N-CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21145

SPDR^® INDEX SHARES FUNDS

(Exact name of registrant as specified in charter)

One Lincoln Street, Boston, Massachusetts 02111

(Address of principal executive offices) (zip code)

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

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

Date of fiscal year end: September 30

Date of reporting period: September 30, 2014

Item 1. Reports to Shareholders.

SPDR^® Index Shares Funds

Annual Report September 30, 2014

Precise in a world that isn’t.^®

TABLE OF CONTENTS

Fund Performance & Portfolio Summaries
SPDR® STOXX® Europe 50 ETF (FEU)	1
SPDR EURO STOXX 50® ETF (FEZ)	5
SPDR EURO STOXX Small Cap ETF	9
SPDR S&P® Emerging Asia Pacific ETF (GMF)	10
SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS)	14
SPDR S&P Russia ETF (RBL)	18
SPDR S&P China ETF (GXC)	22
SPDR S&P Emerging Markets ETF (GMM)	26
SPDR S&P Emerging Markets Dividend ETF (EDIV)	30
SPDR S&P BRIC 40 ETF (BIK)	34
SPDR S&P Emerging Europe ETF (GUR)	38
SPDR S&P Emerging Latin America ETF (GML)	42
SPDR S&P Emerging Middle East & Africa ETF (GAF)	46
SPDR S&P World ex-US ETF (GWL)	50
SPDR S&P International Small Cap ETF (GWX)	54
SPDR Dow Jones International Real Estate ETF (RWX)	58
SPDR S&P Global Infrastructure ETF (GII)	62
SPDR S&P Global Natural Resources ETF (GNR)	66
SPDR MSCI ACWI ex-US ETF (CWI)	70
SPDR MSCI ACWI IMI ETF (ACIM)	74
SPDR MSCI EM 50 ETF (EMFT)	78
SPDR MSCI EM Beyond BRIC ETF (EMBB)	82
SPDR MSCI EAFE Quality Mix ETF	86
SPDR MSCI Emerging Markets Quality Mix ETF	87
SPDR MSCI World Quality Mix ETF	88
SPDR MSCI Australia Quality Mix ETF	89
SPDR MSCI Canada Quality Mix ETF	90
SPDR MSCI Germany Quality Mix ETF	91
SPDR MSCI Japan Quality Mix ETF	92
SPDR MSCI Mexico Quality Mix ETF	93
SPDR MSCI South Korea Quality Mix ETF	94
SPDR MSCI Spain Quality Mix ETF	95
SPDR MSCI Taiwan Quality Mix ETF	96
SPDR MSCI United Kingdom Quality Mix ETF	97
SPDR Russell/Nomura PRIMETM Japan ETF (JPP)	98
SPDR Russell/Nomura Small CapTM Japan ETF (JSC)	102
SPDR S&P Global Dividend ETF (WDIV)	106
SPDR S&P International Dividend ETF (DWX)	110
SPDR S&P International Mid Cap ETF (MDD)	114
SPDR S&P Emerging Markets Small Cap ETF (EWX)	118
SPDR Dow Jones Global Real Estate ETF (RWO)	122

SPDR S&P International Consumer Discretionary Sector ETF (IPD)	126
SPDR S&P International Consumer Staples Sector ETF (IPS)	130
SPDR S&P International Energy Sector ETF (IPW)	134
SPDR S&P International Financial Sector ETF (IPF)	138
SPDR S&P International Health Care Sector ETF (IRY)	142
SPDR S&P International Industrial Sector ETF (IPN)	146
SPDR S&P International Materials Sector ETF (IRV)	150
SPDR S&P International Technology Sector ETF (IPK)	154
SPDR S&P International Telecommunications Sector ETF (IST)	158
SPDR S&P International Utilities Sector ETF (IPU)	162
Schedules of Investments
SPDR STOXX Europe 50 ETF (FEU)	166
SPDR EURO STOXX 50 ETF (FEZ)	167
SPDR S&P Emerging Asia Pacific ETF (GMF)	170
SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS)	176
SPDR S&P Russia ETF (RBL)	182
SPDR S&P China ETF (GXC)	184
SPDR S&P Emerging Markets ETF (GMM)	191
SPDR S&P Emerging Markets Dividend ETF (EDIV)	202
SPDR S&P BRIC 40 ETF (BIK)	204
SPDR S&P Emerging Europe ETF (GUR)	205
SPDR S&P Emerging Latin America ETF (GML)	207
SPDR S&P Emerging Middle East & Africa ETF (GAF)	210
SPDR S&P World ex-US ETF (GWL)	212
SPDR S&P International Small Cap ETF (GWX)	225
SPDR Dow Jones International Real Estate ETF (RWX)	247
SPDR S&P Global Infrastructure ETF (GII)	249
SPDR S&P Global Natural Resources ETF (GNR)	251
SPDR MSCI ACWI ex-US ETF (CWI)	253
SPDR MSCI ACWI IMI ETF (ACIM)	260
SPDR MSCI EM 50 ETF (EMFT)	269
SPDR MSCI EM Beyond BRIC ETF (EMBB)	270
SPDR Russell/Nomura PRIME Japan ETF (JPP)	315
SPDR Russell/Nomura Small Cap Japan ETF (JSC)	321
SPDR S&P Global Dividend ETF (WDIV)	329
SPDR S&P International Dividend ETF (DWX)	331
SPDR S&P International Mid Cap ETF (MDD)	333
SPDR S&P Emerging Markets Small Cap ETF (EWX)	340
SPDR Dow Jones Global Real Estate ETF (RWO)	349
SPDR S&P International Consumer Discretionary Sector ETF (IPD)	352
SPDR S&P International Consumer Staples Sector ETF (IPS)	354
SPDR S&P International Energy Sector ETF (IPW)	356
SPDR S&P International Financial Sector ETF (IPF)	358
SPDR S&P International Health Care Sector ETF (IRY)	361

SPDR S&P International Industrial Sector ETF (IPN)	363
SPDR S&P International Materials Sector ETF (IRV)	366
SPDR S&P International Technology Sector ETF (IPK)	369
SPDR S&P International Telecommunications Sector ETF (IST)	372
SPDR S&P International Utilities Sector ETF (IPU)	374
Financial Statements	376
Financial Highlights	418
Notes to Financial Statements	447
Other Information	477

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 6.33%, and the total return for the Index was 6.39%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, cash drag, and compounding (the exponential growth of outperformance or underperformance).

The Fund experienced positive returns for the first three fiscal quarters, while the last quarter’s negative return dragged down the overall performance. In the first quarter of the Reporting Period, the European Central Bank (the “ECB”) cut rates in response to a lower inflation reading, and share prices flourished in response. In the next quarter, testimony from the ECB and the Bank of England and Russian rhetoric, regarding Ukraine took a more measured tone, allowing several equity indexes to retain confidence and continue to stay in positive territory. In June 2014, markets continued to move higher when the ECB lowered overnight rates as well as its main financing rate. The ECB further announced that it was looking at various steps to improve and encourage low-cost, long-term loans to businesses. Stocks in the last quarter of the Reporting Period fell significantly as banking fears in Europe were re-ignited, including concern that Portugal’s largest bank would not be able to pay off its debt.

On an individual security level, the top positive contributors to the Fund’s performance were Novartis AG, AstraZeneca PLC, and Royal Dutch Shell Plc Class A. The top negative contributors to the Fund’s performance were UBS AG, Standard Chartered PLC, and Tesco PLC.

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

1

SPDR STOXX Europe 50 ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR STOXX Europe 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.29%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		STOXX EUROPE		NET ASSET		MARKET		STOXX EUROPE
	VALUE		VALUE		50 INDEX		VALUE		VALUE		50 INDEX
ONE YEAR		6.33%		5.71%		6.39%		6.33%		5.71%		6.39%
THREE YEARS		48.26%		50.08%		48.36%		14.03%		14.49%		14.05%
FIVE YEARS		28.08%		27.49%		27.96%		5.07%		4.98%		5.05%
TEN YEARS		61.80%		60.58%		62.44%		4.93%		4.85%		4.97%

2

SPDR STOXX Europe 50 ETF —
Performance Summary (continued)

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

	STOXX		STOXX
	50 Fund		50 Index
Sep-04		10000		10000
Dec-04		11405		11417
Mar-05		11343		11361
Jun-05		11333		11351
Sep-05		12160		12201
Dec-05		12248		12302
Mar-06		13242		13319
Jun-06		13659		13720
Sep-06		14276		14356
Dec-06		15523		15620
Mar-07		15825		15936
Jun-07		17323		17429
Sep-07		17733		17858
Dec-07		17640		17772
Mar-08		15796		15917
Jun-08		15415		15505
Sep-08		12544		12606
Dec-08		9885		9932
Mar-09		8311		8346
Jun-09		10330		10366
Sep-09		12630		12694
Dec-09		13115		13198
Mar-10		12660		12742
Jun-10		10471		10511
Sep-10		12312		12376
Dec-10		12651		12727
Mar-11		13460		13543
Jun-11		13888		13952
Sep-11		10912		10949
Dec-11		11634		11687
Mar-12		12501		12558
Jun-12		11767		11796
Sep-12		12688		12729
Dec-12		13359		13410
Mar-13		13750		13800
Jun-13		13642		13677
Sep-13		15216		15269
Dec-13		16347		16412
Mar-14		16464		16539
Jun-14		17144		17208
Sep-14		16176		16244

Past performance is not a guarantee of future results.

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

3

SPDR STOXX Europe 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

DESCRIPTION	NOVARTIS AG	NESTLE SA	ROCHE HOLDING AG	HSBC HOLDINGS PLC	TOTAL SA
MARKET VALUE	$14,903,668	14,570,975	12,792,683	11,915,922	9,500,268
% OF NET ASSETS	5.7	5.6	4.9	4.6	3.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Pharmaceuticals		21.3	%
Banks		15.9
Oil, Gas & Consumable Fuels		13.4
Food Products		8.3
Insurance		5.3
Metals & Mining		4.1
Diversified Telecommunication Services		3.7
Beverages		3.7
Capital Markets		3.5
Chemicals		3.0
Tobacco		2.5
Industrial Conglomerates		2.3
Electrical Equipment		2.3
Wireless Telecommunication Services		2.1
Textiles, Apparel & Luxury Goods		2.0
Automobiles		1.8
Software		1.6
Household Products		1.3
Multi-Utilities		1.3
Short Term Investments		1.7
Other Assets & Liabilities		(1.1	)
TOTAL		100.0	%

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

4

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 7.20%, and the total return for the Index was 6.91%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, cash drag, and compounding (the exponential growth of outperformance or underperformance).

The Fund experienced positive returns for the first three fiscal quarters, while the last quarter’s negative return dragged down the overall performance. In the first quarter of the Reporting Period, the European Central Bank (the “ECB”) cut rates in response to a lower inflation reading, and share prices flourished in response. In the next quarter, reassuring testimony from the ECB and the Bank of England and Russian rhetoric, regarding Ukraine took a more measured tone, allowing several equity indexes to retain confidence and continue to stay in positive territory. In June 2014, markets continued to move higher when the ECB lowered overnight rates as well as its main financing rate. The ECB further announced that it was looking at various steps to improve and encourage low-cost, long-term loans to businesses. Stocks in the last quarter of the Reporting Period fell significantly as banking fears in Europe were re-ignited, including concern that Portugal’s largest bank would not be able to pay off its debt.

On an individual security level, the top positive contributors to the Fund’s performance were Total SA, Banco Santander S.A., and Bayer AG. The top negative contributors to the Fund’s performance were Danone SA, Deutsche Bank AG, and LVMH Moet Hennessy Louis Vuitton SA.

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

5

SPDR EURO STOXX 50 ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR EURO STOXX 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.29%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		EURO STOXX		NET ASSET		MARKET		EURO STOXX
	VALUE		VALUE		50 INDEX		VALUE		VALUE		50 INDEX
ONE YEAR		7.20%		6.55%		6.91%		7.20%		6.55%		6.91%
THREE YEARS		55.03%		56.70%		53.26%		15.74%		16.15%		15.29%
FIVE YEARS		16.38%		15.56%		14.04%		3.08%		2.93%		2.66%
TEN YEARS		67.74%		66.97%		63.27%		5.31%		5.26%		5.02%

6

SPDR EURO STOXX 50 ETF —
Performance Summary (continued)

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

	streetTRACKS Dow		streetTRACKS Dow
	Jones EURO		Jones EURO
	STOXX		STOXX
	50 Fund		50 Index
Sep-04		10000		10000
Dec-04		11857		11864
Mar-05		11763		11775
Jun-05		11623		11625
Sep-05		12482		12506
Dec-05		12766		12797
Mar-06		14122		14169
Jun-06		14412		14424
Sep-06		15289		15312
Dec-06		16857		16888
Mar-07		17300		17330
Jun-07		19256		19243
Sep-07		19839		19824
Dec-07		20536		20521
Mar-08		18370		18373
Jun-08		17365		17295
Sep-08		14085		14019
Dec-08		11300		11238
Mar-09		9162		9112
Jun-09		11546		11454
Sep-09		14416		14316
Dec-09		14671		14575
Mar-10		13699		13615
Jun-10		11191		11063
Sep-10		13338		13199
Dec-10		13383		13245
Mar-11		14782		14636
Jun-11		15177		14975
Sep-11		10820		10653
Dec-11		11178		11009
Mar-12		12310		12124
Jun-12		11069		10841
Sep-12		12218		11963
Dec-12		13477		13200
Mar-13		13115		12842
Jun-13		13479		13151
Sep-13		15651		15272
Dec-13		17177		16763
Mar-14		17525		17104
Jun-14		18150		17661
Sep-14		16777		16327

Past performance is not a guarantee of future results.

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

7

SPDR EURO STOXX 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

DESCRIPTION	TOTAL SA	SANOFI	BAYER AG	BANCO SANTANDER SA	SIEMENS AG
MARKET VALUE	$296,647,864	261,191,145	222,326,755	221,205,992	189,457,900
% OF NET ASSETS	6.0	5.3	4.5	4.5	3.8

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		17.2	%
Pharmaceuticals		9.8
Oil, Gas & Consumable Fuels		9.4
Insurance		7.1
Diversified Telecommunication Services		6.5
Automobiles		5.6
Industrial Conglomerates		5.0
Chemicals		4.9
Food Products		4.0
Multi-Utilities		3.7
Beverages		3.3
Electric Utilities		2.8
Software		2.7
Capital Markets		1.8
Electrical Equipment		1.7
Textiles, Apparel & Luxury Goods		1.7
Personal Products		1.5
Semiconductors & Semiconductor Equipment		1.5
Aerospace & Defense		1.4
Communications Equipment		1.2
Construction & Engineering		1.2
Air Freight & Logistics		1.2
Specialty Retail		1.1
Real Estate Investment Trusts		1.0
Health Care Equipment & Supplies		0.9
Building Products		0.9
Food & Staples Retailing		0.8
Metals & Mining		0.0	***
Short Term Investments		1.4
Other Assets & Liabilities		(1.3	)
TOTAL		100.0	%

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

8

SPDR EURO STOXX Small Cap ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

DESCRIPTION	DELTA LLOYD NV	GECINA SA	HUGO BOSS AG	ALTICE SA	WIRECARD AG
MARKET VALUE	$136,384	135,256	126,886	125,375	124,691
% OF NET ASSETS	1.8	1.8	1.7	1.6	1.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Media		11.5	%
Banks		8.4
Real Estate Investment Trusts		6.6
Insurance		5.8
Diversified Financial Services		4.7
Diversified Telecommunication Services		3.9
Hotels, Restaurants & Leisure		3.4
Real Estate Management & Development		3.1
Food & Staples Retailing		3.0
Air Freight & Logistics		2.9
Health Care Providers & Services		2.8
Food Products		2.8
Textiles, Apparel & Luxury Goods		2.7
Pharmaceuticals		2.4
Oil, Gas & Consumable Fuels		2.2
Construction & Engineering		2.2
Beverages		2.1
Electrical Equipment		2.1
Chemicals		1.9
Energy Equipment & Services		1.8
Machinery		1.7
Life Sciences Tools & Services		1.7
IT Services		1.6
Aerospace & Defense		1.5
Professional Services		1.3
Commercial Services & Supplies		1.3
Wireless Telecommunication Services		1.3
Electric Utilities		1.3
Capital Markets		1.0
Technology Hardware, Storage & Peripherals		1.0
Containers & Packaging		1.0
Construction Materials		0.9
Transportation Infrastructure		0.9
Leisure Products		0.9
Airlines		0.9
Building Products		0.9
Metals & Mining		0.8
Gas Utilities		0.8
Industrial Conglomerates		0.7
Semiconductors & Semiconductor Equipment		0.7
Household Durables		0.7
Auto Components		0.7
Short Term Investments		0.1
Other Assets & Liabilities		0.0	***
TOTAL		100.0	%

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

9

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 12.99%, and the total return for the S&P Asia Pacific Emerging BMI Index (the “Index”) was 14.11%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference in Fund performance, relative to its Index, can be attributed to expenses, transaction costs, cash and receivables drag, compounding (the exponential growth of outperformance or underperformance), and security misweights between the Fund’s holdings and the Index constituents.

The Fund was able to gain 2.96% in the last quarter of 2013 even though investors started the quarter in nervous fashion, fretting over the forced shutdown of many US government operations and a diminished global growth outlook from the International Monetary Fund (“IMF”). Equities rebounded as companies were able to deliver relatively positive reports on third quarter earnings and upbeat economic data to set stocks on firmer footing again.

The Fund lost momentum in the first quarter of 2014 but was still able to produce a modest return of .33%. Most equity benchmarks endured an acid test from late January into early February, when a key Chinese manufacturing indicator missed expectations and spurred fresh disarray across the emerging markets. In addition, the global markets were further tested and rattled when Russia established military control on the Crimean peninsula. Global equities rallied nicely into the end of the first quarter of 2014 when the IMF assembled a loan package for Ukraine.

The Fund picked up in the second quarter of 2014 and delivered the best quarter of the 2014 fiscal year with a gain of 8.24%. In May, political conflict between Russia and Ukraine finally appeared to subside with Russian troops withdrawing from the Ukrainian border. Indian market equities made a comparable contribution to a notably strong second quarter in emerging markets, returning over 12% as optimism for an economic recovery was escalated in accordance with the election of new Prime Minister Narenda Modi, and the pro-business Bharatiya Janata Party earned a landslide victory in the national elections.

The last quarter of the fiscal year started off on a good note but sputtered in September as the Fund delivered a modest 1.04% return for the quarter. India continued to bring in fresh hope for reform to repair their economy. The People’s Bank of China announced the injection of RMB 500 Billion into 5 major state owned banks as growth continued to weaken. The Russian and Ukrainian conflict re-entered the headlines with news of the shooting down of a Malaysian Airlines flight over eastern Ukraine. The political tension between the United States, the European Union and Russia sent stocks downward with news of new economic sanctions being imposed on Russia.

On an individual security level, the top positive contributors to the Fund’s performance were Tencent Holdings Ltd., Baidu, Inc. Sponsored ADR Class A, and Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR. The top negative contributors to the Fund’s performance were Agile Property Holdings Limited, SINA Corp., and CNOOC Limited.

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

10

SPDR S&P Emerging Asia Pacific ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Asia Pacific ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P ASIA PACIFIC		NET ASSET		MARKET		S&P ASIA PACIFIC
	VALUE		VALUE		EMERGING BMI INDEX		VALUE		VALUE		EMERGING BMI INDEX
ONE YEAR		12.99%		13.40%		14.11%		12.99%		13.40%		14.11%
THREE YEARS		35.60%		40.74%		40.92%		10.69%		12.06%		12.11%
FIVE YEARS		38.40%		38.16%		43.74%		6.72%		6.68%		7.53%
SINCE INCEPTION (1)		63.44%		63.56%		69.42%		6.74%		6.75%		7.25%

(1) For the period March 20, 2007 to September 30, 2014.

11

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

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

			S&P Asia
	SPDR S&P		Pacific Emerging
	Emerging Asia		BMI Index
	Pacific ETF
		10000		10000
3/20/2007		10190		10276
4/30/2007		10650		10718
5/31/2007		11261		11400
6/30/2007		12073		12233
7/31/2007		12790		13117
8/31/2007		12853		13016
9/30/2007		14502		14702
10/31/2007		16435		16401
11/30/2007		14889		14924
12/31/2007		14763		14986
1/31/2008		12700		12746
2/29/2008		13579		13726
3/31/2008		12734		12793
4/30/2008		13877		13876
5/31/2008		13335		13255
6/30/2008		11729		11504
7/31/2008		11657		11460
8/31/2008		11116		10950
9/30/2008		9143		8881
10/31/2008		7040		6805
11/30/2008		6707		6476
12/31/2008		7319		7064
1/31/2009		6758		6564
2/28/2009		6557		6426
3/31/2009		7511		7288
4/30/2009		8766		8471
5/31/2009		10370		10206
6/30/2009		10235		10126
7/31/2009		11317		11266
8/31/2009		10925		10865
9/30/2009		11809		11784
10/31/2009		11715		11773
11/30/2009		12224		12303
12/31/2009		12737		12817
1/31/2010		11919		12028
2/28/2010		12032		12059
3/31/2010		12887		12967
4/30/2010		13121		13194
5/31/2010		12049		12222
6/30/2010		12260		12407
7/31/2010		13010		13120
8/31/2010		12790		13024
9/30/2010		14271		14498
10/31/2010		14748		14961
11/30/2010		14357		14619
12/31/2010		15175		15352
1/31/2011		14861		14945
2/28/2011		14408		14479
3/31/2011		15245		15278
4/30/2011		15790		15794
5/31/2011		15546		15564
6/30/2011		15147		15190
7/31/2011		15275		15355
8/31/2011		13839		13857
9/30/2011		12052		12022
10/31/2011		13373		13328
11/30/2011		12227		12090
12/31/2011		12323		12183
1/31/2012		13681		13537
2/29/2012		14463		14451
3/31/2012		13849		13909
4/30/2012		13712		13783
5/31/2012		12431		12611
6/30/2012		12763		12875
7/31/2012		12906		13005
8/31/2012		12860		12984
9/30/2012		13789		13930
10/31/2012		13754		13919
11/30/2012		14106		14289
12/31/2012		14490		14763
1/31/2013		14966		15268
2/28/2013		14679		15039
3/31/2013		14443		14858
4/30/2013		14836		15256
5/31/2013		14773		15232
6/30/2013		13924		14324
7/31/2013		14164		14469
8/31/2013		13785		14082
9/30/2013		14466		14845
10/31/2013		15075		15569
11/30/2013		14985		15519
12/31/2013		14894		15457
1/31/2014		14205		14804
2/28/2014		14689		15359
3/31/2014		14944		15591
4/30/2014		14915		15485
5/31/2014		15606		16227
6/30/2014		16175		16825
7/31/2014		16830		17432
8/30/2014		17205		17718
9/30/2014		16344		16942

Past performance is not a guarantee of future results.

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

12

SPDR S&P Emerging Asia Pacific ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

	TAIWAN SEMICONDUCTOR
	MANUFACTURING CO.,				CHINA CONSTRUCTION
DESCRIPTION	LTD. ADR	TENCENT HOLDINGS, LTD.	CHINA MOBILE, LTD.	BAIDU, INC. ADR	BANK CORP.
MARKET VALUE	$21,460,239	19,703,466	16,928,447	16,798,909	15,691,482
% OF NET ASSETS	3.1	2.9	2.5	2.4	2.3

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		15.8	%
Oil, Gas & Consumable Fuels		7.2
Semiconductors & Semiconductor Equipment		7.0
Internet Software & Services		6.7
Wireless Telecommunication Services		4.9
Electronic Equipment, Instruments & Components		4.2
Real Estate Management & Development		3.4
IT Services		3.3
Food Products		3.1
Insurance		3.0
Automobiles		2.9
Technology Hardware, Storage & Peripherals		2.9
Pharmaceuticals		2.4
Chemicals		2.3
Diversified Telecommunication Services		2.1
Metals & Mining		2.0
Construction Materials		2.0
Industrial Conglomerates		1.8
Independent Power and Renewable Electricity Producers		1.7
Transportation Infrastructure		1.4
Construction & Engineering		1.4
Hotels, Restaurants & Leisure		1.3
Thrifts & Mortgage Finance		1.1
Diversified Financial Services		1.1
Electric Utilities		0.9
Machinery		0.8
Electrical Equipment		0.8
Food & Staples Retailing		0.8
Beverages		0.7
Capital Markets		0.7
Gas Utilities		0.7
Internet & Catalog Retail		0.7
Household Products		0.7
Media		0.7
Textiles, Apparel & Luxury Goods		0.6
Health Care Providers & Services		0.6
Energy Equipment & Services		0.5
Marine		0.5
Tobacco		0.5
Specialty Retail		0.4
Auto Components		0.4
Building Products		0.4
Airlines		0.4
Software		0.3
Water Utilities		0.3
Consumer Finance		0.3
Personal Products		0.2
Household Durables		0.2
Diversified Consumer Services		0.2
Commercial Services & Supplies		0.2
Health Care Equipment & Supplies		0.2
Trading Companies & Distributors		0.1
Communications Equipment		0.1
Aerospace & Defense		0.1
Air Freight & Logistics		0.1
Leisure Products		0.1
Multiline Retail		0.0	***
Biotechnology		0.0	***
Distributors		0.0	***
Short Term Investments		6.1
Other Assets & Liabilities		(5.3	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Jiangsu Future Land Co., Ltd., which was Level 2 and part of the Real Estate Management & Development Industry, representing 0.01% of net assets, NVC Lighting Holdings, Ltd., which was Level 2 and part of the Household Products Industry, representing 0.01% of net assets, Livzon Pharmaceutical Group, Inc. (Class H), which was Level 2 and part of the Pharmaceuticals Industry, representing 0.02% of net assets and ProMOS Technologies, Inc., which was Level 3 and part of the Semiconductors & Semiconductor Equipment Industry, representing 0.00% of net assets. (Note 2)
***	Amount shown represents less than 0.05% of net assets.

13

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 12.05%, and the total return for the S&P Asia Pacific Emerging Under USD 2 Billion Index (the “Index”) was 15.49%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, a cash drag, compounding (the exponential growth of outperformance or underperformance) and optimization contributed to the difference between the Fund’s performance and that of the Index.

S&P Asia Pacific Emerging small cap companies outperformed the S&P Asia Pacific Emerging BMI Index by over 1.5% during the Reporting Period. On a country level, the Philippines, Thailand and India were the strongest positive contributors to the Fund’s return. Financials, consumer discretionary and industrials were the strongest sectors contributing to the Fund’s positive performance. The Fund gained slightly in the last quarter of 2013 even though investors started this quarter in nervous fashion, fretting over the forced shutdown of many US government operations and a diminished global growth outlook from the International Monetary Fund (“IMF”). Equities rebounded as companies were able to deliver relatively positive reports on third quarter earnings and upbeat economic data to set stocks on firmer footing again.

The Fund lost momentum in January 2014 but was still able to yield a solid return. Most equity benchmarks endured an acid test from late January into early February, when a key Chinese manufacturing indicator missed expectations and spurred fresh disarray across the emerging markets. In addition, the global markets were further tested and rattled when Russia established military control on the Crimean peninsula. Global equities rallied nicely into the end of the first quarter of 2014 when the IMF assembled a loan package for Ukraine.

The Fund picked up steam again in the second quarter of 2014 and delivered the best quarter of the 2014 fiscal year. In May, political conflict between Russia and Ukraine finally appeared to subside with Russian troops withdrawing from the Ukrainian border. Indian market equities made a comparable contribution to a notably strong second quarter in emerging markets, returning over 12% as optimism for an economic recovery escalated in accordance with the election of new Prime Minister Narenda Modi, and the pro-business Bharatiya Janata Party earned a landslide victory in the national elections.

The last quarter of the fiscal year started off on a good note but sputtered in September as the Fund delivered a negative return for the quarter. India continued to bring in fresh hope for reform to repair their economy. The People’s Bank of China announced the injection of RMB 500 Billion into 5 major state owned banks as growth continued to weaken. The Russian and Ukrainian conflict re-entered the headlines with news of the shooting down of a Malaysian Airlines flight over eastern Ukraine. The political tension between the United States, the European Union, and Russia sent stocks downward with news of new economic sanctions imposed on Russia.

On an individual security level, the top positive contributors to the Fund’s performance were Tata Motors Limited Class A, D&L Industries, Inc., and Aurobindo Pharma Ltd. The top negative contributors to the Fund’s performance were Bhushan Steel Limited, Anxin-China Holdings Limited, and Trina Solar Ltd. Sponsored ADR.

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

14

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

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Small Cap Emerging Asia Pacific ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.65%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P ASIA PACIFIC						S&P ASIA PACIFIC
	NET ASSET		MARKET		EMERGING UNDER USD2		NET ASSET		MARKET		EMERGING UNDER USD2
	VALUE		VALUE		BILLION INDEX		VALUE		VALUE		BILLION INDEX
ONE YEAR		12.05%		12.28%		15.49%		12.05%		12.28%		15.49%
SINCE INCEPTION (1)		34.81%		34.09%		44.06%		11.61%		11.39%		14.37%

(1) For the period January 11, 2012 to September 30, 2014.

15

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

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

			S&P Asia
	SPDR S&P		Pacific Emerging
	Small Cap		Under USD
	Emerging Asia		2 Billion
	Pacific ETF		Index
1/11/2012		10000		10000
1/31/2012		10728		10811
2/29/2012		11708		11905
3/31/2012		11245		11461
4/30/2012		11006		11227
5/31/2012		10292		10480
6/30/2012		10363		10578
7/31/2012		10334		10514
8/31/2012		10491		10671
9/30/2012		11108		11364
10/31/2012		10787		11053
11/30/2012		11179		11497
12/31/2012		11604		12027
1/31/2013		12097		12481
2/28/2013		12104		12551
3/31/2013		12056		12539
4/30/2013		12413		12874
5/31/2013		12716		13265
6/30/2013		11687		12157
7/31/2013		11710		12157
8/31/2013		11441		11844
9/30/2013		12031		12473
10/31/2013		12578		13064
11/30/2013		12413		12887
12/31/2013		12516		13026
1/31/2014		12126		12670
2/28/2014		12664		13312
3/31/2014		12897		13588
4/30/2014		12804		13449
5/31/2014		13374		14189
6/30/2014		13679		14611
7/31/2014		13884		14713
8/30/2014		14082		14954
9/30/2014		13481		14406

Past performance is not a guarantee of future results.

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

16

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

		ZHENGZHOU COAL MINING
		MACHINERY GROUP CO., LTD.		WNS HOLDINGS,	THAI VEGETABLE OIL
DESCRIPTION	D&L INDUSTRIES, INC.	CLASS H	ROLTA INDIA, LTD.	LTD. ADR	PCL NVDR
MARKET VALUE	$64,094	39,083	33,142	29,826	28,532
% OF NET ASSETS	1.5	0.9	0.8	0.7	0.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Semiconductors & Semiconductor Equipment		9.1	%
Real Estate Management & Development		8.0
Electronic Equipment, Instruments & Components		7.3
Chemicals		6.4
Food Products		3.8
Machinery		3.8
Banks		3.7
Textiles, Apparel & Luxury Goods		3.2
Metals & Mining		2.8
Hotels, Restaurants & Leisure		2.8
Construction & Engineering		2.8
Technology Hardware, Storage & Peripherals		2.8
Electrical Equipment		2.8
Pharmaceuticals		2.4
IT Services		2.3
Health Care Equipment & Supplies		2.0
Transportation Infrastructure		1.9
Multiline Retail		1.8
Marine		1.8
Household Durables		1.8
Auto Components		1.8
Capital Markets		1.7
Software		1.6
Health Care Providers & Services		1.5
Internet Software & Services		1.4
Oil, Gas & Consumable Fuels		1.4
Media		1.2
Communications Equipment		1.1
Diversified Financial Services		1.0
Consumer Finance		0.9
Specialty Retail		0.9
Automobiles		0.9
Food & Staples Retailing		0.8
Beverages		0.7
Construction Materials		0.7
Water Utilities		0.7
Industrial Conglomerates		0.6
Trading Companies & Distributors		0.6
Energy Equipment & Services		0.6
Building Products		0.5
Containers & Packaging		0.5
Electric Utilities		0.5
Diversified Telecommunication Services		0.5
Biotechnology		0.5
Airlines		0.4
Gas Utilities		0.4
Paper & Forest Products		0.4
Insurance		0.4
Diversified Consumer Services		0.4
Independent Power and Renewable Electricity Producers		0.3
Professional Services		0.3
Commercial Services & Supplies		0.3
Distributors		0.2
Internet & Catalog Retail		0.2
Personal Products		0.2
Air Freight & Logistics		0.2
Thrifts & Mortgage Finance		0.2
Household Products		0.1
Leisure Products		0.0	***
Short Term Investments		2.8
Other Assets & Liabilities		(2.7	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Jiangsu Future Land Co., Ltd., which was Level 2 and part of the Real Estate Management & Development Industry, representing 0.20% of net assets, Trada Maritime Tbk PT, which was Level 3 and part of the Marine Industry, representing 0.14% of net assets, NVC Lighting Holdings, Ltd., which was Level 2 and part of the Household Products Industry, representing 0.11% of net assets, China Lumena New Materials Corp., which was Level 3 and part of the Chemicals Industry, representing 0.05% of net assets, China Rongsheng Heavy Industries Group Holdings, Ltd., which was Level 2 and part of the Machinery Industry, representing 0.17% of net assets, China Metal Recycling Holdings, Ltd., which was Level 3 and part of the Metals & Mining Industry, representing 0.00% of net assets and Boshiwa International Holding, Ltd., which was Level 3 and part of the Specialty Retail Industry, representing 0.00% of net assets. (Note 2)
***	Amount shown represents less than 0.05% of net assets.

17

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was −17.72%, and the total return for the S&P Russia Capped BMI Index (the “Index”) was −18.44%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect Fund fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, a cash drag, compounding (the exponential growth of outperformance or underperformance) and optimization contributed to the difference between the Fund’s performance and that of the Index.

Russia was the worst performing country on the S&P Emerging BMI Index, underperforming the broad emerging markets index significantly. While industrials, telecommunication and financial sectors were the worst performers in the Fund, the energy sector had the heaviest weight and was the main contributor to the Fund’s negative return. The Fund gained 3.17% in the fourth quarter of 2013 even though investors started the quarter in nervous fashion, fretting over the forced shutdown of many US government operations and a diminished global growth outlook from the International Monetary Fund (“IMF”). Equities rebounded as companies were able to deliver decent enough reports on third quarter earnings and upbeat economic data to set stocks on firmer footing again.

The Fund lost momentum in January 2014 and produced a negative return. Most equity benchmarks endured an acid test from late January into early February, when a key Chinese manufacturing indicator missed expectations and spurred fresh disarray across the emerging markets. In addition, the global markets were further tested and rattled when Russia established military control on the Crimean peninsula in late February. This included seizure of a parliament building in the Crimean city of Simferopol on February 27th and then the additional occupation of two airports and a coast guard base in Sevastopal the following day, all enacted by uniformed soldiers of unknown allegiance. As expected, the situation proved a substantial source of concern for Russian market investors as well as across the broader region encompassing Europe, the Middle East, and Africa (“EMEA”) over the final week of February and into early March. Equally notable was the sharp rebound of Russian equities over the final three weeks of March, when the IMF assembled a loan package for Ukraine.

The Fund picked up again in the second quarter of 2014 and delivered the best quarter of the 2014 fiscal year with a significant gain. In May, the conflict between Russia and Ukraine finally appeared to subside with Russian troops withdrawing from the Ukrainian border and President Vladimir Putin expressing the desire for a peaceful resolution to the crisis, as well as an interest in cooperation with the newly elected Ukrainian government. The announcement of the signing of a 30 year gas supply contract between state-controlled Russian natural-gas producer Gazprom and China National Petroleum caused Russia to be one of the top overall emerging equity markets in this quarter.

The fourth quarter of the fiscal year started off on a good note but sputtered in September as the Fund delivered a negative return for the quarter. Positive sentiment affecting emerging market equities after a strong previous quarter was abruptly interrupted early in this quarter with news of the shooting down of Malaysian Airlines Flight 17 over eastern Ukraine on July 17th. The resulting increase in political tension between the United States, the European Union (the “EU”), and Russia pressured share prices across Europe, with EMEA falling over 2% through the final two weeks of the month. New economic sanctions from the EU were announced at the close of July, which included the barring of numerous state controlled Russian banks from issuing equity or debt (with longer than 90 day maturities) across the EU as well as restrictions on arms exports and the unauthorized sale of dual use technologies (military and civilian). September began optimistically enough with an improved Chinese HSBC PMI release and a peace plan for Russia and Ukraine outlined by Vladimir Putin, but this positive momentum sharply reversed over the second week of the month with the announcement of weak Chinese import growth for August and Moody’s reportedly downgrading the credit outlook for Brazil.

On an individual security level, the top positive contributors to the Fund’s performance were MMC Norilsk Nickel JSC Sponsored ADR, PIK Group OJSC Sponsored GDR RegS, and RusHydro OJSC Sponsored ADR. The top negative contributors to the Fund’s performance were LukOil OAO Sponsored ADR, Gazprom OAO Sponsored ADR, and Sberbank Russia OJSC Sponsored ADR.

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

18

SPDR S&P Russia ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Russia ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P RUSSIA CAPPED

NET ASSET

MARKET

S&P RUSSIA CAPPED

VALUE

VALUE

BMI INDEX

VALUE

VALUE

BMI INDEX

ONE YEAR

−17.72%

−17.88%

−18.44%

−17.72%

−17.88%

−18.44%

THREE YEARS

−7.09%

−4.47%

−4.37%

−2.42%

−1.51%

−1.48%

SINCE INCEPTION (1)

−19.12%

−19.32%

−14.67%

−4.55%

−4.60%

−3.42%

(1) For the period March 10, 2010 to September 30, 2014.

19

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

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

			S&P Russia
	SPDR S&P		Capped BMI
	Russia ETF		Index
		10000		10000
3/10/2010		10283		10398
4/30/2010		10230		10346
5/31/2010		9093		9212
6/30/2010		8784		8878
7/31/2010		9760		9811
8/31/2010		9475		9472
9/30/2010		10072		10246
10/31/2010		10646		10744
11/30/2010		10660		10784
12/31/2010		11960		11996
1/31/2011		12061		12381
2/28/2011		12812		13004
3/31/2011		13435		13513
4/30/2011		13327		13427
5/31/2011		12421		12672
6/30/2011		12379		12659
7/31/2011		12566		13019
8/31/2011		11056		11251
9/30/2011		8704		8921
10/31/2011		10150		10413
11/30/2011		10136		10298
12/31/2011		8991		9270
1/31/2012		10268		10599
2/29/2012		11256		11607
3/31/2012		10594		10972
4/30/2012		10349		10699
5/31/2012		8232		8597
6/30/2012		8931		9370
7/31/2012		9077		9560
8/31/2012		9334		9710
9/30/2012		9871		10280
10/31/2012		9491		9908
11/30/2012		9414		9873
12/31/2012		10117		10471
1/31/2013		10618		11124
2/28/2013		10085		10535
3/31/2013		9657		10087
4/30/2013		9370		9886
5/31/2013		9108		9666
6/30/2013		8764		9217
7/31/2013		9072		9595
8/31/2013		9032		9543
9/30/2013		9831		10463
10/31/2013		10291		10903
11/30/2013		9841		10458
12/31/2013		10142		10710
1/31/2014		8995		9620
2/28/2014		8826		9422
3/31/2014		8527		9047
4/30/2014		8053		8504
5/31/2014		8979		9526
6/30/2014		9468		10146
7/31/2014		8633		9257
8/30/2014		8563		9058
9/30/2014		8088		8533

Past performance is not a guarantee of future results.

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

20

SPDR S&P Russia ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

			MAGNIT OJSC	MMC NORILSK	SBERBANK OF
DESCRIPTION	GAZPROM OAO ADR	LUKOIL OAO ADR	GDR	NICKEL OJSC ADR	RUSSIA ADR
MARKET VALUE	$3,941,372	2,101,098	1,362,501	1,164,245	1,155,702
% OF NET ASSETS	17.0	9.1	5.9	5.0	5.0

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Oil, Gas & Consumable Fuels		47.3	%
Banks		11.7
Metals & Mining		9.7
Food & Staples Retailing		7.8
Wireless Telecommunication Services		6.3
Internet Software & Services		3.9
Chemicals		2.9
Diversified Telecommunication Services		2.5
Electric Utilities		1.8
Energy Equipment & Services		1.4
Household Durables		1.0
Real Estate Management & Development		0.9
Pharmaceuticals		0.8
IT Services		0.5
Road & Rail		0.5
Media		0.3
Short Term Investments		0.2
Other Assets & Liabilities		0.5
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Bank Otkritie Financial Corp. OJSC, GDR, which was Level 2 and part of the Banks Industry, representing 0.00% of net assets. (See Note 2)

21

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 5.00%, and the total return for the S&P China BMI Index (the “Index”) was 6.34%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The Fund uses a sampling process which may lead to wider tracking error in the short term.

The stock market in China (as measured by the Index) oscillated during the Reporting Period. The Index gained approximately 5% in the first quarter, lost all of that and a bit more in the second quarter, gained approximately 5% in the third quarter and then managed a 2% gain the final quarter to end the year with a gain of just over 6%. The swings in the market could be attributed to a number of factors, many of them related to market sentiment. Throughout the year, concerns were expressed over a cooling housing market, slowing growth, and concerns over debt and banking issues in China. On the positive side of sentiment, there were comments about additional government policy actions and the still high rate of growth. The Chinese economy is still largely managed by the government and even hints of additional stimulus led to rebounds in the market.

On an individual security level, the top positive contributors to the Fund’s performance were Tencent Holdings Ltd., Baidu, Inc. Sponsored ADR Class A, and PetroChina Co. Ltd. Class H. The top negative contributors to the Fund’s performance were Country Garden Holdings Co. Ltd., SINA Corp., and CNOOC Limited.

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

22

SPDR S&P China ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P China ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET				NET ASSET		MARKET
	VALUE		VALUE		S&P CHINA BMI INDEX		VALUE		VALUE		S&P CHINA BMI INDEX
ONE YEAR		5.00%		5.58%		6.34%		5.00%		5.58%		6.34%
THREE YEARS		41.74%		47.02%		45.39%		12.33%		13.71%		13.28%
FIVE YEARS		26.54%		26.55%		30.06%		4.82%		4.82%		5.40%
SINCE INCEPTION (1)		66.50%		67.02%		70.26%		7.00%		7.05%		7.32%

(1) For the period March 20, 2007 to September 30, 2014.

23

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

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

			S&P China
	SPDR S&P		BMI Index
	China ETF
		10000		10000
3/20/2007		10354		10373
4/30/2007		10718		10820
5/31/2007		11549		11742
6/30/2007		12837		12985
7/31/2007		14139		14345
8/31/2007		15072		15260
9/30/2007		18062		18288
10/31/2007		21099		21241
11/30/2007		18484		18548
12/31/2007		17665		17839
1/31/2008		13857		14020
2/29/2008		15214		15336
3/31/2008		13298		13441
4/30/2008		15517		15470
5/31/2008		14889		14883
6/30/2008		13088		13030
7/31/2008		13344		13279
8/31/2008		12440		12240
9/30/2008		9888		9751
10/31/2008		7646		7479
11/30/2008		7839		7687
12/31/2008		8712		8524
1/31/2009		7945		7837
2/28/2009		7688		7624
3/31/2009		8831		8747
4/30/2009		9920		9835
5/31/2009		11667		11628
6/30/2009		12021		12076
7/31/2009		13450		13440
8/31/2009		12510		12483
9/30/2009		13157		13093
10/31/2009		13899		13804
11/30/2009		14316		14309
12/31/2009		14410		14460
1/31/2010		13151		13232
2/28/2010		13580		13663
3/31/2010		14289		14412
4/30/2010		14297		14419
5/31/2010		13465		13576
6/30/2010		13607		13683
7/31/2010		14310		14459
8/31/2010		13890		14084
9/30/2010		15245		15493
10/31/2010		15894		16221
11/30/2010		15500		15908
12/31/2010		15375		15790
1/31/2011		15383		15763
2/28/2011		15154		15527
3/31/2011		16022		16370
4/30/2011		16404		16742
5/31/2011		16295		16561
6/30/2011		15732		15920
7/31/2011		15713		15885
8/31/2011		14280		14345
9/30/2011		11746		11713
10/31/2011		13669		13668
11/30/2011		12551		12513
12/31/2011		12728		12643
1/31/2012		14115		14014
2/29/2012		15014		15014
3/31/2012		14079		14062
4/30/2012		14404		14399
5/31/2012		12899		12919
6/30/2012		13115		13084
7/31/2012		13226		13098
8/31/2012		12822		12772
9/30/2012		13644		13559
10/31/2012		14325		14248
11/30/2012		14487		14457
12/31/2012		15201		15244
1/31/2013		15877		16004
2/28/2013		15224		15409
3/31/2013		14645		14774
4/30/2013		14809		14965
5/31/2013		14885		15108
6/30/2013		13860		14026
7/31/2013		14556		14719
8/31/2013		14962		15118
9/30/2013		15857		16015
10/31/2013		16256		16426
11/30/2013		16981		17157
12/31/2013		16628		16825
1/31/2014		15592		15821
2/28/2014		16079		16326
3/31/2014		15592		15868
4/30/2014		15122		15400
5/31/2014		15803		16088
6/30/2014		16404		16692
7/31/2014		17645		17938
8/30/2014		17671		18002
9/30/2014		16650		17026

Past performance is not a guarantee of future results.

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

24

SPDR S&P China ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

	TENCENT	CHINA		CHINA CONSTRUCTION	INDUSTRIAL & COMMERCIAL
DESCRIPTION	HOLDINGS, LTD.	MOBILE, LTD.	BAIDU, INC. ADR	BANK CORP.	BANK OF CHINA (CLASS H)
MARKET VALUE	$71,865,138	57,559,511	54,193,492	52,209,753	46,263,190
% OF NET ASSETS	7.6	6.1	5.7	5.5	4.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		18.1	%
Internet Software & Services		16.2
Oil, Gas & Consumable Fuels		9.8
Wireless Telecommunication Services		6.1
Insurance		5.4
Real Estate Management & Development		4.6
Food Products		3.4
Pharmaceuticals		2.2
Automobiles		2.1
Independent Power and Renewable Electricity Producers		2.0
Diversified Telecommunication Services		1.7
Transportation Infrastructure		1.7
Industrial Conglomerates		1.5
Construction & Engineering		1.5
Metals & Mining		1.5
Machinery		1.4
Semiconductors & Semiconductor Equipment		1.4
Internet & Catalog Retail		1.3
Electronic Equipment, Instruments & Components		1.2
Capital Markets		1.1
Technology Hardware, Storage & Peripherals		1.1
Construction Materials		1.0
Specialty Retail		0.9
Personal Products		0.8
Water Utilities		0.8
Gas Utilities		0.7
Electrical Equipment		0.7
Chemicals		0.7
Health Care Providers & Services		0.6
Food & Staples Retailing		0.6
Textiles, Apparel & Luxury Goods		0.6
Energy Equipment & Services		0.5
Diversified Consumer Services		0.5
Software		0.5
Health Care Equipment & Supplies		0.5
Communications Equipment		0.5
Airlines		0.5
Beverages		0.5
Household Durables		0.4
Hotels, Restaurants & Leisure		0.4
Marine		0.4
Commercial Services & Supplies		0.3
Paper & Forest Products		0.3
Auto Components		0.3
Multiline Retail		0.3
IT Services		0.2
Media		0.2
Aerospace & Defense		0.2
Household Products		0.1
Road & Rail		0.1
Diversified Financial Services		0.1
Air Freight & Logistics		0.1
Trading Companies & Distributors		0.0	***
Short Term Investments		11.5
Other Assets & Liabilities		(11.1	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Guangzhou Shipyard International Co., Ltd. (Class H), which was Level 2 and part of the Machinery Industry, representing 0.05% of net assets, NVC Lighting Holdings, Ltd., which was Level 2 and part of the Household Products Industry, representing 0.06% of net assets, China Lumena New Materials Corp., which was Level 3 and part of the Chemicals Industry, representing 0.03% of net assets, China Rongsheng Heavy Industries Group Holdings, Ltd., which was Level 2 and part of the Machinery Industry, representing 0.06% of net assets, Alibaba Pictures Group Ltd., which was Level 2 and part of the Media Industry, representing 0.11% of net assets, China Milk Products Group, Ltd., which was Level 2 and part of the Food Products Industry, representing 0.00% of net assets and China Metal Recycling Holdings, Ltd., which was Level 3 and part of the Metals & Mining Industry, representing 0.00% of net assets. (Note 2)
***	Amount shown represents less than 0.05% of net assets.

25

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 6.73%, and the total return for the S&P Emerging BMI Index (the “Index”) was 6.91%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses and security positioning.

During the Reporting Period, a significantly heightened level of geopolitical tensions had an appreciable impact on the Fund. One of the more impactful geopolitical events was the ongoing Russian and Ukrainian conflict and the accompanying Western sanctions on Russia. Along with humanitarian concerns, this led to significant worries regarding both the potential negative impact to the Russian economy and possible broader regional destabilization. Another geopolitical hotspot was the Middle East, where the focus during this period shifted to ISIS, which was seizing territory throughout the region. A third area of increased geopolitical tension could be found in the Pacific, where land disputes and saber rattling between China and its neighbors increased noticeably. For non-geopolitical issues, slowing growth in many markets continued to impact markets, especially in China, where concerns grew regarding Chinese ability to navigate a slowing economy without experiencing a hard landing. In addition to growth concerns, inflation continued to be an issue in many emerging countries and often led to unrest among the local populace. Finally, concerns regarding the impact on global liquidity of ongoing US Federal Reserve moves contributed to currency declines and capital outflows. Though many markets were challenged by the array of negative news, Indonesia and India both had very strong returns driven by growing middle class segments of the population and improving political situations from a business perspective.

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

On an individual security level, the top positive contributors to the Fund’s performance were Tencent Holdings Ltd., Baidu, Inc. Sponsored ADR Class A and America Movil SAB de CV Class L . The top negative contributors to the Fund’s performance were LukOil OAO sponsored ADR, Gazprom OAO sponsored ADR and Vale S.A. sponsored ADR.

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

26

SPDR S&P Emerging Markets ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Markets ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P EMERGING BMI		NET ASSET		MARKET		S&P EMERGING BMI
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
ONE YEAR		6.73%		7.13%		6.91%		6.73%		7.13%		6.91%
THREE YEARS		24.98%		28.26%		26.78%		7.71%		8.65%		8.23%
FIVE YEARS		26.16%		25.95%		28.79%		4.76%		4.72%		5.19%
SINCE INCEPTION (1)		41.40%		41.77%		43.74%		4.71%		4.74%		4.94%

(1) For the period March 20, 2007 to September 30, 2014.

27

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

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

	SPDR S&P
	Emerging Markets		S&P Emerging
	ETF		BMI Index
		10000		10000
3/20/2007		10338		10389
4/30/2007		10818		10863
5/31/2007		11292		11357
6/30/2007		11823		11927
7/31/2007		12305		12467
8/31/2007		12155		12226
9/30/2007		13520		13574
10/31/2007		15145		15077
11/30/2007		14084		14145
12/31/2007		14134		14293
1/31/2008		12447		12515
2/29/2008		13328		13473
3/31/2008		12706		12784
4/30/2008		13773		13742
5/31/2008		14123		14063
6/30/2008		12779		12674
7/31/2008		12301		12201
8/31/2008		11497		11336
9/30/2008		9494		9237
10/31/2008		6968		6706
11/30/2008		6536		6276
12/31/2008		6946		6651
1/31/2009		6403		6196
2/28/2009		6196		6003
3/31/2009		6976		6771
4/30/2009		8174		7888
5/31/2009		9622		9463
6/30/2009		9462		9346
7/31/2009		10421		10279
8/31/2009		10393		10276
9/30/2009		11208		11159
10/31/2009		11267		11256
11/30/2009		11859		11812
12/31/2009		12296		12280
1/31/2010		11531		11634
2/28/2010		11615		11688
3/31/2010		12523		12619
4/30/2010		12600		12744
5/31/2010		11477		11677
6/30/2010		11424		11588
7/31/2010		12415		12556
8/31/2010		12130		12383
9/30/2010		13478		13744
10/31/2010		13915		14204
11/30/2010		13588		13841
12/31/2010		14525		14742
1/31/2011		14011		14223
2/28/2011		14060		14164
3/31/2011		14734		14840
4/30/2011		15175		15274
5/31/2011		14729		14868
6/30/2011		14477		14619
7/31/2011		14414		14577
8/31/2011		13252		13331
9/30/2011		11314		11335
10/31/2011		12699		12741
11/30/2011		11946		11846
12/31/2011		11759		11690
1/31/2012		13079		13050
2/29/2012		13868		13921
3/31/2012		13420		13432
4/30/2012		13190		13226
5/31/2012		11662		11788
6/30/2012		12157		12234
7/31/2012		12333		12402
8/31/2012		12344		12419
9/30/2012		13077		13153
10/31/2012		12996		13103
11/30/2012		13110		13236
12/31/2012		13735		13894
1/31/2013		14027		14290
2/28/2013		13712		13994
3/31/2013		13562		13851
4/30/2013		13720		14045
5/31/2013		13409		13710
6/30/2013		12619		12840
7/31/2013		12785		12947
8/31/2013		12435		12599
9/30/2013		13248		13446
10/31/2013		13886		14093
11/30/2013		13605		13835
12/31/2013		13501		13718
1/31/2014		12602		12845
2/28/2014		13045		13291
3/31/2014		13429		13694
4/30/2014		13468		13688
5/31/2014		13929		14227
6/30/2014		14422		14736
7/31/2014		14751		15003
8/30/2014		15142		15397
9/30/2014		14140		14374

Past performance is not a guarantee of future results.

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

28

SPDR S&P Emerging Markets ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

	TENCENT				TAIWAN SEMICONDUCTOR
DESCRIPTION	HOLDINGS, LTD.	CHINA MOBILE, LTD.	BAIDU, INC. ADR	AMERICA MOVIL SAB DE CV	MANUFACTURING CO., LTD.
MARKET VALUE	$6,912,062	5,414,982	5,264,144	4,511,094	4,398,494
% OF NET ASSETS	2.4	1.9	1.9	1.6	1.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		17.3	%
Oil, Gas & Consumable Fuels		10.9
Wireless Telecommunication Services		6.6
Internet Software & Services		4.8
Metals & Mining		4.5
Semiconductors & Semiconductor Equipment		3.4
Real Estate Management & Development		3.0
Food Products		2.8
Insurance		2.6
Electronic Equipment, Instruments & Components		2.4
Beverages		2.3
Automobiles		2.2
IT Services		2.2
Pharmaceuticals		2.0
Diversified Telecommunication Services		1.9
Media		1.8
Technology Hardware, Storage & Peripherals		1.7
Diversified Financial Services		1.7
Industrial Conglomerates		1.7
Construction & Engineering		1.6
Construction Materials		1.4
Chemicals		1.4
Independent Power and Renewable Electricity Producers		1.3
Transportation Infrastructure		1.3
Electric Utilities		1.3
Food & Staples Retailing		1.2
Multiline Retail		1.2
Specialty Retail		0.9
Thrifts & Mortgage Finance		0.8
Hotels, Restaurants & Leisure		0.8
Household Durables		0.8
Capital Markets		0.7
Airlines		0.6
Household Products		0.6
Paper & Forest Products		0.5
Personal Products		0.5
Gas Utilities		0.5
Electrical Equipment		0.4
Machinery		0.4
Health Care Providers & Services		0.4
Energy Equipment & Services		0.4
Internet & Catalog Retail		0.4
Textiles, Apparel & Luxury Goods		0.3
Tobacco		0.3
Water Utilities		0.3
Air Freight & Logistics		0.3
Marine		0.2
Aerospace & Defense		0.2
Real Estate Investment Trusts		0.2
Diversified Consumer Services		0.2
Trading Companies & Distributors		0.2
Leisure Products		0.2
Health Care Equipment & Supplies		0.1
Building Products		0.1
Consumer Finance		0.1
Communications Equipment		0.1
Distributors		0.1
Auto Components		0.1
Road & Rail		0.1
Software		0.1
Commercial Services & Supplies		0.0	***
Professional Services		0.0	***
Containers & Packaging		0.0	***
Biotechnology		0.0	***
Short Term Investments		6.6
Other Assets & Liabilities		(5.0	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Corporacion GEO SAB de CV, which was Level 3 and part of the Household Durables Industry, representing 0.00% of net assets, Interbolsa SA/Colombia, which was Level 2 and part of the Capital Markets Industry, representing 0.00% of net assets, African Bank Investments, Ltd., which was Level 2 and part of the Diversified Financial Services Industry, representing less than 0.00% of net assets, Jiangsu Future Land Co., Ltd., which was Level 2 and part of the Real Estate Management & Development Industry, representing 0.01% of net assets, Audix Corp., which was Level 2 and part of the Electrical Equipment Industry, representing 0.04% of net assets, Livzon Pharmaceutical Group, Inc. (Class H), which was Level 2 and part of the Pharmaceuticals Industry, representing 0.01% of net assets, Chaoda Modern Agriculture Holdings, Ltd., which was Level 3 and part of the Food Products Industry, representing 0.00% of net assets, Urbi Desarrollos Urbanos SA de CV, which was Level 3 and part of the Household Durables Industry, representing 0.00% of net assets, and ProMOS Technologies, Inc., which was Level 3 and part of the Semiconductors & Semiconductor Equipment Industry, representing 0.00% of net assets. (Note 2)
***	Amount shown represents less than 0.05% of net assets.

29

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was −5.16%, and the total return for the S&P Emerging Markets Dividend Opportunities Index (the “Index”) was −4.60%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to fund expenses, a slight cash drag, and compounding (the exponential growth of outperformance or underperformance).

The returns of dividend themed ETFs went into negative territory last year as geopolitical concerns were at the forefront, offsetting a strong earnings season and continued M&A activity. While 2013 was a landmark year for the equities of emerging markets issuers, 2014 has had a bid tone in terms of performance. The persistent outflows from equities and net inflows into bonds and gold in 2014 suggested a rotation trade of 2013. Volume demand for emerging market equities softened due to imported inflation, tightening monetary policy in some countries and general macroeconomic uncertainty. The conflict between Russia and Ukraine was the single biggest risk to the global economy. Russian equities and the ruble were impacted by concerns about the effect of economic sanctions in the face of the continuing crisis in Ukraine. European shares also tumbled on the expectation that further economic sanctions could cripple the fragile Russian economy which might, in turn, prompt retaliation from Putin. Countries with both large current account and fiscal deficits, such as Turkey, South Africa and Indonesia, sold off particularly sharply. The prospect of gradual normalization of US interest rates and narrowing real yields between emerging markets local currency debt and Treasuries also led to outflows in some countries.

On an individual security level, the top positive contributors to the Fund’s performance were Turkiye Petrol Rafinerileri A.S., CITIC Limited, and Cia Energetica de Minas Gerais Cemig CMIG Pfd. The top negative contributors to the Fund’s performance were Vale SA Pfd A, Oi SA Pfd, and Kumba Iron Ore Limited.

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

30

SPDR S&P Emerging Markets Dividend ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Markets Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EMERGING

S&P EMERGING

NET ASSET

MARKET

MARKETS DIVIDEND

NET ASSET

MARKET

MARKETS DIVIDEND

VALUE

VALUE

OPPORTUNITIES INDEX

VALUE

VALUE

OPPORTUNITIES INDEX

ONE YEAR

−5.16%

−5.38%

−4.60%

−5.16%

−5.38%

−4.60%

THREE YEARS

−2.71%

−1.15%

0.08%

−0.91%

−0.39%

0.03%

SINCE INCEPTION (1)

−11.20%

−11.30%

−5.84%

−3.24%

−3.27%

−1.66%

(1) For the period February 23, 2011 to September 30, 2014.

31

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

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

	10000		10000
2/23/2011		9970		10055
3/31/2011		10532		10689
4/30/2011		11026		11236
5/31/2011		10889		11112
6/30/2011		11016		11253
7/31/2011		11032		11353
8/31/2011		10421		10745
9/30/2011		9127		9409
10/31/2011		10001		10352
11/30/2011		9710		10044
12/31/2011		9789		10162
1/31/2012		10543		10944
2/29/2012		11342		11808
3/31/2012		10635		11071
4/30/2012		10343		10767
5/31/2012		9115		9465
6/30/2012		9556		9944
7/31/2012		9298		9687
8/31/2012		9298		9678
9/30/2012		9634		10045
10/31/2012		9497		9917
11/30/2012		9641		10065
12/31/2012		10323		10771
1/31/2013		10374		10919
2/28/2013		10191		10726
3/31/2013		9976		10534
4/30/2013		10063		10622
5/31/2013		9607		10158
6/30/2013		8909		9399
7/31/2013		8834		9305
8/31/2013		8711		9178
9/30/2013		9363		9870
10/31/2013		9769		10307
11/30/2013		9410		9919
12/31/2013		9099		9595
1/31/2014		8295		8782
2/28/2014		8544		9043
3/31/2014		8919		9446
4/30/2014		9137		9667
5/31/2014		9269		9813
6/30/2014		9522		10086
7/31/2014		9502		10082
8/30/2014		9644		10241
9/30/2014		8880		9416

Past performance is not a guarantee of future results.

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

32

SPDR S&P Emerging Markets Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

		POWSZECHNY ZAKLAD		INTOUCH HOLDINGS
DESCRIPTION	COAL INDIA, LTD.	UBEZPIECZEN SA	ECOPETROL SA ADR	PCL NVDR	KUMBA IRON ORE, LTD.
MARKET VALUE	$14,615,595	13,199,704	12,928,957	11,746,243	11,541,310
% OF NET ASSETS	3.0	2.7	2.6	2.4	2.3

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Wireless Telecommunication Services		13.9	%
Metals & Mining		12.2
Banks		11.9
Oil, Gas & Consumable Fuels		9.4
Real Estate Management & Development		8.4
Electric Utilities		5.6
Technology Hardware, Storage & Peripherals		5.3
Diversified Telecommunication Services		4.5
Insurance		3.6
Electronic Equipment, Instruments & Components		3.5
Independent Power and Renewable Electricity Producers		2.7
Semiconductors & Semiconductor Equipment		2.3
Auto Components		1.8
Specialty Retail		1.8
Real Estate Investment Trusts		1.7
Transportation Infrastructure		1.6
Chemicals		1.4
Industrial Conglomerates		1.4
Textiles, Apparel & Luxury Goods		1.3
Automobiles		1.0
Thrifts & Mortgage Finance		0.8
Media		0.7
Water Utilities		0.5
Construction Materials		0.5
Tobacco		0.5
Construction & Engineering		0.5
Capital Markets		0.3
Machinery		0.3
Short Term Investments		19.4
Other Assets & Liabilities		(18.8	)
TOTAL		100.0	%

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

33

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 1.35%, and the total return for the S&P BRIC 40 Index (the “Index”) was 1.93%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, cash drag, lending income, and compounding (the exponential growth of outperformance or underperformance).

The Reporting Period was a volatile period. While the Fund returned +1.35% for the Reporting Period, every other quarter alternated negative returns, as the Fund returned +1.86%, −5.89%, +8.42%, and −2.48%. The Fund invests in companies domiciled in the emerging market countries of Brazil, Russia, India, and China. Brazil and Russia were the worst performers during the Reporting Period. Although it hosted the 2014 World Cup, Brazil saw its currency, the real, depreciate nearly 8%, and its credit was downgraded. Further weighing on Brazilian equities was the resurgence in popularity for incumbent president Dilma Rousseff, which led to speculation that an additional term of Rousseff’s presidency would entail a comparable level of government intervention in the economy. Russia was another poor performer. After conflict broke out early in 2014 between Russia and Ukraine, the United States and the European Union placed sanctions on several Russian companies during the summer months, three of which the Fund held: Novatek, Sberbank and Rosneft. These sanctions weighed on both the specific companies as well as the Russian equity market in general. India was the best performing country for the Reporting Period. Indian equities rallied as optimism for an economic recovery escalated in accordance with the election of new Prime Minister Narenda Modi and a landslide victory in the national elections for the pro-business Bharatiya Janata Party.

On an individual security level, the top positive contributors to the Fund’s performance were: Tencent Holdings Limited, Baidu, Inc., and HDFC Bank. The top negative contributors to the Fund’s performance were: Sberbank, Gazprom and Lukoil.

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

34

SPDR S&P BRIC 40 ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P BRIC 40 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET				NET ASSET		MARKET
	VALUE		VALUE		S&P BRIC 40 INDEX		VALUE		VALUE		S&P BRIC 40 INDEX
ONE YEAR		1.35%		1.31%		1.93%		1.35%		1.31%		1.93%
THREE YEARS		20.01%		22.70%		22.38%		6.27%		7.06%		6.96%
FIVE YEARS		12.88%		11.88%		16.43%		2.45%		2.27%		3.09%
SINCE INCEPTION (1)		12.90%		12.78%		17.43%		1.68%		1.66%		2.23%

(1) For the period June 19, 2007 to September 30, 2014.

35

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

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

	SPDR S&P
	BRIC 40		S&P BRIC
	ETF		40 Index
		10000		10000
6/19/2007		9954		9955
7/31/2007		10544		10542
8/31/2007		10727		10732
9/30/2007		12538		12554
10/31/2007		14703		14711
11/30/2007		13469		13499
12/31/2007		13469		13504
1/31/2008		11350		11379
2/29/2008		12339		12375
3/31/2008		11530		11565
4/30/2008		13090		13139
5/31/2008		13661		13731
6/30/2008		12418		12473
7/31/2008		11671		11722
8/31/2008		10591		10639
9/30/2008		8464		8510
10/31/2008		6165		6173
11/30/2008		5882		5893
12/31/2008		6058		6073
1/31/2009		5624		5640
2/28/2009		5560		5576
3/31/2009		6316		6344
4/30/2009		7313		7350
5/31/2009		8821		8870
6/30/2009		8576		8625
7/31/2009		9280		9339
8/31/2009		9111		9173
9/30/2009		10001		10086
10/31/2009		10361		10454
11/30/2009		10852		10954
12/31/2009		10976		11073
1/31/2010		10065		10166
2/28/2010		10240		10344
3/31/2010		10967		11089
4/30/2010		10984		11110
5/31/2010		10157		10290
6/30/2010		10080		10206
7/31/2010		10892		11039
8/31/2010		10455		10600
9/30/2010		11399		11575
10/31/2010		11858		12050
11/30/2010		11562		11760
12/31/2010		12119		12341
1/31/2011		11959		12172
2/28/2011		12309		12534
3/31/2011		13005		13255
4/30/2011		13041		13294
5/31/2011		12637		12926
6/30/2011		12454		12749
7/31/2011		12256		12551
8/31/2011		11181		11427
9/30/2011		9405		9595
10/31/2011		10862		11096
11/30/2011		10215		10430
12/31/2011		9962		10175
1/31/2012		11285		11536
2/29/2012		11948		12217
3/31/2012		11238		11497
4/30/2012		11107		11372
5/31/2012		9521		9797
6/30/2012		9915		10213
7/31/2012		10140		10451
8/31/2012		10072		10334
9/30/2012		10613		10907
10/31/2012		10678		10979
11/30/2012		10637		10954
12/31/2012		11227		11558
1/31/2013		11706		12053
2/28/2013		11133		11466
3/31/2013		10837		11167
4/30/2013		10830		11188
5/31/2013		10558		10919
6/30/2013		9844		10158
7/31/2013		10300		10625
8/31/2013		10262		10604
9/30/2013		11139		11520
10/31/2013		11548		11948
11/30/2013		11522		11924
12/31/2013		11346		11741
1/31/2014		10365		10729
2/28/2014		10732		11113
3/31/2014		10678		11064
4/30/2014		10520		10900
5/31/2014		11111		11522
6/30/2014		11576		12017
7/31/2014		12003		12477
8/30/2014		12304		12797
9/30/2014		11290		11743

Past performance is not a guarantee of future results.

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

36

SPDR S&P BRIC 40 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

					INDUSTRIAL &
					COMMERCIAL
	TENCENT			CHINA CONSTRUCTION	BANK OF CHINA
DESCRIPTION	HOLDINGS, LTD.	CHINA MOBILE, LTD.	BAIDU, INC. ADR	BANK CORP.	(CLASS H)
MARKET VALUE	$13,406,157	10,460,104	10,320,970	9,912,799	8,804,735
% OF NET ASSETS	8.6	6.7	6.6	6.4	5.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		31.1	%
Oil, Gas & Consumable Fuels		25.1
Internet Software & Services		15.8
Wireless Telecommunication Services		7.5
Insurance		3.9
Beverages		3.3
IT Services		3.3
Metals & Mining		2.8
Food Products		2.6
Food & Staples Retailing		1.8
Real Estate Management & Development		1.1
Personal Products		0.8
Chemicals		0.7
Short Term Investments		5.1
Other Assets & Liabilities		(4.9	)
TOTAL		100.0	%

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

37

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was −11.01%, and the total return for the S&P European Emerging Capped BMI Index (the “Index”) was −12.78%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, cash drag, optimization and compounding (the exponential growth of outperformance or underperformance).

The returns of the Fund struggled over the Reporting Period on account of numerous economic and geopolitical tailwinds. Stocks tumbled and plummeted on the back of the geopolitical tensions in Ukraine and Russia, the problematic debt profile in Eurozone, and a fragile recovery outlook for that area. Eurozone business confidence was down, and the declining GDP in many European countries indicated early signs of a slowdown. Countries with both large current account and fiscal deficits, such as Turkey, sold off particularly sharply. The Russian turmoil, with its escalating sanctions, represented the single biggest risk to global growth, as it weighed on the Eurozone economy. Economic sanctions and the resulting increase in political tension between the United States, the European Union, and Russia pressured share prices across Europe. The cease-fire initially eased tensions, but the rhetoric between both sides hinted at the many difficulties.

On an individual security level, the top positive contributors to the Fund’s performance were MMC Norilsk Nickel JSC Sponsored ADR, CEZ as, and Orange Polska S.A. The top negative contributors to the Fund’s performance were LukOil OAO Sponsored ADR, Gazprom OAO Sponsored ADR, and Sberbank Russia OJSC.

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

38

SPDR S&P Emerging Europe ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Europe ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EUROPEAN

S&P EUROPEAN

NET ASSET

MARKET

EMERGING CAPPED BMI

NET ASSET

MARKET

EMERGING CAPPED BMI

VALUE

VALUE

INDEX

VALUE

VALUE

INDEX

ONE YEAR

−11.01%

−11.49%

−12.78%

−11.01%

−11.49%

−12.78%

THREE YEARS

3.44%

6.52%

4.46%

1.13%

2.13%

1.46%

FIVE YEARS

−0.20%

−2.15%

3.96%

−0.04%

−0.43%

0.78%

SINCE INCEPTION (1)

−25.21%

−25.50%

−22.74%

−3.78%

−3.83%

−3.37%

(1) For the period March 20, 2007 to September 30, 2014.

39

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

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

	SPDR S&P Emerging Europe ETF (a	)	S&P European Emerging Capped BMI Index (b	)
	10000		10000
3/20/2007	10598		10577
4/30/2007	10796		10655
5/31/2007	10316		10385
6/30/2007	11059		11109
7/31/2007	11387		11588
8/31/2007	10877		11120
9/30/2007	11874		12055
10/31/2007	12861		13155
11/30/2007	12586		13063
12/31/2007	13046		13553
1/31/2008	10899		11377
2/29/2008	11418		12109
3/31/2008	11352		11803
4/30/2008	11696		12140
5/31/2008	13053		13562
6/30/2008	12153		12547
7/31/2008	11429		11601
8/31/2008	9822		10020
9/30/2008	7903		7900
10/31/2008	5424		5140
11/30/2008	4677		4420
12/31/2008	4541		4254
1/31/2009	3822		3611
2/28/2009	3723		3424
3/31/2009	4311		4082
4/30/2009	5250		5007
5/31/2009	6468		6160
6/30/2009	5946		5858
7/31/2009	6613		6386
8/31/2009	6963		6747
9/30/2009	7493		7429
10/31/2009	7749		7646
11/30/2009	7843		7757
12/31/2009	8289		8160
1/31/2010	8318		8358
2/28/2010	7795		7904
3/31/2010	8643		8830
4/30/2010	8668		8905
5/31/2010	7630		7834
6/30/2010	7346		7536
7/31/2010	8279		8492
8/31/2010	7989		8218
9/30/2010	8747		9004
10/31/2010	9187		9445
11/30/2010	8776		9045
12/31/2010	9497		9826
1/31/2011	9641		9971
2/28/2011	10042		10298
3/31/2011	10588		10841
4/30/2011	10974		11234
5/31/2011	10117		10462
6/30/2011	10070		10386
7/31/2011	10026		10403
8/31/2011	8779		8983
9/30/2011	7230		7396
10/31/2011	8135		8360
11/30/2011	7940		8069
12/31/2011	7129		7329
1/31/2012	8249		8432
2/29/2012	8939		9144
3/31/2012	8507		8770
4/30/2012	8278		8548
5/31/2012	6759		7016
6/30/2012	7506		7821
7/31/2012	7581		7945
8/31/2012	7921		8159
9/30/2012	8265		8568
10/31/2012	8204		8496
11/30/2012	8196		8534
12/31/2012	8795		9076
1/31/2013	9048		9428
2/28/2013	8623		9021
3/31/2013	8422		8841
4/30/2013	8351		8809
5/31/2013	8230		8667
6/30/2013	7698		8065
7/31/2013	7899		8294
8/31/2013	7689		8079
9/30/2013	8404		8858
10/31/2013	8883		9319
11/30/2013	8582		9041
12/31/2013	8402		8836
1/31/2014	7609		8002
2/28/2014	7734		8116
3/31/2014	7754		8070
4/30/2014	7619		7891
5/31/2014	8238		8571
6/30/2014	8442		8838
7/31/2014	7982		8321
8/30/2014	7899		8201
9/30/2014	7479		7726

Past performance is not a guarantee of future results.

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

40

SPDR S&P Emerging Europe ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

					POWSZECHNA KASA
					OSZCZEDNOSCI BANK
DESCRIPTION	GAZPROM OAO ADR	LUKOIL OAO ADR	SBERBANK	MAGNIT OJSC GDR	POLSKI SA
MARKET VALUE	$6,572,826	4,259,214	3,471,494	2,024,950	1,726,090
% OF NET ASSETS	9.8	6.4	5.2	3.0	2.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Oil, Gas & Consumable Fuels		28.0	%
Banks		24.7
Metals & Mining		7.8
Food & Staples Retailing		5.2
Electric Utilities		4.8
Wireless Telecommunication Services		4.8
Diversified Telecommunication Services		3.6
Insurance		2.2
Industrial Conglomerates		2.1
Internet Software & Services		2.1
Chemicals		1.9
Diversified Financial Services		1.5
Household Durables		1.1
Airlines		1.0
Beverages		1.0
Hotels, Restaurants & Leisure		0.9
Pharmaceuticals		0.7
Real Estate Management & Development		0.7
Media		0.7
Specialty Retail		0.7
Real Estate Investment Trusts		0.6
Textiles, Apparel & Luxury Goods		0.6
Energy Equipment & Services		0.4
Marine		0.4
Software		0.4
Construction Materials		0.3
Transportation Infrastructure		0.2
Distributors		0.2
Construction & Engineering		0.2
Automobiles		0.2
Road & Rail		0.2
Food Products		0.1
Building Products		0.1
Machinery		0.1
Water Utilities		0.1
Independent Power and Renewable Electricity Producers		0.1
Short Term Investments		0.0	***
Other Assets & Liabilities		0.3
TOTAL		100.0	%

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

41

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was −1.88%, and the total return for the S&P Latin America BMI Index (the “Index”) was −1.69%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect Fund fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to expenses, cash drag, lending income, and compounding (the exponential growth of outperformance or underperformance).

Brazil, which comprised the biggest weight in both the Fund and the Index at a weight of over one-half, was the biggest country detractor from the Fund’s performance for the period. Although it hosted the 2014 World Cup, Brazil saw its currency, the real, depreciate nearly 8%, and its credit was downgraded. In addition, Brazil faced uncertainty regarding the future political landscape arising in August following the death of presidential candidate Eduardo Campos and the subsequent nomination of Marina Silva as the PSB replacement. Further weighing on Brazilian equities in September was the resurgence in popularity for incumbent president Dilma Rousseff, which led to speculation that an additional term of Rousseff’s presidency would entail a comparable level of government intervention in the economy. Mexico, the second largest country in both the Index and the Fund at a weight of over one-quarter, fared much better than Brazil during the Reporting Period. Mexico’s economy is directly tied to that of the United States’, and as such, as the US economy picked up steam in the latter half of the Reporting Period, Mexico’s economy benefitted as well, and this was reflected in higher Mexican equity valuations.

On an individual security level, the top positive contributors to the Fund’s performance were America Movil S.A.B., Itau Unibanco Holding S.A., and Cemex S.A.B. The top negative contributors to the Fund’s performance were all Brazilian stocks: Vale S.A., Petrobras Brasilerio S.A., and Ambev S.A.

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

42

SPDR S&P Emerging Latin America ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Latin America ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P LATIN AMERICA

NET ASSET

MARKET

S&P LATIN AMERICA

VALUE

VALUE

BMI INDEX

VALUE

VALUE

BMI INDEX

ONE YEAR

−1.88%

−2.01%

−1.69%

−1.88%

−2.01%

−1.69%

THREE YEARS

3.50%

4.17%

5.73%

1.15%

1.37%

1.87%

FIVE YEARS

−1.11%

−1.59%

4.17%

−0.22%

−0.32%

0.82%

SINCE INCEPTION (1)

25.99%

25.69%

36.38%

3.11%

3.08%

4.21%

(1) For the period March 20, 2007 to September 30, 2014.

43

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

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

	SPDR S&P		S&P Latin
	Emerging Latin		America BMI
	America ETF		Index
		10000		10000
3/20/2007		10332		10407
4/30/2007		10965		11050
5/31/2007		12151		12210
6/30/2007		12422		12580
7/31/2007		12577		12803
8/31/2007		12196		12391
9/30/2007		13648		13850
10/31/2007		15185		15452
11/30/2007		14297		14592
12/31/2007		14332		14711
1/31/2008		13705		13749
2/29/2008		14802		14980
3/31/2008		14320		14446
4/30/2008		15688		15782
5/31/2008		16912		17185
6/30/2008		15540		15887
7/31/2008		14348		14705
8/31/2008		13239		13505
9/30/2008		10890		10880
10/31/2008		7325		7448
11/30/2008		6869		6967
12/31/2008		7098		7139
1/31/2009		7013		7151
2/28/2009		6614		6792
3/31/2009		7261		7481
4/30/2009		8523		8808
5/31/2009		10316		10658
6/30/2009		10137		10429
7/31/2009		11118		11401
8/31/2009		11373		11762
9/30/2009		12739		13092
10/31/2009		13016		13378
11/30/2009		14264		14493
12/31/2009		14562		14848
1/31/2010		13138		13590
2/28/2010		13747		14149
3/31/2010		14708		15084
4/30/2010		14653		15082
5/31/2010		13131		13808
6/30/2010		13019		13403
7/31/2010		14577		14978
8/31/2010		14185		14700
9/30/2010		15762		16248
10/31/2010		16245		16797
11/30/2010		15853		16402
12/31/2010		16860		17452
1/31/2011		16041		16647
2/28/2011		16246		16907
3/31/2011		16773		17499
4/30/2011		16955		17684
5/31/2011		16558		17221
6/30/2011		16413		17118
7/31/2011		15794		16548
8/31/2011		14883		15635
9/30/2011		12172		12899
10/31/2011		14262		15082
11/30/2011		13552		14174
12/31/2011		13324		13952
1/31/2012		14930		15672
2/29/2012		15680		16534
3/31/2012		15271		16064
4/30/2012		14731		15569
5/31/2012		12817		13575
6/30/2012		13385		14088
7/31/2012		13575		14319
8/31/2012		13424		14280
9/30/2012		13936		14831
10/31/2012		13865		14835
11/30/2012		13634		14622
12/31/2012		14558		15572
1/31/2013		15054		16192
2/28/2013		14652		15800
3/31/2013		14652		15780
4/30/2013		14568		15742
5/31/2013		13502		14684
6/30/2013		12323		13414
7/31/2013		12186		13244
8/31/2013		11816		12824
9/30/2013		12840		13872
10/31/2013		13348		14450
11/30/2013		12803		13812
12/31/2013		12607		13549
1/31/2014		11337		12259
2/28/2014		11525		12454
3/31/2014		12422		13480
4/30/2014		12766		13815
5/31/2014		12768		13872
6/30/2014		13235		14426
7/31/2014		13408		14535
8/30/2014		14419		15615
9/30/2014		12599		13638

Past performance is not a guarantee of future results.

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

44

SPDR S&P Emerging Latin America ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

		ITAU UNIBANCO
		HOLDING SA	BANCO BRADESCO	PETROLEO BRASILEIRO
	AMERICA MOVIL	PREFERENCE	SA PREFERENCE	SA PREFERENCE SHARES	AMBEV
DESCRIPTION	SAB DE CV	SHARES ADR	SHARES ADR	ADR	SA ADR
MARKET VALUE	$2,825,492	2,394,855	1,960,173	1,946,555	1,616,913
% OF NET ASSETS	5.7	4.9	4.0	4.0	3.3

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		21.2	%
Metals & Mining		9.9
Oil, Gas & Consumable Fuels		9.7
Wireless Telecommunication Services		6.5
Beverages		6.4
Food & Staples Retailing		3.9
Food Products		3.8
Electric Utilities		3.7
Construction Materials		2.9
Industrial Conglomerates		2.9
Multiline Retail		2.6
Media		2.1
Diversified Financial Services		2.0
Independent Power and Renewable Electricity Producers		1.9
Transportation Infrastructure		1.8
Paper & Forest Products		1.4
Diversified Consumer Services		1.2
IT Services		1.2
Diversified Telecommunication Services		1.1
Real Estate Investment Trusts		1.0
Insurance		1.0
Real Estate Management & Development		1.0
Chemicals		0.9
Construction & Engineering		0.9
Household Products		0.8
Aerospace & Defense		0.8
Personal Products		0.8
Capital Markets		0.7
Airlines		0.7
Tobacco		0.6
Machinery		0.6
Water Utilities		0.6
Road & Rail		0.4
Household Durables		0.4
Specialty Retail		0.4
Software		0.4
Containers & Packaging		0.3
Internet & Catalog Retail		0.3
Gas Utilities		0.2
Consumer Finance		0.2
Pharmaceuticals		0.2
Health Care Providers & Services		0.1
Technology Hardware, Storage & Peripherals		0.1
Hotels, Restaurants & Leisure		0.0	***
Short Term Investments		7.5
Other Assets & Liabilities		(7.1	)
TOTAL		100.0	%

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

45

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 6.51%, and the total return for the S&P Mid-East & Africa BMI Index (the “Index”) was 8.01%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, security misweights, cash drag, lending income, and compounding (the exponential growth of outperformance or underperformance).

The Fund invests in companies domiciled in the Middle East and African region including South Africa, Egypt, Moroccoandmore recently, the United Arab Emirates as well as Qatar. S&P officially promoted the latter two markets from frontier status to emerging markets status in accordance with its annual country classification consultation and as such, they became eligible for inclusion in the Index as well as the Fund as of September 18th, 2014. Much of the Reporting Period’s positive Fund performance came from the first and second quarter of 2014. Performance of riskier assets was notably strong as emerging market currencies were up, and commodity prices were broadly positive. Oil prices were positive during the first and second quarters, with Brent Crude increasing to finish at $112/barrel and West Texas rising to $105/barrel. Both the Fund and Index were heavily affected by the performance of South Africa. South Africa had an average weight of over 90% of the both the Index and the Fund during the Reporting Period. Mining has for years been a driving force behind South Africa’s economy, and gold was a notably strong performer, rebounding to perform positively in the first and second quarters of 2014. On an individual security level, the top positive contributors to the Fund’s performance were: Naspers Limited, Sasol Limited and Commercial International Bank (SAE). The top negative contributors to the Fund’s performance were all South African firms: Impala Platinum Holdings Limited, African Bank Investments Limited, and Kumba Iron Ore Limited.

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

46

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

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Middle East & Africa ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P MID-EAST &		NET ASSET		MARKET		S&P MID-EAST &
	VALUE		VALUE		AFRICA BMI INDEX		VALUE		VALUE		AFRICA BMI INDEX
ONE YEAR		6.51%		6.00%		8.01%		6.51%		6.00%		8.01%
THREE YEARS		23.99%		26.41%		27.34%		7.43%		8.13%		8.39%
FIVE YEARS		36.24%		33.69%		42.04%		6.38%		5.98%		7.27%
SINCE INCEPTION (1)		45.11%		44.04%		56.21%		5.07%		4.96%		6.10%

(1) For the period March 20, 2007 to September 30, 2014.

47

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

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

	SPDR S&P
	Emerging Middle		S&P Mid-East
	East &		& Africa
	Africa ETF		BMI Index
		10000		10000
3/20/2007		10452		10469
4/30/2007		11246		11263
5/31/2007		11080		11158
6/30/2007		10891		11037
7/31/2007		10943		11092
8/31/2007		10878		10957
9/30/2007		11583		11653
10/31/2007		12810		12921
11/30/2007		12177		12474
12/31/2007		12042		12467
1/31/2008		10888		11424
2/29/2008		11521		12178
3/31/2008		10818		11523
4/30/2008		11773		12305
5/31/2008		12014		12508
6/30/2008		11245		11640
7/31/2008		11260		11555
8/31/2008		10780		11029
9/30/2008		9340		9663
10/31/2008		7178		7372
11/30/2008		6861		7078
12/31/2008		7611		7819
1/31/2009		6785		7020
2/28/2009		6634		6886
3/31/2009		7296		7573
4/30/2009		8083		8358
5/31/2009		9174		9472
6/30/2009		9372		9682
7/31/2009		10002		10345
8/31/2009		10368		10710
9/30/2009		10651		10998
10/31/2009		10669		11026
11/30/2009		11003		11403
12/31/2009		11582		11980
1/31/2010		11252		11683
2/28/2010		11259		11726
3/31/2010		12268		12778
4/30/2010		12279		12780
5/31/2010		11366		11696
6/30/2010		10851		11335
7/31/2010		11871		12322
8/31/2010		11698		12177
9/30/2010		13197		13757
10/31/2010		13452		14053
11/30/2010		13106		13702
12/31/2010		14836		15494
1/31/2011		13009		13649
2/28/2011		13704		14395
3/31/2011		14226		14865
4/30/2011		14827		15525
5/31/2011		14258		14943
6/30/2011		14018		14705
7/31/2011		13916		14611
8/31/2011		13651		14319
9/30/2011		11704		12268
10/31/2011		12640		13266
11/30/2011		12525		13137
12/31/2011		12262		12890
1/31/2012		13282		13976
2/29/2012		14267		15004
3/31/2012		13786		14509
4/30/2012		13866		14597
5/31/2012		12436		13085
6/30/2012		13059		13736
7/31/2012		13404		14085
8/31/2012		13379		14070
9/30/2012		13958		14678
10/31/2012		13600		14290
11/30/2012		13407		14095
12/31/2012		14626		15412
1/31/2013		13875		14655
2/28/2013		13626		14414
3/31/2013		13443		14247
4/30/2013		13478		14295
5/31/2013		12741		13499
6/30/2013		12528		13281
7/31/2013		12873		13643
8/31/2013		12672		13424
9/30/2013		13625		14462
10/31/2013		14343		15265
11/30/2013		13822		14736
12/31/2013		13948		14856
1/31/2014		12675		13547
2/28/2014		13790		14742
3/31/2014		14577		15580
4/30/2014		14614		15672
5/31/2014		14844		15943
6/30/2014		15218		16334
7/31/2014		15413		16536
8/30/2014		15743		16900
9/30/2014		14511		15621

Past performance is not a guarantee of future results.

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

48

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

DESCRIPTION	NASPERS, LTD.	MTN GROUP, LTD.	SASOL, LTD.	STANDARD BANK GROUP, LTD.	FIRSTRAND, LTD.
MARKET VALUE	$6,429,603	4,627,098	3,855,583	1,942,766	1,687,129
% OF NET ASSETS	10.2	7.3	6.1	3.1	2.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		16.8	%
Media		10.2
Wireless Telecommunication Services		9.6
Oil, Gas & Consumable Fuels		6.7
Diversified Financial Services		6.4
Real Estate Management & Development		5.7
Metals & Mining		5.4
Insurance		4.1
Industrial Conglomerates		3.1
Food Products		3.0
Real Estate Investment Trusts		2.9
Health Care Providers & Services		2.7
Food & Staples Retailing		2.4
Specialty Retail		2.3
Household Durables		2.2
Capital Markets		2.1
Pharmaceuticals		2.1
Diversified Telecommunication Services		1.9
Construction & Engineering		1.5
Multiline Retail		1.0
Chemicals		0.9
Paper & Forest Products		0.8
Transportation Infrastructure		0.8
Distributors		0.7
Marine		0.7
Hotels, Restaurants & Leisure		0.6
Containers & Packaging		0.6
Construction Materials		0.5
Trading Companies & Distributors		0.5
Energy Equipment & Services		0.4
Multi-Utilities		0.3
Electronic Equipment, Instruments & Components		0.2
Airlines		0.2
Electrical Equipment		0.2
Tobacco		0.1
IT Services		0.1
Building Products		0.1
Commercial Services & Supplies		0.1
Professional Services		0.0	***
Textiles, Apparel & Luxury Goods		0.0	***
Short Term Investments		4.0
Other Assets & Liabilities		(3.9	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for African Bank Investments, Ltd., which was Level 2 and part of the Diversified Financial Services Industry, representing 0.01% of net assets. (See Note 2)
***	Amount shown represents less than 0.05% of net assets.

49

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 4.52%, and the total return for the S&P Developed Ex-U.S. BMI Index (the “Index”) was 5.26%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference in Fund performance, relative to its Index, can largely be attributed to the expenses of managing the Fund, transaction costs, compounding differences resulting from performance volatility, and slight variations between the Fund’s holdings and the Index constituents.

Stock markets outside the US followed the American lead during the fourth quarter of 2013, but tentative behavior early in each of the final three months of 2013 prevented them from building on their healthy outperformance in the third quarter. A more resilient US dollar, particularly relative to currencies in the Pacific region, remained a significant headwind for unhedged investors in Japan and Australia. Still, European equities offered ample resilience, rallying sharply in October as the US government reopened full operations, and ratcheting higher through November as the European Central Bank (“ECB”) trimmed interest rates and peripheral eurozone bond yields appeared increasingly stable at comfortably lower levels. Developed stock markets outside the US tended to follow the global pattern in early 2014, tumbling abruptly when Chinese growth prospects looked more sluggish than anticipated and a rallying Japanese yen threw the resilience of investor risk appetites into question. Share prices found support relatively quickly in early February as the Index gained back all its value lost in January, and continued steady declines in bond yields on the eurozone periphery reflected confidence in the diligent accommodation of the ECB. July got off to a good start as equities responded favorably to total nonfarm payroll employment data released on July 3rd, with the Dow Jones Industrial Average crossing 17,000 for the first time ever. However, the optimism was short lived as fighting started in Gaza between the Israeli army and Hamas, and banking fears in Europe were re-ignited as shares of Portugal’s largest bank, Espirito Santo, plunged amid concerns that the bank would have troubles paying off its debts. In September, the ECB unexpectedly cut administered rates. The ECB also announced that an asset-backed securities purchase program and a covered bond purchase program would begin in October. Later in the month, the Scottish secession vote showed signs of being closer than previously thought and the potential disruption within the UK brought increased volatility to equity and bond markets. Markets quickly digested a dovish Federal Reserve meeting in mid-September and breathed a sigh of relief as the Scots voted against secession. Weak Chinese GDP data spooked equity investors as did escalation of US military action against ISIS.

On an individual security level, the top positive contributors to the Fund’s performance were Novartis AG, Novo Nordisk A/S Class B, and Shire PLC. The top negative contributors to the Fund’s performance were Toyota Motor Corp., Samsung Electronics Co., Ltd. GDR RegS, and Tesco PLC.

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

50

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

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P World ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.34%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P DEVELOPED EX-US		NET ASSET		MARKET		S&P DEVELOPED EX-US
	VALUE		VALUE		BMI INDEX		VALUE		VALUE		BMI INDEX
ONE YEAR		4.52%		4.05%		5.26%		4.52%		4.05%		5.26%
THREE YEARS		44.55%		45.99%		47.16%		13.07%		13.44%		13.74%
FIVE YEARS		37.63%		36.37%		43.28%		6.60%		6.40%		7.46%
SINCE INCEPTION (1)		5.25%		4.90%		10.42%		0.69%		0.64%		1.34%

(1) For the period April 20, 2007 to September 30, 2014.

51

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

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

	SPDR S&P		S&P Developed
	World ex-US		Ex-U.S. BMI
	ETF (a)		Index (b)
		10000		10000
4/20/2007		9982		9986
5/31/2007		10190		10234
6/30/2007		10233		10248
7/31/2007		10132		10164
8/31/2007		9936		9963
9/30/2007		10454		10497
10/31/2007		10900		10982
11/30/2007		10473		10501
12/31/2007		10237		10289
1/31/2008		9332		9333
2/29/2008		9495		9543
3/31/2008		9369		9407
4/30/2008		9865		9902
5/31/2008		10031		10070
6/30/2008		9228		9272
7/31/2008		8899		8935
8/31/2008		8520		8560
9/30/2008		7304		7314
10/31/2008		5847		5733
11/30/2008		5528		5410
12/31/2008		5853		5740
1/31/2009		5334		5230
2/28/2009		4776		4695
3/31/2009		5117		5036
4/30/2009		5781		5718
5/31/2009		6472		6453
6/30/2009		6414		6404
7/31/2009		7023		7009
8/31/2009		7322		7365
9/30/2009		7646		7706
10/31/2009		7490		7569
11/30/2009		7672		7748
12/31/2009		7804		7886
1/31/2010		7464		7546
2/28/2010		7438		7534
3/31/2010		7938		8038
4/30/2010		7879		7981
5/31/2010		7000		7096
6/30/2010		6906		7014
7/31/2010		7533		7656
8/31/2010		7287		7431
9/30/2010		8027		8170
10/31/2010		8286		8459
11/30/2010		7948		8130
12/31/2010		8619		8830
1/31/2011		8797		9006
2/28/2011		9072		9287
3/31/2011		8941		9188
4/30/2011		9424		9699
5/31/2011		9142		9430
6/30/2011		9013		9294
7/31/2011		8843		9171
8/31/2011		8097		8384
9/30/2011		7279		7504
10/31/2011		8002		8238
11/30/2011		7668		7849
12/31/2011		7564		7755
1/31/2012		8017		8220
2/29/2012		8472		8672
3/31/2012		8390		8611
4/30/2012		8276		8494
5/31/2012		7333		7538
6/30/2012		7776		7993
7/31/2012		7901		8094
8/31/2012		8111		8317
9/30/2012		8373		8609
10/31/2012		8412		8653
11/30/2012		8582		8819
12/31/2012		8844		9106
1/31/2013		9251		9518
2/28/2013		9173		9469
3/31/2013		9239		9549
4/30/2013		9615		9960
5/31/2013		9398		9751
6/30/2013		9028		9378
7/31/2013		9486		9874
8/31/2013		9400		9780
9/30/2013		10070		10490
10/31/2013		10366		10832
11/30/2013		10433		10896
12/31/2013		10566		11058
1/31/2014		10161		10653
2/28/2014		10689		11221
3/31/2014		10666		11192
4/30/2014		10811		11345
5/31/2014		10998		11540
6/30/2014		11172		11731
7/31/2014		10983		11532
8/30/2014		11000		11546
9/30/2014		10525		11042

Past performance is not a guarantee of future results.

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

52

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

					TOYOTA
DESCRIPTION	NOVARTIS AG	NESTLE SA	ROCHE HOLDING AG	HSBC HOLDINGS PLC	MOTOR CORP.
MARKET VALUE	$12,275,684	10,987,085	10,335,891	9,104,884	8,306,718
% OF NET ASSETS	1.5	1.3	1.3	1.1	1.0

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		13.0	%
Pharmaceuticals		8.0
Oil, Gas & Consumable Fuels		7.2
Insurance		5.0
Metals & Mining		4.0
Food Products		3.4
Automobiles		3.3
Chemicals		3.1
Real Estate Management & Development		2.5
Machinery		2.4
Diversified Telecommunication Services		2.2
Beverages		2.0
Capital Markets		1.9
Real Estate Investment Trusts		1.8
Food & Staples Retailing		1.8
Media		1.7
Industrial Conglomerates		1.7
Hotels, Restaurants & Leisure		1.6
Technology Hardware, Storage & Peripherals		1.6
Wireless Telecommunication Services		1.5
Electric Utilities		1.5
Road & Rail		1.5
Electronic Equipment, Instruments & Components		1.5
Trading Companies & Distributors		1.5
Auto Components		1.3
Textiles, Apparel & Luxury Goods		1.3
Electrical Equipment		1.2
Tobacco		1.2
Construction & Engineering		1.2
Multi-Utilities		1.1
Semiconductors & Semiconductor Equipment		1.1
Aerospace & Defense		1.0
Software		1.0
Household Durables		0.9
Specialty Retail		0.9
Commercial Services & Supplies		0.8
Health Care Equipment & Supplies		0.8
Building Products		0.7
Household Products		0.7
Diversified Financial Services		0.7
Professional Services		0.6
IT Services		0.6
Energy Equipment & Services		0.6
Personal Products		0.5
Health Care Providers & Services		0.5
Communications Equipment		0.5
Multiline Retail		0.5
Construction Materials		0.4
Gas Utilities		0.4
Biotechnology		0.4
Air Freight & Logistics		0.4
Marine		0.4
Transportation Infrastructure		0.4
Internet Software & Services		0.3
Airlines		0.3
Containers & Packaging		0.2
Paper & Forest Products		0.2
Leisure Products		0.2
Independent Power and Renewable Electricity Producers		0.1
Consumer Finance		0.1
Internet & Catalog Retail		0.1
Water Utilities		0.1
Diversified Consumer Services		0.1
Thrifts & Mortgage Finance		0.1
Distributors		0.0	***
Health Care Technology		0.0	***
Life Sciences Tools & Services		0.0	***
Short Term Investments		5.6
Other Assets & Liabilities		(5.2	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Banco Espirito Santo SA, which was Level 2 and part of the Banks Industry, Irish Bank Resolution Corp., Ltd., which was Level 2 and part of the Banks Industry, Digitech Systems Co., Ltd., which was Level 3 and part of the Electronic Equipment, Instruments & Components Industry, Let’s GOWEX SA, which was Level 3 and part of the Diversified Telecommunication Services Industry and Mota — Engil SGPS SA, which was Level 2 and part of the Construction & Engineering Industry, each representing less than 0.00% of net assets. (Note 2)
***	Amount shown represents less then 0.05% of net assets.

53

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 2.69%, and the total return for the S&P Developed Ex-U.S. Under USD2 Billion Index (the “Index”) was 4.06%. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference in Fund performance, relative to its Index, can be attributed to expenses, transaction costs, cash and receivables drag, compounding (the exponential growth of outperformance or underperformance), and security misweights between the Fund’s holdings and the Index constituents.

The Fund was able to gain 3.95% in the fourth quarter of 2013 even though investors started this quarter in nervous fashion, fretting over the forced shutdown of many US government operations and a diminished global growth outlook from the International Monetary Fund (the “IMF”). Equities rebounded as companies were able to deliver decent enough reports on third quarter earnings and upbeat economic data to set stocks on firmer footing again.

The Fund faced challenges in January 2014 but ended up gaining 2.14% during the first quarter of 2014. Most equity benchmarks endured an acid test from late January into early February, when a key Chinese manufacturing indicator missed expectations and spurred fresh disarray across the emerging markets. In addition, the global markets were further tested and rattled when Russia established military control on the Crimean peninsula. Global equities rallied nicely into the end of the first quarter of 2014 when the IMF assembled a loan package for Ukraine.

The Fund delivered the best quarter of the fiscal year with a gain of 4.11% in spite of a bad start to the second quarter of 2014. In May, political conflict between Russia and Ukraine finally appeared to subside with Russian troops withdrawing from the Ukrainian border. The IMF contributed further to the uncertainty when it released its updated economic outlook. The IMF’s projections for global growth as a whole were slightly lower, with notable downgrades in forecasts for Japan. Mario Draghi announced in May that he had had enough of the growth wilting combination of low inflation and strong currency, noting that the European Central Bank (the “ECB”) was ready to act. Equity markets rallied through the end of May and followed through in June after the ECB announced changes that were widely anticipated. The overnight rate was cut to -10 basis points and the ECB cut its main financing rate to 15 basis points.

The last quarter of the fiscal year was the Fund’s worst performing quarter of the fiscal year, losing 7.09%. The markets turned downward during this period over a number of events that negatively impacted the Fund. These events included fighting in Gaza between the Israeli army and Hamas, and banking fears in Europe that were re-ignited as shares of Portugal’s largest bank, Espirito Santo, plunged amid concerns that the bank would have troubles paying off its debts. Then, Malaysian Airlines Flight 17 was shot down over eastern Ukraine, leading to a further escalation of tensions between the West and Russia. European shares tumbled on the expectation that further economic sanctions could cripple the fragile Russian economy, raising a concern of retaliation from Putin.

On an individual security level, the top positive contributors to the Fund’s performance were AerCap Holdings NV, Nippon Shinyaku Co., Ltd., and Minebea Co., Ltd. The top negative contributors to the Fund’s performance were F.C.C.Co., Ltd., Xero Limited, and Tokyo Dome Corporation.

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

54

SPDR S&P International Small Cap ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
	NET ASSET		MARKET		EX-U.S. UNDER USD2		NET ASSET		MARKET		EX-U.S. UNDER USD2
	VALUE		VALUE		BILLION INDEX		VALUE		VALUE		BILLION INDEX
ONE YEAR		2.69%		2.75%		4.06%		2.69%		2.75%		4.06%
THREE YEARS		39.02%		42.45%		40.96%		11.61%		12.52%		12.12%
FIVE YEARS		46.21%		45.18%		46.20%		7.89%		7.74%		7.89%
SINCE INCEPTION (1)		10.23%		9.96%		8.46%		1.32%		1.28%		1.10%

(1) For the period April 20, 2007 to September 30, 2014.

55

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

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

	SPDR S&P		S&P Developed
	International Small		Ex-U.S. under
	Cap ETF		USD2 Billion
	(a)		Index (b)
		10000		10000
4/20/2007		10053		10057
5/31/2007		10261		10292
6/30/2007		10250		10312
7/31/2007		10368		10408
8/31/2007		9927		9917
9/30/2007		10315		10290
10/31/2007		10885		10827
11/30/2007		10053		9972
12/31/2007		9776		9705
1/31/2008		8878		8776
2/29/2008		9238		9182
3/31/2008		9154		8971
4/30/2008		9356		9178
5/31/2008		9523		9420
6/30/2008		8849		8756
7/31/2008		8484		8329
8/31/2008		8104		7896
9/30/2008		6826		6630
10/1/2008		5150		4976
11/2/2008		4923		4753
12/3/2008		5332		5136
1/9/2009		4969		4850
2/9/2009		4440		4344
3/9/2009		4731		4650
4/30/2009		5441		5317
5/31/2009		6181		6099
6/30/2009		6283		6186
7/9/2009		6730		6625
8/31/2009		7216		7066
9/30/2009		7539		7420
10/31/2009		7423		7319
11/30/2009		7432		7354
12/31/2009		7544		7483
1/31/2010		7413		7358
2/28/2010		7410		7368
3/31/2010		7923		7868
4/30/2010		8149		8045
5/31/2010		7243		7136
6/30/2010		7246		7072
7/31/2010		7786		7592
8/31/2010		7620		7403
9/30/2010		8409		8196
10/31/2010		8680		8482
11/30/2010		8472		8307
12/31/2010		9388		9211
1/31/2011		9455		9277
2/28/2011		9657		9503
3/31/2011		9669		9509
4/30/2011		10028		9883
5/31/2011		9758		9598
6/30/2011		9668		9439
7/31/2011		9711		9494
8/31/2011		8977		8739
9/30/2011		7928		7695
10/31/2011		8500		8274
11/30/2011		8073		7821
12/31/2011		7921		7706
1/31/2012		8593		8352
2/29/2012		9036		8790
3/31/2012		9042		8733
4/30/2012		8908		8608
5/31/2012		7904		7651
6/30/2012		8172		7922
7/31/2012		8174		7935
8/31/2012		8356		8153
9/30/2012		8780		8516
10/31/2012		8783		8494
11/30/2012		8820		8538
12/31/2012		9167		8884
1/31/2013		9572		9279
2/28/2013		9707		9345
3/31/2013		9912		9536
4/30/2013		10163		9829
5/31/2013		9807		9503
6/30/2013		9454		9141
7/31/2013		9947		9621
8/31/2013		9901		9586
9/30/2013		10734		10423
10/31/2013		10949		10617
11/30/2013		10935		10591
12/31/2013		11157		10775
1/31/2014		10987		10691
2/28/2014		11437		11088
3/31/2014		11396		11113
4/30/2014		11366		11100
5/31/2014		11474		11238
6/30/2014		11864		11634
7/31/2014		11672		11441
8/30/2014		11771		11549
9/30/2014		11023		10846

Past performance is not a guarantee of future results.

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

56

SPDR S&P International Small Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

				WIHLBORGS	HONG LEONG
	BELIMO HOLDING	CORUS ENTERTAINMENT,		FASTIGHETER	FINANCE,
DESCRIPTION	AG	INC. (CLASS B)	SHOCHIKU CO., LTD.	AB	LTD.
MARKET VALUE	$3,370,110	3,192,297	3,180,090	3,179,009	3,120,875
% OF NET ASSETS	0.4	0.4	0.4	0.4	0.4

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Real Estate Investment Trusts		5.5	%
Banks		5.2
Machinery		4.8
Metals & Mining		4.7
Real Estate Management & Development		4.4
Oil, Gas & Consumable Fuels		4.0
Construction & Engineering		3.6
Chemicals		3.5
Capital Markets		3.5
Electronic Equipment, Instruments & Components		3.3
Commercial Services & Supplies		3.2
Hotels, Restaurants & Leisure		3.1
Specialty Retail		2.8
Media		2.7
Food Products		2.7
Software		2.2
Pharmaceuticals		2.1
Semiconductors & Semiconductor Equipment		2.0
Trading Companies & Distributors		1.9
Auto Components		1.8
Electrical Equipment		1.8
Building Products		1.6
IT Services		1.6
Textiles, Apparel & Luxury Goods		1.5
Household Durables		1.5
Health Care Providers & Services		1.5
Biotechnology		1.4
Food & Staples Retailing		1.4
Road & Rail		1.3
Paper & Forest Products		1.2
Energy Equipment & Services		1.1
Health Care Equipment & Supplies		1.1
Insurance		1.0
Communications Equipment		1.0
Diversified Consumer Services		1.0
Beverages		0.9
Internet Software & Services		0.8
Industrial Conglomerates		0.8
Professional Services		0.8
Consumer Finance		0.8
Construction Materials		0.7
Containers & Packaging		0.6
Diversified Financial Services		0.6
Internet & Catalog Retail		0.5
Marine		0.5
Air Freight & Logistics		0.5
Diversified Telecommunication Services		0.5
Multiline Retail		0.5
Aerospace & Defense		0.4
Thrifts & Mortgage Finance		0.4
Wireless Telecommunication Services		0.4
Personal Products		0.3
Independent Power and Renewable Electricity Producers		0.3
Distributors		0.3
Technology Hardware, Storage & Peripherals		0.2
Airlines		0.2
Leisure Products		0.2
Transportation Infrastructure		0.2
Gas Utilities		0.2
Electric Utilities		0.2
Multi-Utilities		0.2
Life Sciences Tools & Services		0.1
Household Products		0.1
Health Care Technology		0.1
Water Utilities		0.0	***
Automobiles		0.0	***
Commercial & Professional Services		0.0	***
Short Term Investments		11.4
Other Assets & Liabilities		(10.7	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Great Basin Gold, Ltd., which was Level 3 and part of the Metals & Mining Industry, Sequana, which was Level 2 and part of the Paper & Forest Products Industry, Platinum Australia, Ltd., which was Level 2 and part of the Metals & Mining Industry, Peace Mark (Holdings), Ltd., which was Level 2 and part of the Textiles, Apparel & Luxury Goods Industry, CNK International Co., Ltd., which was Level 2 and part of the Metals & Mining Industry, Poseidon Concepts Corp., which was Level 2 and part of the Energy Equipment & Services Industry, Amagerbanken A/S, which was Level 2 and part of the Banks Industry, Let’s GOWEX SA, which was Level 3 and part of the Diversified Telecommunication Services Industry and TT Hellenic Postbank SA, which was Level 2 and part of the Banks Industry, each representing less than 0.00% of net assets, and Bull, which was Level 2 and part of the IT Services Industry, representing 0.02% of net assets, Mando Corp., which was Level 2 and part of the Auto Components Industry, representing 0.08% of net assets and FDG Electric Vehicles, Ltd., which was Level 2 and part of the Electrical Equipment Industry, representing 0.03% of net assets. (Note 2)
***	Amount shown represents less then 0.05% of net assets.

57

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 3.57%, and the total return for the Dow Jones Global ex-U.S. Select Real Estate Securities Index^sm (the “Index”) was 3.85%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, cash drag and security misweights.

International real estate securities had a quiet start to the fiscal year with modest negative returns during the first fiscal quarter caused by the concern over a diminished global growth outlook from the International Monetary Fund. The next two quarters, however, produced steady gains as investors looked to real estate securities as a yield alternative and a source of income in a time of declining bond yields. The strength of the US dollar against the euro, the yen, and the Australian dollar as well as a softening demand in the Hong Kong housing market during the final fiscal quarter gave back some of those gains. The Index was still able to produce a positive overall return for the Reporting Period and outpace the broader market in each of the last three fiscal quarters.

On an individual security level, the top positive contributors to the Fund’s performance were Brookfield Asset Management Inc. Class A, British Land Company PLC, and Link Real Estate Investment Trust. The top negative contributors to the Fund’s performance were Hulic Co., Ltd., Tokyu Fudosan Holdings Corp., and Mitsui Fudosan Co., Ltd.

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

58

SPDR Dow Jones International Real Estate ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones International Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					DOW JONES GLOBAL						DOW JONES GLOBAL
					EX-U.S. SELECT REAL						EX-U.S. SELECT REAL
	NET ASSET		MARKET		ESTATE SECURITIES		NET ASSET		MARKET		ESTATE SECURITIES
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
ONE YEAR		3.57%		2.95%		3.85%		3.57%		2.95%		3.85%
THREE YEARS		47.98%		50.62%		50.36%		13.95%		14.63%		14.56%
FIVE YEARS		54.74%		54.28%		58.28%		9.12%		9.06%		9.62%
SINCE INCEPTION (1)		1.52%		1.29%		4.68%		0.19%		0.16%		0.59%

(1) For the period December 15, 2006 to September 30, 2014.

59

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

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

			Dow Jones
	SPDR Dow		Global ex-U.S.
	Jones International		Select Real
	Real Estate		Estate Securities
	ETF (a)		Index (b)
		10000		10000
12/15/2006		10401		10397
1/31/2007		10546		10576
2/28/2007		10836		10871
3/31/2007		11150		11207
4/30/2007		11391		11448
5/31/2007		11606		11670
6/30/2007		10859		10949
7/31/2007		10298		10383
8/31/2007		10271		10341
9/30/2007		10810		10901
10/31/2007		11010		11113
11/30/2007		10175		10275
12/31/2007		9683		9786
1/31/2008		9172		9258
2/29/2008		9208		9285
3/31/2008		9033		9098
4/30/2008		9452		9510
5/31/2008		9251		9313
6/30/2008		8218		8250
7/31/2008		8103		8145
8/31/2008		7736		7770
9/30/2008		6661		6680
10/1/2008		4963		4954
11/2/2008		4534		4530
12/3/2008		4733		4734
1/9/2009		4281		4288
2/9/2009		3682		3691
3/9/2009		3935		3950
4/30/2009		4471		4495
5/31/2009		5141		5163
6/30/2009		5229		5255
7/9/2009		5724		5771
8/31/2009		6220		6263
9/30/2009		6560		6613
10/31/2009		6508		6557
11/30/2009		6470		6539
12/31/2009		6564		6632
1/31/2010		6297		6351
2/28/2010		6331		6398
3/31/2010		6623		6684
4/30/2010		6710		6778
5/31/2010		5988		6080
6/30/2010		5999		6076
7/31/2010		6627		6723
8/31/2010		6708		6801
9/30/2010		7357		7467
10/31/2010		7702		7814
11/30/2010		7250		7357
12/31/2010		7927		8058
1/31/2011		7902		8005
2/28/2011		8109		8201
3/31/2011		7988		8098
4/30/2011		8457		8576
5/31/2011		8403		8526
6/30/2011		8309		8429
7/31/2011		8225		8362
8/31/2011		7777		7906
9/30/2011		6860		6963
10/31/2011		7439		7558
11/30/2011		7013		7130
12/31/2011		6805		6923
1/31/2012		7363		7520
2/29/2012		7790		7977
3/31/2012		7848		8021
4/30/2012		7974		8151
5/31/2012		7394		7547
6/30/2012		7919		8086
7/31/2012		8305		8485
8/31/2012		8358		8546
9/30/2012		8611		8828
10/31/2012		8874		9092
11/30/2012		9018		9249
12/31/2012		9280		9534
1/31/2013		9453		9723
2/28/2013		9555		9855
3/31/2013		9798		10085
4/30/2013		10498		10809
5/31/2013		9538		9843
6/30/2013		9220		9490
7/31/2013		9335		9610
8/31/2013		9032		9289
9/30/2013		9801		10080
10/31/2013		10055		10349
11/30/2013		9835		10117
12/31/2013		9740		10033
1/31/2014		9446		9732
2/28/2014		9861		10163
3/31/2014		9864		10161
4/30/2014		10189		10499
5/31/2014		10527		10846
6/30/2014		10730		11066
7/31/2014		10726		11064
8/30/2014		10867		11207
9/30/2014		10152		10468

Past performance is not a guarantee of future results.

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

60

SPDR Dow Jones International Real Estate ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

		BROOKFIELD ASSET
	MITSUI FUDOSAN	MANAGEMENT, INC.
DESCRIPTION	CO., LTD.	(CLASS A)	UNIBAIL-RODAMCO SE	SCENTRE GROUP	THE LINK REIT
MARKET VALUE	$356,882,752	301,863,969	296,492,066	179,611,316	156,515,532
% OF NET ASSETS	7.3	6.1	6.1	3.6	3.2

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Real Estate Management & Development		35.2	%
Retail REITs		27.5
Diversified REITs		19.1
Office REITs		11.5
Industrial REITs		4.3
Diversified Capital Markets		0.9
Residential REITs		0.9
Specialized REITs		0.5
Air Freight & Logistics		0.0	***
Short Term Investments		1.7
Other Assets & Liabilities		(1.6	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Martinsa-Fadesa SA, which was Level 2 and part of the Real Estate Management & Development Industry, representing 0.00% of net assets. (Note 2)
***	Amount shown represents less than 0.05% of net assets.

61

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 15.95%, and the total return for the S&P Global Infrastructure Index (the “Index”) was 15.80%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, cash drag, small security misweights, securities lending, compounding (the exponential growth of outperformance or underperformance) and dividend tax differences.

For the Reporting Period, the global infrastructure Index slightly lagged broader economic indices. An infrastructure index tends to track the broader environment, but during the Reporting Period, underperformance in the utilities sector hindered both Index and Fund performance. The majority of the Fund’s holdings were in the utilities sector and, through investment in transportation companies, the industrials sector. The remaining holdings were in the energy sector. While industrial stocks posted solid gains for the last calendar quarter of 2013, the utilities sector ended the year as one of the worst-performing sectors. Utilities performed very well in the first calendar quarter of 2014 as the surprising drop in bond yields renewed interest in these notable 2013 laggards. After an initial lift as the second calendar quarter of 2014 got underway, equities worldwide began once again to struggle with the possibility that growth in 2014 might not evolve as robustly as anticipated. Happily, the second half of April brought a vigorous rebound in equities with utilities and energy as the top two performing sectors. The third calendar quarter of 2014 was not as positive as July ended with a decided thud: the market had its biggest down day since February on the last day of trading. Soft equity prices spilled over from the end of July into the beginning of August amidst continuing conflict in global hotspots. Three of the worst performing sectors for this quarter were energy, utilities and industrials as the Index lagged the S&P 500 in the final calendar quarter for the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Williams Companies, Inc., Cheniere Energy, Inc., and Groupe Eurotunnel SA. The top negative contributors to the Fund’s performance were COSCO Pacific Limited, Centrica plc, and China Merchants Holdings (International) Co., Ltd.

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

62

SPDR S&P Global Infrastructure ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Global Infrastructure ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P GLOBAL		NET ASSET		MARKET		S&P GLOBAL
	VALUE		VALUE		INFRASTRUCTURE INDEX		VALUE		VALUE		INFRASTRUCTURE INDEX
ONE YEAR		15.95%		15.90%		15.80%		15.95%		15.90%		15.80%
THREE YEARS (1)		40.50%		41.07%		47.97%		12.00%		12.15%		13.95%
FIVE YEARS (1)		41.33%		40.96%		53.65%		7.16%		7.11%		8.97%
SINCE INCEPTION (1)(2)		27.09%		26.75%		33.37%		3.17%		3.13%		3.82%

(1)	Effective May 1, 2013, the Fund changed its benchmark index from the Macquarie Global Infrastructure 100 Index to the S&P Global Infrastructure Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to May 1, 2013.
(2)	For the period January 25, 2007 to September 30, 2014.

63

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

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

	SPDR S&P		S&P Global
	Global Infrastructure		Infrastructure Index
	ETF (a)(1)		(b)(2)
		10000		10000
1/25/2007		10089		10089
2/28/2007		10274		10277
3/31/2007		10684		10692
4/30/2007		11113		11125
5/31/2007		11383		11425
6/30/2007		11079		11120
7/31/2007		10714		10754
8/31/2007		10893		10949
9/30/2007		11442		11508
10/31/2007		12133		12217
11/30/2007		12293		12386
12/31/2007		12244		12343
1/31/2008		11363		11453
2/29/2008		11312		11411
3/31/2008		11244		11348
4/30/2008		11652		11778
5/31/2008		12074		12219
6/30/2008		11615		11756
7/31/2008		11175		11313
8/31/2008		10799		10933
9/30/2008		9505		9614
10/31/2008		8163		8251
11/30/2008		8014		8108
12/31/2008		8385		8500
1/31/2009		7857		7968
2/28/2009		6946		7044
3/31/2009		6988		7085
4/30/2009		7367		7484
5/31/2009		7955		8099
6/30/2009		8019		8161
7/31/2009		8373		8526
8/31/2009		8697		8861
9/30/2009		8993		9166
10/31/2009		8598		8780
11/30/2009		9006		9198
12/31/2009		9312		9528
1/31/2010		8841		9048
2/28/2010		8732		8940
3/31/2010		8998		9221
4/30/2010		8889		9122
5/31/2010		8186		8388
6/30/2010		8138		8351
7/31/2010		8802		9040
8/31/2010		8784		9023
9/30/2010		9139		9409
10/31/2010		9516		9804
11/30/2010		8969		9252
12/31/2010		9415		9720
1/31/2011		9699		10014
2/28/2011		9953		10279
3/31/2011		9704		10033
4/30/2011		10162		10516
5/31/2011		9924		10285
6/30/2011		9917		10284
7/31/2011		9641		10003
8/31/2011		9339		9699
9/30/2011		9044		9389
10/31/2011		9451		9821
11/30/2011		9400		9768
12/31/2011		9424		9811
1/31/2012		9315		9711
2/29/2012		9569		9991
3/31/2012		9624		10055
4/30/2012		9593		10028
5/31/2012		9102		9524
6/30/2012		9601		10062
7/31/2012		9592		10066
8/31/2012		9586		10062
9/30/2012		9788		10277
10/31/2012		9860		10358
11/30/2012		9607		10100
12/31/2012		9746		10265
1/31/2013		10005		10550
2/28/2013		9976		10527
3/31/2013		10349		10929
4/30/2013		11011		11613
5/31/2013		10420		11005
6/30/2013		10205		10759
7/31/2013		10628		11211
8/31/2013		10314		10868
9/30/2013		10962		11554
10/31/2013		11380		11996
11/30/2013		11287		11893
12/31/2013		11434		12050
1/31/2014		11336		11950
2/28/2014		11877		12513
3/31/2014		12225		12880
4/30/2014		12440		13105
5/31/2014		12748		13424
6/30/2014		13212		13922
7/31/2014		12937		13631
8/30/2014		13226		13929
9/30/2014		12709		13379

Past performance is not a guarantee of future results.

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

(1)	Effective May 1, 2013, the Fund changed its benchmark index from the Macquarie Global Infrastructure 100 Index to the S&P Global Infrastructure Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to May 1, 2013.
(2)	Index returns represent the Fund’s prior investment strategy from January 25, 2007 through April 30, 2013 and the S&P Global Infrastructure Index from May 1, 2013 through September 30, 2014.

64

SPDR S&P Global Infrastructure ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

			ABERTIS INFRAESTRUCTURAS
DESCRIPTION	TRANSURBAN GROUP	ATLANTIA SPA	SA	NATIONAL GRID PLC	ENBRIDGE, INC.
MARKET VALUE	$5,642,050	4,993,664	3,816,919	3,802,899	3,630,494
% OF NET ASSETS	5.0	4.5	3.4	3.4	3.2

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Transportation Infrastructure		39.9	%
Electric Utilities		20.4
Oil, Gas & Consumable Fuels		19.4
Multi-Utilities		18.1
Independent Power and Renewable Electricity
Producers		1.0
Water Utilities		0.6
Gas Utilities		0.2
Short Term Investments		14.3
Other Assets & Liabilities		(13.9	)
TOTAL		100.0	%

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

65

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 2.39%, and the total return for the S&P Global Natural Resources Index (the “Index”) was 3.08%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses and cumulative security misweights.

The Fund had a positive return for the Reporting Period, but on an intra-period basis, the Fund experienced two quarters of negative performance and two quarters of positive performance. The fourth calendar quarter of 2013 had positive returns driven by signals of continued low interest rates, mergers and acquisition activity, and better-than-expected earnings results. The first calendar quarter of 2014 had a small negative return due to concerns of a slowing global economy — weaker than expected Chinese and UK manufacturing, US vehicle sales, German factory orders, and Eurozone industrial production. This quarter’s results were also hindered by lower crude oil prices — despite being partially offset by increased natural gas prices — and worries over oversupply of various commodities like coal and iron ore. The second calendar quarter of 2014 had positive returns as easy monetary policies, increased mergers and acquisition activity and strong macroeconomic data continued to drive performance. The positive performance in this quarter was also aided by seasonal increases in gasoline prices as the summer driving season commenced. The third calendar quarter resulted in negative returns driven by geopolitical concerns and the strong US dollar. Performance was also hindered by weaker crops as a result of the unusually cold weather experienced in North America in the first half of the year.

On an individual security level, the top positive contributors to the Fund’s performance were Archer-Daniels-Midland Company, Exxon Mobil Corporation, and Potash Corporation of Saskatchewan Inc. The top negative contributors to the Fund’s performance were BHP Billiton Limited, Nippon Steel & Sumitomo Metal Corp., and Syngenta AG.

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

66

SPDR S&P Global Natural Resources ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Global Natural Resources ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P GLOBAL NATURAL		NET ASSET		MARKET		S&P GLOBAL NATURAL
	VALUE		VALUE		RESOURCES INDEX		VALUE		VALUE		RESOURCES INDEX
ONE YEAR		2.39%		2.52%		3.08%		2.39%		2.52%		3.08%
THREE YEARS		13.35%		14.33%		15.64%		4.26%		4.56%		4.96%
SINCE INCEPTION (1)		5.22%		5.24%		7.90%		1.26%		1.27%		1.90%

(1) For the period September 13, 2010 to September 30, 2014.

67

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

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

	SPDR S&P		S&P Global
	Global Natural		Natural Resources
	Resources ETF		Index
		10000		10000
9/13/2010		10152		10156
10/31/2010		10798		10808
11/30/2010		10608		10624
12/31/2010		11794		11813
1/31/2011		11990		12015
2/28/2011		12483		12515
3/31/2011		12537		12578
4/30/2011		12782		12825
5/31/2011		12251		12314
6/30/2011		12007		12076
7/31/2011		11929		12000
8/31/2011		11094		11164
9/30/2011		9283		9330
10/31/2011		10670		10736
11/30/2011		10340		10401
12/31/2011		9988		10058
1/31/2012		10818		10902
2/29/2012		11181		11271
3/31/2012		10683		10774
4/30/2012		10508		10602
5/31/2012		9224		9322
6/30/2012		9757		9862
7/31/2012		9827		9938
8/31/2012		10003		10113
9/30/2012		10496		10626
10/31/2012		10419		10550
11/30/2012		10328		10467
12/31/2012		10627		10778
1/31/2013		11014		11175
2/28/2013		10648		10808
3/31/2013		10464		10617
4/30/2013		10309		10477
5/31/2013		10124		10300
6/30/2013		9454		9610
7/31/2013		9757		9924
8/31/2013		9802		9978
9/30/2013		10277		10467
10/31/2013		10615		10819
11/30/2013		10467		10672
12/31/2013		10729		10944
1/31/2014		10117		10327
2/28/2014		10644		10865
3/31/2014		10715		10943
4/30/2014		11001		11242
5/31/2014		11066		11317
6/30/2014		11427		11697
7/31/2014		11290		11564
8/30/2014		11332		11608
9/30/2014		10522		10790

Past performance is not a guarantee of future results.

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

68

SPDR S&P Global Natural Resources ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

				POTASH CORP. OF
DESCRIPTION	EXXON MOBIL CORP.	BHP BILLITON, LTD.	SYNGENTA AG	SASKATCHEWAN, INC.	GLENCORE PLC
MARKET VALUE	$30,302,628	26,844,297	25,511,518	25,090,387	23,195,886
% OF NET ASSETS	5.1	4.5	4.3	4.2	3.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Oil, Gas & Consumable Fuels		33.6	%
Metals & Mining		31.4
Chemicals		19.5
Paper & Forest Products		6.1
Food Products		4.7
Containers & Packaging		3.4
Real Estate Investment Trusts		0.8
Short Term Investments		4.6
Other Assets & Liabilities		(4.1	)
TOTAL		100.0	%

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

69

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

The SPDR MSCI ACWI ex-US ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon broad based world (ex-US) equity markets.

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 5.43%, and the total return for the MSCI All Country World Index (the “Index”) was 5.22%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and Fund expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, cash drag, lending, compounding (the exponential growth of outperformance or underperformance) and slight variations between the Fund’s holdings and the Index constituents.

Stock markets outside the United States followed the American lead during the fourth quarter of 2013, but tentative behavior early in each of the final three months of 2013 prevented them from building on their healthy outperformance in the third calendar quarter. A more resilient US dollar, particularly relative to currencies in the Pacific region, remained a significant headwind for unhedged investors in Japan and Australia. Still, European equities offered ample resilience, rallying sharply in October as the US government reopened full operations, and ratcheted higher through November as the European Central Bank (“ECB”) trimmed interest rates and peripheral Eurozone bond yields appeared increasingly stable at comfortably lower levels. Developed stock markets outside the US tended to follow the global pattern in early 2014 as the MSCI ACWI ex-US Index was down -4.54%, tumbling as Chinese growth prospects looked more sluggish than anticipated and a rallying Japanese yen threw the resilience of investor risk appetites into question. Share prices found support relatively quickly in early February as the Index regained the value it lost in January, and continued steady declines in bond yields on the Eurozone periphery reflected confidence in the diligent accommodation of the ECB. July got off to a good start as equities responded favorably to US nonfarm payroll data released on July 3rd, with the Dow Jones Industrial Average crossing 17,000 for the first time ever. However, the optimism was short lived as fighting started in Gaza between the Israeli army and Hamas, and banking fears in Europe were re-ignited as shares of Portugal’s largest bank, Espirito Santo, plunged amid concerns that the bank would have trouble paying off its debts. In September, the ECB unexpectedly cut administered rates. The ECB also announced that an asset-backed securities purchase program and a covered bond purchase program would begin in October. Later in the month, the Scottish secession vote showed signs of being closer than previously thought and the potential disruption within the United Kingdom brought increased volatility to equity and bond markets. Markets quickly digested a dovish Federal Reserve meeting in mid-September and breathed a sigh of relief as the Scots voted against secession. Weak Chinese GDP data spooked equity investors as did escalation of US military action against ISIS.

On an individual security level, the top positive contributors to the Fund’s performance were Novartis AG, Novo Nordisk A/S Class B, and AstraZeneca PLC. The top negative contributors to the Fund’s performance were Samsung Electronics Co., Ltd. GDR RegS, Mitsubishi Estate Company, Limited, and Tesco PLC.

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

70

SPDR MSCI ACWI ex-US ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI ACWI ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.34%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		MSCI ALL COUNTRY		NET ASSET		MARKET		MSCI ALL COUNTRY
	VALUE		VALUE		WORLD INDEX EX USA		VALUE		VALUE		WORLD INDEX EX USA
ONE YEAR		5.43%		5.37%		5.22%		5.43%		5.37%		5.22%
THREE YEARS		39.62%		42.31%		41.60%		11.77%		12.48%		12.29%
FIVE YEARS		33.13%		32.55%		36.98%		5.89%		5.80%		6.50%
SINCE INCEPTION (1)		20.48%		20.34%		23.66%		2.44%		2.43%		2.79%

(1) For the period January 10, 2007 to September 30, 2014.

71

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

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

			MSCI All
	SPDR MSCI		Country World
	ACWI ex-US		Index ex
	ETF		USA
		10000		10000
1/10/2007		10306		10315
2/28/2007		10362		10378
3/31/2007		10657		10671
4/30/2007		11140		11166
5/31/2007		11421		11472
6/30/2007		11494		11569
7/31/2007		11402		11537
8/31/2007		11228		11359
9/30/2007		11955		12111
10/31/2007		12607		12787
11/30/2007		12042		12213
12/31/2007		11861		12036
1/31/2008		10763		10871
2/29/2008		11010		11186
3/31/2008		10783		10944
4/30/2008		11457		11617
5/31/2008		11658		11818
6/30/2008		10709		10849
7/31/2008		10296		10461
8/31/2008		9838		9974
9/30/2008		8424		8479
10/31/2008		6670		6613
11/30/2008		6266		6233
12/31/2008		6608		6590
1/31/2009		6028		6009
2/28/2009		5457		5450
3/31/2009		5911		5890
4/30/2009		6749		6700
5/31/2009		7671		7617
6/30/2009		7572		7536
7/31/2009		8310		8275
8/31/2009		8614		8583
9/30/2009		9049		9026
10/31/2009		8915		8915
11/30/2009		9189		9173
12/31/2009		9388		9368
1/31/2010		8908		8911
2/28/2010		8896		8912
3/31/2010		9496		9522
4/30/2010		9415		9445
5/31/2010		8421		8462
6/30/2010		8315		8355
7/31/2010		9071		9112
8/31/2010		8797		8863
9/30/2010		9694		9747
10/31/2010		10032		10080
11/30/2010		9636		9693
12/31/2010		10381		10454
1/31/2011		10513		10559
2/28/2011		10803		10840
3/31/2011		10769		10819
4/30/2011		11287		11356
5/31/2011		10951		11041
6/30/2011		10776		10885
7/31/2011		10579		10740
8/31/2011		9671		9821
9/30/2011		8628		8732
10/31/2011		9533		9652
11/30/2011		9095		9162
12/31/2011		8977		9061
1/31/2012		9569		9678
2/29/2012		10082		10225
3/31/2012		9954		10090
4/30/2012		9797		9940
5/31/2012		8680		8821
6/30/2012		9212		9346
7/31/2012		9335		9481
8/31/2012		9520		9681
9/30/2012		9855		10046
10/31/2012		9884		10086
11/30/2012		10062		10280
12/31/2012		10400		10638
1/31/2013		10825		11073
2/28/2013		10701		10958
3/31/2013		10737		10986
4/30/2013		11122		11401
5/31/2013		10843		11148
6/30/2013		10366		10668
7/31/2013		10833		11137
8/31/2013		10685		10986
9/30/2013		11427		11752
10/31/2013		11818		12185
11/30/2013		11860		12208
12/31/2013		11946		12318
1/31/2014		11388		11760
2/28/2014		11999		12354
3/31/2014		12037		12393
4/30/2014		12236		12566
5/31/2014		12484		12823
6/30/2014		12694		13044
7/31/2014		12586		12917
8/30/2014		12657		12991
9/30/2014		12048		12366

Past performance is not a guarantee of future results.

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

72

SPDR MSCI ACWI ex-US ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

DESCRIPTION	ROCHE HOLDING AG	NESTLE SA	NOVARTIS AG	HSBC HOLDINGS PLC	TOYOTA MOTOR CORP.
MARKET VALUE	$7,744,289	7,518,110	7,306,443	6,509,696	5,779,847
% OF NET ASSETS	1.4	1.3	1.3	1.1	1.0

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		16.2	%
Oil, Gas & Consumable Fuels		9.3
Pharmaceuticals		8.0
Insurance		4.9
Metals & Mining		4.1
Automobiles		4.0
Chemicals		3.3
Wireless Telecommunication Services		3.0
Diversified Telecommunication Services		2.9
Food Products		2.8
Beverages		2.1
Machinery		2.1
Real Estate Management & Development		1.9
Semiconductors & Semiconductor Equipment		1.9
Media		1.7
Road & Rail		1.7
Capital Markets		1.5
Food & Staples Retailing		1.4
Textiles, Apparel & Luxury Goods		1.4
Industrial Conglomerates		1.4
Electric Utilities		1.3
Technology Hardware, Storage & Peripherals		1.2
Real Estate Investment Trusts		1.2
Electronic Equipment, Instruments & Components		1.2
Multi-Utilities		1.2
Tobacco		1.1
Diversified Financial Services		1.1
Electrical Equipment		1.1
Trading Companies & Distributors		1.1
Construction & Engineering		1.0
Building Products		0.8
Internet Software & Services		0.7
Auto Components		0.7
Hotels, Restaurants & Leisure		0.7
Gas Utilities		0.7
Transportation Infrastructure		0.6
Multiline Retail		0.6
Construction Materials		0.5
Aerospace & Defense		0.5
Household Durables		0.5
Software		0.5
Health Care Equipment & Supplies		0.5
IT Services		0.5
Specialty Retail		0.4
Household Products		0.4
Commercial Services & Supplies		0.4
Personal Products		0.4
Professional Services		0.4
Communications Equipment		0.3
Marine		0.3
Independent Power and Renewable Electricity Producers		0.3
Biotechnology		0.3
Containers & Packaging		0.3
Air Freight & Logistics		0.2
Health Care Providers & Services		0.2
Water Utilities		0.2
Energy Equipment & Services		0.2
Paper & Forest Products		0.2
Consumer Finance		0.1
Leisure Products		0.1
Airlines		0.0	***
Short Term Investments		4.9
Other Assets & Liabilities		(4.5	)
TOTAL		100.0	%

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

73

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 11.77%, and the total return for the MSCI ACWI IMI Index (the “Index”) was 10.70%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Dividend tax withholding differences, Fund expenses, a slight cash drag, and optimization contributed to the difference between the Fund’s performance and that of the Index.

The Index underperformed the standard MSCI ACWI index by nearly 60 basis points during the Reporting Period mainly due to weak performance of the small cap companies. Information technology and health care sectors were the best performing sectors in the Fund while material and consumer discretionary companies lagged. Stock markets outside the United States followed the American lead during the fourth quarter of 2013, but tentative behavior early in each of the final three months of 2013 prevented them from building on their healthy outperformance in the third quarter. European equities offered ample resilience, rallying sharply in October as the US government reopened full operations, and ratcheting higher through November as the European Central Bank (“ECB”) trimmed interest rates and peripheral Eurozone bond yields appeared increasingly stable at comfortably lower levels. In early 2014 developed stock markets outside the US tended to follow the global pattern, tumbling abruptly when Chinese growth prospects looked more sluggish than anticipated and a rallying Japanese yen threw the resilience of investor risk appetites into question. Share prices found support relatively quickly in early February as the Index regained the value it had lost in January, and continued steady declines in bond yields on the Eurozone periphery reflected confidence in the diligent accommodation of the ECB. July got off to a good start as equities responded favorably to US nonfarm payroll data released July 3rd,but the optimism was short lived as fighting started in Gaza between the Israeli army and Hamas, and banking fears in Europe were re-ignited as shares of Portugal’s largest bank, Espirito Santo, plunged amid concerns that the bank would have troubles paying off its debts. In September, the ECB unexpectedly cut administered rates. The ECB also announced that an asset-backed securities purchase program and a covered bond purchase program would begin in October. Later in the month, the Scottish secession vote showed signs of being closer than previously thought and the potential disruption within the United Kingdom brought increased volatility to equity and bond markets. Markets quickly digested a dovish Fed meeting in mid-September and breathed a sigh of relief as the Scots voted against secession. Weak Chinese GDP data spooked equity investors as did escalation of US military action against ISIS.

On an individual security level, the top positive contributors to the Fund’s performance were Apple Inc., Gilead Sciences, Inc., and Microsoft Corporation. The top negative contributors to the Fund’s performance were Tesco PLC, Mattel, Inc., and Whole Foods Market, Inc.

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

74

SPDR MSCI ACWI IMI ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI ACWI IMI ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.25%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET				NET ASSET		MARKET
	VALUE		VALUE		MSCI ACWI IMI INDEX		VALUE		VALUE		MSCI ACWI IMI INDEX
ONE YEAR		11.77%		12.60%		10.70%		11.77%		12.60%		10.70%
SINCE INCEPTION (1)		34.88%		34.70%		33.56%		12.24%		12.18%		11.82%

(1) For the period February 27, 2012 to September 30, 2014.

75

SPDR MSCI ACWI IMI ETF —
Performance Summary (continued)

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

	SPDR MSCI		MSCI ACWI
	ACWI IMI		IMI Index
	ETF (a)		(b)
2/27/2012		10000		10000
2/29/2012		10016		10026
3/31/2012		10079		10090
4/30/2012		9967		9979
5/31/2012		9060		9085
6/30/2012		9496		9518
7/31/2012		9627		9630
8/31/2012		9842		9851
9/30/2012		10129		10170
10/31/2012		10080		10102
11/30/2012		10217		10228
12/31/2012		10471		10474
1/31/2013		10967		10968
2/28/2013		10972		10978
3/31/2013		11184		11197
4/30/2013		11474		11494
5/31/2013		11469		11479
6/30/2013		11155		11144
7/31/2013		11691		11692
8/31/2013		11459		11449
9/30/2013		12067		12066
10/31/2013		12528		12537
11/30/2013		12723		12715
12/31/2013		12922		12940
1/31/2014		12443		12458
2/28/2014		13056		13066
3/31/2014		13121		13112
4/30/2014		13247		13194
5/31/2014		13547		13460
6/30/2014		13799		13746
7/31/2014		13620		13535
8/30/2014		13924		13849
9/30/2014		13488		13356

Past performance is not a guarantee of future results.

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

76

SPDR MSCI ACWI IMI ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

DESCRIPTION	APPLE, INC.	EXXON MOBIL CORP.	MICROSOFT CORP.	GILEAD SCIENCES, INC.	WELLS FARGO & CO.
MARKET VALUE	$656,688	524,517	473,846	396,100	385,498
% OF NET ASSETS	1.1	0.9	0.8	0.7	0.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		8.6	%
Oil, Gas & Consumable Fuels		8.4
Pharmaceuticals		5.6
Insurance		4.5
Media		3.3
Chemicals		2.7
Software		2.6
Real Estate Investment Trusts		2.5
Biotechnology		2.4
Food Products		2.4
Technology Hardware, Storage & Peripherals		2.4
Diversified Telecommunication Services		2.3
Metals & Mining		2.3
Capital Markets		2.2
Aerospace & Defense		2.2
Semiconductors & Semiconductor Equipment		2.2
Food & Staples Retailing		2.0
Machinery		2.0
Industrial Conglomerates		1.8
IT Services		1.7
Internet Software & Services		1.7
Hotels, Restaurants & Leisure		1.7
Energy Equipment & Services		1.6
Health Care Equipment & Supplies		1.6
Automobiles		1.5
Electric Utilities		1.5
Specialty Retail		1.5
Wireless Telecommunication Services		1.4
Beverages		1.4
Health Care Providers & Services		1.3
Road & Rail		1.3
Electronic Equipment, Instruments & Components		1.3
Real Estate Management & Development		1.3
Household Products		1.2
Tobacco		1.1
Communications Equipment		1.1
Multiline Retail		1.0
Electrical Equipment		1.0
Textiles, Apparel & Luxury Goods		0.9
Diversified Financial Services		0.8
Air Freight & Logistics		0.8
Consumer Finance		0.7
Commercial Services & Supplies		0.7
Construction & Engineering		0.7
Internet & Catalog Retail		0.6
Trading Companies & Distributors		0.6
Life Sciences Tools & Services		0.6
Multi-Utilities		0.5
Auto Components		0.5
Professional Services		0.5
Building Products		0.4
Marine		0.3
Thrifts & Mortgage Finance		0.3
Leisure Products		0.3
Construction Materials		0.3
Transportation Infrastructure		0.3
Water Utilities		0.2
Household Durables		0.2
Personal Products		0.2
Independent Power and Renewable Electricity Producers		0.1
Airlines		0.1
Paper & Forest Products		0.1
Gas Utilities		0.1
Containers & Packaging		0.1
Short Term Investments		17.2
Other Assets & Liabilities		(16.7	)
TOTAL		100.0	%

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

77

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 3.67%, and the total return for the MSCI EM 50 Index (the “Index”) was 4.28%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, investment depository receipts in lieu of local stocks, income from securities lending, cash drag, transaction costs, compounding differences resulting from performance volatility and slight variations between the Fund’s holdings and the Index constituents.

While 2013 was a landmark year for emerging markets equities, 2014 through the Reporting Period had a bid tone in terms of the Fund’s performance. Persistent outflows from equities and net inflows into bonds and gold in 2014 suggested a rotation of trade from 2013. Volume demand for emerging market equities softened due to imported inflation, tightening monetary policy in some countries and general macroeconomic uncertainty. The conflict between Russia and Ukraine was the single biggest risk to the global economy. Russian equities and the ruble were impacted by concerns about the effect of economic sanctions in the face of the continuing crisis in Ukraine. European shares also tumbled on the expectation that further economic sanctions could cripple the fragile Russian economy, which raised concerns of retaliation from Putin. Countries with both large current account and fiscal deficits, such as Turkey, South Africa and Indonesia, sold off particularly sharply. The prospect of gradual normalization of US interest rates and narrowing real yields between emerging markets local currency debt and Treasuries also led to outflows in some countries.

On an individual security level, the top positive contributors to the Fund’s performance were Tencent Holdings Ltd., Taiwan Semiconductor Manufacturing Co., Ltd., and Hon Hai Precision Industry Co., Ltd. The top negative contributors to the Fund’s performance were Gazprom OAO, Sberbank Russia OJSC Sponsored ADR, and Samsung Electronics Co., Ltd.

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

78

SPDR MSCI EM 50 ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI EM 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET				NET ASSET		MARKET
	VALUE		VALUE		MSCI EM 50 INDEX		VALUE		VALUE		MSCI EM 50 INDEX
ONE YEAR		3.67%		4.08%		4.28%		3.67%		4.08%		4.28%
SINCE INCEPTION (1)		1.86%		2.27%		3.97%		0.71%		0.87%		1.51%

(1) For the period February 27, 2012 to September 30, 2014.

79

SPDR MSCI EM 50 ETF —
Performance Summary (continued)

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

	SPDR MSCI		MSCI EM
	EM 50		50 Index
	ETF
2/27/2012		10000		10000
2/29/2012		10188		10212
3/31/2012		9857		9878
4/30/2012		9788		9832
5/31/2012		8592		8667
6/30/2012		8913		8939
7/31/2012		9090		9152
8/31/2012		9025		9055
9/30/2012		9563		9641
10/31/2012		9532		9583
11/30/2012		9621		9693
12/31/2012		10087		10180
1/31/2013		10169		10261
2/28/2013		9982		10082
3/31/2013		9670		9795
4/30/2013		9717		9809
5/31/2013		9532		9630
6/30/2013		8934		9066
7/31/2013		9163		9277
8/31/2013		9175		9333
9/30/2013		9825		9970
10/31/2013		10230		10389
11/30/2013		10283		10439
12/31/2013		10121		10278
1/31/2014		9354		9563
2/28/2014		9726		9893
3/31/2014		9888		10051
4/30/2014		9826		9994
5/31/2014		10353		10515
6/30/2014		10623		10838
7/31/2014		10871		11132
8/30/2014		11140		11382
9/30/2014		10186		10397

Past performance is not a guarantee of future results.

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

80

SPDR MSCI EM 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

		TAIWAN
		SEMICONDUCTOR
	SAMSUNG ELECTRONICS	MANUFACTURING	TENCENT		CHINA CONSTRUCTION
DESCRIPTION	CO., LTD. GDR	CO., LTD. ADR	HOLDINGS, LTD.	CHINA MOBILE, LTD.	BANK CORP.
MARKET VALUE	$208,506	169,351	127,681	119,685	84,877
% OF NET ASSETS	8.7	7.1	5.3	5.0	3.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		23.0	%
Oil, Gas & Consumable Fuels		16.0
Wireless Telecommunication Services		10.5
Semiconductors & Semiconductor Equipment		10.0
Technology Hardware, Storage & Peripherals		8.7
Internet Software & Services		6.8
Media		4.3
Insurance		3.5
Metals & Mining		3.4
Automobiles		2.9
Electronic Equipment, Instruments & Components		2.8
Chemicals		1.5
Auto Components		1.2
Food Products		1.1
Construction Materials		1.1
Food & Staples Retailing		1.0
Diversified Telecommunication Services		0.8
Real Estate Management & Development		0.6
Short Term Investments		5.9
Other Assets & Liabilities		(5.1	)
TOTAL		100.0	%

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

81

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

The SPDR MSCI EM Beyond BRIC ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging markets of the world, excluding Brazil, Russia, India, and China.

For the period that began December 4, 2013, and ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 4.55%, and the total return for the MSCI EM BRIC Index (the “Index”) was 5.29%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, a slight cash drag, security misweights and compounding (the exponential growth of outperformance or underperformance).

The global equity markets got off to a strong start during the Reporting Period, but emerging markets underperformed their developed market counterparts as the tapering of the US Federal Reserve’s asset purchase program contributed to a US dollar rally and weakness in some emerging market currencies. Investor sentiment was resilient, but conflict between Russia and Ukraine in 2014 caused higher volatility in Russian stocks across the size spectrum as well as in the region consisting of Europe, the Middle East, and Africa. Political tensions also increased between Russia and the United States and the European Union as economic sanctions were announced. The Index outperformed the MSCI Emerging Markets Index (which includes BRIC countries) year-to-date because the Index had no exposure to Russian and Chinese securities and was relatively overweight to Indonesian, Thai, and Filipino securities. However, having no exposure to Indian securities created a negative relative performance versus the broad MSCI Emerging Market Index.

On an individual security level, the top positive contributors to the Fund’s performance were Taiwan Semiconductor, Hon Hai Precision, PT Bank Central Asia and PT Bank Rakyat Indonesia. The top negative contributors to the Fund’s performance were Samsung Electronics, Hyundai Motor Company, Hyundai Heavy Industries and African Bank Investments.

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

82

SPDR MSCI EM Beyond BRIC ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/4/13, 12/5/13, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR MSCI EM Beyond BRIC ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.55%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

MSCI EM BEYOND

NET ASSET

MARKET

MSCI EM BEYOND

VALUE

VALUE

BRIC INDEX

VALUE

VALUE

BRIC INDEX

SINCE INCEPTION (1)

4.38%

4.33%

5.29%

N/A

N/A

N/A

(1) For the period December 4, 2013 to September 30, 2014.

83

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

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

	SPDR MSCI
	EM Beyond		MSCI EM
	BRIC ETF		Beyond BRIC
	(a)		Index (b)
12/4/2013		10000		10000
12/31/2013		10091		10092
1/31/2014		9454		9515
2/28/2014		9880		9934
3/31/2014		10277		10320
4/30/2014		10404		10455
5/31/2014		10652		10698
6/30/2014		10775		10840
7/31/2014		10885		10954
8/30/2014		11079		11150
9/30/2014		10455		10529

Past Performance is not a guarantee of future results.

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

84

SPDR MSCI EM Beyond BRIC ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

	TAIWAN
	SEMICONDUCTOR
	MANUFACTURING CO.,	SAMSUNG ELECTRONICS	AMERICA MOVIL SAB
DESCRIPTION	LTD. ADR	CO., LTD. GDR	DE CV	NASPERS, LTD.	MTN GROUP, LTD.
MARKET VALUE	$97,893	93,043	77,211	66,227	47,629
% OF NET ASSETS	3.2	3.0	2.5	2.1	1.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		21.8	%
Wireless Telecommunication Services		7.1
Semiconductors & Semiconductor Equipment		5.4
Technology Hardware, Storage & Peripherals		4.8
Oil, Gas & Consumable Fuels		4.8
Metals & Mining		4.0
Industrial Conglomerates		3.5
Media		3.5
Construction Materials		3.1
Diversified Financial Services		2.9
Food & Staples Retailing		2.8
Food Products		2.8
Chemicals		2.6
Electric Utilities		2.5
Electronic Equipment, Instruments & Components		2.5
Insurance		2.5
Diversified Telecommunication Services		2.3
Automobiles		1.7
Beverages		1.5
Real Estate Management & Development		1.5
Construction & Engineering		1.2
Pharmaceuticals		1.2
Transportation Infrastructure		1.1
Specialty Retail		1.0
Hotels, Restaurants & Leisure		0.9
Real Estate Investment Trusts		0.9
Household Durables		0.8
Household Products		0.8
Multiline Retail		0.8
Health Care Providers & Services		0.7
Auto Components		0.7
Gas Utilities		0.7
Tobacco		0.7
Independent Power and Renewable Electricity Producers		0.6
Machinery		0.6
Capital Markets		0.5
Airlines		0.5
Internet Software & Services		0.5
Energy Equipment & Services		0.5
Trading Companies & Distributors		0.4
Multi-Utilities		0.3
Textiles, Apparel & Luxury Goods		0.3
Distributors		0.2
Personal Products		0.1
Consumer Finance		0.1
Software		0.0	***
Short Term Investments		2.2
Other Assets & Liabilities		(1.9	)
TOTAL		100.0	%

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

85

SPDR MSCI EAFE Quality Mix ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

				NOVO NORDISK A/S
DESCRIPTION	ROCHE HOLDING AG	NESTLE SA	NOVARTIS AG	(CLASS B)	TOTAL SA
MARKET VALUE	$139,550	137,412	130,767	84,609	82,673
% OF NET ASSETS	2.4	2.4	2.3	1.5	1.4

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Pharmaceuticals		12.9	%
Banks		9.9
Oil, Gas & Consumable Fuels		5.8
Food Products		5.7
Diversified Telecommunication Services		4.5
Chemicals		3.6
Insurance		3.6
Metals & Mining		3.1
Media		2.6
Beverages		2.6
Real Estate Investment Trusts		2.4
Tobacco		2.3
Electric Utilities		2.3
Food & Staples Retailing		2.2
Automobiles		2.1
Hotels, Restaurants & Leisure		2.0
Multi-Utilities		2.0
Wireless Telecommunication Services		1.7
Specialty Retail		1.7
Household Products		1.6
Textiles, Apparel & Luxury Goods		1.6
Machinery		1.5
Capital Markets		1.3
Road & Rail		1.3
Software		1.2
Trading Companies & Distributors		1.2
Health Care Equipment & Supplies		1.1
Professional Services		1.0
Aerospace & Defense		0.9
Real Estate Management & Development		0.9
Personal Products		0.9
Diversified Financial Services		0.8
Commercial Services & Supplies		0.8
Airlines		0.8
Auto Components		0.8
Health Care Providers & Services		0.7
Gas Utilities		0.7
Industrial Conglomerates		0.7
Electrical Equipment		0.7
Biotechnology		0.6
Building Products		0.5
Multiline Retail		0.5
Transportation Infrastructure		0.5
Energy Equipment & Services		0.4
Electronic Equipment, Instruments & Components		0.3
Marine		0.3
Construction & Engineering		0.3
Air Freight & Logistics		0.3
Household Durables		0.3
Technology Hardware, Storage & Peripherals		0.3
IT Services		0.2
Construction Materials		0.2
Containers & Packaging		0.2
Leisure Products		0.2
Internet Software & Services		0.2
Communications Equipment		0.1
Diversified Consumer Services		0.1
Water Utilities		0.1
Semiconductors & Semiconductor Equipment		0.1
Independent Power and Renewable Electricity Producers		0.1
Health Care Technology		0.1
Paper & Forest Products		0.0	***
Internet & Catalog Retail		0.0	***
Short Term Investments		0.0	***
Other Assets & Liabilities		0.6
TOTAL		100.0	%

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

86

SPDR MSCI Emerging Markets Quality Mix ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

		TAIWAN SEMICONDUCTOR	SAMSUNG
		MANUFACTURING CO.,	ELECTRONICS CO.,	TENCENT
DESCRIPTION	CHINA MOBILE, LTD.	LTD.	LTD. GDR	HOLDINGS, LTD.	GAZPROM OAO ADR
MARKET VALUE	$173,372	153,849	151,895	123,114	121,975
% OF NET ASSETS	2.9	2.6	2.6	2.1	2.0

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		17.1	%
Oil, Gas & Consumable Fuels		10.9
Wireless Telecommunication Services		9.1
Technology Hardware, Storage & Peripherals		5.7
Semiconductors & Semiconductor Equipment		3.7
Insurance		3.1
Food & Staples Retailing		3.0
Metals & Mining		2.9
Internet Software & Services		2.9
IT Services		2.9
Automobiles		2.5
Diversified Telecommunication Services		2.4
Food Products		2.2
Electronic Equipment, Instruments & Components		1.9
Pharmaceuticals		1.8
Beverages		1.7
Industrial Conglomerates		1.6
Gas Utilities		1.6
Transportation Infrastructure		1.5
Diversified Financial Services		1.5
Health Care Providers & Services		1.5
Personal Products		1.4
Independent Power and Renewable Electricity Producers		1.4
Real Estate Management & Development		1.2
Tobacco		1.2
Construction Materials		1.1
Chemicals		1.0
Electric Utilities		1.0
Auto Components		0.8
Multiline Retail		0.8
Specialty Retail		0.8
Construction & Engineering		0.8
Hotels, Restaurants & Leisure		0.8
Household Products		0.6
Water Utilities		0.6
Textiles, Apparel & Luxury Goods		0.4
Household Durables		0.4
Machinery		0.4
Capital Markets		0.3
Media		0.3
Software		0.3
Multi-Utilities		0.3
Airlines		0.2
Real Estate Investment Trusts		0.2
Commercial Services & Supplies		0.2
Electrical Equipment		0.2
Trading Companies & Distributors		0.2
Marine		0.2
Leisure Products		0.1
Paper & Forest Products		0.1
Air Freight & Logistics		0.1
Consumer Finance		0.1
Distributors		0.1
Diversified Consumer Services		0.1
Communications Equipment		0.0	***
Building Products		0.0	***
Aerospace & Defense		0.0	***
Containers & Packaging		0.0	***
Energy Equipment & Services		0.0	***
Short Term Investments		0.2
Other Assets & Liabilities		0.6
TOTAL		100.0	%

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

87

SPDR MSCI World Quality Mix ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

					THE PROCTER &
DESCRIPTION	APPLE, INC.	EXXON MOBIL CORP.	MICROSOFT CORP.	JOHNSON & JOHNSON	GAMBLE CO.
MARKET VALUE	$141,050	131,200	111,079	102,113	71,598
% OF NET ASSETS	2.4	2.2	1.9	1.7	1.2

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Pharmaceuticals		8.6	%
Oil, Gas & Consumable Fuels		7.7
Banks		6.3
IT Services		3.7
Insurance		3.6
Food Products		3.6
Software		3.4
Diversified Telecommunication Services		3.4
Specialty Retail		3.2
Technology Hardware, Storage & Peripherals		3.0
Household Products		2.9
Hotels, Restaurants & Leisure		2.8
Beverages		2.6
Chemicals		2.6
Food & Staples Retailing		2.3
Electric Utilities		2.2
Real Estate Investment Trusts		2.1
Aerospace & Defense		1.9
Multi-Utilities		1.9
Road & Rail		1.8
Health Care Providers & Services		1.8
Media		1.8
Biotechnology		1.7
Health Care Equipment & Supplies		1.7
Metals & Mining		1.6
Internet Software & Services		1.5
Capital Markets		1.3
Tobacco		1.2
Communications Equipment		1.2
Automobiles		1.2
Textiles, Apparel & Luxury Goods		1.1
Machinery		1.1
Multiline Retail		1.1
Commercial Services & Supplies		1.1
Energy Equipment & Services		1.0
Wireless Telecommunication Services		0.9
Industrial Conglomerates		0.9
Diversified Financial Services		0.9
Professional Services		0.7
Trading Companies & Distributors		0.7
Semiconductors & Semiconductor Equipment		0.6
Air Freight & Logistics		0.5
Airlines		0.5
Auto Components		0.4
Electrical Equipment		0.4
Internet & Catalog Retail		0.3
Electronic Equipment, Instruments & Components		0.3
Household Durables		0.3
Transportation Infrastructure		0.2
Consumer Finance		0.2
Construction & Engineering		0.2
Marine		0.2
Real Estate Management & Development		0.2
Personal Products		0.1
Thrifts & Mortgage Finance		0.1
Gas Utilities		0.1
Building Products		0.1
Distributors		0.1
Diversified Consumer Services		0.1
Leisure Products		0.1
Construction Materials		0.1
Containers & Packaging		0.1
Life Sciences Tools & Services		0.1
Paper & Forest Products		0.1
Water Utilities		0.0	***
Independent Power and Renewable Electricity Producers		0.0	***
Health Care Technology		0.0	***
Short Term Investments		0.2
Other Assets & Liabilities		0.3
TOTAL		100.0	%

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

88

SPDR MSCI Australia Quality Mix ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

DESCRIPTION	BHP BILLITON, LTD.	WESFARMERS, LTD.	WOOLWORTHS, LTD.	CSL, LTD.	TELSTRA CORP., LTD.
MARKET VALUE	$474,059	387,109	362,327	338,921	276,272
% OF NET ASSETS	8.5	6.9	6.5	6.1	4.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		18.6	%
Metals & Mining		13.8
Food & Staples Retailing		13.7
Real Estate Investment Trusts		7.6
Biotechnology		6.1
Oil, Gas & Consumable Fuels		5.3
Diversified Telecommunication Services		5.0
Insurance		4.1
Containers & Packaging		3.3
Commercial Services & Supplies		2.8
Health Care Providers & Services		2.6
Transportation Infrastructure		2.4
Chemicals		1.9
Diversified Financial Services		1.7
Hotels, Restaurants & Leisure		1.7
Multi-Utilities		1.4
Construction Materials		1.2
Professional Services		0.8
Real Estate Management & Development		0.7
Road & Rail		0.6
Capital Markets		0.6
Health Care Equipment & Supplies		0.5
Gas Utilities		0.5
Beverages		0.5
Air Freight & Logistics		0.4
Energy Equipment & Services		0.4
Construction & Engineering		0.3
Multiline Retail		0.2
Airlines		0.1
Electric Utilities		0.1
IT Services		0.1
Media		0.1
Other Assets & Liabilities		0.9
TOTAL		100.0	%

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

89

SPDR MSCI Canada Quality Mix ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

	CANADIAN NATIONAL	CANADIAN IMPERIAL	ROYAL BANK	THE TORONTO-DOMINION
DESCRIPTION	RAILWAY CO.	BANK OF COMMERCE	OF CANADA	BANK	SUNCOR ENERGY, INC.
MARKET VALUE	$117,890	110,532	108,591	106,677	102,091
% OF NET ASSETS	3.9	3.7	3.6	3.6	3.4

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Oil, Gas & Consumable Fuels		22.4	%
Banks		18.3
Insurance		8.9
Food & Staples Retailing		6.5
Chemicals		5.2
Metals & Mining		4.9
Road & Rail		4.4
Diversified Telecommunication Services		3.4
Capital Markets		2.8
Hotels, Restaurants & Leisure		2.7
Auto Components		2.2
Media		2.2
Multiline Retail		1.9
Food Products		1.9
Real Estate Management & Development		1.5
IT Services		1.4
Textiles, Apparel & Luxury Goods		1.3
Electric Utilities		1.2
Multi-Utilities		1.1
Software		1.1
Trading Companies & Distributors		0.9
Real Estate Investment Trusts		0.8
Wireless Telecommunication Services		0.6
Diversified Financial Services		0.4
Pharmaceuticals		0.4
Aerospace & Defense		0.3
Technology Hardware, Storage & Peripherals		0.3
Health Care Providers & Services		0.2
Construction & Engineering		0.1
Independent Power and Renewable Electricity Producers		0.1
Short Term Investments		0.1
Other Assets & Liabilities		0.5
TOTAL		100.0	%

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

90

SPDR MSCI Germany Quality Mix ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

				MUENCHENER
DESCRIPTION	ALLIANZ SE	SIEMENS AG	BAYER AG	RUECKVERSICHERUNGS AG	BASF SE
MARKET VALUE	$305,144	290,522	251,330	249,377	248,734
% OF NET ASSETS	5.7	5.4	4.7	4.6	4.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Insurance		12.2	%
Chemicals		9.0
Automobiles		8.9
Pharmaceuticals		8.1
Health Care Providers & Services		6.8
Multi-Utilities		6.1
Industrial Conglomerates		5.4
Media		5.1
Diversified Telecommunication Services		4.5
Textiles, Apparel & Luxury Goods		4.4
Software		4.3
Air Freight & Logistics		3.6
Household Products		3.3
Personal Products		3.0
Machinery		2.7
Capital Markets		2.5
Auto Components		2.0
Semiconductors & Semiconductor Equipment		1.8
Internet Software & Services		1.5
Biotechnology		1.1
Banks		0.8
Diversified Financial Services		0.5
Trading Companies & Distributors		0.4
Airlines		0.4
Food & Staples Retailing		0.4
Metals & Mining		0.3
Construction Materials		0.3
Transportation Infrastructure		0.3
Real Estate Management & Development		0.2
Construction & Engineering		0.1
Electrical Equipment		0.1
Short Term Investments		0.0	***
Other Assets & Liabilities		(0.1	)
TOTAL		100.0	%

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

91

SPDR MSCI Japan Quality Mix ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

		FUJI HEAVY
DESCRIPTION	KDDI CORP.	INDUSTRIES, LTD.	NTT DOCOMO, INC.	JAPAN TOBACCO, INC.	TOYOTA MOTOR CORP.
MARKET VALUE	$156,268	148,749	146,847	133,321	129,619
% OF NET ASSETS	2.6	2.5	2.4	2.2	2.1

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		9.1	%
Automobiles		8.7
Pharmaceuticals		7.5
Wireless Telecommunication Services		5.5
Machinery		4.8
Road & Rail		4.6
Specialty Retail		4.1
Electronic Equipment, Instruments & Components		4.1
Trading Companies & Distributors		3.8
Chemicals		2.6
Auto Components		2.4
Personal Products		2.3
Tobacco		2.2
Real Estate Management & Development		2.2
Hotels, Restaurants & Leisure		2.0
Leisure Products		2.0
Food Products		1.9
Food & Staples Retailing		1.8
Household Durables		1.8
Technology Hardware, Storage & Peripherals		1.7
Real Estate Investment Trusts		1.5
Internet Software & Services		1.4
IT Services		1.4
Construction & Engineering		1.4
Oil, Gas & Consumable Fuels		1.4
Commercial Services & Supplies		1.3
Insurance		1.3
Gas Utilities		1.3
Household Products		1.2
Airlines		1.2
Software		1.1
Diversified Telecommunication Services		1.0
Health Care Equipment & Supplies		0.9
Beverages		0.9
Electric Utilities		0.8
Metals & Mining		0.6
Health Care Providers & Services		0.6
Health Care Technology		0.5
Electrical Equipment		0.5
Industrial Conglomerates		0.5
Multiline Retail		0.4
Air Freight & Logistics		0.4
Building Products		0.4
Textiles, Apparel & Luxury Goods		0.3
Diversified Consumer Services		0.3
Media		0.3
Diversified Financial Services		0.3
Capital Markets		0.2
Independent Power and Renewable Electricity Producers		0.2
Transportation Infrastructure		0.2
Marine		0.1
Internet & Catalog Retail		0.1
Semiconductors & Semiconductor Equipment		0.1
Paper & Forest Products		0.1
Construction Materials		0.1
Containers & Packaging		0.0	***
Consumer Finance		0.0	***
Short Term Investments		0.0	***
Other Assets & Liabilities		0.6
TOTAL		100.0	%

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

92

SPDR MSCI Mexico Quality Mix ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

	AMERICA MOVIL	FOMENTO ECONOMICO	WAL-MART DE MEXICO	GRUPO TELEVISA	GRUPO MEXICO
DESCRIPTION	SAB DE CV	MEXICANO SAB DE CV	SAB DE CV	SA DE CV	SAB DE CV
MARKET VALUE	$541,174	203,668	193,158	165,028	160,245
% OF NET ASSETS	18.8	7.1	6.7	5.7	5.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Wireless Telecommunication Services		18.8	%
Beverages		11.5
Food & Staples Retailing		10.3
Banks		8.7
Metals & Mining		8.0
Media		6.8
Transportation Infrastructure		6.7
Industrial Conglomerates		5.5
Food Products		5.2
Multiline Retail		3.3
Construction Materials		2.9
Construction & Engineering		2.7
Household Products		2.5
Chemicals		2.0
Consumer Finance		1.9
Real Estate Investment Trusts		1.8
Pharmaceuticals		1.4
Short Term Investments		0.0	***
Other Assets & Liabilities		0.0	***
TOTAL		100.0	%

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

93

SPDR MSCI South Korea Quality Mix ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

	SAMSUNG ELECTRONICS			HYUNDAI MOBIS
DESCRIPTION	CO., LTD.	HYUNDAI MOTOR CO.	NAVER CORP.	CO., LTD.	KT&G CORP.
MARKET VALUE	$500,241	138,463	113,947	113,004	98,866
% OF NET ASSETS	17.5	4.9	4.0	4.0	3.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Technology Hardware, Storage & Peripherals		17.5	%
Automobiles		10.4
Insurance		7.2
Banks		6.5
Auto Components		6.2
Electronic Equipment, Instruments & Components		4.3
Internet Software & Services		4.0
Tobacco		3.5
Personal Products		3.3
Metals & Mining		3.3
Industrial Conglomerates		3.1
Chemicals		2.8
Semiconductors & Semiconductor Equipment		2.4
Electric Utilities		2.1
Wireless Telecommunication Services		1.9
Hotels, Restaurants & Leisure		1.7
Diversified Telecommunication Services		1.6
Oil, Gas & Consumable Fuels		1.5
Multiline Retail		1.5
Machinery		1.4
IT Services		1.4
Food Products		1.4
Household Durables		1.3
Air Freight & Logistics		1.2
Household Products		1.1
Construction & Engineering		1.1
Pharmaceuticals		1.0
Food & Staples Retailing		0.8
Trading Companies & Distributors		0.7
Media		0.5
Aerospace & Defense		0.5
Gas Utilities		0.5
Software		0.5
Capital Markets		0.4
Commercial Services & Supplies		0.4
Consumer Finance		0.3
Electrical Equipment		0.3
Airlines		0.1
Building Products		0.1
Beverages		0.0	***
Marine		0.0	***
Short Term Investments		0.2
Other Assets & Liabilities		0.0	***
TOTAL		100.0	%

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

94

SPDR MSCI Spain Quality Mix ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

			BANCO BILBAO
DESCRIPTION	BANCO SANTANDER SA	TELEFONICA SA	VIZCAYA ARGENTARIA SA	IBERDROLA SA	INDITEX SA
MARKET VALUE	$1,252,657	918,464	619,179	532,169	414,007
% OF NET ASSETS	15.2	11.1	7.5	6.4	5.0

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		34.5	%
Diversified Telecommunication Services		11.1
Electric Utilities		10.5
Gas Utilities		7.8
Construction & Engineering		6.6
Specialty Retail		5.0
Oil, Gas & Consumable Fuels		4.5
Insurance		3.4
IT Services		3.4
Transportation Infrastructure		2.9
Machinery		2.6
Biotechnology		2.1
Food & Staples Retailing		2.1
Airlines		2.0
Media		1.5
Short Term Investments		0.0	***
Other Assets & Liabilities		0.0	***
TOTAL		100.0	%

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

95

SPDR MSCI Taiwan Quality Mix ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

	TAIWAN
	SEMICONDUCTOR
	MANUFACTURING	HON HAI PRECISION	CHUNGHWA TELECOM	DELTA ELECTRONICS,	LARGAN PRECISION
DESCRIPTION	CO., LTD.	INDUSTRY CO., LTD.	CO., LTD.	INC.	CO., LTD.
MARKET VALUE	$745,574	366,081	319,539	284,028	214,994
% OF NET ASSETS	12.9	6.3	5.5	4.9	3.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Semiconductors & Semiconductor Equipment		23.3	%
Electronic Equipment, Instruments & Components		19.2
Technology Hardware, Storage & Peripherals		15.2
Banks		10.7
Diversified Telecommunication Services		5.6
Wireless Telecommunication Services		4.4
Food & Staples Retailing		2.6
Chemicals		2.2
Food Products		2.0
Insurance		1.7
Textiles, Apparel & Luxury Goods		1.7
Metals & Mining		1.6
Auto Components		1.5
Leisure Products		1.4
Diversified Financial Services		1.2
Construction Materials		1.1
Oil, Gas & Consumable Fuels		0.6
Marine		0.5
Airlines		0.5
Industrial Conglomerates		0.4
Capital Markets		0.4
Pharmaceuticals		0.3
Electrical Equipment		0.3
Real Estate Management & Development		0.3
Specialty Retail		0.2
Hotels, Restaurants & Leisure		0.2
Automobiles		0.1
Multiline Retail		0.1
Construction & Engineering		0.1
Building Products		0.0	***
Short Term Investments		0.6
Other Assets & Liabilities		0.0	***
TOTAL		100.0	%

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

96

SPDR MSCI United Kingdom Quality Mix ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

			ROYAL DUTCH SHELL	BRITISH AMERICAN
DESCRIPTION	HSBC HOLDINGS PLC	BP PLC	PLC (CLASS A)	TOBACCO PLC	ASTRAZENECA PLC
MARKET VALUE	$275,715	260,317	233,347	214,278	202,834
% OF NET ASSETS	4.8	4.5	4.1	3.8	3.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Oil, Gas & Consumable Fuels		12.0	%
Pharmaceuticals		9.0
Banks		8.1
Media		6.2
Tobacco		4.9
Aerospace & Defense		4.7
Multi-Utilities		4.4
Hotels, Restaurants & Leisure		4.4
Food Products		3.9
Beverages		3.8
Insurance		3.6
Household Products		3.5
Metals & Mining		3.3
Wireless Telecommunication Services		2.8
Real Estate Investment Trusts		2.6
Professional Services		2.4
Health Care Equipment & Supplies		2.1
Multiline Retail		1.9
Capital Markets		1.7
Chemicals		1.5
Diversified Telecommunication Services		1.4
Trading Companies & Distributors		1.4
Commercial Services & Supplies		1.3
Electric Utilities		1.2
Food & Staples Retailing		1.1
Textiles, Apparel & Luxury Goods		0.9
Energy Equipment & Services		0.8
Containers & Packaging		0.7
Industrial Conglomerates		0.6
Software		0.6
Machinery		0.5
Specialty Retail		0.5
Airlines		0.4
Air Freight & Logistics		0.3
Water Utilities		0.3
Internet & Catalog Retail		0.2
Diversified Financial Services		0.1
Auto Components		0.1
Household Durables		0.0	***
Semiconductors & Semiconductor Equipment		0.0	***
Short Term Investments		0.1
Other Assets & Liabilities		0.7
TOTAL		100.0	%

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

97

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 1.01%, and the total return for the Russell/Nomura PRIME^tm Index (the “Index”) was 1.48%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed primarily to the expenses of managing the Fund, as well as cash, security misweights and compounding (the exponential growth of outperformance or underperformance).

Japan benefited tremendously in 2013 from the enthusiasm surrounding “Abenomics,” which consisted of monetary, fiscal, and structural reform. Although yields in Japan rose in the last several weeks of 2013, net gains for the full fourth quarter were still minimal. Japan reported lower than expected GDP growth in the final quarter of 2013 and the Japanese yen threatened to notch new 2014 highs against the US dollar. The Fund and the Index managed to finish the calendar year in the black with single digit returns. Consumer confidence in Japan declined in February, perhaps in connection with the upcoming VAT tax increase in April. Renewed volatility in Japan took a greater toll on equity returns through the month of March. As a result, the Fund and the Index ended the quarter with negative returns. The economy fell due to a VAT tax hike on April 1st. Japanese GDP in the second quarter fell, wiping out the increase in the first quarter. Household spending remained disappointing and unemployment ticked up. Luckily, Japanese equities got a jolt in June, as rumors began to swirl that the Government Investment Pension Fund would potentially reallocate its holdings sometime in August or September and could potentially move 20% of its portfolio out of Japanese domestic bonds and into domestic equities. This potential reallocation sparked some confidence in Prime Minister Abe and his strong support of implementing the much needed reforms. Whether Abenomics would be successful remained to be seen, but clearly the fiscal stimulus package helped to boost growth in the near term. During the last quarter of the Reporting Period, the verdict seemed to still be out on whether or not the steps being taken were enough to rid the economy of almost two decades of deflation.

On an individual security level, the top positive contributors to the Fund’s performance were Astellas Pharma Inc., Nippon Telegraph and Telephone Corporation, and Murata Manufacturing Co., Ltd. The top negative contributors to the Fund’s performance were Mitsubishi UFJ Financial Group, Inc., Mitsubishi Estate Company, Limited, and Sumitomo Mitsui Financial Group, Inc.

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

98

SPDR Russell/Nomura PRIME Japan ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Russell/Nomura PRIME Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		RUSSELL/NOMURA		NET ASSET		MARKET		RUSSELL/NOMURA
	VALUE		VALUE		PRIME INDEX		VALUE		VALUE		PRIME INDEX
ONE YEAR		1.01%		0.71%		1.48%		1.01%		0.71%		1.48%
THREE YEARS		27.37%		31.06%		29.88%		8.40%		9.43%		9.10%
FIVE YEARS		27.90%		29.48%		32.15%		5.04%		5.30%		5.73%
SINCE INCEPTION (1)		0.42%		0.64%		5.28%		0.05%		0.08%		0.65%

(1) For the period November 9, 2006 to September 30, 2014.

99

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

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

	SPDR Russell/Nomura
	PRIME Japan		Russell/ Nomura
	ETF		PRIME Index
		10000		10000
11/9/2006		10321		10323
12/31/2006		10515		10520
1/31/2007		10606		10611
2/28/2007		11003		11025
3/31/2007		10859		10886
4/7/2007		10657		10688
5/7/2007		10800		10822
6/7/2007		10766		10803
7/31/2007		10718		10771
8/31/2007		10422		10451
9/30/2007		10619		10661
10/31/2007		10604		10666
11/30/2007		10408		10483
12/31/2007		9988		9921
1/31/2008		9546		9591
2/29/2008		9600		9650
3/31/2008		9284		9329
4/30/2008		9897		9944
5/31/2008		10161		10204
6/30/2008		9462		9520
7/31/2008		9152		9206
8/31/2008		8782		8844
9/30/2008		7807		7870
10/1/2008		6714		6767
11/2/2008		6691		6732
12/3/2008		7243		7322
1/9/2009		6746		6790
2/9/2009		5898		5943
3/9/2009		6037		6078
4/30/2009		6548		6609
5/31/2009		7239		7297
6/30/2009		7399		7467
7/9/2009		7654		7749
8/31/2009		7973		8074
9/30/2009		7852		7965
10/31/2009		7619		7741
11/30/2009		7531		7641
12/31/2009		7552		7693
1/31/2010		7698		7819
2/28/2010		7804		7923
3/31/2010		8189		8315
4/30/2010		8198		8329
5/31/2010		7552		7669
6/30/2010		7447		7553
7/31/2010		7675		7793
8/31/2010		7503		7626
9/30/2010		7841		7967
10/31/2010		7988		8104
11/30/2010		8127		8261
12/31/2010		8738		8841
1/31/2011		8736		8926
2/28/2011		9128		9327
3/31/2011		8308		8511
4/30/2011		8327		8498
5/31/2011		8190		8389
6/30/2011		8329		8550
7/31/2011		8631		8862
8/31/2011		7983		8199
9/30/2011		7885		8106
10/31/2011		7845		8060
11/30/2011		7507		7719
12/31/2011		7585		7793
1/31/2012		7903		8132
2/29/2012		8238		8478
3/31/2012		8361		8611
4/30/2012		8112		8294
5/31/2012		7394		7611
6/30/2012		7772		8003
7/31/2012		7584		7818
8/31/2012		7516		7757
9/30/2012		7700		7951
10/31/2012		7554		7796
11/30/2012		7690		7949
12/31/2012		8070		8371
1/31/2013		8348		8633
2/28/2013		8569		8865
3/31/2013		8980		9320
4/30/2013		9742		10111
5/31/2013		9157		9521
6/30/2013		9307		9672
7/31/2013		9357		9751
8/31/2013		9171		9554
9/30/2013		9942		10374
10/31/2013		9934		10368
11/30/2013		10075		10498
12/31/2013		10162		10597
1/31/2014		9812		10239
2/28/2014		9743		10166
3/31/2014		9649		10084
4/30/2014		9414		9834
5/31/2014		9772		10211
6/30/2014		10300		10776
7/31/2014		10373		10846
8/30/2014		10174		10636
9/30/2014		10042		10528

Past performance is not a guarantee of future results.

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

100

SPDR Russell/Nomura PRIME Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

		MITSUBISHI UFJ	SUMITOMO MITSUI	HONDA MOTOR
DESCRIPTION	TOYOTA MOTOR CORP.	FINANCIAL GROUP, INC.	FINANCIAL GROUP, INC.	CO., LTD.	SOFTBANK CORP.
MARKET VALUE	$1,035,600	643,409	489,102	487,545	470,683
% OF NET ASSETS	3.8	2.4	1.8	1.8	1.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		8.9	%
Automobiles		8.6
Machinery		6.6
Electronic Equipment, Instruments & Components		5.9
Pharmaceuticals		5.5
Road & Rail		4.2
Chemicals		4.0
Trading Companies & Distributors		3.8
Wireless Telecommunication Services		3.6
Auto Components		3.4
Real Estate Management & Development		3.1
Technology Hardware, Storage & Peripherals		2.9
Household Durables		2.6
Insurance		2.2
Metals & Mining		1.9
Construction & Engineering		1.8
Electrical Equipment		1.8
Diversified Telecommunication Services		1.7
Food & Staples Retailing		1.6
Specialty Retail		1.5
Capital Markets		1.4
Electric Utilities		1.3
Beverages		1.3
Food Products		1.3
Building Products		1.2
Personal Products		1.1
Tobacco		1.1
Commercial Services & Supplies		1.0
Leisure Products		1.0
Oil, Gas & Consumable Fuels		1.0
Multiline Retail		1.0
Health Care Equipment & Supplies		0.9
IT Services		0.8
Gas Utilities		0.8
Industrial Conglomerates		0.8
Software		0.7
Diversified Financial Services		0.7
Media		0.6
Semiconductors & Semiconductor Equipment		0.6
Internet Software & Services		0.5
Textiles, Apparel & Luxury Goods		0.5
Hotels, Restaurants & Leisure		0.4
Airlines		0.4
Health Care Providers & Services		0.4
Internet & Catalog Retail		0.4
Consumer Finance		0.3
Marine		0.3
Air Freight & Logistics		0.2
Household Products		0.2
Construction Materials		0.2
Professional Services		0.2
Paper & Forest Products		0.2
Independent Power and Renewable Electricity Producers		0.1
Transportation Infrastructure		0.1
Diversified Consumer Services		0.1
Biotechnology		0.1
Distributors		0.1
Containers & Packaging		0.1
Communications Equipment		0.0	***
Health Care Technology		0.0	***
Short Term Investments		14.6
Other Assets & Liabilities		(13.6	)
TOTAL		100.0	%

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

101

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 0.31%, and the total return for the Russell/Nomura Japan Small Cap^tm Index (the “Index”) was 2.82%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference in Fund performance, relative to its Index, can be attributed to Fund expenses, cash drag, optimization and compounding (the exponential growth of outperformance or underperformance).

Japan benefited tremendously in 2013 from the enthusiasm surrounding “Abenomics”, which consisted of monetary, fiscal, and structural reform. Although yields in Japan rose in the last several weeks of 2013, net gains for the full fourth quarter were still minimal. Japan reported lower than expected GDP growth in the final quarter of 2013, and the Japanese yen threatened to notch new 2014 highs against the US dollar. The Fund and the Index managed to finish the calendar year in the black with single digit returns. Consumer confidence in Japan declined in February, perhaps in connection with the upcoming VAT tax increase in April. Renewed volatility in Japan fell on equity returns through the month of March. As a result, the Fund and the Index ended the quarter with negative returns. The economy fell due to a VAT tax hike on April 1st. Japanese GDP in the second quarter fell, wiping out the increase in the first quarter. Household spending remained disappointing and unemployment ticked up. Luckily, Japanese equities got a jolt in June, as rumors began to swirl that the Government Investment Pension Fund would potentially reallocate its holdings sometime in August or September and could potentially move 20% of its portfolio out of Japanese domestic bonds and into domestic equities. This potential reallocation sparked some confidence in Prime Minister Abe and his strong support of implementing the much needed reforms. Whether Abenomics would be successful remained to be seen, but clearly the fiscal stimulus package helped to boost growth in the near term. During the fourth quarter of the Reporting Period, the verdict seemed to still be out on whether or not the steps being taken were enough to rid the economy of almost two decades of deflation.

On an individual security level, the top positive contributors to the Fund’s performance were Minebea Co., Ltd., Alps Electric Co., Ltd., and Kaken Pharmaceutical Co., Ltd. The top negative contributors to the Fund’s performance were Tokyo Dome Corporation, TS Tech Co., Ltd., and Wacom Co., Ltd.

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

102

SPDR Russell/Nomura Small Cap Japan ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Russell/Nomura Small Cap Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.55%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					RUSSELL/NOMURA						RUSSELL/NOMURA
	NET ASSET		MARKET		JAPAN SMALL CAP		NET ASSET		MARKET		JAPAN SMALL CAP
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
ONE YEAR		0.31%		0.15%		2.82%		0.31%		0.15%		2.82%
THREE YEARS		21.79%		23.99%		30.00%		6.79%		7.43%		9.14%
FIVE YEARS		36.03%		37.28%		45.76%		6.35%		6.54%		7.83%
SINCE INCEPTION (1)		18.27%		18.32%		29.07%		2.15%		2.15%		3.29%

(1) For the period November 9, 2006 to September 30, 2014.

103

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

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

	SPDR Russell/
	Nomura Small		Russell/ Nomura
	Cap Japan		Japan Small
	ETF		Cap Index
		10000		10000
11/9/2006		10421		10352
12/31/2006		10437		10359
1/31/2007		10616		10518
2/28/2007		11009		10854
3/31/2007		10935		10738
4/30/2007		10680		10511
5/31/2007		10437		10302
6/30/2007		10449		10378
7/31/2007		10447		10379
8/31/2007		9970		9893
9/30/2007		9943		9923
10/31/2007		10046		10088
11/30/2007		9760		9806
12/31/2007		9229		9164
1/31/2008		8783		8903
2/29/2008		8869		8995
3/31/2008		8927		9026
4/30/2008		9077		9166
5/31/2008		9384		9429
6/30/2008		8852		8897
7/31/2008		8560		8648
8/31/2008		8245		8304
9/30/2008		7472		7533
10/1/2008		6769		6800
11/2/2008		7049		7079
12/3/2008		7582		7681
1/9/2009		7138		7209
2/9/2009		6186		6248
3/9/2009		6434		6503
4/30/2009		6812		6899
5/31/2009		7652		7764
6/30/2009		8131		8246
7/9/2009		8316		8437
8/31/2009		8799		8933
9/30/2009		8694		8855
10/31/2009		8344		8541
11/30/2009		8080		8243
12/31/2009		7968		8131
1/31/2010		8180		8297
2/28/2010		8340		8467
3/31/2010		8717		8867
4/30/2010		8938		9159
5/31/2010		8276		8526
6/30/2010		8448		8557
7/31/2010		8520		8628
8/31/2010		8311		8405
9/30/2010		8658		8741
10/31/2010		8557		8597
11/30/2010		8712		8810
12/31/2010		9529		9602
1/31/2011		9652		9812
2/28/2011		10062		10247
3/31/2011		9443		9617
4/30/2011		9401		9542
5/31/2011		9267		9453
6/30/2011		9623		9818
7/31/2011		10024		10239
8/31/2011		9623		9850
9/30/2011		9711		9928
10/31/2011		9396		9574
11/30/2011		9177		9336
12/31/2011		9262		9481
1/31/2012		9641		9930
2/29/2012		9735		10034
3/31/2012		9970		10336
4/30/2012		9764		10065
5/31/2012		8978		9276
6/30/2012		9357		9720
7/31/2012		9199		9564
8/31/2012		9177		9517
9/30/2012		9415		9768
10/31/2012		9167		9524
11/30/2012		9233		9607
12/31/2012		9560		10029
1/31/2013		9933		10372
2/28/2013		10215		10691
3/31/2013		11006		11474
4/30/2013		11818		12317
5/31/2013		10855		11438
6/30/2013		10722		11317
7/31/2013		10885		11550
8/31/2013		10677		11348
9/30/2013		11791		12554
10/31/2013		11745		12526
11/30/2013		11640		12476
12/31/2013		11706		12572
1/31/2014		11705		12551
2/28/2014		11388		12268
3/31/2014		11456		12356
4/30/2014		11187		12095
5/31/2014		11507		12447
6/30/2014		12307		13343
7/31/2014		12302		13365
8/30/2014		12206		13304
9/30/2014		11827		12907

Past performance is not a guarantee of future results.

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

104

SPDR Russell/Nomura Small Cap Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

		ALPS ELECTRIC	KOITO MANUFACTURING	HAKUHODO DY	HOSHIZAKI ELECTRIC
DESCRIPTION	MINEBEA CO., LTD.	CO., LTD.	CO., LTD.	HOLDINGS, INC.	CO., LTD.
MARKET VALUE	$640,977	441,161	353,043	316,724	312,722
% OF NET ASSETS	0.9	0.6	0.5	0.4	0.4

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Machinery		8.3	%
Banks		7.3
Chemicals		6.1
Electronic Equipment, Instruments & Components		5.7
Auto Components		5.5
Construction & Engineering		5.0
Specialty Retail		3.7
Food Products		3.4
Metals & Mining		2.9
Media		2.8
Food & Staples Retailing		2.8
Pharmaceuticals		2.6
Hotels, Restaurants & Leisure		2.6
Trading Companies & Distributors		2.4
Building Products		2.1
IT Services		2.1
Commercial Services & Supplies		2.1
Software		2.0
Household Durables		1.8
Semiconductors & Semiconductor Equipment		1.8
Electrical Equipment		1.8
Real Estate Management & Development		1.7
Health Care Equipment & Supplies		1.6
Road & Rail		1.5
Personal Products		1.5
Capital Markets		1.5
Textiles, Apparel & Luxury Goods		1.4
Consumer Finance		1.1
Diversified Financial Services		1.1
Beverages		1.0
Multiline Retail		1.0
Transportation Infrastructure		1.0
Health Care Providers & Services		0.8
Oil, Gas & Consumable Fuels		0.8
Technology Hardware, Storage & Peripherals		0.8
Professional Services		0.7
Internet Software & Services		0.7
Leisure Products		0.7
Containers & Packaging		0.6
Paper & Forest Products		0.6
Communications Equipment		0.5
Internet & Catalog Retail		0.5
Health Care Technology		0.4
Biotechnology		0.4
Energy Equipment & Services		0.4
Air Freight & Logistics		0.4
Distributors		0.3
Industrial Conglomerates		0.3
Gas Utilities		0.2
Construction Materials		0.2
Electric Utilities		0.2
Household Products		0.2
Marine		0.2
Life Sciences Tools & Services		0.1
Wireless Telecommunication Services		0.0	***
Aerospace & Defense		0.0	***
Diversified Consumer Services		0.0	***
Airlines		0.0	***
Short Term Investments		18.5
Other Assets & Liabilities		(17.7	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for K.K. daVinci Holdings, which was Level 2 and part of the Real Estate Management & Development Industry, representing 0.00% of net assets. (Note 2)
***	Amount shown represents less then 0.05% of net assets.

105

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

The SPDR S&P Global Dividend ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return of an index that tracks stocks of global companies that offer high dividend yields.

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 6.85%, and the total return for the S&P Global Dividend Aristocrats Index (the “Index”) was 6.65%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, cash and small security mis-weights.

Over the Reporting Period, the Fund experienced three quarters of positive returns, followed by one quarter of negative returns. The strength of the Fund was that dividends provided a steady stream of income and have historically accounted for much of the total market returns. Moreover, dividend paying companies were also comparatively less volatile and more mature with solid cash flows and thus provided greater stability. The strongest performing sector during the Reporting Period was utilities, which also happened to be the largest weight in the Fund. These holdings contributed to more than half of the Fund’s return.

On an individual security level, the top positive contributors to the Fund’s performance were Red Electrica Corp. SA, AstraZeneca PLC, and Pepco Holdings, Inc. The top negative contributors to the Fund’s performance were UGL Limited, Tesco PLC, and ALS Ltd.

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

106

SPDR S&P Global Dividend ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/29/13, 5/30/13, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Global Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P GLOBAL DIVIDEND		NET ASSET		MARKET		S&P GLOBAL DIVIDEND
	VALUE		VALUE		ARISTOCRATS INDEX		VALUE		VALUE		ARISTOCRATS INDEX
ONE YEAR		6.85%		6.81%		6.65%		6.85%		6.81%		6.65%
SINCE INCEPTION (1)		13.91%		13.76%		13.75%		10.19%		10.08%		10.10%

(1) For the period May 29, 2013 to September 30, 2014.

107

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

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

	SPDR S&P		S&P Global
	Global Dividend		Dividend Aristocrats
	ETF (a)		Index (b)
		10000		10000
5/31/2013		9899		9895
6/30/2013		9692		9692
7/31/2013		10183		10188
8/31/2013		9999		10002
9/30/2013		10661		10666
10/31/2013		11021		11027
11/30/2013		10867		10869
12/31/2013		11038		11039
1/31/2014		10682		10690
2/28/2014		11222		11228
3/31/2014		11430		11436
4/30/2014		11791		11796
5/31/2014		11928		11922
6/30/2014		12150		12142
7/31/2014		11863		11858
8/30/2014		12024		12013
9/30/2014		11391		11375

Past performance is not a guarantee of future results.

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

108

SPDR S&P Global Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

			COMINAR REAL		WILLIAM MORRISON
DESCRIPTION	NEOPOST SA	ASTRAZENECA PLC	ESTATE INVESTMENT TRUST	GDF SUEZ	SUPERMARKETS PLC
MARKET VALUE	$499,858	498,336	475,210	466,614	465,162
% OF NET ASSETS	1.7	1.7	1.6	1.6	1.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Electric Utilities		14.3	%
Multi-Utilities		8.1
Real Estate Investment Trusts		6.9
Banks		6.4
Wireless Telecommunication Services		6.2
Insurance		5.3
Oil, Gas & Consumable Fuels		4.2
Food & Staples Retailing		4.0
Construction & Engineering		3.7
Pharmaceuticals		3.6
Real Estate Management & Development		3.4
Gas Utilities		3.4
Diversified Telecommunication Services		3.3
Specialty Retail		2.9
Technology Hardware, Storage & Peripherals		2.6
Transportation Infrastructure		2.6
Thrifts & Mortgage Finance		2.3
Metals & Mining		2.0
Media		1.8
Tobacco		1.7
Hotels, Restaurants & Leisure		1.3
Beverages		1.3
Aerospace & Defense		1.3
Food Products		1.2
Personal Products		1.1
Machinery		0.9
Capital Markets		0.9
Health Care Providers & Services		0.8
Electronic Equipment, Instruments & Components		0.7
Commercial Services & Supplies		0.6
Professional Services		0.6
Short Term Investments		20.2
Other Assets & Liabilities		(19.6	)
TOTAL		100.0	%

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

109

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 4.43%, and the total return for the S&P International Dividend Opportunities^® Index (the “Index”) was 5.90%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, a slight cash drag, and compounding (the exponential growth of outperformance or underperformance).

