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)

Joshua A. Weinberg, Esq.

Managing Director and Managing Counsel

SSGA Funds Management, Inc.

One Lincoln Street

Boston, Massachusetts 02111

(Name and address of agent for service)

Copy to:

W. John McGuire, Esq.

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, N.W.

Washington, DC 20004

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2017

Item 1: Report to Shareholders.

Semi-Annual Report

31 March 2017

SPDR^® Index Shares Funds

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

TABLE OF CONTENTS (Unaudited)

Portfolio Statistics
SPDR® STOXX® Europe 50 ETF (FEU)	1
SPDR EURO STOXX 50® ETF (FEZ)	2
SPDR EURO STOXX Small Cap ETF (SMEZ)	3
SPDR EURO STOXX 50 Currency Hedged ETF (HFEZ)	4
SPDR S&P International Dividend Currency Hedged ETF (HDWX)	5
SPDR S&P Emerging Asia Pacific ETF (GMF)	6
SPDR S&P Russia ETF (RBL)	7
SPDR S&P China ETF (GXC)	8
SPDR MSCI China A Shares IMI ETF (XINA)	9
SPDR S&P Emerging Markets ETF (GMM)	10
SPDR S&P Emerging Markets Dividend ETF (EDIV)	11
SPDR S&P Emerging Europe ETF (GUR)	12
SPDR S&P Emerging Latin America ETF (GML)	13
SPDR S&P Emerging Middle East & Africa ETF (GAF)	14
SPDR S&P World ex-US ETF (GWL)	15
SPDR S&P International Small Cap ETF (GWX)	16
SPDR Dow Jones International Real Estate ETF (RWX)	17
SPDR S&P Global Infrastructure ETF (GII)	18
SPDR S&P Global Natural Resources ETF (GNR)	19
SPDR S&P North American Natural Resources ETF (NANR)	20
SPDR MSCI ACWI ex-US ETF (CWI)	21
SPDR MSCI ACWI IMI ETF (ACIM)	22
SPDR MSCI ACWI Low Carbon Target ETF (LOWC)	23
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (EFAX)	24
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF (EEMX)	25
SPDR MSCI EAFE StrategicFactorsSM ETF (QEFA)	26
SPDR MSCI Emerging Markets StrategicFactorsSM ETF (QEMM)	27
SPDR MSCI World StrategicFactorsSM ETF (QWLD)	28
SPDR MSCI Australia StrategicFactorsSM ETF (QAUS)	29
SPDR MSCI Canada StrategicFactorsSM ETF (QCAN)	30
SPDR MSCI Germany StrategicFactorsSM ETF (QDEU)	31
SPDR MSCI Japan StrategicFactorsSM ETF (QJPN)	32
SPDR MSCI Spain StrategicFactorsSM ETF (QESP)	33
SPDR MSCI United Kingdom StrategicFactorsSM ETF (QGBR)	34
SPDR S&P Global Dividend ETF (WDIV)	35
SPDR S&P International Dividend ETF (DWX)	36
SPDR S&P Emerging Markets Small Cap ETF (EWX)	37
SPDR Dow Jones Global Real Estate ETF (RWO)	38
SPDR S&P International Consumer Discretionary Sector ETF (IPD)	39
SPDR S&P International Consumer Staples Sector ETF (IPS)	40
SPDR S&P International Energy Sector ETF (IPW)	41

SPDR S&P International Financial Sector ETF (IPF)	42
SPDR S&P International Health Care Sector ETF (IRY)	43
SPDR S&P International Industrial Sector ETF (IPN)	44
SPDR S&P International Materials Sector ETF (IRV)	45
SPDR S&P International Technology Sector ETF (IPK)	46
SPDR S&P International Telecommunications Sector ETF (IST)	47
SPDR S&P International Utilities Sector ETF (IPU)	48
Schedules of Investments
SPDR STOXX Europe 50 ETF (FEU)	49
SPDR EURO STOXX 50 ETF (FEZ)	51
SPDR EURO STOXX Small Cap ETF (SMEZ)	53
SPDR EURO STOXX 50 Currency Hedged ETF (HFEZ)	55
SPDR S&P International Dividend Currency Hedged ETF (HDWX)	57
SPDR S&P Emerging Asia Pacific ETF (GMF)	61
SPDR S&P Russia ETF (RBL)	70
SPDR S&P China ETF (GXC)	72
SPDR MSCI China A Shares IMI ETF (XINA)	80
SPDR S&P Emerging Markets ETF (GMM)	89
SPDR S&P Emerging Markets Dividend ETF (EDIV)	105
SPDR S&P Emerging Europe ETF (GUR)	108
SPDR S&P Emerging Latin America ETF (GML)	111
SPDR S&P Emerging Middle East & Africa ETF (GAF)	115
SPDR S&P World ex-US ETF (GWL)	118
SPDR S&P International Small Cap ETF (GWX)	134
SPDR Dow Jones International Real Estate ETF (RWX)	158
SPDR S&P Global Infrastructure ETF (GII)	161
SPDR S&P Global Natural Resources ETF (GNR)	164
SPDR S&P North American Natural Resources ETF (NANR)	167
SPDR MSCI ACWI ex-US ETF (CWI)	169
SPDR MSCI ACWI IMI ETF (ACIM)	181
SPDR MSCI ACWI Low Carbon Target ETF (LOWC)	191
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (EFAX)	208
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF (EEMX)	217
SPDR MSCI EAFE StrategicFactorsSM ETF (QEFA)	222
SPDR MSCI Emerging Markets StrategicFactorsSM ETF (QEMM)	229
SPDR MSCI World StrategicFactorsSM ETF (QWLD)	240
SPDR MSCI Australia StrategicFactorsSM ETF (QAUS)	251
SPDR MSCI Canada StrategicFactorsSM ETF (QCAN)	254
SPDR MSCI Germany StrategicFactorsSM ETF (QDEU)	257
SPDR MSCI Japan StrategicFactorsSM ETF (QJPN)	260
SPDR MSCI Spain StrategicFactorsSM ETF (QESP)	266
SPDR MSCI United Kingdom StrategicFactorsSM ETF (QGBR)	268
SPDR S&P Global Dividend ETF (WDIV)	272
SPDR S&P International Dividend ETF (DWX)	275

SPDR S&P Emerging Markets Small Cap ETF (EWX)	278
SPDR Dow Jones Global Real Estate ETF (RWO)	290
SPDR S&P International Consumer Discretionary Sector ETF (IPD)	294
SPDR S&P International Consumer Staples Sector ETF (IPS)	298
SPDR S&P International Energy Sector ETF (IPW)	302
SPDR S&P International Financial Sector ETF (IPF)	306
SPDR S&P International Health Care Sector ETF (IRY)	310
SPDR S&P International Industrial Sector ETF (IPN)	313
SPDR S&P International Materials Sector ETF (IRV)	317
SPDR S&P International Technology Sector ETF (IPK)	321
SPDR S&P International Telecommunications Sector ETF (IST)	325
SPDR S&P International Utilities Sector ETF (IPU)	328
Financial Statements	332
Financial Highlights	371
Notes to Financial Statements	419
Other Information	444

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

SPDR STOXX EUROPE 50 ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	NESTLE SA	NOVARTIS AG	ROCHE HOLDING AG	HSBC HOLDINGS PLC	TOTAL SA
MARKET VALUE	$10,720,842	8,755,763	8,056,186	7,374,081	5,583,315
% OF NET ASSETS	6.0	4.9	4.5	4.1	3.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Pharmaceuticals		20.7	%
Banks		14.6
Oil, Gas & Consumable Fuels		9.8
Food Products		6.0
Insurance		5.9
Personal Products		4.8
Chemicals		4.4
Tobacco		4.3
Beverages		3.9
Diversified Telecommunication Services		3.6
Industrial Conglomerates		2.9
Software		2.5
Electrical Equipment		2.4
Automobiles		1.9
Wireless Telecommunication Services		1.7
Capital Markets		1.5
Household Products		1.5
Textiles, Apparel & Luxury Goods		1.5
Multi-Utilities		1.3
Semiconductors & Semiconductor Equipment		1.3
Metals & Mining		1.2
Construction & Engineering		1.1
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		1.2
TOTAL		100.0	%

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

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

1

SPDR EURO STOXX 50 ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	TOTAL SA	SIEMENS AG	SANOFI	SAP SE	BAYER AG
MARKET VALUE	$136,245,131	127,735,734	116,495,329	107,410,263	104,581,899
% OF NET ASSETS	4.9	4.6	4.2	3.9	3.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		14.1	%
Pharmaceuticals		8.0
Insurance		6.7
Oil, Gas & Consumable Fuels		6.5
Industrial Conglomerates		5.8
Diversified Telecommunication Services		5.4
Chemicals		5.3
Automobiles		5.1
Personal Products		4.9
Software		3.9
Textiles, Apparel & Luxury Goods		3.8
Beverages		3.2
Electric Utilities		3.1
Aerospace & Defense		2.8
Semiconductors & Semiconductor Equipment		2.0
Construction & Engineering		1.7
Electrical Equipment		1.7
Food Products		1.6
Multi-Utilities		1.6
Specialty Retail		1.5
Air Freight & Logistics		1.3
Health Care Providers & Services		1.3
Communications Equipment		1.2
Construction Materials		1.2
Building Products		1.1
Capital Markets		1.1
Food & Staples Retailing		1.1
Health Care Equipment & Supplies		1.0
Real Estate Investment Trusts (REITs)		0.9
Media		0.8
Metals & Mining		0.0	**
Short-Term Investments		0.1
Other Assets in Excess of Liabilities		0.2
TOTAL		100.0	%

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

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

2

SPDR EURO STOXX SMALL CAP ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	KINGSPAN GROUP PLC	BANCO BPM SPA	EUROFINS SCIENTIFIC SE	FREENET AG	KION GROUP AG
MARKET VALUE	$239,886	225,518	211,564	209,197	202,491
% OF NET ASSETS	1.8	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 MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Media		9.1	%
Banks		6.2
Insurance		5.5
Machinery		5.1
Real Estate Investment Trusts (REITs)		4.4
Diversified Financial Services		4.2
Pharmaceuticals		4.2
Food & Staples Retailing		3.6
Auto Components		3.4
Air Freight & Logistics		3.0
Building Products		2.8
Life Sciences Tools & Services		2.6
Semiconductors & Semiconductor Equipment		2.6
Gas Utilities		2.4
Construction & Engineering		2.3
Diversified Telecommunication Services		2.2
Energy Equipment & Services		2.2
Food Products		2.1
Software		2.0
Commercial Services & Supplies		1.7
Real Estate Management & Development		1.7
Wireless Telecommunication Services		1.6
Airlines		1.5
Health Care Providers & Services		1.5
Industrial Conglomerates		1.4
Textiles, Apparel & Luxury Goods		1.4
Biotechnology		1.3
Chemicals		1.3
Household Durables		1.3
Independent Power Producers & Energy Traders		1.3
Health Care Equipment & Supplies		1.2
Metals & Mining		1.2
Aerospace & Defense		1.1
Construction Materials		1.1
Oil, Gas & Consumable Fuels		1.1
Beverages		1.0
Leisure Equipment & Products		1.0
Trading Companies & Distributors		1.0
Transportation Infrastructure		1.0
Internet Software & Services		0.9
Multi-Utilities		0.9
Thrifts & Mortgage Finance		0.9
Capital Markets		0.8
Personal Products		0.8
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.1
TOTAL		100.0	%

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

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

3

SPDR EURO STOXX 50 CURRENCY HEDGED ETF — PORTFOLIO STATISTICS (UNAUDITED)

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
International Equity		99.4	%
Short-Term Investment		0.5
Other Assets in Excess of Liabilities		0.1
TOTAL		100.0	%

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

4

SPDR S&P INTERNATIONAL DIVIDEND CURRENCY HEDGED ETF — PORTFOLIO STATISTICS (UNAUDITED)

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
International Equity		100.0	%
Short-Term Investment		0.0	**
Liabilities in Excess of Other Assets		(0.0	)**
TOTAL		100.0	%

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

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

5

SPDR S&P EMERGING ASIA PACIFIC ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	TENCENT HOLDINGS, LTD.	ALIBABA GROUP HOLDING, LTD. ADR	TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR	CHINA CONSTRUCTION BANK CORP. CLASS H	CHINA MOBILE, LTD.
MARKET VALUE	$17,481,407	13,115,686	12,912,885	8,107,466	6,978,182
% OF NET ASSETS	5.2	3.9	3.9	2.4	2.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		15.7	%
Internet Software & Services		12.0
Semiconductors & Semiconductor Equipment		6.5
Oil, Gas & Consumable Fuels		5.8
Electronic Equipment, Instruments & Components		4.4
Wireless Telecommunication Services		3.8
Real Estate Management & Development		3.4
Insurance		3.3
IT Services		2.7
Automobiles		2.6
Technology Hardware, Storage & Peripherals		2.6
Chemicals		2.5
Pharmaceuticals		2.2
Food Products		2.1
Metals & Mining		1.9
Diversified Telecommunication Services		1.8
Construction & Engineering		1.7
Thrifts & Mortgage Finance		1.7
Internet & Catalog Retail		1.5
Construction Materials		1.4
Industrial Conglomerates		1.4
Textiles, Apparel & Luxury Goods		1.2
Transportation Infrastructure		1.2
Diversified Financial Services		1.1
Hotels, Restaurants & Leisure		1.1
Independent Power Producers & Energy Traders		1.1
Machinery		1.1
Capital Markets		1.0
Food & Staples Retailing		1.0
Electric Utilities		0.8
Beverages		0.7
Electrical Equipment		0.6
Media		0.6
Personal Products		0.6
Auto Components		0.5
Consumer Finance		0.5
Health Care Providers & Services		0.5
Household Products		0.5
Tobacco		0.5
Diversified Consumer Services		0.4
Gas Utilities		0.4
Airlines		0.3
Commercial Services & Supplies		0.3
Household Durables		0.3
Specialty Retail		0.3
Aerospace & Defense		0.2
Building Products		0.2
Communications Equipment		0.2
Marine		0.2
Multiline Retail		0.2
Paper & Forest Products		0.2
Software		0.2
Water Utilities		0.2
Biotechnology		0.1
Energy Equipment & Services		0.1
Health Care Equipment & Supplies		0.1
Leisure Equipment & Products		0.1
Road & Rail		0.1
Air Freight & Logistics		0.0	**
Containers & Packaging		0.0	**
Distributors		0.0	**
Professional Services		0.0	**
Trading Companies & Distributors		0.0	**
Short-Term Investments		1.5
Liabilities in Excess of Other Assets		(1.2	)
TOTAL		100.0	%

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

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

6

SPDR S&P RUSSIA ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	GAZPROM PJSC ADR	LUKOIL PJSC ADR	SBERBANK OF RUSSIA PJSC ADR	SBERBANK OF RUSSIA PJSC ADR	TATNEFT PJSC ADR
MARKET VALUE	$4,252,798	3,807,400	3,306,279	1,702,232	1,515,862
% OF NET ASSETS	13.0	11.6	10.1	5.2	4.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Integrated Oil & Gas		34.0	%
Diversified Banks		19.3
Oil & Gas Exploration & Production		9.4
Food Retail		5.7
Wireless Telecommunication Services		5.7
Steel		4.4
Diversified Metals & Mining		4.2
Internet Software & Services		4.1
Precious Metals & Minerals		1.7
Fertilizers & Agricultural Chemicals		1.6
Electric Utilities		1.5
Integrated Telecommunication Services		1.5
Hypermarkets & Super Centers		1.2
Homebuilding		1.1
Real Estate Development		1.0
Railroads		0.8
Aluminum		0.6
IT Consulting & Other Services		0.6
Data Processing & Outsourced Services		0.5
Agricultural Products		0.3
Oil & Gas Equipment & Services		0.3
Short-Term Investment		0.6
Liabilities in Excess of Other Assets		(0.1	)
TOTAL		100.0	%

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

7

SPDR S&P CHINA ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	TENCENT HOLDINGS, LTD.	ALIBABA GROUP HOLDING, LTD. ADR	CHINA CONSTRUCTION BANK CORP. CLASS H	CHINA MOBILE, LTD.	INDUSTRIAL & COMMERCIAL BANK OF CHINA, LTD. CLASS H
MARKET VALUE	$89,338,313	68,094,429	44,017,904	36,070,918	29,567,992
% OF NET ASSETS	10.9	8.3	5.4	4.4	3.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Internet Software & Services		25.2	%
Banks		16.4
Insurance		5.7
Oil, Gas & Consumable Fuels		5.3
Real Estate Management & Development		5.2
Wireless Telecommunication Services		4.4
Internet & Catalog Retail		3.7
Automobiles		2.5
Capital Markets		2.1
Food Products		2.0
Electronic Equipment, Instruments & Components		1.6
Pharmaceuticals		1.5
Construction & Engineering		1.4
Transportation Infrastructure		1.4
Diversified Telecommunication Services		1.3
Independent Power Producers & Energy Traders		1.3
Machinery		1.3
Diversified Consumer Services		1.2
Metals & Mining		1.2
Industrial Conglomerates		1.1
Textiles, Apparel & Luxury Goods		1.1
Hotels, Restaurants & Leisure		1.0
Construction Materials		0.8
Commercial Services & Supplies		0.7
Health Care Providers & Services		0.7
Water Utilities		0.7
Gas Utilities		0.6
Semiconductors & Semiconductor Equipment		0.6
Electrical Equipment		0.5
Personal Products		0.5
Technology Hardware, Storage & Peripherals		0.5
Airlines		0.4
Auto Components		0.4
Chemicals		0.4
Communications Equipment		0.4
Food & Staples Retailing		0.4
Household Durables		0.4
Paper & Forest Products		0.4
Software		0.4
Specialty Retail		0.4
Biotechnology		0.3
Consumer Finance		0.3
IT Services		0.3
Multiline Retail		0.3
Beverages		0.2
Energy Equipment & Services		0.2
Marine		0.2
Media		0.2
Road & Rail		0.2
Aerospace & Defense		0.1
Containers & Packaging		0.1
Distributors		0.1
Diversified Financial Services		0.1
Health Care Equipment & Supplies		0.1
Household Products		0.1
Air Freight & Logistics		0.0	**
Building Products		0.0	**
Trading Companies & Distributors		0.0	**
Short-Term Investments		2.2
Liabilities in Excess of Other Assets		(2.1	)
TOTAL		100.0	%

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

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

8

SPDR MSCI CHINA A SHARES IMI ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	KWEICHOW MOUTAI CO., LTD. CLASS A	INDUSTRIAL BANK CO., LTD. CLASS A	SHANGHAI PUDONG DEVELOPMENT BANK CO., LTD. CLASS A	CHINA MERCHANTS BANK CO., LTD. CLASS A	PING AN INSURANCE GROUP CO. OF CHINA, LTD. CLASS A
MARKET VALUE	$56,061	33,870	29,131	28,650	27,925
% OF NET ASSETS	2.6	1.6	1.4	1.3	1.3

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		10.4	%
Real Estate Management & Development		6.0
Metals & Mining		5.4
Pharmaceuticals		5.2
Capital Markets		5.1
Chemicals		5.1
Machinery		5.1
Beverages		4.4
Electrical Equipment		3.9
Construction & Engineering		3.8
Electronic Equipment, Instruments & Components		3.6
Food Products		3.0
Independent Power Producers & Energy Traders		2.7
Oil, Gas & Consumable Fuels		2.4
Insurance		2.2
Household Durables		2.1
Auto Components		2.0
Media		2.0
Transportation Infrastructure		1.9
Multiline Retail		1.6
Textiles, Apparel & Luxury Goods		1.6
Software		1.4
Aerospace & Defense		1.1
Airlines		1.1
Automobiles		1.1
Commercial Services & Supplies		1.1
Communications Equipment		1.1
Semiconductors & Semiconductor Equipment		1.0
Trading Companies & Distributors		1.0
Containers & Packaging		0.9
Energy Equipment & Services		0.8
IT Services		0.8
Biotechnology		0.7
Construction Materials		0.7
Paper & Forest Products		0.7
Hotels, Restaurants & Leisure		0.6
Water Utilities		0.6
Wireless Telecommunication Services		0.6
Air Freight & Logistics		0.5
Diversified Consumer Services		0.5
Road & Rail		0.5
Specialty Retail		0.5
Technology Hardware, Storage & Peripherals		0.5
Health Care Providers & Services		0.4
Internet Software & Services		0.4
Building Products		0.3
Diversified Financial Services		0.3
Food & Staples Retailing		0.3
Diversified Telecommunication Services		0.2
Electric Utilities		0.2
Distributors		0.1
Health Care Equipment & Supplies		0.1
Industrial Conglomerates		0.1
Leisure Equipment & Products		0.1
Life Sciences Tools & Services		0.1
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.1
TOTAL		100.0	%

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

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

9

SPDR S&P EMERGING MARKETS ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	TENCENT HOLDINGS, LTD.	ALIBABA GROUP HOLDING, LTD. ADR	TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.	CHINA CONSTRUCTION BANK CORP. CLASS H	NASPERS, LTD. CLASS N
MARKET VALUE	$11,652,943	8,464,655	6,686,710	5,543,717	5,213,120
% OF NET ASSETS	3.6	2.6	2.1	1.7	1.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		17.6	%
Internet Software & Services		8.2
Oil, Gas & Consumable Fuels		8.2
Metals & Mining		4.0
Wireless Telecommunication Services		3.9
Electronic Equipment, Instruments & Components		3.8
Semiconductors & Semiconductor Equipment		3.8
Insurance		2.8
Real Estate Management & Development		2.8
Food Products		2.6
Automobiles		2.5
Media		2.5
IT Services		2.3
Beverages		2.0
Diversified Financial Services		1.8
Diversified Telecommunication Services		1.7
Pharmaceuticals		1.7
Chemicals		1.6
Technology Hardware, Storage & Peripherals		1.6
Transportation Infrastructure		1.6
Construction & Engineering		1.4
Food & Staples Retailing		1.4
Industrial Conglomerates		1.4
Thrifts & Mortgage Finance		1.3
Construction Materials		1.2
Multiline Retail		1.2
Household Durables		1.1
Internet & Catalog Retail		1.1
Independent Power Producers & Energy Traders		1.0
Capital Markets		0.9
Electric Utilities		0.9
Hotels, Restaurants & Leisure		0.8
Specialty Retail		0.8
Machinery		0.7
Paper & Forest Products		0.7
Airlines		0.6
Household Products		0.6
Textiles, Apparel & Luxury Goods		0.6
Health Care Providers & Services		0.5
Electrical Equipment		0.4
Gas Utilities		0.4
Tobacco		0.4
Water Utilities		0.4
Diversified Consumer Services		0.3
Personal Products		0.3
Real Estate Investment Trusts (REITs)		0.3
Aerospace & Defense		0.2
Air Freight & Logistics		0.2
Auto Components		0.2
Building Products		0.2
Commercial Services & Supplies		0.2
Leisure Equipment & Products		0.2
Communications Equipment		0.1
Distributors		0.1
Energy Equipment & Services		0.1
Marine		0.1
Road & Rail		0.1
Trading Companies & Distributors		0.1
Biotechnology		0.0	**
Consumer Finance		0.0	**
Containers & Packaging		0.0	**
Health Care Equipment & Supplies		0.0	**
Multi-Utilities		0.0	**
Professional Services		0.0	**
Software		0.0	**
Short-Term Investment		1.4
Liabilities in Excess of Other Assets		(0.9	)
TOTAL		100.0	%

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

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

10

SPDR S&P EMERGING MARKETS DIVIDEND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	SK TELECOM CO., LTD.	ADVANCED INFO SERVICE PCL NVDR	ITAUSA -INVESTIMENTOS ITAU SA PREFERENCE SHARES	GAZPROM PJSC ADR	LUKOIL PJSC
MARKET VALUE	$11,555,990	11,229,061	10,100,331	9,362,847	9,086,152
% OF NET ASSETS	3.3	3.2	2.9	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 MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		18.2	%
Wireless Telecommunication Services		12.3
Real Estate Management & Development		6.9
Oil, Gas & Consumable Fuels		6.2
Semiconductors & Semiconductor Equipment		4.7
Real Estate Investment Trusts (REITs)		3.8
Transportation Infrastructure		3.8
Specialty Retail		3.3
Food Products		2.9
Diversified Financial Services		2.6
Electronic Equipment, Instruments & Components		2.5
Technology Hardware, Storage & Peripherals		2.5
Construction Materials		2.4
Insurance		2.4
Auto Components		2.2
Personal Products		2.2
Automobiles		2.1
Food & Staples Retailing		2.0
Paper & Forest Products		1.8
Beverages		1.7
Multiline Retail		1.6
Textiles, Apparel & Luxury Goods		1.6
Health Care Providers & Services		1.2
Water Utilities		1.2
Communications Equipment		1.0
Electric Utilities		0.9
Independent Power Producers & Energy Traders		0.8
Industrial Conglomerates		0.8
Media		0.8
Capital Markets		0.6
Household Durables		0.6
Hotels, Restaurants & Leisure		0.4
Leisure Equipment & Products		0.3
Airlines		0.2
Chemicals		0.2
Multi-Utilities		0.2
Software		0.2
Short-Term Investments		9.3
Liabilities in Excess of Other Assets		(8.4	)
TOTAL		100.0	%

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

11

SPDR S&P EMERGING EUROPE ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	GAZPROM PJSC ADR	LUKOIL PJSC ADR	SBERBANK OF RUSSIA PJSC	SBERBANK OF RUSSIA PJSC ADR	MMC NORILSK NICKEL PJSC ADR
MARKET VALUE	$3,581,364	3,098,690	2,365,166	1,404,591	1,357,123
% OF NET ASSETS	7.2	6.3	4.8	2.8	2.7

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Oil, Gas & Consumable Fuels		31.0	%
Banks		25.0
Metals & Mining		9.5
Food & Staples Retailing		5.0
Wireless Telecommunication Services		3.6
Electric Utilities		3.3
Diversified Telecommunication Services		2.3
Industrial Conglomerates		2.2
Internet Software & Services		2.0
Diversified Financial Services		1.8
Chemicals		1.5
Insurance		1.3
Household Durables		1.1
Textiles, Apparel & Luxury Goods		1.1
Airlines		0.9
Pharmaceuticals		0.8
Software		0.7
Real Estate Investment Trusts (REITs)		0.6
Real Estate Management & Development		0.6
Specialty Retail		0.6
Automobiles		0.5
Beverages		0.5
Construction & Engineering		0.5
Hotels, Restaurants & Leisure		0.5
IT Services		0.4
Food Products		0.3
Media		0.3
Aerospace & Defense		0.2
Construction Materials		0.2
Consumer Finance		0.2
Distributors		0.2
Independent Power Producers & Energy Traders		0.2
Machinery		0.2
Road & Rail		0.2
Energy Equipment & Services		0.1
Marine		0.1
Transportation Infrastructure		0.1
Water Utilities		0.1
Short-Term Investments		2.5
Liabilities in Excess of Other Assets		(2.2	)
TOTAL		100.0	%

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

12

SPDR S&P EMERGING LATIN AMERICA ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	ITAU UNIBANCO HOLDING SA PREFERENCE SHARES ADR	BANCO BRADESCO SA PREFERENCE SHARES ADR	AMBEV SA ADR	PETROLEO BRASILEIRO SA PREFERENCE SHARES ADR	VALE SA PREFERENCE SHARES ADR
MARKET VALUE	$1,787,676	1,294,612	1,061,101	872,719	836,541
% OF NET ASSETS	5.9	4.3	3.5	2.9	2.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		23.9	%
Metals & Mining		9.7
Oil, Gas & Consumable Fuels		8.1
Beverages		7.5
Electric Utilities		4.1
Food & Staples Retailing		3.9
Food Products		3.7
Multiline Retail		3.5
Wireless Telecommunication Services		3.0
Construction Materials		2.5
Diversified Financial Services		2.5
Transportation Infrastructure		2.5
Media		2.0
Industrial Conglomerates		1.7
Paper & Forest Products		1.6
Independent Power Producers & Energy Traders		1.4
IT Services		1.2
Chemicals		1.1
Diversified Consumer Services		1.1
Diversified Telecommunication Services		1.1
Insurance		1.1
Airlines		1.0
Real Estate Investment Trusts (REITs)		1.0
Water Utilities		1.0
Real Estate Management & Development		0.9
Personal Products		0.8
Capital Markets		0.7
Construction & Engineering		0.7
Health Care Providers & Services		0.6
Household Products		0.6
Machinery		0.6
Aerospace & Defense		0.5
Containers & Packaging		0.5
Household Durables		0.5
Hotels, Restaurants & Leisure		0.4
Road & Rail		0.4
Auto Components		0.3
Gas Utilities		0.3
Software		0.3
Consumer Finance		0.2
Pharmaceuticals		0.2
Internet & Catalog Retail		0.1
Specialty Retail		0.1
Textiles, Apparel & Luxury Goods		0.1
Trading Companies & Distributors		0.1
Commercial Services & Supplies		0.0	**
Short-Term Investments		1.7
Liabilities in Excess of Other Assets		(0.8	)
TOTAL		100.0	%

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

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

13

SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	NASPERS, LTD. CLASS N	STEINHOFF INTERNATIONAL HOLDINGS NV	SASOL, LTD.	MTN GROUP, LTD.	STANDARD BANK GROUP, LTD.
MARKET VALUE	$4,688,614	962,654	924,279	879,546	817,211
% OF NET ASSETS	17.6	3.6	3.5	3.3	3.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Media		17.6	%
Banks		15.0
Diversified Financial Services		6.3
Wireless Telecommunication Services		5.2
Insurance		4.6
Food & Staples Retailing		4.3
Oil, Gas & Consumable Fuels		4.2
Real Estate Management & Development		4.1
Metals & Mining		4.0
Household Durables		3.6
Real Estate Investment Trusts (REITs)		3.6
Diversified Telecommunication Services		3.2
Food Products		3.0
Industrial Conglomerates		2.4
Specialty Retail		2.2
Health Care Providers & Services		2.0
Capital Markets		1.8
Pharmaceuticals		1.6
Paper & Forest Products		1.5
Multiline Retail		1.0
Transportation Infrastructure		0.9
Hotels, Restaurants & Leisure		0.8
Chemicals		0.7
Construction & Engineering		0.7
Distributors		0.6
Marine		0.5
Trading Companies & Distributors		0.5
Multi-Utilities		0.4
Construction Materials		0.3
Containers & Packaging		0.3
Diversified Consumer Services		0.3
Airlines		0.2
Beverages		0.2
Electronic Equipment, Instruments & Components		0.2
IT Services		0.2
Tobacco		0.2
Biotechnology		0.1
Building Products		0.1
Commercial Services & Supplies		0.1
Electrical Equipment		0.1
Energy Equipment & Services		0.1
Auto Components		0	**
Professional Services		0	**
Textiles, Apparel & Luxury Goods		0	**
Short-Term Investments		5.6
Liabilities in Excess of Other Assets		(4.3	)
TOTAL		100.0	%

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

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

14

SPDR S&P WORLD ex-US ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	SAMSUNG ELECTRONICS CO., LTD. GDR	NESTLE SA	NOVARTIS AG	ROCHE HOLDING AG	HSBC HOLDINGS PLC
MARKET VALUE	$10,185,167	10,182,635	8,916,355	8,167,098	7,021,288
% OF NET ASSETS	1.3	1.3	1.1	1.0	0.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		12.3	%
Pharmaceuticals		6.9
Oil, Gas & Consumable Fuels		5.5
Insurance		5.2
Chemicals		3.8
Metals & Mining		3.4
Automobiles		3.0
Food Products		2.9
Machinery		2.7
Diversified Telecommunication Services		2.2
Real Estate Management & Development		2.2
Media		2.0
Real Estate Investment Trusts (REITs)		2.0
Technology Hardware, Storage & Peripherals		1.9
Beverages		1.8
Capital Markets		1.8
Food & Staples Retailing		1.8
Industrial Conglomerates		1.7
Electronic Equipment, Instruments & Components		1.6
Personal Products		1.6
Textiles, Apparel & Luxury Goods		1.6
Electric Utilities		1.5
Hotels, Restaurants & Leisure		1.5
Road & Rail		1.5
Wireless Telecommunication Services		1.5
Auto Components		1.4
Software		1.4
Electrical Equipment		1.3
Semiconductors & Semiconductor Equipment		1.3
Trading Companies & Distributors		1.3
Household Durables		1.2
Tobacco		1.2
Aerospace & Defense		1.0
Construction & Engineering		1.0
Health Care Equipment & Supplies		1.0
Multi-Utilities		1.0
Diversified Financial Services		0.9
Specialty Retail		0.9
Building Products		0.8
Commercial Services & Supplies		0.8
Household Products		0.8
IT Services		0.8
Biotechnology		0.7
Professional Services		0.7
Construction Materials		0.5
Gas Utilities		0.5
Health Care Providers & Services		0.5
Internet Software & Services		0.5
Communications Equipment		0.4
Marine		0.4
Multiline Retail		0.4
Transportation Infrastructure		0.4
Air Freight & Logistics		0.3
Airlines		0.3
Containers & Packaging		0.3
Energy Equipment & Services		0.3
Paper & Forest Products		0.3
Leisure Equipment & Products		0.2
Life Sciences Tools & Services		0.2
Water Utilities		0.2
Consumer Finance		0.1
Internet & Catalog Retail		0.1
Distributors		0.0	**
Diversified Consumer Services		0.0	**
Health Care Technology		0.0	**
Independent Power Producers & Energy Traders		0.0	**
Thrifts & Mortgage Finance		0.0	**
Short-Term Investments		2.3
Liabilities in Excess of Other Assets		(1.6	)
TOTAL		100.0	%

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

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

15

SPDR S&P INTERNATIONAL SMALL CAP ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	NIKKON HOLDINGS CO., LTD.	SHOCHIKU CO., LTD.	TOAGOSEI CO., LTD.	INTERPUMP GROUP SPA	WIHLBORGS FASTIGHETER AB
MARKET VALUE	$2,900,386	2,418,932	2,399,129	2,393,896	2,379,452
% OF NET ASSETS	0.4	0.3	0.3	0.3	0.3

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Real Estate Investment Trusts (REITs)		5.3	%
Machinery		5.2
Banks		4.7
Metals & Mining		4.5
Chemicals		4.1
Real Estate Management & Development		4.0
Construction & Engineering		3.8
Electronic Equipment, Instruments & Components		3.7
Food Products		3.4
Hotels, Restaurants & Leisure		3.1
Oil, Gas & Consumable Fuels		3.1
Specialty Retail		3.0
Media		2.8
Capital Markets		2.7
Commercial Services & Supplies		2.5
Pharmaceuticals		2.3
Trading Companies & Distributors		2.2
Auto Components		2.0
Software		2.0
Biotechnology		1.9
Semiconductors & Semiconductor Equipment		1.7
Building Products		1.6
Electrical Equipment		1.6
Household Durables		1.6
Insurance		1.5
IT Services		1.5
Textiles, Apparel & Luxury Goods		1.5
Food & Staples Retailing		1.4
Health Care Providers & Services		1.4
Energy Equipment & Services		1.3
Health Care Equipment & Supplies		1.1
Internet Software & Services		1.1
Road & Rail		1.1
Professional Services		0.9
Communications Equipment		0.8
Beverages		0.7
Air Freight & Logistics		0.6	%
Airlines		0.6
Construction Materials		0.6
Diversified Consumer Services		0.6
Diversified Financial Services		0.6
Independent Power Producers & Energy Traders		0.6
Industrial Conglomerates		0.6
Paper & Forest Products		0.6
Personal Products		0.6
Aerospace & Defense		0.5
Containers & Packaging		0.5
Internet & Catalog Retail		0.5
Life Sciences Tools & Services		0.5
Marine		0.5
Technology Hardware, Storage & Peripherals		0.5
Distributors		0.4
Leisure Equipment & Products		0.4
Multiline Retail		0.4
Thrifts & Mortgage Finance		0.4
Consumer Finance		0.3
Diversified Telecommunication Services		0.3
Electric Utilities		0.3
Gas Utilities		0.2
Health Care Technology		0.2
Household Products		0.2
Multi-Utilities		0.2
Transportation Infrastructure		0.2
Wireless Telecommunication Services		0.2
Tobacco		0.1
Automobiles		0.0	**
Water Utilities		0.0	**
Short-Term Investments		7.4
Liabilities in Excess of Other Assets		(6.7	)
TOTAL		100.0	%

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

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

16

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	UNIBAIL-RODAMCO SE	MITSUI FUDOSAN CO., LTD.	SCENTRE GROUP REIT	LINK REIT	WESTFIELD CORP.
MARKET VALUE	$204,960,260	186,012,689	153,438,658	136,532,105	114,024,185
% OF NET ASSETS	5.7	5.1	4.2	3.8	3.2

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Real Estate Investment Trusts (REITs)		73.5	%
Real Estate Management & Development		26.1
Diversified Financial Services		0.0	**
Short-Term Investments		2.4
Liabilities in Excess of Other Assets		(2.0	)
TOTAL		100.0	%

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

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

17

SPDR S&P GLOBAL INFRASTRUCTURE ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	TRANSURBAN GROUP STAPLED SECURITY	ENBRIDGE, INC.	ATLANTIA SPA	AENA SA	ABERTIS INFRAESTRUCTURAS SA
MARKET VALUE	$6,440,955	6,186,268	5,434,286	5,204,608	4,213,006
% OF NET ASSETS	5.1	4.9	4.3	4.1	3.4

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Transportation Infrastructure		40.3	%
Electric Utilities		24.7
Oil, Gas & Consumable Fuels		18.9
Multi-Utilities		13.0
Gas Utilities		2.0
Water Utilities		0.9
Short-Term Investments		4.2
Liabilities in Excess of Other Assets		(4.0	)
TOTAL		100.0	%

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

18

SPDR S&P GLOBAL NATURAL RESOURCES ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	SYNGENTA AG	EXXON MOBIL CORP.	BHP BILLITON, LTD.	TOTAL SA	ROYAL DUTCH SHELL PLC CLASS A
MARKET VALUE	$50,789,713	42,225,801	41,923,353	38,861,543	35,179,536
% OF NET ASSETS	5.3	4.4	4.3	4.0	3.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Metals & Mining		31.8	%
Oil, Gas & Consumable Fuels		31.6
Chemicals		16.0
Containers & Packaging		6.5
Paper & Forest Products		4.8
Food Products		4.5
Energy Equipment & Services		2.2
Real Estate Investment Trusts (REITs)		1.9
Short-Term Investments		4.4
Liabilities in Excess of Other Assets		(3.7	)
TOTAL		100.0	%

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

19

SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	EXXON MOBIL CORP.	CHEVRON CORP.	MONSANTO CO.	BARRICK GOLD CORP.	FREEPORT-MCMORAN, INC.
MARKET VALUE	$92,379,590	84,765,609	59,566,632	48,359,798	38,777,106
% OF NET ASSETS	10.4	9.6	6.7	5.5	4.4

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Oil, Gas & Consumable Fuels		45.6	%
Metals & Mining		33.3
Chemicals		14.0
Food Products		6.3
Paper & Forest Products		0.4
Short-Term Investment		0.3
Other Assets in Excess of Liabilities		0.1
TOTAL		100.0	%

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

20

SPDR MSCI ACWI ex-US ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	NESTLE SA	SAMSUNG ELECTRONICS CO., LTD. GDR	ROCHE HOLDING AG	NOVARTIS AG	TENCENT HOLDINGS, LTD.
MARKET VALUE	$16,041,953	12,201,833	11,765,599	11,719,958	10,713,551
% OF NET ASSETS	1.3	1.0	1.0	1.0	0.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		14.8	%
Oil, Gas & Consumable Fuels		6.4
Pharmaceuticals		6.3
Insurance		5.0
Chemicals		3.4
Automobiles		3.2
Metals & Mining		3.2
Diversified Telecommunication Services		2.5
Wireless Telecommunication Services		2.4
Food Products		2.3
Internet Software & Services		2.2
Media		2.2
Semiconductors & Semiconductor Equipment		2.1
Beverages		2.0
Food & Staples Retailing		1.9
Machinery		1.8
Capital Markets		1.7
Real Estate Management & Development		1.7
Technology Hardware, Storage & Peripherals		1.7
Personal Products		1.6
Textiles, Apparel & Luxury Goods		1.6
Industrial Conglomerates		1.5
Road & Rail		1.5
Electrical Equipment		1.4
Electronic Equipment, Instruments & Components		1.4
Tobacco		1.4
Electric Utilities		1.3
Construction & Engineering		1.1
Hotels, Restaurants & Leisure		1.1
Real Estate Investment Trusts (REITs)		1.1
Software		1.1
Auto Components		1.0
Diversified Financial Services		1.0
Trading Companies & Distributors		1.0
Building Products		0.9
Household Durables		0.9
Aerospace & Defense		0.8
Construction Materials		0.8
IT Services		0.8
Multi-Utilities		0.8
Health Care Equipment & Supplies		0.7
Household Products		0.7
Specialty Retail		0.7
Transportation Infrastructure		0.7
Gas Utilities		0.6
Health Care Providers & Services		0.6
Biotechnology		0.5
Commercial Services & Supplies		0.5
Multiline Retail		0.4
Professional Services		0.4
Air Freight & Logistics		0.3
Communications Equipment		0.3
Marine		0.3
Consumer Finance		0.2
Independent Power Producers & Energy Traders		0.2
Internet & Catalog Retail		0.2
Paper & Forest Products		0.2
Thrifts & Mortgage Finance		0.2
Water Utilities		0.2
Containers & Packaging		0.1
Leisure Equipment & Products		0.1
Life Sciences Tools & Services		0.1
Airlines		0.0	**
Distributors		0.0	**
Diversified Consumer Services		0.0	**
Energy Equipment & Services		0.0	**
Short-Term Investments		1.8
Liabilities in Excess of Other Assets		(0.9	)
TOTAL		100.0	%

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

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

21

SPDR MSCI ACWI IMI ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	APPLE, INC.	MICROSOFT CORP.	AMAZON.COM, INC.	JPMORGAN CHASE & CO.	WELLS FARGO & CO.
MARKET VALUE	$1,462,459	1,051,455	830,688	765,262	646,046
% OF NET ASSETS	1.5	1.1	0.9	0.8	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 MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		8.5	%
Oil, Gas & Consumable Fuels		5.9
Pharmaceuticals		5.0
Insurance		4.5
Software		3.2
Internet Software & Services		3.1
Media		3.1
Semiconductors & Semiconductor Equipment		3.1
Technology Hardware, Storage & Peripherals		2.8
Chemicals		2.7
Food Products		2.4
Real Estate Investment Trusts (REITs)		2.4
Capital Markets		2.3
IT Services		2.3
Machinery		2.2
Diversified Telecommunication Services		2.1
Metals & Mining		2.1
Biotechnology		2.0
Industrial Conglomerates		2.0
Aerospace & Defense		1.9
Health Care Equipment & Supplies		1.9
Specialty Retail		1.9
Electric Utilities		1.8
Food & Staples Retailing		1.8
Hotels, Restaurants & Leisure		1.7
Health Care Providers & Services		1.6
Automobiles		1.4
Road & Rail		1.4
Beverages		1.3
Electronic Equipment, Instruments & Components		1.3
Household Products		1.2
Wireless Telecommunication Services		1.2
Real Estate Management & Development		1.1
Textiles, Apparel & Luxury Goods		1.0
Tobacco		1.0
Electrical Equipment		0.9
Energy Equipment & Services		0.9
Internet & Catalog Retail		0.9
Diversified Financial Services		0.8
Air Freight & Logistics		0.7
Building Products		0.7
Commercial Services & Supplies		0.7
Communications Equipment		0.7
Construction & Engineering		0.7
Consumer Finance		0.7
Multiline Retail		0.6
Personal Products		0.6
Trading Companies & Distributors		0.6
Life Sciences Tools & Services		0.5
Multi-Utilities		0.5
Auto Components		0.4
Professional Services		0.4
Construction Materials		0.3
Household Durables		0.3
Leisure Equipment & Products		0.3
Marine		0.3
Containers & Packaging		0.2
Health Care Technology		0.2
Thrifts & Mortgage Finance		0.2
Transportation Infrastructure		0.2
Water Utilities		0.2
Airlines		0.1
Gas Utilities		0.1
Independent Power Producers & Energy Traders		0.1
Paper & Forest Products		0.1
Equity Real Estate Investment Trusts (REITs)		0.0	**
Mortgage Real Estate Investment		0.0	**
Short-Term Investments		1.5
Liabilities in Excess of Other Assets		(0.6	)
TOTAL		100.0	%

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

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

22

SPDR MSCI ACWI LOW CARBON TARGET ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	APPLE, INC.	MICROSOFT CORP.	AMAZON.COM, INC.	JOHNSON & JOHNSON	FACEBOOK, INC. CLASS A
MARKET VALUE	$2,646,935	1,672,778	1,218,992	1,190,698	1,131,428
% OF NET ASSETS	2.0	1.2	0.9	0.9	0.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		10.6	%
Pharmaceuticals		5.4
Oil, Gas & Consumable Fuels		4.6
Insurance		4.4
Internet Software & Services		3.4
Technology Hardware, Storage & Peripherals		3.2
Software		3.1
Media		3.0
Capital Markets		2.6
Semiconductors & Semiconductor Equipment		2.6
Chemicals		2.5
Diversified Telecommunication Services		2.5
IT Services		2.5
Real Estate Investment Trusts (REITs)		2.4
Beverages		2.1
Machinery		2.1
Automobiles		2.0
Industrial Conglomerates		2.0
Aerospace & Defense		1.9
Food Products		1.9
Food & Staples Retailing		1.8
Health Care Equipment & Supplies		1.8
Tobacco		1.8
Biotechnology		1.7
Health Care Providers & Services		1.6
Specialty Retail		1.6
Internet & Catalog Retail		1.5
Hotels, Restaurants & Leisure		1.4
Metals & Mining		1.4
Household Products		1.3
Wireless Telecommunication Services		1.2
Energy Equipment & Services		1.1
Textiles, Apparel & Luxury Goods		1.1
Electric Utilities		1.0
Electrical Equipment		1.0
Real Estate Management & Development		0.9
Road & Rail		0.9
Trading Companies & Distributors		0.9
Transportation Infrastructure		0.9
Communications Equipment		0.8
Diversified Financial Services		0.8
Electronic Equipment, Instruments & Components		0.8
Gas Utilities		0.8
Personal Products		0.8
Consumer Finance		0.6
Household Durables		0.6
Professional Services		0.6
Water Utilities		0.6
Air Freight & Logistics		0.5
Auto Components		0.5
Construction & Engineering		0.4
Building Products		0.3
Containers & Packaging		0.3
Life Sciences Tools & Services		0.3
Multiline Retail		0.3
Multi-Utilities		0.3
Independent Power Producers & Energy Traders		0.2
Commercial Services & Supplies		0.1
Health Care Technology		0.1
Thrifts & Mortgage Finance		0.1
Distributors		0.0	**
Diversified Consumer Services		0.0	**
Leisure Equipment & Products		0.0	**
Marine		0.0	**
Mortgage Real Estate Investment		0.0	**
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.4
TOTAL		100.0	%

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

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

23

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	NESTLE SA	ROCHE HOLDING AG	NOVARTIS AG	HSBC HOLDINGS PLC	TOYOTA MOTOR CORP.
MARKET VALUE	$662,125	482,236	445,602	433,183	379,557
% OF NET ASSETS	2.0	1.5	1.4	1.3	1.2

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		13.4	%
Pharmaceuticals		9.1
Insurance		6.1
Chemicals		4.8
Automobiles		4.0
Food Products		3.1
Diversified Telecommunication Services		2.9
Machinery		2.9
Beverages		2.3
Capital Markets		2.1
Textiles, Apparel & Luxury Goods		2.1
Personal Products		2.0
Wireless Telecommunication Services		2.0
Industrial Conglomerates		1.9
Media		1.9
Auto Components		1.8
Tobacco		1.8
Electrical Equipment		1.7
Food & Staples Retailing		1.7
Real Estate Investment Trusts (REITs)		1.7
Real Estate Management & Development		1.7
Hotels, Restaurants & Leisure		1.5
Trading Companies & Distributors		1.5
Electric Utilities		1.4
Household Durables		1.4
Software		1.4
Semiconductors & Semiconductor Equipment		1.3
Aerospace & Defense		1.2
Diversified Financial Services		1.2
Electronic Equipment, Instruments & Components		1.2
Health Care Equipment & Supplies		1.1
Household Products		1.0
Metals & Mining		1.0
Road & Rail		1.0
Building Products		0.9
Biotechnology		0.8
Construction & Engineering		0.8
Professional Services		0.8
Specialty Retail		0.8
Construction Materials		0.7
Health Care Providers & Services		0.7
Multi-Utilities		0.7
Commercial Services & Supplies		0.6
IT Services		0.6
Technology Hardware, Storage & Peripherals		0.6
Transportation Infrastructure		0.6
Gas Utilities		0.5
Air Freight & Logistics		0.4
Communications Equipment		0.4
Marine		0.3
Multiline Retail		0.3
Airlines		0.2
Containers & Packaging		0.2
Internet & Catalog Retail		0.2
Leisure Equipment & Products		0.2
Paper & Forest Products		0.2
Consumer Finance		0.1
Energy Equipment & Services		0.1
Health Care Technology		0.1
Internet Software & Services		0.1
Life Sciences Tools & Services		0.1
Oil, Gas & Consumable Fuels		0.1
Water Utilities		0.1
Independent Power Producers & Energy Traders		0.0	**
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.6
TOTAL		100.0	%

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

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

24

SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	SAMSUNG ELECTRONICS CO., LTD.	TENCENT HOLDINGS, LTD.	TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.	ALIBABA GROUP HOLDING, LTD. ADR	NASPERS, LTD. CLASS N
MARKET VALUE	$248,681	229,351	224,240	171,126	108,423
% OF NET ASSETS	4.3	4.0	3.9	3.0	1.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		18.6	%
Internet Software & Services		9.4
Technology Hardware, Storage & Peripherals		7.0
Semiconductors & Semiconductor Equipment		5.6
Wireless Telecommunication Services		4.4
Insurance		3.9
Metals & Mining		3.1
Food & Staples Retailing		2.4
Industrial Conglomerates		2.4
Electronic Equipment, Instruments & Components		2.2
Media		2.2
Automobiles		2.1
Food Products		1.9
Chemicals		1.8
Real Estate Management & Development		1.7
Diversified Financial Services		1.6
Diversified Telecommunication Services		1.5
Beverages		1.3
Internet & Catalog Retail		1.2
Capital Markets		1.1
Construction Materials		1.1
Pharmaceuticals		1.1
Construction & Engineering		1.0
Electric Utilities		0.9
Multiline Retail		0.9
Oil, Gas & Consumable Fuels		0.9
Transportation Infrastructure		0.9
Household Durables		0.8
Auto Components		0.7
Diversified Consumer Services		0.7
Health Care Providers & Services		0.7
Hotels, Restaurants & Leisure		0.7
Machinery		0.7
Real Estate Investment Trusts (REITs)		0.7
Household Products		0.6
Independent Power Producers & Energy Traders		0.6
Water Utilities		0.6
Paper & Forest Products		0.5
Personal Products		0.5
Commercial Services & Supplies		0.4
Gas Utilities		0.4
IT Services		0.4
Textiles, Apparel & Luxury Goods		0.4
Aerospace & Defense		0.3
Tobacco		0.3
Electrical Equipment		0.2
Software		0.2
Air Freight & Logistics		0.1
Short-Term Investment		6.0
Other Assets in Excess of Liabilities		1.3
TOTAL		100.0	%

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

25

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	NESTLE SA	ROCHE HOLDING AG	ASTRAZENECA PLC	BRITISH AMERICAN TOBACCO PLC	RECKITT BENCKISER GROUP PLC
MARKET VALUE	$3,046,821	2,792,729	1,672,019	1,633,916	1,460,276
% OF NET ASSETS	2.5	2.3	1.3	1.3	1.2

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Pharmaceuticals		10.2	%
Banks		9.8
Insurance		4.8
Food Products		4.6
Diversified Telecommunication Services		4.2
Chemicals		3.8
Personal Products		3.4
Automobiles		2.6
Electric Utilities		2.5
Oil, Gas & Consumable Fuels		2.5
Tobacco		2.4
Food & Staples Retailing		2.2
Media		2.1
Real Estate Investment Trusts (REITs)		2.0
Health Care Equipment & Supplies		1.9
Hotels, Restaurants & Leisure		1.9
Beverages		1.8
Household Products		1.8
Road & Rail		1.8
Textiles, Apparel & Luxury Goods		1.8
Machinery		1.7
Software		1.7
Specialty Retail		1.7
Wireless Telecommunication Services		1.7
Aerospace & Defense		1.4
Auto Components		1.4
Metals & Mining		1.4
Capital Markets		1.3
Multi-Utilities		1.3
Trading Companies & Distributors		1.3
Professional Services		1.2
Diversified Financial Services		1.1
Biotechnology		1.0
Airlines		0.9
Household Durables		0.9
Real Estate Management & Development		0.9
Electrical Equipment		0.8
Health Care Providers & Services		0.8
Air Freight & Logistics		0.7
Commercial Services & Supplies		0.7
Electronic Equipment, Instruments & Components		0.7
Industrial Conglomerates		0.7
IT Services		0.7
Construction & Engineering		0.6
Gas Utilities		0.6
Semiconductors & Semiconductor Equipment		0.6
Technology Hardware, Storage & Peripherals		0.6
Building Products		0.5
Marine		0.5
Transportation Infrastructure		0.4
Internet Software & Services		0.3
Multiline Retail		0.2
Communications Equipment		0.1
Construction Materials		0.1
Consumer Finance		0.1
Containers & Packaging		0.1
Diversified Consumer Services		0.1
Health Care Technology		0.1
Independent Power Producers & Energy Traders		0.1
Leisure Equipment & Products		0.1
Paper & Forest Products		0.1
Internet & Catalog Retail		0.0	**
Water Utilities		0.0	**
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.7
TOTAL		100.0	%

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

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

26

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.	TENCENT HOLDINGS, LTD.	CHINA MOBILE, LTD.	HON HAI PRECISION INDUSTRY CO., LTD.	ALIBABA GROUP HOLDING, LTD. ADR
MARKET VALUE	$4,543,942	3,935,603	3,868,612	3,374,469	3,330,330
% OF NET ASSETS	2.7	2.4	2.3	2.0	2.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		16.5	%
Internet Software & Services		8.1
Oil, Gas & Consumable Fuels		6.1
Wireless Telecommunication Services		5.7
Electronic Equipment, Instruments & Components		4.8
Technology Hardware, Storage & Peripherals		4.7
Semiconductors & Semiconductor Equipment		4.2
IT Services		3.9
Food & Staples Retailing		3.2
Diversified Telecommunication Services		3.0
Insurance		2.7
Pharmaceuticals		2.3
Automobiles		2.2
Transportation Infrastructure		1.9
Beverages		1.7
Food Products		1.7
Chemicals		1.5
Industrial Conglomerates		1.5
Tobacco		1.5
Metals & Mining		1.3
Personal Products		1.3
Real Estate Management & Development		1.3
Textiles, Apparel & Luxury Goods		1.3
Electric Utilities		1.2
Health Care Providers & Services		1.2
Household Products		1.2
Multiline Retail		1.2
Diversified Financial Services		1.0
Auto Components		0.9
Hotels, Restaurants & Leisure		0.9
Construction Materials		0.8
Independent Power Producers & Energy Traders		0.8
Water Utilities		0.8
Diversified Consumer Services		0.7
Gas Utilities		0.7
Household Durables		0.7
Construction & Engineering		0.6
Machinery		0.5
Capital Markets		0.4
Commercial Services & Supplies		0.4
Media		0.4
Specialty Retail		0.4
Multi-Utilities		0.3
Road & Rail		0.3
Airlines		0.2
Electrical Equipment		0.2
Paper & Forest Products		0.2
Real Estate Investment Trusts (REITs)		0.2
Software		0.2
Thrifts & Mortgage Finance		0.2
Aerospace & Defense		0.1
Biotechnology		0.1
Consumer Finance		0.1
Health Care Equipment & Supplies		0.1
Internet & Catalog Retail		0.1
Leisure Equipment & Products		0.1
Life Sciences Tools & Services		0.1
Air Freight & Logistics		0.0	**
Building Products		0.0	**
Communications Equipment		0.0	**
Containers & Packaging		0.0	**
Distributors		0.0	**
Energy Equipment & Services		0.0	**
Marine		0.0	**
Trading Companies & Distributors		0.0	**
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.3
TOTAL		100.0	%

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

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

27

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	APPLE, INC.	JOHNSON & JOHNSON	MICROSOFT CORP.	PROCTER & GAMBLE CO.	NESTLE SA
MARKET VALUE	$687,988	519,249	514,301	353,290	330,525
% OF NET ASSETS	2.5	1.9	1.9	1.3	1.2

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Pharmaceuticals		7.6	%
Banks		6.8
IT Services		4.7
Insurance		4.7
Software		3.8
Food Products		3.5
Oil, Gas & Consumable Fuels		3.4
Real Estate Investment Trusts (REITs)		3.3
Specialty Retail		3.2
Technology Hardware, Storage & Peripherals		3.2
Diversified Telecommunication Services		3.1
Household Products		3.1
Electric Utilities		2.6
Food & Staples Retailing		2.5
Semiconductors & Semiconductor Equipment		2.5
Health Care Equipment & Supplies		2.3
Media		2.3
Beverages		2.1
Internet Software & Services		2.1
Hotels, Restaurants & Leisure		1.9
Aerospace & Defense		1.8
Biotechnology		1.7
Health Care Providers & Services		1.7
Metals & Mining		1.6
Automobiles		1.4
Chemicals		1.4
Machinery		1.4
Capital Markets		1.3
Industrial Conglomerates		1.3
Road & Rail		1.3
Commercial Services & Supplies		1.2
Multi-Utilities		1.2
Air Freight & Logistics		1.1
Personal Products		1.1
Textiles, Apparel & Luxury Goods		1.1
Tobacco		0.8
Trading Companies & Distributors		0.8
Auto Components		0.7
Diversified Financial Services		0.7
Multiline Retail		0.7
Professional Services		0.7
Wireless Telecommunication Services		0.7
Communications Equipment		0.5
Internet & Catalog Retail		0.5
Airlines		0.4
Electrical Equipment		0.4
Gas Utilities		0.4
Household Durables		0.4
Building Products		0.3
Electronic Equipment, Instruments & Components		0.3
Marine		0.3
Construction & Engineering		0.2
Consumer Finance		0.2
Energy Equipment & Services		0.2
Life Sciences Tools & Services		0.2
Transportation Infrastructure		0.2
Construction Materials		0.1
Containers & Packaging		0.1
Distributors		0.1
Health Care Technology		0.1
Leisure Equipment & Products		0.1
Mortgage Real Estate Investment		0.1
Real Estate Management & Development		0.1
Water Utilities		0.1
Diversified Consumer Services		0.0	**
Independent Power Producers & Energy Traders		0.0	**
Paper & Forest Products		0.0	**
Thrifts & Mortgage Finance		0.0	**
Short-Term Investment		0.5
Liabilities in Excess of Other Assets		(0.2	)
TOTAL		100.0	%

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

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

28

SPDR MSCI AUSTRALIA STRATEGICFACTORS^SM ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	WESFARMERS, LTD.	CSL, LTD.	COMMONWEALTH BANK OF AUSTRALIA	WESTPAC BANKING CORP.	AUSTRALIA & NEW ZEALAND BANKING GROUP, LTD.
MARKET VALUE	$884,811	812,859	766,514	704,156	685,883
% OF NET ASSETS	6.7	6.2	5.8	5.4	5.2

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		22.2	%
Real Estate Investment Trusts (REITs)		13.4
Food & Staples Retailing		11.7
Insurance		6.6
Biotechnology		6.2
Diversified Telecommunication Services		4.9
Metals & Mining		4.3
Health Care Providers & Services		3.4
Hotels, Restaurants & Leisure		2.9
Diversified Financial Services		2.5
Transportation Infrastructure		2.4
Commercial Services & Supplies		2.1
Multi-Utilities		2.1
Oil, Gas & Consumable Fuels		1.9
Construction Materials		1.7
Health Care Equipment & Supplies		1.7
Containers & Packaging		1.6
Capital Markets		1.5
Real Estate Management & Development		1.1
Gas Utilities		0.8
Beverages		0.7
Chemicals		0.7
Electric Utilities		0.6
Media		0.5
Professional Services		0.5
Road & Rail		0.5
Multiline Retail		0.3
Airlines		0.2
Construction & Engineering		0.1
IT Services		0.1
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.8
TOTAL		100.0	%

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

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

29

SPDR MSCI CANADA STRATEGICFACTORS^SM ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	ROYAL BANK OF CANADA	CANADIAN IMPERIAL BANK OF COMMERCE	TORONTO-DOMINION BANK	BANK OF NOVA SCOTIA	CANADIAN NATIONAL RAILWAY CO.
MARKET VALUE	$1,558,420	1,420,940	1,403,173	1,268,753	1,116,109
% OF NET ASSETS	4.4	4.0	4.0	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 MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		19.7	%
Oil, Gas & Consumable Fuels		13.2
Insurance		11.9
Food & Staples Retailing		7.0
Road & Rail		5.0
Chemicals		4.3
Multiline Retail		3.8
Metals & Mining		3.3
Diversified Telecommunication Services		3.2
Auto Components		3.1
Electric Utilities		2.7
Software		2.6
Food Products		2.3
IT Services		2.3
Media		2.2
Real Estate Management & Development		2.1
Containers & Packaging		1.7
Capital Markets		1.3
Construction & Engineering		1.3
Textiles, Apparel & Luxury Goods		1.3
Aerospace & Defense		1.2
Diversified Financial Services		1.1
Real Estate Investment Trusts (REITs)		1.1
Wireless Telecommunication Services		1.1
Hotels, Restaurants & Leisure		0.2
Multi-Utilities		0.2
Pharmaceuticals		0.2
Paper & Forest Products		0.1
Technology Hardware, Storage & Peripherals		0.1
Trading Companies & Distributors		0.1
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.2
TOTAL		100.0	%

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

30

SPDR MSCI GERMANY STRATEGICFACTORS^SM ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	SIEMENS AG	ALLIANZ SE	BASF SE	SAP SE	BAYER AG
MARKET VALUE	$286,059	263,361	256,804	242,893	227,201
% OF NET ASSETS	5.1	4.7	4.6	4.3	4.0

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Chemicals		13.2	%
Insurance		10.1
Automobiles		9.2
Pharmaceuticals		5.7
Media		5.5
Industrial Conglomerates		5.1
Multi-Utilities		4.5
Textiles, Apparel & Luxury Goods		4.5
Software		4.3
Household Products		3.6
Air Freight & Logistics		3.3
Health Care Providers & Services		3.2
Machinery		3.2
Diversified Telecommunication Services		3.0
Personal Products		2.9
Auto Components		2.7
Capital Markets		2.7
Semiconductors & Semiconductor Equipment		2.3
Food & Staples Retailing		2.1
Trading Companies & Distributors		1.7
Real Estate Management & Development		1.4
Construction Materials		1.0
Banks		0.8
Airlines		0.7
Transportation Infrastructure		0.6
Life Sciences Tools & Services		0.3
Metals & Mining		0.3
Internet Software & Services		0.2
Construction & Engineering		0.1
Electrical Equipment		0.1
Internet & Catalog Retail		0.1
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		1.6
TOTAL		100.0	%

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

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

31

SPDR MSCI JAPAN STRATEGICFACTORS^SM ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	KDDI CORP.	KAO CORP.	BRIDGESTONE CORP.	TOYOTA MOTOR CORP.	KEYENCE CORP.
MARKET VALUE	$348,763	339,629	331,370	330,757	320,057
% OF NET ASSETS	2.5	2.5	2.4	2.4	2.3

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		7.6	%
Pharmaceuticals		7.2
Automobiles		7.1
Electronic Equipment, Instruments & Components		5.6
Auto Components		4.3
Chemicals		4.1
Wireless Telecommunication Services		3.9
Road & Rail		3.8
Health Care Equipment & Supplies		3.1
Trading Companies & Distributors		3.1
Personal Products		2.7
Specialty Retail		2.6
Building Products		2.0
Electric Utilities		2.0
Food Products		2.0
Household Durables		2.0
Insurance		2.0
Leisure Equipment & Products		2.0
Tobacco		2.0
Real Estate Investment Trusts (REITs)		1.9
Real Estate Management & Development		1.9
Food & Staples Retailing		1.8
Machinery		1.8
Technology Hardware, Storage & Peripherals		1.8
Hotels, Restaurants & Leisure		1.6
IT Services		1.6
Beverages		1.5
Commercial Services & Supplies		1.3
Software		1.3
Gas Utilities		1.2
Airlines		1.1
Diversified Financial Services		1.1
Diversified Telecommunication Services		1.0
Construction & Engineering		0.9
Internet Software & Services		0.9
Metals & Mining		0.9
Oil, Gas & Consumable Fuels		0.9
Multiline Retail		0.7
Professional Services		0.7
Electrical Equipment		0.5
Health Care Providers & Services		0.5
Health Care Technology		0.5
Capital Markets		0.4
Internet & Catalog Retail		0.4
Diversified Consumer Services		0.3
Air Freight & Logistics		0.2
Marine		0.2
Media		0.2
Semiconductors & Semiconductor Equipment		0.2
Consumer Finance		0.1
Household Products		0.1
Independent Power Producers & Energy Traders		0.1
Industrial Conglomerates		0.1
Paper & Forest Products		0.1
Transportation Infrastructure		0.1
Construction Materials		0.0	**
Containers & Packaging		0.0	**
Textiles, Apparel & Luxury Goods		0.0	**
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		1.0
TOTAL		100.0	%

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

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

32

SPDR MSCI SPAIN STRATEGICFACTORS^SM ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	BANCO SANTANDER SA	TELEFONICA SA	IBERDROLA SA	BANCO BILBAO VIZCAYA ARGENTARIA SA	INDUSTRIA DE DISENO TEXTIL SA
MARKET VALUE	$342,179	195,385	192,436	161,033	157,254
% OF NET ASSETS	14.8	8.4	8.3	7.0	6.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		30.8	%
Electric Utilities		15.1
Diversified Telecommunication Services		8.4
Specialty Retail		6.8
Gas Utilities		6.1
Construction & Engineering		5.8
Transportation Infrastructure		5.5
IT Services		4.5
Oil, Gas & Consumable Fuels		4.3
Insurance		3.8
Biotechnology		2.1
Food & Staples Retailing		1.8
Machinery		1.7
Airlines		1.6
Media		1.5
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.2
TOTAL		100.0	%

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

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

33

SPDR MSCI UNITED KINGDOM STRATEGICFACTORS^SM ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	HSBC HOLDINGS PLC	BP PLC	BRITISH AMERICAN TOBACCO PLC	ROYAL DUTCH SHELL PLC CLASS A	UNILEVER PLC
MARKET VALUE	$117,733	102,477	99,278	97,630	93,203
% OF NET ASSETS	4.8	4.2	4.1	4.0	3.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Oil, Gas & Consumable Fuels		10.4	%
Banks		8.4
Pharmaceuticals		7.8
Insurance		6.2
Media		5.2
Tobacco		5.2
Hotels, Restaurants & Leisure		4.9
Metals & Mining		4.1
Aerospace & Defense		3.8
Personal Products		3.8
Household Products		3.2
Trading Companies & Distributors		3.2
Diversified Telecommunication Services		2.5
Multi-Utilities		2.4
Beverages		2.1
Wireless Telecommunication Services		2.1
Capital Markets		2.0
Real Estate Investment Trusts (REITs)		1.9
Food Products		1.7
Health Care Equipment & Supplies		1.6
Chemicals		1.5
Professional Services		1.5
Household Durables		1.4
Multiline Retail		1.3
Specialty Retail		1.2
Electric Utilities		1.1
Software		1.0
Food & Staples Retailing		0.9
Water Utilities		0.9
Industrial Conglomerates		0.8
Textiles, Apparel & Luxury Goods		0.8
Paper & Forest Products		0.7
Air Freight & Logistics		0.6
Auto Components		0.6
Commercial Services & Supplies		0.5
Diversified Financial Services		0.5
Machinery		0.4
IT Services		0.3
Airlines		0.2
Health Care Providers & Services		0.2
Energy Equipment & Services		0.1
Internet Software & Services		0.1
Consumer Finance		0.0	**
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.9
TOTAL		100.0	%

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

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

34

SPDR S&P GLOBAL DIVIDEND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	CARILLION PLC	WADDELL & REED FINANCIAL, INC. CLASS A	FORTUM OYJ	EDP — ENERGIAS DE PORTUGAL SA	STARHUB, LTD.
MARKET VALUE	$2,186,271	2,171,393	2,141,577	2,126,612	1,954,818
% OF NET ASSETS	1.7	1.7	1.7	1.7	1.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Electric Utilities		12.0	%
Insurance		9.2
Real Estate Management & Development		9.1
Capital Markets		8.1
Banks		6.2
Real Estate Investment Trusts (REITs)		5.2
Specialty Retail		5.1
Diversified Telecommunication Services		4.1
Pharmaceuticals		3.7
Wireless Telecommunication Services		3.6
Construction & Engineering		3.5
Household Durables		3.2
Gas Utilities		2.5
Transportation Infrastructure		2.3
Oil, Gas & Consumable Fuels		2.2
Beverages		2.0
Food Products		2.0
Media		1.9
Water Utilities		1.9
Chemicals		1.2
Leisure Equipment & Products		1.2
Diversified Financial Services		1.1
Hotels, Restaurants & Leisure		1.1
Household Products		1.1
Technology Hardware, Storage & Peripherals		1.1
Aerospace & Defense		0.9
Diversified Consumer Services		0.9
Multi-Utilities		0.9
Machinery		0.8
Commercial Services & Supplies		0.7
Personal Products		0.7
Short-Term Investments		5.5
Liabilities in Excess of Other Assets		(5.0	)
TOTAL		100.0	%

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

35

SPDR S&P INTERNATIONAL DIVIDEND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	SNAM SPA	EDP — ENERGIAS DE PORTUGAL SA	WESTPAC BANKING CORP.	ENAGAS SA	TAIWAN MOBILE CO., LTD.
MARKET VALUE	$23,054,853	21,759,674	20,236,405	19,158,482	18,840,257
% OF NET ASSETS	2.0	1.9	1.8	1.7	1.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Electric Utilities		10.9	%
Banks		10.7
Real Estate Investment Trusts (REITs)		9.6
Diversified Telecommunication Services		7.7
Real Estate Management & Development		6.6
Insurance		6.2
Gas Utilities		3.7
Transportation Infrastructure		3.6
Wireless Telecommunication Services		3.5
Chemicals		3.1
Water Utilities		2.6
Food & Staples Retailing		2.5
Multi-Utilities		2.5
Media		2.4
Diversified Financial Services		2.0
Road & Rail		2.0
Beverages		1.9
Food Products		1.7
Hotels, Restaurants & Leisure		1.7
Machinery		1.7
Specialty Retail		1.7
Oil, Gas & Consumable Fuels		1.2
Containers & Packaging		1.1
Semiconductors & Semiconductor Equipment		1.1
Health Care Providers & Services		1.0
Leisure Equipment & Products		0.9
Software		0.9
Building Products		0.8
Industrial Conglomerates		0.8
Internet Software & Services		0.8
Professional Services		0.8
Pharmaceuticals		0.6
Textiles, Apparel & Luxury Goods		0.6
Commercial Services & Supplies		0.5
Short-Term Investments		1.1
Liabilities in Excess of Other Assets		(0.5	)
TOTAL		100.0	%

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

36

SPDR S&P EMERGING MARKETS SMALL CAP ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	PARQUE ARAUCO SA	FUYAO GLASS INDUSTRY GROUP CO., LTD. CLASS H	ALIOR BANK SA	FEDERAL BANK, LTD.	POWERTECH TECHNOLOGY, INC.
MARKET VALUE	$1,473,333	1,459,250	1,428,139	1,427,880	1,367,751
% OF NET ASSETS	0.4	0.4	0.4	0.4	0.4

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Real Estate Management & Development		7.2	%
Semiconductors & Semiconductor Equipment		5.9
Electronic Equipment, Instruments & Components		5.4
Banks		4.7
Metals & Mining		4.1
Chemicals		3.9
Construction & Engineering		3.1
Food Products		3.0
Textiles, Apparel & Luxury Goods		3.0
Pharmaceuticals		2.6
Machinery		2.5
IT Services		2.4
Technology Hardware, Storage & Peripherals		2.4
Auto Components		2.3
Hotels, Restaurants & Leisure		2.2
Capital Markets		2.1
Household Durables		2.1
Diversified Financial Services		2.0
Specialty Retail		2.0
Internet Software & Services		1.7
Media		1.7
Oil, Gas & Consumable Fuels		1.7
Airlines		1.6
Health Care Providers & Services		1.6
Real Estate Investment Trusts (REITs)		1.6
Software		1.6
Communications Equipment		1.5
Electrical Equipment		1.5
Construction Materials		1.4
Consumer Finance		1.2
Marine		1.2
Transportation Infrastructure		1.2
Diversified Consumer Services		1.1
Industrial Conglomerates		1.1
Trading Companies & Distributors		1.0
Water Utilities		1.0
Diversified Telecommunication Services		0.9
Electric Utilities		0.9
Beverages		0.8
Food & Staples Retailing		0.8
Health Care Equipment & Supplies		0.8
Building Products		0.7
Containers & Packaging		0.7
Independent Power Producers & Energy Traders		0.7
Multiline Retail		0.7
Commercial Services & Supplies		0.6
Insurance		0.6
Air Freight & Logistics		0.4
Automobiles		0.4
Distributors		0.4
Internet & Catalog Retail		0.4
Personal Products		0.4
Road & Rail		0.4
Biotechnology		0.3
Energy Equipment & Services		0.3
Leisure Equipment & Products		0.3
Thrifts & Mortgage Finance		0.3
Tobacco		0.3
Gas Utilities		0.2
Paper & Forest Products		0.2
Professional Services		0.2
Multi-Utilities		0.1
Wireless Telecommunication Services		0.1
Household Products		0.0	**
Aerospace & Defense		0.0	**
Short-Term Investments		3.3
Liabilities in Excess of Other Assets		(2.8	)
TOTAL		100.0	%

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

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

37

SPDR DOW JONES GLOBAL REAL ESTATE ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	SIMON PROPERTY GROUP, INC. REIT	PUBLIC STORAGE REIT	PROLOGIS, INC. REIT	WELLTOWER, INC. REIT	AVALONBAY COMMUNITIES, INC. REIT
MARKET VALUE	$131,373,806	78,054,769	65,562,053	61,295,701	60,200,971
% OF NET ASSETS	5.2	3.1	2.6	2.4	2.4

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Real Estate Investment Trusts (REITs)		88.8	%
Real Estate Management & Development		10.1
Equity Real Estate Investment Trusts (REITs)		0.6
Diversified Financial Services		0.0	**
Short-Term Investments		1.0
Liabilities in Excess of Other Assets		(0.5	)
TOTAL		100.0	%

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

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

38

SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	TOYOTA MOTOR CORP.	DAIMLER AG	LVMH MOET HENNESSY LOUIS VUITTON SE	HONDA MOTOR CO., LTD.	ADIDAS AG
MARKET VALUE	$1,046,492	497,514	406,208	354,858	353,368
% OF NET ASSETS	6.9	3.3	2.7	2.3	2.3

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Automobiles		23.4	%
Hotels, Restaurants & Leisure		13.7
Textiles, Apparel & Luxury Goods		12.8
Auto Components		12.2
Media		11.4
Household Durables		9.9
Specialty Retail		7.6
Multiline Retail		3.8
Leisure Equipment & Products		2.4
Internet & Catalog Retail		1.1
Diversified Consumer Services		0.5
Distributors		0.3
Short-Term Investments		1.7
Liabilities in Excess of Other Assets		(0.8	)
TOTAL		100.0	%

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

39

SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	NESTLE SA	BRITISH AMERICAN TOBACCO PLC	ANHEUSER-BUSCH INBEV SA	UNILEVER NV	DIAGEO PLC
MARKET VALUE	$4,820,448	2,419,659	1,870,633	1,684,787	1,436,639
% OF NET ASSETS	13.2	6.6	5.1	4.6	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 MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Food Products		28.5	%
Beverages		17.9
Food & Staples Retailing		17.5
Personal Products		15.1
Tobacco		12.2
Household Products		7.9
Short-Term Investments		0.5
Other Assets in Excess of Liabilities		0.4
TOTAL		100.0	%

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

40

SPDR S&P INTERNATIONAL ENERGY SECTOR ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	TOTAL SA	ROYAL DUTCH SHELL PLC CLASS A	BP PLC	ROYAL DUTCH SHELL PLC CLASS B	ENBRIDGE, INC.
MARKET VALUE	$4,930,085	4,580,073	4,274,999	4,091,321	2,697,088
% OF NET ASSETS	10.6	9.9	9.2	8.8	5.8

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Oil, Gas & Consumable Fuels		92.2	%
Energy Equipment & Services		5.2
Gas Utilities		1.6
Machinery		0.2
Real Estate Management & Development		0.1
Short-Term Investments		6.1
Liabilities in Excess of Other Assets		(5.4	)
TOTAL		100.0	%

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

41

SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	HSBC HOLDINGS PLC	COMMONWEALTH BANK OF AUSTRALIA	ROYAL BANK OF CANADA	TORONTO-DOMINION BANK	MITSUBISHI UFJ FINANCIAL GROUP, INC.
MARKET VALUE	$310,274	208,209	202,404	172,562	169,817
% OF NET ASSETS	4.3	2.9	2.8	2.4	2.4

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Banks		58.4	%
Insurance		24.4
Capital Markets		8.5
Diversified Financial Services		6.3
Real Estate Management & Development		0.9
Media		0.4
Consumer Finance		0.1
Short-Term Investments		1.8
Liabilities in Excess of Other Assets		(0.8	)
TOTAL		100.0	%

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

42

SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	NOVARTIS AG	ROCHE HOLDING AG	SANOFI	GLAXOSMITHKLINE PLC	BAYER AG
MARKET VALUE	$5,770,324	5,078,433	3,159,268	2,958,896	2,846,708
% OF NET ASSETS	11.2	9.9	6.1	5.7	5.5

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Pharmaceuticals		70.7	%
Health Care Equipment & Supplies		10.1
Biotechnology		7.8
Health Care Providers & Services		7.0
Life Sciences Tools & Services		2.5
Health Care Technology		0.3
Chemicals		0.1
Short-Term Investments		1.6
Liabilities in Excess of Other Assets		(0.1	)
TOTAL		100.0	%

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

43

SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	SIEMENS AG	CANADIAN NATIONAL RAILWAY CO.	ABB, LTD.	AIRBUS SE	SCHNEIDER ELECTRIC SE
MARKET VALUE	$834,693	473,632	410,315	368,256	355,271
% OF NET ASSETS	4.0	2.3	2.0	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 MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Machinery		17.7	%
Industrial Conglomerates		11.3
Road & Rail		10.2
Trading Companies & Distributors		9.0
Electrical Equipment		8.7
Construction & Engineering		7.4
Aerospace & Defense		6.5
Commercial Services & Supplies		6.4
Building Products		6.0
Professional Services		4.7
Transportation Infrastructure		3.5
Air Freight & Logistics		2.2
Marine		2.0
Media		1.7
Airlines		1.5
Specialty Retail		0.1
Short-Term Investments		2.3
Liabilities in Excess of Other Assets		(1.2	)
TOTAL		100.0	%

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

44

SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	BASF SE	BHP BILLITON, LTD.	AIR LIQUIDE SA	RIO TINTO PLC	GLENCORE PLC
MARKET VALUE	$826,962	545,528	455,560	444,997	438,063
% OF NET ASSETS	5.9	3.9	3.2	3.1	3.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Chemicals		43.8	%
Metals & Mining		40.8
Construction Materials		6.7
Containers & Packaging		3.8
Paper & Forest Products		3.6
Building Products		0.1
Short-Term Investments		2.4
Liabilities in Excess of Other Assets		(1.2	)
TOTAL		100.0	%

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

45

SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	SAMSUNG ELECTRONICS CO., LTD. GDR	SAP SE	ASML HOLDING NV	CANON, INC.	MURATA MANUFACTURING CO., LTD.
MARKET VALUE	$4,506,760	1,906,156	1,193,476	695,228	620,866
% OF NET ASSETS	15.5	6.6	4.1	2.4	2.1

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Technology Hardware, Storage & Peripherals		22.3	%
Software		19.2
Electronic Equipment, Instruments & Components		18.4
Semiconductors & Semiconductor Equipment		15.1
IT Services		10.9
Internet Software & Services		5.7
Communications Equipment		4.3
Media		0.3
Machinery		0.0	**
Short-Term Investments		1.5
Other Assets in Excess of Liabilities		2.3
TOTAL		100.0	%

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

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

46

SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	VODAFONE GROUP PLC	SOFTBANK GROUP CORP.	DEUTSCHE TELEKOM AG	TELEFONICA SA	KDDI CORP.
MARKET VALUE	$3,180,973	2,968,835	2,614,426	2,292,749	2,186,714
% OF NET ASSETS	8.6	8.0	7.0	6.2	5.9

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Diversified Telecommunication Services		65.8	%
Wireless Telecommunication Services		36.8
Media		0.5
Communications Equipment		0.2
Short-Term Investments		0.9
Liabilities in Excess of Other Assets		(4.2	)
TOTAL		100.0	%

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

47

SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF MARCH 31, 2017

DESCRIPTION	NATIONAL GRID PLC	IBERDROLA SA	ENEL SPA	ENGIE SA	CLP HOLDINGS, LTD.
MARKET VALUE	$2,219,794	1,936,166	1,620,244	1,020,502	914,801
% OF NET ASSETS	8.6	7.5	6.3	4.0	3.6

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

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

INDUSTRY	PERCENT OF NET ASSETS
Electric Utilities		49.6	%
Multi-Utilities		29.3
Gas Utilities		11.8
Independent Power Producers & Energy Traders		5.2
Water Utilities		3.6
Oil, Gas & Consumable Fuels		0.1
Semiconductors & Semiconductor Equipment		0.1
Short-Term Investments		3.4
Liabilities in Excess of Other Assets		(3.1	)
TOTAL		100.0	%

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

48

SPDR STOXX Europe 50 ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.8%
BELGIUM — 2.1%
Anheuser-Busch InBev SA		33,282	$	3,662,906
DENMARK — 1.6%
Novo Nordisk A/S Class B		83,017		2,859,670
FRANCE — 15.1%
Air Liquide SA		17,413		1,994,638
AXA SA		93,414		2,423,339
BNP Paribas SA		50,210		3,352,621
L’Oreal SA		10,934		2,106,756
LVMH Moet Hennessy Louis Vuitton SE		12,183		2,682,292
Sanofi		52,783		4,777,141
Schneider Electric SE		26,531		1,947,460
TOTAL SA		110,097		5,583,315
Vinci SA		24,857		1,975,325
				26,842,887
GERMANY — 15.5%
Allianz SE		20,508		3,808,895
BASF SE		41,217		4,096,251
Bayer AG		37,109		4,288,495
Daimler AG		44,728		3,310,446
Deutsche Telekom AG		142,782		2,508,302
SAP SE		44,781		4,405,428
Siemens AG		38,142		5,238,047
				27,655,864
ITALY — 2.0%
Eni SpA		113,750		1,867,501
Intesa Sanpaolo SpA		643,841		1,753,226
				3,620,727
NETHERLANDS — 5.7%
ASML Holding NV		16,849		2,241,792
ING Groep NV		174,077		2,638,227
Royal Dutch Shell PLC Class A		198,737		5,232,142
				10,112,161
SPAIN — 4.8%
Banco Bilbao Vizcaya Argentaria SA		294,739		2,291,780
Banco Santander SA		654,389		4,020,934
Telefonica SA		200,162		2,244,662
				8,557,376
SWITZERLAND — 20.2%
ABB, Ltd. (a)		93,475		2,188,041
Nestle SA		139,636		10,720,842
Novartis AG		117,876		8,755,763
Roche Holding AG		31,524		8,056,186
Syngenta AG		4,145		1,830,765
UBS Group AG (a)		161,812		2,591,384
Zurich Insurance Group AG (a)		6,746		1,802,168
				35,945,149
UNITED KINGDOM — 31.8%
AstraZeneca PLC		56,769		3,487,227
Barclays PLC		714,176		2,010,236
BP PLC		873,817		4,999,487
British American Tobacco PLC		83,662		5,544,604
BT Group PLC		392,749		1,562,722
Diageo PLC		112,947		3,225,092
GlaxoSmithKline PLC		220,337		4,572,262
HSBC Holdings PLC		905,998		7,374,081
Imperial Brands PLC		42,929		2,075,828
Lloyds Banking Group PLC		3,203,364		2,656,545
National Grid PLC		177,052		2,243,835
Prudential PLC		115,850		2,442,418
Reckitt Benckiser Group PLC		30,104		2,742,709
Rio Tinto PLC		53,890		2,162,778
Unilever NV		70,596		3,516,311
Unilever PLC		58,799		2,896,526
Vodafone Group PLC		1,194,477		3,108,252
				56,620,913
TOTAL COMMON STOCKS (Cost $201,285,026)				175,877,653
SHORT-TERM INVESTMENT — 0.0% (b)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (c) (d) (Cost $295)		295		295
TOTAL INVESTMENTS — 98.8% (Cost $201,285,321)				175,877,948
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%				2,078,137
NET ASSETS — 100.0%			$	177,956,085

(a) Non-income producing security.

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

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at March 31, 2017.

See accompanying notes to financial statements.

49

SPDR STOXX Europe 50 ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Belgium	$	3,662,906	$	—	$	—	$	3,662,906
Denmark		2,859,670		—		—		2,859,670
France		26,842,887		—		—		26,842,887
Germany		27,655,864		—		—		27,655,864
Italy		3,620,727		—		—		3,620,727
Netherlands		10,112,161		—		—		10,112,161
Spain		8,557,376		—		—		8,557,376
Switzerland		35,945,149		—		—		35,945,149
United Kingdom		56,620,913		—		—		56,620,913
Short-Term Investment		295		—		—		295
TOTAL INVESTMENTS	$	175,877,948	$	—	$	—	$	175,877,948

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		11,285	$	11,285		74		11,359		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,741,728		1,741,433		295		295		240
State Street Navigator Securities Lending Government Money Market Portfolio*		1,459,114		1,459,114		19,418,166		20,877,280		—		—		32,985
TOTAL			$	1,470,399							$	295	$	33,225

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

50

SPDR EURO STOXX 50 ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
BELGIUM — 3.2%
Anheuser-Busch InBev SA		811,197	$	89,277,628
FINLAND — 1.2%
Nokia Oyj		6,386,598		34,358,840
FRANCE — 35.6%
Air Liquide SA		425,519		48,742,675
Airbus SE		622,485		47,489,986
AXA SA		2,277,619		59,085,823
BNP Paribas SA		1,224,358		81,752,810
Cie de Saint-Gobain		568,872		29,287,106
Danone SA		669,010		45,622,791
Engie SA		1,899,360		26,977,785
Essilor International SA		238,989		29,114,046
L’Oreal SA		267,239		51,491,440
LVMH Moet Hennessy Louis Vuitton SE		296,999		65,389,315
Orange SA		2,191,068		34,132,435
Safran SA		392,379		29,389,406
Sanofi		1,287,166		116,495,329
Schneider Electric SE		648,359		47,591,618
Societe Generale SA		883,476		44,931,013
TOTAL SA		2,686,608		136,245,131
Unibail-Rodamco SE		108,762		25,487,104
Vinci SA		607,504		48,276,846
Vivendi SA		1,117,509		21,783,091
				989,285,750
GERMANY — 33.4%
adidas AG		212,473		40,518,749
Allianz SE		500,097		92,881,660
BASF SE		1,005,062		99,885,623
Bayer AG		904,963		104,581,899
Bayerische Motoren Werke AG		353,079		32,291,612
Daimler AG.		1,090,613		80,719,357
Deutsche Bank AG (a)		1,566,660		27,061,272
Deutsche Post AG		1,079,542		37,069,194
Deutsche Telekom AG		3,481,320		61,157,575
E.ON SE		2,189,709		17,450,260
Fresenius SE & Co. KGaA		447,181		36,029,003
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		176,222		34,566,896
SAP SE		1,091,821		107,410,263
Siemens AG		930,136		127,735,734
Volkswagen AG Preference Shares		200,335		29,269,039
				928,628,136
IRELAND — 1.2%
CRH PLC		911,338		32,234,030
ITALY — 4.6%
Enel SpA		8,500,027		40,128,559
Eni SpA		2,779,897		45,639,199
Intesa Sanpaolo SpA		15,734,845		42,847,136
				128,614,894
LUXEMBOURG — 0.0% (b)
APERAM SA		1		50
NETHERLANDS — 6.6%
ASML Holding NV		410,727		54,648,037
ING Groep NV		4,244,415		64,326,307
Koninklijke Ahold Delhaize NV		1,402,139		30,083,124
Koninklijke Philips NV		1,017,701		32,795,953
				181,853,421
SPAIN — 10.7%
Banco Bilbao Vizcaya Argentaria SA		7,186,094		55,876,377
Banco Santander SA		15,957,946		98,054,596
Iberdrola SA		6,379,609		45,750,282
Industria de Diseno Textil SA		1,214,920		42,932,744
Telefonica SA		4,877,730		54,699,974
				297,313,973
UNITED KINGDOM — 3.1%
Unilever NV		1,721,471		85,744,620
TOTAL COMMON STOCKS (Cost $2,964,241,657)				2,767,311,342
RIGHTS — 0.1%
GERMANY — 0.1%
Deutsche Bank AG (expiring 4/6/17) (a) (c) (Cost $0)		1,394,864		3,341,803
SHORT-TERM INVESTMENTS — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (d) (e)		578,491		578,491
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		2,667,677		2,667,677
TOTAL SHORT-TERM INVESTMENTS (Cost $3,246,168)				3,246,168
TOTAL INVESTMENTS — 99.8% (Cost $2,967,487,825)				2,773,899,313
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				5,703,897
NET ASSETS — 100.0%			$	2,779,603,210

(a) Non-income producing security.

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

(c) All or a portion of the shares of the security are on loan at March 31, 2017.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2017.

(f) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

51

SPDR EURO STOXX 50 ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Belgium	$	89,277,628	$	—	$	—	$	89,277,628
Finland		34,358,840		—		—		34,358,840
France		989,285,750		—		—		989,285,750
Germany		928,628,136		—		—		928,628,136
Ireland		32,234,030		—		—		32,234,030
Italy		128,614,894		—		—		128,614,894
Luxembourg		50		—		—		50
Netherlands		181,853,421		—		—		181,853,421
Spain		297,313,973		—		—		297,313,973
United Kingdom		85,744,620		—		—		85,744,620
Rights
Germany		3,341,803		—		—		3,341,803
Short-Term Investments		3,246,168		—		—		3,246,168
TOTAL INVESTMENTS	$	2,773,899,313	$	—	$	—	$	2,773,899,313

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		225,328	$	225,328		—		225,328		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		18,563,663		17,985,172		578,491		578,491		1,879
State Street Navigator Securities Lending Government Money Market Portfolio*		23,347,306		23,347,306		463,024,990		483,704,619		2,667,677		2,667,677		429,498
TOTAL			$	23,572,634							$	3,246,168	$	431,377

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

52

SPDR EURO STOXX Small Cap ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AUSTRIA — 3.1%
BUWOG AG (a)		4,998	$	126,424
Raiffeisen Bank International AG (a)		6,789		153,610
Wienerberger AG		5,887		125,173
				405,207
BELGIUM — 7.6%
Ackermans & van Haaren NV		1,124		177,080
bpost SA		4,905		115,494
Cofinimmo SA REIT		1,000		114,549
Colruyt SA		3,004		147,859
Galapagos NV (a)		1,979		172,675
Ontex Group NV		3,187		102,601
Telenet Group Holding NV (a)		2,552		152,169
				982,427
FINLAND — 4.8%
Amer Sports Oyj (a)		5,937		134,491
Kesko Oyj Class B		3,421		163,554
Metso Oyj		5,368		162,940
Outokumpu Oyj		15,785		154,309
				615,294
FRANCE — 23.5%
Bollore SA (b)		43,721		169,932
Bollore SA (a) (b)		232		883
Casino Guichard Perrachon SA		2,772		155,444
Cie Plastic Omnium SA		3,353		122,433
CNP Assurances		7,484		152,726
Dassault Aviation SA		116		147,876
Elior Group (c)		6,011		136,714
Eurazeo SA		2,164		142,874
Eutelsat Communications SA		7,242		162,117
Faurecia		3,687		175,818
Fonciere Des Regions		1,623		135,937
ICADE		1,784		131,047
Imerys SA		1,638		139,401
Ipsen SA		1,809		181,408
JCDecaux SA		3,262		115,098
Lagardere SCA		5,203		153,646
Orpea		2,018		194,208
Rubis SCA		2,043		200,744
SEB SA		1,230		172,205
SFR Group SA (a)		3,539		111,624
Ubisoft Entertainment SA (a)		3,505		150,120
				3,052,255
GERMANY — 22.7%
Aareal Bank AG		2,998		116,076
Axel Springer SE		2,475		137,042
Bilfinger SE (a)		2,310		89,166
Deutsche EuroShop AG		2,226		91,245
Deutsche Lufthansa AG		11,742		190,892
Duerr AG		1,234		110,443
Fraport AG Frankfurt Airport Services Worldwide		1,863		132,167
Freenet AG		6,415		209,197
Fuchs Petrolub SE Preference Shares		3,482		170,306
Gerresheimer AG		1,573		124,902
HOCHTIEF AG		911		150,977
KION Group AG		3,092		202,491
Rheinmetall AG		2,182		183,503
Sartorius AG Preference Shares		1,712		150,605
Schaeffler AG, Preference Shares		8,316		146,579
Scout24 AG (a) (c)		3,653		122,486
Software AG		2,707		107,313
STADA Arzneimittel AG		3,123		191,694
Telefonica Deutschland Holding AG		31,768		157,995
Uniper SE (a)		9,780		165,062
				2,950,141
IRELAND — 3.3%
Glanbia PLC		9,420		182,411
Kingspan Group PLC		7,500		239,886
				422,297
ITALY — 14.8%
A2A SpA		78,470		119,009
Azimut Holding SpA		5,696		99,485
Banco BPM SpA		75,901		225,518
BPER Banca		24,111		120,687
Davide Campari-Milano SpA		11,126		129,351
FinecoBank Banca Fineco SpA		19,641		134,025
Italgas SpA (a)		24,522		107,847
Mediaset SpA		19,543		81,101
Moncler SpA		7,997		175,597
Poste Italiane SpA (c)		23,096		154,390
Recordati SpA		5,105		173,466
Saipem SpA (a)		288,210		131,162
Unione di Banche Italiane SpA		43,510		167,437
UnipolSai Assicurazioni SpA		47,232		104,469
				1,923,544
LUXEMBOURG — 2.8%
Eurofins Scientific SE		485		211,564
RTL Group SA (a)		1,928		155,688
				367,252
NETHERLANDS — 9.5%
Aalberts Industries NV		4,804		179,834
ASM International NV		2,621		147,509
Boskalis Westminster		4,236		146,452
Delta Lloyd NV		21,901		125,132
Euronext NV (c)		2,337		102,244
IMCD Group NV		2,635		129,866
Koninklijke Vopak NV		3,320		145,143
PostNL NV (a)		21,107		99,962
SBM Offshore NV		9,088		149,446
				1,225,588
SPAIN — 6.3%
Bolsas y Mercados Espanoles SHMSF SA		3,770		125,401
Cellnex Telecom SA (c)		7,660		126,783
Mapfre SA		49,782		171,181
Mediaset Espana Comunicacion SA		8,415		108,768
Merlin Properties Socimi SA		16,776		188,040
Viscofan SA		1,864		96,622
				816,795

See accompanying notes to financial statements.

53

SPDR EURO STOXX Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
UNITED KINGDOM — 1.5%
Dialog Semiconductor PLC (a)		3,810	$	195,049
TOTAL COMMON STOCKS (Cost $12,104,399)				12,955,849
SHORT-TERM INVESTMENT — 0.0% (d)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (e) (f) (Cost $1,028)		1,028		1,028
TOTAL INVESTMENTS — 99.9% (Cost $12,105,427)				12,956,877
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				15,085
NET ASSETS — 100.0%			$	12,971,962

(a) Non-income producing security.

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

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 5.0% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2017.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Austria	$	405,207	$	—	$	—	$	405,207
Belgium		982,427		—		—		982,427
Finland		615,294		—		—		615,294
France		3,052,255		—		—		3,052,255
Germany		2,950,141		—		—		2,950,141
Ireland		422,297		—		—		422,297
Italy		1,923,544		—		—		1,923,544
Luxembourg		367,252		—		—		367,252
Netherlands		1,225,588		—		—		1,225,588
Spain		816,795		—		—		816,795
United Kingdom		195,049		—		—		195,049
Short-Term Investment		1,028		—		—		1,028
TOTAL INVESTMENTS	$	12,956,877	$	—	$	—	$	12,956,877

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		906	$	906		—		906		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		48,171		47,143		1,028		1,028		6
TOTAL			$	906							$	1,028	$	6

See accompanying notes to financial statements.

54

SPDR EURO STOXX 50 Currency Hedged ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
MUTUAL FUND AND EXCHANGE TRADED PRODUCTS — 99.4%
UNITED STATES — 99.4%
SPDR EURO STOXX 50 ETF (a) (Cost $21,838,765)		629,612	$	22,886,396
SHORT-TERM INVESTMENT — 0.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (b) (c) (Cost $117,905)		117,905		117,905
TOTAL INVESTMENTS — 99.9% (Cost $21,956,670)				23,004,301
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				30,420
NET ASSETS — 100.0%			$	23,034,721

(a) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at March 31, 2017.

At March 31, 2017, open forward foreign currency exchange contracts were as follows:

Counterparty	Amount Sold		Amount Bought		Settlement Date	Net Unrealized Appreciation/ (Depreciation)
BNP Paribas SA	USD	4,382,076	EUR	4,096,949	04/05/2017	$	(5	)
BNP Paribas SA	EUR	3,610,149	USD	3,842,209	04/05/2017		(19,185	)
BNP Paribas SA	EUR	4,096,949	USD	4,387,546	05/03/2017		(3	)
Bank of America, N.A.	EUR	3,610,149	USD	3,842,173	04/05/2017		(19,218	)
Bank of Montreal	USD	53,997	EUR	51,000	04/05/2017		552
Bank of Montreal	EUR	775,000	USD	824,733	04/05/2017		(4,202	)
Bank of Montreal	EUR	1,710,000	USD	1,808,600	04/05/2017		(20,405	)
Bank of Montreal	EUR	801,000	USD	857,732	05/03/2017		(83	)
HSBC Bank USA	USD	4,382,183	EUR	4,096,949	04/05/2017		(111	)
HSBC Bank USA	EUR	3,610,149	USD	3,842,191	04/05/2017		(19,202	)
HSBC Bank USA	EUR	4,096,949	USD	4,387,464	05/03/2017		(86	)
Royal Bank of Canada	USD	4,382,080	EUR	4,096,952	04/05/2017		(5	)
Royal Bank of Canada	EUR	3,610,149	USD	3,842,101	04/05/2017		(19,292	)
Royal Bank of Canada	USD	151,405	EUR	144,000	04/11/2017		2,655
Royal Bank of Canada	EUR	4,096,952	USD	4,387,467	05/03/2017		(86	)
Societe Generale	USD	4,382,088	EUR	4,096,949	04/05/2017		(17	)
Societe Generale	EUR	3,610,152	USD	3,842,112	04/05/2017		(19,285	)
Societe Generale	EUR	4,096,949	USD	4,387,599	05/03/2017		50
UBS	USD	4,382,084	EUR	4,096,949	04/05/2017		(12	)
UBS	EUR	4,096,949	USD	4,387,464	05/03/2017		(86	)
						$	(118,026	)

During the period ended March 31, 2017, average notional value related to foreign currency exchange contracts was $52,496,375 or 228% of net assets.

EUR — Euro

USD — U.S. Dollar

At March 31, 2017, open futures contracts purchased were as follows:

Futures Contracts	Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation
EURO STOXX 50		06/16/2017		4		146,571		4,321

During the period ended March 31, 2017, average notional value related to futures contracts was $137,689 or 1% of net assets.

See accompanying notes to financial statements.

55

SPDR EURO STOXX 50 Currency Hedged ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Mutual Fund and Exchange Traded Products	$	22,886,396	$	—		$	—	$	22,886,396
Short-Term Investment		117,905		—			—		117,905
TOTAL INVESTMENTS	$	23,004,301	$	—		$	—	$	23,004,301
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		3,257			—		3,257
Futures Contracts (b)		4,321		—			—		4,321
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$	23,008,622	$	3,257		$	—	$	23,011,879
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		(121,283	)		—		(121,283	)
TOTAL OTHER FINANCIAL INSTRUMENTS	$	—	$	(121,283	)	$	—	$	(121,283	)

(a) Forward Foreign Currency Exchange Contracts are valued at unrealized appreciation (depreciation).

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

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income		Realized Gain (Loss)
SPDR EURO STOXX 50 ETF		445,148	$	14,583,049		256,619		72,155		629,612	$	22,886,396	$	93,983	$	90,722
State Street Institutional Liquid Reserves Fund, Premier Class		70,339		70,339		—		70,339		—		—		3		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		232,609		114,704		117,905		117,905		165		—
TOTAL			$	14,653,388							$	23,004,301	$	94,151	$	90,722

See accompanying notes to financial statements.

56

SPDR S&P International Dividend Currency Hedged ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
MUTUAL FUND AND EXCHANGE TRADED PRODUCTS — 100.0%
UNITED STATES — 100.0%
SPDR S&P International Dividend ETF (a) (Cost $2,011,564)		56,871	$	2,165,648
SHORT-TERM INVESTMENT — 0.0% (b)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (c) (d) (Cost $752)		752		752
TOTAL INVESTMENTS — 100.0% (Cost $2,012,316)				2,166,400
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (b)				(372	)
NET ASSETS — 100.0%			$	2,166,028

(a) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

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

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at March 31, 2017.

