			$	—			$	34,538			$	—			$	—

116

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2018 (Unaudited)

	SPDR MSCI United Kingdom StrategicFactorsSM ETF				SPDR MSCI World StrategicFactorsSM ETF				SPDR S&P Emerging Asia Pacific ETF				SPDR S&P Global Dividend ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers		$	141,777			$	190,696			$	1,184,932			$	3,502,674
Dividend income — affiliated issuers			9				358				9,790				2,082
Dividend income — non-cash			9,548				107,838				—				—
Unaffiliated securities lending income			1				355				87,346				16,336
Affiliated securities lending income			61				792				78,229				65,255
Foreign taxes withheld			(1,124	)			(12,593	)			(62,532	)			(261,547	)
TOTAL INVESTMENT INCOME (LOSS)			150,272				287,446				1,297,765				3,324,800
EXPENSES
Advisory fee			11,922				38,690				1,158,739				355,356
Trustees’ fees and expenses			55				206				3,705				1,407
Miscellaneous expenses			1				29				20				1,199
TOTAL EXPENSES			11,978				38,925				1,162,464				357,962
NET INVESTMENT INCOME (LOSS)			138,294				248,521				135,301				2,966,838
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers			(105,001	)			126,279				611,742				(518,821	)
In-kind redemptions — unaffiliated issuers			—				—				—				16,127,913
Foreign currency transactions			2,044				3,169				(5,038	)			(13,636	)
Net realized gain (loss)			(102,957	)			129,448				606,704				15,595,456
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers*			(97,485	)			390,524				32,160,584				(13,984,977	)
Investments — affiliated issuers			—				393				—				—
Foreign currency translations			(450	)			(135	)			870				7,522
Net change in unrealized appreciation/depreciation			(97,935	)			390,782				32,161,454				(13,977,455	)
NET REALIZED AND UNREALIZED GAIN (LOSS)			(200,892	)			520,230				32,768,158				1,618,001
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS		$	(62,598	)		$	768,751			$	32,903,459			$	4,584,839
* Includes foreign deferred taxes		$	—			$	—			$	(81,404	)		$	—

See accompanying notes to financial statements.

117

SPDR S&P Global Infrastructure ETF
		3,092,703
		2,654
		299,239
		2,110
		21,619
		(239,748	)
		3,178,577
		379,194
		1,463
		414
		381,071
		2,797,506
		(1,339,048	)
		1,281,487
		(13,371	)
		(70,932	)
		(11,152,612	)
		—
		4,493
		(11,148,119	)
		(11,219,051	)
	$	(8,421,545	)
	$	—

118

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR EURO STOXX Small Cap ETF								SPDR MSCI ACWI IMI ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)		$	91,085			$	237,931			$	833,756			$	1,928,550
Net realized gain (loss)			971,884				515,016				313,988				3,826,936
Net change in unrealized appreciation/depreciation			(659,704	)			3,288,061				2,944,176				9,476,943
Net increase (decrease) in net assets resulting from operations			403,265				4,041,008				4,091,920				15,232,429
Net equalization credits and charges			(161	)			1,847				—				—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			(63,478	)			(243,975	)			(1,415,842	)			(1,770,932	)
Return of capital			—				—				—				—
Total distributions to shareholders			(63,478	)			(243,975	)			(1,415,842	)			(1,770,932	)
FROM BENEFICIAL INTEREST TRANSACTIONS
Proceeds from sale of shares sold			22,456,335				3,117,605				—				26,144,694
Cost of shares redeemed			—				—				—				(14,167,487	)
Net income equalization			161				(1,847	)			—				—
Net increase (decrease) in net assets from beneficial interest transactions			22,456,496				3,115,758				—				11,977,207
Net increase (decrease) in net assets during the period			22,796,122				6,914,638				2,676,078				25,438,704
Net assets at beginning of period			18,768,595				11,853,957				90,321,334				64,882,630
NET ASSETS AT END OF PERIOD		$	41,564,717			$	18,768,595			$	92,997,412			$	90,321,334
Undistributed (distribution in excess of) net investment income (loss)		$	67,143			$	39,536			$	255,546			$	837,631
SHARES OF BENEFICIAL INTEREST:
Shares sold			350,000				50,000				—				400,000
Shares redeemed			—				—				—				(200,000	)
Net increase (decrease)			350,000				50,000				—				200,000

See accompanying notes to financial statements.

119

SPDR MSCI ACWI Low Carbon Target ETF								SPDR MSCI Canada StrategicFactorsSM ETF									SPDR MSCI China A Shares IMI ETF
Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17					Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17					Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17
	$	1,298,522			$	2,942,232				$	419,895			$	602,610				$	(7,453	)		$	13,085
		452,780				(99,729	)				269,415				(252,542	)				(814	)			(25,119	)
		4,881,653				19,444,957					(1,953,163	)			4,182,781					29,443				242,801
		6,632,955				22,287,460					(1,263,853	)			4,532,849					21,176				230,767
		—				276,534					1,053				48,731					—				—
		(1,453,991	)			(2,915,464	)				(457,120	)			(529,524	)				—				(12,958	)
		—				—					—				—					—				(7,669	)
		(1,453,991	)			(2,915,464	)				(457,120	)			(529,524	)				—				(20,627	)
		—				30,178,050					3,078,897				16,319,215					—				—
		—				—					—				—					—				—
		—				(276,534	)				(1,053	)			(48,731	)				—				—
		—				29,901,516					3,077,844				16,270,484					—				—
		5,178,964				49,550,046					1,357,924				20,322,540					21,176				210,140
		146,233,520				96,683,474					38,752,738				18,430,198					2,357,333				2,147,193
	$	151,412,484			$	146,233,520				$	40,110,662			$	38,752,738				$	2,378,509			$	2,357,333
	$	386,824			$	542,293				$	130,545			$	167,770				$	(7,453	)		$	—
		—				400,000					50,000				300,000					—				—
		—				—					—				—					—				—
		—				400,000					50,000				300,000					—				—

120

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF								SPDR MSCI EAFE StrategicFactorsSM ETF
	Six Months Ended 3/31/18 (Unaudited)				For the Period 10/25/16* - 9/30/17				Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)		$	557,682			$	886,180			$	2,159,419			$	3,428,424
Net realized gain (loss)			30,777				180,696				4,236,499				3,033
Net change in unrealized appreciation/depreciation			(105,527	)			5,284,333				(3,540,222	)			19,736,059
Net increase (decrease) in net assets resulting from operations			482,932				6,351,209				2,855,696				23,167,516
Net equalization credits and charges			17,605				10,704				—				—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			(324,489	)			(803,032	)			(1,791,234	)			(2,367,462	)
Net realized gains			(172,040	)			—				—				—
Total distributions to shareholders			(496,529	)			(803,032	)			(1,791,234	)			(2,367,462	)
FROM BENEFICIAL INTEREST TRANSACTIONS
Proceeds from sale of shares sold			25,451,322				40,431,724				82,745,464				163,529,104
Cost of shares redeemed			—				—				(19,418,576	)			—
Net income equalization			(17,605	)			(10,704	)			—				—
Other capital			—				—				—				—
Net increase (decrease) in net assets from beneficial interest transactions			25,433,717				40,421,020				63,326,888				163,529,104
Net increase (decrease) in net assets during the period			25,437,725				45,979,901				64,391,350				184,329,158
Net assets at beginning of period			45,979,901				—				192,644,053				8,314,895
NET ASSETS AT END OF PERIOD		$	71,417,626			$	45,979,901			$	257,035,403			$	192,644,053
Undistributed (distribution in excess of) net investment income (loss)		$	325,130			$	91,937			$	1,522,319			$	1,154,134
SHARES OF BENEFICIAL INTEREST:
Shares sold			350,000				650,000				1,250,000				2,900,000
Shares redeemed			—				—				(300,000	)			—
Net increase (decrease)			350,000				650,000				950,000				2,900,000

* Inception date.

See accompanying notes to financial statements.

121

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF								SPDR MSCI Emerging Markets StrategicFactorsSM ETF									SPDR MSCI Germany StrategicFactorsSM ETF
Six Months Ended 3/31/18 (Unaudited)				For the Period 10/25/16* - 9/30/17					Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17					Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17
	$	123,163			$	211,804				$	1,513,859			$	4,025,325				$	6,996			$	283,624
		(6,546	)			92,836					1,333,009				(753,946	)				2,120,578				(626,389	)
		1,431,381				1,575,752					14,314,622				22,801,699					(1,333,072	)			1,979,796
		1,547,998				1,880,392					17,161,490				26,073,078					794,502				1,637,031
		(3,808	)			26,909					—				—					(10,668	)			117,483
		(70,747	)			(231,170	)				(3,448,499	)			(2,754,029	)				(30,499	)			(389,383	)
		(131,111	)			—					—				—					—				—
		(201,858	)			(231,170	)				(3,448,499	)			(2,754,029	)				(30,499	)			(389,383	)
		6,769,731				14,664,269					93,263,625				74,051,529					—				11,900,436
		—				—					—				—					(10,101,079	)			(7,261,821	)
		3,808				(26,909	)				—				—					10,668				(117,483	)
		3,156				4,622					79,048				35,154					—				—
		6,776,695				14,641,982					93,342,673				74,086,683					(10,090,411	)			4,521,132
		8,119,027				16,318,113					107,055,664				97,405,732					(9,337,076	)			5,886,263
		16,318,113				—					213,944,963				116,539,231					18,917,017				13,030,754
	$	24,437,140			$	16,318,113				$	321,000,627			$	213,944,963				$	9,579,941			$	18,917,017
	$	28,470			$	(23,946	)			$	479,253			$	2,413,893				$	(23,503	)		$	—
		100,000				250,000					1,425,000				1,350,000					—				200,000
		—				—					—				—					(150,000	)			(150,000	)
		100,000				250,000					1,425,000				1,350,000					(150,000	)			50,000

122

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR MSCI Japan StrategicFactorsSM ETF								SPDR MSCI United Kingdom StrategicFactorsSM ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)		$	205,755			$	229,671			$	138,294			$	239,185
Net realized gain (loss)			892,953				782,617				(102,957	)			125,843
Net change in unrealized appreciation/depreciation			(320,985	)			587,322				(97,935	)			400,819
Net increase (decrease) in net assets resulting from operations			777,723				1,599,610				(62,598	)			765,847
Net equalization credits and charges			(6,813	)			(1,004	)			58,683				124,450
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income			(146,582	)			(216,441	)			(87,042	)			(329,690	)
Net realized gains			—				—				—				—
Total distributions to shareholders			(146,582	)			(216,441	)			(87,042	)			(329,690	)
FROM BENEFICIAL INTEREST TRANSACTIONS
Proceeds from sale of shares sold			15,939,799				6,962,943				13,315,872				10,254,196
Cost of shares redeemed			(7,466,856	)			(6,935,724	)			—				(7,804,799	)
Net income equalization			6,813				1,004				(58,683	)			(124,450	)
Other capital			—				—				—				—
Net increase (decrease) in net assets from beneficial interest transactions			8,479,756				28,223				13,257,189				2,324,947
Net increase (decrease) in net assets during the period			9,104,084				1,410,388				13,166,232				2,885,554
Net assets at beginning of period			14,897,155				13,486,767				5,298,723				2,413,169
NET ASSETS AT END OF PERIOD		$	24,001,239			$	14,897,155			$	18,464,955			$	5,298,723
Undistributed (distribution in excess of) net investment income (loss)		$	161,275			$	102,102			$	47,373			$	(4,993	)
SHARES OF BENEFICIAL INTEREST:
Shares sold			200,000				100,000				250,000				200,000
Shares redeemed			(100,000	)			(100,000	)			—				(150,000	)
Net increase (decrease)			100,000				—				250,000				50,000

See accompanying notes to financial statements.

123

SPDR MSCI World StrategicFactorsSM ETF								SPDR S&P Emerging Asia Pacific ETF									SPDR S&P Global Dividend ETF
Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17					Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17					Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17
	$	248,521			$	523,246				$	135,301			$	6,803,975				$	2,966,838			$	4,815,094
		129,448				1,695,548					606,704				(2,099,858	)				15,595,456				2,573,035
		390,782				1,458,613					32,161,454				66,181,801					(13,977,455	)			7,158,254
		768,751				3,677,407					32,903,459				70,885,918					4,584,839				14,546,383
		—				—					—				—					4,720				194,504
		(257,129	)			(400,647	)				(6,080,034	)			(7,047,374	)				(3,118,194	)			(4,751,992	)
		(110,118	)			—					—				—					—				—
		(367,247	)			(400,647	)				(6,080,034	)			(7,047,374	)				(3,118,194	)			(4,751,992	)
		7,668,909				19,119,111					63,512,781				29,445,089					83,089,999				57,947,434
		—				(7,165,424	)				—				(15,502,785	)				(69,138,491	)			(6,314,476	)
		—				—					—				—					(4,720	)			(194,504	)
		—				—					27,902				13,499					—				—
		7,668,909				11,953,687					63,540,683				13,955,803					13,946,788				51,438,454
		8,070,413				15,230,447					90,364,108				77,794,347					15,418,153				61,427,349
		21,605,539				6,375,092					413,652,756				335,858,409					165,725,175				104,297,826
	$	29,675,952			$	21,605,539				$	504,016,864			$	413,652,756				$	181,143,328			$	165,725,175
	$	156,145			$	164,753				$	(2,256,616	)		$	3,688,117				$	(46,936	)		$	104,420
		100,000				300,000					600,000				300,000					1,150,000				900,000
		—				(100,000	)				—				(200,000	)				(950,000	)			(100,000	)
		100,000				200,000					600,000				100,000					200,000				800,000

124

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Global Infrastructure ETF
	Six Months Ended 3/31/18 (Unaudited)			Year Ended 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,797,506		$	4,524,990
Net realized gain (loss)		(70,932	)		(420,266	)
Net change in unrealized appreciation/depreciation		(11,148,119	)		13,120,650
Net increase (decrease) in net assets resulting from operations		(8,421,545	)		17,225,374
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(3,041,099	)		(3,938,322	)
FROM BENEFICIAL INTEREST TRANSACTIONS
Proceeds from sale of shares sold		50,626,303			91,715,714
Cost of shares redeemed		(5,306,624	)		(9,475,992	)
Other capital		76			—
Net increase (decrease) in net assets from beneficial interest transactions		45,319,755			82,239,722
Net increase (decrease) in net assets during the period		33,857,111			95,526,774
Net assets at beginning of period		181,376,950			85,850,176
NET ASSETS AT END OF PERIOD	$	215,234,061		$	181,376,950
Undistributed (distribution in excess of) net investment income (loss)	$	1,172,955		$	1,416,548
SHARES OF BENEFICIAL INTEREST:
Shares sold		1,000,000			1,900,000
Shares redeemed		(100,000	)		(200,000	)
Net increase (decrease)		900,000			1,700,000

See accompanying notes to financial statements.

125

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR EURO STOXX Small Cap ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period		$	62.56			$	47.42			$	46.83			$	50.65			$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.18				0.94				1.00				1.18				0.16
Net realized and unrealized gain (loss) (b)			1.35				15.17				0.43				(4.00	)			(9.47	)
Total from investment operations			1.53				16.11				1.43				(2.82	)			(9.31	)
Net equalization credits and charges (a)			(0.00	)(c)			0.01				(0.04	)			0.40				—
Voluntary contribution from Adviser			—				—				—				—				0.07
Distributions to shareholders from:
Net investment income			(0.14	)			(0.98	)			(0.80	)			(1.40	)			(0.11	)
Net asset value, end of period		$	63.95			$	62.56			$	47.42			$	46.83			$	50.65
Total return (d)			2.43	%			34.30	%			3.14	%			(4.97	)%			(15.43	)%(e)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	41,565			$	18,769			$	11,854			$	11,708			$	7,598
Ratios to average net assets:
Total expenses			0.45	%(f)			0.45	%			0.45	%			0.46	%			0.45	%(f)
Net investment income (loss)			0.55	%(f)			1.79	%			2.13	%			2.33	%			0.89	%(f)
Portfolio turnover rate (g)			25	%(h)			40	%			53	%			46	%			30	%(h)

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than 0.005%.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) If the Adviser had not made a contribution during the period ended September 30, 2014, the total return would have been (15.54)%.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(h) Not annualized.

See accompanying notes to financial statements.

126

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI ACWI IMI ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				Year Ended 9/30/14				Year Ended 9/30/13
Net asset value, beginning of period		$	75.27			$	64.88			$	58.64			$	63.82			$	58.20			$	50.04
Income (loss) from investment operations:
Net investment income (loss) (a)			0.69				1.55				1.53				1.74				1.48				1.30
Net realized and unrealized gain (loss) (b)			2.72				10.34				6.12				(5.17	)			5.39				8.16
Total from investment operations			3.41				11.89				7.65				(3.43	)			6.87				9.46
Distributions to shareholders from:
Net investment income			(1.18	)			(1.50	)			(1.41	)			(1.75	)			(1.21	)			(1.28	)
Net realized gains			—				—				—				(0.00	)(c)			(0.04	)			(0.02	)
Total distributions			(1.18	)			(1.50	)			(1.41	)			(1.75	)			(1.25	)			(1.30	)
Net asset value, end of period		$	77.50			$	75.27			$	64.88			$	58.64			$	63.82			$	58.20
Total return (d)			4.51	%			18.58	%			13.20	%			(5.61	)%			11.77	%			19.15	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	92,997			$	90,321			$	64,883			$	35,186			$	57,434			$	5,820
Ratios to average net assets:
Total expenses			0.25	%(e)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Net investment income (loss)			1.77	%(e)			2.25	%			2.48	%			2.70	%			2.31	%			2.40	%
Portfolio turnover rate (f)			1	%(g)			2	%			2	%			3	%			0	%(h)			0	%(h)

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

(h) Amount is less than 0.5%.

See accompanying notes to financial statements.

127

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI ACWI Low Carbon Target ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				For the Period 11/26/14* - 9/30/15
Net asset value, beginning of period		$	86.02			$	74.37			$	67.90			$	75.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.76				1.82				1.69				1.53
Net realized and unrealized gain (loss) (b)			3.15				11.37				6.47				(7.64	)
Total from investment operations			3.91				13.19				8.16				(6.11	)
Net equalization credits and charges (a)			—				0.17				0.02				0.03
Distributions to shareholders from:
Net investment income			(0.86	)			(1.71	)			(1.66	)			(1.02	)
Net realized gains			—				—				(0.05	)			—
Total distributions			(0.86	)			(1.71	)			(1.71	)			(1.02	)
Net asset value, end of period		$	89.07			$	86.02			$	74.37			$	67.90
Total return (c)			4.52	%			18.16	%			12.22	%			(8.25	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	151,412			$	146,234			$	96,683			$	81,474
Ratios to average net assets:
Total expenses			0.30	%(d)			0.30	%			0.30	%			0.30	%(d)
Net expenses			0.20	%(d)			0.20	%			0.20	%			0.20	%(d)
Net investment income (loss)			1.70	%(d)			2.28	%			2.38	%			2.42	%(d)
Portfolio turnover rate (e)			10	%(f)			12	%			12	%			4	%(f)

* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

See accompanying notes to financial statements.

128

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Canada StrategicFactorsSM ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period		$	59.62			$	52.66			$	46.60			$	59.82			$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.62				1.17				1.13				1.18				0.39
Net realized and unrealized gain (loss) (b)			(2.24	)			6.80				5.90				(13.19	)			(0.55	)
Total from investment operations			(1.62	)			7.97				7.03				(12.01	)			(0.16	)
Net equalization credits and charges (a)			0.00	(c)			0.09				0.11				0.40				—
Distributions to shareholders from:
Net investment income			(0.70	)			(1.10	)			(1.08	)			(1.61	)			(0.02	)
Net asset value, end of period		$	57.30			$	59.62			$	52.66			$	46.60			$	59.82
Total return (d)			(2.78	)%			15.52	%			15.62	%			(19.84	)%			(0.26	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	40,111			$	38,753			$	18,430			$	9,319			$	2,991
Ratios to average net assets:
Total expenses			0.30	%(e)			0.30	%			0.30	%			0.30	%			0.30	%(e)
Net investment income (loss)			2.09	%(e)			2.11	%			2.30	%			2.21	%			2.06	%(e)
Portfolio turnover rate (f)			9	%(g)			17	%			21	%			15	%			2	%(g)

* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

See accompanying notes to financial statements.

129

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI China A Shares IMI ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				For the Period 10/29/15* - 9/30/16
Net asset value, beginning of period		$	23.57			$	21.47			$	25.00
Income (loss) from investment operations:
Net investment income (loss) (a)			(0.07	)			0.13				0.15
Net realized and unrealized gain (loss) (b)			0.29				2.18				(3.43	)
Total from investment operations			0.22				2.31				(3.28	)
Other capital			—				—				0.06
Distributions to shareholders from:
Net investment income			—				(0.13	)			(0.31	)
Return of Capital			—				(0.08	)			—
Total distributions			—				(0.21	)			(0.31	)
Net asset value, end of period		$	23.79			$	23.57			$	21.47
Total return (c)			0.86	%			10.82	%			(12.92	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	2,379			$	2,357			$	2,147
Ratios to average net assets:
Total expenses			0.66	%(d)			0.65	%			0.66	%(d)
Net investment income (loss)			(0.62	)%(d)			0.60	%			0.74	%(d)
Portfolio turnover rate (e)			8	%(f)			1	%			14	%(f)

* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

See accompanying notes to financial statements.

130

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
	Six Months Ended 3/31/18 (Unaudited)				For the Period 10/25/16* - 9/30/17
Net asset value, beginning of period		$	70.74			$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.75				1.72
Net realized and unrealized gain (loss) (b)			0.62				10.56
Total from investment operations			1.37				12.28
Net equalization credits and charges (a)			0.02				0.02
Distributions to shareholders from:
Net investment income			(0.46	)			(1.56	)
Net realized gains			(0.25	)			—
Total distributions			(0.71	)			(1.56	)
Net asset value, end of period		$	71.42			$	70.74
Total return (c)			1.94	%			20.89	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	71,418			$	45,980
Ratios to average net assets:
Total expenses			0.30	%(d)			0.30	%(d)
Net expenses			0.20	%(d)			0.20	%(d)
Net investment income (loss)			2.08	%(d)			2.83	%(d)
Portfolio turnover rate (e)			2	%(f)			9	%(f)

* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

See accompanying notes to financial statements.

131

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI EAFE StrategicFactorsSM ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period		$	63.16			$	55.43			$	52.68			$	57.28			$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.65				1.90				1.56				1.60				0.45
Net realized and unrealized gain (loss) (b)			1.08				6.86				2.70				(4.56	)			(3.14	)
Total from investment operations			1.73				8.76				4.26				(2.96	)			(2.69	)
Distributions to shareholders from:
Net investment income			(0.63	)			(1.03	)			(1.51	)			(1.64	)			(0.03	)
Net realized gains			—				—				—				(0.00	)(c)			—
Total distributions			(0.63	)			(1.03	)			(1.51	)			(1.64	)			(0.03	)
Net asset value, end of period		$	64.26			$	63.16			$	55.43			$	52.68			$	57.28
Total return (d)			2.72	%			15.92	%			8.21	%			(5.34	)%			(4.48	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	257,035			$	192,644			$	8,315			$	5,268			$	5,728
Ratios to average net assets:
Total expenses			0.30	%(e)			0.30	%			0.30	%			0.30	%			0.30	%(e)
Net investment income (loss)			2.00	%(e)			3.20	%			2.89	%			2.80	%			2.35	%(e)
Portfolio turnover rate (f)			5	%(g)			9	%			20	%			14	%			0	%(g)(h)

* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

(h) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

132

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
	Six Months Ended 3/31/18 (Unaudited)				For the Period 10/25/16* - 9/30/17
Net asset value, beginning of period		$	65.27			$	55.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.38				1.38
Net realized and unrealized gain (loss) (b)			4.85				9.81
Total from investment operations			5.23				11.19
Net equalization credits and charges (a)			(0.01	)			0.17
Other capital			0.01				0.03
Distributions to shareholders from:
Net investment income			(0.24	)			(1.12	)
Net realized gains			(0.44	)			—
Total distributions			(0.68	)			(1.12	)
Net asset value, end of period		$	69.82			$	65.27
Total return (c)			7.94	%			21.02	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	24,437			$	16,318
Ratios to average net assets:
Total expenses			0.30	%(d)			0.30	%(d)
Net investment income (loss)			1.10	%(d)			2.44	%(d)
Portfolio turnover rate (e)			1	%(f)			2	%(f)

* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

See accompanying notes to financial statements.

133

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Emerging Markets StrategicFactorsSM ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period		$	60.69			$	53.58			$	47.58			$	59.59			$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.39				1.40				1.27				1.58				0.77
Net realized and unrealized gain (loss) (b)			4.69				6.69				5.69				(12.48	)			(1.23	)
Total from investment operations			5.08				8.09				6.96				(10.90	)			(0.46	)
Other capital			0.02				0.01				0.05				0.20				0.06
Distributions to shareholders from:
Net investment income			(0.94	)			(0.99	)			(1.01	)			(1.31	)			(0.01	)
Net realized gains			—				—				—				(0.00	)(c)			—
Total distributions			(0.94	)			(0.99	)			(1.01	)			(1.31	)			(0.01	)
Net asset value, end of period		$	64.85			$	60.69			$	53.58			$	47.58			$	59.59
Total return (d)			8.42	%			15.39	%			15.00	%			(18.29	)%			(0.65	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	321,001			$	213,945			$	116,539			$	71,371			$	5,959
Ratios to average net assets:
Total expenses			0.30	%(e)			0.30	%			0.30	%			0.30	%			0.31	%(e)
Net investment income (loss)			1.22	%(e)			2.50	%			2.59	%			2.82	%			3.85	%(e)
Portfolio turnover rate (f)			7	%(g)			17	%			34	%			23	%			0	%(g)(h)

* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

(h) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

134

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Germany StrategicFactorsSM ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period		$	63.06			$	52.12			$	48.44			$	53.58			$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.03				1.39	(b)			1.20				1.24				0.02	(c)
Net realized and unrealized gain (loss) (d)			0.92				10.33				3.33				(5.39	)			(6.44	)
Total from investment operations			0.95				11.72				4.53				(4.15	)			(6.42	)
Net equalization credits and charges (a)			(0.04	)			0.58				0.20				0.18				—
Distributions to shareholders from:
Net investment income			(0.10	)			(1.36	)			(1.05	)			(1.17	)			(0.00	)(e)
Net asset value, end of period		$	63.87			$	63.06			$	52.12			$	48.44			$	53.58
Total return (f)			1.44	%			23.78	%(b)			9.99	%			(7.64	)%			(10.70	)%(c)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	9,580			$	18,917			$	13,031			$	9,688			$	5,358
Ratios to average net assets:
Total expenses			0.30	%(g)			0.30	%			0.30	%			0.30	%			0.30	%(g)
Net investment income (loss)			0.08	%(g)			2.44	%(b)			2.37	%			2.26	%			0.11	%(c)(g)
Portfolio turnover rate (h)			10	%(i)			19	%			27	%			18	%			1	%(i)

* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividend from portfolio holding. The resulting increase to net investment income amounted to $0.29 per share and 0.50% of average net assets. If the special dividends were not received during the year ended September 30, 2017, the total return would have been 23.40%.

(c) 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)%.

(d) 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.

(e) Amount is less than $0.005 per share.

(f) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(g) Annualized.

(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(i) Not annualized.

See accompanying notes to financial statements.

135

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Japan StrategicFactorsSM ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period		$	74.49			$	67.43			$	59.76			$	60.46			$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.96				1.16				0.95				0.88				0.41
Net realized and unrealized gain (loss) (b)			5.31				6.99				7.42				(0.97	)			0.05
Total from investment operations			6.27				8.15				8.37				(0.09	)			0.46
Net equalization credits and charges (a)			(0.03	)			(0.01	)			0.27				0.24				—
Distributions to shareholders from:
Net investment income			(0.73	)			(1.08	)			(0.96	)			(0.84	)			—
Net realized gains			—				—				(0.01	)			(0.01	)			—
Total distributions			(0.73	)			(1.08	)			(0.97	)			(0.85	)			—
Net asset value, end of period		$	80.00			$	74.49			$	67.43			$	59.76			$	60.46
Total return (c)			8.40	%			12.21	%			14.55	%			0.21	%			0.76	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	24,001			$	14,897			$	13,487			$	11,951			$	6,046
Ratios to average net assets:
Total expenses			0.30	%(d)			0.30	%			0.30	%			0.30	%			0.30	%(d)
Net investment income (loss)			2.44	%(d)			1.67	%			1.48	%			1.38	%			2.21	%(d)
Portfolio turnover rate (e)			10	%(f)			22	%			23	%			23	%			0	%(f)(g)

* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

(g) Amount is less than 0.5%.

See accompanying notes to financial statements.

136

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI United Kingdom StrategicFactorsSM ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period		$	52.99			$	48.26			$	50.14			$	57.08			$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.92				2.26				1.82				2.18				0.62	(b)
Net realized and unrealized gain (loss) (c)			(0.67	)			3.20				(1.77	)			(7.43	)			(3.53	)
Total from investment operations			0.25				5.46				0.05				(5.25	)			(2.91	)
Net equalization credits and charges (a)			0.39				1.18				—				0.34				—
Distributions to shareholders from:
Net investment income			(0.87	)			(1.91	)			(1.93	)			(2.03	)			(0.01	)
Net asset value, end of period		$	52.76			$	52.99			$	48.26			$	50.14			$	57.08
Total return (d)			1.19	%			14.13	%			0.18	%			(8.85	)%			(4.86	)%(b)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	18,465			$	5,299			$	2,413			$	2,507			$	5,708
Ratios to average net assets:
Total expenses			0.30	%(e)			0.30	%			0.31	%			0.30	%			0.30	%(e)
Net investment income (loss)			3.48	%(e)			4.49	%			3.71	%			3.90	%			3.40	%(b)(e)
Portfolio turnover rate (f)			9	%(g)			27	%			24	%			31	%			0	%(g)(h)

* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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)%.

(c) 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.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

(h) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

137

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI World StrategicFactorsSM ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period		$	72.02			$	63.75			$	57.96			$	59.95			$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.72				1.58				1.40				1.35				0.37
Net realized and unrealized gain (loss) (b)			2.68				8.20				6.46				(2.04	)			(0.38	)
Total from investment operations			3.40				9.78				7.86				(0.69	)			(0.01	)
Distributions to shareholders from:
Net investment income			(0.86	)			(1.51	)			(1.37	)			(1.30	)			(0.04	)
Net realized gains			(0.37	)			—				(0.70	)			(0.00	)(c)			—
Total distributions			(1.23	)			(1.51	)			(2.07	)			(1.30	)			(0.04	)
Net asset value, end of period		$	74.19			$	72.02			$	63.75			$	57.96			$	59.95
Total return (d)			4.69	%			15.53	%			13.78	%			(1.25	)%			(0.02	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	29,676			$	21,606			$	6,375			$	5,796			$	5,995
Ratios to average net assets:
Total expenses			0.30	%(e)			0.30	%			0.30	%			0.30	%			0.30	%(e)
Net investment income (loss)			1.93	%(e)			2.32	%			2.29	%			2.18	%			1.90	%(e)
Portfolio turnover rate (f)			5	%(g)			12	%			18	%			13	%			0	%(g)(h)

* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

(h) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

138

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Asia Pacific ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				Year Ended 9/30/14				Year Ended 9/30/13
Net asset value, beginning of period		$	98.49			$	81.92			$	72.62			$	83.84			$	75.37			$	73.54
Income (loss) from investment operations:
Net investment income (loss) (a)			0.03				1.71				1.38				1.83				1.74				1.62
Net realized and unrealized gain (loss) (b)			7.85				16.67				10.81				(11.83	)			7.95				1.96
Total from investment operations			7.88				18.38				12.19				(10.00	)			9.69				3.58
Other capital			0.01				0.00	(c)			—				—				—				—
Distributions to shareholders from:
Net investment income			(1.38	)			(1.81	)			(2.89	)			(1.22	)			(1.22	)			(1.75	)
Net asset value, end of period		$	105.00			$	98.49			$	81.92			$	72.62			$	83.84			$	75.37
Total return (d)			8.03	%			23.02	%			17.24	%			(12.15	)%			12.99	%			4.91	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	504,017			$	413,653			$	335,858			$	428,447			$	687,494			$	399,460
Ratios to average net assets:
Total expenses			0.49	%(e)			0.49	%			0.49	%			0.53	%			0.59	%			0.59	%
Net investment income (loss)			0.06	%(e)			1.98	%			1.85	%			2.14	%			2.17	%			2.14	%
Portfolio turnover rate (f)			1	%(g)			4	%			1	%			28	%			15	%			16	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

See accompanying notes to financial statements.

139

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Global Dividend ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				Year Ended 9/30/14				For the Period 5/29/13* - 9/30/13
Net asset value, beginning of period		$	67.64			$	63.21			$	58.60			$	64.89			$	63.33			$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)			1.16				2.44				2.56				2.70				2.99				0.75
Net realized and unrealized gain (loss) (b)			0.78				4.19				4.87				(6.27	)			1.32				3.20
Total from investment operations			1.94				6.63				7.43				(3.57	)			4.31				3.95
Net equalization credits and charges (a)			0.00	(c)			0.10				0.08				0.39				0.06				0.01
Distributions to shareholders from:
Net investment income			(1.22	)			(2.30	)			(2.61	)			(2.61	)			(2.81	)			(0.63	)
Net realized gains			—				—				(0.29	)			(0.50	)			—				—
Total distributions			(1.22	)			(2.30	)			(2.90	)			(3.11	)			(2.81	)			(0.63	)
Net asset value, end of period		$	68.36			$	67.64			$	63.21			$	58.60			$	64.89			$	63.33
Total return (d)			2.82	%			10.83	%			13.16	%			(5.17	)%			6.85	%			6.61	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	181,143			$	165,725			$	104,298			$	73,250			$	29,200			$	9,499
Ratios to average net assets:
Total expenses			0.40	%(e)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%(e)
Net investment income (loss)			3.34	%(e)			3.76	%			4.27	%			4.16	%			4.46	%			3.61	%(e)
Portfolio turnover rate (f)			39	%(g)			47	%			49	%			31	%			37	%			10	%(g)

* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

See accompanying notes to financial statements.

140

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Global Infrastructure ETF
	Six Months Ended 3/31/18 (Unaudited)				Year Ended 9/30/17				Year Ended 9/30/16				Year Ended 9/30/15				Year Ended 9/30/14				Year Ended 9/30/13
Net asset value, beginning of period		$	51.82			$	47.69			$	43.31			$	48.84			$	43.51			$	40.42
Income (loss) from investment operations:
Net investment income (loss) (a)			0.75				1.73				1.58				1.46				1.68				1.99
Net realized and unrealized gain (loss) (b)			(2.76	)			4.03				4.23				(5.62	)			5.20				2.71
Total from investment operations			(2.01	)			5.76				5.81				(4.16	)			6.88				4.70
Other capital			0.00	(c)			—				—				—				—				—
Distributions to shareholders from:
Net investment income			(0.89	)			(1.63	)			(1.43	)			(1.37	)			(1.55	)			(1.61	)
Net asset value, end of period		$	48.92			$	51.82			$	47.69			$	43.31			$	48.84			$	43.51
Total return (d)			(3.99	)%			12.35	%			13.85	%			(8.77	)%			15.95	%			11.99	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)		$	215,234			$	181,377			$	85,850			$	56,299			$	112,333			$	52,217
Ratios to average net assets:
Total expenses			0.40	%(e)			0.40	%			0.40	%			0.40	%			0.41	%			0.50	%
Net investment income (loss)			2.95	%(e)			3.54	%			3.55	%			3.03	%			3.51	%			4.79	%
Portfolio turnover rate (f)			6	%(g)			22	%			21	%			7	%			14	%			74	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

See accompanying notes to financial statements.

141

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (Unaudited)

1. Organization

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

As of March 31, 2018, the Trust consists of thirty (30) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):

SPDR EURO STOXX Small Cap ETF

SPDR MSCI ACWI IMI ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI Canada StrategicFactors^SM ETF

SPDR MSCI China A Shares IMI ETF

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SPDR MSCI EAFE StrategicFactors^SM ETF

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SPDR MSCI Emerging Markets StrategicFactors^SM ETF

SPDR MSCI Germany StrategicFactors^SM ETF

SPDR MSCI Japan StrategicFactors^SM ETF

SPDR MSCI United Kingdom StrategicFactors^SM ETF

SPDR MSCI World StrategicFactors^SM ETF

SPDR S&P Emerging Asia Pacific ETF

SPDR S&P Global Dividend ETF

SPDR S&P Global Infrastructure ETF

Each Fund is classified as a non-diversified investment company under the 1940 Act.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would 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.

Security Valuation

Each Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE 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 the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by 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.

Valuation techniques used to value each Fund’s investments by major category are as follows:

• Equity investments (including 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 services or brokers on the

142

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy 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 (“NAV”) per share or unit.

• 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 determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Funds’ underlying benchmarks. Various inputs are used in determining the value of the Funds’ investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize 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 an identical asset or liability;

• 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.

The value of each Fund’s investments according to the fair value hierarchy as of March 31, 2018, is disclosed in each Fund’s respective Schedule 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.

The SPDR MSCI China A Shares IMI ETF had transfers of securities from Level 1 to Level 2 during the period ended March 31, 2018 in the amounts of $99,016. At March 31, 2018, these investments were valued using alternative valuation procedures under the valuation policy and procedures adopted by the Board. At September 30, 2017, these investments were valued at exchange closing prices in accordance with the Fund’s valuation policy.

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

143

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

Certain Funds invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions 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 initially as dividend income and re-designate the prior calendar year’s to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. 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 within the Trust.

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 at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the 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 March 31, 2018, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Equalization

Certain Funds in the Trust 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 utilized equalization during the period ended March 31, 2018:

SPDR EURO STOXX Small Cap ETF

SPDR MSCI Canada StrategicFactors^SM ETF

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SPDR MSCI Germany StrategicFactors^SM ETF

SPDR MSCI Japan StrategicFactors^SM ETF

SPDR MSCI United Kingdom StrategicFactors^SM ETF

SPDR S&P Global Dividend ETF

Distributions

The following Fund declares and distributes from net investment income, if any, to its shareholders quarterly:

SPDR S&P Global Dividend ETF

The following Funds declare and distribute from net investment income, if any, to its shareholders semi-annually:

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

SPDR EURO STOXX Small Cap ETF

SPDR MSCI ACWI IMI ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI Canada StrategicFactors^SM ETF

SPDR MSCI China A Shares IMI ETF

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SPDR MSCI EAFE StrategicFactors^SM ETF

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SPDR MSCI Emerging Markets StrategicFactors^SM ETF

SPDR MSCI Germany StrategicFactors^SM ETF

SPDR MSCI Japan StrategicFactors^SM ETF

SPDR MSCI United Kingdom StrategicFactors^SM ETF

SPDR MSCI World StrategicFactors^SM ETF

SPDR S&P Emerging Asia Pacific ETF

SPDR S&P Global Infrastructure ETF

Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve index tracking or to comply with the distribution requirements of the Internal Revenue Code. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Derivative Financial Instruments

Futures Contracts

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. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed.

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 March 31, 2018, the SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF entered into futures contracts for return enhancement, hedging and exposing cash reserves to markets.

The following tables summarize the value of the Fund’s derivative instruments as of March 31, 2018, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:

	Asset Derivatives
	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk			Credit Contracts Risk			Equity Contracts Risk				Commodity Contracts Risk			Total
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
Futures Contracts		$	—		$	—		$	—		$	21,798			$	—		$	21,798
	Net Realized Gain (Loss)
	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk			Credit Contracts Risk			Equity Contracts Risk				Commodity Contracts Risk			Total
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
Futures Contracts		$	—		$	—		$	—		$	(17,389	)		$	—		$	(17,389	)

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

	Net Change in Unrealized Appreciation (Depreciation)
	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk			Credit Contracts Risk			Equity Contracts Risk			Commodity Contracts Risk			Total
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
Futures Contracts		$	—		$	—		$	—		$	35,575		$	—		$	35,575

4. Fees and Transactions with Affiliates

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement (the “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 EURO STOXX Small Cap ETF		0.45	%
SPDR MSCI ACWI IMI ETF		0.25
SPDR MSCI ACWI Low Carbon Target ETF		0.30
SPDR MSCI Canada StrategicFactorsSM ETF		0.30
SPDR MSCI China A Shares IMI ETF		0.65
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		0.30
SPDR MSCI EAFE StrategicFactorsSM ETF		0.30
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		0.30
SPDR MSCI Emerging Markets StrategicFactorsSM ETF		0.30
SPDR MSCI Germany StrategicFactorsSM ETF		0.30
SPDR MSCI Japan StrategicFactorsSM ETF		0.30
SPDR MSCI United Kingdom StrategicFactorsSM ETF		0.30
SPDR MSCI World StrategicFactorsSM ETF		0.30
SPDR S&P Emerging Asia Pacific ETF		0.49
SPDR S&P Global Dividend ETF		0.40
SPDR S&P Global Infrastructure ETF		0.40

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 expenses, 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).

The Adviser has contractually agreed to waive its management fee and reimburse certain expenses, until January 31, 2019, so that the net annual Fund operating expenses of the SPDR MSCI ACWI Low Carbon Target ETF and the SPDR MSCI EAFE Fossil Fuel Reserves Free ETF will be limited to 0.20% 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, 2019, the waiver may be cancelled or modified at any time. For the period ended March 31, 2018, the SPDR MSCI ACWI Low Carbon Target ETF and the SPDR MSCI EAFE Fossil Fuel Reserves Free ETF waived $77,544 and $27,146, respectively.

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SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

Administrator, Custodian, Sub-Administrator and Transfer Agent Fees

SSGA FM serves as administrator and State Street, an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.

Distributor

Distributor

State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the Distributor of the Trust.

Other Transactions with Affiliates - Securities Lending

State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017.

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 Government Money Market Portfolio, an affiliated money market fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2018, are disclosed in the Schedules of Investments.

5. Trustees’ Fees

The fees and expenses of the Trust’s trustees , who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended March 31, 2018, were as follows:

	Purchases		Sales
SPDR EURO STOXX Small Cap ETF	$	30,787,192	$	8,398,059
SPDR MSCI ACWI IMI ETF		933,368		1,828,732
SPDR MSCI ACWI Low Carbon Target ETF		14,762,701		15,300,576
SPDR MSCI Canada StrategicFactorsSM ETF		6,598,252		3,457,074
SPDR MSCI China A Shares IMI ETF		181,290		213,672
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		26,451,910		1,037,088
SPDR MSCI EAFE StrategicFactorsSM ETF		10,821,289		10,066,912
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		6,541,201		199,640
SPDR MSCI Emerging Markets StrategicFactorsSM ETF		59,697,689		17,800,341
SPDR MSCI Germany StrategicFactorsSM ETF		1,698,125		1,721,847

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SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

	Purchases		Sales
SPDR MSCI Japan StrategicFactorsSM ETF	$	17,441,437	$	9,006,002
SPDR MSCI United Kingdom StrategicFactorsSM ETF		14,116,632		801,203
SPDR MSCI World StrategicFactorsSM ETF		8,789,107		1,297,777
SPDR S&P Emerging Asia Pacific ETF		63,573,521		3,288,731
SPDR S&P Global Dividend ETF		150,944,744		137,834,631
SPDR S&P Global Infrastructure ETF		12,020,473		11,706,640

For the period ended March 31, 2018, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

	In-kind Contributions		In-kind Redemptions		In-kind Net Realized Gains/(Losses)
SPDR EURO STOXX Small Cap ETF	$	22,315,246	$	—	$	—
SPDR MSCI Canada StrategicFactorsSM ETF		3,078,721		—		—
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		24,360,468		—		—
SPDR MSCI EAFE StrategicFactorsSM ETF		81,878,209		19,001,122		4,152,487
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		3,606,791		—		—
SPDR MSCI Emerging Markets StrategicFactorsSM ETF		48,811,097		—		—
SPDR MSCI Germany StrategicFactorsSM ETF		—		10,100,611		1,893,039
SPDR MSCI Japan StrategicFactorsSM ETF		15,634,074		7,317,402		892,635
SPDR MSCI United Kingdom StrategicFactorsSM ETF		13,316,537		—		—
SPDR MSCI World StrategicFactorsSM ETF		7,407,940		—		—
SPDR S&P Emerging Asia Pacific ETF		41,659,363		—		—
SPDR S&P Global Dividend ETF		80,286,696		69,705,255		16,127,913
SPDR S&P Global Infrastructure ETF		50,588,931		5,306,994		1,281,487

7. Shareholder Transactions

Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes on Net Assets.

8. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. 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. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of

148

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

September 30, 2017, SSGA FM has analyzed each Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

As of March 31, 2018, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

	Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
SPDR EURO STOXX Small Cap ETF		$	41,306,779		$	3,681,342		$	1,495,372		$	2,185,970
SPDR MSCI ACWI IMI ETF			82,341,610			17,390,871			5,399,298			11,991,573
SPDR MSCI ACWI Low Carbon Target ETF			127,062,958			31,855,978			5,928,701			25,927,277
SPDR MSCI Canada StrategicFactorsSM ETF			38,144,366			4,478,304			944,343			3,533,961
SPDR MSCI China A Shares IMI ETF			2,392,688			407,359			456,771			(49,412	)
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF			68,059,640			6,450,175			1,355,522			5,094,653
SPDR MSCI EAFE StrategicFactorsSM ETF			246,157,415			20,987,556			5,205,174			15,782,382
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF			21,473,842			3,665,180			711,480			2,953,700
SPDR MSCI Emerging Markets StrategicFactorsSM ETF			285,339,310			49,602,688			9,574,698			40,027,990
SPDR MSCI Germany StrategicFactorsSM ETF			9,129,190			755,482			394,015			361,467
SPDR MSCI Japan StrategicFactorsSM ETF			25,671,706			1,331,381			669,058			662,323
SPDR MSCI United Kingdom StrategicFactorsSM ETF			18,724,281			374,484			590,272			(215,788	)
SPDR MSCI World StrategicFactorsSM ETF			27,749,743			3,092,172			906,263			2,185,909
SPDR S&P Emerging Asia Pacific ETF			412,435,832			146,971,045			50,308,213			96,662,832
SPDR S&P Global Dividend ETF			204,803,470			8,784,904			14,796,576			(6,011,672	)
SPDR S&P Global Infrastructure ETF			216,068,437			16,426,084			15,113,496			1,312,588

9. Securities Lending

Each Fund may lend securities 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.

The market value of securities on loan as of March 31, 2018, 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 non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of March 31, 2018:

Fund	Market Value of Securities on Loan			Cash Collateral Received			Non Cash Collateral Received*			Total Collateral Received
SPDR EURO STOXX Small Cap ETF		$	2,475,440		$	2,031,488		$	555,924		$	2,587,412
SPDR MSCI ACWI IMI ETF			3,793,645			1,690,862			2,235,614			3,926,476
SPDR MSCI ACWI Low Carbon Target ETF			4,619,461			2,338,517			2,451,605			4,790,122
SPDR MSCI Canada StrategicFactorsSM ETF			1,639,034			1,622,347			59,088			1,681,435
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF			2,635,868			2,106,482			659,871			2,766,353
SPDR MSCI EAFE StrategicFactorsSM ETF			6,524,858			6,204,945			643,893			6,848,838
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF			1,703,020			434,013			1,326,818			1,760,831
SPDR MSCI Emerging Markets StrategicFactorsSM ETF			10,839,683			5,879,993			5,303,149			11,183,142
SPDR MSCI Japan StrategicFactorsSM ETF			2,558,616			2,568,084			113,042			2,681,126
SPDR MSCI United Kingdom StrategicFactorsSM ETF			137,431			142,395			—			142,395
SPDR MSCI World StrategicFactorsSM ETF			572,178			376,622			215,810			592,432
SPDR S&P Emerging Asia Pacific ETF			40,115,235			5,463,090			36,823,763			42,286,853
SPDR S&P Global Dividend ETF			23,861,240			18,986,384			6,102,638			25,089,022
SPDR S&P Global Infrastructure ETF			8,656,106			1,861,333			7,247,988			9,109,321

* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of March 31, 2018:

		Remaining Contractual Maturity of the Agreements As of March 31, 2018
Fund	Securities Lending Transactions	Overnight and Continuous			<30 Days			Between 30 & 90 Days			>90 Days			Total Borrowings			Gross Amount of Recognized Liabilities for Securities Lending Transactions
SPDR EURO STOXX Small Cap ETF	Common Stocks		$	2,031,488		$	—		$	—		$	—		$	2,031,488		$	2,031,488
SPDR MSCI ACWI IMI ETF	Common Stocks			1,690,862			—			—			—			1,690,862			1,690,862
SPDR MSCI ACWI Low Carbon Target ETF	Common Stocks			2,338,517			—			—			—			2,338,517			2,338,517
SPDR MSCI Canada StrategicFactorsSM ETF	Common Stocks			1,622,347			—			—			—			1,622,347			1,622,347
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	Common Stocks			2,106,482			—			—			—			2,106,482			2,106,482
SPDR MSCI EAFE StrategicFactorsSM ETF	Common Stocks			6,204,945			—			—			—			6,204,945			6,204,945
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	Common Stocks			434,013			—			—			—			434,013			434,013
SPDR MSCI Emerging Markets StrategicFactorsSM ETF	Common Stocks			5,879,993			—			—			—			5,879,993			5,879,993
SPDR MSCI Japan StrategicFactorsSM ETF	Common Stocks			2,568,084			—			—			—			2,568,084			2,568,084
SPDR MSCI United Kingdom StrategicFactorsSM ETF	Common Stocks			142,395			—			—			—			142,395			142,395
SPDR MSCI World StrategicFactorsSM ETF	Common Stocks			376,622			—			—			—			376,622			376,622
SPDR S&P Emerging Asia Pacific ETF	Common Stocks			5,463,090			—			—			—			5,463,090			5,463,090
SPDR S&P Global Dividend ETF	Common Stocks			18,986,384			—			—			—			18,986,384			18,986,384
SPDR S&P Global Infrastructure ETF	Common Stocks			1,861,333			—			—			—			1,861,333			1,861,333

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018 (Unaudited)

10. Line of Credit

Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless extended or renewed.

The following Funds participate in the credit facility as of March 31, 2018:

SPDR MSCI ACWI IMI ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI China A Shares IMI ETF

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SPDR MSCI Emerging Markets StrategicFactors^SM ETF

SPDR S&P Emerging Asia Pacific ETF

SPDR S&P Global Dividend ETF

SPDR S&P Global Infrastructure ETF

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 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 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

Prior to October 12, 2017, the Funds and other affiliated funds participated in a $360 million revolving credit facility.

The Funds had no outstanding loans as of March 31, 2018.

11. Risks

Concentration Risk

As a result of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if the Funds were more broadly diversified.

Foreign and Emerging Markets Risk

Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

12. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date on which 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.

151

SPDR INDEX SHARES FUNDS

OTHER INFORMATION

March 31, 2018 (Unaudited)

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from October 1, 2017 to March 31, 2018.

The table below illustrates your Fund’s cost in two ways:

Based on actual fund return — This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, 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 given for the Fund under the heading “Expenses Paid During Period”.

Based on hypothetical 5% return — This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

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 sales load charges (loads). Therefore, the hypothetical 5% return section of the 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.

				Actual						Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio			Ending Account Value			Expenses Paid During Period(a)			Ending Account Value			Expenses Paid During Period(a)
SPDR EURO STOXX Small Cap ETF		0.45	%		$	1,024.30		$	2.27		$	1,022.70		$	2.27
SPDR MSCI ACWI IMI ETF		0.25				1,045.10			1.27			1,023.70			1.26
SPDR MSCI ACWI Low Carbon Target ETF		0.20				1,045.20			1.02			1,023.90			1.01
SPDR MSCI Canada StrategicFactorsSM ETF		0.30				972.20			1.48			1,023.40			1.51
SPDR MSCI China A Shares IMI ETF		0.66				1,008.60			3.31			1,021.60			3.33
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		0.20				1,019.40			1.01			1,023.90			1.01
SPDR MSCI EAFE StrategicFactorsSM ETF		0.30				1,027.20			1.52			1,023.40			1.51
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		0.30				1,079.40			1.56			1,023.40			1.51
SPDR MSCI Emerging Markets StrategicFactorsSM ETF		0.30				1,084.20			1.56			1,023.40			1.51
SPDR MSCI Germany StrategicFactorsSM ETF		0.30				1,014.40			1.51			1,023.40			1.51
SPDR MSCI Japan StrategicFactorsSM ETF		0.30				1,084.00			1.56			1,023.40			1.51
SPDR MSCI United Kingdom StrategicFactorsSM ETF		0.30				1,011.90			1.50			1,023.40			1.51
SPDR MSCI World StrategicFactorsSM ETF		0.30				1,046.90			1.53			1,023.40			1.51
SPDR S&P Emerging Asia Pacific ETF		0.49				1,080.30			2.54			1,022.50			2.47
SPDR S&P Global Dividend ETF		0.40				1,028.20			2.02			1,022.90			2.02
SPDR S&P Global Infrastructure ETF		0.40				960.10			1.95			1,022.90			2.02

(a) Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by 182, then divided by 365.

152

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

March 31, 2018 (Unaudited)

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 SEC’s website, at www.sec.gov.

Information regarding how the investment adviser voted for the prior 12-month 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 Funds’ 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.

Full Portfolio Schedule

The complete schedule of portfolio holdings for the following Funds is available on the Funds’ website at www.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI Emerging Markets StrategicFactors^SM ETF

SPDR MSCI World StrategicFactors^SM ETF

153

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

Investment Manager and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Custodian, Sub-Administrator and Transfer Agent

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Legal Counsel

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

101 Seaport Boulevard

Suite 500

Boston, MA 02210

Fund Shares are distributed by State Street Global Advisors Funds Distributors, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Advisors Funds Distributors, 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 1.866.787.2257 or visit spdrs.com today.

ssga.com | spdrs.com

The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indices 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 Advisors Funds Distributors, LLC, an indirect wholly-owned subsidiary of State Street Corporation. State Street Global Advisors Funds Distributors, 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 adviser, administrator and securities lending agent.

Standard & Poor’s^®, S&P^® and SPDR^® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation.

State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

Before investing, consider the Funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.spdrs.com. Read it carefully.

Not FDIC Insured • No Bank Guarantee • May Lose Value

The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.

State Street Global Advisors

© 2018 State Street Corporation - All Rights Reserved

0515 Exp. Date: 11/30/2018 SPDRISMAINSAR

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Disclosure of Audit Committees for Listed Registrants.

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

Item 6. Investments.

(a) The Schedules of Investments for the SPDR S&P China ETF, SPDR S&P International Small Cap ETF, SPDR MSCI ACWI ex-US ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR Portfolio Emerging Markets ETF, SPDR Portfolio Developed World ex-US ETF, SPDR MSCI Emerging Markets StrategicFactors ETF, SPDR MSCI World StrategicFactors ETF and SPDR MSCI ACWI Low Carbon Target ETF are listed below. Summary Schedules of Investments for these funds as well as the Schedules of Investments for the remaining series of the registrant are included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

SPDR MSCI ACWI EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.0%
AUSTRALIA — 4.6%
Alumina, Ltd.		532,857	$	964,598
Amcor, Ltd.		156,696		1,703,144
AMP, Ltd.		260,702		997,858
Australia & New Zealand Banking Group, Ltd.		241,837		4,982,559
BHP Billiton PLC		141,808		2,792,157
BHP Billiton, Ltd.		237,595		5,141,195
Boral, Ltd.		307,476		1,754,720
Brambles, Ltd.		178,246		1,364,501
Coca-Cola Amatil, Ltd.		147,065		978,030
Commonwealth Bank of Australia		139,974		7,763,712
CSL, Ltd.		40,115		4,783,537
Fortescue Metals Group, Ltd.		200,755		666,773
Insurance Australia Group, Ltd.		277,909		1,594,512
LendLease Group		138,630		1,840,679
Macquarie Group, Ltd.		39,268		3,099,401
Medibank Pvt, Ltd.		215,229		478,765
National Australia Bank, Ltd.		197,224		4,309,986
Newcrest Mining, Ltd.		58,003		870,248
Origin Energy, Ltd. (a)		219,105		1,462,161
QBE Insurance Group, Ltd.		86,310		637,545
Santos, Ltd. (a)		178,194		692,986
Scentre Group REIT		207,820		610,534
Sonic Healthcare, Ltd.		88,800		1,558,449
South32, Ltd.		443,878		1,096,179
Suncorp Group, Ltd.		184,427		1,887,139
Sydney Airport		73,257		377,047
Telstra Corp., Ltd.		314,212		756,791
Transurban Group Stapled Security		157,531		1,379,926
Vicinity Centres REIT		455,281		841,628
Wesfarmers, Ltd.		92,488		2,948,388
Westfield Corp. REIT		137,258		897,018
Westpac Banking Corp.		265,281		5,823,706
Woodside Petroleum, Ltd.		68,763		1,542,254
Woolworths, Ltd.		114,529		2,309,563
				70,907,689
AUSTRIA — 0.3%
Erste Group Bank AG		47,874		2,402,217
OMV AG		23,048		1,340,180
Raiffeisen Bank International AG (a)		27,738		1,077,648
				4,820,045
BELGIUM — 0.9%
Ageas		36,457		1,881,346
Anheuser-Busch InBev SA		62,826		6,898,360
KBC Group NV		29,844		2,595,683
Solvay SA		11,578		1,606,895
UCB SA		15,447		1,257,254
				14,239,538
BRAZIL — 1.9%
Ambev SA ADR		459,779		3,342,593
B3 SA - Brasil Bolsa Balcao		145,253		1,166,447

Security Description	Shares		Value
Banco Bradesco SA Preference Shares ADR		326,448	$	3,878,202
Banco do Brasil SA		60,212		743,320
BB Seguridade Participacoes SA		52,264		460,274
Braskem SA Class A, Preference Shares		32,292		466,367
BRF SA (a)		40,314		276,919
Cia Energetica de Minas Gerais ADR (b)		185,346		478,193
Cia Siderurgica Nacional SA ADR (a) (b)		145,659		383,083
Cielo SA		77,693		483,653
EDP - Energias do Brasil SA		147,857		592,122
Embraer SA		56,084		363,645
Fibria Celulose SA		10,152		198,635
Gerdau SA ADR		106,280		495,265
Itau Unibanco Holding SA Preference Shares ADR		294,543		4,594,871
JBS SA		34,951		98,325
Kroton Educacional SA		106,087		434,103
Lojas Renner SA		100,132		1,034,882
Natura Cosmeticos SA		26,845		258,467
Odontoprev SA		176,089		791,012
Petroleo Brasileiro SA Preference Shares ADR (a)		266,851		3,466,394
Porto Seguro SA		10,196		148,970
Qualicorp SA		79,695		534,241
Raia Drogasil SA		29,049		653,769
Sul America SA		55,047		363,546
Tim Participacoes SA ADR		23,646		512,409
Vale SA ADR (b)		261,831		3,330,490
				29,550,197
CANADA — 6.1%
Agnico Eagle Mines, Ltd.		12,999		546,477
Alimentation Couche-Tard, Inc. Class B (b)		23,248		1,039,916
Bank of Montreal		55,351		4,178,212
Bank of Nova Scotia		86,760		5,340,526
Barrick Gold Corp.		93,473		1,163,655
BlackBerry, Ltd. (a)		46,415		533,183
Bombardier, Inc. Class B (a)		165,402		481,099
Brookfield Asset Management, Inc. Class A		86,356		3,363,815
CAE, Inc.		52,280		972,406
Cameco Corp.		38,531		349,969
Canadian Imperial Bank of Commerce (b)		34,257		3,021,684
Canadian National Railway Co.		64,429		4,705,553
Canadian Natural Resources, Ltd.		98,751		3,102,126
Canadian Pacific Railway, Ltd.		12,657		2,230,499
Canadian Tire Corp., Ltd. Class A (b)		11,259		1,479,368
Cenovus Energy, Inc.		74,843		636,826
CGI Group, Inc. Class A (a)		12,015		692,429
Constellation Software, Inc.		1,410		956,022
Crescent Point Energy Corp. (b)		42,163		286,483
Dollarama, Inc.		3,960		480,944

1

SPDR MSCI ACWI EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Enbridge, Inc.		84,905	$	2,668,490
Encana Corp.		75,240		826,954
Fairfax Financial Holdings, Ltd.		1,255		635,721
First Quantum Minerals, Ltd.		57,355		804,772
Franco-Nevada Corp.		12,999		886,261
Gildan Activewear, Inc.		49,748		1,435,814
Goldcorp, Inc.		68,981		951,849
H&R Real Estate Investment Trust		3,804		62,050
Husky Energy, Inc.		39,149		559,944
IGM Financial, Inc. (b)		19,828		579,345
Imperial Oil, Ltd.		43,724		1,157,156
Kinross Gold Corp. (a)		117,905		465,493
Loblaw Cos., Ltd.		38,962		1,967,063
Magna International, Inc.		16,865		949,306
Manulife Financial Corp.		137,007		2,541,949
National Bank of Canada		41,892		1,970,394
Nutrien, Ltd. (b)		70,254		3,318,027
Onex Corp.		6,833		492,474
Open Text Corp.		19,835		689,552
Pembina Pipeline Corp.		2,144		66,852
PrairieSky Royalty, Ltd. (b)		4,552		99,461
Restaurant Brands International, Inc.		12,183		692,851
Rogers Communications, Inc. Class B		46,414		2,071,485
Royal Bank of Canada		109,585		8,459,103
Seven Generations Energy, Ltd. Class A (a)		11,081		137,519
Shaw Communications, Inc. Class B		49,731		957,396
Shopify, Inc. Class A (a)		4,900		609,322
SmartCentres Real Estate Investment Trust		6,559		148,096
SNC-Lavalin Group, Inc.		25,991		1,140,439
Sun Life Financial, Inc.		55,314		2,270,051
Suncor Energy, Inc.		116,702		4,027,203
Teck Resources, Ltd. Class B		41,726		1,073,856
TELUS Corp.		32,559		1,142,501
Thomson Reuters Corp.		40,856		1,577,832
Toronto-Dominion Bank		138,395		7,848,019
TransCanada Corp. (b)		58,475		2,416,558
Turquoise Hill Resources, Ltd. (a)		17,580		53,725
Valeant Pharmaceuticals International, Inc. (a)		28,602		455,014
West Fraser Timber Co., Ltd.		6,842		454,329
Wheaton Precious Metals Corp.		31,106		633,339
				94,858,757
CHILE — 0.3%
Embotelladora Andina SA Class B, Preference Shares		23,791		116,818
Enel Americas SA ADR		196,469		2,282,970
Enel Chile SA ADR		149,679		957,946
Enel Generacion Chile SA ADR		48,561		1,155,266
Sociedad Quimica y Minera de Chile SA ADR (b)		11,396		560,113
				5,073,113

Security Description	Shares		Value
CHINA — 7.4%
58.com, Inc. ADR (a)		3,196	$	255,233
AAC Technologies Holdings, Inc.		86,000		1,551,623
Agricultural Bank of China, Ltd. Class H		2,242,000		1,274,075
Air China, Ltd. Class H		64,000		81,546
Alibaba Group Holding, Ltd. ADR (a) (b)		74,861		13,739,988
Alibaba Health Information Technology, Ltd. (a) (b)		84,000		41,742
Anhui Conch Cement Co., Ltd. Class H		8,500		46,300
ANTA Sports Products, Ltd.		29,000		146,325
Autohome, Inc. ADR		1,312		112,753
AviChina Industry & Technology Co., Ltd. Class H (b)		612,000		431,222
Baidu, Inc. ADR (a)		20,028		4,470,049
Bank of China, Ltd. Class H		6,168,436		3,316,744
Bank of Communications Co., Ltd. Class H		1,232,710		965,963
Beijing Enterprises Water Group, Ltd.		424,000		236,627
Brilliance China Automotive Holdings, Ltd.		326,000		680,387
Byd Co., Ltd. Class H (b)		24,500		191,048
CGN PowerCo.,Ltd.Class H (b) (c)		192,400		49,765
China CITIC Bank Corp., Ltd. Class H		595,000		406,356
China Communications Construction Co., Ltd. Class H		380,000		390,250
China Conch Venture Holdings, Ltd.		16,000		48,826
China Construction Bank Corp. Class H		5,177,720		5,317,384
China Everbright Bank Co., Ltd. Class H		36,000		17,293
China Everbright International, Ltd.		26,000		36,441
China Everbright, Ltd.		44,000		92,168
China Evergrande Group (a) (b)		242,000		761,617
China Galaxy Securities Co., Ltd. Class H		201,500		134,020
China Huishan Dairy Holdings Co., Ltd. (a) (b) (d)		1,418,000		—
China Life Insurance Co., Ltd. Class H		623,000		1,714,613
China Mengniu Dairy Co., Ltd.		442,000		1,514,952
China Merchants Bank Co., Ltd. Class H		480,514		1,968,391
China Merchants Port Holdings Co., Ltd.		455,366		1,003,763
China Minsheng Banking Corp., Ltd. Class H (b)		318,500		309,641
China Mobile, Ltd.		506,000		4,638,801
China Oilfield Services, Ltd. Class H		100,000		103,080

2

SPDR MSCI ACWI EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
China Overseas Land & Investment, Ltd.		402,000	$	1,395,780
China Pacific Insurance Group Co., Ltd. Class H		201,200		901,110
China Petroleum & Chemical Corp. Class H		2,509,800		2,203,346
China Railway Construction Corp., Ltd. Class H		126,000		126,188
China Railway Group, Ltd. Class H		254,000		176,058
China Resources Beer Holdings Co., Ltd.		403,670		1,748,758
China Resources Land, Ltd.		52,000		189,162
China Shenhua Energy Co., Ltd. Class H		198,500		493,196
China Southern Airlines Co., Ltd. Class H		110,000		113,528
China Taiping Insurance Holdings Co., Ltd.		150,200		496,629
China Telecom Corp., Ltd. Class H		1,950,000		859,677
China Unicom Hong Kong, Ltd. (a)		796,000		1,004,090
China Vanke Co., Ltd. Class H		76,100		347,130
CITIC Securities Co., Ltd. Class H		115,500		264,309
CITIC, Ltd.		402,000		562,410
CNOOC, Ltd.		1,614,217		2,377,629
COSCO SHIPPING Ports, Ltd.		516,042		433,964
Country Garden Holdings Co., Ltd.		232,000		477,698
CRRC Corp., Ltd. Class H		347,000		295,788
CSPC Pharmaceutical Group, Ltd.		440,000		1,168,916
Ctrip.com International, Ltd. ADR (a)		14,259		664,755
ENN Energy Holdings, Ltd.		38,000		339,411
Fosun International, Ltd.		92,500		200,362
Geely Automobile Holdings, Ltd.		995,000		2,865,206
GF Securities Co., Ltd. Class H		153,200		281,481
GOME Retail Holdings, Ltd. (b)		1,618,000		175,235
Great Wall Motor Co., Ltd. Class H (b)		274,500		275,259
Guangzhou Automobile Group Co., Ltd. Class H		104,000		191,613
Haitong Securities Co., Ltd. Class H		157,600		208,439
Hengan International Group Co., Ltd.		100,000		926,315
Huaneng Power International, Inc. Class H		860,000		577,475
Huaneng Renewables Corp., Ltd. Class H		912,000		340,476
Huatai Securities Co., Ltd. Class H (c)		160,600		308,992
Industrial & Commercial Bank of China, Ltd. Class H		5,429,045		4,655,463
JD.com, Inc. ADR (a)		50,970		2,063,775

Security Description	Shares		Value
Jiangsu Expressway Co., Ltd. Class H		14,000	$	19,800
Kingsoft Corp., Ltd.		156,000		494,935
Lenovo Group, Ltd. (b)		450,000		229,922
Momo, Inc. ADR (a)		6,200		231,756
NetEase, Inc. ADR		5,153		1,444,850
New China Life Insurance Co., Ltd. Class H		75,300		350,677
New Oriental Education & Technology Group, Inc. ADR		6,289		551,231
PetroChina Co., Ltd. Class H		1,558,000		1,069,992
PICC Property & Casualty Co., Ltd. Class H		439,610		769,624
Ping An Insurance Group Co. of China, Ltd. Class H		400,000		4,067,123
Semiconductor Manufacturing International Corp. (a) (b)		109,400		143,017
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		124,000		82,632
Shanghai Electric Group Co., Ltd. Class H (a) (b)		334,000		115,755
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		84,940		121,124
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		35,700		95,524
Sihuan Pharmaceutical Holdings Group, Ltd.		129,000		38,133
SINA Corp. (a)		3,352		349,513
Sinopec Shanghai Petrochemical Co., Ltd. Class H		326,000		198,135
Sinopharm Group Co., Ltd. Class H		69,200		346,516
Sunac China Holdings, Ltd. (b)		164,300		634,314
Sunny Optical Technology Group Co., Ltd.		36,600		675,731
TAL Education Group ADR		10,761		399,125
Tencent Holdings, Ltd.		422,000		22,024,031
Tingyi Cayman Islands Holding Corp.		398,000		825,585
TravelSky Technology, Ltd. Class H		56,000		162,328
Tsingtao Brewery Co., Ltd. Class H		8,000		41,792
Vipshop Holdings, Ltd. ADR (a)		19,185		318,855
Want Want China Holdings, Ltd.		199,000		159,488
Weibo Corp. ADR		3,020		361,011
Yanzhou Coal Mining Co., Ltd. Class H		396,000		504,568
Yum China Holdings, Inc.		20,824		864,196
YY, Inc. ADR (a)		2,950		310,340
Zhuzhou CRRC Times Electric Co., Ltd. Class H		82,700		400,418
Zijin Mining Group Co., Ltd. Class H (b)		1,558,000		696,785
ZTE Corp. Class H (a) (b)		39,200		127,615
				114,985,050

3

SPDR MSCI ACWI EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COLOMBIA — 0.1%
Bancolombia SA ADR		25,637	$	1,077,267
Cementos Argos SA		112,580		390,569
				1,467,836
DENMARK — 1.2%
AP Moeller - Maersk A/S Class B		1,000		1,541,685
Danske Bank A/S		67,415		2,507,110
DSV A/S		46,590		3,645,933
Genmab A/S (a)		2,819		603,716
Novo Nordisk A/S Class B		153,188		7,519,251
Novozymes A/S Class B		14,633		754,236
Pandora A/S		8,156		874,420
Vestas Wind Systems A/S		20,224		1,434,156
				18,880,507
EGYPT — 0.1%
Commercial International Bank Egypt SAE		147,670		745,553
Global Telecom Holding SAE (a)		750,759		279,778
				1,025,331
FINLAND — 0.8%
Elisa Oyj (b)		10,558		477,450
Fortum Oyj (b)		11,672		250,492
Kone Oyj Class B		31,381		1,564,212
Metso Oyj (b)		26,215		825,680
Neste Oyj (b)		9,472		659,341
Nokia Oyj (e)		210,629		1,161,804
Nokia Oyj (e)		111,591		614,425
Sampo Oyj Class A		33,151		1,845,285
Stora Enso Oyj Class R (b)		69,860		1,282,316
UPM-Kymmene Oyj		60,527		2,240,619
Wartsila Oyj Abp		32,940		727,177
				11,648,801
FRANCE — 7.1%
Accor SA		24,907		1,343,208
Air Liquide SA		36,766		4,498,156
Airbus SE		47,480		5,477,291
Alstom SA		21,216		955,247
AXA SA		134,839		3,581,967
BNP Paribas SA		78,031		5,774,302
Bouygues SA		24,030		1,203,115
Capgemini SE		15,617		1,943,705
Carrefour SA		67,586		1,400,583
Cie de Saint-Gobain		35,937		1,894,289
Cie Generale des Etablissements Michelin SCA		13,972		2,060,298
Credit Agricole SA		79,999		1,299,198
Danone SA		55,243		4,465,738
Electricite de France SA		6,506		94,097
Engie SA		93,324		1,555,769
Essilor International Cie Generale d’Optique SA		21,112		2,845,720
Hermes International		1,014		600,463
ICADE REIT		676		65,596
Kering SA		7,301		3,491,089

Security Description	Shares		Value
Klepierre SA REIT		3,508	$	141,294
Lagardere SCA		18,016		514,042
Legrand SA		19,995		1,566,438
L’Oreal SA		23,057		5,199,194
LVMH Moet Hennessy Louis Vuitton SE		21,207		6,525,576
Orange SA		177,848		3,015,144
Pernod Ricard SA		18,453		3,069,422
Peugeot SA		34,773		836,067
Publicis Groupe SA		25,917		1,803,433
Renault SA		16,760		2,030,311
Safran SA		22,546		2,384,071
Sanofi		92,478		7,430,249
Schneider Electric SE		48,461		4,251,848
Societe Generale SA		56,815		3,085,634
Sodexo SA		14,036		1,413,773
TOTAL SA (b)		180,943		10,265,439
Unibail-Rodamco SE REIT		7,015		1,601,677
Valeo SA		17,219		1,135,923
Veolia Environnement SA		42,688		1,010,360
Vinci SA		45,044		4,426,251
Vivendi SA		115,043		2,971,199
				109,227,176
GERMANY — 6.4%
adidas AG		16,489		3,987,866
Allianz SE		40,416		9,116,014
BASF SE		72,220		7,324,969
Bayer AG		66,057		7,457,041
Bayerische Motoren Werke AG		26,193		2,839,618
Commerzbank AG (a)		59,485		771,374
Continental AG		8,393		2,315,255
Covestro AG (c)		1,290		126,698
Daimler AG		73,159		6,205,550
Deutsche Bank AG		136,336		1,899,063
Deutsche Boerse AG		24,047		3,270,908
Deutsche Lufthansa AG		37,068		1,182,555
Deutsche Post AG		98,926		4,321,512
Deutsche Telekom AG		268,971		4,383,022
E.ON SE		171,858		1,906,464
Fresenius Medical Care AG & Co. KGaA		27,844		2,841,563
Fresenius SE & Co. KGaA		30,147		2,300,955
Henkel AG & Co. KGaA Preference Shares		7,005		920,524
Infineon Technologies AG		38,560		1,030,977
KS AG		5,857		168,844
Linde AG (e)		3		601
Linde AG (a) (e)		12,776		2,688,421
MAN SE		4,482		522,280
Merck KGaA		20,440		1,958,261
METRO AG		18,216		322,379
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		19,220		4,463,984
OSRAM Licht AG		7,445		547,177
RWE AG (a)		44,322		1,093,459
SAP SE		85,152		8,898,417
Siemens AG		67,586		8,604,652

4

SPDR MSCI ACWI EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
ThyssenKrupp AG		36,282	$	945,528
TUI AG		28,958		620,708
United Internet AG		1,560		98,039
Volkswagen AG		5,659		1,131,651
Volkswagen AG Preference Shares		10,670		2,117,710
Vonovia SE		23,732		1,174,769
				99,558,808
GREECE — 0.1%
Alpha Bank AE (a)		98,055		208,626
Eurobank Ergasias SA (a)		123,333		116,415
Hellenic Telecommunications Organization SA		2,846		38,432
JUMBO SA		27,278		486,444
National Bank of Greece SA (a)		459,502		147,609
OPAP SA		39,251		448,455
Piraeus Bank SA (a)		30,719		97,094
				1,543,075
HONG KONG — 2.8%
AIA Group, Ltd.		961,400		8,133,858
Alibaba Pictures Group, Ltd. (a) (b)		510,000		66,282
ASM Pacific Technology, Ltd.		7,400		103,340
Bank of East Asia, Ltd.		361,040		1,439,873
BOC Hong Kong Holdings, Ltd.		173,500		844,476
CK Asset Holdings, Ltd.		230,032		1,930,049
CK Hutchison Holdings, Ltd.		279,532		3,344,426
CLP Holdings, Ltd.		118,000		1,201,305
Fullshare Holdings, Ltd. (a) (b)		380,000		210,619
Galaxy Entertainment Group, Ltd.		180,000		1,634,112
Haier Electronics Group Co., Ltd.		23,000		81,909
Hanergy Thin Film Power Group, Ltd. (a) (d)		448,000		—
Hang Lung Properties, Ltd.		402,000		936,325
Hang Seng Bank, Ltd.		60,000		1,388,326
Henderson Land Development Co., Ltd.		220,263		1,434,124
Hong Kong & China Gas Co., Ltd.		1,395,252		2,865,775
Hong Kong Exchanges & Clearing, Ltd.		107,650		3,500,412
Jardine Matheson Holdings, Ltd.		3,200		197,184
Jardine Strategic Holdings, Ltd.		1,000		38,340
Li & Fung, Ltd.		804,000		393,379
Link REIT		319,286		2,725,706
Melco Resorts & Entertainment, Ltd. ADR		6,582		190,746
New World Development Co., Ltd.		884,740		1,249,050
Sands China, Ltd.		240,800		1,294,772
Shangri-La Asia, Ltd.		400,333		805,940
Sino Biopharmaceutical, Ltd.		768,000		1,506,976
SJM Holdings, Ltd.		38,000		33,021
Sun Art Retail Group, Ltd.		228,000		265,235
Sun Hung Kai Properties, Ltd.		188,185		2,973,248

Security Description	Shares		Value
Swire Pacific, Ltd. Class A		111,006	$	1,119,494
Techtronic Industries Co., Ltd.		178,500		1,040,528
WH Group, Ltd. (c)		298,101		317,537
Wharf Holdings, Ltd.		6,000		20,603
Wharf Real Estate Investment Co., Ltd. (a)		6,000		39,066
Wheelock & Co., Ltd.		6,000		43,844
				43,369,880
HUNGARY — 0.1%
MOL Hungarian Oil & Gas PLC		99,524		1,086,846
OTP Bank PLC		24,681		1,110,391
				2,197,237
INDIA — 1.9%
ACC, Ltd.		24,680		570,441
Adani Ports & Special Economic Zone, Ltd.		50,610		274,771
Ambuja Cements, Ltd.		127,090		453,923
Apollo Hospitals Enterprise, Ltd.		369		6,023
Aurobindo Pharma, Ltd.		28,542		244,124
Axis Bank, Ltd.		79,563		622,751
Bajaj Auto, Ltd.		5,842		245,847
Bajaj Finance, Ltd.		17,551		475,643
Bajaj Finserv, Ltd.		1,940		153,826
Bharat Forge, Ltd.		9,570		102,660
Bharat Heavy Electricals, Ltd.		103,808		129,478
Bharat Petroleum Corp., Ltd.		45,411		297,615
Bharti Airtel, Ltd.		31,397		191,930
Bharti Infratel, Ltd.		68,128		351,129
Bosch, Ltd.		134		37,018
Cadila Healthcare, Ltd.		7,660		44,377
Dabur India, Ltd.		60,009		302,153
Dr Reddy’s Laboratories, Ltd. ADR (b)		19,800		647,262
Eicher Motors, Ltd.		801		348,450
Glenmark Pharmaceuticals, Ltd.		19,577		157,975
Godrej Consumer Products, Ltd.		25,916		434,564
HCL Technologies, Ltd.		39,793		590,961
Hindalco Industries, Ltd.		18,538		60,982
Hindustan Petroleum Corp., Ltd.		45,017		238,021
Hindustan Unilever, Ltd.		45,570		931,603
Housing Development Finance Corp., Ltd.		94,843		2,654,720
ICICI Bank, Ltd. ADR		114,403		1,012,467
Idea Cellular, Ltd. (a)		63,901		74,363
Indiabulls Housing Finance, Ltd.		23,950		454,329
Indian Oil Corp., Ltd.		35,414		95,890
Infosys, Ltd. ADR (b)		172,810		3,084,658
ITC, Ltd.		185,947		728,430
LIC Housing Finance, Ltd.		33,503		274,510
Lupin, Ltd.		10,764		121,443
Mahindra & Mahindra Financial Services, Ltd.		111,006		788,442
Mahindra & Mahindra, Ltd., GDR		70,117		806,345
Marico, Ltd.		94,566		472,745
Maruti Suzuki India, Ltd.		2,827		384,080

5

SPDR MSCI ACWI EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Motherson Sumi Systems, Ltd.		18,316	$	87,323
Nestle India, Ltd.		3,700		465,384
Piramal Enterprises, Ltd.		5,923		220,935
Power Finance Corp., Ltd.		58,326		76,594
Reliance Industries, Ltd. GDR (c)		141,135		3,824,758
Rural Electrification Corp., Ltd.		19,627		37,526
Shree Cement, Ltd.		1,990		494,175
Shriram Transport Finance Co., Ltd.		27,105		598,273
Siemens, Ltd.		32,620		536,576
State Bank of India		8,543		32,733
Sun Pharmaceutical Industries, Ltd.		42,502		322,634
Tata Consultancy Services, Ltd.		22,046		963,059
Tata Motors, Ltd. ADR (a)		40,172		1,032,420
Tata Power Co., Ltd.		264,624		320,527
Tech Mahindra, Ltd.		8,228		80,575
United Spirits, Ltd. (a)		4,521		216,939
UPL, Ltd.		21,265		238,092
Vedanta, Ltd.		37,833		161,172
Yes Bank, Ltd.		60,349		282,075
Zee Entertainment Enterprises, Ltd.		85,751		756,645
				29,614,364
INDONESIA — 0.5%
Adaro Energy Tbk PT		399,000		61,730
Astra International Tbk PT		2,159,200		1,144,882
Bank Central Asia Tbk PT		703,400		1,190,428
Bank Danamon Indonesia Tbk PT		17,500		8,739
Bank Mandiri Persero Tbk PT		1,634,700		911,300
Bank Rakyat Indonesia Persero Tbk PT		7,734,700		2,022,511
Bumi Serpong Damai Tbk PT		202,500		26,181
Charoen Pokphand Indonesia Tbk PT		2,068,600		518,371
Gudang Garam Tbk PT		98,500		518,525
Matahari Department Store Tbk PT		217,400		172,909
Surya Citra Media Tbk PT		36,500		7,185
Telekomunikasi Indonesia Persero Tbk PT		5,543,900		1,449,649
United Tractors Tbk PT		52,400		121,794
				8,154,204
IRELAND — 0.5%
Bank of Ireland Group PLC (a)		75,520		660,365
CRH PLC		72,031		2,442,353
James Hardie Industries PLC		107,236		1,881,180
Kerry Group PLC Class A		17,438		1,767,161
Paddy Power Betfair PLC		1,619		166,160
				6,917,219
ISRAEL — 0.4%
Bank Hapoalim BM		233,095		1,596,082
Bank Leumi Le-Israel BM		230,453		1,385,665
Check Point Software Technologies, Ltd. (a)		818		81,260

Security Description	Shares		Value
Nice, Ltd.		10,634	$	986,512
Teva Pharmaceutical Industries, Ltd. ADR (b)		75,679		1,293,354
				5,342,873
ITALY — 1.4%
Assicurazioni Generali SpA		93,873		1,803,902
Atlantia SpA		70,855		2,191,597
Enel SpA		535,902		3,275,624
Eni SpA		184,694		3,245,462
Ferrari NV		14,776		1,772,523
Intesa Sanpaolo SpA		966,779		3,511,693
Leonardo SpA		52,841		609,444
Mediobanca Banca di Credito Finanziario SpA		64,207		753,958
Snam SpA		181,427		832,937
Telecom Italia SpA/Milano (a)		1,322,311		1,253,835
UniCredit SpA (a)		123,941		2,589,462
				21,840,437
JAPAN — 16.5%
Acom Co., Ltd. (a) (b)		43,800		194,392
Aeon Co., Ltd.		59,800		1,056,832
Aisin Seiki Co., Ltd.		38,700		2,088,745
Ajinomoto Co., Inc.		24,900		449,183
Alps Electric Co., Ltd. (b)		6,100		148,557
Asahi Glass Co., Ltd.		35,000		1,446,403
Asahi Group Holdings, Ltd.		60,200		3,220,856
Asahi Kasei Corp.		170,600		2,243,386
Astellas Pharma, Inc.		241,600		3,671,139
Bridgestone Corp.		60,200		2,619,705
Canon, Inc.		80,000		2,896,098
Central Japan Railway Co.		10,200		1,928,745
Chiba Bank, Ltd.		192,000		1,547,193
Chubu Electric Power Co., Inc.		80,200		1,143,991
Concordia Financial Group, Ltd.		201,000		1,120,762
Credit Saison Co., Ltd.		59,700		984,615
Dai-ichi Life Holdings, Inc.		57,400		1,049,770
Daiichi Sankyo Co., Ltd.		80,300		2,669,116
Daikin Industries, Ltd.		17,300		1,894,297
Daiwa Securities Group, Inc.		199,000		1,265,479
Denso Corp.		40,200		2,185,580
Dentsu, Inc.		2,200		96,192
East Japan Railway Co.		39,700		3,685,175
Eisai Co., Ltd.		20,100		1,282,544
Electric Power Development Co., Ltd.		20,100		514,076
FANUC Corp.		17,700		4,422,087
Fast Retailing Co., Ltd.		1,900		749,281
FUJIFILM Holdings Corp.		59,900		2,363,332
Fujitsu, Ltd.		201,000		1,207,701
Hitachi, Ltd.		401,000		2,877,321
Honda Motor Co., Ltd.		140,500		4,810,160
Hoya Corp.		40,200		2,006,787
Inpex Corp.		79,600		970,394
ITOCHU Corp.		197,200		3,804,004
Japan Real Estate Investment Corp. REIT		240		1,243,441

6

SPDR MSCI ACWI EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Japan Retail Fund Investment Corp. REIT		751	$	1,454,687
Japan Tobacco, Inc.		80,300		2,291,589
JFE Holdings, Inc.		42,800		852,177
JSR Corp.		40,200		893,207
JXTG Holdings, Inc.		324,908		1,947,920
Kajima Corp.		201,000		1,865,416
Kamigumi Co., Ltd.		85,500		1,892,496
Kansai Electric Power Co., Inc.		99,900		1,295,365
Kao Corp.		38,100		2,841,647
KDDI Corp.		120,600		3,068,014
Keikyu Corp. (b)		104,711		1,826,412
Keyence Corp.		6,700		4,126,469
Kintetsu Group Holdings Co., Ltd. (b)		38,700		1,511,975
Kobe Steel, Ltd. (a)		40,200		394,251
Komatsu, Ltd.		100,300		3,305,609
Konica Minolta, Inc. (b)		100,500		843,879
Kose Corp. (b)		2,200		456,963
Kubota Corp.		122,000		2,116,502
Kyocera Corp.		40,000		2,229,243
LIXIL Group Corp.		39,900		876,037
Makita Corp.		39,800		1,946,027
Marubeni Corp.		200,000		1,441,843
Marui Group Co., Ltd. (b)		70,700		1,409,347
Mazda Motor Corp.		15,600		206,753
Mebuki Financial Group, Inc.		237,200		909,992
MEIJI Holdings Co., Ltd.		3,200		244,626
Mitsubishi Chemical Holdings Corp.		201,000		1,927,786
Mitsubishi Corp.		140,500		3,732,795
Mitsubishi Electric Corp.		200,000		3,196,051
Mitsubishi Estate Co., Ltd.		180,618		2,972,087
Mitsubishi Heavy Industries, Ltd. (b)		38,700		1,477,041
Mitsubishi UFJ Financial Group, Inc.		836,200		5,474,810
Mitsui & Co., Ltd.		197,100		3,354,499
Mitsui Chemicals, Inc.		38,800		1,214,894
Mitsui Fudosan Co., Ltd.		26,000		619,013
Mizuho Financial Group, Inc.		1,158,900		2,086,783
MS&AD Insurance Group Holdings, Inc.		60,200		1,854,398
Murata Manufacturing Co., Ltd.		17,900		2,438,843
NEC Corp.		17,800		495,421
Nidec Corp.		25,000		3,784,673
Nintendo Co., Ltd.		5,900		2,588,566
Nippon Steel & Sumitomo Metal Corp.		65,800		1,427,987
Nippon Telegraph & Telephone Corp.		61,400		2,830,116
Nippon Yusen KK		19,400		375,961
Nissan Motor Co., Ltd. (b)		200,700		2,065,502
Nitori Holdings Co., Ltd.		3,100		538,820
Nitto Denko Corp.		20,000		1,487,917
Nomura Holdings, Inc.		221,400		1,272,399
NTT Data Corp.		100,500		1,042,327
NTT DOCOMO, Inc.		126,300		3,194,018
Obayashi Corp.		145,100		1,577,204

Security Description	Shares		Value
Ono Pharmaceutical Co., Ltd.		25,100	$	791,352
Oriental Land Co., Ltd.		5,800		588,453
ORIX Corp.		160,300		2,831,439
Osaka Gas Co., Ltd. (b)		77,400		1,526,166
Otsuka Holdings Co., Ltd.		8,700		432,996
Panasonic Corp.		202,200		2,858,559
Rakuten, Inc.		43,900		360,281
Recruit Holdings Co., Ltd.		38,400		947,453
Resona Holdings, Inc.		60,200		319,765
Rohm Co., Ltd.		19,900		1,852,468
Ryohin Keikaku Co., Ltd.		1,300		430,277
Secom Co., Ltd.		20,100		1,479,859
Seven & i Holdings Co., Ltd.		80,300		3,421,905
Sharp Corp. (a) (b)		7,100		210,296
Shin-Etsu Chemical Co., Ltd.		37,700		3,855,078
Shionogi & Co., Ltd.		18,300		943,822
Shiseido Co., Ltd.		21,300		1,359,515
Shizuoka Bank, Ltd.		156,000		1,481,523
SMC Corp.		1,300		520,611
SoftBank Group Corp.		79,400		5,827,893
Sompo Holdings, Inc.		54,700		2,181,314
Sony Corp.		100,100		4,809,694
Subaru Corp.		23,800		780,801
Sumitomo Chemical Co., Ltd.		201,000		1,149,111
Sumitomo Corp.		100,400		1,660,589
Sumitomo Electric Industries, Ltd.		80,300		1,212,994
Sumitomo Mitsui Financial Group, Inc.		64,500		2,699,478
Sumitomo Mitsui Trust Holdings, Inc.		20,000		809,215
Sysmex Corp.		1,400		125,585
T&D Holdings, Inc.		39,900		627,858
Takeda Pharmaceutical Co., Ltd.		80,300		3,865,877
TDK Corp.		20,100		1,759,577
Teijin, Ltd.		66,700		1,254,349
Terumo Corp.		57,600		2,968,011
Tohoku Electric Power Co., Inc.		40,300		543,775
Tokio Marine Holdings, Inc.		60,200		2,701,783
Tokyo Electric Power Co. Holdings, Inc. (a)		140,400		545,230
Tokyo Electron, Ltd.		20,100		3,631,608
Tokyo Gas Co., Ltd.		70,600		1,870,717
Tokyu Corp.		106,500		1,665,346
Toppan Printing Co., Ltd.		201,000		1,632,948
Toray Industries, Inc.		201,000		1,891,876
Toshiba Corp. (a)		241,000		693,427
Toyota Motor Corp.		201,100		12,937,717
Toyota Tsusho Corp.		60,200		2,006,667
West Japan Railway Co.		20,700		1,454,937
Yahoo! Japan Corp. (b)		261,000		1,212,355
Yakult Honsha Co., Ltd.		900		67,109
Yamada Denki Co., Ltd. (b)		120,900		728,697
Yamaha Corp.		27,500		1,190,762
Yamaha Motor Co., Ltd.		60,300		1,771,862
				255,626,676
LUXEMBOURG — 0.1%
ArcelorMittal (a)		39,345		1,243,583