For the period ending September 2014, the Fund’s return of 4.43% was similar to its broad-based market-cap counterpart index, MSCI EAFE that had a return of 4.25%. The fourth calendar quarter of 2013 witnessed European equities offering ample resilience, rallying sharply in October as the US government reopened full operations, and ratcheting higher through November as the European Central Bank trimmed interest rates. In 2014, although there were expectations of improvement in global economic growth, the first calendar quarter of that year delivered inferior growth prospects, along with downbeat economic signals in China and Russian bellicosity in Ukraine. As the second calendar quarter got underway, equities worldwide once again struggled as the International Monetary Fund released a bleak updated economic outlook and worries about Euro-zone recovery remained prominent. Global equity markets pulled back again in the third calendar quarter as fighting started between the Israeli army and Hamas, and banking fears in Europe were re-ignited as shares of Portugal’s largest bank, Espirito Santo, plunged amid concerns that the bank would have troubles paying off its debts.

On an individual security level, the top positive contributors to the Fund’s performance were AstraZeneca PLC, Belgacom SA, and Red Electrica Corp. SA. The top negative contributors to the Fund’s performance were Kumba Iron Ore Limited, OI S.A. Sponsored ADR Pfd, and J Sainsbury plc.

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

110

SPDR S&P International Dividend ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.45%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P INTERNATIONAL						S&P INTERNATIONAL
					DIVIDEND						DIVIDEND
	NET ASSET		MARKET		OPPORTUNITIES		NET ASSET		MARKET		OPPORTUNITIES
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
ONE YEAR		4.43%		4.14%		5.90%		4.43%		4.14%		5.90%
THREE YEARS		23.71%		25.10%		28.51%		7.35%		7.75%		8.72%
FIVE YEARS		18.09%		17.45%		25.15%		3.38%		3.27%		4.59%
SINCE INCEPTION (1)		−1.75%		−1.83%		5.35%		−0.27%		−0.28%		0.79%

(1) For the period February 12, 2008 to September 30, 2014.

111

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

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

	SPDR S&P		S&P International
	International Dividend		Dividend Opportunities
	ETF		Index
		10000		10000
2/12/2008		10577		10510
3/31/2008		10431		10373
4/30/2008		10433		10393
5/31/2008		10267		10264
6/30/2008		9265		9239
7/31/2008		8833		8827
8/31/2008		8777		8776
9/30/2008		7307		7289
10/31/2008		5256		5236
11/30/2008		4889		4870
12/31/2008		5261		5246
1/31/2009		4577		4577
2/28/2009		4093		4084
3/31/2009		4642		4627
4/30/2009		5828		5841
5/31/2009		6734		6769
6/30/2009		6623		6662
7/31/2009		7306		7372
8/31/2009		7784		7861
9/30/2009		8320		8419
10/31/2009		8254		8356
11/30/2009		8522		8631
12/31/2009		8704		8823
1/31/2010		8351		8475
2/28/2010		8255		8380
3/31/2010		8712		8857
4/30/2010		8589		8742
5/31/2010		7585		7725
6/30/2010		7528		7672
7/31/2010		8248		8430
8/31/2010		8029		8211
9/30/2010		8931		9144
10/31/2010		9334		9562
11/30/2010		8611		8825
12/31/2010		9322		9567
1/31/2011		9451		9671
2/28/2011		9676		9909
3/31/2011		9910		10193
4/30/2011		10749		11031
5/31/2011		10327		10616
6/30/2011		10104		10386
7/31/2011		9646		9966
8/31/2011		8999		9293
9/30/2011		7943		8199
10/31/2011		8769		9054
11/30/2011		8374		8654
12/31/2011		8264		8549
1/31/2012		8668		8944
2/29/2012		9109		9425
3/31/2012		8908		9219
4/30/2012		8648		8951
5/31/2012		7552		7822
6/30/2012		8239		8544
7/31/2012		7995		8296
8/31/2012		8361		8683
9/30/2012		8534		8868
10/31/2012		8532		8870
11/30/2012		8573		8918
12/31/2012		8975		9345
1/31/2013		9330		9775
2/28/2013		9156		9598
3/31/2013		9269		9736
4/30/2013		9602		10101
5/31/2013		9130		9614
6/30/2013		8696		9175
7/31/2013		8907		9410
8/31/2013		8773		9266
9/30/2013		9408		9948
10/31/2013		9736		10300
11/30/2013		9525		10082
12/31/2013		9660		10239
1/31/2014		9194		9764
2/28/2014		9770		10378
3/31/2014		9970		10602
4/30/2014		10351		11022
5/31/2014		10488		11175
6/30/2014		10749		11471
7/31/2014		10574		11333
8/30/2014		10563		11326
9/30/2014		9825		10535

Past performance is not a guarantee of future results.

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

112

SPDR S&P International Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

		ROYAL DUTCH
DESCRIPTION	ASTRAZENECA PLC	SHELL PLC (CLASS A)	VODAFONE GROUP PLC	TELIASONERA AB	ENAGAS SA
MARKET VALUE	$46,093,327	44,613,161	39,648,575	38,447,791	36,917,457
% OF NET ASSETS	3.2	3.1	2.7	2.6	2.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Oil, Gas & Consumable Fuels		14.7	%
Real Estate Investment Trusts		10.2
Diversified Telecommunication Services		9.2
Electric Utilities		8.9
Wireless Telecommunication Services		7.7
Banks		6.6
Insurance		6.0
Pharmaceuticals		4.4
Gas Utilities		3.9
Food & Staples Retailing		3.3
Construction & Engineering		2.7
Aerospace & Defense		2.4
Real Estate Management & Development		2.3
Multi-Utilities		2.3
Media		2.2
Metals & Mining		2.1
Household Durables		1.5
Chemicals		1.2
Energy Equipment & Services		1.2
Multiline Retail		1.1
Transportation Infrastructure		1.0
Hotels, Restaurants & Leisure		0.8
Technology Hardware, Storage & Peripherals		0.7
Textiles, Apparel & Luxury Goods		0.7
Diversified Financial Services		0.6
Independent Power and Renewable Electricity Producers		0.5
Auto Components		0.5
Industrial Conglomerates		0.4
Automobiles		0.4
Short Term Investments		16.2
Other Assets & Liabilities		(15.7	)
TOTAL		100.0	%

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

113

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 4.63%, and the total return for the S&P Developed Ex-U.S. between USD2 Billion and USD5 Billion Index (the “Index”) was 5.91%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to expenses, cash drag, optimization and compounding (the exponential growth of outperformance or underperformance).

The first three quarters of the Reporting Period posted positive returns, while the last quarter had a negative return that dragged down the Fund’s overall performance. In the first quarter of the Reporting Period, the European Central Bank cut rates in response to a lower inflation reading, and share prices flourished in response. The next two quarters followed suit with continued gains. Stocks in the last quarter of the Reporting Period fell as banking fears in Europe were re-ignited. There was also concern that Portugal’s largest bank would not be able to pay off its debt.

While the last quarter was notably troublesome, the overall performance still ended on a positive note. Over the Reporting Period, the strongest performing sectors were: health care, telecommunication services, and consumer staples. Financials, with the largest weight in the sector, also performed well and contributed to nearly half of the Fund’s return. The only two negative performing sectors for this time period were energy and materials.

On an individual security level, the top positive contributors to the Fund’s performance were Seiko Epson Corp., Unione di Banche Italiane SCpA, and Amorepacific Corp. The top negative contributors to the Fund’s performance were Banca Monte dei Paschi di Siena S.p.A., Blumont Group Ltd., and Sanrio Company Ltd.

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

114

SPDR S&P International Mid Cap ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Mid Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.45%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
					EX-U.S. BETWEEN						EX-U.S. BETWEEN
					USD2 BILLION AND						USD2 BILLION AND
	NET ASSET		MARKET		USD5 BILLION		NET ASSET		MARKET		USD5 BILLION
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
ONE YEAR		4.63%		3.85%		5.91%		4.63%		3.85%		5.91%
THREE YEARS		45.86%		47.99%		48.27%		13.41%		13.96%		14.03%
FIVE YEARS		52.34%		53.95%		56.45%		8.78%		9.01%		9.37%
SINCE INCEPTION (1)		19.61%		19.35%		24.23%		2.84%		2.80%		3.45%

(1) For the period May 7, 2008 to September 30, 2014.

115

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

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

			S&P Developed
			Ex-U.S. between
	SPDR S&P		USD2 Billion
	International Mid		and USD5
	Cap ETF		Billion Index
	(a)		(b)
		10000		10000
5/7/2008		10042		10041
6/30/2008		9351		9309
7/31/2008		8917		8876
8/31/2008		8587		8572
9/30/2008		7346		7241
10/1/2008		5570		5462
11/2/2008		5400		5254
12/3/2008		5775		5632
1/9/2009		5371		5217
2/9/2009		4901		4693
3/9/2009		5258		5103
4/30/2009		5924		5836
5/31/2009		6611		6536
6/30/2009		6717		6622
7/9/2009		7159		7132
8/31/2009		7561		7577
9/30/2009		7851		7940
10/31/2009		7582		7681
11/30/2009		7680		7820
12/31/2009		7847		7968
1/31/2010		7664		7776
2/28/2010		7688		7776
3/31/2010		8279		8342
4/30/2010		8399		8444
5/31/2010		7457		7520
6/30/2010		7428		7486
7/31/2010		8041		8104
8/31/2010		7868		7932
9/30/2010		8723		8819
10/31/2010		9024		9137
11/30/2010		8808		8902
12/31/2010		9628		9759
1/31/2011		9766		9873
2/28/2011		9959		10083
3/31/2011		9956		10145
4/30/2011		10463		10651
5/31/2011		10197		10422
6/30/2011		10083		10293
7/31/2011		10042		10264
8/31/2011		9179		9396
9/30/2011		8200		8378
10/31/2011		8855		9065
11/30/2011		8414		8596
12/31/2011		8314		8475
1/31/2012		8890		9042
2/29/2012		9371		9515
3/31/2012		9348		9487
4/30/2012		9261		9392
5/31/2012		8239		8337
6/30/2012		8655		8773
7/31/2012		8752		8863
8/31/2012		8955		9046
9/30/2012		9289		9402
10/31/2012		9290		9442
11/30/2012		9396		9549
12/31/2012		9783		9926
1/31/2013		10092		10276
2/28/2013		10203		10388
3/31/2013		10370		10602
4/30/2013		10834		11087
5/31/2013		10497		10776
6/30/2013		10210		10476
7/31/2013		10715		10993
8/31/2013		10604		10869
9/30/2013		11431		11729
10/31/2013		11770		12069
11/30/2013		11805		12107
12/31/2013		11981		12319
1/31/2014		11660		11991
2/28/2014		12244		12621
3/31/2014		12278		12619
4/30/2014		12298		12651
5/31/2014		12554		12923
6/30/2014		12804		13224
7/31/2014		12592		13017
8/30/2014		12602		13047
9/30/2014		11961		12423

Past performance is not a guarantee of future results.

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

116

SPDR S&P International Mid Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

			TAIYO NIPPON		IDEMITSU KOSAN
DESCRIPTION	DAICEL CORP.	AMADA CO., LTD.	SANSO CORP.	SHIMADZU CORP.	CO., LTD.
MARKET VALUE	$477,725	419,162	387,875	380,655	373,516
% OF NET ASSETS	0.7	0.6	0.6	0.5	0.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		5.5	%
Chemicals		4.8
Real Estate Investment Trusts		4.7
Machinery		4.4
Real Estate Management & Development		4.4
Metals & Mining		3.8
Media		3.7
Oil, Gas & Consumable Fuels		3.7
Food Products		3.2
Hotels, Restaurants & Leisure		2.9
Capital Markets		2.8
Energy Equipment & Services		2.8
Electronic Equipment, Instruments & Components		2.7
Insurance		2.6
Multiline Retail		2.6
Construction & Engineering		2.4
Commercial Services & Supplies		2.1
Road & Rail		2.1
Health Care Providers & Services		2.1
Diversified Telecommunication Services		2.0
Pharmaceuticals		2.0
Auto Components		1.9
Health Care Equipment & Supplies		1.7
Diversified Financial Services		1.6
Electrical Equipment		1.4
Household Durables		1.4
Aerospace & Defense		1.3
Transportation Infrastructure		1.2
Software		1.2
Containers & Packaging		1.2
Air Freight & Logistics		1.1
Specialty Retail		1.1
Electric Utilities		1.1
Professional Services		1.0
Trading Companies & Distributors		1.0
Industrial Conglomerates		0.9
Semiconductors & Semiconductor Equipment		0.9
Food & Staples Retailing		0.9
IT Services		0.8
Internet Software & Services		0.8
Textiles, Apparel & Luxury Goods		0.8
Leisure Products		0.7
Life Sciences Tools & Services		0.6
Independent Power and Renewable Electricity Producers		0.6
Beverages		0.6
Consumer Finance		0.6
Building Products		0.6
Paper & Forest Products		0.6
Gas Utilities		0.6
Construction Materials		0.5
Multi-Utilities		0.5
Marine		0.5
Wireless Telecommunication Services		0.4
Internet & Catalog Retail		0.4
Thrifts & Mortgage Finance		0.4
Technology Hardware, Storage & Peripherals		0.4
Airlines		0.4
Diversified Consumer Services		0.2
Distributors		0.2
Household Products		0.1
Communications Equipment		0.1
Short Term Investments		12.3
Other Assets & Liabilities		(11.9	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Banco Espirito Santo SA, which was Level 2 and part of the Banks Industry, representing 0.00% of net assets. (See Note 2)

117

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 6.90%, and the total return for the S&P Emerging Markets Under USD2 Billion Index (the “Index”) was 9.54%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can mainly be attributed to Fund expenses and security misweights.

The global equity markets had a strong start to the Reporting Period, but emerging markets underperformed their developed market counterparts as the tapering of the US Federal Reserve asset purchase program contributed to a US dollar rally and weakness in some emerging market currencies. Investor sentiment was resilient, but conflict between Russia and Ukraine in 2014 caused higher volatility in Russian stocks across the size spectrum as well as in the broader region consisting of Europe, the Middle East, and Africa. Political tensions also increased between Russia and the United States and the European Union as economic sanctions were announced. The Index outperformed large and mid-capitalization emerging market stocks (as measured by the S&P Emerging Markets Large Mid Cap Index) over the Reporting Period, due to lower exposure in the energy and materials sectors as commodity prices broadly came under pressure despite the geopolitical tensions. Uncertainty about the future political landscape of Brazil caused Brazilian equities to drop double digits in September and contributed to the worst monthly return for the Index over the Reporting Period. Despite declining over 4% in September, the Index advanced over 9% over the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Bharat Forge Ltd, Aurobindo Pharma Ltd, and UPL Limited. The top negative contributors to the Fund’s performance were PDG Realty SA Empreendimentos e Participacoes, Randon SA Implementos e Participacoes Pfd, and African Bank Investments Limited.

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

118

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

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Emerging Markets Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.65%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P EMERGING						S&P EMERGING
	NET ASSET		MARKET		MARKETS UNDER USD2		NET ASSET		MARKET		MARKETS UNDER USD2
	VALUE		VALUE		BILLION INDEX		VALUE		VALUE		BILLION INDEX
ONE YEAR		6.90%		7.51%		9.54%		6.90%		7.51%		9.54%
THREE YEARS		31.91%		36.58%		37.72%		9.67%		10.95%		11.26%
FIVE YEARS		28.66%		26.87%		43.91%		5.17%		4.88%		7.55%
SINCE INCEPTION (1)		8.78%		7.90%		27.18%		1.33%		1.20%		3.84%

(1) For the period May 12, 2008 to September 30, 2014.

119

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

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

	SPDR S&P		S&P Emerging
	Emerging Markets		Markets Under
	Small Cap		USD2 Billion
	ETF (a)		Index (b)
		10000		10000
5/12/2008		9836		9863
6/30/2008		8629		8648
7/31/2008		8394		8454
8/31/2008		7948		7961
9/30/2008		6252		6372
10/1/2008		4594		4696
11/2/2008		4320		4380
12/3/2008		4681		4795
1/9/2009		4357		4473
2/9/2009		4267		4369
3/9/2009		4809		4906
4/30/2009		5785		5893
5/31/2009		7034		7211
6/30/2009		7021		7239
7/9/2009		7878		8144
8/31/2009		7828		8150
9/30/2009		8468		8839
10/31/2009		8472		8863
11/30/2009		8820		9291
12/31/2009		9389		9941
1/31/2010		8962		9512
2/28/2010		8947		9484
3/31/2010		9656		10347
4/30/2010		9894		10597
5/31/2010		8905		9534
6/30/2010		9031		9593
7/31/2010		9760		10401
8/31/2010		9705		10439
9/30/2010		10759		11644
10/31/2010		11078		12063
11/30/2010		10920		11887
12/31/2010		11516		12640
1/31/2011		11026		12199
2/28/2011		10538		11755
3/31/2011		10925		12164
4/30/2011		11427		12721
5/31/2011		11206		12446
6/30/2011		10896		12118
7/31/2011		11020		12260
8/31/2011		9831		10937
9/30/2011		8246		9235
10/31/2011		9032		10079
11/30/2011		8268		9222
12/31/2011		8150		9116
1/31/2012		9156		10229
2/29/2012		9991		11225
3/31/2012		9721		10921
4/30/2012		9527		10735
5/31/2012		8656		9792
6/30/2012		8891		10039
7/31/2012		8933		10065
8/31/2012		9050		10220
9/30/2012		9573		10818
10/31/2012		9367		10611
11/30/2012		9579		10889
12/31/2012		10125		11502
1/31/2013		10476		11892
2/28/2013		10470		11929
3/31/2013		10435		11910
4/30/2013		10662		12128
5/31/2013		10671		12177
6/30/2013		9833		11240
7/31/2013		9887		11282
8/31/2013		9613		10967
9/30/2013		10176		11611
10/31/2013		10595		12121
11/30/2013		10372		11886
12/31/2013		10378		11911
1/31/2014		9925		11416
2/28/2014		10373		11962
3/31/2014		10633		12232
4/30/2014		10607		12221
5/31/2014		11024		12782
6/30/2014		11333		13111
7/31/2014		11347		13134
8/30/2014		11545		13367
9/30/2014		10878		12718

Past performance is not a guarantee of future results.

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

120

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

DESCRIPTION	IGB CORP. BHD	MONDI, LTD.	THANACHART CAPITAL PCL	JSE, LTD.	CLICKS GROUP, LTD.
MARKET VALUE	$2,500,690	2,450,609	2,333,986	2,298,232	2,259,068
% OF NET ASSETS	0.4	0.4	0.4	0.4	0.4

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Real Estate Management & Development		8.2	%
Semiconductors & Semiconductor Equipment		6.9
Electronic Equipment, Instruments & Components		5.4
Chemicals		4.5
Banks		4.0
Metals & Mining		3.8
Construction & Engineering		3.6
Food Products		3.4
Hotels, Restaurants & Leisure		3.3
Textiles, Apparel & Luxury Goods		3.0
Machinery		2.6
Marine		2.5
Household Durables		2.4
Technology Hardware, Storage & Peripherals		2.3
Pharmaceuticals		2.3
Electrical Equipment		2.3
Oil, Gas & Consumable Fuels		1.9
Capital Markets		1.9
Media		1.8
Diversified Financial Services		1.7
Real Estate Investment Trusts		1.6
Auto Components		1.5
Transportation Infrastructure		1.5
Industrial Conglomerates		1.4
Food & Staples Retailing		1.4
IT Services		1.3
Multiline Retail		1.3
Software		1.3
Health Care Providers & Services		1.1
Communications Equipment		1.1
Specialty Retail		1.1
Airlines		1.1
Internet Software & Services		1.1
Diversified Consumer Services		1.1
Construction Materials		1.0
Water Utilities		1.0
Automobiles		0.9
Health Care Equipment & Supplies		0.9
Diversified Telecommunication Services		0.9
Energy Equipment & Services		0.8
Consumer Finance		0.8
Insurance		0.7
Paper & Forest Products		0.7
Electric Utilities		0.7
Trading Companies & Distributors		0.7
Commercial Services & Supplies		0.7
Beverages		0.5
Containers & Packaging		0.5
Independent Power and Renewable Electricity Producers		0.4
Personal Products		0.4
Tobacco		0.4
Building Products		0.3
Air Freight & Logistics		0.3
Gas Utilities		0.3
Biotechnology		0.3
Distributors		0.3
Internet & Catalog Retail		0.2
Road & Rail		0.2
Professional Services		0.2
Wireless Telecommunication Services		0.1
Thrifts & Mortgage Finance		0.1
Household Products		0.1
Leisure Products		0.1
Short Term Investments		4.2
Other Assets & Liabilities		(4.4	)
TOTAL		100.0	%

*

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

**

Each security is valued based on Level 1 inputs, except for Boshiwa International Holding, Ltd., which was Level 3 and part of the Specialty Retail Industry, China Forestry Holdings, Ltd., which was Level 3 and part of the Paper & Forest Products Industry, China Hongxing Sports, Ltd., which was Level 3 and part of the Textiles, Apparel & Luxury Goods Industry, China Metal Recycling Holdings, Ltd., which was Level 3 and part of the Metals & Mining Industry, Corporacion GEO SAB de CV, which was Level 3 and part of the Household Durables Industry, Real Gold Mining, Ltd., which was Level 3 and part of the Metals & Mining Industry, Urbi Desarrollos Urbanos SA de CV, which was Level 3 and part of the Household Durables Industry, each representing 0.00% of net assets, China Lumena New Materials Corp., which was Level 3 and part of the Chemicals Industry, representing 0.06% of net assets, and Trada Maritime Tbk PT, which was Level 3 and part of the Marine Industry, representing 0.22% of net assets, China High Precision Automation Group, Ltd., which was Level 2 and part of the Electronic Equipment, Instruments & Components Industry, representing 0.00% of net assets, African Bank Investments, Ltd., which was Level 2 and part of the Diversified Financial Services Industry, representing 0.01% of net assets, China Rongsheng Heavy Industries Group Holdings, Ltd., which was Level 2 and part of the Machinery Industry, representing 0.09% of net assets, Episil Holdings, Inc., which was Level 2 and part of the Semiconductors & Semiconductor Equipment Industry, representing 0.10% of net assets, Jiangsu Future Land Co., Ltd., which was Level 2 and part of the Real Estate Management & Development Industry, representing 0.08% of net assets and NVC Lighting Holdings, Ltd., which was Level 2 and part of the Household Products Industry, representing 0.11% of net assets. (Note 2)

121

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 8.44%, and the total return for the Dow Jones Global Select Real Estate Securities Index^sm (the “Index”) was 8.15%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to expenses, cash drag, and dividend tax withholding differences between the Fund and Index.

Global real estate securities had a quiet start to the fiscal year with modest negative returns during the first fiscal quarter before steadily gaining in each of the next two quarters. A dip during the final fiscal quarter took back some of those gains, but the Index was still able to produce a positive return of over 8% for the Reporting Period. The fiscal year began with concern over the partial shutdown of US government operations, debt default, and a diminished global growth outlook from the International Monetary Fund. As 2014 began, however, home prices in the US continued to recover and investors looked to real estate securities as a yield alternative and a source of income in a time of declining bond yields. These factors, along with a general uneasiness in the equity markets across the globe at the time, led real estate securities to outpace the broader market in each of the last three fiscal quarters.

On an individual security level, the top positive contributors to the Fund’s performance were Simon Property Group, Inc., Brookfield Asset Management Inc. Class A, and Equity Residential. The top negative contributors to the Fund’s performance were Hulic Co., Ltd., Tokyu Fudosan Holdings Corp., and Mitsui Fudosan Co., Ltd.

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

122

SPDR Dow Jones Global Real Estate ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones Global Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					DOW JONES GLOBAL						DOW JONES GLOBAL
					SELECT REAL						SELECT REAL
	NET ASSET		MARKET		ESTATE		NET ASSET		MARKET		ESTATE
	VALUE		VALUE		SECURITIES INDEX		VALUE		VALUE		SECURITIES INDEX
ONE YEAR		8.44%		8.30%		8.15%		8.44%		8.30%		8.15%
THREE YEARS		51.41%		52.52%		51.01%		14.83%		15.11%		14.72%
FIVE YEARS		76.17%		75.13%		74.79%		11.99%		11.86%		11.82%
SINCE INCEPTION (1)		18.61%		18.80%		16.42%		2.70%		2.73%		2.40%

(1) For the period May 7, 2008 to September 30, 2014.

123

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

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

			Dow Jones
	SPDR Dow		Global Select
	Jones Global		Real Estate
	Real Estate		Securities Index
	ETF (a)		(b)
		10000		10000
5/7/2008		9840		9836
6/30/2008		8746		8722
7/31/2008		8791		8769
8/31/2008		8670		8637
9/30/2008		8011		7955
10/1/2008		5669		5618
11/2/2008		4734		4689
12/3/2008		5217		5160
1/9/2009		4510		4463
2/9/2009		3726		3687
3/9/2009		3930		3886
4/30/2009		4771		4719
5/31/2009		5216		5156
6/30/2009		5187		5131
7/9/2009		5700		5648
8/31/2009		6339		6271
9/30/2009		6732		6660
10/31/2009		6557		6486
11/30/2009		6732		6665
12/31/2009		6997		6919
1/31/2010		6662		6580
2/28/2010		6857		6776
3/31/2010		7354		7258
4/30/2010		7655		7554
5/31/2010		7037		6954
6/30/2010		6844		6753
7/31/2010		7537		7444
8/31/2010		7528		7430
9/30/2010		8058		7959
10/31/2010		8437		8333
11/30/2010		8105		7999
12/31/2010		8666		8568
1/31/2011		8805		8684
2/28/2011		9117		8983
3/31/2011		8984		8857
4/30/2011		9513		9382
5/31/2011		9558		9423
6/30/2011		9338		9205
7/31/2011		9376		9249
8/31/2011		8852		8728
9/30/2011		7833		7709
10/31/2011		8756		8617
11/30/2011		8335		8199
12/31/2011		8434		8289
1/31/2012		9039		8904
2/29/2012		9216		9093
3/31/2012		9506		9362
4/30/2012		9731		9583
5/31/2012		9166		9015
6/30/2012		9733		9570
7/31/2012		10036		9873
8/31/2012		10048		9886
9/30/2012		10071		9919
10/31/2012		10159		10007
11/30/2012		10204		10057
12/31/2012		10545		10396
1/31/2013		10826		10676
2/28/2013		10925		10786
3/31/2013		11210		11052
4/30/2013		11992		11825
5/31/2013		11097		10949
6/30/2013		10814		10656
7/31/2013		10918		10759
8/31/2013		10351		10193
9/30/2013		10938		10765
10/31/2013		11304		11129
11/30/2013		10860		10688
12/31/2013		10838		10664
1/31/2014		10902		10727
2/28/2014		11422		11237
3/31/2014		11472		11280
4/30/2014		11873		11672
5/31/2014		12209		11998
6/30/2014		12372		12158
7/31/2014		12380		12166
8/30/2014		12640		12417
9/30/2014		11861		11642

Past performance is not a guarantee of future results.

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

124

SPDR Dow Jones Global Real Estate ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

			BROOKFIELD ASSET
	SIMON PROPERTY	MITSUI FUDOSAN	MANAGEMENT, INC.
DESCRIPTION	GROUP, INC.	CO., LTD.	(CLASS A)	UNIBAIL-RODAMCO SE	PUBLIC STORAGE
MARKET VALUE	$81,262,612	48,296,928	40,842,450	40,115,269	38,241,377
% OF NET ASSETS	5.5	3.3	2.8	2.7	2.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Retail REITs		26.5	%
Real Estate Management & Development		16.3
Specialized REITs		15.1
Office REITs		14.1
Diversified REITs		11.6
Residential REITs		10.6
Industrial REITs		5.1
Diversified Capital Markets		0.4
Short Term Investments		3.4
Other Assets & Liabilities		(3.1	)
TOTAL		100.0	%

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

125

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was −0.91%, and the total return for the S&P Developed Ex-U.S. BMI Consumer Discretionary Sector Index (the “Index”) was −0.62%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, a slight cash drag, and optimization contributed to the difference between the Fund’s performance and that of the Index.

During the Reporting Period, the consumer discretionary sector underperformed the broader S&P BMI Index by over 6% and was the second weakest performing sector in the broader index followed only by the materials sector. The textile and automobile industries were the main contributors to the negative returns of the Fund. Stock markets outside the United States followed the American lead during the fourth quarter of 2013, but tentative behavior early in each of the final three months of 2013 prevented them from building on their healthy outperformance in the third quarter. European equities offered ample resilience, rallying sharply in October as the US government reopened full operations and ratcheting higher through November as the European Central Bank (“ECB”) trimmed interest rates and peripheral Eurozone bond yields appeared increasingly stable at comfortably lower levels. In early 2014, developed stock markets outside the US tended to follow the global pattern, tumbling abruptly when Chinese growth prospects looked more sluggish than anticipated and a rallying Japanese yen threw the resilience of investor risk appetites into question. Share prices found support relatively quickly in early February as the Index regained the value it lost in January, and continued steady declines in bond yields on the Eurozone periphery reflected confidence in the diligent accommodation of the ECB. July had a good start as equities responded favorably to the US nonfarm payroll data released on July 3rd. The optimism was short lived as fighting started in Gaza between the Israeli army and Hamas, and banking fears in Europe were re-ignited as shares of Portugal’s largest bank, Espirito Santo, plunged amid concerns that the bank would have troubles paying off its debts. In September, the ECB unexpectedly cut administered rates. The ECB also announced that an asset-backed securities purchase program and a covered bond purchase program would begin in October. Later in the month, the Scottish secession vote showed signs of being closer than previously thought and the potential disruption within the UK brought increased volatility to equity and bond markets. Markets quickly digested a dovish Federal Reserve meeting in mid-September and breathed a sigh of relief as the Scots voted against secession. Weak Chinese GDP data spooked equity investors as did escalation of US military action against ISIS.

On an individual security level, the top positive contributors to the Fund’s performance were NEXT PLC, Whitbread PLC, and Shimano Inc. The top negative contributors to the Fund’s performance were Compagnie Financiere Richemont SA, Toyota Motor Corp., and Hyundai Motor Company.

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

126

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

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Consumer Discretionary Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

S&P DEVELOPED

EX-U.S. BMI

EX-U.S. BMI

CONSUMER

CONSUMER

NET ASSET

MARKET

DISCRETIONARY

NET ASSET

MARKET

DISCRETIONARY

VALUE

VALUE

SECTOR INDEX

VALUE

VALUE

SECTOR INDEX

ONE YEAR

−0.91%

−2.56%

−0.62%

−0.91%

−2.56%

−0.62%

THREE YEARS

58.64%

61.69%

58.53%

16.63%

17.37%

16.60%

FIVE YEARS

69.86%

69.65%

72.30%

11.18%

11.15%

11.50%

SINCE INCEPTION (1)

64.46%

63.97%

64.47%

8.34%

8.29%

8.35%

(1) For the period July 16, 2008 to September 30, 2014.

127

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

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

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Consumer		Consumer Discertionary
	Discretionary Sector		Sector Index
	ETF (a)		(b)
		10000		10000
7/16/2008		10235		10251
8/31/2008		10027		10047
9/30/2008		8771		8725
10/31/2008		7407		7187
11/30/2008		6560		6384
12/31/2008		6969		6788
1/31/2009		6485		6309
2/28/2009		6029		5887
3/31/2009		6455		6289
4/30/2009		7801		7544
5/31/2009		8238		8059
6/30/2009		8221		8066
7/31/2009		9099		8967
8/31/2009		9376		9223
9/30/2009		9682		9547
10/31/2009		9537		9449
11/30/2009		9573		9478
12/31/2009		9918		9797
1/31/2010		9636		9531
2/28/2010		9475		9385
3/31/2010		10245		10129
4/30/2010		10330		10278
5/31/2010		9334		9279
6/30/2010		9285		9198
7/31/2010		10042		9951
8/31/2010		9753		9683
9/30/2010		10952		10896
10/31/2010		11347		11316
11/30/2010		11258		11213
12/31/2010		11944		11934
1/31/2011		12153		12123
2/28/2011		12349		12367
3/31/2011		11967		12033
4/30/2011		12833		12893
5/31/2011		12710		12772
6/30/2011		12857		12887
7/31/2011		12696		12778
8/31/2011		11419		11485
9/30/2011		10369		10375
10/31/2011		11333		11334
11/30/2011		10671		10661
12/31/2011		10447		10422
1/31/2012		11360		11315
2/29/2012		12167		12108
3/31/2012		12407		12305
4/30/2012		12291		12216
5/31/2012		11009		10913
6/30/2012		11363		11303
7/31/2012		11406		11352
8/31/2012		11744		11654
9/30/2012		11860		11795
10/31/2012		11951		11887
11/30/2012		12488		12415
12/31/2012		13018		12951
1/31/2013		13644		13584
2/28/2013		13720		13725
3/31/2013		14052		14009
4/30/2013		14678		14671
5/31/2013		14938		14876
6/30/2013		14672		14617
7/31/2013		15593		15534
8/31/2013		15332		15310
9/30/2013		16598		16550
10/31/2013		17013		16973
11/30/2013		17256		17197
12/31/2013		17453		17416
1/31/2014		16827		16822
2/28/2014		17389		17416
3/31/2014		17256		17255
4/30/2014		17179		17183
5/31/2014		17548		17562
6/30/2014		17793		17838
7/31/2014		17346		17377
8/30/2014		17184		17217
9/30/2014		16446		16447

Past performance is not a guarantee of future results.

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

128

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

			HONDA MOTOR	CIE FINANCIERE	LVMH MOET HENNESSY
DESCRIPTION	TOYOTA MOTOR CORP.	DAIMLER AG	CO., LTD.	RICHEMONT SA	LOUIS VUITTON SA
MARKET VALUE	$1,390,463	646,035	471,124	376,703	376,048
% OF NET ASSETS	7.6	3.5	2.6	2.1	2.0

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Automobiles		27.4	%
Media		15.1
Hotels, Restaurants & Leisure		14.0
Auto Components		10.5
Textiles, Apparel & Luxury Goods		10.4
Specialty Retail		7.7
Household Durables		6.4
Multiline Retail		4.2
Leisure Products		2.2
Internet & Catalog Retail		0.8
Diversified Consumer Services		0.4
Distributors		0.2
Short Term Investments		20.1
Other Assets & Liabilities		(19.4	)
TOTAL		100.0	%

*	The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.
**	Each security is valued based on Level 1 inputs, except for Mando Corp., which was Level 2 and part of the Auto Components Industry, representing 0.04% of net assets. (See Note 2)

129

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 2.61%, and the total return for the S&P Developed Ex-U.S. BMI Consumer Staples Sector Index (the “Index”) was 4.24%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, cash drag, optimization, and compounding (the exponential growth of outperformance or underperformance).

Consumer staples experienced mixed results during the four quarters of the fiscal year. The sector outpaced the market in the second and third fiscal quarters, and, conversely, lagged behind in each of the other two fiscal quarters. The positive returns during the first half of calendar year 2014 were a product of staples serving as defensive havens amid spikes in volatility. During this period, companies within the sector began to shift their focus to emerging markets as consumer spending in those regions continued to grow. The momentum that was built up hit a wall as the last fiscal quarter opened and consumers dealt with the realities of rising gas prices, extreme weather conditions and whispers of interest rate hikes. Overall, the sector was able to produce a positive annual return, while slightly underperforming versus the overall market.

On an individual security level, the top positive contributors to the Fund’s performance were Nestle S.A., Anheuser-Busch InBev SA, and British American Tobacco p.l.c. The top negative contributors to the Fund’s performance were Wm Morrison Supermarkets plc, Diageo plc, and Tesco PLC.

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

130

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

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Consumer Staples Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
					EX-U.S. BMI						EX-U.S. BMI
	NET ASSET		MARKET		CONSUMER STAPLES		NET ASSET		MARKET		CONSUMER STAPLES
	VALUE		VALUE		SECTOR INDEX		VALUE		VALUE		SECTOR INDEX
ONE YEAR		2.61%		2.34%		4.24%		2.61%		2.34%		4.24%
THREE YEARS		41.27%		42.45%		46.64%		12.21%		12.52%		13.61%
FIVE YEARS		67.08%		66.71%		76.15%		10.81%		10.76%		11.99%
SINCE INCEPTION (1)		64.62%		64.38%		78.78%		8.36%		8.33%		9.81%

(1) For the period July 16, 2008 to September 30, 2014.

131

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

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

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Consumer		Consumer Staples
	Staples Sector		Sector Index
	ETF (a)		(b)
		10000		10000
7/16/2008		10258		10267
8/31/2008		10127		10158
9/30/2008		9430		9468
10/31/2008		8001		8060
11/30/2008		7752		7755
12/31/2008		8171		8240
1/31/2009		7562		7669
2/28/2009		6954		7044
3/31/2009		7070		7180
4/30/2009		7456		7597
5/31/2009		8354		8508
6/30/2009		8504		8696
7/31/2009		9175		9408
8/31/2009		9443		9685
9/30/2009		9852		10149
10/31/2009		10126		10423
11/30/2009		10361		10669
12/31/2009		10599		10890
1/31/2010		10396		10676
2/28/2010		10475		10738
3/31/2010		10835		11137
4/30/2010		10677		11005
5/31/2010		9734		10076
6/30/2010		9987		10346
7/31/2010		10540		10927
8/31/2010		10540		10939
9/30/2010		11416		11875
10/31/2010		11691		12127
11/30/2010		11170		11607
12/31/2010		11865		12349
1/31/2011		11574		12071
2/28/2011		11938		12399
3/31/2011		11914		12413
4/30/2011		12878		13433
5/31/2011		12975		13566
6/30/2011		12723		13320
7/31/2011		12805		13424
8/31/2011		12364		12955
9/30/2011		11653		12192
10/31/2011		12488		13011
11/30/2011		12259		12774
12/31/2011		12332		12844
1/31/2012		12273		12818
2/29/2012		12924		13488
3/31/2012		13259		13877
4/30/2012		13354		14015
5/31/2012		12332		12961
6/30/2012		13028		13699
7/31/2012		13448		14123
8/31/2012		13785		14508
9/30/2012		13927		14686
10/31/2012		13875		14687
11/30/2012		14300		15125
12/31/2012		14285		15150
1/31/2013		14955		15881
2/28/2013		15190		16147
3/31/2013		15709		16713
4/30/2013		16244		17315
5/31/2013		15450		16471
6/30/2013		15042		16041
7/31/2013		15597		16650
8/31/2013		15194		16232
9/30/2013		16044		17150
10/31/2013		16473		17650
11/30/2013		16380		17556
12/31/2013		16489		17704
1/31/2014		15554		16780
2/28/2014		16492		17786
3/31/2014		16552		17872
4/30/2014		17092		18461
5/31/2014		17488		18896
6/30/2014		17559		19017
7/31/2014		17100		18520
8/30/2014		17254		18710
9/30/2014		16462		17878

Past performance is not a guarantee of future results.

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

132

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

		BRITISH AMERICAN	ANHEUSER-BUSCH
DESCRIPTION	NESTLE SA	TOBACCO PLC	INBEV NV	DIAGEO PLC	UNILEVER NV
MARKET VALUE	$6,161,782	2,763,208	2,451,992	1,938,207	1,908,985
% OF NET ASSETS	14.4	6.4	5.7	4.5	4.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Food Products		35.4	%
Beverages		20.0
Food & Staples Retailing		18.2
Tobacco		12.5
Household Products		7.2
Personal Products		6.1
Short Term Investments		6.7
Other Assets & Liabilities		(6.1	)
TOTAL		100.0	%

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

133

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 6.04%, and the total return for the S&P Developed Ex-U.S. BMI Energy Sector Index (the “Index”) was 7.10%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash drag, securities lending, compounding (the exponential growth of outperformance or underperformance) and misweights between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology contributed to the difference between the Fund’s performance and that of the Index.

The energy sector was an overall market laggard during the Reporting Period. The sector had a cyclical flavor as it followed more closely the broader benchmarks in December 2013, yet the index posted a modest return of 4.61% during the last quarter of 2013. The opening quarter of 2014 offered investors plenty of worthwhile return opportunities, but progress was not without pitfalls, and the best results arrived in unlikely corners of the marketplace. Although there were expectations of continued steady improvement in global economic growth in 2014, the first quarter delivered a harsh US winter, downbeat economic signals in China, and Russian bellicosity in Ukraine. Even though activity prospects for 2014 remained relatively bright, weakness in consumer plays restrained equity returns. Global stocks enjoyed moderate gains in the second quarter of 2014, supported by accelerating mergers and acquisitions activity and fresh evidence that the US economy was rebounding from a harsh winter. Shares of energy companies were supported by higher crude oil and gas prices stemming from worries about geopolitical instability in the Middle East and Ukraine. Second quarter gains were short lived, however, as the third quarter of 2014 almost completely erased the Index’s second quarter double digit gains. Falling oil prices hurt shares of BP and Royal Dutch Shell and sent the share prices of offshore oil drilling specialist Seadrill more than 25% lower. The drillers were also hurt by the threat of losing access to certain Arctic drilling locations due to international sanctions against Russia amid the ongoing territorial dispute in Ukraine.

On an individual security level, the top positive contributors to the Fund’s performance were Royal Dutch Shell Plc Class A, Total SA, and Royal Dutch Shell Plc Class B. The top negative contributors to the Fund’s performance were Worleyparsons Limited, Seadrill Ltd., and Tullow Oil plc.

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

134

SPDR S&P International Energy Sector ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Energy Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
	NET ASSET		MARKET		EX-U.S. BMI ENERGY		NET ASSET		MARKET		EX-U.S. BMI ENERGY
	VALUE		VALUE		SECTOR INDEX		VALUE		VALUE		SECTOR INDEX
ONE YEAR		6.04%		5.24%		7.10%		6.04%		5.24%		7.10%
THREE YEARS		26.38%		27.65%		29.83%		8.12%		8.48%		9.09%
FIVE YEARS		17.25%		16.78%		23.96%		3.23%		3.15%		4.39%
SINCE INCEPTION (1)		−1.79%		−2.36%		4.74%		−0.29%		−0.38%		0.75%

(1) For the period July 16, 2008 to September 30, 2014.

135

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

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

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Energy		Energy Sector
	Sector ETF		Index
		10000		10000
7/16/2008		9937		9918
8/31/2008		9760		9686
9/30/2008		7972		7830
10/31/2008		6535		6403
11/30/2008		6353		6197
12/31/2008		6234		6138
1/31/2009		5961		5862
2/28/2009		5634		5541
3/31/2009		5993		5924
4/30/2009		6519		6497
5/31/2009		7785		7778
6/30/2009		7317		7352
7/31/2009		7622		7681
8/31/2009		7860		7945
9/30/2009		8377		8449
10/31/2009		8404		8509
11/30/2009		8598		8701
12/31/2009		8859		8995
1/31/2010		8276		8431
2/28/2010		8163		8310
3/31/2010		8668		8832
4/30/2010		8645		8833
5/31/2010		7563		7702
6/30/2010		7021		7139
7/31/2010		7784		7952
8/31/2010		7454		7624
9/30/2010		8278		8503
10/31/2010		8613		8860
11/30/2010		8316		8620
12/31/2010		9292		9655
1/31/2011		9743		10119
2/28/2011		10301		10690
3/31/2011		10272		10688
4/30/2011		10640		11084
5/31/2011		10132		10577
6/30/2011		9807		10212
7/31/2011		9735		10197
8/31/2011		8817		9221
9/30/2011		7770		8068
10/31/2011		9084		9482
11/30/2011		8887		9268
12/31/2011		8876		9246
1/31/2012		9183		9589
2/29/2012		9745		10175
3/31/2012		9216		9618
4/30/2012		9179		9568
5/31/2012		7909		8251
6/30/2012		8344		8673
7/31/2012		8564		8918
8/31/2012		8950		9317
9/30/2012		9049		9456
10/31/2012		8970		9382
11/30/2012		8836		9253
12/31/2012		8926		9361
1/31/2013		9249		9710
2/28/2013		8869		9311
3/31/2013		8829		9289
4/30/2013		8958		9438
5/31/2013		8886		9364
6/30/2013		8388		8841
7/31/2013		8909		9395
8/31/2013		8933		9418
9/30/2013		9261		9779
10/31/2013		9560		10109
11/30/2013		9435		9982
12/31/2013		9675		10241
1/31/2014		9130		9669
2/28/2014		9793		10387
3/31/2014		9953		10561
4/30/2014		10597		11263
5/31/2014		10593		11267
6/30/2014		11088		11825
7/31/2014		10483		11188
8/30/2014		10602		11328
9/30/2014		9821		10474

Past performance is not a guarantee of future results.

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

136

SPDR S&P International Energy Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

		ROYAL DUTCH		ROYAL DUTCH
DESCRIPTION	TOTAL SA	SHELL PLC (CLASS A)	BP PLC	SHELL PLC (CLASS B)	ENI SPA
MARKET VALUE	$2,050,307	2,004,231	1,836,857	1,294,896	892,548
% OF NET ASSETS	10.6	10.4	9.5	6.7	4.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Oil, Gas & Consumable Fuels		91.3	%
Energy Equipment & Services		7.7
Short Term Investments		15.9
Other Assets & Liabilities		(14.9	)
TOTAL		100.0	%

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

137

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 4.23%, and the total return for the S&P Developed Ex-U.S. BMI Financials Sector Index (the “Index”) was 5.40%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference in Fund performance, relative to its Index, can be attributed to Fund expenses, transaction costs, cash drag, compounding (the exponential growth of outperformance or underperformance), and security misweights between the Fund’s holdings and the Index constituents.

The Fund delivered its best quarter of the fiscal year by gaining 6.04% in the last quarter of 2013. The Fund shrugged off some of the negative news of a potential shutdown of many US government operations and news of diminished global growth outlook from the International Monetary Fund (“IMF”). Financial stocks benefited from prospects of firmer interest rates. Equities in general rebounded as companies delivered decent reports on third quarter earnings and upbeat economic data to set stocks on firmer footing again.

The Fund’s returns fell slightly during the first quarter of 2014. Most equity benchmarks endured an acid test from late January into early February, when a key Chinese manufacturing indicator missed expectations and spurred fresh disarray across the emerging markets. In addition, the global markets were further tested and rattled when Russia established military control on the Crimean peninsula. Global equities rallied into the end of the first quarter of 2014 when the IMF assembled a loan package for Ukraine.

The Fund rebounded in the second quarter of 2014 with a positive gain. In May, political conflict between Russia and Ukraine finally appeared to subside with Russian troops withdrawing from the Ukrainian border. The IMF contributed further to the uncertainty when it released its updated economic outlook. The IMF’s projections for global growth as a whole were slightly lower, with notable downgrades in forecasts for Japan. Mario Draghi announced in May that he had had enough of the growth wilting combination of low inflation and strong currency, noting that the European Central bank (“ECB”) was ready to act. Equity markets rallied through the end of May and followed through in June after the ECB announced changes that were widely anticipated. The overnight rate was cut to -10 basis points and the ECB cut its main financing rate to 15 basis points.

The Fund’s returns fell during the third quarter of 2014, ending the Reporting Period on a down note. The markets turned downward over a number of events that negatively impacted the Fund. These events included fighting in Gaza between the Israeli army and Hamas, and banking fears in Europe that were re-ignited as shares of Portugal’s largest bank, Espirito Santo, plunged amid concerns that the bank would have troubles paying off its debts. Then, Malaysian Airlines Flight 17 was shot down over eastern Ukraine, leading to a further escalation of tensions between the West and Russia. European shares tumbled on the expectation that further economic sanctions could cripple the fragile Russian economy, raising a concern of retaliation from Putin.

On an individual security level, the top positive contributors to the Fund’s performance were Banco Santander S.A., Prudential plc, and Royal Bank of Canada. The top negative contributors to the Fund’s performance were Nomura Holdings, Inc., Sumitomo Mitsui Financial Group, Inc., and Mitsubishi Estate Company, Limited.

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

138

SPDR S&P International Financial Sector ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Financial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
					EX-U.S. BMI						EX-U.S. BMI
	NET ASSET		MARKET		FINANCIALS SECTOR		NET ASSET		MARKET		FINANCIALS SECTOR
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
ONE YEAR		4.23%		3.95%		5.40%		4.23%		3.95%		5.40%
THREE YEARS		57.43%		59.73%		60.28%		16.33%		16.90%		17.02%
FIVE YEARS		21.86%		21.39%		27.53%		4.03%		3.95%		4.98%
SINCE INCEPTION (1)		9.73%		9.39%		14.00%		1.51%		1.46%		2.13%

(1) For the period July 16, 2008 to September 30, 2014.

139

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

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

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Financial		Financials Sector
	Sector ETF		Index
		10000		10000
7/16/2008		10608		10703
8/31/2008		9988		10146
9/30/2008		8797		8960
10/31/2008		6409		6466
11/30/2008		5791		5875
12/31/2008		6129		6097
1/31/2009		5292		5311
2/28/2009		4443		4446
3/31/2009		5057		4998
4/30/2009		6233		6126
5/31/2009		7169		7066
6/30/2009		7121		7030
7/31/2009		7981		7909
8/31/2009		8728		8581
9/30/2009		9004		8939
10/31/2009		8675		8620
11/30/2009		8747		8675
12/31/2009		8671		8599
1/31/2010		8137		8089
2/28/2010		8175		8102
3/31/2010		8725		8684
4/30/2010		8581		8551
5/31/2010		7480		7440
6/30/2010		7318		7306
7/31/2010		8293		8291
8/31/2010		7827		7855
9/30/2010		8499		8528
10/31/2010		8742		8749
11/30/2010		8070		8107
12/31/2010		8725		8808
1/31/2011		9156		9204
2/28/2011		9534		9566
3/31/2011		9197		9270
4/30/2011		9678		9770
5/31/2011		9272		9381
6/30/2011		9073		9208
7/31/2011		8716		8896
8/31/2011		7856		8012
9/30/2011		6970		7112
10/31/2011		7687		7807
11/30/2011		7042		7185
12/31/2011		6982		7108
1/31/2012		7601		7747
2/29/2012		8138		8262
3/31/2012		8069		8215
4/30/2012		7844		7981
5/31/2012		6810		6967
6/30/2012		7450		7615
7/31/2012		7543		7707
8/31/2012		7836		8019
9/30/2012		8226		8428
10/31/2012		8428		8641
11/30/2012		8656		8864
12/31/2012		9059		9270
1/31/2013		9659		9881
2/28/2013		9531		9800
3/31/2013		9469		9771
4/30/2013		10194		10499
5/31/2013		9799		10043
6/30/2013		9382		9610
7/31/2013		10018		10234
8/31/2013		9801		10047
9/30/2013		10528		10816
10/31/2013		10998		11329
11/30/2013		11062		11365
12/31/2013		11163		11496
1/31/2014		10616		10984
2/28/2014		11098		11472
3/31/2014		11091		11503
4/30/2014		11234		11648
5/31/2014		11457		11883
6/30/2014		11488		11914
7/31/2014		11474		11902
8/30/2014		11483		11951
9/30/2014		10973		11400

Past performance is not a guarantee of future results.

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

140

SPDR S&P International Financial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

			COMMONWEALTH	ROYAL BANK	WESTPAC BANKING
DESCRIPTION	HSBC HOLDINGS PLC	BANCO SANTANDER SA	BANK OF AUSTRALIA	OF CANADA	CORP.
MARKET VALUE	$455,360	294,822	283,295	244,258	242,064
% OF NET ASSETS	4.2	2.7	2.6	2.2	2.2

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Banks		53.0	%
Insurance		23.0
Real Estate Management & Development		8.2
Capital Markets		6.5
Real Estate Investment Trusts		3.8
Diversified Financial Services		3.4
Consumer Finance		0.4
Transportation Infrastructure		0.0	***
Short Term Investments		5.3
Other Assets & Liabilities		(3.6	)
TOTAL		100.0	%

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

141

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 19.57%, and the total return for the S&P Developed Ex-U.S. BMI Health Care Sector Index (the “Index”) was 20.09%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses and cumulative security misweights between the Fund and the Index.

The Fund had positive performance for the Reporting Period. The Fund was helped in the fourth calendar quarter of 2013 by stronger than expected macroeconomic data, accommodative monetary policy across the globe and strong earnings reports. The first calendar quarter of 2014 had positive returns on the back of increased mergers and acquisitions activity, in particular the proposed merger between AstraZeneca and Pfizer. Additionally, many stocks in the Fund saw positive returns as new and innovative products reached the market. The Affordable Care Act in the United States was also a positive for many of the Fund’s holdings. Continued dovish comments from central bankers across the globe also helped with positive performance in the second calendar quarter of 2014. Corporate restructurings and moves toward business efficiencies also helped add to the positive returns in the Reporting Period as companies became more focused via acquisitions in core markets while shedding assets in non-core areas. Finally, performance in the third calendar quarter was slightly negative as strong earnings and new pipeline products were overshadowed by new rules issued by the United States Treasury regarding the handling of proposed tax-inversion mergers like those of Shire by AbbVie and AstraZeneca by Pfizer. The new rules were introduced to make such mergers, where US companies reincorporate in the target company’s home country in order to have a lower tax bill in the United States, more difficult to carry through.

On an individual security level, the top positive contributors to the Fund’s performance were Novartis AG, Shire PLC, and AstraZeneca PLC. The top negative contributors to the Fund’s performance were Takeda Pharmaceutical Co. Ltd., Getinge AB Class B, and Elekta AB Class B.

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

142

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

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Health Care Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
	NET ASSET		MARKET		EX-U.S. BMI HEALTH		NET ASSET		MARKET		EX-U.S. BMI HEALTH
	VALUE		VALUE		CARE SECTOR INDEX		VALUE		VALUE		CARE SECTOR INDEX
ONE YEAR		19.57%		19.53%		20.09%		19.57%		19.53%		20.09%
THREE YEARS		76.76%		77.51%		80.61%		20.91%		21.08%		21.78%
FIVE YEARS		91.87%		91.45%		100.35%		13.92%		13.87%		14.91%
SINCE INCEPTION (1)		79.53%		79.56%		90.98%		9.88%		9.88%		10.99%

(1) For the period July 16, 2008 to September 30, 2014.

143

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

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

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Health		Health Care
	Care Sector		Sector Index
	ETF (a)		(b)
		10000		10000
7/16/2008		10163		10204
8/31/2008		10042		10044
9/30/2008		9103		9082
10/31/2008		8048		8070
11/30/2008		7602		7615
12/31/2008		8235		8237
1/31/2009		7708		7708
2/28/2009		6852		6852
3/31/2009		7028		7099
4/30/2009		7216		7282
5/31/2009		7897		7978
6/30/2009		7972		8094
7/31/2009		8604		8741
8/31/2009		8948		9086
9/30/2009		9356		9532
10/31/2009		9267		9475
11/30/2009		9605		9798
12/31/2009		9741		9945
1/31/2010		9557		9766
2/28/2010		9557		9783
3/31/2010		9781		9998
4/30/2010		9462		9685
5/31/2010		8606		8835
6/30/2010		8909		9100
7/31/2010		9151		9301
8/31/2010		9268		9512
9/30/2010		9891		10223
10/31/2010		10075		10418
11/30/2010		9652		9966
12/31/2010		10222		10581
1/31/2011		10269		10633
2/28/2011		10569		10941
3/31/2011		10529		10902
4/30/2011		11311		11717
5/31/2011		11607		12029
6/30/2011		11347		11774
7/31/2011		11508		11969
8/31/2011		10777		11193
9/30/2011		10157		10573
10/31/2011		10563		11028
11/30/2011		10332		10758
12/31/2011		10679		11126
1/31/2012		10804		11258
2/29/2012		11153		11633
3/31/2012		11294		11787
4/30/2012		11471		11957
5/31/2012		10635		11082
6/30/2012		11384		11880
7/31/2012		11788		12293
8/31/2012		11944		12468
9/30/2012		12395		12958
10/31/2012		12341		12918
11/30/2012		12446		13024
12/31/2012		12573		13156
1/31/2013		13389		14054
2/28/2013		13539		14252
3/31/2013		14106		14876
4/30/2013		14767		15591
5/31/2013		14352		15159
6/30/2013		14156		14891
7/31/2013		14591		15405
8/31/2013		14404		15189
9/30/2013		15015		15902
10/31/2013		15511		16385
11/30/2013		15898		16801
12/31/2013		16119		17022
1/31/2014		16133		17053
2/28/2014		17430		18433
3/31/2014		17067		18080
4/30/2014		17305		18327
5/31/2014		17510		18547
6/30/2014		18010		19109
7/31/2014		17629		18748
8/30/2014		17955		19095
9/30/2014		17953		19098

Past performance is not a guarantee of future results.

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

144

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

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

DESCRIPTION	NOVARTIS AG	ROCHE HOLDING AG	SANOFI	BAYER AG	GLAXOSMITHKLINE PLC
MARKET VALUE	$7,802,905	5,793,847	4,316,616	3,615,977	3,393,627
% OF NET ASSETS	11.8	8.8	6.5	5.5	5.1

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Pharmaceuticals		74.6	%
Health Care Equipment & Supplies		9.6
Health Care Providers & Services		7.2
Biotechnology		6.2
Life Sciences Tools & Services		0.8
Chemicals		0.6
Health Care Technology		0.3
Short Term Investments		8.1
Other Assets & Liabilities		(7.4	)
TOTAL		100.0	%

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

145

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 1.67%, and the total return for the S&P Developed Ex-U.S. BMI Industrial Sector Index (the “Index”) was 3.09%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses and the cumulative effect of security misweights between the Fund and the Index.

The Fund had positive returns for the Reporting Period. The fourth calendar quarter of 2013 was a positive one for the Fund as companies were helped by a strong start to earnings season, easy monetary policy from the globe’s central bankers, and better than expected macroeconomic data including US and Japanese manufacturing and Euro-zone consumer confidence. Industrial companies were also helped as increases in worldwide railway usage continued. These companies also stood to benefit from other global factors such as the need for new roads and bridges and greater trucking regulation in the United States. The Fund had a small positive return in the first calendar quarter of 2014 due to accommodative monetary policy, increased global industrial production and increased corporate activity being offset by mixed results in corporate earnings reports and geopolitical concerns in the Ukraine, Thailand and Venezuela. The Fund continued to have positive performance in the second calendar quarter of 2014. Much of the performance continued to be driven by railway companies, which leveraged the increase in global trade with their ability to be the most cost-effective way to transport goods overland. The Fund also benefited from increased mergers and acquisitions activity and an interest rate cut by the European Central Bank during this period. The Fund posted negative performance for the third calendar quarter of 2014 on the back of unfavorable foreign currency rates, a more hawkish tone from the Federal Reserve and the Bank of England regarding interest rates, disappointing macroeconomic figures (Japanese GDP, Chinese and US industrial production), and multiple geopolitical situations (protests in Hong Kong, Scottish independence and airstrikes against ISIS).

On an individual security level, the top positive contributors to the Fund’s performance were Canadian National Railway Company, Canadian Pacific Railway, and Nidec Corporation. The top negative contributors to the Fund’s performance were Serco Group plc, East Japan Railway Company, and Hyundai Heavy Industries Co., Ltd.

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

146

SPDR S&P International Industrial Sector ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Industrial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED EX-U.S.						S&P DEVELOPED EX-U.S.
	NET ASSET		MARKET		BMI INDUSTRIAL SECTOR		NET ASSET		MARKET		BMI INDUSTRIAL SECTOR
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
ONE YEAR		1.67%		0.57%		3.09%		1.67%		0.57%		3.09%
THREE YEARS		45.52%		47.69%		49.77%		13.32%		13.88%		14.41%
FIVE YEARS		45.54%		44.50%		54.21%		7.79%		7.64%		9.05%
SINCE INCEPTION (1)		26.98%		26.54%		32.63%		3.92%		3.86%		4.65%

(1) For the period July 16, 2008 to September 30, 2014.

147

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

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

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Industrial		Industrial Sector
	Sector ETF		Index
		10000		10000
7/16/2008		10237		10271
8/31/2008		9847		9763
9/30/2008		8051		8028
10/31/2008		6121		5996
11/30/2008		6008		5836
12/31/2008		6505		6396
1/31/2009		5857		5783
2/28/2009		5276		5155
3/31/2009		5622		5534
4/30/2009		6534		6469
5/31/2009		7261		7186
6/30/2009		7228		7141
7/31/2009		7830		7756
8/31/2009		8331		8215
9/30/2009		8723		8600
10/31/2009		8517		8374
11/30/2009		8708		8507
12/31/2009		8907		8739
1/31/2010		8746		8567
2/28/2010		8708		8565
3/31/2010		9410		9269
4/30/2010		9451		9351
5/31/2010		8458		8338
6/30/2010		8391		8286
7/31/2010		9079		8983
8/31/2010		8687		8614
9/30/2010		9764		9710
10/31/2010		10080		10055
11/30/2010		9916		9844
12/31/2010		10802		10802
1/31/2011		11027		11063
2/28/2011		11214		11181
3/31/2011		11329		11374
4/30/2011		11823		11942
5/31/2011		11425		11526
6/30/2011		11290		11444
7/31/2011		11034		11215
8/31/2011		9888		10063
9/30/2011		8727		8856
10/31/2011		9605		9725
11/30/2011		9135		9258
12/31/2011		9113		9202
1/31/2012		9804		9968
2/29/2012		10299		10533
3/31/2012		10180		10436
4/30/2012		10007		10221
5/31/2012		8933		9109
6/30/2012		9258		9478
7/31/2012		9426		9578
8/31/2012		9558		9740
9/30/2012		9820		10048
10/31/2012		9907		10102
11/30/2012		10166		10352
12/31/2012		10583		10807
1/31/2013		11033		11228
2/28/2013		11150		11352
3/31/2013		11214		11430
4/30/2013		11526		11725
5/31/2013		11414		11650
6/30/2013		10963		11222
7/31/2013		11577		11852
8/31/2013		11451		11758
9/30/2013		12489		12865
10/31/2013		12737		13139
11/30/2013		12837		13244
12/31/2013		13070		13531
1/31/2014		12630		13111
2/28/2014		13159		13686
3/31/2014		13145		13683
4/30/2014		13125		13680
5/31/2014		13383		13942
6/30/2014		13521		14154
7/31/2014		13224		13831
8/30/2014		13190		13819
9/30/2014		12698		13263

Past performance is not a guarantee of future results.

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

148

SPDR S&P International Industrial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

		CANADIAN NATIONAL
DESCRIPTION	SIEMENS AG	RAILWAY CO.	ABB, LTD.	SCHNEIDER ELECTRIC SE	KONINKLIJKE PHILIPS NV
MARKET VALUE	$962,883	648,858	580,736	456,379	395,248
% OF NET ASSETS	4.0	2.7	2.4	1.9	1.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Machinery		19.3	%
Industrial Conglomerates		11.7
Road & Rail		10.2
Trading Companies & Distributors		9.9
Electrical Equipment		8.5
Construction & Engineering		7.1
Aerospace & Defense		6.5
Commercial Services & Supplies		6.0
Professional Services		4.4
Building Products		4.4
Transportation Infrastructure		3.3
Air Freight & Logistics		2.7
Marine		2.5
Airlines		2.1
Auto Components		0.5
Food Products		0.3
Oil, Gas & Consumable Fuels		0.2
Short Term Investments		11.8
Other Assets & Liabilities		(11.4	)
TOTAL		100.0	%

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

149

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was −4.19%, and the total return for the S&P Developed Ex-U.S. BMI Materials Sector Index (the “Index”) was −3.03%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference in Fund performance, relative to its Index, can be attributed to expenses, transaction costs, cash and receivables drag, compounding (the exponential growth of outperformance or underperformance), and security misweights between the Fund’s holdings and the Index constituents.

The Fund gained 1.41% in the last quarter of 2013 in spite of weak metal prices that weighed on mining shares throughout the course of 2013. The Fund was able to shrug off some of the negative news of a potential shutdown of many US government operations and news of diminished global growth outlook from the International Monetary Fund (“IMF”). Equities in general rebounded as companies were able to deliver relatively positive reports on third quarter earnings and upbeat economic data to set stocks on firmer footing again.

The Fund delivered a modest gain of .30% during the first quarter of 2014. Most equity benchmarks endured an acid test from late January into early February, when a key Chinese manufacturing indicator missed expectations and spurred fresh disarray across the emerging markets. In addition, the global markets were further tested and rattled when Russia established military control on the Crimean peninsula. Global equities rallied nicely into the end of the first quarter of 2014 when the IMF assembled a loan package for Ukraine.

The Fund picked up momentum in the second quarter of 2014 with a gain of 4.40%, delivering the best quarter of this fiscal year. In May, political conflict between Russia and Ukraine finally appeared to subside with Russian troops withdrawing from the Ukrainian border. The IMF contributed further to the uncertainty when it released its updated economic outlook. The IMF’s projections for global growth as a whole were slightly lower, with notable downgrades in forecasts for Japan. Mario Draghi announced in May that he had had enough of the growth wilting combination of low inflation and strong currency and the European Central bank (“ECB”) was ready to act. Equity markets rallied through the end of May and continued to do so in June after the ECB announced changes that were widely anticipated. The overnight rate was cut to -10 basis points and the ECB cut its main financing rate to 15 basis points.

The Fund had its worst quarter of the fiscal year in the third quarter of 2014, losing 9.77%. The markets turned downward during this period over a number of events that negatively impacted the Fund. These events included fighting in Gaza between the Israeli army and Hamas, as well as banking fears in Europe that were re-ignited as shares of Portugal’s largest bank, Espirito Santo, plunged amid concerns that the bank would have troubles paying off its debts. Then, Malaysian Airlines Flight 17 was shot down over eastern Ukraine, leading to a further escalation of tensions between the West and Russia. European shares tumbled on the expectation that further economic sanctions could cripple the fragile Russian economy.

On an individual security level, the top positive contributors to the Fund’s performance were Potash Corporation of Saskatchewan Inc., Rio Tinto plc, and Yara International ASA. The top negative contributors to the Fund’s performance were Syngenta AG, Nippon Steel & Sumitomo Metal Corp., and BHP Billiton Limited.

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

150

SPDR S&P International Materials Sector ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Materials Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. BMI MATERIALS

NET ASSET

MARKET

EX-U.S. BMI MATERIALS

VALUE

VALUE

SECTOR INDEX

VALUE

VALUE

SECTOR INDEX

ONE YEAR

−4.19%

−4.23%

−3.03%

−4.19%

−4.23%

−3.03%

THREE YEARS

1.79%

3.32%

3.37%

0.59%

1.09%

1.11%

FIVE YEARS

3.31%

2.74%

10.04%

0.65%

0.54%

1.93%

SINCE INCEPTION (1)

−22.87%

−23.18%

−14.62%

−4.09%

−4.16%

−2.51%

(1) For the period July 16, 2008 to September 30, 2014.

151

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

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

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Material		Materials Sector
	Sector ETF		Index
		10000		10000
7/16/2008		9968		9987
8/31/2008		9185		9147
9/30/2008		6856		6920
10/31/2008		4931		4926
11/30/2008		4711		4686
12/31/2008		5116		5124
1/31/2009		4662		4709
2/28/2009		4375		4415
3/31/2009		4839		4945
4/30/2009		5455		5618
5/31/2009		6478		6667
6/30/2009		6254		6428
7/31/2009		6978		7193
8/31/2009		7105		7355
9/30/2009		7465		7760
10/31/2009		7406		7699
11/30/2009		8090		8425
12/31/2009		8325		8686
1/31/2010		7639		7968
2/28/2010		7778		8138
3/31/2010		8528		8934
4/30/2010		8340		8839
5/31/2010		7399		7851
6/30/2010		7174		7686
7/31/2010		7815		8343
8/31/2010		7651		8232
9/30/2010		8624		9264
10/31/2010		9089		9778
11/30/2010		9036		9757
12/31/2010		10085		10883
1/31/2011		9796		10575
2/28/2011		10288		11049
3/31/2011		10277		11168
4/30/2011		10782		11768
5/31/2011		10287		11244
6/30/2011		10228		11106
7/31/2011		10063		11005
8/31/2011		9167		10067
9/30/2011		7578		8260
10/31/2011		8594		9349
11/30/2011		8186		8888
12/31/2011		7781		8445
1/31/2012		8625		9400
2/29/2012		8940		9755
3/31/2012		8537		9261
4/30/2012		8392		9079
5/31/2012		7158		7767
6/30/2012		7443		8053
7/31/2012		7389		8037
8/31/2012		7497		8198
9/30/2012		8016		8797
10/31/2012		8100		8821
11/30/2012		8085		8800
12/31/2012		8504		9213
1/31/2013		8627		9331
2/28/2013		8316		9037
3/31/2013		7936		8676
4/30/2013		7795		8486
5/31/2013		7769		8422
6/30/2013		7072		7682
7/31/2013		7386		8084
8/31/2013		7551		8257
9/30/2013		8050		8805
10/31/2013		8157		8946
11/30/2013		8077		8834
12/31/2013		8163		8952
1/31/2014		7893		8687
2/28/2014		8333		9182
3/31/2014		8188		9031
4/30/2014		8350		9212
5/31/2014		8300		9172
6/30/2014		8549		9474
7/31/2014		8552		9487
8/30/2014		8406		9320
9/30/2014		7713		8538

Past performance is not a guarantee of future results.

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

152

SPDR S&P International Materials Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

DESCRIPTION	BHP BILLITON, LTD.	BASF SE	RIO TINTO PLC	BHP BILLITON PLC	GLENCORE PLC
MARKET VALUE	$481,113	434,344	322,540	321,844	316,162
% OF NET ASSETS	6.3	5.7	4.2	4.2	4.2

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Metals & Mining		45.8	%
Chemicals		40.7
Construction Materials		6.5
Containers & Packaging		2.8
Paper & Forest Products		2.8
Electronic Equipment, Instruments & Components		0.3
Short Term Investments		11.2
Other Assets & Liabilities		(10.1	)
TOTAL		100.0	%

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

153

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 6.43%, and the total return for the S&P Developed Ex-U.S. BMI Information Technology Sector Index (the “Index”) was 7.75%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to the expenses of managing the Fund, cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance).

Buoyed by a rebound in software names, information technology started the Reporting Period with its strongest quarter of the fiscal year. The technology sector continued its positive performance during the next two quarters of the fiscal year as a result of improving overseas demand and rising global information technology spending. Performance during this period was also helped by market fundamentals continuing to rebound for many tech names. Performance took a turn in the final quarter of the fiscal year, yielding the first negative performance for the Reporting Period. This was in part due to geopolitical concerns, but also due to a slowdown in demand and operating profits for Samsung, to which the Fund had high exposure.

On an individual security level, the top positive contributors to the Fund’s performance were SK Hynix Inc., Nokia Oyj, and Murata Manufacturing Co., Ltd. The top negative contributors to the Fund’s performance were Kyocera Corporation, Yahoo Japan Corporation, and Samsung Electronics Co., Ltd. GDR RegS.

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

154

SPDR S&P International Technology Sector ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Technology Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
					EX-U.S. BMI						EX-U.S. BMI
					INFORMATION						INFORMATION
	NET ASSET		MARKET		TECHNOLOGY		NET ASSET		MARKET		TECHNOLOGY
	VALUE		VALUE		SECTOR INDEX		VALUE		VALUE		SECTOR INDEX
ONE YEAR		6.43%		6.61%		7.75%		6.43%		6.61%		7.75%
THREE YEARS		49.73%		51.88%		52.77%		14.40%		14.95%		15.17%
FIVE YEARS		37.67%		37.18%		43.29%		6.60%		6.53%		7.46%
SINCE INCEPTION (1)		23.45%		23.10%		28.01%		3.45%		3.40%		4.06%

(1) For the period July 16, 2008 to September 30, 2014.

155

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

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

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Technology		Information Technology
	Sector ETF		Sector Index
	(a)		(b)
		10000		10000
7/16/2008		10238		10224
8/31/2008		9838		9824
9/30/2008		8019		8021
10/31/2008		6327		6322
11/30/2008		5895		5880
12/31/2008		6275		6274
1/31/2009		5996		5988
2/28/2009		5349		5310
3/31/2009		6000		5937
4/30/2009		6919		6870
5/31/2009		7454		7445
6/30/2009		7544		7508
7/31/2009		8281		8183
8/31/2009		8572		8532
9/30/2009		8967		8933
10/31/2009		8474		8482
11/30/2009		8434		8425
12/31/2009		8933		8882
1/31/2010		9006		8956
2/28/2010		8867		8866
3/31/2010		9763		9739
4/30/2010		9954		9961
5/31/2010		8713		8736
6/30/2010		8406		8470
7/31/2010		8951		8975
8/31/2010		8244		8297
9/30/2010		9133		9163
10/31/2010		9351		9393
11/30/2010		9310		9349
12/31/2010		10327		10303
1/31/2011		10583		10585
2/28/2011		10761		10729
3/31/2011		10382		10412
4/30/2011		10653		10732
5/31/2011		10308		10365
6/30/2011		9996		10025
7/31/2011		9715		9871
8/31/2011		8881		9045
9/30/2011		8244		8379
10/31/2011		9147		9289
11/30/2011		8874		8930
12/31/2011		8621		8721
1/31/2012		9053		9202
2/29/2012		9723		9865
3/31/2012		10029		10138
4/30/2012		9837		10025
5/31/2012		8531		8705
6/30/2012		8825		9012
7/31/2012		8903		9146
8/31/2012		8897		9110
9/30/2012		9240		9470
10/31/2012		9278		9455
11/30/2012		9756		9913
12/31/2012		10159		10344
1/31/2013		10370		10530
2/28/2013		10541		10726
3/31/2013		10540		10778
4/30/2013		11001		11197
5/31/2013		10933		11194
6/30/2013		10406		10655
7/31/2013		10588		10851
8/31/2013		10659		10965
9/30/2013		11599		11881
10/31/2013		11854		12210
11/30/2013		12272		12653
12/31/2013		12373		12775
1/31/2014		11825		12326
2/28/2014		12531		13022
3/31/2014		12414		12884
4/30/2014		12185		12663
5/31/2014		12640		13109
6/30/2014		12797		13313
7/31/2014		12751		13261
8/30/2014		12673		13187
9/30/2014		12345		12801

Past performance is not a guarantee of future results.

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

156

SPDR S&P International Technology Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

	SAMSUNG ELECTRONICS			TELEFONAKTIEBOLAGET
DESCRIPTION	CO., LTD. GDR	SAP SE	ASML HOLDING NV	LM ERICSSON (CLASS B)	HITACHI, LTD.
MARKET VALUE	$1,636,660	764,234	491,674	444,746	407,126
% OF NET ASSETS	13.0	6.1	3.9	3.5	3.2

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Technology Hardware, Storage & Peripherals		22.9	%
Electronic Equipment, Instruments & Components		22.2
Software		15.9
Semiconductors & Semiconductor Equipment		15.8
IT Services		9.9
Communications Equipment		7.9
Internet Software & Services		4.9
Short Term Investments		11.5
Other Assets & Liabilities		(11.0	)
TOTAL		100.0	%

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

157

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 7.43%, and the total return for the S&P Developed Ex-U.S. BMI Telecommunication Services Sector Index (the “Index”) was 8.22%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance).

Telecommunications started the Reporting Period as the best performing of all the sectors, turning in significant positive returns. Unfortunately, the remainder of the fiscal year was less successful as equity markets responded to geo-political risks like the fighting in Gaza, the escalation of tensions between the West and Russia and airstrikes against ISIS in Syria. Despite significant growth potential and continued increase in the use of mobile devices, stocks like Vodafone saw a major decline in their stock price as the fiscal year went on because of diminishing revenue growth and the resulting loss of investor confidence. By the end of the fiscal year, however, the strong performance of the first quarter prevailed and both Vodafone and the Fund finished the Reporting Period on a positive note.

On an individual security level, the top positive contributors to the Fund’s performance were Orange SA, Vodafone Group PLC, and KDDI Corporation. The top negative contributors to the Fund’s performance were Teliasonera AB, Rogers Communications Inc. Class B, and Portugal Telecom, SGPS S.A.

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

158

SPDR S&P International Telecommunications Sector ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Telecommunications Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
					EX-U.S. BMI						EX-U.S. BMI
	NET ASSET		MARKET		TELECOMMUNICATION		NET ASSET		MARKET		TELECOMMUNICATION
	VALUE		VALUE		SERVICES SECTOR INDEX		VALUE		VALUE		SERVICES SECTOR INDEX
ONE YEAR		7.43%		7.76%		8.22%		7.43%		7.76%		8.22%
THREE YEARS		41.32%		42.78%		46.90%		12.22%		12.60%		13.67%
FIVE YEARS		50.22%		49.85%		57.97%		8.48%		8.43%		9.58%
SINCE INCEPTION (1)		38.03%		38.04%		46.95%		5.33%		5.33%		6.40%

(1) For the period July 16, 2008 to September 30, 2014.

159

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

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

			S&P Developed
	SPDR S&P		Ex-U.S. BMI
	International Telecommunications		Telecommunication Services
	Sector ETF		Sector Index
	(a)		(b)
		10000		10000
7/16/2008		9771		9788
8/31/2008		9437		9466
9/30/2008		8455		8456
10/31/2008		7129		7133
11/30/2008		7423		7451
12/31/2008		8061		8094
1/31/2009		7185		7195
2/28/2009		6770		6795
3/31/2009		6831		6871
4/30/2009		6951		7014
5/31/2009		7642		7711
6/30/2009		7796		7882
7/31/2009		8460		8553
8/31/2009		8779		8884
9/30/2009		9189		9302
10/31/2009		9111		9230
11/30/2009		9454		9572
12/31/2009		9349		9484
1/31/2010		8873		8978
2/28/2010		8783		8887
3/31/2010		9074		9181
4/30/2010		8842		8943
5/31/2010		8109		8189
6/30/2010		8303		8415
7/31/2010		9263		9400
8/31/2010		9328		9464
9/30/2010		9932		10096
10/31/2010		10525		10702
11/30/2010		9724		9900
12/31/2010		10115		10313
1/31/2011		10537		10762
2/28/2011		10851		11067
3/31/2011		10921		11156
4/30/2011		11409		11667
5/31/2011		11099		11395
6/30/2011		11016		11309
7/31/2011		11046		11356
8/31/2011		10356		10637
9/30/2011		9767		10003
10/31/2011		10518		10788
11/30/2011		10177		10441
12/31/2011		9990		10250
1/31/2012		9814		10070
2/29/2012		10038		10314
3/31/2012		9992		10268
4/30/2012		9756		10015
5/31/2012		9035		9292
6/30/2012		9909		10229
7/31/2012		9972		10298
8/31/2012		10319		10670
9/30/2012		10473		10859
10/31/2012		10046		10433
11/30/2012		10102		10523
12/31/2012		10102		10540
1/31/2013		10629		11109
2/28/2013		10157		10629
3/31/2013		10687		11199
4/30/2013		11477		12064
5/31/2013		11026		11611
6/30/2013		11020		11626
7/31/2013		11678		12333
8/31/2013		11701		12356
9/30/2013		12849		13579
10/31/2013		13598		14367
11/30/2013		13785		14576
12/31/2013		14211		15033
1/31/2014		13607		14418
2/28/2014		14176		15017
3/31/2014		14025		14888
4/30/2014		14229		15115
5/31/2014		14429		15338
6/30/2014		14531		15458
7/31/2014		14324		15251
8/30/2014		14249		15187
9/30/2014		13803		14695

Past performance is not a guarantee of future results.

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

160

SPDR S&P International Telecommunications Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

DESCRIPTION	VODAFONE GROUP PLC	SOFTBANK CORP.	TELEFONICA SA	BT GROUP PLC	DEUTSCHE TELEKOM AG
MARKET VALUE	$5,287,594	4,118,674	3,794,780	2,967,059	2,781,616
% OF NET ASSETS	12.2	9.5	8.7	6.8	6.4

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Diversified Telecommunication Services		64.1	%
Wireless Telecommunication Services		35.2
Short Term Investments		8.6
Other Assets & Liabilities		(7.9	)
TOTAL		100.0	%

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

161

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

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

For the 12-month period ended September 30, 2014 (the “Reporting Period”), the total return for the Fund was 9.86%, and the total return for the S&P Developed Ex-U.S. BMI Utilities Sector Index (the “Index”) was 10.94%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, cash, security misweights, compounding (the exponential growth of outperformance or underperformance), and optimization.

The Fund experienced solid positive returns over the Reporting Period, which were driven by positive returns over the first three quarters. The utility sector as a whole capitalized on the booming population, which spurred the need for utility supplies. Power and water, which largely define the sector, can be viewed as essentials having steady demand and not exposed to economic growth cycles as much as some other sectors may be. Utility services play an important role in the economic progress of a nation and these. companies providing basic services are essential.

On an individual security level, the top positive contributors to the Fund’s performance were National Grid PLC, Enel S.p.A., and Iberdrola SA. The top negative contributors to the Fund’s performance were Tokyo Electric Power Company, Incorporated, Kansai Electric Power Company, Incorporated, and Centrica plc.

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

162

SPDR S&P International Utilities Sector ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for the most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P International Utilities Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2014 is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2014

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P DEVELOPED						S&P DEVELOPED
	NET ASSET		MARKET		EX-U.S. BMI UTILITIES		NET ASSET		MARKET		EX-U.S. BMI UTILITIES
	VALUE		VALUE		SECTOR INDEX		VALUE		VALUE		SECTOR INDEX
ONE YEAR		9.86%		9.27%		10.94%		9.86%		9.27%		10.94%
THREE YEARS		22.30%		23.15%		26.36%		6.94%		7.19%		8.11%
FIVE YEARS		1.03%		0.53%		5.52%		0.21%		0.11%		1.08%
SINCE INCEPTION (1)		−17.28%		−17.49%		−13.48%		−3.01%		−3.05%		−2.31%

(1) For the period July 16, 2008 to September 30, 2014.

163

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

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

	SPDR S&P		S&P Developed
	International Utililies		Ex-U.S. BMI
	Sector ETF		Utilities Sector
	(a)		Index (b)
		10000		10000
7/16/2008		10214		10188
8/31/2008		9762		9715
9/30/2008		8613		8555
10/31/2008		7312		7257
11/30/2008		7146		7086
12/31/2008		7771		7738
1/31/2009		7027		7001
2/28/2009		6253		6216
3/31/2009		6173		6149
4/30/2009		6630		6572
5/31/2009		7249		7231
6/30/2009		7148		7128
7/31/2009		7405		7403
8/31/2009		7891		7890
9/30/2009		8186		8201
10/31/2009		7747		7781
11/30/2009		8060		8091
12/31/2009		8190		8217
1/31/2010		7739		7803
2/28/2010		7635		7701
3/31/2010		7851		7929
4/30/2010		7569		7652
5/31/2010		6868		6927
6/30/2010		6832		6895
7/31/2010		7416		7487
8/31/2010		7339		7409
9/30/2010		7637		7720
10/31/2010		8049		8138
11/30/2010		7384		7479
12/31/2010		7834		7944
1/31/2011		8142		8241
2/28/2011		8344		8433
3/31/2011		7896		7990
4/30/2011		8303		8398
5/31/2011		7813		7936
6/30/2011		7873		7991
7/31/2011		7569		7691
8/31/2011		7076		7186
9/30/2011		6762		6850
10/31/2011		6933		7038
11/30/2011		6750		6857
12/31/2011		6507		6630
1/31/2012		6582		6698
2/29/2012		6826		6949
3/31/2012		6808		6943
4/30/2012		6590		6730
5/31/2012		5987		6115
6/30/2012		6496		6649
7/31/2012		6140		6314
8/31/2012		6423		6613
9/30/2012		6676		6882
10/31/2012		6672		6881
11/30/2012		6582		6790
12/31/2012		6766		6993
1/31/2013		6795		7023
2/28/2013		6585		6807
3/31/2013		6695		6929
4/30/2013		7311		7556
5/31/2013		7105		7349
6/30/2013		6890		7135
7/31/2013		7182		7454
8/31/2013		6958		7211
9/30/2013		7529		7799
10/31/2013		7709		8002
11/30/2013		7661		7960
12/31/2013		7683		7991
1/31/2014		7492		7801
2/28/2014		8069		8401
3/31/2014		8220		8561
4/30/2014		8220		8572
5/31/2014		8507		8880
6/30/2014		8713		9105
7/31/2014		8525		8915
8/30/2014		8477		8861
9/30/2014		8272		8652

Past performance is not a guarantee of future results.

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

164

SPDR S&P International Utilities Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2014

DESCRIPTION	NATIONAL GRID PLC	IBERDROLA SA	GDF SUEZ	E.ON AG	ENEL SPA
MARKET VALUE	$6,274,861	4,342,579	4,323,063	4,143,553	3,894,885
% OF NET ASSETS	9.0	6.3	6.2	6.0	5.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2014*

	PERCENT OF
INDUSTRY**	NET ASSETS
Electric Utilities		42.4	%
Multi-Utilities		34.9
Gas Utilities		14.2
Independent Power and Renewable Electricity Producers		4.7
Water Utilities		3.6
Short Term Investments		5.1
Other Assets & Liabilities		(4.9	)
TOTAL		100.0	%

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

165

SPDR STOXX Europe 50 ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.4%
BELGIUM — 2.0%
Anheuser-Busch InBev NV		48,933	$	5,261,871
FRANCE — 12.9%
Air Liquide SA		21,177		2,583,425
AXA SA		127,783		3,149,341
BNP Paribas		68,686		4,557,033
LVMH Moet Hennessy Louis Vuitton SA		16,728		2,719,643
Sanofi		73,920		8,363,062
Schneider Electric SE		35,881		2,755,862
Total SA (a)		146,171		9,500,268
				33,628,634
GERMANY — 14.3%
Allianz SE		28,071		4,551,379
BASF SE		56,450		5,179,278
Bayer AG		50,821		7,119,738
Daimler AG		61,315		4,703,913
Deutsche Bank AG		79,803		2,800,029
Deutsche Telekom AG		190,666		2,890,306
SAP SE		58,454		4,216,379
Siemens AG		50,878		6,065,314
				37,526,336
ITALY — 1.5%
ENI SpA (a)		165,928		3,955,313
NETHERLANDS — 2.8%
ING Groep NV (b)		237,058		3,386,932
Unilever NV		95,928		3,820,838
				7,207,770
SPAIN — 5.8%
Banco Bilbao Vizcaya Argentaria SA		361,815		4,365,406
Banco Santander SA		737,783		7,093,485
Telefonica SA		245,045		3,793,573
				15,252,464
SWITZERLAND — 23.2%
ABB, Ltd. (b)		142,217		3,197,092
Cie Financiere Richemont SA		32,084		2,630,854
Credit Suisse Group AG (b)		93,813		2,598,880
Glencore PLC (b)		608,938		3,388,002
Nestle SA		198,186		14,570,975
Novartis AG		157,964		14,903,668
Roche Holding AG		43,177		12,792,683
UBS AG (b)		221,228		3,857,309
Zurich Insurance Group AG (b)		9,183		2,737,120
				60,676,583
UNITED KINGDOM — 36.9%
AstraZeneca PLC		77,653		5,591,279
Barclays PLC		1,014,428		3,740,506
BG Group PLC		209,708		3,875,637
BHP Billiton PLC		131,356		3,652,055
BP PLC		1,131,659		8,318,945
British American Tobacco PLC		114,492		6,462,896
BT Group PLC		500,791		3,081,811
Diageo PLC		154,433		4,468,910
GlaxoSmithKline PLC		298,340		6,834,030
HSBC Holdings PLC		1,173,980		11,915,922
Lloyds Banking Group PLC (b)		3,295,174		4,106,374
National Grid PLC		236,884		3,410,138
Prudential PLC		157,554		3,514,561
Reckitt Benckiser Group PLC		40,577		3,519,305
Rio Tinto PLC		76,326		3,751,054
Royal Dutch Shell PLC (Class A)		242,407		9,286,140
Standard Chartered PLC		124,607		2,303,886
Unilever PLC		80,519		3,374,288
Vodafone Group PLC		1,630,163		5,401,759
				96,609,496
TOTAL COMMON STOCKS —
(Cost $264,188,657)				260,118,467
RIGHTS — 0.0% (c)
SPAIN — 0.0% (c)
Banco Bilbao Vizcaya Argentaria SA (expiring 10/13/14) (b) (Cost $36,721)		361,815		36,108
SHORT TERM INVESTMENTS — 1.7%
UNITED STATES — 1.7%
MONEY MARKET FUNDS — 1.7%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		3,067,594		3,067,594
State Street Institutional Liquid Reserves Fund 0.09% (e)(f)		1,265,544		1,265,544
TOTAL SHORT TERM INVESTMENTS —
(Cost $4,333,138)				4,333,138
TOTAL INVESTMENTS — 101.1%
(Cost $268,558,516)				264,487,713
OTHER ASSETS & LIABILITIES — (1.1)%				(2,758,166	)
NET ASSETS — 100.0%			$	261,729,547

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Amount shown represents less than 0.05% of net assets.
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

See accompanying notes to financial statements.

166

SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.9%
BELGIUM — 3.3%
Anheuser-Busch InBev NV		1,481,774	$	164,227,497
FINLAND — 1.3%
Nokia Oyj		7,210,334		61,527,605
FRANCE — 34.5%
Air Liquide SA		661,272		80,669,923
AXA SA		3,988,518		98,301,038
BNP Paribas		2,145,661		142,355,779
Carrefour SA		1,200,802		37,103,693
Compagnie de Saint-Gobain		960,896		43,983,920
Danone		1,148,223		76,876,108
Essilor International SA		412,777		45,334,038
GDF Suez		3,075,041		77,147,069
L’Oreal SA		467,733		74,271,563
LVMH Moet Hennessy Louis Vuitton SA		521,718		84,821,050
Orange SA		3,713,931		55,853,772
Sanofi		2,308,634		261,191,145
Schneider Electric SE		1,119,936		86,017,350
Societe Generale SA		1,545,255		78,901,588
Total SA (a)		4,564,220		296,647,864
Unibail-Rodamco SE		188,136		48,411,909
Vinci SA		1,025,592		59,603,112
Vivendi SA (b)		2,457,526		59,357,457
				1,706,848,378
GERMANY — 30.8%
Allianz SE		876,077		142,045,483
BASF SE		1,762,629		161,720,931
Bayer AG		1,586,978		222,326,755
Bayerische Motoren Werke AG		615,753		66,132,801
Daimler AG		1,912,748		146,740,608
Deutsche Bank AG		2,492,583		87,456,677
Deutsche Post AG		1,834,227		58,830,842
Deutsche Telekom AG		5,945,247		90,123,993
E.ON AG		3,840,059		70,314,581
Muenchener Rueckversicherungs- Gesellschaft AG		293,397		58,022,711
RWE AG		926,452		36,110,853
SAP SE		1,824,796		131,625,401
Siemens AG		1,589,240		189,457,900
Volkswagen AG Preference Shares		296,159		61,505,793
				1,522,415,329
ITALY — 8.3%
Assicurazioni Generali SpA		2,592,268		54,556,207
Enel SpA		12,408,810		65,868,149
ENI SpA (a)		5,177,828		123,426,609
Intesa Sanpaolo SpA		26,887,307		81,720,724
UniCredit SpA		10,687,806		84,518,576
				410,090,265
LUXEMBOURG — 0.0% (c)
APERAM (b)		1		31
NETHERLANDS — 8.6%
Airbus Group NV		1,100,916		69,286,270
ASML Holding NV		736,783		73,361,010
ING Groep NV (b)		7,403,036		105,769,815
Koninklijke Philips NV		1,836,008		58,598,048
Unilever NV		2,997,082		119,374,585
				426,389,728
SPAIN — 13.1%
Banco Bilbao Vizcaya Argentaria SA		11,297,888		136,312,407
Banco Santander SA		23,007,312		221,205,992
Iberdrola SA		10,268,215		73,547,394
Inditex SA		2,016,758		55,730,268
Repsol SA (a)		1,889,689		44,878,410
Telefonica SA		7,650,799		118,442,996
				650,117,467
TOTAL COMMON STOCKS —
(Cost $4,626,073,750)				4,941,616,300
RIGHTS — 0.0% (c)
SPAIN — 0.0% (c)
Banco Bilbao Vizcaya Argentaria SA (expiring 10/13/14) (a)(b) (Cost $1,153,125)		11,361,728		1,133,863
SHORT TERM INVESTMENTS — 1.4%
UNITED STATES — 1.4%
MONEY MARKET FUNDS — 1.4%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		58,567,565		58,567,565
State Street Institutional Liquid Reserves Fund 0.09% (e)(f)		11,687,767		11,687,767
TOTAL SHORT TERM INVESTMENTS —
(Cost $70,255,332)				70,255,332
TOTAL INVESTMENTS — 101.3%
(Cost $4,697,482,207)				5,013,005,495
OTHER ASSETS & LIABILITIES — (1.3)%				(63,517,233	)
NET ASSETS — 100.0%			$	4,949,488,262

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Amount shown represents less than 0.05% of net assets.
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

167

SPDR EURO STOXX Small Cap ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AUSTRIA — 3.0%
IMMOFINANZ AG (a)		27,595	$	78,329
Raiffeisen Bank International AG		3,343		72,721
Telekom Austria AG		2,671		24,074
Vienna Insurance Group AG Wiener Versicherung Gruppe		1,110		50,136
				225,260
BELGIUM — 4.8%
Ackermans & van haaren NV		649		80,222
bpost SA		2,903		69,310
Cofinimmo SA		503		56,997
Colruyt SA		1,788		78,795
Telenet Group Holding NV (a)		1,461		83,975
				369,299
FINLAND — 6.1%
Amer Sports Oyj		3,427		68,877
Huhtamaki Oyj		2,651		72,805
Kesko Oyj (Class B)		1,963		70,301
Neste Oil Oyj		3,699		76,166
Orion Oyj (Class B)		2,900		113,566
Outokumpu Oyj (a)		8,479		59,125
				460,840
FRANCE — 19.9%
Air France-KLM (a)		7,318		68,631
Bollore SA		174		98,868
CNP Assurances		4,337		81,688
Eurazeo SA		1,124		80,905
Fonciere Des Regions		799		72,016
Gecina SA		1,032		135,256
Havas SA		7,467		57,737
Hermes International		250		74,769
ICADE		1,024		86,372
Imerys SA		969		71,462
JCDecaux SA		1,958		61,824
Lagardere SCA		2,964		79,341
Neopost SA		995		73,141
Orpea		1,022		63,545
Remy Cointreau SA		671		48,316
Rubis		1,012		58,283
SEB SA		701		52,884
Societe BIC SA		775		99,958
Societe Television Francaise 1		3,477		46,910
Teleperformance		1,661		102,773
				1,514,679
GERMANY — 21.2%
Axel Springer SE		1,243		68,446
Deutsche Euroshop AG		1,307		56,574
Evonik Industries AG		1,908		66,138
Fraport AG Frankfurt Airport Services Worldwide		1,077		70,829
Freenet AG		3,718		96,777
Fuchs Petrolub SE Preference Shares		2,018		76,732
Gerresheimer AG		908		58,980
Hugo Boss AG		1,015		126,886
Kabel Deutschland Holding AG		602		81,827
LEG Immobilien AG (a)		1,419		98,357
Leoni AG		945		51,595
MorphoSys AG (a)		721		70,760
OSRAM Licht AG (a)		2,522		93,969
Rheinmetall AG		1,145		55,109
Rhoen-Klinikum AG		2,705		82,079
Sky Deutschland AG (a)		11,428		97,143
Stada Arzneimittel AG		1,748		69,568
Telefonica Deutschland Holding AG (a)		14,928		78,071
TUI AG		5,669		84,826
Wirecard AG		3,374		124,691
				1,609,357
GREECE — 6.3%
Alpha Bank AE (a)		124,699		96,721
Eurobank Ergasias SA (a)		275,781		108,695
Hellenic Telecommunications Organization SA (a)		7,086		93,094
OPAP SA		6,205		81,128
Piraeus Bank SA (a)		57,925		98,053
				477,691
IRELAND — 3.8%
C&C Group PLC		10,098		53,666
Glanbia PLC		4,986		71,993
Kingspan Group PLC		4,094		65,164
Paddy Power PLC		1,319		95,258
				286,081
ITALY — 10.1%
Azimut Holding SpA		2,994		75,757
Banca Popolare dell’Emilia Romagna SC (a)		13,925		110,822
Banca Popolare di Milano Scarl (a)		118,085		95,395
Banca Popolare di Sondrio Scarl		13,159		56,652
Davide Campari-Milano SpA		8,229		59,409
Exor SpA		2,770		107,565
Finmeccanica SpA (a)		11,671		113,598
Mediaset SpA (a)		20,132		77,312
UnipolSai SpA		24,081		68,141
				764,651
LUXEMBOURG — 3.8%
Altice SA (a)		2,367		125,375
Eurofins Scientific SE		251		65,001
RTL Group SA		1,119		95,968
				286,344
NETHERLANDS — 11.2%
Aalberts Industries NV		2,775		71,951
ASM International NV		1,498		54,452
Corio NV		2,031		99,612
Delta Lloyd NV		5,654		136,384
Fugro NV		2,070		62,667
Koninklijke Vopak NV		1,713		92,455
Nutreco NV		1,836		66,843
OCI NV (a)		2,638		81,495
PostNL NV (a)		12,722		54,979
SBM Offshore NV (a)		5,357		77,789
Wereldhave NV		627		51,642
				850,269
PORTUGAL — 1.0%
Banco Espirito Santo SA (a)(b)		92,152		0

See accompanying notes to financial statements.

168

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

September 30, 2014

Security Description	Shares		Value
Jeronimo Martins SGPS SA		7,105	$	78,247
				78,247
SPAIN — 7.4%
Abengoa SA (Class B)		15,658		82,720
Bolsas y Mercados Espanoles SA		2,301		87,754
Endesa SA		2,440		96,431
Gamesa Corp. Tecnologica SA (a)		5,925		65,327
Mapfre SA		28,671		101,557
Viscofan SA		1,283		70,341
Zardoya Otis SA		4,878		60,512
				564,642
UNITED KINGDOM — 1.3%
Jazztel PLC (a)		6,303		102,076
TOTAL COMMON STOCKS —
(Cost $8,724,999)				7,589,436
SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.09% (c)(d) (Cost $11,709)		11,709		11,709
TOTAL INVESTMENTS — 100.0%
(Cost $8,736,708)				7,601,145
OTHER ASSETS & LIABILITIES — 0.0% (e)				(3,536	)
NET ASSETS — 100.0%			$	7,597,609

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

PLC = Public Limited Company

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

See accompanying notes to financial statements.

169

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.2%
CHINA — 28.6%
21Vianet Group, Inc. ADR (a)(b)		17,900	$	322,200
58.com Inc, ADR (a)(b)		9,200		342,700
Agricultural Bank of China, Ltd. (Class H)		5,350,000		2,370,092
Air China, Ltd.		1,981,414		1,252,881
Aluminum Corp. of China, Ltd. (Class H) (a)(b)		1,990,304		809,952
Angang Steel Co., Ltd. (b)		791,244		499,298
Anhui Conch Cement Co., Ltd. (Class H) (b)		1,029,750		3,288,792
Anta Sports Products, Ltd.		182,000		370,792
Baidu, Inc. ADR (a)		76,978		16,798,909
Bank of China, Ltd. (Class H)		19,504,466		8,741,103
Bank of Communications Co., Ltd. (Class H)		3,464,630		2,413,832
Bitauto Holdings, Ltd. ADR (a)		5,000		390,000
Boyaa Interactive International, Ltd.		215,200		212,842
Brilliance China Automotive Holdings, Ltd.		690,000		1,204,930
BYD Co., Ltd. (b)		171,800		1,140,525
BYD Electronic International Co., Ltd.		218,500		253,248
Chanjet Information Technology Co., Ltd. (Class H) (a)		180,200		361,556
China Animal Healthcare, Ltd.		297,700		230,413
China Cinda Asset Management Co. Ltd. (Class H) (a)		2,159,600		951,157
China Citic Bank Corp., Ltd. (Class H)		3,237,341		1,963,642
China Coal Energy Co., Ltd. (Class H) (b)		1,271,000		743,112
China Communications Construction Co., Ltd. (Class H)		1,352,000		975,029
China Conch Venture Holdings, Ltd. (b)		84,000		164,212
China Construction Bank Corp.		22,398,148		15,691,482
China COSCO Holdings Co., Ltd. (a)(b)		1,861,230		771,807
China Everbright, Ltd.		198,000		371,261
China Life Insurance Co., Ltd. (Class H)		2,690,708		7,467,355
China Longyuan Power Group Corp.		914,000		893,390
China Merchants Bank Co., Ltd. (Class H)		1,925,760		3,293,466
China Merchants Property Development Co., Ltd.		791,826		1,296,069
China Minsheng Banking Corp., Ltd. (Class H) (b)		1,695,600		1,550,368
China National Building Material Co., Ltd. (Class H) (b)		808,000		732,549
China Oilfield Services, Ltd.		520,557		1,374,280
China Pacific Insurance Group Co., Ltd.		310,600		1,091,986
China Petroleum & Chemical Corp. (Class H)		6,653,726		5,826,755
China Railway Construction Corp., Ltd. (Class H) (b)		458,000		416,412
China Railway Group, Ltd. (Class H)		1,345,000		713,629
China Shenhua Energy Co., Ltd. (Class H)		983,040		2,740,830
China Shipping Container Lines Co., Ltd. (a)(b)		7,012,339		1,887,392
China Shipping Development Co., Ltd. (a)(b)		1,173,215		735,800
China Telecom Corp., Ltd. (Class H)		7,037,320		4,313,871
Consun Pharmaceutical Group, Ltd.		330,400		289,336
Country Garden Holdings Co., Ltd. (b)		1,340,000		505,621
CT Environmental Group, Ltd. (b)		190,000		162,471
Ctrip.com International, Ltd. ADR (a)		54,378		3,086,495
Dongfeng Motor Group Co., Ltd. (Class H)		860,468		1,413,964
E-Commerce China Dangdang, Inc. (Class A) ADR (a)(b)		22,000		268,400
E-House China Holdings, Ltd. ADR		31,700		301,784
FIH Mobile, Ltd. (a)		630,000		327,774
Great Wall Motor Co., Ltd. (Class H) (b)		229,000		889,151
Guangzhou Automobile Group Co., Ltd. (Class H)		1,640,032		1,586,153
Guangzhou R&F Properties Co., Ltd. (Class H) (b)		1,130,176		1,142,533
Haitian International Holdings, Ltd.		147,000		333,940
Hengan International Group Co., Ltd.		93,500		919,335
Huaneng Power International, Inc. (Class H)		2,458,472		2,684,813
Industrial & Commercial Bank of China (Class H)		17,369,138		10,826,213
Inner Mongolia Yitai Coal Co., Ltd. (Class B)		463,710		788,771
Jiangsu Expressway Co., Ltd. (Class H) (b)		2,388,299		2,518,985
Jiangsu Future Land Co., Ltd. (c)		164,103		83,200
Jiangxi Copper Co., Ltd. (Class H) (b)		1,067,578		1,757,047
Jingwei Textile Machinery (Class H)		198,000		200,165
Jintian Pharmaceutical Group, Ltd.		456,000		189,679
Kama Co., Ltd. (Class B) (a)		1,092,400		592,081
Kangda International Environmental Co., Ltd. (a)(d)		425,000		207,982
Kingsoft Corp., Ltd.		201,000		477,838
Konka Group Co., Ltd.		280,300		117,317
Lao Feng Xiang Co., Ltd.		100,200		299,598
Livzon Pharmaceutical Group, Inc. (Class H) (c)		18,300		126,555
Luthai Textile Co., Ltd.		79,000		109,673
Luye Pharma Group, Ltd. (a)		398,000		509,987
Maanshan Iron & Steel (a)		2,048,971		445,939
Mindray Medical International, Ltd. ADR (b)		22,657		683,335
MOBI Development Co., Ltd.		913,000		210,463
NetEase, Inc. ADR		45,690		3,913,805
New Oriental Education & Technology Group, Inc. ADR (a)(b)		27,518		638,418
Perfect World Co., Ltd. ADR		19,800		389,862
PetroChina Co., Ltd. (Class H)		5,217,208		6,685,196
Phoenix Healthcare Group Co., Ltd.		141,000		223,709
PICC Property & Casualty Co., Ltd. (Class H)		934,211		1,655,451

See accompanying notes to financial statements.

170

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

September 30, 2014

Security Description	Shares		Value
Ping An Insurance Group Co. of China, Ltd. (Class H)		620,364	$	4,657,663
Poly Culture Group Corp., Ltd. (Class H) (a)		59,700		222,959
Qihoo 360 Technology Co., Ltd. ADR (a)(b)		21,500		1,450,605
REXLot Holdings, Ltd.		2,800,000		284,864
Semiconductor Manufacturing International Corp. (a)(b)		15,207,837		1,566,789
SGSB Group Co., Ltd. (a)		321,300		216,877
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. (Class H)		140,000		262,147
Shandong Weigao Group Medical Polymer Co., Ltd. (b)		464,000		458,915
Shanghai Electric Group Co., Ltd. (Class H)		3,448,418		1,834,100
Shanghai Fosun Pharmaceutical Group Co., Ltd. (Class H)		81,000		261,304
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Class H) (a)		460,000		434,817
Shanghai Highly Group Co., Ltd.		510,200		301,018
Shanghai Jinjiang International Travel Co., Ltd. (Class B)		420,904		814,870
Shanghai Mechanical and Electrical Industry Co., Ltd. (Class B)		91,300		200,495
Shanghai Prime Machinery Co., Ltd. (Class H)		1,154,000		215,490
Shenzhou International Group Holdings, Ltd. (b)		123,000		396,003
Sihuan Pharmaceutical Holdings Group, Ltd.		1,425,000		1,068,048
Sina Corp. (a)(b)		27,780		1,142,869
Sinopec Shanghai Petrochemical Co., Ltd. (Class H)		3,708,878		1,222,744
Sinopec Yizheng Chemical Fibre Co., Ltd. (Class H) (a)(b)		386,000		179,949
Sinopharm Group Co.		228,000		833,885
Sohu.com, Inc. (a)(b)		7,833		393,452
SouFun Holdings, Ltd. ADR (b)		37,600		374,120
SPT Energy Group, Inc.		480,000		167,519
Sunny Optical Technology Group Co., Ltd.		220,800		327,570
TAL Education Group ADR (a)(b)		12,200		426,268
Tencent Holdings, Ltd.		1,324,670		19,703,466
Tingyi Cayman Islands Holding Corp.		1,176,383		3,090,522
Tong Ren Tang Technologies Co., Ltd. (Class H)		257,000		354,798
Trina Solar, Ltd. ADR (a)(b)		15,200		183,464
Vipshop Holdings, Ltd. ADS (a)(b)		7,200		1,360,872
Want Want China Holdings, Ltd. (b)		2,099,000		2,616,620
Wisdom Holdings Group		308,000		197,133
WuXi PharmaTech Cayman, Inc. ADR (a)		17,000		595,340
Xinchen China Power Holdings, Ltd. (a)		483,000		256,270
Xinyi Glass Holdings, Ltd.		642,000		400,986
Xinyi Solar Holdings, Ltd. (b)		505,200		165,904
Yanzhou Coal Mining Co., Ltd. (Class H) (b)		856,882		702,932
Yestar International Holding Co., Ltd.		195,000		232,289
Youku Tudou, Inc. ADR (a)(b)		29,454		527,816
YY, Inc. ADR (a)		6,900		516,741
Zhuzhou CSR Times Electric Co., Ltd. (Class H)		158,000		610,424
Zijin Mining Group Co., Ltd. (Class H) (b)		3,038,685		739,606
				196,503,481
HONG KONG — 10.3%
AAC Technologies Holdings, Inc.		157,000		911,862
Agile Property Holdings, Ltd. (b)		2,300,088		1,412,914
AviChina Industry & Technology Co., Ltd. (Class H)		848,000		606,096
Beijing Enterprises Holdings, Ltd.		154,000		1,319,841
Beijing Enterprises Water Group, Ltd. (a)		882,000		596,322
Belle International Holdings, Ltd.		814,000		915,149
C.banner International Holdings, Ltd.		340,000		107,275
Carnival Group International Holdings, Ltd. (a)		1,840,000		277,240
Changshouhua Food Co., Ltd.		155,000		124,757
China Everbright International, Ltd.		555,000		734,749
China Gas Holdings, Ltd.		528,000		875,796
China High Speed Transmission Equipment Group Co., Ltd. (a)		344,000		279,538
China Huishan Dairy Holdings Co., Ltd. (b)		1,153,000		255,394
China Medical System Holdings, Ltd.		317,000		542,138
China Mengniu Dairy Co., Ltd.		586,390		2,416,515
China Merchants Holdings International Co., Ltd.		714,898		2,209,573
China Mobile, Ltd.		1,464,636		16,928,447
China Modern Dairy Holdings, Ltd. (a)(b)		695,000		322,211
China Ocean Shipbuilding Industry Group, Ltd. (a)		3,277,800		141,410
China Overseas Land & Investment, Ltd. (b)		1,821,084		4,685,742
China Pharmaceutical Group, Ltd.		574,000		475,309
China Resources Enterprise, Ltd. (b)		758,746		1,795,953
China Resources Gas Group, Ltd.		128,000		346,164
China Resources Land, Ltd.		629,355		1,296,787
China Resources Power Holdings Co., Ltd.		622,000		1,678,137
China Singyes Solar Technologies Holdings, Ltd. (a)		138,000		245,251
China Taiping Insurance Holdings Co., Ltd. (a)		190,200		412,482
China Unicom (Hong Kong), Ltd.		1,668,172		2,492,021
China Yurun Food Group, Ltd. (a)(b)		350,659		154,893
CITIC, Ltd. (b)		1,184,000		1,976,103
Citychamp Watch & Jewellery Group, Ltd.		850,000		126,978
CNOOC, Ltd.		4,202,249		7,208,401
Comba Telecom Systems Holdings, Ltd.		406,000		183,521
COSCO Pacific, Ltd.		1,003,283		1,330,802

See accompanying notes to financial statements.

171

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

September 30, 2014

Security Description	Shares		Value
Dawnrays Pharmaceutical Holdings, Ltd.		276,000	$	264,445
Digital China Holdings, Ltd.		277,000		247,923
EVA Precision Industrial Holdings, Ltd.		798,000		186,009
Evergrande Real Estate Group, Ltd. (b)		316,000		118,829
GCL Poly Energy Holdings, Ltd. (a)		1,970,000		723,043
Geely Automobile Holdings, Ltd.		880,000		368,315
GOME Electrical Appliances Holding, Ltd. (b)		3,034,322		492,363
Guangdong Investment, Ltd.		598,000		698,492
Haier Electronics Group Co., Ltd.		168,000		440,278
Hanergy Solar Group, Ltd. (a)(b)		892,000		164,268
Hang Fat Ginseng Holdings Co., Ltd.		734,000		184,325
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H)		964,000		320,295
Huabao International Holdings, Ltd. (b)		529,000		408,071
Imperial Pacific International Holdings, Ltd. (a)		602,700		127,291
Kingboard Chemical Holdings, Ltd.		238,200		473,633
Kunlun Energy Co., Ltd. (b)		796,000		1,148,111
Lenovo Group, Ltd. (b)		2,357,703		3,509,941
Li Ning Co., Ltd. (a)		414,500		218,857
Lijun International Pharmaceutical Holding Co., Ltd.		738,000		355,452
Minth Group, Ltd.		166,000		321,521
NVC Lighting Holdings, Ltd. (c)		226,000		51,515
Shimao Property Holdings, Ltd.		317,500		642,761
Sino Biopharmaceutical, Ltd.		764,000		760,547
Sino-Ocean Land Holdings, Ltd. (b)		1,637,211		862,345
Sinotrans, Ltd. (Class H)		472,000		342,826
Skyworth Digital Holdings, Ltd.		216,763		112,498
Sunac China Holdings, Ltd.		554,000		419,508
Tech Pro Technology Development, Ltd. (a)		676,000		443,116
The United Laboratories International Holdings, Ltd. (a)		278,000		209,437
Uni-President China Holdings, Ltd. (b)		366,000		365,760
WH Group, Ltd. (a)(d)		1,131,500		929,669
				71,297,215
INDIA — 16.9%
Adani Enterprises, Ltd.		52,649		401,261
AIA Engineering, Ltd.		13,989		212,983
Apollo Hospitals Enterprise, Ltd.		106,496		1,932,482
Apollo Tyres, Ltd.		90,877		299,809
Arvind, Ltd.		53,728		258,288
Asian Paints, Ltd.		54,370		554,220
Aurobindo Pharma, Ltd.		34,252		536,990
Axis Bank, Ltd.		171,583		1,049,335
Bharat Forge, Ltd.		27,638		368,432
Bharat Heavy Electricals, Ltd.		387,366		1,257,246
Bharti Airtel, Ltd.		511,821		3,357,997
Cipla, Ltd.		314,627		3,193,138
DLF, Ltd.		124,900		305,071
Dr Reddy’s Laboratories, Ltd.		18,734		979,652
Eicher Motors, Ltd.		1,704		330,316
Escorts, Ltd.		93,106		229,147
GAIL India, Ltd.		93,424		679,880
Glenmark Pharmaceuticals, Ltd.		29,281		342,212
Godrej Consumer Products, Ltd.		30,145		482,535
Godrej Industries, Ltd.		35,513		176,933
Gujarat Mineral Development Corp., Ltd.		83,661		196,148
Gujarat Pipavav Port, Ltd. (a)		71,745		196,962
Havells India, Ltd.		68,159		292,291
HCL Technologies, Ltd.		51,901		1,441,018
HDFC Bank, Ltd.		479,525		6,775,542
Hero Motocorp, Ltd.		24,861		1,143,038
Hindalco Industries, Ltd.		214,771		545,100
Hindustan Unilever, Ltd.		376,916		4,552,774
Hindustan Zinc, Ltd.		666,995		1,738,226
Housing Development & Infrastructure, Ltd. (a)		116,299		157,520
Housing Development Finance Corp., Ltd.		382,961		6,543,387
ICICI Bank, Ltd.		199		4,619
ICICI Bank, Ltd. ADR		106,545		5,231,360
Idea Cellular, Ltd.		572,365		1,539,343
IDFC, Ltd.		284,123		631,410
IIFL Holdings, Ltd.		215,109		523,492
Indiabulls Housing Finance, Ltd.		155,648		1,014,887
Indian Hotels Co., Ltd. (a)		977,689		1,544,261
Indian Oil Corp., Ltd.		110,033		645,660
Infosys, Ltd. ADR (b)		164,403		9,944,738
ITC, Ltd. GDR (a)		419,652		2,512,457
Jaiprakash Associates, Ltd. (a)		556,461		238,316
Jindal Steel & Power, Ltd.		103,391		289,281
JSW Steel, Ltd.		28,313		529,975
Just Dial, Ltd.		10,943		288,937
Kotak Mahindra Bank, Ltd.		25,641		420,610
Larsen & Toubro, Ltd. GDR (b)		67,809		1,600,292
Mahindra & Mahindra Financial Services, Ltd.		71,580		317,103
Mahindra & Mahindra, Ltd.		142,457		3,138,852
Mindtree, Ltd.		12,694		242,195
Motherson Sumi Systems, Ltd.		55,023		352,491
Mundra Port and Special Economic Zone, Ltd.		82,998		372,994
NTPC, Ltd.		279,297		629,051
Oil & Natural Gas Corp., Ltd.		487,475		3,224,707
Power Finance Corp., Ltd.		78,696		298,933
Ranbaxy Laboratories, Ltd. (a)		30,852		319,560
Reliance Capital, Ltd.		64,935		478,759
Reliance Communications, Ltd. (a)		388,898		623,395
Reliance Industries, Ltd. GDR (d)		288,990		8,814,195
Reliance Infrastructure, Ltd.		128,496		1,218,070
Sesa Sterlite, Ltd.		252,448		1,113,861
Shriram City Union Finance, Ltd.		10,399		275,668
Shriram Transport Finance Co., Ltd.		37,052		559,320
Siemens India, Ltd.		132,556		1,775,319
Sintex Industries, Ltd.		188,244		220,065
SKS Microfinance, Ltd. (a)		55,874		271,544
State Bank of India		35,510		1,406,198
Steel Authority of India, Ltd.		399,422		450,126
Sun Pharmaceutical Industries, Ltd.		213,136		2,958,401
Suzlon Energy, Ltd. (a)		149,959		31,322

See accompanying notes to financial statements.

172

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

September 30, 2014

Security Description	Shares		Value
Tata Consultancy Services, Ltd.		159,018	$	7,046,125
Tata Motors, Ltd.		541,906		4,406,057
Tata Steel, Ltd.		66,635		495,285
Tech Mahindra, Ltd.		17,355		699,623
Unitech, Ltd. (a)		222,821		68,008
United Spirits, Ltd.		18,894		735,079
UPL, Ltd.		59,042		325,085
Vakrangee, Ltd.		206,744		421,120
Wipro, Ltd. ADR (b)		249,497		3,033,884
Yes Bank, Ltd.		16,710		151,204
Zee Entertainment Enterprises, Ltd.		441,860		2,247,576
				116,210,746
INDONESIA — 4.7%
Ace Hardware Indonesia Tbk PT		4,286,400		311,322
Adaro Energy Tbk PT		5,193,900		500,848
AKR Corporindo Tbk PT		239,800		107,256
Astra International Tbk PT		6,173,800		3,572,039
Bank Central Asia Tbk PT		3,996,096		4,287,973
Bank Mandiri Tbk PT		2,609,605		2,157,716
Bank Rakyat Indonesia Persero Tbk PT		5,457,496		4,669,216
Bumi Resources Tbk PT (a)		7,075,364		110,326
BW Plantation Tbk PT		686,300		31,259
Charoen Pokphand Indonesia Tbk PT		673,600		234,392
Ciputra Surya Tbk PT		815,400		141,198
Citra Marga Nusaphala Persada Tbk PT		551,000		141,085
Garda Tujuh Buana Tbk PT (a)		127,500		6,226
Garuda Indonesia Tbk PT (a)		6,292,700		214,318
Global Mediacom Tbk PT		638,800		101,967
Gudang Garam Tbk PT		181,200		842,799
Indocement Tunggal Prakarsa Tbk PT		622,925		1,101,685
Indosat Tbk PT (a)		1,380,548		431,103
Intiland Development Tbk PT		2,269,300		108,018
Kalbe Farma Tbk PT		1,816,600		253,444
Kawasan Industri Jababeka Tbk PT		11,597,037		234,130
Lippo Cikarang Tbk PT (a)		590,500		384,055
Lippo Karawaci Tbk PT		2,982,700		230,097
Matahari Putra Prima Tbk PT		819,800		211,930
Mayora Indah Tbk PT		130,600		326,902
Media Nusantara Citra Tbk PT		832,600		218,314
Metropolitan Land Tbk PT		3,754,400		135,571
MNC Investama Tbk PT (a)		5,010,000		143,084
Modernland Realty Tbk PT		10,278,900		447,092
Pakuwon Jati Tbk PT		4,103,600		136,057
Pembangunan Perumahan Persero PT Tbk		1,080,900		190,721
Perusahaan Gas Negara Persero Tbk PT		6,035,640		2,972,002
Selamat Sempurna Tbk PT		1,071,000		398,604
Semen Indonesia Persero Tbk PT		998,700		1,264,255
Summarecon Agung Tbk PT		1,553,300		155,521
Surya Semesta Internusa Tbk PT		2,472,100		150,132
Telekomunikasi Indonesia Persero Tbk PT		15,576,970		3,726,456
Tiga Pilar Sejahtera Food Tbk (a)		1,641,400		309,152
Tower Bersama Infrastructure Tbk PT		589,800		387,230
United Tractors Tbk PT		509,745		832,493
Wijaya Karya Persero Tbk PT		890,800		190,442
XL Axiata Tbk PT		193,400		98,406
				32,466,836
MALAYSIA — 6.5%
7-Eleven Malaysia Holdings Bhd (Class B) (a)		393,500		214,713
Aeon Credit Service M Bhd		71,400		339,534
Alliance Financial Group Bhd		1,937,310		2,946,861
APM Automotive Holdings Bhd		91,500		164,563
Astro Malaysia Holdings Bhd		400,800		409,291
Axiata Group Bhd		779,500		1,663,314
Berjaya Auto Bhd		324,700		340,487
Bursa Malaysia Bhd		672,534		1,652,377
Cahya Mata Sarawak Bhd		408,600		541,811
Carlsberg Brewery Malay Bhd		708,803		2,588,465
CB Industrial Product Holding Bhd		165,700		247,502
CIMB Group Holdings Bhd		652,187		1,397,615
Coastal Contracts Bhd		174,200		257,543
Cypark Resources Bhd		335,400		274,005
Eastern & Oriental Bhd		531,200		464,729
ECM Libra Financial Group Bhd (a)		1,648,831		537,799
Eco World Development Group Bhd		225,200		320,587
Faber Group Bhd		141,200		140,318
Genting Bhd		1,062,700		3,074,233
Genting Malaysia Bhd		944,300		1,203,223
IJM Corp. Bhd		1,417,140		2,794,969
Inari Amertron Bhd		203,200		200,072
IOI Corp. Bhd		1,849,196		2,711,365
IOI Properties Group Sdn Bhd		658,497		525,914
Karex Bhd (a)		294,300		255,679
KNM Group Bhd (a)		1,195,800		329,888
Land & General Bhd		1,904,200		365,690
Landmarks Bhd (a)		1,858,800		719,609
Lingkaran Trans Kota Holdings Bhd		94,100		111,870
Malayan Banking Bhd		767,898		2,331,432
Malaysian Airline System Bhd (a)		7,278,130		576,837
Maxis Bhd		638,400		1,261,037
Media Prima Bhd		446,200		303,315
MKH Bhd		238,000		268,435
Muhibbah Engineering M Bhd		486,900		461,594
Oldtown Bhd		316,300		171,624
OSK Holdings Bhd		1,645,225		1,078,261
Padini Holdings Bhd		331,600		194,078
PPB Group Bhd		180,600		781,747
Press Metal Bhd		128,900		245,580
Prestariang Bhd		313,700		177,864
Public Bank Bhd		328,520		1,892,708
Salcon Bhd		1,031,300		260,929
Sapurakencana Petroleum Bhd		316,900		397,997
Sime Darby Bhd		590,394		1,646,732
TA Enterprise Bhd		1,163,500		342,258
Tambun Indah Land Bhd		657,800		515,332
TAN Chong Motor Holdings Bhd		707,700		985,883
Tenaga Nasional Bhd		572,350		2,159,943
TSH Resources Bhd		207,000		220,219
Uzma Bhd (a)		208,300		242,556
Wah Seong Corp. Bhd		1,860,711		1,003,950
Yinson Holdings Bhd		226,900		225,482
				44,539,819

See accompanying notes to financial statements.

173

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

September 30, 2014

Security Description	Shares		Value
PHILIPPINES — 3.0%
ABS-CBN Holdings Corp, PDR		335,100	$	327,054
Alliance Global Group, Inc.		1,429,400		828,130
Ayala Land, Inc.		5,232,475		4,074,982
Belle Corp.		2,600,200		298,391
Cebu Air, Inc.		113,270		172,767
Cebu Holdings, Inc.		1,702,600		198,799
Cosco Capital, Inc.		3,273,900		582,886
D&L Industries, Inc.		1,448,200		418,865
First Gen Corp. (a)		4,534,270		2,722,936
First Philippine Holdings Corp.		1,547,414		3,103,276
GMA Holdings, Inc.		317,500		49,099
JG Summit Holdings, Inc.		616,600		795,524
Jollibee Foods Corp.		81,130		354,331
LT Group, Inc.		971,000		338,398
Megawide Construction Corp. (a)		1,708,750		482,802
Nickel Asia Corp.		523,400		522,496
Pepsi-Cola Products Philippines, Inc. (a)		2,145,000		229,425
Philex Mining Corp.		1,632,300		370,998
Philippine Long Distance Telephone Co.		44,099		3,044,258
Puregold Price Club, Inc.		607,400		469,651
Robinsons Retail Holdings, Inc.		308,540		435,198
SM Investments Corp.		21,820		390,672
Universal Robina Corp.		63,510		264,640
				20,475,578
SINGAPORE — 0.2%
Nam Cheong, Ltd.		687,000		234,333
SIIC Environment Holdings, Ltd. (a)		1,395,000		187,050
Silverlake Axis, Ltd.		319,000		323,928
Yangzijiang Shipbuilding Holdings, Ltd. (b)		534,000		494,095
				1,239,406
TAIWAN — 23.8%
Acer, Inc. (a)		1,122,456		789,643
Advanced Semiconductor Engineering, Inc.		3,001,636		3,493,086
Asia Cement Corp.		1,849,073		2,361,528
Asustek Computer, Inc.		256,138		2,441,855
AU Optronics Corp. ADR		341,341		1,419,979
Catcher Technology Co., Ltd.		254,539		2,359,671
Cathay Financial Holding Co., Ltd.		2,466,604		4,017,825
Center Laboratories, Inc. (a)		63,000		217,459
Chang Hwa Commercial Bank, Ltd.		4,853,254		2,975,499
China Development Financial Holding  Corp.		5,796,272		1,779,687
China Steel Chemical Corp.		53,877		316,147
China Steel Corp.		3,795,625		3,244,177
Chinatrust Financial Holding Co., Ltd.		5,995,562		4,030,613
Chunghwa Picture Tubes, Ltd. (a)		1,947,368		107,549
Chunghwa Telecom Co., Ltd.		974,268		2,936,944
Coland Holdings, Ltd.		173,411		399,046
Compal Electronics, Inc.		1,953,431		1,460,923
Delta Electronics, Inc.		771,893		4,871,989
Eclat Textile Co., Ltd.		51,000		463,568
eMemory Technology, Inc.		16,000		179,096
Epistar Corp.		349,170		653,126
Everlight Electronics Co., Ltd.		297,996		638,713
Far Eastern New Century Corp.		2,610,697		2,630,479
Firich Enterprises Co., Ltd.		56,000		268,775
First Financial Holding Co., Ltd		4,200,980		2,534,163
Formosa Chemicals & Fibre Corp.		1,318,691		3,047,518
Formosa Petrochemical Corp.		385,000		934,039
Formosa Plastics Corp.		1,980,137		4,693,301
Foxconn Technology Co., Ltd.		631,572		1,561,308
Fubon Financial Holding Co., Ltd.		2,909,998		4,467,427
Giant Manufacturing Co., Ltd.		40,000		311,642
Hermes Microvision, Inc.		9,000		375,746
Hiwin Technologies Corp.		42,000		375,549
Hon Hai Precision Industry Co., Ltd.		3,641,784		11,492,998
Hotai Motor Co., Ltd.		51,000		694,094
HTC Corp. (a)		219,710		953,392
Hua Nan Financial Holdings Co., Ltd.		3,730,729		2,176,908
Innolux Corp.		1,746,753		755,101
Inotera Memories, Inc. (a)		467,000		693,910
King Yuan Electronics Co., Ltd.		2,758,898		2,349,002
Largan Precision Co., Ltd.		40,710		2,917,464
Lite-On Technology Corp.		1,088,907		1,569,670
Macronix International Co., Ltd. (a)		2,555,374		572,911
MediaTek, Inc.		379,219		5,616,074
Medigen Biotechnology Corp. (a)		34,000		195,598
Mega Financial Holding Co., Ltd.		3,461,986		2,839,513
Merry Electronics Co., Ltd.		46,000		213,975
Motech Industries, Inc.		195,507		259,009
Nan Ya Plastics Corp.		1,967,759		4,308,182
Novatek Microelectronics Corp.		293,062		1,449,920
Pegatron Corp.		604,630		1,113,078
Pou Chen Corp.		301,000		334,450
Powertech Technology, Inc. (a)		668,518		1,208,715
ProMOS Technologies, Inc. (a)(e)		1,135,850		0
Quanta Computer, Inc.		1,062,194		2,695,685
Realtek Semiconductor Corp.		568,161		2,017,173
Shin Kong Financial Holding Co., Ltd.		4,316,308		1,309,671
Siliconware Precision Industries Co.		1,322,745		1,815,434
SinoPac Financial Holdings Co., Ltd.		5,171,082		2,218,400
Synnex Technology International Corp.		380,000		524,663
Tainan Enterprises Co., Ltd.		1,304,567		1,179,362
Taishin Financial Holdings Co., Ltd.		5,662,968		2,652,815
Taiwan Cement Corp.		2,250,216		3,350,968
Taiwan FU Hsing Industrial Co., Ltd.		2,632,000		2,539,463
Taiwan Mobile Co., Ltd.		502,200		1,523,794
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,063,441		21,460,239
Tatung Co., Ltd. (a)		1,348,107		393,537
Teco Electric & Machinery Co., Ltd.		275,000		282,508
TPK Holding Co., Ltd.		59,000		353,967
Tripod Technology Corp.		684,361		1,412,840
Uni-President Enterprises Corp.		2,788,819		4,840,633
United Integrated Services Co., Ltd.		1,951,000		1,936,922
United Microelectronics Corp. ADR		1,145,723		2,279,989
Via Technologies, Inc. (a)		291,490		205,062
Walsin Lihwa Corp. (a)		879,000		288,959
Wistron Corp.		1,318,736		1,346,069
Yageo Corp.		1,865,900		1,352,524
Yuanta Financial Holding Co., Ltd.		3,080,618		1,519,067
				163,571,778

See accompanying notes to financial statements.

174

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

September 30, 2014

Security Description	Shares		Value
THAILAND — 5.2%
Advanced Info Service PCL		459,130	$	3,185,944
Bangkok Expressway PCL		2,585,142		3,029,619
Bank of Ayudhya PCL NVDR		148,000		222,513
Bumrungrad Hospital PCL		72,300		294,328
Central Plaza Hotel PCL		98,300		122,022
Charoen Pokphand Foods PCL		479,400		447,243
Chularat Hospital PCL		410,800		230,580
CP ALL PCL		1,526,500		2,106,735
E for L Aim PCL (a)		5,862,200		285,652
Electricity Generating PCL		618,646		3,148,083
Energy Absolute PCL		467,600		348,987
Gunkul Engineering PCL		389,000		293,924
Hana Microelectronics PCL		210,800		274,674
Ichitan Group PCL		277,100		205,101
Indorama Ventures PCL		344,600		271,004
IRPC PCL (b)		6,166,339		608,552
Jasmine International PCL		669,800		138,401
Kasikornbank PCL		370,554		2,674,160
KCE Electronics PCL		325,000		400,925
MC Group PCL		615,200		351,001
Mega Lifesciences PCL		470,900		286,098
Minor International PCL		381,200		434,985
Nok Airlines PCL		809,400		394,403
PTT Exploration & Production PCL		857,553		4,231,565
PTT PCL		254,055		2,820,657
Raimon Land PCL (a)		6,855,300		465,124
Siam Global House PCL		260,555		112,499
SNC Former PCL		82,000		42,739
Somboon Advance Technology PCL		341,300		199,991
Srisawad Power 1979 PCL (a)		490,700		316,288
SVI PCL		1,996,300		310,912
Thai Beverage PCL (b)		2,048,000		1,228,511
Thai Oil PCL		882,405		1,401,507
The Siam Cement PCL NVDR		102,400		1,421,126
The Siam Commercial Bank PCL		488,197		2,740,227
True Corp. PCL NVDR (a)		2,177,300		799,071
				35,845,151
TOTAL COMMON STOCKS —
(Cost $633,551,641)				682,150,010
PREFERRED STOCKS — 0.0% (f)
INDIA — 0.0% (f)
Zee Entertainment Enterprises, Ltd. (Cost $32,553)		6,481,083		88,149
RIGHTS — 0.0% (f)
CHINA — 0.0% (f)
Country Garden Holdings Co., Ltd. (expiring 10/8/14) (a)		89,333		5,062
HONG KONG — 0.0% (f)
Agile Property Holdings, Ltd. (expiring 10/10/14) (a)		460,018		45,616
TOTAL RIGHTS —
(Cost $0)				50,678
SHORT TERM INVESTMENTS — 6.1%
UNITED STATES — 6.1%
MONEY MARKET FUNDS — 6.1%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		37,269,587		37,269,587
State Street Institutional Liquid Reserves Fund 0.09% (h)(i)		4,643,520		4,643,520
TOTAL SHORT TERM INVESTMENTS —
(Cost $41,913,107)				41,913,107
TOTAL INVESTMENTS — 105.3%
(Cost $675,497,301)				724,201,944
OTHER ASSETS & LIABILITIES — (5.3)%				(36,707,540	)
NET ASSETS — 100.0%			$	687,494,404

(a)	Non-income producing security
(b)	A portion of the security was on loan at September 30, 2014.
(c)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(d)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.5% of net assets as of September 30, 2014, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs (Note 2).
(f)	Amount shown represents less than 0.05% of net assets.
(g)	Investments of cash collateral for securities loaned
(h)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(i)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PDR = Philippine Depository Receipts

See accompanying notes to financial statements.

175

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

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.9%
BRITISH VIRGIN ISLANDS — 0.0% (a)
Winsway Enterprises Holdings, Ltd. (b)		28,000	$	1,370
CHINA — 13.2%
21Vianet Group, Inc. ADR (b)		600		10,800
51job, Inc. ADR (b)		402		12,032
Anhui Expressway Co., Ltd.		16,000		9,767
Bank of Chongqing Co., Ltd. (Class H)		35,500		23,727
Boyaa Interactive International, Ltd.		9,000		8,901
China Animal Healthcare, Ltd.		13,000		10,062
China Galaxy Securities Co., Ltd. Class H		24,000		16,721
China Huiyuan Juice Group, Ltd. (b)		11,000		4,703
China Lesso Group Holdings, Ltd.		18,000		8,971
China Lodging Group, Ltd. ADR (b)		600		15,462
China SCE Property Holdings, Ltd. (b)		24,000		4,636
China Shanshui Cement Group, Ltd. (c)		22,000		7,848
China Suntien Green Energy Corp., Ltd. (Class H)		28,000		6,995
China Tian Lun Gas Holdings, Ltd. (b)		9,000		10,906
China Vanadium Titano — Magnetite Mining Co., Ltd.		24,000		2,534
Colour Life Services Group Co., Ltd. (b)		11,000		10,369
Coolpad Group, Ltd.		32,000		5,687
CT Environmental Group, Ltd. (c)		10,000		8,551
Dongyue Group (c)		12,000		4,497
E-Commerce China Dangdang, Inc. (Class A) ADR (b)		806		9,833
E-House China Holdings, Ltd. ADR		983		9,358
First Tractor Co., Ltd. (c)		20,000		13,934
Hangzhou Steam Turbine Co.		6,200		7,489
Harbin Electric Co., Ltd.		24,000		14,434
Hisense Kelon Electrical Holdings Co., Ltd. (Class H) (b)		15,000		15,801
Home Inns & Hotels Management, Inc. ADR (b)		195		5,653
Huangshan Tourism Development Co., Ltd.		5,600		8,008
Hunan Non-Ferrous Metal Corp., Ltd. (b)(c)		20,000		6,825
Jiangsu Future Land Co., Ltd. (d)		16,900		8,568
JinkoSolar Holding Co., Ltd. ADR (b)		300		8,247
Lonking Holdings, Ltd. (c)		28,000		5,048
MIE Holdings Corp.		20,000		2,627
Peak Sport Products Co., Ltd.		14,000		4,021
Perfect World Co., Ltd. ADR		700		13,783
Phoenix Healthcare Group Co., Ltd.		6,500		10,313
Ports Design, Ltd.		4,000		1,587
Renhe Commercial Holdings Co., Ltd. (b)		116,000		4,930
Renren, Inc. ADR (b)		3,988		13,719
REXLot Holdings, Ltd. (c)		101,322		10,308
Shanghai Chlor-Alkali Chemical Co., Ltd.		13,700		6,836
Shanghai Dajiang Group, Class B (b)		19,300		7,894
Shanghai Diesel Engine Co., Ltd. Class B		7,120		5,376
Shanghai Haixin Group Co. (b)		11,700		6,166
Shenguan Holdings Group, Ltd. (c)		16,000		5,378
Shenzhen Expressway Co., Ltd. (Class H)		20,000		13,445
Sinopec Engineering Group Co., Ltd.		26,000		28,025
Sunny Optical Technology Group Co., Ltd.		9,200		13,649
TAL Education Group ADR (b)		300		10,482
TCL Communication Technology Holdings, Ltd.		8,000		9,602
Tong Ren Tang Technologies Co., Ltd. (Class H)		13,000		17,947
Trina Solar, Ltd. ADR (b)		1,007		12,155
Wumart Stores, Inc. (Class H)		10,000		9,350
Xinchen China Power Holdings, Ltd. (b)		22,000		11,673
Yingli Green Energy Holding Co., Ltd. ADR (b)		2,700		8,397
Zhaojin Mining Industry Co., Ltd. (Class H) (c)		22,500		12,460
Zhejiang Southeast Electric Power Co. (b)		1,517		1,237
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H		54,000		39,083
				576,810
HONG KONG — 10.9%
361 Degrees International, Ltd. (c)		10,000		2,756
Ajisen China Holdings, Ltd.		8,000		6,315
Anxin-China Holdings, Ltd.		32,000		3,256
Asian Citrus Holdings, Ltd. (c)		8,171		1,694
Beijing Capital Land, Ltd.		24,000		8,283
Boshiwa International Holding, Ltd. (b)(c)(e)		32,000		0
CGN Mining Co., Ltd. (b)		30,000		3,284
China Dongxiang Group Co. (c)		40,000		7,521
China High Speed Transmission Equipment Group Co., Ltd. (b)		16,000		13,002
China Lilang, Ltd.		8,000		5,615
China Lumena New Materials Corp. (b)(e)		27,260		2,194
China Metal Recycling Holdings, Ltd. (b)(e)		3,988		0
China National Materials Co., Ltd.		16,000		3,688
China Oil and Gas Group, Ltd. (c)		40,000		6,439
China Overseas Grand Oceans Group, Ltd. (c)		16,000		9,066
China Precious Metal Resources Holdings Co., Ltd. (b)(c)		40,000		4,739
China Rongsheng Heavy Industries Group Holdings, Ltd. (b)(c)(d)		42,000		7,356
China Shineway Pharmaceutical Group, Ltd.		6,000		10,169
China Singyes Solar Technologies Holdings, Ltd. (b)		6,000		10,663
China Travel International Investment Hong Kong, Ltd.		48,000		14,156
China Yurun Food Group, Ltd. (b)(c)		14,000		6,184
China ZhengTong Auto Services Holdings, Ltd.		10,000		5,847
Citic Resources Holdings, Ltd. (b)(c)		44,000		6,686
Comba Telecom Systems Holdings, Ltd.		12,000		5,424
Cosco International Holdings, Ltd.		16,000		7,068
Dah Chong Hong Holdings, Ltd.		10,000		5,782
Digital China Holdings, Ltd.		8,000		7,160
Fufeng Group, Ltd.		14,200		7,022
Global Bio-Chem Technology Group Co., Ltd. (b)		28,000		1,082
Glorious Property Holdings, Ltd. (b)		36,000		5,517
Greatview Aseptic Packaging Co., Ltd.		14,000		9,195
Guangdong Land Holdings, Ltd.		16,000		3,153
Guotai Junan International Holdings, Ltd.		17,000		11,713

See accompanying notes to financial statements.

176

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

September 30, 2014

Security Description	Shares		Value
Hengdeli Holdings, Ltd. (c)		25,200	$	4,024
Hidili Industry International Development, Ltd. (b)(c)		18,000		2,017
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H) (c)		33,280		11,058
Ju Teng International Holdings, Ltd.		12,000		6,923
Kaisa Group Holdings, Ltd. (c)		28,000		10,637
Kingboard Laminates Holdings, Ltd.		13,000		5,491
Kingdee International Software Group Co., Ltd. (b)		20,000		5,924
Li Ning Co., Ltd. (b)(c)		10,000		5,280
Lijun International Pharmaceutical Holding Co., Ltd.		32,000		15,413
NetDragon Websoft, Inc.		9,500		15,586
Newocean Energy Holdings, Ltd.		18,000		8,971
North Mining Shares Co., Ltd. (b)		120,000		5,872
NVC Lighting Holdings, Ltd. (d)		22,000		5,015
Pacific Online, Ltd.		10,000		5,357
Real Nutriceutical Group, Ltd.		10,000		3,400
Sany Heavy Equipment International Holdings Co., Ltd. (b)		12,000		2,674
Shenzhen Investment, Ltd.		345		97
Shougang Concord International Enterprises Co., Ltd. (b)		112,000		4,904
Shougang Fushan Resources Group, Ltd. (c)		48,000		10,756
Sinotrans Shipping, Ltd. (b)		25,000		6,954
Sinotruk Hong Kong, Ltd.		11,000		5,964
SITC International Holdings Co., Ltd.		27,000		13,178
Skyworth Digital Holdings, Ltd.		20,445		10,611
Springland International Holdings, Ltd.		16,000		6,058
Tech Pro Technology Development, Ltd. (b)		24,000		15,732
The United Laboratories International Holdings, Ltd. (b)		12,500		9,417
Tianjin Port Development Holdings, Ltd.		48,000		9,025
Tianneng Power International, Ltd.		12,000		4,064
United Energy Group, Ltd. (b)(c)		48,000		6,923
V1 Group, Ltd. (b)		39,200		3,988
Wasion Group Holdings, Ltd.		12,000		11,050
West China Cement, Ltd.		44,000		4,193
Yingde Gases		16,000		15,124
Yip’s Chemical Holdings, Ltd.		8,241		5,635
Yuexiu Transport Infrastructure, Ltd.		28,000		17,200
				476,544
INDIA — 12.4%
AIA Engineering, Ltd.		671		10,216
Amtek Auto, Ltd.		2,571		8,394
Apollo Tyres, Ltd.		3,781		12,474
Arvind, Ltd.		3,431		16,494
Bajaj Finance, Ltd.		289		12,734
Balkrishna Industries, Ltd.		972		12,193
Bhushan Steel, Ltd.		1,321		2,515
Biocon, Ltd.		1,164		9,390
CESC, Ltd.		990		12,023
Coromandel International, Ltd.		4,851		24,023
Credit Analysis & Research, Ltd.		482		11,719
Cyient, Ltd.		1,427		10,377
Dewan Housing Finance Corp., Ltd.		1,413		7,640
Dish TV India, Ltd. (b)		6,037		5,264
Federal Bank, Ltd.		9,952		20,280
Fortis Healthcare, Ltd. (b)		3,119		5,904
Gateway Distriparks, Ltd.		1,042		4,327
GMR Infrastructure, Ltd.		17,268		4,907
Godrej Industries, Ltd.		3,039		15,141
Gujarat Pipavav Port, Ltd. (b)		3,596		9,872
Havells India, Ltd.		3,409		14,619
Hexaware Technologies, Ltd.		1,681		5,475
Housing Development & Infrastructure, Ltd. (b)		4,340		5,878
IFCI, Ltd.		13,042		7,549
IIFL Holdings, Ltd.		3,738		9,097
India Cements, Ltd. (b)		3,868		7,049
Indiabulls Real Estate, Ltd.		5,284		5,775
Indian Hotels Co., Ltd. (b)		9,204		14,538
Info Edge India, Ltd.		846		11,656
IRB Infrastructure Developers, Ltd.		2,500		9,355
Jain Irrigation Systems, Ltd.		3,259		4,295
Jubilant Foodworks, Ltd. (b)		203		4,045
Just Dial, Ltd.		352		9,294
Manappuram Finance, Ltd.		4,295		2,055
MAX India, Ltd.		1,583		8,201
McLeod Russel India, Ltd.		1,337		6,293
Mindtree, Ltd.		914		17,439
Mphasis, Ltd.		1,108		7,698
Page Industries, Ltd.		91		11,715
Pipavav Defence & Offshore Engineering Co., Ltd. (b)		1,446		903
PTC India, Ltd.		6,743		9,313
Punj Lloyd, Ltd. (b)		3,626		2,078
Rajesh Exports, Ltd.		2,939		6,393
Rolta India, Ltd.		17,994		33,142
Shriram City Union Finance, Ltd.		561		14,872
Sintex Industries, Ltd.		5,290		6,184
SKS Microfinance, Ltd. (b)		1,939		9,423
Strides Arcolab, Ltd.		143		1,654
Suzlon Energy, Ltd. (b)		14,572		3,044
Tata Chemicals, Ltd.		890		5,756
Tata Global Beverages, Ltd.		3,842		9,913
The Jammu & Kashmir Bank, Ltd.		4,143		9,475
Thermax, Ltd.		848		12,605
Unitech, Ltd. (b)		17,972		5,485
Vakrangee, Ltd.		6,802		13,855
Videocon Industries, Ltd.		1,327		3,609
Voltas, Ltd.		3,575		13,985
Welspun Corp., Ltd.		3,963		4,970
				544,572
INDONESIA — 4.5%
Ace Hardware Indonesia Tbk PT		90,700		6,588
AKR Corporindo Tbk PT		14,100		6,306
Alam Sutera Realty Tbk PT		151,100		5,642
Aneka Tambang Persero Tbk PT		41,400		3,771
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		114,800		7,490
Bank Tabungan Negara Tbk PT		31,024		2,979
Borneo Lumbung Energi & Metal Tbk PT (b)		147,000		965
Bumi Resources Tbk PT (b)		183,400		2,860
Ciputra Development Tbk PT		131,900		10,987
Energi Mega Persada Tbk PT (b)		447,200		3,780

See accompanying notes to financial statements.

177

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

September 30, 2014

Security Description	Shares		Value
Gajah Tunggal Tbk PT		27,200	$	3,460
Garda Tujuh Buana Tbk PT (b)		5,500		269
Garuda Indonesia Tbk PT (b)		112,800		3,842
Harum Energy Tbk PT		9,100		1,527
Indah Kiat Pulp & Paper Corp. Tbk PT (b)		40,400		3,498
Indika Energy Tbk PT (b)		31,200		1,895
Japfa Comfeed Indonesia Tbk PT		80,600		8,136
Kawasan Industri Jababeka Tbk PT		269,529		5,441
Lippo Cikarang Tbk PT (b)		22,000		14,309
Matahari Putra Prima Tbk PT		39,300		10,160
Medco Energi Internasional Tbk PT		25,200		7,383
Mitra Adiperkasa Tbk PT		12,100		5,462
MNC Investama Tbk PT (b)		225,600		6,443
Pakuwon Jati Tbk PT		311,300		10,321
Pembangunan Perumahan Persero PT Tbk		72,600		12,810
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		45,300		7,064
Ramayana Lestari Sentosa Tbk PT		51,400		3,902
Sentul City Tbk PT (b)		220,600		1,828
Siloam International Hospitals Tbk PT (b)		7,500		9,248
Summarecon Agung Tbk PT		151,100		15,129
Surya Semesta Internusa Tbk PT		45,300		2,751
Timah Tbk PT		59,635		5,995
Trada Maritime Tbk PT (b)(e)		54,400		6,179
				198,420
MALAYSIA — 8.9%
7-Eleven Malaysia Holdings Bhd (Class B) (b)		19,000		10,367
Aeon Co. M Bhd		7,200		8,252
Berjaya Auto Bhd		10,800		11,325
Berjaya Corp. Bhd		34,200		5,890
Berjaya Sports Toto Bhd		17,067		19,874
Boustead Holdings Bhd		4,600		7,011
Boustead Plantations Bhd		900		425
Bursa Malaysia Bhd		8,200		20,147
Cahya Mata Sarawak Bhd		11,400		15,116
CapitaMalls Malaysia Trust		12,300		5,362
Carlsberg Brewery Malay Bhd		1,600		5,843
Dayang Enterprise Holdings Bhd		16,100		16,686
DRB-Hicom Bhd		3,200		2,224
Eastern & Oriental Bhd		12,700		11,111
Guinness Anchor Bhd		5,000		19,540
Hartalega Holdings Bhd		10,100		21,798
IGB Corp. Bhd		17,300		15,135
KNM Group Bhd (b)		1,885		520
Kossan Rubber Industries		12,100		16,340
KPJ Healthcare Bhd		18,243		21,577
Magnum Bhd		17,100		15,638
Malaysian Bulk Carriers Bhd		15,900		8,046
Malaysian Resources Corp. Bhd		17,300		8,649
Media Prima Bhd		13,900		9,449
MPHB Capital Bhd (b)		50		40
Oriental Holdings Bhd		5,000		11,584
Parkson Holdings Bhd (b)		8,202		7,201
Press Metal Bhd		4,400		8,383
Sunway Bhd		10,966		11,499
Sunway Real Estate Investment Trust		28,200		13,152
TAN Chong Motor Holdings Bhd		6,000		8,358
Top Glove Corp. Bhd		6,600		9,959
TSH Resources Bhd		8,200		8,724
United Plantations Bhd		800		6,506
UOA Development Bhd		11,000		7,075
Wah Seong Corp. Bhd		16,178		8,729
Yinson Holdings Bhd		10,900		10,832
				388,367
PHILIPPINES — 3.2%
Belle Corp.		60,400		6,931
Cebu Air, Inc.		4,390		6,696
Cosco Capital, Inc.		98,100		17,466
D&L Industries, Inc.		221,600		64,094
First Philippine Holdings Corp.		5,140		10,308
GMA Holdings, Inc.		20,230		3,128
Rizal Commercial Banking Corp.		9,900		11,946
Security Bank Corp.		2,780		9,094
Semirara Mining and Power Corp.		4,220		11,566
				141,229
SINGAPORE — 0.8%
Asian Pay Television Trust		42,000		27,170
Yanlord Land Group, Ltd. (c)		8,000		6,744
				33,914
TAIWAN — 38.7%
Ability Enterprise Co., Ltd.		6,000		3,402
AcBel Polytech, Inc.		9,000		10,695
Accton Technology Corp.		12,000		7,002
Adlink Technology, Inc.		3,852		9,434
AGV Products Corp. (b)		16,000		4,439
Airtac International Group		2,070		16,706
Alpha Networks, Inc.		6,000		3,353
Altek Corp. (b)		6,000		5,079
AmTRAN Technology Co., Ltd.		6,000		3,649
Apex Biotechnology Corp.		2,025		3,648
Asia Polymer		7,800		5,295
Aten International Co., Ltd.		2,000		5,234
Bank of Kaohsiung		548		163
Basso Industry Corp.		6,000		7,870
BES Engineering Corp.		26,000		6,556
Capital Securities Corp.		34,000		11,177
Career Technology Co., Ltd.		4,000		5,457
Casetek Holdings, Ltd.		2,000		12,229
Cathay No. 1 REIT		14,000		8,307
Cathay Real Estate Development Co., Ltd.		20,000		10,454
Center Laboratories, Inc. (b)		3,000		10,355
Charoen Pokphand Enterprise		10,500		8,767
Cheng Loong Corp.		16,000		6,733
Cheng Uei Precision Industry Co., Ltd.		4,059		7,272
Chien Kuo Construction Co., Ltd.		8,000		3,169
Chin-Poon Industrial Co.		8,000		13,307
China Bills Finance Corp.		12,000		4,418
China Chemical & Pharmaceutical Co., Ltd.		10,000		6,969
China Manmade Fibers Corp. (b)		18,000		5,172
China Motor Corp.		6,000		5,345
China Steel Chemical Corp.		2,000		11,736
China Synthetic Rubber Corp.		6,000		6,391
Chipbond Technology Corp.		6,000		10,986
ChipMOS TECHNOLOGIES Bermuda, Ltd.		1,000		22,620

See accompanying notes to financial statements.

178

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

September 30, 2014

Security Description	Shares		Value
Chong Hong Construction Co., Ltd.		4,242	$	9,692
Chroma ATE, Inc.		4,000		11,111
Chung Hung Steel Corp. (b)		22,000		5,641
Clevo Co.		6,241		11,017
CMC Magnetics Corp. (b)		38,000		5,859
Compeq Manufacturing Co., Ltd.		28,000		16,522
Coretronic Corp. (b)		6,000		9,665
CTCI Corp.		4,000		6,811
CyberTAN Technology, Inc.		6,000		5,237
D-Link Corp.		8,160		4,869
Dynapack International Technology Corp.		2,000		5,214
E Ink Holdings, Inc. (b)		12,000		6,785
Eclat Textile Co., Ltd.		2,020		18,361
Elan Microelectronics Corp.		6,000		10,217
Elite Material Co., Ltd.		10,000		11,144
Elite Semiconductor Memory Technology, Inc.		6,000		9,793
eMemory Technology, Inc.		1,000		11,194
Epistar Corp.		8,000		14,964
Eternal Materials Co., Ltd.		8,240		8,546
Eva Airways Corp. (b)		10,000		5,293
Everlight Chemical Industrial Corp.		10,101		9,679
Everlight Electronics Co., Ltd.		4,000		8,573
Excelsior Medical Co., Ltd.		2,100		3,769
Far Eastern Department Stores, Ltd.		10,353		9,989
Far Eastern International Bank		32,887		11,081
Faraday Technology Corp.		6,000		6,795
Farglory Land Development Co., Ltd.		4,132		4,870
Feng Hsin Iron & Steel Co., Ltd.		4,000		5,352
Feng TAY Enterprise Co., Ltd.		4,405		12,265
Firich Enterprises Co., Ltd.		3,000		14,399
FLEXium Interconnect, Inc.		1,834		4,630
Formosa Taffeta Co., Ltd.		10,000		9,829
Formosan Rubber Group, Inc.		12,000		12,762
Formosan Union Chemical		700		319
FSP Technology, Inc.		6,000		5,385
G Tech Optoelectronics Corp. (b)		2,000		1,933
GeoVision, Inc.		2,380		8,137
Gigabyte Technology Co., Ltd.		8,000		8,955
Ginko International Co., Ltd.		1,000		13,478
Gintech Energy Corp. (b)		4,000		3,498
Global Unichip Corp.		2,000		6,009
Gloria Material Technology Corp.		7,509		5,665
Goldsun Development & Construction Co., Ltd. (b)		20,000		7,068
Gourmet Master Co., Ltd.		1,000		8,235
Grand Ocean Retail Group, Ltd.		2,000		4,523
Grand Pacific Petrochemical		14,000		6,328
Great Wall Enterprise Co.		8,249		8,040
HannStar Display Corp.		26,760		7,170
HannsTouch Solution, Inc. (b)		10,000		2,459
Hey Song Corp.		4,250		4,785
Highwealth Construction Corp.		3,555		5,680
Himax Technologies, Inc. ADR		1,000		10,150
Ho Tung Chemical Corp. (b)		17,043		5,631
Hong TAI Electric Industrial		24,000		8,245
Huaku Development Co., Ltd.		4,080		7,779
Huang Hsiang Construction Co.		2,000		2,564
I-Sheng Electric Wire & Cable Co., Ltd.		6,000		8,363
Ibase Technology, Inc.		4,358		8,023
Jess-Link Products Co., Ltd.		2,000		2,081
Kenda Rubber Industrial Co., Ltd.		2,283		4,541
Kerry TJ Logistics Co., Ltd.		6,000		7,850
King Slide Works Co., Ltd.		1,000		11,292
King Yuan Electronics Co., Ltd.		16,000		13,623
King’s Town Bank		12,000		13,274
Kinpo Electronics (b)		32,000		15,201
Kinsus Interconnect Technology Corp.		4,000		14,859
LCY Chemical Corp.		6,149		3,356
Lien Hwa Industrial Corp.		6,000		4,004
Lingsen Precision Industries, Ltd.		10,000		5,210
Long Bon International Co., Ltd.		6,000		3,935
Lumax International Corp., Ltd.		2,391		5,604
Lung Yen Life Service Corp.		2,000		5,536
Macronix International Co., Ltd. (b)		41,519		9,309
Makalot Industrial Co., Ltd.		2,176		11,052
Masterlink Securities Corp.		20,240		6,654
Medigen Biotechnology Corp. (b)		2,000		11,506
Mercuries & Associates, Ltd.		4,376		2,697
Merida Industry Co., Ltd.		180		1,254
Merry Electronics Co., Ltd.		3,000		13,955
Micro-Star International Co., Ltd.		14,000		17,282
Microbio Co., Ltd. (b)		6,394		5,885
MIN AIK Technology Co., Ltd.		3,000		16,125
Mirle Automation Corp.		4,240		3,959
Motech Industries, Inc.		4,000		5,299
Nan Kang Rubber Tire Co., Ltd.		7,704		8,497
Nantex Industry Co., Ltd.		4,373		2,379
Neo Solar Power Corp.		7,493		8,523
Nien Hsing Textile Co., Ltd.		8,155		7,077
Oriental Union Chemical Corp.		9,800		8,312
Pan-International Industrial Co., Ltd.		6,060		4,094
Parade Technologies, Ltd.		1,000		11,111
PChome Online, Inc.		1,000		9,731
Phison Electronics Corp.		2,000		13,938
PixArt Imaging, Inc.		2,020		5,047
Portwell, Inc.		2,000		2,853
Powertech Technology, Inc. (b)		6,000		10,848
President Securities Corp.		15,420		8,592
Primax Electronics, Ltd.		8,000		9,284
Prime Electronics Satellitics, Inc.		3,765		1,788
Prince Housing Development Corp.		13,549		5,389
Promate Electronic Co., Ltd.		4,000		4,740
Qisda Corp. (b)		22,000		9,764
Radiant Opto-Electronics Corp.		5,759		22,813
Realtek Semiconductor Corp.		6,100		21,657
RichTek Technology Corp.		2,000		10,191
Ritek Corp. (b)		38,000		4,597
Sampo Corp.		14,000		5,799
Sanyang Industry Co., Ltd. (b)		12,000		11,006
Senao International Co., Ltd.		2,000		3,945
Shihlin Paper Corp. (b)		4,000		5,582
Shin Zu Shing Co., Ltd.		2,000		4,957
Shinkong Synthetic Fibers Corp.		28,000		10,033
Sigurd Microelectronics Corp.		8,000		8,034
Silicon Integrated Systems Corp. (b)		10,000		2,975
Silicon Motion Technology Corp. ADR		1,000		26,940
Simplo Technology Co., Ltd.		3,729		18,081

See accompanying notes to financial statements.

179

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

September 30, 2014

Security Description	Shares		Value
Sinbon Electronics Co., Ltd.		10,000	$	12,854
Sinmag Equipment Corp.		1,867		10,925
Sino-American Silicon Products, Inc. (b)		6,000		8,975
Sinon Corp.		14,000		8,008
Sinphar Pharmaceutical Co., Ltd.		4,320		6,334
Sinyi Realty Co.		2,770		3,501
Solar Applied Materials Technology Corp.		7,599		6,520
Solartech Energy Corp. (b)		4,233		3,089
St. Shine Optical Co., Ltd.		1,000		21,368
Standard Foods Corp.		1,819		4,096
Systex Corp.		4,000		7,403
Ta Chong Bank Co., Ltd. (b)		25,220		8,092
Taichung Commercial Bank		35,673		12,079
Tainan Enterprises Co., Ltd.		6,000		5,424
Tainan Spinning Co., Ltd.		16,603		9,852
Taisun Enterprise Co., Ltd. (b)		12,360		5,018
Taiwan Business Bank (b)		42,995		12,692
Taiwan Cogeneration Corp.		6,000		4,359
Taiwan Fire & Marine Insurance Co.		6,000		4,507
Taiwan Hon Chuan Enterprise Co., Ltd.		4,000		7,364
Taiwan Land Development Corp.		16,186		5,747
Taiwan Secom Co., Ltd.		4,060		11,211
Taiwan Surface Mounting Technology Co., Ltd.		2,384		3,484
Tatung Co., Ltd. (b)		26,000		7,590
Teco Electric & Machinery Co., Ltd.		6,000		6,164
Test-Rite International Co.		8,246		5,340
Thye Ming Industrial Co., Ltd.		6,075		7,020
Ton Yi Industrial Corp.		15,000		10,133
Tong Hsing Electronic Industries, Ltd.		2,000		8,777
Tong Yang Industry Co., Ltd.		6,321		6,733
Topco Scientific Co., Ltd.		4,119		7,569
Transcend Information, Inc.		4,000		13,281
Tripod Technology Corp.		6,000		12,387
TSRC Corp.		8,085		9,701
TTY Biopharm Co., Ltd.		1,855		4,086
Tung Ho Steel Enterprise Corp.		10,000		8,103
TXC Corp.		6,000		8,067
U-Ming Marine Transport Corp.		4,000		6,088
Unimicron Technology Corp.		14,000		10,447
Unity Opto Technology Co., Ltd. (b)		6,000		6,667
Unizyx Holding Corp.		10,000		6,542
UPC Technology Corp.		11,608		4,369
USI Corp.		8,200		4,043
Ve Wong Corp.		8,000		6,233
Via Technologies, Inc. (b)		4,000		2,814
Visual Photonics Epitaxy Co., Ltd.		2,008		2,056
Walsin Lihwa Corp. (b)		42,000		13,807
Wan Hai Lines, Ltd.		12,000		8,600
Waterland Financial Holdings Co., Ltd.		26,111		7,382
Wei Chuan Food Corp.		6,000		7,111
Weikeng Industrial Co., Ltd.		2,000		1,522
Win Semiconductors Corp.		6,000		5,750
Winbond Electronics Corp. (b)		40,000		12,005
Wintek Corp. (b)		16,000		3,445
Wistron NeWeb Corp.		4,244		9,961
Yageo Corp.		18,100		13,120
Yang Ming Marine Transport Corp. (b)		14,000		6,098
Yieh Phui Enterprise Co., Ltd.		18,543		5,633
Yuen Foong Yu Paper Manufacturing Co., Ltd.		18,000		7,811
Yungtay Engineering Co., Ltd.		4,000		9,231
Zenitron Corp.		2,000		1,157
Zinwell Corp.		6,000		5,562
				1,692,966
THAILAND — 6.6%
Bangkok Chain Hospital PCL		42,073		13,235
Bangkok Expressway PCL		10,532		12,343
CPN Retail Growth Leasehold Property Fund		29,000		14,757
Dynasty Ceramic PCL		4,566		8,167
Esso Thailand PCL NVDR (b)		20,900		3,739
Hana Microelectronics PCL		8,700		11,336
Ichitan Group PCL		13,200		9,770
Jasmine International PCL NVDR		48,700		10,063
Kiatnakin Bank PCL NVDR		7,000		9,121
LPN Development PCL		15,900		10,641
MBK PCL NVDR		16,000		8,043
Precious Shipping PCL		12,074		8,937
Robinson Department Store PCL NVDR		13,900		22,613
Siam Global House PCL NVDR		16,703		7,212
Sino-Thai Engineering & Construction PCL		14,900		12,407
Sri Trang Agro-Industry PCL		11,366		4,872
Supalai PCL		19,100		15,315
Thai Airways International PCL (b)		9,338		4,118
Thai Vegetable Oil PCL		8,507		6,008
Thai Vegetable Oil PCL NVDR		40,400		28,532
Thaicom PCL		8,700		11,068
Thanachart Capital PCL		5		6
Thoresen Thai Agencies PCL (b)		23,079		15,944
Tisco Financial Group PCL		7,969		11,183
TTW PCL		55,504		20,541
WHA Corp. PCL		8,500		10,289
				290,260
UNITED STATES — 0.7%
WNS Holdings, Ltd. ADR (b)		1,325		29,826
TOTAL COMMON STOCKS —
(Cost $4,271,504)				4,374,278
WARRANTS — 0.0% (a)
THAILAND — 0.0% (a)
Bangkokland PCL, NVDR (expiring 07/02/18) (b) (Cost $0)		24,444		520
SHORT TERM INVESTMENT — 2.8%
UNITED STATES — 2.8%
MONEY MARKET FUND — 2.8%
State Street Navigator Securities Lending Prime Portfolio (f)(g) (Cost $121,952)		121,952		121,952
TOTAL INVESTMENTS — 102.7%
(Cost $4,393,456)				4,496,750
OTHER ASSETS & LIABILITIES — (2.7)%				(117,625	)
NET ASSETS — 100.0%			$	4,379,125

See accompanying notes to financial statements.

180

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

September 30, 2014

(a)	Amount shown represents less than 0.05% of net assets.
(b)	Non-income producing security
(c)	A portion of the security was on loan at September 30, 2014.
(d)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(e)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(f)	Investments of cash collateral for securities loaned
(g)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).

ADR = American Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

181

SPDR S&P Russia ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.3%
RUSSIA — 99.3%
BANKS — 11.7%
Bank Otkritie Financial Corp. OJSC GDR (a)(b)		2,731	$	31,087
Sberbank of Russia ADR (c)		129,440		1,018,434
Sberbank of Russia ADR (c)		145,922		1,155,702
VTB Bank OJSC GDR		258,525		514,723
				2,719,946
CHEMICALS — 2.9%
PhosAgro OAO GDR		8,556		95,741
Uralkali OJSC GDR		32,813		582,431
				678,172
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.5%
Rostelecom OJSC ADR (c)		3,500		55,703
Rostelecom OJSC ADR (c)		32,655		522,480
				578,183
ELECTRIC UTILITIES — 1.8%
Federal Hydrogenerating Co. JSC ADR		1,612		2,902
RusHydro JSC ADR		233,189		419,740
				422,642
ENERGY EQUIPMENT & SERVICES — 1.4%
Eurasia Drilling Co., Ltd. GDR		7,797		221,435
TMK OAO GDR		10,345		94,139
				315,574
FOOD & STAPLES RETAILING — 7.8%
Lenta, Ltd. GDR (a)		10,002		106,721
Magnit OJSC GDR		23,589		1,362,501
O’Key Group SA GDR		11,266		82,242
X5 Retail Group NV GDR (a)		13,491		248,909
				1,800,373
HOUSEHOLD DURABLES — 1.0%
PIK Group GDR (a)		77,094		225,886
INTERNET SOFTWARE & SERVICES — 3.9%
Mail.ru Group, Ltd. GDR (a)		10,105		284,051
Yandex NV (Class A) (a)		22,362		621,552
				905,603
IT SERVICES — 0.5%
Luxoft Holding, Inc. (a)		800		29,760
QIWI PLC ADR		2,918		92,180
				121,940
MEDIA — 0.3%
CTC Media, Inc.		9,292		61,792
METALS & MINING — 9.7%
Evraz PLC		37,335		78,683
IRC, Ltd. (a)		176,000		13,826
Magnitogorsk Iron & Steel Works GDR (a)		22,231		56,734
Mechel OAO, ADR (a)		19,633		22,185
MMC Norilsk Nickel OJSC ADR		62,426		1,164,245
Novolipetsk Steel OJSC GDR		10,807		157,566
Polymetal International PLC		19,769		165,370
Polyus Gold International, Ltd. (a)		75,903		236,564
Severstal OAO GDR		26,016		259,640
United Co. RUSAL PLC (a)		176,000		97,915
				2,252,728
OIL, GAS & CONSUMABLE FUELS — 47.3%
Exillon Energy PLC (a)		22,091		56,226
Gazprom Neft JSC ADR		10,328		197,471
Gazprom OAO ADR		559,854		3,941,372
Lukoil OAO ADR (c)		41,198		2,101,098
Lukoil OAO ADR (c)		15,760		802,184
NovaTek OAO GDR		9,736		1,014,491
Rosneft Oil Co. GDR		135,570		789,967
Surgutneftegas OAO ADR		106,757		712,069
Surgutneftegas OAO ADR Preference Shares		57,400		390,320
Tatneft OAO ADR		26,476		934,868
				10,940,066
PHARMACEUTICALS — 0.8%
Pharmstandard OJSC GDR (a)		14,435		184,046
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.9%
Etalon Group, Ltd. GDR		19,438		70,949
LSR Group OJSC GDR		35,315		129,253
				200,202
ROAD & RAIL — 0.5%
Globaltrans Investment PLC GDR		12,966		108,914
WIRELESS TELECOMMUNICATION SERVICES — 6.3%
MegaFon OAO GDR		9,503		241,186
Mobile Telesystems OJSC ADR		54,664		816,680
Sistema JSFC GDR		22,542		155,540
VimpelCom, Ltd. ADR		35,252		254,520
				1,467,926
TOTAL COMMON STOCKS —
(Cost $32,794,831)				22,983,993
SHORT TERM INVESTMENT — 0.2%
UNITED STATES — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund 0.09% (d)(e) (Cost $38,242)		38,242		38,242
TOTAL INVESTMENTS — 99.5%
(Cost $32,833,073)				23,022,235
OTHER ASSETS & LIABILITIES — 0.5%				112,763
NET ASSETS — 100.0%			$	23,134,998

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

See accompanying notes to financial statements.

182

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

September 30, 2014

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

183

SPDR S&P China ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AEROSPACE & DEFENSE — 0.2%
AviChina Industry & Technology Co., Ltd. (Class H)		1,948,000	$	1,392,307
AIR FREIGHT & LOGISTICS — 0.1%
Sinotrans, Ltd. (Class H)		1,137,000		825,834
AIRLINES — 0.5%
Air China, Ltd.		3,236,000		2,046,176
China Eastern Airlines Corp., Ltd. (a)(b)		3,250,000		1,046,349
China Southern Airlines Co., Ltd. (Class H) (b)		5,156,000		1,686,551
				4,779,076
AUTO COMPONENTS — 0.3%
Minth Group, Ltd.		742,000		1,437,159
Xinyi Glass Holdings, Ltd. (b)		1,712,000		1,069,297
				2,506,456
AUTOMOBILES — 2.1%
Brilliance China Automotive Holdings, Ltd.		2,140,000		3,737,028
BYD Co., Ltd. (b)		546,500		3,628,038
Dongfeng Motor Group Co., Ltd. (Class H)		2,939,300		4,830,004
Geely Automobile Holdings, Ltd. (b)		3,635,000		1,521,391
Great Wall Motor Co., Ltd. (Class H) (b)		992,500		3,853,637
Guangzhou Automobile Group Co., Ltd. (Class H)		2,498,637		2,416,551
				19,986,649
BANKS — 18.1%
Agricultural Bank of China, Ltd. (Class H)		22,806,000		10,103,236
Bank of China, Ltd. (Class H)		63,359,700		28,395,224
Bank of Chongqing Co., Ltd. (Class H)		990,000		661,692
Bank of Communications Co., Ltd. (Class H)		17,360,824		12,095,409
China Citic Bank Corp., Ltd. (Class H)		7,762,471		4,708,405
China Construction Bank Corp.		74,524,623		52,209,753
China Merchants Bank Co., Ltd. (Class H)		4,635,235		7,927,254
China Minsheng Banking Corp., Ltd. (Class H) (b)		6,081,300		5,560,422
Chongqing Rural Commercial Bank Co., Ltd. (Class H)		1,530,000		693,565
Harbin Bank Co., Ltd. (Class H) (c)		41,000		15,312
Huishang Bank Corp. Ltd. (Class H) (b)		6,010,000		2,592,819
Industrial & Commercial Bank of China (Class H)		74,222,789		46,263,190
				171,226,281
BEVERAGES — 0.5%
Tibet 5100 Water Resources Holdings, Ltd. (b)		1,965,000		723,738
Tsingtao Brewery Co., Ltd. (Class H) (b)		499,000		3,553,683
				4,277,421
CAPITAL MARKETS — 1.1%
China Cinda Asset Management Co. Ltd. (Class H) (a)(b)		9,958,000		4,385,824
China Everbright, Ltd.		738,000		1,383,791
China Financial International Investments, Ltd. (a)		5,520,000		661,112
CITIC Securities Co., Ltd. (Class H) (b)		859,000		1,980,155
Guotai Junan International Holdings, Ltd.		811,000		558,763
Haitong Securities Co., Ltd. (Class H)		1,033,200		1,594,021
				10,563,666
CHEMICALS — 0.7%
China Bluechemical, Ltd. (Class H)		2,492,000		1,081,511
China Lumena New Materials Corp. (b)(d)		3,654,548		294,148
Huabao International Holdings, Ltd. (b)		1,691,000		1,304,438
Sinopec Shanghai Petrochemical Co., Ltd. (Class H)		4,123,999		1,359,601
Sinopec Yizheng Chemical Fibre Co., Ltd. (Class H) (a)(b)		1,846,000		860,584
Yingde Gases		1,372,000		1,296,890
				6,197,172
COMMERCIAL SERVICES & SUPPLIES — 0.3%
China Everbright International, Ltd. (b)		1,998,000		2,645,097
COMMUNICATIONS EQUIPMENT — 0.5%
BYD Electronic International Co., Ltd.		688,500		797,993
China All Access Holdings, Ltd. (b)		2,878,000		1,119,311
Comba Telecom Systems Holdings, Ltd.		1,068,000		482,760
Synertone Communication Corp.		5,368,000		463,170
ZTE Corp. (Class H)		870,198		1,929,764
				4,792,998
CONSTRUCTION & ENGINEERING — 1.5%
China Communications Construction Co., Ltd. (Class H)		4,702,394		3,391,251
China Railway Construction Corp., Ltd. (Class H) (b)		2,333,875		2,121,951
China Railway Group, Ltd. (Class H) (b)		4,938,000		2,620,000
China Singyes Solar Technologies Holdings, Ltd.		360,000		639,786
China State Construction International Holdings, Ltd.		1,992,000		2,960,384
China WindPower Group, Ltd. (a)		5,070,000		404,811
Metallurgical Corp. of China, Ltd. (b)		3,104,000		851,440

See accompanying notes to financial statements.

184

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Sinopec Engineering Group Co., Ltd. (Class H)		1,346,000	$	1,450,853
				14,440,476
CONSTRUCTION MATERIALS — 1.0%
Anhui Conch Cement Co., Ltd. (Class H) (b)		1,487,000		4,749,147
BBMG Corp. (Class H)		873,000		604,852
China National Building Material Co., Ltd. (Class H) (b)		3,478,000		3,153,227
China Resources Cement Holdings, Ltd.		1,041,163		713,318
China Shanshui Cement Group, Ltd. (b)		1,863,000		664,577
				9,885,121
DIVERSIFIED CONSUMER SERVICES — 0.5%
New Oriental Education & Technology Group, Inc. ADR (a)(b)		137,491		3,189,791
TAL Education Group ADR (a)(b)		56,347		1,968,764
				5,158,555
DIVERSIFIED FINANCIAL SERVICES — 0.1%
Far East Horizon, Ltd.		1,193,000		1,067,771
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.7%
China Communications Services Corp., Ltd. (Class H)		2,165,600		1,006,789
China Telecom Corp., Ltd. (Class H)		13,552,951		8,307,948
China Unicom (Hong Kong), Ltd.		4,361,805		6,515,941
Citic Telecom International Holdings, Ltd.		1,633,000		611,973
				16,442,651
ELECTRICAL EQUIPMENT — 0.7%
China High Speed Transmission Equipment Group Co., Ltd. (a)(b)		1,369,000		1,112,463
Shanghai Electric Group Co., Ltd. (Class H)		3,896,000		2,072,154
Tech Pro Technology Development, Ltd. (a)		1,558,000		1,021,264
Xinjiang Goldwind Science & Technology Co., Ltd. (Class H)		377,400		647,380
Zhuzhou CSR Times Electric Co., Ltd. (Class H)		501,000		1,935,584
				6,788,845
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.2%
AAC Technologies Holdings, Inc. (b)		715,745		4,157,075
Anxin-China Holdings, Ltd.		2,900,000		295,038
Avic International Holdings, Ltd. (a)		1,001,896		712,221
Digital China Holdings, Ltd.		995,000		890,555
Ju Teng International Holdings, Ltd.		1,032,000		595,403
Kingboard Chemical Holdings, Ltd.		823,499		1,637,432
Shijiazhuang Baoshi Electronic Glass Co. Ltd. (Class B) (a)		2,367,600		2,170,907
Sunny Optical Technology Group Co., Ltd.		468,000		694,307
Wasion Group Holdings, Ltd.		518,000		476,967
				11,629,905
ENERGY EQUIPMENT & SERVICES — 0.5%
Anton Oilfield Services Group (b)		988,000		292,643
China Oilfield Services, Ltd.		1,487,900		3,928,082
Hilong Holding, Ltd. (b)		703,000		298,760
Honghua Group, Ltd. (b)		1,381,000		295,226
SPT Energy Group, Inc.		1,004,000		350,393
				5,165,104
FOOD & STAPLES RETAILING — 0.6%
China Resources Enterprise, Ltd. (b)		1,297,854		3,072,022
Sun Art Retail Group, Ltd. (b)		1,799,500		2,034,695
Wumart Stores, Inc. (Class H) (b)		505,000		472,151
				5,578,868
FOOD PRODUCTS — 3.4%
Asian Citrus Holdings, Ltd.		323		67
Biostime International Holdings, Ltd. (b)		188,500		586,248
China Agri-Industries Holdings, Ltd.		2,183,600		829,560
China Huishan Dairy Holdings Co., Ltd. (b)		3,655,000		809,597
China Huiyuan Juice Group, Ltd. (a)		981,000		419,431
China Mengniu Dairy Co., Ltd.		1,268,110		5,225,885
China Milk Products Group, Ltd. (a)(e)		15,000		0
China Modern Dairy Holdings, Ltd. (a)(b)		2,712,000		1,257,318
China Yurun Food Group, Ltd. (a)(b)		1,492,000		659,046
CP Pokphand Co.		4,456,000		499,249
Imperial Pacific International Holdings, Ltd. (a)		2,060,000		435,075
Shenguan Holdings Group, Ltd. (b)		1,972,000		662,827
Tingyi Cayman Islands Holding Corp.		2,233,844		5,868,620
Uni-President China Holdings, Ltd. (b)		1,399,400		1,398,481
Want Want China Holdings, Ltd. (b)		6,599,933		8,227,499
WH Group, Ltd. (a)(c)		5,467,500		4,492,234
YuanShengTai Dairy Farm, Ltd. (a)(b)		2,485,000		400,027
				31,771,164
GAS UTILITIES — 0.7%
China Gas Holdings, Ltd.		2,246,000		3,725,448
China Oil and Gas Group, Ltd.		2,620,000		421,759
China Resources Gas Group, Ltd.		992,000		2,682,773
				6,829,980
HEALTH CARE EQUIPMENT & SUPPLIES — 0.5%
Mindray Medical International, Ltd. ADR (b)		95,663		2,885,196

See accompanying notes to financial statements.

185

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

September 30, 2014

Security Description	Shares		Value
Shandong Weigao Group Medical Polymer Co., Ltd. (b)		1,968,000	$	1,946,432
				4,831,628
HEALTH CARE PROVIDERS & SERVICES — 0.6%
Phoenix Healthcare Group Co., Ltd.		475,000		753,628
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H)		826,700		2,020,678
Sinopharm Group Co., Ltd. (Class H) (b)		790,800		2,892,264
				5,666,570
HOTELS, RESTAURANTS & LEISURE — 0.4%
Ajisen China Holdings, Ltd.		496,000		391,557
China Lodging Group, Ltd. ADR (a)		24,700		636,519
China Travel International Investment Hong Kong, Ltd.		3,488,000		1,028,644
Home Inns & Hotels Management, Inc. ADR (a)		32,964		955,626
REXLot Holdings, Ltd. (b)		6,052,210		615,735
Shanghai Jin Jiang International Hotels Group Co., Ltd.		1,512,187		539,434
				4,167,515
HOUSEHOLD DURABLES — 0.4%
Haier Electronics Group Co., Ltd.		1,088,000		2,851,322
Hisense Kelon Electrical Holdings Co., Ltd. (Class H) (a)		358,000		377,128
Skyworth Digital Holdings, Ltd. (b)		1,929,878		1,001,585
				4,230,035
HOUSEHOLD PRODUCTS — 0.1%
NVC Lighting Holdings, Ltd. (e)		2,417,000		550,938
Vinda International Holdings, Ltd.		491,000		741,075
				1,292,013
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 2.0%
Beijing Jingneng Clean Energy Co., Ltd. (Class H)		1,448,000		620,963
China Datang Corp. Renewable Power Co., Ltd. (b)		2,380,000		312,630
China Longyuan Power Group Corp. (Class H)		2,606,000		2,547,236
China Power International Development, Ltd. (b)		2,879,000		1,334,741
China Resources Power Holdings Co., Ltd.		1,826,112		4,926,794
Datang International Power Generation Co., Ltd. (Class H)		3,940,287		2,055,114
Huadian Fuxin Energy Corp., Ltd. (Class H)		1,880,000		1,101,596
Huadian Power International Co., Ltd. (Class H)		1,268,000		893,222
Huaneng Power International, Inc. (Class H)		3,732,129		4,075,730
Huaneng Renewables Corp., Ltd. (Class H)		2,860,000		939,202
				18,807,228
INDUSTRIAL CONGLOMERATES — 1.5%
Beijing Enterprises Holdings, Ltd.		554,000		4,748,001
CITIC, Ltd. (b)		4,589,000		7,659,069
Shanghai Industrial Holdings, Ltd.		742,000		2,197,782
				14,604,852
INSURANCE — 5.4%
China Life Insurance Co., Ltd. (Class H)		6,920,040		19,204,758
China Pacific Insurance Group Co., Ltd. (Class H)		1,698,600		5,971,820
China Taiping Insurance Holdings Co., Ltd. (a)		885,200		1,919,714
New China Life Insurance Co., Ltd. (Class H)		396,400		1,380,873
People’s Insurance Co. Group of China, Ltd. (Class H)		5,621,000		2,294,699
PICC Property & Casualty Co., Ltd. (Class H)		3,745,742		6,637,572
Ping An Insurance Group Co. of China, Ltd. (Class H)		1,855,300		13,929,504
				51,338,940
INTERNET & CATALOG RETAIL — 1.3%
Ctrip.com International, Ltd. ADR (a)		120,668		6,849,116
E-Commerce China Dangdang, Inc. (Class A) ADR (a)(b)		69,261		844,984
Qunar Cayman Islands, Ltd. ADR (a)		9,569		264,583
Vipshop Holdings, Ltd. ADS (a)		24,957		4,717,122
				12,675,805
INTERNET SOFTWARE & SERVICES — 16.2%
21Vianet Group, Inc. ADR (a)(b)		60,467		1,088,406
58.com Inc, ADR (a)(b)		16,837		627,178
Autohome, Inc, ADR (a)(b)		15,000		630,150
Baidu, Inc. ADR (a)		248,332		54,193,492
Bitauto Holdings, Ltd. ADR (a)		22,300		1,739,400
NetEase, Inc. ADR		76,770		6,576,118
Phoenix New Media, Ltd. ADR (a)		51,886		485,134
Qihoo 360 Technology Co., Ltd. ADR (a)(b)		77,491		5,228,318
Sina Corp. (a)(b)		69,829		2,872,765
Sohu.com, Inc. (a)		35,576		1,786,983
SouFun Holdings, Ltd. ADR (b)		212,395		2,113,330
Tencent Holdings, Ltd.		4,831,515		71,865,138
Youku Tudou, Inc. ADR (a)(b)		122,043		2,187,011
YY, Inc. ADR (a)(b)		23,280		1,743,439
				153,136,862
IT SERVICES — 0.2%
AGTech Holdings Ltd. (a)(b)		1,792,000		290,778
Hi Sun Technology China, Ltd. (a)		1,731,000		392,340
Travelsky Technology, Ltd. (b)		1,413,000		1,521,253
				2,204,371
MACHINERY — 1.4%
China Conch Venture Holdings, Ltd.		546,000		1,067,376

See accompanying notes to financial statements.

186

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

September 30, 2014

Security Description	Shares		Value
China International Marine Containers Group Co., Ltd. (Class H)		693,200	$	1,430,125
China Rongsheng Heavy Industries Group Holdings, Ltd. (a)(b)(e)		3,061,000		536,111
CIMC Enric Holdings, Ltd.		742,000		741,513
CSR Corp., Ltd. (Class H) (b)		1,260,000		1,108,266
Guangzhou Shipyard International Co., Ltd. (Class H) (e)		248,000		438,825
Haitian International Holdings, Ltd.		753,000		1,710,592
Lonking Holdings, Ltd. (b)		3,104,000		559,632
Weichai Power Co., Ltd. (b)		617,920		2,232,123
Yangzijiang Shipbuilding Holdings, Ltd.		3,094,000		2,862,793
Zoomlion Heavy Industry Science and Technology Co., Ltd. (Class H) (b)		1,205,400		703,206
				13,390,562
MARINE — 0.4%
China COSCO Holdings Co., Ltd. (a)(b)		3,427,175		1,421,167
China Shipping Container Lines Co., Ltd. (a)(b)		4,451,500		1,198,134
China Shipping Development Co., Ltd. (a)(b)		1,677,800		1,052,258
				3,671,559
MEDIA — 0.2%
Alibaba Pictures Group, Ltd. (a)(b)(e)		4,830,000		1,001,443
Poly Culture Group Corp., Ltd. (Class H) (a)		129,700		484,385
				1,485,828
METALS & MINING — 1.5%
Aluminum Corp. of China, Ltd. (Class H) (a)(b)		4,384,000		1,784,065
Angang Steel Co., Ltd. (b)		1,713,720		1,081,406
China Metal Recycling Holdings, Ltd. (a)(b)(d)		468,600		0
China Molybdenum Co., Ltd.		1,868,000		1,137,866
China Precious Metal Resources Holdings Co., Ltd. (a)(b)		4,736,000		561,116
Hunan Non-Ferrous Metal Corp., Ltd. (a)(b)		2,316,000		790,383
Jiangxi Copper Co., Ltd. (Class H) (b)		1,978,000		3,255,443
Maanshan Iron & Steel (a)(b)		3,998,000		870,127
MMG, Ltd.		1,660,000		581,473
North Mining Shares Co., Ltd. (a)(b)		10,690,000		523,135
Shougang Fushan Resources Group, Ltd. (b)		3,630,000		813,409
Zhaojin Mining Industry Co., Ltd. (Class H) (b)		1,234,000		683,339
Zijin Mining Group Co., Ltd. (Class H) (b)		9,152,750		2,227,749
				14,309,511
MULTILINE RETAIL — 0.3%
Golden Eagle Retail Group, Ltd. (b)		837,120		973,483
Intime Retail Group Co., Ltd. (b)		937,000		796,410
Parkson Retail Group, Ltd. (b)		1,987,000		575,749
				2,345,642
OIL, GAS & CONSUMABLE FUELS — 9.8%
China Coal Energy Co., Ltd. (Class H) (b)		5,016,013		2,932,699
China Petroleum & Chemical Corp. (Class H)		23,692,640		20,747,956
China Shenhua Energy Co., Ltd. (Class H)		3,403,200		9,488,516
China Suntien Green Energy Corp., Ltd. (Class H)		1,220,000		304,800
CNOOC, Ltd.		14,747,174		25,296,823
Inner Mongolia Yitai Coal Co., Ltd.		572,400		828,550
Kunlun Energy Co., Ltd. (b)		2,963,400		4,274,263
Newocean Energy Holdings, Ltd. (b)		1,034,000		515,329
PetroChina Co., Ltd. (Class H)		19,328,930		24,767,595
Sinopec Kantons Holdings, Ltd. (b)		1,254,000		994,789
United Energy Group, Ltd. (a)		3,210,000		462,995
Yanzhou Coal Mining Co., Ltd. (Class H) (b)		2,493,900		2,045,839
				92,660,154
PAPER & FOREST PRODUCTS — 0.3%
Lee & Man Paper Manufacturing, Ltd. (b)		2,361,000		1,197,968
Nine Dragons Paper Holdings, Ltd. (b)		1,978,000		1,423,938
				2,621,906
PERSONAL PRODUCTS — 0.8%
Hengan International Group Co., Ltd.		805,500		7,920,043
PHARMACEUTICALS — 2.2%
China Animal Healthcare, Ltd.		721,600		558,501
China Medical System Holdings, Ltd. (b)		961,000		1,643,518
China Pharmaceutical Group, Ltd.		1,888,000		1,563,385
China Shineway Pharmaceutical Group, Ltd.		361,000		611,809
Consun Pharmaceutical Group, Ltd.		701,000		613,875
Guangzhou Baiyunshan Pharmaceu		254,000		870,098
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H)		2,164,000		719,002
Lijun International Pharmaceutical Holding Co., Ltd.		2,162,000		1,041,311
Luye Pharma Group, Ltd. (a)		1,394,000		1,786,236
Shanghai Fosun Pharmaceutical Group Co., Ltd. (Class H)		249,000		803,267
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Class H) (a)		656,000		620,087
Sihuan Pharmaceutical Holdings Group, Ltd.		4,652,000		3,486,709
Sino Biopharmaceutical, Ltd.		2,948,000		2,934,674
The United Laboratories International Holdings, Ltd. (a)		338,000		254,639

See accompanying notes to financial statements.

187

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

September 30, 2014

Security Description	Shares		Value
Tong Ren Tang Technologies Co., Ltd. (Class H) (b)		464,000	$	640,569
WuXi PharmaTech Cayman, Inc. ADR (a)		74,262		2,600,655
				20,748,335
REAL ESTATE MANAGEMENT & DEVELOPMENT — 4.6%
Agile Property Holdings, Ltd. (b)		2,253,109		1,384,056
Carnival Group International Holdings, Ltd. (a)(b)		8,500,000		1,280,730
China Overseas Land & Investment, Ltd. (b)		3,797,862		9,772,093
China Resources Land, Ltd.		1,769,000		3,645,027
China South City Holdings, Ltd.		2,772,000		1,281,565
China Vanke Co., Ltd. (Class H) (a)(b)		1,265,464		2,235,923
Country Garden Holdings Co., Ltd. (b)		6,972,657		2,630,988
E-House China Holdings, Ltd. ADR		75,761		721,245
Evergrande Real Estate Group, Ltd. (b)		4,601,000		1,730,167
Franshion Properties China, Ltd.		1,940,000		472,190
Greentown China Holdings, Ltd. (b)		519,000		485,909
Guangzhou R&F Properties Co., Ltd. (Class H) (b)		1,321,824		1,336,276
Hopson Development Holdings, Ltd. (a)(b)		512,000		441,771
Hydoo International Holding Ltd. (b)		1,474,000		320,802
Kaisa Group Holdings, Ltd. (b)		1,551,000		589,233
KWG Property Holding, Ltd. (b)		1,003,592		704,379
Longfor Properties Co., Ltd.		1,067,000		1,220,198
Poly Property Group Co., Ltd. (b)		1,608,000		617,100
Renhe Commercial Holdings Co., Ltd. (a)		13,134,000		558,167
Shenzhen Investment, Ltd.		2,163,432		607,369
Shimao Property Holdings, Ltd.		1,310,941		2,653,925
Shui On Land, Ltd. (b)		4,165,000		933,291
Sino-Ocean Land Holdings, Ltd. (b)		4,770,712		2,512,809
Soho China, Ltd.		1,280,000		926,401
Sunac China Holdings, Ltd.		1,523,000		1,153,268
Yanlord Land Group, Ltd. (b)		1,400,000		1,180,114
Yuexiu Property Co., Ltd. (b)		7,724,000		1,372,696
Yuzhou Properties Co. (b)		3,524,840		753,530
				43,521,222
ROAD & RAIL — 0.1%
Guangshen Railway Co., Ltd.		3,032,000		1,198,728
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.4%
GCL Poly Energy Holdings, Ltd. (a)(b)		9,254,000		3,396,466
Hanergy Solar Group, Ltd. (a)(b)		13,525,000		2,490,728
Icube Technology Holdings, Ltd. (a)		4,020,000		465,931
JinkoSolar Holding Co., Ltd. ADR (a)(b)		18,859		518,434
ReneSola, Ltd. ADR (a)(b)		79,246		237,738
Semiconductor Manufacturing International Corp. (a)(b)		26,611,000		2,741,600
Shunfeng Photovoltaic International Ltd. (a)(b)		692,000		624,708
Trina Solar, Ltd. ADR (a)(b)		75,457		910,766
Xinyi Solar Holdings, Ltd. (b)		3,276,000		1,075,814
Yingli Green Energy Holding Co., Ltd. ADR (a)(b)		111,531		346,861
				12,809,046
SOFTWARE — 0.5%
BAIOO Family Interactive, Ltd. (a)(c)		1,038,000		149,716
Boyaa Interactive International, Ltd.		389,000		384,737
Cheetah Mobile, Inc. ADR (a)		20,100		366,825
Kingdee International Software Group Co., Ltd. (a)		1,258,000		372,616
Kingsoft Corp., Ltd. (b)		740,000		1,759,205
NetDragon Websoft, Inc.		291,000		477,436
NQ Mobile, Inc. ADR (a)(b)		37,319		260,113
Perfect World Co., Ltd. ADR		45,680		899,439
V1 Group, Ltd. (a)(b)		2,272,000		231,147
				4,901,234
SPECIALTY RETAIL — 0.9%
Baoxin Auto Group, Ltd. (b)		845,000		633,334
Belle International Holdings, Ltd.		4,356,000		4,897,281
GOME Electrical Appliances Holding, Ltd. (b)		9,167,279		1,487,524
Hengdeli Holdings, Ltd. (b)		3,608,895		576,300
Zhongsheng Group Holdings, Ltd. (b)		729,000		781,095
				8,375,534
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.1%
Coolpad Group, Ltd.		2,904,000		516,094
Lenovo Group, Ltd. (b)		6,038,000		8,988,845
TCL Communication Technology Holdings, Ltd.		496,000		595,320
				10,100,259
TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Anta Sports Products, Ltd.		728,000		1,483,170
Bosideng International Holdings, Ltd. (b)		4,482,000		646,462
China Dongxiang Group Co. (b)		5,500,000		1,034,114
Li Ning Co., Ltd. (a)(b)		1,244,500		657,100
Ports Design, Ltd.		672,000		266,547
Shenzhou International Group Holdings, Ltd.		370,000		1,191,227
				5,278,620
TRADING COMPANIES & DISTRIBUTORS — 0.0% (f)
Citic Resources Holdings, Ltd. (a)		2,458,000		373,523
TRANSPORTATION INFRASTRUCTURE — 1.7%
Anhui Expressway Co., Ltd.		1,650,000		1,007,199
Beijing Capital International Airport Co., Ltd.		2,491,939		1,906,237
China Merchants Holdings International Co., Ltd.		1,266,354		3,913,987
COSCO Pacific, Ltd.		2,255,308		2,991,548

See accompanying notes to financial statements.