At March 31, 2017, open forward foreign currency exchange contracts were as follows:

Counterparty	Amount Sold		Amount Bought		Settlement Date	Net Unrealized Appreciation/ (Depreciation)
BNP Paribas SA	USD	522,542	AUD	685,000	04/05/2017	$	—	(a)
BNP Paribas SA	USD	119,516	SGD	167,000	04/05/2017		1
BNP Paribas SA	AUD	685,000	USD	526,251	04/05/2017		3,709
BNP Paribas SA	SGD	167,000	USD	119,533	05/03/2017		(14	)
BNP Paribas SA	AUD	685,000	USD	522,285	05/03/2017		5
Bank of America, N.A.	NOK	303,000	USD	36,264	04/05/2017		985
Bank of America, N.A.	NZD	76,000	USD	54,908	04/05/2017		1,782
Bank of America, N.A.	ZAR	1,576,000	USD	119,956	04/05/2017		2,441
Bank of America, N.A.	HKD	1,607,000	USD	207,108	04/05/2017		321
Bank of Montreal	USD	152,892	AUD	199,000	04/05/2017		(1,088	)
Bank of Montreal	USD	102,315	ZAR	1,346,000	04/05/2017		(1,950	)
Bank of Montreal	USD	53,800	TRY	197,000	04/05/2017		266
Bank of Montreal	USD	49,849	CAD	66,000	04/05/2017		(359	)
Bank of Montreal	USD	40,080	HKD	311,000	04/05/2017		(61	)
Bank of Montreal	USD	36,116	GBP	29,000	04/05/2017		148
Bank of Montreal	USD	36,268	NOK	303,000	04/05/2017		(989	)
Bank of Montreal	USD	36,128	NZD	50,000	04/05/2017		(1,176	)
Bank of Montreal	USD	21,283	EUR	20,000	04/05/2017		108
Bank of Montreal	USD	6,939	CZK	176,000	04/05/2017		30
Bank of Montreal	USD	2,151	EUR	2,000	04/05/2017		(12	)
Bank of Montreal	USD	1,541	AUD	2,000	04/05/2017		(15	)
Bank of Montreal	USD	1,240	GBP	1,000	04/05/2017		10
Bank of Montreal	USD	1,004	CHF	1,000	04/05/2017		(5	)
Bank of Montreal	USD	750	CAD	1,000	04/05/2017		—	(a)
Bank of Montreal	SEK	216,000	USD	24,024	04/05/2017		(170	)
Bank of Montreal	SGD	167,000	USD	119,422	04/05/2017		(95	)
Bank of Montreal	JPY	14,131,000	USD	126,493	04/05/2017		(326	)
Bank of Montreal	CHF	185,000	USD	185,095	04/05/2017		260
HSBC Bank USA	USD	266,352	GBP	213,000	04/05/2017		(1	)
HSBC Bank USA	USD	126,819	JPY	14,131,000	04/05/2017		—	(a)
HSBC Bank USA	USD	117,516	ZAR	1,576,000	04/05/2017		—	(a)
HSBC Bank USA	USD	42,340	SEK	378,000	04/05/2017		—	(a)
HSBC Bank USA	USD	35,279	NOK	303,000	04/05/2017		—	(a)
HSBC Bank USA	USD	19,982	CHF	20,000	04/05/2017		—	(a)
HSBC Bank USA	USD	15,745	SGD	22,000	04/05/2017		—	(a)
HSBC Bank USA	USD	6,970	CZK	176,000	04/05/2017		(1	)
HSBC Bank USA	CZK	176,000	USD	6,934	04/05/2017		(34	)
HSBC Bank USA	SGD	22,000	USD	15,733	04/05/2017		(11	)
HSBC Bank USA	CHF	20,000	USD	20,011	04/05/2017		29

See accompanying notes to financial statements.

57

SPDR S&P International Dividend Currency Hedged ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Counterparty	Amount Sold		Amount Bought		Settlement Date	Net Unrealized Appreciation/ (Depreciation)
HSBC Bank USA	SEK	378,000	USD	42,047	04/05/2017	$	(292	)
HSBC Bank USA	GBP	213,000	USD	265,288	04/05/2017		(1,064	)
HSBC Bank USA	USD	2,503	GBP	2,000	05/03/2017		—	(a)
HSBC Bank USA	SGD	2,000	USD	1,431	05/03/2017		—	(a)
HSBC Bank USA	CHF	2,000	USD	2,001	05/03/2017		—	(a)
HSBC Bank USA	CZK	176,000	USD	7,000	05/03/2017		(7	)
HSBC Bank USA	SGD	22,000	USD	15,747	05/03/2017		(1	)
HSBC Bank USA	CHF	20,000	USD	20,014	05/03/2017		—	(a)
HSBC Bank USA	NOK	303,000	USD	35,288	05/03/2017		(1	)
HSBC Bank USA	SEK	378,000	USD	42,393	05/03/2017		(3	)
HSBC Bank USA	ZAR	1,576,000	USD	116,942	05/03/2017		(12	)
HSBC Bank USA	GBP	213,000	USD	266,526	05/03/2017		3
HSBC Bank USA	USD	4,502	JPY	501,000	05/08/2017		—	(a)
HSBC Bank USA	JPY	14,131,000	USD	126,968	05/08/2017		(5	)
Royal Bank of Canada	USD	273,692	CAD	365,000	04/05/2017		2
Royal Bank of Canada	USD	54,066	TRY	197,000	04/05/2017		—	(a)
Royal Bank of Canada	USD	24,194	SEK	216,000	04/05/2017		—	(a)
Royal Bank of Canada	GBP	30,000	USD	37,514	04/05/2017		—	(a)
Royal Bank of Canada	HKD	311,000	USD	40,018	04/05/2017		(1	)
Royal Bank of Canada	TRY	197,000	USD	53,786	04/05/2017		(279	)
Royal Bank of Canada	AUD	201,000	USD	153,329	04/05/2017		(1	)
Royal Bank of Canada	CAD	365,000	USD	275,658	04/05/2017		1,964
Royal Bank of Canada	USD	153,256	AUD	201,000	05/03/2017		(3	)
Royal Bank of Canada	USD	37,539	GBP	30,000	05/03/2017		(1	)
Royal Bank of Canada	USD	785	SEK	7,000	05/03/2017		—	(a)
Royal Bank of Canada	AUD	12,000	USD	9,149	05/03/2017		—	(a)
Royal Bank of Canada	SEK	216,000	USD	24,225	05/03/2017		(2	)
Royal Bank of Canada	TRY	197,000	USD	53,632	05/03/2017		(6	)
Royal Bank of Canada	CAD	365,000	USD	273,809	05/03/2017		5
Royal Bank of Canada	USD	40,044	HKD	311,000	05/04/2017		3
Royal Bank of Canada	HKD	5,000	USD	644	05/04/2017		—	(a)
Societe Generale	USD	423,561	EUR	396,000	04/05/2017		(2	)
Societe Generale	USD	53,127	NZD	76,000	04/05/2017		(1	)
Societe Generale	USD	26,162	THB	899,000	04/05/2017		—	(a)
Societe Generale	THB	899,000	USD	25,748	04/05/2017		(414	)
Societe Generale	TRY	197,000	USD	54,065	04/05/2017		—	(a)
Societe Generale	EUR	396,000	USD	421,444	04/05/2017		(2,115	)
Societe Generale	USD	53,635	TRY	197,000	05/03/2017		3
Societe Generale	USD	699	NZD	1,000	05/03/2017		—	(a)
Societe Generale	USD	204	THB	7,000	05/03/2017		—	(a)
Societe Generale	EUR	19,000	USD	20,346	05/03/2017		(2	)
Societe Generale	THB	899,000	USD	26,165	05/03/2017		8
Societe Generale	NZD	76,000	USD	53,087	05/03/2017		—	(a)
Societe Generale	EUR	396,000	USD	424,093	05/03/2017		5
Toronto Dominion Bank	USD	59,108	TWD	1,785,000	04/05/2017		(280	)
Toronto Dominion Bank	USD	29,768	RUB	1,678,000	04/05/2017		7
Toronto Dominion Bank	USD	18,028	KRW	20,160,000	04/05/2017		2
Toronto Dominion Bank	USD	17,621	MYR	78,000	04/05/2017		2
Toronto Dominion Bank	USD	688	THB	24,000	04/05/2017		11
Toronto Dominion Bank	THB	24,000	USD	697	04/05/2017		(1	)
Toronto Dominion Bank	MYR	78,000	USD	17,528	04/05/2017		(95	)
Toronto Dominion Bank	KRW	20,160,000	USD	17,860	04/05/2017		(169	)
Toronto Dominion Bank	RUB	1,678,000	USD	28,668	04/05/2017		(1,108	)
Toronto Dominion Bank	TWD	1,785,000	USD	58,369	04/05/2017		(460	)
Toronto Dominion Bank	USD	1,569	RUB	89,000	05/03/2017		(1	)
Toronto Dominion Bank	TWD	28,000	USD	930	05/03/2017		8
Toronto Dominion Bank	MYR	78,000	USD	17,566	05/03/2017		(13	)
Toronto Dominion Bank	RUB	1,678,000	USD	29,588	05/03/2017		12

See accompanying notes to financial statements.

58

SPDR S&P International Dividend Currency Hedged ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Counterparty	Amount Sold		Amount Bought		Settlement Date	Net Unrealized Appreciation/ (Depreciation)
Toronto Dominion Bank	TWD	1,785,000	USD	59,177	05/03/2017	$	355
Toronto Dominion Bank	KRW	1,302,000	USD	1,165	05/04/2017		(1	)
Toronto Dominion Bank	KRW	20,160,000	USD	18,028	05/04/2017		(17	)
UBS	USD	206,781	HKD	1,607,000	04/05/2017		6
UBS	USD	183,836	CHF	184,000	04/05/2017		—	(a)
UBS	CZK	176,000	USD	6,968	04/05/2017		(1	)
UBS	EUR	22,000	USD	23,531	04/05/2017		—	(a)
UBS	NZD	50,000	USD	34,952	04/05/2017		—
UBS	NOK	303,000	USD	35,278	04/05/2017		—	(a)
UBS	CAD	67,000	USD	50,239	04/05/2017		(1	)
UBS	ZAR	1,346,000	USD	100,365	04/05/2017		(1	)
UBS	USD	99,885	ZAR	1,346,000	05/03/2017		1
UBS	USD	50,261	CAD	67,000	05/03/2017		(1	)
UBS	USD	35,290	NOK	303,000	05/03/2017		—
UBS	USD	34,927	NZD	50,000	05/03/2017		(2	)
UBS	USD	23,560	EUR	22,000	05/03/2017		—	(a)
UBS	USD	7,010	CZK	176,000	05/03/2017		(4	)
UBS	ZAR	8,000	USD	594	05/03/2017		—	(a)
UBS	CHF	184,000	USD	184,125	05/03/2017		(8	)
UBS	HKD	1,607,000	USD	206,922	05/04/2017		(12	)
						$	(202	)

(a) Amount is less than $0.50.

During the period ended March 31, 2017, average notional value related to foreign currency exchange contracts was $7,393,614 or 341% of net assets.

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

CZK — Czech Koruna

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

JPY — Japanese Yen

KRW — South Korean Won

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish New Lira

TWD — New Taiwan Dollar

USD — U.S. Dollar

ZAR — South African Rand

See accompanying notes to financial statements.

59

SPDR S&P International Dividend Currency Hedged ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Mutual Fund and Exchange Traded Products	$	2,165,648	$	—		$	—	$	2,165,648
Short-Term Investment		752		—			—		752
TOTAL INVESTMENTS	$	2,166,400	$	—		$	—	$	2,166,400
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		12,492			—		12,492
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$	2,166,400	$	12,492		$	—	$	2,178,892
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		(12,694	)		—		(12,694	)
TOTAL OTHER FINANCIAL INSTRUMENTS	$	—	$	(12,694	)	$	—	$	(12,694	)

(a) Forward Foreign Currency Exchange Contracts are valued at unrealized appreciation (depreciation).

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income		Realized Gain (Loss)
SPDR S&P International Dividend ETF		55,446	$	2,039,858		3,085		1,660		56,871	$	2,165,648	$	58,640	$	818
State Street Institutional Liquid Reserves Fund, Premier Class		107		107		—		107		—		—		—		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		36,233		35,481		752		752		4		—
TOTAL			$	2,039,965							$	2,166,400	$	58,644	$	818

See accompanying notes to financial statements.

60

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
CHINA — 42.5%
21Vianet Group, Inc. ADR (a)		8,308	$	45,611
500.com, Ltd. Class A, ADR (a)		1,514		20,303
51job, Inc. ADR (a)		2,475		90,734
58.com, Inc. ADR (a)		3,785		133,951
A8 New Media Group, Ltd. (a)		355,789		22,891
AAC Technologies Holdings, Inc.		71,000		830,914
Agile Group Holdings, Ltd.		495,598		429,180
Agricultural Bank of China, Ltd. Class H		2,478,000		1,141,509
Air China, Ltd. Class H		349,414		282,804
Alibaba Group Holding, Ltd. ADR (a)		121,633		13,115,686
Aluminum Corp. of China, Ltd. Class H (a)		640,304		313,087
Angang Steel Co., Ltd. Class H (a) (b)		361,244		257,052
Anhui Conch Cement Co., Ltd. Class H		217,750		739,703
Anhui Expressway Co., Ltd. Class H		32,000		25,323
ANTA Sports Products, Ltd.		96,000		265,586
Autohome, Inc. ADR (a)		4,464		141,821
AVIC International Holding HK, Ltd. (a)		480,000		27,794
AviChina Industry & Technology Co., Ltd. Class H		403,000		279,505
BAIC Motor Corp., Ltd. Class H (c)		182,000		206,789
Baidu, Inc. ADR (a)		30,248		5,218,385
Bank of China, Ltd. Class H		8,353,466		4,149,055
Bank of Communications Co., Ltd. Class H		2,281,630		1,773,280
BBMG Corp. Class H		221,000		91,852
Beijing Capital International Airport Co., Ltd. Class H		102,000		122,061
Beijing Capital Land, Ltd. Class H		114,000		51,488
Beijing Enterprises Holdings, Ltd.		68,000		351,747
Beijing Enterprises Water Group, Ltd. (a)		412,000		305,362
Belle International Holdings, Ltd.		533,000		346,349
Biostime International Holdings, Ltd. (a)		22,500		74,841
Bitauto Holdings, Ltd. ADR (a)		2,320		59,415
Boer Power Holdings, Ltd. (b)		47,000		15,785
Boyaa Interactive International, Ltd. (a) (b)		88,200		47,667
Brilliance China Automotive Holdings, Ltd.		346,000		578,781
Byd Co., Ltd. Class H (a)		85,800		475,839
BYD Electronic International Co., Ltd.		102,000		141,749
C.banner International Holdings, Ltd. (a)		168,000		62,691
CAR, Inc. (a) (b)		165,043		154,817
CGN Power Co., Ltd. Class H (c)		1,169,000		361,011
Changshouhua Food Co., Ltd.		69,000		35,514
Chanjet Information Technology Co., Ltd. Class H (a)		23,300		30,101
China Aerospace International Holdings, Ltd.		276,000		36,580
China Agri-Industries Holdings, Ltd. (a)		247,000		124,271
China Animal Healthcare, Ltd. (a) (b) (d)		305,700		—
China Assurance Finance Group, Ltd. (a)		133,500		17,350
China Biologic Products, Inc. (a)		720		72,094
China Cinda Asset Management Co., Ltd. Class H		996,600		387,278
China CITIC Bank Corp., Ltd. Class H		1,206,341		799,415
China Coal Energy Co., Ltd. Class H (a)		593,000		299,113
China Communications Construction Co., Ltd. Class H		536,000		755,911
China Conch Venture Holdings, Ltd.		134,100		263,317
China Construction Bank Corp. Class H		10,081,148		8,107,466
China Dongxiang Group Co., Ltd.		437,000		83,784
China Eastern Airlines Corp., Ltd. Class H (b)		174,000		102,992
China Everbright International, Ltd.		254,000		341,870
China Everbright, Ltd.		112,000		225,974
China Evergrande Group (b)		499,000		462,305
China Fangda Group Co., Ltd. Class B		77,700		81,184
China Fire Safety Enterprise Group, Ltd. (a)		374,227		17,335
China Galaxy Securities Co., Ltd. Class H		318,100		293,480
China Harmony New Energy Auto Holding, Ltd.		65,500		27,476
China Hongqiao Group, Ltd. (b) (e)		106,000		96,159
China Huarong Energy Co., Ltd. (a)		151,100		8,360
China Huishan Dairy Holdings Co., Ltd. (b) (e)		549,000		29,670
China Huiyuan Juice Group, Ltd. (a)		125,500		39,241
China International Marine Containers Group Co., Ltd. Class H		76,000		129,869
China Lesso Group Holdings, Ltd.		126,000		106,520
China Life Insurance Co., Ltd. Class H		855,708		2,626,087
China Lilang, Ltd.		75,000		49,894
China Lodging Group, Ltd. ADR (a)		3,584		222,387
China Longyuan Power Group Corp., Ltd. Class H		438,000		340,413
China Machinery Engineering Corp. Class H		78,000		57,209
China Medical System Holdings, Ltd.		145,000		257,106
China Mengniu Dairy Co., Ltd.		358,780		743,275
China Merchants Bank Co., Ltd. Class H		566,760		1,498,671
China Merchants Port Holdings Co., Ltd.		313,252		917,002
China Minsheng Banking Corp., Ltd. Class H		791,100		844,899
China Mobile, Ltd.		637,636		6,978,182
China Molybdenum Co., Ltd. Class H (b)		375,000		132,696
China National Building Material Co., Ltd. Class H		378,000		243,196
China Oilfield Services, Ltd. Class H		262,557		252,033
China Overseas Land & Investment, Ltd.		629,084		1,797,036
China Pacific Insurance Group Co., Ltd. Class H		264,800		955,754

See accompanying notes to financial statements.

61

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
China Petroleum & Chemical Corp. Class H		2,881,726	$	2,336,084
China Power International Development, Ltd.		248,000		92,224
China Railway Construction Corp., Ltd. Class H		220,000		311,960
China Railway Group, Ltd. Class H		556,000		497,227
China Resources Beer Holdings Co., Ltd. (a)		289,357		658,281
China Resources Gas Group, Ltd.		80,000		283,086
China Resources Land, Ltd.		388,767		1,050,519
China Resources Phoenix Healthcare Holdings Co., Ltd. (a)		66,500		81,718
China Resources Power Holdings Co., Ltd.		280,437		505,916
China Shengmu Organic Milk, Ltd. (a) (b) (c)		309,000		77,931
China Shenhua Energy Co., Ltd. Class H		432,040		1,002,895
China Silver Group, Ltd.		80,000		15,544
China Singyes Solar Technologies Holdings, Ltd. (b)		63,600		28,643
China South City Holdings, Ltd.		350,000		72,058
China Southern Airlines Co., Ltd. Class H		202,000		139,839
China State Construction International Holdings, Ltd.		196,000		350,563
China Taiping Insurance Holdings Co., Ltd. (a)		109,341		264,788
China Telecom Corp., Ltd. Class H		1,993,320		972,101
China Travel International Investment Hong Kong, Ltd. (b)		238,000		71,968
China Unicom Hong Kong, Ltd.		684,172		915,575
China Vanke Co., Ltd. Class H		125,000		337,773
China Yurun Food Group, Ltd. (a) (b)		175,659		26,672
Chinasoft International, Ltd. (a)		180,000		103,532
Chongqing Changan Automobile Co., Ltd. Class B		86,300		119,931
Chongqing Rural Commercial Bank Co., Ltd. Class H		177,000		119,572
CITIC Dameng Holdings, Ltd. (a)		204,000		11,287
CITIC Resources Holdings, Ltd. (a)		314,000		41,212
CITIC Securities Co., Ltd. Class H		189,500		390,144
CITIC Telecom International Holdings, Ltd.		176,000		53,447
CITIC, Ltd.		539,000		768,464
CNOOC, Ltd.		1,747,249		2,086,402
Cogobuy Group (a) (b) (c)		60,000		84,771
Colour Life Services Group Co., Ltd.		79,000		50,827
Consun Pharmaceutical Group, Ltd.		158,400		91,720
Coolpad Group, Ltd. (a)		437,400		40,523
COSCO SHIPPING Development Co., Ltd. Class H (a)		1,112,339		249,047
COSCO SHIPPING Energy Transportation Co., Ltd. Class H		523,215		295,556
COSCO SHIPPING Holdings Co., Ltd. Class H (a)		24,000		10,994
COSCO SHIPPING Ports, Ltd.		36,796		40,624
Cosmo Lady China Holdings Co., Ltd. (b) (c)		90,000		26,983
Country Garden Holdings Co., Ltd.		655,333		589,433
Credit China Fintech Holdings, Ltd. (a) (b)		1,960,000		264,814
CRRC Corp., Ltd. Class H		449,000		436,203
CSG Holding Co., Ltd. Class B		100,000		73,602
CSPC Pharmaceutical Group, Ltd.		256,000		335,338
CT Environmental Group, Ltd. (b)		348,000		73,885
Ctrip.com International, Ltd. ADR (a)		33,435		1,643,330
Datang International Power Generation Co., Ltd. Class H		338,000		101,772
Dazhong Transportation Group Co., Ltd. Class B		95,550		67,649
Dongfang Electric Corp., Ltd. Class H		11,600		10,956
Dongfeng Motor Group Co., Ltd. Class H		424,468		476,820
Fang Holdings, Ltd. ADR (a) (b)		23,552		76,780
Fanhua, Inc. ADR (a)		7,572		65,346
Far East Horizon, Ltd.		134,000		125,870
FIH Mobile, Ltd.		286,000		111,507
First Tractor Co., Ltd. Class H		64,000		37,388
Fufeng Group, Ltd.		98,000		78,940
Future Land Holdings Co., Ltd. Class A		139,621		311,583
Geely Automobile Holdings, Ltd.		520,000		796,243
GF Securities Co., Ltd. Class H		97,200		203,618
Golden Eagle Retail Group, Ltd. (b)		84,000		130,353
GOME Electrical Appliances Holding, Ltd.		1,400,322		190,998
Goodbaby International Holdings, Ltd.		225,000		109,149
Great Wall Motor Co., Ltd. Class H		319,000		363,270
Greentown China Holdings, Ltd. (a) (b)		91,500		87,126
Guangdong Investment, Ltd.		316,000		450,528
Guangshen Railway Co., Ltd. Class H		62,500		37,798
Guangzhou Automobile Group Co., Ltd. Class H		412,032		659,548
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H		82,000		241,627
Guangzhou R&F Properties Co., Ltd. Class H		346,976		542,017
Guotai Junan International Holdings, Ltd.		249,000		80,741
Haitian International Holdings, Ltd.		61,000		141,913
Haitong Securities Co., Ltd. Class H		299,600		506,562
Hengan International Group Co., Ltd.		78,500		583,838
HNA Holding Group Co., Ltd. (a) (b)		403,400		14,794
Huadian Fuxin Energy Corp., Ltd. Class H		200,000		44,779
Huadian Power International Corp., Ltd. Class H		200,000		85,183
Huaneng Power International, Inc. Class H		540,472		360,941
Huaneng Renewables Corp., Ltd. Class H		350,000		121,148
Huatai Securities Co., Ltd. Class H (c)		65,200		126,851
Huishang Bank Corp., Ltd. Class H		593,000		288,431
Huiyin Smart Community Co., Ltd. (a)		212,000		18,823
Industrial & Commercial Bank of China, Ltd. Class H		8,659,138		5,660,223
Inner Mongolia Yitai Coal Co., Ltd. Class B		181,081		201,181
Intime Retail Group Co., Ltd.		153,500		192,776

See accompanying notes to financial statements.

62

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
JD.com, Inc. ADR (a)		89,404	$	2,781,358
Jiangsu Expressway Co., Ltd. Class H		332,299		477,187
Jiangxi Copper Co., Ltd. Class H		243,578		379,244
JinkoSolar Holding Co., Ltd. ADR (a) (b)		2,904		48,119
Jumei International Holding, Ltd. ADR (a)		2,235		8,247
Kama Co., Ltd. Class B (a)		106,649		107,076
Kangda International Environmental Co., Ltd. (c)		210,000		53,233
Kingdee International Software Group Co., Ltd. (a) (b)		210,000		86,740
Kingsoft Corp., Ltd.		95,000		261,597
Konka Group Co., Ltd. Class B (a)		338,000		118,734
Kunlun Energy Co., Ltd.		366,000		339,085
KWG Property Holding, Ltd.		141,000		102,146
Lao Feng Xiang Co., Ltd. Class B		52,979		186,645
Launch Tech Co., Ltd. Class H (a)		23,500		35,016
Lenovo Group, Ltd.		915,703		603,281
Leyou Technologies Holdings, Ltd. (a)		210,800		42,043
Li Ning Co., Ltd. (a)		265,874		156,004
Lifetech Scientific Corp. (a)		248,000		62,547
Livzon Pharmaceutical Group, Inc. Class H		16,790		98,841
Luoyang Glass Co., Ltd. Class H (a) (b)		52,153		37,312
Luthai Textile Co., Ltd. Class B		44,400		52,618
Luye Pharma Group, Ltd.		183,000		110,674
Maanshan Iron & Steel Co., Ltd. Class H (a)		648,971		233,818
Metallurgical Corp. of China, Ltd. Class H		394,000		150,066
Minth Group, Ltd.		80,000		322,203
MOBI Development Co., Ltd.		437,000		77,599
Nanjing Panda Electronics Co., Ltd. Class H		29,000		23,509
NetEase, Inc. ADR		9,490		2,695,160
New China Life Insurance Co., Ltd. Class H		70,400		335,173
New Oriental Education & Technology Group, Inc. ADR (a)		12,781		771,717
Noah Holdings, Ltd. ADS (a) (b)		2,268		57,562
Ourgame International Holdings, Ltd. (a) (b)		40,000		15,132
People’s Insurance Co. Group of China, Ltd. Class H		497,000		205,924
PetroChina Co., Ltd. Class H		2,279,208		1,668,750
PICC Property & Casualty Co., Ltd. Class H		498,289		768,127
Ping An Insurance Group Co. of China, Ltd. Class H		544,228		3,046,248
Poly Culture Group Corp., Ltd. Class H		29,000		69,333
Poly Property Group Co., Ltd. (a) (b)		251,000		104,644
Renhe Commercial Holdings Co., Ltd. (a) (b)		1,878,000		47,122
Semiconductor Manufacturing International Corp. (a) (b)		525,883		650,968
Shandong Airlines Co., Ltd. Class B		21,300		47,416
Shandong Chenming Paper Holdings, Ltd. Class H		46,900		56,366
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. Class H		54,000		113,538
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		212,000		151,672
Shang Gong Group Co., Ltd. Class B (a)		145,200		148,249
Shanghai Baosight Software Co., Ltd. Class B		34,000		51,408
Shanghai Dasheng Agricultural Finance Technology Co., Ltd. Class H		291,000		28,458
Shanghai Electric Group Co., Ltd. Class H (a)		418,418		207,284
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		33,000		121,444
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H		172,000		141,424
Shanghai Haixin Group Co. Class B		85,000		62,900
Shanghai Highly Group Co., Ltd. Class B		137,300		107,094
Shanghai Industrial Holdings, Ltd.		44,000		129,370
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		13,500		19,521
Shanghai Jinjiang International Travel Co., Ltd. Class B		26,574		77,862
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		37,400		54,118
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		139,153		219,583
Shanghai Mechanical and Electrical Industry Co., Ltd. Class B		48,184		101,186
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		62,600		163,921
Shanghai Prime Machinery Co., Ltd. Class H		552,000		113,646
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class B		10,400		17,472
Shanghai Zhenhua Heavy Industries Co., Ltd. Class B (a)		103,000		53,560
Shengjing Bank Co., Ltd. Class H (c)		16,500		15,117
Shenzhen Expressway Co., Ltd. Class H		29,000		26,270
Shenzhen Investment, Ltd.		282,731		126,604
Shenzhou International Group Holdings, Ltd.		50,000		315,576
Shunfeng International Clean Energy, Ltd. (a)		200,700		13,171
SINA Corp. (a)		9,090		655,571
Sino-Ocean Group Holding, Ltd.		759,211		356,575
Sinopec Oilfield Service Corp. Class H (a) (b)		178,000		35,043
Sinopec Shanghai Petrochemical Co., Ltd. Class H		550,878		305,512
Sinopharm Group Co., Ltd. Class H		107,600		499,129
Sinotrans, Ltd. Class H		214,000		99,958
SITC International Holdings Co., Ltd.		175,000		120,247
Sohu.com, Inc. (a)		3,639		143,122
SPT Energy Group, Inc. (a)		222,000		18,568
Sun King Power Electronics Group		139,300		30,830
Sunac China Holdings, Ltd		253,000		328,153

See accompanying notes to financial statements.

63

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Sunny Optical Technology Group Co., Ltd.		114,800	$	839,045
Synertone Communication Corp. (a)		416,920		8,208
TAL Education Group ADR (a)		5,663		603,506
TCL Multimedia Technology Holdings, Ltd. (a) (b)		126,000		67,771
Tencent Holdings, Ltd.		609,770		17,481,407
Tian Ge Interactive Holdings, Ltd. (c)		77,000		60,736
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd.		31,145		30,055
Tianneng Power International, Ltd.		90,000		81,760
Tingyi Cayman Islands Holding Corp.		350,383		440,036
Tong Ren Tang Technologies Co., Ltd. Class H		128,000		227,621
TravelSky Technology, Ltd. Class H		92,000		217,348
Tsingtao Brewery Co., Ltd. Class H		80,000		368,526
TUS International, Ltd. (a)		169,400		15,694
Uni-President China Holdings, Ltd.		174,000		122,471
Universal Health International Group Holding, Ltd. (a)		215,000		7,608
Vipshop Holdings, Ltd. ADR (a)		33,439		446,076
Want Want China Holdings, Ltd. (b)		983,000		680,504
Weibo Corp. ADR (a) (b)		957		49,936
Weichai Power Co., Ltd. Class H		25,000		44,136
West China Cement, Ltd. (a)		356,000		51,764
Wisdom Sports Group (a)		136,000		32,200
Xiamen International Port Co., Ltd. Class H		122,000		25,745
Xinchen China Power Holdings, Ltd. (a)		225,000		36,190
Xinjiang Goldwind Science & Technology Co., Ltd. Class H		24,200		36,433
Xinyi Solar Holdings, Ltd. (b)		247,200		78,885
Yangzijiang Shipbuilding Holdings, Ltd.		251,500		203,389
Yantai Changyu Pioneer Wine Co., Ltd. Class B		27,053		70,074
Yanzhou Coal Mining Co., Ltd. Class H		348,882		271,151
Yestar Healthcare Holdings Co., Ltd.		345,000		178,904
YY, Inc. ADR (a)		3,206		147,829
Zhejiang Expressway Co., Ltd. Class H		200,000		261,468
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H		50,000		32,233
Zhuzhou CRRC Times Electric Co., Ltd. Class H		72,000		382,629
Zijin Mining Group Co., Ltd. Class H		910,685		337,486
ZTE Corp. Class H		87,840		161,178
				142,210,705
HONG KONG — 1.9%
Alibaba Pictures Group, Ltd. (a)		1,100,107		199,595
Asia Resources Holdings, Ltd. (a)		370,638		10,969
AVIC Joy Holdings HK, Ltd. (a)		544,428		9,387
Beijing Enterprises Clean Energy Group, Ltd. (a)		1,636,600		44,224
Beijing Enterprises Medical & Health Group, Ltd. (a)		368,500		25,605
BEP International Holdings, Ltd.		960,000		53,117
Carnival Group International Holdings, Ltd. (a) (b)		980,000		105,926
CCT Land Holdings, Ltd. (a) (b)		9,773,000		12,575
Chia Tai Enterprises International, Ltd. (a) (b)		11,700		3,357
China All Access Holdings, Ltd.		168,000		49,720
China Beidahuang Industry Group Holdings, Ltd. Class A (a)		405,600		21,398
China Chengtong Development Group, Ltd. (a)		322,074		22,379
China Fiber Optic Network System Group, Ltd. (a) (e)		686,800		61,862
China Finance Investment Holdings, Ltd. (a)		528,750		9,865
China Financial International Investments, Ltd. (a)		510,000		25,594
China Gas Holdings, Ltd.		270,000		434,974
China High Speed Transmission Equipment Group Co., Ltd.		8,000		9,048
China Jicheng Holdings, Ltd. (a) (c)		2,131,500		53,757
China Minsheng Drawin Technology Group, Ltd. (a)		521,658		16,781
China National Culture Group, Ltd. (a)		1,539,300		7,131
China NT Pharma Group Co., Ltd.		90,000		20,035
China Nuclear Energy Technology Corp., Ltd. (a)		96,000		16,059
China Ocean Industry Group, Ltd. (a)		1,557,800		37,284
China Oil Gangran Energy Group Holdings, Ltd. (a)		545,750		8,497
China Overseas Property Holdings, Ltd. (b)		232,361		42,756
China Public Procurement, Ltd. (a)		1,172,000		6,786
China Soft Power Technology Holdings, Ltd. (a)		266,000		5,340
Citychamp Watch & Jewellery Group, Ltd. (b)		420,000		89,712
Comba Telecom Systems Holdings, Ltd.		321,847		52,595
CP Pokphand Co., Ltd. (b)		770,000		71,338
Dawnrays Pharmaceutical Holdings, Ltd.		104,000		60,354
Digital China Holdings, Ltd. (b)		133,000		116,716
Essex Bio-technology, Ltd.		55,696		28,308
EVA Precision Industrial Holdings, Ltd.		368,000		59,664
Fullshare Holdings, Ltd.		591,100		261,646
GCL-Poly Energy Holdings, Ltd. (a) (b)		826,000		109,474
Global Bio-Chem Technology Group Co., Ltd. (a)		463,200		10,728
Haier Electronics Group Co., Ltd.		129,000		295,464
Hanergy Thin Film Power Group, Ltd. (a) (b) (d)		5,962,000		—
Hi Sun Technology China, Ltd. (a) (b)		270,000		47,597
Hua Han Health Industry Holdings, Ltd. (a) (d)		890,400		45,543
Huajun Holdings, Ltd. (a)		126,900		9,634
Imperial Pacific International Holdings, Ltd. (a) (b)		6,556,300		113,891
Joy City Property, Ltd.		414,000		61,262
Kingboard Chemical Holdings, Ltd.		109,200		403,273
Lee & Man Paper Manufacturing, Ltd.		205,000		156,688
Millennium Pacific Group Holdings, Ltd. (a)		87,000		1,243

See accompanying notes to financial statements.

64

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Munsun Capital Group, Ltd. (a)		442,200	$	10,982
National Agricultural Holdings, Ltd. (a) (b)		112,000		17,150
NetDragon Websoft Holdings, Ltd.		49,000		149,115
Newtree Group Holdings, Ltd. (a)		282,000		16,329
Nine Dragons Paper Holdings, Ltd.		168,000		180,506
North Mining Shares Co., Ltd. (a)		2,290,000		44,200
Qianhai Health Holdings, Ltd. (a) (b)		726,374		8,505
Shimao Property Holdings, Ltd.		145,500		231,033
SIM Technology Group, Ltd. (a)		388,500		16,247
Sino Biopharmaceutical, Ltd.		576,000		474,349
Sino-I Technology, Ltd. (a)		1,511,000		20,221
Skyworth Digital Holdings, Ltd.		236,243		155,641
SSY Group, Ltd.		466,691		185,559
Sun Art Retail Group, Ltd.		209,500		196,250
Suncorp Technologies, Ltd. (a)		1,540,000		11,097
Tack Fiori International Group, Ltd. (a)		552,000		13,638
Tech Pro Technology Development, Ltd. (a) (b)		1,524,800		27,861
Tibet Water Resources, Ltd. (b)		309,000		127,632
United Energy Group, Ltd. (a) (b)		986,000		39,331
United Laboratories International Holdings, Ltd. (a)		106,000		69,153
Victory City International Holdings, Ltd.		807,915		28,069
Vinda International Holdings, Ltd.		39,000		74,773
Vision Values Holdings, Ltd. (a)		480,000		15,750
Wasion Group Holdings, Ltd.		68,000		35,787
WH Group, Ltd. (c)		824,000		710,391
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)		40,250		8,235
Xinyi Glass Holdings, Ltd.		298,000		262,281
Yuhua Energy Holdings, Ltd. (a)		4,000		710
				6,439,946
INDIA — 18.2%
Adani Ports & Special Economic Zone, Ltd.		102,017		533,533
Adani Power, Ltd. (a)		79,989		49,150
Adani Transmissions, Ltd. (a)		44,133		43,599
AIA Engineering, Ltd.		8,671		212,031
Ajanta Pharma, Ltd.		3,425		92,860
Alembic Pharmaceuticals, Ltd.		10,112		97,710
Apollo Hospitals Enterprise, Ltd.		28,291		507,635
Apollo Tyres, Ltd.		48,149		154,750
Arvind SmartSpaces, Ltd. (a)		4,506		6,006
Arvind, Ltd.		28,465		173,131
Asian Paints, Ltd.		27,039		447,006
Aurobindo Pharma, Ltd.		34,618		359,961
Axis Bank, Ltd.		130,689		987,790
Bajaj Auto, Ltd.		6,099		263,501
Bajaj Finance, Ltd.		14,828		267,422
Bharat Electronics, Ltd.		90,860		219,332
Bharat Financial Inclusion, Ltd. (a)		27,781		345,856
Bharat Forge, Ltd.		13,738		220,472
Bharat Heavy Electricals, Ltd.		155,941		391,083
Bharat Petroleum Corp., Ltd.		30,098		301,212
Bharti Airtel, Ltd.		196,962		1,061,778
Bharti Infratel, Ltd.		48,673		244,283
Biocon, Ltd.		23,143		403,555
Bosch, Ltd.		728		255,069
Britannia Industries, Ltd.		2,478		128,756
Cadila Healthcare, Ltd.		26,873		182,919
Cipla, Ltd.		89,938		821,263
Coal India, Ltd.		137,066		617,731
Dabur India, Ltd.		35,864		153,182
DCB Bank, Ltd. (a)		73,808		193,514
DLF, Ltd.		66,174		151,486
Dr Reddy’s Laboratories, Ltd.		9,173		371,857
Eicher Motors, Ltd.		862		339,669
Emami, Ltd.		5,473		89,708
Escorts, Ltd.		49,332		409,296
GAIL India, Ltd.		61,946		359,599
Gillette India, Ltd.		936		60,817
Glenmark Pharmaceuticals, Ltd.		14,565		191,127
Godrej Consumer Products, Ltd.		15,973		411,138
Godrej Industries, Ltd.		18,836		146,546
Gujarat Mineral Development Corp., Ltd.		45,423		85,586
Gujarat Pipavav Port, Ltd.		38,016		96,657
Havells India, Ltd.		36,122		259,087
HCL Technologies, Ltd.		50,774		683,985
HDFC Bank, Ltd.		166,681		3,702,867
Hero MotoCorp, Ltd.		12,162		603,455
Hindalco Industries, Ltd.		113,806		341,847
Hindustan Unilever, Ltd.		112,091		1,573,866
Hindustan Zinc, Ltd.		152,025		676,135
Housing Development & Infrastructure, Ltd. (a)		66,397		83,795
Housing Development Finance Corp., Ltd.		187,037		4,326,608
ICICI Bank, Ltd.		529		2,255
ICICI Bank, Ltd. ADR		180,723		1,554,218
Idea Cellular, Ltd.		199,719		264,047
IDFC, Ltd. (a)		147,262		123,597
Indiabulls Housing Finance, Ltd.		59,988		921,738
Indian Hotels Co., Ltd.		322,490		630,230
Indian Oil Corp., Ltd.		109,434		652,290
IndusInd Bank, Ltd.		25,484		559,306
Infosys, Ltd. ADR		235,257		3,717,061
ITC, Ltd. GDR (a)		298,066		1,288,837
Jaiprakash Associates, Ltd. (a)		317,666		67,266
Jindal Steel & Power, Ltd. (a)		59,026		109,989
JSW Steel, Ltd.		150,010		434,771
Jubilant Foodworks, Ltd.		5,251		89,546
Just Dial, Ltd. (a)		5,965		48,461
Kotak Mahindra Bank, Ltd.		71,947		966,384
KPIT Technologies, Ltd.		53,568		106,996
Larsen & Toubro, Ltd. GDR		31,491		762,082
LIC Housing Finance, Ltd.		38,112		362,984
Lupin, Ltd.		16,785		373,569
Mahindra & Mahindra Financial Services, Ltd.		37,928		183,931
Mahindra & Mahindra, Ltd.		57,739		1,144,288
Marico, Ltd.		52,753		239,535
Marksans Pharma, Ltd.		101,699		73,845
Max Financial Services, Ltd.		15,573		138,367
Max India, Ltd. (a)		20,880		48,538
Max Ventures & Industries, Ltd. (a)		4,176		5,775
Mindtree, Ltd.		13,446		93,792

See accompanying notes to financial statements.

65

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Motherson Sumi Systems, Ltd.		41,041	$	235,053
NCC, Ltd.		78,222		98,719
Nestle India, Ltd.		2,171		223,357
NTPC, Ltd.		138,900		355,084
Oil & Natural Gas Corp., Ltd.		364,024		1,037,105
Page Industries, Ltd.		788		177,427
PI Industries, Ltd.		9,351		120,698
Power Finance Corp., Ltd.		83,393		187,373
Power Grid Corp. of India, Ltd.		88,816		269,861
Rajesh Exports, Ltd.		25,907		241,755
Reliance Capital, Ltd.		34,404		325,894
Reliance Communications, Ltd. (a)		193,397		114,070
Reliance Industries, Ltd. GDR (c)		96,502		3,925,701
Reliance Infrastructure, Ltd.		62,852		550,409
Rural Electrification Corp., Ltd.		78,016		217,462
Shriram City Union Finance, Ltd.		7,644		277,779
Shriram Transport Finance Co., Ltd.		18,430		305,960
Siemens, Ltd.		28,187		544,858
Sintex Industries, Ltd.		116,914		190,400
State Bank of India		173,701		784,844
Steel Authority of India, Ltd. (a)		211,639		199,792
Strides Shasun, Ltd.		7,016		118,689
Sun Pharma Advanced Research Co., Ltd. (a)		12,448		60,663
Sun Pharmaceutical Industries, Ltd.		117,903		1,249,479
Suzlon Energy, Ltd. (a)		333,166		97,998
Tata Consultancy Services, Ltd.		61,692		2,310,350
Tata Motors, Ltd.		191,632		1,374,787
Tata Steel, Ltd.		35,312		262,495
Tech Mahindra, Ltd.		51,943		367,285
Torrent Pharmaceuticals, Ltd.		4,761		113,836
UltraTech Cement, Ltd.		6,338		388,933
United Breweries, Ltd.		7,694		91,330
United Spirits, Ltd. (a)		9,248		309,719
UPL, Ltd.		29,365		328,720
Vakrangee, Ltd.		89,519		453,488
Vedanta, Ltd.		125,545		531,587
Wipro, Ltd. ADR		84,572		865,172
WNS Holdings, Ltd. ADR (a)		8,731		249,794
Wockhardt, Ltd.		4,517		50,032
Yes Bank, Ltd.		22,008		524,230
Zee Entertainment Enterprises, Ltd.		154,067		1,270,664
				61,067,771
INDONESIA — 4.0%
Ace Hardware Indonesia Tbk PT		1,991,000		123,266
Adaro Energy Tbk PT		2,412,700		316,853
AKR Corporindo Tbk PT		110,600		51,874
Astra International Tbk PT		2,567,400		1,661,763
Bank Central Asia Tbk PT		1,855,296		2,304,240
Bank Mandiri Persero Tbk PT		1,212,505		1,064,599
Bank Negara Indonesia Persero Tbk PT		464,500		225,705
Bank Rakyat Indonesia Persero Tbk PT		1,477,696		1,438,828
Charoen Pokphand Indonesia Tbk PT		312,900		75,140
Ciputra Development Tbk PT		828,796		76,501
Citra Marga Nusaphala Persada Tbk PT (a)		356,362		38,510
Garda Tujuh Buana Tbk PT (a) (d)		127,500		—
Garuda Indonesia Persero Tbk PT (a)		2,922,700		75,011
Gudang Garam Tbk PT		83,200		409,116
Indocement Tunggal Prakarsa Tbk PT		237,025		295,270
Indosat Tbk PT (a)		640,348		336,380
Intiland Development Tbk PT		1,053,600		32,892
Kalbe Farma Tbk PT		844,400		97,586
Kawasan Industri Jababeka Tbk PT (a)		5,500,284		136,212
Lippo Cikarang Tbk PT (a)		274,300		87,485
Lippo Karawaci Tbk PT		1,385,400		75,375
Matahari Department Store Tbk PT		78,800		77,910
Matahari Putra Prima Tbk PT		380,600		31,561
Media Nusantara Citra Tbk PT		387,200		53,756
Metropolitan Land Tbk PT		1,761,212		42,294
Modernland Realty Tbk PT (a)		4,774,300		105,335
Pakuwon Jati Tbk PT		1,906,800		88,003
Pembangunan Perumahan Persero Tbk PT		650,876		161,675
Perusahaan Gas Negara Persero Tbk		1,504,540		285,654
Semen Indonesia Persero Tbk PT		463,600		313,114
Summarecon Agung Tbk PT		722,200		72,624
Surya Semesta Internusa Tbk PT		1,148,100		56,434
Telekomunikasi Indonesia Persero Tbk PT		7,234,870		2,242,318
Tiga Pilar Sejahtera Food Tbk (a)		763,000		125,396
Tower Bersama Infrastructure Tbk PT		273,600		111,900
Unilever Indonesia Tbk PT		55,500		180,446
United Tractors Tbk PT		236,045		469,415
Wijaya Karya Persero Tbk PT		615,257		111,273
				13,451,714
MALAYSIA — 4.2%
7-Eleven Malaysia Holdings Bhd Class B		224,500		81,166
AEON Credit Service M Bhd		37,900		137,024
AirAsia Bhd		205,400		145,736
Alliance Financial Group Bhd		608,410		560,911
APM Automotive Holdings Bhd		64,000		51,917
Astro Malaysia Holdings Bhd		208,700		129,214
Axiata Group Bhd		410,505		469,361
Bermaz Auto Bhd		241,180		108,996
British American Tobacco Malaysia Bhd		12,700		130,860
Bursa Malaysia Bhd		204,034		450,899
Cahya Mata Sarawak Bhd		203,400		193,495
Carlsberg Brewery Malaysia Bhd Class B		166,703		565,031
CB Industrial Product Holding Bhd		189,800		89,636
CIMB Group Holdings Bhd		343,991		432,952
Coastal Contracts Bhd		96,700		28,843
Dialog Group Bhd		533,200		213,256
Eastern & Oriental Bhd		491,741		214,453
Eco World Development Group Bhd (a)		280,000		99,333
Genting Bhd		417,000		903,633
Genting Malaysia Bhd		462,100		569,076
IJM Corp. Bhd		929,780		714,326
Inari Amertron Bhd		359,508		165,721
IOI Corp. Bhd		590,996		620,976
IOI Properties Group Bhd		509,516		238,323
Karex Bhd		351,625		171,621
KNM Group Bhd (a)		761,200		51,601
Kuala Lumpur Kepong Bhd		44,900		250,397
Land & General Bhd		1,009,000		74,099

See accompanying notes to financial statements.

66

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Landmarks Bhd (a)		1,490,000	$	281,132
Lingkaran Trans Kota Holdings Bhd		49,400		67,199
Malayan Banking Bhd		427,750		862,169
Maxis Bhd		312,400		454,605
Media Prima Bhd		254,100		66,030
MKH Bhd		135,900		93,968
Muhibbah Engineering M Bhd		257,300		157,560
Nam Cheong, Ltd. (a)		320,400		6,191
Oldtown Bhd		171,200		105,610
OSK Holdings Bhd		726,125		259,242
Padini Holdings Bhd		180,300		122,223
PPB Group Bhd		89,400		338,167
Press Metal Bhd		412,840		247,210
Prestariang Bhd		166,600		86,961
Public Bank Bhd		160,220		720,456
Salcon Bhd		546,800		84,636
Sapura Energy Bhd (a)		181,000		74,437
Silverlake Axis, Ltd.		188,600		76,936
Sime Darby Bhd		316,288		663,236
TA Enterprise Bhd		616,100		84,226
Tambun Indah Land Bhd		348,700		116,614
Telekom Malaysia Bhd		120,909		175,401
Tenaga Nasional Bhd		279,150		865,425
TSH Resources Bhd		177,400		74,961
UEM Edgenta Bhd		75,700		55,764
Uzma Bhd (a)		112,700		45,839
Wah Seong Corp. Bhd		578,200		114,320
Yinson Holdings Bhd		130,600		97,681
				14,261,055
PHILIPPINES — 2.2%
ABS-CBN Holdings Corp.		155,400		145,567
Alliance Global Group, Inc.		662,900		167,525
Ayala Land, Inc.		1,348,488		888,242
BDO Unibank, Inc.		168,255		394,356
Belle Corp.		1,207,200		96,239
Bloomberry Resorts Corp. (a)		380,400		60,273
Cebu Air, Inc.		52,520		98,289
Cosco Capital, Inc.		1,520,600		256,994
D&L Industries, Inc.		1,345,500		341,101
DoubleDragon Properties Corp. (a)		435,170		465,309
First Gen Corp.		984,470		411,054
First Philippine Holdings Corp.		357,807		512,019
Globe Telecom, Inc.		1,995		80,794
GMA Holdings, Inc.		147,800		17,792
GT Capital Holdings, Inc.		5,895		134,525
JG Summit Holdings, Inc.		286,360		464,283
Jollibee Foods Corp.		37,700		148,396
LT Group, Inc.		452,000		144,316
Metro Pacific Investments Corp.		1,078,500		129,398
Nickel Asia Corp.		588,984		71,371
Pepsi-Cola Products Philippines, Inc.		984,000		72,954
Philex Mining Corp.		757,500		126,514
PLDT, Inc.		18,494		606,699
Puregold Price Club, Inc.		282,100		245,695
Robinsons Retail Holdings, Inc.		143,240		219,820
SM Investments Corp.		15,300		212,538
SM Prime Holdings, Inc.		874,700		493,353
Universal Robina Corp.		79,960		260,557
				7,265,973
SINGAPORE — 0.0% (f)
SIIC Environment Holdings, Ltd. (a)		132,199		52,509
TAIWAN — 22.3%
Acer, Inc. (a)		614,395		291,581
Advanced Semiconductor Engineering, Inc.		896,797		1,145,287
Advantech Co., Ltd.		39,000		326,473
Airtac International Group		11,900		117,068
Asia Cement Corp.		791,073		797,786
Asustek Computer, Inc.		117,138		1,158,158
AU Optronics Corp. ADR		141,033		538,746
Catcher Technology Co., Ltd.		117,539		1,162,122
Cathay Financial Holding Co., Ltd.		1,139,604		1,829,075
Center Laboratories, Inc. (a)		45,088		89,901
Chang Hwa Commercial Bank, Ltd.		1,718,887		1,048,016
China Development Financial Holding Corp.		2,829,272		776,727
China Life Insurance Co., Ltd.		210,800		208,421
China Steel Chemical Corp.		18,877		73,411
China Steel Corp.		1,702,625		1,419,673
Chlitina Holding, Ltd.		41,000		194,579
Chunghwa Telecom Co., Ltd.		367,268		1,246,720
Coland Holdings, Ltd.		100,411		150,406
Compal Electronics, Inc.		881,431		575,178
CTBC Financial Holding Co., Ltd.		2,592,515		1,602,032
Delta Electronics, Inc.		281,787		1,509,117
E.Sun Financial Holding Co., Ltd.		365,839		222,451
Eclat Textile Co., Ltd.		39,574		396,490
eMemory Technology, Inc.		16,000		226,481
Epistar Corp. (a)		189,170		199,192
Everlight Electronics Co., Ltd.		141,996		227,437
Far Eastern New Century Corp.		1,013,170		878,186
Far EasTone Telecommunications Co., Ltd.		143,000		351,108
Feng TAY Enterprise Co., Ltd.		40,902		163,109
Firich Enterprises Co., Ltd.		27,239		51,439
First Financial Holding Co., Ltd.		2,137,508		1,303,251
Formosa Chemicals & Fibre Corp.		593,691		1,847,060
Formosa Petrochemical Corp.		185,000		646,288
Formosa Plastics Corp.		779,137		2,323,866
Foxconn Technology Co., Ltd.		211,519		644,822
Fubon Financial Holding Co., Ltd.		955,998		1,559,591
Giant Manufacturing Co., Ltd.		40,000		236,632
Himax Technologies, Inc. ADR		16,722		152,505
Hiwin Technologies Corp.		25,112		157,661
Hon Hai Precision Industry Co., Ltd.		1,698,950		5,095,310
Hotai Motor Co., Ltd.		36,000		421,785
HTC Corp. (a)		102,710		262,339
Hua Nan Financial Holdings Co., Ltd.		2,054,488		1,147,683
Innolux Corp.		844,753		349,399
Inventec Corp.		325,000		243,676
King Yuan Electronics Co., Ltd.		721,898		666,166
Largan Precision Co., Ltd.		12,710		2,002,267
Lite-On Technology Corp.		480,891		828,890
Macronix International (a)		1,264,374		529,210
Makalot Industrial Co., Ltd.		40,682		166,925
MediaTek, Inc.		194,219		1,376,191
Medigen Biotechnology Corp. (a)		14,000		27,684
Mega Financial Holding Co., Ltd.		1,619,148		1,307,378
Merry Electronics Co., Ltd.		41,000		220,252
MIN AIK Technology Co., Ltd.		32,000		35,963

See accompanying notes to financial statements.

67

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Motech Industries, Inc. (a)		115,507	$	106,590
Nan Ya Plastics Corp.		807,759		1,914,077
Novatek Microelectronics Corp.		138,062		534,639
PChome Online, Inc.		18,792		152,974
Pegatron Corp.		304,630		901,566
Pou Chen Corp.		205,000		283,760
Powertech Technology, Inc.		202,518		589,350
President Chain Store Corp.		48,000		395,485
ProMOS Technologies, Inc. (a) (d)		1,135,850		—
Quanta Computer, Inc.		483,194		982,552
Radiant Opto-Electronics Corp.		41,000		86,209
Realtek Semiconductor Corp.		141,161		504,770
Shin Kong Financial Holding Co., Ltd. (a)		2,205,980		643,418
Silicon Motion Technology Corp. ADR		3,179		148,618
Siliconware Precision Industries Co., Ltd.		371,763		606,485
SinoPac Financial Holdings Co., Ltd.		2,736,459		854,058
Synnex Technology International Corp.		195,000		209,829
Tainan Enterprises Co., Ltd.		472,830		420,744
Taishin Financial Holding Co., Ltd.		2,547,376		1,062,019
Taiwan Cement Corp.		671,216		803,004
Taiwan FU Hsing Industrial Co., Ltd.		183,000		253,007
Taiwan Mobile Co., Ltd.		250,200		919,413
Taiwan Paiho, Ltd.		25,000		85,688
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		393,206		12,912,885
Tatung Co., Ltd. (a)		710,107		304,240
Teco Electric and Machinery Co., Ltd.		150,000		152,509
TPK Holding Co., Ltd. (a)		20,000		70,199
Tripod Technology Corp.		344,361		970,351
Uni-President Enterprises Corp.		743,971		1,395,137
United Integrated Services Co., Ltd.		481,194		1,059,364
United Microelectronics Corp. ADR		431,892		833,552
Walsin Lihwa Corp.		472,000		216,225
Wistron Corp.		692,373		634,357
Yageo Corp.		169,354		461,583
Yuanta Financial Holding Co., Ltd.		1,547,383		652,764
				74,650,585
THAILAND — 4.4%
Advanced Info Service PCL		160,502		838,417
Airports of Thailand PCL		331,000		378,079
Bangkok Expressway & Metro PCL		4,070,132		900,196
Bank of Ayudhya PCL NVDR		161,100		180,498
BEC World PCL		114,600		60,031
Bumrungrad Hospital PCL		33,600		178,939
Central Plaza Hotel PCL		46,700		48,246
Charoen Pokphand Foods PCL		222,900		180,007
Chularat Hospital PCL		1,851,700		134,718
CP ALL PCL		708,500		1,216,486
E for L Aim PCL		2,723,400		11,096
Electricity Generating PCL		169,899		1,058,083
Energy Absolute PCL		218,100		176,130
Gunkul Engineering PCL		1,078,460		167,909
Hana Microelectronics PCL		99,000		135,409
Ichitan Group PCL		128,400		38,487
Indorama Ventures PCL		159,700		163,825
IRPC PCL		2,863,939		429,226
Jasmine International PCL		588,925		144,821
Kasikornbank PCL		54,054		297,307
KCE Electronics PCL		151,300		460,119
MC Group PCL		285,600		171,215
Mega Lifesciences PCL		218,000		168,119
Minor International PCL		305,586		326,818
Nok Airlines PCL (a)		377,100		83,404
PTT Exploration & Production PCL		295,732		800,380
PTT Global Chemical PCL NVDR		74,800		159,450
PTT PCL		105,755		1,191,042
Raimon Land PCL		3,183,700		129,711
Siam Cement PCL NVDR		47,200		741,739
Siam Commercial Bank PCL		227,097		1,077,244
SNC Former PCL		39,000		19,067
Somboon Advance Technology PCL		158,700		76,666
Srisawad Power 1979 PCL		237,911		299,444
Superblock PCL NVDR (a)		973,500		38,529
SVI PCL		926,100		148,230
Thai Beverage PCL		940,500		632,699
Thai Oil PCL		369,564		811,992
Thai Union Group PCL		206,600		128,665
TMB Bank PCL		1,902,900		135,120
True Corp. PCL NVDR		1,371,183		271,344
				14,608,907
TOTAL COMMON STOCKS (Cost $313,264,057)				334,009,165
WARRANTS — 0.0% (f)
MALAYSIA — 0.0% (f)
CB Industrial Product Holding Bhd (expiring 11/6/19) (a)		38,233		3,153
Eastern & Oriental Bhd (expiring 7/21/19) (a)		179,431		10,745
				13,898
THAILAND — 0.0% (f)
E for L Aim PCL (expiring 12/22/17) (a) (e)		272,340		—
Raimon Land PCL (expiring 6/14/18) (a)		1,943,475		7,918
				7,918
TOTAL WARRANTS (Cost $4,897)				21,816
RIGHTS — 0.0% (f)
THAILAND — 0.0% (f)
E for L Aim (a) (e) (Cost $0)		907,800		—
SHORT-TERM INVESTMENTS — 1.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (g) (h)		869,681		869,681
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		4,144,298		4,144,298
TOTAL SHORT-TERM INVESTMENTS (Cost $5,013,979)				5,013,979
TOTAL INVESTMENTS — 101.2% (Cost $318,282,933)				339,044,960
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%				(4,130,502	)
NET ASSETS — 100.0%			$	334,914,458

See accompanying notes to financial statements.

68

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2017.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.7% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2017, total aggregate fair value of the security is $45,543, representing less than 0.05% of the Fund’s net assets.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $187,691 representing 0.1% of the Fund’s net assets.

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

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at March 31, 2017.

(i) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
China	$	142,084,876	$	125,829		$	0	(b)	$	142,210,705
Hong Kong		6,332,541		61,862			45,543			6,439,946
India		61,067,771		—			—			61,067,771
Indonesia		13,451,714		—			0	(b)		13,451,714
Malaysia		14,261,055		—			—			14,261,055
Philippines		7,265,973		—			—			7,265,973
Singapore		52,509		—			—			52,509
Taiwan		74,650,585		—			0	(b)		74,650,585
Thailand		2,321,566		12,287,341			—			14,608,907
Warrants
Malaysia		13,898		—			—			13,898
Thailand		7,918		0	(a)		—			7,918
Rights
Thailand		—		0	(a)		—			—
Short-Term Investments		5,013,979		—			—			5,013,979
TOTAL INVESTMENTS	$	326,524,385	$	12,475,032		$	45,543		$	339,044,960

(a) Fund held Level 2 securities that were valued at $0 at March 31, 2017.

(b) Fund held Level 3 securities that were valued at $0 at March 31, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		931,229	$	931,229		—		931,229		—	$	—	$	33
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		8,135,027		7,265,346		869,681		869,681		1,305
State Street Navigator Securities Lending Government Money Market Portfolio*		7,123,753		7,123,753		9,377,724		12,357,179		4,144,298		4,144,298		63,753
TOTAL			$	8,054,982							$	5,013,979	$	65,091

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

69

SPDR S&P Russia ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AGRICULTURAL PRODUCTS — 0.3%
Ros Agro PLC GDR		7,705	$	94,771
ALUMINUM — 0.6%
United Co. RUSAL PLC		387,000		200,683
DATA PROCESSING & OUTSOURCED SERVICES — 0.5%
QIWI PLC ADR		10,080		172,872
DIVERSIFIED BANKS — 19.3%
Sberbank of Russia PJSC ADR (a)		147,635		1,702,232
Sberbank of Russia PJSC ADR (a)		286,506		3,306,279
TCS Group Holding PLC GDR		14,418		152,110
VTB Bank PJSC GDR		499,841		1,144,136
				6,304,757
DIVERSIFIED METALS & MINING — 4.2%
MMC Norilsk Nickel PJSC ADR		87,498		1,375,469
ELECTRIC UTILITIES — 1.5%
RusHydro PJSC ADR (a)		1,612		2,628
RusHydro PJSC ADR (a)		297,563		482,052
				484,680
FERTILIZERS & AGRICULTURAL CHEMICALS — 1.6%
PhosAgro PJSC GDR		20,473		298,906
Uralkali PJSC (b)		71,505		207,312
				506,218
FOOD RETAIL — 5.7%
Magnit PJSC GDR		32,364		1,236,305
X5 Retail Group NV GDR (b)		19,126		643,590
				1,879,895
HOMEBUILDING — 1.1%
PIK Group PJSC GDR (b)		75,544		372,054
HYPERMARKETS & SUPER CENTERS — 1.2%
Lenta, Ltd. GDR (b)		54,270		369,036
O’Key Group SA GDR		17,807		36,682
				405,718
INTEGRATED OIL & GAS — 34.0%
Gazprom Neft PJSC ADR		16,327		293,070
Gazprom PJSC ADR		951,409		4,252,798
Lukoil PJSC ADR		71,892		3,807,400
Rosneft Oil Co. PJSC GDR		208,786		1,187,992
Surgutneftegas OJSC ADR (a)		106,139		594,378
Surgutneftegas OJSC ADR (a)		194,505		995,866
				11,131,504
INTEGRATED TELECOMMUNICATION SERVICES — 1.5%
Rostelecom PJSC ADR		59,459		486,375
INTERNET SOFTWARE & SERVICES — 4.1%
Mail.Ru Group, Ltd. GDR (b)		20,623		455,768
Yandex NV Class A (b)		40,705		892,661
				1,348,429
IT CONSULTING & OTHER SERVICES — 0.6%
Luxoft Holding, Inc. (b)		3,340		208,917
OIL & GAS EQUIPMENT & SERVICES — 0.3%
TMK PJSC GDR		16,353		86,671
OIL & GAS EXPLORATION & PRODUCTION — 9.4%
Exillon Energy PLC (b)		34,916		65,491
Novatek PJSC GDR		11,917		1,483,666
Tatneft PJSC ADR		41,136		1,515,862
				3,065,019
PRECIOUS METALS & MINERALS — 1.7%
Polymetal International PLC		44,710		554,324
RAILROADS — 0.8%
Globaltrans Investment PLC GDR		33,922		244,238
REAL ESTATE DEVELOPMENT — 1.0%
Etalon Group, Ltd. GDR		30,727		116,148
LSR Group PJSC GDR		55,816		204,845
				320,993
STEEL — 4.4%
Evraz PLC (b)		42,325		114,477
Magnitogorsk Iron & Steel Works OJSC GDR		35,142		299,058
Mechel PJSC ADR (b)		19,983		106,310
Novolipetsk Steel PJSC GDR		17,084		339,972
Severstal PJSC GDR		41,125		592,611
				1,452,428
WIRELESS TELECOMMUNICATION SERVICES — 5.7%
MegaFon PJSC GDR		23,100		270,501
Mobile TeleSystems PJSC ADR		95,521		1,053,597
Sistema PJSC FC GDR		35,629		318,879
VEON, Ltd. ADR		56,314		229,761
				1,872,738
TOTAL COMMON STOCKS (Cost $39,351,699)				32,568,753
SHORT-TERM INVESTMENT — 0.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (c) (d) (Cost $183,112)		183,112		183,112
TOTAL INVESTMENTS — 100.1% (Cost $39,534,811)				32,751,865
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(19,917	)
NET ASSETS — 100.0%			$	32,731,948

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

(b) Non-income producing security

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at March 31, 2017.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

70

SPDR S&P Russia ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Agricultural Products	$	94,771	$	—	$	—	$	94,771
Aluminum		200,683		—		—		200,683
Data Processing & Outsourced Services		172,872		—		—		172,872
Diversified Banks		6,304,757		—		—		6,304,757
Diversified Metals & Mining		1,375,469		—		—		1,375,469
Electric Utilities		484,680		—		—		484,680
Fertilizers & Agricultural Chemicals		506,218		—		—		506,218
Food Retail		1,879,895		—		—		1,879,895
Homebuilding		372,054		—		—		372,054
Hypermarkets & Super Centers		405,718		—		—		405,718
Integrated Oil & Gas		11,131,504		—		—		11,131,504
Integrated Telecommunication Services		486,375		—		—		486,375
Internet Software & Services		1,348,429		—		—		1,348,429
IT Consulting & Other Services		208,917		—		—		208,917
Oil & Gas Equipment & Services		86,671		—		—		86,671
Oil & Gas Exploration & Production		3,065,019		—		—		3,065,019
Precious Metals & Minerals		554,324		—		—		554,324
Railroads		244,238		—		—		244,238
Real Estate Development		320,993		—		—		320,993
Steel		1,452,428		—		—		1,452,428
Wireless Telecommunication Services		1,872,738		—		—		1,872,738
Short-Term Investment		183,112		—		—		183,112
TOTAL INVESTMENTS	$	32,751,865	$	—	$	—	$	32,751,865

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		135,882	$	135,882		43		135,925		—	$	—	$	3
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		819,470		636,358		183,112		183,112		254
TOTAL			$	135,882							$	183,112	$	257

See accompanying notes to financial statements.

71

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 0.1%
AviChina Industry & Technology Co., Ltd. Class H		1,616,000	$	1,120,793
AIR FREIGHT & LOGISTICS — 0.0% (a)
Sinotrans, Ltd. Class H		808,000		377,410
AIRLINES — 0.4%
Air China, Ltd. Class H		1,554,000		1,257,757
China Eastern Airlines Corp., Ltd. Class H (b)		1,418,000		839,323
China Southern Airlines Co., Ltd. Class H		1,126,000		779,500
Shandong Airlines Co., Ltd. Class B		106,000		235,965
				3,112,545
AUTO COMPONENTS — 0.4%
Minth Group, Ltd.		602,000		2,424,577
Xinchen China Power Holdings, Ltd. (c)		730,000		117,416
Xinyi Glass Holdings, Ltd.		974,000		857,256
				3,399,249
AUTOMOBILES — 2.5%
BAIC Motor Corp., Ltd. Class H (d)		865,400		983,270
Brilliance China Automotive Holdings, Ltd.		1,576,000		2,636,299
Byd Co., Ltd. Class H (b) (c)		401,000		2,223,908
Chongqing Changan Automobile Co., Ltd. Class B		727,300		1,010,724
Dongfeng Motor Group Co., Ltd. Class H		2,009,300		2,257,118
Geely Automobile Holdings, Ltd.		3,505,000		5,366,982
Great Wall Motor Co., Ltd. Class H		2,208,500		2,514,987
Guangzhou Automobile Group Co., Ltd. Class H		1,606,637		2,571,777
Qingling Motors Co., Ltd. Class H		2,340,000		761,783
				20,326,848
BANKS — 16.4%
Agricultural Bank of China, Ltd. Class H		15,898,000		7,323,533
Bank of China, Ltd. Class H		44,544,700		22,124,756
Bank of Chongqing Co., Ltd. Class H		1,762,000		1,525,865
Bank of Communications Co., Ltd. Class H		13,690,824		10,640,491
China CITIC Bank Corp., Ltd. Class H		6,706,471		4,444,229
China Construction Bank Corp. Class H		54,733,623		44,017,904
China Merchants Bank Co., Ltd. Class H		2,439,735		6,451,336
China Minsheng Banking Corp., Ltd. Class H		4,352,800		4,648,812
Chongqing Rural Commercial Bank Co., Ltd. Class H		1,744,000		1,178,151
Harbin Bank Co., Ltd. Class H (b) (d)		3,584,000		1,116,037
Huishang Bank Corp., Ltd. Class H		1,625,000		790,388
Industrial & Commercial Bank of China, Ltd. Class H		45,233,789		29,567,992
Shengjing Bank Co., Ltd. Class H (d)		550,500		504,350
				134,333,844
BEVERAGES — 0.2%
Tibet Water Resources, Ltd.		1,391,000		574,549
Tsingtao Brewery Co., Ltd. Class H		199,000		916,709
				1,491,258
BIOTECHNOLOGY — 0.3%
3SBio, Inc. (b) (c) (d)		510,000		629,994
BeiGene, Ltd. ADR (c)		18,184		665,716
China Biologic Products, Inc. (c)		10,282		1,029,537
Shanghai Haohai Biological Technology Co., Ltd. Class H (d)		15,500		71,502
				2,396,749
BUILDING PRODUCTS — 0.0% (a)
China Lesso Group Holdings, Ltd.		352,000		297,580
CAPITAL MARKETS — 2.1%
Central China Securities Co., Ltd. Class H (b)		356,000		191,937
China Cinda Asset Management Co., Ltd. Class H		8,119,200		3,155,116
China Everbright, Ltd.		606,000		1,222,683
China Financial International Investments, Ltd. (c)		3,970,000		199,228
China Galaxy Securities Co., Ltd. Class H		1,960,000		1,808,300
China Huarong Asset Management Co., Ltd. (c) (d)		1,149,000		470,156
CITIC Securities Co., Ltd. Class H		1,303,500		2,683,652
GF Securities Co., Ltd. Class H		1,004,000		2,103,213
Guotai Junan International Holdings, Ltd.		1,708,000		553,839
Haitong Securities Co., Ltd. Class H		1,883,400		3,184,440
Huatai Securities Co., Ltd. Class H (d)		664,800		1,293,415
Noah Holdings, Ltd. ADS (b) (c)		14,483		367,579
Shenwan Hongyuan HK, Ltd.		500,000		213,601
				17,447,159
CHEMICALS — 0.4%
China BlueChemical, Ltd. Class H		1,894,000		609,277
China Lumena New Materials Corp. (b) (c) (e)		3,564,548		—
Fufeng Group, Ltd.		553,000		445,446
Sinopec Shanghai Petrochemical Co., Ltd. Class H		2,619,999		1,453,026
Yingde Gases Group Co., Ltd. (b)		1,075,000		829,956
				3,337,705
COMMERCIAL SERVICES & SUPPLIES — 0.7%
China Everbright International, Ltd.		1,807,000		2,432,120
China Evergrande Group		2,911,600		2,697,487
Dongjiang Environmental Co., Ltd. Class H		148,600		256,988
Yestar Healthcare Holdings Co., Ltd.		680,000		352,622
				5,739,217
COMMUNICATIONS EQUIPMENT — 0.4%
BYD Electronic International Co., Ltd.		482,000		669,832
China All Access Holdings, Ltd. (b)		1,244,000		368,166
China Fiber Optic Network System Group, Ltd. (c) (f)		1,131,600		101,926

See accompanying notes to financial statements.

72

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Comba Telecom Systems Holdings, Ltd.		1,370,310	$	223,933
Shanghai Potevio Co., Ltd. Class B (c)		264,700		202,231
Suncorp Technologies, Ltd. (c)		8,100,000		58,367
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (d)		306,000		595,344
ZTE Corp. Class H		635,397		1,165,896
				3,385,695
CONSTRUCTION & ENGINEERING — 1.4%
China Communications Construction Co., Ltd. Class H		2,806,394		3,957,805
China Machinery Engineering Corp. Class H		450,000		330,052
China Railway Construction Corp., Ltd. Class H		1,131,375		1,604,292
China Railway Group, Ltd. Class H		2,513,000		2,247,359
China Singyes Solar Technologies Holdings, Ltd. (b)		364,000		163,932
China State Construction International Holdings, Ltd.		982,000		1,756,392
Concord New Energy Group, Ltd.		3,490,000		177,385
Metallurgical Corp. of China, Ltd. Class H		1,602,000		610,168
Sinopec Engineering Group Co., Ltd. Class H		1,012,500		1,039,664
				11,887,049
CONSTRUCTION MATERIALS — 0.8%
Anhui Conch Cement Co., Ltd. Class H		952,500		3,235,669
BBMG Corp. Class H		1,217,000		505,811
China National Building Material Co., Ltd. Class H		2,558,000		1,645,757
China Resources Cement Holdings, Ltd.		761,163		426,051
China Shanshui Cement Group, Ltd. (b) (c) (e)		1,896,000		91,488
CSG Holding Co., Ltd. Class B		388,000		285,577
				6,190,353
CONSUMER FINANCE — 0.3%
China Financial Services Holdings, Ltd.		2,930,000		271,453
Credit China Fintech Holdings, Ltd. (b) (c)		14,802,900		2,000,006
				2,271,459
CONTAINERS & PACKAGING — 0.1%
AMVIG Holdings, Ltd.		1,206,000		403,474
Beijing Enterprises Clean Energy Group, Ltd. (c)		8,160,000		220,498
Greatview Aseptic Packaging Co., Ltd.		447,000		223,745
				847,717
DISTRIBUTORS — 0.1%
Qianhai Health Holdings, Ltd. (b) (c)		10,890,000		127,516
Xinhua Winshare Publishing and Media Co., Ltd. Class H		581,000		528,556
				656,072
DIVERSIFIED CONSUMER SERVICES — 1.2%
China Maple Leaf Educational Systems, Ltd. (b)		448,000		337,809
Fu Shou Yuan International Group, Ltd.		674,000		411,954
New Oriental Education & Technology Group, Inc. ADR (c)		86,749		5,237,904
TAL Education Group ADR (c)		36,102		3,847,390
				9,835,057
DIVERSIFIED FINANCIAL SERVICES — 0.1%
Far East Horizon, Ltd.		1,084,000		1,018,233
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.3%
China Communications Services Corp., Ltd. Class H		2,039,600		1,335,851
China Telecom Corp., Ltd. Class H		8,806,951		4,294,968
China Unicom Hong Kong, Ltd.		3,603,805		4,822,695
CITIC Telecom International Holdings, Ltd.		1,146,000		348,010
				10,801,524
ELECTRICAL EQUIPMENT — 0.5%
Boer Power Holdings, Ltd. (b)		198,000		66,497
Dongfang Electric Corp., Ltd. Class H		243,000		229,508
Shanghai Electric Group Co., Ltd. Class H (b) (c)		1,982,000		981,882
Tech Pro Technology Development, Ltd. (b) (c)		4,435,396		81,043
Xinjiang Goldwind Science & Technology Co., Ltd. Class H		263,200		396,248
Zhuzhou CRRC Times Electric Co., Ltd. Class H		402,000		2,136,344
				3,891,522
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.6%
AAC Technologies Holdings, Inc.		450,245		5,269,225
Anxin-China Holdings, Ltd. (c) (e)		3,068,000		—
AVIC International Holdings, Ltd. Class H		622,030		309,754
Digital China Holdings, Ltd. (b)		708,000		621,316
Dongxu Optoelectronic Technology Co., Ltd. Class B		1,410,700		1,107,286
Ju Teng International Holdings, Ltd.		1,032,000		423,609
Kingboard Chemical Holdings, Ltd.		602,999		2,226,864
Sunny Optical Technology Group Co., Ltd.		401,000		2,930,811
Wasion Group Holdings, Ltd.		350,000		184,199
				13,073,064
ENERGY EQUIPMENT & SERVICES — 0.2%
Anton Oilfield Services Group (c)		908,000		107,490
China Oilfield Services, Ltd. Class H		1,173,900		1,126,848
Hilong Holding, Ltd. (b)		658,000		143,936
Sinopec Oilfield Service Corp. Class H (b) (c)		1,276,000		251,210
				1,629,484
FOOD & STAPLES RETAILING — 0.4%
China Resources Beer Holdings Co., Ltd. (c)		983,667		2,237,822
Sun Art Retail Group, Ltd.		1,344,500		1,259,468
				3,497,290
FOOD PRODUCTS — 2.0%
Biostime International Holdings, Ltd. (b) (c)		152,500		507,254

See accompanying notes to financial statements.

73

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
China Agri-Industries Holdings, Ltd. (c)		1,535,600	$	772,592
China Huishan Dairy Holdings Co., Ltd. (b) (f)		2,729,000		147,485
China Huiyuan Juice Group, Ltd. (c)		694,000		217,001
China Mengniu Dairy Co., Ltd.		1,803,220		3,735,681
China Yurun Food Group, Ltd. (b) (c)		1,117,000		169,602
CP Pokphand Co., Ltd. (b)		3,140,000		290,909
Imperial Pacific International Holdings, Ltd. (b) (c)		28,750,300		499,426
Shenguan Holdings Group, Ltd.		1,482,000		110,604
Tingyi Cayman Islands Holding Corp.		1,407,844		1,768,070
Uni-President China Holdings, Ltd. (b)		1,156,400		813,936
Want Want China Holdings, Ltd. (b)		4,410,933		3,053,570
WH Group, Ltd. (d)		4,506,106		3,884,824
YuanShengTai Dairy Farm, Ltd. (c)		2,263,000		148,508
				16,119,462
GAS UTILITIES — 0.6%
China Gas Holdings, Ltd.		1,406,000		2,265,086
China Oil & Gas Group, Ltd. (c)		1,596,000		121,166
China Resources Gas Group, Ltd.		603,000		2,133,758
				4,520,010
HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		1,580,000		1,130,387
HEALTH CARE PROVIDERS & SERVICES — 0.7%
China Resources Phoenix Healthcare Holdings Co., Ltd. (c)		401,000		492,769
Huayi Tencent Entertainment Co., Ltd. (b) (c)		1,310,000		65,740
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		663,300		1,736,879
Sinopharm Group Co., Ltd. Class H		721,200		3,345,462
Universal Health International Group Holding, Ltd. (c)		662,000		23,425
				5,664,275
HOTELS, RESTAURANTS & LEISURE — 1.0%
Ajisen China Holdings, Ltd.		453,000		174,287
China Lodging Group, Ltd. ADR (c)		17,343		1,076,133
China Travel International Investment Hong Kong, Ltd. (b)		2,838,000		858,174
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		1,156,187		304,984
Yum China Holdings, Inc. (c)		205,605		5,592,456
				8,006,034
HOUSEHOLD DURABLES — 0.4%
Haier Electronics Group Co., Ltd.		878,000		2,010,989
Hisense Kelon Electrical Holdings Co., Ltd. Class H		292,000		428,334
Skyworth Digital Holdings, Ltd.		1,603,423		1,056,363
				3,495,686
HOUSEHOLD PRODUCTS — 0.1%
Vinda International Holdings, Ltd. (b)		406,000		778,408
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.3%
Beijing Jingneng Clean Energy Co., Ltd. Class H		1,154,000		351,924
CGN Power Co., Ltd. Class H (d)		7,428,000		2,293,920
China Datang Corp. Renewable Power Co., Ltd. Class H (c)		1,900,000		195,587
China Longyuan Power Group Corp., Ltd. Class H		2,211,000		1,718,386
China Power International Development, Ltd.		2,258,000		839,686
China Resources Power Holdings Co., Ltd.		1,178,092		2,125,311
Datang International Power Generation Co., Ltd. Class H		2,840,287		855,211
Huadian Fuxin Energy Corp., Ltd. Class H		1,814,000		406,146
Huadian Power International Corp., Ltd. Class H (b)		964,000		410,582
Huaneng Power International, Inc. Class H		2,550,129		1,703,039
				10,899,792
INDUSTRIAL CONGLOMERATES — 1.1%
Beijing Enterprises Holdings, Ltd.		401,500		2,076,858
CITIC, Ltd.		4,001,000		5,704,314
Shanghai Industrial Holdings, Ltd.		299,000		879,129
				8,660,301
INSURANCE — 5.7%
China Life Insurance Co., Ltd. Class H		4,462,040		13,693,580
China Pacific Insurance Group Co., Ltd. Class H		1,480,400		5,343,270
China Taiping Insurance Holdings Co., Ltd. (c)		744,891		1,803,879
Fanhua, Inc. ADR (c)		25,497		220,039
New China Life Insurance Co., Ltd. Class H		392,100		1,866,782
People’s Insurance Co. Group of China, Ltd. Class H		4,622,000		1,915,054
PICC Property & Casualty Co., Ltd. Class H		2,802,858		4,320,690
Ping An Insurance Group Co. of China, Ltd. Class H		3,090,600		17,299,247
				46,462,541
INTERNET & CATALOG RETAIL — 3.7%
Ctrip.com International, Ltd. ADR (c)		214,594		10,547,295
JD.com, Inc. ADR (c)		546,525		17,002,393
Vipshop Holdings, Ltd. ADR (c)		213,019		2,841,673
				30,391,361
INTERNET SOFTWARE & SERVICES — 25.2%
21Vianet Group, Inc. ADR (c)		38,614		211,991
58.com, Inc. ADR (c)		34,715		1,228,564
Alibaba Group Holding, Ltd. ADR (c)		631,498		68,094,429
Autohome, Inc. ADR (c)		10,533		334,633
Baidu, Inc. ADR (c)		158,828		27,401,007
Baozun, Inc. ADR (c)		13,854		206,979
Bitauto Holdings, Ltd. ADR (c)		18,380		470,712
Fang Holdings, Ltd. ADR (b) (c)		112,940		368,184
Momo, Inc. ADR (c)		27,666		942,581
NetEase, Inc. ADR		44,349		12,595,116
Phoenix New Media, Ltd. ADR (c)		38,576		134,630
SINA Corp. (c)		40,368		2,911,340

See accompanying notes to financial statements.

74

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Sohu.com, Inc. (c)		26,313	$	1,034,890
Tencent Holdings, Ltd.		3,116,215		89,338,313
Tian Ge Interactive Holdings, Ltd. (d)		128,000		100,964
Weibo Corp. ADR (b) (c)		4,048		211,225
YY, Inc. ADR (c)		17,480		806,003
				206,391,561
IT SERVICES — 0.3%
AGTech Holdings, Ltd. (b) (c)		1,420,000		275,906
Chinasoft International, Ltd. (c)		544,000		312,897
Hi Sun Technology China, Ltd. (b) (c)		1,350,000		237,985
TravelSky Technology, Ltd. Class H		804,000		1,899,432
				2,726,220
MACHINERY — 1.3%
China Conch Venture Holdings, Ltd.		689,000		1,352,910
China Huarong Energy Co., Ltd. (c)		567,900		31,422
China International Marine Containers Group. Co., Ltd. Class H		508,500		868,929
CIMC Enric Holdings, Ltd. (b)		572,000		359,179
CRRC Corp., Ltd. Class H		2,608,950		2,534,591
First Tractor Co., Ltd. Class H		348,000		203,297
Haitian International Holdings, Ltd.		593,000		1,379,584
Lonking Holdings, Ltd.		2,184,000		660,413
Weichai Power Co., Ltd. Class H		1,006,840		1,777,500
Yangzijiang Shipbuilding Holdings, Ltd.		1,758,600		1,422,184
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H		846,800		454,373
				11,044,382
MARINE — 0.2%
COSCO SHIPPING Development Co., Ltd. Class H (c)		2,063,500		462,007
COSCO SHIPPING Energy Transportation Co., Ltd. Class H		807,800		456,314
COSCO SHIPPING Holdings Co., Ltd. Class H (b) (c)		1,391,175		637,275
SITC International Holdings Co., Ltd.		661,000		454,190
				2,009,786
MEDIA — 0.2%
Alibaba Pictures Group, Ltd. (c)		6,880,000		1,248,253
Poly Culture Group Corp., Ltd. Class H		90,900		217,323
Wisdom Sports Group (c)		1,027,000		243,155
				1,708,731
METALS & MINING — 1.2%
Aluminum Corp. of China, Ltd. Class H (c)		3,428,000		1,676,176
Angang Steel Co., Ltd. Class H (b) (c)		1,005,720		715,645
China Hongqiao Group, Ltd. (b) (f)		421,000		381,915
China Metal Recycling Holdings, Ltd. (b) (c) (e)		268,085		—
China Molybdenum Co., Ltd. Class H (b)		3,579,000		1,266,454
China Zhongwang Holdings, Ltd. (b)		796,400		357,645
Jiangxi Copper Co., Ltd. Class H		918,000		1,429,299
Maanshan Iron & Steel Co., Ltd. Class H (c)		1,714,000		617,538
MMG, Ltd. (c)		1,148,000		428,386
Munsun Capital Group, Ltd. (b) (c)		4,050,000		100,579
Shougang Fushan Resources Group, Ltd.		2,566,000		472,158
Zhaojin Mining Industry Co., Ltd. Class H (b)		725,000		634,369
Zijin Mining Group Co., Ltd. Class H		4,830,750		1,790,203
				9,870,367
MULTILINE RETAIL — 0.3%
Golden Eagle Retail Group, Ltd. (b)		508,120		788,513
Intime Retail Group Co., Ltd.		898,500		1,128,400
Parkson Retail Group, Ltd. (b)		1,580,500		197,270
				2,114,183
OIL, GAS & CONSUMABLE FUELS — 5.3%
China Coal Energy Co., Ltd. Class H (c)		1,748,013		881,710
China Petroleum & Chemical Corp. Class H		14,976,640		12,140,878
China Shenhua Energy Co., Ltd. Class H		2,202,200		5,111,972
China Suntien Green Energy Corp., Ltd. Class H (b)		932,000		179,888
CNOOC, Ltd.		9,778,174		11,676,183
Kunlun Energy Co., Ltd.		2,411,400		2,234,070
NewOcean Energy Holdings, Ltd. (b)		698,000		199,390
PetroChina Co., Ltd. Class H		12,558,930		9,195,176
Sinopec Kantons Holdings, Ltd.		1,002,000		544,096
Yanzhou Coal Mining Co., Ltd. Class H		1,215,900		944,996
				43,108,359
PAPER & FOREST PRODUCTS — 0.4%
Lee & Man Paper Manufacturing, Ltd.		1,911,000		1,460,637
Nine Dragons Paper Holdings, Ltd.		1,511,000		1,623,477
				3,084,114
PERSONAL PRODUCTS — 0.5%
Hengan International Group Co., Ltd.		500,500		3,722,435
PHARMACEUTICALS — 1.5%
China Animal Healthcare, Ltd. (c) (e)		763,600		—
China Medical System Holdings, Ltd.		787,300		1,395,998
China Shineway Pharmaceutical Group, Ltd.		291,000		318,278
Consun Pharmaceutical Group, Ltd.		573,000		331,789
CSPC Pharmaceutical Group, Ltd.		1,808,000		2,368,325
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H		190,000		559,866
Hua Han Health Industry Holdings, Ltd. (b) (c) (e)		3,728,400		190,702
Luye Pharma Group, Ltd.		1,028,500		622,010
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. Class H		190,000		399,485
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		202,000		743,383
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H (b)		510,000		419,340
Sihuan Pharmaceutical Holdings Group, Ltd.		1,284,000		487,396
Sino Biopharmaceutical, Ltd.		3,212,000		2,645,152
SSY Group, Ltd.		1,808,332		719,005

See accompanying notes to financial statements.

75

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Tong Ren Tang Technologies Co., Ltd. Class H		399,000	$	709,539
				11,910,268
REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.2%
Agile Group Holdings, Ltd.		1,390,747		1,204,366
Beijing Capital Land, Ltd. Class H		812,000		366,740
Carnival Group International Holdings, Ltd. (b) (c)		6,786,800		733,566
China Jinmao Holdings Group, Ltd.		1,546,000		495,341
China Overseas Land & Investment, Ltd.		2,773,862		7,923,790
China Overseas Property Holdings, Ltd. (b)		932,620		171,607
China Resources Land, Ltd.		1,800,555		4,865,426
China South City Holdings, Ltd. (b)		2,084,000		429,055
China Vanke Co., Ltd. Class H		833,364		2,251,900
Colour Life Services Group Co., Ltd.		279,000		179,502
Country Garden Holdings Co., Ltd.		5,713,500		5,138,952
Fullshare Holdings, Ltd. (b)		2,650,000		1,173,004
Future Land Holdings Co., Ltd. Class A		588,294		1,312,860
Greentown China Holdings, Ltd. (b) (c)		367,000		349,456
Guangzhou R&F Properties Co., Ltd. Class H		926,624		1,447,496
Hopson Development Holdings, Ltd.		386,000		355,131
Hydoo International Holding, Ltd. (b)		1,278,000		110,179
KWG Property Holding, Ltd.		704,592		510,436
Longfor Properties Co., Ltd.		856,500		1,408,489
Poly Property Group Co., Ltd. (b) (c)		1,247,000		519,884
Redco Properties Group, Ltd. (b) (c) (d)		394,200		155,722
Renhe Commercial Holdings Co., Ltd. (b) (c)		8,481,000		212,803
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		297,650		430,700
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		779,960		1,230,777
Shenzhen Investment, Ltd.		1,747,458		782,494
Shimao Property Holdings, Ltd.		1,107,441		1,758,454
Shui On Land, Ltd.		2,926,000		658,882
Sino-Ocean Group Holding, Ltd.		3,271,212		1,536,373
SOHO China, Ltd.		898,500		480,957
Sunac China Holdings, Ltd.		1,189,300		1,542,578
Yanlord Land Group, Ltd.		393,300		510,871
Yuexiu Property Co., Ltd.		6,086,000		1,033,715
Yuzhou Properties Co., Ltd.		2,431,840		1,013,853
Zall Group, Ltd. (b) (c)		618,000		380,112
				42,675,471
ROAD & RAIL — 0.2%
CAR, Inc. (c)		765,300		717,884
Dazhong Transportation Group Co., Ltd. Class B		372,000		263,376
Guangshen Railway Co., Ltd. Class H		1,396,000		844,264
				1,825,524
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%
China Soft Power Technology Holdings, Ltd. (b) (c)		2,163,000		43,419
GCL-Poly Energy Holdings, Ltd. (b) (c)		6,832,000		905,483
Hanergy Thin Film Power Group, Ltd. (b) (c)		17,589,376		—
JinkoSolar Holding Co., Ltd. ADR (b) (c)		13,246		219,486
Semiconductor Manufacturing International Corp. (b) (c)		2,114,100		2,616,952
Shunfeng International Clean Energy, Ltd. (c)		664,000		43,575
Xinyi Solar Holdings, Ltd. (b)		2,428,000		774,810
				4,603,725
SOFTWARE — 0.4%
Boyaa Interactive International, Ltd. (b) (c)		296,000		159,969
Cheetah Mobile, Inc. ADR (b) (c)		15,107		162,249
Kingdee International Software Group Co., Ltd. (b) (c)		1,010,000		417,178
Kingsoft Corp., Ltd.		490,000		1,349,289
NetDragon Websoft Holdings, Ltd. (b)		200,000		608,634
Shanghai Baosight Software Co., Ltd. Class B		345,500		522,396
V1 Group, Ltd. (c)		2,046,000		69,767
				3,289,482
SPECIALTY RETAIL — 0.4%
Baoxin Auto Group, Ltd. (b) (c)		849,074		430,464
BEP International Holdings, Ltd.		5,490,000		303,764
China Harmony New Energy Auto Holding, Ltd.		790,000		331,390
GOME Electrical Appliances Holding, Ltd.		6,770,279		923,438
Hengdeli Holdings, Ltd. (c)		2,552,895		384,339
Zhongsheng Group Holdings, Ltd.		511,500		760,849
				3,134,244
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5%
Coolpad Group, Ltd. (b) (c)		2,629,400		243,604
Huaneng Renewables Corp., Ltd. Class H		2,386,000		825,882
Lenovo Group, Ltd.		4,410,000		2,905,385
				3,974,871
TEXTILES,APPAREL & LUXURY GOODS — 1.1%
ANTA Sports Products, Ltd.		592,000		1,637,779
Belle International Holdings, Ltd.		3,611,000		2,346,465
Bosideng International Holdings, Ltd.		3,166,000		272,949
China Dongxiang Group Co., Ltd.		2,971,000		569,618
China Jicheng Holdings, Ltd. (b) (c) (d)		9,125,000		230,136
Cosmo Lady China Holdings Co., Ltd. (b) (d)		298,000		89,344
Lao Feng Xiang Co., Ltd. Class B		172,911		609,165
Li Ning Co., Ltd. (c)		1,315,707		772,003
Shenzhou International Group Holdings, Ltd.		401,000		2,530,921
				9,058,380
TRADING COMPANIES & DISTRIBUTORS — 0.0% (a)
CITIC Resources Holdings, Ltd. (c)		1,788,000		234,673
TRANSPORTATION INFRASTRUCTURE — 1.4%
Anhui Expressway Co., Ltd. Class H		606,000		479,560

See accompanying notes to financial statements.

76

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Beijing Capital International Airport Co., Ltd. Class H		1,371,939	$	1,641,772
China Merchants Port Holdings Co., Ltd.		786,838		2,303,360
COSCO SHIPPING International Hong Kong Co., Ltd.		600,000		257,865
COSCO SHIPPING Ports, Ltd.		1,031,349		1,138,644
Dalian Port PDA Co., Ltd. Class H		1,158,200		216,096
HNA Infrastructure Co., Ltd.		383,000		339,558
Jiangsu Expressway Co., Ltd. Class H		774,795		1,112,618
Qingdao Port International Co., Ltd. Class H (d)		841,000		469,657
Shenzhen Expressway Co., Ltd. Class H		610,000		552,583
Shenzhen International Holdings, Ltd.		674,908		1,106,392
Sichuan Expressway Co., Ltd. Class H		796,000		335,956
Xiamen International Port Co., Ltd. Class H		965,000		203,642
Yuexiu Transport Infrastructure, Ltd.		372,000		287,682
Zhejiang Expressway Co., Ltd. Class H		810,000		1,058,946
				11,504,331
WATER UTILITIES — 0.7%
Beijing Enterprises Water Group, Ltd. (c)		3,212,000		2,380,637
CT Environmental Group, Ltd. (b)		1,718,400		364,841
Guangdong Investment, Ltd.		2,004,000		2,857,147
Kangda International Environmental Co., Ltd. (d)		736,000		186,569
				5,789,194
WIRELESS TELECOMMUNICATION SERVICES — 4.4%
China Mobile, Ltd.		3,296,004		36,070,918
TOTAL COMMON STOCKS (Cost $822,623,351)				818,344,352
SHORT-TERM INVESTMENTS — 2.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (g) (h)		1,117,623		1,117,623
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		17,336,388		17,336,388
TOTAL SHORT-TERM INVESTMENTS (Cost $18,454,011)				18,454,011
TOTAL INVESTMENTS — 102.1% (Cost $841,077,362)				836,798,363
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.1)%				(17,268,211	)
NET ASSETS — 100.0%			$	819,530,152

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

(b) All or a portion of the shares of the security are on loan at March 31, 2017.

(c) Non-income producing security.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.6% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2017, total aggregate fair value of the security is $282,190, representing less than 0.05% of the Fund’s net assets.

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $631,326 representing 0.1% of the Fund’s net assets.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at March 31, 2017.

(i) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

ADS = American Depositary Shares

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	1,120,793	$	—	$	—	$	1,120,793
Air Freight & Logistics		377,410		—		—		377,410
Airlines		3,112,545		—		—		3,112,545
Auto Components		3,399,249		—		—		3,399,249
Automobiles		20,326,848		—		—		20,326,848
Banks		134,333,844		—		—		134,333,844
Beverages		1,491,258		—		—		1,491,258

See accompanying notes to financial statements.

77

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Biotechnology	$	2,396,749	$	—	$	—		$	2,396,749
Building Products		297,580		—		—			297,580
Capital Markets		17,447,159		—		—			17,447,159
Chemicals		3,337,705		—		0	(a)		3,337,705
Commercial Services & Supplies		5,739,217		—		—			5,739,217
Communications Equipment		3,283,769		101,926		—			3,385,695
Construction & Engineering		11,887,049		—		—			11,887,049
Construction Materials		6,098,865		—		91,488			6,190,353
Consumer Finance		2,271,459		—		—			2,271,459
Containers & Packaging		847,717		—		—			847,717
Distributors		656,072		—		—			656,072
Diversified Consumer Services		9,835,057		—		—			9,835,057
Diversified Financial Services		1,018,233		—		—			1,018,233
Diversified Telecommunication Services		10,801,524		—		—			10,801,524
Electrical Equipment		3,891,522		—		—			3,891,522
Electronic Equipment, Instruments & Components		13,073,064		—		0	(a)		13,073,064
Energy Equipment & Services		1,629,484		—		—			1,629,484
Food & Staples Retailing		3,497,290		—		—			3,497,290
Food Products		15,971,977		147,485		—			16,119,462
Gas Utilities		4,520,010		—		—			4,520,010
Health Care Equipment & Supplies		1,130,387		—		—			1,130,387
Health Care Providers & Services		5,664,275		—		—			5,664,275
Hotels, Restaurants & Leisure		8,006,034		—		—			8,006,034
Household Durables		3,495,686		—		—			3,495,686
Household Products		778,408		—		—			778,408
Independent Power Producers & Energy Traders		10,899,792		—		—			10,899,792
Industrial Conglomerates		8,660,301		—		—			8,660,301
Insurance		46,462,541		—		—			46,462,541
Internet & Catalog Retail		30,391,361		—		—			30,391,361
Internet Software & Services		206,391,561		—		—			206,391,561
IT Services		2,726,220		—		—			2,726,220
Machinery		11,044,382		—		—			11,044,382
Marine		2,009,786		—		—			2,009,786
Media		1,708,731		—		—			1,708,731
Metals & Mining		9,488,452		381,915		0	(a)		9,870,367
Multiline Retail		2,114,183		—		—			2,114,183
Oil, Gas & Consumable Fuels		43,108,359		—		—			43,108,359
Paper & Forest Products		3,084,114		—		—			3,084,114
Personal Products		3,722,435		—		—			3,722,435
Pharmaceuticals		11,719,566		—		190,702			11,910,268
Real Estate Management & Development		42,675,471		—		—			42,675,471
Road & Rail		1,825,524		—		—			1,825,524
Semiconductors & Semiconductor Equipment		4,603,725		—		0	(a)		4,603,725
Software		3,289,482		—		—			3,289,482
Specialty Retail		3,134,244		—		—			3,134,244
Technology Hardware, Storage & Peripherals		3,974,871		—		—			3,974,871
Textiles, Apparel & Luxury Goods		9,058,380		—		—			9,058,380
Trading Companies & Distributors		234,673		—		—			234,673
Transportation Infrastructure		11,504,331		—		—			11,504,331
Water Utilities		5,789,194		—		—			5,789,194
Wireless Telecommunication Services		36,070,918		—		—			36,070,918
Short-Term Investments		18,454,011		—		—			18,454,011
TOTAL INVESTMENTS	$	835,884,847	$	631,326	$	282,190		$	836,798,363

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2017.

See accompanying notes to financial statements.

78

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		1,571,854	$	1,571,854		—		1,571,854		—	$	—	$	36
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		50,913,426		49,795,803		1,117,623		1,117,623		2,870
State Street Navigator Securities Lending Government Money Market Portfolio*		32,855,648		32,855,648		33,290,170		48,809,430		17,336,388		17,336,388		389,550
TOTAL			$	34,427,502							$	18,454,011	$	392,456

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio

See accompanying notes to financial statements.