7

SPDR MSCI ACWI EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SES SA (b)		26,032	$	351,690
				1,595,273
MACAU — 0.0% (f)
MGM China Holdings, Ltd.		62,400		161,003
Wynn Macau, Ltd.		65,200		236,349
				397,352
MALAYSIA — 0.5%
AirAsia Bhd		541,700		554,584
Alliance Bank Malaysia Bhd		656,800		725,061
AMMB Holdings Bhd		211,300		211,956
Astro Malaysia Holdings Bhd		100,600		53,057
British American Tobacco Malaysia Bhd		38,500		261,776
CIMB Group Holdings Bhd		414,114		766,561
Dialog Group Bhd		900,000		688,728
Felda Global Ventures Holdings Bhd		668,900		287,067
Gamuda Bhd		56,766		75,580
Genting Bhd		187,100		420,830
Genting Malaysia Bhd		470,300		589,699
Genting Plantations Bhd		208,700		550,346
Hong Leong Financial Group Bhd		35,439		175,729
IOI Properties Group Bhd		615,400		256,151
Malaysia Airports Holdings Bhd		155,500		355,785
Petronas Chemicals Group Bhd		18,000		37,927
PPB Group Bhd		112,700		557,673
RHB Capital Bhd		114,410		152,921
Sapura Energy Bhd		141,400		18,461
Tenaga Nasional Bhd		140,600		587,408
UMW Holdings Bhd (a)		38,400		59,764
Westports Holdings Bhd		157,300		143,555
				7,530,619
MEXICO — 0.8%
America Movil SAB de CV Series L		2,892,812		2,733,778
Cemex SAB de CV Series CPO (a)		1,708,912		1,126,261
Fomento Economico Mexicano SAB de CV		272,136		2,472,161
Fresnillo PLC		22,026		391,942
Gentera SAB de CV (b)		261,072		189,652
Grupo Financiero Banorte SAB de CV Series O		382,672		2,329,764
Grupo Mexico SAB de CV Series B		236,137		783,307
Grupo Televisa SAB Series CPO (b)		329,065		1,042,530
Industrias Penoles SAB de CV		17,002		342,080
Kimberly-Clark de Mexico SAB de CV Class A		236,926		441,831
Wal-Mart de Mexico SAB de CV		303,942		770,283
				12,623,589
NETHERLANDS — 3.2%
Akzo Nobel NV		23,586		2,226,017

Security Description	Shares		Value
Altice NV Class A (a)		25,497	$	210,032
ASML Holding NV		31,568		6,217,651
Gemalto NV		1,704		104,050
Heineken NV		25,630		2,751,789
ING Groep NV		247,925		4,177,276
Koninklijke Ahold Delhaize NV		138,391		3,274,993
Koninklijke DSM NV		22,843		2,265,458
Koninklijke KPN NV		483,110		1,447,951
Koninklijke Philips NV		102,282		3,920,294
NXP Semiconductors NV (a)		12,936		1,513,512
Royal Dutch Shell PLC Class A		347,301		10,881,474
Royal Dutch Shell PLC Class B		278,858		8,907,214
Wolters Kluwer NV		37,178		1,974,793
				49,872,504
NEW ZEALAND — 0.1%
Mercury NZ, Ltd.		241,570		561,145
Meridian Energy, Ltd.		234,371		482,709
Spark New Zealand, Ltd.		171,309		412,765
				1,456,619
NORWAY — 0.5%
DNB ASA		108,701		2,106,606
Norsk Hydro ASA		177,852		1,040,931
Statoil ASA		92,065		2,165,318
Telenor ASA		78,267		1,764,533
Yara International ASA		20,031		844,772
				7,922,160
PERU — 0.1%
Cia de Minas Buenaventura SAA ADR		19,711		300,198
Credicorp, Ltd.		7,568		1,718,239
				2,018,437
PHILIPPINES — 0.3%
Alliance Global Group, Inc. (a)		622,500		157,482
Ayala Land, Inc.		545,400		429,609
BDO Unibank, Inc.		41,307		110,041
DMCI Holdings, Inc.		1,474,050		343,528
Globe Telecom, Inc.		2,920		90,772
GT Capital Holdings, Inc.		8,260		185,059
JG Summit Holdings, Inc.		260,090		312,542
Jollibee Foods Corp.		111,780		640,549
Megaworld Corp.		1,779,300		159,933
Metro Pacific Investments Corp.		3,882,800		389,936
PLDT, Inc. ADR		16,447		466,601
SM Prime Holdings, Inc.		577,900		373,250
Universal Robina Corp.		65,810		191,713
				3,851,015
POLAND — 0.2%
Alior Bank SA (a)		38,229		820,875
Bank Millennium SA (a)		133,696		320,452
Bank Zachodni WBK SA		3,808		402,668
CCC SA		7,974		542,883
Grupa Azoty SA		12,416		202,988
LPP SA		48		121,916
Orange Polska SA (a)		96,653		163,661

8

SPDR MSCI ACWI EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Polski Koncern Naftowy ORLEN SA		18,630	$	457,524
Powszechna Kasa Oszczednosci Bank Polski SA (a)		50,471		595,874
				3,628,841
PORTUGAL — 0.1%
EDP - Energias de Portugal SA		170,505		647,540
Jeronimo Martins SGPS SA		21,604		393,364
				1,040,904
QATAR — 0.0% (f)
Commercial Bank PQSC		12,627		104,011
Ezdan Holding Group QSC		13,561		39,097
Qatar Electricity & Water Co. QSC		5,974		308,378
Qatar Gas Transport Co., Ltd.		19,728		82,769
				534,255
ROMANIA — 0.0% (f)
NEPI Rockcastle PLC		7,505		72,841
RUSSIA — 0.9%
Gazprom PJSC ADR		472,498		2,299,175
LUKOIL PJSC ADR		53,415		3,697,386
Magnit PJSC GDR		8,336		153,674
MMC Norilsk Nickel PJSC ADR (b)		39,882		745,793
Mobile TeleSystems PJSC ADR		94,354		1,074,692
RusHydro PJSC ADR (e)		58,736		71,658
RusHydro PJSC ADR (e)		122,584		154,211
Sberbank of Russia PJSC ADR		124,382		2,317,237
Surgutneftegas OJSC ADR		131,551		660,386
Tatneft PJSC ADR (b)		39,473		2,491,536
				13,665,748
SINGAPORE — 1.0%
CapitaLand, Ltd.		401,000		1,091,718
DBS Group Holdings, Ltd.		217,558		4,562,530
Singapore Exchange, Ltd.		401,000		2,253,771
Singapore Press Holdings, Ltd. (b)		602,300		1,157,474
Singapore Telecommunications, Ltd.		979,500		2,517,284
United Overseas Bank, Ltd.		204,929		4,297,680
				15,880,457
SOUTH AFRICA — 1.7%
Anglo American Platinum, Ltd.		7,474		204,374
AngloGold Ashanti, Ltd.		42,028		399,113
Aspen Pharmacare Holdings, Ltd.		25,150		550,726
Bid Corp., Ltd.		23,398		508,985
Bidvest Group, Ltd.		23,451		443,538
Brait SE (a)		33,236		101,261
Capitec Bank Holdings, Ltd.		5,191		381,257
Coronation Fund Managers, Ltd.		46,760		318,633
Discovery, Ltd. (b)		76,863		1,106,036
FirstRand, Ltd. (b)		325,989		1,840,588
Foschini Group, Ltd.		31,201		589,195
Gold Fields, Ltd.		49,079		198,739

Security Description	Shares		Value
Imperial Holdings, Ltd. (b)		21,794	$	429,028
Mr. Price Group, Ltd.		29,851		718,011
MTN Group, Ltd. (b)		126,805		1,273,749
Naspers, Ltd. Class N		34,446		8,406,990
Pioneer Foods Group, Ltd. (b)		30,631		321,078
PSG Group, Ltd.		16,414		311,788
Rand Merchant Investment Holdings, Ltd.		35,868		121,086
Remgro, Ltd.		39,100		732,584
Resilient REIT, Ltd.		49,940		210,740
Sanlam, Ltd.		240,709		1,732,881
Sasol, Ltd.		43,989		1,497,009
Sibanye Gold, Ltd.		144,218		143,259
Standard Bank Group, Ltd.		132,031		2,436,758
Steinhoff International Holdings NV (b)		213,898		59,573
Truworths International, Ltd. (b)		58,385		529,857
Woolworths Holdings, Ltd.		47,572		240,896
				25,807,732
SOUTH KOREA — 3.9%
Amorepacific Corp.		409		117,800
Amorepacific Corp. Preference Shares		2,137		320,781
AMOREPACIFIC Group		532		68,378
BGF retail Co., Ltd.		781		111,739
Celltrion, Inc. (a) (b)		8,945		2,660,254
CJ CheilJedang Corp.		2,406		722,319
CJ Corp.		790		116,732
Coway Co., Ltd.		3,206		264,084
E-MART, Inc.		2,796		709,558
Hana Financial Group, Inc.		45,711		1,955,551
Hanmi Pharm Co., Ltd.		374		181,403
Hanmi Science Co., Ltd. (b)		1,855		164,286
Hanssem Co., Ltd.		1,190		167,464
Hotel Shilla Co., Ltd.		910		78,544
Hyundai Department Store Co., Ltd.		4,697		398,798
Hyundai Development Co-Engineering & Construction		11,817		420,175
Hyundai Heavy Industries Co., Ltd. (a)		4,794		618,421
Hyundai Mobis Co., Ltd.		6,544		1,559,411
Hyundai Motor Co.		14,440		1,944,028
Hyundai Robotics Co., Ltd. (a)		844		337,315
Hyundai Steel Co.		6,665		322,651
KB Financial Group, Inc.		47,535		2,747,121
Kia Motors Corp.		28,690		857,282
Korea Aerospace Industries, Ltd. (a)		4,544		212,940
Korea Electric Power Corp. ADR (a) (b)		48,615		748,185
Korea Zinc Co., Ltd.		2,486		1,124,169
KT Corp. ADR (a)		39,684		543,671
KT&G Corp.		13,869		1,301,154
LG Chem, Ltd.		810		293,330
LG Chem, Ltd. Preference Shares		569		115,038

9

SPDR MSCI ACWI EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
LG Electronics, Inc.		15,580	$	1,593,226
LG Household & Health Care, Ltd.		1,366		1,527,603
Lotte Chemical Corp.		2,760		1,121,193
NAVER Corp.		2,876		2,120,777
NCSoft Corp.		2,407		925,856
POSCO ADR (a)		29,023		2,288,463
Samsung C&T Corp.		4,552		585,068
Samsung Electronics Co., Ltd. GDR		15,036		17,231,256
Samsung Electronics Co., Ltd. Preference Shares		545		1,035,393
Samsung Fire & Marine Insurance Co., Ltd.		4,855		1,220,696
Samsung Heavy Industries Co., Ltd. (a)		21,676		160,247
Samsung SDS Co., Ltd.		1,445		342,305
Samsung Securities Co., Ltd.		27,030		996,603
Shinhan Financial Group Co., Ltd.		42,203		1,787,659
SK Holdings Co., Ltd.		4,399		1,231,918
SK Hynix, Inc.		35,354		2,663,408
SK Innovation Co., Ltd.		6,282		1,237,658
SK Telecom Co., Ltd. ADR		19,673		475,496
				59,727,407
SPAIN — 2.1%
Abertis Infraestructuras SA		93,565		2,096,593
ACS Actividades de Construccion y Servicios SA		46,085		1,793,848
Aena SME SA (c)		1,006		202,473
Amadeus IT Group SA		24,646		1,818,048
Banco Bilbao Vizcaya Argentaria SA		462,215		3,654,599
Banco de Sabadell SA		240,691		491,679
Banco Santander SA		1,147,808		7,474,592
CaixaBank SA		33,878		161,326
Ferrovial SA		79,003		1,648,351
Gas Natural SDG SA		33,672		802,970
Iberdrola SA		515,594		3,786,866
Industria de Diseno Textil SA		96,119		3,006,131
Mapfre SA		230,310		765,050
Repsol SA		104,786		1,857,677
Telefonica SA		360,702		3,561,297
				33,121,500
SWEDEN — 1.8%
Assa Abloy AB Class B		125,975		2,712,852
Atlas Copco AB Class B		87,395		3,386,311
Essity AB Class B (a)		5,550		152,819
Hennes & Mauritz AB Class B (b)		86,293		1,289,841
Husqvarna AB Class B		201,590		1,937,236
Nordea Bank AB		217,869		2,317,921
Sandvik AB		108,792		1,980,386
Securitas AB Class B		65,600		1,110,331
Skandinaviska Enskilda Banken AB Class A		117,412		1,225,881
Skanska AB Class B		65,407		1,332,773

Security Description	Shares		Value
SKF AB Class B (b)		53,565	$	1,090,514
Svenska Handelsbanken AB Class A (b)		144,198		1,794,124
Swedbank AB Class A (b)		71,519		1,596,940
Tele2 AB Class B		90,062		1,077,006
Telefonaktiebolaget LM Ericsson Class B (b)		275,114		1,738,433
Telia Co. AB		158,710		743,065
Volvo AB Class B		112,906		2,052,579
				27,539,012
SWITZERLAND — 5.8%
ABB, Ltd.		191,708		4,548,461
Adecco Group AG		16,250		1,153,926
Cie Financiere Richemont SA		41,103		3,681,071
Coca-Cola HBC AG (a)		12,984		479,756
Credit Suisse Group AG (a)		155,357		2,594,150
Ferguson PLC		20,051		1,505,949
Geberit AG		4,417		1,948,351
Givaudan SA		1,172		2,663,191
Glencore PLC (a)		835,931		4,148,814
Julius Baer Group, Ltd. (a)		12,578		771,545
Kuehne + Nagel International AG		9,425		1,479,300
LafargeHolcim, Ltd. (a)		26,738		1,460,315
Lonza Group AG (a)		4,397		1,034,048
Nestle SA		236,318		18,661,620
Novartis AG		178,453		14,397,743
Roche Holding AG		52,068		11,913,219
SGS SA		803		1,968,926
Sika AG		154		1,203,728
Sonova Holding AG		2,383		377,756
STMicroelectronics NV (b)		26,349		582,810
Swatch Group AG		4,595		2,022,069
Swiss Re AG		27,442		2,787,759
UBS Group AG (a)		275,054		4,824,073
Zurich Insurance Group AG (a)		12,795		4,187,503
				90,396,083
TAIWAN — 2.7%
Advanced Semiconductor Engineering, Inc. ADR		222,852		1,617,905
Advantech Co., Ltd.		28,599		205,000
Asia Pacific Telecom Co., Ltd. (a)		48,000		15,014
Asustek Computer, Inc.		11,000		102,428
AU Optronics Corp. ADR (b)		268,400		1,226,588
Catcher Technology Co., Ltd.		32,000		396,749
Cathay Financial Holding Co., Ltd.		229,000		406,839
Chicony Electronics Co., Ltd.		162,581		413,186
China Airlines, Ltd. (a)		786,000		287,097
China Development Financial Holding Corp.		448,000		158,260
China Life Insurance Co., Ltd.		193,296		200,542
Chunghwa Telecom Co., Ltd. ADR		71,895		2,793,840
Compal Electronics, Inc.		237,000		161,349

10

SPDR MSCI ACWI EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
CTBC Financial Holding Co., Ltd.		573,558	$	411,132
Delta Electronics, Inc.		59,785		266,559
E.Sun Financial Holding Co., Ltd.		799,741		537,604
Eclat Textile Co., Ltd.		15,650		182,495
Eva Airways Corp.		508,897		260,933
Feng TAY Enterprise Co., Ltd.		34,036		154,672
Formosa Plastics Corp.		336,000		1,186,953
Foxconn Technology Co., Ltd.		24,240		64,929
Fubon Financial Holding Co., Ltd.		360,000		618,582
Giant Manufacturing Co., Ltd.		17,000		89,207
Globalwafers Co., Ltd.		6,000		95,380
Highwealth Construction Corp.		164,400		253,166
Hiwin Technologies Corp.		6,429		91,506
Hon Hai Precision Industry Co., Ltd. GDR		878,934		5,466,969
Hotai Motor Co., Ltd.		7,000		69,743
HTC Corp. (a)		51,000		115,969
Innolux Corp.		230,000		100,576
Largan Precision Co., Ltd.		5,000		568,474
MediaTek, Inc.		61,000		692,492
Mega Financial Holding Co., Ltd.		25,948		22,293
Pegatron Corp.		48,000		119,518
Phison Electronics Corp.		18,000		187,365
Pou Chen Corp.		145,000		192,458
Powertech Technology, Inc.		162,000		505,052
President Chain Store Corp.		35,000		351,717
Ruentex Development Co., Ltd. (a)		42,189		49,631
Siliconware Precision Industries Co., Ltd. ADR (b)		106,856		924,304
Standard Foods Corp.		230,822		540,698
Taishin Financial Holding Co., Ltd.		808,500		396,527
Taiwan Business Bank		1,982,173		591,450
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		364,799		15,963,604
Teco Electric and Machinery Co., Ltd.		394,000		324,989
Transcend Information, Inc.		3,000		8,849
Uni-President Enterprises Corp.		370,000		866,722
United Microelectronics Corp. ADR (b)		822,854		2,131,192
Zhen Ding Technology Holding, Ltd.		21,000		50,273
				42,438,780
THAILAND — 0.6%
Bangkok Bank PCL (g)		201,276		1,377,456
Bumrungrad Hospital PCL (g)		79,100		523,623
Central Pattana PCL (g)		240,200		602,996
CP ALL PCL NVDR		362,200		1,010,616
Delta Electronics Thailand PCL (g)		75,400		159,746
Indorama Ventures PCL (g)		43,600		79,127
IRPC PCL (g)		5,114,000		1,185,689

Security Description	Shares		Value
Kasikornbank PCL (g)		63,300	$	431,177
Minor International PCL (g)		217,100		263,825
PTT PCL (g)		115,862		2,030,457
Siam Commercial Bank PCL NVDR		116,800		536,003
Thai Union Group PCL Class F (g)		241,000		144,122
TMB Bank PCL (g)		1,224,400		98,672
				8,443,509
TURKEY — 0.3%
Akbank Turk A/S		505,243		1,219,297
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT (a)		921,979		588,834
Turkiye Garanti Bankasi A/S		387,167		1,065,310
Turkiye Is Bankasi A/S Class C		538,064		968,445
				3,841,886
UNITED ARAB EMIRATES — 0.1%
Abu Dhabi Commercial Bank PJSC		69,909		125,619
DP World, Ltd.		9,646		217,035
DXB Entertainments PJSC (a)		383,611		50,758
Emaar Malls PJSC		71,379		41,782
Emaar Properties PJSC		138,440		218,609
Emirates Telecommunications Group Co. PJSC		13,991		67,232
First Abu Dhabi Bank PJSC		28,214		89,873
				810,908
UNITED KINGDOM — 10.8%
3i Group PLC		168,890		2,035,133
Anglo American PLC		105,076		2,448,324
Associated British Foods PLC		1,854		64,786
AstraZeneca PLC		89,976		6,179,018
Aviva PLC		292,922		2,037,708
BAE Systems PLC		251,013		2,047,232
Barclays PLC		1,206,765		3,495,735
Barratt Developments PLC		45,176		336,130
Berkeley Group Holdings PLC		3,974		211,226
BP PLC		1,463,468		9,838,777
British American Tobacco PLC		165,699		9,602,202
British Land Co. PLC REIT		218,519		1,967,977
BT Group PLC		570,070		1,819,304
Burberry Group PLC		53,593		1,275,057
Capita PLC		50,467		101,980
Centrica PLC		643,053		1,282,750
CNH Industrial NV		67,635		834,305
Cobham PLC (a)		164,307		283,272
Compass Group PLC		191,310		3,906,120
Diageo PLC		178,770		6,048,779
Experian PLC		76,875		1,658,044
Fiat Chrysler Automobiles NV		105,287		2,136,799
G4S PLC		118,700		413,117
GlaxoSmithKline PLC		346,713		6,779,984
Hammerson PLC REIT		195,066		1,468,345
HSBC Holdings PLC		1,490,816		13,915,621

11

SPDR MSCI ACWI EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Imperial Brands PLC		92,158	$	3,136,314
InterContinental Hotels Group PLC		13,590		813,654
ITV PLC		53,863		108,918
J Sainsbury PLC		202,065		676,895
Land Securities Group PLC REIT		101,782		1,337,989
Legal & General Group PLC		91,636		331,394
Lloyds Banking Group PLC		4,089,935		3,709,777
Marks & Spencer Group PLC		169,382		642,020
National Grid PLC		372,532		4,192,200
Next PLC		17,159		1,145,522
Old Mutual PLC		573,320		1,924,578
Pearson PLC		91,059		956,754
Persimmon PLC		14,772		524,271
Prudential PLC		138,774		3,462,244
Randgold Resources, Ltd.		5,643		465,619
Reckitt Benckiser Group PLC		47,262		4,000,490
RELX NV		123,260		2,551,283
RELX PLC		132,577		2,724,593
Rio Tinto PLC		90,420		4,580,235
Rio Tinto, Ltd.		31,663		1,765,672
Rolls-Royce Holdings PLC (a)		148,472		1,815,338
Royal Bank of Scotland Group PLC (a)		222,732		808,617
RSA Insurance Group PLC		94,182		832,347
Sage Group PLC		183,083		1,641,650
Segro PLC REIT		91,207		769,206
Severn Trent PLC		59,889		1,549,187
Shire PLC		51,364		2,572,667
Sky PLC		118,285		2,152,944
Smith & Nephew PLC		126,239		2,357,042
Smiths Group PLC		30,244		642,122
SSE PLC		128,617		2,302,209
Standard Chartered PLC		206,689		2,066,426
Standard Life Aberdeen PLC		262,687		1,325,485
Taylor Wimpey PLC		179,009		463,556
Tesco PLC		738,267		2,132,385
Unilever NV		127,844		7,212,094
Unilever PLC		104,329		5,788,982
United Utilities Group PLC		88,738		890,542
Vodafone Group PLC		2,142,081		5,836,139
Whitbread PLC		12,981		673,761
WPP PLC		130,764		2,077,410
				167,148,256
TOTAL COMMON STOCKS (Cost $1,415,744,425)				1,532,214,500
RIGHTS — 0.0% (f)
SOUTH KOREA — 0.0% (f)
Samsung Heavy Industries Co., Ltd. (expires 4/13/18) (a) (Cost $0)		11,428		22,247

Security Description	Shares		Value
SHORT-TERM INVESTMENTS — 2.3%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (h) (i)		2,338,108	$	2,338,108
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)		32,639,102		32,639,102
TOTAL SHORT-TERM INVESTMENTS (Cost $34,977,210)				34,977,210
TOTAL INVESTMENTS — 101.3% (Cost $1,450,721,635)				1,567,213,957
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.3)%				(19,654,945	)
NET ASSETS — 100.0%			$	1,547,559,012

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.3% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $0, representing 0.0% of the Fund’s net assets.

(e) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(f) Amount is less than 0.05% of net assets.

(g) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $6,896,890 representing 0.4% of net assets.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at March 31, 2018.

(j) Investment of cash collateral for securities loaned.

ADR	= American Depositary Receipt
GDR	= Global Depositary Receipt
NVDR	= Non Voting Depositary Receipt
REIT	= Real Estate Investment Trust

12

SPDR MSCI ACWI EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	70,907,689	$	—	$	—		$	70,907,689
Austria		4,820,045		—		—			4,820,045
Belgium		14,239,538		—		—			14,239,538
Brazil		29,550,197		—		—			29,550,197
Canada		94,858,757		—		—			94,858,757
Chile		5,073,113		—		—			5,073,113
China		114,985,050		—		0	(a)		114,985,050
Colombia		1,467,836		—		—			1,467,836
Denmark		18,880,507		—		—			18,880,507
Egypt		1,025,331		—		—			1,025,331
Finland		11,648,801		—		—			11,648,801
France		109,227,176		—		—			109,227,176
Germany		99,558,808		—		—			99,558,808
Greece		1,543,075		—		—			1,543,075
Hong Kong		43,369,880		—		0	(a)		43,369,880
Hungary		2,197,237		—		—			2,197,237
India		29,614,364		—		—			29,614,364
Indonesia		8,154,204		—		—			8,154,204
Ireland		6,917,219		—		—			6,917,219
Israel		5,342,873		—		—			5,342,873
Italy		21,840,437		—		—			21,840,437
Japan		255,626,676		—		—			255,626,676
Luxembourg		1,595,273		—		—			1,595,273
Macau		397,352		—		—			397,352
Malaysia		7,530,619		—		—			7,530,619
Mexico		12,623,589		—		—			12,623,589
Netherlands		49,872,504		—		—			49,872,504
New Zealand		1,456,619		—		—			1,456,619
Norway		7,922,160		—		—			7,922,160
Peru		2,018,437		—		—			2,018,437
Philippines		3,851,015		—		—			3,851,015
Poland		3,628,841		—		—			3,628,841
Portugal		1,040,904		—		—			1,040,904
Qatar		534,255		—		—			534,255
Romania		72,841		—		—			72,841
Russia		13,665,748		—		—			13,665,748
Singapore		15,880,457		—		—			15,880,457
South Africa		25,807,732		—		—			25,807,732
South Korea		59,727,407		—		—			59,727,407
Spain		33,121,500		—		—			33,121,500
Sweden		27,539,012		—		—			27,539,012
Switzerland		90,396,083		—		—			90,396,083
Taiwan		42,438,780		—		—			42,438,780
Thailand		1,546,619		6,896,890		—			8,443,509
Turkey		3,841,886		—		—			3,841,886
United Arab Emirates		810,908		—		—			810,908

13

SPDR MSCI ACWI EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
United Kingdom	$	167,148,256	$	—	$	—	$	167,148,256
Rights
South Korea		22,247		—		—		22,247
Short-Term Investments		34,977,210		—		—		34,977,210
TOTAL INVESTMENTS	$	1,560,317,067	$	6,896,890	$	0	$	1,567,213,957

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2018.    

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18		Dividend Income		Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		1,559,265	$	1,559,265	$	27,790,407	$	27,011,564	$	—	$	—		2,338,108	$	2,338,108	$	13,344	$	—
State Street Navigator Securities Lending Government Money Market Portfolio		19,433,641		19,433,641		197,035,868		183,830,407		—		—		32,639,102		32,639,102		149,706		—
Total			$	20,992,906	$	224,826,275	$	210,841,971	$	—	$	—			$	34,977,210	$	163,050	$	—

14

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
BRAZIL — 4.5%
AES Tiete Energia SA		48,858	$	178,462
Aliansce Shopping Centers SA (a)		99,189		560,467
Alupar Investimento SA		48,367		260,055
Anima Holding SA		81,960		624,145
Arezzo Industria e Comercio SA		48,155		732,409
Banco ABC Brasil SA Preference Shares		86,860		474,338
BR Properties SA		95,955		260,992
Cia de Saneamento de Minas Gerais-COPASA		54,148		783,318
Cia de Saneamento do Parana Preference Shares		185,493		604,432
CiaEnergetica de Sao Paulo Class B, Preference Shares		107,339		510,277
CiaFerro Ligas da Bahia - FERBASA Preference Shares		110,836		707,315
Cia Hering		133,146		826,854
Construtora Tenda SA (a)		25,768		204,293
Cosan Logistica SA (a)		81,462		246,327
Cosan, Ltd.		99,929		1,038,196
CVC Brasil Operadora e Agencia de Viagens SA		108,309		1,976,454
Cyrela Brazil Realty SA Empreendimentos e Participacoes		167,210		769,238
Direcional Engenharia SA (a)		178,730		326,958
Duratex SA		157,370		561,089
EcoRodovias Infraestrutura e Logistica SA		144,242		379,744
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		102,088		548,589
Even Construtora e Incorporadora SA (a)		258,027		406,030
Ez Tec Empreendimentos e Participacoes SA		91,688		636,707
Gafisa SA (a)		67,917		208,435
Helbor Empreendimentos SA (a)		307,651		138,848
International Meal Co. Alimentacao SA Class A (a)		99,823		255,294
Iochpe Maxion SA		110,903		873,249
JSL SA (a)		47,738		91,351
Kepler Weber SA (a)		18,547		67,634
Light SA (a)		75,142		306,347
Linx SA		69,748		424,750
LPS Brasil Consultoria de Imoveis SA (a)		100,405		147,725
Magnesita Refratarios SA		41,816		732,246
Mahle-Metal Leve SA		37,594		278,256
Marcopolo SA Preference Shares		513,296		602,315
Marfrig Global Foods SA (a)		212,401		379,607
Metalurgica Gerdau SA Preference Shares		500,794		1,075,842
Mills Estruturas e Servicos de Engenharia SA (a)		145,457		141,798
Minerva SA		43,410		98,873
MRV Engenharia e Participacoes SA		261,487		1,278,482

Security Description	Shares		Value
Oi SA Preference Shares (a)		186,700	$	197,733
Paranapanema SA (a)		253,596		113,689
QGEP Participacoes SA		179,052		612,535
Randon SA Implementos e Participacoes Preference Shares		271,909		706,034
Santos Brasil Participacoes SA (a)		167,697		178,111
Sao Martinho SA		79,835		421,082
Ser Educacional SA (b)		58,314		351,084
SLC Agricola SA		80,479		836,608
TOTVS SA		91,933		796,904
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		79,543		435,577
Wiz Solucoes e Corretagem de Seguros SA		5,800		19,371
				25,386,469
CHILE — 1.5%
Besalco SA		132,412		153,000
CAP SA		63,887		725,598
Inversiones Aguas Metropolitanas SA		556,503		1,024,279
Inversiones La Construccion SA		50,887		1,001,864
Ripley Corp. SA		1,032,093		1,064,677
Salfacorp SA		479,808		911,338
SMU SA (a)		2,199,501		674,174
Sociedad Matriz SAAM SA		7,367,176		754,825
SONDA SA		222,300		431,809
Vina Concha y Toro SA		635,708		1,375,130
				8,116,694
CHINA — 15.1%
21Vianet Group, Inc. ADR (a)		47,310		327,858
361 Degrees International, Ltd.		1,008,000		324,942
500.com, Ltd. Class A, ADR (a) (c)		30,005		514,886
Anton Oilfield Services Group (a)		2,494,000		308,243
AVIC International Holding HK, Ltd. (a) (c)		3,323,933		139,762
Baozun, Inc. ADR (a)		23,888		1,095,981
Beijing Capital Land, Ltd. Class H		1,240,400		755,464
Beijing Enterprises Clean Energy Group, Ltd. (a) (c)		20,023,885		650,598
Boshiwa International Holding, Ltd. (a) (c) (d)		1,843,000		—
Boyaa Interactive International, Ltd. (a)		928,000		359,456
Bright Scholar Education Holdings, Ltd. ADR (a) (c)		1,200		18,528
CGN Meiya Power Holdings Co., Ltd. (a) (b)		1,918,000		259,047
Changyou.com, Ltd. ADR (a)		16,168		450,925
Chaowei Power Holdings, Ltd. (c)		783,000		423,011
Cheetah Mobile, Inc. ADR (a) (c)		38,997		521,390
China Aerospace International Holdings, Ltd.		2,468,000		267,294
China Aircraft Leasing Group Holdings, Ltd.		544,500		573,757
China Animal Healthcare, Ltd. (a) (c) (d)		1,059,700		—

15

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
China Aoyuan Property Group, Ltd.		1,208,000	$	1,109,754
China BlueChemical, Ltd. Class H		1,982,000		555,585
China Chengtong Development Group, Ltd. (a) (c)		2,916,000		141,187
China Distance Education Holdings, Ltd. ADR		37,994		310,411
China Dongxiang Group Co., Ltd.		4,497,000		784,997
China Electronics Corp. Holdings Co., Ltd.		1,274,000		186,677
China Energine International Holdings, Ltd. (a)		698,000		30,683
China Fangda Group Co., Ltd. Class B		441,050		278,175
China Foods, Ltd.		782,000		359,698
China Forestry Holdings Co., Ltd. (c) (d)		1,642,000		—
China Greenland Broad Greenstate Group Co., Ltd. (c)		848,000		124,256
China Harmony New Energy Auto Holding, Ltd. (a) (c)		747,500		479,075
China Hongxing Sports, Ltd. (a) (c) (d)		4,053,000		—
China Huiyuan Juice Group, Ltd. (a)		1,494,400		384,630
China Lilang, Ltd.		1,028,000		1,283,641
China Logistics Property Holdings Co., Ltd. (a) (c)		1,283,000		398,879
China Maple Leaf Educational Systems, Ltd.		696,000		932,931
China Modern Dairy Holdings, Ltd. (a)		2,532,000		432,308
China National Materials Co., Ltd. Class H		1,347,000		1,228,867
China Nuclear Energy Technology Corp., Ltd. (a)		1,312,000		234,038
China Overseas Grand Oceans Group, Ltd.		1,172,000		567,460
China Overseas Property Holdings, Ltd. (c)		1,766,232		551,364
China Pioneer Pharma Holdings, Ltd.		498,000		157,999
China Power Clean Energy Development Co., Ltd.		550,000		299,237
China Rare Earth Holdings, Ltd. (a)		1,910,400		113,188
China Resources Phoenix Healthcare Holdings Co., Ltd.		645,500		778,880
China SCE Property Holdings, Ltd.		2,415,800		1,249,716
China Shanshui Cement Group, Ltd. (a) (c) (d)		1,224,000		58,484
China Shengmu Organic Milk, Ltd. (a) (b) (c)		2,712,000		369,741
China Shineway Pharmaceutical Group, Ltd. (a)		390,000		594,320
China Silver Group, Ltd.		1,086,000		238,003
China Singyes Solar Technologies Holdings, Ltd. (c)		568,600		207,928

Security Description	Shares		Value
China South City Holdings, Ltd.		1,054,000	$	237,705
China Suntien Green Energy Corp., Ltd. Class H		1,667,000		467,286
China Travel International Investment Hong Kong, Ltd.		3,574,000		1,265,971
China Yurun Food Group, Ltd. (a) (c)		1,129,000		151,045
Chinasoft International, Ltd. (a) (c)		1,934,000		1,734,816
Chlitina Holding, Ltd.		71,678		480,607
Chongqing Iron & Steel Co., Ltd. Class H (a)		646,000		124,289
CITIC Resources Holdings, Ltd.		3,469,000		388,966
CITIC Telecom International Holdings, Ltd.		1,959,000		566,611
Colour Life Services Group Co., Ltd.		625,000		586,911
Consun Pharmaceutical Group, Ltd.		530,600		563,166
Coolpad Group, Ltd. (a) (d)		2,353,600		107,959
CPMC Holdings, Ltd.		81,000		52,016
CSMall Group, Ltd. (a)		17,600		5,270
CT Environmental Group, Ltd. (c)		3,409,900		612,611
Dah Chong Hong Holdings, Ltd.		1,260,000		635,755
Daqo New Energy Corp. ADR (a)		3,103		151,892
Eastern Communications Co., Ltd. Class B		246,074		146,660
Fang Holdings, Ltd. ADR (a) (c)		176,767		908,582
Fanhua, Inc. ADR (c)		41,184		1,112,792
First Tractor Co., Ltd. Class H (c)		646,500		240,534
Foshan Electrical and Lighting Co., Ltd. Class B		157,800		119,029
Foxsemicon Integrated Technology, Inc		81,000		641,733
Fu Shou Yuan International Group, Ltd.		1,508,000		1,494,877
Fufeng Group, Ltd.		1,180,600		699,488
Future Land Holdings Co., Ltd. Class A		531,529		2,955,144
GDS Holdings, Ltd. ADR (a)		5,000		137,250
Genscript Biotech Corp. (c)		510,000		1,631,054
Goodbaby International Holdings, Ltd.		945,000		645,388
Grand Baoxin Auto Group, Ltd. (a)		922,101		386,544
Greatview Aseptic Packaging Co., Ltd.		1,022,048		687,590
Greentown Service Group Co., Ltd.		1,338,000		1,130,301
Guorui Properties, Ltd.		1,147,000		302,523
Harbin Electric Co., Ltd. Class H		1,222,000		428,182
Hilong Holding, Ltd.		1,158,100		175,597
HNA Holding Group Co., Ltd. (a) (c)		4,054,000		173,043
Hollysys Automation Technologies, Ltd.		47,047		1,163,002
Honghua Group, Ltd. (a)		2,718,000		283,980
Hua Hong Semiconductor, Ltd. (b)		120,000		237,606
Huadian Energy Co.,Ltd. Class B (a)		345,900		125,216

16

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Huangshan Tourism Development Co., Ltd. Class B		427,861	$	539,105
JA Solar Holdings Co., Ltd. ADR (a) (c)		65,273		428,191
Jiangnan Group, Ltd. (c)		504,000		31,146
JinkoSolar Holding Co., Ltd. ADR (a) (c)		23,708		432,671
Jumei International Holding, Ltd. ADR (a) (c)		47,587		138,002
Kama Co., Ltd. Class B (a)		270,800		212,578
Kandi Technologies Group, Inc. (a) (c)		45,064		218,560
Kangda International Environmental Co., Ltd. (b)		1,904,200		356,660
Kingdee International Software Group Co., Ltd. (a) (c)		1,928,000		1,940,701
Launch Tech Co., Ltd. Class H		180,500		200,088
Leyou Technologies Holdings, Ltd. (a)		1,459,200		304,918
Li Ning Co., Ltd. (a)		2,197,249		2,250,918
Lifetech Scientific Corp. (a) (c)		2,478,000		719,881
Link Motion, Inc. ADR (a) (c)		105,480		175,097
Lonking Holdings, Ltd.		2,415,000		1,027,751
Luoyang Glass Co., Ltd. Class H (a) (c)		472,000		230,939
Luye Pharma Group, Ltd. (c)		1,916,500		1,833,889
Maoye International Holdings, Ltd.		1,666,000		186,802
Nanjing Panda Electronics Co., Ltd. Class H		144,000		74,309
National Agricultural Holdings, Ltd. (a) (d)		396,000		30,022
Noah Holdings, Ltd. ADS (a) (c)		26,530		1,252,481
Ourgame International Holdings, Ltd. (a)		604,000		159,306
Ozner Water International Holding, Ltd. (a) (b) (c)		1,309,000		350,254
Pacific Online, Ltd.		932,100		133,016
Parkson Retail Group, Ltd. (a)		2,874,000		333,236
Poly Culture Group Corp., Ltd. Class H		166,700		295,665
Poly Property Group Co., Ltd. (a)		2,099,000		1,032,343
Powerlong Real Estate Holdings, Ltd. (c)		1,344,000		707,251
PW Medtech Group, Ltd. (a)		2,526,000		415,191
Real Gold Mining, Ltd. (a) (d)		251,500		—
Renhe Commercial Holdings Co., Ltd. (a) (c)		7,450,000		145,235
Renren, Inc. ADR (a) (c)		23,786		199,802
Shandong Airlines Co., Ltd. Class B		216,700		407,816
Shandong Zhonglu Oceanic Fisheries Co., Ltd. Class B (a)		90,900		53,973
Shang Gong Group Co., Ltd. Class B (a)		252,000		224,532
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B (a)		429,600		333,799
Shanghai Diesel Engine Co., Ltd. Class B		373,360		255,005

Security Description	Shares		Value
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H (c)		498,000	$	237,950
Shanghai Greencourt Investment Group Co., Ltd. Class B (a)		466,800		256,740
Shanghai Haixin Group Co. Class B		645,708		397,756
Shanghai Highly Group Co., Ltd. Class B		259,900		229,752
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		1,072,000		438,454
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		115,600		139,992
Shanghai Jinjiang International Travel Co., Ltd. Class B		99,400		256,452
Shanghai Potevio Co., Ltd. Class B (a)		79,800		32,638
Shenwan Hongyuan HK, Ltd.		520,000		159,678
Shenzhen China Bicycle Co. Holdings, Ltd. Class B (a)		231,500		66,663
Shenzhen Chiwan Petroleum Class B (a)		40,300		125,445
Shenzhen SEG Co., Ltd. Class B		150,300		66,070
Shougang Concord International Enterprises Co., Ltd. (a) (c)		19,058,000		529,369
Shougang Fushan Resources Group, Ltd.		3,122,000		795,586
Shui On Land, Ltd.		491,500		133,391
Shunfeng International Clean Energy, Ltd. (a)		1,445,300		55,246
Sichuan Expressway Co., Ltd. Class H		1,642,000		579,532
Silergy Corp.		64,000		1,442,124
Sinofert Holdings, Ltd. (a) (c)		1,588,000		202,337
Sinopec Kantons Holdings, Ltd.		1,096,000		540,438
Sinosoft Technology Group, Ltd.		728,200		245,879
Sinotrans Shipping, Ltd. (c)		2,170,500		580,769
Sinovac Biotech, Ltd. (a)		73,417		632,120
Skyfame Realty Holdings, Ltd. (a)		554,000		407,296
Sohu.com, Inc. (a)		30,947		956,881
Springland International Holdings, Ltd.		1,357,000		325,059
Sun King Power Electronics Group		1,119,000		219,571
Tarena International, Inc. ADR		39,970		448,463
Tian Ge Interactive Holdings, Ltd. (b)		741,000		624,085
Tiangong International Co., Ltd.		1,712,000		296,666
Tianjin Development Holdings, Ltd.		836,000		370,689
Tianjin Port Development Holdings, Ltd.		4,070,000		565,256
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd.		361,500		332,580
Tianneng Power International, Ltd.		996,000		1,178,961
Tong Ren Tang Technologies Co., Ltd. Class H		754,000		1,256,619

17

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Tongfang Kontafarma Holdings, Ltd. (a)		2,013,553	$	112,886
Tuniu Corp. ADR (a) (c)		90,956		547,555
Universal Medical Financial & Technical Advisory Services Co., Ltd. (b)		949,900		827,863
V1 Group, Ltd. (a) (c)		2,188,999		61,361
Virscend Education Co., Ltd. (b)		1,038,000		645,419
West China Cement, Ltd. (a)		2,616,000		496,648
Wisdom Sports Group (c)		1,251,000		125,924
Xiamen International Port Co., Ltd. Class H		2,098,000		382,266
Xi’an Haitiantian Holdings Co., Ltd. (a)		242,000		185,625
Xunlei, Ltd. ADR (a) (c)		20,400		205,836
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (b)		174,000		804,786
Yestar Healthcare Holdings Co., Ltd. (c)		1,692,200		588,625
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (b)		34,400		158,450
YuanShengTai Dairy Farm, Ltd. (a)		5,309,000		236,758
Yuexiu Transport Infrastructure, Ltd.		1,160,549		893,151
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H		220,600		118,897
				84,541,935
COLOMBIA — 0.0% (e)
Avianca Holdings SA Preference Shares		189,675		203,046
CZECH REPUBLIC — 0.5%
Moneta Money Bank A/S (b)		506,469		2,097,947
Philip Morris CR A/S		1,032		857,971
				2,955,918
EGYPT — 1.1%
Eastern Tobacco		43,562		1,469,742
Egypt Kuwait Holding Co. SAE		558,391		558,391
Egyptian Financial Group-Hermes Holding Co.		404,753		590,944
ElSewedy Electric Co.		107,126		1,316,380
Ezz Steel (a)		383,580		576,349
Global Telecom Holding SAE (a)		1,489,242		554,981
Juhayna Food Industries		467,628		301,849
Orascom Telecom Media And Technology Holding SAE		2,912,994		143,750
Sidi Kerir Petrochemicals Co.		126,671		213,322
Six of October Development & Investment (a)		431,618		664,442
				6,390,150
GREECE — 0.9%
Aegean Airlines SA		53,542		588,028
Aegean Marine Petroleum Network, Inc.		43,542		97,970

Security Description	Shares		Value
Attica Bank SA (a)		540,359	$	20,203
Diana Shipping, Inc. (a)		70,867		259,373
Ellaktor SA (a)		93,990		181,020
FF Group (a)		24,815		483,417
Grivalia Properties REIC AE REIT		47,984		522,266
Hellenic Exchanges - Athens Stock Exchange SA		76,425		437,060
Holding Co. ADMIE IPTO SA (a)		129,043		279,318
Mytilineos Holdings SA (a)		94,302		1,009,003
Public Power Corp. SA (a)		108,603		345,400
Star Bulk Carriers Corp. (a)		20,144		234,275
StealthGas, Inc. (a)		67,939		272,435
Tsakos Energy Navigation, Ltd.		112,483		371,194
				5,100,962
HONG KONG — 2.8%
Ajisen China Holdings, Ltd.		687,000		323,879
Anxin-China Holdings, Ltd. (a) (d)		2,248,000		—
Beijing Enterprises Medical & Health Group, Ltd. (a)		2,351,600		107,867
Carnival Group International Holdings, Ltd. (a)		6,350,000		291,273
China All Access Holdings, Ltd.		1,282,000		408,369
China Animation Characters Co., Ltd. (c)		1,062,000		389,710
China Beidahuang Industry Group Holdings, Ltd. Class A (a)		2,170,400		110,618
China Financial International Investments, Ltd. (a)		2,850,000		98,047
China First Capital Group, Ltd. (a)		2,760,000		1,297,657
China High Precision Automation Group, Ltd. (a) (d)		1,226,000		—
China High Speed Transmission Equipment Group Co., Ltd. (c)		836,000		1,314,455
China Lumena New Materials Corp. (a) (c) (d)		4,181,298		—
China Metal Recycling Holdings, Ltd. (a) (c) (d)		693,675		—
China Minsheng Drawin Technology Group, Ltd. (a) (c)		1,480,000		38,469
China Minsheng Financial Holding Corp., Ltd. (a)		1,230,000		39,180
China NT Pharma Group Co., Ltd.		949,400		227,422
China Oil & Gas Group, Ltd.		4,868,000		390,765
China Soft Power Technology Holdings, Ltd. (a)		1,736,000		26,986
China Water Affairs Group, Ltd.		28,000		28,506
Comba Telecom Systems Holdings, Ltd.		1,140,575		152,594
Concord New Energy Group, Ltd.		8,380,000		379,050
Co-Prosperity Holdings, Ltd. (a)		656,000		25,911
Dawnrays Pharmaceutical Holdings, Ltd.		705,000		386,262
Digital China Holdings, Ltd. (a) (c)		942,000		517,312
EPI Holdings, Ltd. (a)		540,000		63,988
Glorious Property Holdings, Ltd. (a)		2,003,000		176,098
Golden Meditech Holdings, Ltd.		684,000		78,437

18

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Greater China Financial Holdings, Ltd. (a)		1,560,300	$	35,984
Green Leader Holdings Group, Ltd. (a)		1,580,000		71,468
Hengdeli Holdings, Ltd.		2,168,400		103,608
Hi Sun Technology China, Ltd. (a)		1,797,000		318,264
Hua Han Health Industry Holdings, Ltd. (a) (d)		2,414,560		122,292
Huabao International Holdings, Ltd.		1,390,000		920,964
Huayi Tencent Entertainment Co., Ltd. (a) (c)		3,090,000		153,549
Jiayuan International Group, Ltd. (a)		150,000		216,735
Ju Teng International Holdings, Ltd.		995,500		246,075
MIE Holdings Corp. (a)		2,042,754		106,715
Munsun Capital Group, Ltd. (a)		2,402,000		12,242
Neo Telemedia, Ltd.		4,820,000		105,633
NetDragon Websoft Holdings, Ltd. (c)		259,500		631,532
New Provenance Everlasting Holdings, Ltd. (a) (c)		7,930,000		162,676
NewOcean Energy Holdings, Ltd. (a)		1,656,000		377,692
Pou Sheng International Holdings, Ltd.		2,217,000		562,138
Qianhai Health Holdings, Ltd. (a)		849,005		8,546
Skyworth Digital Holdings, Ltd.		1,836,000		825,794
Solartech International Holdings, Ltd. (a)		300,000		31,727
SSY Group, Ltd.		1,969,562		1,729,073
Tech Pro Technology Development, Ltd. (a) (f)		6,035,100		52,290
Tibet Water Resources, Ltd. (a) (c)		1,984,000		786,188
United Laboratories International Holdings, Ltd. (a) (c)		996,500		1,032,268
Vision Values Holdings, Ltd. (a)		430,000		31,778
Wasion Group Holdings, Ltd.		783,000		399,067
				15,917,153
HUNGARY — 0.2%
Magyar Telekom
Telecommunications PLC		571,848		1,021,657
INDIA — 13.1%
Aarti Industries		1,510		26,550
Abbott India, Ltd.		3,952		330,412
Adani Power, Ltd. (a)		805,404		292,664
Aditya Birla Capital, Ltd. (a)		399,787		894,624
Aditya Birla Fashion and Retail, Ltd. (a)		273,739		633,126
Aegis Logistics, Ltd.		17,698		70,443
AIA Engineering, Ltd.		52,233		1,154,350
Ajanta Pharma, Ltd.		1,199		25,559
Arvind, Ltd.		178,130		1,045,892
Avanti Feeds, Ltd.		4,606		157,812
Bajaj Corp., Ltd.		58,574		423,936
Bajaj Hindusthan Sugar, Ltd. (a)		904,905		122,094
Balrampur Chini Mills, Ltd.		360,417		418,044

Security Description	Shares		Value
Bata India, Ltd.		102,195	$	1,143,749
Bharat Financial Inclusion, Ltd. (a)		104,983		1,765,526
Blue Dart Express, Ltd.		6,426		371,318
CARE Ratings, Ltd.		20,693		383,486
Ceat, Ltd.		34,067		786,780
CG Power and Industrial Solutions, Ltd. (a)		539,183		641,513
Chennai Super Kings Cricket, Ltd. (a) (d)		418,560		—
City Union Bank, Ltd.		198,522		524,904
Coffee Day Enterprises, Ltd. (a) (b)		7,365		34,424
Cyient, Ltd.		47,150		502,320
DCM Shriram, Ltd.		5,934		38,599
DEN Networks, Ltd. (a)		21,115		32,747
Dilip Buildcon, Ltd. (b)		12,470		191,825
Dish TV India, Ltd. (a)		580,204		633,831
Dixon Technologies India, Ltd. (a)		666		33,606
Dr Lal PathLabs, Ltd. (b)		31,362		421,371
eClerx Services, Ltd.		17,307		318,826
Engineers India, Ltd.		104,015		252,695
Eros International Media, Ltd. (a)		78,802		200,806
Escorts, Ltd.		114,143		1,431,738
Force Motors, Ltd.		10,516		440,654
Fortis Healthcare, Ltd. (a)		229,936		434,865
Gateway Distriparks, Ltd.		188,197		504,241
GE T&D India, Ltd.		87,235		545,037
GMR Infrastructure, Ltd. (a)		2,493,975		644,317
Godfrey Phillips India, Ltd.		23,764		299,228
Godrej Properties, Ltd. (a)		77,149		855,099
Graphite India, Ltd.		36,246		403,519
GTL Infrastructure, Ltd. (a)		972,215		38,756
Gujarat Alkalies & Chemicals, Ltd.		4,302		46,076
Gujarat Fluorochemicals, Ltd.		3,553		43,390
Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.		9,931		55,417
Gujarat Pipavav Port, Ltd.		374,332		834,219
GVK Power & Infrastructure, Ltd. (a)		196,798		42,545
Hathway Cable & Datacom, Ltd. (a)		139,090		72,188
HEG, Ltd.		12,144		593,033
Hexaware Technologies, Ltd.		215,637		1,245,947
Himachal Futuristic Communications, Ltd. (a)		351,674		139,383
Himadri Speciality Chemical, Ltd.		38,420		86,092
Hindustan Construction Co., Ltd. (a)		141,116		48,033
Hindustan Copper, Ltd.		18,768		18,100
Housing Development & Infrastructure, Ltd. (a)		349,914		207,089
HSIL, Ltd.		3,677		20,927
IDBI Bank, Ltd. (a)		243,206		269,227
IDFC, Ltd.		889,215		664,644
IFCI, Ltd. (a)		977,802		293,093
India Cements, Ltd.		400,931		871,366
Indiabulls Real Estate, Ltd. (a)		454,901		1,265,557

19

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Indiabulls Ventures, Ltd.		172,657	$	645,660
Indian Hotels Co., Ltd.		601,544		1,193,465
Infibeam Incorporation, Ltd.		29,719		67,666
Info Edge India, Ltd.		84,867		1,529,440
Ipca Laboratories, Ltd.		68,083		684,414
IRB Infrastructure Developers, Ltd.		211,438		722,929
J Kumar Infraprojects, Ltd.		5,375		22,366
Jain Irrigation Systems, Ltd.		291,658		476,022
Jaiprakash Associates, Ltd. (a)		795,035		230,386
Jaiprakash Power Ventures, Ltd. (a)		369,736		26,927
Jammu & Kashmir Bank, Ltd. (a)		430,004		397,885
Jaypee Infratech, Ltd. (a)		304,143		39,171
Jindal Steel & Power, Ltd. (a)		299,180		1,005,039
JM Financial, Ltd.		43,441		85,787
JSW Energy, Ltd.		718,231		801,684
Jubilant Foodworks, Ltd.		54,417		1,940,547
Jubilant Life Sciences, Ltd.		106,181		1,366,626
Just Dial, Ltd. (a)		49,842		338,576
Jyothy Laboratories, Ltd.		51,394		311,926
Kajaria Ceramics, Ltd.		118,883		1,043,617
Karur Vysya Bank, Ltd.		465,229		716,514
KEC International, Ltd.		4,524		27,034
KEI Industries, Ltd.		11,261		66,473
KPIT Technologies, Ltd.		239,764		796,068
KRBL, Ltd.		43,252		289,234
Mahindra CIE Automotive, Ltd. (a)		114,835		378,108
MakeMyTrip, Ltd. (a) (c)		38,166		1,324,360
Manappuram Finance, Ltd.		554,702		927,456
Manpasand Beverages, Ltd.		4,228		23,972
Marksans Pharma, Ltd.		549,434		266,623
McLeod Russel India, Ltd.		125,381		276,438
Minda Industries, Ltd.		5,872		96,027
Mindtree, Ltd.		170,441		2,017,303
Monsanto India, Ltd.		6,752		285,638
Mphasis, Ltd.		84,577		1,086,362
Natco Pharma, Ltd.		85,543		988,467
NCC, Ltd.		736,612		1,327,606
Oberoi Realty, Ltd.		71,459		559,046
PC Jeweller, Ltd.		111,758		548,666
Persistent Systems, Ltd.		55,232		587,746
Pfizer, Ltd.		11,803		395,450
Phoenix Mills, Ltd.		42,479		385,180
PI Industries, Ltd.		97,293		1,320,477
Prestige Estates Projects, Ltd.		120,495		539,091
PTC India, Ltd.		431,251		577,896
PVR, Ltd.		53,392		994,832
Quess Corp., Ltd. (a) (b)		17,563		276,821
Radico Khaitan, Ltd.		13,164		67,060
Rain Industries, Ltd.		50,869		292,204
Redington India, Ltd.		367,613		827,418
Reliance Communications, Ltd. (a)		1,072,846		357,771
Reliance Home Finance, Ltd. (a)		121,394		110,931
Reliance Naval and Engineering, Ltd. (a)		340,290		142,958

Security Description	Shares		Value
Reliance Power, Ltd. (a)		397,256	$	219,880
Repco Home Finance, Ltd.		8,749		75,435
Sadbhav Engineering, Ltd.		88,291		527,201
Sanghvi Movers, Ltd.		14,917		39,670
Schaeffler India, Ltd.		3,964		316,112
Shree Renuka Sugars, Ltd. (a)		206,604		48,624
Sintex Industries, Ltd.		460,375		126,702
Sintex Plastics Technology, Ltd. (a)		483,594		426,341
SKF India, Ltd.		25,799		693,493
Sobha, Ltd.		15,447		120,314
Sterlite Technologies, Ltd.		71,188		340,977
Strides Shasun, Ltd.		66,306		680,275
Sun Pharma Advanced Research Co., Ltd. (a)		121,745		704,374
Sundram Fasteners, Ltd.		7,728		65,323
Suzlon Energy, Ltd. (a)		3,867,988		634,566
Symphony, Ltd.		38,036		1,044,971
Syndicate Bank (a)		43,155		36,689
Tata Elxsi, Ltd.		18,352		277,257
Tata Global Beverages, Ltd.		384,936		1,527,133
Thermax, Ltd.		61,183		1,064,343
Time Technoplast, Ltd.		22,307		54,774
Torrent Power, Ltd.		229,424		806,410
TTK Prestige, Ltd.		219		20,765
TV18 Broadcast, Ltd. (a)		95,183		97,924
Union Bank of India (a)		355,687		512,630
Unitech, Ltd. (a)		1,817,647		154,672
Vardhman Textiles, Ltd.		1,232		23,087
Varun Beverages, Ltd.		4,968		47,942
Videocon d2h, Ltd. ADR (a)		56,933		466,851
WABCO India, Ltd.		6,335		770,321
Welspun Corp., Ltd.		221,570		458,280
Welspun India, Ltd.		314,563		279,974
WNS Holdings, Ltd. ADR (a)		51,952		2,354,984
Wockhardt, Ltd. (a)		1,983		22,089
				73,135,358
INDONESIA — 3.1%
Ace Hardware Indonesia Tbk PT		2,170,400		209,670
Adhi Karya Persero Tbk PT		3,869,291		581,764
AKR Corporindo Tbk PT		1,961,500		808,536
Alam Sutera Realty Tbk PT		18,758,600		515,036
Bank Pan Indonesia Tbk PT (a)		293,500		22,811
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		4,456,400		666,801
Blue Bird Tbk PT		735,305		153,817
Bumitama Agri, Ltd.		556,100		301,099
Ciputra Development Tbk PT		11,922,699		1,017,554
Delta Dunia Makmur Tbk PT (a)		1,277,700		87,701
Eagle High Plantations Tbk PT (a)		2,606,900		40,900
Gajah Tunggal Tbk PT		1,995,000		117,374
Garuda Indonesia Persero Tbk PT (a)		10,002,500		213,600
Global Mediacom Tbk PT		3,828,600		148,778
Indah Kiat Pulp & Paper Corp. Tbk PT		2,528,300		2,020,069
Indika Energy Tbk PT (a)		1,010,000		258,965
Indo Tambangraya Megah Tbk PT		586,135		1,213,354

20

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Intiland Development Tbk PT		6,201,500	$	148,647
Japfa Comfeed Indonesia Tbk PT		5,801,300		623,637
Kawasan Industri Jababeka Tbk PT		28,707,184		546,307
Link Net Tbk PT		1,811,000		687,305
Lippo Cikarang Tbk PT (a)		514,900		115,939
Lippo Karawaci Tbk PT		12,117,300		422,466
Matahari Putra Prima Tbk PT (a)		2,675,600		77,737
Medco Energi Internasional Tbk PT (a)		9,525,966		837,220
Media Nusantara Citra Tbk PT		7,871,200		808,988
Mitra Adiperkasa Tbk PT		1,011,100		571,004
MNC Investama Tbk PT (a)		12,641,300		103,756
Modernland Realty Tbk PT		6,238,700		157,695
Pembangunan Perumahan Persero Tbk PT		4,435,698		840,906
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		7,076,800		665,659
Siloam International Hospitals Tbk PT (a)		1,090,743		633,807
Summarecon Agung Tbk PT		8,728,100		573,737
Surya Semesta Internusa Tbk PT		3,428,300		136,958
Timah Persero Tbk PT		4,162,329		293,260
Wijaya Karya Persero Tbk PT		5,467,436		667,172
				17,290,029
MALAYSIA — 5.0%
Aeon Co. M Bhd		995,900		460,874
Alliance Bank Malaysia Bhd		645,600		712,697
Berjaya Corp. Bhd (a)		4,037,667		334,037
Berjaya Sports Toto Bhd		1,158,458		646,915
Bermaz Auto Bhd (a)		860,760		505,151
Bumi Armada Bhd (a)		3,093,000		663,700
Bursa Malaysia Bhd		490,073		1,388,625
Cahya Mata Sarawak Bhd		582,900		580,187
Carlsberg Brewery Malaysia Bhd Class B		116,000		565,605
Datasonic Group Bhd		1,163,100		258,600
DRB-Hicom Bhd		1,067,100		662,110
Eastern & Oriental Bhd		1,285,152		478,443
Evergreen Fibreboard Bhd		1,606,750		195,236
Felda Global Ventures Holdings Bhd		1,774,400		761,506
Gas Malaysia Bhd		562,900		411,843
Heineken Malaysia Bhd		132,900		721,536
Hengyuan Refining Co. Bhd		66,100		129,534
Hibiscus Petroleum Bhd (a)		251,300		53,275
IGB Real Estate Investment Trust		1,096,900		436,718
Inari Amertron Bhd		1,411,586		1,021,831
Karex Bhd		708,100		149,199
KNM Group Bhd (a)		3,404,806		184,852
KPJ Healthcare Bhd		3,695,672		855,126
Lafarge Malaysia Bhd (a)		252,300		279,826
Magnum Bhd		1,337,100		632,599
Malaysia Building Society Bhd		1,676,000		467,963
Malaysian Pacific Industries Bhd		15,700		35,029
Malaysian Resources Corp. Bhd		2,717,500		681,483
Media Prima Bhd		1,431,900		142,524
My EG Services Bhd		2,818,450		2,069,389

Security Description	Shares		Value
OSK Holdings Bhd		1,579,850	$	400,272
Padini Holdings Bhd		553,600		622,585
Pavilion Real Estate Investment Trust		1,079,700		385,208
Petron Malaysia Refining & Marketing Bhd		10,800		23,873
Pos Malaysia Bhd		678,700		628,166
PureCircle, Ltd. (a) (c)		58,640		302,717
QL Resources Bhd		418,150		541,606
Sime Darby Property Bhd (a)		2,018,300		740,948
SKP Resources Bhd		223,200		91,173
Sunway Real Estate Investment Trust		2,238,900		931,910
TIME dotCom Bhd		244,000		526,101
Top Glove Corp. Bhd		855,300		2,155,940
UEM Sunrise Bhd (a)		1,112,400		286,153
UMW Holdings Bhd (a)		363,400		565,581
UMW Oil & Gas Corp. Bhd (a)		2,065,915		165,572
Unisem M Bhd		438,300		277,620
UOA Development Bhd		1,533,500		959,429
VS Industry Bhd		1,389,600		844,250
WCT Holdings Bhd (a)		1,372,289		471,857
Yinson Holdings Bhd		700,700		681,135
				28,088,509
MEXICO — 2.0%
Asesor de Activos Prisma SAPI de CV REIT (a)		403,139		268,119
Axtel SAB de CV (a) (c)		1,709,882		383,127
Bolsa Mexicana de Valores SAB de CV		596,063		1,134,425
Concentradora Fibra Hotelera Mexicana SA de CV (b)		483,658		302,858
Concentradora Hipotecaria SAPI de CV REIT		597,161		558,116
Consorcio ARA SAB de CV		1,908,774		747,678
Controladora Vuela Cia de Aviacion SAB de CV Class A (a) (c)		794,654		637,778
Corp. Inmobiliaria Vesta SAB de CV		420,458		621,698
Credito Real SAB de CV SOFOM ER		275,285		393,921
Genomma Lab Internacional SAB de CV Class B (a)		644,664		695,750
Grupo Aeromexico SAB de CV (a) (c)		172,983		274,824
Grupo GICSA SA de CV (a)		433,675		246,138
Hoteles City Express SAB de CV (a)		349,624		474,823
Macquarie Mexico Real Estate Management SA de CV REIT (a)		685,956		767,372
Megacable Holdings SAB de CV		247,587		1,138,953
PLA Administradora Industrial S de RL de CV (a)		775,568		1,284,859
Prologis Property Mexico SA de CV REIT		388,118		739,090
Qualitas Controladora SAB de CV		184,510		508,645

21

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
TV Azteca SAB de CV Series CPO (c)		1,465,962	$	208,006
				11,386,180
MONACO — 0.2%
Costamare, Inc.		45,373		283,128
GasLog, Ltd.		54,754		900,703
Navios Maritime Holdings, Inc. (a) (c)		96,403		86,560
				1,270,391
PAKISTAN — 1.3%
Attock Refinery, Ltd.		10,700		23,506
Bank Alfalah, Ltd.		176,500		80,266
Bank of Punjab (a)		272,500		23,094
Dawood Hercules Corp., Ltd.		22,600		25,463
DG Khan Cement Co., Ltd.		693,100		984,034
Engro Corp., Ltd.		249,000		670,488
Engro Fertilizers, Ltd.		513,500		309,613
Fauji Cement Co., Ltd.		95,000		24,186
Fauji Fertilizer Bin Qasim, Ltd.		73,000		26,562
Fauji Fertilizer Co., Ltd.		293,500		237,954
Hascol Petroleum, Ltd.		21,700		50,358
Honda Atlas Cars Pakistan, Ltd.		14,650		59,873
Hub Power Co. Ltd.		77,500		67,910
K-Electric, Ltd. (a)		500,000		30,286
Kot Addu Power Co., Ltd.		173,500		97,485
Lucky Cement, Ltd.		158,700		946,699
Maple Leaf Cement Factory, Ltd.		593,900		371,573
Mari Petroleum Co., Ltd.		3,680		46,575
Millat Tractors, Ltd.		12,340		136,297
National Bank of Pakistan		163,000		71,514
National Refinery, Ltd.		16,200		60,075
Pak Elektron, Ltd.		171,500		69,952
PAK Suzuki Motor Co., Ltd.		15,600		64,580
Pakistan Oilfields, Ltd.		65,900		369,543
Pakistan State Oil Co., Ltd.		405,798		1,134,757
Pakistan Stock Exchange, Ltd.		399,000		90,069
Searle Co. Ltd.		17,300		52,609
SUI Northern Gas Pipeline		811,400		787,283
Thal, Ltd.		17,150		76,976
TRG Pakistan (a)		250,000		82,756
				7,072,336
PERU — 0.6%
Ferreycorp SAA		1,893,991		1,490,800
Grana y Montero SAA (a)		356,171		210,814
InRetail Peru Corp. (b)		38,326		852,754
Volcan Cia Minera SAA Class B		2,040,258		758,707
				3,313,075
PHILIPPINES — 1.2%
Belle Corp.		3,615,400		257,067
Cebu Air, Inc.		446,418		809,375
CEMEX Holdings Philippines, Inc. (a) (b)		4,288,105		299,146
Cosco Capital, Inc.		5,914,200		838,773
D&L Industries, Inc.		5,279,500		1,169,681
First Gen Corp.		1,562,200		508,982
First Philippine Holdings Corp.		371,250		469,599

Security Description	Shares		Value
MacroAsia Corp.		147,900	$	74,407
Manila Water Co., Inc.		1,087,300		579,310
Melco Resorts And Entertainment Philippines Corp. (a)		306,800		45,863
Nickel Asia Corp.		3,918,600		458,118
Philex Mining Corp.		1,532,900		178,916
Rizal Commercial Banking Corp.		582,020		509,208
Robinsons Land Corp.		1,597,171		610,370
SM Prime Holdings, Inc.		1		1
				6,808,816
POLAND — 2.0%
Alumetal SA		12,993		208,628
Asseco Poland SA		95,737		1,257,748
Boryszew SA (a)		90,651		242,950
Ciech SA (a)		55,424		954,666
Dino Polska SA (a) (b)		43,412		1,100,731
Emperia Holding SA (a)		28,521		832,657
Enea SA		137,357		369,729
Energa SA		196,807		553,310
Eurocash SA		90,142		618,438
Getin Noble Bank SA (a)		345,883		136,321
Globe Trade Centre SA		392,428		1,047,147
Grupa Azoty SA		44,199		722,606
Grupa Kety SA		8,882		889,419
KRUK SA		15,685		998,257
Lubelski Wegiel Bogdanka SA		11,000		149,972
Netia SA		397,418		616,089
PKP Cargo SA (a)		18,221		221,293
				10,919,961
QATAR — 0.5%
Al Meera Consumer Goods Co. QSC		12,980		506,084
Gulf Warehousing Co.		17,783		197,752
Medicare Group		17,908		337,213
Qatar First Bank (a)		284,361		498,139
Salam International Investment, Ltd. QSC (a)		93,936		149,854
Vodafone Qatar QSC (a)		449,170		1,071,743
				2,760,785
RUSSIA — 0.9%
Etalon Group PLC GDR		118,906		362,664
Globaltrans Investment PLC GDR		111,827		1,326,268
LSR Group PJSC GDR		216,646		693,267
M Video PJSC		50,000		358,261
QIWI PLC ADR (c)		41,883		800,384
Ros Agro PLC GDR		44,770		463,817
Sistema PJSC FC GDR		151,320		611,333
TMK PJSC GDR		83,864		472,993
				5,088,987
SINGAPORE — 0.3%
Asian Pay Television Trust		1,545,800		624,780
SIIC Environment Holdings, Ltd.		1,175,560		416,865
Silverlake Axis, Ltd.		952,800		388,735
				1,430,380

22

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SOUTH AFRICA — 5.6%
Adcock Ingram Holdings, Ltd.		203,828	$	1,219,312
Advtech, Ltd.		483,007		644,485
AECI, Ltd.		94,440		920,588
African Rainbow Minerals, Ltd.		71,051		608,045
Alexander Forbes Group Holdings, Ltd.		874,583		531,448
ArcelorMittal South Africa, Ltd. (a)		274,850		61,471
Arrowhead Properties, Ltd. Class A, REIT		1,238,438		758,819
Ascendis Health, Ltd.		115,594		96,680
Astral Foods, Ltd.		1,944		51,324
Attacq, Ltd. (a)		510,255		850,084
Aveng, Ltd. (a)		390,579		32,964
Balwin Properties, Ltd.		276,567		143,550
Blue Label Telecoms, Ltd.		445,991		485,560
Cashbuild, Ltd.		1,062		43,310
Coronation Fund Managers, Ltd.		210,012		1,431,068
Curro Holdings, Ltd. (a) (c)		199,573		537,135
DataTec, Ltd.		311,055		546,044
Dis-Chem Pharmacies, Ltd. (b)		111,500		324,655
Emira Property Fund, Ltd. REIT		671,966		881,871
EOH Holdings, Ltd.		112,795		409,341
Famous Brands, Ltd. (a) (c)		72,875		689,403
Grindrod, Ltd. (a)		529,298		614,676
Harmony Gold Mining Co., Ltd.		296,140		703,063
Hosken Consolidated Investments, Ltd.		113,266		1,376,542
JSE, Ltd.		111,331		1,741,363
KAP Industrial Holdings, Ltd.		1,380,838		1,002,233
Lewis Group, Ltd.		200,456		713,936
Montauk Holdings, Ltd.		1		5
Mpact, Ltd.		237,357		580,935
Murray & Roberts Holdings, Ltd.		368,376		429,040
Nampak, Ltd. (a)		550,973		706,808
Net 1 UEPS Technologies, Inc. (a) (c)		66,707		631,048
Northam Platinum, Ltd. (a)		356,564		1,093,578
Omnia Holdings, Ltd.		61,121		768,607
PPC, Ltd. (a)		1,430,722		947,878
Reunert, Ltd.		253,706		1,594,769
SA Corporate Real Estate, Ltd. REIT		2,886,087		1,188,657
Stadio Holdings, Ltd. (a) (c)		191,572		92,805
Sun International, Ltd. (a)		117,689		568,642
Super Group, Ltd. (a)		423,084		1,289,739
Tongaat Hulett, Ltd.		101,935		874,497
Trencor, Ltd.		107,758		343,771
Tsogo Sun Holdings, Ltd.		222,997		439,078
Vukile Property Fund, Ltd. REIT		677,498		1,251,073
Wilson Bayly Holmes-Ovcon, Ltd.		90,361		1,182,138
				31,402,038
TAIWAN — 29.0%
Ability Enterprise Co., Ltd.		334,141		222,325
AcBel Polytech, Inc.		901,000		635,029
Accton Technology Corp.		487,341		1,587,866
Acer, Inc. (a)		2,343,000		1,944,665

Security Description	Shares		Value
A-DATA Technology Co., Ltd.		241,652	$	624,912
Adlink Technology, Inc.		167,625		349,542
Advanced Ceramic X Corp.		57,642		535,754
Advanced Wireless Semiconductor Co.		34,000		72,182
AGV Products Corp. (a)		1,828,414		466,557
Alpha Networks, Inc.		446,513		356,818
Altek Corp.		209,516		210,903
AmTRAN Technology Co., Ltd.		904,717		440,614
Arcadyan Technology Corp.		208,172		381,260
Ardentec Corp.		104,000		134,472
Asia Optical Co., Inc.		208,540		736,688
Asia Polymer Corp.		878,028		540,543
ASPEED Technology, Inc.		17,000		529,993
Aten International Co., Ltd.		213,000		693,271
Basso Industry Corp.		110,800		197,606
BES Engineering Corp.		2,791,356		767,798
Bizlink Holding, Inc.		92,764		769,931
Capital Securities Corp.		2,057,730		786,902
Career Technology MFG. Co., Ltd.		429,060		612,901
Casetek Holdings, Ltd.		135,820		398,744
Cathay Real Estate Development Co., Ltd.		847,332		450,446
Center Laboratories, Inc. (a)		289,527		607,712
Chang Wah Electromaterials, Inc.		76,419		391,832
Charoen Pokphand Enterprise		339,675		761,901
Cheng Loong Corp.		1,221,128		680,568
Cheng Uei Precision Industry Co., Ltd.		388,915		544,217
Chicony Electronics Co., Ltd.		469,310		1,192,711
Chilisin Electronics Corp.		66,000		235,415
China Bills Finance Corp.		960,394		494,081
China Chemical & Pharmaceutical Co., Ltd.		652,000		442,762
China Man-Made Fiber Corp. (a)		1,957,899		637,927
China Motor Corp.		781,000		735,276
China Petrochemical Development Corp. (a)		2,128,575		916,199
China Steel Chemical Corp.		173,000		901,876
China Synthetic Rubber Corp.		546,373		899,472
Chin-Poon Industrial Co., Ltd.		304,000		544,254
Chipbond Technology Corp.		685,000		1,609,305
Chong Hong Construction Co., Ltd.		263,275		762,998
Chroma ATE, Inc.		326,680		2,011,149
Chung Hung Steel Corp. (a)		720,239		285,309
Clevo Co.		522,265		531,096
CMC Magnetics Corp. (a)		1,211,788		189,933
Compeq Manufacturing Co., Ltd.		999,000		1,027,884
Coremax Corp.		6,000		26,237
Coretronic Corp.		451,652		670,732
Crown Bioscience International		23,000		57,900
CTCI Corp.		664,000		1,081,730
Cub Elecparts, Inc.		61,000		850,448
CyberTAN Technology, Inc.		508,210		324,200
Darwin Precisions Corp.		376,576		331,281
D-Link Corp.		973,054		382,120

23

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Dynapack International Technology Corp.		169,000	$	242,861
E Ink Holdings, Inc.		704,000		1,165,003
Elan Microelectronics Corp.		522,899		793,575
Elite Advanced Laser Corp.		6,000		22,945
Elite Material Co., Ltd.		279,782		918,309
Elite Semiconductor Memory Technology, Inc.		298,674		455,842
eMemory Technology, Inc.		73,000		876,290
Ennoconn Corp.		38,000		624,275
Epistar Corp. (a)		919,572		1,313,584
Eternal Materials Co., Ltd.		1,030,659		1,035,714
Everlight Chemical Industrial Corp.		541,304		328,603
Everlight Electronics Co., Ltd.		626,503		962,628
Excelsior Medical Co., Ltd.		164,403		272,624
Far Eastern Department Stores, Ltd.		851,490		474,559
Far Eastern International Bank		3,329,096		1,116,664
Faraday Technology Corp.		273,385		650,716
Farglory Land Development Co., Ltd.		222,464		250,641
Feng Hsin Steel Co., Ltd.		461,270		927,065
Firich Enterprises Co., Ltd. (a)		192,792		308,129
FLEXium Interconnect, Inc.		272,099		932,287
Formosa Taffeta Co., Ltd.		951,000		1,046,990
Formosan Rubber Group, Inc.		345,610		177,801
Gamania Digital Entertainment Co., Ltd. (a)		38,000		98,268
Gemtek Technology Corp.		437,234		404,888
Genius Electronic Optical Co., Ltd. (a)		62,000		645,368
GeoVision, Inc.		180,631		180,897
Giant Manufacturing Co., Ltd.		206,000		1,080,975
Gigabyte Technology Co., Ltd.		495,000		1,152,742
Gigastorage Corp. (a)		391,114		201,211
Ginko International Co., Ltd.		39,000		289,587
Gintech Energy Corp. (a)		477,275		258,632
Global Unichip Corp.		88,669		970,107
Gloria Material Technology Corp.		546,909		372,334
Goldsun Building Materials Co., Ltd. (a)		1,805,041		580,694
Gourmet Master Co., Ltd.		81,200		1,055,486
Grand Pacific Petrochemical		851,000		890,198
Grape King Bio, Ltd.		109,000		957,026
Great Wall Enterprise Co., Ltd.		855,867		1,014,172
HannStar Display Corp.		2,242,599		772,992
HannsTouch Solution, Inc. (a)		631,511		172,622
Hey Song Corp.		295,770		315,480
Highwealth Construction Corp.		745,730		1,148,379
Himax Technologies, Inc. ADR (c)		101,167		623,189
Ho Tung Chemical Corp. (a)		1,561,351		455,173
Holy Stone Enterprise Co., Ltd.		58,000		258,600
Hota Industrial Manufacturing Co., Ltd.		208,680		887,482
HTC Corp. (a)		557,000		1,266,560
Huaku Development Co., Ltd.		307,260		757,691
Huang Hsiang Construction Corp.		294,484		297,443
Ibase Technology, Inc.		350,817		550,464

Security Description	Shares		Value
Ichia Technologies, Inc. (a)		358,000	$	205,662
Iron Force Industrial Co., Ltd.		81,000		274,195
ITE Technology, Inc.		525,887		691,696
Jess-Link Products Co., Ltd.		193,230		194,178
Jhen Vei Electronic Co., Ltd. (a)		39,000		22,873
Jih Sun Financial Holdings Co., Ltd.		1,836,422		533,474
KEE TAI Properties Co., Ltd.		972,076		341,729
Kenda Rubber Industrial Co., Ltd.		692,247		870,146
Kerry TJ Logistics Co., Ltd.		227,000		294,679
King Slide Works Co., Ltd.		60,000		841,650
King Yuan Electronics Co., Ltd.		1,172,656		1,216,615
Kingpak Technology, Inc.		6,000		47,947
King’s Town Bank Co., Ltd.		1,174,000		1,485,770
Kinpo Electronics		1,832,371		647,303
Kinsus Interconnect Technology Corp.		314,030		600,983
Kuoyang Construction Co., Ltd. (a)		850,527		482,773
Land Mark Optoelectronics Corp.		20,000		260,658
LCY Chemical Corp.		712,862		1,083,094
Lextar Electronics Corp. (a)		46,000		32,894
Lien Hwa Industrial Corp.		756,000		972,322
Lingsen Precision Industries, Ltd.		784,694		356,593
Lite-On Semiconductor Corp.		26,000		37,542
Long Chen Paper Co., Ltd.		605,000		680,591
Longwell Co.		224,000		376,445
Lotes Co., Ltd.		73,000		537,041
Lumax International Corp., Ltd.		181,322		357,582
Lung Yen Life Service Corp.		190,000		411,188
Machvision, Inc.		6,000		61,941
Makalot Industrial Co., Ltd.		160,070		754,866
Masterlink Securities Corp.		1,520,329		481,800
Medigen Biotechnology Corp. (a)		193,000		258,154
Mercuries & Associates Holding, Ltd.		563,978		486,471
Merida Industry Co., Ltd.		204,000		958,535
Merry Electronics Co., Ltd.		161,000		922,146
Microbio Co., Ltd. (a)		511,723		383,481
Micro-Star International Co., Ltd.		578,000		1,936,777
MIN AIK Technology Co., Ltd.		200,800		160,808
Mirle Automation Corp.		297,331		458,891
Mitac Holdings Corp.		731,412		844,120
Motech Industries, Inc. (a)		438,728		343,074
Nan Kang Rubber Tire Co., Ltd.		811,204		712,241
Nantex Industry Co., Ltd.		670,004		540,011
Neo Solar Power Corp. (a)		982,758		436,489
OBI Pharma, Inc. (a)		119,000		746,888
On-Bright Electronics, Inc.		4,000		43,489
OptoTech Corp.		45,000		35,497
Oriental Union Chemical Corp.		701,500		715,767
Pan Jit International, Inc.		86,000		142,611
Pan-International Industrial Corp.		491,539		375,098
Parade Technologies, Ltd.		63,000		1,227,287
PChome Online, Inc.		85,670		473,055
PharmaEngine, Inc.		104,197		514,606
Phytohealth Corp. (a)		452,511		380,235
Pixart Imaging, Inc.		106,060		452,875

24

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Polaris Group/Tw (a)		48,000	$	99,039
Poya International Co., Ltd.		46,300		581,191
President Securities Corp. (a)		1,336,943		674,043
Primax Electronics, Ltd.		405,000		894,536
Prince Housing & Development Corp.		1,786,996		726,272
Promate Electronic Co., Ltd.		375,000		368,479
Qisda Corp.		1,434,641		1,062,806
Radiant Opto-Electronics Corp.		474,331		1,163,174
Radium Life Tech Co., Ltd. (a)		938,810		367,062
Realtek Semiconductor Corp.		440,053		1,894,113
Ritek Corp. (a)		1,867,045		345,785
Ruentex Development Co., Ltd. (a)		788,000		926,995
Ruentex Industries, Ltd. (a)		520,000		1,004,081
Sampo Corp.		845,527		404,538
Sanyang Motor Co., Ltd.		812,945		599,455
ScinoPharm Taiwan, Ltd.		499,500		580,754
SDI Corp.		54,000		154,831
Senao International Co., Ltd.		164,911		295,807
Sercomm Corp.		235,000		643,173
Shin Kong No.1 REIT		459,000		231,885
Shinkong Insurance Co., Ltd.		397,841		416,848
Shinkong Synthetic Fibers Corp.		2,516,796		829,523
ShunSin Technology Holding, Ltd.		5,000		25,380
Shuttle, Inc.		73,000		44,440
Sigurd Microelectronics Corp.		894,694		1,120,017
Silicon Integrated Systems Corp. (a)		918,299		309,596
Silicon Motion Technology Corp. ADR		31,543		1,517,849
Simplo Technology Co., Ltd.		115,277		733,405
Sinbon Electronics Co., Ltd.		334,444		878,637
Sinmag Equipment Corp.		72,726		407,816
Sino-American Silicon Products, Inc. (a)		425,058		1,567,162
Sinon Corp.		844,662		496,826
Sinphar Pharmaceutical Co., Ltd.		415,879		339,470
Sinyi Realty, Inc.		627,611		932,042
Soft-World International Corp.		101,848		265,125
Solartech Energy Corp. (a)		426,207		198,800
St Shine Optical Co., Ltd.		37,000		1,084,988
Sunny Friend Environmental Technology Co., Ltd.		12,000		92,396
Sunonwealth Electric Machine Industry Co., Ltd.		20,000		30,902
Synnex Technology International Corp.		1,077,000		1,606,801
Systex Corp.		293,000		640,124
Taichung Commercial Bank Co., Ltd.		2,661,405		931,040
Taiflex Scientific Co., Ltd.		313,699		461,559
Taimide Tech, Inc.		31,000		80,910
Tainan Enterprises Co., Ltd.		316,000		254,148
Tainan Spinning Co., Ltd.		1,624,105		729,697
Taisun Enterprise Co., Ltd. (a)		740,549		436,857
Taiwan Business Bank		4,282,648		1,277,876
Taiwan Cogeneration Corp.		709,469		658,200
Taiwan Fertilizer Co., Ltd.		658,000		872,233

Security Description	Shares		Value
Taiwan Glass Industry Corp. (a)		944,000	$	555,256
Taiwan Hon Chuan Enterprise Co., Ltd.		404,218		776,356
Taiwan Land Development Corp. (a)		869,781		286,079
Taiwan Paiho, Ltd.		214,000		595,240
Taiwan Secom Co., Ltd.		315,961		976,372
Taiwan Semiconductor Co., Ltd.		58,000		155,160
Taiwan Surface Mounting Technology Corp.		562,308		538,066
Taiwan Union Technology Corp.		224,000		707,563
Taiyen Biotech Co., Ltd.		386,979		374,277
Tatung Co., Ltd. (a)		1,658,691		1,200,342
TCI Co., Ltd.		23,000		322,633
Teco Electric and Machinery Co., Ltd.		1,773,000		1,462,450
Test Rite International Co., Ltd.		496,896		400,489
Thye Ming Industrial Co., Ltd.		288,218		397,378
Ton Yi Industrial Corp.		725,000		323,250
Tong Hsing Electronic Industries, Ltd.		141,327		601,041
Tong Yang Industry Co., Ltd.		412,872		740,584
Topco Scientific Co., Ltd.		299,299		867,399
TPK Holding Co., Ltd. (a)		229,000		568,632
Transcend Information, Inc.		206,484		609,035
Tripod Technology Corp.		427,353		1,437,848
TSRC Corp.		691,028		705,082
TTY Biopharm Co., Ltd.		222,436		755,262
Tung Ho Steel Enterprise Corp.		677,258		570,247
Tung Thih Electronic Co., Ltd.		38,893		166,073
TXC Corp.		470,120		631,245
U-Ming Marine Transport Corp.		437,000		522,326
Unimicron Technology Corp.		1,221,000		789,376
Unitech Printed Circuit Board Corp. (a)		162,000		112,789
Unity Opto Technology Co., Ltd. (a)		701,307		233,553
Unizyx Holding Corp.		526,694		254,703
UPC Technology Corp.		899,536		580,007
USI Corp.		1,512,344		754,694
Visual Photonics Epitaxy Co., Ltd.		197,371		761,541
Voltronic Power Technology Corp.		42,000		813,870
Wafer Works Corp. (a)		491,872		767,575
Walsin Lihwa Corp.		2,550,000		1,556,745
Walsin Technology Corp.		282,000		1,146,106
Wan Hai Lines, Ltd.		1,064,320		653,405
Waterland Financial Holdings Co., Ltd.		2,228,547		779,613
Wei Chuan Foods Corp. (a)		618,899		513,680
Wistron NeWeb Corp.		268,872		704,524
WT Microelectronics Co., Ltd.		486,090		785,226
WUS Printed Circuit Co., Ltd.		360,750		210,335
XinTec, Inc. (a)		80,000		183,832
Yang Ming Marine Transport Corp. (a)		627,970		223,990
Yeong Guan Energy Technology Group Co., Ltd.		92,000		271,359
YFY, Inc. (a)		1,778,941		790,112
Yieh Phui Enterprise Co., Ltd.		1,223,079		453,039

25

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Yulon Finance Corp.		220,000	$	916,761
Yungtay Engineering Co., Ltd.		397,000		750,238
Zenitron Corp.		421,348		330,928
Zhen Ding Technology Holding, Ltd.		452,000		1,082,059
Zinwell Corp.		524,674		492,157
				162,253,436
THAILAND — 5.8%
Bangkok Chain Hospital PCL NVDR		1,952,000		1,054,966
Bangkok Land PCL NVDR		15,170,300		892,656
Beauty Community PCL (f)		2,432,400		1,656,863
BEC World PCL NVDR		1,075,400		433,324
Carabao Group PCL Class F (f)		434,162		860,826
Central Plaza Hotel PCL NVDR		820,002		1,258,717
Chularat Hospital PCL NVDR		7,739,000		462,806
CPN Retail Growth Leasehold REIT (f)		1,420,400		1,022,034
Dynasty Ceramic PCL NVDR		3,975,420		376,311
Esso Thailand PCL NVDR (a)		1,459,367		826,057
GFPT PCL (f)		305,100		130,743
Global Power Synergy PCL NVDR		66,100		159,595
Group Lease PCL NVDR		799,079		196,767
Gunkul Engineering PCL NVDR		6,478,370		729,257
Hana Microelectronics PCL (f)		806,657		838,387
Ichitan Group PCL NVDR (a)		1,516,500		390,401
Inter Far East Energy Corp. NVDR (a) (d)		283,900		—
International Engineering PCL (a) (d)		127,711,868		—
Jasmine International PCL NVDR		2,889,825		568,354
KCE Electronics PCL NVDR		398,000		852,766
Kiatnakin Bank PCL NVDR		510,500		1,175,440
Krungthai Card PCL (f)		46,800		481,919
LPN Development PCL NVDR		906,700		298,657
Major Cineplex Group PCL NVDR		1,074,300		979,135
MK Restaurants Group PCL NVDR		452,731		1,071,381
Precious Shipping PCL (a) (f)		616,400		230,633
Pruksa Holding PCL NVDR		1,352,531		938,597
PTG Energy PCL NVDR		797,700		415,814
Robinson PCL NVDR		647,200		1,293,572
RS PCL (a) (f)		56,800		52,677
Siam Global House PCL NVDR		1,856,476		926,160
Sino-Thai Engineering & Construction PCL NVDR		1,292,700		773,057
Sri Trang Agro-Industry PCL NVDR		1,017,180		357,818
Srisawad Corp. PCL NVDR		730,309		1,424,651
Supalai PCL NVDR		1,076,600		753,999
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund		1,870,000		1,070,451
Thai Airways International PCL NVDR (a)		893,600		437,227
Thai Vegetable Oil PCL NVDR		470,000		514,791

Security Description	Shares		Value
Thaicom PCL NVDR		701,800	$	267,075
Thoresen Thai Agencies PCL (f)		3,193,706		817,066
Tipco Asphalt PCL NVDR		965,400		527,929
Tisco Financial Group PCL (f)		323,103		909,276
TPI Polene PCL (f)		1,043,400		57,058
TPI Polene Power PCL NVDR		4,488,600		990,449
TTW PCL (f)		1,718,900		659,635
VGI Global Media PCL NVDR		3,996,012		1,003,156
WHA Corp. PCL NVDR		9,953,630		1,203,221
				32,341,674
TURKEY — 1.6%
Afyon Cimento Sanayi TAS (a)		315,285		574,635
AKIS Gayrimenkul Yatirimi A/S REIT		329,458		272,788
Albaraka Turk Katilim Bankasi A/S		1,705,748		676,030
Aygaz A/S		126,782		466,623
Bera Holding A/S (a)		210,995		156,060
Dogan Sirketler Grubu Holding A/S (a) (c)		1,037,907		348,467
Ihlas Holding A/S (a)		1,140,954		144,009
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D (a)		1,291,343		1,297,406
Koza Altin Isletmeleri A/S (a)		69,825		716,687
Koza Anadolu Metal Madencilik Isletmeleri A/S (a)		186,303		291,583
Migros Ticaret A/S (a)		125,115		748,530
NET Holding A/S (a)		291,043		164,572
Pegasus Hava Tasimaciligi A/S (a)		42,706		385,727
Tekfen Holding A/S		258,859		1,110,871
Torunlar Gayrimenkul Yatirim Ortakligi A/S REIT		417,489		304,575
Turkiye Sinai Kalkinma Bankasi A/S		1,933,748		741,984
Yazicilar Holding A/S Class A		95,845		570,028
				8,970,575
UNITED ARAB EMIRATES — 0.7%
Air Arabia PJSC		1,834,393		569,346
Ajman Bank PJSC (f)		592,627		163,767
Al Waha Capital PJSC		1,110,280		658,974
Arabtec Holding PJSC (a)		787,143		477,901
Dana Gas PJSC (a)		3,003,693		752,354
DXB Entertainments PJSC (a)		2,832,681		374,812
Eshraq Properties Co. PJSC (a)		1,700,217		333,285
RAK Properties PJSC		2,732,087		505,804
				3,836,243
UNITED KINGDOM — 0.0% (e)
Pan African Resources PLC		1,269,532		128,574
UNITED STATES — 0.2%
IntelliEPI, Inc.		6,000		19,570
Luxoft Holding, Inc. (a)		25,451		1,042,218

26

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Navios Maritime Acquisition Corp. (c)		33,400	$	28,056
				1,089,844
TOTAL COMMON STOCKS (Cost $580,255,960)				558,221,175
WARRANTS — 0.0% (e)
INDONESIA — 0.0% (e)
Medco Energi Internasional Tbk PT (expiring 12/11/20) (a)		2,135,866		97,737
MALAYSIA — 0.0% (e)
Hibiscus Petroleum Bhd (expiring 3/18/21) (a) (f)		50,260		4,093
Malaysian Resources Corp. Bhd (expiring 10/29/27) (a)		303,781		26,310
				30,403
THAILAND — 0.0% (e)
International Engineering PCL (expiring 5/22/19) (a) (d)		13,635,806		—
Superblock PCL (expiring 8/31/20) (a)		2,640,860		22,802
				22,802
TOTAL WARRANTS (Cost $0)				150,942
SHORT-TERM INVESTMENTS — 3.7%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (g) (h)		823,507		823,507
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		19,823,794		19,823,794
TOTAL SHORT-TERM INVESTMENTS (Cost $20,647,301)				20,647,301
TOTAL INVESTMENTS — 103.4% (Cost $600,903,261)				579,019,418
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.4)%				(19,272,977	)
NET ASSETS — 100.0%			$	559,746,441

(a) Non-income producing security.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.9% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) All or a portion of the shares of the security are on loan at March 31, 2018.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $318,757, representing less than 0.05% of the Fund’s net assets.