188

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

September 30, 2014

Security Description	Shares		Value
Jiangsu Expressway Co., Ltd. (Class H) (b)		1,814,795	$	1,914,099
Shenzhen Expressway Co., Ltd. (Class H)		1,812,000		1,218,096
Shenzhen International Holdings Ltd.		785,795		1,072,675
Zhejiang Expressway Co., Ltd. (Class H)		2,254,000		2,290,255
				16,314,096
WATER UTILITIES — 0.8%
Beijing Enterprises Water Group, Ltd. (a)		4,482,000		3,030,289
CT Environmental Group, Ltd. (b)		308,000		263,373
Guangdong Investment, Ltd. (b)		3,284,000		3,835,866
Kangda International Environmental Co., Ltd. (a)(c)		1,055,000		516,285
				7,645,813
WIRELESS TELECOMMUNICATION SERVICES — 6.1%
China Mobile, Ltd.		4,980,004		57,559,511
TOTAL COMMON STOCKS —
(Cost $968,645,093)				944,138,342
RIGHTS — 0.0% (f)
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.0% (f)
Agile Property Holdings, Ltd. (expiring 10/10/14) (a)		450,622		44,684
Country Garden Holdings Co., Ltd. (expiring 10/8/14) (a)		460,843		26,113
Yuexiu Property Co., Ltd. (expiring 10/14/14) (a)(b)		2,548,920		39,391
TOTAL RIGHTS —
(Cost $0)				110,188
SHORT TERM INVESTMENTS — 11.5%
UNITED STATES — 11.5%
MONEY MARKET FUNDS — 11.5%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		107,999,843		107,999,843
State Street Institutional Liquid Reserves Fund 0.09% (h)(i)		948,043		948,043
TOTAL SHORT TERM INVESTMENTS —
(Cost $108,947,886)				108,947,886
TOTAL INVESTMENTS — 111.1%
(Cost $1,077,592,979)				1,053,196,416
OTHER ASSETS & LIABILITIES — (11.1)%				(105,591,815	)
NET ASSETS — 100.0%			$	947,604,601

(a)	Non-income producing security
(b)	A portion of the security was on loan at September 30, 2014.
(c)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.6% of net assets as of September 30, 2014, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(e)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(f)	Amount shown represents less than 0.05% of net assets.
(g)	Investments of cash collateral for securities loaned
(h)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(i)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

ADS = American Depositary Shares

See accompanying notes to financial statements.

189

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

September 30, 2014

GEOGRAPHICAL BREAKDOWN AS OF
SEPTEMBER 30, 2014

	PERCENT OF
COUNTRY	NET ASSETS
China		73.7	%
Hong Kong		25.9
United States Short Term Investments		11.5
Other Assets & Liabilities		(11.1	)
Total		100.0	%

See accompanying notes to financial statements.

190

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 98.4%
BRAZIL — 10.1%
All America Latina Logistica SA		15,928	$	41,355
AMBEV SA ADR		345,062		2,260,156
Banco Bradesco SA Preference Shares ADR		194,808		2,776,014
Banco do Brasil SA		57,380		592,633
Banco Santander Brasil SA		30,634		197,965
BB Seguridade Participacoes SA		38,300		503,454
BM&FBOVESPA SA		121,771		556,261
BR Malls Participacoes SA		44,842		353,852
Bradespar SA Preference Shares		31,698		231,886
Brasil Brokers Participacoes SA		12,298		16,618
Braskem SA Preference Shares ADR (a)		12,265		161,530
BRF — Brasil Foods SA ADR		34,894		830,128
CCR SA		34,206		234,314
Centrais Eletricas Brasileiras SA ADR (a)		39,280		106,056
Cia Hering		3,102		31,405
Cielo SA		22,633		369,579
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		15,525		677,045
Companhia de Saneamento Basico do Estado de Sao Paulo		49,907		402,988
Companhia Energetica de Minas Gerais ADR		87,637		545,978
Companhia Energetica de Sao Paulo Preference Shares		3,882		41,489
Companhia Siderurgica Nacional SA ADR (a)		100,444		356,576
Cosan SA Industria e Comercio		12,536		201,325
Cyrela Brazil Realty SA		35,313		178,035
Duratex SA		25,936		95,714
Empresa Brasileira de Aeronautica SA		53,933		531,712
Estacio Participacoes SA		6,197		64,358
Fibria Celulose SA ADR (a)(b)		19,325		212,575
Gafisa SA		8,551		10,333
Gerdau SA ADR (a)		74,801		359,045
Hypermarcas SA (b)		3,277		23,518
Investimentos Itau SA		23,913		87,956
Investimentos Itau SA Preference Shares		297,241		1,124,846
Itau Unibanco Holding SA Preference Shares ADR		210,377		2,920,033
JBS SA		14,154		52,869
Klabin SA		4,262		20,600
Kroton Educacional SA		54,656		343,162
Lojas Americanas SA Preference Shares		50,552		286,647
Lojas Renner SA		22,838		662,690
Metalurgica Gerdau SA Preference Shares		39,354		227,327
MMX Mineracao e Metalicos SA (b)		3,576		832
MRV Engenharia e Participacoes SA		6,843		22,935
Natura Cosmeticos SA		19,292		291,239
Oi SA ADR (b)(c)		7,270		5,380
Oi SA ADR (a)(b)(c)		38,456		26,919
PDG Realty SA Empreendimentos e Participacoes (b)		45,446		20,408
Petroleo Brasileiro SA Preference Shares ADR		150,270		2,237,520
Petroleo Brasileiro SA ADR		98,830		1,402,398
Profarma Distribuidora de Produtos Farmaceuticos SA		2,167		9,943
Prumo Logistica SA (b)		21,442		7,878
Qualicorp SA (b)		2,761		27,299
Souza Cruz SA		63,702		512,300
Telefonica Brasil SA ADR (a)		14,118		277,842
Telefonica Brasil SA Preference Shares		35,645		704,286
Tim Participacoes SA ADR		15,555		407,541
Tractebel Energia SA ADR		16,582		232,930
Ultrapar Participacoes SA		18,434		389,886
Usinas Siderurgicas de Minas Gerais SA ADR (a)(b)		50,863		132,549
Vale SA ADR (a)		104,491		1,150,446
Vale SA Preference Shares ADR		189,260		1,837,715
Weg SA		40,735		475,098
				28,863,371
CHILE — 1.8%
Antarchile SA		22,451		291,269
Compania General de Electricidad SA		53,911		256,754
Empresa Electrica Pilmaiquen		27,360		137,402
Empresa Nacional de Electricidad SA ADR		11,561		508,222
Empresas COPEC SA		51,679		634,990
Empresas Iansa SA		554,917		19,043
Enersis SA ADR		44,396		700,569
Enjoy SA		240,638		26,184
Invexans SA (b)		1,176,999		15,763
Latam Airlines Group SA ADR (a)(b)		34,355		390,616
Multiexport Foods SA (b)		218,939		49,478
Parque Arauco SA		338,136		650,947
SACI Falabella		156,654		1,181,389
Socovesa SA		32,509		6,639
Tech Pack SA (b)		13,740		6,647
Vina Concha y Toro SA ADR		7,587		301,507
				5,177,419
CHINA — 17.1%
Agricultural Bank of China, Ltd. (Class H)		1,191,000		527,622
Air China, Ltd.		258,000		163,138
Aluminum Corp. of China, Ltd. (Class H) (a)(b)		430,000		174,988
Angang Steel Co., Ltd. (a)		88,640		55,934
Anhui Conch Cement Co., Ltd. (Class H) (a)		258,000		823,995
Anton Oilfield Services Group (a)		60,000		17,772
Avic International Holdings, Ltd. (b)		84,000		59,713
Baidu, Inc. ADR (b)		24,122		5,264,144
Bank of China, Ltd. (Class H)		3,701,900		1,659,040
Bank of Communications Co., Ltd. (Class H)		687,864		479,240
Beijing Jingneng Clean Energy Co., Ltd. (Class H)		66,000		28,304
BOE Technology Group Co., Ltd. (Class B) (b)		51,100		16,847

See accompanying notes to financial statements.

191

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

September 30, 2014

Security Description	Shares		Value
Brilliance China Automotive Holdings, Ltd.		186,000	$	324,807
BYD Co., Ltd. (a)		19,000		126,135
China Citic Bank Corp., Ltd. (Class H)		479,000		290,542
China Coal Energy Co., Ltd. (Class H) (a)		430,000		251,407
China Communications Construction Co., Ltd. (Class H)		392,000		282,701
China Communications Services Corp., Ltd. (Class H)		82,000		38,122
China Construction Bank Corp.		5,062,280		3,546,484
China COSCO Holdings Co., Ltd. (a)(b)		301,425		124,994
China Datang Corp. Renewable Power Co., Ltd. (a)		117,000		15,369
China Fangda Group Co., Ltd.		128,100		74,566
China Life Insurance Co., Ltd. (Class H)		735,000		2,039,800
China Longyuan Power Group Corp. (Class H)		136,000		132,933
China Merchants Bank Co., Ltd. (Class H)		445,195		761,380
China Minsheng Banking Corp., Ltd. (Class H) (a)		310,400		283,813
China National Accord Medicines Corp., Ltd.		3,200		16,641
China National Building Material Co., Ltd. (Class H) (a)		86,000		77,969
China Oilfield Services, Ltd.		344,000		908,166
China Pacific Insurance Group Co., Ltd. (Class H)		75,000		263,680
China Petroleum & Chemical Corp. (Class H)		2,150,200		1,882,958
China Railway Construction Corp., Ltd. (Class H) (a)		215,000		195,477
China Railway Group, Ltd. (Class H)		387,000		205,334
China Shenhua Energy Co., Ltd. (Class H)		344,000		959,112
China Shipping Container Lines Co., Ltd. (a)(b)		692,350		186,348
China Shipping Development Co., Ltd. (b)		172,000		107,872
China Telecom Corp., Ltd. (Class H)		1,550,000		950,149
China Vanke Co., Ltd. (Class H) (a)(b)		60,400		106,720
Chongqing Changan Automobile Co., Ltd. (Class B)		59,200		127,166
Chongqing Machinery & Electric Co., Ltd.		68,000		10,596
Coland Holdings, Ltd.		11,938		27,471
Coolpad Group, Ltd.		200,000		35,544
Country Garden Holdings Co., Ltd. (a)		308,000		116,217
Ctrip.com International, Ltd. ADR (a)(b)		17,448		990,348
Datang International Power Generation Co., Ltd. (Class H)		516,000		269,127
Dongfang Electric Corp., Ltd.		17,200		30,966
Dongfeng Motor Group Co., Ltd. (Class H)		430,000		706,597
Great Wall Motor Co., Ltd. (Class H) (a)		67,750		263,057
Guangdong Electric Power Development Co. Ltd.		101,300		66,924
Guangshen Railway Co., Ltd.		344,000		136,003
Guangzhou Automobile Group Co., Ltd. (Class H)		192,636		186,307
Guangzhou Baiyunshan Pharmaceu		6,000		20,554
Guangzhou R&F Properties Co., Ltd. (Class H) (a)		154,800		156,493
Guodian Technology & Environment Group Co., Ltd. (Class H)		38,000		7,732
Hainan Meilan International Airport Co., Ltd. (Class H)		30,000		23,567
Hangzhou Steam Turbine Co.		21,900		26,455
Harbin Electric Co., Ltd.		86,000		51,721
Hengan International Group Co., Ltd.		38,000		373,633
Huadian Power International Co., Ltd. (Class H)		516,000		363,488
Huaneng Power International, Inc. (Class H) (a)		430,000		469,588
Huaneng Renewables Corp., Ltd. (Class H)		168,000		55,170
Huangshan Tourism Development Co., Ltd.		39,500		56,485
Industrial & Commercial Bank of China (Class H)		4,948,590		3,084,465
Inner Mongolia Yitai Coal Co., Ltd. (Class B)		12,900		21,943
Jiangsu Expressway Co., Ltd. (Class H) (a)		260,000		274,227
Jiangsu Future Land Co., Ltd. (d)		81,100		41,118
Jiangxi Copper Co., Ltd. (Class H) (a)		88,000		144,833
Kingsoft Corp., Ltd. (a)		40,000		95,092
Konka Group Co., Ltd.		398,400		166,746
Lao Feng Xiang Co., Ltd. (Class B)		11,600		34,684
Livzon Pharmaceutical Group, Inc. (Class H) (d)		4,200		29,045
Maanshan Iron & Steel (a)(b)		258,000		56,151
Mindray Medical International, Ltd. ADR (a)		3,566		107,551
NetEase, Inc. ADR		10,299		882,212
New Oriental Education & Technology Group, Inc. ADR (a)(b)		7,047		163,490
Nine Dragons Paper Holdings, Ltd. (a)		129,000		92,866
Parkson Retail Group, Ltd. (a)		107,134		31,043
People’s Insurance Co. Group of China, Ltd. (Class H)		212,000		86,546
PetroChina Co., Ltd. (Class H)		1,892,000		2,424,360
PICC Property & Casualty Co., Ltd. (Class H)		417,712		740,199
Ping An Insurance Group Co. of China, Ltd. (Class H) (a)		123,000		923,478
Renhe Commercial Holdings Co., Ltd. (b)		410,000		17,424
Semiconductor Manufacturing International Corp. (a)(b)		1,458,000		150,211
Shandong Chenming Paper Holdings Ltd. (Class B)		18,000		9,133

See accompanying notes to financial statements.

192

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

September 30, 2014

Security Description	Shares		Value
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. (Class H)		8,000	$	14,980
Shandong Weigao Group Medical Polymer Co., Ltd. (a)		132,000		130,553
Shanghai Dajiang Group, Class B (b)		246,401		100,778
Shanghai Electric Group Co., Ltd. (Class H)		496,000		263,806
Shanghai Jinjiang International Industrial Investment Co. Ltd.		47,300		45,171
Shanghai Jinqiao Export Processing Zone Development Co. Ltd.		114,834		126,547
Shenzhen Expressway Co., Ltd. (Class H)		344,000		231,250
Shenzhou International Group Holdings, Ltd. (a)		6,000		19,317
Sihuan Pharmaceutical Holdings Group, Ltd.		44,000		32,978
Sina Corp. (a)(b)		4,950		203,643
Sinopec Shanghai Petrochemical Co., Ltd. (Class H)		516,000		170,115
Sinopharm Group Co., Ltd. (Class H) (a)		28,400		103,870
Soho China, Ltd.		27,500		19,903
SPT Energy Group, Inc.		20,000		6,980
Sunny Optical Technology Group Co., Ltd.		39,000		57,859
Tencent Holdings, Ltd.		464,700		6,912,062
Tingyi Cayman Islands Holding Corp.		258,000		677,802
Tong Ren Tang Technologies Co., Ltd. (Class H) (a)		10,000		13,805
Travelsky Technology, Ltd. (a)		310,000		333,750
Want Want China Holdings, Ltd. (a)		475,000		592,137
Weiqiao Textile Co. (a)		108,000		53,965
WuXi PharmaTech Cayman, Inc. ADR (b)		860		30,117
Yanzhou Coal Mining Co., Ltd. (Class H) (a)		258,000		211,647
Youku Tudou, Inc. ADR (a)(b)		6,475		116,032
Zhejiang Expressway Co., Ltd. (Class H)		344,000		349,533
Zhuzhou CSR Times Electric Co., Ltd. (Class H)		36,500		141,016
Zijin Mining Group Co., Ltd. (Class H) (a)		519,000		126,323
ZTE Corp. (Class H)		112,673		249,865
				48,908,046
COLOMBIA — 0.8%
Almacenes Exito SA		8,768		128,741
Banco Davivienda SA Preference Shares		14,749		213,054
Banco de Bogota SA		4,313		150,714
BanColombia SA		13,700		187,856
BanColombia SA ADR		4,937		280,027
Bolsa de Valores de Colombia		8,942,788		105,879
Cementos Argos SA		9,745		52,137
Corp Financiera Colombiana SA		4,195		83,125
Ecopetrol SA		131,854		206,731
Empresa de Telecomunicaciones de Bogota		259,731		71,409
Grupo Argos SA		3,939		44,295
Grupo Argos SA/Colombia Preference Shares		14,920		166,299
Grupo Aval Acciones y Valores		392,112		268,058
Grupo de Inversiones Suramericana SA		5,364		107,990
Grupo Nutresa SA		4,953		67,965
Interbolsa SA/Colombia (b)(d)		52,588		0
Interconexion Electrica SA ESP		19,984		91,671
Isagen SA ESP		88,085		119,998
				2,345,949
CZECH REPUBLIC — 0.4%
CEZ AS		17,993		547,026
Komercni Banka AS		1,896		450,953
O2 Czech Republic AS		12,659		181,966
Unipetrol (b)		12,826		72,451
				1,252,396
EGYPT — 0.6%
Commercial International Bank Egypt SAE		182,439		1,297,987
Egyptian Financial Group-Hermes Holding (b)		65,351		170,003
Egyptian Kuwait Holding Co. (b)		58,102		54,035
Global Telecom Holding (b)		69,157		49,038
Global Telecom Holding GDR (b)		34,879		114,438
Orascom Telecom Media & Technology Holding SAE (b)		56,681		9,354
				1,694,855
GREECE — 0.2%
Alpha Bank AE (b)		244,741		189,830
Eurobank Ergasias SA (b)		538,930		212,411
OPAP SA		12,049		157,536
				559,777
HONG KONG — 6.6%
AAC Technologies Holdings, Inc. (a)		109,000		633,076
Agile Property Holdings, Ltd. (a)		258,000		158,486
AMVIG Holdings, Ltd.		62,000		28,265
AviChina Industry & Technology Co., Ltd. (Class H)		136,000		97,204
Beijing Capital International Airport Co., Ltd.		258,000		197,360
Beijing Capital Land, Ltd.		24,000		8,283
Beijing Enterprises Holdings, Ltd.		18,000		154,267
Beijing Enterprises Water Group, Ltd. (b)		72,000		48,679
Belle International Holdings, Ltd.		221,000		248,462
Biostime International Holdings, Ltd. (a)		5,000		15,550
C.banner International Holdings, Ltd.		12,000		3,786
Chailease Holding Co., Ltd.		44,200		107,378
Chaoda Modern Agriculture Holdings, Ltd. (a)(b)(e)		136,550		0
China All Access Holdings, Ltd. (a)		28,000		10,890
China Everbright International, Ltd. (a)		93,000		123,120
China Gas Holdings, Ltd.		148,000		245,488
China High Speed Transmission Equipment Group Co., Ltd. (a)(b)		48,000		39,005

See accompanying notes to financial statements.

193

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
China Medical System Holdings, Ltd. (a)		93,000	$	159,050
China Mengniu Dairy Co., Ltd.		129,000		531,609
China Merchants Holdings International Co., Ltd.		96,806		299,203
China Mobile, Ltd.		468,500		5,414,982
China Modern Dairy Holdings, Ltd. (a)(b)		131,000		60,733
China Oil and Gas Group, Ltd.		120,000		19,317
China Overseas Grand Oceans Group, Ltd. (a)		38,000		21,532
China Overseas Land & Investment, Ltd.		347,200		893,363
China Power International Development, Ltd. (a)		430,000		199,354
China Resources Enterprise, Ltd. (a)		86,000		203,562
China Resources Gas Group, Ltd.		8,000		21,635
China Resources Land, Ltd.		172,000		354,406
China Resources Power Holdings Co., Ltd.		177,600		479,159
China Singyes Solar Technologies Holdings, Ltd. (b)		8,000		14,218
China State Construction International Holdings, Ltd.		14,000		20,806
China Taiping Insurance Holdings Co., Ltd. (b)		11,400		24,723
China Travel International Investment Hong Kong, Ltd.		430,000		126,811
China Unicom (Hong Kong), Ltd.		349,668		522,356
China Yurun Food Group, Ltd. (a)(b)		12,000		5,301
Citic Telecom International Holdings, Ltd.		45,000		16,864
CITIC, Ltd. (a)		86,000		143,535
CNOOC, Ltd.		1,414,000		2,425,530
Comba Telecom Systems Holdings, Ltd. (a)		45,780		20,694
COSCO Pacific, Ltd.		186,413		247,267
Digital China Holdings, Ltd.		45,000		40,276
GCL Poly Energy Holdings, Ltd. (a)(b)		221,000		81,113
Geely Automobile Holdings, Ltd.		175,000		73,244
Greatview Aseptic Packaging Co., Ltd.		10,000		6,568
Greentown China Holdings, Ltd. (a)		37,500		35,109
Guangdong Investment, Ltd.		346,000		404,144
Haier Electronics Group Co., Ltd.		7,000		18,345
Hanergy Solar Group, Ltd. (a)		506,000		93,184
Hengdeli Holdings, Ltd. (a)		1,149,600		183,578
Honghua Group, Ltd. (a)		14,000		2,993
Hopson Development Holdings, Ltd. (a)(b)		26,000		22,434
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H) (a)		168,000		55,819
Huabao International Holdings, Ltd. (a)		48,000		37,027
Ju Teng International Holdings, Ltd.		60,000		34,616
Kaisa Group Holdings, Ltd. (a)		44,000		16,716
Kingboard Chemical Holdings, Ltd.		83,340		165,712
Kingboard Laminates Holdings, Ltd.		46,500		19,642
Kunlun Energy Co., Ltd. (a)		430,000		620,211
KWG Property Holding, Ltd. (a)		84,412		59,245
Lee & Man Paper Manufacturing, Ltd.		41,000		20,803
Lenovo Group, Ltd. (a)		602,000		896,205
Li Ning Co., Ltd. (a)(b)		86,000		45,408
Minth Group, Ltd.		18,000		34,864
NetDragon Websoft, Inc.		4,500		7,383
Newocean Energy Holdings, Ltd. (a)		22,000		10,965
Poly Property Group Co., Ltd. (a)		11,000		4,222
Real Nutriceutical Group, Ltd.		33,000		11,220
Shenzhen International Holdings Ltd.		40,966		55,922
Shenzhen Investment, Ltd.		109,016		30,606
Shimao Property Holdings, Ltd.		129,000		261,153
Sino Biopharmaceutical, Ltd.		168,000		167,241
Sino-Ocean Land Holdings, Ltd. (a)		333,980		175,913
Sinotrans, Ltd. (Class H)		430,000		312,321
Skyworth Digital Holdings, Ltd.		79,642		41,333
Sun Art Retail Group, Ltd. (a)		19,000		21,483
Sunac China Holdings, Ltd.		88,000		66,637
Tianneng Power International, Ltd.		14,000		4,742
Tibet 5100 Water Resources Holdings, Ltd. (a)		32,000		11,786
V1 Group, Ltd. (a)(b)		156,200		15,891
Wasion Group Holdings, Ltd.		18,000		16,574
Yingde Gases		27,000		25,522
Yip’s Chemical Holdings, Ltd.		10,000		6,838
Yuexiu Property Co., Ltd. (a)		602,000		106,986
Yuexiu Transport Infrastructure, Ltd.		1,258		773
				18,668,076
HUNGARY — 0.4%
MOL Hungarian Oil and Gas NyRt		6,021		295,059
OTP Bank PLC (a)		24,324		413,489
Richter Gedeon NyRt		20,826		326,077
				1,034,625
INDIA — 9.9%
Adani Enterprises, Ltd.		1,243		9,473
Alok Industries, Ltd.		308,532		58,949
Amtek Auto, Ltd.		10,130		33,075
Anant Raj, Ltd.		69,601		62,208
Apollo Hospitals Enterprise, Ltd.		6,212		112,723
Ashok Leyland, Ltd. (b)		37,361		24,893
Aurobindo Pharma, Ltd.		10,131		158,830
Axis Bank, Ltd.		14,737		90,126
Bajaj Hindusthan, Ltd. (b)		106,257		30,539
Balrampur Chini Mills, Ltd. (b)		52,927		42,849
BF Investment, Ltd. (b)		12,474		20,208
Bharat Heavy Electricals, Ltd.		80,787		262,205
Bharti Airtel, Ltd.		158,022		1,036,763
Biocon, Ltd.		2,806		22,635
Britannia Industries, Ltd.		5,186		116,891
Cipla, Ltd.		55,146		559,675
Coal India, Ltd.		35,607		196,801
Core Education & Technologies, Ltd. (b)		12,828		2,430
DCB Bank, Ltd. (b)		146,382		199,213
Dewan Housing Finance Corp., Ltd.		18,201		98,417
Dr. Reddy’s Laboratories, Ltd. ADR (a)		16,024		842,061
Educomp Solutions, Ltd. (b)		20,291		10,070

See accompanying notes to financial statements.

194

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

September 30, 2014

Security Description	Shares		Value
Era Infra Engineering, Ltd. (b)		2,818	$	662
Fortis Healthcare, Ltd. (b)		28,814		54,539
GAIL India, Ltd.		60,672		441,532
Gammon India, Ltd. (b)		2,423		1,410
Gateway Distriparks, Ltd.		17,241		71,591
Gitanjali Gems Ltd. (b)		2,260		2,333
Glenmark Pharmaceuticals, Ltd.		982		11,477
Godrej Consumer Products, Ltd.		3,367		53,896
Godrej Industries, Ltd.		29,647		147,707
Grasim Industries, Ltd. GDR		28		1,605
Gruh Finance Ltd.		48,488		150,269
GTL Infrastructure Ltd. (b)		344,592		16,739
GTL, Ltd. (b)		1,829		650
Gujarat NRE Coke, Ltd. (b)		17,281		2,155
GVK Power & Infrastructure, Ltd. (b)		152,730		25,101
HCL Technologies, Ltd.		15,519		430,881
HDFC Bank, Ltd.		102,290		1,445,327
Hero Motocorp, Ltd.		17,657		811,819
Hindalco Industries, Ltd.		56,208		142,659
Hindustan Construction Co. (b)		18,989		10,177
Hindustan Unilever, Ltd.		76,635		925,675
Housing Development & Infrastructure, Ltd. (b)		16,048		21,736
Housing Development Finance Corp., Ltd.		119,887		2,048,425
ICICI Bank, Ltd. ADR		24,862		1,220,724
Idea Cellular, Ltd.		6,539		17,586
IDFC, Ltd.		21		47
IIFL Holdings, Ltd.		202,675		493,233
Indiabulls Infrastructure & Power, Ltd. (b)		62,928		4,483
Indiabulls Real Estate, Ltd.		23,055		25,198
Indian Hotels Co., Ltd. (b)		75,846		119,799
Infosys, Ltd. ADR (a)		41,234		2,494,245
IRB Infrastructure Developers, Ltd.		4,996		18,695
ITC, Ltd. GDR		44,856		268,876
IVRCL Infrastructures & Projects, Ltd. (b)		19,469		4,870
Jain Irrigation Systems, Ltd.		13,230		17,437
Jaiprakash Associates, Ltd. (b)		71,139		30,467
Jet Airways India, Ltd. (b)		15,691		53,036
Jindal Steel & Power, Ltd.		6,538		18,293
Kotak Mahindra Bank, Ltd.		17,381		285,115
Lanco Infratech, Ltd. (b)		39,693		4,370
Larsen & Toubro, Ltd. GDR		26,588		627,477
LIC Housing Finance, Ltd.		17,445		91,942
Mahanagar Telephone Nigam (b)		58,888		25,792
Mahindra & Mahindra Financial Services, Ltd.		15,731		69,689
Mahindra & Mahindra, Ltd. GDR		30,361		673,407
Maruti Suzuki India, Ltd.		13,315		660,328
Monnet Ispat, Ltd.		6,986		8,778
MRF, Ltd.		160		84,668
Nagarjuna Construction Co., Ltd.		11,858		7,469
NTPC, Ltd.		111,557		251,256
Oil & Natural Gas Corp., Ltd.		157,871		1,044,336
OnMobile Global, Ltd.		4,459		2,242
Opto Circuits India, Ltd. (b)		6,254		2,177
OVANITC, Ltd.		8,634		51,754
PTC India, Ltd.		50,753		70,098
Punj Lloyd, Ltd. (b)		10,164		5,826
REI Agro, Ltd. (b)		44,716		1,919
Reliance Capital, Ltd.		6,980		51,463
Reliance Communications, Ltd. (b)		85,889		137,678
Reliance Industries, Ltd. GDR (f)		68,621		2,092,940
Reliance Infrastructure, Ltd.		20,523		194,546
Rolta India, Ltd.		6,538		12,042
Ruchi Soya Industries Ltd.		37,312		23,018
SE Investments Ltd.		29,140		136,759
Sesa Sterlite, Ltd.		28,796		127,055
Shree Renuka Sugars, Ltd. (b)		84,406		21,935
Shriram Transport Finance Co., Ltd.		4,558		68,805
Siemens India, Ltd.		18,712		250,609
Sintex Industries, Ltd.		47,151		55,121
State Bank of India GDR (a)		4,022		317,738
Strides Arcolab, Ltd.		2,231		25,801
Sun Pharmaceutical Industries, Ltd.		37,012		513,739
Sun TV Network, Ltd.		6,212		34,012
Suzlon Energy, Ltd. (b)		355,152		74,182
Tata Communications Ltd.		13,956		80,988
Tata Consultancy Services, Ltd.		38,046		1,685,827
Tata Motors, Ltd. ADR		20,746		906,808
Tata Power Co., Ltd.		201,377		270,796
Tata Steel, Ltd.		29,742		221,066
Tech Mahindra, Ltd.		6,355		256,186
Unitech, Ltd. (b)		130,192		39,736
United Breweries, Ltd.		4,365		50,340
United Spirits, Ltd. (b)		3,906		151,965
Videocon Industries, Ltd.		22,493		61,167
VST Industries Ltd.		1,626		42,868
Wipro, Ltd. ADR (a)		48,037		584,130
Wockhardt, Ltd.		1,914		24,760
Zee Entertainment Enterprises, Ltd.		34,257		174,252
				28,253,363
INDONESIA — 3.3%
Alam Sutera Realty Tbk PT		552,300		20,623
Astra International Tbk PT		2,497,700		1,445,120
Bank Central Asia Tbk PT		1,537,800		1,650,122
Bank Danamon Indonesia Tbk PT		369,318		118,358
Bank Mandiri Tbk PT		915,749		757,174
Bank Negara Indonesia Persero Tbk PT		149,000		67,561
Bank Rakyat Indonesia Persero Tbk PT		1,403,200		1,200,522
Barito Pacific Tbk PT (b)		730,300		16,362
Bekasi Fajar Industrial Estate Tbk PT		344,000		16,515
Bumi Resources Tbk PT (b)		1,277,600		19,922
Bumi Serpong Damai PT		293,500		37,214
BW Plantation Tbk PT		276,900		12,612
Charoen Pokphand Indonesia Tbk PT		319,900		111,315
Ciputra Development Tbk PT		450,600		37,535
Citra Marga Nusaphala Persada Tbk PT		86,000		22,021
Garuda Indonesia Tbk PT (b)		979,800		33,370
Global Mediacom Tbk PT (b)		47,400		7,566
Indocement Tunggal Prakarsa Tbk PT		38,900		68,797
Indofood Sukses Makmur Tbk PT		962,800		553,106
Indosat Tbk PT (b)		194,600		60,768
Japfa Comfeed Indonesia Tbk PT		84,500		8,530
Kalbe Farma Tbk PT		5,321,700		742,461

See accompanying notes to financial statements.

195

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

September 30, 2014

Security Description	Shares		Value
Kawasan Industri Jababeka Tbk PT		367,627	$	7,422
Lippo Cikarang Tbk PT (b)		13,800		8,975
Lippo Karawaci Tbk PT		947,500		73,094
Matahari Putra Prima Tbk PT		47,600		12,305
Mayora Indah Tbk PT		26,767		67,000
Medco Energi Internasional Tbk PT		505,900		148,220
Media Nusantara Citra Tbk PT		62,700		16,440
Modernland Realty Tbk PT		591,500		25,728
Pakuwon Jati Tbk PT		416,800		13,819
Perusahaan Gas Negara Persero Tbk PT		1,108,700		545,934
Semen Indonesia Persero Tbk PT		63,000		79,752
Sigmagold Inti Perkasa Tbk PT (b)		950,000		35,162
Summarecon Agung Tbk PT		323,000		32,340
Telekomunikasi Indonesia Persero Tbk PT		2,807,100		671,538
Tiga Pilar Sejahtera Food Tbk (b)		455,600		85,811
Unilever Indonesia Tbk PT		46,600		121,615
United Tractors Tbk PT		321,618		525,252
XL Axiata Tbk PT		47,900		24,373
				9,502,354
MALAYSIA — 3.9%
Aeon Co. M Bhd		631,200		723,461
Aeon Credit Service M Bhd		8,300		39,470
AirAsia Bhd		93,200		71,878
Alliance Financial Group Bhd		356,300		541,971
Axiata Group Bhd		103,400		220,637
Berjaya Sports Toto Bhd		170,396		198,419
Bintulu Port Holdings Bhd		94		201
British American Tobacco Malaysia Bhd		3,700		79,515
Bursa Malaysia Bhd		72,993		179,340
CapitaMalls Malaysia Trust		116,100		50,609
Carlsberg Brewery Malay Bhd		216,897		792,082
CIMB Group Holdings Bhd		67,633		144,935
Dialog Group Bhd		1,938,848		1,016,558
Digi.Com Bhd		458,800		818,162
Faber Group Bhd		59,100		58,731
Felda Global Ventures Holdings Bhd		34,900		37,554
Genting Bhd		277,400		802,477
Genting Malaysia Bhd		43,500		55,428
Guan Chong Bhd (b)		80,300		29,374
Hap Seng Plantations Holdings Bhd		11,600		8,946
IGB Corp. Bhd		378,753		331,358
IHH Healthcare Bhd		63,100		97,713
IOI Corp. Bhd		438,960		643,621
IOI Properties Group Sdn Bhd		271,329		216,699
Iskandar Waterfront City Bhd (b)		32,700		15,849
KLCC Property Holdings Bhd		46,400		93,917
KNM Group Bhd (b)		313,718		86,546
KPJ Healthcare Bhd		29,340		34,702
Lingkaran Trans Kota Holdings Bhd		29,900		35,546
Magnum Bhd		263,960		241,390
Malayan Banking Bhd		187,582		569,522
Malaysian Airline System Bhd (b)		2,069,100		163,989
Malaysian Resources Corp. Bhd		488,700		244,313
MPHB Capital Bhd (b)		132,030		105,447
Naim Holdings Bhd		87		93
OSK Holdings Bhd		511,506		335,235
Pavilion Real Estate Investment Trust		110,800		49,312
POS Malaysia Bhd		86,200		124,025
Public Bank Bhd		65,200		375,638
Sapurakencana Petroleum Bhd		46,300		58,148
Sime Darby Bhd		76,585		213,612
SP Setia Bhd		26,967		28,278
Sunway Real Estate Investment Trust		115,100		53,682
TA Enterprise Bhd		452,000		132,961
TA Global Bhd		357,866		41,999
TA Global Bhd Preference Shares (b)		3,790		445
Telekom Malaysia Bhd		55,369		111,396
Tenaga Nasional Bhd		61,400		231,712
UEM Sunrise Bhd		365,688		202,881
UMW Holdings Bhd		25,900		96,794
Unisem M Bhd		28,700		14,260
United Plantations Bhd		5,400		43,918
WCT Holdings Bhd		585,520		385,528
				11,250,277
MEXICO — 6.1%
Alfa SAB de CV (Class A)		371,309		1,270,942
America Movil SAB de CV		3,572,236		4,511,094
Axtel SAB de CV (a)(b)		140,520		40,910
Cemex SAB de CV (b)		908,608		1,183,942
Coca-Cola Femsa SAB de CV		53,649		540,355
Consorcio ARA SAB de CV (b)		139,621		63,416
Corporacion GEO SAB de CV (a)(b)(e)		42,565		0
Desarrolladora Homex SAB de CV (a)(b)		19,740		3,257
Empresas ICA SAB de CV (a)(b)		57,243		98,927
Fibra Uno Administracion SA de CV REIT		119,583		393,646
Fomento Economico Mexicano SAB de CV		182,671		1,681,548
Grupo Aeroportuario del Sureste SAB de CV (Class B) (a)		55,321		714,876
Grupo Bimbo SAB de CV		274,251		795,170
Grupo Elektra SA de CV		4,342		122,201
Grupo Financiero Banorte SAB de CV		134,432		858,627
Grupo Financiero Inbursa SA		107,762		308,998
Grupo Mexico SAB de CV		265,979		890,607
Grupo Televisa SA de CV (a)		163,103		1,106,359
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (b)		145,344		475,200
Industrias CH SAB, Series B (a)(b)		37,345		202,154
Industrias Penoles SA de CV		12,956		296,314
Kimberly-Clark de Mexico SAB de CV (Class A)		225,814		532,999
Sare Holding SAB de CV (Class B) (a)(b)		166,020		5,872
TV Azteca SAB de CV		321,195		167,410
Urbi Desarrollos Urbanos SA de CV (a)(b)(e)		44,913		0
Wal-Mart de Mexico SAB de CV		473,014		1,189,381
				17,454,205
MOROCCO — 0.4%
Banque Marocaine du Commerce Exterieur		24,259		610,195

See accompanying notes to financial statements.

196

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

September 30, 2014

Security Description	Shares		Value
Banque Marocaine pour le Commerce et l’Industrie SA		1,996	$	171,002
Douja Promotion Groupe Addoha SA		15,329		89,197
Holcim Maroc SA		1,114		267,229
				1,137,623
PANAMA — 0.1%
Avianca Holding SA Preference Shares		131,132		227,686
PERU — 0.8%
Compania de Minas Buenaventura SA ADR		27,812		322,063
Credicorp, Ltd.		8,373		1,284,334
Southern Copper Corp. (a)		21,977		651,618
Volcan Compania Minera SAA (Class B)		422,009		144,414
				2,402,429
PHILIPPINES — 1.5%
Alliance Global Group, Inc.		174,300		100,982
Ayala Land, Inc.		1,117,680		870,434
Bank of the Philippine Islands		403,097		880,252
BDO Unibank, Inc.		285,484		623,736
Cebu Air, Inc.		121,250		184,938
Cebu Holdings, Inc.		615,300		71,844
East West Banking Corp. (b)		67,900		40,776
Filinvest Land, Inc.		5,143,000		181,069
First Philippine Holdings Corp.		34,020		68,226
GMA Holdings, Inc.		298,200		46,115
GT Capital Holdings, Inc.		810		19,132
Megawide Construction Corp. (b)		266,740		75,367
Megaworld Corp.		560,000		62,766
Philippine Long Distance Telephone Co.		8,565		591,262
Puregold Price Club, Inc.		27,300		21,109
San Miguel Corp.		11,950		20,770
SM Investments Corp.		9,210		164,898
SM Prime Holdings, Inc.		260,190		101,345
Top Frontier Investment Holding Ltd. (b)		1,361		3,745
Universal Robina Corp.		19,490		81,213
Vista Land & Lifescapes, Inc.		89,300		12,277
				4,222,256
POLAND — 1.4%
Asseco Poland SA		7,218		101,745
Bank Pekao SA		13,173		773,828
Bank Zachodni WBK SA		1,945		232,395
Bioton SA (b)		3,023		4,508
Eurocash SA		680		6,646
Getin Holding SA (b)		25,851		22,990
Getin Noble Bank SA (b)		71,956		61,162
Globe Trade Centre SA (b)		16,157		27,369
Grupa Lotos SA (b)		9,831		83,712
KGHM Polska Miedz SA		14,109		539,880
LPP SA		38		113,797
Mbank		2,134		317,592
Orange Polska SA		86,375		304,386
Orbis SA		6,755		86,841
Polimex- Mostostal SA (b)		67,341		1,833
Polska Grupa Energetyczna SA		49,150		311,768
Polski Koncern Naftowy Orlen SA		3,521		43,934
Powszechna Kasa Oszczednosci Bank Polski SA		39,050		468,472
Powszechny Zaklad Ubezpieczen SA		2,511		365,724
Rovese SA (b)		80,865		34,000
				3,902,582
QATAR — 0.5%
Industries Qatar QSC		3,752		191,829
Masraf Al Rayan		21,041		321,806
Ooredoo QSC		6,860		249,581
Qatar National Bank SAQ		10,015		557,687
				1,320,903
RUSSIA — 5.0%
Evraz PLC		17,558		37,003
Gazprom OAO ADR		402,531		2,833,818
LSR Group OJSC GDR		9,825		35,960
Lukoil OAO ADR		40,220		2,051,220
Mechel OAO, ADR (b)		23,006		25,997
MMC Norilsk Nickel OJSC ADR		79,154		1,476,222
Mobile Telesystems OJSC (b)		17,075		118,280
Mobile Telesystems OJSC ADR		70,676		1,055,899
NovaTek OAO GDR		10,148		1,057,422
Novolipetsk Steel OJSC GDR		2,473		36,056
Novorossiysk Commercial Sea Trade Port PJSC GDR		4,561		13,044
Pharmstandard GDR (b)		5,110		65,152
Polymetal International PLC		8,972		75,052
Rosneft Oil Co. GDR		171,240		997,815
Rostelecom OJSC ADR		6,920		110,132
Sberbank of Russia ADR (c)		24,891		197,137
Sberbank of Russia ADR (c)		96,352		758,098
Severstal OAO GDR		41,046		409,639
Sistema JSFC GDR		10,902		75,224
Surgutneftegas OAO ADR		154,328		1,029,368
Tatneft OAO ADR		25,009		883,068
TMK OAO GDR		3,732		33,961
Uralkali OJSC GDR		6,365		112,979
VimpelCom, Ltd. ADR		43,368		313,117
VTB Bank OJSC GDR		44,698		88,994
X5 Retail Group NV GDR (b)		3,028		55,867
Yandex NV (Class A) (b)		8,333		231,616
				14,178,140
SOUTH AFRICA — 8.5%
Adcock Ingram Holdings, Ltd. (b)		9,135		38,987
Adcorp Holdings, Ltd.		42,272		117,669
African Bank Investments, Ltd. (a)(d)		213,554		5,860
African Rainbow Minerals, Ltd. (a)		9,018		114,363
Allied Electronics Corp., Ltd.		50,251		108,968
Anglo Platinum, Ltd. (a)(b)		2,460		79,710
AngloGold Ashanti, Ltd. (b)		21,707		266,077
Aquarius Platinum, Ltd. (b)		89,062		26,711
ArcelorMittal South Africa, Ltd. (b)		16,850		55,465
Aspen Pharmacare Holdings, Ltd.		40,711		1,212,511
Aveng, Ltd. (b)		48,642		95,663
Barclays Africa Group, Ltd.		29,240		398,890
Barloworld, Ltd.		20,805		170,333
Business Connexion Group, Ltd. (a)		179,074		101,438

See accompanying notes to financial statements.

197

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

September 30, 2014

Security Description	Shares		Value
Coronation Fund Managers, Ltd.		84,718	$	724,714
Discovery, Ltd.		27,402		238,483
FirstRand, Ltd. (a)		230,712		878,475
Gold Fields, Ltd. (a)		48,396		189,373
Grindrod, Ltd. (a)		81,865		163,538
Group Five, Ltd.		23,255		82,331
Harmony Gold Mining Co., Ltd. (b)		19,587		42,821
Impala Platinum Holdings, Ltd. (b)		34,790		267,894
Imperial Holdings, Ltd.		16,067		247,371
Investec, Ltd.		17,731		148,916
Invicta Holdings, Ltd.		39,921		371,005
Kumba Iron Ore, Ltd. (a)		3,455		81,505
Lewis Group, Ltd. (a)		21,024		105,136
Massmart Holdings, Ltd.		13,690		148,735
MMI Holdings, Ltd. (a)		77,826		180,543
MTN Group, Ltd.		121,927		2,571,871
Murray & Roberts Holdings, Ltd. (b)		58,270		129,967
Naspers, Ltd.		31,133		3,430,672
Nedbank Group, Ltd. (a)		31,507		610,382
Netcare, Ltd.		183,078		512,212
Northam Platinum, Ltd. (b)		24,479		79,775
PPC, Ltd.		17,825		46,636
PSG Group, Ltd.		36,277		308,852
Rand Merchant Insurance Holdings, Ltd.		96,564		302,557
Remgro, Ltd.		37,558		757,991
RMB Holdings, Ltd.		78,708		394,994
Sanlam, Ltd.		177,576		1,026,328
Sappi, Ltd. (a)(b)		24,717		97,308
Sasol, Ltd. (a)		33,672		1,827,958
Shoprite Holdings, Ltd.		44,486		551,121
Sibanye Gold, Ltd.		54,868		118,980
Standard Bank Group, Ltd.		79,737		922,058
Steinhoff International Holdings, Ltd. (a)		183,397		877,845
Sun International, Ltd.		14,470		153,303
Telkom SA, Ltd. (b)		23,423		113,256
The Bidvest Group, Ltd.		30,505		771,653
The Foschini Group, Ltd. (a)		27,425		284,487
Tiger Brands, Ltd.		17,100		477,406
Times Media Group, Ltd.		400		690
Trans Hex Group, Ltd. (b)		1,589		492
Truworths International, Ltd.		54,314		326,656
Wilson Bayly Holmes-Ovcon, Ltd.		20,143		249,580
Woolworths Holdings, Ltd.		90,648		560,901
				24,169,416
TAIWAN — 13.5%
Acer, Inc. (b)		218,758		153,895
Adlink Technology, Inc.		41,101		100,660
Advanced Semiconductor Engineering, Inc.		601,007		699,408
Advancetek Enterprise Co. Ltd.		212,000		201,410
AGV Products Corp. (b)		431,000		119,582
APCB, Inc.		84,000		58,265
Asustek Computer, Inc.		46,340		441,776
AU Optronics Corp. ADR		96,351		400,820
Audix Corp. (d)		87,000		110,968
Bank of Kaohsiung		127,714		37,996
Basso Industry Corp.		253,000		331,850
Biostar Microtech International Corp.		169,000		63,057
C Sun Manufacturing Ltd.		82,000		66,043
Carnival Industrial Corp.		171,000		45,421
Catcher Technology Co., Ltd.		48,000		444,978
Cathay Financial Holding Co., Ltd.		434,541		707,819
Cathay No. 1 REIT		118,000		70,018
Center Laboratories, Inc. (b)		46,204		159,484
Champion Building Materials Co. Ltd.		121,000		40,573
Chang Hwa Commercial Bank, Ltd.		605,861		371,449
Chang Wah Electromaterials, Inc.		8,257		19,082
Charoen Pokphand Enterprise		366,600		306,108
Cheng Loong Corp.		48,000		20,198
Cheng Shin Rubber Industry Co. Ltd.		33,850		74,667
China Airlines, Ltd. (b)		166,000		55,662
China Chemical & Pharmaceutical Co., Ltd.		130,000		90,600
China Development Financial Holding  Corp.		1,034,945		317,769
China Steel Chemical Corp.		114,595		672,437
China Steel Corp.		672,451		574,754
Chinatrust Financial Holding Co., Ltd.		1,014,462		681,988
Chipbond Technology Corp.		31,000		56,763
Chong Hong Construction Co., Ltd.		7,350		16,793
Chung Hwa Pulp Corp. (b)		183,000		54,083
Chunghwa Chemical Synthesis & Biotech Co. Ltd.		49,000		58,714
Chunghwa Telecom Co., Ltd.		214,457		646,484
CMC Magnetics Corp. (b)		261,000		40,240
Compal Electronics, Inc.		431,774		322,913
Coxon Precise Industrial Co. Ltd.		10,000		17,423
Da-Li Construction Co. Ltd. (b)		91,363		105,571
Delta Electronics, Inc.		171,340		1,081,454
Dimerco Express Taiwan Corp.		226,000		169,763
Eclat Textile Co., Ltd.		8,486		77,134
Elan Microelectronics Corp.		2,000		3,406
Elite Semiconductor Memory Technology, Inc.		134,750		219,936
Epistar Corp.		46,850		87,633
Etron Technology, Inc. (b)		12,445		6,403
Eva Airways Corp. (b)		92,000		48,692
Excelsior Medical Co., Ltd.		36,000		64,616
Far Eastern New Century Corp.		463,559		467,072
Flytech Technology Co. Ltd.		8,436		33,556
Formosa Chemicals & Fibre Corp.		224,243		518,230
Formosa Epitaxy, Inc. (b)		12,000		6,450
Formosa Plastics Corp.		351,714		833,629
Founding Construction & Development Co. Ltd.		329,932		222,344
Foxconn Technology Co., Ltd.		105,348		260,431
Fubon Financial Holding Co., Ltd.		549,903		844,211
Fullerton Technology Co. Ltd.		42,000		35,346
Fwusow Industry Co. Ltd.		165,300		91,291
Giant Manufacturing Co., Ltd.		64,302		500,980
Grape King, Inc.		136,000		574,500
Great Wall Enterprise Co.		44,300		43,179
HannStar Display Corp.		123,500		33,088
Hermes Microvision, Inc.		2,000		83,499
Himax Technologies, Inc. ADR (a)		4,320		43,848
Hiwin Technologies Corp.		8,911		79,679

See accompanying notes to financial statements.

198

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

September 30, 2014

Security Description	Shares		Value
Hocheng Corp.		249,000	$	92,906
Hon Hai Precision Industry Co., Ltd.		759,243		2,396,073
Hong TAI Electric Industrial		161,000		55,308
Hotai Motor Co., Ltd.		53,000		721,314
HTC Corp. (b)		79,198		343,666
Hua Nan Financial Holdings Co., Ltd.		621,712		362,773
Hung Sheng Construction Co. Ltd. (b)		89,000		59,978
Ibase Technology, Inc.		142,534		262,394
Innolux Corp.		335,820		145,171
Inotera Memories, Inc. (b)		34,000		50,520
Janfusun Fancyworld Corp. (b)		502,112		82,036
KEE TAI Properties Co., Ltd.		87,000		53,053
Kenda Rubber Industrial Co., Ltd.		4,451		8,852
Kerry TJ Logistics Co., Ltd.		78,000		102,053
Kindom Construction Co.		54,000		48,196
Kung Long Batteries Industrial Co. Ltd.		9,000		31,509
Kuoyang Construction Co., Ltd.		55,225		25,325
Kwong Fong Industries		44,000		23,794
Largan Precision Co., Ltd.		3,000		214,994
Leofoo Development Co. (b)		163,000		62,961
Lite-On Technology Corp.		223,404		322,039
Long Bon International Co., Ltd.		11,000		7,214
Long Chen Paper Co. Ltd.		1,328,301		692,108
MediaTek, Inc.		66,329		982,305
Medigen Biotechnology Corp. (b)		5,248		30,191
Mega Financial Holding Co., Ltd.		463,921		380,507
Merida Industry Co., Ltd.		2,100		14,635
Merry Electronics Co., Ltd.		13,356		62,127
Mosel Vitelic, Inc. (b)		3,758		903
Namchow Chemical Industrial Ltd.		77,000		148,079
Nan Ya Plastics Corp.		346,486		758,591
Nanya Technology Corp. (b)		3,603		7,154
National Petroleum Co., Ltd.		477,000		533,145
Neo Solar Power Corp.		27,870		31,700
New Era Electronics Co. Ltd.		36,000		39,705
Newmax Technology Co., Ltd.		37,185		57,331
Nexcom International Co. Ltd.		95,638		185,494
Novatek Microelectronics Corp.		43,225		213,855
Pacific Hospital Supply Co. Ltd.		33,000		74,311
Pan Jit International, Inc. (b)		9,000		4,112
Pegatron Corp.		79,686		146,696
Phytohealth Corp. (b)		9,000		10,755
Pihsiang Machinery Manufacturing Co. Ltd. (b)		36,000		62,605
Portwell, Inc.		37,000		52,788
Pou Chen Corp.		309,531		343,929
Powertech Technology, Inc. (b)		91,285		165,048
Precision Silicon Corp. (b)		909		611
Promate Electronic Co., Ltd.		81,000		95,993
ProMOS Technologies, Inc. (b)(e)		130,950		0
Quanta Computer, Inc.		300,664		763,039
Sampo Corp.		292,000		120,949
Sesoda Corp.		110,475		140,911
Shih Wei Navigation Co., Ltd. (b)		139,402		93,944
Shin Kong Financial Holding Co., Ltd.		362,437		109,972
Siliconware Precision Industries Co.		217,578		298,620
Sinbon Electronics Co., Ltd.		95,000		122,109
Sinon Corp.		162,000		92,664
SinoPac Financial Holdings Co., Ltd.		861,659		369,653
Sinphar Pharmaceutical Co., Ltd.		108,120		158,522
Solar Applied Materials Technology Corp.		222,250		190,691
Solartech Energy Corp. (b)		10,041		7,328
Stark Technology, Inc.		77,000		71,002
Supreme Electronics Co. Ltd.		179,864		107,613
Ta Ya Electric Wire & Cable		507,000		116,669
Tainan Enterprises Co., Ltd.		52,000		47,009
Taishin Financial Holdings Co., Ltd.		882,836		413,564
Taisun Enterprise Co., Ltd. (b)		207,000		84,040
Taiwan Acceptance Corp.		9,000		23,077
Taiwan Cement Corp.		384,533		572,637
Taiwan Chinsan Electronic Industrial Co. Ltd.		40,000		68,246
Taiwan Cogeneration Corp.		54,000		39,231
Taiwan Fire & Marine Insurance Co.		35,000		26,291
Taiwan FU Hsing Industrial Co., Ltd.		45,000		43,418
Taiwan Land Development Corp.		230,587		81,867
Taiwan Mobile Co., Ltd.		4,000		12,137
Taiwan Paiho Ltd.		75,000		94,060
Taiwan Pulp & Paper Corp. (b)		396,000		160,772
Taiwan Sakura Corp.		130,000		89,104
Taiwan Semiconductor Manufacturing Co., Ltd.		1,115,000		4,398,494
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		54,870		1,107,277
Taiwan Tea Corp.		134,913		77,836
Taiwan Union Technology Corp.		169,000		155,558
Taiyen Biotech Co., Ltd.		71,500		57,704
Tatung Co., Ltd. (b)		220,885		64,480
TPK Holding Co., Ltd.		8,000		47,996
Transasia Airways Corp.		335,000		120,589
Tripod Technology Corp.		91,320		188,527
Uni-President Enterprises Corp.		157,955		274,167
United Microelectronics Corp. ADR		326,533		649,801
Unity Opto Technology Co., Ltd. (b)		12,759		14,177
Ve Wong Corp.		79,000		61,549
Visual Photonics Epitaxy Co., Ltd.		205,259		210,188
Wei Chuan Food Corp.		42,000		49,774
Wei Mon Industry Co. Ltd. (b)		296,450		71,239
Weikeng Industrial Co., Ltd.		85,000		64,687
Winbond Electronics Corp. (b)		55,000		16,507
Wistron Corp.		203,126		207,336
Zeng Hsing Industrial Co. Ltd.		35,350		178,961
Zenitron Corp.		179,000		103,565
				38,394,449
THAILAND — 3.2%
Advanced Info Service PCL		136,815		949,372
Airports of Thailand PCL		22,000		162,159
Bangkok Dusit Medical Services PCL		63,000		35,945
Bangkok Expressway PCL		450,559		528,026
Bangkokland PCL		885,000		59,500
Banpu PCL		178,680		162,562
BEC World PCL		34,200		49,573
Big C Supercenter PCL		4,800		34,196
BTS Group Holdings PCL		41,500		12,543
Central Pattana PCL		66,100		94,793
Central Plaza Hotel PCL		49,100		60,949

See accompanying notes to financial statements.

199

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

September 30, 2014

Security Description	Shares		Value
CH Karnchang PCL		8,448	$	7,360
Charoen Pokphand Foods PCL		24,900		23,230
CP ALL PCL		228,600		315,493
Electricity Generating PCL		102,474		521,456
IRPC PCL		1,150,058		113,498
Jasmine International PCL		221,100		45,686
Kasikornbank PCL (c)		1,200		8,697
Kasikornbank PCL (c)		72,300		521,764
Krung Thai Bank PCL		56,400		41,224
Land and Houses PCL (c)		81,500		26,643
Land and Houses PCL (c)		11,300		3,624
Minor International PCL		9,400		10,726
Pruksa Real Estate PCL		33,700		35,597
PTT Exploration & Production PCL		162,641		802,546
PTT Global Chemical PCL		28,600		53,804
PTT PCL		94,624		1,050,567
Quality Houses PCL		265,400		34,541
Sansiri PCL		226,300		15,633
Siam Cement PCL		50,700		703,624
Siam Future Development PCL		188,444		41,554
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund		111,166		46,626
Thai Airways International PCL (b)		79,800		35,193
Thai Beverage PCL (a)		509,000		305,328
Thai Oil PCL		141,695		225,051
Thaicom PCL		50,800		64,626
The Siam Commercial Bank PCL		147,902		830,167
Ticon Industrial Connection PCL		147,280		82,668
Tisco Financial Group PCL		213,618		299,757
TMB Bank PCL		5,752,517		546,423
Total Access Communication PCL		9,600		31,087
Toyo-Thai Corp. PCL		9,000		8,604
True Corp. PCL (b)		472,673		173,471
				9,175,886
TURKEY — 1.7%
Akbank TAS		130,223		423,647
Anadolu Efes Biracilik Ve Malt Sanayii AS (b)		27,994		322,800
Aselsan Elektronik Sanayi Ve Ticaret AS		3,874		15,626
BIM Birlesik Magazalar AS		5,095		106,444
Coca-Cola Icecek AS		588		12,671
Dogan Sirketler Grubu Holdings AS (b)		197,363		57,111
Eregli Demir ve Celik Fabrikalari TAS		192,555		357,115
Haci Omer Sabanci Holding AS		69,462		291,760
KOC Holding AS		104,246		479,912
Migros Ticaret AS (b)		1,091		8,825
Tupras-Turkiye Petrol Rafinerileri AS		15,781		316,547
Turk Hava Yollari Anonim Ortakligi (b)		34,190		96,988
Turkcell Iletisim Hizmetleri AS (b)		59,862		312,328
Turkiye Garanti Bankasi AS		279,523		980,438
Turkiye Halk Bankasi AS		13,325		80,039
Turkiye Is Bankasi (Class C)		162,658		360,860
Turkiye Vakiflar Bankasi Tao (Class D)		22,738		42,071
Ulker Biskuvi Sanayi AS		66,125		437,780
Yapi ve Kredi Bankasi AS		104,645		205,087
				4,908,049
UNITED ARAB EMIRATES — 0.6%
Abu Dhabi Commercial Bank PJSC		92,906		214,246
Aldar Properties PJSC		180,064		192,175
Arabtec Holding Co. (b)		121,410		152,054
DP World, Ltd.		9,358		194,178
Emaar Properties PJSC		197,771		621,913
National Bank of Abu Dhabi PJSC		66,747		262,594
				1,637,160
TOTAL COMMON STOCKS —
(Cost $294,774,867)				280,641,292
RIGHTS — 0.0% (g)
CHINA — 0.0% (g)
Country Garden Holdings Co., Ltd. (expiring 10/8/14) (b)		74,309		1,046
HONG KONG — 0.0% (g)
Agile Property Holdings, Ltd. (expiring 10/10/14) (b)		51,600		5,117
Yuexiu Property Co., Ltd. (expiring 10/14/14) (b)		194,040		2,998
				8,115
INDIA — 0.0% (g)
Ncc, Ltd. (expiring 10/31/14) (b)		13,834		4,234
TOTAL RIGHTS —
(Cost $3,935)				13,395
WARRANTS — 0.0% (g)
MALAYSIA — 0.0% (g)
KNM Group Bhd (expiring 11/15/17) (b)		63,006		5,858
KPJ Healthcare Bhd (expiring 01/23/19) (b)		2,080		396
Malaysian Resources Corp. Bhd (expiring 09/16/18) (b)		123,400		10,345
TOTAL WARRANTS —
(Cost $9,950)				16,599
SHORT TERM INVESTMENTS — 6.6%
UNITED STATES — 6.6%
MONEY MARKET FUNDS — 6.6%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		16,220,774		16,220,774
State Street Institutional Liquid Reserves Fund 0.09% (i)(j)(k)		2,601,157		2,601,157
TOTAL SHORT TERM INVESTMENTS —
(Cost $18,821,931)				18,821,931
TOTAL INVESTMENTS — 105.0%
(Cost $313,610,683)				299,493,217
OTHER ASSETS & LIABILITIES — (5.0)%				(14,208,656	)
NET ASSETS — 100.0%			$	285,284,561

See accompanying notes to financial statements.

200

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

September 30, 2014

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(e)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(f)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.7% of net assets as of September 30, 2014, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	Amount shown represents less than 0.05% of net assets.
(h)	Investments of cash collateral for securities loaned
(i)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(j)	The rate shown is the annualized seven-day yield at period end.
(k)	Security, or a portion thereof, is designated on the Fund’s books or pledged as collateral for futures contracts.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

At September 30, 2014, open futures contracts purchased were as follows:

	Expiration						Unrealized
Futures	Date		Contracts		Value		Depreciation
MSCI Taiwan Index Futures		10/30/2014		112	$	3,627,680	$	(49,393	)

See accompanying notes to financial statements.

201

SPDR S&P Emerging Markets Dividend ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.4%
BRAZIL — 14.1%
AES Tiete SA Preference Shares		461,901	$	4,063,507
Banco do Brasil SA		95,638		987,770
Banco do Brasil SA ADR (a)		743,797		7,750,365
Banco do Estado do Rio Grande do Sul SA Preference Shares		745,244		4,472,194
Companhia Energetica de Minas Gerais ADR		1,739,771		10,838,773
Grendene SA		307,026		2,130,732
Light SA		562,784		4,751,132
Mahle-Metal Leve SA		122,858		1,078,318
Oi SA ADR (a)(b)		15,016,974		10,511,882
Santos Brasil Participacoes SA		130,539		883,547
Tractebel Energia SA		219,323		3,080,872
Tractebel Energia SA ADR (a)		338,466		4,754,497
Transmissora Alianca de Energia Electrica SA		371,147		2,965,115
Vale SA Preference Shares ADR		1,115,029		10,826,932
				69,095,636
CHILE — 1.7%
Aguas Andinas SA Class A		3,061,053		1,785,789
Banco de Chile ADR		35,356		2,615,283
CAP SA		116,251		1,233,774
ENTEL Chile SA		176,141		1,998,301
Inversiones Aguas Metropolitanas SA		548,355		840,814
				8,473,961
CHINA — 10.1%
Bank of China, Ltd. (Class H)		14,055,536		6,299,116
China Citic Bank Corp., Ltd. (Class H)		9,612,000		5,830,256
China Hongqiao Group, Ltd. (a)		2,142,289		1,608,420
China Shanshui Cement Group, Ltd. (a)		7,249,000		2,585,895
Guangzhou R&F Properties Co., Ltd. (Class H) (a)		4,917,511		4,971,277
Jiangsu Expressway Co., Ltd. (Class H) (a)		2,606,000		2,748,598
Soho China, Ltd. (a)		3,829,500		2,771,605
Xinyi Glass Holdings, Ltd. (a)		12,254,000		7,653,720
Yanzhou Coal Mining Co., Ltd. (Class H) (a)		9,634,000		7,903,128
Zhejiang Expressway Co., Ltd. (Class H)		2,070,000		2,103,296
Zijin Mining Group Co., Ltd. (Class H) (a)		21,978,000		5,349,373
				49,824,684
COLOMBIA — 2.6%
Ecopetrol SA ADR (a)		413,462		12,928,957
CZECH REPUBLIC — 0.9%
Komercni Banka AS		19,615		4,665,316
HONG KONG — 5.2%
Bosideng International Holdings, Ltd. (a)		5,763,600		831,313
Evergrande Real Estate Group, Ltd. (a)		15,851,000		5,960,634
Greentown China Holdings, Ltd. (a)		7,099,500		6,646,838
KWG Property Holding, Ltd. (a)		4,164,500		2,922,889
Poly Property Group Co., Ltd. (a)		10,758,000		4,128,581
Shenzhen Investment, Ltd. (a)		5,218,829		1,465,151
Shougang Fushan Resources Group, Ltd. (a)		15,210,000		3,408,250
				25,363,656
INDIA — 5.3%
Coal India, Ltd.		2,644,380		14,615,595
Indiabulls Housing Finance, Ltd.		595,383		3,882,136
NMDC, Ltd.		2,726,835		7,302,761
				25,800,492
INDONESIA — 1.0%
Indo Tambangraya Megah Tbk PT		907,700		1,934,961
Tambang Batubara Bukit Asam Persero Tbk PT		2,953,700		3,199,741
				5,134,702
MALAYSIA — 3.2%
British American Tobacco Malaysia Bhd		112,300		2,413,397
Malayan Banking Bhd		1,904,652		5,782,757
Maxis Bhd		3,684,400		7,277,827
				15,473,981
MEXICO — 2.4%
Grupo Aeroportuario del Pacifico SAB de CV ADR (a)		34,186		2,305,504
Grupo Financiero Santander Mexico SAB de CV ADR (Class B) (a)		708,256		9,582,704
				11,888,208
POLAND — 7.7%
Bank Handlowy w Warszawie SA		22,089		835,211
Bank Pekao SA		109,119		6,410,028
KGHM Polska Miedz SA		188,235		7,202,797
Polska Grupa Energetyczna SA		1,444,258		9,161,224
Powszechny Zaklad Ubezpieczen SA		90,627		13,199,704
Synthos SA		837,559		1,165,423
				37,974,387
RUSSIA — 3.5%
Bashneft OAO Preference Shares		15,966		322,428
CTC Media, Inc.		502,253		3,339,982
E.ON Russia JSC (b)		24,010,984		1,524,193
Gazprom Neft JSC ADR		27,246		520,944
Gazprom Neft OAO ADR		19,077		361,318
MegaFon OAO GDR		355,662		9,026,702
PhosAgro OAO GDR		177,856		1,990,209
				17,085,776
SOUTH AFRICA — 9.8%
Capital Property Fund		1,339,738		1,427,694
Hyprop Investments, Ltd.		265,546		2,039,380
Kumba Iron Ore, Ltd. (a)		489,238		11,541,310
MMI Holdings, Ltd. (a)		1,829,520		4,244,172
Redefine Properties, Ltd. REIT		4,520,505		3,889,037
Resilient Property Income Fund, Ltd.		153,540		991,234
Reunert, Ltd.		749,390		3,944,524
The Foschini Group, Ltd. (a)		834,201		8,653,407

See accompanying notes to financial statements.

202

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

September 30, 2014

Security Description	Shares		Value
Vodacom Group, Ltd. (a)		997,845	$	11,481,411
				48,212,169
SOUTH KOREA — 2.1%
Macquarie Korea Infrastructure Fund		230,313		1,580,162
SK Telecom Co., Ltd.		31,866		8,757,299
				10,337,461
TAIWAN — 16.8%
Asustek Computer, Inc.		1,030,000		9,819,359
Chicony Electronics Co., Ltd.		1,250,514		3,740,915
China Steel Chemical Corp.		459,000		2,693,387
Chunghwa Telecom Co., Ltd. ADR (a)		71,488		2,142,495
CTCI Corp.		1,351,000		2,300,557
Far Eastern New Century Corp.		2,835,780		2,857,268
Farglory Land Development Co., Ltd.		1,395,635		1,644,784
Highwealth Construction Corp.		1,993,700		3,185,254
Lite-On Technology Corp.		3,347,928		4,826,070
Quanta Computer, Inc.		2,963,000		7,519,637
Radiant Opto-Electronics Corp.		2,338,300		9,262,649
Ruentex Development Co., Ltd.		2,068,000		3,341,350
Ruentex Industries, Ltd.		1,525,000		3,393,958
Synnex Technology International Corp.		4,237,000		5,849,998
Taiwan Mobile Co., Ltd.		2,459,200		7,461,798
TPK Holding Co., Ltd.		1,570,000		9,419,123
Transcend Information, Inc.		620,000		2,058,548
TSRC Corp.		835,390		1,002,375
				82,519,525
THAILAND — 7.4%
Advanced Info Service PCL		30		208
Advanced Info Service PCL NVDR		1,553,349		10,778,829
Delta Electronics Thai PCL NVDR		1,006,500		1,924,534
Intouch Holdings PCL NVDR (a)		5,253,406		11,746,243
Kiatnakin Bank PCL		53,000		69,059
Kiatnakin Bank PCL NVDR (a)		1,332,621		1,736,415
Land and Houses PCL NVDR		13,596,814		4,361,045
Thai Oil PCL (a)		2,306,100		3,662,734
Thai Oil PCL ADR		404,600		642,618
Tisco Financial Group PCL NVDR (a)		1,015,800		1,425,409
				36,347,094
TURKEY — 5.6%
Eregli Demir ve Celik Fabrikalari TAS		6,169,049		11,441,195
Tofas Turk Otomobil Fabrikasi AS		859,048		4,821,034
Turk Telekomunikasyon AS		3,656,460		9,634,920
Turk Traktor ve Ziraat Makineleri AS		44,129		1,364,036
				27,261,185
TOTAL COMMON STOCKS —
(Cost $531,293,307)				488,387,190
SHORT TERM INVESTMENTS — 19.4%
UNITED STATES — 19.4%
MONEY MARKET FUNDS — 19.4%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		86,295,235		86,295,235
State Street Institutional Liquid Reserves Fund 0.09% (d)(e)		8,920,769		8,920,769
TOTAL SHORT TERM INVESTMENTS —
(Cost $95,216,004)				95,216,004
TOTAL INVESTMENTS — 118.8%
(Cost $626,509,311)				583,603,194
OTHER ASSETS & LIABILITIES — (18.8)%				(92,386,198	)
NET ASSETS — 100.0%			$	491,216,996

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Investments of cash collateral for securities loaned
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(e)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

See accompanying notes to financial statements.

203

SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.8%
BRAZIL — 17.5%
AMBEV SA ADR		786,459	$	5,151,307
Banco Bradesco SA Preference Shares ADR		364,224		5,190,192
BRF SA ADR		111,787		2,659,413
Itau Unibanco Holding SA Preference Shares ADR		478,007		6,634,737
Petroleo Brasileiro SA ADR		257,696		3,656,706
Ultrapar Participacoes SA ADR		71,586		1,511,896
Vale SA ADR (a)		225,502		2,482,777
				27,287,028
CHINA — 45.0%
Agricultural Bank of China, Ltd. (Class H)		4,141,000		1,834,495
Baidu, Inc. ADR (b)		47,294		10,320,970
Bank of China, Ltd. (Class H)		11,869,254		5,319,314
China Construction Bank Corp.		14,149,610		9,912,799
China Life Insurance Co., Ltd. (Class H)		1,290,000		3,580,057
China Merchants Bank Co., Ltd. (Class H)		794,360		1,358,527
China Petroleum & Chemical Corp. (Class H)		4,417,174		3,868,177
China Shenhua Energy Co., Ltd. (Class H)		587,500		1,638,018
Hengan International Group Co., Ltd.		134,500		1,322,465
Industrial & Commercial Bank of China (Class H)		14,125,960		8,804,735
PetroChina Co., Ltd. (Class H)		3,656,171		4,684,924
Ping An Insurance Group Co. of China, Ltd. (Class H)		330,000		2,477,624
Tencent Holdings, Ltd.		901,300		13,406,157
Want Want China Holdings, Ltd. (a)		1,189,000		1,482,212
				70,010,474
HONG KONG — 10.9%
China Mobile, Ltd.		905,000		10,460,104
China Overseas Land & Investment, Ltd. (a)		664,560		1,709,947
CNOOC, Ltd.		2,781,221		4,770,816
				16,940,867
INDIA — 8.0%
HDFC Bank, Ltd. ADR		67,441		3,141,402
ICICI Bank, Ltd. ADR		48,711		2,391,710
Infosys, Ltd. ADR (a)		83,453		5,048,072
Reliance Industries, Ltd. GDR (c)		60,202		1,836,161
				12,417,345
RUSSIA — 18.4%
Gazprom OAO ADR		1,024,612		7,213,268
Lukoil OAO ADR (d)		88,147		4,495,497
Lukoil OAO ADR (d)		1,675		85,257
Magnit OJSC GDR		49,935		2,884,246
MMC Norilsk Nickel OJSC ADR		98,631		1,839,468
Mobile Telesystems OJSC ADR		87,636		1,309,282
NovaTek OAO GDR		13,669		1,424,310
Rosneft Oil Co. GDR		183,476		1,069,115
Sberbank of Russia ADR (d)		14,597		114,849
Sberbank of Russia ADR (d)		452,555		3,584,236
Surgutneftegas OAO ADR		166,999		1,113,883
Tatneft OAO ADR		42,124		1,487,398
Uralkali OJSC GDR		58,871		1,044,960
Yandex NV (Class A) (b)		36,160		1,005,068
				28,670,837
TOTAL COMMON STOCKS —
(Cost $187,008,633)				155,326,551
SHORT TERM INVESTMENTS — 5.1%
UNITED STATES — 5.1%
MONEY MARKET FUNDS — 5.1%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		7,484,526		7,484,526
State Street Institutional Liquid Reserves Fund 0.09% (f)(g)		526,416		526,416
TOTAL SHORT TERM INVESTMENTS —
(Cost $8,010,942)				8,010,942
TOTAL INVESTMENTS — 104.9%
(Cost $195,019,575)				163,337,493
OTHER ASSETS & LIABILITIES — (4.9)%				(7,675,035	)
NET ASSETS — 100.0%			$	155,662,458

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.2% of net assets as of September 30, 2014, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(e)	Investments of cash collateral for securities loaned
(f)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(g)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

204

SPDR S&P Emerging Europe ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRIA — 0.0% (a)
CAT Oil AG		1,446	$	27,564
BRITISH VIRGIN ISLANDS — 0.1%
Lenta, Ltd. GDR (b)		7,575		80,825
CYPRUS — 0.1%
TCS Group Holding PLC GDR (b)		12,593		59,061
CZECH REPUBLIC — 3.9%
CEZ AS		47,201		1,435,013
Komercni Banka AS		3,119		741,836
O2 Czech Republic AS		16,514		237,380
Unipetrol (b)		31,656		178,817
				2,593,046
GREECE — 7.2%
Aegean Airlines SA (b)		4,799		39,163
Alpha Bank AE (b)		665,867		516,470
Costamare, Inc.		3,494		76,728
Diana Shipping, Inc. (b)		3,903		34,893
DryShips, Inc. (b)		42,468		104,896
Ellaktor SA (b)		17,905		68,986
Eurobank Ergasias SA (b)		800,000		315,307
Eurobank Properties Real Estate Investment Co.		5,977		67,954
FF Group (b)		4,817		179,205
Fourlis Holdings SA (b)		6,626		35,323
Frigoglass SAIC (b)		6,690		22,818
GEK Terna Holding Real Estate Construction SA (b)		12,633		51,068
Hellenic Exchanges — Athens Stock Exchange SA Holding (b)		10,348		79,086
Hellenic Petroleum SA (b)		8,529		55,811
Hellenic Telecommunications Organization SA (b)		35,519		466,642
Intralot SA — Integrated Lottery Systems & Services (b)		19,869		40,159
JUMBO SA (b)		15,878		200,779
Lamda Development SA (b)		4,173		22,141
Marfin Investment Group Holdings SA (b)		85,239		32,950
Metka SA		4,046		51,980
Motor Oil Hellas Corinth Refineries SA		8,733		76,121
Mytilineos Holdings SA (b)		12,047		93,897
National Bank of Greece SA (b)		240,114		703,712
Navios Maritime Holdings, Inc.		6,957		41,742
OPAP SA		33,752		441,295
Piraeus Bank SA (b)		251,044		424,956
Piraeus Port Authority		1,148		21,492
Public Power Corp. SA (b)		16,977		201,594
Safe Bulkers, Inc.		3,055		20,346
Terna Energy SA (b)		8,658		34,343
The Athens Water Supply & Sewage Co. SA		4,468		41,259
Titan Cement Co. SA		7,793		194,921
Tsakos Energy Navigation, Ltd.		3,229		20,601
				4,778,638
HUNGARY — 2.5%
Magyar Telekom Telecommunications PLC (b)		121,990		179,592
MOL Hungarian Oil and Gas NyRt		9,748		477,700
OTP Bank PLC		34,077		579,283
Richter Gedeon NyRt		27,973		437,978
				1,674,553
POLAND — 18.4%
Agora SA (b)		37,736		93,030
Asseco Poland SA		18,284		257,731
Bank Handlowy w Warszawie SA		4,933		186,523
Bank Millennium SA		25,308		67,291
Bank Pekao SA		23,329		1,370,426
Bank Zachodni WBK SA		4,620		552,013
CCC SA		545		21,069
Cyfrowy Polsat SA		7,327		61,304
Echo Investment SA (b)		111,819		223,239
Enea SA		18,994		93,077
Energa SA		30,015		217,901
Eurocash SA		2,137		20,886
Getin Holding SA (b)		66,716		59,332
Getin Noble Bank SA (b)		202,604		172,213
Globe Trade Centre SA (b)		45,024		76,268
Grupa Azoty SA		3,944		73,955
Grupa Kety SA		478		39,748
ING Bank Slaski SA		4,570		204,592
Jastrzebska Spolka Weglowa SA (b)		2,866		27,915
KGHM Polska Miedz SA		24,726		946,138
LPP SA		123		368,342
Lubelski Wegiel Bogdanka SA		8,320		276,838
Mbank		2,868		426,830
Netia SA		220,642		373,087
Orange Polska SA		134,540		474,119
Orbis SA		5,570		71,607
Polska Grupa Energetyczna SA		94,666		600,486
Polski Koncern Naftowy Orlen SA		49,266		614,726
Polskie Gornictwo Naftowe i Gazownictwo SA		278,783		426,704
Powszechna Kasa Oszczednosci Bank Polski SA		143,880		1,726,090
Powszechny Zaklad Ubezpieczen SA		8,473		1,234,081
Rovese SA (b)		204,105		85,818
Synthos SA		92,239		128,346
Tauron Polska Energia SA		283,324		460,223
TVN SA (b)		55,101		261,013
				12,292,961
RUSSIA — 49.4%
Alrosa AO		204,000		183,329
Bank Otkritie Financial Corp. OJSC GDR (b)(c)		7,690		87,534
CTC Media, Inc.		10,162		67,577
DIXY Group OJSC (b)		4,140		43,548
Etalon Group, Ltd. GDR		15,905		58,053
Eurasia Drilling Co., Ltd. GDR		8,165		231,886
Evraz PLC		80,977		170,659
Federal Hydrogenerating Co. JSC ADR		161,645		290,961
Gazprom Neft OAO ADR		6,711		127,106
Gazprom OAO ADR		933,640		6,572,826

See accompanying notes to financial statements.

205

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

September 30, 2014

Security Description	Shares		Value
Globaltrans Investment PLC GDR		13,160	$	110,544
LSR Group OJSC GDR		32,873		120,315
Lukoil OAO ADR		83,514		4,259,214
Magnit OJSC (b)		1,000		248,543
Magnit OJSC GDR		35,058		2,024,950
Mail.ru Group, Ltd. GDR (b)		16,266		457,237
Mechel OAO, ADR (b)		23,724		26,808
MegaFon OAO GDR		16,132		409,430
MMC Norilsk Nickel OJSC ADR		83,025		1,548,416
Mobile Telesystems OJSC (b)		38,158		264,323
Mobile Telesystems OJSC ADR		85,547		1,278,072
Moscow Exchange MICEX-RTS OAO		125,520		184,052
NovaTek OAO GDR		13,056		1,360,435
Novolipetsk Steel OJSC GDR		14,515		211,629
O’Key Group SA GDR		6,126		44,720
Pharmstandard OJSC GDR (b)		6,507		82,964
PhosAgro OAO GDR		14,596		163,329
PIK Group GDR (b)		58,818		172,337
Polymetal International PLC		36,427		304,717
Polyus Gold International, Ltd. (b)		105,351		328,343
Rosneft Oil Co. GDR		188,586		1,098,891
Rostelecom OJSC ADR		29,832		474,779
Sberbank (b)		1,810,110		3,471,494
Sberbank of Russia ADR		28,491		225,649
Severstal OAO GDR		35,508		354,370
Sistema JSFC GDR		29,595		204,206
Surgutneftegas OAO ADR		188,529		1,257,489
Surgutneftegas OAO Preference Share (b)		581,400		402,754
Tatneft OAO ADR		36,342		1,283,236
TMK OAO GDR		7,418		67,504
United Co. RUSAL PLC (b)		178,134		99,102
Uralkali OJSC GDR		37,841		671,678
VimpelCom, Ltd. ADR		34,919		252,115
VTB Bank OJSC GDR		248,952		495,663
X5 Retail Group NV GDR (b)		16,755		309,130
Yandex NV (b)		33,953		943,724
				33,045,641
TURKEY — 18.1%
Akbank TAS		273,392		889,411
Anadolu Anonim Turk Sigorta (b)		296,393		180,632
Anadolu Efes Biracilik Ve Malt Sanayii AS (b)		41,713		480,994
Arcelik AS		88,928		473,726
Asya Katilim Bankasi AS (b)		96,191		35,848
BIM Birlesik Magazalar AS		31,187		651,552
Coca-Cola Icecek AS		7,785		167,763
Dogan Sirketler Grubu Holdings AS (b)		305,314		88,349
Dogus Otomotiv Servis ve Ticaret AS		41,109		159,512
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		327,047		341,271
Enka Insaat ve Sanayi AS		165,095		376,400
Eregli Demir ve Celik Fabrikalari TAS		332,772		617,163
Ford Otomotiv Sanayi AS (b)		6,605		75,728
Haci Omer Sabanci Holding AS		181,249		761,297
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D) (b)		129,664		118,249
KOC Holding AS		195,348		899,313
Kombassan Holdings AS (b)		18,341		21,230
Koza Altin Isletmeleri AS		4,520		33,591
Petkim Petrokimya Holding AS		28,327		41,730
TAV Havalimanlari Holding AS		17,760		142,497
Tekfen Holding AS (b)		9,446		20,956
Tofas Turk Otomobil Fabrikasi AS		8,728		48,982
Tupras-Turkiye Petrol Rafinerileri AS		26,920		539,982
Turk Hava Yollari Anonim Ortakligi (b)		215,129		610,262
Turk Sise ve Cam Fabrikalari AS		23,632		29,944
Turk Telekomunikasyon AS		47,505		125,178
Turkcell Iletisim Hizmetleri AS (b)		149,880		781,994
Turkiye Garanti Bankasi AS		424,677		1,489,572
Turkiye Halk Bankasi AS		74,321		446,421
Turkiye Is Bankasi (Class C)		232,419		515,626
Turkiye Vakiflar Bankasi Tao (Class D)		113,963		210,858
Ulker Biskuvi Sanayi AS		14,022		92,833
Vestel Elektronik Sanayi (b)		36,251		99,814
Yapi ve Kredi Bankasi AS		257,591		504,837
Yazicilar Holding AS (Class A)		4,689		42,351
				12,115,866
TOTAL COMMON STOCKS —
(Cost $97,231,648)				66,668,155
SHORT TERM INVESTMENT — 0.0% (a)
UNITED STATES — 0.0% (a)
MONEY MARKET FUND — 0.0% (a)
State Street Institutional Liquid Reserves Fund 0.09% (d)(e) (Cost $4,982)		4,982		4,982
TOTAL INVESTMENTS — 99.7%
(Cost $97,236,630)				66,673,137
OTHER ASSETS & LIABILITIES — 0.3%				192,042
NET ASSETS — 100.0%			$	66,865,179

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

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

206

SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.6%
BRAZIL — 52.6%
AES Tiete SA Preference Shares		16,658	$	146,546
All America Latina Logistica SA		40,293		104,614
AMBEV SA ADR		246,857		1,616,913
B2W Cia Digital (a)		11,247		150,597
Banco Bradesco SA		7,300		104,303
Banco Bradesco SA Preference Shares ADR		137,556		1,960,173
Banco do Brasil SA		39,419		407,128
Banco do Brasil SA ADR		15,084		157,175
Banco Santander Brazil SA ADS ADR		42,011		274,752
BB Seguridade Participacoes SA		37,353		491,005
Bematech SA		11,698		38,872
BM&FBOVESPA SA		99,438		454,242
BR Malls Participacoes SA		21,546		170,021
BR Properties SA		11,393		60,463
Bradespar SA Preference Shares		23,176		169,544
Braskem SA Preference Shares ADR (b)		10,550		138,944
BRF — Brasil Foods SA		13,894		330,334
BRF — Brasil Foods SA ADR		26,113		621,228
CCR SA		57,880		396,484
Centrais Eletricas Brasileiras SA		3,179		8,513
Centrais Eletricas Brasileiras SA ADR (b)		23,136		62,467
CETIP SA — Balcao Organizado de Ativos e Derivativos		13,554		167,654
Cia Hering		8,260		83,625
Cielo SA		36,054		588,733
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		10,068		439,065
Companhia de Saneamento Basico do Estado de Sao Paulo		34,874		281,600
Companhia Energetica de Minas Gerais ADR		63,502		395,617
Companhia Energetica de Sao Paulo Preference Shares		20,461		218,676
Companhia Paranaense de Energia Preference Shares		11,196		152,382
Companhia Siderurgica Nacional SA ADR (b)		56,965		202,226
Cosan SA Industria e Comercio		13,263		213,001
Cosan, Ltd.		9,376		101,239
CPFL Energia SA ADR (b)		15,303		237,962
Cyrela Brazil Realty SA		27,793		140,122
Cyrela Commercial Properties SA Empreendimentos e Participacoes		20,158		139,812
Duratex SA		54,521		201,204
Empresa Brasileira de Aeronautica SA		39,609		390,495
Estacio Participacoes SA		17,339		180,072
Fibria Celulose SA ADR (a)(b)		19,698		216,678
Gafisa SA		19,561		23,637
Gerdau SA ADR (b)		38,299		183,835
Gerdau SA Preference Shares		7,450		35,827
Gol Linhas Aereas Inteligentes SA Preference Shares (a)		12,696		60,640
Grupo BTG Pactual		12,400		163,251
Hypermarcas SA (a)		20,196		144,940
Investimentos Itau SA		46,694		171,748
Investimentos Itau SA Preference Shares		178,483		675,432
Itau Unibanco Holding SA Preference Shares ADR		172,540		2,394,855
JBS SA		61,636		230,229
Kepler Weber SA		4,796		91,824
Klabin SA		34,273		165,657
Kroton Educacional SA		67,876		426,165
Linx SA		2,898		60,572
Localiza Rent a Car SA		8,400		121,700
Lojas Americanas SA Preference Shares		36,576		207,399
Lojas Renner SA		12,444		361,087
M Dias Branco SA		758		30,207
Metalurgica Gerdau SA Preference Shares		33,267		192,165
MMX Mineracao e Metalicos SA (a)		1,860		433
MRV Engenharia e Participacoes SA		7,022		23,535
Multiplan Empreendimentos Imobiliarios SA		5,128		104,921
Natura Cosmeticos SA		15,854		239,337
Oi SA (a)		321		235
Oi SA ADR (a)(c)		9,427		6,976
Oi SA ADR (a)(b)(c)		61,356		42,949
Oi SA Preference Shares (a)		3,494		2,482
PDG Realty SA Empreendimentos e Participacoes (a)		72,761		32,674
Petroleo Brasileiro SA ADR (c)		72,201		1,024,532
Petroleo Brasileiro SA ADR (c)		130,729		1,946,555
Prumo Logistica SA (a)		131,803		48,425
Qualicorp SA (a)		6,465		63,922
Souza Cruz SA		40,301		324,106
Telefonica Brasil SA Preference Shares		23,363		461,614
Tim Participacoes SA		14,140		74,406
Tim Participacoes SA ADR		13,014		340,967
Totvs SA		8,108		123,229
Tractebel Energia SA ADR		11,235		157,820
Ultrapar Participacoes SA ADR		27,308		576,745
Usinas Siderurgicas de Minas Gerais SA ADR (a)(b)		38,316		99,852
Usinas Siderurgicas de Minas Gerais SA Preference Shares (a)		11,489		29,876
Vale SA ADR (b)		64,197		706,809
Vale SA Preference Shares ADR		135,438		1,315,103
Weg SA		16,812		196,081
				25,899,235
CHILE — 8.7%
Antarchile SA		21,785		282,628
Banco de Chile ADR		3,439		254,383
Banco de Credito e Inversiones		5,648		320,508
Banco Santander Chile ADR		4,119		90,989
CAP SA		8,790		93,288
Cencosud SA		109,975		325,302
Compania General de Electricidad SA		57,775		275,156
Empresa Nacional de Electricidad SA ADR		9,638		423,687
Empresas CMPC SA		127,859		302,862
Empresas COPEC SA		41,233		506,638
Enersis SA ADR		30,539		481,905
Gasco SA		2,971		19,645
Latam Airlines Group SA ADR (a)(b)		23,427		266,365

See accompanying notes to financial statements.

207

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

September 30, 2014

Security Description	Shares		Value
SACI Falabella		71,224	$	537,128
Sociedad Quimica y Minera de Chile SA ADR		3,851		100,665
				4,281,149
COLOMBIA — 6.8%
Almacenes Exito SA		13,571		199,264
Banco Davivienda SA Preference Shares		7,805		112,745
Banco de Bogota SA		4,290		149,910
BanColombia SA		13,717		188,089
BanColombia SA ADR		8,140		461,701
Bolsa de Valores de Colombia		1,391,824		16,479
Celsia SA ESP		14,240		42,890
Cementos Argos SA		17,835		95,419
Corp Financiera Colombiana SA		5,187		102,782
Ecopetrol SA ADR (b)		12,479		390,218
Empresa de Energia de Bogota SA		118,088		94,183
Empresa de Telecomunicaciones de Bogota		67,271		18,495
Grupo Argos SA		19,992		224,813
Grupo Argos SA/Colombia Preference Shares		6,064		67,590
Grupo Aval Acciones y Valores		279,192		190,863
Grupo Aval Acciones y Valores Preference Shares		291,332		200,605
Grupo de Inversiones Suramericana SA		14,561		293,146
Grupo de Inversiones Suramericana SA Preference Shares		4,678		93,854
Grupo Nutresa SA		16,380		224,767
Grupo Odinsa SA		2,082		8,849
Interconexion Electrica SA ESP		20,791		95,373
Isagen SA ESP		45,567		62,076
				3,334,111
LUXEMBOURG — 0.1%
Ternium SA ADR		1,235		29,702
MEXICO — 28.2%
Alfa SAB de CV (Class A)		229,173		784,429
Alsea SAB de CV (a)		5,957		18,846
America Movil SAB de CV		2,237,445		2,825,492
Arca Continental SAB de CV		18,017		123,541
Banregio Grupo Financiero SAB de CV		2,325		12,939
Bolsa Mexicana de Valores SAB de CV		7,483		16,141
Cemex SAB de CV (a)		744,842		970,550
Coca-Cola Femsa SAB de CV		27,409		276,065
Compartamos SAB de CV (b)		40,685		87,033
Concentradora Fibra Danhos SA de CV		44,000		118,598
Controladora Comercial Mexicana SAB de CV		6,465		24,160
Corporacion GEO SAB de CV (a)(b)(d)		71,361		0
Desarrolladora Homex SAB de CV (a)(b)		28,753		4,744
El Puerto de Liverpool SAB de CV		14,897		171,950
Empresas ICA SAB de CV (a)(b)		46,471		80,311
Fibra Uno Administracion SA de CV REIT		113,779		374,540
Fomento Economico Mexicano SAB de CV		123,449		1,136,390
Genomma Lab Internacional SAB de CV (Class B) (a)(b)		33,710		80,998
Gruma SAB de CV (Class B) (a)		14,530		155,121
Grupo Aeroportuario del Pacifico SAB de CV (Class B)		7,991		53,961
Grupo Aeroportuario del Sureste SAB de CV (Class B)		24,617		318,109
Grupo Bimbo SAB de CV		64,600		187,303
Grupo Carso SA de CV		60,227		352,073
Grupo Elektra SA de CV		4,158		117,022
Grupo Financiero Banorte SAB de CV		152,352		973,083
Grupo Financiero Inbursa SA		195,783		561,390
Grupo Financiero Santander Mexico SAB de CV (Class B) (b)		82,224		222,423
Grupo Mexico SAB de CV		209,483		701,435
Grupo Televisa SA de CV (b)		119,157		808,265
Grupo Televisa SA de CV ADR		954		32,322
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a)		42,822		140,006
Industrias Penoles SA de CV		7,324		167,505
Kimberly-Clark de Mexico SAB de CV (Class A)		169,698		400,546
Megacable Holdings SAB de CV		11,987		56,881
Mexichem SAB de CV		50,791		211,707
Minera Frisco SAB de CV (a)(b)		42,075		77,256
OHL Mexico SAB de CV (a)		18,163		49,160
Promotora y Operadora de Infraestructura SAB de CV (a)		13,170		181,042
TV Azteca SAB de CV		218,358		113,811
Urbi Desarrollos Urbanos SA de CV (a)(b)(d)		86,307		0
Wal-Mart de Mexico SAB de CV (b)		365,257		918,429
				13,905,577
PERU — 3.1%
Alicorp SA		28,870		79,834
Compania de Minas Buenaventura SA ADR		13,710		158,762
Compania Minera Milpo SA		98,940		87,209
Credicorp, Ltd.		3,577		548,676
Grana y Montero SA		8,062		24,384
Minsur SA		195,352		125,598
Southern Copper Corp. (b)		13,412		397,665
Volcan Compania Minera SAA (Class B)		255,341		87,379
				1,509,507
SPAIN — 0.1%
Cemex Latam Holdings SA (a)		7,341		65,459
TOTAL COMMON STOCKS —
(Cost $67,620,945)				49,024,740

See accompanying notes to financial statements.

208

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

September 30, 2014

Security Description	Shares		Value
SHORT TERM INVESTMENT — 7.5%
UNITED STATES — 7.5%
MONEY MARKET FUND — 7.5%
State Street Navigator Securities Lending Prime Portfolio (e)(f) (Cost $3,699,954)		3,699,954	$	3,699,954
TOTAL INVESTMENTS — 107.1%
(Cost $71,320,899)				52,724,694
OTHER ASSETS & LIABILITIES — (7.1)%				(3,516,222	)
NET ASSETS — 100.0%			$	49,208,472

(a)	Non-income producing security
(b)	A portion of the security was on loan at September 30, 2014.
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(e)	Investments of cash collateral for securities loaned
(f)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).

ADR = American Depositary Receipt

ADS = American Depositary Shares

See accompanying notes to financial statements.

209

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

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.7%
EGYPT — 4.5%
Arab Cotton Ginning		31,670	$	23,210
Commercial International Bank Egypt SAE		143,555		1,021,341
Eastern Tobacco		3,154		79,339
Egyptian Financial Group-Hermes Holding (a)		82,240		213,938
Egyptian Kuwait Holding Co. (a)		128,890		119,868
ElSwedy Electric Co. (a)		16,899		110,564
Ezz Steel (a)		44,749		116,221
Global Telecom Holding GDR (a)		73,150		240,005
Juhayna Food Industries (a)		85,610		119,733
Maridive & Oil Services SAE (a)		37,722		38,476
Palm Hills Developments SAE (a)		85,138		51,559
Sidi Kerir Petrochemicals Co.		49,687		133,911
Six of October Development & Investment Co. (a)		20,853		52,584
Talaat Moustafa Group		232,890		372,947
Telecom Egypt		81,033		155,832
				2,849,528
MOROCCO — 2.0%
Attijariwafa Bank		9,036		356,102
Banque Centrale Populaire		13,262		293,893
Banque Marocaine du Commerce Exterieur		12,526		315,071
Douja Promotion Groupe Addoha SA		13,559		78,898
Maroc Telecom		17,005		231,057
				1,275,021
QATAR — 9.2%
Aamal Co. (a)		13,458		58,238
Al Khalij Commercial Bank		12,617		76,252
Al Meera Consumer Goods Co.		701		35,321
Barwa Real Estate Co.		13,650		150,109
Doha Bank QSC		9,064		144,351
Gulf International Services OSC		6,519		219,812
Industries Qatar QSC		9,338		477,425
Masraf Al Rayan		51,567		788,677
Medicare Group		986		35,331
Ooredoo QSC		17,076		621,261
Qatar Electricity & Water Co.		3,859		201,326
Qatar Gas Transport Co. Nakilat		19,435		129,730
Qatar Insurance Co. SAQ		5,632		152,325
Qatar International Islamic Bank QSC		5,310		131,369
Qatar Islamic Bank SAQ		8,289		256,734
Qatar National Bank SAQ		24,546		1,366,849
Qatar National Cement Co.		1,721		66,158
Qatar Navigation		4,018		105,031
Qatari Investors Group QSC		4,357		69,867
Salam International Investment Co.		8,974		48,789
The Commercial Bank of Qatar QSC		10,416		200,775
United Development Co. PSC		12,421		98,907
Vodafone Qatar		65,244		378,182
				5,812,819
SOUTH AFRICA — 73.6%
Acucap Properties, Ltd.		19,608		79,694
Adcock Ingram Holdings, Ltd. (a)(b)		31,227		133,274
Adcorp Holdings, Ltd.		10,390		28,922
AECI, Ltd.		26,780		283,248
African Bank Investments, Ltd. (b)(c)		258,160		7,083
African Oxygen, Ltd.		19,109		31,002
African Rainbow Minerals, Ltd. (b)		17,660		223,957
Allied Electronics Corp., Ltd.		39,303		85,228
Anglo Platinum, Ltd. (a)		9,061		293,598
AngloGold Ashanti, Ltd. (a)		56,419		691,564
Aquarius Platinum, Ltd. (a)		203,871		61,144
ArcelorMittal South Africa, Ltd. (a)		24,456		80,501
Aspen Pharmacare Holdings, Ltd.		40,288		1,199,913
Assore, Ltd.		8,460		160,990
Astral Foods, Ltd.		7,753		104,476
Attacq, Ltd. (a)		94,624		167,502
Aveng, Ltd. (a)		71,586		140,786
AVI, Ltd.		47,673		294,943
Barclays Africa Group, Ltd.		45,203		616,656
Barloworld, Ltd.		26,916		220,364
Blue Label Telecoms, Ltd.		46,319		37,389
Brait SE (a)		38,431		247,731
Business Connexion Group, Ltd. (b)		53,982		30,579
Capital Property Fund		204,815		218,261
Capitec Bank Holdings, Ltd.		7,604		164,622
Cashbuild, Ltd.		2,536		31,651
City Lodge Hotels, Ltd.		4,753		51,744
Clicks Group, Ltd. (b)		29,357		174,091
Clover Industries, Ltd.		19,386		28,603
Coronation Fund Managers, Ltd.		39,269		335,924
DataTec, Ltd.		25,348		120,366
Discovery, Ltd.		46,509		404,773
DRDGOLD, Ltd.		87,237		29,650
Emira Property Fund		40,976		56,940
EOH Holdings, Ltd.		5,036		42,211
Eqstra Holdings, Ltd. (a)		70,971		36,433
Exxaro Resources, Ltd. (b)		19,093		216,849
Famous Brands, Ltd.		7,934		68,966
FirstRand, Ltd. (b)		443,087		1,687,129
Fountainhead Property Trust		175,205		119,406
Gold Fields, Ltd. (b)		99,469		389,222
Grindrod, Ltd. (b)		90,331		180,450
Group Five, Ltd.		19,709		69,777
Growthpoint Properties, Ltd. REIT		242,571		529,016
Harmony Gold Mining Co., Ltd. (a)		68,309		149,336
Hosken Consolidated Investments, Ltd.		8,347		114,586
Hudaco Industries, Ltd.		4,472		38,631
Hyprop Investments, Ltd.		26,492		203,457
Illovo Sugar, Ltd. (b)		36,217		91,358
Impala Platinum Holdings, Ltd. (a)		77,179		594,302
Imperial Holdings, Ltd.		27,812		428,199
Investec, Ltd.		31,620		265,565
JSE, Ltd.		14,055		122,521
Kumba Iron Ore, Ltd. (b)		8,135		191,908
Lewis Group, Ltd. (b)		15,955		79,787
Liberty Holdings, Ltd.		13,595		148,269
Life Healthcare Group Holdings, Ltd.		125,769		495,807
Massmart Holdings, Ltd. (b)		16,934		183,980
Medi-Clinic Corp., Ltd.		62,784		511,185
Merafe Resources, Ltd.		296,727		31,516
MMI Holdings, Ltd. (b)		114,543		265,720

See accompanying notes to financial statements.

210

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

September 30, 2014

Security Description	Shares		Value
Mondi, Ltd.		15,772	$	258,366
Mpact, Ltd.		32,744		98,566
Mr. Price Group, Ltd.		32,779		616,022
MTN Group, Ltd.		219,361		4,627,098
Murray & Roberts Holdings, Ltd. (a)		76,269		170,113
Nampak, Ltd.		72,424		263,651
Naspers, Ltd.		58,348		6,429,603
Nedbank Group, Ltd. (b)		24,346		471,653
Netcare, Ltd.		229,417		641,858
Northam Platinum, Ltd. (a)		62,713		204,376
Oceana Group, Ltd.		5,733		37,549
Omnia Holdings, Ltd.		8,952		182,712
Pick n Pay Stores, Ltd. (b)		23,593		110,215
Pick’ n Pay Holdings, Ltd.		43,114		85,478
Pioneer Foods, Ltd.		16,404		171,325
PPC, Ltd.		69,591		182,073
PSG Group, Ltd.		8,659		73,720
Rand Merchant Insurance Holdings, Ltd.		103,781		325,170
Raubex Group, Ltd. REIT		24,388		47,855
Redefine Properties, Ltd. REIT		473,685		407,516
Remgro, Ltd.		62,108		1,253,457
Resilient Property Income Fund, Ltd.		44,556		287,648
Reunert, Ltd.		31,798		167,373
RMB Holdings, Ltd.		102,557		514,680
SA Corporate Real Estate Fund		346,736		135,647
Sanlam, Ltd.		227,999		1,317,756
Santam, Ltd.		1,787		33,300
Sappi, Ltd. (a)(b)		65,127		256,398
Sasol, Ltd. (b)		71,022		3,855,583
Shoprite Holdings, Ltd.		52,842		654,641
Sibanye Gold, Ltd.		100,732		218,435
Standard Bank Group, Ltd.		168,005		1,942,766
Steinhoff International Holdings, Ltd. (b)		288,517		1,381,010
Sun International, Ltd.		14,896		157,817
Super Group, Ltd. (a)		53,234		145,780
Telkom SA, Ltd. (a)		39,144		189,271
The Bidvest Group, Ltd.		39,267		993,296
The Foschini Group, Ltd.		23,064		239,250
The Spar Group, Ltd.		20,106		223,478
Tiger Brands, Ltd.		26,875		750,309
Times Media Group, Ltd.		2,451		4,230
Tongaat Hulett, Ltd.		15,968		220,463
Trencor, Ltd.		17,217		101,764
Truworths International, Ltd.		50,234		302,118
Tsogo Sun Holdings, Ltd.		37,265		84,601
Vodacom Group, Ltd.		70,988		816,803
Wilson Bayly Holmes-Ovcon, Ltd.		6,014		74,516
Woolworths Holdings, Ltd.		104,398		645,982
				46,466,046
UNITED ARAB EMIRATES — 10.4%
Abu Dhabi Commercial Bank PJSC		227,700		525,087
Air Arabia PJSC		320,867		119,683
Ajman Bank PJSC (a)		35,000		24,966
Al Waha Capital PJSC		133,698		109,202
Aldar Properties PJSC		441,313		470,997
Arabtec Holding Co. (a)		302,206		378,483
Bank of Sharjah		35,000		17,152
Dana Gas PJSC (a)		478,614		89,912
Deyaar Development PJSC (a)		202,501		68,916
DP World, Ltd.		23,293		483,330
Drake & Scull International (a)		131,431		47,234
Dubai Financial Market		224,511		205,382
Dubai Investments PJSC		187,623		183,386
Dubai Islamic Bank PJSC		138,697		313,423
Emaar Properties PJSC		492,280		1,548,029
Eshraq Properties Co. PJSC (a)		118,494		41,294
First Gulf Bank PJSC		136,812		698,410
Gulf Pharmaceutical Industries-Julphar		25,000		20,760
National Bank of Abu Dhabi PJSC		166,142		653,631
RAK Properties PJSC		137,384		37,404
Ras Al Khaimah Ceramics		49,281		49,241
The National Bank of Ras Al-Khaimah PSC		47,042		117,447
Union National Bank PJSC		154,432		281,286
Union Properties PJSC (a)		123,898		72,188
				6,556,843
TOTAL COMMON STOCKS —
(Cost $68,131,754)				62,960,257
RIGHTS — 0.2%
EGYPT — 0.2%
Six of October Development & Investment Co. (expiring 10/27/14) (a) (Cost $61,904)		57,493		112,814
SHORT TERM INVESTMENT — 4.0%
UNITED STATES — 4.0%
MONEY MARKET FUND — 4.0%
State Street Navigator Securities Lending Prime Portfolio (d)(e) (Cost $2,557,190)		2,557,190		2,557,190
TOTAL INVESTMENTS — 103.9%
(Cost $70,750,848)				65,630,261
OTHER ASSETS & LIABILITIES — (3.9)%				(2,489,399	)
NET ASSETS — 100.0%			$	63,140,862

(a)	Non-income producing security
(b)	A portion of the security was on loan at September 30, 2014.
(c)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).

GDR = Global Depositary Receipt

PJSC = Public Joint Stock Company

PSC = Public Stock Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

211

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

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 6.2%
Abacus Property Group		350,446	$	785,044
Alumina, Ltd. (a)		288,250		427,535
Amcor, Ltd.		84,854		841,269
AMP, Ltd.		157,112		750,645
Ansell, Ltd.		25,867		440,249
APA Group		86,676		564,293
Aristocrat Leisure, Ltd.		98,357		502,633
Arrium, Ltd. (b)		96,726		30,894
Australia & New Zealand Banking Group, Ltd.		122,434		3,312,641
BHP Billiton, Ltd.		148,341		4,396,522
Billabong International, Ltd. (a)(b)		127,351		78,007
BlueScope Steel, Ltd. (a)		37,429		177,517
Brambles, Ltd.		117,621		979,839
Bunnings Warehouse Property Trust		179,207		374,788
carsales.com, Ltd. (b)		15,968		137,772
Commonwealth Bank of Australia		81,055		5,340,107
Computershare, Ltd.		75,907		807,697
CSL, Ltd.		26,129		1,695,836
CSR, Ltd.		103,301		301,011
Dexus Property Group		130,261		126,523
DUET Group		55,042		117,040
Fairfax Media, Ltd.		108,632		73,670
Fortescue Metals Group, Ltd. (b)		75,166		228,894
Goodman Group		32,922		148,939
GWA International, Ltd.		106,575		239,674
Harvey Norman Holdings, Ltd. (b)		190,376		604,716
Hills Industries, Ltd.		100,589		116,627
Iluka Resources, Ltd. (b)		23,399		160,936
Ingenia Communities Group		349,827		140,813
Insurance Australia Group, Ltd.		178,812		957,593
Lend Lease Group		72,817		913,723
Macquarie Group, Ltd.		20,857		1,051,070
Mirvac Group		79,652		119,883
National Australia Bank, Ltd.		99,481		2,832,634
Newcrest Mining, Ltd. (a)		38,496		355,387
Orica, Ltd.		13,400		221,615
Origin Energy, Ltd.		82,634		1,082,464
Orora, Ltd.		81,557		117,041
OZ Minerals, Ltd. (b)		21,177		71,900
Perpetual, Ltd.		13,015		503,156
QBE Insurance Group, Ltd.		59,741		609,542
REA Group, Ltd.		2,320		87,863
Recall Holdings, Ltd.		25,418		124,555
Rio Tinto, Ltd.		26,315		1,371,945
Santos, Ltd.		68,434		818,603
Scentre Group (a)		180,942		519,333
Seek, Ltd.		15,640		221,847
Sonic Healthcare, Ltd.		54,520		836,793
Stockland		41,691		144,103
Suncorp Group, Ltd.		111,265		1,366,968
Sydney Airport		223,627		835,574
Tatts Group, Ltd.		248,001		683,592
Toll Holdings, Ltd. (b)		75,197		371,118
TPG Telecom, Ltd.		16,026		95,921
Treasury Wine Estates, Ltd.		48,871		181,322
Wesfarmers, Ltd.		76,552		2,824,164
Westfield Corp.		89,236		581,740
Westpac Banking Corp.		138,110		3,884,220
Woodside Petroleum, Ltd.		40,598		1,442,326
Woolworths, Ltd.		71,431		2,140,195
WorleyParsons, Ltd.		21,885		293,768
				51,564,089
AUSTRIA — 0.2%
Andritz AG		1,580		84,268
Erste Group Bank AG		15,581		356,946
OMV AG		15,478		520,979
Voestalpine AG		13,800		545,648
				1,507,841
BELGIUM — 1.1%
Aedifica SA		1,922		126,327
Ageas		20,438		678,634
Anheuser-Busch InBev NV		39,155		4,358,640
Bekaert NV (b)		4,332		144,499
Delhaize Group (b)		7,472		519,900
Gimv NV		13,343		631,072
KBC Groep NV (a)		11,878		632,681
Solvay SA		667		102,711
UCB SA		10,294		934,720
Umicore (b)		17,842		780,635
				8,909,819
CANADA — 9.3%
AGF Management, Ltd.		29,305		306,279
Agnico-Eagle Mines, Ltd.		10,080		292,149
Agrium, Inc. (b)		10,780		960,366
Air Canada (Class A) (a)		29,526		225,894
Alamos Gold, Inc.		10,800		86,300
Alimentation Couche-Tard, Inc. (Class B)		11,108		355,937
Amaya Gaming Group, Inc. (a)		8,144		225,471
ARC Resources, Ltd. (b)		16,422		434,227
Argonaut Gold, Inc. (a)		15,400		54,018
Athabasca Oil Corp. (a)(b)		15,100		77,422
Avigilon Corp. (a)(b)		3,000		50,119
B2Gold Corp. (a)		48,894		99,752
Badger Daylighting, Ltd. (b)		2,900		72,451
Bank of Montreal		26,558		1,958,907
Bankers Petroleum, Ltd. (a)		24,601		118,652
Barrick Gold Corp.		53,059		781,962
BCE, Inc. (b)		12,066		517,060
BlackBerry, Ltd. (a)(b)		28,434		283,946
Bombardier, Inc. (Class B) (b)		105,668		356,466
Brookfield Asset Management, Inc. (Class A)		31,954		1,437,651
CAE, Inc.		12,700		154,325
Cameco Corp. (b)		29,347		518,900
Canadian Energy Services & Technology Corp. (b)		13,800		115,828
Canadian Imperial Bank of Commerce (b)		19,570		1,761,484
Canadian National Railway Co.		47,938		3,410,631
Canadian Natural Resources, Ltd.		57,462		2,237,190
Canadian Oil Sands, Ltd. (b)		30,476		563,406
Canadian Pacific Railway, Ltd.		8,767		1,823,376

See accompanying notes to financial statements.

212

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

September 30, 2014

Security Description	Shares		Value
Canadian Solar, Inc. (a)		2,000	$	71,540
Canadian Tire Corp., Ltd. (Class A)		3,692		379,094
Canadian Western Bank (b)		19,511		687,874
Carfinco Financial Group, Inc.		13,000		131,565
Catamaran Corp. (a)		8,100		341,888
CCL Industries, Inc. (Class B)		1,100		110,162
Cenovus Energy, Inc.		33,836		912,244
CGI Group, Inc. (Class A) (a)		18,700		633,178
Constellation Software, Inc.		893		224,930
Crescent Point Energy Corp. (b)		31,315		1,132,614
CT Real Estate Investment Trust		12,834		126,554
Detour Gold Corp. (a)		8,500		66,780
Dollarama, Inc.		1,500		127,511
Eldorado Gold Corp.		29,056		196,298
Enbridge, Inc. (b)		38,937		1,867,847
EnCana Corp.		41,526		883,619
Enerplus Corp. (b)		6,900		131,264
Exchange Income Corp.		6,300		108,744
Fairfax Financial Holdings, Ltd.		1,680		754,335
Finning International, Inc.		6,100		172,430
Firm Capital Mortgage Investment Corp.		25,600		284,050
First Majestic Silver Corp. (a)		12,100		94,522
First Quantum Minerals, Ltd.		38,482		744,469
Fortis, Inc. (b)		10,977		340,051
Franco-Nevada Corp. (b)		7,500		368,910
Gildan Activewear, Inc.		13,944		764,484
Goldcorp, Inc.		41,258		953,229
Gran Tierra Energy, Inc. (a)		22,000		121,856
Great-West Lifeco, Inc. (b)		13,357		384,975
HealthLease Properties REIT		26,816		339,294
HNZ Group, Inc.		8,500		143,448
Home Capital Group, Inc. (b)		2,992		134,908
Husky Energy, Inc. (b)		30,444		837,411
IAMGOLD Corp. (a)		37,168		103,101
Imperial Oil, Ltd.		26,516		1,255,390
Innergex Renewable Energy, Inc. (b)		22,200		208,184
Intact Financial Corp.		6,205		402,599
InterOil Corp. (a)(b)		2,000		108,520
K-Bro Linen, Inc. (b)		6,100		213,641
Kinross Gold Corp. (a)		48,292		160,750
Linamar Corp.		2,200		113,785
Loblaw Cos., Ltd.		10,280		515,587
Lundin Mining Corp. (a)		32,493		160,786
MacDonald, Dettwiler & Associates, Ltd.		2,000		149,881
Magna International, Inc.		17,814		1,694,446
Manulife Financial Corp.		91,445		1,762,539
Methanex Corp. (b)		3,700		247,516
National Bank of Canada (b)		16,472		752,151
New Gold, Inc. (a)		26,293		133,400
Open Text Corp. (b)		4,800		266,082
Pacific Rubiales Energy Corp.		15,375		258,371
Parex Resources, Inc. (a)		16,000		178,247
Pembina Pipeline Corp. (b)		13,547		571,918
Pengrowth Energy Corp. (b)		20,200		106,102
Penn West Petroleum, Ltd. (b)		22,474		152,635
Peyto Exploration & Development Corp. (b)		5,800		183,412
Potash Corp. of Saskatchewan, Inc.		47,145		1,635,974
Power Corp. of Canada (b)		16,422		456,710
Power Financial Corp. (b)		13,682		419,440
Precision Drilling Corp.		13,600		147,129
Pure Industrial Real Estate Trust		37,000		146,669
Redknee Solutions, Inc. (a)(b)		20,974		70,755
Richelieu Hardware, Ltd.		13,142		573,754
Rogers Communications, Inc. (Class B) (b)		24,814		930,789
Royal Bank of Canada (b)		69,950		5,010,512
Russel Metals, Inc.		29,052		898,687
Saputo, Inc.		11,560		324,079
Secure Energy Services, Inc.		8,400		181,597
SEMAFO, Inc. (a)		20,300		71,569
Shaw Communications, Inc. (Class B) (b)		35,859		880,792
Sherritt International Corp. (b)		41,763		115,847
Silver Wheaton Corp.		17,556		350,947
Sirius XM Canada Holdings, Inc.		586		3,754
SNC-Lavalin Group, Inc.		8,757		404,097
Stantec, Inc.		1,700		111,472
Sun Life Financial, Inc.		33,997		1,235,093
Suncor Energy, Inc.		80,022		2,902,145
Tahoe Resources, Inc. (a)		6,300		128,475
Talisman Energy, Inc.		68,145		590,869
Teck Resources, Ltd. (Class B)		31,226		592,639
TELUS Corp.		20,687		707,862
The Bank of Nova Scotia		52,723		3,267,972
The Toronto-Dominion Bank		86,587		4,282,281
Thomson Reuters Corp. (b)		18,646		680,736
Tim Hortons, Inc.		9,320		735,476
TMX Group, Ltd.		2,157		105,712
Tourmaline Oil Corp. (a)		5,600		248,694
TransCanada Corp. (b)		39,008		2,013,316
Trinidad Drilling, Ltd. (b)		10,000		75,075
Turquoise Hill Resources, Ltd. (a)		41,919		157,916
Valeant Pharmaceuticals International, Inc. (a)		14,818		1,945,811
West Fraser Timber Co., Ltd. (b)		1,800		88,184
Westjet Airlines, Ltd.		6,693		187,575
Yamana Gold, Inc. (b)		51,447		309,359
Yellow Media, Ltd. (a)		4,951		67,118
				76,608,171
CHINA — 0.3%
Dah Sing Banking Group, Ltd. (b)		126,125		225,122
Dah Sing Financial Holdings, Ltd.		63,285		384,676
ENN Energy Holdings, Ltd.		38,000		248,599
HanKore Environment Tech Group, Ltd. (a)(b)		114,300		72,149
Hongkong Land Holdings, Ltd.		103,000		700,400
Sino Land Co., Ltd.		329,559		509,293
Transport International Holdings, Ltd.		160,800		296,125
				2,436,364
DENMARK — 1.4%
AP Moeller — Maersk A/S (Class B)		573		1,361,345
Carlsberg A/S (Class B)		2,359		209,771
Coloplast A/S (Class B)		3,805		318,983
Danske Bank A/S		44,082		1,198,421

See accompanying notes to financial statements.

213

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

September 30, 2014

Security Description	Shares		Value
DSV A/S		26,984	$	760,151
FLSmidth & Co. A/S (b)		8,087		387,010
Genmab A/S (a)		2,359		100,082
GN Store Nord A/S		25,026		552,103
Jyske Bank A/S (a)		2,068		111,775
Novo Nordisk A/S (Class B)		104,508		5,001,316
Novozymes A/S (Class B)		9,628		417,785
Pandora A/S		2,848		223,338
SimCorp A/S		11,332		332,689
TDC A/S		11,500		87,352
Vestas Wind Systems A/S (a)		11,876		464,342
				11,526,463
FINLAND — 0.9%
Amer Sports Oyj		5,928		119,143
Caverion Corp.		11,541		88,204
Elisa Oyj		24,399		647,879
Fortum Oyj		19,747		481,695
Kemira Oyj		18,772		247,808
Kesko Oyj (Class B)		3,303		118,291
Kone Oyj (Class B) (b)		8,404		337,812
Konecranes Oyj (b)		3,030		81,529
Lassila & Tikanoja Oyj		24,424		412,204
Metso Oyj		12,114		431,545
Neste Oil Oyj (b)		10,763		221,621
Nokia Oyj		174,209		1,486,569
Sampo Oyj (Class A)		26,805		1,300,278
Sanoma Oyj (b)		16,522		104,107
Stockmann Oyj Abp (Class B) (b)		17,284		188,537
Stora Enso Oyj		36,658		305,866
Tikkurila Oyj		8,091		168,850
UPM-Kymmene Oyj		30,422		434,650
Valmet Corp.		11,862		118,304
Wartsila Oyj Abp		8,843		395,786
YIT Oyj (b)		17,092		131,924
				7,822,602
FRANCE — 7.5%
Accor SA		15,150		672,039
Air Liquide SA		14,410		1,757,905
Albioma		13,674		335,109
Alcatel-Lucent (a)(b)		142,785		443,177
Alstom SA (a)		13,520		462,503
Arkema SA		1,622		108,842
Atos Origin SA		3,520		255,104
AXA SA		87,974		2,168,208
BNP Paribas		44,916		2,979,992
Bollore SA		215		122,165
Bourbon SA		14,942		405,068
Bouygues SA		14,202		460,447
Bureau Veritas SA		9,810		216,806
Cap Gemini SA		12,518		898,673
Carrefour SA		36,700		1,133,997
Casino Guichard-Perrachon SA		6,130		660,307
CGG SA (a)(b)		14,885		135,705
Christian Dior SA		2,514		421,430
Compagnie de Saint-Gobain		28,421		1,300,939
Compagnie Generale des Etablissements Michelin		8,525		804,244
Credit Agricole SA		51,330		774,545
Danone		33,985		2,275,372
Dassault Systemes SA		4,494		288,735
Edenred		15,256		376,481
EDF SA		13,451		441,282
Essilor International SA		13,462		1,478,490
Eutelsat Communications SA		3,454		111,547
Faurecia		2,411		77,117
GDF Suez		71,449		1,792,523
Gecina SA		1,627		213,238
Groupe Eurotunnel SA		17,858		218,192
Hermes International (b)		433		129,499
Hi-Media SA (a)		75,586		248,258
Iliad SA		972		205,793
Ingenico		2,161		220,793
Kering		5,069		1,022,305
L’Oreal SA		11,452		1,818,469
Lafarge SA		10,257		738,817
Lagardere SCA		13,603		364,129
Legrand SA		11,990		623,955
LVMH Moet Hennessy Louis Vuitton SA		12,638		2,054,689
Natixis		20,488		141,002
Nexans SA (a)(b)		4,279		160,542
Numericable Group SA (a)(b)		3,708		197,905
Orange SA		91,462		1,375,496
Pernod Ricard SA		9,179		1,039,409
Peugeot SA (a)		20,059		257,323
Plastic Omnium SA		3,147		75,295
Publicis Groupe SA		13,954		958,401
Renault SA		11,206		811,845
Rexel SA		12,359		230,675
Safran SA		14,981		972,353
Sanofi		52,701		5,962,415
Schneider Electric SE (c)		2,000		153,177
Schneider Electric SE (c)		24,282		1,864,993
SCOR SE		7,998		249,909
Societe Generale SA		36,460		1,861,668
Societe Television Francaise 1 (b)		5,196		70,102
Sodexo		4,434		433,985
Suez Environnement Co.		4,909		83,066
Technicolor SA (a)		18,159		118,528
Technip SA		6,483		545,513
Thales SA		1,431		76,240
Total SA		110,402		7,175,491
UBISOFT Entertainment (a)		6,938		113,938
Unibail-Rodamco SE		4,272		1,099,288
Valeo SA		5,605		623,864
Vallourec SA		8,067		371,041
Veolia Environnement SA		37,560		663,318
Vinci SA		29,389		1,707,966
Vivendi SA (a)		55,287		1,335,366
Zodiac Aerospace		5,259		167,780
				62,114,783
GERMANY — 6.8%
Aareal Bank AG		2,202		95,773
adidas AG		12,742		953,708
Allianz SE		22,923		3,716,692
BASF SE		44,562		4,088,556
Bayer AG		40,967		5,739,248

See accompanying notes to financial statements.

214

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Bayerische Motoren Werke AG		19,276	$	2,070,271
Bilfinger SE (b)		7,743		491,121
Brenntag AG		2,084		102,435
Commerzbank AG (a)		40,361		603,675
Continental AG		2,824		537,432
Daimler AG		52,579		4,033,712
Deutsche Bank AG		57,636		2,022,261
Deutsche Boerse AG		11,932		803,848
Deutsche Lufthansa AG		7,884		124,543
Deutsche Post AG		52,195		1,674,098
Deutsche Telekom AG		147,944		2,242,683
DMG MORI SEIKI AG		3,138		88,736
E.ON AG		89,014		1,629,918
Fresenius Medical Care AG & Co. KGaA		13,920		972,419
Fresenius SE & Co. KGaA		24,287		1,202,524
GEA Group AG		17,033		743,303
Hamborner REIT AG		12,438		127,521
HeidelbergCement AG		2,608		172,371
Henkel AG & Co. KGaA		5,505		514,541
Henkel AG & Co. KGaA Preference Shares		8,678		866,694
Hochtief AG		4,292		295,546
Infineon Technologies AG		85,227		882,083
K+S AG		9,266		262,842
Lanxess AG		4,045		223,326
Linde AG		7,952		1,528,402
MAN SE		4,149		466,993
Merck KGaA		9,146		843,766
Metro AG (a)		2,919		96,168
MorphoSys AG (a)		937		91,959
MTU Aero Engines AG		1,656		141,415
Muenchener Rueckversicherungs- Gesellschaft AG		8,885		1,757,113
Norma Group SE		2,166		90,623
OHB AG		4,584		115,265
OSRAM Licht AG (a)		3,482		129,738
Porsche Automobil Holding SE Preference Shares		10,140		812,625
ProSiebenSat.1 Media AG		1,840		73,334
Puma AG Rudolf Dassler Sport (b)		1,736		402,416
Rheinmetall AG		1,886		90,773
RWE AG		23,752		925,795
Salzgitter AG		4,498		155,150
SAP SE		48,460		3,495,496
Siemens AG		37,994		4,529,375
Sky Deutschland AG (a)		14,408		122,474
Symrise AG		2,317		123,429
ThyssenKrupp AG (a)		22,781		597,865
Volkswagen AG		1,694		351,593
Volkswagen AG Preference Shares		7,018		1,457,486
Wincor Nixdorf AG		8,808		451,299
Wirecard AG		2,988		110,426
				56,242,858
HONG KONG — 2.5%
AIA Group, Ltd.		544,600		2,815,893
APT Satellite Holdings, Ltd.		101,500		144,046
Bank of East Asia, Ltd.		203,478		824,121
Bloomage Biotechnology Corp., Ltd. (b)		24,147		41,359
BOC Hong Kong Holdings, Ltd.		162,500		517,942
Cheung Kong Holdings, Ltd.		60,000		988,268
China Water Industry Group, Ltd. (a)		772,000		152,111
Chong Hing Bank, Ltd.		1,385		2,882
CLP Holdings, Ltd.		141,500		1,136,177
Esprit Holdings, Ltd. (b)		156,319		202,115
Galaxy Entertainment Group, Ltd.		116,000		673,732
Hang Lung Group, Ltd.		132,000		653,617
Hang Lung Properties, Ltd.		244,000		694,441
Hang Seng Bank, Ltd.		32,800		526,736
HC International, Inc. (a)		60,000		107,558
HKT Trust/HKT, Ltd.		115,900		140,004
Hong Kong & China Gas Co., Ltd.		62,700		135,976
Hong Kong Exchanges and Clearing, Ltd.		50,168		1,079,583
Hopewell Holdings		149,500		523,676
Hutchison Whampoa, Ltd.		108,000		1,307,388
Hysan Development Co., Ltd.		169,841		785,217
Jardine Matheson Holdings, Ltd.		6,400		381,440
Jardine Strategic Holdings, Ltd.		4,000		139,400
Li & Fung, Ltd.		444,000		504,318
Melco Crown Entertainment, Ltd. ADR (b)		6,416		168,677
Melco International Development, Ltd. (b)		34,000		78,639
New World Development Co., Ltd.		548,750		638,846
Noble Group, Ltd.		206,000		209,990
Pacific Basin Shipping, Ltd. (b)		566,000		306,139
Power Assets Holdings, Ltd.		37,500		331,531
Sands China, Ltd.		112,400		586,238
SJM Holdings, Ltd.		78,000		148,665
Sun Hung Kai Properties, Ltd.		72,509		1,028,093
Swire Pacific, Ltd.		76,500		985,177
Techtronic Industries Co.		58,500		169,132
The Link REIT		105,851		610,016
The Wharf Holdings, Ltd.		68,000		483,394
Wheelock & Co., Ltd.		143,000		683,224
Wynn Macau, Ltd. (b)		48,000		152,683
				21,058,444
IRELAND — 0.6%
Aer Lingus Group PLC		45,486		81,593
Bank of Ireland (a)		1,192,245		466,892
C&C Group PLC		17,018		90,442
CRH PLC		41,781		955,843
DCC PLC		13,393		742,987
FleetMatics Group PLC (a)(b)		2,352		71,736
Glanbia PLC		5,394		77,884
Grafton Group PLC		42,887		435,234
Green REIT PLC (a)		171,839		282,198
Greencore Group PLC		22,494		85,331
Irish Bank Resolution Corp., Ltd. (a)(d)		5,635		0
James Hardie Industries PLC		18,419		192,927
Kerry Group PLC (Class A)		3,447		243,064
Kingspan Group PLC		18,400		292,872
Paddy Power PLC		1,439		103,925
Ryanair Holdings PLC ADR (a)(b)		5,578		314,767

See accompanying notes to financial statements.

215

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Smurfit Kappa Group PLC		8,404	$	184,247
UDG Healthcare PLC		79,182		424,634
				5,046,576
ISRAEL — 0.5%
Bezeq The Israeli Telecommunication Corp., Ltd.		93,287		161,053
Evogene, Ltd. (a)		7,379		94,809
Mazor Robotics, Ltd. (a)		6,825		39,307
Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.		7,082		350,784
REIT 1, Ltd.		66,305		178,463
Shufersal, Ltd.		101,999		288,460
Strauss Group, Ltd.		29,157		537,321
Teva Pharmaceutical Industries, Ltd. ADR		47,151		2,534,366
				4,184,563
ITALY — 2.3%
A2A SpA		64,225		63,689
Aeroporto di Venezia Marco Polo SpA		7,153		119,095
Assicurazioni Generali SpA		29,872		628,678
Atlantia SpA		35,344		872,874
Azimut Holding SpA		4,300		108,802
Banca Generali SpA		3,156		83,444
Banca IFIS SpA		8,443		167,450
Banca Monte dei Paschi di Siena SpA (a)		311,980		411,449
Banca Piccolo Credito Valtellinese Scarl (a)		66,327		75,283
Banca Popolare dell’Emilia Romagna SC (a)		23,338		185,735
Banca Popolare di Milano Scarl (a)		268,979		217,294
Banca Popolare di Sondrio Scarl		32,155		138,432
Banco Popolare SC (a)		11,342		166,632
Biesse SpA		73,653		758,294
Brembo SpA		3,871		126,750
Cairo Communication SpA		22,313		156,437
Davide Campari-Milano SpA (b)		104,380		753,569
Enel SpA		240,437		1,276,282
ENI SpA (b)		114,913		2,739,242
Esprinet SpA		83,223		663,379
Falck Renewables SpA		200,158		268,779
Fiat SpA (a)(b)		50,701		489,327
Finmeccanica SpA (a)		33,981		330,749
Immobiliare Grande Distribuzione		210,441		176,783
Interpump Group SpA		8,657		108,649
Intesa Sanpaolo SpA		593,426		1,803,647
Iren SpA		130,666		164,404
Luxottica Group SpA		2,355		122,628
Mediaset SpA (a)(b)		31,603		121,364
Mediobanca SpA (a)		18,330		157,688
Pirelli & C. SpA		29,062		402,370
Prada SpA (b)		19,600		119,012
Prysmian SpA		7,917		147,117
Recordati SpA		6,832		112,024
Reply SpA		1,696		132,619
Saipem SpA (a)		18,479		393,106
Salvatore Ferragamo SpA		2,967		81,520
Snam SpA		20,656		114,290
Societa Cattolica di Assicurazioni SCRL		19,993		348,788
Sogefi SpA (a)(b)		16,762		60,983
Telecom Italia SpA NPV (a)		631,442		723,885
UBI Banca ScPA		38,502		323,927
UniCredit SpA		231,396		1,829,867
Unipol Gruppo Finanziario SpA		15,904		76,988
UnipolSai SpA		40,400		114,421
World Duty Free SpA (a)		5,580		63,793
Yoox SpA (a)		3,146		72,211
Zignago Vetro SpA		17,203		117,242
				18,690,991
JAPAN — 20.0%
Acom Co., Ltd. (a)(b)		25,600		85,648
Activia Properties, Inc.		10		80,314
Aderans Co., Ltd. (b)		17,900		222,903
Advance Residence Investment Corp.		38		88,336
Advantest Corp. (b)		21,300		274,563
Aeon Co., Ltd.		57,820		575,591
Aeon Credit Service Co., Ltd. (b)		3,500		74,885
AEON REIT Investment Corp.		62		77,433
Ajinomoto Co., Inc.		22,000		366,015
Alconix Corp. (b)		28,000		383,390
Alps Electric Co., Ltd.		8,900		152,775
ANA Holdings, Inc.		36,000		83,719
Aoyama Trading Co., Ltd.		23,800		554,346
Asahi Breweries, Ltd.		33,636		972,943
Asahi Kasei Corp.		109,550		889,223
Asics Corp.		7,200		162,188
Astellas Pharma, Inc.		130,800		1,947,184
Atom Corp. (b)		46,400		250,411
Bandai Namco Holdings, Inc.		10,300		264,319
Bridgestone Corp.		40,565		1,339,409
Brother Industries, Ltd.		9,100		168,320
Calbee, Inc.		3,700		121,090
Can Do Co., Ltd. (b)		7,400		113,805
Canon, Inc.		57,616		1,875,363
Casio Computer Co., Ltd. (b)		38,900		648,245
Central Japan Railway Co.		12,800		1,728,721
Chubu Electric Power Co., Inc. (a)		43,365		497,712
Chugai Pharmaceutical Co., Ltd.		21,580		624,609
COLOPL, Inc. (a)(b)		2,000		65,728
Colowide Co., Ltd. (b)		55,300		651,834
COOKPAD, Inc. (b)		2,100		67,483
Credit Saison Co., Ltd. (b)		26,800		516,235
CyberAgent, Inc.		2,900		101,782
Daicel Corp.		11,000		119,431
Daifuku Co., Ltd.		7,400		86,956
Daiichi Sankyo Co., Ltd.		43,365		680,352
Daiken Medical Co., Ltd.		5,800		114,895
Daikin Industries, Ltd.		18,310		1,134,704
Daito Trust Construction Co., Ltd.		7,455		880,437
Daiwa House Industry Co., Ltd. (b)		30,400		545,257
Daiwa House REIT Investment Corp. (b)		10		44,305
Daiwa Securities Group, Inc.		119,550		946,962
Daiwahouse Residential Investment Corp.		19		81,408
Dena Co., Ltd. (b)		6,600		83,933

See accompanying notes to financial statements.

216

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

September 30, 2014

Security Description	Shares		Value
Denso Corp.		28,910	$	1,332,240
Dentsu, Inc.		9,900		376,795
Don Quijote Holdings Co., Ltd.		1,700		97,479
Dowa Holdings Co., Ltd.		22,000		183,108
East Japan Railway Co.		14,600		1,094,052
Ebara Corp. (b)		19,000		113,797
Eisai Co., Ltd. (b)		14,551		588,301
Electric Power Development Co., Ltd.		5,500		179,748
Euglena Co., Ltd. (a)(b)		5,000		62,400
F@N Communications, Inc. (b)		6,400		73,455
FANUC Corp.		10,255		1,851,967
Fast Retailing Co., Ltd.		2,600		869,985
Financial Products Group Co., Ltd. (b)		4,000		37,267
Foster Electric Co., Ltd.		16,100		231,604
Frontier Real Estate Investment Corp.		20		95,902
Fuji Heavy Industries, Ltd.		21,000		694,161
FUJIFILM Holdings Corp.		28,910		888,160
Fujitsu, Ltd.		105,513		649,266
Fukuoka Financial Group, Inc.		144,550		689,180
Fukuoka REIT Corp. (b)		10		18,460
Furukawa Electric Co., Ltd. (b)		113,550		227,731
GLP J-REIT		158		182,493
GMO Internet, Inc.		3,500		30,439
GS Yuasa Corp.		17,000		99,029
GungHo Online Entertainment, Inc. (b)		16,600		79,145
Gurunavi, Inc.		6,000		82,811
Hankyu Hanshin Holdings, Inc.		145,513		847,649
Hankyu REIT, Inc.		32		184,074
Heiwa Real Estate REIT, Inc.		416		340,931
Hino Motors, Ltd.		9,600		134,249
Hirose Electric Co., Ltd. (b)		900		111,090
Hitachi Metals, Ltd.		11,000		198,149
Hitachi, Ltd.		251,475		1,919,963
Honda Motor Co., Ltd.		83,075		2,877,843
Hoya Corp.		32,106		1,078,249
Hulic Co., Ltd.		15,100		159,679
Ibiden Co., Ltd.		14,900		290,135
Ichigo Real Estate Investment Corp.		573		434,079
IHI Corp. (b)		45,000		233,010
Iida Group Holdings Co., Ltd.		5,000		61,170
Industrial & Infrastructure Fund Investment Corp. (b)		20		165,732
Infomart Corp.		7,700		132,387
Inpex Corp.		34,700		490,156
Intage Holdings, Inc.		11,100		139,541
Iriso Electronics Co., Ltd.		2,200		174,484
Isuzu Motors, Ltd.		61,500		869,000
ITOCHU Corp.		108,450		1,324,791
Iwatani Corp.		14,000		96,996
J Front Retailing Co., Ltd.		7,200		94,188
Jafco Co., Ltd. (b)		2,100		75,714
Japan Airlines Co., Ltd.		4,000		109,394
Japan Airport Terminal Co., Ltd. (b)		4,800		192,534
Japan Digital Laboratory Co., Ltd.		21,820		403,400
Japan Excellent, Inc.		66		84,775
Japan Exchange Group, Inc. (b)		14,100		334,585
Japan Hotel REIT Investment Corp. (b)		1,000		608,961
Japan Logistics Fund, Inc.		37		81,761
Japan Prime Realty Investment Corp.		29		104,426
Japan Real Estate Investment Corp.		35		179,953
Japan Retail Fund Investment Corp.		47		94,690
Japan Tissue Engineering Co., Ltd. (a)(b)		2,200		31,688
Japan Tobacco, Inc.		57,200		1,859,997
JFE Holdings, Inc.		28,910		576,777
JGC Corp.		8,000		218,351
JSR Corp. (b)		24,300		423,774
JTEKT Corp.		10,800		180,566
JX Holdings, Inc.		181,200		835,012
Kajima Corp. (b)		105,475		504,803
Kakaku.com, Inc.		12,200		173,277
Kao Corp.		24,100		939,547
Kawai Musical Instruments Manufacturing Co., Ltd.		9,800		185,646
Kawasaki Heavy Industries, Ltd.		46,000		183,673
KDDI Corp.		27,500		1,652,833
Kenedix Office Investment Corp.		42		225,516
Kenedix, Inc. (a)		13,800		59,505
Keyence Corp.		2,000		869,046
Kintetsu Corp. (b)		255,101		858,127
Kirin Holdings Co., Ltd.		27,400		363,810
KNT-CT Holdings Co., Ltd. (a)		129,000		208,150
Koito Manufacturing Co., Ltd.		5,000		135,786
Komatsu, Ltd.		53,720		1,242,179
Konami Corp. (b)		4,300		89,610
Konica Minolta Holdings, Inc.		49,375		532,932
Kubota Corp.		68,550		1,082,664
Kurita Water Industries, Ltd. (b)		15,210		339,294
Kyocera Corp.		25,600		1,192,776
Kyodo Shiryo Co., Ltd. (b)		246,000		224,258
Kyoritsu Maintenance Co., Ltd. (b)		12,400		504,162
Kyoto Kimono Yuzen Co., Ltd.		23,100		210,584
Kyushu Electric Power Co., Inc. (a)		18,200		196,111
Leopalace21 Corp. (a)		1,600		8,781
Livesense, Inc. (a)(b)		3,000		24,039
LIXIL Group Corp. (b)		10,100		215,728
M3, Inc.		6,900		110,707
Makita Corp.		5,600		316,514
Marubeni Corp.		146,550		1,003,052
Matsuya Co., Ltd. (b)		26,800		333,000
Mazda Motor Corp.		22,600		566,365
Medipal Holdings Corp.		31,199		379,126
MEIJI Holdings Co., Ltd. (b)		2,600		205,497
Meiko Network Japan Co., Ltd. (b)		26,700		293,056
MID Reit, Inc.		118		291,625
Milbon Co., Ltd.		12,400		411,468
Minebea Co., Ltd.		16,000		218,205
MISUMI Group, Inc.		17,357		523,740
Mitsubishi Corp.		86,138		1,763,672
Mitsubishi Electric Corp.		127,550		1,698,225
Mitsubishi Estate Co., Ltd.		67,925		1,528,537
Mitsubishi Gas Chemical Co., Inc.		15,000		95,583
Mitsubishi Heavy Industries, Ltd.		202,101		1,299,991
Mitsubishi Logistics Corp. (b)		9,000		129,140
Mitsubishi Motors Corp.		43,200		524,173
Mitsubishi UFJ Financial Group, Inc.		650,924		3,680,232

See accompanying notes to financial statements.

217

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Mitsui & Co., Ltd.		102,526	$	1,616,470
Mitsui Chemicals, Inc. (a)(b)		114,550		318,499
Mitsui Fudosan Co., Ltd.		33,000		1,010,652
Mitsui OSK Lines, Ltd. (b)		121,550		387,825
Mizuho Financial Group, Inc.		1,117,900		1,996,414
Mori Hills REIT Investment Corp.		60		83,358
MS&AD Insurance Group Holdings, Inc.		29,199		636,844
Murata Manufacturing Co., Ltd.		13,100		1,489,193
Nabtesco Corp.		5,200		124,626
Nachi-Fujikoshi Corp.		15,000		109,668
NEC Corp.		106,000		366,234
NGK Insulators, Ltd.		12,000		285,738
NGK Spark Plug Co., Ltd.		6,000		176,398
NHK Spring Co., Ltd.		10,600		103,879
Nidec Corp. (b)		13,600		919,933
Nikon Corp. (b)		28,600		413,246
Nintendo Co., Ltd.		4,900		532,905
Nippon Accommodations Fund, Inc.		11		39,710
Nippon Building Fund, Inc.		38		199,881
Nippon Paint Co., Ltd. (b)		9,000		202,243
Nippon Paper Industries Co., Ltd. (b)		4,200		62,831
Nippon Prologis REIT, Inc.		10		23,255
Nippon Steel & Sumitomo Metal Corp.		467,101		1,211,878
Nippon Suisan Kaisha, Ltd. (a)		195,700		515,587
Nippon Telegraph & Telephone Corp.		14,800		920,286
Nippon Yusen K.K. (b)		144,550		380,828
Nissan Motor Co., Ltd.		115,541		1,125,970
Nissei ASB Machine Co., Ltd.		4,300		85,338
Nitori Holding Co., Ltd.		1,700		105,228
Nitto Denko Corp.		9,700		531,888
Nomura Holdings, Inc.		187,185		1,115,653
Nomura Real Estate Residential Fund, Inc.		16		83,431
Nomura Research Institute, Ltd.		3,000		96,951
NSK, Ltd.		17,000		241,916
NTT Data Corp.		11,100		399,699
NTT DoCoMo, Inc.		84,800		1,415,073
Obayashi Corp. (b)		71,550		489,850
OJI Paper Co., Ltd.		23,000		87,014
Oki Electric Industry Co., Ltd.		36,000		84,015
Olympus Corp. (a)		15,300		548,845
Omron Corp.		9,600		435,827
Ono Pharmaceutical Co., Ltd. (b)		4,700		417,321
Oriental Land Co., Ltd.		2,800		529,267
ORIX Corp.		57,700		795,844
Orix JREIT, Inc.		63		79,199
Osaka Gas Co., Ltd.		41,000		164,718
Otsuka Holdings Co., Ltd.		17,500		603,036
Panasonic Corp.		115,850		1,377,696
Pigeon Corp.		3,100		175,496
Rakuten, Inc.		31,000		356,926
Raysum Co., Ltd. (a)		3,300		30,144
Renesas Electronics Corp. (a)(b)		10,800		92,646
Resona Holdings, Inc.		43,400		244,665
Ricoh Co., Ltd.		27,200		292,097
Ringer Hut Co., Ltd. (b)		29,800		457,208
Riso Kyoiku Co., Ltd. (a)(b)		20,006		41,582
Rock Field Co., Ltd.		13,000		230,029
Rohm Co., Ltd.		7,800		490,633
Rohto Pharmaceutical Co., Ltd.		8,001		107,293
Ryohin Keikaku Co., Ltd.		1,000		119,149
Sankyo Seiko Co., Ltd.		53,100		196,532
Sanrio Co., Ltd. (b)		3,900		113,059
Sawai Pharmaceutical Co., Ltd.		1,600		92,037
SBI Holdings, Inc.		9,400		105,230
Secom Co., Ltd. (b)		14,648		872,377
Sega Sammy Holdings, Inc. (b)		7,400		119,066
Seiko Epson Corp.		9,800		470,815
Seino Holdings Co., Ltd.		8,000		64,105
Sekisui Chemical Co., Ltd.		17,000		194,959
Sekisui House SI Residential Investment Corp. (b)		157		153,000
Sekisui House, Ltd.		8,800		103,647
Seria Co., Ltd.		1,900		72,401
Seven & I Holdings Co., Ltd.		43,228		1,676,393
Sharp Corp. (a)(b)		62,000		176,343
Shikoku Electric Power Co., Inc. (a)		9,600		123,047
Shimano, Inc.		2,500		304,025
Shimizu Corp. (b)		95,513		753,168
Shin-Etsu Chemical Co., Ltd.		23,517		1,536,714
Shinsei Bank, Ltd.		85,000		182,096
Shiseido Co., Ltd. (b)		10,800		178,154
SMC Corp.		2,200		606,682
SMS Co., Ltd.		3,900		100,118
Softbank Corp.		45,336		3,177,798
Sompo Japan Nipponkoa Holdings, Inc.		29,600		718,042
Sony Corp. (b)		57,520		1,044,007
Square Enix Holdings Co., Ltd. (b)		3,400		72,187
Stanley Electric Co., Ltd.		24,973		540,006
Start Today Co., Ltd.		2,700		58,753
Starts Proceed Investment Corp.		51		85,546
Sumitomo Chemical Co., Ltd.		144,550		515,238
Sumitomo Corp.		86,575		955,367
Sumitomo Dainippon Pharma Co., Ltd. (b)		7,400		94,241
Sumitomo Electric Industries, Ltd.		57,520		849,730
Sumitomo Heavy Industries, Ltd.		24,000		134,992
Sumitomo Metal Mining Co., Ltd.		5,000		70,377
Sumitomo Mitsui Financial Group, Inc.		65,600		2,673,755
Sumitomo Mitsui Trust Holdings, Inc.		248,550		1,034,350
Sumitomo Precision Products Co., Ltd. (b)		46,000		181,157
Sumitomo Realty & Development Co., Ltd.		21,000		747,094
Sun Corp. (b)		3,000		39,573
Sun Frontier Fudousan Co., Ltd. (b)		3,100		35,438
Suruga Bank, Ltd.		9,200		183,337
Suzuki Motor Corp.		14,000		463,986
Sysmex Corp.		5,800		233,174
T&D Holdings, Inc.		43,600		559,830
Tadano, Ltd.		6,000		110,433
Taiheiyo Cement Corp. (b)		23,000		86,804
Taisei Corp. (b)		89,438		504,691
Taiyo Yuden Co., Ltd. (b)		19,700		220,535

See accompanying notes to financial statements.

218

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

September 30, 2014

Security Description	Shares		Value
Takeda Pharmaceutical Co., Ltd.		39,965	$	1,737,118
Takeuchi Manufacturing Co., Ltd.		7,600		360,964
TDK Corp.		11,555		644,666
Teijin, Ltd.		148,550		358,865
Temp Holdings Co., Ltd.		2,700		82,210
Terumo Corp.		29,200		699,820
The Akita Bank, Ltd. (b)		144,550		403,230
The Aomori Bank, Ltd.		10,101		30,663
The Awa Bank, Ltd. (b)		11,550		66,545
The Bank of Iwate, Ltd.		10,855		478,948
The Bank of Okinawa, Ltd. (b)		12,355		542,879
The Bank of Yokohama, Ltd.		144,550		794,864
The Chiba Bank, Ltd.		140,550		977,617
The Chugoku Electric Power Co., Inc.		8,200		105,102
The Dai-ichi Life Insurance Co., Ltd.		27,400		406,648
The Daisan Bank, Ltd.		385,651		643,367
The Daishi Bank, Ltd.		147,176		513,865
The Eighteenth Bank, Ltd.		8,251		22,866
The Higo Bank, Ltd.		128,550		706,647
The Hokkoku Bank, Ltd.		144,550		491,519
The Hyakugo Bank, Ltd.		144,550		579,808
The Kansai Electric Power Co., Inc. (a)		53,600		506,462
The Kiyo Bank, Ltd.		32,200		459,098
The Musashino Bank, Ltd.		14,455		479,659
The Nanto Bank, Ltd.		142,550		575,684
The Ogaki Kyoritsu Bank, Ltd.		144,550		391,370
The San-In Godo Bank, Ltd.		7,550		53,272
The Shiga Bank, Ltd.		129,550		713,325
The Shikoku Bank, Ltd. (b)		284,101		611,221
The Toho Bank, Ltd.		12,101		45,119
The Tokyo Electric Power Co., Inc. (a)		58,175		203,648
The Yamagata Bank, Ltd. (b)		131,176		614,654
The Yamanashi Chuo Bank, Ltd.		125,550		550,522
THK Co., Ltd.		5,400		134,391
Tohoku Electric Power Co., Inc.		45,500		516,824
Tokio Marine Holdings, Inc.		43,365		1,345,088
Tokyo Dome Corp.		62,000		261,124
Tokyo Electron, Ltd.		10,955		714,854
Tokyo Gas Co., Ltd.		146,475		823,208
Tokyo Tatemono Co., Ltd.		16,000		129,377
Tokyu Corp.		131,550		862,249
Tokyu Fudosan Holdings Corp.		18,800		128,881
Toray Industries, Inc.		126,550		836,399
Toshiba Corp.		246,513		1,142,057
TOTO, Ltd. (b)		8,000		87,953
Toyo Suisan Kaisha, Ltd.		3,000		99,549
Toyo Tire & Rubber Co., Ltd.		6,500		111,103
Toyota Industries Corp.		2,300		111,126
Toyota Motor Corp.		140,988		8,306,718
Toyota Tsusho Corp.		6,600		160,766
Trend Micro, Inc.		4,500		152,195
Unicharm Corp.		17,100		389,795
United Urban Investment Corp.		55		84,384
Usen Corp. (a)(b)		33,530		95,979
USS Co., Ltd.		46,610		713,841
ValueCommerce Co., Ltd. (b)		4,400		31,648
Warabeya Nichiyo Co., Ltd.		14,700		263,862
West Japan Railway Co.		8,600		384,901
Yahoo! Japan Corp. (b)		49,100		186,651
Yakult Honsha Co., Ltd. (b)		4,200		220,539
Yamada Denki Co., Ltd. (b)		76,580		223,398
Yamaha Corp.		10,300		134,554
Yamaha Motor Co., Ltd.		11,400		222,918
Yamato Holdings Co., Ltd. (b)		15,300		284,744
Yaskawa Electric Corp. (b)		10,200		138,083
Yokogawa Electric Corp. (b)		9,900		130,141
Zenrin Co., Ltd. (b)		27,700		328,274
				164,697,041
LUXEMBOURG — 0.2%
ArcelorMittal (b)		35,891		494,199
COLT Group SA (a)		56,456		122,367
SES SA		14,828		512,774
Tenaris SA		16,481		377,876
				1,507,216
MACAU — 0.0% (e)
MGM China Holdings, Ltd.		30,000		86,348
NETHERLANDS — 2.7%
Aegon NV		121,028		998,668
AerCap Holdings NV (a)		3,599		147,199
Airbus Group NV		27,500		1,730,716
Akzo Nobel NV		14,934		1,023,447
ASML Holding NV		22,749		2,265,103
CNH Industrial NV (a)		43,858		349,043
Constellium NV (Class A) (a)		3,550		87,366
Fugro NV		10,453		316,452
Gemalto NV		3,166		290,680
Heineken NV		18,440		1,379,956
ING Groep NV (a)		192,609		2,751,874
Koninklijke (Royal) KPN NV (a)		201,486		645,735
Koninklijke Ahold NV		65,766		1,065,071
Koninklijke DSM NV		11,859		731,891
Koninklijke Philips NV		54,581		1,742,008
NXP Semiconductor NV (a)(b)		16,699		1,142,713
OCI NV (a)(b)		1,750		54,062
PostNL NV (a)		34,674		149,846
Randstad Holding NV		2,830		131,774
Reed Elsevier NV		10,488		238,084
SBM Offshore NV (a)(b)		18,317		265,982
TNT Express NV		30,221		191,418
Unilever NV		86,411		3,441,773
Wolters Kluwer NV		29,613		790,070
				21,930,931
NEW ZEALAND — 0.2%
a2 Milk Co., Ltd. (a)(b)		124,495		56,282
Air New Zealand, Ltd.		55,175		83,432
Auckland International Airport, Ltd.		23,128		69,404
Calan Healthcare Properties Trust		86,181		95,723
DNZ Property Fund, Ltd.		67,351		90,557
Fisher & Paykel Healthcare Corp., Ltd.		105,778		427,908
Fletcher Building, Ltd.		15,651		107,109
Goodman Property Trust		102,117		84,371
Infratil, Ltd.		43,649		96,283
Kiwi Income Property Trust		88,896		80,723
Property for Industry, Ltd.		100,055		107,233
Steel & Tube Holdings, Ltd.		65,185		142,264

See accompanying notes to financial statements.

219

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

September 30, 2014

Security Description	Shares		Value
Xero, Ltd. (a)		4,720	$	79,466
				1,520,755
NORWAY — 0.9%
Akastor ASA		6,098		24,543
Aker Solutions ASA (a)(f)		6,098		60,764
DnB NOR ASA		64,243		1,203,290
DNO ASA (a)		35,055		109,705
Norsk Hydro ASA		88,620		495,894
Opera Software ASA		12,217		171,098
Orkla ASA		84,911		768,102
REC Silicon ASA (a)(b)		132,673		53,377
Schibsted ASA		3,068		166,614
Seadrill, Ltd. (b)		8,604		230,815
Statoil ASA		59,914		1,634,336
Storebrand ASA (a)		49,149		273,647
Telenor ASA		45,035		988,663
TGS Nopec Geophysical Co. ASA (b)		4,973		126,595
Yara International ASA		14,846		745,681
				7,053,124
PORTUGAL — 0.2%
Banco Comercial Portugues SA (a)		1,998,021		261,486
Banco Espirito Santo SA (a)(d)		122,712		0
EDP — Energias de Portugal SA		150,956		658,852
Mota-Engil SGPS SA		24,188		156,261
NOS SGPS		56,447		340,418
Portugal Telecom SGPS SA (b)		74,259		156,283
				1,573,300
SINGAPORE — 1.4%
AIMS AMP Capital Industrial REIT		128,140		144,186
Ascendas Hospitality Trust		179,000		100,357
Ascendas REIT		572,000		1,009,174
Cache Logistics Trust		147,000		134,286
CapitaLand, Ltd.		286,000		717,635
China New Town Development Co., Ltd. (a)		1,747,000		87,672
City Developments, Ltd. (b)		134,000		1,010,805
Cosco Corp. Singapore, Ltd. (b)		583,000		308,575
Croesus Retail Trust		256,000		189,697
DBS Group Holdings, Ltd.		17,576		253,862
Flextronics International, Ltd. (a)		60,285		622,141
Genting Singapore PLC (b)		580,400		518,824
Global Logistic Properties, Ltd.		63,000		133,874
IGG, Inc.		60,000		26,890
Jardine Cycle & Carriage, Ltd.		3,000		100,941
Keppel Corp., Ltd.		150,975		1,243,031
Keppel REIT (b)		34,313		32,018
Lippo Malls Indonesia Retail Trust		859,000		266,059
Oxley Holdings, Ltd.		173,000		75,967
SembCorp Industries, Ltd.		275,000		1,116,992
Singapore Airlines, Ltd.		19,000		146,601
Singapore Exchange, Ltd.		143,000		810,703
Singapore Telecommunications, Ltd.		149,000		443,974
Sino Grandness Food Industry Group, Ltd. (a)(b)		207,000		107,939
Soilbuild Business Space REIT		207,000		129,040
Tiger Airways Holdings, Ltd. (a)		319,000		100,055
United Overseas Bank, Ltd.		20,512		360,283
UOL Group, Ltd.		173,659		900,091
Wilmar International, Ltd.		142,000		344,060
				11,435,732
SOUTH KOREA — 4.2%
Amorepacific Corp.		123		278,812
Asiana Airlines, Inc. (a)		36,482		158,339
Bioland, Ltd.		13,458		317,559
BS Financial Group, Inc.		12,176		195,001
Celltrion, Inc. (a)(b)		3,656		169,591
CJ CGV Co., Ltd. (b)		5,344		270,935
Coway Co., Ltd.		1,862		148,748
Credu Corp.		7,351		456,281
Crown Confectionery Co., Ltd.		722		136,840
Dae Han Flour Mills Co., Ltd.		2,021		414,638
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		4,304		82,797
Digitech Systems Co., Ltd. (a)(g)		19,094		0
Dongkuk Industries Co., Ltd.		72,738		311,907
Dongwon F&B Co., Ltd. (b)		1,052		339,950
Dongwon Industries Co., Ltd. (b)		1,174		402,737
Dongyang Mechatronics Corp.		18,122		151,983
E-Mart Co., Ltd.		796		173,872
Genic Co., Ltd. (a)		6,494		136,619
GS Home Shopping, Inc.		1,051		253,475
Haansoft, Inc. (b)		8,629		220,785
Haesung Industrial Co., Ltd.		3,288		98,617
Hana Financial Group, Inc.		11,856		432,557
Hana Tour Service, Inc.		3,646		238,057
Hankook Shell Oil Co., Ltd.		427		224,982
Hankook Tire Co., Ltd.		1,972		96,241
Hanssem Co., Ltd.		3,736		405,375
Harim Co., Ltd. (a)(b)		32,331		164,834
Hotel Shilla Co., Ltd.		4,352		492,835
Huons Co., Ltd.		4,380		232,023
Hyundai Elevator Co., Ltd. (a)		2,442		84,466
Hyundai Engineering Plastics Co., Ltd.		50,883		340,425
Hyundai Glovis Co., Ltd.		708		216,040
Hyundai Heavy Industries Co., Ltd.		1,831		238,581
Hyundai Hy Communications & Networks Co., Ltd.		51,292		223,347
Hyundai Mobis Co., Ltd.		2,753		670,477
Hyundai Motor Co.		3,818		689,248
Hyundai Securities Co., Ltd. (a)(b)		56,111		373,807
Hyundai Steel Co.		2,442		171,709
INFINITT Co., Ltd. (a)		17,666		131,920
Infraware, Inc. (a)		12,154		81,775
Interpark Corp.		11,551		131,902
Jenax, Inc. (a)		21,099		160,554
JoyCity Corp. (a)(b)		4,097		75,903
Kangwon Land, Inc.		4,254		144,521
KB Capital Co., Ltd.		5,306		105,843
KB Financial Group, Inc.		15,408		562,879
KCC Corp.		199		135,590
Kia Motors Corp.		10,039		510,869
KIWOOM Securities Co., Ltd.		7,963		386,359
Koh Young Technology, Inc.		13,668		367,200
Korea Electric Power Corp. ADR (b)		33,123		743,280
Korea Zinc Co., Ltd.		695		256,859
Korean Air Lines Co., Ltd. (a)		2,708		92,384

See accompanying notes to financial statements.

220

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

September 30, 2014

Security Description	Shares		Value
KT Corp. ADR		31,124	$	504,520
KT&G Corp.		4,891		438,000
Ktis Corp.		29,132		121,884
KyungDong City Gas Co., Ltd.		1,872		217,313
LG Chem, Ltd.		972		235,343
LG Chem, Ltd. Preference Shares		879		136,608
LG Display Co., Ltd. ADR (a)		43,268		681,471
LG Electronics, Inc.		5,733		356,937
LG Household & Health Care, Ltd.		463		222,451
LG Uplus Corp.		10,838		126,841
Lotte Chemical Corp.		647		86,144
Lotte Samkang Co., Ltd.		440		317,726
Lotte Shopping Co., Ltd.		260		77,858
Medy-Tox, Inc.		824		174,912
Modetour Network, Inc.		12,350		263,326
Muhak Co., Ltd. (a)		10,483		332,297
NAVER Corp.		1,453		1,111,178
NCSoft Corp.		773		98,525
Nexon GT Co., Ltd. (a)		28,385		384,653
NHN Entertainment Corp. (a)		468		36,588
OCI Co., Ltd. (a)		714		87,960
ORION Corp.		145		120,232
Ottogi Corp.		360		210,490
POSCO ADR		21,450		1,628,055
S1 Corp.		1,774		137,011
Sajo Industries Co., Ltd. (a)(b)		6,950		265,421
Samchuly Bicycle Co., Ltd.		7,337		147,401
Samsung C&T Corp.		4,220		302,328
Samsung Electronics Co., Ltd. GDR		12,949		7,257,914
Samsung Engineering Co., Ltd. (a)		1,481		84,488
Samsung Fire & Marine Insurance Co., Ltd.		1,269		339,723
Samsung Heavy Industries Co., Ltd.		7,068		169,123
Samsung Life Insurance Co., Ltd.		3,713		372,971
Samsung SDI Co., Ltd.		1,441		167,280
Shinhan Financial Group Co., Ltd.		19,136		881,317
Shinsegae Food Co., Ltd.		3,052		342,726
SK C&C Co., Ltd.		759		174,421
SK Hynix, Inc. (a)		23,526		1,042,256
SK Innovation Co., Ltd.		5,502		422,850
SK Telecom Co., Ltd. ADR		25,943		787,111
SNU Precision Co., Ltd. (a)		12,863		61,557
Woori Finance Holdings Co., Ltd. (a)		8,153		100,826
				34,930,364
SPAIN — 2.8%
Abengoa SA		15,488		86,870
Abertis Infraestructuras SA		19,659		388,407
Acciona SA (a)		3,584		268,299
Acerinox SA		29,072		446,946
ACS, Actividades de Construccion y Servicios SA		17,745		681,906
Amadeus IT Holding SA		12,641		472,994
Atresmedia Corp. de Medios de Comunicaion SA		10,100		153,744
Banco Bilbao Vizcaya Argentaria SA		208,669		2,517,654
Banco de Sabadell SA (b)		155,890		461,599
Banco Popular Espanol SA		79,979		489,709
Banco Santander SA		433,798		4,170,792
Bankia SA (a)		132,091		246,625
Bankinter SA		36,266		307,680
CaixaBank SA (b)		43,459		264,673
Distribuidora Internacional de Alimentacion SA		33,920		243,556
Ebro Puleva SA		4,561		86,483
Enagas SA		33,887		1,092,882
Faes Farma SA		104,045		266,155
Ferrovial SA		45,110		875,008
Gamesa Corp. Tecnologica SA (a)		26,435		291,463
Gas Natural SDG SA		4,122		121,378
Grifols SA		9,059		371,236
Iberdrola SA		275,680		1,974,593
Inditex SA		34,728		959,659
Indra Sistemas SA (b)		22,100		309,888
International Consolidated Airlines Group SA (a)		29,828		177,514
Let’s GOWEX SA (a)(b)(g)		4,019		0
Mediaset Espana Comunicacion SA (a)		42,331		526,939
NH Hotel Group SA (a)		37,591		183,774
Red Electrica Corporacion SA		13,017		1,127,382
Repsol SA		53,043		1,259,723
Sacyr SA (a)		21,579		116,235
Telefonica SA		149,496		2,314,367
Zeltia SA (a)		46,686		168,082
				23,424,215
SWEDEN — 2.6%
AddTech AB (Class B)		8,672		118,800
Alfa Laval AB (b)		36,810		788,450
Assa Abloy AB (Class B)		25,880		1,337,729
Atlas Copco AB (Class A)		28,853		828,557
Atlas Copco AB (Class B)		17,670		459,375
Axis Communications AB (b)		2,593		70,649
Bilia AB (Class A)		3,322		89,405
BillerudKorsnas AB		7,840		111,264
Boliden AB		33,259		540,290
CDON Group AB (a)(b)		34,191		103,876
Concentric AB		7,306		86,404
Electrolux AB		21,347		565,332
Elekta AB (Class B) (b)		11,538		113,885
Eniro AB (a)		14,039		20,469
Getinge AB (Class B)		3,924		99,129
Hennes & Mauritz AB (Class B)		45,078		1,872,935
Hexagon AB, (Class B)		8,916		283,248
Hexpol AB		1,367		109,422
Investor AB (Class B)		16,418		581,249
JM AB		3,655		117,027
Kinnevik Investment AB (Class B)		14,263		515,838
KNOW IT AB		16,919		129,092
Lagercrantz AB (Class B)		7,509		128,650
Lundin Petroleum AB (a)		10,075		170,656
Meda AB (Class A)		9,675		136,097
Net Entertainment NE AB (Class B) (a)		10,471		281,080
Nibe Industrier AB (Class B) (b)		3,639		91,980
Nordea Bank AB		110,909		1,444,753
Opus Group AB (b)		58,882		90,262
Orexo AB (a)(b)		4,877		86,432
Saab AB		4,397		108,211
Sandvik AB		68,035		768,277

See accompanying notes to financial statements.

221

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

September 30, 2014

Security Description	Shares		Value
Securitas AB (Class B)		60,655	$	674,421
Skandinaviska Enskilda Banken AB (Class A)		42,595		569,635
Skanska AB (Class B)		51,402		1,064,636
SKF AB (Class A)		11,593		242,848
Svenska Cellulosa AB (Class B)		21,787		520,163
Svenska Handelsbanken AB (Class A)		9,135		430,239
Swedbank AB (Class A)		27,992		705,586
Swedish Match AB		6,980		226,586
Swedish Orphan Biovitrum AB (a)		9,749		104,206
Tele2 AB (Class B)		34,489		416,974
Telefonaktiebolaget LM Ericsson (Class B)		166,939		2,121,360
TeliaSonera AB		112,024		775,795
Tethys Oil AB (a)		13,625		165,861
Volvo AB (Class A) (b)		99,433		1,102,144
				21,369,277
SWITZERLAND — 7.4%
ABB, Ltd. (a)		120,264		2,703,580
Actelion, Ltd. (a)		4,746		557,798
Adecco SA (a)		13,245		898,941
Aryzta AG (a)		1,668		143,757
Cie Financiere Richemont SA		18,467		1,514,275
Clariant AG (a)		41,690		713,813
Coca-Cola HBC AG (a)		7,685		166,072
Comet Holding AG (a)		212		134,233
Credit Suisse Group AG (a)		56,250		1,558,281
Geberit AG		4,083		1,319,550
Givaudan SA (a)		199		318,233
Holcim, Ltd. (a)		15,671		1,142,318
Julius Baer Group, Ltd.		14,556		652,773
Kuehne & Nagel International AG		5,334		673,240
Leonteq AG		1,013		226,136
Lindt & Spruengli AG		2		118,650
Logitech International SA (a)(b)		7,435		95,710
Lonza Group AG (a)		6,610		798,319
Meyer Burger Technology AG (a)(b)		5,512		56,476
Nestle SA		149,440		10,987,085
Nobel Biocare Holding AG (a)(b)		18,678		331,337
Novartis AG		130,110		12,275,684
Partners Group Holding AG		483		127,132
PSP Swiss Property AG (a)		11,471		962,820
Roche Holding AG		34,885		10,335,891
SGS SA		514		1,065,656
Sonova Holding AG		676		107,962
STMicroelectronics NV (b)		36,095		279,738
Sulzer AG		3,716		456,965
Swiss Life Holding AG (a)		3,752		896,082
Swiss Re AG (a)		7,770		619,242
Syngenta AG		5,134		1,635,035
Temenos Group AG (a)		4,267		162,329
The Swatch Group AG		2,599		1,235,171
U-Blox AG (a)		808		99,954
UBS AG (a)		173,966		3,033,253
Youlchon Chemical Co., Ltd.		10,828		135,959
Zurich Insurance Group AG (a)		7,507		2,237,565
				60,777,015
UNITED KINGDOM — 17.4%
3i Group PLC		91,514		568,656
Aberdeen Asset Management PLC		49,412		320,818
Afren PLC (a)		58,352		97,908
Aggreko PLC		9,570		240,163
AMEC PLC		40,220		719,837
Anglo American PLC		68,528		1,537,543
Antofagasta PLC		15,127		176,812
ARM Holdings PLC		57,083		838,413
Ashtead Group PLC		19,331		326,860
Associated British Foods PLC		12,022		522,123
AstraZeneca PLC		59,836		4,308,395
Aviva PLC		149,455		1,268,383
Avon Rubber PLC		20,243		201,988
Babcock International Group PLC		22,823		404,035
BAE Systems PLC		192,856		1,474,138
Balfour Beatty PLC		118,389		361,973
Barclays PLC		737,086		2,717,862
Barratt Developments PLC		70,965		455,693
BBA Aviation PLC		23,550		124,079
Bellway PLC		4,481		113,833
Berkeley Group Holdings PLC		4,675		170,525
BG Group PLC		161,095		2,977,215
BHP Billiton PLC		110,472		3,071,423
Big Yellow Group PLC		12,282		103,537
BP PLC		896,218		6,588,193
British American Tobacco PLC		85,809		4,843,785
British Sky Broadcasting Group PLC		58,354		834,377
Britvic PLC		9,518		103,073
BT Group PLC		416,020		2,560,140
BTG PLC (a)		16,662		189,081
Bunzl PLC		6,405		167,174
Burberry Group PLC		24,198		592,744
Cable & Wireless Communications PLC		199,337		151,560
Cairn Energy PLC (a)		19,291		55,198
Capita PLC		41,093		775,433
Carnival PLC		14,002		559,312
Centamin PLC		100,275		99,406
Centrica PLC		266,725		1,330,931
Cobham PLC		36,712		173,250
Compass Group PLC		76,658		1,238,392
Croda International PLC		3,316		110,364
CSR PLC		8,469		104,070
Daily Mail & General Trust PLC (b)		10,005		124,242
Darty PLC		39,381		47,403
Diageo PLC		119,729		3,464,662
Direct Line Insurance Group PLC		68,837		328,313
Dixons Carphone PLC		13,435		79,781
Drax Group PLC		16,926		177,397
DS Smith PLC		24,318		104,984
easyJet PLC (b)		11,066		255,281
Experian PLC		48,864		779,088
FirstGroup PLC (a)		152,484		296,639
Foxtons Group PLC		16,051		55,945
Fresnillo PLC (b)		8,708		107,289
Friends Life Group, Ltd.		101,252		505,730
G4S PLC		159,802		649,471
GKN PLC		75,606		391,239

See accompanying notes to financial statements.

222

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

September 30, 2014

Security Description	Shares		Value
GlaxoSmithKline PLC		234,180	$	5,364,327
Glencore PLC (a)		503,581		2,801,818
Hammerson PLC		32,712		304,663
Hansteen Holdings PLC		58,351		97,907
Hargreaves Lansdown PLC		8,663		132,716
Hays PLC		270,386		509,785
Henderson Group PLC		47,600		156,494
Hikma Pharmaceuticals PLC		6,141		172,529
Homeserve PLC		19,007		98,510
Howden Joinery Group PLC		26,186		143,953
HSBC Holdings PLC		897,031		9,104,884
ICAP PLC		70,366		441,808
IMI PLC		10,183		203,050
Imperial Tobacco Group PLC		53,504		2,310,701
Informa PLC		27,442		217,544
Inmarsat PLC		13,516		153,599
InterContinental Hotels Group PLC		11,440		441,208
International Personal Finance PLC		14,760		116,817
Intertek Group PLC		7,380		313,579
IP Group PLC (a)		30,466		100,854
ITV PLC		108,470		365,408
J Sainsbury PLC (b)		107,767		439,387
Jazztel PLC (a)		10,832		175,423
John Wood Group PLC		15,584		191,880
Johnson Matthey PLC		5,019		237,506
Keller Group PLC		4,424		63,113
Kingfisher PLC		171,262		899,281
Land Securities Group PLC		57,541		969,206
Legal & General Group PLC		390,759		1,450,033
Lloyds Banking Group PLC (a)		2,402,051		2,993,383
London Stock Exchange Group PLC		10,153		307,464
Lonmin PLC (a)(b)		14,819		44,636
Man Group PLC		120,521		232,115
Marks & Spencer Group PLC		109,820		720,328
Meggitt PLC		27,350		200,055
Mondi PLC		31,893		522,721
Mucklow A & J Group PLC		10,044		69,609
National Grid PLC		183,168		2,636,852
Next PLC		9,356		1,001,812
Ocado Group PLC (a)		17,457		74,996
Old Mutual PLC		329,560		970,762
Ophir Energy PLC (a)		25,883		96,215
Pace PLC		15,337		74,118
Pearson PLC		52,159		1,048,514
Persimmon PLC		23,223		502,224
Petrofac, Ltd.		10,439		175,493
Provident Financial PLC		2,897		100,317
Prudential PLC		136,247		3,039,265
Randgold Resources, Ltd.		7,425		506,639
Reckitt Benckiser Group PLC		35,995		3,121,902
Reed Elsevier PLC		53,478		856,555
Rentokil Initial PLC		303,735		580,047
Rexam PLC		32,206		256,773
Rightmove PLC		4,488		156,574
Rio Tinto PLC		61,470		3,020,953
Rolls-Royce Holdings PLC (a)		95,306		1,490,204
Royal Bank of Scotland Group PLC (a)		103,314		616,689
Royal Dutch Shell PLC (Class A)		177,495		6,786,491
Royal Dutch Shell PLC (Class B)		111,711		4,413,414
Royal Mail PLC		20,008		127,214
RSA Insurance Group PLC (a)		64,601		507,407
SABMiller PLC		48,727		2,707,907
Serco Group PLC (b)		39,556		183,465
Severn Trent PLC		5,511		167,694
Shire PLC		30,423		2,633,701
Smith & Nephew PLC		41,824		705,151
Smiths Group PLC		43,041		881,968
Sports Direct International PLC (a)		6,861		68,794
SSE PLC		57,751		1,448,348
Standard Chartered PLC		95,305		1,762,115
Standard Life PLC		180,789		1,214,549
TalkTalk Telecom Group PLC		19,010		92,146
Tate & Lyle PLC		39,810		381,742
Taylor Wimpey PLC		107,653		196,860
Telecom Plus PLC		2,745		59,408
Tesco PLC		415,119		1,253,071
The British Land Co. PLC		75,085		855,112
The Sage Group PLC		108,365		641,920
The Weir Group PLC		4,848		196,641
Thomas Cook Group PLC (a)		46,861		90,403
Travis Perkins PLC		6,979		188,265
Trinity Mirror PLC (a)		20,648		56,487
Tullow Oil PLC		54,019		564,407
Unilever PLC		64,100		2,686,221
United Utilities Group PLC		31,044		406,642
Victrex PLC		4,157		108,230
Vodafone Group PLC		1,257,152		4,165,738
Whitbread PLC		8,251		555,644
William Hill PLC		62,894		377,050
William Morrison Supermarkets PLC (b)		172,371		470,296
Wolseley PLC		15,880		834,616
Workspace Group PLC		10,314		105,757
WPP PLC		86,880		1,746,485
Xaar PLC		7,765		47,332
				144,030,048
TOTAL COMMON STOCKS —
(Cost $752,965,213)				822,048,930
PREFERRED STOCKS — 0.0% (e)
SOUTH KOREA — 0.0% (e)
Hyundai Motor Co., Ltd. (Cost $69,421)		81,327		134,528
RIGHTS — 0.0% (e)
ITALY — 0.0% (e)
Immobiliare Grande Distribuzione (expiring 10/17/14) (a)		210,441		45,060
PORTUGAL — 0.0% (e)
Mota — Engil SGPS SA (expiring 12/31/49) (a)(d)		131,247		39,277
SPAIN — 0.0% (e)
Banco Bilbao Vizcaya Argentaria SA (expiring 10/13/14) (a)(b)		208,669		20,825

See accompanying notes to financial statements.

223

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

September 30, 2014

Security Description	Shares		Value
Banco Popular Espanol SA (expiring 10/13/14) (a)		129,954	$	1,111
				21,936
TOTAL RIGHTS —
(Cost $85,868)				106,273
WARRANTS — 0.0% (e)
FRANCE — 0.0% (e)
Peugeot SA (expiring 4/29/17) (a)(b) (Cost $15,679)		13,373		25,036
SHORT TERM INVESTMENT — 5.6%
UNITED STATES — 5.6%
MONEY MARKET FUND — 5.6%
State Street Navigator Securities Lending Prime Portfolio (h)(i) (Cost $45,988,685)		45,988,685		45,988,685
TOTAL INVESTMENTS — 105.2%
(Cost $799,124,866)				868,303,452
OTHER ASSETS & LIABILITIES — (5.2)%				(42,860,025	)
NET ASSETS — 100.0%			$	825,443,427

(a)	Non-income producing security
(b)	A portion of the security was on loan at September 30, 2014.
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(e)	Amount shown represents less than 0.05% of net assets.
(f)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.0% of net assets as of September 30, 2014, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(h)	Investments of cash collateral for securities loaned
(i)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

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

See accompanying notes to financial statements.

224

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AUSTRALIA — 6.9%
Acrux, Ltd. (a)		165,249	$	74,026
Ainsworth Game Technology, Ltd.		64,021		169,745
ALE Property Group		75,188		213,828
Amalgamated Holdings, Ltd.		50,129		418,914
Amcom Telecommunications, Ltd.		135,602		226,638
Antares Energy, Ltd. (b)		156,888		71,388
APN News & Media, Ltd. (b)		269,260		193,205
ARB Corp., Ltd.		15,612		171,312
Arrium, Ltd. (a)		1,825,982		583,206
Asaleo Care, Ltd. (b)		186,648		311,953
Aspen Group		34,269		37,484
Astro Japan Property Group		32,154		125,207
Atlas Iron, Ltd. (a)		448,041		164,664
Ausdrill, Ltd.		57,410		45,213
Austal, Ltd. (b)		69,948		79,570
Austbrokers Holdings, Ltd.		24,475		216,310
Austin Engineering, Ltd.		21,196		21,608
Australian Agricultural Co., Ltd. (b)		180,802		208,838
Australian Industrial REIT		41,834		76,874
Australian Pharmaceutical Industries, Ltd.		70,943		41,903
Automotive Holdings Group, Ltd.		65,286		215,375
Aveo Group		179,400		332,806
AWE, Ltd. (b)		842,128		1,352,219
Base Resources, Ltd. (b)		144,479		37,928
BC Iron, Ltd. (a)		24,634		34,813
Beach Energy, Ltd.		1,160,426		1,431,757
Beadell Resources, Ltd. (b)		398,403		141,192
Bega Cheese, Ltd.		54,825		241,312
Billabong International, Ltd. (b)		305,428		187,085
Blackmores, Ltd.		3,574		100,828
Boart Longyear Group (a)(b)		265,040		41,746
Bradken, Ltd.		88,025		327,362
Breville Group, Ltd. (a)		25,142		154,224
Brickworks, Ltd.		16,341		192,467
Buru Energy, Ltd. (a)(b)		84,610		55,158
BWP Trust		158,394		331,260
Cabcharge Australia, Ltd.		58,187		278,004
Cardno, Ltd. (a)		63,850		336,908
Cash Converters International, Ltd. (a)		29,396		27,781
Central Petroleum, Ltd. (b)		153,634		38,315
Charter Hall Group		99,576		356,378
Charter Hall Retail REIT		211,578		703,537
Coalspur Mines, Ltd. (a)(b)		257,972		9,707
Collins Foods, Ltd.		32,729		65,298
Cooper Energy, Ltd. (b)		127,346		50,703
Corporate Travel Management, Ltd.		47,733		304,912
Cover-More Group, Ltd.		138,648		264,486
Credit Corp. Group, Ltd.		8,448		71,707
Cromwell Property Group		439,440		365,305
Crowe Horwath Australasia, Ltd. (b)		692,496		242,387
CSG, Ltd.		83,253		91,792
CSR, Ltd.		311,040		906,344
Cudeco, Ltd. (a)(b)		26,339		35,840
Dart Energy, Ltd. (b)		386,214		43,934
Data#3, Ltd.		54,815		36,454
Decmil Group, Ltd.		32,412		50,485
Domino’s Pizza Enterprises, Ltd.		31,242		717,084
Downer EDI, Ltd.		223,856		863,854
Drillsearch Energy, Ltd. (b)		144,605		163,232
Echo Entertainment Group, Ltd.		3,806		10,990
Emeco Holdings, Ltd. (b)		248,946		45,746
Energy Resources of Australia, Ltd. (b)		51,270		56,080
Energy World Corp., Ltd. (b)		534,696		166,099
ERM Power, Ltd.		37,436		54,706
Evolution Mining, Ltd. (a)		264,552		160,890
Fairfax Media, Ltd.		1,003,524		680,554
Fleetwood Corp., Ltd. (a)		169,873		260,133
FlexiGroup, Ltd.		105,452		310,969
Folkestone Education Trust		110,885		187,753
G8 Education, Ltd.		154,011		690,009
GDI Property Group		207,615		165,323
Goodman Fielder, Ltd.		1,636,304		894,905
Greencross, Ltd. (a)		48,685		417,498
Greenland Minerals & Energy, Ltd. (b)		159,554		15,358
GUD Holdings, Ltd.		43,540		257,554
GWA International, Ltd.		77,677		174,686
Hills Industries, Ltd.		66,181		76,733
Horizon Oil, Ltd. (b)		424,795		111,515
Hotel Property Investments, Ltd.		79,829		159,967
Icon Energy, Ltd. (b)		192,990		25,331
iiNET, Ltd.		69,222		493,062
Imdex, Ltd.		78,054		47,811
Independence Group NL		127,441		452,760
Indophil Resources NL (b)		257,442		65,330
Industria REIT		94,673		163,202
Infigen Energy (a)(b)		915,830		208,363
Ingenia Communities Group		317,228		127,692
Intrepid Mines, Ltd. (b)		210,384		51,547
Invocare, Ltd. (a)		288,899		2,770,699
iProperty Group, Ltd. (b)		54,573		132,279
Iress, Ltd.		51,535		448,251
iSelect, Ltd. (b)		37,538		46,479
iSentia Group, Ltd. (b)		90,963		234,016
Japara Healthcare, Ltd. (b)		124,232		258,728
JB Hi-Fi, Ltd. (a)		77,962		1,050,598
Karoon Gas Australia, Ltd. (b)		126,145		385,237
Kingsgate Consolidated, Ltd. (a)(b)		110,699		69,744
Kingsrose Mining, Ltd. (b)		60,416		20,882
Liquefied Natural Gas, Ltd. (a)(b)		227,167		824,947
Lynas Corp., Ltd. (a)(b)		765,447		53,584
M2 Group, Ltd. (a)		83,677		557,216
MACA, Ltd.		28,406		37,161
Macquarie Atlas Roads Group		181,592		457,638
Macquarie Leisure Trust Group		226,815		615,271
Maverick Drilling & Exploration, Ltd. (b)		183,856		35,394
Mayne Pharma Group, Ltd. (b)		245,570		163,313
McMillan Shakespeare, Ltd.		17,823		161,263
Medusa Mining, Ltd. (b)		97,372		71,147
Melbourne IT, Ltd.		50,473		61,170
Mermaid Marine Australia, Ltd.		102,433		172,994
Mesoblast, Ltd. (a)(b)		110,534		417,842
Metals X, Ltd. (b)		386,125		76,023
Mincor Resources NL		70,496		35,162
Mineral Deposits, Ltd. (b)		30,956		37,923

See accompanying notes to financial statements.

225

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

September 30, 2014

Security Description	Shares		Value
Mineral Resources, Ltd. (a)		81,517	$	620,584
Monadelphous Group, Ltd. (a)		70,072		782,399
Mount Gibson Iron, Ltd.		503,452		240,097
Myer Holdings, Ltd. (a)		300,315		515,070
Navitas, Ltd.		137,010		599,453
New South Resources, Ltd.		151,530		177,679
Newsat, Ltd. (a)(b)		236,673		41,420
NEXTDC, Ltd. (b)		59,510		84,360
NIB Holdings, Ltd.		208,379		530,615
Nine Entertainment Co., Holdings, Ltd.		228,259		407,466
Northern Star Resources, Ltd.		300,069		326,906
NRW Holdings, Ltd.		49,868		37,528
Nufarm, Ltd.		116,612		503,064
Orocobre, Ltd. (b)		45,175		109,104
Orora, Ltd.		494,203		709,222
OZ Minerals, Ltd. (a)		107,958		366,538
Ozforex Group, Ltd. (a)		121,318		247,351
Pacific Brands, Ltd.		1,202,323		510,265
Pact Group Holdings, Ltd.		13,051		45,224
Paladin Energy, Ltd. (a)(b)		515,435		171,392
PanAust, Ltd.		254,327		433,970
Papillon Resources, Ltd. (b)		125,538		169,295
Peet, Ltd.		35,105		36,555
Perseus Mining, Ltd. (a)(b)		269,147		78,898
Platinum Australia, Ltd. (b)(c)		610,876		0
Premier Investments, Ltd.		39,672		356,523
Programmed Maintenance Services, Ltd.		224,270		541,643
RCR Tomlinson, Ltd.		48,036		134,929
Recall Holdings, Ltd.		143,748		704,405
Red Fork Energy, Ltd. (b)		233,050		18,762
Regis Resources, Ltd. (a)		142,501		193,902
Resolute Mining, Ltd. (b)		347,152		135,180
Retail Food Group, Ltd.		73,215		316,490
Ridley Corp., Ltd.		52,013		39,597
Roc Oil Co., Ltd. (b)		985,446		590,685
SAI Global, Ltd.		354,435		1,256,101
Sandfire Resources NL		7,101		36,288
Saracen Mineral Holdings, Ltd. (b)		260,364		82,019
Select Harvests, Ltd. (a)		28,766		156,064
Senex Energy, Ltd. (b)		574,798		276,637
Seven West Media, Ltd.		258,780		364,577
Shopping Centres Australasia Property Group		256,426		376,968
Sigma Pharmaceuticals, Ltd.		1,710,760		1,182,630
Silex Systems, Ltd. (b)		44,156		26,274
Silver Chef, Ltd.		9,752		51,201
Silver Lake Resources, Ltd. (a)(b)		139,468		47,596
Sino Gas & Energy Holdings, Ltd. (a)(b)		626,400		115,108
Sirius Resources NL (b)		137,625		373,329
Sirtex Medical, Ltd.		31,922		613,696
Skilled Group, Ltd.		53,038		104,425
Slater & Gordon, Ltd.		89,789		482,419
Southern Cross Media Group, Ltd.		459,912		400,434
Spotless Group Holdings, Ltd. (b)		227,542		360,390
St Barbara, Ltd. (a)(b)		287,339		41,487
Starpharma Holdings, Ltd. (a)(b)		133,044		75,673
Steadfast Group, Ltd.		229,029		300,618
STW Communications Group, Ltd.		790,133		829,687
Sundance Energy Australia, Ltd. (b)		185,011		198,320
Sundance Resources, Ltd. (b)		1,215,102		70,176
Sunland Group, Ltd.		27,665		43,938
Super Retail Group, Ltd.		51,345		373,364
Syrah Resources, Ltd. (a)(b)		40,172		154,320
Tap Oil, Ltd. (b)		76,836		42,022
Tassal Group, Ltd.		40,598		130,733
Technology One, Ltd.		123,722		344,276
Ten Network Holdings, Ltd. (b)		482,660		101,364
TFS Corp., Ltd.		142,006		232,992
The Reject Shop, Ltd.		19,260		151,176
Tiger Resources, Ltd. (b)		249,747		54,635
Tox Free Solutions, Ltd.		30,733		71,535
Transfield Services, Ltd. (a)(b)		313,657		407,581
Transpacific Industries Group, Ltd.		705,978		503,479
Troy Resources, Ltd. (a)(b)		56,302		36,950
UGL, Ltd. (b)		76,032		405,179
UXC, Ltd.		71,214		57,019
Veda Group, Ltd.		277,383		567,974
Village Roadshow, Ltd.		7,401		45,852
Virgin Australia Holdings, Ltd. (b)		501,870		166,881
Virtus Health, Ltd.		16,203		110,166
Vocation, Ltd. (a)		47,620		100,008
Vocus Communications, Ltd.		59,641		290,170
Webjet, Ltd. (a)		56,688		149,311
Western Areas NL		110,901		419,230
Whitehaven Coal, Ltd. (a)(b)		202,992		303,744
Wotif.com Holdings, Ltd. (a)		74,794		202,890
				54,446,869
AUSTRIA — 0.6%
BUWOG AG (b)		19,126		378,722
Conwert Immobilien Invest SE (b)		25,301		288,580
Flughafen Wien AG		3,646		304,490
Lenzing AG		2,838		175,670
POLYTEC Holding AG		3,341		26,927
Porr AG		3,830		245,783
RHI AG		12,598		347,412
Schoeller-Bleckmann Oilfield Equipment AG (a)		14,107		1,376,646
Semperit AG Holding		5,054		233,033
Wienerberger AG (a)		66,525		857,185
Zumtobel Group AG		8,879		166,171
				4,400,619
BAHAMAS — 0.0% (d)
United International Enterprises		488		94,408
BELGIUM — 1.2%
Ablynx NV (b)		36,106		337,620
Aedifica SA		646		42,460
AGFA-Gevaert NV (b)		236,282		511,275
Arseus NV		14,974		725,992
Barco NV (a)		22,326		1,613,794
Befimmo SA		2,023		150,241
Deceuninck NV		21,103		60,754
Econocom Group		23,769		214,687
Euronav NV (b)		24,957		282,639
EVS Broadcast Equipment SA (a)		15,226		531,250

See accompanying notes to financial statements.