79

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 1.1%
AVIC Aero-Engine Controls Co., Ltd. Class A		700	$	2,497
AVIC Aircraft Co., Ltd. Class A		1,400		5,005
Avic Aviation Engine Corp. PLC Class A		800		3,908
AVIC Helicopter Co., Ltd. Class A		400		2,902
Changchun UP Optotech Co., Ltd. Class A		300		2,025
China Avionics Systems Co., Ltd. Class A		800		2,240
China Spacesat Co., Ltd. Class A		700		3,266
Sichuan Chengfa Aero-Science & Technology Co., Ltd. Class A		400		2,083
				23,926
AIR FREIGHT & LOGISTICS — 0.5%
Citic Offshore Helicopter Co., Ltd. Class A		1,300		2,235
Jiangsu Aucksun Co., Ltd. Class A		4,700		6,377
Sinotrans Air Transportation Development Co., Ltd. Class A		1,100		2,870
				11,482
AIRLINES — 1.1%
Air China, Ltd. Class A		3,000		3,609
China Eastern Airlines Corp., Ltd. Class A		4,300		4,286
China Southern Airlines Co., Ltd. Class A		4,700		5,497
Hainan Airlines Co., Ltd. Class A (a)		11,900		5,957
Spring Airlines Co., Ltd. Class A		700		3,528
				22,877
AUTO COMPONENTS — 2.0%
Anhui Zhongding Sealing Parts Co., Ltd. Class A		1,500		5,350
China Shipbuilding Industry Group Power Co., Ltd. Class A (a)		1,000		4,691
Fangda Special Steel Technology Co., Ltd. Class A		2,400		2,532
Fuyao Glass Industry Group Co., Ltd. Class A		2,500		8,202
Greatoo Intelligent Equipment, Inc.		5,100		2,671
Huayu Automotive Systems Co., Ltd. Class A		1,700		4,492
Sailun Jinyu Group Co., Ltd. Class A		5,940		3,525
Wanxiang Qianchao Co., Ltd. Class A		1,300		2,260
Weifu High-Technology Group Co., Ltd. Class A		1,000		3,315
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. Class A		800		2,411
Zhejiang Wanfeng Auto Wheel Co., Ltd. Class A		1,100		3,583
				43,032
AUTOMOBILES — 1.1%
Anhui Jianghuai Automobile Group Corp., Ltd Class A		1,400		2,381
Beiqi Foton Motor Co., Ltd. Class A		10,600		5,029
Byd Co., Ltd. Class A		700		4,877
Chongqing Changan Automobile Co., Ltd. Class A		2,200		5,037
FAW CAR Co., Ltd. Class A		1,500		2,560
Haima Automobile Group Co., Ltd. Class A		4,100		3,510
				23,394
BANKS — 10.4%
Agricultural Bank of China, Ltd. Class A		38,400		18,610
Bank of Beijing Co., Ltd. Class A		2,280		3,179
Bank of China, Ltd. Class A		37,100		19,918
Bank of Communications Co., Ltd. Class A		12,800		11,571
Bank of Nanjing Co., Ltd. Class A		3,960		6,907
Bank of Ningbo Co., Ltd. Class A		3,000		8,018
China CITIC Bank Corp., Ltd. Class A		3,200		3,116
China Everbright Bank Co., Ltd. Class A		20,300		12,106
China Merchants Bank Co., Ltd. Class A		10,300		28,650
China Minsheng Banking Corp., Ltd. Class A		14,500		17,841
Huaxia Bank Co., Ltd. Class A		6,100		9,993
Industrial & Commercial Bank of China, Ltd. Class A		15,600		10,956
Industrial Bank Co., Ltd. Class A		14,400		33,870
Ping An Bank Co., Ltd. Class A		8,520		11,336
Shanghai Pudong Development Bank Co., Ltd. Class A		12,540		29,131
				225,202
BEVERAGES — 4.4%
Beijing Yanjing Brewery Co., Ltd. Class A		3,200		3,482
Chongqing Brewery Co., Ltd. Class A		2,200		6,921
Hainan Yedao Co., Ltd. Class A (a)		1,400		2,324
Hebei Hengshui Laobaigan Liquor Co., Ltd. Class A		750		2,515
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A		500		6,339
Kweichow Moutai Co., Ltd. Class A		1,000		56,061
Luzhou Laojiao Co., Ltd. Class A		1,400		8,571
Qinghai Huzhu Barley Wine Co., Ltd. Class A		1,100		3,208
Tsingtao Brewery Co., Ltd. Class A		700		3,328
Zhejiang Guyuelongshan Shaoxing Wine Co., Ltd. Class A (a)		2,100		3,111
				95,860
BIOTECHNOLOGY — 0.7%
Beijing SL Pharmaceutical Co., Ltd. Class A		600		2,246
Chengzhi Co., Ltd. Class A		900		2,076
Da An Gene Co., Ltd. of Sun Yat-Sen University Class A		660		2,041
Hualan Biological Engineering, Inc. Class A		800		4,156
Shanghai RAAS Blood Products Co., Ltd. Class A		1,620		4,833
				15,352
BUILDING PRODUCTS — 0.3%
Zhejiang Dun’An Artificial Environment Co., Ltd. Class A (a)		1,400		1,842
Zhejiang Goldensea Environment Technology Co., Ltd. Class A		1,000		3,600
				5,442
CAPITAL MARKETS — 5.1%
China Merchants Securities Co., Ltd. Class A		3,700		8,735
CITIC Securities Co., Ltd. Class A		3,600		8,415
Dongxing Securities Co., Ltd. Class A		1,800		4,803
Everbright Securities Co., Ltd. Class A		2,100		4,668
GF Securities Co., Ltd. Class A		3,100		7,687
Guosen Securities Co., Ltd. Class A		2,300		4,866
Haitong Securities Co., Ltd. Class A		3,600		7,626
Huatai Securities Co., Ltd. Class A		3,000		7,317
Industrial Securities Co., Ltd. Class A		5,590		6,213

See accompanying notes to financial statements.

80

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Northeast Securities Co., Ltd. Class A		3,600	$	6,232
Orient Securities Co., Ltd. Class A		2,200		4,686
Pacific Securities Co., Ltd. Class A		11,505		7,729
Sealand Securities Co., Ltd. Class A		4,950		4,590
Shanxi Securities Co., Ltd. Class A		2,700		4,325
Shenwan Hongyuan Group Co., Ltd. Class A		8,910		8,016
Sinolink Securities Co., Ltd. Class A		2,600		5,169
Southwest Securities Co., Ltd. Class A		5,500		4,956
Western Securities Co., Ltd. Class A		1,800		4,767
				110,800
CHEMICALS — 5.1%
Anhui Sierte Fertilizer Industry, Ltd. Co. Class A		1,300		1,947
Anhui Wanwei Updated High-Tech Material Industry Co., Ltd. Class A (a)		4,100		2,903
Befar Group Co., Ltd. Class A		5,520		5,775
China Hainan Rubber Industry Group Co., Ltd. Class A (a)		3,200		3,204
Do-Fluoride Chemicals Co., Ltd. Class A		400		1,703
Gpro Titanium Industry Co., Ltd. Class A		2,800		2,714
Hubei Biocause Pharmaceutical Co., Ltd. Class A		2,700		2,962
Hubei Kaile Science & Technology Co., Ltd. Class A		1,400		4,455
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd. Class A		4,400		3,103
Jiangsu Huifeng Agrochemical Co., Ltd. Class A		3,040		2,276
Jiangsu Protruly Vision Technology Group Co., Ltd. Class A (a)		1,500		2,808
Jiangsu Yangnong Chemical Co., Ltd. Class A		700		3,716
Kangde Xin Composite Material Group Co., Ltd. Class A		1,599		4,436
Kingenta Ecological Engineering Group Co., Ltd. Class A		2,200		2,305
Kingfa Sci & Tech Co., Ltd. Class A		3,000		3,491
Luxi Chemical Group Co., Ltd. Class A (a)		3,600		2,936
Nanjing Redsun Co., Ltd. Class A		1,500		4,153
Qinghai Salt Lake Industry Co., Ltd. Class A		1,100		2,935
Shandong Hualu Hengsheng Chemical Co., Ltd. Class A		2,340		4,523
Shanghai 3F New Materials Co. Class A (a)		1,600		3,476
Shanghai Chlor-Alkali Chemical Co., Ltd. Class A (a)		1,500		2,655
Shanghai Pret Composites Co., Ltd. Class A		900		3,750
Shanghai Yahong Moulding Co., Ltd. Class A (a)		200		1,466
Shanxi Yongdong Chemistry Industry Co., Ltd. Class A		1,100		4,637
Shenzhen Noposion Agrochemicals Co., Ltd. Class A		1,000		1,555
Sinoma Science & Technology Co., Ltd. Class A		900		2,559
Sinopec Shanghai Petrochemical Co., Ltd. Class A		3,500		3,250
Tianqi Lithium Industries, Inc. Class A		100		627
Tongkun Group Co., Ltd. Class A		1,500		3,328
Wanhua Chemical Group Co., Ltd. Class A		1,400		5,507
Xinjiang Xuefeng Sci-Tech Group Co., Ltd. Class A		1,200		1,909
Yueyang Xingchang Petrochemical Class A		735		2,480
Zhejiang Huafeng Spandex Co., Ltd. Class A		3,200		2,419
Zhejiang Longsheng Group Co., Ltd. Class A		2,500		3,410
Zhejiang Shenghua Biok Biology Co., Ltd. Class A (a)		3,000		4,758
				110,131
COMMERCIAL SERVICES & SUPPLIES — 1.1%
Beijing GeoEnviron Engineering & Technology, Inc. Class A		400		1,769
Eternal Asia Supply Chain Management, Ltd. Class A		1,600		2,363
Jiangsu Flowers King Horticulture Co., Ltd. Class A (a)		200		1,452
Jihua Group Corp., Ltd. Class A		2,300		2,820
Shaanxi Jinye Science Technology & Education Group Co., Ltd. Class A		2,000		3,433
Shanghai Environment Group Co., Ltd. Class A (a)		391		1,663
Shanghai Jielong Industry Group Corp., Ltd. Class A		1,200		1,635
Shenzhen Comix Group Co., Ltd. Class A (a)		1,400		4,778
Shenzhen ESUN Display Co., Ltd. Class A		200		1,137
Tungkong, Inc. Class A		600		2,615
				23,665
COMMUNICATIONS EQUIPMENT — 1.1%
Addsino Co., Ltd. Class A		1,000		2,155
Bus Online Co., Ltd. (a)		600		2,323
Fiberhome Telecommunication Technologies Co., Ltd. Class A		1,100		3,936
Guangzhou Haige Communications Group, Inc. Co. Class A		1,600		2,725
Shenzhen Coship Electronics Co., Ltd. Class A (a)		2,200		2,761
Shenzhen Keybridge Communications Co., Ltd. Class A		1,200		2,415
Tianjin Xinmao Science & Technology Co., Ltd. Class A (a)		3,000		3,339
ZTE Corp. Class A		2,000		4,922
				24,576
CONSTRUCTION & ENGINEERING — 3.8%
Changjiang & Jinggong Steel Building Group Co., Ltd. Class A		2,500		1,625
Changshu Fengfan Power Equipment Co., Ltd. Class A		3,300		4,132
China Gezhouba Group Co., Ltd. Class A		4,400		7,514
China National Chemical Engineering Co., Ltd. Class A		4,200		5,332
China Railway Construction Corp., Ltd. Class A		1,500		2,827
China Railway Group, Ltd. Class A		4,900		6,264
China State Construction Engineering Corp., Ltd. Class A		13,600		18,155
East China Engineering Science and Technology Co., Ltd. Class A		1,000		2,101
Jiangsu Zhongtai Bridge Steel Structure Co., Ltd. Class A (a)		1,300		3,112

See accompanying notes to financial statements.

81

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Metallurgical Corp. of China, Ltd. Class A		11,600	$	8,551
Power Construction Corp. of China, Ltd. Class A		5,300		5,906
Shandong Longquan Pipeline Engineering Co., Ltd. Class A		1,000		1,540
Shandong Qixing Iron Tower Co., Ltd. Class A (a)		700		3,739
Shanghai Construction Group Co., Ltd. Class A		4,320		3,059
Shanghai Tunnel Engineering Co., Ltd. Class A		1,900		2,881
Shenzhen Tagen Group Co., Ltd. Class A		1,400		1,875
Suzhou Gold Mantis Construction Decoration Co., Ltd. Class A		1,950		3,135
				81,748
CONSTRUCTION MATERIALS — 0.7%
Anhui Conch Cement Co., Ltd. Class A		1,700		5,116
Anhui Xinli Finance Co., Ltd. Class A		700		2,938
Arcplus Group PLC Class A (a)		700		1,969
Shandong Jinjing Science & Technology Co., Ltd. Class A (a)		4,700		3,430
Xishui Strong Year Co., Ltd. Inner Mongolia Class A		800		1,677
				15,130
CONTAINERS & PACKAGING — 0.9%
Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. Class A		1,800		3,016
Kee Ever Bright Decorative Technology Co., Ltd. Class A (a)		400		4,079
Org Packaging Co., Ltd. Class A		2,880		3,431
Shanghai Zi Jiang Enterprise Group Co., Ltd. Class A		3,400		2,664
Shenzhen Beauty Star Co., Ltd. Class A (a)		2,700		4,819
Zhejiang Great Southeast Co., Ltd. Class A		4,000		2,084
				20,093
DISTRIBUTORS — 0.1%
Shanghai Shenhua Holdings Co., Ltd. Class A (a)		2,900		1,553
DIVERSIFIED CONSUMER SERVICES — 0.5%
But One Information Corp. Xi an Class A (a)		1,300		8,530
Zhejiang Yasha Decoration Co., Ltd. Class A		1,200		1,945
				10,475
DIVERSIFIED FINANCIAL SERVICES — 0.3%
Avic Capital Co., Ltd. Class A		4,200		3,748
Bohai Financial Investment Holding Co., Ltd. Class A (a)		2,900		3,000
				6,748
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%
263 Network Communications Co., Ltd. Class A		1,700		2,397
Dr Peng Telecom & Media Group Co., Ltd. Class A		1,000		2,863
				5,260
ELECTRIC UTILITIES — 0.2%
Xinjiang Tianfu Energy Co., Ltd. Class A		3,200		4,225
ELECTRICAL EQUIPMENT — 3.9%
Anhui Xinlong Electrical Co., Ltd.		1,100		1,998
Beijing Sifang Automation Co., Ltd. Class A		1,200		1,813
China XD Electric Co., Ltd. Class A		3,700		3,420
Citychamp Dartong Co., Ltd. Class A		2,100		2,099
Dongfang Electric Corp., Ltd. Class A		1,400		2,037
Dongfang Electronics Co., Ltd. Class A (a)		5,600		4,350
Fangda Carbon New Material Co., Ltd. Class A (a)		1,800		2,314
Guangdong Nan Yang Cable Group Holding Co., Ltd. Class A		1,800		4,137
Henan Tong-DA Cable Co., Ltd. Class A (a)		1,300		2,288
Jiangsu SINOJIT Wind Energy Technology Co., Ltd. Class A		6,300		4,781
Jiangsu Zongyi Co., Ltd. Class A (a)		1,200		1,616
Luxshare Precision Industry Co., Ltd. Class A		1,200		4,405
Nanjing Kangni Mechanical & Electrical Co., Ltd. Class A		1,750		3,988
NARI Technology Co., Ltd. Class A		1,600		4,136
Shanghai Electric Group Co., Ltd. Class A (a)		2,700		3,335
Shanghai Welltech Automation Co., Ltd. Class A (a)		900		3,428
Shenzhen Center Power Tech Co., Ltd. Class A		600		1,687
Shenzhen Hifuture Electric Co., Ltd. Class A (a)		2,500		6,278
Shenzhen Invt Electric Co., Ltd. Class A		1,700		2,065
Shenzhen Moso Power Supply Technology Co., Ltd. Class A		1,600		2,828
Shenzhen Woer Heat-Shrinkable Material Co., Ltd. Class A		800		1,544
Sieyuan Electric Co., Ltd. Class A		2,520		5,726
TBEA Co., Ltd. Class A		2,000		3,247
Tongling Jingda Special Magnet Wire Co., Ltd. Class A		6,000		5,354
Xinjiang Goldwind Science & Technology Co., Ltd. Class A		1,700		3,961
Zhejiang Wanma Co., Ltd. Class A		800		1,528
				84,363
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.6%
Accelink Technologies Co., Ltd. Class A		400		4,231
Beijing SDL Technology Co., Ltd. Class A		700		1,580
China Security & Fire Co., Ltd. Class A		1,000		2,598
Dongxu Optoelectronic Technology Co., Ltd. Class A		2,100		3,455
Fujian Torch Electron Technology Co., Ltd. Class A		600		6,774
GoerTek, Inc. Class A		1,000		4,939
Hangzhou Hikvision Digital Technology Co., Ltd. Class A		3,300		15,275
Hengdian Group DMEGC Magnetics Co., Ltd. Class A		2,200		5,088
IRICO Display Devices Co., Ltd. Class A (a)		1,500		1,767
Ningbo Yunsheng Group Co., Ltd. Class A		900		2,490
Shen Zhen Mindata Holding Co., Ltd. Class A (a)		1,400		2,354
Shenzhen Fastprint Circuit Tech Co., Ltd. Class A		2,700		2,645
Shenzhen Infinova, Ltd. Class A (a)		2,210		2,155

See accompanying notes to financial statements.

82

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Shenzhen Mason Technologies Co., Ltd. Class A		2,400	$	3,953
Shenzhen Sunlord Electronics Co., Ltd. Class A		1,900		5,224
Tatwah Smartech Co., Ltd. Class A (a)		1,000		2,148
TDG Holdings Co., Ltd. Class A (a)		1,700		2,519
Unigroup Guoxin Co., Ltd. Class A		400		1,807
WUS Printed Circuit Kunshan Co., Ltd. Class A (a)		3,400		2,467
Zhejiang Dahua Technology Co., Ltd. Class A		1,750		4,055
				77,524
ENERGY EQUIPMENT & SERVICES — 0.8%
Beijing New Oriental Star Petrochemical Engineering Co., Ltd. Class A		200		1,082
Cangzhou Mingzhu Plastic Co., Ltd. Class A		1,900		6,572
Offshore Oil Engineering Co., Ltd. Class A		3,100		3,432
Yantai Jereh Oilfield Services Group Co., Ltd. Class A		900		2,707
Zhejiang Kingland Pipeline & Technologies Co., Ltd. Class A		2,300		4,124
				17,917
FOOD & STAPLES RETAILING — 0.3%
Shenzhen Agricultural Products Co., Ltd. Class A		1,300		2,077
Yonghui Superstores Co., Ltd. Class A		5,600		4,469
				6,546
FOOD PRODUCTS — 3.0%
Angel Yeast Co., Ltd. Class A		1,500		4,566
Baotou Huazi Industry Co., Ltd. Class A		1,500		2,148
Beijing Dabeinong Technology Group Co., Ltd. Class A		3,450		3,269
Bright Dairy & Food Co., Ltd. Class A		1,100		2,075
COFCO Tunhe Sugar Co., Ltd. Class A		1,300		2,122
Gansu Yasheng Industrial Group Co., Ltd. Class A		2,800		2,125
Henan Shuanghui Investment & Development Co., Ltd. Class A		2,600		8,507
Hunan Dakang International Food & Agriculture Co., Ltd. Class A (a)		6,080		3,136
Inner Mongolia Yili Industrial Group Co., Ltd. Class A		3,800		10,427
Jonjee High-Tech Industrial And Commercial Holding Co., Ltd. Class A		1,400		3,244
Lotus Health Group Co. Class A (a)		3,000		2,037
MeiHua Holdings Group Co., Ltd. Class A		2,800		2,974
Qiaqia Food Co., Ltd. Class A		1,500		3,600
Shandong Delisi Food Co., Ltd. Class A (a)		2,800		4,977
Shanghai Maling Aquarius Co., Ltd. Class A (a)		1,400		2,107
Xinjiang Guannong Fruit & Antler Group Co., Ltd. Class A		1,800		2,259
Yuan Longping High-tech Agriculture Co., Ltd. Class A		1,400		4,215
				63,788
HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A		400		1,862
HEALTH CARE PROVIDERS & SERVICES — 0.4%
Huadong Medicine Co., Ltd. Class A		300		4,033
Shanghai Pharmaceuticals Holding Co., Ltd. Class A		1,200		4,059
				8,092
HOTELS, RESTAURANTS & LEISURE — 0.6%
China High-Speed Railway Technology Co., Ltd. Class A (a)		3,300		4,185
China International Travel Service Corp., Ltd. Class A		600		4,935
Shenzhen Overseas Chinese Town Co., Ltd. Class A		4,200		4,449
				13,569
HOUSEHOLD DURABLES — 2.1%
Anhui Deli Household Glass Co., Ltd. Class A (a)		4,200		6,886
Guangdong Homa Appliances Co., Ltd. Class A		200		1,998
Guangzhou Holike Creative Home Co., Ltd. Class A		600		3,200
Hisense Electric Co., Ltd. Class A		1,600		4,200
Leo Group Co., Ltd. Class A		900		1,896
Markor International Home Furnishings Co., Ltd. Class A		1,100		2,340
Midea Group Co., Ltd. Class A		3,600		17,395
NavInfo Co., Ltd. Class A		900		2,624
TCL Corp. Class A		9,700		4,968
				45,507
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 2.7%
An Hui Wenergy Co., Ltd. Class A		2,210		2,232
China National Nuclear Power Co., Ltd. Class A		7,000		7,374
China Yangtze Power Co., Ltd. Class A		3,900		7,509
Datang Huayin Electric Power Co., Ltd. Class A (a)		2,100		1,877
GD Power Development Co., Ltd. Class A		11,100		5,251
Guangdong Baolihua New Energy Stock Co., Ltd. Class A		1,800		2,351
Huadian Power International Corp., Ltd. Class A		4,300		3,145
Huaneng Power International, Inc. Class A		2,900		3,017
Hubei Energy Group Co., Ltd. Class A		3,200		2,280
Inner Mongolia MengDian HuaNeng Thermal Power Corp., Ltd. Class A		5,600		2,722
SDIC Power Holdings Co., Ltd. Class A		4,000		4,370
Shanghai Electric Power Co., Ltd. Class A		1,600		2,860
Shanxi Zhangze Electric Power Co., Ltd. Class A (a)		4,200		2,419
Shenergy Co., Ltd. Class A		3,900		3,543
Shenzhen Energy Group Co., Ltd. Class A		2,700		2,789
Sichuan Chuantou Energy Co., Ltd. Class A		3,800		4,990
				58,729
INDUSTRIAL CONGLOMERATES — 0.1%
China Baoan Group Co., Ltd. Class A		2,025		2,694
INSURANCE — 2.2%
China Life Insurance Co., Ltd. Class A		600		2,203

See accompanying notes to financial statements.

83

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
China Pacific Insurance Group Co., Ltd. Class A		3,300	$	13,129
New China Life Insurance Co., Ltd. Class A		700		4,285
Ping An Insurance Group Co. of China, Ltd. Class A		5,200		27,925
				47,542
INTERNET SOFTWARE & SERVICES — 0.4%
Dawning Information Industry Co., Ltd. Class A		400		1,527
Focus Technology Co., Ltd. Class A		300		2,568
People.cn Co., Ltd. Class A		900		2,172
Shanghai DZH, Ltd. Class A (a)		1,800		1,622
				7,889
IT SERVICES — 0.8%
BOE Technology Group Co., Ltd. Class A		18,800		9,384
DHC Software Co., Ltd. Class A		1,200		3,705
Fujian Rongji Software Co., Ltd. Class A (a)		2,300		4,075
				17,164
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Alpha Group Class A		900		2,622
LIFE SCIENCES TOOLS & SERVICES — 0.1%
Shanghai Runda Medical Technology Co., Ltd. Class A		600		2,862
MACHINERY — 5.1%
Anhui Ankai Automobile Co., Ltd. Class A		2,500		2,452
Anhui Heli Co., Ltd. Class A		1,900		4,014
China CSSC Holdings, Ltd. Class A		800		3,285
China First Heavy Industries Class A (a)		3,800		2,327
China Shipbuilding Industry Co., Ltd. Class A (a)		9,200		9,932
CRRC Corp., Ltd. Class A		11,800		17,533
Fujian Longma Environmental Sanitation Equipment Co., Ltd. Class A		700		3,539
Geron Co., Ltd. Class A		100		585
Han’s Laser Technology Industry Group Co., Ltd. Class A		900		3,431
Hefei Meiya Optoelectronic Technology, Inc. Class A		500		1,328
Jiangsu Hengli Hydraulic Co., Ltd. Class A		1,200		2,776
Jiangsu Nonghua Intelligent Agriculture Technology Co., Ltd. Class A		1,900		1,877
Linzhou Heavy Machinery Group Co., Ltd. Class A (a)		2,210		2,155
Mesnac Co., Ltd. Class A		1,300		1,952
Nanxing Furniture Machinery & Equipment Co., Ltd. Class A		300		1,798
North Navigation Control Technology Co., Ltd. Class A		1,200		2,936
Sanlux Co., Ltd. Class A		2,000		4,080
Sany Heavy Industry Co., Ltd. Class A		3,900		4,074
Shanghai Mechanical and Electrical Industry Co., Ltd. Class A		800		2,511
Shantui Construction Machinery Co., Ltd. Class A (a)		3,200		3,278
Sunward Intelligent Equipment Co., Ltd. Class A (a)		2,600		3,467
Suzhou Thvow Technology Co., Ltd. Class A		2,600		4,233
Taiyuan Heavy Industry Co., Ltd. Class A (a)		4,600		2,950
Tian Di Science & Technology Co., Ltd. Class A		3,000		2,464
Tianjin Benefo Tejing Electric Co., Ltd. Class A		1,100		1,968
Weihai Guangtai Airport Equipment Co., Ltd. Class A		700		2,142
Wuxi Hongsheng Heat Exchanger Manufacturing Co., Ltd. Class A (a)		200		1,154
XCMG Construction Machinery Co., Ltd. Class A (a)		4,400		2,598
Xiamen XGMA Machinery Co., Ltd. Class A (a)		2,000		2,066
Zhejiang Jinggong Science & Technology Co., Ltd. Class A (a)		1,700		2,262
Zhengzhou Yutong Bus Co., Ltd. Class A		1,500		4,675
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class A		4,700		3,260
				109,102
MEDIA — 2.0%
Beijing Gehua CATV Network Co., Ltd. Class A		1,000		2,197
China South Publishing & Media Group Co., Ltd. Class A		1,300		3,390
China Television Media, Ltd. Class A		700		1,921
Chinese Universe Publishing and Media Co., Ltd. Class A		1,000		3,237
CITIC Guoan Information Industry Co., Ltd. Class A		4,000		5,932
Contemporary Eastern Investment Co., Ltd. Class A (a)		2,600		5,233
Guangdong Advertising Group Co., Ltd. Class A		1,430		2,817
Huawen Media Investment Corp. Class A		1,700		2,676
Jiangsu Broadcasting Cable Information Network Corp., Ltd. Class A (a)		1,430		2,164
Jiangsu Phoenix Publishing & Media Corp., Ltd. Class A		1,500		2,185
Jishi Media Co., Ltd. Class A		3,500		2,062
Shanghai Oriental Pearl Media Co., Ltd. Class A		1,500		4,906
Shenzhen Topway Video Communication Co., Ltd. Class A		1,680		3,654
Wanda Cinema Line Co., Ltd. Class A		200		1,640
				44,014
METALS & MINING — 5.4%
Advanced Technology & Materials Co., Ltd. Class A (a)		2,100		3,017
Aluminum Corp. of China, Ltd. Class A (a)		7,100		4,790
Anhui Xinke New Materials Co., Ltd. Class A		4,500		3,263
Anyang Iron & Steel, Inc. Class A (a)		12,900		6,270
Baoshan Iron & Steel Co., Ltd. Class A		8,656		8,176
China Northern Rare Earth Group High-Tech Co., Ltd. Class A		2,400		4,217
Hunan Gold Corp., Ltd. Class A (a)		4,800		8,051
Hunan Valin Steel Co., Ltd. Class A (a)		7,700		5,430
Inner Mongolia BaoTou Steel Union Co., Ltd. Class A (a)		27,000		11,871

See accompanying notes to financial statements.

84

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Jiangxi Ganfeng Lithium Co., Ltd. Class A		400	$	2,399
Maanshan Iron & Steel Co., Ltd. Class A (a)		7,400		3,500
Ningxia Xinri Hengli Steel Wire Co., Ltd. Class A (a)		1,100		2,656
Shandong Gold Mining Co., Ltd. Class A		1,600		8,307
Shandong Humon Smelting Co., Ltd. Class A (a)		3,100		5,065
Shandong Iron and Steel Co., Ltd. Class A (a)		7,200		2,810
Shanghai Prosolar Resources Development Co., Ltd. Class A (a)		2,300		3,104
Shanxi Taigang Stainless Steel Co., Ltd. Class A (a)		4,600		3,364
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. Class A		1,700		2,748
Tongling Nonferrous Metals Group Co., Ltd. Class A (a)		10,600		4,876
Western Mining Co., Ltd. Class A		5,700		6,843
Zhongjin Gold Corp., Ltd. Class A (a)		4,130		7,023
Zhongnan Red Culture Group Co., Ltd. Class A		1,300		2,978
Zijin Mining Group Co., Ltd. Class A		10,400		5,101
				115,859
MULTILINE RETAIL — 1.6%
Beijing Capital Retailing Group Co., Ltd. Class A		1,800		2,549
Changchun Sinoenergy Corp. Class A (a)		2,800		4,477
Chengdu Hongqi Chain Co., Ltd. Class A (a)		2,800		2,986
Dalian Friendship Group Class A (a)		4,200		7,399
Hunan Friendship & Apollo Cmmericial Co., Ltd. Class A		4,000		4,504
Rainbow Department Store Co., Ltd. Class A		1,700		3,666
Shanghai Yimin Commerce Group Co., Ltd. Class A		3,100		3,000
Wuhan Department Store Group Co., Ltd. Class A (a)		1,600		5,235
				33,816
OIL, GAS & CONSUMABLE FUELS — 2.4%
China Merchants Energy Shipping Co., Ltd. Class A		4,000		3,152
China Petroleum & Chemical Corp. Class A		4,700		3,915
China Shenhua Energy Co., Ltd. Class A		1,900		5,337
Guanghui Energy Co., Ltd. Class A (a)		4,600		3,130
Jizhong Energy Resources Co., Ltd. Class A		4,100		3,986
Oriental Energy Co., Ltd. Class A		1,400		2,606
PetroChina Co., Ltd. Class A		4,500		5,139
Shanxi Lanhua Sci-Tech Venture Co., Ltd. Class A		6,800		7,676
Shanxi Xishan Coal & Electricity Power Co., Ltd. Class A		7,000		9,802
Wintime Energy Co., Ltd. Class A		6,200		3,563
Yang Quan Coal Industry Group Co., Ltd. Class A (a)		3,400		3,379
				51,685
PAPER & FOREST PRODUCTS — 0.7%
DeHua TB New Decoration Materials Co., Ltd. Class A		1,950		3,961
Fujian Jinsen Forestry Co., Ltd. Class A		400		1,936
Guangdong Weihua Corp. Class A (a)		3,000		4,858
Sichuan Guodong Construction Co., Ltd. Class A (a)		5,200		4,143
				14,898
PHARMACEUTICALS — 5.2%
Beijing Tongrentang Co., Ltd. Class A		1,000		4,587
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A		1,000		3,918
Dong-E-E-Jiao Co., Ltd. Class A		700		6,663
Guangdong Zhongsheng Pharmaceutical Co., Ltd. Class A		1,900		3,454
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class A		600		2,479
Guizhou Bailing Group Pharmaceutical Co., Ltd. Class A		800		2,052
Harbin Gloria Pharmaceuticals Co., Ltd. Class A		2,400		2,758
Harbin Pharmaceutical Group Co., Ltd. Class A (a)		2,210		2,440
Huapont Life Sciences Co., Ltd. Class A		1,500		1,807
Humanwell Healthcare Group Co., Ltd. Class A		1,000		2,864
Jiangsu Hengrui Medicine Co., Ltd. Class A		1,200		9,460
Jilin Aodong Pharmaceutical Group Co., Ltd. Class A		1,100		4,863
Joincare Pharmaceutical Group Industry Co., Ltd. Class A		1,400		1,936
Kangmei Pharmaceutical Co., Ltd. Class A		2,600		7,115
Renhe Pharmacy Co., Ltd. Class A (a)		1,800		1,724
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A		1,100		4,504
Shenzhen Hepalink Pharmaceutical Co., Ltd. Class A		1,280		3,872
Shenzhen Salubris Pharmaceuticals Co., Ltd. Class A		800		3,314
Shijiazhuang Yiling Pharmaceutical Co., Ltd. Class A		900		2,331
Sichuan Kelun Pharmaceutical Co., Ltd. Class A		1,100		2,538
Tasly Pharmaceutical Group Co., Ltd. Class A		600		3,478
Tianjin Lisheng Pharmaceutical Co., Ltd. Class A		900		5,084
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A		960		2,828
Yabao Pharmaceutical Group Co., Ltd. Class A		1,500		1,889
Yifan Pharmaceutical Co., Ltd. Class A		900		2,200
Yunnan Baiyao Group Co., Ltd. Class A		600		7,411
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A		600		4,378
Zhejiang Yatai Pharmaceutical Co., Ltd. Class A		1,800		8,363
Zhongzhu Holding Co., Ltd. Class A		1,000		2,937
				113,247
REAL ESTATE MANAGEMENT & DEVELOPMENT — 6.0%
Beijing Capital Development Co., Ltd. Class A		1,600		2,797
Beijing Centergate Technologies Holding Co., Ltd. Class A (a)		3,200		4,151
Beijing Urban Construction Investment & Development Co., Ltd. Class A		1,500		3,186

See accompanying notes to financial statements.

85

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
China Fortune Land Development Co., Ltd. Class A		1,400	$	5,538
China Merchants Shekou Industrial Zone Holdings Co., Ltd.		2,721		6,949
China Vanke Co., Ltd. Class A		5,600		16,722
Chongqing Dima Industry Co., Ltd. Class A		3,600		3,463
Gemdale Corp. Class A		2,700		4,349
Guangdong Shirongzhaoye Co., Ltd. Class A (a)		1,900		2,564
Hainan Haide Industry Co., Ltd. Class A (a)		1,000		4,437
Hubei Fuxing Science And Technology Co., Ltd. Class A		1,700		3,071
Hunan Tianrun Digital Entertainment & Cultural Media Co., Ltd. Class A (a)		5,200		13,745
Jinke Properties Group Co., Ltd. Class A		4,100		3,581
Lushang Property Co., Ltd. Class A (a)		3,200		2,470
Myhome Real Estate Development Group Co., Ltd. Class A		3,600		1,886
Oceanwide Holdings Co., Ltd. Class A		2,600		3,422
Poly Real Estate Group Co., Ltd. Class A		1,700		2,351
RiseSun Real Estate Development Co., Ltd. Class A		2,600		3,290
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class A		1,440		4,806
Shanghai SMI Holding Co., Ltd. Class A (a)		1,409		3,743
Shanghai Wanye Enterprises Co., Ltd. Class A		2,200		4,143
Shanghai Zhangjiang High-Tech Park Development Co., Ltd. Class A		1,300		3,254
Shenzhen World Union Properties Consultancy, Inc. Class A		2,100		2,395
Shenzhen Zhenye Group Co., Ltd. Class A		2,100		2,523
Tahoe Group Co., Ltd. Class A		800		1,991
Xinhu Zhongbao Co., Ltd. Class A		15,100		10,714
Zhejiang China Commodities City Group Co., Ltd. Class A		4,100		4,712
Zhongtian Urban Development Group Co., Ltd. Class A		3,000		2,886
				129,139
ROAD & RAIL — 0.5%
Daqin Railway Co., Ltd. Class A		7,400		8,128
Guangshen Railway Co., Ltd. Class A		4,300		3,245
				11,373
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.0%
EGing Photovoltaic Technology Co., Ltd. Class A		3,600		3,698
Hangzhou Silan Microelectronics Co., Ltd. Class A		4,200		3,858
LONGi Green Energy Technology Co., Ltd. Class A		1,800		4,132
Sanan Optoelectronics Co., Ltd. Class A		2,240		5,197
Shanghai Belling Co., Ltd. Class A		1,300		2,437
Tianjin Zhonghuan Semiconductor Co., Ltd. Class A		1,800		2,280
				21,602
SOFTWARE — 1.4%
Beijing Shiji Information Technology Co., Ltd. Class A		600		1,880
Glodon Co., Ltd. Class A		1,000		2,163
Hangzhou Liaison Interactive Information Technology Co., Ltd. Class A		1,000		1,894
Hundsun Technologies, Inc. Class A		400		2,452
Iflytek Co., Ltd. Class A		900		4,584
Inspur Software Co., Ltd. Class A		500		1,495
Neusoft Corp. Class A		1,200		3,361
Shanghai 2345 Network Holding Group Co., Ltd. Class A		1,200		2,016
Shanghai Golden Bridge InfoTech Co., Ltd. Class A		600		2,706
Sinodata Co., Ltd. Class A		300		1,467
Wisesoft Co., Ltd. Class A		500		2,328
Yonyou Network Technology Co., Ltd. Class A		1,100		2,839
				29,185
SPECIALTY RETAIL — 0.5%
Pang Da Automobile Trade Co., Ltd. Class A (a)		5,700		2,382
Shanghai Yuyuan Tourist Mart Co., Ltd. Class A		1,500		2,626
Suning Commerce Group Co., Ltd. Class A		4,300		6,739
				11,747
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5%
GRG Banking Equipment Co., Ltd. Class A		1,350		2,519
Guangzhou KingTeller Technology Co., Ltd. Class A (a)		2,700		2,774
Inspur Electronic Information Industry Co., Ltd. Class A		800		2,206
Tsinghua Tongfang Co., Ltd. Class A		2,100		4,159
				11,658
TEXTILES,APPAREL & LUXURY GOODS — 1.6%
Anhui Huamao Textile Co. Class A		4,300		3,737
Bros Eastern Co., Ltd. Class A		3,000		2,716
Gansu Gangtai Holding Group Co., Ltd. Class A		1,300		2,488
Huafu Top Dyed Melange Yarn Co., Ltd. Class A		2,500		4,183
Huasi Holding Co., Ltd. Class A		1,000		1,643
Jiangsu Huaxicun Co., Ltd. Class A		2,000		2,603
Jiangsu Sunshine Co., Ltd. Class A (a)		3,300		1,963
Luthai Textile Co., Ltd. Class A		1,300		2,424
Yantai Tayho Advanced Materials Co., Ltd. Class A (a)		1,200		2,183
Youngor Group Co., Ltd. Class A		1,900		3,840
Zhejiang Hangmin Co., Ltd. Class A		1,700		3,308
Zhejiang Ming Jewelry Co., Ltd. Class A		1,500		2,131
Zhejiang Weixing Industrial Development Co., Ltd. Class A		1,000		2,133
				35,352
TRADING COMPANIES & DISTRIBUTORS — 1.0%
CMST Development Co., Ltd. Class A		2,700		3,416
Shandong Hiking International Co., Ltd. Class A (a)		1,800		5,724
Shanghai Lansheng Corp. Class A		600		2,242

See accompanying notes to financial statements.

86

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class A		700	$	1,994
Sinochem International Corp. Class A		2,100		3,358
Tianjin Teda Co., Ltd. Class A		4,500		3,709
				20,443
TRANSPORTATION INFRASTRUCTURE — 1.9%
Dalian Port PDA Co., Ltd. Class A		7,130		3,207
Fujian Expressway Development Co., Ltd. Class A		9,700		5,419
Henan Zhongyuan Expressway Co., Ltd. Class A		4,400		3,135
Hubei Chutian Expressway Co., Ltd. Class A		6,400		5,414
Jiangxi Ganyue Expressway Co., Ltd. Class A		4,000		3,157
Shanghai International Port Group Co., Ltd. Class A		3,700		3,167
Shenzhen Chiwan Wharf Holdings, Ltd. Class A		1,500		4,592
TangShan Port Group Co., Ltd. Class A		5,040		3,218
Xiandai Investment Co., Ltd. Class A		3,200		4,146
Yingkou Port Liability Co., Ltd. Class A		5,100		2,768
Zhangjiagang Freetrade Science and Technology Co., Ltd. Class A		3,600		2,842
				41,065
WATER UTILITIES — 0.6%
Beijing Capital Co., Ltd. Class A		4,600		2,844
Chengdu Xingrong Environment Co., Ltd. Class A		3,600		3,019
Guangdong Golden Dragon Development, Inc. Class A		900		3,066
Tus-Sound Environmental Resources Co., Ltd. Class A		700		3,484
				12,413
WIRELESS TELECOMMUNICATION SERVICES — 0.6%
China United Network Communications, Ltd. Class A		11,100		12,031
TOTAL COMMON STOCKS (Cost $2,452,645)				2,158,270
SHORT-TERM INVESTMENT — 0.0% (b)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (c) (d) (Cost $275)		275		275
TOTAL INVESTMENTS — 99.9% (Cost $2,452,920)				2,158,545
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				2,277
NET ASSETS — 100.0%			$	2,160,822

(a) Non-income producing security.

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

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at March 31, 2017.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	23,926	$	—	$	—	$	23,926
Air Freight & Logistics		11,482		—		—		11,482
Airlines		22,877		—		—		22,877
Auto Components		43,032		—		—		43,032
Automobiles		23,394		—		—		23,394
Banks		225,202		—		—		225,202
Beverages		93,345		2,515		—		95,860
Biotechnology		15,352		—		—		15,352
Building Products		5,442		—		—		5,442
Capital Markets		106,033		4,767		—		110,800
Chemicals		101,255		8,876		—		110,131
Commercial Services & Supplies		23,665		—		—		23,665
Communications Equipment		22,161		2,415		—		24,576
Construction & Engineering		77,616		4,132		—		81,748
Construction Materials		12,192		2,938		—		15,130
Containers & Packaging		16,014		4,079		—		20,093
Distributors		1,553		—		—		1,553
Diversified Consumer Services		10,475		—		—		10,475

See accompanying notes to financial statements.

87

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Diversified Financial Services	$	6,748	$	—	$	—	$	6,748
Diversified Telecommunication Services		5,260		—		—		5,260
Electric Utilities		4,225		—		—		4,225
Electrical Equipment		62,276		22,087		—		84,363
Electronic Equipment, Instruments & Components		73,119		4,405		—		77,524
Energy Equipment & Services		13,793		4,124		—		17,917
Food & Staples Retailing		6,546		—		—		6,546
Food Products		60,652		3,136		—		63,788
Health Care Equipment & Supplies		1,862		—		—		1,862
Health Care Providers & Services		8,092		—		—		8,092
Hotels, Restaurants & Leisure		13,569		—		—		13,569
Household Durables		45,507		—		—		45,507
Independent Power Producers & Energy Traders		58,729		—		—		58,729
Industrial Conglomerates		2,694		—		—		2,694
Insurance		47,542		—		—		47,542
Internet Software & Services		7,889		—		—		7,889
IT Services		17,164		—		—		17,164
Leisure Equipment & Products		2,622		—		—		2,622
Life Sciences Tools & Services		—		2,862		—		2,862
Machinery		109,102		—		—		109,102
Media		35,964		8,050		—		44,014
Metals & Mining		105,753		10,106		—		115,859
Multiline Retail		33,816		—		—		33,816
Oil, Gas & Consumable Fuels		51,685		—		—		51,685
Paper & Forest Products		14,898		—		—		14,898
Pharmaceuticals		113,247		—		—		113,247
Real Estate Management & Development		115,394		13,745		—		129,139
Road & Rail		11,373		—		—		11,373
Semiconductors & Semiconductor Equipment		19,322		2,280		—		21,602
Software		27,291		1,894		—		29,185
Specialty Retail		9,121		2,626		—		11,747
Technology Hardware, Storage & Peripherals		11,658		—		—		11,658
Textiles, Apparel & Luxury Goods		35,352		—		—		35,352
Trading Companies & Distributors		14,719		5,724		—		20,443
Transportation Infrastructure		41,065		—		—		41,065
Water Utilities		12,413		—		—		12,413
Wireless Telecommunication Services		12,031		—		—		12,031
Short-Term Investment		275		—		—		275
TOTAL INVESTMENTS	$	2,047,784	$	110,761	$	—	$	2,158,545

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
Street Institutional Liquid Reserves Fund, Premier Class		338	$	338		1		339		—	$	—	$	—
Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,412		1,137		275		275		1
TOTAL			$	338							$	275	$	1

See accompanying notes to financial statements.

88

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
BRAZIL — 8.6%
Ambev SA ADR		369,758	$	2,129,806
B2W Cia Digital (a)		5,628		21,892
Banco Bradesco SA Preference Shares ADR		286,639		2,935,183
Banco do Brasil SA		68,437		727,922
Banco Pan SA Preference Shares (a)		29,309		20,217
Banco Santander Brasil SA		1,617		14,082
BB Seguridade Participacoes SA		45,394		417,488
BM&FBovespa SA		145,243		882,451
BR Malls Participacoes SA (a)		69,538		317,361
Bradespar SA Preference Shares		37,811		260,692
Brasil Brokers Participacoes SA (a)		12,798		6,933
Braskem SA Preference Shares ADR (b)		14,626		297,639
BRF SA ADR		41,615		509,784
CCR SA		40,792		231,908
Centrais Eletricas Brasileiras SA ADR (a)		46,851		254,401
Cia Brasileira de Distribuicao ADR		18,507		355,334
Cia de Saneamento Basico do Estado de Sao Paulo		59,524		610,998
Cia Energetica de Minas Gerais ADR (b)		104,510		343,838
Cia Energetica de Sao Paulo Class B, Preference Shares		4,208		25,580
Cia Hering		3,358		19,006
Cia Siderurgica Nacional SA ADR (a)		119,791		349,790
Cielo SA		70,315		626,976
Cosan Logistica SA (a)		3,855		8,196
Cosan SA Industria e Comercio		14,950		182,981
CPFL Energia SA		10,993		89,226
Cyrela Brazil Realty SA Empreendimentos e Participacoes		42,113		175,617
Duratex SA		32,179		93,245
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares		2,616		11,478
Embraer SA.		64,326		352,330
Engie Brasil Energia SA (c)		20,937		235,751
Estacio Participacoes SA		18,115		90,548
Eternit SA (a)		15,022		6,198
Fibria Celulose SA ADR		23,047		210,650
GAEC Educacao SA		2,159		9,112
Gafisa SA		661		5,671
Gerdau SA ADR		89,205		307,757
Hypermarcas SA		3,907		35,687
Itau Unibanco Holding SA Preference Shares ADR		284,699		3,436,317
Itausa — Investimentos Itau SA (a) (c)		35,808		102,068
Itausa — Investimentos Itau SA (c)		6,132		18,348
Itausa — Investimentos Itau SA Preference Shares (a)		381,819		1,142,469
JBS SA		29,718		95,567
Kepler Weber SA		1,648		12,457
Klabin SA		12,266		58,530
Kroton Educacional SA		89,757		375,430
Log-in Logistica Intermodal SA (a)		2,028		2,159
Lojas Americanas SA Preference Shares		79,923		411,830
Lojas Renner SA		103,612		907,231
Magnesita Refratarios SA (a)		3,975		31,575
Marcopolo SA Preference Shares		30,595		25,247
Metalurgica Gerdau SA Preference Shares (a)		118,835		185,273
Mills Estruturas e Servicos de Engenharia SA (a)		6,731		7,929
MMX Mineracao e Metalicos SA (a)		3,233		4,979
MRV Engenharia e Participacoes SA		7,423		33,574
Natura Cosmeticos SA		23,016		210,301
Oi SA ADR (a)		209		1,361
PDG Realty SA Empreendimentos e Participacoes (a)		2,744		1,910
Petroleo Brasileiro SA ADR (a)		79,812		773,378
Petroleo Brasileiro SA Preference Shares ADR (a)		179,194		1,652,169
Profarma Distribuidora de Produtos Farmaceuticos SA (a)		2,339		7,669
Prumo Logistica SA (a)		2,829		8,260
Qualicorp SA		6,492		42,224
Raia Drogasil SA		4,983		92,081
Restoque Comercio e Confeccoes de Roupas SA (a)		8,732		12,239
Rodobens Negocios Imobiliarios SA		7,411		13,935
Rossi Residencial SA (a)		9,636		22,763
Rumo SA (a)		4,970		13,384
Suzano Papel e Celulose SA Class A, Preference Shares		6,586		27,506
T4F Entretenimento SA		11,987		24,201
Telefonica Brasil SA ADR		16,557		245,871
Telefonica Brasil SA Preference Shares		53,989		794,969
Tim Participacoes SA ADR		18,550		296,429
TOTVS SA		4,712		41,184
Ultrapar Participacoes SA		21,988		496,002
Usinas Siderurgicas de Minas Gerais SA ADR (b)		64,247		88,018
Vale SA ADR		107,302		1,019,369
Vale SA Preference Shares ADR		155,893		1,399,919
WEG SA		97,181		532,591
				27,842,444
CHILE — 1.8%
AntarChile SA		25,187		291,012
Empresas COPEC SA		61,642		667,732
Empresas Iansa SA		601,288		16,982
Enel Americas SA ADR		73,803		766,813
Enel Chile SA ADR		52,950		291,225
Enel Generacion Chile SA ADR		13,780		306,467
Enjoy SA		276,399		18,619
Latam Airlines Group SA ADR		40,968		519,065
Multiexport Foods SA (a)		276,826		114,141
Parque Arauco SA		415,260		1,096,313
SACI Falabella		153,479		1,286,493
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares		1,822		62,301
Vina Concha y Toro SA ADR (b)		9,051		307,734
				5,744,897
CHINA — 28.7%
21Vianet Group, Inc. ADR (a)		1,057		5,803

See accompanying notes to financial statements.

89

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
3SBio, Inc. (a) (b) (d)		47,000	$	58,058
500.com, Ltd. Class A, ADR (a)		604		8,100
58.com, Inc. ADR (a)		755		26,719
AAC Technologies Holdings, Inc.		79,492		930,296
Agile Group Holdings, Ltd.		328,999		284,908
Agricultural Bank of China, Ltd. Class H		1,810,000		833,790
Air China, Ltd. Class H		219,744		177,854
Alibaba Group Holding, Ltd. ADR (a)		78,500		8,464,655
Aluminum Corp. of China, Ltd. Class H (a)		510,000		249,373
Angang Steel Co., Ltd. Class H (a) (b)		104,640		74,459
Anhui Conch Cement Co., Ltd. Class H		176,635		600,034
Anhui Expressway Co., Ltd. Class H		8,000		6,331
ANTA Sports Products, Ltd.		50,000		138,326
Anton Oilfield Services Group (a)		76,000		8,997
Autohome, Inc. ADR (a)		2,267		72,023
AVIC International Holding HK, Ltd. (a)		226,000		13,086
AVIC International Holdings, Ltd. Class H		100,000		49,797
AviChina Industry & Technology Co., Ltd. Class H		159,000		110,276
BAIC Motor Corp., Ltd. Class H (d)		6,500		7,385
Baidu, Inc. ADR (a)		20,476		3,532,520
BAIOO Family Interactive, Ltd. (d)		210,000		16,213
Bank of China, Ltd. Class H		5,171,900		2,568,814
Bank of Communications Co., Ltd. Class H		1,467,864		1,140,822
Baoxin Auto Group, Ltd. (a)		3,158		1,601
BBMG Corp. Class H		51,000		21,197
Beijing Capital International Airport Co., Ltd. Class H		306,000		366,184
Beijing Capital Land, Ltd. Class H		28,000		12,646
Beijing Enterprises Holdings, Ltd.		42,500		219,842
Beijing Enterprises Water Group, Ltd. (a)		330,000		244,586
Beijing Jingneng Clean Energy Co., Ltd. Class H		82,000		25,007
Belle International Holdings, Ltd.		367,000		238,480
Biostime International Holdings, Ltd. (a)		5,000		16,631
Bitauto Holdings, Ltd. ADR (a)		1,359		34,804
BOE Technology Group Co., Ltd. Class B		55,300		19,853
Boer Power Holdings, Ltd. (b)		7,000		2,351
Boyaa Interactive International, Ltd. (a) (b)		37,000		19,996
Brilliance China Automotive Holdings, Ltd.		218,000		364,666
Byd Co., Ltd. Class H (a) (b)		44,000		244,020
BYD Electronic International Co., Ltd.		42,500		59,062
C.banner International Holdings, Ltd. (a)		12,000		4,478
Cabbeen Fashion, Ltd.		61,000		17,347
CAR, Inc. (a) (b)		52,000		48,778
CGN Mining Co., Ltd. (a)		190,000		18,825
CGN Power Co., Ltd. Class H (d)		675,000		208,454
Changyou.com, Ltd. ADR (a)		453		12,702
Chanjet Information Technology Co., Ltd. Class H (a)		2,600		3,359
Chaowei Power Holdings, Ltd.		48,000		32,117
Cheetah Mobile, Inc. ADR (a) (b)		755		8,109
China Aerospace International Holdings, Ltd.		110,000		14,579
China Agri-Industries Holdings, Ltd. (a)		94,000		47,293
China Aircraft Leasing Group Holdings, Ltd.		6,500		8,046
China Aoyuan Property Group, Ltd.		59,000		17,765
China Biologic Products, Inc. (a)		1,140		114,148
China Child Care Corp., Ltd. (a)		101,000		5,783
China Cinda Asset Management Co., Ltd. Class H		845,000		328,366
China CITIC Bank Corp., Ltd. Class H		789,000		522,853
China Coal Energy Co., Ltd. Class H (a)		510,000		257,248
China Communications Construction Co., Ltd. Class H		360,241		508,041
China Communications Services Corp., Ltd. Class H		98,000		64,186
China Conch Venture Holdings, Ltd.		107,700		211,478
China Construction Bank Corp. Class H		6,893,280		5,543,717
China Datang Corp. Renewable Power Co., Ltd. Class H (a)		141,000		14,515
China Distance Education Holdings, Ltd. ADR		906		9,241
China Dongxiang Group Co., Ltd.		55,000		10,545
China Eastern Airlines Corp., Ltd. Class H (b)		90,000		53,272
China Electronics Corp. Holdings Co., Ltd. (b)		80,000		16,470
China Energine International Holdings, Ltd. (a)		180,000		17,140
China Everbright International, Ltd.		190,000		255,729
China Everbright, Ltd.		24,000		48,423
China Evergrande Group (b)		295,000		273,306
China Fangda Group Co., Ltd. Class B		166,300		173,757
China Financial Services Holdings, Ltd.		128,000		11,859
China Foods, Ltd.		16,000		6,526
China Galaxy Securities Co., Ltd. Class H		205,900		189,964
China Hanking Holdings, Ltd. (a)		64,000		10,706
China Harmony New Energy Auto Holding, Ltd.		7,000		2,936
China Hongqiao Group, Ltd. (c)		24,500		22,225
China Huarong Energy Co., Ltd. (a)		74,400		4,117
China Huishan Dairy Holdings Co., Ltd. (b) (c)		310,600		16,786
China Huiyuan Juice Group, Ltd. (a)		31,000		9,693
China International Marine Containers Group Co., Ltd. Class H		14,800		25,290
China Lesso Group Holdings, Ltd.		50,000		42,270
China Life Insurance Co., Ltd. Class H		546,260		1,676,420
China Lodging Group, Ltd. ADR (a)		1,359		84,326
China Longyuan Power Group Corp., Ltd. Class H		160,000		124,352
China Machinery Engineering Corp. Class H		14,000		10,268

See accompanying notes to financial statements.

90

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
China Medical System Holdings, Ltd.		109,000	$	193,273
China Mengniu Dairy Co., Ltd.		294,620		610,356
China Merchants Bank Co., Ltd. Class H		358,923		949,092
China Merchants China Direct Investments, Ltd.		4,000		5,981
China Merchants Port Holdings Co., Ltd.		115,826		339,065
China Minsheng Banking Corp., Ltd. Class H		434,900		464,475
China Mobile, Ltd.		405,366		4,436,258
China Modern Dairy Holdings, Ltd. (a)		3,000		679
China Molybdenum Co., Ltd. Class H		141,000		49,894
China National Accord Medicines Corp., Ltd. Class B		4,500		26,514
China National Building Material Co., Ltd. Class H		102,000		65,624
China National Materials Co., Ltd.		59,000		19,435
China Oilfield Services, Ltd. Class H		213,723		205,156
China Overseas Grand Oceans Group, Ltd. (a)		46,000		24,268
China Overseas Land & Investment, Ltd.		411,200		1,174,630
China Pacific Insurance Group Co., Ltd. Class H		174,000		628,025
China Petroleum & Chemical Corp. Class H		2,019,200		1,636,873
China Power International Development, Ltd.		510,000		189,655
China Power New Energy Development Co., Ltd.		21,000		13,187
China Railway Construction Corp., Ltd. Class H		182,990		259,480
China Railway Group, Ltd. Class H		416,487		372,462
China Rare Earth Holdings, Ltd. (a)		115,200		8,894
China Resources Beer Holdings Co., Ltd. (a)		124,625		283,519
China Resources Gas Group, Ltd.		24,000		84,926
China Resources Land, Ltd.		230,222		622,102
China Resources Power Holdings Co., Ltd.		210,432		379,625
China Sanjiang Fine Chemicals Co., Ltd.		46,000		15,922
China Shenhua Energy Co., Ltd. Class H		350,056		812,586
China Singyes Solar Technologies Holdings, Ltd. (b)		9,600		4,323
China South City Holdings, Ltd.		112,000		23,059
China Southern Airlines Co., Ltd. Class H		102,000		70,612
China State Construction International Holdings, Ltd.		88,000		157,396
China Taiping Insurance Holdings Co., Ltd. (a)		80,835		195,756
China Telecom Corp., Ltd. Class H		1,329,615		648,426
China Travel International Investment Hong Kong, Ltd.		520,000		157,241
China Unicom Hong Kong, Ltd.		413,668		553,580
China Vanke Co., Ltd. Class H		81,600		220,498
China Yurun Food Group, Ltd. (a) (b)		12,000		1,822
China ZhengTong Auto Services Holdings, Ltd.		24,500		14,722
ChinaCache International Holdings, Ltd. ADR (a) (b)		1,359		2,120
Chinasoft International, Ltd. (a)		88,000		50,616
Chongqing Changan Automobile Co., Ltd. Class B		74,800		103,949
Chongqing Machinery & Electric Co., Ltd. Class H		84,000		10,593
CIFI Holdings Group Co., Ltd.		26,000		10,104
CIMC Enric Holdings, Ltd.		10,000		6,279
CITIC Resources Holdings, Ltd. (a)		108,000		14,175
CITIC Securities Co., Ltd. Class H		120,500		248,086
CITIC Telecom International Holdings, Ltd.		53,000		16,095
CITIC, Ltd.		460,000		655,832
CNOOC, Ltd.		1,320,603		1,576,941
Cogobuy Group (a) (b) (d)		37,000		52,276
Colour Life Services Group Co., Ltd.		42,000		27,022
Comtec Solar Systems Group, Ltd. (a)		188,000		7,257
Coolpad Group, Ltd. (a)		253,600		23,495
COSCO SHIPPING Development Co., Ltd. Class H (a)		606,117		135,707
COSCO SHIPPING Energy Transportation Co., Ltd. Class H		188,000		106,198
COSCO SHIPPING Holdings Co., Ltd. Class H (a)		307,425		140,826
COSCO SHIPPING Ports, Ltd.		208,295		229,965
Cosmo Lady China Holdings Co., Ltd. (b) (d)		44,000		13,192
Country Garden Holdings Co., Ltd.		399,466		359,296
Credit China Fintech Holdings, Ltd. (a) (b)		313,618		42,373
CRRC Corp., Ltd. Class H		299,000		290,478
CSG Holding Co., Ltd. Class B		10,600		7,802
Ctrip.com International, Ltd. ADR (a)		23,839		1,171,687
Daqo New Energy Corp. ADR (a)		906		17,006
Datang International Power Generation Co., Ltd. Class H		612,000		184,273
Dazhong Transportation Group Co., Ltd. Class B		105,750		74,871
Dongfang Electric Corp., Ltd. Class H		20,400		19,267
Dongfeng Motor Group Co., Ltd. Class H		404,000		453,827
E-Commodities Holdings, Ltd. (a)		6,500		920
Fang Holdings, Ltd. ADR (a) (b)		12,536		40,867
Fanhua, Inc. ADR (a)		2,871		24,777
Fantasia Holdings Group Co., Ltd.		76,500		12,403
Far East Horizon, Ltd.		152,000		142,778
Fufeng Group, Ltd.		44,000		35,442
Future Land Holdings Co., Ltd. Class A		59,871		133,610
Geely Automobile Holdings, Ltd.		215,000		329,216
GF Securities Co., Ltd. Class H		119,600		250,542
Goldpac Group, Ltd.		37,000		11,950
GOME Electrical Appliances Holding, Ltd.		767,000		104,616
Goodbaby International Holdings, Ltd.		40,000		19,404

See accompanying notes to financial statements.

91

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Great Wall Motor Co., Ltd. Class H		247,250	$	281,562
Greatview Aseptic Packaging Co., Ltd.		10,000		5,005
Greentown China Holdings, Ltd. (a) (b)		45,500		43,325
Guangdong Electric Power Development Co., Ltd. Class B		144,640		67,932
Guangdong Investment, Ltd.		410,000		584,546
Guangshen Railway Co., Ltd. Class H		408,000		246,748
Guangzhou Automobile Group Co., Ltd. Class H		224,636		359,579
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H		6,000		17,680
Guangzhou R&F Properties Co., Ltd. Class H		183,600		286,805
Guodian Technology & Environment Group Corp., Ltd. Class H (a)		46,000		3,137
Guotai Junan International Holdings, Ltd.		144,000		46,694
Haichang Ocean Park Holdings, Ltd. (a) (d)		59,000		13,134
Haitian International Holdings, Ltd.		5,000		11,632
Haitong Securities Co., Ltd. Class H		183,600		310,430
Hangzhou Steam Turbine Co., Ltd. Class B (a)		31,200		32,479
Harbin Electric Co., Ltd. Class H		102,000		58,799
Hengan International Group Co., Ltd.		53,000		394,184
HNA Infrastructure Co., Ltd.		38,000		33,690
Honghua Group, Ltd. (a)		14,000		1,459
Honworld Group, Ltd. (b) (d)		21,500		12,892
Hopson Development Holdings, Ltd.		26,000		23,921
Huadian Fuxin Energy Corp., Ltd. Class H		74,000		16,568
Huadian Power International Corp., Ltd. Class H		283,308		120,665
Huaneng Power International, Inc. Class H		408,000		272,473
Huaneng Renewables Corp., Ltd. Class H		200,000		69,227
Huangshan Tourism Development Co., Ltd. Class B		70,032		106,169
Huatai Securities Co., Ltd. Class H (d)		50,400		98,057
Huayi Tencent Entertainment Co., Ltd. (a) (b)		110,000		5,520
Industrial & Commercial Bank of China, Ltd. Class H		5,572,590		3,642,637
Inner Mongolia Yitai Coal Co., Ltd. Class B		37,536		41,703
Intime Retail Group Co., Ltd.		102,500		128,727
JA Solar Holdings Co., Ltd. ADR (a)		1,662		10,869
JD.com, Inc. ADR (a)		61,010		1,898,021
Jiangnan Group, Ltd. (b)		80,000		11,015
Jiangsu Expressway Co., Ltd. Class H		284,000		407,829
Jiangxi Copper Co., Ltd. Class H		104,000		161,925
JinkoSolar Holding Co., Ltd. ADR (a) (b)		1,057		17,514
Jumei International Holding, Ltd. ADR (a)		604		2,229
Kama Co., Ltd. Class B (a)		9,500		9,538
Kingdee International Software Group Co., Ltd. (a) (b)		116,000		47,914
Kingsoft Corp., Ltd.		48,000		132,175
Konka Group Co., Ltd. Class B (a)		1,069,000		375,522
Kunlun Energy Co., Ltd.		510,000		472,496
KWG Property Holding, Ltd.		100,412		72,743
Lao Feng Xiang Co., Ltd. Class B		13,730		48,371
Lenovo Group, Ltd.		714,000		470,396
Li Ning Co., Ltd. (a)		147,333		86,449
Lianhua Supermarket Holdings Co., Ltd. Class H (a)		13,000		6,357
Lifetech Scientific Corp. (a)		100,000		25,220
Livzon Pharmaceutical Group, Inc. Class H		5,720		33,673
Luye Pharma Group, Ltd.		47,000		28,424
Maanshan Iron & Steel Co., Ltd. Class H (a)		306,000		110,249
Metallurgical Corp. of China, Ltd. Class H		104,000		39,611
Minth Group, Ltd.		18,000		72,496
MOBI Development Co., Ltd.		147,000		26,103
Momo, Inc. ADR (a) (b)		1,208		41,157
NetEase, Inc. ADR		7,030		1,996,520
New China Life Insurance Co., Ltd. Class H		49,100		233,764
New Oriental Education & Technology
Group, Inc. ADR (a)		8,404		507,434
Noah Holdings, Ltd. ADS (a) (b)		906		22,994
NQ Mobile, Inc. Class A, ADR (a)		2,723		11,355
Ourgame International Holdings, Ltd. (a) (b)		38,000		14,376
Ozner Water International Holding, Ltd. (a) (b) (d)		56,000		14,268
Pacific Online, Ltd.		37,000		8,998
Parkson Retail Group, Ltd. (b)		127,134		15,868
People’s Insurance Co. Group of China, Ltd. Class H		364,000		150,818
PetroChina Co., Ltd. Class H		1,568,970		1,148,741
PICC Property & Casualty Co., Ltd. Class H		517,506		797,751
Ping An Insurance Group Co. of China, Ltd. Class H		354,000		1,981,471
Poly Culture Group Corp., Ltd. Class H		4,500		10,759
Poly Property Group Co., Ltd. (a)		63,000		26,265
PW Medtech Group, Ltd. (a)		41,000		10,077
ReneSola, Ltd. ADR (a) (b)		2,508		6,019
Renhe Commercial Holdings Co., Ltd. (a) (b)		1,115,000		27,977
Semiconductor Manufacturing International Corp. (a)(b)		186,400		230,736
Shandong Airlines Co., Ltd. Class B		4,100		9,127
Shandong Chenming Paper Holdings, Ltd. Class B		20,000		23,419
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. Class H		8,000		16,820
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		164,000		117,331
Shanghai Baosight Software Co., Ltd. Class B		5,500		8,316
Shanghai Electric Group Co., Ltd. Class H (a) (b)		426,077		211,078

See accompanying notes to financial statements.

92

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		20,000	$	73,602
Shanghai Fudan Microelectronics Group Co., Ltd. Class H (a)		16,000		11,262
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H		8,000		6,578
Shanghai Greencourt Investment Group Co., Ltd. Class B (a)		97,048		58,229
Shanghai Huayi Group Corp., Ltd. Class B		200		186
Shanghai Industrial Urban Development Group, Ltd.		26,000		5,989
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		28,000		7,386
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		55,882		80,805
Shanghai Jinjiang International Travel Co., Ltd. Class B		3,500		10,255
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		74,466		107,752
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		35,440		55,924
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		20,500		53,680
Shanghai Prime Machinery Co., Ltd. Class H		82,000		16,882
Shengjing Bank Co., Ltd. Class H (d)		44,300		40,586
Shenwan Hongyuan HK, Ltd.		10,000		4,272
Shenzhen Expressway Co., Ltd. Class H		176,482		159,870
Shenzhen International Holdings, Ltd.		50,310		82,474
Shenzhen Investment, Ltd.		128,870		57,707
Shenzhou International Group Holdings, Ltd.		37,000		233,526
Shougang Concord International Enterprises Co., Ltd. (a)		278,000		9,122
Shunfeng International Clean Energy, Ltd. (a)		84,000		5,512
Silver Grant International Industries, Ltd. (a)		88,000		12,456
SINA Corp. (a)		5,903		425,724
Sino-Ocean Group Holding, Ltd.		394,480		185,273
Sinofert Holdings, Ltd.		76,000		10,757
SinoMedia Holding, Ltd.		38,000		8,801
Sinopec Oilfield Service Corp. Class H (a) (b)		94,000		18,506
Sinopec Shanghai Petrochemical Co., Ltd. Class H		406,600		225,496
Sinopharm Group Co., Ltd. Class H		64,000		296,880
Sinosoft Technology Group, Ltd. (b)		51,600		17,861
Sinotrans, Ltd. Class H		461,300		215,469
Sinovac Biotech, Ltd. (a)		8,116		46,424
SITC International Holdings Co., Ltd.		42,000		28,859
SOHO China, Ltd.		31,500		16,862
SPT Energy Group, Inc. (a)		20,000		1,673
Sunac China Holdings, Ltd.		102,000		132,299
Sunny Optical Technology Group Co., Ltd.		47,000		343,512
Synertone Communication Corp. (a)		54,400		1,071
TCL Multimedia Technology Holdings, Ltd. (a) (b)		25,000		13,447
Tencent Holdings, Ltd.		406,467		11,652,943
Tian Ge Interactive Holdings, Ltd. (d)		44,000		34,706
Tiangong International Co., Ltd.		88,000		9,851
Tianneng Power International, Ltd.		76,000		69,042
Tingyi Cayman Islands Holding Corp.		286,000		359,179
Tong Ren Tang Technologies Co., Ltd. Class H		10,000		17,783
TravelSky Technology, Ltd. Class H		201,841		476,845
Trigiant Group, Ltd.		22,000		3,340
Uni-President China Holdings, Ltd.		45,000		31,673
Universal Health International Group Holding, Ltd. (a)		42,000		1,486
V1 Group, Ltd. (a)		316,200		10,782
Vipshop Holdings, Ltd. ADR (a)		20,710		276,271
Want Want China Holdings, Ltd. (b)		563,000		389,750
Weibo Corp. ADR (a) (b)		414		21,603
Weiqiao Textile Co. Class H (c)		125,500		90,110
West China Cement, Ltd. (a) (b)		120,000		17,448
Wisdom Sports Group (a)		48,000		11,365
Xiamen International Port Co., Ltd. Class H		26,000		5,487
Xinchen China Power Holdings, Ltd. (a)		54,000		8,686
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (b)		7,800		11,743
Xinyi Solar Holdings, Ltd. (b)		198,000		63,185
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (d)		6,500		12,646
Yanzhou Coal Mining Co., Ltd. Class H		306,000		237,823
Yestar Healthcare Holdings Co., Ltd. (b)		22,500		11,668
Yingde Gases Group Co., Ltd. (b)		31,000		23,934
Yingli Green Energy Holding Co., Ltd. ADR (a) (b)		1,493		3,240
Yuexiu Property Co., Ltd.		714,000		121,274
Yuexiu Transport Infrastructure, Ltd.		1,258		973
YY, Inc. ADR (a)		1,810		83,459
Zhaojin Mining Industry Co., Ltd. Class H (b)		23,000		20,125
Zhejiang Expressway Co., Ltd. Class H		329,862		431,242
Zhuzhou CRRC Times Electric Co., Ltd. Class H		48,500		257,743
Zijin Mining Group Co., Ltd. Class H		539,000		199,745
ZTE Corp. Class H		102,927		188,862
				93,241,835
COLOMBIA — 0.6%
Almacenes Exito SA		10,456		55,354
Avianca Holdings SA Preference Shares		156,410		151,336
Banco Davivienda SA Preference Shares		17,585		181,813
Banco de Bogota SA		5,643		116,024
Bancolombia SA		16,345		148,320
Bancolombia SA ADR		5,891		234,874
Bolsa de Valores de Colombia		10,666,778		89,570
Celsia SA ESP		10,393		15,730
Cementos Argos SA		11,627		47,410

See accompanying notes to financial statements.

93

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Cementos Argos SA Preference Shares		13,885	$	52,587
Cemex Latam Holdings SA (a)		4,054		14,849
Constructora Conconcreto SA		31,560		10,764
Corp. Financiera Colombiana SA		5,445		52,985
Ecopetrol SA (a)		157,272		73,368
Empresa de Telecomunicaciones de Bogota (a)		309,806		68,409
Grupo Argos SA		4,276		29,907
Grupo Argos SA Preference Shares		17,794		118,058
Grupo Aval Acciones y Valores SA		424,881		170,327
Grupo de Inversiones Suramericana SA		6,400		86,428
Grupo de Inversiones Suramericana SA Preference Shares		6,391		84,363
Grupo Nutresa SA		5,907		49,765
Interconexion Electrica SA ESP		23,831		95,526
				1,947,767
CZECH REPUBLIC — 0.3%
CEZ A/S		21,456		370,249
Komercni banka A/S		11,330		421,519
Unipetrol A/S		15,291		138,953
				930,721
EGYPT — 0.3%
Commercial International Bank Egypt SAE		203,931		853,347
Egypt Kuwait Holding Co. SAE		79,931		53,554
Egyptian Financial Group-Hermes Holding Co. (a)		97,523		140,908
Global Telecom Holding SAE (a)		45,927		17,277
Global Telecom Holding SAE GDR (a) (c)		42,830		80,558
Orascom Telecom Media And Technology Holding SAE (a)		52,168		2,139
				1,147,783
GREECE — 0.2%
Alpha Bank AE (a)		5,017		9,015
Diana Shipping, Inc. (a)		3,659		16,905
DryShips, Inc.		1		2
Ellaktor SA (a)		259		360
Eurobank Ergasias SA (a)		4,400		2,706
FF Group (a)		1,285		24,670
Fourlis Holdings SA (a)		128		612
Frigoglass SAIC (a)		221		25
GEK Terna Holding Real Estate Construction SA (a)		316		831
Grivalia Properties REIC AE		6,958		61,024
Hellenic Exchanges — Athens Stock Exchange SA		13,201		65,230
Hellenic Telecommunications Organization SA		11,023		103,749
Intralot SA-Integrated Lottery Systems & Services (a)		29,667		38,711
JUMBO SA		4,523		71,499
Marfin Investment Group Holdings SA (a)		4,901		833
Mytilineos Holdings SA (a)		109		828
National Bank of Greece SA (a)		3,002		774
OPAP SA		13,603		127,159
Piraeus Bank SA (a)		648		118
Public Power Corp. SA (a)		4,644		14,553
Terna Energy SA		166		509
Titan Cement Co. SA		2,179		55,700
				595,813
HONG KONG — 1.2%
AGTech Holdings, Ltd. (a) (b)		56,000		10,881
Alibaba Pictures Group, Ltd. (a)		892,400		161,910
AMVIG Holdings, Ltd.		78,000		26,095
Asian Citrus Holdings, Ltd. (a) (c)		51,000		3,937
Beijing Enterprises Clean Energy Group, Ltd. (a)		1,038,000		28,049
BEP International Holdings, Ltd.		560,000		30,985
Bosideng International Holdings, Ltd.		106,000		9,138
Carnival Group International Holdings, Ltd. (a) (b)		410,000		44,316
CGN Meiya Power Holdings Co., Ltd. (a) (d)		24,000		3,829
Chia Tai Enterprises International, Ltd. (a)		2,300		660
China All Access Holdings, Ltd.		28,000		8,287
China Animation Characters Co., Ltd. (b)		38,000		15,745
China Chengtong Development Group, Ltd. (a)		326,000		22,652
China Fiber Optic Network System Group, Ltd. (a) (c)		88,800		7,998
China Financial International Investments, Ltd. (a)		380,000		19,070
China Financial Leasing Group, Ltd. (a)		80,000		2,491
China Gas Holdings, Ltd.		180,000		289,983
China High Speed Transmission Equipment Group Co., Ltd.		5,000		5,655
China Jicheng Holdings, Ltd. (a) (b) (d)		1,479,000		37,301
China National Culture Group, Ltd. (a)		410,000		1,899
China NT Pharma Group Co., Ltd.		181,600		40,426
China Ocean Industry Group, Ltd. (a)		465,000		11,129
China Oil & Gas Group, Ltd. (a)		132,000		10,021
China Overseas Property Holdings, Ltd. (b)		62,066		11,420
China Public Procurement, Ltd. (a)		564,000		3,266
China Soft Power Technology Holdings, Ltd. (a)		168,000		3,372
China Vanguard Group, Ltd. (a)		70,000		5,945
Citychamp Watch & Jewellery Group, Ltd.		104,000		22,214
Comba Telecom Systems Holdings, Ltd.		96,117		15,707
Concord New Energy Group, Ltd.		120,000		6,099
CP Pokphand Co., Ltd.		332,000		30,758
Digital China Holdings, Ltd. (b)		61,000		53,531
Essex Bio-technology, Ltd.		62,000		31,513
Eternity Investment, Ltd. (a)		40,574		1,175
Feiyu Technology International Co., Ltd. (d)		19,500		3,011
First Shanghai Investments, Ltd.		40,000		5,816
Fullshare Holdings, Ltd.		497,000		219,994
GCL-Poly Energy Holdings, Ltd. (a) (b)		556,000		73,690
Global Bio-Chem Technology Group Co., Ltd. (a)		230,000		5,327

See accompanying notes to financial statements.

94

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Golden Meditech Holdings, Ltd. (a)		44,000	$	7,134
Haier Electronics Group Co., Ltd.		45,000		103,069
Hanergy Thin Film Power Group, Ltd. (a) (e)		856,000		—
Hengdeli Holdings, Ltd. (a)		1,373,600		206,796
Hi Sun Technology China, Ltd. (a) (b)		144,000		25,385
Hua Han Health Industry Holdings, Ltd. (a) (b) (e)		283,600		14,506
Hua Hong Semiconductor, Ltd. (d)		7,000		9,818
Huabao International Holdings, Ltd. (a)		2,000		1,168
Imperial Pacific International Holdings, Ltd. (a) (b)		2,090,000		36,306
Joy City Property, Ltd.		224,000		33,147
Ju Teng International Holdings, Ltd.		80,500		33,043
Kingboard Chemical Holdings, Ltd.		99,340		366,861
Kingboard Laminates Holdings, Ltd.		54,500		70,689
Lee & Man Paper Manufacturing, Ltd.		49,000		37,452
Millennium Pacific Group Holdings, Ltd. (a)		186,000		2,657
Munsun Capital Group, Ltd. (a)		280,000		6,954
National Agricultural Holdings, Ltd. (a) (b)		72,000		11,025
Neo Telemedia, Ltd. (a)		780,000		33,121
NetDragon Websoft Holdings, Ltd.		21,000		63,907
NewOcean Energy Holdings, Ltd.		22,000		6,284
Newtree Group Holdings, Ltd. (a)		35,000		2,027
Nine Dragons Paper Holdings, Ltd.		153,000		164,389
Portico International Holdings, Ltd. (a)		24,000		10,284
Pou Sheng International Holdings, Ltd.		114,000		23,910
Qianhai Health Holdings, Ltd. (a)		59,221		693
Real Nutriceutical Group, Ltd.		97,000		6,366
Shimao Property Holdings, Ltd.		153,000		242,941
SIM Technology Group, Ltd. (a)		308,000		12,880
Sino Biopharmaceutical, Ltd.		300,000		247,057
Skyworth Digital Holdings, Ltd.		103,225		68,006
Solargiga Energy Holdings, Ltd. (a)		666,000		12,855
SSY Group, Ltd.		23,740		9,439
Sun Art Retail Group, Ltd.		81,500		76,346
Suncorp Technologies, Ltd. (a)		940,000		6,773
Tack Fiori International Group, Ltd. (a)		88,000		2,174
Tech Pro Technology Development, Ltd. (a)		286,000		5,226
Tibet Water Resources, Ltd. (b)		40,000		16,522
United Laboratories International Holdings, Ltd. (a)		12,000		7,829
Universal Medical Financial & Technical Advisory Services Co., Ltd. (d)		54,600		49,531
Vision Values Holdings, Ltd. (a)		90,000		2,953
Wanda Hotel Development Co., Ltd. (a)		57,000		5,281
Wasion Group Holdings, Ltd.		24,000		12,631
WH Group, Ltd. (d)		489,500		422,010
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)		12,250		2,506
Xinyi Glass Holdings, Ltd.		170,000		149,624
Yip’s Chemical Holdings, Ltd.		10,000		4,323
				3,919,193
HUNGARY — 0.6%
MOL Hungarian Oil & Gas PLC		7,182		492,500
OTP Bank PLC		29,005		812,977
Richter Gedeon Nyrt		24,837		565,145
				1,870,622
INDIA — 12.0%
Adani Enterprises, Ltd.		922		1,541
Adani Ports & Special Economic Zone, Ltd.		59,837		312,938
Adani Power, Ltd. (a)		2,196		1,349
Adani Transmissions, Ltd. (a)		1,112		1,099
AIA Engineering, Ltd.		895		21,885
Alok Industries, Ltd. (a)		334,316		15,188
Amtek Auto, Ltd. (a)		10,472		5,362
Anant Raj, Ltd.		83,016		61,046
Apollo Hospitals Enterprise, Ltd.		7,407		132,906
Ashok Leyland, Ltd.		44,560		58,020
Aurobindo Pharma, Ltd.		24,177		251,395
Axis Bank, Ltd.		92,333		697,883
Bajaj Hindusthan Sugar, Ltd. (a)		126,744		26,057
Balrampur Chini Mills, Ltd.		57,348		128,367
BF Investment, Ltd. (a)		14,288		36,449
Bharat Financial Inclusion, Ltd. (a)		3,810		47,432
Bharat Forge, Ltd.		1,645		26,400
Bharat Heavy Electricals, Ltd.		96,364		241,671
Bharti Airtel, Ltd.		157,382		848,411
Bharti Infratel, Ltd.		25,607		128,518
Biocon, Ltd.		3,038		52,975
Bosch, Ltd.		108		37,840
Britannia Industries, Ltd.		6,186		321,422
Cipla, Ltd.		65,782		600,684
Coal India, Ltd.		42,202		190,197
CORE Education & Technologies, Ltd. (a) (e)		9,253		—
DCB Bank, Ltd. (a)		174,606		457,791
Dewan Housing Finance Corp., Ltd.		48,733		275,542
Dr Reddy’s Laboratories, Ltd. ADR		18,436		740,205
Educomp Solutions, Ltd. (a)		21,130		3,466
Eicher Motors, Ltd.		680		267,953
Era Infra Engineering, Ltd. (a) (c)		2,941		68
Fortis Healthcare, Ltd. (a)		34,380		95,672
GAIL India, Ltd.		96,483		560,087
Gammon India, Ltd. (a)		54,100		8,040
Gateway Distriparks, Ltd.		20,571		80,085
Gitanjali Gems, Ltd.		1,811		1,839
Glenmark Pharmaceuticals, Ltd.		5,583		73,262
Godrej Consumer Products, Ltd.		5,222		134,412
Godrej Industries, Ltd.		35,395		275,376
Grasim Industries, Ltd. GDR		210		3,398
GRUH Finance, Ltd.		57,830		352,582
GTL Infrastructure, Ltd. (a)		368,150		32,600
GTL, Ltd. (a)		2,194		579
Gujarat NRE Coke, Ltd. (a)		16,365		655
Gujarat Pipavav Port, Ltd.		3,915		9,954
GVK Power & Infrastructure, Ltd. (a)		165,497		15,164
HCL Technologies, Ltd.		38,118		513,494
HDFC Bank, Ltd.		50,852		1,129,692
Hero MotoCorp, Ltd.		21,068		1,045,354
Hindalco Industries, Ltd.		67,048		201,397
Hindustan Construction Co., Ltd. (a)		20,579		12,534
Hindustan Unilever, Ltd.		90,503		1,270,749

See accompanying notes to financial statements.

95

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Housing Development & Infrastructure, Ltd. (a)		17,391	$	21,948
Housing Development Finance Corp., Ltd.		137,693		3,185,164
ICICI Bank, Ltd. ADR		187,467		1,612,216
Idea Cellular, Ltd.		28,869		38,167
IDFC Bank, Ltd.		21		19
IDFC, Ltd. (a)		18		15
Indiabulls Housing Finance, Ltd.		10,665		163,872
Indiabulls Real Estate, Ltd. (a)		24,983		33,665
Indian Hotels Co., Ltd.		90,471		176,804
Infosys, Ltd. ADR		194,641		3,075,328
IRB Infrastructure Developers, Ltd.		5,416		19,717
ITC, Ltd.		178,832		771,951
ITC, Ltd. GDR		59,596		257,252
IVRCL, Ltd. (a)		14,809		1,129
Jain Irrigation Systems, Ltd.		14,339		20,724
Jaiprakash Associates, Ltd. (a)		76,738		16,249
Jet Airways India, Ltd. (a)		18,710		151,530
Jindal Steel & Power, Ltd. (a)		6,808		12,686
Kotak Mahindra Bank, Ltd.		40,169		539,546
Lanco Infratech, Ltd. (a)		34,460		1,751
Larsen & Toubro, Ltd. GDR		43,649		1,056,306
LIC Housing Finance, Ltd.		20,816		198,254
Lupin, Ltd.		12,656		281,673
Magma Fincorp, Ltd.		10,291		16,807
Mahanagar Telephone Nigam, Ltd. (a)		67,637		24,999
Mahindra & Mahindra Financial Services, Ltd.		18,761		90,981
Mahindra & Mahindra, Ltd. GDR		49,168		978,443
Marico, Ltd.		14,711		66,798
Marksans Pharma, Ltd.		14,753		10,712
Maruti Suzuki India, Ltd.		14,981		1,387,868
Mindtree, Ltd.		3,929		27,406
Monnet Ispat & Energy, Ltd. (a)		5,759		3,024
MRF, Ltd.		192		180,230
NCC, Ltd.		23,646		29,842
NTPC, Ltd.		132,211		337,985
Oil & Natural Gas Corp., Ltd.		282,465		804,744
OnMobile Global, Ltd.		5,057		7,036
Opto Circuits India, Ltd. (a)		4,757		678
Page Industries, Ltd.		241		54,264
PS IT Infrastructure & Services, Ltd. (a)		114		157
PTC India, Ltd.		60,536		87,073
Punj Lloyd, Ltd. (a)		9,293		2,769
Rajesh Exports, Ltd.		9,853		91,945
RattanIndia Infrastructure, Ltd. (a)		54,643		3,282
REI Agro, Ltd. (a)		1,399,560		8,621
Reliance Capital, Ltd.		8,329		78,897
Reliance Communications, Ltd. (a)		102,436		60,419
Reliance Industries, Ltd. GDR (d)		67,107		2,729,913
Reliance Infrastructure, Ltd.		24,484		214,412
Rolta India, Ltd. (a)		6,526		5,834
Ruchi Soya Industries, Ltd. (a)		40,433		16,905
SE Investments, Ltd.		10,341		27,471
Sharda Cropchem, Ltd.		2,622		19,691
Shree Renuka Sugars, Ltd. (a)		91,463		20,494
Shriram Transport Finance Co., Ltd.		8,648		143,567
Siemens, Ltd.		22,317		431,390
Sintex Industries, Ltd.		62,474		101,742
State Bank of India GDR		11,764		525,263
Strides Shasun, Ltd.		2,481		41,971
Sun Pharma Advanced Research Co., Ltd. (a)		2,719		13,251
Sun Pharmaceutical Industries, Ltd.		78,207		828,800
Sun TV Network, Ltd.		7,407		90,188
Suzlon Energy, Ltd. (a)		423,830		124,665
Symphony, Ltd.		1,107		26,069
Tata Communications, Ltd.		16,643		185,063
Tata Consultancy Services, Ltd.		45,377		1,699,358
Tata Elxsi, Ltd.		1,417		31,967
Tata Motors, Ltd. ADR		35,435		1,263,258
Tata Power Co., Ltd.		240,193		334,202
Tata Steel, Ltd.		34,772		258,481
Tech Mahindra, Ltd.		31,921		225,711
UltraTech Cement, Ltd.		1,706		104,689
Unitech, Ltd. (a)		141,072		12,166
United Breweries, Ltd.		5,217		61,928
United Spirits, Ltd. (a)		4,664		156,199
UPL, Ltd.		13,484		150,944
Vedanta, Ltd.		45,017		190,613
Videocon Industries, Ltd. (a)		26,836		42,795
VST Industries, Ltd.		1,941		85,744
Welspun India, Ltd.		16,718		22,592
Wipro, Ltd. ADR (b)		77,879		796,702
Wockhardt, Ltd.		2,276		25,210
Zee Entertainment Enterprises, Ltd.		40,850		336,909
				39,146,088
INDONESIA — 3.0%
Alam Sutera Realty Tbk PT (a)		658,700		17,894
Astra International Tbk PT		2,190,988		1,418,128
Bank Central Asia Tbk PT		1,446,087		1,796,011
Bank Danamon Indonesia Tbk PT		440,918		155,515
Bank Mandiri Persero Tbk PT		1,092,249		959,012
Bank Negara Indonesia Persero Tbk PT		177,100		86,055
Bank Rakyat Indonesia Persero Tbk PT		1,096,365		1,067,527
Barito Pacific Tbk PT (a)		854,300		185,919
Bekasi Fajar Industrial Estate Tbk PT		410,500		9,611
Bumi Resources Tbk PT (a)		1,115,100		27,782
Bumi Serpong Damai Tbk PT		348,700		49,326
Charoen Pokphand Indonesia Tbk PT		381,100		91,518
Ciputra Development Tbk PT		546,452		50,440
Citra Marga Nusaphala Persada Tbk PT (a)		147,941		15,987
Garuda Indonesia Persero Tbk PT (a)		1,168,400		29,987
Global Mediacom Tbk PT		56,200		2,193
Indocement Tunggal Prakarsa Tbk PT		46,100		57,428
Indofood Sukses Makmur Tbk PT		961,551		577,270
Indosat Tbk PT (a)		231,800		121,766
Japfa Comfeed Indonesia Tbk PT		100,500		11,652
Kalbe Farma Tbk PT		4,817,167		556,710
Kawasan Industri Jababeka Tbk PT (a)		447,249		11,076
Lippo Cikarang Tbk PT (a)		16,200		5,167
Lippo Karawaci Tbk PT		1,128,600		61,404
Matahari Putra Prima Tbk PT		56,400		4,677
Mayora Indah Tbk PT		808,075		129,166
Medco Energi Internasional Tbk PT (a)		603,100		158,407
Media Nusantara Citra Tbk PT		74,800		10,385

See accompanying notes to financial statements.

96

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Modernland Realty Tbk PT (a)		706,300	$	15,583
Pakuwon Jati Tbk PT		497,400		22,956
Perusahaan Gas Negara Persero Tbk		1,322,900		251,168
Semen Indonesia Persero Tbk PT		75,000		50,655
Sigmagold Inti Perkasa Tbk PT (a)		1,132,600		5,695
Summarecon Agung Tbk PT		384,300		38,645
Telekomunikasi Indonesia Persero Tbk PT		3,348,000		1,037,653
Tiga Pilar Sejahtera Food Tbk (a)		542,500		89,158
Unilever Indonesia Tbk PT		55,400		180,121
United Tractors Tbk PT		232,615		462,594
XL Axiata Tbk PT (a)		71,325		16,379
				9,838,620
MALAYSIA — 2.7%
Aeon Co. M Bhd		713,190		380,325
AEON Credit Service M Bhd		9,900		35,793
AirAsia Bhd		110,800		78,615
Alliance Financial Group Bhd		425,600		392,373
Axiata Group Bhd		132,323		151,295
Berjaya Sports Toto Bhd		204,514		134,479
Bintulu Port Holdings Bhd		94		131
British American Tobacco Malaysia Bhd		4,500		46,368
Bursa Malaysia Bhd		86,593		191,364
Capitaland Malaysia Mall Trust REIT		138,800		51,123
Carlsberg Brewery Malaysia Bhd Class B		217,376		736,785
CIMB Group Holdings Bhd		148,350		186,715
Dialog Group Bhd		1,493,067		597,159
DiGi.Com Bhd		547,200		634,309
Felda Global Ventures Holdings Bhd		38,900		18,371
Genting Bhd		330,500		716,189
Genting Malaysia Bhd		94,100		115,884
Guan Chong Bhd		86,200		18,115
Hap Seng Plantations Holdings Bhd		10,900		6,379
IHH Healthcare Bhd		101,100		137,069
IOI Corp. Bhd		523,060		549,594
IOI Properties Group Bhd		471,562		220,570
Iskandar Waterfront City Bhd (a)		33,900		22,444
KLCCP Stapled Group		55,200		98,912
KNM Group Bhd (a)		449,021		30,439
KPJ Healthcare Bhd		39,220		35,892
Lingkaran Trans Kota Holdings Bhd		35,500		48,291
Magnum Bhd		314,860		151,543
Malayan Banking Bhd		253,659		511,273
Malaysian Resources Corp. Bhd (a)		582,700		223,837
MPHB Capital Bhd (a)		156,830		55,637
Naim Holdings Bhd (a)		87		30
OSK Holdings Bhd		610,206		217,857
Pavilion Real Estate Investment Trust		131,600		51,742
Pos Malaysia Bhd		103,600		107,217
Public Bank Bhd		100,100		450,116
Sapura Energy Bhd (a)		55,100		22,660
Sime Darby Bhd		118,424		248,328
SP Setia Bhd Group		31,972		25,647
SP Setia Bhd Group Series RCPs, Preference Shares		10,257		2,596
Sunway Real Estate Investment Trust		136,700		53,129
TA Enterprise Bhd		538,700		73,644
TA Global Bhd		392,356		32,360
Telekom Malaysia Bhd		69,727		101,152
Tenaga Nasional Bhd		103,700		321,492
UEM Edgenta Bhd		70,300		51,786
UEM Sunrise Bhd		435,888		125,088
UMW Holdings Bhd (a)		30,700		41,622
Unisem M Bhd		30,400		21,570
United Plantations Bhd		6,200		39,928
VS Industry Bhd		137,900		53,907
WCT Holdings Bhd		783,695		341,776
				8,960,920
MEXICO — 4.2%
Alfa SAB de CV Class A		414,317		602,750
America Movil SAB de CV Series L		2,356,681		1,661,701
Axtel SAB de CV (a) (b)		167,573		33,365
Cemex SAB de CV Series CPO (a)		1,172,012		1,054,765
Coca-Cola Femsa SAB de CV Series L		61,267		437,460
Consorcio ARA SAB de CV Series		166,500		52,335
Desarrolladora Homex SAB de CV Class C1 (a)		3,517		154
El Puerto de Liverpool SAB de CV Series C1		34,679		269,085
Fibra Uno Administracion SA de CV REIT		142,609		242,904
Fomento Economico Mexicano SAB de CV		203,451		1,793,604
Grupo Aeroportuario del Sureste SAB de CV Class B		45,040		777,349
Grupo Bimbo SAB de CV Series A		284,807		704,526
Grupo Elektra SAB de CV		5,177		121,865
Grupo Financiero Banorte SAB de CV Series O		160,324		916,446
Grupo Financiero Inbursa SAB de CV Series O		128,513		211,730
Grupo Mexico SAB de CV Series B		317,203		947,862
Grupo Televisa SAB Series CPO		190,582		981,134
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV (a)		164,071		274,321
Industrias CH SAB de CV Series B (a)		44,541		262,363
Industrias Penoles SAB de CV		15,444		396,068
Kimberly-Clark de Mexico SAB de CV Class A		253,731		547,362
Sare Holding SAB de CV Class B (a)		186,732		1,051
Telesites SAB de CV (a)		118,898		76,639
TV Azteca SAB de CV		383,049		71,183
Urbi Desarrollos Urbanos SAB de CV (a)		13,886		3,686
Wal-Mart de Mexico SAB de CV		495,383		1,135,211
				13,576,919
NETHERLANDS — 0.4%
Steinhoff International Holdings NV		212,373		1,016,349
VEON, Ltd. ADR		42,246		172,364
				1,188,713
PERU — 0.8%
Cia de Minas Buenaventura SAA ADR (f)		27,243		328,006
Cia de Minas Buenaventura SAA ADR (f)		5,932		71,777

See accompanying notes to financial statements.

97

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Credicorp, Ltd.		7,423	$	1,212,176
Southern Copper Corp. (f)		21,522		772,424
Southern Copper Corp. (f)		4,688		168,815
Volcan Cia Minera SAA Class B		454,024		122,917
				2,676,115
PHILIPPINES — 1.5%
Alliance Global Group, Inc.		207,200		52,363
Ayala Land, Inc.		1,333,180		878,158
Bank of the Philippine Islands		480,727		969,598
BDO Unibank, Inc.		403,276		945,197
Bloomberry Resorts Corp. (a)		81,000		12,834
Cebu Air, Inc.		144,570		270,555
Cebu Holdings, Inc.		735,500		75,346
D&L Industries, Inc.		219,800		55,722
DoubleDragon Properties Corp. (a)		145,820		155,919
East West Banking Corp.		82,800		33,995
Filinvest Land, Inc.		6,132,000		200,428
First Philippine Holdings Corp.		40,480		57,927
Global Ferronickel Holdings, Inc. (a)		155,333		8,854
GMA Holdings, Inc.		355,600		42,807
GT Capital Holdings, Inc.		970		22,135
JG Summit Holdings, Inc.		48,210		78,164
Megawide Construction Corp. (a)		462,388		161,271
Megaworld Corp.		663,300		44,683
Nickel Asia Corp.		55,500		6,725
PLDT, Inc.		10,220		335,269
Puregold Price Club, Inc.		31,600		27,522
San Miguel Corp.		14,040		29,101
SM Investments Corp.		16,560		230,041
SM Prime Holdings, Inc.		310,090		174,899
Top Frontier Investment Holdings, Inc. (a)		1,601		8,743
Universal Robina Corp.		23,170		75,502
Vista Land & Lifescapes, Inc.		105,378		10,669
				4,964,427
POLAND — 1.1%
Asseco Poland SA		8,610		118,003
Bank Pekao SA		15,709		523,772
Bank Zachodni WBK SA		2,323		200,817
Bioton SA (a)		108		191
Eurocash SA		808		6,508
Getin Holding SA (a)		30,826		11,204
Getin Noble Bank SA (a)		28,606		14,151
Globe Trade Centre SA (a)		26,694		56,596
Grupa Lotos SA (a)		16,691		230,147
KGHM Polska Miedz SA		16,826		491,791
LPP SA		46		78,891
mBank SA (a)		2,545		239,922
Orange Polska SA		103,012		120,381
Orbis SA		8,067		166,962
PGE Polska Grupa Energetyczna SA		58,618		168,666
Polimex-Mostostal SA (a)		1,514		3,068
Polski Koncern Naftowy Orlen SA		22,261		561,870
Powszechna Kasa Oszczednosci Bank Polski SA (a)		46,575		376,884
Powszechny Zaklad Ubezpieczen SA		29,956		263,120
				3,632,944
QATAR — 0.7%
Aamal Co. (a)		4,877		19,221
Industries Qatar QSC		4,451		134,834
Mannai Corp. QSC		2,919		64,134
Masraf Al Rayan QSC		31,677		366,698
Mazaya Qatar Real Estate Development QSC (a)		17,311		68,605
Medicare Group		2,367		62,213
National Leasing		25,456		133,184
Ooredoo QSC		8,128		215,639
Qatar Electricity & Water Co. QSC		768		46,404
Qatar Insurance Co. SAQ		7,751		149,651
Qatar National Bank QPSC		19,895		798,292
Qatari Investors Group QSC		7,869		132,263
Vodafone Qatar QSC (a)		31,525		80,867
				2,272,005
RUSSIA — 4.3%
Evraz PLC (a)		19,411		52,501
Gazprom PJSC ADR		492,157		2,199,942
LSR Group PJSC GDR		11,723		43,023
Lukoil PJSC ADR		40,132		2,125,391
Magnit PJSC GDR		13,769		525,976
Mail.Ru Group, Ltd. GDR (a)		3,453		76,311
Mechel PJSC ADR (a)		14,776		78,608
MMC Norilsk Nickel PJSC ADR (b)		58,742		923,424
Mobile TeleSystems PJSC ADR		74,758		824,581
Novatek PJSC GDR		7,756		965,622
Novolipetsk Steel PJSC GDR		3,172		63,123
Novorossiysk Commercial Sea Port PJSC GDR		4,935		39,480
Polymetal International PLC		10,698		132,636
Rosneft Oil Co. PJSC GDR		120,316		684,598
Rostelecom PJSC ADR		8,896		73,214
Sberbank of Russia PJSC ADR (f)		111,925		1,290,495
Sberbank of Russia PJSC ADR (f)		43,818		505,660
Severstal PJSC GDR		45,046		649,113
Sistema PJSC FC GDR		13,008		116,422
Surgutneftegas OJSC ADR		173,808		889,897
Tatneft PJSC ADR (f)		12,729		469,064
Tatneft PJSC ADR (f)		12,997		487,258
TMK PAO GDR		1,907		10,107
TMK PJSC GDR		2,551		13,520
VTB Bank PJSC GDR		197,967		453,147
X5 Retail Group NV GDR (a)		3,608		121,409
Yandex NV Class A (a)		9,939		217,962
				14,032,484
SOUTH AFRICA — 6.6%
Adbee Rf, Ltd. (a)		1,541		5,333
Adcock Ingram Holdings, Ltd.		8,733		40,543
Adcorp Holdings, Ltd.		50,414		61,284
African Phoenix Investments, Ltd. (a)		5,648		244
African Rainbow Minerals, Ltd.		10,752		76,225
Allied Electronics Corp., Ltd. (a)		58,750		43,377
Anglo American Platinum, Ltd. (a)		2,938		67,065
AngloGold Ashanti, Ltd. (a) (b)		25,884		276,527
ArcelorMittal South Africa, Ltd. (a)		15,518		11,492
Aspen Pharmacare Holdings, Ltd.		25,780		528,184
Aveng, Ltd. (a)		58,013		30,588

See accompanying notes to financial statements.