(e) Amount is less than 0.05% of net assets.

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $7,937,267 representing 1.4% of net assets.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at March 31, 2018.

(i) Investment of cash collateral for securities loaned.

ADR	= American Depositary Receipt
ADS	= American Depositary Shares
CPO	= Certificate of Ordinary Participation
GDR	= Global Depositary Receipt
NVDR	= Non Voting Depositary Receipt
REIC	= Real Estate Investment Company
REIT	= Real Estate Investment Trust

During the period ended March 31, 2018, average notional value related to futures contracts was $0 or less than 0.5% of net assets.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil		$	25,386,469		$	—		$	—		$	25,386,469

27

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs				Total
Chile		$	8,116,694		$	—		$	—			$	8,116,694
China			84,345,470			—			196,465				84,541,935
Colombia			203,046			—			—				203,046
Czech Republic			2,955,918			—			—				2,955,918
Egypt			6,390,150			—			—				6,390,150
Greece			5,100,962			—			—				5,100,962
Hong Kong			15,742,571			52,290			122,292				15,917,153
Hungary			1,021,657			—			—				1,021,657
India			73,135,358			—			0	(a)			73,135,358
Indonesia			17,290,029			—			—				17,290,029
Malaysia			28,088,509			—			—				28,088,509
Mexico			11,386,180			—			—				11,386,180
Monaco			1,270,391			—			—				1,270,391
Pakistan			7,072,336			—			—				7,072,336
Peru			3,313,075			—			—				3,313,075
Philippines			6,808,816			—			—				6,808,816
Poland			10,919,961			—			—				10,919,961
Qatar			2,760,785			—			—				2,760,785
Russia			5,088,987			—			—				5,088,987
Singapore			1,430,380			—			—				1,430,380
South Africa			31,402,038			—			—				31,402,038
Taiwan			162,253,436			—			—				162,253,436
Thailand			24,624,557			7,717,117			0	(a)			32,341,674
Turkey			8,970,575			—			—				8,970,575
United Arab Emirates			3,672,476			163,767			—				3,836,243
United Kingdom			128,574			—			—				128,574
United States			1,089,844			—			—				1,089,844
Warrants
Indonesia			97,737			—			—				97,737
Malaysia			26,310			4,093			—				30,403
Thailand			22,802			—			0	(a)			22,802
Short-Term Investments			20,647,301			—			—				20,647,301
TOTAL INVESTMENTS		$	570,763,394		$	7,937,267		$	318,757			$	579,019,418

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2018.

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		379,285		$	379,285		$	25,055,869		$	24,611,647		$	—		$	—		823,507		$	823,507		$	6,544		$	—
State Street Navigator Securities Lending Government Money Market Portfolio		16,261,252			16,261,252			39,107,436			35,544,894			—			—		19,823,794			19,823,794			405,535			—
Total				$	16,640,537		$	64,163,305		$	60,156,541		$	—		$	—				$	20,647,301		$	412,079		$	—

28

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.2%
ARGENTINA — 0.0% (a)
MercadoLibre, Inc.		132	$	47,043
AUSTRALIA — 2.0%
Amcor, Ltd.		2,314		25,151
AMP, Ltd.		12,549		48,032
APA Group		14,312		86,507
Aristocrat Leisure, Ltd.		2,627		48,482
Aurizon Holdings, Ltd.		2,081		6,752
Australia & New Zealand Banking Group, Ltd.		10,407		214,415
Bank of Queensland, Ltd.		3,609		30,340
Bendigo & Adelaide Bank, Ltd. (b)		2,686		20,273
Brambles, Ltd.		9,258		70,872
Caltex Australia, Ltd.		450		10,838
Challenger, Ltd.		1,826		16,163
Coca-Cola Amatil, Ltd.		2,727		18,135
Cochlear, Ltd.		28		3,901
Commonwealth Bank of Australia		6,513		361,246
Computershare, Ltd.		2,957		39,262
Crown Resorts, Ltd.		1,018		9,909
CSL, Ltd.		1,456		173,622
Dexus REIT		3,575		25,557
Domino’s Pizza Enterprises, Ltd. (b)		250		8,002
Flight Centre Travel Group, Ltd. (b)		392		17,136
Fortescue Metals Group, Ltd. (b)		25,419		84,425
Goodman Group REIT		8,221		53,159
GPT Group REIT		5,886		21,400
Harvey Norman Holdings, Ltd. (b)		2,601		7,362
Healthscope, Ltd.		8,746		12,981
Insurance Australia Group, Ltd.		10,485		60,158
LendLease Group		2,334		30,990
Macquarie Group, Ltd.		1,430		112,869
Medibank Pvt, Ltd.		8,023		17,847
Mirvac Group REIT		13,939		22,988
National Australia Bank, Ltd.		10,652		232,781
Newcrest Mining, Ltd.		2,536		38,049
QBE Insurance Group, Ltd.		5,010		37,007
Ramsay Health Care, Ltd. (b)		452		21,607
Scentre Group REIT		25,230		74,121
SEEK, Ltd.		1,309		18,676
Sonic Healthcare, Ltd.		1,078		18,919
Stockland REIT		10,895		33,679
Suncorp Group, Ltd.		7,265		74,339
Sydney Airport		12,894		66,364
Tabcorp Holdings, Ltd.		11,895		40,055
Telstra Corp., Ltd.		20,544		49,481
TPG Telecom, Ltd. (b)		1,620		6,822
Transurban Group Stapled Security		17,671		154,793
Treasury Wine Estates, Ltd.		3,569		46,156
Vicinity Centres REIT		5,532		10,226
Wesfarmers, Ltd.		2,947		93,946
Westfield Corp. REIT		8,119		53,060
Westpac Banking Corp.		12,098		265,587
Woolworths, Ltd.		1,846		37,226
				3,031,668

Security Description	Shares		Value
AUSTRIA — 0.1%
ANDRITZ AG		170	$	9,492
Erste Group Bank AG		1,383		69,396
Raiffeisen Bank International AG (c)		1,020		39,628
				118,516
BELGIUM — 0.3%
Ageas		491		25,338
Anheuser-Busch InBev SA		2,876		315,788
Colruyt SA		272		15,026
Groupe Bruxelles Lambert SA		277		31,614
Proximus SADP		442		13,715
UCB SA		340		27,673
Umicore SA		1,096		57,866
				487,020
BERMUDA — 0.0% (a)
Marvell Technology Group, Ltd.		1,918		40,278
BRAZIL — 1.0%
Ambev SA		21,590		156,358
B3 SA - Brasil Bolsa Balcao		8,144		65,400
Banco Bradesco SA Preference Shares		11,953		142,058
Banco Bradesco SA		3,010		34,840
Banco do Brasil SA		3,363		41,516
Banco Santander Brasil SA		900		10,807
BB Seguridade Participacoes SA		1,287		11,334
CCR SA		7,852		29,531
Cielo SA		5,722		35,620
Cosan SA Industria e Comercio		3,371		42,102
Embraer SA		3,087		20,016
Fibria Celulose SA		1,400		27,393
Hypera SA		2,100		22,847
Itau Unibanco Holding SA Preference Shares		10,182		157,191
Itausa - Investimentos Itau SA Preference Shares		6,200		25,725
Itausa - Investimentos Itau SA (c)		145		602
Klabin SA		4,913		30,599
Kroton Educacional SA		3,852		15,762
Localiza Rent a Car SA		5,700		49,255
Lojas Renner SA		2,500		25,838
Qualicorp SA		2,100		14,077
Raia Drogasil SA		500		11,253
Rumo SA (c)		5,500		21,761
Suzano Papel e Celulose SA		2,700		27,101
Telefonica Brasil SA Preference Shares		2,184		33,119
TIM Participacoes SA		1,607		6,963
Transmissora Alianca de Energia Eletrica SA		4,600		30,075
Ultrapar Participacoes SA		6,360		135,712
Vale SA		17,272		219,356
WEG SA		2,900		19,728
				1,463,939
CANADA — 3.1%
Agnico Eagle Mines, Ltd.		1,815		76,303

29

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Alimentation Couche-Tard, Inc. Class B		1,823	$	81,545
Bank of Montreal		2,287		172,636
Bank of Nova Scotia		4,571		281,369
Barrick Gold Corp.		2,168		26,990
BCE, Inc.		1,773		76,242
BlackBerry, Ltd. (c)		3,437		39,482
Bombardier, Inc. Class B (c)		12,262		35,666
Brookfield Asset Management, Inc. Class A		3,327		129,596
CAE, Inc.		784		14,582
Cameco Corp.		2,512		22,816
Canadian Imperial Bank of Commerce		1,733		152,862
Canadian National Railway Co.		2,216		161,845
Canadian Pacific Railway, Ltd.		127		22,381
Canadian Tire Corp., Ltd. Class A		260		34,163
CCL Industries, Inc. Class B		925		46,664
CGI Group, Inc. Class A (c)		524		30,198
CI Financial Corp. (b)		1,200		25,689
Constellation Software, Inc.		55		37,292
Dollarama, Inc.		400		48,580
Element Fleet Management Corp. (b)		2,500		8,047
Enbridge, Inc. (d)		2,043		64,210
Enbridge, Inc. (d)		4,681		147,311
Fairfax Financial Holdings, Ltd.		132		66,865
Finning International, Inc.		16		386
First Quantum Minerals, Ltd.		8,698		122,045
Franco-Nevada Corp.		1,423		97,019
George Weston, Ltd.		800		64,360
Goldcorp, Inc.		4,110		56,713
Great-West Lifeco, Inc.		524		13,364
Hydro One, Ltd. (e)		11,567		187,692
Intact Financial Corp.		300		22,527
Inter Pipeline, Ltd. (b)		3,344		57,996
Loblaw Cos., Ltd.		825		41,652
Lundin Mining Corp.		21,100		138,294
Magna International, Inc.		182		10,245
Manulife Financial Corp.		5,508		102,192
Metro, Inc.		600		19,127
National Bank of Canada		800		37,628
Open Text Corp.		520		18,077
Pembina Pipeline Corp.		8,163		254,530
Power Corp. of Canada		1,048		23,899
Power Financial Corp.		800		20,018
PrairieSky Royalty, Ltd. (b)		12,087		264,100
Restaurant Brands International, Inc.		1,060		60,282
Rogers Communications, Inc. Class B		1,563		69,758
Royal Bank of Canada		5,372		414,676
Shaw Communications, Inc. Class B		1,408		27,106
Shopify, Inc. Class A (c)		200		24,870
SNC-Lavalin Group, Inc. (b)		1,598		70,117
Sun Life Financial, Inc. (b)		1,687		69,233
TELUS Corp.		1,300		45,617
Thomson Reuters Corp.		690		26,647

Security Description	Shares		Value
Toronto-Dominion Bank		6,917	$	392,245
Wheaton Precious Metals Corp.		5,812		118,336
				4,674,085
CHILE — 0.3%
Aguas Andinas SA Class A		83,447		54,311
Antofagasta PLC		16,766		216,613
Cencosud SA		10,492		32,125
SACI Falabella		3,062		29,543
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares		936		45,588
				378,180
CHINA — 3.5%
58.com, Inc. ADR (c)		300		23,958
AAC Technologies Holdings, Inc.		2,500		45,105
Agricultural Bank of China, Ltd. Class H		150,000		85,241
Alibaba Group Holding, Ltd. ADR (b) (c)		3,785		694,699
ANTA Sports Products, Ltd.		3,000		15,137
Baidu, Inc. ADR (c)		913		203,773
Bank of China, Ltd. Class H		341,000		183,354
Bank of Communications Co., Ltd. Class H		77,000		60,338
Beijing Capital International Airport Co., Ltd. Class H		22,000		29,545
Beijing Enterprises Water Group, Ltd.		68,000		37,950
Brilliance China Automotive Holdings, Ltd.		12,000		25,045
Byd Co., Ltd. Class H (b)		2,000		15,596
CGN Power Co., Ltd. Class H (e)		369,200		95,495
China Cinda Asset Management Co., Ltd. Class H		54,000		19,609
China CITIC Bank Corp., Ltd. Class H		68,000		46,441
China Construction Bank Corp. Class H		347,000		356,360
China Everbright Bank Co., Ltd. Class H		17,000		8,166
China Evergrande Group (b) (c)		12,700		39,969
China Life Insurance Co., Ltd. Class H		34,000		93,574
China Mengniu Dairy Co., Ltd.		6,000		20,565
China Merchants Bank Co., Ltd. Class H		19,500		79,880
China Merchants Port Holdings Co., Ltd.		26,598		58,630
China Minsheng Banking Corp., Ltd. Class H (b)		40,000		38,887
China Mobile, Ltd.		17,000		155,849
China Oilfield Services, Ltd. Class H		34,000		35,047
China Overseas Land & Investment, Ltd.		6,000		20,833
China Pacific Insurance Group Co., Ltd. Class H		10,400		46,578
China Resources Beer Holdings Co., Ltd.		6,000		25,993

30

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
China Resources Gas Group, Ltd.		28,000	$	97,219
China Taiping Insurance Holdings Co., Ltd.		2,000		6,613
China Telecom Corp., Ltd. Class H		34,000		14,989
China Unicom Hong Kong, Ltd. (c)		22,000		27,751
China Vanke Co., Ltd. Class H		6,696		30,544
Chongqing Rural Commercial Bank Co., Ltd. Class H		26,000		19,910
CITIC Securities Co., Ltd. Class H		8,500		19,451
COSCO SHIPPING Ports, Ltd.		12,953		10,893
Country Garden Holdings Co., Ltd.		17,000		35,004
CSPC Pharmaceutical Group, Ltd.		12,000		31,880
Ctrip.com International, Ltd. ADR (c)		1,163		54,219
Geely Automobile Holdings, Ltd.		19,000		54,713
Great Wall Motor Co., Ltd. Class H (b)		25,500		25,571
Guangdong Investment, Ltd.		26,000		40,880
Guangzhou Automobile Group Co., Ltd. Class H		12,000		22,109
Haitian International Holdings, Ltd.		4,000		12,130
Haitong Securities Co., Ltd. Class H		1,600		2,116
Huaneng Renewables Corp., Ltd. Class H		188,000		70,186
Huatai Securities Co., Ltd. Class H (e)		6,500		12,506
Industrial & Commercial Bank of China, Ltd. Class H		287,000		246,106
JD.com, Inc. ADR (b) (c)		2,405		97,378
Jiangsu Expressway Co., Ltd. Class H		24,000		33,944
Lenovo Group, Ltd. (b)		34,000		17,372
NetEase, Inc. ADR		271		75,986
New China Life Insurance Co., Ltd. Class H		3,200		14,903
New Oriental Education & Technology Group, Inc. ADR		405		35,498
People’s Insurance Co. Group of China, Ltd. Class H		78,000		36,474
PICC Property & Casualty Co., Ltd. Class H		12,000		21,008
Ping An Insurance Group Co. of China, Ltd. Class H		19,500		198,272
Shanghai Electric Group Co., Ltd. Class H (b) (c)		44,000		15,249
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		3,500		21,495
Shanghai Industrial Holdings, Ltd.		3,000		7,817
SINA Corp. (c)		164		17,100
Sunac China Holdings, Ltd.		8,000		30,886
Sunny Optical Technology Group Co., Ltd.		2,000		36,925
TAL Education Group ADR		1,026		38,054
Tencent Holdings, Ltd.		19,184		1,001,206
Vipshop Holdings, Ltd. ADR (c)		1,407		23,384
Want Want China Holdings, Ltd.		17,000		13,625
Weibo Corp. ADR		16		1,913
Yangzijiang Shipbuilding Holdings, Ltd.		34,000		31,373

Security Description	Shares		Value
Yum China Holdings, Inc.		1,410	$	58,515
Zhejiang Expressway Co., Ltd. Class H		24,000		24,495
Zhuzhou CRRC Times Electric Co., Ltd. Class H		2,000		9,684
ZTE Corp. Class H (c)		4,600		14,975
				5,273,938
COLOMBIA — 0.2%
Bancolombia SA		3,396		36,743
Bancolombia SA Preference Shares		2,562		26,858
Grupo Aval Acciones y Valores SA Preference Shares		171,816		71,664
Grupo de Inversiones Suramericana SA Preference Shares		696		8,871
Grupo de Inversiones Suramericana SA		6,331		84,501
Interconexion Electrica SA ESP		26,273		125,293
				353,930
CZECH REPUBLIC — 0.0% (a)
Komercni banka A/S		477		21,746
DENMARK — 0.5%
Carlsberg A/S Class B		9		1,070
Chr Hansen Holding A/S		677		58,195
Coloplast A/S Class B		374		31,508
Danske Bank A/S		1,712		63,668
Genmab A/S (c)		153		32,766
ISS A/S		513		18,926
Novo Nordisk A/S Class B		6,352		311,789
Novozymes A/S Class B		1,759		90,665
Pandora A/S		425		45,565
TDC A/S (c)		3,362		27,802
Vestas Wind Systems A/S		753		53,398
				735,352
FINLAND — 0.3%
Kone Oyj Class B		1,660		82,744
Metso Oyj (b)		100		3,150
Neste Oyj (b)		674		46,917
Nokia Oyj (d)		21,883		120,704
Nokia Oyj (d)		2,449		13,484
Nokian Renkaat Oyj		493		22,373
Sampo Oyj Class A		1,689		94,015
Wartsila Oyj Abp		2,169		47,882
				431,269
FRANCE — 3.6%
Aeroports de Paris		579		126,039
Airbus SE		2,401		276,979
Alstom SA		1,174		52,859
Amundi SA (e)		358		28,733
Atos SE		332		45,363
AXA SA		8,100		215,175
BNP Paribas SA		3,820		282,680
Bollore SA (d)		10,605		56,474
Bollore SA (c) (d)		60		318
Bureau Veritas SA		1,464		38,009
Capgemini SE		707		87,994

31

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
CNP Assurances		1,654	$	41,701
Credit Agricole SA		4,635		75,273
Danone SA		2,188		176,874
Dassault Aviation SA		17		32,428
Dassault Systemes SE		292		39,646
Edenred		1,821		63,245
Eiffage SA		370		42,083
Essilor International Cie Generale d’Optique SA		744		100,285
Eurazeo SA		530		48,724
Eutelsat Communications SA		1,018		20,157
Fonciere Des Regions REIT		419		46,197
Gecina SA REIT		325		56,398
Getlink SE		4,744		67,679
Hermes International		125		74,022
ICADE REIT		196		19,019
Iliad SA		175		36,158
Ingenico Group SA		194		15,718
Kering SA		293		140,103
Klepierre SA REIT		1,431		57,637
Lagardere SCA		340		9,701
Legrand SA		1,385		108,503
L’Oreal SA		1,336		301,259
LVMH Moet Hennessy Louis Vuitton SE		1,124		345,864
Natixis SA		4,073		33,351
Orange SA		8,254		139,934
Pernod Ricard SA		970		161,347
Peugeot SA		2,778		66,793
Publicis Groupe SA		734		51,075
Remy Cointreau SA		157		22,359
Renault SA		1,182		143,188
Rexel SA		2,366		40,010
Safran SA		1,630		172,360
Sanofi		4,287		344,444
Schneider Electric SE		2,899		254,351
SCOR SE		776		31,742
Societe BIC SA		102		10,142
Societe Generale SA		2,855		155,056
Sodexo SA		502		50,564
Teleperformance		113		17,511
Thales SA		437		53,175
Ubisoft Entertainment SA (c)		223		18,792
Unibail-Rodamco SE REIT (b)		463		105,713
Valeo SA		673		44,397
Vinci SA		2,781		273,275
Vivendi SA		5,191		134,067
				5,452,943
GERMANY — 3.1%
1&1 Drillisch AG		287		19,325
adidas AG		708		171,230
Allianz SE		1,887		425,621
BASF SE		3,352		339,979
Bayer AG		2,484		280,414
Bayerische Motoren Werke AG		1,636		177,361
Bayerische Motoren Werke AG Preference Shares		630		59,001
Beiersdorf AG		528		59,754

Security Description	Shares		Value
Brenntag AG		1,132	$	67,243
Commerzbank AG (c)		2,569		33,314
Continental AG		272		75,033
Daimler AG		4,212		357,274
Deutsche Bank AG		9,178		127,843
Deutsche Boerse AG		607		82,565
Deutsche Post AG		1,935		84,529
Deutsche Telekom AG		11,989		195,367
Deutsche Wohnen SE		790		36,823
Fraport AG Frankfurt Airport Services Worldwide		476		46,891
Fresenius Medical Care AG & Co. KGaA		838		85,520
Fresenius SE & Co. KGaA		1,467		111,968
Fuchs Petrolub SE Preference Shares		747		40,515
GEA Group AG		595		25,282
Hannover Rueck SE		78		10,638
Henkel AG & Co. KGaA Preference Shares		547		71,881
Henkel AG & Co. KGaA		601		75,614
HUGO BOSS AG		279		24,280
Infineon Technologies AG		4,246		113,525
KION Group AG		220		20,493
Merck KGaA		510		48,861
MTU Aero Engines AG		235		39,537
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		886		205,780
ProSiebenSat.1 Media SE		645		22,354
SAP SE		3,694		386,024
Siemens AG		3,027		385,380
Symrise AG		1,081		86,894
Telefonica Deutschland Holding AG		9,319		43,735
United Internet AG		332		20,865
Volkswagen AG Preference Shares		733		145,481
Vonovia SE		1,303		64,500
Wirecard AG		397		46,833
Zalando SE (c) (e)		319		17,372
				4,732,899
GREECE — 0.0% (a)
Alpha Bank AE (c)		2,943		6,262
OPAP SA		1,717		19,617
				25,879
HONG KONG — 1.2%
AIA Group, Ltd.		44,000		372,259
BOC Hong Kong Holdings, Ltd.		5,500		26,770
China Gas Holdings, Ltd.		8,000		29,102
CK Asset Holdings, Ltd.		9,459		79,364
CK Hutchison Holdings, Ltd.		500		5,982
CK Infrastructure Holdings, Ltd.		2,000		16,347
Galaxy Entertainment Group, Ltd.		7,000		63,549
Hanergy Thin Film Power Group, Ltd. (c) (f)		24,000		—
Hang Lung Properties, Ltd.		11,000		25,621
Henderson Land Development Co., Ltd.		5,630		36,657

32

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Hong Kong & China Gas Co., Ltd.		112,020	$	230,083
Hong Kong Exchanges & Clearing, Ltd.		2,874		93,453
Hongkong Land Holdings, Ltd.		6,800		46,852
Jardine Matheson Holdings, Ltd.		800		49,296
Kerry Properties, Ltd.		7,000		31,529
Kingston Financial Group, Ltd. (b)		22,000		9,839
Li & Fung, Ltd.		34,000		16,635
Link REIT		7,000		59,758
Melco Resorts & Entertainment, Ltd. ADR		1,409		40,833
MTR Corp., Ltd.		11,380		61,190
Power Assets Holdings, Ltd.		24,500		218,363
Sands China, Ltd.		11,200		60,222
Sino Land Co., Ltd.		6,237		10,093
Sun Hung Kai Properties, Ltd.		6,000		94,798
Swire Properties, Ltd.		6,800		23,827
Techtronic Industries Co., Ltd.		4,000		23,317
Wharf Holdings, Ltd.		5,000		17,169
Wheelock & Co., Ltd.		4,000		29,229
				1,772,137
HUNGARY — 0.0% (a)
OTP Bank PLC		1,274		57,317
INDIA — 0.9%
Adani Ports & Special Economic Zone, Ltd.		5,918		32,130
Asian Paints, Ltd.		3,701		63,577
Axis Bank, Ltd.		4,683		36,655
Bajaj Auto, Ltd.		578		24,324
Bharat Petroleum Corp., Ltd.		10,860		71,174
Bharti Airtel, Ltd.		4,501		27,515
Bharti Infratel, Ltd.		3,012		15,524
Eicher Motors, Ltd.		52		22,621
Godrej Consumer Products, Ltd.		1,128		18,914
HCL Technologies, Ltd.		1,915		28,439
Hindustan Petroleum Corp., Ltd.		6,902		36,493
Hindustan Unilever, Ltd.		3,336		68,199
Housing Development Finance Corp., Ltd.		5,058		141,577
ICICI Bank, Ltd. ADR		4,895		43,321
Idea Cellular, Ltd. (c)		15,021		17,480
Infosys, Ltd. ADR (b)		8,224		146,798
ITC, Ltd.		17,927		70,227
Larsen & Toubro, Ltd. GDR		2,818		56,642
Lupin, Ltd.		329		3,712
Mahindra & Mahindra, Ltd. GDR		2,238		25,737
Maruti Suzuki India, Ltd.		421		57,198
Nestle India, Ltd.		195		24,527
Power Finance Corp., Ltd.		4,887		6,418
Reliance Industries, Ltd.		2,260		30,586
Rural Electrification Corp., Ltd.		8,180		15,640
State Bank of India GDR		929		35,859
Sun Pharmaceutical Industries, Ltd.		2,792		21,194
Tata Consultancy Services, Ltd.		1,849		80,772
Tata Motors, Ltd. (c) (d)		10,536		29,611
Tata Motors, Ltd. (c) (d)		2,808		14,072
Tech Mahindra, Ltd.		2,866		28,066

Security Description	Shares		Value
Titan Co., Ltd.		1,844	$	26,641
United Spirits, Ltd. (c)		413		19,818
Wipro, Ltd. ADR (b)		3,204		16,533
Yes Bank, Ltd.		4,203		19,645
				1,377,639
INDONESIA — 0.3%
Astra International Tbk PT		91,800		48,675
Bank Central Asia Tbk PT		36,500		61,772
Bank Mandiri Persero Tbk PT		68,000		37,908
Bank Rakyat Indonesia Persero Tbk PT		170,000		44,452
Gudang Garam Tbk PT		4,700		24,742
Hanjaya Mandala Sampoerna Tbk PT		159,000		45,965
Indofood CBP Sukses Makmur Tbk PT		15,600		9,376
Jasa Marga Persero Tbk PT		63,050		20,975
Telekomunikasi Indonesia Persero Tbk PT		248,900		65,084
Unilever Indonesia Tbk PT		8,500		30,577
				389,526
IRELAND — 0.2%
AerCap Holdings NV (c)		882		44,735
AIB Group PLC		4,628		27,844
James Hardie Industries PLC		1,323		23,209
Kerry Group PLC Class A		537		54,419
Paddy Power Betfair PLC		286		29,352
XL Group, Ltd.		1,187		65,594
				245,153
ISRAEL — 0.1%
Bank Leumi Le-Israel BM		2,181		13,114
Bezeq The Israeli Telecommunication Corp., Ltd.		5,345		6,821
Check Point Software Technologies, Ltd. (c)		528		52,452
Elbit Systems, Ltd.		88		10,552
Frutarom Industries, Ltd.		654		59,814
Teva Pharmaceutical Industries, Ltd.		3,531		59,902
				202,655
ITALY — 0.7%
Assicurazioni Generali SpA		6,502		124,945
Atlantia SpA		3,522		108,938
Davide Campari-Milano SpA		2,841		21,488
Ferrari NV		783		93,928
Intesa Sanpaolo SpA		53,695		195,040
Leonardo SpA		1,722		19,861
Luxottica Group SpA		759		47,140
Mediobanca Banca di Credito Finanziario SpA		2,469		28,993
Poste Italiane SpA (e)		3,413		31,145
Snam SpA		11,356		52,136
Telecom Italia SpA/Milano		132,070		109,865
Terna Rete Elettrica Nazionale SpA		15,163		88,560
UniCredit SpA (c)		7,296		152,433

33

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
UnipolSai Assicurazioni SpA		12,711	$	30,218
				1,104,690
JAPAN — 8.0%
Aisin Seiki Co., Ltd.		300		16,192
Alfresa Holdings Corp. (b)		600		13,365
Alps Electric Co., Ltd. (b)		500		12,177
Amada Holdings Co., Ltd.		900		10,790
Asahi Group Holdings, Ltd.		1,300		69,553
Asics Corp. (b)		400		7,376
Astellas Pharma, Inc.		8,200		124,600
Bandai Namco Holdings, Inc.		400		12,788
Bank of Kyoto, Ltd.		200		11,171
Benesse Holdings, Inc.		600		21,551
Bridgestone Corp.		800		34,813
Brother Industries, Ltd.		500		11,410
Canon, Inc.		4,800		173,766
Casio Computer Co., Ltd. (b)		1,100		16,177
Central Japan Railway Co.		800		151,274
Chiba Bank, Ltd.		3,000		24,175
Chugai Pharmaceutical Co., Ltd.		600		30,071
Coca-Cola Bottlers Japan Holdings, Inc.		600		24,654
Concordia Financial Group, Ltd.		5,600		31,225
Daifuku Co., Ltd.		400		23,282
Dai-ichi Life Holdings, Inc.		3,300		60,353
Daiichi Sankyo Co., Ltd.		1,700		56,507
Daikin Industries, Ltd.		1,200		131,396
Daito Trust Construction Co., Ltd.		200		33,869
Daiwa House Industry Co., Ltd.		2,600		98,768
Daiwa Securities Group, Inc.		11,000		69,951
DeNA Co., Ltd. (b)		200		3,607
Denso Corp.		2,000		108,735
Dentsu, Inc.		1,200		52,468
East Japan Railway Co.		1,100		102,108
Eisai Co., Ltd.		1,100		70,189
FANUC Corp.		700		174,885
Fast Retailing Co., Ltd.		200		78,872
FUJIFILM Holdings Corp.		600		23,673
Fujitsu, Ltd.		5,000		30,042
Fukuoka Financial Group, Inc.		3,000		16,248
Hachijuni Bank Ltd.		3,100		16,673
Hankyu Hanshin Holdings, Inc.		400		14,857
Hitachi Chemical Co., Ltd.		400		8,816
Hitachi, Ltd.		13,000		93,280
Honda Motor Co., Ltd.		5,600		191,722
Hoshizaki Corp.		200		17,640
Hoya Corp.		1,400		69,888
IHI Corp.		500		15,421
Iida Group Holdings Co., Ltd.		200		3,693
Isetan Mitsukoshi Holdings, Ltd.		1,900		20,778
Isuzu Motors, Ltd.		3,100		46,901
ITOCHU Corp. (b)		7,200		138,889
Japan Airport Terminal Co., Ltd. (b)		300		11,509
Japan Exchange Group, Inc.		300		5,543
Japan Post Bank Co., Ltd. (b)		3,700		49,855
Japan Post Holdings Co., Ltd.		6,332		76,508
Japan Real Estate Investment Corp. REIT		3		15,543

Security Description	Shares		Value
Japan Tobacco, Inc.		4,700	$	134,128
JGC Corp. (b)		1,400		30,014
Kajima Corp.		6,000		55,684
Kamigumi Co., Ltd.		2,000		44,269
Kansai Paint Co., Ltd.		2,800		64,820
Kao Corp.		1,400		104,417
KDDI Corp.		6,600		167,901
Keikyu Corp.		1,000		17,442
Keio Corp.		400		17,076
Keisei Electric Railway Co., Ltd.		1,000		30,465
Keyence Corp.		300		184,767
Kikkoman Corp.		400		16,023
Kirin Holdings Co., Ltd.		1,700		44,974
Koito Manufacturing Co., Ltd.		600		41,354
Komatsu, Ltd.		3,000		98,872
Konami Holdings Corp.		300		15,007
Kose Corp.		100		20,771
Kubota Corp.		3,600		62,454
Kyocera Corp.		1,000		55,731
Lawson, Inc. (b)		700		47,654
Lion Corp.		100		2,036
M3, Inc. (b)		500		22,661
Mabuchi Motor Co., Ltd.		200		9,817
Makita Corp.		800		39,116
Marubeni Corp.		58,100		418,855
Marui Group Co., Ltd. (b)		500		9,967
Mazda Motor Corp. (b)		1,700		22,531
Mebuki Financial Group, Inc.		6,200		23,786
Medipal Holdings Corp.		1,300		26,868
MINEBEA MITSUMI, Inc.		800		16,873
MISUMI Group, Inc. (b)		1,200		32,666
Mitsubishi Corp.		11,200		297,561
Mitsubishi Electric Corp.		7,000		111,862
Mitsubishi Estate Co., Ltd.		5,000		82,276
Mitsubishi Heavy Industries, Ltd.		1,100		41,983
Mitsubishi Motors Corp. (b)		1,700		12,021
Mitsubishi Tanabe Pharma Corp.		500		10,042
Mitsubishi UFJ Financial Group, Inc.		44,400		290,698
Mitsui & Co., Ltd.		37,600		639,925
Mitsui Fudosan Co., Ltd.		3,800		90,471
Mizuho Financial Group, Inc. (b)		101,800		183,307
MS&AD Insurance Group Holdings, Inc.		1,800		55,447
Murata Manufacturing Co., Ltd.		500		68,124
Nabtesco Corp.		400		15,327
NEC Corp.		600		16,700
Nexon Co., Ltd. (c)		1,200		20,186
NGK Spark Plug Co., Ltd.		600		14,268
Nidec Corp.		900		136,248
Nikon Corp.		1,700		30,355
Nintendo Co., Ltd. (b)		400		175,496
Nippon Building Fund, Inc. REIT		3		16,587
Nippon Paint Holdings Co., Ltd. (b)		1,600		58,298
Nippon Telegraph & Telephone Corp.		2,600		119,842
Nissan Chemical Industries, Ltd.		400		16,399
Nissan Motor Co., Ltd. (b)		6,400		65,866

34

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Nitori Holdings Co., Ltd.		300	$	52,144
Nitto Denko Corp.		700		52,077
Nomura Holdings, Inc.		17,000		97,700
Nomura Real Estate Holdings, Inc.		1,200		27,825
Nomura Research Institute, Ltd.		800		37,273
NTT Data Corp.		1,500		15,557
NTT DOCOMO, Inc.		6,000		151,735
Obayashi Corp.		3,700		40,218
Odakyu Electric Railway Co., Ltd. (b)		1,400		28,303
Olympus Corp.		1,200		45,360
Omron Corp. (b)		500		28,726
Ono Pharmaceutical Co., Ltd.		1,400		44,139
Oriental Land Co., Ltd.		1,100		111,603
ORIX Corp.		4,800		84,784
Otsuka Holdings Co., Ltd.		900		44,793
Panasonic Corp.		6,800		96,134
Rakuten, Inc.		5,500		45,138
Recruit Holdings Co., Ltd.		4,500		111,030
Renesas Electronics Corp. (c)		2,600		25,694
Resona Holdings, Inc.		11,900		63,209
Rohm Co., Ltd.		300		27,927
Ryohin Keikaku Co., Ltd.		100		33,098
SBI Holdings, Inc. (b)		1,700		39,035
Secom Co., Ltd.		1,500		110,437
Sekisui House, Ltd.		3,400		61,766
Seven & i Holdings Co., Ltd.		2,300		98,012
Seven Bank, Ltd. (b)		5,300		16,844
Sharp Corp. (c)		700		20,733
Shimano, Inc.		200		28,679
Shimizu Corp.		5,600		49,339
Shin-Etsu Chemical Co., Ltd.		1,700		173,836
Shinsei Bank, Ltd.		600		9,236
Shionogi & Co., Ltd. (b)		800		41,260
Shiseido Co., Ltd.		1,200		76,592
Shizuoka Bank, Ltd.		2,000		18,994
SMC Corp.		200		80,094
SoftBank Group Corp.		3,100		227,537
Sohgo Security Services Co., Ltd.		200		9,723
Sompo Holdings, Inc.		1,700		67,792
Sony Corp.		4,700		225,830
Start Today Co., Ltd.		500		12,830
Subaru Corp.		2,600		85,298
Sumitomo Corp.		4,000		66,159
Sumitomo Heavy Industries, Ltd.		300		11,283
Sumitomo Metal Mining Co., Ltd. (b)		1,400		56,935
Sumitomo Mitsui Financial Group, Inc.		5,900		246,929
Sumitomo Mitsui Trust Holdings, Inc.		1,700		68,783
Sumitomo Realty & Development Co., Ltd.		1,000		36,897
Suntory Beverage & Food, Ltd.		300		14,527
Suzuki Motor Corp. (b)		1,700		91,162
Sysmex Corp.		500		44,852
T&D Holdings, Inc.		1,100		17,309
Taisei Corp.		1,300		65,764

Security Description	Shares		Value
Takeda Pharmaceutical Co., Ltd.		3,000	$	144,429
Terumo Corp.		1,100		56,681
Toho Gas Co., Ltd. (b)		3,200		99,144
Tokio Marine Holdings, Inc.		3,000		134,640
Tokyo Electron, Ltd.		600		108,406
Tokyu Corp.		1,800		28,147
Toshiba Corp. (c)		7,000		20,141
TOTO, Ltd.		800		41,298
Toyota Industries Corp.		800		47,842
Toyota Motor Corp.		9,700		624,047
Toyota Tsusho Corp.		2,500		83,333
Trend Micro, Inc.		200		11,603
Unicharm Corp.		1,000		28,669
USS Co., Ltd.		1,000		20,254
Yahoo! Japan Corp. (b)		5,100		23,690
Yakult Honsha Co., Ltd.		300		22,370
Yamaha Corp.		300		12,990
Yamaha Motor Co., Ltd.		600		17,630
Yamato Holdings Co., Ltd. (b)		200		4,983
Yaskawa Electric Corp.		500		22,191
				12,169,307
LUXEMBOURG — 0.1%
Millicom International Cellular SA SDR		188		12,785
SES SA		1,540		20,805
Tenaris SA		2,506		42,994
				76,584
MACAU — 0.0% (a)
MGM China Holdings, Ltd.		6,800		17,545
MALAYSIA — 0.4%
AMMB Holdings Bhd		23,300		23,372
Astro Malaysia Holdings Bhd		38,500		20,305
Axiata Group Bhd		16,200		22,868
British American Tobacco Malaysia Bhd		900		6,119
CIMB Group Holdings Bhd		21,820		40,391
Dialog Group Bhd		67,300		51,502
Gamuda Bhd		23,100		30,756
IHH Healthcare Bhd		12,900		20,010
IOI Properties Group Bhd		8,712		3,626
Malayan Banking Bhd		23,144		62,946
Maxis Bhd		11,000		16,153
Petronas Chemicals Group Bhd		200		421
Petronas Dagangan Bhd		17,900		114,305
PPB Group Bhd		11,100		54,926
Sapura Energy Bhd		1,000		131
Telekom Malaysia Bhd		13,400		18,049
Westports Holdings Bhd		65,162		59,468
				545,348
MEXICO — 0.4%
America Movil SAB de CV Series L		78,072		73,780
Arca Continental SAB de CV		3,200		22,038
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B (b)		14,700		21,059

35

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Coca-Cola Femsa SAB de CV Series L		1,687	$	11,112
Fibra Uno Administracion SA de CV REIT		22,096		33,119
Fomento Economico Mexicano SAB de CV		6,730		61,137
Fresnillo PLC		3,196		56,871
Grupo Aeroportuario del Pacifico SAB de CV Class B		1,687		16,602
Grupo Aeroportuario del Sureste SAB de CV Class B		3,014		50,596
Grupo Financiero Banorte SAB de CV Series O		9,862		60,041
Grupo Financiero Inbursa SAB de CV Series O (b)		13,000		21,430
Grupo Mexico SAB de CV Series B		3,743		12,416
Grupo Televisa SAB Series CPO (b)		6,730		21,322
Promotora y Operadora de Infraestructura SAB de CV		4,364		43,211
Wal-Mart de Mexico SAB de CV		23,537		59,650
				564,384
NETHERLANDS — 0.8%
ABN AMRO Group NV (e)		833		25,069
Aegon NV		5,830		39,263
Altice NV Class A (b) (c)		1,214		10,000
ASML Holding NV		1,309		257,821
Heineken NV		647		69,466
ING Groep NV		10,199		171,843
Koninklijke Ahold Delhaize NV		2,107		49,862
Koninklijke DSM NV		1,050		104,134
Koninklijke KPN NV		10,916		32,717
Koninklijke Philips NV		3,836		147,027
Koninklijke Vopak NV		219		10,733
NN Group NV		1,683		74,597
NXP Semiconductors NV (c)		1,038		121,446
Randstad Holding NV (b)		782		51,376
Royal Dutch Shell PLC Class A		2		63
Wolters Kluwer NV		1,018		54,073
				1,219,490
NEW ZEALAND — 0.1%
Meridian Energy, Ltd.		47,457		97,742
NORWAY — 0.3%
DNB ASA		6,309		122,267
Gjensidige Forsikring ASA		3,195		58,439
Marine Harvest ASA		4,395		88,001
Orkla ASA		8,052		86,295
Schibsted ASA Class B		877		22,185
Telenor ASA		5,682		128,101
				505,288
PERU — 0.1%
Cia de Minas Buenaventura SAA ADR		260		3,960
Southern Copper Corp. (b)		3,484		188,763
				192,723

Security Description	Shares		Value
PHILIPPINES — 0.1%
International Container Terminal Services, Inc.		3,400	$	6,516
PLDT, Inc.		425		11,973
SM Investments Corp.		1,970		34,622
SM Prime Holdings, Inc.		32,300		20,862
Universal Robina Corp.		2,040		5,943
				79,916
POLAND — 0.1%
Bank Pekao SA		1,113		40,064
Bank Zachodni WBK SA		136		14,381
CCC SA		182		12,391
Cyfrowy Polsat SA		1,224		8,912
LPP SA		12		30,479
mBank SA (c)		68		8,314
Powszechna Kasa Oszczednosci Bank Polski SA (c)		4,444		52,467
Powszechny Zaklad Ubezpieczen SA		3,655		44,550
				211,558
PORTUGAL — 0.1%
Galp Energia SGPS SA		8,029		151,129
QATAR — 0.1%
Barwa Real Estate Co.		5,815		53,488
Commercial Bank PQSC		2,179		17,949
Ezdan Holding Group QSC		6,804		19,616
Qatar National Bank QPSC		522		18,632
				109,685
ROMANIA — 0.0% (a)
NEPI Rockcastle PLC		1,449		14,064
RUSSIA — 0.3%
Magnit PJSC GDR		1,985		36,593
Mobile TeleSystems PJSC ADR		5,044		57,451
Moscow Exchange MICEX-RTS PJSC		30,397		61,915
Sberbank of Russia PJSC ADR		14,693		273,731
VTB Bank PJSC GDR		20,690		40,511
				470,201
SINGAPORE — 0.6%
Broadcom, Ltd.		1,524		359,131
City Developments, Ltd.		1,832		18,162
DBS Group Holdings, Ltd.		6,549		137,343
Genting Singapore PLC		34,000		28,003
Hutchison Port Holdings Trust		78,000		23,010
Jardine Cycle & Carriage, Ltd.		784		20,627
Oversea-Chinese Banking Corp., Ltd.		9,708		94,911
SATS, Ltd.		6,200		24,255
Singapore Press Holdings, Ltd. (b)		13,100		25,175
Singapore Technologies Engineering, Ltd.		9,000		24,640
Singapore Telecommunications, Ltd.		44,129		113,410
United Overseas Bank, Ltd.		3,554		74,533
UOL Group, Ltd.		2,892		18,856
				962,056

36

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SOUTH AFRICA — 0.9%
Aspen Pharmacare Holdings, Ltd.		1,579	$	34,576
Barclays Africa Group, Ltd.		3,455		55,315
Bid Corp., Ltd.		1,657		36,045
Brait SE (b) (c)		9,239		28,149
Discovery, Ltd.		1,173		16,879
FirstRand, Ltd. (b)		17,502		98,819
Fortress REIT, Ltd. Class A,		22,317		30,117
Growthpoint Properties, Ltd. REIT (b)		32,009		76,749
Hyprop Investments, Ltd.		2,053		18,751
Investec PLC		5,644		43,514
Investec, Ltd.		1,825		14,213
Liberty Holdings, Ltd. (b)		2,205		23,364
Mediclinic International PLC (b)		1,509		12,722
MMI Holdings, Ltd.		15,027		27,876
Mr. Price Group, Ltd.		1,788		43,007
MTN Group, Ltd.		6,994		70,254
Naspers, Ltd. Class N		1,534		374,393
Nedbank Group, Ltd. (b)		1,241		29,907
Redefine Properties, Ltd. REIT		52,463		51,317
Resilient REIT, Ltd.		1,877		7,921
RMB Holdings, Ltd.		6,790		44,211
Sanlam, Ltd. (b)		10,773		77,556
SPAR Group, Ltd.		1,590		27,182
Standard Bank Group, Ltd. (b)		5,561		102,634
Steinhoff International Holdings NV		15,597		4,344
Truworths International, Ltd.		1,673		15,183
Vodacom Group, Ltd.		2,418		31,237
				1,396,235
SOUTH KOREA — 1.7%
Amorepacific Corp.		147		42,339
Amorepacific Corp. Preference Shares		52		7,806
AMOREPACIFIC Group		130		16,709
BNK Financial Group, Inc.		2,348		23,460
Celltrion, Inc. (c)		293		87,139
Coway Co., Ltd.		130		10,708
Daelim Industrial Co., Ltd.		492		33,972
Daewoo Engineering & Construction Co., Ltd. (c)		4,883		23,868
Dongsuh Cos., Inc.		900		21,996
Hana Financial Group, Inc.		916		39,187
Hanssem Co., Ltd.		40		5,629
Hanwha Corp.		371		13,696
Hanwha Life Insurance Co., Ltd.		897		5,285
Hotel Shilla Co., Ltd.		202		17,435
Hyundai Engineering & Construction Co., Ltd.		910		36,369
Hyundai Glovis Co., Ltd.		352		60,103
Hyundai Heavy Industries Co., Ltd. (c)		679		87,590
Hyundai Mobis Co., Ltd.		299		71,251
Hyundai Motor Co.		228		30,695
Hyundai Motor Co. Preference Shares (d)		395		34,538
Hyundai Motor Co. Preference Shares (d)		404		32,710

Security Description	Shares		Value
Hyundai Robotics Co., Ltd. (c)		42	$	16,786
Industrial Bank of Korea		897		13,128
Kakao Corp.		194		23,570
Kangwon Land, Inc.		840		21,475
KB Financial Group, Inc.		1,125		65,015
KEPCO Plant Service & Engineering Co., Ltd.		174		7,411
Kia Motors Corp.		827		24,711
Korea Aerospace Industries, Ltd. (c)		570		26,711
Korea Gas Corp. (c)		1,437		65,453
Korea Zinc Co., Ltd.		37		16,731
KT&G Corp.		758		71,114
LG Electronics, Inc.		398		40,700
LG Household & Health Care, Ltd.		34		38,022
LG Household & Health Care, Ltd. Preference Shares		13		8,562
Mirae Asset Daewoo Co., Ltd.		2,070		17,886
NAVER Corp.		102		75,215
NCSoft Corp.		52		20,002
Orion Corp/Republic of Korea		85		10,207
S-1 Corp.		104		9,367
Samsung Biologics Co., Ltd. (c) (e)		77		35,108
Samsung C&T Corp.		370		47,556
Samsung Card Co., Ltd.		156		5,247
Samsung Electronics Co., Ltd. Preference Shares		65		123,487
Samsung Electronics Co., Ltd.		324		745,331
Samsung Fire & Marine Insurance Co., Ltd.		119		29,920
Samsung Life Insurance Co., Ltd.		255		27,632
Samsung SDI Co., Ltd.		91		16,306
Samsung SDS Co., Ltd.		101		23,926
Samsung Securities Co., Ltd.		206		7,595
Shinhan Financial Group Co., Ltd.		1,079		45,705
SillaJen, Inc. (c)		202		20,297
SK Holdings Co., Ltd.		223		62,450
SK Hynix, Inc.		1,902		143,288
SK Telecom Co., Ltd.		65		14,026
Woori Bank		1,417		19,143
				2,641,568
SPAIN — 1.2%
Abertis Infraestructuras SA		5,853		131,153
Aena SME SA (e)		495		99,626
Amadeus IT Group SA		1,476		108,879
Banco Bilbao Vizcaya Argentaria SA		23,768		187,927
Banco de Sabadell SA		13,364		27,300
Banco Santander SA		55,415		360,866
Bankia SA (b)		1,370		6,131
CaixaBank SA		5,160		24,572
Enagas SA		2,589		70,782
Ferrovial SA		3,310		69,061
Industria de Diseno Textil SA		5,403		168,980
Mapfre SA		7,399		24,578
Red Electrica Corp. SA		10,370		213,367
Siemens Gamesa Renewable Energy SA (b)		2,650		42,450

37

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Telefonica SA		21,559	$	212,857
				1,748,529
SWEDEN — 0.9%
Alfa Laval AB		1,343		31,615
Assa Abloy AB Class B		5,247		112,993
Atlas Copco AB Class A		1,202		51,842
Atlas Copco AB Class B		3,011		116,668
Autoliv, Inc.		272		39,696
Boliden AB		5,404		188,741
Electrolux AB Class B		659		20,656
Hennes & Mauritz AB Class B (b)		3,769		56,336
Hexagon AB Class B		731		43,294
Industrivarden AB Class C		2,294		53,126
Investor AB Class B		2,991		131,857
Kinnevik AB Class B		1,507		54,055
Nordea Bank AB		9,165		97,507
Sandvik AB		4,521		82,298
Skandinaviska Enskilda Banken AB Class A		1,465		15,296
Skanska AB Class B		1,832		37,330
Svenska Handelsbanken AB Class A		233		2,899
Swedbank AB Class A		1,120		25,008
Tele2 AB Class B		1,277		15,271
Telefonaktiebolaget LM Ericsson Class B (b)		12,710		80,314
Telia Co. AB		11,749		55,008
Volvo AB Class B		6,926		125,911
				1,437,721
SWITZERLAND — 2.6%
ABB, Ltd.		5,259		124,775
Adecco Group AG		782		55,530
Chocoladefabriken Lindt & Spruengli AG		3		18,562
Cie Financiere Richemont SA		1,873		167,741
Credit Suisse Group AG (c)		8,342		139,295
EMS-Chemie Holding AG		52		32,744
Ferguson PLC		1,134		85,170
Geberit AG		119		52,491
Givaudan SA		66		149,975
Kuehne + Nagel International AG		384		60,271
Lonza Group AG (c)		124		29,161
Nestle SA		10,933		863,360
Novartis AG		7,418		598,491
Roche Holding AG		2,349		537,454
SGS SA		3		7,356
Sika AG		16		125,063
STMicroelectronics NV		2,177		48,153
Swatch Group AG		706		59,018
Swiss Life Holding AG (c)		48		17,057
Swiss Re AG		1,371		139,276
Swisscom AG		87		43,027
TE Connectivity, Ltd.		1,406		140,459
UBS Group AG (c)		11,924		209,131
Vifor Pharma AG		131		20,144
Zurich Insurance Group AG (c)		561		183,602
				3,907,306

Security Description	Shares		Value
TAIWAN — 1.4%
Acer, Inc. (c)		35,000	$	29,050
Advantech Co., Ltd.		2,199		15,763
Asia Pacific Telecom Co., Ltd. (c)		105,000		32,843
Asustek Computer, Inc.		6,000		55,870
Catcher Technology Co., Ltd.		3,000		37,195
Cathay Financial Holding Co., Ltd.		49,000		87,053
Cheng Shin Rubber Industry Co., Ltd.		12,000		19,487
China Development Financial Holding Corp.		52,000		18,369
China Life Insurance Co., Ltd.		19,620		20,355
Chunghwa Telecom Co., Ltd.		23,000		87,955
CTBC Financial Holding Co., Ltd.		55,359		39,682
Delta Electronics, Inc.		6,000		26,752
Eclat Textile Co., Ltd.		1,020		11,894
Fubon Financial Holding Co., Ltd.		27,000		46,394
Hiwin Technologies Corp.		2,040		29,036
Hon Hai Precision Industry Co., Ltd.		57,820		178,475
Hotai Motor Co., Ltd.		1,000		9,963
HTC Corp. (c)		9,000		20,465
Macronix International (c)		12,000		20,208
MediaTek, Inc.		8,000		90,819
Mega Financial Holding Co., Ltd.		49,922		42,890
Novatek Microelectronics Corp.		4,000		18,109
President Chain Store Corp.		5,000		50,245
Quanta Computer, Inc.		6,000		12,100
Ruentex Industries, Ltd. (c)		13,000		25,102
Shin Kong Financial Holding Co., Ltd.		100,469		38,076
SinoPac Financial Holdings Co., Ltd.		49,000		17,310
Synnex Technology International Corp.		22,000		32,822
Taishin Financial Holding Co., Ltd.		52,000		25,503
Taiwan Mobile Co., Ltd.		7,000		26,169
Taiwan Semiconductor Manufacturing Co., Ltd.		88,000		736,427
Teco Electric and Machinery Co., Ltd.		7,000		5,774
Uni-President Enterprises Corp.		40,000		93,700
Win Semiconductors Corp.		2,000		21,470
WPG Holdings, Ltd.		6,000		7,758
Yuanta Financial Holding Co., Ltd.		143,573		65,737
				2,096,820
THAILAND — 0.2%
Advanced Info Service PCL (g)		3,400		22,398
Airports of Thailand PCL (g)		44,900		94,768
Bangkok Bank PCL NVDR		1,000		6,332
Bangkok Expressway & Metro PCL		85,000		19,571
BTS Group Holdings PCL (g)		43,000		11,413
CP ALL PCL (g)		21,500		59,818
Energy Absolute PCL (g)		12,738		17,822
Kasikornbank PCL (g)		3,400		23,160
Kasikornbank PCL NVDR		400		2,712
Minor International PCL NVDR		16,200		19,687

38

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Siam Commercial Bank PCL (g)		6,800	$	30,771
				308,452
TURKEY — 0.1%
Akbank Turk A/S		9,781		23,604
BIM Birlesik Magazalar A/S		1,415		25,486
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT (c)		29,727		18,986
TAV Havalimanlari Holding A/S		1,020		6,092
Turkcell Iletisim Hizmetleri A/S		102		388
Turkiye Garanti Bankasi A/S		9,554		26,288
Turkiye Halk Bankasi A/S		2,030		4,638
Turkiye Is Bankasi A/S Class C		16,543		29,775
Yapi ve Kredi Bankasi A/S (c)		20,108		22,588
				157,845
UNITED ARAB EMIRATES — 0.1%
Aldar Properties PJSC		6,484		3,760
DP World, Ltd.		644		14,490
Emaar Properties PJSC		15,328		24,204
Emirates Telecommunications Group Co. PJSC		6,597		31,701
First Abu Dhabi Bank PJSC		1,353		4,310
				78,465
UNITED KINGDOM — 5.5%
3i Group PLC		6,766		81,531
Ashtead Group PLC		1,699		46,237
Associated British Foods PLC		617		21,560
AstraZeneca PLC		4,407		302,647
Auto Trader Group PLC (e)		3,126		15,374
Aviva PLC		19,325		134,434
Babcock International Group PLC		537		5,038
BAE Systems PLC		9,258		75,507
Barclays PLC		58,877		170,554
Barratt Developments PLC		5,176		38,512
Berkeley Group Holdings PLC		657		34,921
British American Tobacco PLC ADR		2,066		119,188
British American Tobacco PLC		6,536		378,759
British Land Co. PLC REIT		9,050		81,504
BT Group PLC		36,952		117,927
Bunzl PLC		1,557		45,758
Burberry Group PLC		1,873		44,561
Capita PLC		3,097		6,258
CNH Industrial NV		3,424		42,236
Cobham PLC (c)		9,045		15,594
Coca-Cola European Partners PLC		333		13,873
Compass Group PLC		7,954		162,403
ConvaTec Group PLC (e)		8,998		25,131
Croda International PLC		664		42,549
DCC PLC		353		32,484
Diageo PLC		10,500		355,273
Direct Line Insurance Group PLC		4,516		24,156
Experian PLC		5,134		110,730
Fiat Chrysler Automobiles NV		3,027		61,433
GlaxoSmithKline PLC		17,742		346,945
Hammerson PLC REIT (b)		6,021		45,323

Security Description	Shares		Value
Hargreaves Lansdown PLC		561	$	12,851
HSBC Holdings PLC		73,549		686,523
IMI PLC		2,014		30,513
Imperial Brands PLC		4,937		168,016
Intertek Group PLC		717		46,871
ITV PLC		13,129		26,549
John Wood Group PLC		10,783		81,683
Johnson Matthey PLC		1,695		72,331
Kingfisher PLC		8,193		33,617
Land Securities Group PLC REIT		6,549		86,091
Legal & General Group PLC		23,253		84,093
Liberty Global PLC Class A (c)		1,715		53,697
Liberty Global PLC Series C (c)		583		17,741
Lloyds Banking Group PLC		277,973		252,136
London Stock Exchange Group PLC		867		50,182
Marks & Spencer Group PLC		6,628		25,123
Meggitt PLC		5,804		35,156
Merlin Entertainments PLC (e)		3,755		18,257
Micro Focus International PLC ADR		1,420		19,937
National Grid PLC		7,225		81,305
Next PLC		597		39,855
Old Mutual PLC		17,154		57,584
Pearson PLC		5,667		59,543
Pentair PLC		733		49,939
Persimmon PLC		1,477		52,420
Prudential PLC		9,353		233,346
Randgold Resources, Ltd.		573		47,280
Reckitt Benckiser Group PLC		2,741		232,012
RELX NV		4,419		91,466
RELX PLC		5,448		111,962
Rolls-Royce Holdings PLC (c)		7,733		94,550
Royal Bank of Scotland Group PLC (c)		11,652		42,302
Royal Mail PLC		2,656		20,149
RSA Insurance Group PLC		2,894		25,576
Sage Group PLC		4,101		36,772
Schroders PLC		953		42,673
Segro PLC REIT		6,088		51,344
Severn Trent PLC		4,453		115,189
Shire PLC		2,837		142,097
Sky PLC		5,410		98,469
Smith & Nephew PLC		3,575		66,750
Smiths Group PLC		1,398		29,681
St James’s Place PLC		1,340		20,423
Standard Chartered PLC		12,814		128,111
Standard Life Aberdeen PLC		14,942		75,395
Taylor Wimpey PLC		13,813		35,770
TechnipFMC PLC (d)		3,149		92,738
TechnipFMC PLC (d)		3,708		107,760
Tesco PLC		13,010		37,578
Travis Perkins PLC		1,602		27,731
Unilever NV		5,264		296,959
Unilever PLC		4,651		258,074
United Utilities Group PLC		18,697		187,636
Vodafone Group PLC		122,281		333,157
Weir Group PLC		1,347		37,687
Whitbread PLC		884		45,883

39

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
WPP PLC		5,536	$	87,949
				8,394,882
UNITED STATES — 51.7%
3M Co.		2,051		450,236
Abbott Laboratories		6,650		398,468
AbbVie, Inc.		5,330		504,485
Accenture PLC Class A		2,303		353,511
Activision Blizzard, Inc.		2,339		157,789
Acuity Brands, Inc. (b)		140		19,487
Adobe Systems, Inc. (c)		1,715		370,577
Advance Auto Parts, Inc.		221		26,200
Advanced Micro Devices, Inc. (b) (c)		2,800		28,140
Aetna, Inc.		1,323		223,587
Affiliated Managers Group, Inc.		187		35,451
Aflac, Inc.		3,294		144,145
AGCO Corp.		392		25,421
Agilent Technologies, Inc.		1,231		82,354
AGNC Investment Corp. REIT		2,590		49,003
Akamai Technologies, Inc. (c)		544		38,613
Albemarle Corp. (b)		656		60,837
Alexandria Real Estate Equities, Inc. REIT		260		32,471
Alexion Pharmaceuticals, Inc. (c)		777		86,604
Align Technology, Inc. (c)		260		65,294
Alkermes PLC (b) (c)		437		25,329
Alleghany Corp.		29		17,819
Allegion PLC		400		34,116
Allergan PLC		1,144		192,524
Alliance Data Systems Corp.		170		36,186
Allstate Corp.		1,163		110,252
Ally Financial, Inc.		2,671		72,518
Alnylam Pharmaceuticals, Inc. (c)		200		23,820
Alphabet, Inc. Class A (c)		957		992,543
Alphabet, Inc. Class C (c)		1,084		1,118,460
Altria Group, Inc.		7,267		452,879
Amazon.com, Inc. (c)		1,375		1,990,093
AMERCO		100		34,510
American Express Co.		3,062		285,623
American International Group, Inc.		4,975		270,740
American Tower Corp. REIT		1,456		211,615
American Water Works Co., Inc.		4,196		344,618
Ameriprise Financial, Inc.		488		72,195
AmerisourceBergen Corp.		800		68,968
AMETEK, Inc.		1,077		81,820
Amgen, Inc.		2,541		433,190
Amphenol Corp. Class A		362		31,179
Analog Devices, Inc.		1,652		150,547
Andeavor		1,800		181,008
Annaly Capital Management, Inc. REIT		5,942		61,975
ANSYS, Inc. (c)		132		20,683
Anthem, Inc.		1,103		242,329
AO Smith Corp.		792		50,363
Aon PLC		1,066		149,592
Apple, Inc.		17,425		2,923,567
Applied Materials, Inc.		3,628		201,753
Aptiv PLC		952		80,891
Arch Capital Group, Ltd. (c)		60		5,135

Security Description	Shares		Value
Arista Networks, Inc. (c)		71	$	18,126
Arrow Electronics, Inc. (c)		200		15,404
Assurant, Inc.		104		9,507
AT&T, Inc.		21,500		766,475
Atmos Energy Corp.		2,592		218,350
Autodesk, Inc. (c)		671		84,264
Automatic Data Processing, Inc.		1,687		191,441
AutoZone, Inc. (c)		119		77,194
AvalonBay Communities, Inc. REIT		493		81,079
Avery Dennison Corp.		565		60,031
Avnet, Inc.		967		40,382
Axalta Coating Systems, Ltd. (c)		3,046		91,959
Axis Capital Holdings, Ltd.		270		15,544
Baker Hughes a GE Co.		4,824		133,962
Ball Corp.		1,014		40,266
Bank of America Corp.		34,890		1,046,351
Bank of New York Mellon Corp.		3,688		190,043
Baxter International, Inc.		1,093		71,089
BB&T Corp.		3,642		189,530
Becton Dickinson and Co.		771		167,076
Berkshire Hathaway, Inc. Class B (c)		2,512		501,094
Best Buy Co., Inc.		891		62,361
Biogen, Inc. (c)		643		176,066
BioMarin Pharmaceutical, Inc. (c)		290		23,510
BlackRock, Inc.		490		265,443
Boeing Co.		2,132		699,040
Booking Holdings, Inc. (c)		187		389,033
BorgWarner, Inc.		683		34,307
Boston Properties, Inc. REIT		391		48,179
Boston Scientific Corp. (c)		5,044		137,802
Brighthouse Financial, Inc. (c)		699		35,929
Bristol-Myers Squibb Co.		5,504		348,128
Brixmor Property Group, Inc. REIT		545		8,311
Brown-Forman Corp. Class B		1,185		64,464
C.H. Robinson Worldwide, Inc.		224		20,991
CA, Inc.		1,373		46,545
Cadence Design Systems, Inc. (c)		524		19,267
Camden Property Trust REIT		60		5,051
Campbell Soup Co. (b)		410		17,757
Capital One Financial Corp.		1,981		189,819
Cardinal Health, Inc.		1,283		80,418
CarMax, Inc. (b) (c)		611		37,845
Caterpillar, Inc.		2,184		321,878
CBRE Group, Inc. Class A (c)		1,792		84,618
CBS Corp. Class B		53		2,724
CDW Corp.		200		14,062
Celgene Corp. (c)		2,626		234,265
Centene Corp. (c)		689		73,633
CenturyLink, Inc.		2,371		38,956
Cerner Corp. (c)		1,354		78,532
Charles Schwab Corp.		3,194		166,791
Charter Communications, Inc. Class A (c)		563		175,217
Chemours Co.		1,200		58,452
Cheniere Energy, Inc. (b) (c)		4,574		244,480
Chipotle Mexican Grill, Inc. (b) (c)		102		32,957
Chubb, Ltd.		1,813		247,964
Church & Dwight Co., Inc.		524		26,389

40

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Cigna Corp.		994	$	166,734
Cincinnati Financial Corp.		455		33,788
Cintas Corp.		417		71,132
Cisco Systems, Inc.		17,467		749,160
CIT Group, Inc.		1,200		61,800
Citigroup, Inc.		10,098		681,615
Citizens Financial Group, Inc.		2,293		96,260
Citrix Systems, Inc. (c)		544		50,483
Clorox Co.		285		37,936
CME Group, Inc.		905		146,375
Coca-Cola Co.		16,555		718,984
Cognex Corp.		400		20,796
Cognizant Technology Solutions Corp. Class A		2,217		178,469
Colgate-Palmolive Co.		3,098		222,065
Colony NorthStar, Inc. Class A, REIT (b)		4,308		24,211
Comcast Corp. Class A		16,168		552,461
Comerica, Inc.		417		40,003
Consolidated Edison, Inc.		4,046		315,345
Constellation Brands, Inc. Class A		656		149,516
Cooper Cos., Inc.		170		38,898
Corning, Inc.		2,348		65,462
CoStar Group, Inc. (c)		65		23,574
Costco Wholesale Corp.		1,873		352,929
Coty, Inc. Class A (b)		2,126		38,906
Crown Castle International Corp. REIT		1,553		170,224
CSX Corp.		2,734		152,311
Cummins, Inc.		505		81,855
CVS Health Corp.		4,388		272,978
D.R. Horton, Inc.		1,287		56,422
Danaher Corp.		2,352		230,284
DaVita, Inc. (c)		557		36,729
Deere & Co.		912		141,652
Dell Technologies, Inc. Class V (c)		648		47,440
Delphi Technologies PLC		317		15,105
DENTSPLY SIRONA, Inc.		861		43,317
Diamondback Energy, Inc. (c)		1,574		199,143
Digital Realty Trust, Inc. REIT		656		69,129
Discover Financial Services		1,123		80,777
Discovery Communications, Inc. Class A (b) (c)		463		9,922
Discovery Communications, Inc. Class C (b) (c)		470		9,174
DISH Network Corp. Class A (c)		964		36,526
Dollar General Corp.		935		87,469
Dollar Tree, Inc. (c)		800		75,920
Domino’s Pizza, Inc.		260		60,726
Dover Corp.		601		59,030
DowDuPont, Inc.		6,900		439,599
Dr. Pepper Snapple Group, Inc.		282		33,383
Duke Realty Corp. REIT		916		24,256
DXC Technology Co.		1,114		111,990
E*TRADE Financial Corp. (c)		335		18,562
East West Bancorp, Inc.		100		6,254
Eaton Corp. PLC		1,634		130,573
eBay, Inc. (c)		3,624		145,830

Security Description	Shares		Value
Ecolab, Inc.		2,417	$	331,298
Edison International		3,496		222,555
Edwards Lifesciences Corp. (c)		678		94,595
Electronic Arts, Inc. (c)		952		115,420
Eli Lilly & Co.		3,162		244,644
Emerson Electric Co.		2,638		180,175
Equifax, Inc.		611		71,982
Equinix, Inc. REIT		292		122,097
Equity Residential REIT		1,041		64,146
Essex Property Trust, Inc. REIT		190		45,729
Estee Lauder Cos., Inc. Class A		1,054		157,805
Everest Re Group, Ltd.		131		33,643
Eversource Energy		9,219		543,184
Expedia Group, Inc.		669		73,864
Expeditors International of Washington, Inc.		1,923		121,726
Express Scripts Holding Co. (c)		2,543		175,670
Extra Space Storage, Inc. REIT		224		19,569
F5 Networks, Inc. (c)		21		3,037
Facebook, Inc. Class A (c)		7,865		1,256,748
Fastenal Co. (b)		1,123		61,305
Fidelity National Information Services, Inc.		1,351		130,101
Fifth Third Bancorp		3,362		106,744
First Data Corp. Class A (c)		1,221		19,536
First Republic Bank		231		21,393
Fiserv, Inc. (c)		1,410		100,547
FleetCor Technologies, Inc. (c)		334		67,635
FLIR Systems, Inc.		392		19,604
Flowserve Corp.		799		34,621
Fluor Corp.		1,431		81,882
FMC Corp.		800		61,256
FNF Group		1,125		45,023
Ford Motor Co.		11,210		124,207
Fortinet, Inc. (c)		524		28,076
Fortive Corp.		1,224		94,884
Fortune Brands Home & Security, Inc.		54		3,180
Franklin Resources, Inc.		1,687		58,505
Freeport-McMoRan, Inc. (c)		4,564		80,189
Gap, Inc.		867		27,050
Garmin, Ltd.		459		27,049
Gartner, Inc. (c)		200		23,524
General Dynamics Corp.		1,149		253,814
General Electric Co.		33,200		447,536
General Mills, Inc.		2,111		95,122
General Motors Co.		3,770		137,002
Genuine Parts Co.		392		35,217
GGP, Inc. REIT		1,687		34,516
Gilead Sciences, Inc.		4,652		350,714
Global Payments, Inc.		524		58,436
Goldman Sachs Group, Inc.		1,355		341,270
H&R Block, Inc.		243		6,175
Halliburton Co.		7,272		341,348
Hanesbrands, Inc. (b)		424		7,810
Harley-Davidson, Inc.		765		32,803
Harris Corp.		425		68,544

41

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Hartford Financial Services Group, Inc.		1,476	$	76,044
Hasbro, Inc.		425		35,828
HCA Healthcare, Inc.		99		9,603
HCP, Inc. REIT		987		22,928
HD Supply Holdings, Inc. (c)		776		29,441
Helmerich & Payne, Inc.		2,238		148,961
Henry Schein, Inc. (b) (c)		32		2,151
Hershey Co.		548		54,230
Hewlett Packard Enterprise Co.		6,086		106,748
HollyFrontier Corp.		4,300		210,098
Hologic, Inc. (c)		712		26,600
Home Depot, Inc.		4,346		774,631
Honeywell International, Inc.		2,553		368,934
Hormel Foods Corp. (b)		316		10,845
Host Hotels & Resorts, Inc. REIT		3,127		58,287
HP, Inc.		5,350		117,272
Humana, Inc.		596		160,223
Huntington Bancshares, Inc.		3,651		55,130
Huntington Ingalls Industries, Inc.		83		21,394
IAC/InterActiveCorp (c)		100		15,638
IDEX Corp.		100		14,251
IDEXX Laboratories, Inc. (c)		260		49,761
IHS Markit, Ltd. (c)		2,119		102,221
Illinois Tool Works, Inc.		1,409		220,734
Illumina, Inc. (c)		459		108,517
Incyte Corp. (c)		421		35,082
Ingersoll-Rand PLC		873		74,650
Intel Corp.		17,195		895,516
Intercontinental Exchange, Inc.		1,559		113,059
International Business Machines Corp.		3,330		510,922
International Flavors & Fragrances, Inc.		632		86,527
Interpublic Group of Cos., Inc.		1,031		23,744
Intuit, Inc.		867		150,294
Intuitive Surgical, Inc. (c)		320		132,106
Invesco, Ltd.		911		29,161
Invitation Homes, Inc. REIT		900		20,547
IPG Photonics Corp. (c)		100		23,338
IQVIA Holdings, Inc. (c)		434		42,580
Iron Mountain, Inc. REIT		344		11,304
J.M. Smucker Co.		611		75,770
Jacobs Engineering Group, Inc.		1,699		100,496
Jazz Pharmaceuticals PLC (c)		4		604
Johnson & Johnson		9,560		1,225,114
Johnson Controls International PLC		3,462		122,001
Jones Lang LaSalle, Inc.		260		45,406
JPMorgan Chase & Co.		11,997		1,319,310
Juniper Networks, Inc.		787		19,148
Kellogg Co. (b)		433		28,149
KeyCorp		3,146		61,504
Kimberly-Clark Corp.		3		330
Kimco Realty Corp. REIT		2,687		38,693
Kinder Morgan, Inc.		6,699		100,887
KLA-Tencor Corp.		360		39,244
Knight-Swift Transportation Holdings, Inc.		400		18,404

Security Description	Shares		Value
Kohl’s Corp.		61	$	3,996
Kraft Heinz Co.		2,755		171,609
L Brands, Inc.		1,028		39,280
L3 Technologies, Inc.		393		81,744
Laboratory Corp. of America Holdings (c)		285		46,099
Lam Research Corp.		483		98,126
Las Vegas Sands Corp.		1,687		121,295
Leidos Holdings, Inc.		525		34,335
Lennar Corp. Class A		481		28,350
Lennox International, Inc.		200		40,874
Liberty Interactive Corp. QVC Group Class A (c)		1,687		42,462
Liberty Media Corp.-Liberty Formula One Class C (b) (c)		800		24,680
Liberty Media Corp.-Liberty SiriusXM Class A (c)		93		3,822
Liberty Media Corp.-Liberty SiriusXM Class C (c)		475		19,404
Lincoln National Corp.		691		50,484
LKQ Corp. (c)		1,259		47,779
Lockheed Martin Corp.		946		319,682
Loews Corp.		800		39,784
Lowe’s Cos., Inc.		2,966		260,267
Lululemon Athletica, Inc. (c)		392		34,935
M&T Bank Corp.		438		80,750
Macerich Co. REIT		285		15,966
Macquarie Infrastructure Corp.		2,756		101,779
ManpowerGroup, Inc.		505		58,126
Marathon Petroleum Corp.		2,100		153,531
Markel Corp. (c)		18		21,065
Marriott International, Inc. Class A		856		116,399
Marsh & McLennan Cos., Inc.		2,412		199,207
Masco Corp.		1,687		68,222
Mastercard, Inc. Class A		3,414		597,996
Mattel, Inc. (b)		1,291		16,977
Maxim Integrated Products, Inc.		250		15,055
McCormick & Co., Inc.		539		57,344
McDonald’s Corp.		3,097		484,309
McKesson Corp.		884		124,529
Medtronic PLC		4,747		380,804
Merck & Co., Inc.		9,952		542,085
MetLife, Inc.		3,696		169,609
MGM Resorts International		1,560		54,631
Michael Kors Holdings, Ltd. (c)		734		45,567
Microchip Technology, Inc. (b)		724		66,145
Micron Technology, Inc. (c)		3,662		190,937
Microsoft Corp.		24,899		2,272,532
Mid-America Apartment Communities, Inc. REIT		360		32,846
Middleby Corp. (c)		260		32,185
Molson Coors Brewing Co. Class B		842		63,428
Mondelez International, Inc. Class A		6,063		253,009
Monsanto Co.		2,117		247,033
Monster Beverage Corp. (c)		1,524		87,188
Moody’s Corp.		708		114,200
Morgan Stanley		5,060		273,038

42

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Motorola Solutions, Inc.		491	$	51,702
MSCI, Inc.		200		29,894
Mylan NV (c)		1,687		69,454
Nasdaq, Inc.		51		4,397
National Oilwell Varco, Inc.		4,708		173,302
NetApp, Inc.		1,031		63,602
Netflix, Inc. (c)		1,573		464,586
New York Community Bancorp, Inc.		1,440		18,763
Newell Brands, Inc.		1,704		43,418
News Corp. Class A		2,690		42,502
Nielsen Holdings PLC		2,272		72,227
NIKE, Inc. Class B		4,912		326,353
Nordstrom, Inc.		392		18,977
Norfolk Southern Corp.		500		67,890
Northern Trust Corp.		550		56,722
Northrop Grumman Corp.		594		207,377
NVIDIA Corp.		2,042		472,907
NVR, Inc. (c)		10		28,000
Old Dominion Freight Line, Inc.		400		58,788
Omnicom Group, Inc.		743		53,994
ONEOK, Inc.		10,283		585,308
Oracle Corp.		11,489		525,622
O’Reilly Automotive, Inc. (c)		357		88,315
PACCAR, Inc.		1,187		78,544
Palo Alto Networks, Inc. (c)		337		61,172
Parker-Hannifin Corp.		355		60,716
Parsley Energy, Inc. Class A (c)		1,304		37,803
Paychex, Inc.		1,131		69,658
PayPal Holdings, Inc. (c)		4,127		313,116
People’s United Financial, Inc.		1,000		18,660
PepsiCo, Inc.		5,429		592,575
Perrigo Co. PLC		493		41,087
Pfizer, Inc.		20,715		735,175
PG&E Corp.		2,156		94,713
Philip Morris International, Inc.		5,687		565,288
Phillips 66		6,681		640,842
Pioneer Natural Resources Co.		333		57,203
PNC Financial Services Group, Inc.		1,873		283,273
Polaris Industries, Inc. (b)		187		21,415
PPG Industries, Inc.		1,606		179,230
Principal Financial Group, Inc.		1,189		72,422
Procter & Gamble Co.		9,284		736,036
Progressive Corp.		1,487		90,603
Prologis, Inc. REIT		2,268		142,861
Prudential Financial, Inc.		1,782		184,526
Public Storage REIT		561		112,419
PulteGroup, Inc.		587		17,311
PVH Corp.		240		36,343
Qorvo, Inc. (c)		304		21,417
QUALCOMM, Inc.		5,529		306,362
Quest Diagnostics, Inc.		510		51,153
Ralph Lauren Corp.		289		32,310
Raytheon Co.		1,170		252,509
Realty Income Corp. REIT		337		17,433
Red Hat, Inc. (c)		476		71,167
Regency Centers Corp. REIT		500		29,490
Regeneron Pharmaceuticals, Inc. (c)		255		87,812
Regions Financial Corp.		4,510		83,796

Security Description	Shares		Value
ResMed, Inc.		425	$	41,850
Robert Half International, Inc.		961		55,632
Rockwell Automation, Inc.		405		70,551
Rockwell Collins, Inc.		858		115,701
Rollins, Inc.		600		30,618
Roper Technologies, Inc.		461		129,398
Ross Stores, Inc.		1,139		88,819
Royal Caribbean Cruises, Ltd.		85		10,008
S&P Global, Inc.		833		159,153
Sabre Corp.		1,570		33,677
salesforce.com, Inc. (c)		2,186		254,232
SBA Communications Corp. REIT (c)		435		74,350
Schlumberger, Ltd.		8,723		565,076
Seagate Technology PLC		952		55,711
Sealed Air Corp. (b)		1,118		47,839
Seattle Genetics, Inc. (b) (c)		260		13,608
Sensata Technologies Holding PLC (c)		1,034		53,592
ServiceNow, Inc. (c)		512		84,710
Sherwin-Williams Co.		530		207,824
Signature Bank (c)		132		18,737
Simon Property Group, Inc. REIT		1,220		188,307
Sirius XM Holdings, Inc. (b)		4,526		28,242
Skyworks Solutions, Inc.		645		64,668
SL Green Realty Corp. REIT		387		37,473
Snap-on, Inc.		340		50,164
Spirit AeroSystems Holdings, Inc. Class A		500		41,850
Splunk, Inc. (c)		471		46,342
Sprint Corp. (b) (c)		5,133		25,049
Square, Inc. Class A (c)		1,000		49,200
SS&C Technologies Holdings, Inc.		500		26,820
Stanley Black & Decker, Inc.		773		118,424
Starbucks Corp.		5,796		335,530
State Street Corp. (h)		1,155		115,188
Stryker Corp.		1,323		212,897
SunTrust Banks, Inc.		2,211		150,436
SVB Financial Group (c)		200		48,002
Symantec Corp.		2,182		56,405
Synchrony Financial		3,084		103,407
Synopsys, Inc. (c)		356		29,633
Sysco Corp.		2,169		130,053
T Rowe Price Group, Inc.		828		89,399
Take-Two Interactive Software, Inc. (c)		400		39,112
Tapestry, Inc.		997		52,452
Target Corp.		1,287		89,356
TD Ameritrade Holding Corp.		1,019		60,355
Teleflex, Inc.		132		33,657
Tesla, Inc. (c)		553		147,170
Texas Instruments, Inc.		3,562		370,056
Textron, Inc.		719		42,399
Thermo Fisher Scientific, Inc.		1,423		293,793
Tiffany & Co.		544		53,127
Time Warner, Inc.		2,538		240,044
TJX Cos., Inc.		2,375		193,705
T-Mobile US, Inc. (c)		338		20,632

43

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Toll Brothers, Inc.		1,010	$	43,683
Total System Services, Inc.		569		49,082
Tractor Supply Co.		425		26,784
TransDigm Group, Inc.		219		67,220
TransUnion (c)		600		34,068
Travelers Cos., Inc.		1,130		156,912
Trimble, Inc. (c)		899		32,256
TripAdvisor, Inc. (b) (c)		391		15,988
Twenty-First Century Fox, Inc. Class A		3,185		116,858
Twenty-First Century Fox, Inc. Class B		1,039		37,788
Twitter, Inc. (c)		2,397		69,537
UDR, Inc. REIT		348		12,396
Ulta Salon Cosmetics & Fragrance, Inc. (c)		172		35,134
Under Armour, Inc. Class A (b) (c)		902		14,748
Under Armour, Inc. Class C (b) (c)		1,512		21,697
Union Pacific Corp.		2,402		322,901
United Parcel Service, Inc. Class B		1,241		129,883
United Rentals, Inc. (c)		359		62,010
United Technologies Corp.		3,252		409,167
United Therapeutics Corp. (c)		132		14,832
UnitedHealth Group, Inc.		3,520		753,280
Unum Group		163		7,760
US Bancorp		6,110		308,555
Vail Resorts, Inc.		100		22,170
Valero Energy Corp.		3,534		327,849
Varian Medical Systems, Inc. (c)		225		27,596
Veeva Systems, Inc. Class A (c)		374		27,309
Ventas, Inc. REIT		814		40,317
VEREIT, Inc. REIT		3,131		21,792
Verisk Analytics, Inc. (c)		827		86,008
Verizon Communications, Inc.		14,049		671,823
Vertex Pharmaceuticals, Inc. (c)		866		141,141
VF Corp.		1,241		91,983
Viacom, Inc. Class B		491		15,250
Visa, Inc. Class A		6,688		800,019
VMware, Inc. Class A (b) (c)		306		37,109
Vornado Realty Trust REIT		388		26,112
Voya Financial, Inc.		1,028		51,914
Vulcan Materials Co.		500		57,085
W.W. Grainger, Inc.		223		62,946
WABCO Holdings, Inc. (c)		260		34,806
Wabtec Corp. (b)		429		34,921
Walmart, Inc.		5,345		475,545
Walgreens Boots Alliance, Inc.		3,752		245,643
Walt Disney Co.		5,671		569,595
Waters Corp. (c)		257		51,053
Wells Fargo & Co.		15,886		832,585
Welltower, Inc. REIT		1,545		84,094
Western Digital Corp.		1,097		101,220
Western Union Co.		1,687		32,441
WestRock Co.		638		40,940
Weyerhaeuser Co. REIT		2,040		71,400
Whirlpool Corp.		204		31,234
Willis Towers Watson PLC		418		63,615
Workday, Inc. Class A (c)		456		57,962

Security Description	Shares		Value
Worldpay, Inc. Class A (c) (d)		470	$	38,653
Worldpay, Inc. Class A (c) (d)		621		50,064
WR Grace & Co.		500		30,615
Wyndham Worldwide Corp.		208		23,801
Wynn Resorts, Ltd.		389		70,938
Xerox Corp.		1,261		36,292
Xilinx, Inc.		1,031		74,479
Xylem, Inc.		1,518		116,765
Zayo Group Holdings, Inc. (c)		600		20,496
Zillow Group, Inc. (b) (c)		564		30,343
Zimmer Biomet Holdings, Inc.		682		74,365
Zions Bancorp		700		36,911
Zoetis, Inc.		1,398		116,747
				78,333,168
TOTAL COMMON STOCKS (Cost $124,192,146)				150,305,813
SHORT-TERM INVESTMENTS — 1.8%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (i) (j)		345,905		345,905
State Street Navigator Securities Lending Government Money Market Portfolio (i) (k)		2,338,517		2,338,517
TOTAL SHORT-TERM INVESTMENTS (Cost $2,684,422)				2,684,422
TOTAL INVESTMENTS — 101.0% (Cost $126,876,568)				152,990,235
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%				(1,577,751	)
NET ASSETS — 100.0%			$	151,412,484

44

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

(a) Amount shown represents less than 0.05% of net assets.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) Non-income producing security.

(d) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.4% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

(g) Fair valued as determined ingood faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $260,150 representing 0.2% of net assets.

(h) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(j) The rate shown is the annualized seven-day yield at March 31, 2018.

(k) Investment of cash collateral for securities loaned.

ADR	=American Depositary Receipt
GDR	=Global Depositary Receipt
NVDR	=Non Voting Depositary Receipt
REIT	=Real Estate Investment Trust
SDR	=Swedish Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs				Total
ASSETS:
INVESTMENTS:
Common Stocks
Argentina		$	47,043		$	—		$	—			$	47,043
Australia			3,031,668			—			—				3,031,668
Austria			118,516			—			—				118,516
Belgium			487,020			—			—				487,020
Bermuda			40,278			—			—				40,278
Brazil			1,463,939			—			—				1,463,939
Canada			4,674,085			—			—				4,674,085
Chile			378,180			—			—				378,180
China			5,273,938			—			—				5,273,938
Colombia			353,930			—			—				353,930
Czech Republic			21,746			—			—				21,746
Denmark			735,352			—			—				735,352
Finland			431,269			—			—				431,269
France			5,452,943			—			—				5,452,943
Germany			4,732,899			—			—				4,732,899
Greece			25,879			—			—				25,879
Hong Kong			1,772,137			—			0	(a)			1,772,137
Hungary			57,317			—			—				57,317
India			1,377,639			—			—				1,377,639
Indonesia			389,526			—			—				389,526

45

SPDR MSCI ACWI LOW CARBON TARGET ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
Ireland		$	245,153		$	—		$	—		$	245,153
Israel			202,655			—			—			202,655
Italy			1,104,690			—			—			1,104,690
Japan			12,169,307			—			—			12,169,307
Luxembourg			76,584			—			—			76,584
Macau			17,545			—			—			17,545
Malaysia			545,348			—			—			545,348
Mexico			564,384			—			—			564,384
Netherlands			1,219,490			—			—			1,219,490
New Zealand			97,742			—			—			97,742
Norway			505,288			—			—			505,288
Peru			192,723			—			—			192,723
Philippines			79,916			—			—			79,916
Poland			211,558			—			—			211,558
Portugal			151,129			—			—			151,129
Qatar			109,685			—			—			109,685
Romania			14,064			—			—			14,064
Russia			470,201			—			—			470,201
Singapore			962,056			—			—			962,056
South Africa			1,396,235			—			—			1,396,235
South Korea			2,641,568			—			—			2,641,568
Spain			1,748,529			—			—			1,748,529
Sweden			1,437,721			—			—			1,437,721
Switzerland			3,907,306			—			—			3,907,306
Taiwan			2,096,820			—			—			2,096,820
Thailand			48,302			260,150			—			308,452
Turkey			157,845			—			—			157,845
United Arab Emirates			78,465			—			—			78,465
United Kingdom			8,394,882			—			—			8,394,882
United States			78,333,168			—			—			78,333,168
Short-Term Investments			2,684,422			—			—			2,684,422
TOTAL INVESTMENTS		$	152,730,085		$	260,150		$	0		$	152,990,235

(a) Fund held a Level 3 security that was valued at $0 at March 31, 2018.