226

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

September 30, 2014

Security Description	Shares		Value
Galapagos NV (b)		16,670	$	252,279
Ion Beam Applications (b)		11,021		193,520
Kinepolis Group NV		3,323		127,801
Lotus Bakeries		177		208,134
Melexis NV		10,072		459,253
Mobistar SA (b)		21,361		399,098
Nyrstar (a)(b)		215,984		661,096
Ontex Group NV (b)		12,285		305,647
RHJ International (a)(b)		135,235		666,771
Tessenderlo Chemie NV (b)		42,745		1,179,308
ThromboGenics NV (a)(b)		15,960		148,993
Viohalco SA (b)		6,948		29,245
				9,101,857
BERMUDA — 0.2%
Global Sources, Ltd. (a)(b)		8,526		57,210
Golden Ocean Group, Ltd. (a)		278,342		332,177
Ship Finance International, Ltd. (a)		33,621		568,867
SmarTone Telecommunications Holding, Ltd.		223,749		312,928
Trinity, Ltd. (a)		608,000		167,560
				1,438,742
CANADA — 10.3%
5N Plus, Inc. (b)		25,588		67,545
Advantage Oil & Gas, Ltd. (b)		130,690		665,407
Aecon Group, Inc.		11,196		151,978
Africa Oil Corp. (b)		148,981		655,887
AG Growth International, Inc.		709		28,232
AGF Management, Ltd. (Class B)		11,186		116,910
Alacer Gold Corp.		113,236		212,783
Alamos Gold, Inc.		53,900		430,698
Alaris Royalty Corp. (a)		13,359		370,688
Alexco Resource Corp. (b)		17,507		11,592
Algonquin Power & Utilities Corp. (a)		80,887		640,553
Alliance Grain Traders, Inc. (a)		10,596		273,161
Altius Minerals Corp. (a)(b)		3,257		35,294
Altus Group, Ltd. (a)		9,278		163,302
Argonaut Gold, Inc. (a)(b)		65,997		231,496
Artek Exploration, Ltd. (a)(b)		16,687		41,809
Artis REIT		16,702		228,811
Asanko Gold, Inc. (b)		53,396		110,848
Atlantic Power Corp. (a)		59,846		143,517
Atrium Mortgage Investment Corp.		34,184		351,766
ATS Automation Tooling Systems, Inc. (b)		32,915		382,003
AuRico Gold, Inc. (a)		168,769		590,476
AutoCanada, Inc.		8,817		429,588
Avigilon Corp. (a)(b)		15,057		251,545
B2Gold Corp. (a)(b)		298,620		609,238
Badger Daylighting, Ltd. (a)		14,831		370,526
Ballard Power Systems, Inc. (b)		70,000		225,493
Bankers Petroleum, Ltd. (b)		149,325		720,202
Banro Corp. (b)		121,402		19,011
Bellatrix Exploration, Ltd. (b)		94,209		579,981
Birchcliff Energy, Ltd. (a)(b)		61,958		588,228
Bird Construction, Inc. (a)		18,869		238,912
Black Diamond Group, Ltd. (a)		11,968		255,092
BlackPearl Resources, Inc. (b)		165,047		310,142
BNK Petroleum, Inc. (a)(b)		59,713		49,692
Bonterra Energy Corp. (a)		9,592		486,745
Boyd Group Income Fund		1,510		55,168
Calfrac Well Services, Ltd. (a)		40,379		627,969
Callidus Capital Corp. (b)		18,262		359,504
Canaccord Genuity Group, Inc.		47,220		472,813
Canacol Energy, Ltd. (b)		39,871		188,019
Canadian Solar, Inc. (b)		16,772		599,934
Canam Group, Inc.		3,673		35,003
CanElson Drilling, Inc.		25,730		148,042
Canexus Corp. (a)		89,178		367,070
CanWel Building Materials Group, Ltd.		4,224		21,998
Canyon Services Group, Inc.		25,257		291,318
Capstone Infrastructure Corp. (a)		21,821		81,032
Capstone Mining Corp. (b)		203,541		409,796
Cardinal Energy, Ltd. (a)		13,450		226,504
Cathedral Energy Services, Ltd. (a)		10,142		38,751
Celestica, Inc. (b)		107,329		1,090,049
Centerra Gold, Inc.		73,673		330,937
Cequence Energy, Ltd. (b)		59,353		97,191
Chartwell Retirement Residences		12,426		121,864
China Gold International Resources Corp., Ltd. (b)		122,824		351,695
Chinook Energy, Inc. (b)		120,200		220,491
Chorus Aviation, Inc.		78,973		305,985
Colabor Group, Inc.		10,360		34,764
Colossus Minerals, Inc. (a)(b)		390		35
Computer Modelling Group, Ltd.		40,631		423,198
Concordia Healthcare Corp.		6,928		228,877
Continental Gold, Ltd. (a)(b)		55,929		145,134
Contrans Group, Inc. (Class A)		13,171		176,666
Copper Mountain Mining Corp. (a)(b)		68,232		147,753
Corus Entertainment, Inc. (Class B) (a)		143,448		3,192,297
Cott Corp.		74,028		509,396
Crew Energy, Inc. (b)		67,862		600,559
DeeThree Exploration, Ltd. (b)		29,008		236,207
Delphi Energy Corp. (b)		65,280		209,120
Denison Mines Corp. (a)(b)		272,261		311,838
Detour Gold Corp. (b)		68,209		535,882
DHX Media, Ltd.		31,579		246,969
DirectCash Payments, Inc. (a)		2,210		31,957
DIRTT Environmental Solutions (b)		27,742		88,125
Dominion Diamond Corp. (b)		45,031		641,084
Dorel Industries, Inc.		14,517		434,516
Dream Unlimited Corp. (Class A) (a)(b)		80,968		950,562
Dundee Corp. (Class A) (b)		91,957		1,396,367
Dundee Precious Metals, Inc. (a)(b)		57,496		228,945
Eagle Energy Trust		10,572		50,705
Enbridge Income Fund Holdings, Inc. (a)		17,793		483,852
Endeavour Mining Corp. (a)(b)		224,398		134,532
Endeavour Silver Corp. (b)		60,283		264,316
EnerCare, Inc. (a)		26,892		330,630
Enerflex, Ltd.		40,812		697,881
Enghouse Systems, Ltd.		11,253		361,590
Entertainment One, Ltd.		97,305		498,477
Epsilon Energy, Ltd. (b)		16,882		64,051

See accompanying notes to financial statements.

227

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

September 30, 2014

Security Description	Shares		Value
Equitable Group, Inc.		6,448	$	360,668
Essential Energy Services Trust (a)		38,333		84,037
Exchange Income Corp.		12,514		216,004
Extendicare, Inc.		44,849		329,881
Firm Capital Mortgage Investment Corp.		30,426		337,598
First Majestic Silver Corp. (b)		50,653		395,688
FirstService Corp. (a)		54,392		2,860,867
Fortuna Silver Mines, Inc. (b)		74,997		303,330
Freehold Royalties, Ltd. (a)		85,642		1,774,837
Gabriel Resources, Ltd. (b)		103,008		93,095
Gasfrac Energy Services, Inc. (a)(b)		23,270		24,987
Gear Energy, Ltd. (b)		30,574		131,045
Gluskin Sheff + Associates, Inc. (a)		12,579		330,360
GMP Capital, Inc.		100,178		654,377
Golden Star Resources, Ltd. (a)(b)		61,900		25,479
Gran Tierra Energy, Inc. (b)		149,430		827,678
Granite Real Estate Investment Trust		24,182		833,511
Great Basin Gold, Ltd. (b)(e)		266,255		0
Great Canadian Gaming Corp. (b)		55,897		922,322
Great Panther Silver, Ltd. (a)(b)		38,974		39,757
Guardian Capital Group, Ltd. (Class A)		142,541		2,263,973
Guyana Goldfields, Inc. (b)		76,815		177,337
HealthLease Properties REIT		17,184		217,424
Heroux-Devtek, Inc. (b)		4,739		43,677
High Liner Foods, Inc.		5,511		103,706
HNZ Group, Inc.		11,041		186,330
Horizon North Logistics, Inc. (a)		72,883		331,301
IAMGOLD Corp. (b)		165,700		459,639
Imax Corp. (a)(b)		26,008		715,624
Imperial Metals Corp. (b)		21,557		167,626
Innergex Renewable Energy, Inc. (a)		56,423		529,116
Interfor Corp. (b)		27,319		394,794
InterRent Real Estate Investment Trust		7,972		39,091
Intertape Polymer Group, Inc.		18,214		265,171
Ithaca Energy, Inc. (b)		156,765		294,579
Ivanhoe Mines, Ltd. (b)		168,835		172,227
Just Energy Group, Inc. (a)		77,823		362,113
Kelso Technologies, Inc.		19,763		98,324
Kelt Exploration, Ltd. (b)		52,219		560,716
Kirkland Lake Gold, Inc. (a)(b)		41,591		184,220
Knight Therapeutics, Inc. (b)		22,083		121,328
KP Tissue, Inc.		6,416		89,734
Labrador Iron Ore Royalty Corp. (a)		24,958		487,971
Lake Shore Gold Corp. (a)(b)		243,664		248,559
Laurentian Bank of Canada (a)		3,358		145,552
Legacy Oil + Gas, Inc. (b)		74,558		408,967
Leucrotta Exploration, Inc. (b)		13,756		26,588
Lightstream Resources, Ltd. (a)		69,702		327,444
Liquor Stores NA, Ltd.		15,936		191,651
Long Run Exploration, Ltd. (a)		49,045		197,049
Lucara Diamond Corp.		110,995		214,531
Lydian International, Ltd. (a)(b)		46,937		34,860
MAG Silver Corp. (b)		51,182		381,501
Major Drilling Group International, Inc.		98,381		581,016
Mart Resources, Inc.		208,939		239,311
Martinrea International, Inc. (a)		66,721		777,929
MCAN Mortgage Corp.		25,005		319,513
Medical Facilities Corp. (a)		16,096		228,431
Mitel Networks Corp. (b)		38,002		347,718
Mood Media Corp. (a)(b)		56,628		32,937
Morguard Corp.		1,739		224,076
Morneau Shepell, Inc. (a)		19,000		273,724
MTY Food Group, Inc.		9,505		280,077
Nevsun Resources, Ltd. (a)		106,643		386,474
Newalta Corp.		20,804		411,035
NGEx Resources, Inc. (b)		31,746		53,405
Niko Resources, Ltd. (a)(b)		31,701		22,126
Norbord, Inc. (a)		5,408		111,107
North American Palladium, Ltd. (b)		95,700		18,839
Northern Dynasty Minerals, Ltd. (a)(b)		56,135		32,147
Novagold Resources, Inc. (a)(b)		114,220		345,455
NuVista Energy, Ltd. (b)		100,745		940,245
Nymox Pharmaceutical Corp. (a)(b)		4,840		21,054
OceanaGold Corp. (b)		157,279		325,099
Oncolytics Biotech, Inc. (b)		21,901		12,542
Orbite Aluminae, Inc. (b)		72,026		30,291
Painted Pony Petroleum, Ltd. (b)		48,313		542,551
Parex Resources, Inc. (b)		58,710		654,055
Parkland Fuel Corp. (a)		44,632		850,666
Performance Sports Group, Ltd. (a)(b)		23,281		374,126
Perpetual Energy, Inc. (a)(b)		47,593		74,527
PHX Energy Services Corp. (a)		9,720		119,331
Pizza Pizza Royalty Corp.		21,931		264,338
Platinum Group Metals, Ltd. (b)		95,239		84,369
Poseidon Concepts Corp. (b)(c)		43,064		0
Premier Gold Mines, Ltd. (a)(b)		94,140		222,388
Premium Brands Holdings Corp. (a)		5,396		118,876
Pretium Resources, Inc. (b)		41,533		217,411
Primero Mining Corp. (b)		54,916		267,811
Prometic Life Sciences, Inc. (b)		243,397		374,608
Pulse Seismic, Inc. (a)		19,766		51,469
Pure Technologies, Ltd.		32,639		235,983
Raging River Exploration, Inc. (b)		83,478		684,975
Redknee Solutions, Inc. (a)(b)		31,655		106,787
Regal Lifestyle Communities, Inc. (a)		8,557		63,246
Reitmans Canada, Ltd. (Class A)		26,566		156,893
Retrocom Real Estate Investment Trust		9,557		36,516
Richelieu Hardware, Ltd.		8,329		363,627
Rio Alto Mining, Ltd. (b)		158,870		379,565
RMP Energy, Inc. (b)		53,754		330,446
Rogers Sugar, Inc. (a)		9,415		39,596
Romarco Minerals, Inc. (b)		299,527		195,655
RONA, Inc.		56,039		683,971
Rubicon Minerals Corp. (a)(b)		185,890		252,832
Sabina Gold & Silver Corp. (a)(b)		81,289		40,006
Sandstorm Gold, Ltd. (b)		37,984		163,145
Sandvine Corp. (b)		36,493		90,453
Savanna Energy Services Corp. (a)		108,574		687,847
Seabridge Gold, Inc. (b)		23,335		188,342
Sears Canada, Inc.		4,995		49,836
SEMAFO, Inc. (b)		136,517		481,300
Sherritt International Corp. (a)		156,796		434,940
Sierra Wireless, Inc. (a)(b)		16,596		445,510
Silver Standard Resources, Inc. (b)		45,504		278,101

See accompanying notes to financial statements.

228

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

September 30, 2014

Security Description	Shares		Value
Silvercorp Metals, Inc. (a)		101,895	$	162,295
SilverCrest Mines, Inc. (b)		25,642		38,777
Sirius XM Canada Holdings, Inc.		41,777		267,660
Solium Capital, Inc. (b)		31,183		241,361
Southern Pacific Resource Corp. (a)(b)		298,695		12,027
Spartan Energy Corp. (b)		122,707		389,790
Spyglass Resources Corp. (a)		40,628		50,169
Stella-Jones, Inc.		12,755		334,868
Strad Energy Services, Ltd. (a)		23,951		106,516
Stuart Olson, Inc.		5,329		42,010
Sulliden Mining Capital, Inc. (b)		7,518		3,364
Sunshine Oilsands, Ltd. (a)(b)		1,710,500		226,889
Superior Plus Corp. (a)		58,563		739,407
Surge Energy, Inc. (a)		109,646		702,488
TAG Oil, Ltd. (a)(b)		31,113		48,164
Tanzanian Royalty Exploration Corp. (b)		8,440		17,672
Taseko Mines, Ltd. (b)		25,956		44,129
Tekmira Pharmaceuticals Corp. (b)		12,251		260,247
Tembec, Inc. (b)		20,897		60,024
Teranga Gold Corp. (a)(b)		81,621		54,777
The Descartes Systems Group, Inc. (b)		40,942		564,553
The North West Co., Inc. (a)		28,238		565,493
Thompson Creek Metals Co., Inc. (b)		93,806		207,329
Timmins Gold Corp. (b)		46,650		58,858
TORC Oil & Gas, Ltd. (a)		32,320		370,760
Torex Gold Resources, Inc. (b)		377,933		497,125
Toromont Industries, Ltd.		18,000		434,236
Torstar Corp. (Class B) (a)		20,089		119,899
Total Energy Services, Inc.		10,955		203,896
Tourmaline Oil Corp. (b)		947		42,056
Transcontinental, Inc.		39,922		523,339
TransGlobe Energy Corp. (a)		50,805		309,590
Trevali Mining Corp. (a)(b)		51,326		52,816
Tricon Capital Group, Inc.		36,756		253,580
Trinidad Drilling, Ltd. (a)		73,183		549,421
Twin Butte Energy, Ltd. (a)		90,125		131,452
Uex Corp. (b)		84,167		24,100
Uni-Select, Inc.		68,289		1,731,744
Vicwest, Inc.		4,006		39,431
Wajax Corp. (a)		5,414		185,303
Western Energy Services Corp. (a)		17,442		139,374
Western Forest Products, Inc.		183,431		367,666
Westport Innovations, Inc. (a)(b)		23,556		247,880
Whistler Blackcomb Holdings, Inc.		19,244		316,845
Wi-Lan, Inc. (a)		86,627		313,161
Winpak, Ltd.		11,379		284,080
Yellow Media, Ltd. (b)		11,754		159,342
Zargon Oil & Gas, Ltd. (a)		11,432		71,607
				81,313,032
CHINA — 0.9%
Allied Properties HK, Ltd.		4,718,791		875,077
China Sandi Holdings, Ltd. (b)		103		6
Chow Sang Sang Holding International, Ltd.		248,939		593,086
Daphne International Holdings, Ltd. (a)		564,000		285,446
G-Resources Group, Ltd. (b)		13,178,400		334,335
Greenland Hong Kong Holdings, Ltd. (a)		190,000		72,916
HanKore Environment Tech Group, Ltd. (a)(b)		153,900		97,145
HKR International, Ltd. (a)		2,706,379		1,282,595
K Wah International Holdings, Ltd. (a)		1,692,340		945,868
Midland Holdings, Ltd. (a)(b)		773,790		373,686
Nam Tai Property, Inc. (a)		5,282		32,062
Road King Infrastructure, Ltd.		1,206,544		1,079,893
Shun Tak Holdings, Ltd. (a)		1,270,749		623,502
Texwinca Holdings, Ltd.		916,050		785,681
				7,381,298
DENMARK — 0.9%
ALK-Abello A/S		2,273		275,027
Amagerbanken A/S (b)(c)		308,573		0
Ambu A/S		4,544		327,728
Auriga Industries A/S (Class B) (b)		7,197		374,341
Bang & Olufsen A/S (a)(b)		33,374		322,826
Bavarian Nordic A/S (b)		16,488		317,577
D/S Norden A/S (a)		14,896		382,467
East Asiatic Co., Ltd. A/S		36,218		377,994
IC Companys A/S		26,779		731,654
Matas A/S		13,635		313,531
NKT Holding A/S		11,305		623,505
OW Bunker A/S (b)		10,080		232,640
Rockwool International A/S (Class B)		2,027		293,419
Schouw & Co.		3,120		127,602
SimCorp A/S		64,977		1,907,618
Solar A/S (Class B)		1,437		71,573
Spar Nord Bank A/S		32,371		326,858
Vestas Wind Systems A/S (b)		791		30,928
				7,037,288
FINLAND — 1.3%
Caverion Corp.		31,968		244,321
Cramo Oyj		52,157		739,256
Fiskars Oyj Abp		22,900		587,826
Konecranes Oyj (a)		19,007		511,426
Lassila & Tikanoja Oyj		77,455		1,307,209
Outotec Oyj (a)		55,857		424,074
PKC Group Oyj		3,189		64,496
Poyry Oyj (a)(b)		87,363		363,751
Raisio PLC (Class V)		34,255		165,301
Ramirent Oyj		17,561		138,206
Sanitec Corp. (b)		10,366		95,989
Sanoma Oyj (a)		14,861		93,640
Sponda Oyj		49,984		226,049
Stockmann Oyj Abp (Class B)		3,268		35,648
Talvivaara Mining Co. PLC (a)(b)		587,123		34,266
Tieto Oyj		71,860		1,815,543
Tikkurila Oyj		9,713		202,699
Uponor Oyj		14,835		199,772
Vacon Oyj		53,186		2,264,209
Valmet Corp.		50,544		504,093
YIT Oyj (a)		34,731		268,070
				10,285,844
FRANCE — 2.3%
AB Science SA (b)		4,451		50,492

See accompanying notes to financial statements.

229

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

September 30, 2014

Security Description	Shares		Value
Albioma		4,916	$	120,477
Altarea		238		39,491
Alten SA		14,467		620,542
Altran Technologies SA		53,750		554,740
ANF Immobilier		1,891		54,943
Assystem		2,277		47,892
Belvedere SA (b)		13,920		229,829
Beneteau SA (b)		12,659		202,292
Boiron SA		2,943		245,929
Bull (b)(c)		29,323		181,507
Carbone Lorraine SA		34,195		838,018
Cellectis (b)		14,266		190,127
CGG SA (a)(b)		83,952		765,380
Club Mediterranee SA (b)		37,190		1,057,056
DBV Technologies SA (b)		6,624		307,432
Etablissements Maurel et Prom (b)		41,858		589,844
Faiveley Transport SA		2,254		143,707
FIGEAC-AERO (b)		6,492		90,211
Flamel Technologies SA ADR (b)		20,530		293,784
Fonciere De Paris SIIC		1,318		164,648
GameLoft SE (b)		43,262		287,463
Genfit (b)		8,843		471,078
GL Events SA		32,742		618,765
Groupe Fnac (b)		4,211		156,554
Groupe Steria SCA (a)		36,286		806,295
Haulotte Group SA		3,058		47,708
Hi-Media SA (b)		12,234		40,182
Innate Pharma SA (b)		25,691		250,871
Interparfums SA		1,651		42,526
IPSOS		34,842		889,306
Jacquet Metal Service		40,214		788,421
LISI		4,123		119,793
Maisons France Confort SA		723		26,587
Montupet		2,797		181,612
MPI		28,946		143,704
Naturex		3,419		226,750
Nexans SA (a)(b)		12,026		451,198
NicOx SA (b)		13,791		45,993
Norbert Dentressangle SA		1,527		219,846
PagesJaunes Groupe (b)		367,935		260,285
Pierre & Vacances SA (b)		1,034		31,754
Rubis		5,260		302,932
Saft Groupe SA		40,650		1,383,399
Sequana (b)(c)		5		0
Sequana SA (a)(b)		25,572		93,035
Societe d’Edition de Canal +		56,328		420,534
Societe de la Tour Eiffel (b)		14,775		877,979
SOITEC (a)(b)		123,436		339,929
Sopra Group SA		3,351		304,237
Stallergenes SA		414		27,896
Tarkett SA		6,772		181,275
Trigano SA (b)		3,155		71,979
UbiSoft Entertainment SA (b)		63,082		1,035,948
Valneva SE (a)(b)		9,457		63,675
Virbac SA		1,830		385,021
				18,382,871
GERMANY — 2.5%
Aixtron SE (b)		46,838		712,680
Alstria Office REIT-AG (b)		47,059		576,639
Amadeus Fire AG		3,099		216,724
Aurelius AG		9,878		353,138
BayWa AG		2,259		97,368
Bechtle AG		5,784		442,709
Bertrandt AG		816		104,421
Biotest AG Preference Shares (a)		3,502		355,416
Borussia Dortmund GmbH & Co. KGaA		38,964		219,724
CANCOM SE (a)		8,646		335,635
Cewe Stiftung & Co. KGAA		3,130		206,714
CompuGroup Medical AG		8,269		198,053
Deutz AG		35,051		185,880
DIC Asset AG		75,318		635,572
Draegerwerk AG & Co. KGaA		2,232		180,312
Draegerwerk AG & Co. KGaA Preference Shares (a)		1,472		130,351
Elmos Semiconductor AG		9,964		187,924
Evotec AG (a)(b)		48,863		191,289
GFK SE		4,336		188,315
Grammer AG		7,355		284,868
Grenkeleasing AG		3,105		304,927
Hamborner REIT AG		9,013		92,406
Hamburger Hafen und Logistik AG (a)		6,874		164,250
Heidelberger Druckmaschinen AG (b)		113,633		318,674
Indus Holding AG		60,267		2,930,331
Isra Vision AG		513		31,430
Jenoptik AG		124,050		1,395,468
Kloeckner & Co. SE (b)		56,524		777,946
Kontron AG (b)		66,145		414,195
LPKF Laser & Electronics AG (a)		12,810		225,176
MLP AG		64,640		360,922
Nemetschek AG		2,620		252,531
Nordex SE (b)		25,295		466,687
Norma Group SE		12,292		514,283
Patrizia Immobilien AG (b)		123,372		1,655,117
Pfeiffer Vacuum Technology AG (a)		2,122		178,663
QSC AG (a)		19,903		56,093
RIB Software AG		16,360		224,131
Sartorius AG Preference Shares		2,595		293,393
Schaltbau Holding AG		2,426		144,973
Singulus Technologies AG (b)		9,973		13,745
Sixt SE		10,658		342,450
SLM Solutions Group AG (a)(b)		2,279		51,072
SMA Solar Technology AG (a)(b)		3,511		92,697
STRATEC Biomedical AG		2,931		152,139
Stroeer Media AG		5,159		113,723
Suss Microtec AG (b)		4,122		24,807
TAG Immobilien AG (a)		52,281		592,414
Takkt AG		16,127		275,232
Vossloh AG		3,399		230,705
Wacker Neuson SE		9,543		182,636
Wincor Nixdorf AG		13,389		686,018
XING AG		1,640		174,626
zooplus AG (b)		2,612		181,709
				19,719,301
GIBRALTAR — 0.1%
888 Holdings PLC		77,195		162,688

See accompanying notes to financial statements.

230

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

September 30, 2014

Security Description	Shares		Value
Bwin.Party Digital Entertainment PLC (a)		344,037	$	506,424
				669,112
GREECE — 0.0% (d)
Eurobank Ergasias SA (b)		237		93
Fourlis Holdings SA (b)		7,333		39,092
GEK Terna Holding Real Estate Construction SA (b)		6,647		26,870
Terna Energy SA (b)		7,280		28,877
TT Hellenic Postbank SA (b)(c)		129,076		0
				94,932
HONG KONG — 2.4%
APT Satellite Holdings, Ltd.		90,500		128,435
Beijing Properties Holdings, Ltd. (a)(b)		1,276,000		111,741
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		87,000		117,194
Bloomage Biotechnology Corp., Ltd. (a)		62,500		107,049
Century Sunshine Group Holdings, Ltd.		524,571		64,853
China Bio-Med Regeneration Technology, Ltd. (a)(b)		2,580,000		81,070
China Cord Blood Corp. (a)(b)		19,972		97,663
China Household Holdings, Ltd. (b)		775,000		85,833
China Innovationpay Group, Ltd. (b)		2,412,000		229,859
China LNG Group, Ltd. (a)		1,610,000		238,439
China LotSynergy Holdings, Ltd.		4,620,000		410,529
China Merchants Land, Ltd.		212,000		27,848
China Ocean Resources Co., Ltd. (a)(b)		26,330		32,063
China Resources and Transportation Group, Ltd. (a)(b)		5,100,000		155,001
China Ruifeng Renewable Energy, Ltd. (b)		356,000		59,141
China Traditional Chinese Medicine Co., Ltd. (b)		672,000		337,510
China Water Industry Group, Ltd. (b)		508,000		100,094
Chong Hing Bank, Ltd.		57,000		118,623
CK Life Sciences International Holdings, Inc.		2,622,000		270,132
Culturecom Holdings, Ltd. (a)(b)		375,000		46,844
Dah Sing Financial Holdings, Ltd.		98,800		600,554
Emperor Entertainment Hotel, Ltd.		100,000		27,430
Emperor Watch & Jewellery, Ltd. (a)		2,660,000		121,608
Enerchina Holdings, Ltd. (b)		3,348,000		96,149
EverChina International Holdings Co., Ltd. (b)		1,075,000		53,992
Extrawell Pharmaceutical Holdings, Ltd. (a)(b)		1,430,000		65,376
Fairwood Holdings, Ltd.		152,000		332,771
FDG Electric Vehicles, Ltd. (b)(c)		3,580,000		253,570
Giordano International, Ltd. (a)		1,358,000		736,266
Global Brands Group Holding, Ltd. (b)		2,674,000		588,858
Goldin Properties Holdings, Ltd. (b)		652,000		418,987
HC International, Inc. (b)		168,000		301,163
Heng Tai Consumables Group, Ltd. (b)		3,360,000		57,117
Heritage International Holdings, Ltd. (b)		1,875,000		507,076
HKC Holdings, Ltd. (b)		1,381,000		33,791
Honbridge Holdings, Ltd. (b)		624,000		111,700
Hong Kong Television Network, Ltd. (b)		113,000		33,616
Hopewell Highway Infrastructure, Ltd.		573,500		280,653
Imagi International Holdings, Ltd. (b)		5,688,000		142,839
Inspur International, Ltd.		322,000		77,130
International Housewares Retail Co., Ltd.		65,000		20,927
Kingston Financial Group, Ltd. (a)		1,396,000		152,812
Kingwell Group, Ltd. (b)		544,000		59,548
Kong Sun Holdings, Ltd. (b)		4,150,000		593,231
KuangChi Science, Ltd. (b)		649,000		473,058
L’sea Resources International Holdings, Ltd. (b)		1,000,000		54,732
Landing International Development, Ltd. (b)		3,500,000		191,562
Le Saunda Holdings, Ltd.		100,000		46,104
Lee’s Pharmaceutical Holdings, Ltd.		215,000		281,310
Loudong General Nice Resources China Holdings, Ltd. (b)		1,137,000		74,676
Louis XIII Holdings, Ltd. (b)		87,500		44,059
Luk Fook Holdings International, Ltd.		189,000		548,860
Lung Cheong International Holdings, Ltd. (b)		2,812,000		351,269
Man Wah Holdings, Ltd.		150,800		221,779
Mei Ah Entertainment Group, Ltd. (b)		1,840,000		142,175
Mongolia Energy Co., Ltd. (a)(b)		1,482,723		32,270
Pacific Basin Shipping, Ltd. (a)		1,537,000		831,335
Pacific Textiles Holdings, Ltd.		219,000		270,468
PAX Global Technology, Ltd. (a)(b)		379,000		334,336
Peace Mark (Holdings), Ltd. (b)(c)		504,228		0
PetroAsian Energy Holdings, Ltd. (b)		2,276,000		68,001
Phoenix Satellite Television Holdings, Ltd.		1,024,000		337,593
Pico Far East Holdings, Ltd. (a)		202,000		45,524
Playmates Toys, Ltd.		272,000		62,351
Prosperity REIT		579,000		179,700
Redefine International PLC REIT		199,439		166,510
Rising Development Holdings, Ltd. (b)		376,000		334,110
Seamless Green China Holdings, Ltd. (b)		200,000		12,878
Simsen International Corp., Ltd.		343,000		134,283
Sino Oil And Gas Holdings, Ltd. (b)		6,750,000		202,541
Sinolink Worldwide Holdings, Ltd. (b)		688,000		55,819
Sparkle Roll Group, Ltd. (b)		400,000		18,544
Spring Real Estate Investment Trust (a)		252,000		120,076
Summit Ascent Holdings, Ltd. (a)(b)		562,000		235,219
Sun Hung Kai & Co., Ltd.		336,000		240,584
SUNeVision Holdings, Ltd.		140,000		48,679
Sunlight Real Estate Investment Trust		161,000		64,897
Superb Summit International Group, Ltd. (a)(b)		2,525,000		523,528
TCC International Holdings, Ltd.		176,000		68,903
Texhong Textile Group, Ltd. (a)		219,500		151,796
Tongda Group Holdings, Ltd.		1,060,000		144,699

See accompanying notes to financial statements.

231

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

September 30, 2014

Security Description	Shares		Value
Town Health International Medical Group, Ltd.		1,872,000	$	320,635
Truly International Holdings, Ltd.		754,000		433,071
TSC Group Holdings, Ltd. (b)		203,000		94,898
United Photovoltaics Group, Ltd. (a)(b)		2,152,000		205,082
Value Partners Group, Ltd.		477,000		348,301
Varitronix International, Ltd.		106,000		85,864
Vitasoy International Holdings, Ltd.		574,000		731,074
Viva China Holdings, Ltd. (b)		1,800,000		194,717
VST Holdings, Ltd.		122,000		36,607
Yanchang Petroleum International, Ltd. (b)		4,360,000		233,017
Yuexiu Real Estate Investment Trust		1,093,000		520,805
Zhongyu Gas Holdings, Ltd. (b)		584,000		177,492
				18,982,876
IRELAND — 0.7%
Aer Lingus Group PLC		101,171		181,482
C&C Group PLC		278,091		1,477,913
Dalata Hotel Group PLC (b)		77,860		297,037
FBD Holdings PLC		2,741		50,727
FleetMatics Group PLC (a)(b)		15,542		474,031
Fly Leasing, Ltd. ADR		17,998		230,554
Fyffes PLC		149,711		204,252
Green REIT PLC (b)		310,829		510,451
Greencore Group PLC		171,266		649,696
Hibernia REIT PLC (b)		142,271		206,682
IFG Group PLC		14,998		29,935
Irish Continental Group PLC		45,621		159,061
Kenmare Resources PLC (b)		1,235,969		190,351
Origin Enterprises PLC		13,509		131,402
Total Produce PLC		135,660		167,945
Trinity Biotech PLC ADR		12,329		225,251
UDG Healthcare PLC		113,692		609,704
				5,796,474
ISRAEL — 1.3%
Africa Israel Properties, Ltd.		2,506		41,890
Africa-Israel Investments, Ltd. (b)		33,279		57,842
Airport City, Ltd. (b)		20,139		203,221
Allot Communications, Ltd. (b)		10,529		118,992
Alony Hetz Properties & Investments, Ltd.		35,874		258,990
Babylon, Ltd.		14,062		8,484
Caesarstone Sdot-Yam, Ltd.		11,988		619,540
Cellcom Israel, Ltd.		32,471		358,684
ClickSoftware Technologies, Ltd. (a)(b)		33,115		265,913
Compugen, Ltd. (b)		29,561		259,707
Delta-Galil Industries, Ltd.		5,979		174,120
Discount Investment Corp. (b)		8,368		64,046
Electra, Ltd.		314		44,239
Evogene, Ltd. (b)		20,621		264,947
EZchip Semiconductor, Ltd. (b)		17,782		429,239
Frutarom Industries, Ltd.		17,944		455,357
Harel Insurance Investments & Financial Services, Ltd.		41,650		225,178
IDI Insurance Co., Ltd.		6,768		234,203
Israel Discount Bank, Ltd. (Class A) (b)		441,539		759,766
Ituran Location and Control, Ltd.		12,902		271,381
Jerusalem Oil Exploration (b)		5,757		248,592
Matrix IT, Ltd.		11,638		63,078
Migdal Insurance & Financial Holding, Ltd.		247,009		360,810
Nitsba Holdings 1995, Ltd. (b)		14,201		232,296
Nova Measuring Instruments, Ltd. (b)		26,018		282,600
Oil Refineries, Ltd. (b)		533,619		195,663
Orbotech, Ltd. (b)		25,784		401,715
Ormat Industries, Ltd.		34,074		239,799
Partner Communications Co., Ltd. (b)		54,728		389,609
Paz Oil Co., Ltd.		3,174		501,620
RADWARE, Ltd. (a)(b)		27,516		485,933
Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.		4,823		238,892
REIT 1, Ltd.		117,936		317,430
Sarine Technologies, Ltd.		112,000		267,859
Shikun & Binui, Ltd.		80,576		200,538
Shufersal, Ltd.		61,590		174,180
SodaStream International, Ltd. (a)(b)		11,571		341,229
Strauss Group, Ltd.		18,889		348,097
Tower Semiconductor, Ltd. (b)		24,395		248,287
				10,653,966
ITALY — 1.5%
Amplifon SpA (a)		235,880		1,320,627
Anima Holding SpA (b)		96,621		531,922
Astaldi SpA (a)		175,116		1,333,928
Banca Carige SpA (b)		2,937,242		393,681
Banca Piccolo Credito Valtellinese Scarl (b)		398,402		452,198
Banca Popolare dell’Etruria e del Lazio (a)(b)		47,198		38,815
Banca Popolare di Sondrio Scarl		182,463		785,532
Beni Stabili SpA (a)		136,765		96,405
Brunello Cucinelli SpA (a)		4,276		89,235
Cairo Communication SpA		4,054		28,423
CIR-Compagnie Industriali Riunite SpA (b)		49,022		55,734
Credito Emiliano SpA		3,721		30,789
EI Towers SpA (b)		17,478		927,542
Esprinet SpA		43,597		347,516
Gruppo Editoriale L’Espresso SpA (a)(b)		26,728		34,439
Immobiliare Grande Distribuzione		34,970		29,377
IMMSI SpA (b)		454,866		316,610
Indesit Co. SpA (b)		6,511		87,843
Industria Macchine Automatiche SpA		1,478		49,104
Interpump Group SpA		139,143		1,746,299
Iren SpA		186,224		234,306
Maire Tecnimont SpA (a)(b)		16,662		40,202
MARR SpA		4,995		77,612
Piaggio & C. SpA (a)(b)		17,777		47,968
RCS MediaGroup SpA (b)		84,857		114,807
Reply SpA		471		36,830
Safilo Group SpA (a)(b)		6,628		90,426
Salini Impregilo SpA (b)		22,638		85,564
Saras SpA (a)(b)		288,884		292,311

See accompanying notes to financial statements.

232

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

September 30, 2014

Security Description	Shares		Value
Societa Cattolica di Assicurazioni SCRL (a)		15,351	$	267,806
Sorin SpA (b)		462,169		1,132,640
Yoox SpA (a)(b)		27,721		636,287
				11,752,778
JAPAN — 34.1%
3-D Matrix, Ltd. (a)(b)		8,300		234,938
Access Co., Ltd. (b)		6,600		35,619
Accordia Golf Co., Ltd. (a)		37,100		389,618
Achilles Corp.		31,000		43,521
Adastria Holdings Co., Ltd. (a)		24,810		484,009
ADEKA Corp.		40,300		530,867
Aderans Co., Ltd. (a)		18,000		224,149
Advanced Media, Inc. (b)		3,900		34,095
Adways, Inc. (a)(b)		8,100		103,378
AEON REIT Investment Corp.		363		453,357
Ahresty Corp.		8,100		57,005
Ai Holdings Corp.		19,900		402,553
Aica Kogyo Co., Ltd.		25,000		531,474
Aichi Steel Corp.		32,000		117,562
Ain Pharmaciez, Inc.		14,800		337,839
Alpine Electronics, Inc.		20,900		344,285
Amano Corp.		29,600		316,251
Amiyaki Tei Co., Ltd.		1,700		62,455
AnGes MG, Inc. (a)(b)		48,200		128,305
Anritsu Corp. (a)		62,100		473,838
AOKI Holdings, Inc.		9,800		112,745
Aoyama Trading Co., Ltd.		30,300		705,743
Arcs Co., Ltd.		24,300		508,174
Arisawa Manufacturing Co., Ltd.		13,000		90,897
Artnature, Inc.		7,200		195,203
As One Corp.		3,800		119,340
Asahi Diamond Industrial Co., Ltd.		28,400		411,133
Asahi Holdings, Inc.		47,873		856,254
Asahi Intecc Co., Ltd.		12,400		567,464
Asatsu-DK, Inc.		3,400		85,267
ASKA Pharmaceutical Co., Ltd.		12,700		163,359
ASKUL Corp. (a)		6,600		138,384
Asukanet Co., Ltd.		1,300		173,025
Ateam, Inc. (a)		3,200		175,906
Autobacs Seven Co., Ltd. (a)		41,400		643,484
Avex Group Holdings, Inc. (a)		19,000		288,044
Azbil Corp.		23,800		583,419
Bank of the Ryukyus, Ltd. (a)		123,000		1,943,197
Best Denki Co., Ltd. (a)		240,769		302,896
Bic Camera, Inc. (a)		60,300		568,396
Broadleaf Co., Ltd.		14,500		233,438
Broccoli Co., Ltd. (a)		18,000		205,771
Bunka Shutter Co., Ltd.		40,000		356,261
C. Uyemura & Co., Ltd.		1,400		72,109
Calsonic Kansei Corp.		56,000		304,772
Capcom Co., Ltd.		23,600		370,474
Central Glass Co., Ltd.		509,145		1,800,887
Chiome Bioscience, Inc. (a)(b)		6,600		87,242
Chiyoda Co., Ltd.		18,600		375,917
Chiyoda Integre Co., Ltd. (a)		5,600		77,138
Chudenko Corp.		4,600		75,272
Chugoku Marine Paints, Ltd.		32,000		240,084
CKD Corp.		4,000		36,319
Clarion Co., Ltd. (a)(b)		59,000		258,170
Coca-Cola West Co., Ltd.		16,800		244,430
Cocokara fine, Inc. (a)		13,600		355,823
Colowide Co., Ltd. (a)		28,000		330,042
Comforia Residential REIT, Inc. (a)		72		133,833
COOKPAD, Inc.		6,000		192,807
Cosmo Oil Co., Ltd.		332,000		559,916
CROOZ, Inc. (a)		2,300		51,118
CYBERDYNE, Inc. (a)(b)		9,400		298,209
D.Western Therapeutics Institute, Inc. (b)		9,300		133,105
Daibiru Corp.		5,600		64,273
Daido Metal Co., Ltd.		25,000		324,992
Daido Steel Co., Ltd. (a)		147,000		585,615
Daifuku Co., Ltd.		104,100		1,223,254
Daihen Corp.		250,000		970,874
DAIICHI CHUO KISEN KAISHA (a)(b)		334,834		274,717
Daiichikosho Co., Ltd.		18,900		508,101
Daikyo, Inc.		121,000		226,127
Dainippon Screen Manufacturing Co., Ltd.		170,000		864,761
Daio Paper Corp. (a)		46,000		389,990
Daiseki Co., Ltd.		5,700		106,107
Daishinku Corp.		9,000		32,326
Daito Pharmaceutical Co., Ltd.		2,700		50,064
Daiwa House REIT Investment Corp. (a)		117		518,365
Daiwahouse Residential Investment Corp.		126		539,861
DCM Japan Holdings Co., Ltd.		173,733		1,191,004
Dena Co., Ltd.		45,600		579,899
Denki Kagaku Kogyo Kabushiki Kaisha		161,000		526,906
Denyo Co., Ltd.		3,800		51,858
Digital Garage, Inc.		17,200		262,481
DMG Mori Seiki Co., Ltd.		46,600		597,289
Doutor Nichires Holdings Co., Ltd.		112,832		1,787,702
DTS Corp.		62,282		1,303,610
Dunlop Sports Co., Ltd.		2,600		30,031
Duskin Co., Ltd. (a)		6,400		104,610
Dwango Co., Ltd. (a)		8,400		173,751
Dynam Japan Holdings Co., Ltd.		105,600		276,066
Eagle Industry Co., Ltd.		13,600		276,228
Earth Chemical Co., Ltd.		800		29,099
EDION Corp. (a)		104,200		658,285
Eidai Co., Ltd.		14,000		61,516
Eizo Nanao Corp. (a)		5,900		136,077
Elecom Co., Ltd.		4,300		96,901
Eneres Co., Ltd. (a)(b)		11,500		133,561
Enplas Corp. (a)		5,300		270,568
EPS Corp.		2,900		37,461
Euglena Co., Ltd. (a)(b)		32,400		404,354
Exedy Corp.		7,000		177,210
F@N Communications, Inc. (a)		14,400		165,273
FCC Co., Ltd. (a)		102,748		1,670,082
Ferrotec Corp.		10,400		61,246
Fields Corp.		3,500		51,178
FP Corp. (a)		12,200		341,438
Fudo Tetra Corp.		85,400		216,429

See accompanying notes to financial statements.

233

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

September 30, 2014

Security Description	Shares		Value
Fuji Kyuko Co., Ltd.		26,000	$	295,328
Fuji Machine Manufacturing Co., Ltd.		39,400		378,573
Fuji Oil Co., Ltd.		41,400		611,027
Fuji Pharma Co., Ltd.		3,500		64,802
Fuji Seal International, Inc.		8,900		279,507
Fujibo Holdings, Inc.		72,000		211,350
Fujikura, Ltd.		127,000		611,295
Fujimori Kogyo Co., Ltd.		7,500		224,942
Fujitec Co., Ltd.		35,600		387,821
Fujitsu General, Ltd.		28,000		343,571
Fukuda Corp.		20,000		215,507
Fukuda Denshi Co., Ltd.		4,900		271,143
Fukuoka REIT Corp.		1,454		2,684,124
Fukuyama Transporting Co., Ltd.		94,000		468,736
Furukawa Co., Ltd. (a)		570,387		1,180,344
Furukawa Electric Co., Ltd. (a)		338,000		677,880
Furuya Metal Co., Ltd.		1,100		27,065
Fuso Pharmaceutical Industries, Ltd.		22,000		65,381
Futaba Corp. (a)		11,400		171,268
Fuyo General Lease Co., Ltd.		9,300		363,285
Global One Real Estate Investment Co., Ltd.		52		146,716
GLOBERIDE, Inc.		68,000		86,166
GMO Internet, Inc.		30,000		260,905
GMO Payment Gateway, Inc.		6,200		140,170
GNI Group, Ltd. (a)(b)		46,000		151,383
Gree, Inc. (a)		46,300		315,715
Gulliver International Co., Ltd. (a)		30,300		257,714
Gurunavi, Inc. (a)		11,500		158,722
Hankyu REIT, Inc.		17		97,789
Hanwa Co., Ltd.		315,000		1,177,355
Happinet Corp. (a)		3,700		59,027
Harmonic Drive Systems, Inc. (a)		15,600		230,669
Hazama Ando Corp.		91,900		588,120
Hearts United Group Co., Ltd.		1,300		24,342
Heiwa Real Estate Co., Ltd.		67,900		1,069,613
Heiwa Real Estate REIT, Inc.		189		154,894
Heiwado Co., Ltd.		18,600		312,501
HI-LEX CORP.		6,800		201,468
Hibiya Engineering, Ltd. (a)		7,500		108,437
Hirano Tecseed Co., Ltd. (a)		2,900		25,274
HIS Co., Ltd.		15,000		399,699
Hitachi Kokusai Electric, Inc.		69,372		977,703
Hitachi Maxell, Ltd.		12,500		197,251
Hitachi Transport System, Ltd.		9,600		123,922
Hitachi Zosen Corp.		152,500		899,471
Hogy Medical Co., Ltd.		2,300		121,820
Hokkaido Electric Power Co., Inc. (b)		93,700		760,226
Hokkaido Gas Co., Ltd. (a)		12,000		31,943
Hokuetsu Kishu Paper Co., Ltd. (a)		21,900		89,840
Hokuriku Electric Industry Co., Ltd.		33,000		53,248
Horiba, Ltd.		42,013		1,528,163
Hoshino Resorts REIT, Inc.		26		272,574
Hosiden Corp. (a)		117,900		638,430
House Foods Group, Inc. (a)		30,900		536,338
Hulic Reit, Inc.		224		359,601
IBJ Leasing Co., Ltd. (a)		12,900		300,347
Ichigo Group Holdings Co., Ltd. (a)		17,000		44,013
Ichigo Real Estate Investment Corp.		406		307,567
Iino Kaiun Kaisha, Ltd.		145,700		831,471
Imasen Electric Industrial		9,500		199,622
Imperial Hotel, Ltd.		12,400		269,150
Inaba Denki Sangyo Co., Ltd.		3,000		100,916
Inabata & Co., Ltd.		3,400		34,250
Industrial & Infrastructure Fund Investment Corp. (a)		68		563,490
Infomart Corp.		10,400		178,809
Intage Holdings, Inc.		4,000		50,285
Internet Initiative Japan, Inc. (a)		15,600		313,152
Invincible Investment Corp.		1,173		377,473
Iriso Electronics Co., Ltd.		3,200		253,795
Iseki & Co., Ltd.		56,000		137,326
Ishihara Sangyo Kaisha, Ltd. (b)		84,000		68,918
IT Holdings Corp.		83,408		1,459,136
Itfor, Inc.		13,000		58,663
Itoham Foods, Inc.		58,000		278,117
Itoki Corp.		28,500		174,333
Iwasaki Electric Co., Ltd.		27,000		58,088
Iwatani Corp.		113,000		782,898
J Trust Co., Ltd.		39,400		401,920
Jaccs Co., Ltd.		73,000		405,944
Jafco Co., Ltd. (a)		13,200		475,920
Japan Asset Marketing Co., Ltd. (a)(b)		55,500		74,374
Japan Cash Machine Co., Ltd. (a)		3,200		63,390
Japan Communications, Inc. (a)(b)		59,600		331,971
Japan Digital Laboratory Co., Ltd.		4,000		73,951
Japan Excellent, Inc.		1,280		1,644,122
Japan Hotel REIT Investment Corp.		1,295		788,605
Japan Logistics Fund, Inc.		1,280		2,828,497
Japan Pile Corp. (a)		6,600		56,858
Japan Rental Housing Investments, Inc. (a)		48		33,343
Japan Securities Finance Co., Ltd.		25,700		150,177
Japan Tissue Engineering Co., Ltd. (a)(b)		2,800		40,330
Japan Wind Development Co., Ltd. (b)		7,700		33,693
JCR Pharmaceuticals Co., Ltd.		3,800		94,294
Jeol, Ltd.		41,000		193,236
Jin Co., Ltd. (a)		6,600		177,913
Juki Corp. (b)		156,332		551,534
Justsystems Corp. (a)(b)		7,700		65,281
JVC Kenwood Corp. (a)(b)		77,400		193,332
K’s Holdings Corp. (a)		21,800		648,863
Kadokawa Corp. (a)		12,200		292,168
Kaga Electronics Co., Ltd.		6,400		73,921
Kagome Co., Ltd. (a)		16,900		267,300
Kanamoto Co., Ltd.		17,000		627,649
Kandenko Co., Ltd.		25,000		126,259
Kanematsu Corp.		743,698		1,193,225
Kasai Kogyo Co., Ltd. (a)		8,000		77,014
Katakura Industries Co., Ltd. (a)		99,974		1,244,947
Kato Sangyo Co., Ltd.		14,700		308,352
KAWADA TECHNOLOGIES, Inc. (a)		1,300		59,611
Kawai Musical Instruments Manufacturing Co., Ltd.		9,300		176,174
Keihin Corp.		13,400		177,005

See accompanying notes to financial statements.

234

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

September 30, 2014

Security Description	Shares		Value
Kenedix Office Investment Corp.		135	$	724,874
Kenedix Residential Investment Corp.		72		184,045
Kenedix, Inc. (a)(b)		100,800		434,645
Kintetsu World Express, Inc.		3,000		114,317
Kissei Pharmaceutical Co., Ltd.		7,900		198,049
Kitano Construction Corp.		15,000		51,279
Kito Corp. (a)		15,600		195,684
Kitz Corp.		176,200		878,631
KLab, Inc. (b)		16,100		239,676
Komeri Co., Ltd. (a)		10,000		227,267
Komori Corp. (a)		71,636		869,859
Kumagai Gumi Co., Ltd. (b)		165,000		609,189
Kurabo Industries, Ltd.		735,000		1,246,274
Kureha Corp.		35,000		172,296
Kuroda Electric Co., Ltd.		6,500		95,223
Kusuri No Aoki Co., Ltd.		1,800		77,123
KYB Co., Ltd.		227,832		1,026,018
Kyodo Shiryo Co., Ltd.		56,000		51,051
Kyoei Steel, Ltd.		4,000		74,279
Kyokuto Kaihatsu Kogyo Co., Ltd.		16,400		237,415
Kyokuyo Co., Ltd.		22,000		52,145
KYORIN Holdings, Inc.		30,000		608,779
Kyosan Electric Manufacturing Co., Ltd.		12,000		38,397
Kyowa Exeo Corp.		139,800		1,816,081
Kyudenko Corp.		17,000		200,848
Lasertec Corp.		4,900		59,589
Leopalace21 Corp. (b)		125,800		690,383
Life Corp.		14,200		224,595
Lintec Corp.		11,500		243,115
Lion Corp.		121,000		650,804
Maeda Corp.		72,000		576,945
Maeda Road Construction Co., Ltd.		15,000		233,283
Makino Milling Machine Co., Ltd. (a)		122,000		901,974
Mandom Corp.		8,500		293,290
Mani, Inc.		3,900		233,940
Marudai Food Co., Ltd.		556,656		2,080,578
Maruha Nichiro Corp.		79,400		1,182,730
Marusan Securities Co., Ltd. (a)		171,498		1,233,529
Maruwa Co., Ltd. (a)		1,900		59,670
Marvelous, Inc. (a)		19,800		229,958
Matsumotokiyoshi Holdings Co., Ltd.		21,300		628,155
Matsuya Co., Ltd. (a)		27,400		340,455
Medinet Co., Ltd. (a)(b)		14,500		31,196
Megmilk Snow Brand Co., Ltd. (a)		5,600		73,258
Meidensha Corp.		114,000		448,954
Meitic Corp.		11,300		335,822
Melco Holdings, Inc.		4,000		76,430
Message Co., Ltd.		3,500		120,129
Micronics Japan Co., Ltd. (a)		8,400		475,537
MID Reit, Inc.		39		96,385
Mirait Holdings Corp.		95,500		1,106,527
Mitani Corp.		4,400		107,378
Mitsuba Corp.		18,100		315,981
Mitsubishi Kakoki Kaisha, Ltd. (a)(b)		16,000		66,366
Mitsubishi Nichiyu Forklift Co., Ltd.		12,300		94,413
Mitsubishi Pencil Co., Ltd.		14,400		463,394
Mitsubishi Shokuhin Co., Ltd.		1,200		27,294
Mitsui Engineering & Shipbuilding Co., Ltd.		290,000		652,992
Mitsui Mining & Smelting Co., Ltd.		561,000		1,493,341
Mitsui Sugar Co., Ltd.		11,000		36,802
Mitsui-Soko Co., Ltd.		306,000		1,132,558
Mitsumi Electric Co., Ltd. (a)		55,200		398,545
Miura Co., Ltd. (a)		48,000		564,474
Miyaji Engineering Group, Inc. (a)		26,000		53,330
Miyoshi Oil & Fat Co., Ltd.		30,000		37,741
Mizuno Corp.		39,000		206,564
Mochida Pharmaceutical Co., Ltd.		3,100		209,125
Modec, Inc. (a)		9,000		235,717
Monex Group, Inc. (a)		94,000		245,080
MonotaRO Co., Ltd. (a)		11,600		290,489
Morinaga & Co., Ltd.		95,000		205,251
Morinaga Milk Industry Co., Ltd.		94,000		302,493
Morita Holdings Corp.		21,400		223,179
MOS Food Services, Inc. (a)		4,700		93,790
Moshi Moshi Hotline, Inc.		22,500		213,319
Musashi Seimitsu Industry Co., Ltd.		6,100		120,893
Mutoh Holdings Co., Ltd.		20,000		93,714
Nachi-Fujikoshi Corp.		81,000		592,206
Nagase & Co., Ltd.		58,300		708,454
Nakanishi, Inc.		38,700		1,425,297
Namura Shipbuilding Co., Ltd. (a)		18,700		201,328
NanoCarrier Co., Ltd. (a)(b)		12,200		144,027
NEC Networks & System Integration Corp.		3,700		83,583
NET One Systems Co., Ltd. (a)		116,500		672,269
Neturen Co., Ltd.		150,003		1,111,741
Nichi-iko Pharmaceutical Co., Ltd.		25,400		410,540
Nichias Corp.		12,000		79,311
Nichicon Corp.		12,400		89,076
Nichii Gakkan Co.		6,700		53,077
Nichirei Corp.		151,000		634,587
Nichireki Co., Ltd.		12,000		100,861
Nifco, Inc.		20,200		622,417
Nihon Dempa Kogyo Co., Ltd.		25,800		208,855
Nihon M&A Center, Inc.		15,400		447,140
Nihon Nohyaku Co., Ltd.		11,100		108,779
Nihon Parkerizing Co., Ltd.		20,700		472,329
Nihon Trim Co., Ltd.		1,500		41,160
Nihon Unisys, Ltd.		12,200		110,217
Nikkiso Co., Ltd.		99,500		1,096,636
Nippon Accommodations Fund, Inc.		520		1,877,205
Nippon Beet Sugar Manufacturing Co., Ltd.		33,000		58,061
Nippon Carbon Co., Ltd.		239,712		415,199
Nippon Chemi-Con Corp. (b)		69,000		211,350
Nippon Chemiphar Co., Ltd.		13,000		69,092
Nippon Coke & Engineering Co., Ltd.		35,000		36,374
Nippon Concrete Industries Co., Ltd. (a)		32,000		191,075
Nippon Densetsu Kogyo Co., Ltd.		23,100		369,996
Nippon Flour Mills Co., Ltd.		54,000		261,398
Nippon Gas Co., Ltd.		30,300		719,002
Nippon Koei Co., Ltd.		17,000		69,429
Nippon Konpo Unyu Soko Co., Ltd.		153,700		2,575,328

See accompanying notes to financial statements.

235

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

September 30, 2014

Security Description	Shares		Value
Nippon Light Metal Holdings Co., Ltd. (a)		938,800	$	1,352,207
Nippon Paper Industries Co., Ltd. (a)		52,800		789,870
Nippon Parking Development Co., Ltd.		43,300		48,947
Nippon Seiki Co., Ltd.		67,000		1,520,853
Nippon Sheet Glass Co., Ltd. (a)(b)		413,000		455,563
Nippon Shinyaku Co., Ltd.		44,000		1,331,692
Nippon Soda Co., Ltd.		263,000		1,342,632
Nippon Steel & Sumikin Bussan Corp.		36,000		138,821
Nippon Suisan Kaisha, Ltd. (b)		417,099		1,098,880
Nippon Thompson Co., Ltd.		182,000		940,736
Nippon Yakin Kogyo Co., Ltd. (a)(b)		78,200		198,182
Nipro Corp. (a)		47,600		395,311
Nishi-Nippon Railroad Co., Ltd.		150,000		566,115
Nishimatsu Construction Co., Ltd.		310,000		1,401,705
Nishimatsuya Chain Co., Ltd. (a)		121,893		951,187
Nishio Rent All Co., Ltd.		7,000		270,249
Nissha Printing Co., Ltd. (a)		23,300		343,250
Nisshin Steel Co., Ltd. (a)		51,700		469,422
Nisshinbo Holdings, Inc.		60,000		503,760
Nissin Electric Co., Ltd.		8,000		47,550
Nissin Kogyo Co., Ltd.		13,500		221,893
Nitto Boseki Co., Ltd.		320,153		1,231,638
Nitto Kogyo Corp.		8,500		170,473
NOF Corp.		314,000		1,957,938
Nohmi Bosai, Ltd.		17,000		266,247
Nomura Real Estate Office Fund, Inc.		183		837,468
Nomura Real Estate Residential Fund, Inc.		35		182,506
Noritsu Koki Co., Ltd.		9,800		57,713
Noritz Corp.		4,700		82,993
North Pacific Bank, Ltd.		145,200		571,826
NS United Kaiun Kaisha, Ltd.		19,000		46,939
NSD Co., Ltd. (a)		97,208		1,526,864
Nuflare Technology, Inc.		1,000		49,866
Obara Group, Inc.		3,500		128,265
Ohsho Food Service Corp.		6,600		255,107
Oiles Corp.		12,360		237,746
Okabe Co., Ltd.		21,300		234,175
Okamura Corp.		57,000		431,806
Okasan Securities Group, Inc.		191,682		1,362,979
Oki Electric Industry Co., Ltd.		517,000		1,206,545
OKUMA Corp. (a)		66,000		527,663
Okumura Corp.		81,000		472,583
OncoTherapy Science, Inc. (b)		21,400		32,384
Onward Holdings Co., Ltd.		16,000		99,913
Orient Corp. (b)		196,900		396,690
OSAKA Titanium Technologies Co., Ltd.		8,500		191,394
Osaki Electric Co., Ltd. (a)		9,000		52,509
OSG Corp.		109,700		1,900,087
Pacific Industrial Co., Ltd.		29,900		226,509
Pacific Metals Co., Ltd. (a)(b)		74,000		258,371
Pal Co., Ltd.		5,700		154,848
Paramount Bed Holdings Co., Ltd.		5,600		160,554
Penta-Ocean Construction Co., Ltd. (a)		115,000		386,845
PeptiDream, Inc. (a)(b)		3,800		309,002
Pilot Corp.		9,000		512,785
Piolax, Inc.		5,300		247,860
Pioneer Corp. (b)		164,800		452,207
Poletowin Pitcrew Holdings, Inc.		2,800		25,781
Premier Investment Corp.		491		2,193,263
Raito Kogyo Co., Ltd.		15,100		140,407
Relo Holdings, Inc.		5,700		393,354
Rengo Co., Ltd. (a)		211,000		948,293
ReproCELL, Inc. (a)(b)		21,600		160,481
Riso Kagaku Corp.		4,600		148,867
Rohto Pharmaceutical Co., Ltd.		135,300		1,814,361
Roland DG Corp.		4,400		181,503
Round One Corp.		22,700		136,579
Ryobi, Ltd.		37,000		107,936
Ryosan Co., Ltd.		3,500		75,300
Sagami Chain Co., Ltd. (a)		20,000		192,169
Saibu Gas Co., Ltd.		127,000		302,174
Sakai Chemical Industry Co., Ltd.		326,565		1,053,868
San-A Co., Ltd.		9,900		329,865
San-Ai Oil Co., Ltd.		16,000		111,290
Sanden Corp.		163,000		965,860
Sangetsu Co., Ltd.		8,500		214,098
Sanix, Inc. (a)(b)		12,100		78,979
Sanken Electric Co., Ltd. (a)		66,000		554,136
Sankyo Tateyama, Inc.		4,400		85,397
Sankyu, Inc.		276,000		1,474,415
Sanwa Holdings Corp.		87,000		618,624
Sanyo Shokai, Ltd.		207,000		454,779
Sanyo Special Steel Co., Ltd.		223,937		826,788
Sapporo Holdings, Ltd.		230,000		884,817
Sato Holdings Corp.		58,300		1,639,596
Seika Corp.		22,000		53,749
Seikagaku Corp.		20,600		310,047
Seiko Holdings Corp.		57,000		249,419
Seino Holdings Co., Ltd.		62,000		496,814
Seiren Co., Ltd.		176,900		1,580,400
Sekisui House SI Residential Investment Corp.		266		259,222
Senko Co., Ltd.		42,000		182,634
Senshu Ikeda Holdings, Inc.		102,860		528,858
Senshukai Co., Ltd.		17,700		141,832
Septeni Holdings Co., Ltd.		6,900		80,074
Seria Co., Ltd.		7,600		289,603
Shibuya Kogyo Co., Ltd.		11,000		295,319
Shima Seiki Manufacturing, Ltd. (a)		72,425		1,192,393
Shimachu Co., Ltd.		95,800		2,212,146
Shindengen Electric Manufacturing Co., Ltd.		41,000		279,949
Shinkawa, Ltd. (b)		9,200		45,457
Shinkin Central Bank Preference Shares		347		658,286
Shinko Electric Industries Co., Ltd.		27,100		197,886
Shinmaywa Industries, Ltd.		25,000		227,449
Shinsho Corp.		40,000		99,184
Ship Healthcare Holdings, Inc.		13,900		444,770
SHO-BOND Holdings Co., Ltd.		10,900		424,295
Shochiku Co., Ltd. (a)		342,000		3,180,090
Showa Aircraft Industry Co., Ltd.		7,000		70,195
Showa Corp.		23,100		252,911
Showa Denko K.K.		532,000		698,373
SIA Reit, Inc.		48		190,346

See accompanying notes to financial statements.

236

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

September 30, 2014

Security Description	Shares		Value
Sinanen Co., Ltd.		14,000	$	56,666
Sinfonia Technology Co., Ltd.		472,000		692,757
SK Kaken Co., Ltd.		3,000		244,770
SMK Corp. (a)		113,343		550,725
SMS Co., Ltd.		4,600		118,087
Sodick Co., Ltd. (a)		24,700		271,780
Sogo Medical Co., Ltd.		1,100		53,548
Sosei Group Corp. (a)(b)		6,000		254,068
Sotetsu Holdings, Inc. (a)		186,000		673,157
Star Micronics Co., Ltd.		67,900		998,429
Starts Corp, Inc. (a)		14,300		211,577
Starts Proceed Investment Corp.		68		114,062
Sumitomo Bakelite Co., Ltd.		54,000		211,678
Sumitomo Forestry Co., Ltd.		87,700		943,398
Sumitomo Mitsui Construction Co., Ltd. (b)		362,500		436,209
Sumitomo Osaka Cement Co., Ltd.		510,793		1,676,334
Sumitomo Real Estate Sales Co., Ltd.		3,700		85,202
Sumitomo Seika Chemicals Co., Ltd.		11,000		62,975
Sun Corp. (a)		10,000		131,911
Sun Frontier Fudousan Co., Ltd. (a)		5,800		66,304
SWCC Showa Holdings Co., Ltd. (a)(b)		45,000		44,715
T RAD Co., Ltd.		15,000		37,604
Tabuchi Electric Co., Ltd.		16,400		174,921
Tachi-S Co., Ltd. (a)		18,500		267,478
Taikisha, Ltd.		6,000		134,172
Taiko Pharmaceutical Co., Ltd.		4,200		72,135
Taiyo Holdings Co., Ltd.		4,600		146,561
Taiyo Yuden Co., Ltd. (a)		58,500		654,889
Takaoka Toko Co., Ltd. (a)		1,900		26,726
Takara Bio, Inc. (a)		23,700		335,963
Takara Holdings, Inc.		249,000		1,895,392
Takara Standard Co., Ltd.		51,000		436,565
Takasago International Corp.		272,694		1,292,683
Takasago Thermal Engineering Co., Ltd.		31,900		412,654
Takashima & Co., Ltd.		36,000		81,061
Takata Corp. (a)		16,000		362,897
Takeuchi Manufacturing Co., Ltd.		6,800		322,968
Takuma Co., Ltd.		116,000		736,004
Tamron Co., Ltd.		5,400		103,722
Tamura Corp.		49,000		204,139
Tanseisha Co., Ltd. (a)		14,500		115,926
Teikoku Electric Manufacturing Co.,Ltd.		3,600		43,419
Teikoku Sen-I Co., Ltd.		13,800		291,612
Tekken Corp. (a)		70,000		324,810
The Awa Bank, Ltd. (a)		113,000		651,042
The Bank of Iwate, Ltd.		1,800		79,420
The Bank of Nagoya, Ltd.		252,000		962,560
The Bank of Okinawa, Ltd. (a)		49,500		2,175,031
The Daishi Bank, Ltd.		175,000		611,012
The Daito Bank, Ltd.		41,000		51,206
The Ehime Bank, Ltd. (a)		652,000		1,456,220
The Eighteenth Bank, Ltd.		681,730		1,889,292
The Higo Bank, Ltd.		107,000		588,185
The Hokkoku Bank, Ltd.		146,000		496,449
The Hokuetsu Bank, Ltd.		957,000		1,832,080
The Hyakujushi Bank, Ltd.		152,000		486,367
The Japan Steel Works, Ltd. (a)		155,000		621,724
The Juroku Bank, Ltd.		80,000		299,740
The Kagoshima Bank, Ltd.		49,000		311,345
The Keiyo Bank, Ltd.		142,000		723,625
The Kiyo Bank, Ltd.		119,100		1,698,094
The Michinoku Bank, Ltd.		665,000		1,291,262
The Minato Bank, Ltd.		738,000		1,453,193
The Miyazaki Bank, Ltd.		643,000		1,975,395
The Monogatari Corp. (a)		1,400		43,584
The Musashino Bank, Ltd.		42,900		1,423,547
The Nanto Bank, Ltd.		115,000		464,424
The Nippon Signal Co., Ltd.		31,200		320,263
The Ogaki Kyoritsu Bank, Ltd.		19,000		51,443
The Oita Bank, Ltd.		383,000		1,441,989
The Okinawa Electric Power Co., Inc.		2,000		61,899
The San-In Godo Bank, Ltd.		10,000		70,559
The Shiga Bank, Ltd.		130,000		715,803
The Sumitomo Warehouse Co., Ltd.		48,000		253,357
The Tochigi Bank, Ltd.		260,000		1,019,190
The Toho Bank, Ltd.		87,000		324,381
The Tokyo Tomin Bank, Ltd. (a)		46,600		560,330
Toa Corp/Tokyo		33,000		61,671
Toa Corp/Hyogo		18,100		189,753
Toagosei Co., Ltd.		533,818		2,199,606
Tobishima Corp. (b)		28,600		64,659
TOC Co., Ltd.		175,200		1,132,383
Toda Corp.		117,000		587,693
Toei Co., Ltd.		311,000		1,613,191
Toho Holdings Co., Ltd.		66,919		1,279,267
Toho Zinc Co., Ltd.		230,000		874,333
Tokai Carbon Co., Ltd.		114,000		315,931
Tokai Corp.		1,600		49,154
TOKAI Holdings Corp.		56,400		243,194
Tokai Rika Co., Ltd.		17,600		371,911
Toko, Inc.		17,000		50,832
Tokuyama Corp. (a)		217,000		714,135
Tokyo Dome Corp.		248,000		1,044,496
Tokyo Ohka Kogyo Co., Ltd.		17,000		449,583
Tokyo Seimitsu Co., Ltd. (a)		21,100		354,504
Tokyo Steel Manufacturing Co., Ltd. (a)		50,700		267,608
Tokyo Tekko Co., Ltd. (a)		9,000		46,028
Tokyotokeiba Co., Ltd. (a)		73,000		208,961
Tokyu Construction Co., Ltd.		15,300		75,876
Tokyu REIT, Inc.		283		373,051
Tomoe Engineering Co., Ltd.		2,800		49,340
TOMONY Holdings, Inc.		273,200		1,148,140
Tomy Co., Ltd. (a)		52,000		289,165
Top REIT, Inc.		92		402,990
Topre Corp.		22,900		325,458
Topy Industries, Ltd. (a)		529,381		1,042,402
Torii Pharmaceutical Co., Ltd.		3,700		102,539
Torishima Pump Manufacturing Co., Ltd. (a)		5,600		46,507
Toshiba Machine Co., Ltd.		51,000		232,463
Toshiba Plant Systems & Services Corp.		12,300		206,990
Toshiba TEC Corp.		54,000		349,515

See accompanying notes to financial statements.

237

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

September 30, 2014

Security Description	Shares		Value
Totetsu Kogyo Co., Ltd.		13,700	$	322,845
Towa Pharmaceutical Co., Ltd. (a)		2,800		122,649
Toyo Construction Co., Ltd.		9,700		44,302
Toyo Corp./Chuo-ku		157,048		1,624,955
Toyo Engineering Corp.		58,000		248,507
Toyo Ink Manufacturing Co., Ltd.		58,000		270,714
Toyo Wharf & Warehouse Co., Ltd. (a)		31,000		63,020
Toyobo Co., Ltd.		1,023,788		1,483,954
TPR Co., Ltd.		15,200		366,507
Trusco Nakayama Corp.		9,900		256,040
TS Tech Co., Ltd.		20,600		500,657
TSI Holdings Co., Ltd.		64,900		454,972
Tsubakimoto Chain Co.		60,000		495,556
Tsukui Corp.		4,300		42,806
Tsumura & Co. (a)		27,000		602,297
Tsurumi Manufacturing Co., Ltd.		12,400		199,856
UACJ Corp.		115,000		437,167
Ube Industries, Ltd.		310,000		494,553
Ulvac, Inc. (a)(b)		33,400		419,879
UMN Pharma, Inc. (a)(b)		4,600		141,948
Unipres Corp.		16,300		319,328
United Arrows, Ltd. (a)		11,300		417,717
UNITED, Inc. (a)		3,700		53,968
Unitika, Ltd. (a)(b)		1,036,000		481,663
UNY Group Holdings Co., Ltd. (a)		73,800		392,228
Usen Corp. (a)(b)		46,910		134,279
Ushio, Inc.		41,700		440,208
UT Holdings Co., Ltd. (a)		11,100		58,386
Valor Co., Ltd.		31,000		501,336
VT Holdings Co., Ltd.		22,100		79,177
Wacoal Holdings Corp.		70,000		681,526
Wacom Co., Ltd. (a)		71,200		307,660
Wakachiku Construction Co., Ltd. (a)		38,000		72,401
Wakita & Co., Ltd.		11,000		116,423
Welcia Holdings Co., Ltd.		13,100		390,510
WirelessGate, Inc. (a)		4,300		206,582
Xebio Co., Ltd.		8,000		121,282
YAMABIKO Corp.		5,200		210,712
Yamazen Corp.		45,900		359,434
Yaoko Co., Ltd.		7,200		427,950
Yodogawa Steel Works, Ltd.		419,000		1,715,037
Yokogawa Bridge Holdings Corp.		17,300		242,085
Yondoshi Holdings, Inc.		13,600		272,384
Yorozu Corp.		13,600		232,835
Yoshinoya Holdings Co., Ltd.		30,100		360,558
Yushin Precision Equipment Co., Ltd.		1,400		30,528
Zenkoku Hosho Co., Ltd.		24,600		686,230
Zenrin Co., Ltd. (a)		55,877		662,201
Zensho Co., Ltd. (a)		19,600		173,674
ZERIA Pharmaceutical Co., Ltd. (a)		18,000		371,175
				270,185,030
LUXEMBOURG — 0.1%
BRAAS Monier Building Group SA (b)		8,506		182,668
Grand City Properties SA (b)		23,308		317,405
Oriflame Cosmetics SA SDR (a)		12,450		214,858
Prospector Offshore Drilling SA (b)		13,186		31,616
SAF-Holland SA		15,590		192,352
Stabilus SA (b)		5,923		184,811
				1,123,710
MALTA — 0.1%
Kambi Group PLC (b)		5,037		37,908
Unibet Group PLC, SDR		12,586		633,805
				671,713
MONGOLIA — 0.0% (d)
Mongolian Mining Corp. (a)(b)		491,000		55,011
NETHERLANDS — 1.3%
Amsterdam Commodities NV		15,540		350,510
AVG Technologies NV (a)(b)		21,753		360,665
BE Semiconductor Industries NV		13,498		238,719
Beter Bed Holding NV		5,044		106,601
BinckBank NV		41,257		410,793
Bravofly Rumbo Group NV (b)		1,566		34,418
Corbion NV		39,058		575,305
Euronext NV (b)(f)		32,554		795,746
Exact Holding NV (a)		35,342		1,250,082
Grontmij (b)		7,975		40,368
HES Beheer NV (b)		1,692		93,266
IMCD Group NV (b)		12,521		359,524
InterXion Holding NV (b)		15,372		425,651
Koninklijke BAM Groep NV (a)		144,517		427,193
Koninklijke Ten Cate NV		11,207		276,137
Koninklijke Wessanen NV		29,992		181,935
Nieuwe Steen Investments NV		11,330		59,540
Royal Imtech NV (a)(b)		197,471		97,288
Sligro Food Group NV		9,514		367,227
TKH Group NV		15,273		491,215
TomTom NV (b)		40,963		326,883
USG People NV		31,530		374,803
VastNed Retail NV		5,568		254,728
VistaPrint NV (a)(b)		25,160		1,378,516
Wereldhave NV		10,411		857,490
				10,134,603
NEW ZEALAND — 1.2%
a2 Milk Co., Ltd. (a)(b)		196,293		88,740
Air New Zealand, Ltd.		239,270		361,808
Argosy Property, Ltd.		320,390		250,977
Calan Healthcare Properties Trust		209,999		233,249
Chorus, Ltd. (a)(b)		142,775		201,428
DNZ Property Fund, Ltd.		253,876		341,349
Ebos Group, Ltd.		28,895		208,330
Freightways, Ltd.		80,509		320,039
Genesis Energy, Ltd. (b)		186,492		293,630
Goodman Property Trust		372,902		308,098
Heartland New Zealand, Ltd.		240,530		185,606
Infratil, Ltd. (a)		308,920		681,429
Kathmandu Holdings, Ltd.		77,903		191,880
Kiwi Income Property Trust		464,523		421,814
Mainfreight, Ltd.		58,837		684,697
Meridian Energy, Ltd.		621,157		692,350
Metlifecare, Ltd.		65,740		235,709
New Zealand Oil & Gas, Ltd.		346,999		205,556
Nuplex Industries, Ltd.		139,685		334,254
NZX, Ltd.		247,496		243,068
PGG Wrightson, Ltd.		102,248		33,074

See accompanying notes to financial statements.

238

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

September 30, 2014

Security Description	Shares		Value
Port of Tauranga, Ltd.		23,881	$	295,963
Precinct Properties		267,119		225,903
Property for Industry, Ltd.		214,543		229,935
Restaurant Brands New Zealand, Ltd.		120,924		316,694
Skellerup Holdings, Ltd.		148,672		180,777
Sky City Entertainment Group, Ltd.		280,563		798,200
Steel & Tube Holdings, Ltd.		16,134		35,212
Summerset Group Holdings, Ltd.		61,258		135,603
The Warehouse Group, Ltd.		64,010		152,671
Tower, Ltd.		135,363		211,017
Trade Me, Ltd.		204,841		558,822
Z Energy, Ltd. (a)		71,860		221,805
				9,879,687
NORWAY — 1.6%
Archer, Ltd. (b)		96,288		135,225
Atea ASA		40,524		455,858
Austevoll Seafood ASA		35,417		235,461
Avance Gas Holding, Ltd. (f)		6,441		147,418
Bakkafrost P/F		20,734		447,107
Borregaard ASA		54,433		312,729
BW LPG, Ltd. (f)		28,131		355,867
BW Offshore, Ltd.		187,161		234,288
Cermaq ASA		17,824		268,494
Deep Sea Supply PLC		177,583		242,482
Dolphin Group AS (b)		119,263		63,691
Ekornes ASA		46,524		552,327
Electromagnetic GeoServices (b)		53,594		32,627
Farstad Shipping ASA		3,642		48,057
Fred Olsen Energy ASA		14,301		262,741
Frontline, Ltd. (b)		20,286		25,868
Hexagon Composites ASA		52,409		243,165
Hoegh LNG Holdings, Ltd. (b)		20,345		311,221
Kongsberg Automotive ASA (b)		204,689		213,206
Kvaerner ASA		50,856		83,932
Nordic Semiconductor ASA (a)(b)		82,185		484,965
Norwegian Air Shuttle AS (a)(b)		8,494		296,369
Norwegian Property ASA (b)		417,602		624,834
Petroleum Geo-Services ASA (a)		105,237		666,871
ProSafe SE (a)		116,869		683,809
Protector Forsikring ASA		56,468		346,400
REC Silicon ASA (a)(b)		897,097		360,920
REC Solar ASA (b)		22,674		286,657
Solstad Offshore ASA		11,088		155,373
SpareBank 1 SMN		31,377		289,454
Spectrum ASA		12,275		64,980
Thin Film Electronics ASA (b)		157,808		114,006
Tomra Systems ASA		166,999		1,274,057
Veidekke ASA		202,113		2,037,572
Wilh Wilhelmsen ASA (a)		4,266		33,376
				12,391,407
PANAMA — 0.0% (d)
Norstar Holdings, Inc.		7,385		189,150
PAPUA NEW GUINEA — 0.0% (d)
New Britain Palm Oil, Ltd.		21,004		125,136
PORTUGAL — 0.4%
Altri SGPS SA (a)		275,803		803,429
CTT-Correios de Portugal SA		19,030		184,985
Mota-Engil SGPS SA (a)		7,971		51,495
Portugal Telecom SGPS SA (a)		240,419		505,980
Semapa-Sociedade de Investimento e Gestao, SGPS, SA		129,367		1,585,038
				3,130,927
SINGAPORE — 3.2%
AIMS AMP Capital Industrial REIT		242,849		273,260
Ascendas Hospitality Trust		510,000		285,933
Ascendas India Trust		596,000		362,189
Ascott Residence Trust		417,600		404,404
AusGroup, Ltd. (a)(b)		238,000		73,716
Biosensors International Group, Ltd. (a)(b)		639,000		360,762
Boustead Singapore, Ltd.		303,000		419,348
Bukit Sembawang Estates, Ltd.		263,080		1,138,714
Cache Logistics Trust		493,000		450,361
Cambridge Industrial Trust (a)		1,014,443		568,750
Cape PLC		17,922		82,369
CapitaRetail China Trust (a)		329,147		405,207
CDL Hospitality Trusts (a)		406,000		531,655
China New Town Development Co., Ltd. (b)		447,000		22,432
China Yuchai International, Ltd. (a)		21,708		402,466
CitySpring Infrastructure Trust		740,000		287,227
Civmec, Ltd.		402,000		242,719
Cordlife Group, Ltd. (a)		248,000		216,827
Cosco Corp. Singapore, Ltd. (a)		555,000		293,754
Croesus Retail Trust (a)		187,000		138,567
CSE Global, Ltd. (a)		147,000		77,229
CWT, Ltd.		190,000		249,549
Ezra Holdings, Ltd. (a)		490,599		376,999
Far East Hospitality Trust		421,000		269,047
First Real Estate Investment Trust		536,616		517,555
Forterra Trust (b)		32,000		35,756
Fortune Real Estate Investment Trust		456,000		408,134
Frasers Centrepoint Trust		262,000		387,258
Frasers Commercial Trust		301,922		319,607
Frasers Hospitality Trust (a)(b)		208,000		144,343
GuocoLeisure, Ltd.		407,000		309,566
Haw Par Corp., Ltd.		67,986		467,527
Hong Fok Corp., Ltd.		244,000		185,588
Hong Leong Finance, Ltd.		1,490,656		3,120,875
Hotel Properties, Ltd.		30,000		97,624
Hyflux, Ltd. (a)		309,000		255,622
IGG, Inc. (a)		442,000		198,086
International Healthway Corp., Ltd. (b)		154,000		32,000
Interra Resources, Ltd. (a)(b)		266,000		55,273
ISDN Holdings, Ltd.		126,000		32,110
Jaya Holdings, Ltd.		104,000		3,507
K1 Ventures, Ltd.		261,000		38,476
Lian Beng Group, Ltd.		115,000		61,319
LionGold Corp., Ltd. (a)(b)		414,000		13,310
Lippo Malls Indonesia Retail Trust		1,220,000		377,872
Mapletree Greater China Commercial Trust		693,000		491,778
Mapletree Industrial Trust (a)		780,578		869,145
Metro Holdings, Ltd.		330,000		232,886
Mewah International, Inc. (a)		206,000		61,382
OM Holdings, Ltd. (b)		89,446		36,395

See accompanying notes to financial statements.

239

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

September 30, 2014

Security Description	Shares		Value
OSIM International, Ltd.		202,000	$	416,577
OUE Commercial Real Estate Investment Trust		126,000		78,546
OUE Hospitality Trust (a)		342,333		244,274
OUE, Ltd.		86,000		143,637
Oxley Holdings, Ltd.		114,000		50,059
Pacific Radiance, Ltd.		226,000		248,099
Pan-United Corp., Ltd.		56,000		42,155
Parkway Life Real Estate Investment Trust		250,000		452,835
Petra Foods, Ltd.		183,000		579,722
Raffles Medical Group, Ltd. (a)		155,000		467,929
Religare Health Trust		458,000		341,175
Rotary Engineering, Ltd.		100,000		49,400
Rowsley, Ltd. (b)		1,634,000		254,972
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (a)		395,363		313,116
Saizen REIT		41,000		28,774
Sinarmas Land, Ltd.		586,000		310,162
Sino Grandness Food Industry Group, Ltd. (a)(b)		181,000		94,382
SMRT Corp., Ltd.		345,000		419,313
Soilbuild Business Space REIT		255,000		158,963
Stamford Land Corp., Ltd.		64,000		28,605
Starhill Global REIT		738,000		457,163
STATS ChipPAC, Ltd. (a)(b)		95,000		45,440
Super Group, Ltd. (a)		244,000		243,943
Swiber Holdings, Ltd. (a)		208,000		74,210
Tat Hong Holdings, Ltd.		73,000		45,221
Technics Oil & Gas, Ltd. (a)(b)		115,000		69,435
Tiger Airways Holdings, Ltd. (a)(b)		175,000		54,889
Tuan Sing Holdings, Ltd.		192,274		67,845
UMS Holdings, Ltd.		325,000		145,260
United Engineers, Ltd.		283,000		628,001
United Envirotech, Ltd. (a)		436,000		463,248
Venture Corp., Ltd.		75,000		447,542
Wing Tai Holdings, Ltd.		823,299		1,139,436
XP Power, Ltd.		2,618		64,808
Yoma Strategic Holdings, Ltd. (a)(b)		539,000		262,040
Yongnam Holdings, Ltd.		449,000		69,711
				25,687,365
SOUTH KOREA — 7.5%
3S Korea Co., Ltd. (b)		15,237		41,874
Able C&C Co., Ltd.		6,619		185,664
Actoz Soft Co., Ltd. (b)		959		35,443
Advanced Process Systems Corp. (b)		5,817		38,587
Ahnlab, Inc.		1,977		69,600
AJ Rent A Car Co., Ltd. (b)		2,620		43,822
AK Holdings, Inc.		1,739		101,843
Amicogen, Inc. (b)		1,724		75,479
Aminologics Co., Ltd. (b)		20,778		28,551
Asiana Airlines, Inc. (b)		168,505		731,346
Binex Co., Ltd. (b)		13,652		104,533
Binggrae Co., Ltd.		3,678		306,369
Bioland, Ltd.		3,573		84,310
Bioneer Corp. (b)		3,334		31,120
Boryung Pharmaceutical Co., Ltd.		2,830		112,771
Bukwang Pharmaceutical Co., Ltd.		7,380		139,872
Celltrion Pharm, Inc. (b)		6,734		70,196
Chabiotech Co., Ltd. (b)		24,018		274,264
Chadiostech Co., Ltd. (b)		9,054		26,212
Chemtronics Co., Ltd.		2,257		18,779
Choa Pharmaceutical Co. (b)		16,394		64,240
Chong Kun Dang Pharmaceutical Corp.		3,150		228,358
Chongkundang Holdings Corp.		1,794		100,304
CJ CGV Co., Ltd. (a)		6,190		313,826
CJ E&M Corp. (b)		12,391		501,394
CJ Freshway Corp. (b)		1,536		59,970
CNK International Co., Ltd. (b)(c)		16,071		26,271
Com2uSCorp (a)(b)		4,932		810,900
Corentec Co., Ltd. (b)		2,464		32,923
Cosmax BTI, Inc.		5,729		296,969
Cosmax, Inc. (b)		5,070		624,591
Crown Confectionery Co., Ltd.		255		48,330
CrucialTec Co., Ltd. (a)(b)		5,764		82,752
CrystalGenomics, Inc. (b)		4,846		61,077
CTC BIO, Inc. (b)		5,832		86,492
Cuckoo Electronics Co., Ltd. (b)		1,469		299,995
D.I Corp. (b)		8,420		75,563
Dae Han Flour Mills Co., Ltd.		437		89,657
Daeduck GDS Co., Ltd.		3,010		34,514
Daesang Corp.		14,370		702,669
Daesang Holdings Co., Ltd.		4,520		92,306
Daewon Pharmaceutical Co., Ltd.		7,880		101,557
Daewoong Pharmaceutical Co., Ltd.		1,565		111,081
Daou Technology, Inc.		6,100		65,610
Digital Power Communications Co., Ltd.		12,660		41,090
Dong-A Pharmaceutical Co., Ltd.		3,734		506,005
Dong-A ST Co., Ltd. (a)		6,294		659,073
Dongbu HiTek Co., Ltd. (b)		6,650		34,597
DongKook Pharmaceutical Co., Ltd.		2,886		95,721
Dongkuk Steel Mill Co., Ltd.		47,942		283,495
Dongsuh Co., Inc.		30,411		684,446
Dongsung Finetec Co., Ltd.		3,928		33,910
Dongwha Pharm Co., Ltd.		28,360		145,126
Dongwon F&B Co., Ltd.		360		116,333
Dongwon Industries Co., Ltd.		1,004		344,419
Duksan Hi-Metal Co., Ltd. (b)		2,376		25,330
EG Corp.		2,129		41,965
EM-Tech Co., Ltd. (b)		4,301		31,791
Eo Technics Co., Ltd.		5,587		423,558
Eugene Investment & Securities Co., Ltd. (a)(b)		267,640		507,254
Eugene Technology Co., Ltd.		3,368		46,758
Fila Korea, Ltd.		6,117		684,014
Gamevil, Inc. (b)		2,964		337,058
GemVax & Kael Co., Ltd. (a)(b)		11,788		231,236
Genic Co., Ltd. (b)		2,510		52,805
Golfzon Co., Ltd.		12,096		298,030
Green Cross Cell Corp. (b)		1,623		37,374
Green Cross Corp.		4,479		541,173
Green Cross Holdings Corp.		11,740		214,719
GS Global Corp.		5,730		51,585
GS Home Shopping, Inc.		2,190		528,173
GS Retail Co., Ltd.		15,043		371,353
Haansoft, Inc.		5,632		144,102

See accompanying notes to financial statements.

240

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

September 30, 2014

Security Description	Shares		Value
Haesung Industrial Co., Ltd.		598	$	17,936
Hana Tour Service, Inc.		14,745		962,739
Hanall Biopharma Co., Ltd. (a)(b)		14,450		61,004
Hanil Cement Co., Ltd.		1,514		195,841
Hanil E-Hwa Co., Ltd. (b)		4,813		106,271
Hanjin Heavy Industries & Construction Co., Ltd. (a)(b)		33,211		163,340
Hanjin Kal Corp. (a)(b)		7,410		181,871
Hanjin Shipping Co., Ltd. (a)(b)		61,909		324,432
Hanjin Shipping Holdings Co., Ltd. (b)		3,291		30,095
Hanjin Transportation Co., Ltd.		3,680		148,211
Hankook Shell Oil Co., Ltd.		270		142,260
Hanmi Pharm Co., Ltd. (b)		7,455		616,746
Hanmi Science Co., Ltd. (b)		16,670		251,176
Hanmi Semiconductor Co., Ltd.		5,090		79,829
Hansae Co., Ltd.		13,555		473,991
Hansol Chemical Co., Ltd.		1,380		38,448
Hansol Logistics Co., Ltd.		24,190		65,790
Hansol Paper Co.		60,358		626,316
Hansol Technics Co., Ltd. (b)		2,940		37,891
Hanwha Securities Co. (b)		120,667		458,540
Harim Co., Ltd. (a)(b)		11,359		57,912
Heung-A Shipping Co., Ltd.		36,840		68,775
Hite Jinro Co., Ltd. (a)		28,614		627,732
Humax Co., Ltd.		47,345		504,744
Huons Co., Ltd.		3,751		198,703
Hwa Shin Co., Ltd.		2,980		29,934
Hyundai BNG Steel Co., Ltd. (b)		2,280		47,642
Hyundai Corp.		3,700		132,537
Hyundai Elevator Co., Ltd. (b)		5,956		206,012
Hyundai Engineering Plastics Co., Ltd.		4,700		31,445
Hyundai Greenfood Co., Ltd.		38,220		753,353
Hyundai Home Shopping Network Corp.		3,507		526,756
Hyundai Hy Communications & Networks Co., Ltd.		6,870		29,915
Hyundai Hysco Co., Ltd.		2,460		181,834
Hyundai Rotem Co., Ltd.		21,568		438,411
Hyundai Securities Co., Ltd. (a)(b)		76,856		512,009
i-SENS, Inc. (b)		1,560		84,117
Il Dong Pharmaceutical Co., Ltd.		8,190		133,104
Iljin Display Co., Ltd.		5,260		40,674
Ilyang Pharmaceutical Co., Ltd.		3,660		94,166
iMarketKorea, Inc.		7,210		217,274
Infraware, Inc. (b)		7,523		50,617
InkTec Co., Ltd. (b)		1,572		19,292
Innox Corp. (b)		3,215		45,700
Interpark Corp.		28,642		327,066
iNtRON Biotechnology, Inc. (b)		4,293		66,109
JB Financial Group Co., Ltd. (a)		307,802		2,059,305
Jeil Pharmaceutical Co.		5,960		117,195
Jenax, Inc. (b)		6,457		49,135
JoyCity Corp. (b)		1,354		25,085
Jusung Engineering Co., Ltd. (b)		7,344		25,472
JW Pharmaceutical Corp.		7,650		114,904
JYP Entertainment Corp. (b)		11,353		49,705
KC Green Holdings Co., Ltd.		5,010		42,967
KCP Co., Ltd.		5,438		127,801
Kginicis Co., Ltd. (a)		4,968		73,208
KGMobilians Co., Ltd.		2,708		29,896
KH Vatec Co., Ltd.		4,313		119,550
Koh Young Technology, Inc.		2,601		69,878
Kolao Holdings (a)		15,659		249,297
Kolon Industries, Inc.		8,047		444,577
Kolon Life Science, Inc.		1,773		97,618
Komipharm International Co., Ltd. (b)		12,451		118,581
KONA I Co., Ltd. (a)		4,224		156,111
Korea Electric Terminal Co., Ltd.		2,320		114,324
Korea Kolmar Co., Ltd.		8,906		527,482
Korea Line Corp. (b)		3,550		83,767
Korea Petrochemical Ind Co., Ltd.		624		42,576
Korea Real Estate Investment & Trust Co.		47,587		121,307
Korea United Pharm, Inc.		6,300		71,940
Korean Reinsurance Co.		115,180		1,233,389
Kortek Corp.		6,067		64,968
KT Skylife Co., Ltd.		13,548		290,796
Ktis Corp.		12,510		52,340
Kumho Industrial Co., Ltd. (b)		6,850		80,493
Kumho Tire Co., Inc. (b)		56,581		576,400
Kwang Dong Pharmaceutical Co., Ltd.		15,690		147,198
KyungDong City Gas Co., Ltd.		472		54,793
Kyungdong Pharm Co., Ltd.		6,247		150,070
LEENO Industrial, Inc.		3,113		119,918
LF Corp.		11,230		372,471
LG Hausys, Ltd.		3,456		684,486
LG International Corp.		33,850		824,397
LG Life Sciences, Ltd. (a)(b)		25,289		891,496
LIG Insurance Co., Ltd.		35,667		943,008
Lock & Lock Co., Ltd. (a)		3,060		34,942
Logistics Energy Korea Co., Ltd. (b)		20,680		34,099
LOTTE Himart Co., Ltd. (a)		3,834		263,411
Lotte Samkang Co., Ltd.		667		481,643
LS Industrial Systems Co., Ltd.		10,028		557,824
Lumens Co., Ltd. (b)		13,531		91,297
Macrogen, Inc. (b)		2,030		93,781
Maeil Dairy Industry Co., Ltd.		1,369		47,417
Mando Corp. (c)		4,955		643,293
Medipost Co., Ltd. (a)(b)		5,048		303,287
Medy-Tox, Inc.		2,276		483,131
MegaStudy Co., Ltd.		5,723		368,246
Melfas, Inc. (b)		13,314		70,402
Meritz Finance Holdings Co., Ltd.		8		64
Meritz Fire & Marine Insurance Co., Ltd.		86,500		1,073,821
Meritz Securities Co., Ltd.		317,558		1,190,184
Mirae Asset Securities Co., Ltd.		16,221		684,041
Mirae Corp. (b)		163,980		26,728
Modetour Network, Inc.		2,805		59,808
Muhak Co., Ltd. (b)		3,650		115,700
Naturalendo Tech Co., Ltd. (b)		9,743		419,173
Neowiz Games Corp. (b)		10,614		220,276
NEPES Corp. (a)(b)		5,313		29,454
Nexen Tire Corp.		23,660		309,413
NHN Entertainment Corp. (a)(b)		7,338		573,689
NICE Holdings Co., Ltd.		4,890		72,058
NongShim Co., Ltd.		2,501		644,655
Opto Device Technology Co., Ltd.		5,513		45,452

See accompanying notes to financial statements.

241

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

September 30, 2014

Security Description	Shares		Value
Osstem Implant Co., Ltd. (b)		2,780	$	111,964
Pan Ocean Co., Ltd. (b)		67,509		277,009
Partron Co., Ltd.		22,155		202,182
Pharmicell Co., Ltd. (b)		8,960		37,954
Poongsan Corp.		39,032		1,094,856
Posco ICT Co., Ltd.		7,233		48,528
Power Logics Co., Ltd. (b)		14,190		45,720
Redrover Co., Ltd. (b)		9,588		60,876
S&T Dynamics Co., Ltd.		6,670		65,420
S-Energy Co., Ltd.		4,773		36,320
Sajo Industries Co., Ltd. (b)		1,120		42,773
Sam Yung Trading Co., Ltd.		5,100		117,925
Samchully Co., Ltd.		450		64,819
Samchuly Bicycle Co., Ltd.		4,753		95,488
Samjin Pharmaceutical Co., Ltd.		9,170		209,426
Samsung Fine Chemicals Co., Ltd. (a)		29,505		1,068,080
Samyang Holdings Corp.		4,392		362,098
Sansung Life & Science Co., Ltd. (b)		8,803		218,980
Sapphire Technology Co., Ltd. (a)(b)		2,440		42,083
SeAH Steel Corp.		600		52,424
Sebang Co., Ltd.		2,380		46,235
Seegene, Inc. (a)(b)		8,171		428,973
Seoul Semiconductor Co., Ltd.		21,064		478,069
SEOWONINTECH Co., Ltd.		2,657		29,837
Seoyeon Co., Ltd.		2,206		40,347
SFA Engineering Corp.		24,951		1,026,177
Silicon Works Co., Ltd.		1,700		37,053
Silla Co., Ltd.		1,450		35,863
Sindoh Co., Ltd.		780		55,585
SK Broadband Co., Ltd. (b)		153,411		681,827
SK Chemicals Co., Ltd.		16,358		934,743
SK Communications Co., Ltd. (b)		5,331		36,475
SKC Co., Ltd.		12,540		374,922
SM Culture & Contents Co., Ltd. (b)		14,235		46,337
SM Entertainment Co. (a)(b)		8,105		299,545
Soulbrain Co., Ltd.		1,647		40,268
Suheung Co., Ltd.		1,410		73,490
SundayToz Corp.		10,395		202,433
Sungwoo Hitech Co., Ltd.		25,642		415,521
Suprema, Inc. (b)		2,991		82,906
Synopex, Inc. (b)		27,536		39,924
Taekwang Industrial Co., Ltd.		472		594,892
Taihan Electric Wire Co., Ltd. (b)		27,060		52,569
Tera Semicon Co., Ltd. (b)		2,417		37,220
The Basic House Co., Ltd.		1,800		41,109
Tong Yang Securities, Inc. (a)(b)		86,580		219,886
Toray Chemical Korea, Inc. (b)		2,900		38,337
Tovis Co., Ltd.		6,895		113,365
Value Added Technologies Co., Ltd.		3,296		78,086
Vieworks Co., Ltd.		1,496		49,973
ViroMed Co., Ltd. (b)		4,559		245,825
WeMade Entertainment Co., Ltd. (b)		2,049		85,436
Whanin Pharmaceutical Co., Ltd.		7,880		160,550
Wins Co., Ltd.		3,929		33,100
WiSoL Co., Ltd. (b)		4,650		32,608
Wonik IPS Co., Ltd. (b)		40,872		486,087
Woojeon & Handan Co., Ltd.		8,280		22,912
Woongjin Thinkbig Co., Ltd. (b)		6,370		43,161
Wooree ETI Co., Ltd.		11,894		17,414
Woori Investment & Securities Co., Ltd.		3		34
YG Entertainment, Inc.		6,090		297,214
Yuhan Corp.		9,162		1,614,908
Yungjin Pharmaceutical Co., Ltd. (b)		48,580		73,198
				59,707,569
SPAIN — 0.8%
Construcciones y Auxiliar de Ferrocarriles SA		2,252		752,744
Faes Farma SA		238,656		610,501
Let’s GOWEX SA (a)(b)(e)		9,561		0
Merlin Properties Socimi SA (b)		41,939		532,443
NH Hotel Group SA (b)		17,498		85,544
Promotora de Informaciones SA (Class A) (b)		376,469		113,662
Tubacex SA		160,783		802,281
Tubos Reunidos SA		215,821		682,953
Vidrala SA		51,116		2,228,390
Zeltia SA (b)		176,337		634,860
				6,443,378
SWEDEN — 2.1%
Active Biotech AB (b)		8,766		35,874
AddTech AB (Class B)		25,980		355,908
AF AB (Class B)		29,743		453,877
Arcam AB (b)		8,529		200,553
Avanza Bank Holding AB		10,148		342,800
B&B Tools AB (Class B)		10,049		197,609
BE Group AB (b)		18,949		23,133
Beijer Alma AB		6,186		145,888
Beijer Ref AB		5,741		114,885
Betsson AB (b)		24,688		876,773
Bilia AB (Class A)		6,610		177,895
BioGaia AB (Class B)		3,913		87,940
Bufab Holding AB (b)		8,782		69,139
Byggmax Group AB		27,610		180,022
CDON Group AB (a)(b)		65,529		199,085
Clas Ohlson AB (Class B)		13,670		231,835
Cloetta AB (Class B) (b)		110,196		330,203
Com Hem Holding AB (b)		41,562		302,991
Concentric AB		22,308		263,825
D. Carnegie Co. & AB (b)		30		176
Duni AB		13,698		171,976
Eniro AB (b)		34,747		50,662
Fingerprint Cards AB (Class B) (a)(b)		18,733		94,855
Haldex AB		94,023		1,092,396
Hemfosa Fastigheter AB (b)		23,788		372,904
HIQ International AB (b)		6,862		35,317
Holmen AB (Class B)		24,959		761,055
Industrial & Financial Systems (Class B)		10,543		321,772
Indutrade AB		12,722		484,461
Investment AB Oresund (b)		7,798		169,301
KNOW IT AB		4,712		35,952
Kungsleden AB (a)		163,148		970,957
Lagercrantz AB (Class B)		7,732		132,471
Lindab International AB (b)		20,846		178,720
Medivir AB (Class B) (a)(b)		11,279		195,588

See accompanying notes to financial statements.

242

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

September 30, 2014

Security Description	Shares		Value
Net Entertainment NE AB (Class B) (b)		13,102	$	351,706
New Wave Group AB (Class B)		187,725		856,799
Nobia AB (a)		95,602		832,227
Nolato AB (Class B)		12,123		274,972
Nordnet AB (Class B)		52,195		199,124
Opus Group AB (a)		77,683		119,083
Orexo AB (a)(b)		7,843		138,997
Proact IT Group AB		2,359		24,871
Proffice AB (Class B)		21,354		66,357
Ratos AB (Class B)		55,518		402,422
Recipharm AB (Class B) (b)		8,502		144,483
Rezidor Hotel Group AB (b)		23,067		107,841
SAS AB (a)(b)		45,817		81,040
Semcon AB		4,323		31,035
SkiStar AB		2,643		29,424
Sweco AB (Class B)		10,759		152,615
Systemair AB		4,556		62,256
Tethys Oil AB (b)		8,822		107,393
Vostok Nafta Investment, Ltd. ADR (a)(b)		21,552		136,935
Wihlborgs Fastigheter AB		184,803		3,179,009
				16,957,387
SWITZERLAND — 2.6%
AFG Arbonia-Forster Holding AG (b)		4,003		85,883
APG SGA SA		300		90,267
Ascom Holding AG		20,935		293,594
Autoneum Holding AG (b)		1,414		221,830
Basilea Pharmaceutica AG (a)(b)		8,609		864,053
Belimo Holding AG		1,353		3,370,110
Bell AG		79		177,760
Bobst Group SA		2,754		119,758
Bossard Holding AG (b)		1,992		207,122
Burckhardt Compression Holding AG		1,373		634,411
Cembra Money Bank AG		9,934		566,617
Comet Holding AG (b)		338		214,014
Conzzeta AG (b)		49		180,769
EFG International AG (b)		19,236		193,467
Emmi AG (b)		1,103		376,902
Evolva Holding SA (a)(b)		104,423		135,515
Gategroup Holding AG (b)		7,992		171,884
Gurit Holding AG (b)		64		28,048
HBM Healthcare Investments AG (Class A) (b)		3,102		273,515
Huber & Suhner AG		6,244		303,868
Implenia AG (b)		4,978		271,953
Inficon Holding AG (b)		935		284,757
Interroll Holding AG (b)		400		228,990
Intershop Holdings AG		251		93,517
Kaba Holding AG (Class B) (b)		951		441,909
Kardex AG (b)		4,045		176,109
Komax Holding AG (b)		2,196		314,404
Kudelski SA		64,351		838,482
Kuoni Reisen Holding (Class B) (b)		4,111		1,112,186
LEM Holding SA		271		202,222
Leonteq AG (b)		1,996		445,575
MCH Group AG		422		29,260
Metall Zug AG (Class B)		62		163,906
Meyer Burger Technology AG (a)(b)		37,803		387,327
Micronas Semiconductor Holding AG (b)		37,557		282,611
Mobilezone Holding AG (b)		14,252		154,378
Mobimo Holding AG (b)		3,076		596,206
Myriad Group AG (b)		27,321		131,530
Orascom Development Holding AG (b)		5,277		101,895
Orior AG (b)		5,716		316,160
Phoenix Mecano AG		110		52,151
Rieter Holding AG (b)		292		58,981
Santhera Pharmaceutical Holding AG (b)		2,127		193,556
Schmolz + Bickenbach AG (b)		183,554		236,286
Schweiter Technologies AG		332		237,317
Schweizerische National-Versicherungs-Gesellschaft AG		8,265		721,403
Siegfried Holding AG (b)		1,729		256,771
Solvalor 61		551		129,172
Swisslog Holding AG (b)		151,398		212,322
Swissquote Group Holding SA		5,489		179,807
Tecan Group AG		4,635		487,512
U-Blox AG (b)		2,837		350,951
Valiant Holding AG		6,564		522,784
Valora Holding AG (b)		7,950		1,650,738
Vaudoise Assurances Holding SA		442		193,361
Zehnder Group AG		2,546		98,456
				20,664,332
UNITED ARAB EMIRATES — 0.0% (d)
Polarcus, Ltd. (b)		128,336		34,568
UNITED KINGDOM — 10.9%
4imprint Group PLC		8,135		97,855
A.G.BARR PLC		45,766		457,774
Afren PLC (b)		509,294		854,540
African Barrick Gold, Ltd.		38,143		135,296
Air Berlin PLC (a)(b)		21,316		34,494
Alent PLC		102,011		542,431
Allied Minds PLC (b)		89,532		402,051
Amarin Corp. PLC ADR (a)(b)		65,239		71,111
Anite PLC		142,509		199,840
AO World PLC (b)		84,456		257,402
APR Energy PLC (a)		21,410		188,122
Arrow Global Group PLC		67,509		290,295
Asia Resource Minerals PLC (b)		13,440		15,034
Avon Rubber PLC		4,276		42,667
Betfair Group PLC		36,939		699,441
Big Yellow Group PLC		57,649		485,980
Bloomsbury Publishing PLC		20,844		55,671
Bovis Homes Group PLC		116,717		1,473,991
Brammer PLC		55,293		337,040
Brewin Dolphin Holdings PLC		108,594		478,848
Cairn Energy PLC (b)		248,306		710,485
Card Factory PLC (b)		53,356		200,676
Centamin PLC		457,980		454,011
Chemring Group PLC		189,726		690,504
Chesnara PLC		49,940		287,409
Cineworld Group PLC		44,574		235,571
Circassia Pharmaceuticals PLC (b)		87,704		432,231
Clarkson PLC		3,693		140,692

See accompanying notes to financial statements.

243

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

September 30, 2014

Security Description	Shares		Value
Communisis PLC		51,309	$	49,700
Computacenter PLC		36,463		372,406
Connect Group PLC		54,376		131,566
Consort Medical PLC		11,812		185,746
Countrywide PLC		66,693		488,051
Cranswick PLC		20,687		445,368
Crest Nicholson Holdings PLC		88,381		465,656
CSR PLC		107,390		1,319,642
Daejan Holdings PLC		2,214		175,118
Dairy Crest Group PLC		170,720		1,062,077
Darty PLC		347,348		418,104
De La Rue PLC		36,995		286,078
Debenhams PLC		457,273		432,183
Dechra Pharmaceuticals PLC		28,297		347,723
Development Securities PLC		54,168		172,555
Devro PLC		61,447		236,834
Dialight PLC		6,846		99,997
Dignity PLC		16,147		383,489
Diploma PLC		47,557		531,584
Domino Printing Sciences PLC		50,638		501,581
Domino’s Pizza UK & IRL PLC		71,976		662,765
E2V Technologies PLC		102,243		266,860
Electrocomponents PLC		171,828		621,187
EnQuest PLC (b)		294,939		524,042
Enterprise Inns PLC (b)		427,953		863,057
esure Group PLC		111,789		418,453
Exova Group PLC (b)		56,417		161,428
F&C Commercial Property Trust, Ltd.		278,761		567,151
FDM Group Holdings PLC (b)		39,792		229,974
Fenner PLC		163,756		843,142
Fidessa Group PLC		18,805		698,428
Findel PLC (b)		29,934		117,437
Flybe Group PLC (b)		119,927		237,192
Fortune Oil PLC		400,667		55,276
Foxtons Group PLC		94,297		328,670
Fuller Smith & Turner (Class A)		7,636		111,660
Galliford Try PLC		110,128		2,260,241
Games Workshop Group PLC		6,056		58,661
Gem Diamonds, Ltd. (b)		95,474		297,173
Genus PLC		33,261		609,308
Go-Ahead Group PLC		17,357		716,401
Grainger PLC		168,995		508,207
Greggs PLC		50,626		485,868
Guinness Peat Group PLC (b)		568,893		276,678
Gulf Keystone Petroleum, Ltd. (b)		422,187		426,057
Gulf Marine Services PLC		82,633		210,318
Halfords Group PLC		84,972		653,635
Hansteen Holdings PLC		170,911		286,770
Hardy Oil & Gas PLC (b)		18,822		31,124
Headlam Group PLC		19,236		127,856
Helical Bar PLC		40,621		230,485
HellermannTyton Group PLC		71,229		357,735
Hilton Food Group PLC		29,042		195,859
Hochschild Mining PLC (b)		61,219		134,279
Hogg Robinson Group PLC		30,470		22,599
Homeserve PLC		134,345		696,286
Huntsworth PLC		72,077		56,963
Hyder Consulting PLC		14,065		170,783
Imagination Technologies Group PLC (b)		86,107		263,132
Infinis Energy PLC		9,507		33,907
Innovation Group PLC		555,740		256,767
Intelligent Energy Holdings PLC (b)		47,538		190,739
Interserve PLC		154,811		1,504,576
IP Group PLC (b)		213,989		708,387
ITE Group PLC		302,289		830,645
J.D. Wetherspoon PLC		141,450		1,829,907
James Fisher & Sons PLC		19,605		421,438
JD Sports Fashion PLC		14,018		97,491
John Menzies PLC		20,522		189,302
Johnston Press PLC (b)		1,409,563		78,379
Just Retirement Group PLC (b)		62,484		132,799
Kcom Group PLC		215,496		330,137
Keller Group PLC		55,180		787,205
Kier Group PLC		57,093		1,522,552
Laird PLC		197,991		994,054
Lamprell PLC (b)		114,513		303,062
Lancashire Holdings, Ltd.		59,532		617,666
Lavendon Group PLC		63,748		208,499
Londonmetric Property PLC		140,175		315,870
Lookers PLC		128,624		279,415
Low & Bonar PLC		87,710		85,670
LSL Property Services PLC		39,783		210,251
Luxfer Holdings PLC ADR		8,814		152,130
Marshalls PLC		101,941		331,763
Marston’s PLC		145,633		347,765
Mcbride PLC (b)		144,798		204,223
McColl’s Retail Group PLC		61,356		188,988
McKay Securities PLC		53,067		204,320
Mears Group PLC		33,774		238,174
Mecom Group PLC (b)		71,210		165,659
Micro Focus International PLC		72,465		1,245,252
Mitie Group PLC (a)		489,315		2,283,776
Moneysupermarket.com Group PLC		221,498		703,082
Morgan Crucible Co. PLC		301,388		1,450,151
Morgan Sindall PLC		64,853		862,645
Mothercare PLC (a)(b)		31,099		134,989
Mucklow A & J Group PLC		14,430		100,006
NCC Group PLC		73,452		233,390
NMC Health PLC		12,117		93,699
Northgate PLC		47,869		375,443
Novae Group PLC		26,159		227,729
OneSavings Bank PLC (b)		59,186		191,899
Optos PLC (b)		42,970		136,709
Oxford Immunotec Global PLC (a)(b)		2,650		40,465
Oxford Instruments PLC		23,201		383,645
Pace PLC		170,447		823,710
Paragon Group of Cos PLC		128,562		712,791
PayPoint PLC		94,607		1,508,415
Pendragon PLC		514,898		275,460
Perform Group PLC (b)		59,827		250,812
Petra Diamonds, Ltd. (b)		173,812		535,937
Petropavlovsk PLC (a)(b)		74,876		26,705
Pets at Home Group PLC (b)		97,209		275,626
Photo-Me International PLC		49,727		106,009
Polypipe Group PLC		37,168		148,378
Poundland Group PLC (b)		71,645		366,793

See accompanying notes to financial statements.

244

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

September 30, 2014

Security Description	Shares		Value
Premier Farnell PLC		453,282	$	1,337,405
Premier Foods PLC (b)		443,483		262,418
Quintain Estates & Development PLC (b)		180,358		260,225
Rank Group PLC		13,270		34,635
Rathbone Brothers PLC		18,879		583,651
Raven Russia, Ltd. (b)		154,477		162,154
Redrow PLC		243,191		1,106,657
Renishaw PLC		18,795		496,653
Renold PLC (b)		82,685		75,065
Ricardo PLC		15,265		166,051
Robert Walters PLC		14,154		69,411
RPC Group PLC		57,489		520,978
RPS Group PLC		227,194		961,304
Safestore Holdings PLC		77,840		270,047
Salamander Energy PLC (b)		133,059		215,709
Savills PLC		43,273		428,980
SDL PLC (b)		45,782		256,057
Senior PLC		513,633		2,233,238
Shanks Group PLC		408,334		595,774
SIG PLC		309,379		835,582
Skyepharma PLC (b)		45,111		240,786
Speedy Hire PLC		184,175		210,496
Spire Healthcare Group PLC (b)(f)		82,103		385,062
Spirent Communications PLC		331,409		561,978
Spirit Pub Co. PLC		326,081		507,481
SSP Group PLC (b)		124,696		524,986
ST Modwen Properties PLC		70,370		418,675
St. Ives PLC		61,254		198,356
SThree PLC		47,835		271,611
Stobart Group, Ltd.		113,941		205,034
Stock Spirits Group PLC		88,516		418,439
Stolt-Nielsen, Ltd.		13,914		269,712
SuperGroup PLC (b)		19,757		362,889
SVG Capital PLC (b)		16,990		113,038
Synergy Health PLC		21,826		518,364
Synthomer PLC		125,745		432,165
Ted Baker PLC		10,310		311,383
Telecom Plus PLC		29,804		645,029
The Renewables Infrastructure Group, Ltd.		94,542		163,229
The Restaurant Group PLC		49,355		522,077
The Vitec Group PLC		3,197		31,797
Tipp24 SE		4,391		166,352
Topps Tiles PLC		25,983		43,913
Trinity Mirror PLC (b)		103,907		284,257
Tritax Big Box REIT PLC (a)		133,110		232,515
Tullett Prebon PLC		218,682		950,104
Tyman PLC		61,580		259,310
Unite Group PLC		308,835		2,125,335
Urban & Civic PLC (b)		36,592		138,515
Vectura Group PLC (b)		152,423		326,173
Wilmington Group PLC		21,519		75,091
Wincanton PLC (b)		226,408		500,094
Workspace Group PLC		43,501		446,049
Xaar PLC		30,835		187,955
Xchanging PLC		114,091		347,722
Zoopla Property Group PLC (b)(f)		139,201		533,925
				86,217,207
UNITED STATES — 0.2%
Diligent Board Member Services, Inc. (b)		57,971		209,661
Eros International PLC (b)		15,363		224,453
Kofax, Ltd. (a)(b)		25,231		196,438
LivePerson, Inc. (b)		32,042		404,906
Magnachip Semiconductor Corp. (b)		23,946		280,168
				1,315,626
TOTAL COMMON STOCKS —
(Cost $855,867,568)				786,466,073
PREFERRED STOCKS — 0.1%
GERMANY — 0.0% (d)
Hornbach Holding AG		2,519		199,201
ITALY — 0.1%
Italmobiliare SpA		13,654		267,351
UNITED KINGDOM — 0.0% (d)
Doric Nimrod Air Three, Ltd.		53,593		93,833
TOTAL PREFERRED STOCKS —
(Cost $606,443)				560,385
RIGHTS — 0.0% (d)
ITALY — 0.0% (d)
Beni Stabili SpA (expiring 10/17/14) (b)		847,837		2,851
Immobiliare Grande Distribuzione (expiring 10/17/14) (b)		34,970		7,488
				10,339
SOUTH KOREA — 0.0% (d)
Hansol Technics Co., Ltd. (expiring 10/29/14) (b)		890		1,181
Woongjin Thinkbig Co., Ltd. (expiring 10/30/14) (b)		1,038		1,308
Mirae Corp. (expiring 10/31/14) (b)		33,327		1,958
				4,447
SWEDEN — 0.0% (d)
Kungsleden AB (expiring 10/8/14) (a)(b)		163,148		58,846
TOTAL RIGHTS —
(Cost $12,299)				73,632
WARRANTS — 0.0% (d)
HONG KONG — 0.0% (d)
HKC Holdings, Ltd. (expiring 10/17/15) (b)		276,200		0
ISRAEL — 0.0% (d)
Africa Israel Investments, Ltd. (expiring 03/31/15) (b)		3,032		213
TOTAL WARRANTS —
(Cost $0)				213
SHORT TERM INVESTMENTS — 11.4%
UNITED STATES — 11.4%
MONEY MARKET FUNDS — 11.4%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		88,577,906		88,577,906

See accompanying notes to financial statements.

245

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

September 30, 2014

Security Description	Shares		Value
State Street Institutional Liquid Reserves Fund 0.09% (h)(i)		1,813,375	$	1,813,375
TOTAL SHORT TERM INVESTMENTS —
(Cost $90,391,281)				90,391,281
TOTAL INVESTMENTS — 110.7%
(Cost $946,877,591)				877,491,584
OTHER ASSETS & LIABILITIES — (10.7)%				(84,772,707	)
NET ASSETS — 100.0%			$	792,718,877

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(d)	Amount shown represents less than 0.05% of net assets.
(e)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(f)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.3% of net assets as of September 30, 2014, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	Investments of cash collateral for securities loaned
(h)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(i)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

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

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

246

SPDR Dow Jones International Real Estate ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AUSTRALIA — 12.9%
Astro Japan Property Group		739,752	$	2,880,574
BWP Trust		5,668,319		11,854,548
CFS Retail Property Trust Group		27,964,683		48,818,632
Charter Hall Retail REIT		3,640,656		12,105,871
Dexus Property Group		63,857,711		62,025,337
Goodman Group		50,485,028		81,769,574
Investa Office Fund		7,217,161		21,156,509
Scentre Group (a)		62,578,773		179,611,316
The GPT Group		19,920,766		67,460,539
Westfield Corp.		22,468,275		146,473,417
				634,156,317
AUSTRIA — 1.6%
Atrium European Real Estate, Ltd. (a)		2,015,941		10,492,146
BUWOG AG (a)(b)		597,105		11,823,540
CA Immobilien Anlagen AG (a)		928,843		18,550,835
IMMOFINANZ AG (a)		12,472,930		35,404,693
				76,271,214
BELGIUM — 0.8%
Befimmo SA		218,370		16,217,567
Cofinimmo SA		203,769		23,089,782
				39,307,349
BRAZIL — 0.9%
BR Malls Participacoes SA		5,413,640		42,719,489
CANADA — 9.9%
Artis REIT		792,464		10,856,448
Boardwalk REIT		300,827		18,546,804
Brookfield Asset Management, Inc. (Class A) (b)		6,709,389		301,863,969
Calloway REIT		779,223		17,933,529
Canadian Apartment Properties REIT		642,169		13,555,337
Canadian REIT		399,038		17,321,224
Chartwell Retirement Residences		1,038,628		10,185,999
Crombie Real Estate Investment Trust (c)		270,074		3,180,520
Crombie Real Estate Investment Trust (c)		481,747		5,582,411
First Capital Realty, Inc.		1,134,114		17,769,528
H&R REIT		1,569,026		30,691,162
RioCan REIT		1,766,605		40,578,722
				488,065,653
CHINA — 2.5%
Hongkong Land Holdings, Ltd.		13,827,000		94,023,600
Kerry Properties, Ltd.		8,318,670		27,960,656
				121,984,256
FRANCE — 9.5%
Fonciere Des Regions		531,253		47,883,364
Gecina SA		422,240		55,339,694
Klepierre		1,172,229		51,339,967
Mercialys SA REIT		648,564		14,145,187
Unibail-Rodamco SE		1,152,213		296,492,066
				465,200,278
HONG KONG — 7.9%
Champion REIT		30,385,174		12,678,261
Hang Lung Group, Ltd.		10,828,808		53,620,387
Hang Lung Properties, Ltd.		26,885,755		76,518,678
Hysan Development Co., Ltd.		8,251,846		38,150,348
Kerry Logistics Network, Ltd.		250		390
Prosperity REIT		14,954,000		4,641,169
The Link REIT		27,158,855		156,515,532
Wheelock & Co., Ltd.		9,552,545		45,640,033
				387,764,798
ITALY — 0.1%
Beni Stabili SpA (b)		9,865,920		6,954,422
JAPAN — 21.7%
Activia Properties, Inc.		2,685		21,564,201
Aeon Mall Co., Ltd.		1,372,340		26,184,490
Daibiru Corp.		673,000		7,724,208
Daiwa Office Investment Corp. (b)		3,298		17,798,587
Frontier Real Estate Investment Corp. (b)		5,480		26,277,223
Fukuoka REIT Corp. (b)		7,299		13,474,156
Global One Real Estate Investment Co., Ltd.		2,166		6,111,281
Hankyu REIT, Inc.		1,275		7,334,199
Heiwa Real Estate Co., Ltd.		419,000		6,600,410
Hulic Co., Ltd.		4,563,790		48,261,055
Japan Excellent, Inc.		14,257		18,312,697
Japan Prime Realty Investment Corp.		9,697		34,917,863
Japan Real Estate Investment Corp.		14,715		75,657,596
Japan Retail Fund Investment Corp.		27,127		54,652,145
Kenedix Office Investment Corp.		3,922		21,058,918
Kenedix Residential Investment Corp.		3,267		8,351,035
Mitsui Fudosan Co., Ltd.		11,653,000		356,882,752
Mori Hills REIT Investment Corp.		13,944		19,372,493
Mori Trust Sogo REIT, Inc. (b)		12,101		22,382,906
Nippon Building Fund, Inc.		16,596		87,295,611
Nomura Real Estate Office Fund, Inc.		4,384		20,062,610
NTT Urban Development Corp.		1,276,531		13,429,206
Orix JREIT, Inc.		23,107		29,048,318
Premier Investment Corp.		2,239		10,001,459
Tokyu Fudosan Holdings Corp.		6,025,600		41,307,728
Tokyu REIT, Inc.		10,920		14,394,749
Top REIT, Inc.		2,069		9,062,897
United Urban Investment Corp.		29,525		45,298,851
				1,062,819,644
NETHERLANDS — 2.3%
Corio NV		1,184,476		58,093,428
Eurocommercial Properties NV		502,753		22,146,031
VastNed Retail NV		223,750		10,236,248
Wereldhave NV		254,814		20,987,474
				111,463,181
NEW ZEALAND — 0.7%
Argosy Property, Ltd.		9,097,663		7,126,629
Goodman Property Trust		11,760,546		9,716,762
Kiwi Income Property Trust		11,727,158		10,648,954

See accompanying notes to financial statements.

247

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

September 30, 2014

Security Description	Shares		Value
Precinct Properties		9,976,866	$	8,437,468
				35,929,813
PHILIPPINES — 1.9%
Ayala Land, Inc.		66,710,900		51,953,561
SM Prime Holdings, Inc.		111,169,900		43,301,206
				95,254,767
SINGAPORE — 7.8%
Ascendas REIT		24,017,831		42,374,437
Cambridge Industrial Trust (b)		13,557,155		7,600,852
CapitaCommercial Trust (b)		24,510,676		30,655,162
CapitaLand, Ltd. (b)		30,530,999		76,608,795
CapitaMall Trust (b)		30,513,168		45,699,170
Frasers Commercial Trust		5,884,961		6,229,669
Global Logistic Properties, Ltd.		36,402,000		77,353,893
Guocoland, Ltd. (b)		3,615,666		5,812,056
Keppel REIT (b)		17,815,000		16,623,422
Mapletree Logistics Trust		17,365,014		15,726,959
Starhill Global REIT		16,196,482		10,033,107
Suntec REIT (b)		29,356,351		40,513,744
United Industrial Corp., Ltd. (b)		2,291,245		5,982,785
				381,214,051
SOUTH AFRICA — 1.6%
Acucap Properties, Ltd.		326,995		1,329,020
Capital Property Fund (a)		17,155,720		18,282,023
Fountainhead Property Trust (b)		9,757,573		6,649,995
Growthpoint Properties, Ltd. REIT		20,624,985		44,980,385
SA Corporate Real Estate Fund		16,661,716		6,518,247
				77,759,670
SPAIN — 0.0% (d)
Martinsa-Fadesa SA (a)(e)(f)		35,998		0
SWEDEN — 2.1%
Castellum AB		2,021,673		30,794,586
Fabege AB		1,652,335		21,054,183
Great Portland Estates PLC		4,042,312		41,907,681
Kungsleden AB (b)		1,314,312		7,821,983
				101,578,433
SWITZERLAND — 1.8%
PSP Swiss Property AG (a)		452,849		38,009,932
Swiss Prime Site AG (a)		711,118		52,766,369
				90,776,301
THAILAND — 0.5%
Central Pattana PCL NVDR		15,824,823		22,694,041
UNITED KINGDOM — 13.4%
Big Yellow Group PLC		1,575,787		13,283,854
Capital & Counties Properties PLC		8,736,280		46,553,195
Derwent London PLC		1,198,404		53,057,673
Grainger PLC		4,893,801		14,716,803
Hammerson PLC		8,377,671		78,025,504
Intu Properties PLC		11,097,289		58,054,930
Land Securities Group PLC		9,169,312		154,445,602
Segro PLC		8,721,236		51,336,651
Shaftesbury PLC		3,265,656		36,079,420
The British Land Co. PLC		12,026,396		136,963,573
Workspace Group PLC		1,239,004		12,704,468
				655,221,673
TOTAL COMMON STOCKS —
(Cost $4,357,315,940)				4,897,135,350
RIGHTS — 0.0% (d)
ITALY — 0.0% (d)
Beni Stabili SpA (expiring 10/17/14) (a)		9,865,920		205,642
SWEDEN — 0.0% (d)
Kungsleden AB (expiring 10/8/14) (a)(b)		1,656,830		597,602
TOTAL RIGHTS —
(Cost $0)				803,244
SHORT TERM INVESTMENTS — 1.7%
UNITED STATES — 1.7%
MONEY MARKET FUNDS — 1.7%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		50,286,709		50,286,709
State Street Institutional Liquid Reserves Fund 0.09% (h)(i)		34,936,010		34,936,010
TOTAL SHORT TERM INVESTMENTS —
(Cost $85,222,719)				85,222,719
TOTAL INVESTMENTS — 101.6%
(Cost $4,442,538,659)				4,983,161,313
OTHER ASSETS & LIABILITIES — (1.6)%				(80,105,035	)
NET ASSETS — 100.0%			$	4,903,056,278

(a)	Non-income producing security
(b)	A portion of the security was on loan at September 30, 2014.
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Amount shown represents less than 0.05% of net assets.
(e)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(f)	Company has filed for insolvency.
(g)	Investments of cash collateral for securities loaned
(h)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(i)	The rate shown is the annualized seven-day yield at period end.

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

248

SPDR S&P Global Infrastructure ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 7.9%
Macquarie Atlas Roads Group (a)		186,408	$	469,775
Qube Holdings Ltd.		343,110		750,596
Sydney Airport		538,835		2,013,337
Transurban Group		835,193		5,642,050
				8,875,758
BRAZIL — 1.2%
Cia de Saneamento Basico do Estado de Sao Paulo ADR (a)		22,683		183,959
Companhia Energetica de Minas Gerais ADR		49,389		307,694
Ultrapar Participacoes SA ADR		38,769		818,801
				1,310,454
CANADA — 9.1%
AltaGas, Ltd. (a)		11,888		503,050
Enbridge, Inc. (a)		75,681		3,630,494
Gibson Energy, Inc. (a)		11,072		346,560
Pembina Pipeline Corp. (a)		29,185		1,232,113
TransCanada Corp. (a)		63,279		3,266,013
Veresen, Inc. (a)		19,727		300,614
Westshore Terminals Investment Corp. (a)		30,451		910,628
				10,189,472
CHILE — 0.6%
Empresa Nacional de Electricidad SA ADR		7,495		329,480
Enersis SA ADR		26,245		414,146
				743,626
CHINA — 0.4%
China Longyuan Power Group Corp. (Class H)		231,000		225,791
Huaneng Power International Inc, ADR		5,482		239,344
				465,135
FRANCE — 7.0%
Aeroports de Paris		16,333		1,955,357
GDF Suez		104,142		2,612,730
Groupe Eurotunnel SA		275,079		3,360,957
				7,929,044
GERMANY — 4.7%
E.ON AG		137,144		2,511,217
Fraport AG Frankfurt Airport Services Worldwide (a)		18,461		1,214,084
Hamburger Hafen und Logistik AG		11,618		277,605
RWE AG		33,130		1,291,327
				5,294,233
HONG KONG — 4.8%
Beijing Enterprises Water Group, Ltd. (b)		308,000		208,240
China Gas Holdings, Ltd.		154,000		255,440
China Merchants Holdings International Co., Ltd. (a)		891,454		2,755,263
China Resources and Transportation Group, Ltd. (a)(b)		7,481,504		227,381
China Resources Power Holdings Co., Ltd.		122,000		329,152
COSCO Pacific, Ltd.		841,413		1,116,091
Guangdong Investment, Ltd.		196,000		228,937
Hopewell Highway Infrastructure, Ltd.		492,500		241,014
				5,361,518
ITALY — 7.5%
Ansaldo STS SpA		60,017		678,179
Atlantia SpA		202,201		4,993,664
Enel SpA		444,694		2,360,514
Societa Iniziative Autostradali e Servizi SpA		34,135		366,960
				8,399,317
JAPAN — 3.8%
Japan Airport Terminal Co., Ltd. (a)		36,200		1,452,026
Kamigumi Co., Ltd.		129,000		1,220,675
Mitsubishi Logistics Corp. (a)		83,000		1,190,957
The Sumitomo Warehouse Co., Ltd.		77,000		406,427
				4,270,085
MEXICO — 2.2%
Grupo Aeroportuario del Pacifico SAB de CV ADR		17,115		1,154,236
Grupo Aeroportuario del Sureste SAB de CV, ADR		10,115		1,299,676
				2,453,912
NETHERLANDS — 0.3%
Koninklijke Vopak NV (a)		5,944		320,812
NEW ZEALAND — 1.2%
Auckland International Airport, Ltd.		452,501		1,357,902
SINGAPORE — 2.8%
Hutchison Port Holdings Trust (a)		2,701,000		1,890,700
SATS Ltd.		320,000		767,820
SIA Engineering Co., Ltd.		125,029		451,959
				3,110,479
SPAIN — 5.7%
Abertis Infraestructuras SA		193,191		3,816,919
Iberdrola SA		367,441		2,631,843
				6,448,762
SWITZERLAND — 1.1%
Flughafen Zuerich AG		1,904		1,194,608
UNITED KINGDOM — 7.4%
BBA Aviation PLC		218,223		1,149,760
Centrica PLC		350,593		1,749,424
National Grid PLC		264,167		3,802,899
SSE PLC		65,684		1,647,302
				8,349,385
UNITED STATES — 31.9%
American Electric Power Co., Inc.		33,480		1,747,991
Cheniere Energy, Inc. (b)		19,797		1,584,354
Consolidated Edison, Inc. (a)		20,105		1,139,149
Dominion Resources, Inc.		39,972		2,761,665
Duke Energy Corp.		48,475		3,624,476
Edison International		22,251		1,244,276
Exelon Corp.		58,834		2,005,651

See accompanying notes to financial statements.

249

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

September 30, 2014

Security Description	Shares		Value
Kinder Morgan, Inc. (a)		58,823	$	2,255,274
NextEra Energy, Inc.		29,942		2,810,955
ONEOK, Inc. (a)		18,552		1,216,084
PG&E Corp.		32,328		1,456,053
PPL Corp.		45,529		1,495,172
Public Service Enterprise Group, Inc.		34,717		1,292,861
SemGroup Corp.(Class A)		3,813		317,508
Sempra Energy		15,868		1,672,170
Spectra Energy Corp.		59,980		2,354,815
Targa Resources Corp.		2,639		359,353
The Southern Co. (a)		61,355		2,678,146
The Williams Cos., Inc.		60,096		3,326,313
Wesco Aircraft Holdings, Inc. (a)(b)		28,122		489,323
				35,831,589
TOTAL COMMON STOCKS —
(Cost $109,607,611)				111,906,091
SHORT TERM INVESTMENTS — 14.3%
UNITED STATES — 14.3%
MONEY MARKET FUNDS — 14.3%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		15,919,982		15,919,982
State Street Institutional Liquid Reserves Fund 0.09% (d)(e)		71,982		71,982
TOTAL SHORT TERM INVESTMENTS —
(Cost $15,991,964)				15,991,964
TOTAL INVESTMENTS — 113.9%
(Cost $125,599,575)				127,898,055
OTHER ASSETS & LIABILITIES — (13.9)%				(15,564,992	)
NET ASSETS — 100.0%			$	112,333,063

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Investments of cash collateral for securities loaned
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(e)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

250

SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 9.0%
Amcor, Ltd.		1,056,414	$	10,473,621
BHP Billiton, Ltd.		905,741		26,844,297
Fortescue Metals Group, Ltd. (a)		640,493		1,950,412
Newcrest Mining, Ltd. (b)		287,368		2,652,917
Rio Tinto, Ltd.		164,387		8,570,394
Woodside Petroleum, Ltd.		88,101		3,129,967
				53,621,608
BRAZIL — 2.0%
Fibria Celulose SA ADR (a)(b)		190,323		2,093,553
Gerdau SA ADR		336,533		1,615,358
Petroleo Brasileiro SA ADR		185,551		2,632,969
Vale SA ADR (a)		484,422		5,333,486
				11,675,366
CANADA — 12.6%
Agrium, Inc. (a)		123,506		11,002,870
Barrick Gold Corp.		438,406		6,427,032
Canadian Natural Resources, Ltd.		136,292		5,306,308
First Quantum Minerals, Ltd.		222,401		4,302,545
Goldcorp, Inc.		306,132		7,072,908
Imperial Oil, Ltd. (a)		31,328		1,483,213
Potash Corp. of Saskatchewan, Inc.		725,995		25,090,387
Silver Wheaton Corp.		134,545		2,689,576
Suncor Energy, Inc.		183,036		6,638,136
Teck Resources, Ltd. (Class B) (a)		175,712		3,334,841
Yamana Gold, Inc. (a)		327,422		1,968,839
				75,316,655
CHILE — 0.3%
Sociedad Quimica y Minera de Chile SA ADR		80,673		2,108,792
CHINA — 0.6%
PetroChina Co., Ltd. (Class H)		2,612,000		3,346,950
COLOMBIA — 0.2%
Ecopetrol SA ADR (a)		30,676		959,239
FINLAND — 1.8%
Stora Enso Oyj		488,050		4,072,175
UPM-Kymmene Oyj		458,360		6,548,753
				10,620,928
FRANCE — 3.2%
Total SA (a)		295,261		19,190,255
GERMANY — 1.4%
K+S AG		147,597		4,186,778
ThyssenKrupp AG (b)		159,527		4,186,629
				8,373,407
HONG KONG — 0.6%
CNOOC, Ltd.		1,995,000		3,422,158
INDIA — 0.8%
Reliance Industries, Ltd. GDR (c)		98,372		3,000,346
Sesa Sterlite, Ltd. ADR		117,190		2,022,699
				5,023,045
ISRAEL — 0.4%
Israel Chemicals, Ltd.		368,752		2,652,172
ITALY — 1.3%
ENI SpA (a)		335,898		8,006,977
JAPAN — 3.3%
JFE Holdings, Inc.		217,500		4,339,293
Nippon Steel & Sumitomo Metal Corp.		3,582,000		9,293,379
OJI Paper Co., Ltd. (a)		864,000		3,268,700
Sumitomo Metal Mining Co., Ltd. (a)		210,000		2,955,832
				19,857,204
LUXEMBOURG — 0.8%
ArcelorMittal (a)		363,025		4,998,645
NORWAY — 2.4%
Norsk Hydro ASA		513,218		2,871,832
Statoil ASA		130,825		3,568,649
Yara International ASA		152,645		7,667,008
				14,107,489
PERU — 0.4%
Southern Copper Corp. (a)		73,286		2,172,930
RUSSIA — 3.0%
Gazprom OAO ADR		735,456		5,177,610
Lukoil OAO ADR (d)		60,900		3,105,900
Lukoil OAO ADR (d)		3,605		183,495
MMC Norilsk Nickel OJSC ADR		213,822		3,987,780
Rosneft Oil Co. GDR		127,466		742,744
Surgutneftegas OAO ADR		116,017		773,834
Uralkali OJSC GDR		231,068		4,101,457
				18,072,820
SINGAPORE — 1.3%
Golden Agri-Resources, Ltd.		5,734,000		2,315,541
Wilmar International, Ltd.		2,141,000		5,187,556
				7,503,097
SOUTH AFRICA — 0.6%
Sasol, Ltd. ADR		63,139		3,440,444
SOUTH KOREA — 1.5%
POSCO ADR		116,857		8,869,446
SPAIN — 0.5%
Repsol YPF SA		123,337		2,929,143
SWITZERLAND — 4.3%
Syngenta AG		80,106		25,511,518
UNITED KINGDOM — 14.5%
Anglo American PLC		524,256		11,762,584
Antofagasta PLC		144,502		1,689,010
BG Group PLC		424,882		7,852,292
BP PLC		2,334,540		17,161,450
Fresnillo PLC (a)		63,699		784,819
Glencore PLC (b)		4,169,082		23,195,886
Mondi PLC		314,623		5,156,617
Royal Dutch Shell PLC (Class A)		486,475		18,600,287
				86,202,945
UNITED STATES — 32.7%
Alcoa, Inc.		441,319		7,100,823
Anadarko Petroleum Corp.		41,682		4,228,222
Apache Corp.		31,678		2,973,614
Archer-Daniels-Midland Co.		254,862		13,023,448

See accompanying notes to financial statements.

251

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

September 30, 2014

Security Description	Shares		Value
Bunge, Ltd.		57,265	$	4,823,431
CF Industries Holdings, Inc.		20,283		5,663,419
Chevron Corp.		156,386		18,659,977
ConocoPhillips		100,831		7,715,588
Devon Energy Corp.		31,496		2,147,397
EOG Resources, Inc.		45,209		4,476,595
Exxon Mobil Corp.		322,197		30,302,628
Freeport-McMoRan, Inc.		391,044		12,767,587
Ingredion, Inc.		29,045		2,201,320
International Paper Co.		168,734		8,055,361
MeadWestvaco Corp.		65,402		2,677,558
Monsanto Co.		204,121		22,965,654
Newmont Mining Corp.		187,690		4,326,254
Nucor Corp.		119,869		6,506,489
Occidental Petroleum Corp.		64,553		6,206,771
Packaging Corp. of America		38,334		2,446,476
Phillips 66		46,484		3,779,614
Plum Creek Timber Co., Inc. (a)		68,892		2,687,477
Rayonier, Inc.		49,235		1,533,178
Rock-Tenn Co. (Class A)		55,934		2,661,340
Sealed Air Corp.		75,661		2,639,056
The Mosaic Co.		125,982		5,594,861
Weyerhaeuser Co.		205,022		6,532,001
				194,696,139
TOTAL COMMON STOCKS —
(Cost $610,237,066)				592,679,372
SHORT TERM INVESTMENTS — 4.6%
UNITED STATES — 4.6%
MONEY MARKET FUNDS — 4.6%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		25,897,021		25,897,021
State Street Institutional Liquid Reserves Fund 0.09% (f)(g)		1,378,033		1,378,033
TOTAL SHORT TERM INVESTMENTS —
(Cost $27,275,054)				27,275,054
TOTAL INVESTMENTS — 104.1%
(Cost $637,512,120)				619,954,426
OTHER ASSETS & LIABILITIES — (4.1)%				(24,337,460	)
NET ASSETS — 100.0%			$	595,616,966

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.5% of net assets as of September 30, 2014, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(e)	Investments of cash collateral for securities loaned
(f)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(g)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

252

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 6.0%
Alumina, Ltd. (a)		290,371	$	430,681
Amcor, Ltd.		151,733		1,504,329
AMP, Ltd.		101,221		483,611
Australia & New Zealand Banking Group, Ltd.		95,027		2,571,102
BHP Billiton, Ltd.		131,705		3,903,465
Boral, Ltd.		191,420		832,485
Brambles, Ltd.		71,748		597,695
CFS Retail Property Trust Group		222,582		388,567
Coca-Cola Amatil, Ltd. (b)		100,560		772,596
Commonwealth Bank of Australia		52,194		3,438,671
CSL, Ltd.		26,072		1,692,137
Fortescue Metals Group, Ltd. (b)		80,819		246,108
Iluka Resources, Ltd. (b)		15,947		109,682
Insurance Australia Group, Ltd.		108,264		579,787
Lend Lease Group		95,578		1,199,333
Macquarie Group, Ltd.		26,124		1,316,496
National Australia Bank, Ltd.		58,456		1,664,483
Newcrest Mining, Ltd. (a)		23,521		217,141
Origin Energy, Ltd.		80,530		1,054,902
Qantas Airways, Ltd. (a)		29,111		35,408
QBE Insurance Group, Ltd.		34,996		357,067
Rio Tinto, Ltd.		12,852		670,045
Santos, Ltd.		70,585		844,333
Scentre Group (a)		69,350		199,046
Sonic Healthcare, Ltd.		34,586		530,839
Suncorp Group, Ltd.		106,197		1,304,704
Sydney Airport		28,469		106,373
Toll Holdings, Ltd. (b)		19,393		95,710
Transurban Group		54,560		368,574
Wesfarmers, Ltd.		36,252		1,337,412
Westfield Corp.		55,659		362,848
Westpac Banking Corp.		101,428		2,852,572
Woodside Petroleum, Ltd.		24,953		886,506
Woolworths, Ltd.		45,392		1,360,022
				34,314,730
AUSTRIA — 0.2%
Erste Group Bank AG		20,006		458,318
OMV AG		9,351		314,748
Raiffeisen Bank International AG		18,602		404,652
Telekom Austria AG (b)		19,106		172,208
				1,349,926
BELGIUM — 0.9%
Ageas		14,778		490,697
Anheuser-Busch InBev NV		25,481		2,836,483
Delhaize Group (b)		4,224		293,905
KBC Groep NV (a)		12,111		645,092
Solvay SA		3,740		575,923
UCB SA		6,275		569,785
				5,411,885
BRAZIL — 1.8%
AMBEV SA ADR		240,190		1,573,244
Banco Bradesco SA Preference Shares ADR		91,169		1,299,158
Companhia Energetica de Minas Gerais ADR		114,944		716,101
Companhia Siderurgica Nacional SA ADR (b)		59,065		209,681
Gerdau SA ADR (b)		88,032		422,554
Itau Unibanco Holding SA Preference Shares ADR		144,711		2,008,589
Petroleo Brasileiro SA ADR		154,190		2,295,889
Tim Participacoes SA ADR		9,592		251,310
Vale SA ADR (b)		19,676		216,633
Vale SA Preference Shares ADR		129,642		1,258,824
				10,251,983
CANADA — 7.7%
Agnico-Eagle Mines, Ltd.		5,269		152,712
Agrium, Inc. (b)		6,930		617,378
Bank of Montreal		22,443		1,655,386
Barrick Gold Corp.		37,899		558,540
BlackBerry, Ltd. (a)(b)		19,290		192,632
Brookfield Asset Management, Inc. (Class A)		23,349		1,050,501
Cameco Corp. (b)		15,631		276,380
Canadian Imperial Bank of Commerce (b)		13,895		1,250,681
Canadian National Railway Co. (b)		40,123		2,854,619
Canadian Natural Resources, Ltd. (b)		43,578		1,696,639
Canadian Pacific Railway, Ltd. (b)		9,339		1,942,342
Canadian Tire Corp., Ltd. (Class A)		6,930		711,572
Cenovus Energy, Inc.		30,338		817,936
Eldorado Gold Corp.		20,007		135,164
Enbridge, Inc. (b)		37,618		1,804,573
EnCana Corp. (b)		30,498		648,957
Enerplus Corp. (b)		12,264		233,307
First Quantum Minerals, Ltd.		14,234		275,369
Gildan Activewear, Inc.		16,354		896,613
Goldcorp, Inc.		27,968		646,176
Husky Energy, Inc. (b)		15,801		434,632
IGM Financial, Inc. (b)		13,184		569,806
Imperial Oil, Ltd.		17,733		839,562
Kinross Gold Corp. (a)		35,134		116,951
Loblaw Cos., Ltd.		15,796		792,238
Manulife Financial Corp. (b)		55,547		1,070,630
National Bank of Canada (b)		24,068		1,099,002
New Gold, Inc. (a)		19,848		100,701
Onex Corp.		22,031		1,229,344
Penn West Petroleum, Ltd. (b)		16,804		114,127
Potash Corp. of Saskatchewan, Inc.		37,854		1,313,568
Rogers Communications, Inc. (Class B) (b)		18,810		705,575
Royal Bank of Canada (b)		44,433		3,182,732
Shaw Communications, Inc. (Class B) (b)		20,165		495,306
Silver Wheaton Corp.		12,630		252,476
SNC-Lavalin Group, Inc.		16,611		766,524
Sun Life Financial, Inc.		22,430		814,870
Suncor Energy, Inc.		44,187		1,602,523
Talisman Energy, Inc.		49,387		428,222
Teck Resources, Ltd. (Class B)		28,157		534,392
TELUS Corp.		20,435		699,239
The Bank of Nova Scotia		35,188		2,181,086

See accompanying notes to financial statements.

253

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

September 30, 2014

Security Description	Shares		Value
The Toronto-Dominion Bank		56,108	$	2,774,900
Thomson Reuters Corp. (b)		22,152		808,735
TransAlta Corp. (b)		24,092		253,305
TransCanada Corp. (b)		23,710		1,223,742
Valeant Pharmaceuticals International, Inc. (a)		8,101		1,063,775
Yamana Gold, Inc. (b)		23,913		143,793
				44,029,233
CHILE — 0.3%
Empresa Nacional de Electricidad SA ADR		19,687		865,440
Enersis SA ADR		60,701		957,862
Sociedad Quimica y Minera de Chile SA ADR		4,618		120,715
				1,944,017
CHINA — 2.5%
Agricultural Bank of China, Ltd. (Class H)		933,000		413,326
Bank of China, Ltd. (Class H)		2,787,436		1,249,215
Bank of Communications Co., Ltd. (Class H)		556,710		387,864
China Construction Bank Corp.		2,049,720		1,435,973
China COSCO Holdings Co., Ltd. (a)(b)		399,295		165,578
China Life Insurance Co., Ltd. (Class H)		324,000		899,177
China Merchants Bank Co., Ltd. (Class H)		235,014		401,925
China Petroleum & Chemical Corp. (Class H)		1,079,800		945,595
China Shenhua Energy Co., Ltd. (Class H)		79,500		221,655
China Telecom Corp., Ltd. (Class H)		958,000		587,253
Hengan International Group Co., Ltd.		40,500		398,214
Huaneng Power International, Inc. (Class H) (b)		656,000		716,395
Industrial & Commercial Bank of China (Class H)		2,213,045		1,379,395
PetroChina Co., Ltd. (Class H)		816,000		1,045,602
PICC Property & Casualty Co., Ltd. (Class H)		184,964		327,762
Ping An Insurance Group Co. of China, Ltd. (Class H) (b)		81,000		608,144
Tencent Holdings, Ltd.		172,100		2,559,858
Tingyi Cayman Islands Holding Corp.		160,000		420,342
Wumart Stores, Inc. (Class H) (b)		117,000		109,389
Yanzhou Coal Mining Co., Ltd. (Class H) (b)		158,000		129,613
Zijin Mining Group Co., Ltd. (Class H) (b)		808,000		196,665
				14,598,940
COLOMBIA — 0.1%
BanColombia SA ADR		10,393		589,491
DENMARK — 1.2%
AP Moeller — Maersk A/S (Class B)		405		962,207
Danske Bank A/S		27,334		743,107
DSV A/S		21,007		591,777
Novo Nordisk A/S (Class B)		98,748		4,725,667
				7,022,758
FINLAND — 1.0%
Elisa Oyj		13,429		356,587
Fortum Oyj		20,016		488,257
Kone Oyj (Class B) (b)		30,738		1,235,564
Metso Oyj		10,614		378,109
Neste Oil Oyj (b)		12,855		264,697
Nokia Oyj		85,404		728,774
Sampo Oyj (Class A)		21,374		1,036,827
Stora Enso Oyj		54,505		454,777
UPM-Kymmene Oyj		34,399		491,471
Wartsila Oyj Abp		9,662		432,442
				5,867,505
FRANCE — 6.4%
Accor SA		9,770		433,388
Air Liquide SA		13,818		1,685,686
Alstom SA (a)		8,602		294,264
AXA SA		54,672		1,347,446
BNP Paribas		34,687		2,301,340
Bouygues SA		9,741		315,816
Cap Gemini SA		6,334		454,721
Carrefour SA		25,044		773,837
Credit Agricole SA		31,821		480,164
Danone		21,323		1,427,623
Essilor International SA		13,075		1,435,987
GDF Suez		37,848		949,536
Kering		5,368		1,082,607
L’Oreal SA		10,560		1,676,828
Lagardere SCA		7,310		195,676
LVMH Moet Hennessy Louis Vuitton SA		8,594		1,397,215
Orange SA		72,119		1,084,597
Pernod Ricard SA		7,502		849,509
Publicis Groupe SA		9,940		682,708
Renault SA		17,112		1,239,720
Sanofi		37,851		4,282,336
Schneider Electric SE		19,650		1,509,230
Societe Generale SA		23,327		1,191,090
Sodexo		5,698		557,701
Technip SA		5,941		499,906
Total SA (b)		78,321		5,090,411
Unibail-Rodamco SE		2,847		732,601
Vallourec SA		4,266		196,214
Veolia Environnement SA		17,317		305,822
Vinci SA		20,553		1,194,454
Vivendi SA (a)		50,003		1,207,739
				36,876,172
GERMANY — 6.2%
adidas AG		12,279		919,053
Allianz SE		16,377		2,655,336
BASF SE		34,124		3,130,872
Bayer AG		26,790		3,753,129
Bayerische Motoren Werke AG		10,606		1,139,100
Commerzbank AG (a)		24,122		360,790
Daimler AG		34,352		2,635,388
Deutsche Bank AG		37,206		1,305,438

See accompanying notes to financial statements.

254

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

September 30, 2014

Security Description	Shares		Value
Deutsche Boerse AG		10,390	$	699,965
Deutsche Lufthansa AG		15,028		237,396
Deutsche Post AG		40,114		1,286,613
Deutsche Telekom AG		109,057		1,653,195
E.ON AG		69,682		1,275,934
Fresenius Medical Care AG & Co. KGaA		11,289		788,624
Linde AG		5,136		987,157
MAN SE		5,856		659,125
Merck KGaA		8,296		765,349
Metro AG (a)		7,391		243,501
Muenchener Rueckversicherungs- Gesellschaft AG		8,248		1,631,139
OSRAM Licht AG (a)		3,031		112,934
RWE AG		17,973		700,544
SAP SE		34,531		2,490,775
Siemens AG		31,240		3,724,211
ThyssenKrupp AG (a)		14,723		386,391
Volkswagen AG		4,655		966,154
Volkswagen AG Preference Shares		4,610		957,397
				35,465,510
HONG KONG — 3.9%
AIA Group, Ltd.		390,200		2,017,557
Bank of East Asia, Ltd.		300,399		1,216,668
Belle International Holdings, Ltd.		240,000		269,823
Cheung Kong Holdings, Ltd.		81,000		1,334,162
China Mengniu Dairy Co., Ltd.		102,000		420,342
China Merchants Holdings International Co., Ltd.		169,516		523,932
China Mobile, Ltd.		245,000		2,831,741
China Overseas Land & Investment, Ltd.		164,000		421,980
China Resources Enterprise, Ltd. (b)		160,000		378,720
China Unicom (Hong Kong), Ltd.		320,000		478,036
CITIC, Ltd. (b)		164,000		273,717
CNOOC, Ltd.		735,217		1,261,167
COSCO Pacific, Ltd.		350,646		465,114
Esprit Holdings, Ltd.		6		8
Hang Lung Properties, Ltd.		164,000		466,755
Henderson Land Development Co., Ltd.		96,598		625,733
Hong Kong & China Gas Co., Ltd.		698,866		1,515,615
Hong Kong Exchanges and Clearing, Ltd.		67,575		1,454,171
Hutchison Whampoa, Ltd.		81,000		980,541
Li & Fung, Ltd.		328,000		372,559
New World Development Co., Ltd.		515,109		599,681
Sands China, Ltd.		98,000		511,133
Shangri-La Asia, Ltd.		162,333		240,831
Sun Hung Kai Properties, Ltd.		85,859		1,217,380
Swire Pacific, Ltd.		81,000		1,043,129
The Link REIT		207,473		1,195,660
				22,116,155
HUNGARY — 0.1%
MOL Hungarian Oil and Gas NyRt		5,048		247,377
INDIA — 1.9%
Dr. Reddy’s Laboratories, Ltd. ADR (b)		32,662		1,716,388
HDFC Bank, Ltd. ADR		49,129		2,288,429
ICICI Bank, Ltd. ADR		35,979		1,766,569
Infosys, Ltd. ADR		22,740		1,375,543
Mahindra & Mahindra, Ltd. GDR		14,216		315,311
Reliance Industries, Ltd. GDR (c)		40,629		1,239,184
Tata Motors, Ltd. ADR		45,221		1,976,610
				10,678,034
INDONESIA — 0.7%
Astra Agro Lestari Tbk PT		115,300		217,637
Astra International Tbk PT		1,676,200		969,816
Bank Central Asia Tbk PT		286,000		306,890
Bank Mandiri Tbk PT		330,500		273,269
Bank Rakyat Indonesia Persero Tbk PT		1,554,300		1,329,797
Bumi Resources Tbk PT (a)		1,026,000		15,998
Charoen Pokphand Indonesia Tbk PT		840,300		292,398
Gudang Garam Tbk PT		39,000		181,397
Telekomunikasi Indonesia Persero Tbk PT		2,248,100		537,810
				4,125,012
IRELAND — 0.2%
CRH PLC		13,162		301,113
James Hardie Industries PLC		100,940		1,057,281
				1,358,394
ISRAEL — 0.6%
Bank Hapoalim BM		159,123		896,997
Bank Leumi Le-Israel BM (a)		145,298		588,369
Teva Pharmaceutical Industries, Ltd. ADR		37,733		2,028,149
				3,513,515
ITALY — 1.6%
Assicurazioni Generali SpA		38,061		801,022
Atlantia SpA		28,732		709,581
Banca Monte dei Paschi di Siena SpA (a)		103,842		136,950
Enel SpA		217,302		1,153,477
ENI SpA (b)		74,894		1,785,288
Fiat SpA (a)(b)		58,953		568,969
Finmeccanica SpA (a)		18,056		175,745
Intesa Sanpaolo SpA		392,011		1,191,470
Mediobanca SpA (a)		26,031		223,938
Pirelli & C. SpA		33,768		467,525
Saipem SpA (a)		16,051		341,455
Telecom Italia SpA NPV (a)		536,175		614,671
UBI Banca ScPA (b)		38,308		322,295
UniCredit SpA		81,483		644,363
				9,136,749
JAPAN — 14.9%
Aeon Co., Ltd.		24,100		239,912
Aisin Seiki Co., Ltd.		16,100		580,478
Asahi Breweries, Ltd.		24,500		708,679
Asahi Glass Co., Ltd.		80,000		433,639
Asahi Kasei Corp.		82,000		665,598
Astellas Pharma, Inc.		122,500		1,823,625
Bridgestone Corp.		24,500		808,961
Canon, Inc.		32,400		1,054,599
Central Japan Railway Co.		8,200		1,107,462

See accompanying notes to financial statements.

255

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Chubu Electric Power Co., Inc. (a)		32,600	$	374,159
Credit Saison Co., Ltd.		24,000		462,300
Daiichi Sankyo Co., Ltd.		32,700		513,029
Daikin Industries, Ltd.		24,500		1,518,310
Daiwa Securities Group, Inc.		80,000		633,684
Dena Co., Ltd. (b)		8,500		108,095
Denso Corp.		16,400		755,750
East Japan Railway Co.		16,300		1,221,441
Eisai Co., Ltd. (b)		8,200		331,528
Electric Power Development Co., Ltd.		8,200		267,989
FANUC Corp.		8,100		1,462,792
FUJIFILM Holdings Corp.		24,200		743,461
Fujitsu, Ltd.		82,000		504,581
Hitachi, Ltd.		163,000		1,244,473
Honda Motor Co., Ltd.		57,200		1,981,494
Hoya Corp.		16,400		550,778
Inpex Corp.		32,000		452,017
ITOCHU Corp.		81,700		998,022
Japan Real Estate Investment Corp.		164		843,211
Japan Retail Fund Investment Corp.		328		660,814
Japan Tobacco, Inc.		32,700		1,063,320
JFE Holdings, Inc.		24,200		482,809
JSR Corp. (b)		16,400		286,004
JX Holdings, Inc.		147,208		678,369
Kajima Corp. (b)		82,000		392,452
Kamigumi Co., Ltd.		81,000		766,471
KDDI Corp.		16,400		985,689
Keikyu Corp.		81,423		679,917
Kintetsu Corp. (b)		163,000		548,311
Kobe Steel, Ltd.		164,000		266,120
Komatsu, Ltd.		40,800		943,427
Konica Minolta Holdings, Inc.		41,000		442,536
Kubota Corp.		81,000		1,279,297
Kyocera Corp.		16,200		754,804
LIXIL Group Corp. (b)		16,100		343,884
Makita Corp.		8,000		452,163
Marubeni Corp.		81,000		554,399
Marui Group Co., Ltd.		49,100		404,187
Mitsubishi Chemical Holdings Corp.		82,000		403,366
Mitsubishi Corp.		57,200		1,171,167
Mitsubishi Electric Corp.		81,000		1,078,449
Mitsubishi Estate Co., Ltd.		81,618		1,836,675
Mitsubishi Heavy Industries, Ltd.		163,000		1,048,478
Mitsubishi UFJ Financial Group, Inc.		338,200		1,912,135
Mitsui & Co., Ltd.		81,700		1,288,118
Mitsui Chemicals, Inc. (a)		82,000		227,996
Mitsui Fudosan Co., Ltd.		21,000		643,142
Mizuho Financial Group, Inc.		469,400		838,283
MS&AD Insurance Group Holdings, Inc.		24,500		534,357
Murata Manufacturing Co., Ltd.		8,200		932,166
NEC Corp.		76,000		262,583
Nidec Corp. (b)		16,600		1,122,859
Nippon Steel & Sumitomo Metal Corp.		327,000		848,391
Nippon Telegraph & Telephone Corp.		16,300		1,013,559
Nippon Yusen K.K. (b)		82,000		216,035
Nissan Motor Co., Ltd.		81,700		796,183
Nitto Denko Corp.		8,100		444,154
Nomura Holdings, Inc.		89,400		532,839
NTT Data Corp.		8,200		295,273
NTT DoCoMo, Inc.		65,400		1,091,341
Obayashi Corp. (b)		82,000		561,393
ORIX Corp.		89,900		1,239,972
Osaka Gas Co., Ltd.		163,000		654,853
Panasonic Corp.		83,200		989,420
Resona Holdings, Inc.		24,500		138,118
Rohm Co., Ltd.		8,000		503,213
Secom Co., Ltd. (b)		8,200		488,360
Seven & I Holdings Co., Ltd.		32,700		1,268,114
Sharp Corp. (a)(b)		80,000		227,540
Shin-Etsu Chemical Co., Ltd.		16,300		1,065,121
Softbank Corp.		32,700		2,292,085
Sompo Japan Nipponkoa Holdings, Inc.		24,400		591,899
Sony Corp. (b)		40,600		736,903
Sumitomo Chemical Co., Ltd.		82,000		292,283
Sumitomo Corp.		40,900		451,337
Sumitomo Electric Industries, Ltd.		32,700		483,070
Sumitomo Mitsui Financial Group, Inc.		24,500		998,582
Sumitomo Mitsui Trust Holdings, Inc.		81,000		337,085
T&D Holdings, Inc.		16,100		206,726
Takeda Pharmaceutical Co., Ltd.		32,700		1,421,337
TDK Corp.		8,200		457,487
Teijin, Ltd.		163,000		393,774
Terumo Corp.		32,600		781,306
The Bank of Yokohama, Ltd.		82,000		450,908
The Chiba Bank, Ltd.		82,000		570,363
The Joyo Bank, Ltd. (b)		82,000		403,665
The Kansai Electric Power Co., Inc. (a)		40,400		381,737
The Shizuoka Bank, Ltd. (b)		81,000		833,666
The Tokyo Electric Power Co., Inc. (a)		57,100		199,885
Tohoku Electric Power Co., Inc.		16,500		187,420
Tokio Marine Holdings, Inc.		24,500		759,937
Tokyo Electron, Ltd.		8,200		535,080
Tokyo Gas Co., Ltd.		163,000		916,081
Tokyu Corp.		82,000		537,472
Toppan Printing Co., Ltd. (b)		82,000		589,051
Toray Industries, Inc.		82,000		541,957
Toshiba Corp.		82,000		379,893
Toyota Motor Corp.		98,100		5,779,847
Toyota Tsusho Corp.		24,500		596,782
West Japan Railway Co.		16,300		729,521
Yahoo! Japan Corp. (b)		106,300		404,094
Yamada Denki Co., Ltd. (b)		48,900		142,650
Yamaha Corp.		31,800		415,419
Yamaha Motor Co., Ltd.		32,700		639,423
				85,487,418
LUXEMBOURG — 0.1%
ArcelorMittal (b)		26,850		369,709
MEXICO — 1.1%
America Movil SAB de CV		1,523,644		1,924,089
Cemex SAB de CV (a)(b)		616,018		802,689
Fomento Economico Mexicano SAB de CV		110,349		1,015,800

See accompanying notes to financial statements.

256

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

September 30, 2014

Security Description	Shares		Value
Grupo Financiero Banorte SAB de CV		170,582	$	1,089,520
Grupo Mexico SAB de CV		95,756		320,631
Grupo Televisa SA de CV (b)		149,598		1,014,752
Industrias Penoles SA de CV		6,886		157,488
				6,324,969
NETHERLANDS — 2.5%
Airbus Group NV		19,255		1,211,816
Akzo Nobel NV		13,728		940,798
ASML Holding NV		14,787		1,472,332
CNH Industrial NV		27,426		218,269
Heineken NV		10,389		777,460
ING Groep NV (a)		100,536		1,436,394
Koninklijke (Royal) KPN NV (a)		216,909		695,164
Koninklijke Ahold NV		49,237		797,386
Koninklijke DSM NV		12,048		743,555
Koninklijke Philips NV		49,637		1,584,215
Reed Elsevier NV		43,755		993,265
TNT Express NV		21,790		138,016
Unilever NV		70,090		2,791,704
Wolters Kluwer NV		21,024		560,917
				14,361,291
NORWAY — 0.7%
DnB NOR ASA		65,769		1,231,873
Norsk Hydro ASA		99,440		556,440
Statoil ASA		39,565		1,079,255
Telenor ASA		31,729		696,554
Yara International ASA		8,131		408,401
				3,972,523
PERU — 0.1%
Cia de Minas Buenaventura SA ADR		5,715		66,180
Credicorp, Ltd.		2,370		363,534
				429,714
PHILIPPINES — 0.1%
Philippine Long Distance Telephone Co. ADR		10,196		703,320
POLAND — 0.0% (d)
Orange Polska SA GDR (b)		54,524		192,142
PORTUGAL — 0.0% (d)
Portugal Telecom SGPS SA (b)		60,614		127,567
RUSSIA — 1.0%
Federal Hydrogenerating Co. JSC ADR		56,889		102,400
Gazprom OAO ADR		191,592		1,348,808
Lukoil OAO ADR		23,280		1,184,952
MMC Norilsk Nickel OJSC ADR		12,617		235,307
Mobile Telesystems OJSC ADR		38,262		571,634
Sberbank of Russia ADR		53,318		422,279
Surgutneftegas OAO ADR Preference Shares		53,783		365,725
Tatneft OAO ADR		31,062		1,096,799
Uralkali OJSC GDR		8,063		143,118
				5,471,022
SINGAPORE — 1.1%
CapitaLand, Ltd.		163,000		409,002
DBS Group Holdings, Ltd.		86,138		1,244,148
Singapore Exchange, Ltd.		163,000		924,088
Singapore Press Holdings, Ltd. (b)		245,000		806,869
Singapore Telecommunications, Ltd.		572,000		1,704,383
United Overseas Bank, Ltd.		82,959		1,457,133
				6,545,623
SOUTH AFRICA — 1.3%
Anglo Platinum, Ltd. (a)(b)		6,444		208,801
AngloGold Ashanti, Ltd. (a)		17,031		208,760
Discovery, Ltd.		37,976		330,510
FirstRand, Ltd. (b)		160,119		609,680
Gold Fields, Ltd. (b)		38,789		151,781
Harmony Gold Mining Co., Ltd. (a)		33,851		74,004
Impala Platinum Holdings, Ltd. (a)		24,564		189,150
MTN Group, Ltd.		60,218		1,270,210
Naspers, Ltd.		16,435		1,811,039
Sanlam, Ltd.		157,477		910,163
Sasol, Ltd. (b)		24,734		1,342,739
Standard Bank Group, Ltd. (b)		53,533		619,042
				7,725,879
SOUTH KOREA — 3.7%
Celltrion, Inc. (a)(b)		5,347		248,032
CJ CheilJedang Corp.		898		329,756
E-Mart Co., Ltd.		1,028		224,548
Hana Financial Group, Inc.		20,536		749,240
Hyundai Department Store Co., Ltd.		1,726		262,519
Hyundai Development Co. (b)		12,881		521,221
Hyundai Heavy Industries Co., Ltd.		2,775		361,585
Hyundai Mobis Co., Ltd.		4,071		991,468
Hyundai Motor Co.		5,773		1,042,176
Hyundai Steel Co.		2,445		171,920
KB Financial Group, Inc.		20,514		749,410
Kia Motors Corp.		19,257		979,958
Korea Electric Power Corp. ADR (b)		23,094		518,229
Korea Zinc Co., Ltd.		1,258		464,933
KT Corp. ADR		16,605		269,167
KT&G Corp.		6,364		569,910
LG Chem, Ltd. Preference Shares		5,280		820,583
LG Electronics, Inc. (b)		7,532		468,943
LG Household & Health Care, Ltd.		508		244,071
Lotte Chemical Corp.		1,153		153,515
NAVER Corp.		1,481		1,132,591
NCSoft Corp.		899		114,585
NHN Entertainment Corp. (a)		658		51,443
POSCO ADR		12,420		942,678
Samsung C&T Corp.		3,955		283,343
Samsung Electronics Co., Ltd. GDR		8,271		4,635,896
Samsung Engineering Co., Ltd. (a)		1,365		77,871
Samsung Fire & Marine Insurance Co., Ltd.		2,604		697,114
Samsung Heavy Industries Co., Ltd.		5,081		121,578
Samsung Securities Co., Ltd.		8,859		370,227
Shinhan Financial Group Co., Ltd.		15,522		714,873
SK Holdings Co., Ltd.		3,061		546,788
SK Hynix, Inc. (a)		13,000		575,930
SK Innovation Co., Ltd.		3,930		302,036
SK Telecom Co., Ltd. ADR (b)		19,106		579,676
				21,287,813

See accompanying notes to financial statements.

257

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

September 30, 2014

Security Description	Shares		Value
SPAIN — 2.5%
Abertis Infraestructuras SA		34,589	$	683,383
ACS, Actividades de Construccion y Servicios SA		16,398		630,143
Banco Bilbao Vizcaya Argentaria SA		170,933		2,062,358
Banco Popular Espanol SA		58,196		356,333
Banco Santander SA		386,067		3,711,878
Ferrovial SA		44,580		864,727
Gas Natural SDG SA (b)		13,663		402,326
Iberdrola SA		180,921		1,295,870
Inditex SA		38,968		1,076,826
Mapfre SA		93,384		330,780
Repsol SA		42,099		999,813
Telefonica SA		125,323		1,940,141
				14,354,578
SWEDEN — 2.3%
Assa Abloy AB (Class B)		21,413		1,106,832
Atlas Copco AB (Class B)		51,041		1,326,936
Hennes & Mauritz AB (Class B)		34,989		1,453,749
Husqvarna AB (Class B)		99,326		704,117
Nordea Bank AB		120,617		1,571,214
Sandvik AB (b)		44,119		498,209
Securitas AB (Class B)		26,604		295,809
Skandinaviska Enskilda Banken AB (Class A)		47,604		636,622
Skanska AB (Class B)		26,526		549,405
SKF AB (Class B)		25,786		539,086
Svenska Handelsbanken AB (Class A)		22,676		1,067,990
Swedbank AB (Class A)		29,007		731,171
Tele2 AB (Class B)		33,032		399,359
Telefonaktiebolaget LM Ericsson (Class B)		111,560		1,417,637
TeliaSonera AB		78,331		542,462
Volvo AB (Class B)		45,789		498,328
				13,338,926
SWITZERLAND — 6.7%
ABB, Ltd. (a)		77,731		1,747,422
Adecco SA (a)		6,604		448,215
Cie Financiere Richemont SA		16,676		1,367,415
Credit Suisse Group AG (a)		44,433		1,230,917
Geberit AG		2,453		792,764
Givaudan SA (a)		647		1,034,658
Holcim, Ltd. (a)		10,322		752,410
Kuehne & Nagel International AG		6,079		767,271
Nestle SA		102,257		7,518,110
Novartis AG		77,441		7,306,443
Roche Holding AG		26,138		7,744,289
SGS SA		327		677,956
Swiss Re AG (a)		11,137		887,580
Syngenta AG		4,488		1,429,302
The Swatch Group AG		2,815		1,337,825
Transocean, Ltd. (b)		4,817		155,727
UBS AG (a)		109,863		1,915,560
Zurich Insurance Group AG (a)		5,184		1,545,163
				38,659,027
TAIWAN — 2.0%
Advanced Semiconductor Engineering Inc, ADR (b)		251,424		1,485,916
AU Optronics Corp. ADR		108,836		452,758
Chunghwa Telecom Co., Ltd. ADR (b)		41,226		1,235,543
Hon Hai Precision Industry Co., Ltd. GDR		420,107		2,617,267
Siliconware Precision Industries Co. ADR		163,066		1,112,110
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		162,552		3,280,299
United Microelectronics Corp. ADR (b)		588,367		1,170,850
				11,354,743
THAILAND — 0.6%
Bangkok Bank PCL		339,976		2,201,849
IRPC PCL		2,073,100		204,593
PTT PCL		66,177		734,733
				3,141,175
TURKEY — 0.4%
Akbank TAS		204,863		666,470
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		373,857		390,117
Turkiye Garanti Bankasi AS		157,000		550,684
Turkiye Is Bankasi (Class C)		354,750		787,020
				2,394,291
UNITED KINGDOM — 15.2%
3i Group PLC		96,231		597,967
Anglo American PLC		51,911		1,164,712
AstraZeneca PLC		36,488		2,627,259
BAE Systems PLC		101,773		777,925
Barclays PLC		483,965		1,784,527
BG Group PLC		128,319		2,371,478
BHP Billiton PLC		64,556		1,794,833
BP PLC		667,432		4,906,363
British American Tobacco PLC		54,591		3,081,577
British Sky Broadcasting Group PLC		52,844		755,592
BT Group PLC		231,161		1,422,538
Burberry Group PLC		21,727		532,215
Capita PLC		20,465		386,178
Centrica PLC		241,702		1,206,069
Cobham PLC		32,067		151,330
Compass Group PLC		91,998		1,486,206
Diageo PLC		102,532		2,967,023
Experian PLC		31,171		496,991
Fresnillo PLC (b)		8,933		110,061
G4S PLC		48,136		195,635
GlaxoSmithKline PLC		140,595		3,220,589
Glencore PLC (a)		338,959		1,885,896
Hammerson PLC		77,490		721,704
HSBC Holdings PLC		641,348		6,509,696
ICAP PLC		89,316		560,790
Imperial Tobacco Group PLC		37,366		1,613,742
InterContinental Hotels Group PLC		6,907		266,383
J Sainsbury PLC (b)		81,935		334,065
Land Securities Group PLC		44,015		741,378
Lloyds Banking Group PLC (a)		1,658,400		2,066,662

See accompanying notes to financial statements.

258

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

September 30, 2014

Security Description	Shares		Value
Marks & Spencer Group PLC		68,670	$	450,418
National Grid PLC		172,465		2,482,774
Next PLC		13,756		1,472,951
Old Mutual PLC		437,956		1,290,056
Pearson PLC		36,921		742,196
Prudential PLC		50,528		1,127,129
Randgold Resources, Ltd.		2,256		153,936
Reckitt Benckiser Group PLC		27,198		2,358,924
Reed Elsevier PLC		53,752		860,944
Rio Tinto PLC		48,402		2,378,724
Rolls-Royce Holdings PLC (a)		60,208		941,412
Royal Bank of Scotland Group PLC (a)		90,321		539,133
Royal Dutch Shell PLC (Class A)		112,795		4,312,697
Royal Dutch Shell PLC (Class B)		70,759		2,795,506
RSA Insurance Group PLC (a)		38,193		299,986
SABMiller PLC		33,765		1,876,423
Severn Trent PLC		24,284		738,938
Shire PLC		17,963		1,555,046
Smith & Nephew PLC		51,188		863,028
Smiths Group PLC		12,258		251,183
SSE PLC		46,668		1,170,396
Standard Chartered PLC		56,295		1,040,851
Standard Life PLC		130,185		874,589
Tesco PLC		299,356		903,631
The British Land Co. PLC		90,351		1,028,970
The Sage Group PLC		74,242		439,786
Tullow Oil PLC		18,949		197,985
Unilever PLC		52,556		2,202,450
United Utilities Group PLC		35,981		471,311
Vodafone Group PLC		988,053		3,274,043
Whitbread PLC		5,251		353,616
Wolseley PLC		8,145		428,082
WPP PLC		53,016		1,065,742
				87,680,240
TOTAL COMMON STOCKS —
(Cost $584,491,880)				572,819,356
RIGHTS — 0.0% (d)
SPAIN — 0.0% (d)
Banco Bilbao Vizcaya Argentaria SA (expiring 10/13/14) (a)(b)		230,612		17,058
Banco Popular Espanol SA (expiring 10/13/14) (a)		58,196		809
TOTAL RIGHTS —
(Cost $18,234)				17,867
WARRANTS — 0.0% (d)
HONG KONG — 0.0% (d)
Sun Hung Kai Properties, Ltd. (expiring 4/22/16) (a) (Cost $0)		6,669		11,148
SHORT TERM INVESTMENTS — 4.9%
UNITED STATES — 4.9%
MONEY MARKET FUNDS — 4.9%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		28,112,331		28,112,331
State Street Institutional Liquid Reserves Fund 0.09% (f)(g)		172,949		172,949
TOTAL SHORT TERM INVESTMENTS —
(Cost $28,285,280)				28,285,280
TOTAL INVESTMENTS — 104.5%
(Cost $612,795,394)				601,133,651
OTHER ASSETS & LIABILITIES — (4.5)%				(25,639,816	)
NET ASSETS — 100.0%			$	575,493,835

(a)	Non-income producing security
(b)	A portion of the security was on loan at September 30, 2014.
(c)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.2% of net assets as of September 30, 2014, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)	Amount shown represents less than 0.05% of net assets.
(e)	Investments of cash collateral for securities loaned
(f)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(g)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

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

See accompanying notes to financial statements.

259

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 2.7%
Alumina, Ltd. (a)		30,471	$	45,195
Amcor, Ltd.		2,638		26,154
AMP, Ltd.		9,029		43,139
Australia & New Zealand Banking Group, Ltd.		2,045		55,331
BHP Billiton, Ltd.		2,619		77,622
Boral, Ltd. (b)		8,523		37,067
Brambles, Ltd.		6,248		52,049
CFS Retail Property Trust Group		35,244		61,526
Coca-Cola Amatil, Ltd. (b)		3,087		23,717
Commonwealth Bank of Australia		658		43,351
CSL, Ltd.		1,201		77,948
Fortescue Metals Group, Ltd. (b)		4,649		14,157
Iluka Resources, Ltd. (b)		1,246		8,570
Insurance Australia Group, Ltd.		13,843		74,133
Lend Lease Group		7,311		91,740
Macquarie Group, Ltd.		1,252		63,093
National Australia Bank, Ltd.		2,587		73,663
Newcrest Mining, Ltd. (a)		1,478		13,645
Origin Energy, Ltd.		2,997		39,259
Orora, Ltd.		1,300		1,866
OZ Minerals, Ltd. (b)		4,519		15,343
QBE Insurance Group, Ltd.		2,203		22,477
Recall Holdings, Ltd.		627		3,072
Rio Tinto, Ltd.		942		49,112
Santos, Ltd.		3,383		40,467
Scentre Group (a)		6,561		18,831
Shopping Centres Australasia Property Group (b)		22		32
Sonic Healthcare, Ltd.		3,253		49,928
Suncorp Group, Ltd.		4,554		55,949
Sydney Airport		676		2,526
Toll Holdings, Ltd. (b)		8,652		42,700
Transurban Group		4,398		29,710
Wesfarmers, Ltd.		2,864		105,659
Westfield Corp.		5,263		34,310
Westpac Banking Corp. (b)		3,025		85,075
Woodside Petroleum, Ltd.		1,210		42,988
Woolworths, Ltd.		1,062		31,819
				1,553,223
AUSTRIA — 0.1%
OMV AG		1,264		42,545
BELGIUM — 0.5%
Anheuser-Busch InBev NV		735		81,819
Delhaize Group		663		46,131
Solvay SA		341		52,511
UCB SA		1,112		100,972
				281,433
BRAZIL — 0.7%
AMBEV SA ADR (b)		7,111		46,577
Banco Bradesco SA Preference Shares ADR		4,079		58,126
Companhia Energetica de Minas Gerais ADR		5,350		33,331
Companhia Siderurgica Nacional SA ADR (b)		4,696		16,671
Gerdau SA ADR (b)		4,241		20,357
Itau Unibanco Holding SA Preference Shares ADR		5,038		69,927
Oi SA ADR (a)(b)		4,931		3,452
PDG Realty SA Empreendimentos e Participacoes ADR (a)		696		619
Petroleo Brasileiro SA ADR		5,308		79,036
Tim Participacoes SA ADR		1,615		42,313
Vale SA Preference Shares ADR		5,641		54,774
				425,183
CANADA — 3.6%
Agrium, Inc. (b)		314		27,974
Bank of Montreal		690		50,894
Barrick Gold Corp.		1,345		19,822
Brookfield Asset Management, Inc. (Class A)		1,336		60,108
Cameco Corp. (b)		1,793		31,703
Canadian Imperial Bank of Commerce (b)		314		28,263
Canadian National Railway Co. (b)		1,355		96,404
Canadian Natural Resources, Ltd.		1,355		52,755
Canadian Pacific Railway, Ltd. (b)		287		59,691
Canadian Tire Corp., Ltd. (Class A)		332		34,090
Cenovus Energy, Inc.		1,721		46,399
Eldorado Gold Corp.		1,848		12,485
Enbridge, Inc.		1,533		73,540
EnCana Corp. (b)		2,520		53,622
Enerplus Corp. (b)		1,981		37,686
First Quantum Minerals, Ltd.		959		18,553
Goldcorp, Inc.		1,318		30,451
IAMGOLD Corp. (a)		1,990		5,520
IGM Financial, Inc. (b)		529		22,863
Imperial Oil, Ltd.		986		46,682
Kinross Gold Corp. (a)		2,915		9,703
Loblaw Cos., Ltd.		1,104		55,370
Manulife Financial Corp.		3,533		68,096
National Bank of Canada (b)		1,864		85,115
Onex Corp.		1,174		65,510
Penn West Petroleum, Ltd. (b)		1,524		10,350
Potash Corp. of Saskatchewan, Inc. (b)		1,004		34,840
Rogers Communications, Inc. (Class B) (b)		1,866		69,995
Royal Bank of Canada		1,633		116,972
Shaw Communications, Inc. (Class B) (b)		1,246		30,605
Silver Wheaton Corp.		879		17,571
SNC-Lavalin Group, Inc.		780		35,994
Sun Life Financial, Inc. (b)		1,927		70,007
Suncor Energy, Inc.		2,744		99,516
Talisman Energy, Inc.		3,201		27,755
Teck Resources, Ltd. (Class B)		977		18,543
TELUS Corp.		2,637		90,232
The Bank of Nova Scotia		870		53,926
The Toronto-Dominion Bank		1,506		74,481
TMX Group, Ltd.		36		1,764
TransAlta Corp. (b)		3,058		32,152
TransCanada Corp. (b)		547		28,232
Valeant Pharmaceuticals International, Inc. (a)		1,067		140,112

See accompanying notes to financial statements.

260

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Yamana Gold, Inc. (b)		2,689	$	16,169
				2,062,515
CHILE — 0.0% (c)
Empresa Nacional de Electricidad SA ADR		228		10,023
Enersis SA ADR		591		9,326
Sociedad Quimica y Minera de Chile SA ADR		130		3,398
				22,747
CHINA — 1.3%
Agricultural Bank of China, Ltd. (Class H)		63,000		27,910
Bank of China, Ltd. (Class H)		125,000		56,020
Bank of Communications Co., Ltd. (Class H)		45,000		31,352
China Construction Bank Corp.		62,000		43,435
China Life Insurance Co., Ltd. (Class H)		17,000		47,179
China Merchants Bank Co., Ltd. (Class H)		13,174		22,530
China Petroleum & Chemical Corp. (Class H)		53,200		46,588
China Shenhua Energy Co., Ltd. (Class H)		8,500		23,699
China Telecom Corp., Ltd. (Class H)		54,000		33,102
Hengan International Group Co., Ltd.		4,500		44,246
Huaneng Power International, Inc. (Class H) (b)		36,000		39,314
Industrial & Commercial Bank of China (Class H)		99,000		61,707
PetroChina Co., Ltd. (Class H)		36,000		46,130
PICC Property & Casualty Co., Ltd. (Class H)		18,220		32,286
Ping An Insurance Group Co. of China, Ltd. (Class H)		4,500		33,786
Tencent Holdings, Ltd.		9,000		133,868
Wumart Stores, Inc. (Class H) (b)		18,000		16,829
Yanzhou Coal Mining Co., Ltd. (Class H) (b)		18,000		14,766
				754,747
COLOMBIA — 0.0% (c)
BanColombia SA ADR		191		10,834
DENMARK — 0.7%
AP Moeller — Maersk A/S (Class B)		45		106,912
Danske Bank A/S		1,524		41,431
DSV A/S		2,287		64,426
Novo Nordisk A/S (Class B)		3,399		162,662
				375,431
FINLAND — 0.4%
Fortum Oyj		1,192		29,077
Metso Oyj		708		25,222
Nokia Oyj		7,378		62,958
Sampo Oyj (Class A)		834		40,456
UPM-Kymmene Oyj		2,717		38,819
Valmet Corp.		155		1,546
Wartsila Oyj Abp		807		36,119
				234,197
FRANCE — 3.1%
Accor SA		1,437		63,744
Alstom SA (a)		1,103		37,732
AXA SA		2,870		70,734
BNP Paribas		1,523		101,045
Bouygues SA		872		28,271
Cap Gemini SA		1,076		77,247
Carrefour SA		1,675		51,756
Credit Agricole SA		3,053		46,068
Danone		821		54,968
Essilor International SA		547		60,075
GDF Suez		1,461		36,654
Groupe Fnac (a)		2		74
Kering		188		37,915
LVMH Moet Hennessy Louis Vuitton SA		296		48,124
Orange SA		4,176		62,803
Pernod Ricard SA		403		45,635
Publicis Groupe SA		692		47,529
Renault SA		1,013		73,389
Sanofi		1,336		151,151
Schneider Electric SE		968		74,348
Societe Generale SA		1,219		62,243
Sodexo		852		83,391
Technip SA		448		37,697
Total SA		2,072		134,668
Unibail-Rodamco SE		323		83,116
Vallourec SA		359		16,512
Veolia Environnement SA		2,567		45,334
Vinci SA		1,237		71,889
Vivendi SA (a)		3,146		75,986
				1,780,098
GERMANY — 2.7%
adidas AG		735		55,013
Allianz SE		690		111,875
BASF SE		1,112		102,026
Bayer AG		1,309		183,384
Commerzbank AG (a)		1,237		18,502
Daimler AG		1,533		117,607
Deutsche Bank AG		1,901		66,700
Deutsche Boerse AG		529		35,638
Deutsche Lufthansa AG		3,175		50,155
Deutsche Post AG		2,637		84,579
Deutsche Telekom AG		4,349		65,927
E.ON AG		2,726		49,915
Fresenius Medical Care AG & Co. KGaA		296		20,678
Linde AG		188		36,134
MAN SE		251		28,251
Merck KGaA		932		85,982
Muenchener Rueckversicherungs- Gesellschaft AG		403		79,698
OSRAM Licht AG (a)		27		1,006
RWE AG		914		35,626
Salzgitter AG		968		33,389
SAP SE		1,355		97,738
Siemens AG		628		74,866
ThyssenKrupp AG (a)		1,703		44,694
Volkswagen AG		323		67,039
				1,546,422

See accompanying notes to financial statements.

261

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
HONG KONG — 2.1%
AIA Group, Ltd.		12,600	$	65,149
Bank of East Asia, Ltd.		10,863		43,997
Cheung Kong Holdings, Ltd.		9,000		148,240
China Mobile, Ltd.		8,500		98,244
China Overseas Land & Investment, Ltd.		18,000		46,315
China Resources Enterprise, Ltd. (b)		18,000		42,606
China Unicom (Hong Kong), Ltd.		18,000		26,890
CITIC, Ltd. (b)		18,000		30,042
CNOOC, Ltd.		27,000		46,315
COSCO Pacific, Ltd.		18,240		24,194
Global Brands Group Holding, Ltd. (a)		6,000		1,321
Hang Lung Properties, Ltd.		9,000		25,615
Henderson Land Development Co., Ltd.		9,361		60,638
Hong Kong Exchanges and Clearing, Ltd.		2,723		58,597
Hutchison Whampoa, Ltd.		9,000		108,949
Li & Fung, Ltd.		18,000		20,445
New World Development Co., Ltd.		27,319		31,804
Sands China, Ltd.		7,200		37,553
Shangri-La Asia, Ltd.		18,000		26,704
Sun Hung Kai Properties, Ltd.		9,082		128,772
Swire Pacific, Ltd.		4,500		57,952
The Link REIT		9,058		52,201
				1,182,543
HUNGARY — 0.1%
MOL Hungarian Oil and Gas NyRt		206		10,095
Richter Gedeon NyRt		1,676		26,242
				36,337
INDIA — 0.7%
Axis Bank, Ltd. GDR		160		4,878
Dr. Reddy’s Laboratories, Ltd. ADR (b)		1,911		100,423
HDFC Bank, Ltd. ADR (b)		1,452		67,634
ICICI Bank, Ltd. ADR (b)		1,192		58,527
Infosys, Ltd. ADR (b)		834		50,449
Mahindra & Mahindra, Ltd. GDR		479		10,624
Reliance Industries, Ltd. GDR (d)		1,479		45,110
Tata Motors, Ltd. ADR		1,615		70,592
				408,237
INDONESIA — 0.5%
Astra Agro Lestari Tbk PT		13,500		25,482
Astra International Tbk PT		45,700		26,441
Bank Central Asia Tbk PT		41,200		44,209
Bank Mandiri Tbk PT		41,200		34,066
Bank Rakyat Indonesia Persero Tbk PT		47,700		40,810
Gudang Garam Tbk PT		4,500		20,930
Telekomunikasi Indonesia Persero Tbk PT		301,300		72,080
				264,018
IRELAND — 1.0%
Accenture PLC (Class A) (b)		932		75,790
Allegion PLC (b)		304		14,483
Covidien PLC		1,857		160,649
CRH PLC		1,398		31,983
Eaton Corp. PLC		1,857		117,678
Mallinckrodt PLC (a)(b)		116		10,457
Pentair PLC		107		7,007
Perrigo Co. PLC		17		2,553
Seagate Technology PLC (b)		932		53,376
Weatherford International PLC (a)(b)		4,645		96,616
				570,592
ISRAEL — 0.2%
Bank Hapoalim BM		6,222		35,074
Bank Leumi Le-Israel BM (a)		8,150		33,003
Teva Pharmaceutical Industries, Ltd. ADR		1,067		57,351
				125,428
ITALY — 0.7%
Assicurazioni Generali SpA		2,583		54,361
Banca Monte dei Paschi di Siena SpA (a)		13,667		18,024
Enel SpA		11,367		60,338
ENI SpA (b)		2,413		57,520
Intesa Sanpaolo SpA		20,511		62,341
Mediaset SpA (a)(b)		10,084		38,725
Saipem SpA (a)		511		10,871
Telecom Italia SpA (a)		47,919		54,934
UniCredit SpA		6,955		55,000
				412,114
JAPAN — 7.6%
Aisin Seiki Co., Ltd.		900		32,449
Asahi Breweries, Ltd.		900		26,033
Asahi Kasei Corp. (b)		9,000		73,054
Astellas Pharma, Inc.		4,500		66,990
Bridgestone Corp.		900		29,717
Canon, Inc.		900		29,294
Credit Saison Co., Ltd. (b)		1,800		34,673
Daiichi Sankyo Co., Ltd. (b)		2,700		42,360
Daikin Industries, Ltd.		900		55,775
Daiwa Securities Group, Inc. (b)		9,000		71,290
Denso Corp.		1,800		82,948
Eisai Co., Ltd. (b)		900		36,387
FUJIFILM Holdings Corp.		1,800		55,299
Fujitsu, Ltd.		8,000		49,227
Hitachi, Ltd.		9,000		68,713
Hokuhoku Financial Group, Inc.		18,000		35,280
Honda Motor Co., Ltd. (b)		1,800		62,355
Hoya Corp.		1,800		60,451
ITOCHU Corp.		2,700		32,982
Japan Tobacco, Inc.		1,800		58,531
JFE Holdings, Inc.		1,800		35,911
JSR Corp. (b)		1,800		31,391
JX Holdings, Inc. (b)		4,500		20,737
Kajima Corp. (b)		9,000		43,074
Kamigumi Co., Ltd.		9,000		85,163
KDDI Corp. (b)		1,800		108,185
Kobe Steel, Ltd. (b)		27,000		43,812
Komatsu, Ltd.		1,800		41,622
Konica Minolta Holdings, Inc. (b)		4,500		48,571
Kyocera Corp. (b)		1,800		83,867
Makita Corp. (b)		900		50,868
Marubeni Corp. (b)		9,000		61,600
Marui Group Co., Ltd. (b)		8,100		66,679
Mitsubishi Chemical Holdings Corp.		4,500		22,136
Mitsubishi Corp.		1,800		36,855
Mitsubishi Electric Corp.		9,000		119,828
Mitsubishi Heavy Industries, Ltd.		9,000		57,891

See accompanying notes to financial statements.

262

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Mitsubishi UFJ Financial Group, Inc.		16,100	$	91,027
Mitsui & Co., Ltd. (b)		1,800		28,380
Mizuho Financial Group, Inc. (b)		33,200		59,291
MS&AD Insurance Group Holdings, Inc.		1,800		39,259
Murata Manufacturing Co., Ltd.		900		102,311
NEC Corp.		2,000		6,910
Nippon Steel & Sumitomo Metal Corp.		26,000		67,456
Nippon Yusen K.K. (b)		18,000		47,422
Nissan Motor Co., Ltd.		3,600		35,083
Nitto Denko Corp. (b)		900		49,350
Nomura Holdings, Inc.		8,900		53,045
NTT Data Corp. (b)		900		32,408
Obayashi Corp. (b)		9,000		61,616
ORIX Corp.		3,600		49,654
Osaka Gas Co., Ltd.		9,000		36,158
Panasonic Corp. (b)		5,400		64,217
Resona Holdings, Inc.		5,400		30,442
Rohm Co., Ltd.		900		56,612
Secom Co., Ltd. (b)		900		53,600
Seven & I Holdings Co., Ltd.		900		34,902
Shin-Etsu Chemical Co., Ltd.		900		58,810
Softbank Corp.		1,800		126,170
Sompo Japan Nipponkoa Holdings, Inc.		1,800		43,665
Sony Corp. (b)		2,700		49,006
Sumitomo Chemical Co., Ltd. (b)		9,000		32,080
Sumitomo Corp. (b)		1,800		19,863
Sumitomo Electric Industries, Ltd.		2,700		39,887
Sumitomo Mitsui Financial Group, Inc.		1,800		73,365
Sumitomo Mitsui Trust Holdings, Inc.		9,000		37,454
T&D Holdings, Inc.		3,600		46,225
Takeda Pharmaceutical Co., Ltd. (b)		900		39,119
TDK Corp.		900		50,212
Teijin, Ltd. (b)		9,000		21,742
Terumo Corp. (b)		1,800		43,140
The Joyo Bank, Ltd. (b)		9,000		44,305
The Kansai Electric Power Co., Inc. (a)		1,800		17,008
Tokio Marine Holdings, Inc.		1,800		55,832
Tokyo Electron, Ltd.		900		58,728
Tokyu Corp.		9,000		58,991
Toppan Printing Co., Ltd. (b)		9,000		64,652
Toshiba Corp.		9,000		41,696
Toyota Motor Corp. (b)		3,600		212,105
Toyota Tsusho Corp. (b)		2,700		65,768
West Japan Railway Co. (b)		900		40,280
Yamada Denki Co., Ltd. (b)		3,600		10,502
Yamaha Corp.		5,400		70,543
				4,382,289
LUXEMBOURG — 0.0% (c)
ArcelorMittal (b)		1,812		24,950
MEXICO — 0.6%
America Movil SAB de CV		69,586		87,874
Cemex SAB de CV (a)		31,699		41,305
Fomento Economico Mexicano SAB de CV		7,154		65,855
Grupo Financiero Banorte SAB de CV		6,885		43,975
Grupo Mexico SAB de CV		11,449		38,336
Grupo Televisa SA de CV		6,079		41,235
Industrias Penoles SA de CV		466		10,658
				329,238
NETHERLANDS — 1.5%
Airbus Group NV		610		38,390
Akzo Nobel NV		685		46,944
ASML Holding NV		655		65,218
CNH Industrial NV (b)		1,282		10,203
Heineken NV		484		36,220
ING Groep NV (a)		6,284		89,782
Koninklijke (Royal) KPN NV (a)		8,274		26,517
Koninklijke Ahold NV		2,965		48,018
Koninklijke DSM NV		806		49,743
Koninklijke Philips NV		2,466		78,705
LyondellBasell Industries NV (Class A)		932		101,271
Reed Elsevier NV		3,174		72,052
Unilever NV		1,835		73,088
Wolters Kluwer NV		3,936		105,012
				841,163
NORWAY — 0.4%
DnB NOR ASA		3,372		63,158
Norsk Hydro ASA		10,364		57,994
Telenor ASA		2,762		60,635
Yara International ASA		574		28,831
				210,618
PERU — 0.0% (c)
Compania de Minas Buenaventura SA ADR		278		3,219
PHILIPPINES — 0.1%
Philippine Long Distance Telephone Co. ADR		672		46,355
PORTUGAL — 0.0% (c)
Portugal Telecom SGPS SA (b)		7,889		16,603
RUSSIA — 0.5%
Federal Hydrogenerating Co. JSC ADR		1,679		3,022
Gazprom OAO ADR (e)		781		5,451
Gazprom OAO ADR (e)		6,482		45,633
Lukoil OAO ADR		888		45,199
MMC Norilsk Nickel OJSC ADR		1,085		20,235
Mobile Telesystems OJSC ADR		1,694		25,308
Sberbank of Russia ADR (e)		412		3,242
Sberbank of Russia ADR (e)		3,417		27,063
Surgutneftegas OAO ADR Preference Shares		7,817		53,156
Tatneft OAO ADR		905		31,956
Uralkali OJSC GDR (a)		138		2,450
				262,715
SINGAPORE — 0.4%
CapitaLand, Ltd.		27,000		67,749
Singapore Exchange, Ltd.		18,000		102,047
Singapore Press Holdings, Ltd. (b)		18,000		59,280
Singapore Telecommunications, Ltd.		9,000		26,817
				255,893
SOUTH AFRICA — 0.7%
AngloGold Ashanti, Ltd. (a)		789		9,671
Discovery, Ltd.		10,810		94,081

See accompanying notes to financial statements.