98

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Barclays Africa Group, Ltd.		34,869	$	362,791
Barloworld, Ltd.		24,812		220,757
Bid Corp., Ltd.		9,946		192,634
Bidvest Group, Ltd.		36,379		417,462
Coronation Fund Managers, Ltd.		52,414		247,201
Discovery, Ltd.		35,736		343,028
FirstRand, Ltd. (b)		275,137		951,271
Foschini Group, Ltd.		23,849		274,778
Gold Fields, Ltd.		57,714		201,308
Grindrod, Ltd. (a)		97,620		104,109
Group Five, Ltd.		27,740		43,321
Growthpoint Properties, Ltd. REIT		77,290		149,291
Harmony Gold Mining Co., Ltd.		23,370		57,254
Impala Platinum Holdings, Ltd. (a)		41,494		139,935
Imperial Holdings, Ltd. (b)		19,158		235,747
Investec, Ltd.		21,147		144,242
Invicta Holdings, Ltd.		39,570		173,286
Kumba Iron Ore, Ltd. (a) (b)		4,115		62,271
Lewis Group, Ltd.		25,077		77,613
Massmart Holdings, Ltd.		16,325		165,785
Mediclinic International PLC		12,714		113,005
MMI Holdings, Ltd. (b)		92,816		158,446
Mr. Price Group, Ltd.		17,015		202,905
MTN Group, Ltd.		105,100		956,256
Murray & Roberts Holdings, Ltd.		69,490		79,810
Naspers, Ltd. Class N		30,195		5,213,120
Nedbank Group, Ltd.		28,206		508,008
Netcare, Ltd.		218,336		416,847
Northam Platinum, Ltd. (a)		29,199		111,907
PPC, Ltd. (a)		31,397		15,243
PSG Group, Ltd.		23,723		436,997
Rand Merchant Investment Holdings, Ltd. (b)		115,168		354,726
Remgro, Ltd.		49,273		757,317
RMB Holdings, Ltd. (b)		93,872		410,037
Sanlam, Ltd.		147,814		742,667
Sappi, Ltd.		29,477		200,335
Sasol, Ltd.		34,694		1,010,618
Shoprite Holdings, Ltd.		49,486		714,495
Sibanye Gold, Ltd.		65,431		140,048
Standard Bank Group, Ltd.		95,103		1,019,562
Sun International, Ltd.		17,259		97,823
Telkom SA SOC, Ltd.		27,940		156,341
Tiger Brands, Ltd.		20,400		609,242
Trans Hex Group, Ltd. (a)		260		79
Truworths International, Ltd. (b)		41,927		270,816
Vodacom Group, Ltd.		36,557		414,406
Wilson Bayly Holmes-Ovcon, Ltd.		24,028		288,775
Woolworths Holdings, Ltd.		85,117		443,780
Zambezi Platinum RF, Ltd. Series ZPLP, Preference Shares		7,494		30,459
				21,579,016
TAIWAN — 14.6%
Acer, Inc. (a)		290,701		137,961
Adlink Technology, Inc.		53,665		119,914
Advanced Ceramic X Corp.		4,000		39,285
Advanced Semiconductor Engineering, Inc.		. 637,117		813,654
Advanced Wireless Semiconductor Co.		13,000		26,135
Advancetek Enterprise Co., Ltd.		281,694		187,997
Advantech Co., Ltd.		5,000		41,855
AGV Products Corp. (a)		516,415		128,327
Airmate Cayman International Co., Ltd. (a)		11,000		10,513
APCB, Inc. (a)		100,000		104,144
Asustek Computer, Inc.		54,340		537,266
AU Optronics Corp. ADR		106,424		406,540
Audix Corp.		63,600		87,092
Bank of Kaohsiung Co., Ltd.		162,390		52,716
Basso Industry Corp.		264,900		804,936
Biostar Microtech International Corp. (a)		201,000		63,263
C Sun Manufacturing, Ltd. (a)		98,000		69,441
Carnival Industrial Corp. (a)		203,000		37,131
Catcher Technology Co., Ltd.		56,000		553,679
Cathay Financial Holding Co., Ltd.		514,541		825,843
Cathay No 1 REIT		142,000		70,339
Center Laboratories, Inc. (a)		62,238		124,097
Chailease Holding Co., Ltd.		53,608		125,264
Champion Building Materials Co., Ltd. (a)		145,000		39,234
Chang Hwa Commercial Bank, Ltd.		817,396		498,371
Chang Wah Electromaterials, Inc.		7,431		39,919
Charoen Pokphand Enterprise		468,060		836,083
Chen Full International Co., Ltd.		12,000		20,209
Cheng Loong Corp.		53,000		26,550
Cheng Shin Rubber Industry Co., Ltd.		41,850		86,479
China Airlines, Ltd.		198,000		68,844
China Chemical & Pharmaceutical Co., Ltd.		154,000		96,432
China Development Financial Holding Corp.		1,237,945		339,856
China Steel Chemical Corp.		59,595		231,761
China Steel Corp.		800,451		667,427
Chipbond Technology Corp.		39,000		62,338
Chlitina Holding, Ltd.		2,000		9,492
Chong Hong Construction Co., Ltd.		7,717		18,820
Chung Hwa Pulp Corp.		199,794		72,431
Chunghwa Chemical Synthesis & Biotech Co., Ltd.		57,000		50,909
Chunghwa Telecom Co., Ltd.		254,457		863,774
CMC Magnetics Corp. (a)		240,933		31,444
Coland Holdings, Ltd.		11,938		17,882
Compal Electronics, Inc.		511,774		333,958
Coxon Precise Industrial Co., Ltd.		10,000		10,349
CTBC Financial Holding Co., Ltd.		1,406,527		869,157
Da-Li Development Co., Ltd.		139,536		109,909
Delta Electronics, Inc.		203,167		1,088,066
Dimerco Express Corp.		266,000		208,206
E.Sun Financial Holding Co., Ltd.		161,800		98,384
Eclat Textile Co., Ltd.		8,681		86,975
Elan Microelectronics Corp.		2,000		2,551
Elite Advanced Laser Corp.		9,600		47,775
Elite Material Co., Ltd.		13,000		50,556
Elite Semiconductor Memory Technology, Inc.		158,750		178,932
Epistar Corp. (a)		58,180		61,262
Etron Technology, Inc. (a)		12,445		5,024

See accompanying notes to financial statements.

99

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Eva Airways Corp		134,021	$	71,113
Excelsior Medical Co., Ltd.		45,344		68,817
Far Eastern New Century Corp.		558,850		484,395
Feng TAY Enterprise Co., Ltd.		15,747		62,796
Flytech Technology Co., Ltd.		8,854		29,326
Formosa Chemicals & Fibre Corp.		264,243		822,099
Formosa Plastics Corp.		415,714		1,239,915
Founding Construction & Development Co., Ltd.		440,677		230,922
Foxconn Technology Co., Ltd.		140,223		427,474
Fubon Financial Holding Co., Ltd.		653,903		1,066,761
Fullerton Technology Co., Ltd.		50,000		41,608
Fwusow Industry Co., Ltd.		199,627		109,213
Giant Manufacturing Co., Ltd.		45,302		267,997
Grape King Bio, Ltd.		46,664		293,741
Great Wall Enterprise Co., Ltd.		52,300		49,641
HannStar Display Corp. (a)		138,500		38,114
Himax Technologies, Inc. ADR		5,154		47,004
Hiwin Technologies Corp.		9,361		58,771
Hocheng Corp.		297,000		94,652
Hon Hai Precision Industry Co., Ltd.		1,047,495		3,141,536
Hong TAI Electric Industrial		193,000		62,526
Hota Industrial Manufacturing Co., Ltd.		9,574		40,072
Hotai Motor Co., Ltd.		45,433		532,304
HTC Corp. (a)		95,198		243,152
Hua Nan Financial Holdings Co., Ltd.		832,984		465,324
Hung Sheng Construction, Ltd.		105,000		65,576
Ibase Technology, Inc.		158,290		335,439
Innolux Corp.		399,820		165,370
Iron Force Industrial Co., Ltd.		6,000		34,506
Janfusun Fancyworld Corp. (a)		598,112		58,545
KEE TAI Properties Co., Ltd.		103,000		39,038
Kenda Rubber Industrial Co., Ltd.		4,766		7,917
Kerry TJ Logistics Co., Ltd.		94,000		132,748
Kindom Construction Corp.		59,000		42,487
Kung Long Batteries Industrial Co., Ltd.		9,000		46,717
Kuoyang Construction Co., Ltd.		60,225		25,803
Kwong Fong Industries Corp.		35,974		35,509
Land Mark Optoelectronics Corp.		2,600		25,321
Largan Precision Co., Ltd.		4,000		630,139
Leofoo Development Co., Ltd.		198,645		55,517
Li Cheng Enterprise Co., Ltd.		7,440		19,665
Lite-On Technology Corp.		265,265		457,225
Long Bon International Co., Ltd.		11,000		5,909
Long Chen Paper Co., Ltd.		1,455,932		1,254,762
Makalot Industrial Co., Ltd.		4,139		16,983
MediaTek, Inc.		94,329		668,394
Medigen Biotechnology Corp. (a)		5,248		10,378
Mega Financial Holding Co., Ltd.		598,333		483,123
Merida Industry Co., Ltd.		2,100		11,108
Merry Electronics Co., Ltd.		13,356		71,748
Mosel Vitelic, Inc. (a)		3,758		541
Namchow Chemical Industrial Co., Ltd.		93,000		189,724
Nan Ya Plastics Corp.		410,486		972,693
Nanya Technology Corp.		3,982		6,352
National Petroleum Co., Ltd.		462,003		607,528
Neo Solar Power Corp. (a)		37,938		19,067
New Era Electronics Co., Ltd.		44,000		33,425
Newmax Technology Co., Ltd. (a)		42,185		63,815
Nexcom International Co., Ltd.		111,638		114,425
Novatek Microelectronics Corp.		51,225		198,367
OBI Pharma, Inc. (a)		3,000		26,992
Pacific Hospital Supply Co., Ltd.		41,000		109,315
Pan Jit International, Inc.		9,000		5,265
Parade Technologies, Ltd.		4,000		46,469
PChome Online, Inc.		3,314		26,977
Pegatron Corp.		95,686		283,187
Phytohealth Corp. (a)		9,000		9,195
Pihsiang Machinery Manufacturing Co., Ltd. (a)		44,000		88,167
Portwell, Inc.		45,000		58,210
Pou Chen Corp.		348,462		482,340
Powertech Technology, Inc.		107,285		312,211
Precision Silicon Corp. (a)		909		848
Promate Electronic Co., Ltd.		97,000		103,258
ProMOS Technologies, Inc. (a) (e)		130,950		—
Quanta Computer, Inc.		356,664		725,259
Radiant Opto-Electronics Corp.		14,000		29,437
Sampo Corp.		348,000		220,779
Sesoda Corp.		142,880		138,206
Shih Wei Navigation Co., Ltd. (a)		189,321		68,322
Shin Kong Financial Holding Co., Ltd. (a)		455,663		132,903
Silicon Motion Technology Corp. ADR		1,420		66,385
Siliconware Precision Industries Co., Ltd.		192,473		313,996
Sinbon Electronics Co., Ltd.		115,068		282,527
Sinon Corp.		194,000		102,938
SinoPac Financial Holdings Co., Ltd.		1,219,273		380,539
Sinphar Pharmaceutical Co., Ltd.		133,524		106,714
Solar Applied Materials Technology Co. (a)		5,000		2,159
Solartech Energy Corp. (a)		10,041		4,666
Stark Technology, Inc.		93,000		97,314
Supreme Electronics Co., Ltd.		255,818		217,099
Ta Ya Electric Wire & Cable (a)		603,000		135,336
Tainan Enterprises Co., Ltd.		60,000		53,390
Taishin Financial Holding Co., Ltd.		1,116,938		465,659
Taisun Enterprise Co., Ltd. (a)		247,000		121,292
Taiwan Acceptance Corp.		9,000		26,072
Taiwan Cement Corp.		456,533		546,170
Taiwan Chinsan Electronic Industrial Co., Ltd.		48,000		87,798
Taiwan Cogeneration Corp.		62,000		47,916
Taiwan Fire & Marine Insurance Co., Ltd.		43,000		26,997
Taiwan FU Hsing Industrial Co., Ltd.		53,000		73,275
Taiwan Land Development Corp.		318,750		117,657
Taiwan Mobile Co., Ltd.		4,000		14,699
Taiwan Paiho, Ltd.		63,433		217,419
Taiwan Pulp & Paper Corp. (a)		482,000		216,040
Taiwan Sakura Corp.		119,200		142,015
Taiwan Semiconductor Manufacturing Co., Ltd.		1,073,500		6,686,710
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		38,904		1,277,607
Taiwan TEA Corp.		158,913		87,201
Taiwan Union Technology Corp.		201,000		339,168

See accompanying notes to financial statements.

100

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Taiyen Biotech Co., Ltd.		87,500	$	87,522
Tatung Co., Ltd. (a)		260,885		111,774
TPK Holding Co., Ltd. (a)		8,000		28,079
Transasia Airways Corp. (a) (e)		361,784		—
Tripod Technology Corp.		107,320		302,410
TrueLight Corp.		9,100		17,245
Tung Thih Electronic Co., Ltd.		5,000		43,091
Uni-President Enterprises Corp.		194,993		365,662
United Microelectronics Corp. ADR		389,416		751,573
Unity Opto Technology Co., Ltd.		12,759		5,677
Ve Wong Corp.		95,000		74,986
Visual Photonics Epitaxy Co., Ltd.		145,151		272,674
Wei Chuan Foods Corp. (a)		50,000		29,991
Wei Mon Industry Co., Ltd. (a) (e)		240,450		—
Weikeng Industrial Co., Ltd.		108,526		63,129
Winbond Electronics Corp.		60,000		33,616
Wistron Corp.		252,871		231,682
Zeng Hsing Industrial Co., Ltd.		43,350		222,876
Zenitron Corp.		211,000		127,605
				47,385,578
THAILAND — 3.2%
Advanced Info Service PCL		163,515		854,156
Airports of Thailand PCL		260,200		297,209
Bangkok Dusit Medical Services PCL		75,000		46,271
Bangkok Expressway & Metro PCL		4,866,708		1,076,376
Bangkok Land PCL		1,055,500		55,904
Bank of Ayudhya PCL		32,200		36,077
Banpu PCL		377,860		217,727
BEC World PCL		40,600		21,267
Big C Supercenter PCL		300		1,816
BTS Group Holdings PCL		49,500		12,172
Bumrungrad Hospital PCL		11,300		60,179
Central Pattana PCL		78,500		134,212
Central Plaza Hotel PCL		58,200		60,127
CH Karnchang PCL		10,048		7,968
Charoen Pokphand Foods PCL		29,700		23,985
CP ALL PCL		272,900		468,566
Electricity Generating PCL		121,674		757,752
IRPC PCL		1,371,558		205,559
Jasmine International PCL		414,841		102,013
Kasikornbank PCL		87,000		478,516
Krung Thai Bank PCL		66,900		39,717
Land & Houses PCL		103,900		29,329
Minor International PCL		13,828		14,789
Pruksa Holding PCL		40,100		26,490
PTT Exploration & Production PCL		172,430		466,671
PTT Global Chemical PCL		34,200		72,904
PTT PCL		86,536		974,592
Quality Houses PCL		370,383		28,240
Sansiri PCL		384,633		22,835
Siam Cement PCL		59,523		935,392
Siam Commercial Bank PCL		175,902		834,399
Siam Future Development PCL		269,813		49,860
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund		132,066		64,952
Thai Airways International PCL (a)		95,100		51,200
Thai Beverage PCL		606,000		407,672
Thai Oil PCL		169,195		371,749
Thaicom PCL		60,400		34,803
TICON Industrial Connection PCL		168,980		77,206
Tisco Financial Group PCL		209,318		437,063
Tisco Financial Group PCL NVDR		8,800		18,375
TMB Bank PCL		6,860,617		487,156
Total Access Communication PCL		10,800		13,829
True Corp. PCL		763,810		151,150
TTCL PCL		10,600		5,337
U City PCL (a) (c)		12,552,000		10,958
				10,544,520
TURKEY — 1.3%
Akbank TAS		155,294		363,752
Anadolu Efes Biracilik Ve Malt Sanayii A/S		33,379		181,576
Aselsan Elektronik Sanayi Ve Ticaret A/S		9,219		43,011
BIM Birlesik Magazalar A/S		6,081		93,344
Coca-Cola Icecek A/S		700		6,851
Dogan Sirketler Grubu Holding A/S (a)		214,785		40,107
Eregli Demir ve Celik Fabrikalari TAS		229,632		372,037
Haci Omer Sabanci Holding A/S		82,842		227,485
KOC Holding A/S		124,330		524,066
Migros Ticaret A/S (a)		1,303		7,929
Tupras Turkiye Petrol Rafinerileri A/S		16,978		420,528
Turk Hava Yollari AO (a)		40,784		61,260
Turkcell Iletisim Hizmetleri A/S (a)		71,392		234,663
Turkiye Garanti Bankasi A/S		308,113		749,628
Turkiye Halk Bankasi A/S		15,882		45,226
Turkiye Is Bankasi Class C		193,989		353,177
Turkiye Vakiflar Bankasi TAO Class D		27,113		39,907
Ulker Biskuvi Sanayi A/S		42,870		217,314
Yapi ve Kredi Bankasi A/S (a)		124,795		130,221
				4,112,082
UNITED ARAB EMIRATES — 0.8%
Abu Dhabi Commercial Bank PJSC		140,051		259,283
Agthia Group PJSC		9,893		17,319
Air Arabia PJSC		323,545		93,373
Ajman Bank PJSC (a)		136,614		47,980
Al Waha Capital PJSC		63,214		33,388
Aldar Properties PJSC		271,437		167,015
Arabtec Holding PJSC (a)		172,487		41,936
Bank of Sharjah (a)		59,433		22,653
DAMAC Properties Dubai Co. PJSC		224,949		172,708
Depa, Ltd. (a)		38,258		11,592
Deyaar Development PJSC (a)		213,315		33,046
DP World, Ltd.		11,082		238,263
Dubai Financial Market PJSC		128,573		43,756
Dubai Investments PJSC		104,109		69,160
Emaar Malls PJSC		68,599		49,306
Emaar Properties PJSC		234,382		465,829
Eshraq Properties Co. PJSC (a)		158,096		46,056
First Gulf Bank PJSC		44,501		156,293
Gulf General Investment Co. (a)		127,519		15,033
Gulf Pharmaceutical Industries PSC		24,330		15,037
Invest bank PSC		18,952		12,384
National Bank of Abu Dhabi PJSC		87,488		244,147
National Central Cooling Co. PJSC		243,950		126,192
Orascom Construction, Ltd. (a)		1,066		5,863
RAK Properties PJSC		248,965		42,703
Ras Al Khaimah Ceramics		22,969		13,445

See accompanying notes to financial statements.

101

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
SHUAA Capital PSC (a)		336,208	$	162,932
Union National Bank PJSC		48,282		57,576
Union Properties PJSC (a)		96,406		25,407
				2,689,675
UNITED KINGDOM — 0.0% (g)
Tiso Blackstar Group SE		207		154
UNITED STATES — 0.0% (g)
GasLog, Ltd.		1,713		26,295
TOTAL COMMON STOCKS (Cost $328,410,913)				323,867,630
WARRANTS — 0.0% (g)
MALAYSIA — 0.0% (g)
KNM Group Bhd (expiring 11/15/17) (a)		66,712		151
VS Industry Bhd (expiring 1/6/19) (a)		19,500		1,564
				1,715
SOUTH AFRICA — 0.0% (g)
Adcock Ingram Holdings, Ltd. (expiring 7/26/19) (a)		335		135
TOTAL WARRANTS (Cost $0)				1,850
RIGHTS — 0.0% (g)
BRAZIL — 0.0% (g)
B2W Cia Digital (expiring 4/25/17) (a)		1,772		837
Cosan Logistica SA (expiring 4/13/17) (a)		16		2
				839
TOTAL RIGHTS (Cost $0)				839
SHORT-TERM INVESTMENT — 1.4%
State Street Navigator Securities Lending Government Money Market Portfolio (h) (i) (Cost $4,416,031)		4,416,031		4,416,031
TOTAL INVESTMENTS — 100.9% (Cost $332,826,944)				328,286,350
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.9)%				(2,968,715	)
NET ASSETS — 100.0%			$	325,317,635

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2017.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $488,352 representing 0.2% of the Fund’s net assets.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.2% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2017, total aggregate fair value of the security is $14,506, representing less than 0.05% of the Fund’s net assets.

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

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

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(i) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIC = Real Estate Investment Company

REIT = Real Estate Investment Trust

At March 31, 2017, open futures contracts purchased were as follows:

Futures Contracts	Expiration Date		Number of Contracts		Notional Value		Unrealized Depreciation
MSCI Taiwan Index Futures		04/27/2017		13		471,510		(5,043	)

During the period ended March 31, 2017, average notional value related to futures contracts was $456,281 or less than 0.5% of net assets.

See accompanying notes to financial statements.

102

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	27,586,732		$	255,712	$	—		$	27,842,444
Chile		5,744,897			—		—			5,744,897
China		93,112,714			129,121		—			93,241,835
Colombia		1,947,767			—		—			1,947,767
Czech Republic		930,721			—		—			930,721
Egypt		1,067,225			80,558		—			1,147,783
Greece		595,813			—		—			595,813
Hong Kong		3,892,752			11,935		14,506			3,919,193
Hungary		1,870,622			—		—			1,870,622
India		39,146,020			68		0	(a)		39,146,088
Indonesia		9,838,620			—		—			9,838,620
Malaysia		8,960,789			131		—			8,960,920
Mexico		13,576,919			—		—			13,576,919
Netherlands		1,188,713			—		—			1,188,713
Peru		2,676,115			—		—			2,676,115
Philippines		4,964,427			—		—			4,964,427
Poland		3,632,944			—		—			3,632,944
Qatar		2,272,005			—		—			2,272,005
Russia		14,032,484			—		—			14,032,484
South Africa		21,579,016			—		—			21,579,016
Taiwan		47,385,578			—		0	(a)		47,385,578
Thailand		1,940,984			8,603,536		—			10,544,520
Turkey		4,112,082			—		—			4,112,082
United Arab Emirates		2,689,675			—		—			2,689,675
United Kingdom		154			—		—			154
United States		26,295			—		—			26,295
Warrants
Malaysia		1,715			—		—			1,715
South Africa		135			—		—			135
Rights
Brazil		839			—		—			839
Short-Term Investment		4,416,031			—		—			4,416,031
TOTAL INVESTMENTS	$	319,190,783		$	9,081,061	$	14,506		$	328,286,350
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts (b)		(5,043	)		—		—			(5,043	)
TOTAL OTHER FINANCIAL INSTRUMENTS	$	(5,043	)	$	—	$	—		$	(5,043	)

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2017.

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

See accompanying notes to financial statements.

103

SPDR S&P Emerging Markets ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Premier Class		1,745,114	$	1,745,114		8,054,878		9,799,992		—	$	—	$	1,145
State Street Navigator Securities Lending Government Money Market Portfolio*		3,656,112		3,656,112		15,065,201		14,305,282		4,416,031		4,416,031		28,505
TOTAL			$	5,401,226							$	4,416,031	$	29,650

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

104

SPDR S&P Emerging Markets Dividend ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.0%
BRAZIL — 3.5%
Itausa — Investimentos Itau SA (a)		52,895	$	158,271
Itausa — Investimentos Itau SA Preference Shares (b)		3,375,584		10,100,331
Multiplus SA		182,848		2,073,270
				12,331,872
CHILE — 0.5%
Banco de Chile ADR		348		25,112
Banco Santander Chile		16,838,301		1,052,100
Itau CorpBanca		78,034,941		703,028
				1,780,240
CHINA — 16.4%
ANTA Sports Products, Ltd.		1,300,000		3,596,474
China Merchants Port Holdings Co., Ltd.		1,612,000		4,718,909
China Overseas Land & Investment, Ltd.		2,782,000		7,947,037
China Resources Land, Ltd.		2,950,000		7,971,434
Dongfeng Motor Group Co., Ltd. Class H		6,582,000		7,393,793
Far East Horizon, Ltd.		1,050,000		986,296
Guangdong Investment, Ltd.		2,938,000		4,188,772
Hengan International Group Co., Ltd.		1,029,500		7,656,836
Jiangsu Expressway Co., Ltd. Class H		1,150,000		1,651,419
Logan Property Holdings Co., Ltd.		1,276,000		673,178
Longfor Properties Co., Ltd.		1,934,000		3,180,405
Shanghai Industrial Holdings, Ltd.		756,000		2,222,814
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		1,832,000		483,253
Shenzhen International Holdings, Ltd.		800,129		1,311,670
Shenzhen Investment, Ltd.		3,529,716		1,580,571
Yuzhou Properties Co., Ltd.		3,118,000		1,299,919
				56,862,780
COLOMBIA — 0.9%
Bancolombia SA Preference Shares		252,369		2,502,874
Grupo Aval Acciones y Valores SA Preference Shares		1,370,859		554,242
				3,057,116
CZECH REPUBLIC — 1.7%
CEZ A/S		186,252		3,214,006
Komercni banka A/S		77,067		2,867,183
				6,081,189
HONG KONG — 2.4%
Lee & Man Paper Manufacturing, Ltd.		2,862,000		2,187,516
Skyworth Digital Holdings, Ltd.		3,278,000		2,159,603
Xinyi Glass Holdings, Ltd.		4,496,000		3,957,105
				8,304,224
MALAYSIA — 0.8%
Astro Malaysia Holdings Bhd		862,100		533,760
KLCCP Stapled Group		340,600		610,317
Sunway Real Estate Investment Trust		1,409,300		547,734
Westports Holdings Bhd		1,156,600		1,058,463
				2,750,274
MEXICO — 5.0%
Bolsa Mexicana de Valores SAB de CV		670,907		1,105,346
Fibra Uno Administracion SA de CV REIT		3,680,406		6,268,795
Grupo Aeroportuario del Pacifico SAB de CV Class B		474,065		4,584,052
Grupo Financiero Santander Mexico SAB de CV Class B		2,106,126		3,786,389
Macquarie Mexico Real Estate Management S.A. de C.V. REIT		1,529,646		1,701,488
				17,446,070
PHILIPPINES — 0.2%
Semirara Mining & Power Corp.		200,570		590,018
POLAND — 0.8%
Asseco Poland SA		51,336		703,579
Polskie Gornictwo Naftowe i Gazownictwo SA		1,385,552		2,070,311
				2,773,890
QATAR — 0.8%
Barwa Real Estate Co.		115,938		1,138,333
Qatar Electricity & Water Co. QSC		8,988		543,067
Qatar Gas Transport Co., Ltd.		64,944		379,023
Qatar Islamic Bank SAQ		22,945		644,660
				2,705,083
RUSSIA — 5.4%
Gazprom PJSC ADR		2,082,947		9,362,847
Lukoil PJSC (b)		173,763		9,241,450
Lukoil PJSC ADR		2,821		149,400
				18,753,697
SOUTH AFRICA — 23.4%
AVI, Ltd.		445,095		3,286,243
Barclays Africa Group, Ltd. (c)		662,681		6,894,798
FirstRand, Ltd. (c)		1,464,067		5,061,929
Foschini Group, Ltd.		473,954		5,460,699
Growthpoint Properties, Ltd. REIT		2,048,899		3,957,601
JSE, Ltd.		91,598		880,270
Liberty Holdings, Ltd. (c)		144,326		1,165,156
Life Healthcare Group Holdings, Ltd. (c)		1,928,670		4,169,825
MMI Holdings, Ltd. (c)		1,021,978		1,744,613
Mondi, Ltd.		166,789		3,986,890
Nedbank Group, Ltd. (c)		356,297		6,417,132
Reunert, Ltd.		131,217		704,586
RMB Holdings, Ltd. (c)		711,714		3,108,798
Sanlam, Ltd. (c)		1,057,210		5,311,773
SPAR Group, Ltd.		280,652		3,647,351
Standard Bank Group, Ltd. (c)		559,998		6,003,521
Truworths International, Ltd. (c)		908,404		5,867,577
Tsogo Sun Holdings, Ltd.		452,635		933,035
Vodacom Group, Ltd.		605,299		6,861,598
Woolworths Holdings, Ltd.		1,057,012		5,511,007
				80,974,402
SOUTH KOREA — 3.3%
SK Telecom Co., Ltd.		51,282		11,555,990
TAIWAN — 17.6%
Advanced Semiconductor Engineering, Inc.		4,432,361		5,660,509
Cheng Shin Rubber Industry Co., Ltd.		1,821,000		3,762,930
Chin-Poon Industrial Co., Ltd.		949,000		1,929,745

See accompanying notes to financial statements.

105

SPDR S&P Emerging Markets Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Giant Manufacturing Co., Ltd.		154,000	$	911,032
Pegatron Corp.		2,926,000		8,659,629
Phison Electronics Corp.		571,000		5,128,038
Pou Chen Corp.		1,396,000		1,932,339
President Chain Store Corp.		413,000		3,402,818
Sercomm Corp.		494,000		1,237,340
Siliconware Precision Industries Co., Ltd.		901,000		1,469,869
Simplo Technology Co., Ltd. (b)		593,000		2,012,985
Sinbon Electronics Co., Ltd.		280,000		687,485
Sitronix Technology Corp.		336,000		1,091,855
Taiwan Fertilizer Co., Ltd.		416,000		575,826
Taiwan Mobile Co., Ltd.		2,132,200		7,835,225
Uni-President Enterprises Corp.		3,691,000		6,921,575
United Microelectronics Corp.		7,356,000		2,957,673
Wistron NeWeb Corp.		741,000		2,083,128
WPG Holdings, Ltd.		1,500,000		1,883,497
WT Microelectronics Co., Ltd.		555,000		811,214
				60,954,712
THAILAND — 16.1%
Advanced Info Service PCL		30		157
Advanced Info Service PCL NVDR		2,167,745		11,229,061
Bangkok Bank PCL		1,145,300		6,199,368
Delta Electronics Thailand PCL		18,900		48,127
Delta Electronics Thailand PCL NVDR		478,100		1,217,425
Electricity Generating PCL		3,500		21,797
Electricity Generating PCL NVDR		169,600		1,056,221
Glow Energy PCL		18,000		43,216
Glow Energy PCL NVDR		451,400		1,083,754
Intouch Holdings PCL NVDR		3,133,100		5,083,167
Kiatnakin Bank PCL		54,000		109,218
Kiatnakin Bank PCL NVDR		1,383,900		2,799,012
Pruksa Holding PCL NVDR		37,000		24,442
Ratchaburi Electricity Generating Holding PCL		343,400		502,171
Siam Cement PCL		19,800		311,153
Siam Cement PCL NVDR		506,900		7,965,835
Siam Commercial Bank PCL NVDR		1,866,000		8,851,451
Thai Beverage PCL		8,752,500		5,888,034
Thanachart Capital PCL		48,600		68,242
Thanachart Capital PCL NVDR		1,246,200		1,749,848
Tisco Financial Group PCL		27,900		58,256
Tisco Financial Group PCL NVDR		712,900		1,488,558
				55,798,513
UNITED ARAB EMIRATES — 0.2%
Air Arabia PJSC		2,200,257		634,977
TOTAL COMMON STOCKS (Cost $332,526,360)				343,355,047
RIGHTS — 0.1%
SOUTH AFRICA — 0.1%
Life Healthcare Group Holdings, Ltd. (expiring 4/13/17) (b) (Cost $0)		648,234		217,548
SHORT-TERM INVESTMENTS — 9.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (d) (e)		219,114		219,114
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		32,011,607		32,011,607
TOTAL SHORT-TERM INVESTMENTS (Cost $32,230,721)				32,230,721
TOTAL INVESTMENTS — 108.4% (Cost $364,757,081)				375,803,316
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.4)%				(29,338,335	)
NET ASSETS — 100.0%			$	346,464,981

(a) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $158,271 representing 0.1% of the Fund’s net assets.

(b) Non-income producing security.

(c) All or a portion of the shares of the security are on loan at March 31, 2017.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2017.

(f) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	12,173,601	$	158,271	$	—	$	12,331,872
Chile		1,780,240		—		—		1,780,240
China		56,862,780		—		—		56,862,780
Colombia		3,057,116		—		—		3,057,116

See accompanying notes to financial statements.

106

SPDR S&P Emerging Markets Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Czech Republic	$	6,081,189	$	—	$	—	$	6,081,189
Hong Kong		8,304,224		—		—		8,304,224
Malaysia		2,750,274		—		—		2,750,274
Mexico		17,446,070		—		—		17,446,070
Philippines		590,018		—		—		590,018
Poland		2,773,890		—		—		2,773,890
Qatar		2,705,083		—		—		2,705,083
Russia		18,598,399		—		—		18,598,399
South Africa		80,974,402		—		—		80,974,402
South Korea		11,555,990		—		—		11,555,990
Taiwan		60,954,712		—		—		60,954,712
Thailand		55,314,611		483,902		—		55,798,513
United Arab Emirates		634,977		—		—		634,977
Rights
South Africa		217,548		—		—		217,548
Short-Term Investments		32,230,721		—		—		32,230,721
TOTAL INVESTMENTS	$	375,005,845	$	642,173	$	—	$	375,648,018

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		294,049	$	294,049		—		294,049		—	$	—	$	30
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		40,124,627		39,905,513		219,114		219,114		1,183
State Street Navigator Securities Lending Government Money Market Portfolio*		5,451,073		5,451,073		42,961,761		16,401,227		32,011,607		32,011,607		21,312
TOTAL			$	5,745,122							$	32,230,721	$	22,525

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

107

SPDR S&P Emerging Europe ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
CYPRUS — 0.2%
Globaltrans Investment PLC GDR		11,473	$	82,606
CZECH REPUBLIC — 2.1%
CEZ A/S		19,570		337,704
Komercni banka A/S		10,520		391,384
Moneta Money Bank A/S (a) (b)		41,728		141,701
O2 Czech Republic A/S		5,949		66,633
Unipetrol A/S		6,486		58,940
				996,362
GREECE — 4.7%
Aegean Airlines SA		4,777		37,911
Aegean Marine Petroleum Network, Inc.		4,166		50,200
Alpha Bank AE (a)		170,504		306,369
Athens Water Supply & Sewage Co. SA		4,446		24,775
Costamare, Inc.		3,046		20,286
Diana Shipping, Inc. (a)		9,624		44,463
Ellaktor SA (a)		17,817		24,773
Eurobank Ergasias SA (a)		195,504		120,233
FF Group (a)		3,463		66,484
Fourlis Holdings SA (a)		6,594		31,525
GEK Terna Holding Real Estate Construction SA (a)		12,569		33,070
Grivalia Properties REIC AE		5,571		48,859
Hellenic Exchanges — Athens Stock Exchange SA		6,532		32,277
Hellenic Petroleum SA (a)		8,486		46,652
Hellenic Telecommunications Organization SA		30,549		287,528
JUMBO SA		9,926		156,910
LAMDA Development SA (a)		4,154		20,748
Metka Industrial — Construction SA		4,025		30,608
Motor Oil Hellas Corinth Refineries SA		7,162		122,562
Mytilineos Holdings SA (a)		11,987		91,027
National Bank of Greece SA (a)		530,538		136,752
OPAP SA		21,359		199,661
Piraeus Bank SA (a)		593,144		107,847
Public Power Corp. SA (a)		15,824		49,589
StealthGas, Inc. (a)		1,151		4,593
Terna Energy SA		8,614		26,442
Titan Cement Co. SA		5,231		133,716
Tsakos Energy Navigation, Ltd.		9,250		44,308
				2,300,168
HUNGARY — 3.8%
Magyar Telekom Telecommunications PLC		94,984		157,902
MOL Hungarian Oil & Gas PLC		8,144		558,468
OTP Bank PLC		25,088		703,188
Richter Gedeon Nyrt		17,885		406,958
				1,826,516
LUXEMBOURG — 0.0% (c)
O’Key Group SA GDR		5,340		11,000
MONACO — 0.0% (c)
Navios Maritime Holdings, Inc. (a)		6,072		11,355
NETHERLANDS — 0.3%
VEON, Ltd. ADR		30,461		124,281
POLAND — 17.5%
Alior Bank SA (a)		14,979		270,245
AmRest Holdings SE (a)		473		41,427
Asseco Poland SA		15,947		218,560
Bank Handlowy w Warszawie SA		4,300		83,244
Bank Millennium SA (a)		78,199		127,307
Bank Pekao SA		19,682		656,241
Bank Zachodni WBK SA		4,036		348,901
Budimex SA		1,355		83,740
CCC SA		2,899		174,147
CD Projekt SA (a)		8,308		155,594
Ciech SA		3,392		68,492
Cyfrowy Polsat SA (a)		22,041		134,629
Enea SA (a)		16,565		47,287
Energa SA		26,177		70,233
Eurocash SA		10,002		80,557
Getin Noble Bank SA (a)		58,894		29,135
Globe Trade Centre SA (a)		51,437		109,055
Grupa Azoty SA		3,443		60,049
Grupa Kety SA		1,106		110,532
Grupa Lotos SA (a)		11,267		155,357
ING Bank Slaski SA		3,579		155,420
Inter Cars SA		520		40,031
Jastrzebska Spolka Weglowa SA (a)		5,687		90,143
KGHM Polska Miedz SA		20,764		606,891
KRUK SA		1,962		119,148
LPP SA		190		325,855
Lubelski Wegiel Bogdanka SA (a)		1,804		34,660
mBank SA (a)		2,307		217,485
Netia SA		116,135		133,665
Orange Polska SA		117,334		137,118
PGE Polska Grupa Energetyczna SA		101,247		291,325
Polski Koncern Naftowy Orlen SA		42,969		1,084,542
Polskie Gornictwo Naftowe i Gazownictwo SA		242,609		362,510
Powszechna Kasa Oszczednosci Bank Polski SA (a)		112,195		907,879
Powszechny Zaklad Ubezpieczen SA		73,900		649,105
Synthos SA		80,436		106,586
Tauron Polska Energia SA (a)		222,391		190,286
				8,477,381
RUSSIA — 54.6%
Aeroflot-Russian Airlines PJSC (a)		54,000		161,975
Alrosa PJSC (a)		310,281		501,808
Bashneft PJSC (a)		4,573		295,441
Bashneft PJSC Preference Shares (a)		3,666		83,286
Etalon Group, Ltd. GDR		13,870		52,429
Evraz PLC (a)		64,962		175,704
Federal Grid Co. Unified Energy System PJSC (a)		28,270,000		90,238
Gazprom Neft PJSC ADR (d)		1,495		26,835
Gazprom Neft PJSC ADR (d)		4,929		88,673
Gazprom PJSC ADR		801,200		3,581,364
Inter RAO UES PJSC (a)		4,000,000		282,420
Lenta, Ltd. GDR (a)		31,519		214,329
LSR Group PJSC GDR		28,669		105,216
Lukoil PJSC ADR		58,510		3,098,690
M.Video PJSC (a)		9,342		61,930
Magnit PJSC GDR		30,567		1,167,659

See accompanying notes to financial statements.

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March 31, 2017 (Unaudited)

Security Description	Shares		Value
Magnitogorsk Iron & Steel OJSC (a)		152,500	$	99,471
Mail.Ru Group, Ltd. GDR (a)		14,179		313,356
Mechel PJSC ADR (a)		10,346		55,041
MegaFon PJSC GDR		14,066		164,713
MMC Norilsk Nickel PJSC ADR (e)		86,331		1,357,123
Mobile TeleSystems PJSC ADR		74,601		822,849
Moscow Exchange MICEX-RTS PJSC (a)		163,869		327,058
Novatek PJSC GDR		8,552		1,064,723
Novolipetsk Steel PJSC GDR		12,660		251,934
PhosAgro PJSC GDR		12,731		185,873
PIK Group PJSC GDR (a)		51,295		252,628
Polymetal International PLC		31,765		393,829
QIWI PLC ADR (e)		4,120		70,658
Ros Agro PLC GDR		2,955		36,346
Rosneft Oil Co. PJSC GDR		144,094		819,895
Rostelecom PJSC ADR (d)		8,839		72,745
Rostelecom PJSC ADR (d)		20,132		164,680
RusHydro PJSC ADR (d)		93,589		152,550
RusHydro PJSC ADR (d)		69,098		111,939
Sberbank of Russia PJSC (a)		834,270		2,365,166
Sberbank of Russia PJSC ADR		121,715		1,404,591
Sberbank of Russia PJSC Preference Shares		96,889		206,652
Severstal PJSC GDR		21,087		303,864
Sistema PJSC FC GDR		25,806		230,964
Surgutneftegas OJSC ADR		121,756		623,391
Surgutneftegas OJSC Preference Shares (a)		864,285		493,794
Tatneft PJSC (a)		15,550		56,717
Tatneft PJSC ADR (d)		30,246		1,133,922
Tatneft PJSC ADR (d)		2,180		80,333
TCS Group Holding PLC GDR		10,982		115,860
TMK PJSC GDR		6,475		34,317
Transneft PJSC Preference Shares (a)		174		528,715
Unipro PJSC (a)		1,001,977		47,749
United Co. RUSAL PLC		155,819		80,802
Uralkali PJSC (a)		44,705		129,612
VTB Bank PJSC GDR		337,980		773,636
X5 Retail Group NV GDR (a)		14,617		491,862
Yandex NV Class A (a)		29,612		649,391
				26,456,746
TURKEY — 16.0%
Akbank TAS		302,516		708,597
Anadolu Anonim Turk Sigorta Sirketi		3,303		2,186
Anadolu Efes Biracilik Ve Malt Sanayii A/S		33,988		184,889
Arcelik A/S		35,973		223,840
Aselsan Elektronik Sanayi Ve Ticaret A/S		19,013		88,705
BIM Birlesik Magazalar A/S		27,194		417,433
Coca-Cola Icecek A/S		6,794		66,491
Dogan Sirketler Grubu Holding A/S (a)		266,256		49,718
Dogus Otomotiv Servis ve Ticaret A/S		29,278		68,016
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		285,212		227,126
Enka Insaat ve Sanayi A/S		167,971		281,362
Eregli Demir ve Celik Fabrikalari TAS		278,074		450,520
Ford Otomotiv Sanayi A/S		9,811		95,910
Haci Omer Sabanci Holding A/S		172,284		473,093
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D (a)		113,073		36,018
KOC Holding A/S		126,548		533,415
Kombassan Holdings A/S (a)		15,995		6,896
Koza Altin Isletmeleri A/S (a)		3,946		21,585
Migros Ticaret A/S (a)		11,096		67,521
Petkim Petrokimya Holding A/S		83,655		116,467
Soda Sanayii A/S		28,275		47,285
TAV Havalimanlari Holding A/S		15,489		61,630
Tekfen Holding A/S		28,382		67,416
Tofas Turk Otomobil Fabrikasi A/S		16,450		122,958
Tupras Turkiye Petrol Rafinerileri A/S		19,221		476,085
Turk Hava Yollari AO (a)		154,902		232,673
Turk Telekomunikasyon A/S		41,427		67,118
Turk Traktor ve Ziraat Makineleri A/S		1,705		38,275
Turkcell Iletisim Hizmetleri A/S (a)		124,202		408,248
Turkiye Garanti Bankasi A/S		319,591		777,553
Turkiye Halk Bankasi A/S		79,867		227,430
Turkiye Is Bankasi Class C		202,684		369,007
Turkiye Sinai Kalkinma Bankasi A/S		120,458		45,647
Turkiye Sise ve Cam Fabrikalari A/S		95,575		109,441
Turkiye Vakiflar Bankasi TAO Class D		138,411		203,722
Ulker Biskuvi Sanayi A/S		22,811		115,632
Vestel Elektronik Sanayi ve Ticaret A/S (a)		31,614		60,335
Yapi ve Kredi Bankasi A/S (a)		148,524		154,982
Yazicilar Holding A/S Class A		13,420		74,514
				7,779,739
UNITED STATES — 0.5%
GasLog, Ltd.		4,874		74,816
Luxoft Holding, Inc. (a)		2,558		160,003
Navios Maritime Acquisition Corp.		8,863		15,244
				250,063
TOTAL COMMON STOCKS (Cost $74,120,935)				48,316,217
SHORT-TERM INVESTMENTS — 2.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (f) (g)		81,956		81,956
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)		1,117,557		1,117,557
TOTAL SHORT-TERM INVESTMENTS (Cost $1,199,513)				1,199,513
TOTAL INVESTMENTS — 102.2% (Cost $75,320,448)				49,515,730
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.2)%				(1,044,991	)
NET ASSETS — 100.0%			$	48,470,739

(a) Non-income producing security.

(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. This security, which represents 0.3% of net assets as of March 31, 2017, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

See accompanying notes to financial statements.

109

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

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

(e) All or a portion of the shares of the security are on loan at March 31, 2017.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at March 31, 2017.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

REIC = Real Estate Investment Company

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Cyprus	$	82,606	$	—	$	—	$	82,606
Czech Republic		996,362		—		—		996,362
Greece		2,300,168		—		—		2,300,168
Hungary		1,826,516		—		—		1,826,516
Luxembourg		11,000		—		—		11,000
Monaco		11,355		—		—		11,355
Netherlands		124,281		—		—		124,281
Poland		8,477,381		—		—		8,477,381
Russia		26,456,746		—		—		26,456,746
Turkey		7,779,739		—		—		7,779,739
United States		250,063		—		—		250,063
Short-Term Investments		1,199,513		—		—		1,199,513
TOTAL INVESTMENTS	$	49,515,730	$	—	$	—	$	49,515,730

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		470	$	470		5		475		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,206,320		1,124,364		81,956		81,956		179
State Street Navigator Securities Lending Government Money Market Portfolio*		79,890		79,890		2,824,992		1,787,325		1,117,557		1,117,557		1,274
TOTAL			$	80,360							$	1,199,513	$	1,453

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.1%
BRAZIL — 54.3%
AES Tiete Energia SA		14,574	$	62,887
Alpargatas SA Preference Shares		2,484		9,623
Ambev SA ADR		184,219		1,061,101
Arezzo Industria e Comercio SA		3,031		29,957
B2W Cia Digital (a)		6,208		24,148
Banco Bradesco SA		21,802		220,083
Banco Bradesco SA Preference Shares ADR		126,427		1,294,612
Banco do Brasil SA		29,417		312,891
Banco do Brasil SA ADR		16,728		180,161
BancodoEstadodoRio Grande do SulSA Class B, Preference Shares		7,500		35,717
Banco Santander Brasil SA ADR (b)		18,724		165,146
BB Seguridade Participacoes SA		27,875		256,366
BM&FBovespa SA		83,705		508,562
BR Malls Participacoes SA (a)		20,901		95,389
BR Properties SA (a)		2,370		6,838
Bradespar SA Preference Shares		15,411		106,253
Braskem SA Preference Shares ADR		4,402		89,581
BRF SA		10,368		126,083
BRF SA ADR		19,404		237,699
BTG Pactual Group		11,685		71,031
CCR SA		49,416		280,936
Centrais Eletricas Brasileiras SA (a)		2,373		12,781
Centrais Eletricas Brasileiras SA ADR (a)		17,266		93,754
Centrais Eletricas Brasileiras SA Class B, Preference Shares (a)		4,300		29,891
Cia Brasileira de Distribuicao ADR		7,514		144,269
Cia de Saneamento Basico do Estado de Sao Paulo		22,177		227,641
Cia de Saneamento de Minas Gerais-COPASA		3,982		55,435
Cia de Transmissao de Energia Eletrica Paulista Preference Shares		1,628		33,391
Cia Energetica de Minas Gerais ADR		41,366		136,094
Cia Energetica de Sao Paulo Class B, Preference Shares		15,268		92,812
Cia Hering		6,165		34,893
Cia Paranaense de Energia Preference Shares		8,355		86,157
Cia Siderurgica Nacional SA ADR (a) (b)		30,713		89,682
Cielo SA		38,744		345,468
Cosan Logistica SA (a)		3,423		7,277
Cosan SA Industria e Comercio		9,898		121,147
Cosan, Ltd.		6,933		58,740
CPFL Energia SA ADR		13,839		226,821
CVC Brasil Operadora e Agencia de Viagens SA		3,623		32,978
Cyrela Brazil Realty SA Empreendimentos e Participacoes		20,741		86,493
Dimed SA Distribuidora da Medicamentos		100		19,654
Duratex SA		31,100		90,118
EDP — Energias do Brasil SA		3,936		17,294
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares		2,736		12,004
Embraer SA		29,559		161,902
Engie Brasil Energia SA (c)		8,384		94,404
Equatorial Energia SA		7,173		132,821
Estacio Participacoes SA		12,939		64,676
Fibria Celulose SA ADR		10,644		97,286
Fleury SA		2,308		30,750
Gafisa SA		1,083		9,293
Gerdau SA ADR		28,581		98,604
Gerdau SA Preference Shares		5,560		19,071
Gol Linhas Aereas Inteligentes SA Preference Shares (a)		9,475		24,889
GP Investments, Ltd. (a)		5,113		10,629
Hypermarcas SA		15,071		137,659
Iguatemi Empresa de Shopping Centers SA		2,900		29,960
Itau Unibanco Holding SA Preference Shares ADR		148,109		1,787,676
Itausa — Investimentos Itau SA (a) (c)		43,169		123,051
Itausa — Investimentos Itau SA (c)		2,660		7,959
Itausa — Investimentos Itau SA Preference Shares (a)		162,381		485,872
JBS SA		33,163		106,646
Kepler Weber SA		3,580		27,062
Klabin SA		25,576		122,042
Kroton Educacional SA		61,041		255,319
Linx SA		6,489		33,927
Localiza Rent a Car SA		6,268		82,265
Lojas Americanas SA Preference Shares		36,250		186,790
Lojas Renner SA		35,994		315,165
M Dias Branco SA		1,866		75,111
Marcopolo SA Preference Shares		26,200		21,620
Marfrig Global Foods SA (a)		7,353		13,224
Metalurgica Gerdau SA Preference Shares (a)		32,970		51,403
Minerva SA (a)		2,561		7,873
MRV Engenharia e Participacoes SA		12,340		55,813
Multiplan Empreendimentos Imobiliarios SA		4,035		84,260
Multiplus SA		1,026		11,634
Natura Cosmeticos SA		10,292		94,040
Odontoprev SA		11,243		40,015
Oi SA (a)		24		31
Oi SA ADR (a)		231		291
Ouro Fino Saude Animal Participacoes SA		1,044		8,221
Petroleo Brasileiro SA ADR (a)		53,881		522,107
Petroleo Brasileiro SA Preference Shares ADR (a)		94,655		872,719
Porto Seguro SA		3,848		34,433
Prumo Logistica SA (a)		7,519		21,953
Qualicorp SA		6,815		44,325
Raia Drogasil SA		8,674		160,287
Rumo SA (a)		8,128		21,888
Sao Martinho SA		4,620		25,145
Smiles SA		2,934		58,588
Sul America SA		6,428		33,791
Suzano Papel e Celulose SA Class A, Preference Shares		20,252		84,581
Telefonica Brasil SA Preference Shares		20,019		294,773
Tim Participacoes SA		10,552		33,567
Tim Participacoes SA ADR		6,865		109,703
TOTVS SA		6,406		55,990
Transmissora Alianca de Energia Eletrica SA		4,959		35,846

See accompanying notes to financial statements.

111

SPDR S&P Emerging Latin America ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Ultrapar Participacoes SA ADR		20,379	$	463,215
Usinas Siderurgicas de Minas Gerais SA ADR (b)		20,678		28,329
Usinas Siderurgicas de Minas Gerais SA Class A, Preference Shares (a)		9,212		12,882
Vale SA ADR		47,907		455,116
Vale SA Preference Shares ADR		93,156		836,541
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		1,026		7,303
WEG SA		25,092		137,514
				16,489,708
CHILE — 10.9%
Aguas Andinas SA Class A		24,365		14,157
AntarChile SA		11,127		128,562
Banco de Chile ADR		2,682		193,533
Banco de Credito e Inversiones		4,791		262,711
Banco Santander Chile ADR		3,073		77,071
Banmedica SA		11,902		28,564
CAP SA		7,675		90,124
Cencosud SA		72,958		223,445
Cia Cervecerias Unidas SA		5,130		64,452
Coca-Cola Embonor SA Class B, Preference Shares		5,682		14,031
Colbun SA		70,804		15,678
Embotelladora Andina SA Class B, Preference Shares		13,372		51,920
Embotelladora Andina SA Preference Shares		3,252		12,525
Empresa Nacional de Telecomunicaciones SA (a)		954		11,493
Empresas CMPC SA		83,933		204,120
Empresas COPEC SA		30,771		333,324
Enel Americas SA ADR		33,799		351,172
Enel Chile SA ADR		21,715		119,432
Enel Generacion Chile SA ADR		7,193		159,972
Engie Energia Chile SA		3,392		6,270
Forus SA		2,826		11,247
Grupo Security SA		56,327		20,740
Inversiones Aguas Metropolitanas SA		6,124		9,615
Latam Airlines Group SA ADR (b)		17,483		221,510
Parque Arauco SA		4,823		12,733
Ripley Corp. SA		43,405		28,121
SACI Falabella		53,151		445,523
Sigdo Koppers SA		8,526		11,589
Sociedad Matriz SAAM SA		69,198		6,496
Sociedad Quimica y Minera de Chile SA ADR		3,293		113,180
SONDA SA		15,970		27,451
Vina Concha y Toro SA		12,770		21,638
				3,292,399
COLOMBIA — 4.6%
Almacenes Exito SA		10,127		53,612
Banco Davivienda SA Preference Shares		5,826		60,235
Banco de Bogota SA		3,497		71,901
Bancolombia SA		10,237		92,894
Bancolombia SA ADR		5,826		232,283
Celsia SA ESP		10,626		16,083
Cementos Argos SA		13,309		54,269
Cemex Latam Holdings SA (a)		5,479		20,069
Corp. Financiera Colombiana SA		4,208		40,948
Ecopetrol SA ADR (a) (b)		9,313		86,797
Empresa de Energia de Bogota SA ESP		88,125		55,728
Empresa de Telecomunicaciones de Bogota (a)		50,202		11,085
Grupo Argos SA		14,920		104,352
Grupo Argos SA Preference Shares		4,526		30,029
Grupo Aval Acciones y Valores SA Preference Shares		217,409		87,899
Grupo de Inversiones Suramericana SA		10,867		146,752
Grupo de Inversiones Suramericana SA Preference Shares		3,491		46,082
Grupo Nutresa SA		12,223		102,975
Interconexion Electrica SA ESP		15,515		62,191
Odinsa SA (a)		750		2,203
				1,378,387
LUXEMBOURG — 0.1%
Ternium SA ADR		1,436		37,508
MEXICO — 25.2%
Alfa SAB de CV Class A		171,023		248,805
Alsea SAB de CV		19,335		64,049
America Movil SAB de CV Series L		1,086,470		766,072
Arca Continental SAB de CV		13,445		92,874
Asesor de Activos Prisma SAPI de CV		17,784		10,434
Axtel SAB de CV (a) (b)		42,321		8,426
Banregio Grupo Financiero SAB de CV		1,735		10,291
Bolsa Mexicana de Valores SAB de CV		5,585		9,202
Cemex SAB de CV Series CPO (a)		601,202		541,058
Coca-Cola Femsa SAB de CV Series L		20,454		146,046
Concentradora Fibra Danhos SA de CV REIT		32,836		54,046
Concentradora Fibra Hotelera Mexicana SA de CV		17,442		14,086
Concentradora Hipotecaria SAPI de CV REIT		22,787		27,162
Consorcio ARA SAB de CV Series		12,905		4,056
Controladora Vuela Cia de Aviacion SAB de CV Class A (a)		28,738		39,931
Corp. Inmobiliaria Vesta SAB de CV		10,772		14,888
El Puerto de Liverpool SAB de CV Series C1		12,600		97,767
Fibra Shop Portafolios Inmobiliarios SAPI de CV REIT		14,877		10,466
Fibra Uno Administracion SA de CV REIT		84,909		144,625
Fomento Economico Mexicano SAB de CV		92,125		812,165
Genomma Lab Internacional SAB de CV
Class B (a)		33,979		40,322
Gentera SAB de CV		30,361		49,715
Gruma SAB de CV Class B		10,843		151,705
Grupo Aeromexico SAB de CV (a)		16,065		32,950
Grupo Aeroportuario del Centro Norte SAB de CV		5,557		29,912
Grupo Aeroportuario del Pacifico SAB de CV Class B		13,407		129,641
Grupo Aeroportuario del Sureste SAB de CV Class B		15,293		263,943
Grupo Bimbo SAB de CV Series A		48,209		119,255

See accompanying notes to financial statements.

112

SPDR S&P Emerging Latin America ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Grupo Carso SAB de CV Series A1		26,392	$	120,454
Grupo Comercial Chedraui SA de CV		3,163		6,771
Grupo Elektra SAB de CV		3,103		73,044
Grupo Financiero Banorte SAB de CV Series O		113,694		649,899
Grupo Financiero Inbursa SAB de CV Series O		136,939		225,612
Grupo Financiero Santander Mexico SAB de CV Class B		61,361		110,315
Grupo GICSA SA de CV (a)		38,046		25,897
Grupo Herdez SAB de CV		7,353		15,117
Grupo Industrial Maseca SAB de CV Class B		6,327		7,861
Grupo Lala SAB de CV		11,179		20,163
Grupo Mexico SAB de CV Series B		156,329		467,141
Grupo Rotoplas SAB de CV (b)		2,801		3,395
Grupo Televisa SAB ADR		713		18,495
Grupo Televisa SAB Series CPO		88,922		457,779
Hoteles City Express SAB de CV (a)		13,081		13,418
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV (a)		43,194		72,219
Industrias Bachoco SAB de CV Series B		2,394		10,801
Industrias Penoles SAB de CV		4,356		111,712
Infraestructura Energetica Nova SAB de CV		3,452		16,353
Kimberly-Clark de Mexico SAB de CV Class A		85,344		184,108
La Comer SAB de CV (a) (b)		17,884		14,443
Macquarie Mexico Real Estate Management S.A. de C.V. REIT		14,790		16,452
Medica Sur SAB de CV Series B		6,412		13,243
Megacable Holdings SAB de CV		8,945		34,461
Mexichem SAB de CV		38,851		105,264
Minera Frisco SAB de CV (a)		31,399		20,756
Nemak SAB de CV (b) (d)		76,861		85,210
OHL Mexico SAB de CV		20,308		28,509
PLA Administradora Industrial S de RL de CV (a)		15,556		25,290
Prologis Property Mexico SA de CV REIT		3,101		5,287
Promotora y Operadora de Infraestructura SAB de CV (a)		11,260		120,981
Telesites SAB de CV (a)		48,466		31,240
TV Azteca SAB de CV		162,952		30,282
Unifin Financiera SAPI de CV SOFOM ENR		3,848		9,725
Vitro SAB de CV Series A		8,990		35,131
Wal-Mart de Mexico SAB de CV		233,716		535,579
				7,656,299
PERU — 4.0%
Alicorp SAA		33,725		79,890
Cementos Pacasmayo SAA		3,216		7,223
Cia de Minas Buenaventura SAA ADR		8,519		102,569
Cia Minera Milpo SAA		47,655		57,177
Credicorp, Ltd.		2,878		469,977
Ferreycorp SAA		28,877		18,123
Fossal SAA (a)		816		101
Grana y Montero SAA		12,703		8,207
InRetail Peru Corp. (a) (d)		2,515		47,835
Intercorp Financial Services, Inc. Series INC		1,865		61,545
Southern Copper Corp.		8,983		322,400
Volcan Cia Minera SAA Class B		152,696		41,339
				1,216,386
TOTAL COMMON STOCKS (Cost $46,391,744)				30,070,687
RIGHTS — 0.0% (e)
BRAZIL — 0.0% (e)
B2W Cia Digital (expiring 4/25/17) (a)		1,994		942
Cosan Logistica SA (expiring 4/13/17) (a)		15		1
				943
TOTAL RIGHTS (Cost $0)				943
SHORT-TERM INVESTMENTS — 1.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (f) (g)		96,643		96,643
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)		417,673		417,673
TOTAL SHORT-TERM INVESTMENTS (Cost $514,316)				514,316
TOTAL INVESTMENTS — 100.8% (Cost $46,906,060)				30,585,946
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%				(231,094	)
NET ASSETS — 100.0%			$	30,354,852

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2017.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $104,344 representing 0.3% of the Fund’s net assets.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.4% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at March 31, 2017.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

ADS = American Depositary Shares

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

113

SPDR S&P Emerging Latin America ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	16,385,364	$	104,344	$	—	$	16,489,708
Chile		3,292,399		—		—		3,292,399
Colombia		1,378,387		—		—		1,378,387
Luxembourg		37,508		—		—		37,508
Mexico		7,656,299		—		—		7,656,299
Peru		1,216,386		—		—		1,216,386
Rights
Brazil		943		—		—		943
Short-Term Investments		514,316		—		—		514,316
TOTAL INVESTMENTS	$	30,481,602	$	104,344	$	—	$	30,585,946

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		45,840	$	45,840		19		45,859		—	$	—	$	1
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		305,321		208,678		96,643		96,643		72
State Street Navigator Securities Lending Government Money Market Portfolio*		1,152,332		1,152,332		5,753,261		6,487,920		417,673		417,673		4,317
TOTAL			$	1,198,172							$	514,316	$	4,390

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

114

SPDR S&P Emerging Middle East & Africa ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.7%
EGYPT — 2.6%
Arab Cotton Ginning		18,436	$	4,841
Commercial International Bank Egypt SAE		69,389		290,357
Eastern Tobacco		3,673		43,348
Egypt Kuwait Holding Co. SAE		59,526		39,883
Egyptian Financial Group-Hermes Holding Co. (a)		34,950		50,498
ElSewedy Electric Co.		6,670		31,728
Ezz Steel (a)		18,708		20,843
Global Telecom Holding SAE GDR (a) (b)		40,547		76,264
Juhayna Food Industries		49,838		22,558
Palm Hills Developments SAE		83,844		15,050
Sidi Kerir Petrochemicals Co.		13,398		14,586
Six of October Development & Investment (a)		30,387		22,390
Talaat Moustafa Group		97,169		49,419
Telecom Egypt Co.		29,837		18,944
				700,709
NETHERLANDS — 3.6%
Steinhoff International Holdings NV		201,153		962,654
QATAR — 9.3%
Aamal Co. (a)		10,733		42,300
Al Khalij Commercial Bank PQSC		6,292		25,230
Al Meera Consumer Goods Co. QSC		486		22,477
Barwa Real Estate Co.		6,807		66,834
Commercial Bank QSC		12,316		114,836
Doha Bank QSC		6,517		56,201
Gulf International Services QSC		3,251		25,268
Industries Qatar QSC		8,181		247,827
Mannai Corp. QSC		240		5,273
Masraf Al Rayan QSC		23,372		270,558
Medicare Group		491		12,905
Ooredoo QSC		7,568		200,782
Qatar Electricity & Water Co. QSC		1,925		116,311
Qatar First Bank (a)		7,485		17,741
Qatar Gas Transport Co., Ltd.		13,873		80,965
Qatar Industrial Manufacturing Co. QSC		1,927		23,128
Qatar Insurance Co. SAQ		8,243		159,151
Qatar International Islamic Bank QSC		2,648		49,817
Qatar Islamic Bank SAQ		4,133		116,120
Qatar National Bank QPSC		14,697		589,721
Qatar National Cement Co. QSC		1,142		24,652
Qatar Navigation QSC		2,915		61,245
Salam International Investment, Ltd. QSC		4,475		12,966
United Development Co. QSC		10,237		55,387
Vodafone Qatar QSC (a)		28,191		72,314
				2,470,009
SOUTH AFRICA — 72.2%
Adcock Ingram Holdings, Ltd.		10,430		48,421
Adcorp Holdings, Ltd.		5,180		6,297
Advtech, Ltd.		27,728		41,358
AECI, Ltd.		8,672		74,375
African Oxygen, Ltd.		9,527		14,068
African Rainbow Minerals, Ltd.		7,152		50,703
Afrimat, Ltd.		9,169		20,172
Alexander Forbes Group Holdings, Ltd.		39,426		18,906
Allied Electronics Corp., Ltd. (a)		19,596		14,468
Anglo American Platinum, Ltd. (a)		4,117		93,978
AngloGold Ashanti, Ltd. (a) (c)		25,260		269,861
ArcelorMittal South Africa, Ltd. (a)		19,671		14,568
Arrowhead Properties, Ltd. Class A		43,917		29,969
Ascendis Health, Ltd. (c)		18,506		31,122
Aspen Pharmacare Holdings, Ltd.		18,583		380,731
Assore, Ltd.		2,226		40,578
Astral Foods, Ltd.		3,866		45,237
Attacq, Ltd. (a)		47,177		59,953
Aveng, Ltd. (a)		35,691		18,819
AVI, Ltd.		18,246		134,715
Balwin Properties, Ltd.		17,568		10,088
Barclays Africa Group, Ltd.		20,481		213,093
Barloworld, Ltd.		12,349		109,871
Bid Corp., Ltd.		17,978		348,197
Bidvest Group, Ltd.		17,978		206,304
Blue Label Telecoms, Ltd.		23,094		30,692
Brait SE (a)		17,930		104,568
Capevin Holdings, Ltd.		29,605		19,098
Capitec Bank Holdings, Ltd.		3,791		215,259
Cashbuild, Ltd.		1,265		35,314
City Lodge Hotels, Ltd.		2,369		27,100
Clicks Group, Ltd.		14,637		139,834
Clover Industries, Ltd.		9,666		12,976
Consolidated Infrastructure Group, Ltd. (a)		2,610		4,010
Coronation Fund Managers, Ltd.		19,578		92,336
Curro Holdings, Ltd. (a)		8,170		29,850
DataTec, Ltd.		13,236		50,945
Delta Property Fund, Ltd. REIT		20,456		13,547
Discovery, Ltd.		25,365		243,478
Distell Group, Ltd.		2,259		23,249
Emira Property Fund, Ltd.		20,429		21,406
EOH Holdings, Ltd.		6,222		64,332
Exxaro Resources, Ltd.		9,519		83,691
Famous Brands, Ltd.		3,956		45,969
FirstRand, Ltd. (c)		205,809		711,573
Foschini Group, Ltd.		11,388		131,208
Gold Fields, Ltd.		46,092		160,770
Grindrod, Ltd. (a)		35,011		37,338
Group Five, Ltd.		9,827		15,346
Growthpoint Properties, Ltd. REIT		148,603		287,038
Harmony Gold Mining Co., Ltd.		24,855		60,892
Hosken Consolidated Investments, Ltd.		4,162		44,029
Hudaco Industries, Ltd.		2,230		24,007
Hyprop Investments, Ltd.		12,463		114,046
Impala Platinum Holdings, Ltd. (a)		38,479		129,768
Imperial Holdings, Ltd. (c)		11,926		146,754
Investec, Ltd.		15,765		107,532
Invicta Holdings, Ltd.		1,270		5,562
Italtile, Ltd.		18,482		18,994
JSE, Ltd.		5,338		51,299
KAP Industrial Holdings, Ltd.		46,710		31,143
Kumba Iron Ore, Ltd. (a) (c)		3,392		51,330
Lewis Group, Ltd.		7,955		24,621
Liberty Holdings, Ltd.		6,394		51,619
Life Healthcare Group Holdings, Ltd.		67,380		145,677
Massmart Holdings, Ltd.		5,861		59,520
Mediclinic International PLC		21,681		192,706
Metair Investments, Ltd.		2,981		5,636
MMI Holdings, Ltd. (c)		57,108		97,489

See accompanying notes to financial statements.

115

SPDR S&P Emerging Middle East & Africa ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Mondi, Ltd.		7,864	$	187,979
Mpact, Ltd.		12,695		29,284
Mr. Price Group, Ltd.		15,258		181,952
MTN Group, Ltd.		96,669		879,546
Murray & Roberts Holdings, Ltd.		38,025		43,672
Nampak, Ltd. (a)		36,109		45,834
Naspers, Ltd. Class N		27,157		4,688,614
Nedbank Group, Ltd.		12,138		218,613
Netcare, Ltd.		100,008		190,935
Northam Platinum, Ltd. (a)		20,197		77,406
Oceana Group, Ltd.		2,858		22,169
Octodec Investments, Ltd.		6,475		11,599
Omnia Holdings, Ltd.		4,463		54,020
Peregrine Holdings, Ltd.		4,567		9,353
Pick n Pay Stores, Ltd.		22,243		110,363
Pioneer Foods Group, Ltd.		8,179		107,728
PPC, Ltd. (a)		34,697		16,846
PSG Group, Ltd.		4,772		87,904
Rand Merchant Investment Holdings, Ltd. (c)		49,917		153,748
Raubex Group, Ltd.		12,159		23,141
Redefine Properties, Ltd. REIT		282,615		232,057
Remgro, Ltd.		31,321		481,398
Resilient REIT, Ltd.		22,215		193,078
Reunert, Ltd.		10,276		55,178
Rhodes Food Group Pty, Ltd. (c)		4,342		7,726
RMB Holdings, Ltd.		50,209		219,315
Royal Bafokeng Platinum, Ltd. (a)		1,512		3,834
SA Corporate Real Estate, Ltd.		99,946		40,996
Sanlam, Ltd.		100,622		505,558
Santam, Ltd.		891		16,916
Sappi, Ltd.		30,740		208,919
Sasol, Ltd.		31,730		924,279
Shoprite Holdings, Ltd.		24,042		347,126
Sibanye Gold, Ltd.		39,924		85,453
SPAR Group, Ltd.		10,024		130,272
Standard Bank Group, Ltd.		76,228		817,211
Sun International, Ltd.		7,427		42,096
Super Group, Ltd. (a)		12,377		32,851
Telkom SA SOC, Ltd.		19,516		109,204
Tiger Brands, Ltd.		11,597		346,342
Tongaat Hulett, Ltd.		7,961		73,063
Transaction Capital, Ltd.		10,344		11,641
Trencor, Ltd.		8,584		25,479
Truworths International, Ltd. (c)		25,097		162,107
Tsogo Sun Holdings, Ltd.		26,915		55,481
Vodacom Group, Ltd.		32,183		364,823
Vukile Property Fund, Ltd. REIT		17,589		25,251
Wilson Bayly Holmes-Ovcon, Ltd.		2,999		36,043
Woolworths Holdings, Ltd.		52,051		271,381
Zeder Investments, Ltd.		34,427		19,898
				19,245,085
UNITED ARAB EMIRATES — 11.0%
Abu Dhabi Commercial Bank PJSC		116,705		216,061
Agthia Group PJSC		10,808		18,921
Air Arabia PJSC		159,998		46,174
Ajman Bank PJSC (a)		28,331		9,950
Al Waha Capital PJSC		66,668		35,213
Aldar Properties PJSC		220,058		135,402
Arabtec Holding PJSC (a)		158,228		38,469
Bank of Sharjah (a)		19,408		7,398
DAMAC Properties Dubai Co. PJSC		105,891		81,299
Dana Gas PJSC (a)		238,658		27,290
Deyaar Development PJSC (a)		100,976		15,643
DP World, Ltd.		10,780		231,770
Dubai Financial Market PJSC		111,951		38,099
Dubai Investments PJSC		99,170		65,879
Dubai Islamic Bank PJSC		86,449		131,804
DXB Entertainments PJSC (a)		192,474		53,450
Emaar Malls PJSC		132,021		94,891
Emaar Properties PJSC		222,722		442,655
Emirates Telecommunications Group Co. PJSC		108,866		534,994
Eshraq Properties Co. PJSC (a)		79,638		23,200
First Gulf Bank PJSC		73,061		256,599
National Bank of Abu Dhabi PJSC		84,583		236,040
National Bank of Ras Al-Khaimah PSC		39,123		51,127
Orascom Construction, Ltd. (a)		2,295		12,622
RAK Properties PJSC		68,506		11,750
Ras Al Khaimah Ceramics		25,802		15,103
Union National Bank PJSC		77,006		91,829
				2,923,632
UNITED KINGDOM — 0.0% (d)
Pan African Resources PLC		61,444		12,052
TOTAL COMMON STOCKS (Cost $32,722,378)				26,314,141
WARRANTS — 0.0% (d)
SOUTH AFRICA — 0.0% (d)
Adcock Ingram Holdings, Ltd. (expiring 7/26/19) (a) (Cost $0)		888		358
RIGHTS — 0.0% (d)
QATAR — 0.0% (d)
Doha Bank QSC (expiring 5/9/17) (a)		1,449		2,547
SOUTH AFRICA — 0.0% (d)
Life Healthcare Group Holdings, Ltd. (expiring 4/13/17) (a)		23,055		7,737
TOTAL RIGHTS (Cost $0)				10,284
SHORT-TERM INVESTMENTS — 5.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (e) (f)		98,043		98,043
State Street Navigator Securities Lending Government Money Market Portfolio (e) (g)		1,385,573		1,385,573
TOTAL SHORT-TERM INVESTMENTS (Cost $1,483,616)				1,483,616
TOTAL INVESTMENTS — 104.3% (Cost $34,205,994)				27,808,399
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.3)%				(1,146,211	)
NET ASSETS — 100.0%			$	26,662,188

(a) Non-income producing security.

(b) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by

See accompanying notes to financial statements.

116

SPDR S&P Emerging Middle East & Africa ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $76,264 representing 0.3% of the Fund’s net assets.

(c) All or a portion of the shares of the security are on loan at March 31, 2017.

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

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2017.

(g) Investment of cash collateral for securities loaned.

GDR = Global Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Egypt	$	624,445	$	76,264	$	—	$	700,709
Netherlands		962,654		—		—		962,654
Qatar		2,470,009		—		—		2,470,009
South Africa		19,245,085		—		—		19,245,085
United Arab Emirates		2,923,632		—		—		2,923,632
United Kingdom		12,052		—		—		12,052
Warrants
South Africa		358		—		—		358
Rights
Qatar		—		2,547		—		2,547
South Africa		7,737		—		—		7,737
Short-Term Investments		1,483,616		—		—		1,483,616
TOTAL INVESTMENTS	$	27,729,588	$	78,811	$	—	$	27,808,399

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		52,544	$	52,544		—		52,544		—	$	—	$	1
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		927,472		829,429		98,043		98,043		78
State Street Navigator Securities Lending Government Money Market Portfolio*		846,193		846,193		3,211,486		2,672,106		1,385,573		1,385,573		1,770
TOTAL			$	898,737							$	1,483,616	$	1,849

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

117

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 6.3%
Abacus Property Group		12,256	$	30,292
AGL Energy, Ltd.		29,446		592,346
Alumina, Ltd.		289,873		395,822
Amcor, Ltd.		80,420		923,907
AMP, Ltd.		162,979		644,022
Ansell, Ltd.		25,670		471,347
APA Group		113,243		774,031
Aristocrat Leisure, Ltd.		52,104		714,263
Arrium, Ltd. (a) (b)		163,093		—
Australia & New Zealand Banking Group, Ltd.		120,763		2,931,387
BHP Billiton PLC		82,493		1,272,913
BHP Billiton, Ltd.		137,903		2,528,991
Billabong International, Ltd. (a) (c)		25,227		24,055
BlueScope Steel, Ltd.		37,063		346,633
Boral, Ltd.		30,000		133,651
Brambles, Ltd.		117,253		836,324
BWP Trust		178,761		388,648
Caltex Australia, Ltd.		11,818		265,863
carsales.com, Ltd.		15,883		135,218
Challenger, Ltd.		29,124		278,826
Coca-Cola Amatil, Ltd.		27,652		228,241
Cochlear, Ltd.		2,434		251,092
Commonwealth Bank of Australia		73,673		4,828,265
Computershare, Ltd.		75,184		806,399
CSL, Ltd.		25,892		2,475,481
CSR, Ltd.		104,689		360,178
Dexus Property Group REIT		20,500		152,787
DUET Group		77,200		164,309
Fairfax Media, Ltd.		107,582		84,121
Fortescue Metals Group, Ltd.		75,015		356,513
Goodman Group REIT		69,305		409,208
GPT Group REIT		77,229		303,408
GWA Group, Ltd.		96,042		212,470
Harvey Norman Holdings, Ltd. (c)		25,648		88,632
Healthscope, Ltd.		90,708		157,076
Iluka Resources, Ltd.		23,182		134,755
Incitec Pivot, Ltd.		73,337		210,354
Infigen Energy (a)		68,722		52,687
Ingenia Communities Group		62,994		130,229
Insurance Australia Group, Ltd.		186,359		860,092
LendLease Group		73,242		870,496
Macquarie Group, Ltd.		19,699		1,355,470
Medibank Pvt, Ltd.		120,537		259,304
Mirvac Group REIT		78,898		131,810
National Australia Bank, Ltd.		107,418		2,732,006
Newcrest Mining, Ltd.		38,112		647,472
Oil Search, Ltd.		51,182		281,899
Orica, Ltd.		13,372		179,535
Origin Energy, Ltd.		98,563		530,081
Orora, Ltd.		82,536		186,369
OZ Minerals, Ltd.		20,974		125,280
Perpetual, Ltd.		13,288		528,631
QBE Insurance Group, Ltd.		59,161		581,738
Ramsay Health Care, Ltd.		5,634		300,380
REA Group, Ltd.		2,304		104,279
Santos, Ltd.		109,828		318,373
Scentre Group REIT		228,795		748,760
SEEK, Ltd.		15,520		188,484
Sonic Healthcare, Ltd.		26,015		438,983
South32, Ltd. (d)		138,480		291,565
South32, Ltd. (d)		82,493		172,008
Stockland REIT		105,612		373,827
Suncorp Group, Ltd.		56,312		567,470
Sydney Airport		48,594		250,963
Tatts Group, Ltd.		178,173		602,122
Telstra Corp., Ltd.		189,822		674,794
TPG Telecom, Ltd.		15,864		84,350
Transurban Group Stapled Security		87,473		778,725
Treasury Wine Estates, Ltd.		54,799		511,256
Vicinity Centres REIT		142,998		308,713
Wesfarmers, Ltd.		51,773		1,780,041
Westfield Corp.		88,352		598,506
Westpac Banking Corp.		143,866		3,847,770
Woodside Petroleum, Ltd.		40,481		990,660
Woolworths, Ltd.		70,741		1,430,066
WorleyParsons, Ltd. (a) (c)		21,658		181,905
				49,908,927
AUSTRIA — 0.2%
ANDRITZ AG		1,569		78,679
Erste Group Bank AG (a)		15,430		503,759
OMV AG		15,319		604,340
Voestalpine AG		13,664		539,268
				1,726,046
BELGIUM — 1.1%
Ackermans & van Haaren NV		970		152,818
Aedifica SA		3,158		238,495
Ageas		20,224		792,544
Anheuser-Busch InBev SA		38,780		4,267,997
Bekaert SA		4,302		211,034
Colruyt SA		2,756		135,652
Gimv NV		816		45,654
Groupe Bruxelles Lambert SA		3,510		319,476
KBC Group NV		14,797		984,227
Proximus SADP		6,207		195,277
Solvay SA		3,220		394,505
UCB SA		10,207		793,767
Umicore SA		4,425		252,729
				8,784,175
CANADA — 8.3%
AGF Management, Ltd. Class B		29,013		134,008
Agnico Eagle Mines, Ltd.		9,974		421,950
Agrium, Inc. (c)		10,664		1,014,865
Alamos Gold, Inc. Class A (c)		10,689		85,599
Algonquin Power & Utilities Corp. (c)		11,636		110,807
Alimentation Couche-Tard, Inc. Class B		18,377		827,871
AltaGas, Ltd. (c)		6,340		146,419
Amaya, Inc. (a)		8,072		136,606
ARC Resources, Ltd. (c)		16,268		231,764
Atco, Ltd. Class I		3,220		124,850
Athabasca Oil Corp. (a)		14,955		17,157
Avigilon Corp. (a) (c)		2,979		34,489
B2Gold Corp. (a)		48,420		137,601
Badger Daylighting, Ltd. (c)		2,880		75,474
Bank of Montreal		26,315		1,959,936
Bank of Nova Scotia		52,190		3,044,563

See accompanying notes to financial statements.

118

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Barrick Gold Corp.		52,551	$	995,342
BCE, Inc.		11,942		527,234
BlackBerry, Ltd. (a)		28,170		217,562
Bombardier, Inc. Class B (a)		104,641		160,063
Brookfield Asset Management, Inc. Class A		47,451		1,723,841
CAE, Inc.		12,573		191,567
Cameco Corp.		29,084		321,011
Canadian Energy Services & Technology Corp.		13,664		74,690
Canadian Imperial Bank of Commerce		19,355		1,664,183
Canadian National Railway Co.		34,947		2,572,187
Canadian Natural Resources, Ltd.		56,909		1,857,922
Canadian Pacific Railway, Ltd.		8,674		1,270,548
Canadian Solar, Inc. (a) (c)		1,986		24,368
Canadian Tire Corp., Ltd. Class A		3,634		430,472
Canadian Utilities, Ltd. Class A		5,080		148,402
Canadian Western Bank		19,321		426,362
CCL Industries, Inc. Class B		1,060		230,607
Cenovus Energy, Inc.		33,514		378,199
CGI Group, Inc. Class A (a)		18,521		884,908
CI Financial Corp.		10,512		208,325
Cineplex, Inc. (c)		2,756		104,359
Constellation Software, Inc.		887		434,638
Crescent Point Energy Corp. (c)		31,000		334,023
CT Real Estate Investment Trust		12,706		143,290
Detour Gold Corp. (a)		8,405		96,046
DH Corp.		4,636		87,739
Dollarama, Inc.		4,913		406,000
ECN Capital Corp.		14,005		37,700
Eldorado Gold Corp.		28,797		98,246
Element Fleet Management Corp.		16,794		155,014
Emera, Inc.		6,358		223,971
Empire Co., Ltd. Class A		7,033		107,157
Enbridge Income Fund Holdings, Inc. (c)		4,196		104,298
Enbridge, Inc.		69,257		2,893,044
Encana Corp.		41,108		480,233
Enerplus Corp.		6,820		54,769
Exchange Income Corp. (c)		6,224		182,195
Fairfax Financial Holdings, Ltd.		1,636		742,404
Finning International, Inc.		6,049		112,666
Firm Capital Mortgage Investment Corp.		25,359		265,065
First Capital Realty, Inc.		5,884		88,371
First Majestic Silver Corp. (a) (c)		11,980		96,925
First Quantum Minerals, Ltd.		29,141		308,748
Fortis, Inc.		17,662		583,635
Franco-Nevada Corp.		7,444		486,275
George Weston, Ltd.		2,038		177,310
Gildan Activewear, Inc.		10,115		272,509
Goldcorp, Inc.		40,863		594,416
Gran Tierra Energy, Inc. (a)		21,779		57,810
Great-West Lifeco, Inc.		13,225		365,419
H&R Real Estate Investment Trust REIT		5,884		101,784
Home Capital Group, Inc.		2,971		57,988
Husky Energy, Inc. (a)		26,042		293,098
Hydro One, Ltd. (e)		7,235		131,555
IAMGOLD Corp. (a)		36,788		146,749
Imperial Oil, Ltd.		10,760		326,919
Industrial Alliance Insurance & Financial Services, Inc.		4,427		191,301
Innergex Renewable Energy, Inc. (c)		21,996		235,851
Intact Financial Corp.		6,162		436,998
Inter Pipeline, Ltd.		14,666		308,243
K-Bro Linen, Inc. (c)		6,049		178,887
Keyera Corp.		7,481		218,823
Kinross Gold Corp. (a)		47,822		168,174
Linamar Corp. (c)		2,185		99,104
Loblaw Cos., Ltd.		10,193		551,514
Lundin Mining Corp.		32,177		180,711
MacDonald Dettwiler & Associates, Ltd.		1,986		104,613
Magna International, Inc.		17,108		736,196
Manulife Financial Corp.		90,562		1,601,888
Methanex Corp.		3,642		170,159
Metro, Inc.		10,702		327,805
National Bank of Canada		16,300		682,482
New Gold, Inc. (a)		26,052		77,551
Onex Corp.		3,550		254,075
Open Text Corp.		9,512		322,380
Pan American Silver Corp.		6,480		113,114
Parex Resources, Inc. (a)		15,850		201,445
Pembina Pipeline Corp.		13,410		423,722
Pengrowth Energy Corp. (a) (c)		20,008		19,953
Penn West Petroleum, Ltd. (a)		22,237		37,850
Peyto Exploration & Development Corp. (c)		5,760		118,124
Potash Corp. of Saskatchewan, Inc. (c)		46,687		795,358
Power Corp. of Canada		16,268		381,069
Power Financial Corp.		13,551		357,357
PrairieSky Royalty, Ltd.		8,944		188,182
Precision Drilling Corp. (a)		13,476		63,558
Pure Industrial Real Estate Trust		36,637		167,300
Quebecor, Inc. Class B		3,600		110,701
Redknee Solutions, Inc. (a) (c)		20,783		17,298
Restaurant Brands International, Inc.		9,952		552,802
Richelieu Hardware, Ltd.		2,336		48,169
Richmont Mines, Inc. (a)		6,465		45,713
RioCan Real Estate Investment Trust		6,784		133,274
Ritchie Bros Auctioneers, Inc.		4,636		152,152
Rogers Communications, Inc. Class B		24,571		1,083,324
Royal Bank of Canada		69,280		5,033,209
Russel Metals, Inc.		2,589		50,512
Saputo, Inc.		11,437		393,539
Secure Energy Services, Inc. (c)		8,331		61,218
SEMAFO, Inc. (a)		20,089		60,403
Seven Generations Energy, Ltd. Class A (a)		7,601		138,495
Shaw Communications, Inc. Class B		35,523		734,352
Sherritt International Corp. (a)		41,068		28,946
Shopify, Inc. Class A (a)		2,500		170,041
Silver Wheaton Corp.		17,388		361,280
Sirius XM Canada Holdings, Inc. (c)		554		2,289
SNC-Lavalin Group, Inc.		8,663		338,946
Stantec, Inc. (c)		3,344		86,531
Sun Life Financial, Inc.		33,679		1,226,298
Suncor Energy, Inc.		83,837		2,566,689
Teck Resources, Ltd. Class B		25,606		558,334

See accompanying notes to financial statements.

119

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
TELUS Corp.		20,499	$	663,549
TMX Group, Ltd.		2,142		108,268
Toromont Industries, Ltd.		3,344		116,670
Toronto-Dominion Bank		85,758		4,283,238
Tourmaline Oil Corp. (a)		5,534		123,033
TransCanada Corp. (c)		38,638		1,777,988
Trinidad Drilling, Ltd. (a)		9,912		17,094
Turquoise Hill Resources, Ltd. (a)		41,498		126,331
Veresen, Inc. (c)		13,300		146,598
Vermilion Energy, Inc. (c)		4,878		182,406
Waste Connections, Inc.		7,458		656,633
West Fraser Timber Co., Ltd.		1,776		74,068
Whitecap Resources, Inc. (c)		15,710		121,920
Yamana Gold, Inc.		50,946		140,196
Yellow Pages, Ltd. (a)		4,908		31,207
				66,201,621
CHILE — 0.0% (f)
Antofagasta PLC		14,979		156,306
CHINA — 0.1%
APT Satellite Holdings, Ltd.		154,000		82,236
Bloomage BioTechnology Corp., Ltd. (c)		24,147		34,241
China Everbright Water, Ltd. (c)		105,397		35,829
Chong Hing Bank, Ltd.		1,385		3,026
ENN Energy Holdings, Ltd.		38,000		213,923
HC International, Inc. (a) (c)		60,000		53,426
Sino Grandness Food Industry Group, Ltd. (c)		318,545		54,713
				477,394
DENMARK — 1.5%
AP Moeller — Maersk A/S Class A		137		221,675
AP Moeller — Maersk A/S Class B		569		946,867
Carlsberg A/S Class B		4,506		417,369
Chr Hansen Holding A/S		4,200		270,385
Coloplast A/S Class B		3,767		295,010
Danske Bank A/S		43,644		1,490,842
DONG Energy A/S (e)		8,791		339,995
DSV A/S		7,651		397,255
FLSmidth & Co. A/S		8,027		430,631
Genmab A/S (a)		2,343		452,576
GN Store Nord A/S		24,786		580,726
ISS A/S		7,823		296,706
Jyske Bank A/S		2,058		104,428
Novo Nordisk A/S Class B		85,396		2,941,619
Novozymes A/S Class B		9,529		378,816
Pandora A/S		5,338		592,706
SimCorp A/S		11,224		678,017
TDC A/S		11,384		58,879
Vestas Wind Systems A/S		11,778		960,501
				11,855,003
EGYPT — 0.0% (f)
Integrated Diagnostics Holdings PLC (e)		12,575		39,611
FINLAND — 1.0%
Amer Sports Oyj (a)		5,883		133,268
Caverion Corp. (a) (c)		11,418		90,125
Elisa Oyj		6,641		235,461
Fortum Oyj		19,566		310,345
Kemira Oyj		18,582		228,754
Kesko Oyj Class B		3,280		156,813
Kone Oyj Class B		16,714		735,795
Konecranes Oyj		3,009		107,169
Lassila & Tikanoja Oyj		1,620		31,864
Metso Oyj (c)		11,987		363,851
Neste Oyj		10,652		416,522
Nokia Oyj		265,183		1,427,037
Nokian Renkaat Oyj		4,877		204,162
Orion Oyj Class B		4,374		228,624
Sampo Oyj Class A		23,640		1,124,133
Sanoma Oyj		16,362		137,287
Stockmann Oyj Abp Class B (a)		17,125		132,608
Stora Enso Oyj Class R		36,305		430,236
Tikkurila Oyj		8,031		163,202
UPM-Kymmene Oyj		30,115		709,253
Valmet Oyj		11,745		183,026
Wartsila Oyj Abp		8,766		470,190
YIT Oyj (c)		16,914		114,602
				8,134,327
FRANCE — 7.7%
Accor SA		15,149		632,712
Air Liquide SA		15,753		1,804,487
Airbus SE		27,229		2,077,327
Albioma SA		13,869		245,792
Alstom SA (a)		13,706		410,679
Arkema SA		1,900		187,933
Atos SE		3,599		446,327
AXA SA		84,502		2,192,145
BNP Paribas SA		47,709		3,185,624
Bollore SA (a) (d)		109		415
Bollore SA (d)		23,131		89,904
Bourbon Corp. (c)		16,419		174,731
Bouygues SA		14,085		574,790
Bureau Veritas SA		9,706		205,285
Cap Gemini SA		6,822		631,582
Carrefour SA		38,374		907,048
Casino Guichard Perrachon SA		6,054		339,487
CGG SA (a) (c)		1,848		13,045
Christian Dior SE		2,485		578,876
Cie de Saint-Gobain		28,580		1,471,378
Cie Generale des Etablissements Michelin		8,467		1,031,012
Cie Plastic Omnium SA		3,125		114,108
Credit Agricole SA		52,025		706,670
Danone SA		26,539		1,809,813
Dassault Systemes SE		4,491		389,744
Edenred		15,826		374,926
Electricite de France SA (c)		17,936		151,396
Engie SA		70,752		1,004,934
Essilor International SA		8,779		1,069,473
Eutelsat Communications SA		3,729		83,476
Faurecia		2,414		115,114
Fonciere Des Regions		2,265		189,708
Gecina SA REIT		1,616		219,851
Groupe Eurotunnel SE		17,695		178,507
Groupe Fnac SA (a) (d)		1,233		88,653
Groupe Fnac SA (a) (d)		400		28,929

See accompanying notes to financial statements.

120

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Hermes International		1,175	$	558,110
Iliad SA		965		216,383
Ingenico Group SA		2,194		207,579
Kering		5,030		1,304,341
Klepierre REIT		8,249		321,676
L’Oreal SA		11,363		2,189,416
Lagardere SCA		13,487		398,275
Legrand SA		11,864		717,190
LVMH Moet Hennessy Louis Vuitton SE		11,690		2,573,750
Natixis SA		20,294		125,371
Nexans SA (a)		4,217		219,178
Orange SA		90,587		1,411,163
Orpea		1,997		192,187
Pernod Ricard SA		9,079		1,076,888
Peugeot SA (a)		21,025		424,447
Publicis Groupe SA		14,218		996,201
Renault SA		11,088		965,692
Rexel SA		12,840		233,736
Safran SA		14,834		1,111,075
Sanofi		52,191		4,723,561
Schneider Electric SE (d)		24,045		1,764,980
Schneider Electric SE (d)		2,000		146,165
SCOR SE		7,926		300,349
SFR Group SA (a)		9,416		296,990
Societe BIC SA		1,191		148,784
Societe Generale SA		36,098		1,835,839
Sodexo SA		4,371		515,419
Suez Environment Co.		15,590		246,863
Technicolor SA		20,566		94,826
Teleperformance		2,484		268,997
Television Francaise 1 (c)		5,160		61,811
Thales SA		4,408		427,423
TOTAL SA		102,922		5,219,452
Ubisoft Entertainment SA (a)		6,886		294,928
Unibail-Rodamco SE (c)		4,210		986,564
Valeo SA		16,666		1,112,822
Vallourec SA (a) (c)		21,588		143,709
Veolia Environnement SA		37,211		698,871
Vinci SA		20,404		1,621,456
Vivendi SA		54,755		1,067,314
Zodiac Aerospace		5,245		131,549
				61,077,211
GERMANY — 7.3%
Aareal Bank AG		2,187		84,676
adidas AG		8,912		1,699,525
Allianz SE		19,600		3,640,255
Axel Springer SE		2,682		148,504
BASF SE		37,928		3,769,381
Bayer AG		36,194		4,182,754
Bayerische Motoren Werke AG		11,582		1,059,257
Bayerische Motoren Werke AG Preference Shares		2,351		185,621
Beiersdorf AG		4,347		412,535
Bilfinger SE (a) (c)		5,804		224,035
Brenntag AG		6,766		380,282
Commerzbank AG		39,940		362,162
Continental AG		4,780		1,050,608
Covestro AG (e)		3,630		280,159
Daimler AG		42,606		3,153,391
Deutsche Bank AG (a)		50,252		868,014
Deutsche Boerse AG (a)		10,911		1,002,557
Deutsche EuroShop AG		2,746		112,560
Deutsche Lufthansa AG		7,797		126,757
Deutsche Post AG		51,694		1,775,063
Deutsche Telekom AG		146,503		2,573,670
Deutsche Wohnen AG		14,713		485,700
DMG Mori AG		3,116		152,722
E.ON SE		88,162		702,582
Evonik Industries AG		5,315		173,752
Fraport AG Frankfurt Airport Services Worldwide		2,268		160,899
Freenet AG		5,622		183,337
Fresenius Medical Care AG & Co. KGaA		9,415		796,018
Fresenius SE & Co. KGaA		17,292		1,393,202
Fuchs Petrolub SE Preference Shares		3,047		149,030
GEA Group AG		7,697		327,976
Gerresheimer AG		1,843		146,340
Hamborner REIT AG (c)		20,343		207,700
Hannover Rueck SE		2,626		303,754
HeidelbergCement AG		6,187		580,735
Henkel AG & Co. KGaA		5,463		608,543
Henkel AG & Co. KGaA Preference Shares		8,611		1,106,108
HOCHTIEF AG		4,230		701,024
HUGO BOSS AG		2,844		208,090
Infineon Technologies AG		49,364		1,010,803
Innogy SE (a) (e)		5,916		223,897
KION Group AG		3,337		218,535
KS AG		9,191		214,201
Lanxess AG		4,017		270,199
LEG Immobilien AG (a)		2,558		210,227
Linde AG		7,890		1,317,288
MAN SE		4,093		423,014
Merck KGaA		9,074		1,036,504
METRO AG		7,083		227,117
MorphoSys AG (a) (c)		951		56,014
MTU Aero Engines AG		1,633		212,995
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		6,446		1,264,418
Norma Group SE		2,151		102,020
OSRAM Licht AG		3,458		217,287
Porsche Automobil Holding SE Preference Shares		7,620		416,789
ProSiebenSat.1 Media SE		9,702		430,688
Puma SE		1,724		539,526
Rheinmetall AG		1,873		157,517
RWE AG (a)		23,514		390,696
Salzgitter AG		4,463		161,985
SAP SE		41,380		4,070,847
Sartorius AG Preference Shares		2,030		178,580
Siemens AG		35,621		4,891,838
STADA Arzneimittel AG		3,422		210,047
Symrise AG		5,340		356,048
Telefonica Deutschland Holding AG		22,148		110,151
ThyssenKrupp AG		22,560		554,003
TUI AG		20,785		287,456
Uniper SE (a)		8,808		148,657

See accompanying notes to financial statements.

121

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
United Internet AG		5,368	$	238,151
Volkswagen AG Preference Shares		7,818		1,142,214
Volkswagen AG		1,682		251,228
Vonovia SE		19,352		683,652
Wirecard AG (c)		5,888		326,841
Zalando SE (a) (e)		4,858		197,053
				58,227,764
HONG KONG — 2.9%
AIA Group, Ltd.		540,800		3,409,792
Bank of East Asia, Ltd.		58,772		243,134
BOC Hong Kong Holdings, Ltd.		161,500		659,799
Cheung Kong Infrastructure Holdings, Ltd.		26,000		204,079
Cheung Kong Property Holdings, Ltd.		137,348		925,197
China Water Industry Group, Ltd. (a)		768,000		146,257
CK Hutchison Holdings, Ltd.		137,348		1,689,567
CLP Holdings, Ltd.		82,000		857,299
Dah Sing Banking Group, Ltd.		125,325		247,054
Dah Sing Financial Holdings, Ltd.		62,885		479,031
Esprit Holdings, Ltd. (a)		155,219		130,023
Galaxy Entertainment Group, Ltd.		115,000		629,640
Hang Lung Group, Ltd.		131,000		558,792
Hang Lung Properties, Ltd.		242,000		629,016
Hang Seng Bank, Ltd.		32,600		661,103
Henderson Land Development Co., Ltd.		57,641		357,127
HKT Trust & HKT, Ltd.		114,900		148,144
Hong Kong & China Gas Co., Ltd.		340,097		680,063
Hong Kong Exchanges & Clearing, Ltd.		53,530		1,347,290
Hongkong Land Holdings, Ltd.		97,800		752,082
Hopewell Highway Infrastructure, Ltd.		6,975		3,761
Hopewell Holdings, Ltd.		148,500		557,962
Hysan Development Co., Ltd.		26,841		121,746
Jardine Matheson Holdings, Ltd.		12,305		790,596
Jardine Strategic Holdings, Ltd.		4,000		168,000
Li & Fung, Ltd.		400,000		173,454
Link REIT		115,351		808,192
Major Holdings, Ltd. (e)		160,000		26,559
Melco Crown Entertainment, Ltd. ADR		6,360		117,914
Melco International Development, Ltd.		34,000		60,024
MTR Corp., Ltd.		64,679		363,281
New World Development Co., Ltd.		600,663		738,897
Noble Group, Ltd. (a) (c)		204,400		28,379
Pacific Basin Shipping, Ltd. (a)		1,124,000		238,641
Power Assets Holdings, Ltd.		60,000		517,275
Sands China, Ltd.		111,600		516,966
Sino Land Co., Ltd.		340,753		597,189
SJM Holdings, Ltd.		57,000		46,354
Sun Hung Kai Properties, Ltd.		56,509		830,384
Sundart Holdings, Ltd.		82,000		48,009
Swire Pacific, Ltd. Class A		25,500		254,623
Techtronic Industries Co., Ltd.		58,000		234,717
Wharf Holdings, Ltd.		88,000		755,272
Wheelock & Co., Ltd.		34,000		268,841
				23,021,525
IRELAND — 0.6%
Bank of Ireland (a)		1,180,692		296,760
C&C Group PLC		17,447		67,831
CRH PLC		34,779		1,230,133
Experian PLC		48,390		985,091
Glanbia PLC		5,347		103,540
Green REIT PLC		28,788		41,875
Greencore Group PLC		34,940		107,392
IFG Group PLC		22,520		40,706
Irish Bank Resolution Corp., Ltd. (a) (b)		5,635		—
James Hardie Industries PLC		18,239		286,203
Kerry Group PLC Class A		6,621		521,906
Kingspan Group PLC		6,192		198,050
Paddy Power Betfair PLC		3,632		390,403
Ryanair Holdings PLC ADR (a)		5,369		445,519
Smurfit Kappa Group PLC		8,335		220,817
UDG Healthcare PLC		10,634		93,347
				5,029,573
ISRAEL — 0.6%
Bank Hapoalim BM		46,955		285,571
Bank Leumi Le-Israel BM (a)		61,498		271,028
Bezeq The Israeli Telecommunication Corp., Ltd.		92,376		165,643
Check Point Software Technologies, Ltd. (a)		6,287		645,424
Evogene, Ltd. (a)		7,327		38,891
Israel Chemicals, Ltd.		19,133		81,159
Mazor Robotics, Ltd. (a)		6,767		99,702
Nice, Ltd.		2,721		182,424
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		7,029		298,159
Reit 1, Ltd.		65,672		217,610
Shufersal, Ltd.		101,008		488,277
Strauss Group, Ltd.		28,870		492,631
Teva Pharmaceutical Industries, Ltd. ADR		46,691		1,498,314
				4,764,833
ITALY — 1.9%
A2A SpA		63,616		96,481
Assicurazioni Generali SpA		59,868		954,074
Atlantia SpA		17,719		458,623
Azimut Holding SpA		4,270		74,579
Banca Generali SpA		3,134		82,123
Banca IFIS SpA		8,354		321,035
Banca Monte dei Paschi di Siena SpA (a) (g)		1,386		22,355
Banca Popolare di Sondrio SCPA		31,834		109,907
Banco BPM SpA		43,675		129,768
BI Esse SpA		482		13,136
BPER Banca (c)		23,093		115,592
Brembo SpA		3,844		285,122
Cairo Communication SpA		22,083		105,009
Credito Valtellinese SpA		6,569		24,872
Davide Campari-Milano SpA		11,189		130,083
Enel SpA		308,660		1,457,181
Eni SpA		113,802		1,868,354
Esprinet SpA		17,391		147,874
Falck Renewables SpA		5,100		6,093
Ferrari NV		4,637		345,925
Immobiliare Grande Distribuzione SIIQ SpA		169,332		148,509

See accompanying notes to financial statements.