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation				Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Corp.		1,555		$	148,565		$	—		$	38,137		$	6,070		$	(1,310	)		1,155		$	115,188		$	970		$	—
State Street Institutional U.S. Government Money Market Fund, Class G Shares		215,632			215,632			2,057,884			1,927,611			—			—			345,905			345,905			1,318			—
State Street Navigator Securities Lending Government Money Market Portfolio		378,038			378,038			9,317,082			7,356,603			—			—			2,338,517			2,338,517			4,991			—
Total				$	742,235		$	11,374,966		$	9,322,351		$	6,070		$	(1,310	)				$	2,799,610		$	7,279		$	—

46

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
BRAZIL — 5.4%
Ambev SA ADR		511,700	$	3,720,060
Ambev SA		91,431		662,157
Atacadao Distribuicao Comercio e Industria Ltda (a)		8,095		36,534
B3 SA - Brasil Bolsa Balcao		20,926		168,045
Banco Bradesco SA Preference Shares		70,202		834,330
Banco Bradesco SA		23,883		276,441
Banco do Brasil SA		32,705		403,745
Banco Santander Brasil SA		10,656		127,958
BB Seguridade Participacoes SA		83,636		736,558
BR Malls Participacoes SA		10,262		35,971
Braskem SA Class A, Preference Shares		3,539		51,111
BRF SA (a)		1,694		11,636
BRF SA ADR (a) (b)		5,348		37,008
CCR SA		9,596		36,090
Centrais Eletricas Brasileiras SA (a)		6,991		44,172
Centrais Eletricas Brasileiras SA ADR (b)		7,506		54,569
Centrais Eletricas Brasileiras SA Class B, Preference Shares		490		3,553
Cia Brasileira de Distribuicao ADR		2,242		45,288
Cia Brasileira de Distribuicao Preference Shares		600		12,014
Cia de Saneamento Basico do Estado de Sao Paulo		2,402		25,295
Cia de Saneamento Basico do Estado de Sao Paulo ADR		5,039		53,363
Cia Energetica de Minas Gerais ADR (b)		36,621		94,482
Cia Energetica de Minas Gerais Preference Shares		5,447		14,029
Cia Energetica de Minas Gerais (a) (c)		868		2,243
Cia Energetica de Minas Gerais (a) (c)		50		119
Cia Siderurgica Nacional SA ADR (a) (b)		13,569		35,686
Cia Siderurgica Nacional SA (a)		1,232		3,262
Cielo SA		173,610		1,080,753
Cosan SA Industria e Comercio		2,554		31,898
EDP - Energias do Brasil SA		7,240		28,994
Embraer SA		980		6,354
Embraer SA ADR		4,338		112,788
Engie Brasil Energia SA		16,843		198,451
Equatorial Energia SA		18,601		400,160
Fibria Celulose SA ADR		4,411		86,015
Gerdau SA Preference Shares		25,538		119,099
Hypera SA		982		10,684
Itau Unibanco Holding SA Preference Shares ADR		70,791		1,104,340
Itau Unibanco Holding SA Preference Shares		2,177		33,609

Security Description	Shares		Value
Itausa - Investimentos Itau SA Preference Shares		433,691	$	1,799,434
Itausa - Investimentos Itau SA (a)		7,958		33,019
JBS SA		68,570		192,902
Klabin SA		6,163		38,384
Kroton Educacional SA		19,138		78,312
Localiza Rent a Car SA		2,745		23,720
Lojas Americanas SA Preference Shares		5,401		30,616
Lojas Renner SA		66,191		684,096
M Dias Branco SA		10,471		160,707
Multiplan Empreendimentos Imobiliarios SA		210		4,340
Natura Cosmeticos SA		604		5,815
Odontoprev SA		28,748		129,139
Petroleo Brasileiro SA Preference Shares ADR (a)		35,827		465,393
Petroleo Brasileiro SA ADR (a)		32,618		461,219
Petroleo Brasileiro SA Preference Shares (a)		43,809		282,209
Petroleo Brasileiro SA (a)		19,893		139,818
Porto Seguro SA		2,384		34,832
Qualicorp SA		746		5,001
Raia Drogasil SA		15,816		355,950
Rumo SA (a)		9,785		38,715
Sul America SA		20,568		135,837
Suzano Papel e Celulose SA		4,228		42,438
Telefonica Brasil SA ADR		7,901		121,359
Telefonica Brasil SA Preference Shares		712		10,797
Tim Participacoes SA ADR (b)		3,931		85,185
TIM Participacoes SA		1,806		7,825
Transmissora Alianca de Energia Eletrica SA		1,570		10,265
Ultrapar Participacoes SA		429		9,154
Ultrapar Participacoes SA ADR		5,354		115,754
Vale SA ADR (b)		33,563		426,921
Vale SA		20,902		265,457
WEG SA		42,347		288,081
				17,221,558
CHILE — 1.7%
AES Gener SA		141,905		40,235
Aguas Andinas SA Class A		1,236,993		805,096
Banco de Chile		1,621,857		272,663
Banco de Chile ADR		13,880		1,396,050
Banco de Credito e Inversiones SA		3,348		248,502
Banco Santander Chile ADR		2,409		80,726
Banco Santander Chile		90,118		7,597
Cencosud SA		47,390		145,099
Cia Cervecerias Unidas SA		2,796		41,160
Cia Cervecerias Unidas SA ADR		6,326		186,048
Colbun SA		543,203		130,238
Embotelladora Andina SA Class B, Preference Shares		1,220		5,990
Empresa Nacional de Telecomunicaciones SA		1,413		16,219
Empresas CMPC SA		21,618		82,355

47

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Empresas COPEC SA		16,372	$	257,155
Enel Americas SA ADR		14,881		172,917
Enel Americas SA		137,946		32,221
Enel Chile SA ADR		6,517		41,709
Enel Chile SA		219,678		28,473
Enel Generacion Chile SA ADR		14,876		353,900
Enel Generacion Chile SA		33,558		27,380
Itau CorpBanca ADR (b)		1,852		27,132
Latam Airlines Group SA ADR (b)		5,548		85,384
Latam Airlines Group SA		684		10,635
SACI Falabella		113,220		1,092,366
Sociedad Quimica y Minera de Chile SA ADR (b)		555		27,278
				5,614,528
CHINA — 25.3%
3SBio, Inc. (a) (d)		76,890		173,211
58.com, Inc. ADR (a)		215		17,170
AAC Technologies Holdings, Inc.		109,500		1,975,613
Agile Group Holdings, Ltd.		28,000		57,867
Agricultural Bank of China, Ltd. Class H		4,040,000		2,295,835
Air China, Ltd. Class H		52,000		66,256
Alibaba Group Holding, Ltd. ADR (a) (b)		12,009		2,204,132
Aluminum Corp. of China, Ltd. Class H (a)		74,000		41,015
Anhui Conch Cement Co., Ltd. Class H		14,000		76,259
ANTA Sports Products, Ltd.		197,000		993,999
Autohome, Inc. ADR		5,808		499,140
AviChina Industry & Technology Co., Ltd. Class H		58,000		40,867
Baidu, Inc. ADR (a)		5,976		1,333,783
Bank of China, Ltd. Class H		6,746,071		3,627,336
Bank of Communications Co., Ltd. Class H		639,000		500,726
Beijing Capital International Airport Co., Ltd. Class H		156,000		209,503
Beijing Enterprises Holdings, Ltd.		12,500		65,301
Beijing Enterprises Water Group, Ltd.		38,000		21,207
Brilliance China Automotive Holdings, Ltd.		266,000		555,162
Byd Co., Ltd. Class H (b)		6,000		46,787
BYD Electronic International Co., Ltd.		11,000		20,631
CGN Power Co., Ltd. Class H (d)		174,100		45,032
China Cinda Asset Management Co., Ltd. Class H		370,548		134,559
China CITIC Bank Corp., Ltd. Class H		996,000		680,219
China Communications Construction Co., Ltd. Class H		226,000		232,096
China Communications Services Corp., Ltd. Class H		96,000		57,368
China Conch Venture Holdings, Ltd.		20,000		61,032

Security Description	Shares		Value
China Construction Bank Corp. Class H		5,094,394	$	5,231,810
China Everbright Bank Co., Ltd. Class H		691,274		332,060
China Everbright International, Ltd.		19,000		26,630
China Everbright, Ltd.		18,000		37,705
China Evergrande Group (a)		20,625		64,911
China Galaxy Securities Co., Ltd. Class H		79,834		53,099
China Huarong Asset Management Co., Ltd. Class H (d)		562,200		236,390
China Huishan Dairy Holdings Co., Ltd. (a) (e)		1,072,393		—
China Jinmao Holdings Group, Ltd.		88,000		50,120
China Life Insurance Co., Ltd. Class H		163,000		448,607
China Longyuan Power Group Corp., Ltd. Class H		55,000		42,188
China Medical System Holdings, Ltd.		343,733		780,465
China Mengniu Dairy Co., Ltd.		200,000		685,499
China Merchants Bank Co., Ltd. Class H		101,500		415,788
China Merchants Port Holdings Co., Ltd.		37,812		83,349
China Minsheng Banking Corp., Ltd. Class H (b)		366,800		356,598
China Mobile, Ltd.		740,997		6,793,157
China National Building Material Co., Ltd. Class H		110,000		119,414
China Oilfield Services, Ltd. Class H		28,000		28,862
China Overseas Land & Investment, Ltd.		116,000		402,762
China Pacific Insurance Group Co., Ltd. Class H		41,000		183,626
China Petroleum & Chemical Corp. Class H		2,388,395		2,096,765
China Railway Construction Corp., Ltd. Class H		122,000		122,182
China Railway Group, Ltd. Class H		229,000		158,730
China Resources Beer Holdings Co., Ltd.		186,092		806,178
China Resources Gas Group, Ltd.		124,000		430,539
China Resources Land, Ltd.		70,444		256,256
China Resources Pharmaceutical Group, Ltd. (d)		93,000		130,347
China Resources Power Holdings Co., Ltd.		142,267		259,580
China Shenhua Energy Co., Ltd. Class H		96,500		239,765
China Southern Airlines Co., Ltd. Class H		34,000		35,090
China State Construction International Holdings, Ltd.		254,000		310,044

48

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
China Taiping Insurance Holdings Co., Ltd.		34,810	$	115,097
China Telecom Corp., Ltd. Class H		1,460,000		643,655
China Unicom Hong Kong, Ltd. (a)		314,000		396,086
China Vanke Co., Ltd. Class H		113,692		518,606
Chongqing Rural Commercial Bank Co., Ltd. Class H		165,000		126,352
CIFI Holdings Group Co., Ltd.		66,000		57,605
CITIC Securities Co., Ltd. Class H		28,000		64,075
CITIC, Ltd.		232,000		324,575
CNOOC, Ltd.		573,000		843,989
COSCO SHIPPING Ports, Ltd.		353,816		297,540
Country Garden Holdings Co., Ltd.		47,266		97,323
CRRC Corp., Ltd. Class H		143,000		121,895
CSPC Pharmaceutical Group, Ltd.		958,000		2,545,048
Ctrip.com International, Ltd. ADR (a)		1,748		81,492
Dongfeng Motor Group Co., Ltd. Class H		346,000		401,623
ENN Energy Holdings, Ltd.		9,000		80,387
Far East Horizon, Ltd.		51,000		53,935
Fosun International, Ltd.		65,500		141,878
Fuyao Glass Industry Group Co., Ltd. Class H (d)		68,400		263,637
Geely Automobile Holdings, Ltd.		492,000		1,416,765
GF Securities Co., Ltd. Class H		36,200		66,512
GOME Retail Holdings, Ltd. (b)		396,000		42,888
Great Wall Motor Co., Ltd. Class H (b)		374,500		375,536
Guangdong Investment, Ltd.		968,000		1,522,001
Guangzhou Automobile Group Co., Ltd. Class H		22,000		40,534
Guangzhou R&F Properties Co., Ltd. Class H		22,000		54,886
Haitian International Holdings, Ltd.		52,000		157,690
Haitong Securities Co., Ltd. Class H		82,400		108,981
Hengan International Group Co., Ltd.		112,874		1,045,569
Huaneng Power International, Inc. Class H		286,000		192,044
Huaneng Renewables Corp., Ltd. Class H		130,000		48,533
Huatai Securities Co., Ltd. Class H (d)		33,643		64,729
Industrial & Commercial Bank of China, Ltd. Class H		4,257,448		3,650,807
JD.com, Inc. ADR (a) (b)		2,219		89,847
Jiangsu Expressway Co., Ltd. Class H		462,000		653,415
Jiangxi Copper Co., Ltd. Class H		58,000		82,770
Kingsoft Corp., Ltd.		2,000		6,345
Kunlun Energy Co., Ltd.		58,000		50,031
Lenovo Group, Ltd.		756,915		386,737

Security Description	Shares		Value
Longfor Properties Co., Ltd.		23,500	$	71,863
NetEase, Inc. ADR		11,007		3,086,253
New China Life Insurance Co., Ltd. Class H		17,900		83,361
New Oriental Education & Technology Group, Inc. ADR		15,771		1,382,328
Nexteer Automotive Group, Ltd.		92,000		138,557
People’s Insurance Co. Group of China, Ltd. Class H		344,000		160,860
PetroChina Co., Ltd. Class H		2,240,000		1,538,371
PICC Property & Casualty Co., Ltd. Class H		438,180		767,121
Ping An Insurance Group Co. of China, Ltd. Class H		97,500		991,361
Semiconductor Manufacturing International Corp. (a) (b)		265,200		346,693
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		348,000		231,902
Shanghai Electric Group Co., Ltd. Class H (a) (b)		104,000		36,043
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		1,500		9,212
Shanghai Industrial Holdings, Ltd.		11,000		28,662
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		200,627		286,094
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		86,900		232,522
Shenzhou International Group Holdings, Ltd.		146,000		1,537,518
Sihuan Pharmaceutical Holdings Group, Ltd.		1,174,000		347,041
SINA Corp. (a)		811		84,563
Sino-Ocean Group Holding, Ltd.		113,500		82,287
Sinopec Shanghai Petrochemical Co., Ltd. Class H		54,000		32,820
Sinopharm Group Co., Ltd. Class H		66,400		332,495
SOHO China, Ltd.		22,000		11,521
Sunac China Holdings, Ltd.		9,697		37,437
Sunny Optical Technology Group Co., Ltd.		86,693		1,600,578
TAL Education Group ADR		10,285		381,471
Tencent Holdings, Ltd.		136,678		7,133,176
Tingyi Cayman Islands Holding Corp.		18,000		37,338
TravelSky Technology, Ltd. Class H		230,000		666,705
Tsingtao Brewery Co., Ltd. Class H		50,000		261,203
Vipshop Holdings, Ltd. ADR (a)		7,811		129,819
Want Want China Holdings, Ltd.		606,000		485,677
Weibo Corp. ADR		3,986		476,486
Weichai Power Co., Ltd. Class H		40,000		44,851
Yanzhou Coal Mining Co., Ltd.Class H		46,000		58,611
Yum China Holdings, Inc.		64,362		2,671,023
YY, Inc. ADR (a)		3,759		395,447

49

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Zhejiang Expressway Co., Ltd. Class H		20,000	$	20,412
Zhuzhou CRRC Times Electric Co., Ltd. Class H		53,400		258,553
Zijin Mining Group Co., Ltd. Class H		320,000		143,114
ZTE Corp. Class H (a)		44,480		144,804
				81,248,193
COLOMBIA — 0.4%
Bancolombia SA ADR		1,805		75,846
Bancolombia SA		4,908		53,102
Bancolombia SA Preference Shares		3,614		37,885
Cementos Argos SA		1,555		5,395
Ecopetrol SA ADR (b)		5,475		105,832
Ecopetrol SA		9,534		8,926
Grupo Argos SA		14,939		100,660
Grupo Aval Acciones y Valores SA Preference Shares		38,422		16,026
Grupo de Inversiones Suramericana SA Preference Shares		10,551		134,480
Grupo de Inversiones Suramericana SA		5,618		74,984
Interconexion Electrica SA ESP		113,507		541,303
				1,154,439
CZECH REPUBLIC — 0.3%
CEZ A/S		6,946		172,971
Komercni banka A/S		7,769		354,185
Moneta Money Bank A/S (d)		75,738		313,730
O2 Czech Republic A/S		19,091		263,602
				1,104,488
EGYPT — 0.3%
Commercial International Bank Egypt SAE		193,077		980,831
GREECE — 0.6%
Alpha Bank AE (a)		104,883		223,153
Eurobank Ergasias SA (a)		161,302		152,255
FF Group (a)		491		9,565
Hellenic Telecommunications Organization SA		20,285		273,924
JUMBO SA		15,563		277,532
National Bank of Greece SA (a)		353,613		113,594
OPAP SA		29,693		339,252
Piraeus Bank SA (a)		41,082		129,848
Titan Cement Co. SA		11,505		285,111
				1,804,234
HONG KONG — 0.9%
Alibaba Pictures Group, Ltd. (a)		10,000		1,300
China Gas Holdings, Ltd.		63,200		229,905
Fullshare Holdings, Ltd. (a) (b)		505,893		280,396
GCL-Poly Energy Holdings, Ltd. (a)		417,000		51,538
Haier Electronics Group Co., Ltd.		142,000		505,702
Hanergy Thin Film Power Group, Ltd. (a) (e)		598,000		—

Security Description	Shares		Value
Kingboard Chemical Holdings, Ltd.		21,500	$	98,209
Lee & Man Paper Manufacturing, Ltd.		29,000		30,632
Nine Dragons Paper Holdings, Ltd.		21,000		31,413
Shimao Property Holdings, Ltd.		34,000		96,174
Sino Biopharmaceutical, Ltd.		685,000		1,344,113
Sun Art Retail Group, Ltd.		321,332		373,808
				3,043,190
HUNGARY — 0.4%
MOL Hungarian Oil & Gas PLC		41,383		451,921
OTP Bank PLC		4,729		212,756
Richter Gedeon Nyrt		25,541		533,790
				1,198,467
INDIA — 9.8%
ACC, Ltd.		193		4,461
Adani Ports & Special Economic Zone, Ltd.		55,327		300,380
Ambuja Cements, Ltd.		2,887		10,311
Ashok Leyland, Ltd.		1,669		3,722
Asian Paints, Ltd.		62,017		1,065,349
Aurobindo Pharma, Ltd.		21,701		185,612
Axis Bank, Ltd.		28,634		224,123
Bajaj Auto, Ltd.		8,224		346,087
Bajaj Finance, Ltd.		200		5,420
Bajaj Finserv, Ltd.		187		14,828
Bharat Forge, Ltd.		678		7,273
Bharat Heavy Electricals, Ltd.		12,896		16,085
Bharat Petroleum Corp., Ltd.		74,651		489,248
Bharti Airtel, Ltd.		15,349		93,828
Bharti Infratel, Ltd.		56,349		290,420
Bosch, Ltd.		601		166,027
Britannia Industries, Ltd.		3,249		247,609
Cadila Healthcare, Ltd.		25,741		149,126
Cipla, Ltd.		8,024		67,105
Coal India, Ltd.		100,400		436,102
Container Corp. Of India, Ltd.		170		3,245
Dabur India, Ltd.		200,009		1,007,072
Dr Reddy’s Laboratories, Ltd. ADR (b)		743		24,289
Dr Reddy’s Laboratories, Ltd.		579		18,470
Eicher Motors, Ltd.		1,532		666,448
GAIL India, Ltd. GDR		1,790		72,674
Glenmark Pharmaceuticals, Ltd.		11,546		93,169
Godrej Consumer Products, Ltd.		20,139		337,695
Grasim Industries, Ltd.		4,578		73,764
Havells India, Ltd.		19,418		145,244
HCL Technologies, Ltd.		117,425		1,743,865
Hero MotoCorp, Ltd.		6,364		345,688
Hindalco Industries, Ltd.		25,364		83,436
Hindustan Petroleum Corp., Ltd.		72,350		382,540
Hindustan Unilever, Ltd.		101,904		2,083,259
Housing Development Finance Corp., Ltd.		22,791		637,936
ICICI Bank, Ltd. ADR		19,934		176,416
ICICI Bank, Ltd.		2,115		9,026

50

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Idea Cellular, Ltd. (a)		28,189	$	32,804
IDFC Bank, Ltd.		43,557		31,622
Indiabulls Housing Finance, Ltd.		4,407		83,600
Indian Oil Corp., Ltd.		28,654		77,586
Infosys, Ltd. ADR (b)		165,681		2,957,406
Infosys, Ltd.		100,407		1,742,375
ITC, Ltd.		351,554		1,377,180
JSW Steel, Ltd.		10,407		45,978
Larsen & Toubro, Ltd. GDR		3,914		78,671
Larsen & Toubro, Ltd.		429		8,623
LIC Housing Finance, Ltd.		6,277		51,431
Lupin, Ltd.		7,102		80,127
Mahindra & Mahindra Financial Services, Ltd.		1,058		7,515
Mahindra & Mahindra, Ltd. GDR		8,376		96,324
Mahindra & Mahindra, Ltd.		672		7,613
Marico, Ltd.		128,008		639,925
Maruti Suzuki India, Ltd.		10,169		1,381,573
Motherson Sumi Systems, Ltd.		3,802		18,126
Nestle India, Ltd.		3,558		447,523
NTPC, Ltd.		32,972		85,790
Oil & Natural Gas Corp., Ltd.		29,833		81,327
Petronet LNG, Ltd.		41,009		145,213
Piramal Enterprises, Ltd.		155		5,782
Power Finance Corp., Ltd.		12,757		16,753
Reliance Industries, Ltd. GDR (d)		19,974		541,295
Reliance Industries, Ltd.		12,968		175,507
Rural Electrification Corp., Ltd.		25,488		48,732
Shree Cement, Ltd.		612		151,977
Shriram Transport Finance Co., Ltd.		1,243		27,436
Siemens, Ltd.		93		1,530
State Bank of India GDR		3,605		139,153
Sun Pharmaceutical Industries, Ltd.		91,942		697,935
Tata Consultancy Services, Ltd.		79,950		3,492,542
Tata Motors, Ltd. ADR (a)		8,693		223,410
Tata Motors, Ltd. (a)		16,600		46,653
Tata Motors, Ltd. (a)		4,696		23,533
Tata Power Co., Ltd.		21,349		25,859
Tata Steel, Ltd.		742		6,497
Tata Steel, Ltd. GDR		4,572		39,685
Tech Mahindra, Ltd.		94,910		929,430
Titan Co., Ltd.		41,506		599,664
UltraTech Cement, Ltd.		325		19,683
United Spirits, Ltd. (a)		35		1,680
UPL, Ltd.		32,617		365,194
Vakrangee, Ltd.		80,596		273,527
Vedanta, Ltd.		16,384		69,797
Wipro, Ltd. ADR (b)		164,490		848,768
Wipro, Ltd.		129,924		560,061
Yes Bank, Ltd.		18,612		86,994
Zee Entertainment Enterprises, Ltd.		47,014		414,840
				31,339,601
INDONESIA — 4.1%
Adaro Energy Tbk PT		279,600		43,258
AKR Corporindo Tbk PT		19,500		8,038

Security Description	Shares		Value
Astra International Tbk PT		259,900	$	137,808
Bank Central Asia Tbk PT		1,946,925		3,294,959
Bank Danamon Indonesia Tbk PT		135,500		67,664
Bank Mandiri Persero Tbk PT		614,900		342,790
Bank Negara Indonesia Persero Tbk PT		175,300		110,458
Bank Rakyat Indonesia Persero Tbk PT		6,661,500		1,741,885
Bank Tabungan Negara Persero Tbk PT		160,800		44,383
Bumi Serpong Damai Tbk PT		118,000		15,256
Charoen Pokphand Indonesia Tbk PT		86,500		21,676
Gudang Garam Tbk PT		85,900		452,196
Hanjaya Mandala Sampoerna Tbk PT		3,404,800		984,282
Indocement Tunggal Prakarsa Tbk PT		23,000		26,730
Indofood CBP Sukses Makmur Tbk PT		477,900		287,243
Indofood Sukses Makmur Tbk PT		480,200		251,131
Jasa Marga Persero Tbk PT		140,600		46,773
Kalbe Farma Tbk PT		5,549,100		604,587
Matahari Department Store Tbk PT		331,400		263,579
Pakuwon Jati Tbk PT		1,776,778		81,305
Perusahaan Gas Negara Persero Tbk		299,200		49,984
Semen Indonesia Persero Tbk PT		257,500		193,581
Surya Citra Media Tbk PT		816,900		160,799
Telekomunikasi Indonesia Persero Tbk PT		8,018,275		2,096,662
Tower Bersama Infrastructure Tbk PT		17,391		7,042
Unilever Indonesia Tbk PT		419,400		1,508,682
United Tractors Tbk PT		152,000		353,296
Waskita Karya Persero Tbk PT		23,000		4,126
XL Axiata Tbk PT (a)		56,200		10,287
				13,210,460
MALAYSIA — 3.7%
AirAsia Bhd		13,200		13,514
Alliance Bank Malaysia Bhd		43,700		48,242
AMMB Holdings Bhd		55,000		55,171
Astro Malaysia Holdings Bhd		6,700		3,534
Axiata Group Bhd		33,366		47,099
British American Tobacco Malaysia Bhd		19,200		130,548
CIMB Group Holdings Bhd		113,339		209,800
Dialog Group Bhd		9,700		7,423
DiGi.Com Bhd		97,200		116,348
Felda Global Ventures Holdings Bhd		17,200		7,382
Gamuda Bhd		11,400		15,178
Genting Bhd		44,600		100,315
Genting Malaysia Bhd		37,800		47,397
Genting Plantations Bhd		800		2,110
HAP Seng Consolidated Bhd		63,800		160,325
Hartalega Holdings Bhd		112,600		170,880

51

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Hong Leong Bank Bhd		269,120	$	1,301,071
Hong Leong Financial Group Bhd		2,900		14,380
IHH Healthcare Bhd		791,300		1,227,456
IJM Corp. Bhd		38,400		26,705
IOI Corp. Bhd		17,700		21,873
IOI Properties Group Bhd		18,308		7,620
Kuala Lumpur Kepong Bhd		2,600		17,194
Malayan Banking Bhd		614,399		1,671,013
Malaysia Airports Holdings Bhd		3,100		7,093
Maxis Bhd		391,200		574,461
MISC Bhd		24,400		44,473
Nestle Malaysia Bhd		6,400		249,845
Petronas Chemicals Group Bhd		359,700		757,899
Petronas Dagangan Bhd		51,100		326,311
Petronas Gas Bhd		178,000		820,052
PPB Group Bhd		3,300		16,329
Public Bank Bhd		370,511		2,298,931
RHB Capital Bhd		16,738		22,372
Sapura Energy Bhd		186,900		24,401
Sime Darby Bhd		20,727		14,039
Sime Darby Plantation Bhd (a)		20,727		29,472
Sime Darby Property Bhd (a)		20,727		7,609
SP Setia Bhd Group		39,400		30,457
Telekom Malaysia Bhd		178,985		241,084
Tenaga Nasional Bhd		174,600		729,456
UMW Holdings Bhd (a)		11,000		17,120
Westports Holdings Bhd		169,438		154,632
YTL Corp. Bhd		77,538		26,862
YTL Power International Bhd		18,156		4,741
				11,820,217
MEXICO — 2.0%
Alfa SAB de CV Class A		103,841		132,493
America Movil SAB de CV Series L		501,709		474,127
Arca Continental SAB de CV		61,012		420,183
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B (b)		38,448		55,081
Cemex SAB de CV Series CPO (a)		290,945		191,748
Coca-Cola Femsa SAB de CV Series L		19,310		127,189
El Puerto de Liverpool SAB de CV Series C1 (b)		2,386		17,712
Fibra Uno Administracion SA de CV REIT		77,209		115,728
Fomento Economico Mexicano SAB de CV		23,902		217,133
Gentera SAB de CV (b)		120,196		87,315
Gruma SAB de CV Class B		35,031		400,275
Grupo Aeroportuario del Pacifico SAB de CV Class B		55,830		549,415
Grupo Aeroportuario del Sureste SAB de CV Class B		18,579		311,884
Grupo Bimbo SAB de CV Series A		36,852		80,312

Security Description	Shares		Value
Grupo Carso SAB de CV Series A1		9,053	$	31,756
Grupo Financiero Banorte SAB de CV Series O		41,778		254,351
Grupo Financiero Inbursa SAB de CV Series O (b)		45,185		74,485
Grupo Lala SAB de CV (b)		49,877		67,574
Grupo Mexico SAB de CV Series B		58,055		192,578
Grupo Televisa SAB Series CPO (b)		40,939		129,701
Industrias Penoles SAB de CV		1,018		20,482
Infraestructura Energetica Nova SAB de CV		47,313		230,480
Kimberly-Clark de Mexico SAB de CV Class A		10,285		19,180
Mexichem SAB de CV		19,406		59,153
Promotora y Operadora de Infraestructura SAB de CV		2,519		24,942
Wal-Mart de Mexico SAB de CV		801,824		2,032,069
				6,317,346
PAKISTAN — 0.1%
Habib Bank, Ltd.		52,534		94,743
Lucky Cement, Ltd.		26,106		155,731
MCB Bank, Ltd.		72,397		139,336
Oil & Gas Development Co., Ltd.		5,662		8,550
United Bank, Ltd.		6,406		11,425
				409,785
PERU — 0.5%
Cia de Minas Buenaventura SAA ADR		1,747		26,607
Credicorp, Ltd.		6,810		1,546,143
Southern Copper Corp. (b)		824		44,644
				1,617,394
PHILIPPINES — 1.5%
Aboitiz Equity Ventures, Inc.		425,100		549,935
Aboitiz Power Corp.		583,200		432,559
Alliance Global Group, Inc. (a)		104,400		26,411
Ayala Corp.		2,020		36,701
Ayala Land, Inc.		39,700		31,272
Bank of the Philippine Islands		314,140		704,411
BDO Unibank, Inc.		298,732		795,817
DMCI Holdings, Inc.		334,430		77,939
Globe Telecom, Inc.		130		4,041
GT Capital Holdings, Inc.		1,125		25,205
International Container Terminal Services, Inc.		6,090		11,672
JG Summit Holdings, Inc.		23,930		28,756
Jollibee Foods Corp.		137,780		789,540
Manila Electric Co.		23,830		145,234
Megaworld Corp.		200,000		17,977
Metro Pacific Investments Corp.		160,600		16,128
Metropolitan Bank & Trust Co.		140,408		230,885
PLDT, Inc.		2,051		57,783
Robinsons Land Corp.		95,663		36,558
Security Bank Corp.		36,050		165,819
SM Investments Corp.		2,255		39,631

52

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SM Prime Holdings, Inc.		75,000	$	48,440
Universal Robina Corp.		143,470		417,947
				4,690,661
POLAND — 1.0%
Alior Bank SA (a)		2,047		43,954
Bank Handlowy w Warszawie SA		779		17,193
Bank Millennium SA (a)		21,021		50,385
Bank Pekao SA		13,689		492,761
Bank Zachodni WBK SA		1,836		194,143
CCC SA		206		14,025
CD Projekt SA		1,835		58,608
Cyfrowy Polsat SA		20,249		147,435
Dino Polska SA (a) (d)		4,054		102,791
Grupa Azoty SA		970		15,859
Grupa Lotos SA		5,532		85,274
KGHM Polska Miedz SA		2,205		55,889
LPP SA		11		27,939
mBank SA (a)		411		50,252
Orange Polska SA (a)		22,924		38,817
PGE Polska Grupa Energetyczna SA (a)		94,277		272,760
PLAY Communications SA (a)		13,384		129,413
Polski Koncern Naftowy ORLEN SA		18,058		443,476
Polskie Gornictwo Naftowe i Gazownictwo SA		39,661		65,421
Powszechna Kasa Oszczednosci Bank Polski SA (a)		20,345		240,199
Powszechny Zaklad Ubezpieczen SA		59,308		722,888
Tauron Polska Energia SA (a)		110,907		78,680
				3,348,162
QATAR — 0.8%
Barwa Real Estate Co.		2,062		18,967
Commercial Bank PQSC		27,091		223,155
Doha Bank QPSC		23,776		176,264
Ezdan Holding Group QSC		27,624		79,641
Industries Qatar QSC		2,021		58,322
Masraf Al Rayan QSC		15,208		147,570
Ooredoo QSC		3,471		78,645
Qatar Electricity & Water Co. QSC		12,765		658,929
Qatar Gas Transport Co., Ltd.		10,407		43,662
Qatar Insurance Co. SAQ		3,482		35,853
Qatar Islamic Bank SAQ		17,069		456,954
Qatar National Bank QPSC		18,021		643,254
				2,621,216
ROMANIA — 0.1%
NEPI Rockcastle PLC		24,874		241,419
RUSSIA — 3.7%
Alrosa PJSC		241,348		381,456
Gazprom PJSC ADR		457,553		2,226,453
Inter RAO UES PJSC		1,676,638		111,562
LUKOIL PJSC ADR		21,698		1,494,992
Magnit PJSC GDR		35,662		657,429

Security Description	Shares		Value
Magnitogorsk Iron & Steel Works PJSC		50,355	$	38,708
MMC Norilsk Nickel PJSC ADR		10,214		189,316
Mobile TeleSystems PJSC ADR		50,599		576,323
Moscow Exchange MICEX-RTS PJSC		18,240		37,153
Novatek PJSC GDR		8,373		1,147,101
Novolipetsk Steel PJSC		27,637		69,679
PhosAgro PJSC GDR		772		11,225
Polyus PJSC		357		27,796
Rosneft Oil Co. PJSC		20,476		112,867
Rosneft Oil Co. PJSC GDR		58,839		322,555
RusHydro PJSC ADR		44,660		56,182
Sberbank of Russia PJSC ADR		87,280		1,626,026
Sberbank of Russia PJSC ADR (b)		6,842		127,603
Severstal PJSC GDR		4,031		60,828
Surgutneftegas OJSC ADR (c)		62,636		314,433
Surgutneftegas OJSC ADR (c)		63,843		312,192
Tatneft PJSC ADR		24,499		1,546,377
Tatneft PJSC ADR (b)		1,551		99,621
Transneft PJSC Preference Shares		36		110,442
VTB Bank PJSC GDR		81,263		159,113
VTB Bank PJSC		62,258,692		55,472
				11,872,904
SOUTH AFRICA — 5.0%
Anglo American Platinum, Ltd.		429		11,731
AngloGold Ashanti, Ltd.		13,983		132,788
Aspen Pharmacare Holdings, Ltd.		3,399		74,430
Barclays Africa Group, Ltd.		25,549		409,043
Bid Corp., Ltd.		30,520		663,912
Bidvest Group, Ltd.		14,481		273,885
Brait SE (a)		60,753		185,098
Capitec Bank Holdings, Ltd.		4,152		304,947
Coronation Fund Managers, Ltd.		23,951		163,207
Discovery, Ltd.		4,556		65,559
Exxaro Resources, Ltd.		5,372		49,414
FirstRand, Ltd. (b)		363,615		2,053,030
Fortress REIT, Ltd. Class A,		193,322		260,890
Fortress REIT, Ltd. Class B, (b)		4,842		4,863
Foschini Group, Ltd.		19,100		360,682
Gold Fields, Ltd.		34,173		138,379
Growthpoint Properties, Ltd. REIT (b)		38,299		91,830
Hyprop Investments, Ltd.		3,356		30,652
Imperial Holdings, Ltd.		6,112		120,319
Investec, Ltd.		9,387		73,108
Kumba Iron Ore, Ltd. (b)		7,562		180,646
Liberty Holdings, Ltd. (b)		3,966		42,024
Life Healthcare Group Holdings, Ltd.		14,551		33,907
MMI Holdings, Ltd.		27,627		51,249
Mondi, Ltd.		11,241		305,702
Mr. Price Group, Ltd.		29,251		703,579
MTN Group, Ltd.		33,543		336,937
Naspers, Ltd. Class N		1,217		297,025
Nedbank Group, Ltd. (b)		6,737		162,353
Netcare, Ltd.		132,368		312,801
Pick n Pay Stores, Ltd.		42,856		247,904

53

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Pioneer Foods Group, Ltd. (b)		1,775	$	18,606
PSG Group, Ltd.		789		14,987
Rand Merchant Investment Holdings, Ltd.		54,687		184,617
Redefine Properties, Ltd. REIT		103,060		100,809
Remgro, Ltd.		10,609		198,772
Resilient REIT, Ltd.		5,137		21,677
RMB Holdings, Ltd.		80,858		526,485
Sanlam, Ltd. (b)		143,619		1,033,923
Sappi, Ltd.		20,475		131,676
Sasol, Ltd.		14,161		481,919
Shoprite Holdings, Ltd.		45,811		976,554
Sibanye Gold, Ltd.		17,645		17,528
SPAR Group, Ltd.		27,261		466,040
Standard Bank Group, Ltd. (b)		32,711		603,713
Steinhoff International Holdings NV		74,041		20,621
Telkom SA SOC, Ltd.		6,631		29,627
Tiger Brands, Ltd.		18,770		589,298
Truworths International, Ltd.		56,049		508,657
Vodacom Group, Ltd.		119,159		1,539,375
Woolworths Holdings, Ltd.		100,277		507,785
				16,114,563
SOUTH KOREA — 11.7%
Amorepacific Corp.		2,404		692,399
Amorepacific Corp. Preference Shares		724		108,678
AMOREPACIFIC Group		370		47,556
BGF retail Co., Ltd.		489		69,962
BNK Financial Group, Inc.		19,510		194,935
Celltrion, Inc. (a)		774		230,189
Cheil Worldwide, Inc.		5,284		90,223
CJ CheilJedang Corp.		510		153,110
CJ Corp.		729		107,719
CJ E&M Corp.		95		8,226
CJ Logistics Corp. (a)		1,368		176,471
Coway Co., Ltd.		7,205		593,488
Daelim Industrial Co., Ltd.		768		53,030
Daewoo Engineering & Construction Co., Ltd. (a)		1,280		6,256
DB Insurance Co., Ltd.		14,730		912,074
DGB Financial Group, Inc.		11,281		123,298
Dongsuh Cos., Inc.		104		2,542
Doosan Bobcat, Inc.		668		19,772
Doosan Heavy Industries & Construction Co., Ltd. (a)		3,825		57,057
E-MART, Inc.		1,230		312,145
GS Engineering & Construction Corp.		3,026		84,600
GS Holdings Corp.		1,957		113,098
GS Retail Co., Ltd.		2,257		65,006
Hana Financial Group, Inc.		12,465		533,262
Hankook Tire Co., Ltd.		2,277		112,365
Hanmi Pharm Co., Ltd.		7		3,395
Hanmi Science Co., Ltd.		10		886
Hanon Systems		15,638		169,452
Hanssem Co., Ltd.		1,754		246,834
Hanwha Chemical Corp.		3,007		83,363

Security Description	Shares		Value
Hanwha Corp.		4,815	$	177,756
Hanwha Life Insurance Co., Ltd.		25,070		147,706
Hanwha Techwin Co., Ltd. (a)		1,388		37,633
Hotel Shilla Co., Ltd.		70		6,042
Hyosung Corp.		830		93,053
Hyundai Department Store Co., Ltd.		734		62,320
Hyundai Development Co-Engineering & Construction		1,682		59,807
Hyundai Engineering & Construction Co., Ltd.		4,302		171,935
Hyundai Glovis Co., Ltd.		533		91,009
Hyundai Heavy Industries Co., Ltd. (a)		1,574		203,044
Hyundai Marine & Fire Insurance Co., Ltd.		9,105		335,277
Hyundai Mobis Co., Ltd.		2,533		603,604
Hyundai Motor Co.		7,592		1,022,096
Hyundai Motor Co. Preference Shares		2,860		250,072
Hyundai Motor Co. Preference Shares		1,419		114,889
Hyundai Motor Co. GDR		1,246		49,965
Hyundai Robotics Co., Ltd. (a)		194		77,534
Hyundai Steel Co.		4,602		222,782
Hyundai Wia Corp.		1,357		70,021
Industrial Bank of Korea		12,906		188,886
ING Life Insurance Korea, Ltd.		993		41,596
Kakao Corp.		1,703		206,904
Kangwon Land, Inc.		29,306		749,215
KB Financial Group, Inc.		3,107		179,558
KB Financial Group, Inc. ADR (a)		11,956		692,731
KCC Corp.		208		64,689
KEPCO Plant Service & Engineering Co., Ltd.		1,080		46,001
Kia Motors Corp.		23,845		712,509
Korea Aerospace Industries, Ltd. (a)		730		34,209
Korea Electric Power Corp. ADR (a) (b)		41,586		640,009
Korea Electric Power Corp.		6,980		215,444
Korea Gas Corp. (a)		2,763		125,850
Korea Investment Holdings Co., Ltd.		912		70,674
Korea Zinc Co., Ltd.		139		62,856
Korean Air Lines Co., Ltd.		2,175		66,725
KT Corp. ADR (a)		17,817		244,093
KT Corp.		123		3,156
KT&G Corp.		20,621		1,934,609
Kumho Petrochemical Co., Ltd.		747		67,839
LG Chem, Ltd.		636		230,318
LG Chem, Ltd. Preference Shares		208		42,053
LG Corp.		2,224		181,317
LG Display Co., Ltd. ADR (a) (b)		23,890		289,069
LG Display Co., Ltd.		3,045		73,847
LG Electronics, Inc.		3,639		372,128
LG Household & Health Care, Ltd.		849		949,440

54

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
LG Household & Health Care, Ltd. Preference Shares		198	$	130,402
LG Innotek Co., Ltd.		244		28,271
Lotte Chemical Corp.		375		152,336
Lotte Corp. (a)		1,605		95,466
Lotte Shopping Co., Ltd.		547		120,084
Medy-Tox, Inc.		423		296,326
Mirae Asset Daewoo Co., Ltd.		9,263		80,038
NAVER Corp.		3,542		2,611,889
NCSoft Corp.		1,251		481,199
Netmarble Games Corp. (d)		217		29,927
NH Investment & Securities Co., Ltd.		2,852		37,326
OCI Co., Ltd.		368		54,549
Orion Corp./Republic of Korea		173		20,775
Ottogi Corp.		4		2,668
Pan Ocean Co., Ltd. (a)		4,977		24,654
POSCO ADR (a)		9,100		717,535
POSCO		550		173,891
Posco Daewoo Corp.		3,207		69,050
S-1 Corp.		6,634		597,489
Samsung Biologics Co., Ltd. (a) (d)		1,072		488,781
Samsung C&T Corp.		1,238		159,120
Samsung Card Co., Ltd.		367		12,343
Samsung Electro-Mechanics Co., Ltd.		2,138		214,622
Samsung Electronics Co., Ltd. GDR (c)		3,218		3,687,828
Samsung Electronics Co., Ltd. Preference Shares		131		248,874
Samsung Electronics Co., Ltd.		740		1,702,299
Samsung Electronics Co., Ltd. GDR (c)		768		728,064
Samsung Fire & Marine Insurance Co., Ltd.		3,210		807,093
Samsung Heavy Industries Co., Ltd. (a)		8,872		65,589
Samsung Life Insurance Co., Ltd.		8,186		887,028
Samsung SDI Co., Ltd.		2,129		381,498
Samsung SDS Co., Ltd.		410		97,124
Samsung Securities Co., Ltd.		1,502		55,379
Shinhan Financial Group Co., Ltd.		4,093		173,374
Shinhan Financial Group Co., Ltd. ADR (a) (b)		13,985		592,964
Shinsegae, Inc.		193		63,102
SK Holdings Co., Ltd.		1,781		498,760
SK Hynix, Inc.		20,260		1,526,295
SK Innovation Co., Ltd.		1,951		384,379
SK Networks Co., Ltd.		12,549		68,167
SK Telecom Co., Ltd. ADR		30,218		730,369
SK Telecom Co., Ltd.		656		141,552
S-Oil Corp.		798		89,465
Woori Bank		14,854		200,673
Yuhan Corp.		214		44,370
				37,426,648
TAIWAN — 14.5%
Acer, Inc. (a)		155,258		128,862

Security Description	Shares		Value
Advanced Semiconductor Engineering, Inc.		250,248	$	361,764
Advantech Co., Ltd.		126,951		909,996
Asia Cement Corp.		43,200		41,634
Asia Pacific Telecom Co., Ltd. (a)		9,000		2,815
Asustek Computer, Inc.		63,000		586,634
AU Optronics Corp.		772,000		357,444
Catcher Technology Co., Ltd.		60,000		743,904
Cathay Financial Holding Co., Ltd.		192,100		341,283
Chailease Holding Co., Ltd.		10,160		34,846
Chang Hwa Commercial Bank, Ltd.		142,585		82,401
Cheng Shin Rubber Industry Co., Ltd.		38,000		61,711
Chicony Electronics Co., Ltd.		238,644		606,493
China Airlines, Ltd. (a)		127,000		46,389
China Development Financial Holding Corp.		452,000		159,673
China Life Insurance Co., Ltd.		52,711		54,687
China Steel Corp.		263,440		209,617
Chunghwa Telecom Co., Ltd.		739,540		2,828,093
Compal Electronics, Inc.		394,000		268,234
CTBC Financial Holding Co., Ltd.		511,900		366,935
Delta Electronics, Inc.		239,623		1,068,388
E.Sun Financial Holding Co., Ltd.		204,750		137,638
Eclat Textile Co., Ltd.		16,379		190,996
Eva Airways Corp.		211,279		108,331
Evergreen Marine Corp. Taiwan, Ltd. (a)		38,985		20,123
Far Eastern New Century Corp.		150,560		135,549
Far EasTone Telecommunications Co., Ltd.		604,449		1,596,274
Feng TAY Enterprise Co., Ltd.		36,468		165,724
First Financial Holding Co., Ltd.		1,641,458		1,140,019
Formosa Chemicals & Fibre Corp.		41,000		153,274
Formosa Petrochemical Corp.		169,000		686,851
Formosa Plastics Corp.		137,000		483,966
Formosa Taffeta Co., Ltd.		15,000		16,514
Foxconn Technology Co., Ltd.		127,892		342,572
Fubon Financial Holding Co., Ltd.		180,000		309,291
General Interface Solution Holding, Ltd.		11,000		66,588
Giant Manufacturing Co., Ltd.		4,000		20,990
Globalwafers Co., Ltd.		3,000		47,690
Highwealth Construction Corp.		15,500		23,869
Hiwin Technologies Corp.		1,020		14,518
Hon Hai Precision Industry Co., Ltd.		1,973,163		6,090,636
Hotai Motor Co., Ltd.		3,000		29,890
HTC Corp. (a)		8,000		18,191
Hua Nan Financial Holdings Co., Ltd.		1,447,009		868,493
Innolux Corp.		749,751		327,857
Inventec Corp.		142,000		112,501
Largan Precision Co., Ltd.		11,000		1,250,643
Lite-On Technology Corp.		446,952		623,896
MediaTek, Inc.		28,877		327,821
Mega Financial Holding Co., Ltd.		362,657		311,574

55

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Micro-Star International Co., Ltd.		56,000	$	187,646
Nan Ya Plastics Corp.		75,000		210,413
Nanya Technology Corp.		173,000		547,652
Nien Made Enterprise Co., Ltd.		16,000		153,102
Novatek Microelectronics Corp.		64,000		289,742
Pegatron Corp.		133,000		331,166
Phison Electronics Corp.		26,000		270,638
Pou Chen Corp.		49,000		65,038
Powertech Technology, Inc.		80,000		249,408
President Chain Store Corp.		148,000		1,487,259
Quanta Computer, Inc.		171,000		344,850
Realtek Semiconductor Corp.		3,000		12,913
Ruentex Development Co., Ltd. (a)		11,443		13,461
Ruentex Industries, Ltd. (a)		43,000		83,030
Shin Kong Financial Holding Co., Ltd.		231,936		87,900
Siliconware Precision Industries Co., Ltd.		748,300		1,306,323
SinoPac Financial Holdings Co., Ltd.		460,620		162,719
Standard Foods Corp.		84,168		197,163
Synnex Technology International Corp.		408,900		610,047
Taishin Financial Holding Co., Ltd.		258,027		126,549
Taiwan Business Bank		522,575		155,928
Taiwan Cement Corp.		66,000		82,735
Taiwan Cooperative Financial Holding Co., Ltd.		2,648,165		1,557,637
Taiwan High Speed Rail Corp.		18,000		13,767
Taiwan Mobile Co., Ltd.		529,542		1,979,630
Taiwan Semiconductor Manufacturing Co., Ltd.		1,123,495		9,401,954
Teco Electric and Machinery Co., Ltd.		32,000		26,395
Uni-President Enterprises Corp.		77,164		180,756
United Microelectronics Corp.		829,000		435,014
Vanguard International Semiconductor Corp.		74,000		161,162
Win Semiconductors Corp.		3,000		32,205
Winbond Electronics Corp.		158,000		105,940
Wistron Corp.		182,671		156,314
WPG Holdings, Ltd.		230,000		297,390
Yageo Corp.		3,000		53,503
Yuanta Financial Holding Co., Ltd.		318,466		145,815
Zhen Ding Technology Holding, Ltd.		15,000		35,909
				46,443,155
THAILAND — 3.7%
Advanced Info Service PCL (f)		140,300		924,266
Airports of Thailand PCL (f)		55,300		116,719
Airports of Thailand PCL NVDR		352,870		744,785
Bangkok Bank PCL (f)		3,700		25,321
Bangkok Bank PCL NVDR		3,500		22,162
Bangkok Dusit Medical Services PCL (f)		982,592		738,437

Security Description	Shares		Value
Bangkok Expressway & Metro PCL (f)		1,835,333	$	422,590
Banpu PCL (f)		35,770		22,649
Berli Jucker PCL NVDR		17,400		31,439
BTS Group Holdings PCL (f)		2,280,898		605,419
Bumrungrad Hospital PCL (f)		121,500		804,301
Central Pattana PCL NVDR		43,100		108,198
Central Pattana PCL (f)		97,900		245,767
Charoen Pokphand Foods PCL (f)		80,086		64,668
CP ALL PCL (f)		422,800		1,176,322
Delta Electronics Thailand PCL (f)		179,444		380,178
Delta Electronics Thailand PCL NVDR		300		636
Electricity Generating PCL (f)		54,400		398,388
Energy Absolute PCL (f)		900		1,259
Energy Absolute PCL NVDR		2,700		3,778
Glow Energy PCL (f)		97,300		264,487
Glow Energy PCL NVDR		119,000		323,473
Home Product Center PCL (f)		977,759		434,629
Indorama Ventures PCL (f)		1,400		2,541
Indorama Ventures PCL NVDR		36,200		65,697
IRPC PCL (f)		274,100		63,551
Kasikornbank PCL (f)		19,700		134,189
Kasikornbank PCL NVDR		64,600		437,966
KCE Electronics PCL NVDR		137,300		294,183
Krung Thai Bank PCL (f)		136,800		83,121
Minor International PCL (f)		17,800		21,631
Minor International PCL NVDR		83,419		101,373
PTT Exploration & Production PCL (f)		43,328		158,652
PTT Global Chemical PCL (f)		58,803		178,177
PTT PCL (f)		33,356		584,557
Robinson PCL NVDR		76,700		153,302
Robinson PCL (f)		19,200		38,375
Siam Cement PCL (f)		61,150		966,041
Siam Cement PCL NVDR		13,100		206,952
Siam Commercial Bank PCL (f)		55,000		248,881
Thai Oil PCL (f)		21,288		61,781
Thai Union Group PCL NVDR		203,600		121,756
Thai Union Group PCL Class F (f)		21,900		13,097
TMB Bank PCL (f)		44,000		3,546
TMB Bank PCL NVDR		271,600		21,888
True Corp. PCL (f)		175,600		39,028
				11,860,156
TURKEY — 0.8%
Akbank Turk A/S		84,929		204,958
Anadolu Efes Biracilik Ve Malt Sanayii A/S		5,176		35,383
Arcelik A/S		4,944		22,315
Aselsan Elektronik Sanayi Ve Ticaret A/S		17,237		133,583
BIM Birlesik Magazalar A/S		27,100		488,106
Coca-Cola Icecek A/S		812		7,387
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT (a)		182,809		116,753
Eregli Demir ve Celik Fabrikalari TAS		27,863		73,150

56

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Ford Otomotiv Sanayi A/S		6,722	$	104,103
Haci Omer Sabanci Holding A/S		23,481		62,120
KOC Holding A/S		17,767		73,016
Petkim Petrokimya Holding A/S		7,539		15,415
TAV Havalimanlari Holding A/S		3,162		18,885
Tofas Turk Otomobil Fabrikasi A/S		10,989		73,512
Tupras Turkiye Petrol Rafinerileri A/S		13,178		365,594
Turk Hava Yollari AO (a)		33,737		165,304
Turk Telekomunikasyon A/S (a)		8,322		14,096
Turkcell Iletisim Hizmetleri A/S		26,511		100,786
Turkiye Garanti Bankasi A/S		83,331		229,290
Turkiye Halk Bankasi A/S		52,591		120,147
Turkiye Is Bankasi A/S Class C		81,818		147,262
Turkiye Sise ve Cam Fabrikalari A/S		36,335		47,421
Turkiye Vakiflar Bankasi TAO		34,937		57,326
Ulker Biskuvi Sanayi A/S		1,166		6,464
Yapi ve Kredi Bankasi A/S (a)		35,235		39,581
				2,721,957
UNITED ARAB EMIRATES — 1.1%
Abu Dhabi Commercial Bank PJSC		61,684		110,840
Aldar Properties PJSC		86,266		50,026
DAMAC Properties Dubai Co. PJSC		252,666		205,682
DP World, Ltd.		24,486		550,935
Dubai Investments PJSC		55,960		31,842
Dubai Islamic Bank PJSC		128,861		186,293
DXB Entertainments PJSC (a)		65,426		8,657
Emaar Malls PJSC		6,474		3,790
Emaar Properties PJSC		59,031		93,215
Emirates Telecommunications Group Co. PJSC		284,453		1,366,892
First Abu Dhabi Bank PJSC		322,043		1,025,838
				3,634,010
TOTAL COMMON STOCKS (Cost $278,424,508)				319,059,582
RIGHTS — 0.0% (g)
SOUTH KOREA — 0.0% (g)
Samsung Heavy Industries Co., Ltd. (expires 4/13/18) (a) (Cost $0)		4,217		8,209
SHORT-TERM INVESTMENTS — 2.0%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (h) (i)		419,516		419,516

Security Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)		5,879,993	$	5,879,993
TOTAL SHORT-TERM INVESTMENTS (Cost $6,299,509)				6,299,509
TOTAL INVESTMENTS — 101.4% (Cost $284,724,017)				325,367,300
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.4)%				(4,366,673	)
NET ASSETS — 100.0%			$	321,000,627

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.7% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $0, representing 0.0% of the Fund’s net assets.

(f) Fair valued as determined ingood faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $9,222,568 representing 2.9% of net assets.

(g) Amount shown represents less than 0.05% of net assets.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at March 31, 2018.

(j) Investment of cash collateral for securities loaned.

ADR	=American Depositary Receipt
GDR	=Global Depositary Receipt
NVDR	=Non Voting Depositary Receipt
REIT	=Real Estate Investment Trust

57

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs				Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil		$	17,221,558		$	—		$	—			$	17,221,558
Chile			5,614,528			—			—				5,614,528
China			81,248,193			—			0	(a)			81,248,193
Colombia			1,154,439			—			—				1,154,439
Czech Republic			1,104,488			—			—				1,104,488
Egypt			980,831			—			—				980,831
Greece			1,804,234			—			—				1,804,234
Hong Kong			3,043,190			—			0	(a)			3,043,190
Hungary			1,198,467			—			—				1,198,467
India			31,339,601			—			—				31,339,601
Indonesia			13,210,460			—			—				13,210,460
Malaysia			11,820,217			—			—				11,820,217
Mexico			6,317,346			—			—				6,317,346
Pakistan			409,785			—			—				409,785
Peru			1,617,394			—			—				1,617,394
Philippines			4,690,661			—			—				4,690,661
Poland			3,348,162			—			—				3,348,162
Qatar			2,621,216			—			—				2,621,216
Romania			241,419			—			—				241,419
Russia			11,872,904			—			—				11,872,904
South Africa			16,114,563			—			—				16,114,563
South Korea			37,426,648			—			—				37,426,648
Taiwan			46,443,155			—			—				46,443,155
Thailand			2,637,588			9,222,568			—				11,860,156
Turkey			2,721,957			—			—				2,721,957
United Arab Emirates			3,634,010			—			—				3,634,010
Rights
South Korea			8,209			—			—				8,209
Short-Term Investments			6,299,509			—			—				6,299,509
TOTAL INVESTMENTS		$	316,144,732		$	9,222,568		$	0			$	325,367,300

(a) Fund held Level 3 securities that were valued at $ 0 at March 31, 2018.

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		647,704		$	647,704		$	12,177,070		$	12,405,258		$	—		$	—		419,516		$	419,516		$	2,997		$	—
State Street Navigator Securities Lending Government Money Market Portfolio		3,055,835			3,055,835			14,107,878			11,283,720			—			—		5,879,993			5,879,993			12,523			—
Total				$	3,703,539		$	26,284,948		$	23,688,978		$	—		$	—				$	6,299,509		$	15,520		$	—

58

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
ARGENTINA — 0.1%
MercadoLibre, Inc.		50	$	17,820
AUSTRALIA — 1.3%
AGL Energy, Ltd.		346		5,754
Amcor, Ltd.		1,196		12,999
AMP, Ltd.		901		3,449
Aurizon Holdings, Ltd.		933		3,027
Australia & New Zealand Banking Group, Ltd.		1,104		22,746
Bendigo & Adelaide Bank, Ltd. (a)		246		1,857
BHP Billiton PLC		275		5,415
BHP Billiton, Ltd.		539		11,663
Brambles, Ltd.		1,679		12,853
Caltex Australia, Ltd.		88		2,119
Cochlear, Ltd.		76		10,588
Commonwealth Bank of Australia		468		25,958
CSL, Ltd.		711		84,784
Flight Centre Travel Group, Ltd. (a)		4		175
Fortescue Metals Group, Ltd. (a)		1,049		3,484
Incitec Pivot, Ltd.		499		1,343
Insurance Australia Group, Ltd.		805		4,619
LendLease Group		338		4,488
Macquarie Group, Ltd.		80		6,314
Medibank Pvt, Ltd.		793		1,764
National Australia Bank, Ltd.		1,013		22,137
Newcrest Mining, Ltd.		434		6,511
Oil Search, Ltd.		398		2,183
Orica, Ltd.		232		3,160
QBE Insurance Group, Ltd.		438		3,235
REA Group, Ltd.		108		6,562
Santos, Ltd. (b)		4		16
Scentre Group REIT		1,870		5,494
SEEK, Ltd.		291		4,152
Sonic Healthcare, Ltd.		406		7,125
South32, Ltd.		761		1,880
Suncorp Group, Ltd.		334		3,418
Telstra Corp., Ltd.		10,568		25,453
Transurban Group Stapled Security		127		1,112
Wesfarmers, Ltd.		247		7,874
Westfield Corp. REIT		2,273		14,855
Westpac Banking Corp.		1,138		24,982
Woodside Petroleum, Ltd.		301		6,751
Woolworths, Ltd.		1,151		23,211
				395,510
AUSTRIA — 0.1%
Erste Group Bank AG		132		6,623
OMV AG		120		6,978
Raiffeisen Bank International AG (b)		4		155
Voestalpine AG		92		4,817
				18,573
BELGIUM — 0.3%
Ageas		104		5,367
Anheuser-Busch InBev SA		116		12,737
Colruyt SA		84		4,641

Security Description	Shares		Value
Groupe Bruxelles Lambert SA		40	$	4,565
KBC Group NV		76		6,610
Proximus SADP		801		24,854
Solvay SA		32		4,441
UCB SA		192		15,627
Umicore SA		168		8,870
				87,712
BERMUDA — 0.1%
RenaissanceRe Holdings, Ltd.		240		33,242
CANADA — 3.0%
Agnico Eagle Mines, Ltd.		738		31,026
Alimentation Couche-Tard, Inc. Class B		382		17,087
Bank of Montreal		539		40,687
Bank of Nova Scotia		374		23,022
Barrick Gold Corp.		2,357		29,343
BCE, Inc.		627		26,962
Bombardier, Inc. Class B (b)		773		2,248
Brookfield Asset Management, Inc. Class A		196		7,635
Canadian Imperial Bank of Commerce		322		28,402
Canadian National Railway Co.		754		55,068
Canadian Natural Resources, Ltd.		247		7,759
Canadian Pacific Railway, Ltd.		128		22,557
Canadian Tire Corp., Ltd. Class A		44		5,781
CI Financial Corp. (a)		160		3,425
Constellation Software, Inc.		24		16,273
Dollarama, Inc.		20		2,429
Enbridge, Inc.		204		6,412
Enbridge, Inc.		204		6,420
Fairfax Financial Holdings, Ltd.		48		24,314
First Capital Realty, Inc.		479		7,561
Franco-Nevada Corp.		957		65,247
Gildan Activewear, Inc.		208		6,003
Goldcorp, Inc.		2,420		33,393
Great-West Lifeco, Inc.		148		3,774
Imperial Oil, Ltd.		84		2,223
Intact Financial Corp.		663		49,785
Loblaw Cos., Ltd.		104		5,251
Magna International, Inc.		523		29,439
Manulife Financial Corp.		797		14,787
Metro, Inc.		299		9,532
Nutrien, Ltd. (a)		80		3,778
Onex Corp.		72		5,189
Pembina Pipeline Corp.		32		998
Power Corp. of Canada		156		3,557
Power Financial Corp.		132		3,303
PrairieSky Royalty, Ltd. (a)		314		6,861
Restaurant Brands International, Inc.		9		512
RioCan Real Estate Investment Trust		587		10,763
Rogers Communications, Inc. Class B		957		42,712
Royal Bank of Canada		492		37,979
Saputo, Inc.		224		7,184

59

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Shaw Communications, Inc. Class B		1,440	$	27,722
SmartCentres Real Estate Investment Trust		410		9,257
Sun Life Financial, Inc. (a)		128		5,253
Suncor Energy, Inc.		793		27,365
TELUS Corp.		627		22,002
Thomson Reuters Corp.		595		22,979
Toronto-Dominion Bank		1,164		66,007
Wheaton Precious Metals Corp.		607		12,359
				899,625
CHILE — 0.0% (c)
Antofagasta PLC		148		1,912
DENMARK — 1.2%
Carlsberg A/S Class B		40		4,757
Chr Hansen Holding A/S		293		25,186
Coloplast A/S Class B		374		31,508
Danske Bank A/S		208		7,735
DONG Energy A/S (d)		583		37,707
DSV A/S		247		19,329
H Lundbeck A/S		398		22,182
ISS A/S		185		6,825
Novo Nordisk A/S Class B		2,886		141,660
Novozymes A/S Class B		370		19,071
Pandora A/S		136		14,581
Tryg A/S		240		5,564
Vestas Wind Systems A/S		32		2,269
William Demant Holding A/S (b)		715		26,449
				364,823
FINLAND — 0.3%
Elisa Oyj		667		30,163
Fortum Oyj (a)		4		86
Kone Oyj Class B		398		19,839
Nokia Oyj		511		2,818
Nokia Oyj		579		3,188
Orion Oyj Class B		140		4,282
Sampo Oyj Class A		96		5,344
Stora Enso Oyj Class R (a)		410		7,526
UPM-Kymmene Oyj		236		8,736
Wartsila Oyj Abp		432		9,537
				91,519
FRANCE — 2.3%
Aeroports de Paris		100		21,768
Air Liquide SA		69		8,442
Airbus SE		120		13,843
Alstom SA		108		4,863
Arkema SA		44		5,736
AXA SA		1,037		27,548
BNP Paribas SA		695		51,430
Bouygues SA		108		5,407
Bureau Veritas SA		4		104
Capgemini SE		56		6,970
Carrefour SA (a)		258		5,347
Casino Guichard Perrachon SA (a)		4		196
Cie de Saint-Gobain		152		8,012
Cie Generale des Etablissements Michelin SCA		68		10,027

Security Description	Shares		Value
CNP Assurances		192	$	4,841
Credit Agricole SA		1,332		21,632
Danone SA		106		8,569
Dassault Systemes SE		100		13,578
Electricite de France SA		4		58
Engie SA		1,014		16,904
Essilor International Cie Generaled’Optique SA		60		8,087
Hermes International		35		20,726
Iliad SA		4		826
Kering SA		20		9,563
Lagardere SCA		4		114
Legrand SA		64		5,014
L’Oreal SA		251		56,599
LVMH Moet Hennessy Louis Vuitton SE		286		88,005
Natixis SA		627		5,134
Orange SA		845		14,326
Pernod Ricard SA		40		6,653
Peugeot SA		322		7,742
Publicis Groupe SA		134		9,324
Renault SA		100		12,114
Rexel SA		176		2,976
Safran SA		64		6,767
Sanofi		251		20,167
Schneider Electric SE		104		9,125
SCOR SE		116		4,745
Societe BIC SA		32		3,182
Societe Generale SA		599		32,532
Sodexo SA		40		4,029
Suez		220		3,185
Thales SA		112		13,628
TOTAL SA		1,151		65,300
Unibail-Rodamco SE REIT (a)		20		4,566
Valeo SA		275		18,141
Veolia Environnement SA		244		5,775
Vinci SA		148		14,543
Vivendi SA		228		5,889
				694,052
GERMANY — 2.5%
adidas AG		192		46,435
Allianz SE		180		40,600
BASF SE		306		31,036
Bayer AG		168		18,965
Bayerische Motoren Werke AG		180		19,514
Bayerische Motoren Werke AG Preference Shares		44		4,121
Beiersdorf AG		88		9,959
Brenntag AG		72		4,277
Commerzbank AG (b)		1,336		17,325
Continental AG		128		35,309
Covestro AG (d)		149		14,634
Daimler AG		523		44,362
Deutsche Bank AG		2,032		28,304
Deutsche Boerse AG		24		3,265
Deutsche Lufthansa AG		4		128
Deutsche Post AG		1,136		49,625
Deutsche Telekom AG		1,124		18,316

60

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
E.ON SE		1,563	$	17,339
Fresenius Medical Care AG & Co. KGaA		40		4,082
Fresenius SE & Co. KGaA		84		6,411
Fuchs Petrolub SE Preference Shares		88		4,773
Hannover Rueck SE		48		6,547
HeidelbergCement AG		48		4,710
Henkel AG & Co. KGaA Preference Shares		180		23,654
Henkel AG & Co. KGaA		108		13,588
HUGO BOSS AG		92		8,006
Infineon Technologies AG		374		10,000
KS AG		116		3,344
Lanxess AG		60		4,590
Linde AG (b)		40		8,417
MAN SE		180		20,975
Merck KGaA		48		4,599
METRO AG		338		5,982
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		84		19,510
Porsche Automobil Holding SE Preference Shares		240		19,924
ProSiebenSat.1 Media SE		200		6,931
RWE AG (b)		723		17,837
SAP SE		120		12,540
Siemens AG		204		25,972
Telefonica Deutschland Holding AG		1,288		6,045
ThyssenKrupp AG		148		3,857
TUI AG		1,751		37,532
United Internet AG		120		7,541
Volkswagen AG		64		12,798
Volkswagen AG Preference Shares		208		41,282
				744,961
HONG KONG — 1.9%
AIA Group, Ltd.		1,600		13,537
Bank of East Asia, Ltd.		2,524		10,066
BOC Hong Kong Holdings, Ltd.		4,000		19,469
CK Asset Holdings, Ltd.		1,770		14,851
CK Hutchison Holdings, Ltd.		2,000		23,929
CK Infrastructure Holdings, Ltd.		4,000		32,695
CLP Holdings, Ltd.		8,000		81,444
Hang Seng Bank, Ltd.		4,000		92,555
HK Electric Investments & HK Electric Investments, Ltd. (a) (d)		13,831		13,393
HKT Trust & HKT, Ltd.		15,540		19,543
Hong Kong & China Gas Co., Ltd.		17,193		35,314
Hong Kong Exchanges & Clearing, Ltd.		1,238		40,256
Jardine Matheson Holdings, Ltd.		100		6,162
Jardine Strategic Holdings, Ltd.		400		15,336
Link REIT		4,000		34,147
MTR Corp., Ltd.		8,059		43,333
New World Development Co., Ltd.		4,267		6,024
Power Assets Holdings, Ltd.		4,000		35,651
Sands China, Ltd.		3,200		17,206

Security Description	Shares		Value
Yue Yuen Industrial Holdings, Ltd.		4,000	$	15,876
				570,787
IRELAND — 0.4%
AerCap Holdings NV (b)		398		20,187
Bank of Ireland Group PLC (b)		365		3,192
CRH PLC		177		6,002
James Hardie Industries PLC		434		7,613
Kerry Group PLC Class A		422		42,765
Paddy Power Betfair PLC		76		7,800
Ryanair Holdings PLC ADR (b)		100		12,285
XL Group, Ltd.		128		7,073
				106,917
ISRAEL — 0.4%
Azrieli Group, Ltd.		224		10,725
Bank Hapoalim BM		3,904		26,732
Bank Leumi Le-Israel BM		3,341		20,089
Bezeq The Israeli Telecommunication Corp., Ltd.		4,653		5,937
Check Point Software Technologies, Ltd. (b)		279		27,716
Israel Chemicals, Ltd.		4		17
Mizrahi Tefahot Bank, Ltd.		781		14,911
Nice, Ltd.		62		5,752
Teva Pharmaceutical Industries, Ltd.		607		10,297
				122,176
ITALY — 0.7%
Assicurazioni Generali SpA		801		15,392
Atlantia SpA		152		4,702
Enel SpA		3,728		22,787
Eni SpA		519		9,120
Ferrari NV		104		12,476
Intesa Sanpaolo SpA		4,601		16,713
Luxottica Group SpA		301		18,694
Mediobanca Banca di Credito Finanziario SpA		909		10,674
Snam SpA		8,709		39,983
Telecom Italia SpA/Milano (b)		6,915		6,557
Telecom Italia SpA/Milano		5,376		4,472
UniCredit SpA (b)		1,833		38,296
				199,866
JAPAN — 10.2%
ABC-Mart, Inc.		400		26,178
Aeon Co., Ltd.		400		7,069
Ajinomoto Co., Inc.		800		14,432
ANA Holdings, Inc.		800		30,714
Aozora Bank, Ltd.		400		15,910
Astellas Pharma, Inc.		4,400		66,858
Benesse Holdings, Inc.		400		14,368
Bridgestone Corp.		400		17,407
Canon, Inc.		2,100		76,023
Chubu Electric Power Co., Inc.		400		5,706
Chugai Pharmaceutical Co., Ltd.		400		20,047
Chugoku Electric Power Co., Inc. (a)		400		4,859
Concordia Financial Group, Ltd.		400		2,230
Dai-ichi Life Holdings, Inc.		1,200		21,946

61

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Daiichi Sankyo Co., Ltd.		800	$	26,591
Daito Trust Construction Co., Ltd.		300		50,804
Daiwa House REIT Investment Corp.		6		14,465
Denso Corp.		400		21,747
East Japan Railway Co.		100		9,283
Eisai Co., Ltd.		400		25,523
FUJIFILM Holdings Corp.		400		15,782
Hino Motors, Ltd.		400		5,138
Hitachi Construction Machinery Co., Ltd. (a)		400		15,270
Hitachi, Ltd.		4,000		28,701
Honda Motor Co., Ltd.		800		27,389
Hoya Corp.		400		19,968
Idemitsu Kosan Co., Ltd.		400		15,045
Inpex Corp.		800		9,753
Isetan Mitsukoshi Holdings, Ltd.		400		4,374
Isuzu Motors, Ltd.		400		6,052
ITOCHU Corp. (a)		1,200		23,148
Japan Airlines Co., Ltd.		800		32,263
Japan Exchange Group, Inc.		400		7,391
Japan Post Bank Co., Ltd.		400		5,390
Japan Post Holdings Co., Ltd.		400		4,833
Japan Prime Realty Investment Corp. REIT		4		14,480
Japan Real Estate Investment Corp. REIT		4		20,724
Japan Retail Fund Investment Corp. REIT		12		23,244
Japan Tobacco, Inc.		1,200		34,245
JFE Holdings, Inc.		800		15,928
JTEKT Corp.		400		5,785
JXTG Holdings, Inc.		2,500		14,988
Kajima Corp.		1,000		9,281
Kakaku.com, Inc.		800		13,924
Kansai Electric Power Co., Inc.		400		5,187
Kao Corp.		400		29,834
Kawasaki Heavy Industries, Ltd.		400		12,732
KDDI Corp.		2,800		71,231
Keikyu Corp.		1,000		17,442
Keyence Corp.		100		61,589
Kirin Holdings Co., Ltd.		1,100		29,101
Kobe Steel, Ltd. (b)		400		3,923
Komatsu, Ltd.		400		13,183
Konami Holdings Corp.		300		15,007
Konica Minolta, Inc.		400		3,359
Kubota Corp.		400		6,939
Kyowa Hakko Kirin Co., Ltd.		800		17,204
Kyushu Electric Power Co., Inc.		400		4,799
Kyushu Financial Group, Inc.		400		1,978
Kyushu Railway Co.		657		20,386
Lawson, Inc.		100		6,808
M3, Inc. (a)		400		18,129
Marubeni Corp.		4,000		28,837
Mazda Motor Corp.		400		5,301
McDonald’s Holdings Co. Japan, Ltd.		400		18,843
MEIJI Holdings Co., Ltd.		100		7,645

Security Description	Shares		Value
Mitsubishi Chemical Holdings Corp.		1,200	$	11,509
Mitsubishi Corp.		900		23,911
Mitsubishi Heavy Industries, Ltd.		400		15,267
Mitsubishi Motors Corp. (a)		1,200		8,485
Mitsubishi Tanabe Pharma Corp.		1,200		24,102
Mitsubishi UFJ Financial Group, Inc.		10,800		70,710
Mitsubishi UFJ Lease & Finance Co., Ltd.		400		2,358
Mitsui & Co., Ltd.		1,200		20,423
Mitsui OSK Lines, Ltd.		400		11,227
Mizuho Financial Group, Inc. (a)		20,000		36,013
MS&AD Insurance Group Holdings, Inc.		400		12,322
Nagoya Railroad Co., Ltd.		800		20,265
NGK Spark Plug Co., Ltd.		400		9,512
NH Foods, Ltd.		500		20,428
Nikon Corp.		400		7,142
Nippon Building Fund, Inc. REIT		4		22,116
Nippon Prologis REIT, Inc.		8		17,309
Nippon Steel & Sumitomo Metal Corp.		400		8,681
Nippon Telegraph & Telephone Corp.		1,900		87,577
Nippon Yusen KK		400		7,752
Nissan Motor Co., Ltd. (a)		1,600		16,466
Nissin Foods Holdings Co., Ltd.		400		27,607
Nitori Holdings Co., Ltd.		300		52,144
Nomura Holdings, Inc.		2,000		11,494
Nomura Real Estate Master Fund, Inc.		16		22,221
Nomura Research Institute, Ltd.		800		37,273
NSK, Ltd.		800		10,591
NTT Data Corp.		4,000		41,486
NTT DOCOMO, Inc.		3,668		92,761
Oracle Corp. Japan		400		32,684
Oriental Land Co., Ltd.		400		40,583
ORIX Corp.		400		7,065
Osaka Gas Co., Ltd.		800		15,774
Otsuka Corp.		800		40,320
Otsuka Holdings Co., Ltd.		800		39,816
Panasonic Corp.		1,200		16,965
Park24 Co., Ltd. (a)		400		10,840
Rakuten, Inc.		400		3,283
Recruit Holdings Co., Ltd.		1,198		29,558
Resona Holdings, Inc.		2,000		10,623
Ricoh Co., Ltd.		400		3,900
Sankyo Co., Ltd.		400		13,916
Santen Pharmaceutical Co., Ltd.		500		8,275
SBI Holdings, Inc. (a)		400		9,185
Secom Co., Ltd.		500		36,812
Sekisui House, Ltd.		400		7,267
Seven & i Holdings Co., Ltd.		400		17,046
Shionogi & Co., Ltd. (a)		400		20,630
Showa Shell Sekiyu KK		800		10,764
SoftBank Group Corp.		400		29,360
Sompo Holdings, Inc.		400		15,951

62

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Sony Corp.		400	$	19,220
Subaru Corp.		800		26,245
Sumitomo Corp.		800		13,232
Sumitomo Electric Industries, Ltd.		400		6,042
Sumitomo Mitsui Financial Group, Inc.		1,200		50,223
Sumitomo Mitsui Trust Holdings, Inc.		400		16,184
Suntory Beverage & Food, Ltd.		800		38,740
Suzuken Co., Ltd.		400		16,662
T&D Holdings, Inc.		800		12,589
Taisho Pharmaceutical Holdings Co., Ltd. (a)		400		39,304
Takeda Pharmaceutical Co., Ltd.		789		37,985
Terumo Corp.		400		20,611
Tobu Railway Co., Ltd.		800		24,222
Toho Co., Ltd.		400		13,183
Tohoku Electric Power Co., Inc. (a)		400		5,397
Tokio Marine Holdings, Inc.		400		17,952
Tokyo Electric Power Co. Holdings, Inc. (b)		1,200		4,660
Toshiba Corp. (b)		4,000		11,509
Toyo Suisan Kaisha, Ltd.		400		15,722
Toyota Motor Corp.		1,500		96,502
Toyota Tsusho Corp.		400		13,333
Unicharm Corp.		400		11,468
United Urban Investment Corp. REIT		12		18,753
USS Co., Ltd.		1,200		24,305
Yahoo! Japan Corp. (a)		1,600		7,432
Yamada Denki Co., Ltd. (a)		3,500		21,095
Yamaha Motor Co., Ltd.		400		11,754
Yamato Holdings Co., Ltd.		100		2,491
Yokohama Rubber Co., Ltd.		400		9,155
				3,020,452
LUXEMBOURG — 0.1%
ArcelorMittal (b)		395		12,485
RTL Group SA		132		10,950
SES SA		68		918
Tenaris SA		184		3,157
				27,510
MEXICO — 0.0% (c)
Fresnillo PLC		16		285
NETHERLANDS — 1.0%
Aegon NV		1,257		8,466
Akzo Nobel NV		60		5,663
Altice NV Class A (a) (b)		48		395
ASML Holding NV		382		75,239
EXOR NV		108		7,667
Heineken Holding NV		64		6,588
Heineken NV		64		6,871
ING Groep NV		1,723		29,031
Koninklijke Ahold Delhaize NV		472		11,170
Koninklijke DSM NV		56		5,554
Koninklijke KPN NV		1,340		4,016
Koninklijke Philips NV		232		8,892
NN Group NV		234		10,372

Security Description	Shares		Value
Randstad Holding NV (a)		72	$	4,730
Royal Dutch Shell PLC Class A		1,823		57,117
Royal Dutch Shell PLC Class B		1,599		51,075
				292,846
NEW ZEALAND — 0.1%
Auckland International Airport, Ltd.		4,278		18,887
Ryman Healthcare, Ltd.		2,037		15,562
				34,449
NORWAY — 0.1%
DNB ASA		374		7,248
Norsk Hydro ASA		773		4,524
Statoil ASA		489		11,501
Telenor ASA		180		4,058
Yara International ASA		240		10,122
				37,453
PORTUGAL — 0.0% (c)
EDP - Energias de Portugal SA		905		3,437
Galp Energia SGPS SA		240		4,517
Jeronimo Martins SGPS SA		287		5,226
				13,180
SINGAPORE — 0.7%
Broadcom, Ltd.		36		8,483
CapitaLand Commercial Trust		10,900		15,212
Keppel Corp., Ltd.		1,500		8,888
Oversea-Chinese Banking Corp., Ltd.		4,026		39,361
SATS, Ltd.		4,108		16,071
Singapore Airlines, Ltd.		4,000		33,066
Singapore Press Holdings, Ltd. (a)		8,000		15,374
Singapore Telecommunications, Ltd.		27,042		69,497
StarHub, Ltd. (a)		4,000		7,016
				212,968
SOUTH AFRICA — 0.1%
Investec PLC		220		1,696
Mondi PLC		450		12,089
				13,785
SPAIN — 0.9%
ACS Actividades de Construccion y Servicios SA		107		4,165
Amadeus IT Group SA		727		53,628
Banco Bilbao Vizcaya Argentaria SA		4,174		33,003
Banco de Sabadell SA		1,667		3,405
Banco Santander SA		7,881		51,322
CaixaBank SA		4		19
Endesa SA		603		13,264
Ferrovial SA		203		4,235
Gas Natural SDG SA		4		95
Iberdrola SA		2,487		18,266
Industria de Diseno Textil SA		1,172		36,654
Mapfre SA		750		2,491
Repsol SA		1,212		21,487
Telefonica SA		1,848		18,246
				260,280

63

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SWEDEN — 0.8%
Alfa Laval AB		303	$	7,133
Assa Abloy AB Class B		969		20,867
Atlas Copco AB Class A		719		31,010
Atlas Copco AB Class B		422		16,351
Autoliv, Inc.		40		5,838
Boliden AB		295		10,303
Electrolux AB Class B		168		5,266
Essity AB Class B (b)		144		3,965
Hennes & Mauritz AB Class B (a)		1,188		17,757
Investor AB Class B		731		32,226
Kinnevik AB Class B		310		11,120
Nordea Bank AB		1,472		15,661
Sandvik AB		279		5,079
Skandinaviska Enskilda Banken AB Class A		459		4,792
Skanska AB Class B		418		8,518
SKF AB Class B (a)		430		8,754
Svenska Handelsbanken AB Class A		418		5,201
Swedbank AB Class A		267		5,962
Telefonaktiebolaget LM Ericsson Class B (a)		675		4,265
Telia Co. AB		691		3,235
Volvo AB Class B		430		7,817
				231,120
SWITZERLAND — 4.5%
ABB, Ltd.		438		10,392
Adecco Group AG		204		14,486
Baloise Holding AG		36		5,493
Barry Callebaut AG		4		7,803
Chocoladefabriken Lindt & Spruengli AG		1		6,187
Chocoladefabriken Lindt & Spruengli AG		1		72,577
Cie Financiere Richemont SA		4		358
Credit Suisse Group AG (b)		1,413		23,594
EMS-Chemie Holding AG		52		32,744
Ferguson PLC		275		20,654
Geberit AG		40		17,644
Givaudan SA		16		36,358
Glencore PLC (b)		9,175		45,537
Julius Baer Group, Ltd. (b)		134		8,220
Kuehne + Nagel International AG		326		51,167
LafargeHolcim, Ltd. (b)		220		12,016
Nestle SA		1,762		139,142
Novartis AG		1,168		94,235
Partners Group Holding AG		94		69,695
Roche Holding AG		1,200		274,561
Schindler Holding AG		76		16,349
Schindler Holding AG		124		25,898
SGS SA		4		9,808
Sika AG		4		31,266
Sonova Holding AG		275		43,593
STMicroelectronics NV		208		4,601
Straumann Holding AG		56		35,205
Swatch Group AG		4		334
Swiss Life Holding AG (b)		16		5,686
Swiss Prime Site AG (b)		295		28,480

Security Description	Shares		Value
Swiss Re AG		156	$	15,848
Swisscom AG		136		67,262
TE Connectivity, Ltd.		406		40,559
UBS Group AG (b)		1,603		28,115
Vifor Pharma AG		40		6,151
Zurich Insurance Group AG (b)		52		17,018
				1,319,036
UNITED KINGDOM — 6.1%
3i Group PLC		422		5,085
Admiral Group PLC		255		6,596
Anglo American PLC (a)		1,371		31,945
Ashtead Group PLC		96		2,613
Associated British Foods PLC		84		2,935
AstraZeneca PLC		1,731		118,875
Auto Trader Group PLC (d)		68		334
Aviva PLC		1,344		9,350
Babcock International Group PLC		48		450
BAE Systems PLC		4,343		35,421
Barclays PLC		12,669		36,699
Barratt Developments PLC		208		1,548
Berkeley Group Holdings PLC		168		8,930
BP PLC		7,786		52,345
British American Tobacco PLC ADR		591		34,095
British Land Co. PLC REIT		334		3,008
BT Group PLC		12,797		40,840
Bunzl PLC		346		10,169
Burberry Group PLC		507		12,062
Capita PLC		1,049		2,120
Carnival PLC		104		6,682
Centrica PLC		266		531
CNH Industrial NV		374		4,613
Cobham PLC (b)		837		1,443
Coca-Cola European Partners PLC		259		10,790
Compass Group PLC		3,558		72,646
ConvaTec Group PLC (d)		5,896		16,467
Croda International PLC		152		9,740
Diageo PLC		2,619		88,615
Direct Line Insurance Group PLC		885		4,734
easyJet PLC		61		1,373
Experian PLC		1,029		22,194
Fiat Chrysler Automobiles NV		1,631		33,101
G4S PLC		555		1,932
GKN PLC		2,744		17,822
GlaxoSmithKline PLC		2,185		42,728
Hargreaves Lansdown PLC		291		6,666
HSBC Holdings PLC		8,824		82,365
IMI PLC		4		61
Imperial Brands PLC		1,029		35,019
International Consolidated Airlines Group SA		639		5,517
Intertek Group PLC		220		14,382
ITV PLC		4,263		8,620
J Sainsbury PLC		683		2,288
Johnson Matthey PLC		204		8,705
Kingfisher PLC		5,790		23,757
Land Securities Group PLC REIT		236		3,102
Legal & General Group PLC		7,196		26,024

64

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Liberty Global PLC Class A (b)		124	$	3,882
Liberty Global PLC Series C (b)		180		5,477
Lloyds Banking Group PLC		10,387		9,422
London Stock Exchange Group PLC		200		11,576
Marks & Spencer Group PLC		1,897		7,190
Merlin Entertainments PLC (d)		1,599		7,775
Micro Focus International PLC ADR		197		2,766
National Grid PLC		2,410		27,120
Next PLC		306		20,428
Old Mutual PLC		1,424		4,780
Pearson PLC		212		2,228
Pentair PLC		56		3,815
Persimmon PLC		386		13,699
Prudential PLC		491		12,250
Randgold Resources, Ltd.		442		36,471
Reckitt Benckiser Group PLC		930		78,720
RELX NV		1,360		28,150
RELX PLC		1,528		31,402
Rio Tinto PLC		1,517		76,844
Rio Tinto, Ltd.		318		17,733
Rolls-Royce Holdings PLC (b)		911		11,139
Royal Bank of Scotland Group PLC (b)		3,046		11,058
Royal Mail PLC		3,090		23,442
RSA Insurance Group PLC		559		4,940
Sage Group PLC		1,192		10,688
Schroders PLC		120		5,373
Shire PLC		116		5,810
Sky PLC		1,332		24,244
Smith & Nephew PLC		877		16,375
Smiths Group PLC		442		9,384
SSE PLC		68		1,217
St James’s Place PLC		515		7,849
Standard Chartered PLC		2,728		27,274
Standard Life Aberdeen PLC		1,383		6,978
Taylor Wimpey PLC		3,449		8,931
TechnipFMC PLC		8		233
Tesco PLC		6,794		19,624
Travis Perkins PLC		156		2,700
Unilever NV		1,889		106,565
Unilever PLC		1,456		80,790
Vodafone Group PLC		14,031		38,228
Weir Group PLC		4		112
Whitbread PLC		164		8,512
Wm Morrison Supermarkets PLC		1,368		4,097
WPP PLC		303		4,814
				1,809,442
UNITED STATES — 60.4%
3M Co.		861		189,007
Abbott Laboratories		994		59,560
AbbVie, Inc.		208		19,687
Accenture PLC Class A		1,228		188,498
Activision Blizzard, Inc.		196		13,222
Adobe Systems, Inc. (b)		68		14,693
Advance Auto Parts, Inc.		76		9,010
AES Corp.		295		3,354
Aetna, Inc.		306		51,714

Security Description	Shares		Value
Aflac, Inc.		748	$	32,732
AGCO Corp.		76		4,929
Agilent Technologies, Inc.		72		4,817
AGNC Investment Corp. REIT		1,779		33,659
Air Products & Chemicals, Inc.		102		16,221
Albemarle Corp. (a)		84		7,790
Align Technology, Inc. (b)		100		25,113
Alleghany Corp.		76		46,697
Allergan PLC		32		5,385
Allstate Corp.		750		71,100
Ally Financial, Inc.		386		10,480
Alphabet, Inc. Class A (b)		283		293,511
Alphabet, Inc. Class C (b)		299		308,505
Altria Group, Inc.		3,770		234,946
Amazon.com, Inc. (b)		20		28,947
Ameren Corp.		108		6,116
American Electric Power Co., Inc.		144		9,877
American Express Co.		160		14,925
American International Group, Inc.		379		20,625
American Tower Corp. REIT		75		10,901
American Water Works Co., Inc.		196		16,097
Ameriprise Financial, Inc.		40		5,918
AmerisourceBergen Corp.		68		5,862
Amgen, Inc.		873		148,829
Amphenol Corp. Class A		687		59,171
Anadarko Petroleum Corp.		76		4,591
Analog Devices, Inc.		141		12,849
Andeavor		84		8,447
Annaly Capital Management, Inc. REIT		5,380		56,113
ANSYS, Inc. (b)		298		46,694
Anthem, Inc.		120		26,364
Aon PLC		241		33,820
Apache Corp. (a)		160		6,157
Apple, Inc.		3,872		649,644
Applied Materials, Inc.		1,203		66,899
Aptiv PLC		426		36,197
Arch Capital Group, Ltd. (b)		793		67,873
Archer-Daniels-Midland Co.		283		12,274
Arconic, Inc.		112		2,580
Arrow Electronics, Inc. (b)		76		5,854
Assurant, Inc.		64		5,850
AT&T, Inc.		4,025		143,491
Athene Holding, Ltd. Class A (b)		394		18,837
Automatic Data Processing, Inc.		1,019		115,636
AutoZone, Inc. (b)		44		28,542
AvalonBay Communities, Inc. REIT		303		49,831
Avnet, Inc.		96		4,009
Axis Capital Holdings, Ltd.		483		27,806
Baker Hughes a GE Co.		108		2,999
Ball Corp.		32		1,271
Bank of America Corp.		3,854		115,581
Bank of New York Mellon Corp.		382		19,684
Baxter International, Inc.		797		51,837
BB&T Corp.		232		12,073
Becton Dickinson and Co.		565		122,436
Berkshire Hathaway, Inc. Class B (b)		841		167,763

65

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Best Buy Co., Inc.		378	$	26,456
Biogen, Inc. (b)		322		88,170
BlackRock, Inc.		24		13,001
Boeing Co.		81		26,558
Booking Holdings, Inc. (b)		52		108,180
BorgWarner, Inc.		68		3,416
Boston Scientific Corp. (b)		306		8,360
Brighthouse Financial, Inc. (b)		32		1,645
Bristol-Myers Squibb Co.		2,134		134,976
Brixmor Property Group, Inc. REIT		295		4,499
Broadridge Financial Solutions, Inc.		664		72,834
Brown-Forman Corp. Class B		328		17,843
Bunge, Ltd.		92		6,802
C.H. Robinson Worldwide, Inc.		575		53,883
CA, Inc.		342		11,594
Camden Property Trust REIT		72		6,061
Campbell Soup Co. (a)		603		26,116
Capital One Financial Corp.		236		22,614
Cardinal Health, Inc.		346		21,687
CarMax, Inc. (a) (b)		96		5,946
Carnival Corp.		100		6,558
Caterpillar, Inc.		172		25,349
Cboe Global Markets, Inc.		133		15,175
CBS Corp. Class B		432		22,200
CDK Global, Inc.		216		13,681
Celanese Corp. Series A		68		6,814
CenterPoint Energy, Inc.		188		5,151
CenturyLink, Inc.		208		3,417
Cerner Corp. (b)		398		23,084
CF Industries Holdings, Inc.		299		11,281
Charles Schwab Corp.		156		8,146
Charter Communications, Inc. Class A (b)		164		51,040
Chevron Corp.		603		68,766
Chipotle Mexican Grill, Inc. (a) (b)		52		16,802
Chubb, Ltd.		495		67,701
Church & Dwight Co., Inc.		1,563		78,713
Cigna Corp.		68		11,406
Cimarex Energy Co.		32		2,992
Cincinnati Financial Corp.		398		29,555
Cintas Corp.		132		22,517
Cisco Systems, Inc.		1,889		81,019
CIT Group, Inc.		100		5,150
Citigroup, Inc.		1,364		92,070
Citizens Financial Group, Inc.		271		11,377
Citrix Systems, Inc. (b)		148		13,734
Clorox Co.		611		81,330
CME Group, Inc.		96		15,527
Coca-Cola Co.		2,549		110,703
Cognizant Technology Solutions Corp. Class A		88		7,084
Colgate-Palmolive Co.		411		29,460
Comcast Corp. Class A		2,093		71,518
Comerica, Inc.		92		8,826
Conagra Brands, Inc.		128		4,721
ConocoPhillips		362		21,463
Consolidated Edison, Inc.		1,504		117,222
Constellation Brands, Inc. Class A		100		22,792

Security Description	Shares		Value
Corning, Inc.		370	$	10,316
Costco Wholesale Corp.		633		119,276
Crown Castle International Corp. REIT		475		52,065
CSX Corp.		208		11,588
Cummins, Inc.		172		27,879
CVS Health Corp.		585		36,393
Danaher Corp.		303		29,667
Darden Restaurants, Inc.		88		7,502
DaVita, Inc. (b)		60		3,956
Deere & Co.		108		16,775
Dell Technologies, Inc. Class V (b)		487		35,653
Delta Air Lines, Inc.		108		5,919
Devon Energy Corp.		100		3,179
Discover Financial Services		132		9,495
Discovery Communications, Inc. Class C (b)		88		1,718
DISH Network Corp. Class A (b)		72		2,728
Dollar General Corp.		338		31,620
Dollar Tree, Inc. (b)		216		20,498
Dominion Energy, Inc.		989		66,688
Dover Corp.		48		4,715
DowDuPont, Inc.		346		22,044
Dr. Pepper Snapple Group, Inc.		591		69,963
DTE Energy Co.		64		6,682
Duke Energy Corp.		985		76,308
DXC Technology Co.		92		9,249
Eastman Chemical Co.		160		16,893
Eaton Corp. PLC		96		7,671
Eaton Vance Corp.		128		7,126
eBay, Inc. (b)		575		23,138
Edison International		96		6,111
Edwards Lifesciences Corp. (b)		216		30,136
Eli Lilly & Co.		821		63,521
Emerson Electric Co.		106		7,240
Entergy Corp.		72		5,672
EOG Resources, Inc.		84		8,843
EQT Corp.		52		2,471
Equity Residential REIT		467		28,777
Estee Lauder Cos., Inc. Class A		240		35,933
Everest Re Group, Ltd.		232		59,582
Eversource Energy		291		17,146
Exelon Corp.		303		11,820
Expeditors International of Washington, Inc.		985		62,351
Express Scripts Holding Co. (b)		263		18,168
Exxon Mobil Corp.		2,369		176,751
F5 Networks, Inc. (b)		172		24,873
Facebook, Inc. Class A (b)		242		38,669
Fastenal Co. (a)		295		16,104
Federal Realty Investment Trust REIT		24		2,787
FedEx Corp.		68		16,327
Fidelity National Information Services, Inc.		434		41,794
Fifth Third Bancorp		342		10,859
FirstEnergy Corp.		180		6,122
Fiserv, Inc. (b)		1,198		85,429

66

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
FleetCor Technologies, Inc. (b)		60	$	12,150
Flex, Ltd. (b)		414		6,761
Flowserve Corp.		140		6,066
Fluor Corp.		172		9,842
FNF Group		574		22,971
Ford Motor Co.		2,117		23,456
Fortive Corp.		434		33,644
Franklin Resources, Inc.		406		14,080
Freeport-McMoRan, Inc. (b)		719		12,633
Gap, Inc.		314		9,797
Gartner, Inc. (b)		200		23,524
General Dynamics Corp.		416		91,894
General Electric Co.		2,057		27,728
General Mills, Inc.		1,723		77,638
General Motors Co.		1,001		36,376
Genuine Parts Co.		267		23,987
Gilead Sciences, Inc.		1,767		133,214
Goldman Sachs Group, Inc.		168		42,312
Halliburton Co.		144		6,759
Harris Corp.		241		38,868
Hartford Financial Services Group, Inc.		160		8,243
Hasbro, Inc.		100		8,430
HCA Healthcare, Inc.		84		8,148
HCP, Inc. REIT		104		2,416
Henry Schein, Inc. (a) (b)		592		39,788
Hershey Co.		208		20,584
Hess Corp.		120		6,074
Hewlett Packard Enterprise Co.		1,076		18,873
HollyFrontier Corp.		88		4,300
Home Depot, Inc.		366		65,236
Honeywell International, Inc.		809		116,909
Hormel Foods Corp. (a)		483		16,577
Host Hotels & Resorts, Inc. REIT		196		3,653
HP, Inc.		1,909		41,845
Humana, Inc.		52		13,979
Huntington Ingalls Industries, Inc.		100		25,776
Illinois Tool Works, Inc.		467		73,160
Ingersoll-Rand PLC		72		6,157
Intel Corp.		5,746		299,252
Intercontinental Exchange, Inc.		120		8,702
International Business Machines Corp.		1,367		209,739
International Flavors & Fragrances, Inc.		76		10,405
International Paper Co.		128		6,839
Interpublic Group of Cos., Inc.		398		9,166
Intuit, Inc.		420		72,807
Intuitive Surgical, Inc. (b)		311		128,390
Invesco, Ltd.		116		3,713
J.M. Smucker Co.		196		24,306
Jack Henry & Associates, Inc.		498		60,233
Jacobs Engineering Group, Inc.		76		4,495
JB Hunt Transport Services, Inc.		271		31,748
Johnson & Johnson		4,251		544,766
Johnson Controls International PLC		358		12,616
JPMorgan Chase & Co.		1,345		147,910
Juniper Networks, Inc.		164		3,990

Security Description	Shares		Value
Kellogg Co. (a)		945	$	61,434
KeyCorp		330		6,452
Kimberly-Clark Corp.		864		95,152
Kinder Morgan, Inc.		503		7,575
KLA-Tencor Corp.		68		7,413
Kohl’s Corp.		88		5,765
Kraft Heinz Co.		362		22,549
Kroger Co.		446		10,677
L Brands, Inc.		144		5,502
L3 Technologies, Inc.		169		35,152
Laboratory Corp. of America Holdings (b)		263		42,540
Las Vegas Sands Corp.		487		35,015
Lear Corp.		100		18,609
Leucadia National Corp.		160		3,637
Liberty Broadband Corp. Class C (b)		200		17,138
Liberty Interactive Corp. QVC Group Class A (b)		160		4,027
Liberty Media Corp.-Liberty SiriusXM Class A (b)		132		5,425
Liberty Media Corp.-Liberty SiriusXM Class C (b)		263		10,744
Lincoln National Corp.		88		6,429
Lockheed Martin Corp.		366		123,682
Loews Corp.		108		5,371
Lowe’s Cos., Inc.		1,180		103,545
Lululemon Athletica, Inc. (b)		116		10,338
LyondellBasell Industries NV Class A		579		61,189
M&T Bank Corp.		68		12,536
ManpowerGroup, Inc.		52		5,985
Marathon Oil Corp.		639		10,307
Marathon Petroleum Corp.		467		34,142
Markel Corp. (b)		73		85,428
Marriott International, Inc. Class A		40		5,439
Marsh & McLennan Cos., Inc.		1,017		83,994
Mastercard, Inc. Class A		1,333		233,488
Maxim Integrated Products, Inc.		299		18,006
McCormick & Co., Inc.		679		72,239
McDonald’s Corp.		853		133,392
McKesson Corp.		314		44,233
Medtronic PLC		669		53,667
Merck & Co., Inc.		1,371		74,678
MetLife, Inc.		358		16,429
Mettler-Toledo International, Inc. (b)		36		20,701
MGM Resorts International		164		5,743
Michael Kors Holdings, Ltd. (b)		271		16,824
Micron Technology, Inc. (b)		355		18,510
Microsoft Corp.		6,845		624,743
Molson Coors Brewing Co. Class B		64		4,821
Mondelez International, Inc. Class A		434		18,111
Monsanto Co.		790		92,185
Monster Beverage Corp. (b)		438		25,058
Morgan Stanley		419		22,609
Mosaic Co.		96		2,331
Motorola Solutions, Inc.		415		43,700

67

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Mylan NV (b)		88	$	3,623
National Oilwell Varco, Inc.		499		18,368
NetApp, Inc.		116		7,156
New York Community Bancorp, Inc.		291		3,792
Newell Brands, Inc.		267		6,803
Newmont Mining Corp.		1,265		49,424
News Corp. Class A		251		3,966
NextEra Energy, Inc.		338		55,206
NIKE, Inc. Class B		1,767		117,400
Noble Energy, Inc.		60		1,818
Nordstrom, Inc.		156		7,552
Norfolk Southern Corp.		60		8,147
Northern Trust Corp.		72		7,425
Northrop Grumman Corp.		672		234,609
Nucor Corp.		84		5,132
NVIDIA Corp.		764		176,935
Occidental Petroleum Corp.		603		39,171
Omnicom Group, Inc.		259		18,822
ONEOK, Inc.		64		3,643
Oracle Corp.		817		37,378
O’Reilly Automotive, Inc. (b)		251		62,092
PACCAR, Inc.		72		4,764
Parker-Hannifin Corp.		36		6,157
Paychex, Inc.		1,579		97,251
PayPal Holdings, Inc. (b)		120		9,104
People’s United Financial, Inc.		121		2,258
PepsiCo, Inc.		1,106		120,720
Pfizer, Inc.		2,974		105,547
PG&E Corp.		467		20,515
Philip Morris International, Inc.		251		24,949
Phillips 66		318		30,503
Pioneer Natural Resources Co.		20		3,436
Plains GP Holdings L.P. Class A (b)		148		3,219
PNC Financial Services Group, Inc.		216		32,668
Polaris Industries, Inc. (a)		76		8,704
PPG Industries, Inc.		48		5,357
PPL Corp.		176		4,979
Principal Financial Group, Inc.		88		5,360
Procter & Gamble Co.		3,916		310,461
Progressive Corp.		599		36,497
Prologis, Inc. REIT		108		6,803
Prudential Financial, Inc.		140		14,497
Public Service Enterprise Group, Inc.		144		7,235
Public Storage REIT		410		82,160
PulteGroup, Inc.		216		6,370
QUALCOMM, Inc.		366		20,280
Quest Diagnostics, Inc.		72		7,222
Ralph Lauren Corp.		60		6,708
Raytheon Co.		772		166,613
Realty Income Corp. REIT		398		20,589
Red Hat, Inc. (b)		200		29,902
Regeneron Pharmaceuticals, Inc. (b)		100		34,436
Regions Financial Corp.		539		10,015
Republic Services, Inc.		1,340		88,748
ResMed, Inc.		136		13,392
Robert Half International, Inc.		152		8,799
Rockwell Automation, Inc.		148		25,782

Security Description	Shares		Value
Rockwell Collins, Inc.		152	$	20,497
Ross Stores, Inc.		777		60,590
Royal Caribbean Cruises, Ltd.		76		8,948
SBA Communications Corp. REIT (b)		64		10,939
SCANA Corp.		120		4,506
Schlumberger, Ltd.		442		28,633
Seagate Technology PLC		96		5,618
SEI Investments Co.		156		11,686
Sempra Energy		88		9,787
Sherwin-Williams Co.		84		32,938
Simon Property Group, Inc. REIT		28		4,322
Skyworks Solutions, Inc.		164		16,443
Southern Co.		1,891		84,452
Southwest Airlines Co.		24		1,375
Stanley Black & Decker, Inc.		48		7,354
Starbucks Corp.		2,572		148,893
State Street Corp. (e)		144		14,361
Stericycle, Inc. (b)		20		1,171
Stryker Corp.		383		61,632
SunTrust Banks, Inc.		212		14,424
Symantec Corp.		184		4,756
Synchrony Financial		128		4,292
Synopsys, Inc. (b)		471		39,206
Sysco Corp.		549		32,918
T Rowe Price Group, Inc.		267		28,828
Tapestry, Inc.		382		20,097
Target Corp.		257		17,844
TD Ameritrade Holding Corp.		244		14,452
Texas Instruments, Inc.		1,477		153,446
Textron, Inc.		112		6,605
Thermo Fisher Scientific, Inc.		52		10,736
Tiffany & Co.		116		11,329
Time Warner, Inc.		442		41,804
TJX Cos., Inc.		1,779		145,095
Tractor Supply Co.		156		9,831
Travelers Cos., Inc.		495		68,736
TripAdvisor, Inc. (a)(b)		112		4,580
Twenty-First Century Fox, Inc. Class A		259		9,503
Twenty-First Century Fox, Inc. Class B		515		18,731
Tyson Foods, Inc. Class A		112		8,197
UDR, Inc. REIT		793		28,247
Ulta Salon Cosmetics & Fragrance, Inc. (b)		60		12,256
Under Armour, Inc. Class A (a) (b)		136		2,224
Under Armour, Inc. Class C (a) (b)		136		1,952
Union Pacific Corp.		909		122,197
United Parcel Service, Inc. Class B		543		56,830
United Technologies Corp.		156		19,628
UnitedHealth Group, Inc.		563		120,482
Universal Health Services, Inc. Class B		48		5,684
Unum Group		120		5,713
US Bancorp		750		37,875
Valero Energy Corp.		322		29,872
Varian Medical Systems, Inc. (b)		375		45,994

68

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Ventas, Inc. REIT		41	$	2,031
VeriSign, Inc. (a) (b)		100		11,856
Verisk Analytics, Inc. (b)		200		20,800
Verizon Communications, Inc.		3,255		155,654
VF Corp.		395		29,277
Visa, Inc. Class A		2,620		313,404
VMware, Inc. Class A (a) (b)		398		48,265
Voya Financial, Inc.		112		5,656
W.W. Grainger, Inc.		64		18,065
Wabtec Corp. (a)		88		7,163
Walmart, Inc.		2,600		231,322
Walgreens Boots Alliance, Inc.		176		11,523
Walt Disney Co.		1,917		192,544
Waste Management, Inc.		1,308		110,029
Waters Corp. (b)		84		16,687
WEC Energy Group, Inc.		769		48,216
Wells Fargo & Co.		1,911		100,156
Welltower, Inc. REIT		205		11,158
Western Digital Corp.		60		5,536
Western Union Co.		667		12,826
WestRock Co.		88		5,647
Weyerhaeuser Co. REIT		136		4,760
Whirlpool Corp.		28		4,287
Williams Cos., Inc.		88		2,188
Willis Towers Watson PLC		48		7,305
Worldpay, Inc. Class A (b)		200		16,448
WR Berkley Corp.		551		40,058
Xcel Energy, Inc.		1,344		61,125
Xerox Corp.		121		3,482
Xilinx, Inc.		228		16,471
Yum! Brands, Inc.		112		9,535
Zimmer Biomet Holdings, Inc.		40		4,362
Zoetis, Inc.		32		2,672
				17,922,138
TOTAL COMMON STOCKS (Cost $27,347,281)				29,544,439
SHORT-TERM INVESTMENTS — 1.3%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (f) (g)		14,591		14,591

Security Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)		376,622	$	376,622
TOTAL SHORT-TERM INVESTMENTS (Cost $391,213)				391,213
TOTAL INVESTMENTS — 100.9% (Cost $27,738,494)				29,935,652
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.9)%				(259,700	)
NET ASSETS — 100.0%			$	29,675,952

(a) All or a portion of the shares of the security are on loan at March 31, 2018.