263

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
FirstRand, Ltd. (b)		9,925	$	37,791
Gold Fields, Ltd.		1,911		7,478
Harmony Gold Mining Co., Ltd. (a)		2,117		4,628
Impala Platinum Holdings, Ltd. (a)		1,434		11,042
MTN Group, Ltd.		3,668		77,371
Naspers, Ltd.		583		64,243
Sanlam, Ltd.		9,190		53,115
Sasol, Ltd. (b)		708		38,435
Sibanye Gold, Ltd.		941		2,041
Standard Bank Group, Ltd.		2,375		27,464
				427,360
SOUTH KOREA — 1.0%
Actoz Soft Co., Ltd. (a)		420		15,522
Chadiostech Co., Ltd. (a)		6,880		19,918
E-Mart Co., Ltd.		32		6,990
Hana Financial Group, Inc.		367		13,390
Hyundai Heavy Industries Co., Ltd.		48		6,254
Hyundai Hysco Co., Ltd.		127		9,387
Hyundai Mobis Co., Ltd.		62		15,100
Hyundai Motor Co.		134		24,190
Hyundai Steel Co.		39		2,742
JoyCity Corp. (a)		1,050		19,453
KB Financial Group, Inc.		502		18,339
KH Vatec Co., Ltd.		932		25,834
Kia Motors Corp.		296		15,063
Korea Electric Power Corp. ADR (b)		318		7,136
KT&G Corp.		188		16,836
LG Chem, Ltd. Preference Shares		287		44,604
LG Electronics, Inc.		153		9,526
LG Household & Health Care, Ltd.		27		12,972
Lotte Chemical Corp.		24		3,195
NAVER Corp.		53		40,532
NHN Entertainment Corp. (a)		23		1,798
POSCO ADR		116		8,804
Posco M-Tech Co. Ltd.		6,240		19,041
Samsung C&T Corp.		313		22,424
Samsung Electronics Co., Ltd. GDR		73		40,917
Samsung Engineering Co., Ltd. (a)		71		4,050
Samsung Fire & Marine Insurance Co., Ltd.		63		16,866
Samsung Heavy Industries Co., Ltd.		502		12,012
Samsung Securities Co., Ltd.		305		12,746
SeAH Steel Corp.		319		27,872
Shinhan Financial Group Co., Ltd.		502		23,120
SK Holdings Co., Ltd.		107		19,113
SK Hynix, Inc. (a)		592		26,227
SK Innovation Co., Ltd.		80		6,148
				568,121
SPAIN — 0.8%
Acciona SA (a)		520		38,927
Acerinox SA		2,520		38,742
ACS, Actividades de Construccion y Servicios SA		1,861		71,515
Banco Bilbao Vizcaya Argentaria SA		7,228		87,208
Banco Santander SA		13,136		126,297
Repsol SA		1,134		26,932
Telefonica SA		2,933		45,406
				435,027
SWEDEN — 1.1%
Assa Abloy AB (Class B)		1,022		52,827
Atlas Copco AB (Class B)		2,852		74,145
Nordea Bank AB		4,947		64,442
Sandvik AB		2,655		29,981
Securitas AB (Class B)		4,125		45,866
Skandinaviska Enskilda Banken AB (Class A)		6,240		83,449
Skanska AB (Class B)		2,708		56,088
SKF AB (Class B)		1,927		40,286
Svenska Handelsbanken AB (Class A)		843		39,703
Tele2 AB (Class B)		1,703		20,589
Telefonaktiebolaget LM Ericsson (Class B)		5,048		64,147
TeliaSonera AB		4,349		30,118
Volvo AB (Class A)		4,161		46,122
				647,763
SWITZERLAND — 3.2%
ABB, Ltd. (a)		3,757		84,459
ACE, Ltd. (b)		932		97,739
Adecco SA (a)		726		49,274
Cie Financiere Richemont SA		1,022		83,803
Credit Suisse Group AG (a)		2,214		61,334
Geberit AG		296		95,662
Givaudan SA (a)		36		57,570
Holcim, Ltd. (a)		663		48,329
Kuehne & Nagel International AG		350		44,176
Nestle SA		2,601		191,230
Novartis AG		2,456		231,720
Roche Holding AG		914		270,804
SGS SA		36		74,637
Swiss Re AG (a)		879		70,053
Syngenta AG		90		28,662
TE Connectivity, Ltd.		1,857		102,673
The Swatch Group AG		108		51,327
Transocean, Ltd. (b)		663		21,434
UBS AG (a)		5,683		99,088
Zurich Insurance Group AG (a)		179		53,353
				1,817,327
TAIWAN — 1.1%
Advanced Semiconductor Engineering Inc, ADR (b)		10,731		63,420
AU Optronics Corp. ADR		9,226		38,380
Chunghwa Telecom Co., Ltd. ADR (b)		2,447		73,337
Hon Hai Precision Industry Co., Ltd. GDR		16,689		103,972
Siliconware Precision Industries Co. ADR		15,357		104,735
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		10,194		205,715
United Microelectronics Corp. ADR (b)		23,990		47,740
				637,299
THAILAND — 0.1%
Bangkok Bank PCL		9,900		64,117

See accompanying notes to financial statements.

264

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
PTT PCL		1,800	$	19,985
				84,102
TURKEY — 0.2%
Akbank TAS		6,795		22,106
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		37,206		38,824
Turkiye Garanti Bankasi AS		7,862		27,576
Turkiye Is Bankasi (Class C)		18,037		40,016
				128,522
UNITED KINGDOM — 7.9%
3i Group PLC		16,478		102,392
Anglo American PLC		2,072		46,489
AstraZeneca PLC		1,642		118,230
BAE Systems PLC		8,285		63,328
Barclays PLC		22,171		81,751
BG Group PLC		4,143		76,567
BHP Billiton PLC		2,825		78,543
BP PLC		23,836		175,221
British American Tobacco PLC		475		26,813
British Sky Broadcasting Group PLC		1,866		26,681
BT Group PLC		19,330		118,955
Burberry Group PLC		1,470		36,008
Capita PLC		4,994		94,238
Cobham PLC		24,610		116,139
Compass Group PLC		4,193		67,737
Diageo PLC		2,529		73,183
Experian PLC		3,450		55,007
G4S PLC		5,792		23,540
GlaxoSmithKline PLC		5,810		133,089
Glencore PLC (a)		4,940		27,485
Hammerson PLC		9,376		87,323
HSBC Holdings PLC		20,756		210,674
Imperial Tobacco Group PLC		932		40,251
InterContinental Hotels Group PLC		2,341		90,286
J Sainsbury PLC (b)		6,849		27,925
Land Securities Group PLC		4,097		69,009
Liberty Global PLC (Class A) (a)(b)		932		39,647
Liberty Global PLC (Series C) (a)(b)		1,660		68,085
Lloyds Banking Group PLC (a)		80,497		100,314
Marks & Spencer Group PLC		9,459		62,043
National Grid PLC		1,842		26,517
Next PLC		672		71,956
Noble Corp. PLC (b)		1,857		41,263
Old Mutual PLC		13,940		41,062
Paragon Offshore PLC (a)(b)		618		3,801
Pearson PLC		1,112		22,354
Prudential PLC		4,510		100,605
Randgold Resources, Ltd.		269		18,355
Reckitt Benckiser Group PLC		744		64,528
Reed Elsevier PLC		2,897		46,401
Rio Tinto PLC		1,998		98,192
Rolls-Royce Holdings PLC (a)		2,941		45,985
Royal Dutch Shell PLC (Class A)		251		9,597
Royal Dutch Shell PLC (Class B)		7,073		279,436
RSA Insurance Group PLC (a)		6,557		51,502
SABMiller PLC		1,219		67,743
Severn Trent PLC		2,323		70,686
Smith & Nephew PLC		4,212		71,014
Smiths Group PLC		3,246		66,515
SSE PLC		1,541		38,647
Standard Chartered PLC		3,273		60,515
Standard Life PLC		19,088		128,234
Tesco PLC		10,983		33,153
The British Land Co. PLC		5,856		66,691
The Sage Group PLC		15,806		93,630
Tullow Oil PLC		1,651		17,250
Unilever PLC		1,425		59,717
United Utilities Group PLC		4,134		54,151
Vodafone Group PLC		33,887		112,289
Whitbread PLC		3,040		204,721
Wolseley PLC		789		41,468
WPP PLC		3,201		64,347
				4,509,278
UNITED STATES — 51.2%
3M Co. (b)		932		132,046
Abbott Laboratories		1,857		77,233
AbbVie, Inc. (b)		914		52,793
Adobe Systems, Inc. (a)(b)		2,789		192,971
Aetna, Inc. (b)		1,857		150,417
Aflac, Inc. (b)		1,857		108,170
Agilent Technologies, Inc.		1,857		105,812
Alexion Pharmaceuticals, Inc. (a)		932		154,544
Allergan, Inc.		932		166,073
Altera Corp. (b)		932		33,347
Altria Group, Inc.		1,857		85,311
Amazon.com, Inc. (a)		932		300,514
American Capital Agency Corp.		932		19,805
American Electric Power Co., Inc.		1,857		96,954
American Express Co.		1,857		162,562
American Tower Corp.		932		87,263
Amgen, Inc. (b)		1,857		260,834
Anadarko Petroleum Corp. (b)		932		94,542
Annaly Capital Management, Inc.		1,857		19,833
Apache Corp.		932		87,487
Apple, Inc.		6,518		656,688
Applied Materials, Inc.		6,500		140,465
Archer-Daniels-Midland Co.		2,789		142,518
AT&T, Inc. (b)		6,500		229,060
Automatic Data Processing, Inc.		932		77,431
Baker Hughes, Inc.		1,857		120,816
Bank of America Corp.		15,805		269,475
Baxter International, Inc.		1,857		133,277
Becton, Dickinson and Co.		932		106,071
Bed Bath & Beyond, Inc. (a)(b)		932		61,354
Berkshire Hathaway, Inc. (Class B) (a)		932		128,746
Biogen Idec, Inc. (a)		932		308,315
Bristol-Myers Squibb Co. (b)		2,789		142,741
Broadcom Corp. (Class A)		1,857		75,060
C.H. Robinson Worldwide, Inc. (b)		932		61,810
Cameron International Corp. (a)		1,857		123,268
Capital One Financial Corp.		932		76,070
Carnival Corp. (b)		932		37,438
Caterpillar, Inc. (b)		932		92,296
CBS Corp.		1,845		98,707
CBS Outdoor Americas, Inc. (b)		3		90
Celgene Corp. (a)		1,864		176,670
CenturyLink, Inc.		1,857		75,933

See accompanying notes to financial statements.

265

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Chesapeake Energy Corp.		2,789	$	64,119
Chevron Corp.		2,789		332,783
Church & Dwight Co., Inc.		1,857		130,287
Cisco Systems, Inc.		9,289		233,804
Citigroup, Inc.		4,645		240,704
Citrix Systems, Inc. (a)(b)		932		66,489
Coach, Inc.		932		33,189
Cognizant Technology Solutions Corp. (Class A) (a)		1,864		83,451
Colgate-Palmolive Co.		1,857		121,114
Comcast Corp. (Class A) Special (b)		4,645		248,507
ConAgra Foods, Inc. (b)		1,857		61,355
ConocoPhillips (b)		1,857		142,098
Corning, Inc.		3,721		71,964
Costco Wholesale Corp.		932		116,798
CST Brands, Inc. (b)		99		3,559
CSX Corp.		3,721		119,295
Cummins, Inc.		932		123,005
CVS Health Corp.		1,857		147,799
Danaher Corp.		1,857		141,095
Deere & Co. (b)		932		76,415
Devon Energy Corp. (b)		932		63,544
DIRECTV (a)		932		80,637
Discover Financial Services (b)		1,857		119,572
Dollar Tree, Inc. (a)		1,857		104,122
Duke Energy Corp. (b)		1,013		75,742
E. I. du Pont de Nemours & Co. (b)		1,857		133,258
eBay, Inc. (a)		2,789		157,941
Ecolab, Inc. (b)		932		107,022
Edison International (b)		1,857		103,843
Eli Lilly & Co.		1,857		120,426
EMC Corp.		3,721		108,876
Emerson Electric Co.		1,857		116,211
EOG Resources, Inc.		1,864		184,573
Equity Residential		932		57,393
Exelon Corp. (b)		1,857		63,305
Express Scripts Holding Co. (a)		1,300		91,819
Exxon Mobil Corp. (b)		5,577		524,517
Fastenal Co. (b)		932		41,847
FedEx Corp.		932		150,471
FirstEnergy Corp. (b)		1,857		62,339
FMC Technologies, Inc. (a)		1,857		100,854
Ford Motor Co.		7,432		109,919
Franklin Resources, Inc.		2,789		152,307
Freeport-McMoRan, Inc.		1,857		60,631
General Dynamics Corp.		932		118,448
General Electric Co.		13,942		357,194
General Mills, Inc.		932		47,019
General Motors Co.		1,857		59,313
Gilead Sciences, Inc. (a)		3,721		396,100
Google, Inc. (Class A) (a)(b)		457		268,903
Google, Inc. (Class C) (a)		457		263,854
Halliburton Co.		1,857		119,795
HCP, Inc.		2,789		110,751
Hess Corp. (b)		932		87,906
Hewlett-Packard Co.		3,721		131,984
Honeywell International, Inc.		1,857		172,924
Illinois Tool Works, Inc. (b)		1,857		156,768
Ingersoll-Rand PLC		1,857		104,661
Intel Corp.		7,432		258,782
International Business Machines Corp. (b)		1,857		352,514
Intuit, Inc. (b)		932		81,690
Johnson & Johnson		2,789		297,280
Johnson Controls, Inc. (b)		1,857		81,708
JPMorgan Chase & Co.		5,577		335,958
Juniper Networks, Inc. (b)		1,857		41,133
Kellogg Co. (b)		932		57,411
Kimberly-Clark Corp.		932		100,255
Kinder Morgan Management, LLC (a)(b)		1,081		101,776
Kinder Morgan, Inc.		189		7,246
Kohl’s Corp. (b)		932		56,880
Kraft Foods Group, Inc. (b)		152		8,573
L Brands, Inc. (b)		1,857		124,382
Las Vegas Sands Corp.		932		57,980
Liberty Interactive Corp. (Class A) (a)		1,857		52,962
Liberty TripAdvisor Holdings, Inc. (Class A) (a)		126		4,271
Liberty Ventures, (Series A) (a)		126		4,783
Lockheed Martin Corp. (b)		932		170,351
Lowe’s Cos., Inc.		2,789		147,594
Macy’s, Inc.		1,857		108,040
Marathon Oil Corp.		2,789		104,839
Marathon Petroleum Corp.		932		78,912
Marsh & McLennan Cos., Inc.		1,857		97,195
Mattel, Inc.		3,721		114,049
McCormick & Co., Inc. (b)		2,789		186,584
McDonald’s Corp.		932		88,363
McKesson Corp.		932		181,432
Mead Johnson Nutrition Co. (b)		932		89,677
Medtronic, Inc. (b)		2,789		172,779
Merck & Co., Inc.		3,721		220,581
MetLife, Inc.		2,789		149,825
Microsoft Corp.		10,221		473,846
Mondelez International, Inc. (Class A) (b)		932		31,935
Monsanto Co.		932		104,859
Morgan Stanley		2,789		96,416
National Oilwell Varco, Inc. (b)		932		70,925
NetApp, Inc. (b)		932		40,039
Newmont Mining Corp. (b)		932		21,483
News Corp. (Class A) (a)(b)		565		9,238
NextEra Energy, Inc.		932		87,496
NIKE, Inc. (Class B) (b)		1,857		165,644
Noble Energy, Inc. (b)		1,857		126,945
Norfolk Southern Corp. (b)		932		104,011
Northrop Grumman Corp.		1,857		244,678
NOW, Inc. (a)(b)		232		7,055
O’Reilly Automotive, Inc. (a)(b)		932		140,136
Occidental Petroleum Corp.		1,857		178,551
Oracle Corp.		6,500		248,820
Parker-Hannifin Corp. (b)		932		106,388
PepsiCo, Inc.		1,857		172,868
Pfizer, Inc.		9,181		271,482
PG&E Corp. (b)		932		41,977
Philip Morris International, Inc.		1,857		154,874
Phillips 66		457		37,159

See accompanying notes to financial statements.

266

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Pioneer Natural Resources Co.		932	$	183,576
PNC Financial Services Group, Inc. (b)		932		79,761
PPL Corp. (b)		2,789		91,591
Praxair, Inc. (b)		932		120,228
ProLogis		2,789		105,145
Prudential Financial, Inc.		1,857		163,305
Public Service Enterprise Group, Inc. (b)		1,857		69,155
Public Storage		932		154,563
QUALCOMM, Inc.		2,789		208,534
Range Resources Corp.		932		63,199
Raytheon Co. (b)		932		94,710
Retail Opportunity Investments Corp. (b)		13,942		204,947
Ross Stores, Inc.		932		70,441
Salesforce.com, Inc. (a)(b)		3,721		214,069
SanDisk Corp.		932		91,289
Schlumberger, Ltd.		1,857		188,838
Seventy Seven Energy, Inc. (a)(b)		196		4,653
Simon Property Group, Inc.		932		153,239
Southwestern Energy Co. (a)		932		32,573
Spectra Energy Corp. (b)		1,857		72,906
St. Jude Medical, Inc. (b)		1,857		111,661
Starbucks Corp.		1,857		140,129
State Street Corp. (b)(f)		932		68,605
Sysco Corp. (b)		1,857		70,473
Target Corp.		932		58,418
Texas Instruments, Inc.		2,789		133,007
The ADT Corp. (b)		226		8,014
The Allstate Corp. (b)		1,857		113,964
The Bank of New York Mellon Corp.		2,789		108,018
The Boeing Co. (b)		932		118,718
The Charles Schwab Corp.		4,645		136,517
The Chubb Corp. (b)		932		84,887
The Clorox Co. (b)		932		89,509
The Coca-Cola Co. (b)		3,721		158,738
The Dow Chemical Co. (b)		2,789		146,255
The Estee Lauder Cos., Inc. (Class A)		932		69,639
The Goldman Sachs Group, Inc. (b)		932		171,087
The Hershey Co.		932		88,941
The Home Depot, Inc.		1,857		170,361
The J.M. Smucker Co. (b)		932		92,259
The Mosaic Co. (b)		932		41,390
The Procter & Gamble Co. (b)		1,857		155,505
The Southern Co. (b)		932		40,682
The Travelers Cos., Inc. (b)		932		87,552
The Walt Disney Co. (b)		2,789		248,305
The Williams Cos., Inc.		2,789		154,371
Thermo Fisher Scientific, Inc.		1,857		225,997
Time Warner Cable, Inc.		932		133,733
Time Warner, Inc.		1,857		139,665
Time, Inc. (a)		232		5,436
TJX Cos., Inc.		1,857		109,879
Twenty-First Century Fox, Inc. (Class A) (b)		4,645		159,277
Tyco International, Ltd.		932		41,539
Tyson Foods, Inc. (Class A) (b)		3,721		146,496
U.S. Bancorp		2,789		116,664
Union Pacific Corp.		1,864		202,095
United Financial Bancorp, Inc.		14,872		188,726
United Parcel Service, Inc. (Class B) (b)		932		91,606
United Technologies Corp.		932		98,419
UnitedHealth Group, Inc.		1,857		160,166
Valero Energy Corp.		1,857		85,923
Vector Group, Ltd. (b)		9,668		214,445
Verizon Communications, Inc.		3,146		157,269
Viacom, Inc. (Class B) (b)		932		71,708
Visa, Inc. (Class A) (b)		932		198,861
Wal-Mart Stores, Inc. (b)		1,857		142,005
Walgreen Co.		1,857		110,064
Washington Prime Group, Inc. (b)		465		8,128
Waste Management, Inc. (b)		1,857		88,263
WellPoint, Inc.		932		111,486
Wells Fargo & Co.		7,432		385,498
Western Digital Corp.		932		90,702
Whole Foods Market, Inc.		1,857		70,770
Yahoo!, Inc. (a)(b)		2,789		113,652
Yum! Brands, Inc.		932		67,085
Zoetis, Inc.		107		3,954
				29,413,297
TOTAL COMMON STOCKS —
(Cost $56,618,271)				57,129,783
RIGHTS — 0.0% (c)
SPAIN — 0.0% (c)
Banco Bilbao Vizcaya Argentaria SA (expiring 10/13/14) (a) (Cost $734)		7,228		721
WARRANTS — 0.0% (c)
HONG KONG — 0.0% (c)
Sun Hung Kai Properties, Ltd. (expiring 4/22/16) (a) (Cost $0)		171		286
SHORT TERM INVESTMENTS — 17.2%
UNITED STATES — 17.2%
MONEY MARKET FUNDS — 17.2%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		9,719,463		9,719,463
State Street Institutional Liquid Reserves Fund 0.09% (h)(i)		151,005		151,005
TOTAL SHORT TERM INVESTMENTS —
(Cost $9,870,468)				9,870,468
TOTAL INVESTMENTS — 116.7%
(Cost $66,489,473)				67,001,258
OTHER ASSETS & LIABILITIES — (16.7)%				(9,567,594	)
NET ASSETS — 100.0%			$	57,433,664

See accompanying notes to financial statements.

267

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

(a)	Non-income producing security
(b)	A portion of the security was on loan at September 30, 2014.
(c)	Amount shown represents less than 0.05% of net assets.
(d)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of September 30, 2014, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(f)	Affiliated issuer (Note 3).
(g)	Investments of cash collateral for securities loaned
(h)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(i)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

268

SPDR MSCI EM 50 ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.2%
BRAZIL — 9.4%
Banco Bradesco SA Preference Shares ADR		3,552	$	50,616
BRF — Brasil Foods SA ADR		1,153		27,430
Itau Unibanco Holding SA Preference Shares ADR		4,612		64,014
Petroleo Brasileiro SA ADR		3,570		53,157
Vale SA Preference Shares ADR		3,284		31,888
				227,105
CHINA — 21.9%
Agricultural Bank of China, Ltd. (Class H)		36,000		15,948
Bank of China, Ltd. (Class H)		134,196		60,141
China Construction Bank Corp.		121,154		84,877
China Life Insurance Co., Ltd. (Class H)		12,584		34,924
China Petroleum & Chemical Corp. (Class H)		43,600		38,181
China Shenhua Energy Co., Ltd. (Class H)		5,644		15,736
Industrial & Commercial Bank of China (Class H)		124,454		77,572
PetroChina Co., Ltd. (Class H)		34,812		44,607
Ping An Insurance Group Co. of China, Ltd. (Class H) (a)		3,500		26,278
Tencent Holdings, Ltd.		8,584		127,681
				525,945
HONG KONG — 7.8%
China Mobile, Ltd.		10,355		119,685
China Overseas Land & Investment, Ltd.		6,000		15,438
CNOOC, Ltd.		30,362		52,082
				187,205
INDIA — 1.5%
ICICI Bank, Ltd. ADR (a)		721		35,401
MALAYSIA — 2.0%
Malayan Banking Bhd		7,500		22,771
Public Bank Bhd		4,400		25,350
				48,121
MEXICO — 5.3%
America Movil SAB de CV, ADR, Series L (a)		2,884		72,677
Cemex SAB de CV ADR (a)(b)		2,049		26,719
Grupo Televisa SA de CV ADR		869		29,442
				128,838
RUSSIA — 8.0%
Gazprom OAO ADR		9,982		70,273
Lukoil OAO ADR		861		43,911
Magnit OJSC GDR		435		25,125
NovaTek OAO GDR		154		16,047
Sberbank of Russia ADR (c)		3,840		30,413
Sberbank of Russia ADR (c)		713		5,610
				191,379
SOUTH AFRICA — 8.6%
MTN Group, Ltd.		2,842		59,948
Naspers, Ltd.		668		73,609
Sasol, Ltd. (a)		932		50,596
Standard Bank Group, Ltd.		2,051		23,717
				207,870
SOUTH KOREA — 20.5%
Hyundai Mobis Co., Ltd.		115		28,008
Hyundai Motor Co.		260		46,937
KB Financial Group, Inc. ADR		646		23,398
Kia Motors Corp.		441		22,442
LG Chem, Ltd.		78		18,885
NAVER Corp.		47		35,943
POSCO ADR		438		33,244
Samsung Electronics Co., Ltd. GDR		372		208,506
Shinhan Financial Group Co., Ltd. ADR (a)		715		32,504
SK Hynix, Inc. (b)		960		42,530
				492,397
TAIWAN — 14.2%
Cathay Financial Holding Co., Ltd.		13,650		22,234
China Steel Corp.		19,660		16,804
Chunghwa Telecom Co., Ltd. ADR (a)		648		19,421
Formosa Plastics Corp.		7,280		17,255
Hon Hai Precision Industry Co., Ltd. GDR		10,596		66,013
MediaTek, Inc.		2,000		29,619
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		8,392		169,351
				340,697
TOTAL COMMON STOCKS —
(Cost $2,562,383)				2,384,958
SHORT TERM INVESTMENTS — 5.9%
UNITED STATES — 5.9%
MONEY MARKET FUNDS — 5.9%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		141,809		141,809
State Street Institutional Liquid Reserves Fund 0.09% (e)(f)		266		266
TOTAL SHORT TERM INVESTMENTS —
(Cost $142,075)				142,075
TOTAL INVESTMENTS — 105.1%
(Cost $2,704,458)				2,527,033
OTHER ASSETS & LIABILITIES — (5.1)%				(122,279	)
NET ASSETS — 100.0%			$	2,404,754

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

269

SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.9%
CHILE — 3.0%
Banco Santander Chile ADR		467	$	10,316
Cencosud SA ADR (a)		1,152		10,379
Cia Cervecerias Unidas SA		287		3,147
Corpbanca SA		244,432		3,126
Empresa Nacional de Electricidad SA ADR		441		19,386
Empresas COPEC SA		410		5,038
Enersis SA ADR (a)		988		15,591
Latam Airlines Group SA ADR (a)(b)		1,007		11,450
SACI Falabella		657		4,955
Sociedad Quimica y Minera de Chile SA ADR		311		8,129
				91,517
COLOMBIA — 2.4%
Almacenes Exito SA		512		7,518
BanColombia SA ADR		193		10,947
Cementos Argos SA		1,416		7,576
Ecopetrol SA ADR (a)		449		14,040
Grupo Argos SA/Colombia Preference Shares		1,089		12,138
Grupo de Inversiones Suramericana SA		691		13,911
Interconexion Electrica SA ESP		1,477		6,775
				72,905
CZECH REPUBLIC — 0.8%
CEZ AS		358		10,884
Komercni Banka AS		36		8,562
O2 Czech Republic AS		341		4,902
				24,348
EGYPT — 0.6%
Commercial International Bank Egypt SAE GDR		1,615		11,111
Global Telecom Holding GDR (b)		2,245		7,366
				18,477
GREECE — 1.5%
Alpha Bank AE (b)		4,195		3,254
Eurobank Ergasias SA (b)		14,452		5,696
FF Group (b)		60		2,232
Hellenic Telecommunications Organization SA (b)		474		6,227
JUMBO SA (b)		297		3,756
National Bank of Greece SA (b)		2,735		8,016
OPAP SA		432		5,648
Piraeus Bank SA (b)		3,614		6,118
Public Power Corp. SA (b)		286		3,396
Titan Cement Co. SA		124		3,101
				47,444
HUNGARY — 0.6%
MOL Hungarian Oil and Gas NyRt		119		5,832
OTP Bank PLC		456		7,752
Richter Gedeon NyRt		270		4,227
				17,811
INDONESIA — 5.8%
Adaro Energy Tbk PT		34,900		3,365
Astra International Tbk PT		18,900		10,935
Bank Central Asia Tbk PT		22,000		23,607
Bank Mandiri Tbk PT		21,000		17,364
Bank Negara Indonesia Persero Tbk PT		20,000		9,069
Bank Rakyat Indonesia Persero Tbk PT		19,000		16,256
Charoen Pokphand Indonesia Tbk PT		18,000		6,264
Indocement Tunggal Prakarsa Tbk PT		4,000		7,074
Indofood Sukses Makmur Tbk PT		12,500		7,181
Kalbe Farma Tbk PT		67,400		9,403
Lippo Karawaci Tbk PT		55,900		4,312
Matahari Department Store Tbk PT		3,100		4,128
Perusahaan Gas Negara Persero Tbk PT		26,000		12,803
Semen Indonesia Persero Tbk PT		7,500		9,494
Telekomunikasi Indonesia Persero Tbk PT		99,300		23,755
Unilever Indonesia Tbk PT		3,500		9,134
United Tractors Tbk PT		4,500		7,349
				181,493
MALAYSIA — 9.5%
Alliance Financial Group Bhd		3,500		5,324
AMMB Holdings Bhd		3,500		7,330
Axiata Group Bhd		4,700		10,029
British American Tobacco Malaysia Bhd		400		8,596
Bumi Armada Bhd (b)		9,400		5,444
CIMB Group Holdings Bhd		9,283		19,893
Digi.Com Bhd		8,200		14,623
Felda Global Ventures Holdings Bhd		4,600		4,950
Gamuda Bhd		6,000		8,816
Genting Bhd		4,600		13,307
Genting Malaysia Bhd		7,100		9,047
Hong Leong Bank Bhd		1,300		5,794
IHH Healthcare Bhd		6,100		9,446
IJM Corp. Bhd		4,600		9,072
IOI Corp. Bhd		5,500		8,064
IOI Properties Group Sdn Bhd		2,699		2,156
Kuala Lumpur Kepong Bhd		1,200		7,711
Malayan Banking Bhd		7,932		24,082
Malaysia Airports Holdings Bhd		2,371		5,413
Maxis Bhd		4,300		8,494
Petronas Chemicals Group Bhd		5,100		9,701
Petronas Dagangan Bhd		800		4,877
Petronas Gas Bhd		1,300		9,083
PPB Group Bhd		1,400		6,060
Public Bank Bhd		2,860		16,477
Sapurakencana Petroleum Bhd		8,300		10,424
Sime Darby Bhd		4,575		12,761
Telekom Malaysia Bhd		3,296		6,631
Tenaga Nasional Bhd		5,400		20,379
UMW Holdings Bhd		1,400		5,232
YTL Corp. Bhd		14,200		7,272
				296,488
MEXICO — 12.4%
Alfa SAB de CV (Class A)		6,072		20,784
America Movil SAB de CV		61,142		77,211
Cemex SAB de CV (b)		20,539		26,763
Coca-Cola Femsa SAB de CV		995		10,022
Compartamos SAB de CV		1,839		3,934
Fibra Uno Administracion SA de CV REIT		3,106		10,224
Fomento Economico Mexicano SAB de CV		3,182		29,291
Genomma Lab Internacional SAB de CV (Class B) (b)		2,091		5,024

See accompanying notes to financial statements.

270

SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Grupo Aeroportuario del Sureste SAB de CV (Class B)		697	$	9,007
Grupo Bimbo SAB de CV		3,683		10,679
Grupo Carso SA de CV		1,393		8,143
Grupo Financiero Banorte SAB de CV		4,878		31,156
Grupo Financiero Inbursa SA		4,977		14,271
Grupo Financiero Santander Mexico SAB de CV (Class B)		3,982		10,772
Grupo Mexico SAB de CV		7,764		25,997
Grupo Televisa SA de CV		5,374		36,453
Industrias Penoles SA de CV		304		6,953
Kimberly-Clark de Mexico SAB de CV (Class A)		3,683		8,693
Mexichem SAB de CV		2,488		10,370
Minera Frisco SAB de CV (b)		698		1,282
Promotora y Operadora de Infraestructura SAB de CV (b)		549		7,547
Wal-Mart de Mexico SAB de CV		8,391		21,099
				385,675
PERU — 1.0%
Compania de Minas Buenaventura SA ADR		161		1,864
Credicorp, Ltd. (a)		132		20,248
Southern Copper Corp. (a)		298		8,836
				30,948
PHILIPPINES — 2.6%
Aboitiz Equity Ventures, Inc.		5,790		6,954
Ayala Corp.		520		8,574
Ayala Land, Inc.		15,000		11,682
BDO Unibank, Inc.		4,730		10,334
International Container Terminal Services, Inc.		2,810		6,912
JG Summit Holdings, Inc.		3,760		4,851
Philippine Long Distance Telephone Co.		115		7,939
SM Investments Corp.		400		7,162
SM Prime Holdings, Inc.		14,500		5,648
Universal Robina Corp.		2,450		10,209
				80,265
POLAND — 3.9%
Bank Pekao SA		281		16,507
Bank Zachodni WBK SA		41		4,899
Eurocash SA		111		1,085
KGHM Polska Miedz SA		314		12,015
LPP SA		1		2,995
Mbank		39		5,804
Orange Polska SA		1,857		6,544
Polska Grupa Energetyczna SA		1,662		10,543
Polski Koncern Naftowy Orlen SA		794		9,907
Polskie Gornictwo Naftowe i Gazownictwo SA		4,454		6,817
Powszechna Kasa Oszczednosci Bank Polski SA		1,773		21,270
Powszechny Zaklad Ubezpieczen SA		122		17,769
Tauron Polska Energia SA		3,880		6,303
				122,458
QATAR — 1.2%
Industries Qatar QSC		32		1,636
Masraf Al Rayan		684		10,461
Ooredoo QSC		122		4,439
Qatar Electricity & Water Co.		96		5,008
Qatar Islamic Bank SAQ		180		5,575
Qatar National Bank SAQ		93		5,179
Vodafone Qatar		974		5,646
				37,944
SOUTH AFRICA — 14.3%
Anglo Platinum, Ltd. (b)		124		4,018
AngloGold Ashanti, Ltd. (b)		671		8,225
Aspen Pharmacare Holdings, Ltd.		498		14,832
Barclays Africa Group, Ltd.		577		7,871
Discovery, Ltd.		475		4,134
Exxaro Resources, Ltd. (a)		400		4,543
FirstRand, Ltd.		4,980		18,962
Gold Fields, Ltd.		1,371		5,365
Growthpoint Properties, Ltd. REIT		3,548		7,738
Impala Platinum Holdings, Ltd. (b)		962		7,408
Imperial Holdings, Ltd.		445		6,851
Kumba Iron Ore, Ltd.		149		3,515
Life Healthcare Group Holdings, Ltd.		2,251		8,874
Medi-Clinic Corp., Ltd.		596		4,853
MMI Holdings, Ltd.		2,293		5,319
Mr. Price Group, Ltd.		607		11,408
MTN Group, Ltd.		2,258		47,629
Naspers, Ltd.		601		66,227
Nedbank Group, Ltd.		365		7,071
Redefine Properties, Ltd. REIT		6,157		5,297
Remgro, Ltd.		819		16,529
RMB Holdings, Ltd.		1,611		8,085
Sanlam, Ltd.		3,096		17,894
Sasol, Ltd.		869		47,176
Shoprite Holdings, Ltd.		752		9,316
Standard Bank Group, Ltd.		1,838		21,254
Steinhoff International Holdings, Ltd. (a)		2,772		13,268
The Bidvest Group, Ltd.		565		14,292
The Foschini Group, Ltd.		625		6,483
The Spar Group, Ltd.		594		6,602
Tiger Brands, Ltd.		343		9,576
Truworths International, Ltd.		941		5,659
Vodacom Group, Ltd. (a)		668		7,686
Woolworths Holdings, Ltd.		1,469		9,090
				443,050
SOUTH KOREA — 14.1%
Amorepacific Corp.		2		4,534
Celltrion, Inc. (b)		33		1,531
Coway Co., Ltd.		40		3,195
Daewoo Securities Co., Ltd. (b)		880		8,965
E-Mart Co., Ltd.		27		5,898
Hana Financial Group, Inc.		290		10,580
Hankook Tire Co., Ltd.		99		4,832
Hotel Shilla Co., Ltd.		10		1,132
Hyundai Engineering & Construction Co., Ltd.		142		8,114
Hyundai Heavy Industries Co., Ltd.		43		5,603
Hyundai Mobis Co., Ltd.		56		13,638
Hyundai Motor Co.		123		22,205
Hyundai Steel Co.		83		5,836
KB Financial Group, Inc. ADR		363		13,148

See accompanying notes to financial statements.

271

SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Kia Motors Corp.		223	$	11,348
Korea Electric Power Corp. ADR		458		10,278
KT&G Corp.		133		11,910
LG Chem, Ltd.		51		12,348
LG Corp.		139		10,116
LG Display Co., Ltd. ADR (b)		677		10,663
LG Electronics, Inc.		134		8,343
LG Household & Health Care, Ltd.		13		6,246
Lotte Shopping Co., Ltd.		18		5,390
NAVER Corp.		21		16,060
NCSoft Corp.		7		892
POSCO ADR		223		16,926
S-Oil Corp.		94		3,813
Samsung C&T Corp.		160		11,463
Samsung Electro-Mechanics Co., Ltd.		44		2,064
Samsung Electronics Co., Ltd. GDR		166		93,043
Samsung Electronics Co., Ltd. GDR Preference Shares		30		12,822
Samsung Fire & Marine Insurance Co., Ltd.		37		9,905
Samsung Heavy Industries Co., Ltd.		210		5,025
Samsung Life Insurance Co., Ltd.		61		6,127
Samsung SDI Co., Ltd.		59		6,849
Shinhan Financial Group Co., Ltd. ADR (a)		398		18,093
SK Holdings Co., Ltd.		40		7,145
SK Hynix, Inc. (b)		510		22,594
SK Innovation Co., Ltd.		75		5,764
Woori Finance Holdings Co., Ltd. (b)		403		4,984
				439,422
TAIWAN — 15.4%
Advanced Semiconductor Engineering Inc, ADR (a)		1,381		8,162
Asia Cement Corp.		6,120		7,816
Asustek Computer, Inc.		1,000		9,533
AU Optronics Corp. ADR		1,791		7,451
Catcher Technology Co., Ltd.		1,000		9,270
Cathay Financial Holding Co., Ltd.		9,450		15,393
Chang Hwa Commercial Bank, Ltd.		8,160		5,003
Cheng Shin Rubber Industry Co. Ltd.		2,000		4,412
China Development Financial Holding  Corp.		35,000		10,746
China Steel Corp.		13,260		11,334
Chinatrust Financial Holding Co., Ltd.		16,591		11,154
Chunghwa Telecom Co., Ltd. ADR		299		8,961
Compal Electronics, Inc.		7,000		5,235
Delta Electronics, Inc.		2,000		12,623
E.Sun Financial Holding Co., Ltd.		11,882		7,207
Far Eastern New Century Corp.		7,140		7,194
Far EasTone Telecommunications Co., Ltd.		2,000		3,833
First Financial Holding Co., Ltd		10,700		6,455
Formosa Chemicals & Fibre Corp.		4,000		9,244
Formosa Plastics Corp.		5,000		11,851
Fubon Financial Holding Co., Ltd.		7,000		10,746
Hon Hai Precision Industry Co., Ltd. GDR		6,688		41,666
HTC Corp. (b)		1,000		4,339
Hua Nan Financial Holdings Co., Ltd.		10,300		6,010
Inotera Memories, Inc. (b)		4,000		5,944
Inventec Co., Ltd.		2,000		1,302
Lite-On Technology Corp.		4,020		5,795
MediaTek, Inc.		1,000		14,810
Mega Financial Holding Co., Ltd.		12,000		9,842
Nan Ya Plastics Corp.		5,000		10,947
Pou Chen Corp.		5,000		5,556
President Chain Store Corp.		1,000		7,166
Quanta Computer, Inc.		4,000		10,151
Siliconware Precision Industries Co. ADR		1,393		9,500
SinoPac Financial Holdings Co., Ltd.		16,212		6,955
Taishin Financial Holdings Co., Ltd.		18,886		8,847
Taiwan Cement Corp.		6,000		8,935
Taiwan Cooperative Financial Holding Co., Ltd.		10,500		5,661
Taiwan Mobile Co., Ltd.		2,000		6,068
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		4,851		97,893
Uni-President Enterprises Corp.		6,360		11,039
United Microelectronics Corp.		18,000		7,456
Yuanta Financial Holding Co., Ltd.		15,375		7,582
				477,087
THAILAND — 5.8%
Advanced Info Service PCL		2,200		15,266
Airports of Thailand PCL		1,000		7,371
Bangkok Bank PCL ADR NVDR		2,061		12,967
BEC World PCL		3,300		4,783
Central Pattana PCL		3,900		5,593
Charoen Pokphand Foods PCL		7,200		6,717
CP ALL PCL		9,600		13,249
Kasikornbank PCL		3,100		22,372
Krung Thai Bank PCL		11,100		8,113
PTT Exploration & Production PCL		2,900		14,310
PTT Global Chemical PCL		3,800		7,149
PTT PCL		1,700		18,874
The Siam Cement PCL NVDR		1,000		13,878
The Siam Commercial Bank PCL		3,800		21,329
True Corp. PCL NVDR (b)		21,247		7,798
				179,769
TURKEY — 3.6%
Akbank TAS		4,056		13,195
Anadolu Efes Biracilik Ve Malt Sanayii AS (b)		485		5,593
BIM Birlesik Magazalar AS		395		8,252
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		4,040		4,216
Eregli Demir ve Celik Fabrikalari TAS		3,015		5,592
Haci Omer Sabanci Holding AS		2,002		8,409
KOC Holding AS		1,639		7,545
TAV Havalimanlari Holding AS		160		1,284
Tupras-Turkiye Petrol Rafinerileri AS		350		7,020
Turk Hava Yollari Anonim Ortakligi (b)		1,693		4,803
Turkcell Iletisim Hizmetleri AS (b)		1,728		9,016
Turkiye Garanti Bankasi AS		5,043		17,688
Turkiye Halk Bankasi AS		887		5,328
Turkiye Is Bankasi (Class C)		4,152		9,211
Turkiye Vakiflar Bankasi Tao (Class D)		2,626		4,859
				112,011
UNITED ARAB EMIRATES — 1.4%
Abu Dhabi Commercial Bank PJSC		2,148		4,953
Aldar Properties PJSC		5,839		6,232

See accompanying notes to financial statements.

272

SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Arabtec Holding Co. (b)		3,011	$	3,771
DP World, Ltd.		239		4,959
Dubai Financial Market		4,897		4,480
Emaar Properties PJSC		2,932		9,220
First Gulf Bank PJSC		1,032		5,268
National Bank of Abu Dhabi PJSC		1,224		4,816
				43,699
TOTAL COMMON STOCKS —
(Cost $3,063,844)				3,102,811
SHORT TERM INVESTMENT — 2.1%
UNITED STATES — 2.1%
MONEY MARKET FUND — 2.1%
State Street Navigator Securities Lending Prime Portfolio (c)(d) (Cost $67,275)		67,275		67,275
TOTAL INVESTMENTS — 102.0%
(Cost $3,131,119)				3,170,086
OTHER ASSETS & LIABILITIES — (2.0)%				(63,213	)
NET ASSETS — 100.0%			$	3,106,873

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Investments of cash collateral for securities loaned
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

273

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 6.5%
AGL Energy, Ltd.		660	$	7,820
ALS, Ltd.		366		1,688
Amcor, Ltd.		686		6,801
AMP, Ltd.		514		2,456
ASX, Ltd.		141		4,424
Australia & New Zealand Banking Group, Ltd.		376		10,173
BHP Billiton, Ltd.		1,736		51,451
Brambles, Ltd.		943		7,856
CFS Retail Property Trust Group		5,191		9,062
Cochlear, Ltd.		46		2,798
Commonwealth Bank of Australia		406		26,748
CSL, Ltd.		380		24,663
Federation Centres		1,761		3,976
Flight Centre Travel Group, Ltd.		53		1,983
Lend Lease Group		206		2,585
Macquarie Group, Ltd.		46		2,318
Metcash, Ltd.		982		2,260
National Australia Bank, Ltd.		342		9,738
Origin Energy, Ltd.		181		2,371
QBE Insurance Group, Ltd.		241		2,459
Ramsay Health Care, Ltd.		63		2,761
REA Group, Ltd.		61		2,310
Rio Tinto, Ltd.		256		13,347
Santos, Ltd.		193		2,309
Scentre Group (a)		5,902		16,940
Seek, Ltd.		169		2,397
Stockland		2,552		8,821
Suncorp Group, Ltd.		200		2,457
Telstra Corp., Ltd.		7,894		36,611
The GPT Group		3,606		12,212
Transurban Group		1,688		11,403
Wesfarmers, Ltd.		119		4,390
Westfield Corp. (a)		1,682		10,965
Westpac Banking Corp.		413		11,615
Woodside Petroleum, Ltd.		304		10,800
Woolworths, Ltd.		1,169		35,025
WorleyParsons, Ltd.		172		2,309
				370,302
AUSTRIA — 0.1%
Erste Group Bank AG		80		1,833
OMV AG		61		2,053
Raiffeisen Bank International AG		83		1,806
Voestalpine AG		54		2,135
				7,827
BELGIUM — 1.3%
Ageas		60		1,992
Anheuser-Busch InBev NV		382		42,523
Belgacom SA		340		11,837
Colruyt SA		202		8,902
Delhaize Group		34		2,366
KBC Groep NV (a)		44		2,344
Solvay SA		16		2,464
Umicore		52		2,275
				74,703
DENMARK — 2.5%
AP Moeller — Maersk A/S (Class A)		1		2,311
AP Moeller — Maersk A/S (Class B)		1		2,376
Carlsberg A/S (Class B)		24		2,134
Coloplast A/S (Class B)		184		15,425
Danske Bank A/S		104		2,827
Novo Nordisk A/S (Class B)		1,768		84,609
Novozymes A/S (Class B)		256		11,109
Pandora A/S		66		5,176
TDC A/S		693		5,264
Tryg A/S		74		7,686
William Demant Holding (a)		28		2,148
				141,065
FINLAND — 0.7%
Elisa Oyj		253		6,718
Fortum Oyj		101		2,464
Kone Oyj (Class B)		210		8,441
Metso Oyj		62		2,209
Nokia Oyj		338		2,884
Orion Oyj (Class B)		79		3,094
Sampo Oyj (Class A)		214		10,381
UPM-Kymmene Oyj		144		2,057
Wartsila Oyj Abp		80		3,580
				41,828
FRANCE — 7.2%
Aeroports de Paris		92		11,014
Air Liquide SA		260		31,718
Alstom SA (a)		63		2,155
AXA SA		521		12,841
BNP Paribas		298		19,771
Bouygues SA		55		1,783
Bureau Veritas SA		406		8,973
Cap Gemini SA		36		2,584
Carrefour SA		116		3,584
Casino Guichard-Perrachon SA		20		2,154
Christian Dior SA		12		2,012
Compagnie de Saint-Gobain		79		3,616
Compagnie Generale des Etablissements Michelin		99		9,340
Credit Agricole SA		255		3,848
Danone		116		7,767
Dassault Systemes SA		168		10,794
EDF SA		62		2,034
Essilor International SA		161		17,682
Eutelsat Communications SA		131		4,231
GDF Suez		319		8,003
Iliad SA		28		5,928
Kering		11		2,218
L’Oreal SA		129		20,484
Lafarge SA		29		2,089
Legrand SA		130		6,765
LVMH Moet Hennessy Louis Vuitton SA		125		20,323
Natixis		373		2,567
Orange SA		434		6,527
Pernod Ricard SA		21		2,378
Peugeot SA (a)		191		2,450
Publicis Groupe SA		96		6,594
Renault SA		51		3,695

See accompanying notes to financial statements.

274

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Rexel SA		105	$	1,960
Safran SA		39		2,531
Sanofi		155		17,536
Schneider Electric SE		55		4,224
SCOR SE		94		2,937
Societe BIC SA		19		2,451
Societe Generale SA		201		10,263
Sodexo		103		10,081
Technip SA		50		4,207
Total SA		1,272		82,673
Unibail-Rodamco SE		13		3,345
Valeo SA		20		2,226
Veolia Environnement SA		135		2,384
Vinci SA		79		4,591
Vivendi SA (a)		423		10,217
Zodiac Aerospace		97		3,095
				412,643
GERMANY — 7.2%
adidas AG		99		7,410
Allianz SE		87		14,106
Axel Springer SE		41		2,258
BASF SE		452		41,471
Bayer AG		373		52,255
Bayerische Motoren Werke AG		51		5,477
Bayerische Motoren Werke AG Preference Shares		26		2,116
Beiersdorf AG		161		13,452
Commerzbank AG (a)		296		4,427
Continental AG		58		11,038
Daimler AG		189		14,500
Deutsche Bank AG		362		12,701
Deutsche Boerse AG		34		2,291
Deutsche Lufthansa AG		99		1,564
Deutsche Post AG		137		4,394
Deutsche Telekom AG		1,213		18,388
E.ON AG		780		14,282
Fresenius Medical Care AG & Co. KGaA		290		20,259
Fresenius SE & Co. KGaA		213		10,546
Fuchs Petrolub SE Preference Shares		54		2,053
GEA Group AG		94		4,102
Hannover Rueck SE		35		2,831
HeidelbergCement AG		30		1,983
Henkel AG & Co. KGaA		90		8,412
Henkel AG & Co. KGaA Preference Shares		54		5,393
Hugo Boss AG		18		2,250
Infineon Technologies AG		211		2,184
K+S AG		69		1,957
Kabel Deutschland Holding AG		44		5,981
Lanxess AG		36		1,988
Linde AG		58		11,148
Merck KGaA		64		5,904
Metro AG (a)		62		2,043
Muenchener Rueckversicherungs- Gesellschaft AG		40		7,910
Porsche Automobil Holding SE Preference Shares		49		3,927
RWE AG		186		7,250
SAP SE		599		43,207
Siemens AG		102		12,160
Telefonica Deutschland Holding AG (a)		1,746		9,131
ThyssenKrupp AG (a)		83		2,178
United Internet AG		62		2,639
Volkswagen AG		24		4,981
Volkswagen AG Preference Shares		33		6,853
				411,400
HONG KONG — 4.5%
AIA Group, Ltd.		2,800		14,478
BOC Hong Kong Holdings, Ltd.		5,500		17,530
Cheung Kong Infrastructure Holdings, Ltd.		2,000		14,037
CLP Holdings, Ltd.		3,000		24,089
Galaxy Entertainment Group, Ltd.		2,000		11,616
Hang Seng Bank, Ltd.		2,400		38,542
HKT Trust/HKT, Ltd.		3,540		4,276
Hong Kong & China Gas Co., Ltd.		4,400		9,542
Hong Kong Exchanges and Clearing, Ltd.		600		12,912
Li & Fung, Ltd.		4,000		4,543
MTR Corp., Ltd.		4,500		17,617
New World Development Co., Ltd.		2,000		2,328
Noble Group, Ltd.		3,000		3,058
Power Assets Holdings, Ltd.		3,000		26,523
Sands China, Ltd.		1,600		8,345
SJM Holdings, Ltd.		1,000		1,906
Sun Hung Kai Properties, Ltd.		1,000		14,179
Swire Pacific, Ltd.		500		6,439
Techtronic Industries Co.		1,000		2,891
The Link REIT		3,500		20,170
Wynn Macau, Ltd.		800		2,545
Yue Yuen Industrial Holdings, Ltd.		1,000		3,033
				260,599
IRELAND — 0.5%
CRH PLC		98		2,242
James Hardie Industries PLC		252		2,639
Kerry Group PLC (Class A)		268		18,898
Ryanair Holdings PLC (a)		573		5,449
				29,228
ISRAEL — 0.7%
Bank Hapoalim BM		2,346		13,225
Bank Leumi Le-Israel BM (a)		1,313		5,317
Israel Chemicals, Ltd.		277		1,992
Mizrahi Tefahot Bank, Ltd. (a)		411		4,911
NICE Systems, Ltd.		64		2,592
Teva Pharmaceutical Industries, Ltd.		279		15,046
				43,083
ITALY — 1.3%
Assicurazioni Generali SpA		258		5,430
Banco Popolare SC (a)		149		2,189
Enel SpA		1,946		10,330
ENI SpA		632		15,065
Exor SpA		72		2,796
Fiat SpA (a)		508		4,903
Intesa Sanpaolo SpA		2,705		8,221
Luxottica Group SpA		73		3,801
Saipem SpA (a)		96		2,042
Snam Rete Gas SpA		454		2,512
Telecom Italia SpA		7,788		6,921
UBI Banca ScPA		311		2,617

See accompanying notes to financial statements.

275

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
UniCredit SpA		797	$	6,303
				73,130
JAPAN — 18.3%
ABC-Mart, Inc.		100		5,105
Aeon Co., Ltd.		300		2,987
Aisin Seiki Co., Ltd.		100		3,605
ANA Holdings, Inc.		4,000		9,302
Aozora Bank, Ltd.		1,000		3,382
Asahi Breweries, Ltd.		100		2,893
Asahi Glass Co., Ltd.		1,000		5,421
Astellas Pharma, Inc.		800		11,909
Benesse Holdings, Inc.		200		6,564
Bridgestone Corp.		100		3,302
Calbee, Inc.		200		6,545
Canon, Inc.		200		6,510
Chubu Electric Power Co., Inc. (a)		200		2,295
Chugai Pharmaceutical Co., Ltd.		200		5,789
Daihatsu Motor Co., Ltd.		200		3,174
Daiichi Sankyo Co., Ltd.		200		3,138
Daikin Industries, Ltd.		100		6,197
Daito Trust Construction Co., Ltd.		100		11,810
DeNA Co., Ltd.		100		1,272
Denso Corp.		100		4,608
Dentsu, Inc.		100		3,806
East Japan Railway Co.		200		14,987
Eisai Co., Ltd.		500		20,215
Electric Power Development Co., Ltd.		100		3,268
FamilyMart Co., Ltd.		200		7,630
Fuji Heavy Industries, Ltd.		400		13,222
FUJIFILM Holdings Corp.		100		3,072
Fujitsu, Ltd.		1,000		6,153
Fukuoka Financial Group, Inc.		1,000		4,768
Hino Motors, Ltd.		200		2,797
Hisamitsu Pharmaceutical Co., Inc.		100		3,592
Hitachi, Ltd.		1,000		7,635
Honda Motor Co., Ltd.		300		10,392
Hoya Corp.		200		6,717
Idemitsu Kosan Co., Ltd.		100		2,122
Inpex Corp.		200		2,825
Isuzu Motors, Ltd.		500		7,065
ITOCHU Corp.		700		8,551
Japan Airlines Co., Ltd.		400		10,939
Japan Prime Realty Investment Corp.		1		3,601
Japan Real Estate Investment Corp.		2		10,283
Japan Retail Fund Investment Corp.		4		8,059
Japan Tobacco, Inc.		600		19,511
JFE Holdings, Inc.		200		3,990
JX Holdings, Inc.		1,400		6,452
Kakaku.com, Inc.		200		2,841
Kao Corp.		400		15,594
KDDI Corp.		200		12,021
Kirin Holdings Co., Ltd.		200		2,656
Kobe Steel, Ltd.		2,000		3,245
Komatsu, Ltd.		200		4,625
Kyocera Corp.		100		4,659
Lawson, Inc.		200		13,984
M3, Inc.		200		3,209
Marubeni Corp.		1,000		6,844
McDonald’s Holdings Co. (Japan), Ltd.		200		4,946
Miraca Holdings, Inc.		100		4,134
Mitsubishi Chemical Holdings Corp.		700		3,443
Mitsubishi Corp.		600		12,285
Mitsubishi Heavy Industries, Ltd.		1,000		6,432
Mitsubishi Materials Corp.		1,000		3,236
Mitsubishi Motors Corp.		300		3,640
Mitsubishi Tanabe Pharma Corp.		700		10,268
Mitsubishi UFJ Financial Group, Inc.		4,100		23,181
Mitsui & Co., Ltd.		600		9,460
Mizuho Financial Group, Inc.		8,700		15,537
MS&AD Insurance Group Holdings, Inc.		100		2,181
Nagoya Railroad Co., Ltd.		1,000		4,011
NEC Corp.		1,000		3,455
Nippon Building Fund, Inc.		2		10,520
Nippon Express Co., Ltd.		1,000		4,184
Nippon Prologis REIT, Inc.		4		9,302
Nippon Steel & Sumitomo Metal Corp.		1,000		2,595
Nippon Telegraph & Telephone Corp.		400		24,873
Nippon Yusen K.K.		1,000		2,635
Nissan Motor Co., Ltd.		700		6,822
Nissin Foods Holding Co., Ltd.		200		10,392
Nitori Holding Co., Ltd.		300		18,570
Nomura Holdings, Inc.		600		3,576
Nomura Research Institute, Ltd.		100		3,232
NTT DoCoMo, Inc.		1,800		30,037
Oracle Corp.		100		3,902
Oriental Land Co., Ltd.		100		18,902
ORIX Corp.		200		2,759
Osaka Gas Co., Ltd.		2,000		8,035
Otsuka Holdings Co., Ltd.		800		27,567
Panasonic Corp.		400		4,757
Park24 Co., Ltd.		400		6,381
Resona Holdings, Inc.		900		5,074
Ricoh Co., Ltd.		200		2,148
Sankyo Co., Ltd.		200		7,165
Santen Pharmaceutical Co., Ltd.		100		5,597
Secom Co., Ltd.		200		11,911
Sega Sammy Holdings, Inc.		200		3,218
Sekisui House, Ltd.		200		2,356
Seven & I Holdings Co., Ltd.		100		3,878
Seven Bank, Ltd.		700		2,852
Shimamura Co., Ltd.		100		9,189
Shin-Etsu Chemical Co., Ltd.		100		6,535
Shionogi & Co., Ltd.		400		9,175
Softbank Corp.		100		7,009
Sompo Japan Nipponkoa Holdings, Inc.		100		2,426
Sony Corp.		300		5,445
Sumitomo Chemical Co., Ltd.		1,000		3,564
Sumitomo Corp.		500		5,518
Sumitomo Electric Industries, Ltd.		200		2,955
Sumitomo Mitsui Financial Group, Inc.		400		16,303
Sumitomo Mitsui Trust Holdings, Inc.		1,000		4,162
Suntory Beverage & Food, Ltd.		300		10,639
Suzuken Co., Ltd.		100		2,881
Suzuki Motor Corp.		100		3,314
Sysmex Corp.		100		4,020
T&D Holdings, Inc.		200		2,568
Takeda Pharmaceutical Co., Ltd.		600		26,080
The Bank of Yokohama, Ltd.		3,000		16,497

See accompanying notes to financial statements.

276

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
The Chiba Bank, Ltd.		2,000	$	13,911
The Chugoku Bank, Ltd.		500		7,343
The Dai-ichi Life Insurance Co., Ltd.		200		2,968
The Gunma Bank, Ltd.		1,000		5,761
The Iyo Bank, Ltd.		400		4,048
The Kansai Electric Power Co., Inc. (a)		300		2,835
The Tokyo Electric Power Co., Inc. (a)		700		2,450
Tobu Railway Co., Ltd.		1,000		5,032
Tohoku Electric Power Co., Inc.		200		2,272
Tokio Marine Holdings, Inc.		100		3,102
Tokyo Gas Co., Ltd.		3,000		16,860
TonenGeneral Sekiyu K.K.		1,000		8,742
Toray Industries, Inc.		1,000		6,609
Toshiba Corp.		1,000		4,633
Toyota Industries Corp.		100		4,832
Toyota Motor Corp.		400		23,567
Toyota Tsusho Corp.		100		2,436
Trend Micro, Inc.		100		3,382
Unicharm Corp.		600		13,677
United Urban Investment Corp.		6		9,206
USS Co., Ltd.		800		12,252
West Japan Railway Co.		500		22,378
Yahoo! Japan Corp.		800		3,041
Yamada Denki Co., Ltd.		700		2,042
Yamato Holdings Co., Ltd.		500		9,305
				1,047,551
LUXEMBOURG — 0.7%
Altice SA (a)		51		2,701
ArcelorMittal		280		3,855
RTL Group SA (a)		26		2,230
SES SA		683		23,619
Tenaris SA		240		5,503
				37,908
NETHERLANDS — 2.2%
Aegon NV		547		4,514
Airbus Group NV		66		4,154
Akzo Nobel NV		34		2,330
ASML Holding NV		31		3,087
CNH Industrial NV		232		1,846
Gemalto NV		38		3,489
Heineken NV		36		2,694
ING Groep NV (a)		881		12,587
Koninklijke (Royal) KPN NV (a)		736		2,359
Koninklijke Ahold NV		520		8,421
Koninklijke Boskalis Westminster NV		48		2,703
Koninklijke DSM NV		35		2,160
Koninklijke Philips NV		114		3,639
QIAGEN NV (a)		111		2,528
Reed Elsevier NV		471		10,692
Unilever NV		1,441		57,395
Ziggo NV (a)		53		2,483
				127,081
NEW ZEALAND — 0.2%
Auckland International Airport, Ltd.		2,380		7,142
Ryman Healthcare, Ltd.		367		2,234
				9,376
NORWAY — 0.7%
DnB NOR ASA		185		3,465
Gjensidige Forsikring ASA		134		2,835
Norsk Hydro ASA		459		2,568
Seadrill, Ltd.		69		1,851
Statoil ASA		478		13,039
Telenor ASA		665		14,599
Yara International ASA		52		2,612
				40,969
PORTUGAL — 0.1%
EDP — Energias de Portugal SA		613		2,676
Jeronimo Martins SGPS SA		169		1,861
				4,537
SINGAPORE — 2.9%
ComfortDelGro Corp., Ltd.		2,000		3,764
DBS Group Holdings, Ltd.		2,031		29,335
Keppel Corp., Ltd.		1,000		8,233
Oversea-Chinese Banking Corp., Ltd.		3,375		25,776
SembCorp Industries, Ltd.		1,000		4,062
SembCorp Marine, Ltd.		1,000		2,933
Singapore Airlines, Ltd.		2,000		15,432
Singapore Exchange, Ltd.		1,000		5,669
Singapore Press Holdings, Ltd.		3,000		9,880
Singapore Technologies Engineering Ltd.		1,000		2,862
Singapore Telecommunications, Ltd.		9,000		26,817
StarHub, Ltd.		2,000		6,461
United Overseas Bank, Ltd.		1,000		17,565
Wilmar International, Ltd.		1,000		2,423
Yangzijiang Shipbuilding Holdings, Ltd.		3,000		2,776
				163,988
SPAIN — 1.6%
ACS, Actividades de Construccion y Servicios SA		64		2,459
Banco Bilbao Vizcaya Argentaria SA		944		11,390
Banco de Sabadell SA		780		2,310
Banco Popular Espanol SA		374		2,290
Banco Santander SA		2,248		21,614
CaixaBank SA		428		2,604
Gas Natural SDG SA		89		2,621
Iberdrola SA		1,159		8,301
Inditex SA		645		17,824
Repsol SA		234		5,557
Telefonica SA		874		13,530
Zardoya Otis SA		145		1,799
				92,299
SWEDEN — 2.0%
Alfa Laval AB		174		3,727
Assa Abloy AB (Class B)		155		8,012
Atlas Copco AB (Class A)		644		18,493
Elekta AB (Class B)		187		1,846
Hennes & Mauritz AB (Class B)		627		26,051
Industrivarden AB		121		2,117
Investor AB (Class B)		142		5,027
Kinnevik Investment AB (Class B)		120		4,340
Nordea Bank AB		536		6,982
Sandvik AB		171		1,931
Skandinaviska Enskilda Banken AB (Class A)		260		3,477

See accompanying notes to financial statements.

277

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Skanska AB (Class B)		248	$	5,137
Svenska Cellulosa AB (Class B)		87		2,077
Svenska Handelsbanken AB (Class A)		77		3,627
Swedbank AB (Class A)		146		3,680
Telefonaktiebolaget LM Ericsson (Class B)		358		4,549
TeliaSonera AB		1,202		8,324
Volvo AB (Class B)		234		2,547
				111,944
SWITZERLAND — 13.1%
ABB, Ltd. (a)		1,089		24,481
Actelion, Ltd. (a)		58		6,817
Adecco SA (a)		32		2,172
Barry Callebaut AG (a)		7		7,780
Cie Financiere Richemont SA		257		21,074
Credit Suisse Group AG (a)		293		8,117
EMS-Chemie Holding AG		13		5,405
Geberit AG		24		7,756
Givaudan SA (a)		19		30,384
Holcim, Ltd. (a)		31		2,260
Julius Baer Group, Ltd. (a)		422		18,925
Kuehne & Nagel International AG		75		9,466
Lindt & Spruengli AG		2		9,986
Nestle SA		1,869		137,412
Novartis AG		1,386		130,767
Partners Group Holding AG		38		10,002
Roche Holding AG		471		139,550
Schindler Holding AG (b)		27		3,662
Schindler Holding AG (b)		17		2,267
SGS SA		9		18,659
Sika AG		1		3,466
Sulzer AG		17		2,091
Swiss Life Holding AG (a)		11		2,627
Swiss Prime Site AG (a)		188		13,950
Swiss Re AG (a)		381		30,364
Swisscom AG		60		34,066
Syngenta AG		80		25,478
The Swatch Group AG (b)		15		7,129
The Swatch Group AG (b)		40		3,500
Transocean, Ltd.		59		1,907
UBS AG (a)		511		8,910
Zurich Insurance Group AG (a)		75		22,355
				752,785
UNITED KINGDOM — 25.1%
Aberdeen Asset Management PLC		632		4,103
Admiral Group PLC		237		4,929
AMEC PLC		167		2,989
Anglo American PLC		305		6,843
ASOS PLC (a)		37		1,350
Associated British Foods PLC		266		11,553
AstraZeneca PLC		944		67,971
Aviva PLC		371		3,149
Babcock International Group PLC		807		14,286
BAE Systems PLC		2,319		17,726
Barclays PLC		4,596		16,947
BG Group PLC		1,656		30,605
BHP Billiton PLC		1,180		32,807
BP PLC		7,875		57,890
British American Tobacco PLC		1,402		79,141
British Sky Broadcasting Group PLC		1,566		22,392
BT Group PLC		885		5,446
Bunzl PLC		391		10,205
Burberry Group PLC		281		6,883
Capita PLC		577		10,888
Centrica PLC		7,682		38,332
Cobham PLC		687		3,242
Compass Group PLC		2,680		43,295
Croda International PLC		89		2,962
Diageo PLC		1,977		57,210
Direct Line Insurance Group PLC		1,854		8,843
easyJet PLC		96		2,215
G4S PLC		732		2,975
GKN PLC		391		2,023
GlaxoSmithKline PLC		3,356		76,875
Glencore PLC (a)		2,175		12,101
Hargreaves Lansdown PLC		156		2,390
HSBC Holdings PLC		5,266		53,450
ICAP PLC		385		2,417
IMI PLC		183		3,649
Imperial Tobacco Group PLC		817		35,284
Inmarsat PLC		205		2,330
Intertek Group PLC		240		10,198
ITV PLC		2,331		7,853
J Sainsbury PLC		1,722		7,021
Johnson Matthey PLC		121		5,726
Kingfisher PLC		360		1,890
Land Securities Group PLC		248		4,177
Legal & General Group PLC		2,879		10,683
Lloyds Banking Group PLC (a)		5,105		6,362
London Stock Exchange Group PLC		120		3,634
Marks & Spencer Group PLC		1,471		9,649
Meggitt PLC		472		3,453
National Grid PLC		2,383		34,305
Next PLC		198		21,201
Old Mutual PLC		759		2,236
Pearson PLC		127		2,553
Petrofac, Ltd.		183		3,077
Prudential PLC		248		5,532
Reckitt Benckiser Group PLC		751		65,135
Reed Elsevier PLC		1,800		28,831
Rexam PLC		550		4,385
Rio Tinto PLC		780		38,333
Rolls-Royce Holdings PLC (a)		1,067		16,684
Royal Bank of Scotland Group PLC (a)		449		2,680
Royal Dutch Shell PLC (Class A)		661		25,273
Royal Dutch Shell PLC (Class B)		1,593		62,935
Royal Mail PLC		422		2,683
RSA Insurance Group PLC (a)		300		2,356
SABMiller PLC		426		23,674
Schroders PLC		70		2,713
Shire PLC		279		24,153
Smith & Nephew PLC		1,211		20,417
Smiths Group PLC		257		5,266
Sports Direct International PLC (a)		203		2,035
SSE PLC		1,337		33,531
Standard Chartered PLC		497		9,189
Standard Life PLC		380		2,553
Tate & Lyle PLC		295		2,829

See accompanying notes to financial statements.

278

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Tesco PLC		6,076	$	18,341
The Sage Group PLC		688		4,076
The Weir Group PLC		117		4,746
Tui Travel PLC		367		2,315
Tullow Oil PLC		175		1,828
Unilever PLC		1,319		55,275
United Utilities Group PLC		493		6,458
Vodafone Group PLC		12,257		40,615
Whitbread PLC		93		6,263
William Hill PLC		530		3,177
William Morrison Supermarkets PLC		703		1,918
Wolseley PLC		149		7,831
WPP PLC		670		13,469
				1,439,213
TOTAL COMMON STOCKS —
(Cost $6,006,242)				5,693,459
RIGHTS — 0.0% (c)
SPAIN — 0.0% (c)
Banco Bilbao Vizcaya Argentaria SA (expiring 10/13/14) (a)		1,452		94
Banco Popular Espanol SA (expiring 10/13/14) (a)		374		5
TOTAL RIGHTS —
(Cost $101)				99
SHORT TERM INVESTMENT — 0.0% (c)
UNITED STATES — 0.0% (c)
MONEY MARKET FUND — 0.0% (c)
State Street Institutional Liquid Reserves Fund 0.09% (d)(e) (Cost $1,339)		1,339		1,339
TOTAL INVESTMENTS — 99.4%
(Cost $6,007,682)				5,694,897
OTHER ASSETS & LIABILITIES — 0.6%				33,033
NET ASSETS — 100.0%			$	5,727,930

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

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

279

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.2%
BRAZIL — 7.4%
AES Tiete SA Preference Shares		1,100	$	9,677
AMBEV SA ADR		10,094		66,116
Banco Bradesco SA		300		4,286
Banco Bradesco SA Preference Shares		1,000		14,223
Banco do Brasil SA		900		9,295
Banco do Estado do Rio Grande do Sul SA Preference Shares		300		1,800
Banco Santander Brazil SA ADS ADR		499		3,264
BB Seguridade Participacoes SA		1,800		23,661
BM&FBOVESPA SA		600		2,741
BR Malls Participacoes SA		200		1,578
BR Properties SA		200		1,061
Bradespar SA Preference Shares		200		1,463
BRF — Brasil Foods SA ADR		199		4,734
CCR SA		1,200		8,220
Centrais Eletricas Brasileiras SA ADR		499		1,347
Centrais Eletricas Brasileiras SA ADR preferred shares		299		1,244
CETIP SA — Balcao Organizado de Ativos e Derivativos		400		4,948
Cia de Saneamento Basico do Estado de Sao Paulo ADR		199		1,614
Cia Paranaense de Energia, ADR		100		1,367
Cielo SA		2,500		40,823
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		100		4,361
Companhia Energetica de Minas Gerais ADR		1,695		10,560
Companhia Energetica de Sao Paulo Preference Shares		100		1,069
Companhia Siderurgica Nacional SA ADR		598		2,123
Cosan SA Industria e Comercio		100		1,606
CPFL Energia SA ADR		100		1,555
Cyrela Brazil Realty SA		200		1,008
EcoRodovias Infraestrutura e Logistica SA		1,800		8,862
Embraer SA, ADR		50		1,961
Estacio Participacoes SA		200		2,077
Fibria Celulose SA ADR (a)		199		2,189
Gerdau SA Preference Shares		600		2,885
Investimentos Itau SA Preference Shares		1,800		6,812
Itau Unibanco Holding SA Preference Shares ADR		1,206		16,739
JBS SA		600		2,241
Klabin SA		300		1,450
Kroton Educacional SA		400		2,511
Lojas Renner SA		200		5,803
M Dias Branco SA		100		3,985
Metalurgica Gerdau SA Preference Shares		400		2,311
Natura Cosmeticos SA		600		9,058
Oi SA ADR (a)		2,094		1,466
Petroleo Brasileiro SA ADR		1,296		18,390
Petroleo Brasileiro SA ADR		1,944		28,946
Porto Seguro SA		200		2,320
Souza Cruz SA		1,800		14,476
Telefonica Brasil SA ADR		199		3,916
Tim Participacoes SA ADR		60		1,572
Totvs SA		800		12,159
Tractebel Energia SA		1,500		21,071
Transmissora Alianca de Energia Electrica SA		600		4,794
Ultrapar Participacoes SA ADR		499		10,539
Usinas Siderurgicas de Minas Gerais SA Preference Shares (a)		400		1,040
Vale SA ADR		1,197		13,179
Vale SA Preference Shares ADR		1,296		12,584
Via Varejo SA (a)		200		1,993
				443,073
CHILE — 2.0%
AES Gener SA		6,447		3,405
Aguas Andinas SA Class A		22,559		13,161
Banco de Chile ADR		359		26,555
Banco de Credito e Inversiones		154		8,739
Banco Santander Chile ADR		62		1,370
Cencosud SA ADR		238		2,144
Cia Cervecerias Unidas SA, ADR		203		4,472
Colbun SA		48,827		12,384
Corpbanca SA ADR		428		8,226
Empresa Nacional de Electricidad SA ADR		301		13,232
Empresas CMPC SA		723		1,712
Empresas COPEC SA		198		2,433
Enersis SA ADR		164		2,588
ENTEL Chile SA		240		2,723
Latam Airlines Group SA ADR (a)		130		1,478
SACI Falabella		460		3,469
Sociedad Quimica y Minera de Chile SA ADR		190		4,967
Vina Concha y Toro SA ADR		138		5,484
				118,542
CHINA — 12.5%
Agricultural Bank of China, Ltd. (Class H)		35,000		15,505
Air China, Ltd.		2,000		1,265
Aluminum Corp. of China, Ltd. (Class H) (a)		4,000		1,628
Anhui Conch Cement Co., Ltd. (Class H)		500		1,597
Anta Sports Products, Ltd.		2,000		4,075
Bank of China, Ltd. (Class H)		124,000		55,572
Bank of Communications Co., Ltd. (Class H)		13,000		9,057
BBMG Corp. (Class H)		2,500		1,732
Brilliance China Automotive Holdings, Ltd.		6,000		10,478
China Agri-Industries Holdings, Ltd.		4,000		1,520
China Bluechemical, Ltd. (Class H)		6,000		2,604
China Cinda Asset Management Co. Ltd. (Class H) (a)		3,000		1,321
China Citic Bank Corp., Ltd. (Class H)		13,000		7,885
China Coal Energy Co., Ltd. (Class H)		4,000		2,339
China Communications Construction Co., Ltd. (Class H)		6,000		4,327
China Communications Services Corp., Ltd. (Class H)		14,000		6,509
China Construction Bank Corp.		91,000		63,752
China Everbright Bank Co., Ltd. (Class H)		3,000		1,402
China Life Insurance Co., Ltd. (Class H)		4,000		11,101

See accompanying notes to financial statements.

280

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
China Longyuan Power Group Corp. (Class H)		1,000	$	977
China Merchants Bank Co., Ltd. (Class H)		4,000		6,841
China Minsheng Banking Corp., Ltd. (Class H)		7,800		7,132
China National Building Material Co., Ltd. (Class H)		4,000		3,627
China Pacific Insurance Group Co., Ltd. (Class H)		1,600		5,625
China Petroleum & Chemical Corp. (Class H)		38,000		33,277
China Railway Construction Corp., Ltd. (Class H)		3,000		2,728
China Railway Group, Ltd. (Class H)		6,000		3,183
China Shenhua Energy Co., Ltd. (Class H)		7,000		19,517
China Telecom Corp., Ltd. (Class H)		16,000		9,808
China Vanke Co., Ltd. (Class H) (a)		1,700		3,004
Chongqing Rural Commercial Bank Co., Ltd. (Class H)		3,000		1,360
Country Garden Holdings Co., Ltd.		4,000		1,509
Datang International Power Generation Co., Ltd. (Class H)		4,000		2,086
Dongfeng Motor Group Co., Ltd. (Class H)		6,000		9,860
Great Wall Motor Co., Ltd. (Class H)		2,500		9,707
Guangzhou Automobile Group Co., Ltd. (Class H)		2,000		1,934
Guangzhou R&F Properties Co., Ltd. (Class H)		1,200		1,213
Haitian International Holdings, Ltd.		1,000		2,272
Hengan International Group Co., Ltd.		3,000		29,497
Huaneng Power International, Inc. (Class H)		4,000		4,368
Industrial & Commercial Bank of China (Class H)		89,000		55,474
Inner Mongolia Yitai Coal Co., Ltd. (Class B)		5,000		8,505
Jiangsu Expressway Co., Ltd. (Class H)		12,000		12,657
Jiangxi Copper Co., Ltd. (Class H)		2,000		3,292
Kingsoft Corp., Ltd.		1,000		2,377
Longfor Properties Co., Ltd.		1,500		1,715
New China Life Insurance Co., Ltd. (Class H)		500		1,742
Nine Dragons Paper Holdings, Ltd.		2,000		1,440
People’s Insurance Co. Group of China, Ltd. (Class H)		4,000		1,633
PetroChina Co., Ltd. (Class H)		18,000		23,065
PICC Property & Casualty Co., Ltd. (Class H)		2,000		3,544
Ping An Insurance Group Co. of China, Ltd. (Class H)		500		3,754
Shanghai Electric Group Co., Ltd. (Class H)		4,000		2,127
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H)		7,100		17,354
Shenzhou International Group Holdings, Ltd.		4,000		12,878
Sihuan Pharmaceutical Holdings Group, Ltd.		16,000		11,992
Sinopec Engineering Group Co., Ltd. (Class H)		4,500		4,851
Sinopec Shanghai Petrochemical Co., Ltd. (Class H)		6,000		1,978
Sinopharm Group Co., Ltd. (Class H)		800		2,926
Soho China, Ltd.		16,500		11,942
Tencent Holdings, Ltd.		8,277		123,114
Tingyi Cayman Islands Holding Corp.		6,000		15,763
Tsingtao Brewery Co., Ltd. (Class H)		2,000		14,243
Want Want China Holdings, Ltd.		14,000		17,452
Yanzhou Coal Mining Co., Ltd. (Class H)		2,000		1,641
Zhejiang Expressway Co., Ltd. (Class H)		14,000		14,225
Zhuzhou CSR Times Electric Co., Ltd. (Class H)		1,000		3,863
Zijin Mining Group Co., Ltd. (Class H)		6,000		1,460
Zoomlion Heavy Industry Science and Technology Co., Ltd. (Class H)		2,200		1,283
ZTE Corp. (Class H)		1,200		2,661
				744,145
COLOMBIA — 1.4%
Almacenes Exito SA		263		3,862
Banco Davivienda SA Preference Shares		887		12,813
BanColombia SA ADR		47		2,666
Corp Financiera Colombiana SA		252		4,993
Ecopetrol SA ADR		771		24,109
Grupo Argos SA		612		6,882
Grupo Argos SA/Colombia Preference Shares		397		4,425
Grupo de Inversiones Suramericana SA		200		4,027
Grupo de Inversiones Suramericana SA Preference Shares		891		17,876
				81,653
CZECH REPUBLIC — 0.3%
CEZ AS		109		3,314
Komercni Banka AS		8		1,903
O2 Czech Republic AS		994		14,288
				19,505
EGYPT — 0.5%
Commercial International Bank Egypt SAE GDR		3,959		27,238
Telecom Egypt		1,209		2,325
				29,563
GREECE — 0.3%
Alpha Bank AE (a)		1,782		1,382
FF Group (a)		76		2,828
Hellenic Telecommunications Organization SA (a)		152		1,997
National Bank of Greece SA (a)		609		1,785
OPAP SA		431		5,635
Piraeus Bank SA (a)		917		1,552
Public Power Corp. SA (a)		119		1,413
				16,592
HONG KONG — 8.8%
AAC Technologies Holdings, Inc.		2,500		14,520
Agile Property Holdings, Ltd.		2,000		1,229
Beijing Enterprises Holdings, Ltd.		2,000		17,141
Belle International Holdings, Ltd.		9,000		10,118
Biostime International Holdings, Ltd.		500		1,555

See accompanying notes to financial statements.

281

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
China Gas Holdings, Ltd.		8,000	$	13,270
China Mengniu Dairy Co., Ltd.		3,000		12,363
China Mobile, Ltd.		15,000		173,372
China Overseas Land & Investment, Ltd.		8,000		20,585
China Pharmaceutical Group, Ltd.		4,000		3,312
China Resources Enterprise, Ltd.		2,000		4,734
China Resources Gas Group, Ltd.		8,000		21,635
China Resources Land, Ltd.		2,000		4,121
China Resources Power Holdings Co., Ltd.		4,000		10,792
China Taiping Insurance Holdings Co., Ltd. (a)		1,000		2,169
China Unicom (Hong Kong), Ltd.		4,000		5,976
CITIC, Ltd.		2,000		3,338
CNOOC, Ltd.		34,000		58,323
COSCO Pacific, Ltd.		2,000		2,653
Evergrande Real Estate Group, Ltd.		6,000		2,256
Fosun International, Ltd.		1,000		1,200
GCL Poly Energy Holdings, Ltd. (a)		5,000		1,835
Geely Automobile Holdings, Ltd.		10,000		4,185
GOME Electrical Appliances Holding, Ltd.		9,000		1,460
Guangdong Investment, Ltd.		16,000		18,689
Haier Electronics Group Co., Ltd.		3,000		7,862
Hanergy Solar Group, Ltd. (a)		46,000		8,471
Kingboard Chemical Holdings, Ltd.		1,000		1,988
Kunlun Energy Co., Ltd.		4,000		5,769
Lenovo Group, Ltd.		26,000		38,707
New World China Land, Ltd.		2,000		1,133
Poly Property Group Co., Ltd.		3,000		1,151
Shimao Property Holdings, Ltd.		1,000		2,025
Sino Biopharmaceutical, Ltd.		16,000		15,928
Sino-Ocean Land Holdings, Ltd.		3,000		1,580
Sun Art Retail Group, Ltd.		22,000		24,875
Uni-President China Holdings, Ltd.		4,000		3,997
Yuexiu Property Co., Ltd.		8,000		1,422
				525,739
HUNGARY — 0.1%
MOL Hungarian Oil and Gas NyRt		50		2,450
OTP Bank PLC		159		2,703
Richter Gedeon NyRt		79		1,237
				6,390
INDIA — 5.7%
Dr. Reddy’s Laboratories, Ltd. ADR		679		35,681
GAIL India Ltd, GDR		552		23,813
HDFC Bank, Ltd. ADR		499		23,243
ICICI Bank, Ltd. ADR		225		11,048
Infosys, Ltd. ADR		1,393		84,263
Larsen & Toubro, Ltd. GDR		732		17,275
Mahindra & Mahindra, Ltd. GDR		1,139		25,263
Reliance Industries, Ltd. GDR (b)		890		27,145
State Bank of India GDR		271		21,409
Tata Motors, Ltd. ADR		515		22,511
Tata Steel, Ltd. GDR		1,556		11,522
Wipro, Ltd. ADR		2,892		35,167
				338,340
INDONESIA — 4.6%
Adaro Energy Tbk PT		13,500		1,302
Astra Agro Lestari Tbk PT		2,500		4,719
Astra International Tbk PT		35,400		20,482
Bank Central Asia Tbk PT		51,400		55,154
Bank Danamon Indonesia Tbk PT		17,000		5,448
Bank Mandiri Tbk PT		25,900		21,415
Bank Negara Indonesia Persero Tbk PT		22,400		10,157
Bank Rakyat Indonesia Persero Tbk PT		23,400		20,020
Bumi Serpong Damai PT		13,000		1,648
Charoen Pokphand Indonesia Tbk PT		14,000		4,872
Gudang Garam Tbk PT		500		2,326
Indo Tambangraya Megah Tbk PT		1,000		2,132
Indocement Tunggal Prakarsa Tbk PT		3,500		6,190
Indofood CBP Sukses Makmur Tbk PT		2,000		1,863
Indofood Sukses Makmur Tbk PT		6,500		3,734
Jasa Marga Persero Tbk PT		20,900		11,063
Kalbe Farma Tbk PT		57,300		7,994
Media Nusantara Citra Tbk PT		9,000		2,360
Perusahaan Gas Negara Persero Tbk PT		27,900		13,738
Semen Indonesia Persero Tbk PT		6,000		7,595
Surya Citra Media Tbk PT		9,500		2,982
Tambang Batubara Bukit Asam Persero Tbk PT		1,500		1,625
Telekomunikasi Indonesia Persero Tbk PT		156,600		37,463
Unilever Indonesia Tbk PT		8,500		22,183
United Tractors Tbk PT		3,000		4,900
				273,365
MALAYSIA — 4.6%
AMMB Holdings Bhd		700		1,466
Astro Malaysia Holdings Bhd		1,500		1,532
Axiata Group Bhd		3,500		7,468
Berjaya Sports Toto Bhd		5,100		5,939
British American Tobacco Malaysia Bhd		300		6,447
CIMB Group Holdings Bhd		2,200		4,714
Digi.Com Bhd		5,900		10,521
Genting Bhd		800		2,314
Genting Malaysia Bhd		1,200		1,529
Hong Leong Bank Bhd		4,200		18,718
IHH Healthcare Bhd		16,900		26,170
IJM Corp. Bhd		700		1,381
IOI Corp. Bhd		6,100		8,944
IOI Properties Group Sdn Bhd		1,800		1,438
Kuala Lumpur Kepong Bhd		200		1,285
Malayan Banking Bhd		11,300		34,308
Maxis Bhd		13,300		26,272
MISC Bhd		800		1,646
Petronas Chemicals Group Bhd		8,200		15,598
Petronas Dagangan Bhd		2,500		15,242
Petronas Gas Bhd		2,900		20,262
PPB Group Bhd		300		1,299
Public Bank Bhd		6,160		35,490
RHB Capital Bhd		608		1,636
Sapurakencana Petroleum Bhd		1,100		1,381
Sime Darby Bhd		3,500		9,762
Telekom Malaysia Bhd		700		1,408
Tenaga Nasional Bhd		2,000		7,548
UMW Holdings Bhd		400		1,495
YTL Corp. Bhd		2,700		1,383
				274,596

See accompanying notes to financial statements.

282

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
MEXICO — 3.8%
Alfa SAB de CV (Class A)		897	$	3,070
America Movil SAB de CV		62,922		79,459
Arca Continental SAB de CV		399		2,736
Cemex SAB de CV (a)		2,992		3,899
Coca-Cola Femsa SAB de CV		399		4,019
Compartamos SAB de CV		1,994		4,265
El Puerto de Liverpool SAB de CV		1,695		19,565
Fibra Uno Administracion SA de CV REIT		698		2,298
Fomento Economico Mexicano SAB de CV		499		4,593
Genomma Lab Internacional SAB de CV (Class B) (a)		1,296		3,114
Grupo Aeroportuario del Pacifico SAB de CV (Class B)		798		5,389
Grupo Aeroportuario del Sureste SAB de CV (Class B)		299		3,864
Grupo Bimbo SAB de CV		499		1,447
Grupo Carso SA de CV		1,097		6,413
Grupo Financiero Banorte SAB de CV		798		5,097
Grupo Financiero Inbursa SA		3,989		11,438
Grupo Financiero Santander Mexico SAB de CV (Class B)		798		2,159
Grupo Mexico SAB de CV		6,182		20,700
Grupo Televisa SA de CV		499		3,385
Industrias Penoles SA de CV		60		1,372
Kimberly-Clark de Mexico SAB de CV (Class A)		2,792		6,590
Mexichem SAB de CV		399		1,663
OHL Mexico SAB de CV (a)		499		1,350
Promotora y Operadora de Infraestructura SAB de CV (a)		399		5,485
Wal-Mart de Mexico SAB de CV		10,071		25,323
				228,693
PERU — 0.7%
Compania de Minas Buenaventura SA ADR		399		4,620
Credicorp, Ltd.		199		30,525
Southern Copper Corp.		299		8,865
				44,010
PHILIPPINES — 1.5%
Aboitiz Equity Ventures, Inc.		1,170		1,405
Aboitiz Power Corp.		4,600		4,177
Bank of the Philippine Islands		7,850		17,142
BDO Unibank, Inc.		1,600		3,496
DMCI Holdings, Inc.		1,310		2,305
International Container Terminal Services, Inc.		3,120		7,675
JG Summit Holdings, Inc.		1,300		1,677
Jollibee Foods Corp.		2,400		10,482
Metropolitan Bank & Trust		2,870		5,551
Philippine Long Distance Telephone Co.		405		27,958
SM Investments Corp.		90		1,611
Universal Robina Corp.		1,370		5,709
				89,188
POLAND — 1.0%
Bank Pekao SA		54		3,172
Bank Zachodni WBK SA		52		6,213
Enea SA		283		1,387
Energa SA		235		1,706
Eurocash SA		168		1,642
Grupa Lotos SA (a)		120		1,022
Jastrzebska Spolka Weglowa SA (a)		99		964
KGHM Polska Miedz SA		145		5,548
Mbank		9		1,339
Orange Polska SA		455		1,604
Polska Grupa Energetyczna SA		498		3,159
Polski Koncern Naftowy Orlen SA		420		5,241
Polskie Gornictwo Naftowe i Gazownictwo SA		1,020		1,561
Powszechna Kasa Oszczednosci Bank Polski SA		405		4,859
Powszechny Zaklad Ubezpieczen SA		115		16,750
Tauron Polska Energia SA		1,272		2,066
				58,233
QATAR — 0.7%
Industries Qatar QSC		70		3,579
Masraf Al Rayan		109		1,667
Ooredoo QSC		134		4,875
Qatar Electricity & Water Co.		278		14,503
Qatar Islamic Bank SAQ		291		9,013
Qatar National Bank SAQ		47		2,617
The Commercial Bank of Qatar QSC		169		3,258
				39,512
RUSSIA — 5.5%
AK Transneft OAO (a)		4		8,730
Alrosa AO		3,893		3,499
Federal Hydrogenerating Co. JSC ADR		1,147		2,065
Gazprom OAO ADR		17,326		121,975
Lukoil OAO ADR		899		45,849
Magnit OJSC GDR		480		27,725
MegaFon OAO GDR		190		4,822
MMC Norilsk Nickel OJSC ADR		209		3,898
Mobile Telesystems OJSC ADR		1,097		16,389
Moscow Exchange MICEX-RTS OAO		1,989		2,916
NovaTek OAO GDR		156		16,255
Rosneft Oil Co. GDR		2,224		12,959
Rostelecom OJSC ADR		130		2,069
Sberbank of Russia ADR		2,418		19,151
Sberbank Preference Shares (a)		1,003		1,460
Severstal OAO GDR		170		1,697
Sistema JSFC GDR		168		1,159
Surgutneftegas OAO ADR		838		5,589
Surgutneftegas OAO ADR Preference Shares		2,543		17,292
Tatneft OAO ADR		167		5,897
Uralkali OJSC GDR		90		1,597
VTB Bank OJSC GDR		3,051		6,075
				329,068
SOUTH AFRICA — 7.8%
African Bank Investments, Ltd. (c)		1,693		46
African Rainbow Minerals, Ltd.		195		2,473
AngloGold Ashanti, Ltd. (a)		239		2,930
Aspen Pharmacare Holdings, Ltd.		359		10,692
Assore, Ltd.		69		1,313
Barclays Africa Group, Ltd.		160		2,183

See accompanying notes to financial statements.

283

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Barloworld, Ltd.		145	$	1,187
Coronation Fund Managers, Ltd.		494		4,226
Discovery, Ltd.		1,036		9,016
Exxaro Resources, Ltd.		111		1,261
FirstRand, Ltd.		6,205		23,627
Gold Fields, Ltd.		507		1,984
Growthpoint Properties, Ltd. REIT		1,378		3,005
Harmony Gold Mining Co., Ltd. (a)		487		1,065
Impala Platinum Holdings, Ltd. (a)		206		1,586
Imperial Holdings, Ltd.		359		5,527
Investec, Ltd.		173		1,453
Kumba Iron Ore, Ltd.		154		3,633
Liberty Holdings, Ltd.		397		4,330
Life Healthcare Group Holdings, Ltd.		6,161		24,288
Massmart Holdings, Ltd.		220		2,390
Medi-Clinic Corp., Ltd.		195		1,588
MMI Holdings, Ltd.		590		1,369
Mr. Price Group, Ltd.		695		13,061
MTN Group, Ltd.		3,076		64,884
Naspers, Ltd.		26		2,865
Nedbank Group, Ltd.		490		9,493
Netcare, Ltd.		1,602		4,482
Pick n Pay Stores, Ltd.		979		4,573
PPC, Ltd.		1,966		5,144
Rand Merchant Insurance Holdings, Ltd.		1,109		3,475
Redefine Properties, Ltd. REIT		7,591		6,531
Remgro, Ltd.		763		15,399
RMB Holdings, Ltd.		1,345		6,750
Sanlam, Ltd.		3,274		18,923
Sappi, Ltd. (a)		439		1,728
Sasol, Ltd.		1,187		64,439
Shoprite Holdings, Ltd.		1,495		18,521
Standard Bank Group, Ltd.		2,280		26,365
Steinhoff International Holdings, Ltd.		702		3,360
The Bidvest Group, Ltd.		737		18,643
The Foschini Group, Ltd.		566		5,871
The Spar Group, Ltd.		835		9,281
Tiger Brands, Ltd.		401		11,195
Truworths International, Ltd.		1,480		8,901
Vodacom Group, Ltd.		1,474		16,960
Woolworths Holdings, Ltd.		1,729		10,698
				462,714
SOUTH KOREA — 14.5%
Amorepacific Corp.		17		38,535
AMOREPACIFIC Group		6		6,647
BS Financial Group, Inc.		140		2,242
Cheil Communications, Inc. (a)		140		2,965
CJ CheilJedang Corp.		17		6,243
CJ Corp.		16		2,638
Coway Co., Ltd.		90		7,190
Daelim Industrial Co., Ltd.		24		1,717
Daewoo International Corp.		50		1,779
Daewoo Securities Co., Ltd. (a)		180		1,834
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		80		1,539
DGB Financial Group, Inc.		130		2,070
Dongbu Insurance Co., Ltd.		341		19,227
Doosan Corp.		12		1,177
Doosan Heavy Industries & Construction Co., Ltd.		60		1,481
Doosan Infracore Co., Ltd. (a)		120		1,262
E-Mart Co., Ltd.		28		6,116
GS Engineering & Construction Corp. (a)		40		1,389
GS Holdings		50		1,909
Halla Visteon Climate Control Corp.		70		3,396
Hana Financial Group, Inc.		320		11,675
Hankook Tire Co., Ltd.		40		1,952
Hanwha Chemical Corp.		80		1,039
Hanwha Corp.		90		2,512
Hanwha Life Insurance Co., Ltd.		230		1,547
Hyosung Corp.		25		1,791
Hyundai Department Store Co., Ltd.		12		1,825
Hyundai Engineering & Construction Co., Ltd.		48		2,743
Hyundai Glovis Co., Ltd.		23		7,018
Hyundai Heavy Industries Co., Ltd.		51		6,645
Hyundai Marine & Fire Insurance Co., Ltd.		550		15,167
Hyundai Mobis Co., Ltd.		137		33,366
Hyundai Motor Co, GDR		98		5,547
Hyundai Motor Co.		101		18,233
Hyundai Motor Co. Preference Shares		28		3,131
Hyundai Steel Co.		58		4,078
Hyundai Wia Corp.		41		8,353
Industrial Bank of Korea		250		3,779
Kangwon Land, Inc.		570		19,365
KB Financial Group, Inc. ADR		434		15,719
KCC Corp.		3		2,044
Kia Motors Corp.		222		11,297
Korea Electric Power Corp. ADR		598		13,419
Korea Gas Corp. (a)		40		2,085
Korea Investment Holdings Co., Ltd.		40		2,100
Korea Zinc Co., Ltd.		15		5,544
Korean Air Lines Co., Ltd. (a)		50		1,706
KT Corp. ADR		957		15,513
KT&G Corp.		538		48,179
LG Chem, Ltd.		22		5,327
LG Chem, Ltd. Preference Shares		10		1,554
LG Corp.		55		4,003
LG Display Co., Ltd. ADR (a)		419		6,599
LG Electronics, Inc.		84		5,230
LG Household & Health Care, Ltd.		19		9,129
LG Uplus Corp.		190		2,224
Lotte Chemical Corp.		14		1,864
Lotte Shopping Co., Ltd.		20		5,989
LS Uplus Corp.		23		1,456
NAVER Corp.		63		48,179
NCSoft Corp.		25		3,186
OCI Co., Ltd. (a)		9		1,109
ORION Corp.		9		7,463
POSCO ADR		263		19,962
S-Oil Corp.		45		1,825
S1 Corp.		162		12,512
Samsung C&T Corp.		72		5,158
Samsung Card Co., Ltd.		40		1,979
Samsung Electro-Mechanics Co., Ltd.		55		2,580
Samsung Electronics Co., Ltd. GDR		271		151,895

See accompanying notes to financial statements.

284

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Samsung Electronics Co., Ltd. GDR Preference Shares		84	$	35,902
Samsung Engineering Co., Ltd. (a)		18		1,027
Samsung Fire & Marine Insurance Co., Ltd.		65		17,401
Samsung Heavy Industries Co., Ltd.		140		3,350
Samsung Life Insurance Co., Ltd.		138		13,862
Samsung SDI Co., Ltd.		105		12,189
Samsung Securities Co., Ltd.		40		1,672
Samsung Techwin Co., Ltd.		26		870
Shinhan Financial Group Co., Ltd. ADR		349		15,865
Shinsegae Co., Ltd.		7		1,456
SK C&C Co., Ltd.		46		10,571
SK Holdings Co., Ltd.		74		13,219
SK Hynix, Inc. (a)		180		7,974
SK Innovation Co., Ltd.		91		6,994
SK Networks Co., Ltd. (a)		180		1,808
SK Telecom Co., Ltd. ADR		691		20,965
Woori Finance Holdings Co., Ltd. (a)		440		5,441
Yuhan Corp.		80		14,101
				862,618
SPAIN — 0.0% (d)
Cemex Latam Holdings SA (a)		332		2,960
TAIWAN — 11.8%
Acer, Inc. (a)		3,000		2,110
Advanced Semiconductor Engineering, Inc.		4,000		4,655
Advantech Co., Ltd.		3,298		23,310
Asia Cement Corp.		10,200		13,027
Asustek Computer, Inc.		2,000		19,067
AU Optronics Corp.		9,000		3,802
Cathay Financial Holding Co., Ltd.		2,100		3,421
Chang Hwa Commercial Bank, Ltd.		3,060		1,876
Cheng Shin Rubber Industry Co. Ltd.		1,000		2,206
Chicony Electronics Co., Ltd.		4,020		12,026
China Airlines, Ltd. (a)		20,000		6,706
China Development Financial Holding  Corp.		8,000		2,456
China Life Insurance Co., Ltd.		2,200		1,815
China Steel Corp.		22,440		19,180
Chinatrust Financial Holding Co., Ltd.		7,258		4,879
Chunghwa Telecom Co., Ltd.		11,000		33,160
Compal Electronics, Inc.		6,000		4,487
Delta Electronics, Inc.		4,000		25,247
E.Sun Financial Holding Co., Ltd.		3,267		1,982
Eva Airways Corp. (a)		4,000		2,117
Far Eastern New Century Corp.		2,040		2,055
Far EasTone Telecommunications Co., Ltd.		13,000		24,915
First Financial Holding Co., Ltd		16,050		9,682
Formosa Chemicals & Fibre Corp.		2,000		4,622
Formosa Petrochemical Corp.		4,000		9,704
Formosa Plastics Corp.		4,000		9,481
Formosa Taffeta Co., Ltd.		5,000		4,915
Foxconn Technology Co., Ltd.		5,250		12,979
Fubon Financial Holding Co., Ltd.		2,000		3,070
Giant Manufacturing Co., Ltd.		1,000		7,791
Hon Hai Precision Industry Co., Ltd.		8,960		28,277
HTC Corp. (a)		1,000		4,339
Hua Nan Financial Holdings Co., Ltd.		25,750		15,025
Innolux Corp.		10,751		4,648
Inventec Co., Ltd.		2,000		1,302
Kinsus Interconnect Technology Corp.		2,000		7,429
Lite-On Technology Corp.		13,065		18,833
MediaTek, Inc.		1,000		14,810
Mega Financial Holding Co., Ltd.		6,000		4,921
Nan Ya Plastics Corp.		1,000		2,189
Novatek Microelectronics Corp.		1,000		4,947
Pegatron Corp.		2,000		3,682
Pou Chen Corp.		2,000		2,222
Powertech Technology, Inc. (a)		1,000		1,808
President Chain Store Corp.		3,000		21,499
Quanta Computer, Inc.		2,000		5,076
Radiant Opto-Electronics Corp.		1,000		3,961
Ruentex Industries, Ltd.		1,000		2,226
ScinoPharm Taiwan, Ltd.		2,080		4,267
Shin Kong Financial Holding Co., Ltd.		5,271		1,599
Siliconware Precision Industries Co.		1,000		1,372
Simplo Technology Co., Ltd.		1,000		4,849
SinoPac Financial Holdings Co., Ltd.		4,323		1,855
Standard Foods Corp.		1,090		2,455
Synnex Technology International Corp.		6,000		8,284
Taishin Financial Holdings Co., Ltd.		5,496		2,575
Taiwan Business Bank (a)		5,200		1,535
Taiwan Cement Corp.		6,000		8,935
Taiwan Cooperative Financial Holding Co., Ltd.		43,050		23,209
Taiwan Mobile Co., Ltd.		11,000		33,377
Taiwan Semiconductor Manufacturing Co., Ltd.		39,000		153,849
Teco Electric & Machinery Co., Ltd.		1,000		1,027
Transcend Information, Inc.		2,000		6,640
U-Ming Marine Transport Corp.		5,000		7,610
Uni-President Enterprises Corp.		2,120		3,680
Unimicron Technology Corp.		2,000		1,492
United Microelectronics Corp.		12,000		4,970
Walsin Lihwa Corp. (a)		5,000		1,644
Wistron Corp.		4,080		4,165
WPG Holdings, Ltd.		1,000		1,223
Yuanta Financial Holding Co., Ltd.		4,100		2,022
				706,571
THAILAND — 1.9%
Advanced Info Service PCL		3,200		22,205
Bangkok Bank PCL ADR NVDR		2,300		14,470
Bangkok Dusit Medical Services PCL		12,400		7,075
Banpu PCL		1,600		1,456
BEC World PCL		2,300		3,334
Bumrungrad Hospital PCL		600		2,443
Charoen Pokphand Foods PCL		1,700		1,586
CP ALL PCL		6,900		9,523
Home Product Center PCL		6,300		2,021
IRPC PCL		13,500		1,332
Kasikornbank PCL ADR NVDR		1,600		11,596
Krung Thai Bank PCL		2,700		1,973
PTT Exploration & Production PCL		1,400		6,908
PTT Global Chemical PCL		1,100		2,069
PTT PCL		1,500		16,654
Thai Oil PCL		1,000		1,588
The Siam Cement PCL NVDR		100		1,388

See accompanying notes to financial statements.

285

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
The Siam Commercial Bank PCL		700	$	3,929
				111,550
TURKEY — 0.8%
Akbank TAS		1,116		3,630
Anadolu Efes Biracilik Ve Malt Sanayii AS (a)		119		1,372
BIM Birlesik Magazalar AS		492		10,279
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		1,127		1,176
Eregli Demir ve Celik Fabrikalari TAS		1,011		1,875
Ford Otomotiv Sanayi AS (a)		139		1,594
Haci Omer Sabanci Holding AS		479		2,012
KOC Holding AS		498		2,293
Koza Altin Isletmeleri AS		169		1,256
Tupras-Turkiye Petrol Rafinerileri AS		98		1,966
Turk Hava Yollari Anonim Ortakligi (a)		452		1,282
Turkcell Iletisim Hizmetleri AS (a)		1,605		8,374
Turkiye Garanti Bankasi AS		1,411		4,949
Turkiye Halk Bankasi AS		479		2,877
Turkiye Is Bankasi (Class C)		1,295		2,873
Turkiye Vakiflar Bankasi Tao (Class D)		709		1,312
Yapi ve Kredi Bankasi AS		708		1,387
				50,507
UNITED ARAB EMIRATES — 1.0%
Aldar Properties PJSC		4,872		5,200
DP World, Ltd.		718		14,899
Dubai Financial Market		3,283		3,003
Dubai Islamic Bank PJSC		1,556		3,516
Emaar Properties PJSC		1,943		6,110
First Gulf Bank PJSC		1,148		5,860
National Bank of Abu Dhabi PJSC		4,700		18,491
				57,079
TOTAL COMMON STOCKS —
(Cost $6,023,170)				5,914,206
RIGHTS — 0.0% (d)
CHINA — 0.0% (d)
Country Garden Holdings Co., Ltd. (expiring 10/8/14) (a)		267		15
HONG KONG — 0.0% (d)
Agile Property Holdings, Ltd. (expiring 10/10/14) (a)		400		40
Yuexiu Property Co., Ltd. (expiring 10/14/14) (a)		2,640		41
				81
TOTAL RIGHTS —
(Cost $0)				96
SHORT TERM INVESTMENT — 0.2%
UNITED STATES — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund 0.09% (e)(f) (Cost $9,513)		9,513		9,513
TOTAL INVESTMENTS — 99.4%
(Cost $6,032,683)				5,923,815
OTHER ASSETS & LIABILITIES — 0.6%				34,813
NET ASSETS — 100.0%			$	5,958,628

(a)	Non-income producing security
(b)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.5% of net assets as of September 30, 2014, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(d)	Amount shown represents less than 0.05% of net assets.
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

286

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 1.6%
AGL Energy, Ltd.		86	$	1,019
Amcor, Ltd.		296		2,935
AMP, Ltd.		219		1,046
Aurizon Holdings, Ltd.		235		932
Australia & New Zealand Banking Group, Ltd.		181		4,897
BHP Billiton, Ltd.		192		5,691
Brambles, Ltd.		412		3,432
Cochlear, Ltd.		19		1,156
Commonwealth Bank of Australia		85		5,600
CSL, Ltd.		193		12,526
Flight Centre Travel Group, Ltd.		24		898
Fortescue Metals Group, Ltd.		258		786
Insurance Australia Group, Ltd.		195		1,044
Lend Lease Group		84		1,054
Macquarie Group, Ltd.		20		1,008
National Australia Bank, Ltd.		163		4,641
Newcrest Mining, Ltd. (a)		109		1,006
Orica, Ltd.		57		943
Origin Energy, Ltd.		78		1,022
QBE Insurance Group, Ltd.		110		1,122
REA Group, Ltd.		27		1,023
Rio Tinto, Ltd.		32		1,668
Santos, Ltd.		77		921
Scentre Group (a)		471		1,352
Seek, Ltd.		73		1,035
Suncorp Group, Ltd.		81		995
Telstra Corp., Ltd.		2,662		12,346
Transurban Group		768		5,188
Wesfarmers, Ltd.		62		2,287
Westfield Corp.		106		691
Westpac Banking Corp.		196		5,512
Woodside Petroleum, Ltd.		32		1,137
Woolworths, Ltd.		333		9,977
				96,890
AUSTRIA — 0.1%
Erste Group Bank AG		33		756
OMV AG		30		1,010
Raiffeisen Bank International AG		32		696
Voestalpine AG		23		909
				3,371
BELGIUM — 0.2%
Ageas		26		863
Anheuser-Busch InBev NV		29		3,228
Belgacom SA		72		2,507
Colruyt SA		21		925
Delhaize Group		15		1,044
Groupe Bruxelles Lambert SA		10		917
KBC Groep NV (a)		19		1,012
Solvay SA		7		1,078
Umicore		21		919
				12,493
BRITISH VIRGIN ISLANDS — 0.1%
Michael Kors Holdings, Ltd. (a)		68		4,855
CANADA — 4.8%
Agnico-Eagle Mines, Ltd.		186		5,391
Agrium, Inc.		12		1,069
Alimentation Couche-Tard, Inc. (Class B)		96		3,076
Bank of Montreal		136		10,031
Barrick Gold Corp.		257		3,788
BCE, Inc.		358		15,341
Bombardier, Inc. (Class B)		295		995
Brookfield Asset Management, Inc. (Class A)		33		1,485
Canadian Imperial Bank of Commerce		81		7,291
Canadian National Railway Co.		190		13,518
Canadian Natural Resources, Ltd.		62		2,414
Canadian Oil Sands, Ltd.		120		2,218
Canadian Pacific Railway, Ltd.		7		1,456
Canadian Tire Corp., Ltd. (Class A)		11		1,129
Catamaran Corp. (a)		23		971
Cenovus Energy, Inc.		42		1,132
CI Financial Corp.		40		1,209
Crescent Point Energy Corp.		25		904
Dollarama, Inc.		90		7,651
Enbridge, Inc.		451		21,635
EnCana Corp.		45		958
Fairfax Financial Holdings, Ltd.		12		5,388
First Capital Realty, Inc.		121		1,896
First Quantum Minerals, Ltd.		52		1,006
Franco-Nevada Corp.		141		6,935
Gildan Activewear, Inc.		26		1,425
Goldcorp, Inc.		410		9,473
Great-West Lifeco, Inc.		37		1,066
Husky Energy, Inc.		32		880
Imperial Oil, Ltd.		21		994
Intact Financial Corp.		167		10,835
Loblaw Cos., Ltd.		26		1,304
Magna International, Inc.		16		1,522
Manulife Financial Corp.		101		1,947
Metro, Inc., (Class A)		25		1,676
National Bank of Canada		188		8,584
Onex Corp.		18		1,004
Pacific Rubiales Energy Corp.		57		958
Pembina Pipeline Corp.		175		7,388
Penn West Petroleum, Ltd.		118		801
Potash Corp. of Saskatchewan, Inc.		208		7,218
Power Corp. of Canada		39		1,085
Power Financial Corp.		33		1,012
RioCan REIT		148		3,399
Rogers Communications, Inc. (Class B)		45		1,688
Royal Bank of Canada		158		11,317
Saputo, Inc.		56		1,570
Shaw Communications, Inc. (Class B)		363		8,916
Sun Life Financial, Inc.		32		1,163
Suncor Energy, Inc.		107		3,881
Talisman Energy, Inc.		97		841
Teck Resources, Ltd. (Class B)		67		1,272
TELUS Corp.		258		8,828
The Bank of Nova Scotia		294		18,223
The Toronto-Dominion Bank		293		14,491
Thomson Reuters Corp.		31		1,132
Tim Hortons, Inc.		108		8,523
TransCanada Corp.		448		23,123

See accompanying notes to financial statements.

287

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Yamana Gold, Inc.		252	$	1,515
				287,941
DENMARK — 0.9%
AP Moeller — Maersk A/S (Class A)		1		2,311
AP Moeller — Maersk A/S (Class B)		1		2,376
Carlsberg A/S (Class B)		10		889
Coloplast A/S (Class B)		62		5,198
Danske Bank A/S		52		1,414
Novo Nordisk A/S (Class B)		684		32,733
Novozymes A/S (Class B)		93		4,036
Pandora A/S		34		2,666
TDC A/S		173		1,314
Tryg A/S		12		1,246
				54,183
FINLAND — 0.2%
Fortum Oyj		59		1,439
Kone Oyj (Class B)		100		4,020
Nokia Oyj		129		1,101
Orion Oyj (Class B)		35		1,371
Sampo Oyj (Class A)		24		1,164
Stora Enso Oyj		103		859
UPM-Kymmene Oyj		59		843
Wartsila Oyj Abp		36		1,611
				12,408
FRANCE — 1.9%
Aeroports de Paris		25		2,993
Air Liquide SA		15		1,830
Alcatel-Lucent (a)		267		829
Alstom SA (a)		27		924
Arkema SA		10		671
AXA SA		261		6,433
BNP Paribas		145		9,620
Bouygues SA		27		875
Bureau Veritas SA		56		1,238
Cap Gemini SA		14		1,005
Carrefour SA		61		1,885
Casino Guichard-Perrachon SA		8		862
Christian Dior SA		5		838
CNP Assurances		48		904
Compagnie de Saint-Gobain		38		1,739
Compagnie Generale des Etablissements Michelin		17		1,604
Credit Agricole SA		124		1,871
Danone		26		1,741
EDF SA		27		886
Essilor International SA		15		1,647
GDF Suez		160		4,014
Iliad SA		32		6,775
Kering		5		1,008
L’Oreal SA		8		1,270
Lafarge SA		12		864
Lagardere SCA		30		803
Legrand SA		16		833
LVMH Moet Hennessy Louis Vuitton SA		12		1,951
Natixis		158		1,087
Orange SA		213		3,203
Pernod Ricard SA		10		1,132
Peugeot SA (a)		81		1,039
Publicis Groupe SA		44		3,022
Renault SA		25		1,811
Rexel SA		42		784
Safran SA		16		1,039
Sanofi		63		7,128
Schneider Electric SE		26		1,997
SCOR SE		29		906
Societe BIC SA		8		1,032
Societe Generale SA		98		5,004
Sodexo		10		979
Suez Environnement Co.		51		863
Technip SA		11		926
Total SA		214		13,909
Unibail-Rodamco SE		5		1,287
Valeo SA		8		890
Vallourec SA		19		874
Veolia Environnement SA		61		1,077
Vinci SA		37		2,150
Vivendi SA (a)		119		2,874
				112,926
GERMANY — 2.2%
adidas AG		11		823
Allianz SE		45		7,296
BASF SE		62		5,688
Bayer AG		29		4,063
Bayerische Motoren Werke AG		31		3,329
Bayerische Motoren Werke AG Preference Shares		11		895
Beiersdorf AG		22		1,838
Brenntag AG		18		885
Commerzbank AG (a)		145		2,169
Continental AG		6		1,142
Daimler AG		94		7,211
Deutsche Bank AG		177		6,210
Deutsche Boerse AG		15		1,011
Deutsche Lufthansa AG		41		648
Deutsche Post AG		68		2,181
Deutsche Telekom AG		283		4,290
E.ON AG		398		7,288
Fresenius Medical Care AG & Co. KGaA		125		8,732
Fresenius SE & Co. KGaA		21		1,040
Fuchs Petrolub SE Preference Shares		22		837
Hannover Rueck SE		12		970
HeidelbergCement AG		12		793
Henkel AG & Co. KGaA		10		935
Henkel AG & Co. KGaA Preference Shares		9		899
Hugo Boss AG		10		1,250
Infineon Technologies AG		94		973
K+S AG		29		823
Kabel Deutschland Holding AG		27		3,670
Lanxess AG		15		828
Linde AG		10		1,922
MAN SE		45		5,065
Merck KGaA		12		1,107
Metro AG (a)		30		988
Muenchener Rueckversicherungs- Gesellschaft AG		21		4,153

See accompanying notes to financial statements.

288

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Porsche Automobil Holding SE Preference Shares		25	$	2,004
RWE AG		91		3,547
SAP SE		223		16,085
Siemens AG		51		6,080
Telefonica Deutschland Holding AG (a)		324		1,694
ThyssenKrupp AG (a)		37		971
United Internet AG		30		1,277
Volkswagen AG		5		1,038
Volkswagen AG Preference Shares		23		4,777
				129,425
HONG KONG — 1.8%
AIA Group, Ltd.		400		2,068
Bank of East Asia, Ltd.		202		818
BOC Hong Kong Holdings, Ltd.		1,000		3,187
Cheung Kong Infrastructure Holdings, Ltd.		1,000		7,019
CLP Holdings, Ltd.		2,000		16,059
Galaxy Entertainment Group, Ltd.		1,000		5,808
Hang Seng Bank, Ltd.		1,200		19,271
HKT Trust/HKT, Ltd.		3,540		4,276
Hong Kong Exchanges and Clearing, Ltd.		300		6,456
MTR Corp., Ltd.		2,000		7,830
New World Development Co., Ltd.		1,000		1,164
Noble Group, Ltd.		1,000		1,019
Power Assets Holdings, Ltd.		1,000		8,841
Sands China, Ltd.		800		4,173
SJM Holdings, Ltd.		1,000		1,906
The Link REIT		3,000		17,289
Wynn Macau, Ltd.		400		1,272
				108,456
IRELAND — 0.8%
Accenture PLC (Class A)		211		17,158
Actavis PLC (a)		8		1,930
Bank of Ireland (a)		2,748		1,076
Covidien PLC		20		1,730
CRH PLC		44		1,007
Eaton Corp. PLC		24		1,521
James Hardie Industries PLC		109		1,142
Kerry Group PLC (Class A)		106		7,475
Pentair PLC		14		917
Perrigo Co. PLC		25		3,755
Ryanair Holdings PLC (a)		228		2,168
Seagate Technology PLC		86		4,925
Weatherford International PLC (a)		48		998
Willis Group Holdings PLC		32		1,325
				47,127
ISRAEL — 0.3%
Bank Hapoalim BM		308		1,736
Bank Leumi Le-Israel BM (a)		418		1,693
Israel Chemicals, Ltd.		122		877
Mizrahi Tefahot Bank, Ltd. (a)		89		1,064
NICE Systems, Ltd.		74		2,996
Teva Pharmaceutical Industries, Ltd.		188		10,139
				18,505
ITALY — 0.6%
Assicurazioni Generali SpA		123		2,589
Atlantia SpA		38		938
Banca Monte dei Paschi di Siena SpA (a)		1,318		1,738
Banco Popolare SC (a)		61		896
Enel SpA		939		4,984
ENI SpA		310		7,390
Fiat SpA (a)		250		2,413
Intesa Sanpaolo SpA		1,159		3,523
Saipem SpA (a)		40		851
Snam Rete Gas SpA		185		1,024
Telecom Italia SpA (b)		1,354		1,203
Telecom Italia SpA NPV (a)(b)		1,742		1,997
UBI Banca ScPA		129		1,085
UniCredit SpA		383		3,029
				33,660
JAPAN — 8.3%
Aeon Co., Ltd.		100		995
ANA Holdings, Inc.		2,000		4,651
Aozora Bank, Ltd.		1,000		3,382
Astellas Pharma, Inc.		400		5,955
Benesse Holdings, Inc.		100		3,282
Bridgestone Corp.		100		3,302
Calbee, Inc.		100		3,273
Canon, Inc.		100		3,255
Chubu Electric Power Co., Inc. (a)		100		1,148
Chugai Pharmaceutical Co., Ltd.		200		5,789
Daiichi Sankyo Co., Ltd.		100		1,569
Dena Co., Ltd.		100		1,272
East Japan Railway Co.		100		7,494
Eisai Co., Ltd.		200		8,086
FamilyMart Co., Ltd.		100		3,815
Fuji Heavy Industries, Ltd.		200		6,611
FUJIFILM Holdings Corp.		100		3,072
Hisamitsu Pharmaceutical Co., Inc.		100		3,592
Hitachi, Ltd.		1,000		7,635
Honda Motor Co., Ltd.		200		6,928
Idemitsu Kosan Co., Ltd.		100		2,122
Inpex Corp.		100		1,413
Isetan Mitsukoshi Holdings, Ltd.		100		1,302
ITOCHU Corp.		300		3,665
Japan Airlines Co., Ltd.		200		5,470
Japan Prime Realty Investment Corp.		1		3,601
Japan Real Estate Investment Corp.		1		5,142
Japan Retail Fund Investment Corp.		3		6,044
Japan Tobacco, Inc.		300		9,755
JFE Holdings, Inc.		100		1,995
JX Holdings, Inc.		700		3,226
Kakaku.com, Inc.		100		1,420
KDDI Corp.		100		6,010
Keio Corp.		1,000		7,393
Kirin Holdings Co., Ltd.		100		1,328
Kobe Steel, Ltd.		1,000		1,623
Komatsu, Ltd.		100		2,312
Kyushu Electric Power Co., Inc. (a)		100		1,078
Lawson, Inc.		100		6,992
M3, Inc.		100		1,604
Marubeni Corp.		1,000		6,844
McDonald’s Holdings Co. (Japan), Ltd.		100		2,473
Miraca Holdings, Inc.		100		4,134
Mitsubishi Chemical Holdings Corp.		300		1,476
Mitsubishi Corp.		300		6,142

See accompanying notes to financial statements.

289

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Mitsubishi Motors Corp.		100	$	1,213
Mitsubishi Tanabe Pharma Corp.		300		4,400
Mitsubishi UFJ Financial Group, Inc.		2,000		11,308
Mitsui & Co., Ltd.		300		4,730
Mizuho Financial Group, Inc.		3,200		5,715
MS&AD Insurance Group Holdings, Inc.		100		2,181
Nagoya Railroad Co., Ltd.		1,000		4,011
Nikon Corp.		100		1,445
Nippon Building Fund, Inc.		1		5,260
Nippon Prologis REIT, Inc.		2		4,651
Nippon Steel & Sumitomo Metal Corp.		1,000		2,594
Nippon Telegraph & Telephone Corp.		200		12,436
Nissan Motor Co., Ltd.		400		3,898
Nissin Foods Holding Co., Ltd.		100		5,196
Nitori Holding Co., Ltd.		100		6,190
Nomura Holdings, Inc.		200		1,192
Nomura Research Institute, Ltd.		100		3,232
NTT DoCoMo, Inc.		1,400		23,362
Oracle Corp.		100		3,902
Oriental Land Co., Ltd.		100		18,902
ORIX Corp.		100		1,379
Osaka Gas Co., Ltd.		1,000		4,018
Otsuka Corp.		100		3,975
Otsuka Holdings Co., Ltd.		400		13,784
Panasonic Corp.		200		2,378
Park24 Co., Ltd.		100		1,595
Resona Holdings, Inc.		400		2,255
Ricoh Co., Ltd.		100		1,074
Santen Pharmaceutical Co., Ltd.		100		5,597
Secom Co., Ltd.		200		11,911
Sekisui House, Ltd.		100		1,178
Seven & I Holdings Co., Ltd.		100		3,878
Shimamura Co., Ltd.		100		9,189
Sony Corp.		200		3,630
Sumitomo Corp.		200		2,207
Sumitomo Electric Industries, Ltd.		100		1,477
Sumitomo Mitsui Financial Group, Inc.		200		8,152
Sumitomo Mitsui Trust Holdings, Inc.		1,000		4,162
Suntory Beverage & Food, Ltd.		200		7,092
Suzuken Co., Ltd.		100		2,881
T&D Holdings, Inc.		100		1,284
Takeda Pharmaceutical Co., Ltd.		400		17,386
The Bank of Yokohama, Ltd.		1,000		5,499
The Chugoku Bank, Ltd.		200		2,937
The Chugoku Electric Power Co., Inc.		100		1,282
The Dai-ichi Life Insurance Co., Ltd.		100		1,484
The Kansai Electric Power Co., Inc. (a)		100		945
The Tokyo Electric Power Co., Inc. (a)		300		1,050
Tobu Railway Co., Ltd.		2,000		10,064
Toho Co., Ltd.		100		2,261
Tohoku Electric Power Co., Inc.		100		1,136
Tokio Marine Holdings, Inc.		100		3,102
TonenGeneral Sekiyu K.K.		1,000		8,742
Toshiba Corp.		1,000		4,633
Toyota Motor Corp.		200		11,784
United Urban Investment Corp.		3		4,603
USS Co., Ltd.		300		4,595
West Japan Railway Co.		200		8,951
Yahoo! Japan Corp.		400		1,521
Yamada Denki Co., Ltd.		300		875
Yamato Holdings Co., Ltd.		400		7,444
				498,878
LIBERIA — 0.0% (c)
Royal Caribbean Cruises, Ltd.		19		1,279
LUXEMBOURG — 0.2%
Altice SA (a)		95		5,032
ArcelorMittal		144		1,983
RTL Group SA		12		1,029
Subsea 7 SA		54		771
Tenaris SA		46		1,055
				9,870
NETHERLANDS — 1.1%
Aegon NV		268		2,211
Airbus Group NV		33		2,077
Akzo Nobel NV		15		1,028
ASML Holding NV		12		1,195
Chicago Bridge & Iron Co. NV		25		1,446
CNH Industrial NV		94		748
Core Laboratories NV		11		1,610
Heineken Holding NV		16		1,059
Heineken NV		16		1,197
ING Groep NV (a)		434		6,201
Koninklijke (Royal) KPN NV (a)		337		1,080
Koninklijke Ahold NV		90		1,458
Koninklijke DSM NV		14		864
Koninklijke Philips NV		56		1,787
LyondellBasell Industries NV (Class A)		146		15,864
Randstad Holding NV		18		838
Reed Elsevier NV		223		5,062
Unilever NV		469		18,680
Ziggo NV (a)		38		1,781
				66,186
NEW ZEALAND — 0.1%
Auckland International Airport, Ltd.		1,039		3,118
Ryman Healthcare, Ltd.		147		895
				4,013
NORWAY — 0.1%
DnB NOR ASA		94		1,761
Norsk Hydro ASA		195		1,091
Seadrill, Ltd.		27		724
Statoil ASA		118		3,219
Telenor ASA		45		988
Yara International ASA		23		1,155
				8,938
PORTUGAL — 0.0% (c)
EDP — Energias de Portugal SA		228		995
Galp Energia SGPS SA (Class B)		60		976
Jeronimo Martins SGPS SA		72		793
				2,764
SINGAPORE — 0.8%
ComfortDelGro Corp., Ltd.		3,000		5,646
Flextronics International, Ltd. (a)		104		1,073
Oversea-Chinese Banking Corp., Ltd.		1,125		8,592
Singapore Airlines, Ltd.		1,000		7,716

See accompanying notes to financial statements.

290

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Singapore Press Holdings, Ltd.		2,000	$	6,587
Singapore Telecommunications, Ltd.		6,000		17,878
StarHub, Ltd.		1,000		3,230
				50,722
SPAIN — 0.7%
ACS, Actividades de Construccion y Servicios SA		26		999
Banco Bilbao Vizcaya Argentaria SA		438		5,284
Banco de Sabadell SA		314		930
Banco Popular Espanol SA		154		943
Banco Santander SA		1,051		10,105
CaixaBank SA		179		1,090
Ferrovial SA		48		931
Gas Natural SDG SA		35		1,031
Iberdrola SA		543		3,889
Inditex SA		295		8,152
International Consolidated Airlines Group SA (a)		161		959
Repsol SA		109		2,589
Telefonica SA		411		6,363
Zardoya Otis SA		62		769
				44,034
SWEDEN — 0.8%
Alfa Laval AB		76		1,628
Assa Abloy AB (Class B)		20		1,034
Atlas Copco AB (Class A)		181		5,198
Atlas Copco AB (Class B)		106		2,756
Autoliv, Inc.		10		919
Boliden AB		74		1,202
Electrolux AB		42		1,112
Elekta AB (Class B)		80		790
Hennes & Mauritz AB (Class B)		299		12,423
Investor AB (Class B)		67		2,372
Kinnevik Investment AB (Class B)		25		904
Nordea Bank AB		254		3,309
Sandvik AB		70		791
Skandinaviska Enskilda Banken AB (Class A)		116		1,551
Skanska AB (Class B)		48		994
SKF AB (Class B)		40		836
Svenska Cellulosa AB (Class B)		36		860
Svenska Handelsbanken AB (Class A)		35		1,648
Swedbank AB (Class A)		67		1,689
Telefonaktiebolaget LM Ericsson (Class B)		170		2,160
TeliaSonera AB		174		1,205
Volvo AB (Class B)		108		1,175
				46,556
SWITZERLAND — 4.8%
ABB, Ltd. (a)		110		2,473
ACE, Ltd.		25		2,622
Actelion, Ltd. (a)		26		3,056
Adecco SA (a)		13		882
Baloise Holding AG		9		1,154
Barry Callebaut AG (a)		3		3,334
Cie Financiere Richemont SA		119		9,758
Credit Suisse Group AG (a)		141		3,906
EMS-Chemie Holding AG		3		1,247
Geberit AG		10		3,232
Givaudan SA (a)		4		6,397
Holcim, Ltd. (a)		14		1,021
Julius Baer Group, Ltd. (a)		195		8,745
Kuehne & Nagel International AG		51		6,437
Lindt & Spruengli AG		1		4,993
Nestle SA		495		36,393
Novartis AG		416		39,249
Partners Group Holding AG		27		7,107
Roche Holding AG		241		71,405
Schindler Holding AG (b)		19		2,577
Schindler Holding AG (b)		31		4,133
SGS SA		7		14,513
Swiss Life Holding AG (a)		4		955
Swiss Prime Site AG (a)		74		5,491
Swiss Re AG (a)		39		3,108
Swisscom AG		30		17,033
Syngenta AG		34		10,828
TE Connectivity, Ltd.		21		1,161
The Swatch Group AG (b)		8		3,802
The Swatch Group AG (b)		13		1,137
Transocean, Ltd.		28		905
UBS AG (a)		249		4,342
Zurich Insurance Group AG (a)		13		3,875
				287,271
UNITED KINGDOM — 7.9%
Aberdeen Asset Management PLC		282		1,831
Admiral Group PLC		64		1,331
Aggreko PLC		70		1,757
AMEC PLC		77		1,378
Anglo American PLC		148		3,321
Aon PLC		12		1,052
ASOS PLC (a)		15		547
Associated British Foods PLC		21		912
AstraZeneca PLC		301		21,673
Aviva PLC		190		1,613
Babcock International Group PLC		398		7,046
BAE Systems PLC		1,094		8,362
Barclays PLC		2,243		8,271
BG Group PLC		190		3,511
BHP Billiton PLC		144		4,004
BP PLC		2,664		19,583
British American Tobacco PLC		485		27,378
British Sky Broadcasting Group PLC		495		7,078
BT Group PLC		425		2,615
Bunzl PLC		87		2,271
Burberry Group PLC		128		3,135
Capita PLC		264		4,982
Carnival PLC		26		1,039
Centrica PLC		1,458		7,275
Cobham PLC		301		1,420
Compass Group PLC		1,170		18,901
Croda International PLC		40		1,331
Delphi Automotive PLC		103		6,318
Diageo PLC		660		19,099
Direct Line Insurance Group PLC		244		1,164
easyJet PLC		39		900
Ensco PLC (Class A)		23		950
Experian PLC		60		957
Friends Life Group, Ltd.		200		999

See accompanying notes to financial statements.

291

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
G4S PLC		238	$	967
GKN PLC		158		818
GlaxoSmithKline PLC		822		18,829
Glencore PLC (a)		1,133		6,304
Hargreaves Lansdown PLC		73		1,118
HSBC Holdings PLC		1,916		19,447
ICAP PLC		156		979
IMI PLC		80		1,595
Imperial Tobacco Group PLC		259		11,186
Intertek Group PLC		177		7,521
ITV PLC		1,074		3,618
J Sainsbury PLC		172		701
Johnson Matthey PLC		54		2,555
Kingfisher PLC		167		877
Land Securities Group PLC		63		1,061
Legal & General Group PLC		298		1,106
Liberty Global PLC (Class A) (a)		23		978
Liberty Global PLC (Series C) (a)		24		984
Lloyds Banking Group PLC (a)		2,616		3,260
London Stock Exchange Group PLC		50		1,514
Marks & Spencer Group PLC		144		945
National Grid PLC		780		11,229
Next PLC		9		964
Noble Corp. PLC		34		755
Old Mutual PLC		359		1,057
Pearson PLC		53		1,065
Petrofac, Ltd.		81		1,362
Prudential PLC		124		2,766
Randgold Resources, Ltd.		70		4,776
Reckitt Benckiser Group PLC		275		23,851
Reed Elsevier PLC		385		6,167
Rexam PLC		100		797
Rio Tinto PLC		356		17,496
Rolls-Royce Holdings PLC (a)		486		7,599
Royal Bank of Scotland Group PLC (a)		227		1,355
Royal Dutch Shell PLC (Class A)		415		15,867
Royal Dutch Shell PLC (Class B)		375		14,815
Royal Mail PLC		180		1,144
RSA Insurance Group PLC (a)		141		1,108
SABMiller PLC		32		1,778
Schroders PLC		30		1,163
Shire PLC		120		10,388
Smith & Nephew PLC		221		3,726
Smiths Group PLC		111		2,275
Sports Direct International PLC (a)		79		792
SSE PLC		218		5,467
Standard Chartered PLC		239		4,419
Standard Life PLC		165		1,108
Tate & Lyle PLC		130		1,247
Tesco PLC		1,006		3,037
The British Land Co. PLC		84		957
The Sage Group PLC		300		1,777
The Weir Group PLC		51		2,069
Travis Perkins PLC		39		1,052
Tui Travel PLC		149		940
Tullow Oil PLC		74		773
Unilever PLC		367		15,380
Vodafone Group PLC		3,956		13,109
Whitbread PLC		41		2,761
William Hill PLC		224		1,343
William Morrison Supermarkets PLC		345		941
Wolseley PLC		69		3,627
WPP PLC		76		1,528
				476,197
UNITED STATES — 59.2%
3M Co.		167		23,661
Abbott Laboratories		539		22,417
AbbVie, Inc.		52		3,004
Activision Blizzard, Inc.		49		1,019
Adobe Systems, Inc. (a)		17		1,176
Advance Auto Parts, Inc.		19		2,476
Aetna, Inc.		27		2,187
Aflac, Inc.		127		7,398
AGCO Corp.		19		864
Agilent Technologies, Inc.		18		1,026
Air Products & Chemicals, Inc.		9		1,172
Albemarle Corp.		21		1,237
Alcoa, Inc.		85		1,368
Alleghany Corp. (a)		19		7,945
Allergan, Inc.		66		11,761
Altria Group, Inc.		297		13,644
Amazon.com, Inc. (a)		5		1,612
Ameren Corp.		27		1,035
American Capital Agency Corp.		48		1,020
American Electric Power Co., Inc.		36		1,880
American Express Co.		40		3,502
American International Group, Inc.		171		9,237
American Tower Corp.		111		10,393
American Water Works Co., Inc.		49		2,363
Ameriprise Financial, Inc.		10		1,234
AmerisourceBergen Corp.		267		20,639
Amgen, Inc.		61		8,568
Amphenol Corp. (Class A)		36		3,595
Anadarko Petroleum Corp.		19		1,927
Analog Devices, Inc.		20		990
Annaly Capital Management, Inc.		155		1,655
Antero Resources Corp. (a)		18		988
Apache Corp.		40		3,755
Apple, Inc.		1,400		141,050
Applied Materials, Inc.		52		1,124
Arch Capital Group, Ltd. (a)		172		9,412
Archer-Daniels-Midland Co.		71		3,628
Arrow Electronics, Inc. (a)		19		1,052
Assurant, Inc.		16		1,029
AT&T, Inc.		958		33,760
Automatic Data Processing, Inc.		498		41,374
AutoZone, Inc. (a)		31		15,799
AvalonBay Communities, Inc.		41		5,780
Avnet, Inc.		24		996
Axis Capital Holdings, Ltd.		22		1,041
Baker Hughes, Inc.		27		1,757
Bank of America Corp.		922		15,720
Baxter International, Inc.		120		8,612
BB&T Corp.		58		2,158
Becton, Dickinson and Co.		126		14,340
Bed Bath & Beyond, Inc. (a)		84		5,530
Berkshire Hathaway, Inc. (Class B) (a)		191		26,385
Best Buy Co., Inc.		45		1,512

See accompanying notes to financial statements.

292

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Biogen Idec, Inc. (a)		56	$	18,525
BlackRock, Inc.		6		1,970
BorgWarner, Inc.		17		894
Boston Scientific Corp. (a)		77		909
Bristol-Myers Squibb Co.		545		27,893
Broadcom Corp. (Class A)		36		1,455
Brown-Forman Corp. (Class B)		33		2,977
Bunge, Ltd.		23		1,937
C.H. Robinson Worldwide, Inc.		45		2,984
C.R. Bard, Inc.		82		11,702
CA, Inc.		86		2,403
Camden Property Trust		18		1,234
Cameron International Corp. (a)		16		1,062
Capital One Financial Corp.		59		4,816
Cardinal Health, Inc.		40		2,997
CarMax, Inc. (a)		24		1,115
Carnival Corp.		25		1,004
Caterpillar, Inc.		43		4,258
CBS Corp.		22		1,177
Celanese Corp. (Series A)		17		995
Celgene Corp. (a)		196		18,577
CenterPoint Energy, Inc.		47		1,150
CenturyLink, Inc.		52		2,126
CF Industries Holdings, Inc.		15		4,188
Chesapeake Energy Corp.		54		1,241
Chevron Corp.		524		62,524
Chipotle Mexican Grill, Inc. (a)		7		4,666
Church & Dwight Co., Inc.		197		13,822
CIGNA Corp.		17		1,542
Cimarex Energy Co.		8		1,012
Cisco Systems, Inc.		276		6,947
CIT Group, Inc.		25		1,149
Citigroup, Inc.		333		17,256
CME Group, Inc.		24		1,919
Coach, Inc.		96		3,419
Coca-Cola Enterprises, Inc.		22		976
Cognizant Technology Solutions Corp. (Class A) (a)		22		985
Colgate-Palmolive Co.		387		25,240
Comcast Corp. (Class A)		120		6,454
Comcast Corp. (Class A) Special		31		1,658
Comerica, Inc.		23		1,147
Computer Sciences Corp.		17		1,040
ConAgra Foods, Inc.		32		1,057
ConocoPhillips		91		6,963
CONSOL Energy, Inc.		23		871
Consolidated Edison, Inc.		379		21,474
Corning, Inc.		93		1,799
Costco Wholesale Corp.		109		13,660
Crown Castle International Corp.		120		9,664
CSX Corp.		52		1,667
Cummins, Inc.		43		5,675
CVS Health Corp.		72		5,730
Danaher Corp.		26		1,975
Darden Restaurants, Inc.		22		1,132
DaVita HealthCare Partners, Inc. (a)		59		4,315
Deere & Co.		27		2,214
Delta Air Lines, Inc.		27		976
Denbury Resources, Inc.		61		917
Devon Energy Corp.		25		1,704
Dick’s Sporting Goods, Inc.		28		1,229
DIRECTV (a)		25		2,163
Discover Financial Services		33		2,125
DISH Network Corp. (Class A) (a)		18		1,162
Dollar General Corp. (a)		207		12,650
Dollar Tree, Inc. (a)		120		6,728
Dominion Resources, Inc.		249		17,203
Dover Corp.		12		964
Dr. Pepper Snapple Group, Inc.		49		3,151
DTE Energy Co.		16		1,217
Duke Energy Corp.		248		18,543
E. I. du Pont de Nemours & Co.		41		2,942
Eastman Chemical Co.		40		3,236
Eaton Vance Corp.		32		1,207
eBay, Inc. (a)		45		2,548
Ecolab, Inc.		171		19,636
Edison International		24		1,342
Edwards Lifesciences Corp. (a)		27		2,758
Eli Lilly & Co.		561		36,381
EMC Corp.		97		2,838
Emerson Electric Co.		161		10,075
Entergy Corp.		18		1,392
EOG Resources, Inc.		21		2,079
EQT Corp.		13		1,190
Equity Residential		18		1,108
Everest Re Group, Ltd.		62		10,045
Exelon Corp.		76		2,591
Expeditors International of Washington, Inc.		48		1,948
Express Scripts Holding Co. (a)		54		3,814
Exxon Mobil Corp.		1,395		131,200
F5 Networks, Inc. (a)		18		2,137
Facebook, Inc. (Class A) (a)		18		1,423
Family Dollar Stores, Inc.		138		10,659
Fastenal Co.		74		3,323
Federal Realty Investment Trust		81		9,595
FedEx Corp.		17		2,745
Fidelity National Information Services, Inc.		59		3,322
Fifth Third Bancorp		86		1,722
FirstEnergy Corp.		45		1,511
Fiserv, Inc. (a)		17		1,099
FleetCor Technologies, Inc. (a)		15		2,132
Flowserve Corp.		35		2,468
Fluor Corp.		43		2,872
FMC Corp.		33		1,887
FMC Technologies, Inc. (a)		55		2,987
Ford Motor Co.		533		7,883
Fossil Group, Inc. (a)		15		1,408
Franklin Resources, Inc.		102		5,570
Freeport-McMoRan, Inc.		81		2,645
Frontier Communications Corp.		177		1,152
GameStop Corp. (Class A)		36		1,483
Garmin, Ltd.		29		1,508
General Dynamics Corp.		71		9,023
General Electric Co.		549		14,065
General Mills, Inc.		668		33,701
General Motors Co.		252		8,049
Genuine Parts Co.		67		5,877
Genworth Financial, Inc. (Class A) (a)		61		799

See accompanying notes to financial statements.

293

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Gilead Sciences, Inc. (a)		370	$	39,386
Google, Inc. (Class A) (a)		69		40,600
Google, Inc. (Class C) (a)		64		36,951
H&R Block, Inc.		80		2,481
Halliburton Co.		36		2,322
Harris Corp.		27		1,793
HCA Holdings, Inc. (a)		21		1,481
HCP, Inc.		26		1,032
Health Care REIT, Inc.		181		11,289
Helmerich & Payne, Inc.		26		2,545
Henry Schein, Inc. (a)		77		8,968
Herbalife, Ltd.		22		962
Hertz Global Holdings, Inc. (a)		37		939
Hess Corp.		30		2,830
Hewlett-Packard Co.		567		20,111
HollyFrontier Corp.		22		961
Honeywell International, Inc.		179		16,668
Hormel Foods Corp.		211		10,843
Host Hotels & Resorts, Inc.		49		1,045
Hudson City Bancorp, Inc.		112		1,089
Humana, Inc.		13		1,694
Illinois Tool Works, Inc.		18		1,520
Ingersoll-Rand PLC		18		1,014
Intel Corp.		634		22,076
Intercontinental Exchange, Inc.		6		1,170
International Business Machines Corp.		333		63,213
International Flavors & Fragrances, Inc.		19		1,822
International Paper Co.		32		1,528
Intuit, Inc.		223		19,546
Intuitive Surgical, Inc. (a)		9		4,156
Invesco, Ltd.		29		1,145
J.B. Hunt Transport Services, Inc.		68		5,035
Jacobs Engineering Group, Inc. (a)		19		928
Johnson & Johnson		958		102,113
Johnson Controls, Inc.		42		1,848
Joy Global, Inc.		29		1,582
JPMorgan Chase & Co.		384		23,132
Juniper Networks, Inc.		41		908
Kellogg Co.		338		20,821
KeyCorp		83		1,106
Kimberly-Clark Corp.		289		31,088
Kinder Morgan Management, LLC (a)		128		12,051
Kinder Morgan, Inc.		236		9,048
KLA-Tencor Corp.		17		1,339
Kohl’s Corp.		22		1,343
Kraft Foods Group, Inc.		151		8,516
L Brands, Inc.		18		1,206
L-3 Communications Holdings, Inc.		9		1,070
Laboratory Corp. of America Holdings (a)		107		10,887
Las Vegas Sands Corp.		14		871
Leucadia National Corp.		40		954
Liberty Interactive Corp. (Class A) (a)		40		1,141
Liberty Media Corp. (Class A) (a)		33		1,557
Liberty Media Corp. (Class C) (a)		66		3,101
Lincoln National Corp.		22		1,179
Linear Technology Corp.		66		2,930
Lockheed Martin Corp.		78		14,257
Loews Corp.		27		1,125
Lorillard, Inc.		19		1,138
Lowe’s Cos., Inc.		54		2,858
Lululemon Athletica, Inc. (a)		29		1,218
M&T Bank Corp.		9		1,110
Macy’s, Inc.		26		1,513
Manpowergroup, Inc.		13		911
Marathon Oil Corp.		61		2,293
Marathon Petroleum Corp.		94		7,959
Marsh & McLennan Cos., Inc.		156		8,165
Mastercard, Inc. (Class A)		321		23,728
Mattel, Inc.		94		2,881
McCormick & Co., Inc.		171		11,440
McDonald’s Corp.		570		54,042
McGraw Hill Financial, Inc.		78		6,587
McKesson Corp.		54		10,512
Medtronic, Inc.		234		14,496
Merck & Co., Inc.		454		26,913
MetLife, Inc.		90		4,835
Mettler-Toledo International, Inc. (a)		9		2,305
MGM Resorts International (a)		41		934
Micron Technology, Inc. (a)		40		1,370
Microsoft Corp.		2,396		111,079
Molson Coors Brewing Co. (Class B)		16		1,191
Mondelez International, Inc. (Class A)		109		3,735
Monsanto Co.		122		13,726
Monster Beverage Corp. (a)		42		3,850
Morgan Stanley		106		3,664
Motorola Solutions, Inc.		155		9,808
Murphy Oil Corp.		17		967
Mylan, Inc. (a)		22		1,001
Nabors Industries, Ltd.		42		956
National Oilwell Varco, Inc.		26		1,979
Navient Corp.		70		1,240
NetApp, Inc.		29		1,246
New York Community Bancorp, Inc.		73		1,159
Newell Rubbermaid, Inc.		67		2,305
Newmont Mining Corp.		140		3,227
News Corp. (Class A) (a)		63		1,030
NextEra Energy, Inc.		55		5,163
NIKE, Inc. (Class B)		185		16,502
NiSource, Inc.		28		1,147
Noble Energy, Inc.		15		1,025
Nordstrom, Inc.		39		2,666
Norfolk Southern Corp.		15		1,674
Northeast Utilities		25		1,107
Northern Trust Corp.		18		1,225
Northrop Grumman Corp.		52		6,852
NRG Energy, Inc.		30		914
Nucor Corp.		21		1,140
NVIDIA Corp.		59		1,089
O’Reilly Automotive, Inc. (a)		87		13,081
Occidental Petroleum Corp.		52		5,000
Oceaneering International, Inc.		27		1,760
Omnicom Group, Inc.		65		4,476
ONEOK, Inc.		16		1,049
Oracle Corp.		947		36,251
PACCAR, Inc.		18		1,024
Pall Corp.		25		2,092
Parker-Hannifin Corp.		9		1,027
PartnerRe, Ltd.		48		5,275

See accompanying notes to financial statements.

294

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Paychex, Inc.		498	$	22,012
Peabody Energy Corp.		64		792
People’s United Financial, Inc.		407		5,889
PepsiCo, Inc.		613		57,064
PetSmart, Inc.		106		7,430
Pfizer, Inc.		624		18,452
PG&E Corp.		459		20,673
Philip Morris International, Inc.		63		5,254
Phillips 66		182		14,798
Pioneer Natural Resources Co.		5		985
PNC Financial Services Group, Inc.		54		4,621
Polaris Industries, Inc.		19		2,846
PPG Industries, Inc.		6		1,180
PPL Corp.		44		1,445
Praxair, Inc.		66		8,514
Precision Castparts Corp.		31		7,343
Principal Financial Group, Inc.		22		1,154
ProLogis		27		1,018
Prudential Financial, Inc.		35		3,078
Public Service Enterprise Group, Inc.		36		1,341
Public Storage		78		12,936
Pulte Group, Inc.		54		954
QUALCOMM, Inc.		619		46,283
Quest Diagnostics, Inc.		18		1,092
Ralph Lauren Corp.		15		2,471
Range Resources Corp.		38		2,577
Raytheon Co.		77		7,825
Regions Financial Corp.		136		1,365
RenaissanceRe Holdings, Ltd.		55		5,499
Republic Services, Inc.		137		5,346
ResMed, Inc.		34		1,675
Reynolds American, Inc.		111		6,549
Robert Half International, Inc.		38		1,862
Rock-Tenn Co. (Class A)		22		1,047
Rockwell Automation, Inc.		37		4,066
Rockwell Collins, Inc.		38		2,983
Ross Stores, Inc.		160		12,093
Safeway, Inc.		38		1,303
SanDisk Corp.		12		1,175
SBA Communications Corp. (Class A) (a)		64		7,098
SCANA Corp.		30		1,488
Schlumberger, Ltd.		300		30,507
Scripps Networks Interactive, Inc. (Class A)		21		1,640
SEI Investments Co.		39		1,410
Sempra Energy		22		2,318
Sigma-Aldrich Corp.		28		3,808
Simon Property Group, Inc.		7		1,151
Southwest Airlines Co.		223		7,531
Southwestern Energy Co. (a)		78		2,726
Spectra Energy Corp.		52		2,042
St. Jude Medical, Inc.		17		1,022
Stanley Black & Decker, Inc.		12		1,065
Staples, Inc.		93		1,125
Starbucks Corp.		324		24,449
Starwood Hotels & Resorts Worldwide, Inc.		13		1,082
State Street Corp. (d)		36		2,650
Stericycle, Inc. (a)		105		12,239
Stryker Corp.		13		1,050
SunTrust Banks, Inc.		53		2,016
Symantec Corp.		46		1,081
Synopsys, Inc. (a)		194		7,701
Sysco Corp.		213		8,083
T. Rowe Price Group, Inc.		67		5,253
Target Corp.		266		16,673
TD Ameritrade Holding Corp.		61		2,036
Teradata Corp. (a)		41		1,719
Tesoro Corp.		21		1,281
Texas Instruments, Inc.		38		1,812
Textron, Inc.		28		1,008
The ADT Corp.		31		1,099
The AES Corp.		74		1,049
The Allstate Corp.		39		2,393
The Bank of New York Mellon Corp.		96		3,718
The Boeing Co.		183		23,311
The Charles Schwab Corp.		39		1,146
The Chubb Corp.		190		17,305
The Clorox Co.		54		5,186
The Coca-Cola Co.		1,224		52,216
The Dow Chemical Co.		75		3,933
The Estee Lauder Cos., Inc. (Class A)		60		4,483
The Gap, Inc.		79		3,294
The Goldman Sachs Group, Inc.		42		7,710
The Hartford Financial Services Group, Inc.		40		1,490
The Hershey Co.		128		12,215
The Home Depot, Inc.		398		36,513
The J.M. Smucker Co.		49		4,851
The Kroger Co.		56		2,912
The Mosaic Co.		24		1,066
The Priceline Group, Inc. (a)		13		15,062
The Procter & Gamble Co.		855		71,598
The Progressive Corp.		151		3,817
The Sherwin-Williams Co.		50		10,949
The Southern Co.		664		28,984
The Travelers Cos., Inc.		167		15,688
The Walt Disney Co.		58		5,164
The Western Union Co.		68		1,091
The Williams Cos., Inc.		22		1,218
Thermo Fisher Scientific, Inc.		13		1,582
Tiffany & Co.		29		2,793
Time Warner Cable, Inc.		14		2,009
Time Warner, Inc.		61		4,588
TJX Cos., Inc.		570		33,727
Tractor Supply Co.		39		2,399
TripAdvisor, Inc. (a)		28		2,560
TRW Automotive Holdings Corp. (a)		12		1,215
Twenty-First Century Fox, Inc. (Class A)		57		1,955
Twenty-First Century Fox, Inc. (Class B)		30		999
Tyco International, Ltd.		24		1,070
Tyson Foods, Inc. (Class A)		28		1,102
U.S. Bancorp		189		7,906
Ulta Salon Cosmetics & Fragrance, Inc. (a)		15		1,773
Under Armour, Inc. (Class A) (a)		34		2,349
Union Pacific Corp.		292		31,659
United Parcel Service, Inc. (Class B)		137		13,466
United Technologies Corp.		39		4,118
UnitedHealth Group, Inc.		159		13,714
Universal Health Services, Inc. (Class B)		12		1,254
Unum Group		30		1,031

See accompanying notes to financial statements.

295

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Urban Outfitters, Inc. (a)		33	$	1,211
V.F. Corp.		85		5,613
Valero Energy Corp.		81		3,748
Varian Medical Systems, Inc. (a)		28		2,243
Ventas, Inc.		61		3,779
Verisk Analytics, Inc. (Class A) (a)		152		9,255
Verizon Communications, Inc.		782		39,092
Viacom, Inc. (Class B)		95		7,309
Visa, Inc. (Class A)		162		34,566
Voya Financial, Inc.		28		1,095
W.R. Berkley Corp.		142		6,788
W.W. Grainger, Inc.		16		4,026
Wal-Mart Stores, Inc.		714		54,600
Walgreen Co.		44		2,608
Waste Management, Inc.		329		15,637
Waters Corp. (a)		21		2,082
WellPoint, Inc.		30		3,589
Wells Fargo & Co.		382		19,814
Western Digital Corp.		13		1,265
Westlake Chemical Corp.		13		1,126
Weyerhaeuser Co.		34		1,083
Whirlpool Corp.		7		1,020
Whiting Petroleum Corp. (a)		14		1,086
Whole Foods Market, Inc.		28		1,067
Wisconsin Energy Corp.		194		8,342
Xcel Energy, Inc.		338		10,275
Xerox Corp.		123		1,627
Xilinx, Inc.		57		2,414
XL Group PLC		32		1,061
Yahoo!, Inc. (a)		43		1,752
Yum! Brands, Inc.		128		9,213
Zimmer Holdings, Inc.		10		1,006
				3,547,857
TOTAL COMMON STOCKS —
(Cost $6,004,209)				5,966,805
RIGHTS — 0.0% (c)
SPAIN — 0.0% (c)
Banco Bilbao Vizcaya Argentaria SA (expiring 10/13/14) (a)		688		44
Banco Popular Espanol SA (expiring 10/13/14) (a)		154		2
TOTAL RIGHTS —
(Cost $47)				46
SHORT TERM INVESTMENT — 0.2%
UNITED STATES — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund 0.09% (e)(f) (Cost $10,265)		10,265		10,265
TOTAL INVESTMENTS — 99.7%
(Cost $6,014,521)				5,977,116
OTHER ASSETS & LIABILITIES — 0.3%				17,488
NET ASSETS — 100.0%			$	5,994,604

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

PLC = Public Limited Company

REIT = Real Estate Investment Trust

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

See accompanying notes to financial statements.

296

SPDR MSCI Australia Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.1%
AIR FREIGHT & LOGISTICS — 0.4%
Toll Holdings, Ltd.		4,738	$	23,383
AIRLINES — 0.1%
Qantas Airways, Ltd. (a)		6,536		7,950
BANKS — 18.6%
Australia & New Zealand Banking Group, Ltd.		8,801		238,124
Bank of Queensland, Ltd.		296		3,015
Bendigo & Adelaide Bank, Ltd.		2,257		23,542
Commonwealth Bank of Australia		4,130		272,095
National Australia Bank, Ltd.		8,141		231,808
Westpac Banking Corp.		9,640		271,116
				1,039,700
BEVERAGES — 0.5%
Coca-Cola Amatil, Ltd.		3,233		24,839
Treasury Wine Estates, Ltd.		898		3,332
				28,171
BIOTECHNOLOGY — 6.1%
CSL, Ltd.		5,222		338,921
CAPITAL MARKETS — 0.6%
Macquarie Group, Ltd.		684		34,470
CHEMICALS — 1.9%
Incitec Pivot, Ltd.		15,152		35,931
Orica, Ltd.		4,266		70,553
				106,484
COMMERCIAL SERVICES & SUPPLIES — 2.8%
Brambles, Ltd.		18,446		153,664
CONSTRUCTION & ENGINEERING — 0.3%
Leighton Holdings, Ltd.		886		14,963
CONSTRUCTION MATERIALS — 1.2%
Boral, Ltd.		1,762		7,663
James Hardie Industries PLC		5,556		58,195
				65,858
CONTAINERS & PACKAGING — 3.3%
Amcor, Ltd.		18,737		185,764
DIVERSIFIED FINANCIAL SERVICES — 1.7%
ASX, Ltd.		3,063		96,115
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.0%
Telstra Corp., Ltd.		59,570		276,272
TPG Telecom, Ltd.		552		3,304
				279,576
ELECTRIC UTILITIES — 0.1%
AusNet Services		5,902		7,050
ENERGY EQUIPMENT & SERVICES — 0.4%
WorleyParsons, Ltd.		1,566		21,021
FOOD & STAPLES RETAILING — 13.7%
Metcash, Ltd.		6,778		15,598
Wesfarmers, Ltd.		10,493		387,109
Woolworths, Ltd.		12,093		362,327
				765,034
GAS UTILITIES — 0.5%
APA Group		4,412		28,724
HEALTH CARE EQUIPMENT & SUPPLIES — 0.5%
Cochlear, Ltd.		478		29,074
HEALTH CARE PROVIDERS & SERVICES — 2.6%
Ramsay Health Care, Ltd.		1,769		77,538
Sonic Healthcare, Ltd.		4,464		68,515
				146,053
HOTELS, RESTAURANTS & LEISURE — 1.7%
Crown Resorts, Ltd.		2,713		32,761
Flight Centre Travel Group, Ltd.		450		16,834
Tabcorp Holdings, Ltd.		2,363		7,465
Tatts Group, Ltd.		13,640		37,597
				94,657
INSURANCE — 4.1%
AMP, Ltd.		7,686		36,722
Insurance Australia Group, Ltd.		14,015		75,054
QBE Insurance Group, Ltd.		3,131		31,946
Suncorp Group, Ltd.		7,175		88,150
				231,872
IT SERVICES — 0.1%
Computershare, Ltd.		489		5,203
MEDIA — 0.1%
REA Group, Ltd.		100		3,787
METALS & MINING — 13.8%
Alumina, Ltd. (a)		5,506		8,167
BHP Billiton, Ltd.		15,995		474,059
Fortescue Metals Group, Ltd.		6,524		19,867
Iluka Resources, Ltd.		3,568		24,540
Newcrest Mining, Ltd. (a)		3,418		31,554
Rio Tinto, Ltd.		4,127		215,163
				773,350
MULTI-UTILITIES — 1.4%
AGL Energy, Ltd.		6,464		76,587
MULTILINE RETAIL — 0.2%
Harvey Norman Holdings, Ltd.		3,672		11,664
OIL, GAS & CONSUMABLE FUELS — 5.3%
Caltex Australia, Ltd.		406		9,944
Origin Energy, Ltd.		2,302		30,155
Santos, Ltd.		1,536		18,374
Woodside Petroleum, Ltd.		6,691		237,711
				296,184
PROFESSIONAL SERVICES — 0.8%
ALS, Ltd.		2,836		13,078
Seek, Ltd.		2,182		30,951
				44,029
REAL ESTATE INVESTMENT TRUSTS — 7.6%
CFS Retail Property Trust Group		26,630		46,489
Dexus Property Group		18,790		18,251
Federation Centres		8,650		19,528
Goodman Group		1,320		5,972
Mirvac Group		8,472		12,751
Scentre Group (a)		46,107		132,335
Stockland		12,714		43,945

See accompanying notes to financial statements.

297

SPDR MSCI Australia Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
The GPT Group		19,624	$	66,455
Westfield Corp.		11,862		77,330
				423,056
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%
Lend Lease Group		3,078		38,623
ROAD & RAIL — 0.6%
Asciano, Ltd.		1,322		6,999
Aurizon Holdings, Ltd.		7,378		29,246
				36,245
TRANSPORTATION INFRASTRUCTURE — 2.4%
Sydney Airport		9,099		33,998
Transurban Group		14,451		97,622
				131,620
TOTAL COMMON STOCKS —
(Cost $6,054,246)				5,538,852
TOTAL INVESTMENTS — 99.1%
(Cost $6,054,246)				5,538,852
OTHER ASSETS & LIABILITIES — 0.9%				51,028
NET ASSETS — 100.0%			$	5,589,880

(a) Non-income producing security

PLC = Public Limited Company

See accompanying notes to financial statements.

298

SPDR MSCI Canada Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AEROSPACE & DEFENSE — 0.3%
Bombardier, Inc. (Class B)		2,111	$	7,121
CAE, Inc.		143		1,738
				8,859
AUTO COMPONENTS — 2.2%
Magna International, Inc.		681		64,776
BANKS — 18.3%
Bank of Montreal		1,072		79,070
Canadian Imperial Bank of Commerce		1,228		110,532
National Bank of Canada		1,025		46,804
Royal Bank of Canada		1,516		108,591
The Bank of Nova Scotia		1,530		94,835
The Toronto-Dominion Bank		2,157		106,677
				546,509
CAPITAL MARKETS — 2.8%
CI Financial Corp.		2,525		76,300
IGM Financial, Inc.		192		8,298
				84,598
CHEMICALS — 5.2%
Agrium, Inc.		854		76,081
Methanex Corp.		51		3,412
Potash Corp. of Saskatchewan, Inc.		2,232		77,452
				156,945
CONSTRUCTION & ENGINEERING — 0.1%
SNC-Lavalin Group, Inc.		89		4,107
DIVERSIFIED FINANCIAL SERVICES — 0.4%
Onex Corp.		230		12,834
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.4%
BCE, Inc.		1,210		51,852
TELUS Corp.		1,492		51,053
				102,905
ELECTRIC UTILITIES — 1.2%
Fortis, Inc.		1,150		35,625
FOOD & STAPLES RETAILING — 6.5%
Alimentation Couche-Tard, Inc. (Class B)		2,504		80,237
Empire Co., Ltd. (Class A)		181		12,615
George Weston, Ltd.		282		22,271
Loblaw Cos., Ltd.		610		30,594
Metro, Inc., (Class A)		714		47,854
				193,571
FOOD PRODUCTS — 1.9%
Saputo, Inc.		2,040		57,191
HEALTH CARE PROVIDERS & SERVICES — 0.2%
Catamaran Corp. (a)		154		6,500
HOTELS, RESTAURANTS & LEISURE — 2.7%
Tim Hortons, Inc.		1,007		79,466
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%
TransAlta Corp.		366		3,848
INSURANCE — 8.9%
Fairfax Financial Holdings, Ltd.		62		27,839
Great-West Lifeco, Inc.		2,843		81,941
Industrial Alliance Insurance & Financial Services, Inc.		115		4,772
Intact Financial Corp.		1,118		72,539
Manulife Financial Corp.		1,321		25,461
Power Corp. of Canada		453		12,598
Power Financial Corp.		864		26,487
Sun Life Financial, Inc.		400		14,532
				266,169
IT SERVICES — 1.4%
CGI Group, Inc. (Class A) (a)		1,199		40,598
MEDIA — 2.2%
Shaw Communications, Inc. (Class B)		1,254		30,801
Thomson Reuters Corp.		930		33,953
				64,754
METALS & MINING — 4.9%
Agnico-Eagle Mines, Ltd.		246		7,130
Barrick Gold Corp.		1,922		28,326
Eldorado Gold Corp.		618		4,175
First Quantum Minerals, Ltd.		387		7,487
Franco-Nevada Corp.		196		9,641
Goldcorp, Inc.		1,098		25,368
Kinross Gold Corp. (a)		1,108		3,688
New Gold, Inc. (a)		425		2,156
Silver Wheaton Corp.		1,799		35,962
Teck Resources, Ltd. (Class B)		824		15,639
Turquoise Hill Resources, Ltd. (a)		436		1,643
Yamana Gold, Inc.		1,024		6,157
				147,372
MULTI-UTILITIES — 1.1%
ATCO, Ltd. (Class I)		152		6,175
Canadian Utilities, Ltd. (Class A)		789		27,619
				33,794
MULTILINE RETAIL — 1.9%
Canadian Tire Corp., Ltd. (Class A)		146		14,991
Dollarama, Inc.		504		42,844
				57,835
OIL, GAS & CONSUMABLE FUELS — 22.4%
AltaGas, Ltd.		435		18,407
ARC Resources, Ltd.		255		6,743
Athabasca Oil Corp. (a)		221		1,133
Baytex Energy Corp.		72		2,729
Cameco Corp.		258		4,562
Canadian Natural Resources, Ltd.		780		30,368
Canadian Oil Sands, Ltd.		2,710		50,099
Cenovus Energy, Inc.		1,057		28,498
Crescent Point Energy Corp.		460		16,638
Enbridge, Inc.		913		43,798
EnCana Corp.		402		8,554
Enerplus Corp.		118		2,245
Husky Energy, Inc.		2,539		69,839
Imperial Oil, Ltd.		1,828		86,546
Inter Pipeline, Ltd.		555		18,052
Keyera Corp.		252		20,346
MEG Energy Corp. (a)		51		1,569
Pacific Rubiales Energy Corp.		414		6,957
Pembina Pipeline Corp.		601		25,373

See accompanying notes to financial statements.

299

SPDR MSCI Canada Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Pengrowth Energy Corp.		429	$	2,253
Penn West Petroleum, Ltd.		695		4,720
Peyto Exploration & Development Corp.		686		21,693
Suncor Energy, Inc.		2,815		102,091
Talisman Energy, Inc.		1,015		8,801
Tourmaline Oil Corp. (a)		66		2,931
TransCanada Corp.		1,009		52,077
Vermilion Energy, Inc.		563		34,348
				671,370
PHARMACEUTICALS — 0.4%
Valeant Pharmaceuticals International, Inc. (a)		95		12,475
REAL ESTATE INVESTMENT TRUSTS — 0.8%
H&R REIT		567		11,091
RioCan REIT		597		13,713
				24,804
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.5%
Brookfield Asset Management, Inc. (Class A)		568		25,555
First Capital Realty, Inc.		1,159		18,160
				43,715
ROAD & RAIL — 4.4%
Canadian National Railway Co.		1,657		117,890
Canadian Pacific Railway, Ltd.		64		13,311
				131,201
SOFTWARE — 1.1%
Open Text Corp.		591		32,761
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.3%
BlackBerry, Ltd. (a)		741		7,400
TEXTILES, APPAREL & LUXURY GOODS — 1.3%
Gildan Activewear, Inc.		691		37,884
TRADING COMPANIES & DISTRIBUTORS — 0.9%
Finning International, Inc.		1,000		28,267
WIRELESS TELECOMMUNICATION SERVICES — 0.6%
Rogers Communications, Inc. (Class B)		451		16,917
TOTAL COMMON STOCKS —
(Cost $3,004,937)				2,975,050
SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.09% (b)(c) (Cost $2,012)		2,012		2,012
TOTAL INVESTMENTS — 99.5%
(Cost $3,006,949)				2,977,062
OTHER ASSETS & LIABILITIES — 0.5%				14,035
NET ASSETS — 100.0%			$	2,991,097

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

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

300

SPDR MSCI Germany Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 100.1%
AIR FREIGHT & LOGISTICS — 3.6%
Deutsche Post AG		6,046	$	193,919
AIRLINES — 0.4%
Deutsche Lufthansa AG		1,360		21,484
AUTO COMPONENTS — 2.0%
Continental AG		555		105,621
AUTOMOBILES — 8.9%
Bayerische Motoren Werke AG		604		64,871
Bayerische Motoren Werke AG Preference Shares		855		69,589
Daimler AG		1,896		145,456
Porsche Automobil Holding SE Preference Shares		495		39,670
Volkswagen AG		93		19,302
Volkswagen AG Preference Shares		668		138,729
				477,617
BANKS — 0.8%
Commerzbank AG (a)		2,950		44,123
BIOTECHNOLOGY — 1.1%
QIAGEN NV (a)		2,619		59,651
CAPITAL MARKETS — 2.5%
Deutsche Bank AG		3,777		132,523
CHEMICALS — 9.0%
BASF SE		2,711		248,734
Fuchs Petrolub SE Preference Shares		1,281		48,708
K+S AG		1,721		48,818
Lanxess AG		165		9,110
Linde AG		658		126,470
				481,840
CONSTRUCTION & ENGINEERING — 0.1%
Hochtief AG		60		4,132
CONSTRUCTION MATERIALS — 0.3%
HeidelbergCement AG		229		15,135
DIVERSIFIED FINANCIAL SERVICES — 0.5%
Deutsche Boerse AG		414		27,891
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.5%
Deutsche Telekom AG		11,290		171,145
Telefonica Deutschland Holding AG (a)		12,786		66,869
				238,014
ELECTRICAL EQUIPMENT — 0.1%
OSRAM Licht AG (a)		100		3,726
FOOD & STAPLES RETAILING — 0.4%
Metro AG (a)		561		18,482
HEALTH CARE PROVIDERS & SERVICES — 6.8%
Celesio AG		678		22,560
Fresenius Medical Care AG & Co. KGaA		3,235		225,989
Fresenius SE & Co. KGaA		2,284		113,088
				361,637
HOUSEHOLD PRODUCTS — 3.3%
Henkel AG & Co. KGaA		443		41,406
Henkel AG & Co. KGaA Preference Shares		1,360		135,827
				177,233
INDUSTRIAL CONGLOMERATES — 5.4%
Siemens AG		2,437		290,522
INSURANCE — 12.2%
Allianz SE		1,882		305,144
Hannover Rueck SE		1,233		99,717
Muenchener Rueckversicherungs AG		1,261		249,377
				654,238
INTERNET SOFTWARE & SERVICES — 1.5%
United Internet AG		1,835		78,107
MACHINERY — 2.7%
GEA Group AG		1,959		85,489
MAN SE		533		59,992
				145,481
MEDIA — 5.1%
Axel Springer SE		543		29,900
Kabel Deutschland Holding AG		531		72,177
ProSiebenSat.1 Media AG		2,337		93,142
RTL Group SA		916		78,558
Sky Deutschland AG (a)		50		425
				274,202
METALS & MINING — 0.3%
ThyssenKrupp AG (a)		686		18,003
MULTI-UTILITIES — 6.1%
E.ON AG		12,006		219,840
RWE AG		2,793		108,864
				328,704
PERSONAL PRODUCTS — 3.0%
Beiersdorf AG		1,950		162,925
PHARMACEUTICALS — 8.1%
Bayer AG		1,794		251,330
Merck KGaA		1,984		183,034
				434,364
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%
Deutsche Wohnen AG		595		12,718
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.8%
Infineon Technologies AG		9,376		97,040
SOFTWARE — 4.3%
SAP SE		3,205		231,182
TEXTILES, APPAREL & LUXURY GOODS — 4.4%
adidas AG		1,783		133,453
Hugo Boss AG		794		99,259
				232,712
TRADING COMPANIES & DISTRIBUTORS — 0.4%
Brenntag AG		464		22,807
TRANSPORTATION INFRASTRUCTURE — 0.3%
Fraport AG Frankfurt Airport Services Worldwide		225		14,797
TOTAL COMMON STOCKS —
(Cost $6,001,238)				5,360,830

See accompanying notes to financial statements.

301

SPDR MSCI Germany Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund 0.09% (c)(d) (Cost $722)		722	$	722
TOTAL INVESTMENTS — 100.1%
(Cost $6,001,960)				5,361,552
OTHER ASSETS & LIABILITIES — (0.1)%				(3,676	)
NET ASSETS — 100.0%			$	5,357,876

(a)	Non-income producing security
(b)	Amount shown represents less than 0.05% of net assets.
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(d)	The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

302

SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AIR FREIGHT & LOGISTICS — 0.4%
Yamato Holdings Co., Ltd.		1,300	$	24,194
AIRLINES — 1.2%
ANA Holdings, Inc.		9,000		20,930
Japan Airlines Co., Ltd.		1,800		49,227
				70,157
AUTO COMPONENTS — 2.4%
Aisin Seiki Co., Ltd.		200		7,211
Bridgestone Corp.		1,000		33,019
Denso Corp.		800		36,866
Koito Manufacturing Co., Ltd.		100		2,716
NGK Spark Plug Co., Ltd.		1,000		29,400
NHK Spring Co., Ltd.		200		1,960
NOK Corp.		100		2,293
Stanley Electric Co., Ltd.		100		2,162
Sumitomo Electric Industries, Ltd.		700		10,341
Sumitomo Rubber Industries, Inc.		200		2,842
Toyoda Gosei Co., Ltd.		100		1,951
Toyota Industries Corp.		300		14,495
				145,256
AUTOMOBILES — 8.7%
Daihatsu Motor Co., Ltd.		1,500		23,807
Fuji Heavy Industries, Ltd.		4,500		148,749
Honda Motor Co., Ltd.		1,900		65,819
Isuzu Motors, Ltd.		4,500		63,585
Mazda Motor Corp.		200		5,012
Mitsubishi Motors Corp.		900		10,920
Nissan Motor Co., Ltd.		6,300		61,395
Suzuki Motor Corp.		400		13,257
Toyota Motor Corp.		2,200		129,619
Yamaha Motor Co., Ltd.		200		3,911
				526,074
BANKS — 9.1%
Aozora Bank, Ltd.		7,000		23,675
Fukuoka Financial Group, Inc.		1,000		4,768
Hokuhoku Financial Group, Inc.		1,000		1,960
Mitsubishi UFJ Financial Group, Inc.		21,600		122,123
Mizuho Financial Group, Inc.		42,700		76,256
Resona Holdings, Inc.		19,400		109,367
Seven Bank, Ltd.		2,300		9,372
Shinsei Bank, Ltd.		1,000		2,142
Sumitomo Mitsui Financial Group, Inc.		2,200		89,669
Sumitomo Mitsui Trust Holdings, Inc.		4,000		16,646
Suruga Bank, Ltd.		300		5,978
The Bank of Yokohama, Ltd.		5,000		27,494
The Chiba Bank, Ltd.		3,000		20,867
The Chugoku Bank, Ltd.		600		8,812
The Gunma Bank, Ltd.		1,000		5,761
The Hachijuni Bank, Ltd.		1,000		6,008
The Iyo Bank, Ltd.		300		3,036
The Joyo Bank, Ltd.		1,000		4,923
The Shizuoka Bank, Ltd.		1,000		10,292
				549,149
BEVERAGES — 0.9%
Asahi Breweries, Ltd.		700		20,248
Kirin Holdings Co., Ltd.		900		11,950
Suntory Beverage & Food, Ltd.		600		21,277
				53,475
BUILDING PRODUCTS — 0.4%
Asahi Glass Co., Ltd.		2,000		10,841
Daikin Industries, Ltd.		100		6,197
LIXIL Group Corp.		300		6,408
				23,446
CAPITAL MARKETS — 0.2%
Nomura Holdings, Inc.		1,900		11,324
SBI Holdings, Inc.		100		1,120
				12,444
CHEMICALS — 2.6%
Asahi Kasei Corp.		3,000		24,351
Hitachi Chemical Co., Ltd.		100		1,778
JSR Corp.		100		1,744
Kansai Paint Co., Ltd.		1,000		14,932
Kuraray Co., Ltd.		700		8,206
Mitsubishi Chemical Holdings Corp.		2,800		13,774
Mitsui Chemicals, Inc. (a)		1,000		2,781
Nippon Paint Co., Ltd.		1,000		22,471
Nitto Denko Corp.		100		5,483
Shin-Etsu Chemical Co., Ltd.		600		39,207
Sumitomo Chemical Co., Ltd.		1,000		3,564
Teijin, Ltd.		1,000		2,416
Toray Industries, Inc.		3,000		19,828
				160,535
COMMERCIAL SERVICES & SUPPLIES — 1.3%
Dai Nippon Printing Co., Ltd.		1,000		10,023
Park24 Co., Ltd.		1,600		25,525
Secom Co., Ltd.		600		35,734
Toppan Printing Co., Ltd.		1,000		7,184
				78,466
CONSTRUCTION & ENGINEERING — 1.4%
Chiyoda Corp.		1,000		11,040
JGC Corp.		2,000		54,588
Kajima Corp.		1,000		4,786
Obayashi Corp.		1,000		6,846
Taisei Corp.		1,000		5,643
				82,903
CONSTRUCTION MATERIALS — 0.1%
Taiheiyo Cement Corp.		1,000		3,774
CONSUMER FINANCE — 0.0% (b)
Acom Co., Ltd. (a)		100		335
Credit Saison Co., Ltd.		100		1,926
				2,261
CONTAINERS & PACKAGING — 0.0% (b)
Toyo Seikan Group Holdings, Ltd.		200		2,478
DIVERSIFIED CONSUMER SERVICES — 0.3%
Benesse Holdings, Inc.		600		19,691
DIVERSIFIED FINANCIAL SERVICES — 0.3%
Japan Exchange Group, Inc.		100		2,373
Mitsubishi UFJ Lease & Finance Co., Ltd.		500		2,612
ORIX Corp.		800		11,034
				16,019

See accompanying notes to financial statements.

303

SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%
Nippon Telegraph & Telephone Corp.		1,000	$	62,181
ELECTRIC UTILITIES — 0.8%
Chubu Electric Power Co., Inc. (a)		1,000		11,477
Hokuriku Electric Power Co.		200		2,627
Kyushu Electric Power Co., Inc. (a)		300		3,233
Shikoku Electric Power Co., Inc. (a)		200		2,564
The Chugoku Electric Power Co., Inc.		300		3,845
The Kansai Electric Power Co., Inc. (a)		900		8,504
The Tokyo Electric Power Co., Inc. (a)		2,300		8,052
Tohoku Electric Power Co., Inc.		500		5,679
				45,981
ELECTRICAL EQUIPMENT — 0.5%
Fuji Electric Holdings Co., Ltd.		1,000		4,841
Mitsubishi Electric Corp.		1,000		13,314
Nidec Corp.		200		13,528
				31,683
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.1%
Citizen Holdings Co., Ltd.		200		1,311
Hamamatsu Photonics K.K.		100		4,749
Hitachi, Ltd.		7,000		53,444
Hoya Corp.		3,300		110,827
Ibiden Co., Ltd.		100		1,947
Japan Display, Inc. (a)		100		482
Kyocera Corp.		600		27,956
Murata Manufacturing Co., Ltd.		200		22,736
Nippon Electric Glass Co., Ltd.		1,000		4,868
Omron Corp.		100		4,540
TDK Corp.		200		11,158
Yaskawa Electric Corp.		100		1,354
Yokogawa Electric Corp.		100		1,315
				246,687
FOOD & STAPLES RETAILING — 1.8%
Aeon Co., Ltd.		1,500		14,933
FamilyMart Co., Ltd.		200		7,630
Lawson, Inc.		700		48,945
Seven & I Holdings Co., Ltd.		1,000		38,780
				110,288
FOOD PRODUCTS — 1.9%
Ajinomoto Co., Inc.		1,000		16,637
Calbee, Inc.		800		26,182
MEIJI Holdings Co., Ltd.		100		7,904
Nisshin Seifun Group, Inc.		110		1,087
Nissin Foods Holding Co., Ltd.		300		15,588
Toyo Suisan Kaisha, Ltd.		1,000		33,183
Yamazaki Baking Co., Ltd.		1,000		12,890
				113,471
GAS UTILITIES — 1.3%
Osaka Gas Co., Ltd.		8,000		32,140
Toho Gas Co., Ltd.		1,000		5,634
Tokyo Gas Co., Ltd.		7,000		39,341
				77,115
HEALTH CARE EQUIPMENT & SUPPLIES — 0.9%
Olympus Corp. (a)		200		7,174
Sysmex Corp.		1,100		44,223
Terumo Corp.		200		4,793
				56,190
HEALTH CARE PROVIDERS & SERVICES — 0.6%
Alfresa Holdings Corp.		400		5,765
Medipal Holdings Corp.		200		2,430
Miraca Holdings, Inc.		600		24,805
Suzuken Co., Ltd.		100		2,881
				35,881
HEALTH CARE TECHNOLOGY — 0.5%
M3, Inc.		2,000		32,089
HOTELS, RESTAURANTS & LEISURE — 2.0%
McDonald’s Holdings Co. (Japan), Ltd.		1,000		24,732
Oriental Land Co., Ltd.		500		94,512
				119,244
HOUSEHOLD DURABLES — 1.8%
Casio Computer Co., Ltd.		100		1,666
Iida Group Holdings Co., Ltd.		100		1,223
Nikon Corp.		400		5,780
Panasonic Corp.		1,500		17,838
Rinnai Corp.		300		24,915
Sekisui Chemical Co., Ltd.		1,000		11,468
Sekisui House, Ltd.		1,300		15,312
Sharp Corp. (a)		1,000		2,844
Sony Corp.		1,600		29,041
				110,087
HOUSEHOLD PRODUCTS — 1.2%
Unicharm Corp.		3,300		75,224
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.2%
Electric Power Development Co., Ltd.		300		9,804
INDUSTRIAL CONGLOMERATES — 0.5%
Toshiba Corp.		6,000		27,797
INSURANCE — 1.3%
MS&AD Insurance Group Holdings, Inc.		500		10,905
Sompo Japan Nipponkoa Holdings, Inc.		300		7,278
Sony Financial Holdings, Inc.		1,100		17,789
T&D Holdings, Inc.		500		6,420
The Dai-ichi Life Insurance Co., Ltd.		900		13,357
Tokio Marine Holdings, Inc.		700		21,713
				77,462
INTERNET & CATALOG RETAIL — 0.1%
Rakuten, Inc.		700		8,060
INTERNET SOFTWARE & SERVICES — 1.4%
DeNA Co., Ltd.		1,100		13,989
Gree, Inc.		900		6,137
Kakaku.com, Inc.		1,200		17,044
Yahoo! Japan Corp.		12,600		47,898
				85,068
IT SERVICES — 1.4%
Fujitsu, Ltd.		2,000		12,307
Itochu Techno-Solutions Corp.		100		4,202
Nomura Research Institute, Ltd.		1,100		35,549
NTT Data Corp.		200		7,202

See accompanying notes to financial statements.

304

SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
Otsuka Corp.		600	$	23,848
				83,108
LEISURE PRODUCTS — 2.0%
Bandai Namco Holdings, Inc.		400		10,265
Sankyo Co., Ltd.		200		7,165
Sega Sammy Holdings, Inc.		1,700		27,353
Shimano, Inc.		600		72,966
Yamaha Corp.		100		1,307
				119,056
MACHINERY — 4.8%
FANUC Corp.		100		18,059
Hino Motors, Ltd.		1,800		25,171
Hitachi Construction Machinery Co., Ltd.		100		2,013
IHI Corp.		1,000		5,178
JTEKT Corp.		200		3,344
Kawasaki Heavy Industries, Ltd.		1,000		3,993
Komatsu, Ltd.		600		13,874
Kubota Corp.		7,000		110,556
Kurita Water Industries, Ltd.		100		2,231
Mitsubishi Heavy Industries, Ltd.		2,000		12,865
Nabtesco Corp.		100		2,397
SMC Corp.		300		82,729
Sumitomo Heavy Industries, Ltd.		1,000		5,625
THK Co., Ltd.		100		2,489
				290,524
MARINE — 0.1%
Mitsui OSK Lines, Ltd.		1,000		3,191
Nippon Yusen K.K.		2,000		5,269
				8,460
MEDIA — 0.3%
Dentsu, Inc.		300		11,418
Hakuhodo DY Holdings, Inc.		300		3,036
Toho Co., Ltd.		200		4,521
				18,975
METALS & MINING — 0.6%
JFE Holdings, Inc.		600		11,970
Kobe Steel, Ltd.		4,000		6,491
Mitsubishi Materials Corp.		1,000		3,236
Nippon Steel & Sumitomo Metal Corp.		6,000		15,567
				37,264
MULTILINE RETAIL — 0.4%
Don Quijote Holdings Co., Ltd.		100		5,734
Isetan Mitsukoshi Holdings, Ltd.		300		3,905
J Front Retailing Co., Ltd.		500		6,541
Marui Group Co., Ltd.		100		823
Takashimaya Co., Ltd.		1,000		8,360
				25,363
OIL, GAS & CONSUMABLE FUELS — 1.4%
Idemitsu Kosan Co., Ltd.		400		8,489
Inpex Corp.		700		9,888
JX Holdings, Inc.		7,000		32,258
Showa Shell Sekiyu K.K.		600		5,721
TonenGeneral Sekiyu K.K.		3,000		26,227
				82,583
PAPER & FOREST PRODUCTS — 0.1%
OJI Paper Co., Ltd.		1,000		3,783
PERSONAL PRODUCTS — 2.3%
Kao Corp.		3,300		128,652
Shiseido Co., Ltd.		700		11,547
				140,199
PHARMACEUTICALS — 7.5%
Astellas Pharma, Inc.		2,700		40,194
Chugai Pharmaceutical Co., Ltd.		1,800		52,099
Daiichi Sankyo Co., Ltd.		1,100		17,258
Eisai Co., Ltd.		800		32,344
Hisamitsu Pharmaceutical Co., Inc.		400		14,367
Kyowa Hakko Kirin Co., Ltd.		1,000		12,261
Mitsubishi Tanabe Pharma Corp.		1,200		17,602
Ono Pharmaceutical Co., Ltd.		100		8,879
Otsuka Holdings Co., Ltd.		3,600		124,053
Santen Pharmaceutical Co., Ltd.		600		33,584
Shionogi & Co., Ltd.		2,500		57,341
Sumitomo Dainippon Pharma Co., Ltd.		200		2,547
Takeda Pharmaceutical Co., Ltd.		1,000		43,466
				455,995
REAL ESTATE INVESTMENT TRUSTS — 1.5%
Japan Prime Realty Investment Corp.		3		10,803
Japan Real Estate Investment Corp.		4		20,566
Japan Retail Fund Investment Corp.		8		16,117
Nippon Building Fund, Inc.		3		15,780
Nippon Prologis REIT, Inc.		6		13,953
United Urban Investment Corp.		11		16,877
				94,096
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.2%
Daito Trust Construction Co., Ltd.		700		82,670
Daiwa House Industry Co., Ltd.		1,300		23,317
Mitsubishi Estate Co., Ltd.		1,000		22,503
Nomura Real Estate Holdings, Inc.		100		1,717
NTT Urban Development Corp.		100		1,052
Tokyu Fudosan Holdings Corp.		300		2,057
				133,316
ROAD & RAIL — 4.6%
Central Japan Railway Co.		300		40,517
East Japan Railway Co.		600		44,961
Hankyu Hanshin Holdings, Inc.		4,000		23,301
Keikyu Corp.		1,000		8,350
Keio Corp.		2,000		14,786
Keisei Electric Railway Co., Ltd.		1,000		10,046
Kintetsu Corp.		4,000		13,456
Nagoya Railroad Co., Ltd.		4,000		16,045
Nippon Express Co., Ltd.		3,000		12,553
Odakyu Electric Railway Co., Ltd.		2,000		18,287
Tobu Railway Co., Ltd.		4,000		20,129
Tokyu Corp.		2,000		13,109
West Japan Railway Co.		900		40,280
				275,820
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1%
Tokyo Electron, Ltd.		100		6,525

See accompanying notes to financial statements.