122

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Interpump Group SpA		8,582	$	200,100
Intesa Sanpaolo SpA		587,670		1,600,269
Iren SpA		129,394		269,313
Italgas SpA (a)		14,014		61,633
Leonardo SpA (a)		33,658		478,425
Luxottica Group SpA		6,097		337,464
Mediaset SpA		31,286		129,832
Mediobanca SpA		18,147		164,007
Prada SpA		19,500		81,924
Prysmian SpA		7,830		207,522
Recordati SpA		6,769		230,008
Reply SpA		1,684		266,746
Saipem SpA (a)		427,554		194,577
Salvatore Ferragamo SpA		2,914		87,516
Snam SpA		93,458		405,230
Societa Cattolica di Assicurazioni S.c.r.l		21,722		174,478
Sogefi SpA (a)		16,588		65,609
Telecom Italia RSP/Milano (d)		263,739		192,944
Telecom Italia SpA/Milano (a) (d)		625,329		563,816
Terna Rete Elettrica Nazionale SpA		61,284		304,790
UniCredit SpA		84,984		1,313,427
Unione di Banche Italiane SpA		38,123		146,706
Unipol Gruppo Finanziario SpA		15,738		65,243
UnipolSai Assicurazioni SpA		40,022		88,522
Yoox Net-A-Porter Group SpA (a)		3,124		74,577
Zignago Vetro SpA		17,029		130,772
				14,732,145
JAPAN — 22.3%
Acom Co., Ltd. (a)		25,400		101,436
Activia Properties, Inc.		20		95,306
Advance Residence Investment Corp.		38		103,841
Advantest Corp. (c)		23,200		433,061
Aeon Co., Ltd.		57,420		837,364
AEON Financial Service Co., Ltd. (c)		3,500		65,866
AEON REIT Investment Corp. (c)		58		64,335
Air Water, Inc.		8,000		147,321
Aisin Seiki Co., Ltd.		8,700		427,075
Ajinomoto Co., Inc.		23,800		469,144
Akita Bank, Ltd.		143,550		447,024
Alconix Corp.		27,200		449,875
Alfresa Holdings Corp.		9,800		169,651
Alps Electric Co., Ltd.		8,800		249,161
Amada Holdings Co., Ltd.		16,000		182,500
ANA Holdings, Inc.		36,000		109,780
Aomori Bank, Ltd.		10,101		34,628
Aoyama Trading Co., Ltd.		2,100		71,991
Aozora Bank, Ltd.		51,000		187,651
Asahi Glass Co., Ltd.		51,000		412,833
Asahi Group Holdings, Ltd.		33,436		1,262,664
Asahi Kasei Corp.		108,550		1,052,087
Asics Corp.		9,200		147,623
Astellas Pharma, Inc.		129,900		1,708,996
Atom Corp. (c)		46,100		300,769
Awa Bank, Ltd.		11,550		73,179
Bandai Namco Holdings, Inc.		10,200		304,819
Bank of Iwate, Ltd.		10,755		455,082
Bank of Kyoto, Ltd.		16,000		116,450
Bank of Okinawa, Ltd.		14,300		546,693
Bridgestone Corp.		31,265		1,263,451
Brother Industries, Ltd.		9,000		187,786
Calbee, Inc. (c)		3,700		126,012
Can Do Co., Ltd. (c)		5,300		84,330
Canon, Inc.		57,216		1,782,256
Casio Computer Co., Ltd.		32,700		454,566
Central Japan Railway Co.		9,100		1,481,414
Chiba Bank, Ltd.		35,550		228,110
Chubu Electric Power Co., Inc.		26,565		355,456
Chugai Pharmaceutical Co., Ltd.		16,480		565,700
Chugoku Electric Power Co., Inc.		8,500		93,978
COLOPL, Inc. (c)		2,000		18,523
Colowide Co., Ltd.		2,400		40,190
Concordia Financial Group, Ltd.		54,900		253,930
COOKPAD, Inc. (c)		8,700		73,391
Credit Saison Co., Ltd.		26,600		474,088
CyberAgent, Inc.		5,800		171,507
Dai Nippon Printing Co., Ltd.		27,000		290,766
Dai-ichi Life Holdings, Inc.		52,700		944,230
Daicel Corp.		11,900		143,210
Daifuku Co., Ltd.		5,300		131,989
Daiichi Sankyo Co., Ltd.		43,065		968,895
Daiken Medical Co., Ltd. (c)		13,600		97,640
Daikin Industries, Ltd.		18,210		1,827,864
Daisan Bank, Ltd.		765		11,403
Daishi Bank, Ltd.		15,176		60,061
Daito Trust Construction Co., Ltd.		5,355		735,033
Daiwa House Industry Co., Ltd.		30,200		866,187
Daiwa House REIT Investment Corp.		51		132,454
Daiwa Securities Group, Inc.		111,550		678,630
DeNA Co., Ltd. (c)		8,600		174,346
Denso Corp.		22,510		989,244
Dentsu, Inc.		9,800		531,203
Disco Corp.		1,300		197,514
Don Quijote Holdings Co., Ltd.		3,400		117,778
Dowa Holdings Co., Ltd.		22,000		158,342
East Japan Railway Co.		17,200		1,496,337
Ebara Corp.		3,800		123,961
Eighteenth Bank, Ltd.		8,251		26,583
Eisai Co., Ltd.		14,451		747,515
Electric Power Development Co., Ltd.		5,500		128,578
euglena Co., Ltd. (a) (c)		5,000		54,967
F@N Communications, Inc.		5,200		38,780
FamilyMart UNY Holdings Co., Ltd.		3,800		226,438
FANUC Corp.		9,455		1,936,311
Fast Retailing Co., Ltd.		2,600		814,790
Feed One Co., Ltd.		214,900		381,856
Financial Products Group Co., Ltd. (c)		13,000		115,149
Foster Electric Co., Ltd.		16,000		273,966
Frontier Real Estate Investment Corp.		20		90,819
Fuji Electric Co., Ltd.		27,000		160,163
Fuji Heavy Industries, Ltd.		28,900		1,058,949
FUJIFILM Holdings Corp.		28,710		1,120,265
Fujitsu, Ltd.		104,513		638,633
Fukuoka Corp. REIT		10		16,378
Fukuoka Financial Group, Inc.		143,550		620,938
Furukawa Electric Co., Ltd.		11,255		404,020
GLP J — REIT		157		181,333
GMO internet, Inc.		3,500		41,335
GS Yuasa Corp.		17,000		79,180

See accompanying notes to financial statements.

123

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
GungHo Online Entertainment, Inc. (c)		16,500	$	36,723
Gurunavi, Inc.		5,200		108,732
Hakuhodo DY Holdings, Inc.		12,400		146,890
Hamamatsu Photonics KK		8,800		253,110
Hankyu Hanshin Holdings, Inc.		13,500		438,571
Hankyu REIT, Inc.		180		243,112
Haseko Corp.		12,800		138,304
Heiwa Real Estate REIT, Inc.		413		310,223
Hino Motors, Ltd.		9,500		114,839
Hirose Electric Co., Ltd.		900		124,383
Hisamitsu Pharmaceutical Co., Inc.		3,300		188,351
Hitachi Metals, Ltd.		11,500		161,204
Hitachi, Ltd.		249,475		1,348,907
Hokkoku Bank, Ltd.		143,550		544,931
Honda Motor Co., Ltd.		82,475		2,480,245
Hoshizaki Corp.		2,000		157,229
Hoya Corp.		16,606		798,185
Hulic Co., Ltd.		15,000		140,941
Hyakugo Bank, Ltd.		10,550		42,037
Ibiden Co., Ltd.		14,800		230,308
Ichigo Office REIT Investment		569		357,444
Idemitsu Kosan Co., Ltd.		4,700		163,233
IHI Corp. (a)		45,000		141,748
Iida Group Holdings Co., Ltd.		5,000		76,640
Industrial & Infrastructure Fund Investment Corp.		40		179,844
Infomart Corp.		25,200		143,832
Inpex Corp.		33,700		331,012
Intage Holdings, Inc.		11,000		197,433
Iriso Electronics Co., Ltd. (c)		2,200		140,967
Isetan Mitsukoshi Holdings, Ltd.		17,300		189,721
Isuzu Motors, Ltd.		61,100		807,410
ITOCHU Corp.		106,050		1,503,715
Iwatani Corp.		14,000		81,414
J Front Retailing Co., Ltd.		5,100		75,518
Jafco Co., Ltd. (a)		2,100		70,484
Japan Airlines Co., Ltd.		4,000		126,573
Japan Airport Terminal Co., Ltd. (c)		4,800		166,490
Japan Excellent, Inc.		86		105,503
Japan Exchange Group, Inc.		28,000		398,277
Japan Hotel REIT Investment Corp.		158		109,039
Japan Logistics Fund, Inc.		37		79,558
Japan Post Bank Co., Ltd.		17,200		213,167
Japan Post Holdings Co., Ltd.		21,000		263,277
Japan Prime Realty Investment Corp. REIT		29		112,169
Japan Real Estate Investment Corp. REIT		35		185,318
Japan Retail Fund Investment Corp. REIT		47		92,119
Japan Tissue Engineering Co., Ltd. (a)		2,200		26,575
Japan Tobacco, Inc.		43,500		1,412,393
JFE Holdings, Inc.		28,710		491,726
JGC Corp.		9,700		168,442
JSR Corp.		24,100		405,956
JTEKT Corp.		10,700		166,026
JX Holdings, Inc.		120,900		593,162
Kajima Corp.		104,475		680,686
Kakaku.com, Inc. (c)		12,100		164,511
Kaken Pharmaceutical Co., Ltd.		2,000		112,896
Kansai Electric Power Co., Inc.		53,200		652,647
Kansai Paint Co., Ltd.		12,200		258,715
Kao Corp.		23,900		1,309,213
Kawai Musical Instruments Manufacturing Co., Ltd.		9,700		203,088
Kawasaki Heavy Industries, Ltd.		46,000		139,532
KDDI Corp.		81,900		2,147,642
Keihan Holdings Co., Ltd.		24,000		146,675
Keikyu Corp.		24,000		263,197
Keio Corp. (c)		26,000		205,797
Keisei Electric Railway Co., Ltd.		9,900		229,487
Kenedix Office Investment Corp. REIT		42		247,258
Kenedix, Inc.		13,700		54,466
Keyence Corp.		4,000		1,600,287
Kikkoman Corp.		8,000		238,715
Kintetsu Group Holdings Co., Ltd.		73,101		263,067
Kirin Holdings Co., Ltd.		37,200		701,235
Kiyo Bank, Ltd.		32,000		489,922
KNT-CT Holdings Co., Ltd. (a) (c)		128,000		158,521
Kobe Steel, Ltd. (a)		15,999		145,876
Koito Manufacturing Co., Ltd.		5,000		259,804
Komatsu, Ltd.		53,320		1,388,387
Konami Holdings Corp.		4,300		182,334
Konica Minolta, Inc.		49,075		438,649
Kubota Corp.		68,650		1,029,473
Kuraray Co., Ltd.		15,600		236,317
Kurita Water Industries, Ltd.		15,110		365,173
Kyocera Corp.		25,400		1,413,720
Kyoritsu Maintenance Co., Ltd. (c)		1,200		35,700
Kyoto Kimono Yuzen Co., Ltd. (c)		22,900		196,262
Kyowa Hakko Kirin Co., Ltd.		9,900		156,545
Kyushu Electric Power Co., Inc. (c)		18,100		192,647
Kyushu Financial Group, Inc.		9,700		59,281
Kyushu Railway Co.		7,000		215,158
Lawson, Inc.		1,500		101,633
Leopalace21 Corp.		1,600		8,256
Lion Corp.		10,000		179,664
LIXIL Group Corp.		10,000		253,522
M3, Inc.		8,900		220,683
Makita Corp.		11,200		391,995
Marubeni Corp.		145,550		895,401
Marui Group Co., Ltd. (c)		10,300		139,854
Matsuya Co., Ltd. (c)		26,600		251,606
Mazda Motor Corp.		19,600		281,960
MCUBS MidCity Investment Corp.		117		353,320
Mebuki Financial Group, Inc.		36,200		144,566
Medipal Holdings Corp.		30,999		485,724
MEIJI Holdings Co., Ltd.		5,200		432,594
Meiko Network Japan Co., Ltd.		26,500		290,613
Milbon Co., Ltd.		12,300		618,146
MINEBEA MITSUMI, Inc.		17,300		230,553
MISUMI Group, Inc.		12,200		220,285
Mitsubishi Chemical Holdings Corp.		67,300		520,257
Mitsubishi Corp.		84,338		1,820,650
Mitsubishi Electric Corp.		124,150		1,779,301
Mitsubishi Estate Co., Ltd.		56,925		1,037,043
Mitsubishi Gas Chemical Co., Inc.		9,900		205,410
Mitsubishi Heavy Industries, Ltd.		201,101		805,992
Mitsubishi Logistics Corp.		9,000		123,898
Mitsubishi Materials Corp.		5,700		172,386

See accompanying notes to financial statements.

124

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Mitsubishi Motors Corp.		42,900	$	257,562
Mitsubishi Tanabe Pharma Corp.		10,900		226,745
Mitsubishi UFJ Financial Group, Inc.		588,224		3,693,622
Mitsui & Co., Ltd.		101,826		1,473,521
Mitsui Chemicals, Inc.		113,550		560,464
Mitsui Fudosan Co., Ltd.		43,000		916,109
Mitsui OSK Lines, Ltd.		120,550		378,646
Mizuho Financial Group, Inc.		1,107,300		2,027,185
Mori Hills Investment Corp. REIT		52		69,626
MS&AD Insurance Group Holdings, Inc.		28,999		921,264
Murata Manufacturing Co., Ltd.		10,300		1,463,704
Musashino Bank, Ltd.		14,355		425,123
Nabtesco Corp.		5,200		137,665
Nachi-Fujikoshi Corp.		15,000		76,730
Nagoya Railroad Co., Ltd.		40,000		179,844
Nanto Bank, Ltd.		14,155		517,649
NEC Corp.		92,000		221,269
NGK Insulators, Ltd.		13,700		309,827
NGK Spark Plug Co., Ltd.		5,200		118,718
NH Foods, Ltd.		9,000		241,416
NHK Spring Co., Ltd.		10,500		115,808
Nidec Corp.		13,500		1,283,609
Nikon Corp.		28,400		411,358
Nintendo Co., Ltd.		5,100		1,182,433
Nippon Accommodations Fund, Inc.		11		47,730
Nippon Building Fund, Inc. REIT		38		207,682
Nippon Express Co., Ltd.		41,000		210,464
Nippon Paint Holdings Co., Ltd.		9,900		344,274
Nippon Paper Industries Co., Ltd.		4,200		75,459
Nippon Prologis REIT, Inc.		78		168,908
Nippon Shinyaku Co., Ltd.		2,600		132,298
Nippon Steel & Sumitomo Metal Corp.		35,800		824,078
Nippon Suisan Kaisha, Ltd.		90,400		450,256
Nippon Telegraph & Telephone Corp.		29,300		1,249,516
Nippon Yusen KK (a)		143,550		302,739
Nissan Chemical Industries, Ltd.		5,900		171,552
Nissan Motor Co., Ltd.		114,741		1,105,398
Nissei ASB Machine Co., Ltd.		4,300		107,124
Nisshin Seifun Group, Inc.		11,400		169,931
Nissin Foods Holdings Co., Ltd.		4,100		227,021
Nitori Holdings Co., Ltd.		3,500		441,937
Nitto Denko Corp.		9,600		741,086
Nomura Holdings, Inc.		185,885		1,154,212
Nomura Real Estate Master Fund, Inc.		177		274,483
Nomura Research Institute, Ltd.		3,600		132,460
NSK, Ltd.		18,000		257,166
NTT Data Corp.		11,000		521,224
NTT DOCOMO, Inc.		54,100		1,258,676
Obayashi Corp.		30,550		285,404
Odakyu Electric Railway Co., Ltd.		16,399		318,767
Ogaki Kyoritsu Bank, Ltd.		143,550		426,412
Oji Holdings Corp.		23,000		107,538
Oki Electric Industry Co., Ltd.		3,600		51,756
Olympus Corp.		15,200		583,828
Omron Corp.		9,500		416,472
Ono Pharmaceutical Co., Ltd. (c)		23,700		490,143
Oriental Land Co., Ltd. (c)		12,200		698,848
ORIX Corp.		57,300		847,184
Orix JREIT, Inc. REIT		59		93,400
Osaka Gas Co., Ltd.		92,000		349,242
Otsuka Holdings Co., Ltd.		24,500		1,104,182
Panasonic Corp.		115,050		1,298,868
Pigeon Corp.		10,300		328,605
Rakuten, Inc.		30,800		308,193
Raysum Co., Ltd.		3,300		30,503
Recruit Holdings Co., Ltd.		20,200		1,029,669
Renesas Electronics Corp. (a) (c)		10,700		112,061
Resona Holdings, Inc.		97,000		520,473
Ricoh Co., Ltd.		27,000		221,951
Ringer Hut Co., Ltd.		900		18,439
Rinnai Corp.		1,700		135,170
Riso Kyoiku Co., Ltd.		19,906		120,940
Rock Field Co., Ltd.		25,800		422,089
Rohm Co., Ltd.		5,700		378,534
Rohto Pharmaceutical Co., Ltd. (c)		5,901		110,468
Ryohin Keikaku Co., Ltd.		1,000		218,882
San-In Godo Bank, Ltd.		8,450		67,642
Sanrio Co., Ltd. (c)		3,900		71,574
Santen Pharmaceutical Co., Ltd.		18,100		261,843
Sawai Pharmaceutical Co., Ltd. (c)		1,600		86,440
SBI Holdings, Inc.		9,300		129,531
Secom Co., Ltd.		14,548		1,040,411
Sega Sammy Holdings, Inc.		5,300		70,965
Seibu Holdings, Inc.		10,200		168,154
Seiko Epson Corp.		18,400		387,056
Seino Holdings Co., Ltd.		9,400		105,447
Sekisui Chemical Co., Ltd.		17,200		288,802
Sekisui House SI Residential Investment Corp. (c)		156		172,758
Sekisui House, Ltd.		28,400		466,664
Seria Co., Ltd.		3,800		163,690
Seven & i Holdings Co., Ltd.		42,928		1,680,445
Sharp Corp. (a) (c)		58,000		244,638
Shiga Bank, Ltd.		11,550		59,186
Shikoku Bank, Ltd.		9,101		23,767
Shikoku Electric Power Co., Inc.		9,500		104,267
Shimadzu Corp.		15,200		241,307
Shimano, Inc.		3,700		539,576
Shimizu Corp.		31,513		282,240
Shin-Etsu Chemical Co., Ltd.		20,117		1,741,078
Shinsei Bank, Ltd.		52,000		95,665
Shionogi & Co., Ltd.		14,100		727,334
Shiseido Co., Ltd.		18,000		473,302
Shizuoka Bank, Ltd.		27,000		219,528
SMC Corp.		3,100		915,840
SMS Co., Ltd.		9,200		233,075
SoftBank Group Corp.		40,736		2,874,149
Sohgo Security Services Co., Ltd.		3,800		141,694
Sojitz Corp.		53,000		132,702
Sompo Holdings, Inc.		29,400		1,076,215
Sony Corp.		55,420		1,873,030
Square Enix Holdings Co., Ltd.		3,400		96,114
Stanley Electric Co., Ltd.		24,773		705,863
Start Today Co., Ltd.		10,500		232,087
Starts Proceed Investment Corp.		51		68,333
Sumitomo Chemical Co., Ltd.		143,550		801,293
Sumitomo Corp.		76,775		1,031,774
Sumitomo Dainippon Pharma Co., Ltd.		5,300		87,422
Sumitomo Electric Industries, Ltd.		47,120		780,611

See accompanying notes to financial statements.

125

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Sumitomo Heavy Industries, Ltd.		24,000	$	167,136
Sumitomo Metal Mining Co., Ltd.		24,000		341,057
Sumitomo Mitsui Financial Group, Inc.		59,800		2,170,789
Sumitomo Mitsui Trust Holdings, Inc.		24,655		854,064
Sumitomo Precision Products Co., Ltd.		46,000		147,375
Sumitomo Realty & Development Co., Ltd.		. 20,000		517,993
Sun Corp. (c)		3,000		20,192
Sun Frontier Fudousan Co., Ltd.		3,100		26,986
Suntory Beverage & Food, Ltd.		5,000		210,446
Suruga Bank, Ltd.		9,100		191,424
Suzuki Motor Corp.		19,600		812,988
Sysmex Corp.		5,800		351,342
T&D Holdings, Inc.		43,300		627,953
Tadano, Ltd.		5,200		60,619
Taiheiyo Cement Corp.		23,000		76,784
Taisei Corp.		88,438		643,662
Taisho Pharmaceutical Holdings Co., Ltd.		2,100		170,367
Taiyo Yuden Co., Ltd.		19,600		247,309
Takeda Pharmaceutical Co., Ltd.		39,665		1,861,333
Takeuchi Manufacturing Co., Ltd.		16,800		316,310
TDK Corp.		11,455		724,740
Teijin, Ltd.		29,510		555,878
Temp Holdings Co., Ltd.		5,700		106,092
Terumo Corp.		29,000		1,005,878
THK Co., Ltd.		5,400		135,836
Tobu Railway Co., Ltd.		47,000		237,889
Toho Bank, Ltd.		12,101		45,502
Toho Co., Ltd.		8,600		227,754
Toho Gas Co., Ltd.		22,000		155,380
Tohoku Electric Power Co., Inc.		26,400		357,275
Tokio Marine Holdings, Inc.		38,465		1,621,032
Tokyo Dome Corp.		33,800		313,643
Tokyo Electric Power Co. Holdings, Inc. (a)		57,775		226,060
Tokyo Electron, Ltd.		10,855		1,184,084
Tokyo Gas Co., Ltd.		145,475		661,381
Tokyo Tatemono Co., Ltd.		8,500		111,981
Tokyu Corp.		50,550		357,475
Tokyu Fudosan Holdings Corp.		18,700		101,362
TonenGeneral Sekiyu KK (a) (g)		12,000		150,130
Toppan Printing Co., Ltd.		28,000		285,201
Toray Industries, Inc.		125,550		1,112,069
Toshiba Corp. (a) (c)		244,513		529,709
Tosoh Corp.		28,000		245,751
TOTO, Ltd.		4,000		150,947
Toyo Seikan Group Holdings, Ltd.		7,400		120,068
Toyo Suisan Kaisha, Ltd.		3,000		111,595
Toyo Tire & Rubber Co., Ltd.		8,500		152,562
Toyota Industries Corp.		9,200		456,574
Toyota Motor Corp.		124,488		6,750,036
Toyota Tsusho Corp.		8,600		260,092
Trend Micro, Inc.		4,500		199,901
Tsuruha Holdings, Inc.		1,500		138,652
Unicharm Corp.		17,000		406,960
United Urban Investment Corp. REIT		55		84,403
USS Co., Ltd.		10,010		166,729
Warabeya Nichiyo Holdings Co., Ltd.		14,600		338,304
West Japan Railway Co.		8,500		552,351
Yahoo! Japan Corp.		48,000		221,413
Yakult Honsha Co., Ltd.		4,200		232,935
Yamada Denki Co., Ltd.		76,080		378,932
Yamagata Bank, Ltd. (c)		130,176		566,592
Yamaha Corp.		10,200		280,562
Yamaha Motor Co., Ltd.		11,300		271,877
Yamanashi Chuo Bank, Ltd.		7,550		33,742
Yamato Holdings Co., Ltd.		15,200		318,173
Yamazaki Baking Co., Ltd.		9,400		193,180
Yaskawa Electric Corp.		10,100		202,489
Yokogawa Electric Corp.		9,800		154,084
Zenrin Co., Ltd.		27,500		584,156
				178,021,175
JORDAN — 0.0% (f)
Hikma Pharmaceuticals PLC		6,068		150,313
LUXEMBOURG — 0.2%
APERAM SA (c)		1,978		99,114
ArcelorMittal (a)		80,771		681,261
Millicom International Cellular SA SDR		2,569		143,782
RTL Group SA		1,636		131,584
SES SA		14,680		342,360
Tenaris SA		16,312		280,365
				1,678,466
MACAU — 0.0% (f)
MGM China Holdings, Ltd.		21,600		45,026
Wynn Macau, Ltd.		47,600		96,897
				141,923
MALTA — 0.0% (f)
Catena Media PLC (a) (c)		9,079		106,772
MEXICO — 0.0% (f)
Fresnillo PLC		8,632		167,953
NETHERLANDS — 3.4%
ABN AMRO Group NV (e)		9,209		224,076
Aegon NV		97,929		499,714
AerCap Holdings NV (a)		3,574		164,297
Akzo Nobel NV		15,573		1,294,678
Altice NV Class A (a)		13,664		309,897
ASML Holding NV		22,518		2,996,064
Constellium NV Class A (a)		3,543		23,030
EXOR NV		4,196		217,570
Fugro NV (a)		5,788		90,413
Gemalto NV		3,144		176,136
Heineken Holding NV		4,173		332,823
Heineken NV		9,473		808,521
ING Groep NV		179,912		2,726,660
Koninklijke Ahold Delhaize NV		69,530		1,491,778
Koninklijke DSM NV		12,368		838,799
Koninklijke KPN NV		199,534		602,461
Koninklijke Philips NV		55,922		1,802,116
NN Group NV		12,852		419,042
NXP Semiconductors NV (a)		14,976		1,550,016
OCI NV (a)		1,738		33,488
PostNL NV (a)		34,366		162,756
Randstad Holding NV (c)		2,778		160,742
Royal Dutch Shell PLC Class A		186,329		4,883,578
Royal Dutch Shell PLC Class B		159,547		4,358,199

See accompanying notes to financial statements.

126

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
SBM Offshore NV		18,147	$	298,415
Wolters Kluwer NV		13,212		550,610
				27,015,879
NEW ZEALAND — 0.3%
a2 Milk Co., Ltd. (a)		123,291		257,698
Air New Zealand, Ltd.		54,629		93,943
Auckland International Airport, Ltd.		22,919		108,306
Fisher & Paykel Healthcare Corp., Ltd.		105,861		717,821
Fletcher Building, Ltd.		15,511		90,213
Goodman Property Trust		101,118		85,177
Infratil, Ltd.		43,217		87,914
Investore Property, Ltd. (c)		17,659		16,418
Kiwi Property Group, Ltd.		105,328		104,922
Property for Industry, Ltd.		102,555		115,781
Steel & Tube Holdings, Ltd.		64,553		106,046
Stride Property Group		66,705		80,670
Vital Healthcare Property Trust		89,895		129,138
Xero, Ltd. (a)		4,655		64,398
				2,058,445
NORWAY — 0.6%
Akastor ASA (a) (c)		6,049		9,120
Aker Solutions ASA (a)		6,049		36,447
DNB ASA		52,335		829,302
DNO ASA (a) (c)		34,709		29,217
Marine Harvest ASA (a)		14,987		228,411
Norsk Hydro ASA		87,759		509,456
Orkla ASA		84,084		752,839
Schibsted ASA Class A		3,047		78,402
Schibsted ASA Class B		2,917		66,736
Statoil ASA		49,139		839,303
Storebrand ASA (a)		48,672		323,577
Telenor ASA		44,609		742,194
TGS Nopec Geophysical Co. ASA		4,927		104,404
Yara International ASA		14,704		565,980
				5,115,388
PORTUGAL — 0.2%
Banco Comercial Portugues SA Class R (a)		364,387		76,426
EDP — Energias de Portugal SA		149,494		507,655
Galp Energia SGPS SA		18,234		277,418
Mota-Engil SGPS SA (c)		23,586		47,779
NOS SGPS SA		55,907		305,554
Pharol SGPS SA		64,666		26,005
				1,240,837
SINGAPORE — 1.1%
AIMS AMP Capital Industrial REIT		127,598		126,475
Ascendas REIT		91,115		164,324
Ascendas Hospitality Trust		182,200		101,708
Cache Logistics Trust		146,000		88,292
CapitaLand, Ltd.		284,000		737,794
China New Town Development Co., Ltd. (g)		1,443,800		78,957
City Developments, Ltd.		23,000		167,895
ComfortDelGro Corp., Ltd.		91,200		167,088
COSCO Corp. Singapore, Ltd. (a) (c)		416,200		92,337
Croesus Retail Trust		335,966		213,991
DBS Group Holdings, Ltd.		81,140		1,126,541
Genting Singapore PLC		575,300		419,957
Global Logistic Properties, Ltd.		76,000		151,206
IGG, Inc.		52,000		72,130
Jardine Cycle & Carriage, Ltd.		3,333		104,620
Keppel REIT		38,909		29,238
Keppel Corp., Ltd.		148,175		735,944
Lippo Malls Indonesia Retail Trust		850,100		240,313
Oversea-Chinese Banking Corp., Ltd.		158,637		1,103,522
Sembcorp Industries, Ltd.		39,200		89,212
Singapore Airlines, Ltd.		49,056		353,535
Singapore Exchange, Ltd.		37,300		205,547
Singapore Press Holdings, Ltd. (c)		70,000		177,843
Singapore Telecommunications, Ltd.		340,200		954,401
Soilbuild Business Space REIT		242,100		116,952
United Overseas Bank, Ltd.		52,438		829,746
UOL Group, Ltd.		27,828		138,811
Wilmar International, Ltd.		141,000		356,208
				9,144,587
SOUTH AFRICA — 0.1%
Investec PLC		24,639		167,605
Lonmin PLC (a) (c)		9,416		10,008
Mondi PLC		31,574		760,813
				938,426
SOUTH KOREA — 4.7%
Advanced Process Systems Corp. (a) (g)		3,900		97,125
Amorepacific Corp.		1,148		287,950
Asiana Airlines, Inc. (a)		34,142		137,844
BNK Financial Group, Inc.		14,647		120,236
Celltrion, Inc.		4,049		326,223
CJ CGV Co., Ltd.		5,059		339,740
CMG Pharmaceutical Co., Ltd. (a) (c)		11,052		34,145
Coway Co., Ltd.		1,722		148,132
Crown Confectionery Co., Ltd. (g)		5,390		160,018
CUROCOM Co., Ltd. (a) (c)		14,071		30,198
Dae Han Flour Mills Co., Ltd.		1,902		299,340
Daewoo Shipbuilding & Marine Engineering
Co., Ltd. (a) (b)		3,626		7,263
Digitech Systems Co., Ltd. (a) (b)		19,094		—
DIO Corp. (a)		1,800		51,668
Dongkuk Industries Co., Ltd.		68,051		295,742
Dongwon F&B Co., Ltd.		1,003		208,529
Dongwon Industries Co., Ltd.		1,118		339,909
DY Corp.		11,908		78,691
E-MART, Inc.		768		141,128
Eyegene, Inc. (a)		3,008		23,670
Genic Co., Ltd. (a)		7,426		79,685
GS Home Shopping, Inc.		974		200,322
Hana Financial Group, Inc.		11,151		368,443
Hana Tour Service, Inc.		3,454		245,854
Hancom, Inc.		8,032		118,508
Hankook Shell Oil Co., Ltd.		400		142,180
Hankook Tire Co., Ltd.		1,918		93,473
Hanssem Co., Ltd.		2,042		401,717
Harim Co., Ltd.		30,811		143,268
Hotel Shilla Co., Ltd.		4,141		167,003
HS Industries Co., Ltd.		8,625		84,453
Huons Co., Ltd. (a)		2,316		105,828

See accompanying notes to financial statements.

127

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Huons Global Co., Ltd.		2,191	$	49,079
Hyundai Elevator Co., Ltd.		2,758		155,867
Hyundai Engineering Plastics Co., Ltd.		48,270		364,302
Hyundai Glovis Co., Ltd.		663		87,151
Hyundai Heavy Industries Co., Ltd. (a)		1,715		253,040
Hyundai Hy Communications & Network Co., Ltd.		47,999		166,964
Hyundai Mobis Co., Ltd.		2,603		559,797
Hyundai Motor Co.		6,605		930,240
Hyundai Motor Co. Preference Shares		1,121		103,750
Hyundai Steel Co.		2,386		124,815
Infinitt Healthcare Co., Ltd. (a)		16,405		105,621
Interpark Holdings Corp.		11,754		50,451
Jeil Pharmaceutical Co.		740		42,945
Jenax, Inc. (a) (c)		17,251		340,917
JoyCity Corp. (a)		3,966		71,816
Kangstem Biotech Co., Ltd. (a)		2,969		25,408
Kangwon Land, Inc.		3,968		135,543
KB Capital Co., Ltd.		4,990		109,768
KB Financial Group, Inc.		22,503		986,003
KCC Corp.		191		60,461
Kia Motors Corp.		9,518		315,337
KIWOOM Securities Co., Ltd.		7,528		547,956
Koh Young Technology, Inc.		12,659		580,709
Korea Electric Power Corp. ADR (a)		32,811		680,172
Korea Zinc Co., Ltd.		628		242,597
Korean Air Lines Co., Ltd. (a)		4,077		115,022
KT Corp. ADR (a)		30,820		518,701
KT&G Corp.		4,627		403,409
Ktis Corp.		28,185		85,818
KyungDong City Gas Co., Ltd.		934		60,301
LabGenomics Co., Ltd. (a)		3,767		32,068
LG Chem, Ltd.		1,902		500,034
LG Chem, Ltd. Preference Shares		819		139,515
LG Display Co., Ltd.		9,503		257,056
LG Display Co., Ltd. ADR (a)		42,843		583,522
LG Electronics, Inc.		5,364		325,687
LG Household & Health Care, Ltd.		442		320,542
LG Uplus Corp.		10,494		134,190
Lotte Chemical Corp.		619		205,079
Lotte Food Co., Ltd.		419		233,798
Lotte Shopping Co., Ltd.		256		49,790
Medy-Tox, Inc.		769		318,382
Modetour Network, Inc.		11,704		404,506
Muhak Co., Ltd. (c)		10,728		222,081
Multicampus Corp.		5,950		199,256
NAVER Corp.		1,383		1,057,377
NCSoft Corp.		713		194,460
Nexon GT Co., Ltd. (a) (c)		10,083		73,934
NHN Entertainment Corp. (a)		555		29,728
OCI Co., Ltd. (c)		717		54,306
Orientbio, Inc. (a) (c)		21,063		22,790
Orion Corp.		135		80,882
Ottogi Corp.		343		233,104
POSCO ADR		21,068		1,358,886
S-1 Corp.		1,631		130,824
Sajo Industries Co., Ltd. (c)		6,591		396,650
Samchuly Bicycle Co., Ltd. (c)		6,862		91,428
Samsung C&T Corp.		4,036		460,154
Samsung Electronics Co., Ltd. GDR		11,101		10,185,167
Samsung Engineering Co., Ltd. (a)		6,796		78,090
Samsung Fire & Marine Insurance Co., Ltd.		1,197		286,860
Samsung Heavy Industries Co., Ltd. (a)		11,886		119,041
Samsung Life Insurance Co., Ltd.		3,498		339,384
Samsung SDI Co., Ltd.		1,330		164,124
Samsung SDS Co., Ltd.		1,627		194,227
Shinhan Financial Group Co., Ltd.		18,151		756,359
Shinsegae Food Co., Ltd.		2,486		332,341
SK Bioland Co., Ltd. (c)		11,863		176,094
SK Holdings Co., Ltd.		1,114		242,564
SK Hynix, Inc.		22,320		1,007,923
SK Innovation Co., Ltd.		5,210		775,700
SK Telecom Co., Ltd. ADR		25,680		646,622
Woori Bank		9,128		106,111
Youlchon Chemical Co., Ltd.		9,924		118,914
Yungjin Pharmaceutical Co., Ltd. (a) (c)		6,352		46,406
				37,238,201
SPAIN — 2.7%
Abertis Infraestructuras SA		21,289		343,822
Acciona SA		1,156		92,891
Acerinox SA		6,210		87,175
ACS Actividades de Construccion y Servicios SA		8,618		293,988
Aena SA (e)		3,199		507,407
Amadeus IT Group SA		19,582		996,093
Atresmedia Corp. de Medios de Comunicacion SA		9,994		126,559
Banco Bilbao Vizcaya Argentaria SA		292,099		2,271,253
Banco de Sabadell SA		209,604		385,144
Banco Popular Espanol SA		162,518		158,177
Banco Santander SA		636,295		3,909,754
Bankia SA (c)		130,814		149,146
Bankinter SA		35,922		302,407
Bolsas y Mercados Espanoles SHMSF SA		2,961		98,492
CaixaBank SA		152,875		658,771
Cellnex Telecom SA (e)		6,524		107,981
Distribuidora Internacional de Alimentacion SA		33,592		194,767
Ebro Foods SA		4,497		91,145
Enagas SA		9,931		258,638
Endesa SA		13,530		318,796
Faes Farma SA		12,118		43,354
Ferrovial SA		19,450		390,259
Gamesa Corp. Tecnologica SA		9,772		231,817
Gas Natural SDG SA		15,749		345,983
Grifols SA		17,958		441,568
Grifols SA Class B, Preference Shares		11,371		214,049
Iberdrola SA		258,666		1,854,979
Indra Sistemas SA (a)		21,892		280,273
Industria de Diseno Textil SA		49,109		1,735,410
Inmobiliaria Colonial SA		12,815		95,985
Let’s GOWEX SA (a) (b) (c)		4,019		—
Mapfre SA		42,121		144,837
Mediaset Espana Comunicacion SA		8,790		113,615
Merlin Properties Socimi SA		13,813		154,828
NH Hotel Group SA (a)		37,220		175,954

See accompanying notes to financial statements.

128

SPDR S&P World ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Pharma Mar SA (a) (c)		46,233	$	147,357
Red Electrica Corp. SA		18,977		365,343
Repsol SA		61,430		951,043
Sacyr SA (a)		22,011		54,829
Telefonica SA		201,863		2,263,738
Viscofan SA		1,857		96,259
				21,453,886
SWEDEN — 2.7%
AddLife AB (a)		2,058		38,148
AddTech AB Class B		8,601		143,056
Alfa Laval AB		36,462		690,582
Assa Abloy AB Class B		43,392		895,708
Atlas Copco AB Class A		28,550		1,011,432
Atlas Copco AB Class B		17,489		557,874
Bilia AB Class A		6,594		136,632
BillerudKorsnas AB		7,767		125,705
Boliden AB		11,651		348,422
Castellum AB		11,670		155,281
Electrolux AB Series B		21,147		590,002
Elekta AB Class B (c)		11,415		112,062
Getinge AB Class B (c)		3,897		68,614
Hennes & Mauritz AB Class B		44,639		1,144,936
Hexagon AB Class B		8,822		355,714
Hexpol AB		13,692		140,933
Husqvarna AB Class B		18,006		158,616
ICA Gruppen AB (c)		3,362		115,151
Industrivarden AB Class A		8,488		196,887
Industrivarden AB Class C		7,178		156,049
Investor AB Class A		5,878		246,357
Investor AB Class B		16,261		686,990
JM AB		3,619		114,671
Karo Pharma AB (a) (c)		51,410		186,562
Kinnevik AB Class B		14,121		378,002
KNOW IT AB		16,750		222,313
Lagercrantz Group AB Class B		22,304		217,337
Lundin Petroleum AB (a)		9,969		202,991
NetEnt AB (a)		62,198		501,580
Nibe Industrier AB Class B		16,522		132,590
Nordea Bank AB		139,580		1,599,300
Opus Group AB		64,482		52,361
Orexo AB (a) (c)		4,832		15,911
Qliro Group AB (a) (c)		50,384		72,515
SAAB AB Class B (c)		4,351		184,356
Sandvik AB		67,382		1,010,545
Securitas AB Class B		14,004		219,589
Skandinaviska Enskilda Banken AB Class A (c)		76,063		849,376
Skanska AB Class B		17,513		413,880
SKF AB Class A		11,499		227,963
SKF AB Class B		15,993		317,592
Svenska Cellulosa AB SCA Class B		21,576		698,393
Svenska Handelsbanken AB Class A (c)		65,156		896,887
Swedbank AB Class A (c)		45,089		1,048,405
Swedish Match AB		6,922		225,996
Swedish Orphan Biovitrum AB (a) (c)		9,646		139,262
Tele2 AB Class B		37,471		359,043
Telefonaktiebolaget LM Ericsson Class B (c)		165,334		1,107,375
Telia Co. AB		110,940		467,080
Tethys Oil AB		13,512		96,100
Trelleborg AB Class B		10,619		228,239
Volvo AB Class A (c)		15,304		226,604
Volvo AB Class B (c)		69,318		1,027,158
				21,515,127
SWITZERLAND — 7.5%
ABB, Ltd.		87,676		2,052,299
Actelion, Ltd. (a)		4,713		1,331,100
Adecco Group AG		13,117		932,389
Aryzta AG (a)		1,624		52,162
Baloise Holding AG		2,194		301,827
Chocoladefabriken Lindt & Spruengli AG (d)		5		332,309
Chocoladefabriken Lindt & Spruengli AG (d)		42		238,334
Cie Financiere Richemont SA		22,849		1,807,923
Clariant AG (a)		12,506		236,139
Coca-Cola HBC AG (a)		7,621		196,407
Comet Holding AG (a)		231		282,014
Credit Suisse Group AG (a)		72,808		1,083,810
Dufry AG (a)		1,400		213,437
Galenica AG		165		174,075
Geberit AG		1,686		727,324
Givaudan SA (c)		406		731,729
Glencore PLC (a)		498,705		1,952,821
Julius Baer Group, Ltd. (a)		14,416		720,116
Kuehne + Nagel International AG		5,297		748,814
LafargeHolcim, Ltd. (a) (d)		25,439		1,504,559
LafargeHolcim, Ltd. (a) (d)		441		26,178
Leonteq AG (a) (c)		2,012		82,313
Logitech International SA		7,354		234,003
Lonza Group AG (a)		2,323		439,559
Meyer Burger Technology AG (a) (c)		5,474		4,648
Nestle SA		132,626		10,182,635
Novartis AG		120,038		8,916,355
Partners Group Holding AG		480		258,235
PSP Swiss Property AG		1,716		156,265
Roche Holding AG (d)		1,134		288,612
Roche Holding AG (d)		31,958		8,167,098
Schindler Holding AG		1,948		377,164
SGS SA		482		1,029,056
Sika AG		95		570,408
Sonova Holding AG		2,477		343,729
STMicroelectronics NV		35,752		547,576
Straumann Holding AG		453		210,332
Sulzer AG		3,687		386,031
Swatch Group AG (d)		2,581		924,926
Swatch Group AG (d)		2,560		178,518
Swiss Life Holding AG (a)		1,409		454,957
Swiss Prime Site AG (a)		3,055		269,043
Swiss Re AG		15,297		1,374,659
Swisscom AG		1,115		514,752
Syngenta AG		5,366		2,370,057
Temenos Group AG		4,205		334,400
u-blox Holding AG (a)		770		169,624
UBS Group AG (a)		155,357		2,488,009
Wolseley PLC		15,727		987,225
Zurich Insurance Group AG		7,451		1,990,506
				59,896,461

See accompanying notes to financial statements.

129

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
UNITED KINGDOM — 13.3%
3i Group PLC		90,620	$	849,302
Aberdeen Asset Management PLC		48,933		161,965
Admiral Group PLC		10,727		266,796
Afren PLC (a) (b) (c)		55,933		—
Aggreko PLC		9,488		104,821
Amec Foster Wheeler PLC		39,800		264,516
Anglo American PLC (a)		67,867		1,034,920
Ashtead Group PLC		19,150		395,829
Associated British Foods PLC		15,586		507,897
AstraZeneca PLC		59,249		3,639,569
Auto Trader Group PLC (e)		32,558		159,714
Aviva PLC		222,228		1,478,348
Avon Rubber PLC		20,051		241,075
Babcock International Group PLC		22,610		249,365
BAE Systems PLC		136,572		1,097,239
Balfour Beatty PLC		117,235		394,931
Barclays PLC		603,492		1,698,687
Barratt Developments PLC		70,286		480,314
BBA Aviation PLC		51,315		195,388
Bellway PLC		4,450		150,409
Berkeley Group Holdings PLC		4,633		185,792
Big Yellow Group PLC REIT		12,154		111,021
Booker Group PLC		72,664		177,546
BP PLC		851,427		4,871,384
British American Tobacco PLC		84,965		5,630,958
British Land Co. PLC REIT		75,448		575,498
Britvic PLC		9,416		76,238
BT Group PLC		411,981		1,639,245
BTG PLC (a)		16,504		121,039
Bunzl PLC		14,515		421,087
Burberry Group PLC		23,949		516,287
Cairn Energy PLC (a)		19,103		48,850
Capita PLC		40,683		287,173
Capital & Counties Properties PLC (c)		32,637		118,597
Carnival PLC		13,862		793,539
Centamin PLC		99,305		214,452
Centrica PLC		288,239		782,130
CNH Industrial NV		43,441		420,019
Cobham PLC		54,536		90,699
Coca-Cola European Partners PLC		10,077		379,802
Compass Group PLC		75,921		1,429,728
Concentric AB		7,223		111,238
Croda International PLC		3,176		141,542
CYBG PLC (a)		32,215		111,080
Daily Mail & General Trust PLC Class A		9,920		89,312
DCC PLC		3,731		327,746
Derwent London PLC		4,911		172,684
Diageo PLC		118,578		3,385,880
Dialog Semiconductor PLC (a)		3,419		175,032
Direct Line Insurance Group PLC		62,506		271,530
Dixons Carphone PLC		44,337		176,081
Drax Group PLC		16,757		68,184
DS Smith PLC		24,082		130,722
easyJet PLC		10,953		140,523
Fiat Chrysler Automobiles NV (a)		46,591		510,772
Firstgroup PLC (a)		151,019		249,271
Foxtons Group PLC		15,885		19,119
G4S PLC		158,266		602,221
GKN PLC		74,872		340,135
GlaxoSmithKline PLC		227,154		4,713,723
Grafton Group PLC		9,474		84,704
Great Portland Estates PLC REIT		15,032		122,461
Greene King PLC		13,406		117,596
Halma PLC		16,542		211,814
Hammerson PLC		33,215		237,157
Hansteen Holdings PLC		57,781		86,341
Hargreaves Lansdown PLC		8,599		139,892
Hays PLC		60,376		118,531
Henderson Group PLC (c)		47,132		137,380
Hiscox, Ltd.		12,788		174,939
HomeServe PLC		17,463		123,377
Howden Joinery Group PLC		25,932		140,634
HSBC Holdings PLC		862,653		7,021,288
IG Group Holdings PLC		15,780		98,128
IMI PLC		10,076		150,312
Imperial Brands PLC		41,718		2,017,270
Inchcape PLC		18,111		190,574
Indivior PLC		35,097		141,360
Informa PLC		32,861		267,914
Inmarsat PLC		13,382		142,319
InterContinental Hotels Group PLC		9,454		461,994
International Consolidated Airlines Group SA		29,536		195,377
International Personal Finance PLC		14,627		29,950
Intertek Group PLC		7,318		359,992
Intu Properties PLC (c)		35,814		125,036
IP Group PLC (a)		30,531		59,824
ITV PLC		158,567		434,035
J Sainsbury PLC		106,723		352,713
John Wood Group PLC		15,433		146,763
Johnson Matthey PLC		8,617		331,874
Keller Group PLC		4,361		49,461
Kingfisher PLC		169,589		691,536
Land Securities Group PLC REIT		56,992		754,703
Legal & General Group PLC		255,874		791,255
Lloyds Banking Group PLC		2,555,226		2,119,045
London Stock Exchange Group PLC		9,626		381,688
Man Group PLC		119,347		219,827
Marks & Spencer Group PLC		108,746		458,257
Meggitt PLC		27,369		152,398
Melrose Industries PLC		80,370		224,112
Micro Focus International PLC		9,800		279,156
National Grid PLC		186,671		2,365,740
NEX Group PLC		39,805		282,966
Next PLC		9,255		499,950
Ocado Group PLC (a) (c)		17,293		52,114
Old Mutual PLC		326,372		818,673
Ophir Energy PLC (a)		25,652		27,666
Pearson PLC		51,636		440,678
Pennon Group PLC		18,009		198,621
Persimmon PLC		22,999		602,216
Petrofac, Ltd.		10,353		118,973
Provident Financial PLC		2,877		107,818
Prudential PLC		110,463		2,328,846
Randgold Resources, Ltd.		7,492		652,507
Reckitt Benckiser Group PLC		28,685		2,613,427
RELX NV		45,812		850,609
RELX PLC		52,958		1,035,702

See accompanying notes to financial statements.

130

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Rentokil Initial PLC		80,051	$	246,946
Rightmove PLC		4,457		222,261
Rio Tinto PLC		51,144		2,052,572
Rio Tinto, Ltd.		17,040		785,917
Rolls-Royce Holdings PLC (a)		94,379		889,842
Royal Bank of Scotland Group PLC (a)		141,017		426,906
Royal Mail PLC		19,795		105,199
RPC Group PLC		17,651		172,490
RSA Insurance Group PLC		59,094		433,389
Sage Group PLC		48,558		382,836
Schroders PLC		4,930		186,791
Seadrill, Ltd. (a) (c)		8,508		13,383
Segro PLC		40,328		230,053
Serco Group PLC (a)		78,371		113,189
Severn Trent PLC		10,329		307,657
Shaftesbury PLC		12,070		138,100
Sky PLC		57,784		705,219
Smith & Nephew PLC		41,408		629,628
Smiths Group PLC		42,637		863,177
Spirax-Sarco Engineering PLC		3,148		187,728
Sports Direct International PLC (a)		6,778		26,122
SSE PLC		63,033		1,163,378
St James’s Place PLC		22,650		300,787
Standard Chartered PLC (a)		125,855		1,200,774
Standard Life PLC		146,483		649,703
TalkTalk Telecom Group PLC (c)		18,835		44,631
Tate & Lyle PLC		39,424		376,881
Taylor Wimpey PLC		106,620		257,447
TechnipFMC PLC (a)		11,890		389,011
Telecom Plus PLC		2,726		40,802
Tesco PLC (a)		411,103		954,102
Thomas Cook Group PLC		46,403		49,611
TP ICAP PLC		25,311		147,015
Travis Perkins PLC		6,921		131,027
Trinity Mirror PLC		20,443		29,525
Tullow Oil PLC (a)		53,482		156,491
UBM PLC		17,025		162,754
Unilever NV		73,042		3,638,143
Unilever PLC		63,486		3,127,415
United Utilities Group PLC		30,738		381,865
Victrex PLC		4,128		98,075
Vodafone Group PLC		1,244,974		3,239,655
Weir Group PLC		4,953		118,729
Whitbread PLC		8,187		405,198
William Hill PLC		62,274		226,448
Wm Morrison Supermarkets PLC		170,705		512,299
Workspace Group PLC		10,215		100,271
Worldpay Group PLC (e)		61,711		227,950
WPP PLC		58,079		1,272,388
Xaar PLC		7,679		34,088
				105,894,325
UNITED STATES — 0.7%
Argonaut Gold, Inc. (a)		15,253		26,648
Exxon Mobil Corp.		900		73,809
Flex, Ltd. (a)		59,686		1,002,725
ICON PLC (a)		2,628		209,504
InterOil Corp. (g)		1,650		6,898
Mobileye NV (a)		5,967		366,374
QIAGEN NV (a)		10,104		294,051
REC Silicon ASA (a) (c)		131,397		15,758
Shire PLC		39,175		2,283,255
Stratasys, Ltd. (a)		2,037		41,738
Tahoe Resources, Inc.		6,224		49,842
Thomson Reuters Corp.		18,462		796,123
Valeant Pharmaceuticals International, Inc. (a)		14,675		161,644
				5,328,369
TOTAL COMMON STOCKS (Cost $799,928,674)				791,242,994
WARRANTS — 0.0% (f)
FRANCE — 0.0% (f)
Peugeot SA (expiring 4/29/17) (a) (Cost $30,088)		16,021		74,539
RIGHTS — 0.0% (f)
GERMANY — 0.0% (f)
Deutsche Bank AG (expiring 4/6/17) (a) (Cost $0)		50,252		120,393
SHORT-TERM INVESTMENTS — 2.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (h) (i)		621,218		621,218
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)		17,963,396		17,963,396
TOTAL SHORT-TERM INVESTMENTS (Cost $18,584,614)				18,584,614
TOTAL INVESTMENTS — 101.6% (Cost $818,543,376)				810,022,540
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.6)%				(12,821,385	)
NET ASSETS — 100.0%			$	797,201,155

(a) Non-income producing security.

(b) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2017, total aggregate fair value of the security is $7,263, representing less than 0.05% of the Fund’s net assets.

(c) All or a portion of the shares of the security are on loan at March 31, 2017.

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

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.3% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(g) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $515,483 representing 0.1% of the Fund’s net assets.

See accompanying notes to financial statements.

131

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at March 31, 2017.

(j) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	49,908,927	$	—	$	0	(a)	$	49,908,927
Austria		1,726,046		—		—			1,726,046
Belgium		8,784,175		—		—			8,784,175
Canada		66,201,621		—		—			66,201,621
Chile		156,306		—		—			156,306
China		477,394		—		—			477,394
Denmark		11,855,003		—		—			11,855,003
Egypt		39,611		—		—			39,611
Finland		8,134,327		—		—			8,134,327
France		61,077,211		—		—			61,077,211
Germany		58,227,764		—		—			58,227,764
Hong Kong		23,021,525		—		—			23,021,525
Ireland		5,029,573		—		0	(a)		5,029,573
Israel		4,764,833		—		—			4,764,833
Italy		14,709,790		22,355		—			14,732,145
Japan		177,871,045		150,130		—			178,021,175
Jordan		150,313		—		—			150,313
Luxembourg		1,678,466		—		—			1,678,466
Macau		141,923		—		—			141,923
Malta		106,772		—		—			106,772
Mexico		167,953		—		—			167,953
Netherlands		27,015,879		—		—			27,015,879
New Zealand		2,058,445		—		—			2,058,445
Norway		5,115,388		—		—			5,115,388
Portugal		1,240,837		—		—			1,240,837
Singapore		9,065,630		78,957		—			9,144,587
South Africa		938,426		—		—			938,426
South Korea		36,973,795		257,143		7,263			37,238,201
Spain		21,453,886		—		0	(a)		21,453,886
Sweden		21,515,127		—		—			21,515,127
Switzerland		59,896,461		—		—			59,896,461
United Kingdom		105,894,325		—		0	(a)		105,894,325
United States		5,321,471		6,898		—			5,328,369
Warrants
France		74,539		—		—			74,539
Rights
Germany		120,393		—		—			120,393
Short-Term Investments		18,584,614		—		—			18,584,614
TOTAL INVESTMENTS	$	809,499,794	$	515,483	$	7,263		$	810,022,540

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2017.

See accompanying notes to financial statements.

132

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		365,689	$	365,689		1,564		367,253		—	$	—	$	15
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		16,717,801		16,096,583		621,218		621,218		1,881
State Street Navigator Securities Lending Government Money Market Portfolio*		27,460,160		27,460,160		74,217,371		83,714,135		17,963,396		17,963,396		136,126
TOTAL			$	27,825,849							$	18,584,614	$	138,022

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

133

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 6.6%
Abacus Property Group		149,592	$	369,737
Aconex, Ltd. (a) (b)		114,580		343,511
Acrux, Ltd. (b)		414,149		91,621
AET&D Holdings NO. 1 Pty, Ltd. (a)		110,316		—
Ainsworth Game Technology, Ltd. (a)		65,339		91,713
ALE Property Group (a)		76,100		257,174
Altium, Ltd. (a)		59,886		347,199
AP Eagers, Ltd.		34,157		236,855
APN News & Media, Ltd.		86,734		183,939
APN Outdoor Group, Ltd. (a)		91,309		397,034
ARB Corp., Ltd. (a)		16,183		181,721
Ardent Leisure Group		257,700		359,753
Arrium, Ltd. (b)		1,727,582		—
Asaleo Care, Ltd.		188,928		253,658
Aspen Group		217,499		165,919
Astro Japan Property Group		32,548		158,907
Atlas Iron, Ltd. (b)		4,300		98
Ausdrill, Ltd.		571		619
Austal, Ltd.		151,014		199,298
Austbrokers Holdings, Ltd.		27,041		241,350
Australian Agricultural Co., Ltd. (a) (b)		183,006		231,746
Australian Pharmaceutical Industries, Ltd.		71,813		111,756
Automotive Holdings Group, Ltd. (a)		66,070		207,654
Aveo Group		181,578		444,639
AWE, Ltd. (a) (b)		286,343		108,126
BC Iron, Ltd. (b)		247		34
Beach Energy, Ltd.		1,227,741		749,266
Beadell Resources, Ltd. (a) (b)		520,928		115,243
Bega Cheese, Ltd. (a)		55,495		267,976
Bellamy’s Australia, Ltd. (a)		34,697		111,168
Billabong International, Ltd. (a) (b)		62,382		59,485
Bradken, Ltd. (b)		89,100		220,902
Breville Group, Ltd.		25,444		200,505
Brickworks, Ltd.		16,539		185,214
Brookside Energy, Ltd. (b)		5,045,506		53,885
Burson Group, Ltd.		97,092		431,808
Buru Energy, Ltd. (b)		392,708		52,426
BWP Trust		161,327		350,745
Cabcharge Australia, Ltd.		58,893		135,678
Cardno, Ltd. (b)		99,469		97,126
Cash Converters International, Ltd.		31,940		7,675
Central Petroleum, Ltd. (b) (c)		1,519		232
Charter Hall Group REIT		123,901		521,739
Charter Hall Retail REIT		238,183		788,569
Cleanaway Waste Management, Ltd.		714,580		654,141
Collins Foods, Ltd.		33,126		131,405
Cooper Energy, Ltd. (b)		1,263		356
Corporate Travel Management, Ltd. (a)		48,327		738,431
Cover-More Group, Ltd.		141,051		209,283
Credit Corp. Group, Ltd. (a)		26,508		349,632
Cromwell Property Group		462,049		336,613
CSG, Ltd.		210,822		74,784
CSR, Ltd.		322,711		1,110,272
Data#3, Ltd.		543		679
Decmil Group, Ltd.		32,814		23,655
Downer EDI, Ltd.		317,210		1,401,085
DuluxGroup, Ltd.		76,122		379,195
Eclipx Group, Ltd.		135,474		404,084
Emeco Holdings, Ltd. (b)		2,462		158
ERM Power, Ltd. (a)		140,744		140,650
Estia Health, Ltd. (a)		95,938		226,146
Event Hospitality &Entertainment, Ltd.		50,752		499,438
Evolution Mining, Ltd.		3,584		5,741
Fairfax Media, Ltd.		1,015,749		794,236
Fleetwood Corp., Ltd. (b)		2,423		3,974
FlexiGroup, Ltd. (a)		107,423		189,299
Folkestone Education Trust		128,752		271,083
G8 Education, Ltd.		166,306		517,615
Galaxy Resources, Ltd. (b)		784,868		272,425
Gateway Lifestyle (a)		161,337		257,229
GDI Property Group		210,152		167,529
GrainCorp, Ltd. Class A		61,587		427,063
Greencross, Ltd. (a)		50,034		274,813
Greenland Minerals & Energy, Ltd. (b)		6,709		563
GUD Holdings, Ltd.		44,060		397,956
GWA Group, Ltd.		129,095		285,592
Hansen Technologies, Ltd.		93,933		245,783
Horizon Oil, Ltd. (b)		4,211		186
Hotel Property Investments		80,806		183,079
Icon Energy, Ltd. (b)		1,751		40
Imdex, Ltd. (b)		776		385
Independence Group NL (a)		247,866		676,923
Industria REIT		95,837		154,992
Infigen Energy (b)		926,984		710,685
Infomedia, Ltd.		348,025		193,808
Ingenia Communities Group		58,292		120,508
Intrepid Mines, Ltd. (b)		96		81
InvoCare, Ltd. (a)		199,051		2,147,103
IOOF Holdings, Ltd. (a)		98,123		638,497
IRESS, Ltd.		52,175		466,078
iSelect, Ltd.		158,273		239,062
iSentia Group, Ltd. (a)		92,057		105,338
Jacana Minerals, Ltd.		12,051		—
Japara Healthcare, Ltd. (a)		125,748		192,813
JB Hi-Fi, Ltd.		11,644		219,401
Karoon Gas Australia, Ltd. (b)		127,682		159,740
Kingsgate Consolidated, Ltd. (b)		108,903		20,354
Liquefied Natural Gas, Ltd. (a) (b)		229,937		114,015
Lynas Corp., Ltd. (a) (b)		1,493,184		104,795
MACA, Ltd.		28,744		33,439
Mantra Group, Ltd.		140,566		313,114
McMillan Shakespeare, Ltd.		40,381		407,237
Medusa Mining, Ltd. (b)		98,548		27,064
Melbourne IT, Ltd.		550		952
Mesoblast, Ltd. (a) (b)		111,886		194,603
Metals X, Ltd. (a) (b)		186,351		110,883
Metcash, Ltd. (b)		432,892		815,672
Mincor Resources NL (b)		692		111
Mineral Deposits, Ltd. (b)		86		29
Mineral Resources, Ltd.		83,103		681,497
MMA Offshore, Ltd. (b)		103,528		17,375
Monadelphous Group, Ltd.		72,174		678,864
Mount Gibson Iron, Ltd. (b)		509,582		163,268
Myer Holdings, Ltd.		433,945		402,207
MYOB Group, Ltd.		112,166		304,614

See accompanying notes to financial statements.

134

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Nanosonics, Ltd. (b)		150,713	$	356,411
Navitas, Ltd.		140,460		474,674
New South Resources, Ltd. (a) (b)		217,058		236,783
NEXTDC, Ltd. (b)		183,544		571,267
nib holdings, Ltd.		210,915		952,507
Nine Entertainment Co. Holdings, Ltd.		231,034		221,186
NRW Holdings, Ltd. (b)		494		252
Nufarm, Ltd.		119,310		882,851
OM Holdings, Ltd. (b)		1,236		104
oOh!media, Ltd.		87,744		309,242
Orocobre, Ltd. (a) (b)		89,309		189,400
OZ Minerals, Ltd.		109,278		652,730
OzForex Group, Ltd. (a)		122,791		138,165
Pact Group Holdings, Ltd.		64,004		341,778
Paladin Energy, Ltd. (a) (b) (c)		766,475		61,394
Peet, Ltd.		225,134		201,799
Perpetual, Ltd.		18,144		721,816
Perseus Mining, Ltd. (a) (b)		301,289		71,250
Pilbara Minerals, Ltd. (a) (b)		488,145		158,262
Primary Health Care, Ltd.		169,830		462,511
Programmed Maintenance Services, Ltd.		264,867		378,851
Qube Holdings, Ltd.		920		1,797
Quintis, Ltd. (a)		146,235		116,018
RCG Corp., Ltd. (a)		188,496		156,736
RCR Tomlinson, Ltd.		48,613		117,187
Regis Resources, Ltd.		203,441		512,143
Reject Shop, Ltd.		19,495		123,138
Reliance Worldwide Corp., Ltd.		183,648		403,476
Resapp Health, Ltd. (a) (b)		363,090		102,484
Resolute Mining, Ltd.		351,382		348,467
Retail Food Group, Ltd. (a)		75,553		307,198
Ridley Corp., Ltd.		52,655		53,624
Sandfire Resources NL		55,131		268,322
Saracen Mineral Holdings, Ltd. (b)		263,542		198,027
Select Harvests, Ltd. (a)		31,119		139,586
Senex Energy, Ltd. (a) (b)		581,803		157,559
Seven West Media, Ltd.		464,191		277,975
SG Fleet Group, Ltd.		71,818		186,274
Shopping Centres Australasia Property Group.		291,250		497,683
Sigma Pharmaceuticals, Ltd.		997,558		981,673
Silver Chef, Ltd.		10,154		56,623
Silver Lake Resources, Ltd. (b)		277,745		122,889
Sino Gas & Energy Holdings, Ltd. (b)		1,314,641		97,279
Sirtex Medical, Ltd.		32,316		441,275
Slater & Gordon, Ltd. (a) (b)		152,071		15,081
Southern Cross Media Group, Ltd.		483,942		516,845
Spotless Group Holdings, Ltd.		479,286		396,701
St. Barbara, Ltd. (b)		266,791		484,381
Starpharma Holdings, Ltd. (a) (b)		134,662		68,827
Steadfast Group, Ltd.		237,362		459,922
Strandline Resources, Ltd. (b)		50,594		270
Structural Monitoring Systems PLC (a) (b)		62,700		72,463
Sundance Energy Australia, Ltd. (a) (b)		726,088		66,468
Sundance Resources, Ltd. (b)		11,936		36
Sunland Group, Ltd.		27,994		37,265
Super Retail Group, Ltd.		52,211		408,249
Syrah Resources, Ltd. (b)		100,145		216,200
Tap Oil, Ltd. (b)		922,147		56,277
Tassal Group, Ltd.		42,591		147,182
Technology One, Ltd.		125,217		490,027
Ten Network Holdings, Ltd. (b)		58,094		25,261
Tiger Resources, Ltd. (b) (c)		2,464		92
Tox Free Solutions, Ltd.		39,093		69,485
Village Roadshow, Ltd.		7,490		23,998
Virgin Australia Holdings, Ltd. (b)		507,987		73,628
Virtus Health, Ltd.		16,389		72,264
Vista Group International, Ltd. (a)		81,408		340,311
Vita Group, Ltd.		70,729		176,974
Viva Energy REIT (a)		158,363		287,521
Webjet, Ltd.		60,981		534,042
Western Areas, Ltd. (a) (b)		112,243		197,793
Westgold Resources, Ltd. (b)		93,177		167,749
Whitehaven Coal, Ltd. (b)		270,800		617,673
WorleyParsons, Ltd. (a) (b)		94,847		796,618
WPP AUNZ, Ltd.		594,901		521,893
				51,115,585
AUSTRIA — 0.5%
CA Immobilien Anlagen AG (b)		22,318		491,607
Conwert Immobilien Invest SE (c)		24,126		408,477
DO & Co. AG		3,869		250,627
POLYTEC Holding AG		3,383		47,978
Porr AG		7,747		288,512
RHI AG		12,741		327,119
S IMMO AG (b)		29,893		359,366
Schoeller-Bleckmann Oilfield Equipment AG		4,789		334,471
Semperit AG Holding		5,113		142,403
Wienerberger AG		51,272		1,090,178
Zumtobel Group AG		22,442		433,731
				4,174,469
BELGIUM — 1.4%
Ablynx NV (a) (b)		32,048		399,155
Aedifica SA		7,468		563,990
AGFA-Gevaert NV (b)		175,689		861,934
Barco NV		17,393		1,746,791
Befimmo SA		3,001		170,950
Deceuninck NV		21,362		56,205
Econocom Group SA		24,071		357,342
Euronav NV		60,877		488,137
EVS Broadcast Equipment SA		15,404		588,911
Fagron (b)		15,150		194,525
Ion Beam Applications		11,167		612,590
Kinepolis Group NV		3,365		172,394
Lotus Bakeries		180		446,971
MDxHealth (b)		50,464		286,061
Nyrstar NV (a) (b)		54,150		337,535
Orange Belgium SA (b)		21,628		463,570
Recticel SA		29,247		229,541
Retail Estates NV REIT (a)		4,331		356,218
Rezidor Hotel Group AB		49,606		190,017
Tessenderlo Chemie NV (b)		37,902		1,512,070
ThromboGenics NV (b)		16,146		52,705
Warehouses De Pauw CVA		4,366		407,567
				10,495,179

See accompanying notes to financial statements.

135

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
CANADA — 8.9%
Advantage Oil & Gas, Ltd. (b)		132,279	$	870,850
Aecon Group, Inc.		28,120		362,029
Africa Oil Corp. (b)		150,802		252,156
AG Growth International, Inc. (a)		6,316		239,493
AGF Management, Ltd. Class B		11,328		52,323
AGT Food & Ingredients, Inc. (a)		10,725		250,745
Aimia, Inc.		59,826		403,730
Air Canada (b)		103,286		1,068,756
Alaris Royalty Corp. (a)		13,528		226,304
Altius Minerals Corp.		10,758		99,380
Altus Group, Ltd.		9,387		204,823
Arbutus Biopharma Corp. (b) (d)		1,124		3,653
Arbutus Biopharma Corp. (b) (c) (d)		11,276		36,647
Artis Real Estate Investment Trust		16,899		167,641
Asanko Gold, Inc. (b)		84,633		221,474
Athabasca Oil Corp. (b)		160,675		184,331
Atrium Mortgage Investment Corp. (a)		34,584		319,480
ATS Automation Tooling Systems, Inc. (b)		33,321		339,044
AutoCanada, Inc.		8,920		150,088
Avigilon Corp. (a) (b)		15,243		176,472
Badger Daylighting, Ltd. (a)		15,007		393,278
Ballard Power Systems, Inc. (a) (b)		70,858		156,205
Baytex Energy Corp. (a) (b)		93,194		317,250
Bellatrix Exploration, Ltd. (a) (b)		95,370		75,086
Birchcliff Energy, Ltd.		99,320		563,011
Bird Construction, Inc. (a)		19,095		143,322
Black Diamond Group, Ltd.		12,126		35,187
Boardwalk Real Estate Investment Trust		4,462		157,817
Bonavista Energy Corp.		92,976		241,215
Bonterra Energy Corp. (a)		9,717		167,141
Boyd Group Income Fund		1,527		97,106
Calfrac Well Services, Ltd. (b)		40,861		108,460
Callidus Capital Corp. (a)		13,300		180,305
Canaccord Genuity Group, Inc. (b)		47,801		182,437
Canacol Energy, Ltd. (a) (b)		40,354		118,915
Canadian Energy Services & Technology Corp.		83,662		457,313
Canadian Solar, Inc. (a) (b)		16,979		208,332
Canadian Western Bank (a)		18,782		414,467
Canam Group, Inc. (a)		11,738		58,177
Canfor Corp. (b)		31,276		425,174
Canyon Services Group, Inc. (b)		25,570		127,500
Capital Power Corp. (a)		17,107		334,277
Capstone Mining Corp. (b)		206,023		200,825
Cara Operations, Ltd.		8,974		178,316
Cardinal Energy, Ltd. (a)		45,232		247,586
Cascades, Inc.		25,282		259,900
Celestica, Inc. (b)		108,635		1,575,377
Centerra Gold, Inc.		83,853		480,992
Colliers International Group, Inc.		29,844		1,407,780
Colossus Minerals, Inc.		390		—
Computer Modelling Group, Ltd.		41,116		319,087
Continental Gold, Inc. (b)		56,612		170,220
Corus Entertainment, Inc. Class B		87,064		852,589
Crew Energy, Inc. (b)		68,694		255,481
Dalradian Resources, Inc. (a) (b)		108,702		114,925
Delphi Energy Corp. (a) (b)		66,063		65,882
Denison Mines Corp. (a) (b)		275,567		169,433
Descartes Systems Group, Inc. (b)		41,448		946,966
DHX Media, Ltd. (a)		64,325		267,207
DIRTT Environmental Solutions (b)		28,075		147,148
Dominion Diamond Corp.		45,583		574,893
Dorel Industries, Inc. Class B		14,686		349,297
DREAM Unlimited Corp. Class A (b)		81,956		417,876
Dundee Corp. Class A (a) (b)		61,933		189,006
Dundee Precious Metals, Inc. (a) (b)		58,202		123,068
Endeavour Mining Corp. (b)		22,701		439,160
Endeavour Silver Corp. (a) (b)		61,007		193,499
EnerCare, Inc.		27,229		424,059
Enerflex, Ltd.		41,307		587,866
Enerplus Corp.		108,587		872,018
Enghouse Systems, Ltd.		11,402		492,193
Ensign Energy Services, Inc. (a)		55,522		331,804
Entertainment One, Ltd.		142,275		435,162
Equitable Group, Inc. (a)		6,532		339,763
Exchange Income Corp. (a)		12,656		370,480
Extendicare, Inc. (a)		45,400		343,483
Firm Capital Mortgage Investment Corp. (a) .		30,798		321,917
FirstService Corp.		29,780		1,795,531
Fortuna Silver Mines, Inc. (b)		75,922		393,942
Freehold Royalties, Ltd. (a)		24,111		243,704
GASFRAC Energy Services, Inc. (b)		21,904		—
Gibson Energy, Inc. (a)		62,315		892,450
Gluskin Sheff + Associates, Inc. (a)		12,716		167,621
GMP Capital, Inc. (b)		101,405		276,770
Gran Tierra Energy, Inc. (b)		151,253		401,481
Granite Oil Corp. (a)		22,787		104,568
Granite Real Estate Investment Trust		24,475		853,730
Great Canadian Gaming Corp. (b)		28,873		533,230
Guardian Capital Group, Ltd. Class A		119,531		2,319,546
Guyana Goldfields, Inc. (b)		78,442		422,898
Heroux-Devtek, Inc. (b)		4,799		41,813
High Liner Foods, Inc.		5,583		75,562
Home Capital Group, Inc.		21,433		418,326
Horizon North Logistics, Inc.		73,779		96,259
HudBay Minerals, Inc.		87,685		574,639
IAMGOLD Corp. (b)		167,708		668,996
Imperial Metals Corp. (a) (b)		23,406		111,620
Innergex Renewable Energy, Inc. (a)		57,112		612,381
Interfor Corp. (b)		27,667		356,405
InterRent Real Estate Investment Trust		8,069		46,406
Intertape Polymer Group, Inc.		18,432		323,128
Ivanhoe Mines, Ltd. Class A (a) (b)		196,714		684,402
Just Energy Group, Inc.		78,769		493,174
Kelt Exploration, Ltd. (b)		58,600		293,516
Kinaxis, Inc. (b)		11,835		658,195
Kirkland Lake Gold, Ltd. (b)		61,695		453,813
Klondex Mines, Ltd. (b)		64,285		250,170
Knight Therapeutics, Inc. (b)		29,216		227,612
Labrador Iron Ore Royalty Corp. (a)		25,274		353,247
Laurentian Bank of Canada		3,400		149,318
Lightstream Resources, Ltd. (b)		64,736		—
Liquor Stores N.A., Ltd. (a)		16,124		115,461
Lucara Diamond Corp. (a)		112,344		260,295

See accompanying notes to financial statements.

136

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
MAG Silver Corp. (b)		51,794	$	676,140
Major Drilling Group International, Inc. (a) (b)		99,574		527,119
Martinrea International, Inc.		67,530		522,558
MCAN Mortgage Corp.		27,074		303,698
Medical Facilities Corp. (a)		16,291		225,129
MEG Energy Corp. (b)		87,712		443,279
Morguard Corp.		1,800		246,991
Morneau Shepell, Inc. (a)		19,242		288,129
Mountain Province Diamonds, Inc. (a) (b)		42,110		149,981
MTY Food Group, Inc. (a)		9,624		360,093
Mullen Group, Ltd.		33,619		426,020
Nevsun Resources, Ltd.		107,932		276,780
Newalta Corp. (b)		21,051		36,147
NexGen Energy, Ltd. (a) (b)		148,716		351,258
North American Palladium, Ltd. (b)		244		986
North West Co., Inc. (a)		28,581		679,566
Novadaq Technologies, Inc. (b)		22,921		178,555
Novagold Resources, Inc. (a) (b)		115,607		559,983
NuVista Energy, Ltd. (b)		101,969		470,220
Nymox Pharmaceutical Corp. (b)		42		152
OneREIT		9,150		25,179
Osisko Gold Royalties, Ltd. (a)		35,072		388,681
Painted Pony Petroleum, Ltd. (a) (b)		48,889		197,220
Paramount Resources, Ltd. Class A (b)		27,398		348,831
Parex Resources, Inc. (b)		59,420		755,197
Pason Systems, Inc.		38,769		558,432
Pengrowth Energy Corp. (a) (b)		232,864		232,227
Penn West Petroleum, Ltd. (b)		187,876		319,783
Pizza Pizza Royalty Corp.		22,200		287,144
Poseidon Concepts Corp. (b)		43,064		—
Precision Drilling Corp. (b)		140,091		660,722
Premier Gold Mines, Ltd. (b)		95,284		229,342
Premium Brands Holdings Corp.		11,886		758,889
Pretium Resources, Inc. (b)		60,775		649,834
Primero Mining Corp. (a) (b)		55,573		30,836
ProMetic Life Sciences, Inc. (b) (d)		3,753		6,494
ProMetic Life Sciences, Inc. (a) (b) (d)		265,382		457,675
Pure Technologies, Ltd.		33,044		116,205
Raging River Exploration, Inc. (b)		84,495		591,113
Redknee Solutions, Inc. (a) (b)		32,048		26,674
Reitmans Canada, Ltd. Class A		26,882		109,451
Richelieu Hardware, Ltd.		25,294		521,565
Richmont Mines, Inc. (b)		26,579		187,935
RMP Energy, Inc. (a) (b)		157,559		85,062
Rogers Sugar, Inc. (a)		9,528		44,652
Rubicon Minerals Corp. (b)		1,134		1,565
Russel Metals, Inc.		16,707		325,960
Sandstorm Gold, Ltd. (a) (b)		63,881		273,984
Sandvine Corp.		36,947		85,327
Seabridge Gold, Inc. (a) (b)		23,631		259,230
Secure Energy Services, Inc. (a)		60,512		444,658
SEMAFO, Inc. (b)		138,181		415,481
Seven Generations Energy, Ltd. Class A (b)		940		17,127
ShawCor, Ltd.		32,080		936,433
Sherritt International Corp. (b)		157,402		110,942
Sienna Senior Living, Inc. (a)		37,096		481,763
Sierra Wireless, Inc. (b)		16,798		444,621
Silver Standard Resources, Inc. (b)		46,058		487,638
Silvercorp Metals, Inc. (a)		103,138		357,288
SilverCrest Metals, Inc. (b)		4,165		6,433
Sirius XM Canada Holdings, Inc. (a)		42,284		174,697
Sleep Country Canada Holdings, Inc. (e)		16,453		399,836
Solium Capital, Inc. (a) (b)		31,570		179,906
Southern Pacific Resource Corp. (b)		281,142		—
Spartan Energy Corp. (b)		195,915		390,758
Stornoway Diamond Corp. (b)		149,640		94,251
Stuart Olson, Inc.		5,403		23,903
SunOpta, Inc. (a) (b)		31,210		216,910
Sunshine Oilsands, Ltd. (b)		1,734,000		65,821
Superior Plus Corp. (a)		59,281		573,408
Surge Energy, Inc. (a)		110,987		216,373
Teranga Gold Corp. (b)		164,012		104,533
TFI International, Inc. (a)		25,532		594,435
Timmins Gold Corp. (b)		47,205		17,698
TORC Oil & Gas, Ltd. (a)		52,746		270,127
Torex Gold Resources, Inc. (b)		38,249		751,988
Total Energy Services, Inc.		11,094		110,636
TransAlta Corp.		109,576		642,511
Transcontinental, Inc. Class A		40,394		744,487
TransGlobe Energy Corp. (b)		51,432		81,372
Trevali Mining Corp. (b)		178,647		176,819
Trican Well Service, Ltd. (a) (b)		60,100		182,510
Tricon Capital Group, Inc. (a)		37,205		304,637
Trinidad Drilling, Ltd. (b)		97,973		168,963
Twin Butte Energy, Ltd. (b)		83,708		—
Uni-Select, Inc. (a)		59,984		1,590,848
Wajax Corp.		5,477		94,086
Western Energy Services Corp. (b)		47,334		83,761
Western Forest Products, Inc. (a)		185,661		302,092
Westshore Terminals Investment Corp.		18,070		358,514
Wi-LAN, Inc.		87,684		160,424
Yellow Pages, Ltd. (b)		11,902		75,679
				68,839,221
CHINA — 0.2%
APT Satellite Holdings, Ltd.		139,000		74,226
Beijing Properties Holdings, Ltd. (b)		1,294,000		61,607
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		87,000		116,649
Bloomage BioTechnology Corp., Ltd. (a)		62,500		88,625
China Everbright Water, Ltd. (a)		159,964		54,378
China Gold International Resources Corp., Ltd. (b)		124,322		248,896
China Merchants Land, Ltd.		212,000		34,645
China Traditional Chinese Medicine Holdings Co., Ltd. (a)		1,030,316		567,426
Chong Hing Bank, Ltd.		57,000		124,540
Daphne International Holdings, Ltd. (b)		570,000		55,742
Greenland Hong Kong Holdings, Ltd. (b)		193,000		51,904
HC International, Inc. (a) (b)		168,000		149,593
Huarong International Financial Holdings, Ltd. (b)		351,000		126,010
ISDN Holdings, Ltd.		1,762		259

See accompanying notes to financial statements.

137

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Nam Tai Property, Inc. (a)		5,404	$	37,288
Sino Grandness Food Industry Group, Ltd. (a)		259,272		44,532
				1,836,320
DENMARK — 1.0%
ALK-Abello A/S (a)		2,297		332,355
Amagerbanken A/S (b)		308,573		—
Bang & Olufsen A/S (b)		33,786		468,929
Bavarian Nordic A/S (b)		16,690		849,773
D/S Norden A/S (b)		15,078		306,212
FLSmidth & Co. A/S		21,458		1,151,175
Forward Pharma A/S ADR (b)		4,441		95,704
H+H International A/S Class B (b)		30,187		416,807
IC Group A/S.		26,180		619,411
Matas A/S		13,813		196,683
NKT Holding A/S		11,443		841,839
NNIT A/S (a) (e)		7,684		207,220
OW Bunker A/S (b)		9,828		—
Per Aarsleff Holding A/S Class B		11,457		275,189
Santa Fe Group A/S (b)		36,678		305,969
Scandinavian Tobacco Group A/S Class A (e)		17,647		309,398
Schouw & Co.		3,159		290,558
Solar A/S Class B		1,455		80,569
Spar Nord Bank A/S		32,771		364,109
United International Enterprises		1,280		231,782
				7,343,682
FAEROE ISLANDS — 0.1%
Bakkafrost P/F		20,978		648,716
FINLAND — 1.0%
BasWare Oyj (b)		4,411		159,461
Caverion Corp. (a) (b)		32,359		255,419
Cramo Oyj		15,566		355,947
Fiskars Oyj Abp		23,173		480,079
Kemira Oyj		31,498		387,757
Konecranes Oyj		19,247		685,501
Lassila & Tikanoja Oyj		70,457		1,385,820
Metsa Board Oyj (a)		91,635		567,958
Oriola-KD Oyj Class B		34,656		147,153
Outotec Oyj (b)		57,035		346,795
PKC Group Oyj		13,982		352,177
Raisio Oyj Class V		34,676		124,986
Ramirent Oyj		33,776		272,745
Sanoma Oyj.		34,001		285,289
Sponda Oyj		50,581		212,068
Stockmann Oyj Abp Class B (a) (b)		10,503		81,330
Talvivaara Mining Co. PLC (b)		572,382		—
Tikkurila Oyj		9,810		199,353
Uponor Oyj (a)		25,262		448,785
Valmet Oyj		51,168		797,368
YIT Oyj (a)		47,682		323,074
				7,869,065
FRANCE — 2.0%
AB Science SA (a) (b)		13,610		234,652
Advanced Accelerator Applications SA ADR (b)		13,777		549,151
Air France-KLM (b)		42,575		323,215
Akka Technologies		7,051		322,772
Albioma SA		11,591		205,421
Assystem		2,285		80,136
Beneteau SA		12,819		168,777
Bonduelle SCA		4,853		153,120
Bourbon Corp. (a)		8,520		90,670
Cellectis SA (a) (b)		14,432		346,995
CGG SA (a) (b)		10,861		76,668
Cie des Alpes		4,555		94,659
Coface SA (b)		34,176		257,698
DBV Technologies SA (b)		10,624		741,543
Direct Energie (a)		8,749		349,268
Eramet (b)		4,121		176,833
Esker SA		9,197		475,504
Etablissements Maurel et Prom (b)		2,040		7,266
Europcar Groupe SA (b) (e)		22,777		242,807
Gaztransport Et Technigaz SA		11,762		443,384
Genfit (b)		9,943		313,719
GL Events		29,387		685,507
Groupe Fnac SA (b) (d)		3,048		220,440
Groupe Fnac SA (b) (d)		13,261		953,472
Guerbet		2,968		252,335
Haulotte Group SA		3,185		46,431
ID Logistics Group (b)		1,231		175,373
Innate Pharma SA (a) (b)		26,020		324,772
Interparfums SA		2,008		66,771
IPSOS		14,618		454,969
Jacquet Metal Service		29,897		722,025
Kaufman & Broad SA		7,555		278,775
Le Noble Age.		7,288		335,180
LISI.		7,585		275,015
Maisons du Monde SA (b) (e)		19,307		609,169
Marie Brizard Wine & Spirits SA (b)		14,083		238,138
Mersen SA		31,596		854,975
Naturex (b)		3,466		305,388
Neopost SA		11,378		437,974
Nicox (a) (b)		17,438		183,020
Parrot SA (a) (b)		9,481		90,250
Pierre & Vacances SA (a) (b)		1,046		48,285
Rallye SA		9,919		201,356
Rothschild & Co		8,615		247,539
Sequana SA (b)		25,020		37,197
SOITEC (b)		10,221		434,104
Solocal Group (a) (b)		255,860		273,108
Solutions 30 SE (b)		20,845		366,972
Trigano SA		3,187		307,427
Valneva SE (a) (b)		53,557		143,777
Virbac SA (b)		1,854		290,997
				15,514,999
GERMANY — 2.9%
ADO Properties SA (e)		9,394		337,792
ADVA Optical Networking SE (b)		12,046		135,860
AIXTRON SE (b)		46,149		171,916
Amadeus Fire AG		3,138		255,578
AURELIUS SE & Co. KGaA (a)		9,999		435,370
BayWa AG		2,287		75,620
Bertrandt AG (a)		2,810		273,885
bet-at-home.com AG		1,767		198,155
Bilfinger SE (a) (b)		16,846		650,256

See accompanying notes to financial statements.

138

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Biotest AG Preference Shares		10,637	$	203,303
Borussia Dortmund GmbH & Co. KGaA		39,424		240,346
BRAAS Monier Building Group SA		312		8,439
CANCOM SE (a)		8,762		496,028
Capital Stage AG		63,889		422,978
Cewe Stiftung & Co. KGaA		3,169		278,439
Deutsche Pfandbriefbank AG (e)		35,968		448,363
Deutz AG		35,491		245,559
DIC Asset AG		80,792		803,623
Draegerwerk AG & Co. KGaA		2,264		176,767
Draegerwerk AG & Co. KGaA Preference Shares		1,490		153,594
Elmos Semiconductor AG		10,074		241,460
ElringKlinger AG (a)		8,328		162,289
Evotec AG (b)		49,463		484,011
Grammer AG		7,437		458,323
Hamborner REIT AG (a)		45,111		460,580
Hamburger Hafen und Logistik AG		6,956		130,531
Heidelberger Druckmaschinen AG (b)		115,025		287,755
HELMA Eigenheimbau AG		2,543		110,427
Hornbach Holding AG & Co. KGaA		2,529		187,990
Indus Holding AG		27,789		1,800,244
Isra Vision AG		519		67,722
Jenoptik AG.		84,558		2,101,802
Kloeckner & Co. SE (b)		55,477		601,364
Koenig & Bauer AG (b)		8,640		543,273
Kontron AG (b)		66,946		214,949
KSB AG Preference Shares		256		105,826
Leoni AG		10,894		562,135
LPKF Laser & Electronics AG (a) (b)		12,962		113,639
MLP AG		65,431		378,951
MorphoSys AG (b)		10,443		615,094
Norma Group SE		12,436		589,829
PATRIZIA Immobilien AG (b)		53,850		956,081
Pfeiffer Vacuum Technology AG		2,149		271,448
QSC AG		20,147		33,464
RIB Software AG (a)		16,564		219,679
SAF-Holland SA		15,782		263,998
Salzgitter AG		9,017		327,274
Schaltbau Holding AG (a)		2,456		86,737
SGL Carbon SE (b)		23,373		238,487
SLM Solutions Group AG (b)		5,740		228,686
SMA Solar Technology AG (a)		3,556		90,044
STRATEC Biomedical AG		2,970		178,682
Surteco SE		8,274		205,307
Suss MicroTec AG (b)		9,479		88,223
Takkt AG		16,328		379,746
Tele Columbus AG (b) (e)		28,142		240,794
TLG Immobilien AG		21,782		425,518
Vossloh AG (b)		4,131		263,331
Wacker Neuson SE		9,668		217,355
Washtec AG		6,037		367,396
XING AG		1,661		344,468
Zeal Network SE		4,441		125,872
zooplus AG (b)		2,645		389,406
				22,172,061
GREECE — 0.0% (f)
Fourlis Holdings SA (b)		130		621
TT Hellenic Postbank SA (b)		129,076		—
				621
HONG KONG — 3.6%
13 Holdings, Ltd. (b)		437,000		120,897
Allied Properties HK, Ltd.		2,638,391		675,596
Cafe de Coral Holdings, Ltd.		177,191		580,263
Century Sunshine Group Holdings, Ltd.		837,698		34,493
China Baoli Technologies Holdings, Ltd. (b)		8,275,000		228,929
China Cord Blood Corp. (b)		20,221		134,672
China Healthwise Holdings, Ltd. (b)		2,848,000		72,560
China Household Holdings, Ltd. (b)		750,000		24,127
China Innovationpay Group, Ltd. (b)		2,368,000		173,681
China Innovative Finance Group, Ltd. (b)		4,722,000		200,510
China LNG Group, Ltd. (a)		8,110,000		181,579
China LotSynergy Holdings, Ltd. (a) (b)		4,680,000		139,710
China Ocean Resources Co., Ltd. (a) (b)		26,593		23,780
China Oceanwide Holdings, Ltd. (b) (c)		799,000		79,165
China Regenerative Medicine International, Ltd. (b)		5,983,056		204,016
China Resources and Transportation Group, Ltd. (b)		289,999		5,672
China Ruifeng Renewable Energy Holdings, Ltd. (b)		427,200		43,976
China Sandi Holdings, Ltd. (b)		309		11
China Smarter Energy Group Holdings, Ltd. (a) (b)		1,374,000		139,672
China Strategic Holdings, Ltd. (b)		8,966,667		168,453
China Water Industry Group, Ltd. (b)		440,000		83,793
Chow Sang Sang Holdings International, Ltd.		251,939		593,904
CK Life Sciences Int’l Holdings, Inc.		2,656,000		225,563
Common Splendor International Health Industry Group, Ltd. (b)		2,270,000		198,623
Culturecom Holdings, Ltd. (b)		375,000		29,917
Digital Domain Holdings, Ltd. (a) (b)		4,699,996		247,957
Emperor Entertainment Hotel, Ltd.		100,000		23,033
Enerchina Holdings, Ltd. (a) (b)		3,415,500		92,293
Esprit Holdings, Ltd. (b)		944,035		790,796
EverChina International Holdings Co., Ltd. (b)		1,090,000		37,869
Fairwood Holdings, Ltd.		153,500		616,252
FDG Electric Vehicles, Ltd. (a) (b)		7,387,493		308,941
Freeman FinTech Corp., Ltd. (b)		4,820,000		310,107
G-Resources Group, Ltd.		13,777,790		260,611
GCL New Energy Holdings, Ltd. (b)		3,662,000		202,620
Giordano International, Ltd.		1,376,000		745,411
Global Brands Group Holding, Ltd. (b)		2,710,000		289,429
Global Sources, Ltd. (b)		7,900		65,175
Goldin Properties Holdings, Ltd. (b)		3,676		3,912
Hanison Construction Holdings, Ltd.		4,000		700
Hao Tian Development Group, Ltd. (b)		1,077,600		56,157
Heng Tai Consumables Group, Ltd. (b)		648,000		52,530
HKBN, Ltd.		534,913		597,445
HKR International, Ltd. (b)		2,676,459		1,429,236
Honbridge Holdings, Ltd. (a) (b)		1,364,000		180,778

See accompanying notes to financial statements.

139

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Hopewell Highway Infrastructure, Ltd. (a)		581,000	$	313,246
Hybrid Kinetic Group, Ltd. (a) (b)		8,619,000		216,265
Imagi International Holdings, Ltd. (b)		211,700		25,334
International Housewares Retail Co., Ltd.		65,000		13,382
iOne Holdings, Ltd. (a) (b)		1,320,000		39,406
K Wah International Holdings, Ltd.		1,623,670		1,078,059
Kingston Financial Group, Ltd.		4,860		1,582
Kingwell Group, Ltd. (b)		59,111		996
Kong Sun Holdings, Ltd. (b)		4,175,000		153,107
L&A International Holdings, Ltd. (b) (c)		1,781,584		2,292
Landing International Development, Ltd. (a) (b)		5,533,500		38,449
Lee’s Pharmaceutical Holdings, Ltd.		218,000		210,384
Loudong General Nice Resources China Holdings, Ltd. (b)		1,155,000		58,705
Luk Fook Holdings International, Ltd.		192,000		610,230
Major Holdings, Ltd. (a) (e)		760,000		126,153
Mason Financial Holdings, Ltd. (a) (b)		4,246,000		61,738
Mei Ah Entertainment Group, Ltd. (b)		1,840,000		110,095
Melco International Development, Ltd.		338,000		596,714
Midland Holdings, Ltd. (b)		785,790		209,301
Midland IC&I, Ltd. (b)		3,648,950		23,476
Nan Hai Corp., Ltd. (b)		10,000,000		334,556
NetMind Financial Holdings, Ltd. (b)		14,412,000		98,287
New Focus Auto Tech Holdings, Ltd. (b)		736,000		35,988
Noble Century Investment Holdings, Ltd. (b)		2,120,000		242,785
Noble Group, Ltd. (a) (b)		4,266,700		592,385
Pacific Basin Shipping, Ltd. (b)		3,147,000		668,153
Pacific Textiles Holdings, Ltd.		2,054		2,273
PAX Global Technology, Ltd. (a)		385,000		245,718
Peace Map Holding, Ltd. (b)		1,560,000		22,482
Peace Mark Holdings, Ltd. (b)		504,228		—
Phoenix Satellite Television Holdings, Ltd.		1,036,000		193,296
Pico Far East Holdings, Ltd.		202,000		81,356
Playmates Toys, Ltd.		272,000		50,050
Prosperity REIT		584,000		231,451
Road King Infrastructure, Ltd.		1,193,482		1,382,145
SEA Holdings, Ltd.		110,000		249,682
Shun Tak Holdings, Ltd. (b)		1,288,749		456,033
Sincere Watch Hong Kong, Ltd. (b)		1,070,499		26,034
Sino Oil And Gas Holdings, Ltd. (b)		6,840,000		165,466
Sinolink Worldwide Holdings, Ltd. (b)		692,000		75,687
Skyway Securities Group, Ltd. (b)		2,076,000		89,489
SmarTone Telecommunications Holdings, Ltd.		234,630		302,515
SMI Holdings Group, Ltd. (a)		3,008,409		286,460
Sparkle Roll Group, Ltd. (b)		7,180		554
Spring Real Estate Investment Trust (a)		255,000		107,952
Stella International Holdings, Ltd.		214,500		354,395
Summit Ascent Holdings, Ltd. (a) (b)		568,000		192,220
Sun Hung Kai & Co., Ltd.		339,000		222,467
SUNeVision Holdings, Ltd.		143,000		75,258
Sunlight Real Estate Investment Trust		164,000		97,284
Superb Summit International Group, Ltd. (a) (b)		1,685,500		—
TCC International Holdings, Ltd.		174,000		55,078
Television Broadcasts, Ltd.		175,916		710,772
Texhong Textile Group, Ltd.		222,500		297,182
Texwinca Holdings, Ltd.		766,850		516,068
Tongda Group Holdings, Ltd.		1,060,000		373,724
Tou Rong Chang Fu Group, Ltd. (b)		2,348,000		49,851
Town Health International Medical Group, Ltd. (a)		1,896,000		302,521
Trinity, Ltd. (a) (b)		614,000		45,034
Truly International Holdings, Ltd. (a)		766,000		272,040
United Photovoltaics Group, Ltd. (b)		2,170,000		259,680
Value Partners Group, Ltd.		420,000		399,923
Varitronix International, Ltd. (a)		106,000		47,875
Vitasoy International Holdings, Ltd.		580,000		1,152,313
Viva China Holdings, Ltd. (b)		1,824,000		215,927
VST Holdings, Ltd.		122,000		42,700
Wang On Properties, Ltd. (a) (b)		1,752,000		353,939
WLS Holdings, Ltd. (b)		6,870,000		193,596
Yanchang Petroleum International, Ltd. (b)		4,340,000		103,872
Yin He Holdings, Ltd. (b)		760,000		72,367
Yuexiu Real Estate Investment Trust		1,108,000		652,981
Yunfeng Financial Group, Ltd. (a) (b)		304,000		190,892
Yuxing InfoTech Investment Holdings, Ltd. (b)		360,000		66,705
Zhongyu Gas Holdings, Ltd. (b)		700		188
				27,821,377
INDIA — 0.1%
Ascendas India Trust		604,600		486,778
IRELAND — 0.9%
Amarin Corp. PLC ADR (b)		105,277		336,886
C&C Group PLC		157,199		611,160
Cairn Homes PLC (b)		373,812		587,721
Dalata Hotel Group PLC (b)		79,873		381,864
Datalex PLC		69,673		283,171
FBD Holdings PLC (b)		10,277		88,704
Fly Leasing, Ltd. ADR (b)		23,948		314,198
Green REIT PLC		314,617		457,638
Greencore Group PLC		295,044		906,849
Hibernia REIT PLC		374,606		498,821
IFG Group PLC		15,173		27,426
Irish Continental Group PLC		76,145		403,132
Irish Residential Properties REIT PLC		351,212		465,792
Kenmare Resources PLC (b)		6,424		24,119
Origin Enterprises PLC		59,132		421,399
Paddy Power Betfair PLC		38		4,087
Tarsus Group PLC		87,068		310,019
Total Produce PLC		137,307		286,370
Trinity Biotech PLC ADR (b)		31,085		185,267
				6,594,623
ISRAEL — 1.9%
Africa Israel Properties, Ltd. (b)		2,543		51,238
Airport City, Ltd. (b)		35,743		458,883
Allot Communications, Ltd. (b)		21,200		100,380
Alony Hetz Properties & Investments, Ltd.		33,314		313,090

See accompanying notes to financial statements.

140

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Caesarstone, Ltd. (b)		12,139	$	440,039
Cellcom Israel, Ltd. (b)		32,861		339,879
Ceragon Networks, Ltd. (b)		47,990		156,927
Compugen, Ltd. (b)		29,920		126,833
CyberArk Software, Ltd. (b)		14,391		732,070
Delek Automotive Systems, Ltd.		20,458		186,294
Delta-Galil Industries, Ltd.		5,554		151,146
Electra, Ltd.		2,161		430,355
Enzymotec, Ltd. (b)		15,209		133,839
Evogene, Ltd. (b)		20,875		110,801
Harel Insurance Investments & Financial Services, Ltd.		42,165		221,829
IDI Insurance Co., Ltd.		6,853		339,394
Inrom Construction Industries, Ltd.		73,209		290,174
Israel Corp., Ltd. (b)		1,461		272,964
Israel Discount Bank, Ltd. Class A (b)		446,909		1,047,568
Ituran Location and Control, Ltd.		13,604		419,683
Jerusalem Oil Exploration (b)		5,520		280,523
Matrix IT, Ltd.		11,762		110,671
Mazor Robotics, Ltd. (b)		15,117		222,726
Melisron, Ltd.		8,617		478,261
Migdal Insurance & Financial Holding, Ltd.		250,008		241,021
Norstar Holdings, Inc.		6,853		143,516
Nova Measuring Instruments, Ltd. (b)		26,323		471,864
Oil Refineries, Ltd.		510,991		201,835
Orbotech, Ltd. (b)		25,106		809,668
Partner Communications Co., Ltd. (b)		55,390		290,643
Paz Oil Co., Ltd.		3,218		531,828
Radware, Ltd. (b)		26,790		432,926
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		4,620		195,973
Reit 1, Ltd.		119,385		395,593
Sarine Technologies, Ltd.		110,100		151,680
Shikun & Binui, Ltd.		74,806		180,973
Shufersal, Ltd.		58,974		285,083
SodaStream International, Ltd. (b)		11,271		545,855
Strauss Group, Ltd.		19,126		326,362
Syneron Medical, Ltd. (b)		34,376		362,667
Tower Semiconductor, Ltd. (b)		37,756		871,596
Wix.com, Ltd. (b)		13,338		905,650
				14,760,300
ITALY — 1.7%
Anima Holding SpA (e)		87,438		523,708
Ascopiave SpA		37,874		140,563
Astaldi SpA		95,116		636,838
Banca Carige SpA (a) (b)		123,276		35,283
Banca IFIS SpA		9,612		369,379
Banca Monte dei Paschi di Siena SpA (b) (c)		10,689		172,401
Banca Popolare dell’Etruria e del Lazio SC (a) (b)		46,016		—
Banca Popolare di Sondrio SCPA		128,846		444,842
Banco BPM SpA		258,557		768,227
BasicNet SpA		26,449		102,404
Beni Stabili SpA SIIQ		362,106		227,146
BPER Banca (a)		189,665		949,367
Brunello Cucinelli SpA		4,330		103,460
Cairo Communication SpA		35,630		169,428
Cerved Information Solutions SpA		80,114		776,743
CIR-Compagnie Industriali Riunite SpA		49,608		75,979
Credito Valtellinese SpA		40,324		152,675
Danieli & C Officine Meccaniche SpA		17,378		288,650
Datalogic SpA		7,880		203,032
Ei Towers SpA		17,692		997,214
ERG SpA		16,586		209,327
Esprinet SpA		44,131		375,242
Gruppo Editoriale L’Espresso SpA (b)		27,043		24,195
Immobiliare Grande Distribuzione SIIQ SpA		156,612		137,353
Interpump Group SpA		102,671		2,393,896
Italmobiliare SpA		2,953		164,709
Maire Tecnimont SpA		64,040		239,729
MARR SpA.		12,547		272,419
Massimo Zanetti Beverage Group SpA (e)		11,096		92,272
OVS SpA (e)		31,710		197,388
Piaggio & C SpA		18,004		35,951
Reply SpA		2,328		368,756
Safilo Group SpA (b)		6,708		47,782
Salini Impregilo SpA		90,302		301,337
Saras SpA		153,475		293,991
Societa Cattolica di Assicurazioni S.c.r.l.		50,181		403,070
Unipol Gruppo Finanziario SpA		145,812		604,474
Vittoria Assicurazioni SpA		5,651		70,655
				13,369,885
JAPAN — 33.2%
3-D Matrix, Ltd. (a) (b)		8,300		57,056
77 Bank, Ltd.		95,000		410,931
A/S One Corp.		3,800		164,372
Access Co., Ltd. (b)		6,600		59,941
Achilles Corp.		3,100		46,794
Adastria Co., Ltd.		22,800		567,391
ADEKA Corp.		42,200		614,273
Advanced Media, Inc. (b)		15,700		119,902
Adways, Inc.		19,200		86,670
AEON REIT Investment Corp. (a)		379		420,393
Ahresty Corp.		8,100		82,650
Ai Holdings Corp.		20,800		493,727
Aica Kogyo Co., Ltd.		26,100		686,756
Aichi Steel Corp.		3,200		127,219
Aiful Corp. (a) (b)		124,276		364,698
Akatsuki, Inc. (a) (b)		2,300		96,599
Alpine Electronics, Inc.		21,900		314,654
Amano Corp.		30,800		614,452
Amiyaki Tei Co., Ltd.		1,700		63,008
AnGes MG, Inc. (a) (b)		48,800		109,924
Anritsu Corp.		64,900		490,405
AOKI Holdings, Inc.		9,800		113,364
Aoyama Trading Co., Ltd.		16,100		551,934
Arcs Co., Ltd.		25,400		607,020
Argo Graphics, Inc.		8,200		171,683
Ariake Japan Co., Ltd.		7,100		446,657
Arisawa Manufacturing Co., Ltd. (b)		13,300		93,338
Artnature, Inc.		15,300		102,293
Asahi Diamond Industrial Co., Ltd.		29,600		216,760

See accompanying notes to financial statements.