(b) Non-income producing security.

(c) Amount is less than 0.05% of net assets.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.3% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at March 31, 2018.

(h) Investment of cash collateral for securities loaned.

ADR	=American Depositary Receipt
REIT	=Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Argentina		$	17,820		$	—		$	—		$	17,820
Australia			395,510			—			—			395,510
Austria			18,573			—			—			18,573
Belgium			87,712			—			—			87,712
Bermuda			33,242			—			—			33,242

69

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
Canada		$	899,625		$	—		$	—		$	899,625
Chile			1,912			—			—			1,912
Denmark			364,823			—			—			364,823
Finland			91,519			—			—			91,519
France			694,052			—			—			694,052
Germany			744,961			—			—			744,961
Hong Kong			570,787			—			—			570,787
Ireland			106,917			—			—			106,917
Israel			122,176			—			—			122,176
Italy			199,866			—			—			199,866
Japan			3,020,452			—			—			3,020,452
Luxembourg			27,510			—			—			27,510
Mexico			285			—			—			285
Netherlands			292,846			—			—			292,846
New Zealand			34,449			—			—			34,449
Norway			37,453			—			—			37,453
Portugal			13,180			—			—			13,180
Singapore			212,968			—			—			212,968
South Africa			13,785			—			—			13,785
Spain			260,280			—			—			260,280
Sweden			231,120			—			—			231,120
Switzerland			1,319,036			—			—			1,319,036
United Kingdom			1,809,442			—			—			1,809,442
United States			17,922,138			—			—			17,922,138
Short-Term Investments			391,213			—			—			391,213
TOTAL INVESTMENTS		$	29,935,652		$	—		$	—		$	29,935,652

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Corp.		108		$	10,318		$	3,650		$	—		$	—		$	393		367,874,930		$	14,361		$	106		$	—
State Street Institutional U.S. Government Money Market Fund, Class G Shares		4,411,701			4,411,701			565,543			4,962,653			—			—		14,591			14,591			252			—
State Street Navigator Securities Lending Government Money Market Portfolio		24,983			24,983			1,427,994			1,076,355			—			—		376,622			376,622			792			—
Total					$4,447,002			$1,997,187		$	6,039,008		$	—		$	393				$	405,574		$	1,150		$	—

70

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
BRAZIL — 8.5%
Ambev SA ADR		1,647,853	$	11,979,891
Anima Holding SA		8,470		64,501
B2W Cia Digital (a)		25,448		196,319
B3 SA - Brasil Bolsa Balcao		647,263		5,197,812
Banco Bradesco SA Preference Shares ADR		1,405,188		16,693,633
Banco Bradesco SA		25,200		291,685
Banco do Brasil SA		304,999		3,765,227
Banco Pan SA Preference Shares (a)		115,297		66,259
Banco Pan SA (a)		13,746		7,900
Banco Santander Brasil SA		5,972		71,712
BB Seguridade Participacoes SA		202,325		1,781,819
BR Malls Participacoes SA		376,423		1,319,451
Bradespar SA Preference Shares		168,499		1,596,472
Brasil Brokers Participacoes SA (a)		35,315		5,313
Braskem SA Preference Shares ADR		65,191		1,889,887
BRF SA ADR (a) (b)		185,473		1,283,473
CCR SA		181,755		683,577
Centrais Eletricas Brasileiras SA ADR (a) (b)		208,798		1,325,867
Cia Brasileira de Distribuicao ADR (b)		82,430		1,665,086
Cia de Saneamento Basico do Estado de Sao Paulo		265,309		2,793,903
Cia Energetica de Minas Gerais ADR (b)		465,756		1,201,650
Cia Energetica de Sao Paulo Class B, Preference Shares		16,303		77,503
Cia Hering		13,774		85,538
Cia Siderurgica Nacional SA ADR (a) (b)		533,872		1,404,083
Cielo SA		376,026		2,340,829
Construtora Tenda SA (a)		730		5,788
Cosan Logistica SA (a)		14,759		44,629
Cosan SA Industria e Comercio		66,587		831,636
Cyrela Brazil Realty SA Empreendimentos e Participacoes		187,665		863,340
Duratex SA		143,386		511,230
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		9,260		49,760
Embraer SA		286,647		1,858,600
Engie Brasil Energia SA		23,842		280,916
Estacio Participacoes SA		80,677		848,861
Eternit SA (a)		37,424		9,571
Fibria Celulose SA ADR		102,699		2,002,631
Gafisa SA (a)		2,958		9,078
Gerdau SA ADR (b)		397,579		1,852,718
Hypera SA		16,503		179,549
Itau Unibanco Holding SA Preference Shares ADR		1,268,749		19,792,484
Itausa - Investimentos Itau SA Preference Shares		1,707,925		7,086,378
Itausa - Investimentos Itau SA		157,928		665,240

Security Description	Shares		Value
Itausa - Investimentos Itau SA (a)		3,518	$	14,819
Itausa - Investimentos Itau SA (a)		38,048		157,866
JBS SA		132,414		372,509
Kepler Weber SA (a)		5,535		20,184
Klabin SA		54,529		339,617
Kroton Educacional SA		399,965		1,636,636
Log-in Logistica Intermodal SA (a)		4,554		4,714
Lojas Americanas SA Preference Shares		329,949		1,870,333
Lojas Renner SA		545,696		5,639,866
Magnesita Refratarios SA		17,519		306,778
Marcopolo SA Preference Shares		128,598		150,900
Metalurgica Gerdau SA Preference Shares		529,543		1,137,603
Mills Estruturas e Servicos de Engenharia SA (a)		20,498		19,982
MMX Mineracao e Metalicos SA (a)		6,509		5,621
MRV Engenharia e Participacoes SA		31,303		153,049
Natura Cosmeticos SA		102,615		987,989
Oi SA ADR (a)		893		5,296
PDG Realty SA Empreendimentos e Participacoes (a)		5,472		2,634
Petroleo Brasileiro SA Preference Shares ADR (a)		798,594		10,373,736
Petroleo Brasileiro SA ADR (a)		355,706		5,029,683
Profarma Distribuidora de Produtos Farmaceuticos SA (a)		9,317		16,848
Prumo Logistica SA (a)		336		1,152
Qualicorp SA		28,806		193,103
Raia Drogasil SA		22,171		498,974
Restoque Comercio e Confeccoes de Roupas SA (a)		4,662		43,904
Rodobens Negocios Imobiliarios SA (a)		24,618		45,850
Rossi Residencial SA (a)		38,339		75,441
Rumo SA (a)		20,962		82,937
Suzano Papel e Celulose SA		27,424		275,263
T4F Entretenimento SA		50,065		159,673
Telefonica Brasil SA ADR		73,780		1,133,261
Telefonica Brasil SA Preference Shares		240,613		3,648,723
Tim Participacoes SA ADR		82,670		1,791,459
TOTVS SA		19,522		169,223
Ultrapar Participacoes SA		97,984		2,090,813
Usinas Siderurgicas de Minas Gerais SA ADR (a) (b)		286,276		930,397
Vale SA ADR (b)		693,490		8,821,193
WEG SA		433,061		2,946,055
				145,835,883

71

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
CHILE — 1.8%
AntarChile SA		117,260	$	2,148,726
Empresas COPEC SA		274,679		4,314,385
Empresas Iansa SA		1,897,298		56,583
Enel Americas SA ADR		256,803		2,984,051
Enel Chile SA ADR		235,950		1,510,080
Enel Generacion Chile SA ADR		61,396		1,460,611
Enjoy SA (a)		1,133,963		113,253
Latam Airlines Group SA ADR (b)		182,596		2,810,152
Multiexport Foods SA		1,191,589		552,790
Parque Arauco SA		1,850,520		5,578,249
SACI Falabella		683,937		6,598,743
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares		8,101		394,564
Vina Concha y Toro SA ADR (b)		40,346		1,714,705
				30,236,892
CHINA — 31.5%
21Vianet Group, Inc. ADR (a)		4,792		33,209
3SBio, Inc. (a) (b) (c)		218,000		491,092
500.com, Ltd. Class A, ADR (a) (b)		2,656		45,577
58.com, Inc. ADR (a)		6,244		498,646
AAC Technologies Holdings, Inc.		406,492		7,333,979
Agile Group Holdings, Ltd.		1,642,999		3,395,569
Agricultural Bank of China, Ltd. Class H		7,966,000		4,526,886
Air China, Ltd. Class H		903,744		1,151,516
Alibaba Group Holding, Ltd. ADR (a) (b)		349,873		64,215,690
Aluminum Corp. of China, Ltd. Class H (a) (b)		2,508,000		1,390,085
Angang Steel Co., Ltd. Class H (b)		734,640		702,037
Anhui Conch Cement Co., Ltd. Class H		847,135		4,614,378
Anhui Expressway Co., Ltd. Class H		8,000		6,116
ANTA Sports Products, Ltd.		365,000		1,841,673
Anton Oilfield Services Group (a) (b)		130,000		16,067
Autohome, Inc. ADR		10,109		868,767
AVIC International Holding HK, Ltd. (a) (b)		1,414,527		59,477
AVIC International Holdings, Ltd. Class H (b)		730,000		497,624
AviChina Industry & Technology Co., Ltd. Class H (b)		816,000		574,963
BAIC Motor Corp., Ltd. Class H (c)		6,500		7,967
Baidu, Inc. ADR (a)		91,225		20,360,508
BAIOO Family Interactive, Ltd. (c)		894,000		53,538
Bank of China, Ltd. Class H		23,004,900		12,369,644

Security Description	Shares		Value
Bank of Communications Co., Ltd. Class H		6,573,864	$	5,151,340
BBMG Corp. Class H (b)		366,000		165,085
Beijing Capital International Airport Co., Ltd. Class H		1,620,000		2,175,605
Beijing Capital Land, Ltd. Class H		28,000		17,053
Beijing Enterprises Clean Energy Group, Ltd. (a)		7,554,856		245,466
Beijing Enterprises Holdings, Ltd.		213,500		1,115,337
Beijing Enterprises Water Group, Ltd.		1,644,000		917,488
Beijing Jingneng Clean Energy Co., Ltd. Class H		136,000		33,098
Bitauto Holdings, Ltd. ADR (a) (b)		6,120		129,438
BOE Technology Group Co., Ltd. Class B		243,000		137,781
Boer Power Holdings, Ltd. (a)		7,000		1,391
Boyaa Interactive International, Ltd. (a)		64,000		24,790
Brilliance China Automotive Holdings, Ltd.		902,000		1,882,543
Byd Co., Ltd. Class H (b)		215,000		1,676,541
BYD Electronic International Co., Ltd. (b)		213,500		400,433
C.banner International Holdings, Ltd. (a)		12,000		3,930
Cabbeen Fashion, Ltd.		376,000		104,920
CAR, Inc. (a)		367,000		330,138
CGN Meiya Power Holdings Co., Ltd. (a) (c)		24,000		3,242
CGN Mining Co., Ltd.		325,000		20,705
CGN PowerCo.,Ltd.Class H (b) (c)		3,062,000		792,001
Changyou.com, Ltd. ADR (a)		2,136		59,573
Chanjet Information Technology Co., Ltd. Class H (a)		2,600		4,923
Chaowei Power Holdings, Ltd. (b)		75,000		40,518
Cheetah Mobile, Inc. ADR (a) (b)		3,464		46,314
China Aerospace International Holdings, Ltd.		740,000		80,145
China Agri-Industries Holdings, Ltd.		436,000		191,659
China Aircraft Leasing Group Holdings, Ltd.		6,500		6,849
China Aoyuan Property Group, Ltd. (b)		374,000		343,583
China Biologic Products Holdings, Inc. (a) (b)		5,119		414,639
China Chengtong Development Group, Ltd. (a) (b)		1,640,000		79,406
China Child Care Corp., Ltd. (a)		443,000		9,031
China Cinda Asset Management Co., Ltd. Class H		3,708,000		1,346,508

72

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares			Value
China CITIC Bank Corp., Ltd. Class H		3,525,000		$	2,407,400
China Coal Energy Co., Ltd. Class H		2,220,000			888,192
China Communications Construction Co., Ltd. Class H		1,701,241			1,747,130
China Communications Services Corp., Ltd. Class H		152,000			90,832
China Conch Venture Holdings, Ltd.		450,700			1,375,363
China Construction Bank Corp. Class H		30,770,280			31,600,277
China Datang Corp. Renewable Power Co., Ltd. Class H		510,000			68,881
China Distance Education Holdings, Ltd. ADR		3,984			32,549
China Dongxiang Group Co., Ltd.		370,000			64,587
China Eastern Airlines Corp., Ltd. Class H		144,000			104,583
China Electronics Corp. Holdings Co., Ltd.		134,000			19,635
China Energine International Holdings, Ltd. (a)		864,000			37,980
China Everbright International, Ltd.		874,000			1,224,979
China Everbright, Ltd.		24,000			50,273
China Evergrande Group (a) (b)		1,321,000			4,157,423
China Fangda Group Co., Ltd. Class B		641,500			404,600
China Financial Services Holdings, Ltd.		758,000	��		63,744
China Foods, Ltd.		16,000			7,360
China Galaxy Securities Co., Ltd. Class H		889,900			591,883
China Hanking Holdings, Ltd.		379,000			50,705
China Harmony New Energy Auto Holding, Ltd. (a) (b)		7,000			4,486
China Hongqiao Group, Ltd. (b)		24,500			26,753
China Huarong Energy Co., Ltd. (a)		128,400			3,926
China Huishan Dairy Holdings Co., Ltd. (a) (b) (d)		310,600			—
China Huiyuan Juice Group, Ltd. (a)		188,500			48,516
China International Marine Containers Group Co., Ltd. Class H		51,700			80,630
China Lesso Group Holdings, Ltd.		365,000			277,646
China Life Insurance Co., Ltd. Class H		2,369,260			6,520,650
China Lodging Group, Ltd. ADR		6,120			806,065
China Longyuan Power Group Corp., Ltd. Class H		817,000			626,676
China Machinery Engineering Corp. Class H		14,000			7,421

Security Description	Shares		Value
China Medical System Holdings, Ltd.		451,000	$	1,024,021
China Mengniu Dairy Co., Ltd.		1,320,620		4,526,417
China Merchants Bank Co., Ltd. Class H		1,559,923		6,390,113
China Merchants China Direct Investments, Ltd.		4,000		6,636
China Merchants Port Holdings Co., Ltd.		761,281		1,678,091
China Minsheng Banking Corp., Ltd. Class H (b)		1,933,900		1,880,109
China Mobile, Ltd.		1,773,366		16,257,493
China Modern Dairy Holdings, Ltd. (a) (b)		6,000		1,024
China Molybdenum Co., Ltd. Class H		222,000		167,455
China National Accord Medicines Corp., Ltd. Class B		7,100		32,568
China National Building Material Co., Ltd. Class H (b)		732,000		794,649
China National Materials Co., Ltd. Class H		374,000		341,200
China Oilfield Services, Ltd. Class H		897,723		925,370
China Overseas Grand Oceans Group, Ltd.		109,500		53,018
China Overseas Land & Investment, Ltd.		1,779,200		6,177,542
China Overseas Property Holdings, Ltd. (b)		62,066		19,375
China Pacific Insurance Group Co., Ltd. Class H		787,200		3,525,614
China Petroleum & Chemical Corp. Class H		8,859,200		7,777,466
China Power Clean Energy Development Co., Ltd.		34,246		18,632
China Power International Development, Ltd.		2,220,000		571,385
China Railway Construction Corp., Ltd. Class H		854,990		856,265
China Railway Group, Ltd. Class H		1,787,487		1,238,985
China Rare Earth Holdings, Ltd. (a)		745,200		44,152
China Resources Beer Holdings Co., Ltd.		754,625		3,269,147
China Resources Gas Group, Ltd.		44,000		152,772
China Resources Land, Ltd.		914,222		3,325,693
China Resources Power Holdings Co., Ltd.		894,432		1,631,980
China Sanjiang Fine Chemicals Co., Ltd.		73,000		29,857
China Shenhua Energy Co., Ltd. Class H		1,547,056		3,843,838
China Singyes Solar Technologies Holdings, Ltd. (b)		9,600		3,511

73

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
China South City Holdings, Ltd. (b)		742,000	$	167,341
China Southern Airlines Co., Ltd. Class H		732,000		755,476
China State Construction International Holdings, Ltd.		159,250		194,388
China Taiping Insurance Holdings Co., Ltd.		354,435		1,171,921
China Telecom Corp., Ltd. Class H		6,069,615		2,675,849
China Travel International Investment Hong Kong, Ltd.		2,518,000		891,918
China Unicom Hong Kong, Ltd. (a)		1,781,668		2,247,431
China Vanke Co., Ltd. Class H		347,500		1,585,120
China Yurun Food Group, Ltd. (a)		12,000		1,605
China ZhengTong Auto Services Holdings, Ltd. (b)		38,000		27,598
ChinaCache International Holdings, Ltd. ADR (a)		6,120		6,548
Chinasoft International, Ltd. (a) (b)		142,000		127,375
Chlitina Holding, Ltd.		2,000		13,410
Chong Sing Holdings FinTech Gr (a) (b)		1,681,618		220,693
Chongqing Changan Automobile Co., Ltd. Class B		344,000		344,075
Chongqing Machinery & Electric Co., Ltd. Class H		138,000		13,539
CIFI Holdings Group Co., Ltd.		26,000		22,693
CIMC Enric Holdings, Ltd. (a)		10,000		9,582
CITIC Resources Holdings, Ltd. (b)		738,000		82,749
CITIC Securities Co., Ltd. Class H		476,000		1,089,275
CITIC Telecom International Holdings, Ltd.		368,000		106,438
CITIC, Ltd.		2,143,000		2,998,119
CNOOC, Ltd.		5,807,603		8,554,195
Cogobuy Group (b) (c)		64,000		32,455
Colour Life Services Group Co., Ltd.		69,000		64,795
Comtec Solar Systems Group, Ltd. (a)		872,000		25,221
Coolpad Group, Ltd. (a) (d)		253,600		11,633
COSCO SHIPPING Development Co., Ltd. Class H (a) (b)		2,658,117		494,483
COSCO SHIPPING Energy Transportation Co., Ltd. Class H		872,000		448,872
COSCO SHIPPING Holdings Co., Ltd. Class H (a) (b)		1,334,925		661,654
COSCO SHIPPING Ports, Ltd. .		898,086		755,242
Cosmo Lady China Holdings Co., Ltd. (c)		71,000		38,448
Country Garden Holdings Co., Ltd.		1,829,466		3,766,952

Security Description		Shares		Value
CRRC Corp., Ltd. Class H			1,325,000	$	1,129,448
CSG Holding Co., Ltd. Class B			28,300		16,226
Ctrip.com International, Ltd. ADR (a)			108,040		5,036,825
Daqo New Energy Corp. ADR (a)			3,984		195,017
Datang International Power Generation Co., Ltd. Class H (a)			2,664,000		797,676
Dazhong Transportation Group Co., Ltd. Class B			479,150		294,198
Dongfang Electric Corp., Ltd. Class H (a)			88,800		69,132
Dongfeng Motor Group Co., Ltd. Class H			1,772,000		2,056,868
E-Commodities Holdings, Ltd.			6,500		613
Fang Holdings, Ltd. ADR (a) (b)			55,912		287,388
Fanhua, Inc. ADR (b)			12,765		344,910
Fantasia Holdings Group Co., Ltd.			549,000		106,326
Far East Horizon, Ltd.			809,000		855,561
Fufeng Group, Ltd.	��		71,000		42,066
Future Land Holdings Co., Ltd. Class A			59,871		332,864
Geely Automobile Holdings, Ltd.			612,000		1,762,318
GF Securities Co., Ltd. Class H			530,000		973,791
Global Bio-Chem Technology Group Co., Ltd. (a)			914,000		11,413
Goldpac Group, Ltd.			64,000		19,408
GOME Retail Holdings, Ltd. (b)			3,479,000		376,789
Goodbaby International Holdings, Ltd.			67,000		45,758
Grand Baoxin Auto Group, Ltd. (a)			3,158		1,324
Great Wall Motor Co., Ltd. Class H (b)			1,097,250		1,100,284
Greatview Aseptic Packaging Co., Ltd.			10,000		6,728
Greentown China Holdings, Ltd. (b)			216,500		292,959
Guangdong Electric Power Development Co., Ltd. Class B			653,340		257,230
Guangdong Investment, Ltd.			1,778,000		2,795,576
Guangshen Railway Co., Ltd. Class H (b)			1,776,000		1,049,990
Guangzhou Automobile Group Co., Ltd. Class H			908,636		1,674,105
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H			6,000		18,501
Guangzhou R&F Properties Co., Ltd. Class H			856,800		2,137,551
Guodian Technology & Environment Group Corp., Ltd. Class H (a)			73,000		4,651
Guotai Junan International Holdings, Ltd. (b)			512,000		147,436

74

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Haichang Ocean Park Holdings, Ltd. (a) (c)		374,000	$	95,307
Haitian International Holdings, Ltd.		5,000		15,163
Haitong Securities Co., Ltd. Class H		856,800		1,133,186
Hangzhou Steam Turbine Co., Ltd. Class B (a)		126,900		122,077
Harbin Electric Co., Ltd. Class H		732,000		256,489
Health and Happiness H&H International Holdings, Ltd. (a)		5,000		38,066
Hengan International Group Co., Ltd.		224,000		2,074,946
HNA Infrastructure Co., Ltd. Class H		65,000		69,569
Honghua Group, Ltd. (a)		14,000		1,463
Honworld Group, Ltd. (b) (c)		35,000		15,876
Hopson Development Holdings, Ltd.		26,000		29,683
Hua Hong Semiconductor, Ltd. (c)		7,000		13,860
Huadian Fuxin Energy Corp., Ltd. Class H		128,000		32,782
Huadian Power International Corp., Ltd. Class H		1,021,308		392,996
Huaneng Power International, Inc. Class H		1,776,000		1,192,554
Huaneng Renewables Corp., Ltd. Class H		884,000		330,023
Huangshan Tourism Development Co., Ltd. Class B		309,332		389,758
Huatai Securities Co., Ltd. Class H (c)		250,200		481,381
Industrial & Commercial Bank of China, Ltd. Class H		24,794,590		21,261,622
Inner Mongolia Yitai Coal Co., Ltd. Class B		172,436		230,202
JA Solar Holdings Co., Ltd. ADR (a) (b)		7,451		48,879
JD.com, Inc. ADR (a)		271,935		11,010,648
Jiangnan Group, Ltd.		134,000		8,281
Jiangsu Expressway Co., Ltd. Class H		1,022,000		1,445,434
Jiangxi Copper Co., Ltd. Class H		446,000		636,469
JinkoSolar Holding Co., Ltd. ADR (a) (b)		4,792		87,454
Joy City Property, Ltd.		908,000		145,774
Jumei International Holding, Ltd. ADR (a) (b)		2,656		7,702
Kama Co., Ltd. Class B (a)		30,600		24,021
Kingdee International Software Group Co., Ltd. (a) (b)		746,000		750,914
Kingsoft Corp., Ltd.		75,000		237,950
Konka Group Co., Ltd. Class B (a)		4,761,600		1,989,991

Security Description	Shares		Value
Kunlun Energy Co., Ltd.		2,508,000	$	2,163,419
KWG Property Holding, Ltd.		455,168		620,554
Lao Feng Xiang Co., Ltd. Class B		48,530		175,921
Lenovo Group, Ltd. (b)		3,396,000		1,735,148
Li Ning Co., Ltd. (a)		660,333		676,462
Lianhua Supermarket Holdings Co., Ltd. Class H (a)		13,000		3,959
Lifetech Scientific Corp. (a) (b)		730,000		212,071
Link Motion, Inc. ADR (a) (b)		12,253		20,340
Livzon Pharmaceutical Group, Inc. Class H		40,666		327,471
Luye Pharma Group, Ltd. (b)		218,000		208,603
Maanshan Iron & Steel Co., Ltd. Class H (a)		1,620,000		693,552
Metallurgical Corp. of China, Ltd. Class H		446,000		127,294
Minth Group, Ltd.		34,000		154,874
MOBI Development Co., Ltd.		516,000		69,034
Momo, Inc. ADR (a)		5,312		198,563
National Agricultural Holdings, Ltd. (a) (b) (d)		72,000		5,459
NetEase, Inc. ADR		31,298		8,775,646
New China Life Insurance Co., Ltd. Class H		220,100		1,025,019
New Oriental Education & Technology Group, Inc. ADR		37,457		3,283,106
Noah Holdings, Ltd. ADS (a)		3,984		188,085
Ourgame International Holdings, Ltd. (a) (b)		65,000		17,144
Ozner Water International Holding, Ltd. (a) (b) (c)		371,000		99,270
Pacific Online, Ltd.		64,000		9,133
Parkson Retail Group, Ltd. (a)		626,634		72,657
People’s Insurance Co. Group of China, Ltd. Class H		1,705,000		797,287
PetroChina Co., Ltd. Class H		7,028,970		4,827,306
PICC Property & Casualty Co., Ltd. Class H		2,515,506		4,403,890
Ping An Insurance Group Co. of China, Ltd. Class H		1,551,000		15,770,269
Poly Culture Group Corp., Ltd. Class H (b)		7,200		12,770
Poly Property Group Co., Ltd. (a)		378,000		185,910
PW Medtech Group, Ltd. (a)		68,000		11,177
ReneSola, Ltd. ADR (a) (b)		11,108		28,325
Renhe Commercial Holdings Co., Ltd. (a) (b)		5,165,000		100,690
Semiconductor Manufacturing International Corp. (a) (b)		858,400		1,122,177
Shandong Airlines Co., Ltd. Class B		5,800		10,915
Shandong Chenming Paper Holdings, Ltd. Class B		83,400		138,145
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		272,000		181,257

75

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Shanghai Baosight Software Co., Ltd. Class B		28,300	$	50,912
Shanghai Electric Group Co., Ltd. Class H (a) (b)		1,794,077		621,777
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		33,500		205,739
Shanghai Fudan Microelectronics Group Co., Ltd. Class H (a)		16,000		13,394
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H		8,000		3,823
Shanghai Greencourt Investment Group Co., Ltd. Class B (a)		216,848		119,266
Shanghai Huayi Group Corp., Ltd. Class B		200		185
Shanghai Industrial Urban Development Group, Ltd.		26,000		5,930
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		28,000		11,452
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		257,082		311,326
Shanghai Jinjiang International Travel Co., Ltd. Class B		6,000		15,480
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		322,766		417,014
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		171,740		244,901
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		88,900		237,873
Shanghai Prime Machinery Co., Ltd. Class H		136,000		24,607
Shengjing Bank Co., Ltd. Class H (c)		215,300		160,756
Shenwan Hongyuan HK, Ltd.		10,000		3,071
Shenzhen Expressway Co., Ltd. Class H		860,482		876,018
Shenzhen International Holdings, Ltd.		222,865		487,854
Shenzhen Investment, Ltd. (b)		765,099		324,628
Shenzhou International Group Holdings, Ltd.		64,000		673,980
Shougang Concord International Enterprises Co., Ltd. (a) (b)		1,456,000		40,443
Shunfeng International Clean Energy, Ltd. (a)		138,000		5,275
Silver Grant International Industries, Ltd. (a)		142,000		29,854
SINA Corp. (a)		26,365		2,749,079
Sinofert Holdings, Ltd. (a) (b)		130,000		16,564
SinoMedia Holding, Ltd. (a) (b)		65,000		17,392
Sino-Ocean Group Holding, Ltd.		1,762,480		1,277,794
Sinopec Oilfield Service Corp. Class H (a) (b)		148,000		22,252
Sinopec Shanghai Petrochemical Co., Ltd. Class H		1,774,600		1,078,557

Security Description	Shares		Value
Sinopharm Group Co., Ltd. Class H		326,800	$	1,636,436
Sinosoft Technology Group, Ltd. (b)		366,600		123,784
Sinotrans, Ltd. Class H		2,144,300		1,177,571
Sinovac Biotech, Ltd. (a)		36,152		311,269
SITC International Holdings Co., Ltd.		69,000		68,575
SOHO China, Ltd.		189,000		98,976
SPT Energy Group, Inc. (a)		20,000		2,013
Sunac China Holdings, Ltd. (b)		444,000		1,714,155
Sunny Optical Technology Group Co., Ltd.		134,000		2,473,988
Synertone Communication Corp. (a)		54,400		582
TCL Multimedia Technology Holdings, Ltd.		52,000		24,250
Tencent Holdings, Ltd.		1,806,167		94,263,217
Tian Ge Interactive Holdings, Ltd. (b) (c)		70,000		58,955
Tiangong International Co., Ltd.		138,000		23,913
Tianneng Power International, Ltd.		130,000		153,880
Tingyi Cayman Islands Holding Corp.		1,024,000		2,124,119
Tong Ren Tang Technologies Co., Ltd. Class H		10,000		16,666
TravelSky Technology, Ltd. Class H		885,841		2,567,802
Trigiant Group, Ltd.		22,000		3,308
Uni-President China Holdings, Ltd.		72,000		62,291
Universal Health International Group Holding, Ltd. (a)		69,000		1,372
Universal Medical Financial & Technical Advisory Services Co., Ltd. (b) (c)		225,600		196,616
V1 Group, Ltd. (a)		1,630,200		45,697
Vipshop Holdings, Ltd. ADR (a)		92,277		1,533,644
Want Want China Holdings, Ltd. (b)		2,588,000		2,074,146
Weibo Corp. ADR		2,592		309,848
West China Cement, Ltd. (a)		750,000		142,388
Wisdom Sports Group (b)		75,000		7,549
Xiamen International Port Co., Ltd. Class H		26,000		4,737
Xinchen China Power Holdings, Ltd. (a)		369,000		44,666
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (b)		16,260		26,063
Xinyi Solar Holdings, Ltd.		882,000		356,248
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (c)		6,500		30,064
Yanzhou Coal Mining Co., Ltd. Class H		1,620,000		2,064,141
Yestar Healthcare Holdings Co., Ltd. (b)		22,500		7,827

76

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Yingli Green Energy Holding Co., Ltd. ADR (a) (b)		6,623	$	11,127
Yuexiu Property Co., Ltd.		3,396,000		800,505
Yuexiu Transport Infrastructure, Ltd. (b)		1,258		968
Yum China Holdings, Inc.		23,535		976,703
YY, Inc. ADR (a)		7,966		838,023
Zhaojin Mining Industry Co., Ltd. Class H (b)		36,500		28,695
Zhejiang Expressway Co., Ltd. Class H		1,643,862		1,677,731
Zhuzhou CRRC Times Electric Co., Ltd. Class H		217,800		1,054,547
Zijin Mining Group Co., Ltd. Class H (b)		2,577,000		1,152,513
ZTE Corp. Class H (a) (b)		445,327		1,449,754
				541,621,967
COLOMBIA — 0.5%
Almacenes Exito SA		46,509		274,415
Avianca Holdings SA Preference Shares		697,012		746,148
Banco Davivienda SA Preference Shares		78,382		845,249
Banco de Bogota SA		24,305		591,026
Bancolombia SA ADR		26,348		1,107,143
Bancolombia SA		72,786		787,510
Bolsa de Valores de Colombia		44,768,079		363,838
Celsia SA ESP		40,616		65,655
Cementos Argos SA		49,162		170,556
Cementos Argos SA Preference Shares		58,901		177,772
Cemex Latam Holdings SA (a)		14,728		46,930
Constructora Conconcreto SA		108,336		37,507
Corp. Financiera Colombiana SA		24,369		207,648
Ecopetrol SA		700,843		656,154
Empresa de Telecomunicaciones de Bogota (a)		1,292,876		185,153
Grupo Argos SA Preference Shares		79,320		465,736
Grupo Argos SA		18,023		121,440
Grupo Aval Acciones y Valores SA		1,764,739		732,912
Grupo de Inversiones Suramericana SA Preference Shares		28,752		366,464
Grupo de Inversiones Suramericana SA		28,568		381,302
Grupo Nutresa SA		26,192		243,625
Interconexion Electrica SA ESP		106,183		506,376
				9,080,559
CZECH REPUBLIC — 0.3%
CEZ A/S		95,604		2,380,756
Komercni banka A/S		50,545		2,304,323
UNIPETROL A/S		3,565		65,287
				4,750,366

Security Description	Shares		Value
EGYPT — 0.3%
Commercial International Bank Egypt SAE		908,771	$	4,588,185
Egypt Kuwait Holding Co. SAE		355,362		355,362
Egyptian Financial Group-Hermes Holding Co.		434,601		634,522
Global Telecom Holding SAE (a)		462,109		172,210
Orascom Telecom Media And Technology Holding SAE		100,088		4,939
				5,755,218
GREECE — 0.2%
Alpha Bank AE (a)		16,742		35,621
Diana Shipping, Inc. (a)		16,283		59,596
Ellaktor SA (a)		354		682
Eurobank Ergasias SA (a)		12,195		11,511
FF Group (a)		5,237		102,021
Fourlis Holdings SA (a)		176		1,221
Frigoglass SAIC (a)		99		20
GEK Terna Holding Real Estate Construction SA (a)		665		3,999
Grivalia Properties REIC AE REIT		30,955		336,920
Hellenic Exchanges - Athens Stock Exchange SA		58,651		335,413
Hellenic Telecommunications Organization SA		49,016		661,900
Holding Co. ADMIE IPTO SA (a)		5,208		11,273
Intralot SA-Integrated Lottery Systems & Services (a)		126,041		178,263
JUMBO SA		20,172		359,724
Marfin Investment Group Holdings SA (a)		8,445		1,869
Mytilineos Holdings SA (a)		181		1,937
National Bank of Greece SA (a)		4,078		1,310
OPAP SA		60,438		690,523
Piraeus Bank SA (a)		49		155
Public Power Corp. SA (a)		16,236		51,637
Terna Energy SA		215		1,317
Titan Cement Co. SA		9,800		242,858
				3,089,770
HONG KONG — 1.2%
AGTech Holdings, Ltd. (a) (b)		56,000		6,636
Alibaba Pictures Group, Ltd. (a) (b)		4,312,400		560,459
AMVIG Holdings, Ltd.		130,000		35,613
Asian Citrus Holdings, Ltd. (a) (d)		51,000		1,949
Bosideng International Holdings, Ltd.		736,000		72,209
Carnival Group International Holdings, Ltd. (a) (b)		680,000		31,191
Chia Tai Enterprises International, Ltd. (a)		2,300		615
China All Access Holdings, Ltd.		28,000		8,919
China Animation Characters Co., Ltd. (b)		65,000		23,852

77

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
China Fiber Optic Network System Group, Ltd. (a) (d)		88,800	$	—
China Financial International Investments, Ltd. (a)		640,000		22,018
China Financial Leasing Group, Ltd. (a)		80,000		1,651
China Gas Holdings, Ltd.		806,000		2,932,011
China High Speed Transmission Equipment Group Co., Ltd. (b)		319,000		501,568
China Jicheng Holdings, Ltd. (a) (b) (c)		117,414		1,092
China National Culture Group, Ltd. (a)		670,000		1,537
China NT Pharma Group Co., Ltd.		852,100		204,114
China Ocean Industry Group, Ltd. (a)		2,175,000		16,074
China Oil & Gas Group, Ltd.		132,000		10,596
China Public Procurement, Ltd. (a)		67,200		1,062
China Soft Power Technology Holdings, Ltd. (a) (b)		168,000		2,612
China Vanguard You Champion Holdings, Ltd. (a)		70,000		6,511
Citychamp Watch & Jewellery Group, Ltd. (b)		734,000		157,119
Comba Telecom Systems Holdings, Ltd. (b)		146,117		19,549
Concord New Energy Group, Ltd.		120,000		5,428
CP Pokphand Co., Ltd.		1,652,000		128,400
Digital China Holdings, Ltd. (a) (b)		376,000		206,485
Essex Bio-technology, Ltd.		377,000		377,082
Eternity Investment, Ltd. (a)		40,574		931
Feiyu Technology International Co., Ltd. (a) (c)		19,500		1,938
First Shanghai Investments, Ltd. (a)		40,000		4,179
Fullshare Holdings, Ltd. (a) (b)		2,134,500		1,183,068
GCL-Poly Energy Holdings, Ltd. (a)		2,581,000		318,995
Golden Meditech Holdings, Ltd.		44,000		5,046
Haier Electronics Group Co., Ltd.		72,000		256,412
Hanergy Thin Film Power Group, Ltd. (a) (d)		856,000		—
Hengdeli Holdings, Ltd.		5,585,600		266,886
Hi Sun Technology China, Ltd. (a)		225,000		39,849
Hua Han Health Industry Holdings, Ltd. (a) (b) (d)		283,600		14,364
Huabao International Holdings, Ltd.		344,000		227,922
Huayi Tencent Entertainment Co., Ltd. (a) (b)		110,000		5,466
Imperial Pacific International Holdings, Ltd. (a) (b)		8,930,000		111,507

Security Description	Shares		Value
Ju Teng International Holdings, Ltd.		134,500	$	33,247
Kingboard Chemical Holdings, Ltd.		441,340		2,015,983
Kingboard Laminates Holdings, Ltd.		225,500		326,974
Lee & Man Paper Manufacturing, Ltd.		76,000		80,277
Life Healthcare Group, Ltd. (a)		88,000		2,669
Millennium Pacific Group Holdings, Ltd. (a)		190,000		4,745
Munsun Capital Group, Ltd. (a) (b)		982,224		5,006
Neo Telemedia, Ltd.		3,516,000		77,055
NetDragon Websoft Holdings, Ltd. (b)		34,500		83,961
New Provenance Everlasting Holdings, Ltd. (a) (b)		3,648,030		74,836
NewOcean Energy Holdings, Ltd. (a) (b)		22,000		5,018
Nine Dragons Paper Holdings, Ltd.		810,000		1,211,651
Portico International Holdings, Ltd. (a)		37,000		12,682
Pou Sheng International Holdings, Ltd.		456,000		115,622
Qianhai Health Holdings, Ltd. (a)		59,221		596
Real Nutriceutical Group, Ltd. (a)		195,000		5,739
Shimao Property Holdings, Ltd.		666,000		1,883,873
SIM Technology Group, Ltd.		1,622,000		74,401
Sino Biopharmaceutical, Ltd.		1,326,000		2,601,888
Skyworth Digital Holdings, Ltd.		733,225		329,789
Solargiga Energy Holdings, Ltd. (a)		3,036,000		82,783
SSY Group, Ltd.		23,740		20,841
Sun Art Retail Group, Ltd.		408,000		474,630
Suncorp Technologies, Ltd. (a)		4,330,000		11,034
Tech Pro Technology Development, Ltd. (a) (e)		486,000		4,211
Tibet Water Resources, Ltd. (a)		67,000		26,550
United Laboratories International Holdings, Ltd. (a) (b)		12,000		12,431
Vision Values Holdings, Ltd. (a)		90,000		6,651
Wanda Hotel Development Co., Ltd. (a)		328,000		50,569
Wasion Group Holdings, Ltd. (b)		24,000		12,232
WH Group, Ltd. (c)		2,196,000		2,339,177
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)		12,250		3,215
Xinyi Glass Holdings, Ltd.		854,000		1,286,174
Yip’s Chemical Holdings, Ltd.		10,000		3,695
				21,053,120
HUNGARY — 0.6%
MOL Hungarian Oil & Gas PLC		256,002		2,795,656
OTP Bank PLC		129,255		5,815,144

78

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Richter Gedeon Nyrt		110,670	$	2,312,929
				10,923,729
INDIA — 11.0%
Adani Enterprises, Ltd.		2,378		5,702
Adani Ports & Special Economic Zone, Ltd.		266,678		1,447,841
Adani Power, Ltd. (a)		3,460		1,257
Adani Transmission, Ltd. (a)		3,300		9,801
Aditya Birla Capital, Ltd. GDR (a)		322		721
AIA Engineering, Ltd.		3,541		78,256
Alok Industries, Ltd. (a)		1,263,036		57,127
Amtek Auto, Ltd. (a)		25,377		8,132
Anant Raj, Ltd.		369,961		264,332
Apollo Hospitals Enterprise, Ltd.		32,995		538,596
Ashok Leyland, Ltd.		198,542		442,766
Asian Paints, Ltd.		28,032		481,543
Aurobindo Pharma, Ltd.		107,700		921,173
Axis Bank, Ltd.		421,042		3,295,559
Bajaj Finance, Ltd.		16,654		451,334
Bajaj Hindusthan Sugar, Ltd. (a)		532,769		71,883
Balrampur Chini Mills, Ltd.		262,663		304,660
BF Investment, Ltd. (a)		64,921		279,356
Bharat Financial Inclusion, Ltd. (a)		16,812		282,732
Bharat Forge, Ltd.		13,817		148,218
Bharat Heavy Electricals, Ltd.		644,155		803,444
Bharat Petroleum Corp., Ltd.		73,961		484,726
Bharti Airtel, Ltd.		701,316		4,287,142
Bharti Infratel, Ltd.		114,138		588,263
Biocon, Ltd.		40,430		368,150
Bosch, Ltd.		427		117,959
Britannia Industries, Ltd.		27,664		2,108,296
Cipla, Ltd.		293,156		2,451,668
Coal India, Ltd.		216,390		939,922
CORE Education & Technologies, Ltd. (a) (d)		9,253		—
DCB Bank, Ltd.		778,123		1,927,361
Dewan Housing Finance Corp., Ltd.		217,222		1,699,063
Dr Reddy’s Laboratories, Ltd. ADR (b)		84,787		2,771,687
Educomp Solutions, Ltd. (a)		29,982		2,069
Eicher Motors, Ltd.		2,732		1,188,471
Era Infra Engineering, Ltd. (a) (d)		2,941		—
Fortis Healthcare, Ltd. (a)		153,193		289,725
GAIL India, Ltd.		429,949		2,165,840
GAIL India, Ltd. (a) (e)		143,316		721,946
Gammon India, Ltd. (a)		139,302		9,077
Gateway Distriparks, Ltd.		91,654		245,571
Gitanjali Gems, Ltd.		3,473		442
Glenmark Pharmaceuticals, Ltd.		24,606		198,556
Godrej Consumer Products, Ltd.		38,164		639,941
Godrej Industries, Ltd.		157,713		1,329,717
Grasim Industries, Ltd. GDR		230		3,726
Grasim Industries, Ltd.		31,377		505,569

Security Description	Shares		Value
GRUH Finance, Ltd.		257,707	$	2,272,954
GTL Infrastructure, Ltd. (a)		1,523,200		60,721
GTL, Ltd. (a)		3,458		604
Gujarat NRE Coke, Ltd. (a) (e)		25,505		352
Gujarat Pipavav Port, Ltd.		12,241		27,280
GVK Power & Infrastructure, Ltd. (a)		678,690		146,723
HCL Technologies, Ltd.		165,499		2,457,807
HDFC Bank, Ltd.		220,439		6,374,719
Hero MotoCorp, Ltd.		93,857		5,098,251
Hindalco Industries, Ltd.		298,831		983,019
Hindustan Construction Co., Ltd. (a)		71,470		24,327
Hindustan Unilever, Ltd.		403,334		8,245,498
Housing Development & Infrastructure, Ltd. (a)		64,845		38,377
Housing Development Finance Corp., Ltd.		613,615		17,175,504
ICICI Bank, Ltd. ADR		850,956		7,530,961
Idea Cellular, Ltd. (a)		122,237		142,250
IDFC Bank, Ltd.		27		20
IDFC, Ltd.		18		13
Indiabulls Housing Finance, Ltd.		49,891		946,428
Indiabulls Real Estate, Ltd. (a)		111,378		309,859
Indian Hotels Co., Ltd.		403,176		799,902
Indian Oil Corp., Ltd.		198,674		537,947
IndusInd Bank, Ltd.		28,577		787,249
Infosys, Ltd. ADR (b)		837,144		14,943,020
IRB Infrastructure Developers, Ltd.		21,534		73,627
ITC, Ltd.		796,946		3,121,962
ITC, Ltd. GDR		60,326		236,321
IVRCL, Ltd. (a)		23,282		1,071
Jain Irrigation Systems, Ltd.		58,977		96,258
Jaiprakash Associates, Ltd. (a)		300,888		87,192
Jet Airways India, Ltd. (a)		83,315		777,625
Jindal Steel & Power, Ltd. (a)		28,269		94,964
Kotak Mahindra Bank, Ltd.		184,708		2,967,372
Lanco Infratech, Ltd. (a)		51,317		865
Larsen & Toubro, Ltd. GDR		272,374		5,474,717
LIC Housing Finance, Ltd.		92,719		759,702
Lupin, Ltd.		56,391		636,219
Magma Fincorp, Ltd.		42,624		99,009
Mahanagar Telephone Nigam, Ltd. (a)		259,382		74,567
Mahindra & Mahindra Financial Services, Ltd.		83,639		594,062
Mahindra & Mahindra, Ltd. GDR		407,700		4,688,550
Marico, Ltd.		43,669		218,306
Marksans Pharma, Ltd.		46,473		22,552
Maruti Suzuki India, Ltd.		66,707		9,062,895
Mindtree, Ltd.		16,687		197,504
Monnet Ispat & Energy, Ltd. (a)		13,336		3,077
MRF, Ltd.		876		973,934
NCC, Ltd.		100,098		180,408
NTPC, Ltd.		589,170		1,532,958
Oil & Natural Gas Corp., Ltd.		1,210,205		3,299,124
OnMobile Global, Ltd.		12,965		8,587

79

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Opto Circuits India, Ltd. (a)		7,471	$	899
Page Industries, Ltd.		952		331,112
Paisalo Digital, Ltd.		10,341		47,962
Power Grid Corp. of India, Ltd.		152,889		453,006
PS IT Infrastructure & Services, Ltd. (a)		132		108
PTC India, Ltd.		269,773		361,508
Punj Lloyd, Ltd. (a)		22,533		5,839
Rajesh Exports, Ltd.		43,960		498,497
RattanIndia Infrastructure, Ltd. (a)		169,615		14,433
REI Agro, Ltd. (a) (e)		1,873,023		4,308
Reliance Capital, Ltd.		36,995		240,104
Reliance Communications, Ltd. (a)		422,235		140,806
Reliance Home Finance, Ltd. (a)		12,479		11,403
Reliance Industries, Ltd. GDR (c)		407,620		11,046,502
Reliance Infrastructure, Ltd.		109,073		714,926
Rolta India, Ltd. (a)		19,156		16,815
Ruchi Soya Industries, Ltd. (a)		144,973		35,453
Sharda Cropchem, Ltd.		10,351		60,506
Shree Renuka Sugars, Ltd. (a)		365,980		86,134
Shriram Transport Finance Co., Ltd.		38,529		850,428
Siemens, Ltd.		99,510		1,636,868
Sintex Industries, Ltd.		232,951		64,112
Sintex Plastics Technology, Ltd. (a)		70,273		61,953
State Bank of India GDR		47,464		1,832,110
Strides Shasun, Ltd.		10,446		107,172
Sun Pharma Advanced Research Co., Ltd. (a)		10,801		62,491
Sun Pharmaceutical Industries, Ltd.		350,345		2,659,480
Sun TV Network, Ltd.		32,995		429,298
Suzlon Energy, Ltd. (a)		1,888,700		309,852
Symphony, Ltd.		4,909		134,866
Tata Communications, Ltd.		74,138		704,929
Tata Consultancy Services, Ltd.		202,250		8,835,105
Tata Elxsi, Ltd.		12,039		181,882
Tata Motors, Ltd. ADR (a)		147,197		3,782,963
Tata Power Co., Ltd.		1,070,388		1,296,511
Tata Steel, Ltd.		157,422		1,378,312
Tech Mahindra, Ltd.		142,281		1,393,323
UltraTech Cement, Ltd.		7,921		479,717
Unitech, Ltd. (a)		534,381		45,473
United Breweries, Ltd.		23,285		338,395
United Spirits, Ltd. (a)		20,614		989,159
UPL, Ltd.		46,907		525,191
Vedanta, Ltd.		270,434		1,152,072
Videocon Industries, Ltd. (a)		79,375		15,882
VST Industries, Ltd.		8,747		393,725
Welspun India, Ltd.		65,871		58,628
Wipro, Ltd. ADR (b)		647,293		3,340,032
Wockhardt, Ltd. (a)		9,419		104,918
Yes Bank, Ltd.		164,963		771,047

Security Description	Shares		Value
Zee Entertainment Enterprises, Ltd.		182,093	$	1,606,743
				188,739,491
INDONESIA — 2.8%
Alam Sutera Realty Tbk PT		2,891,300		79,383
Astra International Tbk PT		9,586,488		5,083,084
Bank Central Asia Tbk PT		6,324,787		10,704,016
Bank Danamon Indonesia Tbk PT		1,938,618		968,077
Bank Mandiri Persero Tbk PT		9,561,898		5,330,493
Bank Negara Indonesia Persero Tbk PT		777,000		489,593
Bank Rakyat Indonesia Persero Tbk PT		23,987,325		6,272,335
Barito Pacific Tbk PT (a)		7,590,600		1,273,600
Bekasi Fajar Industrial Estate Tbk PT		1,795,600		37,562
Bumi Resources Tbk PT (a)		1,115,100		23,165
Bumi Serpong Damai Tbk PT		1,521,500		196,715
Charoen Pokphand Indonesia Tbk PT		1,679,000		420,741
Ciputra Development Tbk PT		2,385,452		203,589
Citra Marga Nusaphala Persada Tbk PT (a)		649,241		68,378
Garuda Indonesia Persero Tbk PT (a)		5,113,400		109,195
Global Mediacom Tbk PT		254,300		9,882
Indocement Tunggal Prakarsa Tbk PT		210,800		244,983
Indofood Sukses Makmur Tbk PT		4,206,551		2,199,903
Indosat Tbk PT		1,010,300		348,569
Japfa Comfeed Indonesia Tbk PT		434,500		46,709
Kalbe Farma Tbk PT		21,085,367		2,297,298
Kawasan Industri Jababeka Tbk PT		1,982,631		37,730
Lippo Cikarang Tbk PT (a)		80,700		18,171
Lippo Karawaci Tbk PT		4,940,000		172,232
Matahari Putra Prima Tbk PT (a)		254,500		7,394
Mayora Indah Tbk PT		3,540,575		758,649
Medco Energi Internasional Tbk PT (a)		12,259,066		1,077,426
Media Nusantara Citra Tbk PT		337,100		34,647
Modernland Realty Tbk PT		3,087,400		78,040
Pakuwon Jati Tbk PT		2,176,000		99,574
Perusahaan Gas Negara Persero Tbk		5,781,900		965,925
Semen Indonesia Persero Tbk PT		339,900		255,527
Sigmagold Inti Perkasa Tbk PT (a) (e)		1,312,600		4,767
Summarecon Agung Tbk PT		1,684,100		110,703
Telekomunikasi Indonesia Persero Tbk PT		14,653,100		3,831,571
Tiga Pilar Sejahtera Food Tbk (a)		2,375,800		110,442
Unilever Indonesia Tbk PT		253,500		911,900

80

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
United Tractors Tbk PT		1,031,115	$	2,396,635
XL Axiata Tbk PT (a)		305,125		55,850
				47,334,453
MACAU — 0.0% (f)
Newtree Group Holdings, Ltd. (a)		35,000		2,141
MALAYSIA — 2.6%
Aeon Co. M Bhd		3,175,490		1,469,526
AEON Credit Service M Bhd		49,350		156,930
AirAsia Bhd		486,900		498,481
Alliance Bank Malaysia Bhd		1,875,800		2,070,751
Axiata Group Bhd		580,199		818,999
Berjaya Sports Toto Bhd		919,314		513,371
Bintulu Port Holdings Bhd (e)		94		143
British American Tobacco Malaysia Bhd		7,200		48,955
Bursa Malaysia Bhd		391,893		1,110,431
Capitaland Malaysia Mall Trust REIT		591,800		163,709
Carlsberg Brewery Malaysia Bhd Class B		967,976		4,719,759
CIMB Group Holdings Bhd		562,980		1,042,124
Dialog Group Bhd		6,655,067		5,092,812
DiGi.Com Bhd		2,435,400		2,915,176
Felda Global Ventures Holdings Bhd		156,500		67,164
Genting Bhd		1,469,000		3,304,111
Genting Malaysia Bhd		264,800		332,027
Guan Chong Bhd		369,000		129,741
Hap Seng Plantations Holdings Bhd		26,500		17,059
IHH Healthcare Bhd		371,900		576,887
IOI Corp. Bhd		2,331,360		2,881,050
IOI Properties Group Bhd		1,775,162		738,886
Iskandar Waterfront City Bhd (a)		133,000		38,511
KLCCP Stapled Group		257,600		475,508
KNM Group Bhd (a)		1,884,021		102,287
KPJ Healthcare Bhd		660,880		152,918
Lingkaran Trans Kota Holdings Bhd		168,400		243,806
Magnum Bhd		1,405,760		665,083
Malayan Banking Bhd		1,123,449		3,055,502
Malaysian Resources Corp. Bhd		3,492,100		875,733
MPHB Capital Bhd (a)		676,630		223,911
Naim Holdings Bhd (a)		87		22
OSK Holdings Bhd		4,079,359		1,033,550
Pavilion Real Estate Investment Trust		572,500		204,253
Petronas Chemicals Group Bhd		99,100		208,807
Pos Malaysia Bhd		452,600		418,901
Public Bank Bhd		412,100		2,556,980
Sapura Energy Bhd		205,600		26,843
Sime Darby Bhd		442,924		300,016
Sime Darby Plantation Bhd (a)		218,024		310,013
Sime Darby Property Bhd (a)		218,024		80,040
SP Setia Bhd Group		136,120		105,222
Sunway Real Estate Investment Trust		611,600		254,570

Security Description	Shares		Value
TA Enterprise Bhd		2,402,900	$	329,249
TA Global Bhd		1,663,956		124,754
Telekom Malaysia Bhd		309,027		416,244
Tenaga Nasional Bhd		421,800		1,762,225
UEM Edgenta Bhd		295,000		176,939
UEM Sunrise Bhd (a)		1,937,488		498,397
UMW Holdings Bhd (a)		128,500		199,992
UMW Oil & Gas Corp. Bhd (a)		38,463		3,083
Unisem M Bhd		121,900		77,212
United Plantations Bhd		37,500		276,112
VS Industry Bhd		635,000		385,794
WCT Holdings Bhd (a)		3,516,796		1,209,240
				45,459,809
MEXICO — 3.5%
Alfa SAB de CV Class A		1,846,449		2,355,921
America Movil SAB de CV Series L		10,502,722		9,925,327
Axtel SAB de CV (a) (b)		746,786		167,330
Cemex SAB de CV Series CPO (a)		5,432,086		3,580,025
Coca-Cola Femsa SAB de CV Series L		273,010		1,798,230
Consorcio ARA SAB de CV		742,015		290,651
Desarrolladora Homex SAB de CV (a)		15,435		307
El Puerto de Liverpool SAB de CV Series C1 (b)		154,568		1,147,394
Fibra Uno Administracion SA de CV REIT		635,544		952,611
Fomento Economico Mexicano SAB de CV		906,720		8,236,903
Grupo Aeroportuario del Sureste SAB de CV Class B (b)		200,672		3,368,664
Grupo Bimbo SAB de CV Series A		1,269,240		2,766,065
Grupo Elektra SAB DE CV (b)		23,044		643,947
Grupo Financiero Banorte SAB de CV Series O		714,480		4,349,860
Grupo Financiero Inbursa SAB de CV Series O (b)		572,729		944,116
Grupo Mexico SAB de CV Series B		1,413,616		4,689,207
Grupo Televisa SAB Series CPO (b)		849,334		2,690,826
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV (a)		731,174		1,291,827
Industrias CH SAB de CV Series B (b)		198,464		831,976
Industrias Penoles SAB de CV		68,793		1,384,114
Kimberly-Clark de Mexico SAB de CV Class A (b)		1,130,769		2,108,712
Sare Holding SAB de CV Class B (a)		832,296		2,143
Telesites SAB de CV (a) (b)		529,902		414,260
TV Azteca SAB de CV Series CPO (b)		1,707,097		242,221

81

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Urbi Desarrollos Urbanos SAB de CV (a)		255,403	$	93,467
Wal-Mart de Mexico SAB de CV		2,207,718		5,595,038
				59,871,142
MONACO — 0.0%(f)
GasLog, Ltd. (b)		7,530		123,868
NETHERLANDS — 0.0% (f)
VEON, Ltd. ADR (b)		170,558		450,273
PERU — 0.9%
Cia de Minas Buenaventura SAA ADR (g)		141,913		2,161,335
Cia de Minas Buenaventura SAA ADR (g)		5,932		86,963
Credicorp, Ltd.		30,548		6,935,618
Southern Copper Corp. (b) (g)		94,102		5,098,446
Southern Copper Corp. (g)		4,688		245,417
Volcan Cia Minera SAA Class B		2,087,904		776,425
				15,304,204
PHILIPPINES — 1.4%
Alliance Global Group, Inc. (a)		923,700		233,680
Ayala Land, Inc.		5,944,680		4,682,600
Bank of the Philippine Islands		2,142,557		4,804,354
BDO Unibank, Inc.		1,580,246		4,209,749
Bloomberry Resorts Corp. (a)		354,600		97,455
Cebu Air, Inc.		643,960		1,167,527
Cebu Holdings, Inc.		3,182,300		363,500
D&L Industries, Inc.		972,100		215,370
DoubleDragon Properties Corp. (a)		651,750		398,463
East West Banking Corp.		537,600		194,732
Filinvest Land, Inc.		27,294,000		863,113
First Philippine Holdings Corp.		180,390		228,178
Global Ferronickel Holdings, Inc. (a)		812,333		37,676
GMA Holdings, Inc.		1,547,500		182,399
GT Capital Holdings, Inc.		4,390		98,355
JG Summit Holdings, Inc.		215,270		258,683
Megawide Construction Corp. (a)		2,065,388		809,490
Megaworld Corp.		3,027,500		272,128
Nickel Asia Corp.		258,000		30,162
PLDT, Inc.		45,965		1,294,975
Puregold Price Club, Inc.		140,350		141,083
San Miguel Corp.		61,780		158,661
SM Investments Corp.		73,910		1,298,941
SM Prime Holdings, Inc.		1,374,290		887,616
Top Frontier Investment Holdings, Inc. (a)		8,171		43,222
Universal Robina Corp.		102,860		299,645
Vista Land & Lifescapes, Inc.		478,878		59,656
				23,331,413
POLAND — 1.1%
Asseco Poland SA		38,361		503,969
Bank Pekao SA		70,023		2,520,607
Bank Zachodni WBK SA		10,484		1,108,605

Security Description	Shares		Value
Bioton SA (a)		450	$	562
Eurocash SA		3,544		24,314
Getin Holding SA (a)		137,432		46,141
Getin Noble Bank SA (a)		127,468		50,239
Globe Trade Centre SA		118,981		317,487
Grupa Lotos SA		74,414		1,147,070
KGHM Polska Miedz SA		74,947		1,899,658
LPP SA		73		185,414
mBank SA (a)		11,403		1,394,207
Orange Polska SA (a)		459,047		777,296
Orbis SA		36,026		1,020,209
PGE Polska Grupa Energetyczna SA (a)		261,211		755,730
Polimex-Mostostal SA (a)		6,647		7,568
Polski Koncern Naftowy ORLEN SA		99,179		2,435,681
Powszechna Kasa Oszczednosci Bank Polski SA (a)		207,615		2,451,158
Powszechny Zaklad Ubezpieczen SA		133,505		1,627,254
				18,273,169
QATAR — 0.5%
Aamal Co.		16,876		44,854
Industries Qatar QSC		19,810		571,672
Mannai Corp. QSC		12,637		195,003
Masraf Al Rayan QSC		141,147		1,369,614
Mazaya Qatar Real Estate Development QSC (a)		76,961		154,683
Medicare Group		10,167		191,448
National Leasing		113,412		320,431
Ooredoo QSC		36,182		819,807
Qatar Electricity & Water Co. QSC		3,294		170,036
Qatar Insurance Co. SAQ		39,528		407,002
Qatar National Bank QPSC		86,990		3,105,080
Qatari Investors Group QSC		36,186		336,623
Vodafone Qatar QSC (a)		140,523		335,295
				8,021,548
RUSSIA — 4.3%
Evraz PLC		86,517		527,336
Gazprom PJSC ADR		2,193,337		10,672,778
LSR Group PJSC, GDR		52,305		167,376
LUKOIL PJSC ADR		178,836		12,321,800
Magnit PJSC GDR		61,320		1,130,434
Mail.Ru Group, Ltd. GDR (a)		15,391		538,377
Mechel PJSC ADR (a) (b)		65,827		286,347
MMC Norilsk Nickel PJSC ADR		261,828		4,852,982
Mobile TeleSystems PJSC ADR		333,223		3,795,410
Novatek PJSC, GDR		34,583		4,737,871
Novolipetsk Steel PJSC, GDR		14,092		350,891
Novorossiysk Commercial Sea Port PJSC, GDR		21,999		222,190
Polymetal International PLC		47,667		490,806
Rosneft Oil Co. PJSC GDR		536,165		2,939,257
Rostelecom PJSC ADR		39,641		275,505

82

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Sberbank of Russia PJSC ADR (g)		339,107	$	6,317,563
Sberbank of Russia PJSC ADR (g)		355,019		6,621,104
Severstal PJSC GDR		200,690		3,028,412
Sistema PJSC FC GDR		57,924		234,013
Surgutneftegas OJSC ADR		774,602		3,787,804
Tatneft PJSC ADR (b)		101,618		6,414,128
Tatneft PJSC ADR		12,997		834,797
TMK PJSC, GDR		19,817		111,768
VTB Bank PJSC GDR		882,251		1,727,448
X5 Retail Group NV GDR (a)		16,097		540,859
Yandex NV Class A (a)		44,271		1,746,491
				74,673,747
SOUTH AFRICA — 7.4%
Adbee Rf, Ltd. (a)		6,985		33,013
Adcock Ingram Holdings, Ltd.		38,881		232,589
Adcorp Holdings, Ltd.		224,685		319,523
African Phoenix Investments, Ltd. (a)		992,463		52,769
African Rainbow Minerals, Ltd.		47,936		410,230
Allied Electronics Corp., Ltd. (a)		52,875		57,611
Anglo American Platinum, Ltd.		13,164		359,965
AngloGold Ashanti, Ltd.		115,380		1,095,690
ArcelorMittal South Africa, Ltd. (a)		69,157		15,467
Aspen Pharmacare Holdings, Ltd.		114,912		2,516,305
Aveng, Ltd. (a)		258,482		21,815
Barclays Africa Group, Ltd.		155,386		2,487,750
Barloworld, Ltd.		110,593		1,549,959
Bid Corp., Ltd.		44,379		965,392
Bidvest Group, Ltd.		162,114		3,066,125
Coronation Fund Managers, Ltd.		233,603		1,591,822
Discovery, Ltd. (b)		159,279		2,291,978
FirstRand, Ltd. (b)		1,226,187		6,923,254
Foschini Group, Ltd.		106,258		2,006,560
Gold Fields, Ltd.		257,153		1,041,308
Grindrod, Ltd. (a)		435,088		505,269
Group Five, Ltd.		123,607		82,413
Growthpoint Properties, Ltd. REIT		355,773		853,045
Harmony Gold Mining Co., Ltd.		104,139		247,235
Impala Platinum Holdings, Ltd. (a) (b)		184,859		367,261
Imperial Holdings, Ltd. (b)		85,414		1,681,428
Investec, Ltd.		94,269		734,182
Invicta Holdings, Ltd.		176,388		751,775
Kumba Iron Ore, Ltd. (b)		18,427		440,195
Lewis Group, Ltd.		111,717		397,886
Massmart Holdings, Ltd.		72,736		994,470
Mediclinic International PLC		56,687		479,139
MMI Holdings, Ltd.		413,625		767,294
Mr. Price Group, Ltd.		75,815		1,823,591
MTN Group, Ltd. (b)		468,396		4,705,010
Murray & Roberts Holdings, Ltd.		309,656		360,650

Security Description	Shares		Value
Naspers, Ltd. Class N		134,550	$	32,838,660
Nedbank Group, Ltd.		125,690		3,028,971
Netcare, Ltd.		973,029		2,299,383
Northam Platinum, Ltd. (a)		130,118		399,071
PPC, Ltd. (a)		222,514		147,419
PSG Group, Ltd.		105,724		2,008,254
Rand Merchant Investment Holdings, Ltd.		516,261		1,742,837
Remgro, Ltd.		219,572		4,113,935
RMB Holdings, Ltd.		418,339		2,723,904
Sanlam, Ltd.		658,712		4,742,115
Sappi, Ltd.		131,336		844,629
Sasol, Ltd.		154,619		5,261,907
Shoprite Holdings, Ltd.		220,524		4,700,914
Sibanye Gold, Ltd.		395,177		392,551
Standard Bank Group, Ltd.		423,815		7,821,911
Steinhoff International Holdings NV (b)		946,432		263,591
Sun International, Ltd. (a)		76,897		371,546
Telkom SA SOC, Ltd.		124,491		556,224
Tiger Brands, Ltd.		90,899		2,853,839
Trans Hex Group, Ltd. (a)		9,341		1,340
Truworths International, Ltd. (b)		184,256		1,672,164
Vodacom Group, Ltd.		162,909		2,104,566
Wilson Bayly Holmes-Ovcon, Ltd.		107,095		1,401,059
Woolworths Holdings, Ltd.		379,303		1,920,724
				126,441,482
TAIWAN — 13.8%
Acer, Inc. (a)		1,303,701		1,082,058
Adlink Technology, Inc.		367,665		766,678
Advanced Ceramic X Corp.		4,000		37,178
Advanced Semiconductor Engineering, Inc.		2,698,117		3,900,457
Advanced Wireless Semiconductor Co.		13,000		27,599
Advancetek Enterprise Co., Ltd.		1,342,996		912,005
Advantech Co., Ltd.		5,499		39,417
AGV Products Corp. (a)		2,226,415		568,115
Airmate Cayman International Co., Ltd.		11,000		8,941
APCB, Inc.		441,000		390,982
Asustek Computer, Inc.		368,340		3,429,856
AU Optronics Corp. ADR (b)		474,276		2,167,441
Audix Corp.		377,600		562,703
Bank of Kaohsiung Co., Ltd.		813,390		259,720
Basso Industry Corp.		1,262,900		2,252,317
Biostar Microtech International Corp. (a)		856,000		688,452
C Sun Manufacturing, Ltd. (a)		439,000		400,501
Carnival Industrial Corp. (a)		841,000		131,528
Catcher Technology Co., Ltd.		370,000		4,587,406
Cathay Financial Holding Co., Ltd.		2,225,541		3,953,871
Cathay No. 1 REIT		490,000		231,245
Center Laboratories, Inc. (a)		386,961		812,224
Chailease Holding Co., Ltd.		367,608		1,260,788

83

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Champion Building Materials Co., Ltd. (a)		490,000	$	139,486
Chang Hwa Commercial Bank, Ltd.		3,903,465		2,255,835
Chang Wah Electromaterials, Inc.		7,431		38,102
Charoen Pokphand Enterprise		2,165,060		4,856,293
Chen Full International Co., Ltd.		12,000		18,500
Cheng Loong Corp.		365,000		203,425
Cheng Shin Rubber Industry Co., Ltd.		68,850		111,810
China Airlines, Ltd. (a)		881,000		321,797
China Chemical & Pharmaceutical Co., Ltd.		810,000		550,057
China Development Financial Holding Corp.		5,529,945		1,953,508
China Steel Chemical Corp.		373,595		1,947,609
China Steel Corp.		3,535,451		2,813,131
Chipbond Technology Corp.		66,000		155,057
Chong Hong Construction Co., Ltd.		7,717		22,365
Chung Hwa Pulp Corp.		882,794		346,675
Chunghwa Chemical Synthesis & Biotech Co., Ltd.		370,000		341,993
Chunghwa Telecom Co., Ltd.		1,252,457		4,789,552
CMC Magnetics Corp. (a)		904,933		141,837
Coland Holdings, Ltd.		11,938		19,448
Compal Electronics, Inc.		2,220,774		1,511,896
Coxon Precise Industrial Co., Ltd. (a)		10,000		10,100
CTBC Financial Holding Co., Ltd.		6,193,527		4,439,576
Da-Li Development Co., Ltd.		511,444		617,444
Delta Electronics, Inc.		886,167		3,951,082
Dimerco Express Corp.		1,267,000		925,579
E.Sun Financial Holding Co., Ltd.		849,687		571,179
Eclat Textile Co., Ltd.		8,854		103,247
Elan Microelectronics Corp.		2,000		3,035
Elite Advanced Laser Corp.		11,520		44,054
Elite Material Co., Ltd.		13,000		42,669
Elite Semiconductor Memory Technology, Inc.		814,750		1,243,488
Episil-Precision, Inc. (a)		998		1,244
Epistar Corp. (a)		366,180		523,078
Etron Technology, Inc. (a)		12,445		5,122
Eva Airways Corp.		503,291		258,058
Excelsior Medical Co., Ltd.		72,344		119,965
Far Eastern New Century Corp.		2,582,850		2,325,336
Feng TAY Enterprise Co., Ltd.		15,747		71,560
Flytech Technology Co., Ltd.		8,854		24,384
Formosa Chemicals & Fibre Corp.		1,262,243		4,718,746
Formosa Petrochemical Corp.		59,000		239,788
Formosa Plastics Corp.		1,785,714		6,308,212
Founding Construction & Development Co., Ltd.		1,834,677		1,006,785
Foxconn Technology Co., Ltd.		508,223		1,361,327

Security Description	Shares		Value
Fubon Financial Holding Co., Ltd.		3,019,903	$	5,189,050
Fullerton Technology Co., Ltd.		363,000		303,776
Fwusow Industry Co., Ltd.		885,383		560,254
Giant Manufacturing Co., Ltd.		72,302		379,401
Grape King Bio, Ltd.		73,664		646,774
Great Wall Enterprise Co., Ltd.		365,300		432,867
HannStar Display Corp.		483,500		166,656
Himax Technologies, Inc. ADR (b)		22,907		141,107
Hiwin Technologies Corp.		9,548		135,899
Hocheng Corp. (a)		1,322,000		431,644
Hon Hai Precision Industry Co., Ltd.		4,781,495		14,759,219
Hong TAI Electric Industrial		876,000		345,509
Hota Industrial Manufacturing Co., Ltd.		9,574		40,717
Hotai Motor Co., Ltd.		72,433		721,672
HTC Corp. (a)		436,198		991,869
Hua Nan Financial Holdings Co., Ltd.		3,940,683		2,365,194
Hung Sheng Construction, Ltd.		446,000		465,014
Ibase Technology, Inc.		823,222		1,291,711
Innolux Corp.		1,766,820		772,609
Iron Force Industrial Co., Ltd.		6,000		20,311
Janfusun Fancyworld Corp. (a)		886,112		68,380
KEE TAI Properties Co., Ltd.		422,000		148,352
Kenda Rubber Industrial Co., Ltd.		4,766		5,991
Kerry TJ Logistics Co., Ltd.		435,000		564,693
Kindom Construction Corp.		371,000		260,846
Kung Long Batteries Industrial Co., Ltd.		9,000		44,912
Kuoyang Construction Co., Ltd. (a)		363,225		206,173
Kwong Fong Industries Corp.		55,776		31,659
Land Mark Optoelectronics Corp.		2,600		33,886
Largan Precision Co., Ltd.		6,000		682,169
Leofoo Development Co., Ltd. (a)		879,645		224,761
Li Cheng Enterprise Co., Ltd.		9,225		15,788
Lite-On Technology Corp.		1,263,265		1,763,380
Long Bon International Co., Ltd.		11,000		5,319
Long Chen Paper Co., Ltd.		6,595,165		7,419,193
Makalot Industrial Co., Ltd.		4,139		19,519
MediaTek, Inc.		435,329		4,942,000
Medigen Biotechnology Corp. (a)		5,248		7,020
Mega Financial Holding Co., Ltd.		2,649,333		2,276,153
Merida Industry Co., Ltd.		2,100		9,867
Merry Electronics Co., Ltd.		13,356		76,498
Mosel Vitelic, Inc. (a)		759		725
Namchow Holdings Co., Ltd.		434,000		902,027
Nan Ya Plastics Corp.		1,777,486		4,986,739
Nanya Technology Corp.		3,982		12,605
National Petroleum Co., Ltd.		2,140,003		2,979,872
Neo Solar Power Corp. (a)		63,938		28,398

84

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
New Era Electronics Co., Ltd.		70,000	$	43,935
Newmax Technology Co., Ltd. (a)		67,185		98,046
Nexcom International Co., Ltd.		452,638		449,424
Novatek Microelectronics Corp.		354,225		1,603,653
OBI Pharma, Inc. (a)		3,000		18,829
Pacific Hospital Supply Co., Ltd.		68,000		176,081
Pan Jit International, Inc.		9,000		14,924
Parade Technologies, Ltd.		4,000		77,923
PChome Online, Inc.		3,519		19,431
Pegatron Corp.		436,686		1,087,334
Phytohealth Corp. (a)		9,000		7,562
Pihsiang Machinery Manufacturing Co., Ltd. (a) (d)		51,000		—
Pou Chen Corp.		1,584,462		2,103,052
Powertech Technology, Inc.		448,285		1,397,575
Promate Electronic Co., Ltd.		438,000		430,384
ProMOS Technologies, Inc. (a) (d)		257		—
Quanta Computer, Inc.		1,696,664		3,421,609
Radiant Opto-Electronics Corp.		14,000		34,331
Sampo Corp.		1,503,000		719,102
Sesoda Corp.		520,574		533,840
Shih Wei Navigation Co., Ltd. (a)		870,321		217,304
Shin Kong Financial Holding Co., Ltd.		2,137,663		810,137
Silicon Motion Technology Corp. ADR		6,261		301,279
Siliconware Precision Industries Co., Ltd.		875,473		1,528,332
Sinbon Electronics Co., Ltd.		456,068		1,198,162
Sinon Corp.		877,000		515,847
SinoPac Financial Holdings Co., Ltd.		5,683,907		2,007,897
Sinphar Pharmaceutical Co., Ltd.		501,524		409,379
Solar Applied Materials Technology Co. (a)		696,418		517,113
Solartech Energy Corp. (a)		10,041		4,684
Stark Technology, Inc.		403,400		506,377
Supreme Electronics Co., Ltd.		1,253,818		1,369,623
Ta Ya Electric Wire & Cable (a)		2,654,000		1,365,367
Tainan Enterprises Co., Ltd.		373,000		299,991
Taishin Financial Holding Co., Ltd.		5,242,615		2,571,231
Taisun Enterprise Co., Ltd. (a)		957,000		564,544
Taiwan Cement Corp.		2,138,533		2,680,776
Taiwan Chinsan Electronic Industrial Co., Ltd.		75,000		168,999
Taiwan Cogeneration Corp.		375,000		347,901
Taiwan Fire & Marine Insurance Co., Ltd.		69,000		48,868
Taiwan FU Hsing Industrial Co., Ltd.		367,000		463,203
Taiwan Land Development Corp. (a)		1,353,750		445,261

Security Description	Shares		Value
Taiwan Mobile Co., Ltd.		4,000	$	14,954
Taiwan Paiho, Ltd.		377,433		1,049,827
Taiwan Pulp & Paper Corp. (a)		2,185,000		1,363,892
Taiwan Sakura Corp.		463,200		606,066
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		173,372		7,586,759
Taiwan Semiconductor Manufacturing Co., Ltd.		4,822,500		40,357,033
Taiwan TEA Corp.		814,913		410,852
Taiwan Union Technology Corp.		884,000		2,792,345
Taiyen Biotech Co., Ltd.		428,500		414,436
Tatung Co., Ltd. (a)		1,240,885		897,989
TPK Holding Co., Ltd. (a)		8,000		19,865
Transasia Airways Corp. (a) (d)		361,784		—
Tripod Technology Corp.		448,320		1,508,392
TrueLight Corp.		9,100		9,426
Tung Thih Electronic Co., Ltd.		5,000		21,350
Uni-President Enterprises Corp.		877,993		2,056,690
United Microelectronics Corp. ADR (b)		1,735,440		4,494,790
Unity Opto Technology Co., Ltd. (a)		12,759		4,249
Ve Wong Corp.		436,000		393,278
Visual Photonics Epitaxy Co., Ltd.		491,151		1,895,068
Wei Chuan Foods Corp. (a)		362,000		300,456
Wei Mon Industry Co., Ltd. (a) (d)		240,450		—
Weikeng Industrial Co., Ltd.		448,526		337,660
Winbond Electronics Corp.		381,670		255,913
Wistron Corp.		1,261,911		1,079,833
Yulon Finance Corp.		9,000		37,504
Zeng Hsing Industrial Co., Ltd.		70,350		316,077
Zenitron Corp.		894,000		702,150
				237,309,258
THAILAND — 3.3%
Advanced Info Service PCL (e)		741,515		4,884,940
Airports of Thailand PCL (e)		1,180,300		2,491,199
Bangkok Dusit Medical Services PCL (e)		345,900		259,950
Bangkok Expressway & Metro PCL (e)		21,690,908		4,994,389
Bangkok Land PCL (e)		4,705,600		276,889
Bank of Ayudhya PCL		154,000		200,688
Banpu PCL (e)		1,475,860		934,507
BEC World PCL (e)		177,400		71,482
BTS Group Holdings PCL (e)		220,500		58,527
Bumrungrad Hospital PCL (e)		45,500		301,199
Central Pattana PCL (e)		352,000		883,658
Central Plaza Hotel PCL (e)		262,700		403,249
CH Karnchang PCL (e)		44,248		33,253
Charoen Pokphand Foods PCL (e)		132,300		106,830
CP ALL PCL (e)		1,226,600		3,412,670
Electricity Generating PCL (e)		532,374		3,898,741
IRPC PCL (e)		6,117,858		1,418,435
Jasmine International PCL (e)		1,848,141		363,482
Kasikornbank PCL (e)		393,600		2,681,062

85

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Krung Thai Bank PCL (e)		305,100	$	185,382
Land & Houses PCL (e)		472,400		158,625
Minor International PCL (e)		50,728		61,646
Pruksa Holding PCL (e)		176,900		122,761
PTT Exploration & Production PCL (e)		773,530		2,832,401
PTT Global Chemical PCL (e)		139,500		422,693
PTT PCL (e)		391,936		6,868,594
Quality Houses PCL (e)		1,645,383		153,646
Sansiri PCL (e)		1,715,233		91,055
Siam Cement PCL (e)		264,723		4,182,065
Siam Commercial Bank PCL (e)		788,802		3,569,411
Siam Future Development PCL (e)		1,192,513		343,224
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund		581,066		332,622
Thai Airways International PCL (a) (e)		434,400		212,546
Thai Beverage PCL (b)		2,683,200		1,596,047
Thai Oil PCL (e)		749,995		2,176,592
Thaicom PCL (e)		265,600		101,076
TICON Industrial Connection PCL (e)		781,880		442,574
Tisco Financial Group PCL NVDR		43,000		121,011
Tisco Financial Group PCL (e)		926,818		2,608,250
TMB Bank PCL (e)		30,573,517		2,463,872
Total Access Communication PCL (a) (e)		45,000		64,759
True Corp. PCL (e)		3,402,510		756,234
TTCL PCL (e)		44,800		11,318
U City PCL (a) (e)		55,879,500		53,610
				57,607,164
TURKEY — 1.2%
Akbank Turk A/S		692,084		1,670,198
Anadolu Efes Biracilik Ve Malt Sanayii A/S		148,745		1,016,816
Aselsan Elektronik Sanayi Ve Ticaret A/S		41,070		318,284
BIM Birlesik Magazalar A/S		27,110		488,287
Coca-Cola Icecek A/S		3,094		28,149
Dogan Sirketler Grubu Holding A/S (a)		987,767		331,633
Eregli Demir ve Celik Fabrikalari TAS		1,023,388		2,686,736
Haci Omer Sabanci Holding A/S		369,181		976,679
KOC Holding A/S		554,111		2,277,207
Migros Ticaret A/S (a)		5,749		34,395
Tupras Turkiye Petrol Rafinerileri A/S		75,703		2,100,207
Turk Hava Yollari AO (a)		181,733		890,452
Turkcell Iletisim Hizmetleri A/S		318,212		1,209,742
Turkiye Garanti Bankasi A/S		1,373,113		3,778,192
Turkiye Halk Bankasi A/S		70,846		161,851
Turkiye Is Bankasi A/S Class C		864,515		1,556,013
Turkiye Vakiflar Bankasi TAO		120,800		198,213
Ulker Biskuvi Sanayi A/S		191,006		1,058,841

Security Description	Shares		Value
Yapi ve Kredi Bankasi A/S (a)		556,141	$	624,735
				21,406,630
UNITED ARAB EMIRATES — 0.6%
Abu Dhabi Commercial Bank PJSC		624,100		1,121,443
Agthia Group PJSC		35,863		42,961
Air Arabia PJSC		1,441,800		447,496
Ajman Bank PJSC (e)		595,778		164,638
Al Waha Capital PJSC		266,355		158,087
Aldar Properties PJSC		1,209,581		701,445
Arabtec Holding PJSC (a)		188,641		114,530
Bank of Sharjah		230,323		68,978
DAMAC Properties Dubai Co. PJSC		1,002,468		816,058
Depa, Ltd.		120,293		48,799
Deyaar Development PJSC (a)		898,807		116,480
DP World, Ltd.		49,386		1,111,185
Dubai Financial Market PJSC (a)		541,753		153,396
Dubai Investments PJSC		487,034		277,131
Emaar Malls PJSC		289,046		169,194
Emaar Properties PJSC		1,044,471		1,649,314
Eshraq Properties Co. PJSC (a)		690,450		135,345
First Abu Dhabi Bank PJSC		522,475		1,664,296
Gulf General Investment Co. (a) (e)		469,156		42,023
Gulf Pharmaceutical Industries PSC		81,964		51,325
Invest bank PSC		59,153		38,652
National Central Cooling Co. PJSC		1,087,135		458,769
Orascom Construction, Ltd. (a)		3,310		28,764
RAK Properties PJSC		1,071,683		198,406
Ras Al Khaimah Ceramics		86,729		59,031
SHUAA Capital PSC (a)		1,498,243		428,303
Union National Bank PJSC		225,268		217,724
Union Properties PJSC (a)		426,038		100,797
				10,584,570
UNITED KINGDOM — 0.0% (f)
Tiso Blackstar Group SE		871		379
TOTAL COMMON STOCKS (Cost $1,626,921,680)				1,707,282,245
PREFERRED STOCKS — 0.0% (f)
SOUTH AFRICA — 0.0% (f)
Zambezi Platinum RF, Ltd. Preference Shares (Cost $148,254)		33,422		169,271
WARRANTS — 0.0% (f)
INDONESIA — 0.0% (f)
Medco Energi Internasional Tbk PT (expiring 12/11/20) (a)		1,696,566		77,635

86

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares	Value
MALAYSIA — 0.0% (f)
Malaysian Resources Corp. Bhd (expiring 10/29/27) (a)	179,301	$	15,529
SOUTH AFRICA — 0.0% (f)
Adcock Ingram Holdings, Ltd. (expiring 7/26/19) (a)	335		226
TOTAL WARRANTS (Cost $0)			93,390
RIGHTS — 0.0% (f)
BRAZIL — 0.0% (f)
PDG Realty SA Empreendimentos e Participacoes (expiring 4/30/18) (a) (Cost $0)	3,501		32
SHORT-TERM INVESTMENTS — 2.5%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (h) (i)	4,427,757		4,427,757
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)	37,930,341		37,930,341
TOTAL SHORT-TERM INVESTMENTS (Cost $42,358,098)			42,358,098
TOTAL INVESTMENTS — 101.8% (Cost $1,669,428,032)			1,749,903,036
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.8)%			(30,253,971	)
NET ASSETS — 100.0%		$	1,719,649,065

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.9% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $33,405, representing less than 0.05% of the Fund’s net assets.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $56,299,184 representing 3.3% of net assets.