305

SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
SOFTWARE — 1.1%
GungHo Online Entertainment, Inc.		300	$	1,430
Konami Corp.		100		2,084
Nexon Co., Ltd.		100		825
Nintendo Co., Ltd.		100		10,875
Oracle Corp.		500		19,509
Trend Micro, Inc.		900		30,439
				65,162
SPECIALTY RETAIL — 4.1%
ABC-Mart, Inc.		400		20,420
Fast Retailing Co., Ltd.		300		100,383
Hikari Tsushin, Inc.		100		7,101
Nitori Holding Co., Ltd.		800		49,519
Shimamura Co., Ltd.		200		18,378
USS Co., Ltd.		3,000		45,946
Yamada Denki Co., Ltd.		1,900		5,543
				247,290
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.7%
Brother Industries, Ltd.		200		3,699
Canon, Inc.		1,600		52,079
FUJIFILM Holdings Corp.		700		21,505
Konica Minolta Holdings, Inc.		400		4,318
NEC Corp.		2,000		6,910
Ricoh Co., Ltd.		700		7,517
Seiko Epson Corp.		100		4,804
				100,832
TEXTILES, APPAREL & LUXURY GOODS — 0.3%
Asics Corp.		900		20,273
TOBACCO — 2.2%
Japan Tobacco, Inc.		4,100		133,321
TRADING COMPANIES & DISTRIBUTORS — 3.8%
ITOCHU Corp.		3,100		37,869
Marubeni Corp.		5,000		34,222
Mitsubishi Corp.		3,400		69,615
Mitsui & Co., Ltd.		3,100		48,876
Sumitomo Corp.		2,900		32,002
Toyota Tsusho Corp.		300		7,307
				229,891
TRANSPORTATION INFRASTRUCTURE — 0.2%
Kamigumi Co., Ltd.		1,000		9,463
WIRELESS TELECOMMUNICATION SERVICES — 5.5%
KDDI Corp.		2,600		156,268
NTT DoCoMo, Inc.		8,800		146,847
Softbank Corp.		400		28,038
				331,153
TOTAL COMMON STOCKS —
(Cost $6,001,590)				6,007,086
SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund 0.09% (c)(d) (Cost $1,009)		1,009		1,009
TOTAL INVESTMENTS — 99.4%
(Cost $6,002,599)				6,008,095
OTHER ASSETS & LIABILITIES — 0.6%				37,648
NET ASSETS — 100.0%			$	6,045,743

(a)	Non-income producing security
(b)	Amount shown represents less than 0.05% of net assets.
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(d)	The rate shown is the annualized seven-day yield at period end.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

306

SPDR MSCI Mexico Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 100.0%
BANKS — 8.7%
Grupo Financiero Banorte SAB de CV		15,603	$	99,658
Grupo Financiero Inbursa SA		35,327		101,297
Grupo Financiero Santander Mexico SAB de CV (Class B)		17,953		48,564
				249,519
BEVERAGES — 11.5%
Arca Continental SAB de CV		9,675		66,341
Coca-Cola Femsa SAB de CV		6,165		62,094
Fomento Economico Mexicano SAB de CV		22,125		203,668
				332,103
CHEMICALS — 2.0%
Mexichem SAB de CV		13,597		56,675
CONSTRUCTION & ENGINEERING — 2.7%
Promotora y Operadora de Infraestructura SAB de CV (a)		5,577		76,665
CONSTRUCTION MATERIALS — 2.9%
Cemex SAB de CV (a)		65,246		85,017
CONSUMER FINANCE — 1.9%
Compartamos SAB de CV		26,320		56,304
FOOD & STAPLES RETAILING — 10.3%
Controladora Comercial Mexicana SAB de CV		10,691		39,953
Grupo Comercial Chedraui SA de CV		17,832		62,909
Wal-Mart de Mexico SAB de CV		76,818		193,158
				296,020
FOOD PRODUCTS — 5.2%
Gruma SAB de CV (Class B) (a)		2,871		30,651
Grupo Bimbo SAB de CV		25,251		73,213
Grupo Lala SAB de CV		19,315		47,100
				150,964
HOUSEHOLD PRODUCTS — 2.5%
Kimberly-Clark de Mexico SAB de CV (Class A)		31,196		73,633
INDUSTRIAL CONGLOMERATES — 5.5%
Alfa SAB de CV (Class A)		26,339		90,155
Grupo Carso SA de CV		11,587		67,735
				157,890
MEDIA — 6.8%
Grupo Televisa SA de CV		24,329		165,028
TV Azteca SAB de CV		59,966		31,255
				196,283
METALS & MINING — 8.0%
Grupo Mexico SAB de CV		47,857		160,245
Industrias Penoles SA de CV		2,304		52,694
Minera Frisco SAB de CV (a)		9,295		17,067
				230,006
MULTILINE RETAIL — 3.3%
El Puerto de Liverpool SAB de CV		8,241		95,122
PHARMACEUTICALS — 1.4%
Genomma Lab Internacional SAB de CV (Class B) (a)		16,313		39,197
REAL ESTATE INVESTMENT TRUSTS — 1.8%
Fibra Uno Administracion SA de CV REIT		15,748		51,840
TRANSPORTATION INFRASTRUCTURE — 6.7%
Grupo Aeroportuario del Pacifico SAB de CV (Class B)		11,909		80,417
Grupo Aeroportuario del Sureste SAB de CV (Class B)		5,221		67,467
OHL Mexico SAB de CV (a)		16,871		45,663
				193,547
WIRELESS TELECOMMUNICATION SERVICES — 18.8%
America Movil SAB de CV		428,544		541,174
TOTAL COMMON STOCKS —
(Cost $2,998,757)				2,881,959
SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund 0.09% (c)(d) (Cost $479)		479		479
TOTAL INVESTMENTS — 100.0%
(Cost $2,999,236)				2,882,438
OTHER ASSETS & LIABILITIES — 0.0% (b)				454
NET ASSETS — 100.0%			$	2,882,892

(a)	Non-income producing security
(b)	Amount shown represents less than 0.05% of net assets.
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(d)	The rate shown is the annualized seven-day yield at period end.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

307

SPDR MSCI South Korea Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 95.6%
AEROSPACE & DEFENSE — 0.5%
Korea Aerospace Industries Ltd.		363	$	14,018
AIR FREIGHT & LOGISTICS — 1.2%
Hyundai Glovis Co., Ltd.		115		35,091
AIRLINES — 0.1%
Korean Air Lines Co., Ltd. (a)		112		3,821
AUTO COMPONENTS — 6.2%
Halla Visteon Climate Control Corp.		271		13,149
Hankook Tire Co., Ltd.		484		23,621
Hyundai Mobis Co., Ltd.		464		113,004
Hyundai Wia Corp.		126		25,672
				175,446
AUTOMOBILES — 9.2%
Hyundai Motor Co.		767		138,463
Hyundai Motor Co. Preference Shares		214		23,930
Kia Motors Corp.		1,939		98,673
				261,066
BANKS — 6.5%
BS Financial Group, Inc.		374		5,990
DGB Financial Group, Inc.		623		9,919
Hana Financial Group, Inc.		716		26,123
Industrial Bank of Korea		1,882		28,446
KB Financial Group, Inc.		1,324		48,368
Shinhan Financial Group Co., Ltd.		1,197		55,128
Woori Finance Holdings Co., Ltd. (a)		1,023		12,651
				186,625
BEVERAGES — 0.0% (b)
Hite Jinro Co., Ltd.		33		724
BUILDING PRODUCTS — 0.1%
KCC Corp.		4		2,725
CAPITAL MARKETS — 0.4%
Daewoo Securities Co., Ltd. (a)		208		2,119
Korea Investment Holdings Co., Ltd.		59		3,097
Mirae Asset Securities Co., Ltd.		28		1,181
Samsung Securities Co., Ltd.		73		3,051
Woori Investment & Securities Co., Ltd.		181		2,024
				11,472
CHEMICALS — 2.8%
Hanwha Chemical Corp.		170		2,207
Hanwha Corp.		191		5,330
Hyosung Corp.		54		3,869
Korea Kumho Petrochemical Co., Ltd.		22		1,461
LG Chem, Ltd.		207		50,119
LG Chem, Ltd. Preference Shares		75		11,656
Lotte Chemical Corp.		31		4,128
OCI Co., Ltd. (a)		15		1,848
				80,618
COMMERCIAL SERVICES & SUPPLIES — 0.4%
S1 Corp.		148		11,431
CONSTRUCTION & ENGINEERING — 1.1%
Daelim Industrial Co., Ltd.		51		3,649
Daewoo Engineering & Construction Co., Ltd. (a)		83		604
GS Engineering & Construction Corp. (a)		66		2,292
Hyundai Development Co.		53		2,145
Hyundai Engineering & Construction Co., Ltd.		340		19,429
Samsung Engineering Co., Ltd. (a)		32		1,825
				29,944
CONSUMER FINANCE — 0.3%
Samsung Card Co., Ltd.		189		9,349
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.6%
KT Corp.		1,071		34,812
LG Uplus Corp.		1,000		11,703
				46,515
ELECTRIC UTILITIES — 2.1%
Korea Electric Power Corp.		1,292		59,014
ELECTRICAL EQUIPMENT — 0.3%
Doosan Heavy Industries & Construction Co., Ltd.		116		2,863
LS Industrial Systems Co., Ltd.		60		3,338
LS Uplus Corp.		47		2,975
				9,176
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.3%
LG Display Co. Ltd. (a)		1,274		41,048
LG Innotek Co., Ltd. (a)		86		9,372
Samsung Electro-Mechanics Co., Ltd.		696		32,649
Samsung SDI Co., Ltd.		337		39,121
				122,190
FOOD & STAPLES RETAILING — 0.8%
E-Mart Co., Ltd.		98		21,406
FOOD PRODUCTS — 1.4%
CJ CheilJedang Corp.		43		15,790
Lotte Confectionery Co., Ltd.		3		6,195
ORION Corp.		21		17,413
				39,398
GAS UTILITIES — 0.5%
Korea Gas Corp. (a)		263		13,708
HOTELS, RESTAURANTS & LEISURE — 1.7%
Hotel Shilla Co., Ltd.		12		1,359
Kangwon Land, Inc.		1,223		41,549
Paradise Co., Ltd.		173		5,664
				48,572
HOUSEHOLD DURABLES — 1.3%
Coway Co., Ltd.		270		21,569
LG Electronics, Inc.		250		15,565
				37,134
HOUSEHOLD PRODUCTS — 1.1%
LG Household & Health Care, Ltd.		66		31,710
INDUSTRIAL CONGLOMERATES — 3.1%
CJ Corp.		35		5,771
Doosan Corp.		21		2,060
LG Corp.		581		42,284
Samsung Techwin Co., Ltd.		143		4,784

See accompanying notes to financial statements.

308

SPDR MSCI South Korea Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
SK Holdings Co., Ltd.		194	$	34,654
				89,553
INSURANCE — 7.2%
Dongbu Insurance Co., Ltd.		543		30,617
Hanwha Life Insurance Co., Ltd.		1,975		13,288
Hyundai Marine & Fire Insurance Co., Ltd.		856		23,606
Samsung Fire & Marine Insurance Co., Ltd.		296		79,242
Samsung Life Insurance Co., Ltd.		582		58,462
				205,215
INTERNET SOFTWARE & SERVICES — 4.0%
NAVER Corp.		149		113,947
IT SERVICES — 1.4%
SK C&C Co., Ltd.		176		40,445
MACHINERY — 1.4%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		181		3,482
Doosan Infracore Co., Ltd. (a)		249		2,619
Hyundai Heavy Industries Co., Ltd.		112		14,594
Hyundai Mipo Dockyard Co., Ltd.		9		1,058
Samsung Heavy Industries Co., Ltd.		815		19,501
				41,254
MARINE — 0.0% (b)
Hyundai Merchant Marine Co., Ltd. (a)		76		704
MEDIA — 0.5%
Cheil Communications, Inc. (a)		662		14,021
METALS & MINING — 3.3%
Hyundai Steel Co.		131		9,211
Korea Zinc Co., Ltd.		38		14,044
POSCO		228		70,977
				94,232
MULTILINE RETAIL — 1.5%
Hyundai Department Store Co., Ltd.		116		17,643
Lotte Shopping Co., Ltd.		72		21,561
Shinsegae Co., Ltd.		16		3,328
				42,532
OIL, GAS & CONSUMABLE FUELS — 1.5%
GS Holdings		251		9,586
S-Oil Corp.		349		14,155
SK Innovation Co., Ltd.		245		18,829
				42,570
PERSONAL PRODUCTS — 3.3%
Amorepacific Corp.		25		56,669
AMOREPACIFIC Group		34		37,665
				94,334
PHARMACEUTICALS — 1.0%
Celltrion, Inc. (a)		193		8,953
Yuhan Corp.		117		20,622
				29,575
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.4%
SK Hynix, Inc. (a)		1,516		67,162
SOFTWARE — 0.5%
NCSoft Corp.		102		13,001
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 14.5%
Samsung Electronics Co., Ltd.		370		415,143
TOBACCO — 3.5%
KT&G Corp.		1,104		98,866
TRADING COMPANIES & DISTRIBUTORS — 0.7%
Daewoo International Corp.		69		2,455
Samsung C&T Corp.		179		12,824
SK Networks Co., Ltd. (a)		344		3,456
				18,735
WIRELESS TELECOMMUNICATION SERVICES — 1.9%
SK Telecom Co., Ltd.		202		55,513
TOTAL COMMON STOCKS —
(Cost $2,863,240)				2,727,955
PREFERRED STOCKS — 4.2%
AUTOMOBILES — 1.2%
Hyundai Motor Co., Ltd.		318		36,162
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.0%
Samsung Electronics Co., Ltd.		100		85,098
TOTAL PREFERRED STOCKS —
(Cost $143,311)				121,260
SHORT TERM INVESTMENT — 0.2%
UNITED STATES — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund 0.09% (c)(d) (Cost $5,570)		5,570		5,570
TOTAL INVESTMENTS — 100.0%
(Cost $3,012,121)				2,854,785
OTHER ASSETS & LIABILITIES — 0.0% (b)				(419	)
NET ASSETS — 100.0%			$	2,854,366

(a)	Non-income producing security
(b)	Amount shown represents less than 0.05% of net assets.
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(d)	The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

309

SPDR MSCI Spain Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AIRLINES — 2.0%
International Consolidated Airlines Group SA (a)		27,543	$	164,052
BANKS — 34.4%
Banco Bilbao Vizcaya Argentaria SA		51,319		619,179
Banco de Sabadell SA		70,097		207,561
Banco Popular Espanol SA		31,914		195,409
Banco Santander SA		130,287		1,252,657
Bankia SA (a)		88,563		165,354
Bankinter SA		15,598		132,333
CaixaBank SA		43,251		263,405
				2,835,898
BIOTECHNOLOGY — 2.1%
Grifols SA		4,312		176,705
CONSTRUCTION & ENGINEERING — 6.6%
ACS, Actividades de Construccion y Servicios SA		6,683		256,815
Ferrovial SA		15,002		290,997
				547,812
DIVERSIFIED TELECOMMUNICATION SERVICES — 11.1%
Telefonica SA		59,328		918,464
ELECTRIC UTILITIES — 10.5%
Iberdrola SA		74,298		532,169
Red Electrica Corporacion SA		3,897		337,513
				869,682
FOOD & STAPLES RETAILING — 2.1%
Distribuidora Internacional de Alimentacion SA		23,574		169,269
GAS UTILITIES — 7.8%
Enagas SA		10,158		327,603
Gas Natural SDG SA		10,707		315,282
				642,885
INSURANCE — 3.4%
Grupo Catalana Occidente SA		4,149		121,753
Mapfre SA		45,804		162,245
				283,998
IT SERVICES — 3.4%
Amadeus IT Holding SA		7,395		276,702
MACHINERY — 2.6%
Zardoya Otis SA		17,493		217,003
MEDIA — 1.5%
Mediaset Espana Comunicacion SA (a)		9,982		124,257
OIL, GAS & CONSUMABLE FUELS — 4.5%
Repsol SA		15,469		367,375
SPECIALTY RETAIL — 5.0%
Inditex SA		14,982		414,007
TRANSPORTATION INFRASTRUCTURE — 2.9%
Abertis Infraestructuras SA		12,266		242,342
TOTAL COMMON STOCKS —
(Cost $9,100,170)				8,250,451
RIGHTS — 0.1%
SPAIN — 0.1%
Banco Bilbao Vizcaya Argentaria SA (expiring 10/13/14) (a)		51,319		5,122
Banco Popular Espanol SA (expiring 10/13/14) (a)		31,914		443
TOTAL RIGHTS —
(Cost $5,694)				5,565
SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund 0.09% (c)(d) (Cost $6)		6		6
TOTAL INVESTMENTS — 100.0%
(Cost $9,105,870)				8,256,022
OTHER ASSETS & LIABILITIES — 0.0% (b)				1,615
NET ASSETS — 100.0%			$	8,257,637

(a)	Non-income producing security
(b)	Amount shown represents less than 0.05% of net assets.
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(d)	The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

310

SPDR MSCI Taiwan Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AIRLINES — 0.5%
China Airlines, Ltd. (a)		51,000	$	17,101
Eva Airways Corp. (a)		22,000		11,644
				28,745
AUTO COMPONENTS — 1.5%
Cheng Shin Rubber Industry Co. Ltd.		39,000		86,027
AUTOMOBILES — 0.1%
China Motor Corp.		3,000		2,673
Yulon Motor Co., Ltd.		4,000		5,983
				8,656
BANKS — 10.7%
Chang Hwa Commercial Bank, Ltd.		83,000		50,887
China Development Financial Holding  Corp.		166,000		50,969
Chinatrust Financial Holding Co., Ltd.		127,550		85,747
E.Sun Financial Holding Co., Ltd.		33,000		20,015
First Financial Holding Co., Ltd		135,000		81,436
Hua Nan Financial Holdings Co., Ltd.		164,000		95,695
Mega Financial Holding Co., Ltd.		99,000		81,200
SinoPac Financial Holdings Co., Ltd.		68,000		29,172
Taishin Financial Holdings Co., Ltd.		67,000		31,386
Taiwan Business Bank (a)		28,000		8,266
Taiwan Cooperative Financial Holding Co., Ltd.		155,000		83,565
				618,338
BUILDING PRODUCTS — 0.0% (b)
Taiwan Glass Industrial Corp.		2,000		1,657
CAPITAL MARKETS — 0.4%
Yuanta Financial Holding Co., Ltd.		44,000		21,697
CHEMICALS — 2.2%
Formosa Chemicals & Fibre Corp.		16,000		36,976
Formosa Plastics Corp.		19,000		45,034
Nan Ya Plastics Corp.		17,000		37,219
Taiwan Fertilizer Co., Ltd.		3,000		4,961
TSRC Corp.		3,000		3,600
				127,790
CONSTRUCTION & ENGINEERING — 0.1%
CTCI Corp.		2,000		3,406
CONSTRUCTION MATERIALS — 1.1%
Asia Cement Corp.		31,000		39,591
Taiwan Cement Corp.		16,000		23,827
				63,418
DIVERSIFIED FINANCIAL SERVICES — 1.2%
Chailease Holding Co., Ltd.		3,000		7,288
Fubon Financial Holding Co., Ltd.		41,000		62,943
				70,231
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.6%
Asia Pacific Telecom Co. Ltd.		6,000		3,491
Chunghwa Telecom Co., Ltd.		106,000		319,539
				323,030
ELECTRICAL EQUIPMENT — 0.3%
Teco Electric & Machinery Co., Ltd.		7,000		7,191
Walsin Lihwa Corp. (a)		24,000		7,890
				15,081
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 19.2%
AU Optronics Corp.		84,000		35,484
Delta Electronics, Inc.		45,000		284,028
Hon Hai Precision Industry Co., Ltd.		116,000		366,081
Innolux Corp.		103,000		44,526
Largan Precision Co., Ltd.		3,000		214,994
Simplo Technology Co., Ltd.		9,000		43,640
Synnex Technology International Corp.		25,000		34,517
TPK Holding Co., Ltd.		2,000		11,999
Unimicron Technology Corp.		13,000		9,701
WPG Holdings, Ltd.		37,000		45,247
Zhen Ding Technology Holding, Ltd.		7,000		20,273
				1,110,490
FOOD & STAPLES RETAILING — 2.6%
President Chain Store Corp.		21,000		150,496
FOOD PRODUCTS — 2.0%
Standard Foods Corp.		18,000		40,533
Uni-President Enterprises Corp.		43,000		74,637
				115,170
HOTELS, RESTAURANTS & LEISURE — 0.2%
Formosa International Hotels Corp.		1,000		10,618
INDUSTRIAL CONGLOMERATES — 0.4%
Far Eastern New Century Corp.		23,000		23,174
INSURANCE — 1.7%
Cathay Financial Holding Co., Ltd.		44,000		71,671
China Life Insurance Co., Ltd.		16,000		13,202
Shin Kong Financial Holding Co., Ltd.		47,440		14,395
				99,268
LEISURE PRODUCTS — 1.4%
Giant Manufacturing Co., Ltd.		6,000		46,746
Merida Industry Co., Ltd.		5,000		34,846
				81,592
MARINE — 0.5%
Evergreen Marine Corp., Ltd. (a)		7,000		4,107
U-Ming Marine Transport Corp.		16,000		24,353
Yang Ming Marine Transport Corp. (a)		8,000		3,485
				31,945
METALS & MINING — 1.6%
China Steel Corp.		107,000		91,454
MULTILINE RETAIL — 0.1%
Far Eastern Department Stores, Ltd.		6,000		5,789
OIL, GAS & CONSUMABLE FUELS — 0.6%
Formosa Petrochemical Corp.		15,000		36,391
PHARMACEUTICALS — 0.3%
ScinoPharm Taiwan, Ltd.		8,000		16,410
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%
Farglory Land Development Co., Ltd.		3,000		3,535
Highwealth Construction Corp.		4,000		6,391
Ruentex Development Co., Ltd.		3,000		4,847
				14,773

See accompanying notes to financial statements.

311

SPDR MSCI Taiwan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 23.3%
Advanced Semiconductor Engineering, Inc.		67,000	$	77,970
Epistar Corp.		4,000		7,482
Hermes Microvision, Inc.		1,000		41,750
Inotera Memories, Inc. (a)		8,000		11,887
Kinsus Interconnect Technology Corp.		8,000		29,718
MediaTek, Inc.		5,000		74,048
Novatek Microelectronics Corp.		16,000		79,160
Phison Electronics Corp.		4,000		27,877
Powertech Technology, Inc. (a)		5,000		9,040
Radiant Opto-Electronics Corp.		12,000		47,535
Realtek Semiconductor Corp.		3,000		10,651
Siliconware Precision Industries Co.		37,000		50,782
Taiwan Semiconductor Manufacturing Co., Ltd.		189,000		745,574
Transcend Information, Inc.		18,000		59,764
United Microelectronics Corp.		153,000		63,374
Vanguard International Semiconductor Corp.		8,000		11,729
				1,348,341
SPECIALTY RETAIL — 0.2%
Hotai Motor Co., Ltd.		1,000		13,610
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 15.2%
Acer, Inc. (a)		42,000		29,547
Advantech Co., Ltd.		13,000		91,882
Asustek Computer, Inc.		20,000		190,667
Catcher Technology Co., Ltd.		4,000		37,081
Chicony Electronics Co., Ltd.		27,000		80,771
Clevo Co.		4,000		7,061
Compal Electronics, Inc.		62,000		46,368
Foxconn Technology Co., Ltd.		38,000		93,940
HTC Corp. (a)		9,000		39,054
Inventec Co., Ltd.		23,000		14,971
Lite-On Technology Corp.		46,000		66,309
Pegatron Corp.		23,000		42,341
Quanta Computer, Inc.		32,000		81,211
Wistron Corp.		59,000		60,223
				881,426
TEXTILES, APPAREL & LUXURY GOODS — 1.7%
Eclat Textile Co., Ltd.		5,000		45,448
Formosa Taffeta Co., Ltd.		5,000		4,914
Pou Chen Corp.		15,000		16,667
Ruentex Industries, Ltd.		13,000		28,932
				95,961
WIRELESS TELECOMMUNICATION SERVICES — 4.4%
Far EasTone Telecommunications Co., Ltd.		53,000		101,576
Taiwan Mobile Co., Ltd.		50,000		151,712
				253,288
TOTAL COMMON STOCKS —
(Cost $5,973,838)				5,748,272
SHORT TERM INVESTMENT — 0.6%
UNITED STATES — 0.6%
MONEY MARKET FUND — 0.6%
State Street Institutional Liquid Reserves Fund 0.09% (c)(d) (Cost $35,826)		35,826		35,826
TOTAL INVESTMENTS — 100.0%
(Cost $6,009,664)				5,784,098
OTHER ASSETS & LIABILITIES — 0.0% (b)				(773	)
NET ASSETS — 100.0%			$	5,783,325

(a)	Non-income producing security
(b)	Amount shown represents less than 0.05% of net assets.
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(d)	The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

312

SPDR MSCI United Kingdom Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AEROSPACE & DEFENSE — 4.7%
BAE Systems PLC		17,192	$	131,411
Cobham PLC		4,734		22,340
Meggitt PLC		474		3,467
Rolls-Royce Holdings PLC (a)		6,962		108,858
				266,076
AIR FREIGHT & LOGISTICS — 0.3%
Royal Mail PLC		2,750		17,485
AIRLINES — 0.4%
easyJet PLC		1,028		23,715
AUTO COMPONENTS — 0.1%
GKN PLC		998		5,164
BANKS — 8.1%
Barclays PLC		21,902		80,760
HSBC Holdings PLC		27,164		275,715
Lloyds Banking Group PLC (a)		25,348		31,588
Royal Bank of Scotland Group PLC (a)		2,192		13,084
Standard Chartered PLC		3,322		61,421
				462,568
BEVERAGES — 3.8%
Coca-Cola HBC AG (a)		110		2,377
Diageo PLC		6,215		179,847
SABMiller PLC		642		35,678
				217,902
CAPITAL MARKETS — 1.7%
3i Group PLC		898		5,580
Aberdeen Asset Management PLC		4,598		29,853
Hargreaves Lansdown PLC		1,558		23,868
ICAP PLC		2,390		15,006
Investec PLC		404		3,406
Schroders PLC		484		18,761
				96,474
CHEMICALS — 1.5%
Croda International PLC		1,202		40,005
Johnson Matthey PLC		912		43,157
				83,162
COMMERCIAL SERVICES & SUPPLIES — 1.3%
Aggreko PLC		1,074		26,952
Babcock International Group PLC		1,822		32,255
G4S PLC		3,112		12,648
				71,855
CONTAINERS & PACKAGING — 0.7%
Rexam PLC		4,852		38,684
DIVERSIFIED FINANCIAL SERVICES — 0.1%
London Stock Exchange Group PLC		259		7,843
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.4%
BT Group PLC		9,746		59,976
Inmarsat PLC		1,898		21,569
				81,545
ELECTRIC UTILITIES — 1.2%
SSE PLC		2,633		66,034
ENERGY EQUIPMENT & SERVICES — 0.8%
AMEC PLC		1,236		22,121
Petrofac, Ltd.		1,226		20,611
				42,732
FOOD & STAPLES RETAILING — 1.1%
J Sainsbury PLC		3,550		14,474
Tesco PLC		11,846		35,758
William Morrison Supermarkets PLC		4,406		12,022
				62,254
FOOD PRODUCTS — 3.9%
Associated British Foods PLC		750		32,573
Tate & Lyle PLC		2,520		24,164
Unilever PLC		3,893		163,143
				219,880
HEALTH CARE EQUIPMENT & SUPPLIES — 2.1%
Smith & Nephew PLC		7,015		118,273
HOTELS, RESTAURANTS & LEISURE — 4.4%
Carnival PLC		106		4,234
Compass Group PLC		10,322		166,749
InterContinental Hotels Group PLC		151		5,824
Tui Travel PLC		488		3,078
Whitbread PLC		750		50,507
William Hill PLC		3,453		20,701
				251,093
HOUSEHOLD DURABLES — 0.0% (b)
Persimmon PLC (a)		122		2,638
HOUSEHOLD PRODUCTS — 3.5%
Reckitt Benckiser Group PLC		2,290		198,615
INDUSTRIAL CONGLOMERATES — 0.6%
Smiths Group PLC		1,750		35,860
INSURANCE — 3.6%
Admiral Group PLC		2,590		53,870
Aviva PLC		1,742		14,784
Direct Line Insurance Group PLC		11,016		52,540
Friends Life Group, Ltd.		1,052		5,255
Legal & General Group PLC		3,288		12,201
Old Mutual PLC		7,100		20,914
Prudential PLC		1,276		28,464
RSA Insurance Group PLC (a)		976		7,666
Standard Life PLC (a)		1,112		7,470
				203,164
INTERNET & CATALOG RETAIL — 0.2%
ASOS PLC (a)		230		8,389
MACHINERY — 0.5%
IMI PLC		1,276		25,444
Melrose Industries PLC		538		2,160
The Weir Group PLC		86		3,488
				31,092
MEDIA — 6.2%
British Sky Broadcasting Group PLC		7,434		106,296
ITV PLC		19,165		64,562
Pearson PLC		1,008		20,263
Reed Elsevier PLC		9,256		148,253

See accompanying notes to financial statements.

313

SPDR MSCI United Kingdom Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2014

Security Description	Shares		Value
WPP PLC		696	$	13,991
				353,365
METALS & MINING — 3.3%
Anglo American PLC		1,370		30,738
Antofagasta PLC		246		2,875
BHP Billiton PLC		1,334		37,089
Fresnillo PLC		86		1,060
Glencore PLC (a)		10,302		57,318
Randgold Resources, Ltd.		126		8,598
Rio Tinto PLC		1,056		51,897
				189,575
MULTI-UTILITIES — 4.4%
Centrica PLC		27,670		138,070
National Grid PLC		7,907		113,828
				251,898
MULTILINE RETAIL — 1.9%
Marks & Spencer Group PLC		1,884		12,358
Next PLC		922		98,725
				111,083
OIL, GAS & CONSUMABLE FUELS — 12.0%
BG Group PLC		2,076		38,367
BP PLC		35,412		260,317
Royal Dutch Shell PLC (Class A)		6,103		233,347
Royal Dutch Shell PLC (Class B)		3,830		151,314
Tullow Oil PLC		380		3,970
				687,315
PHARMACEUTICALS — 9.0%
AstraZeneca PLC		2,817		202,834
GlaxoSmithKline PLC		5,380		123,239
Shire PLC		2,173		188,115
				514,188
PROFESSIONAL SERVICES — 2.4%
Capita PLC		3,317		62,593
Experian PLC		986		15,721
Intertek Group PLC		1,318		56,002
				134,316
REAL ESTATE INVESTMENT TRUSTS — 2.6%
Hammerson PLC		3,256		30,325
Intu Properties PLC		3,962		20,727
Land Securities Group PLC		3,354		56,494
Segro PLC		750		4,415
The British Land Co. PLC		3,298		37,559
				149,520
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.0% (b)
ARM Holdings PLC		122		1,792
SOFTWARE — 0.6%
The Sage Group PLC		6,030		35,720
SPECIALTY RETAIL — 0.5%
Dixons Carphone PLC		1,100		6,532
Kingfisher PLC		2,188		11,489
Sports Direct International PLC (a)		1,064		10,669
				28,690
TEXTILES, APPAREL & LUXURY GOODS — 0.9%
Burberry Group PLC		2,166		53,057
TOBACCO — 4.9%
British American Tobacco PLC		3,796		214,278
Imperial Tobacco Group PLC		1,492		64,436
				278,714
TRADING COMPANIES & DISTRIBUTORS — 1.4%
Bunzl PLC		2,643		68,984
Travis Perkins PLC		162		4,370
Wolseley PLC		154		8,094
				81,448
WATER UTILITIES — 0.3%
Severn Trent PLC		100		3,043
United Utilities Group PLC		918		12,025
				15,068
WIRELESS TELECOMMUNICATION SERVICES — 2.8%
Vodafone Group PLC		48,704		161,387
TOTAL COMMON STOCKS —
(Cost $6,011,057)				5,659,633
SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.09% (c)(d) (Cost $8,151)		8,151		8,151
TOTAL INVESTMENTS — 99.3%
(Cost $6,019,208)				5,667,784
OTHER ASSETS & LIABILITIES — 0.7%				40,273
NET ASSETS — 100.0%			$	5,708,057

(a)	Non-income producing security
(b)	Amount shown represents less than 0.05% of net assets.
(c)	The rate shown is the annualized seven-day yield at period end.
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).

PLC = Public Limited Company

See accompanying notes to financial statements.

314

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.0%
JAPAN — 99.0%
AIR FREIGHT & LOGISTICS — 0.2%
Yamato Holdings Co., Ltd. (a)		3,580	$	66,626
AIRLINES — 0.4%
All Nippon Airways Co., Ltd.		15,000		34,883
Japan Airlines Co., Ltd.		3,000		82,046
				116,929
AUTO COMPONENTS — 3.4%
Aisin Seiki Co., Ltd.		1,768		63,744
Bridgestone Corp.		5,703		188,306
Daido Metal Co., Ltd.		1,000		13,000
Denso Corp.		3,947		181,887
FCC Co., Ltd. (a)		1,484		24,121
Futaba Industrial Co., Ltd.		608		3,531
Keihin Corp. (a)		856		11,307
NGK Spark Plug Co., Ltd.		1,160		34,104
NHK Spring Co., Ltd.		540		5,292
Nifco, Inc.		1,528		47,082
Nissin Kogyo Co., Ltd.		916		15,056
NOK Corp.		1,516		34,771
Showa Corp.		1,812		19,839
Stanley Electric Co., Ltd.		944		20,413
Sumitomo Electric Industries, Ltd.		5,687		84,013
Sumitomo Rubber Industries, Inc.		2,708		38,486
Tokai Rika Co., Ltd.		20		423
Toyo Tire & Rubber Co., Ltd.		2,600		44,441
Toyota Industries Corp.		1,772		85,615
				915,431
AUTOMOBILES — 8.6%
Daihatsu Motor Co., Ltd. (a)		464		7,364
Fuji Heavy Industries, Ltd.		5,347		176,747
Honda Motor Co., Ltd.		14,074		487,545
Isuzu Motors, Ltd.		7,326		103,510
Mazda Motor Corp.		4,800		120,290
Mitsubishi Motors Corp. (a)		3,900		47,321
Nissan Motor Co., Ltd. (a)		20,262		197,457
Suzuki Motor Corp.		3,292		109,103
Toyota Motor Corp.		17,577		1,035,600
Yamaha Motor Co., Ltd.		1,816		35,511
				2,320,448
BANKS — 8.9%
Fukuoka Financial Group, Inc.		9,000		42,910
Hokuhoku Financial Group, Inc.		14,658		28,729
Mitsubishi UFJ Financial Group, Inc.		113,800		643,409
Mizuho Financial Group, Inc. (a)		206,400		368,602
Resona Holdings, Inc.		14,300		80,616
Shinsei Bank, Ltd.		14,726		31,548
Sumitomo Mitsui Financial Group, Inc.		12,000		489,102
Sumitomo Mitsui Trust Holdings, Inc.		29,981		124,767
Suruga Bank, Ltd.		496		9,884
The 77 Bank, Ltd.		5,803		30,577
The Awa Bank, Ltd. (a)		5,731		33,019
The Bank of Kyoto, Ltd.		2,916		24,217
The Bank of Yokohama, Ltd.		11,947		65,695
The Chiba Bank, Ltd.		9,063		63,039
The Chugoku Bank, Ltd.		2,504		36,774
The Hachijuni Bank, Ltd.		8,719		52,380
The Hiroshima Bank, Ltd.		8,811		43,294
The Hyakugo Bank, Ltd.		6,147		24,656
The Iyo Bank, Ltd.		2,380		24,083
The Joyo Bank, Ltd. (a)		6,155		30,299
The Juroku Bank, Ltd.		8,883		33,282
The Musashino Bank, Ltd.		620		20,573
The Nanto Bank, Ltd.		3,391		13,694
The Nishi-Nippon City Bank, Ltd.		11,799		31,516
The Shizuoka Bank, Ltd. (a)		3,363		34,613
Yamaguchi Financial Group, Inc. (a)		3,076		29,051
				2,410,329
BEVERAGES — 1.3%
Asahi Breweries, Ltd.		3,884		112,347
Ito En, Ltd. (a)		2,056		43,390
Kirin Holdings Co., Ltd.		9,207		122,248
Suntory Beverage & Food, Ltd.		1,400		49,647
Takara Holdings, Inc.		3,479		26,482
				354,114
BIOTECHNOLOGY — 0.1%
GNI Group, Ltd. (a)(b)		4,000		13,163
Japan Tissue Engineering Co., Ltd. (a)(b)		500		7,202
OncoTherapy Science, Inc. (b)		1,200		1,816
Takara Bio, Inc. (a)		500		7,088
				29,269
BUILDING PRODUCTS — 1.2%
Aica Kogyo Co., Ltd.		384		8,163
Asahi Glass Co., Ltd.		9,299		50,405
Daikin Industries, Ltd.		2,132		132,124
LIXIL Group Corp. (a)		2,672		57,072
Nippon Sheet Glass Co., Ltd. (a)(b)		9,000		9,928
TOTO, Ltd. (a)		6,444		70,846
				328,538
CAPITAL MARKETS — 1.4%
Daiwa Securities Group, Inc.		12,482		98,870
Jafco Co., Ltd.		312		11,249
Nomura Holdings, Inc.		31,776		189,390
Okasan Securities Group, Inc.		3,107		22,093
SBI Holdings, Inc.		2,358		26,397
Tokai Tokyo Financial Holdings, Inc. (a)		5,967		41,015
				389,014
CHEMICALS — 4.0%
Asahi Kasei Corp.		8,859		71,909
C. Uyemura & Co., Ltd.		300		15,452
Daicel Chemical Industries, Ltd.		3,055		33,169
DIC Corp.		9,391		21,060
Hitachi Chemical Co., Ltd.		1,476		26,238
JSR Corp. (a)		2,060		35,925
Kaneka Corp.		3,224		18,017
Kansai Paint Co., Ltd. (a)		3,092		46,171
Kuraray Co., Ltd.		4,471		52,415
Mitsubishi Chemical Holdings Corp. (a)		9,123		44,877
Mitsubishi Gas Chemical Co., Inc.		3,268		20,824
Mitsui Chemicals, Inc. (b)		8,843		24,587
Nissan Chemical Industries, Ltd.		3,216		56,935

See accompanying notes to financial statements.

315

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

September 30, 2014

Security Description	Shares		Value
Nitto Denko Corp.		1,184	$	64,923
Shin-Etsu Chemical Co., Ltd.		3,620		236,548
Showa Denko K.K.		11,723		15,389
Sumitomo Chemical Co., Ltd. (a)		14,674		52,305
Taiyo Nippon Sanso Corp. (a)		3,180		28,033
Teijin, Ltd. (a)		9,367		22,629
Tokai Carbon Co., Ltd.		2,828		7,837
Toray Industries, Inc. (a)		11,758		77,711
Tosoh Corp.		8,599		34,805
Toyobo Co., Ltd.		12,302		17,832
Ube Industries, Ltd.		14,543		23,201
Zeon Corp. (a)		3,132		31,921
				1,080,713
COMMERCIAL SERVICES & SUPPLIES — 1.0%
Aeon Delight Co., Ltd.		300		7,299
Dai Nippon Printing Co., Ltd.		5,739		57,524
Daiseki Co., Ltd.		600		11,169
Nissha Printing Co., Ltd. (a)		336		4,950
Park24 Co., Ltd.		1,500		23,930
Sanix, Inc. (a)(b)		1,000		6,527
Secom Co., Ltd. (a)		2,068		123,162
Toppan Printing Co., Ltd. (a)		6,299		45,249
				279,810
COMMUNICATIONS EQUIPMENT — 0.0% (c)
Denki Kogyo Co., Ltd.		2,000		11,432
CONSTRUCTION & ENGINEERING — 1.8%
Chiyoda Corp.		1,688		18,635
COMSYS Holdings Corp.		3,000		51,716
JGC Corp.		2,760		75,331
Kajima Corp. (a)		11,595		55,493
Maeda Corp.		5,855		46,917
Nishimatsu Construction Co., Ltd.		3,000		13,565
Obayashi Corp. (a)		8,679		59,419
Raito Kogyo Co., Ltd.		100		930
Shimizu Corp. (a)		8,559		67,492
Taisei Corp. (a)		16,995		95,901
Tokyu Construction Co., Ltd.		200		992
				486,391
CONSTRUCTION MATERIALS — 0.2%
Taiheiyo Cement Corp. (a)		14,607		55,128
CONSUMER FINANCE — 0.3%
Acom Co., Ltd. (a)(b)		300		1,004
Aeon Credit Service Co., Ltd. (a)		1,540		32,949
Credit Saison Co., Ltd. (a)		2,064		39,758
J Trust Co., Ltd.		700		7,141
Orient Corp. (b)		6,001		12,090
				92,942
CONTAINERS & PACKAGING — 0.1%
Toyo Seikan Group Holdings, Ltd.		1,548		19,178
DISTRIBUTORS — 0.1%
Canon Marketing Japan, Inc.		1,492		28,726
DIVERSIFIED CONSUMER SERVICES — 0.1%
Benesse Holdings, Inc. (a)		928		30,455
DIVERSIFIED FINANCIAL SERVICES — 0.7%
Japan Exchange Group, Inc. (a)		300		7,119
ORIX Corp.		11,500		158,617
Zenkoku Hosho Co., Ltd.		800		22,316
				188,052
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.7%
Nippon Telegraph & Telephone Corp.		7,300		453,925
ELECTRIC UTILITIES — 1.3%
Chubu Electric Power Co., Inc. (b)		5,963		68,439
Hokkaido Electric Power Co., Inc. (b)		1,428		11,586
Hokuriku Electric Power Co.		2,112		27,744
Kyushu Electric Power Co., Inc. (a)(b)		3,576		38,533
Shikoku Electric Power Co., Inc. (b)		1,472		18,867
The Chugoku Electric Power Co., Inc.		2,448		31,377
The Kansai Electric Power Co., Inc. (b)		7,211		68,136
The Okinawa Electric Power Co., Inc.		36		1,114
The Tokyo Electric Power Co., Inc. (b)		12,967		45,393
Tohoku Electric Power Co., Inc.		4,243		48,195
				359,384
ELECTRICAL EQUIPMENT — 1.8%
Fuji Electric Holdings Co., Ltd.		9,099		44,045
Fujikura, Ltd.		6,107		29,395
Furukawa Electric Co., Ltd. (a)		5,899		11,831
GS Yuasa Corp. (a)		2,000		11,651
Mitsubishi Electric Corp.		17,974		239,309
Nidec Corp. (a)		1,800		121,756
Tatsuta Electric Wire and Cable Co., Ltd. (a)		2,000		10,648
Ushio, Inc.		1,536		16,215
				484,850
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.9%
Alps Electric Co., Ltd.		2,368		40,649
Amano Corp.		1,836		19,616
Anritsu Corp.		100		763
Citizen Holdings Co., Ltd.		4,403		28,860
Hamamatsu Photonics K.K.		1,168		55,475
Hirose Electric Co., Ltd. (a)		208		25,674
Hitachi, Ltd.		38,933		297,246
Horiba, Ltd.		604		21,970
Hoya Corp.		3,932		132,052
Ibiden Co., Ltd.		1,496		29,130
Iriso Electronics Co., Ltd.		300		23,793
Japan Aviation Electronics Industry, Ltd.		1,000		22,791
Keyence Corp.		540		234,642
Kyocera Corp.		2,900		135,119
Murata Manufacturing Co., Ltd.		1,828		207,805
Nippon Electric Glass Co., Ltd.		5,548		27,008
Oki Electric Industry Co., Ltd.		9,166		21,391
Omron Corp.		2,080		94,429
Shimadzu Corp.		3,312		28,653
TDK Corp. (a)		1,196		66,726
Yaskawa Electric Corp. (a)		2,604		35,252
Yokogawa Electric Corp. (a)		2,964		38,963
				1,588,007
FOOD & STAPLES RETAILING — 1.6%
Aeon Co., Ltd.		6,603		65,732
Cawachi, Ltd.		648		11,094
Cosmos Pharmaceutical Corp.		200		25,361

See accompanying notes to financial statements.

316

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

September 30, 2014

Security Description	Shares		Value
FamilyMart Co., Ltd. (a)		552	$	21,060
Lawson, Inc. (a)		600		41,953
Seven & I Holdings Co., Ltd.		6,639		257,462
UNY Group Holdings Co., Ltd. (a)		3,000		15,944
				438,606
FOOD PRODUCTS — 1.3%
Ajinomoto Co., Inc.		6,003		99,872
Hokuto Corp.		600		10,830
Kikkoman Corp.		3,256		69,190
MEIJI Holdings Co., Ltd. (a)		600		47,422
Nissin Foods Holding Co., Ltd.		940		48,845
Sakata Seed Corp.		2,384		30,361
Yakult Honsha Co., Ltd. (a)		864		45,368
				351,888
GAS UTILITIES — 0.8%
Osaka Gas Co., Ltd.		18,150		72,918
Saibu Gas Co., Ltd. (a)		15,273		36,339
Tokyo Gas Co., Ltd.		20,873		117,309
				226,566
HEALTH CARE EQUIPMENT & SUPPLIES — 0.9%
Asahi Intecc Co., Ltd.		500		22,882
Nakanishi, Inc.		1,000		36,829
Olympus Corp. (b)		1,542		55,315
Sysmex Corp.		1,200		48,243
Terumo Corp.		2,900		69,503
				232,772
HEALTH CARE PROVIDERS & SERVICES — 0.4%
BML, Inc.		300		9,463
Medipal Holdings Corp.		1,792		21,776
Miraca Holdings, Inc. (a)		936		38,696
Nichii Gakkan Co.		300		2,377
Suzuken Co., Ltd.		932		26,848
Tsukui Corp.		1,400		13,937
				113,097
HEALTH CARE TECHNOLOGY — 0.0% (c)
M3, Inc.		400		6,418
Medinet Co., Ltd. (a)(b)		1,100		2,366
				8,784
HOTELS, RESTAURANTS & LEISURE — 0.4%
Oriental Land Co., Ltd.		604		114,171
Round One Corp.		1,200		7,220
				121,391
HOUSEHOLD DURABLES — 2.6%
Casio Computer Co., Ltd. (a)		3,348		55,792
Fujitsu General, Ltd.		1,000		12,270
Funai Electric Co., Ltd.		595		6,091
Haseko Corp.		2,700		20,848
Nikon Corp. (a)		2,740		39,591
Panasonic Corp.		18,981		225,723
Pioneer Corp. (b)		3,560		9,769
Sangetsu Co., Ltd.		276		6,952
Sekisui Chemical Co., Ltd.		3,079		35,311
Sekisui House, Ltd.		5,679		66,888
Sharp Corp. (a)(b)		8,519		24,230
Sony Corp. (a)		10,211		185,333
Sumitomo Forestry Co., Ltd.		2,068		22,246
				711,044
HOUSEHOLD PRODUCTS — 0.2%
Unicharm Corp.		2,796		63,735
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%
Electric Power Development Co., Ltd.		1,240		40,525
INDUSTRIAL CONGLOMERATES — 0.8%
Keihan Electric Railway Co., Ltd.		8,747		37,637
Nisshinbo Holdings, Inc.		2,584		21,695
Toshiba Corp.		35,633		165,082
				224,414
INSURANCE — 2.2%
MS&AD Insurance Group Holdings, Inc.		5,336		116,381
Sompo Japan Nipponkoa Holdings, Inc.		3,000		72,774
Sony Financial Holdings, Inc.		2,400		38,813
T&D Holdings, Inc.		6,300		80,893
The Dai-ichi Life Insurance Co., Ltd.		6,300		93,499
Tokio Marine Holdings, Inc.		6,447		199,972
				602,332
INTERNET & CATALOG RETAIL — 0.4%
ASKUL Corp. (a)		500		10,483
Rakuten, Inc.		7,700		88,656
				99,139
INTERNET SOFTWARE & SERVICES — 0.5%
Access Co., Ltd. (a)(b)		700		3,778
Dena Co., Ltd. (a)		1,200		15,261
F@N Communications, Inc.		600		6,886
Gree, Inc. (a)		900		6,137
Gurunavi, Inc.		600		8,281
Internet Initiative Japan, Inc. (a)		900		18,066
Kakaku.com, Inc.		400		5,681
UNITED, Inc.		500		7,293
Yahoo! Japan Corp. (a)		15,500		58,923
				130,306
IT SERVICES — 0.8%
Digital Garage, Inc. (a)		400		6,104
Fujitsu, Ltd.		15,498		95,366
IT Holdings Corp.		1,232		21,553
Itochu Techno-Solutions Corp.		408		17,146
NET One Systems Co., Ltd. (a)		3,000		17,312
Nomura Research Institute, Ltd.		300		9,695
NTT Data Corp.		1,200		43,211
SCSK Corp.		200		5,373
TKC Corp.		600		11,842
				227,602
LEISURE PRODUCTS — 1.0%
Bandai Namco Holdings, Inc.		2,532		64,976
Sankyo Co., Ltd. (a)		940		33,677
Sega Sammy Holdings, Inc. (a)		2,431		39,115
Shimano, Inc.		892		108,476
Yamaha Corp. (a)		1,792		23,410
				269,654

See accompanying notes to financial statements.

317

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

September 30, 2014

Security Description	Shares		Value
MACHINERY — 6.6%
Amada Co., Ltd.		2,527	$	24,073
DMG Mori Seiki Co., Ltd.		1,468		18,816
FANUC Corp.		1,780		321,453
Glory, Ltd.		1,544		43,563
IHI Corp. (a)		15,311		79,280
JTEKT Corp.		2,108		35,244
Kawasaki Heavy Industries, Ltd.		11,978		47,827
Komatsu, Ltd.		8,139		188,200
Komori Corp. (a)		1,188		14,426
Kubota Corp. (a)		7,663		121,028
Kurita Water Industries, Ltd. (a)		1,476		32,926
Makita Corp.		1,276		72,120
Minebea Co., Ltd.		3,255		44,391
Mitsubishi Heavy Industries, Ltd.		31,676		203,752
Mitsui Engineering & Shipbuilding Co., Ltd.		11,567		26,045
NGK Insulators, Ltd.		3,320		79,054
Nihon Trim Co., Ltd.		200		5,488
NSK, Ltd.		3,463		49,280
NTN Corp. (a)		3,495		15,771
OKUMA Corp. (a)		2,648		21,170
OSG Corp.		1,512		26,189
SMC Corp.		620		170,974
Sodick Co., Ltd. (a)		2,700		29,709
Sumitomo Heavy Industries, Ltd.		5,795		32,595
Takuma Co., Ltd.		3,000		19,035
The Japan Steel Works, Ltd. (a)		2,708		10,862
THK Co., Ltd.		1,500		37,331
Toshiba Machine Co., Ltd.		2,944		13,419
				1,784,021
MARINE — 0.3%
Kawasaki Kisen Kaisha, Ltd.		8,759		18,605
Mitsui OSK Lines, Ltd. (a)		6,491		20,710
Nippon Yusen K.K.		11,995		31,602
				70,917
MEDIA — 0.6%
Adways, Inc. (b)		500		6,381
CyberAgent, Inc.		600		21,059
Dentsu, Inc.		2,400		91,344
Toho Co., Ltd.		2,052		46,392
Usen Corp. (b)		1,670		4,780
				169,956
METALS & MINING — 1.9%
Daido Steel Co., Ltd. (a)		3,199		12,744
Dowa Holdings Co., Ltd.		2,767		23,030
JFE Holdings, Inc.		4,247		84,731
Kobe Steel, Ltd.		18,645		30,255
Mitsubishi Materials Corp.		12,027		38,922
Mitsubishi Steel Manufacturing Co., Ltd.		6,000		13,346
Mitsui Mining & Smelting Co., Ltd.		8,839		23,529
Nippon Steel & Sumitomo Metal Corp.		55,755		144,654
Nippon Yakin Kogyo Co., Ltd. (b)		400		1,014
Nisshin Steel Co., Ltd. (a)		800		7,264
Sumitomo Metal Mining Co., Ltd.		5,575		78,470
Toho Zinc Co., Ltd.		6,000		22,809
Tokyo Steel Manufacturing Co., Ltd. (a)		244		1,288
Topy Industries, Ltd. (a)		8,000		15,753
Yodogawa Steel Works, Ltd. (a)		5,963		24,407
				522,216
MULTILINE RETAIL — 1.0%
H2O Retailing Corp. (a)		3,500		58,581
Isetan Mitsukoshi Holdings, Ltd.		3,641		47,398
J Front Retailing Co., Ltd.		2,800		36,629
Marui Group Co., Ltd.		3,916		32,236
Ryohin Keikaku Co., Ltd.		336		40,034
Seria Co., Ltd.		400		15,242
Takashimaya Co., Ltd.		3,332		27,854
				257,974
OIL, GAS & CONSUMABLE FUELS — 1.0%
Cosmo Oil Co., Ltd.		8,927		15,055
Inpex Corp.		8,800		124,305
JX Holdings, Inc.		21,600		99,538
Nippon Coke & Engineering Co., Ltd.		1,200		1,247
TonenGeneral Sekiyu K.K.		2,547		22,267
				262,412
PAPER & FOREST PRODUCTS — 0.2%
Nippon Paper Industries Co., Ltd. (a)		600		8,976
OJI Paper Co., Ltd.		8,839		33,440
				42,416
PERSONAL PRODUCTS — 1.1%
Euglena Co., Ltd. (a)(b)		800		9,984
Kao Corp.		4,839		188,650
Mandom Corp.		1,616		55,760
Shiseido Co., Ltd. (a)		2,732		45,066
				299,460
PHARMACEUTICALS — 5.5%
Astellas Pharma, Inc.		20,500		305,178
Chugai Pharmaceutical Co., Ltd.		2,416		69,928
Daiichi Sankyo Co., Ltd. (a)		6,051		94,934
Eisai Co., Ltd. (a)		2,340		94,607
Hisamitsu Pharmaceutical Co., Inc.		604		21,694
Kissei Pharmaceutical Co., Ltd.		1,500		37,604
Kyowa Hakko Kirin Co., Ltd.		2,833		34,736
Mitsubishi Tanabe Pharma Corp.		3,000		44,004
Mochida Pharmaceutical Co., Ltd.		600		40,476
Nichi-iko Pharmaceutical Co., Ltd.		300		4,849
Ono Pharmaceutical Co., Ltd. (a)		632		56,116
Otsuka Holdings Co., Ltd.		3,800		130,945
Santen Pharmaceutical Co., Ltd.		1,356		75,900
Seikagaku Corp. (a)		1,200		18,061
Shionogi & Co., Ltd.		2,996		68,717
Sumitomo Dainippon Pharma Co., Ltd. (a)		1,460		18,594
Taisho Pharmaceutical Holdings Co., Ltd.		500		34,231
Takeda Pharmaceutical Co., Ltd. (a)		7,155		310,999
Torii Pharmaceutical Co., Ltd.		300		8,314
Towa Pharmaceutical Co., Ltd. (a)		200		8,761
Tsumura & Co.		100		2,231
				1,480,879
PROFESSIONAL SERVICES — 0.2%
Meitic Corp.		1,212		36,019

See accompanying notes to financial statements.

318

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

September 30, 2014

Security Description	Shares		Value
Nihon M&A Center, Inc.		600	$	17,421
				53,440
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.1%
Daikyo, Inc.		6,256		11,691
Daito Trust Construction Co., Ltd.		864		102,039
Daiwa House Industry Co., Ltd. (a)		4,363		78,255
Heiwa Real Estate Co., Ltd.		1,400		22,054
Hulic Co., Ltd.		800		8,460
Leopalace21 Corp. (b)		1,544		8,473
Mitsubishi Estate Co., Ltd.		10,111		227,531
Mitsui Fudosan Co., Ltd.		5,923		181,397
Sumitomo Realty & Development Co., Ltd.		2,843		101,142
Tokyo Tatemono Co., Ltd.		5,540		44,797
Tokyu Fudosan Holdings Corp.		7,100		48,673
				834,512
ROAD & RAIL — 4.2%
Central Japan Railway Co.		1,500		202,584
East Japan Railway Co.		3,300		247,286
Hankyu Hanshin Holdings, Inc.		12,486		72,734
Keikyu Corp.		6,355		53,067
Keio Corp.		8,000		59,146
Keisei Electric Railway Co., Ltd.		3,147		31,615
Kintetsu Corp. (a)		18,038		60,678
Nagoya Railroad Co., Ltd. (a)		12,362		49,585
Nankai Electric Railway Co., Ltd.		9,111		41,861
Nippon Express Co., Ltd.		11,555		48,350
Odakyu Electric Railway Co., Ltd. (a)		3,483		31,847
Sotetsu Holdings, Inc. (a)		12,254		44,349
Tobu Railway Co., Ltd.		9,007		45,324
Tokyu Corp.		9,391		61,554
West Japan Railway Co.		2,100		93,987
				1,143,967
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%
Advantest Corp. (a)		1,816		23,409
Dainippon Screen Manufacturing Co., Ltd.		364		1,852
Disco Corp. (a)		284		19,288
Rohm Co., Ltd.		876		55,102
Sanken Electric Co., Ltd.		3,404		28,580
Shinko Electric Industries Co., Ltd.		892		6,513
Sumco Corp. (a)		1,546		18,660
				153,404
SOFTWARE — 0.7%
GungHo Online Entertainment, Inc.		3,100		14,780
Konami Corp.		1,192		24,841
Nintendo Co., Ltd.		948		103,101
NSD Co., Ltd. (a)		1,232		19,351
Square Enix Holdings Co., Ltd. (a)		596		12,654
Trend Micro, Inc.		568		19,210
				193,937
SPECIALTY RETAIL — 1.5%
Aoyama Trading Co., Ltd.		1,484		34,565
Arcland Sakamoto Co., Ltd.		500		11,719
Asahi Co., Ltd.		200		2,241
Autobacs Seven Co., Ltd. (a)		780		12,124
Fast Retailing Co., Ltd.		276		92,352
Gulliver International Co., Ltd.		900		7,655
Hikari Tsushin, Inc. (a)		284		20,168
Jin Co., Ltd. (a)		500		13,478
K’s Holdings Corp. (a)		400		11,906
Nitori Holding Co., Ltd.		600		37,139
Sanrio Co., Ltd. (a)		648		18,785
Shimachu Co., Ltd.		1,484		34,267
Shimamura Co., Ltd.		332		30,508
USS Co., Ltd.		3,000		45,946
VT Holdings Co., Ltd.		900		3,224
Yamada Denki Co., Ltd. (a)		9,000		26,255
				402,332
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.9%
Brother Industries, Ltd.		2,732		50,533
Canon, Inc.		9,858		320,872
FUJIFILM Holdings Corp.		4,227		129,860
Konica Minolta Holdings, Inc.		6,075		65,571
NEC Corp.		17,918		61,907
Ricoh Co., Ltd.		5,555		59,654
Roland DG Corp.		400		16,500
Seiko Epson Corp.		1,576		75,715
Wacom Co., Ltd. (a)		200		864
				781,476
TEXTILES, APPAREL & LUXURY GOODS — 0.5%
Asics Corp.		3,064		69,020
Gunze, Ltd.		6,223		17,473
Onward Holdings Co., Ltd.		2,580		16,111
The Japan Wool Textile Co., Ltd.		3,031		20,944
				123,548
TOBACCO — 1.1%
Japan Tobacco, Inc.		9,000		292,657
TRADING COMPANIES & DISTRIBUTORS — 3.8%
Hanwa Co., Ltd.		3,207		11,987
Inaba Denki Sangyo Co., Ltd.		1,356		45,614
ITOCHU Corp. (a)		12,966		158,389
Iwatani Corp.		451		3,125
Kanematsu Corp.		9,000		14,440
Marubeni Corp.		15,402		105,418
Mitsubishi Corp.		11,407		233,558
Mitsui & Co., Ltd. (a)		14,902		234,951
Nishio Rent All Co., Ltd.		400		15,443
Sojitz Corp.		12,828		20,114
Sumitomo Corp. (a)		9,575		105,661
Toyota Tsusho Corp.		1,539		37,488
Yamazen Corp.		4,200		32,889
				1,019,077
TRANSPORTATION INFRASTRUCTURE — 0.1%
Kamigumi Co., Ltd.		3,395		32,126
Mitsubishi Logistics Corp.		216		3,099
				35,225
WIRELESS TELECOMMUNICATION SERVICES — 3.6%
KDDI Corp.		5,000		300,515
NTT DoCoMo, Inc.		12,600		210,258

See accompanying notes to financial statements.

319

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

September 30, 2014

Security Description	Shares		Value
Softbank Corp.		6,715	$	470,683
				981,456
TOTAL COMMON STOCKS —
(Cost $30,797,590)				26,856,828
SHORT TERM INVESTMENTS — 14.6%
UNITED STATES — 14.6%
MONEY MARKET FUNDS — 14.6%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		3,923,260		3,923,260
State Street Institutional Liquid Reserves Fund 0.09% (e)(f)		21,841		21,841
TOTAL SHORT TERM INVESTMENTS —
(Cost $3,945,101)				3,945,101
TOTAL INVESTMENTS — 113.6%
(Cost $34,742,691)				30,801,929
OTHER ASSETS & LIABILITIES — (13.6)%				(3,680,260	)
NET ASSETS — 100.0%			$	27,121,669

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Amount shown represents less than 0.05% of net assets.
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

320

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.2%
JAPAN — 99.2%
AEROSPACE & DEFENSE — 0.0% (a)
Jamco Corp.		1,200	$	26,550
AIR FREIGHT & LOGISTICS — 0.4%
Kintetsu World Express, Inc.		4,300		163,854
Mitsui-Soko Co., Ltd.		27,686		102,471
				266,325
AIRLINES — 0.0% (a)
Skymark Airlines, Inc. (b)(c)		7,400		13,559
AUTO COMPONENTS — 5.5%
Ahresty Corp.		5,300		37,300
Akebono Brake Industry Co., Ltd. (c)		5,400		22,792
Calsonic Kansei Corp.		18,000		97,963
Daido Metal Co., Ltd.		2,000		25,999
Eagle Industry Co., Ltd.		1,900		38,591
Exedy Corp.		4,500		113,920
FCC Co., Ltd. (c)		8,813		143,248
Futaba Industrial Co., Ltd.		12,394		71,972
Keihin Corp.		9,041		119,426
Koito Manufacturing Co., Ltd.		13,000		353,043
KYB Co., Ltd.		24,902		112,144
Mitsuba Corp.		3,200		55,864
Musashi Seimitsu Industry Co., Ltd.		5,152		102,105
NHK Spring Co., Ltd.		19,000		186,198
Nifco, Inc.		8,600		264,989
Nippon Seiki Co., Ltd.		5,000		113,497
Nissan Shatai Co., Ltd.		11,900		194,075
Nissin Kogyo Co., Ltd.		9,234		151,775
NOK Corp.		9,300		213,308
Piolax, Inc.		900		42,089
Press Kogyo Co., Ltd. (c)		23,569		97,116
Sanden Corp.		11,000		65,181
Showa Corp.		9,839		107,723
Takata Corp. (c)		5,600		127,014
Tokai Rika Co., Ltd.		9,200		194,408
Topre Corp.		7,034		99,968
Toyo Tire & Rubber Co., Ltd.		13,600		232,463
Toyoda Gosei Co., Ltd.		5,600		109,248
Toyota Boshoku Corp. (c)		8,500		89,111
TPR Co., Ltd.		2,200		53,047
TS Tech Co., Ltd.		7,700		187,139
Unipres Corp.		6,400		125,380
Yorozu Corp. (c)		1,000		17,120
				3,965,216
BANKS — 7.3%
Bank of the Ryukyus, Ltd.		9,481		149,784
Jimoto Holdings, Inc.		8,000		16,409
Kansai Urban Banking Corp.		7,900		90,383
North Pacific Bank, Ltd.		53,300		209,906
Senshu Ikeda Holdings, Inc.		22,400		115,170
The 77 Bank, Ltd.		35,000		184,421
The Aichi Bank, Ltd.		1,649		82,379
The Akita Bank, Ltd.		9,000		25,106
The Awa Bank, Ltd. (c)		17,000		97,944
The Bank of Iwate, Ltd.		3,456		152,487
The Bank of Nagoya, Ltd.		30,000		114,591
The Bank of Okinawa, Ltd. (c)		4,000		175,760
The Daishi Bank, Ltd.		55,000		192,033
The Fukui Bank, Ltd.		14,000		33,566
The Fukushima Bank, Ltd.		89,478		70,150
The Higo Bank, Ltd.		37,000		203,391
The Hokkoku Bank, Ltd.		36,000		122,412
The Hyakugo Bank, Ltd.		52,000		208,578
The Hyakujushi Bank, Ltd.		44,000		140,790
The Juroku Bank, Ltd.		57,000		213,565
The Kagoshima Bank, Ltd.		30,000		190,620
The Keiyo Bank, Ltd.		42,000		214,030
The Kiyo Bank, Ltd.		15,500		220,995
The Musashino Bank, Ltd.		6,900		228,962
The Nagano Bank, Ltd.		45,534		78,868
The Nanto Bank, Ltd.		42,000		169,616
The Nishi-Nippon City Bank, Ltd.		76,000		202,999
The Ogaki Kyoritsu Bank, Ltd.		20,000		54,150
The Oita Bank, Ltd.		14,000		52,710
The San-In Godo Bank, Ltd.		14,000		98,783
The Shiga Bank, Ltd.		25,000		137,654
The Shikoku Bank, Ltd.		60,000		129,085
The Shimizu Bank, Ltd.		4,100		111,232
The Taiko Bank, Ltd. (c)		39,000		82,483
The Tochigi Bank, Ltd.		25,846		101,315
The Toho Bank, Ltd.		14,000		52,199
The Tokyo Tomin Bank, Ltd. (c)		8,305		99,861
The Towa Bank, Ltd.		18,000		16,245
The Yachiyo Bank, Ltd. (c)		3,900		123,547
The Yamagata Bank, Ltd. (c)		10,000		46,857
The Yamanashi Chuo Bank, Ltd.		12,000		52,619
Tomato Bank, Ltd.		56,872		93,322
TOMONY Holdings, Inc.		30,505		128,199
Tsukuba Bank, Ltd.		5,000		16,865
				5,302,041
BEVERAGES — 1.0%
Coca-Cola East Japan Co., Ltd.		7,600		150,829
Coca-Cola West Co., Ltd.		7,900		114,941
Ito En, Ltd. (c)		6,600		139,286
Sapporo Holdings, Ltd.		40,000		153,881
Takara Holdings, Inc.		20,000		152,240
				711,177
BIOTECHNOLOGY — 0.4%
3-D Matrix, Ltd. (b)(c)		1,500		42,459
AnGes MG, Inc. (b)(c)		3,100		8,252
D.Western Therapeutics Institute, Inc. (b)		2,000		28,625
GNI Group, Ltd. (b)(c)		13,000		42,782
Japan Tissue Engineering Co., Ltd. (b)(c)		1,200		17,284
NanoCarrier Co., Ltd. (b)(c)		3,500		41,319
OncoTherapy Science, Inc. (b)(c)		21,800		32,990
Takara Bio, Inc. (c)		4,600		65,208
UMN Pharma, Inc. (b)(c)		1,000		30,858
				309,777
BUILDING PRODUCTS — 2.1%
Aica Kogyo Co., Ltd.		10,519		223,623
Bunka Shutter Co., Ltd.		9,577		85,298

See accompanying notes to financial statements.

321

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

September 30, 2014

Security Description	Shares		Value
Central Glass Co., Ltd.		45,309	$	160,262
Nichias Corp.		22,000		145,403
Nichiha Corp.		1,500		14,946
Nippon Sheet Glass Co., Ltd. (b)(c)		107,000		118,027
Nitto Boseki Co., Ltd.		30,020		115,488
Noritz Corp.		6,765		119,457
Okabe Co., Ltd.		4,000		43,976
Sankyo Tateyama, Inc.		5,000		97,042
Sanwa Holdings Corp.		34,910		248,232
Sekisui Jushi Corp.		1,600		21,572
Takara Standard Co., Ltd.		8,000		68,481
Takasago Thermal Engineering Co., Ltd.		5,200		67,266
				1,529,073
CAPITAL MARKETS — 1.5%
Aizawa Securities Co., Ltd.		3,100		15,119
Ichigo Group Holdings Co., Ltd. (c)		15,800		40,906
Ichiyoshi Securities Co., Ltd.		3,500		41,925
Jafco Co., Ltd. (c)		4,200		151,429
kabu.com Securities Co., Ltd		6,800		33,227
Marusan Securities Co., Ltd. (c)		4,300		30,928
Matsui Securities Co., Ltd. (c)		15,600		145,341
Monex Group, Inc. (c)		41,200		107,418
Okasan Securities Group, Inc.		27,447		195,165
Sawada Holdings Co., Ltd. (c)		2,300		15,516
Sparx Group Co., Ltd.		9,200		18,200
Tokai Tokyo Financial Holdings, Inc.		34,821		239,346
Toyo Securities Co., Ltd.		21,457		59,269
				1,093,789
CHEMICALS — 6.1%
ADEKA Corp.		15,813		208,303
Asahi Organic Chemicals Industry Co., Ltd. (c)		34,540		84,071
C. Uyemura & Co., Ltd.		1,176		60,572
Chugoku Marine Paints, Ltd.		6,000		45,016
Fujikura Kasei Co., Ltd.		9,938		50,009
Fujimi, Inc.		4,173		59,117
Fujimori Kogyo Co., Ltd.		1,100		32,991
Hitachi Chemical Co., Ltd.		11,000		195,542
Ishihara Sangyo Kaisha, Ltd. (b)		67,811		55,636
Japan Pure Chemical Co., Ltd.		4,100		88,133
Kaneka Corp.		26,000		145,294
Kumiai Chemical Industry Co., Ltd.		4,000		24,504
Kureha Corp.		25,000		123,068
Lintec Corp.		11,308		239,056
Nihon Nohyaku Co., Ltd.		5,000		48,999
Nihon Parkerizing Co., Ltd.		4,300		98,117
Nippon Carbide Industries Co., Inc. (c)		5,000		11,167
Nippon Shokubai Co., Ltd.		17,000		189,070
Nippon Soda Co., Ltd.		29,065		148,379
Nippon Valqua Industries, Ltd.		36,025		103,778
NOF Corp.		29,731		185,387
Okamoto Industries, Inc.		24,841		94,205
Riken Technos Corp.		4,000		18,488
Sakata INX Corp.		2,100		20,944
Sanyo Chemical Industries, Ltd.		3,000		18,460
Sumitomo Bakelite Co., Ltd.		37,000		145,038
Sumitomo Seika Chemicals Co., Ltd.		4,000		22,900
T Hasegawa Co., Ltd.		1,500		22,891
Taiyo Holdings Co., Ltd.		4,400		140,189
Taiyo Nippon Sanso Corp. (c)		26,000		229,199
Tenma Corp.		1,100		16,004
The Nippon Synthetic Chemical Industry Co., Ltd.		2,000		14,422
Toagosei Co., Ltd.		48,000		197,785
Tokai Carbon Co., Ltd.		37,542		104,041
Tokuyama Corp. (c)		35,000		115,183
Tokyo Ohka Kogyo Co., Ltd.		8,200		216,858
Tosoh Corp.		59,000		238,808
Toyo Ink Manufacturing Co., Ltd.		38,000		177,364
Toyobo Co., Ltd.		124,000		179,735
Zeon Corp. (c)		24,000		244,605
				4,413,328
COMMERCIAL SERVICES & SUPPLIES — 2.1%
Aeon Delight Co., Ltd.		4,700		114,356
Daiseki Co., Ltd.		9,293		172,991
Duskin Co., Ltd. (c)		12,000		196,144
Itoki Corp.		3,500		21,409
Kokuyo Co., Ltd.		4,300		34,652
Mitsubishi Pencil Co., Ltd.		1,200		38,616
Moshi Moshi Hotline, Inc.		10,944		103,758
Nippon Parking Development Co., Ltd.		21,000		23,739
Nissha Printing Co., Ltd. (c)		5,800		85,444
Okamura Corp.		13,884		105,179
Oyo Corp.		1,300		22,114
Park24 Co., Ltd.		10,000		159,533
Pilot Corp.		3,200		182,324
Prestige International, Inc.		1,900		16,074
Sanix, Inc. (b)(c)		3,600		23,498
Sato Holdings Corp.		2,300		64,684
Sohgo Security Services Co., Ltd. (c)		6,300		148,060
				1,512,575
COMMUNICATIONS EQUIPMENT — 0.5%
Aiphone Co., Ltd.		3,806		65,923
Denki Kogyo Co., Ltd.		13,303		76,038
Hitachi Kokusai Electric, Inc.		9,634		135,778
Icom, Inc.		3,700		92,689
Japan Radio Co., Ltd. (b)		3,000		10,420
				380,848
CONSTRUCTION & ENGINEERING — 5.0%
Chudenko Corp.		2,100		34,363
COMSYS Holdings Corp.		13,600		234,446
Daiho Corp. (c)		7,000		32,992
Fudo Tetra Corp.		14,900		37,761
Hazama Ando Corp.		14,200		90,874
Hibiya Engineering, Ltd. (c)		1,700		24,579
Kandenko Co., Ltd.		20,000		101,007
Kinden Corp.		25,924		266,578
Kumagai Gumi Co., Ltd. (b)		18,000		66,457
Kyowa Exeo Corp.		15,076		195,846
Kyudenko Corp.		8,657		102,279
Maeda Corp.		21,158		169,542
Maeda Road Construction Co., Ltd.		13,000		202,179
Mirait Holdings Corp.		13,600		157,579
Nichireki Co., Ltd.		2,000		16,810

See accompanying notes to financial statements.

322

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

September 30, 2014

Security Description	Shares		Value
Nippo Corp.		6,000	$	109,996
Nippon Densetsu Kogyo Co., Ltd.		3,000		48,051
Nippon Koei Co., Ltd.		6,000		24,504
Nishimatsu Construction Co., Ltd.		34,000		153,735
Okumura Corp.		18,000		105,019
OSJB Holdings Corp. (c)		6,150		16,034
Penta-Ocean Construction Co., Ltd. (c)		47,600		160,120
Raito Kogyo Co., Ltd.		4,700		43,703
Sanki Engineering Co., Ltd. (c)		14,196		105,472
SHO-BOND Holdings Co., Ltd.		4,900		190,738
Sumitomo Mitsui Construction Co., Ltd. (b)		40,700		48,976
Taihei Dengyo Kaisha, Ltd.		3,000		23,875
Taikisha, Ltd.		6,100		136,408
Tekken Corp. (c)		13,000		60,322
Toa Corp. (c)		16,000		29,901
Toda Corp.		42,000		210,967
Tokyu Construction Co., Ltd.		15,722		77,969
Toshiba Plant Systems & Services Corp.		3,500		58,900
Totetsu Kogyo Co., Ltd.		2,200		51,844
Toyo Construction Co., Ltd.		5,000		22,836
Toyo Engineering Corp. (c)		25,000		107,115
Yahagi Construction Co. Ltd. (c)		2,900		21,467
Yokogawa Bridge Holdings Corp.		3,300		46,178
Yurtec Corp.		3,000		14,659
				3,602,081
CONSTRUCTION MATERIALS — 0.2%
Sumitomo Osaka Cement Co., Ltd.		48,000		157,528
CONSUMER FINANCE — 1.1%
Acom Co., Ltd. (b)(c)		55,500		185,683
Aiful Corp. (b)(c)		41,000		172,305
Hitachi Capital Corp. (c)		5,900		141,832
J Trust Co., Ltd.		8,500		86,709
Jaccs Co., Ltd.		11,000		61,170
Orient Corp. (b)		60,600		122,089
				769,788
CONTAINERS & PACKAGING — 0.6%
FP Corp. (c)		4,900		137,135
Fuji Seal International, Inc.		4,370		137,241
Rengo Co., Ltd. (c)		17,000		76,402
Taisei Lamick Co., Ltd. (c)		4,400		108,140
				458,918
DISTRIBUTORS — 0.3%
Canon Marketing Japan, Inc.		9,900		190,609
Doshisha Co., Ltd.		1,100		18,882
Paltac Corp.		2,600		31,808
				241,299
DIVERSIFIED CONSUMER SERVICES — 0.0% (a)
JP-Holdings, Inc. (c)		4,500		16,942
DIVERSIFIED FINANCIAL SERVICES — 1.1%
Century Tokyo Leasing Corp.		8,400		223,219
Fuyo General Lease Co., Ltd.		3,600		140,626
Japan Securities Finance Co., Ltd.		19,219		112,306
Ricoh Leasing Co., Ltd.		3,667		102,126
Zenkoku Hosho Co., Ltd.		6,600		184,110
				762,387
ELECTRIC UTILITIES — 0.2%
The Okinawa Electric Power Co., Inc.		4,700		145,462
ELECTRICAL EQUIPMENT — 1.8%
Daihen Corp.		22,971		89,208
Endo Lighting Corp. (c)		2,200		25,651
Fujikura, Ltd.		38,000		182,907
Furukawa Electric Co., Ltd. (c)		83,000		166,462
Futaba Corp. (c)		5,000		75,117
Mabuchi Motor Co., Ltd.		3,000		261,452
Nippon Carbon Co., Ltd.		33,000		57,158
Nissin Electric Co., Ltd.		3,000		17,831
Nitto Kogyo Corp.		2,300		46,128
Sinfonia Technology Co., Ltd.		53,826		79,001
SWCC Showa Holdings Co., Ltd. (b)(c)		76,075		75,593
Tatsuta Electric Wire and Cable Co., Ltd. (c)		8,700		46,318
Toyo Tanso Co., Ltd. (c)		2,900		59,959
Ushio, Inc.		11,900		125,623
				1,308,408
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.7%
Ai Holdings Corp.		4,200		84,961
Alps Electric Co., Ltd.		25,700		441,161
Amano Corp.		13,332		142,441
Anritsu Corp. (c)		16,900		128,951
Arisawa Manufacturing Co., Ltd.		2,500		17,480
Azbil Corp.		7,400		181,399
Citizen Holdings Co., Ltd.		31,000		203,191
Daiwabo Holdings Co., Ltd.		28,635		55,341
Enplas Corp. (c)		1,100		56,156
ESPEC Corp. (c)		11,131		106,140
Hakuto Co., Ltd.		8,411		84,881
Hitachi High-Technologies Corp.		7,800		223,985
Horiba, Ltd.		6,300		229,154
Hosiden Corp. (c)		16,995		92,028
Iriso Electronics Co., Ltd.		1,000		79,311
Japan Aviation Electronics Industry, Ltd.		7,000		159,533
Japan Cash Machine Co., Ltd. (c)		3,424		67,828
Kaga Electronics Co., Ltd.		1,400		16,170
Koa Corp.		8,491		89,558
Macnica, Inc.		900		28,716
Maruwa Co., Ltd. (c)		1,700		53,389
Mitsumi Electric Co., Ltd. (c)		9,900		71,478
Nichicon Corp.		10,700		76,864
Nihon Dempa Kogyo Co., Ltd.		4,595		37,197
Nippon Ceramic Co., Ltd. (c)		5,023		74,959
Nippon Chemi-Con Corp. (b)		22,432		68,710
Nohmi Bosai, Ltd.		2,000		31,323
Oki Electric Industry Co., Ltd.		119,000		277,715
Ryosan Co., Ltd.		8,096		174,179
Ryoyo Electro Corp. (c)		8,804		90,612
Siix Corp.		1,200		20,861
SMK Corp. (c)		5,000		24,295
Tabuchi Electric Co., Ltd.		2,000		21,332

See accompanying notes to financial statements.

323

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

September 30, 2014

Security Description	Shares		Value
Taiyo Yuden Co., Ltd. (c)		17,700	$	198,146
Tamura Corp.		7,000		29,163
The Nippon Signal Co., Ltd.		13,300		136,522
Topcon Corp.		11,319		257,553
				4,132,683
ENERGY EQUIPMENT & SERVICES — 0.4%
Japan Drilling Co., Ltd. (c)		1,100		49,387
Modec, Inc. (c)		4,400		115,240
Shinko Plantech Co., Ltd. (c)		14,086		107,993
				272,620
FOOD & STAPLES RETAILING — 2.8%
Ain Pharmaciez, Inc.		2,200		50,219
Arcs Co., Ltd.		2,300		48,099
Cawachi, Ltd.		6,735		115,305
Cocokara fine, Inc. (c)		1,300		34,012
Cosmos Pharmaceutical Corp.		1,200		152,167
Kato Sangyo Co., Ltd.		7,000		146,834
Kusuri No Aoki Co., Ltd.		700		29,992
Matsumotokiyoshi Holdings Co., Ltd.		6,400		188,742
Ministop Co., Ltd. (c)		8,594		119,789
San-A Co., Ltd.		1,600		53,311
Sugi Holdings Co., Ltd. (c)		5,000		209,900
Sundrug Co., Ltd. (c)		4,700		208,875
Tsuruha Holdings, Inc.		4,300		239,118
UNY Group Holdings Co., Ltd. (c)		22,400		119,050
Valor Co., Ltd.		7,400		119,674
Welcia Holdings Co., Ltd. (c)		1,600		47,696
Yaoko Co., Ltd.		700		41,606
Yokohama Reito Co., Ltd.		16,980		126,001
				2,050,390
FOOD PRODUCTS — 3.4%
Ariake Japan Co., Ltd.		5,864		131,398
Dydo Drinco, Inc.		600		23,684
Ezaki Glico Co., Ltd.		5,000		172,752
Fuji Oil Co., Ltd.		11,800		174,157
Fujicco Co., Ltd.		10,657		137,955
Hokuto Corp.		7,621		137,559
House Foods Group, Inc. (c)		4,700		81,579
Itoham Foods, Inc.		10,000		47,951
Kagome Co., Ltd. (c)		6,300		99,645
Kewpie Corp.		11,300		190,780
Marudai Food Co., Ltd.		43,417		162,277
Maruha Nichiro Corp. (c)		8,800		131,083
Megmilk Snow Brand Co., Ltd. (c)		13,300		173,987
Mitsui Sugar Co., Ltd.		24,497		81,958
Morinaga & Co., Ltd.		12,000		25,926
Morinaga Milk Industry Co., Ltd.		37,000		119,067
Nakamuraya Co., Ltd.		27,952		109,826
Nichirei Corp.		24,000		100,862
Nippon Flour Mills Co., Ltd.		9,000		43,566
Nippon Suisan Kaisha, Ltd. (b)		40,975		107,952
Prima Meat Packers, Ltd.		10,000		24,887
Riken Vitamin Co., Ltd. (c)		3,480		85,116
Yamazaki Baking Co., Ltd. (c)		10,000		128,903
				2,492,870
GAS UTILITIES — 0.2%
Saibu Gas Co., Ltd.		18,000		42,828
Shizuoka Gas Co., Ltd.		20,119		133,888
				176,716
HEALTH CARE EQUIPMENT & SUPPLIES — 1.6%
Asahi Intecc Co., Ltd. (c)		4,500		205,935
Fukuda Denshi Co., Ltd.		1,786		98,829
Hogy Medical Co., Ltd.		1,200		63,558
Jeol, Ltd.		7,000		32,991
Mani, Inc.		600		35,991
Nagaileben Co., Ltd.		2,300		44,576
Nakanishi, Inc.		4,500		165,732
Nihon Kohden Corp.		4,700		246,793
Nikkiso Co., Ltd.		5,400		59,516
Nipro Corp. (c)		16,000		132,878
Paramount Bed Holdings Co., Ltd.		3,500		100,346
				1,187,145
HEALTH CARE PROVIDERS & SERVICES — 0.8%
As One Corp.		1,400		43,967
BML, Inc.		900		28,388
Message Co., Ltd.		2,800		96,103
Nichii Gakkan Co.		2,700		21,389
Ship Healthcare Holdings, Inc.		6,700		214,385
Toho Holdings Co., Ltd.		8,500		162,491
Tsukui Corp.		2,200		21,901
Vital KSK Holdings, Inc. (c)		2,300		20,171
				608,795
HEALTH CARE TECHNOLOGY — 0.4%
M3, Inc.		18,500		296,823
Medinet Co., Ltd. (b)(c)		8,800		18,932
				315,755
HOTELS, RESTAURANTS & LEISURE — 2.6%
Accordia Golf Co., Ltd. (c)		15,400		161,729
Colowide Co., Ltd. (c)		5,500		64,830
Doutor Nichires Holdings Co., Ltd.		9,475		150,121
Fuji Kyuko Co., Ltd.		4,000		45,435
Hiday Hidaka Corp. (c)		900		23,916
HIS Co., Ltd.		7,100		189,191
Imperial Hotel, Ltd.		1,300		28,217
Kisoji Co., Ltd. (c)		1,400		24,977
KNT-CT Holdings Co., Ltd. (b)		10,000		16,136
Kura Corp.		900		25,147
MOS Food Services, Inc. (c)		7,414		147,949
Ohsho Food Service Corp.		3,500		135,284
PGM Holdings K. K. (c)		12,700		121,564
Plenus Co., Ltd.		1,800		41,368
Resorttrust, Inc.		7,800		174,139
Round One Corp.		11,700		70,395
Saizeriya Co., Ltd.		1,800		24,105
Starbucks Coffee Japan, Ltd. (c)		2,700		35,985
Tokyo Dome Corp.		33,085		139,343
Tokyotokeiba Co., Ltd. (c)		15,000		42,937
Yoshinoya Holdings Co., Ltd. (c)		5,600		67,081
Zensho Co., Ltd. (c)		19,546		173,196
				1,903,045
HOUSEHOLD DURABLES — 1.8%
Alpine Electronics, Inc.		4,200		69,186
Chofu Seisakusho Co., Ltd. (c)		4,800		130,617

See accompanying notes to financial statements.

324

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

September 30, 2014

Security Description	Shares		Value
Clarion Co., Ltd. (b)(c)		23,000	$	100,643
Foster Electric Co., Ltd.		4,600		66,172
France Bed Holdings Co., Ltd.		67,734		116,703
Fujitsu General, Ltd.		10,000		122,704
Funai Electric Co., Ltd.		5,700		58,354
JVC Kenwood Corp. (b)(c)		23,000		57,450
Misawa Homes Holdings, Inc.		7,366		74,738
PanaHome Corp.		4,000		27,786
Pioneer Corp. (b)		26,100		71,618
Sangetsu Co., Ltd.		1,700		42,820
Starts Corp, Inc.		1,100		16,275
Sumitomo Forestry Co., Ltd.		16,900		181,795
Tamron Co., Ltd.		3,400		65,306
Token Corp.		2,480		113,493
West Holdings Corp. (c)		1,500		16,272
				1,331,932
HOUSEHOLD PRODUCTS — 0.2%
Lion Corp.		23,000		123,707
INDUSTRIAL CONGLOMERATES — 0.3%
Katakura Industries Co., Ltd. (c)		6,180		76,958
Nisshinbo Holdings, Inc.		16,000		134,336
				211,294
INTERNET & CATALOG RETAIL — 0.5%
ASKUL Corp. (c)		2,500		52,418
Senshukai Co., Ltd. (c)		12,124		97,151
Start Today Co., Ltd.		9,100		198,019
				347,588
INTERNET SOFTWARE & SERVICES — 0.7%
CROOZ, Inc. (c)		800		17,780
F@N Communications, Inc. (c)		3,900		44,761
GMO Internet, Inc.		11,800		102,623
Gree, Inc. (c)		15,200		103,647
Gurunavi, Inc. (c)		3,400		46,927
Infomart Corp.		2,000		34,386
Internet Initiative Japan, Inc. (c)		4,200		84,310
Livesense, Inc. (b)(c)		1,100		8,815
SMS Co., Ltd.		1,100		28,238
UNITED, Inc. (c)		1,600		23,338
				494,825
IT SERVICES — 2.1%
Digital Garage, Inc.		5,600		85,459
Future Architect, Inc.		8,800		51,904
GMO Payment Gateway, Inc. (c)		2,200		49,738
Ines Corp. (c)		14,360		121,352
IT Holdings Corp.		13,637		238,565
Itochu Techno-Solutions Corp.		3,200		134,482
NEC Networks & System Integration Corp.		2,000		45,180
NET One Systems Co., Ltd. (c)		16,100		92,906
Nihon Unisys, Ltd.		6,700		60,529
NS Solutions Corp.		1,600		47,550
Obic Co., Ltd.		6,900		246,574
SCSK Corp.		7,800		209,550
TKC Corp.		900		17,763
Transcosmos, Inc.		6,167		120,872
				1,522,424
LEISURE PRODUCTS — 0.7%
Fields Corp.		4,300		62,876
Heiwa Corp.		7,800		154,230
Mizuno Corp.		8,000		42,372
Roland Corp.		4,276		72,699
Tomy Co., Ltd. (c)		15,000		83,413
Universal Entertainment Corp. (c)		4,600		75,356
				490,946
LIFE SCIENCES TOOLS & SERVICES — 0.1%
Chiome Bioscience, Inc. (b)(c)		1,900		25,115
EPS Corp.		5,800		74,922
				100,037
MACHINERY — 8.3%
Aida Engineering, Ltd.		4,100		41,675
Asahi Diamond Industrial Co., Ltd.		7,942		114,972
Chugai Ro Co., Ltd. (c)		32,522		67,893
CKD Corp. (c)		12,005		109,002
Daifuku Co., Ltd.		13,681		160,762
DMG Mori Seiki Co., Ltd.		18,000		230,712
Fuji Machine Manufacturing Co., Ltd.		13,942		133,961
Fujitec Co., Ltd. (c)		7,800		84,972
Furukawa Co., Ltd. (c)		61,280		126,811
Glory, Ltd.		6,600		186,216
Harmonic Drive Systems, Inc. (c)		3,000		44,359
Hitachi Zosen Corp.		27,800		163,969
Hoshizaki Electric Co., Ltd.		6,700		312,722
Iseki & Co., Ltd.		27,000		66,211
Juki Corp. (b)		29,450		103,899
Kato Works Co., Ltd.		4,000		30,521
Kito Corp. (c)		1,600		20,070
Kitz Corp.		12,602		62,841
Komori Corp. (c)		9,940		120,699
Kyokuto Kaihatsu Kogyo Co., Ltd.		6,040		87,438
Makino Milling Machine Co., Ltd. (c)		16,739		123,755
Meidensha Corp.		30,000		118,146
Minebea Co., Ltd.		47,000		640,977
Mitsubishi Nichiyu Forklift Co., Ltd.		3,300		25,330
Mitsui Engineering & Shipbuilding Co., Ltd.		81,000		182,388
Miura Co., Ltd. (c)		18,600		218,734
Nachi-Fujikoshi Corp.		24,418		178,524
Namura Shipbuilding Co., Ltd. (c)		5,800		62,444
Nihon Trim Co., Ltd. (c)		500		13,720
Nippon Sharyo, Ltd. (c)		17,970		64,544
Nippon Thompson Co., Ltd.		15,511		80,175
Nitta Corp.		1,500		36,415
Nitto Kohki Co., Ltd.		6,300		122,215
Obara Group, Inc.		1,400		51,306
OKUMA Corp. (c)		18,192		145,443
OSG Corp.		13,800		239,026
Ryobi, Ltd.		20,723		60,453
Shibuya Kogyo Co., Ltd.		1,300		34,901
Shima Seiki Manufacturing, Ltd. (c)		8,000		131,711
Shinmaywa Industries, Ltd.		9,000		81,882
Showa Aircraft Industry Co., Ltd.		1,000		10,028
Sintokogio, Ltd.		14,019		98,023
Star Micronics Co., Ltd.		7,569		111,298
Tadano, Ltd.		12,913		237,671

See accompanying notes to financial statements.

325

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

September 30, 2014

Security Description	Shares		Value
Takeuchi Manufacturing Co., Ltd.		1,100	$	52,245
Takuma Co., Ltd.		7,000		44,414
Teikoku Sen-I Co., Ltd.		2,400		50,715
Torishima Pump Manufacturing Co., Ltd. (c)		2,100		17,440
Toshiba Machine Co., Ltd.		25,009		113,993
Tsubakimoto Chain Co.		20,124		166,209
Tsugami Corp. (c)		14,000		77,980
Tsukishima Kikai Co., Ltd. (c)		1,900		21,201
Tsurumi Manufacturing Co., Ltd.		1,000		16,117
Union Tool Co.		3,732		102,575
YAMABIKO Corp.		500		20,261
Yushin Precision Equipment Co., Ltd.		600		13,084
				6,035,048
MARINE — 0.2%
Iino Kaiun Kaisha, Ltd.		21,606		123,300
MEDIA — 2.8%
Adways, Inc. (b)(c)		2,600		33,183
Asatsu-DK, Inc.		4,700		117,870
Avex Group Holdings, Inc. (c)		6,792		102,968
COOKPAD, Inc. (c)		1,300		41,775
CyberAgent, Inc.		7,300		256,210
Daiichikosho Co., Ltd.		7,781		209,182
Hakuhodo DY Holdings, Inc. (c)		31,300		316,724
Kadokawa Corp. (c)		3,287		78,718
Next Co., Ltd. (c)		2,900		19,643
Septeni Holdings Co., Ltd. (b)		1,700		19,728
Shochiku Co., Ltd. (c)		23,243		216,125
SKY Perfect JSAT Holdings, Inc.		31,100		182,866
Tokyo Broadcasting System Holdings, Inc.		12,300		137,022
TV Asahi Holdings Corp.		10,400		164,018
Usen Corp. (b)		14,380		41,162
ValueCommerce Co., Ltd. (c)		1,700		12,228
Zenrin Co., Ltd. (c)		8,624		102,203
				2,051,625
METALS & MINING — 2.9%
Aichi Steel Corp.		24,000		88,172
Asahi Holdings, Inc.		8,000		143,088
Daido Steel Co., Ltd. (c)		32,000		127,481
Godo Steel, Ltd.		25,440		37,338
Kyoei Steel, Ltd. (c)		3,500		64,994
Maruichi Steel Tube, Ltd.		10,200		250,409
Mitsui Mining & Smelting Co., Ltd.		70,000		186,335
Nippon Denko Co., Ltd.		29,000		71,909
Nippon Light Metal Holdings Co., Ltd. (c)		46,800		67,409
Nippon Yakin Kogyo Co., Ltd. (b)(c)		22,200		56,262
Nisshin Steel Co., Ltd. (c)		10,400		94,429
OSAKA Titanium Technologies Co., Ltd. (c)		4,500		101,326
Pacific Metals Co., Ltd. (b)(c)		20,000		69,830
Sanyo Special Steel Co., Ltd.		23,750		87,686
Toho Titanium Co., Ltd. (b)(c)		8,100		55,602
Toho Zinc Co., Ltd.		25,796		98,062
Tokyo Rope Manufacturing Co., Ltd. (b)		40,654		64,486
Tokyo Steel Manufacturing Co., Ltd. (c)		14,100		74,424
Tokyo Tekko Co., Ltd. (c)		4,000		20,457
Toyo Kohan Co., Ltd.		4,000		21,660
UACJ Corp.		41,000		155,859
Yamato Kogyo Co., Ltd.		3,900		130,124
Yodogawa Steel Works, Ltd.		7,000		28,652
				2,095,994
MULTILINE RETAIL — 1.0%
H2O Retailing Corp. (c)		10,500		175,742
Izumi Co., Ltd.		7,700		261,826
Matsuya Co., Ltd. (c)		6,508		80,864
Parco Co., Ltd.		12,625		102,201
Seria Co., Ltd.		1,900		72,401
				693,034
OIL, GAS & CONSUMABLE FUELS — 0.8%
Cosmo Oil Co., Ltd.		55,000		92,757
Idemitsu Kosan Co., Ltd.		8,100		171,902
Itochu Enex Co., Ltd.		14,704		94,769
Japan Petroleum Exploration Co.		3,900		149,679
Nippon Gas Co., Ltd.		2,800		66,442
San-Ai Oil Co., Ltd.		4,000		27,823
				603,372
PAPER & FOREST PRODUCTS — 0.6%
Daio Paper Corp. (c)		13,940		118,184
Hokuetsu Kishu Paper Co., Ltd. (c)		11,300		46,356
Mitsubishi Paper Mills, Ltd. (b)		24,000		19,472
Nippon Paper Industries Co., Ltd. (c)		15,000		224,395
				408,407
PERSONAL PRODUCTS — 1.5%
Aderans Co., Ltd. (c)		5,604		69,785
Dr Ci:Labo Co., Ltd.		3,748		122,661
Euglena Co., Ltd. (b)(c)		5,400		67,392
Fancl Corp.		9,600		117,796
Kobayashi Pharmaceutical Co., Ltd. (c)		3,000		183,236
Kose Corp.		2,700		114,700
Mandom Corp.		3,845		132,671
Milbon Co., Ltd.		3,800		126,095
Pola Orbis Holdings, Inc.		4,300		168,362
				1,102,698
PHARMACEUTICALS — 2.6%
ASKA Pharmaceutical Co., Ltd.		2,600		33,444
JCR Pharmaceuticals Co., Ltd.		1,400		34,740
Kaken Pharmaceutical Co., Ltd.		13,428		302,970
Kissei Pharmaceutical Co., Ltd.		2,900		72,701
KYORIN Holdings, Inc.		12,200		247,570
Mochida Pharmaceutical Co., Ltd.		2,900		195,633
Nichi-iko Pharmaceutical Co., Ltd.		7,465		120,657
Nippon Shinyaku Co., Ltd.		5,000		151,329
Rohto Pharmaceutical Co., Ltd.		10,700		143,486
Seikagaku Corp. (c)		3,500		52,678
Sosei Group Corp. (b)(c)		2,300		97,393
Sumitomo Dainippon Pharma Co., Ltd. (c)		18,200		231,783
Torii Pharmaceutical Co., Ltd.		2,700		74,826

See accompanying notes to financial statements.

326

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

September 30, 2014

Security Description	Shares		Value
Towa Pharmaceutical Co., Ltd. (c)		1,900	$	83,226
ZERIA Pharmaceutical Co., Ltd. (c)		3,100		63,924
				1,906,360
PROFESSIONAL SERVICES — 0.7%
en-japan, Inc.		1,100		21,369
Meitic Corp.		5,844		173,677
Nihon M&A Center, Inc.		5,100		148,079
Pasona Group, Inc.		9,100		49,691
Temp Holdings Co., Ltd.		4,100		124,837
Yumeshin Holdings Co., Ltd. (c)		2,000		15,443
				533,096
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.7%
Daibiru Corp.		12,226		140,321
Daikyo, Inc.		42,352		79,148
Goldcrest Co., Ltd. (c)		4,109		74,917
Heiwa Real Estate Co., Ltd.		9,300		146,501
K.K. daVinci Holdings (b)(d)		262		0
Kabuki-Za Co., Ltd		1,000		44,214
Kenedix, Inc. (b)(c)		40,300		173,772
Leopalace21 Corp. (b)		28,600		156,955
NTT Urban Development Corp. (c)		19,000		199,881
Raysum Co., Ltd. (b)		1,500		13,702
Relo Holdings, Inc.		1,200		82,811
Sumitomo Real Estate Sales Co., Ltd.		1,100		25,330
Sun Frontier Fudousan Co., Ltd. (c)		2,100		24,007
Takara Leben Co., Ltd. (c)		7,100		26,408
TOC Co., Ltd.		12,200		78,853
				1,266,820
ROAD & RAIL — 1.5%
Hamakyorex Co., Ltd.		3,300		114,167
Hitachi Transport System, Ltd.		9,100		117,467
Kobe Electric Railway Co., Ltd. (b)		29,500		97,352
Nippon Konpo Unyu Soko Co., Ltd.		3,500		58,644
Nishi-Nippon Railroad Co., Ltd.		33,000		124,545
Sankyu, Inc.		44,830		239,486
Seino Holdings Co., Ltd.		24,000		192,315
Sotetsu Holdings, Inc. (c)		36,000		130,289
Trancom Co., Ltd.		700		31,428
				1,105,693
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.8%
Dainippon Screen Manufacturing Co., Ltd.		36,000		183,126
Disco Corp. (c)		3,500		237,705
Ferrotec Corp.		5,800		34,156
Megachips Corp.		5,400		72,069
Nuflare Technology, Inc.		300		14,960
Renesas Electronics Corp. (b)(c)		3,900		33,455
Sanken Electric Co., Ltd. (c)		15,000		125,940
Shindengen Electric Manufacturing Co., Ltd.		7,000		47,796
Shinko Electric Industries Co., Ltd.		13,900		101,499
Sumco Corp. (c)		19,200		231,741
Tokyo Seimitsu Co., Ltd. (c)		8,100		136,089
Ulvac, Inc. (b)(c)		6,102		76,710
UT Holdings Co., Ltd.		2,700		14,202
				1,309,448
SOFTWARE — 2.0%
Advanced Media, Inc. (b)		1,600		13,988
Broadleaf Co., Ltd.		3,400		54,737
Capcom Co., Ltd. (c)		8,500		133,434
COLOPL, Inc. (b)(c)		3,400		111,737
DTS Corp.		6,332		132,534
Dwango Co., Ltd. (c)		3,400		70,328
Fuji Soft, Inc.		4,574		111,416
Justsystems Corp. (b)(c)		3,300		27,978
KLab, Inc. (b)(c)		2,700		40,194
Koei Tecmo Holdings Co., Ltd.		2,200		35,498
Marvelous, Inc. (c)		2,800		32,519
Nexon Co., Ltd.		15,800		130,352
NSD Co., Ltd. (c)		10,878		170,863
Oracle Corp.		4,300		167,774
Square Enix Holdings Co., Ltd. (c)		10,000		212,316
Ubiquitous Corp. (b)		800		10,443
				1,456,111
SPECIALTY RETAIL — 3.7%
ABC-Mart, Inc.		4,500		229,728
Adastria Holdings Co., Ltd. (c)		3,050		59,501
AOKI Holdings, Inc.		2,300		26,461
Aoyama Trading Co., Ltd.		6,700		156,055
AT-Group Co., Ltd.		1,000		19,153
Autobacs Seven Co., Ltd. (c)		13,088		203,428
Bic Camera, Inc. (c)		13,500		127,253
Broccoli Co., Ltd. (c)		3,000		34,295
Chiyoda Co., Ltd.		3,913		79,084
DCM Japan Holdings Co., Ltd.		17,800		122,026
EDION Corp. (c)		13,850		87,498
Geo Holdings Corp. (c)		11,700		100,793
Gulliver International Co., Ltd. (c)		7,100		60,388
Hikari Tsushin, Inc.		3,100		220,147
Jin Co., Ltd. (c)		1,400		37,739
K’s Holdings Corp. (c)		7,100		211,327
Kohnan Shoji Co., Ltd. (c)		12,200		135,797
Komeri Co., Ltd. (c)		6,430		146,132
Nishimatsuya Chain Co., Ltd. (c)		10,966		85,573
Pal Co., Ltd.		1,000		27,166
Shimachu Co., Ltd.		10,100		233,222
United Arrows, Ltd. (c)		3,529		130,453
VT Holdings Co., Ltd.		5,300		18,988
Xebio Co., Ltd.		5,561		84,306
Yellow Hat, Ltd.		1,000		21,970
				2,658,483
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.8%
Eizo Nanao Corp. (c)		4,800		110,707
Japan Digital Laboratory Co., Ltd.		1,400		25,883
Melco Holdings, Inc. (c)		2,700		51,590
Riso Kagaku Corp.		4,147		134,207
Roland DG Corp.		1,200		49,501
Toshiba TEC Corp.		15,000		97,087
Wacom Co., Ltd. (c)		25,800		111,484
				580,459

See accompanying notes to financial statements.

327

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

September 30, 2014

Security Description	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS — 1.4%
Atsugi Co., Ltd.		71,470	$	73,623
Daidoh, Ltd.		12,411		61,888
Fujibo Holdings, Inc.		8,000		23,483
Gunze, Ltd.		45,348		127,328
Onward Holdings Co., Ltd. (c)		24,000		149,870
Sanyo Shokai, Ltd.		22,516		49,468
Seiko Holdings Corp.		19,649		85,980
Seiren Co., Ltd.		2,600		23,228
The Japan Wool Textile Co., Ltd.		17,170		118,646
TSI Holdings Co., Ltd.		16,700		117,073
Unitika, Ltd. (b)(c)		107,084		49,786
Wacoal Holdings Corp.		11,000		107,097
Yondoshi Holdings, Inc.		900		18,025
				1,005,495
TRADING COMPANIES & DISTRIBUTORS — 2.4%
Hanwa Co., Ltd.		33,032		123,462
Inaba Denki Sangyo Co., Ltd.		4,863		163,585
Inabata & Co., Ltd.		11,675		117,607
Iwatani Corp.		31,422		217,701
Kanamoto Co., Ltd.		4,200		155,066
Kanematsu Corp.		38,000		60,969
Kuroda Electric Co., Ltd.		8,700		127,453
Mitani Corp.		1,600		39,046
MonotaRO Co., Ltd. (c)		5,300		132,724
Nagase & Co., Ltd.		12,900		156,759
Nichiden Corp.		4,700		99,446
Nippon Steel & Sumikin Bussan Corp.		14,000		53,986
Nishio Rent All Co., Ltd.		1,600		61,771
Okaya & Co., Ltd.		1,100		69,192
Trusco Nakayama Corp.		5,500		142,244
Wakita & Co., Ltd.		1,800		19,051
Yamazen Corp.		2,600		20,360
				1,760,422
TRANSPORTATION INFRASTRUCTURE — 1.0%
Japan Airport Terminal Co., Ltd. (c)		7,748		310,782
Mitsubishi Logistics Corp. (c)		15,000		215,233
The Sumitomo Warehouse Co., Ltd.		30,563		161,320
				687,335
WIRELESS TELECOMMUNICATION SERVICES — 0.0% (a)
Okinawa Cellular Telephone Co.		1,000		26,902
TOTAL COMMON STOCKS —
(Cost $78,156,183)				72,159,945
SHORT TERM INVESTMENTS — 18.5%
UNITED STATES — 18.5%
MONEY MARKET FUNDS — 18.5%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		13,400,169		13,400,169
State Street Institutional Liquid Reserves Fund 0.09% (f)(g)		96,763		96,763
TOTAL SHORT TERM INVESTMENTS —
(Cost $13,496,932)				13,496,932
TOTAL INVESTMENTS — 117.7%
(Cost $91,653,115)				85,656,877
OTHER ASSETS & LIABILITIES — (17.7)%				(12,906,241	)
NET ASSETS — 100.0%			$	72,750,636

(a)	Amount shown represents less than 0.05% of net assets.
(b)	Non-income producing security
(c)	A portion of the security was on loan at September 30, 2014.
(d)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(e)	Investments of cash collateral for securities loaned
(f)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(g)	The rate shown is the annualized seven-day yield at period end.

See accompanying notes to financial statements.

328

SPDR S&P Global Dividend ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 6.7%
ALS, Ltd. (a)		37,027	$	170,751
APA Group		52,514		341,886
CFS Retail Property Trust Group		216,617		378,154
Coca-Cola Amatil, Ltd. (a)		48,577		373,214
JB Hi-Fi, Ltd. (a)		16,332		220,086
Sonic Healthcare, Ltd.		15,938		244,622
Woolworths, Ltd.		8,034		240,712
				1,969,425
BRAZIL — 1.1%
Natura Cosmeticos SA		21,498		324,541
CANADA — 17.5%
Bank of Montreal		3,296		243,112
Canadian Apartment Properties REIT		15,163		320,071
Canadian Imperial Bank of Commerce (a)		2,734		246,086
Cominar Real Estate Investment Trust		28,099		475,210
Emera, Inc.		8,918		279,538
Fortis, Inc.		8,637		267,561
Great-West Lifeco, Inc.		9,340		269,197
IGM Financial, Inc.		5,865		253,483
National Bank of Canada (a)		5,489		250,641
Power Corp. of Canada (a)		8,976		249,630
Power Financial Corp.		8,654		265,300
RioCan REIT		13,483		309,703
Rogers Communications, Inc. (Class B) (a)		7,468		280,129
Royal Bank of Canada		2,917		208,944
Shaw Communications, Inc. (Class B) (a)		10,452		256,729
Sun Life Financial, Inc. (a)		6,389		232,109
TELUS Corp.		6,739		230,593
The Bank of Nova Scotia		3,159		195,807
TransCanada Corp. (a)		5,362		276,748
				5,110,591
CHINA — 3.0%
Jiangsu Expressway Co., Ltd. (Class H)		246,000		259,461
Sino Land Co., Ltd.		162,000		250,351
Zijin Mining Group Co., Ltd. (Class H) (a)		1,472,000		358,280
				868,092
FINLAND — 2.1%
Fortum Oyj		14,342		349,849
Konecranes Oyj		9,670		260,193
				610,042
FRANCE — 6.9%
Bouygues SA		9,415		305,247
GDF Suez		18,599		466,614
Neopost SA		6,800		499,858
Total SA		4,540		295,074
Unibail-Rodamco SE		972		250,119
Vinci SA		3,250		188,876
				2,005,788
GERMANY — 2.2%
Bilfinger SE		2,893		183,497
Deutsche Euroshop AG		4,646		201,103
Muenchener Rueckversicherungs- Gesellschaft AG		1,320		261,045
				645,645
HONG KONG — 2.3%
China Mobile, Ltd.		33,000		381,418
CLP Holdings, Ltd.		35,000		281,033
				662,451
ITALY — 1.8%
Atlantia SpA		9,989		246,694
Hera SpA		103,229		273,327
				520,021
JAPAN — 3.5%
Canon, Inc.		8,500		276,669
Eisai Co., Ltd. (a)		6,200		250,668
TonenGeneral Sekiyu K.K.		30,000		262,273
UNY Group Holdings Co., Ltd. (a)		43,900		233,317
				1,022,927
NORWAY — 2.0%
Orkla ASA		37,848		342,372
Statoil ASA		8,559		233,473
				575,845
PORTUGAL — 1.1%
EDP — Energias de Portugal SA		76,171		332,450
SINGAPORE — 1.1%
Singapore Telecommunications, Ltd.		104,000		309,888
SOUTH AFRICA — 4.0%
MTN Group, Ltd.		15,802		333,320
Standard Bank Group, Ltd.		17,114		197,902
The Foschini Group, Ltd.		31,832		330,202
Truworths International, Ltd. (a)		50,817		305,624
				1,167,048
SOUTH KOREA — 0.8%
KT&G Corp.		2,589		231,851
SPAIN — 3.0%
Abertis Infraestructuras SA		12,301		243,034
Enagas SA		11,587		373,690
Red Electrica Corporacion SA		3,138		271,777
				888,501
SWEDEN — 3.7%
Skanska AB (Class B)		13,175		272,880
Tele2 AB (Class B)		33,631		406,601
TeliaSonera AB		59,206		410,016
				1,089,497
SWITZERLAND — 3.8%
Baloise Holding AG		2,349		301,154
Banque Cantonale Vaudoise		537		287,749
PSP Swiss Property AG (b)		2,740		229,982
Swiss Prime Site AG (b)		3,847		285,455
				1,104,340
TAIWAN — 0.7%
Simplo Technology Co., Ltd.		41,000		198,803

See accompanying notes to financial statements.

329

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

September 30, 2014

Security Description	Shares		Value
THAILAND — 1.4%
Advanced Info Service PCL NVDR		59,000	$	409,406
UNITED KINGDOM — 11.3%
AstraZeneca PLC		6,921		498,336
BAE Systems PLC		48,332		369,436
BHP Billiton PLC		8,246		229,261
British American Tobacco PLC		4,806		271,291
Carillion PLC		67,766		334,630
Centrica PLC		69,590		347,247
GlaxoSmithKline PLC		13,532		309,976
Tesco PLC		76,743		231,655
United Business Media PLC		26,924		254,467
William Morrison Supermarkets PLC (a)		170,489		465,162
				3,311,461
UNITED STATES — 19.4%
Avista Corp. (a)		7,911		241,523
Consolidated Edison, Inc. (a)		5,328		301,884
Darden Restaurants, Inc. (a)		7,307		376,018
Entergy Corp. (a)		3,674		284,110
FirstEnergy Corp. (a)		9,900		332,343
Hawaiian Electric Industries, Inc. (a)		13,673		363,018
HollyFrontier Corp. (a)		4,018		175,506
Integrys Energy Group, Inc. (a)		3,913		253,641
National Health Investors, Inc. (a)		4,828		275,872
New York Community Bancorp, Inc. (a)		25,673		407,431
Northwest Natural Gas Co. (a)		5,842		246,825
People’s United Financial, Inc. (a)		18,657		269,967
Pepco Holdings, Inc. (a)		9,920		265,459
Pinnacle West Capital Corp. (a)		4,762		260,196
PPL Corp. (a)		8,661		284,427
Public Service Enterprise Group, Inc. (a)		6,559		244,257
SCANA Corp. (a)		5,028		249,439
The Southern Co. (a)		7,014		306,161
UIL Holdings Corp. (a)		8,477		300,086
United Bankshares, Inc. (a)		7,888		243,976
				5,682,139
TOTAL COMMON STOCKS —
(Cost $29,338,191)				29,040,752
SHORT TERM INVESTMENTS — 20.2%
UNITED STATES — 20.2%
MONEY MARKET FUNDS — 20.2%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		5,629,316		5,629,316
State Street Institutional Liquid Reserves Fund 0.09% (d)(e)		259,380		259,380
TOTAL SHORT TERM INVESTMENTS —
(Cost $5,888,696)				5,888,696
TOTAL INVESTMENTS — 119.6%
(Cost $35,226,887)				34,929,448
OTHER ASSETS & LIABILITIES — (19.6)%				(5,729,777	)
NET ASSETS — 100.0%			$	29,199,671

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Investments of cash collateral for securities loaned
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(e)	The rate shown is the annualized seven-day yield at period end.

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

330

SPDR S&P International Dividend ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 15.1%
APA Group		2,867,503	$	18,668,509
ASX, Ltd.		259,557		8,144,714
AusNet Services		7,888,637		9,422,528
Australia & New Zealand Banking Group, Ltd.		282,622		7,646,774
Bendigo & Adelaide Bank, Ltd. (a)		769,594		8,027,323
CFS Retail Property Trust Group		6,100,755		10,650,238
Commonwealth Bank of Australia		107,032		7,051,536
Dexus Property Group		8,970,320		8,712,920
DUET Group		67,663		143,877
Federation Centres		4,265,864		9,630,737
Insurance Australia Group, Ltd.		2,110,716		11,303,528
Metcash, Ltd. (a)		8,176,017		18,816,132
Monadelphous Group, Ltd. (a)		533,459		5,956,409
Myer Holdings, Ltd. (a)		9,008,784		15,450,945
National Australia Bank, Ltd.		332,807		9,476,387
Scentre Group (b)		3,745,900		10,751,346
Spark Infrastructure Group (a)		7,416,518		11,941,275
Stockland		2,945,335		10,180,394
Tatts Group, Ltd.		4,316,090		11,896,901
Westpac Banking Corp.		290,580		8,172,302
WorleyParsons, Ltd.		1,290,674		17,325,059
				219,369,834
BRAZIL — 1.7%
Companhia Energetica de Minas Gerais ADR		1,080,085		6,728,930
Oi SA ADR (a)(b)		25,080,139		17,556,097
				24,285,027
CANADA — 9.8%
Artis REIT		865,174		11,852,547
Baytex Energy Corp. (a)		819,761		31,065,168
BCE, Inc.		1,097		47,009
Bell Aliant, Inc.		1,379		37,771
Calloway REIT		443,514		10,207,311
Canadian Oil Sands, Ltd. (a)		1,765,728		32,642,781
Cominar Real Estate Investment Trust		793,471		13,419,178
Crescent Point Energy Corp. (a)		930,623		33,659,149
Dream Office Real Estate Investment Trust		359,270		8,988,581
				141,919,495
CHINA — 3.2%
Bank of China, Ltd. (Class H)		15,298,000		6,855,937
China Citic Bank Corp., Ltd. (Class H)		10,464,000		6,347,045
Country Garden Holdings Co., Ltd. (a)		16,188,000		6,108,207
Guangzhou R&F Properties Co., Ltd. (Class H) (a)		7,618,400		7,701,696
Industrial & Commercial Bank of China (Class H)		10,056,000		6,267,922
Xinyi Glass Holdings, Ltd. (a)		11,228,000		7,012,891
Zijin Mining Group Co., Ltd. (Class H) (a)		24,060,000		5,856,126
				46,149,824
COLOMBIA — 0.6%
Ecopetrol SA ADR (a)		258,617		8,086,954
CZECH REPUBLIC — 0.4%
Komercni Banka AS		25,786		6,133,053
DENMARK — 1.2%
TDC A/S		2,326,495		17,671,681
FINLAND — 5.4%
Elisa Oyj		749,784		19,909,399
Fortum Oyj		1,417,105		34,567,947
Orion Oyj (Class B)		469,945		18,403,397
YIT Oyj (a)		750,062		5,789,321
				78,670,064
FRANCE — 3.2%
Fonciere Des Regions		91,414		8,239,407
Neopost SA (a)		147,921		10,873,453
Total SA (a)		426,818		27,740,698
				46,853,558
GERMANY — 5.7%
Drillisch AG (a)		538,177		18,152,050
Freenet AG		1,007,013		26,211,808
ProSiebenSat.1 Media AG		687,234		27,390,078
Telefonica Deutschland Holding AG (a)(b)		2,042,458		10,681,758
				82,435,694
HONG KONG — 3.7%
BOC Hong Kong Holdings, Ltd. (a)		2,741,500		8,738,088
China Power International Development, Ltd. (a)		15,314,000		7,099,767
Evergrande Real Estate Group, Ltd. (a)		17,256,000		6,488,972
Greentown China Holdings, Ltd. (a)		8,480,500		7,939,786
Poly Property Group Co., Ltd.		19,146,000		7,347,630
Shougang Fushan Resources Group, Ltd. (a)		31,912,000		7,150,826
Yue Yuen Industrial Holdings, Ltd.		3,099,500		9,400,166
				54,165,235
ISRAEL — 1.2%
Israel Chemicals, Ltd.		2,485,233		17,874,521
ITALY — 4.6%
ENI SpA (a)		1,393,670		33,221,644
Terna Rete Elettrica Nationale SpA		6,557,375		32,985,309
				66,206,953
MEXICO — 0.7%
Grupo Financiero Santander Mexico SAB de CV ADR (Class B) (a)		791,274		10,705,937
NETHERLANDS — 0.7%
Corio NV		208,474		10,224,749
NEW ZEALAND — 1.7%
Spark New Zealand, Ltd. (a)		10,457,210		24,208,089
NORWAY — 1.3%
Gjensidige Forsikring ASA		856,471		18,122,208
PORTUGAL — 2.3%
EDP — Energias de Portugal SA (a)		7,527,947		32,855,939

See accompanying notes to financial statements.

331

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

September 30, 2014

Security Description	Shares		Value
RUSSIA — 0.4%
MegaFon OAO GDR		241,570	$	6,131,047
SINGAPORE — 2.9%
Ascendas REIT		6,253,000		11,032,110
Hutchison Port Holdings Trust (a)		21,707,000		15,194,900
Keppel REIT (a)		8,129,000		7,585,282
Suntec REIT (a)		6,476,000		8,937,317
				42,749,609
SOUTH AFRICA — 2.6%
Kumba Iron Ore, Ltd. (a)		424,760		10,020,249
MMI Holdings, Ltd. (a)		2,363,544		5,483,016
Redefine Properties, Ltd. REIT		9,714,722		8,357,675
Reunert, Ltd.		1,174,833		6,183,906
Vodacom Group, Ltd. (a)		624,987		7,191,230
				37,236,076
SPAIN — 2.6%
Enagas SA		1,144,700		36,917,457
Ferrovial SA		26,380		511,698
				37,429,155
SWEDEN — 4.4%
NCC AB (Class B) (a)		474,735		15,779,716
Swedbank AB (Class A)		400,365		10,091,882
TeliaSonera AB		5,551,824		38,447,791
				64,319,389
SWITZERLAND — 0.8%
Zurich Insurance Group AG (b)		39,686		11,828,962
THAILAND — 1.0%
Advanced Info Service PCL		15,500		107,556
Advanced Info Service PCL NVDR		975,900		6,771,858
Intouch Holdings PCL NVDR		3,299,365		7,377,146
				14,256,560
TURKEY — 1.3%
Eregli Demir ve Celik Fabrikalari TAS		3,861,509		7,161,602
Tofas Turk Otomobil Fabrikasi AS		947,212		5,315,816
Turk Telekomunikasyon AS		2,368,068		6,239,955
				18,717,373
UNITED KINGDOM — 20.7%
Admiral Group PLC		454,363		9,450,458
Amlin PLC		1,250,653		8,799,334
AstraZeneca PLC		640,155		46,093,327
BAE Systems PLC		4,533,699		34,654,340
Berkeley Group Holdings PLC		599,621		21,871,703
Carillion PLC (a)		2,401,304		11,857,696
Catlin Group, Ltd.		943,496		7,984,244
J Sainsbury PLC (a)		7,066,814		28,812,762
National Grid PLC		2,345,950		33,771,859
Phoenix Group Holdings		1,053,992		12,439,185
Royal Dutch Shell PLC (Class A)		1,166,820		44,613,161
Vodafone Group PLC		11,965,296		39,648,575
				299,996,644
UNITED STATES — 0.3%
CTC Media, Inc.		687,278		4,570,399
TOTAL COMMON STOCKS —
(Cost $1,491,153,460)				1,443,174,029
RIGHTS — 0.0% (c)
CHINA — 0.0% (c)
Country Garden Holdings Co., Ltd. (expiring 10/8/14) (a)(b) (Cost $0)		1,022,200		57,922
SHORT TERM INVESTMENTS — 16.2%
UNITED STATES — 16.2%
MONEY MARKET FUNDS — 16.2%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		219,686,389		219,686,389
State Street Institutional Liquid Reserves Fund 0.09% (e)(f)		14,252,632		14,252,632
TOTAL SHORT TERM INVESTMENTS —
(Cost $233,939,021)				233,939,021
TOTAL INVESTMENTS — 115.7%
(Cost $1,725,092,481)				1,677,170,972
OTHER ASSETS & LIABILITIES — (15.7)%				(227,057,037	)
NET ASSETS — 100.0%			$	1,450,113,935

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Amount shown represents less than 0.05% of net assets.
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

332

SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 6.5%
ALS, Ltd. (a)		14,897	$	68,698
Alumina, Ltd. (b)		82,413		122,236
Ansell, Ltd.		5,872		99,940
Aristocrat Leisure, Ltd.		18,972		96,952
AusNet Services		55,349		66,111
Bank of Queensland, Ltd.		15,339		156,237
Bendigo & Adelaide Bank, Ltd. (a)		48,955		182,880
BlueScope Steel, Ltd. (b)		22,336		105,934
Boral, Ltd. (a)		30,599		133,075
carsales.com, Ltd. (a)		8,948		77,203
Challenger Financial Services Group, Ltd.		17,434		108,620
Cochlear, Ltd. (a)		2,408		146,466
DUET Group		49,827		105,951
DuluxGroup, Ltd.		29,810		145,034
Echo Entertainment Group, Ltd.		52,756		151,418
Federation Centres		59,306		133,891
Flight Centre Travel Group, Ltd. (a)		2,219		83,009
GrainCorp, Ltd.		9,373		70,126
Harvey Norman Holdings, Ltd. (a)		31,729		100,785
Healthscope, Ltd. (b)		68,539		146,339
Iluka Resources, Ltd. (a)		16,397		112,777
Incitec Pivot, Ltd.		58,665		139,117
Investa Office Fund		49,333		144,616
IOOF Holdings, Ltd.		18,791		140,424
Lend Lease Group		24,717		310,154
Metcash, Ltd. (a)		35,479		81,651
New Hope Corp., Ltd.		6,976		15,932
Perpetual, Ltd.		3,708		143,350
Platinum Asset Management, Ltd.		5,512		29,229
Primary Health Care, Ltd.		19,345		73,975
Qantas Airways, Ltd. (b)		44,601		54,249
Reece Australia, Ltd.		1,665		48,444
Seven Group Holdings, Ltd.		3,684		21,792
Sims Metal Management, Ltd. (a)(b)		14,257		139,851
Spark Infrastructure Group (a)		37,386		60,195
Tabcorp Holdings, Ltd.		28,968		91,508
Tatts Group, Ltd.		66,809		184,153
Toll Holdings, Ltd.		28,156		138,958
TPG Telecom, Ltd.		10,229		61,224
Treasury Wine Estates, Ltd.		26,501		98,324
Washington H Soul Pattinson & Co., Ltd.		4,325		54,876
WorleyParsons, Ltd.		8,321		111,695
				4,557,399
AUSTRIA — 0.9%
ams AG		4,162		158,335
Atrium European Real Estate, Ltd. (b)		5,023		26,143
CA Immobilien Anlagen AG (b)		8,062		161,014
IMMOFINANZ AG (b)		44,971		127,651
Mayr Melnhof Karton AG		270		28,685
Oesterreichische Post AG		1,147		55,016
Telekom Austria AG (a)		11,953		107,736
				664,580
BELGIUM — 0.9%
Ackermans & van haaren NV (a)		909		112,361
Bekaert NV (a)		1,228		40,961
bpost SA		2,520		60,166
Cofinimmo SA		2,087		236,485
Elia System Operator SA/NV		955		45,886
Financiere de Tubize SA		577		43,238
S.A. D’Ieteren NV (a)		611		23,719
Sofina SA		707		77,594
				640,410
BERMUDA — 0.3%
Hiscox, Ltd.		17,653		180,294
CANADA — 9.9%
Aimia, Inc.		8,900		135,306
Air Canada (Class A) (b)		19,388		148,331
Allied Properties REIT		4,926		150,661
Amaya Gaming Group, Inc. (b)		4,825		133,583
ATCO, Ltd. (Class I)		4,250		172,654
Athabasca Oil Corp. (a)(b)		11,432		58,615
Boardwalk REIT		962		59,310
Bonavista Energy Corp. (a)		5,927		68,310
CAE, Inc.		9,337		113,459
Calloway REIT		2,110		48,561
Canadian Apartment Properties REIT		2,202		46,481
Canadian REIT		1,351		58,643
Canadian Western Bank (a)		4,977		175,468
Canfor Corp. (b)		2,990		67,101
Capital Power Corp.		6,498		155,538
CCL Industries, Inc. (Class B)		1,101		110,263
Cineplex, Inc. (a)		2,366		87,713
Cogeco Cable, Inc.		626		32,058
Cominar Real Estate Investment Trust		2,521		42,635
DH Corp.		5,689		168,346
Dream Office Real Estate Investment Trust		1,530		38,279
E-L Financial Corp., Ltd.		120		74,198
Element Financial Corp. (b)		13,838		168,154
Emera, Inc.		4,766		149,392
Enerplus Corp. (a)		8,479		161,302
Ensign Energy Services, Inc.		3,904		51,387
First Capital Realty, Inc. (a)		3,461		54,228
Genworth MI Canada, Inc.		952		30,156
Gibson Energy, Inc. (a)		5,155		161,355
Home Capital Group, Inc. (a)		2,202		99,288
HudBay Minerals, Inc.		15,720		134,616
Industrial Alliance Insurance & Financial Services, Inc.		3,725		154,560
InterOil Corp. (a)(b)		1,415		76,778
Kinross Gold Corp. (b)		49,672		165,344
Linamar Corp.		2,052		106,130
Lundin Mining Corp. (b)		24,223		119,863
MacDonald, Dettwiler & Associates, Ltd.		1,264		94,725
Mullen Group, Ltd. (a)		2,990		68,439
New Gold, Inc. (b)		19,148		97,149
Pan American Silver Corp.		12,052		132,755
Pason Systems, Inc.		5,134		143,837
Pengrowth Energy Corp. (a)		15,701		82,470
Penn West Petroleum, Ltd.		21,692		147,324
PrairieSky Royalty, Ltd.		4,700		148,248
Precision Drilling Corp.		16,751		181,217
Progressive Waste Solutions, Ltd. (a)		6,436		165,918

See accompanying notes to financial statements.

333

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

September 30, 2014

Security Description	Shares		Value
Quebecor, Inc. (Class B) (a)		3,457	$	87,048
Ritchie Bros Auctioneers, Inc. (a)		2,890		64,935
Russel Metals, Inc.		6,182		191,232
Secure Energy Services, Inc.		6,872		148,564
ShawCor, Ltd. (Class A)		1,874		94,744
Stantec, Inc.		1,736		113,833
Tahoe Resources, Inc. (b)		2,546		51,920
The Jean Coutu Group Pjc, Inc. (Class A)		4,229		88,852
TMX Group, Ltd.		619		30,337
TransAlta Corp. (a)		10,052		105,687
TransForce, Inc.		6,182		149,523
Trican Well Service, Ltd.		11,842		138,813
Trilogy Energy Corp. (a)		2,309		52,397
Veresen, Inc. (a)		12,232		186,400
West Fraser Timber Co., Ltd.		2,664		130,512
Westshore Terminals Investment Corp.		5,080		151,916
Whitecap Resources, Inc.		12,175		174,637
				7,001,498
DENMARK — 0.9%
FLSmidth & Co. A/S (a)		2,016		96,477
GN Store Nord A/S		7,370		162,591
H. Lundbeck A/S		2,290		51,142
Sydbank A/S (b)		4,954		150,990
Topdanmark A/S (b)		3,097		93,866
William Demant Holding (b)		935		71,735
				626,801
FINLAND — 1.4%
Amer Sports Oyj		4,119		82,785
Cargotec Oyj (a)		1,450		48,485
Elisa Oyj		9,371		248,833
Huhtamaki Oyj		2,945		80,879
Kemira Oyj		1,982		26,164
Kesko Oyj (Class B)		2,756		98,701
Neste Oil Oyj (a)		5,151		106,064
Nokian Renkaat Oyj		5,018		151,375
Outokumpu Oyj (b)		18,327		127,797
				971,083
FRANCE — 3.3%
Air France-KLM (a)(b)		4,642		43,534
Arkema SA		2,959		198,560
bioMerieux (a)		570		59,023
Bourbon SA		1,572		42,616
Eramet (b)		391		41,209
Eurazeo SA		1,133		81,553
Faurecia (a)		1,908		61,028
Havas SA		10,232		79,117
Ipsen SA		2,110		103,793
Korian-Medica		3,973		149,914
Lagardere SCA		5,249		140,507
Mercialys SA REIT		6,287		137,120
Metropole Television SA		2,724		44,012
Neopost SA (a)		1,396		102,618
Nexity		1,361		50,263
Orpea		1,705		106,012
Plastic Omnium SA		2,450		58,619
Remy Cointreau SA		1,923		138,466
Rubis		1,603		92,319
Sa des Ciments Vicat		699		45,263
Sartorius Stedim Biotech (a)		186		31,086
Schneider Electric SE		589		45,238
SEB SA		1,171		88,342
Societe Television Francaise 1		4,572		61,683
Technicolor SA (b)		20,371		132,966
Teleperformance		2,420		149,735
Vilmorin & Cie		215		22,991
				2,307,587
GERMANY — 4.2%
Aareal Bank AG		3,481		151,402
Aurubis AG		1,060		52,437
Bilfinger SE		2,400		152,227
Carl Zeiss Meditec AG (a)		1,064		30,914
CTS Eventim AG & Co. KGaA		2,106		59,513
Deutsche Euroshop AG		1,134		49,085
Dialog Semiconductor PLC (b)		5,263		147,896
Drillisch AG		3,979		134,207
Duerr AG		1,024		74,807
ElringKlinger AG		1,104		32,690
Freenet AG		5,576		145,139
Gerresheimer AG		2,525		164,015
Gerry Weber International AG		870		34,361
KION Group AG		749		27,713
Krones AG		532		46,277
KWS Saat AG		86		30,343
LEG Immobilien AG (b)		3,259		225,896
Leoni AG		2,495		136,221
MorphoSys AG (b)		1,549		152,022
MTU Aero Engines AG		2,066		176,427
OSRAM Licht AG (b)		3,317		123,590
Puma AG Rudolf Dassler Sport (a)		94		21,790
Rational AG		96		28,560
Rheinmetall AG		2,739		131,828
Rhoen-Klinikum AG		4,973		150,897
Salzgitter AG		1,482		51,119
SGL Carbon AG (a)(b)		1,579		32,663
Software AG (a)		2,214		54,874
Stada Arzneimittel AG		2,682		106,740
TUI AG (a)		5,182		77,539
Wirecard AG		4,665		172,401
				2,975,593
HONG KONG — 1.8%
ASM Pacific Technology, Ltd. (a)		8,200		81,154
Champion REIT		126,000		52,574
Esprit Holdings, Ltd. (a)		87,916		113,672
First Pacific Co., Ltd.		96,500		100,538
Genting Hong Kong, Ltd.		70,928		27,307
Great Eagle Holdings, Ltd.		5,000		16,999
Hopewell Holdings		42,500		148,871
Macau Legend Development, Ltd. (a)(b)		420,000		213,107
Melco International Development, Ltd. (a)		44,000		101,768
Orient Overseas International, Ltd.		3,000		16,613
PCCW, Ltd.		184,807		116,143
SA SA International Holdings, Ltd. (a)		24,000		16,443
Shangri-La Asia, Ltd.		88,000		130,553

See accompanying notes to financial statements.

334

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

September 30, 2014

Security Description	Shares		Value
Television Broadcasts, Ltd. (a)		12,400	$	74,016
VTech Holdings, Ltd. (a)		4,300		53,050
				1,262,808
IRELAND — 1.3%
Dragon Oil PLC		14,941		149,106
Glanbia PLC		5,326		76,902
Grafton Group PLC		14,214		144,249
ICON PLC (a)(b)		2,155		123,331
Kingspan Group PLC		4,345		69,159
Paddy Power PLC		2,006		144,873
Smurfit Kappa Group PLC		8,642		189,465
				897,085
ISRAEL — 0.8%
Azrieli Group		957		32,857
Bezeq The Israeli Telecommunication Corp., Ltd.		76,746		132,496
Delek Group, Ltd.		167		63,228
Gazit-Globe, Ltd.		3,068		38,261
Mizrahi Tefahot Bank, Ltd. (b)		3,968		47,418
NICE Systems, Ltd.		2,751		111,399
Osem Investments, Ltd.		2,506		53,766
The Israel Corp., Ltd. (b)		98		55,137
				534,562
ITALY — 2.6%
A2A SpA		45,783		45,401
Autogrill SpA (b)		4,013		31,608
Azimut Holding SpA		3,733		94,456
Banca Generali SpA		1,982		52,404
Banca Popolare dell’Emilia Romagna SC (b)		16,471		131,084
Banca Popolare di Milano Scarl (b)		232,030		187,445
Buzzi Unicem SpA		4,658		39,101
Davide Campari-Milano SpA (a)		12,188		87,991
De’ Longhi SpA		1,878		37,816
DiaSorin SpA		828		31,086
FinecoBank Banca Fineco SpA (b)		27,623		147,884
Gtech Spa (a)		2,764		65,677
Hera SpA		15,675		41,504
Mediaset SpA (a)(b)		31,314		120,255
Moncler SpA		9,542		136,209
Prysmian SpA		8,591		159,641
Recordati SpA		5,248		86,051
Tod’s SpA		1,339		132,697
Unipol Gruppo Finanziario SpA		28,735		139,100
World Duty Free SpA (b)		3,508		40,105
				1,807,515
JAPAN — 30.8%
Advance Residence Investment Corp.		81		188,295
Advantest Corp. (a)		8,300		106,989
Aeon Credit Service Co., Ltd.		7,200		154,049
Air Water, Inc.		8,000		119,021
Alfresa Holdings Corp. (a)		12,000		172,952
Alps Electric Co., Ltd.		10,300		176,808
Amada Co., Ltd.		44,000		419,162
Asics Corp.		10,100		227,514
Benesse Holdings, Inc. (a)		4,400		144,400
Calbee, Inc.		6,000		196,363
Canon Marketing Japan, Inc.		4,400		84,715
Credit Saison Co., Ltd. (a)		5,100		98,239
Daicel Corp.		44,000		477,725
Don Quijote Holdings Co., Ltd.		4,400		252,300
Dowa Holdings Co., Ltd.		44,000		366,215
Ebara Corp. (a)		44,000		263,531
FamilyMart Co., Ltd. (a)		4,400		167,865
Frontier Real Estate Investment Corp.		35		167,829
Fuji Electric Holdings Co., Ltd.		44,000		212,991
Fuji Television Network, Inc.		4,400		65,421
Fukuoka Financial Group, Inc.		44,000		209,782
GLP J-REIT		159		183,648
Hakuhodo DY Holdings, Inc. (a)		8,800		89,047
Hamamatsu Photonics K.K.		4,400		208,979
Hisamitsu Pharmaceutical Co., Inc.		5,600		201,140
Hitachi Capital Corp. (a)		4,400		105,773
Hitachi Construction Machinery Co., Ltd. (a)		4,400		88,566
Hokuhoku Financial Group, Inc.		44,000		86,239
Hokuriku Electric Power Co.		8,500		111,660
Hoshizaki Electric Co., Ltd.		3,300		154,027
Ibiden Co., Ltd.		4,400		85,678
Idemitsu Kosan Co., Ltd.		17,600		373,516
Iida Group Holdings Co., Ltd.		11,700		143,137
Isetan Mitsukoshi Holdings, Ltd.		21,600		281,187
J Front Retailing Co., Ltd.		22,000		287,798
Japan Airport Terminal Co., Ltd. (a)		4,100		164,456
Japan Display, Inc. (b)		27,645		133,317
Japan Prime Realty Investment Corp.		44		158,439
Japan Retail Fund Investment Corp.		101		203,482
JSR Corp. (a)		8,400		146,490
Kakaku.com, Inc. (a)		5,200		73,856
Kansai Paint Co., Ltd. (a)		15,000		223,985
Keihan Electric Railway Co., Ltd.		44,000		189,325
Keio Corp.		25,000		184,831
Keisei Electric Railway Co., Ltd.		14,000		140,645
Kewpie Corp.		4,400		74,286
Kikkoman Corp.		13,000		276,248
Koito Manufacturing Co., Ltd. (a)		6,900		187,384
Konami Corp. (a)		5,500		114,618
Kuraray Co., Ltd.		13,600		159,438
Kurita Water Industries, Ltd. (a)		8,300		185,151
Mabuchi Motor Co., Ltd.		1,200		104,581
Marui Group Co., Ltd.		39,900		328,453
Medipal Holdings Corp.		17,500		212,658
Miraca Holdings, Inc. (a)		4,400		181,904
MISUMI Group, Inc.		4,400		132,768
Mitsubishi Gas Chemical Co., Inc. (a)		44,000		280,377
Mitsubishi Materials Corp.		63,000		203,883
Mitsubishi UFJ Lease & Finance Co., Ltd.		22,800		119,098
Mitsui Chemicals, Inc. (b)		44,000		122,339
Mitsui OSK Lines, Ltd. (a)		44,000		140,389
Mixi, Inc. (a)		3,000		150,144
Nabtesco Corp. (a)		4,400		105,452
Nagoya Railroad Co., Ltd. (a)		44,000		176,489
Nankai Electric Railway Co., Ltd.		44,000		202,161
NH Foods, Ltd.		10,000		212,042
NHK Spring Co., Ltd.		9,400		92,119

See accompanying notes to financial statements.

335

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

September 30, 2014

Security Description	Shares		Value
Nippon Electric Glass Co., Ltd.		44,000	$	214,194
Nippon Express Co., Ltd.		44,000		184,110
Nippon Prologis REIT, Inc. (a)		61		141,858
Nippon Yusen K.K. (a)		49,000		129,094
Nissan Chemical Industries, Ltd.		7,500		132,777
Nisshin Seifun Group, Inc. (a)		27,500		271,753
NOK Corp.		4,400		100,920
Nomura Real Estate Holdings, Inc.		4,400		75,570
NTN Corp. (a)		35,000		157,938
NTT Urban Development Corp. (a)		4,400		46,288
Obic Co., Ltd.		4,400		157,236
OJI Paper Co., Ltd.		44,000		166,462
Park24 Co., Ltd.		4,400		70,195
Rinnai Corp.		4,400		365,413
Ryohin Keikaku Co., Ltd.		1,300		154,893
Sankyo Co., Ltd. (a)		4,400		157,637
Sanrio Co., Ltd. (a)		4,400		127,554
Santen Pharmaceutical Co., Ltd.		4,400		246,283
SBI Holdings, Inc.		8,800		98,513
Seven Bank, Ltd.		22,700		92,501
Shikoku Electric Power Co., Inc. (b)		8,500		108,948
Shimadzu Corp.		44,000		380,655
Showa Shell Sekiyu K.K.		8,100		77,238
Sojitz Corp.		52,100		81,692
Stanley Electric Co., Ltd.		13,300		287,594
Sumitomo Heavy Industries, Ltd.		44,000		247,486
Sumitomo Rubber Industries, Inc.		5,400		76,746
Suruga Bank, Ltd.		16,000		318,848
Suzuken Co., Ltd.		4,400		126,751
Taiheiyo Cement Corp. (a)		44,000		166,060
Taiyo Nippon Sanso Corp. (a)		44,000		387,875
Takashimaya Co., Ltd.		44,000		367,820
The Bank of Kyoto, Ltd. (a)		44,000		365,413
The Chugoku Bank, Ltd.		8,600		126,301
The Gunma Bank, Ltd.		19,000		109,467
The Hachijuni Bank, Ltd.		47,000		282,356
The Hiroshima Bank, Ltd.		44,000		216,199
The Iyo Bank, Ltd.		13,600		137,618
The Joyo Bank, Ltd. (a)		44,000		216,601
THK Co., Ltd.		4,800		119,458
Toho Co., Ltd.		13,300		300,688
Toho Gas Co., Ltd. (a)		44,000		247,887
Tokyo Tatemono Co., Ltd.		44,000		355,786
TOTO, Ltd.		17,000		186,900
Toyo Seikan Group Holdings, Ltd.		5,500		68,139
Toyo Suisan Kaisha, Ltd.		7,000		232,280
Toyota Boshoku Corp. (a)		4,400		46,128
Trend Micro, Inc.		4,400		148,813
United Urban Investment Corp.		135		207,124
Yamada Denki Co., Ltd. (a)		39,400		114,937
Yamaha Corp. (a)		17,500		228,611
Yaskawa Electric Corp. (a)		10,200		138,083
Yokogawa Electric Corp. (a)		7,800		102,535
				21,723,595
JERSEY — 0.3%
Beazley PLC		40,956		180,995
LUXEMBOURG — 0.7%
COLT Group SA (b)		65,310		141,558
Eurofins Scientific SE (a)		339		87,790
GAGFAH SA (b)		12,355		230,210
L’Occitane International SA		13,500		30,946
				490,504
NETHERLANDS — 2.1%
Aalberts Industries NV		3,457		89,634
Arcadis NV		4,358		144,320
ASM International NV		4,116		149,617
Constellium NV (Class A) (b)		5,945		146,306
Delta Lloyd NV		6,864		165,572
Eurocommercial Properties NV		3,610		159,019
Fugro NV		4,618		139,804
Nutreco NV		3,085		112,315
PostNL NV (b)		31,966		138,144
SBM Offshore NV (a)(b)		8,792		127,669
TNT Express NV		13,635		86,363
				1,458,763
NEW ZEALAND — 0.9%
Auckland International Airport, Ltd.		28,669		86,032
Contact Energy, Ltd.		18,459		86,040
Fisher & Paykel Healthcare Corp., Ltd.		36,574		147,955
Mighty River Power, Ltd.		16,072		32,133
Ryman Healthcare, Ltd.		15,443		94,009
Sky Network Television, Ltd.		28,670		140,785
Spark New Zealand, Ltd.		31,614		73,185
				660,139
NORWAY — 1.0%
Akastor ASA		6,128		24,663
Aker ASA		865		28,417
Aker Solutions ASA (b)(c)		6,128		61,063
Det Norske Oljeselskap ASA (b)		4,325		38,215
DNO ASA (b)		20,655		64,640
Kongsberg Gruppen AS		1,576		35,948
Leroy Seafood Group ASA		862		33,217
Opera Software ASA		10,795		151,183
Salmar ASA		2,274		40,185
SpareBank 1 SR Bank ASA		4,291		40,754
Storebrand ASA (b)		19,209		106,950
TGS Nopec Geophysical Co. ASA (a)		4,584		116,692
				741,927
PORTUGAL — 0.3%
Banco Espirito Santo SA (b)(d)		121,616		0
NOS SGPS		24,831		149,750
Portucel SA		9,403		37,464
Sonae SGPS SA		39,444		57,202
				244,416
SINGAPORE — 2.1%
Ascendas REIT		80,000		141,143
CapitaCommercial Trust		52,000		65,036
ComfortDelGro Corp., Ltd.		99,000		186,309
Ezion Holdings, Ltd.		106,000		150,443
First Resources Ltd.		44,000		69,003
Keppel Land, Ltd.		40,096		110,042
M1, Ltd. (a)		7,000		19,541
Mapletree Logistics Trust		54,783		49,615
Neptune Orient Lines, Ltd. (a)(b)		53,000		38,650

See accompanying notes to financial statements.

336

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

September 30, 2014

Security Description	Shares		Value
SATS Ltd.		44,000	$	105,575
SIA Engineering Co., Ltd.		5,000		18,074
Singapore Post, Ltd.		127,000		178,754
Suntec REIT (a)		86,000		118,686
UOL Group, Ltd.		45,093		233,721
				1,484,592
SOUTH KOREA — 5.6%
BS Financial Group, Inc.		9,374		150,126
Celltrion, Inc. (b)		4,739		219,829
Cheil Communications, Inc. (b)		3,146		66,632
CJ CheilJedang Corp.		214		78,583
Daelim Industrial Co., Ltd.		1,364		97,590
Daewoo Engineering & Construction Co., Ltd. (b)		7,528		54,788
Daewoo International Corp.		2,275		80,954
Daewoo Securities Co., Ltd. (b)		10,547		107,444
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		6,822		131,236
DGB Financial Group, Inc.		11,150		177,512
Dongbu Insurance Co., Ltd.		2,374		133,857
Doosan Corp.		911		89,352
Doosan Heavy Industries & Construction Co., Ltd.		840		20,736
Doosan Infracore Co., Ltd. (b)		4,514		47,482
GS Engineering & Construction Corp. (b)		4,370		151,775
GS Holdings		3,339		127,516
Hanwha Chemical Corp.		3,414		44,323
Hanwha Corp.		3,670		102,423
Hyosung Corp.		740		53,015
Hyundai Department Store Co., Ltd.		470		71,485
Hyundai Development Co.		3,846		155,626
Hyundai Marine & Fire Insurance Co., Ltd.		2,190		60,392
Hyundai Merchant Marine Co., Ltd. (b)		4,340		40,182
Hyundai Mipo Dockyard Co., Ltd.		517		60,751
Korea Aerospace Industries Ltd.		1,176		45,413
Korea Gas Corp. (b)		1,053		54,883
Korea Investment Holdings Co., Ltd.		3,962		208,003
Korea Kumho Petrochemical Co., Ltd.		859		57,063
LG Uplus Corp.		14,398		168,505
Lotte Confectionery Co., Ltd.		78		161,063
LS Uplus Corp.		2,728		172,689
NCSoft Corp.		516		65,768
OCI Co., Ltd. (b)		575		70,836
S1 Corp.		973		75,148
Samsung Electro-Mechanics Co., Ltd.		4,083		191,527
Samsung Engineering Co., Ltd. (b)		1,012		57,733
Samsung Securities Co., Ltd.		2,984		124,705
Samsung Techwin Co., Ltd.		2,049		68,543
Woori Investment & Securities Co., Ltd.		4,906		54,860
Young Poong Corp.		34		44,560
				3,944,908
SPAIN — 2.3%
Abengoa SA (Class B)		26,500		139,997
Acciona SA (b)		1,043		78,079
Acerinox SA		5,450		83,787
Almirall SA (b)		2,461		36,125
Applus Services SA (b)		3,597		47,461
Atresmedia Corp. de Medios de Comunicaion SA		3,331		50,705
Bolsas y Mercados Espanoles SA (a)		3,381		128,943
Cia de Distribucion Integral Logista Holdings SAU (b)		1,526		27,759
Corporacion Financiera Alba SA		564		29,831
Ebro Puleva SA		4,021		76,244
Fomento de Construcciones y Contratas SA (a)(b)		1,483		28,551
Gamesa Corp. Tecnologica SA (b)		12,898		142,209
Grupo Catalana Occidente SA		1,808		53,056
Indra Sistemas SA (a)		4,430		62,118
Inmobiliaria Colonial SA (b)		82,125		58,097
Mediaset Espana Comunicacion SA (b)		8,158		101,551
Melia Hotels International SA		2,989		30,905
Obrascon Huarte Lain SA (a)		1,681		56,242
Prosegur Cia de Seguridad SA (a)		8,406		52,245
Sacyr SA (b)		26,247		141,379
Tecnicas Reunidas SA		999		52,991
Viscofan SA		2,023		110,911
				1,589,186
SWEDEN — 3.6%
AAK AB		1,010		52,823
Axfood AB (a)		612		31,702
BillerudKorsnas AB		12,843		182,265
Boliden AB		9,970		161,962
Castellum AB		10,656		162,315
Elekta AB (Class B)		16,854		166,356
Great Portland Estates PLC		13,147		136,298
Hexpol AB		1,024		81,967
Hufvudstaden AB		4,733		59,028
Husqvarna AB (Class B)		13,682		96,991
Intrum Justitia AB		3,245		91,564
JM AB		3,253		104,155
Loomis AB (Class B)		5,161		147,848
Meda AB (Class A)		10,708		150,629
Modern Times Group AB (Class B)		3,046		96,598
NCC AB (Class B)		5,910		196,442
Nibe Industrier AB (Class B)		5,795		146,475
Peab AB		22,529		155,363
Saab AB		2,236		55,028
Securitas AB (Class B)		11,914		132,471
SSAB AB (b)		1,267		9,483
SSAB AB, (Series A) (b)		10,389		89,285
Wallenstam AB		2,541		38,529
				2,545,577
SWITZERLAND — 2.9%
Allreal Holding AG (b)		213		27,553
Banque Cantonale Vaudoise		175		93,773
Basellandschaftliche Kantonalbank		34		32,737
Bucher Industries AG		256		65,855
Daetwyler Holding AG		229		30,174
Flughafen Zuerich AG		387		242,812
GAM Holding AG (b)		8,171		141,100
Georg Fischer AG (b)		143		84,184
Helvetia Holding AG		172		83,435
Logitech International SA (b)		11,546		148,630
Luzerner Kantonalbank AG		79		29,041

See accompanying notes to financial statements.

337

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

September 30, 2014

Security Description	Shares		Value
Nobel Biocare Holding AG (a)(b)		8,228	$	145,960
OC Oerlikon Corp. AG (b)		5,238		65,235
Panalpina Welttransport Holding AG (a)		716		89,996
PSP Swiss Property AG (b)		1,483		124,476
St Galler Kantonalbank AG		78		28,388
Straumann Holding AG		313		70,953
Sulzer AG		956		117,561
Swiss Prime Site AG (b)		2,416		179,272
Temenos Group AG (b)		5,024		191,128
Vontobel Holding AG (a)		747		27,089
				2,019,352
UNITED KINGDOM — 12.2%
AA PLC (b)		34,348		179,578
Amlin PLC		22,165		155,948
Ashmore Group PLC (a)		13,246		66,139
Aveva Group PLC		2,508		62,573
Balfour Beatty PLC		27,592		84,362
BBA Aviation PLC		18,980		100,001
Bellway PLC		4,668		118,583
Berendsen PLC		6,234		99,041
Bodycote PLC		13,523		146,554
Booker Group PLC		58,354		115,602
Britvic PLC		9,642		104,416
BTG PLC (b)		17,146		194,574
Cable & Wireless Communications PLC		190,234		144,639
Capital & Counties Properties PLC		25,994		138,515
Carillion PLC		28,695		141,697
Catlin Group, Ltd.		14,256		120,640
Close Brothers Group PLC		4,146		96,182
Derwent London PLC		3,551		157,216
Drax Group PLC		16,102		168,761
DS Smith PLC		35,585		153,625
Dunelm Group PLC		3,012		40,284
Elementis PLC		35,102		145,394
Essentra PLC		8,495		109,829
Euromoney Institutional Investor PLC		1,538		25,307
FirstGroup PLC (b)		45,090		87,717
Genel Energy PLC (b)		5,312		72,509
Greene King PLC		7,792		99,161
Halma PLC		11,825		117,321
Hays PLC		48,257		90,984
Henderson Group PLC		41,096		135,111
Home Retail Group PLC		55,089		149,054
Howden Joinery Group PLC		24,920		136,993
Hunting PLC		10,740		155,394
ICAP PLC		21,356		134,088
IG Group Holdings PLC		12,644		121,859
Informa PLC		32,611		258,521
Intermediate Capital Group PLC		13,166		83,925
International Personal Finance PLC		8,554		67,700
Jardine Lloyd Thompson Group PLC		5,266		83,065
Jazztel PLC (b)		7,806		126,417
John Wood Group PLC		14,188		174,692
Jupiter Fund Management PLC		13,190		76,038
Ladbrokes PLC		28,422		59,623
Lonmin PLC (a)(b)		14,355		43,239
Man Group PLC		77,363		148,995
Michael Page International PLC		9,014		61,170
Millennium & Copthorne Hotels PLC		4,451		41,166
Mitchells & Butlers PLC (b)		5,776		33,494
N Brown Group PLC		6,814		42,164
National Express Group PLC		11,179		43,042
Ocado Group PLC (b)		21,393		91,905
Ophir Energy PLC (b)		19,318		71,811
Perform Group PLC (b)		4,352		18,245
Phoenix Group Holdings		5,338		62,999
Playtech Plc		6,641		77,300
Premier Oil PLC		18,036		97,366
PZ Cussons PLC		12,748		75,577
QinetiQ Group PLC		51,812		188,569
Regus PLC		23,054		63,424
Rentokil Initial PLC		64,182		122,569
Rightmove PLC		4,185		146,003
Rotork PLC		3,396		152,225
Segro PLC		27,340		160,934
Serco Group PLC (a)		20,021		92,860
Shaftesbury PLC		7,912		87,413
Spectris PLC		4,701		137,788
Spirax-Sarco Engineering PLC		2,980		136,525
Stagecoach Group PLC		25,866		154,648
TalkTalk Telecom Group PLC		20,198		97,904
Telecity Group PLC		8,420		102,103
The Restaurant Group PLC		14,977		158,427
Thomas Cook Group PLC (b)		59,326		114,450
Ultra Electronics Holdings PLC		5,947		170,742
United Business Media PLC		7,660		72,397
Vesuvius PLC		8,686		63,619
Victrex PLC		2,569		66,886
WH Smith PLC		8,417		147,778
WS Atkins PLC		8,292		177,039
				8,622,408
TOTAL COMMON STOCKS —
(Cost $70,760,927)				70,133,577
RIGHTS — 0.0% (e)
GERMANY — 0.0% (e)
SGL Carbon SE (expiring 10/31/14) (b) (Cost $0)		1,579		1,656
SHORT TERM INVESTMENTS — 12.3%
UNITED STATES — 12.3%
MONEY MARKET FUNDS — 12.3%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		8,645,480		8,645,480
State Street Institutional Liquid Reserves Fund 0.09% (g)(h)		36,002		36,002
TOTAL SHORT TERM INVESTMENTS —
(Cost $8,681,482)				8,681,482
TOTAL INVESTMENTS — 111.9%
(Cost $79,442,409)				78,816,715
OTHER ASSETS & LIABILITIES — (11.9)%				(8,370,553	)
NET ASSETS — 100.0%			$	70,446,162

See accompanying notes to financial statements.

338

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

September 30, 2014

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of September 30, 2014, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(e)	Amount shown represents less than 0.05% of net assets.
(f)	Investments of cash collateral for securities loaned
(g)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(h)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

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

See accompanying notes to financial statements.

339

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

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 100.0%
BRAZIL — 5.0%
Abril Educacao SA (a)		90,000	$	475,792
Aliansce Shopping Centers SA		112,927		852,853
American Banknote SA		81,314		1,271,361
Arezzo Industria e Comercio SA		52,675		627,903
Banco ABC Brasil SA (a)		1,836		9,804
Banco ABC Brasil SA Preference Shares		71,129		393,451
BR Properties SA		327,544		1,738,272
Brasil Brokers Participacoes SA		320,270		432,762
Brasil Insurance Participacoes e Administracao SA		82,780		270,346
Brazil Pharma SA (a)		308,640		475,005
Centrais Eletricas Santa Catarina Preference Shares		2,100		12,688
Cia Hering		174,348		1,765,117
Cyrela Commercial Properties SA Empreendimentos e Participacoes		24,898		172,688
Direcional Engenharia SA		71,435		291,036
Eletropaulo Metropolitana SA Preference Shares		116,774		404,724
Eternit SA		340,902		548,316
Even Construtora e Incorporadora SA		323,439		719,604
Ez Tec Empreendimentos e Participacoes SA		125,560		1,076,404
Ferbasa-Ferro Ligas DA Bahia Preference Shares		111,441		422,635
Fleury SA		114,710		662,617
GAEC Educacao SA		88,802		1,072,686
Gafisa SA		501,766		606,314
Gol Linhas Aereas Inteligentes SA Preference Shares (a)		112,054		535,202
Helbor Empreendimentos SA		180,021		390,967
International Meal Co. Holdings SA		91,931		668,016
Iochpe-Maxion SA		97,290		662,474
JHSF Participacoes SA		147,492		216,156
Kepler Weber SA		17,400		333,140
Linx SA		28,072		586,743
Log-in Logistica Intermodal SA (a)		88,227		195,212
LPS Brasil Consultoria de I moveis SA		97,818		435,661
Magazine Luiza SA		93,055		287,948
Magnesita Refratarios SA		318,564		409,649
Mahle-Metal Leve SA		38,430		337,298
Marcopolo SA Preference Shares		561,504		912,306
Marfrig Alimentos SA (a)		241,827		657,482
Mills Estruturas e Servicos de Engenharia SA		108,725		794,488
MRV Engenharia e Participacoes SA		298,028		998,861
Paranapanema SA (a)		232,097		199,920
PDG Realty SA Empreendimentos e Participacoes (a)		1,229,548		552,132
Prumo Logistica SA (a)		624,545		229,462
QGEP Participacoes SA		94,559		358,611
Randon SA Implementos e Participacoes Preference Shares		383,731		1,008,829
Restoque Comercio e Confeccoes de Roupas SA (a)		123,054		411,419
Rossi Residencial SA (a)		376,010		165,778
Saraiva SA Livreiros Editores Preference Shares		54,515		310,452
Ser Educacional SA		93,175		958,528
SLC Agricola SA		91,624		613,794
Tecnisa SA		143,542		289,475
Tegma Gestao Logistica SA		27,635		200,810
Tempo Participacoes SA		70,000		155,454
Vanguarda Agro SA (a)		262,572		214,380
				28,393,025
BRITISH VIRGIN ISLANDS — 0.2%
Luxoft Holding, Inc. (a)		23,496		874,051
CHILE — 1.7%
AFP Habitat SA		450,128		662,341
Besalco SA		563,578		391,477
E.CL SA		210,000		298,810
Inversiones Aguas Metropolitanas SA		614,758		942,632
Inversiones La Construccion SA		53,219		713,602
Masisa SA		10,402,948		417,950
Parque Arauco SA		1,113,900		2,144,374
Ripley Corp. SA		1,231,614		664,886
Salfacorp SA		568,572		427,345
Sociedad Matriz SAAM SA		8,757,970		725,713
Vina Concha y Toro SA		1,075,793		2,099,829
				9,488,959
CHINA — 9.6%
21Vianet Group, Inc. ADR (a)(b)		55,807		1,004,526
51job, Inc. ADR (a)		29,728		889,759
Anhui Expressway Co., Ltd.		1,768,000		1,079,229
Bank of Chongqing Co., Ltd. (Class H)		567,500		379,303
Boyaa Interactive International, Ltd.		1,257,800		1,244,015
Cheetah Mobile, Inc. ADR (a)(b)		18,060		329,595
China Animal Healthcare, Ltd.		1,209,700		936,279
China Child Care Corp., Ltd.		811,000		179,640
China Distance Education Holdings, Ltd. ADR		45,856		642,443
China Hongxing Sports, Ltd. (a)(b)(c)		4,758,000		0
China Huiyuan Juice Group, Ltd. (a)		2,034,400		869,816
China Lesso Group Holdings, Ltd. (b)		1,041,810		519,221
China Lodging Group, Ltd. ADR (a)(b)		51,004		1,314,373
China SCE Property Holdings, Ltd. (a)		2,618,800		505,879
China Shanshui Cement Group, Ltd.		1,404,000		500,841
China Suntien Green Energy Corp., Ltd. (Class H)		1,824,000		455,700
China Vanadium Titano — Magnetite Mining Co., Ltd.		1,439,000		151,959
Chinasoft International, Ltd. (a)		1,058,000		350,164
Colour Life Services Group Co., Ltd. (a)		679,000		640,079
Consun Pharmaceutical Group, Ltd.		580,600		508,439
Coolpad Group, Ltd.		2,912,000		517,516
Credit China Holdings, Ltd.		2,364,000		514,502
CT Environmental Group, Ltd. (b)		1,278,000		1,092,828
Dongyue Group (b)		979,000		366,884
Double Coin Holdings, Ltd.		688,324		526,568
E-Commerce China Dangdang, Inc. (Class A) ADR (a)(b)		54,499		664,888
E-House China Holdings, Ltd. ADR		66,354		631,690

See accompanying notes to financial statements.

340

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

September 30, 2014

Security Description	Shares		Value
First Tractor Co., Ltd. (b)		706,500	$	492,224
Fu Shou Yuan International Group, Ltd.		547,000		286,705
Hangzhou Steam Turbine Co.		787,050		950,732
Harbin Electric Co., Ltd.		1,342,000		807,091
Hi Sun Technology China, Ltd. (a)		1,320,000		299,185
Hilong Holding, Ltd.		1,724,000		732,663
Hisense Kelon Electrical Holdings Co., Ltd. (Class H) (a)		282,000		297,068
Home Inns & Hotels Management, Inc. ADR (a)		32,129		931,420
Huangshan Tourism Development Co., Ltd.		391,000		559,130
Hunan Non-Ferrous Metal Corp., Ltd. (a)(b)		2,088,000		712,573
JA Solar Holdings Co., Ltd. ADR (a)(b)		71,312		659,636
Jiangsu Future Land Co., Ltd. (d)		873,600		442,915
JinkoSolar Holding Co., Ltd. ADR (a)(b)		25,914		712,376
Kangda International Environmental Co., Ltd. (a)(e)		2,210,000		1,081,506
Lonking Holdings, Ltd. (b)		2,627,000		473,632
MIE Holdings Corp.		2,224,754		292,237
Noah Holdings, Ltd. ADR (a)(b)		53,060		712,065
NQ Mobile, Inc. ADR (a)(b)		69,628		485,307
Ozner Water International Holding, Ltd. (a)(e)		1,429,000		579,690
Parkson Retail Group, Ltd.		3,144,500		911,144
Peak Sport Products Co., Ltd.		1,318,000		378,506
Perfect World Co., Ltd. ADR		36,514		718,961
Phoenix Healthcare Group Co., Ltd.		705,500		1,119,336
Poly Culture Group Corp., Ltd. (Class H) (a)		182,400		681,202
Ports Design, Ltd.		799,000		316,921
PW Medtech Group, Ltd. (a)		2,766,000		1,471,144
Qunar Cayman Islands, Ltd. ADR (a)		24,520		677,978
Real Gold Mining, Ltd. (a)(b)(c)		251,500		0
Renren, Inc. ADR (a)(b)		129,943		447,004
REXLot Holdings, Ltd. (b)		14,747,064		1,500,326
Shanda Games, Ltd. ADR (a)		69,143		452,195
Shanghai Dajiang Group, Class B (a)		1,197,900		489,941
Shanghai Diesel Engine Co., Ltd. Class B		378,360		285,662
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Class H) (a)		523,000		494,368
Shanghai Haixin Group Co. (a)		641,700		338,176
Shanghai Jin Jiang International Hotels Group Co., Ltd.		1,172,000		418,081
Shenguan Holdings Group, Ltd. (b)		2,014,010		676,948
Sinofert Holdings, Ltd. (a)(b)		1,746,000		247,337
Sinopec Engineering Group Co., Ltd. (Class H)		1,315,500		1,417,977
SPT Energy Group, Inc.		1,428,000		498,368
Sunny Optical Technology Group Co., Ltd.		591,000		876,785
TAL Education Group ADR (a)		57,010		1,991,929
TCL Communication Technology Holdings, Ltd.		738,000		885,779
Tian Ge Interactive Holdings, Ltd. (a)(e)		811,000		497,142
Tong Ren Tang Technologies Co., Ltd. (Class H)		488,000		673,702
Trina Solar, Ltd. ADR (a)(b)		62,378		752,902
Wisdom Holdings Group		1,364,000		873,019
Wumart Stores, Inc. (Class H)		521,000		487,110
Xinchen China Power Holdings, Ltd. (a)		862,000		457,359
Xinhua Winshare Publishing and Media Co., Ltd. (Class H)		570,000		502,827
Xinyi Solar Holdings, Ltd. (b)		4,550,800		1,494,448
Yestar International Holding Co., Ltd.		885,000		1,054,236
Yingli Green Energy Holding Co., Ltd. ADR (a)(b)		166,795		518,732
YuanShengTai Dairy Farm, Ltd. (a)		5,800,000		933,665
Zhaojin Mining Industry Co., Ltd. (Class H) (b)		1,068,000		591,415
				54,456,916
CYPRUS — 0.3% (f)
Global Ports Investments PLC, GDR		34,542		246,975
QIWI PLC ADR		42,807		1,352,273
				1,599,248
CZECH REPUBLIC — 0.2%
Philip Morris CR AS		2,802		1,312,548
EGYPT — 1.4%
Arab Cotton Ginning		431,717		316,389
Citadel Capital Corp./Cairo (a)		565,226		345,457
Eastern Tobacco		27,982		703,889
Egyptian Financial Group-Hermes Holding (a)		423,858		1,102,616
Egyptian Kuwait Holding Co. (a)		713,310		663,378
ElSwedy Electric Co. (a)		157,582		1,030,998
Ezz Steel (a)		521,002		1,353,138
Juhayna Food Industries (a)		615,764		861,202
Maridive & Oil Services SAE (a)		240,889		245,707
Orascom Telecom Media & Technology Holding SAE (a)		3,961,691		653,813
Sidi Kerir Petrochemicals Co.		159,466		429,775
Six of October Development & Investment Co. (a)		194,118		489,500
				8,195,862
GREECE — 1.6%
Aegean Airlines SA (a)		54,223		442,492
Aegean Marine Petroleum Network, Inc.		25,767		236,284
Costamare, Inc.		54,050		1,186,938
Diana Shipping, Inc. (a)		166,801		1,491,201
DryShips, Inc. (a)		609,005		1,504,242
Ellaktor SA (a)		88,803		342,150
Eurobank Properties Real Estate Investment Co.		16,675		189,582
Hellenic Exchanges — Athens Stock Exchange SA Holding (a)		52,644		402,340
Metka SA		21,153		271,758

See accompanying notes to financial statements.

341

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

September 30, 2014

Security Description	Shares		Value
Motor Oil Hellas Corinth Refineries SA		18,341	$	159,868
Mytilineos Holdings SA (a)		71,922		560,578
Navios Maritime Holdings, Inc.		160,883		965,298
StealthGas, Inc. (a)		49,618		452,020
Tsakos Energy Navigation, Ltd.		125,968		803,676
				9,008,427
HONG KONG — 8.2%
361 Degrees International, Ltd.		1,106,000		304,805
Ajisen China Holdings, Ltd.		747,000		589,704
Anton Oilfield Services Group (b)		1,264,000		374,393
Anxin-China Holdings, Ltd.		2,552,000		259,633
Asian Citrus Holdings, Ltd. (b)		800,833		166,043
Beijing Capital Land, Ltd.		1,360,400		469,520
Boshiwa International Holding, Ltd. (a)(b)(c)		1,843,000		0
Carnival Group International Holdings, Ltd. (a)		3,060,000		461,063
Chaowei Power Holdings, Ltd. (b)		633,000		321,183
China Dongxiang Group Co. (b)		4,914,000		923,934
China Forestry Holdings, Ltd. (a)(c)		1,642,000		0
China High Precision Automation Group, Ltd. (a)(d)		1,226,000		0
China High Speed Transmission Equipment Group Co., Ltd. (a)(b)		1,158,000		941,003
China Lilang, Ltd.		1,107,000		776,957
China Lumena New Materials Corp. (a)(b)(c)		4,287,298		345,077
China Metal Recycling Holdings, Ltd. (a)(b)(c)		1,109,932		0
China National Materials Co., Ltd.		1,457,000		335,866
China Ocean Shipbuilding Industry Group, Ltd. (a)		11,112,200		479,400
China Oil and Gas Group, Ltd. (b)		4,840,000		779,127
China Overseas Grand Oceans Group, Ltd. (b)		886,000		502,041
China Power New Energy Development Co., Ltd. (a)		5,640,000		359,532
China Precious Metal Resources Holdings Co., Ltd. (a)(b)		3,164,000		374,867
China Rare Earth Holdings, Ltd. (a)		1,482,000		194,671
China Rongsheng Heavy Industries Group Holdings, Ltd. (a)(b)(d)		2,984,500		522,713
China Shineway Pharmaceutical Group, Ltd.		412,000		698,242
China Singyes Solar Technologies Holdings, Ltd. (a)		523,000		929,466
China Travel International Investment Hong Kong, Ltd.		7,584,000		2,236,592
China WindPower Group, Ltd. (a)		9,180,000		732,972
China Yurun Food Group, Ltd. (a)(b)		1,228,000		542,432
China ZhengTong Auto Services Holdings, Ltd.		822,500		480,889
Citic Resources Holdings, Ltd. (a)(b)		3,797,000		577,000
Citic Telecom International Holdings, Ltd.		1,012,000		379,251
Comba Telecom Systems Holdings, Ltd. (b)		793,984		358,899
Dah Chong Hong Holdings, Ltd. (b)		756,000		437,141
Dawnrays Pharmaceutical Holdings, Ltd.		644,000		617,038
Digital China Holdings, Ltd.		726,000		649,792
Fufeng Group, Ltd.		1,076,600		532,401
Glorious Property Holdings, Ltd. (a)(b)		2,510,000		384,657
Greatview Aseptic Packaging Co., Ltd.		1,108,048		727,749
Guangdong Land Holdings, Ltd.		1,458,000		287,278
Guotai Junan International Holdings, Ltd.		2,042,000		1,406,897
Hengdeli Holdings, Ltd.		2,368,400		378,207
Honghua Group, Ltd.		5,243,000		1,120,833
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H)		2,122,534		705,224
Icube Technology Holdings, Ltd. (a)		3,330,000		385,958
Imperial Pacific International Holdings, Ltd. (a)		2,357,300		497,865
Ju Teng International Holdings, Ltd.		964,000		556,171
Kaisa Group Holdings, Ltd. (b)		3,034,000		1,152,632
Kingboard Laminates Holdings, Ltd. (b)		1,139,000		481,117
Kingdee International Software Group Co., Ltd. (a)		1,352,000		400,458
Li Ning Co., Ltd. (a)(b)		2,079,000		1,097,719
Lijun International Pharmaceutical Holding Co., Ltd.		2,212,000		1,065,393
Maoye International Holdings, Ltd.		1,796,000		298,366
MMG, Ltd.		1,176,000		411,935
NetDragon Websoft, Inc.		284,500		466,772
Newocean Energy Holdings, Ltd. (b)		1,256,000		625,970
NVC Lighting Holdings, Ltd. (d)		2,644,000		602,681
Pacific Online, Ltd.		1,015,100		543,820
Poly Property Group Co., Ltd.		2,297,000		881,516
Real Nutriceutical Group, Ltd.		1,122,000		381,461
Shougang Concord International Enterprises Co., Ltd. (a)(b)		10,406,000		455,634
Shougang Fushan Resources Group, Ltd. (b)		3,382,000		757,837
Sichuan Expressway Co., Ltd.		1,788,000		676,967
Sinotrans Shipping, Ltd. (a)		2,366,500		658,284
Sinotruk Hong Kong, Ltd.		603,500		327,199
Skyworth Digital Holdings, Ltd.		1,834,626		952,150
Springland International Holdings, Ltd.		1,480,000		560,353
Tech Pro Technology Development, Ltd. (a)(b)		1,772,000		1,161,541
The United Laboratories International Holdings, Ltd. (a)		1,042,500		785,389
Tiangong International Co., Ltd. (b)		1,872,000		436,352
Tianjin Development Holdings, Ltd.		916,000		845,800
Tianjin Port Development Holdings, Ltd.		4,450,000		836,692
Tianneng Power International, Ltd.		1,020,000		345,469
TPV Technology, Ltd.		1,416,000		282,649
United Energy Group, Ltd. (a)(b)		4,648,000		670,405
V1 Group, Ltd. (a)(b)		2,496,999		254,038
Wasion Group Holdings, Ltd.		809,000		744,916
West China Cement, Ltd.		2,856,000		272,172
Yingde Gases		1,328,000		1,255,299
Yip’s Chemical Holdings, Ltd.		467,580		319,745

See accompanying notes to financial statements.

342

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

September 30, 2014

Security Description	Shares		Value
Yuexiu Transport Infrastructure, Ltd.		1,290,549	$	792,767
				46,905,984
HUNGARY — 0.1%
Magyar Telekom Telecommunications PLC (a)		381,581		561,757
INDIA — 9.3%
AIA Engineering, Ltd.		34,900		531,355
Amtek Auto, Ltd.		284,798		929,882
Anant Raj, Ltd.		537,431		480,346
Apollo Tyres, Ltd.		409,231		1,350,078
Arvind, Ltd.		194,299		934,057
Ashok Leyland, Ltd. (a)		1,260,900		840,124
Bajaj Finance, Ltd.		10,625		468,164
Balkrishna Industries, Ltd.		41,245		517,399
Balrampur Chini Mills, Ltd. (a)		486,221		393,637
Bata India, Ltd.		63,280		1,357,149
Bhushan Steel, Ltd.		141,678		269,775
Biocon, Ltd.		127,071		1,025,045
CESC, Ltd.		133,838		1,625,408
Coromandel International, Ltd.		164,677		815,519
Credit Analysis & Research, Ltd.		13,543		329,277
Dewan Housing Finance Corp., Ltd.		146,929		794,478
Dish TV India, Ltd. (a)		929,535		810,484
Federal Bank, Ltd.		772,567		1,574,280
Fortis Healthcare, Ltd. (a)		250,813		474,742
Gateway Distriparks, Ltd.		241,448		1,002,580
GMR Infrastructure, Ltd.		1,106,564		314,446
Godrej Industries, Ltd.		201,687		1,004,843
Gujarat Pipavav Port, Ltd. (a)		237,600		652,284
Havells India, Ltd.		379,215		1,626,216
Hexaware Technologies, Ltd.		239,839		781,147
Housing Development & Infrastructure, Ltd. (a)		456,361		618,112
IFCI, Ltd.		1,062,547		615,059
IIFL Holdings, Ltd.		438,938		1,068,206
India Cements, Ltd. (a)		642,280		1,170,476
Indiabulls Real Estate, Ltd.		502,391		549,083
Indian Hotels Co., Ltd. (a)		722,579		1,141,314
Info Edge India, Ltd.		93,567		1,289,122
Ipca Laboratories, Ltd.		72,322		927,387
IRB Infrastructure Developers, Ltd.		259,369		970,534
Jain Irrigation Systems, Ltd.		300,895		396,581
Jubilant Foodworks, Ltd. (a)		64,606		1,287,413
Just Dial, Ltd.		58,777		1,551,937
MAX India, Ltd.		375,735		1,946,509
McLeod Russel India, Ltd.		135,124		636,019
Mindtree, Ltd.		46,638		889,830
Mphasis, Ltd.		100,252		696,537
Page Industries, Ltd.		2,691		346,425
PI Industries, Ltd.		38,156		279,189
Pipavav Defence & Offshore Engineering Co., Ltd. (a)		507,291		316,646
PTC India, Ltd.		463,837		640,630
Punj Lloyd, Ltd. (a)		706,011		404,676
Rajesh Exports, Ltd.		320,324		696,819
Rolta India, Ltd.		278,353		512,673
Shree Renuka Sugars, Ltd. (a)		800,532		208,040
Shriram City Union Finance, Ltd.		6,836		181,216
Sintex Industries, Ltd.		534,622		624,995
SKS Microfinance, Ltd. (a)		268,534		1,305,060
Strides Arcolab, Ltd.		81,412		941,524
Sundaram Finance, Ltd.		14,781		312,277
Suzlon Energy, Ltd. (a)		1,604,932		335,227
Tata Chemicals, Ltd.		214,579		1,387,676
Tata Global Beverages, Ltd.		537,772		1,387,532
The Jammu & Kashmir Bank, Ltd.		505,352		1,155,780
Thermax, Ltd.		63,767		947,884
TVS Motor Co., Ltd.		232,234		857,153
Unitech, Ltd. (a)		1,690,540		515,976
Vakrangee, Ltd.		211,025		429,840
Videocon Industries, Ltd.		135,342		368,049
Voltas, Ltd.		466,828		1,826,192
Welspun Corp., Ltd.		362,574		454,685
Wockhardt, Ltd.		14,846		192,053
				53,285,051
INDONESIA — 3.2%
AKR Corporindo Tbk PT		2,144,100		958,994
Alam Sutera Realty Tbk PT		20,492,000		765,192
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		6,999,500		456,677
Bank Tabungan Negara Tbk PT		5,096,086		489,325
Bumi Resources Tbk PT (a)		15,069,300		234,975
BW Plantation Tbk PT		3,338,200		152,048
Ciputra Development Tbk PT		12,806,300		1,066,754
Citra Marga Nusaphala Persada Tbk PT		672,500		172,195
Energi Mega Persada Tbk PT (a)		38,341,700		324,103
Gajah Tunggal Tbk PT		2,269,900		288,744
Garuda Indonesia Tbk PT (a)		10,926,200		372,128
Harum Energy Tbk PT		1,072,300		179,963
Indah Kiat Pulp & Paper Corp. Tbk PT (a)		2,888,300		250,074
Indosat Tbk PT (a)		542,200		169,312
Intiland Development Tbk PT		6,774,700		322,472
Japfa Comfeed Indonesia Tbk PT		6,337,600		639,741
Kawasan Industri Jababeka Tbk PT		30,473,951		615,231
Matahari Putra Prima Tbk PT		3,044,700		787,099
Medco Energi Internasional Tbk PT		1,992,500		583,769
Mitra Adiperkasa Tbk PT		1,103,000		497,866
MNC Investama Tbk PT (a)		14,386,700		410,880
MNC Sky Vision Tbk PT		1,788,900		249,580
Modernland Realty Tbk PT		6,815,700		296,456
Pakuwon Jati Tbk PT		21,721,300		720,181
Pembangunan Perumahan Persero PT Tbk		5,179,800		913,957
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		3,518,700		548,669
Ramayana Lestari Sentosa Tbk PT		1,812,000		137,554
Sentul City Tbk PT (a)		14,897,100		123,480
Siloam International Hospitals Tbk PT (a)		1,113,900		1,373,521
Summarecon Agung Tbk PT		13,226,600		1,324,288
Surya Semesta Internusa Tbk PT		3,745,500		227,466
Timah Tbk PT		4,546,929		457,119
Trada Maritime Tbk PT (a)(c)		10,952,100		1,243,964

See accompanying notes to financial statements.

343

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

September 30, 2014

Security Description	Shares		Value
Wijaya Karya Persero Tbk PT		4,699,100	$	1,004,609
				18,358,386
MALAYSIA — 5.9%
Aeon Co. M Bhd		1,087,000		1,245,883
Berjaya Auto Bhd		463,400		485,931
Berjaya Corp. Bhd		4,219,400		726,707
Berjaya Sports Toto Bhd		1,241,477		1,445,646
Boustead Holdings Bhd		643,760		981,192
Boustead Plantations Bhd		549,500		259,633
Bursa Malaysia Bhd		895,573		2,200,371
Cahya Mata Sarawak Bhd		461,200		611,559
Carlsberg Brewery Malay Bhd		95,500		348,755
Datasonic Group Bhd		729,600		340,280
DRB-Hicom Bhd		1,315,400		914,224
Eastern & Oriental Bhd		1,252,200		1,095,508
Gas Malaysia Bhd		325,600		347,386
IGB Corp. Bhd		2,858,367		2,500,690
IGB REIT		506,500		203,804
Inari Amertron Bhd		541,600		533,263
KNM Group Bhd (a)		3,716,755		1,025,351
KPJ Healthcare Bhd		1,500,993		1,775,294
Magnum Bhd		1,515,400		1,385,825
Malaysian Airline System Bhd (a)		10,098,900		800,401
Malaysian Bulk Carriers Bhd		731,500		370,154
Malaysian Resources Corp. Bhd		1,717,200		858,469
Media Prima Bhd		1,646,100		1,118,977
Oriental Holdings Bhd		272,400		631,074
OSK Holdings Bhd		1,132,900		742,489
Padini Holdings Bhd		575,800		337,002
Parkson Holdings Bhd (a)		372,127		326,696
Pavilion Real Estate Investment Trust		794,200		353,462
POS Malaysia Bhd		722,500		1,039,537
Press Metal Bhd		365,800		696,921
Sunway Real Estate Investment Trust		4,453,200		2,076,938
TAN Chong Motor Holdings Bhd		835,100		1,163,361
Top Glove Corp. Bhd		828,700		1,250,439
TSH Resources Bhd		434,400		462,142
UOA Development Bhd		1,776,700		1,142,764
Wah Seong Corp. Bhd		1,345,203		725,807
WCT Holdings Bhd		1,240,850		817,021
Yinson Holdings Bhd		544,800		541,395
				33,882,351
MEXICO — 2.5%
Asesor de Activos Prisma SAPI de CV REIT		220,204		287,424
Axtel SAB de CV (a)		1,867,940		543,820
Banregio Grupo Financiero SAB de CV		243,122		1,352,986
Bolsa Mexicana de Valores SAB de CV		651,175		1,404,631
Concentradora Fibra Hotelera Mexicana SA de CV		386,699		677,502
Consorcio ARA SAB de CV (a)		2,085,216		947,102
Corp Inmobiliaria Vesta SAB de CV		250,900		537,099
Corporacion GEO SAB de CV (a)(b)(c)		791,193		0
Credito Real SAB de CV		234,152		662,692
Empresas ICA SAB de CV (a)(b)		812,089		1,403,443
Grupo Aeromexico SAB de CV (a)		116,792		175,924
Grupo Aeroportuario del Centro Norte Sab de CV (a)		258,708		1,137,100
Hoteles City Express SAB de CV (a)		145,736		267,377
Megacable Holdings SAB de CV		187,168		888,160
Mexico Real Estate Management SA de CV (a)		704,056		1,239,807
Prologis Property Mexico SA de CV REIT (a)		153,756		323,305
Qualitas Controladora SAB de CV		156,648		419,781
TF Administradora Industrial S de RL de CV (a)		417,409		914,367
TV Azteca SAB de CV		1,601,474		834,707
Urbi Desarrollos Urbanos SA de CV (a)(b)(c)		679,159		0
				14,017,227
MONACO — 0.2%
GasLog, Ltd.		61,979		1,364,158
PANAMA — 0.1%
Avianca Holding SA Preference Shares		195,803		339,975
PERU — 0.4%
Ferreyros SA		2,009,661		1,153,141
Grana y Montero SA		99,409		300,667
Luz del Sur SAA		227,899		783,821
Minsur SA		286,701		184,329
				2,421,958
PHILIPPINES — 1.6%
Belle Corp.		3,133,500		359,591
Cebu Air, Inc.		566,330		863,802
Cosco Capital, Inc.		6,460,400		1,150,211
D&L Industries, Inc.		1,738,500		502,830
First Gen Corp. (a)		1,085,300		651,748
First Philippine Holdings Corp.		359,990		721,945
GMA Holdings, Inc.		894,100		138,266
Manila Water Co., Inc.		1,187,300		780,466
Philex Mining Corp.		1,325,100		301,176
Rizal Commercial Banking Corp.		441,690		532,951
Robinsons Retail Holdings, Inc.		397,190		560,239
Security Bank Corp.		425,974		1,393,415
Semirara Mining and Power Corp.		222,580		610,046
SM Prime Holdings, Inc.		1		0
Union Bank of Philippines		139,350		381,309
				8,947,995
POLAND — 2.9%
Agora SA (a)		129,216		318,555
Alior Bank SA (a)		64,260		1,651,256
Alumetal SA (a)		14,176		174,525
AmRest Holdings SE (a)		15,104		390,632
Asseco Poland SA		119,199		1,680,230
Boryszew SA (a)		197,244		405,717
CCC SA		16,706		645,823
Ciech SA		60,550		756,440
Echo Investment SA (a)		336,798		672,394
Emperia Holding SA		31,758		464,953
Eurocash SA		105,883		1,034,841
Fabryki Mebli Forte SA		10,496		180,876
Globe Trade Centre SA (a)		324,872		550,314
Grupa Kety SA		2,462		204,726

See accompanying notes to financial statements.

344

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

September 30, 2014

Security Description	Shares		Value
Grupa Lotos SA (a)		86,535	$	736,852
Inter Cars SA		3,302		213,747
Jastrzebska Spolka Weglowa SA (a)		64,990		633,013
KRUK SA (a)		9,342		307,453
Lubelski Wegiel Bogdanka SA		48,775		1,622,932
Netia SA		698,277		1,180,728
Orbis SA		39,344		505,799
PKP Cargo SA		16,418		394,421
Stomil Sanok SA		10,927		153,697
Synthos SA		218,450		303,963
TVN SA (a)		245,613		1,163,465
Zespol Elektrowni Patnow Adamow Konin SA		22,524		203,036
				16,550,388
QATAR — 0.4%
Al Meera Consumer Goods Co.		14,000		705,401
Mannai Corporation QSC		15,000		476,537
Medicare Group		12,000		429,996
Salam International Investment Co.		100,000		543,672
				2,155,606
RUSSIA — 0.7%
Aeroflot — Russian Airlines OJSC (a)		486,107		531,762
CTC Media, Inc.		77,040		512,316
DIXY Group OJSC (a)		22,440		236,041
Globaltrans Investment PLC GDR		72,961		612,873
Mechel OAO, ADR (a)		243,731		275,416
PIK Group GDR (a)		90,311		264,611
Vsmpo-Avisma Corp. (a)		10,361		1,833,574
				4,266,593
SINGAPORE — 0.6%
Asian Pay Television Trust		909,000		588,038
Bumitama Agri, Ltd. (b)		379,000		326,903
Nam Cheong, Ltd.		2,859,000		975,194
SIIC Environment Holdings, Ltd. (a)		6,424,000		861,369
Yanlord Land Group, Ltd. (b)		990,000		834,510
				3,586,014
SOUTH AFRICA — 6.5%
Acucap Properties, Ltd.		154,022		625,999
Adcock Ingram Holdings, Ltd. (a)(b)		261,987		1,118,139
AECI, Ltd.		103,155		1,091,056
African Bank Investments, Ltd. (b)(d)		1,222,985		33,556
Aquarius Platinum, Ltd. (a)		1,742,339		522,550
ArcelorMittal South Africa, Ltd. (a)		117,175		385,700
Attacq, Ltd. (a)		264,736		468,632
Aveng, Ltd. (a)		444,517		874,221
AVI, Ltd.		111,382		689,098
Capital Property Fund		1,132,478		1,206,827
Clicks Group, Ltd. (b)		380,948		2,259,068
DataTec, Ltd.		393,931		1,870,590
Emira Property Fund		373,624		519,186
Famous Brands, Ltd.		43,897		381,575
Fountainhead Property Trust		806,788		549,843
Grindrod, Ltd. (b)		732,819		1,463,919
Harmony Gold Mining Co., Ltd. (a)		297,549		650,495
Hosken Consolidated Investments, Ltd.		136,573		1,874,845
Hyprop Investments, Ltd.		64,245		493,398
Illovo Sugar, Ltd. (b)		172,153		434,258
JSE, Ltd.		263,641		2,298,232
Lewis Group, Ltd. (b)		218,987		1,095,105
Merafe Resources, Ltd.		4,429,503		470,463
Mondi, Ltd.		149,598		2,450,609
Mpact, Ltd.		244,299		735,389
Murray & Roberts Holdings, Ltd. (a)		402,426		897,585
Northam Platinum, Ltd. (a)		512,779		1,671,102
Omnia Holdings, Ltd.		41,442		845,841
Pick’ n Pay Holdings, Ltd.		209,449		415,255
PPC, Ltd.		605,288		1,583,636
PSG Group, Ltd.		27,044		230,245
Reunert, Ltd.		277,162		1,458,883
SA Corporate Real Estate Fund		4,480,671		1,752,888
Sun International, Ltd.		128,563		1,362,069
Super Group, Ltd. (a)		408,123		1,117,636
Wilson Bayly Holmes-Ovcon, Ltd.		98,722		1,223,207
				37,121,100
TAIWAN — 30.1%
A-DATA Technology Co., Ltd. (b)		341,654		712,072
Ability Enterprise Co., Ltd.		571,000		323,797
AcBel Polytech, Inc.		586,000		696,392
Accton Technology Corp.		1,274,341		743,587
Adlink Technology, Inc.		354,719		868,738
Advanced Ceramic X Corp.		130,642		526,098
Advanced International Multitech Co., Ltd.		366,000		292,372
AGV Products Corp. (a)		1,664,926		461,940
Airtac International Group		148,000		1,194,431
Alpha Networks, Inc.		769,348		429,952
Altek Corp. (a)		521,309		441,286
AmTRAN Technology Co., Ltd.		881,717		536,227
Anpec Electronics Corp.		289,055		323,078
Arcadyan Technology Corp.		257,532		358,959
Asia Optical Co., Inc. (a)		354,540		553,614
Asia Polymer		530,588		360,185
Asrock, Inc.		138,000		371,998
Aten International Co., Ltd.		216,000		565,216
Bank of Kaohsiung		66,506		19,786
Basso Industry Corp. (b)		522,000		684,686
BES Engineering Corp.		2,555,356		644,310
Capital Securities Corp.		2,428,730		798,412
Career Technology Co., Ltd.		386,726		527,593
Casetek Holdings, Ltd.		184,000		1,125,068
Cathay No. 1 REIT		1,102,000		653,893
Cathay Real Estate Development Co., Ltd.		1,825,904		954,384
Center Laboratories, Inc. (a)		197,000		679,991
Chang Wah Electromaterials, Inc. (b)		138,577		320,254
Charoen Pokphand Enterprise (b)		806,887		673,743
Cheng Loong Corp.		1,619,128		681,301
Cheng Uei Precision Industry Co., Ltd.		470,915		843,698
Chien Kuo Construction Co., Ltd.		543,501		215,296
Chin-Poon Industrial Co.		642,000		1,067,907
China Bills Finance Corp.		1,456,394		536,222
China Chemical & Pharmaceutical Co., Ltd.		644,000		448,817
China Manmade Fibers Corp. (a)		1,951,904		560,813
China Motor Corp. (b)		866,000		771,499

See accompanying notes to financial statements.

345

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

September 30, 2014

Security Description	Shares		Value
China Petrochemical Development Corp. (a)(b)		1,608,575	$	503,415
China Steel Chemical Corp. (b)		247,000		1,449,383
China Synthetic Rubber Corp.		644,452		686,410
Chipbond Technology Corp.		632,000		1,157,231
ChipMOS TECHNOLOGIES Bermuda, Ltd.		45,856		1,037,263
Chong Hong Construction Co., Ltd. (b)		274,453		627,048
Chroma ATE, Inc. (b)		411,680		1,143,574
Chung Hung Steel Corp. (a)		875,239		224,424
Clevo Co.		761,265		1,343,873
CMC Magnetics Corp. (a)		2,121,719		327,121
Coretronic Corp. (a)		397,065		639,596
CTCI Corp.		742,000		1,263,518
CyberTAN Technology, Inc. (b)		584,210		509,896
D-Link Corp.		1,161,242		692,863
Dynapack International Technology Corp.		92,000		239,833
E Ink Holdings, Inc. (a)(b)		769,000		434,813
Eclat Textile Co., Ltd.		201,000		1,827,002
Elan Microelectronics Corp.		605,899		1,031,758
Elite Material Co., Ltd.		521,782		581,483
Elite Semiconductor Memory Technology, Inc.		521,674		851,464
eMemory Technology, Inc.		66,000		738,770
ENG Electric Co., Ltd.		277,086		201,305
Episil Holdings, Inc. (a)(d)		525,000		563,942
Epistar Corp.		849,000		1,588,064
Eternal Materials Co., Ltd.		901,099		934,587
Eva Airways Corp. (a)		1,242,000		657,348
Everlight Chemical Industrial Corp.		563,712		540,187
Everlight Electronics Co., Ltd.		600,503		1,287,095
Excelsior Medical Co., Ltd.		201,660		361,960
Far Eastern Department Stores, Ltd.		903,490		871,725
Far Eastern International Bank (b)		3,050,585		1,027,910
Faraday Technology Corp. (b)		643,976		729,301
Farglory Land Development Co., Ltd.		228,464		269,249
Feng Hsin Iron & Steel Co., Ltd.		521,270		697,437
Feng TAY Enterprise Co., Ltd.		523,168		1,456,708
Firich Enterprises Co., Ltd.		233,000		1,118,296
FLEXium Interconnect, Inc.		288,550		728,501
Forhouse Corp. (a)		818,576		333,679
Formosa Epitaxy, Inc. (a)		662,000		355,815
Formosa Taffeta Co., Ltd.		1,126,000		1,106,770
Formosan Rubber Group, Inc.		757,124		805,173
Formosan Union Chemical		580,000		264,074
FSP Technology, Inc.		464,184		416,582
G Tech Optoelectronics Corp. (a)		138,000		133,375
Gemtek Technology Corp. (b)		480,234		428,618
GeoVision, Inc. (b)		144,321		493,413
Gigabyte Technology Co., Ltd.		391,000		437,665
Gigasolar Materials Corp.		39,000		773,090
Gigastorage Corp. (a)(b)		522,114		525,212
Ginko International Co., Ltd.		76,000		1,024,343
Gintech Energy Corp. (a)(b)		414,806		362,723
Global Unichip Corp.		138,669		416,652
Gloria Material Technology Corp.		553,913		417,900
Goldsun Development & Construction Co., Ltd. (a)		2,026,041		715,986
Grand Pacific Petrochemical		1,238,000		559,592
Grape King, Inc.		231,000		975,805
Great Wall Enterprise Co.		1,018,867		993,093
HannStar Display Corp. (b)		2,532,599		678,535
HannsTouch Solution, Inc. (a)		953,000		234,338
Hey Song Corp.		452,770		509,784
Highwealth Construction Corp.		913,100		1,458,823
Himax Technologies, Inc. ADR (b)		94,081		954,922
Ho Tung Chemical Corp. (a)		1,918,482		633,828
Hong TAI Electric Industrial		1,070,000		367,577
Huaku Development Co., Ltd.		340,260		648,764
Huang Hsiang Construction Co.		354,484		454,474
I-Sheng Electric Wire & Cable Co., Ltd.		453,000		631,411
Ibase Technology, Inc. (b)		406,203		747,789
Ichia Technologies, Inc.		407,000		483,672
ITE Technology, Inc.		276,887		319,490
Jess-Link Products Co., Ltd.		383,974		399,506
Jih Sun Financial Holdings Co., Ltd.		1,840,971		489,602
KEE TAI Properties Co., Ltd.		1,117,076		681,200
Kenda Rubber Industrial Co., Ltd. (b)		644,313		1,281,446
Kerry TJ Logistics Co., Ltd.		596,000		779,789
King Slide Works Co., Ltd.		123,000		1,388,928
King Yuan Electronics Co., Ltd.		1,626,656		1,384,980
King’s Town Bank		1,500,000		1,659,297
Kinpo Electronics (a)		2,299,371		1,092,257
Kinsus Interconnect Technology Corp.		318,030		1,181,393
Kuoyang Construction Co., Ltd.		984,527		451,492
KYE Systems Corp.		673,413		261,223
LCY Chemical Corp.		760,862		415,204
Lingsen Precision Industries, Ltd.		1,117,694		582,372
Long Bon International Co., Ltd.		432,000		283,318
Longwell Co.		513,000		502,553
Lumax International Corp., Ltd.		260,358		610,251
Lung Yen Life Service Corp. (b)		238,000		658,775
Macronix International Co., Ltd. (a)(b)		3,781,170		847,732
Makalot Industrial Co., Ltd.		251,646		1,278,105
Masterlink Securities Corp.		1,659,477		545,531
Medigen Biotechnology Corp. (a)		99,000		569,536
Mercuries & Associates, Ltd.		553,835		341,373
Merry Electronics Co., Ltd.		206,000		958,234
Micro-Star International Co., Ltd.		1,030,000		1,271,438
Microbio Co., Ltd. (a)(b)		598,723		551,102
MIN AIK Technology Co., Ltd.		215,000		1,155,591
Mirle Automation Corp.		731,195		682,652
Mitac Holdings Corp.		783,999		646,900
Motech Industries, Inc. (b)		364,885		483,403
Nan Kang Rubber Tire Co., Ltd.		873,204		963,066
Nantex Industry Co., Ltd.		693,881		377,512
Neo Solar Power Corp. (b)		521,436		593,096
Newmax Technology Co., Ltd. (b)		115,499		178,073
Nien Hsing Textile Co., Ltd.		414,938		360,110
Oriental Union Chemical Corp.		913,500		774,776
Pan-International Industrial Co., Ltd.		556,539		375,972
Parade Technologies, Ltd.		75,000		833,347
PChome Online, Inc.		101,617		988,794
Phison Electronics Corp.		130,837		911,831
Phytohealth Corp. (a)(b)		357,511		427,210

See accompanying notes to financial statements.