141

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Asahi Holdings, Inc.		49,973	$	903,218
Asatsu-DK, Inc.		5,400		136,805
Asia Pile Holdings Corp.		6,600		36,130
ASKA Pharmaceutical Co., Ltd.		11,000		161,204
Asukanet Co., Ltd. (a)		5,200		104,345
Ateam, Inc. (a)		6,400		152,835
Atom Corp. (a)		14,600		95,254
Autobacs Seven Co., Ltd.		43,300		641,942
Avex Group Holdings, Inc.		19,900		287,347
Awa Bank, Ltd.		236,000		1,495,253
Axial Retailing, Inc.		6,900		262,550
Bank of Iwate, Ltd.		1,800		76,164
Bank of Nagoya, Ltd. (a)		19,660		707,499
Bank of Okinawa, Ltd.		29,000		1,108,678
Bank of the Ryukyus, Ltd.		84,220		1,210,053
Benefit One, Inc.		8,000		245,176
Bic Camera, Inc. (a)		63,100		579,299
Broadleaf Co., Ltd.		28,200		192,842
Broccoli Co., Ltd. (a)		18,000		105,322
Bunka Shutter Co., Ltd.		41,400		319,519
C Uyemura & Co., Ltd.		1,400		76,137
Can Do Co., Ltd.		23,200		369,143
Capcom Co., Ltd.		24,600		479,284
Central Glass Co., Ltd.		287,345		1,222,306
Chiome Bioscience, Inc. (a) (b)		29,400		111,342
Chiyoda Co., Ltd.		19,500		456,919
Chiyoda Corp.		58,500		376,945
Chiyoda Integre Co., Ltd.		5,600		119,659
Chudenko Corp.		4,600		97,383
Chugoku Marine Paints, Ltd.		34,600		256,791
Ci:z Holdings Co., Ltd.		7,000		207,619
Citizen Watch Co., Ltd.		107,800		690,740
CKD Corp.		24,700		312,103
Clarion Co., Ltd.		59,000		243,032
Cocokara fine, Inc.		14,300		619,200
Colowide Co., Ltd.		29,200		488,981
Comforia Residential REIT, Inc.		194		440,300
COOKPAD, Inc. (a)		21,166		178,552
Cosmo Energy Holdings Co., Ltd.		34,500		591,977
Create Restaurants Holdings, Inc.		15,200		134,772
CROOZ, Inc. (a) (b)		2,300		70,385
D.Western Therapeutics Institute, Inc. (a) (b)		9,300		47,906
Daibiru Corp.		5,600		49,150
Daido Metal Co., Ltd.		27,500		241,362
Daido Steel Co., Ltd.		155,000		740,016
Daihen Corp.		48,000		311,873
Daiichikosho Co., Ltd.		180		7,213
Daikyo, Inc.		107,000		212,214
Daikyonishikawa Corp.		18,800		246,156
Daio Paper Corp. (a)		48,800		623,193
Daiseki Co., Ltd.		5,700		116,118
Daishi Bank, Ltd.		183,000		724,248
Daishinku Corp.		1,800		22,874
Daito Bank, Ltd.		41,000		62,183
Daito Pharmaceutical Co., Ltd.		8,600		173,497
DCM Holdings Co., Ltd.		76,093		701,315
Denka Co., Ltd.		169,000		876,622
Densan System Co., Ltd. (a)		16,200		239,300
Denyo Co., Ltd.		3,800		57,428
Descente, Ltd.		14,600		173,083
Digital Garage, Inc.		17,500		361,056
Dip Corp.		15,800		344,415
DMG Mori Co., Ltd.		48,700		758,711
Doutor Nichires Holdings Co., Ltd.		71,772		1,403,493
DTS Corp.		54,062		1,347,790
Dunlop Sports Co., Ltd. (a)		2,600		24,196
Duskin Co., Ltd.		6,400		139,453
Dynam Japan Holdings Co., Ltd.		106,800		189,647
Eagle Industry Co., Ltd.		13,900		188,485
Earth Chemical Co., Ltd.		10,600		567,908
EDION Corp. (a)		106,300		975,903
Ehime Bank, Ltd. (a)		93,940		1,147,378
Eighteenth Bank, Ltd.		305,730		984,987
Eizo Corp.		5,900		169,434
Elecom Co., Ltd.		8,600		163,696
en-japan, Inc.		13,600		302,683
Enplas Corp.		5,300		146,733
EPS Holdings, Inc.		19,500		273,696
euglena Co., Ltd. (a) (b)		33,700		370,479
Exedy Corp.		7,000		199,767
F@N Communications, Inc.		14,700		109,627
Fancl Corp. (a)		11,200		160,818
FCC Co., Ltd.		45,528		907,863
Feed One Co., Ltd.		49,800		88,490
Ferrotec Corp.		10,400		127,958
Fields Corp.		3,500		36,310
Financial Products Group Co., Ltd. (a)		27,600		244,469
Foster Electric Co., Ltd.		14,400		246,569
Fudo Tetra Corp.		86,600		149,217
Fuji Kyuko Co., Ltd. (a)		27,000		239,155
Fuji Machine Manufacturing Co., Ltd. (a)		41,200		539,079
Fuji Oil Holdings, Inc.		43,300		1,013,040
Fuji Pharma Co., Ltd.		3,500		99,255
Fuji Seal International, Inc.		18,800		406,268
Fujibo Holdings, Inc.		7,200		198,690
Fujicco Co., Ltd.		10,000		228,036
Fujikura, Ltd.		126,000		905,735
Fujimori Kogyo Co., Ltd.		7,500		208,315
Fujita Kanko, Inc. (a)		44,000		137,414
Fujitec Co., Ltd.		38,200		418,921
Fujiya Co., Ltd.		68,000		160,495
Fukuda Corp.		20,000		182,177
Fukuda Denshi Co., Ltd.		4,900		280,113
Fukuoka Corp. REIT		1,025		1,678,745
Fukuyama Transporting Co., Ltd. (a)		97,000		581,495
Furukawa Co., Ltd.		169,387		311,625
Furukawa Electric Co., Ltd.		35,400		1,270,753
Fuso Chemical Co., Ltd.		7,200		225,182
Fuso Pharmaceutical Industries, Ltd.		6,400		161,508
Futaba Corp.		13,100		230,658
Fuyo General Lease Co., Ltd.		9,600		429,902
Genki Sushi Co., Ltd.		5,000		99,076
Global One Real Estate Investment Corp.		87		306,838
GLOBERIDE, Inc.		6,800		112,835
GMO internet, Inc.		31,200		368,475

See accompanying notes to financial statements.

142

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
GMO Payment Gateway, Inc. (a)		7,200	$	358,611
GNI Group, Ltd. (a) (b)		46,000		353,783
Goldwin, Inc.		4,000		209,997
Gree, Inc.		48,400		304,482
GS Yuasa Corp.		163,000		759,194
Gulliver International Co., Ltd. (a)		30,600		193,876
Gunma Bank, Ltd.		144,500		753,428
Gurunavi, Inc.		13,200		276,012
H2O Retailing Corp.		27,400		440,151
Hankyu REIT, Inc.		225		303,890
Hanwa Co., Ltd.		88,000		624,679
Happinet Corp.		3,700		57,212
Hazama Ando Corp.		96,000		645,284
Hearts United Group Co., Ltd. (a)		6,200		84,239
Heiwa Real Estate Co., Ltd.		15,800		223,182
Heiwa Real Estate REIT, Inc.		399		299,707
Heiwado Co., Ltd.		19,500		472,844
HI-LEX Corp.		10,200		270,310
Hibiya Engineering, Ltd.		7,500		109,845
Hiramatsu, Inc.		16,300		97,569
Hirano Tecseed Co., Ltd.		28		342
Hirata Corp.		3,400		274,917
HIS Co., Ltd. (a)		16,700		389,662
Hitachi Kokusai Electric, Inc.		21,772		498,433
Hitachi Maxell, Ltd.		13,100		238,770
Hitachi Zosen Corp.		160,000		910,347
Hogy Medical Co., Ltd.		5,400		339,711
Hokkaido Electric Power Co., Inc.		81,200		613,573
Hokkaido Gas Co., Ltd. (a)		12,000		29,615
Hokkoku Bank, Ltd.		154,000		584,600
Hokuetsu Bank, Ltd.		37,700		971,681
Hokuetsu Kishu Paper Co., Ltd.		49,900		347,504
Hokuhoku Financial Group, Inc.		45,200		708,646
Hokuriku Electric Industry Co., Ltd.		94,000		115,570
Hokuto Corp.		8,200		147,693
Horiba, Ltd.		18,813		1,007,930
Hoshino Resorts REIT, Inc.		69		363,484
Hosiden Corp.		71,000		665,844
Hulic, Inc. REIT		320		530,127
Hyakujushi Bank, Ltd.		160,000		539,891
Ibiden Co., Ltd.		47,100		732,939
IBJ Leasing Co., Ltd.		13,200		281,461
Ichigo Office REIT Investment		560		351,790
Iino Kaiun Kaisha, Ltd.		115,880		506,449
Imasen Electric Industrial		9,500		85,682
Imperial Hotel, Ltd.		10,900		204,051
Inaba Denki Sangyo Co., Ltd.		3,000		107,152
Inabata & Co., Ltd.		3,400		41,405
Industrial & Infrastructure Fund Investment Corp.		153		687,903
Infomart Corp.		45,000		256,843
Intage Holdings, Inc.		4,000		71,794
Internet Initiative Japan, Inc.		16,400		295,680
Invesco Office J-REIT, Inc.		299		267,257
Iriso Electronics Co., Ltd. (a)		3,300		211,451
Iseki & Co., Ltd.		56,000		114,583
Ishihara Sangyo Kaisha, Ltd. (b)		8,400		83,902
Itfor, Inc. (b)		38,800		215,536
Itoki Corp.		28,800		181,438
Iwasaki Electric Co., Ltd.		27,000		41,434
Iwatani Corp.		256,000		1,488,719
Iyo Bank, Ltd. (a)		105,200		707,124
J Trust Co., Ltd. (a)		41,200		346,815
Jaccs Co., Ltd.		75,000		325,765
Jafco Co., Ltd. (b)		10,800		362,488
Japan Asset Marketing Co., Ltd. (a) (b)		56,100		70,484
Japan Aviation Electronics Industry, Ltd.		15,000		192,363
Japan Cash Machine Co., Ltd. (a)		3,200		41,009
Japan Communications, Inc. (a) (b)		59,100		101,302
Japan Display, Inc. (a) (b)		146,010		340,686
Japan Excellent, Inc.		699		857,519
Japan Lifeline Co., Ltd. (a)		9,600		184,022
Japan Logistics Fund, Inc.		904		1,943,807
Japan Petroleum Exploration Co., Ltd.		16,100		368,293
Japan Rental Housing Investments, Inc.		567		415,722
Japan Securities Finance Co., Ltd.		26,000		138,132
Japan Steel Works, Ltd.		30,600		492,654
Japan Tissue Engineering Co., Ltd. (b)		7,600		91,803
JCR Pharmaceuticals Co., Ltd.		10,500		232,653
Jeol, Ltd.		41,000		217,823
JIG-SAW, Inc. (a) (b)		3,500		210,132
Jin Co., Ltd. (a)		6,600		344,126
Joban Kosan Co., Ltd.		8,000		115,301
Joyful Honda Co., Ltd. (a)		14,300		476,111
Juki Corp.		33,100		389,429
Juroku Bank, Ltd.		83,000		267,406
Justsystems Corp.		7,700		95,222
JVC Kenwood Corp. (a)		78,300		203,778
K’s Holdings Corp. (a)		45,600		835,639
Kadokawa Dwango (b)		23,600		338,020
Kaga Electronics Co., Ltd.		6,400		113,492
Kameda Seika Co., Ltd.		8,400		367,872
Kanamoto Co., Ltd.		17,800		478,745
Kandenko Co., Ltd. (a)		38,000		339,316
Kanematsu Corp.		573,498		1,029,342
Kansai Super Market, Ltd. (a)		13,700		189,953
Kanto Denka Kogyo Co., Ltd. (a)		24,000		206,767
Kasai Kogyo Co., Ltd.		8,000		102,665
Katakura Industries Co., Ltd.		77,674		971,012
Kato Sangyo Co., Ltd.		15,500		397,272
KAWADA TECHNOLOGIES, Inc.		1,300		82,949
Kawai Musical Instruments Manufacturing Co., Ltd.		9,300		194,713
Keihin Corp.		13,700		224,501
Keiyo Bank, Ltd.		149,000		643,175
Kenedix Residential Investment Corp.		131		367,971
Kenedix Retail REIT Corp.		160		358,970
Kenedix, Inc.		105,200		418,232
Key Coffee, Inc.		6,100		119,394
Kintetsu World Express, Inc.		15,000		226,420
Kissei Pharmaceutical Co., Ltd.		7,900		206,876
Kitano Construction Corp.		15,000		40,788
Kito Corp.		15,900		169,516
Kitz Corp.		184,700		1,229,897
Kiyo Bank, Ltd.		86,560		1,325,239
KLab, Inc. (a) (b)		16,400		108,911
Koei Tecmo Holdings Co., Ltd.		23,100		438,036

See accompanying notes to financial statements.

143

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Kokuyo Co., Ltd.		33,117	$	426,482
Komeri Co., Ltd.		10,300		254,473
Komori Corp.		74,736		958,429
Kotobuki Spirits Co., Ltd.		22,600		555,113
Kourakuen Holdings Corp. (a)		8,000		120,327
Kumagai Gumi Co., Ltd.		173,000		450,238
Kurabo Industries, Ltd.		526,600		1,157,830
Kureha Corp.		3,500		153,751
Kuroda Electric Co., Ltd.		6,500		141,398
Kusuri no Aoki Holdings Co., Ltd.		6,600		294,077
KYB Corp.		237,832		1,237,930
Kyoei Steel, Ltd.		4,000		71,363
Kyokuto Kaihatsu Kogyo Co., Ltd.		16,700		276,960
Kyokuyo Co., Ltd. (a)		2,200		57,966
KYORIN Holdings, Inc.		31,200		658,272
Kyoritsu Maintenance Co., Ltd. (a)		12,000		356,995
Kyosan Electric Manufacturing Co., Ltd.		12,000		46,307
Kyoto Kimono Yuzen Co., Ltd. (a)		18,900		161,981
Kyowa Exeo Corp.		68,680		992,942
Kyushu Financial Group, Inc.		1,000		6,111
LAC Co., Ltd.		6,900		76,350
LaSalle Logiport REIT		363		335,864
Lasertec Corp.		9,800		131,218
Leopalace21 Corp.		130,500		673,405
Life Corp.		14,500		423,562
Lintec Corp.		13,600		289,624
Maeda Corp.		74,000		654,797
Maeda Road Construction Co., Ltd.		16,000		282,437
Makino Milling Machine Co., Ltd.		144,000		1,247,061
Mandom Corp.		8,800		412,241
Mani, Inc.		10,900		256,384
Marudai Food Co., Ltd.		356,656		1,558,750
Maruha Nichiro Corp.		35,120		1,062,141
Marusan Securities Co., Ltd.		61,338		505,324
Maruwa Co., Ltd.		1,900		67,778
Marvelous, Inc. (a)		20,100		157,293
Matsuya Co., Ltd.		28,600		270,523
MCJ Co., Ltd.		20,000		234,407
MCUBS MidCity Investment Corp.		101		305,003
Mebuki Financial Group, Inc.		119,583		477,559
Medinet Co., Ltd. (a) (b)		98,500		117,567
Meidensha Corp.		135,000		478,552
Meitec Corp.		13,400		543,552
Melco Holdings, Inc.		4,000		115,409
Michinoku Bank, Ltd. (a)		521,200		874,669
Micronics Japan Co., Ltd.		17,700		157,097
Minato Bank, Ltd.		58,180		1,080,269
Mirait Holdings Corp.		43,660		428,254
Mitani Corp. (a)		4,400		143,731
Mitsuba Corp.		19,000		373,077
Mitsubishi Kakoki Kaisha, Ltd. (a)		16,000		31,159
Mitsubishi Nichiyu Forklift Co., Ltd.		10,900		69,843
Mitsubishi Pencil Co., Ltd.		15,100		756,152
Mitsubishi Shokuhin Co., Ltd.		1,200		37,153
Mitsui Engineering & Shipbuilding Co., Ltd.		302,000		466,158
Mitsui Fudosan Logistics Park, Inc. REIT REIT		65		191,914
Mitsui Mining & Smelting Co., Ltd.		260,000		884,322
Mitsui Sugar Co., Ltd.		2,200		53,485
Mitsui-Soko Holdings Co., Ltd.		244,000		726,986
Miyaji Engineering Group, Inc. (a)		26,000		49,933
Miyazaki Bank, Ltd.		285,800		879,740
Miyoshi Oil & Fat Co., Ltd. (a)		94,000		118,945
Mizuno Corp.		39,000		200,897
Mochida Pharmaceutical Co., Ltd.		4,400		326,160
Modec, Inc.		9,000		191,178
Monex Group, Inc.		95,200		228,111
Monogatari Corp.		1,400		64,076
Morinaga Milk Industry Co., Ltd.		97,000		719,034
Morita Holdings Corp.		21,700		315,091
MOS Food Services, Inc. (a)		4,700		136,871
Musashi Seimitsu Industry Co., Ltd.		6,100		155,798
Musashino Bank, Ltd.		33,780		1,000,395
Nachi-Fujikoshi Corp.		84,000		429,687
Nagase & Co., Ltd.		61,200		851,846
Nakanishi, Inc.		26,380		1,027,454
Namura Shipbuilding Co., Ltd.		19,000		113,560
NanoCarrier Co., Ltd. (a) (b)		21,200		139,837
Nanto Bank, Ltd.		13,600		497,353
NEC Networks & System Integration Corp.		13,800		266,637
NET One Systems Co., Ltd.		121,700		986,225
Neturen Co., Ltd.		107,683		873,602
Next Co., Ltd. (a)		28,100		190,393
Nichi-iko Pharmaceutical Co., Ltd.		26,500		411,662
Nichias Corp.		48,000		482,025
Nichicon Corp.		10,900		101,439
Nichiha Corp.		7,500		220,093
NichiiGakkan Co., Ltd. (a)		6,700		50,748
Nichireki Co., Ltd.		11,000		89,733
Nihon Dempa Kogyo Co., Ltd. (a)		26,100		191,364
Nihon Nohyaku Co., Ltd.		13,100		82,176
Nihon Parkerizing Co., Ltd.		43,200		533,458
Nihon Trim Co., Ltd.		1,500		50,076
Nihon Unisys, Ltd.		31,500		429,687
Nikkiso Co., Ltd.		65,840		753,352
Nikkon Holdings Co., Ltd.		136,080		2,900,386
Nippon Beet Sugar Manufacturing Co., Ltd.		3,300		70,099
Nippon Carbon Co., Ltd. (a)		173,712		520,684
Nippon Chemi-Con Corp.		69,000		226,016
Nippon Chemiphar Co., Ltd.		2,700		128,179
Nippon Coke & Engineering Co., Ltd.		90,200		76,900
Nippon Concrete Industries Co., Ltd. (a)		32,300		103,483
Nippon Densetsu Kogyo Co., Ltd.		24,100		434,073
Nippon Flour Mills Co., Ltd.		29,000		427,856
Nippon Gas Co., Ltd.		31,600		920,237
Nippon Kayaku Co., Ltd.		61,000		826,618
Nippon Koei Co., Ltd.		3,400		89,066
Nippon Light Metal Holdings Co., Ltd.		243,500		535,381
Nippon Parking Development Co., Ltd.		43,900		58,307
NIPPON REIT Investment Corp.		113		293,072
Nippon Seiki Co., Ltd.		53,200		1,143,444
Nippon Sheet Glass Co., Ltd. (b)		43,200		313,639
Nippon Signal Co., Ltd.		32,500		291,955

See accompanying notes to financial statements.

144

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Nippon Soda Co., Ltd.		64,000	$	353,226
Nippon Steel & Sumikin Bussan Corp.		3,600		151,198
Nippon Suisan Kaisha, Ltd.		124,199		618,599
Nippon Thompson Co., Ltd.		144,200		782,922
Nippon Yakin Kogyo Co., Ltd. (a)		79,100		151,201
Nishi-Nippon Financial Holdings, Inc.		51,400		513,400
Nishi-Nippon Railroad Co., Ltd.		158,000		665,009
Nishimatsu Construction Co., Ltd.		134,000		658,997
Nishimatsuya Chain Co., Ltd.		24,153		272,027
Nishio Rent All Co., Ltd.		7,000		196,626
Nissan Shatai Co., Ltd.		22,100		198,727
Nissha Printing Co., Ltd. (a)		24,300		575,280
Nisshin Oillio Group, Ltd.		24,000		136,552
Nisshin Steel Co., Ltd. (b)		13,000		170,798
Nisshinbo Holdings, Inc.		51,000		509,405
Nissin Electric Co., Ltd.		22,900		264,286
Nissin Kogyo Co., Ltd.		13,800		247,194
Nitto Boseki Co., Ltd.		144,153		716,690
Nitto Kogyo Corp.		8,500		117,168
NOF Corp.		211,600		2,244,559
Nohmi Bosai, Ltd.		17,300		237,384
Nojima Corp.		13,900		176,884
Nomura Co., Ltd.		21,500		378,368
Noritsu Koki Co., Ltd.		9,800		78,977
Noritz Corp.		14,800		280,513
North Pacific Bank, Ltd.		151,600		574,129
NS Solutions Corp.		14,100		304,448
NS United Kaiun Kaisha, Ltd.		19,000		40,923
NSD Co., Ltd.		20,000		288,612
NTN Corp.		214,000		1,063,950
NuFlare Technology, Inc. (a)		1,800		109,360
Obara Group, Inc.		3,500		154,536
Oenon Holdings, Inc.		97,000		215,884
Ogaki Kyoritsu Bank, Ltd.		95,000		282,195
Ohsho Food Service Corp.		6,800		251,117
Oiles Corp.		10,900		200,725
Oita Bank, Ltd.		256,800		1,002,495
Okabe Co., Ltd.		21,600		196,170
Okamoto Industries, Inc. (a)		31,800		339,889
Okamura Corp.		58,500		519,218
Okasan Securities Group, Inc.		88,682		540,385
Oki Electric Industry Co., Ltd.		53,900		774,906
Okinawa Electric Power Co., Inc.		17,300		410,803
OKUMA Corp.		68,000		711,550
Okumura Corp.		84,000		509,593
OncoTherapy Science, Inc. (a) (b)		51,800		113,892
Onward Holdings Co., Ltd.		17,000		116,405
Open House Co., Ltd.		14,000		334,703
Orient Corp. (a)		1,600		2,886
OSAKA Titanium Technologies Co., Ltd. (a) (b)		8,500		131,585
Osaki Electric Co., Ltd.		16,000		138,850
OSG Corp. (a)		48,240		985,753
Otsuka Kagu, Ltd. (a)		7,200		61,061
Outsourcing, Inc. (a)		6,000		237,997
Pacific Industrial Co., Ltd. (a)		30,200		429,028
Pacific Metals Co., Ltd. (a) (b)		74,000		257,668
Pal Co., Ltd.		5,700		138,114
PALTAC Corp.		10,000		278,202
PanaHome Corp. (a)		28,000		256,304
Paramount Bed Holdings Co., Ltd.		5,600		224,141
Pasona Group, Inc. (a)		13,500		96,922
Penta-Ocean Construction Co., Ltd.		120,100		579,860
Pilot Corp.		15,366		628,126
Piolax, Inc.		15,900		363,718
Pioneer Corp. (b)		172,100		341,327
Poletowin Pitcrew Holdings, Inc.		10,000		107,152
Premier Investment Corp.		1,695		1,915,108
Qol Co., Ltd.		12,200		180,104
Raito Kogyo Co., Ltd.		15,400		156,446
Relia, Inc.		23,500		230,930
Rengo Co., Ltd.		219,400		1,266,034
ReproCELL, Inc. (a) (b)		41,300		150,108
Riso Kagaku Corp.		9,200		161,081
Rock Field Co., Ltd.		10,600		173,416
Rohto Pharmaceutical Co., Ltd. (a)		48,200		902,317
Roland DG Corp.		4,400		132,280
Round One Corp.		23,000		182,671
Ryobi, Ltd.		37,000		160,711
Ryosan Co., Ltd.		10,000		300,637
S Foods, Inc. (a)		5,700		165,736
Sagami Chain Co., Ltd.		22,100		269,532
Saibu Gas Co., Ltd.		110,000		252,715
Saizeriya Co., Ltd.		8,400		210,923
Sakai Chemical Industry Co., Ltd.		276,765		968,665
Sakata Seed Corp.		15,700		491,021
San-A Co., Ltd.		10,200		463,179
San-Ai Oil Co., Ltd.		18,600		157,406
San-In Godo Bank, Ltd.		49,500		396,249
Sanden Holdings Corp. (b)		56,000		185,946
Sangetsu Co., Ltd.		17,200		287,258
Sanken Electric Co., Ltd. (b)		68,000		298,412
Sankyo Tateyama, Inc.		4,400		65,548
Sankyu, Inc.		257,000		1,556,807
Sanrio Co., Ltd. (a)		18,500		339,518
Sanyo Electric Railway Co., Ltd.		39,000		198,097
Sanyo Shokai, Ltd. (a)		216,000		319,842
Sanyo Special Steel Co., Ltd.		182,937		970,257
Sapporo Holdings, Ltd.		48,000		1,296,599
Sato Holdings Corp.		38,140		811,883
Seika Corp.		22,000		69,497
Seikagaku Corp.		21,500		357,915
Seiko Holdings Corp.		59,000		240,384
Seino Holdings Co., Ltd.		700		7,852
Seiren Co., Ltd.		69,180		1,031,212
Sekisui House Reit, Inc.		271		358,966
Sekisui House SI Residential Investment Corp. (a)		354		392,027
Senko Co., Ltd.		45,200		290,841
Senshu Ikeda Holdings, Inc.		106,360		439,070
Senshukai Co., Ltd.		18,000		129,552
Septeni Holdings Co., Ltd. (a)		38,500		138,203
Shibuya Kogyo Co., Ltd.		10,900		295,903
Shiga Bank, Ltd.		137,000		702,028
Shima Seiki Manufacturing, Ltd. (a)		30,945		1,163,596
Shimachu Co., Ltd.		42,360		1,030,584
Shindengen Electric Manufacturing Co., Ltd.		41,000		171,462

See accompanying notes to financial statements.

145

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Shinkawa, Ltd. (b)		9,200	$	68,775
Shinkin Central Bank Class A, Preference Shares		349		734,770
Shinko Electric Industries Co., Ltd.		27,400		183,683
Shinmaywa Industries, Ltd.		26,000		248,030
Shinsho Corp.		4,000		86,009
Ship Healthcare Holdings, Inc.		14,600		387,962
Shizuoka Gas Co., Ltd.		27,300		184,973
SHO-BOND Holdings Co., Ltd.		13,300		584,255
Shochiku Co., Ltd.		205,600		2,418,932
Shoei Co., Ltd.		5,600		139,661
Showa Corp. (b)		23,400		198,447
Showa Denko KK (b)		55,500		988,670
SIA Reit, Inc.		96		157,401
Sinanen Holdings Co., Ltd.		7,600		143,911
Sinfonia Technology Co., Ltd.		339,400		989,904
Sinko Industries, Ltd.		13,600		195,158
SK Kaken Co., Ltd. (a)		4,000		391,277
Skylark Co., Ltd.		203		2,971
SMK Corp.		134,343		477,428
SMS Co., Ltd.		9,200		233,075
Sodick Co., Ltd.		25,000		246,792
Sogo Medical Co., Ltd.		3,900		146,648
Sotetsu Holdings, Inc. (a)		1,792		8,314
St Marc Holdings Co., Ltd.		3,000		88,037
Star Micronics Co., Ltd.		19,100		292,594
Starts Corp., Inc.		14,600		304,500
Starts Proceed Investment Corp.		154		206,338
Sumitomo Bakelite Co., Ltd.		54,000		324,688
Sumitomo Mitsui Construction Co., Ltd.		377,400		409,812
Sumitomo Osaka Cement Co., Ltd.		193,793		805,224
Sumitomo Real Estate Sales Co., Ltd.		3,700		119,039
Sumitomo Seika Chemicals Co., Ltd.		2,400		101,983
Sumitomo Warehouse Co., Ltd.		48,000		263,627
Sun Corp. (a)		10,000		67,307
Sun Frontier Fudousan Co., Ltd.		5,800		50,489
SWCC Showa Holdings Co., Ltd. (b)		45,000		34,730
T RAD Co., Ltd.		15,000		44,423
Tabuchi Electric Co., Ltd.		16,700		50,506
Tachi-S Co., Ltd.		19,400		385,980
Tadano, Ltd.		31,400		366,047
Taikisha, Ltd.		14,000		342,242
Taiko Pharmaceutical Co., Ltd. (a)		4,200		71,351
Taiyo Holdings Co., Ltd.		4,600		200,835
Taiyo Yuden Co., Ltd.		61,800		779,779
Takaoka Toko Co., Ltd.		1,900		34,665
Takara Bio, Inc.		24,000		329,103
Takara Holdings, Inc.		91,400		985,115
Takara Leben Co., Ltd. (a)		38,900		173,153
Takara Standard Co., Ltd.		28,500		453,217
Takasago International Corp.		48,100		1,541,030
Takasago Thermal Engineering Co., Ltd.		33,200		466,582
Takashima & Co., Ltd.		36,000		63,645
Takata Corp. (a) (b)		16,300		70,214
Takeuchi Manufacturing Co., Ltd.		21,000		395,387
Takuma Co., Ltd.		35,400		345,962
Tamron Co., Ltd.		5,400		97,552
Tamura Corp.		49,000		217,231
Tanseisha Co., Ltd.		22,500		198,488
TechnoPro Holdings, Inc.		15,300		589,729
Teikoku Electric Manufacturing Co., Ltd.		3,600		35,829
Teikoku Sen-I Co., Ltd.		14,100		208,027
Tekken Corp. (a)		72,000		216,459
TKC Corp.		7,700		219,743
Toa Corp. (d)		18,400		159,512
Toa Corp. (b) (d)		8,000		144,952
Toagosei Co., Ltd.		210,500		2,399,129
Tobishima Corp. (a)		103,900		158,512
TOC Co., Ltd.		144,360		1,187,994
Tochigi Bank, Ltd.		142,500		656,040
Toda Corp.		235,000		1,412,995
Toei Co., Ltd.		137,400		1,172,641
Toho Bank, Ltd.		90,000		338,419
Toho Holdings Co., Ltd.		69,919		1,462,005
Toho Zinc Co., Ltd.		53,000		259,697
Tokai Carbon Co., Ltd.		130,000		565,826
Tokai Corp.		2,900		105,923
TOKAI Holdings Corp.		58,800		451,699
Tokai Rika Co., Ltd.		18,400		370,378
Tokai Tokyo Financial Holdings, Inc.		78,200		406,334
Tokuyama Corp. (b)		227,000		1,095,989
Tokyo Dome Corp.		42,300		392,517
Tokyo Ohka Kogyo Co., Ltd.		17,800		590,245
Tokyo Seimitsu Co., Ltd.		22,100		695,149
Tokyo Steel Manufacturing Co., Ltd.		52,900		443,880
Tokyo Tekko Co., Ltd.		9,000		36,911
Tokyo TY Financial Group, Inc.		18,000		538,724
Tokyotokeiba Co., Ltd.		73,000		169,021
Tokyu Construction Co., Ltd.		38,400		301,535
Tokyu REIT, Inc.		337		423,405
Tomoe Engineering Co., Ltd.		2,800		45,682
TOMONY Holdings, Inc.		172,880		915,366
Tomy Co., Ltd.		54,200		541,368
Topcon Corp.		42,100		752,609
Topre Corp.		23,900		621,361
Topy Industries, Ltd.		27,798		737,921
Toridoll Holdings Corp.		10,200		221,429
Torii Pharmaceutical Co., Ltd.		5,600		144,335
Torishima Pump Manufacturing Co., Ltd. (a)		5,600		54,980
Toshiba Machine Co., Ltd.		51,000		206,874
Toshiba Plant Systems & Services Corp.		10,900		158,956
Toshiba TEC Corp. (b)		54,000		301,912
Totetsu Kogyo Co., Ltd. (a)		14,000		401,418
Towa Pharmaceutical Co., Ltd.		2,800		141,470
Toyo Construction Co., Ltd.		37,800		135,691
Toyo Corp.		141,768		1,286,255
Toyo Engineering Corp. (a) (b)		58,000		145,221
Toyo Ink SC Holdings Co., Ltd.		60,000		288,612
Toyo Tire & Rubber Co., Ltd.		42,500		762,811
Toyo Wharf & Warehouse Co., Ltd.		31,000		50,633
Toyobo Co., Ltd.		409,788		709,765
TPR Co., Ltd.		16,000		524,814
Trusco Nakayama Corp.		21,400		495,678
TS Tech Co., Ltd.		21,500		577,295

See accompanying notes to financial statements.

146

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
TSI Holdings Co., Ltd.		67,800	$	487,371
Tsubakimoto Chain Co.		62,000		516,342
Tsukui Corp.		28,600		169,141
Tsumura & Co.		28,100		880,095
Tsurumi Manufacturing Co., Ltd.		10,900		159,152
UACJ Corp.		136,000		356,385
Ube Industries, Ltd.		323,000		727,569
Ulvac, Inc.		34,800		1,620,856
UMN Pharma, Inc. (a) (b)		20,600		62,116
Unipres Corp.		17,100		355,873
United Arrows, Ltd. (a)		13,400		405,259
United Super Markets Holdings, Inc.		10,800		98,666
UNITED, Inc. (a) (b)		3,700		72,718
Unitika, Ltd. (b)		1,079,000		900,538
Unizo Holdings Co., Ltd.		6,900		170,101
Ushio, Inc.		43,600		550,527
UT Group Co., Ltd. (b)		13,100		170,113
V Technology Co., Ltd. (a)		1,936		298,140
Valor Holdings Co., Ltd.		32,300		761,483
VT Holdings Co., Ltd.		22,400		116,191
W-Scope Corp. (a)		9,400		137,925
Wacoal Holdings Corp.		72,000		887,804
Wacom Co., Ltd. (a)		74,300		268,048
Wakachiku Construction Co., Ltd.		38,000		49,789
Wakita & Co., Ltd.		10,900		103,493
WirelessGate, Inc.		8,000		107,332
Xebio Holdings Co., Ltd.		8,000		123,916
YAMABIKO Corp.		21,700		253,942
Yamato Kogyo Co., Ltd.		12,500		322,175
Yamazen Corp.		47,900		430,726
Yaoko Co., Ltd.		9,000		341,649
Yodogawa Steel Works, Ltd.		41,700		1,130,162
Yokogawa Bridge Holdings Corp.		17,600		203,751
Yondoshi Holdings, Inc.		13,900		308,986
Yonex Co., Ltd. (a)		25,200		279,749
Yorozu Corp.		13,900		213,683
Yoshinoya Holdings Co., Ltd.		31,300		454,767
Yushin Precision Equipment Co., Ltd.		1,400		36,662
Zenrin Co., Ltd.		51,677		1,097,725
ZERIA Pharmaceutical Co., Ltd.		18,900		290,378
Zojirushi Corp. (a)		23,900		346,392
				255,504,824
LUXEMBOURG — 0.1%
Stabilus SA		9,804		633,346
MACAU — 0.1%
Macau Legend Development, Ltd. (a) (b)		3,021,740		540,464
NETHERLANDS — 1.5%
Accell Group		11,998		329,152
AMG Advanced Metallurgical Group NV		11,829		274,858
Amsterdam Commodities NV		15,724		395,214
Arcadis NV		29,668		468,990
Basic-Fit NV (b) (e)		23,800		415,812
BE Semiconductor Industries NV		13,673		559,147
Beter Bed Holding NV		12,648		209,002
BinckBank NV (a)		41,761		213,903
Constellium NV Class A (b)		31,870		207,155
Corbion NV		40,024		1,097,802
Delta Lloyd NV		174,737		998,366
Flow Traders (e)		19,509		616,377
ForFarmers NV (b)		9,923		84,799
Fugro NV (b)		29,783		465,233
Heijmans NV (a) (b)		23,322		179,048
Intertrust NV (e)		14,339		275,746
Kendrion NV		11,501		368,412
Koninklijke BAM Groep NV		147,005		795,894
NSI NV		50,343		207,301
PostNL NV (b)		161,660		765,616
Refresco Gerber NV (e)		26,393		403,105
Sligro Food Group NV		9,626		363,431
TKH Group NV		16,426		706,690
Van Lanschot NV		12,895		309,282
Vastned Retail NV		5,633		213,578
Wessanen		30,364		411,144
				11,335,057
NEW ZEALAND — 1.4%
a2 Milk Co., Ltd. (a) (b)		364,258		761,357
Air New Zealand, Ltd.		242,184		416,475
Argosy Property, Ltd.		361,046		244,817
Chorus, Ltd.		153,231		462,742
EBOS Group, Ltd.		31,257		398,766
Freightways, Ltd.		81,483		426,636
Genesis Energy, Ltd.		188,760		274,462
Goodman Property Trust		377,450		317,947
Heartland New Zealand, Ltd.		256,971		294,602
Infratil, Ltd.		312,682		636,069
Investore Property, Ltd. (a)		172,283		160,178
Kathmandu Holdings, Ltd.		78,848		109,135
Kiwi Property Group, Ltd.		519,719		517,716
Mainfreight, Ltd.		59,554		940,449
Metlifecare, Ltd.		67,402		288,829
NZX, Ltd.		250,501		189,122
Port of Tauranga, Ltd. (a)		120,808		352,160
Precinct Properties New Zealand, Ltd.		272,304		232,232
Property for Industry, Ltd.		226,491		255,701
Restaurant Brands New Zealand, Ltd.		146,160		556,844
Skellerup Holdings, Ltd.		150,474		157,783
SKY Network Television, Ltd.		147,590		404,437
SKYCITY Entertainment Group, Ltd.		7,415		21,511
Steel & Tube Holdings, Ltd.		16,344		26,849
Stride Property Group		265,206		320,729
Summerset Group Holdings, Ltd. (a)		63,470		229,386
TOWER, Ltd.		137,019		120,687
Trade Me Group, Ltd.		207,326		743,497
Vital Healthcare Property Trust		226,209		324,960
Warehouse Group, Ltd.		64,785		104,615
Xero, Ltd. (b)		35,240		487,517
				10,778,210
NORWAY — 1.6%
AF Gruppen ASA		13,576		242,629
Aker Solutions ASA (b)		58,462		352,246
Atea ASA (b)		41,024		482,416
Austevoll Seafood ASA		35,842		262,903
Avance Gas Holding, Ltd. (e)		26,840		88,124
Borregaard ASA		55,084		617,289
BW LPG, Ltd. (e)		28,469		144,783

See accompanying notes to financial statements.

147

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
BW Offshore, Ltd. (b)		51,555	$	126,053
DNO ASA (a) (b)		232,891		196,044
Ekornes ASA		47,098		592,228
Europris ASA (e)		36,968		159,684
Frontline, Ltd.		14,413		96,491
Hexagon Composites ASA (b)		53,052		169,245
Hoegh LNG Holdings, Ltd.		20,588		210,341
Kongsberg Automotive ASA (b)		207,175		141,109
Kongsberg Gruppen ASA		13,082		203,338
Kvaerner ASA (b)		110,188		138,554
Nordic Semiconductor ASA (b)		83,178		303,120
Norwegian Air Shuttle ASA (a) (b)		8,601		236,833
Norwegian Finans Holding ASA (b)		54,117		428,455
Petroleum Geo-Services ASA (b)		117,774		310,585
Prosafe SE (b)		1,194		4,699
Protector Forsikring ASA (a)		57,159		424,255
Scatec Solar ASA (e)		94,055		419,414
SpareBank 1 SMN		31,759		245,896
Spectrum ASA (b)		21,211		98,783
Stolt-Nielsen, Ltd.		14,077		239,290
Storebrand ASA (b)		149,637		994,804
TGS Nopec Geophysical Co. ASA		37,934		803,827
Thin Film Electronics ASA (a) (b)		290,066		113,812
Tomra Systems ASA		116,841		1,278,750
Treasure ASA (b)		21,989		40,451
Veidekke ASA		108,606		1,428,877
Wilh Wilhelmsen ASA (b)		21,989		107,527
XXL ASA (e)		30,745		334,694
				12,037,549
PERU — 0.0% (f)
Hochschild Mining PLC		85,214		296,119
PORTUGAL — 0.4%
Altri SGPS SA		200,553		898,761
Banco Comercial Portugues SA Class R (a) (b)		3,568,394		748,430
CTT-Correios de Portugal SA		61,322		335,936
Mota-Engil SGPS SA (a)		47,097		95,406
Pharol SGPS SA		243,340		97,859
REN — Redes Energeticas Nacionais SGPS SA		84,222		254,115
Sonae SGPS SA (b)		408,511		414,203
				2,844,710
SINGAPORE — 1.9%
AIMS AMP Capital Industrial REIT		249,058		246,866
Ascendas Hospitality Trust		516,200		288,153
Ascott Residence Trust (a)		541,025		420,105
Boustead Singapore, Ltd.		316,850		197,280
Cache Logistics Trust		499,700		302,187
Cambridge Industrial Trust		1,045,255		433,871
CapitaLand Retail China Trust		347,673		368,250
CDL Hospitality Trusts		408,700		419,727
China New Town Development Co., Ltd. (c)		428,500		23,433
China Yuchai International, Ltd.		21,971		406,683
Cordlife Group, Ltd. (a) (b)		250,100		187,043
COSCO Corp. Singapore, Ltd. (b)		4,000		887
Croesus Retail Trust		252,718		160,967
CWT, Ltd.		190,800		273,098
Delfi, Ltd.		187,100		298,599
Ezion Holdings, Ltd. (a) (b)		648,440		164,744
Ezra Holdings, Ltd. (a) (b) (c)		1,444,295		11,370
Far East Hospitality Trust		423,400		181,808
First Real Estate Investment Trust		581,000		544,701
Frasers Centrepoint Trust		266,100		401,826
Frasers Commercial Trust		315,945		289,422
GL, Ltd.		409,700		227,236
Haw Par Corp., Ltd.		70,686		506,887
Hyflux, Ltd. (a)		314,700		128,375
IGG, Inc.		448,000		621,430
International Healthway Corp., Ltd. (b)		151,700		11,508
Interra Resources, Ltd. (b)		7,000		426
Jaya Holdings, Ltd.		49		5
Keppel DC REIT		306,466		263,193
Keppel Infrastructure Trust		810,938		295,984
Lian Beng Group, Ltd.		125,600		47,640
Lippo Malls Indonesia Retail Trust		1,235,200		349,176
Manulife US Real Estate Investment Trust (c)		314,000		263,760
Mapletree Logistics Trust		488,000		382,423
Metro Holdings, Ltd.		337,400		284,930
OUE Commercial Real Estate Investment Trust		123,500		62,311
OUE Hospitality Trust		348,233		171,961
OUE, Ltd.		90,400		138,450
Pan-United Corp., Ltd.		700		346
Parkway Life Real Estate Investment Trust		252,300		455,018
Raffles Medical Group, Ltd.		476,049		482,079
Religare Health Trust		462,700		294,713
Rowsley, Ltd. (a) (b)		1,651,200		119,353
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust		567,149		204,974
Saizen REIT		367		7
Sinarmas Land, Ltd. (a)		593,100		207,986
Soilbuild Business Space REIT		284,810		137,584
Stamford Land Corp., Ltd.		582		225
Starhill Global REIT		747,500		403,895
Super Group, Ltd.		247,000		230,684
Swiber Holdings, Ltd. (b)		100,100		—
Tat Hong Holdings, Ltd. (b)		849		255
Technics Oil & Gas, Ltd. (b)		1,254		—
UMS Holdings, Ltd.		332,400		203,394
United Engineers, Ltd.		288,200		587,827
Venture Corp., Ltd.		78,300		642,740
Wing Tai Holdings, Ltd.		563,699		760,447
XP Power, Ltd.		9,551		251,998
Yoma Strategic Holdings, Ltd.		731,433		335,016
				14,695,256
SOUTH AFRICA — 0.1%
Great Basin Gold, Ltd. (b)		266,255		—
Lonmin PLC (b)		102,914		109,386
Petra Diamonds, Ltd. (b)		175,920		293,232
				402,618
SOUTH KOREA — 9.1%
Able C&C Co., Ltd.		9,735		214,147
Actoz Soft Co., Ltd. (b)		1,057		19,424

See accompanying notes to financial statements.

148

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Advanced Process Systems Corp. (a) (b) (c)		6,445	$	160,505
AeroSpace Technology of Korea, Inc. (a) (b) .		4,369		61,532
AfreecaTV Co., Ltd.		3,192		60,084
Ahnlab, Inc.		2,197		289,384
AJ Rent A Car Co., Ltd. (b)		2,936		26,910
AK Holdings, Inc.		1,935		102,434
Amicogen, Inc. (b)		6,146		224,230
Asiana Airlines, Inc. (b)		43,765		176,696
Barun Electronics Co., Ltd. (a) (b)		161,752		300,853
Binex Co., Ltd. (b)		15,114		188,536
Binggrae Co., Ltd.		4,070		249,303
Boryung Pharmaceutical Co., Ltd.		3,627		163,139
Bukwang Pharmaceutical Co., Ltd.		11,864		226,501
Byucksan Corp.		28,987		101,738
Cell Biotech Co., Ltd.		1,597		49,125
Celltrion Pharm, Inc. (b)		8,328		157,877
Chabiotech Co., Ltd. (b)		27,181		322,050
Cheil Worldwide, Inc.		44,217		751,250
Choa Pharmaceutical Co. (a) (b)		17,882		77,553
Chong Kun Dang Pharmaceutical Corp.		3,474		343,268
Chongkundang Holdings Corp.		1,981		120,458
CJ CGV Co., Ltd.		6,872		461,493
CJ Freshway Corp.		1,708		50,478
CNK International Co., Ltd. (b)		16,071		—
Com2uSCorp.		7,151		774,377
Corentec Co., Ltd. (b)		2,757		32,666
Cosmax BTI, Inc.		6,489		185,392
Cosmax, Inc.		5,189		631,051
Crown Confectionery Co., Ltd. (c)		2,778		82,473
CrucialTec Co., Ltd. (a) (b)		6,288		36,380
CrystalGenomics, Inc. (b)		12,177		167,688
CTC BIO, Inc. (b)		6,455		49,929
Curoholdings Co., Ltd. (b)		50,509		66,394
D.I Corp.		9,210		42,002
Dae Han Flour Mills Co., Ltd.		485		76,330
Dae Hwa Pharmaceutical Co., Ltd. (a)		9,002		171,861
Daeduck GDS Co., Ltd.		3,354		41,839
Daesang Corp.		16,260		350,412
Daesang Holdings Co., Ltd.		4,925		44,701
Daewon Pharmaceutical Co., Ltd.		9,722		177,348
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (b) (g)		50,853		101,861
Daewoong Pharmaceutical Co., Ltd.		1,733		130,328
Daou Technology, Inc.		18,420		334,370
DGB Financial Group, Inc.		41,201		399,741
Digital Power Communications Co., Ltd.		13,800		50,410
DIO Corp. (a) (b)		9,122		261,840
Dong-A Socio Holdings Co., Ltd.		4,215		497,523
Dong-A ST Co., Ltd.		4,440		372,812
Dongbu HiTek Co., Ltd. (b)		25,551		436,398
DongKook Pharmaceutical Co., Ltd.		3,203		184,452
Dongkuk Steel Mill Co., Ltd.		52,098		596,311
Dongsung Finetec Co., Ltd.		4,382		27,194
Dongwha Pharm Co., Ltd.		31,374		255,021
Dongwon F&B Co., Ltd.		408		84,825
Dongwon Industries Co., Ltd.		1,129		343,253
Doosan Infracore Co., Ltd. (b)		57,191		481,748
Eo Technics Co., Ltd.		5,076		395,804
Eugene Investment & Securities Co., Ltd. (a) (b)		111,927		284,747
Eugene Technology Co., Ltd.		3,876		56,495
Eusu Holdings Co., Ltd.		6,550		37,837
Fila Korea, Ltd.		6,928		434,278
Finetex EnE, Inc. (a) (b)		41,561		216,297
Gamevil, Inc. (b)		3,270		160,824
GemVax & Kael Co., Ltd. (a) (b)		13,083		156,767
Genexine Co., Ltd. (b)		7,831		290,608
Genic Co., Ltd. (a) (b)		3,175		34,070
GNCO Co., Ltd. (b)		786		1,655
GOLFZON Co., Ltd.		2,214		101,959
GOLFZONYUWONHOLDINGS Co., Ltd.		10,785		59,311
Grand Korea Leisure Co., Ltd.		14,254		279,140
Green Cross Cell Corp.		1,763		45,088
Green Cross Corp.		3,937		558,003
Green Cross Holdings Corp.		13,289		340,454
GS Engineering & Construction Corp. (a) (b)		25,417		697,757
GS Home Shopping, Inc.		2,484		510,883
Halla Holdings Corp.		2,626		156,156
Hana Tour Service, Inc.		4,613		328,351
Hanall Biopharma Co., Ltd. (a) (b)		15,982		190,075
Hancom, Inc.		6,228		91,891
Hanil Cement Co., Ltd.		1,686		152,272
Hanjin Heavy Industries & Construction Co., Ltd. (b)		36,715		127,385
Hanjin Kal Corp. (b)		22,671		397,346
Hanjin Shipping Co., Ltd. (b) (c)		1,732		19
Hanjin Transportation Co., Ltd.		4,072		93,398
Hankook Shell Oil Co., Ltd.		294		104,502
Hankook Tire Worldwide Co., Ltd.		13,916		242,034
Hanmi Pharm Co., Ltd.		482		128,872
Hanmi Semiconductor Co., Ltd.		5,551		83,640
Hansae Co., Ltd. (a)		10,524		228,210
Hansol Chemical Co., Ltd.		2,681		183,161
Hansol Holdings Co., Ltd. (b)		47,485		267,085
Hansol Paper Co., Ltd.		29,651		505,098
Hansol Technics Co., Ltd. (b)		12,647		191,124
Hanwha Investment & Securities Co., Ltd. (b)		248,510		552,220
Harim Co., Ltd. (a)		12,378		57,557
Heung-A Shipping Co., Ltd. (a)		47,633		75,818
Hite Jinro Co., Ltd.		32,372		589,082
HLB, Inc. (a) (b)		16,631		208,204
Homecast Co., Ltd. (a) (b)		14,362		127,400
Hugel, Inc. (b)		1,113		367,351
Humax Co., Ltd.		32,291		343,613
Humedix Co., Ltd.		1,459		39,140
Huons Co., Ltd. (b)		2,290		104,640
Huons Global Co., Ltd.		2,074		46,458
Hwa Shin Co., Ltd.		3,328		19,195
Hyundai BNG Steel Co., Ltd.		2,528		28,822
Hyundai C&F, Inc.		1,682		23,764
Hyundai Corp.		2,393		46,007
Hyundai Elevator Co., Ltd.		8,083		456,806

See accompanying notes to financial statements.

149

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Hyundai Engineering Plastics Co., Ltd.		5,126	$	38,687
Hyundai Greenfood Co., Ltd.		34,333		480,472
Hyundai Home Shopping Network Corp.		3,955		450,919
Hyundai Hy Communications & Network Co., Ltd.		7,660		26,645
Hyundai IBT Co., Ltd. (a) (b)		45,395		162,574
Hyundai Livart Furniture Co., Ltd.		13,497		324,662
Hyundai Merchant Marine Co., Ltd. (b)		66,898		493,525
Hyundai Mipo Dockyard Co., Ltd. (a) (b)		3,893		308,432
Hyundai Rotem Co., Ltd. (b)		24,394		456,992
i-SENS, Inc.		2,594		68,312
Il Dong Pharmaceutical Co., Ltd. (d)		7,288		127,408
Il Dong Pharmaceutical Co., Ltd. (d)		2,681		47,229
Ilyang Pharmaceutical Co., Ltd. (a)		8,357		279,488
iMarketKorea, Inc.		7,991		95,395
InBody Co., Ltd.		2,625		53,871
Innocean Worldwide, Inc.		5,807		319,871
Innox Corp. (a) (b)		3,589		90,343
Inscobee, Inc. (b)		22,553		31,864
Interojo Co., Ltd.		3,505		118,160
Interpark Holdings Corp.		32,406		139,094
iNtRON Biotechnology, Inc. (b)		4,727		99,756
IS Dongseo Co., Ltd.		6,252		254,653
JB Financial Group Co., Ltd.		201,921		1,076,142
Jeil Pharmaceutical Co. (a)		4,914		285,182
Jeju Air Co., Ltd.		5,085		135,503
Jenax, Inc. (a) (b)		7,138		141,062
JoyCity Corp. (b)		1,510		27,343
Jusung Engineering Co., Ltd. (b)		8,008		69,604
JW Holdings Corp. (a)		26,317		187,794
JW Pharmaceutical Corp. (a)		5,980		238,762
JYP Entertainment Corp. (b)		12,381		59,785
KB Financial Group, Inc.		11,034		483,471
KB Insurance Co., Ltd.		40,355		974,323
Kginicis Co., Ltd.		16,728		171,274
KGMobilians Co., Ltd. (a)		47,253		297,470
KH Vatec Co., Ltd.		6,000		75,114
KIWOOM Securities Co., Ltd.		6,949		505,811
Koh Young Technology, Inc.		2,882		132,207
Kolao Holdings (a)		15,372		100,345
Kolon Corp.		3,941		220,256
Kolon Industries, Inc.		9,112		576,884
Kolon Life Science, Inc.		1,996		226,319
Komipharm International Co., Ltd. (b)		14,079		471,482
KONA I Co., Ltd. (b)		6,074		56,487
Korea Electric Terminal Co., Ltd.		2,560		166,882
Korea Kolmar Co., Ltd. (a)		8,973		602,586
Korea Kolmar Holdings Co., Ltd.		2,092		54,624
Korea Line Corp. (b)		3,888		80,833
Korea Petrochemical Ind Co., Ltd.		1,418		310,659
Korea Real Estate Investment & Trust Co., Ltd.		52,651		146,658
Korea United Pharm, Inc.		6,977		114,484
Korean Air Lines Co., Ltd. (b)		19,381		546,786
Korean Reinsurance Co.		93,495		969,813
Kortek Corp.		7,958		102,828
KT Hitel Co., Ltd. (b)		63,725		409,144
KT Skylife Co., Ltd.		14,981		221,038
Ktis Corp.		13,657		41,583
Kumho Industrial Co., Ltd.		17,013		139,962
Kumho Petrochemical Co., Ltd.		9,851		694,142
Kumho Tire Co., Inc. (a) (b)		63,997		488,719
Kwang Dong Pharmaceutical Co., Ltd.		17,344		138,032
KyungDong City Gas Co., Ltd.		278		17,948
Kyungdong Pharm Co., Ltd.		6,915		120,269
Leaders Cosmetics Co., Ltd. (a) (b)		7,381		101,313
LEENO Industrial, Inc.		3,454		129,259
LF Corp.		12,703		254,446
LG Chem, Ltd.		1,292		339,666
LG Hausys, Ltd.		3,904		354,338
LG Innotek Co., Ltd.		6,371		777,646
LG International Corp.		38,281		1,102,252
LIG Nex1 Co., Ltd.		5,281		370,704
Lock&Lock Co., Ltd.		3,411		43,007
Loen Entertainment, Inc.		4,044		325,458
Lotte Chilsung Beverage Co., Ltd.		402		508,656
LOTTE Fine Chemical Co., Ltd.		14,761		510,161
Lotte Food Co., Ltd.		754		420,724
LOTTE Himart Co., Ltd.		4,236		203,031
LS Corp.		12,498		717,492
LS Industrial Systems Co., Ltd.		11,347		479,429
Lumens Co., Ltd. (b)		14,756		45,325
Lutronic Corp.		6,148		72,844
Macrogen, Inc. (b)		3,377		87,724
Maeil Dairy Industry Co., Ltd.		1,495		63,099
Magnachip Semiconductor Corp. (a) (b)		24,236		231,454
Medipost Co., Ltd. (a) (b)		4,326		230,555
MegaStudy Co., Ltd.		3,945		111,475
Melfas, Inc. (b)		24,635		161,032
Meritz Financial Group, Inc.		32,951		358,003
Meritz Fire & Marine Insurance Co., Ltd.		54,949		786,179
Meritz Securities Co., Ltd.		157,347		524,115
Minwise Co., Ltd. (a)		19,495		677,261
Mirae Corp. (a) (b)		228,142		84,051
Modetour Network, Inc.		3,064		105,896
Muhak Co., Ltd.		6,113		126,546
Naturalendo Tech Co., Ltd. (a) (b)		10,778		151,314
Naturecell Co., Ltd. (a) (b)		36,949		142,239
Neowiz Games Corp. (a) (b)		11,749		123,972
NEPES Corp. (b)		5,926		58,025
Nexen Tire Corp.		26,771		335,146
NH Investment & Securities Co., Ltd.		3		34
NHN Entertainment Corp. (b)		10,756		576,128
NHN KCP Corp. (b)		6,888		83,151
NICE Holdings Co., Ltd.		5,410		83,692
NongShim Co., Ltd.		2,833		757,460
OCI Co., Ltd.		7,748		586,833
Opto Device Technology Co., Ltd.		6,021		49,910
Osstem Implant Co., Ltd. (b)		7,660		358,238
Pan Ocean Co., Ltd. (b)		102,180		502,540
Paradise Co., Ltd. (a)		24,973		308,171
Partron Co., Ltd.		24,516		252,109
Paru Co., Ltd. (a) (b)		100,720		298,116
Pharmicell Co., Ltd. (a) (b)		60,914		250,018
Poongsan Corp.		18,801		657,354

See accompanying notes to financial statements.

150

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Posco ICT Co., Ltd.		7,906	$	50,124
Power Logics Co., Ltd. (b)		15,470		76,084
Qurient Co., Ltd. (b)		6,373		144,465
Redrover Co., Ltd. (b)		14,589		77,883
S&T Dynamics Co., Ltd. (b)		7,375		60,936
S-Energy Co., Ltd.		35		250
Sajo Industries Co., Ltd.		1,225		73,721
Sam Yung Trading Co., Ltd.		5,633		96,964
Samchully Co., Ltd.		492		47,075
Samchuly Bicycle Co., Ltd.		5,255		70,017
Samho International Co., Ltd. (b)		4,964		75,905
Samjin Pharmaceutical Co., Ltd.		10,154		294,641
Samkwang Glass		975		51,004
Samsung Pharmaceutical Co., Ltd. (b)		35,843		116,026
Samyang Holdings Corp.		3,970		438,429
Schnell Biopharmaceuticals, Inc. (a) (b)		40,498		121,317
SeAH Steel Corp.		663		56,381
Sebang Co., Ltd.		2,659		37,449
Seegene, Inc. (b)		13,857		407,668
Seobu T&D		4,573		68,699
Seohan Co., Ltd.		149,435		370,147
Seoul Semiconductor Co., Ltd. (a)		23,841		370,950
SEOWONINTECH Co., Ltd.		2,971		29,755
Seoyon Co., Ltd.		4,385		40,388
Seoyon E-Hwa Co., Ltd.		3,488		44,602
SFA Engineering Corp.		15,504		1,003,746
Shinsegae Information & Communication Co., Ltd.		7,182		445,704
Shinsegae, Inc.		3,282		560,549
Silicon Works Co., Ltd.		1,861		51,006
Silla Co., Ltd.		1,612		21,334
Sindoh Co., Ltd.		824		37,505
SK Bioland Co., Ltd.		3,945		58,559
SK Chemicals Co., Ltd.		8,155		473,271
SK Materials Co., Ltd.		2,978		432,733
SK Networks Co., Ltd.		70,794		472,888
SKC Co., Ltd.		14,185		390,680
SM Culture & Contents Co., Ltd. (a) (b)		102,698		203,412
SM Entertainment Co. (a) (b)		9,176		193,645
Soulbrain Co., Ltd.		7,610		353,859
SPC Samlip Co., Ltd.		1,615		317,714
Suheung Co., Ltd.		1,517		50,056
SundayToz Corp. (b)		3,445		71,315
Sungshin Cement Co., Ltd. (b)		7,179		46,413
Sungwoo Hitech Co., Ltd.		28,359		189,939
Suprema HQ, Inc. (b)		1,780		13,227
Suprema, Inc. (b)		1,723		33,280
Synopex, Inc. (b)		30,038		49,423
Taekwang Industrial Co., Ltd.		530		431,280
Taihan Electric Wire Co., Ltd. (b)		142,012		217,786
TBH Global Co., Ltd. (b)		2,002		13,928
Tera Semicon Co., Ltd.		2,646		59,152
Tongyang Life Insurance Co., Ltd.		7,809		71,575
Tongyang, Inc.		134,392		287,820
Tovis Co., Ltd.		7,515		53,223
Value Added Technologies Co., Ltd.		3,653		91,627
Viatron Technologies, Inc. (a)		11,360		202,658
Vieworks Co., Ltd.		6,662		384,243
ViroMed Co., Ltd. (a) (b)		7,854		662,284
Wave Electronics Co., Ltd. (b)		6,572		156,028
Webzen, Inc. (a) (b)		12,738		245,465
WeMade Entertainment Co., Ltd.		5,649		146,996
Whanin Pharmaceutical Co., Ltd.		8,728		122,924
Wins Co., Ltd.		4,001		48,479
WiSoL Co., Ltd.		5,971		84,095
Wonik Holdings Co., Ltd. (a) (b)		105,357		517,223
Wonik IPS Co., Ltd. (b)		17,043		379,478
Woojeon Co., Ltd. (b) (c)		7,776		4,798
Woongjin Thinkbig Co., Ltd. (b)		8,229		66,374
YG Entertainment, Inc. (a)		6,886		179,801
Young Poong Corp.		268		230,303
Youngone Corp. (a)		10,296		306,588
Yuanta Securities Korea Co., Ltd. (a) (b)		75,522		229,274
Yuhan Corp.		26		5,173
Yungjin Pharmaceutical Co., Ltd. (a) (b)		53,735		392,573
				70,114,410
SPAIN — 1.1%
Applus Services SA		54,807		660,341
Axiare Patrimonio SOCIMI SA		22,352		334,453
Baron de Ley (b)		989		119,582
Codere SA (b)		596,157		357,067
Construcciones y Auxiliar de Ferrocarriles SA		22,906		878,293
Euskaltel SA (e)		32,050		329,079
Faes Farma SA		270,005		965,982
Hispania Activos Inmobiliarios SOCIMI SA		. 32,752		471,853
Lar Espana Real Estate Socimi SA		25,555		197,339
Let’s GOWEX SA (a) (b)		9,561		—
NH Hotel Group SA (b)		58,246		275,353
Obrascon Huarte Lain SA		49,159		225,665
Parques Reunidos Servicios Centrales SAU (b) (e)		13,169		236,626
Pharma Mar SA (a) (b)		178,481		568,865
Promotora de Informaciones SA Class A (b)		. 45,991		212,007
Sacyr SA (a) (b)		118,619		295,478
Saeta Yield SA		14,031		128,158
Talgo SA (a) (b) (e)		37,676		209,460
Telepizza Group SA (b) (e)		33,509		170,704
Tubacex SA		162,744		515,226
Vidrala SA		21,806		1,136,044
				8,287,575
SWEDEN — 3.0%
Acando AB		89,364		308,279
AddLife AB (b)		15,336		284,277
AddTech AB Class B		26,290		437,269
AF AB Class B		30,112		624,614
Attendo AB (e)		29,748		294,038
Avanza Bank Holding AB		10,272		387,603
B&B Tools AB Class B		13,569		291,797
Beijer Alma AB		9,184		245,845
Beijer Ref AB		15,970		414,977
Betsson AB (b)		51,515		450,049
Bilia AB Class A		13,365		276,931

See accompanying notes to financial statements.

151

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
BioGaia AB Class B		5,372	$	200,962
Bonava AB Class B (b)		38,604		566,415
Bravida Holding AB (e)		38,295		249,201
Bufab AB		23,485		251,203
Bure Equity AB		22,806		250,326
Byggmax Group AB (a)		27,956		192,567
Capio AB (e)		28,286		157,139
Cellavision AB		19,224		263,761
Clas Ohlson AB Class B		13,835		217,327
Cloetta AB Class B		111,534		442,223
Com Hem Holding AB		42,059		483,794
Duni AB		13,863		203,404
Eltel AB (a) (e)		22,595		139,822
Evolution Gaming Group AB (a) (e)		10,399		380,865
Haldex AB		46,513		621,246
Hemfosa Fastigheter AB		57,775		517,680
HIQ International AB (b)		32,603		236,444
Hoist Finance AB (a) (e)		23,152		203,559
Industrial & Financial Systems (c)		9,979		443,161
Infant Bacterial Theraoeutic AB (b)		1,217		8,247
Investment AB Oresund		15,754		264,675
Inwido AB		31,388		379,681
JM AB		24,283		769,425
KNOW IT AB		23,788		315,724
Kungsleden AB (a)		69,301		398,576
Kungsleden AB (a) (b)		13,860		79,171
Lagercrantz Group AB Class B		23,469		228,689
LeoVegas AB (b) (e)		69,671		307,454
Lindab International AB		21,101		179,853
Medivir AB Class B (b)		8,660		68,139
Modern Times Group MTG AB Class B		20,422		685,743
Munksjo Oyj (b)		19,788		295,030
Mycronic AB		30,946		318,011
NetEnt AB (b)		78,574		633,640
New Wave Group AB Class B		96,249		673,763
Nobia AB		53,498		551,260
Nolato AB Class B		12,253		366,425
Opus Group AB		87,375		70,951
Orexo AB (a) (b)		28,057		92,389
Qliro Group AB (b)		96,680		139,146
Ratos AB Class B (a)		56,197		265,114
RaySearch Laboratories AB		14,342		377,493
Recipharm AB Class B		10,331		143,771
Sagax AB Class B		36,453		350,105
Sagax AB Class D		2,410		7,571
SAS AB (a) (b)		46,790		74,941
Scandi Standard AB		29,374		179,304
Sectra AB Class B (b)		15,449		276,854
SkiStar AB		10,947		204,146
Starbreeze AB (a) (b)		114,508		196,227
Systemair AB.		11,915		198,176
Tethys Oil AB		31,571		224,540
Thule Group AB (e)		27,963		470,732
Tobii AB (a) (b)		40,220		260,151
Vitrolife AB.		8,585		412,505
Vostok New Ventures, Ltd. SDR (b)		21,816		170,432
Wihlborgs Fastigheter AB		125,041		2,379,452
				23,054,284
SWITZERLAND — 2.6%
APG SGA SA		303		141,442
Arbonia AG (a) (b)		20,466		346,569
Ascom Holding AG		21,191		374,725
Autoneum Holding AG		1,432		420,966
Bachem Holding AG Class B		3,655		433,072
Basilea Pharmaceutica, Ltd. (a) (b)		8,722		753,737
Bell AG		829		344,537
Bobst Group SA		2,784		257,415
Bossard Holding AG Class A (b)		2,019		361,461
Burckhardt Compression Holding AG		1,391		376,951
Burkhalter Holding AG		2,737		410,160
Comet Holding AG (b)		341		416,307
Conzzeta AG		193		171,703
EFG International AG (b)		41,800		259,332
Evolva Holding SA (a) (b)		216,138		140,356
GAM Holding AG (b)		67,649		834,672
Gurit Holding AG (b)		64		55,371
HBM Healthcare Investments AG Class A (b)		3,063		340,894
Huber + Suhner AG		6,327		411,497
Implenia AG		5,041		354,046
Inficon Holding AG (b)		947		470,212
Interroll Holding AG		406		466,457
Intershop Holding AG		254		126,372
Kardex AG (b)		4,096		400,413
Komax Holding AG		2,223		540,787
Kudelski SA		51,340		841,177
Lastminute.com NV (b)		1,581		22,982
LEM Holding SA		274		255,673
Leonteq AG (a) (b)		3,674		150,308
LifeWatch AG (b)		12,498		161,696
Metall Zug AG		63		251,824
Meyer Burger Technology AG (b)		38,260		32,490
Mobilezone Holding AG		14,419		228,324
Mobimo Holding AG (b)		3,115		806,797
Myriad Group AG (b)		27,669		45,334
Newron Pharmaceuticals SpA (b)		3,477		78,158
Orascom Development Holding AG (b)		5,346		28,894
Oriflame Holding AG		19,924		800,236
Orior AG		5,787		414,534
Phoenix Mecano AG		452		232,559
Rieter Holding AG (b)		1,476		310,698
Santhera Pharmaceutical Holding AG (b)		2,154		165,701
Schmolz + Bickenbach AG (b)		185,796		142,927
Schweiter Technologies AG		335		371,832
Siegfried Holding AG (b)		1,750		461,124
Swissquote Group Holding SA (b)		5,551		150,289
Tecan Group AG		4,688		749,837
u-blox Holding AG (b)		2,873		632,895
Valiant Holding AG		6,647		707,898
Valora Holding AG		6,099		2,109,775
Vaudoise Assurances Holding SA		448		231,396
Wizz Air Holdings PLC (b) (e)		20,887		428,599
Zehnder Group AG (b)		2,579		84,253
				20,107,664
UNITED ARAB EMIRATES — 0.0% (f)
Lamprell PLC (b)		116,941		163,411

See accompanying notes to financial statements.

152

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
UNITED KINGDOM — 9.7%
4imprint Group PLC		8,242	$	184,069
888 Holdings PLC		78,131		260,856
A.G.Barr PLC		46,327		335,412
Aldermore Group PLC (b)		61,175		170,510
Allied Minds PLC (a) (b)		90,609		345,231
AO World PLC (a) (b)		85,480		144,299
Arrow Global Group PLC		68,337		306,559
Ascential PLC		61,071		244,754
Assura PLC		888,542		642,758
AVEVA Group PLC		25,050		610,814
Avon Rubber PLC		17,063		205,150
Big Yellow Group PLC REIT		58,355		533,046
Bloomsbury Publishing PLC		21,099		47,226
Bodycote PLC		49,081		488,839
Bovis Homes Group PLC		57,699		610,387
Brewin Dolphin Holdings PLC		109,919		429,388
Cairn Energy PLC (b)		251,339		642,717
Cape PLC		38,718		119,101
Card Factory PLC		100,073		356,638
Carillion PLC (a)		153,316		427,522
Chemring Group PLC (b)		277,391		665,978
Chesnara PLC		52,406		235,584
Cineworld Group PLC		438		3,628
Circassia Pharmaceuticals PLC (b)		88,777		118,504
Clarkson PLC		12,165		395,505
CMC Markets PLC (e)		37,392		56,576
Coats Group PLC (a) (b)		575,819		417,619
Communisis PLC		51,946		35,726
Computacenter PLC		32,571		303,630
Concentric AB		22,579		347,727
Connect Group PLC		70,763		119,234
Consort Medical PLC		25,391		328,932
Costain Group PLC		51,065		293,729
Countryside Properties PLC (e)		125,895		380,970
Countrywide PLC		67,501		131,674
Cranswick PLC		21,469		686,987
Crest Nicholson Holdings PLC		108,316		735,460
Daejan Holdings PLC		2,240		180,245
Dairy Crest Group PLC (a)		64,208		444,399
De La Rue PLC		37,445		288,430
Debenhams PLC		462,842		314,846
Dechra Pharmaceuticals PLC		28,657		599,864
Devro PLC		62,184		141,325
DFS Furniture PLC		76,780		244,824
Dialight PLC (b)		12,457		155,769
Dignity PLC		14,986		445,807
Diploma PLC.		48,128		637,324
Domino’s Pizza Group PLC		2,124		8,202
Doric Nimrod Air Three, Ltd. Preference Shares		89,106		115,322
Drax Group PLC		163,099		663,644
EI Group PLC (b)		433,164		735,290
Electrocomponents PLC		173,920		1,029,542
Elementis PLC		144,069		520,997
Empiric Student Property PLC		364,031		492,757
EnQuest PLC (b)		430,034		225,849
Essentra PLC (a)		107,432		705,276
esure Group PLC		113,157		331,952
Euromoney Institutional Investor PLC		16,606		220,732
Exova Group PLC		57,106		176,378
F&C Commercial Property Trust, Ltd		282,155		510,532
FDM Group Holdings PLC		40,292		371,828
Fenner PLC		165,742		606,731
Ferroglobe PLC		21,071		217,663
Fidessa Group PLC		19,022		592,749
Findel PLC (b)		30,308		76,176
Firstgroup PLC (b)		384,565		634,761
Flybe Group PLC (b)		121,384		61,093
Forterra PLC (e)		102,043		267,959
Foxtons Group PLC		95,443		114,871
Fuller Smith & Turner PLC Class A		19,967		249,053
Galliford Try PLC		31,282		575,796
Games Workshop Group PLC		6,127		74,700
Gem Diamonds, Ltd.		96,633		113,283
Genel Energy PLC (a) (b)		62,795		51,039
Genus PLC		33,659		726,034
Go-Ahead Group PLC		17,574		379,515
Gocompare.Com Group PLC (b)		113,157		127,347
Grafton Group PLC		88,845		794,338
Grainger PLC		171,049		526,379
Greene King PLC		445		3,904
Greggs PLC		51,247		668,373
Halfords Group PLC		86,007		381,471
Hansteen Holdings PLC		172,981		258,483
Headlam Group PLC		19,481		152,007
Helical Bar PLC		41,106		161,014
Hill & Smith Holdings PLC		26,501		421,518
Hilton Food Group PLC		30,901		249,422
Hunting PLC		64,855		458,203
Huntsworth PLC		1,708		940
Ibstock PLC (e)		98,968		256,914
Imagination Technologies Group PLC (b)		87,155		292,347
Indivior PLC		1,843		7,423
Intelligent Energy Holdings PLC (b)		48,121		3,174
International Personal Finance PLC		84,089		172,182
Interserve PLC		94,209		262,113
IP Group PLC (b)		219,077		429,272
ITE Group PLC		290,915		585,677
Ithaca Energy, Inc. (b)		158,675		229,628
J D Wetherspoon PLC		130,665		1,544,036
Jackpotjoy PLC (a) (b)		41,039		281,732
James Fisher & Sons PLC		19,851		396,418
JD Sports Fashion PLC		682		3,286
John Laing Group PLC (e)		133,257		454,070
John Menzies PLC		28,113		238,343
Johnston Press PLC (b)		28,520		7,266
JRP Group PLC		260,452		428,272
KCOM Group PLC		218,119		245,472
Keller Group PLC		55,843		633,348
Kier Group PLC		38,793		663,599
Laird PLC		200,393		383,390
Lancashire Holdings, Ltd.		60,787		511,175
LondonMetric Property PLC		223,222		446,047
Lookers PLC		130,194		208,792
Low & Bonar PLC		88,783		80,211
LSL Property Services PLC		40,276		105,259

See accompanying notes to financial statements.

153

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Luxfer Holdings PLC ADR		8,917	$	108,431
Marshalls PLC		103,180		455,188
Marston’s PLC		147,411		247,371
McBride PLC (b)		146,554		362,852
McCarthy & Stone PLC (e)		229,833		543,176
McColl’s Retail Group PLC		62,112		151,453
McKay Securities PLC		53,703		141,021
Mears Group PLC		34,178		215,185
Micro Focus International PLC		180		5,127
Millennium & Copthorne Hotels PLC		33,260		183,412
Mitchells & Butlers PLC		48,995		149,795
Mitie Group PLC		256,687		712,242
Moneysupermarket.com Group PLC		2,183		9,014
Morgan Advanced Materials PLC		178,049		690,188
Morgan Sindall Group PLC		65,651		802,462
Mothercare PLC (b)		59,802		86,931
Mucklow A & J Group PLC		29,813		182,484
N Brown Group PLC		68,011		178,381
NCC Group PLC (a)		127,953		212,798
NewRiver REIT PLC		92,289		389,831
NMC Health PLC		135		2,986
Northgate PLC		48,439		333,138
Novae Group PLC		26,494		209,544
On the Beach Group PLC (e)		35,739		136,863
OneSavings Bank PLC		59,902		302,764
Ophir Energy PLC (b)		269,720		290,897
Oxford Instruments PLC		23,483		240,787
Pagegroup PLC		125,517		671,601
Paragon Group of Cos. PLC		130,133		679,864
PayPoint PLC		75,170		963,462
Pendragon PLC		521,167		228,093
Petropavlovsk PLC (b)		1,013,744		92,537
Pets at Home Group PLC		143,056		326,643
Photo-Me International PLC		104,668		206,139
Polypipe Group PLC		72,069		343,352
Premier Foods PLC (b)		448,894		246,981
Premier Oil PLC (b)		227,552		179,262
Primary Health Properties PLC (a)		284,504		393,113
PZ Cussons PLC		107,701		432,441
QinetiQ Group PLC		147,087		513,151
Rank Group PLC		59,203		154,501
Rathbone Brothers PLC		19,116		572,491
Raven Russia, Ltd. (b)		156,362		107,538
Redefine International PLC		341,515		157,282
Redrow PLC		94,763		604,332
Renewi PLC		557,848		666,171
Renishaw PLC		184		7,162
Restaurant Group PLC		85,537		356,711
Ricardo PLC		29,558		321,744
Robert Walters PLC		47,633		259,693
RPC Group PLC		1,104		10,789
RPS Group PLC		202,131		623,040
Safestore Holdings PLC		78,789		373,397
Sanne Group PLC		54,316		468,984
Savills PLC		55,805		642,686
Schroder Real Estate Investment Trust, Ltd.		242,857		187,523
SDL PLC		46,338		336,072
Seadrill, Ltd. (a) (b)		153,543		241,517
Senior PLC		419,349		1,080,737
Serco Group PLC (b)		374,299		540,589
Shawbrook Group PLC (b) (e)		59,535		252,594
SIG PLC		313,143		435,817
Soco International PLC		99,996		169,429
Softcat PLC		57,881		285,167
Sophos Group PLC (e)		120,645		409,737
Speedy Hire PLC		186,412		123,542
Spire Healthcare Group PLC (e)		84,784		343,499
Spirent Communications PLC		335,453		500,215
SSP Group PLC		1,294		6,743
ST Modwen Properties PLC		71,222		289,444
Stagecoach Group PLC		145,494		380,968
Stallergenes Greer PLC (b)		425		14,500
SThree PLC		57,626		226,804
Stobart Group, Ltd.		115,335		298,537
Stock Spirits Group PLC		89,597		209,508
SuperGroup PLC		23,933		444,716
SVG Capital PLC (b)		16,733		150,756
Synthomer PLC		127,285		757,141
Ted Baker PLC		10,692		369,007
Telecom Plus PLC		30,168		451,551
Thomas Cook Group PLC		288,853		308,823
Topps Tiles PLC		99,846		121,419
TORM PLC		11,455		116,976
TP ICAP PLC		221,349		1,285,670
Trinity Mirror PLC		105,170		151,894
Tritax Big Box REIT PLC		434,110		784,936
Tyman PLC		62,339		250,615
U & I Group PLC		54,832		114,674
Ultra Electronics Holdings PLC		17,262		447,247
UNITE Group PLC		54,641		434,894
Urban & Civic PLC		37,323		111,076
Vectura Group PLC (b)		282,049		538,555
Vesuvius PLC		77,992		507,618
Victrex PLC		28,427		675,384
Virgin Money Holdings UK PLC		92,145		369,404
Vitec Group PLC		27,027		268,340
Volution Group PLC		83,074		194,255
Wilmington PLC		21,770		68,056
Wincanton PLC		208,684		682,381
Workspace Group PLC		44,720		438,973
Xaar PLC		31,209		138,540
ZPG PLC (e)		140,896		639,546
				74,841,011
UNITED STATES — 0.7%
Alacer Gold Corp. (b)		114,613		231,177
Argonaut Gold, Inc. (b)		66,797		116,700
Atlantic Power Corp. (a) (b)		60,573		159,421
Avadel Pharmaceuticals PLC ADR (b)		20,781		201,160
Boart Longyear, Ltd. (b)		2,626		164
DHT Holdings, Inc.		60,924		272,330
Eros International PLC (a) (b)		12,606		129,842
Ferroglobe Representation & Warranty Insurance Trust		19,857		—
Globant SA (b)		11,989		436,400
Golar LNG, Ltd.		38,153		1,065,613
MDC Partners, Inc. Class A		27,072		254,477
Mitel Networks Corp. (b)		38,447		266,438

See accompanying notes to financial statements.

154

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Nordic American Tankers, Ltd. (a)		47,817	$	391,143
Ormat Technologies, Inc.		1		44
Oxford Immunotec Global PLC (b)		15,945		246,988
REC Silicon ASA (a) (b)		908,036		108,894
Ship Finance International, Ltd. (a)		34,036		500,329
Sims Metal Management, Ltd.		52,743		497,304
Stratasys, Ltd. (b)		20,244		414,799
Vail Resorts, Inc.		1,883		361,348
				5,654,571
TOTAL COMMON STOCKS (Cost $805,380,850)				764,333,960
WARRANTS — 0.0% (f)
SINGAPORE — 0.0% (f)
Ezion Holdings, Ltd. (expiring 4/24/20) (a) (b) (Cost $0)		115,305		6,849
RIGHTS — 0.0% (f)
AUSTRALIA — 0.0% (f)
Cooper Energy, Ltd. (expiring 4/21/17) (b) (g)		632		—
Emeco Holdings, Ltd. (expiring 4/10/17) (b)		754		1
Silver Chef, Ltd. (expiring 4/12/17) (b) (g)		846		—
				1
HONG KONG — 0.0% (f)
Landing International Development, Ltd. (expiring 4/19/17) (a) (b)		27,667,500		14,240
UNITED KINGDOM — 0.0% (f)
Laird PLC (expiring 4/3/17) (b)		160,314		139,323
TOTAL RIGHTS (Cost $437,551)				153,564
SHORT-TERM INVESTMENTS — 7.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (h) (i)		88,152		88,152
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)		56,680,386		56,680,386
TOTAL SHORT-TERM INVESTMENTS (Cost $56,768,538)				56,768,538
TOTAL INVESTMENTS — 106.7% (Cost $862,586,939)				821,262,911
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.7)%				(51,544,387	)
NET ASSETS — 100.0%			$	769,718,524

(a) All or a portion of the shares of the security are on loan at March 31, 2017.

(b) Non-income producing security.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $1,750,219 representing 0.2% of the Fund’s net assets.

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

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.8% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(g) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2017, total aggregate fair value of the security is $101,861, representing less than 0.05% of the Fund’s net assets.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at March 31, 2017.

(j) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

155

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	51,053,867	$	61,718	$	0	(a)	$	51,115,585
Austria		3,765,992		408,477		—			4,174,469
Belgium		10,495,179		—		—			10,495,179
Canada		68,802,574		36,647		0	(a)		68,839,221
China		1,836,320		—		—			1,836,320
Denmark		7,343,682		—		0	(a)		7,343,682
Faeroe Islands		648,716		—		—			648,716
Finland		7,869,065		—		0	(a)		7,869,065
France		15,514,999		—		—			15,514,999
Germany		22,172,061		—		—			22,172,061
Greece		621		—		0	(a)		621
Hong Kong		27,739,920		81,457		0	(a)		27,821,377
India		486,778		—		—			486,778
Ireland		6,594,623		—		—			6,594,623
Israel		14,760,300		—		—			14,760,300
Italy		13,197,484		172,401		0	(a)		13,369,885
Japan		255,504,824		—		—			255,504,824
Luxembourg		633,346		—		—			633,346
Macau		540,464		—		—			540,464
Netherlands		11,335,057		—		—			11,335,057
New Zealand		10,778,210		—		—			10,778,210
Norway		12,037,549		—		—			12,037,549
Peru		296,119		—		—			296,119
Portugal		2,844,710		—		—			2,844,710
Singapore		14,396,693		298,563		0	(a)		14,695,256
South Africa		402,618		—		0	(a)		402,618
South Korea		69,764,754		247,795		101,861			70,114,410
Spain		8,287,575		—		0	(a)		8,287,575
Sweden		22,611,123		443,161		—			23,054,284
Switzerland		20,107,664		—		—			20,107,664
United Arab Emirates		163,411		—		—			163,411
United Kingdom		74,841,011		—		—			74,841,011
United States		5,654,571		—		0	(a)		5,654,571
Warrants
Singapore		6,849		—		—			6,849
Rights
Australia		—		1		0	(a)		1
Hong Kong		—		14,240		—			14,240
United Kingdom		139,323		—		—			139,323
Short-Term Investments		56,768,538		—		—			56,768,538
TOTAL INVESTMENTS	$	819,396,590	$	1,764,460	$	101,861		$	821,262,911

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2017.

See accompanying notes to financial statements.

156

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		3,225,573	$	3,225,573		470,553		3,696,126		—	$	—	$	141
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		35,303,976		35,215,824		88,152		88,152		5,157
State Street Navigator Securities Lending Government Money Market Portfolio*		77,010,646		77,010,646		52,398,625		72,728,885		56,680,386		56,680,386		734,296
TOTAL			$	80,236,219							$	56,768,538	$	739,594

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

157

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 14.2%
BGP Holdings PLC (a) (b)		32,410,441	$	—
BWP Trust		4,241,322		9,221,151
Charter Hall Retail REIT		2,891,968		9,574,636
Dexus Property Group REIT		8,452,242		62,994,921
Goodman Group REIT		14,020,633		82,784,234
GPT Group REIT		15,799,476		62,071,032
Investa Office Fund REIT		5,398,520		19,561,735
Scentre Group REIT		46,885,489		153,438,658
Westfield Corp.		16,832,358		114,024,185
				513,670,552
AUSTRIA — 0.8%
CA Immobilien Anlagen AG (a)		642,280		14,147,742
IMMOFINANZ AG (a) (c)		7,717,648		14,783,643
				28,931,385
BELGIUM — 0.6%
Cofinimmo SA REIT		177,842		20,371,581
BRAZIL — 0.6%
BR Malls Participacoes SA (a)		4,678,812		21,353,403
CANADA — 3.5%
Artis Real Estate Investment Trust		646,275		6,411,141
Boardwalk Real Estate Investment Trust		197,800		6,996,008
Canadian Apartment Properties		583,697		14,574,371
Canadian Real Estate Investment Trust		315,161		11,456,533
Dream Office Real Estate Investment Trust		449,650		6,486,909
First Capital Realty, Inc.		1,220,243		18,326,748
H&R Real Estate Investment Trust REIT		1,231,175		21,297,347
RioCan Real Estate Investment Trust		1,403,172		27,565,783
Smart Real Estate Investment Trust REIT		560,754		13,736,613
				126,851,453
FRANCE — 10.3%
Fonciere Des Regions		467,811		39,182,179
Gecina SA REIT		355,005		48,297,262
Klepierre REIT (c)		1,826,514		71,226,335
Mercialys SA		484,039		9,052,050
Unibail-Rodamco SE		874,634		204,960,260
				372,718,086
GERMANY — 1.7%
Deutsche EuroShop AG		426,128		17,467,195
LEG Immobilien AG (a)		552,442		45,401,999
				62,869,194
HONG KONG — 8.3%
Champion REIT		18,836,174		11,537,050
Hang Lung Properties, Ltd.		18,208,755		47,328,939
Hongkong Land Holdings, Ltd.		10,356,400		79,640,716
Hysan Development Co., Ltd.		5,424,846		24,606,038
Link REIT		19,486,855		136,532,105
				299,644,848
ITALY — 0.2%
Beni Stabili SpA SIIQ		8,929,696		5,601,517
JAPAN — 28.4%
Activia Properties, Inc. (c)		5,850		27,877,143
Advance Residence Investment Corp.		11,954		32,666,185
Aeon Mall Co., Ltd.		999,240		15,710,926
AEON REIT Investment Corp. (c)		12,097		13,418,193
Daiwa House REIT Investment Corp.		13,112		34,053,781
Daiwa Office Investment Corp.		2,888		14,747,124
Frontier Real Estate Investment Corp.		4,099		18,613,425
Fukuoka Corp. REIT		6,557		10,739,051
GLP J — REIT		25,263		29,178,391
Hankyu REIT, Inc.		5,240		7,077,268
Heiwa Real Estate Co., Ltd.		290,300		4,100,621
Hoshino Resorts REIT, Inc.		1,438		7,575,213
Hulic Co., Ltd.		4,258,590		40,013,854
Hulic, Inc. REIT		8,354		13,839,616
Invincible Investment Corp. REIT		29,867		12,007,912
Japan Excellent, Inc.		11,474		14,076,064
Japan Hotel REIT Investment Corp.		33,312		22,989,256
Japan Prime Realty Investment Corp. REIT		8,121		31,411,209
Japan Real Estate Investment Corp. REIT		10,947		57,962,218
Japan Rental Housing Investments, Inc.		14,396		10,555,086
Japan Retail Fund Investment Corp. REIT		22,460		44,021,036
Kenedix Office Investment Corp. REIT		3,561		20,963,977
Kenedix Residential Investment Corp.		3,061		8,598,160
Kenedix Retail REIT Corp.		3,515		7,886,117
Leopalace21 Corp.		2,349,000		12,121,287
MCUBS MidCity Investment Corp. (c)		2,430		7,338,194
Mitsui Fudosan Co., Ltd.		8,731,000		186,012,689
Mori Hills Investment Corp. REIT (c)		12,311		16,483,902
Mori Trust Sogo REIT, Inc.		8,465		13,081,513
Nippon Building Fund, Inc. REIT		12,430		67,933,860
Nippon Prologis REIT, Inc.		16,877		36,546,891
Nomura Real Estate Master Fund, Inc.		36,819		57,097,040
NTT Urban Development Corp.		952,731		8,259,339
Orix JREIT, Inc. REIT		23,521		37,235,075
Premier Investment Corp.		9,828		11,104,238
Tokyu Fudosan Holdings Corp.		4,509,200		24,441,863
Tokyu REIT, Inc.		8,585		10,786,144
United Urban Investment Corp. REIT		26,885		41,257,606
				1,029,781,467
MEXICO — 1.1%
Fibra Uno Administracion SA de CV REIT		23,592,839		40,185,423

See accompanying notes to financial statements.

158

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
NETHERLANDS — 0.9%
Eurocommercial Properties NV		429,653	$	15,447,276
Wereldhave NV (c)		353,892		15,645,506
				31,092,782
PHILIPPINES — 1.6%
Robinsons Land Corp.		3,202,200		1,467,874
SM Prime Holdings, Inc.		101,686,100		57,353,595
				58,821,469
SINGAPORE — 7.0%
Ascendas REIT		21,349,568		38,503,479
CapitaLand Commercial Trust		18,784,834		20,770,463
CapitaLand Mall Trust REIT		23,704,847		33,420,560
CapitaLand, Ltd.		22,805,897		59,246,695
Global Logistic Properties, Ltd.		25,990,515		51,709,462
Keppel REIT		15,736,253		11,824,995
Mapletree Logistics Trust		13,386,139		10,490,104
Suntec Real Estate Investment Trust		22,409,776		28,707,865
				254,673,623
SOUTH AFRICA — 2.6%
Growthpoint Properties, Ltd. REIT		20,424,271		39,451,001
Hyprop Investments, Ltd.		1,878,425		17,188,981
Redefine Properties, Ltd. REIT		44,407,763		36,463,464
				93,103,446
SPAIN — 1.3%
Martinsa Fadesa SA (a) (b)		35,998		—
Merlin Properties Socimi SA		4,134,699		46,345,344
				46,345,344
SWEDEN — 1.7%
Castellum AB		2,403,688		31,983,484
Fabege AB (c)		1,236,085		19,728,516
Kungsleden AB (a) (c) (d)		294,997		1,685,074
Kungsleden AB (c) (d)		1,353,040		7,781,840
				61,178,914
SWITZERLAND — 2.4%
PSP Swiss Property AG		355,131		32,339,468
Swiss Prime Site AG (a)		629,179		55,409,490
				87,748,958
THAILAND — 0.5%
Central Pattana PCL NVDR		11,837,259		19,549,347
UNITED KINGDOM — 11.9%
Big Yellow Group PLC REIT		1,303,115		11,903,354
British Land Co. PLC REIT		9,007,856		68,709,637
Capital & Counties Properties PLC (c)		6,617,607		24,047,114
Derwent London PLC		974,992		34,283,311
Grainger PLC		3,655,991		11,250,793
Great Portland Estates PLC REIT		3,024,744		24,641,630
Hammerson PLC		6,981,442		49,847,988
Intu Properties PLC (c)		7,925,255		27,669,101
Land Securities Group PLC REIT		6,962,124		92,194,306
Segro PLC		8,750,877		49,919,847
Shaftesbury PLC		2,444,111		27,964,587
Workspace Group PLC		1,045,592		10,263,566
				432,695,234
TOTAL COMMON STOCKS (Cost $3,528,413,673)				3,607,188,026
SHORT-TERM INVESTMENTS — 2.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (e) (f)		2,759,925		2,759,925
State Street Navigator Securities Lending Government Money Market Portfolio (e) (g)		83,171,939		83,171,939
TOTAL SHORT-TERM INVESTMENTS (Cost $85,931,864)				85,931,864
TOTAL INVESTMENTS — 102.0% (Cost $3,614,345,537)				3,693,119,890
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.0)%				(71,438,238	)
NET ASSETS — 100.0%			$	3,621,681,652

(a) Non-income producing security.

(b) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2017, total aggregate fair value of the security is $ 0, representing 0.0% of the Fund’s net assets.

(c) All or a portion of the shares of the security are on loan at March 31, 2017.

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

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2017.

(g) Investment of cash collateral for securities loaned.

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

159

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	513,670,552	$	—	$	0	(a)	$	513,670,552
Austria		28,931,385		—		—			28,931,385
Belgium		20,371,581		—		—			20,371,581
Brazil		21,353,403		—		—			21,353,403
Canada		126,851,453		—		—			126,851,453
France		372,718,086		—		—			372,718,086
Germany		62,869,194		—		—			62,869,194
Hong Kong		299,644,848		—		—			299,644,848
Italy		5,601,517		—		—			5,601,517
Japan		1,029,781,467		—		—			1,029,781,467
Mexico		40,185,423		—		—			40,185,423
Netherlands		31,092,782		—		—			31,092,782
Philippines		58,821,469		—		—			58,821,469
Singapore		254,673,623		—		—			254,673,623
South Africa		93,103,446		—		—			93,103,446
Spain		46,345,344		—		0	(a)		46,345,344
Sweden		61,178,914		—		—			61,178,914
Switzerland.		87,748,958		—		—			87,748,958
Thailand		19,549,347		—		—			19,549,347
United Kingdom		432,695,234		—		—			432,695,234
Short-Term Investments		85,931,864		—		—			85,931,864
TOTAL INVESTMENTS	$	3,693,119,890	$	—	$	0		$	3,693,119,890

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		1,657,995	$	1,657,995		4,425		1,662,420		—	$	—	$	11
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		293,529,191		290,769,266		2,759,925		2,759,925		32,154
State Street Navigator Securities Lending Government Money Market Portfolio*		113,855,927		113,855,927		419,428,076		450,112,064		83,171,939		83,171,939		368,266
TOTAL			$	115,513,922							$	85,931,864	$	400,431

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

160

SPDR S&P Global Infrastructure ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AUSTRALIA — 8.6%
Macquarie Atlas Roads Group		225,728	$	881,646
Qube Holdings, Ltd. (a)		538,313		1,051,269
Sydney Airport		489,259		2,526,775
Transurban Group Stapled Security		723,503		6,440,955
				10,900,645
BRAZIL — 1.0%
CPFL Energia SA ADR		20,154		330,324
Ultrapar Participacoes SA ADR		41,045		932,953
				1,263,277
CANADA — 10.6%
AltaGas, Ltd. (a)		16,252		375,332
Enbridge, Inc. (b)		2,122		88,787
Enbridge, Inc. (b)		148,094		6,186,268
Inter Pipeline, Ltd. (a)		35,727		750,893
Pembina Pipeline Corp.		38,553		1,218,178
TransCanada Corp. (a)		83,640		3,848,826
Veresen, Inc. (a)		30,384		334,904
Westshore Terminals Investment Corp.		24,955		495,114
				13,298,302
CHILE — 0.3%
Enel Americas SA ADR		35,283		366,590
CHINA — 4.5%
Beijing Capital International Airport Co., Ltd. Class H		638,000		763,482
China Merchants Port Holdings Co., Ltd.		328,022		960,239
COSCO SHIPPING Ports, Ltd.		726,394		801,964
Guangdong Investment, Ltd.		174,000		248,076
Jiangsu Expressway Co., Ltd. Class H		546,000		784,065
Kunlun Energy Co., Ltd.		328,000		303,880
Shenzhen Expressway Co., Ltd. Class H		314,000		284,444
Shenzhen International Holdings, Ltd.		410,572		673,060
Zhejiang Expressway Co., Ltd. Class H		640,000		836,698
				5,655,908
FRANCE — 4.5%
Aeroports de Paris		14,579		1,806,445
Engie SA		99,830		1,417,947
Groupe Eurotunnel SE		245,540		2,477,006
				5,701,398
GERMANY — 1.9%
E.ON SE		135,978		1,083,638
Fraport AG Frankfurt Airport Services Worldwide		16,490		1,169,853
Hamburger Hafen und Logistik AG		10,633		199,531
				2,453,022
HONG KONG — 1.9%
CLP Holdings, Ltd.		121,500		1,270,267
Hong Kong & China Gas Co., Ltd.		456,000		911,824
Hopewell Highway Infrastructure, Ltd.		420,500		226,712
				2,408,803
ITALY — 7.5%
Atlantia SpA		209,955		5,434,286
Enav SpA (c) (d)		113,671		463,451
Enel SpA		476,863		2,251,266
Snam SpA		234,003		1,014,626
Societa Iniziative Autostradali e Servizi SpA		30,469		291,664
				9,455,293
MEXICO — 3.1%
Grupo Aeroportuario del Centro Norte SAB de CV ADR		16,055		693,255
Grupo Aeroportuario del Pacifico SAB de CV ADR		16,605		1,612,345
Grupo Aeroportuario del Sureste SAB de CV ADR		9,029		1,564,184
				3,869,784
NEW ZEALAND — 1.5%
Auckland International Airport, Ltd.		414,693		1,959,664
SINGAPORE — 0.8%
Hutchison Port Holdings Trust		2,333,370		968,349
SPAIN — 10.1%
Abertis Infraestructuras SA		260,864		4,213,006
Aena SA (d)		32,813		5,204,608
Enagas SA		21,972		572,228
Iberdrola SA		375,136		2,690,224
				12,680,066
SWITZERLAND — 1.4%
Flughafen Zuerich AG		8,360		1,783,166
UNITED KINGDOM — 5.3%
BBA Aviation PLC		395,967		1,507,692
Centrica PLC		338,450		918,376
National Grid PLC		243,371		3,084,317
SSE PLC		62,246		1,148,852
				6,659,237
UNITED STATES — 36.8%
American Electric Power Co., Inc.		30,337		2,036,523
American Water Works Co., Inc.		11,000		855,561
Cheniere Energy, Inc. (c)		23,061		1,090,094
Consolidated Edison, Inc.		18,870		1,465,444
Dominion Resources, Inc.		38,814		3,010,802
DTE Energy Co.		11,100		1,133,421
Duke Energy Corp.		43,220		3,544,472
Edison International		20,117		1,601,514
Eversource Energy		19,576		1,150,677
Exelon Corp.		57,291		2,061,330
FirstEnergy Corp.		27,300		868,686
Kinder Morgan, Inc.		185,996		4,043,553
Macquarie Infrastructure Corp.		33,681		2,714,015
NextEra Energy, Inc.		28,916		3,711,947
ONEOK, Inc.		20,381		1,129,923
PG&E Corp.		31,359		2,080,983
PPL Corp.		41,987		1,569,894
Public Service Enterprise Group, Inc.		31,296		1,387,978
Sempra Energy		15,489		1,711,535
Southern Co.		61,273		3,050,170
Targa Resources Corp.		18,789		1,125,461
WEC Energy Group, Inc.		19,496		1,182,043
Williams Cos., Inc.		80,002		2,367,259

See accompanying notes to financial statements.

161

SPDR S&P Global Infrastructure ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Xcel Energy, Inc.		31,325	$	1,392,396
				46,285,681
TOTAL COMMON STOCKS (Cost $121,590,311)				125,709,185
SHORT-TERM INVESTMENTS — 4.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (e) (f)		465,576		465,576
State Street Navigator Securities Lending Government Money Market Portfolio (e) (g)		4,819,397		4,819,397
TOTAL SHORT-TERM INVESTMENTS (Cost $5,284,973)				5,284,973
TOTAL INVESTMENTS — 104.0% (Cost $126,875,284)				130,994,158
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.0)%				(5,096,829	)
NET ASSETS — 100.0%			$	125,897,329

(a) All or a portion of the shares of the security are on loan at March 31, 2017.

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

(c) Non-income producing security.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 4.5% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2017.

(g) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	10,900,645	$	—	$	—	$	10,900,645
Brazil		1,263,277		—		—		1,263,277
Canada		13,298,302		—		—		13,298,302
Chile		366,590		—		—		366,590
China		5,655,908		—		—		5,655,908
France		5,701,398		—		—		5,701,398
Germany		2,453,022		—		—		2,453,022
Hong Kong		2,408,803		—		—		2,408,803
Italy		9,455,293		—		—		9,455,293
Mexico		3,869,784		—		—		3,869,784
New Zealand		1,959,664		—		—		1,959,664
Singapore		968,349		—		—		968,349
Spain		12,680,066		—		—		12,680,066
Switzerland		1,783,166		—		—		1,783,166
United Kingdom		6,659,237		—		—		6,659,237
United States		46,285,681		—		—		46,285,681
Short-Term Investments		5,284,973		—		—		5,284,973
TOTAL INVESTMENTS	$	130,994,158	$	—	$	—	$	130,994,158

See accompanying notes to financial statements.