(f) Amount is less than 0.05% of net assets.

(g) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at March 31, 2018.

(j) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIC = Real Estate Investment Company

REIT = Real Estate Investment Trust

At March 31, 2018, open futures contracts purchased were as follows:

Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation/ Depreciation
MSCI Taiwan Index Futures		13		04/27/2018	$	528,197	$	530,010	$	1,813

During the period ended March 31, 2018, average notional value related to futures contracts was $519,369 or less than 0.5% of net assets.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	145,835,883	$	—	$	—	$	145,835,883
Chile		30,236,892		—		—		30,236,892
China		541,604,875		—		17,092		541,621,967
Colombia		9,080,559		—		—		9,080,559

87

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs			Total
Czech Republic	$	4,750,366	$	—	$	—		$	4,750,366
Egypt		5,755,218		—		—			5,755,218
Greece		3,089,770		—		—			3,089,770
Hong Kong		21,032,596		4,211		16,313			21,053,120
Hungary		10,923,729		—		—			10,923,729
India		188,012,885		726,606		0	(a)		188,739,491
Indonesia		47,329,686		4,767		—			47,334,453
Macau		2,141		—		—			2,141
Malaysia		45,459,666		143		—			45,459,809
Mexico		59,871,142		—		—			59,871,142
Monaco		123,868		—		—			123,868
Netherlands		450,273		—		—			450,273
Peru		15,304,204		—		—			15,304,204
Philippines		23,331,413		—		—			23,331,413
Poland		18,273,169		—		—			18,273,169
Qatar		8,021,548		—		—			8,021,548
Russia		74,673,747		—		—			74,673,747
South Africa		126,441,482		—		—			126,441,482
Taiwan		237,309,258		—		0	(a)		237,309,258
Thailand		2,250,368		55,356,796		—			57,607,164
Turkey		21,406,630		—		—			21,406,630
United Arab Emirates		10,377,909		206,661		—			10,584,570
United Kingdom		379		—		—			379
Preferred Stocks
South Africa		169,271		—		—			169,271
Warrants
Indonesia		77,635		—		—			77,635
Malaysia		15,529		—		—			15,529
South Africa		226		—		—			226
Rights
Brazil		32		—		—			32
Short-Term Investments		42,358,098		—		—			42,358,098
TOTAL INVESTMENTS	$	1,693,570,447	$	56,299,184	$	33,405		$	1,749,903,036
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts(b)		1,813		—		—			1,813
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$	1,693,572,260	$	56,299,184	$	33,405		$	1,749,904,849

(a) Fund held Level 3 securities that were valued at $ 0 at March 31, 2018.

(b) Futures Contracts are valued at unrealized appreciation (depreciation).

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18		Dividend Income		Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		—	$	—	$	90,676,387	$	86,248,630	$	—	$	—		4,427,757	$	4,427,757	$	12,171	$	—
State Street Navigator Securities Lending Government Money Market Portfolio		8,647,800		8,647,800		84,715,944		55,433,403		—		—		37,930,341		37,930,341		133,723		—
Total				8,647,800	$	175,392,331	$	141,682,033	$	—	$	—			$	42,358,098	$	145,894	$	—

88

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 5.6%
Abacus Property Group REIT		37,637	$	100,177
AGL Energy, Ltd.		85,846		1,427,588
Alumina, Ltd.		845,312		1,530,216
Amcor, Ltd.		234,554		2,549,390
AMP, Ltd.		475,297		1,819,237
Ansell, Ltd.		74,903		1,451,297
APA Group		348,790		2,108,210
Aristocrat Leisure, Ltd.		151,948		2,804,234
Arrium, Ltd. (a) (b) (c)		163,093		—
Atlassian Corp. PLC Class A (b)		14,769		796,344
Australia & New Zealand Banking Group, Ltd.		352,176		7,255,869
Bendigo & Adelaide Bank, Ltd.		73,637		555,795
BHP Billiton PLC		240,492		4,735,215
BHP Billiton, Ltd.		402,120		8,701,266
BlueScope Steel, Ltd.		108,085		1,251,061
Boral, Ltd.		87,468		499,167
Brambles, Ltd.		341,914		2,617,406
BWP Trust REIT		521,315		1,207,621
Caltex Australia, Ltd.		34,457		829,910
carsales.com, Ltd.		46,333		480,142
Challenger, Ltd.		84,931		751,789
Coca-Cola Amatil, Ltd.		80,698		536,668
Cochlear, Ltd.		7,071		985,072
Commonwealth Bank of Australia		215,502		11,952,901
Computershare, Ltd.		219,271		2,911,400
CSL, Ltd.		65,087		7,761,338
CSR, Ltd.		305,288		1,213,007
Dexus REIT		140,025		1,001,026
Domain Holdings Australia, Ltd.		20,659		51,501
Fairfax Media, Ltd.		206,740		107,041
Fortescue Metals Group, Ltd.		218,821		726,776
Goodman Group REIT		202,106		1,306,864
GPT Group REIT		225,126		818,517
GWA Group, Ltd.		280,086		721,862
Harvey Norman Holdings, Ltd. (c)		74,717		211,480
Healthscope, Ltd.		264,450		392,508
Iluka Resources, Ltd.		67,578		547,385
Incitec Pivot, Ltd.		213,869		575,809
Infigen Energy (b)		200,416		89,932
Ingenia Communities Group REIT		190,805		406,872
Insurance Australia Group, Ltd.		543,434		3,117,971
LendLease Group		213,547		2,835,399
Macquarie Group, Ltd.		57,471		4,536,154
Medibank Pvt, Ltd.		351,480		781,848
Mirvac Group REIT		230,063		379,410
National Australia Bank, Ltd.		313,303		6,846,690
Newcrest Mining, Ltd.		111,173		1,667,984
Oil Search, Ltd.		149,270		818,657
Orica, Ltd.		38,992		531,181
Origin Energy, Ltd. (b)		287,350		1,917,583
Orora, Ltd.		240,733		609,359
OZ Minerals, Ltd.		61,177		421,863

Security Description	Shares		Value
Perpetual, Ltd.		38,683	$	1,381,222
QBE Insurance Group, Ltd.		172,483		1,274,079
Ramsay Health Care, Ltd.		16,504		788,933
REA Group, Ltd.		6,670		405,256
Santos, Ltd. (b)		320,309		1,245,664
Scentre Group REIT		667,204		1,960,113
SEEK, Ltd.		45,246		645,531
Sonic Healthcare, Ltd.		77,130		1,353,639
South32, Ltd. (d)		636,745		1,572,471
Stockland REIT		317,797		982,378
Suncorp Group, Ltd.		164,218		1,680,352
Sydney Airport		141,724		729,440
Tabcorp Holdings, Ltd.		393,342		1,324,520
Telstra Corp., Ltd.		553,550		1,333,246
TPG Telecom, Ltd. (c)		30,510		128,481
Transurban Group Stapled Security		238,606		2,090,120
Treasury Wine Estates, Ltd.		159,845		2,067,189
Vicinity Centres REIT		416,983		770,831
Wesfarmers, Ltd.		150,953		4,812,170
Westfield Corp. REIT		257,710		1,684,203
Westpac Banking Corp.		407,780		8,951,982
Woodside Petroleum, Ltd.		130,228		2,920,824
Woolworths, Ltd.		207,566		4,185,723
WorleyParsons, Ltd.		68,748		756,721
				145,299,080
AUSTRIA — 0.3%
ams AG		7,802		813,605
ANDRITZ AG		4,550		254,050
Erste Group Bank AG		45,033		2,259,661
OMV AG		44,685		2,598,313
Raiffeisen Bank International AG (b)		16,904		656,737
Voestalpine AG		39,821		2,084,818
				8,667,184
BELGIUM — 1.2%
Ackermans & van Haaren NV		2,867		501,395
Aedifica SA REIT		9,150		841,734
Ageas		58,947		3,041,932
Anheuser-Busch InBev SA		123,856		13,599,518
Bekaert SA		12,462		530,600
Colruyt SA		7,935		438,368
Galapagos NV (b) (c)		5,449		544,828
Gimv NV		2,442		147,612
Groupe Bruxelles Lambert SA		10,315		1,177,252
KBC Group NV		43,122		3,750,537
Proximus SADP		18,161		563,520
Solvay SA		9,478		1,315,439
UCB SA		29,779		2,423,758
Umicore SA		25,156		1,328,173
				30,204,666
CANADA — 7.7%
AGF Management, Ltd. Class B		84,585		430,388
Agnico Eagle Mines, Ltd.		29,013		1,219,705
Air Canada (b)		33,522		696,051
Alamos Gold, Inc. Class A		48,765		253,423

89

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Algonquin Power & Utilities Corp. (c)		33,918	$	335,957
Alimentation Couche-Tard, Inc. Class B (c)		53,529		2,394,429
AltaGas, Ltd. (c)		18,565		343,292
ARC Resources, Ltd. (c)		47,388		516,058
Atco, Ltd. Class I		9,478		304,208
Athabasca Oil Corp. (b)		43,561		40,208
Avigilon Corp. (b)		8,679		181,624
B2Gold Corp. (b)		141,186		386,571
Badger Daylighting, Ltd. (c)		8,330		166,503
Bank of Montreal (c)		76,708		5,790,361
Bank of Nova Scotia		152,180		9,367,465
Barrick Gold Corp.		153,284		1,908,248
BCE, Inc.		34,805		1,496,676
BlackBerry, Ltd. (b)		82,097		943,073
Bombardier, Inc. Class B (b)		305,140		887,551
Brookfield Asset Management, Inc. Class A		133,963		5,218,245
CAE, Inc.		36,613		681,000
Cameco Corp. (c)		84,844		770,621
Canadian Imperial Bank of Commerce (c)		56,403		4,975,101
Canadian National Railway Co.		101,906		7,442,675
Canadian Natural Resources, Ltd.		165,903		5,211,613
Canadian Pacific Railway, Ltd.		25,265		4,452,362
Canadian Solar, Inc. (b) (c)		5,780		94,041
Canadian Tire Corp., Ltd. Class A (c)		10,705		1,406,575
Canadian Utilities, Ltd. Class A		14,866		396,542
Canadian Western Bank (c)		56,355		1,444,664
CCL Industries, Inc. Class B		15,327		773,215
Cenovus Energy, Inc.		97,732		831,584
CES Energy Solutions Corp.		39,821		181,615
CGI Group, Inc. Class A (b)		53,956		3,109,506
CI Financial Corp. (c)		30,626		655,635
Cineplex, Inc. (c)		7,935		192,951
Constellation Software, Inc.		2,513		1,703,889
Crescent Point Energy Corp. (c)		90,365		613,998
CT Real Estate Investment Trust		37,015		381,849
Detour Gold Corp. (b)		24,454		247,338
Dollarama, Inc.		14,428		1,752,287
ECN Capital Corp.		40,898		109,125
Eldorado Gold Corp. (b) (c)		65,944		55,241
Element Fleet Management Corp. (c)		48,961		157,602
Emera, Inc.		18,583		587,507
Empire Co., Ltd.		20,462		410,430
Enbridge Income Fund Holdings, Inc. (c)		12,356		267,582
Enbridge, Inc.		201,959		6,347,395
Encana Corp.		119,855		1,317,313
Enerplus Corp.		19,858		223,186
Exchange Income Corp. (c)		18,178		435,116
Fairfax Financial Holdings, Ltd.		4,888		2,476,018
Finning International, Inc.		17,731		427,304
Firm Capital Mortgage Investment Corp.		73,885		742,145

Security Description	Shares		Value
First Capital Realty, Inc.		17,025	$	268,729
First Majestic Silver Corp. (b) (c)		34,892		213,533
First Quantum Minerals, Ltd.		84,967		1,192,207
Fortis, Inc. (c)		51,459		1,735,856
Franco-Nevada Corp. (c)		21,596		1,472,397
George Weston, Ltd.		5,862		471,597
Gildan Activewear, Inc.		29,425		849,257
Goldcorp, Inc.		119,203		1,644,849
Gran Tierra Energy, Inc. (b)		63,466		176,233
Great-West Lifeco, Inc.		38,571		983,684
H&R Real Estate Investment Trust		17,025		277,708
Home Capital Group, Inc. (c)		8,692		91,420
Husky Energy, Inc.		75,906		1,085,675
Hydro One, Ltd. (e)		21,116		342,638
IAMGOLD Corp. (b)		107,269		555,794
Imperial Oil, Ltd. (c)		31,416		831,424
Industrial Alliance Insurance & Financial Services, Inc.		12,858		528,582
Innergex Renewable Energy, Inc. (c)		64,213		655,951
Intact Financial Corp.		17,845		1,339,984
Inter Pipeline, Ltd. (c)		42,720		740,911
International Petroleum Corp. (b)		9,497		39,293
K-Bro Linen, Inc.		17,731		498,270
Keyera Corp.		21,874		568,546
Kinross Gold Corp. (b)		139,393		550,328
Linamar Corp.		6,280		342,824
Loblaw Cos., Ltd. (c)		24,092		1,216,326
Lundin Mining Corp.		93,759		614,515
Magna International, Inc.		49,850		2,805,984
Manulife Financial Corp.		264,033		4,898,716
Maxar Technologies, Ltd.		5,780		267,111
Methanex Corp.		10,713		648,555
Metro, Inc. (c)		31,175		993,828
National Bank of Canada		47,562		2,237,083
New Gold, Inc. (b)		75,931		196,711
Nutrien, Ltd. (c)		113,554		5,363,043
Obsidian Energy, Ltd. (b) (c)		64,770		64,808
Onex Corp.		10,355		746,315
Open Text Corp. (c)		27,729		963,982
Pan American Silver Corp.		18,976		305,706
Parex Resources, Inc. (b)		46,242		649,917
Pembina Pipeline Corp.		49,962		1,557,861
Pengrowth Energy Corp. (b) (c)		58,394		37,593
Peyto Exploration & Development Corp. (c)		16,900		141,571
Power Corp. of Canada		47,388		1,080,634
Power Financial Corp.		39,452		987,180
PrairieSky Royalty, Ltd. (c)		26,077		569,780
Precision Drilling Corp. (b)		39,311		109,159
Pure Industrial Real Estate Trust		106,847		666,317
Quebecor, Inc. Class B		21,000		401,187
Restaurant Brands International, Inc.		28,982		1,648,214
RioCan Real Estate Investment Trust		19,822		363,461

90

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Ritchie Bros Auctioneers, Inc. (c)		13,609	$	427,508
Rogers Communications, Inc. Class B		71,672		3,198,764
Royal Bank of Canada		179,931		13,889,264
Russel Metals, Inc.		7,497		163,169
Saputo, Inc.		33,312		1,068,413
Secure Energy Services, Inc. (c)		24,380		138,801
SEMAFO, Inc. (b)		58,556		168,503
Seven Generations Energy, Ltd. Class A (b)		22,116		274,467
Shaw Communications, Inc. Class B		103,594		1,994,340
Sherritt International Corp. (b) (c)		92,471		81,049
Shopify, Inc. Class A (b)		7,378		917,464
SNC-Lavalin Group, Inc. (c)		25,254		1,108,101
Stantec, Inc. (c)		9,873		243,446
Stars Group, Inc. (b)		23,579		650,354
Sun Life Financial, Inc. (c)		98,187		4,029,532
Suncor Energy, Inc.		244,513		8,437,761
Teck Resources, Ltd. Class B		74,644		1,921,030
TELUS Corp.		59,751		2,096,673
Thomson Reuters Corp.		53,875		2,080,618
TMX Group, Ltd.		6,237		361,618
Toromont Industries, Ltd.		9,873		428,309
Toronto-Dominion Bank		249,991		14,176,337
Tourmaline Oil Corp. (c)		16,133		273,419
TransCanada Corp. (c)		112,647		4,655,290
Trinidad Drilling, Ltd. (b) (c)		28,942		39,959
Turquoise Hill Resources, Ltd. (b)		120,970		369,689
Valeant Pharmaceuticals International, Inc. (b)		42,736		679,864
Vermilion Energy, Inc. (c)		14,122		455,015
Waste Connections, Inc.		32,664		2,342,028
West Fraser Timber Co., Ltd.		5,299		351,869
Wheaton Precious Metals Corp.		50,670		1,031,675
Whitecap Resources, Inc. (c)		45,837		280,159
Yamana Gold, Inc.		148,518		410,102
Yellow Pages, Ltd. (b) (c)		14,422		78,193
				199,571,091
CHILE — 0.0% (f)
Antofagasta PLC		43,660		564,078
CHINA — 0.1%
APT Satellite Holdings, Ltd.		460,000		211,587
China Everbright Water, Ltd.		292,515		94,806
Chong Hing Bank, Ltd.		1,385		2,760
ENN Energy Holdings, Ltd.		38,000		339,411
Fosun International, Ltd.		247,000		535,020
HC International, Inc.		184,500		133,762
Sino Grandness Food Industry Group, Ltd. (b) (c)		917,745		137,176
				1,454,522
DENMARK — 1.4%
AP Moeller - Maersk A/S Class B		817		1,259,557

Security Description	Shares		Value
AP Moller - Maersk A/S Class A		408	$	596,090
Carlsberg A/S Class B		13,208		1,570,778
Chr Hansen Holding A/S		12,360		1,062,476
Coloplast A/S Class B		11,107		935,708
Danske Bank A/S		127,307		4,734,445
DONG Energy A/S (e)		25,653		1,659,155
DSV A/S		22,345		1,748,624
FLSmidth & Co. A/S		23,358		1,498,004
Genmab A/S (b)		6,949		1,488,195
GN Store Nord A/S		18,207		641,055
ISS A/S		22,788		840,700
Jyske Bank A/S		6,122		361,407
Novo Nordisk A/S Class B		249,053		12,224,796
Novozymes A/S Class B		27,746		1,430,126
Pandora A/S		15,666		1,679,580
SimCorp A/S		4,999		346,249
TDC A/S (b)		33,166		274,263
Vestas Wind Systems A/S		34,349		2,435,810
				36,787,018
FINLAND — 0.9%
Amer Sports Oyj (b)		17,024		524,890
Caverion Oyj (b) (c)		33,250		250,876
Elisa Oyj (c)		19,408		877,661
Fortum Oyj (c)		57,075		1,224,880
Kemira Oyj		12,524		160,187
Kesko Oyj Class B		9,543		546,450
Kone Oyj Class B		48,756		2,430,284
Konecranes Oyj		8,730		378,358
Metso Oyj (c)		16,088		506,715
Neste Oyj (c)		16,108		1,121,270
Nokia Oyj (d)		503,113		2,775,110
Nokia Oyj (d)		270,199		1,487,727
Nokian Renkaat Oyj (c)		14,121		640,832
Orion Oyj Class B		12,805		391,659
Sampo Oyj Class A		60,460		3,365,387
Sanoma Oyj		10,027		117,459
Stockmann Oyj Abp Class B (b) (c)		4,521		21,184
Stora Enso Oyj Class R (c)		71,372		1,310,070
Tikkurila Oyj		4,537		87,157
UPM-Kymmene Oyj (c)		66,740		2,470,614
Valmet Oyj (c)		16,691		334,187
Wartsila Oyj Abp		57,084		1,260,176
YIT Oyj (c)		15,819		132,294
				22,415,427
FRANCE — 8.1%
Accor SA		44,850		2,418,713
Aeroports de Paris		4,102		892,938
Air Liquide SA		50,572		6,187,258
Airbus SE		79,471		9,167,772
Albioma SA		40,495		959,202
Alstom SA		39,917		1,797,256
Arkema SA		5,453		710,876
Atos SE		10,404		1,421,565
AXA SA		246,473		6,547,498
BNP Paribas SA		139,116		10,294,598
Bollore SA		66,354		353,352

91

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Bollore SA (b) (c)		347	$	1,839
Bourbon Corp. (c)		49,157		287,769
Bouygues SA		41,055		2,055,509
Bureau Veritas SA		28,198		732,080
Capgemini SE		19,869		2,472,913
Carrefour SA (c)		115,636		2,396,322
Casino Guichard Perrachon SA (c)		17,737		868,410
CGG SA (b)		20,787		41,185
Christian Dior SE		339		133,789
Cie de Saint-Gobain		83,303		4,391,017
Cie Generale des Etablissements Michelin SCA		19,434		2,865,720
Cie Plastic Omnium SA		9,117		436,168
Credit Agricole SA		151,738		2,464,252
Danone SA		78,775		6,368,019
Dassault Systemes SE		12,810		1,739,284
Edenred		46,885		1,628,362
Eiffage SA		6,673		758,964
Electricite de France SA		52,706		762,289
Elis SA		23,193		573,331
Engie SA		206,357		3,440,100
Essilor International Cie Generale d’Optique SA		25,641		3,456,192
Eutelsat Communications SA		10,805		213,945
Faurecia SA		7,051		569,902
Fonciere Des Regions REIT		6,601		727,800
Gecina SA REIT		5,366		931,172
Getlink SE		51,525		735,069
Groupe Fnac SA (b) (d)		3,652		390,978
Groupe Fnac SA (b) (d)		1,233		130,563
Hermes International		4,543		2,690,242
Iliad SA		2,862		591,332
Ingenico Group SA		6,560		531,508
Ipsen SA		4,507		699,241
Kering SA		9,537		4,560,268
Klepierre SA REIT		24,027		967,750
Lagardere SCA		39,331		1,122,213
Legrand SA		34,552		2,706,855
L’Oreal SA		26,009		5,864,849
LVMH Moet Hennessy Louis Vuitton SE (c)		34,060		10,480,554
Natixis SA		59,222		484,930
Nexans SA		12,377		639,318
Orange SA		264,064		4,476,806
Orpea		5,791		735,353
Pernod Ricard SA		26,483		4,405,110
Peugeot SA		76,281		1,834,068
Publicis Groupe SA		42,661		2,968,563
Renault SA		32,286		3,911,135
Rexel SA		37,384		632,180
Rubis SCA		11,128		802,671
Safran SA		43,244		4,572,730
Sanofi		152,181		12,227,154
Schneider Electric SE (d)		73,923		6,485,821
Schneider Electric SE (d)		2,000		175,746
SCOR SE		23,162		947,438
SEB SA		3,318		633,316

Security Description	Shares		Value
Societe BIC SA		3,364	$	334,494
Societe Generale SA		105,255		5,716,420
Sodexo SA		12,802		1,289,478
Suez		49,302		713,663
Technicolor SA		60,014		101,413
Teleperformance		7,360		1,140,514
Television Francaise 1		14,946		202,746
Thales SA		12,839		1,562,268
TOTAL SA		317,178		17,994,460
Ubisoft Entertainment SA (b)		20,044		1,689,095
Unibail-Rodamco SE REIT (c)		11,980		2,735,294
Unibail-Rodamco SE REIT		390		89,045
Valeo SA		48,566		3,203,859
Vallourec SA (b) (c)		62,993		333,439
Veolia Environnement SA		108,505		2,568,148
Vinci SA		59,523		5,849,031
Vivendi SA		159,631		4,122,767
Wendel SA		3,683		573,893
				208,691,149
GERMANY — 7.8%
1&1 Drillisch AG		5,434		365,895
Aareal Bank AG		6,282		299,302
adidas AG		26,045		6,298,986
Allianz SE		57,181		12,897,436
Aurubis AG		3,668		308,017
Axel Springer SE		7,856		656,996
BASF SE		114,818		11,645,504
Bayer AG		105,584		11,919,164
Bayerische Motoren Werke AG		39,855		4,320,733
Bayerische Motoren Werke AG Preference Shares		6,958		651,638
Bechtle AG		3,344		270,610
Beiersdorf AG		12,778		1,446,097
Bilfinger SE		16,569		753,963
Brenntag AG		19,804		1,176,393
CECONOMY AG		20,663		237,606
Commerzbank AG (b)		116,453		1,510,109
Continental AG		14,024		3,868,597
Covestro AG (e)		10,701		1,051,008
CTS Eventim AG & Co. KGaA		5,889		275,653
Daimler AG		124,233		10,537,789
Delivery Hero AG (b) (e)		7,908		382,218
Deutsche Bank AG		257,708		3,589,688
Deutsche Boerse AG		29,449		4,005,696
Deutsche EuroShop AG		7,925		290,448
Deutsche Lufthansa AG		22,762		726,161
Deutsche Post AG		150,771		6,586,324
Deutsche Telekom AG		427,216		6,961,706
Deutsche Wohnen SE		42,939		2,001,444
DMG Mori AG		9,108		521,989
Duerr AG		2,961		324,611
E.ON SE		257,030		2,851,298
Evonik Industries AG		15,367		541,271
Evotec AG (b)		14,856		290,503
Fielmann AG		3,240		261,796
Fraport AG Frankfurt Airport Services Worldwide		6,604		650,567
Freenet AG		16,491		501,155

92

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Fresenius Medical Care AG & Co. KGaA		27,365	$	2,792,680
Fresenius SE & Co. KGaA		50,484		3,853,167
Fuchs Petrolub SE Preference Shares		8,768		475,545
GEA Group AG		22,391		951,423
Gerresheimer AG		5,366		439,849
Grand City Properties SA		13,217		315,671
GRENKE AG		3,242		343,296
Hamborner REIT AG		59,319		687,951
Hannover Rueck SE		7,554		1,030,293
HeidelbergCement AG		18,140		1,779,851
Hella GmbH & Co. KGaA		5,464		358,843
Henkel AG & Co. KGaA Preference Shares		25,201		3,311,651
Henkel AG & Co. KGaA		15,791		1,986,724
HOCHTIEF AG		2,069		386,010
HUGO BOSS AG		8,294		721,779
Infineon Technologies AG		143,900		3,847,447
Innogy SE (e)		17,328		819,828
Jungheinrich AG Preference Shares		5,889		260,444
KION Group AG		9,619		895,999
Krones AG		1,996		268,553
KS AG		26,866		774,485
Lanxess AG		11,635		890,039
LEG Immobilien AG		7,466		838,690
Leoni AG		4,108		262,312
Linde AG (b)		23,280		4,898,750
MAN SE		11,982		1,396,242
Merck KGaA		26,478		2,536,734
METRO AG		20,663		365,684
MorphoSys AG		2,848		290,717
MTU Aero Engines AG		6,560		1,103,678
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		18,696		4,342,282
Norma Group SE		6,246		467,044
OSRAM Licht AG		9,992		734,371
Porsche Automobil Holding SE Preference Shares		22,283		1,849,821
ProSiebenSat.1 Media SE		28,194		977,125
Puma SE		356		173,598
QIAGEN NV (b)		29,405		949,298
Rational AG		412		258,923
Rheinmetall AG		5,401		766,203
RWE AG (b)		68,520		1,690,443
Salzgitter AG		12,889		658,473
SAP SE		124,386		12,998,386
Sartorius AG Preference Shares		5,854		817,148
Schaeffler AG Preference Shares		20,723		319,469
Scout24 AG (e)		9,127		424,748
Siemens AG		106,173		13,517,322
Siltronic AG (b)		2,519		429,847
Software AG		6,306		329,761
Stabilus SA		2,967		282,977
STADA Arzneimittel AG		9,534		980,712
Symrise AG		15,668		1,259,441

Security Description	Shares		Value
TAG Immobilien AG		18,213	$	377,652
Telefonica Deutschland Holding AG		64,642		303,372
ThyssenKrupp AG		65,857		1,716,268
TUI AG		60,579		1,298,498
Uniper SE		25,670		781,364
United Internet AG		15,696		986,421
Volkswagen AG		4,934		986,670
Volkswagen AG Preference Shares		22,783		4,521,816
Vonovia SE		56,386		2,791,190
Wacker Chemie AG		1,994		327,017
Wirecard AG		17,029		2,008,864
Zalando SE (b) (e)		14,102		767,964
				200,957,194
HONG KONG — 2.9%
AIA Group, Ltd.		1,576,600		13,338,715
ASM Pacific Technology, Ltd.		37,600		525,077
Bank of East Asia, Ltd.		168,555		672,218
BOC Hong Kong Holdings, Ltd.		432,500		2,105,106
China Water Industry Group, Ltd. (b) (c)		1,852,000		391,718
CK Asset Holdings, Ltd.		408,348		3,426,183
CK Hutchison Holdings, Ltd.		408,348		4,885,628
CK Infrastructure Holdings, Ltd.		26,000		212,517
CLP Holdings, Ltd.		217,500		2,214,269
Dah Sing Banking Group, Ltd.		342,125		746,299
Dah Sing Financial Holdings, Ltd.		171,285		1,082,494
Dairy Farm International Holdings, Ltd.		40,200		319,590
Esprit Holdings, Ltd. (b) (c)		453,319		154,220
Galaxy Entertainment Group, Ltd.		386,000		3,504,262
Hang Lung Group, Ltd.		402,000		1,313,826
Hang Lung Properties, Ltd.		353,000		822,196
Hang Seng Bank, Ltd.		86,800		2,008,445
Henderson Land Development Co., Ltd.		63,405		412,828
HK Electric Investments & HK Electric Investments, Ltd. (c) (e)		239,000		231,439
HKT Trust & HKT, Ltd.		385,900		485,307
Hong Kong & China Gas Co., Ltd.		1,157,506		2,377,457
Hong Kong Exchanges & Clearing, Ltd.		162,562		5,285,963
Hongkong Land Holdings, Ltd.		287,500		1,980,875
Hopewell Highway Infrastructure, Ltd.		6,975		4,257
Hysan Development Co., Ltd.		26,841		141,929
Jardine Matheson Holdings, Ltd.		39,405		2,428,136
Jardine Strategic Holdings, Ltd.		34,800		1,334,232
Kerry Properties, Ltd.		29,000		130,621
Li & Fung, Ltd.		942,000		460,900
Link REIT		386,351		3,298,232
Melco International Development, Ltd.		34,000		98,773

93

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Melco Resorts & Entertainment, Ltd. ADR		18,585	$	538,593
MTR Corp., Ltd.		200,179		1,076,355
New World Development Co., Ltd.		786,411		1,110,232
Noble Group, Ltd. (b) (c)		47,740		2,840
NWS Holdings, Ltd.		72,000		130,637
Pacific Basin Shipping, Ltd. (b)		3,292,000		880,853
PCCW, Ltd.		455,000		263,204
Power Assets Holdings, Ltd.		195,500		1,742,444
Sands China, Ltd.		328,400		1,765,794
Shangri-La Asia, Ltd.		60,000		120,790
Sino Land Co., Ltd.		897,938		1,453,030
SJM Holdings, Ltd.		57,000		49,532
Sun Hung Kai Properties, Ltd.		273,509		4,321,333
Sundart Holdings, Ltd.		82,000		44,927
Swire Pacific, Ltd. Class A		25,500		257,167
Swire Properties, Ltd.		153,800		538,907
Techtronic Industries Co., Ltd.		193,500		1,127,967
VTech Holdings, Ltd.		33,600		424,265
Wharf Holdings, Ltd.		359,000		1,232,757
Wharf Real Estate Investment Co., Ltd. (b)		133,000		865,958
Wheelock & Co., Ltd.		34,000		248,449
Yue Yuen Industrial Holdings, Ltd.		34,000		134,946
				74,724,692
IRELAND — 0.5%
AerCap Holdings NV (b)		10,379		526,423
Bank of Ireland Group PLC (b)		114,769		1,003,567
C&C Group PLC		50,952		166,684
CRH PLC		101,958		3,457,088
Glanbia PLC		15,675		269,891
Green REIT PLC		83,993		156,394
Greencore Group PLC		102,788		191,125
Irish Bank Resolution Corp., Ltd. (a)		5,635		—
James Hardie Industries PLC		53,147		932,328
Kerry Group PLC Class A		19,387		1,964,672
Kingspan Group PLC		18,145		767,658
Paddy Power Betfair PLC		10,703		1,098,460
Ryanair Holdings PLC ADR (b)		15,697		1,928,376
Smurfit Kappa Group PLC		24,384		987,227
UDG Healthcare PLC		31,019		377,697
				13,827,590
ISRAEL — 0.5%
Bank Hapoalim BM		136,890		937,333
Bank Leumi Le-Israel BM		181,070		1,088,736
Bezeq The Israeli Telecommunication Corp., Ltd.		269,370		343,728
Check Point Software Technologies, Ltd. (b)		18,246		1,812,558
Israel Chemicals, Ltd.		55,828		235,343
Mazor Robotics, Ltd. (b)		19,805		581,032
Nice, Ltd.		7,900		732,879

Security Description	Shares		Value
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		20,458	$	1,026,731
Reit 1, Ltd.		191,498		784,897
Shufersal, Ltd.		294,567		1,873,529
Strauss Group, Ltd.		84,140		1,809,411
Teva Pharmaceutical Industries, Ltd. ADR		136,185		2,327,402
				13,553,579
ITALY — 2.0%
A2A SpA		185,526		354,689
Assicurazioni Generali SpA		174,572		3,354,648
Atlantia SpA		51,724		1,599,861
Azimut Holding SpA		12,430		266,682
Banca Generali SpA		9,126		294,059
Banca IFIS SpA		24,403		938,777
Banca Monte dei Paschi di Siena SpA (b) (c)		3,304		10,451
Banca Popolare di Sondrio SCPA		92,821		367,354
Banco BPM SpA (b)		127,335		441,151
Biesse SpA		1,295		76,766
BPER Banca (c)		67,362		375,289
Brembo SpA		56,003		863,696
Cairo Communication SpA (c)		64,344		288,837
Credito Valtellinese SpA (b)		1,163,888		164,898
Davide Campari-Milano SpA		60,561		458,058
Enel SpA		900,114		5,501,818
Eni SpA		331,868		5,831,619
Esprinet SpA (c)		50,675		271,104
Falck Renewables SpA		14,886		38,446
Ferrari NV		16,451		1,973,455
Immobiliare Grande Distribuzione SIIQ SpA		49,391		460,922
Interpump Group SpA		24,928		841,861
Intesa Sanpaolo SpA		1,713,696		6,224,766
Iren SpA		377,285		1,182,282
Italgas SpA		40,912		244,333
Leonardo SpA		98,147		1,131,982
Luxottica Group SpA		17,780		1,104,270
Mediaset SpA (b)		91,195		349,030
Mediobanca Banca di Credito Finanziario SpA		52,995		622,300
Moncler SpA		20,206		767,876
PRADA SpA (c)		46,600		215,238
Prysmian SpA		22,795		714,878
Recordati SpA		19,807		730,302
Reply SpA		17,309		954,531
Saipem SpA (b)		124,670		487,882
Salvatore Ferragamo SpA (c)		8,604		237,240
Snam SpA		272,583		1,251,437
Societa Cattolica di Assicurazioni SC		63,403		674,494
Sogefi SpA (b) (c)		48,421		174,126
Telecom Italia SpA/Milano (b) (d)		1,823,528		1,729,096
Telecom Italia SpA/Milano (d)		769,107		639,798

94

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Terna Rete Elettrica Nazionale SpA		178,700	$	1,043,708
UniCredit SpA (b)		248,453		5,190,854
Unione di Banche Italiane SpA		129,656		591,747
Unipol Gruppo Finanziario SpA		45,917		224,642
UnipolSai Assicurazioni SpA		116,733		277,509
Yoox Net-A-Porter Group SpA (b)		9,116		423,788
Zignago Vetro SpA		49,725		507,581
				52,470,131
JAPAN — 23.3%
Acom Co., Ltd. (b) (c)		77,400		343,515
Activia Properties, Inc. REIT		20		89,234
Advance Residence Investment Corp. REIT		38		96,331
Advantest Corp. (c)		77,400		1,597,489
Aeon Co., Ltd. (c)		165,820		2,930,500
AEON Financial Service Co., Ltd. (c)		3,500		80,235
AEON REIT Investment Corp.		58		61,190
Air Water, Inc.		35,100		677,577
Aisin Seiki Co., Ltd.		35,800		1,932,224
Ajinomoto Co., Inc.		78,000		1,407,080
Akita Bank, Ltd.		16,555		443,646
Alconix Corp.		7,800		152,113
Alfresa Holdings Corp.		36,900		821,966
Alps Electric Co., Ltd. (c)		35,900		874,292
Amada Holdings Co., Ltd.		43,100		516,714
ANA Holdings, Inc.		10,100		387,760
Aomori Bank, Ltd.		1,010		30,865
Aoyama Trading Co., Ltd.		2,100		82,144
Aozora Bank, Ltd.		14,200		564,796
Asahi Glass Co., Ltd.		35,100		1,450,536
Asahi Group Holdings, Ltd.		87,636		4,688,753
Asahi Intecc Co., Ltd.		6,400		255,458
Asahi Kasei Corp.		163,150		2,145,419
Asics Corp. (c)		36,300		669,340
Astellas Pharma, Inc.		373,800		5,679,932
Atom Corp. (c)		127,400		1,144,024
Awa Bank, Ltd.		11,550		74,937
Azbil Corp.		3,800		177,047
Bandai Namco Holdings, Inc.		37,300		1,192,478
Bank of Iwate, Ltd.		37,855		1,519,895
Bank of Kyoto, Ltd.		3,200		178,731
Bank of Okinawa, Ltd.		41,400		1,759,549
Benesse Holdings, Inc.		4,100		147,268
Bridgestone Corp.		85,465		3,719,154
Brother Industries, Ltd.		36,100		823,834
Calbee, Inc. (c)		3,700		124,899
Can Do Co., Ltd. (c)		5,300		89,305
Canon, Inc.		155,616		5,633,489
Casio Computer Co., Ltd. (c)		86,900		1,277,965
Central Japan Railway Co.		36,200		6,845,153
Chiba Bank, Ltd.		66,550		536,280
Chubu Electric Power Co., Inc.		80,765		1,152,050
Chugai Pharmaceutical Co., Ltd.		43,580		2,184,122
Chugoku Bank Ltd.		35,100		415,523

Security Description	Shares		Value
Chugoku Electric Power Co., Inc. (c)		35,600	$	432,489
Coca-Cola Bottlers Japan
Holdings, Inc.		34,700		1,425,849
COLOPL, Inc. (c)		2,000		17,677
Colowide Co., Ltd. (c)		2,400		55,086
COMSYS Holdings Corp.		9,500		249,135
Concordia Financial Group, Ltd.		163,300		910,549
COOKPAD, Inc. (c)		35,800		198,608
Credit Saison Co., Ltd.		80,800		1,332,611
CyberAgent, Inc.		5,800		296,681
Dai Nippon Printing Co., Ltd.		31,600		648,639
Daicel Corp.		39,000		423,188
Daifuku Co., Ltd.		10,600		616,963
Dai-ichi Life Holdings, Inc.		161,100		2,946,305
Daiichi Sankyo Co., Ltd.		124,365		4,133,806
Daiken Medical Co., Ltd.		40,700		294,678
Daikin Industries, Ltd.		45,310		4,961,307
Daishi Bank, Ltd.		1,517		67,256
Daito Trust Construction Co., Ltd.		9,255		1,567,302
Daiwa House Industry Co., Ltd.		84,400		3,206,168
Daiwa House REIT Investment Corp.		51		122,956
Daiwa Securities Group, Inc.		382,550		2,432,709
DeNA Co., Ltd. (c)		35,700		643,842
Denka Co., Ltd.		7,000		233,333
Denso Corp.		76,710		4,170,543
Dentsu, Inc.		36,900		1,613,399
DIC Corp.		5,300		175,919
Disco Corp.		2,500		524,683
Don Quijote Holdings Co., Ltd.		16,300		925,736
Dowa Holdings Co., Ltd. (c)		4,400		155,355
East Japan Railway Co.		44,300		4,112,173
Ebara Corp.		3,800		133,277
Eighteenth Bank, Ltd.		8,251		21,258
Eisai Co., Ltd.		41,551		2,651,294
Electric Power Development Co., Ltd.		29,100		744,260
euglena Co., Ltd. (b) (c)		5,000		48,519
Ezaki Glico Co., Ltd.		2,700		142,934
F@N Communications, Inc.		5,200		34,471
FamilyMart UNY Holdings Co., Ltd.		9,500		786,977
FANUC Corp.		29,855		7,458,837
Fast Retailing Co., Ltd.		7,700		3,036,559
Feed One Co., Ltd.		624,400		1,256,433
Financial Products Group Co., Ltd.		40,100		516,945
Foster Electric Co., Ltd.		43,100		1,045,991
Frontier Real Estate Investment Corp.		20		81,993
Fuji Electric Co., Ltd.		83,000		561,138
FUJIFILM Holdings Corp.		82,910		3,271,183
Fujitsu, Ltd.		375,513		2,256,256
Fukuoka Financial Group, Inc.		414,550		2,245,236
Fukuoka REIT Corp.		10		15,618
Furukawa Electric Co., Ltd.		38,355		2,026,846
GLP J - REIT		428		472,068

95

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
GMO internet, Inc. (c)		3,500	$	73,883
GS Yuasa Corp.		17,000		91,274
GungHo Online Entertainment, Inc. (c)		43,600		142,669
Gunma Bank Ltd.		46,900		267,244
Gurunavi, Inc. (c)		5,200		71,680
Hachijuni Bank Ltd.		75,300		404,999
Hakuhodo DY Holdings, Inc.		39,500		539,666
Hamamatsu Photonics KK		35,900		1,367,137
Hankyu Hanshin Holdings, Inc.		40,600		1,507,945
Hankyu Reit, Inc.		451		567,832
Haseko Corp.		39,900		605,910
Heiwa Real Estate REIT, Inc.		1,226		1,179,312
Hikari Tsushin, Inc.		1,400		223,394
Hino Motors, Ltd.		36,600		470,104
Hirose Electric Co., Ltd.		2,940		401,952
Hiroshima Bank Ltd. (c)		15,500		117,033
Hisamitsu Pharmaceutical Co., Inc.		10,100		773,051
Hitachi Chemical Co., Ltd.		4,800		105,794
Hitachi Construction Machinery Co., Ltd. (c)		5,200		198,514
Hitachi High-Technologies Corp.		3,700		172,562
Hitachi Metals, Ltd.		38,600		448,609
Hitachi, Ltd.		791,475		5,679,122
Hokkoku Bank, Ltd.		16,555		651,459
Honda Motor Co., Ltd.		245,075		8,390,391
Horiba, Ltd.		4,900		377,348
Hoshizaki Corp.		7,200		635,035
Hoya Corp.		43,706		2,181,807
Hulic Co., Ltd.		42,100		454,450
Hyakugo Bank, Ltd.		35,450		168,333
Ibiden Co., Ltd.		41,900		614,218
Ichigo Office REIT Investment		1,653		1,255,876
Idemitsu Kosan Co., Ltd.		12,000		451,340
IHI Corp.		12,900		397,856
Iida Group Holdings Co., Ltd. (c)		5,000		92,337
Industrial & Infrastructure Fund Investment Corp. REIT		160		179,332
Infomart Corp. (c)		79,400		796,613
Inpex Corp.		127,800		1,557,994
Intage Holdings, Inc.		76,200		830,426
Iriso Electronics Co., Ltd. (c)		4,400		265,200
Isetan Mitsukoshi Holdings, Ltd.		44,400		485,540
Isuzu Motors, Ltd.		169,500		2,564,415
ITOCHU Corp.		296,250		5,714,686
Iwatani Corp.		2,800		102,548
Iyo Bank Ltd.		40,800		309,980
J Front Retailing Co., Ltd.		35,500		591,166
Jafco Co., Ltd. (b)		2,100		96,657
Japan Airlines Co., Ltd.		14,000		564,607
Japan Airport Terminal Co., Ltd. (c)		4,800		184,147
Japan Excellent, Inc.		357		461,566
Japan Exchange Group, Inc.		82,200		1,518,787
Japan Hotel REIT Investment Corp.		429		303,346

Security Description	Shares		Value
Japan Logistics Fund, Inc. REIT		37	$	74,731
Japan Post Bank Co., Ltd. (c)		44,300		596,915
Japan Post Holdings Co., Ltd.		48,100		581,180
Japan Prime Realty Investment Corp. REIT		29		104,984
Japan Real Estate Investment Corp. REIT		151		782,332
Japan Retail Fund Investment Corp. REIT		399		772,863
Japan Tissue Engineering Co., Ltd. (b) (c)		2,200		37,980
Japan Tobacco, Inc.		131,300		3,747,019
JFE Holdings, Inc.		82,910		1,650,794
JGC Corp. (c)		36,800		788,942
JSR Corp.		78,300		1,739,755
JTEKT Corp.		37,800		546,652
JXTG Holdings, Inc.		449,600		2,695,486
Kajima Corp.		100,475		932,476
Kakaku.com, Inc. (c)		39,200		682,268
Kaken Pharmaceutical Co., Ltd.		2,000		117,348
Kaneka Corp.		38,000		374,819
Kansai Electric Power Co., Inc.		161,600		2,095,406
Kansai Paint Co., Ltd.		39,300		909,794
Kao Corp.		78,100		5,825,004
Kawasaki Heavy Industries, Ltd.		14,000		445,604
KDDI Corp.		244,500		6,219,979
Keihan Holdings Co., Ltd.		4,800		147,814
Keikyu Corp. (c)		40,900		713,394
Keio Corp.		14,700		627,532
Keisei Electric Railway Co., Ltd.		37,000		1,127,221
Kenedix Office Investment Corp. REIT		42		255,515
Kenedix, Inc.		40,800		251,284
Kewpie Corp.		5,500		150,235
Keyence Corp.		10,800		6,651,622
Kikkoman Corp.		16,200		648,914
Kintetsu Group Holdings Co., Ltd. (c)		15,910		621,590
Kirin Holdings Co., Ltd.		118,500		3,134,929
Kiyo Bank, Ltd. (c)		86,200		1,376,282
KNT-CT Holdings Co., Ltd. (b)		15,000		244,993
Kobayashi Pharmaceutical Co., Ltd.		2,500		176,775
Kobe Steel, Ltd. (b)		43,099		422,682
Koito Manufacturing Co., Ltd.		12,100		833,973
Komatsu, Ltd.		161,720		5,329,841
Konami Holdings Corp.		12,400		620,292
Konica Minolta, Inc. (c)		130,875		1,098,932
Kose Corp. (c)		3,600		747,757
Kubota Corp.		204,150		3,541,671
Kuraray Co., Ltd.		42,700		730,738
Kurita Water Industries, Ltd.		42,210		1,343,496
Kyocera Corp.		42,500		2,368,571
Kyoritsu Maintenance Co., Ltd. (c)		1,200		56,530
Kyoto Kimono Yuzen Co., Ltd. (c)		77,100		561,123
Kyowa Hakko Kirin Co., Ltd.		37,000		795,665
Kyushu Electric Power Co., Inc.		45,200		542,315

96

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Kyushu Financial Group, Inc.		36,800	$	182,010
Kyushu Railway Co.		18,500		574,048
Lawson, Inc. (c)		1,500		102,116
Leopalace21 Corp.		1,600		13,029
Lion Corp.		25,000		508,933
LIXIL Group Corp.		37,100		814,560
M3, Inc.		36,000		1,631,594
Mabuchi Motor Co., Ltd.		3,500		171,791
Makita Corp.		38,300		1,872,685
Marubeni Corp.		417,050		3,006,603
Marui Group Co., Ltd. (c)		37,400		745,538
Matsumotokiyoshi Holdings Co., Ltd.		5,000		209,685
Matsuya Co., Ltd.		80,800		1,124,438
Mazda Motor Corp.		83,400		1,105,334
McDonald’s Holdings Co. Japan, Ltd.		5,600		263,808
MCUBS MidCity Investment Corp.		1,940		1,415,552
Mebuki Financial Group, Inc.		117,500		450,776
Medipal Holdings Corp.		85,199		1,760,859
MEIJI Holdings Co., Ltd.		18,400		1,406,601
Meiko Network Japan Co., Ltd.		80,700		975,078
Milbon Co., Ltd.		1,200		53,089
MINEBEA MITSUMI, Inc. (c)		44,400		936,429
MISUMI Group, Inc.		39,300		1,069,803
Mitsubishi Chemical Holdings Corp.		202,800		1,945,049
Mitsubishi Corp.		246,938		6,560,633
Mitsubishi Electric Corp.		368,050		5,881,532
Mitsubishi Estate Co., Ltd.		166,625		2,741,831
Mitsubishi Gas Chemical Co., Inc.		37,000		877,076
Mitsubishi Heavy Industries, Ltd. (c)		36,710		1,401,090
Mitsubishi Logistics Corp. (c)		4,500		93,681
Mitsubishi Materials Corp.		5,700		166,953
Mitsubishi Motors Corp. (c)		124,200		878,217
Mitsubishi Tanabe Pharma Corp.		38,000		763,216
Mitsubishi UFJ Financial Group, Inc.		1,702,324		11,145,540
Mitsubishi UFJ Lease & Finance Co., Ltd.		76,600		451,605
Mitsui & Co., Ltd.		291,526		4,961,561
Mitsui Chemicals, Inc.		27,110		848,860
Mitsui Fudosan Co., Ltd.		127,200		3,028,401
Mitsui Mining & Smelting Co., Ltd.		3,200		139,614
Mitsui OSK Lines, Ltd.		14,255		400,105
Miura Co., Ltd. (c)		16,300		521,110
Mixi, Inc.		2,100		77,800
Mizuho Financial Group, Inc.		3,227,100		5,810,904
Mori Hills REIT Investment Corp.		52		65,813
Morinaga & Co., Ltd.		2,600		114,048
MS&AD Insurance Group Holdings, Inc.		83,199		2,562,858
Murata Manufacturing Co., Ltd.		37,400		5,095,684
Musashino Bank, Ltd.		41,455		1,317,517

Security Description	Shares		Value
Nabtesco Corp.		15,000	$	574,753
Nachi-Fujikoshi Corp.		15,000		89,563
Nagoya Railroad Co., Ltd. (c)		23,300		590,223
Nankai Electric Railway Co., Ltd. (c)		5,400		135,216
Nanto Bank, Ltd. (c)		41,255		1,119,529
NEC Corp.		21,800		606,751
Nexon Co., Ltd. (b)		67,600		1,137,155
NGK Insulators, Ltd.		40,800		696,688
NGK Spark Plug Co., Ltd.		22,400		532,671
NH Foods, Ltd.		13,000		531,124
NHK Spring Co., Ltd.		37,600		398,097
Nichirei Corp.		34,500		929,083
Nidec Corp.		40,600		6,146,309
Nifco, Inc. (c)		5,000		166,667
Nihon M&A Center, Inc. (c)		7,400		252,929
Nikon Corp.		82,600		1,474,917
Nintendo Co., Ltd.		13,900		6,098,486
Nippon Accommodations Fund, Inc. REIT		11		48,354
Nippon Building Fund, Inc. REIT		163		901,213
Nippon Electric Glass Co., Ltd.		4,000		114,339
Nippon Express Co., Ltd.		11,000		718,853
Nippon Paint Holdings Co., Ltd. (c)		37,000		1,348,143
Nippon Paper Industries Co., Ltd. (c)		4,200		77,049
Nippon Prologis REIT, Inc.		349		755,100
Nippon Shinyaku Co., Ltd.		2,600		174,556
Nippon Steel & Sumitomo Metal Corp.		117,100		2,541,296
Nippon Suisan Kaisha, Ltd.		253,500		1,308,618
Nippon Telegraph & Telephone Corp.		83,500		3,848,773
Nippon Television Holdings, Inc.		2,000		34,810
Nippon Yusen KK		16,555		320,826
Nissan Chemical Industries, Ltd.		12,600		516,559
Nissan Motor Co., Ltd.		331,541		3,412,051
Nissei ASB Machine Co., Ltd. (c)		4,300		292,732
Nisshin Seifun Group, Inc.		38,500		759,502
Nissin Foods Holdings Co., Ltd.		10,400		717,781
Nitori Holdings Co., Ltd.		9,800		1,703,366
Nitto Denko Corp.		36,700		2,730,328
NOK Corp.		5,700		109,927
Nomura Holdings, Inc.		500,485		2,876,318
Nomura Real Estate Holdings, Inc.		6,000		139,126
Nomura Real Estate Master Fund, Inc.		448		622,187
Nomura Research Institute, Ltd.		16,100		750,122
NSK, Ltd.		45,100		597,093
NTT Data Corp.		165,600		1,717,506
NTT DOCOMO, Inc.		162,500		4,109,485
Obayashi Corp.		84,750		921,213
Obic Co., Ltd.		8,000		664,222

97

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Odakyu Electric Railway Co., Ltd.		43,499	$	879,387
Ogaki Kyoritsu Bank, Ltd.		16,555		419,362
Oji Holdings Corp.		126,000		803,272
Oki Electric Industry Co., Ltd. (c)		3,600		47,120
Olympus Corp.		42,300		1,598,928
Omron Corp.		36,600		2,102,736
Ono Pharmaceutical Co., Ltd.		77,900		2,456,029
Oracle Corp. Japan		1,900		155,252
Oriental Land Co., Ltd.		39,300		3,987,278
ORIX Corp.		165,700		2,926,821
Orix JREIT, Inc. REIT		334		518,823
Osaka Gas Co., Ltd. (c)		52,600		1,037,162
Otsuka Corp.		13,200		665,275
Otsuka Holdings Co., Ltd.		78,700		3,916,870
Panasonic Corp.		306,750		4,336,611
Park24 Co., Ltd. (c)		5,100		138,206
PeptiDream, Inc. (b)		11,300		610,954
Pigeon Corp.		37,400		1,675,703
Pola Orbis Holdings, Inc.		4,800		198,364
Rakuten, Inc.		85,000		697,583
Raysum Co., Ltd.		3,300		40,183
Recruit Holdings Co., Ltd.		202,400		4,993,866
Relo Group, Inc.		10,000		275,788
Renesas Electronics Corp. (b)		37,800		373,557
Resona Holdings, Inc.		286,700		1,522,866
Ricoh Co., Ltd. (c)		81,200		791,767
Ringer Hut Co., Ltd. (c)		900		20,937
Rinnai Corp.		1,700		160,489
Riso Kyoiku Co., Ltd. (c)		47,006		345,197
Rock Field Co., Ltd.		80,000		1,643,630
Rohm Co., Ltd.		8,400		781,946
Rohto Pharmaceutical Co., Ltd.		5,901		164,074
Ryohin Keikaku Co., Ltd.		2,500		827,457
San-In Godo Bank, Ltd.		35,550		314,886
Sankyu, Inc.		7,300		359,680
Sanrio Co., Ltd. (c)		3,900		70,409
Santen Pharmaceutical Co., Ltd.		45,200		748,021
Sanwa Holdings Corp.		35,800		454,106
Sawai Pharmaceutical Co., Ltd. (c)		1,600		70,033
SBI Holdings, Inc. (c)		36,400		835,814
SCREEN Holdings Co., Ltd.		2,800		247,748
Secom Co., Ltd.		41,648		3,066,327
Sega Sammy Holdings, Inc.		5,300		84,969
Seibu Holdings, Inc.		37,300		646,744
Seiko Epson Corp.		45,500		779,511
Seino Holdings Co., Ltd.		36,500		666,850
Sekisui Chemical Co., Ltd.		44,300		766,450
Sekisui House Residential Investment Corp. REIT		427		468,556
Sekisui House, Ltd.		82,600		1,500,547
Seria Co., Ltd.		3,800		186,516
Seven & i Holdings Co., Ltd.		124,228		5,293,853
Seven Bank, Ltd. (c)		86,100		273,642
Sharp Corp. (b) (c)		14,200		420,592
Shiga Bank, Ltd.		11,550		58,537

Security Description	Shares		Value
Shikoku Bank, Ltd.		1,820	$	25,670
Shikoku Electric Power Co., Inc.		36,600		436,722
Shimadzu Corp.		42,300		1,147,887
Shimamura Co., Ltd.		1,400		173,503
Shimano, Inc.		10,300		1,476,963
Shimizu Corp.		81,313		716,411
Shin-Etsu Chemical Co., Ltd.		47,217		4,828,255
Shinsei Bank, Ltd. (c)		5,200		80,041
Shionogi & Co., Ltd.		41,200		2,124,890
Shiseido Co., Ltd.		45,100		2,878,597
Shizuoka Bank, Ltd.		71,000		674,283
Showa Denko KK		13,100		537,673
SMC Corp.		8,100		3,243,808
SMS Co., Ltd. (c)		36,300		1,532,553
SoftBank Group Corp.		114,536		8,406,845
Sohgo Security Services Co., Ltd.		3,800		184,730
Sojitz Corp.		161,400		508,406
Sompo Holdings, Inc.		83,600		3,333,781
Sony Corp.		163,820		7,871,370
Sony Financial Holdings, Inc. (c)		33,800		610,847
Square Enix Holdings Co., Ltd.		3,400		151,697
Stanley Electric Co., Ltd.		28,673		1,060,914
Start Today Co., Ltd.		37,600		964,837
Starts Proceed Investment Corp. REIT		51		79,413
Subaru Corp.		83,100		2,726,243
SUMCO Corp.		34,500		883,018
Sumitomo Chemical Co., Ltd.		414,550		2,369,971
Sumitomo Corp.		212,775		3,519,240
Sumitomo Dainippon Pharma Co., Ltd. (c)		5,300		87,611
Sumitomo Electric Industries, Ltd.		128,420		1,939,885
Sumitomo Forestry Co., Ltd.		33,500		533,291
Sumitomo Heavy Industries, Ltd.		14,800		556,653
Sumitomo Metal Mining Co., Ltd.		25,500		1,037,024
Sumitomo Mitsui Financial Group, Inc.		168,200		7,039,569
Sumitomo Mitsui Trust Holdings, Inc.		78,855		3,190,532
Sumitomo Realty & Development Co., Ltd.		55,000		2,029,337
Sumitomo Rubber Industries, Ltd.		37,100		675,370
Sun Corp. (c)		3,000		19,831
Sun Frontier Fudousan Co., Ltd. (c)		3,100		33,638
Sundrug Co., Ltd.		3,900		180,790
Suntory Beverage & Food, Ltd.		11,100		537,518
Suruga Bank, Ltd.		36,200		502,409
Suzuken Co., Ltd.		4,100		170,785
Suzuki Motor Corp. (c)		54,900		2,944,003
Sysmex Corp.		27,200		2,439,944
T&D Holdings, Inc.		124,600		1,960,678
Tadano, Ltd.		5,200		77,205

98

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Taiheiyo Cement Corp.		6,200	$	220,367
Taisei Corp.		27,387		1,385,445
Taisho Pharmaceutical Holdings Co., Ltd.		6,300		619,041
Taiyo Nippon Sanso Corp. (c)		35,800		535,569
Taiyo Yuden Co., Ltd. (c)		46,700		772,844
Takashimaya Co., Ltd.		21,000		200,028
Takeda Pharmaceutical Co., Ltd.		113,465		5,462,537
Takeuchi Manufacturing Co., Ltd. (c)		43,900		957,255
TDK Corp.		38,555		3,375,149
Teijin, Ltd.		83,710		1,574,236
Temp Holdings Co., Ltd.		28,500		817,348
Terumo Corp.		41,800		2,153,869
THK Co., Ltd.		14,200		577,480
TIS, Inc.		9,700		382,163
Tobu Railway Co., Ltd.		18,100		548,021
Toho Bank, Ltd.		12,101		46,424
Toho Co., Ltd.		35,700		1,176,573
Toho Gas Co., Ltd.		4,400		136,323
Tohoku Electric Power Co., Inc.		80,600		1,087,551
Tokai Carbon Co., Ltd.		36,400		530,170
Tokio Marine Holdings, Inc.		119,765		5,375,067
Tokyo Century Corp.		6,500		402,774
Tokyo Dome Corp.		88,000		828,284
Tokyo Electric Power Co. Holdings, Inc. (b)		166,175		645,325
Tokyo Electron, Ltd.		33,355		6,026,482
Tokyo Gas Co., Ltd.		38,795		1,027,967
Tokyo Tatemono Co., Ltd.		35,600		533,916
Tokyu Corp.		58,475		914,376
Tokyu Fudosan Holdings Corp.		45,800		326,005
Toppan Printing Co., Ltd.		77,000		625,557
Toray Industries, Inc.		396,550		3,732,455
Toshiba Corp. (b)		736,513		2,119,163
Tosoh Corp.		32,500		631,053
TOTO, Ltd.		13,300		686,573
Toyo Seikan Group Holdings, Ltd.		34,500		509,958
Toyo Suisan Kaisha, Ltd.		12,300		483,441
Toyo Tire & Rubber Co., Ltd.		35,600		602,539
Toyota Industries Corp.		36,300		2,170,832
Toyota Motor Corp.		340,688		21,918,075
Toyota Tsusho Corp.		35,700		1,190,000
Trend Micro, Inc.		10,000		580,160
Tsumura & Co.		3,500		120,945
Tsuruha Holdings, Inc.		4,200		599,887
Ube Industries, Ltd.		5,200		151,086
Ulvac, Inc.		2,600		143,996
Unicharm Corp.		44,100		1,264,324
United Urban Investment Corp. REIT		399		623,543
USS Co., Ltd.		37,110		751,621
Warabeya Nichiyo Holdings Co., Ltd.		41,700		1,028,874
West Japan Railway Co.		35,600		2,502,210
Yahoo! Japan Corp. (c)		129,300		600,604
Yakult Honsha Co., Ltd.		34,100		2,542,670

Security Description	Shares		Value
Yamada Denki Co., Ltd. (c)		211,580	$	1,275,249
Yamagata Bank, Ltd. (c)		1,634		36,798
Yamaguchi Financial Group, Inc.		12,000		147,250
Yamaha Corp.		37,300		1,615,106
Yamaha Motor Co., Ltd.		38,400		1,128,350
Yamanashi Chuo Bank, Ltd.		7,550		31,024
Yamato Holdings Co., Ltd. (c)		42,300		1,053,821
Yamazaki Baking Co., Ltd.		36,500		760,202
Yaskawa Electric Corp. (c)		37,200		1,651,001
Yokogawa Electric Corp.		36,900		736,265
Yokohama Rubber Co., Ltd.		6,300		144,186
Zenrin Co., Ltd.		2,100		43,659
Zeon Corp.		24,300		347,763
				603,806,433
JORDAN — 0.0% (f)
Hikma Pharmaceuticals PLC		17,751		300,930
LUXEMBOURG — 0.2%
APERAM SA		5,772		275,643
ArcelorMittal (b)		66,261		2,094,322
Eurofins Scientific SE		1,230		648,955
Millicom International Cellular SA SDR		7,477		508,448
SES SA (c)		42,747		577,508
Tenaris SA		47,575		816,216
				4,921,092
MACAU — 0.0% (f)
MGM China Holdings, Ltd.		21,600		55,732
Wynn Macau, Ltd.		156,000		565,498
				621,230
MALTA — 0.0% (f)
Catena Media PLC (b)		26,483		357,964
Kindred Group PLC		28,540		389,005
				746,969
MEXICO — 0.0% (f)
Fresnillo PLC		25,223		448,831
NETHERLANDS — 3.7%
ABN AMRO Group NV (e)		26,884		809,059
Aegon NV		301,445		2,030,130
Akzo Nobel NV		46,267		4,366,620
Altice NV Class A (b)		39,821		328,027
ASML Holding NV		65,592		12,919,036
ASR Nederland NV		18,606		794,484
Constellium NV Class A (b)		10,348		112,276
EXOR NV		12,356		877,115
Fugro NV (b)		16,929		223,400
Gemalto NV		6,936		423,527
Gemalto NV (g)		221		13,495
Heineken Holding NV		12,062		1,241,644
Heineken NV		27,690		2,972,963
ING Groep NV		524,648		8,839,768
Koninklijke Ahold Delhaize NV		202,756		4,798,177
Koninklijke DSM NV		36,993		3,668,786
Koninklijke KPN NV		581,856		1,743,907
Koninklijke Philips NV		167,046		6,402,587

99

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
NN Group NV		39,302	$	1,742,014
NXP Semiconductors NV (b)		39,329		4,601,493
OCI NV (b) (c)		4,995		115,214
Philips Lighting NV (e)		18,633		698,932
PostNL NV		103,021		385,423
Randstad Holding NV (c)		8,198		538,597
Royal Dutch Shell PLC Class A		562,303		17,617,818
Royal Dutch Shell PLC Class B		465,278		14,861,796
SBM Offshore NV		52,995		846,961
Wolters Kluwer NV		38,514		2,045,757
				96,019,006
NEW ZEALAND - 0.3%
a2 Milk Co., Ltd. (b)		359,561		3,216,401
Air New Zealand, Ltd.		159,250		371,072
Auckland International Airport, Ltd.		69,160		305,339
Fisher & Paykel Healthcare Corp., Ltd.		86,596		824,608
Fletcher Building, Ltd.		45,234		196,770
Goodman Property Trust REIT		294,821		282,869
Infratil, Ltd.		126,067		281,929
Investore Property, Ltd. (c)		51,456		51,969
Kiwi Property Group, Ltd.		334,136		323,001
Spark New Zealand, Ltd.		227,232		547,510
Stride Property Group (c)		194,499		238,530
Vital Healthcare Property Trust REIT		263,298		396,031
Xero, Ltd. (b)(c)		141		3,617
				7,039,646
NORWAY — 0.7%
Akastor ASA (b)		17,731		34,419
Aker Solutions ASA (b)		17,731		93,613
DNB ASA		152,598		2,957,322
DNO ASA (b)		101,193		159,247
Marine Harvest ASA		43,668		874,367
Norsk Hydro ASA		255,961		1,498,087
Orkla ASA		245,238		2,628,258
Schibsted ASA Class A		8,768		244,581
Schibsted ASA Class B		8,608		217,751
Statoil ASA (c)		148,007		3,481,043
Storebrand ASA		141,869		1,152,523
Telenor ASA		130,074		2,932,524
TGS Nopec Geophysical Co. ASA		14,442		351,993
Yara International ASA		42,845		1,806,912
				18,432,640
PORTUGAL — 0.2%
Banco Comercial Portugues SA Class R (b)		1,062,597		355,459
EDP - Energias de Portugal SA		435,927		1,655,554
Galp Energia SGPS SA		53,115		999,777
Jeronimo Martins SGPS SA		30,592		557,017
Mota-Engil SGPS SA		68,793		276,659
NOS SGPS SA		163,004		960,254
Pharol SGPS SA (b) (c)		188,556		52,872
				4,857,592

Security Description	Shares		Value
SINGAPORE — 1.2%
AIMS AMP Capital Industrial REIT		371,498	$	385,295
Ascendas REIT		254,215		509,865
Ascendas Hospitality Trust REIT		534,500		332,203
Cache Logistics Trust REIT		497,629		316,876
CapitaLand Mall Trust REIT		290,300		460,477
CapitaLand, Ltd.		829,000		2,256,943
China New Town Development Co., Ltd. (b) (g)		1,443,800		52,430
City Developments, Ltd.		77,200		765,347
ComfortDelGro Corp., Ltd.		254,300		397,556
COSCO Shipping International Singapore Co., Ltd. (b) (c)		1,205,100		436,530
DBS Group Holdings, Ltd.		242,092		5,077,046
Genting Singapore PLC		1,674,600		1,379,218
IGG, Inc. (c)		52,000		71,159
Jardine Cycle & Carriage, Ltd.		3,333		87,690
Keppel REIT		120,209		110,923
Keppel Corp., Ltd.		422,175		2,501,563
Lippo Malls Indonesia Retail Trust REIT		2,482,100		728,749
Oversea-Chinese Banking Corp., Ltd.		456,737		4,465,316
Sembcorp Industries, Ltd.		120,500		285,789
Singapore Airlines, Ltd.		130,856		1,081,735
Singapore Exchange, Ltd.		118,600		666,577
Singapore Press Holdings, Ltd. (c)		205,500		394,921
Singapore Technologies Engineering, Ltd.		89,800		245,849
Singapore Telecommunications, Ltd.		993,600		2,553,521
Soilbuild Business Space REIT (c)		705,800		349,859
United Overseas Bank, Ltd.		161,108		3,378,685
UOL Group, Ltd.		81,754		533,056
Wilmar International, Ltd.		412,000		999,131
				30,824,309
SOUTH AFRICA — 0.1%
Investec PLC		71,808		553,624
Mondi PLC		92,037		2,472,447
				3,026,071
SOUTH KOREA — 5.0%
Advanced Process Systems Corp. (b) (d)		4,785		127,043
Amorepacific Corp.		3,308		952,769
AMOREPACIFIC Group		3,702		475,818
APS Holdings Corp. (b) (d)		2,314		16,043
Asiana Airlines, Inc. (b)		94,526		422,126
BNK Financial Group, Inc.		40,141		401,071
Celltrion, Inc. (b) (c)		11,943		3,551,863
CJ CGV Co., Ltd.		14,809		941,974
CMG Pharmaceutical Co., Ltd. (b)		21,145		133,706
Coway Co., Ltd.		4,902		403,786

100

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Crown Confectionery Co., Ltd. (d)		9,507	$	111,490
CROWNHAITAI Holdings Co., Ltd. (d)		7,716		96,278
CUROCOM Co., Ltd. (b) (c)		23,484		54,309
Dae Han Flour Mills Co., Ltd.		5,373		846,856
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (b)		499		13,085
Digitech Systems Co., Ltd. (a)		19,094		—
DIO Corp. (b)		3,479		145,734
Dongkuk Industries Co., Ltd.		194,548		686,275
Dongwon F&B Co., Ltd.		2,872		590,082
Dongwon Industries Co., Ltd.		3,254		917,372
DY Corp.		27,875		154,294
E-MART, Inc.		2,098		532,422
Eyegene, Inc. (b)		5,370		113,607
GS Home Shopping, Inc.		2,843		501,172
Hana Financial Group, Inc.		32,293		1,381,519
Hana Tour Service, Inc.		9,916		1,111,701
Hancom, Inc.		22,056		337,286
Hankook Shell Oil Co., Ltd.		1,201		376,897
Hankook Tire Co., Ltd.		5,260		259,570
Hanssem Co., Ltd.		5,852		823,529
Harim Co., Ltd. (b)		116,230		383,290
Hotel Shilla Co., Ltd.		11,914		1,028,322
HS Industries Co., Ltd.		20,038		157,913
Huons Co., Ltd.		6,670		673,320
Huons Global Co., Ltd.		5,750		383,549
Hyundai Construction Equipment Co., Ltd. (b)		295		48,848
Hyundai Electric & Energy System Co., Ltd. (b)		270		20,822
Hyundai Elevator Co., Ltd.		7,470		557,149
Hyundai Engineering Plastics Co., Ltd.		138,719		844,625
Hyundai Glovis Co., Ltd.		1,619		276,441
Hyundai Heavy Industries Co., Ltd. (b)		49		6,321
Hyundai Hy Communications & Network Co., Ltd.		137,192		563,106
Hyundai Mobis Co., Ltd.		7,493		1,785,554
Hyundai Motor Co.		19,102		2,571,664
Hyundai Motor Co. Preference Shares		3,169		277,091
Hyundai Robotics Co., Ltd. (b)		2,080		831,297
Hyundai Steel Co.		6,522		315,729
Infinitt Healthcare Co., Ltd. (b)		44,988		350,737
Interpark Holdings Corp.		21,372		73,085
Jeil Pharma Holdings, Inc.		281		8,357
Jeil Pharmaceutical Co., Ltd.		869		49,732
Jenax, Inc. (b) (c)		49,181		1,504,175
JoyCity Corp. (b) (c)		7,370		110,284
Kakao Corp.		4,871		591,795
Kangstem Biotech Co., Ltd. (b)		4,706		61,811
Kangwon Land, Inc.		10,822		276,667
KB Financial Group, Inc.		72,789		4,206,588
KCC Corp.		393		122,225
Kia Motors Corp.		27,601		824,741

Security Description	Shares		Value
KIWOOM Securities Co., Ltd. (c)		21,873	$	2,185,453
Koh Young Technology, Inc.		35,609		3,347,426
Korea Aerospace Industries, Ltd. (b)		6,393		299,588
Korea Electric Power Corp. ADR (b) (c)		95,674		1,472,423
Korea Zinc Co., Ltd.		1,701		769,192
Korean Air Lines Co., Ltd.		11,187		343,198
KT Corp. ADR (b)		89,890		1,231,493
KT&G Corp.		13,567		1,272,821
KyungDong City Gas Co., Ltd.		2,283		82,033
LG Chem, Ltd.		5,442		1,970,740
LG Chem, Ltd. Preference Shares		2,421		489,469
LG Display Co., Ltd. ADR (b) (c)		124,251		1,503,437
LG Display Co., Ltd.		27,227		660,304
LG Electronics, Inc.		15,654		1,600,794
LG Household & Health Care, Ltd.		1,252		1,400,116
LG Uplus Corp.		28,810		332,454
Lotte Chemical Corp.		1,687		685,309
Lotte Corp. (b)		2,269		134,961
Lotte Food Co., Ltd.		851		519,750
Lotte Shopping Co., Ltd.		395		86,715
Medy-Tox, Inc.		2,109		1,477,428
Mirae Asset Daewoo Co., Ltd.		49,430		427,104
Modetour Network, Inc.		51,997		1,895,190
Muhak Co., Ltd.		30,610		495,377
NAVER Corp.		4,083		3,010,825
NCSoft Corp.		2,053		789,689
Netmarble Games Corp. (e)		7,912		1,091,157
Nexon GT Co., Ltd. (b)		24,901		265,153
NHN Entertainment Corp. (b)		930		58,894
OCI Co., Ltd.		1,666		246,954
Orientbio, Inc. (b)		29,611		29,030
Orion Corp./Republic of Korea		2,062		247,618
Orion Holdings Corp.		673		16,953
Ottogi Corp.		877		584,996
POSCO ADR (b)		58,223		4,590,884
S-1 Corp.		4,507		405,922
Sajo Industries Co., Ltd.		19,041		1,221,882
Samsung Biologics Co., Ltd. (b) (e)		2,037		928,776
Samsung C&T Corp.		11,626		1,494,288
Samsung Electro-Mechanics Co., Ltd.		6,957		698,376
Samsung Electronics Co., Ltd. GDR		24,680		28,283,280
Samsung Electronics Co., Ltd. Preference Shares		1,991		3,782,508
Samsung Engineering Co., Ltd. (b)		16,209		281,327
Samsung Fire & Marine
Insurance Co., Ltd.		3,346		841,287
Samsung Heavy Industries Co., Ltd. (b)		32,465		240,008

101

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Samsung Life Insurance Co., Ltd.		10,273	$	1,113,173
Samsung SDI Co., Ltd.		7,452		1,335,334
Samsung SDS Co., Ltd.		4,580		1,084,952
Shinhan Financial Group Co., Ltd.		52,795		2,236,321
Shinsegae Food Co., Ltd.		7,309		846,854
SillaJen, Inc. (b)		9,223		926,713
SK Bioland Co., Ltd.		33,881		657,976
SK Holdings Co., Ltd.		3,274		916,867
SK Hynix, Inc.		64,828		4,883,843
SK Innovation Co., Ltd.		15,230		3,000,563
SK Telecom Co., Ltd. ADR		74,948		1,811,493
S-Oil Corp.		4,987		559,102
Woori Bank		67,677		914,297
Youlchon Chemical Co., Ltd.		28,000		422,929
Yungjin Pharmaceutical Co., Ltd. (b) (c)		12,351		95,364
				129,983,278
SPAIN — 2.7%
Abertis Infraestructuras SA		93,288		2,090,386
Acciona SA (c)		3,324		252,313
Acerinox SA		18,164		253,436
ACS Actividades de Construccion y Servicios SA		25,979		1,011,226
Aena SME SA (e)		9,431		1,898,130
Amadeus IT Group SA		57,155		4,216,120
Atresmedia Corp. de Medios de Comunicacion SA (c)		29,072		276,916
Banco Bilbao Vizcaya Argentaria SA		866,223		6,848,973
Banco de Sabadell SA		611,210		1,248,569
Banco Santander SA		2,053,626		13,373,332
Bankia SA (c)		95,337		426,674
Bankinter SA (c)		104,776		1,076,744
Bolsas y Mercados Espanoles SHMSF SA (c)		8,512		287,883
CaixaBank SA		445,837		2,123,067
Cellnex Telecom SA (e)		19,020		507,367
Distribuidora Internacional de Alimentacion SA (c)		97,913		415,082
Ebro Foods SA (c)		13,199		335,370
Enagas SA		28,961		791,781
Endesa SA		39,416		866,989
Faes Farma SA		36,224		132,314
Ferrovial SA		55,839		1,165,048
Gas Natural SDG SA		45,929		1,095,260
Grifols SA		52,324		1,480,709
Grifols SA ADR		32,272		684,166
Grifols SA Class B, Preference
Shares		30,854		655,704
Iberdrola SA		784,356		5,760,833
Indra Sistemas SA (b)		63,849		881,833
Industria de Diseno Textil SA		143,228		4,479,470
Inmobiliaria Colonial Socimi SA REIT		37,346		431,742
Let’s GOWEX SA (a) (b) (c)		4,019		—
Mapfre SA		122,814		407,967

Security Description	Shares		Value
Mediaset Espana Comunicacion SA		25,652	$	260,777
Merlin Properties Socimi SA		40,241		615,661
NH Hotel Group SA		100,806		791,589
Pharma Mar SA (b)		134,812		273,236
Red Electrica Corp. SA		55,363		1,139,116
Repsol SA		187,990		3,332,742
Sacyr SA		67,230		179,504
Siemens Gamesa Renewable
Energy SA (c)		28,531		457,032
Telefonica SA		588,596		5,811,349
Viscofan SA		5,380		371,191
				68,707,601
SWEDEN — 2.6%
Alfa Laval AB		106,365		2,503,924
Arjo AB Class B (b)		9,467		27,582
Assa Abloy AB Class B		126,510		2,724,373
Atlas Copco AB Class A		83,272		3,591,470
Atlas Copco AB Class B		51,004		1,976,262
Bilia AB Class A		38,454		339,781
BillerudKorsnas AB		22,727		350,343
Boliden AB		33,968		1,186,373
Castellum AB (c)		34,013		554,374
Dometic Group AB (e)		36,954		336,455
Electrolux AB Class B		61,733		1,934,961
Elekta AB Class B		33,247		353,558
Essity AB Class B (b)		75,760		2,086,051
Fabege AB		17,452		376,764
Fastighets AB Balder (b)		12,095		302,707
Getinge AB Class B		12,876		145,967
Hennes & Mauritz AB Class B (c)		130,197		1,946,084
Hexagon AB Class B		33,100		1,960,357
Hexpol AB		39,864		368,186
Holmen AB Class B		6,197		335,201
Husqvarna AB Class B		52,583		505,311
ICA Gruppen AB (c)		9,891		348,880
Industrivarden AB Class A		24,808		600,738
Industrivarden AB Class C		20,975		485,755
Indutrade AB		11,147		286,435
Intrum Justitia AB (c)		9,152		258,666
Investor AB Class B		56,886		2,507,799
JM AB		10,419		235,755
Karo Pharma AB (c)		180,453		709,978
Kinnevik AB Class B		41,112		1,474,667
KNOW IT AB		48,904		981,023
L E Lundbergforetagen AB Class B		4,584		327,319
Loomis AB Class B		9,062		325,050
Lundin Petroleum AB (b)		29,004		725,897
NetEnt AB (b)		181,391		908,385
Nibe Industrier AB Class B		48,151		454,326
Nordea Bank AB		407,018		4,330,289
Opus Group AB (c)		188,060		138,101
Qliro Group AB (b)		146,948		214,067
SAAB AB Class B		12,782		576,768
Sandvik AB		196,462		3,576,280
Securitas AB Class B		40,880		691,926

102

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Skandinaviska Enskilda Banken AB Class A (c)		221,780	$	2,315,571
Skanska AB Class B		51,039		1,040,002
SKF AB Class B (c)		46,656		949,855
Svenska Cellulosa AB SCA Class B		62,986		668,758
Svenska Handelsbanken AB Class A (c)		189,970		2,363,623
Swedbank AB Class A (c)		131,457		2,935,289
Swedish Match AB		20,231		911,927
Swedish Orphan Biovitrum AB (b)		28,134		500,377
Tele2 AB Class B		109,293		1,306,980
Telefonaktiebolaget LM Ericsson Class B (c)		482,072		3,046,192
Telia Co. AB		323,529		1,514,731
Tethys Oil AB		39,400		316,148
Trelleborg AB Class B		31,004		776,692
Volvo AB Class A		44,661		813,250
Volvo AB Class B (c)		202,160		3,675,176
				67,198,759
SWITZERLAND — 6.9%
ABB, Ltd.		255,676		6,066,164
Adecco Group AG		38,201		2,712,686
Aryzta AG (b) (c)		4,686		103,987
Baloise Holding AG		6,289		959,506
Barry Callebaut AG		364		710,058
Chocoladefabriken Lindt & Spruengli AG (d)		42		259,868
Chocoladefabriken Lindt & Spruengli AG (d)		5		362,886
Cie Financiere Richemont SA		66,695		5,973,019
Clariant AG (b)		36,453		868,309
Coca-Cola HBC AG (b)		22,288		823,536
Comet Holding AG (b)		6,971		962,371
Credit Suisse Group AG (b)		270,048		4,509,260
Dufry AG (b)		4,110		537,141
EMS-Chemie Holding AG		842		530,207
Ferguson PLC		45,893		3,446,836
Flughafen Zurich AG		2,416		531,843
Geberit AG		4,938		2,178,165
Georg Fischer AG		451		601,898
Givaudan SA		1,219		2,769,992
Glencore PLC (b)		1,351,009		6,705,201
Idorsia, Ltd. (b)		12,483		298,779
Julius Baer Group, Ltd. (b)		42,013		2,577,113
Kuehne + Nagel International AG		15,354		2,409,885
LafargeHolcim, Ltd. (b) (d)		74,200		4,052,485
LafargeHolcim, Ltd. (b) (d)		1,239		67,473
Leonteq AG (b)		5,836		332,145
Logitech International SA		21,476		784,044
Lonza Group AG (b)		8,683		2,041,992
Meyer Burger Technology AG (b) (c)		16,072		18,563
Nestle SA		386,759		30,541,683
Novartis AG		328,125		26,473,410
Partners Group Holding AG		2,414		1,789,829

Security Description	Shares		Value
PSP Swiss Property AG		4,968	$	483,519
Roche Holding AG Bearer Shares		3,302		764,812
Roche Holding AG		93,196		21,323,354
Schindler Holding AG		5,742		1,235,226
Schindler Holding AG		2,936		613,200
SGS SA		771		1,890,464
Sika AG		366		2,860,808
Sonova Holding AG		7,114		1,127,721
STMicroelectronics NV		104,293		2,306,842
Straumann Holding AG		1,266		795,877
Sulzer AG		10,763		1,410,564
Swatch Group AG		7,489		3,295,598
Swatch Group AG		7,468		624,283
Swiss Life Holding AG (b)		4,119		1,463,759
Swiss Prime Site AG (b)		9,016		870,436
Swiss Re AG		44,635		4,534,349
Swisscom AG (c)		3,283		1,623,673
Temenos Group AG (b)		12,365		1,477,189
u-blox Holding AG		2,130		382,581
UBS Group AG (b)		456,139		8,000,057
Vifor Pharma AG		4,646		714,415
Zurich Insurance Group AG (b)		21,607		7,071,464
				177,870,525
UNITED KINGDOM — 13.3%
3i Group PLC		264,300		3,184,829
Admiral Group PLC		31,248		808,312
Afren PLC (a) (c)		55,933		—
Aggreko PLC		27,705		285,344
Anglo American PLC		197,924		4,611,730
Ashtead Group PLC		55,910		1,521,553
Associated British Foods PLC		45,484		1,589,381
AstraZeneca PLC		172,777		11,865,300
Auto Trader Group PLC (e)		94,904		466,758
Aviva PLC		648,063		4,508,241
Avon Rubber PLC (c)		58,480		1,041,854
Babcock International Group PLC (c)		65,922		618,475
BAE Systems PLC		398,264		3,248,193
Balfour Beatty PLC		341,898		1,283,448
Barclays PLC		1,775,397		5,142,938
Barratt Developments PLC		204,969		1,525,062
BBA Aviation PLC		149,656		672,640
Bellway PLC		12,881		550,938
Berkeley Group Holdings PLC		13,606		723,187
Big Yellow Group PLC REIT		35,464		424,358
BP PLC		2,467,608		16,589,529
British American Tobacco PLC		283,584		16,433,599
British Land Co. PLC REIT		220,070		1,981,945
Britvic PLC		27,366		262,005
BT Group PLC		1,201,404		3,834,125
BTG PLC (b)		48,124		456,356
Bunzl PLC		42,298		1,243,082
Burberry Group PLC		69,860		1,662,073
Cairn Energy PLC (b)		55,676		160,891
Capita PLC		118,617		239,693

103

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Capital & Counties Properties PLC (c)		94,470	$	360,461
Carnival PLC		40,479		2,600,705
Centamin PLC		289,612		627,074
Centrica PLC		848,757		1,693,085
CNH Industrial NV		126,685		1,562,710
Cobham PLC (b)		221,781		382,360
Coca-Cola European Partners PLC		29,378		1,223,888
Compass Group PLC		212,912		4,347,185
Croda International PLC		9,168		587,485
CYBG PLC		93,980		388,551
Daily Mail & General Trust PLC		28,950		262,347
DCC PLC		10,807		994,500
Derwent London PLC		14,426		627,745
Diageo PLC		345,741		11,698,332
Dialog Semiconductor PLC (b)		9,953		236,184
Direct Line Insurance Group PLC		182,296		975,079
Dixons Carphone PLC		129,287		338,334
Drax Group PLC		48,911		188,410
DS Smith PLC		70,170		463,233
easyJet PLC		31,885		717,665
Experian PLC		141,047		3,042,109
Fiat Chrysler Automobiles NV		135,862		2,757,318
Firstgroup PLC (b)		440,401		507,209
Foxtons Group PLC		46,335		52,844
G4S PLC		461,555		1,606,372
GKN PLC		215,904		1,402,289
GlaxoSmithKline PLC		662,371		12,952,686
Grafton Group PLC		27,691		299,106
Great Portland Estates PLC REIT		35,864		335,018
Greene King PLC		39,034		258,124
Halma PLC		48,200		797,180
Hammerson PLC REIT		93,760		705,771
Hansteen Holdings PLC REIT		53,836		96,365
Hargreaves Lansdown PLC		25,019		573,128
Hays PLC		176,066		465,074
Hiscox, Ltd.		37,277		761,374
HomeServe PLC		50,972		527,696
Howden Joinery Group PLC		75,543		488,318
HSBC Holdings PLC		2,609,645		24,359,030
IG Group Holdings PLC		46,048		515,154
IMI PLC		29,377		445,069
Imperial Brands PLC		121,684		4,141,141
Inchcape PLC		52,759		511,411
Indivior PLC (b)		102,350		585,218
Informa PLC		95,813		965,845
Inmarsat PLC		38,997		198,087
InterContinental Hotels Group PLC		26,458		1,584,080
International Consolidated Airlines Group SA		86,132		742,596
International Personal Finance PLC		42,662		137,287
Intertek Group PLC		21,291		1,391,803
Intu Properties PLC REIT (c)		100,785		293,649

Security Description	Shares		Value
ITV PLC		462,410	$	935,056
J Sainsbury PLC		311,256		1,042,672
John Wood Group PLC		132,092		1,000,613
Johnson Matthey PLC		25,208		1,075,705
Just Eat PLC (b)		65,552		642,223
Keller Group PLC		12,792		156,118
Kingfisher PLC		494,487		2,028,974
Land Securities Group PLC REIT		155,820		2,048,353
Legal & General Group PLC		746,114		2,698,260
Lloyds Banking Group PLC		8,848,625		8,026,150
London Stock Exchange Group PLC		39,334		2,276,633
Lonmin PLC (b) (c)		25,523		20,802
Man Group PLC		348,021		837,758
Marks & Spencer Group PLC		317,096		1,201,910
Meggitt PLC		79,881		483,862
Melrose Industries PLC (c)		231,620		750,557
Micro Focus International PLC		54,674		756,843
National Grid PLC		504,969		5,682,548
NEX Group PLC		116,080		1,597,431
Next PLC		26,930		1,797,827
Ocado Group PLC (b) (c)		50,485		375,914
Old Mutual PLC		951,704		3,194,776
Ophir Energy PLC (b)		74,801		55,194
Pearson PLC		150,551		1,581,835
Pennon Group PLC		52,598		474,729
Persimmon PLC		30,611		1,086,410
Petrofac, Ltd.		30,196		214,675
Provident Financial PLC (c)		8,327		79,619
Prudential PLC		322,109		8,036,232
Randgold Resources, Ltd.		21,910		1,807,853
Reckitt Benckiser Group PLC		83,659		7,081,312
RELX NV		133,553		2,764,331
RELX PLC		154,452		3,174,146
Rentokil Initial PLC		233,391		889,548
Rightmove PLC		12,888		785,907
Rio Tinto PLC		149,144		7,554,905
Rio Tinto, Ltd.		49,736		2,773,505
Rolls-Royce Holdings PLC (b)		275,189		3,364,682
Royal Bank of Scotland Group PLC (b)		411,223		1,492,923
Royal Mail PLC		57,692		437,671
RPC Group PLC		51,448		558,028
RSA Insurance Group PLC		172,329		1,522,982
Sage Group PLC		141,585		1,269,550
Schroders PLC		14,445		646,809
Segro PLC REIT		119,015		1,003,729
Serco Group PLC (b)		228,499		282,715
Severn Trent PLC		30,172		780,478
Shaftesbury PLC		35,195		484,829
Shire PLC		114,247		5,722,287
Sky PLC		168,546		3,067,761
Smith & Nephew PLC		120,731		2,254,201
Smiths Group PLC		124,279		2,638,614
Spirax-Sarco Engineering PLC		9,140		737,883
Sports Direct International PLC (b)		19,816		102,185

104

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SSE PLC		192,300	$	3,442,118
St James’s Place PLC		65,995		1,005,858
Standard Chartered PLC		367,041		3,669,586
Standard Life Aberdeen PLC		535,137		2,700,233
TalkTalk Telecom Group PLC		54,952		89,266
Tate & Lyle PLC		114,929		878,017
Taylor Wimpey PLC		310,917		805,141
Telecom Plus PLC		7,905		135,509
Tesco PLC		1,377,223		3,977,923
Thomas Cook Group PLC		135,344		224,415
TP ICAP PLC		73,803		462,576
Travis Perkins PLC		20,230		350,192
Trinity Mirror PLC		59,669		66,544
Tullow Oil PLC (b)		228,844		629,204
UBM PLC		49,720		654,229
Unilever NV		214,288		12,088,680
Unilever PLC		185,129		10,272,392
United Utilities Group PLC		89,597		899,162
Victrex PLC		12,017		432,899
Vodafone Group PLC		3,630,455		9,891,241
Weir Group PLC		14,513		406,057
Whitbread PLC		23,959		1,243,558
William Hill PLC		181,572		841,305
Wm Morrison Supermarkets PLC		497,770		1,490,810
Workspace Group PLC REIT		29,787		414,509
WPP PLC		169,409		2,691,352
				343,830,812
UNITED STATES — 0.2%
Argonaut Gold, Inc. (b)		44,443		84,801
Flex, Ltd. (b)		174,046		2,842,171
ICON PLC (b)		7,776		918,657
REC Silicon ASA (b)		383,191		73,017
Stratasys, Ltd. (b) (c)		5,861		118,275
Tahoe Resources, Inc.		18,178		85,303
Worldpay, Inc. Class A (b)		377		30,393
				4,152,617
TOTAL COMMON STOCKS (Cost $2,514,314,674)				2,571,975,742
WARRANTS — 0.0% (f)
FRANCE — 0.0% (f)
CGG SA (expiring 2/21/22) (b) (c)		4,461		1,810
CGG SA (expiring 2/21/23) (b) (c)		14,495		2,514
TOTAL WARRANTS (Cost $0)				4,324
RIGHTS — 0.0% (f)
ITALY — 0.0% (f)
Immobiliare Grande Distribuzione SIIQ SpA (expiring 04/13/18) (b)		48,911		52,009

Security Description	Shares		Value
SOUTH KOREA — 0.0% (f)
Samsung Heavy Industries Co., Ltd. (expires 4/13/18) (b)		16,450	$	32,023
UNITED KINGDOM — 0.0% (f)
Provident Financial PLC (expiring 4/9/18) (b) (c)		5,756		29,957
TOTAL RIGHTS (Cost $49,428)				113,989
SHORT-TERM INVESTMENTS — 2.6%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (h) (i)		2,509,422		2,509,422
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)		65,277,407		65,277,407
TOTAL SHORT-TERM INVESTMENTS (Cost $67,786,829)				67,786,829
TOTAL INVESTMENTS — 102.0% (Cost $2,582,150,931)				2,639,880,884
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.0)%				(50,947,933	)
NET ASSETS — 100.0%			$	2,588,932,951

(a) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $0, representing 0.0% of the Fund’s net assets.