346

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

September 30, 2014

Security Description	Shares		Value
PixArt Imaging, Inc.		138,060	$	344,929
Portwell, Inc.		363,000		517,898
Powertech Technology, Inc. (a)		644,000		1,164,385
President Securities Corp.		1,421,850		792,267
Primax Electronics, Ltd.		571,000		662,611
Prime Electronics Satellitics, Inc.		414,803		197,041
Prince Housing Development Corp. (b)		2,013,996		801,110
Promate Electronic Co., Ltd.		642,000		760,831
Qisda Corp. (a)		2,246,641		997,046
Radiant Opto-Electronics Corp.		461,331		1,827,459
Radium Life Tech Co., Ltd. (a)(b)		1,008,187		588,284
Realtek Semiconductor Corp.		630,053		2,236,911
RichTek Technology Corp.		130,477		664,835
Ritek Corp. (a)(b)		3,436,596		415,742
Sampo Corp.		1,895,527		785,142
Sanyang Industry Co., Ltd. (a)(b)		865,945		794,223
ScinoPharm Taiwan, Ltd. (b)		271,917		557,788
Senao International Co., Ltd.		190,911		376,556
Sercomm Corp. (b)		353,000		757,767
Shinkong Insurance Co., Ltd.		605,841		476,993
Shinkong Synthetic Fibers Corp.		2,440,796		874,593
Sigurd Microelectronics Corp.		866,694		870,412
Silicon Integrated Systems Corp. (a)(b)		1,027,000		305,539
Silicon Motion Technology Corp. ADR		38,412		1,034,819
Simplo Technology Co., Ltd.		314,129		1,523,169
Sinbon Electronics Co., Ltd.		619,000		795,638
Sinmag Equipment Corp.		138,614		811,101
Sino-American Silicon Products, Inc. (a)		496,058		741,979
Sinon Corp.		1,290,662		738,261
Sinphar Pharmaceutical Co., Ltd. (b)		416,346		610,432
Sinyi Realty Co.		705,321		891,520
Soft-World International Corp.		138,848		381,131
Solar Applied Materials Technology Corp.		429,090		368,160
Solartech Energy Corp. (a)		436,207		318,342
St. Shine Optical Co., Ltd. (b)		60,000		1,282,072
Standard Foods Corp.		545,539		1,228,469
Systex Corp.		349,000		645,924
Ta Chong Bank Co., Ltd. (a)		2,888,255		926,687
Taichung Commercial Bank		2,737,564		926,935
Taiflex Scientific Co., Ltd. (b)		383,725		613,062
Tainan Enterprises Co., Ltd.		397,000		358,898
Tainan Spinning Co., Ltd.		1,801,540		1,068,979
Taisun Enterprise Co., Ltd. (a)		886,549		359,930
Taiwan Acceptance Corp. (b)		349,000		894,887
Taiwan Business Bank (a)		4,823,448		1,423,908
Taiwan Cogeneration Corp.		689,469		500,905
Taiwan Fertilizer Co., Ltd.		284,000		469,607
Taiwan Fire & Marine Insurance Co.		583,004		437,931
Taiwan Hon Chuan Enterprise Co., Ltd.		387,027		712,487
Taiwan Land Development Corp.		1,915,276		679,991
Taiwan Life Insurance Co., Ltd. (a)		551,025		355,944
Taiwan Secom Co., Ltd.		397,961		1,098,924
Taiwan Surface Mounting Technology Co., Ltd.		413,246		603,849
Taiyen Biotech Co., Ltd.		417,979		337,329
Tatung Co., Ltd. (a)		3,144,691		917,992
Test-Rite International Co.		553,896		358,709
Thye Ming Industrial Co., Ltd.		521,218		602,272
Ton Yi Industrial Corp.		415,000		280,355
Tong Hsing Electronic Industries, Ltd.		185,327		813,332
Tong Yang Industry Co., Ltd.		685,872		730,527
Topco Scientific Co., Ltd.		390,520		717,634
Transcend Information, Inc.		342,484		1,137,129
Tripod Technology Corp.		633,353		1,307,535
TSRC Corp.		760,028		911,949
TTY Biopharm Co., Ltd. (b)		279,436		615,467
Tung Ho Steel Enterprise Corp.		974,258		789,476
Tung Thih Electronic Co., Ltd. (b)		130,893		410,500
TXC Corp. (b)		522,120		702,007
U-Ming Marine Transport Corp. (b)		489,000		744,282
Unimicron Technology Corp.		1,050,000		783,543
Unity Opto Technology Co., Ltd. (a)(b)		528,307		587,017
Unizyx Holding Corp.		643,694		421,095
UPC Technology Corp.		908,914		342,118
USI Corp.		1,160,318		572,158
Ve Wong Corp.		553,604		431,316
Via Technologies, Inc. (a)(b)		486,031		341,921
Visual Photonics Epitaxy Co., Ltd.		459,162		470,188
Wafer Works Corp. (a)(b)		421,983		187,967
Wah Hong Industrial Corp.		218,083		261,675
Walsin Lihwa Corp. (a)		3,331,000		1,095,021
Wan Hai Lines, Ltd.		1,567,320		1,123,213
Waterland Financial Holdings Co., Ltd.		2,743,311		775,571
Wei Chuan Food Corp.		462,899		548,579
Weikeng Industrial Co., Ltd. (b)		643,628		489,817
Winbond Electronics Corp. (a)		3,778,730		1,134,135
Wintek Corp. (a)(b)		1,833,859		394,871
Wistron NeWeb Corp.		266,231		624,892
WUS Printed Circuit Co., Ltd. (b)		900,000		417,167
Yageo Corp.		2,424,700		1,757,578
Yang Ming Marine Transport Corp. (a)		1,719,788		749,098
Yieh Phui Enterprise Co., Ltd.		1,902,296		577,827
Young Optics, Inc.		138,242		271,308
Yuen Foong Yu Paper Manufacturing Co., Ltd.		2,217,941		962,436
Yungtay Engineering Co., Ltd. (b)		506,000		1,167,712
Zenitron Corp.		644,348		372,804
Zinwell Corp. (b)		522,674		484,538
				171,490,268
THAILAND — 4.3%
Bangkok Expressway PCL NVDR		755,300		885,163
Bangkokland PCL NVDR		16,572,300		1,114,190
Central Plaza Hotel PCL NVDR		509,600		632,580
Chularat Hospital PCL NVDR		366,400		205,659
Delta Electronics Thai PCL NVDR		7,000		13,385
Dynasty Ceramic PCL NVDR		239,400		428,225
Esso Thailand PCL NVDR (a)		1,101,200		196,976
GFPT PCL		331,000		206,205
Hana Microelectronics PCL		1,696,384		2,210,400
Hemaraj Land and Development PCL NVDR		7,021,400		957,119
Ichitan Group PCL NVDR		1,657,500		1,226,831
Jasmine International PCL NVDR		6,389,400		1,320,246

See accompanying notes to financial statements.

347

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

September 30, 2014

Security Description	Shares		Value
Kiatnakin Bank PCL NVDR		558,700	$	727,990
LPN Development PCL ADR NVDR		991,500		663,548
Major Cineplex Group PCL NVDR		270,000		201,511
MBK PCL NVDR		706,000		354,905
MK Restaurants Group PCL NVDR		772,700		1,453,653
Precious Shipping PCL		448,700		332,114
Robinson Department Store PCL NVDR		403,400		656,264
Siam Global House PCL NVDR		884,025		381,692
Sino Thai Engineering & Construction PCL NVDR		941,000		783,562
Sri Trang Agro-Industry PCL NVDR		550,700		236,075
Supalai PCL NVDR		553,500		443,824
Thai Airways International PCL NVDR (a)		974,700		429,860
Thai Vegetable Oil PCL NVDR		513,800		362,869
Thaicom PCL NVDR		766,400		974,988
Thanachart Capital PCL		2,031,664		2,333,986
Thoresen Thai Agencies PCL (a)		3,148,082		2,174,774
Tisco Financial Group PCL		353,603		496,189
TTW PCL		1,877,000		694,649
VGI Global Media PCL NVDR		2,182,956		935,793
WHA Corp. PCL NVDR		415,350		502,775
				24,538,000
TURKEY — 1.9%
Akfen Holding AS		110,342		221,090
Albaraka Turk Katilim Bankasi		1,863,439		1,339,898
Asya Katilim Bankasi AS (a)		2		1
Aygaz AS		138,503		564,748
Dogan Sirketler Grubu Holdings AS (a)(b)		1,133,843		328,103
GSD Holding (a)(b)		553,580		361,643
Ihlas Holding (a)		3		0
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D) (a)(b)		1,654,771		1,509,086
Koza Altin Isletmeleri AS		131,318		975,903
NET Holding AS (a)		317,949		370,811
Pegasus Hava Tasimaciligi AS (a)(b)		46,671		544,304
Petkim Petrokimya Holding AS (b)		1,257,618		1,852,682
Sekerbank TAS (a)		1,162,514		968,422
Sinpas Gayrimenkul Yatirim Ortakligi AS (a)		3		1
Tekfen Holding AS (a)(b)		167,634		371,899
Torunlar Gayrimenkul Yatirim Ortakligi AS (b)		228,051		306,961
Turkiye Sinai Kalkinma Bankasi AS		985,732		829,799
Yazicilar Holding AS (Class A) (b)		30,212		272,872
				10,818,223
UNITED ARAB EMIRATES — 0.9% (f)
Air Arabia PJSC		1,900,000		708,695
Al Waha Capital PJSC		1,150,000		939,299
Dana Gas PJSC (a)		3,150,000		591,759
Drake & Scull International (a)		2,500,000		898,460
Eshraq Properties Co. PJSC (a)		2,500,000		871,234
Exillon Energy PLC (a)		89,040		226,625
National Central Cooling Co. PJSC		700,000		320,179
RAK Properties PJSC		2,800,000		762,330
				5,318,581
UNITED STATES — 0.2%
WNS Holdings, Ltd. ADR (a)		37,674		848,042
TOTAL COMMON STOCKS —
(Cost $656,437,328)				570,106,693
RIGHTS — 0.2%
EGYPT — 0.2%
Six of October Development & Investment Co. (expiring 10/27/14) (a) (Cost $602,893)		535,195		1,050,172
WARRANTS — 0.0% (f)
THAILAND — 0.0% (f)
VGI Global Media PCL (expiring 08/01/18) (a) (Cost $0)		592,489		49,336
SHORT TERM INVESTMENT — 4.2%
UNITED STATES — 4.2%
MONEY MARKET FUND — 4.2%
State Street Navigator Securities Lending Prime Portfolio (g)(h) (Cost $24,209,724)		24,209,724		24,209,724
TOTAL INVESTMENTS — 104.4%
(Cost $681,249,945)				595,415,925
OTHER ASSETS & LIABILITIES — (4.4)%				(25,333,739	)
NET ASSETS — 100.0%			$	570,082,186

(a)	Non-income producing security
(b)	A portion of the security was on loan at September 30, 2014.
(c)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(d)	Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(e)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.4% of net assets as of September 30, 2014, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	Amount shown represents less than 0.05% of net assets.
(g)	Investments of cash collateral for securities loaned
(h)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

348

SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 5.8%
Astro Japan Property Group		107,422	$	418,298
BWP Trust		2,075,563		1,592,841
CFS Retail Property Trust Group		3,784,176		6,606,129
Charter Hall Retail REIT		486,386		1,617,326
Dexus Property Group		8,640,150		8,392,224
Goodman Group		2,445,548		11,063,678
Investa Office Fund		976,505		2,862,543
Scentre Group (a)		8,466,160		24,299,264
The GPT Group		2,695,343		9,127,626
Westfield Corp. (a)		3,040,027		19,818,306
				85,798,235
AUSTRIA — 0.7%
Atrium European Real Estate, Ltd. (a)		272,782		1,419,718
BUWOG AG (a)		82,470		1,633,025
CA Immobilien Anlagen AG (a)		125,926		2,514,992
IMMOFINANZ AG (a)		1,687,627		4,790,367
				10,358,102
BELGIUM — 0.4%
Befimmo SA		30,046		2,231,410
Cofinimmo SA		27,563		3,123,261
				5,354,671
BRAZIL — 0.4%
BR Malls Participacoes SA		718,126		5,666,793
CANADA — 4.5%
Artis REIT		104,454		1,430,979
Boardwalk REIT		40,706		2,509,636
Brookfield Asset Management, Inc. (Class A)		907,786		40,842,450
Calloway REIT		105,397		2,425,673
Canadian Apartment Properties REIT		86,872		1,833,753
Canadian REIT		54,750		2,376,558
Chartwell Retirement Residences		136,313		1,336,844
Crombie Real Estate Investment Trust (b)		31,884		375,481
Crombie Real Estate Investment Trust (b)		69,711		807,801
First Capital Realty, Inc. (c)		152,442		2,388,492
H&R REIT		212,292		4,152,569
RioCan REIT		239,019		5,490,240
				65,970,476
CHINA — 1.1%
Hongkong Land Holdings, Ltd.		1,872,000		12,729,600
Kerry Properties, Ltd.		1,125,635		3,783,476
				16,513,076
FRANCE — 4.3%
Fonciere Des Regions		72,065		6,495,426
Gecina SA		57,083		7,481,422
Klepierre		158,208		6,929,016
Mercialys SA REIT		87,752		1,913,872
Unibail-Rodamco SE		155,894		40,115,269
				62,935,005
HONG KONG — 3.6%
Champion REIT (c)		4,110,462		1,715,097
Hang Lung Group, Ltd.		1,463,996		7,249,185
Hang Lung Properties, Ltd.		3,638,018		10,354,045
Hysan Development Co., Ltd.		1,115,731		5,158,304
Prosperity REIT		2,006,000		622,588
The Link REIT		3,674,682		21,177,064
Wheelock & Co., Ltd.		1,293,016		6,177,756
				52,454,039
ITALY — 0.1%
Beni Stabili SpA (c)		1,311,002		924,117
JAPAN — 9.7%
Activia Properties, Inc.		363		2,915,383
Aeon Mall Co., Ltd.		184,900		3,527,925
Daibiru Corp.		91,100		1,045,580
Daiwa Office Investment Corp. (c)		444		2,396,171
Frontier Real Estate Investment Corp.		749		3,591,540
Fukuoka REIT Corp.		951		1,755,572
Global One Real Estate Investment Co., Ltd.		293		826,688
Hankyu REIT, Inc.		168		966,389
Heiwa Real Estate Co., Ltd.		56,800		894,757
Hulic Co., Ltd.		616,400		6,518,292
Japan Excellent, Inc.		1,917		2,462,330
Japan Prime Realty Investment Corp.		1,312		4,724,372
Japan Real Estate Investment Corp.		1,991		10,236,784
Japan Retail Fund Investment Corp.		3,670		7,393,865
Kenedix Office Investment Corp.		532		2,856,539
Kenedix Residential Investment Corp.		440		1,124,718
Mitsui Fudosan Co., Ltd.		1,577,000		48,296,928
Mori Hills REIT Investment Corp.		1,888		2,623,011
Mori Trust Sogo REIT, Inc. (c)		1,638		3,029,766
Nippon Building Fund, Inc.		2,246		11,814,048
Nomura Real Estate Office Fund, Inc.		594		2,718,337
NTT Urban Development Corp. (c)		173,900		1,829,442
Orix JREIT, Inc.		3,125		3,928,506
Premier Investment Corp.		303		1,353,480
Tokyu Fudosan Holdings Corp.		815,500		5,590,556
Tokyu REIT, Inc.		1,477		1,946,982
Top REIT, Inc.		264		1,156,406
United Urban Investment Corp.		3,994		6,127,811
				143,652,178
NETHERLANDS — 1.0%
Corio NV		160,263		7,860,207
Eurocommercial Properties NV		67,997		2,995,236
VastNed Retail NV		30,700		1,404,482
Wereldhave NV		34,478		2,839,742
				15,099,667
NEW ZEALAND — 0.3%
Argosy Property, Ltd.		1,230,942		964,255
Goodman Property Trust		1,609,211		1,329,557
Kiwi Income Property Trust		1,579,269		1,434,070
Precinct Properties (c)		1,349,902		1,141,617
				4,869,499

See accompanying notes to financial statements.

349

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

September 30, 2014

Security Description	Shares		Value
PHILIPPINES — 0.9%
Ayala Land, Inc.		9,026,300	$	7,029,562
SM Prime Holdings, Inc.		15,030,800		5,854,568
				12,884,130
SINGAPORE — 3.5%
Ascendas REIT		3,249,969		5,733,890
Cambridge Industrial Trust		1,860,639		1,043,172
CapitaCommercial Trust		3,317,682		4,149,379
CapitaLand, Ltd.		4,107,500		10,306,595
CapitaMall Trust		4,127,860		6,182,241
Frasers Commercial Trust		766,375		811,265
Global Logistic Properties, Ltd.		4,925,000		10,465,577
Guocoland, Ltd. (c)		488,999		786,049
Keppel REIT (c)		2,406,000		2,245,072
Mapletree Logistics Trust		2,348,766		2,127,205
Starhill Global REIT		2,192,524		1,358,185
Suntec REIT (c)		3,972,274		5,482,006
United Industrial Corp., Ltd.		310,179		809,924
				51,500,560
SOUTH AFRICA — 0.7%
Acucap Properties, Ltd.		45,963		186,810
Capital Property Fund (a)		2,321,947		2,474,387
Fountainhead Property Trust		1,327,173		904,497
Growthpoint Properties, Ltd. REIT		2,740,805		5,977,336
SA Corporate Real Estate Fund		2,303,820		901,280
				10,444,310
SPAIN — 0.0% (d)
Martinsa-Fadesa SA (a)(e)(f)		178		0
SWEDEN — 0.9%
Castellum AB		273,538		4,166,593
Fabege AB		223,566		2,848,696
Great Portland Estates PLC		546,937		5,670,235
Kungsleden AB (c)		179,905		1,070,685
				13,756,209
SWITZERLAND — 0.8%
PSP Swiss Property AG (a)		61,271		5,142,788
Swiss Prime Site AG (a)		96,217		7,139,493
				12,282,281
THAILAND — 0.2%
Central Pattana PCL NVDR		2,141,040		3,070,420
UNITED KINGDOM — 6.0%
Big Yellow Group PLC		205,811		1,734,983
Capital & Counties Properties PLC		1,182,006		6,298,580
Derwent London PLC		162,067		7,175,291
Grainger PLC		672,942		2,023,694
Hammerson PLC		1,133,527		10,557,112
Intu Properties PLC		1,501,284		7,853,895
Land Securities Group PLC		1,240,637		20,896,980
Segro PLC		1,180,010		6,946,006
Shaftesbury PLC		441,854		4,881,664
The British Land Co. PLC		1,627,209		18,531,600
Workspace Group PLC		170,067		1,743,829
				88,643,634
UNITED STATES — 54.8%
Acadia Realty Trust		93,324		2,573,876
Alexandria Real Estate Equities, Inc.		114,134		8,417,382
American Campus Communities, Inc.		166,834		6,081,099
American Homes 4 Rent (Class A)		219,550		3,708,200
Apartment Investment & Management Co. (Class A)		232,363		7,393,791
Ashford Hospitality Prime, Inc. (c)		35,050		533,812
Ashford Hospitality Trust, Inc.		123,711		1,264,326
Associated Estates Realty Corp.		90,811		1,590,101
AvalonBay Communities, Inc.		208,625		29,409,866
BioMed Realty Trust, Inc.		310,347		6,269,009
Boston Properties, Inc.		243,447		28,181,425
Brandywine Realty Trust		280,000		3,939,600
Brixmor Property Group, Inc. (c)		118,233		2,631,867
Camden Property Trust		136,112		9,327,755
CBL & Associates Properties, Inc.		270,785		4,847,052
Cedar Realty Trust, Inc.		116,001		684,406
Columbia Property Trust, Inc.		198,730		4,743,685
Corporate Office Properties Trust		139,468		3,587,117
Cousins Properties, Inc.		328,226		3,922,301
CubeSmart		236,230		4,247,415
DCT Industrial Trust, Inc.		530,232		3,982,042
DDR Corp. (c)		475,650		7,957,624
DiamondRock Hospitality Co.		311,218		3,946,244
Digital Realty Trust, Inc.		215,517		13,443,950
Douglas Emmett, Inc.		212,795		5,462,448
Duke Realty Corp.		538,614		9,253,389
DuPont Fabros Technology, Inc. (c)		103,684		2,803,615
EastGroup Properties, Inc. (c)		50,263		3,045,435
Education Realty Trust, Inc.		223,374		2,296,285
Equity Commonwealth		204,903		5,268,056
Equity Lifestyle Properties, Inc.		126,751		5,369,172
Equity One, Inc.		121,981		2,638,449
Equity Residential		575,188		35,420,077
Essex Property Trust, Inc.		100,984		18,050,890
Extra Space Storage, Inc.		175,299		9,040,169
Federal Realty Investment Trust (c)		107,639		12,750,916
FelCor Lodging Trust, Inc.		178,173		1,667,699
First Industrial Realty Trust, Inc.		175,748		2,971,899
First Potomac Realty Trust		92,217		1,083,550
Forest City Enterprises, Inc. (Class A) (a)		266,859		5,219,762
Franklin Street Properties Corp.		143,212		1,606,839
General Growth Properties, Inc.		997,448		23,489,900
Glimcher Realty Trust		229,974		3,113,848
HCP, Inc.		729,692		28,976,069
Health Care REIT, Inc.		515,248		32,136,018
Healthcare Realty Trust, Inc.		155,698		3,686,929
Hersha Hospitality Trust		310,084		1,975,235
Highwoods Properties, Inc. (c)		143,653		5,588,102
Home Properties, Inc.		90,842		5,290,638
Hospitality Properties Trust		238,216		6,396,100
Host Hotels & Resorts, Inc.		1,203,721		25,675,369
Inland Real Estate Corp.		137,168		1,359,335
Kilroy Realty Corp.		132,245		7,860,643
Kimco Realty Corp.		653,667		14,321,844
Kite Realty Group Trust		132,257		3,205,910
LaSalle Hotel Properties		165,490		5,666,378
Liberty Property Trust		235,471		7,831,765
LTC Properties, Inc.		56,287		2,076,427

See accompanying notes to financial statements.

350

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

September 30, 2014

Security Description	Shares		Value
Mack-Cali Realty Corp.		133,092	$	2,543,388
Mid-America Apartment Communities, Inc.		119,622		7,853,184
New York REIT, Inc. (c)		257,118		2,643,173
Parkway Properties, Inc.		117,091		2,198,969
Pebblebrook Hotel Trust		101,574		3,792,773
Pennsylvania Real Estate Investment Trust		109,304		2,179,522
Piedmont Office Realty Trust, Inc. (Class A) (c)		245,372		4,328,362
Post Properties, Inc.		86,497		4,440,756
ProLogis		795,123		29,976,137
PS Business Parks, Inc.		30,803		2,345,340
Public Storage		230,592		38,241,377
Ramco-Gershenson Properties Trust		120,407		1,956,614
Regency Centers Corp. (c)		146,899		7,907,573
Rexford Industrial Realty, Inc.		60,577		838,386
Rouse Properties, Inc. (c)		54,192		876,285
Saul Centers, Inc.		17,918		837,487
Senior Housing Properties Trust		324,015		6,778,394
Silver Bay Realty Trust Corp.		58,840		953,796
Simon Property Group, Inc.		494,238		81,262,612
SL Green Realty Corp.		151,987		15,399,323
Sovran Self Storage, Inc.		52,965		3,938,477
Strategic Hotels & Resorts, Inc. (a)		396,344		4,617,408
Sun Communities, Inc.		70,117		3,540,909
Sunstone Hotel Investors, Inc.		328,411		4,538,640
Tanger Factory Outlet Centers, Inc.		152,522		4,990,520
Taubman Centers, Inc.		100,735		7,353,655
The Macerich Co.		223,770		14,283,239
UDR, Inc.		400,310		10,908,447
Universal Health Realty Income Trust		20,156		840,102
Ventas, Inc.		468,077		28,997,370
Vornado Realty Trust		277,531		27,741,999
Washington Prime Group, Inc.		246,754		4,313,260
Washington Real Estate Investment Trust (c)		105,911		2,688,021
Weingarten Realty Investors (c)		178,841		5,633,492
				807,022,095
TOTAL COMMON STOCKS —
(Cost $1,378,228,155)				1,469,199,497
RIGHTS — 0.0% (d)
ITALY — 0.0% (d)
Beni Stabili SpA (expiring 10/17/14) (a)		1,302,130		27,141
SWEDEN — 0.0% (d)
Kungsleden AB (expiring 10/8/14) (a)(c)		218,241		78,718
TOTAL RIGHTS —
(Cost $0)				105,859
SHORT TERM INVESTMENTS — 3.4%
UNITED STATES — 3.4%
MONEY MARKET FUNDS — 3.4%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		36,031,602		36,031,602
State Street Institutional Liquid Reserves Fund 0.09% (h)(i)		13,698,796		13,698,796
TOTAL SHORT TERM INVESTMENTS —
(Cost $49,730,398)				49,730,398
TOTAL INVESTMENTS — 103.1%
(Cost $1,427,958,553)				1,519,035,754
OTHER ASSETS & LIABILITIES — (3.1)%				(45,903,925	)
NET ASSETS — 100.0%			$	1,473,131,829

(a)	Non-income producing security
(b)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(c)	A portion of the security was on loan at September 30, 2014.
(d)	Amount shown represents less than 0.05% of net assets.
(e)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(f)	Company has filed for insolvency.
(g)	Investments of cash collateral for securities loaned
(h)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(i)	The rate shown is the annualized seven-day yield at period end.

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

351

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

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 1.8%
Aristocrat Leisure, Ltd.		13,078	$	66,832
Crown Resorts, Ltd.		11,718		141,503
Fairfax Media, Ltd.		55,200		37,435
Tatts Group, Ltd. (a)		34,168		94,181
				339,951
BELGIUM — 0.2%
S.A. D’Ieteren NV (a)		1,152		44,720
CANADA — 5.4%
Canadian Tire Corp., Ltd. (Class A)		1,582		162,440
Gildan Activewear, Inc.		1,921		105,320
Magna International, Inc. (a)		2,847		270,803
Shaw Communications, Inc. (Class B) (a)		5,240		128,708
Thomson Reuters Corp.		5,242		191,377
Tim Hortons, Inc.		1,757		138,651
				997,299
FINLAND — 0.4%
Nokian Renkaat Oyj (a)		1,405		42,384
Sanoma Oyj		3,573		22,514
				64,898
FRANCE — 9.2%
Accor SA		2,091		92,755
Christian Dior SA		474		79,458
Compagnie Generale des Etablissements Michelin		2,093		197,453
Havas SA		8,611		66,583
Hermes International (a)		245		73,273
Kering		886		178,686
Lagardere SCA		1,632		43,686
LVMH Moet Hennessy Louis Vuitton SA		2,313		376,048
Peugeot SA (b)		5,405		69,337
Publicis Groupe SA		1,344		92,310
Renault SA		1,982		143,591
Sodexo		1,475		144,368
Valeo SA		1,185		131,896
				1,689,444
GERMANY — 10.4%
adidas AG		2,320		173,646
Bayerische Motoren Werke AG		3,296		353,995
Continental AG		677		128,839
Daimler AG		8,421		646,035
Kabel Deutschland Holding AG		380		51,652
Porsche Automobil Holding SE Preference Shares		972		77,897
ProSiebenSat.1 Media AG		1,454		57,950
TUI AG (a)		3,432		51,354
Volkswagen AG		464		96,304
Volkswagen AG Preference Shares		1,295		268,943
				1,906,615
HONG KONG — 3.3%
Esprit Holdings, Ltd.		16,182		20,923
Galaxy Entertainment Group, Ltd.		20,000		116,161
Giordano International, Ltd.		100,000		54,217
Global Brands Group Holding, Ltd. (b)		78,000		17,177
Li & Fung, Ltd.		78,000		88,596
Sands China, Ltd.		30,400		158,555
Shangri-La Asia, Ltd.		20,500		30,413
SJM Holdings, Ltd.		30,000		57,179
Wynn Macau, Ltd. (a)		19,600		62,346
				605,567
ITALY — 1.4%
Fiat SpA (a)(b)		9,110		87,923
Gtech Spa (a)		3,013		71,594
Mediaset SpA (a)(b)		10,305		39,574
Pirelli & C. SpA		4,402		60,947
				260,038
JAPAN — 35.1%
Aisin Seiki Co., Ltd.		2,900		104,558
Aoyama Trading Co., Ltd.		5,000		116,459
Asics Corp.		1,000		22,526
Bandai Namco Holdings, Inc.		4,900		125,744
Benesse Holdings, Inc. (a)		2,000		65,637
Bookoff Corp.		1,900		14,497
Bridgestone Corp.		7,900		260,849
Can Do Co., Ltd.		1,000		15,379
Casio Computer Co., Ltd. (a)		4,900		81,655
Denso Corp. (a)		3,900		179,721
Dentsu, Inc.		3,900		148,434
Fast Retailing Co., Ltd. (a)		988		330,594
Fuji Corp., Ltd.		3,900		21,759
Fuji Heavy Industries, Ltd. (a)		10,000		330,553
GLOBERIDE, Inc.		10,000		12,672
Gunze, Ltd.		19,000		53,348
Haseko Corp.		2,100		16,215
Honda Motor Co., Ltd. (a)		13,600		471,124
Isetan Mitsukoshi Holdings, Ltd.		6,600		85,918
Isuzu Motors, Ltd.		10,000		141,301
Kappa Create Holdings Co., Ltd. (b)		1,000		9,572
Kyoritsu Maintenance Co., Ltd. (a)		600		24,395
Mazda Motor Corp.		4,600		115,278
Mitsubishi Motors Corp. (a)		3,900		47,321
Nikon Corp. (a)		4,900		70,801
Nissan Motor Co., Ltd.		19,200		187,108
Oriental Land Co., Ltd.		1,000		189,024
Panasonic Corp. (a)		17,000		202,165
PARIS MIKI HOLDINGS, Inc.		5,000		22,335
Pioneer Corp. (a)(b)		4,000		10,976
Rakuten, Inc. (a)		7,900		90,959
Resorttrust, Inc.		10,000		223,255
Ringer Hut Co., Ltd. (a)		1,600		24,548
Sanrio Co., Ltd. (a)		600		17,394
Sanyo Housing Nagoya Co., Ltd.		2,100		23,853
Sega Sammy Holdings, Inc. (a)		900		14,481
Sekisui Chemical Co., Ltd.		10,000		114,682
Sekisui House, Ltd.		10,000		117,781
Sharp Corp. (a)(b)		10,000		28,442
Shimano, Inc.		2,000		243,220
Sony Corp. (a)		8,900		161,538
Stanley Electric Co., Ltd.		3,000		64,871
Suminoe Textile Co., Ltd.		9,000		28,224
Sumitomo Forestry Co., Ltd.		8,600		92,511
Suzuki Motor Corp.		4,600		152,453

See accompanying notes to financial statements.

352

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

September 30, 2014

Security Description	Shares		Value
Toyota Industries Corp.		2,600	$	125,621
Toyota Motor Corp. (a)		23,600		1,390,463
Yamada Denki Co., Ltd. (a)		12,600		36,756
Yamaha Motor Co., Ltd.		2,000		39,108
				6,468,078
LUXEMBOURG — 0.7%
SES SA		3,573		123,560
NETHERLANDS — 2.1%
Reed Elsevier NV		10,217		231,932
Wolters Kluwer NV		5,716		152,502
				384,434
NORWAY — 0.6%
Schibsted ASA		2,210		120,018
SINGAPORE — 0.8%
Genting Singapore PLC (a)		60,000		53,635
Singapore Press Holdings, Ltd. (a)		30,000		98,800
				152,435
SOUTH KOREA — 5.0%
Cheil Communications, Inc. (b)		1,330		28,169
Coway Co., Ltd.		434		34,671
Credu Corp.		206		12,787
Fila Korea, Ltd.		120		13,419
Gwangju Shinsegae Co., Ltd.		38		11,379
Hanil E-Hwa Co., Ltd. (b)		1,056		23,317
Hankook Tire Co., Ltd.		1,124		54,855
Hotel Shilla Co., Ltd.		186		21,063
Hyundai Department Store Co., Ltd.		64		9,734
Hyundai Engineering Plastics Co., Ltd.		1,670		11,173
Hyundai Mobis Co., Ltd.		602		146,614
Hyundai Motor Co.		1,690		305,089
Hyundai Wia Corp.		68		13,854
Kia Motors Corp.		2,447		124,524
LG Electronics, Inc.		726		45,201
Lotte Shopping Co., Ltd.		97		29,047
Mando Corp. (c)		59		7,660
Seoyeon Co., Ltd.		484		8,852
Toray Chemical Korea, Inc. (b)		1,272		16,815
				918,223
SPAIN — 1.6%
Inditex SA		9,730		268,875
NH Hotel Group SA (b)		5,218		25,509
				294,384
SWEDEN — 2.6%
Electrolux AB		4,852		128,496
Hennes & Mauritz AB (Class B)		8,387		348,469
				476,965
SWITZERLAND — 3.2%
Cie Financiere Richemont SA		4,594		376,703
The Swatch Group AG		434		206,258
				582,961
UNITED KINGDOM — 15.5%
British Sky Broadcasting Group PLC		13,267		189,699
Burberry Group PLC		5,278		129,288
Carnival PLC		2,655		106,055
Compass Group PLC		19,050		307,748
GKN PLC		18,350		94,956
Home Retail Group PLC		14,645		39,625
Informa PLC		10,117		80,202
ITV PLC		43,184		145,476
Kingfisher PLC		35,444		186,113
Marks & Spencer Group PLC		19,010		124,690
Next PLC		3,209		343,610
Ocado Group PLC (b)		3,377		14,508
Pearson PLC		11,307		227,296
Reed Elsevier PLC		13,870		222,155
Thomas Cook Group PLC (b)		8,752		16,884
Tui Travel PLC		15,651		98,725
Whitbread PLC		3,641		245,194
WPP PLC		22,920		277,612
				2,849,836
TOTAL COMMON STOCKS —
(Cost $17,906,795)				18,279,426
WARRANTS — 0.0% (d)
FRANCE — 0.0% (d)
Peugeot SA (expiring 4/29/17) (a)(b) (Cost $7,744)		3,417		6,397
SHORT TERM INVESTMENTS — 20.1%
UNITED STATES — 20.1%
MONEY MARKET FUNDS — 20.1%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		3,636,022		3,636,022
State Street Institutional Liquid Reserves Fund 0.09% (f)(g)		51,426		51,426
TOTAL SHORT TERM INVESTMENTS —
(Cost $3,687,448)				3,687,448
TOTAL INVESTMENTS — 119.4%
(Cost $21,601,987)				21,973,271
OTHER ASSETS & LIABILITIES — (19.4)%				(3,568,696	)
NET ASSETS — 100.0%			$	18,404,575

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(d)	Amount represents less than 0.05% of net assets.
(e)	Investments of cash collateral for securities loaned
(f)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(g)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

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

See accompanying notes to financial statements.

353

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

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 5.9%
Coca-Cola Amatil, Ltd.		16,875	$	129,650
Treasury Wine Estates, Ltd.		21,046		78,085
Wesfarmers, Ltd. (a)		33,749		1,245,071
Woolworths, Ltd.		35,802		1,072,689
				2,525,495
BELGIUM — 6.3%
Anheuser-Busch InBev NV		24,067		2,451,992
Delhaize Group		3,447		239,842
				2,691,834
CANADA — 2.4%
Alimentation Couche-Tard, Inc. (Class B)		10,082		323,061
Alliance Grain Traders, Inc.		500		12,890
Clearwater Seafoods, Inc.		871		8,145
Cott Corp.		800		5,505
Empire Co., Ltd. (Class A)		500		34,848
High Liner Foods, Inc.		353		6,643
KP Tissue, Inc.		400		5,594
Liquor Stores NA, Ltd.		300		3,608
Loblaw Cos., Ltd.		9,253		464,078
Maple Leaf Foods, Inc.		500		8,554
Metro, Inc., (Class A) (a)		415		27,814
Premium Brands Holdings Corp.		267		5,882
Saputo, Inc.		3,000		84,104
SunOpta, Inc. (b)		3,575		43,150
The Jean Coutu Group Pjc, Inc. (Class A)		200		4,202
				1,038,078
DENMARK — 0.8%
Carlsberg A/S (Class B)		3,801		337,999
Royal UNIBREW (b)		44		7,325
				345,324
FINLAND — 0.3%
Kesko Oyj (Class B)		3,911		140,065
FRANCE — 8.6%
Carrefour SA		16,489		509,495
Casino Guichard-Perrachon SA		2,703		291,160
Danone		17,130		1,146,892
L’Oreal SA		6,612		1,049,923
Pernod Ricard SA		5,958		674,670
				3,672,140
GERMANY — 2.6%
Beiersdorf AG		4,093		341,976
Henkel AG & Co. KGaA		283		26,451
Henkel AG & Co. KGaA Preference Shares		7,158		714,888
Metro AG (b)		824		27,147
				1,110,462
HONG KONG — 0.4%
Vitasoy International Holdings, Ltd.		130,000		165,574
IRELAND — 1.0%
C&C Group PLC		5,773		30,680
Fyffes PLC		3,161		4,313
Glanbia PLC		2,742		39,592
Greencore Group PLC		15,636		59,315
Kerry Group PLC (Class A)		3,949		278,462
Origin Enterprises PLC		695		6,760
Total Produce PLC		6,100		7,552
				426,674
JAPAN — 15.2%
Aeon Co., Ltd. (a)		24,105		239,962
Ajinomoto Co., Inc.		21,728		361,490
Asahi Breweries, Ltd.		17,382		502,786
Belc Co., Ltd.		100		2,748
Calbee, Inc.		2,300		75,272
Coca-Cola East Japan Co., Ltd.		1,500		29,769
Euglena Co., Ltd. (a)(b)		2,200		27,456
Ezaki Glico Co., Ltd.		1,500		51,825
FamilyMart Co., Ltd. (a)		2,100		80,118
Fuji Oil Co., Ltd.		2,200		32,470
Fujicco Co., Ltd.		4,000		51,780
Hokuto Corp.		2,100		37,905
Japan Tobacco, Inc.		28,378		922,780
Kao Corp.		16,808		655,266
Kewpie Corp.		4,300		72,598
KEY Coffee, Inc.		4,300		64,523
Kikkoman Corp. (a)		4,000		84,999
Kirin Holdings Co., Ltd.		21,675		287,795
Kotobuki Spirits Co., Ltd.		300		6,030
Kusuri No Aoki Co., Ltd.		100		4,285
Lawson, Inc. (a)		3,924		274,371
Life Corp.		500		7,908
Lion Corp.		21,000		112,950
Matsumotokiyoshi Holdings Co., Ltd.		700		20,644
MEIJI Holdings Co., Ltd. (a)		2,100		165,978
NH Foods, Ltd.		4,000		84,817
Nichirei Corp.		36,388		152,923
Nippon Suisan Kaisha, Ltd. (b)		5,900		15,544
Nissin Foods Holding Co., Ltd. (a)		1,200		62,355
Oenon Holdings, Inc.		43,351		97,218
Pigeon Corp.		800		45,289
S Foods, Inc.		400		6,753
Sapporo Holdings, Ltd.		1,000		3,847
Seven & I Holdings Co., Ltd.		21,775		844,440
Shiseido Co., Ltd. (a)		15,793		260,517
Sugi Holdings Co., Ltd. (a)		200		8,396
Suntory Beverage & Food, Ltd. (a)		1,700		60,285
Takara Holdings, Inc.		2,000		15,224
Toyo Suisan Kaisha, Ltd. (a)		2,000		66,366
Tsuruha Holdings, Inc.		100		5,561
Unicharm Corp.		12,900		294,056
UNY Group Holdings Co., Ltd. (a)		17,400		92,476
Yakult Honsha Co., Ltd. (a)		3,068		161,098
Yamazaki Baking Co., Ltd. (a)		3,000		38,671
Yaoko Co., Ltd.		200		11,887
				6,501,431
LUXEMBOURG — 0.1%
Oriflame Cosmetics SA SDR (a)		1,310		22,607
NETHERLANDS — 6.8%
Heineken NV		6,517		487,699
Koninklijke Ahold NV		31,896		516,552

See accompanying notes to financial statements.

354

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

September 30, 2014

Security Description	Shares		Value
Unilever NV (a)		47,928	$	1,908,985
				2,913,236
NORWAY — 0.5%
Bakkafrost P/F		298		6,426
Marine Harvest (a)		13,184		184,538
Orkla ASA		1,398		12,647
Salmar ASA		258		4,559
				208,170
PORTUGAL — 0.1%
Jeronimo Martins SGPS SA		3,794		41,783
Sonae SGPS SA		11,971		17,361
				59,144
SINGAPORE — 0.8%
Golden Agri-Resources, Ltd. (a)		286,075		115,525
Wilmar International, Ltd.		88,000		213,220
				328,745
SOUTH KOREA — 3.0%
Able C&C Co., Ltd.		272		7,630
Amorepacific Corp.		68		154,140
AMOREPACIFIC Group		54		59,821
Binggrae Co., Ltd.		200		16,660
CJ CheilJedang Corp.		165		60,590
Cosmax BTI, Inc.		78		4,043
Cosmax, Inc. (b)		111		13,674
Crown Confectionery Co., Ltd.		110		20,848
Dae Han Flour Mills Co., Ltd.		200		41,033
Daesang Corp.		980		47,920
Dongsuh Co., Inc.		1,984		44,653
Dongwon F&B Co., Ltd.		10		3,231
Dongwon Industries Co., Ltd.		80		27,444
E-Mart Co., Ltd.		438		95,673
GS Retail Co., Ltd.		161		3,974
Korea Kolmar Co., Ltd.		188		11,135
Korea Kolmar Holdings Co., Ltd.		117		4,307
KT&G Corp.		3,034		271,702
LG Household & Health Care, Ltd.		224		107,622
Lotte Chilsung Beverage Co., Ltd.		4		8,237
Lotte Confectionery Co., Ltd.		22		45,428
Lotte Samkang Co., Ltd.		58		41,882
Maeil Dairy Industry Co., Ltd.		728		25,215
Muhak Co., Ltd. (b)		124		3,931
Namyang Dairy Products Co., Ltd.		20		14,480
NongShim Co., Ltd.		76		19,590
ORION Corp.		89		73,798
Ottogi Corp.		95		55,546
Pulmuone Co., Ltd.		30		3,937
Sajo Industries Co., Ltd. (b)		400		15,276
Samlip General Foods Co., Ltd.		43		5,583
Sunjin Co., Ltd.		109		3,997
				1,313,000
SPAIN — 0.5%
Distribuidora Internacional de Alimentacion SA		2,210		15,869
Ebro Puleva SA		11,433		216,785
				232,654
SWEDEN — 1.1%
Svenska Cellulosa AB		923		22,062
Svenska Cellulosa AB (Class B)		9,067		216,474
Swedish Match AB		7,000		227,235
				465,771
SWITZERLAND — 15.7%
Aryzta AG (b)		621		53,521
Coca-Cola HBC AG (b)		4,297		92,858
Lindt & Spruengli AG		88		439,401
Nestle SA		83,809		6,161,782
				6,747,562
UNITED KINGDOM — 27.3%
Associated British Foods PLC		7,468		324,340
Booker Group PLC		10,811		21,417
British American Tobacco PLC		48,951		2,763,208
Diageo PLC		66,979		1,938,207
Imperial Tobacco Group PLC		27,063		1,168,782
J Sainsbury PLC (a)		46,869		191,094
Reckitt Benckiser Group PLC		17,892		1,551,801
SABMiller PLC		23,680		1,315,969
Tate & Lyle PLC		16,684		159,985
Tesco PLC		215,834		651,512
Unilever PLC		33,967		1,423,446
William Morrison Supermarkets PLC (a)		73,264		199,893
				11,709,654
TOTAL COMMON STOCKS —
(Cost $38,982,719)				42,617,620
SHORT TERM INVESTMENTS — 6.7%
UNITED STATES — 6.7%
MONEY MARKET FUNDS — 6.7%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		2,614,374		2,614,374
State Street Institutional Liquid Reserves Fund 0.09% (d)(e)		245,715		245,715
TOTAL SHORT TERM INVESTMENTS —
(Cost $2,860,089)				2,860,089
TOTAL INVESTMENTS — 106.1%
(Cost $41,842,808)				45,477,709
OTHER ASSETS & LIABILITIES — (6.1)%				(2,624,934	)
NET ASSETS — 100.0%			$	42,852,775

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Investments of cash collateral for securities loaned
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(e)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

355

SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.0%
AUSTRALIA — 4.5%
Caltex Australia, Ltd.		1,846	$	45,214
Karoon Gas Australia, Ltd. (a)(b)		2,176		6,645
Origin Energy, Ltd.		17,162		224,814
Paladin Energy, Ltd. (a)(b)		13,052		4,340
Santos, Ltd.		12,872		153,974
Whitehaven Coal, Ltd. (a)(b)		5,498		8,227
Woodside Petroleum, Ltd.		10,000		355,270
WorleyParsons, Ltd.		5,392		72,378
				870,862
AUSTRIA — 0.5%
OMV AG		2,669		89,837
CANADA — 30.0%
AltaGas, Ltd. (b)		1,652		69,906
ARC Resources, Ltd. (b)		3,999		105,741
Athabasca Oil Corp. (a)(b)		7,957		40,798
Baytex Energy Corp. (b)		1,625		61,580
Bonavista Energy Corp. (b)		4,648		53,569
Bonterra Energy Corp. (b)		450		22,835
Cameco Corp. (b)		7,903		139,737
Canadian Natural Resources, Ltd. (b)		16,080		626,049
Canadian Oil Sands, Ltd. (b)		6,658		123,086
Cenovus Energy, Inc.		11,555		311,532
Crescent Point Energy Corp. (b)		5,443		196,865
Enbridge, Inc.		12,138		582,272
EnCana Corp. (b)		13,808		293,816
Enerplus Corp. (b)		4,394		83,590
Ensign Energy Services, Inc.		1,802		23,719
Gibson Energy, Inc. (b)		1,720		53,837
Gran Tierra Energy, Inc. (a)		3,271		18,118
Husky Energy, Inc. (b)		4,979		136,955
Imperial Oil, Ltd. (b)		3,561		168,594
Inter Pipeline, Ltd.		4,295		139,701
InterOil Corp. (a)(b)		517		28,052
Keyera Corp. (b)		836		67,498
Lightstream Resources, Ltd. (b)		2,262		10,626
MEG Energy Corp. (a)		1,772		54,513
Mullen Group, Ltd. (b)		1,351		30,924
Niko Resources, Ltd. (a)(b)		1,485		1,036
Pacific Rubiales Energy Corp.		4,208		70,714
Paramount Resources, Ltd. (Class A) (a)		502		28,816
Pason Systems, Inc.		900		25,215
Pembina Pipeline Corp. (b)		4,013		169,418
Pengrowth Energy Corp. (b)		7,023		36,889
Penn West Petroleum, Ltd. (b)		5,273		35,593
Peyto Exploration & Development Corp. (b)		1,839		58,154
Precision Drilling Corp.		8,030		86,871
Secure Energy Services, Inc.		1,552		33,552
ShawCor, Ltd. (Class A)		836		42,266
Suncor Energy, Inc.		20,565		745,827
Sunshine Oilsands, Ltd. (a)(b)		32,000		4,245
Talisman Energy, Inc.		15,069		130,660
Tourmaline Oil Corp. (a)		1,772		78,694
TransCanada Corp. (b)		9,516		491,148
Trican Well Service, Ltd.		3,848		45,107
Trilogy Energy Corp. (b)		670		15,204
Veresen, Inc.		2,833		43,171
Vermilion Energy, Inc. (b)		2,732		166,675
Whitecap Resources, Inc. (b)		2,837		40,694
				5,793,862
CYPRUS — 0.0% (c)
Ocean Rig UDW, Inc. (b)		512		8,253
FINLAND — 0.2%
Neste Oil Oyj (b)		2,146		44,188
FRANCE — 11.6%
Bourbon SA		386		10,464
CGG SA (a)(b)		3,522		32,110
Technip SA		1,676		141,027
Total SA		31,546		2,050,307
				2,233,908
HONG KONG — 0.1%
Brightoil Petroleum Holdings, Ltd. (a)		32,000		10,055
Sino Oil And Gas Holdings, Ltd. (a)		220,000		6,601
Yanchang Petroleum International, Ltd. (a)		100,000		5,345
				22,001
IRELAND — 0.2%
Dragon Oil PLC		3,146		31,396
ISRAEL — 0.2%
Delek Group, Ltd.		61		23,096
Paz Oil Co., Ltd.		78		12,327
				35,423
ITALY — 5.2%
ENI SpA (b)		37,443		892,548
Saipem SpA (a)		4,048		86,114
Saras SpA (a)		16,482		16,678
				995,340
JAPAN — 2.6%
Cosmo Oil Co., Ltd.		4,000		6,746
Idemitsu Kosan Co., Ltd.		1,700		36,078
Inpex Corp. (b)		13,300		187,869
Japan Petroleum Exploration Co.		200		7,676
JX Holdings, Inc. (b)		46,697		215,191
Showa Shell Sekiyu K.K.		2,700		25,746
TonenGeneral Sekiyu K.K.		3,000		26,227
				505,533
LUXEMBOURG — 1.1%
Subsea 7 SA		4,336		61,940
Tenaris SA		6,361		145,845
				207,785
NETHERLANDS — 0.8%
Fugro NV (b)		826		25,006
Koninklijke Vopak NV		914		49,331
SBM Offshore NV (a)(b)		5,575		80,955
				155,292
NORWAY — 4.3%
Akastor ASA		4,926		19,826
Aker Solutions ASA (a)(d)		4,926		49,085
BW LPG, Ltd. (d)		1,112		14,067
DNO ASA (a)		9,057		28,344

See accompanying notes to financial statements.

356

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

September 30, 2014

Security Description	Shares		Value
Fred Olsen Energy ASA (b)		465	$	8,543
Golar LNG, Ltd.		614		40,770
Kvaerner ASA		8,270		13,649
Petroleum Geo-Services ASA		4,501		28,522
ProSafe SE		3,377		19,759
Seadrill, Ltd. (b)		4,931		132,282
Ship Finance International, Ltd. (b)		900		15,228
Statoil ASA		15,359		418,963
TGS Nopec Geophysical Co. ASA (b)		1,469		37,395
				826,433
PAPUA NEW GUINEA — 0.9%
Oil Search, Ltd.		23,212		181,180
PORTUGAL — 0.3%
Galp Energia SGPS SA (Class B)		3,681		59,846
SINGAPORE — 0.1%
Ezion Holdings, Ltd. (b)		16,280		23,106
SOUTH KOREA — 0.8%
GS Holdings		769		29,368
Hankook Shell Oil Co., Ltd.		63		33,194
S-Oil Corp.		610		24,741
SK Innovation Co., Ltd.		810		62,252
				149,555
SPAIN — 1.7%
Repsol SA		13,957		331,466
SWEDEN — 0.2%
Lundin Petroleum AB (a)		2,678		45,362
UNITED KINGDOM — 33.7%
Afren PLC (a)		15,080		25,303
AMEC PLC		4,155		74,364
BG Group PLC		46,923		867,189
BP PLC		249,875		1,836,857
Cairn Energy PLC (a)		11,257		32,210
Genel Energy PLC (a)		2,130		29,075
John Wood Group PLC		5,195		63,964
Ophir Energy PLC (a)		5,991		22,270
Petrofac, Ltd.		3,568		59,983
Premier Oil PLC		8,617		46,518
Royal Dutch Shell PLC (Class A)		52,419		2,004,231
Royal Dutch Shell PLC (Class B)		32,776		1,294,896
Tullow Oil PLC		14,786		154,489
				6,511,349
TOTAL COMMON STOCKS —
(Cost $21,188,640)				19,121,977
SHORT TERM INVESTMENTS — 15.9%
UNITED STATES — 15.9%
MONEY MARKET FUNDS — 15.9%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		2,934,069		2,934,069
State Street Institutional Liquid Reserves Fund 0.09% (f)(g)		140,815		140,815
TOTAL SHORT TERM INVESTMENTS —
(Cost $3,074,884)				3,074,884
TOTAL INVESTMENTS — 114.9%
(Cost $24,263,524)				22,196,861
OTHER ASSETS & LIABILITIES — (14.9)%				(2,884,841	)
NET ASSETS — 100.0%			$	19,312,020

(a)	Non-income producing security
(b)	A portion of the security was on loan at September 30, 2014.
(c)	Amount shown represents less than 0.05% of net assets.
(d)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.3% of net assets as of September 30, 2014, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)	Investments of cash collateral for securities loaned
(f)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(g)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

See accompanying notes to financial statements.

357

SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 98.3%
AUSTRALIA — 11.3%
AMP, Ltd.		6,917	$	33,048
ASX, Ltd.		871		27,331
Australia & New Zealand Banking Group, Ltd.		6,482		175,381
Commonwealth Bank of Australia		4,300		283,295
Insurance Australia Group, Ltd.		5,989		32,073
Macquarie Group, Ltd.		757		38,148
National Australia Bank, Ltd.		6,392		182,007
QBE Insurance Group, Ltd.		4,358		44,465
Scentre Group (a)		17,611		50,546
Stockland		5,424		18,748
Suncorp Group, Ltd.		3,291		40,432
Sydney Airport		1,301		4,861
Westfield Corp. (a)		9,501		61,938
Westpac Banking Corp.		8,607		242,064
				1,234,337
AUSTRIA — 0.6%
Erste Group Bank AG		1,192		27,308
Sparkassen Immobilien AG (a)		5,502		42,814
				70,122
BELGIUM — 0.9%
Ageas		890		29,552
Dexia SA (a)		4,264		162
Groupe Bruxelles Lambert SA		271		24,840
KBC Groep NV (a)		843		44,902
				99,456
CANADA — 14.1%
Bank of Montreal		2,091		154,231
Brookfield Asset Management, Inc. (Class A)		1,435		64,563
Canadian Imperial Bank of Commerce (b)		966		86,949
CI Financial Corp. (b)		2,000		60,436
Fairfax Financial Holdings, Ltd.		100		44,901
Great-West Lifeco, Inc.		2,200		63,408
IGM Financial, Inc. (b)		196		8,471
Intact Financial Corp.		1,000		64,883
Manulife Financial Corp.		5,910		113,911
National Bank of Canada (b)		775		35,388
Power Corp. of Canada (b)		983		27,338
Power Financial Corp.		1,900		58,247
Royal Bank of Canada (b)		3,410		244,258
Sun Life Financial, Inc. (b)		2,590		94,093
The Bank of Nova Scotia		3,112		192,894
The Toronto-Dominion Bank		4,658		230,368
				1,544,339
CHINA — 1.1%
Hongkong Land Holdings, Ltd.		9,000		61,200
Sino Land Co., Ltd.		36,000		55,634
				116,834
DENMARK — 0.9%
Danske Bank A/S		1,827		49,669
Sydbank A/S (a)		1,482		45,169
				94,838
FINLAND — 0.6%
Sampo Oyj (Class A)		1,232		59,763
Technopolis Oyj		270		1,371
				61,134
FRANCE — 4.9%
AXA SA		6,089		150,070
BNP Paribas		2,459		163,145
Credit Agricole SA		3,568		53,839
Societe Generale SA		1,676		85,577
Unibail-Rodamco SE		303		77,969
				530,600
GERMANY — 3.9%
Allianz SE		1,073		173,974
Commerzbank AG (a)		2,416		36,136
Deutsche Bank AG		3,499		122,769
Deutsche Beteiligungs AG		25		679
Deutsche Boerse AG		321		21,625
Muenchener Rueckversicherungs- Gesellschaft AG		362		71,590
				426,773
HONG KONG — 6.0%
AIA Group, Ltd.		30,800		159,253
Bank of East Asia, Ltd.		3,343		13,540
BOC Hong Kong Holdings, Ltd.		9,000		28,686
Cheung Kong Holdings, Ltd.		2,967		48,870
Hang Lung Properties, Ltd.		10,922		31,085
Hang Seng Bank, Ltd.		1,900		30,512
Henderson Land Development Co., Ltd.		9,000		58,299
Hong Kong Exchanges and Clearing, Ltd.		3,300		71,014
New World Development Co., Ltd.		30,575		35,595
Sun Hung Kai Properties, Ltd.		4,518		64,060
Swire Pacific, Ltd.		4,500		57,952
The Link REIT		5,533		31,886
The Wharf Holdings, Ltd.		3,933		27,959
				658,711
IRELAND — 0.2%
Bank of Ireland (a)		70,363		27,555
ITALY — 3.4%
Assicurazioni Generali SpA		4,156		87,466
Banca Monte dei Paschi di Siena SpA (a)		11,518		15,190
Banca Popolare dell’Etruria e del Lazio (a)		1,623		1,335
Banco Popolare SC (a)		858		12,605
Intesa Sanpaolo SpA		35,685		108,460
UBI Banca ScPA (b)		4,098		34,478
UniCredit SpA		14,391		113,803
				373,337
JAPAN — 13.7%
Daito Trust Construction Co., Ltd. (b)		600		70,860
Daiwa House Industry Co., Ltd. (b)		1,700		30,491
Daiwa Securities Group, Inc. (b)		3,900		30,892
Mitsubishi Estate Co., Ltd.		4,000		90,013
Mitsubishi UFJ Financial Group, Inc.		35,849		202,685
Mitsui Fudosan Co., Ltd.		3,000		91,878
Mizuho Financial Group, Inc. (b)		51,825		92,552
MS&AD Insurance Group Holdings, Inc.		2,086		45,497
Nippon Building Fund, Inc.		12		63,120

See accompanying notes to financial statements.

358

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

September 30, 2014

Security Description	Shares		Value
Nomura Holdings, Inc.		15,396	$	91,763
ORIX Corp.		4,900		67,585
Resona Holdings, Inc.		5,156		29,067
Sompo Japan Nipponkoa Holdings, Inc.		1,900		46,091
Sumitomo Mitsui Financial Group, Inc.		4,069		165,846
Sumitomo Mitsui Trust Holdings, Inc.		18,933		78,790
Sumitomo Realty & Development Co., Ltd.		1,000		35,576
T&D Holdings, Inc.		4,100		52,645
The Bank of Yokohama, Ltd.		8,000		43,991
The Dai-ichi Life Insurance Co., Ltd.		2,900		43,039
The Shizuoka Bank, Ltd. (b)		2,000		20,584
Tokai Tokyo Financial Holdings, Inc. (b)		622		4,275
Tokio Marine Holdings, Inc.		3,079		95,504
				1,492,744
NETHERLANDS — 1.8%
Aegon NV		5,953		49,121
ING Groep NV (a)		9,976		142,531
				191,652
NEW ZEALAND — 0.0% (c)
Precinct Properties		2,173		1,838
NORWAY — 0.4%
DnB NOR ASA		2,333		43,698
SpareBank 1 SR Bank ASA		366		3,476
				47,174
PORTUGAL — 0.0% (c)
BANIF — Banco Internacional do Funchal SA (a)		8,326		84
SINGAPORE — 2.4%
CapitaLand, Ltd.		10,922		27,405
DBS Group Holdings, Ltd.		4,000		57,775
Hong Leong Finance, Ltd.		17,867		37,407
Oversea-Chinese Banking Corp., Ltd. (b)		9,596		73,289
United Overseas Bank, Ltd.		3,594		63,127
				259,003
SOUTH KOREA — 3.1%
Hana Financial Group, Inc.		740		26,998
KB Financial Group, Inc.		988		36,093
KB Financial Group, Inc. ADR		961		34,808
Samsung Fire & Marine Insurance Co., Ltd.		248		66,392
Samsung Life Insurance Co., Ltd.		641		64,389
Shinhan Financial Group Co., Ltd.		1,210		55,727
Shinhan Financial Group Co., Ltd. ADR		1,196		54,370
				338,777
SPAIN — 6.2%
Banco Bilbao Vizcaya Argentaria SA		15,086		182,017
Banco de Sabadell SA (b)		17,056		50,504
Banco Popular Espanol SA		4,904		30,027
Banco Santander SA		30,664		294,822
Bankia SA (a)		33,002		61,617
Bolsas y Mercados Espanoles SA (b)		586		22,349
CaixaBank SA		5,870		35,749
				677,085
SWEDEN — 3.6%
Investor AB (Class B)		1,533		54,273
Kinnevik Investment AB (Class B)		900		32,549
Nordea Bank AB		10,086		131,385
Skandinaviska Enskilda Banken AB (Class A)		4,033		53,934
Svenska Handelsbanken AB (Class A)		1,152		54,257
Swedbank AB (Class A)		2,577		64,958
				391,356
SWITZERLAND — 5.4%
Credit Suisse Group AG (a)		3,701		102,528
GAM Holding AG (a)		1,350		23,313
Julius Baer Group, Ltd. (a)		1,106		49,599
Swiss Life Holding AG (a)		255		60,901
Swiss Re AG (a)		882		70,292
UBS AG (a)		10,085		175,841
Valiant Holding AG		70		5,575
Zurich Insurance Group AG (a)		351		104,621
				592,670
UNITED KINGDOM — 13.8%
Aviva PLC		10,496		89,077
Barclays PLC		37,720		139,085
Friends Life Group, Ltd.		5,402		26,982
HSBC Holdings PLC		44,863		455,360
Lancashire Holdings, Ltd.		441		4,576
Land Securities Group PLC		1,835		30,908
Legal & General Group PLC		15,111		56,074
Lloyds Banking Group PLC (a)		113,109		140,954
London Stock Exchange Group PLC		2,015		61,020
Man Group PLC		8,396		16,170
Old Mutual PLC		13,774		40,573
Provident Financial PLC		374		12,951
Prudential PLC		6,544		145,977
Royal Bank of Scotland Group PLC (a)		5,927		35,379
RSA Insurance Group PLC (a)		7,570		59,458
Standard Chartered PLC		5,227		96,643
Standard Life PLC		5,547		37,265
The British Land Co. PLC		5,679		64,676
				1,513,128
TOTAL COMMON STOCKS —
(Cost $11,666,168)				10,743,547
RIGHTS — 0.0% (c)
SPAIN — 0.0% (c)
Banco Bilbao Vizcaya Argentaria SA (expiring 10/13/14) (a)		15,086		1,506
Banco Popular Espanol SA (expiring 10/13/14) (a)		4,904		68
TOTAL RIGHTS —
(Cost $1,606)				1,574
WARRANTS — 0.0% (c)
HONG KONG — 0.0% (c)
Sun Hung Kai Properties, Ltd. (expiring 4/22/16) (a) (Cost $0)		786		1,314

See accompanying notes to financial statements.

359

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

September 30, 2014

Security Description	Shares		Value
SHORT TERM INVESTMENTS — 5.3%
UNITED STATES — 5.3%
MONEY MARKET FUNDS — 5.3%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		443,839	$	443,839
State Street Institutional Liquid Reserves Fund 0.09% (e)(f)		130,752		130,752
TOTAL SHORT TERM INVESTMENTS —
(Cost $574,591)				574,591
TOTAL INVESTMENTS — 103.6%
(Cost $12,242,365)				11,321,026
OTHER ASSETS & LIABILITIES — (3.6)%				(397,523	)
NET ASSETS — 100.0%			$	10,923,503

(a)	Non-income producing security
(b)	A portion of the security was on loan at September 30, 2014.
(c)	Amount shown represents less than 0.05% of net assets.
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

360

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

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 4.4%
Ansell, Ltd.		9,237	$	157,211
Cochlear, Ltd. (a)		3,215		195,551
CSL, Ltd.		24,947		1,619,121
Primary Health Care, Ltd. (a)		35,911		137,323
Ramsay Health Care, Ltd.		7,386		323,738
Sirtex Medical, Ltd.		7,179		138,015
Sonic Healthcare, Ltd.		23,001		353,028
				2,923,987
BELGIUM — 0.8%
UCB SA		5,846		530,831
CANADA — 4.0%
Catamaran Corp. (b)		11,695		493,627
Valeant Pharmaceuticals International, Inc. (b)		16,229		2,131,096
				2,624,723
DENMARK — 6.1%
Coloplast A/S (Class B)		5,604		469,798
Genmab A/S (b)		3,612		153,240
GN Store Nord A/S		8,872		195,727
H. Lundbeck A/S		4,707		105,120
Novo Nordisk A/S (Class B)		61,916		2,963,041
William Demant Holding (b)		1,770		135,798
				4,022,724
FINLAND — 0.5%
Orion Oyj (Class A)		1,926		74,913
Orion Oyj (Class B)		6,149		240,799
				315,712
FRANCE — 8.7%
bioMerieux (a)		993		102,824
Essilor International SA		9,975		1,095,524
Genfit (b)		1,082		57,639
Orpea		2,155		133,992
Sanofi		38,154		4,316,616
Virbac SA		292		61,435
				5,768,030
GERMANY — 9.7%
Bayer AG		25,811		3,615,977
Celesio AG		2,269		75,499
Fresenius Medical Care AG & Co. KGaA		9,646		673,848
Fresenius SE & Co. KGaA		17,729		877,817
Gerresheimer AG		2,400		155,895
Merck KGaA		6,276		578,993
MorphoSys AG (b)		1,223		120,027
Rhoen-Klinikum AG		5,657		171,652
Stada Arzneimittel AG		4,422		175,990
				6,445,698
HONG KONG — 0.2%
Lee’s Pharmaceutical Holdings, Ltd.		80,000		104,673
IRELAND — 0.4%
ICON PLC (b)		3,105		177,699
UDG Healthcare PLC		14,111		75,674
				253,373
ISRAEL — 4.0%
Taro Pharmaceutical Industries, Ltd. (b)		843		129,704
Teva Pharmaceutical Industries, Ltd.		46,374		2,500,886
				2,630,590
ITALY — 0.2%
DiaSorin SpA		1,259		47,268
Recordati SpA		5,341		87,576
				134,844
JAPAN — 16.9%
3-D Matrix, Ltd. (a)(b)		1,600		45,289
Alfresa Holdings Corp. (a)		14,400		207,543
Asahi Intecc Co., Ltd.		2,500		114,408
Astellas Pharma, Inc.		111,200		1,655,405
Chugai Pharmaceutical Co., Ltd.		10,425		301,740
Daiichi Sankyo Co., Ltd. (a)		32,700		513,029
Eisai Co., Ltd. (a)		13,300		537,723
GNI Group, Ltd. (a)(b)		15,000		49,364
Hisamitsu Pharmaceutical Co., Inc.		3,800		136,488
Japan Tissue Engineering Co., Ltd. (a)(b)		3,600		51,853
Kaken Pharmaceutical Co., Ltd.		5,000		112,813
Kissei Pharmaceutical Co., Ltd.		2,800		70,195
KYORIN Holdings, Inc.		3,500		71,024
Kyowa Hakko Kirin Co., Ltd.		18,422		225,877
M3, Inc.		14,200		227,832
Medipal Holdings Corp.		13,900		168,911
Miraca Holdings, Inc. (a)		4,300		177,770
Mitsubishi Tanabe Pharma Corp.		11,100		162,814
Nakanishi, Inc.		4,400		162,049
NanoCarrier Co., Ltd. (a)(b)		4,200		49,583
Nihon Kohden Corp.		3,200		168,030
Nippon Shinyaku Co., Ltd.		3,000		90,797
Olympus Corp. (a)(b)		16,400		588,304
Ono Pharmaceutical Co., Ltd. (a)		5,600		497,233
Otsuka Holdings Co., Ltd. (a)		25,100		864,925
PeptiDream, Inc. (a)(b)		600		48,790
Rohto Pharmaceutical Co., Ltd.		6,100		81,800
Santen Pharmaceutical Co., Ltd.		4,100		229,491
Sawai Pharmaceutical Co., Ltd.		1,800		103,542
Shionogi & Co., Ltd.		15,300		350,926
Ship Healthcare Holdings, Inc.		3,600		115,192
Sumitomo Dainippon Pharma Co., Ltd. (a)		8,300		105,703
Suzuken Co., Ltd.		5,800		167,081
Sysmex Corp. (a)		9,000		361,821
Taisho Pharmaceutical Holdings Co., Ltd. (a)		2,600		178,003
Takara Bio, Inc. (a)		5,200		73,713
Takeda Pharmaceutical Co., Ltd. (a)		33,200		1,443,070
Terumo Corp. (a)		19,000		455,363
Toho Holdings Co., Ltd.		5,800		110,877
Tsumura & Co. (a)		3,600		80,306
				11,156,677
LUXEMBOURG — 0.2%
Eurofins Scientific SE		500		129,483
NETHERLANDS — 0.4%
QIAGEN NV (b)		12,634		287,757

See accompanying notes to financial statements.

361

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

September 30, 2014

Security Description	Shares		Value
NEW ZEALAND — 0.5%
Fisher & Paykel Healthcare Corp., Ltd.		38,393	$	155,313
Ryman Healthcare, Ltd.		27,648		168,307
				323,620
SINGAPORE — 0.5%
Biosensors International Group, Ltd. (a)(b)		131,000		73,959
Haw Par Corp., Ltd.		20,000		137,537
Raffles Medical Group, Ltd.		37,000		111,699
				323,195
SPAIN — 0.9%
Grifols SA		12,444		509,953
Grifols SA (Class B)		2,020		71,960
				581,913
SWEDEN — 1.0%
Elekta AB (Class B) (a)		17,576		173,483
Getinge AB (Class B)		8,626		217,912
Meda AB (Class A)		12,989		182,715
Swedish Orphan Biovitrum AB (b)		11,286		120,635
				694,745
SWITZERLAND — 24.7%
Actelion, Ltd. (b)		5,419		636,895
Basilea Pharmaceutica AG (b)		889		89,226
Galenica AG		286		251,728
Lonza Group AG (b)		3,005		362,927
Nobel Biocare Holding AG (a)(b)		7,702		136,629
Novartis AG		82,703		7,802,905
Roche Holding AG (c)		2,430		704,458
Roche Holding AG (c)		19,555		5,793,847
Sonova Holding AG		2,283		364,611
Straumann Holding AG		643		145,760
Tecan Group AG		631		66,369
				16,355,355
UNITED KINGDOM — 15.2%
AstraZeneca PLC		36,933		2,659,301
BTG PLC (b)		17,544		199,090
Dechra Pharmaceuticals PLC		6,419		78,879
Genus PLC		7,083		129,754
GlaxoSmithKline PLC		148,149		3,393,627
Hikma Pharmaceuticals PLC		6,711		188,542
Shire PLC		29,241		2,531,376
Smith & Nephew PLC		46,510		784,157
Synergy Health PLC		3,538		84,027
				10,048,753
TOTAL COMMON STOCKS —
(Cost $53,039,008)				65,656,683
SHORT TERM INVESTMENTS — 8.1%
UNITED STATES — 8.1%
MONEY MARKET FUNDS — 8.1%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		5,250,532		5,250,532
State Street Institutional Liquid Reserves Fund 0.09% (e)(f)		90,513		90,513
TOTAL SHORT TERM INVESTMENTS —
(Cost $5,341,045)				5,341,045
TOTAL INVESTMENTS — 107.4%
(Cost $58,380,053)				70,997,728
OTHER ASSETS & LIABILITIES — (7.4)%				(4,873,057	)
NET ASSETS — 100.0%			$	66,124,671

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

See accompanying notes to financial statements.

362

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 3.1%
Bradken, Ltd.		7,199	$	26,773
Brambles, Ltd.		16,142		134,471
GWA International, Ltd. (a)		24,028		54,036
Leighton Holdings, Ltd. (a)		2,269		38,320
Qantas Airways, Ltd. (b)		33,839		41,159
Seek, Ltd.		8,010		113,618
Toll Holdings, Ltd.		18,388		90,750
Transurban Group		36,604		247,274
				746,401
AUSTRIA — 0.4%
Andritz AG		759		40,481
Zumtobel Group AG		2,939		55,003
				95,484
CANADA — 5.8%
Bombardier, Inc. (Class B) (a)		22,063		74,428
CAE, Inc.		9,492		115,343
Canadian National Railway Co. (a)		9,120		648,858
Canadian Pacific Railway, Ltd. (a)		1,633		339,634
SNC-Lavalin Group, Inc.		2,885		133,130
Toromont Industries, Ltd. (a)		4,279		103,228
				1,414,621
DENMARK — 1.9%
AP Moeller — Maersk A/S (Class B)		85		201,945
FLSmidth & Co. A/S (a)		1,107		52,976
NKT Holding A/S		1,550		85,487
Vestas Wind Systems A/S (b)		2,957		115,617
				456,025
FINLAND — 2.0%
Caverion Corp.		3,231		24,693
Kone Oyj (Class B)		4,941		198,612
Metso Oyj		2,229		79,405
Valmet Corp.		2,603		25,961
Wartsila Oyj Abp		2,729		122,142
YIT Oyj (a)		3,778		29,160
				479,973
FRANCE — 7.4%
Air France-KLM (a)(b)		5,479		51,384
Alstom SA (b)		2,897		99,103
Bouygues SA		2,656		86,111
Bureau Veritas SA		2,238		49,461
Compagnie de Saint-Gobain		4,904		224,475
Eiffage SA		1,196		66,719
Legrand SA		2,549		132,649
Safran SA		2,997		194,523
Schneider Electric SE		5,942		456,379
Vallourec SA		1,558		71,660
Vinci SA		6,399		371,883
				1,804,347
GERMANY — 8.1%
Brenntag AG		1,600		78,645
Deutsche Lufthansa AG		6,311		99,694
Deutsche Post AG		10,034		321,830
GEA Group AG		3,514		153,347
Hochtief AG		914		62,938
Kloeckner & Co. SE (b)		2,979		41,000
MAN SE		1,297		145,985
OSRAM Licht AG (b)		957		35,657
Pfeiffer Vacuum Technology AG		536		45,129
SGL Carbon AG (a)(b)		1,031		21,327
Siemens AG		8,077		962,883
				1,968,435
GREECE — 0.1%
DryShips, Inc. (b)		9,525		23,527
HONG KONG — 3.8%
Cathay Pacific Airways, Ltd.		33,000		60,772
Hopewell Highway Infrastructure, Ltd.		231,500		113,289
Hutchison Whampoa, Ltd.		30,000		363,163
Jardine Matheson Holdings, Ltd. (a)		2,438		145,305
Jardine Strategic Holdings, Ltd.		1,502		52,345
MTR Corp., Ltd.		15,000		58,724
Noble Group, Ltd.		79,951		81,499
Pacific Basin Shipping, Ltd. (a)		113,000		61,120
				936,217
IRELAND — 0.8%
DCC PLC		1,868		103,629
Ryanair Holdings PLC ADR (a)(b)		1,412		79,679
				183,308
ITALY — 1.3%
Ansaldo STS SpA		6,299		71,177
Atlantia SpA		3,755		92,736
Autostrada Torino-Milano SpA		3,627		48,750
Finmeccanica SpA (b)		10,103		98,336
				310,999
JAPAN — 31.5%
Asahi Glass Co., Ltd. (a)		16,000		86,728
Central Japan Railway Co.		1,900		256,607
Dai Nippon Printing Co., Ltd.		12,000		120,279
Daikin Industries, Ltd.		3,000		185,915
East Japan Railway Co.		4,400		329,714
FANUC Corp.		1,800		325,065
Furukawa Electric Co., Ltd. (a)		18,000		36,100
Futaba Corp. (a)		3,400		51,080
Hankyu Hanshin Holdings, Inc.		18,000		104,854
IHI Corp. (a)		39,000		201,942
ITOCHU Corp. (a)		19,000		232,098
JGC Corp.		3,000		81,882
JTEKT Corp.		3,500		58,517
Kajima Corp. (a)		26,000		124,436
Kamigumi Co., Ltd.		13,000		123,014
Kawasaki Heavy Industries, Ltd.		34,000		135,758
Kawasaki Kisen Kaisha, Ltd. (a)		24,000		50,978
Keikyu Corp.		5,000		41,752
Kintetsu Corp.		18,000		60,550
Kitano Construction Corp.		25,000		85,464
Kokuyo Co., Ltd.		13,000		104,763
Komatsu, Ltd.		11,100		256,668
Kubota Corp. (a)		15,000		236,907
LIXIL Group Corp. (a)		3,200		68,349
Makita Corp.		1,600		90,433
Marubeni Corp. (a)		17,900		122,515
MISUMI Group, Inc.		4,800		144,838

See accompanying notes to financial statements.

363

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

September 30, 2014

Security Description	Shares		Value
Mitsubishi Corp.		16,200	$	331,694
Mitsubishi Electric Corp.		21,000		279,598
Mitsubishi Heavy Industries, Ltd.		46,000		295,889
Mitsui & Co., Ltd.		18,300		288,526
Mitsui OSK Lines, Ltd. (a)		15,000		47,860
NGK Insulators, Ltd.		3,000		71,434
Nidec Corp. (a)		3,000		202,926
Nippon Express Co., Ltd.		16,000		66,949
Nippon Yusen K.K.		20,000		52,691
NSK, Ltd. (a)		7,000		99,613
Odakyu Electric Railway Co., Ltd. (a)		12,000		109,722
Park24 Co., Ltd.		2,300		36,693
Secom Co., Ltd. (a)		4,100		244,180
SMC Corp.		700		193,035
Sojitz Corp.		43,200		67,737
Sumitomo Corp. (a)		15,900		175,459
Sumitomo Electric Industries, Ltd.		7,994		118,094
Sumitomo Heavy Industries, Ltd.		16,000		89,995
Taisei Corp. (a)		15,000		84,644
THK Co., Ltd.		3,600		89,594
Tobu Railway Co., Ltd.		17,000		85,546
Tokyu Corp.		29,000		190,082
Toppan Printing Co., Ltd.		13,000		93,386
Toshiba Corp.		45,000		208,478
TOTO, Ltd.		5,000		54,971
Toyota Tsusho Corp. (a)		2,400		58,460
West Japan Railway Co.		3,000		134,268
Yamato Holdings Co., Ltd. (a)		9,800		182,385
				7,671,115
NETHERLANDS — 4.9%
Aalberts Industries NV		1,388		35,988
AerCap Holdings NV (b)		2,166		88,589
Airbus Group NV		5,925		372,891
CNH Industrial NV		9,917		78,924
Koninklijke Philips NV		12,384		395,248
Koninklijke Vopak NV		685		36,971
PostNL NV (b)		8,519		36,815
Randstad Holding NV		2,479		115,431
TNT Express NV		4,258		26,970
				1,187,827
NORWAY — 0.3%
Orkla ASA		8,364		75,660
SINGAPORE — 1.6%
Keppel Corp., Ltd.		30,200		248,647
Keppel Infrastructure Trust		109,800		89,541
Neptune Orient Lines, Ltd. (b)		65,750		47,948
				386,136
SOUTH KOREA — 2.9%
Daelim Industrial Co., Ltd.		579		41,426
GS Engineering & Construction Corp. (a)(b)		1,098		38,135
Hyundai Engineering & Construction Co., Ltd.		1,458		83,314
Hyundai Heavy Industries Co., Ltd.		702		91,471
LG Corp.		1,858		135,223
Samsung C&T Corp.		2,096		150,161
Samsung Engineering Co., Ltd. (b)		566		32,289
Samsung Heavy Industries Co., Ltd.		2,342		56,040
SK Holdings Co., Ltd.		413		73,775
				701,834
SPAIN — 1.7%
Abertis Infraestructuras SA		5,198		102,698
ACS, Actividades de Construccion y Servicios SA		3,763		144,605
Ferrovial SA		4,227		81,992
International Consolidated Airlines Group SA (b)		16,327		97,166
				426,461
SWEDEN — 5.7%
Alfa Laval AB		6,661		142,675
Assa Abloy AB (Class B)		3,186		164,683
Atlas Copco AB (Class A)		6,653		191,051
Atlas Copco AB (Class B)		4,016		104,406
B&B Tools AB (Class B)		2,713		53,350
Sandvik AB		12,826		144,836
Securitas AB (Class B)		8,608		95,712
Skanska AB (Class B)		4,235		87,715
SKF AB (Class B)		4,091		85,527
Trelleborg AB (Class B)		6,531		113,344
Volvo AB (Class A) (a)		7,287		80,771
Volvo AB (Class B)		11,486		125,004
				1,389,074
SWITZERLAND — 5.7%
ABB, Ltd. (b)		25,833		580,736
Adecco SA (b)		2,507		170,151
Geberit AG		729		235,599
Kuehne & Nagel International AG		980		123,692
Schindler Holding AG		494		67,004
SGS SA		97		201,106
				1,378,288
UNITED KINGDOM — 10.6%
Aggreko PLC		4,308		108,111
Ashtead Group PLC		6,239		105,493
Babcock International Group PLC		11,897		210,612
BAE Systems PLC		33,711		257,678
Bunzl PLC		3,409		88,977
Capita PLC		6,860		129,449
easyJet PLC (a)		3,557		82,056
Experian PLC		14,297		227,952
FirstGroup PLC (b)		28,455		55,356
G4S PLC		14,237		57,862
IMI PLC		3,527		70,329
Intertek Group PLC		1,656		70,364
Meggitt PLC		10,002		73,161
Melrose Industries PLC		17,344		69,646
Rentokil Initial PLC		54,990		105,015
Rolls-Royce Holdings PLC (b)		25,037		391,478
Serco Group PLC		9,677		44,883
Smiths Group PLC		7,132		146,144
The Weir Group PLC		2,398		97,266

See accompanying notes to financial statements.

364

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

September 30, 2014

Security Description	Shares		Value
Wolseley PLC		3,794	$	199,403
				2,591,235
TOTAL COMMON STOCKS —
(Cost $24,273,501)				24,226,967
RIGHTS — 0.0% (c)
GERMANY — 0.0% (c)
SGL Carbon SE (expiring 10/31/14) (b) (Cost $0)		1,031		1,081
SHORT TERM INVESTMENTS — 11.8%
UNITED STATES — 11.8%
MONEY MARKET FUNDS — 11.8%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		2,817,118		2,817,118
State Street Institutional Liquid Reserves Fund 0.09% (e)(f)		44,378		44,378
TOTAL SHORT TERM INVESTMENTS —
(Cost $2,861,496)				2,861,496
TOTAL INVESTMENTS — 111.4%
(Cost $27,134,997)				27,089,544
OTHER ASSETS & LIABILITIES — (11.4)%				(2,765,689	)
NET ASSETS — 100.0%			$	24,323,855

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Amount shown represents less than 0.05% of net assets.
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

365

SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 98.9%
AUSTRALIA — 12.3%
Alumina, Ltd. (a)		13,239	$	19,636
Amcor, Ltd.		4,823		47,817
Arrium, Ltd. (b)		19,314		6,169
BHP Billiton, Ltd.		16,233		481,113
BlueScope Steel, Ltd. (a)		3,529		16,737
Boral, Ltd. (b)		9,779		42,529
DuluxGroup, Ltd.		1,825		8,879
Fortescue Metals Group, Ltd. (b)		9,925		30,223
Iluka Resources, Ltd. (b)		2,237		15,386
Incitec Pivot, Ltd.		9,809		23,261
Mineral Deposits, Ltd. (a)		761		932
Newcrest Mining, Ltd. (a)(b)		4,201		38,783
Orica, Ltd.		2,500		41,346
Orora, Ltd.		4,624		6,636
OZ Minerals, Ltd. (b)		2,805		9,523
Rio Tinto, Ltd.		2,380		124,082
Sims Metal Management, Ltd. (a)(b)		1,974		19,364
				932,416
AUSTRIA — 0.7%
RHI AG		524		14,450
Voestalpine AG		946		37,405
				51,855
BELGIUM — 1.0%
Solvay SA		303		46,659
Tessenderlo Chemie NV (a)		221		2,897
Umicore		566		24,764
				74,320
CANADA — 13.5%
Agnico-Eagle Mines, Ltd.		1,324		38,374
Agrium, Inc. (b)		1,071		95,413
Alacer Gold Corp.		966		1,815
Alamos Gold, Inc.		601		4,802
AuRico Gold, Inc.		1,743		6,098
B2Gold Corp. (a)		3,930		8,018
Barrick Gold Corp.		5,754		84,800
Canam Group, Inc.		669		6,375
Canexus Corp. (b)		1,163		4,787
Canfor Corp. (a)		349		7,832
CCL Industries, Inc. (Class B)		175		17,526
Centerra Gold, Inc.		842		3,782
Detour Gold Corp. (a)		714		5,610
Eldorado Gold Corp.		4,879		32,962
First Majestic Silver Corp. (a)		786		6,140
First Quantum Minerals, Ltd.		3,320		64,228
Franco-Nevada Corp.		873		42,941
Goldcorp, Inc.		4,829		111,570
HudBay Minerals, Inc.		1,212		10,379
IAMGOLD Corp. (a)		2,031		5,634
Interfor Corp. (a)		618		8,931
Intertape Polymer Group, Inc. (b)		672		9,783
Kinross Gold Corp. (a)		6,518		21,697
Labrador Iron Ore Royalty Corp.		335		6,550
Lundin Mining Corp. (a)		2,695		13,336
Methanex Corp.		437		29,234
New Gold, Inc. (a)		1,806		9,163
Osisko Gold Royalties, Ltd. (a)		231		2,931
Pan American Silver Corp. (b)		1,193		13,141
Potash Corp. of Saskatchewan, Inc. (b)		5,025		174,372
SEMAFO, Inc. (a)		2,407		8,486
Sherritt International Corp. (b)		2,840		7,878
Silver Wheaton Corp.		1,998		39,940
Tanzanian Royalty Exploration Corp. (a)(b)		966		2,023
Teck Resources, Ltd. (Class B)		2,460		46,688
Thompson Creek Metals Co., Inc. (a)		764		1,689
Turquoise Hill Resources, Ltd. (a)		5,879		22,147
West Fraser Timber Co., Ltd.		175		8,573
Winpak, Ltd.		388		9,687
Yamana Gold, Inc. (b)		4,901		29,470
				1,024,805
DENMARK — 0.9%
Chr Hansen Holding A/S		521		20,141
Novozymes A/S (Class B)		1,199		52,028
				72,169
FINLAND — 1.5%
Rautaruukki Oyj (a)(b)		857		12,103
Stora Enso Oyj		5,407		45,115
UPM-Kymmene Oyj		3,809		54,421
				111,639
FRANCE — 4.2%
Air Liquide SA		1,758		214,462
Arkema SA		349		23,419
Eramet (a)		24		2,529
Lafarge SA		1,133		81,611
				322,021
GERMANY — 11.2%
BASF SE		4,734		434,344
Evonik Industries AG		293		10,156
Fuchs Petrolub SE Preference Shares		229		8,707
HeidelbergCement AG		744		49,173
K+S AG		1,140		32,338
Lanxess AG		424		23,409
Linde AG		960		184,515
Salzgitter AG		436		15,039
Symrise AG		524		27,914
ThyssenKrupp AG (a)		2,174		57,055
Wacker Chemie AG (b)		79		9,562
				852,212
GREECE — 0.1%
Titan Cement Co. SA		310		7,754
HONG KONG — 0.1%
Fosun International, Ltd. (b)		8,500		10,202
IRELAND — 2.0%
CRH PLC		4,646		106,289
James Hardie Industries PLC		2,189		22,928
Smurfit Kappa Group PLC		945		20,718
				149,935
ISRAEL — 0.4%
Caesarstone Sdot-Yam, Ltd. (b)		153		7,907
Frutarom Industries, Ltd.		373		9,466

See accompanying notes to financial statements.

366

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

September 30, 2014

Security Description	Shares		Value
Israel Chemicals, Ltd.		2,306	$	16,585
				33,958
ITALY — 0.1%
Buzzi Unicem SpA		645		8,808
JAPAN — 16.8%
Asahi Kasei Corp. (b)		6,833		55,464
Daicel Corp.		2,000		21,715
Denki Kagaku Kogyo Kabushiki Kaisha		7,855		25,707
DIC Corp.		3,000		6,728
Fuji Seal International, Inc. (b)		300		9,422
Hitachi Metals, Ltd.		1,000		18,014
JFE Holdings, Inc.		3,756		74,935
JSR Corp. (b)		2,273		39,639
Kaneka Corp.		2,000		11,176
Kansai Paint Co., Ltd.		1,000		14,932
Kobe Steel, Ltd. (b)		25,641		41,607
Kuraray Co., Ltd. (b)		1,100		12,896
Maruichi Steel Tube, Ltd.		300		7,365
Mitsubishi Chemical Holdings Corp.		9,502		46,741
Mitsubishi Gas Chemical Co., Inc. (b)		2,000		12,744
Mitsubishi Materials Corp. (b)		6,866		22,220
Mitsui Chemicals, Inc. (a)		9,876		27,460
Mitsui Mining & Smelting Co., Ltd.		3,809		10,139
Nihon Nohyaku Co., Ltd.		900		8,820
Nippon Kayaku Co., Ltd.		1,000		12,188
Nippon Paint Co., Ltd.		1,000		22,471
Nippon Paper Industries Co., Ltd. (b)		500		7,480
Nippon Shokubai Co., Ltd.		1,000		11,122
Nippon Steel & Sumitomo Metal Corp.		58,506		151,792
Nissan Chemical Industries, Ltd. (b)		500		8,852
Nitto Denko Corp. (b)		1,076		59,001
OJI Paper Co., Ltd. (b)		7,000		26,482
Rengo Co., Ltd. (b)		2,000		8,989
Shin-Etsu Chemical Co., Ltd.		2,467		161,206
Showa Denko K.K.		5,000		6,564
Sumitomo Chemical Co., Ltd. (b)		11,838		42,196
Sumitomo Metal Mining Co., Ltd. (b)		3,927		55,274
T&K Toka Co., Ltd.		300		6,646
Taiheiyo Cement Corp.		12,744		48,097
Teijin, Ltd. (b)		13,805		33,350
The Pack Corp.		400		8,372
Tomoku Co., Ltd.		3,000		8,314
Toray Industries, Inc. (b)		11,838		78,240
Tosoh Corp.		3,000		12,143
Toyo Seikan Group Holdings, Ltd.		700		8,672
Ube Industries, Ltd.		13,866		22,121
Zeon Corp.		1,000		10,192
				1,277,488
LUXEMBOURG — 1.1%
APERAM (a)(b)		357		11,146
ArcelorMittal (b)		4,996		68,792
				79,938
NETHERLANDS — 1.9%
Akzo Nobel NV		1,260		86,349
Koninklijke DSM NV		963		59,433
				145,782
NEW ZEALAND — 0.2%
Fletcher Building, Ltd.		2,336		15,986
NORWAY — 1.1%
Norsk Hydro ASA		3,731		20,877
Yara International ASA		1,290		64,794
				85,671
PORTUGAL — 0.4%
Semapa-Sociedade de Investimento e Gestao, SGPS, SA		2,216		27,151
SOUTH KOREA — 4.9%
Aekyung Petrochemical Co., Ltd.		175		13,068
ENF Technology Co., Ltd.		1,029		7,333
Hanwha Chemical Corp.		440		5,712
Hanwha Corp.		310		8,652
Hyosung Corp.		135		9,672
Hyundai Steel Co.		307		21,587
Korea Zinc Co., Ltd.		92		34,001
Kukdo Chemical Co., Ltd.		190		8,516
LG Chem, Ltd.		291		70,458
Lotte Chemical Corp.		84		11,184
OCI Co., Ltd. (a)		103		12,689
POSCO ADR		1,597		121,212
Samsung SDI Co., Ltd.		177		20,547
Samyoung Chemical Co., Ltd. (a)		4,710		7,543
Taekwang Industrial Co., Ltd.		7		8,823
Wonik Materials Co., Ltd. (a)		230		10,484
				371,481
SWEDEN — 0.7%
Boliden AB		1,462		23,750
Hexpol AB		133		10,646
SSAB AB, (Series A) (a)		2,594		22,293
				56,689
SWITZERLAND — 4.9%
Clariant AG (a)		1,475		25,255
EMS-Chemie Holding AG		43		17,877
Givaudan SA (a)		40		63,967
Holcim, Ltd. (a)		1,176		85,723
Sika AG		5		17,331
Syngenta AG		480		152,867
Youlchon Chemical Co., Ltd.		840		10,547
				373,567
UNITED KINGDOM — 18.9%
Alent PLC		1,352		7,187
Anglo American PLC		7,432		166,750
Antofagasta PLC		2,055		24,020
BHP Billiton PLC		11,576		321,844
Croda International PLC		699		23,264
DS Smith PLC		3,231		13,949
Elementis PLC		1,851		7,667
Essentra PLC		1,227		15,863
Fresnillo PLC (b)		742		9,142
Glencore PLC (a)		56,825		316,162
Johnson Matthey PLC		1,355		64,120
Lonmin PLC (a)(b)		1,534		4,621
Mondi PLC		1,747		28,633
Randgold Resources, Ltd.		704		48,037

See accompanying notes to financial statements.

367

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

September 30, 2014

Security Description	Shares		Value
Rexam PLC		3,494	$	27,857
Rio Tinto PLC		6,563		322,540
RPC Group PLC		815		7,386
Vedanta Resources PLC		816		13,209
Victrex PLC		441		11,482
				1,433,733
TOTAL COMMON STOCKS —
(Cost $10,917,481)				7,519,580
SHORT TERM INVESTMENTS — 11.2%
UNITED STATES — 11.2%
MONEY MARKET FUNDS — 11.2%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		790,923		790,923
State Street Institutional Liquid Reserves Fund 0.09% (d)(e)		62,190		62,190
TOTAL SHORT TERM INVESTMENTS —
(Cost $853,113)				853,113
TOTAL INVESTMENTS — 110.1%
(Cost $11,770,594)				8,372,693
OTHER ASSETS & LIABILITIES — (10.1)%				(769,654	)
NET ASSETS — 100.0%			$	7,603,039

(a)	Non-income producing security
(b)	A portion of the security was on loan at September 30, 2014.
(c)	Investments of cash collateral for securities loaned
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(e)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

368

SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 1.2%
carsales.com, Ltd. (a)		3,455	$	29,810
Computershare, Ltd.		7,880		83,848
iProperty Group, Ltd. (b)		1,071		2,596
Iress, Ltd.		3,761		32,713
				148,967
AUSTRIA — 0.1%
ams AG		451		17,157
BELGIUM — 0.2%
Barco NV (a)		344		24,865
CANADA — 3.6%
Avigilon Corp. (b)		298		4,979
Blackberry, Ltd. (a)(b)		6,257		62,483
Canadian Solar, Inc. (b)		390		13,950
Celestica, Inc. (b)		3,319		33,708
CGI Group, Inc. (Class A) (b)		3,455		116,986
Constellation Software, Inc.		310		78,083
DH Corp. (a)		1,610		47,642
Mitel Networks Corp. (a)(b)		115		1,052
Open Text Corp. (a)		1,560		86,477
Redknee Solutions, Inc. (b)		628		2,119
Sandvine Corp. (b)		800		1,983
				449,462
DENMARK — 0.3%
SimCorp A/S		1,330		39,047
FINLAND — 3.1%
Nokia Oyj		41,113		350,828
Tieto Oyj		1,515		38,276
				389,104
FRANCE — 4.5%
Alcatel-Lucent (a)(b)		33,453		103,832
Atos Origin SA		825		59,790
Cap Gemini SA		1,952		140,135
Criteo SA ADR (b)		251		8,446
Dassault Systemes SA		1,500		96,373
Ingenico (a)		644		65,798
Inside Secure SA (b)		292		1,435
Neopost SA		586		43,076
SOITEC (a)(b)		1,107		3,049
Sopra Group SA		31		2,814
UbiSoft Entertainment SA (b)		2,264		37,180
				561,928
GERMANY — 9.0%
Aixtron SE (b)		1,767		26,886
Dialog Semiconductor PLC (b)		1,062		29,843
Infineon Technologies AG		13,468		139,391
RIB Software AG		103		1,411
SAP SE		10,595		764,234
Software AG (a)		788		19,531
United Internet AG		1,627		69,254
Wincor Nixdorf AG		720		36,891
Wirecard AG		1,262		46,639
				1,134,080
HONG KONG — 0.7%
ASM Pacific Technology, Ltd. (a)		4,649		46,011
China Innovationpay Group, Ltd. (b)		40,000		3,812
China Mobile Games & Entertainment Group, Ltd. ADR (b)		101		2,126
Landing International Development, Ltd. (b)		30,000		1,642
PAX Global Technology, Ltd. (b)		4,000		3,529
United Photovoltaics Group, Ltd. (b)		28,000		2,668
VTech Holdings, Ltd. (a)		2,571		31,719
Yunbo Digital Synergy Group, Ltd. (b)		2,000		1,030
				92,537
IRELAND — 0.1%
FleetMatics Group PLC (a)(b)		263		8,021
King Digital Entertainment PLC (a)		417		5,296
				13,317
ISRAEL — 1.9%
Check Point Software Technologies, Ltd. (a)(b)		1,803		124,840
EZchip Semiconductor, Ltd. (b)		41		990
Ituran Location and Control, Ltd.		1,146		24,105
NICE Systems, Ltd.		929		37,619
Stratasys, Ltd. (a)(b)		411		49,640
Tower Semiconductor, Ltd. (b)		112		1,140
Wix.com, Ltd. (a)(b)		62		1,007
				239,341
JAPAN — 33.8%
Advantest Corp. (a)		2,778		35,809
Alps Electric Co., Ltd.		2,947		50,588
Anritsu Corp. (a)		2,100		16,024
Azbil Corp.		1,786		43,781
Brother Industries, Ltd. (a)		3,748		69,326
Canon, Inc.		11,919		387,956
Citizen Holdings Co., Ltd.		4,755		31,167
COLOPL, Inc. (a)(b)		400		13,146
Dainippon Screen Manufacturing Co., Ltd. (a)		7,937		40,374
Dena Co., Ltd. (a)		1,500		19,076
FUJIFILM Holdings Corp.		5,625		172,809
Fujitsu, Ltd.		23,688		145,762
GungHo Online Entertainment, Inc. (a)		4,300		20,501
Hamamatsu Photonics K.K. (a)		1,000		47,495
Hirose Electric Co., Ltd. (a)		394		48,633
Hitachi High-Technologies Corp.		1,377		39,542
Hitachi, Ltd.		53,325		407,126
Horiba, Ltd.		986		35,864
Hoya Corp.		5,035		169,096
Ibiden Co., Ltd.		2,270		44,202
IT Holdings Corp.		1,979		34,621
Japan Digital Laboratory Co., Ltd.		1,683		31,115
Japan Display, Inc. (b)		2,650		12,780
Kakaku.com, Inc. (a)		2,000		28,406
Keyence Corp.		492		213,785
Konami Corp. (a)		1,585		33,031
Konica Minolta Holdings, Inc. (a)		6,606		71,302
Kyocera Corp. (a)		4,283		199,557
Mitsumi Electric Co., Ltd. (a)		1,979		14,288

See accompanying notes to financial statements.

369

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

September 30, 2014

Security Description	Shares		Value
Murata Manufacturing Co., Ltd. (a)		2,469	$	280,673
NEC Corp.		32,578		112,558
Nexon Co., Ltd.		2,100		17,325
Nintendo Co., Ltd.		1,283		139,534
Nippon Electric Glass Co., Ltd.		7,933		38,618
Nomura Research Institute, Ltd.		1,572		50,802
NTT Data Corp. (a)		1,992		71,730
Obic Co., Ltd.		1,190		42,525
Oki Electric Industry Co., Ltd.		11,776		27,482
Omron Corp.		2,761		125,346
Otsuka Corp.		900		35,772
Renesas Electronics Corp. (b)		1,700		14,583
Ricoh Co., Ltd.		7,901		84,848
Rohm Co., Ltd.		1,380		86,804
SCSK Corp.		1,200		32,238
Seiko Epson Corp.		1,770		85,035
Shimadzu Corp.		4,000		34,605
Sumco Corp. (a)		2,178		26,288
Taiyo Yuden Co., Ltd. (a)		1,984		22,210
TDK Corp.		1,678		93,617
Tokyo Electron, Ltd.		2,170		141,600
Trend Micro, Inc. (a)		1,381		46,707
Wacom Co., Ltd. (a)		2,500		10,803
Yahoo! Japan Corp. (a)		15,919		60,515
Yaskawa Electric Corp. (a)		3,812		51,605
Yokogawa Electric Corp. (a)		3,435		45,155
				4,256,140
NETHERLANDS — 6.7%
ASM International NV		1,003		36,459
ASML Holding NV		4,938		491,674
Gemalto NV		1,074		98,607
NXP Semiconductor NV (b)		2,573		176,070
VistaPrint NV (b)		719		39,394
				842,204
NEW ZEALAND — 0.1%
Xero, Ltd. (b)		743		12,509
NORWAY — 0.2%
Nordic Semiconductor ASA (b)		451		2,661
Opera Software ASA		986		13,809
REC Silicon ASA (b)		16,079		6,469
REC Solar ASA (b)		158		1,997
				24,936
SINGAPORE — 1.2%
Flextronics International, Ltd. (a)(b)		10,408		107,411
IGG, Inc.		5,000		2,241
Venture Corp., Ltd.		7,925		47,290
				156,942
SOUTH KOREA — 20.8%
Actoz Soft Co., Ltd. (b)		64		2,365
AfreecaTV Co., Ltd.		97		2,951
Bluecom Co., Ltd.		137		1,857
Com2uSCorp (b)		87		14,304
Daum Communications Corp.		125		18,680
Dongbu HiTek Co., Ltd. (b)		320		1,665
Eo Technics Co., Ltd.		37		2,805
Gamevil, Inc. (b)		62		7,050
GemVax & Kael Co., Ltd. (b)		231		4,531
Gigalane Co., Ltd.		108		1,157
Joymax Co., Ltd. (b)		49		1,551
KCP Co., Ltd.		109		2,562
KH Vatec Co., Ltd.		54		1,497
LG Display Co., Ltd. ADR (b)		5,893		92,815
LG Innotek Co., Ltd. (b)		237		25,828
Lumens Co., Ltd. (b)		293		1,977
NAVER Corp.		330		252,367
NCSoft Corp.		200		25,492
Neowiz Games Corp. (b)		57		1,183
Nexon GT Co., Ltd. (b)		93		1,260
NHN Entertainment Corp. (b)		282		22,047
Partron Co., Ltd.		995		9,080
Sam Young Electronics Co., Ltd.		2,560		32,872
Samsung Electro-Mechanics Co., Ltd.		746		34,994
Samsung Electronics Co., Ltd. GDR		2,920		1,636,660
Samsung SDI Co., Ltd.		444		51,542
Seoul Semiconductor Co., Ltd.		664		15,070
SK C&C Co., Ltd.		263		60,438
SK Communications Co., Ltd. (b)		218		1,492
SK Hynix, Inc. (b)		6,230		276,003
SundayToz Corp.		190		3,700
Texcell-NetCom Co., Ltd. (b)		1,134		1,950
Tovis Co., Ltd.		124		2,039
WeMade Entertainment Co., Ltd. (b)		78		3,252
Wonik IPS Co., Ltd. (b)		334		3,972
				2,619,008
SPAIN — 1.6%
Amadeus IT Holding SA		4,641		173,654
Indra Sistemas SA (a)		1,859		26,067
				199,721
SWEDEN — 4.3%
Hexagon AB, (Class B)		3,153		100,166
Net Entertainment NE AB (Class B) (b)		120		3,222
Telefonaktiebolaget LM Ericsson (Class B)		34,999		444,746
				548,134
SWITZERLAND — 1.2%
Logitech International SA (b)		2,419		31,139
Myriad Group AG (b)		844		4,063
STMicroelectronics NV		8,642		66,976
Temenos Group AG (b)		1,268		48,239
				150,417
UNITED KINGDOM — 4.8%
ARM Holdings PLC		16,377		240,539
Aveva Group PLC		1,329		33,158
CSR PLC		1,415		17,388
Fidessa Group PLC		189		7,020
Imagination Technologies Group PLC (b)		3,452		10,549
Just Eat PLC (b)		2,736		13,085
Micro Focus International PLC (b)		904		15,534
Moneysupermarket.com Group PLC		1,453		4,612
Pace PLC		1,859		8,984
Playtech PLC		563		6,553
RM PLC		607		1,545
Spectris PLC		2,008		58,855
Spirent Communications PLC		12,018		20,379

See accompanying notes to financial statements.

370

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

September 30, 2014

Security Description	Shares		Value
Telecity Group PLC		3,438	$	41,690
The Sage Group PLC		19,086		113,059
Xaar PLC		511		3,115
Zoopla Property Group PLC (b)(c)		1,633		6,264
				602,329
UNITED STATES — 0.1%
Kofax, Ltd. (b)		307		2,390
LivePerson, Inc. (b)		340		4,297
				6,687
TOTAL COMMON STOCKS —
(Cost $12,418,954)				12,528,832
SHORT TERM INVESTMENTS — 11.5%
UNITED STATES — 11.5%
MONEY MARKET FUNDS — 11.5%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		1,440,406		1,440,406
State Street Institutional Liquid Reserves Fund 0.09% (e)(f)		6,109		6,109
TOTAL SHORT TERM INVESTMENTS —
(Cost $1,446,515)				1,446,515
TOTAL INVESTMENTS — 111.0%
(Cost $13,865,469)				13,975,347
OTHER ASSETS & LIABILITIES — (11.0)%				(1,383,856	)
NET ASSETS — 100.0%			$	12,591,491

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of September 30, 2014, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

371

SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 3.4%
Telstra Corp., Ltd.		290,984	$	1,349,515
TPG Telecom, Ltd.		22,614		135,353
				1,484,868
AUSTRIA — 0.2%
Telekom Austria AG (a)		10,582		95,379
BELGIUM — 0.7%
Belgacom SA (a)		9,131		317,897
CANADA — 4.0%
BCE, Inc. (b)		2,931		125,601
BCE, Inc. (b)		15,037		642,982
Rogers Communications, Inc. (Class B)		13,112		490,651
TELUS Corp.		13,664		467,036
				1,726,270
DENMARK — 0.8%
TDC A/S		47,796		363,051
FINLAND — 0.6%
Elisa Oyj		10,194		270,686
FRANCE — 10.2%
Iliad SA		1,550		328,167
Orange SA		143,873		2,163,705
Vivendi SA (c)		80,079		1,934,175
				4,426,047
GERMANY — 7.3%
Deutsche Telekom AG		183,496		2,781,616
Freenet AG		8,869		230,853
Telefonica Deutschland Holding AG (c)		31,518		164,835
				3,177,304
HONG KONG — 1.1%
HKT Trust/HKT, Ltd.		223,064		269,455
PCCW, Ltd.		317,111		199,289
				468,744
ISRAEL — 0.5%
Bezeq The Israeli Telecommunication Corp., Ltd.		127,037		219,319
ITALY — 2.4%
Telecom Italia SpA (b)(c)		537,642		616,353
Telecom Italia SpA (b)		466,531		414,604
				1,030,957
JAPAN — 21.3%
KDDI Corp. (a)		37,077		2,228,439
Nippon Telegraph & Telephone Corp.		23,413		1,455,856
NTT DoCoMo, Inc. (a)		88,987		1,484,942
Softbank Corp.		58,759		4,118,674
				9,287,911
LUXEMBOURG — 1.1%
COLT Group SA (c)		63,680		138,025
Millicom International Cellular SA		4,202		337,808
				475,833
NETHERLANDS — 2.3%
Koninklijke (Royal) KPN NV (c)		207,927		666,378
Ziggo NV (c)		7,292		341,659
				1,008,037
NEW ZEALAND — 0.4%
Spark New Zealand, Ltd.		72,344		167,474
NORWAY — 2.2%
Telenor ASA		44,146		969,147
PORTUGAL — 0.2%
Portugal Telecom SGPS SA (a)		41,999		88,390
SINGAPORE — 3.7%
Singapore Telecommunications, Ltd.		481,539		1,434,837
StarHub, Ltd.		62,000		200,298
				1,635,135
SOUTH KOREA — 2.5%
KT Corp. ADR (a)		16,842		273,009
LG Uplus Corp.		11,340		132,716
SK Telecom Co., Ltd. ADR (a)		23,002		697,881
				1,103,606
SPAIN — 8.7%
Telefonica SA		245,123		3,794,780
SWEDEN — 2.8%
Tele2 AB		20,124		243,300
TeliaSonera AB		138,351		958,116
				1,201,416
SWITZERLAND — 1.9%
Swisscom AG		1,431		812,473
UNITED KINGDOM — 21.0%
BT Group PLC		482,144		2,967,059
Cable & Wireless Communications PLC		180,116		136,946
Inmarsat PLC		29,926		340,087
Jazztel PLC (c)		14,158		229,287
TalkTalk Telecom Group PLC		36,200		175,470
Vodafone Group PLC		1,595,710		5,287,594
				9,136,443
TOTAL COMMON STOCKS —
(Cost $43,215,012)				43,261,167
SHORT TERM INVESTMENTS — 8.6%
UNITED STATES — 8.6%
MONEY MARKET FUNDS — 8.6%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		3,490,997		3,490,997
State Street Institutional Liquid Reserves Fund 0.09% (e)(f)		262,882		262,882
TOTAL SHORT TERM INVESTMENTS —
(Cost $3,753,879)				3,753,879
TOTAL INVESTMENTS — 107.9%
(Cost $46,968,891)				47,015,046
OTHER ASSETS & LIABILITIES — (7.9)%				(3,450,440	)
NET ASSETS — 100.0%			$	43,564,606

See accompanying notes to financial statements.

372

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

September 30, 2014

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(c)	Non-income producing security
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

373

SPDR S&P International Utilities Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2014

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AUSTRALIA — 3.4%
AGL Energy, Ltd.		76,756	$	909,419
APA Group		94,330		614,123
AusNet Services (a)		186,899		223,240
DUET Group		135,881		288,933
Energy World Corp., Ltd. (b)		55,593		17,270
ERM Power, Ltd.		15,405		22,512
Infigen Energy (b)		90,725		20,641
Spark Infrastructure Group (a)		151,351		243,689
				2,339,827
AUSTRIA — 0.3%
EVN AG		3,301		42,221
Verbund AG (a)		7,315		147,343
				189,564
BELGIUM — 0.3%
Elia System Operator SA/NV		3,754		180,371
CANADA — 5.0%
Algonquin Power & Utilities Corp. (a)		19,254		152,475
ATCO, Ltd. (Class I)		8,893		361,274
Atlantic Power Corp. (a)		13,262		31,804
Boralex, Inc. (Class A)		2,280		26,808
Canadian Utilities, Ltd. (Class A) (a)		13,680		478,870
Capital Power Corp.		9,338		223,517
Capstone Infrastructure Corp. (a)		10,602		39,370
Emera, Inc.		16,136		505,789
Fortis, Inc. (a)		24,236		750,794
Innergex Renewable Energy, Inc. (a)		10,922		102,423
Just Energy Group, Inc. (a)		12,024		55,948
Northland Power, Inc. (a)		10,114		156,568
Superior Plus Corp. (a)		14,430		182,191
TransAlta Corp. (a)		30,612		321,857
TransAlta Renewables, Inc.		2,464		25,576
Valener, Inc.		4,338		61,020
				3,476,284
CHINA — 0.8%
ENN Energy Holdings, Ltd.		87,000		569,162
HanKore Environment Tech Group, Ltd. (b)		42,000		26,511
				595,673
FINLAND — 1.7%
Fortum Oyj		49,227		1,200,812
FRANCE — 10.5%
Albioma		1,905		46,686
EDF SA		33,955		1,113,948
GDF Suez		172,315		4,323,063
Rubis (a)		3,984		229,445
Suez Environnement Co.		37,508		634,682
Theolia SA (b)		7,004		7,874
Veolia Environnement SA		54,058		954,677
				7,310,375
GERMANY — 9.2%
E.ON AG		226,290		4,143,553
RWE AG		57,263		2,231,973
RWE AG Preference Share		1,032		31,236
				6,406,762
HONG KONG — 7.8%
Cheung Kong Infrastructure Holdings, Ltd.		62,000		435,152
China Ruifeng Renewable Energy, Ltd. (b)		80,000		13,290
China Water Industry Group, Ltd. (b)		84,000		16,551
CLP Holdings, Ltd.		217,000		1,742,405
HK Electric Investments & HK Electric Investments, Ltd. (c)		299,781		197,278
Hong Kong & China Gas Co., Ltd.		725,223		1,572,775
Power Assets Holdings, Ltd.		149,500		1,321,705
Towngas China Co., Ltd.		91,000		97,503
Zhongyu Gas Holdings, Ltd. (b)		98,000		29,785
				5,426,444
ITALY — 10.0%
A2A SpA		169,191		167,778
ACEA SpA		5,134		62,326
Ascopiave SpA		8,748		19,892
Edison SpA		12,507		14,220
Enel Green Power SpA		174,487		446,572
Enel SpA		733,752		3,894,885
Falck Renewables SpA		10,711		14,383
Hera SpA		69,064		182,866
Iren SpA		59,174		74,453
Snam Rete Gas SpA		233,278		1,290,735
Terna Rete Elettrica Nationale SpA		158,333		796,456
				6,964,566
JAPAN — 11.6%
Chubu Electric Power Co., Inc. (b)		81,188		931,817
Electric Power Development Co., Ltd.		16,100		526,173
Eneres Co., Ltd. (b)		2,100		24,390
Hokkaido Electric Power Co., Inc. (a)(b)		23,100		187,420
Hokuriku Electric Power Co.		22,394		294,177
Japan Wind Development Co., Ltd. (b)		700		3,063
K&O Energy Group, Inc.		1,300		16,971
Kyushu Electric Power Co., Inc. (a)(b)		53,292		574,239
Osaka Gas Co., Ltd.		235,958		947,962
Saibu Gas Co., Ltd. (a)		39,000		92,794
Shikoku Electric Power Co., Inc. (b)		23,600		302,490
Shizuoka Gas Co., Ltd.		7,500		49,911
The Chugoku Electric Power Co., Inc. (a)		34,787		445,877
The Kansai Electric Power Co., Inc. (b)		90,998		859,833
The Okinawa Electric Power Co., Inc. (a)		2,000		61,899
The Tokyo Electric Power Co., Inc. (b)		92,399		323,453
Toho Gas Co., Ltd. (a)		59,000		332,394
Tohoku Electric Power Co., Inc.		56,872		645,996
Tokyo Gas Co., Ltd.		259,958		1,460,997
				8,081,856
NEW ZEALAND — 1.2%
Contact Energy, Ltd.		40,932		190,788
Genesis Energy, Ltd. (b)		53,973		84,980
Infratil, Ltd.		68,659		151,451
Meridian Energy, Ltd.		141,971		158,243
Mighty River Power, Ltd.		77,112		154,169

See accompanying notes to financial statements.

374

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

September 30, 2014

Security Description	Shares		Value
TrustPower, Ltd.		6,010	$	34,244
Vector, Ltd.		28,124		58,749
				832,624
PORTUGAL — 1.9%
EDP — Energias de Portugal SA		294,079		1,283,516
REN — Redes Energeticas Nacionais SGPS SA		6,312		21,290
				1,304,806
SINGAPORE — 0.1%
CitySpring Infrastructure Trust		106,000		41,143
Hyflux, Ltd.		66,000		54,599
				95,742
SOUTH KOREA — 2.3%
Busan City Gas Co., Ltd.		644		26,059
E1 Corp.		284		18,247
Hanjin Heavy Industries & Construction Holdings Co., Ltd.		1,424		13,225
Kg Eco Technology Service Co., Ltd.		2,443		13,798
Korea District Heating Corp.		330		20,389
Korea Electric Power Corp. ADR		57,618		1,292,948
Korea Gas Corp. (b)		3,171		165,274
KyungDong City Gas Co., Ltd.		242		28,093
Samchully Co., Ltd.		276		39,755
				1,617,788
SPAIN — 11.7%
Acciona SA (b)		2,888		216,196
EDP Renovaveis SA		23,022		159,663
Enagas SA		24,298		783,629
Endesa SA		9,579		378,570
Gas Natural SDG SA		40,713		1,198,849
Iberdrola SA		606,283		4,342,579
Red Electrica Corporacion SA		12,238		1,059,914
				8,139,400
SWITZERLAND — 0.2%
Alpiq Holding AG (a)(b)		528		55,535
BKW AG		1,205		39,788
Energiedienst Holding AG		675		22,324
				117,647
UNITED KINGDOM — 21.8%
Abengoa Yield PLC (a)(b)		2,935		104,427
APR Energy PLC		5,663		49,759
Centrica PLC		576,171		2,875,036
Drax Group PLC		45,255		474,306
Infinis Energy PLC		10,630		37,912
National Grid PLC		435,881		6,274,861
Pennon Group PLC		43,398		556,505
Severn Trent PLC		27,343		832,020
SSE PLC		108,380		2,718,083
Telecom Plus PLC		7,216		156,171
The Renewables Infrastructure Group, Ltd.		42,473		73,331
United Utilities Group PLC		77,113		1,010,095
				15,162,506
TOTAL COMMON STOCKS —
(Cost $65,149,911)				69,443,047
SHORT TERM INVESTMENTS — 5.1%
UNITED STATES — 5.1%
MONEY MARKET FUNDS — 5.1%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		3,015,709		3,015,709
State Street Institutional Liquid Reserves Fund 0.09% (e)(f)		554,052		554,052
TOTAL SHORT TERM INVESTMENTS —
(Cost $3,569,761)				3,569,761
TOTAL INVESTMENTS — 104.9%
(Cost $68,719,672)				73,012,808
OTHER ASSETS & LIABILITIES — (4.9)%				(3,425,969	)
NET ASSETS — 100.0%			$	69,586,839

(a)	A portion of the security was on loan at September 30, 2014.
(b)	Non-income producing security
(c)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.3% of net assets as of September 30, 2014, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)	Investments of cash collateral for securities loaned
(e)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3).
(f)	The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

375

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2014

																									SPDR S&P Emerging
	SPDR STOXX			SPDR EURO			SPDR EURO			SPDR S&P Emerging			SPDR S&P Small Cap Emerging									SPDR S&P Emerging			Markets			SPDR S&P
	Europe			STOXX			STOXX			Asia Pacific			Asia Pacific			SPDR S&P Russia			SPDR S&P			Markets			Dividend			BRIC
	50 ETF			50 ETF			Small Cap ETF			ETF			ETF			ETF			China ETF			ETF			ETF			40 ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	260,154,575		$	4,942,750,163		$	7,589,436		$	682,288,837		$	4,374,798		$	22,983,993		$	944,248,530		$	280,671,286		$	488,387,190		$	155,326,551
Investments in securities of affiliated issuers, at value* (Note 2 and Note 3)		4,333,138			70,255,332			11,709			41,913,107			121,952			38,242			108,947,886			18,821,931			95,216,004			8,010,942
Total Investments		264,487,713			5,013,005,495			7,601,145			724,201,944			4,496,750			23,022,235			1,053,196,416			299,493,217			583,603,194			163,337,493
Foreign currency, at value		910,929			7,459,697			29,855			1,512,409			43,442			378			2,359,685			2,203,907			1,620,186			606,621
Initial margin deposit on futures		—			—			—			—			—			—			—			227,783			—			—
Receivable for investments sold		—			27,918,847			9,432			5,861			1,618			303,896			—			17,106			—			11,734,460
Receivable for fund shares sold		—			—			—			—			—			1,134,221			—			—			—			—
Receivable for foreign currency contracts sold		—			—			500			5,315			1,044			—			—			—			—			—
Receivable for foreign taxes recoverable		310,914			1,451,768			2,511			—			—			—			—			—			—			—
Dividends and interest receivable — unaffiliated issuers		349,700			596,934			3,010			825,393			7,444			3,483			1,431,182			298,371			2,306,256			157,488
Dividends receivable — affiliated issuers		24			275			—			101			1			36			44			142			273			33
TOTAL ASSETS		266,059,280			5,050,433,016			7,646,453			726,551,023			4,550,299			24,464,249			1,056,987,327			302,240,526			587,529,909			175,836,095
LIABILITIES
Payable upon return of securities loaned		3,067,594			58,567,565			—			37,269,587			121,952			—			107,999,843			16,220,774			86,295,235			7,484,526
Payable for investments purchased		—			—			39,097			—			—			1,293,236			—			—			—			733,344
Due to custodian		—			—			—			—			23,868			—			—			—			—			—
Payable for fund shares repurchased		—			27,918,085			—			—			—			—			—			—			—			11,732,208
Payable for foreign currency contracts purchased		—			—			500			5,311			1,047			—			—			—			—			—
Payable for variation margin on futures contracts		—			—			—			—			—			—			—			49,393			—			—
Distributions payable		1,056,982			10,493,081			—			—			—			—			—			—			9,081,756			—
Accrued advisory fee (Note 3)		205,015			3,962,752			9,242			854,920			7,404			35,999			1,382,339			382,329			777,391			223,434
Deferred foreign taxes payable		—			—			—			926,517			16,901			—			—			303,326			158,206			—
Accrued trustees’ fees and expenses (Note 3)		142			3,271			5			284			2			16			544			143			325			125
TOTAL LIABILITIES		4,329,733			100,944,754			48,844			39,056,619			171,174			1,329,251			109,382,726			16,955,965			96,312,913			20,173,637
NET ASSETS	$	261,729,547		$	4,949,488,262		$	7,597,609		$	687,494,404		$	4,379,125		$	23,134,998		$	947,604,601		$	285,284,561		$	491,216,996		$	155,662,458
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	293,857,661		$	4,789,621,512		$	8,991,936		$	662,651,770		$	4,101,417		$	35,821,590		$	1,053,374,938		$	308,465,194		$	639,185,290		$	275,663,084
Undistributed (distribution in excess of) net investment income		(641,120	)		(10,493,081	)		5,569			6,281,108			9,306			544,584			9,007,139			2,390,552			(1,282,865	)		2,149,733
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures		(27,376,560	)		(144,946,101	)		(264,064	)		(29,207,298	)		181,296			(3,420,339	)		(90,376,350	)		(11,068,268	)		(103,562,098	)		(90,467,282	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $926,517, $15,850, $0, $0, $303,326, $158,206, $0, respectively)		(4,070,803	)		315,523,288			(1,135,563	)		47,778,126			87,444			(9,810,838	)		(24,396,563	)		(14,420,792	)		(43,064,323	)		(31,682,082	)
Foreign currency		(39,631	)		(217,356	)		(269	)		(9,302	)		(338	)		1			(4,563	)		(32,732	)		(59,008	)		(995	)
Futures		—			—			—			—			—			—			—			(49,393	)		—			—
NET ASSETS	$	261,729,547		$	4,949,488,262		$	7,597,609		$	687,494,404		$	4,379,125		$	23,134,998		$	947,604,601		$	285,284,561		$	491,216,996		$	155,662,458
NET ASSET VALUE PER SHARE
Net asset value per share	$	36.86		$	39.88		$	50.65		$	83.84		$	43.79		$	22.03		$	76.42		$	66.35		$	36.66		$	23.23
Shares outstanding (unlimited amount authorized, $0.01 par value)		7,100,370			124,100,967			150,000			8,200,000			100,000			1,050,000			12,400,000			4,300,000			13,400,000			6,700,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	264,225,378		$	4,627,226,875		$	8,724,999		$	633,584,194		$	4,271,504		$	32,794,831		$	968,645,093		$	294,788,752		$	531,293,307		$	187,008,633
Affiliated issuers		4,333,138			70,255,332			11,709			41,913,107			121,952			38,242			108,947,886			18,821,931			95,216,004			8,010,942
Total cost of investments	$	268,558,516		$	4,697,482,207		$	8,736,708		$	675,497,301		$	4,393,456		$	32,833,073		$	1,077,592,979		$	313,610,683		$	626,509,311		$	195,019,575
Foreign currency, at cost	$	919,425		$	7,526,447		$	30,029		$	1,516,315		$	43,697		$	377		$	2,362,014		$	2,232,780		$	1,643,169		$	607,369
* Includes investments in securities on loan, at value	$	3,184,103		$	59,338,764		$	—		$	35,157,625		$	113,805		$	—		$	100,625,392		$	17,431,150		$	83,447,057		$	7,215,472

See accompanying notes to financial statements.

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377

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

September 30, 2014

							SPDR S&P Emerging															SPDR S&P Global
	SPDR S&P Emerging			SPDR S&P Emerging			Middle									SPDR Dow Jones International			SPDR S&P Global			Natural
	Europe			Latin America			East & Africa						SPDR S&P International			Real Estate			Infrastructure			Resources						SPDR MSCI
	ETF			ETF			ETF			SPDR S&P World ex-US ETF			Small Cap ETF			ETF			ETF			ETF			SPDR MSCI ACWI ex-US ETF			ACWI IMI ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	66,668,155		$	49,024,740		$	63,073,071		$	822,314,767		$	787,100,303		$	4,897,938,594		$	111,906,091		$	592,679,372		$	572,848,371		$	57,130,790
Investments in securities of affiliated issuers, at value* (Note 2 and Note 3)		4,982			3,699,954			2,557,190			45,988,685			90,391,281			85,222,719			15,991,964			27,275,054			28,285,280			9,870,468
Total Investments		66,673,137			52,724,694			65,630,261			868,303,452			877,491,584			4,983,161,313			127,898,055			619,954,426			601,133,651			67,001,258
Cash		—			—			—			—			10,338			—			—			—			—			1,362
Foreign currency, at value		212,805			382,604			560,563			1,028,699			3,199,652			1,258,947			222,667			2,069,930			1,284,881			74,467
Receivable for investments sold		3,491,188			40,105			370,465			205,732			1,501,322			478,948			4,492,458			—			1			—
Receivable for fund shares sold		—			—			—			—			—			—			—			26,754,224			—			—
Receivable for foreign currency contracts sold		440,000			—			860,872			—			213,946			1,144,042			3,774,650			64,040			—			—
Receivable for foreign taxes recoverable		17			—			—			555,397			274,797			962,508			32,423			236,757			359,181			6,968
Dividends and interest receivable — unaffiliated issuers		178,813			85,863			34,099			2,237,949			2,682,983			9,978,819			228,432			511,579			1,448,439			103,027
Dividends receivable — affiliated issuers		4			6			2			24			189			755			14			61			52			8
TOTAL ASSETS		70,995,964			53,233,272			67,456,262			872,331,253			885,374,811			4,996,985,332			136,648,699			649,591,017			604,226,205			67,187,090
LIABILITIES
Payable upon return of securities loaned		—			3,699,954			2,557,190			45,988,685			88,577,906			50,286,709			15,919,982			25,897,021			28,112,331			9,719,463
Payable for investments purchased		—			143,466			—			7,196			2,615,328			—			4,480,822			27,396,163			—			—
Due to custodian		—			101,007			801,109			120,418			—			—			—			—			—			—
Payable for fund shares repurchased		3,570,444			—			—			—			—			—			—			—			—			—
Payable for foreign currency contracts purchased		438,483			—			856,950			—			214,000			1,142,386			3,778,487			64,000			—			—
Distributions payable		—			—			—			—			—			34,821,735			—			—			—			—
Accrued advisory fee (Note 3)		121,806			80,336			100,109			770,975			1,248,155			7,448,662			136,281			616,529			513,521			32,970
Deferred foreign taxes payable		—			—			—			—			—			226,683			—			—			106,166			980
Accrued trustees’ fees and expenses (Note 3)		52			37			42			552			545			2,879			64			338			352			13
TOTAL LIABILITIES		4,130,785			4,024,800			4,315,400			46,887,826			92,655,934			93,929,054			24,315,636			53,974,051			28,732,370			9,753,426
NET ASSETS	$	66,865,179		$	49,208,472		$	63,140,862		$	825,443,427		$	792,718,877		$	4,903,056,278		$	112,333,063		$	595,616,966		$	575,493,835		$	57,433,664
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	137,079,974		$	85,254,456		$	90,814,901		$	751,109,980		$	790,846,595		$	5,166,597,656		$	125,698,773		$	676,798,808		$	644,504,772		$	56,648,206
Undistributed (distribution in excess of) net investment income		1,196,687			223,053			441,064			5,408,856			1,749,229			(184,040,107	)		728,410			3,721,420			3,964,780			274,250
Accumulated net realized gain (loss) on investments and foreign currency transactions		(40,840,655	)		(17,669,411	)		(22,986,972	)		(156,583	)		69,533,604			(619,659,853	)		(16,377,141	)		(67,292,019	)		(61,132,231	)		3,693
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $0, $226,683, $0, $0, $104,678, $980, respectively)		(30,563,493	)		(18,596,205	)		(5,120,587	)		69,178,586			(69,386,007	)		540,395,971			2,298,480			(17,557,694	)		(11,766,421	)		510,805
Foreign currency		(7,334	)		(3,421	)		(7,544	)		(97,412	)		(24,544	)		(237,389	)		(15,459	)		(53,549	)		(77,065	)		(3,290	)
NET ASSETS	$	66,865,179		$	49,208,472		$	63,140,862		$	825,443,427		$	792,718,877		$	4,903,056,278		$	112,333,063		$	595,616,966		$	575,493,835		$	57,433,664
NET ASSET VALUE PER SHARE
Net asset value per share	$	35.19		$	61.51		$	70.16		$	28.46		$	32.76		$	41.54		$	48.84		$	48.62		$	35.09		$	63.82
Shares outstanding (unlimited amount authorized, $0.01 par value)		1,900,000			800,000			900,000			29,000,000			24,200,000			118,035,379			2,300,000			12,250,000			16,400,000			900,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	97,231,648		$	67,620,945		$	68,193,658		$	753,136,181		$	856,486,310		$	4,357,315,940		$	109,607,611		$	610,237,066		$	584,510,114		$	56,619,005
Affiliated issuers		4,982			3,699,954			2,557,190			45,988,685			90,391,281			85,222,719			15,991,964			27,275,054			28,285,280			9,870,468
Total cost of investments	$	97,236,630		$	71,320,899		$	70,750,848		$	799,124,866		$	946,877,591		$	4,442,538,659		$	125,599,575		$	637,512,120		$	612,795,394		$	66,489,473
Foreign currency, at cost	$	215,919		$	385,903		$	566,616		$	1,042,484		$	3,212,551		$	1,266,729		$	229,479		$	2,106,046		$	1,310,450		$	76,074
* Includes investments in securities on loan, at value	$	—		$	3,536,104		$	6,617,278		$	48,495,501		$	85,144,486		$	47,578,429		$	15,475,121		$	25,145,178		$	28,249,340		$	9,673,490

See accompanying notes to financial statements.

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379

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

September 30, 2014

							SPDR MSCI			SPDR MSCI Emerging			SPDR MSCI												SPDR MSCI
	SPDR MSCI EM			SPDR MSCI EM Beyond			EAFE			Markets			World			SPDR MSCI Australia			SPDR MSCI Canada			SPDR MSCI Germany			Japan			SPDR MSCI Mexico
	50 ETF			BRIC ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	2,384,958		$	3,102,811		$	5,693,558		$	5,914,302		$	5,966,851		$	5,538,852		$	2,975,050		$	5,360,830		$	6,007,086		$	2,881,959
Investments in securities of affiliated issuers, at value* (Note 2 and Note 3)		142,075			67,275			1,339			9,513			10,265			—			2,012			722			1,009			479
Total Investments		2,527,033			3,170,086			5,694,897			5,923,815			5,977,116			5,538,852			2,977,062			5,361,552			6,008,095			2,882,438
Cash		—			—			—			—			403			—			—			—			—			—
Foreign currency, at value		20,831			7,263			21,219			31,400			10,631			39,889			32,753			126			1,375			60
Receivable for investments sold		—			310			—			365			—			—			2,497			—			—			—
Receivable for foreign currency contracts sold		—			530			—			—			—			7,100			—			—			—			—
Receivable for foreign taxes recoverable		—			406			999			129			406			—			—			502			2,708			—
Dividends and interest receivable — unaffiliated issuers		2,739			4,448			15,320			8,809			10,645			43,754			8,458			—			38,199			813
Dividends receivable — affiliated issuers		2			—			—			1			—			—			—			—			—			—
TOTAL ASSETS		2,550,605			3,183,043			5,732,435			5,964,519			5,999,201			5,629,595			3,020,770			5,362,180			6,050,377			2,883,311
LIABILITIES
Payable upon return of securities loaned		141,809			67,275			—			—			—			—			—			—			—			—
Payable for investments purchased		—			—			—			—			—			22,135			25,137			—			—			—
Due to custodian		—			233			—			—			—			5,870			—			—			—			—
Payable for foreign currency contracts purchased		—			530			—			—			—			7,117			—			—			—			—
Accrued advisory fee (Note 3)		4,039			4,515			4,501			4,722			4,593			4,589			4,532			4,300			4,630			417
Deferred foreign taxes payable		—			3,614			—			1,165			—			—			—			—			—			—
Accrued trustees’ fees and expenses (Note 3)		3			3			4			4			4			4			4			4			4			2
TOTAL LIABILITIES		145,851			76,170			4,505			5,891			4,597			39,715			29,673			4,304			4,634			419
NET ASSETS	$	2,404,754		$	3,106,873		$	5,727,930		$	5,958,628		$	5,994,604		$	5,589,880		$	2,991,097		$	5,357,876		$	6,045,743		$	2,882,892
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	2,644,309		$	3,040,224		$	6,000,000		$	6,006,120		$	6,000,000		$	6,000,000		$	2,981,989		$	6,000,000		$	6,000,000		$	3,000,000
Undistributed (distribution in excess of) net investment income		45,414			31,687			41,430			62,958			32,234			108,408			39,368			2,601			40,610			369
Accumulated net realized gain (loss) on investments and foreign currency transactions		(107,326	)		(133	)		8			357			72			25			(242	)		(4,274	)		—			(683	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $3,614, $0, $1,165, $0, $0, $0, $0, $0, $0, respectively)		(177,425	)		35,353			(312,785	)		(110,033	)		(37,405	)		(515,394	)		(29,887	)		(640,408	)		5,496			(116,798	)
Foreign currency		(218	)		(258	)		(723	)		(774	)		(297	)		(3,159	)		(131	)		(43	)		(363	)		4
NET ASSETS	$	2,404,754		$	3,106,873		$	5,727,930		$	5,958,628		$	5,994,604		$	5,589,880		$	2,991,097		$	5,357,876		$	6,045,743		$	2,882,892
NET ASSET VALUE PER SHARE
Net asset value per share	$	48.10		$	62.14		$	57.28		$	59.59		$	59.95		$	55.90		$	59.82		$	53.58		$	60.46		$	28.83
Shares outstanding (unlimited amount authorized, $0.01 par value)		50,000			50,000			100,000			100,000			100,000			100,000			50,000			100,000			100,000			100,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	2,562,383		$	3,063,844		$	6,006,343		$	6,023,170		$	6,004,256		$	6,054,246		$	3,004,937		$	6,001,238		$	6,001,590		$	2,998,757
Affiliated issuers		142,075			67,275			1,339			9,513			10,265			—			2,012			722			1,009			479
Total cost of investments	$	2,704,458		$	3,131,119		$	6,007,682		$	6,032,683		$	6,014,521		$	6,054,246		$	3,006,949		$	6,001,960		$	6,002,599		$	2,999,236
Foreign currency, at cost	$	21,042		$	7,428		$	21,616		$	32,084		$	10,790		$	40,451		$	32,823		$	129		$	1,397		$	60
* Includes investments in securities on loan, at value	$	176,163		$	65,189		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

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

September 30, 2014

	SPDR MSCI
	South			SPDR MSCI						SPDR MSCI United									SPDR S&P Global			SPDR S&P International
	Korea			Spain			SPDR MSCI Taiwan			Kingdom			SPDR Russell/Nomura			SPDR Russell/Nomura			Dividend			Dividend			SPDR S&P
	Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			PRIME Japan ETF			Small Cap Japan ETF			ETF			ETF			International Mid Cap ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	2,849,215		$	8,256,016		$	5,748,272		$	5,659,633		$	26,856,828		$	72,159,945		$	29,040,752		$	1,443,231,951		$	70,135,233
Investments in securities of affiliated issuers, at value* (Note 2 and Note 3)		5,570			6			35,826			8,151			3,945,101			13,496,932			5,888,696			233,939,021			8,681,482
Total Investments		2,854,785			8,256,022			5,784,098			5,667,784			30,801,929			85,656,877			34,929,448			1,677,170,972			78,816,715
Foreign currency, at value		—			7,845			8,754			29,070			47,737			172,236			34,671			10,169,340			500,072
Receivable for investments sold		—			—			—			—			—			975			—			6,188,745			—
Receivable for fund shares sold		—			—			—			—			—			—			3,259,264			—			—
Receivable for foreign currency contracts sold		—			—			—			—			—			—			—			16,300,995			—
Receivable for foreign taxes recoverable		—			235			—			84			60,702			33,500			13,602			193,943			17,462
Dividends and interest receivable — unaffiliated issuers		—			—			71			15,622			178,707			391,134			70,830			4,748,917			201,714
Dividends receivable — affiliated issuers		—			—			1			1			1			6			6			308			2
TOTAL ASSETS		2,854,785			8,264,102			5,792,924			5,712,561			31,089,076			86,254,728			38,307,821			1,714,773,220			79,535,965
LIABILITIES
Payable upon return of securities loaned		—			—			—			—			3,923,260			13,400,169			5,629,316			219,686,389			8,645,480
Payable for investments purchased		—			—			8,754			—			—			—			3,198,296			13,013,834			363,957
Payable for foreign currency contracts purchased		—			—			—			—			—			—			—			16,294,807			—
Distributions payable		—			—			—			—			—			—			254,180			13,887,292			—
Accrued advisory fee (Note 3)		417			6,460			841			4,500			44,079			103,872			26,347			1,731,616			80,328
Deferred foreign taxes payable		—			—			—			—			—			—			—			44,436			—
Accrued trustees’ fees and expenses (Note 3)		2			5			4			4			68			51			11			911			38
TOTAL LIABILITIES		419			6,465			9,599			4,504			3,967,407			13,504,092			9,108,150			264,659,285			9,089,803
NET ASSETS	$	2,854,366		$	8,257,637		$	5,783,325		$	5,708,057		$	27,121,669		$	72,750,636		$	29,199,671		$	1,450,113,935		$	70,446,162
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	3,000,000		$	9,023,738		$	6,000,000		$	6,000,000		$	32,000,693		$	87,310,966		$	29,172,862		$	1,613,202,197		$	66,383,469
Undistributed (distribution in excess of) net investment income		12,853			87,744			8,912			60,153			699,387			(343,891	)		35,341			5,786,377			581,581
Accumulated net realized gain (loss) on investments and foreign currency transactions		(1,151	)		(3,929	)		—			(48	)		(1,629,790	)		(8,202,910	)		291,433			(120,751,825	)		4,111,379
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $0, $0, $0, $44,436, $0, respectively)		(157,336	)		(849,848	)		(225,566	)		(351,424	)		(3,940,762	)		(5,996,238	)		(297,439	)		(47,965,945	)		(625,694	)
Foreign currency		—			(68	)		(21	)		(624	)		(7,859	)		(17,291	)		(2,526	)		(156,869	)		(4,573	)
NET ASSETS	$	2,854,366		$	8,257,637		$	5,783,325		$	5,708,057		$	27,121,669		$	72,750,636		$	29,199,671		$	1,450,113,935		$	70,446,162
NET ASSET VALUE PER SHARE
Net asset value per share	$	28.54		$	55.05		$	57.83		$	57.08		$	45.20		$	50.17		$	64.89		$	46.33		$	32.02
Shares outstanding (unlimited amount authorized, $0.01 par value)		100,000			150,000			100,000			100,000			600,000			1,450,075			450,000			31,301,326			2,200,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	3,006,551		$	9,105,864		$	5,973,838		$	6,011,057		$	30,797,590		$	78,156,183		$	29,338,191		$	1,491,153,460		$	70,760,927
Affiliated issuers		5,570			6			35,826			8,151			3,945,101			13,496,932			5,888,696			233,939,021			8,681,482
Total cost of investments	$	3,012,121		$	9,105,870		$	6,009,664		$	6,019,208		$	34,742,691		$	91,653,115		$	35,226,887		$	1,725,092,481		$	79,442,409
Foreign currency, at cost	$	—		$	7,895		$	8,754		$	29,415		$	49,997		$	183,714		$	35,018		$	10,206,286		$	501,103
* Includes investments in securities on loan, at value	$	—		$	—		$	—		$	—		$	3,716,572		$	12,715,142		$	5,626,433		$	216,770,301		$	8,278,258

See accompanying notes to financial statements.

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

September 30, 2014

							SPDR S&P International			SPDR S&P International
							Consumer			Consumer			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International
	SPDR S&P Emerging			SPDR Dow Jones Global			Discretionary			Staples			Energy			Financial			Health			Industrial			Materials
	Markets			Real Estate			Sector			Sector			Sector			Sector			Care Sector			Sector			Sector
	Small Cap ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	571,206,201		$	1,469,305,356		$	18,285,823		$	42,617,620		$	19,121,977		$	10,746,435		$	65,656,683		$	24,228,048		$	7,519,580
Investments in securities of affiliated issuers, at value* (Note 2 and Note 3)		24,209,724			49,730,398			3,687,448			2,860,089			3,074,884			574,591			5,341,045			2,861,496			853,113
Total Investments		595,415,925			1,519,035,754			21,973,271			45,477,709			22,196,861			11,321,026			70,997,728			27,089,544			8,372,693
Foreign currency, at value		2,295,191			—			84,727			67,134			177,552			69,219			232,610			24,250			54,322
Receivable for investments sold		38,635,556			508,853			—			—			—			—			—			—			—
Receivable for fund shares sold		—			8,847,644			—			—			—			—			—			—			—
Receivable for foreign currency contracts sold		997,620			—			—			56,731			—			—			—			—			—
Receivable for foreign taxes recoverable		11,053			117,783			8,827			70,059			2,407			2,786			138,657			13,510			5,706
Dividends and interest receivable — unaffiliated issuers		1,039,363			3,718,829			42,914			136,620			24,065			32,997			158,299			70,022			14,037
Dividends receivable — affiliated issuers		107			298			3			5			3			4			3			1			2
TOTAL ASSETS		638,394,815			1,532,229,161			22,109,742			45,808,258			22,400,888			11,426,032			71,527,297			27,197,327			8,446,760
LIABILITIES
Payable upon return of securities loaned		24,209,724			36,031,602			3,636,022			2,614,374			2,934,069			443,839			5,250,532			2,817,118			790,923
Payable for investments purchased		—			9,242,498			—			—			—			—			—			—			4,056
Due to custodian		2,593,115			137,949			—			—			—			—			—			—			—
Payable for fund shares repurchased		38,639,674			—			—			—			—			—			—			—			—
Payable for foreign currency contracts purchased		996,527			—			—			56,740			—			—			—			—			—
Distributions payable		—			11,831,827			44,718			227,560			127,142			43,536			68,514			23,263			37,945
Accrued advisory fee (Note 3)		1,059,017			1,828,690			24,413			56,782			27,647			15,148			83,541			33,075			10,791
Deferred foreign taxes payable		814,136			24,010			—			—			—			—			—			—			—
Accrued trustees’ fees and expenses (Note 3)		436			756			14			27			10			6			39			16			6
TOTAL LIABILITIES		68,312,629			59,097,332			3,705,167			2,955,483			3,088,868			502,529			5,402,626			2,873,472			843,721
NET ASSETS	$	570,082,186		$	1,473,131,829		$	18,404,575		$	42,852,775		$	19,312,020		$	10,923,503		$	66,124,671		$	24,323,855		$	7,603,039
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	677,571,635		$	1,419,960,930		$	17,992,776		$	39,330,126		$	22,181,172		$	12,757,248		$	53,492,722		$	24,817,680		$	12,158,810
Undistributed (distribution in excess of) net investment income		7,866,973			(19,484,396	)		60,828			(74,898	)		1,660			130,491			28,846			105,745			10,394
Accumulated net realized gain (loss) on investments and foreign currency transactions		(28,762,809	)		(18,358,522	)		(16,388	)		(27,147	)		(801,450	)		(1,041,109	)		(1,732	)		(552,304	)		(1,167,374	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $720,940, $24,010, $0, $0, $0, $0, $0, $0, $0, respectively)		(86,554,960	)		91,053,191			371,284			3,634,901			(2,066,663	)		(921,339	)		12,617,675			(45,453	)		(3,397,901	)
Foreign currency		(38,653	)		(39,374	)		(3,925	)		(10,207	)		(2,699	)		(1,788	)		(12,840	)		(1,813	)		(890	)
NET ASSETS	$	570,082,186		$	1,473,131,829		$	18,404,575		$	42,852,775		$	19,312,020		$	10,923,503		$	66,124,671		$	24,323,855		$	7,603,039
NET ASSET VALUE PER SHARE
Net asset value per share	$	48.31		$	44.24		$	36.81		$	38.96		$	25.75		$	21.85		$	48.98		$	30.40		$	21.72
Shares outstanding (unlimited amount authorized, $0.01 par value)		11,800,000			33,300,000			500,000			1,100,000			750,000			500,000			1,350,000			800,000			350,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	657,040,221		$	1,378,228,155		$	17,914,539		$	38,982,719		$	21,188,640		$	11,667,774		$	53,039,008		$	24,273,501		$	10,917,481
Affiliated issuers		24,209,724			49,730,398			3,687,448			2,860,089			3,074,884			574,591			5,341,045			2,861,496			853,113
Total cost of investments	$	681,249,945		$	1,427,958,553		$	21,601,987		$	41,842,808		$	24,263,524		$	12,242,365		$	58,380,053		$	27,134,997		$	11,770,594
Foreign currency, at cost	$	2,303,983		$	(139,917	)	$	87,724		$	67,431		$	179,817		$	70,003		$	234,156		$	24,358		$	55,242
* Includes investments in securities on loan, at value	$	30,055,782		$	34,753,019		$	3,437,813		$	2,481,228		$	2,891,179		$	687,474		$	4,984,556		$	2,676,012		$	820,108

See accompanying notes to financial statements.

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

September 30, 2014

	SPDR S&P International			SPDR S&P International			SPDR S&P International
	Technology			Telecommunications			Utilities
	Sector			Sector			Sector
	ETF			ETF			ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	12,528,832		$	43,261,167		$	69,443,047
Investments in securities of affiliated issuers, at value* (Note 2 and Note 3)		1,446,515			3,753,879			3,569,761
Total Investments		13,975,347			47,015,046			73,012,808
Foreign currency, at value		54,461			203,770			44,239
Receivable for foreign taxes recoverable		3,044			16,114			27,356
Dividends and interest receivable — unaffiliated issuers		21,555			111,803			140,318
Dividends receivable — affiliated issuers		1			11			9
TOTAL ASSETS		14,054,408			47,346,744			73,224,730
LIABILITIES
Payable upon return of securities loaned		1,440,406			3,490,997			3,015,709
Distributions payable		6,212			240,834			531,379
Accrued advisory fee (Note 3)		16,291			50,284			90,765
Accrued trustees’ fees and expenses (Note 3)		8			23			38
TOTAL LIABILITIES		1,462,917			3,782,138			3,637,891
NET ASSETS	$	12,591,491		$	43,564,606		$	69,586,839
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	12,838,522		$	45,457,977		$	68,663,316
Undistributed (distribution in excess of) net investment income		24,543			155,258			(203,910	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(380,532	)		(2,091,604	)		(3,161,328	)
Net unrealized appreciation (depreciation) on:
Investments		109,878			46,155			4,293,136
Foreign currency		(920	)		(3,180	)		(4,375	)
NET ASSETS	$	12,591,491		$	43,564,606		$	69,586,839
NET ASSET VALUE PER SHARE
Net asset value per share	$	31.48		$	25.63		$	18.81
Shares outstanding (unlimited amount authorized, $0.01 par value)		400,000			1,700,000			3,700,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	12,418,954		$	43,215,012		$	65,149,911
Affiliated issuers		1,446,515			3,753,879			3,569,761
Total cost of investments	$	13,865,469		$	46,968,891		$	68,719,672
Foreign currency, at cost	$	55,071		$	205,107		$	44,800
* Includes investments in securities on loan, at value	$	1,435,645		$	3,354,290		$	2,899,989

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2014

							SPDR EURO																		SPDR S&P Emerging
	SPDR STOXX			SPDR EURO			STOXX			SPDR S&P Emerging			SPDR S&P Small Cap Emerging									SPDR S&P Emerging			Markets			SPDR S&P
	Europe			STOXX			Small Cap			Asia Pacific			Asia Pacific			SPDR S&P Russia			SPDR S&P			Markets			Dividend			BRIC
	50 ETF			50 ETF			ETF (1)			ETF			ETF			ETF			China ETF			ETF			ETF			40 ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	12,929,744		$	192,397,103		$	39,263		$	13,969,628		$	123,970		$	1,050,260		$	25,474,348		$	6,832,343		$	28,365,954		$	6,097,750
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		227			2,836			5			549			28			149			418			982			731			296
Affiliated securities lending — net (Note 3 and Note 8)		130,841			6,235,102			—			198,578			4,311			763			1,349,899			90,737			797,488			23,350
Interest income (Note 2)		—			—			—			7,860			—			—			—			1,734			2,566			—
Foreign taxes withheld		(646,569	)		(22,969,687	)		(4,267	)		(1,713,264	)		(15,521	)		(166,028	)		(1,932,212	)		(818,415	)		(3,388,579	)		(742,527	)
TOTAL INVESTMENT INCOME (LOSS)		12,414,243			175,665,354			35,001			12,463,351			112,788			885,144			24,892,453			6,107,381			25,778,160			5,378,869
EXPENSES
Advisory fee (Note 3)		645,503			14,737,356			11,709			2,662,145			23,169			147,611			5,020,489			1,328,000			2,984,076			958,670
Trustees’ fees and expenses (Note 3)		3,034			79,613			15			7,368			50			513			15,564			3,953			9,365			3,914
Miscellaneous expenses		4,080			39,445			—			1,297			301			1,307			6,768			3,451			15,549			573
TOTAL EXPENSES		652,617			14,856,414			11,724			2,670,810			23,520			149,431			5,042,821			1,335,404			3,008,990			963,157
NET INVESTMENT INCOME		11,761,626			160,808,940			23,277			9,792,541			89,268			735,713			19,849,632			4,771,977			22,769,170			4,415,712
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		1,679,949			195,221,018			(264,008	)		(2,128,742	)		355,117			(5,424,869	)		11,688,047			(503,500	)		(41,884,821	)		(7,464,812	)
Foreign currency transactions		(15,538	)		(677,624	)		(1,604	)		(152,175	)		(8,622	)		881			405			(53,055	)		(651,931	)		(256	)
Futures		—			—			—			—			—			—			—			148,868			—			—
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $0, $926,517, $15,850, $0, $0, $303,326, $158,206, $0, respectively)		(6,709,522	)		(110,894,274	)		(1,135,563	)		34,099,939			(9,083	)		779,249			1,939,566			2,444,379			(11,254,473	)		767,050
Foreign currency transactions		(47,144	)		(281,023	)		(269	)		(97,092	)		(312	)		(90	)		(4,483	)		(30,982	)		(40,881	)		(967	)
Futures		—			—			—			—			—			—			—			(12,033	)		—			—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES		(5,092,255	)		83,368,097			(1,401,444	)		31,721,930			337,100			(4,644,829	)		13,623,535			1,993,677			(53,832,106	)		(6,698,985	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	6,669,371		$	244,177,037		$	(1,378,167	)	$	41,514,471		$	426,368		$	(3,909,116	)	$	33,473,167		$	6,765,654		$	(31,062,936	)	$	(2,283,273	)

(1) For the period June 4, 2014 (commencement of operations) through September 30, 2014.

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2014

							SPDR S&P Emerging															SPDR S&P Global
	SPDR S&P Emerging			SPDR S&P Emerging			Middle									SPDR Dow Jones International			SPDR S&P Global			Natural
	Europe			Latin America			East & Africa						SPDR S&P International			Real Estate			Infrastructure			Resources						SPDR MSCI
	ETF			ETF			ETF			SPDR S&P World ex-US ETF			Small Cap ETF			ETF			ETF			ETF			SPDR MSCI ACWI ex-US ETF			ACWI IMI ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	3,195,079		$	1,913,981		$	1,992,703		$	30,640,562		$	19,223,425		$	187,914,594		$	4,099,090		$	16,951,798		$	21,008,863		$	557,689
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		108			97			69			646			1,505			4,538			110			877			545			68
Affiliated securities lending — net (Note 3 and Note 8)		5,102			26,252			37,410			616,868			944,765			1,394,827			68,933			259,564			344,595			9,646
Interest income (Note 2)		—			—			—			1,098			2,453			1,968			—			293			1,201			20
Foreign taxes withheld		(481,382	)		(177,793	)		(271,616	)		(2,150,251	)		(1,677,150	)		(15,789,388	)		(248,413	)		(1,211,483	)		(1,562,566	)		(26,201	)
TOTAL INVESTMENT INCOME (LOSS)		2,718,907			1,762,537			1,758,566			29,108,923			18,494,998			173,526,539			3,919,720			16,001,049			19,792,638			541,222
EXPENSES
Advisory fee (Note 3)		476,877			335,938			386,249			2,911,328			4,987,573			26,363,756			400,803			2,111,476			1,869,781			52,844
Trustees’ fees and expenses (Note 3)		1,430			1,106			1,205			14,348			15,229			76,652			1,449			8,514			9,400			189
Miscellaneous expenses		2,555			142			180			9,159			60,729			5,300			3,668			4,624			18,860			40
TOTAL EXPENSES		480,862			337,186			387,634			2,934,835			5,063,531			26,445,708			405,920			2,124,614			1,898,041			53,073
NET INVESTMENT INCOME		2,238,045			1,425,351			1,370,932			26,174,088			13,431,467			147,080,831			3,513,800			13,876,435			17,894,597			488,149
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(6,269,079	)		(5,579,998	)		(756,428	)		34,457,605			126,837,340			2,509,609			3,622,340			(9,575,950	)		6,667,433			2,262
Foreign currency transactions		(16,639	)		(7,890	)		(20,854	)		(42,456	)		(545,441	)		(500,130	)		23,602			(31,610	)		(77,380	)		(2,672	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $0, $0, $0, $226,683, $0, $0, $104,678, $980, respectively)		(5,338,587	)		3,397,078			3,301,007			(26,872,549	)		(116,710,762	)		(22,799,386	)		6,768,134			4,102,243			2,153,910			(269,623	)
Foreign currency transactions		(13,748	)		723			(15,313	)		(226,016	)		(226,160	)		(384,906	)		(16,124	)		(87,844	)		(106,999	)		(3,356	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(11,638,053	)		(2,190,087	)		2,508,412			7,316,584			9,354,977			(21,174,813	)		10,397,952			(5,593,161	)		8,636,964			(273,389	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(9,400,008	)	$	(764,736	)	$	3,879,344		$	33,490,672		$	22,786,444		$	125,906,018		$	13,911,752		$	8,283,274		$	26,531,561		$	214,760

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2014

							SPDR MSCI						SPDR MSCI												SPDR MSCI
							EAFE			SPDR MSCI Emerging			World												Japan
	SPDR MSCI EM			SPDR MSCI EM Beyond			Quality Mix			Markets			Quality Mix			SPDR MSCI Australia			SPDR MSCI Canada			SPDR MSCI Germany			Quality Mix			SPDR MSCI Mexico
	50 ETF			BRIC ETF (1)			ETF (2)			Quality Mix ETF (2)			ETF (2)			Quality Mix ETF (3)			Quality Mix ETF (3)			Quality Mix ETF (3)			ETF (3)			Quality Mix ETF (4)
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	123,036		$	97,525		$	53,230		$	96,282		$	44,493		$	117,768		$	50,779		$	8,181		$	51,751		$	809
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		5			22			1			2			4			—			—			11			3			—
Affiliated securities lending — net (Note 3 and Note 8)		1,017			228			—			—			—			—			—			—			—			—
Interest income (Note 2)		—			—			—			3			—			—			—			—			—			—
Foreign taxes withheld		(16,567	)		(13,032	)		(2,101	)		(12,787	)		(1,327	)		(1,879	)		(7,617	)		(1,076	)		(5,175	)		—
TOTAL INVESTMENT INCOME (LOSS)		107,491			84,743			51,130			83,500			43,170			115,889			43,162			7,116			46,579			809
EXPENSES
Advisory fee (Note 3)		18,567			22,403			5,792			6,020			5,884			5,523			5,482			5,239			5,577			417
Trustees’ fees and expenses (Note 3)		59			56			11			11			11			10			10			10			10			2
Miscellaneous expenses		—			171			—			138			—			—			—			—			—			—
TOTAL EXPENSES		18,626			22,630			5,803			6,169			5,895			5,533			5,492			5,249			5,587			419
NET INVESTMENT INCOME		88,865			62,113			45,327			77,331			37,275			110,356			37,670			1,867			40,992			390
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		411,459			203,373			11			357			72			209			56,994			(4,274	)		—			(683	)
Foreign currency transactions		(298	)		(6,450	)		(647	)		(12,992	)		(845	)		(2,132	)		(858	)		1,078			(382	)		(21	)
Net change in unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $3,614, $0, $1,165, $0, $0, $0, $0, $0, $0, respectively)		(123,011	)		35,353			(312,785	)		(110,033	)		(37,405	)		(515,394	)		(29,887	)		(640,408	)		5,496			(116,798	)
Foreign currency transactions		(217	)		(258	)		(723	)		(774	)		(297	)		(3,159	)		(131	)		(43	)		(363	)		4
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		287,933			232,018			(314,144	)		(123,442	)		(38,475	)		(520,476	)		26,118			(643,647	)		4,751			(117,498	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	376,798		$	294,131		$	(268,817	)	$	(46,111	)	$	(1,200	)	$	(410,120	)	$	63,788		$	(641,780	)	$	45,743		$	(117,108	)

(1)	For the period December 4, 2013 (commencement of operations) through September 30, 2014.
(2)	For the period June 4, 2014 (commencement of operations) through September 30, 2014.
(3)	For the period June 11, 2014 (commencement of operations) through September 30, 2014.
(4)	For the period September 16, 2014 (commencement of operations) through September 30, 2014.

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2014

	SPDR MSCI
	South			SPDR MSCI
	Korea			Spain						SPDR MSCI United									SPDR S&P Global			SPDR S&P International
	Quality Mix			Quality Mix			SPDR MSCI Taiwan			Kingdom			SPDR Russell/Nomura			SPDR Russell/Nomura			Dividend			Dividend			SPDR S&P
	ETF (1)			ETF (2)			Quality Mix ETF (1)			Quality Mix ETF (2)			PRIME Japan ETF			Small Cap Japan ETF			ETF			ETF			International Mid Cap ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	—		$	108,451		$	89		$	67,901		$	1,764,264		$	1,313,192		$	902,760		$	82,256,298		$	1,520,879
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		—			1			1			4			60			87			23			1,677			62
Affiliated securities lending — net (Note 3 and Note 8)		—			—			—			—			25,109			94,253			27,534			2,716,967			44,514
Interest income (Note 2)		—			—			—			—			—			—			1			58			18
Foreign taxes withheld		—			(6,465	)		(18	)		(698	)		(175,510	)		(130,915	)		(84,463	)		(8,048,525	)		(130,304	)
TOTAL INVESTMENT INCOME (LOSS)		—			101,987			72			67,207			1,613,923			1,276,617			845,855			76,926,475			1,435,169
EXPENSES
Advisory fee (Note 3)		417			7,402			841			5,442			517,348			438,187			69,604			6,386,385			265,469
Trustees’ fees and expenses (Note 3)		2			13			4			10			2,244			1,616			204			24,953			952
Miscellaneous expenses		—			—			—			—			83			43			236			70,806			2,215
TOTAL EXPENSES		419			7,415			845			5,452			519,675			439,846			70,044			6,482,144			268,636
NET INVESTMENT INCOME (LOSS)		(419	)		94,572			(773	)		61,755			1,094,248			836,771			775,811			70,444,331			1,166,533
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(1,151	)		(3,929	)		—			(48	)		5,519,510			1,176,536			291,462			67,798,241			4,355,573
Foreign currency transactions		13,272			(1,007	)		9,685			(992	)		(32,880	)		(30,439	)		(5,909	)		(779,214	)		(9,645	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $0, $0, $0, $0, $0, $44,436, $0, respectively)		(157,336	)		(849,848	)		(225,566	)		(351,424	)		(3,593,863	)		(2,262,347	)		(572,837	)		(86,734,562	)		(4,011,846	)
Foreign currency transactions		—			(68	)		(21	)		(624	)		(14,887	)		(21,965	)		(2,863	)		(222,545	)		(8,797	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(145,215	)		(854,852	)		(215,902	)		(353,088	)		1,877,880			(1,138,215	)		(290,147	)		(19,938,080	)		325,285
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(145,634	)	$	(760,280	)	$	(216,675	)	$	(291,333	)	$	2,972,128		$	(301,444	)	$	485,664		$	50,506,251		$	1,491,818

(1)	For the period September 16, 2014 (commencement of operations) through September 30, 2014.
(2)	For the period June 11, 2014 (commencement of operations) through September 30, 2014.

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2014

							SPDR S&P International			SPDR S&P International
							Consumer			Consumer			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International
	SPDR S&P Emerging			SPDR Dow Jones Global			Discretionary			Staples			Energy			Financial			Health			Industrial			Materials
	Markets			Real Estate			Sector			Sector			Sector			Sector			Care Sector			Sector			Sector
	Small Cap ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	19,843,179		$	40,253,700		$	525,753		$	1,256,479		$	662,394		$	391,764		$	1,515,230		$	704,021		$	240,806
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		1,277			1,542			36			43			17			19			23			30			13
Affiliated securities lending — net (Note 3 and Note 8)		1,004,030			260,869			13,197			15,594			16,199			7,162			22,015			13,877			4,294
Interest income (Note 2)		1,429			754			3			5			—			—			—			—			—
Foreign taxes withheld		(2,274,072	)		(1,819,771	)		(47,131	)		(90,544	)		(60,311	)		(24,910	)		(152,803	)		(56,174	)		(18,516	)
TOTAL INVESTMENT INCOME (LOSS)		18,575,843			38,697,094			491,858			1,181,577			618,299			374,035			1,384,465			661,754			226,597
EXPENSES
Advisory fee (Note 3)		4,391,078			5,924,453			104,971			203,753			81,377			50,566			306,605			123,593			45,867
Trustees’ fees and expenses (Note 3)		13,225			19,467			387			705			250			153			1,121			374			169
Miscellaneous expenses		6,207			390			602			429			224			642			426			1,650			1,387
TOTAL EXPENSES		4,410,510			5,944,310			105,960			204,887			81,851			51,361			308,152			125,617			47,423
NET INVESTMENT INCOME		14,165,333			32,752,784			385,898			976,690			536,448			322,674			1,076,313			536,137			179,174
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		5,318,824			15,344,618			1,703,224			14,426			76,525			438,597			4,563,997			200,655			(801,978	)
Foreign currency transactions		(492,048	)		(72,139	)		1,481			(773	)		(5,856	)		(7,175	)		(9,524	)		(6,647	)		(2,106	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $720,940, $24,010, $0, $0, $0, $0, $0, $0, $0, respectively)		24,321,227			25,672,966			(2,222,831	)		(146,586	)		(513,112	)		(437,268	)		5,025,047			(388,058	)		383,659
Foreign currency transactions		(32,307	)		(47,377	)		(5,853	)		(14,441	)		(2,811	)		(3,141	)		(19,575	)		(2,252	)		(1,867	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		29,115,696			40,898,068			(523,979	)		(147,374	)		(445,254	)		(8,987	)		9,559,945			(196,302	)		(422,292	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	43,281,029		$	73,650,852		$	(138,081	)	$	829,316		$	91,194		$	313,687		$	10,636,258		$	339,835		$	(243,118	)

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2014

	SPDR S&P International			SPDR S&P International			SPDR S&P International
	Technology			Telecommunications			Utilities
	Sector			Sector			Sector
	ETF			ETF			ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	219,557		$	4,470,160		$	2,669,763
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		14			95			49
Affiliated securities lending — net (Note 3 and Note 8)		9,977			26,051			56,243
Interest income (Note 2)		3			—			—
Foreign taxes withheld		(27,652	)		(116,140	)		(231,450	)
TOTAL INVESTMENT INCOME (LOSS)		201,899			4,380,166			2,494,605
EXPENSES
Advisory fee (Note 3)		65,895			181,777			300,335
Trustees’ fees and expenses (Note 3)		232			645			887
Miscellaneous expenses		3,911			3,578			1,608
TOTAL EXPENSES		70,038			186,000			302,830
NET INVESTMENT INCOME		131,861			4,194,166			2,191,775
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		497,478			1,162,528			(1,879,283	)
Foreign currency transactions		(1,310	)		(5,021	)		(9,519	)
Net change in unrealized appreciation (depreciation) on:
Investments		202,026			(3,463,382	)		4,579,023
Foreign currency transactions		(1,583	)		(6,559	)		(7,038	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		696,611			(2,312,434	)		2,683,183
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	828,472		$	1,881,732		$	4,874,958

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS

	SPDR STOXX Europe 50 ETF						SPDR EURO STOXX 50 ETF						SPDR EURO STOXX Small Cap ETF			SPDR S&P Emerging Asia Pacific ETF						SPDR S&P Small Cap Emerging Asia Pacific ETF
													For the Period
	Year Ended			Year Ended			Year Ended			Year Ended			6/4/14*-			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/14			9/30/13			9/30/14			9/30/13
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	11,761,626		$	2,065,194		$	160,808,940		$	66,149,755		$	23,277		$	9,792,541		$	9,202,331		$	89,268		$	44,677
Net realized gain (loss) on investments and foreign currency transactions		1,664,411			(3,104,716	)		194,543,394			(30,134,141	)		(265,612	)		(2,280,917	)		3,609,244			346,495			136,349
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(6,756,666	)		12,036,292			(111,175,297	)		444,839,498			(1,135,832	)		34,002,847			7,175,933			(9,395	)		2,458
Net increase (decrease) in net assets resulting from operations		6,669,371			10,996,770			244,177,037			480,855,112			(1,378,167	)		41,514,471			19,987,508			426,368			183,484
Net equalization credits and charges (Note 2)		660,097			223,606			6,844,538			7,095,433			—			—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(12,279,995	)		(2,238,311	)		(165,590,424	)		(70,388,040	)		(16,160	)		(6,695,981	)		(9,689,381	)		(80,566	)		(82,790	)
Net realized gains		—			—			—			—			—			—			—			(134,560	)		(159,902	)
Total distributions to shareholders		(12,279,995	)		(2,238,311	)		(165,590,424	)		(70,388,040	)		(16,160	)		(6,695,981	)		(9,689,381	)		(215,126	)		(242,692	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		178,982,848			62,852,261			2,213,989,332			1,969,784,076			8,982,073			283,492,388			136,076,085			4,080,415			—
Cost of shares redeemed		(21,062,047	)		—			(628,350,417	)		(88,807,992	)		—			(30,276,644	)		(136,683,349	)		(2,099,326	)		—
Net income equalization (Note 2)		(660,097	)		(223,606	)		(6,844,538	)		(7,095,433	)		—			—			—			—			—
Other capital (Note 4)		—			—			—			—			—			—			—			24,796			—
Net increase (decrease) in net assets from beneficial interest transactions		157,260,704			62,628,655			1,578,794,377			1,873,880,651			8,982,073			253,215,744			(607,264	)		2,005,885			—
Voluntary contribution from Adviser		—			—			—			—			9,863			—			—			—			—
Net increase (decrease) in net assets during the year		152,310,177			71,610,720			1,664,225,528			2,291,443,156			7,597,609			288,034,234			9,690,863			2,217,127			(59,208	)
Net assets at beginning of year		109,419,370			37,808,650			3,285,262,734			993,819,578			—			399,460,170			389,769,307			2,161,998			2,221,206
NET ASSETS END OF YEAR (1)	$	261,729,547		$	109,419,370		$	4,949,488,262		$	3,285,262,734		$	7,597,609		$	687,494,404		$	399,460,170		$	4,379,125		$	2,161,998
SHARES OF BENEFICIAL INTEREST:
Shares sold		4,650,000			1,800,000			53,800,000			56,150,000			150,000			3,300,000			1,800,000			100,000			—
Shares redeemed		(550,000	)		—			(15,400,000	)		(2,550,000	)		—			(400,000	)		(1,800,000	)		(50,000	)		—
Net increase (decrease)		4,100,000			1,800,000			38,400,000			53,600,000			150,000			2,900,000			—			50,000			—
(1) Including undistributed (distribution in excess of) net investment income	$	(641,120	)	$	(107,213	)	$	(10,493,081	)	$	(7,250,958	)	$	5,569		$	6,281,108		$	3,576,922		$	9,306		$	40,569

* Commencement of operations.

See accompanying notes to financial statements.

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

	SPDR S&P Russia ETF						SPDR S&P China ETF						SPDR S&P Emerging Markets ETF						SPDR S&P Emerging Markets Dividend ETF						SPDR S&P BRIC 40 ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	735,713		$	891,023		$	19,849,632		$	22,727,557		$	4,771,977		$	4,195,721		$	22,769,170		$	25,849,239		$	4,415,712		$	6,782,458
Net realized gain (loss) on investments, foreign currency transactions and futures		(5,423,988	)		(1,344,590	)		11,688,452			18,816,625			(407,687	)		3,401,931			(42,536,752	)		(36,129,078	)		(7,465,068	)		(1,311,787	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures		779,159			77,537			1,935,083			68,099,951			2,401,364			(7,859,196	)		(11,295,354	)		(20,200,185	)		766,083			4,799,748
Net increase (decrease) in net assets resulting from operations		(3,909,116	)		(376,030	)		33,473,167			109,644,133			6,765,654			(261,544	)		(31,062,936	)		(30,480,024	)		(2,283,273	)		10,270,419
Net equalization credits and charges (Note 2)		—			—			—			—			—			—			529,331			915,330			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(447,722	)		(1,635,671	)		(16,237,703	)		(22,082,234	)		(3,629,968	)		(4,153,364	)		(21,592,591	)		(25,279,698	)		(3,386,072	)		(8,143,671	)
Total distributions to shareholders		(447,722	)		(1,635,671	)		(16,237,703	)		(22,082,234	)		(3,629,968	)		(4,153,364	)		(21,592,591	)		(25,279,698	)		(3,386,072	)		(8,143,671	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		18,178,584			8,112,863			233,346,479			388,373,083			135,365,420			110,762,999			53,666,361			310,124,018			29,041,852			28,801,793
Cost of shares redeemed		(21,950,727	)		(14,799,855	)		(200,601,610	)		(337,502,530	)		(42,628,055	)		(82,959,082	)		(48,575,340	)		(17,752,518	)		(115,150,730	)		(79,812,083	)
Net income equalization (Note 2)		—			—			—			—			—			—			(529,331	)		(915,330	)		—			—
Other capital (Note 4)		—			—			1,657			4,199			—			—			130,332			523,932			—			—
Net increase (decrease) in net assets from beneficial interest transactions		(3,772,143	)		(6,686,992	)		32,746,526			50,874,752			92,737,365			27,803,917			4,692,022			291,980,102			(86,108,878	)		(51,010,290	)
Net increase (decrease) in net assets during the year		(8,128,981	)		(8,698,693	)		49,981,990			138,436,651			95,873,051			23,389,009			(47,434,174	)		237,135,710			(91,778,223	)		(48,883,542	)
Net assets at beginning of year		31,263,979			39,962,672			897,622,611			759,185,960			189,411,510			166,022,501			538,651,170			301,515,460			247,440,681			296,324,223
NET ASSETS END OF YEAR (1)	$	23,134,998		$	31,263,979		$	947,604,601		$	897,622,611		$	285,284,561		$	189,411,510		$	491,216,996		$	538,651,170		$	155,662,458		$	247,440,681
SHARES OF BENEFICIAL INTEREST:
Shares sold		750,000			300,000			3,000,000			5,400,000			2,000,000			1,700,000			1,350,000			6,900,000			1,200,000			1,200,000
Shares redeemed		(850,000	)		(550,000	)		(2,700,000	)		(4,900,000	)		(700,000	)		(1,300,000	)		(1,300,000	)		(450,000	)		(5,100,000	)		(3,500,000	)
Net increase (decrease)		(100,000	)		(250,000	)		300,000			500,000			1,300,000			400,000			50,000			6,450,000			(3,900,000	)		(2,300,000	)
(1) Including undistributed (distribution in excess of) net investment income	$	544,584		$	176,955		$	9,007,139		$	5,299,506		$	2,390,552		$	1,289,206		$	(1,282,865	)	$	(1,642,479	)	$	2,149,733		$	1,102,194

See accompanying notes to financial statements.

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

																			SPDR S&P World
	SPDR S&P Emerging Europe ETF						SPDR S&P Emerging Latin America ETF						SPDR S&P Emerging Middle East & Africa ETF						ex-US ETF						SPDR S&P International Small Cap ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,238,045		$	2,078,172		$	1,425,351		$	2,339,805		$	1,370,932		$	1,770,721		$	26,174,088		$	15,349,823		$	13,431,467		$	16,269,854
Net realized gain (loss) on investments and foreign currency transactions		(6,285,718	)		(2,334,901	)		(5,587,888	)		(8,592,846	)		(777,282	)		(125,742	)		34,415,149			893,089			126,291,899			1,499,253
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(5,352,335	)		744,377			3,397,801			(1,962,558	)		3,285,694			(3,940,186	)		(27,098,565	)		83,415,887			(116,936,922	)		131,358,676
Net increase (decrease) in net assets resulting from operations		(9,400,008	)		487,648			(764,736	)		(8,215,599	)		3,879,344			(2,295,207	)		33,490,672			99,658,799			22,786,444			149,127,783
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,481,279	)		(3,277,881	)		(1,382,090	)		(2,132,567	)		(1,674,967	)		(1,967,723	)		(24,777,954	)		(14,411,748	)		(23,935,017	)		(17,144,709	)
Total distributions to shareholders		(1,481,279	)		(3,277,881	)		(1,382,090	)		(2,132,567	)		(1,674,967	)		(1,967,723	)		(24,777,954	)		(14,411,748	)		(23,935,017	)		(17,144,709	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		23,596,442			17,309,678			—			15,218,912			—			—			207,812,677			197,451,754			61,081,608			74,024,552
Cost of shares redeemed		(22,335,414	)		(24,673,060	)		(19,219,737	)		(48,350,490	)		(6,598,281	)		(20,188,372	)		(79,837,317	)		(5,225,766	)		(81,085,368	)		(71,216,675	)
Net increase (decrease) in net assets from beneficial interest transactions		1,261,028			(7,363,382	)		(19,219,737	)		(33,131,578	)		(6,598,281	)		(20,188,372	)		127,975,360			192,225,988			(20,003,760	)		2,807,877
Net increase (decrease) in net assets during the year		(9,620,259	)		(10,153,615	)		(21,366,563	)		(43,479,744	)		(4,393,904	)		(24,451,302	)		136,688,078			277,473,039			(21,152,333	)		134,790,951
Net assets at beginning of year		76,485,438			86,639,053			70,575,035			114,054,779			67,534,766			91,986,068			688,755,349			411,282,310			813,871,210			679,080,259
NET ASSETS END OF YEAR (1)	$	66,865,179		$	76,485,438		$	49,208,472		$	70,575,035		$	63,140,862		$	67,534,766		$	825,443,427		$	688,755,349		$	792,718,877		$	813,871,210
SHARES OF BENEFICIAL INTEREST:
Shares sold		600,000			400,000			—			200,000			—			—			7,200,000			7,600,000			1,800,000			2,500,000
Shares redeemed		(600,000	)		(600,000	)		(300,000	)		(700,000	)		(100,000	)		(300,000	)		(2,800,000	)		(200,000	)		(2,400,000	)		(2,400,000	)
Net increase (decrease)		—			(200,000	)		(300,000	)		(500,000	)		(100,000	)		(300,000	)		4,400,000			7,400,000			(600,000	)		100,000
(1) Including undistributed (distribution in excess of) net investment income	$	1,196,687		$	452,011		$	223,053		$	187,682		$	441,064		$	609,789		$	5,408,856		$	3,473,984		$	1,749,229		$	7,402,345

See accompanying notes to financial statements.

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

																			SPDR MSCI ACWI
	SPDR Dow Jones International Real Estate ETF						SPDR S&P Global Infrastructure ETF						SPDR S&P Global Natural Resources ETF						ex-US ETF						SPDR MSCI ACWI IMI ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	147,080,831		$	114,781,571		$	3,513,800		$	2,934,040		$	13,876,435		$	12,286,558		$	17,894,597		$	11,548,310		$	488,149		$	129,583
Net realized gain (loss) on investments and foreign currency transactions		2,009,479			(30,255,937	)		3,645,942			(4,441,135	)		(9,607,560	)		(24,439,105	)		6,590,053			2,319,544			(410	)		7,748
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(23,184,292	)		356,953,647			6,752,010			9,028,871			4,014,399			(8,661,313	)		2,046,911			49,130,646			(272,979	)		807,958
Net increase (decrease) in net assets resulting from operations		125,906,018			441,479,281			13,911,752			7,521,776			8,283,274			(20,813,860	)		26,531,561			62,998,500			214,760			945,289
Net equalization credits and charges (Note 2)		(6,049,389	)		1,545,942			—			—			—			—			—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(207,509,734	)		(229,349,200	)		(3,517,695	)		(2,633,933	)		(12,447,584	)		(11,695,276	)		(16,800,571	)		(12,088,605	)		(241,004	)		(127,566	)
Net realized gains		—			—			—			—			—			—			—			—			(8,630	)		(1,624	)
Total distributions to shareholders		(207,509,734	)		(229,349,200	)		(3,517,695	)		(2,633,933	)		(12,447,584	)		(11,695,276	)		(16,800,571	)		(12,088,605	)		(249,634	)		(129,190	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		1,012,403,593			836,455,196			74,978,089			36,254,564			230,193,788			267,091,861			93,043,547			103,437,802			51,648,206			—
Cost of shares redeemed		(73,642,653	)		(139,344,175	)		(25,255,803	)		(25,303,251	)		(38,175,395	)		(241,671,614	)		(21,105,047	)		(44,741,128	)		—			—
Net income equalization (Note 2)		6,049,389			(1,545,942	)		—			—			—			—			—			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		944,810,329			695,565,079			49,722,286			10,951,313			192,018,393			25,420,247			71,938,500			58,696,674			51,648,206			—
Net increase (decrease) in net assets during the year		857,157,224			909,241,102			60,116,343			15,839,156			187,854,083			(7,088,889	)		81,669,490			109,606,569			51,613,332			816,099
Net assets at beginning of year		4,045,899,054			3,136,657,952			52,216,720			36,377,564			407,762,883			414,851,772			493,824,345			384,217,776			5,820,332			5,004,233
NET ASSETS END OF YEAR (1)	$	4,903,056,278		$	4,045,899,054		$	112,333,063		$	52,216,720		$	595,616,966		$	407,762,883		$	575,493,835		$	493,824,345		$	57,433,664		$	5,820,332
SHARES OF BENEFICIAL INTEREST:
Shares sold		23,500,000			19,900,000			1,600,000			900,000			4,600,000			5,300,000			2,600,000			3,200,000			800,000			—
Shares redeemed		(1,800,000	)		(3,400,000	)		(500,000	)		(600,000	)		(750,000	)		(5,050,000	)		(600,000	)		(1,400,000	)		—			—
Net increase (decrease)		21,700,000			16,500,000			1,100,000			300,000			3,850,000			250,000			2,000,000			1,800,000			800,000			—
(1) Including undistributed (distribution in excess of) net investment income	$	(184,040,107	)	$	(134,416,995	)	$	728,410		$	708,703		$	3,721,420		$	2,887,492		$	3,964,780		$	2,784,587		$	274,250		$	31,067

See accompanying notes to financial statements.

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

	SPDR MSCI EM 50 ETF						SPDR MSCI EM Beyond BRIC ETF			SPDR MSCI EAFE Quality Mix ETF			SPDR MSCI Emerging Markets Quality Mix ETF			SPDR MSCI World Quality Mix ETF			SPDR MSCI Australia Quality Mix ETF			SPDR MSCI Canada Quality Mix ETF			SPDR MSCI Germany Quality Mix ETF			SPDR MSCI Japan Quality Mix ETF
							For the Period			For the Period			For the Period			For the Period			For the Period			For the Period			For the Period			For the Period
	Year Ended			Year Ended			12/4/13*-			6/4/14*-			6/4/14*-			6/4/14*-			6/11/14*-			6/11/14*-			6/11/14*-			6/11/14*-
	9/30/14			9/30/13			9/30/14			9/30/14			9/30/14			9/30/14			9/30/14			9/30/14			9/30/14			9/30/14
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	88,865		$	48,863		$	62,113		$	45,327		$	77,331		$	37,275		$	110,356		$	37,670		$	1,867		$	40,992
Net realized gain (loss) on investments and foreign currency transactions		411,161			(157,887	)		196,923			(636	)		(12,635	)		(773	)		(1,923	)		56,136			(3,196	)		(382	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(123,228	)		188,934			35,095			(313,508	)		(110,807	)		(37,702	)		(518,553	)		(30,018	)		(640,451	)		5,133
Net increase (decrease) in net assets resulting from operations		376,798			79,910			294,131			(268,817	)		(46,111	)		(1,200	)		(410,120	)		63,788			(641,780	)		45,743
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(55,039	)		(73,259	)		(29,342	)		(3,253	)		(1,381	)		(4,196	)		—			(2,368	)		(344	)		—
Total distributions to shareholders		(55,039	)		(73,259	)		(29,342	)		(3,253	)		(1,381	)		(4,196	)		—			(2,368	)		(344	)		—
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		2,311,108			—			8,954,559			6,000,000			6,000,000			6,000,000			6,000,000			6,000,000			6,000,000			6,000,000
Cost of shares redeemed		(2,583,320	)		(2,381,988	)		(6,112,475	)		—			—			—			—			(3,070,323	)		—			—
Other capital (Note 4)		—			—			—			—			6,120			—			—			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		(272,212	)		(2,381,988	)		2,842,084			6,000,000			6,006,120			6,000,000			6,000,000			2,929,677			6,000,000			6,000,000
Net increase (decrease) in net assets during the year		49,547			(2,375,337	)		3,106,873			5,727,930			5,958,628			5,994,604			5,589,880			2,991,097			5,357,876			6,045,743
Net assets at beginning of year		2,355,207			4,730,544			—			—			—			—			—			—			—			—
NET ASSETS END OF YEAR (1)	$	2,404,754		$	2,355,207		$	3,106,873		$	5,727,930		$	5,958,628		$	5,994,604		$	5,589,880		$	2,991,097		$	5,357,876		$	6,045,743
SHARES OF BENEFICIAL INTEREST:
Shares sold		50,000			—			150,000			100,000			100,000			100,000			100,000			100,000			100,000			100,000
Shares redeemed		(50,000	)		(50,000	)		(100,000	)		—			—			—			—			(50,000	)		—			—
Net increase (decrease)		—			(50,000	)		50,000			100,000			100,000			100,000			100,000			50,000			100,000			100,000
(1) Including undistributed (distribution in excess of) net investment income	$	45,414		$	11,886		$	31,687		$	41,430		$	62,958		$	32,234		$	108,408		$	39,368		$	2,601		$	40,610

* Commencement of operations.

See accompanying notes to financial statements.

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

	SPDR MSCI Mexico Quality Mix ETF			SPDR MSCI South Korea Quality Mix ETF			SPDR MSCI Spain Quality Mix ETF			SPDR MSCI Taiwan Quality Mix ETF			SPDR MSCI United Kingdom Quality Mix ETF			SPDR Russell/Nomura PRIME Japan ETF						SPDR Russell/Nomura Small Cap Japan ETF
	For the Period			For the Period			For the Period			For the Period			For the Period
	9/16/14*-			9/16/14*-			6/11/14*-			9/16/14*-			6/11/14*-			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/14			9/30/14			9/30/14			9/30/14			9/30/14			9/30/13			9/30/14			9/30/13
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	390		$	(419	)	$	94,572		$	(773	)	$	61,755		$	1,094,248		$	867,579		$	836,771		$	1,043,072
Net realized gain (loss) on investments and foreign currency transactions		(704	)		12,121			(4,936	)		9,685			(1,040	)		5,486,630			1,549,010			1,146,097			(215,566	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(116,794	)		(157,336	)		(849,916	)		(225,587	)		(352,048	)		(3,608,750	)		3,253,088			(2,284,312	)		15,230,408
Net increase (decrease) in net assets resulting from operations		(117,108	)		(145,634	)		(760,280	)		(216,675	)		(291,333	)		2,972,128			5,669,677			(301,444	)		16,057,914
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			—			(5,821	)		—			(610	)		(1,581,813	)		(236,411	)		(2,287,511	)		(1,106,374	)
Total distributions to shareholders		—			—			(5,821	)		—			(610	)		(1,581,813	)		(236,411	)		(2,287,511	)		(1,106,374	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		3,000,000			3,000,000			9,023,738			6,000,000			6,000,000			18,324,183			115,432,782			—			31,587,380
Cost of shares redeemed		—			—			—			—			—			(119,503,938	)		(8,181,550	)		(22,266,802	)		(13,495,806	)
Net increase (decrease) in net assets from beneficial interest transactions		3,000,000			3,000,000			9,023,738			6,000,000			6,000,000			(101,179,755	)		107,251,232			(22,266,802	)		18,091,574
Net increase (decrease) in net assets during the year		2,882,892			2,854,366			8,257,637			5,783,325			5,708,057			(99,789,440	)		112,684,498			(24,855,757	)		33,043,114
Net assets at beginning of year		—			—			—			—			—			126,911,109			14,226,611			97,606,393			64,563,279
NET ASSETS END OF YEAR (1)	$	2,882,892		$	2,854,366		$	8,257,637		$	5,783,325		$	5,708,057		$	27,121,669		$	126,911,109		$	72,750,636		$	97,606,393
SHARES OF BENEFICIAL INTEREST:
Shares sold		100,000			100,000			150,000			100,000			100,000			400,000			2,600,000			—			650,000
Shares redeemed		—			—			—			—			—			(2,600,000	)		(200,000	)		(450,000	)		(300,000	)
Net increase (decrease)		100,000			100,000			150,000			100,000			100,000			(2,200,000	)		2,400,000			(450,000	)		350,000
(1) Including undistributed (distribution in excess of) net investment income	$	369		$	12,853		$	87,744		$	8,912		$	60,153		$	699,387		$	790,129		$	(343,891	)	$	573,482

* Commencement of operations.

See accompanying notes to financial statements.

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

	SPDR S&P Global Dividend ETF						SPDR S&P International Dividend ETF						SPDR S&P International Mid Cap ETF						SPDR S&P Emerging Markets Small Cap ETF						SPDR Dow Jones Global Real Estate ETF
				For the Period
	Year Ended			5/29/13*-			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	775,811		$	75,772		$	70,444,331		$	86,637,668		$	1,166,533		$	840,610		$	14,165,333		$	17,739,188		$	32,752,784		$	22,926,192
Net realized gain (loss) on investments and foreign currency transactions		285,553			26,573			67,019,027			(46,935,898	)		4,345,928			3,777,828			4,826,776			6,623,290			15,272,479			33,827,386
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(575,700	)		275,735			(86,957,107	)		63,058,089			(4,020,643	)		3,397,191			24,288,920			25,258,618			25,625,589			(10,972,036	)
Net increase in net assets resulting from operations		485,664			378,080			50,506,251			102,759,859			1,491,818			8,015,629			43,281,029			49,621,096			73,650,852			45,781,542
Net equalization credits and charges (Note 2)		15,686			1,376			871,464			(6,819	)		—			—			—			—			1,802,684			2,059,831
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(774,129	)		(62,806	)		(71,478,207	)		(85,860,472	)		(1,269,253	)		(911,027	)		(15,106,089	)		(20,055,509	)		(40,259,506	)		(36,887,834	)
Net realized gains		—			—			—			—			(3,056,290	)		(80,604	)		—			—			—			—
Total distributions to shareholders		(774,129	)		(62,806	)		(71,478,207	)		(85,860,472	)		(4,325,543	)		(991,631	)		(15,106,089	)		(20,055,509	)		(40,259,506	)		(36,887,834	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		19,989,175			9,183,687			251,950,147			426,274,114			26,880,442			7,543,422			—			—			486,791,879			545,280,932
Cost of shares redeemed		—			—			(85,690,252	)		(138,869,357	)		—			(4,161,271	)		(220,214,602	)		(166,152,320	)		(50,428,622	)		(94,273,434	)
Net income equalization (Note 2)		(15,686	)		(1,376	)		(871,464	)		6,819			—			—			—			—			(1,802,684	)		(2,059,831	)
Other capital (Note 4)		—			—			—			—			—			—			655,796			606,781			(164	)		—
Net increase (decrease) in net assets from beneficial interest transactions		19,973,489			9,182,311			165,388,431			287,411,576			26,880,442			3,382,151			(219,558,806	)		(165,545,539	)		434,560,409			448,947,667
Net increase (decrease) in net assets during the year		19,700,710			9,498,961			145,287,939			304,304,144			24,046,717			10,406,149			(191,383,866	)		(135,979,952	)		469,754,439			459,901,206
Net assets at beginning of year		9,498,961			—			1,304,825,996			1,000,521,852			46,399,445			35,993,296			761,466,052			897,446,004			1,003,377,390			543,476,184
NET ASSETS END OF YEAR (1)	$	29,199,671		$	9,498,961		$	1,450,113,935		$	1,304,825,996		$	70,446,162		$	46,399,445		$	570,082,186		$	761,466,052		$	1,473,131,829		$	1,003,377,390
SHARES OF BENEFICIAL INTEREST:
Shares sold		300,000			150,000			5,100,000			8,900,000			800,000			250,000			—			—			10,700,000			12,600,000
Shares redeemed		—			—			(1,800,000	)		(3,000,000	)		—			(150,000	)		(4,700,000	)		(3,700,000	)		(1,200,000	)		(2,200,000	)
Net increase (decrease)		300,000			150,000			3,300,000			5,900,000			800,000			100,000			(4,700,000	)		(3,700,000	)		9,500,000			10,400,000
(1) Including undistributed (distribution in excess of) net investment income	$	35,341		$	13,226		$	5,786,377		$	3,946,190		$	581,581		$	449,668		$	7,866,973		$	9,096,769		$	(19,484,396	)	$	(14,482,696	)

* Commencement of operations.

See accompanying notes to financial statements.

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

	SPDR S&P International Consumer Discretionary Sector ETF						SPDR S&P International Consumer Staples Sector ETF						SPDR S&P International Energy Sector ETF						SPDR S&P International Financial Sector ETF						SPDR S&P International Health Care Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	385,898		$	214,116		$	976,690		$	722,469		$	536,448		$	379,278		$	322,674		$	226,169		$	1,076,313		$	833,299
Net realized gain (loss) on investments and foreign currency transactions		1,704,705			23,699			13,653			34,691			70,669			(27,685	)		431,422			234,629			4,554,473			(280,401	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(2,228,684	)		3,230,754			(161,027	)		2,840,955			(515,923	)		(47,514	)		(440,409	)		921,583			5,005,472			6,850,211
Net increase (decrease) in net assets resulting from operations		(138,081	)		3,468,569			829,316			3,598,115			91,194			304,079			313,687			1,382,381			10,636,258			7,403,109
Net equalization credits and charges (Note 2)		(4,040	)		(5,822	)		42,871			28,146			31,461			12,017			(81,523	)		(36,364	)		25,355			80,293
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(441,020	)		(184,061	)		(1,023,722	)		(749,704	)		(554,858	)		(383,819	)		(339,282	)		(222,351	)		(1,109,173	)		(880,788	)
Total distributions to shareholders		(441,020	)		(184,061	)		(1,023,722	)		(749,704	)		(554,858	)		(383,819	)		(339,282	)		(222,351	)		(1,109,173	)		(880,788	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		5,846,832			10,162,220			6,105,682			15,107,484			8,581,829			1,225,170			6,700,984			3,890,337			9,716,923			25,833,615
Cost of shares redeemed		(5,839,099	)		—			—			—			(1,340,943	)		—			(2,279,644	)		(2,056,618	)		(13,598,412	)		—
Net income equalization (Note 2)		4,040			5,822			(42,871	)		(28,146	)		(31,461	)		(12,017	)		81,523			36,364			(25,355	)		(80,293	)
Net increase (decrease) in net assets from beneficial interest transactions		11,773			10,168,042			6,062,811			15,079,338			7,209,425			1,213,153			4,502,863			1,870,083			(3,906,844	)		25,753,322
Net increase (decrease) in net assets during the year		(571,368	)		13,446,728			5,911,276			17,955,895			6,777,222			1,145,430			4,395,745			2,993,749			5,645,596			32,355,936
Net assets at beginning of year		18,975,943			5,529,215			36,941,499			18,985,604			12,534,798			11,389,368			6,527,758			3,534,009			60,479,075			28,123,139
NET ASSETS END OF YEAR (1)	$	18,404,575		$	18,975,943		$	42,852,775		$	36,941,499		$	19,312,020		$	12,534,798		$	10,923,503		$	6,527,758		$	66,124,671		$	60,479,075
SHARES OF BENEFICIAL INTEREST:
Shares sold		150,000			300,000			150,000			400,000			300,000			50,000			300,000			200,000			200,000			650,000
Shares redeemed		(150,000	)		—			—			—			(50,000	)		—			(100,000	)		(100,000	)		(300,000	)		—
Net increase (decrease)		—			300,000			150,000			400,000			250,000			50,000			200,000			100,000			(100,000	)		650,000
(1) Including undistributed (distribution in excess of) net investment income	$	60,828		$	100,029		$	(74,898	)	$	(27,093	)	$	1,660		$	23,087		$	130,491		$	112,024		$	28,846		$	47,578

See accompanying notes to financial statements.