162

SPDR S&P Global Infrastructure ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		196,058	$	196,058		12,263		208,321		—	$	—	$	5
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		2,465,870		2,000,294		465,576		465,576		394
State Street Navigator Securities Lending Government Money Market Portfolio*		4,958,497		4,958,497		20,357,752		20,496,852		4,819,397		4,819,397		17,122
TOTAL			$	5,154,555							$	5,284,973	$	17,521

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

163

SPDR S&P Global Natural Resources ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 8.5%
Amcor, Ltd.		1,531,778	$	17,597,860
BHP Billiton, Ltd.		2,286,033		41,923,353
Newcrest Mining, Ltd.		543,755		9,237,672
South32, Ltd.		3,790,548		7,980,868
Woodside Petroleum, Ltd.		221,875		5,429,774
				82,169,527
AUSTRIA — 0.3%
Voestalpine AG		78,514		3,098,663
BRAZIL — 1.6%
Fibria Celulose SA ADR		301,575		2,756,395
Petroleo Brasileiro SA ADR (a)		455,885		4,417,526
Vale SA ADR		916,740		8,709,030
				15,882,951
CANADA — 10.9%
Agrium, Inc. (b)		183,343		17,448,276
Barrick Gold Corp.		832,492		15,809,023
Canadian Natural Resources, Ltd.		339,773		11,092,653
Franco-Nevada Corp.		126,996		8,295,948
Goldcorp, Inc.		608,060		8,845,172
Imperial Oil, Ltd.		77,845		2,365,148
Potash Corp. of Saskatchewan, Inc. (b)		1,113,846		19,024,490
Silver Wheaton Corp.		314,309		6,530,576
Suncor Energy, Inc.		511,662		15,664,649
				105,075,935
CHILE — 0.3%
Antofagasta PLC (b)		273,884		2,857,981
CHINA — 0.6%
CNOOC, Ltd.		4,923,000		5,878,587
COLOMBIA — 0.1%
Ecopetrol SA ADR (a) (b)		75,518		703,828
FINLAND — 2.6%
Stora Enso Oyj Class R		755,909		8,957,983
UPM-Kymmene Oyj (b)		705,956		16,626,310
				25,584,293
FRANCE — 4.0%
TOTAL SA		766,308		38,861,543
GERMANY — 1.4%
KS AG (b)		253,143		5,899,621
ThyssenKrupp AG		310,420		7,622,940
				13,522,561
IRELAND — 0.9%
Smurfit Kappa Group PLC		313,683		8,310,323
ISRAEL — 0.3%
Israel Chemicals, Ltd.		674,644		2,861,732
ITALY — 1.4%
Eni SpA		826,388		13,567,296
JAPAN — 3.5%
JFE Holdings, Inc.		411,300		7,044,477
Nippon Steel & Sumitomo Metal Corp.		642,700		14,794,270
Oji Holdings Corp.		1,252,000		5,853,828
Sumitomo Metal Mining Co., Ltd.		396,000		5,627,443
				33,320,018
LUXEMBOURG — 1.2%
ArcelorMittal (a)		1,349,869		11,385,427
MEXICO — 0.3%
Fresnillo PLC		131,228		2,553,304
NETHERLANDS — 3.8%
OCI NV (a)		83,611		1,611,012
Royal Dutch Shell PLC Class A		1,342,247		35,179,536
				36,790,548
NORWAY — 2.1%
Norsk Hydro ASA		972,729		5,646,854
Statoil ASA		326,102		5,569,882
Yara International ASA		233,672		8,994,396
				20,211,132
PERU — 0.4%
Southern Copper Corp.		121,366		4,355,826
RUSSIA — 3.2%
Gazprom PJSC ADR		1,855,828		8,295,551
Lukoil PJSC ADR		132,845		7,035,471
MMC Norilsk Nickel PJSC ADR		484,721		7,619,814
Novatek PJSC GDR		20,452		2,546,274
Novolipetsk Steel PJSC GDR		59,766		1,189,344
Rosneft Oil Co. PJSC GDR		357,017		2,031,427
Severstal PJSC GDR		125,315		1,805,789
				30,523,670
SINGAPORE — 1.5%
Golden Agri-Resources, Ltd.		8,927,194		2,459,722
Wilmar International, Ltd.		4,928,373		12,450,552
				14,910,274
SOUTH AFRICA — 1.2%
Mondi PLC		487,295		11,741,946
SOUTH KOREA — 1.9%
Korea Zinc Co., Ltd.		8,902		3,438,848
POSCO		4,195		1,091,608
POSCO ADR		212,420		13,701,090
				18,231,546
SPAIN — 0.6%
Repsol SA		350,103		5,420,200
SWITZERLAND — 8.8%
Glencore PLC (a)		8,645,157		33,852,573
Syngenta AG		114,992		50,789,713
				84,642,286
UNITED KINGDOM — 6.5%
Anglo American PLC (a)		1,003,954		15,309,535
BP PLC		5,800,811		33,188,962
Rio Tinto, Ltd.		302,176		13,936,931
				62,435,428
UNITED STATES — 31.4%
Alcoa Corp.		104,857		3,607,081
Anadarko Petroleum Corp.		69,215		4,291,330
Archer-Daniels-Midland Co.		361,087		16,624,445
Avery Dennison Corp.		55,674		4,487,324
Baker Hughes, Inc.		52,311		3,129,244
Bunge, Ltd.		87,226		6,913,533
CF Industries Holdings, Inc.		145,800		4,279,230

See accompanying notes to financial statements.

164

SPDR S&P Global Natural Resources ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Chevron Corp.		234,397	$	25,167,206
ConocoPhillips		154,040		7,681,975
Devon Energy Corp.		64,821		2,704,332
EOG Resources, Inc.		71,632		6,987,702
Exxon Mobil Corp.		514,886		42,225,801
FMC Corp.		83,737		5,827,258
Freeport-McMoRan, Inc. (a)		946,493		12,645,146
Halliburton Co.		107,044		5,267,635
Ingredion, Inc.		45,284		5,453,552
International Paper Co.		258,076		13,105,099
Monsanto Co.		274,795		31,106,794
Mosaic Co.		219,076		6,392,638
Newmont Mining Corp.		379,200		12,498,432
Nucor Corp.		227,564		13,590,122
Occidental Petroleum Corp.		94,598		5,993,729
Packaging Corp. of America		58,357		5,346,668
Phillips 66		54,795		4,340,860
Pioneer Natural Resources Co.		21,034		3,917,162
Rayonier, Inc.		76,643		2,172,063
Schlumberger, Ltd.		172,846		13,499,273
Sealed Air Corp.		120,878		5,267,863
Valero Energy Corp.		56,025		3,713,897
WestRock Co.		157,651		8,202,582
Weyerhaeuser Co. REIT		469,373		15,949,295
				302,389,271
TOTAL COMMON STOCKS (Cost $947,270,793)				957,286,096
SHORT-TERM INVESTMENTS — 4.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (c) (d)		1,592,099		1,592,099
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		41,185,894		41,185,894
TOTAL SHORT-TERM INVESTMENTS (Cost $42,777,993)				42,777,993
TOTAL INVESTMENTS — 103.7% (Cost $990,048,786)				1,000,064,089
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.7)%				(36,057,700	)
NET ASSETS — 100.0%			$	964,006,389

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2017.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at March 31, 2017.

(e) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	82,169,527	$	—	$	—	$	82,169,527
Austria		3,098,663		—		—		3,098,663
Brazil		15,882,951		—		—		15,882,951
Canada		105,075,935		—		—		105,075,935
Chile		2,857,981		—		—		2,857,981
China		5,878,587		—		—		5,878,587
Colombia		703,828		—		—		703,828
Finland		25,584,293		—		—		25,584,293
France		38,861,543		—		—		38,861,543
Germany		13,522,561		—		—		13,522,561
Ireland		8,310,323		—		—		8,310,323
Israel		2,861,732		—		—		2,861,732
Italy		13,567,296		—		—		13,567,296
Japan		33,320,018		—		—		33,320,018
Luxembourg		11,385,427		—		—		11,385,427

See accompanying notes to financial statements.

165

SPDR S&P Global Natural Resources ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Mexico	$	2,553,304	$	—	$	—	$	2,553,304
Netherlands		36,790,548		—		—		36,790,548
Norway		20,211,132		—		—		20,211,132
Peru		4,355,826		—		—		4,355,826
Russia		30,523,670		—		—		30,523,670
Singapore		14,910,274		—		—		14,910,274
South Africa		11,741,946		—		—		11,741,946
South Korea		18,231,546		—		—		18,231,546
Spain		5,420,200		—		—		5,420,200
Switzerland		84,642,286		—		—		84,642,286
United Kingdom		62,435,428		—		—		62,435,428
United States		302,389,271		—		—		302,389,271
Short-Term Investments		42,777,993		—		—		42,777,993
TOTAL INVESTMENTS	$	1,000,064,089	$	—	$	—	$	1,000,064,089

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		2,166,082	$	2,166,082		707		2,166,789		—	$	—	$	65
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		23,193,509		21,601,410		1,592,099		1,592,099		4,397
State Street Navigator Securities Lending Government Money Market Portfolio*		19,577,508		19,577,508		240,251,867		218,643,481		41,185,894		41,185,894		120,432
TOTAL			$	21,743,590							$	42,777,993	$	124,894

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

166

SPDR S&P North American Natural Resources ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
CANADA — 35.6%
Agnico Eagle Mines, Ltd.		493,498	$	20,877,409
Agrium, Inc.		165,967		15,794,647
ARC Resources, Ltd.		147,519		2,101,647
Barrick Gold Corp.		2,553,248		48,359,798
Cameco Corp.		165,501		1,826,697
Canadian Natural Resources, Ltd.		462,396		15,095,956
Cenovus Energy, Inc.		348,409		3,931,733
Crescent Point Energy Corp.		226,367		2,439,091
Detour Gold Corp. (a)		382,516		4,371,120
Eldorado Gold Corp.		1,569,896		5,355,998
Encana Corp.		406,891		4,753,392
First Quantum Minerals, Ltd.		1,511,145		16,010,557
Franco-Nevada Corp.		390,503		25,509,408
Goldcorp, Inc.		1,870,203		27,204,992
Husky Energy, Inc. (a)		126,151		1,419,808
Imperial Oil, Ltd.		106,331		3,230,632
Kinross Gold Corp. (a)		2,727,584		9,591,999
Lundin Mining Corp.		1,380,041		7,750,540
Peyto Exploration & Development Corp.		68,826		1,411,458
Potash Corp. of Saskatchewan, Inc.		1,008,786		17,185,632
PrairieSky Royalty, Ltd.		84,964		1,787,643
Seven Generations Energy, Ltd. Class A (a)		104,220		1,898,958
Silver Wheaton Corp.		966,677		20,085,194
Suncor Energy, Inc.		696,368		21,319,466
Teck Resources, Ltd. Class B		1,018,722		22,213,051
Tourmaline Oil Corp. (a)		103,032		2,290,630
Vermilion Energy, Inc.		49,230		1,840,888
West Fraser Timber Co., Ltd.		82,434		3,437,918
Whitecap Resources, Inc.		154,021		1,195,304
Yamana Gold, Inc.		2,076,033		5,712,924
				316,004,490
UNITED STATES — 64.0%
Anadarko Petroleum Corp.		233,715		14,490,330
Antero Resources Corp. (a)		60,397		1,377,656
Apache Corp.		158,637		8,152,355
Archer-Daniels-Midland Co.		691,313		31,828,050
Bunge, Ltd.		167,557		13,280,568
Cabot Oil & Gas Corp.		194,489		4,650,232
CF Industries Holdings, Inc.		280,119		8,221,493
Chevron Corp.		789,472		84,765,609
Cimarex Energy Co.		39,771		4,752,237
Concho Resources, Inc. (a)		61,052		7,835,414
ConocoPhillips		518,201		25,842,684
Continental Resources, Inc. (a)		36,032		1,636,573
Devon Energy Corp.		218,943		9,134,302
EOG Resources, Inc.		241,056		23,515,013
EQT Corp.		72,267		4,415,514
Exxon Mobil Corp.		1,126,443		92,379,590
FMC Corp.		160,832		11,192,299
Freeport-McMoRan, Inc. (a)		2,902,478		38,777,106
Hess Corp.		111,539		5,377,295
Ingredion, Inc.		86,984		10,475,483
Marathon Oil Corp.		354,316		5,598,193
Monsanto Co.		526,207		59,566,632
Mosaic Co.		420,806		12,279,119
Newmont Mining Corp.		1,162,763		38,324,668
Noble Energy, Inc.		179,252		6,155,514
Occidental Petroleum Corp.		319,625		20,251,440
Pioneer Natural Resources Co.		71,016		13,225,310
Range Resources Corp.		78,523		2,285,019
Southwestern Energy Co. (a)		205,244		1,676,843
Tahoe Resources, Inc.		681,500		5,457,519
				566,920,060
TOTAL COMMON STOCKS (Cost $694,335,899)				882,924,550
SHORT-TERM INVESTMENT — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (b) (c) (Cost $2,856,435)		2,856,435		2,856,435
TOTAL INVESTMENTS — 99.9% (Cost $697,192,334)				885,780,985
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				691,997
NET ASSETS — 100.0%			$	886,472,982

(a) Non-income producing security.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at March 31, 2017.

See accompanying notes to financial statements.

167

SPDR S&P North American Natural Resources ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Canada	$	316,004,490	$	—	$	—	$	316,004,490
United States		566,920,060		—		—		566,920,060
Short-Term Investment		2,856,435		—		—		2,856,435
TOTAL INVESTMENTS	$	885,780,985	$	—	$	—	$	885,780,985

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		2,657,077	$	2,657,077		1,335		2,658,412		—	$	—	$	98
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		47,948,554		45,092,119		2,856,435		2,856,435		6,145
TOTAL			$	2,657,077							$	2,856,435	$	6,243

See accompanying notes to financial statements.

168

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.1%
AUSTRALIA — 5.4%
Alumina, Ltd. (a)		471,140	$	643,342
Amcor, Ltd.		138,549		1,591,723
AMP, Ltd.		230,512		910,882
Australia & New Zealand Banking Group, Ltd.		213,823		5,190,314
BHP Billiton PLC		125,381		1,934,698
BHP Billiton, Ltd.		210,077		3,852,583
Boral, Ltd.		319,931		1,425,306
Brambles, Ltd.		157,598		1,124,091
Coca-Cola Amatil, Ltd.		130,034		1,073,305
Commonwealth Bank of Australia		124,678		8,170,951
CSL, Ltd.		44,234		4,229,123
Fortescue Metals Group, Ltd.		177,502		843,588
Insurance Australia Group, Ltd.		245,722		1,134,066
LendLease Group		122,571		1,456,781
Macquarie Group, Ltd.		34,711		2,388,431
Medibank Pvt, Ltd.		190,299		409,378
National Australia Bank, Ltd.		174,379		4,435,053
Newcrest Mining, Ltd.		51,286		871,281
Origin Energy, Ltd.		193,727		1,041,882
Qantas Airways, Ltd.		59,612		176,898
QBE Insurance Group, Ltd.		76,322		750,484
Santos, Ltd.		157,553		456,719
Scentre Group REIT		183,746		601,332
Sonic Healthcare, Ltd.		77,285		1,304,126
South32, Ltd. (b)		140,773		293,529
South32, Ltd. (b)		251,692		529,929
Suncorp Group, Ltd.		163,059		1,643,186
Sydney Airport		64,769		334,499
Telstra Corp., Ltd.		277,816		987,603
Transurban Group Stapled Security		126,004		1,121,745
Vicinity Centres REIT		402,544		869,038
Wesfarmers, Ltd.		81,777		2,811,628
Westfield Corp.		121,355		822,072
Westpac Banking Corp.		236,797		6,333,258
Woodside Petroleum, Ltd.		54,803		1,341,151
Woolworths, Ltd.		98,993		2,001,195
				65,105,170
AUSTRIA — 0.3%
Erste Group Bank AG (c)		43,618		1,424,041
OMV AG		20,378		803,919
Raiffeisen Bank International AG (c)		33,496		757,891
				2,985,851
BELGIUM — 1.0%
Ageas		32,235		1,263,235
Anheuser-Busch InBev SA		55,551		6,113,757
KBC Group NV		26,390		1,755,338
Solvay SA		10,235		1,253,961
UCB SA		13,660		1,062,297
				11,448,588
BRAZIL — 1.8%
Ambev SA ADR		406,526		2,341,590
Banco Bradesco SA Preference Shares ADR		262,399		2,686,966
Banco do Brasil SA		53,041		564,165
BB Seguridade Participacoes SA		46,033		423,365
BM&FBovespa SA		127,941		777,329
Braskem SA Class A, Preference Shares		28,444		284,445
BRF SA		35,507		431,794
Cia Energetica de Minas Gerais ADR (a)		163,880		539,165
Cia Siderurgica Nacional SA ADR (c)		128,785		376,052
Cielo SA		57,025		508,473
EDP — Energias do Brasil SA		130,237		572,231
Embraer SA		49,397		270,560
Fibria Celulose SA		8,994		81,783
Gerdau SA ADR		93,974		324,210
Itau Unibanco Holding SA Preference Shares ADR		260,428		3,143,366
JBS SA		31,595		101,603
Kroton Educacional SA		93,439		390,831
Lojas Renner SA		80,003		700,510
Natura Cosmeticos SA		23,646		216,057
Odontoprev SA		155,097		552,008
Petroleo Brasileiro SA Preference Shares ADR (c)		235,945		2,175,413
Porto Seguro SA		9,026		80,766
Qualicorp SA		70,196		456,558
Raia Drogasil SA		25,589		472,860
Sul America SA		48,486		254,880
Tim Participacoes SA ADR		20,907		334,094
Vale SA ADR		42,908		407,626
Vale SA Preference Shares ADR		211,688		1,900,958
				21,369,658
CANADA — 6.6%
Agnico Eagle Mines, Ltd.		11,493		486,211
Agrium, Inc. (a)		15,077		1,434,839
Alimentation Couche-Tard, Inc. Class B		20,555		925,988
Bank of Montreal		48,941		3,645,116
Bank of Nova Scotia		76,713		4,475,141
Barrick Gold Corp.		82,647		1,565,376
BlackBerry, Ltd. (c)		41,037		316,936
Bombardier, Inc. Class B (c)		146,246		223,703
Brookfield Asset Management, Inc. Class A		76,358		2,774,000
CAE, Inc.		46,228		704,347
Cameco Corp. (a)		34,069		376,032
Canadian Imperial Bank of Commerce		30,291		2,604,483
Canadian National Railway Co.		56,969		4,193,062
Canadian Natural Resources, Ltd.		87,317		2,850,660
Canadian Pacific Railway, Ltd.		11,192		1,639,379
Canadian Tire Corp., Ltd. Class A		9,955		1,179,238
Cenovus Energy, Inc.		66,171		746,728
CGI Group, Inc. Class A (c)		10,622		507,505
Constellation Software, Inc.		1,249		612,021
Crescent Point Energy Corp. (a)		37,280		401,690
Eldorado Gold Corp.		72,201		246,327
Enbridge, Inc.		69,469		2,901,899
Encana Corp.		66,522		777,125
Fairfax Financial Holdings, Ltd.		1,117		506,886
First Quantum Minerals, Ltd.		50,710		537,272
Franco-Nevada Corp.		11,493		750,774

See accompanying notes to financial statements.

169

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Gildan Activewear, Inc.		43,982	$	1,184,924
Goldcorp, Inc.		60,991		887,208
Husky Energy, Inc. (c)		35,146		395,562
IGM Financial, Inc. (a)		17,535		521,455
Imperial Oil, Ltd.		38,664		1,174,720
Kinross Gold Corp. (c)		104,249		366,609
Loblaw Cos., Ltd.		34,454		1,864,208
Magna International, Inc.		14,917		641,912
Manulife Financial Corp.		121,132		2,142,619
National Bank of Canada		37,036		1,550,699
Onex Corp.		32,920		2,356,101
Open Text Corp.		17,542		594,533
Potash Corp. of Saskatchewan, Inc. (a)		69,101		1,177,201
PrairieSky Royalty, Ltd. (a)		1,723		36,252
Restaurant Brands International, Inc.		10,771		598,295
Rogers Communications, Inc. Class B		41,036		1,809,258
Royal Bank of Canada		96,892		7,039,228
Shaw Communications, Inc. Class B		43,972		909,015
Silver Wheaton Corp.		27,501		571,404
SNC-Lavalin Group, Inc.		22,986		899,343
Sun Life Financial, Inc.		48,904		1,780,661
Suncor Energy, Inc.		103,188		3,159,124
Teck Resources, Ltd. Class B		36,900		804,598
TELUS Corp.		28,789		931,894
Toronto-Dominion Bank		122,363		6,111,498
TransCanada Corp. (a)		51,701		2,379,103
Turquoise Hill Resources, Ltd. (c)		15,542		47,314
West Fraser Timber Co., Ltd.		6,049		252,274
Yamana Gold, Inc.		91,225		251,037
				79,820,787
CHILE — 0.3%
Embotelladora Andina SA Class B, Preference Shares		21,066		81,794
Enel Americas SA ADR		173,715		1,804,899
Enel Chile SA ADR		132,343		727,887
Enel Generacion Chile SA ADR		42,933		954,830
Sociedad Quimica y Minera de Chile SA ADR		10,074		346,243
				3,915,653
CHINA — 6.1%
58.com, Inc. ADR (c)		2,828		100,083
AAC Technologies Holdings, Inc.		76,000		889,429
Agricultural Bank of China, Ltd. Class H		1,989,000		916,248
Air China, Ltd. Class H		64,000		51,799
Alibaba Group Holding, Ltd. ADR (c)		66,183		7,136,513
Alibaba Health Information Technology, Ltd. (c)		84,000		37,830
Anhui Conch Cement Co., Ltd. Class H		8,500		28,875
ANTA Sports Products, Ltd.		29,000		80,229
AviChina Industry & Technology Co., Ltd. Class H		543,000		376,603
Baidu, Inc. ADR (c)		17,712		3,055,674
Bank of China, Ltd. Class H		5,455,436		2,709,642
Bank of Communications Co., Ltd. Class H		1,094,710		850,807
Beijing Enterprises Water Group, Ltd. (c)		378,000		280,162
Belle International Holdings, Ltd.		528,000		343,100
Brilliance China Automotive Holdings, Ltd.		280,000		468,378
Byd Co., Ltd. Class H (a) (c)		24,500		135,875
CGN Power Co., Ltd. Class H (d)		169,400		52,314
China CITIC Bank Corp., Ltd. Class H		526,000		348,568
China Coal Energy Co., Ltd. Class H (c)		40,000		20,176
China Communications Construction Co., Ltd. Class H		334,000		471,034
China Conch Venture Holdings, Ltd.		16,000		31,417
China Construction Bank Corp. Class H		4,449,720		3,578,556
China Everbright Bank Co., Ltd. Class H		36,000		17,603
China Everbright International, Ltd.		26,000		34,994
China Everbright, Ltd.		44,000		88,776
China Evergrande Group (a)		219,000		202,895
China Galaxy Securities Co., Ltd. Class H		178,500		164,684
China Huishan Dairy Holdings Co., Ltd. (a) (e)		1,418,000		76,634
China Life Insurance Co., Ltd. Class H		554,000		1,700,174
China Mengniu Dairy Co., Ltd.		396,000		820,382
China Merchants Bank Co., Ltd. Class H		423,014		1,118,566
China Merchants Port Holdings Co., Ltd.		370,421		1,084,357
China Minsheng Banking Corp., Ltd. Class H		284,000		303,313
China Mobile, Ltd.		448,500		4,908,309
China Oilfield Services, Ltd. Class H		100,000		95,992
China Overseas Land & Investment, Ltd.		356,000		1,016,946
China Pacific Insurance Group Co., Ltd. Class H		178,200		643,185
China Petroleum & Chemical Corp. Class H		2,233,800		1,810,840
China Railway Construction Corp., Ltd. Class H		114,500		162,361
China Railway Group, Ltd. Class H		231,000		206,582
China Resources Beer Holdings Co., Ltd. (c)		357,670		813,692
China Resources Land, Ltd.		52,000		140,513
China Shenhua Energy Co., Ltd. Class H		175,500		407,389
China Southern Airlines Co., Ltd. Class H		110,000		76,150
China Taiping Insurance Holdings Co., Ltd. (c)		131,800		319,176
China Telecom Corp., Ltd. Class H		1,720,000		838,808
China Unicom Hong Kong, Ltd.		704,000		942,109
China Vanke Co., Ltd. Class H		66,900		180,776
CITIC Securities Co., Ltd. Class H		104,000		214,116
CITIC, Ltd.		356,000		507,557
CNOOC, Ltd.		1,430,217		1,707,832

See accompanying notes to financial statements.

170

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COSCO SHIPPING Ports, Ltd.		460,041	$	507,901
CRRC Corp., Ltd. Class H		301,000		292,421
CSPC Pharmaceutical Group, Ltd.		394,000		516,106
Ctrip.com International, Ltd. ADR (c)		9,532		468,498
ENN Energy Holdings, Ltd.		38,000		213,923
Fosun International, Ltd.		81,000		121,737
Geely Automobile Holdings, Ltd.		790,000		1,209,676
GF Securities Co., Ltd. Class H		134,800		282,384
GOME Electrical Appliances Holding, Ltd.		1,434,000		195,592
Great Wall Motor Co., Ltd. Class H		244,500		278,431
Guangzhou Automobile Group Co., Ltd. Class H		104,000		166,475
Haitong Securities Co., Ltd. Class H		139,200		235,358
Hengan International Group Co., Ltd.		88,500		658,213
HengTen Networks Group, Ltd. (c)		1,392,000		25,614
Huaneng Power International, Inc. Class H		768,000		512,889
Huaneng Renewables Corp., Ltd. Class H		820,000		283,832
Huatai Securities Co., Ltd. Class H (d)		142,200		276,660
Industrial & Commercial Bank of China, Ltd. Class H		4,805,045		3,140,916
JD.com, Inc. ADR (c)		45,066		1,402,003
Jiangsu Expressway Co., Ltd. Class H		14,000		20,104
Kingsoft Corp., Ltd.		133,000		366,236
Lenovo Group, Ltd.		404,000		266,162
NetEase, Inc. ADR		3,762		1,068,408
New China Life Insurance Co., Ltd. Class H		66,100		314,701
New Oriental Education & Technology Group, Inc. ADR (c)		3,460		208,915
PetroChina Co., Ltd. Class H		1,374,000		1,005,991
PICC Property & Casualty Co., Ltd. Class H		393,610		606,762
Ping An Insurance Group Co. of China, Ltd. Class H		354,000		1,981,471
Semiconductor Manufacturing International Corp. (a) (c)		97,900		121,186
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		124,000		88,714
Shanghai Electric Group Co., Ltd. Class H (a) (c)		288,000		142,675
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		75,740		119,518
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		29,900		78,294
SINA Corp. (c)		2,482		179,002
Sinopec Shanghai Petrochemical Co., Ltd. Class H		280,000		155,285
Sinopharm Group Co., Ltd. Class H		60,000		278,325
Sinotrans, Ltd. Class H		56,000		26,157
Sunac China Holdings, Ltd.		141,300		183,273
Sunny Optical Technology Group Co., Ltd.		30,000		219,263
Tencent Holdings, Ltd.		373,700		10,713,551
Tingyi Cayman Islands Holding Corp.		352,000		442,066
TravelSky Technology, Ltd. Class H		56,000		132,299
Tsingtao Brewery Co., Ltd. Class H		8,000		36,853
Vipshop Holdings, Ltd. ADR (c)		16,960		226,246
Want Want China Holdings, Ltd. (a)		176,000		121,840
Weibo Corp. ADR (a) (c)		2,382		124,293
Yanzhou Coal Mining Co., Ltd. Class H		350,000		272,020
YY, Inc. ADR (c)		2,605		120,117
Zhuzhou CRRC Times Electric Co., Ltd. Class H		73,500		390,600
Zijin Mining Group Co., Ltd. Class H		1,374,000		509,184
ZTE Corp. Class H		34,600		63,488
				73,939,651
COLOMBIA — 0.1%
Bancolombia SA ADR		22,668		903,773
Cementos Argos SA		99,164		404,349
Corp. Financiera Colombiana SA		15,078		146,723
				1,454,845
DENMARK — 1.1%
AP Moeller — Maersk A/S Class B		885		1,472,719
Danske Bank A/S		59,610		2,036,227
DSV A/S		42,507		2,207,044
Genmab A/S (c)		989		191,036
Novo Nordisk A/S Class B		139,158		4,793,548
Novozymes A/S Class B		12,942		514,497
Pandora A/S		7,213		800,897
Vestas Wind Systems A/S		17,885		1,458,530
				13,474,498
EGYPT — 0.1%
Commercial International Bank Egypt SAE		130,154		544,628
Global Telecom Holding SAE (c)		661,721		248,924
				793,552
FINLAND — 0.7%
Elisa Oyj		9,339		331,119
Fortum Oyj		10,322		163,722
Kone Oyj Class B		29,029		1,277,934
Metso Oyj (a)		23,177		703,510
Neste Oyj		8,375		327,485
Nokia Oyj (b)		186,234		1,001,908
Nokia Oyj (b)		98,669		531,245
Sampo Oyj Class A		29,307		1,393,612
Stora Enso Oyj Class R		61,766		731,965
UPM-Kymmene Oyj (a)		55,153		1,298,935
Wartsila Oyj Abp		9,706		520,610
				8,282,045
FRANCE — 6.7%
Accor SA		21,437		895,336
Air Liquide SA		29,555		3,385,489
Airbus SE		41,978		3,202,542
Alstom SA (c)		18,762		562,174
AXA SA		119,217		3,092,719
BNP Paribas SA		68,989		4,606,532
Bouygues SA		21,245		866,980
Cap Gemini SA		13,806		1,278,162
Carrefour SA		57,786		1,365,890
Cie de Saint-Gobain		14,872		765,652

See accompanying notes to financial statements.

171

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Cie Generale des Etablissements Michelin		12,351	$	1,503,959
Credit Agricole SA		70,734		960,800
Danone SA		47,448		3,235,692
Engie SA		82,515		1,172,012
Essilor International SA		26,015		3,169,192
Hermes International		899		427,013
Kering		7,921		2,054,013
L’Oreal SA		20,387		3,928,154
Lagardere SCA		15,934		470,535
Legrand SA		17,678		1,068,652
LVMH Moet Hennessy Louis Vuitton SE		18,757		4,129,668
Orange SA		157,246		2,449,577
Pernod Ricard SA		16,321		1,935,884
Peugeot SA (c)		2,861		57,757
Publicis Groupe SA		22,266		1,560,094
Renault SA		15,519		1,351,603
Safran SA		11,957		895,586
Sanofi		81,767		7,400,346
Schneider Electric SE		42,844		3,144,886
SFR Group SA (c)		3,037		95,790
Societe Generale SA		50,236		2,554,856
Sodexo SA		12,414		1,463,832
TOTAL SA		152,119		7,714,364
Unibail-Rodamco SE (a)		6,207		1,454,538
Valeo SA		7,137		476,552
Veolia Environnement SA		37,740		708,806
Vinci SA		44,814		3,561,258
Vivendi SA		105,433		2,055,157
Zodiac Aerospace		13,702		343,659
				81,365,711
GERMANY — 6.5%
adidas AG		18,549		3,537,307
Allianz SE		35,737		6,637,336
BASF SE		63,858		6,346,371
Bayer AG		58,402		6,749,217
Bayerische Motoren Werke AG		23,165		2,118,606
Commerzbank AG		52,596		476,922
Continental AG		7,424		1,631,739
Daimler AG		64,686		4,787,594
Deutsche Bank AG (c)		81,131		1,401,394
Deutsche Boerse AG (c)		21,262		1,953,659
Deutsche Lufthansa AG		32,773		532,796
Deutsche Post AG		87,469		3,003,501
Deutsche Telekom AG		237,815		4,177,780
E.ON SE		151,945		1,210,882
Fresenius Medical Care AG & Co. KGaA		24,620		2,081,569
Fresenius SE & Co. KGaA		26,654		2,147,491
Henkel AG & Co. KGaA Preference Shares		6,200		796,408
KS AG		5,179		120,699
Linde AG		11,184		1,867,244
MAN SE		3,959		409,165
Merck KGaA		18,075		2,064,669
METRO AG		16,111		516,601
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		17,000		3,334,642
OSRAM Licht AG		6,583		413,650
RWE AG (c)		39,193		651,209
SAP SE		75,292		7,407,014
Siemens AG		59,757		8,206,439
ThyssenKrupp AG		32,076		787,686
TUI AG		25,603		354,089
Volkswagen AG Preference Shares		9,435		1,378,458
Volkswagen AG		5,004		747,410
Vonovia SE		20,341		718,591
				78,568,138
GREECE — 0.1%
Alpha Bank AE (c)		86,370		155,193
Eurobank Ergasias SA (c)		110,302		67,835
Hellenic Telecommunications Organization SA		2,846		26,787
JUMBO SA		24,027		379,817
National Bank of Greece SA (c)		406,880		104,878
OPAP SA		34,570		323,156
Piraeus Bank SA (c)		546,560		99,377
				1,157,043
HONG KONG — 2.5%
AIA Group, Ltd.		851,000		5,365,631
Alibaba Pictures Group, Ltd. (c)		510,000		92,530
Bank of East Asia, Ltd.		312,724		1,293,711
BOC Hong Kong Holdings, Ltd.		150,500		614,859
Cheung Kong Property Holdings, Ltd.		207,032		1,394,599
CK Hutchison Holdings, Ltd.		245,032		3,014,226
Fullshare Holdings, Ltd. (a)		322,500		142,752
Galaxy Entertainment Group, Ltd.		157,000		859,596
Hanergy Thin Film Power Group, Ltd. (c) (f)		448,000		—
Hang Lung Properties, Ltd.		356,000		925,330
Hang Seng Bank, Ltd.		53,100		1,076,827
Henderson Land Development Co., Ltd.		178,694		1,107,137
Hong Kong & China Gas Co., Ltd.		1,126,048		2,251,661
Hong Kong Exchanges & Clearing, Ltd.		93,883		2,362,930
Li & Fung, Ltd.		712,000		308,749
Link REIT		284,786		1,995,316
Melco Crown Entertainment, Ltd. ADR		1,764		32,705
New World Development Co., Ltd.		756,073		930,072
Sands China, Ltd.		213,200		987,609
Shangri-La Asia, Ltd.		354,333		516,123
Sino Biopharmaceutical, Ltd.		676,000		556,701
SJM Holdings, Ltd.		38,000		30,903
Sun Art Retail Group, Ltd.		205,000		192,035
Sun Hung Kai Properties, Ltd.		165,185		2,427,347
Swire Pacific, Ltd. Class A		99,506		993,587
Techtronic Industries Co., Ltd.		155,500		629,283
WH Group, Ltd. (d)		198,601		171,219
				30,273,438
HUNGARY — 0.1%
MOL Hungarian Oil & Gas PLC		11,000		754,317
OTP Bank PLC		21,818		611,533
				1,365,850

See accompanying notes to financial statements.

172

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
INDIA — 1.9%
ACC, Ltd.		21,740	$	484,132
Adani Ports & Special Economic Zone, Ltd.		28,733		150,269
Ambuja Cements, Ltd.		111,939		407,952
Apollo Hospitals Enterprise, Ltd.		22,081		396,207
Aurobindo Pharma, Ltd.		25,142		261,429
Axis Bank, Ltd.		70,080		529,688
Bajaj Auto, Ltd.		5,146		222,328
Bajaj Finance, Ltd.		15,456		278,748
Bajaj Finserv, Ltd.		1,710		107,927
Bharat Forge, Ltd.		4,325		69,409
Bharat Heavy Electricals, Ltd.		61,277		153,676
Bharti Airtel, Ltd.		27,651		149,060
Bharti Infratel, Ltd.		60,007		301,167
Bosch, Ltd.		119		41,694
Dabur India, Ltd.		52,862		225,784
Divi’s Laboratories, Ltd.		6,438		61,852
Dr Reddy’s Laboratories, Ltd. ADR		17,506		702,866
Eicher Motors, Ltd.		705		277,804
Glenmark Pharmaceuticals, Ltd.		17,339		227,529
Godrej Consumer Products, Ltd.		11,412		293,740
HCL Technologies, Ltd.		36,105		486,376
Hindustan Petroleum Corp., Ltd.		19,006		153,854
Hindustan Unilever, Ltd.		40,139		563,590
Housing Development Finance Corp., Ltd.		83,542		1,932,524
ICICI Bank, Ltd. ADR		91,957		790,830
Idea Cellular, Ltd.		57,190		75,610
Indiabulls Housing Finance, Ltd.		21,094		324,117
Infosys, Ltd. ADR		152,795		2,414,161
ITC, Ltd.		130,151		561,813
LIC Housing Finance, Ltd.		29,511		281,067
Lupin, Ltd.		9,537		212,256
Mahindra & Mahindra Financial Services, Ltd.		97,777		474,166
Mahindra & Mahindra, Ltd. GDR		30,999		616,880
Marico, Ltd.		83,289		378,190
Motherson Sumi Systems, Ltd.		11,037		63,212
Nestle India, Ltd.		3,264		335,807
Piramal Enterprises, Ltd.		3,335		97,739
Power Finance Corp., Ltd.		51,647		116,044
Reliance Industries, Ltd. GDR (d)		63,612		2,563,564
Shree Cement, Ltd.		1,750		460,393
Shriram Transport Finance Co., Ltd.		23,874		396,338
Siemens, Ltd.		28,730		555,354
State Bank of India		8,543		38,600
Sun Pharmaceutical Industries, Ltd.		37,433		396,697
Tata Consultancy Services, Ltd.		16,046		600,919
Tata Motors, Ltd. ADR		35,522		1,266,359
Tech Mahindra, Ltd.		7,590		53,668
United Spirits, Ltd. (c)		2,434		81,516
UPL, Ltd.		18,733		209,702
Vedanta, Ltd.		33,497		141,834
Yes Bank, Ltd.		10,632		253,254
Zee Entertainment Enterprises, Ltd.		75,530		622,932
				22,862,627
INDONESIA — 0.6%
Astra International Tbk PT		1,909,100		1,235,675
Bank Central Asia Tbk PT		622,000		772,511
Bank Danamon Indonesia Tbk PT		15,200		5,361
Bank Mandiri Persero Tbk PT		722,500		634,367
Bank Rakyat Indonesia Persero Tbk PT		1,367,900		1,331,920
Bumi Serpong Damai Tbk PT		179,500		25,392
Charoen Pokphand Indonesia Tbk PT		1,828,500		439,098
Gudang Garam Tbk PT		87,000		427,802
Matahari Department Store Tbk PT		192,100		189,930
Summarecon Agung Tbk PT		509,300		51,215
Surya Citra Media Tbk PT		31,900		6,464
Telekomunikasi Indonesia Persero Tbk PT		4,901,800		1,519,225
				6,638,960
IRELAND — 0.6%
Bank of Ireland (c)		2,003,170		503,485
CRH PLC		63,289		2,238,532
Experian PLC		67,967		1,383,627
James Hardie Industries PLC		103,443		1,623,209
Kerry Group PLC Class A		15,421		1,215,573
				6,964,426
ISRAEL — 0.4%
Bank Hapoalim BM		206,096		1,253,436
Bank Leumi Le-Israel BM (c)		200,712		884,559
Check Point Software Technologies, Ltd. (c)		284		29,156
Nice, Ltd.		9,401		630,272
Teva Pharmaceutical Industries, Ltd. ADR		66,909		2,147,110
				4,944,533
ITALY — 1.3%
Assicurazioni Generali SpA		83,001		1,322,728
Atlantia SpA		62,646		1,621,473
Enel SpA		473,830		2,236,948
Eni SpA		163,303		2,681,041
Ferrari NV		13,480		1,005,623
Intesa Sanpaolo SpA		854,793		2,327,664
Leonardo SpA (c)		68,390		972,117
Mediobanca SpA		56,768		513,052
Saipem SpA (c)		392,591		178,665
Snam SpA		160,414		695,548
Telecom Italia SpA/Milano (c)		1,169,140		1,054,132
UniCredit SpA		90,704		1,401,829
				16,010,820
JAPAN — 16.2%
Acom Co., Ltd. (a) (c)		39,200		156,547
Aeon Co., Ltd.		52,900		771,448
Aisin Seiki Co., Ltd.		35,300		1,732,846
Ajinomoto Co., Inc.		22,600		445,490
Alps Electric Co., Ltd.		6,100		172,714
Asahi Glass Co., Ltd.		152,000		1,230,405
Asahi Group Holdings, Ltd.		53,300		2,012,801
Asahi Kasei Corp.		148,000		1,434,443
Astellas Pharma, Inc		214,000		2,815,436
Bridgestone Corp.		53,300		2,153,907
Canon, Inc.		70,800		2,205,392
Central Japan Railway Co.		13,800		2,246,540

See accompanying notes to financial statements.

173

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Chiba Bank, Ltd.		169,000	$	1,084,403
Chubu Electric Power Co., Inc.		71,000		950,022
Concordia Financial Group, Ltd.		178,000		823,308
Credit Saison Co., Ltd.		52,800		941,046
Dai-ichi Life Holdings, Inc.		50,500		904,812
Daiichi Sankyo Co., Ltd.		71,100		1,599,638
Daikin Industries, Ltd.		34,400		3,452,966
Daiwa Securities Group, Inc.		176,000		1,070,721
Denso Corp.		35,600		1,564,509
Dentsu, Inc.		2,200		119,250
East Japan Railway Co.		29,700		2,583,791
Eisai Co., Ltd.		17,800		920,750
Electric Power Development Co., Ltd.		17,800		416,127
FANUC Corp.		15,400		3,153,801
Fast Retailing Co., Ltd.		1,900		595,423
Fuji Heavy Industries, Ltd.		21,500		787,800
FUJIFILM Holdings Corp.		53,000		2,068,061
Fujitsu, Ltd.		178,000		1,087,680
Hitachi, Ltd.		355,000		1,919,479
Honda Motor Co., Ltd.		124,400		3,741,043
Hoya Corp.		35,600		1,711,151
Inpex Corp.		70,400		691,491
ITOCHU Corp.		174,200		2,470,035
Japan Real Estate Investment Corp. REIT		217		1,148,972
Japan Retail Fund Investment Corp. REIT		659		1,291,623
Japan Tobacco, Inc.		71,100		2,308,533
JFE Holdings, Inc.		38,200		654,265
JSR Corp.		35,600		599,670
JX Holdings, Inc.		288,108		1,413,521
Kajima Corp.		178,000		1,159,724
Kamigumi Co., Ltd.		160,000		1,381,316
Kansai Electric Power Co., Inc.		88,400		1,084,473
Kao Corp.		33,500		1,835,089
KDDI Corp.		106,800		2,800,589
Keikyu Corp.		132,423		1,452,220
Keyence Corp.		2,400		960,172
Kintetsu Group Holdings Co., Ltd.		355,000		1,277,528
Kobe Steel, Ltd. (c)		35,600		324,595
Komatsu, Ltd.		88,800		2,312,243
Konica Minolta, Inc.		89,000		795,513
Kose Corp.		2,200		198,815
Kubota Corp.		112,600		1,688,545
Kyocera Corp.		35,400		1,970,302
LIXIL Group Corp.		35,300		894,934
Makita Corp.		35,200		1,231,984
Marubeni Corp.		177,000		1,088,876
Marui Group Co., Ltd. (a)		70,100		951,820
Mazda Motor Corp.		13,300		191,330
Mebuki Financial Group, Inc.		209,600		837,046
MEIJI Holdings Co., Ltd.		3,200		266,212
Mitsubishi Chemical Holdings Corp.		178,000		1,376,014
Mitsubishi Corp.		124,400		2,685,490
Mitsubishi Electric Corp.		177,000		2,536,741
Mitsubishi Estate Co., Ltd.		157,618		2,871,440
Mitsubishi Heavy Industries, Ltd.		355,000		1,422,804
Mitsubishi UFJ Financial Group, Inc.		739,600		4,644,154
Mitsui & Co., Ltd.		174,100		2,519,396
Mitsui Chemicals, Inc.		178,000		878,578
Mitsui Fudosan Co., Ltd.		26,000		553,926
Mizuho Financial Group, Inc.		1,024,600		1,875,782
MS&AD Insurance Group Holdings, Inc.		53,300		1,693,278
Murata Manufacturing Co., Ltd.		15,600		2,216,872
NEC Corp.		172,000		413,677
Nidec Corp.		22,700		2,158,364
Nintendo Co., Ltd.		5,200		1,205,618
Nippon Steel & Sumitomo Metal Corp.		58,900		1,355,815
Nippon Telegraph & Telephone Corp.		54,500		2,324,186
Nippon Yusen KK (c)		178,000		375,393
Nissan Motor Co., Ltd.		177,700		1,711,935
Nitori Holdings Co., Ltd.		3,100		391,430
Nitto Denko Corp.		17,700		1,366,377
Nomura Holdings, Inc.		196,100		1,217,640
NTT Data Corp.		17,800		843,435
NTT DOCOMO, Inc.		112,500		2,617,394
Obayashi Corp.		129,000		1,205,142
Ono Pharmaceutical Co., Ltd. (a)		22,800		471,530
Oriental Land Co., Ltd. (a)		5,800		332,239
ORIX Corp.		141,900		2,098,001
Osaka Gas Co., Ltd.		355,000		1,347,617
Otsuka Holdings Co., Ltd.		800		36,055
Panasonic Corp.		179,200		2,023,096
Rakuten, Inc.		39,300		393,247
Resona Holdings, Inc.		53,300		285,992
Rohm Co., Ltd.		17,600		1,168,806
Ryohin Keikaku Co., Ltd.		1,300		284,546
Secom Co., Ltd.		17,800		1,272,980
Seven & i Holdings Co., Ltd.		71,100		2,783,256
Sharp Corp. (a) (c)		44,000		185,587
Shin-Etsu Chemical Co., Ltd.		33,100		2,864,726
Shionogi & Co., Ltd.		16,000		825,343
Shiseido Co., Ltd.		19,000		499,596
Shizuoka Bank, Ltd.		133,000		1,081,378
SMC Corp.		300		88,630
SoftBank Group Corp.		68,500		4,833,052
Sompo Holdings, Inc.		47,800		1,749,764
Sony Corp.		88,600		2,994,414
Sumitomo Chemical Co., Ltd.		178,000		993,592
Sumitomo Corp.		88,900		1,194,721
Sumitomo Electric Industries, Ltd.		71,100		1,177,875
Sumitomo Mitsui Financial Group, Inc.		57,600		2,090,927
Sumitomo Mitsui Trust Holdings, Inc.		17,700		613,138
T&D Holdings, Inc.		35,300		511,934
Takeda Pharmaceutical Co., Ltd.		71,100		3,336,461
TDK Corp.		17,800		1,126,178
Teijin, Ltd.		59,800		1,126,449
Terumo Corp.		50,700		1,758,552
Tohoku Electric Power Co., Inc.		35,700		483,134
Tokio Marine Holdings, Inc.		53,300		2,246,225
Tokyo Electric Power Co. Holdings, Inc. (c)		124,300		486,357
Tokyo Electron, Ltd.		17,800		1,941,658
Tokyo Gas Co., Ltd.		321,000		1,459,379
Tokyu Corp.		178,000		1,258,763
Toppan Printing Co., Ltd.		178,000		1,813,067
Toray Industries, Inc.		178,000		1,576,649

See accompanying notes to financial statements.

174

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Toshiba Corp. (a) (c)		218,000	$	472,271
Toyota Motor Corp.		178,100		9,657,006
Toyota Tsusho Corp.		53,300		1,611,963
West Japan Railway Co.		18,400		1,195,678
Yahoo! Japan Corp. (a)		231,100		1,066,009
Yakult Honsha Co., Ltd.		900		49,915
Yamada Denki Co., Ltd. (a)		107,100		533,434
Yamaha Corp.		35,500		976,465
Yamaha Motor Co., Ltd.		53,400		1,284,801
				196,278,523
LUXEMBOURG — 0.1%
ArcelorMittal (c)		104,371		880,314
MACAU — 0.0% (g)
MGM China Holdings, Ltd.		53,200		110,897
Wynn Macau, Ltd. (a)		56,000		113,996
				224,893
MALAYSIA — 0.5%
AirAsia Bhd		482,300		342,204
Alliance Financial Group Bhd		590,400		544,307
AMMB Holdings Bhd		188,000		197,537
Astro Malaysia Holdings Bhd		91,600		56,713
Berjaya Sports Toto Bhd		888,540		584,262
British American Tobacco Malaysia Bhd		34,100		351,364
CIMB Group Holdings Bhd		352,137		443,205
Dialog Group Bhd		801,100		320,404
Felda Global Ventures Holdings Bhd		595,500		281,233
Gamuda Bhd		50,466		59,070
Genting Bhd		167,300		362,537
Genting Malaysia Bhd		418,900		515,875
Genting Plantations Bhd		185,900		490,636
Hong Leong Financial Group Bhd		31,239		112,236
IOI Properties Group Bhd		547,800		256,230
Lafarge Malaysia Bhd		170,900		258,735
Malaysia Airports Holdings Bhd		137,900		216,564
Petronas Chemicals Group Bhd		18,000		31,318
PPB Group Bhd		99,500		376,371
RHB Capital Bhd		101,810		118,937
Sapura Energy Bhd (c)		135,000		55,519
Tenaga Nasional Bhd		125,200		388,147
UMW Holdings Bhd (c)		36,200		49,079
Westports Holdings Bhd		140,500		128,579
				6,541,062
MEXICO — 1.0%
America Movil SAB de CV Series L		2,557,728		1,803,460
Cemex SAB de CV Series CPO (c)		1,452,848		1,307,506
Fomento Economico Mexicano SAB de CV		240,612		2,121,212
Fresnillo PLC		19,477		378,964
Gentera SAB de CV (a)		230,832		377,976
Grupo Financiero Banorte SAB de CV Series O		338,378		1,934,240
Grupo Mexico SAB de CV Series B		208,784		623,886
Grupo Televisa SAB Series CPO		290,945		1,497,813
Industrias Penoles SAB de CV		15,030		385,451
Kimberly-Clark de Mexico SAB de CV Class A		209,481		451,903
Wal-Mart de Mexico SAB de CV		268,740		615,840
				11,498,251
NETHERLANDS — 3.1%
Akzo Nobel NV		24,207		2,012,475
Altice NV Class A (c)		22,542		511,248
Altice NV Class B (c)		4,047		91,764
ASML Holding NV		27,913		3,713,880
Heineken NV		22,661		1,934,118
ING Groep NV		219,207		3,322,196
Koninklijke Ahold Delhaize NV		122,355		2,625,147
Koninklijke DSM NV		19,689		1,335,311
Koninklijke KPN NV		427,149		1,289,707
Koninklijke Philips NV		88,348		2,847,061
NXP Semiconductors NV (c)		12,348		1,278,018
Royal Dutch Shell PLC Class A		294,359		7,714,983
Royal Dutch Shell PLC Class B		246,559		6,735,026
Steinhoff International Holdings NV		189,115		905,044
Wolters Kluwer NV		32,873		1,369,982
				37,685,960
NEW ZEALAND — 0.1%
Mercury NZ, Ltd.		213,588		470,322
Meridian Energy, Ltd.		207,222		405,604
Spark New Zealand, Ltd.		151,462		370,578
				1,246,504
NORWAY — 0.5%
DNB ASA		100,074		1,585,776
Norsk Hydro ASA		157,250		912,862
Statoil ASA		78,629		1,342,998
Telenor ASA		69,198		1,151,299
Yara International ASA		17,715		681,878
				5,674,813
PERU — 0.1%
Cia de Minas Buenaventura SAA ADR (b)		17,171		206,739
Cia de Minas Buenaventura SAA ADR (b)		297		3,594
Credicorp, Ltd.		6,694		1,093,130
				1,303,463
PHILIPPINES — 0.3%
Alliance Global Group, Inc.		550,900		139,221
Ayala Land, Inc.		482,200		317,623
BDO Unibank, Inc.		36,477		85,495
DMCI Holdings, Inc.		1,302,950		296,036
Energy Development Corp.		1,835,000		220,163
Globe Telecom, Inc.		2,575		104,283
GT Capital Holdings, Inc.		7,340		167,500
JG Summit Holdings, Inc.		229,940		372,808
Jollibee Foods Corp.		98,810		388,938
Megaworld Corp.		1,572,000		105,897
Metro Pacific Investments Corp.		3,433,300		411,928
PLDT, Inc. ADR		14,522		467,027
SM Prime Holdings, Inc.		511,200		288,330
Universal Robina Corp.		58,220		189,715
				3,554,964
POLAND — 0.3%
Alior Bank SA (c)		51,969		937,605

See accompanying notes to financial statements.

175

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Bank Millennium SA (c)		118,212	$	192,448
Bank Zachodni WBK SA		3,371		291,414
CCC SA		7,054		423,744
Eurocash SA		22,319		179,760
Grupa Azoty SA		10,976		191,431
LPP SA		48		82,321
Orange Polska SA		85,454		99,863
Polski Koncern Naftowy Orlen SA		16,475		415,831
Powszechna Kasa Oszczednosci Bank Polski SA (c)		44,626		361,112
				3,175,529
PORTUGAL — 0.1%
EDP — Energias de Portugal SA		150,753		511,930
Jeronimo Martins SGPS SA		19,108		342,728
				854,658
QATAR — 0.0% (g)
Commercial Bank QSC		10,657		99,367
RUSSIA — 0.8%
Gazprom PJSC ADR		417,765		1,867,410
Lukoil PJSC ADR		46,518		2,468,245
Magnit PJSC GDR		7,370		281,534
MMC Norilsk Nickel PJSC ADR		34,725		544,835
Mobile TeleSystems PJSC ADR		83,426		920,189
RusHydro PJSC ADR (b)		58,736		95,740
RusHydro PJSC ADR (b)		101,580		164,560
Sberbank of Russia PJSC ADR		109,976		1,269,123
Surgutneftegas OJSC ADR		114,559		641,530
Tatneft PJSC ADR		49,478		1,823,264
				10,076,430
SINGAPORE — 1.0%
CapitaLand, Ltd.		355,000		922,243
DBS Group Holdings, Ltd.		189,471		2,630,600
Singapore Exchange, Ltd.		355,000		1,956,273
Singapore Press Holdings, Ltd. (a)		533,000		1,354,147
Singapore Telecommunications, Ltd.		865,900		2,429,205
United Overseas Bank, Ltd.		181,765		2,876,135
				12,168,603
SOUTH AFRICA — 1.4%
Anglo American Platinum, Ltd. (c)		6,607		150,817
AngloGold Ashanti, Ltd. (a) (c)		37,159		396,982
Aspen Pharmacare Holdings, Ltd.		22,235		455,553
Bid Corp., Ltd.		20,692		400,762
Bidvest Group, Ltd.		20,735		237,941
Brait SE (c)		29,031		169,309
Capitec Bank Holdings, Ltd.		4,593		260,798
Coronation Fund Managers, Ltd.		41,345		194,996
Discovery, Ltd.		67,955		652,297
FirstRand, Ltd. (a)		288,227		996,529
Foschini Group, Ltd.		27,586		317,834
Gold Fields, Ltd.		43,395		151,363
Impala Platinum Holdings, Ltd. (c)		53,569		180,657
Imperial Holdings, Ltd. (a)		19,279		237,236
Massmart Holdings, Ltd.		23,820		241,899
Mr. Price Group, Ltd.		26,397		314,786
MTN Group, Ltd.		112,118		1,020,110
Naspers, Ltd. Class N		30,460		5,258,872
Pioneer Foods Group, Ltd.		27,085		356,743
PSG Group, Ltd.		14,511		267,304
Rand Merchant Investment Holdings, Ltd. (a)		31,186		96,055
Remgro, Ltd.		34,566		531,273
Resilient REIT, Ltd.		44,151		383,731
Sanlam, Ltd.		212,827		1,069,313
Sasol, Ltd.		38,896		1,133,020
Sibanye Gold, Ltd.		55,869		119,582
Standard Bank Group, Ltd.		116,731		1,251,428
Truworths International, Ltd. (a)		51,622		333,438
Woolworths Holdings, Ltd.		42,059		219,286
				17,399,914
SOUTH KOREA — 3.5%
Amorepacific Corp.		367		92,054
Amorepacific Corp. Preference Shares		1,874		279,852
AMOREPACIFIC Group		478		51,078
BGF retail Co., Ltd.		2,032		190,790
Celltrion, Inc.		7,725		622,393
CJ CheilJedang Corp.		2,118		668,563
CJ Corp.		698		108,604
Coway Co., Ltd.		2,822		242,758
E-MART, Inc.		2,460		452,052
Hana Financial Group, Inc.		41,514		1,371,673
Hanmi Pharm Co., Ltd.		321		85,826
Hanmi Science Co., Ltd.		1,613		84,234
Hanssem Co., Ltd.		1,052		206,957
Hotel Shilla Co., Ltd.		835		33,675
Hyundai Department Store Co., Ltd.		4,141		373,997
Hyundai Development Co-Engineering & Construction		10,407		378,293
Hyundai Heavy Industries Co., Ltd. (c)		4,821		711,316
Hyundai Mobis Co., Ltd.		5,764		1,239,598
Hyundai Motor Co.		12,718		1,791,188
Hyundai Steel Co.		5,873		307,226
KB Financial Group, Inc.		41,866		1,834,422
Kia Motors Corp.		25,271		837,245
Korea Aerospace Industries, Ltd.		4,018		206,954
Korea Electric Power Corp. ADR (c)		42,984		891,058
Korea Zinc Co., Ltd.		2,198		849,089
KT Corp. ADR (c)		35,081		590,413
KT&G Corp.		12,217		1,065,150
LG Chem, Ltd. Preference Shares		500		85,174
LG Electronics, Inc.		13,724		833,282
LG Household & Health Care, Ltd.		1,198		868,799
Lotte Chemical Corp.		2,424		803,087
NAVER Corp.		2,540		1,941,965
NCSoft Corp.		2,119		577,926
POSCO ADR		25,661		1,655,135
Samsung C&T Corp.		4,004		456,505
Samsung Electronics Co., Ltd. GDR		13,299		12,201,833
Samsung Electronics Co., Ltd. Preference Shares		473		678,010
Samsung Fire & Marine Insurance Co., Ltd.		4,279		1,025,460
Samsung Heavy Industries Co., Ltd. (c)		19,193		192,222
Samsung SDS Co., Ltd.		1,277		152,445

See accompanying notes to financial statements.

176

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Samsung Securities Co., Ltd.		23,810	$	716,450
Shinhan Financial Group Co., Ltd.		37,175		1,549,097
SK Holdings Co., Ltd.		3,871		842,876
SK Hynix, Inc.		31,139		1,406,170
SK Innovation Co., Ltd.		5,538		824,535
SK Telecom Co., Ltd. ADR		17,397		438,056
				42,815,485
SPAIN — 2.3%
Abertis Infraestructuras SA		82,726		1,336,041
ACS Actividades de Construccion y Servicios SA		39,403		1,344,181
Aena SA (d)		891		141,325
Amadeus IT Group SA		21,792		1,108,511
Banco Bilbao Vizcaya Argentaria SA		401,528		3,122,131
Banco de Sabadell SA		212,809		391,034
Banco Popular Espanol SA (a)		249,971		243,294
Banco Santander SA		917,397		5,637,003
Distribuidora Internacional de Alimentacion SA		70,880		410,964
Ferrovial SA		88,179		1,769,290
Gas Natural SDG SA		29,768		653,960
Iberdrola SA		436,928		3,133,355
Industria de Diseno Textil SA		84,988		3,003,299
Mapfre SA		203,629		700,199
Repsol SA		87,741		1,358,383
Telefonica SA		318,921		3,576,453
				27,929,423
SWEDEN — 2.0%
Assa Abloy AB Class B		111,384		2,299,214
Atlas Copco AB Class B		77,269		2,464,771
Hennes & Mauritz AB Class B		76,296		1,956,899
Husqvarna AB Class B (a)		178,242		1,570,146
Nordea Bank AB		192,632		2,207,167
Sandvik AB		96,196		1,442,676
Securitas AB Class B		58,010		909,624
Skandinaviska Enskilda Banken AB Class A (a)		103,807		1,159,186
Skanska AB Class B (a)		57,837		1,366,845
SKF AB Class B (a)		47,363		940,544
Svenska Handelsbanken AB Class A (a)		127,493		1,754,969
Swedbank AB Class A (a)		63,236		1,470,358
Tele2 AB Class B		79,632		763,025
Telefonaktiebolaget LM Ericsson Class B (a)		243,249		1,629,234
Telia Co. AB		140,321		590,781
Volvo AB Class B (a)		99,825		1,479,212
				24,004,651
SWITZERLAND — 6.5%
ABB, Ltd. (c)		169,502		3,967,663
Actelion, Ltd. (c)		5,709		1,612,402
Adecco Group AG		14,371		1,021,526
Aryzta AG (c)		5,881		188,895
Cie Financiere Richemont SA		36,339		2,875,317
Coca-Cola HBC AG (c)		11,478		295,808
Credit Suisse Group AG (c)		111,200		1,655,307
Geberit AG		3,911		1,687,167
Givaudan SA (a)		1,034		1,863,566
Glencore PLC (c)		739,103		2,894,168
Julius Baer Group, Ltd. (c)		11,120		555,472
Kuehne + Nagel International AG		8,333		1,178,000
LafargeHolcim, Ltd. (c)		23,639		1,398,101
Lonza Group AG (c)		3,054		577,879
Nestle SA		208,942		16,041,953
Novartis AG		157,782		11,719,958
Roche Holding AG		46,039		11,765,599
SGS SA		711		1,517,965
Sika AG		131		786,563
Sonova Holding AG		2,107		292,384
STMicroelectronics NV		12,033		184,426
Swatch Group AG		4,066		1,457,090
Swiss Re AG		24,264		2,180,475
Syngenta AG		6,918		3,055,545
UBS Group AG (c)		239,552		3,836,374
Wolseley PLC		17,732		1,113,084
Zurich Insurance Group AG		11,312		3,021,958
				78,744,645
TAIWAN — 2.7%
Advanced Semiconductor Engineering, Inc. ADR		197,041		1,276,826
Advantech Co., Ltd.		26,000		217,649
Asia Pacific Telecom Co., Ltd. (c)		48,000		15,772
Asustek Computer, Inc.		11,000		108,758
AU Optronics Corp. ADR		237,317		906,551
Catcher Technology Co., Ltd.		32,000		316,388
Cathay Financial Holding Co., Ltd.		205,000		329,027
Chicony Electronics Co., Ltd.		137,852		351,644
China Airlines, Ltd.		690,000		239,911
China Development Financial Holding Corp.		402,000		110,362
China Life Insurance Co., Ltd.		231,336		228,725
Chunghwa Telecom Co., Ltd. ADR		63,562		2,159,837
Compal Electronics, Inc.		214,000		139,646
CTBC Financial Holding Co., Ltd.		501,558		309,935
Delta Electronics, Inc.		59,785		320,180
E.Sun Financial Holding Co., Ltd.		661,772		402,396
Eclat Textile Co., Ltd.		15,344		153,731
Eva Airways Corp.		461,250		244,743
Feng TAY Enterprise Co., Ltd.		34,036		135,729
Formosa Plastics Corp.		288,000		858,993
Foxconn Technology Co., Ltd.		24,240		73,896
Fubon Financial Holding Co., Ltd.		312,000		508,989
Giant Manufacturing Co., Ltd.		17,000		100,569
Highwealth Construction Corp.		140,400		246,628
Hiwin Technologies Corp.		6,303		39,572
Hon Hai Precision Industry Co., Ltd. GDR		796,199		4,880,700
Hotai Motor Co., Ltd.		7,000		82,014
HTC Corp. (c)		51,000		130,263
Innolux Corp.		209,000		86,445
Largan Precision Co., Ltd.		5,000		787,674
MediaTek, Inc.		61,000		432,232
Mega Financial Holding Co., Ltd.		25,948		20,952
Merida Industry Co., Ltd.		28,000		148,109
OBI Pharma, Inc. (c)		8,000		71,978
Pegatron Corp.		48,000		142,058
Phison Electronics Corp.		18,000		161,654

See accompanying notes to financial statements.

177

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Pou Chen Corp.		121,000	$	167,488
Powertech Technology, Inc.		138,000		401,595
President Chain Store Corp.		35,000		288,374
Ruentex Development Co., Ltd. (c)		35,158		42,119
Siliconware Precision Industries Co., Ltd. ADR (a)		97,499		788,767
Standard Foods Corp.		211,060		524,476
Taishin Financial Holding Co., Ltd.		731,687		305,045
Taiwan Business Bank		1,689,100		467,609
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		322,537		10,592,115
Teco Electric and Machinery Co., Ltd.		346,000		351,787
Transcend Information, Inc.		121,000		396,388
Uni-President Enterprises Corp.		322,000		603,833
United Microelectronics Corp. ADR (a)		727,536		1,404,144
Zhen Ding Technology Holding, Ltd.		21,000		49,347
				33,123,623
THAILAND — 0.5%
Bangkok Bank PCL		178,276		964,986
BEC World PCL		73,100		38,292
Bumrungrad Hospital PCL		69,900		372,258
Central Pattana PCL		212,600		363,485
CP ALL PCL NVDR		320,800		550,810
Delta Electronics Thailand PCL		66,200		168,570
Indorama Ventures PCL		39,000		40,007
IRPC PCL		4,521,300		677,619
Kasikornbank PCL		56,400		310,210
Minor International PCL		191,800		205,126
PTT PCL		102,062		1,149,450
Siam Commercial Bank PCL NVDR		103,000		488,585
Thai Union Group PCL		213,400		132,900
TMB Bank PCL		1,082,400		76,859
				5,539,157
TURKEY — 0.3%
Akbank TAS		446,715		1,046,361
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		815,185		649,166
Turkiye Garanti Bankasi A/S		342,318		832,847
Turkiye Is Bankasi Class C		591,832		1,077,491
				3,605,865
UNITED ARAB EMIRATES — 0.0% (g)
Abu Dhabi Commercial Bank PJSC		62,570		115,839
DP World, Ltd.		8,583		184,534
DXB Entertainments PJSC (c)		165,040		45,832
Emaar Properties PJSC		47,127		93,664
				439,869
UNITED KINGDOM — 11.2%
3i Group PLC		209,829		1,966,543
Anglo American PLC (c)		92,910		1,416,807
AstraZeneca PLC		79,551		4,886,688
BAE Systems PLC		221,939		1,783,090
Barclays PLC		1,058,434		2,979,241
Barratt Developments PLC		39,945		272,973
Berkeley Group Holdings PLC		3,514		140,918
BP PLC		1,254,856		7,179,577
British American Tobacco PLC		119,040		7,889,240
British Land Co. PLC REIT		193,210		1,473,757
BT Group PLC		504,039		2,005,537
Burberry Group PLC		47,385		1,021,514
Capita PLC		44,617		314,942
Centrica PLC		546,142		1,481,944
CNH Industrial NV		59,800		578,190
Cobham PLC		104,903		174,464
Compass Group PLC		175,914		3,312,774
Diageo PLC		201,357		5,749,554
Fiat Chrysler Automobiles NV (c)		108,905		1,193,913
G4S PLC		104,952		399,355
GlaxoSmithKline PLC		306,561		6,361,515
Hammerson PLC		172,474		1,231,477
HSBC Holdings PLC		1,273,133		10,362,259
Imperial Brands PLC		81,483		3,940,103
InterContinental Hotels Group PLC		12,550		613,288
ITV PLC		47,627		130,366
J Sainsbury PLC		178,658		590,454
Land Securities Group PLC REIT		95,990		1,271,125
Legal & General Group PLC		81,022		250,549
Lloyds Banking Group PLC		3,616,184		2,998,896
Marks & Spencer Group PLC		149,764		631,108
National Grid PLC		376,569		4,772,377
NEX Group PLC		2,993		21,277
Next PLC		15,170		819,475
Old Mutual PLC		524,891		1,316,638
Pearson PLC		80,514		687,132
Persimmon PLC		13,059		341,942
Prudential PLC		122,696		2,586,749
Randgold Resources, Ltd.		4,990		434,598
Reckitt Benckiser Group PLC		59,290		5,401,781
RELX NV		108,983		2,023,529
RELX PLC		117,223		2,292,535
Rio Tinto PLC		79,943		3,208,368
Rio Tinto, Ltd.		27,997		1,291,275
Rolls-Royce Holdings PLC (c)		131,278		1,237,741
Royal Bank of Scotland Group PLC (c)		196,933		596,183
RSA Insurance Group PLC		83,272		610,708
Sage Group PLC		161,878		1,276,260
Severn Trent PLC		52,950		1,577,154
Sky PLC		104,587		1,276,421
Smith & Nephew PLC		111,617		1,697,189
Smiths Group PLC		26,744		541,427
SSE PLC		112,244		2,071,648
Standard Chartered PLC (c)		182,750		1,743,606
Standard Life PLC		232,267		1,030,185
Taylor Wimpey PLC		158,272		382,167
Tesco PLC (c)		652,751		1,514,928
Unilever NV		124,997		6,225,966
Unilever PLC		101,591		5,004,523
United Utilities Group PLC		78,464		974,776
Vodafone Group PLC		1,893,951		4,928,414
Whitbread PLC		11,475		567,930
WPP PLC		115,617		2,532,924
				135,589,987
UNITED STATES — 0.4%
Mobileye NV (c)		7,660		470,324

See accompanying notes to financial statements.

178

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Shire PLC		45,414	$	2,646,886
Thomson Reuters Corp.		36,119		1,557,533
Valeant Pharmaceuticals International, Inc. (c)		25,288		278,544
Yum China Holdings, Inc. (c)		7,569		205,877
				5,159,164
TOTAL COMMON STOCKS (Cost $1,229,607,257)				1,198,356,961
RIGHTS — 0.0% (g)
GERMANY — 0.0% (g)
Deutsche Bank AG (expiring 4/6/17) (c) (Cost $0)		78,836		188,875
SHORT-TERM INVESTMENTS — 1.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (h) (i)		1,618,177		1,618,177
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)		20,241,414		20,241,414
TOTAL SHORT-TERM INVESTMENTS (Cost $21,859,591)				21,859,591
TOTAL INVESTMENTS — 100.9% (Cost $1,251,466,848)				1,220,405,427
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.9)%				(10,669,470	)
NET ASSETS — 100.0%			$	1,209,735,957

(a) All or a portion of the shares of the security are on loan at March 31, 2017.

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

(c) Non-income producing security.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.3% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $76,634 representing less than 0.05% of the Fund’s net assets.

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2017, total aggregate fair value of the security is $ 0, representing 0.0% of the Fund’s net assets.

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

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at March 31, 2017.

(j) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	65,105,170	$	—	$	—		$	65,105,170
Austria		2,985,851		—		—			2,985,851
Belgium		11,448,588		—		—			11,448,588
Brazil		21,369,658		—		—			21,369,658
Canada		79,820,787		—		—			79,820,787
Chile		3,915,653		—		—			3,915,653
China		73,863,017		76,634		—			73,939,651
Colombia		1,454,845		—		—			1,454,845
Denmark		13,474,498		—		—			13,474,498
Egypt		793,552		—		—			793,552
Finland		8,282,045		—		—			8,282,045
France		81,365,711		—		—			81,365,711
Germany		78,568,138		—		—			78,568,138
Greece		1,157,043		—		—			1,157,043
Hong Kong		30,273,438		—		0	(a)		30,273,438
Hungary		1,365,850		—		—			1,365,850
India		22,862,627		—		—			22,862,627

See accompanying notes to financial statements.

179

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Indonesia	$	6,638,960	$	—	$	—	$	6,638,960
Ireland		6,964,426		—		—		6,964,426
Israel		4,944,533		—		—		4,944,533
Italy		16,010,820		—		—		16,010,820
Japan		196,278,523		—		—		196,278,523
Luxembourg		880,314		—		—		880,314
Macau		224,893		—		—		224,893
Malaysia		6,541,062		—		—		6,541,062
Mexico		11,498,251		—		—		11,498,251
Netherlands		37,685,960		—		—		37,685,960
New Zealand		1,246,504		—		—		1,246,504
Norway		5,674,813		—		—		5,674,813
Peru		1,303,463		—		—		1,303,463
Philippines		3,554,964		—		—		3,554,964
Poland		3,175,529		—		—		3,175,529
Portugal		854,658		—		—		854,658
Qatar		99,367		—		—		99,367
Russia		10,076,430		—		—		10,076,430
Singapore		12,168,603		—		—		12,168,603
South Africa		17,399,914		—		—		17,399,914
South Korea		42,815,485		—		—		42,815,485
Spain		27,929,423		—		—		27,929,423
Sweden		24,004,651		—		—		24,004,651
Switzerland		78,744,645		—		—		78,744,645
Taiwan		33,123,623		—		—		33,123,623
Thailand		2,314,591		3,224,566		—		5,539,157
Turkey		3,605,865		—		—		3,605,865
United Arab Emirates		439,869		—		—		439,869
United Kingdom		135,589,987		—		—		135,589,987
United States		5,159,164		—		—		5,159,164
Rights
Germany		188,875		—		—		188,875
Short-Term Investments		21,859,591		—		—		21,859,591
TOTAL INVESTMENTS	$	1,217,104,227	$	3,301,200	$	0	$	1,220,405,427

(a) Fund held Level 3 security that was valued at $0 at March 31, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Premier Class		809,652	$	809,652		23,984,636		23,176,111		1,618,177	$	1,618,177	$	2,558
State Street Navigator Securities Lending Government Money Market Portfolio*		23,136,429		23,136,429		107,222,742		110,117,757		20,241,414		20,241,414		92,805
TOTAL			$	23,946,081							$	21,859,591	$	95,363

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

180

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SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.1%
AUSTRALIA — 2.6%
Alumina, Ltd. (a)		48,535	$	66,275
Amcor, Ltd.		4,186		48,091
AMP, Ltd.		14,718		58,159
Australia & New Zealand Banking Group, Ltd.		3,294		79,958
BHP Billiton PLC		960		14,813
BHP Billiton, Ltd.		4,088		74,969
Boral, Ltd.		19,314		86,045
Brambles, Ltd.		9,818		70,028
Coca-Cola Amatil, Ltd.		4,802		39,636
Commonwealth Bank of Australia		1,085		71,107
CSL, Ltd.		1,872		178,978
Fortescue Metals Group, Ltd.		7,302		34,703
Iluka Resources, Ltd.		1,943		11,295
Insurance Australia Group, Ltd.		22,441		103,571
LendLease Group		11,582		137,654
Macquarie Group, Ltd.		1,965		135,210
National Australia Bank, Ltd.		4,387		111,576
Newcrest Mining, Ltd.		2,304		39,142
Origin Energy, Ltd.		7,300		39,260
Orora, Ltd.		1,761		3,976
OZ Minerals, Ltd.		7,061		42,176
QBE Insurance Group, Ltd.		3,434		33,767
Santos, Ltd.		8,561		24,817
Scentre Group REIT		10,247		33,535
Shopping Centres Australasia Property Group		103,769		177,319
Sonic Healthcare, Ltd.		5,183		87,459
South32, Ltd. (a) (b)		3,772		7,865
South32, Ltd. (b)		3,495		7,359
Suncorp Group, Ltd.		7,416		74,733
Sydney Airport		1,102		5,691
Transurban Group Stapled Security		7,245		64,498
Vicinity Centres REIT		38,101		82,255
Wesfarmers, Ltd.		4,485		154,202
Westfield Corp.		8,224		55,710
Westpac Banking Corp.		4,954		132,497
Woodside Petroleum, Ltd.		1,897		46,424
Woolworths, Ltd.		1,661		33,578
				2,468,331
AUSTRIA — 0.1%
OMV AG		1,971		77,757
BELGIUM — 0.4%
Anheuser-Busch InBev SA		1,146		126,125
Solvay SA		666		81,596
UCB SA		1,733		134,770
				342,491
BRAZIL — 0.6%
Ambev SA ADR		14,931		86,003
Banco Bradesco SA Preference Shares ADR		10,956		112,189
Cia Energetica de Minas Gerais ADR		8,357		27,494
Cia Siderurgica Nacional SA ADR (c)		7,332		21,409
Gerdau SA ADR		6,626		22,860
Itau Unibanco Holding SA Preference Shares ADR		9,519		114,894
Petroleo Brasileiro SA Preference Shares ADR (c)		11,059		101,964
Tim Participacoes SA ADR		2,523		40,318
Vale SA Preference Shares ADR		8,811		79,123
				606,254
CANADA — 3.2%
Agrium, Inc. (a)		489		46,537
Bank of Montreal		1,076		80,140
Bank of Nova Scotia		1,357		79,162
Barrick Gold Corp.		2,100		39,775
Brookfield Asset Management, Inc. Class A		3,127		113,600
Cameco Corp.		2,797		30,872
Canadian Imperial Bank of Commerce		489		42,045
Canadian National Railway Co.		2,119		155,964
Canadian Natural Resources, Ltd.		2,119		69,179
Canadian Pacific Railway, Ltd.		447		65,475
Canadian Tire Corp., Ltd. Class A		517		61,242
Cenovus Energy, Inc.		2,685		30,300
Eldorado Gold Corp.		2,886		9,846
Enbridge, Inc. (b)		2,397		100,129
Enbridge, Inc. (b)		2,853		119,369
Encana Corp.		3,933		45,946
Enerplus Corp.		3,091		24,823
First Majestic Silver Corp. (a) (c)		9,452		76,472
First Quantum Minerals, Ltd.		1,496		15,850
Goldcorp, Inc.		2,058		29,937
IAMGOLD Corp. (c)		3,105		12,386
IGM Financial, Inc. (a)		826		24,564
Imperial Oil, Ltd.		1,538		46,729
Just Energy Group, Inc.		18,810		117,770
Kinross Gold Corp. (c)		4,548		15,994
Loblaw Cos., Ltd.		1,723		93,227
Manulife Financial Corp.		5,516		97,569
National Bank of Canada		2,908		121,758
Onex Corp.		1,830		130,974
Penn West Petroleum, Ltd. (c)		2,037		3,467
Potash Corp. of Saskatchewan, Inc. (a)		1,565		26,661
PrairieSky Royalty, Ltd.		24		505
Rogers Communications, Inc. Class B		2,914		128,477
Royal Bank of Canada		2,551		185,331
Shaw Communications, Inc. Class B		1,943		40,167
Silver Wheaton Corp.		1,371		28,486
SNC-Lavalin Group, Inc.		1,217		47,616
Sun Life Financial, Inc.		3,006		109,452
Suncor Energy, Inc.		4,283		131,125
Teck Resources, Ltd. Class B		1,524		33,231
TELUS Corp.		4,116		133,234
TMX Group, Ltd.		20		1,011
Toronto-Dominion Bank		4,076		203,578
TransAlta Corp.		4,771		27,975
TransCanada Corp. (a)		1,876		86,327
Trilogy Energy Corp. (c)		12,740		46,522
Yamana Gold, Inc.		4,199		11,555
				3,142,354
CHILE — 0.0% (d)
Enel Americas SA ADR		1,453		15,097
Enel Chile SA ADR		806		4,433
Enel Generacion Chile SA ADR		362		8,051

See accompanying notes to financial statements.

181

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March 31, 2017 (Unaudited)

Security Description	Shares		Value
Sociedad Quimica y Minera de Chile SA ADR		179	$	6,152
				33,733
CHINA — 3.0%
Agricultural Bank of China, Ltd. Class H		98,000		45,144
Alibaba Group Holding, Ltd. ADR (c)		1,911		206,063
Bank of China, Ltd. Class H		195,000		96,854
Bank of Communications Co., Ltd. Class H		70,000		54,404
Baozun, Inc. ADR (c)		20,853		311,544
Biostime International Holdings, Ltd. (a) (c)		35,500		118,082
China Construction Bank Corp. Class H		153,000		123,046
China Life Insurance Co., Ltd. Class H		27,000		82,860
China Merchants Bank Co., Ltd. Class H		34,174		90,366
China Mobile, Ltd.		13,500		147,742
China Overseas Land & Investment, Ltd.		28,000		79,985
China Petroleum & Chemical Corp. Class H		83,200		67,446
China Pioneer Pharma Holdings, Ltd. (a)		420,000		167,535
China Shenhua Energy Co., Ltd. Class H		13,500		31,338
China Telecom Corp., Ltd. Class H		84,000		40,965
China Unicom Hong Kong, Ltd.		28,000		37,470
CITIC, Ltd.		28,000		39,920
CNOOC, Ltd.		42,000		50,152
COSCO SHIPPING Ports, Ltd.		26,824		29,615
Hengan International Group Co., Ltd.		7,000		52,062
Huaneng Power International, Inc. Class H		56,000		37,398
Industrial & Commercial Bank of China, Ltd. Class H		154,000		100,665
PetroChina Co., Ltd. Class H		56,000		41,001
PICC Property & Casualty Co., Ltd. Class H		29,859		46,029
Ping An Insurance Group Co. of China, Ltd. Class H		14,000		78,363
Shandong Xinhua Pharmaceutical Co., Ltd. Class H		246,000		209,550
Sheen Tai Holdings Grp Co., Ltd.		1,228,000		109,029
Tencent Holdings, Ltd.		14,000		401,364
Yanzhou Coal Mining Co., Ltd. Class H		28,000		21,762
				2,917,754
COLOMBIA — 0.0% (d)
Bancolombia SA ADR		304		12,120
DENMARK — 0.6%
AP Moeller — Maersk A/S Class B		70		116,487
Danske Bank A/S		2,383		81,401
DSV A/S		3,572		185,465
Novo Nordisk A/S Class B		5,307		182,809
				566,162
FINLAND — 0.4%
Fortum Oyj		1,858		29,471
Metso Oyj (a)		1,104		33,511
Nokia Oyj		11,522		61,986
Sampo Oyj Class A		1,301		61,865
UPM-Kymmene Oyj (a)		4,241		99,882
Valmet Oyj		209		3,257
Wartsila Oyj Abp		1,259		67,530
				357,502
FRANCE — 3.0%
Accor SA		2,262		94,474
Airbus SE		953		72,705
Alstom SA (c)		1,719		51,507
AXA SA		4,479		116,194
BNP Paribas SA		2,378		158,784
Bouygues SA		1,363		55,622
Cap Gemini SA		1,677		155,257
Carrefour SA		2,735		64,647
Credit Agricole SA		4,867		66,110
Danone SA		1,308		89,198
Engie SA		2,285		32,455
Essilor International SA		864		105,254
Groupe Fnac SA (c)		1,381		99,878
Hermes International		15		7,125
Kering		293		75,979
LVMH Moet Hennessy Louis Vuitton SE		461		101,497
Orange SA		6,524		101,631
Pernod Ricard SA		626		74,252
Publicis Groupe SA		1,101		77,143
Renault SA		1,579		137,521
Sanofi		2,086		188,794
Schneider Electric SE		1,510		110,839
Societe Generale SA		1,901		96,679
Sodexo SA		1,329		156,713
TOTAL SA		3,564		180,740
Unibail-Rodamco SE		503		117,872
Vallourec SA (a) (c)		1,479		9,846
Veolia Environnement SA		4,008		75,275
Vinci SA		1,929		153,293
Vivendi SA		4,916		95,825
				2,923,109
GERMANY — 2.9%
adidas AG		1,146		218,543
Allianz SE		1,076		199,843
BASF SE		1,733		172,230
Bayer AG		2,044		236,214
Commerzbank AG		1,929		17,491
CompuGroup Medical SE		3,528		157,425
Daimler AG		2,397		177,409
Deutsche Bank AG (c)		2,965		51,215
Deutsche Boerse AG (c)		826		75,897
Deutsche Lufthansa AG		4,956		80,570
Deutsche Post AG		4,116		141,335
Deutsche Telekom AG		6,794		119,353
E.ON SE		4,255		33,909
Fresenius Medical Care AG & Co. KGaA		461		38,977
Linde AG		293		48,918
MAN SE		391		40,410
Merck KGaA		1,454		166,087
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		626		122,793
OSRAM Licht AG		15		943
RWE AG (c)		1,426		23,694
Salzgitter AG		1,510		54,806
SAP SE		2,119		208,461
Siemens AG		1,686		231,539

See accompanying notes to financial statements.

182

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
ThyssenKrupp AG		2,657	$	65,248
Uniper SE (c)		387		6,532
Volkswagen AG Preference Shares		461		67,352
Volkswagen AG		503		75,129
				2,832,323
HONG KONG — 1.3%
AIA Group, Ltd.		19,600		123,580
Bank of East Asia, Ltd.		19,078		78,924
Cheung Kong Property Holdings, Ltd.		21,920		147,656
CK Hutchison Holdings, Ltd.		13,420		165,084
Global Brands Group Holding, Ltd. (c)		8,000		854
Hang Lung Properties, Ltd.		14,000		36,389
Henderson Land Development Co., Ltd.		15,915		98,605
Hong Kong Exchanges & Clearing, Ltd.		4,306		108,377
Li & Fung, Ltd.		28,000		12,142
Link REIT		14,058		98,496
New World Development Co., Ltd.		45,132		55,519
Sands China, Ltd.		11,200		51,882
Shangri-La Asia, Ltd.		28,000		40,785
Sun Hung Kai Properties, Ltd.		14,253		209,444
Swire Pacific, Ltd. Class A		7,000		69,896
				1,297,633
HUNGARY — 0.1%
MOL Hungarian Oil & Gas PLC		321		22,013
Richter Gedeon Nyrt		2,615		59,502
				81,515
INDIA — 0.7%
Dr Reddy’s Laboratories, Ltd. ADR		2,984		119,808
ICICI Bank, Ltd. ADR		9,309		80,057
Infosys, Ltd. ADR		13,023		205,763
Mahindra & Mahindra, Ltd. GDR		2,013		40,059
Reliance Industries, Ltd. GDR (e)		2,313		93,214
Tata Motors, Ltd. ADR		2,781		99,143
				638,044
INDONESIA — 0.5%
Astra International Tbk PT		71,000		45,955
Bank Central Asia Tbk PT		64,000		79,487
Bank Mandiri Persero Tbk PT		64,000		56,193
Bank Rakyat Indonesia Persero Tbk PT		75,000		73,027
Gudang Garam Tbk PT		7,000		34,421
Telekomunikasi Indonesia Persero Tbk PT		470,200		145,730
				434,813
IRELAND — 0.3%
CRH PLC		2,287		80,891
Experian PLC		5,393		109,787
Prothena Corp. PLC (c)		2,118		118,164
				308,842
ISRAEL — 0.3%
Bank Hapoalim BM		9,717		59,097
Bank Leumi Le-Israel BM (c)		44,251		195,019
Teva Pharmaceutical Industries, Ltd. ADR		1,663		53,365
				307,481
ITALY — 0.6%
Assicurazioni Generali SpA		4,031		64,239
Banca Monte dei Paschi di Siena SpA (c) (f)		90		1,451
Enel SpA		17,757		83,831
Eni SpA		6,113		100,361
Intesa Sanpaolo SpA		32,035		87,234
Italgas SpA (c)		2,010		8,840
Mediaset SpA		15,755		65,381
Saipem SpA (c)		18,386		8,367
Snam SpA		10,055		43,598
Telecom Italia SpA/Milano (c)		74,852		67,489
UniCredit SpA		4,018		62,098
				592,889
JAPAN — 7.9%
Aisin Seiki Co., Ltd.		1,400		68,725
Asahi Group Holdings, Ltd.		1,400		52,869
Asahi Kasei Corp.		14,000		135,691
Astellas Pharma, Inc.		7,000		92,094
Bridgestone Corp.		1,400		56,575
Canon, Inc.		1,400		43,609
Credit Saison Co., Ltd.		2,800		49,904
Daiichi Sankyo Co., Ltd.		4,200		94,493
Daikin Industries, Ltd.		1,400		140,528
Daiwa Securities Group, Inc.		14,000		85,171
Denso Corp.		2,800		123,051
Eisai Co., Ltd.		1,400		72,419
FUJIFILM Holdings Corp.		2,800		109,256
Fujitsu, Ltd.		13,000		79,437
Hitachi, Ltd.		14,000		75,698
Hokuhoku Financial Group, Inc.		2,800		43,898
Honda Motor Co., Ltd.		2,800		84,204
Hoya Corp.		2,800		134,585
ITOCHU Corp.		4,200		59,553
Japan Tobacco, Inc.		2,800		90,913
JFE Holdings, Inc.		2,800		47,957
JSR Corp.		2,800		47,165
JX Holdings, Inc.		7,000		34,343
Kajima Corp.		14,000		91,214
Kamigumi Co., Ltd.		14,000		120,865
Kansai Electric Power Co., Inc.		2,800		34,350
KDDI Corp.		8,400		220,271
Kobe Steel, Ltd. (c)		4,200		38,295
Komatsu, Ltd.		2,800		72,909
Konica Minolta, Inc.		7,000		62,568
Kyocera Corp.		2,800		155,843
Makita Corp.		2,800		97,999
Marubeni Corp.		14,000		86,126
Marui Group Co., Ltd.		5,100		69,248
Mebuki Financial Group, Inc.		15,000		59,903
Mitsubishi Chemical Holdings Corp.		7,000		54,113
Mitsubishi Corp.		2,800		60,445
Mitsubishi Electric Corp.		14,000		200,646
Mitsubishi Heavy Industries, Ltd.		14,000		56,111
Mitsubishi UFJ Financial Group, Inc.		25,100		157,610
Mitsui & Co., Ltd.		2,800		40,519
Mizuho Financial Group, Inc.		51,700		94,650
MS&AD Insurance Group Holdings, Inc.		2,800		88,953
Murata Manufacturing Co., Ltd.		1,400		198,950
NEC Corp.		2,000		4,810
Nintendo Co., Ltd.		400		92,740
Nippon Steel & Sumitomo Metal Corp		4,100		94,378
Nippon Yusen KK (c)		28,000		59,050

See accompanying notes to financial statements.

183

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Nissan Motor Co., Ltd.		5,600	$	53,950
Nitto Denko Corp.		1,400		108,075
Nomura Holdings, Inc.		13,900		86,309
NTT Data Corp.		1,400		66,338
NTT DOCOMO, Inc.		2,300		53,511
Obayashi Corp.		14,000		130,791
ORIX Corp.		5,600		82,796
Osaka Gas Co., Ltd.		14,000		53,145
Panasonic Corp.		8,400		94,833
Resona Holdings, Inc.		8,400		45,072
Rohm Co., Ltd.		1,400		92,973
Secom Co., Ltd.		1,400		100,122
Seven & i Holdings Co., Ltd.		1,400		54,804
Shin-Etsu Chemical Co., Ltd.		1,400		121,167
SoftBank Group Corp.		2,800		197,555
Sompo Holdings, Inc.		2,800		102,497
Sony Corp.		4,200		141,947
Sumitomo Chemical Co., Ltd.		14,000		78,148
Sumitomo Corp.		2,800		37,629
Sumitomo Electric Industries, Ltd.		4,200		69,579
Sumitomo Mitsui Financial Group, Inc.		2,800		101,642
Sumitomo Mitsui Trust Holdings, Inc.		1,400		48,497
T&D Holdings, Inc.		5,600		81,213
Takeda Pharmaceutical Co., Ltd.		1,400		65,697
TDK Corp.		1,400		88,576
Teijin, Ltd.		2,800		52,743
Terumo Corp.		2,800		97,119
Tokio Marine Holdings, Inc.		2,800		118,000
Tokyo Electron, Ltd.		1,400		152,715
Tokyu Corp.		14,000		99,004
Toppan Printing Co., Ltd.		14,000		142,601
Toshiba Corp. (a) (c)		14,000		30,329
Toyota Motor Corp.		5,600		303,645
Toyota Tsusho Corp.		4,200		127,021
West Japan Railway Co.		1,400		90,975
Yamada Denki Co., Ltd.		5,600		27,892
Yamaha Corp.		4,500		123,777
				7,657,391
LUXEMBOURG — 0.0% (d)
ArcelorMittal (c)		4,805		40,528
MEXICO — 0.4%
America Movil SAB de CV Series L		108,689		76,637
Cemex SAB de CV Series CPO (c)		53,551		48,194
Fomento Economico Mexicano SAB de CV		11,172		98,491
Grupo Financiero Banorte SAB de CV Series O		10,754		61,472
Grupo Mexico SAB de CV Series B		17,885		53,444
Grupo Televisa SAB Series CPO		9,502		48,917
Industrias Penoles SAB de CV		724		18,567
				405,722
NETHERLANDS — 1.4%
Akzo Nobel NV		1,112		92,447
ASML Holding NV		1,023		136,112
Heineken NV		756		64,525
ING Groep NV		9,813		148,721
Koninklijke Ahold Delhaize NV		4,180		89,682
Koninklijke DSM NV		1,312		88,980
Koninklijke KPN NV		12,919		39,007
Koninklijke Philips NV		3,966		127,806
Royal Dutch Shell PLC Class A		2,082		54,568
Royal Dutch Shell PLC Class B		13,878		379,093
Wolters Kluwer NV		4,241		176,744
				1,397,685
NORWAY — 0.3%
DNB ASA		5,265		83,429
Norsk Hydro ASA		16,185		93,957
Telenor ASA		4,311		71,725
Yara International ASA		897		34,527
				283,638
PERU — 0.0% (d)
Cia de Minas Buenaventura SAA ADR		374		4,503
PHILIPPINES — 0.0% (d)
PLDT, Inc. ADR		1,047		33,672
RUSSIA — 0.4%
Gazprom PJSC ADR (b)		939		4,221
Gazprom PJSC ADR (b)		10,247		45,804
Lukoil PJSC ADR		1,385		73,488
MMC Norilsk Nickel PJSC ADR		1,691		26,532
Mobile TeleSystems PJSC ADR		2,643		29,152
RusHydro PJSC ADR (b)		579		938
RusHydro PJSC ADR (b)		1,259		2,052
Sberbank of Russia PJSC ADR (b)		5,405		62,374
Sberbank of Russia PJSC ADR (b)		499		5,753
Surgutneftegas OJSC ADR		12,204		68,342
Tatneft PJSC ADR (b)		1,282		47,242
Tatneft PJSC ADR (b)		112		4,199
				370,097
SINGAPORE — 0.6%
Broadcom, Ltd.		1,085		237,572
CapitaLand, Ltd.		42,000		109,110
Singapore Exchange, Ltd.		28,000		154,298
Singapore Press Holdings, Ltd. (a)		28,000		71,137
Singapore Telecommunications, Ltd.		14,000		39,276
				611,393
SOUTH AFRICA — 0.6%
AngloGold Ashanti, Ltd. (a) (c)		1,231		13,151
Discovery, Ltd.		18,399		176,611
FirstRand, Ltd. (a)		15,500		53,590
Gold Fields, Ltd.		2,984		10,408
Harmony Gold Mining Co., Ltd.		2,829		6,931
Impala Platinum Holdings, Ltd. (c)		1,915		6,458
Lonmin PLC (c)		13		14
MTN Group, Ltd. (a)		5,724		52,080
Naspers, Ltd. Class N		911		157,283
Sanlam, Ltd. (a)		14,351		72,104
Sasol, Ltd.		1,104		32,159
Sibanye Gold, Ltd.		1,257		2,691
Standard Bank Group, Ltd. (a)		3,709		39,763
				623,243
SOUTH KOREA — 1.8%
Able C&C Co., Ltd.		4,152		91,334
Coreana Cosmetics Co., Ltd.		4,017		20,582
DIO Corp. (c)		1,932		55,457

See accompanying notes to financial statements.

184

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
E-MART, Inc.		27	$	4,962
Hana Financial Group, Inc.		410		13,547
Hyundai Heavy Industries Co., Ltd. (c)		40		5,902
Hyundai Mobis Co., Ltd.		167		35,915
Hyundai Motor Co.		373		52,533
Hyundai Steel Co.		163		8,527
JoyCity Corp. (c)		1,876		33,970
JW Holdings Corp.		4,827		34,445
JW Pharmaceutical Corp.		1,028		41,045
KB Financial Group, Inc.		903		39,566
KH Vatec Co., Ltd.		1,521		19,041
Kia Motors Corp.		300		9,939
Korea Electric Power Corp. ADR (c)		1,157		23,985
KT&G Corp.		336		29,294
LG Chem, Ltd. Preference Shares		507		86,366
LG Electronics, Inc.		129		7,832
LG Household & Health Care, Ltd.		53		38,436
Lotte Chemical Corp.		17		5,632
NAVER Corp.		95		72,633
NHN Entertainment Corp. (c)		33		1,768
POSCO ADR		1,584		102,168
Samsung C&T Corp.		158		18,014
Samsung Electronics Co., Ltd. GDR		535		490,862
Samsung Engineering Co., Ltd. (c)		355		4,079
Samsung Fire & Marine Insurance Co., Ltd.		89		21,329
Samsung Heavy Industries Co., Ltd. (c)		692		6,931
Samsung Securities Co., Ltd.		350		10,532
SeAH Steel Corp.		2,134		181,475
Shinhan Financial Group Co., Ltd.		903		37,628
SK Holdings Co., Ltd.		86		18,726
SK Hynix, Inc.		1,395		62,995
SK Innovation Co., Ltd.		68		10,124
				1,697,574
SPAIN — 1.0%
Acciona SA		1,848		148,497
Acerinox SA		4,240		59,520
ACS Actividades de Construccion y Servicios SA		3,200		109,162
Amadeus IT Group SA		1,409		71,673
Banco Bilbao Vizcaya Argentaria SA		12,377		96,239
Banco Santander SA		25,777		158,388
Iberdrola SA		10,928		78,368
Industria de Diseno Textil SA		2,810		99,300
Repsol SA		2,030		31,428
Telefonica SA		10,172		114,071
				966,646
SWEDEN — 1.1%
Assa Abloy AB Class B		4,784		98,752
Atlas Copco AB Class B		4,451		141,981
Nordea Bank AB		7,725		88,513
Sandvik AB		4,144		62,149
Securitas AB Class B		6,440		100,982
Skandinaviska Enskilda Banken AB Class A		9,745		108,820
Skanska AB Class B		4,227		99,896
SKF AB Class B (a)		3,006		59,694
Svenska Handelsbanken AB Class A (a)		3,952		54,400
Tele2 AB Class B		2,956		28,324
Telefonaktiebolaget LM Ericsson Class B (a)		7,888		52,832
Telia Co. AB		6,794		28,604
Volvo AB Class A (a)		6,501		96,259
				1,021,206
SWITZERLAND — 3.0%
ABB, Ltd. (c)		5,873		137,474
Adecco Group AG		1,132		80,465
Cie Financiere Richemont SA		1,593		126,046
Credit Suisse Group AG (c)		3,989		59,380
Geberit AG		461		198,871
Givaudan SA		56		100,928
Glencore PLC (c)		7,716		30,214
Kuehne + Nagel International AG		544		76,903
LafargeHolcim, Ltd. (c)		1,086		64,230
Nestle SA		5,629		432,178
Novartis AG		3,834		284,787
Roche Holding AG		1,426		364,425
Santhera Pharmaceutical Holding AG (c)		708		54,464
SGS SA		56		119,559
Swatch Group AG		168		60,204
Swiss Re AG		1,371		123,204
Syngenta AG		100		44,168
TE Connectivity, Ltd.		2,900		216,195
UBS Group AG (c)		7,976		127,734
Wolseley PLC		1,231		77,273
Zurich Insurance Group AG		279		74,534
				2,853,236
TAIWAN — 1.4%
Advanced Semiconductor Engineering, Inc. ADR		16,766		108,644
AU Optronics Corp. ADR		28,510		108,908
Chunghwa Telecom Co., Ltd. ADR		3,820		129,804
Hon Hai Precision Industry Co., Ltd. GDR		30,110		184,574
Siliconware Precision Industries Co., Ltd. ADR		19,786		160,069
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		15,923		522,911
United Microelectronics Corp. ADR		65,683		126,768
				1,341,678
THAILAND — 0.1%
Bangkok Bank PCL		15,400		83,358
PTT PCL		2,800		31,535
				114,893
TURKEY — 0.2%
Akbank TAS		10,612		24,857
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		58,116		46,280
Turkiye Garanti Bankasi A/S		12,276		29,867
Turkiye Is Bankasi Class C		28,174		51,294
				152,298
UNITED KINGDOM — 5.8%
3i Group PLC		25,741		241,248
Anglo American PLC (c)		3,237		49,362
AstraZeneca PLC		2,565		157,564
BAE Systems PLC		12,940		103,962
Barclays PLC		34,731		97,760

See accompanying notes to financial statements.

185

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
BP PLC		28,772	$	164,617
British American Tobacco PLC		738		48,910
British Land Co. PLC REIT		9,279		70,778
BT Group PLC		30,193		120,136
Burberry Group PLC		2,299		49,561
Capita PLC		7,800		55,059
CNH Industrial NV		2,000		19,337
Cobham PLC		57,659		95,893
Compass Group PLC		6,551		123,367
CYBG PLC (c)		1,092		3,765
Diageo PLC		3,947		112,703
G4S PLC		9,047		34,425
GlaxoSmithKline PLC		9,075		188,317
Hammerson PLC		14,928		106,587
HSBC Holdings PLC		35,526		289,152
Imperial Brands PLC		1,454		70,308
Indivior PLC		1,106		4,455
InterContinental Hotels Group PLC		3,047		148,900
J Sainsbury PLC		10,696		35,350
Land Securities Group PLC REIT		6,399		84,737
Liberty Global PLC Class A (c)		1,454		52,155
Liberty Global PLC Series C (c)		2,593		90,859
Liberty Global PLC LiLAC Class C (c)		361		8,317
Lloyds Banking Group PLC		125,737		104,273
Marks & Spencer Group PLC		14,770		62,241
National Grid PLC		2,951		37,399
Next PLC		1,048		56,612
Old Mutual PLC		21,774		54,618
Pearson PLC		1,733		14,790
Pentair PLC		167		10,484
Prudential PLC		7,047		148,569
Randgold Resources, Ltd.		429		37,363
Reckitt Benckiser Group PLC		1,160		105,685
RELX NV		7,631		141,688
RELX PLC		4,520		88,398
Rio Tinto PLC		3,117		125,095
Rio Tinto, Ltd.		1,469		67,753
Rolls-Royce Holdings PLC (c)		4,590		43,276
RSA Insurance Group PLC		10,247		75,150
Sage Group PLC		24,685		194,619
Severn Trent PLC		3,628		108,063
Sky PLC		2,914		35,564
Smith & Nephew PLC		6,580		100,052
Smiths Group PLC		5,067		102,580
SSE PLC		2,594		47,877
Standard Chartered PLC (c)		7,093		67,674
Standard Life PLC		24,398		108,214
TechnipFMC PLC (b) (c)		1,394		45,608
TechnipFMC PLC (b) (c)		3,008		97,760
Tesco PLC (c)		17,157		39,819
Tullow Oil PLC (a) (c)		2,579		7,546
Unilever NV		2,894		144,147
Unilever PLC		2,221		109,410
United Utilities Group PLC		6,454		80,179
Vodafone Group PLC		52,936		137,749
Whitbread PLC		4,743		234,744
WPP PLC		4,996		109,452
				5,572,035
UNITED STATES — 52.5%
3M Co.		1,454		278,194
Abbott Laboratories		5,425		240,927
AbbVie, Inc.		1,426		92,918
Accenture PLC Class A		1,454		174,306
Adient PLC		13		945
Adobe Systems, Inc. (c)		3,647		474,584
AdvanSix, Inc. (c)		103		2,814
Aetna, Inc.		2,193		279,717
Aflac, Inc.		2,900		210,018
Agilent Technologies, Inc.		2,900		153,323
AGNC Investment Corp. REIT		1,454		28,920
Alexion Pharmaceuticals, Inc. (c)		1,103		133,728
Allegion PLC		474		35,882
Allergan PLC		541		129,256
Allstate Corp.		2,900		236,321
Alphabet, Inc. Class A (c)		710		601,938
Alphabet, Inc. Class C (c)		710		588,988
Altria Group, Inc.		2,900		207,118
Amazon.com, Inc. (c)		937		830,688
American Electric Power Co., Inc.		2,900		194,677
American Express Co.		2,900		229,419
American Tower Corp. REIT		1,454		176,719
Amgen, Inc.		2,481		407,058
Anadarko Petroleum Corp.		1,454		90,148
Annaly Capital Management, Inc.		2,900		32,219
Anthem, Inc.		1,454		240,463
Apache Corp.		1,454		74,721
Apple, Inc.		10,180		1,462,459
Applied Materials, Inc.		10,152		394,913
Archer-Daniels-Midland Co.		4,353		200,412
AT&T, Inc.		12,905		536,203
Automatic Data Processing, Inc.		1,454		148,875
Baker Hughes, Inc.		2,201		131,664
Bank of America Corp.		24,693		582,508
Bank of New York Mellon Corp.		4,353		205,592
Baxter International, Inc.		2,838		147,179
Becton Dickinson and Co.		1,454		266,722
Bed Bath & Beyond, Inc.		1,454		57,375
Berkshire Hathaway, Inc. Class B (c)		1,454		242,353
Biogen, Inc. (c)		891		243,617
Bioverativ, Inc. (c)		445		24,235
Boeing Co.		1,454		257,154
Bristol-Myers Squibb Co.		4,353		236,716
C.H. Robinson Worldwide, Inc.		1,454		112,380
California Resources Corp. (a) (c)		87		1,308
Capital One Financial Corp.		1,454		126,004
Carnival Corp.		1,454		85,655
Caterpillar, Inc.		1,454		134,873
CBS Corp. Class B		2,886		200,173
CDK Global, Inc.		478		31,075
Celgene Corp. (c)		2,908		361,842
CenturyLink, Inc.		2,900		68,353
Charles Schwab Corp.		7,260		296,281
Charter Communications, Inc. Class A (c)		618		202,284
Chemours Co.		493		18,981
Chesapeake Energy Corp. (c)		4,353		25,857
Chevron Corp.		3,647		391,578
Chubb, Ltd.		2,331		317,599
Church & Dwight Co., Inc.		4,387		218,780

See accompanying notes to financial statements.