(b) Non-income producing security.

(c) All or a portion of the shares of the security are on loan at March 31, 2018.

(d) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.5% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) Amount is less than 0.05% of net assets.

(g) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $65,925, representing less than 0.05% of net assets.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at March 31, 2018.

(j) Investment of cash collateral for securities loaned.

105

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

ADR =American Depositary Receipt

GDR =Global Depositary Receipt

REIT =Real Estate Investment Trust

SDR =Swedish Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs				Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia		$	145,299,080		$	—		$	0	(a)		$	145,299,080
Austria			8,667,184			—			—				8,667,184
Belgium			30,204,666			—			—				30,204,666
Canada			199,571,091			—			—				199,571,091
Chile			564,078			—			—				564,078
China			1,454,522			—			—				1,454,522
Denmark			36,787,018			—			—				36,787,018
Finland			22,415,427			—			—				22,415,427
France			208,691,149			—			—				208,691,149
Germany			200,957,194			—			—				200,957,194
Hong Kong			74,724,692			—			—				74,724,692
Ireland			13,827,590			—			0	(a)			13,827,590
Israel			13,553,579			—			—				13,553,579
Italy			52,470,131			—			—				52,470,131
Japan			603,806,433			—			—				603,806,433
Jordan			300,930			—			—				300,930
Luxembourg			4,921,092			—			—				4,921,092
Macau			621,230			—			—				621,230
Malta			746,969			—			—				746,969
Mexico			448,831			—			—				448,831
Netherlands			96,005,511			13,495			—				96,019,006
New Zealand			7,039,646			—			—				7,039,646
Norway			18,432,640			—			—				18,432,640
Portugal			4,857,592			—			—				4,857,592
Singapore			30,771,879			52,430			—				30,824,309
South Africa			3,026,071			—			—				3,026,071
South Korea			129,983,278			—			0	(a)			129,983,278
Spain			68,707,601			—			0	(a)			68,707,601
Sweden			67,198,759			—			—				67,198,759
Switzerland			177,870,525			—			—				177,870,525
United Kingdom			343,830,812			—			0	(a)			343,830,812
United States			4,152,617			—			—				4,152,617
Warrants
France			4,324			—			—				4,324
Rights
Italy			52,009			—			—				52,009
South Korea			32,023			—			—				32,023
United Kingdom			29,957			—			—				29,957
Short-Term Investments			67,786,829			—			—				67,786,829
TOTAL INVESTMENTS		$	2,639,814,959		$	65,925		$	0			$	2,639,880,884

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2018.

106

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17			Cost of Purchases			Proceeds from Shares Sold			Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/18		Value at 3/31/18			Dividend Income			Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		1,169,081		$	1,169,081		$	9,556,166		$	7,046,744		$	—		$	—		2,509,422		$	2,509,422		$	28,979		$	—
State Street Navigator Securities Lending Government Money Market Portfolio		22,963,226			22,963,226			224,925,176			182,610,995			—			—		65,277,407			65,277,407			283,601			—
Total				$	24,132,307		$	234,481,342		$	189,657,739		$	—		$	—				$	67,786,829		$	312,580		$	—

107

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 0.1%
AviChina Industry & Technology Co., Ltd. Class H (a)		1,728,000	$	1,217,568
AIR FREIGHT & LOGISTICS — 0.2%
Sinotrans, Ltd. Class H		824,000		452,511
ZTO Express Cayman, Inc. ADR (a)		123,794		1,855,672
				2,308,183
AIRLINES — 0.4%
Air China, Ltd. Class H		1,582,000		2,015,723
China Eastern Airlines Corp., Ltd. Class H		1,516,000		1,101,028
China Southern Airlines Co., Ltd. Class H		1,210,000		1,248,806
Shandong Airlines Co., Ltd. Class B		106,000		199,485
				4,565,042
AUTO COMPONENTS — 0.5%
China First Capital Group, Ltd. (b)		518,000		243,546
Fuyao Glass Industry Group Co., Ltd. Class H (c)		186,000		716,907
Minth Group, Ltd.		636,000		2,897,060
Xinyi Glass Holdings, Ltd.		1,044,000		1,572,325
				5,429,838
AUTOMOBILES — 2.3%
BAIC Motor Corp., Ltd. Class H (c)		925,400		1,134,303
Brilliance China Automotive Holdings, Ltd.		1,688,000		3,522,985
Byd Co., Ltd. Class H (a)		429,000		3,345,285
Chongqing Changan Automobile Co., Ltd. Class B		727,300		727,458
Dongfeng Motor Group Co., Ltd. Class H		2,149,300		2,494,823
Geely Automobile Holdings, Ltd.		3,254,000		9,370,233
Great Wall Motor Co., Ltd. Class H (a)		2,363,000		2,369,534
Guangzhou Automobile Group Co., Ltd. Class H		1,612,637		2,971,182
Qingling Motors Co., Ltd. Class H		2,508,000		821,268
				26,757,071
BANKS — 15.4%
Agricultural Bank of China, Ltd. Class H		17,007,000		9,664,669
Bank of China, Ltd. Class H		47,648,700		25,620,518
Bank of Chongqing Co., Ltd. Class H		1,240,500		964,164
Bank of Communications Co., Ltd. Class H		14,645,824		11,476,602
China CITIC Bank Corp., Ltd. Class H		7,176,471		4,901,174
China Construction Bank Corp. Class H		66,318,623		68,107,501
China Merchants Bank Co., Ltd. Class H		2,452,235		10,045,406

Security Description	Shares		Value
China Minsheng Banking Corp., Ltd. Class H		4,654,800	$	4,525,327
Chongqing Rural Commercial Bank Co., Ltd. Class H		1,864,000		1,427,397
Huishang Bank Corp., Ltd. Class H		1,737,000		854,302
Industrial & Commercial Bank of China, Ltd. Class H		48,386,789		41,492,182
Postal Savings Bank of China Co., Ltd. Class H (c)		2,132,000		1,339,240
Shengjing Bank Co., Ltd. Class H (c)		561,500		419,249
				180,837,731
BEVERAGES — 0.5%
China Resources Beer Holdings Co., Ltd.		1,053,667		4,564,642
Tibet Water Resources, Ltd. (b)		1,461,000		578,942
Tsingtao Brewery Co., Ltd. Class H		213,000		1,112,725
				6,256,309
BIOTECHNOLOGY — 0.6%
3SBio, Inc. (a) (b) (c)		545,000		1,227,731
BeiGene, Ltd. ADR (b)		26,792		4,501,056
China Biologic Products Holdings, Inc. (b)		10,998		890,838
Shanghai Haohai Biological Technology Co., Ltd. Class H (c)		15,700		98,221
				6,717,846
BUILDING PRODUCTS — 0.0% (d)
China Lesso Group Holdings, Ltd.		356,000		270,800
					��
CAPITAL MARKETS — 1.6%
Central China Securities Co., Ltd. Class H (a)		360,000		134,399
China Cinda Asset Management Co., Ltd. Class H		7,265,200		2,638,255
China Everbright, Ltd.		648,000		1,357,379
China Financial International Investments, Ltd. (a) (b)		4,010,000		137,953
China Galaxy Securities Co., Ltd. Class H		2,097,000		1,394,740
China Huarong Asset Management Co., Ltd. Class H (c)		5,286,000		2,222,622
CITIC Securities Co., Ltd. Class H		1,394,500		3,191,165
GF Securities Co., Ltd. Class H		1,074,200		1,973,671
Guotai Junan International Holdings, Ltd. (a)		1,776,000		511,418
Haitong Securities Co., Ltd. Class H		2,015,400		2,665,527
Huatai Securities Co., Ltd. Class H (c)		711,200		1,368,337
Noah Holdings, Ltd. ADS (b)		15,494		731,472
Shenwan Hongyuan HK, Ltd. (a)		505,000		155,072
				18,482,010
CHEMICALS — 0.2%
China BlueChemical, Ltd. Class H		2,022,000		566,798
China Lumena New Materials Corp. (a) (b) (e)		3,564,548		—
Fufeng Group, Ltd. (a)		564,000		334,161

108

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Sinopec Shanghai Petrochemical Co., Ltd. Class H		2,801,999	$	1,702,985
				2,603,944
COMMERCIAL SERVICES & SUPPLIES — 0.8%
China Everbright International, Ltd.		1,933,000		2,709,249
China Evergrande Group (a) (b)		2,151,600		6,771,469
Dongjiang Environmental Co., Ltd. Class H (a)		151,600		203,594
				9,684,312
COMMUNICATIONS EQUIPMENT — 0.4%
BYD Electronic International Co., Ltd. (a)		517,000		969,668
China All Access Holdings, Ltd.		1,268,000		403,909
China Fiber Optic Network System Group, Ltd. (b) (e)		1,131,600		—
Comba Telecom Systems Holdings, Ltd. (a)		1,398,310		187,076
Shanghai Potevio Co., Ltd. Class B (b)		264,700		108,262
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (c)		176,000		814,036
ZTE Corp. Class H (a) (b)		584,597		1,903,145
				4,386,096
CONSTRUCTION & ENGINEERING — 0.8%
China Communications Construction Co., Ltd. Class H		3,002,394		3,083,381
China Machinery Engineering Corp. Class H		459,000		243,293
China Railway Construction Corp., Ltd. Class H		1,208,875		1,210,677
China Railway Group, Ltd. Class H		2,689,000		1,863,864
China Singyes Solar Technologies Holdings, Ltd. (a)		368,000		134,572
China State Construction International Holdings, Ltd.		1,176,000		1,435,480
Concord New Energy Group, Ltd.		3,560,000		161,029
Metallurgical Corp. of China, Ltd. Class H		1,634,000		466,363
Sinopec Engineering Group Co., Ltd. Class H		1,083,000		1,077,715
				9,676,374
CONSTRUCTION MATERIALS — 0.8%
Anhui Conch Cement Co., Ltd. Class H		851,500		4,638,154
BBMG Corp. Class H (a)		1,301,000		586,820
China National Building Material Co., Ltd. Class H (a)		2,326,000		2,525,071
China Resources Cement Holdings, Ltd.		801,163		692,110
China Shanshui Cement Group, Ltd. (a) (b) (e)		1,896,000		90,593
CSG Holding Co., Ltd. Class B		446,200		255,839
				8,788,587

Security Description	Shares		Value
CONSUMER FINANCE — 0.2%
China Financial Services Holdings, Ltd.		2,990,000	$	251,443
Chong Sing Holdings FinTech Gr (a) (b)		15,842,900		2,079,200
				2,330,643
CONTAINERS & PACKAGING — 0.1%
Beijing Enterprises Clean Energy Group, Ltd. (b)		9,505,714		308,851
Greatview Aseptic Packaging Co., Ltd.		456,000		306,777
				615,628
DISTRIBUTORS — 0.0% (d)
Qianhai Health Holdings, Ltd. (a) (b)		11,000,000		110,725
Xinhua Winshare Publishing and Media Co., Ltd. Class H		593,000		473,747
				584,472
DIVERSIFIED CONSUMER SERVICES — 1.4%
China Maple Leaf Educational Systems, Ltd.		456,000		611,230
Fu Shou Yuan International Group, Ltd.		723,000		716,708
New Oriental Education & Technology Group, Inc. ADR		86,975		7,623,359
TAL Education Group ADR		189,262		7,019,728
				15,971,025
DIVERSIFIED FINANCIAL SERVICES — 0.1%
Far East Horizon, Ltd.		1,161,000		1,227,820
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9%
China Communications Services Corp., Ltd. Class H		2,179,600		1,302,489
China Telecom Corp., Ltd. Class H		9,424,951		4,155,082
China Unicom Hong Kong, Ltd. (b)		3,855,805		4,863,788
CITIC Telecom International Holdings, Ltd.		1,169,000		338,115
				10,659,474
ELECTRICAL EQUIPMENT — 0.3%
Dongfang Electric Corp., Ltd. Class H (b)		247,800		192,915
Shanghai Electric Group Co., Ltd. Class H (a) (b)		2,122,000		735,425
Tech Pro Technology Development, Ltd. (b) (f)		4,481,396		38,828
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (a)		359,160		575,696
Zhuzhou CRRC Times Electric Co., Ltd. Class H		430,100		2,082,464
				3,625,328
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.8%
AAC Technologies Holdings, Inc.		466,745		8,421,071

109

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Anxin-China Holdings, Ltd. (b) (e)		3,068,000	$	—
AVIC International Holdings, Ltd. Class H		267,982		182,677
China Soft Power Technology Holdings, Ltd. (a) (b)		2,219,000		34,494
Dongxu Optoelectronic Technology Co., Ltd. Class B		1,410,700		839,414
FIT Hon Teng, Ltd. (a) (c)		807,000		369,141
Ju Teng International Holdings, Ltd.		1,052,000		260,041
Kingboard Chemical Holdings, Ltd.		550,999		2,516,891
Kingboard Laminates Holdings, Ltd.		338,000		490,098
Sunny Optical Technology Group Co., Ltd.		429,000		7,920,454
Wasion Group Holdings, Ltd. (a)		358,000		182,460
				21,216,741
ENERGY EQUIPMENT & SERVICES — 0.1%
Anton Oilfield Services Group (a) (b)		928,000		114,695
China Oilfield Services, Ltd. Class H		1,257,900		1,296,639
Hilong Holding, Ltd.		672,000		101,892
Sinopec Oilfield Service Corp. Class H (a) (b)		1,288,000		193,652
				1,706,878
FOOD & STAPLES RETAILING — 0.1%
Sun Art Retail Group, Ltd.		1,439,000		1,674,002
FOOD PRODUCTS — 1.9%
China Agri-Industries Holdings, Ltd.		1,641,600		721,624
China Huishan Dairy Holdings Co., Ltd. (a) (b) (e)		2,729,000		—
China Huiyuan Juice Group, Ltd. (b)		701,000		180,424
China Mengniu Dairy Co., Ltd.		1,839,220		6,303,915
China Yurun Food Group, Ltd. (b)		1,139,000		152,383
CP Pokphand Co., Ltd.		3,204,000		249,027
Health and Happiness H&H International Holdings, Ltd. (b)		159,500		1,214,292
Tingyi Cayman Islands Holding Corp.		1,341,844		2,783,434
Uni-President China Holdings, Ltd.		1,234,400		1,067,948
Want Want China Holdings, Ltd.		4,719,933		3,782,778
WH Group, Ltd. (c)		4,820,106		5,134,371
YuanShengTai Dairy Farm, Ltd. (a) (b)		2,308,000		102,927
				21,693,123
GAS UTILITIES — 0.7%
China Gas Holdings, Ltd.		1,500,000		5,456,595
China Oil & Gas Group, Ltd.		1,616,000		129,720
China Resources Gas Group, Ltd.		645,000		2,239,498
				7,825,813

Security Description	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		1,692,000	$	1,127,526
Yestar Healthcare Holdings Co., Ltd. (a)		695,000		241,753
				1,369,279
HEALTH CARE PROVIDERS & SERVICES — 0.5%
China Resources Phoenix Healthcare Holdings Co., Ltd. (a)		421,000		507,992
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		709,600		1,898,704
Sinopharm Group Co., Ltd. Class H		771,600		3,863,751
				6,270,447
HOTELS, RESTAURANTS & LEISURE — 1.3%
Ajisen China Holdings, Ltd.		458,000		215,919
China Lodging Group, Ltd. ADR		18,551		2,443,352
China Travel International Investment Hong Kong, Ltd.		3,034,000		1,074,694
Imperial Pacific International Holdings, Ltd. (a) (b)		29,330,300		366,241
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		1,216,187		497,428
Yum China Holdings, Inc.		243,244		10,094,626
				14,692,260
HOUSEHOLD DURABLES — 0.4%
Haier Electronics Group Co., Ltd.		941,000		3,351,165
Hisense Kelon Electrical Holdings Co., Ltd. Class H		295,000		336,411
Skyworth Digital Holdings, Ltd.		1,715,423		771,561
				4,459,137
HOUSEHOLD PRODUCTS — 0.1%
Vinda International Holdings, Ltd.		434,000		764,227
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.0%
Beijing Jingneng Clean Energy Co., Ltd. Class H		1,178,000		286,684
CGN PowerCo.,Ltd.Class H (a) (c)		7,947,000		2,055,529
China Datang Corp. Renewable Power Co., Ltd. Class H		1,919,000		259,182
China Longyuan Power Group Corp., Ltd. Class H		2,365,000		1,814,062
China Power International Development, Ltd.		2,369,000		609,734
China Resources Power Holdings Co., Ltd.		1,262,092		2,302,812
Datang International Power Generation Co., Ltd. Class H (b)		3,036,287		909,149
Huadian Fuxin Energy Corp., Ltd. Class H		1,850,000		473,797

110

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Huadian Power International Corp., Ltd. Class H		984,000	$	378,640
Huaneng Power International, Inc. Class H		2,732,129		1,834,578
Huaneng Renewables Corp., Ltd. Class H		2,554,000		953,483
				11,877,650
INDUSTRIAL CONGLOMERATES — 0.8%
Beijing Enterprises Holdings, Ltd.		429,500		2,243,734
CITIC, Ltd.		4,282,000		5,990,643
Shanghai Industrial Holdings, Ltd.		320,000		833,811
				9,068,188
INSURANCE — 5.6%
China Life Insurance Co., Ltd. Class H		4,771,040		13,130,801
China Pacific Insurance Group Co., Ltd. Class H		1,584,200		7,095,120
China Taiping Insurance Holdings Co., Ltd.		796,891		2,634,879
Fanhua, Inc. ADR (a)		27,274		736,943
New China Life Insurance Co., Ltd. Class H		419,500		1,953,636
People’s Insurance Co. Group of China, Ltd. Class H		4,945,000		2,312,367
PICC Property & Casualty Co., Ltd. Class H		2,998,858		5,250,094
Ping An Insurance Group Co. of China, Ltd. Class H (a)		3,140,100		31,927,931
				65,041,771
INTERNET & CATALOG RETAIL — 3.0%
Ctrip.com International, Ltd. ADR (b)		241,421		11,255,047
JD.com, Inc. ADR (b)		496,240		20,092,757
Vipshop Holdings, Ltd. ADR (b)		227,874		3,787,266
				35,135,070
INTERNET SOFTWARE & SERVICES — 32.4%
21Vianet Group, Inc. ADR (b)		39,390		272,973
58.com, Inc. ADR (b)		50,383		4,023,586
Alibaba Group Holding, Ltd. ADR (b)		709,906		130,296,147
Autohome, Inc. ADR		27,170		2,334,990
Baidu, Inc. ADR (b)		169,905		37,921,097
Baozun, Inc. ADR (b)		14,547		667,416
Bitauto Holdings, Ltd. ADR (a) (b)		19,665		415,915
China Literature, Ltd. (a) (b) (c)		80,000		740,033
Fang Holdings, Ltd. ADR (a) (b)		118,574		609,470
Momo, Inc. ADR (b)		29,597		1,106,336
NetEase, Inc. ADR		46,342		12,993,833
Phoenix New Media, Ltd. ADR (b)		39,351		171,177
SINA Corp. (b)		43,184		4,502,796
Sohu.com, Inc. (b)		28,146		870,274
Tencent Holdings, Ltd.		3,383,615		176,589,670
Tian Ge Interactive Holdings, Ltd. (a) (c)		130,000		109,489
Weibo Corp. ADR		28,685		3,429,005

Security Description	Shares		Value
YY, Inc. ADR (b)		26,215	$	2,757,818
				379,812,025
IT SERVICES — 0.4%
AGTech Holdings, Ltd. (a) (b)		1,452,000		172,058
Chinasoft International, Ltd. (a) (b)		1,694,000		1,519,534
Digital China Holdings, Ltd. (a) (b)		722,000		396,496
Hi Sun Technology China, Ltd. (b)		1,377,000		243,878
TravelSky Technology, Ltd. Class H		860,000		2,492,897
				4,824,863
LIFE SCIENCES TOOLS & SERVICES — 0.2%
Genscript Biotech Corp. (a)		442,000		1,413,580
Wuxi Biologics Cayman, Inc. (b) (c)		110,500		1,062,297
				2,475,877
MACHINERY — 1.1%
China Conch Venture Holdings, Ltd.		738,000		2,252,093
China International Marine Containers Group Co., Ltd. Class H		544,300		848,876
CIMC Enric Holdings, Ltd. (a) (b)		614,000		588,316
CRRC Corp., Ltd. Class H		2,790,950		2,379,044
First Tractor Co., Ltd. Class H (a)		356,000		132,452
Haitian International Holdings, Ltd.		625,000		1,895,315
Lonking Holdings, Ltd.		1,983,000		843,905
Weichai Power Co., Ltd. Class H		2,004,680		2,247,771
Yangzijiang Shipbuilding Holdings, Ltd.		1,881,500		1,736,151
Zoomlion Heavy Industry Science and Technology Co., Ltd. (a)		863,800		330,186
				13,254,109
MARINE — 0.2%
COSCO SHIPPING Development Co., Ltd. Class H (b)		2,104,500		391,495
COSCO SHIPPING Energy Transportation Co., Ltd. Class H		823,800		424,060
COSCO SHIPPING Holdings Co., Ltd. Class H (a) (b)		1,489,175		738,108
SITC International Holdings Co., Ltd.		710,000		705,630
				2,259,293
MEDIA — 0.1%
Alibaba Pictures Group, Ltd. (a) (b)		7,370,000		957,838
Huayi Tencent Entertainment Co., Ltd. (a) (b)		1,330,000		66,091
Poly Culture Group Corp., Ltd. Class H (a)		92,700		164,416
Wisdom Sports Group (a)		1,037,000		104,383
				1,292,728
METALS & MINING — 1.0%
Aluminum Corp. of China, Ltd. Class H (a) (b)		2,752,000		1,525,324
Angang Steel Co., Ltd. Class H (a)		1,075,720		1,027,981

111

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
China Hongqiao Group, Ltd. (a)		205,297	$	224,175
China Metal Recycling Holdings, Ltd. (a) (b) (e)		268,085		—
China Molybdenum Co., Ltd. Class H		2,592,000		1,955,155
China Zhongwang Holdings, Ltd. (a)		812,400		482,370
Jiangxi Copper Co., Ltd. Class H		981,000		1,399,947
Maanshan Iron & Steel Co., Ltd. Class H (b)		1,772,000		758,625
MMG, Ltd. (a) (b)		1,232,000		751,918
Munsun Capital Group, Ltd. (a) (b)		4,132,000		21,059
Shougang Fushan Resources Group, Ltd.		2,748,000		700,279
Zhaojin Mining Industry Co., Ltd. Class H (a)		760,500		597,873
Zijin Mining Group Co., Ltd. Class H (a)		5,160,750		2,308,045
				11,752,751
MULTILINE RETAIL — 0.1%
Golden Eagle Retail Group, Ltd. (a)		533,120		610,674
Parkson Retail Group, Ltd. (a) (b)		1,612,000		186,909
				797,583
OIL, GAS & CONSUMABLE FUELS — 4.2%
China Coal Energy Co., Ltd. Class H		1,868,013		747,367
China Petroleum & Chemical Corp. Class H		16,016,640		14,060,962
China Shenhua Energy Co., Ltd. Class H		2,179,200		5,414,472
China Suntien Green Energy Corp., Ltd. Class H		950,000		266,300
CNOOC, Ltd.		10,459,174		15,405,636
Kunlun Energy Co., Ltd.		2,579,400		2,225,009
NewOcean Energy Holdings, Ltd. (a) (b)		712,000		162,389
PetroChina Co., Ltd. Class H		13,430,930		9,223,999
Sinopec Kantons Holdings, Ltd.		1,072,000		528,604
Yanzhou Coal Mining Co., Ltd. Class H		1,299,900		1,656,282
				49,691,020
PAPER & FOREST PRODUCTS — 0.3%
Lee & Man Paper Manufacturing, Ltd.		1,626,000		1,717,511
Nine Dragons Paper Holdings, Ltd.		1,281,000		1,916,203
				3,633,714
PERSONAL PRODUCTS — 0.4%
Hengan International Group Co., Ltd.		518,500		4,802,945
PHARMACEUTICALS — 1.9%
China Animal Healthcare, Ltd. (a) (b) (e)		763,600		—
China Medical System Holdings, Ltd.		843,300		1,914,759

Security Description	Shares		Value
China Resources Pharmaceutical Group, Ltd. (c)		677,000	$	948,868
China Shineway Pharmaceutical Group, Ltd. (b)		297,000		452,597
Consun Pharmaceutical Group, Ltd.		615,000		652,746
CSPC Pharmaceutical Group, Ltd.		2,280,000		6,057,108
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H		204,000		629,028
Hua Han Health Industry Holdings, Ltd. (a) (b) (e)		3,728,400		188,836
Luye Pharma Group, Ltd. (a)		1,099,000		1,051,628
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		216,000		1,326,555
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H		520,000		248,461
Sihuan Pharmaceutical Holdings Group, Ltd.		1,310,000		387,243
Sino Biopharmaceutical, Ltd.		3,113,000		6,108,355
SSY Group, Ltd.		1,934,332		1,698,145
Tong Ren Tang Technologies Co., Ltd. Class H (a)		427,000		711,639
				22,375,968
REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.8%
Agile Group Holdings, Ltd.		1,230,747		2,543,572
Beijing Capital Land, Ltd. Class H		852,000		518,910
Carnival Group International Holdings, Ltd. (a) (b)		6,926,800		317,731
China Jinmao Holdings Group, Ltd.		1,658,000		944,314
China Overseas Land & Investment, Ltd.		2,703,862		9,388,051
China Overseas Property Holdings, Ltd. (a)		942,620		294,257
China Resources Land, Ltd.		1,926,555		7,008,288
China South City Holdings, Ltd.		2,186,000		493,001
China Vanke Co., Ltd. Class H		891,664		4,067,323
CIFI Holdings Group Co., Ltd.		1,050,000		916,440
Colour Life Services Group Co., Ltd.		282,000		264,814
Country Garden Holdings Co., Ltd.		4,365,500		8,988,759
Fullshare Holdings, Ltd. (a) (b)		4,192,500		2,323,736
Future Land Holdings Co., Ltd. Class A		588,295		3,270,744
Greentown China Holdings, Ltd. (a)		384,500		520,290
Guangzhou R&F Properties Co., Ltd. Class H		864,224		2,156,073
Hopson Development Holdings, Ltd.		394,000		449,809
Hydoo International Holding, Ltd. (b)		1,302,000		104,514
Kaisa Group Holdings, Ltd. (b)		920,000		516,953
KWG Property Holding, Ltd.		837,806		1,142,225
Longfor Properties Co., Ltd.		916,000		2,801,116
Poly Property Group Co., Ltd. (b)		1,332,000		655,113

112

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Redco Group (c)		402,200	$	214,724
Renhe Commercial Holdings Co., Ltd. (a) (b)		8,651,000		168,648
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		297,650		384,564
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		779,960		1,112,223
Shenzhen Investment, Ltd.		1,948,606		826,785
Shimao Property Holdings, Ltd.		917,441		2,595,109
Shui On Land, Ltd.		3,129,500		849,335
Sino-Ocean Group Holding, Ltd.		2,634,212		1,909,798
SOHO China, Ltd.		943,500		494,092
Sunac China Holdings, Ltd. (a)		1,273,300		4,915,840
Yanlord Land Group, Ltd.		412,900		532,144
Yuexiu Property Co., Ltd.		6,508,000		1,534,065
Yuzhou Properties Co., Ltd.		2,524,840		1,721,124
Zall Group, Ltd. (a) (b)		660,000		936,814
				67,881,298
ROAD & RAIL — 0.2%
CAR, Inc. (b)		821,300		738,807
Dazhong Transportation Group Co., Ltd. Class B		372,000		228,408
Guangshen Railway Co., Ltd. Class H (a)		1,494,000		883,269
				1,850,484
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.4%
GCL-Poly Energy Holdings, Ltd. (b)		7,309,000		903,346
Hanergy Thin Film Power Group, Ltd. (a) (b) (e)		17,589,376		—
JinkoSolar Holding Co., Ltd. ADR (a) (b)		13,512		246,594
Semiconductor Manufacturing International Corp. (a) (b)		1,944,600		2,542,155
Shunfeng International Clean Energy, Ltd. (b)		670,000		25,611
Xinyi Solar Holdings, Ltd.		2,596,000		1,048,548
				4,766,254
SOFTWARE — 0.4%
Boyaa Interactive International, Ltd. (a) (b)		302,000		116,978
Cheetah Mobile, Inc. ADR (a) (b)		15,410		206,032
Kingdee International Software Group Co., Ltd. (a) (b)		1,080,000		1,087,114
Kingsoft Corp., Ltd.		525,000		1,665,647
NetDragon Websoft Holdings, Ltd. (a)		210,000		511,066
Shanghai Baosight Software Co., Ltd. Class B		345,500		621,555
V1 Group, Ltd. (b)		2,066,000		57,913
				4,266,305

Security Description	Shares		Value
SPECIALTY RETAIL — 0.3%
China Harmony New Energy Auto Holding, Ltd. (a) (b)		830,000	$	531,950
China ZhengTong Auto Services Holdings, Ltd.		32,500		23,604
GOME Retail Holdings, Ltd. (a)		7,241,279		784,257
Grand Baoxin Auto Group, Ltd. (b)		866,074		363,057
Hengdeli Holdings, Ltd. (a)		2,576,895		123,127
Zhongsheng Group Holdings, Ltd.		546,500		1,493,626
				3,319,621
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.3%
Coolpad Group, Ltd. (b) (e)		2,629,400		120,610
Lenovo Group, Ltd. (a)		4,718,000		2,410,609
Meitu, Inc. (a) (b) (c)		1,133,500		1,298,391
				3,829,610
TEXTILES,APPAREL & LUXURY GOODS — 0.9%
ANTA Sports Products, Ltd.		634,000		3,198,960
Bosideng International Holdings, Ltd.		3,230,000		316,897
China Dongxiang Group Co., Ltd.		3,181,000		555,276
China Jicheng Holdings, Ltd. (b) (c)		460,750		4,286
Cosmo Lady China Holdings Co., Ltd. (c)		301,000		162,997
Lao Feng Xiang Co., Ltd. Class B		172,911		626,802
Li Ning Co., Ltd. (b)		1,407,207		1,441,579
Shenzhou International Group Holdings, Ltd.		429,000		4,517,774
				10,824,571
TRADING COMPANIES & DISTRIBUTORS — 0.0% (d)
CITIC Resources Holdings, Ltd. (a)		1,824,000		204,518
New Provenance Everlasting Holdings, Ltd. (a) (b)		5,600,000		114,879
				319,397
TRANSPORTATION INFRASTRUCTURE — 1.0%
Anhui Expressway Co., Ltd. Class H		618,000		472,459
Beijing Capital International Airport Co., Ltd. Class H		1,197,939		1,608,791
China Merchants Port Holdings Co., Ltd.		920,663		2,029,417
COSCO SHIPPING International Hong Kong Co., Ltd.		612,000		254,210
COSCO SHIPPING Ports, Ltd.		1,122,980		944,366
Dalian Port PDA Co., Ltd. Class H (a)		1,182,200		198,833
HNA Infrastructure Co., Ltd. Class H		391,000		418,486
Jiangsu Expressway Co., Ltd. Class H		830,795		1,175,009

113

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Qingdao Port International Co., Ltd. Class H (c)		882,000	$	652,934
Shenzhen Expressway Co., Ltd. Class H		652,000		663,772
Shenzhen International Holdings, Ltd.		748,121		1,637,644
Sichuan Expressway Co., Ltd. Class H		812,000		286,589
Xiamen International Port Co., Ltd. Class H		985,000		179,472
Yuexiu Transport Infrastructure, Ltd. (a)		380,000		292,446
Zhejiang Expressway Co., Ltd. Class H		866,000		883,842
				11,698,270
WATER UTILITIES — 0.5%
Beijing Enterprises Water Group, Ltd.		3,436,000		1,917,572
CT Environmental Group, Ltd. (a)		1,736,400		311,956
Guangdong Investment, Ltd.		2,144,000		3,371,044
Kangda International Environmental Co., Ltd. (c)		750,000		140,476
				5,741,048
WIRELESS TELECOMMUNICATION SERVICES — 2.8%
China Mobile, Ltd.		3,520,504		32,274,539
TOTAL COMMON STOCKS (Cost $902,099,523)				1,169,534,960
SHORT-TERM INVESTMENTS — 1.8%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (g) (h)		2,369,667		2,369,667
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		18,667,846		18,667,846
TOTAL SHORT-TERM INVESTMENTS (Cost $21,037,513)				21,037,513
TOTAL INVESTMENTS — 101.7% (Cost $923,137,036)				1,190,572,473
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.7)%				(19,767,962	)
NET ASSETS — 100.0%			$	1,170,804,511

(a) All or a portion of the shares of the security are on loan at March 31, 2018.

(b) Non-income producing security.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.0% of net assets as of March 31, 2018, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Amount is less than 0.05% of net assets.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $400,039, representing less than 0.05% of the Fund’s net assets.

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $38,828, representing less than 0.05% of net assets.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at March 31, 2018.

(i) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

ADS = American Depositary Shares

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	1,217,568	$	—	$	—	$	1,217,568
Air Freight & Logistics		2,308,183		—		—		2,308,183

114

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs			Total
Airlines	$	4,565,042	$	—	$	—		$	4,565,042
Auto Components		5,429,838		—		—			5,429,838
Automobiles		26,757,071		—		—			26,757,071
Banks		180,837,731		—		—			180,837,731
Beverages		6,256,309		—		—			6,256,309
Biotechnology		6,717,846		—		—			6,717,846
Building Products		270,800		—		—			270,800
Capital Markets		18,482,010		—		—			18,482,010
Chemicals		2,603,944		—		0	(a)		2,603,944
Commercial Services & Supplies		9,684,312		—		—			9,684,312
Communications Equipment		4,386,096		—		0	(a)		4,386,096
Construction & Engineering		9,676,374		—		—			9,676,374
Construction Materials		8,697,994		—		90,593			8,788,587
Consumer Finance		2,330,643		—		—			2,330,643
Containers & Packaging		615,628		—		—			615,628
Distributors		584,472		—		—			584,472
Diversified Consumer Services		15,971,025		—		—			15,971,025
Diversified Financial Services		1,227,820		—		—			1,227,820
Diversified Telecommunication Services		10,659,474		—		—			10,659,474
Electrical Equipment		3,586,500		38,828		—			3,625,328
Electronic Equipment, Instruments & Components		21,216,741		—		0	(a)		21,216,741
Energy Equipment & Services		1,706,878		—		—			1,706,878
Food & Staples Retailing		1,674,002		—		—			1,674,002
Food Products		21,693,123		—		0	(a)		21,693,123
Gas Utilities		7,825,813		—		—			7,825,813
Health Care Equipment & Supplies		1,369,279		—		—			1,369,279
Health Care Providers & Services		6,270,447		—		—			6,270,447
Hotels, Restaurants & Leisure		14,692,260		—		—			14,692,260
Household Durables		4,459,137		—		—			4,459,137
Household Products		764,227		—		—			764,227
Independent Power Producers & Energy Traders		11,877,650		—		—			11,877,650
Industrial Conglomerates		9,068,188		—		—			9,068,188
Insurance		65,041,771		—		—			65,041,771
Internet & Catalog Retail		35,135,070		—		—			35,135,070
Internet Software & Services		379,812,025		—		—			379,812,025
IT Services		4,824,863		—		—			4,824,863
Life Sciences Tools & Services		2,475,877		—		—			2,475,877
Machinery		13,254,109		—		—			13,254,109
Marine		2,259,293		—		—			2,259,293
Media		1,292,728		—		—			1,292,728
Metals & Mining		11,752,751		—		0	(a)		11,752,751
Multiline Retail		797,583		—		—			797,583
Oil, Gas & Consumable Fuels		49,691,020		—		—			49,691,020
Paper & Forest Products		3,633,714		—		—			3,633,714
Personal Products		4,802,945		—		—			4,802,945
Pharmaceuticals		22,187,132		—		188,836			22,375,968
Real Estate Management & Development		67,881,298		—		—			67,881,298
Road & Rail		1,850,484		—		—			1,850,484
Semiconductors & Semiconductor Equipment		4,766,254		—		0	(a)		4,766,254
Software		4,266,305		—		—			4,266,305
Specialty Retail		3,319,621		—		—			3,319,621
Technology Hardware, Storage & Peripherals		3,709,000		—		120,610			3,829,610
Textiles, Apparel & Luxury Goods		10,824,571		—		—			10,824,571
Trading Companies & Distributors		319,397		—		—			319,397

115

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
Transportation Infrastructure	$	11,698,270	$	—	$	—	$	11,698,270
Water Utilities		5,741,048		—		—		5,741,048
Wireless Telecommunication Services		32,274,539		—		—		32,274,539
Short-Term Investments		21,037,513		—		—		21,037,513
TOTAL INVESTMENTS	$	1,190,133,606	$	38,828	$	400,039	$	1,190,572,473

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2018.

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18		Dividend Income		Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		2,785,729	$	2,785,729	$	54,675,652	$	55,091,714	$	—	$	—		2,369,667	$	2,369,667	$	17,272	$	—
State Street Navigator Securities Lending Government Money Market Portfolio		22,187,451		22,187,451		62,355,765		65,875,370		—		—		18,667,846		18,667,846		416,932		—
Total			$	24,973,180	$	117,031,417	$	120,967,084	$	—	$	—			$	21,037,513	$	434,204	$	—

116

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.0%
AUSTRALIA — 6.3%
Abacus Property Group REIT		169,808	$	451,972
Accent Group, Ltd.		277,764		269,520
AET&D Holdings No. 1 Pty, Ltd. (a) (b)		110,316		—
Afterpay Touch Group, Ltd. (b) (c)		79,569		393,055
Ainsworth Game Technology, Ltd. (b)		53,142		75,411
Altium, Ltd.		64,456		983,875
Amaysim Australia, Ltd. (b)		154,042		135,291
Appen, Ltd.		55,366		377,545
ARB Corp., Ltd.		43,281		657,998
Ardent Leisure Group (b)		125,559		177,692
Arena REIT		177,378		293,885
Arrium, Ltd. (a) (b) (c)		1,727,582		—
Asaleo Care, Ltd.		203,351		199,655
Astro Japan Property Group (d)		33,776		—
Atlas Iron, Ltd. (c)		5,534,798		84,909
Ausdrill, Ltd.		149,532		309,686
Austal, Ltd.		162,550		226,301
Australian Agricultural Co., Ltd. (b) (c)		196,999		179,063
Australian Pharmaceutical Industries, Ltd.		117,659		135,376
Australian Property Systems, Ltd. (b) (c)		98,288		349,818
Automotive Holdings Group, Ltd. (b)		105,893		285,101
Aveo Group		126,986		257,148
AWE, Ltd. (c)		307,650		223,004
Bapcor, Ltd.		106,168		462,557
BCI Minerals, Ltd. (c)		3		—
Beach Energy, Ltd.		1,532,360		1,428,107
Beadell Resources, Ltd. (b) (c)		560,731		33,549
Bega Cheese, Ltd. (b)		89,537		464,959
Bellamy’s Australia, Ltd. (c)		33,358		507,651
Bingo Industries, Ltd. (b)		146,696		315,065
Blackmores, Ltd. (b)		7,088		683,793
Breville Group, Ltd.		60,555		540,199
Brickworks, Ltd.		42,123		501,458
Buru Energy, Ltd. (c)		12		3
BWP Trust REIT		173,655		402,270
BWX, Ltd. (b)		60,500		224,608
Cabcharge Australia, Ltd.		5,546		7,572
Cardno, Ltd. (c)		76,516		76,299
Cash Converters International, Ltd. (c)		4,878		1,459
Central Petroleum, Ltd. (c)		21		2
Charter Hall Group REIT		230,054		1,011,133
Charter Hall Long Wale REIT		76,339		228,368
Charter Hall Retail REIT		256,398		757,180
Clean TeQ Holdings, Ltd. (b) (c)		254,590		227,505
Cleanaway Waste Management, Ltd.		924,876		1,025,121
Collins Foods, Ltd.		53,021		211,483
Cooper Energy, Ltd. (b) (c)		942,350		216,849

Security Description	Shares		Value
Corporate Travel Management, Ltd. (b)		52,000	$	936,537
Costa Group Holdings, Ltd.		140,434		735,727
Credit Corp. Group, Ltd. (b)		28,539		422,274
Cromwell Property Group REIT (b)		497,355		406,293
CSR, Ltd.		347,380		1,380,252
Dacian Gold, Ltd. (b) (c)		132,269		298,283
Data#3, Ltd.		6		7
Domain Holdings Australia, Ltd.		103,733		258,597
DuluxGroup, Ltd.		166,348		941,668
Eclipx Group, Ltd.		151,482		415,976
Elders, Ltd.		64,794		370,764
Emeco Holdings, Ltd. (c)		30		7
EML Payments, Ltd. (c)		194,667		172,464
Estia Health, Ltd.		103,277		268,551
Evolution Mining, Ltd.		45		105
Fairfax Media, Ltd.		1,084,457		561,487
FAR, Ltd. (b) (c)		4,422,302		267,978
Fleetwood Corp., Ltd.		30		65
FlexiGroup, Ltd.		105,696		145,933
Folkestone Education Trust REIT		145,969		307,905
G8 Education, Ltd. (b)		188,675		382,069
Galaxy Resources, Ltd. (b) (c)		168,957		383,611
Gateway Lifestyle (b)		178,987		271,152
GDI Property Group REIT		226,212		213,425
Genworth Mortgage Insurance Australia, Ltd. (b)		92,191		163,352
Gold Road Resources, Ltd. (b) (c)		474,490		296,625
GrainCorp, Ltd. Class A		108,981		708,040
Greencross, Ltd.		54,136		219,667
Greenland Minerals & Energy, Ltd. (c)		85		5
Growthpoint Properties Australia, Ltd. (b)		81,426		206,111
GUD Holdings, Ltd.		47,428		432,918
GWA Group, Ltd.		138,956		358,130
Hansen Technologies, Ltd.		101,117		321,106
Horizon Oil, Ltd. (c)		54		5
Hotel Property Investments REIT		86,981		206,828
HT&E, Ltd. (b)		72,753		106,309
Icon Energy, Ltd. (c)		24		1
IDP Education, Ltd.		50,182		286,766
Imdex, Ltd. (c)		9		8
Independence Group NL (b)		266,805		941,403
Industria REIT		103,154		198,602
Infigen Energy (c)		928,402		416,597
Ingenia Communities Group REIT		64,707		137,981
Inghams Group, Ltd.		88,424		230,607
InvoCare, Ltd.		201,637		2,009,107
IPH, Ltd. (b)		107,989		280,804
IRESS, Ltd.		56,158		408,791
iSelect, Ltd.		168,246		131,634
iSentia Group, Ltd.		28,980		18,561
Jacana Minerals, Ltd. (a) (b) (c)		12,051		—

117

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Japara Healthcare, Ltd. (b)		135,340	$	208,663
JB Hi-Fi, Ltd.		156		3,088
Karoon Gas Australia, Ltd. (b) (c)		13,170		11,617
Kingsgate Consolidated, Ltd. (c)		1,425		361
Liquefied Natural Gas, Ltd. (b) (c)		259,234		86,498
Lynas Corp., Ltd. (c)		218,090		411,523
MACA, Ltd.		30,942		31,566
Mantra Group, Ltd.		151,307		456,116
Mayne Pharma Group, Ltd. (b) (c)		976,063		554,030
McMillan Shakespeare, Ltd.		43,479		561,957
Melbourne IT, Ltd.		6		16
Mesoblast, Ltd. (b) (c)		27,364		31,274
Metals X, Ltd. (b)		203,295		112,275
Mincor Resources NL (c)		9		3
Monadelphous Group, Ltd.		77,679		905,672
Mount Gibson Iron, Ltd.		52,248		15,229
Myer Holdings, Ltd. (b)		167,083		48,060
MYOB Group, Ltd. (b)		120,724		282,434
Nanosonics, Ltd. (b) (c)		162,219		319,785
Navitas, Ltd. (b)		151,186		575,197
New South Resources, Ltd. (c)		272,398		328,040
NEXTDC, Ltd. (c)		197,578		991,151
Nick Scali, Ltd.		43,519		224,322
Nine Entertainment Co. Holdings, Ltd.		248,693		433,025
NRW Holdings, Ltd. (c)		6		6
Nufarm, Ltd.		155,506		1,007,923
OceanaGold Corp.		344,918		928,342
OFX Group, Ltd. (b)		47,489		61,561
oOh!media, Ltd. (b)		94,443		332,511
Orocobre, Ltd. (b) (c)		100,856		414,658
OZ Minerals, Ltd.		163,744		1,129,143
Pact Group Holdings, Ltd.		76,152		320,100
Paladin Energy, Ltd. (b) (c)		15,456		2,015
Perseus Mining, Ltd. (c)		55,493		19,793
Pilbara Minerals, Ltd. (b) (c)		687,692		435,183
Premier Investments, Ltd. (b)		46,706		565,690
Primary Health Care, Ltd.		182,802		546,851
Propertylink Group REIT (b)		383,894		295,938
Quintis, Ltd. (a) (b) (c)		148,677		—
RCR Tomlinson, Ltd.		52,345		160,203
Regis Healthcare, Ltd. (b)		104,945		293,818
Regis Resources, Ltd.		218,997		760,957
Reject Shop, Ltd.		31,479		182,544
Resapp Health, Ltd. (c)		20,004		1,841
Resolute Mining, Ltd.		323,374		308,815
Retail Food Group, Ltd. (b)		70,853		50,543
Rural Funds Group REIT		170,077		293,530
Sandfire Resources NL		59,359		333,289
Saracen Mineral Holdings, Ltd. (c)		283,683		386,238
Select Harvests, Ltd. (b)		52,910		225,650
Senex Energy, Ltd. (b) (c)		593,463		182,086
Service Stream, Ltd.		231,204		287,299
Seven West Media, Ltd.		215,119		89,104

Security Description	Shares		Value
SG Fleet Group, Ltd.		77,311	$	226,531
Shopping Centres Australasia Property Group REIT		332,121		593,575
Sigma Healthcare, Ltd.		937,711		561,032
Silver Chef, Ltd. (b)		11,385		34,058
Silver Lake Resources, Ltd. (c)		286,760		86,884
Sirtex Medical, Ltd.		33,088		704,045
Slater & Gordon, Ltd. (c)		41		102
SmartGroup Corp., Ltd.		48,268		404,672
Southern Cross Media Group, Ltd.		520,923		413,559
SpeedCast International, Ltd.		130,673		514,194
St Barbara, Ltd.		279,178		854,433
Steadfast Group, Ltd.		399,086		768,359
Strandline Resources, Ltd. (c)		53		5
Super Retail Group, Ltd. (b)		60,279		314,412
Superloop, Ltd.		109,011		166,816
Syrah Resources, Ltd. (b) (c)		118,305		287,664
Tap Oil, Ltd. (c)		9		—
Tassal Group, Ltd. (b)		47,772		138,879
Technology One, Ltd.		134,769		536,514
Tiger Resources, Ltd. (a) (c)		2,464		—
Tox Free Solutions, Ltd. (b)		80,383		210,253
Village Roadshow, Ltd. (c)		24,050		57,556
Virtus Health, Ltd. (b)		17,334		71,932
Vita Group, Ltd. (b)		3,985		3,729
Viva Energy REIT		170,479		261,532
Vocus Group, Ltd. (b)		345,274		587,950
Webjet, Ltd. (b)		76,580		649,085
Western Areas, Ltd. (b)		120,813		290,056
Westgold Resources, Ltd. (b) (c)		99,849		114,884
WiseTech Global, Ltd. (b)		57,165		413,052
WPP AUNZ, Ltd.		373,331		262,023
				58,349,902
AUSTRIA — 0.3%
DO & Co. AG		3,749		235,649
Palfinger AG		5,591		225,192
POLYTEC Holding AG		4,508		87,154
Porr AG (b)		8,332		286,407
S IMMO AG		32,181		637,203
S&T AG		24,217		535,206
Schoeller-Bleckmann Oilfield Equipment AG (c)		5,155		566,468
Semperit AG Holding		5,500		110,391
Zumtobel Group AG (b)		23,418		219,749
				2,903,419
BELGIUM — 1.4%
Ablynx NV (c)		37,391		2,050,026
Aedifica SA REIT		7,997		735,667
AGFA-Gevaert NV (c)		182,649		706,689
Barco NV		18,725		2,302,895
Befimmo SA REIT		7,531		486,255
Celyad SA (c)		4,611		160,258
Econocom Group SA		51,835		379,308
Euronav NV (b)		65,527		542,763
EVS Broadcast Equipment SA		9,055		292,328
Fagron (c)		1,463		22,779

118

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Greenyard NV		11,563	$	257,680
Ion Beam Applications (b)		11,500		231,808
Kinepolis Group NV		3,623		240,165
MDxHealth (b) (c)		54,305		240,767
Nyrstar NV (b) (c)		47,157		331,158
Orange Belgium SA		23,288		476,010
Recticel SA		31,481		394,138
Retail Estates NV REIT		4,661		415,594
Rezidor Hotel Group AB		73,868		206,394
Tessenderlo Group SA (c)		40,793		1,708,264
X-Fab Silicon Foundries SE (b) (c) (e)		47,268		508,660
				12,689,606
CANADA — 7.9%
Advantage Oil & Gas, Ltd. (c)		142,383		420,771
Aecon Group, Inc.		30,274		431,127
AG Growth International, Inc. (b)		6,793		283,259
AGF Management, Ltd. Class B		12,189		62,020
AGT Food & Ingredients, Inc. (b)		11,530		149,262
Aimia, Inc. (b)		36,965		49,602
Alamos Gold, Inc. Class A		38,204		198,539
Alaris Royalty Corp. (b)		16,720		212,558
Alio Gold, Inc. (c)		415		808
Altius Minerals Corp.		11,272		122,928
Altus Group, Ltd. (b)		20,389		515,873
Aphria, Inc. (b) (c)		75,208		670,266
Arbutus Biopharma Corp. (c) (f)		2,074		10,370
Arbutus Biopharma Corp. (c) (d) (f)		11,276		56,380
Aritzia, Inc. (b) (c)		34,123		319,196
Arizona Mining, Inc. (b) (c)		105,393		331,078
Artis Real Estate Investment Trust		18,195		191,794
Asanko Gold, Inc. (b) (c)		4,618		4,657
Athabasca Oil Corp. (b) (c)		166,673		153,842
Atrium Mortgage Investment Corp. (b)		37,219		354,797
ATS Automation Tooling Systems, Inc. (c)		35,867		492,137
Aurinia Pharmaceuticals, Inc. (c)		50,825		267,282
Aurora Cannabis, Inc. (b) (c)		213,479		1,539,930
AutoCanada, Inc.		919		15,853
Avigilon Corp. (c)		16,399		343,180
Badger Daylighting, Ltd. (b)		16,145		322,712
Ballard Power Systems, Inc. (b) (c)		76,269		271,534
Baytex Energy Corp. (b) (c)		100,315		274,665
Bellatrix Exploration, Ltd. (b) (c)		1,210		1,323
Birchcliff Energy, Ltd.		117,898		341,097
Bird Construction, Inc. (b)		20,545		136,250
Black Diamond Group, Ltd. (b)		645		1,166
Boardwalk Real Estate Investment Trust		13,317		457,276
Bonavista Energy Corp. (b)		96,796		88,594
Bonterra Energy Corp. (b)		893		9,171

Security Description	Shares		Value
Boralex, Inc. Class A		26,670	$	462,756
Boyd Group Income Fund		5,376		434,417
Calfrac Well Services, Ltd. (b) (c)		25,108		114,707
Callidus Capital Corp. (b)		13,992		71,520
Canaccord Genuity Group, Inc.		6,021		32,364
Canacol Energy, Ltd. (b) (c)		54,624		178,373
Canadian Solar, Inc. (b) (c)		19,527		317,704
Canadian Western Bank (b)		46,992		1,204,643
Canopy Growth Corp. (b) (c)		97,308		2,540,537
Capstone Mining Corp. (c)		220,289		205,039
Cara Operations, Ltd.		9,651		218,659
Cardinal Energy, Ltd. (b)		34,675		116,995
Cargojet, Inc.		7,876		416,693
Cascades, Inc.		27,220		281,437
Celestica, Inc. (c)		116,926		1,208,938
Centerra Gold, Inc. (c)		108,934		624,411
CES Energy Solutions Corp.		154,987		706,863
Chemtrade Logistics Income Fund		23,736		283,341
Chorus Aviation, Inc.		38,789		249,718
Cineplex, Inc. (b)		36,407		885,289
Cogeco, Inc. (b)		4,668		247,982
Colliers International Group, Inc.		30,939		2,146,352
Colossus Minerals, Inc. (a) (c)		390		—
Computer Modelling Group, Ltd.		44,276		319,041
Continental Gold, Inc. (c)		5,753		15,796
Crew Energy, Inc. (b) (c)		83,175		121,932
Crombie Real Estate Investment Trust		19,911		194,129
Dalradian Resources, Inc. (b) (c)		117,014		87,131
Delphi Energy Corp. (b) (c)		13,683		9,233
Denison Mines Corp. (b) (c)		152,820		68,750
DIRTT Environmental Solutions (b) (c)		32,497		124,770
Dorel Industries, Inc. Class B		15,818		357,646
Dream Global Real Estate Investment Trust		32,374		345,272
Dream Office Real Estate Investment Trust		17,206		311,623
DREAM Unlimited Corp. Class A (c)		8,299		59,479
Dundee Precious Metals, Inc. (c)		5,981		14,289
ECN Capital Corp.		236,190		630,206
Eldorado Gold Corp. (b) (c)		423,596		354,845
Endeavour Mining Corp. (b) (c)		28,689		528,941
Endeavour Silver Corp. (b) (c)		6,339		15,390
Enercare, Inc.		51,316		702,125
Enerflex, Ltd.		44,458		529,668
Enghouse Systems, Ltd.		12,283		649,282
Ensign Energy Services, Inc.		59,747		279,908
Entertainment One, Ltd.		153,154		603,713
Equitable Group, Inc. (b)		6,943		289,083
Exchange Income Corp. (b)		13,641		326,516
Extendicare, Inc.		48,876		320,722
Fiera Capital Corp.		32,677		278,550

119

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description		Shares		Value
Firm Capital Mortgage Investment Corp.			33,159	$	333,069
First Majestic Silver Corp. (b) (c)			100,725		616,421
First Mining Gold Corp. (b) (c)			387,444		136,736
Fortuna Silver Mines, Inc. (c)			81,720		425,952
Freehold Royalties, Ltd. (b)			56,141		537,787
GASFRAC Energy Services, Inc. (a) (c)			21,904		—
Gibson Energy, Inc. (b)			67,055		863,900
Gluskin Sheff + Associates, Inc. (b)			13,685		154,762
Gran Tierra Energy, Inc. (c)			124,537		345,815
Granite Oil Corp. (b)			14,562		29,932
Granite Real Estate Investment Trust			26,352		1,038,546
Great Basin Gold, Ltd. (a) (c)			266,255		—
Great Canadian Gaming Corp. (c)			31,084		789,366
Guyana Goldfields, Inc. (c)			84,423		326,102
High Liner Foods, Inc. (b)			6,003		51,917
Home Capital Group, Inc. (b)			25,030		263,259
Horizon North Logistics, Inc. (b)			7,464		12,158
Hudson’s Bay Co. (b)			65,758		454,963
Innergex Renewable Energy, Inc. (b)			61,484		628,074
Interfor Corp. (c)			29,785		542,680
InterRent Real Estate Investment Trust			8,676		68,102
Intertape Polymer Group, Inc.			37,810		607,365
Jamieson Wellness, Inc.			17,522		312,589
Just Energy Group, Inc. (b)			38,191		168,553
Kelt Exploration, Ltd. (c)			62,551		333,799
Killam Apartment Real Estate Investment Trust			21,874		235,494
Kinaxis, Inc. (c)			12,732		818,087
Kinder Morgan Canada, Ltd. (e)	��		61,919		889,943
Klondex Mines, Ltd. (b) (c)			66,975		158,444
Knight Therapeutics, Inc. (c)			33,447		201,058
Labrador Iron Ore Royalty Corp. (b)			27,212		445,354
Laurentian Bank of Canada (b)			19,532		717,499
Lightstream Resources, Ltd. (a) (c)			64,736		—
Liquor Stores NA, Ltd. (b)			17,364		132,124
Lithium Americas Corp. (b) (c)			31,466		170,357
Lucara Diamond Corp. (b)			120,945		188,559
MAG Silver Corp. (c)			52,526		514,158
Major Drilling Group International, Inc. (c)			49,449		255,443
Martinrea International, Inc.			72,689		858,680
Maxar Technologies, Ltd.			18,693		863,858
Medical Facilities Corp. (b)			17,536		190,832
MEG Energy Corp. (c)			93,603		330,342
Morneau Shepell, Inc.			36,478		731,399
Mountain Province Diamonds, Inc. (b) (c)			45,342		112,542
MTY Food Group, Inc.			10,372		405,467
Mullen Group, Ltd. (b)			62,813		717,654
Nemaska Lithium, Inc. (b) (c)			227,162		232,580

Security Description	Shares		Value
Nevsun Resources, Ltd.		114,693	$	273,110
NexGen Energy, Ltd. (b) (c)		160,084		275,654
North American Palladium, Ltd. (c)		3		23
North West Co., Inc. (b)		30,738		644,443
Northern Dynasty Minerals, Ltd. (b) (c)		178,624		166,259
Northview Apartment Real Estate Investment Trust		16,170		323,588
NorthWest Healthcare Properties Real Estate Investment Trust		22,829		199,560
Novagold Resources, Inc. (b) (c)		124,448		538,623
NuVista Energy, Ltd. (c)		109,764		601,073
Obsidian Energy, Ltd. (c)		202,221		202,339
Osisko Mining, Inc. (c)		94,809		187,522
Painted Pony Energy, Ltd. (b) (c)		84,091		138,929
Paramount Resources, Ltd. Class A (b) (c)		42,245		485,936
Parex Resources, Inc. (c)		97,136		1,365,216
Pason Systems, Inc.		41,735		558,409
Pengrowth Energy Corp. (b) (c)		250,663		161,373
Pizza Pizza Royalty Corp. (b)		23,903		262,344
Poseidon Concepts Corp. (a) (c)		43,064		—
Precision Drilling Corp. (c)		150,796		418,732
Premier Gold Mines, Ltd. (c)		102,550		224,309
Pretium Resources, Inc. (c)		79,705		529,203
Primero Mining Corp. (c)		3,044		578
ProMetic Life Sciences, Inc. (c) (f)		3,753		2,534
ProMetic Life Sciences, Inc. (b) (c) (f)		284,868		194,442
Pure Industrial Real Estate Trust		62,344		388,789
Quarterhill, Inc.		1,143		1,658
Raging River Exploration, Inc. (c)		139,819		676,727
Redknee Solutions, Inc. (c)		837		682
Rogers Sugar, Inc. (b)		66,691		320,717
Rubicon Minerals Corp. (c)		15		15
Russel Metals, Inc.		35,096		763,850
Sabina Gold & Silver Corp. (b) (c)		120,945		148,220
Sandstorm Gold, Ltd. (b) (c)		112,428		535,434
Savaria Corp. (b)		24,768		331,393
Seabridge Gold, Inc. (b) (c)		2,617		28,377
Secure Energy Services, Inc. (b)		113,587		646,677
SEMAFO, Inc. (c)		148,739		428,018
ShawCor, Ltd.		34,538		653,657
Sherritt International Corp. (b) (c)		173,307		151,900
Sienna Senior Living, Inc. (b)		39,945		552,429
Sierra Wireless, Inc. (b) (c)		18,079		297,986
Silvercorp Metals, Inc. (b)		76,098		204,817
SilverCrest Metals, Inc. (c)		54		97
Slate Office REIT		37,961		224,365
Sleep Country Canada Holdings, Inc. (b) (e)		17,718		468,769
Southern Pacific Resource Corp. (a) (c)		281,142		—
Spartan Energy Corp. (c)		540		2,404

120

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Sprott, Inc. (b)		134,962	$	325,563
SSR Mining, Inc. (c)		70,423		677,874
Stornoway Diamond Corp. (b) (c)		161,072		69,963
Stuart Olson, Inc.		69		400
Student Transportation, Inc. (b)		40,033		299,335
Summit Industrial Income REIT		41,804		265,885
SunOpta, Inc. (c)		33,327		236,622
Sunshine Oilsands, Ltd. (c)		902,000		26,893
Superior Plus Corp.		63,805		610,707
Surge Energy, Inc. (b)		11,420		17,450
Tamarack Valley Energy, Ltd. (c)		178,088		386,772
Teranga Gold Corp. (c)		34,681		120,782
Theratechnologies, Inc. (b) (c)		56,757		410,737
Timbercreek Financial Corp.		26,960		190,084
TORC Oil & Gas, Ltd. (b)		55,989		286,622
Torex Gold Resources, Inc. (c)		39,782		244,076
Total Energy Services, Inc. (b)		43,497		463,901
TransAlta Corp.		151,134		818,240
Transcontinental, Inc. Class A		43,467		858,046
Trevali Mining Corp. (c)		386,384		389,606
Trican Well Service, Ltd. (c)		213,951		497,850
Tricon Capital Group, Inc. (b)		69,822		533,447
Trinidad Drilling, Ltd. (b) (c)		10,054		13,881
Twin Butte Energy, Ltd. (a) (c)		83,708		—
Uni-Select, Inc. (b)		63,834		990,250
Valener, Inc. (b)		11,099		174,072
Wajax Corp.		5,897		111,422
Western Forest Products, Inc.		199,842		401,467
Westshore Terminals Investment Corp. (b)		30,655		529,760
Yellow Pages, Ltd. (b) (c)		616		3,340
ZCL Composites, Inc. (b)		24,065		219,138
				72,555,161
CHINA — 0.3%
APT Satellite Holdings, Ltd. (b)		139,300		64,074
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		87,000		163,396
BOE Varitronix, Ltd. (b)		106,000		54,025
China Everbright Water, Ltd.		19,393		6,285
China Gold International Resources Corp., Ltd. (c)		85,860		177,148
China Merchants Land, Ltd.		212,000		44,570
China Yuchai International, Ltd. (b)		23,659		500,861
Chong Hing Bank, Ltd.		57,000		113,589
Gemdale Properties & Investment Corp., Ltd. (b)		2,872,000		343,983
Greenland Hong Kong Holdings, Ltd.		205,000		98,212
HC International, Inc. (b)		7,000		5,075
HengTen Networks Group, Ltd. (b) (c)		11,384,000		485,919
Nam Tai Property, Inc. (b)		14,321		178,297
Sino Grandness Food Industry Group, Ltd. (c)		100,972		15,092
Towngas China Co., Ltd. (c)		491,000		427,294
				2,677,820

Security Description	Shares		Value
DENMARK — 0.7%
ALK-Abello A/S (c)		2,483	$	310,124
Alm Brand A/S		21,279		215,918
Amagerbanken A/S (a) (c)		308,573		—
Ascendis Pharma A/S ADR (c)		13,171		861,383
Bang & Olufsen A/S (c)		31,271		787,334
D/S Norden A/S (c)		14,525		259,542
Forward Pharma A/S ADR (b) (c)		29,426		63,854
H+H International A/S Class B (c)		32,493		704,447
Matas A/S		14,761		159,278
NNIT A/S (e)		8,266		235,942
OW Bunker A/S (a) (c)		9,828		—
Per Aarsleff Holding A/S		12,313		460,145
Ringkjoebing Landbobank A/S		11,143		610,384
Scandinavian Tobacco Group A/S Class A (e)		31,758		558,040
Solar A/S Class B		1,563		102,895
Spar Nord Bank A/S		37,048		439,498
Zealand Pharma A/S (b) (c)		23,624		362,883
				6,131,667
FINLAND — 0.7%
Ahtium PLC (a)		572,382		—
Caverion Oyj (b) (c)		34,827		262,774
Cramo Oyj		16,757		349,316
Ferratum Oyj		7,628		241,099
Finnair Oyj		30,074		417,948
F-Secure Oyj		67,911		305,267
Kemira Oyj		50,506		645,994
Lehto Group Oyj		17,419		250,218
Oriola Oyj Class B (b)		37,305		112,864
Outotec Oyj (c)		61,885		552,553
Pihlajalinna Oyj		12,153		188,623
Raisio Oyj Class V		48,342		215,221
Ramirent Oyj		36,360		299,383
Revenio Group Oyj		16,146		254,966
Sanoma Oyj		36,603		428,779
Stockmann Oyj Abp Class B (b) (c)		16,933		79,343
Technopolis Oyj		54,016		243,804
Tikkurila Oyj (b)		21,661		416,114
Tokmanni Group Corp.		23,346		190,505
Uponor Oyj		27,200		453,943
YIT Oyj (b)		75,994		635,537
				6,544,251
FRANCE — 2.1%
AB Science SA (b) (c)		14,637		147,971
Akka Technologies		7,582		460,641
Albioma SA		12,470		295,376
Assystem		2,312		79,189
Beneteau SA		13,790		299,507
Boiron SA		3,478		293,003
Bonduelle SCA		5,283		223,182
Bourbon Corp. (b)		9,415		55,116
Cellectis SA (c)		15,546		493,277
CGG SA (c)		2,270		4,498
Chargeurs SA		9,051		264,036

121

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Cie des Alpes		6,074	$	220,742
Coface SA (c)		44,920		513,225
Derichebourg SA		34,674		304,690
Devoteam SA		3,114		329,359
Eramet (c)		4,433		609,525
Esker SA		9,890		632,488
Etablissements Maurel et Prom (c)		2,112		10,026
Gaztransport Et Technigaz SA		12,659		792,446
Genfit (b) (c)		11,751		339,621
GL Events		25,257		759,474
Guerbet		3,187		253,594
Haulotte Group SA		3,419		70,389
ID Logistics Group (c)		1,321		235,572
Innate Pharma SA (b) (c)		22,385		157,886
Interparfums SA		2,369		108,966
IPSOS		15,750		618,295
Jacquet Metal Service		32,185		1,161,753
Kaufman & Broad SA		8,613		452,520
Lectra		15,796		445,843
LNA Sante SA		7,837		545,530
Maisons du Monde SA (e)		20,770		757,635
Manitou BF SA		6,410		271,975
Marie Brizard Wine & Spirits SA (b) (c)		15,149		164,884
Mercialys SA REIT		20,323		390,160
Mersen SA		24,448		1,110,990
Nanobiotix (c)		14,458		225,288
Naturex (c)		3,723		613,550
Neopost SA		19,568		515,006
Nicox (b) (c)		18,775		209,430
Parrot SA (c)		7,234		46,441
Pierre & Vacances SA (c)		1,118		49,980
Rallye SA (b)		11,534		173,058
SOITEC (c)		9,715		703,737
Solocal Group (c)		215,891		305,341
Solutions 30 SE (c)		22,421		846,536
SRP Groupe SA (c) (e)		617		5,919
Ste Industrielle d’Aviation Latecoere SA (c)		57,225		350,132
Talend SA ADR (c)		9,754		469,363
Technicolor SA		231,502		391,195
Valneva SE (b) (c)		48,298		211,462
Virbac SA (b) (c)		2,004		294,276
				19,284,098
GERMANY — 3.2%
ADVA Optical Networking SE (c)		12,961		85,200
AIXTRON SE (c)		65,663		1,265,845
Amadeus Fire AG		3,391		378,674
Aumann AG (c) (e)		3,600		228,014
AURELIUS Equity Opportunities SE & Co. KGaA (b)		16,504		1,148,836
Bauer AG		5,817		136,928
BayWa AG		2,457		86,573
Bertrandt AG		3,032		345,483
bet-at-home.com AG		1,893		159,592

Security Description	Shares		Value
Bilfinger SE		16,876	$	767,933
Biotest AG Preference Shares		12,344		402,304
Borussia Dortmund GmbH & Co. KGaA		42,423		266,870
CANCOM SE		9,426		969,718
Cewe Stiftung & Co. KGAA		3,403		334,396
Deutsche Beteiligungs AG		6,765		327,390
Deutsche Pfandbriefbank AG (e)		38,712		609,408
Deutz AG		65,701		601,978
DIC Asset AG		70,520		888,105
Draegerwerk AG & Co. KGaA		2,429		178,940
Draegerwerk AG & Co. KGaA Preference Shares		1,598		151,721
Elmos Semiconductor AG		10,842		332,018
ElringKlinger AG (b)		8,970		167,021
Encavis AG		68,772		542,153
GFT Technologies SE		12,684		202,948
Grammer AG		8,001		501,350
Hamborner REIT AG		48,569		563,278
Heidelberger Druckmaschinen AG (c)		123,809		463,499
HELMA Eigenheimbau AG		2,747		125,508
Hornbach Holding AG & Co. KGaA		2,722		228,979
Hypoport AG (b) (c)		2,075		348,085
Indus Holding AG		29,915		2,093,407
Isra Vision AG		853		179,390
Jenoptik AG		80,061		2,827,859
Kloeckner & Co. SE		37,866		475,009
Koenig & Bauer AG		9,313		853,866
KSB SE & Co. KGaA Preference Shares		274		150,293
LPKF Laser & Electronics AG (c)		10,752		115,440
Medigene AG (c)		15,725		279,454
MLP SE		28,393		172,326
Nordex SE (b) (c)		41,729		362,835
Norma Group SE		16,699		1,248,666
PATRIZIA Immobilien AG (c)		59,943		1,326,977
Pfeiffer Vacuum Technology AG		2,311		358,968
QSC AG		2,159		3,770
RIB Software SE		17,827		379,075
SAF-Holland SA		16,971		342,297
SGL Carbon SE (c)		25,161		354,312
SLM Solutions Group AG (c)		6,178		244,276
SMA Solar Technology AG		3,832		216,694
STRATEC Biomedical AG		3,189		287,874
SUESS MicroTec SE (c)		11,303		172,372
Surteco SE		8,897		275,738
Takkt AG		17,573		399,825
Technotrans AG		4,261		210,402
Tele Columbus AG (c) (e)		30,296		326,766
TLG Immobilien AG		23,433		642,666
Trivago NV ADR (c)		21,256		147,729
Vossloh AG (c)		4,456		223,045
VTG AG		4,559		257,637
Wacker Neuson SE		10,416		360,477
Washtec AG		6,493		618,071

122

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
XING SE		1,787	$	519,766
Zeal Network SE		5,500		176,545
zooplus AG (c)		2,843		517,477
				29,930,051
GREECE — 0.0% (g)
TT Hellenic Postbank SA (a) (c)		129,076		—
HONG KONG — 2.6%
Beijing Gas Blue Sky Holdings, Ltd. (b) (c)		3,848,000		269,663
Cafe de Coral Holdings, Ltd.		177,191		442,509
Century Sunshine Group Holdings, Ltd. (c)		114,998		3,663
China Baoli Technologies Holdings, Ltd. (c)		6,523,200		100,570
China Goldjoy Group, Ltd.		4,384,000		323,984
China Household Holdings, Ltd. (c) (d)		780,000		50,686
China Innovationpay Group, Ltd. (b) (c)		2,532,000		161,309
China LNG Group, Ltd. (b) (c)		445,499		67,549
China LotSynergy Holdings, Ltd. (c)		460,000		8,616
China Ocean Resources Co., Ltd. (a) (b) (c)		26,593		—
China Regenerative Medicine International, Ltd. (b) (c)		6,343,056		126,080
China Ruifeng Renewable Energy Holdings, Ltd. (c)		71,200		5,897
China Smarter Energy Group Holdings, Ltd. (b) (c)		2,134,000		239,277
China Strategic Holdings, Ltd. (c)		6,293,367		71,367
China Water Industry Group, Ltd. (b) (c)		440,000		93,065
Chow Sang Sang Holdings International, Ltd.		269,939		567,511
CK Life Sciences Int’l Holdings, Inc.		2,884,000		209,457
Common Splendor International Health Industry Group, Ltd. (b) (c)		2,450,000		296,561
Digital Domain Holdings, Ltd. (b) (c)		2,626,696		57,231
Dingyi Group Investment, Ltd. (b) (c)		1,160,000		122,676
Enerchina Holdings, Ltd. (b)		426,385		27,164
Esprit Holdings, Ltd. (b) (c)		975,935		332,014
Evergrande Health Industry Group, Ltd. (b) (c)		1,335,000		525,611
Fairwood Holdings, Ltd.		162,500		637,718
FDG Electric Vehicles, Ltd. (b) (c)		7,927,493		262,624
Freeman FinTech Corp., Ltd. (c)		5,180,000		924,022
Future World Financial Holdings, Ltd. (c)		4,910,303		130,136
GCL New Energy Holdings, Ltd. (b) (c)		3,962,000		224,646
Giordano International, Ltd.		1,484,000		869,793

Security Description	Shares		Value
Global Brands Group Holding, Ltd. (c)		2,294,000	$	128,609
Global Cord Blood Corp. (c)		49,364		503,513
G-Resources Group, Ltd. (c)		4,105,790		38,189
HKBN, Ltd.		572,413		675,375
HKR International, Ltd. (b)		2,347,259		1,405,670
HMV Digital China Group, Ltd. (b) (c)		8,560,000		260,673
Honbridge Holdings, Ltd. (b) (c)		1,472,000		296,339
Hopewell Highway Infrastructure, Ltd.		626,000		382,062
Huarong International Financial Holdings, Ltd. (b) (c)		366,000		102,129
Hutchison Telecommunications Hong Kong Holdings, Ltd. (b)		836,000		293,995
K Wah International Holdings, Ltd.		1,787,548		1,186,642
Kong Sun Holdings, Ltd. (c)		75,000		2,150
Lai Sun Development Co., Ltd.		148,200		242,836
Landing International Development, Ltd. (c)		39,786,000		1,105,124
Lee’s Pharmaceutical Holdings, Ltd.		227,000		294,441
Noble Group, Ltd. (b) (c)		709,919		42,228
O Luxe Holdings, Ltd. (b) (c)		880,000		196,221
Pacific Basin Shipping, Ltd. (c)		1,857,000		496,885
Pacific Textiles Holdings, Ltd. (b)		510,000		488,017
Panda Green Energy Group, Ltd. (b) (c)		2,362,000		252,804
PAX Global Technology, Ltd. (b)		378,000		170,980
Peace Mark Holdings, Ltd. (a) (c)		504,228		—
Pico Far East Holdings, Ltd. (b)		202,000		77,214
Playmates Toys, Ltd.		108,000		11,834
Prosperity REIT		620,000		258,323
Road King Infrastructure, Ltd.		639,482		1,264,575
Sa Sa International Holdings, Ltd.		756,906		391,555
Shun Tak Holdings, Ltd.		1,340,849		553,540
Singamas Container Holdings, Ltd.		960,000		160,239
SmarTone Telecommunications Holdings, Ltd.		239,631		254,949
SMI Holdings Group, Ltd. (b)		664,081		287,690
Spring Real Estate Investment Trust		273,000		118,615
Stella International Holdings, Ltd.		213,500		284,547
Summit Ascent Holdings, Ltd. (c)		26,000		3,048
Sun Hung Kai & Co., Ltd.		357,000		222,434
SUNeVision Holdings, Ltd.		301,000		189,844
Sunlight Real Estate Investment Trust		182,000		123,601
Superb Summit International Group, Ltd. (a) (b) (c)		1,685,500		—
Television Broadcasts, Ltd. (b)		171,016		566,545
Texhong Textile Group, Ltd.		240,500		337,079

123

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Texwinca Holdings, Ltd.		704,850	$	370,014
Tongda Group Holdings, Ltd. (b)		2,320,000		443,408
Tongda Hong Tai Holdings, Ltd. (b) (c)		58,499		11,628
Tou Rong Chang Fu Group, Ltd. (c)		2,492,000		44,453
Town Health International Medical Group, Ltd. (b) (d)		1,848,000		162,471
Truly International Holdings, Ltd. (b)		838,000		212,482
Value Partners Group, Ltd. (b)		456,000		424,724
Viva China Holdings, Ltd. (c)		1,968,000		223,172
Yuexiu Real Estate Investment Trust		1,204,000		834,545
				23,548,810
INDIA — 0.0% (g)
Eros International PLC (b) (c)		17,109		186,488
IRELAND — 0.8%
Amarin Corp. PLC ADR (b) (c)		157,919		475,336
C&C Group PLC		169,203		553,531
Cairn Homes PLC (c)		402,383		895,716
Dalata Hotel Group PLC (c)		85,979		655,596
Fly Leasing, Ltd. ADR (c)		25,780		343,132
Green REIT PLC		338,660		630,583
Greencore Group PLC		396,492		737,242
Hibernia REIT PLC		403,219		716,078
Hostelworld Group PLC (e)		55,536		297,600
Irish Continental Group PLC		81,961		576,575
Irish Residential Properties REIT PLC		378,040		646,256
Origin Enterprises PLC		63,646		418,772
Trinity Biotech PLC ADR (b) (c)		21,125		108,794
				7,055,211
ISRAEL — 1.8%
Africa Israel Properties, Ltd. (c)		2,747		67,602
Airport City, Ltd. (c)		46,751		503,082
Alony Hetz Properties & Investments, Ltd.		35,860		322,866
Amot Investments, Ltd.		55,907		299,054
Bayside Land Corp.		737		348,258
Caesarstone, Ltd. (b)		11,701		229,925
Cellcom Israel, Ltd. (c)		35,365		249,610
Ceragon Networks, Ltd. (c)		49,947		134,358
Clal Insurance Enterprises Holdings, Ltd. (c)		17,408		313,219
CyberArk Software, Ltd. (c)		15,505		791,065
Delek Automotive Systems, Ltd.		22,030		164,903
Delta-Galil Industries, Ltd.		5,974		175,603
Electra, Ltd.		2,323		582,264
First International Bank Of Israel, Ltd.		28,197		593,520
Gazit-Globe, Ltd.		52,419		517,046
Harel Insurance Investments & Financial Services, Ltd.		46,683		368,720
IDI Insurance Co., Ltd.		7,373		480,914

Security Description	Shares		Value
Inrom Construction Industries, Ltd.		78,808	$	365,886
Israel Corp., Ltd. (c)		1,645		308,679
Israel Discount Bank, Ltd. Class A (c)		1		3
Ituran Location & Control, Ltd.		14,634		455,117
Jerusalem Economy, Ltd. (c)		140,383		339,157
Jerusalem Oil Exploration (c)		5,940		329,920
Kornit Digital, Ltd. (b) (c)		19,621		253,111
Matrix IT, Ltd.		16,315		183,790
Mazor Robotics, Ltd. (c)		18,681		548,056
Migdal Insurance & Financial Holding, Ltd.		195,785		208,731
Norstar Holdings, Inc.		7,373		133,837
Nova Measuring Instruments, Ltd. (c)		27,359		735,475
Oil Refineries, Ltd.		1,082,188		499,967
Orbotech, Ltd. (c)		27,030		1,680,725
Partner Communications Co., Ltd. (c)		59,636		268,382
Paz Oil Co., Ltd.		6,194		909,468
Radware, Ltd. (c)		28,846		615,862
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		4,968		249,330
Reit 1, Ltd.		126,955		520,353
Sapiens International Corp. NV		27,779		244,095
Shikun & Binui, Ltd.		87,466		143,873
Shufersal, Ltd.		63,496		403,853
SodaStream International, Ltd. (c)		12,129		1,113,806
				16,653,485
ITALY — 1.2%
Ascopiave SpA		40,781		163,504
Astaldi SpA (b)		5,170		14,077
Banca Carige SpA (c)		20,299,877		204,720
Banca Farmafactoring SpA (b) (c) (e)		49,574		362,153
Banca Monte dei Paschi di Siena SpA (b) (c)		552		1,746
Banca Popolare di Sondrio SCPA		210,093		831,476
BasicNet SpA		28,477		130,283
Beni Stabili SpA SIIQ		406,020		337,556
Brunello Cucinelli SpA		13,427		421,087
Cairo Communication SpA (b)		38,351		172,156
Cementir Holding SpA		36,541		316,827
CIR-Compagnie Industriali Riunite SpA		93,403		123,602
Credito Valtellinese SpA (c)		5,448,470		771,933
Danieli & C Officine Meccaniche SpA		18,710		340,555
Datalogic SpA		8,499		266,016
doBank SpA (c) (e)		23,470		330,500
Ei Towers SpA		19,047		1,067,007
Esprinet SpA (b)		47,517		254,209
Fila SpA		11,577		248,880
Fincantieri SpA (c)		265,591		388,698

124

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
GEDI Gruppo Editoriale SpA (c)		2,802	$	1,546
Immobiliare Grande Distribuzione SIIQ SpA		16,859		157,330
Italmobiliare SpA		2,418		67,951
Juventus Football Club SpA (b) (c)		213,733		169,676
Maire Tecnimont SpA (b)		68,949		354,451
MARR SpA		13,498		400,737
Massimo Zanetti Beverage Group SpA (e)		11,939		107,040
OVS SpA (e)		78,508		481,028
Piaggio & C SpA		91,952		255,125
RAI Way SpA (e)		52,791		292,487
Safilo Group SpA (c)		628		3,170
Salini Impregilo SpA (b)		97,192		288,071
Societa Cattolica di Assicurazioni SC		80,506		856,439
Sogefi SpA (b) (c)		37,461		134,713
Tamburi Investment Partners SpA		72,838		548,229
Technogym SpA (e)		40,013		472,416
Vittoria Assicurazioni SpA		8,282		123,450
				11,460,844
JAPAN — 36.6%
3-D Matrix, Ltd. (b) (c)		17,300		131,275
77 Bank, Ltd.		38,000		901,495
Access Co., Ltd. (b) (c)		15,500		153,032
Achilles Corp.		3,100		63,662
Adastria Co., Ltd. (b)		24,200		493,785
ADEKA Corp.		45,800		808,767
Advanced Media, Inc. (b) (c)		16,600		312,957
Adways, Inc. (b)		10,500		50,254
Aeon Delight Co., Ltd.		13,800		495,684
AEON REIT Investment Corp.		504		531,724
Ahresty Corp.		8,100		71,289
Ai Holdings Corp.		22,600		623,492
Aichi Steel Corp.		3,200		130,588
Aida Engineering, Ltd.		32,600		393,284
Aiful Corp. (b) (c)		132,376		436,897
Akatsuki, Inc. (b) (c)		2,300		111,378
Akebono Brake Industry Co., Ltd. (b) (c)		77,300		201,336
Alconix Corp.		15,400		300,325
Alpine Electronics, Inc. (b)		23,700		442,355
Altech Corp.		15,300		350,742
Amano Corp.		32,600		863,203
Amiyaki Tei Co., Ltd.		1,700		90,635
AnGes, Inc. (b) (c)		51,800		250,354
Anicom Holdings, Inc. (b)		10,800		444,288
Anritsu Corp.		70,300		846,112
AOKI Holdings, Inc.		9,800		148,636
Aomori Bank, Ltd. (b)		7,600		232,252
Aoyama Trading Co., Ltd.		23,400		915,317
Arakawa Chemical Industries, Ltd.		11,100		194,759
Arata Corp.		7,300		407,729
Arcland Sakamoto Co., Ltd.		14,800		236,995