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

	SPDR S&P International Industrial Sector ETF						SPDR S&P International Materials Sector ETF						SPDR S&P International Technology Sector ETF						SPDR S&P International Telecommunications Sector ETF						SPDR S&P International Utilities Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13			9/30/14			9/30/13
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	536,137		$	228,261		$	179,174		$	186,627		$	131,861		$	150,548		$	4,194,166		$	1,260,122		$	2,191,775		$	1,089,380
Net realized gain (loss) on investments and foreign currency transactions		194,008			(514,208	)		(804,084	)		(619,920	)		496,168			1,132,665			1,157,507			377,703			(1,888,802	)		(379,068	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(390,310	)		2,548,643			381,792			627,096			200,443			1,614,993			(3,469,941	)		5,064,981			4,571,985			3,303,560
Net increase (decrease) in net assets resulting from operations		339,835			2,262,696			(243,118	)		193,803			828,472			2,898,206			1,881,732			6,702,806			4,874,958			4,013,872
Net equalization credits and charges (Note 2)		(55,237	)		(75,203	)		(453	)		(2,855	)		(1,072	)		(30,814	)		(133,997	)		8,672			63,992			97,264
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(544,065	)		(221,282	)		(262,845	)		(186,670	)		(206,790	)		(126,851	)		(4,048,039	)		(1,278,960	)		(2,223,595	)		(1,256,520	)
Total distributions to shareholders		(544,065	)		(221,282	)		(262,845	)		(186,670	)		(206,790	)		(126,851	)		(4,048,039	)		(1,278,960	)		(2,223,595	)		(1,256,520	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		12,363,293			5,552,523			—			—			1,543,488			4,036,324			20,600,179			7,986,601			27,067,122			11,707,886
Cost of shares redeemed		(1,574,953	)		(2,489,084	)		(1,223,889	)		(2,516,666	)		(1,580,716	)		(5,681,307	)		(8,487,193	)		(4,890,654	)		—			—
Net income equalization (Note 2)		55,237			75,203			453			2,855			1,072			30,814			133,997			(8,672	)		(63,992	)		(97,264	)
Net increase (decrease) in net assets from beneficial interest transactions		10,843,577			3,138,642			(1,223,436	)		(2,513,811	)		(36,156	)		(1,614,169	)		12,246,983			3,087,275			27,003,130			11,610,622
Net increase (decrease) in net assets during the year		10,584,110			5,104,853			(1,729,852	)		(2,509,533	)		584,454			1,126,372			9,946,679			8,519,793			29,718,485			14,465,238
Net assets at beginning of year		13,739,745			8,634,892			9,332,891			11,842,424			12,007,037			10,880,665			33,617,927			25,098,134			39,868,354			25,403,116
NET ASSETS END OF YEAR (1)	$	24,323,855		$	13,739,745		$	7,603,039		$	9,332,891		$	12,591,491		$	12,007,037		$	43,564,606		$	33,617,927		$	69,586,839		$	39,868,354
SHARES OF BENEFICIAL INTEREST:
Shares sold		400,000			200,000			—			—			50,000			150,000			750,000			350,000			1,450,000			700,000
Shares redeemed		(50,000	)		(100,000	)		(50,000	)		(100,000	)		(50,000	)		(200,000	)		(300,000	)		(200,000	)		—			—
Net increase (decrease)		350,000			100,000			(50,000	)		(100,000	)		—			(50,000	)		450,000			150,000			1,450,000			700,000
(1) Including undistributed (distribution in excess of) net investment income	$	105,745		$	117,992		$	10,394		$	95,475		$	24,543		$	93,663		$	155,258		$	14,152		$	(203,910	)	$	(162,572	)

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

																															SPDR
																															EURO
																															STOXX
	SPDR STOXX Europe 50 ETF															SPDR EURO STOXX 50 ETF															Small Cap ETF
																															For the
																															Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			6/4/14*-
	9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14
Net asset value, beginning of period	$	36.47		$	31.50		$	28.26		$	33.39		$	35.31		$	38.33		$	30.96		$	28.72		$	36.90		$	41.34		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (1)		2.03	(2)		1.19			1.25			1.23			1.02			1.32			1.19			1.42			1.63			1.13			0.16
Net realized and unrealized gain (loss) (3)		0.22			4.84			3.21			(4.73	)		(1.95	)		1.46			7.19			1.77			(8.23	)		(4.47	)		(9.47	)
Total from investment operations		2.25			6.03			4.46			(3.50	)		(0.93	)		2.78			8.38			3.19			(6.60	)		(3.34	)		(9.31	)
Net equalization credits and charges (1)		0.11			0.13			0.04			(0.03	)		0.06			0.06			0.13			0.35			(0.00	)(4)		0.10			—
Other capital		—			—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(1.97	)		(1.19	)		(1.26	)		(1.60	)		(1.05	)		(1.29	)		(1.14	)		(1.30	)		(1.58	)		(1.20	)		(0.11	)
Total distributions		(1.97	)		(1.19	)		(1.26	)		(1.60	)		(1.05	)		(1.29	)		(1.14	)		(1.30	)		(1.58	)		(1.20	)		(0.11	)
Voluntary contribution from Adviser		—			—			—			—			—			—			—			—			—			—			0.07
Net asset value, end of period	$	36.86		$	36.47		$	31.50		$	28.26		$	33.39		$	39.88		$	38.33		$	30.96		$	28.72		$	36.90		$	50.65
Total return (6)		6.33	%(2)		19.94	%(5)		16.25	%		(11.37	)%		(2.52	)%		7.20	%		28.10	%(5)		12.90	%		(18.88	)%		(7.48	)%		(15.43	)%(7)
Net assets, end of period (in 000’s)	$	261,730		$	109,419		$	37,809		$	29,684		$	38,407		$	4,949,488		$	3,285,263		$	993,820		$	116,356		$	162,400		$	7,598
Ratio of expenses to average net assets		0.29	%		0.29	%		0.29	%		0.30	%		0.31	%		0.29	%		0.29	%		0.29	%		0.30	%		0.31	%		0.45	%(8)
Ratio of net investment income (loss) to average net assets		5.28	%(2)		3.47	%		4.12	%		3.55	%		3.05	%		3.16	%		3.43	%		4.78	%		4.29	%		3.03	%		0.89	%(8)
Portfolio turnover rate (9)		9	%		12	%		6	%		7	%		9	%		6	%		8	%		9	%		7	%		8	%		30	%

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)	Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.76 per share and 1.96% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been 4.56%.
(3)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)	Amount is less than $0.005 per share.
(5)	If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have been 19.93% for SPDR STOXX Europe 50 ETF and would have remained 28.10% for SPDR EURO STOXX 50 ETF.
(6)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(7)	If the Adviser had not made a contribution during the period ended September 30, 2014, the total return would have been (15.54)%.
(8)	Annualized
(9)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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419

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Asia Pacific ETF															SPDR S&P Small Cap Emerging Asia Pacific ETF									SPDR S&P Russia ETF
																						For the															For the
																						Period															Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			1/11/12*-			Year Ended			Year Ended			Year Ended			Year Ended			3/10/10*-
	9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	75.37		$	73.54		$	66.85		$	82.86		$	69.33		$	43.24		$	44.42		$	40.00		$	27.19		$	28.54		$	25.65		$	30.01		$	30.00
Income (loss) from investment operations:
Net investment income (loss) (1)		1.74			1.62			1.32			1.52			1.28			1.08			0.89			0.70			0.75			0.70			0.57			0.57			0.20
Net realized and unrealized gain (loss) (2)		7.95			1.96			8.00			(13.63	)		13.06			3.47			2.79			3.52			(5.51	)		(0.82	)		2.80			(4.53	)		(0.01	)
Total from investment operations		9.69			3.58			9.32			(12.11	)		14.34			4.55			3.68			4.22			(4.76	)		(0.12	)		3.37			(3.96	)		0.19
Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			—			—			—
Other capital		—			—			—			—			—			0.30			—			0.20			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(1.22	)		(1.75	)		(1.71	)		(1.29	)		(0.81	)		(1.61	)		(1.66	)		—			(0.40	)		(1.23	)		(0.48	)		(0.29	)		(0.18	)
Net realized gains		—			—			(0.92	)		(2.61	)		—			(2.69	)		(3.20	)		—			—			—			—			(0.11	)		—
Total distributions		(1.22	)		(1.75	)		(2.63	)		(3.90	)		(0.81	)		(4.30	)		(4.86	)		—			(0.40	)		(1.23	)		(0.48	)		(0.40	)		(0.18	)
Net asset value, end of period	$	83.84		$	75.37		$	73.54		$	66.85		$	82.86		$	43.79		$	43.24		$	44.42		$	22.03		$	27.19		$	28.54		$	25.65		$	30.01
Total return (4)		12.99	%		4.91	%		14.40	%		(15.55	)%		20.85	%		12.05	%		8.31	%(3)		11.08	%		(17.72	)%		(0.41	)%		13.40	%		(13.58	)%		0.72	%
Net assets, end of period (in 000’s)	$	687,494		$	399,460		$	389,769		$	514,755		$	712,608		$	4,379		$	2,162		$	2,221		$	23,135		$	31,264		$	39,963		$	43,611		$	6,003
Ratio of expenses to average net assets		0.59	%		0.59	%		0.60	%		0.60	%		0.60	%		0.66	%		0.65	%		0.71	%(5)		0.60	%		0.60	%		0.59	%		0.59	%		0.59	%(5)
Ratio of net investment income (loss) to average net assets		2.17	%		2.14	%		1.87	%		1.83	%		1.74	%		2.50	%		2.05	%		2.27	%(5)		2.94	%		2.56	%		2.05	%		1.56	%		1.25	%(5)
Portfolio turnover rate (6)		15	%		16	%		7	%		20	%		10	%		72	%		21	%		65	%		4	%		3	%		11	%		15	%		1	%

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have been 8.23% for SPDR S&P Small Cap Emerging Asia Pacific ETF.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)	Annualized
(6)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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421

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P China ETF															SPDR S&P Emerging Markets ETF															SPDR S&P Emerging Markets Dividend ETF
																																								For the
																																								Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			2/23/11*-
	9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11
Net asset value, beginning of period	$	74.18		$	65.45		$	57.68		$	76.14		$	66.50		$	63.14		$	63.85		$	57.26		$	69.89		$	59.00		$	40.34		$	43.70		$	43.89		$	50.00
Income (loss) from investment operations:
Net investment income (loss) (1)		1.77			1.63			1.68			1.31			1.03			1.39			1.38			1.48			1.36			1.09			1.77			2.45			3.18			2.32
Net realized and unrealized gain (loss) (2)		1.93			8.72			7.56			(18.48	)		9.44			2.85			(0.55	)		7.20			(12.20	)		10.73			(3.86	)		(3.87	)		(0.78	)		(6.96	)
Total from investment operations		3.70			10.35			9.24			(17.17	)		10.47			4.24			0.83			8.68			(10.84	)		11.82			(2.09	)		(1.42	)		2.40			(4.64	)
Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			0.04			0.09			0.01			0.43
Other capital		—			—			—			—			—			—			—			0.00	(3)		—			—			0.01			0.05			—			—
Distributions to shareholders from:
Net investment income		(1.46	)		(1.62	)		(1.47	)		(1.29	)		(0.83	)		(1.03	)		(1.54	)		(1.41	)		(1.15	)		(0.93	)		(1.64	)		(2.08	)		(2.60	)		(1.28	)
Net realized gains		—			—			—			—			—			—			—			(0.68	)		(0.64	)		—			—			—			—			—
Return of capital		—			—			—			—			—			—			—			—			—			—			—			—			—			(0.62	)
Total distributions		(1.46	)		(1.62	)		(1.47	)		(1.29	)		(0.83	)		(1.03	)		(1.54	)		(2.09	)		(1.79	)		(0.93	)		(1.64	)		(2.08	)		(2.60	)		(1.90	)
Net asset value, end of period	$	76.42		$	74.18		$	65.45		$	57.68		$	76.14		$	66.35		$	63.14		$	63.85		$	57.26		$	69.89		$	36.66		$	40.34		$	43.70		$	43.89
Total return (4)		5.00	%		16.20	%		16.17	%		(22.95	)%		15.87	%		6.73	%		1.31	%		15.58	%		(16.06	)%		20.25	%		(5.16	)%		(2.80	)%		5.54	%		(8.73	)%
Net assets, end of period (in 000’s)	$	947,605		$	897,623		$	759,186		$	617,133		$	677,680		$	285,285		$	189,412		$	166,023		$	154,600		$	216,661		$	491,217		$	538,651		$	301,515		$	54,862
Ratio of expenses to average net assets		0.59	%		0.59	%		0.59	%		0.60	%		0.61	%		0.59	%		0.59	%		0.59	%		0.60	%		0.60	%		0.59	%		0.60	%		0.61	%		0.62	%(5)
Ratio of net investment income (loss) to average net assets		2.33	%		2.31	%		2.56	%		1.71	%		1.46	%		2.12	%		2.15	%		2.39	%		1.90	%		1.73	%		4.50	%		5.71	%		6.80	%		7.46	%(5)
Portfolio turnover rate (6)		10	%		12	%		10	%		9	%		25	%		9	%		21	%		11	%		4	%		15	%		67	%		85	%		134	%		42	%

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

See accompanying notes to financial statements.

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423

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P BRIC 40 ETF															SPDR S&P Emerging Europe ETF															SPDR S&P Emerging Latin America ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	23.34		$	22.97		$	20.92		$	25.84		$	23.03		$	40.26		$	41.26		$	37.16		$	45.55		$	39.42		$	64.16		$	71.28		$	64.12		$	84.48		$	69.92
Income (loss) from investment operations:
Net investment income (loss) (2)		0.54			0.57			0.54			0.60			0.43			1.07			1.02			0.95			1.02			0.46			1.58			1.65			1.76			1.93	(1)		1.57
Net realized and unrealized gain (loss) (3)		(0.22	)		0.49			2.09			(5.00	)		2.75			(5.43	)		(0.37	)		4.22			(8.73	)		6.06			(2.77	)		(7.23	)		7.40			(20.76	)		14.73
Total from investment operations		0.32			1.06			2.63			(4.40	)		3.18			(4.36	)		0.65			5.17			(7.71	)		6.52			(1.19	)		(5.58	)		9.16			(18.83	)		16.30
Net equalization credits and charges (2)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Other capital		—			—			0.00	(4)		—			—			—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.43	)		(0.69	)		(0.58	)		(0.52	)		(0.37	)		(0.71	)		(1.65	)		(1.07	)		(0.68	)		(0.39	)		(1.46	)		(1.54	)		(2.00	)		(1.53	)		(1.74	)
Total distributions		(0.43	)		(0.69	)		(0.58	)		(0.52	)		(0.37	)		(0.71	)		(1.65	)		(1.07	)		(0.68	)		(0.39	)		(1.46	)		(1.54	)		(2.00	)		(1.53	)		(1.74	)
Net asset value, end of period	$	23.23		$	23.34		$	22.97		$	20.92		$	25.84		$	35.19		$	40.26		$	41.26		$	37.16		$	45.55		$	61.51		$	64.16		$	71.28		$	64.12		$	84.48
Total return (5)		1.35	%		4.95	%		12.82	%		(17.49	)%		13.98	%		(11.01	)%		1.68	%		14.32	%		(17.35	)%		16.74	%		(1.88	)%		(7.86	)%		14.49	%		(22.78	)%(1)		23.73	%
Net assets, end of period (in 000’s)	$	155,662		$	247,441		$	296,324		$	374,453		$	459,991		$	66,865		$	76,485		$	86,639		$	118,917		$	232,325		$	49,208		$	70,575		$	114,055		$	121,832		$	211,194
Ratio of expenses to average net assets		0.50	%		0.50	%		0.50	%		0.51	%		0.52	%		0.59	%		0.59	%		0.60	%		0.61	%		0.61	%		0.59	%		0.59	%		0.59	%		0.60	%		0.61	%
Ratio of net investment income (loss) to average net assets		2.30	%		2.45	%		2.32	%		2.23	%		1.78	%		2.77	%		2.48	%		2.41	%		2.04	%		1.07	%		2.50	%		2.35	%		2.43	%		2.27	%(1)		2.05	%
Portfolio turnover rate (6)		7	%		9	%		13	%		10	%		10	%		15	%		6	%		6	%		10	%		21	%		5	%		10	%		7	%		12	%		23	%

(1)	Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.21 per share and 0.24% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (23.11)%.
(2)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(3)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)	State Street reimbursed the Fund $29,705 due to a record keeping error. The impact of the reimbursement is less than $0.005.
(5)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(6)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

424

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425

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Middle East & Africa ETF															SPDR S&P World ex-US ETF															SPDR S&P International Small Cap ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	67.53		$	70.76		$	62.01		$	71.33		$	58.74		$	28.00		$	23.91		$	21.37		$	24.19		$	23.58		$	32.82		$	27.49		$	25.79		$	27.92		$	25.45
Income (loss) from investment operations:
Net investment income (loss) (1)		1.47			1.52			2.13			1.87			1.33			0.89			0.73			0.75			0.75			0.56			0.54			0.65			0.57			0.64			0.46
Net realized and unrealized gain (loss) (2)		2.87			(3.17	)		9.44			(9.65	)		12.51			0.40			4.04			2.38			(2.89	)		0.56			0.36			5.37			2.08			(2.14	)		2.42
Total from investment operations		4.34			(1.65	)		11.57			(7.78	)		13.84			1.29			4.77			3.13			(2.14	)		1.12			0.90			6.02			2.65			(1.50	)		2.88
Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
Other capital		—			—			—			—			—			—			—			—			—			—			—			—			0.00	(3)		—			—
Distributions to shareholders from:
Net investment income		(1.71	)		(1.58	)		(2.82	)		(1.54	)		(1.25	)		(0.83	)		(0.68	)		(0.59	)		(0.68	)		(0.51	)		(0.96	)		(0.69	)		(0.75	)		(0.63	)		(0.41	)
Net realized gains		—			—			—			—			—			—			—			—			—			—			—			—			(0.20	)		—			—
Total distributions		(1.71	)		(1.58	)		(2.82	)		(1.54	)		(1.25	)		(0.83	)		(0.68	)		(0.59	)		(0.68	)		(0.51	)		(0.96	)		(0.69	)		(0.95	)		(0.63	)		(0.41	)
Net asset value, end of period	$	70.16		$	67.53		$	70.76		$	62.01		$	71.33		$	28.46		$	28.00		$	23.91		$	21.37		$	24.19		$	32.76		$	32.82		$	27.49		$	25.79		$	27.92
Total return (4)		6.51	%		(2.38	)%		19.26	%		(11.32	)%		23.91	%		4.52	%		20.27	%		14.99	%		(9.32	)%		4.99	%		2.69	%		22.25	%		10.74	%		(5.72	)%		11.54	%
Net assets, end of period (in 000’s)	$	63,141		$	67,535		$	91,986		$	105,410		$	142,664		$	825,443		$	688,755		$	411,282		$	119,679		$	106,453		$	792,719		$	813,871		$	679,080		$	729,907		$	622,564
Ratio of expenses to average net assets		0.59	%		0.59	%		0.59	%		0.60	%		0.60	%		0.34	%		0.34	%		0.34	%		0.35	%		0.35	%		0.60	%		0.59	%		0.59	%		0.61	%		0.60	%
Ratio of net investment income (loss) to average net assets		2.09	%		2.26	%		3.17	%		2.55	%		2.12	%		3.06	%		2.79	%		3.28	%		2.94	%		2.44	%		1.59	%		2.20	%		2.16	%		2.12	%		1.81	%
Portfolio turnover rate (5)		23	%		2	%		7	%		4	%		27	%		17	%		2	%		8	%		2	%		7	%		51	%		21	%		2	%		22	%		17	%

(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	State Street reimbursed the Fund $13,909 due to a record keeping error. The impact of the reimbursement is less than $0.005.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(5)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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427

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Dow Jones International Real Estate ETF															SPDR S&P Global Infrastructure ETF															SPDR S&P Global Natural Resources ETF
																																											For the
																																											Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			9/13/10*-
	9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	42.00		$	39.29		$	32.70		$	38.39		$	35.53		$	43.51		$	40.42		$	38.94		$	40.91		$	41.94		$	48.54		$	50.90		$	45.94		$	50.76		$	50.00
Income (loss) from investment operations:
Net investment income (loss) (1)		1.39			1.29			1.41			1.57			1.34			1.68			1.99			1.60			1.71			1.47			1.33			1.30			1.14			1.23			0.03
Net realized and unrealized gain (loss) (2)		0.16			4.01			5.67			(3.82	)		2.84			5.20			2.71			1.53			(2.03	)		(0.88	)		(0.10	)		(2.41	)		4.78			(5.44	)		0.73
Total from investment operations		1.55			5.30			7.08			(2.25	)		4.18			6.88			4.70			3.13			(0.32	)		0.59			1.23			(1.11	)		5.92			(4.21	)		0.76
Net equalization credits and charges (1)		(0.06	)		0.02			1.06			0.09			(0.01	)		—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(1.95	)		(2.61	)		(1.55	)		(3.53	)		(1.31	)		(1.55	)		(1.61	)		(1.65	)		(1.65	)		(1.62	)		(1.15	)		(1.25	)		(0.96	)		(0.61	)		—
Total distributions		(1.95	)		(2.61	)		(1.55	)		(3.53	)		(1.31	)		(1.55	)		(1.61	)		(1.65	)		(1.65	)		(1.62	)		(1.15	)		(1.25	)		(0.96	)		(0.61	)		—
Net asset value, end of period	$	41.54		$	42.00		$	39.29		$	32.70		$	38.39		$	48.84		$	43.51		$	40.42		$	38.94		$	40.91		$	48.62		$	48.54		$	50.90		$	45.94		$	50.76
Total return (4)		3.57	%		13.83	%(3)		25.52	%		(6.76	)%		12.15	%		15.95	%		11.99	%		8.20	%		(1.04	)%		1.63	%		2.39	%		(2.09	)%		13.07	%		(8.56	)%		1.52	%
Net assets, end of period (in 000’s)	$	4,903,056		$	4,045,899		$	3,136,658		$	1,996,074		$	1,314,261		$	112,333		$	52,217		$	36,378		$	35,045		$	53,186		$	595,617		$	407,763		$	414,852		$	163,076		$	7,615
Ratio of expenses to average net assets		0.59	%		0.59	%		0.59	%		0.61	%		0.60	%		0.41	%		0.50	%		0.59	%		0.60	%		0.61	%		0.40	%		0.40	%		0.40	%		0.40	%		0.38	%(5)
Ratio of net investment income (loss) to average net assets		3.27	%		3.10	%		3.96	%		4.05	%		3.86	%		3.51	%		4.79	%		4.02	%		4.07	%		3.63	%		2.63	%		2.63	%		2.28	%		2.13	%		1.10	%(5)
Portfolio turnover rate (6)		8	%		11	%		11	%		10	%		7	%		14	%		74	%		10	%		6	%		6	%		18	%		31	%		18	%		32	%		0	%(7)

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have remained 13.83% for SPDR Dow Jones International Real Estate ETF.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)	Annualized
(6)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(7)	Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

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429

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI ACWI ex-US ETF															SPDR MSCI ACWI IMI ETF									SPDR MSCI EM 50 ETF
																						For the									For the
																						Period									Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			2/27/12*-			Year Ended			Year Ended			2/27/12*-
	9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/14			9/30/13			9/30/12
Net asset value, beginning of period	$	34.29		$	30.49		$	27.55		$	31.77		$	30.38		$	58.20		$	50.04		$	50.00		$	47.10		$	47.31		$	50.00
Income (loss) from investment operations:
Net investment income (loss) (1)		1.17			0.90			0.89			0.95			0.73			1.48			1.30			0.88			1.15			0.92			0.86
Net realized and unrealized gain (loss) (2)		0.72			3.88			2.93			(4.28	)		1.35			5.39			8.16			(0.30	)		0.59			0.34			(3.09	)
Total from investment operations		1.89			4.78			3.82			(3.33	)		2.08			6.87			9.46			0.58			1.74			1.26			(2.23	)
Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(1.09	)		(0.98	)		(0.88	)		(0.89	)		(0.69	)		(1.21	)		(1.28	)		(0.54	)		(0.74	)		(1.47	)		(0.46	)
Net realized gains		—			—			—			—			—			(0.04	)		(0.02	)		—			—			—			—
Total distributions		(1.09	)		(0.98	)		(0.88	)		(0.89	)		(0.69	)		(1.25	)		(1.30	)		(0.54	)		(0.74	)		(1.47	)		(0.46	)
Net asset value, end of period	$	35.09		$	34.29		$	30.49		$	27.55		$	31.77		$	63.82		$	58.20		$	50.04		$	48.10		$	47.10		$	47.31
Total return (3)		5.43	%		15.96	%		14.20	%		(10.99	)%		7.13	%		11.77	%		19.15	%		1.28	%		3.67	%		2.74	%		(4.37	)%
Net assets, end of period (in 000’s)	$	575,494		$	493,824		$	384,218		$	363,713		$	393,909		$	57,434		$	5,820		$	5,004		$	2,405		$	2,355		$	4,731
Ratio of expenses to average net assets		0.35	%		0.34	%		0.34	%		0.35	%		0.35	%		0.25	%		0.25	%		0.25	%(4)		0.50	%		0.50	%		0.50	%(4)
Ratio of net investment income (loss) to average net assets		3.25	%		2.76	%		3.03	%		2.85	%		2.43	%		2.31	%		2.40	%		3.08	%(4)		2.39	%		1.97	%		3.16	%(4)
Portfolio turnover rate (6)		3	%		2	%		8	%		4	%		3	%		0	%(5)		0	%(5)		0	%(5)		17	%		7	%		4	%

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

See accompanying notes to financial statements.

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431

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

							SPDR
	SPDR			SPDR			MSCI			SPDR			SPDR
	MSCI EM			MSCI			Emerging			MSCI			MSCI
	Beyond			EAFE			Markets			World			Australia
	BRIC ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF
	For the			For the			For the			For the			For the
	Period			Period			Period			Period			Period
	12/4/13*-			6/4/14*-			6/4/14*-			6/4/14*-			6/11/14*-
	9/30/14			9/30/14			9/30/14			9/30/14			9/30/14
Net asset value, beginning of period	$	60.00		$	60.00		$	60.00		$	60.00		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (1)		0.77			0.45			0.77			0.37			1.10
Net realized and unrealized gain (loss) (2)		1.86			(3.14	)		(1.23	)		(0.38	)		(5.20	)
Total from investment operations		2.63			(2.69	)		(0.46	)		(0.01	)		(4.10	)
Net equalization credits and charges (1)		—			—			—			—			—
Other capital		—			—			0.06			—			—
Distributions to shareholders from:
Net investment income		(0.49	)		(0.03	)		(0.01	)		(0.04	)		—
Total distributions		(0.49	)		(0.03	)		(0.01	)		(0.04	)		—
Net asset value, end of period	$	62.14		$	57.28		$	59.59		$	59.95		$	55.90
Total return (3)		4.38	%		(4.48	)%		(0.65	)%		(0.02	)%		(6.84	)%
Net assets, end of period (in 000’s)	$	3,107		$	5,728		$	5,959		$	5,995		$	5,590
Ratio of expenses to average net assets		0.56	%(4)		0.30	%(4)		0.31	%(4)		0.30	%(4)		0.30	%(4)
Ratio of net investment income (loss) to average net assets		1.52	%(4)		2.35	%(4)		3.85	%(4)		1.90	%(4)		5.99	%(4)
Portfolio turnover rate (5)		50	%		0	%(6)		0	%(6)		0	%(6)		1	%

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

See accompanying notes to financial statements.

432

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

													SPDR
	SPDR			SPDR			SPDR			SPDR			MSCI
	MSCI			MSCI			MSCI			MSCI			South
	Canada			Germany			Japan			Mexico			Korea
	Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF
	For the			For the			For the			For the			For the
	Period			Period			Period			Period			Period
	6/11/14*-			6/11/14*-			6/11/14*-			9/16/14*-			9/16/14*-
	9/30/14			9/30/14			9/30/14			9/30/14			9/30/14
Net asset value, beginning of period	$	60.00		$	60.00		$	60.00		$	30.00		$	30.00
Income (loss) from investment operations:
Net investment income (loss) (1)		0.39			0.02	(2)		0.41			—	(3)		—	(3)
Net realized and unrealized gain (loss) (4)		(0.55	)		(6.44	)		0.05			(1.17	)		(1.46	)
Total from investment operations		(0.16	)		(6.42	)		0.46			(1.17	)		(1.46	)
Net equalization credits and charges (1)		—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.02	)		(0.00	)(3)		—			—			—
Total distributions		(0.02	)		—			—			—			—
Net asset value, end of period	$	59.82		$	53.58		$	60.46		$	28.83		$	28.54
Total return (5)		(0.26	)%		(10.70	)%(2)		0.76	%		(3.90	)%		(4.85	)%
Net assets, end of period (in 000’s)	$	2,991		$	5,358		$	6,046		$	2,883		$	2,854
Ratio of expenses to average net assets		0.30	%(6)		0.30	%(6)		0.30	%(6)		0.40	%(6)		0.40	%(6)
Ratio of net investment income (loss) to average net assets		2.06	%(6)		0.11	%(2)(6)		2.21	%(6)		0.37	%(6)		(0.40	)%(6)
Portfolio turnover rate (7)		2	%		1	%		0	%		0	%		1	%

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)	Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.02 per share and 0.04% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been (10.73)%.
(3)	Amount is less than $0.005 per share.
(4)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(5)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)	Annualized
(7)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

433

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

							SPDR
	SPDR			SPDR			MSCI
	MSCI			MSCI			United
	Spain			Taiwan			Kingdom
	Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			SPDR Russell/Nomura PRIME Japan ETF
	For the			For the			For the
	Period			Period			Period
	6/11/14*-			9/16/14*-			6/11/14*-			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/14			9/30/14			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	60.00		$	60.00		$	60.00		$	45.33		$	35.57		$	37.12		$	37.80		$	38.41
Income (loss) from investment operations:
Net investment income (loss) (1)		0.67	(2)		(0.01	)		0.62	(3)		0.47			0.92			0.66			0.85			0.50
Net realized and unrealized gain (loss) (4)		(5.56	)		(2.16	)		(3.53	)		(0.01	)		9.34			(1.55	)		(0.56	)		(0.58	)
Total from investment operations		(4.89	)		(2.17	)		(2.91	)		0.46			10.26			(0.89	)		0.29			(0.08	)
Net equalization credits and charges (1)		—			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.06	)		—			(0.01	)		(0.59	)		(0.50	)		(0.66	)		(0.97	)		(0.53	)
Total distributions		(0.06	)		—			(0.01	)		(0.59	)		(0.50	)		(0.66	)		(0.97	)		(0.53	)
Net asset value, end of period	$	55.05		$	57.83		$	57.08		$	45.20		$	45.33		$	35.57		$	37.12		$	37.80
Total return (4)		(8.16	)%(2)		(3.61	)%		(4.86	)%(3)		1.01	%		29.11	%		(2.33	)%		0.56	%		(0.14	)%
Net assets, end of period (in 000’s)	$	8,258		$	5,783		$	5,708		$	27,122		$	126,911		$	14,227		$	14,846		$	15,119
Ratio of expenses to average net assets		0.30	%(6)		0.40	%(6)		0.30	%(6)		0.50	%		0.50	%		0.50	%		0.51	%		0.51	%
Ratio of net investment income (loss) to average net assets		3.83	%(2)(6)		(0.37	)%(6)		3.40	%(3)(6)		1.06	%		2.18	%		1.83	%		2.16	%		1.34	%
Portfolio turnover rate (8)		1	%		0	%		0	%(7)		4	%		0	%(5)		1	%		3	%		3	%

*	Commencement of operations.
(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)	Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.08 per share and 0.14% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been (8.28)%.
(3)	Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.10 per share and 0.18% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been (5.02)%.
(4)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(5)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)	Annualized
(7)	Amount shown represents less than 0.5%.
(8)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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435

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Russell/Nomura Small Cap Japan ETF															SPDR S&P Global Dividend ETF						SPDR S&P International Dividend ETF
																			For the
																			Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			5/29/13*-			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	51.37		$	41.65		$	43.79		$	39.65		$	40.51		$	63.33		$	60.00		$	46.60		$	45.27		$	45.07		$	53.88		$	52.49
Income (loss) from investment operations:
Net investment income (loss) (1)		0.53			0.61			0.64			0.69			0.53			2.99			0.75			2.41			3.27			3.29			3.48			2.32
Net realized and unrealized gain (loss) (2)		(0.36	)		9.79			(2.00	)		4.12			(0.73	)		1.32			3.20			(0.29	)		1.20			(0.22	)		(9.35	)		1.26
Total from investment operations		0.17			10.40			(1.36	)		4.81			(0.20	)		4.31			3.95			2.12			4.47			3.07			(5.87	)		3.58
Net equalization credits and charges (1)		—			—			—			—			—			0.06			0.01			0.03			(0.00	)(3)		0.14			0.37			0.06
Distributions to shareholders from:
Net investment income		(1.37	)		(0.68	)		(0.78	)		(0.67	)		(0.66	)		(2.81	)		(0.63	)		(2.42	)		(3.14	)		(3.01	)		(3.31	)		(2.25	)
Total distributions		(1.37	)		(0.68	)		(0.78	)		(0.67	)		(0.66	)		(2.81	)		(0.63	)		(2.42	)		(3.14	)		(3.01	)		(3.31	)		(2.25	)
Net asset value, end of period	$	50.17		$	51.37		$	41.65		$	43.79		$	39.65		$	64.89		$	63.33		$	46.33		$	46.60		$	45.27		$	45.07		$	53.88
Total return (4)		0.31	%		25.23	%		(3.05	)%		12.17	%		(0.41	)%		6.85	%		6.61	%		4.43	%		10.24	%		7.45	%		(11.06	)%		7.34	%
Net assets, end of period (in 000’s)	$	72,751		$	97,606		$	64,563		$	98,537		$	67,412		$	29,200		$	9,499		$	1,450,114		$	1,304,826		$	1,000,522		$	482,266		$	258,705
Ratio of expenses to average net assets		0.55	%		0.55	%		0.55	%		0.56	%		0.56	%		0.40	%		0.40	%(5)		0.46	%		0.45	%		0.45	%		0.46	%		0.46	%
Ratio of net investment income (loss) to average net assets		1.05	%		1.34	%		1.54	%		1.63	%		1.37	%		4.46	%		3.61	%(5)		4.96	%		6.97	%		7.11	%		6.24	%		4.48	%
Portfolio turnover rate (6)		28	%		13	%		22	%		10	%		24	%		37	%		10	%		62	%		121	%		127	%		142	%		131	%

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

See accompanying notes to financial statements.

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437

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Mid Cap ETF															SPDR S&P Emerging Markets Small Cap ETF															SPDR Dow Jones Global Real Estate ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	33.14		$	27.69		$	26.04		$	28.76		$	27.14		$	46.15		$	44.43		$	40.57		$	54.62		$	43.78		$	42.16		$	40.56		$	32.58		$	36.00		$	31.18
Income (loss) from investment operations:
Net investment income (loss) (1)		0.66			0.67			0.68			0.76			0.55			1.01			0.95			0.96			0.99			1.06			1.23			1.16			1.12			1.16			1.11
Net realized and unrealized gain (loss) (2)		0.88			5.60			2.57			(2.31	)		2.31			2.11			1.81			5.15			(13.25	)		10.65			2.24			2.21			7.52			(2.00	)		4.88
Total from investment operations		1.54			6.27			3.25			(1.55	)		2.86			3.12			2.76			6.11			(12.26	)		11.71			3.47			3.37			8.64			(0.84	)		5.99
Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			0.07			0.10			0.58			0.08			0.02
Other capital		—			—			—			—			—			0.05			0.03			0.04			—			—			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.75	)		(0.75	)		(0.84	)		(0.70	)		(0.50	)		(1.01	)		(1.07	)		(0.92	)		(0.34	)		(0.19	)		(1.46	)		(1.87	)		(1.24	)		(2.66	)		(1.19	)
Net realized gains		(1.91	)		(0.07	)		(0.76	)		(0.47	)		(0.74	)		—			—			(1.37	)		(1.45	)		(0.68	)		—			—			—			—			—
Total distributions		(2.66	)		(0.82	)		(1.60	)		(1.17	)		(1.24	)		(1.01	)		(1.07	)		(2.29	)		(1.79	)		(0.87	)		(1.46	)		(1.87	)		(1.24	)		(2.66	)		(1.19	)
Net asset value, end of period	$	32.02		$	33.14		$	27.69		$	26.04		$	28.76		$	48.31		$	46.15		$	44.43		$	40.57		$	54.62		$	44.24		$	42.16		$	40.56		$	32.58		$	36.00
Total return (3)		4.63	%		23.07	%		13.27	%		(6.00	)%		11.11	%		6.90	%		6.29	%(4)		16.09	%		(23.36	)%		27.05	%		8.44	%		8.61	%		28.56	%		(2.80	)%		19.71	%
Net assets, end of period (in 000’s)	$	70,446		$	46,399		$	35,993		$	36,461		$	30,196		$	570,082		$	761,466		$	897,446		$	908,812		$	797,411		$	1,473,132		$	1,003,377		$	543,476		$	273,706		$	140,388
Ratio of expenses to average net assets		0.46	%		0.45	%		0.45	%		0.46	%		0.46	%		0.65	%		0.65	%		0.66	%		0.66	%		0.66	%		0.50	%		0.50	%		0.50	%		0.50	%		0.51	%
Ratio of net investment income (loss) to average net assets		1.98	%		2.23	%		2.56	%		2.49	%		2.07	%		2.10	%		2.05	%		2.27	%		1.85	%		2.19	%		2.77	%		2.71	%		2.96	%		3.08	%		3.42	%
Portfolio turnover rate (5)		41	%		53	%		28	%		32	%		31	%		23	%		18	%		22	%		70	%		85	%		7	%		8	%		8	%		9	%		7	%

(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(4)	If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have remained 6.29% for SPDR S&P Emerging Markets Small Cap ETF.
(5)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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439

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Consumer Discretionary Sector ETF															SPDR S&P International Consumer Staples Sector ETF															SPDR S&P International Energy Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	37.95		$	27.65		$	25.05		$	26.90		$	24.12		$	38.89		$	34.52		$	29.60		$	29.80		$	26.31		$	25.07		$	25.31		$	22.46		$	24.52		$	25.48
Income (loss) from investment operations:
Net investment income (loss) (1)		0.72			0.68			0.52			0.47			0.41			0.96			0.92			0.82			0.88			0.69			0.89			0.81			0.79			0.70			0.65
Net realized and unrealized gain (loss) (2)		(1.00	)		10.26			3.11			(1.79	)		2.69			0.04			4.25			4.90			(0.37	)		3.39			0.60			(0.28	)		2.89			(2.10	)		(1.01	)
Total from investment operations		(0.28	)		10.94			3.63			(1.32	)		3.10			1.00			5.17			5.72			0.51			4.08			1.49			0.53			3.68			(1.40	)		(0.36	)
Net equalization credits and charges (1)		(0.01	)		(0.02	)		(0.13	)		(0.03	)		0.02			0.04			0.04			(0.00	)(3)		0.15			0.04			0.05			0.03			(0.02	)		0.00	(3)		0.04
Distributions to shareholders from:
Net investment income		(0.85	)		(0.62	)		(0.51	)		(0.50	)		(0.34	)		(0.97	)		(0.84	)		(0.80	)		(0.86	)		(0.63	)		(0.86	)		(0.80	)		(0.81	)		(0.66	)		(0.64	)
Net realized gains		—			—			(0.39	)		—			—			—			—			—			—			—			—			—			—			—			—
Total distributions		(0.85	)		(0.62	)		(0.90	)		(0.50	)		(0.34	)		(0.97	)		(0.84	)		(0.80	)		(0.86	)		(0.63	)		(0.86	)		(0.80	)		(0.81	)		(0.66	)		(0.64	)
Net asset value, end of period	$	36.81		$	37.95		$	27.65		$	25.05		$	26.90		$	38.96		$	38.89		$	34.52		$	29.60		$	29.80		$	25.75		$	25.07		$	25.31		$	22.46		$	24.52
Total return (4)		(0.91	)%		39.94	%		14.40	%		(5.33	)%		13.12	%		2.61	%		15.20	%		19.51	%		2.08	%		15.87	%		6.04	%		2.35	%		16.44	%		(6.14	)%		(1.18	)%
Net assets, end of period (in 000’s)	$	18,405		$	18,976		$	5,529		$	11,271		$	18,833		$	42,853		$	36,941		$	18,986		$	19,239		$	14,900		$	19,312		$	12,535		$	11,389		$	12,355		$	12,259
Ratio of expenses to average net assets		0.50	%		0.50	%		0.51	%		0.50	%		0.51	%		0.50	%		0.50	%		0.50	%		0.51	%		0.51	%		0.50	%		0.50	%		0.50	%		0.51	%		0.51	%
Ratio of net investment income (loss) to average net assets		1.84	%		2.04	%		1.96	%		1.61	%		1.67	%		2.40	%		2.47	%		2.53	%		2.81	%		2.50	%		3.30	%		3.30	%		3.16	%		2.55	%		2.63	%
Portfolio turnover rate (5)		2	%		2	%		5	%		9	%		11	%		5	%		4	%		7	%		2	%		5	%		9	%		2	%		6	%		4	%		11	%

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

See accompanying notes to financial statements.

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441

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Financial Sector ETF															SPDR S&P International Health Care Sector ETF															SPDR S&P International Industrial Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	21.76		$	17.67		$	15.47		$	19.60		$	21.39		$	41.71		$	35.15		$	29.55		$	29.46		$	28.50		$	30.53		$	24.67		$	22.46		$	25.65		$	23.26
Income (loss) from investment operations:
Net investment income (loss) (1)		0.72			0.70			0.64			0.69			0.55			0.81			0.77			0.86			0.74			0.64			0.68			0.63			0.55			0.62			0.41
Net realized and unrealized gain (loss) (2)		0.39			4.27			2.15			(4.09	)		(1.83	)		7.30			6.53			5.57			0.04			0.96			(0.07	)		6.18			2.32			(3.23	)		2.27
Total from investment operations		1.11			4.97			2.79			(3.40	)		(1.28	)		8.11			7.30			6.43			0.78			1.60			0.61			6.81			2.87			(2.61	)		2.68
Net equalization credits and charges (1)		(0.18	)		(0.11	)		(0.07	)		(0.01	)		0.04			0.02			0.07			(0.01	)		0.05			(0.01	)		(0.07	)		(0.21	)		(0.10	)		(0.01	)		0.06
Distributions to shareholders from:
Net investment income		(0.84	)		(0.77	)		(0.52	)		(0.72	)		(0.55	)		(0.86	)		(0.81	)		(0.82	)		(0.74	)		(0.63	)		(0.67	)		(0.74	)		(0.56	)		(0.57	)		(0.35	)
Total distributions		(0.84	)		(0.77	)		(0.52	)		(0.72	)		(0.55	)		(0.86	)		(0.81	)		(0.82	)		(0.74	)		(0.63	)		(0.67	)		(0.74	)		(0.56	)		(0.57	)		(0.35	)
Net asset value, end of period	$	21.85		$	21.76		$	17.67		$	15.47		$	19.60		$	48.98		$	41.71		$	35.15		$	29.55		$	29.46		$	30.40		$	30.53		$	24.67		$	22.46		$	25.65
Total return (3)		4.23	%		27.98	%		18.02	%		(17.99	)%		(5.60	)%		19.57	%		21.14	%		22.03	%		2.69	%		5.71	%		1.67	%		27.19	%		12.53	%		(10.62	)%		11.94	%
Net assets, end of period (in 000’s)	$	10,924		$	6,528		$	3,534		$	7,735		$	8,821		$	66,125		$	60,479		$	28,123		$	19,207		$	10,310		$	24,324		$	13,740		$	8,635		$	20,211		$	17,955
Ratio of expenses to average net assets		0.51	%		0.50	%		0.50	%		0.51	%		0.51	%		0.50	%		0.50	%		0.50	%		0.50	%		0.51	%		0.51	%		0.50	%		0.50	%		0.50	%		0.52	%
Ratio of net investment income (loss) to average net assets		3.19	%		3.50	%		3.94	%		3.47	%		2.85	%		1.76	%		1.98	%		2.70	%		2.37	%		2.25	%		2.17	%		2.29	%		2.27	%		2.22	%		1.74	%
Portfolio turnover rate (4)		20	%		2	%		6	%		4	%		6	%		13	%		8	%		14	%		5	%		29	%		4	%		7	%		11	%		0	%(5)		20	%

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

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Materials Sector ETF															SPDR S&P International Technology Sector ETF															SPDR S&P International Telecommunications Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10			9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	23.33		$	23.68		$	22.83		$	26.34		$	23.05		$	30.02		$	24.18		$	22.00		$	24.76		$	24.58		$	26.89		$	22.82		$	22.65		$	24.30		$	23.58
Income (loss) from investment operations:
Net investment income (loss) (1)		0.46			0.44			0.42			0.42			0.32			0.32			0.31			0.29			0.34			0.29			3.19	(8)		0.98			1.45			1.22	(2)		1.05
Net realized and unrealized gain (loss) (3)		(1.40	)		(0.31	)		0.87			(3.51	)		3.25			1.62			5.89			2.37			(2.68	)		0.14			(1.01	)		4.01			0.10			(1.54	)		0.69
Total from investment operations		(0.94	)		0.13			1.29			(3.09	)		3.57			1.94			6.20			2.66			(2.34	)		0.43			2.18			4.99			1.55			(0.32	)		1.74
Net equalization credits and charges (1)		(0.00	)(4)		(0.01	)		0.01			(0.03	)		(0.02	)		(0.00	)(4)		(0.06	)		(0.03	)		0.00	(4)		0.01			(0.10	)		0.01			(0.01	)		0.01			0.02
Distributions to shareholders from:
Net investment income		(0.67	)		(0.47	)		(0.45	)		(0.39	)		(0.26	)		(0.48	)		(0.30	)		(0.31	)		(0.33	)		(0.25	)		(3.34	)		(0.93	)		(1.37	)		(1.34	)		(1.04	)
Net realized gains		—			—			—			—			—			—			—			(0.14	)		(0.09	)		(0.01	)		—			—			—			—			—
Total distributions		(0.67	)		(0.47	)		(0.45	)		(0.39	)		(0.26	)		(0.48	)		(0.30	)		(0.45	)		(0.42	)		(0.26	)		(3.34	)		(0.93	)		(1.37	)		(1.34	)		(1.04	)
Net asset value, end of period	$	21.72		$	23.33		$	23.68		$	22.83		$	26.34		$	31.48		$	30.02		$	24.18		$	22.00		$	24.76		$	25.63		$	26.89		$	22.82		$	22.65		$	24.30
Total return (5)		(4.19	)%		0.43	%		5.79	%		(12.12	)%		15.53	%		6.43	%		25.54	%		12.06	%		(9.74	)%		1.86	%		7.43	%(8)		22.68	%		7.23	%		(1.66	)%(2)		8.09	%
Net assets, end of period (in 000’s)	$	7,603		$	9,333		$	11,842		$	19,403		$	22,387		$	12,591		$	12,007		$	10,881		$	18,702		$	21,044		$	43,565		$	33,618		$	25,098		$	12,458		$	15,795
Ratio of expenses to average net assets		0.52	%		0.50	%		0.50	%		0.51	%		0.52	%		0.53	%		0.50	%		0.50	%		0.51	%		0.52	%		0.51	%		0.50	%		0.50	%		0.51	%		0.52	%
Ratio of net investment income (loss) to average net assets		1.95	%		1.90	%		1.77	%		1.42	%		1.31	%		1.00	%		1.13	%		1.21	%		1.27	%		1.20	%		11.54	%(8)		4.18	%		6.48	%		4.84	%(2)		4.62	%
Portfolio turnover rate (6)		15	%		8	%		0	%(7)		1	%		9	%		4	%		13	%		6	%		1	%		10	%		16	%		7	%		3	%		8	%		6	%

(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)	Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.09 per share and 0.34% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (2.00)%.
(3)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)	Amount is less than $0.005 per share.
(5)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(6)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(7)	Amount shown represents less than 0.5%.
(8)	Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $2.29 per share and 8.27% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been 0.02%.

See accompanying notes to financial statements.

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445

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Utilities Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/14			9/30/13			9/30/12			9/30/11			9/30/10
Net asset value, beginning of period	$	17.72		$	16.39		$	17.38		$	20.55		$	22.78
Income (loss) from investment operations:
Net investment income (loss) (1)		0.69			0.65			0.85			0.92	(2)		0.82
Net realized and unrealized gain (loss) (3)		1.04			1.33			(1.24	)		(3.20	)		(2.43	)
Total from investment operations		1.73			1.98			(0.39	)		(2.28	)		(1.61	)
Net equalization credits and charges (1)		0.02			0.06			0.14			0.02			0.04
Distributions to shareholders from:
Net investment income		(0.66	)		(0.71	)		(0.74	)		(0.91	)		(0.66	)
Total distributions		(0.66	)		(0.71	)		(0.74	)		(0.91	)		(0.66	)
Net asset value, end of period	$	18.81		$	17.72		$	16.39		$	17.38		$	20.55
Total return (4)		9.86	%		12.79	%		(1.30	)%		(11.45	)%(2)		(6.71	)%
Net assets, end of period (in 000’s)	$	69,587		$	39,868		$	25,403		$	9,561		$	8,221
Ratio of expenses to average net assets		0.50	%		0.50	%		0.50	%		0.51	%		0.52	%
Ratio of net investment income (loss) to average net assets		3.65	%		3.87	%		5.15	%		4.49	%(2)		3.94	%
Portfolio turnover rate (5)		8	%		1	%		8	%		2	%		5	%

(1)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)	Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.08 per share and 0.39% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (11.75)%.
(3)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(5)	Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

446

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS

September 30, 2014

1.   Organization

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

As of September 30, 2014, the Trust offered fifty-one (51) portfolios, each of which represents a separate series of beneficial interest in the Trust (each, a “Fund” and collectively, the “Funds”). The financial statements herein relate to the following Funds: SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR EURO STOXX Small Cap ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Small Cap Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR S&P Global Infrastructure ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI ACWI ex-US ETF, SPDR MSCI ACWI IMI ETF, SPDR MSCI EM 50 ETF, SPDR MSCI EM Beyond BRIC ETF, SPDR MSCI EAFE Quality Mix ETF, SPDR MSCI Emerging Markets Quality Mix ETF, SPDR MSCI World Quality Mix ETF, SPDR MSCI Australia Quality Mix ETF, SPDR MSCI Canada Quality Mix ETF, SPDR MSCI Germany Quality Mix ETF, SPDR MSCI Japan Quality Mix ETF, SPDR MSCI Mexico Quality Mix ETF, SPDR MSCI South Korea Quality Mix ETF, SPDR MSCI Spain Quality Mix ETF, SPDR MSCI Taiwan Quality Mix ETF, SPDR MSCI United Kingdom Quality Mix ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P Global Dividend ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this could involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

Each Fund’s investments are exposed to risks, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

An investment in a Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The value of each Fund’s shares will decline, more or less, in correlation with any decline in the value of the Fund’s benchmark index. The values of equity securities could decline generally or could underperform other investments. Generally, a Fund will not sell an equity security because the security’s issuer is in financial trouble, unless that security is removed from the Fund’s benchmark index.

2.   Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial

447

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

statements. Actual results could differ from those estimates. These financial statements are presented in United States dollars.

Security Valuation

The value of each Fund’s portfolio securities, including exchange-traded futures contracts, is based on the securities’ last sale price on local markets or exchanges when available. Investments in open-end investment companies are valued at their net asset value each business day. If a security’s market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Board of Trustees of the Trust (the “Board”) believes will better reflect fair value in accordance with the Trust’s valuation policies and procedures. The Board has adopted procedures concerning securities valuation, under which an Oversight Committee makes determinations as to whether market quotations are not readily available or do not otherwise accurately reflect the fair value of the security. The Oversight Committee, or a subgroup thereof, subject to oversight by the Board, may use fair value pricing in a variety of circumstances, including but not limited to, situations when trading in a security has been suspended or halted. Fair value pricing involves subjective judgments and it is possible that the fair value determination for a security is materially different than the value that could be received on the sale of the security.

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

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

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

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

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

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

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

448

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

The following table summarizes the inputs used in valuing the Funds’ investments as of September 30, 2014:

			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
Fund	Prices		Inputs			Inputs			Total
SPDR STOXX Europe 50 ETF	$	264,487,713	$	—		$	—		$	264,487,713
SPDR EURO STOXX 50 ETF		5,013,005,495		—			—			5,013,005,495
SPDR EURO STOXX Small Cap ETF		7,601,145		—	**		—			7,601,145
SPDR S&P Emerging Asia Pacific ETF		723,940,674		261,270			—	*		724,201,944
SPDR S&P Small Cap Emerging Asia Pacific ETF		4,467,438		20,939			8,373			4,496,750
SPDR S&P Russia ETF		22,991,148		31,087			—			23,022,235
SPDR S&P China ETF		1,050,374,951		2,527,317			294,148			1,053,196,416
SPDR S&P Emerging Markets ETF		299,306,226		186,991			—	*		299,493,217
SPDR S&P Emerging Markets Dividend ETF		583,603,194		—			—			583,603,194
SPDR S&P BRIC 40 ETF		163,337,493		—			—			163,337,493
SPDR S&P Emerging Europe ETF		66,585,603		87,534			—			66,673,137
SPDR S&P Emerging Latin America ETF		52,724,694		—			—	*		52,724,694
SPDR S&P Emerging Middle East & Africa ETF		65,623,178		7,083			—			65,630,261
SPDR S&P World ex-US ETF		868,264,175		39,277			—	*		868,303,452
SPDR S&P International Small Cap ETF		876,386,943		1,104,641			—	*		877,491,584
SPDR Dow Jones International Real Estate ETF		4,983,161,313		—	**		—			4,983,161,313
SPDR S&P Global Infrastructure ETF		127,898,055		—			—			127,898,055
SPDR S&P Global Natural Resources ETF		619,954,426		—			—			619,954,426
SPDR MSCI ACWI ex-US ETF		601,133,651		—			—			601,133,651
SPDR MSCI ACWI IMI ETF		67,001,258		—			—			67,001,258
SPDR MSCI EM 50 ETF		2,527,033		—			—			2,527,033
SPDR MSCI EM Beyond BRIC ETF		3,170,086		—			—			3,170,086
SPDR MSCI EAFE Quality Mix ETF		5,694,897		—			—			5,694,897
SPDR MSCI Emerging Markets Quality Mix ETF		5,923,815		—			—			5,923,815
SPDR MSCI World Quality Mix ETF		5,977,116		—			—			5,977,116
SPDR MSCI Australia Quality Mix ETF		5,538,852		—			—			5,538,852
SPDR MSCI Canada Quality Mix ETF		2,977,062		—			—			2,977,062
SPDR MSCI Germany Quality Mix ETF		5,361,552		—			—			5,361,552
SPDR MSCI Japan Quality Mix ETF		6,008,095		—			—			6,008,095
SPDR MSCI Mexico Quality Mix ETF		2,882,438		—			—			2,882,438
SPDR MSCI South Korea Quality Mix ETF		2,854,785		—			—			2,854,785
SPDR MSCI Spain Quality Mix ETF		8,256,022		—			—			8,256,022
SPDR MSCI Taiwan Quality Mix ETF		5,784,098		—			—			5,784,098
SPDR MSCI United Kingdom Quality Mix ETF		5,667,784		—			—			5,667,784
SPDR Russell/Nomura PRIME Japan ETF		30,801,929		—			—			30,801,929
SPDR Russell/Nomura Small Cap Japan ETF		85,656,877		—	**		—			85,656,877
SPDR S&P Global Dividend ETF		34,929,448		—			—			34,929,448
SPDR S&P International Dividend ETF		1,677,170,972		—			—			1,677,170,972
SPDR S&P International Mid Cap ETF		78,816,715		—	**		—			78,816,715

449

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
Fund	Prices		Inputs			Inputs		Total
SPDR S&P Emerging Markets Small Cap ETF	$	591,661,077	$	2,165,807		$	1,589,041	$	595,415,925
SPDR Dow Jones Global Real Estate ETF		1,519,035,754		—	**		—		1,519,035,754
SPDR S&P International Consumer Discretionary Sector ETF		21,965,611		7,660			—		21,973,271
SPDR S&P International Consumer Staples Sector ETF		45,477,709		—			—		45,477,709
SPDR S&P International Energy Sector ETF		22,196,861		—			—		22,196,861
SPDR S&P International Financial Sector ETF		11,321,026		—			—		11,321,026
SPDR S&P International Health Care Sector ETF		70,997,728		—			—		70,997,728
SPDR S&P International Industrial Sector ETF		27,089,544		—			—		27,089,544
SPDR S&P International Materials Sector ETF		8,372,693		—			—		8,372,693
SPDR S&P International Technology Sector ETF		13,975,347		—			—		13,975,347
SPDR S&P International Telecommunications Sector ETF		47,015,046		—			—		47,015,046
SPDR S&P International Utilities Sector ETF		73,012,808		—			—		73,012,808

*	Fund held Level 3 securities that were valued at $0 at September 30, 2014.
**	Fund held Level 2 securities that were valued at $0 at September 30, 2014.

				Level 2 —		Level 3 —
	Level 1 —			Other Significant		Significant
	Quoted			Observable		Unobservable
Fund — Other Financial Instruments*	Prices			Inputs		Inputs		Total
SPDR S&P Emerging Markets ETF	$	(49,393	)	$	—	$	—	$	(49,393	)

* Other Financial Instruments are derivative instruments not reflected in the Schedules of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

There were no material transfers between levels for the year ended September 30, 2014. The transfers that did occur were the result of fair value pricing using significant observable inputs for Level 2 securities and significant unobservable inputs for Level 3 securities.

Investment Income

Dividend income is recorded on the ex-dividend date, except for certain foreign dividends for which the Funds may not record until they receive notice of the dividend which could result in the Funds recording on pay date. Interest income is recorded on the accrual basis. The value of certain additional securities received as dividend payments is recorded as dividend income and as an increase to the cost basis of such securities.

Expenses

Advisory fees and other expenses, which are directly identifiable to a specific Fund, are applied to that Fund. Trustees’ fees and other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds.

Equalization

Certain Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment

450

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

The SPDR EURO STOXX Small Cap ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Small Cap Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR S&P Global Infrastructure ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI ACWI ex-US ETF, SPDR MSCI ACWI IMI ETF, SPDR MSCI EM 50 ETF, SPDR MSCI EM Beyond BRIC ETF, SPDR MSCI EAFE Quality Mix ETF, SPDR MSCI Emerging Markets Quality Mix ETF, SPDR MSCI World Quality Mix ETF, SPDR MSCI Australia Quality Mix ETF, SPDR MSCI Canada Quality Mix ETF, SPDR MSCI Germany Quality Mix ETF, SPDR MSCI Japan Quality Mix ETF, SPDR MSCI Mexico Quality Mix ETF, SPDR MSCI South Korea Quality Mix ETF, SPDR MSCI Spain Quality Mix ETF, SPDR MSCI Taiwan Quality Mix ETF, SPDR MSCI United Kingdom Quality Mix ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Mid Cap ETF and SPDR S&P Emerging Markets Small Cap ETF do not utilize equalization.

Investment Transactions

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

Foreign Currency Translation and Foreign Investments

Portfolio securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized gain (loss) on investments and foreign currency transactions and unrealized gains and losses on investments and foreign currency translations on the Statements of Operations. Net gains and losses on foreign currency transactions include disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include revaluation of currencies and the risk of expropriation. Moreover, the markets for securities of many foreign companies and foreign governments may be less liquid and the prices of such securities may be more volatile than those of comparable U.S. companies and the U.S. government.

Some foreign markets in which the Funds invest are considered emerging markets. Investment in these emerging markets subjects a Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, higher levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market.

Futures

SPDR S&P Emerging Markets ETF used futures contracts during the period in seeking to meet the Fund’s objectives. The Fund employs strategies in differing combinations to permit it to increase, decrease or change the level of exposure to market risk factors. The achievement of any strategy relating to derivatives depends on analysis of various risk factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

451

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

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

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

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

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

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

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the underlying hedged security, index or currency. Risk of loss may exceed amounts recognized in the Statements of Assets and Liabilities.

A summary of the open futures contracts as of September 30, 2014 is included in a table following the Fund’s Schedule of Investments.

The following tables summarize the value of the Fund’s derivative instruments as of September 30, 2014 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives

Interest

Foreign

Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Risk

Risk

Risk

Risk

Risk

Risk

Total

SPDR S&P Emerging Markets ETF (a)

Futures Contract

$

—

$

—

$

—

$

227,783

$

—

$

—

$

227,783

(a) Initial margin deposit on futures

452

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

Liability Derivatives

Interest

Foreign

Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Risk

Risk

Risk

Risk

Risk

Risk

Total

SPDR S&P Emerging Markets ETF (a)

Futures Contract

$

—

$

—

$

—

$

49,393

$

—

$

—

$

49,393

(a) Payable for variation margin on futures contracts

Realized Gain (Loss)

Interest

Foreign

Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Risk

Risk

Risk

Risk

Risk

Risk

Total

SPDR S&P Emerging Markets ETF (a)

Futures Contract

$

—

$

—

$

—

$

148,868

$

—

$

—

$

148,868

(a) Net realized gain/loss on Futures.

		Change In Appreciation (Depreciation)
		Interest		Foreign
		Rate		Exchange		Credit		Equity			Commodity		Other
		Contracts		Contracts		Contracts		Contracts			Contracts		Contracts
		Risk		Risk		Risk		Risk			Risk		Risk		Total
SPDR S&P Emerging Markets ETF (a)	Futures Contract	$	—	$	—	$	—	$	(12,033	)	$	—	$	—	$	(12,033	)

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

During the year ended September 30, 2014, average notional value related to futures contracts was $1,800,631 or 0.6% of net assets.

Federal Income Tax

The Funds have qualified and intend to continue to qualify for and elect treatment as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying and electing, each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. In addition, by distributing during each calendar year substantially all of their net investment income and capital gains, if any, the Funds will not be subject to federal excise tax. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. These book-tax differences are primarily due to differing treatments for tax equalization, in-kind transactions, foreign currencies, losses deferred due to wash sales and the realization of unrealized gains on investments in passive foreign investment companies.

Additionally, based on the Funds’ understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which the applicable Funds invest, the Funds will provide for foreign taxes and, where appropriate, deferred foreign taxes.

Accounting Standards Codification 740, Income Taxes (“ASC 740”) established financial accounting and disclosure requirements for recognition and measurement of tax positions taken, and whether those tax positions are more likely than not to be sustained upon examination by the applicable taxing authority based on the technical merits of the position. The Funds have not recognized any liabilities for unrecognized tax benefits, related to the current year or prior years impacting the NAVs of the Funds. The Funds may be subject to potential examinations by certain taxing

453

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

authorities for all open tax years (the current and prior years, as applicable). Any potential tax liability is also subject to ongoing interpretation of laws by taxing authorities. The tax treatment of the Funds’ investments may change over time based on factors including, but not limited to new tax laws, regulations, and interpretations thereof.

For the year ended September 30, 2014, the following Funds reclassified non-taxable security gains and losses realized on the in-kind redemption of Creation Units (Note 4) as an increase or decrease to paid in capital in the Statements of Assets and Liabilities as follows:

	Net Gain (Loss)
	Reclassified to
	Paid in Capital
SPDR STOXX Europe 50 ETF	$	5,397,574
SPDR EURO STOXX 50 ETF		203,234,289
SPDR EURO STOXX Small Cap ETF		—
SPDR S&P Emerging Asia Pacific ETF		3,357,696
SPDR S&P Small Cap Emerging Asia Pacific ETF		176,773
SPDR S&P Russia ETF		(5,180,580	)
SPDR S&P China ETF		23,937,473
SPDR S&P Emerging Markets ETF		2,167,462
SPDR S&P Emerging Markets Dividend ETF		(858,176	)
SPDR S&P BRIC 40 ETF		(1,826,127	)
SPDR S&P Emerging Europe ETF		1,361,711
SPDR S&P Emerging Latin America ETF		(4,982,038	)
SPDR S&P Emerging Middle East & Africa ETF		(132,545	)
SPDR S&P World ex-US ETF		28,261,838
SPDR S&P International Small Cap ETF		15,923,473
SPDR Dow Jones International Real Estate ETF		22,420,433
SPDR S&P Global Infrastructure ETF		4,735,763
SPDR S&P Global Natural Resources ETF		5,969,679
SPDR MSCI ACWI ex-US ETF		5,729,519
SPDR MSCI ACWI IMI ETF		—
SPDR MSCI EM 50 ETF		399,682
SPDR MSCI EM Beyond BRIC ETF		198,946
SPDR MSCI EAFE Quality Mix ETF		—
SPDR MSCI Emerging Markets Quality Mix ETF		—
SPDR MSCI World Quality Mix ETF		—
SPDR MSCI Australia Quality Mix ETF		—
SPDR MSCI Canada Quality Mix ETF		52,312
SPDR MSCI Germany Quality Mix ETF		—
SPDR MSCI Japan Quality Mix ETF		—
SPDR MSCI Mexico Quality Mix ETF		—
SPDR MSCI South Korea Quality Mix ETF		—
SPDR MSCI Spain Quality Mix ETF		—
SPDR MSCI Taiwan Quality Mix ETF		—
SPDR MSCI United Kingdom Quality Mix ETF		—
SPDR Russell/Nomura PRIME Japan ETF		5,851,464

454

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

	Net Gain (Loss)
	Reclassified to
	Paid in Capital
SPDR Russell/Nomura Small Cap Japan ETF	$	3,221,733
SPDR S&P Global Dividend ETF		—
SPDR S&P International Dividend ETF		10,530,006
SPDR S&P International Mid Cap ETF		—
SPDR S&P Emerging Markets Small Cap ETF		(1,467,874	)
SPDR Dow Jones Global Real Estate ETF		14,838,050
SPDR S&P International Consumer Discretionary Sector ETF		1,692,190
SPDR S&P International Consumer Staples Sector ETF		—
SPDR S&P International Energy Sector ETF		222,545
SPDR S&P International Financial Sector ETF		448,009
SPDR S&P International Health Care Sector ETF		3,963,037
SPDR S&P International Industrial Sector ETF		351,848
SPDR S&P International Materials Sector ETF		(269,046	)
SPDR S&P International Technology Sector ETF		459,263
SPDR S&P International Telecommunications Sector ETF		1,986,452
SPDR S&P International Utilities Sector ETF		—

At September 30, 2014, the Funds had the following capital loss carryforwards which may be utilized to offset any net realized capital gains expiring September 30:

									Non-Expiring —		Non-Expiring —
	2016		2017		2018		2019		Short Term		Long Term
SPDR STOXX Europe 50 ETF	$	—	$	5,783,115	$	6,195,941	$	2,032,222	$	1,089,650	$	10,808,176
SPDR EURO STOXX 50 ETF		—		6,389,360		14,945,357		8,709,645		15,185,632		92,940,324
SPDR EURO STOXX Small Cap ETF		—		—		—		—		249,290		—
SPDR S&P Emerging Asia Pacific ETF		—		—		—		—		1,142,305		26,013,490
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		—		—		—		—		—
SPDR S&P Russia ETF		—		—		—		—		1,523,061		1,891,833
SPDR S&P China ETF		—		2,685,375		3,455,043		20,718,358		8,734,321		53,123,393
SPDR S&P Emerging Markets ETF		—		—		—		—		582,498		9,140,080
SPDR S&P Emerging Markets Dividend ETF		—		—		—		362,314		57,555,780		42,523,992
SPDR S&P BRIC 40 ETF		—		399,946		37,661,979		9,992,324		4,310,093		38,087,235
SPDR S&P Emerging Europe ETF		—		5,912,354		8,992,073		9,348,438		1,163,263		15,231,635
SPDR S&P Emerging Latin America ETF		—		3,111,521		3,011,913		2,259,987		2,908,682		6,363,321
SPDR S&P Emerging Middle East & Africa ETF		—		1,967,866		10,818,456		1,720,229		557,995		7,902,508
SPDR S&P World ex-US ETF		—		—		—		—		—		—
SPDR S&P International Small Cap ETF		—		—		—		—		—		—
SPDR Dow Jones International Real Estate ETF		2,568,760		37,378,612		162,058,595		64,649,806		50,986,737		286,948,987
SPDR S&P Global Infrastructure ETF		—		246,762		3,044,553		1,744,492		—		10,575,681
SPDR S&P Global Natural Resources ETF		—		—		—		—		12,984,506		47,235,119
SPDR MSCI ACWI ex-US ETF		—		2,856,017		36,957,682		2,453,209		2,549,284		14,939,808

455

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

									Non-Expiring —		Non-Expiring —
	2016		2017		2018		2019		Short Term		Long Term
SPDR MSCI ACWI IMI ETF	$	—	$	—	$	—	$	—	$	—	$	—
SPDR MSCI EM 50 ETF		—		—		—		—		34,952		72,279
SPDR MSCI EM Beyond BRIC ETF		—		—		—		—		—		—
SPDR MSCI EAFE Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI Emerging Markets Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI World Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI Australia Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI Canada Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI Germany Quality Mix ETF		—		—		—		—		3,817		—
SPDR MSCI Japan Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI Mexico Quality Mix ETF		—		—		—		—		683		—
SPDR MSCI South Korea Quality Mix ETF		—		—		—		—		1,151		—
SPDR MSCI Spain Quality Mix ETF		—		—		—		—		3,063		—
SPDR MSCI Taiwan Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI United Kingdom Quality Mix ETF		—		—		—		—		5		—
SPDR Russell/Nomura PRIME Japan ETF		—		367,543		574,285		91,148		—		596,806
SPDR Russell/Nomura Small Cap Japan ETF		—		1,812,297		3,384,327		20,536		159,130		2,823,295
SPDR S&P Global Dividend ETF		—		—		—		—		—		—
SPDR S&P International Dividend ETF		—		—		13,759,514		—		50,772,412		53,715,890
SPDR S&P International Mid Cap ETF		—		—		—		—		—		—
SPDR S&P Emerging Markets Small Cap ETF		—		—		—		—		—		26,981,515
SPDR Dow Jones Global Real Estate ETF		—		103,944		4,030,131		1,089,710		11,554,631		—
SPDR S&P International Consumer Discretionary Sector ETF		—		—		—		—		16,270		118
SPDR S&P International Consumer Staples Sector ETF		—		—		—		1,783		—		—
SPDR S&P International Energy Sector ETF		—		4,624		119,106		316,377		—		311,573
SPDR S&P International Financial Sector ETF		—		39,777		563,054		43,972		18,903		373,740
SPDR S&P International Health Care Sector ETF		—		—		—		—		—		—
SPDR S&P International Industrial Sector ETF		—		4,087		41,800		85,376		4,642		375,387
SPDR S&P International Materials Sector ETF		—		60,733		154,398		205,070		—		588,984
SPDR S&P International Technology Sector ETF		—		—		—		—		—		380,372
SPDR S&P International Telecommunications Sector ETF		—		2,618		97,364		213,502		85,247		1,387,435
SPDR S&P International Utilities Sector ETF		—		16,137		130,798		182,287		—		2,732,087

During the tax year ended June 30, 2014, the Funds utilized/expired capital loss carryforwards in the following amounts:

	Amount Utilized		Amount Expired
SPDR STOXX Europe 50 ETF	$	—	$	—
SPDR EURO STOXX 50 ETF		—		—
SPDR EURO STOXX Small Cap ETF		—		—

456

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

	Amount Utilized		Amount Expired
SPDR S&P Emerging Asia Pacific ETF	$	—	$	—
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		—
SPDR S&P Russia ETF		—		—
SPDR S&P China ETF		—		—
SPDR S&P Emerging Markets ETF		—		—
SPDR S&P Emerging Markets Dividend ETF		—		—
SPDR S&P BRIC 40 ETF		—		—
SPDR S&P Emerging Europe ETF		—		—
SPDR S&P Emerging Latin America ETF		—		—
SPDR S&P Emerging Middle East & Africa ETF		—		—
SPDR S&P World ex-US ETF		5,052,440		—
SPDR S&P International Small Cap ETF		32,235,568		—
SPDR Dow Jones International Real Estate ETF		—		—
SPDR S&P Global Infrastructure ETF		—		—
SPDR S&P Global Natural Resources ETF		—		—
SPDR MSCI ACWI ex-US ETF		717,042		—
SPDR MSCI ACWI IMI ETF		—		—
SPDR MSCI EM 50 ETF		10,394		—
SPDR MSCI EM Beyond BRIC ETF		—		—
SPDR MSCI EAFE Quality Mix ETF		—		—
SPDR MSCI Emerging Markets Quality Mix ETF		—		—
SPDR MSCI World Quality Mix ETF		—		—
SPDR MSCI Australia Quality Mix ETF		—		—
SPDR MSCI Canada Quality Mix ETF		—		—
SPDR MSCI Germany Quality Mix ETF		—		—
SPDR MSCI Japan Quality Mix ETF		—		—
SPDR MSCI Mexico Quality Mix ETF		—		—
SPDR MSCI South Korea Quality Mix ETF		—		—
SPDR MSCI Spain Quality Mix ETF		—		—
SPDR MSCI Taiwan Quality Mix ETF		—		—
SPDR MSCI United Kingdom Quality Mix ETF		—		—
SPDR Russell/Nomura PRIME Japan ETF		—		—
SPDR Russell/Nomura Small Cap Japan ETF		—		—
SPDR S&P Global Dividend ETF		—		—
SPDR S&P International Dividend ETF		55,267,992		—
SPDR S&P International Mid Cap ETF		—		—
SPDR S&P Emerging Markets Small Cap ETF		5,866,081		—
SPDR Dow Jones Global Real Estate ETF		—		—
SPDR S&P International Consumer Discretionary Sector ETF		8,614		—
SPDR S&P International Consumer Staples Sector ETF		14,999		—
SPDR S&P International Energy Sector ETF		—		—
SPDR S&P International Financial Sector ETF		—		—

457

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

	Amount Utilized		Amount Expired
SPDR S&P International Health Care Sector ETF	$	497,639	$	—
SPDR S&P International Industrial Sector ETF		—		—
SPDR S&P International Materials Sector ETF		—		—
SPDR S&P International Technology Sector ETF		33,412		—
SPDR S&P International Telecommunications Sector ETF		—		—
SPDR S&P International Utilities Sector ETF		—		—

Under current tax laws, certain capital and foreign currency losses realized after October 31 and ordinary income losses realized after December 31, may be deferred and treated as occurring on the first day of the following fiscal year. The Funds elected for federal income tax purposes to defer the following current year post October 31 and post December 31 losses, as applicable, as though the losses were incurred on the first day of the next fiscal year:

	Post October		Late Year
	Capital Loss Deferral		Ordinary Loss Deferral
SPDR STOXX Europe 50 ETF	$	—	$	—
SPDR EURO STOXX 50 ETF		—		—
SPDR EURO STOXX Small Cap ETF		—		—
SPDR S&P Emerging Asia Pacific ETF		—		—
SPDR S&P Small Cap Emerging Asia Pacific ETF		—		—
SPDR S&P Russia ETF		—		—
SPDR S&P China ETF		—		—
SPDR S&P Emerging Markets ETF		—		—
SPDR S&P Emerging Markets Dividend ETF		—		—
SPDR S&P BRIC 40 ETF		—		—
SPDR S&P Emerging Europe ETF		—		—
SPDR S&P Emerging Latin America ETF		—		—
SPDR S&P Emerging Middle East & Africa ETF		—		—
SPDR S&P World ex-US ETF		—		—
SPDR S&P International Small Cap ETF		—		—
SPDR Dow Jones International Real Estate ETF		—		—
SPDR S&P Global Infrastructure ETF		—		—
SPDR S&P Global Natural Resources ETF		—		—
SPDR MSCI ACWI ex-US ETF		—		—
SPDR MSCI ACWI IMI ETF		—		—
SPDR MSCI EM 50 ETF		—		—
SPDR MSCI EM Beyond BRIC ETF		—		—
SPDR MSCI EAFE Quality Mix ETF		—		—
SPDR MSCI Emerging Markets Quality Mix ETF		—		—
SPDR MSCI World Quality Mix ETF		—		—
SPDR MSCI Australia Quality Mix ETF		—		—
SPDR MSCI Canada Quality Mix ETF		—		—
SPDR MSCI Germany Quality Mix ETF		—		—
SPDR MSCI Japan Quality Mix ETF		—		—
SPDR MSCI Mexico Quality Mix ETF		—		—

458

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

	Post October			Late Year
	Capital Loss Deferral			Ordinary Loss Deferral
SPDR MSCI South Korea Quality Mix ETF	$	—		$	—
SPDR MSCI Spain Quality Mix ETF		—			—
SPDR MSCI Taiwan Quality Mix ETF		—			—
SPDR MSCI United Kingdom Quality Mix ETF		—			—
SPDR Russell/Nomura PRIME Japan ETF		—			—
SPDR Russell/Nomura Small Cap Japan ETF		—			—
SPDR S&P Global Dividend ETF		—			—
SPDR S&P International Dividend ETF		—			—
SPDR S&P International Mid Cap ETF		—			—
SPDR S&P Emerging Markets Small Cap ETF		—			—
SPDR Dow Jones Global Real Estate ETF		—			—
SPDR S&P International Consumer Discretionary Sector ETF		—			—
SPDR S&P International Consumer Staples Sector ETF		(747	)		—
SPDR S&P International Energy Sector ETF		—			—
SPDR S&P International Financial Sector ETF		—			—
SPDR S&P International Health Care Sector ETF		—			—
SPDR S&P International Industrial Sector ETF		—			—
SPDR S&P International Materials Sector ETF		—			—
SPDR S&P International Technology Sector ETF		—			—
SPDR S&P International Telecommunications Sector ETF		—			—
SPDR S&P International Utilities Sector ETF		—			—

For the year ended September 30, 2014, there were no significant differences between the book basis and the tax basis character of distributions to shareholders.

The tax character of distributions paid during the year ended September 30, 2014 was as follows:

	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital
SPDR STOXX Europe 50 ETF	$	12,279,995	$	—	$	—
SPDR EURO STOXX 50 ETF		165,590,424		—		—
SPDR EURO STOXX Small Cap ETF		16,160		—		—
SPDR S&P Emerging Asia Pacific ETF		6,695,981		—		—
SPDR S&P Small Cap Emerging Asia Pacific ETF		108,119		107,007		—
SPDR S&P Russia ETF		447,722		—		—
SPDR S&P China ETF		16,237,703		—		—
SPDR S&P Emerging Markets ETF		3,629,968		—		—
SPDR S&P Emerging Markets Dividend ETF		21,592,591		—		—
SPDR S&P BRIC 40 ETF		3,386,072		—		—
SPDR S&P Emerging Europe ETF		1,481,279		—		—
SPDR S&P Emerging Latin America ETF		1,382,090		—		—
SPDR S&P Emerging Middle East & Africa ETF		1,674,967		—		—
SPDR S&P World ex-US ETF		24,777,954		—		—
SPDR S&P International Small Cap ETF		23,935,017		—		—

459

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital
SPDR Dow Jones International Real Estate ETF	$	207,509,734	$	—	$	—
SPDR S&P Global Infrastructure ETF		3,517,695		—		—
SPDR S&P Global Natural Resources ETF		12,447,584		—		—
SPDR MSCI ACWI ex-US ETF		16,800,571		—		—
SPDR MSCI ACWI IMI ETF		243,791		5,843		—
SPDR MSCI EM 50 ETF		55,039		—		—
SPDR MSCI EM Beyond BRIC ETF		29,342		—		—
SPDR MSCI EAFE Quality Mix ETF		3,253		—		—
SPDR MSCI Emerging Markets Quality Mix ETF		1,381		—		—
SPDR MSCI World Quality Mix ETF		4,196		—		—
SPDR MSCI Australia Quality Mix ETF		—		—		—
SPDR MSCI Canada Quality Mix ETF		2,368		—		—
SPDR MSCI Germany Quality Mix ETF		344		—		—
SPDR MSCI Japan Quality Mix ETF		—		—		—
SPDR MSCI Mexico Quality Mix ETF		—		—		—
SPDR MSCI South Korea Quality Mix ETF		—		—		—
SPDR MSCI Spain Quality Mix ETF		5,821		—		—
SPDR MSCI Taiwan Quality Mix ETF		—		—		—
SPDR MSCI United Kingdom Quality Mix ETF		610		—		—
SPDR Russell/Nomura PRIME Japan ETF		1,581,813		—		—
SPDR Russell/Nomura Small Cap Japan ETF		2,287,511		—		—
SPDR S&P Global Dividend ETF		774,129		—		—
SPDR S&P International Dividend ETF		71,478,207		—		—
SPDR S&P International Mid Cap ETF		2,637,058		1,688,485		—
SPDR S&P Emerging Markets Small Cap ETF		15,106,089		—		—
SPDR Dow Jones Global Real Estate ETF		40,259,506		—		—
SPDR S&P International Consumer Discretionary Sector ETF		441,020		—		—
SPDR S&P International Consumer Staples Sector ETF		1,023,722		—		—
SPDR S&P International Energy Sector ETF		554,858		—		—
SPDR S&P International Financial Sector ETF		339,282		—		—
SPDR S&P International Health Care Sector ETF		1,109,173		—		—
SPDR S&P International Industrial Sector ETF		544,065		—		—
SPDR S&P International Materials Sector ETF		262,845		—		—
SPDR S&P International Technology Sector ETF		206,790		—		—
SPDR S&P International Telecommunications Sector ETF		4,048,039		—		—
SPDR S&P International Utilities Sector ETF		2,223,595		—		—

The tax character of distributions paid during the year ended September 30, 2013 was as follows:

	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital
SPDR STOXX Europe 50 ETF	$	2,238,311	$	—	$	—
SPDR EURO STOXX 50 ETF		70,388,040		—		—

460

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital
SPDR S&P Emerging Asia Pacific ETF	$	9,689,381	$	—	$	—
SPDR S&P Small Cap Emerging Asia Pacific ETF		242,692		—		—
SPDR S&P Russia ETF		1,635,671		—		—
SPDR S&P China ETF		22,082,234		—		—
SPDR S&P Emerging Markets ETF		4,153,364		—		—
SPDR S&P Emerging Markets Dividend ETF		25,279,698		—		—
SPDR S&P BRIC 40 ETF		8,143,671		—		—
SPDR S&P Emerging Europe ETF		3,277,881		—		—
SPDR S&P Emerging Latin America ETF		2,132,567		—		—
SPDR S&P Emerging Middle East & Africa ETF		1,967,723		—		—
SPDR S&P World ex-US ETF		14,411,748		—		—
SPDR S&P International Small Cap ETF		17,144,709		—		—
SPDR Dow Jones International Real Estate ETF		229,349,200		—		—
SPDR S&P Global Infrastructure ETF		2,633,933		—		—
SPDR S&P Global Natural Resources ETF		11,695,276		—		—
SPDR MSCI ACWI ex-US ETF		12,088,605		—		—
SPDR MSCI ACWI IMI ETF		129,190		—		—
SPDR MSCI EM 50 ETF		73,259		—		—
SPDR Russell/Nomura PRIME Japan ETF		236,411		—		—
SPDR Russell/Nomura Small Cap Japan ETF		1,106,374		—		—
SPDR S&P Global Dividend ETF		62,806		—		—
SPDR S&P International Dividend ETF		85,860,472		—		—
SPDR S&P International Mid Cap ETF		991,631		—		—
SPDR S&P Emerging Markets Small Cap ETF		20,055,509		—		—
SPDR Dow Jones Global Real Estate ETF		36,887,834		—		—
SPDR S&P International Consumer Discretionary Sector ETF		184,061		—		—
SPDR S&P International Consumer Staples Sector ETF		749,704		—		—
SPDR S&P International Energy Sector ETF		383,819		—		—
SPDR S&P International Financial Sector ETF		222,351		—		—
SPDR S&P International Health Care Sector ETF		880,788		—		—
SPDR S&P International Industrial Sector ETF		221,282		—		—
SPDR S&P International Materials Sector ETF		186,670		—		—
SPDR S&P International Technology Sector ETF		126,851		—		—
SPDR S&P International Telecommunications Sector ETF		1,278,960		—		—
SPDR S&P International Utilities Sector ETF		1,256,520		—		—

For the year ended September 30, 2014, significant differences between the book basis and the tax basis of components of net assets included differences in the net unrealized appreciation (depreciation) in the value of investments attributable to the tax deferral of losses on wash sales, the cumulative return of capital payment, PFICs (Passive Foreign Investment Companies), redemptions in-kind, dividend payables and the deferral of post-October losses.

461

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

As of September 30, 2014, the components of distributable earnings on a tax basis were as follows:

	Undistributed		Undistributed		Net Unrealized
	Ordinary		Long-Term		Appreciation
	Income		Capital Gains		(Depreciation)
SPDR STOXX Europe 50 ETF	$	415,862	$	—	$	(5,577,890	)
SPDR EURO STOXX 50 ETF		—		—		308,530,149
SPDR EURO STOXX Small Cap ETF		5,569		—		(1,150,606	)
SPDR S&P Emerging Asia Pacific ETF		7,198,450		—		44,799,979
SPDR S&P Small Cap Emerging Asia Pacific ETF		241,028		59,054		(22,374	)
SPDR S&P Russia ETF		545,747		—		(9,817,444	)
SPDR S&P China ETF		9,254,682		—		(26,308,528	)
SPDR S&P Emerging Markets ETF		2,684,059		—		(16,142,119	)
SPDR S&P Emerging Markets Dividend ETF		7,806,287		—		(46,250,739	)
SPDR S&P BRIC 40 ETF		2,149,733		—		(31,698,784	)
SPDR S&P Emerging Europe ETF		1,196,687		—		(30,763,720	)
SPDR S&P Emerging Latin America ETF		223,053		—		(18,613,613	)
SPDR S&P Emerging Middle East & Africa ETF		616,384		—		(5,323,369	)
SPDR S&P World ex-US ETF		7,581,286		—		66,752,161
SPDR S&P International Small Cap ETF		26,645,889		52,625,211		(77,398,818	)
SPDR Dow Jones International Real Estate ETF		11,621,639		—		364,250,215
SPDR S&P Global Infrastructure ETF		726,329		—		1,519,449
SPDR S&P Global Natural Resources ETF		3,721,420		—		(24,683,638	)
SPDR MSCI ACWI ex-US ETF		4,806,677		—		(14,061,609	)
SPDR MSCI ACWI IMI ETF		293,414		—		492,044
SPDR MSCI EM 50 ETF		45,414		—		(177,739	)
SPDR MSCI EM Beyond BRIC ETF		34,015		—		32,634
SPDR MSCI EAFE Quality Mix ETF		41,866		—		(313,936	)
SPDR MSCI Emerging Markets Quality Mix ETF		63,429		—		(110,921	)
SPDR MSCI World Quality Mix ETF		32,341		—		(37,737	)
SPDR MSCI Australia Quality Mix ETF		108,451		—		(518,571	)
SPDR MSCI Canada Quality Mix ETF		39,368		—		(30,260	)
SPDR MSCI Germany Quality Mix ETF		2,601		—		(640,908	)
SPDR MSCI Japan Quality Mix ETF		40,913		—		4,830
SPDR MSCI Mexico Quality Mix ETF		369		—		(116,794	)
SPDR MSCI South Korea Quality Mix ETF		12,992		—		(157,475	)
SPDR MSCI Spain Quality Mix ETF		87,744		—		(850,782	)
SPDR MSCI Taiwan Quality Mix ETF		8,912		—		(225,587	)
SPDR MSCI United Kingdom Quality Mix ETF		60,153		—		(352,091	)
SPDR Russell/Nomura PRIME Japan ETF		721,701		—		(3,970,943	)
SPDR Russell/Nomura Small Cap Japan ETF		184,003		—		(6,544,748	)
SPDR S&P Global Dividend ETF		555,792		36,122		(310,925	)
SPDR S&P International Dividend ETF		23,074,037		—		(54,027,191	)
SPDR S&P International Mid Cap ETF		1,823,229		3,053,568		(814,103	)
SPDR S&P Emerging Markets Small Cap ETF		9,871,571		—		(90,379,505	)

462

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

	Undistributed		Undistributed		Net Unrealized
	Ordinary		Long-Term		Appreciation
	Income		Capital Gains		(Depreciation)
SPDR Dow Jones Global Real Estate ETF	$	4,684,581	$	—	$	77,096,561
SPDR S&P International Consumer Discretionary Sector ETF		124,568		—		348,337
SPDR S&P International Consumer Staples Sector ETF		179,314		—		3,573,425
SPDR S&P International Energy Sector ETF		148,106		—		(2,138,435	)
SPDR S&P International Financial Sector ETF		185,244		—		(936,007	)
SPDR S&P International Health Care Sector ETF		123,277		—		12,577,187
SPDR S&P International Industrial Sector ETF		166,735		—		(126,005	)
SPDR S&P International Materials Sector ETF		49,973		—		(3,558,614	)
SPDR S&P International Technology Sector ETF		71,039		—		68,515
SPDR S&P International Telecommunications Sector ETF		396,091		—		(262,463	)
SPDR S&P International Utilities Sector ETF		351,022		—		4,165,189

Distributions

The following Funds declare and distribute dividends from net investment income, if any, to shareholders quarterly: SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR Dow Jones International Real Estate ETF, SPDR S&P Global Dividend ETF, SPDR S&P International Dividend ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF. The following Funds declare and distribute dividends from net investment income, if any, to shareholders semi-annually: SPDR EURO STOXX Small Cap ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Small Cap Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR S&P Global Infrastructure ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI ACWI ex-US ETF, SPDR MSCI ACWI IMI ETF, SPDR MSCI EM 50 ETF, SPDR MSCI EM Beyond BRIC ETF, SPDR MSCI EAFE Quality Mix ETF, SPDR MSCI Emerging Markets Quality Mix ETF, SPDR MSCI World Quality Mix ETF, SPDR MSCI Australia Quality Mix ETF, SPDR MSCI Canada Quality Mix ETF, SPDR MSCI Germany Quality Mix ETF, SPDR MSCI Japan Quality Mix ETF, SPDR MSCI Mexico Quality Mix ETF, SPDR MSCI South Korea Quality Mix ETF, SPDR MSCI Spain Quality Mix ETF, SPDR MSCI Taiwan Quality Mix ETF, SPDR MSCI United Kingdom Quality Mix ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Mid Cap ETF and SPDR S&P Emerging Markets Small Cap ETF. The Trust declares and distributes net realized capital gains, if any, at least annually. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

3.   Related Party Fees and Transactions

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSgA Funds Management, Inc. (the “Adviser” or “SSgA FM”). As compensation for the services rendered, facilities furnished, and

463

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

expenses borne by the Adviser, each Fund pays the Adviser a fee accrued daily and paid quarterly, based on a percentage of each Fund’s average daily net assets as shown in the following table:

	Annual Rate
SPDR STOXX Europe 50 ETF		0.29	%
SPDR EURO STOXX 50 ETF		0.29
SPDR EURO STOXX Small Cap ETF		0.45
SPDR S&P Emerging Asia Pacific ETF		0.59
SPDR S&P Small Cap Emerging Asia Pacific ETF		0.65
SPDR S&P Russia ETF		0.59
SPDR S&P China ETF		0.59
SPDR S&P Emerging Markets ETF		0.59
SPDR S&P Emerging Markets Dividend ETF		0.59
SPDR S&P BRIC 40 ETF		0.50
SPDR S&P Emerging Europe ETF		0.59
SPDR S&P Emerging Latin America ETF		0.59
SPDR S&P Emerging Middle East & Africa ETF		0.59
SPDR S&P World ex-US ETF		0.34
SPDR S&P International Small Cap ETF		0.59
SPDR Dow Jones International Real Estate ETF		0.59
SPDR S&P Global Infrastructure ETF		0.40
SPDR S&P Global Natural Resources ETF		0.40
SPDR MSCI ACWI ex-US ETF		0.34
SPDR MSCI ACWI IMI ETF		0.25
SPDR MSCI EM 50 ETF		0.50
SPDR MSCI EM Beyond BRIC ETF		0.55
SPDR MSCI EAFE Quality Mix ETF		0.30
SPDR MSCI Emerging Markets Quality Mix ETF		0.30
SPDR MSCI World Quality Mix ETF		0.30
SPDR MSCI Australia Quality Mix ETF		0.30
SPDR MSCI Canada Quality Mix ETF		0.30
SPDR MSCI Germany Quality Mix ETF		0.30
SPDR MSCI Japan Quality Mix ETF		0.30
SPDR MSCI Mexico Quality Mix ETF		0.40
SPDR MSCI South Korea Quality Mix ETF		0.40
SPDR MSCI Spain Quality Mix ETF		0.30
SPDR MSCI Taiwan Quality Mix ETF		0.40
SPDR MSCI United Kingdom Quality Mix ETF		0.30
SPDR Russell/Nomura PRIME Japan ETF		0.50
SPDR Russell/Nomura Small Cap Japan ETF		0.55
SPDR S&P Global Dividend ETF		0.40
SPDR S&P International Dividend ETF		0.45
SPDR S&P International Mid Cap ETF		0.45
SPDR S&P Emerging Markets Small Cap ETF		0.65

464

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

	Annual Rate
SPDR Dow Jones Global Real Estate ETF		0.50	%
SPDR S&P International Consumer Discretionary Sector ETF		0.50
SPDR S&P International Consumer Staples Sector ETF		0.50
SPDR S&P International Energy Sector ETF		0.50
SPDR S&P International Financial Sector ETF		0.50
SPDR S&P International Health Care Sector ETF		0.50
SPDR S&P International Industrial Sector ETF		0.50
SPDR S&P International Materials Sector ETF		0.50
SPDR S&P International Technology Sector ETF		0.50
SPDR S&P International Telecommunications Sector ETF		0.50
SPDR S&P International Utilities Sector ETF		0.50

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

During the year ended September 30, 2014 the Adviser made a contribution of $9,863 to the SPDR EURO STOXX Small Cap ETF in connection with a portfolio investment matter. This amount can be found on the Statments of Changes in Net Assets.

State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, receives fees for its services as Custodian, Administrator and Transfer Agent from the Adviser.

State Street also acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated November 28, 2007. Proceeds collected by State Street on investment of cash collateral or any fee income is allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street. In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Prime Portfolio (“Prime Portfolio”) for which SSgA FM serves as investment adviser. Prime Portfolio is a series of State Street Navigator Securities Lending Trust, a registered investment company under the 1940 Act, and operates as a money market fund in compliance with Rule 2a-7 under the 1940 Act. See Note 8 for additional information regarding securities lending.

For the year ended September 30, 2014, State Street earned securities lending agent fees from the following Funds:

	Securities Lending
	Agent Fees
SPDR STOXX Europe 50 ETF	$	23,090
SPDR EURO STOXX 50 ETF		1,100,314
SPDR EURO STOXX Small Cap ETF		—
SPDR S&P Emerging Asia Pacific ETF		35,048
SPDR S&P Small Cap Emerging Asia Pacific ETF		758
SPDR S&P Russia ETF		135
SPDR S&P China ETF		238,250
SPDR S&P Emerging Markets ETF		16,007
SPDR S&P Emerging Markets Dividend ETF		140,745
SPDR S&P BRIC 40 ETF		4,121
SPDR S&P Emerging Europe ETF		901

465

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

	Securities Lending
	Agent Fees
SPDR S&P Emerging Latin America ETF	$	4,636
SPDR S&P Emerging Middle East & Africa ETF		6,606
SPDR S&P World ex-US ETF		108,859
SPDR S&P International Small Cap ETF		166,737
SPDR Dow Jones International Real Estate ETF		246,152
SPDR S&P Global Infrastructure ETF		12,167
SPDR S&P Global Natural Resources ETF		45,807
SPDR MSCI ACWI ex-US ETF		60,801
SPDR MSCI ACWI IMI ETF		1,670
SPDR MSCI EM 50 ETF		181
SPDR MSCI EM Beyond BRIC ETF		39
SPDR MSCI EAFE Quality Mix ETF		—
SPDR MSCI Emerging Markets Quality Mix ETF		—
SPDR MSCI World Quality Mix ETF		—
SPDR MSCI Australia Quality Mix ETF		—
SPDR MSCI Canada Quality Mix ETF		—
SPDR MSCI Germany Quality Mix ETF		—
SPDR MSCI Japan Quality Mix ETF		—
SPDR MSCI Mexico Quality Mix ETF		—
SPDR MSCI South Korea Quality Mix ETF		—
SPDR MSCI Spain Quality Mix ETF		—
SPDR MSCI Taiwan Quality Mix ETF		—
SPDR MSCI United Kingdom Quality Mix ETF		—
SPDR Russell/Nomura PRIME Japan ETF		4,430
SPDR Russell/Nomura Small Cap Japan ETF		16,638
SPDR S&P Global Dividend ETF		4,865
SPDR S&P International Dividend ETF		479,481
SPDR S&P International Mid Cap ETF		7,835
SPDR S&P Emerging Markets Small Cap ETF		185,268
SPDR Dow Jones Global Real Estate ETF		46,040
SPDR S&P International Consumer Discretionary Sector ETF		2,327
SPDR S&P International Consumer Staples Sector ETF		2,752
SPDR S&P International Energy Sector ETF		2,856
SPDR S&P International Financial Sector ETF		1,265
SPDR S&P International Health Care Sector ETF		3,886
SPDR S&P International Industrial Sector ETF		2,451
SPDR S&P International Materials Sector ETF		754
SPDR S&P International Technology Sector ETF		1,761
SPDR S&P International Telecommunications Sector ETF		4,598
SPDR S&P International Utilities Sector ETF		9,927

466

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

Distributor

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

The Distributor has established an assisted trading program to aid Authorized Participants (each a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC or a DTC Participant that has entered into a Participant Agreement) in certain creation and redemption activities for which the Distributor receives commissions from Authorized Participants. In addition, the Distributor receives compensation from State Street associated with on-line creation and redemption activity of Authorized Participants.

Trustees’ Fees

Effective July 1, 2014, the Trust, SSgA Master Trust, SSgA Active ETF Trust and SPDR Series Trust (together, the “Trusts”) pay, in the aggregate, each Independent Trustee an annual fee of $185,000 plus $10,000 per in-person meeting attended and $1,250 for each telephonic or video conference meeting attended. The Chairman of the Board receives an additional annual fee of $50,000 and the Chairman of the Audit Committee receives an additional annual fee of $20,000. The Trust also reimburses each Independent Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings and in connection with attending industry seminars and meetings. Trustee fees are allocated among the Trusts and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series.

Prior to July 1, 2014, the Trusts paid, in the aggregate, each Independent Trustee an annual fee of $170,000 plus $10,000 per in-person meeting attended and $1,250 for each telephonic or video conference meeting attended. The Chairman of the Board received an additional annual fee of $50,000 and the Chairman of the Audit Committee received an additional annual fee of $20,000. The Trust also reimbursed each Independent Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings and in connection with attending industry seminars and meetings. Trustee fees were allocated among the Trusts and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series.

Transactions with Affiliates

The following Funds invested in an affiliated company, State Street Corp. Amounts relating to this investment at September 30, 2014, and for the period then ended are:

	Number of														Number of
	Shares Held		Cost at		Value at		Purchased				Sold				Shares Held		Value at		Dividend		Realized
	at 9/30/13		9/30/13		9/30/13		Cost		Shares		Proceeds		Shares		at 9/30/14		9/30/14		Income		Gain
SPDR MSCI ACWI IMI ETF		100	$	4,146	$	6,575	$	57,006		832	$	—		—		932	$	68,605	$	447	$	—
SPDR MSCI World Quality Mix ETF		—		—		—		2,388		36		—		—		36		2,650		22		—

Each Fund may invest in certain money market funds managed by the Adviser, including the State Street Institutional Liquid Reserves Fund - Premier Class (formerly Institutional Class) (“Liquid Reserves Fund”), a series of State Street Institutional Investment Trust. The Liquid Reserves Fund is a feeder fund in a master/feeder fund structure that invests substantially all of its assets in the State Street Money Market Portfolio (“Master Portfolio”). The Liquid Reserves Fund does not pay an investment advisory fee to the Adviser, but the Master Portfolio in which it invests pays an investment advisory fee to the Adviser. The Liquid Reserves Fund intends to declare dividends on shares from net investment income daily and pay them as of the last business day of each month. All income distributions earned by the Funds from affiliated money market funds are recorded as dividend income on securities of affiliated issuers in the accompanying Statements of Operations. In addition, cash collateral from lending activities is invested in State Street Navigator Securities Lending Prime Portfolio (“Prime Portfolio”), for which SSgA FM serves as the investment adviser.

467

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

Amounts related to investments in Liquid Reserves Fund and/or Prime Portfolio at September 30, 2014 and for the period then ended are:

	Value at		Purchased				Sold				Value at
Liquid Reserves Fund	9/30/13		Cost		Shares		Proceeds		Shares		9/30/14		Income
SPDR STOXX Europe 50 ETF	$	501,528	$	14,212,322		14,212,322	$	13,448,306		13,448,306	$	1,265,544	$	227
SPDR EURO STOXX 50 ETF		7,923,052		189,508,112		189,508,112		185,743,397		185,743,397		11,687,767		2,836
SPDR EURO STOXX Small Cap ETF		—		263,034		263,034		251,325		251,325		11,709		5
SPDR S&P Emerging Asia Pacific ETF		1,452,271		25,691,518		25,691,518		22,500,269		22,500,269		4,643,520		549
SPDR S&P Small Cap Emerging Asia Pacific ETF		361		1,385,268		1,385,268		1,385,629		1,385,629		—		28
SPDR S&P Russia ETF		—		1,461,744		1,461,744		1,423,502		1,423,502		38,242		149
SPDR S&P China ETF		15,502		11,577,762		11,577,762		10,645,221		10,645,221		948,043		418
SPDR S&P Emerging Markets ETF		1,227,230		26,218,941		26,218,941		24,845,014		24,845,014		2,601,157		982
SPDR S&P Emerging Markets Dividend ETF		8,225,333		39,073,833		39,073,833		38,378,397		38,378,397		8,920,769		731
SPDR S&P BRIC 40 ETF		762,677		7,247,535		7,247,535		7,483,796		7,483,796		526,416		296
SPDR S&P Emerging Europe ETF		42,146		6,800,664		6,800,664		6,837,828		6,837,828		4,982		108
SPDR S&P Emerging Latin America ETF		115,178		2,503,929		2,503,929		2,619,107		2,619,107		—		97
SPDR S&P Emerging Middle East & Africa ETF		1,692		2,036,244		2,036,244		2,037,936		2,037,936		—		69
SPDR S&P World ex-US ETF		1,104,348		36,410,812		36,410,812		37,515,160		37,515,160		—		646
SPDR S&P International Small Cap ETF		480,956		54,598,589		54,598,589		53,266,170		53,266,170		1,813,375		1,505
SPDR Dow Jones International Real Estate ETF		35,547,697		267,042,228		267,042,228		267,653,915		267,653,915		34,936,010		4,538
SPDR S&P Global Infrastructure ETF		54,923		5,491,615		5,491,615		5,474,556		5,474,556		71,982		110
SPDR S&P Global Natural Resources ETF		1,162,069		22,739,849		22,739,849		22,523,885		22,523,885		1,378,033		877
SPDR MSCI ACWI ex-US ETF		822,596		25,484,575		25,484,575		26,134,222		26,134,222		172,949		545
SPDR MSCI ACWI IMI ETF		31,336		647,242		647,242		527,573		527,573		151,005		68
SPDR MSCI EM 50 ETF		7,495		372,286		372,286		379,515		379,515		266		5
SPDR MSCI EM Beyond BRIC ETF		—		3,547,478		3,547,478		3,547,478		3,547,478		—		22
SPDR MSCI EAFE Quality Mix ETF		—		9,189		9,189		7,850		7,850		1,339		1
SPDR MSCI Emerging Markets Quality Mix ETF		—		721,212		721,212		711,699		711,699		9,513		2
SPDR MSCI World Quality Mix ETF		—		80,845		80,845		70,580		70,580		10,265		4
SPDR MSCI Australia Quality Mix ETF		—		206		206		206		206		—		—
SPDR MSCI Canada Quality Mix ETF		—		5,497		5,497		3,485		3,485		2,012		—
SPDR MSCI Germany Quality Mix ETF		—		6,000,011		6,000,011		5,999,289		5,999,289		722		11
SPDR MSCI Japan Quality Mix ETF		—		20,163		20,163		19,154		19,154		1,009		3
SPDR MSCI Mexico Quality Mix ETF		—		479		479		—		—		479		—
SPDR MSCI South Korea Quality Mix ETF		—		5,570		5,570		—		—		5,570		—
SPDR MSCI Spain Quality Mix ETF		—		55,926		55,926		55,920		55,920		6		1
SPDR MSCI Taiwan Quality Mix ETF		—		44,583		44,583		8,757		8,757		35,826		1
SPDR MSCI United Kingdom Quality Mix ETF		—		27,209		27,209		19,058		19,058		8,151		4
SPDR Russell/Nomura PRIME Japan ETF		218,191		1,859,136		1,859,136		2,055,486		2,055,486		21,841		60
SPDR Russell/Nomura Small Cap Japan ETF		98,208		2,629,529		2,629,529		2,630,974		2,630,974		96,763		87
SPDR S&P Global Dividend ETF		61,163		1,336,186		1,336,186		1,137,969		1,137,969		259,380		23
SPDR S&P International Dividend ETF		16,704,185		123,903,517		123,903,517		126,355,070		126,355,070		14,252,632		1,677
SPDR S&P International Mid Cap ETF		91,706		5,151,066		5,151,066		5,206,770		5,206,770		36,002		62
SPDR S&P Emerging Markets Small Cap ETF		9,061,414		87,271,127		87,271,127		96,332,541		96,332,541		—		1,277
SPDR Dow Jones Global Real Estate ETF		8,826,471		73,967,430		73,967,430		69,095,105		69,095,105		13,698,796		1,542
SPDR S&P International Consumer Discretionary Sector ETF		27,262		410,233		410,233		386,069		386,069		51,426		36
SPDR S&P International Consumer Staples Sector ETF		201,536		1,558,771		1,558,771		1,514,592		1,514,592		245,715		43

468

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

	Value at		Purchased				Sold				Value at
Liquid Reserves Fund	9/30/13		Cost		Shares		Proceeds		Shares		9/30/14		Income
SPDR S&P International Energy Sector ETF	$	125,388	$	669,882		669,882	$	654,455		654,455	$	140,815	$	17
SPDR S&P International Financial Sector ETF		28,813		523,565		523,565		421,626		421,626		130,752		19
SPDR S&P International Health Care Sector ETF		109,397		1,582,724		1,582,724		1,601,608		1,601,608		90,513		23
SPDR S&P International Industrial Sector ETF		63,911		971,044		971,044		990,577		990,577		44,378		30
SPDR S&P International Materials Sector ETF		48,218		318,871		318,871		304,899		304,899		62,190		13
SPDR S&P International Technology Sector ETF		32,199		350,665		350,665		376,755		376,755		6,109		14
SPDR S&P International Telecommunications Sector ETF		433,837		4,951,580		4,951,580		5,122,535		5,122,535		262,882		95
SPDR S&P International Utilities Sector ETF		405,720		2,767,198		2,767,198		2,618,866		2,618,866		554,052		49

	Value at		Purchased				Sold				Value at		Income from
Prime Portfolio	9/30/13		Cost		Shares		Proceeds		Shares		9/30/14		Cash Collateral
SPDR STOXX Europe 50 ETF	$	2,491,832	$	134,551,984		134,551,984	$	133,976,222		133,976,222	$	3,067,594	$	115,096
SPDR EURO STOXX 50 ETF		115,479,471		3,339,042,821		3,339,042,821		3,395,954,727		3,395,954,727		58,567,565		5,939,247
SPDR EURO STOXX Small Cap ETF		—		—		—		—		—		—		—
SPDR S&P Emerging Asia Pacific ETF		21,583,792		121,096,208		121,096,208		105,410,413		105,410,413		37,269,587		195,596
SPDR S&P Small Cap Emerging Asia Pacific ETF		81,345		595,513		595,513		554,906		554,906		121,952		4,281
SPDR S&P Russia ETF		447,919		5,700,779		5,700,779		6,148,698		6,148,698		—		744
SPDR S&P China ETF		100,375,105		277,693,231		277,693,231		270,068,493		270,068,493		107,999,843		1,330,155
SPDR S&P Emerging Markets ETF		15,039,490		76,831,239		76,831,239		75,649,955		75,649,955		16,220,774		89,543
SPDR S&P Emerging Markets Dividend ETF		64,648,844		277,549,462		277,549,462		255,903,071		255,903,071		86,295,235		792,878
SPDR S&P BRIC 40 ETF		11,751,632		130,174,225		130,174,225		134,441,331		134,441,331		7,484,526		23,351
SPDR S&P Emerging Europe ETF		3,486,432		17,480,922		17,480,922		20,967,354		20,967,354		—		5,102
SPDR S&P Emerging Latin America ETF		11,046,198		65,849,917		65,849,917		73,196,161		73,196,161		3,699,954		26,237
SPDR S&P Emerging Middle East & Africa ETF		8,586,936		38,093,541		38,093,541		44,123,287		44,123,287		2,557,190		34,273
SPDR S&P World ex-US ETF		56,101,398		261,281,871		261,281,871		271,394,584		271,394,584		45,988,685		576,765
SPDR S&P International Small Cap ETF		89,616,860		203,521,877		203,521,877		204,560,831		204,560,831		88,577,906		936,322
SPDR Dow Jones International Real Estate ETF		106,184,532		1,831,730,616		1,831,730,616		1,887,628,439		1,887,628,439		50,286,709		1,387,129
SPDR S&P Global Infrastructure ETF		8,057,213		205,133,372		205,133,372		197,270,603		197,270,603		15,919,982		65,870
SPDR S&P Global Natural Resources ETF		31,623,253		507,774,924		507,774,924		513,501,156		513,501,156		25,897,021		247,323
SPDR MSCI ACWI ex-US ETF		39,684,611		205,568,133		205,568,133		217,140,413		217,140,413		28,112,331		326,978
SPDR MSCI ACWI IMI ETF		869,026		45,204,269		45,204,269		36,353,832		36,353,832		9,719,463		9,329
SPDR MSCI EM 50 ETF		92,838		5,130,070		5,130,070		5,081,099		5,081,099		141,809		1,000
SPDR MSCI EM Beyond BRIC ETF		—		640,570		640,570		573,295		573,295		67,275		225
SPDR MSCI EAFE Quality Mix ETF		—		—		—		—		—		—		—
SPDR MSCI Emerging Markets Quality Mix ETF		—		—		—		—		—		—		—
SPDR MSCI World Quality Mix ETF		—		—		—		—		—		—		—
SPDR MSCI Australia Quality Mix ETF		—		—		—		—		—		—		—
SPDR MSCI Canada Quality Mix ETF		—		—		—		—		—		—		—
SPDR MSCI Germany Quality Mix ETF		—		—		—		—		—		—		—
SPDR MSCI Japan Quality Mix ETF		—		—		—		—		—		—		—
SPDR MSCI Mexico Quality Mix ETF		—		—		—		—		—		—		—
SPDR MSCI South Korea Quality Mix ETF		—		—		—		—		—		—		—
SPDR MSCI Spain Quality Mix ETF		—		—		—		—		—		—		—
SPDR MSCI Taiwan Quality Mix ETF		—		—		—		—		—		—		—
SPDR MSCI United Kingdom Quality Mix ETF		—		—		—		—		—		—		—

469

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

	Value at		Purchased				Sold				Value at		Income from
Prime Portfolio	9/30/13		Cost		Shares		Proceeds		Shares		9/30/14		Cash Collateral
SPDR Russell/Nomura PRIME Japan ETF	$	28,480,765	$	31,339,676		31,339,676	$	55,897,181		55,897,181	$	3,923,260	$	25,005
SPDR Russell/Nomura Small Cap Japan ETF		20,324,113		26,525,239		26,525,239		33,449,183		33,449,183		13,400,169		93,601
SPDR S&P Global Dividend ETF		1,642,756		24,392,298		24,392,298		20,405,738		20,405,738		5,629,316		25,410
SPDR S&P International Dividend ETF		169,072,196		886,716,553		886,716,553		836,102,360		836,102,360		219,686,389		2,607,393
SPDR S&P International Mid Cap ETF		5,111,266		22,309,301		22,309,301		18,775,087		18,775,087		8,645,480		43,362
SPDR S&P Emerging Markets Small Cap ETF		32,762,843		103,889,226		103,889,226		112,442,345		112,442,345		24,209,724		791,286
SPDR Dow Jones Global Real Estate ETF		36,032,319		483,414,075		483,414,075		483,414,792		483,414,792		36,031,602		260,269
SPDR S&P International Consumer Discretionary Sector ETF		586,985		8,833,016		8,833,016		5,783,979		5,783,979		3,636,022		10,736
SPDR S&P International Consumer Staples Sector ETF		431,089		18,883,671		18,883,671		16,700,386		16,700,386		2,614,374		15,318
SPDR S&P International Energy Sector ETF		848,710		20,811,741		20,811,741		18,726,382		18,726,382		2,934,069		15,041
SPDR S&P International Financial Sector ETF		319,909		5,875,359		5,875,359		5,751,429		5,751,429		443,839		6,392
SPDR S&P International Health Care Sector ETF		301,903		18,502,455		18,502,455		13,553,826		13,553,826		5,250,532		21,361
SPDR S&P International Industrial Sector ETF		284,325		11,730,210		11,730,210		9,197,417		9,197,417		2,817,118		12,504
SPDR S&P International Materials Sector ETF		532,054		5,107,864		5,107,864		4,848,995		4,848,995		790,923		4,240
SPDR S&P International Technology Sector ETF		139,316		9,004,432		9,004,432		7,703,342		7,703,342		1,440,406		8,107
SPDR S&P International Telecommunications Sector ETF		1,185,249		20,609,294		20,609,294		18,303,546		18,303,546		3,490,997		24,618
SPDR S&P International Utilities Sector ETF		1,320,157		36,238,654		36,238,654		34,543,102		34,543,102		3,015,709		51,281

4.   Shareholder Transactions

Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares for SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR EURO STOXX Small Cap ETF, SPDR S&P Small Cap Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI EM 50 ETF, SPDR MSCI EM Beyond BRIC ETF, SPDR MSCI Australia Quality Mix ETF , SPDR MSCI Canada Quality Mix ETF, SPDR MSCI Germany Quality Mix ETF, SPDR MSCI Japan Quality Mix ETF, SPDR MSCI Spain Quality Mix ETF, SPDR MSCI United Kingdom Quality Mix ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P Global Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF and 100,000 shares for SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR S&P Global Infrastructure ETF, SPDR MSCI ACWI IMI ETF, SPDR MSCI EAFE Quality Mix ETF, SPDR MSCI Emerging Markets Quality Mix ETF , SPDR MSCI World Quality Mix ETF , SPDR MSCI Mexico Quality Mix ETF, SPDR MSCI South Korea Quality Mix ETF, SPDR MSCI Taiwan Quality Mix ETF, SPDR S&P International Dividend ETF, SPDR S&P Emerging Markets Small Cap ETF, and SPDR Dow Jones Global Real Estate ETF and 200,000 shares for SPDR S&P World ex-US ETF, SPDR MSCI ACWI ex-US ETF and SPDR Russell/Nomura PRIME Japan ETF. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per unit of the Funds on the transaction date. Transaction fees ranging from $500 to $12,000 per Creation Unit for each Fund, regardless of the number of Creation Units that are created or redeemed on the same day, are charged to those persons creating or redeeming Creation Units. An additional variable fee may be charged for certain transactions. Transaction

470

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

fees are received by the Trust and/or Custodian and used to defray related expenses. The Custodian also receives amounts earned on cash collateral provided by Authorized Participants pending delivery of missing deposit securities.

5.   Aggregate Unrealized Appreciation and Depreciation

The identified cost of investments in securities owned by each Fund for federal income tax purposes and the gross unrealized appreciation and depreciation at September 30, 2014 was as follows:

			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)
SPDR STOXX Europe 50 ETF	$	270,025,972	$	11,930,973	$	17,469,232	$	(5,538,259	)
SPDR EURO STOXX 50 ETF		4,704,257,990		380,880,971		72,133,466		308,747,505
SPDR EURO STOXX Small Cap ETF		8,751,482		48,411		1,198,748		(1,150,337	)
SPDR S&P Emerging Asia Pacific ETF		678,466,146		104,246,735		58,510,937		45,735,798
SPDR S&P Small Cap Emerging Asia Pacific ETF		4,502,936		312,940		319,126		(6,186	)
SPDR S&P Russia ETF		32,839,680		132,215		9,949,660		(9,817,445	)
SPDR S&P China ETF		1,079,500,379		112,392,174		138,696,137		(26,303,963	)
SPDR S&P Emerging Markets ETF		315,249,885		28,231,016		43,987,684		(15,756,668	)
SPDR S&P Emerging Markets Dividend ETF		629,636,719		22,210,532		68,244,057		(46,033,525	)
SPDR S&P BRIC 40 ETF		195,035,282		13,569,388		45,267,177		(31,697,789	)
SPDR S&P Emerging Europe ETF		97,429,523		2,816,079		33,572,465		(30,756,386	)
SPDR S&P Emerging Latin America ETF		71,334,886		6,167,978		24,778,170		(18,610,192	)
SPDR S&P Emerging Middle East & Africa ETF		70,941,028		11,433,074		16,743,841		(5,310,767	)
SPDR S&P World ex-US ETF		801,453,879		107,063,971		40,214,398		66,849,573
SPDR S&P International Small Cap ETF		954,865,858		69,872,350		147,246,624		(77,374,274	)
SPDR Dow Jones International Real Estate ETF		4,618,447,026		481,354,085		116,639,798		364,714,287
SPDR S&P Global Infrastructure ETF		126,366,643		6,956,886		5,425,474		1,531,412
SPDR S&P Global Natural Resources ETF		644,584,515		34,786,561		59,416,969		(24,630,408	)
SPDR MSCI ACWI ex-US ETF		615,013,517		69,099,859		82,979,725		(13,879,866	)
SPDR MSCI ACWI IMI ETF		66,504,944		2,441,809		1,945,495		496,314
SPDR MSCI EM 50 ETF		2,704,554		125,844		303,365		(177,521	)
SPDR MSCI EM Beyond BRIC ETF		3,133,580		203,417		166,911		36,506
SPDR MSCI EAFE Quality Mix ETF		6,008,110		88,364		401,577		(313,213	)
SPDR MSCI Emerging Markets Quality Mix ETF		6,032,797		249,610		358,592		(108,982	)
SPDR MSCI World Quality Mix ETF		6,014,556		198,159		235,599		(37,440	)
SPDR MSCI Australia Quality Mix ETF		6,054,264		12,158		527,570		(515,412	)
SPDR MSCI Canada Quality Mix ETF		3,007,191		102,082		132,211		(30,129	)
SPDR MSCI Germany Quality Mix ETF		6,002,417		28,321		669,186		(640,865	)
SPDR MSCI Japan Quality Mix ETF		6,002,902		228,895		223,702		5,193
SPDR MSCI Mexico Quality Mix ETF		2,999,236		6,018		122,816		(116,798	)
SPDR MSCI South Korea Quality Mix ETF		3,012,260		30,011		187,486		(157,475	)
SPDR MSCI Spain Quality Mix ETF		9,106,736		35,876		886,590		(850,714	)
SPDR MSCI Taiwan Quality Mix ETF		6,009,664		11,758		237,324		(225,566	)
SPDR MSCI United Kingdom Quality Mix ETF		6,019,251		87,155		438,622		(351,467	)
SPDR Russell/Nomura PRIME Japan ETF		34,765,013		1,136,007		5,099,091		(3,963,084	)

471

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)
SPDR Russell/Nomura Small Cap Japan ETF	$	92,184,334	$	7,665,291	$	14,192,748	$	(6,527,457	)
SPDR S&P Global Dividend ETF		35,237,847		1,036,412		1,344,811		(308,399	)
SPDR S&P International Dividend ETF		1,730,996,858		76,343,749		130,169,635		(53,825,886	)
SPDR S&P International Mid Cap ETF		79,626,245		3,666,855		4,476,385		(809,530	)
SPDR S&P Emerging Markets Small Cap ETF		685,035,863		55,688,146		145,308,084		(89,619,938	)
SPDR Dow Jones Global Real Estate ETF		1,441,875,809		104,598,313		27,438,368		77,159,945
SPDR S&P International Consumer Discretionary Sector ETF		21,621,009		1,595,560		1,243,298		352,262
SPDR S&P International Consumer Staples Sector ETF		41,894,077		5,397,233		1,813,601		3,583,632
SPDR S&P International Energy Sector ETF		24,332,597		697,713		2,833,449		(2,135,736	)
SPDR S&P International Financial Sector ETF		12,255,245		284,084		1,218,303		(934,219	)
SPDR S&P International Health Care Sector ETF		58,407,701		13,715,488		1,125,461		12,590,027
SPDR S&P International Industrial Sector ETF		27,213,736		1,709,783		1,833,975		(124,192	)
SPDR S&P International Materials Sector ETF		11,930,417		327,062		3,884,786		(3,557,724	)
SPDR S&P International Technology Sector ETF		13,905,912		2,037,924		1,968,489		69,435
SPDR S&P International Telecommunications Sector ETF		47,274,329		3,043,904		3,303,187		(259,283	)
SPDR S&P International Utilities Sector ETF		68,843,244		6,723,607		2,554,043		4,169,564

6.   Investment Transactions

For the year ended September 30, 2014, the following Funds had in-kind contributions, in-kind redemptions and in-kind net realized gain/loss as follows:

					Realized
	Contributions		Redemptions		Gain/(Loss)
SPDR STOXX Europe 50 ETF	$	178,983,650	$	21,065,747	$	5,816,201
SPDR EURO STOXX 50 ETF		2,211,994,756		627,773,976		204,354,842
SPDR EURO STOXX Small Cap ETF		8,548,595		—		—
SPDR S&P Emerging Asia Pacific ETF		163,319,965		17,713,972		3,357,696
SPDR S&P Small Cap Emerging Asia Pacific ETF		1,536,796		784,206		176,773
SPDR S&P Russia ETF		18,181,410		21,916,500		(5,174,167	)
SPDR S&P China ETF		232,682,219		200,251,208		25,095,947
SPDR S&P Emerging Markets ETF		93,076,198		28,965,198		2,167,534
SPDR S&P Emerging Markets Dividend ETF		33,698,797		28,879,464		205,020
SPDR S&P BRIC 40 ETF		29,058,915		115,356,932		(1,744,292	)
SPDR S&P Emerging Europe ETF		19,275,010		20,085,438		1,438,914
SPDR S&P Emerging Latin America ETF		—		12,755,705		(4,982,027	)
SPDR S&P Emerging Middle East & Africa ETF		—		6,183,668		(116,874	)
SPDR S&P World ex-US ETF		200,812,405		76,598,108		28,271,941
SPDR S&P International Small Cap ETF		54,396,988		70,583,616		16,027,313
SPDR Dow Jones International Real Estate ETF		1,000,603,203		72,817,804		22,904,643
SPDR S&P Global Infrastructure ETF		74,127,342		23,513,631		4,918,024
SPDR S&P Global Natural Resources ETF		230,097,508		38,163,943		6,336,911

472

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

					Realized
	Contributions		Redemptions		Gain/(Loss)
SPDR MSCI ACWI ex-US ETF	$	90,509,948	$	20,485,675	$	5,777,016
SPDR MSCI ACWI IMI ETF		51,119,604		—		—
SPDR MSCI EM 50 ETF		2,058,272		2,585,061		402,611
SPDR MSCI EM Beyond BRIC ETF		1,778,128		3,966,479		198,946
SPDR MSCI EAFE Quality Mix ETF		6,014,818		—		—
SPDR MSCI Emerging Markets Quality Mix ETF		3,940,224		—		—
SPDR MSCI World Quality Mix ETF		5,938,326		—		—
SPDR MSCI Australia Quality Mix ETF		6,000,730		—		—
SPDR MSCI Canada Quality Mix ETF		6,023,558		3,069,823		52,312
SPDR MSCI Germany Quality Mix ETF		—		—		—
SPDR MSCI Japan Quality Mix ETF		5,931,201		—		—
SPDR MSCI Mexico Quality Mix ETF		3,019,462		—		—
SPDR MSCI South Korea Quality Mix ETF		—		—		—
SPDR MSCI Spain Quality Mix ETF		8,972,961		—		—
SPDR MSCI Taiwan Quality Mix ETF		5,973,838		—		—
SPDR MSCI United Kingdom Quality Mix ETF		5,953,161		—		—
SPDR Russell/Nomura PRIME Japan ETF		18,257,303		118,985,154		5,851,467
SPDR Russell/Nomura Small Cap Japan ETF		—		22,494,516		3,221,733
SPDR S&P Global Dividend ETF		19,386,491		—		—
SPDR S&P International Dividend ETF		249,733,102		85,262,331		10,582,153
SPDR S&P International Mid Cap ETF		25,044,963		—		—
SPDR S&P Emerging Markets Small Cap ETF		—		90,910,184		(1,432,696	)
SPDR Dow Jones Global Real Estate ETF		483,502,524		49,843,724		14,927,585
SPDR S&P International Consumer Discretionary Sector ETF		5,596,739		5,568,837		1,694,456
SPDR S&P International Consumer Staples Sector ETF		5,900,490		—		—
SPDR S&P International Energy Sector ETF		8,487,451		1,327,828		222,564
SPDR S&P International Financial Sector ETF		6,712,307		2,263,573		448,246
SPDR S&P International Health Care Sector ETF		9,694,510		13,586,548		3,963,037
SPDR S&P International Industrial Sector ETF		11,731,714		1,505,960		351,848
SPDR S&P International Materials Sector ETF		—		1,160,835		(211,139	)
SPDR S&P International Technology Sector ETF		1,447,790		1,475,721		459,413
SPDR S&P International Telecommunications Sector ETF		20,444,884		8,423,336		2,136,955
SPDR S&P International Utilities Sector ETF		27,028,889		—		—

The in-kind contributions and in-kind redemptions in this table may not accord with the beneficial interest transactions on the Statements of Changes in Net Assets. The table represents the accumulation of a Fund’s daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transaction.

For the year ended September 30, 2014, the Trust had purchases and sales of investment securities as follows:

	Purchases		Sales
SPDR STOXX Europe 50 ETF	$	18,823,783	$	24,342,972
SPDR EURO STOXX 50 ETF		279,964,207		312,697,807

473

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

	Purchases		Sales
SPDR EURO STOXX Small Cap ETF	$	2,855,154	$	2,450,938
SPDR S&P Emerging Asia Pacific ETF		177,645,007		65,949,764
SPDR S&P Small Cap Emerging Asia Pacific ETF		3,715,818		2,614,016
SPDR S&P Russia ETF		1,172,456		870,601
SPDR S&P China ETF		87,776,674		84,981,536
SPDR S&P Emerging Markets ETF		48,872,082		20,030,648
SPDR S&P Emerging Markets Dividend ETF		338,503,675		335,718,277
SPDR S&P BRIC 40 ETF		15,003,774		12,931,095
SPDR S&P Emerging Europe ETF		14,743,213		11,881,829
SPDR S&P Emerging Latin America ETF		3,105,512		9,368,163
SPDR S&P Emerging Middle East & Africa ETF		15,145,879		15,718,448
SPDR S&P World ex-US ETF		142,891,304		140,957,787
SPDR S&P International Small Cap ETF		430,368,123		439,124,636
SPDR Dow Jones International Real Estate ETF		357,522,167		428,109,548
SPDR S&P Global Infrastructure ETF		14,125,713		15,963,928
SPDR S&P Global Natural Resources ETF		95,343,815		95,437,450
SPDR MSCI ACWI ex-US ETF		17,496,984		16,998,470
SPDR MSCI ACWI IMI ETF		586,589		42,181
SPDR MSCI EM 50 ETF		871,867		590,743
SPDR MSCI EM Beyond BRIC ETF		7,474,841		2,430,497
SPDR MSCI EAFE Quality Mix ETF		8,097		26,167
SPDR MSCI Emerging Markets Quality Mix ETF		2,082,867		385
SPDR MSCI World Quality Mix ETF		67,532		2,274
SPDR MSCI Australia Quality Mix ETF		68,027		35,023
SPDR MSCI Canada Quality Mix ETF		112,231		97,093
SPDR MSCI Germany Quality Mix ETF		6,045,454		39,943
SPDR MSCI Japan Quality Mix ETF		70,389		—
SPDR MSCI Mexico Quality Mix ETF		—		20,022
SPDR MSCI South Korea Quality Mix ETF		3,035,468		27,766
SPDR MSCI Spain Quality Mix ETF		143,776		70,518
SPDR MSCI Taiwan Quality Mix ETF		5,973,838		—
SPDR MSCI United Kingdom Quality Mix ETF		54,497		3,032
SPDR Russell/Nomura PRIME Japan ETF		3,976,153		4,229,789
SPDR Russell/Nomura Small Cap Japan ETF		22,472,586		23,544,075
SPDR S&P Global Dividend ETF		6,972,502		6,527,610
SPDR S&P International Dividend ETF		869,010,668		883,780,661
SPDR S&P International Mid Cap ETF		24,084,361		25,571,301
SPDR S&P Emerging Markets Small Cap ETF		153,995,301		281,948,566
SPDR Dow Jones Global Real Estate ETF		87,328,362		88,960,983
SPDR S&P International Consumer Discretionary Sector ETF		410,091		524,405
SPDR S&P International Consumer Staples Sector ETF		2,388,194		1,989,798
SPDR S&P International Energy Sector ETF		1,374,414		1,570,373

474

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2014

	Purchases		Sales
SPDR S&P International Financial Sector ETF	$	2,134,159	$	2,382,367
SPDR S&P International Health Care Sector ETF		8,253,468		8,093,831
SPDR S&P International Industrial Sector ETF		1,618,182		1,021,636
SPDR S&P International Materials Sector ETF		1,378,355		1,567,127
SPDR S&P International Technology Sector ETF		562,878		699,460
SPDR S&P International Telecommunications Sector ETF		5,790,975		7,802,021
SPDR S&P International Utilities Sector ETF		4,871,867		5,382,387

For the year ended September 30, 2014, the Trust did not pay any commissions to an affiliate of the Adviser for investment transactions.

7.   Concentration of Risk

The Funds’ assets may be concentrated in one or more foreign countries. By concentrating their assets in a single country or group of countries, the Funds are subject to the risk that economic, political or other conditions that have a negative effect on that country or group of countries will negatively impact the Funds to a greater extent than if the Funds’ assets were invested in a wider variety of countries. In addition, the Funds’ assets may be concentrated in certain industries, subjecting them to greater risk than Funds that invest in a wider range of industries.

8.   Securities Lending

Each Fund may lend securities up to 331/3% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day. The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Proceeds collected by State Street on investment of cash collateral or any fee income is partially allocated to State Street as compensation for its lending services.

The market value of securities on loan as of September 30, 2014 and the value of the invested cash collateral are disclosed in the Funds’ Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds’ Statement of Assets and Liabilities as it is held by the lending agent on behalf of the Funds and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

475

SPDR INDEX SHARES FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of

the SPDR Index Shares Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the fifty-one funds, listed in footnote 1, (each a “Fund”) comprising the SPDR Index Shares Funds (the “Trust”) at September 30, 2014, the results of each of their operations for the period then ended, the changes in each of their net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2014 by correspondence with the custodian and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

November 26, 2014

476

SPDR INDEX SHARES FUNDS
OTHER INFORMATION

September 30, 2014 (Unaudited)

Premium/Discount Information

Information regarding how often the Shares of each Fund traded on the Exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the net asset value of the Fund during the past calendar year can be found at http://www.spdrs.com.

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, which may include creation and redemption fees or brokerage charges and (2) ongoing costs, including management fees, trustee fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. It is based on an investment of $1,000 invested on January 1, 2014 and held for the six months ended September 30, 2014.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/14 to
Actual	Expense Ratio			4/1/14		9/30/14		9/30/14
SPDR STOXX Europe 50 ETF		0.29	%	$	1,000	$	982.50	$	1.44
SPDR EURO STOXX 50 ETF		0.29			1,000		957.30		1.42
SPDR EURO STOXX Small Cap ETF**		0.45			1,000		845.70		1.34
SPDR S&P Emerging Asia Pacific ETF		0.59			1,000		1,093.70		3.10
SPDR S&P Small Cap Emerging Asia Pacific ETF		0.66			1,000		1,045.30		3.38
SPDR S&P Russia ETF		0.60			1,000		948.50		2.93
SPDR S&P China ETF		0.59			1,000		1,067.90		3.06
SPDR S&P Emerging Markets ETF		0.59			1,000		1,052.90		3.04

477

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/14 to
Actual	Expense Ratio			4/1/14		9/30/14		9/30/14
SPDR S&P Emerging Markets Dividend ETF		0.60	%	$	1,000	$	995.60	$	3.00
SPDR S&P BRIC 40 ETF		0.50			1,000		1,057.30		2.58
SPDR S&P Emerging Europe ETF		0.60			1,000		964.40		2.95
SPDR S&P Emerging Latin America ETF		0.59			1,000		1,014.20		2.98
SPDR S&P Emerging Middle East & Africa ETF		0.59			1,000		995.50		2.95
SPDR S&P World ex-US ETF		0.34			1,000		986.70		1.69
SPDR S&P International Small Cap ETF		0.61			1,000		967.30		3.01
SPDR Dow Jones International Real Estate ETF		0.59			1,000		1,029.20		3.00
SPDR S&P Global Infrastructure ETF		0.41			1,000		1,039.60		2.10
SPDR S&P Global Natural Resources ETF		0.40			1,000		982.00		1.99
SPDR MSCI ACWI ex-US ETF		0.35			1,000		1,000.90		1.76
SPDR MSCI ACWI IMI ETF		0.25			1,000		1,028.00		1.27
SPDR MSCI EM 50 ETF		0.50			1,000		1,030.20		2.54
SPDR MSCI EM Beyond BRIC ETF		0.56			1,000		1,017.30		2.83
SPDR MSCI EAFE Quality Mix ETF**		0.30			1,000		955.20		0.95
SPDR MSCI Emerging Markets Quality Mix ETF**		0.31			1,000		993.50		1.00
SPDR MSCI World Quality Mix ETF**		0.30			1,000		999.80		0.97
SPDR MSCI Australia Quality Mix ETF***		0.30			1,000		931.60		0.88
SPDR MSCI Canada Quality Mix ETF***		0.30			1,000		997.40		0.91
SPDR MSCI Germany Quality Mix ETF***		0.30			1,000		893.00		0.86
SPDR MSCI Japan Quality Mix ETF***		0.30			1,000		1,007.60		0.92
SPDR MSCI Mexico Quality Mix ETF****		0.37			1,000		961.00		0.14
SPDR MSCI South Korea Quality Mix ETF****		0.37			1,000		951.50		0.14
SPDR MSCI Spain Quality Mix ETF***		0.30			1,000		918.40		0.88
SPDR MSCI Taiwan Quality Mix ETF****		0.37			1,000		963.90		0.14
SPDR MSCI United Kingdom Quality Mix ETF***		0.30			1,000		951.40		0.89
SPDR Russell/Nomura PRIME Japan ETF		0.50			1,000		1,040.80		2.56
SPDR Russell/Nomura Small Cap Japan ETF		0.55			1,000		1,032.40		2.80
SPDR S&P Global Dividend ETF		0.40			1,000		996.60		2.00
SPDR S&P International Dividend ETF		0.46			1,000		985.40		2.29
SPDR S&P International Mid Cap ETF		0.46			1,000		974.10		2.28
SPDR S&P Emerging Markets Small Cap ETF		0.65			1,000		1,023.10		3.30
SPDR Dow Jones Global Real Estate ETF		0.50			1,000		1,033.90		2.55
SPDR S&P International Consumer Discretionary Sector ETF		0.51			1,000		953.10		2.50
SPDR S&P International Consumer Staples Sector ETF		0.50			1,000		994.50		2.50
SPDR S&P International Energy Sector ETF		0.50			1,000		986.80		2.49
SPDR S&P International Financial Sector ETF		0.51			1,000		989.30		2.54

478

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/14 to
Actual	Expense Ratio			4/1/14		9/30/14		9/30/14
SPDR S&P International Health Care Sector ETF		0.50	%	$	1,000	$	1,051.90	$	2.57
SPDR S&P International Industrial Sector ETF		0.51			1,000		965.90		2.51
SPDR S&P International Materials Sector ETF		0.53			1,000		942.00		2.58
SPDR S&P International Technology Sector ETF		0.56			1,000		994.40		2.80
SPDR S&P International Telecommunications Sector ETF		0.52			1,000		984.20		2.59
SPDR S&P International Utilities Sector ETF		0.51			1,000		1,006.30		2.57
								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/14 to
Hypothetical	Expense Ratio			4/1/14		9/30/14		9/30/14
SPDR STOXX Europe 50 ETF		0.29	%	$	1,000	$	1,023.65	$	1.47
SPDR EURO STOXX 50 ETF		0.29			1,000		1,023.65		1.47
SPDR EURO STOXX Small Cap ETF**		0.45			1,000		1,022.84		2.28
SPDR S&P Emerging Asia Pacific ETF		0.59			1,000		1,022.14		2.99
SPDR S&P Small Cap Emerging Asia Pacific ETF		0.66			1,000		1,021.79		3.35
SPDR S&P Russia ETF		0.60			1,000		1,022.09		3.04
SPDR S&P China ETF		0.59			1,000		1,022.14		2.99
SPDR S&P Emerging Markets ETF		0.59			1,000		1,022.14		2.99
SPDR S&P Emerging Markets Dividend ETF		0.60			1,000		1,022.09		3.04
SPDR S&P BRIC 40 ETF		0.50			1,000		1,022.59		2.54
SPDR S&P Emerging Europe ETF		0.60			1,000		1,022.09		3.04
SPDR S&P Emerging Latin America ETF		0.59			1,000		1,022.14		2.99
SPDR S&P Emerging Middle East & Africa ETF		0.59			1,000		1,022.14		2.99
SPDR S&P World ex-US ETF		0.34			1,000		1,023.40		1.72
SPDR S&P International Small Cap ETF		0.61			1,000		1,022.04		3.09
SPDR Dow Jones International Real Estate ETF		0.59			1,000		1,022.14		2.99
SPDR S&P Global Infrastructure ETF		0.41			1,000		1,023.04		2.08
SPDR S&P Global Natural Resources ETF		0.40			1,000		1,023.09		2.03
SPDR MSCI ACWI ex-US ETF		0.35			1,000		1,023.35		1.78
SPDR MSCI ACWI IMI ETF		0.25			1,000		1,023.85		1.27
SPDR MSCI EM 50 ETF		0.50			1,000		1,022.59		2.54
SPDR MSCI EM Beyond BRIC ETF		0.56			1,000		1,022.29		2.84
SPDR MSCI EAFE Quality Mix ETF**		0.30			1,000		1,023.60		1.52
SPDR MSCI Emerging Markets Quality Mix ETF**		0.31			1,000		1,023.55		1.57
SPDR MSCI World Quality Mix ETF**		0.30			1,000		1,023.60		1.52
SPDR MSCI Australia Quality Mix ETF***		0.30			1,000		1,023.60		1.52
SPDR MSCI Canada Quality Mix ETF***		0.30			1,000		1,023.60		1.52
SPDR MSCI Germany Quality Mix ETF***		0.30			1,000		1,023.60		1.52

479

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/14 to
Hypothetical	Expense Ratio			4/1/14		9/30/14		9/30/14
SPDR MSCI Japan Quality Mix ETF***		0.30	%	$	1,000	$	1,023.60	$	1.52
SPDR MSCI Mexico Quality Mix ETF****		0.37			1,000		1,023.24		1.88
SPDR MSCI South Korea Quality Mix ETF****		0.37			1,000		1,023.24		1.88
SPDR MSCI Spain Quality Mix ETF***		0.30			1,000		1,023.60		1.52
SPDR MSCI Taiwan Quality Mix ETF****		0.37			1,000		1,023.24		1.88
SPDR MSCI United Kingdom Quality Mix ETF***		0.30			1,000		1,023.60		1.52
SPDR Russell/Nomura PRIME Japan ETF		0.50			1,000		1,022.59		2.54
SPDR Russell/Nomura Small Cap Japan ETF		0.55			1,000		1,022.34		2.79
SPDR S&P Global Dividend ETF		0.40			1,000		1,023.09		2.03
SPDR S&P International Dividend ETF		0.46			1,000		1,022.79		2.33
SPDR S&P International Mid Cap ETF		0.46			1,000		1,022.79		2.33
SPDR S&P Emerging Markets Small Cap ETF		0.65			1,000		1,021.84		3.29
SPDR Dow Jones Global Real Estate ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Consumer Discretionary Sector ETF		0.51			1,000		1,022.54		2.59
SPDR S&P International Consumer Staples Sector ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Energy Sector ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Financial Sector ETF		0.51			1,000		1,022.54		2.59
SPDR S&P International Health Care Sector ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Industrial Sector ETF		0.51			1,000		1,022.54		2.59
SPDR S&P International Materials Sector ETF		0.53			1,000		1,022.44		2.69
SPDR S&P International Technology Sector ETF		0.56			1,000		1,022.29		2.84
SPDR S&P International Telecommunications Sector ETF		0.52			1,000		1,022.49		2.64
SPDR S&P International Utilities Sector ETF		0.51			1,000		1,022.54		2.59

*	Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by the number of days in the most recent six month period, then divided by 365.
**	Actual period is from commencement of operations 6/4/14. Hypothetical period is from 4/1/14.
***	Actual period is from commencement of operations 6/11/14. Hypothetical period is from 4/1/14.
****	Actual period is from commencement of operations 9/16/14. Hypothetical period is from 4/1/14.

Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2014.

Percentage of distributions which qualify for the corporate dividends received deduction:

	Percentage
SPDR STOXX Europe 50 ETF		0.00	%

480

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

	Percentage
SPDR EURO STOXX 50 ETF		0.00	%
SPDR EURO STOXX Small Cap ETF		0.00
SPDR S&P Emerging Asia Pacific ETF		0.00
SPDR S&P Small Cap Emerging Asia Pacific ETF		0.00
SPDR S&P Russia ETF		0.36
SPDR S&P China ETF		0.00
SPDR S&P Emerging Markets ETF		0.00
SPDR S&P Emerging Markets Dividend ETF		0.65
SPDR S&P BRIC 40 ETF		0.00
SPDR S&P Emerging Europe ETF		0.07
SPDR S&P Emerging Latin America ETF		0.00
SPDR S&P Emerging Middle East & Africa ETF		0.00
SPDR S&P World ex-US ETF		0.00
SPDR S&P International Small Cap ETF		0.00
SPDR Dow Jones International Real Estate ETF		0.00
SPDR S&P Global Infrastructure ETF		18.69
SPDR S&P Global Natural Resources ETF		21.65
SPDR MSCI ACWI ex-US ETF		0.00
SPDR MSCI ACWI IMI ETF		26.58
SPDR MSCI EM 50 ETF		0.00
SPDR MSCI EM Beyond BRIC ETF		0.00
SPDR MSCI EAFE Quality Mix ETF		0.00
SPDR MSCI Emerging Markets Quality Mix ETF		0.00
SPDR MSCI World Quality Mix ETF		58.03
SPDR MSCI Australia Quality Mix ETF		0.00
SPDR MSCI Canada Quality Mix ETF		0.00
SPDR MSCI Germany Quality Mix ETF		0.00
SPDR MSCI Japan Quality Mix ETF		0.00
SPDR MSCI Mexico Quality Mix ETF		0.00
SPDR MSCI South Korea Quality Mix ETF		0.00
SPDR MSCI Spain Quality Mix ETF		0.00
SPDR MSCI Taiwan Quality Mix ETF		0.00
SPDR MSCI United Kingdom Quality Mix ETF		0.00
SPDR Russell/Nomura PRIME Japan ETF		0.00
SPDR Russell/Nomura Small Cap Japan ETF		0.00
SPDR S&P Global Dividend ETF		7.68
SPDR S&P International Dividend ETF		0.10
SPDR S&P International Mid Cap ETF		0.00
SPDR S&P Emerging Markets Small Cap ETF		0.10
SPDR Dow Jones Global Real Estate ETF		0.00
SPDR S&P International Consumer Discretionary Sector ETF		0.03
SPDR S&P International Consumer Staples Sector ETF		0.00

481

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

	Percentage
SPDR S&P International Energy Sector ETF		0.00	%
SPDR S&P International Financial Sector ETF		0.00
SPDR S&P International Health Care Sector ETF		0.00
SPDR S&P International Industrial Sector ETF		0.00
SPDR S&P International Materials Sector ETF		0.00
SPDR S&P International Technology Sector ETF		0.00
SPDR S&P International Telecommunications Sector ETF		0.00
SPDR S&P International Utilities Sector ETF		0.00

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2014, are considered qualified dividend income, and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. These amounts are noted below:

	Amount
SPDR STOXX Europe 50 ETF	$	7,474,377
SPDR EURO STOXX 50 ETF		93,712,417
SPDR EURO STOXX Small Cap ETF		37,440
SPDR S&P Emerging Asia Pacific ETF		7,563,759
SPDR S&P Small Cap Emerging Asia Pacific ETF		35,073
SPDR S&P Russia ETF		1,032,326
SPDR S&P China ETF		18,368,084
SPDR S&P Emerging Markets ETF		4,008,483
SPDR S&P Emerging Markets Dividend ETF		12,088,156
SPDR S&P BRIC 40 ETF		5,560,246
SPDR S&P Emerging Europe ETF		3,027,872
SPDR S&P Emerging Latin America ETF		247,253
SPDR S&P Emerging Middle East & Africa ETF		1,128,549
SPDR S&P World ex-US ETF		20,067,632
SPDR S&P International Small Cap ETF		13,130,626
SPDR Dow Jones International Real Estate ETF		27,255,576
SPDR S&P Global Infrastructure ETF		2,381,507
SPDR S&P Global Natural Resources ETF		11,490,157
SPDR MSCI ACWI ex-US ETF		13,288,716
SPDR MSCI ACWI IMI ETF		376,662
SPDR MSCI EM 50 ETF		80,900
SPDR MSCI EM Beyond BRIC ETF		60,139
SPDR MSCI EAFE Quality Mix ETF		40,420
SPDR MSCI Emerging Markets Quality Mix ETF		57,454
SPDR MSCI World Quality Mix ETF		38,897
SPDR MSCI Australia Quality Mix ETF		95,369
SPDR MSCI Canada Quality Mix ETF		49,827
SPDR MSCI Germany Quality Mix ETF		8,181

482

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

	Amount
SPDR MSCI Japan Quality Mix ETF	$	50,732
SPDR MSCI Mexico Quality Mix ETF		809
SPDR MSCI South Korea Quality Mix ETF		—
SPDR MSCI Spain Quality Mix ETF		108,451
SPDR MSCI Taiwan Quality Mix ETF		—
SPDR MSCI United Kingdom Quality Mix ETF		54,070
SPDR Russell/Nomura PRIME Japan ETF		1,567,510
SPDR Russell/Nomura Small Cap Japan ETF		1,187,233
SPDR S&P Global Dividend ETF		464,247
SPDR S&P International Dividend ETF		45,570,829
SPDR S&P International Mid Cap ETF		997,594
SPDR S&P Emerging Markets Small Cap ETF		6,420,266
SPDR Dow Jones Global Real Estate ETF		3,376,192
SPDR S&P International Consumer Discretionary Sector ETF		349,006
SPDR S&P International Consumer Staples Sector ETF		1,081,517
SPDR S&P International Energy Sector ETF		434,773
SPDR S&P International Financial Sector ETF		251,324
SPDR S&P International Health Care Sector ETF		1,225,871
SPDR S&P International Industrial Sector ETF		471,256
SPDR S&P International Materials Sector ETF		179,634
SPDR S&P International Technology Sector ETF		156,992
SPDR S&P International Telecommunications Sector ETF		1,793,704
SPDR S&P International Utilities Sector ETF		1,727,065

For the fiscal year ended September 30, 2014, certain dividends paid by SPDR STOXX Europe ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR S&P Global Infrastructure ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P Global Dividend ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF may be subject to a minimum tax rate of 15% as provided for by the Internal Revenue Code. The Funds noted above hereby designate the maximum amount of such dividends allowable up to the amount of dividends that were paid during the year. Complete information will be reported in conjunction with the 2014 Form 1099-DIV.

Long term capital gains dividends were paid from the following Funds during the year ended September 30, 2014:

	Amount
SPDR STOXX Europe 50 ETF	$	—
SPDR EURO STOXX 50 ETF		—

483

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

	Amount
SPDR EURO STOXX Small Cap ETF	$	—
SPDR S&P Emerging Asia Pacific ETF		—
SPDR S&P Small Cap Emerging Asia Pacific ETF		131,326
SPDR S&P Russia ETF		—
SPDR S&P China ETF		—
SPDR S&P Emerging Markets ETF		—
SPDR S&P Emerging Markets Dividend ETF		—
SPDR S&P BRIC 40 ETF		—
SPDR S&P Emerging Europe ETF		—
SPDR S&P Emerging Latin America ETF		—
SPDR S&P Emerging Middle East & Africa ETF		—
SPDR S&P World ex-US ETF		666,592
SPDR S&P International Small Cap ETF		3,150,523
SPDR Dow Jones International Real Estate ETF		—
SPDR S&P Global Infrastructure ETF		—
SPDR S&P Global Natural Resources ETF		—
SPDR MSCI ACWI ex-US ETF		—
SPDR MSCI ACWI IMI ETF		5,843
SPDR MSCI EM 50 ETF		—
SPDR MSCI EM Beyond BRIC ETF		—
SPDR MSCI EAFE Quality Mix ETF		—
SPDR MSCI Emerging Markets Quality Mix ETF		—
SPDR MSCI World Quality Mix ETF		—
SPDR MSCI Australia Quality Mix ETF		—
SPDR MSCI Canada Quality Mix ETF		—
SPDR MSCI Germany Quality Mix ETF		—
SPDR MSCI Japan Quality Mix ETF		—
SPDR MSCI Mexico Quality Mix ETF		—
SPDR MSCI South Korea Quality Mix ETF		—
SPDR MSCI Spain Quality Mix ETF		—
SPDR MSCI Taiwan Quality Mix ETF		—
SPDR MSCI United Kingdom Quality Mix ETF		—
SPDR Russell/Nomura PRIME Japan ETF		—
SPDR Russell/Nomura Small Cap Japan ETF		—
SPDR S&P Global Dividend ETF		—
SPDR S&P International Dividend ETF		—
SPDR S&P International Mid Cap ETF		1,688,485
SPDR S&P Emerging Markets Small Cap ETF		—
SPDR Dow Jones Global Real Estate ETF		—
SPDR S&P International Consumer Discretionary Sector ETF		—
SPDR S&P International Consumer Staples Sector ETF		—
SPDR S&P International Energy Sector ETF		—

484

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

	Amount
SPDR S&P International Financial Sector ETF	$	—
SPDR S&P International Health Care Sector ETF		52,605
SPDR S&P International Industrial Sector ETF		—
SPDR S&P International Materials Sector ETF		—
SPDR S&P International Technology Sector ETF		—
SPDR S&P International Telecommunications Sector ETF		—
SPDR S&P International Utilities Sector ETF		—

Foreign Tax Credit

The Trust has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by a Fund to its shareholders. For the year ended September 30, 2014, the total amount of foreign taxes that will be passed through are:

	Amount
SPDR STOXX Europe 50 ETF	$	382,432
SPDR EURO STOXX 50 ETF		8,071,130
SPDR EURO STOXX Small Cap ETF		3,612
SPDR S&P Emerging Asia Pacific ETF		935,217
SPDR S&P Small Cap Emerging Asia Pacific ETF		38,953
SPDR S&P Russia ETF		165,413
SPDR S&P China ETF		1,817,826
SPDR S&P Emerging Markets ETF		438,615
SPDR S&P Emerging Markets Dividend ETF		1,934,409
SPDR S&P BRIC 40 ETF		633,020
SPDR S&P Emerging Europe ETF		456,278
SPDR S&P Emerging Latin America ETF		66,654
SPDR S&P Emerging Middle East & Africa ETF		158,310
SPDR S&P World ex-US ETF		1,278,504
SPDR S&P International Small Cap ETF		1,184,567
SPDR Dow Jones International Real Estate ETF		9,017,767
SPDR S&P Global Infrastructure ETF		124,360
SPDR S&P Global Natural Resources ETF		721,407
SPDR MSCI ACWI ex-US ETF		925,279
SPDR MSCI ACWI IMI ETF		—
SPDR MSCI EM 50 ETF		10,974
SPDR MSCI EM Beyond BRIC ETF		8,866
SPDR MSCI EAFE Quality Mix ETF		1,976
SPDR MSCI Emerging Markets Quality Mix ETF		7,692
SPDR MSCI World Quality Mix ETF		—
SPDR MSCI Australia Quality Mix ETF		1,361
SPDR MSCI Canada Quality Mix ETF		7,611
SPDR MSCI Germany Quality Mix ETF		1,076
SPDR MSCI Japan Quality Mix ETF		5,168

485

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

	Amount
SPDR MSCI Mexico Quality Mix ETF	$	—
SPDR MSCI South Korea Quality Mix ETF		—
SPDR MSCI Spain Quality Mix ETF		6,461
SPDR MSCI Taiwan Quality Mix ETF		—
SPDR MSCI United Kingdom Quality Mix ETF		439
SPDR Russell/Nomura PRIME Japan ETF		155,901
SPDR Russell/Nomura Small Cap Japan ETF		118,241
SPDR S&P Global Dividend ETF		44,933
SPDR S&P International Dividend ETF		4,362,902
SPDR S&P International Mid Cap ETF		78,681
SPDR S&P Emerging Markets Small Cap ETF		2,117,981
SPDR Dow Jones Global Real Estate ETF		—
SPDR S&P International Consumer Discretionary Sector ETF		24,198
SPDR S&P International Consumer Staples Sector ETF		65,022
SPDR S&P International Energy Sector ETF		29,039
SPDR S&P International Financial Sector ETF		11,572
SPDR S&P International Health Care Sector ETF		108,970
SPDR S&P International Industrial Sector ETF		34,078
SPDR S&P International Materials Sector ETF		11,401
SPDR S&P International Technology Sector ETF		19,481
SPDR S&P International Telecommunications Sector ETF		60,456
SPDR S&P International Utilities Sector ETF		106,480

The amount of foreign source income earned on the following Funds during the year ended September 30, 2014 were as follows:

	Amount
SPDR STOXX Europe 50 ETF	$	9,804,185
SPDR EURO STOXX 50 ETF		192,238,605
SPDR EURO STOXX Small Cap ETF		40,790
SPDR S&P Emerging Asia Pacific ETF		13,969,946
SPDR S&P Small Cap Emerging Asia Pacific ETF		123,917
SPDR S&P Russia ETF		1,044,519
SPDR S&P China ETF		25,482,280
SPDR S&P Emerging Markets ETF		6,831,957
SPDR S&P Emerging Markets Dividend ETF		28,117,829
SPDR S&P BRIC 40 ETF		6,097,809
SPDR S&P Emerging Europe ETF		3,191,540
SPDR S&P Emerging Latin America ETF		1,912,768
SPDR S&P Emerging Middle East & Africa ETF		1,991,677
SPDR S&P World ex-US ETF		27,657,344
SPDR S&P International Small Cap ETF		19,222,997
SPDR Dow Jones International Real Estate ETF		187,914,768
SPDR S&P Global Infrastructure ETF		2,956,382

486

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

	Amount
SPDR S&P Global Natural Resources ETF	$	13,172,053
SPDR MSCI ACWI ex-US ETF		21,012,094
SPDR MSCI ACWI IMI ETF		—
SPDR MSCI EM 50 ETF		123,049
SPDR MSCI EM Beyond BRIC ETF		97,639
SPDR MSCI EAFE Quality Mix ETF		53,230
SPDR MSCI Emerging Markets Quality Mix ETF		96,282
SPDR MSCI World Quality Mix ETF		22,237
SPDR MSCI Australia Quality Mix ETF		117,768
SPDR MSCI Canada Quality Mix ETF		50,779
SPDR MSCI Germany Quality Mix ETF		8,181
SPDR MSCI Japan Quality Mix ETF		51,751
SPDR MSCI Mexico Quality Mix ETF		809
SPDR MSCI South Korea Quality Mix ETF		—
SPDR MSCI Spain Quality Mix ETF		108,452
SPDR MSCI Taiwan Quality Mix ETF		90
SPDR MSCI United Kingdom Quality Mix ETF		67,850
SPDR Russell/Nomura PRIME Japan ETF		1,764,264
SPDR Russell/Nomura Small Cap Japan ETF		1,313,063
SPDR S&P Global Dividend ETF		746,269
SPDR S&P International Dividend ETF		82,119,611
SPDR S&P International Mid Cap ETF		1,523,001
SPDR S&P Emerging Markets Small Cap ETF		19,842,757
SPDR Dow Jones Global Real Estate ETF		22,759,018
SPDR S&P International Consumer Discretionary Sector ETF		525,776
SPDR S&P International Consumer Staples Sector ETF		1,256,475
SPDR S&P International Energy Sector ETF		662,680
SPDR S&P International Financial Sector ETF		391,758
SPDR S&P International Health Care Sector ETF		1,515,346
SPDR S&P International Industrial Sector ETF		704,010
SPDR S&P International Materials Sector ETF		240,831
SPDR S&P International Technology Sector ETF		219,574
SPDR S&P International Telecommunications Sector ETF		2,311,928
SPDR S&P International Utilities Sector ETF		2,669,763

487

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (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 website of the Securities and Exchange Commission, at www.sec.gov.

Information regarding how the investment adviser voted for the prior 12-months period ended June 30 is available by August 31 of each year by calling the same number and on the SEC’s website, at www.sec.gov, and on the Funds’ website at www.spdrs.com.

Quarterly Portfolio Schedule

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

Approval of Advisory Agreement

At in-person meetings held prior to September 30, 2014, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSgA Funds Management, Inc. (the “Adviser”) with respect to the operational series of the Trust (collectively, the “Current ETFs”) and to continue and/or approve, as the case may be, the Agreement with respect to SPDR EURO STOXX Small Cap ETF, SPDR MSCI EAFE Quality Mix ETF, SPDR MSCI Emerging Markets Quality Mix ETF, SPDR MSCI World Quality Mix ETF, SPDR MSCI Australia Quality Mix ETF, SPDR MSCI Canada Quality Mix ETF, SPDR MSCI Germany Quality Mix ETF, SPDR MSCI Japan Quality Mix ETF, SPDR MSCI Spain Quality Mix ETF, SPDR MSCI UK Quality Mix ETF, SPDR MSCI Mexico Quality Mix ETF, SPDR MSCI South Korea Quality Mix ETF and SPDR MSCI Taiwan Quality Mix ETF and the previously approved non-operational series of the Trust and (collectively, the “New ETFs” and together with the Current ETFs, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended, (the “Independent Trustees”) also met separately with their independent legal counsel to consider the Agreement.

In evaluating the Agreement, the Board drew on materials provided to them by the Adviser and on other materials provided by State Street Bank and Trust Company, the Trust’s Administrator, Transfer Agent and Custodian (“State Street”). In deciding whether to approve the Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by, or to be provided by, the Adviser with respect to the SPDR ETFs under the Agreement, (ii) the investment performance of the Current ETFs, (iii) the costs to the Adviser of its services and profits realized by the Adviser and its affiliates from its relationship with the Trust, and (iv) the extent to which economies of scale would be realized if and as the SPDR ETFs grow and whether the fee levels in the Agreement reflect these economies of scale.

The Board considered the nature, extent and quality of services provided by, or expected to be provided by, the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objective and policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of the SPDR ETFs, as exchange-traded funds, and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing each SPDR ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution

488

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and ETFs in particular. The Board also considered the Adviser’s experience in managing equity ETFs.

The Board then reviewed the Current ETFs’ performance, noting that the distinctive indexed investment objective of each of the Current ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. Instead, the Board focused on the extent to which each Current ETF achieved its objective as a passively managed index fund. The Board reviewed information regarding the Current ETFs’ index tracking, noting that each Current ETF satisfactorily tracked its benchmark index.

The Board considered the profitability of the advisory arrangement with the Current ETFs to the Adviser, including data on the Current ETFs’ historical profitability to the Adviser. The Independent Trustees, through their counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable.

The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.

The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the Agreement did not provide for breakpoints in each SPDR ETF’s advisory fee rates as assets of a SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of break points. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

The Board evaluated the SPDR ETFs’ unitary fee through review of comparative information with respect to fees paid by similar funds — i.e., ETFs tracking equity indexes, as applicable. The Board reviewed the universe of similar ETFs for the SPDR ETFs based upon data from Lipper Analytical Services and related comparative information for similar ETFs. The Board also reviewed the historical expense ratios of the Current ETFs and estimated expense ratios for the New ETFs. In doing so, the Board used a fund by fund analysis of the data.

The Board, including the Independent Trustees voting separately, approved the Agreement for each SPDR ETF after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the Agreement were as follows: (a) the nature and extent of the services provided, or expected to be provided, by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each Current ETF had been satisfactory; (c) the Adviser’s fees for each SPDR ETF and the unitary fee, considered in relation to services provided or expected to be provided, were fair and reasonable; (d) profitability of the Trust’s relationships with the Adviser was not excessive; (e) any additional benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trust.

489

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

TRUSTEES AND OFFICERS OF THE TRUST

				Number of
				Portfolios	Other
		Term of	Principal	in Fund	Directorships
		Office and	Occupation(s)	Complex	Held by Trustee
Name, Address	Position(s)	Length of	During Past	Overseen	During Past
and Year of Birth	with Funds	Time Served	5 Years	by Trustee	5 Years
Trustees
Independent Trustees
FRANK NESVET c/o SPDR Index Shares Funds  State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1943	Independent Trustee, Chairman, Trustee Committee Chair	Term: Unlimited Served: since March 2011	Chief Executive Officer, Libra Group, Inc. (1998-present) (a financial services consulting company).	184	SPDR Series Trust (Trustee); SSgA Master Trust (Trustee).
DAVID M. KELLY c/o SPDR Index Shares Funds  State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1938	Independent Trustee, Audit Committee Chair	Term: Unlimited Served: since March 2011	Retired.	184	SPDR Series Trust (Trustee); SSgA Master Trust (Trustee).
BONNY EUGENIA BOATMAN c/o SPDR Index Shares Funds  State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1950	Independent Trustee	Term: Unlimited Served: since March 2011	Retired (2005-present); Managing Director, Columbia Management Group, Bank of America (1984-2005).	184	SPDR Series Trust (Trustee); SSgA Master Trust (Trustee).
DWIGHT D. CHURCHILL c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1953	Independent Trustee	Term: Unlimited Served: since March 2011	CEO and President, CFA Institute (2014-present); Self-employed consultant since 2010; Head of Fixed Income and other Senior Management roles, Fidelity Investments (1993-2009).	184	Affiliated Managers Group, Inc. (Director); SPDR Series Trust (Trustee); SSgA Master Trust (Trustee).
CARL G. VERBONCOEUR c/o SPDR Index Shares Funds  State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1952	Independent Trustee	Term: Unlimited Served: since March 2011	Self-employed consultant since 2009; Chief Executive Officer, Rydex Investments (2003-2009).	184	The Motley Fool Funds Trust (Trustee); SPDR Series Trust (Trustee); SSgA Master Trust (Trustee).

490

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

				Number of
				Portfolios	Other
		Term of	Principal	in Fund	Directorships
		Office and	Occupation(s)	Complex	Held by Trustee
Name, Address	Position(s)	Length of	During Past	Overseen	During Past
and Year of Birth	with Funds	Time Served	5 Years	by Trustee	5 Years
Interested Trustee
JAMES E. ROSS* SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1965	Interested Trustee	Term: Unlimited Served as Trustee: since March 2011	Chairman and Director, SSgA Funds Management, Inc. (2005-present); Senior Managing Director and Principal, State Street Global Advisors (2006-present); President, SSgA Funds Management, Inc. (2005-2012).	250	SPDR Series Trust (Trustee); SSgA Master Trust (Trustee); Select Sector SPDR Trust (Trustee); State Street Master Funds (Trustee); and State Street Institutional Investment Trust (Trustee).

* Mr. Ross is an Interested Trustee because of his employment with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.

491

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

		Term of	Principal
		Office and	Occupation(s)
Name, Address	Position(s)	Length of	During Past
and Year of Birth	with Funds	Time Served	5 Years
Officers
ELLEN M. NEEDHAM SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1967	President	Term: Unlimited Served: since October 2012	President and Director, SSgA Funds Management, Inc. (June 2012-present); Chief Operating Officer, SSgA Funds Management, Inc. (May 2010-June 2012); Senior Managing Director, SSgA Funds Management, Inc. (1992-2012)*; Senior Managing Director, State Street Global Advisors (1992-present).*
ANN M. CARPENTER SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1966	Vice President	Term: Unlimited Served: since August 2012	Chief Operating Officer, SSgA Funds Management, Inc. (April 2014-present); Vice President, State Street Global Advisors and SSgA Funds Management, Inc. (2005-present).*
MICHAEL P. RILEY SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969	Vice President	Term: Unlimited Served: since February 2005	Vice President, State Street Global Advisors and SSgA Funds Management, Inc. (2008-present); Principal, State Street Global Advisors and SSgA Funds Management, Inc. (2005-2008).
CHRISTOPHER A. MADDEN State Street Bank and Trust  Company Four Copley Place, CPH0326 Boston, MA 02116 1967	Secretary	Term: Unlimited Served: since August 2013	Vice President and Senior Counsel, State Street Bank and Trust Company (2013-present); Counsel, Atlantic Fund Services (2009-2013); Vice President, Citigroup Fund Services, LLC (2005-2009).*
CHAD C. HALLETT State Street Bank and Trust  Company One Iron Street, CCB0900 Boston, MA 02206 1969	Treasurer	Term: Unlimited Served: since November 2010	Vice President, State Street Bank and Trust Company (2001-present).*
MATTHEW FLAHERTY State Street Bank and Trust  Company One Iron Street, CCB0900 Boston, MA 02206 1971	Assistant Treasurer	Term: Unlimited Served: since May 2005	Vice President, State Street Bank and Trust Company (1994-present).*
LAURA F. DELL State Street Bank and Trust  Company One Iron Street, CCB0900 Boston, MA 02206 1964	Assistant Treasurer	Term: Unlimited Served: since November 2007	Vice President, State Street Bank and Trust Company (2002-present).*

492

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2014 (Unaudited)

		Term of	Principal
		Office and	Occupation(s)
Name, Address	Position(s)	Length of	During Past
and Year of Birth	with Funds	Time Served	5 Years
BRIAN HARRIS SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1973	Chief Compliance Officer	Term: Unlimited Served: since November 2013	Vice President, State Street Global Advisors and SSgA Funds Management, Inc. (2013-Present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010-2013); Director of Compliance, AARP Financial Inc. (2008-2010).

*	Served in various capacities and/or with various affiliated entities during noted time period.
**	Served in various capacities and/or with unaffiliated mutual funds or closed-end funds for which State Street Bank and Trust Company or its affiliates act as a provider of services during the noted time period.

493

The SPDR^® Family of Exchange Traded Funds (Unaudited)

The following is a list of SPDR ETFs being offered, along with their respective exchange trading symbols. Please call 1-866-787-2257 to obtain a prospectus for any SPDR ETF. The prospectus contains more complete information, including charges, expenses, investment objectives and risk factors that should be carefully considered to determine if the Fund(s) are an appropriate investment for you. Read the prospectus(es) carefully before investing. Investing involves risk, including possible loss of principal.

SPDR Index Shares Funds

SPDR STOXX Europe 50 ETF (FEU)

SPDR EURO STOXX 50 ETF (FEZ)

SPDR EURO STOXX Small Cap (SMEZ)

SPDR S&P Emerging Asia Pacific ETF (GMF)

SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS)

SPDR S&P Russia ETF (RBL)

SPDR S&P China ETF (GXC)

SPDR S&P Emerging Markets ETF (GMM)

SPDR S&P Emerging Markets Dividend ETF (EDIV)

SPDR S&P BRIC 40 ETF (BIK)

SPDR S&P Emerging Europe ETF (GUR)

SPDR S&P Emerging Latin America ETF (GML)

SPDR S&P Emerging Middle East & Africa ETF (GAF)

SPDR S&P World ex-US ETF (GWL)

SPDR S&P International Small Cap ETF (GWX)

SPDR Dow Jones International Real Estate ETF (RWX)

SPDR S&P Global Infrastructure ETF (GII)

SPDR S&P Global Natural Resources ETF (GNR)

SPDR MSCI ACWI ex-US ETF (CWI)

SPDR MSCI ACWI IMI ETF (ACIM)

SPDR MSCI EM 50 ETF (EMFT)

SPDR MSCI EM Beyond BRIC ETF (EMBB)

SPDR MSCI EAFE Quality Mix ETF (QEFA)

SPDR MSCI Emerging Markets Quality Mix ETF (QEMM)

SPDR MSCI World Quality Mix ETF (QWLD)

SPDR MSCI Australia Quality Mix ETF (QAUS)

SPDR MSCI Canada Quality Mix ETF (QCAN)

SPDR MSCI Germany Quality Mix ETF (QDEU)

SPDR MSCI Japan Quality Mix ETF (QJPN)

SPDR MSCI Mexico Quality Mix ETF (QMEX)

SPDR MSCI South Korea Quality Mix ETF (QKOR)

SPDR MSCI Spain Quality Mix ETF (QESP)

SPDR MSCI Taiwan Quality Mix ETF (QTWN)

SPDR MSCI United Kingdom Quality Mix ETF (QGBR)

SPDR MSCI ACWI Low Carbon Target ETF (LOWC)

SPDR Russell/Nomura PRIME^tm Japan ETF (JPP)

SPDR Russell/Nomura Small Cap^tm Japan ETF (JSC)

SPDR S&P Global Dividend ETF (WDIV)

SPDR S&P International Dividend ETF (DWX)

SPDR S&P International Mid Cap ETF (MDD)

SPDR S&P Emerging Markets Small Cap ETF (EWX)

SPDR Dow Jones Global Real Estate ETF (RWO)

SPDR S&P International Consumer Discretionary Sector ETF (IPD)

SPDR S&P International Consumer Staples Sector ETF (IPS)

SPDR S&P International Energy Sector ETF (IPW)

SPDR S&P International Financial Sector ETF (IPF)

SPDR S&P International Health Care Sector ETF (IRY)

SPDR S&P International Industrial Sector ETF (IPN)

SPDR S&P International Materials Sector ETF (IRV)

SPDR S&P International Technology Sector ETF (IPK)

SPDR S&P International Telecommunications Sector ETF (IST)

SPDR S&P International Utilities Sector ETF (IPU)

SPDR Series Trust

SPDR Russell 3000^® ETF (THRK)

SPDR Russell 1000 ETF (ONEK)

SPDR Russell 2000 ETF (TWOK)

SPDR S&P 500 Growth ETF (SPYG)

SPDR S&P 500 Value ETF (SPYV)

SPDR Russell Small Cap Completeness ETF (RSCO)

SPDR S&P 400 Mid Cap Growth ETF (MDYG)

SPDR S&P 400 Mid Cap Value ETF (MDYV)

SPDR S&P 600 Small Cap ETF (SLY)

SPDR S&P 600 Small Cap Growth ETF (SLYG)

SPDR S&P 600 Small Cap Value ETF (SLYV)

SPDR Global Dow ETF (DGT)

SPDR Dow Jones REIT ETF (RWR)

SPDR S&P Bank ETF (KBE)

SPDR S&P Capital Markets ETF (KCE)

SPDR S&P Insurance ETF (KIE)

SPDR S&P Mortgage Finance ETF (KME)

SPDR S&P Regional Banking ETF (KRE)

SPDR Morgan Stanley Technology ETF (MTK)

SPDR S&P Dividend ETF (SDY)

SPDR S&P Aerospace & Defense ETF (XAR)

SPDR S&P Biotech ETF (XBI)

SPDR S&P Health Care Equipment ETF (XHE)

SPDR S&P Health Care Services ETF (XHS)

SPDR S&P Homebuilders ETF (XHB)

SPDR S&P Metals & Mining ETF (XME)

SPDR S&P Oil & Gas Equipment & Services ETF (XES)

SPDR S&P Oil & Gas Exploration & Production ETF (XOP)

SPDR S&P Pharmaceuticals ETF (XPH)

SPDR S&P Retail ETF (XRT)

SPDR S&P Semiconductor ETF (XSD)

SPDR S&P Software & Services ETF (XSW)

SPDR S&P Telecom ETF (XTL)

SPDR S&P Transportation ETF (XTN)

SPDR S&P 1500 Value Tilt ETF (VLU)

SPDR S&P 1500 Momentum Tilt ETF (MMTM)

SPDR Russell 1000 Low Volatility ETF (LGLV)

SPDR Russell 2000 Low Volatility ETF (SMLV)

SPDR Wells Fargo Preferred Stock ETF (PSK)

SPDR Barclays 1-3 Month T-Bill ETF (BIL)

SPDR Barclays TIPS ETF (IPE)

SPDR Barclays 0-5 Year TIPS ETF (SIPE)

SPDR Barclays 1-10 Year TIPS ETF (TIPX)

SPDR Barclays Short Term Treasury ETF (SST)

SPDR Barclays Intermediate Term Treasury ETF (ITE)

SPDR Barclays Long Term Treasury ETF (TLO)

SPDR Barclays Short Term Corporate Bond ETF (SCPB)

SPDR Barclays Intermediate Term Corporate Bond ETF (ITR)

SPDR Barclays Long Term Corporate Bond ETF (LWC)

SPDR Barclays Issuer Scored Corporate Bond ETF (CBND)

SPDR Barclays Convertible Securities ETF (CWB)

SPDR Barclays Mortgage Backed Bond ETF (MBG)

SPDR Barclays Aggregate Bond ETF (LAG)

SPDR Nuveen Barclays Municipal Bond ETF (TFI)

SPDR Nuveen Barclays California Municipal Bond ETF (CXA)

SPDR Nuveen Barclays New York Municipal Bond ETF (INY)

SPDR Nuveen Barclays Short Term Municipal Bond ETF (SHM)

SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD)

SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB)

SPDR Nuveen Barclays Build America Bond ETF (BABS)

SPDR DB International Government Inflation-Protected Bond ETF (WIP)

SPDR Barclays Short Term International Treasury Bond ETF (BWZ)

SPDR Barclays International Treasury Bond ETF (BWX)

SPDR Barclays International Corporate Bond ETF (IBND)

SPDR Barclays Emerging Markets Local Bond ETF (EBND)

SPDR Barclays International High Yield Bond ETF (IJNK)

SPDR Barclays High Yield Bond ETF (JNK)

SPDR Barclays Short Term High Yield Bond ETF (SJNK)

SPDR Barclays Investment Grade Floating Rate ETF (FLRN)

SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (EMCD)

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (XOVR)

The Select Sector SPDR Trust

The Consumer Discretionary Select Sector SPDR Fund (XLY)

The Consumer Staples Select Sector SPDR Fund (XLP)

The Energy Select Sector SPDR Fund (XLE)

The Financial Select Sector SPDR Fund (XLF)

The Health Care Select Sector SPDR Fund (XLV)

The Industrial Select Sector SPDR Fund (XLI)

The Materials Select Sector SPDR Fund (XLB)

The Technology Select Sector SPDR Fund (XLK)

The Utilities Select Sector SPDR Fund (XLU)

SSgA Active ETF Trust

SPDR SSgA Multi-Asset Real Return ETF (RLY)

SPDR SSgA Income Allocation ETF (INKM)

SPDR SSgA Global Allocation ETF (GAL)

SPDR Blackstone/GSO Senior Loan ETF (SRLN)

SPDR SSgA Ultra Short Term Bond ETF (ULST)

SPDR MFS Systematic Core Equity ETF (SYE)

SPDR MFS Systematic Value Equity ETF (SYV)

SPDR MFS Systematic Growth Equity ETF (SYG)

SPDR SSgA Risk Aware ETF (RORO)

SPDR Dow Jones Industrial Average ETF Trust (DIA)

SPDR S&P 500 ETF Trust (SPY)

State Street Global Markets, LLC, member FINRA, SIPC, is distributor for all investment portfolios of SPDR Series Trust, SPDR Index Shares Funds, and SSgA Active ETF Trust. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR S&P 500 ETF Trust (SPY) and SPDR Dow Jones Industrial Average ETF Trust (DIA), both unit investment trusts, and ALPS Portfolio Solutions Distributors, Inc. is the distributor for all investment portfolios of The Select Sector SPDR Trust. ALPS Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are not affiliated with State Street Global Markets, LLC.

SPDR Index Shares Funds

trustees
Bonny E. Boatman
Dwight D. Churchill
David M. Kelly
Frank Nesvet, Chairman
James E. Ross
Carl G. Verboncoeur

officers
Ellen M. Needham, President
Ann M. Carpenter, Vice President
Michael P. Riley, Vice President
Chad Hallett, Treasurer
Matthew W. Flaherty, Assistant Treasurer
Laura F. Dell, Assistant Treasurer
Christopher A. Madden, Secretary
Danio Mastropieri, Assistant Secretary
Brian Harris, Chief Compliance Officer

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

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

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

legal counsel
Morgan, Lewis & Bockius LLP
2020 K Street NW
Washington, DC 20006

independent registered public accounting firm
PricewaterhouseCoopers LLP
125 High Street
Boston, MA 02110

Fund Shares are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation.
State Street Global Markets, LLC; member FINRA, SIPC.

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

State Street Global Advisors
State Street Financial Center
One Lincoln Street
Boston, MA 02111

The investment return and principal value of an investment in the Funds will fluctuate in value, so that when shares are sold or redeemed they may be worth more or less than when they were purchased

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

SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR EURO STOXX Small Cap ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Small Cap Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR S&P Global Infrastructure ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/ Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P Global Dividend ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI ACWI IMI ETF, SPDR MSCI EM 50 ETF, SPDR MSCI EM Beyond BRIC ETF, SPDR MSCI EAFE Quality Mix ETF, SPDR MSCI Emerging Markets Quality Mix ETF, SPDR MSCI World Quality Mix ETF, SPDR MSCI Australia Quality Mix ETF, SPDR MSCI Canada Quality Mix ETF, SPDR MSCI Germany Quality Mix ETF, SPDR MSCI Japan Quality Mix ETF, SPDR MSCI Mexico Quality Mix ETF, SPDR MSCI South Korea Quality Mix ETF, SPDR MSCI Spain Quality Mix ETF, SPDR MSCI Taiwan Quality Mix ETF, SPDR MSCI United Kingdom Quality Mix ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF, SPDR S&P International Utilities Sector ETF: In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility and price fluctuation.

For all SPDR Index Shares Funds: International investments may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.

In general, Fund shares can be expected to move up or down in value with the value of the applicable index. Although Fund shares may be bought and sold on the exchange through any brokerage account, Fund shares are not individually redeemable from the Fund. Investors may acquire Fund Shares and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indicies LLC, MSCI Inc., and Russell Investment Group. Neither do these companies make any representation regarding the advisability of investing in the Funds. The Funds are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC is a member of FINRA, SIPC. References to State Street may include State Street Corporation and its affiliates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment advisor, custodian, administrator, securities lending agent, transfer agent and shareholder servicing agent.

“SPDR” is a registered trademark of Standard & Poor Financial Services LLC (“S&P”) and has been licensed for use by State Street Corporation. No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by S&P or its Affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in such products. Further limitations and important information that could affect investors’ rights are described in the prospectus for the applicable product.

This information must be preceded or accompanied by a current prospectus or summary prospectus. Read the prospectus carefully before you invest or send money.

Past performance is no guarantee of future results. It is notpossible to invest directly in an index. Index performance does not reflect charges and expenses associated with the fund or brokerage commissions associated with buying and selling a fund. Index performance is not meant to represent that of any particular fund.

© 2014 State Street Corporation SPDRIDEXAR            IBG-13389

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

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

The Code of Ethics is attached hereto as Exhibit 12(a)(1).

Item 3. Audit Committee Financial Expert.

(a)(1) The Board of Trustees of the registrant has determined that the registrant has five Board members serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.”

(2) Bonny Boatman, Dwight Churchill, David M. Kelly, Frank Nesvet and Carl Verboncoeur are the registrant’s audit committee financial experts. The Board also determined that each of the foregoing persons are not “interested person(s)” of the registrant as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”).

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees.

For the fiscal years ending September 30, 2014 and September 30, 2013, the aggregate audit fees billed for professional services rendered by the principal accountant were $971,504 and $643,245, respectively. The nature of the services are (1) auditing of the statements of assets and liabilities, related statements of operations and changes in net assets, and the financial highlights of each series of the registrant; (2) auditing and reporting on the financial statements to be included in the amendment to the registrant’s registration statement on Form N-1A to be filed with the Securities and Exchange Commission; (3) review of the amendment to the registration statement; (4) issuance of a Report on Internal Control for inclusion in the registrant’s Form N-SAR; and (5) Rule 17f-2 securities counts.

(b) Audit-Related Fees.

For the fiscal years ending September 30, 2014 and September 30, 2013, the principal accountant did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant’s financial statements that are not reported under paragraph (a) of this Item.

(c) Tax Fees.

For the fiscal years ending September 30, 2014 and September 30, 2013, the aggregate tax fees billed for professional services rendered by the principal accountant were $436,975 and $306,175, respectively. Services included the review of the registrant’s federal, state and local income, franchise and other tax returns.

(d) All Other Fees.

There were no other fees billed by the principal accountant for the fiscal years ending September 30, 2014 and September 30, 2013.

(e)(1) Audit Committee Pre-Approval Policies and Procedures.

The registrant’s Audit Committee Charter states the following with respect to pre-approval procedures:

Before the independent auditors are engaged by the Trust to render audit or non-audit services, either:

a. The Audit Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) provided to the Trust. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at its next regularly scheduled meeting;

or

b.	The engagement to render the auditing service or permissible non-audit service is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the investment adviser. The Audit Committee must be informed of each service entered into pursuant to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter.
c.	De Minimis Exceptions to Pre-Approval Requirements. Pre-Approval for a service provided to the Trust other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Trust constitutes not more than 5 percent of the total amount of revenues paid by the Trust to the independent auditors during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit.
d.	Pre-Approval of Non-Audit Services Provided to the investment adviser and Certain Control Persons. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the independent auditors to (a) the investment adviser and (b) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the independent auditors’ engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust. It shall be the responsibility of the independent auditors to notify the Audit Committee of any non-audit services that need to be pre-approved.
e.	Application of De Minimis Exception: The De Minimis exception set forth above applies to pre-approvals under this Section as well, except that the “total amount of revenues” calculation is based on the total amount of revenues paid to the independent auditors by the Trust and any other entity that has its services approved under this Section (i.e., the investment adviser or any control person).

(e)(2) Percentage of Services.

One hundred percent of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees for services rendered by the principal accountant to the registrant and its adviser and any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the registrant for the twelve months ended December 31, 2013 and December 31, 2012 were approximately $4,715,586 and $4,502,162, respectively. Such information is not readily available on a fiscal year basis.

(h) The principal accountant notified the registrant’s Audit Committee of all non-audit services that were rendered by the principal accountant to the registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the registrant’s Audit Committee to consider whether such services were compatible with maintaining the principal accountant’s independence.

Item 5. Disclosure of Audit Committees for Listed Companies.

The registrant has an audit committee which was established by the Board of Trustees of the registrant in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the registrant’s audit committee are Bonny Boatman, Dwight Churchill, Frank Nesvet, David Kelly and Carl Verboncoeur.

Item 6. Schedule of Investments.

(a)	The schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
(b)	Not applicable.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

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

Item 11. Controls and Procedures.

(a) Within 90 days of the filing date of this Form N-CSR, Ellen M. Needham, the registrant’s President and Principal Executive Officer, and Chad C. Hallett, the registrant’s Treasurer and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) and evaluated their effectiveness. Based on their review, Ms. Needham and Mr. Hallett determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of Ethics referred to in Item 2.

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

(a)(3) Not applicable

(b) A single certification required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SPDR® Index Shares Funds
By:	/s/ Ellen M. Needham Ellen M. Needham
	President and Principal Executive Officer
Date:	December 5, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Ellen M. Needham Ellen M. Needham
	President and Principal Executive Officer
Date:	December 5, 2014
By:	/s/ Chad C. Hallett Chad C. Hallett
	Treasurer and Principal Financial Officer
Date:	December 5, 2014

EX-99.CERT

Exhibit 12(a)(2)

CERTIFICATIONS

I, Ellen M. Needham, President and Principal Executive Officer of SPDR^® Index Shares Funds, certify that:

1.	I have reviewed this report on Form N-CSR of SPDR Index Shares Funds;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 25, 2014
By:	/s/ Ellen M. Needham Ellen M. Needham
	President and Principal Executive Officer

I, Chad C. Hallett, Treasurer and Principal Financial Officer of SPDR^® Index Shares Funds, certify that:

1.	I have reviewed this report on Form N-CSR of SPDR Index Shares Funds;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 25, 2014
By:	/s/ Chad C. Hallett Chad C. Hallett
	Treasurer and Principal Financial Officer

EX-99.906CERT

Exhibit 12(b)

I, Ellen M. Needham, President and Principal Executive Officer, and I, Chad C. Hallett, Treasurer and Principal Financial Officer, of SPDR^® Index Shares Funds (the “Trust”) each certify that:

1. This Form N-CSR filing for the Trust (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

By:	/s/ Ellen M. Needham Ellen M. Needham
	President and Principal Executive Officer
Date:	December 5, 2014
By:	/s/ Chad C. Hallett Chad C. Hallett
	Treasurer and Principal Financial Officer
Date:	December 5, 2014

EX-99.CODE

SPDR^® Series Trust
SPDR^® Index Shares Funds
SSgA Master Trust
SSgA Active ETF Trust

CODE OF CONDUCT FOR PRINCIPAL EXECUTIVE AND
PRINCIPAL FINANCIAL OFFICERS

I. Covered Officers/Purpose of the Code

     This Code of Conduct (the “Code”) shall apply to the SPDR^® Series Trust’s, SPDR^® Index Shares Funds’, SSgA Master Trust’s and SSgA Active ETF Trust’s (each, a “Trust”) Principal Executive Officer, Principal Financial Officer, Controller, Principal Accounting Officer and persons performing similar functions (the “Covered Officers,” each of whom is named in Exhibit A attached hereto) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Trust;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

     Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to the Trust. All Covered Officers should conduct themselves such that a reasonable observer would have no grounds for belief that a conflict of interest exists. Covered Officers are not permitted to self-deal or otherwise to use their positions with the Trust to further their own or any other related person’s business opportunities.

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     This Code does not, and is not intended to, repeat or replace the compliance programs and procedures or codes of ethics of the Trust or the Trust’s investment adviser or distributor.

     Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its service providers, including investment adviser, of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust, the investment adviser, or other service providers), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and its service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended (“Investment Company Act”) and the Investment Advisers Act of 1940, as amended (“Investment Advisers Act”), such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust’s Board of Trustees (the “Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

     The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

*      *      *      *

Each Covered Officer must not:

• use his personal influence or personal relationship improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

• cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

• retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for reports of potential violations by the Trust of applicable rules and regulations that are made in good faith; or

• use material non-public knowledge of portfolio transactions made or contemplated for the series of the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

     Each Covered Officer must discuss certain material conflict of interest situations with the Trust’s Audit Committee. Examples of such situations include:

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• service as a director, trustee, general partner, or officer of any unaffiliated business organization. This rule does not apply to charitable, civic, religious, public, political, or social organizations, the activities of which do not conflict with the interests of the Trust;

• the receipt of any non-nominal gifts (valued greater than $250.00);

• the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Trust’s service providers, other than its investment adviser, principal underwriter, administrator, transfer agent, custodian or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III. Disclosure and Conduct

• Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust’s Board, Trust’s Audit Committee and the Trust’s independent auditors, and to governmental regulators and self-regulators and self-regulatory organizations.

• Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

• Each Covered Officer will exhibit and promote the highest standards of honest and ethical conduct through the establishment and operation of policies and procedures that encourage professional integrity in all aspects of the Trust’s operations.

IV. Compliance with Applicable Laws and Regulations

• The Trusts’ Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation, including providing any approvals or waivers sought by the Covered Persons.

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• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

• In the event of any question of interpretation of the requirements under this Code, Covered Officers shall consult with the Audit Committee in order to assure compliance with the Code.

V. Reporting and Accountability

Each Covered Officer must:

• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a report in the form of Exhibit B to the Trust’s compliance officer affirming that he or she has received, read, and understands the Code;

• annually sign and return a report in the form of Exhibit C to the Trust’s compliance officer as an affirmation that he or she has complied with the requirements of the Code; and

• notify the Trust’s Audit Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

     The Audit Committee will follow these procedures in investigating and enforcing this Code:

• The Audit Committee will take all appropriate actions to investigate any potential violations reported to the Committee.

• If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee is not required to take any further action.

• Any matter that the Audit Committee believes is a violation of this Code will be reported to the full Board.

• If the Board concurs that a violation has occurred, it will notify the appropriate personnel of the applicable service provider and may dismiss the Covered Officer as an officer of the Trust.

• The Audit Committee will be responsible for granting waivers of provisions of this Code, as appropriate.

• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

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VI. Other Policies and Procedures

     This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust’s investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust’s, investment adviser’s and principal underwriter’s codes of ethics under Rule 17j-1 under the Investment Company Act and the investment adviser’s more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII. Amendments

     Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

VIII. Confidentiality

     All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trust’s Board or Audit Committee.

IX. Internal Use

     The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of Trust, as to any fact, circumstance, or legal conclusion.

Adopted (SPDR^® Series Trust): August 18, 2003
Adopted (SPDR^® Index Shares Funds): July 1, 2004
Updated: August 1, 2007
Amended: November 18, 2010
Adopted (SSgA Master Trust/SSgA Active ETF Trust)/Amended: May 25, 2011

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EXHIBIT A

Persons Covered by this Code of Conduct:

Title	Name
President, Chief Executive Officer and Principal Executive Officer	Ellen Needham
Treasurer, Chief Financial Officer and Principal Financial Officer	Chad Hallett

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EXHIBIT B

INITIAL CERTIFICATION FORM

     This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of SPDR^® Series Trust, SPDR^® Index Shares Funds, SSgA Master Trust and SSgA Active ETF Trust and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

Please sign your name here:

Please print your name here:

Please date here:

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EXHIBIT C

ANNUAL CERTIFICATION FORM

     This is to certify that I have read and understand the Code of Conduct for Principal Executive and Senior Financial Officers of SPDR^® Series Trust, SPDR^® Index Shares Funds, SSgA Master Trust and SSgA Active ETF Trust (the “Code”) and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

     This is to further certify that I have complied with the policies and procedures set forth in each Code during my tenure as a Covered Officer, as defined in the Code.

Please sign your name here:

Please print your name here:

Please date here:

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