Security Description	Shares		Value
Arcs Co., Ltd.		27,200	$	658,069
Argo Graphics, Inc.		8,200		269,478
Arisawa Manufacturing Co., Ltd. (b) (c)		15,100		138,434
Artnature, Inc.		2,300		15,355
As One Corp.		3,800		241,899
Asahi Diamond Industrial Co., Ltd.		31,400		325,367
Asahi Holdings, Inc.		47,873		881,385
Asia Pile Holdings Corp.		6,600		39,718
ASKA Pharmaceutical Co., Ltd.		11,000		172,214
ASKUL Corp. (b)		11,800		392,779
Ateam, Inc.		6,400		149,123
Atom Corp. (b)		16,400		147,268
Aucnet, Inc. (b)		21,800		302,351
Autobacs Seven Co., Ltd.		46,900		871,409
Avex, Inc. (b)		20,400		286,578
Awa Bank, Ltd.		254,000		1,647,955
Axial Retailing, Inc.		6,900		262,764
Bando Chemical Industries, Ltd.		32,700		371,738
Bank of Iwate, Ltd.		1,800		72,271
Bank of Nagoya, Ltd. (b)		21,460		806,137
Bank of Okinawa, Ltd.		30,800		1,309,036
Bank of the Ryukyus, Ltd.		92,020		1,407,772
Belc Co., Ltd.		6,300		363,724
Belluna Co., Ltd.		27,300		317,794
Benefit One, Inc.		16,900		462,903
BML, Inc.		16,700		431,201
Broadleaf Co., Ltd.		60,000		291,678
Bunka Shutter Co., Ltd.		45,000		436,671
Can Do Co., Ltd. (b)		25,000		421,251
Capcom Co., Ltd.		52,800		1,202,956
Central Glass Co., Ltd.		53,769		1,228,572
Chiome Bioscience, Inc. (b) (c)		23,700		76,883
Chiyoda Co., Ltd.		21,300		528,344
Chiyoda Corp. (b)		111,100		1,021,681
Chiyoda Integre Co., Ltd.		5,600		132,009
Chofu Seisakusho Co., Ltd.		14,100		340,336
Chubu Shiryo Co., Ltd.		15,300		305,281
Chudenko Corp.		4,600		123,056
Chugoku Marine Paints, Ltd.		36,400		358,695
Ci:z Holdings Co., Ltd.		23,300		1,154,593
CKD Corp. (b)		26,500		565,632
Clarion Co., Ltd.		59,000		178,637
CMK Corp. (b)		36,900		282,432
cocokara fine, Inc.		16,100		1,111,180
COLOPL, Inc. (b)		40,100		354,433
Colowide Co., Ltd. (b)		31,000		711,528
Comforia Residential REIT, Inc. (b)		308		719,101
COOKPAD, Inc. (b)		22,766		126,299
Cosmo Energy Holdings Co., Ltd.		36,300		1,151,975
Create Restaurants Holdings, Inc. (b)		17,000		201,730
Create SD Holdings Co., Ltd.		13,800		357,879
CYBERDYNE, Inc. (b) (c)		39,700		560,690

125

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
D.Western Therapeutics Institute, Inc. (b) (c)		21,300	$	122,172
DA Consortium Holdings, Inc. (c)		15,500		357,076
Dai Nippon Toryo Co., Ltd.		15,300		224,573
Daibiru Corp.		25,800		297,907
Dai-Dan Co., Ltd.		15,400		339,133
Daido Metal Co., Ltd.		29,300		335,841
Daihen Corp. (b)		48,000		360,169
Daiho Corp.		82,000		461,081
Daiken Corp.		9,900		233,932
Daikyonishikawa Corp.		20,600		332,002
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.		8,800		361,185
Daio Paper Corp. (b)		52,400		732,664
Daiseki Co., Ltd.		15,200		417,911
Daishi Bank, Ltd.		19,200		851,227
Daishinku Corp.		1,800		22,714
Daito Bank, Ltd.		4,100		48,306
Daito Pharmaceutical Co., Ltd.		8,600		308,096
Daiwabo Holdings Co., Ltd.		10,600		453,503
DCM Holdings Co., Ltd. (b)		81,493		824,508
Denyo Co., Ltd.		3,800		67,532
Descente, Ltd.		15,500		245,143
Dexerials Corp.		34,100		348,214
Digital Arts, Inc. (b)		8,300		312,177
Digital Garage, Inc.		19,300		629,723
Dip Corp.		17,600		549,431
Doshisha Co., Ltd.		14,400		327,673
Doutor Nichires Holdings Co., Ltd.		69,672		1,644,351
DTS Corp.		34,962		1,206,493
Duskin Co., Ltd.		24,100		596,891
DyDo Group Holdings, Inc.		4,100		257,527
Dynam Japan Holdings Co., Ltd.		6,400		8,595
Eagle Industry Co., Ltd. (b)		15,700		269,269
Earth Corp.		10,600		554,170
EDION Corp.		110,000		1,261,871
Ehime Bank, Ltd.		101,140		1,203,029
Eighteenth Bank, Ltd.		323,730		834,058
Eiken Chemical Co., Ltd.		20,600		515,048
Eizo Corp.		11,500		522,826
Elecom Co., Ltd.		8,600		204,023
en-japan, Inc.		15,400		860,141
Enplas Corp.		5,300		171,683
EPS Holdings, Inc.		21,300		431,207
eRex Co., Ltd. (b)		27,900		208,561
ESPEC Corp.		17,700		408,922
euglena Co., Ltd. (b) (c)		3,900		37,845
Exedy Corp.		18,900		591,791
F@N Communications, Inc.		2,300		15,247
Fancl Corp.		40,100		1,461,095
FCC Co., Ltd.		49,128		1,368,285
Feed One Co., Ltd.		53,400		107,453
Ferrotec Holdings Corp.		10,400		255,331
Fields Corp.		3,500		38,143

Security Description	Shares		Value
Financial Products Group Co., Ltd.		29,400	$	379,007
Foster Electric Co., Ltd.		16,200		393,157
Fudo Tetra Corp.		94,400		166,875
Fuji Co., Ltd./Ehime		11,900		254,896
Fuji Kyuko Co., Ltd. (b)		13,500		350,480
Fuji Machine Manufacturing Co., Ltd.		44,800		873,674
Fuji Pharma Co., Ltd.		3,500		159,614
Fuji Seal International, Inc. (b)		20,600		812,572
Fuji Soft, Inc.		19,700		777,997
Fujibo Holdings, Inc.		7,200		258,279
Fujicco Co., Ltd.		10,000		225,200
Fujimi, Inc.		11,200		238,954
Fujimori Kogyo Co., Ltd.		7,500		264,457
Fujita Kanko, Inc. (b)		4,399		131,949
Fujitec Co., Ltd.		41,800		551,831
Fujiya Co., Ltd.		6,800		162,599
Fukuda Corp.		4,000		246,732
Fukui Bank, Ltd.		12,900		283,473
Fukuoka REIT Corp.		882		1,377,529
Fukushima Industries Corp.		8,400		362,539
Fukuyama Transporting Co., Ltd.		19,400		840,940
FULLCAST Holdings Co., Ltd.		15,000		364,175
Funai Soken Holdings, Inc.		22,800		478,939
Furukawa Co., Ltd.		17,838		328,414
Fuso Chemical Co., Ltd.		14,200		361,709
Futaba Corp.		14,900		304,725
Futaba Industrial Co., Ltd.		32,400		270,838
Fuyo General Lease Co., Ltd.		9,600		647,221
Genky DrugStores Co., Ltd. (c)		5,100		178,632
Geo Holdings Corp. (b)		21,700		341,976
Giken, Ltd.		8,900		249,635
Global One Real Estate Investment Corp. REIT (b)		348		336,056
GLOBERIDE, Inc.		6,800		164,006
GMO internet, Inc. (b)		33,000		696,615
GNI Group, Ltd. (b) (c)		51,000		246,968
Goldwin, Inc. (b)		8,000		476,164
Gree, Inc.		50,200		286,992
GS Yuasa Corp.		214,000		1,148,980
G-Tekt Corp.		16,900		324,175
Gumi, Inc. (b) (c)		23,900		233,944
Gunosy, Inc. (b) (c)		8,653		225,051
Gunze, Ltd. (b)		9,200		520,771
Gurunavi, Inc. (b)		8,900		122,684
Hankyu Reit, Inc.		119		149,827
Hanwa Co., Ltd.		17,600		720,715
Happinet Corp.		3,700		53,021
Hazama Ando Corp. (b)		103,200		776,305
Hearts United Group Co., Ltd. (b)		6,200		100,039
Heiwa Real Estate Co., Ltd.		17,600		336,113
Heiwa Real Estate REIT, Inc.		426		409,777
Heiwado Co., Ltd.		21,300		513,724
Hibiya Engineering, Ltd.		7,500		138,293
Hiday Hidaka Corp.		11,640		289,167

126

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Hiramatsu, Inc. (b)		18,100	$	86,458
Hirata Corp. (b)		3,400		304,034
Hitachi Zosen Corp. (b)		173,200		889,207
Hito Communications, Inc. (b)		15,600		263,007
Hodogaya Chemical Co., Ltd.		4,000		175,458
Hogy Medical Co., Ltd.		10,800		432,102
Hokkaido Electric Power Co., Inc. (b)		114,500		755,797
Hokkaido Gas Co., Ltd.		12,000		34,189
Hokkoku Bank, Ltd.		16,300		641,425
Hokuetsu Bank, Ltd.		41,300		910,270
Hokuetsu Kishu Paper Co., Ltd. (b)		53,100		340,020
Hokuhoku Financial Group, Inc.		48,800		663,974
Hokuriku Electric Industry Co., Ltd.		9,400		131,874
Hokuto Corp.		8,200		156,906
Hoshino Resorts REIT, Inc.		69		362,680
Hosiden Corp. (b)		56,300		694,552
Hosokawa Micron Corp. (b)		4,800		326,319
Hulic Reit, Inc.		338		514,866
Hyakugo Bank, Ltd.		119,600		567,917
Hyakujushi Bank, Ltd.		178,000		600,865
IBJ Leasing Co., Ltd.		15,000		420,451
Ichibanya Co., Ltd.		5,600		229,318
Ichigo Hotel REIT Investment Corp.		250		291,255
Ichigo Office REIT Investment		596		452,814
Ichigo, Inc.		124,200		543,047
Idec Corp. (b)		16,000		382,586
IDOM, Inc.		34,100		238,556
Iino Kaiun Kaisha, Ltd.		101,280		474,259
Inaba Denki Sangyo Co., Ltd.		3,000		131,312
Inabata & Co., Ltd.		3,400		50,640
Industrial & Infrastructure Fund Investment Corp. REIT		686		768,888
Infomart Corp.		48,600		487,599
Intage Holdings, Inc.		8,000		87,184
Internet Initiative Japan, Inc. (b)		16,500		336,671
Invesco Office J-Reit, Inc.		2,532		356,408
Invincible Investment Corp. REIT		1,850		850,635
Iriso Electronics Co., Ltd. (b)		10,300		620,809
Iseki & Co., Ltd.		5,600		110,736
Ishihara Sangyo Kaisha, Ltd. (c)		8,400		100,310
Istyle, Inc. (b)		40,800		570,855
Itfor, Inc. (b)		42,400		371,972
Itochu Enex Co., Ltd.		29,900		280,304
Itoki Corp.		30,600		195,656
Iwasaki Electric Co., Ltd.		2,700		41,382
Iwatani Corp.		53,000		1,941,091
J Trust Co., Ltd. (b)		16,300		105,755
Jaccs Co., Ltd.		15,000		329,901
Japan Asset Marketing Co., Ltd. (b) (c)		40,900		47,688
Japan Aviation Electronics Industry, Ltd. (b)		35,000		489,046
Japan Cash Machine Co., Ltd.		3,200		34,452

Security Description	Shares		Value
Japan Communications, Inc. (b) (c)		2,600	$	2,836
Japan Display, Inc. (b) (c)		155,910		287,338
Japan Excellent, Inc.		753		973,554
Japan Logistics Fund, Inc. REIT		661		1,335,052
Japan Material Co., Ltd.		49,100		608,498
Japan Petroleum Exploration Co., Ltd. (b)		17,900		400,751
Japan Pulp & Paper Co., Ltd.		7,900		323,874
Japan Rental Housing Investments, Inc.		603		464,937
Japan Securities Finance Co., Ltd.		27,800		170,172
Japan Steel Works, Ltd.		32,400		1,048,011
Japan Tissue Engineering Co., Ltd. (c)		7,600		131,205
Japan Wool Textile Co., Ltd.		23,900		231,696
JCR Pharmaceuticals Co., Ltd.		10,500		568,688
JCU Corp.		14,000		327,127
Jeol, Ltd.		41,000		373,954
JIG-SAW, Inc. (c)		2,800		100,837
JINS, Inc. (b)		6,600		361,805
Joshin Denki Co., Ltd.		13,500		504,584
Joyful Honda Co., Ltd.		24,400		867,250
JSP Corp.		8,100		246,008
Juki Corp.		34,900		483,382
Juroku Bank, Ltd.		19,400		518,610
Justsystems Corp.		17,800		428,137
JVC Kenwood Corp.		83,700		273,097
Kadokawa Dwango (b) (c)		2,700		27,724
Kaga Electronics Co., Ltd.		6,400		162,663
Kameda Seika Co., Ltd.		8,400		405,980
Kanamoto Co., Ltd.		19,600		652,412
Kanematsu Corp.		118,299		1,576,208
Kansai Super Market, Ltd.		5,500		57,819
Kanto Denka Kogyo Co., Ltd. (b)		24,000		243,047
Kasai Kogyo Co., Ltd.		8,000		102,379
Katakura Industries Co., Ltd.		70,174		913,879
Kato Sangyo Co., Ltd.		17,300		602,694
KAWADA TECHNOLOGIES, Inc. (b)		1,300		69,676
Keihin Corp.		15,500		315,247
Keiyo Bank, Ltd.		167,000		745,886
Keiyo Co., Ltd. (b)		33,300		173,467
Kenedix Residential Next Investment Corp.		282		402,781
Kenedix Retail REIT Corp.		270		587,729
Kenedix, Inc.		112,400		692,261
Kenko Mayonnaise Co., Ltd. (b)		14,400		480,677
Key Coffee, Inc. (b)		6,100		120,795
KH Neochem Co., Ltd.		18,700		538,054
Kintetsu World Express, Inc.		16,800		308,829
Kisoji Co., Ltd.		10,300		266,919
Kissei Pharmaceutical Co., Ltd.		24,500		660,244
Kito Corp.		17,700		324,542
Kitz Corp.		152,900		1,301,124
Kiyo Bank, Ltd.		94,360		1,506,566
KLab, Inc. (b)		18,200		292,295

127

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Koa Corp.		20,200	$	411,787
Kobe Bussan Co., Ltd.		5,700		256,460
Kohnan Shoji Co., Ltd.		15,800		378,843
Kokuyo Co., Ltd.		59,117		1,139,538
KOMEDA Holdings Co., Ltd.		23,300		437,738
Komeri Co., Ltd.		10,300		276,410
Komori Corp. (b)		80,136		1,003,678
Konishi Co., Ltd.		16,100		256,449
Konoike Transport Co., Ltd.		15,600		265,794
Kotobuki Spirits Co., Ltd. (b)		22,900		1,192,910
Kourakuen Holdings Corp.		8,000		140,893
Kumagai Gumi Co., Ltd. (b)		18,200		567,306
Kumiai Chemical Industry Co., Ltd.		53,700		316,090
Kura Corp. (b)		5,700		391,255
Kurabo Industries, Ltd.		362,700		1,122,034
Kureha Corp.		8,200		532,017
Kusuri no Aoki Holdings Co., Ltd.		9,800		706,779
KYB Corp.		24,683		1,143,054
Kyoei Steel, Ltd. (b)		4,000		67,551
Kyokuto Kaihatsu Kogyo Co., Ltd.		18,500		271,020
Kyokuyo Co., Ltd. (b)		2,200		79,022
KYORIN Holdings, Inc.		33,000		620,282
Kyoritsu Maintenance Co., Ltd. (b)		14,400		678,364
Kyosan Electric Manufacturing Co., Ltd.		12,000		72,553
Kyoto Kimono Yuzen Co., Ltd. (b)		20,700		150,652
LAC Co., Ltd.		6,900		91,416
LaSalle Logiport REIT		379		403,055
Lasertec Corp.		23,900		851,725
LEC, Inc. (b)		8,200		297,236
Leopalace21 Corp.		139,800		1,138,381
Life Corp.		16,100		448,105
LIFULL Co., Ltd.		33,600		294,138
Lintec Corp.		15,400		438,035
LIXIL VIVA Corp.		11,200		219,787
M&A Capital Partners Co., Ltd. (c)		4,200		351,086
Macnica Fuji Electronics Holdings, Inc.		18,400		324,920
Macromill, Inc. (b)		10,800		330,550
Maeda Road Construction Co., Ltd.		30,000		595,487
Makino Milling Machine Co., Ltd.		158,000		1,466,347
Mandom Corp.		18,500		639,281
Mani, Inc.		10,900		423,803
Marudai Food Co., Ltd.		324,656		1,544,673
Maruha Nichiro Corp. (b)		37,220		1,174,171
Marusan Securities Co., Ltd. (b)		67,338		640,138
Maruwa Co., Ltd.		1,900		147,033
Marvelous, Inc. (b)		21,900		187,391
Matsui Construction Co., Ltd.		36,400		269,363
Matsuya Co., Ltd.		30,600		425,839
Max Co., Ltd.		21,900		279,233

Security Description	Shares		Value
Maxell Holdings, Ltd.		27,900	$	528,093
MCJ Co., Ltd.		21,800		280,213
MCUBS MidCity Investment Corp.		535		390,371
Mebuki Financial Group, Inc.		1,500		5,755
Medinet Co., Ltd. (c)		88,700		108,425
Megachips Corp. (b) (c)		11,100		383,047
Meidensha Corp.		153,000		581,213
Meiko Electronics Co., Ltd. (b)		14,267		234,631
Meitec Corp.		15,200		821,815
Melco Holdings, Inc. (b)		4,000		132,205
Menicon Co., Ltd.		19,100		480,957
Michinoku Bank, Ltd. (b)		39,920		656,137
Micronics Japan Co., Ltd. (b)		2,300		23,768
Milbon Co., Ltd.		16,100		712,276
Mirai Corp. REIT		162		284,700
Mirait Holdings Corp. (b)		47,260		750,116
Miroku Jyoho Service Co., Ltd.		15,300		440,226
Mitsuba Corp.		20,800		264,229
Mitsubishi Logisnext Co., Ltd.		10,900		90,090
Mitsubishi Pencil Co., Ltd.		28,900		648,382
Mitsubishi Shokuhin Co., Ltd.		8,000		228,679
Mitsuboshi Belting, Ltd.		30,000		331,735
Mitsui Engineering & Shipbuilding Co., Ltd. (b)		31,100		504,150
Mitsui Fudosan Logistics Park, Inc. REIT		65		214,833
Mitsui High-Tec, Inc. (b)		13,900		201,279
Mitsui Sugar Co., Ltd.		34,100		1,301,796
Mitsui-Soko Holdings Co., Ltd. (c)		224,000		709,807
Miyaji Engineering Group, Inc. (b)		2,600		49,115
Miyazaki Bank, Ltd.		29,480		921,683
Mizuno Corp.		7,800		233,597
Mochida Pharmaceutical Co., Ltd. (b)		9,100		643,460
Modec, Inc.		9,000		220,282
Monex Group, Inc. (b)		102,400		327,372
Monogatari Corp.		1,400		140,329
Mori Trust Hotel Reit, Inc.		187		249,861
Morinaga Milk Industry Co., Ltd.		19,400		784,391
Morita Holdings Corp.		23,500		443,926
MOS Food Services, Inc. (b)		11,800		349,506
Musashi Seimitsu Industry Co., Ltd.		15,500		522,496
Musashino Bank, Ltd.		35,580		1,130,798
Nachi-Fujikoshi Corp.		144,000		859,803
Nagaileben Co., Ltd.		11,900		328,075
Nakanishi, Inc.		80,040		1,607,573
Namura Shipbuilding Co., Ltd. (b)		6,300		35,010
NanoCarrier Co., Ltd. (b) (c)		9,800		66,623
Nanto Bank, Ltd.		15,400		417,907
NEC Networks & System Integration Corp.		15,600		401,478
NET One Systems Co., Ltd.		87,200		1,265,978
Neturen Co., Ltd.		117,583		1,196,284

128

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Nichias Corp.		76,000	$	954,020
Nichiban Co., Ltd.		10,000		321,580
Nichicon Corp. (b)		43,300		486,540
Nichiha Corp. (b)		18,600		696,079
NichiiGakkan Co., Ltd.		63,700		715,165
Nichi-iko Pharmaceutical Co., Ltd.		25,300		391,335
Nichireki Co., Ltd.		11,000		123,912
Nihon Dempa Kogyo Co., Ltd.		2,300		14,187
Nihon Kagaku Sangyo Co., Ltd. (b)		3,348		39,635
Nihon Nohyaku Co., Ltd.		2,300		13,473
Nihon Parkerizing Co., Ltd.		60,000		973,766
Nihon Tokushu Toryo Co., Ltd.		15,300		293,772
Nihon Trim Co., Ltd.		1,500		77,010
Nihon Unisys, Ltd.		33,300		712,028
Nikkiso Co., Ltd.		70,340		726,880
Nikkon Holdings Co., Ltd. (b)		138,480		3,614,673
Nippon Beet Sugar Manufacturing Co., Ltd.		3,300		73,571
Nippon Carbon Co., Ltd.		19,171		926,553
Nippon Chemi-Con Corp.		6,900		160,384
Nippon Coke & Engineering Co., Ltd.		95,000		95,581
Nippon Concrete Industries Co., Ltd.		34,100		139,478
Nippon Denko Co., Ltd. (b)		67,700		206,251
Nippon Densetsu Kogyo Co., Ltd.		25,900		505,093
Nippon Flour Mills Co., Ltd.		30,800		479,304
Nippon Gas Co., Ltd.		33,400		1,579,709
Nippon Koei Co., Ltd.		9,800		298,561
Nippon Light Metal Holdings Co., Ltd.		261,500		673,728
Nippon Parking Development Co., Ltd.		47,500		78,162
Nippon Pillar Packing Co., Ltd.		16,500		244,048
NIPPON REIT Investment Corp.		605		1,820,404
Nippon Road Co., Ltd.		4,700		230,691
Nippon Seiki Co., Ltd.		55,000		1,000,188
Nippon Sheet Glass Co., Ltd. (b) (c)		46,800		369,647
Nippon Signal Co., Ltd.		34,300		317,682
Nippon Soda Co., Ltd.		64,000		358,665
Nippon Steel & Sumikin Bussan Corp.		3,600		197,010
Nippon Suisan Kaisha, Ltd.		170,999		882,731
Nippon Thompson Co., Ltd.		135,900		1,088,733
Nippon Valqua Industries, Ltd.		10,476		285,369
Nippon Yakin Kogyo Co., Ltd.		84,500		228,035
Nishimatsu Construction Co., Ltd. (b)		28,600		704,579
Nishimatsuya Chain Co., Ltd.		25,953		292,353
Nishi-Nippon Financial Holdings, Inc.		55,000		642,313
Nishi-Nippon Railroad Co., Ltd.		33,400		865,542
Nishio Rent All Co., Ltd.		7,000		215,891
Nissan Shatai Co., Ltd.		23,900		246,978

Security Description	Shares		Value
Nissei ASB Machine Co., Ltd. (b)		4,700	$	319,962
Nissei Build Kogyo Co., Ltd.		28,800		343,650
Nissha Co., Ltd. (b)		26,100		683,729
Nisshin Oillio Group, Ltd.		13,600		376,606
Nisshin Steel Co., Ltd.		13,900		161,546
Nisshinbo Holdings, Inc.		78,600		1,047,261
Nissin Corp.		10,800		281,907
Nissin Electric Co., Ltd.		24,700		229,000
Nissin Kogyo Co., Ltd. (b)		15,600		267,408
Nitta Corp.		9,900		367,236
Nittetsu Mining Co., Ltd.		3,200		176,624
Nitto Boseki Co., Ltd.		30,630		647,737
Nitto Kogyo Corp.		8,500		130,757
Nittoku Engineering Co., Ltd. (b)		9,400		345,153
Nohmi Bosai, Ltd.		19,100		409,119
Nojima Corp.		14,800		353,614
Nomura Co., Ltd.		23,300		494,262
Noritake Co., Ltd.		6,900		291,636
Noritsu Koki Co., Ltd. (b)		9,800		220,419
Noritz Corp.		16,600		299,221
North Pacific Bank, Ltd.		162,400		542,097
NS United Kaiun Kaisha, Ltd. (b)		1,900		37,607
NSD Co., Ltd.		21,800		440,100
NuFlare Technology, Inc.		1,800		113,061
Obara Group, Inc.		3,500		203,385
Oenon Holdings, Inc.		101,800		451,806
Ogaki Kyoritsu Bank, Ltd.		9,500		240,649
Ohsho Food Service Corp.		6,800		331,208
Oiles Corp.		10,900		230,197
Oita Bank, Ltd.		26,580		984,722
Okabe Co., Ltd.		20,100		185,030
Okamoto Industries, Inc. (b)		31,800		318,150
Okamura Corp.		62,100		840,262
Okasan Securities Group, Inc. (b)		88,682		523,670
Oki Electric Industry Co., Ltd. (b)		51,900		679,312
Okinawa Electric Power Co., Inc.		20,890		586,727
OKUMA Corp.		13,600		782,623
Okumura Corp.		16,800		651,622
Okura Industrial Co., Ltd.		33,950		183,237
Okuwa Co., Ltd.		18,000		187,532
OncoTherapy Science, Inc. (b) (c)		53,700		109,066
One REIT, Inc.		96		217,817
Onward Holdings Co., Ltd.		69,300		598,841
Open House Co., Ltd.		15,800		961,222
Optex Group Co., Ltd.		19,200		482,212
Osaka Soda Co., Ltd. (b)		11,200		292,769
OSAKA Titanium Technologies Co., Ltd.		8,500		159,850
Osaki Electric Co., Ltd.		16,000		115,994
OSG Corp.		51,840		1,169,386
OSJB Holdings Corp. (b)		102,600		276,880
Outsourcing, Inc.		30,900		530,254

129

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Pacific Industrial Co., Ltd. (b)		32,000	$	421,251
Pacific Metals Co., Ltd. (c)		7,399		219,152
Pack Corp.		4,800		177,828
PAL GROUP Holdings Co., Ltd.		5,700		154,680
Paramount Bed Holdings Co., Ltd.		5,600		282,238
Pasona Group, Inc. (b)		15,300		326,429
Penta-Ocean Construction Co., Ltd.		129,100		939,571
Pepper Food Service Co., Ltd. (b)		7,400		336,427
Piolax, Inc.		17,700		458,519
Pioneer Corp. (b) (c)		126,700		206,103
Plenus Co., Ltd. (b)		9,900		191,670
Poletowin Pitcrew Holdings, Inc.		10,000		178,373
Premier Investment Corp.		1,506		1,583,176
Press Kogyo Co., Ltd.		68,900		407,504
Pressance Corp.		18,900		281,501
Prestige International, Inc.		29,600		357,093
Prima Meat Packers, Ltd.		76,000		423,771
Qol Co., Ltd.		12,000		234,810
Raito Kogyo Co., Ltd.		17,200		180,006
Relia, Inc.		25,300		306,407
Remixpoint Co., Ltd. (b)		21,100		172,808
Rengo Co., Ltd.		235,600		2,022,593
ReproCELL, Inc. (c)		22,200		71,391
Riken Corp. (b)		7,000		390,315
Riken Keiki Co., Ltd. (b)		13,800		298,059
Riken Vitamin Co., Ltd.		5,400		209,958
Ringer Hut Co., Ltd. (b)		15,400		358,247
Riso Kagaku Corp.		9,200		169,467
Rock Field Co., Ltd.		10,600		217,781
Rokko Butter Co., Ltd.		10,600		226,153
Roland DG Corp.		4,400		99,047
Round One Corp.		24,800		388,032
Royal Holdings Co., Ltd.		14,300		384,157
Ryobi, Ltd.		16,400		430,702
Ryosan Co., Ltd. (b)		10,000		357,311
S Foods, Inc.		5,700		234,485
Sagami Chain Co., Ltd. (b)		23,900		308,104
Saizeriya Co., Ltd.		16,100		452,344
Sakai Chemical Industry Co., Ltd.		44,253		1,133,476
Sakai Moving Service Co., Ltd.		4,200		216,812
Sakata INX Corp.		24,700		364,403
Sakata Seed Corp.		17,500		611,307
San-A Co., Ltd.		10,200		586,008
San-Ai Oil Co., Ltd.		20,400		298,279
Sanden Holdings Corp. (b) (c)		11,200		155,547
Sangetsu Corp.		35,000		718,759
San-In Godo Bank, Ltd.		53,100		470,336
Sanken Electric Co., Ltd.		68,000		494,255
Sanki Engineering Co., Ltd.		26,600		296,639
Sankyo Tateyama, Inc.		29,500		434,941
Sanrio Co., Ltd. (b)		31,000		559,662
Sanyo Chemical Industries, Ltd.		5,400		251,594
Sanyo Denki Co., Ltd.		5,000		379,408
Sanyo Electric Railway Co., Ltd.		7,800		194,138

Security Description	Shares		Value
Sanyo Shokai, Ltd. (b)		3,000	$	64,457
Sanyo Special Steel Co., Ltd. (b)		38,387		960,126
Sato Holdings Corp.		37,240		1,183,556
Seika Corp.		4,400		108,728
Seikagaku Corp. (b)		23,300		423,935
Seiko Holdings Corp.		11,800		277,941
Seiren Co., Ltd. (b)		69,180		1,264,560
Sekisui House Reit, Inc. (b)		465		625,684
Sekisui House Residential Investment Corp. REIT		589		646,322
Sekisui Plastics Co., Ltd. (b)		23,900		264,282
Senko Group Holdings Co., Ltd. (b)		48,800		378,561
Senshu Ikeda Holdings, Inc.		10,560		40,115
Senshukai Co., Ltd. (c)		19,800		105,749
Septeni Holdings Co., Ltd.		42,100		144,490
Shibuya Corp.		10,900		384,344
Shiga Bank, Ltd.		155,000		785,567
Shikoku Bank, Ltd.		24,000		338,505
Shikoku Chemicals Corp.		24,900		365,013
Shima Seiki Manufacturing, Ltd. (b)		26,545		1,837,059
Shimachu Co., Ltd.		45,960		1,456,372
Shindengen Electric Manufacturing Co., Ltd.		4,100		263,310
Shin-Etsu Polymer Co., Ltd.		23,500		247,043
Shinkawa, Ltd. (b) (c)		9,200		97,493
Shinko Electric Industries Co., Ltd.		29,200		213,063
Shinko Plantech Co., Ltd.		32,000		290,061
Shinmaywa Industries, Ltd.		26,000		212,205
Shinsho Corp.		4,000		137,283
Ship Healthcare Holdings, Inc.		16,400		576,737
Shizuoka Gas Co., Ltd.		29,100		261,312
SHO-BOND Holdings Co., Ltd.		15,100		1,113,155
Shochiku Co., Ltd.		20,160		2,832,068
Shoei Co., Ltd.		5,600		213,785
Shoei Foods Corp. (b)		7,200		272,496
Showa Corp.		25,200		427,227
Showa Sangyo Co., Ltd.		7,600		196,164
Siix Corp. (b)		22,400		475,803
Sinanen Holdings Co., Ltd.		7,600		186,588
Sinfonia Technology Co., Ltd. (b)		226,400		766,375
Sinko Industries, Ltd.		15,400		241,679
Sintokogio, Ltd.		35,700		368,245
SKY Perfect JSAT Holdings, Inc.		60,000		267,983
SMK Corp.		115,043		469,475
SMS Co., Ltd. (b)		23,300		983,705
Sodick Co., Ltd. (b)		26,800		344,985
Sogo Medical Co., Ltd.		7,800		217,608
Sosei Group Corp. (b) (c)		10,300		831,942
St Marc Holdings Co., Ltd.		3,000		87,024
Star Asia Investment Corp. REIT		224		215,891
Star Micronics Co., Ltd.		20,900		383,019
Starts Corp., Inc.		16,400		444,427

130

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Starts Proceed Investment Corp. REIT		163	$	253,811
Starzen Co., Ltd.		4,800		235,599
Stella Chemifa Corp. (b)		7,200		213,258
Sumida Corp. (b)		19,800		250,037
Sumitomo Bakelite Co., Ltd.		87,000		759,972
Sumitomo Mitsui Construction Co., Ltd.		81,060		480,186
Sumitomo Osaka Cement Co., Ltd. (b)		211,793		928,026
Sumitomo Seika Chemicals Co., Ltd. (b)		2,400		114,189
Sumitomo Warehouse Co., Ltd.		48,000		316,389
Sun Corp. (b)		10,000		66,102
Sun Frontier Fudousan Co., Ltd. (b)		5,800		62,936
Sushiro Global Holdings, Ltd. (b) (c)		11,000		535,778
SWCC Showa Holdings Co., Ltd.		4,500		39,478
Systena Corp.		11,200		447,052
T Hasegawa Co., Ltd.		15,800		300,252
T RAD Co., Ltd.		1,500		55,007
Tabuchi Electric Co., Ltd. (b) (c)		2,300		5,904
Tachi-S Co., Ltd.		21,200		376,557
Tadano, Ltd.		68,900		1,022,972
Taihei Dengyo Kaisha, Ltd. (b)		12,500		316,173
Taikisha, Ltd.		15,800		511,810
Taiko Pharmaceutical Co., Ltd. (b)		14,300		271,747
Taiyo Holdings Co., Ltd.		4,600		196,370
Taiyo Yuden Co., Ltd. (b)		67,800		1,122,031
Takamatsu Construction Group Co., Ltd.		7,900		224,706
Takaoka Toko Co., Ltd.		1,900		30,211
Takara Bio, Inc.		25,800		520,609
Takara Leben Co., Ltd. (b)		42,500		182,228
Takara Standard Co., Ltd.		30,300		510,556
Takasago International Corp.		42,300		1,240,959
Takasago Thermal Engineering Co., Ltd.		35,000		641,420
TAKATA Corp. (a) (c)		300		—
Takeuchi Manufacturing Co., Ltd.		22,800		497,162
Takuma Co., Ltd.		39,900		433,329
Tamron Co., Ltd.		5,400		111,453
Tamura Corp. (b)		50,800		378,791
Tanseisha Co., Ltd.		24,300		291,554
TechnoPro Holdings, Inc.		17,100		1,021,016
Teikoku Electric Manufacturing Co., Ltd.		3,600		54,093
Teikoku Sen-I Co., Ltd. (b)		15,900		303,647
Tekken Corp. (b)		7,200		206,150
T-Gaia Corp.		10,300		287,160
TKC Corp.		7,700		310,606
Toa Corp. (f)		20,200		248,060
Toa Corp. (f)		8,000		166,921
Toagosei Co., Ltd.		186,200		2,183,276
Tobishima Corp.		111,100		182,816

Security Description	Shares		Value
TOC Co., Ltd.		147,960	$	1,214,566
Tocalo Co., Ltd. (b)		33,400		398,539
Tochigi Bank, Ltd.		153,300		585,236
Toei Animation Co., Ltd.		8,700		283,456
Toei Co., Ltd.		14,140		1,497,098
Toho Bank, Ltd.		90,000		345,275
Toho Holdings Co., Ltd. (b)		73,819		1,740,143
Toho Zinc Co., Ltd. (b)		5,300		245,190
Tokai Carbon Co., Ltd.		134,000		1,951,725
TOKAI Holdings Corp.		62,700		621,989
Tokai Rika Co., Ltd.		20,200		407,039
Tokai Tokyo Financial Holdings, Inc.		75,200		513,354
Token Corp.		3,800		376,248
Tokushu Tokai Paper Co., Ltd.		5,100		194,937
Tokuyama Corp. (b)		47,200		1,473,474
Tokyo Base Co., Ltd. (b) (c)		12,000		163,498
Tokyo Dome Corp.		45,900		432,025
Tokyo Ohka Kogyo Co., Ltd.		19,600		704,937
Tokyo Seimitsu Co., Ltd.		23,900		951,730
Tokyo Steel Manufacturing Co., Ltd. (b)		56,500		451,044
Tokyo Tekko Co., Ltd.		1,800		25,997
Tokyo TY Financial Group, Inc.		15,600		371,994
Tokyotokeiba Co., Ltd.		8,900		331,815
Tokyu Construction Co., Ltd.		42,000		450,606
Tokyu REIT, Inc.		355		481,345
Tomoe Engineering Co., Ltd.		2,800		55,842
TOMONY Holdings, Inc.		185,480		833,657
Tomy Co., Ltd.		57,800		578,272
Topcon Corp.		58,100		1,121,573
Topre Corp.		25,700		743,089
Topy Industries, Ltd.		29,598		847,446
Toridoll Holdings Corp.		10,200		372,130
Torii Pharmaceutical Co., Ltd.		5,600		147,806
Torishima Pump Manufacturing Co., Ltd. (b)		5,600		52,393
Tosei Reit Investment Corp.		217		227,304
Toshiba Machine Co., Ltd.		51,000		348,632
Toshiba Plant Systems & Services Corp.		24,900		539,441
Toshiba TEC Corp.		54,000		315,825
Tosho Co., Ltd.		9,000		344,006
Totetsu Kogyo Co., Ltd.		15,800		488,782
Towa Corp. (b)		21,200		283,464
Towa Pharmaceutical Co., Ltd.		2,800		176,925
Toyo Construction Co., Ltd.		41,400		187,244
Toyo Corp.		82,568		738,337
Toyo Engineering Corp. (b) (c)		3,400		32,162
Toyo Ink SC Holdings Co., Ltd.		60,000		371,227
Toyo Kanetsu KK		7,500		214,034
Toyo Tanso Co., Ltd.		8,300		257,546
Toyobo Co., Ltd.		42,778		836,253
TPR Co., Ltd.		17,800		502,116
Transcosmos, Inc. (c)		15,500		400,216
Trusco Nakayama Corp.		23,200		569,365
TSI Holdings Co., Ltd.		73,200		529,986
Tsubaki Nakashima Co., Ltd.		14,700		374,584

131

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Tsubakimoto Chain Co.		62,000	$	500,780
Tsugami Corp. (b)		39,000		489,196
Tsukishima Kikai Co., Ltd.		28,400		397,894
Tsukui Corp.		30,400		233,824
Tsurumi Manufacturing Co., Ltd.		10,900		196,784
UACJ Corp. (b)		14,500		368,397
Uchida Yoko Co., Ltd.		6,800		182,676
Unipres Corp.		18,900		422,606
United Arrows, Ltd.		15,200		570,268
United Super Markets Holdings, Inc.		34,600		369,262
UNITED, Inc. (b)		5,300		209,807
Unitika, Ltd. (c)		86,500		532,746
Unizo Holdings Co., Ltd. (b)		6,900		167,391
Ushio, Inc.		63,500		840,696
UT Group Co., Ltd. (c)		14,900		476,352
V Technology Co., Ltd. (b)		1,936		554,313
Valor Holdings Co., Ltd.		34,100		924,403
Vector, Inc. (c)		18,900		432,559
Vital KSK Holdings, Inc.		29,200		288,293
VT Holdings Co., Ltd. (b)		24,200		124,243
Wacoal Holdings Corp.		36,000		1,034,133
Wacom Co., Ltd. (b)		77,100		373,357
Wakachiku Construction Co., Ltd.		3,800		58,742
Wakita & Co., Ltd.		10,900		120,120
WATAMI Co., Ltd. (b)		17,300		225,461
WirelessGate, Inc.		3,700		50,690
W-Scope Corp. (b)		9,400		127,455
Xebio Holdings Co., Ltd.		8,000		156,991
Yahagi Construction Co., Ltd.		27,700		206,024
YAMABIKO Corp.		23,500		304,937
Yamagata Bank, Ltd.		15,600		351,312
Yamaichi Electronics Co., Ltd. (b)		17,300		292,969
Yamanashi Chuo Bank, Ltd.		112,000		460,216
Yamato Kogyo Co., Ltd.		13,400		366,279
Yamazen Corp.		51,500		528,801
Yaoko Co., Ltd.		9,000		479,831
Yasunaga Corp. (b)		6,900		147,602
Yellow Hat, Ltd.		10,300		304,109
Yodogawa Steel Works, Ltd.		45,300		1,196,925
Yokogawa Bridge Holdings Corp.		19,400		411,714
Yokohama Reito Co., Ltd. (b)		27,800		272,380
Yondoshi Holdings, Inc. (b)		15,700		404,347
Yonex Co., Ltd. (b)		27,000		151,058
Yorozu Corp.		15,700		258,197
Yoshinoya Holdings Co., Ltd.		33,100		663,245
Yuasa Trading Co., Ltd.		10,300		334,133
Yume No Machi Souzou Iinkai Co., Ltd. (b)		14,672		304,891
Yumeshin Holdings Co., Ltd.		46,900		517,289
Yushin Precision Equipment Co., Ltd.		16,400		261,845
Zenrin Co., Ltd.		52,165		1,084,502
ZERIA Pharmaceutical Co., Ltd.		23,400		468,660

Security Description	Shares		Value
Zojirushi Corp. (b)		24,800	$	360,982
				338,474,876
LIECHTENSTEIN — 0.0% (g)
VP Bank AG		1,823		282,131
LUXEMBOURG — 0.1%
Orion Engineered Carbons SA		19,911		539,588
MACAU — 0.1%
Macau Legend Development, Ltd. (b) (c)		3,261,740		477,938
MALTA — 0.0% (g)
Catena Media PLC (c)		28,235		381,645
NETHERLANDS — 1.4%
Accell Group		13,209		287,863
AMG Advanced Metallurgical Group NV		12,726		567,195
Amsterdam Commodities NV		16,935		443,626
Arcadis NV		32,769		642,801
Beter Bed Holding NV		15,280		174,955
BinckBank NV		4,310		24,569
Brack Capital Properties NV (c)		2,068		247,334
Constellium NV Class A (c)		53,589		581,441
Corbion NV		43,082		1,304,476
Flow Traders (e)		20,990		893,700
ForFarmers NV		10,689		149,074
Fugro NV (c)		32,064		423,126
Heijmans NV (c)		25,097		289,519
Intertrust NV (e)		42,931		889,130
Kendrion NV		12,660		516,921
Koninklijke BAM Groep NV (b)		131,351		611,275
NSI NV REIT		11,876		498,785
Pharming Group NV (b) (c)		415,607		605,694
PostNL NV		178,566		668,052
Refresco Group NV (e)		28,891		708,856
Rhi Magnesita NV (c) (f)		12,252		748,886
Rhi Magnesita NV (c) (f)		1,458		89,992
Takeaway.com NV (c) (e)		16,070		853,792
Vastned Retail NV REIT		6,518		310,626
Wessanen		32,688		654,076
				13,185,764
NEW ZEALAND — 1.1%
Argosy Property, Ltd.		388,602		280,337
Arvida Group, Ltd.		267,566		227,766
Chorus, Ltd. (b)		168,243		485,482
EBOS Group, Ltd.		33,654		435,790
Freightways, Ltd.		87,708		478,973
Genesis Energy, Ltd.		203,194		348,137
Goodman Property Trust REIT		406,289		389,819
Heartland Bank, Ltd.		283,478		359,922
Infratil, Ltd.		336,571		752,687
Investore Property, Ltd. (b)		185,441		187,288
Kiwi Property Group, Ltd.		609,103		588,805
Metlifecare, Ltd.		72,555		306,196
New Zealand Refining Co., Ltd.		111,273		183,824
Precinct Properties New Zealand, Ltd.		517,373		477,738

132

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Restaurant Brands New Zealand, Ltd.		159,987	$	827,522
SKY Network Television, Ltd.		141,888		234,400
SKYCITY Entertainment Group, Ltd.		376,435		1,059,084
Stride Property Group		285,475		350,101
Summerset Group Holdings, Ltd. (b)		142,208		711,966
Tourism Holdings, Ltd.		65,578		288,578
Trade Me Group, Ltd.		223,169		713,204
Vital Healthcare Property Trust REIT (b)		238,344		358,498
Warehouse Group, Ltd.		57,956		84,037
				10,130,154
NORWAY — 1.3%
Akastor ASA (c)		101,731		197,477
Aker Solutions ASA (c)		62,928		332,236
Asetek A/S (b)		10,291		119,020
Atea ASA		44,157		715,425
Avance Gas Holding, Ltd. (c) (e)		15,200		44,530
B2Holding ASA		168,111		419,691
Borregaard ASA		59,288		558,826
BW Offshore, Ltd. (c)		53,159		289,800
DNO ASA (c)		352,152		554,180
Europris ASA (e)		54,470		174,838
Frontline, Ltd. (b)		12,384		56,313
Golden Ocean Group, Ltd. (b)		38,172		303,467
Grieg Seafood ASA		30,653		281,895
Hoegh LNG Holdings, Ltd.		22,149		117,926
IDEX ASA (c)		327,933		169,168
Kongsberg Automotive ASA (c)		287,288		325,676
Kongsberg Gruppen ASA		14,071		339,097
Kvaerner ASA (c)		118,608		195,793
Nordic Nanovector ASA (b) (c)		31,835		200,800
Nordic Semiconductor ASA (c)		89,529		531,977
Norway Royal Salmon ASA (b)		9,639		197,422
Norwegian Air Shuttle ASA (b) (c)		9,153		195,862
Ocean Yield ASA		23,254		195,488
Petroleum Geo-Services ASA (b) (c)		160,492		495,727
Prosafe SE (b) (c)		63,012		95,028
Protector Forsikring ASA		61,532		664,622
Sbanken ASA (e)		40,406		378,793
Scatec Solar ASA (b) (e)		101,239		591,242
Ship Finance International, Ltd. (b)		36,638		523,923
SpareBank 1 Nord Norge		42,310		334,128
SpareBank 1 SMN		43,896		452,326
Stolt-Nielsen, Ltd.		13,555		165,575
Thin Film Electronics ASA (c)		304,476		81,830
Veidekke ASA (b)		112,126		1,252,517
XXL ASA (b) (e)		58,632		600,438
				12,153,056
PERU — 0.0% (g)
Hochschild Mining PLC		91,708		256,202

Security Description	Shares		Value
PORTUGAL — 0.2%
Altri SGPS SA		215,886	$	1,439,051
Banco Comercial Portugues SA Class R (c)		3,045		1,019
CTT-Correios de Portugal SA (b)		32,023		123,191
Mota-Engil SGPS SA		42,748		171,916
Pharol SGPS SA (c)		68,282		19,147
REN - Redes Energeticas Nacionais SGPS SA		112,252		346,237
				2,100,561
SINGAPORE — 1.5%
Accordia Golf Trust		434,300		213,623
AIMS AMP Capital Industrial REIT		267,058		276,976
Ascendas Hospitality Trust REIT		555,200		345,068
Ascott Residence Trust REIT (b)		577,225		497,418
BW LPG, Ltd. (b) (c) (e)		22,486		103,337
Cache Logistics Trust REIT		543,948		346,371
CapitaLand Retail China Trust REIT		372,873		449,279
CDL Hospitality Trusts		476,680		614,344
China New Town Development Co., Ltd. (c) (d)		428,500		15,560
COSCO Shipping International Singapore Co., Ltd. (b) (c)		556,200		201,476
ESR-REIT		1,294,009		527,945
Ezion Holdings, Ltd. (b) (c) (d)		648,440		97,417
Ezra Holdings, Ltd. (a) (b) (c)		1,444,295		—
Far East Hospitality Trust		425,247		225,384
First Real Estate Investment Trust		624,800		657,534
Frasers Centrepoint Trust REIT		285,900		477,481
Frasers Commercial Trust REIT		351,837		383,686
Frasers Logistics & Industrial Trust REIT		605,500		503,314
Hyflux, Ltd.		33,300		7,111
Hyfluxshop Holdings Pte, Ltd. (c) (d)		3,380		460
Keppel DC REIT		330,466		362,900
Keppel Infrastructure Trust		1,384,638		564,921
Lian Beng Group, Ltd.		134,600		68,260
Lippo Malls Indonesia Retail Trust REIT		1,302,200		382,328
M1, Ltd. (b)		228,100		302,672
Manulife US Real Estate Investment Trust		339,300		315,549
Metro Holdings, Ltd.		364,500		316,884
Midas Holdings, Ltd. (c) (d)		1,078,700		157,943
OUE Hospitality Trust		374,633		235,699
OUE Lippo Healthcare, Ltd. (c)		1,800		174
OUE, Ltd. (b)		97,600		135,463
Parkway Life Real Estate Investment Trust		271,300		579,303
Raffles Medical Group, Ltd. (b)		512,649		449,589
RHT Health Trust		498,800		308,113
Rowsley, Ltd. (b) (c)		1,164,200		108,314

133

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust		210,849	$	68,337
Sheng Siong Group, Ltd.		303,700		215,390
Soilbuild Business Space REIT (b)		307,010		152,182
Starhill Global REIT		803,900		447,531
Swiber Holdings, Ltd. (a) (b) (c)		100,100		—
Tat Hong Holdings, Ltd. (c)		849		320
Technics Oil & Gas, Ltd. (a) (c)		1,254		—
UMS Holdings, Ltd.		447,974		399,702
United Engineers, Ltd.		311,700		620,405
Wing Tai Holdings, Ltd.		607,499		958,990
Yoma Strategic Holdings, Ltd. (b)		786,533		254,920
				13,349,673
SOUTH AFRICA — 0.0% (g)
Petra Diamonds, Ltd. (b) (c)		212,460		195,216
SOUTH KOREA — 11.5%
Able C&C Co., Ltd. (b) (c)		7,786		137,327
Advanced Process Systems Corp. (c)		3,420		90,802
AeroSpace Technology of Korea, Inc. (b) (c)		5,976		102,880
AfreecaTV Co., Ltd.		5,520		149,406
Ahnlab, Inc.		2,858		227,643
AJ Rent A Car Co., Ltd. (c)		2,816		33,552
AK Holdings, Inc.		2,007		135,382
Amicogen, Inc. (c)		6,879		438,206
Aprogen pharmaceuticals, Inc. (b) (c)		43,424		170,901
APS Holdings Corp. (c)		3,032		21,021
Asiana Airlines, Inc. (c)		46,918		209,522
Barun Electronics Co., Ltd. (b) (c)		173,439		213,972
BH Co., Ltd. (c)		17,538		299,457
Binex Co., Ltd. (c)		16,215		178,747
Binggrae Co., Ltd.		1,451		81,950
Boryung Pharmaceutical Co., Ltd.		3,901		210,074
Bukwang Pharmaceutical Co., Ltd.		13,878		324,849
Byucksan Corp.		6,509		22,961
Cell Biotech Co., Ltd.		3,464		157,617
Celltrion Pharm, Inc. (b) (c)		9,521		756,571
Chabiotech Co., Ltd. (b) (c)		28,359		573,353
Cheil Worldwide, Inc.		47,032		803,061
Choa Pharmaceutical Co. (b) (c)		18,441		107,438
Chong Kun Dang Pharmaceutical Corp. (b)		3,916		468,421
Chongkundang Holdings Corp.		2,053		140,603
CJ CGV Co., Ltd.		7,419		471,909
CJ Freshway Corp.		1,757		58,270
CJ O Shopping Co., Ltd.		2,524		529,237
CNK International Co., Ltd. (a) (c)		16,071		—
Com2uSCorp		7,716		1,350,789
Cosmax BTI, Inc.		6,954		209,422

Security Description	Shares		Value
Cosmax, Inc.		5,591	$	721,233
Crown Confectionery Co., Ltd.		2,343		27,477
CROWNHAITAI Holdings Co., Ltd.		1,920		23,957
CrucialTec Co., Ltd. (c)		11,439		22,268
CrystalGenomics, Inc. (c)		12,973		300,622
CTC BIO, Inc. (c)		6,650		90,775
Dae Han Flour Mills Co., Ltd.		499		78,649
Dae Hwa Pharmaceutical Co., Ltd. (b)		9,573		268,536
Daeduck GDS Co., Ltd.		6,408		101,299
Daesang Corp.		17,689		428,990
Daesang Holdings Co., Ltd.		5,077		45,583
Daewon Pharmaceutical Co., Ltd.		10,938		209,340
Daewoong Co., Ltd.		25,897		508,999
Daewoong Pharmaceutical Co., Ltd.		1,838		345,735
Daishin Securities Co., Ltd. Preference Shares		65,358		531,620
Daou Technology, Inc.		19,829		406,477
DB HiTek Co., Ltd.		27,173		369,649
Dentium Co., Ltd.		6,188		471,400
DGB Financial Group, Inc.		107,013		1,169,623
Digital Power Communications Co., Ltd.		14,221		62,039
DIO Corp. (c)		9,717		407,040
Dong-A Socio Holdings Co., Ltd. (b)		4,528		564,991
Dong-A ST Co., Ltd.		4,774		508,349
Dongjin Semichem Co., Ltd.		21,327		295,125
DongKook Pharmaceutical Co., Ltd.		3,424		226,147
Dongkuk Steel Mill Co., Ltd.		53,320		512,740
Dongsung Finetec Co., Ltd. (c)		8,703		66,871
Dongwha Pharm Co., Ltd.		32,862		366,880
Dongwon F&B Co., Ltd.		422		86,704
Dongwon Industries Co., Ltd.		1,238		349,019
Doosan Heavy Industries & Construction Co., Ltd. (b) (c)		46,935		700,128
Doosan Infracore Co., Ltd. (c)		61,564		561,405
DoubleUGames Co., Ltd.		6,863		462,298
Douzone Bizon Co., Ltd.		18,373		1,018,711
Ecopro Co., Ltd. (c)		11,468		417,987
Eo Technics Co., Ltd.		5,460		378,035
Eugene Investment & Securities Co., Ltd. (c)		120,467		393,306
Eugene Technology Co., Ltd.		4,007		70,298
Eusu Holdings Co., Ltd. (c)		6,748		44,569
Fila Korea, Ltd.		7,456		751,966
Finetex EnE, Inc. (b) (c) (d)		52,969		177,905
Foosung Co., Ltd. (b) (c)		40,899		374,111
Gamevil, Inc. (b) (c)		3,514		240,662
GemVax & Kael Co., Ltd. (c)		6,775		100,427
Genexine Co., Ltd. (c)		8,417		807,034
GNCO Co., Ltd. (b) (c)		23,408		58,745
GOLFZON Co., Ltd.		2,277		96,130
GOLFZONNEWDIN Co., Ltd.		2,676		14,185
Grand Korea Leisure Co., Ltd.		15,510		356,502

134

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Green Cross Cell Corp.		3,338	$	175,058
Green Cross Corp.		4,228		797,287
Green Cross Holdings Corp.		15,402		574,378
GS Engineering & Construction Corp. (b)		27,351		764,668
GS Home Shopping, Inc.		2,664		469,618
G-treeBNT Co., Ltd. (c)		14,858		641,212
Halla Holdings Corp.		2,799		129,591
Hana Tour Service, Inc.		4,961		556,187
Hanall Biopharma Co., Ltd. (c)		16,666		505,030
Hancom, Inc.		6,416		98,115
Handsome Co., Ltd.		12,215		353,535
Hanil Cement Co., Ltd.		1,805		182,888
Hanjin Heavy Industries & Construction Co., Ltd. (c)		27,992		81,016
Hanjin Kal Corp.		24,405		451,054
Hanjin Shipping Co., Ltd. (a) (c)		1,732		—
Hanjin Transportation Co., Ltd.		4,197		90,760
Hankook Shell Oil Co., Ltd.		301		94,460
Hankook Tire Worldwide Co., Ltd.		14,820		262,781
Hanmi Pharm Co., Ltd.		505		244,943
Hanmi Semiconductor Co., Ltd.		14,582		151,853
Hansae Co., Ltd.		11,284		227,077
Hansol Chemical Co., Ltd.		8,927		582,906
Hansol Holdings Co., Ltd.		49,859		209,091
Hansol Paper Co., Ltd.		31,921		479,159
Hansol Technics Co., Ltd. (c)		13,569		154,671
Hanwha Investment & Securities Co., Ltd. (c)		209,441		596,354
Hanwha Techwin Co., Ltd. (b) (c)		23,686		642,204
Harim Co., Ltd. (c)		19,859		65,489
Heung-A Shipping Co., Ltd. (c)		60,047		37,519
Hite Jinro Co., Ltd.		17,448		365,853
HLB, Inc. (c)		17,909		1,108,916
Homecast Co., Ltd. (c)		15,400		180,599
HS Industries Co., Ltd.		37,805		297,929
Huchems Fine Chemical Corp.		22,552		518,364
Humax Co., Ltd. (c)		34,363		271,770
Humedix Co., Ltd.		1,155		48,382
Huons Co., Ltd.		2,699		272,457
Huons Global Co., Ltd.		2,248		149,951
Hwa Shin Co., Ltd.		1,196		4,443
Hyundai BNG Steel Co., Ltd.		2,607		28,249
Hyundai Construction Equipment Co., Ltd. (c)		3,796		628,571
Hyundai Corp.		2,463		41,478
Hyundai Electric & Energy System Co., Ltd. (c)		4,675		360,526
Hyundai Elevator Co., Ltd.		7,837		584,522
Hyundai Engineering Plastics Co., Ltd.		5,295		32,240
Hyundai Greenfood Co., Ltd.		36,950		478,384
Hyundai Home Shopping Network Corp.		4,296		419,161
Hyundai Hy Communications & Network Co., Ltd.		13,147		53,962
Hyundai IBT Co., Ltd. (b) (c)		48,307		255,154

Security Description	Shares		Value
Hyundai Livart Furniture Co., Ltd.		13,828	$	306,165
Hyundai Merchant Marine Co., Ltd. (c)		100,802		412,797
Hyundai Mipo Dockyard Co., Ltd. (c)		4,485		417,826
Hyundai Rotem Co., Ltd. (c)		26,264		385,619
Hyundai Wia Corp. (b)		12,529		646,491
Il Dong Pharmaceutical Co., Ltd.		8,587		192,541
Iljin Materials Co., Ltd.		10,442		360,998
Ilyang Pharmaceutical Co., Ltd. (c)		8,894		336,685
iMarketKorea, Inc.		1,627		15,264
InBody Co., Ltd.		4,566		216,755
Innocean Worldwide, Inc.		6,245		377,313
Innox Advanced Materials Co., Ltd. (c)		2,740		167,089
Inscobee, Inc. (c)		56,895		461,181
Interflex Co., Ltd. (b) (c)		7,351		150,344
Interojo Co., Ltd.		3,762		143,118
Interpark Holdings Corp.		6,265		21,424
iNtRON Biotechnology, Inc. (b) (c)		7,741		317,730
IS Dongseo Co., Ltd.		6,386		180,934
i-SENS, Inc.		2,677		73,210
Jayjun Cosmetic Co., Ltd. (b) (c)		15,984		295,417
JB Financial Group Co., Ltd.		217,350		1,239,786
Jeil Holdings Co., Ltd.		40,580		546,321
Jeil Pharma Holdings, Inc.		1,479		43,986
Jeil Pharmaceutical Co., Ltd. (b)		3,674		210,258
Jeju Air Co., Ltd.		5,448		228,725
Jenax, Inc. (b) (c)		7,586		232,014
JoyCity Corp. (c)		332		4,968
Jusung Engineering Co., Ltd.		22,881		229,690
JW Holdings Corp.		28,771		221,606
JW Pharmaceutical Corp.		6,482		256,933
JYP Entertainment Corp. (b) (c)		24,476		526,995
KB Financial Group, Inc.		136		7,860
KC Co., Ltd.		6,008		134,150
KC Tech Co., Ltd./New		8,932		187,288
KEPCO Plant Service & Engineering Co., Ltd.		16,199		689,966
Kginicis Co., Ltd.		17,112		336,332
KGMobilians Co., Ltd.		47,763		419,870
KH Vatec Co., Ltd. (c)		6,181		68,137
KIWOOM Securities Co., Ltd. (b)		7,477		747,069
Koh Young Technology, Inc.		5,071		476,700
Kolao Holdings		1,569		7,360
Kolon Corp.		4,216		195,790
Kolon Industries, Inc.		9,808		604,546
Kolon Life Science, Inc. (c)		3,174		262,043
Komipharm International Co., Ltd. (b) (c)		15,145		561,242
KONA I Co., Ltd. (c)		1,178		12,102
Korea Asset In Trust Co., Ltd.		63,021		354,157
Korea Electric Terminal Co., Ltd.		2,753		138,179

135

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Korea Kolmar Co., Ltd. (b)		9,650	$	704,353
Korea Kolmar Holdings Co., Ltd.		2,161		97,214
Korea Line Corp. (c)		7,169		187,985
Korea Petrochemical Ind Co., Ltd.		2,794		765,408
Korea Real Estate Investment & Trust Co., Ltd.		56,457		159,164
Korea United Pharm, Inc.		7,476		192,529
Korean Reinsurance Co.		100,635		1,076,310
Kortek Corp.		8,261		108,504
KT Skylife Co., Ltd.		5,372		61,486
Kumho Industrial Co., Ltd.		14,595		147,881
Kumho Tire Co., Inc. (b) (c)		53,599		178,513
Kwang Dong Pharmaceutical Co., Ltd.		18,591		154,184
KyungDong City Gas Co., Ltd.		835		30,003
KyungDong Invest Co., Ltd.		151		5,936
Kyungdong Pharm Co., Ltd.		7,433		165,968
L&F Co., Ltd. (b)		11,643		423,819
Leaders Cosmetics Co., Ltd. (c)		7,685		163,664
LEENO Industrial, Inc.		7,373		412,954
LF Corp.		13,847		344,908
LG Hausys, Ltd.		3,120		225,972
LG International Corp.		41,211		1,043,904
LIG Nex1 Co., Ltd.		5,661		246,165
Lock&Lock Co., Ltd.		3,509		78,845
Loen Entertainment, Inc.		4,356		451,579
Lotte Chilsung Beverage Co., Ltd.		296		424,603
Lotte Corp. (c)		5,302		315,364
LOTTE Fine Chemical Co., Ltd.		15,781		1,051,178
Lotte Food Co., Ltd.		725		442,795
LOTTE Himart Co., Ltd.		4,512		310,705
LS Industrial Systems Co., Ltd.		12,208		702,083
Lumens Co., Ltd. (c)		19,316		67,685
Lutronic Corp.		1,578		30,719
Macrogen, Inc. (b) (c)		4,563		204,627
Maeil Dairies Co., Ltd.		935		54,912
Maeil Holdings Co., Ltd.		702		9,089
MagnaChip Semiconductor Corp. (b) (c)		26,100		250,560
Medipost Co., Ltd. (c)		4,656		622,460
Meritz Financial Group, Inc.		35,474		482,572
Minwise Co., Ltd.		38,987		894,298
Mirae Corp. (c)		235,162		49,861
Modetour Network, Inc.		7,645		278,646
Muhak Co., Ltd.		4,979		80,578
Naturalendo Tech Co., Ltd. (b) (c)		10,913		205,278
Naturecell Co., Ltd. (c)		30,627		781,550
Neowiz (c)		6,816		128,531
NEPES Corp.		10,574		83,132
Nexen Tire Corp.		28,492		332,794
NHN Entertainment Corp. (c)		9,128		578,047
NHN KCP Corp. (c)		7,824		129,189
NICE Holdings Co., Ltd.		5,576		82,654
NongShim Co., Ltd.		3,055		859,837

Security Description	Shares		Value
OCI Co., Ltd.		8,205	$	1,216,240
Orion Holdings Corp.		13,096		329,888
Osstem Implant Co., Ltd. (c)		8,357		418,673
Paradise Co., Ltd. (b)		26,891		514,660
Partron Co., Ltd.		26,298		210,206
Paru Co., Ltd. (b) (c)		92,121		309,836
Peptron, Inc. (c)		7,483		466,152
Pharmicell Co., Ltd. (c)		65,580		959,797
Poongsan Corp.		20,228		729,681
POSCO Chemtech Co., Ltd.		13,567		601,408
Posco ICT Co., Ltd.		8,162		60,034
Power Logics Co., Ltd. (c)		15,954		69,225
PSK, Inc.		15,742		374,388
Qurient Co., Ltd. (c)		6,855		163,352
Redrover Co., Ltd. (b) (c)		22,928		76,792
S&T Dynamics Co., Ltd. (c)		7,617		56,168
S&T Motiv Co., Ltd.		10,748		396,281
Sajo Industries Co., Ltd.		1,260		80,856
Sam Chun Dang Pharm Co., Ltd.		6,383		234,145
Sam Kwang Glass Co., Ltd. (d)		191		10,321
Sam Yung Trading Co., Ltd.		5,818		96,339
Samchully Co., Ltd.		506		53,406
Samjin Pharmaceutical Co., Ltd.		10,812		439,723
Samsung Engineering Co., Ltd. (c)		99,738		1,731,075
Samsung Pharmaceutical Co., Ltd. (b) (c)		37,990		156,822
Samyang Holdings Corp.		4,265		385,727
Seah Besteel Corp.		12,058		298,650
SeAH Steel Corp.		684		53,775
Sebang Co., Ltd.		2,736		34,781
Seegene, Inc. (c)		14,902		485,129
Seobu T&D (c)		11,932		124,816
Seohan Co., Ltd.		158,997		343,084
Seoul Semiconductor Co., Ltd.		25,652		478,914
SEOWONINTECH Co., Ltd.		7,029		45,633
Seoyon Co., Ltd.		3,310		19,284
Seoyon E-Hwa Co., Ltd.		3,595		28,871
SFA Engineering Corp.		30,847		1,007,107
Shinsegae Information & Communication Co., Ltd.		7,638		1,268,342
Shinsegae, Inc.		3,540		1,157,416
Silicon Works Co., Ltd.		5,386		192,267
SillaJen, Inc. (c)		33,254		3,341,311
Sindoh Co., Ltd.		1,312		80,623
SK Bioland Co., Ltd.		4,062		78,885
SK Chemicals Co., Ltd. (c)		4,134		403,355
SK Discovery Co., Ltd.		3,850		147,188
SK Gas, Ltd.		3,836		335,771
SK Materials Co., Ltd. (b)		3,197		445,702
SK Networks Co., Ltd.		76,213		413,991
SK Securities Co., Ltd. (c)		254,908		280,999
SKC Co., Ltd.		15,281		547,644
SKCKOLONPI, Inc.		9,582		399,587
SM Culture & Contents Co., Ltd. (b) (c)		103,607		333,401

136

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SM Entertainment Co., Ltd. (b) (c)		9,774	$	426,850
Songwon Industrial Co., Ltd.		16,189		463,237
Soulbrain Co., Ltd.		8,198		449,163
SPC Samlip Co., Ltd.		1,740		202,421
Suheung Co., Ltd.		1,559		47,096
SundayToz Corp. (c)		1,006		41,055
Sungshin Cement Co., Ltd. (c)		1,703		8,835
Sungwoo Hitech Co., Ltd.		9,413		55,724
Suprema, Inc. (c)		1,772		41,478
Synopex, Inc. (c)		31,217		118,612
Taekwang Industrial Co., Ltd.		566		669,068
Taeyoung Engineering & Construction Co., Ltd.		47,955		472,397
Taihan Electric Wire Co., Ltd. (c)		100,050		122,962
TBH Global Co., Ltd. (c)		9,602		61,347
Tera Semicon Co., Ltd.		5,610		104,474
TES Co., Ltd.		18,001		495,665
Texcell-NetCom Co., Ltd. (c)		15,387		344,291
Tongyang Life Insurance Co., Ltd.		8,051		55,818
Tongyang, Inc. (b)		142,986		244,145
Toptec Co., Ltd. (c)		21,269		623,563
Tovis Co., Ltd.		7,741		57,664
Value Added Technology Co., Ltd.		3,758		141,026
Viatron Technologies, Inc.		12,176		169,064
Vieworks Co., Ltd.		7,107		263,037
ViroMed Co., Ltd. (c)		8,460		1,754,067
Wave Electronics Co., Ltd. (c)		6,959		187,375
Webzen, Inc. (c)		12,500		376,442
WeMade Entertainment Co., Ltd.		6,037		281,206
Whanin Pharmaceutical Co., Ltd.		9,349		219,275
Wins Co., Ltd.		6,997		86,322
WiSoL Co., Ltd.		6,458		85,428
Wonik Holdings Co., Ltd. (c)		109,486		763,187
WONIK IPS Co., Ltd.		18,342		565,283
Woojeon Co., Ltd. (a) (c)		7,674		—
Woongjin Thinkbig Co., Ltd.		8,476		53,119
YG Entertainment, Inc.		4,062		118,708
Youngone Corp.		10,953		280,530
Yuanta Securities Korea Co., Ltd. (c)		80,349		338,085
Yungjin Pharmaceutical Co., Ltd. (b) (c)		57,836		446,562
				106,013,970
SPAIN — 1.4%
Abengoa SA Class B (c)		13,317,101		171,969
Almirall SA (b)		37,220		438,983
Applus Services SA		58,978		767,411
Axiare Patrimonio SOCIMI SA REIT		34,462		700,169
Codere SA (c)		31,280		349,690
Construcciones y Auxiliar de Ferrocarriles SA		24,658		1,273,677

Security Description	Shares		Value
Ence Energia y Celulosa SA		56,780	$	427,365
Ercros SA		69,527		363,579
Euskaltel SA (e)		34,506		287,512
Faes Farma SA		265,007		967,980
Fluidra SA		38,658		657,052
Hispania Activos Inmobiliarios SOCIMI SA REIT		50,807		1,079,741
Lar Espana Real Estate Socimi SA REIT		27,495		329,694
Let’s GOWEX SA (a) (b) (c)		9,561		—
Liberbank SA (c)		683,870		374,103
Neinor Homes SA (b) (c) (e)		26,515		497,621
Obrascon Huarte Lain SA (b) (c)		52,931		225,432
Papeles y Cartones de Europa SA		29,819		519,288
Parques Reunidos Servicios Centrales SAU (e)		16,831		265,369
Pharma Mar SA (b) (c)		192,117		389,381
Promotora de Informaciones SA Class A (b) (c)		228,416		476,436
Sacyr SA		134,248		358,443
Saeta Yield SA		15,092		226,072
Talgo SA (b) (e)		41,083		265,261
Tecnicas Reunidas SA (b)		21,705		640,387
Telepizza Group SA (c) (e)		36,073		237,350
Tubacex SA (b) (c)		167,639		692,734
				12,982,699
SWEDEN — 2.9%
AcadeMedia AB (c) (e)		32,056		208,226
Acando AB		96,203		340,021
AF AB Class B		32,413		705,169
Alimak Group AB (e)		21,989		333,453
Ambea AB (c) (e)		19,920		142,952
Attendo AB (e)		53,287		500,433
Avanza Bank Holding AB (b)		11,058		581,236
Axactor AB (c)		778,015		256,664
Bergman & Beving AB		14,599		147,650
Betsson AB (c)		55,450		417,921
Bilia AB Class A		28,789		254,381
BioGaia AB Class B		6,894		346,560
Biotage AB		39,816		339,454
Bonava AB Class B		41,568		568,813
Boozt AB (b) (c) (e)		21,837		192,952
Bravida Holding AB (e)		90,061		642,002
Bufab AB		25,278		325,377
Bure Equity AB		24,543		269,320
Byggmax Group AB (b)		37,887		187,743
Capio AB (e)		77,424		391,058
Cellavision AB		20,704		339,183
Clas Ohlson AB Class B		21,133		227,863
Cloetta AB Class B		120,063		456,179
CLX Communications AB (c) (e)		918		6,423
Coor Service Management Holding AB (e)		47,677		380,856
D Carnegie & Co. AB (c) (f)		13,810		203,156
D Carnegie & Co. AB (b) (c) (f)		1,987		28,756
Duni AB		18,384		253,760
Dustin Group AB (e)		35,373		312,557

137

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Eltel AB (b) (c) (e)		62,726	$	194,736
Fingerprint Cards AB Class B (b) (c)		156,707		150,629
G5 Entertainment AB		4,662		169,896
Granges AB		40,459		473,201
Haldex AB (c)		48,248		491,997
Hansa Medical AB (b) (c)		15,362		432,898
Hemfosa Fastigheter AB		62,188		752,214
HIQ International AB (c)		35,089		299,573
Hoist Finance AB (e)		28,322		259,385
Infant Bacterial Therapeutics AB (c)		15		206
Investment AB Oresund		16,948		258,628
INVISIO Communications AB		30,375		224,508
Inwido AB		33,786		300,955
KappAhl AB		40,819		124,775
Karo Pharma AB (b)		89,069		350,435
Klovern AB Class B (b)		206,989		255,560
KNOW IT AB		25,597		513,481
Kungsleden AB		88,988		592,382
LeoVegas AB (e)		70,539		598,859
Lindab International AB		22,692		170,973
Medicover AB (c)		39,599		293,158
Medivir AB Class B (b) (c)		945		4,074
Mekonomen AB (b)		10,388		176,879
Momentum Group AB Class B (c)		21,629		258,263
Mycronic AB (b)		33,306		424,736
New Wave Group AB Class B		103,602		671,728
Nobia AB		57,581		516,694
Nobina AB (e)		53,251		342,404
Nolato AB Class B		13,186		958,862
Opus Group AB		16,370		12,021
Qliro Group AB (c)		104,073		151,609
Ratos AB Class B		60,498		235,063
RaySearch Laboratories AB (b) (c)		15,420		226,472
Recipharm AB Class B (b)		11,117		126,903
Sagax AB Class D		30		115
SAS AB (b) (c)		95,210		225,099
Scandi Standard AB		31,621		216,727
Scandic Hotels Group AB (e)		33,539		320,180
SkiStar AB		11,775		235,365
Starbreeze AB (b) (c)		51,093		58,232
Tethys Oil AB		33,991		272,746
Thule Group AB (e)		30,107		649,248
Tobii AB (b) (c)		43,156		165,929
Troax Group AB		6,872		193,651
Vitrolife AB		9,245		652,409
Wihlborgs Fastigheter AB		129,933		3,000,554
				26,364,530
SWITZERLAND — 2.2%
APG SGA SA		321		135,091
Arbonia AG (b) (c)		22,038		402,741
Ascom Holding AG		22,817		483,694
Autoneum Holding AG		1,540		418,129
Bachem Holding AG Class B		3,925		515,628
Basilea Pharmaceutica AG (c)		9,379		650,340

Security Description	Shares		Value
Bell Food Group AG		886	$	340,947
Bobst Group SA		3,006		331,803
Bossard Holding AG Class A		2,166		443,333
Burckhardt Compression Holding AG		1,499		477,125
Burkhalter Holding AG		2,938		343,626
Comet Holding AG (c)		3,679		507,899
Evolva Holding SA (b) (c)		267,645		74,206
Gurit Holding AG (c)		255		207,174
HBM Healthcare Investments AG Class A (c)		3,180		478,195
HOCHDORF Holding AG (b) (c)		950		281,250
Huber + Suhner AG		6,804		385,105
Implenia AG		8,932		706,557
Inficon Holding AG (c)		1,019		625,170
Interroll Holding AG		442		692,356
Intershop Holding AG		272		142,590
Kardex AG (c)		4,408		595,651
Komax Holding AG		2,385		686,908
Kudelski SA (b) (c)		42,637		445,249
LEM Holding SA		292		484,837
Leonteq AG (c)		3,944		224,465
Metall Zug AG		63		216,776
Meyer Burger Technology AG (b) (c)		256,306		296,026
Mobilezone Holding AG (b)		19,673		251,870
Mobimo Holding AG (c)		3,355		886,398
Newron Pharmaceuticals SpA (c)		200		1,729
Orior AG		6,225		512,899
Phoenix Mecano AG		488		337,360
Resurs Holding AB (e)		55,056		387,866
Rieter Holding AG (c)		1,584		309,158
Santhera Pharmaceuticals Holding AG (b) (c)		4,312		76,009
Schmolz + Bickenbach AG (c)		200,004		154,765
Schweiter Technologies AG		353		418,764
Siegfried Holding AG (c)		1,876		630,819
Swissquote Group Holding SA		5,971		361,652
u-blox Holding AG		3,099		556,629
Valiant Holding AG		7,176		848,291
Valora Holding AG		5,283		1,804,032
Vaudoise Assurances Holding SA		484		259,791
Vetropack Holding AG		141		275,345
Ypsomed Holding AG (b) (c)		2,009		306,091
Zehnder Group AG		2,783		128,019
Zur Rose Group AG (c)		2,808		319,038
				20,419,396
UNITED ARAB EMIRATES — 0.0% (g)
Lamprell PLC (c)		125,868		128,894
NMC Health PLC		3		143
				129,037
UNITED KINGDOM — 8.5%
888 Holdings PLC		84,117		318,362
A.G. Barr PLC		49,862		459,548

138

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
AA PLC		370,411	$	418,288
Acacia Mining PLC		90,594		181,605
Allied Minds PLC (c)		93,111		137,147
Anglo Pacific Group PLC		133,948		282,793
AO World PLC (b) (c)		88,932		144,215
Arrow Global Group PLC		95,758		470,153
Ascential PLC		207,861		1,215,336
Assura PLC REIT		1,143,062		950,868
AVEVA Group PLC		34,095		914,002
Avon Rubber PLC		18,362		327,129
Biffa PLC (e)		151,834		425,986
Big Yellow Group PLC REIT		62,818		751,673
Bovis Homes Group PLC		76,327		1,219,545
Brewin Dolphin Holdings PLC		118,321		572,301
Cairn Energy PLC (c)		270,535		781,783
Capital & Regional PLC REIT		370,198		280,429
Card Factory PLC		107,720		285,748
Carillion PLC (a) (b)		8,202		—
Chemring Group PLC		109,150		306,231
Cineworld Group PLC		30		99
Civitas Social Housing PLC REIT		140,472		191,931
Clarkson PLC		13,098		554,891
CMC Markets PLC (e)		40,246		95,525
Coats Group PLC		619,828		666,033
Computacenter PLC		35,065		564,692
Connect Group PLC		76,168		59,835
Costain Group PLC		55,946		364,545
Countrywide PLC (c)		7,515		11,132
Cranswick PLC		23,470		936,351
Crest Nicholson Holdings PLC		145,968		930,447
Dairy Crest Group PLC		69,110		496,371
De La Rue PLC		40,302		287,766
Debenhams PLC		450,982		132,095
Devro PLC		66,941		184,053
DFS Furniture PLC		82,635		213,525
Dialight PLC (b) (c)		13,424		94,533
Dignity PLC		26,628		326,659
Diploma PLC		51,824		829,492
Domino’s Pizza Group PLC		286,854		1,329,928
Drax Group PLC		224,708		865,595
Dunelm Group PLC		58,326		431,190
EI Group PLC (c)		466,265		752,188
Elementis PLC		228,339		946,207
Empiric Student Property PLC REIT		391,835		452,925
EnQuest PLC (c)		527,448		214,572
Equiniti Group PLC (e)		214,433		897,908
Essentra PLC		115,639		687,482
esure Group PLC		153,937		467,300
F&C Commercial Property Trust, Ltd.		303,724		602,455
Fenner PLC		178,393		1,524,021
Fidessa Group PLC		20,467		1,052,262
Firstgroup PLC (c)		562,746		648,114
Forterra PLC (e)		109,843		456,100
Foxtons Group PLC		9,778		11,152
Galliford Try PLC		44,156		517,216

Security Description	Shares		Value
Games Workshop Group PLC		13,347	$	431,569
Genel Energy PLC (b) (c)		25,134		59,233
Genus PLC		36,236		1,184,382
Go-Ahead Group PLC		18,911		465,307
Gocompare.Com Group PLC		180,006		282,814
Grainger PLC		184,115		746,419
Greene King PLC (b)		6		40
Greggs PLC		55,150		950,809
Gulf Keystone Petroleum, Ltd. (c)		171,874		313,436
Halfords Group PLC		92,577		423,367
Hansteen Holdings PLC REIT		151,494		271,170
Helical PLC		44,258		200,535
Hill & Smith Holdings PLC		40,757		759,841
Hunting PLC (c)		69,810		657,596
Huntsworth PLC		1,886		2,513
Ibstock PLC (e)		222,903		881,781
Indivior PLC (c)		24		137
International Personal Finance PLC		92,990		299,244
Interserve PLC (b) (c)		77,662		87,864
ITE Group PLC		303,952		666,012
J D Wetherspoon PLC		92,793		1,482,637
Jackpotjoy PLC (c)		44,172		503,152
JD Sports Fashion PLC		9		42
John Laing Group PLC (e)		263,725		996,655
John Menzies PLC		30,267		266,640
Johnston Press PLC (c)		374		48
Just Group PLC		378,076		722,357
KCOM Group PLC		244,080		315,346
Keller Group PLC		60,123		733,763
Kier Group PLC (b)		56,925		746,239
Laird PLC		66,600		187,040
Lancashire Holdings, Ltd.		109,954		894,612
Lb-shell PLC (c)		571		2
LondonMetric Property PLC		320,488		801,153
Lonmin PLC (c)		109,500		89,245
Lookers PLC		140,150		171,437
Luxfer Holdings PLC		9,128		116,838
Marshalls PLC		111,067		651,576
Marston’s PLC		434,080		614,408
McBride PLC (c) (d) (f)		4,089,696		5,737
McBride PLC (c) (f)		157,773		350,135
McCarthy & Stone PLC (e)		247,402		501,495
Medica Group PLC		97,718		169,978
Mitchells & Butlers PLC		114,437		400,367
Mitie Group PLC		276,309		616,294
Moneysupermarket.com Group PLC		27		109
Morgan Advanced Materials PLC		191,648		855,999
Mothercare PLC (c)		20,418		4,898
N Brown Group PLC		65,907		163,182
NCC Group PLC		137,745		363,463
NewRiver REIT PLC (b)		151,524		612,167
Northgate PLC		52,157		247,154
On the Beach Group PLC (e)		38,465		288,679
OneSavings Bank PLC		64,472		337,346

139

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
Ophir Energy PLC (c)		215,402	$	158,939
Oxford Biomedica PLC (c)		1,806,506		280,279
Oxford Instruments PLC		25,181		261,750
Pagegroup PLC		161,412		1,214,790
Paragon Banking Group PLC		140,087		924,402
Pendragon PLC		560,988		182,573
Petrofac, Ltd.		152,094		1,081,296
Petropavlovsk PLC (c)		1,016,493		101,527
Pets at Home Group PLC		163,971		388,731
Photo-Me International PLC		112,665		260,144
Picton Property Income, Ltd.		187,321		221,518
Polypipe Group PLC		121,904		595,104
Premier Foods PLC (c)		67,169		35,617
Premier Oil PLC (c)		375,646		364,654
Primary Health Properties PLC REIT (f)		315,889		488,328
Primary Health Properties PLC (c) (d) (f)		18,580		573
Provident Financial PLC (b)		85,371		816,274
PZ Cussons PLC		115,934		371,777
QinetiQ Group PLC		301,347		872,091
Rank Group PLC		79,906		231,470
Rathbone Brothers PLC		26,693		913,657
RDI REIT PLC		582,347		261,822
Regional REIT, Ltd. (e)		161,645		224,942
Renewi PLC		446,476		469,737
Renishaw PLC		3		190
Restaurant Group PLC (b)		92,069		327,794
RPC Group PLC		12		130
RPS Group PLC		217,572		778,286
Safestore Holdings PLC REIT		84,809		584,143
Savills PLC		60,050		826,797
Schroder Real Estate Investment Trust, Ltd.		261,410		215,623
Senior PLC		451,404		1,903,488
Serco Group PLC (c)		600,826		743,384
SIG PLC		282,210		535,631
Sirius Minerals PLC (b) (c)		2,514,696		1,070,984
Soco International PLC		107,647		138,625
Softcat PLC		62,308		596,107
Spire Healthcare Group PLC (e)		170,173		499,400
SSP Group PLC		15		129
St Modwen Properties PLC		76,655		416,578
Stagecoach Group PLC		156,603		289,981
Stobart Group, Ltd.		129,617		401,837
Stock Spirits Group PLC		96,456		336,242
Superdry PLC		25,765		564,194
SVG Capital PLC (c) (d)		16,733		16,431
Ted Baker PLC		11,502		403,375
Telecom Plus PLC		10,496		179,925
Topps Tiles PLC		112,968		123,608
TORM PLC (b)		12,311		90,592
Trinity Mirror PLC		10,795		12,039
Tyman PLC		123,644		516,874
UK Commercial Property Trust, Ltd. (b)		173,194		217,446
Ultra Electronics Holdings PLC		41,231		799,911
Vectura Group PLC (c)		303,594		330,697

Security Description	Shares		Value
Virgin Money Holdings UK PLC		171,706	$	633,004
Wincanton PLC		159,364		489,587
Workspace Group PLC REIT		48,117		669,585
ZPG PLC (e)		151,652		714,798
				78,283,404
UNITED STATES — 0.9%
Adaptimmune Therapeutics PLC ADR (c)		37,753		423,966
Alacer Gold Corp. (c)		11,845		18,834
Argonaut Gold, Inc. (c)		55,139		105,210
Avadel Pharmaceuticals PLC ADR (b) (c)		22,140		161,401
Boart Longyear, Ltd. (c)		36		—
BrightSphere Investment Group PLC		63,497		1,000,713
Civeo Corp. (c)		103,608		390,602
DHT Holdings, Inc.		65,590		223,006
Ferroglobe Representation & Warranty Insurance Trust (a) (c)		19,857		—
Globant SA (c)		12,901		664,917
Golden Star Resources, Ltd. (b) (c)		274,163		160,934
IMAX Corp. (c)		38,172		732,902
MDC Partners, Inc. Class A (c)		32,851		236,527
Mimecast, Ltd. (c)		19,911		705,447
Mitel Networks Corp. (c)		41,370		383,914
Nordic American Tankers, Ltd.		65,939		127,922
Ormat Technologies, Inc.		1		44
Oxford Immunotec Global PLC (b) (c)		19,746		245,838
REC Silicon ASA (c)		749,396		142,798
Reliance Worldwide Corp., Ltd. (b)		288,753		978,977
Stratasys, Ltd. (b) (c)		33,616		678,371
Tahoe Resources, Inc.		175,510		823,607
Tucows, Inc. Class A (b) (c)		8,200		459,200
Vail Resorts, Inc.		24		5,321
				8,670,451
TOTAL COMMON STOCKS (Cost $836,992,633)				914,361,104
WARRANTS — 0.0% (g)
AUSTRALIA — 0.0% (g)
Boart Longyear, Ltd. (expiring 9/13/24) (c)		50		0
Westgold Resources, Ltd. (expiring 6/30/19) (b) (c)		19,337		2,893
				2,893
FRANCE — 0.0% (g)
CGG SA (expiring 2/21/22) (b) (c)		533		216
CGG SA (expiring 2/21/23) (c)		1,729		300
				516

140

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Security Description	Shares		Value
SINGAPORE — 0.0% (g)
Ezion Holdings, Ltd. (expiring 4/24/20) (b) (c) (d)		115,305	$	2,638
TOTAL WARRANTS (Cost $0)				6,047
RIGHTS — 0.0% (g)
ITALY — 0.0% (g)
Immobiliare Grande Distribuzione SIIQ SpA (expiring 04/13/18) (c)		16,859		17,927
SWEDEN — 0.0% (g)
Starbreeze AB (expiring 4/10/18) (b) (c)		51,093		854
UNITED KINGDOM — 0.0% (g)
Galliford Try PLC (expiring 4/13/18) (c)		14,719		57,812
Provident Financial PLC (expiring 4/9/18) (c)		60,470		314,710
				372,522
TOTAL RIGHTS (Cost $266,038)				391,303
SHORT-TERM INVESTMENTS — 10.6%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.62% (h) (i)		1,510,725		1,510,725
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)		95,964,387		95,964,387
TOTAL SHORT-TERM INVESTMENTS (Cost $97,475,112)				97,475,112
TOTAL INVESTMENTS — 109.6% (Cost $934,733,783)				1,012,233,566
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.6)%				(88,411,858	)
NET ASSETS — 100.0%			$	923,821,708

(a) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2018, total aggregate fair value of the securities is $0, representing 0.0% of the Fund’s net assets.

(b) All or a portion of the shares of the security are on loan at March 31, 2018.

(c) Non-income producing security.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2018, total aggregate fair value of securities is $754,522, representing less than 0.05% of net assets.

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.1% of net assets as of March 31, 2018, 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 is less than 0.05% of net assets.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2018 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at March 31, 2018.

(j) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	58,349,902	$	0	(a)	$	0	(b)	$	58,349,902
Austria		2,903,419		—			—			2,903,419
Belgium		12,689,606		—			—			12,689,606
Canada		72,498,781		56,380			0	(b)		72,555,161
China		2,677,820		—			—			2,677,820
Denmark		6,131,667		—			0	(b)		6,131,667
Finland		6,544,251		—			0	(b)		6,544,251

141

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

March 31, 2018 (Unaudited)

Description	Level 1 – Quoted Prices		Level 2 – Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs			Total
France	$	19,284,098	$	—	$	—		$	19,284,098
Germany		29,930,051		—		—			29,930,051
Greece		—		—		0	(b)		0
Hong Kong		23,335,653		213,157		0	(b)		23,548,810
India		186,488		—		—			186,488
Ireland		7,055,211		—		—			7,055,211
Israel		16,653,485		—		—			16,653,485
Italy		11,460,844		—		—			11,460,844
Japan		338,474,876		—		0	(b)		338,474,876
Liechtenstein		282,131		—		—			282,131
Luxembourg		539,588		—		—			539,588
Macau		477,938		—		—			477,938
Malta		381,645		—		—			381,645
Netherlands		13,185,764		—		—			13,185,764
New Zealand		10,130,154		—		—			10,130,154
Norway		12,153,056		—		—			12,153,056
Peru		256,202		—		—			256,202
Portugal		2,100,561		—		—			2,100,561
Singapore		13,078,293		271,380		0	(b)		13,349,673
South Africa		195,216		—		—			195,216
South Korea		105,825,744		188,226		0	(b)		106,013,970
Spain		12,982,699		—		0	(b)		12,982,699
Sweden		26,364,530		—		—			26,364,530
Switzerland		20,419,396		—		—			20,419,396
United Arab Emirates		129,037		—		—			129,037
United Kingdom		78,260,663		22,741		0	(b)		78,283,404
United States		8,670,451		—		0	(b)		8,670,451
Warrants
Australia		2,893		—		—			2,893
France		516		—		—			516
Singapore		—		2,638		—			2,638
Rights
Italy		17,927		—		—			17,927
Sweden		854		—		—			854
United Kingdom		372,522		—		—			372,522
Short-Term Investments		97,475,112		—		—			97,475,112
TOTAL INVESTMENTS	$	1,011,479,044	$	754,522	$	0		$	1,012,233,566

(a) Fund held a Level 2 security that was valued at $0 at March 31, 2018.

(b) Fund held Level 3 securities that were valued at $0 at March 31, 2018.

Affiliate Table

	Number of Shares Held at 9/30/17		Value at 9/30/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/18		Value at 3/31/18		Dividend Income		Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund, Class G Shares		73,500	$	73,500	$	71,569,182	$	70,131,957	$	—	$	—		1,510,725	$	1,510,725	$	24,500	$	—
State Street Navigator Securities Lending Government Money Market Portfolio		66,029,680		66,029,680		101,110,821		71,176,114		—		—		95,964,387		95,964,387		1,512,147		—
Total			$	66,103,180	$	172,680,003	$	141,308,071	$	—	$	—			$	97,475,112	$	1,536,647	$	—

142

(b) Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

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

Item 11. Controls and Procedures.

(a) Within 90 days of the filing date of this Form N-CSR, Ellen M. Needham, the registrant’s President and Principal Executive Officer, and Bruce S. Rosenberg, the registrant’s Treasurer and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) and evaluated their effectiveness. Based on their review, Ms. Needham and Mr. Rosenberg 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 U.S. 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

Item 13. Exhibits.

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

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

(a)(3) Not applicable to the registrant.

(a)(4) Not applicable to the registrant.

(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, as amended, 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, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SPDR® Index Shares Funds
By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President and Principal Executive Officer
Date:	June 1, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President and Principal Executive Officer
Date:	June 1, 2018
By:	/s/ Bruce S. Rosenberg
	Bruce S. Rosenberg
	Treasurer and Principal Financial Officer
Date:	June 1, 2018