186

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Cisco Systems, Inc.		14,505	$	490,269
Citigroup, Inc.		7,260		434,293
Citrix Systems, Inc. (c)		1,454		121,249
Clorox Co.		1,454		196,043
Coach, Inc.		1,454		60,094
Coca-Cola Co.		5,815		246,789
Cognizant Technology Solutions Corp. Class A (c)		2,908		173,084
Colgate-Palmolive Co.		2,900		212,251
Comcast Corp. Class A		7,490		281,549
CommerceHub, Inc. Series A (c)		46		712
CommerceHub, Inc. Series C (c)		123		1,910
Conagra Brands, Inc.		2,900		116,986
ConocoPhillips		2,900		144,623
Corning, Inc.		5,815		157,005
Costco Wholesale Corp.		1,454		243,821
Coty, Inc. Class A		770		13,960
CST Brands, Inc.		154		7,406
CSX Corp.		5,815		270,688
Cummins, Inc.		1,454		219,845
CVS Health Corp.		2,900		227,650
Danaher Corp.		2,900		248,037
Deere & Co.		1,454		158,282
Dell Technologies, Inc. Class V (c)		649		41,588
Devon Energy Corp.		1,454		60,661
Discover Financial Services		2,900		198,331
Dollar Tree, Inc. (c)		1,957		153,546
Dow Chemical Co.		4,353		276,590
Duke Energy Corp.		1,579		129,494
E.I. du Pont de Nemours & Co.		2,900		232,957
Eaton Corp. PLC		2,900		215,035
eBay, Inc. (c)		4,353		146,130
Ecolab, Inc.		1,454		182,244
Edison International		2,900		230,869
Eli Lilly & Co.		2,900		243,919
Emerson Electric Co.		2,900		173,594
EOG Resources, Inc.		2,908		283,675
Equity Residential REIT		1,454		90,468
Estee Lauder Cos., Inc. Class A		1,454		123,285
Exelon Corp.		2,900		104,342
Express Scripts Holding Co. (c)		2,028		133,665
Exxon Mobil Corp.		7,772		637,382
Facebook, Inc. Class A (c)		3,315		470,896
Fastenal Co.		1,454		74,881
FedEx Corp.		1,454		283,748
FirstEnergy Corp.		2,900		92,278
Ford Motor Co.		11,607		135,105
Fortive Corp.		1,450		87,319
Franklin Resources, Inc.		4,353		183,435
Freeport-McMoRan, Inc. (c)		2,900		38,744
General Dynamics Corp.		1,454		272,189
General Electric Co.		20,232		602,914
General Mills, Inc.		1,454		85,801
General Motors Co.		2,900		102,544
Gilead Sciences, Inc.		3,848		261,356
Goldman Sachs Group, Inc.		1,454		334,013
Halliburton Co.		2,900		142,709
Halyard Health, Inc. (c)		181		6,894
HCP, Inc. REIT		4,353		136,162
Hershey Co.		1,454		158,849
Hess Corp.		1,454		70,097
Hewlett Packard Enterprise Co.		5,815		137,815
Home Depot, Inc.		2,900		425,807
Honeywell International, Inc.		2,900		362,123
HP, Inc.		5,815		103,972
Illinois Tool Works, Inc.		2,193		290,507
Ingersoll-Rand PLC		2,900		235,828
Intel Corp.		11,607		418,664
International Business Machines Corp.		2,341		407,662
Intuit, Inc.		1,454		168,649
Iron Mountain, Inc.		31		1,085
Iron Mountain, Inc. REIT		107		3,817
J.M. Smucker Co.		1,454		190,590
Johnson & Johnson		4,353		542,166
Johnson Controls International PLC		3,844		161,909
JPMorgan Chase & Co.		8,712		765,262
Juniper Networks, Inc.		2,900		80,707
Kellogg Co.		1,454		105,575
Keysight Technologies, Inc. (c)		1,452		52,475
Kimberly-Clark Corp.		1,454		191,390
Kinder Morgan, Inc.		4,189		91,069
Kohl’s Corp.		1,454		57,884
Kraft Heinz Co.		237		21,522
L Brands, Inc.		2,193		103,290
Lamb Weston Holdings, Inc.		965		40,588
Las Vegas Sands Corp.		1,454		82,980
Leidos Holdings, Inc.		365		18,666
Liberty Expedia Holdings, Inc. Class A (c)		246		11,188
Liberty Interactive Corp. QVC Group Class A (c)		2,900		58,058
Liberty TripAdvisor Holdings, Inc. Class A (c)		196		2,764
Liberty Ventures Series A (c)		366		16,280
Lockheed Martin Corp.		1,171		313,360
LogMeIn, Inc.		249		24,277
Lowe’s Cos., Inc.		4,353		357,860
LyondellBasell Industries NV Class A		1,454		132,590
Macy’s, Inc.		2,900		85,956
Mallinckrodt PLC (c)		181		8,067
Marathon Oil Corp.		4,353		68,777
Marathon Petroleum Corp.		2,909		147,021
Marsh & McLennan Cos., Inc.		2,900		214,281
Mattel, Inc.		5,815		148,922
McCormick & Co., Inc.		3,119		304,258
McDonald’s Corp.		1,454		188,453
McKesson Corp.		1,103		163,531
Mead Johnson Nutrition Co.		1,454		129,522
Medtronic PLC		6,017		484,730
Merck & Co., Inc.		5,815		369,485
MetLife, Inc.		4,353		229,925
Microsoft Corp.		15,965		1,051,455
Mondelez International, Inc. Class A		1,454		62,638
Monsanto Co.		1,454		164,593
Morgan Stanley		4,353		186,483
Mosaic Co.		1,454		42,428
National Oilwell Varco, Inc.		1,454		58,291
NetApp, Inc.		1,454		60,850
Newmont Mining Corp.		1,454		47,924
News Corp. Class A		883		11,479
NextEra Energy, Inc.		1,454		186,650

See accompanying notes to financial statements.

187

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
NIKE, Inc. Class B		4,858	$	270,736
Noble Corp. PLC		2,900		17,951
Noble Energy, Inc.		2,900		99,586
Norfolk Southern Corp.		1,454		162,804
Northrop Grumman Corp.		1,323		314,662
NOW, Inc. (c)		362		6,140
O’Reilly Automotive, Inc. (c)		837		225,856
Occidental Petroleum Corp.		2,900		183,744
Oracle Corp.		10,152		452,881
Outfront Media, Inc.		3		80
Parker-Hannifin Corp.		1,454		233,105
PayPal Holdings, Inc. (c)		4,353		187,266
PepsiCo, Inc.		2,900		324,394
Perrigo Co. PLC		25		1,660
Pfizer, Inc.		14,335		490,400
PG&E Corp.		1,454		96,487
Philip Morris International, Inc.		2,900		327,410
Phillips 66		710		56,246
Pioneer Natural Resources Co.		1,454		270,778
PNC Financial Services Group, Inc.		1,454		174,829
PPL Corp.		4,353		162,759
Praxair, Inc.		1,454		172,444
Procter & Gamble Co.		2,703		242,865
Prologis, Inc. REIT		4,353		225,834
Prudential Financial, Inc.		2,900		309,372
Public Service Enterprise Group, Inc.		2,900		128,615
Public Storage REIT		1,218		266,632
QUALCOMM, Inc.		4,353		249,601
Quality Care Properties, Inc. REIT (c)		869		16,389
Range Resources Corp.		1,454		42,311
Raytheon Co.		1,454		221,735
Retail Opportunity Investments Corp. REIT		11,939		251,077
Ross Stores, Inc.		2,909		191,616
salesforce.com, Inc. (c)		2,998		247,305
Schlumberger, Ltd.		4,269		333,409
Seagate Technology PLC		1,454		66,782
Shire PLC		837		48,783
Shire PLC ADR		108		18,817
Simon Property Group, Inc. REIT		1,454		250,132
Southern Co.		1,454		72,380
Southwestern Energy Co. (c)		1,454		11,879
Starbucks Corp.		5,798		338,545
State Street Corp. (g)		1,454		115,753
Synchrony Financial		1,621		55,600
Sysco Corp.		2,900		150,568
Target Corp.		1,454		80,246
Texas Instruments, Inc.		4,353		350,678
Thermo Fisher Scientific, Inc.		2,429		373,094
Time Warner, Inc.		2,341		228,739
Time, Inc.		362		7,005
TJX Cos., Inc.		2,900		229,332
Transocean, Ltd. (c)		1,034		12,758
Travelers Cos., Inc.		1,454		175,265
Twenty-First Century Fox, Inc. Class A		7,260		235,151
Tyson Foods, Inc. Class A		4,638		286,211
Union Pacific Corp.		2,908		308,015
United Financial Bancorp, Inc.		12,160		206,842
United Parcel Service, Inc. Class B		1,454		156,014
United Technologies Corp.		1,454		163,153
UnitedHealth Group, Inc.		2,900		475,629
US Bancorp		4,353		224,179
Valero Energy Corp.		2,900		192,241
Vector Group, Ltd.		9,119		189,675
Verizon Communications, Inc.		4,916		239,655
Viacom, Inc. Class B		1,454		67,785
Visa, Inc. Class A		5,826		517,757
Wal-Mart Stores, Inc.		2,900		209,032
Walgreens Boots Alliance, Inc.		2,900		240,845
Walt Disney Co.		4,353		493,587
Washington Prime Group, Inc. REIT		723		6,283
Waste Management, Inc.		2,900		211,468
Weatherford International PLC (c)		7,260		48,279
Wells Fargo & Co.		11,607		646,046
Western Digital Corp.		1,801		148,637
Whole Foods Market, Inc.		2,900		86,188
Williams Cos., Inc.		4,353		128,805
Yahoo!, Inc. (c)		4,353		202,023
Yum China Holdings, Inc. (c)		1,454		39,549
Yum! Brands, Inc.		1,454		92,911
Zoetis, Inc.		167		8,913
				50,865,570
TOTAL COMMON STOCKS (Cost $90,205,580)				95,954,115
RIGHTS — 0.0% (d)
GERMANY — 0.0% (d)
Deutsche Bank AG (expiring 4/6/17) (c) (Cost $0)		2,965		7,104
SHORT-TERM INVESTMENTS — 1.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (h) (i)		496,763		496,763
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)		973,522		973,522
TOTAL SHORT-TERM INVESTMENTS (Cost $1,470,285)				1,470,285
TOTAL INVESTMENTS — 100.6% (Cost $91,675,865)				97,431,504
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%				(590,551	)
NET ASSETS — 100.0%			$	96,840,953

(a) All or a portion of the shares of the security are on loan at March 31, 2017.

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

(c) Non-income producing security.

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

(e) Security purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. This security, which represents 0.1% of net assets as of March 31, 2017, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

See accompanying notes to financial statements.

188

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $1,451 representing less than 0.05% of the Fund’s net assets.

(g) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at March 31, 2017.

(j) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017. 

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	2,468,331	$	—	$	—	$	2,468,331
Austria		77,757		—		—		77,757
Belgium		342,491		—		—		342,491
Brazil		606,254		—		—		606,254
Canada		3,142,354		—		—		3,142,354
Chile		33,733		—		—		33,733
China		2,917,754		—		—		2,917,754
Colombia		12,120		—		—		12,120
Denmark		566,162		—		—		566,162
Finland		357,502		—		—		357,502
France		2,923,109		—		—		2,923,109
Germany		2,832,323		—		—		2,832,323
Hong Kong		1,297,633		—		—		1,297,633
Hungary		81,515		—		—		81,515
India		638,044		—		—		638,044
Indonesia		434,813		—		—		434,813
Ireland		308,842		—		—		308,842
Israel		307,481		—		—		307,481
Italy		591,438		1,451		—		592,889
Japan		7,657,391		—		—		7,657,391
Luxembourg		40,528		—		—		40,528
Mexico		405,722		—		—		405,722
Netherlands		1,397,685		—		—		1,397,685
Norway		283,638		—		—		283,638
Peru		4,503		—		—		4,503
Philippines		33,672		—		—		33,672
Russia		370,097		—		—		370,097
Singapore		611,393		—		—		611,393
South Africa		623,243		—		—		623,243
South Korea		1,697,574		—		—		1,697,574
Spain		966,646		—		—		966,646
Sweden		1,021,206		—		—		1,021,206
Switzerland		2,853,236		—		—		2,853,236
Taiwan		1,341,678		—		—		1,341,678
Thailand		83,358		31,535		—		114,893
Turkey		152,298		—		—		152,298
United Kingdom		5,572,035		—		—		5,572,035
United States		50,865,570		—		—		50,865,570
Rights
Germany		7,104		—		—		7,104
Short-Term Investments		1,470,285		—		—		1,470,285
TOTAL INVESTMENTS	$	97,398,518	$	32,986	$	—	$	97,431,504

See accompanying notes to financial statements.

189

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Corp		1,037	$	72,206		417		—		1,454	$	115,753	$	986
State Street Institutional Liquid Reserves Fund, Premier Class		268,592		268,592		8,422		277,014		—		—		10
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		4,606,343		4,109,580		496,763		496,763		725
State Street Navigator Securities Lending Government Money Market Portfolio*		2,141,243		2,141,243		5,063,980		6,231,701		973,522		973,522		8,581
TOTAL			$	2,482,041							$	1,586,038	$	10,302

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

190

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SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
ARGENTINA — 0.0% (a)
MercadoLibre, Inc.		132	$	27,914
AUSTRALIA — 2.4%
Amcor, Ltd.		4,244		48,757
AMP, Ltd.		12,549		49,588
APA Group		22,822		155,991
Aristocrat Leisure, Ltd.		1,461		20,028
Aurizon Holdings, Ltd.		2,081		8,334
Australia & New Zealand Banking Group, Ltd.		10,407		252,618
Brambles, Ltd.		6,089		43,431
Caltex Australia, Ltd.		5,267		118,489
Challenger, Ltd.		1,826		17,482
Coca-Cola Amatil, Ltd.		2,727		22,509
Cochlear, Ltd.		136		14,030
Commonwealth Bank of Australia		5,971		391,318
Computershare, Ltd.		1,241		13,311
Crown Resorts, Ltd.		1,018		9,171
CSL, Ltd.		1,321		126,298
Dexus Property Group REIT		3,575		26,645
Domino’s Pizza Enterprises, Ltd.		250		11,084
DUET Group		8,785		18,698
Fortescue Metals Group, Ltd.		18,272		86,839
Goodman Group REIT		8,221		48,541
GPT Group REIT		5,886		23,124
Harvey Norman Holdings, Ltd.		2,601		8,988
Insurance Australia Group, Ltd.		5,092		23,501
LendLease Group		2,334		27,740
Macquarie Group, Ltd.		1,207		83,053
Medibank Pvt, Ltd.		10,237		22,022
Mirvac Group REIT		13,939		23,287
National Australia Bank, Ltd.		9,565		243,271
Newcrest Mining, Ltd.		2,536		43,083
Oil Search, Ltd.		9,921		54,643
QBE Insurance Group, Ltd.		5,010		49,264
Ramsay Health Care, Ltd.		452		24,099
Scentre Group REIT		25,230		82,568
SEEK, Ltd.		1,309		15,897
Sonic Healthcare, Ltd.		1,043		17,600
Stockland REIT		10,862		38,447
Suncorp Group, Ltd.		4,118		41,498
Sydney Airport		12,894		66,591
Tabcorp Holdings, Ltd.		1,181		4,279
Tatts Group, Ltd.		7,378		24,933
Telstra Corp., Ltd.		20,544		73,031
Transurban Group Stapled Security		16,346		145,520
Treasury Wine Estates, Ltd.		3,569		33,298
Vicinity Centres REIT		5,180		11,183
Vocus Group, Ltd.		7,152		23,569
Wesfarmers, Ltd.		3,601		123,808
Westfield Corp.		8,119		54,999
Westpac Banking Corp.		11,728		313,671
Woolworths, Ltd.		3,010		60,849
				3,240,978
AUSTRIA — 0.1%
ANDRITZ AG		170		8,525
Erste Group Bank AG (b)		1,383		45,152
Raiffeisen Bank International AG (b)		1,020		23,079
				76,756
BELGIUM — 0.4%
Ageas		1,441		56,470
Anheuser-Busch InBev SA		2,738		301,335
Colruyt SA		272		13,388
KBC Group NV		734		48,822
Proximus SADP		442		13,906
UCB SA		340		26,441
Umicore SA		597		34,097
				494,459
BERMUDA — 0.0% (a)
Marvell Technology Group, Ltd.		1,918		29,269
BRAZIL — 0.8%
AES Tiete Energia SA		8,634		37,256
Ambev SA		17,259		99,152
Banco Bradesco SA		1,100		11,104
Banco Bradesco SA Preference Shares		10,867		110,828
Banco do Brasil SA		3,363		35,770
Banco Santander Brasil SA		900		7,838
BB Seguridade Participacoes SA		1,287		11,837
BM&FBovespa SA		5,044		30,646
BRF SA		1,687		20,515
CCR SA		7,852		44,640
Cielo SA		1,852		16,514
Cosan SA Industria e Comercio		8,171		100,009
Embraer SA		3,087		16,908
Equatorial Energia SA		2,402		44,477
Itau Unibanco Holding SA Preference Shares		10,182		121,545
Klabin SA		1,313		6,265
Kroton Educacional SA		3,852		16,112
Raia Drogasil SA		500		9,240
Telefonica Brasil SA Preference Shares		2,184		32,159
Tim Participacoes SA		1,607		5,112
Ultrapar Participacoes SA		10,960		247,234
Vale SA		4,844		45,450
Vale SA Preference Shares		8,380		74,458
				1,145,069
CANADA — 3.6%
Agnico Eagle Mines, Ltd.		1,815		76,784
Alimentation Couche-Tard, Inc. Class B		1,423		64,105
AltaGas, Ltd.		4,410		101,847
Bank of Montreal		1,687		125,647
Bank of Nova Scotia		3,671		214,152
Barrick Gold Corp.		3,668		69,474
BCE, Inc.		573		25,298
BlackBerry, Ltd. (b)		1,037		8,009
Bombardier, Inc. Class B (b)		3,362		5,143
Brookfield Asset Management, Inc. Class A		2,527		91,803
CAE, Inc.		784		11,945
Cameco Corp.		15,012		165,693
Canadian Imperial Bank of Commerce		833		71,623
Canadian National Railway Co.		2,316		170,463
Canadian Pacific Railway, Ltd.		327		47,898
Canadian Tire Corp., Ltd. Class A		260		30,799
CCL Industries, Inc. Class B		285		62,003

See accompanying notes to financial statements.

191

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
CGI Group, Inc. Class A (b)		524	$	25,036
Constellation Software, Inc.		55		26,950
Dollarama, Inc.		260		21,486
Eldorado Gold Corp.		5,044		17,209
Enbridge, Inc. (c)		7,543		315,091
Enbridge, Inc. (c)		4,681		195,853
Fairfax Financial Holdings, Ltd.		32		14,521
Finning International, Inc.		916		17,061
First Quantum Minerals, Ltd.		5,398		57,192
Franco-Nevada Corp.		1,423		92,957
Goldcorp, Inc.		4,110		59,786
Great-West Lifeco, Inc.		524		14,479
Hydro One, Ltd. (d)		7,950		144,556
Inter Pipeline, Ltd.		12,079		253,870
Keyera Corp.		2,994		87,576
Kinross Gold Corp. (b)		4,060		14,278
Loblaw Cos., Ltd.		825		44,638
Magna International, Inc.		782		33,651
Manulife Financial Corp.		7,008		123,960
National Bank of Canada		524		21,940
Open Text Corp.		520		17,624
Pembina Pipeline Corp.		8,712		275,277
Power Corp. of Canada		1,048		24,549
PrairieSky Royalty, Ltd.		11,777		247,788
Restaurant Brands International, Inc.		760		42,216
Rogers Communications, Inc. Class B		1,163		51,276
Royal Bank of Canada		4,572		332,157
Saputo, Inc.		524		18,030
Shaw Communications, Inc. Class B		1,308		27,040
Silver Wheaton Corp.		4,603		95,639
SNC-Lavalin Group, Inc.		798		31,222
Sun Life Financial, Inc.		1,687		61,426
Toronto-Dominion Bank		5,617		280,545
TransCanada Corp.		6,042		278,032
Veresen, Inc.		11,578		127,617
Vermilion Energy, Inc.		1,790		66,935
Waste Connectins, Inc.		451		39,787
Yamana Gold, Inc.		2,638		7,259
				4,949,195
CHILE — 0.3%
Aguas Andinas SA Class A		177,617		103,203
Antofagasta PLC		14,157		147,728
Cencosud SA		9,166		28,072
Cia Cervecerias Unidas SA		614		7,714
SACI Falabella		3,062		25,666
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares		936		32,006
				344,389
CHINA — 2.7%
AAC Technologies Holdings, Inc.		2,500		29,257
Agricultural Bank of China, Ltd. Class H		98,000		45,144
Alibaba Group Holding, Ltd. ADR (b)		3,785		408,137
ANTA Sports Products, Ltd.		3,000		8,300
Baidu, Inc. ADR (b)		913		157,511
Bank of China, Ltd. Class H		291,000		144,536
Bank of Communications Co., Ltd. Class H		45,000		34,974
Beijing Capital International Airport Co., Ltd. Class H		22,000		26,327
Beijing Enterprises Water Group, Ltd. (b)		68,000		50,399
Belle International Holdings, Ltd.		17,000		11,047
Brilliance China Automotive Holdings, Ltd.		22,000		36,801
Byd Co., Ltd. Class H (b)		2,000		11,092
CGN Power Co., Ltd. Class H (d)		335,000		103,455
China Cinda Asset Management Co., Ltd. Class H		54,000		20,984
China CITIC Bank Corp., Ltd. Class H		29,000		19,218
China Communications Construction Co., Ltd. Class H		2,000		2,821
China Conch Venture Holdings, Ltd.		7,500		14,727
China Construction Bank Corp. Class H		292,000		234,832
China Everbright Bank Co., Ltd. Class H		17,000		8,312
China Galaxy Securities Co., Ltd. Class H		14,500		13,378
China Life Insurance Co., Ltd. Class H		34,000		104,343
China Merchants Bank Co., Ltd. Class H		15,000		39,664
China Merchants Port Holdings Co., Ltd.		16,220		47,482
China Minsheng Banking Corp., Ltd. Class H		15,500		16,554
China Mobile, Ltd.		19,500		213,405
China Oilfield Services, Ltd. Class H		34,000		32,637
China Overseas Land & Investment, Ltd.		12,000		34,279
China Pacific Insurance Group Co., Ltd. Class H		6,800		24,543
China Railway Group, Ltd. Class H		16,000		14,309
China Resources Gas Group, Ltd.		4,000		14,154
China Resources Land, Ltd.		8,000		21,617
China State Construction International Holdings, Ltd		8,000		14,309
China Taiping Insurance Holdings Co., Ltd. (b)		6,000		14,530
China Telecom Corp., Ltd. Class H		68,000		33,162
China Unicom Hong Kong, Ltd.		22,000		29,441
China Vanke Co., Ltd. Class H		6,696		18,094
Chongqing Changan Automobile Co., Ltd. Class B		2,400		3,335
CITIC Securities Co., Ltd. Class H		8,500		17,500
CITIC, Ltd.		3,000		4,277
COSCO SHIPPING Ports, Ltd.		12,689		14,009
Country Garden Holdings Co., Ltd.		17,000		15,290
CRRC Corp., Ltd. Class H		19,000		18,458
Ctrip.com International, Ltd. ADR (b)		1,163		57,161
Dongfeng Motor Group Co., Ltd. Class H		12,000		13,480
Geely Automobile Holdings, Ltd.		25,000		38,281
GF Securities Co., Ltd. Class H		6,000		12,569
Great Wall Motor Co., Ltd. Class H		25,500		29,039
Guangdong Investment, Ltd.		58,000		82,692
Guangzhou Automobile Group Co., Ltd. Class H		12,000		19,209
Haitian International Holdings, Ltd.		4,000		9,306
Haitong Securities Co., Ltd. Class H		13,200		22,318
Hengan International Group Co., Ltd.		2,000		14,875
Huaneng Renewables Corp., Ltd. Class H		114,000		39,460
Huatai Securities Co., Ltd. Class H (d)		6,500		12,646
Industrial & Commercial Bank of China, Ltd. Class H		266,000		173,876
JD.com, Inc. ADR (b)		2,405		74,820
Jiangsu Expressway Co., Ltd. Class H		24,000		34,464
Lenovo Group, Ltd.		34,000		22,400

See accompanying notes to financial statements.

192

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
NetEase, Inc. ADR		271	$	76,964
New Oriental Education & Technology Group, Inc. ADR (b)		405		24,454
PICC Property & Casualty Co., Ltd. Class H		12,000		18,498
Ping An Insurance Group Co. of China, Ltd. Class H		17,000		95,155
Shanghai Electric Group Co., Ltd. Class H (b)		44,000		21,798
SINA Corp. (b)		164		11,828
Sinopec Engineering Group Co., Ltd. Class H		8,500		8,728
Sinopharm Group Co., Ltd. Class H		800		3,711
Sinotrans, Ltd. Class H		40,000		18,684
Sunny Optical Technology Group Co., Ltd.		1,000		7,309
TAL Education Group ADR (b)		171		18,223
Tencent Holdings, Ltd.		18,784		538,516
Vipshop Holdings, Ltd. ADR (b)		1,407		18,769
Want Want China Holdings, Ltd.		17,000		11,769
Yangzijiang Shipbuilding Holdings, Ltd.		34,000		27,496
Zhejiang Expressway Co., Ltd. Class H		24,000		31,376
Zhuzhou CRRC Times Electric Co., Ltd. Class H		2,000		10,629
				3,727,147
COLOMBIA — 0.2%
Bancolombia SA Preference Shares		4,455		44,182
Grupo Aval Acciones y Valores SA Preference Shares		34,988		14,146
Grupo de Inversiones Suramericana SA		3,539		47,792
Grupo de Inversiones Suramericana SA Preference Shares		2,263		29,872
Interconexion Electrica SA ESP		26,273		105,315
				241,307
CZECH REPUBLIC — 0.0% (a)
Komercni banka A/S		477		17,746
DENMARK — 0.5%
Carlsberg A/S Class B		324		30,011
Chr Hansen Holding A/S		1,094		70,429
Coloplast A/S Class B		374		29,289
Danske Bank A/S		2,349		80,240
Genmab A/S (b)		153		29,554
ISS A/S		513		19,457
Novo Nordisk A/S Class B		6,954		239,543
Novozymes A/S Class B		1,759		69,927
Pandora A/S		425		47,190
TDC A/S		3,362		17,388
Vestas Wind Systems A/S		884		72,091
				705,119
FINLAND — 0.3%
Kone Oyj Class B		1,747		76,907
Metso Oyj		561		17,028
Neste Oyj		2,627		102,723
Nokia Oyj (c)		24,332		130,913
Nokian Renkaat Oyj		493		20,638
Sampo Oyj Class A		1,689		80,316
Wartsila Oyj Abp		723		38,780
				467,305
FRANCE — 3.1%
Aeroports de Paris		579		71,742
Airbus SE		2,401		183,175
Alstom SA (b)		642		19,236
Atos SE		332		41,173
AXA SA		9,199		238,640
BNP Paribas SA		4,343		289,991
Bollore SA (c)		19,922		77,432
Bollore SA (b) (c)		85		324
Bureau Veritas SA		867		18,337
Cap Gemini SA		527		48,790
Christian Dior SE		221		51,481
CNP Assurances		1,747		35,651
Credit Agricole SA		7,939		107,838
Danone SA		2,392		163,121
Dassault Systemes SE		291		25,254
Edenred		1,794		42,501
Essilor International SA		744		90,635
Eutelsat Communications SA		1,018		22,789
Fonciere Des Regions		72		6,030
Gecina SA REIT		170		23,128
Groupe Eurotunnel SE		3,096		31,232
Hermes International		89		42,274
Iliad SA		68		15,248
Ingenico Group SA		191		18,071
Kering		293		75,978
Klepierre REIT		883		34,433
L’Oreal SA		1,122		216,186
Lagardere SCA		340		10,040
Legrand SA		1,018		61,539
LVMH Moet Hennessy Louis Vuitton SE		1,003		220,827
Natixis SA		5,902		36,461
Orange SA		8,254		128,581
Pernod Ricard SA		970		115,055
Peugeot SA (b)		2,778		56,082
Publicis Groupe SA		713		49,957
Remy Cointreau SA		155		15,214
Renault SA		918		79,952
Rexel SA		2,366		43,070
Safran SA		1,343		100,591
Sanofi		4,287		387,996
Schneider Electric SE		2,622		192,463
SCOR SE		776		29,406
SFR Group SA (b)		558		17,600
Societe BIC SA		102		12,742
Societe Generale SA		3,345		170,117
Sodexo SA		358		42,215
Thales SA		437		42,374
Unibail-Rodamco SE		391		91,626
Valeo SA		673		44,938
Vinci SA		1,647		130,883
Vivendi SA		5,191		101,186
Zodiac Aerospace		1,112		27,890
				4,199,495
GERMANY — 3.0%
adidas AG		708		135,016
Allianz SE		1,965		364,954
BASF SE		2,355		234,046
Bayer AG		2,484		287,063

See accompanying notes to financial statements.

193

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Bayerische Motoren Werke AG		1,636	$	149,624
Bayerische Motoren Werke AG Preference Shares		446		35,213
Beiersdorf AG		337		31,982
Brenntag AG		850		47,774
Commerzbank AG		6,619		60,019
Continental AG		272		59,783
Daimler AG		4,184		309,670
Deutsche Bank AG (b)		6,119		105,695
Deutsche Boerse AG (b)		607		55,774
Deutsche Post AG		2,078		71,354
Deutsche Telekom AG		10,780		189,376
Deutsche Wohnen AG		1,265		41,760
Fraport AG Frankfurt Airport Services Worldwide		476		33,769
Fresenius Medical Care AG & Co. KGaA		628		53,096
Fresenius SE & Co. KGaA		1,467		118,195
GEA Group AG		595		25,353
Hannover Rueck SE		219		25,332
Henkel AG & Co. KGaA		474		52,801
Henkel AG & Co. KGaA Preference Shares		717		92,101
HUGO BOSS AG		279		20,414
Infineon Technologies AG		3,506		71,791
Merck KGaA		510		58,256
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		747		146,528
ProSiebenSat.1 Media SE		645		28,633
SAP SE		3,509		345,205
Siemens AG		3,092		424,625
Symrise AG		1,418		94,546
Telefonica Deutschland Holding AG		10,156		50,510
Volkswagen AG Preference Shares		733		107,092
Vonovia SE		1,974		69,736
Zalando SE (b)(d)		319		12,939
				4,010,025
GREECE — 0.0% (a)
Alpha Bank AE (b)		2,943		5,288
Eurobank Ergasias SA (b)		259		159
FF Group (b)		208		3,993
Hellenic Telecommunications Organization SA		601		5,657
JUMBO SA		536		8,473
National Bank of Greece SA (b)		238		62
OPAP SA		1,717		16,050
Piraeus Bank SA (b)		45		8
				39,690
HONG KONG — 1.2%
AIA Group, Ltd.		38,000		239,593
BOC Hong Kong Holdings, Ltd.		8,500		34,726
Cheung Kong Infrastructure Holdings, Ltd.		8,000		62,794
Cheung Kong Property Holdings, Ltd.		9,459		63,717
China Gas Holdings, Ltd.		8,000		12,888
CK Hutchison Holdings, Ltd.		11,000		135,315
Galaxy Entertainment Group, Ltd.		11,000		60,227
GCL-Poly Energy Holdings, Ltd. (b)		34,000		4,506
Hanergy Thin Film Power Group, Ltd. (b) (e)		24,000		—
Hang Lung Properties, Ltd.		11,000		28,592
Henderson Land Development Co., Ltd.		3,300		20,446
Hong Kong & China Gas Co., Ltd.		103,200		206,360
Hong Kong Exchanges & Clearing, Ltd.		3,493		87,915
Hongkong Land Holdings, Ltd.		3,800		29,222
Jardine Matheson Holdings, Ltd.		400		25,700
Li & Fung, Ltd.		34,000		14,744
Link REIT		7,000		49,045
Melco Crown Entertainment, Ltd. ADR		709		13,145
MTR Corp., Ltd.		7,880		44,259
New World Development Co., Ltd.		36,796		45,264
Power Assets Holdings, Ltd.		16,500		142,251
Sands China, Ltd.		11,200		51,882
Sino Land Co., Ltd.		6,000		10,515
Sun Art Retail Group, Ltd.		8,500		7,963
Sun Hung Kai Properties, Ltd.		6,000		88,168
Swire Properties, Ltd.		6,800		21,787
Wharf Holdings, Ltd.		5,000		42,913
Wheelock & Co., Ltd.		4,000		31,628
				1,575,565
INDIA — 0.9%
Adani Ports & Special Economic Zone, Ltd.		8,782		45,929
Asian Paints, Ltd.		3,802		62,854
Axis Bank, Ltd.		4,683		35,396
Bharat Petroleum Corp., Ltd.		14,979		149,905
Bharti Airtel, Ltd.		4,501		24,264
Bharti Infratel, Ltd.		3,012		15,117
Cairn India, Ltd.		23,337		109,920
Eicher Motors, Ltd.		52		20,491
HCL Technologies, Ltd.		1,974		26,592
Hindustan Petroleum Corp., Ltd.		15,399		124,655
Hindustan Unilever, Ltd.		1,669		23,434
Housing Development Finance Corp., Ltd.		3,585		82,930
ICICI Bank, Ltd. ADR		1,878		16,151
Infosys, Ltd. ADR		6,614		104,501
ITC, Ltd.		12,822		55,348
Larsen & Toubro, Ltd. GDR		1,332		32,234
Lupin, Ltd.		329		7,322
Mahindra & Mahindra, Ltd. GDR		1,119		22,268
Maruti Suzuki India, Ltd.		421		39,002
Power Finance Corp., Ltd.		4,887		10,980
Reliance Industries, Ltd.		3,014		61,310
State Bank of India GDR		620		27,683
Sun Pharmaceutical Industries, Ltd.		2,792		29,588
Tata Consultancy Services, Ltd.		1,849		69,245
Tata Motors, Ltd.		2,808		20,145
Tata Motors, Ltd. ADR		830		29,590
Tata Motors, Ltd. Class A		2,474		10,750
Wipro, Ltd. ADR		1,602		16,388
				1,273,992
INDONESIA — 0.3%
Astra International Tbk PT		91,800		59,418
Bank Central Asia Tbk PT		13,700		17,015
Bank Mandiri Persero Tbk PT		34,000		29,852
Bank Rakyat Indonesia Persero Tbk PT		34,000		33,106
Charoen Pokphand Indonesia Tbk PT		25,500		6,124
Gudang Garam Tbk PT		4,700		23,111
Hanjaya Mandala Sampoerna Tbk PT		81,700		23,911
Indofood CBP Sukses Makmur Tbk PT		15,600		9,541

See accompanying notes to financial statements.

194

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Jasa Marga Persero Tbk PT		35,750	$	12,395
Perusahaan Gas Negara Persero Tbk		252,300		47,902
Telekomunikasi Indonesia Persero Tbk PT		204,400		63,350
Unilever Indonesia Tbk PT		8,500		27,636
				353,361
IRELAND — 0.2%
Bank of Ireland (b)		72,763		18,289
Experian PLC		4,417		89,918
Kerry Group PLC Class A		493		38,861
XL Group, Ltd.		1,687		67,244
				214,312
ISRAEL — 0.2%
Bank Leumi Le-Israel BM (b)		2,181		9,612
Bezeq The Israeli Telecommunication Corp., Ltd		5,345		9,584
Check Point Software Technologies, Ltd. (b)		528		54,205
Elbit Systems, Ltd.		88		10,050
Frutarom Industries, Ltd.		654		36,478
Teva Pharmaceutical Industries, Ltd.		3,531		115,836
				235,765
ITALY — 0.6%
Assicurazioni Generali SpA		6,478		103,235
Atlantia SpA		3,522		91,160
Ferrari NV		395		29,468
Intesa Sanpaolo SpA		53,695		146,216
Leonardo SpA (b)		1,722		24,477
Luxottica Group SpA		842		46,604
Mediobanca SpA		2,469		22,314
Snam SpA		24,555		106,469
Telecom Italia RSP/Milano		53,590		39,205
Telecom Italia SpA/Milano (b)		27,696		24,972
Terna Rete Elettrica Nazionale SpA		6,532		32,486
UniCredit SpA		9,660		149,295
UnipolSai Assicurazioni SpA		12,011		26,566
				842,467
JAPAN — 7.5%
Aeon Co., Ltd.		2,900		42,291
Aisin Seiki Co., Ltd.		300		14,727
Alfresa Holdings Corp.		600		10,387
Alps Electric Co., Ltd.		500		14,157
Amada Holdings Co., Ltd.		1,700		19,391
Asahi Group Holdings, Ltd.		1,700		64,198
Asics Corp.		400		6,418
Astellas Pharma, Inc.		7,000		92,094
Bandai Namco Holdings, Inc.		400		11,954
Bank of Kyoto, Ltd.		1,000		7,278
Bridgestone Corp.		1,600		64,658
Brother Industries, Ltd.		500		10,433
Canon, Inc.		4,800		149,518
Casio Computer Co., Ltd.		1,100		15,291
Central Japan Railway Co.		700		113,955
Chiba Bank, Ltd.		3,000		19,250
Chugai Pharmaceutical Co., Ltd.		600		20,596
Chugoku Bank, Ltd.		500		7,269
Concordia Financial Group, Ltd.		5,600		25,902
Credit Saison Co., Ltd.		500		8,911
Dai-ichi Life Holdings, Inc.		4,900		87,794
Daiichi Sankyo Co., Ltd.		1,700		38,247
Daikin Industries, Ltd.		800		80,302
Daito Trust Construction Co., Ltd.		200		27,452
Daiwa House Industry Co., Ltd.		2,000		57,363
Daiwa Securities Group, Inc.		11,000		66,920
DeNA Co., Ltd.		200		4,055
Denso Corp.		2,000		87,894
Dentsu, Inc.		1,200		65,045
East Japan Railway Co.		1,500		130,494
Eisai Co., Ltd.		1,100		56,900
FANUC Corp.		700		143,355
Fast Retailing Co., Ltd.		200		62,676
Fuji Heavy Industries, Ltd.		2,800		102,597
FUJIFILM Holdings Corp.		1,400		54,628
Fujitsu, Ltd.		5,000		30,553
Fukuoka Financial Group, Inc.		3,000		12,977
Hachijuni Bank, Ltd.		3,100		17,499
Hankyu Hanshin Holdings, Inc.		600		19,492
Hino Motors, Ltd.		1,700		20,550
Hirose Electric Co., Ltd.		100		13,820
Hiroshima Bank, Ltd.		2,000		8,490
Hitachi Chemical Co., Ltd.		400		11,056
Hitachi Construction Machinery Co., Ltd.		400		9,961
Hitachi Metals, Ltd.		3,700		51,866
Hitachi, Ltd.		14,000		75,698
Honda Motor Co., Ltd		5,600		168,407
Hoshizaki Corp.		200		15,723
Hoya Corp.		1,400		67,292
IHI Corp. (b)		5,000		15,750
Iida Group Holdings Co., Ltd.		600		9,197
Isetan Mitsukoshi Holdings, Ltd.		1,900		20,836
Isuzu Motors, Ltd.		3,100		40,965
ITOCHU Corp.		8,000		113,434
Japan Airport Terminal Co., Ltd.		300		10,406
Japan Exchange Group, Inc.		1,600		22,759
Japan Post Bank Co., Ltd.		3,700		45,856
Japan Post Holdings Co., Ltd.		4,532		56,818
Japan Real Estate Investment Corp. REIT		3		15,884
Japan Retail Fund Investment Corp. REIT		4		7,840
Japan Tobacco, Inc.		4,500		146,110
JGC Corp.		500		8,683
Kajima Corp.		2,000		13,031
Kamigumi Co., Ltd.		2,000		17,266
Kansai Paint Co., Ltd.		2,800		59,377
Kao Corp.		1,700		93,124
Kawasaki Heavy Industries, Ltd.		5,000		15,166
KDDI Corp.		6,600		173,070
Keikyu Corp.		2,000		21,933
Keio Corp.		2,000		15,831
Keisei Electric Railway Co., Ltd.		1,000		23,180
Keyence Corp.		400		160,029
Kikkoman Corp.		1,000		29,839
Kintetsu Group Holdings Co., Ltd.		2,000		7,197
Kirin Holdings Co., Ltd.		1,700		32,046
Koito Manufacturing Co., Ltd.		300		15,588
Komatsu, Ltd.		3,900		101,551
Konami Holdings Corp.		300		12,721
Kubota Corp.		4,500		67,482
Kyocera Corp.		1,300		72,356

See accompanying notes to financial statements.

195

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Lawson, Inc.		400	$	27,102
Lion Corp.		1,000		17,966
LIXIL Group Corp.		400		10,141
M3, Inc.		500		12,398
Mabuchi Motor Co., Ltd.		200		11,254
Makita Corp.		800		28,000
Marubeni Corp.		13,900		85,511
Marui Group Co., Ltd.		500		6,789
Maruichi Steel Tube, Ltd.		400		11,361
Mazda Motor Corp.		1,700		24,456
Mebuki Financial Group, Inc.		6,200		24,760
Medipal Holdings Corp.		1,300		20,370
MEIJI Holdings Co., Ltd.		300		24,957
MISUMI Group, Inc.		1,200		21,667
Mitsubishi Corp.		5,600		120,890
Mitsubishi Electric Corp.		7,400		106,056
Mitsubishi Estate Co., Ltd.		5,000		91,089
Mitsubishi Heavy Industries, Ltd.		17,000		68,134
Mitsubishi Logistics Corp.		1,000		13,766
Mitsubishi Motors Corp.		1,700		10,206
Mitsubishi Tanabe Pharma Corp.		500		10,401
Mitsubishi UFJ Financial Group, Inc.		49,400		310,196
Mitsubishi UFJ Lease & Finance Co., Ltd.		3,600		17,931
Mitsui & Co., Ltd.		8,800		127,345
Mitsui Fudosan Co., Ltd.		3,000		63,915
Mizuho Financial Group, Inc.		101,800		186,370
MS&AD Insurance Group Holdings, Inc.		2,200		69,891
Murata Manufacturing Co., Ltd		700		99,475
Nabtesco Corp.		400		10,590
Nagoya Railroad Co., Ltd.		2,000		8,992
NEC Corp.		6,000		14,431
Nexon Co., Ltd.		600		9,525
NGK Spark Plug Co., Ltd.		600		13,698
Nidec Corp.		1,100		104,590
Nikon Corp.		100		1,448
Nintendo Co., Ltd.		400		92,740
Nippon Building Fund, Inc. REIT		3		16,396
Nippon Paint Holdings Co., Ltd.		1,600		55,640
Nippon Telegraph & Telephone Corp.		2,300		98,085
Nissan Chemical Industries, Ltd.		1,100		31,984
Nissan Motor Co., Ltd.		10,200		98,265
Nitori Holdings Co., Ltd.		200		25,254
Nitto Denko Corp.		1,100		84,916
Nomura Holdings, Inc.		17,000		105,558
Nomura Real Estate Master Fund, Inc.		13		20,160
Nomura Research Institute, Ltd.		300		11,038
NTT Data Corp.		300		14,215
NTT DOCOMO, Inc.		5,300		123,308
Obayashi Corp.		2,100		19,619
Odakyu Electric Railway Co., Ltd.		1,400		27,213
Olympus Corp.		1,200		46,092
Omron Corp.		500		21,920
Ono Pharmaceutical Co., Ltd.		1,400		28,954
Oriental Land Co., Ltd.		1,100		63,011
ORIX Corp.		4,800		70,968
Otsuka Holdings Co., Ltd.		1,400		63,096
Panasonic Corp.		6,800		76,769
Rakuten, Inc.		3,400		34,021
Recruit Holdings Co., Ltd.		1,500		76,461
Resona Holdings, Inc.		11,900		63,852
Ricoh Co., Ltd.		1,200		9,864
Ryohin Keikaku Co., Ltd.		100		21,888
Santen Pharmaceutical Co., Ltd.		1,200		17,360
SBI Holdings, Inc.		1,700		23,678
Secom Co., Ltd.		1,200		85,819
Sekisui House, Ltd.		3,400		55,868
Seven & i Holdings Co., Ltd.		2,300		90,035
Shimano, Inc.		200		29,166
Shimizu Corp.		2,000		17,913
Shin-Etsu Chemical Co., Ltd.		1,700		147,131
Shinsei Bank, Ltd.		6,000		11,038
Shionogi & Co., Ltd.		1,200		61,901
Shiseido Co., Ltd.		1,700		44,701
Shizuoka Bank, Ltd.		2,000		16,261
SMC Corp.		300		88,630
SoftBank Group Corp.		3,400		239,889
Sohgo Security Services Co., Ltd.		200		7,458
Sompo Holdings, Inc.		1,700		62,230
Sony Corp.		4,700		158,846
Sony Financial Holdings, Inc.		1,200		19,266
Start Today Co., Ltd.		500		11,052
Sumitomo Corp.		8,800		118,263
Sumitomo Electric Industries, Ltd.		400		6,627
Sumitomo Heavy Industries, Ltd.		4,000		27,856
Sumitomo Metal Mining Co., Ltd.		5,000		71,054
Sumitomo Mitsui Financial Group, Inc.		5,500		199,654
Sumitomo Mitsui Trust Holdings, Inc.		1,700		58,889
Sumitomo Realty & Development Co., Ltd.		1,000		25,900
Suntory Beverage & Food, Ltd.		700		29,462
Suzuki Motor Corp.		1,700		70,514
Sysmex Corp.		500		30,288
T&D Holdings, Inc.		3,400		49,308
Taisei Corp.		3,000		21,834
Takeda Pharmaceutical Co., Ltd.		3,000		140,779
Terumo Corp.		1,100		38,154
Toho Gas Co., Ltd.		13,000		91,815
Tokio Marine Holdings, Inc.		3,000		126,429
Tokyo Electron, Ltd.		500		54,541
Tokyu Corp.		7,000		49,502
Tokyu Fudosan Holdings Corp.		1,700		9,215
Toshiba Corp. (b)		12,000		25,997
TOTO, Ltd.		300		11,321
Toyota Industries Corp.		1,200		59,553
Toyota Motor Corp.		9,800		531,379
Toyota Tsusho Corp.		1,700		51,413
Trend Micro, Inc.		200		8,885
Tsuruha Holdings, Inc.		100		9,243
Unicharm Corp.		1,700		40,696
West Japan Railway Co.		200		12,996
Yahoo! Japan Corp.		5,100		23,525
Yakult Honsha Co., Ltd.		300		16,638
Yamaha Corp.		300		8,252
Yamaha Motor Co., Ltd.		600		14,436
Yamato Holdings Co., Ltd.		1,100		23,026
Yaskawa Electric Corp.		500		10,024
				10,195,777
JORDAN — 0.0% (a)
Hikma Pharmaceuticals PLC		700		17,340

See accompanying notes to financial statements.

196

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
LUXEMBOURG — 0.1%
Millicom International Cellular SA SDR		188	$	10,522
RTL Group SA (b)		170		13,728
SES SA		1,540		35,915
Tenaris SA		1,148		19,731
				79,896
MACAU — 0.0% (a)
MGM China Holdings, Ltd.		6,800		14,175
Wynn Macau, Ltd.		6,800		13,842
				28,017
MALAYSIA — 0.3%
British American Tobacco Malaysia Bhd		900		9,274
CIMB Group Holdings Bhd		4,315		5,431
Gamuda Bhd		3,000		3,512
Genting Bhd		15,300		33,155
Genting Malaysia Bhd		8,900		10,960
IJM Corp. Bhd		15,600		11,985
IOI Properties Group Bhd		11,812		5,525
Malayan Banking Bhd		7,110		14,331
Petronas Chemicals Group Bhd		18,700		32,536
Petronas Dagangan Bhd		13,500		73,212
Petronas Gas Bhd		26,700		119,216
PPB Group Bhd		900		3,404
Sapura Energy Bhd (b)		67,200		27,636
Westports Holdings Bhd		14,962		13,693
				363,870
MEXICO — 0.4%
America Movil SAB de CV Series L		96,972		68,375
Coca-Cola Femsa SAB de CV Series L		1,687		12,046
Fibra Uno Administracion SA de CV REIT		7,096		12,086
Fomento Economico Mexicano SAB de CV		6,730		59,331
Fresnillo PLC		1,965		38,233
Grupo Aeroportuario del Pacifico SAB de CV Class B		1,687		16,313
Grupo Aeroportuario del Sureste SAB de CV Class B		1,704		29,409
Grupo Financiero Banorte SAB de CV Series O		3,062		17,503
Grupo Mexico SAB de CV Series B		51,843		154,917
Grupo Televisa SAB Series CPO		6,730		34,647
OHL Mexico SAB de CV		14,664		20,586
Promotora y Operadora de Infraestructura SAB de CV (b)		1,964		21,102
Wal-Mart de Mexico SAB de CV		23,537		53,937
				538,485
NETHERLANDS — 1.3%
ABN AMRO Group NV (d)		833		20,269
Aegon NV		10,277		52,442
AerCap Holdings NV (b)		882		40,546
Altice NV Class A (b)		1,214		27,533
Altice NV Class B (b)		646		14,648
ASML Holding NV		1,309		174,165
Gemalto NV		238		13,333
Heineken NV		647		55,221
ING Groep NV		14,609		221,407
Koninklijke Ahold Delhaize NV		3,336		71,574
Koninklijke KPN NV		10,916		32,959
Koninklijke Philips NV		4,140		133,414
Koninklijke Vopak NV		4,383		191,615
NN Group NV		1,606		52,364
NXP Semiconductors NV (b)		1,038		107,433
Randstad Holding NV		782		45,249
Royal Dutch Shell PLC Class A		10,378		272,002
Royal Dutch Shell PLC Class B		2,947		80,501
Steinhoff International Holdings NV		15,597		74,642
Wolters Kluwer NV		1,018		42,425
				1,723,742
NEW ZEALAND — 0.1%
Auckland International Airport, Ltd.		2,201		10,401
Meridian Energy, Ltd.		39,647		77,603
				88,004
NORWAY — 0.2%
DNB ASA		4,427		70,150
Gjensidige Forsikring ASA		680		10,356
Marine Harvest ASA (b)		3,034		46,240
Orkla ASA		6,486		58,072
Schibsted ASA Class A		758		19,504
Schibsted ASA Class B		877		20,064
Telenor ASA		3,914		65,120
				289,506
PERU — 0.1%
Cia de Minas Buenaventura SAA ADR		260		3,130
Southern Copper Corp.		4,584		164,520
				167,650
PHILIPPINES — 0.1%
Aboitiz Power Corp.		76,500		63,655
Energy Development Corp.		64,500		7,739
International Container Terminal Services, Inc.		3,400		6,092
JG Summit Holdings, Inc.		6,710		10,879
PLDT, Inc.		425		13,942
SM Investments Corp.		700		9,724
SM Prime Holdings, Inc.		32,300		18,218
Universal Robina Corp.		2,040		6,647
				136,896
POLAND — 0.1%
Bank Pekao SA		1,113		37,110
Bank Zachodni WBK SA		136		11,757
CCC SA		182		10,933
Cyfrowy Polsat SA (b)		1,224		7,476
LPP SA		12		20,580
mBank SA (b)		68		6,410
Powszechna Kasa Oszczednosci Bank Polski SA (b)		4,444		35,961
Powszechny Zaklad Ubezpieczen SA		3,655		32,104
				162,331
PORTUGAL — 0.0% (a)
Jeronimo Martins SGPS SA		1,015		18,205
QATAR — 0.1%
Industries Qatar QSC		1,118		33,868
Qatar Gas Transport Co., Ltd.		18,269		106,620
				140,488

See accompanying notes to financial statements.

197

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
ROMANIA — 0.0% (a)
New Europe Property Investments PLC		1,388	$	14,409
RUSSIA — 0.4%
Magnit PJSC GDR		1,985		75,827
Mobile TeleSystems PJSC ADR		5,044		55,635
Moscow Exchange MICEX-RTS PJSC (b)		20,497		40,909
PhosAgro PJSC GDR		2,591		37,829
Rostelecom PJSC ADR		5,668		46,364
Sberbank of Russia PJSC ADR		15,807		182,413
VTB Bank PJSC GDR		20,690		47,359
				486,336
SINGAPORE — 0.6%
Ascendas REIT		2,207		3,980
Broadcom, Ltd.		1,424		311,799
City Developments, Ltd.		1,832		13,373
DBS Group Holdings, Ltd.		6,455		89,621
Genting Singapore PLC		34,000		24,819
Global Logistic Properties, Ltd.		17,000		33,822
Hutchison Port Holdings Trust		78,000		32,370
Oversea-Chinese Banking Corp., Ltd.		9,708		67,532
SATS, Ltd.		6,200		21,653
Singapore Technologies Engineering, Ltd.		9,000		24,025
Singapore Telecommunications, Ltd.		44,429		124,642
United Overseas Bank, Ltd.		4,572		72,344
UOL Group, Ltd.		2,827		14,102
Wilmar International, Ltd.		10,100		25,516
				859,598
SOUTH AFRICA — 0.7%
Aspen Pharmacare Holdings, Ltd.		1,579		32,351
Barclays Africa Group, Ltd.		1,105		11,497
Bid Corp., Ltd.		1,657		32,093
Brait SE (b)		4,031		23,509
Discovery, Ltd.		1,173		11,260
FirstRand, Ltd.		17,502		60,512
Fortress Income Fund, Ltd. Class A		22,317		27,945
Foschini Group, Ltd.		969		11,164
Growthpoint Properties, Ltd. REIT		19,726		38,102
Hyprop Investments, Ltd.		2,053		18,787
Investec PLC		2,384		16,217
Investec, Ltd.		1,825		12,448
Mediclinic International PLC		1,509		13,435
Mr. Price Group, Ltd.		408		4,865
MTN Group, Ltd.		6,994		63,635
Naspers, Ltd. Class N		1,647		284,352
Nedbank Group, Ltd.		1,241		22,351
Redefine Properties, Ltd. REIT		50,505		41,470
Resilient REIT, Ltd.		1,877		16,314
RMB Holdings, Ltd.		6,790		29,659
Sanlam, Ltd.		5,566		27,965
Shoprite Holdings, Ltd.		2,468		35,634
SPAR Group, Ltd.		1,590		20,664
Standard Bank Group, Ltd.		5,561		59,617
Truworths International, Ltd.		1,673		10,806
Vodacom Group, Ltd.		2,418		27,410
Woolworths Holdings, Ltd.		453		2,362
				956,424
SOUTH KOREA — 1.4%
Amorepacific Corp.		147		36,872
Amorepacific Corp. Preference Shares		52		7,765
AMOREPACIFIC Group		130		13,892
BNK Financial Group, Inc.		476		3,907
Celltrion, Inc.		287		23,123
Coway Co., Ltd.		130		11,183
Daelim Industrial Co., Ltd.		234		16,928
Daewoo Engineering & Construction Co., Ltd. (b)		1,027		6,658
Dongbu Insurance Co., Ltd.		130		7,440
GS Engineering & Construction Corp. (b)		247		6,781
Hana Financial Group, Inc.		1,343		44,374
Hanwha Corp.		371		11,910
Hanwha Life Insurance Co., Ltd.		897		4,845
Hyundai Development Co-Engineering & Construction		260		9,451
Hyundai Engineering & Construction Co., Ltd.		338		14,961
Hyundai Glovis Co., Ltd.		172		22,609
Hyundai Heavy Industries Co., Ltd. (b)		115		16,968
Hyundai Mobis Co., Ltd.		285		61,292
Hyundai Motor Co.		373		52,533
Hyundai Motor Co. Preference Shares (c)		313		28,969
Hyundai Motor Co. Preference Shares (c)		156		13,852
Industrial Bank of Korea		897		9,786
Kakao Corp.		52		3,864
Kangwon Land, Inc.		840		28,694
KB Financial Group, Inc.		1,534		67,214
KEPCO Plant Service & Engineering Co., Ltd.		174		9,709
Kia Motors Corp.		827		27,399
Korea Aerospace Industries, Ltd.		130		6,696
Korea Gas Corp. (b)		327		13,144
Korea Zinc Co., Ltd.		277		107,005
KT&G Corp.		574		50,045
LG Household & Health Care, Ltd.		34		24,657
Mirae Asset Daewoo Co., Ltd.		2,070		16,733
NAVER Corp.		102		77,984
NCSoft Corp.		52		14,182
Orion Corp.		13		7,789
S-1 Corp.		104		8,342
Samsung C&T Corp.		370		42,185
Samsung Card Co., Ltd.		156		5,468
Samsung Electronics Co., Ltd.		339		624,466
Samsung Electronics Co., Ltd. Preference Shares		69		98,906
Samsung Fire & Marine Insurance Co., Ltd.		119		28,518
Samsung Life Insurance Co., Ltd.		255		24,741
Samsung SDS Co., Ltd.		101		12,057
Samsung Securities Co., Ltd.		206		6,199
Shinhan Financial Group Co., Ltd.		1,687		70,298
SK Holdings Co., Ltd.		223		48,556
SK Hynix, Inc.		1,306		58,976
SK Telecom Co., Ltd.		65		14,647
Woori Bank		1,417		16,472
				1,941,045
SPAIN — 1.2%
Abertis Infraestructuras SA		4,419		71,368
Aena SA (d)		495		78,514

See accompanying notes to financial statements.

198

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Amadeus IT Group SA		1,224	$	62,262
Banco Bilbao Vizcaya Argentaria SA		26,310		204,577
Banco de Sabadell SA		24,648		45,290
Banco Popular Espanol SA		28,820		28,050
Banco Santander SA		57,510		353,374
Bankia SA		26,782		30,535
CaixaBank SA		17,309		74,588
Enagas SA		4,150		108,081
Ferrovial SA		1,917		38,464
Industria de Diseno Textil SA		3,965		140,115
Mapfre SA		7,309		25,133
Red Electrica Corp. SA		8,344		160,638
Telefonica SA		17,344		194,499
				1,615,488
SWEDEN — 0.9%
Alfa Laval AB		1,343		25,436
Assa Abloy AB Class B		3,337		68,883
Atlas Copco AB Class A		2,483		87,964
Atlas Copco AB Class B		1,943		61,979
Autoliv, Inc.		272		27,815
Boliden AB		6,805		203,503
Hennes & Mauritz AB Class B		3,165		81,178
Hexagon AB Class B		731		29,475
Investor AB Class B		2,320		98,015
Kinnevik AB Class B		782		20,933
Nordea Bank AB		11,172		128,008
Sandvik AB		3,475		52,116
Skandinaviska Enskilda Banken AB Class A		3,318		37,051
Skanska AB Class B		485		11,462
SKF AB Class B		527		10,465
Svenska Handelsbanken AB Class A		3,874		53,327
Swedbank AB Class A		1,788		41,574
Telefonaktiebolaget LM Ericsson Class B		12,710		85,129
Telia Co. AB		11,749		49,466
Volvo AB Class B		6,926		102,630
				1,276,409
SWITZERLAND — 2.9%
ABB, Ltd. (b)		6,780		158,705
Actelion, Ltd. (b)		238		67,219
Adecco Group AG		782		55,586
Chocoladefabriken Lindt & Spruengli AG		3		17,024
Cie Financiere Richemont SA		1,873		148,201
Credit Suisse Group AG (b)		8,120		120,873
EMS-Chemie Holding AG		129		75,200
Geberit AG		85		36,668
Givaudan SA		74		133,369
Julius Baer Group, Ltd. (b)		493		24,627
Kuehne + Nagel International AG		238		33,645
Nestle SA		10,690		820,747
Novartis AG		7,702		572,100
Roche Holding AG		2,349		600,304
Schindler Holding AG		119		23,040
SGS SA		14		29,890
Sika AG		20		120,086
Swatch Group AG		133		47,662
Swiss Life Holding AG (b)		102		32,935
Swiss Re AG		1,215		109,186
Swisscom AG		51		23,545
Syngenta AG		421		185,947
TE Connectivity, Ltd.		1,406		104,817
UBS Group AG (b)		13,909		222,750
Wolseley PLC		1,098		68,924
Zurich Insurance Group AG (b)		561		149,869
				3,982,919
TAIWAN — 1.2%
Acer, Inc. (b)		35,000		16,610
Advanced Semiconductor Engineering, Inc.		13,406		17,121
Advantech Co., Ltd.		2,000		16,742
Asustek Computer, Inc.		4,000		39,548
Catcher Technology Co., Ltd.		3,000		29,661
Cathay Financial Holding Co., Ltd.		49,000		78,645
China Development Financial Holding Corp.		52,000		14,276
Chunghwa Telecom Co., Ltd.		17,000		57,708
CTBC Financial Holding Co., Ltd.		80,359		49,657
Delta Electronics, Inc.		6,000		32,133
E.Sun Financial Holding Co., Ltd.		15,447		9,393
Eclat Textile Co., Ltd.		1,000		10,019
Far EasTone Telecommunications Co., Ltd.		6,000		14,732
Formosa Plastics Corp.		23,000		68,600
Foxconn Technology Co., Ltd.		11,070		33,747
Fubon Financial Holding Co., Ltd.		34,000		55,467
Hiwin Technologies Corp.		2,000		12,557
Hon Hai Precision Industry Co., Ltd.		62,820		188,403
Hotai Motor Co., Ltd.		1,000		11,716
Inventec Corp.		13,000		9,747
MediaTek, Inc.		8,000		56,686
Mega Financial Holding Co., Ltd.		49,922		40,309
Micro-Star International Co., Ltd.		3,000		6,980
Novatek Microelectronics Corp.		4,000		15,490
Pegatron Corp.		5,000		14,798
Pou Chen Corp.		4,000		5,537
President Chain Store Corp.		3,000		24,718
Quanta Computer, Inc.		17,000		34,569
Shin Kong Financial Holding Co., Ltd. (b)		40,469		11,804
SinoPac Financial Holdings Co., Ltd.		29,154		9,099
Taiwan Fertilizer Co., Ltd.		37,000		51,215
Taiwan Mobile Co., Ltd.		12,000		44,097
Taiwan Semiconductor Manufacturing Co., Ltd.		84,000		523,227
Teco Electric and Machinery Co., Ltd.		13,000		13,217
Uni-President Enterprises Corp.		11,000		20,628
Yuanta Financial Holding Co., Ltd.		86,573		36,521
				1,675,377
THAILAND — 0.2%
Advanced Info Service PCL		3,400		17,761
Airports of Thailand PCL		34,000		38,836
Bangkok Bank PCL NVDR		1,000		5,282
Bangkok Expressway & Metro PCL NVDR		85,000		18,799
BTS Group Holdings PCL		106,500		26,189
CP ALL PCL		13,600		23,351
Energy Absolute PCL		76,500		61,779
Kasikornbank PCL		3,400		18,701
Kasikornbank PCL NVDR		400		2,200

See accompanying notes to financial statements.

199

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Siam Commercial Bank PCL		6,800	$	32,256
Thai Oil PCL		10,700		23,510
				268,664
TURKEY — 0.1%
Akbank TAS		9,781		22,910
TAV Havalimanlari Holding A/S		1,020		4,059
Turkcell Iletisim Hizmetleri A/S (b)		102		335
Turkiye Garanti Bankasi A/S		9,554		23,245
Turkiye Halk Bankasi A/S		2,030		5,781
Turkiye Is Bankasi Class C		16,543		30,118
				86,448
UNITED ARAB EMIRATES — 0.1%
Aldar Properties PJSC		6,484		3,990
DP World, Ltd.		644		13,846
Emaar Properties PJSC		15,328		30,464
Emirates Telecommunications Group Co. PJSC		6,597		32,419
First Gulf Bank PJSC		1,079		3,789
				84,508
UNITED KINGDOM — 5.7%
3i Group PLC		4,524		42,399
Aberdeen Asset Management PLC		4,118		13,630
Admiral Group PLC		459		11,416
Ashtead Group PLC		2,452		50,683
Associated British Foods PLC		1,020		33,238
AstraZeneca PLC		4,671		286,932
Auto Trader Group PLC (d)		3,126		15,335
Aviva PLC		19,301		128,398
Babcock International Group PLC		814		8,978
BAE Systems PLC		11,957		96,064
Barclays PLC		67,990		191,376
Barratt Developments PLC		5,176		35,371
Berkeley Group Holdings PLC		657		26,347
British American Tobacco PLC		7,282		482,606
British Land Co. PLC REIT		6,854		52,281
BT Group PLC		36,952		147,029
Bunzl PLC		1,557		45,169
Burberry Group PLC		1,873		40,378
Capita PLC		3,097		21,861
CNH Industrial NV		3,424		33,106
Cobham PLC		6,461		10,745
Coca-Cola European Partners PLC		833		31,396
Compass Group PLC		6,974		131,333
Croda International PLC		1,611		71,796
DCC PLC		353		31,009
Delphi Automotive PLC		952		76,626
Diageo PLC		9,565		273,119
Direct Line Insurance Group PLC		4,516		19,618
Dixons Carphone PLC		5,397		21,434
GlaxoSmithKline PLC		16,944		351,609
Hammerson PLC		6,021		42,990
Hargreaves Lansdown PLC		561		9,127
HSBC Holdings PLC		72,613		591,010
IMI PLC		2,014		30,045
Imperial Brands PLC		4,429		214,164
Inmarsat PLC		2,657		28,257
Intertek Group PLC		717		35,271
Intu Properties PLC		11,230		39,207
ITV PLC		21,268		58,216
Johnson Matthey PLC		1,611		62,046
Kingfisher PLC		8,193		33,409
Land Securities Group PLC REIT		4,858		64,331
Legal & General Group PLC		23,774		73,518
Liberty Global PLC Class A (b)		1,715		61,517
Liberty Global PLC Series C (b)		1,483		51,964
Lloyds Banking Group PLC		250,837		208,019
London Stock Exchange Group PLC		867		34,378
Marks & Spencer Group PLC		6,628		27,930
Meggitt PLC		5,804		32,318
National Grid PLC		14,025		177,743
Next PLC		597		32,250
Old Mutual PLC		17,154		43,029
Pearson PLC		3,362		28,692
Pentair PLC		1,033		64,852
Persimmon PLC		1,477		38,674
Petrofac, Ltd.		3,744		43,025
Provident Financial PLC		536		20,087
Prudential PLC		9,726		205,049
Randgold Resources, Ltd.		573		49,905
Reckitt Benckiser Group PLC		2,554		232,689
RELX NV		3,057		56,760
RELX PLC		5,448		106,547
Rolls-Royce Holdings PLC (b)		7,733		72,910
Royal Bank of Scotland Group PLC (b)		17,375		52,600
Royal Mail PLC		2,656		14,115
RSA Insurance Group PLC		2,894		21,224
Sage Group PLC		4,101		32,333
Schroders PLC		488		18,490
Segro PLC		5,927		33,811
Severn Trent PLC		4,453		132,636
Sky PLC		5,410		66,026
Smith & Nephew PLC		3,575		54,360
Smiths Group PLC		2,622		53,082
Standard Chartered PLC (b)		12,814		122,258
Standard Life PLC		6,754		29,956
Taylor Wimpey PLC		13,813		33,353
TechnipFMC PLC (b) (c)		2,708		88,599
TechnipFMC PLC (b) (c)		3,149		102,342
Tesco PLC (b)		20,824		48,329
Travis Perkins PLC		1,602		30,329
Unilever NV		5,233		260,650
Unilever PLC		4,651		229,115
United Utilities Group PLC		13,401		166,484
Vodafone Group PLC		111,346		289,743
Weir Group PLC		1,337		32,049
Whitbread PLC		884		43,752
William Hill PLC		4,689		17,051
Worldpay Group PLC (d)		3,912		14,450
WPP PLC		5,536		121,282
				7,759,630
UNITED STATES — 53.0%
3M Co.		2,051		392,418
Abbott Laboratories		6,350		282,003
AbbVie, Inc.		5,530		360,335
Accenture PLC Class A		2,303		276,084
Activision Blizzard, Inc.		2,339		116,623
Acuity Brands, Inc.		140		28,560

See accompanying notes to financial statements.

200

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Adobe Systems, Inc. (b)		1,815	$	236,186
Advance Auto Parts, Inc		221		32,765
Aetna, Inc.		1,423		181,504
Affiliated Managers Group, Inc.		187		30,657
Aflac, Inc.		1,647		119,276
AGCO Corp.		392		23,591
Agilent Technologies, Inc.		1,031		54,509
AGNC Investment Corp. REIT		2,590		51,515
Akamai Technologies, Inc. (b)		544		32,477
Albemarle Corp.		656		69,300
Alexandria Real Estate Equities, Inc.		260		28,735
Alexion Pharmaceuticals, Inc. (b)		777		94,203
Align Technology, Inc. (b)		260		29,825
Alkermes PLC (b)		437		25,564
Alleghany Corp. (b)		29		17,825
Allergan PLC		1,456		347,868
Alliance Data Systems Corp		170		42,330
Allstate Corp.		1,163		94,773
Ally Financial, Inc.		2,349		47,755
Alphabet, Inc. Class A (b)		1,012		857,974
Alphabet, Inc. Class C (b)		1,038		861,083
Altria Group, Inc.		7,667		547,577
Amazon.com, Inc. (b)		1,375		1,218,992
American Express Co.		2,862		226,413
American International Group, Inc.		4,675		291,860
American Tower Corp. REIT		1,456		176,962
American Water Works Co., Inc.		3,096		240,776
Ameriprise Financial, Inc.		688		89,220
AMETEK, Inc.		977		52,836
Amgen, Inc.		2,541		416,902
Amphenol Corp. Class A		662		47,115
Analog Devices, Inc.		1,352		110,796
Annaly Capital Management, Inc.		5,942		66,016
ANSYS, Inc. (b)		132		14,107
Anthem, Inc.		1,103		182,414
AO Smith Corp.		392		20,055
Aon PLC		666		79,048
Apple, Inc.		18,425		2,646,935
Applied Materials, Inc.		4,128		160,579
Arch Capital Group, Ltd. (b)		260		24,640
Ashland Global Holdings, Inc.		100		12,381
Assurant, Inc.		104		9,950
AT&T, Inc.		22,300		926,565
Atmos Energy Corp.		392		30,964
Autodesk, Inc. (b)		671		58,021
Automatic Data Processing, Inc.		1,687		172,732
AutoZone, Inc. (b)		119		86,043
AvalonBay Communities, Inc. REIT		493		90,515
Avery Dennison Corp.		765		61,659
Avnet, Inc.		767		35,098
Axalta Coating Systems, Ltd. (b)		2,346		75,541
Axis Capital Holdings, Ltd.		270		18,098
B/E Aerospace, Inc.		510		32,696
Baker Hughes, Inc.		2,324		139,022
Ball Corp.		807		59,928
Bank of America Corp.		36,990		872,594
Bank of New York Mellon Corp.		4,388		207,245
Baxter International, Inc.		1,593		82,613
BB&T Corp.		3,142		140,447
Becton Dickinson and Co.		893		163,812
Bed Bath & Beyond, Inc.		392		15,468
Berkshire Hathaway, Inc. Class B (b)		2,212		368,696
Best Buy Co., Inc.		891		43,793
Biogen, Inc. (b)		743		203,151
BioMarin Pharmaceutical, Inc. (b)		590		51,790
BlackRock, Inc.		490		187,920
Boeing Co.		2,132		377,066
BorgWarner, Inc.		683		28,543
Boston Properties, Inc. REIT		391		51,772
Boston Scientific Corp. (b)		5,044		125,444
Bristol-Myers Squibb Co.		5,804		315,622
Brixmor Property Group, Inc.		545		11,696
Brown-Forman Corp. Class B		948		43,779
C.H. Robinson Worldwide, Inc.		524		40,500
C.R. Bard, Inc.		255		63,378
CA, Inc.		1,373		43,552
Cadence Design Systems, Inc. (b)		524		16,454
Camden Property Trust		260		20,920
Campbell Soup Co.		710		40,640
Capital One Financial Corp		2,481		215,003
Cardinal Health, Inc.		1,283		104,629
CarMax, Inc. (b)		611		36,183
Caterpillar, Inc.		2,384		221,140
CBRE Group, Inc. Class A (b)		1,292		44,949
CBS Corp. Class B		1,687		117,010
Celanese Corp. Series A		866		77,810
Celgene Corp. (b)		2,626		326,753
Centene Corp. (b)		689		49,098
CenturyLink, Inc.		899		21,189
Cerner Corp. (b)		1,054		62,028
Charles Schwab Corp.		4,194		171,157
Charter Communications, Inc. Class A (b)		863		282,477
Cheniere Energy, Inc. (b)		3,474		164,216
Chevron Corp.		1,766		189,615
Chipotle Mexican Grill, Inc. (b)		102		45,443
Chubb, Ltd.		1,813		247,021
Church & Dwight Co., Inc.		524		26,132
Cigna Corp.		994		145,611
Cimarex Energy Co.		471		56,280
Cincinnati Financial Corp.		455		32,883
Cintas Corp.		417		52,767
Cisco Systems, Inc.		18,567		627,565
CIT Group, Inc.		1,100		47,223
Citigroup, Inc.		10,898		651,918
Citizens Financial Group, Inc.		2,693		93,043
Citrix Systems, Inc. (b)		544		45,364
Clorox Co.		285		38,427
CME Group, Inc.		1,305		155,034
Coach, Inc.		997		41,206
Coca-Cola Co.		16,055		681,374
Cognizant Technology Solutions Corp. Class A (b)		2,217		131,956
Colgate-Palmolive Co.		3,098		226,743
Comcast Corp. Class A		17,468		656,622
Comerica, Inc.		717		49,172
Computer Sciences Corp.		392		27,052
Conagra Brands, Inc.		132		5,325
Concho Resources, Inc. (b)		1,100		141,174

See accompanying notes to financial statements.

201

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Consolidated Edison, Inc.		2,046	$	158,892
Constellation Brands, Inc. Class A		756		122,525
Cooper Cos., Inc.		170		33,981
Core Laboratories NV		638		73,702
Corning, Inc.		2,948		79,596
CoStar Group, Inc. (b)		65		13,469
Costco Wholesale Corp.		1,673		280,545
Coty, Inc. Class A		2,126		38,544
Crown Castle International Corp. REIT		1,253		118,346
CSX Corp.		2,234		103,993
Cummins, Inc.		705		106,596
CVS Health Corp.		4,388		344,458
D.R. Horton, Inc.		1,687		56,194
Danaher Corp.		2,452		209,720
DaVita, Inc. (b)		557		37,859
Deere & Co.		912		99,280
Dell Technologies, Inc. Class V (b)		1,348		86,380
DENTSPLY SIRONA, Inc		861		53,761
DexCom, Inc. (b)		260		22,030
Diamondback Energy, Inc. (b)		1,811		187,828
Dick’s Sporting Goods, Inc.		260		12,652
Digital Realty Trust, Inc. REIT		656		69,792
Discover Financial Services		1,423		97,319
Discovery Communications, Inc. Class A (b)		1,163		33,832
Discovery Communications, Inc. Class C (b)		470		13,306
DISH Network Corp. Class A (b)		964		61,204
Dollar General Corp.		935		65,198
Dollar Tree, Inc. (b)		800		62,768
Domino’s Pizza, Inc.		260		47,918
Dover Corp.		901		72,395
Dow Chemical Co.		470		29,864
Dr. Pepper Snapple Group, Inc.		782		76,573
Duke Realty Corp.		916		24,063
Dun & Bradstreet Corp.		153		16,515
E*TRADE Financial Corp. (b)		1,135		39,600
E.I. du Pont de Nemours & Co		2,507		201,387
Eaton Corp. PLC		2,234		165,651
eBay, Inc. (b)		3,624		121,658
Ecolab, Inc.		2,217		277,879
Edison International		2,096		166,863
Edwards Lifesciences Corp. (b)		778		73,186
Electronic Arts, Inc. (b)		952		85,223
Eli Lilly & Co.		3,362		282,778
Emerson Electric Co.		2,838		169,883
Endo International PLC (b)		1,114		12,432
Envision Healthcare Corp. (b)		483		29,618
EOG Resources, Inc.		1,687		164,567
Equifax, Inc.		611		83,548
Equinix, Inc. REIT		249		99,692
Equity Residential REIT		1,241		77,215
Essex Property Trust, Inc. REIT		290		67,144
Estee Lauder Cos., Inc. Class A		1,054		89,369
Everest Re Group, Ltd.		131		30,629
Eversource Energy		3,335		196,031
Expedia, Inc.		469		59,174
Expeditors International of Washington, Inc.		1,423		80,385
Express Scripts Holding Co. (b)		2,543		167,609
Extra Space Storage, Inc. REIT		524		38,980
Exxon Mobil Corp.		2,925		239,879
F5 Networks, Inc. (b)		221		31,508
Facebook, Inc. Class A (b)		7,965		1,131,428
Fastenal Co.		1,423		73,284
Federal Realty Investment Trust REIT		132		17,622
FedEx Corp.		304		59,326
Fidelity National Information Services, Inc.		1,151		91,643
Fifth Third Bancorp		3,362		85,395
First Data Corp. Class A (b)		1,221		18,925
First Republic Bank		231		21,670
Fiserv, Inc. (b)		705		81,294
FleetCor Technologies, Inc. (b)		334		50,578
FLIR Systems, Inc.		392		14,222
Flowserve Corp.		799		38,688
Fluor Corp.		1,031		54,251
FNF Group		425		16,549
Foot Locker, Inc.		459		34,338
Ford Motor Co.		13,210		153,764
Fortinet, Inc. (b)		524		20,095
Fortive Corp.		1,224		73,709
Fortune Brands Home & Security, Inc.		354		21,541
Franklin Resources, Inc.		1,687		71,090
Freeport-McMoRan, Inc. (b)		5,764		77,007
Frontier Communications Corp.		7,158		15,318
Gap, Inc.		867		21,059
Garmin, Ltd.		459		23,459
General Dynamics Corp.		1,049		196,373
General Electric Co.		32,300		962,540
General Mills, Inc.		2,611		154,075
General Motors Co.		3,970		140,379
Genuine Parts Co.		392		36,225
GGP, Inc. REIT		1,687		39,105
Gilead Sciences, Inc.		4,652		315,964
Global Payments, Inc.		524		42,276
Goldman Sachs Group, Inc.		1,555		357,215
H&R Block, Inc.		243		5,650
Halliburton Co.		3,472		170,857
Hanesbrands, Inc.		1,224		25,410
Harley-Davidson, Inc.		765		46,282
Harris Corp.		425		47,290
Hartford Financial Services Group, Inc.		1,876		90,179
Hasbro, Inc.		425		42,423
HCA Holdings, Inc. (b)		799		71,103
HCP, Inc. REIT		1,687		52,769
Helmerich & Payne, Inc.		1,438		95,728
Henry Schein, Inc. (b)		216		36,714
Hershey Co.		748		81,719
Hewlett Packard Enterprise Co.		6,086		144,238
Hilton Worldwide Holdings, Inc		265		15,492
HollyFrontier Corp.		509		14,425
Hologic, Inc. (b)		712		30,296
Home Depot, Inc.		4,346		638,123
Honeywell International, Inc.		2,553		318,793
Hormel Foods Corp.		916		31,721
Host Hotels & Resorts, Inc. REIT		3,127		58,350
HP, Inc.		5,350		95,658

See accompanying notes to financial statements.

202

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Humana, Inc.		596	$	122,859
Huntington Bancshares, Inc.		3,651		48,887
Huntington Ingalls Industries, Inc.		183		36,644
IDEXX Laboratories, Inc. (b)		260		40,199
IHS Markit, Ltd. (b)		2,119		88,892
Illinois Tool Works, Inc.		1,409		186,650
Illumina, Inc. (b)		459		78,324
Incyte Corp. (b)		621		83,009
Ingersoll-Rand PLC		1,173		95,388
Ingredion, Inc.		135		16,258
Intel Corp.		17,095		616,617
Intercontinental Exchange, Inc.		1,959		117,285
International Business Machines Corp.		3,230		562,472
International Flavors & Fragrances, Inc.		932		123,518
Interpublic Group of Cos., Inc.		1,031		25,332
Intuit, Inc.		867		100,563
Intuitive Surgical, Inc. (b)		140		107,306
Invesco, Ltd.		2,211		67,723
Iron Mountain, Inc. REIT		744		26,538
J.M. Smucker Co.		611		80,090
Jacobs Engineering Group, Inc.		899		49,697
Jazz Pharmaceuticals PLC (b)		204		29,607
Johnson & Johnson		9,560		1,190,698
Johnson Controls International PLC		3,862		162,667
Jones Lang LaSalle, Inc.		260		28,977
JPMorgan Chase & Co.		12,797		1,124,088
Juniper Networks, Inc.		1,687		46,949
Kansas City Southern		67		5,746
Kellogg Co.		833		60,484
KeyCorp		4,146		73,716
Kimberly-Clark Corp		603		79,373
Kimco Realty Corp. REIT		1,687		37,266
Kinder Morgan, Inc.		10,510		228,487
KLA-Tencor Corp.		560		53,239
Kohl’s Corp.		561		22,333
Kraft Heinz Co.		2,755		250,182
Kroger Co.		2,082		61,398
L Brands, Inc.		1,028		48,419
L3 Technologies, Inc.		293		48,430
Laboratory Corp. of America Holdings (b)		285		40,889
Lam Research Corp.		683		87,670
Las Vegas Sands Corp.		1,687		96,277
Leggett & Platt, Inc.		260		13,083
Lennar Corp. Class A		981		50,217
Level 3 Communications, Inc. (b)		1,031		58,994
Liberty Broadband Corp. Class C (b)		631		54,518
Liberty Interactive Corp. QVC Group Class A (b)		1,687		33,774
Liberty Media Corp.-Liberty SiriusXM Class C (b)		1,375		53,322
Liberty Property Trust REIT		656		25,289
Lincoln National Corp.		1,291		84,496
LKQ Corp. (b)		759		22,216
Lockheed Martin Corp.		1,046		279,910
Loews Corp.		1,687		78,901
Lowe’s Cos., Inc.		2,966		243,835
lululemon athletica, Inc. (b)		392		20,333
M&T Bank Corp.		438		67,772
Macerich Co. REIT		285		18,354
Macquarie Infrastructure Corp.		656		52,860
Macy’s, Inc.		1,139		33,760
Mallinckrodt PLC (b)		391		17,427
ManpowerGroup, Inc.		505		51,798
Marathon Petroleum Corp.		1,153		58,273
Markel Corp. (b)		28		27,324
Marriott International, Inc. Class A		656		61,782
Marsh & McLennan Cos., Inc.		1,212		89,555
Masco Corp.		1,687		57,341
MasterCard, Inc. Class A		3,514		395,220
Mattel, Inc.		1,291		33,063
Maxim Integrated Products, Inc.		850		38,216
McCormick & Co., Inc.		539		52,579
McDonald’s Corp.		3,097		401,402
McKesson Corp.		884		131,062
Mead Johnson Nutrition Co.		782		69,661
MEDNAX, Inc. (b)		260		18,039
Medtronic PLC		5,547		446,866
Merck & Co., Inc.		9,952		632,350
MetLife, Inc.		3,996		211,069
MGM Resorts International		1,560		42,744
Michael Kors Holdings, Ltd. (b)		734		27,973
Microchip Technology, Inc		524		38,661
Micron Technology, Inc. (b)		3,362		97,162
Microsoft Corp.		25,399		1,672,778
Mid-America Apartment Communities, Inc. REIT		360		36,626
Middleby Corp. (b)		260		35,477
Mobileye NV (b)		843		51,760
Molson Coors Brewing Co. Class B		842		80,588
Mondelez International, Inc. Class A		6,063		261,194
Monsanto Co.		1,817		205,684
Monster Beverage Corp. (b)		1,524		70,363
Moody’s Corp.		608		68,120
Morgan Stanley		6,160		263,894
Motorola Solutions, Inc.		291		25,090
Mylan NV (b)		1,687		65,776
Nasdaq, Inc.		351		24,377
National Oilwell Varco, Inc.		2,508		100,546
National Retail Properties, Inc.		656		28,615
Navient Corp.		1,544		22,789
NetApp, Inc.		1,031		43,147
Netflix, Inc. (b)		1,573		232,505
New York Community Bancorp, Inc.		1,440		20,117
Newell Brands, Inc.		1,704		80,378
Newmont Mining Corp.		1,704		56,164
News Corp. Class A		2,690		34,970
Nielsen Holdings PLC		1,772		73,201
NIKE, Inc. Class B		4,912		273,746
Nordstrom, Inc.		392		18,255
Norfolk Southern Corp.		700		78,379
Northern Trust Corp.		850		73,593
Northrop Grumman Corp.		694		165,061
Norwegian Cruise Line Holdings, Ltd. (b)		494		25,061
Nuance Communications, Inc. (b)		899		15,562
NVIDIA Corp.		1,942		211,542
O’Reilly Automotive, Inc. (b)		357		96,333
Omnicom Group, Inc.		743		64,054
ONEOK, Inc.		2,183		121,026

See accompanying notes to financial statements.

203

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Oracle Corp.		11,489	$	512,524
PACCAR, Inc.		1,687		113,366
Packaging Corp. of America		301		27,578
Palo Alto Networks, Inc. (b)		337		37,973
Park Hotels & Resorts, Inc. REIT		13		334
Parker-Hannifin Corp.		555		88,978
Parsley Energy, Inc. Class A (b)		5,763		187,355
Paychex, Inc.		1,131		66,616
PayPal Holdings, Inc. (b)		4,127		177,544
PepsiCo, Inc.		5,229		584,916
Perrigo Co. PLC		493		32,730
Pfizer, Inc.		22,015		753,133
PG&E Corp.		3,356		222,704
Philip Morris International, Inc.		6,187		698,512
Phillips 66		815		64,564
Pioneer Natural Resources Co.		1,433		266,868
PNC Financial Services Group, Inc.		1,873		225,210
Polaris Industries, Inc.		187		15,671
PPG Industries, Inc.		1,606		168,758
Priceline Group, Inc. (b)		187		332,854
Principal Financial Group, Inc.		1,189		75,038
Procter & Gamble Co.		9,084		816,197
Progressive Corp.		1,687		66,097
Prologis, Inc. REIT		2,268		117,664
Prudential Financial, Inc.		2,282		243,444
Public Storage REIT		561		122,808
PulteGroup, Inc.		1,687		39,729
PVH Corp.		340		35,180
Qorvo, Inc. (b)		504		34,554
QUALCOMM, Inc.		5,529		317,033
Quest Diagnostics, Inc.		510		50,077
Quintiles IMS Holdings, Inc. (b)		434		34,950
Ralph Lauren Corp.		289		23,588
Raymond James Financial, Inc.		459		35,003
Raytheon Co.		1,270		193,675
Realty Income Corp. REIT		1,037		61,733
Red Hat, Inc. (b)		476		41,174
Regency Centers Corp.		200		13,278
Regeneron Pharmaceuticals, Inc. (b)		255		98,815
Regions Financial Corp.		5,810		84,419
Reinsurance Group of America, Inc.		260		33,015
ResMed, Inc.		425		30,587
Reynolds American, Inc.		3,500		220,570
Rite Aid Corp. (b)		1,048		4,454
Robert Half International, Inc.		561		27,394
Rockwell Automation, Inc.		705		109,776
Rockwell Collins, Inc.		700		68,012
Roper Technologies, Inc.		461		95,192
Ross Stores, Inc.		1,439		94,787
Royal Caribbean Cruises, Ltd.		285		27,961
S&P Global, Inc.		833		108,906
Sabre Corp.		470		9,959
salesforce.com, Inc. (b)		2,386		196,821
SBA Communications Corp. REIT (b)		519		62,472
Schlumberger, Ltd		6,223		486,016
Scripps Networks Interactive, Inc. Class A		392		30,721
Seagate Technology PLC		952		43,725
Sealed Air Corp.		1,118		48,722
Seattle Genetics, Inc. (b)		260		16,344
Sempra Energy		637		70,388
Sensata Technologies Holding NV (b)		734		32,054
ServiceNow, Inc. (b)		612		53,532
Sherwin-Williams Co.		530		164,401
Shire PLC		3,229		188,197
Signature Bank (b)		132		19,587
Signet Jewelers, Ltd.		255		17,664
Simon Property Group, Inc. REIT		1,220		209,877
Sirius XM Holdings, Inc.		4,726		24,339
Skyworks Solutions, Inc.		645		63,197
SL Green Realty Corp. REIT		387		41,262
Snap-on, Inc.		340		57,348
Splunk, Inc. (b)		471		29,339
Sprint Corp. (b)		5,133		44,554
Stanley Black & Decker, Inc.		773		102,709
Staples, Inc.		3,362		29,485
Starbucks Corp.		5,396		315,072
State Street Corp. (f)		1,555		123,794
Stryker Corp.		1,423		187,338
SunTrust Banks, Inc.		2,211		122,268
Symantec Corp.		2,182		66,944
Synchrony Financial		3,084		105,781
Synopsys, Inc. (b)		356		25,678
Sysco Corp.		2,169		112,614
T Rowe Price Group, Inc.		828		56,428
T-Mobile US, Inc. (b)		1,203		77,702
Targa Resources Corp.		477		28,572
Target Corp.		1,687		93,106
TD Ameritrade Holding Corp.		1,019		39,598
TEGNA, Inc.		1,002		25,671
Teleflex, Inc.		132		25,572
Tesla, Inc. (b)		553		153,900
Texas Instruments, Inc.		3,362		270,843
Textron, Inc.		1,019		48,494
Thermo Fisher Scientific, Inc.		1,423		218,573
Thomson Reuters Corp.		590		25,442
Tiffany & Co.		544		51,843
Time Warner, Inc.		2,838		277,301
TJX Cos., Inc.		2,375		187,815
Toll Brothers, Inc. (b)		1,010		36,471
Total System Services, Inc.		569		30,419
Tractor Supply Co.		425		29,312
TransDigm Group, Inc.		319		70,231
Travelers Cos., Inc.		1,130		136,210
Trimble, Inc. (b)		899		28,777
TripAdvisor, Inc. (b)		391		16,876
Twenty-First Century Fox, Inc. Class A		4,385		142,030
Twenty-First Century Fox, Inc. Class B		1,839		58,443
Twitter, Inc. (b)		2,397		35,835
Tyson Foods, Inc. Class A		392		24,190
UDR, Inc. REIT		1,048		38,000
Ulta Salon Cosmetics & Fragrance, Inc. (b)		172		49,060
Under Armour, Inc. Class A (b)		902		17,842
Under Armour, Inc. Class C (b)		512		9,370
Union Pacific Corp.		2,702		286,196
United Parcel Service, Inc. Class B		1,941		208,269
United Rentals, Inc. (b)		459		57,398
United Technologies Corp.		3,252		364,907
United Therapeutics Corp. (b)		132		17,870

See accompanying notes to financial statements.

204

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
UnitedHealth Group, Inc		3,420	$	560,914
Universal Health Services, Inc. Class B		285		35,468
Unum Group		1,163		54,533
US Bancorp		5,810		299,215
Valeant Pharmaceuticals International, Inc. (b)		1,054		11,610
Valero Energy Corp.		1,034		68,544
Valspar Corp.		524		58,133
Vantiv, Inc. Class A (b)		470		30,136
Varian Medical Systems, Inc. (b)		225		20,504
Ventas, Inc. REIT		1,314		85,463
VEREIT, Inc.		7,431		63,089
VeriSign, Inc. (b)		260		22,649
Verisk Analytics, Inc. (b)		527		42,761
Verizon Communications, Inc		14,549		709,264
Vertex Pharmaceuticals, Inc. (b)		866		94,697
VF Corp.		1,241		68,218
Viacom, Inc. Class B		1,291		60,186
Visa, Inc. Class A		6,888		612,137
VMware, Inc. Class A (b)		306		28,195
Vornado Realty Trust REIT		388		38,920
Voya Financial, Inc.		1,528		58,003
W.W. Grainger, Inc.		323		75,181
WABCO Holdings, Inc. (b)		260		30,529
Wabtec Corp.		429		33,462
Wal-Mart Stores, Inc		5,545		399,684
Walgreens Boots Alliance, Inc		3,552		294,994
Walt Disney Co.		5,471		620,357
Waters Corp. (b)		157		24,541
Weatherford International PLC (b)		7,507		49,922
Wells Fargo & Co.		17,086		951,007
Welltower, Inc. REIT		1,545		109,417
Western Digital Corp.		1,097		90,535
Western Union Co.		1,687		34,330
WestRock Co.		1,139		59,262
Weyerhaeuser Co. REIT		1,440		48,931
Whirlpool Corp.		204		34,951
WhiteWave Foods Co. (b)		631		35,431
Whole Foods Market, Inc		1,031		30,641
Williams Cos., Inc.		3,530		104,453
Willis Towers Watson PLC		418		54,712
Workday, Inc. Class A (b)		456		37,976
Wyndham Worldwide Corp.		208		17,532
Wynn Resorts, Ltd.		289		33,122
Xerox Corp.		5,044		37,023
Xilinx, Inc.		1,031		59,685
Xylem, Inc.		918		46,102
Yahoo!, Inc. (b)		3,754		174,223
Yum China Holdings, Inc. (b)		910		24,752
Yum! Brands, Inc.		359		22,940
Zillow Group, Inc. Class C (b)		564		18,990
Zimmer Biomet Holdings, Inc		782		95,490
Zoetis, Inc.		1,398		74,611
				71,900,903
TOTAL COMMON STOCKS (Cost $124,304,765)				135,069,690
RIGHTS — 0.0% (a)
GERMANY — 0.0% (a)
Deutsche Bank AG (expiring 4/6/17) (b) (Cost $0)		6,119		14,660
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (g) (h) (Cost $98,916)		98,916		98,916
TOTAL INVESTMENTS — 99.6% (Cost $124,403,681)				135,183,266
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				542,508
NET ASSETS — 100.0%			$	135,725,774

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

(b) Non-income producing security.

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

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.3% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2017, total aggregate fair value of the security is $ 0, representing 0.0% of the Fund’s net assets.

(f) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at March 31, 2017.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

205

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Argentina	$	27,914	$	—	$	—		$	27,914
Australia		3,240,978		—		—			3,240,978
Austria.		76,756		—		—			76,756
Belgium		494,459		—		—			494,459
Bermuda		29,269		—		—			29,269
Brazil		1,145,069		—		—			1,145,069
Canada		4,949,195		—		—			4,949,195
Chile		344,389		—		—			344,389
China		3,727,147		—		—			3,727,147
Colombia		241,307		—		—			241,307
Czech Republic		17,746		—		—			17,746
Denmark		705,119		—		—			705,119
Finland		467,305		—		—			467,305
France		4,199,495		—		—			4,199,495
Germany		4,010,025		—		—			4,010,025
Greece		39,690		—		—			39,690
Hong Kong		1,575,565		—		0	(a)		1,575,565
India		1,273,992		—		—			1,273,992
Indonesia		353,361		—		—			353,361
Ireland		214,312		—		—			214,312
Israel		235,765		—		—			235,765
Italy		842,467		—		—			842,467
Japan		10,195,777		—		—			10,195,777
Jordan		17,340		—		—			17,340
Luxembourg		79,896		—		—			79,896
Macau		28,017		—		—			28,017
Malaysia		363,870		—		—			363,870
Mexico		538,485		—		—			538,485
Netherlands		1,723,742		—		—			1,723,742
New Zealand		88,004		—		—			88,004
Norway		289,506		—		—			289,506
Peru		167,650		—		—			167,650
Philippines		136,896		—		—			136,896
Poland		162,331		—		—			162,331
Portugal		18,205		—		—			18,205
Qatar		140,488		—		—			140,488
Romania		14,409		—		—			14,409
Russia		486,336		—		—			486,336
Singapore		859,598		—		—			859,598
South Africa		956,424		—		—			956,424
South Korea		1,941,045		—		—			1,941,045
Spain		1,615,488		—		—			1,615,488
Sweden		1,276,409		—		—			1,276,409
Switzerland		3,982,919		—		—			3,982,919
Taiwan		1,675,377		—		—			1,675,377
Thailand		44,982		223,682		—			268,664
Turkey		86,448		—		—			86,448
United Arab Emirates		84,508		—		—			84,508
United Kingdom		7,759,630		—		—			7,759,630
United States		71,900,903		—		—			71,900,903

See accompanying notes to financial statements.

206

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Rights
Germany	$	14,660	$	—	$	—	$	14,660
Short-Term Investment		98,916		—		—		98,916
TOTAL INVESTMENTS	$	134,959,584	$	223,682	$	0	$	135,183,266

(a) Fund held Level 3 security that was valued at $0 at March 31, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income		Realized Gain (Loss)
State Street Corp		1,287	$	89,614		368		100		1,555	$	123,794	$	1,182	$	(93	)
State Street Institutional Liquid Reserves Fund, Premier Class		241,790		241,790		45,145		286,935		—		—		10		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		2,323,707		2,224,791		98,916		98,916		422		—
TOTAL			$	331,404							$	222,710	$	1,614	$	(93	)

See accompanying notes to financial statements.

207

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 7.0%
Alumina, Ltd.		6,624	$	9,045
Amcor, Ltd.		3,130		35,959
AMP, Ltd.		8,010		31,652
APA Group		3,012		20,587
Aristocrat Leisure, Ltd.		1,460		20,014
ASX, Ltd.		520		20,024
Aurizon Holdings, Ltd.		5,550		22,228
AusNet Services		4,941		6,351
Australia & New Zealand Banking Group, Ltd.		7,890		191,521
Bank of Queensland, Ltd.		1,030		9,555
Bendigo & Adelaide Bank, Ltd.		1,287		11,919
Boral, Ltd.		2,929		13,049
Brambles, Ltd.		4,300		30,670
Caltex Australia, Ltd.		710		15,972
Challenger, Ltd.		1,540		14,744
CIMIC Group, Ltd.		270		7,400
Coca-Cola Amatil, Ltd.		1,540		12,711
Cochlear, Ltd.		160		16,506
Commonwealth Bank of Australia		4,640		304,089
Computershare, Ltd.		1,260		13,514
Crown Resorts, Ltd.		982		8,847
CSL, Ltd.		1,230		117,598
Dexus Property Group REIT		2,620		19,527
Domino’s Pizza Enterprises, Ltd.		170		7,537
DUET Group		6,809		14,492
Flight Centre Travel Group, Ltd.		150		3,305
Fortescue Metals Group, Ltd.		4,220		20,056
Goodman Group REIT		4,814		28,424
GPT Group REIT		4,874		19,148
Harvey Norman Holdings, Ltd.		1,500		5,184
Healthscope, Ltd.		4,694		8,128
Incitec Pivot, Ltd.		4,570		13,108
Insurance Australia Group, Ltd.		6,574		30,341
LendLease Group		1,490		17,709
Macquarie Group, Ltd.		840		57,800
Medibank Pvt, Ltd.		7,450		16,027
Mirvac Group REIT		10,030		16,757
National Australia Bank, Ltd.		7,162		182,154
Newcrest Mining, Ltd.		2,080		35,336
Orica, Ltd.		1,012		13,587
Qantas Airways, Ltd.		1,390		4,125
QBE Insurance Group, Ltd.		3,720		36,579
Ramsay Health Care, Ltd.		380		20,260
REA Group, Ltd.		140		6,336
Scentre Group REIT		14,414		47,172
SEEK, Ltd.		890		10,809
Sonic Healthcare, Ltd.		1,060		17,887
Stockland REIT		6,666		23,595
Suncorp Group, Ltd.		3,480		35,069
Sydney Airport		2,962		15,297
Tabcorp Holdings, Ltd.		2,250		8,153
Tatts Group, Ltd.		3,970		13,416
Telstra Corp., Ltd.		11,580		41,165
TPG Telecom, Ltd.		930		4,945
Transurban Group Stapled Security		5,510		49,053
Treasury Wine Estates, Ltd.		2,000		18,659
Vicinity Centres REIT		9,112		19,672
Vocus Group, Ltd.		1,360		4,482
Wesfarmers, Ltd.		3,052		104,933
Westfield Corp.		5,340		36,174
Westpac Banking Corp.		9,032		241,565
Woolworths, Ltd.		3,460		69,946
				2,271,867
AUSTRIA — 0.2%
ANDRITZ AG		200		10,029
Erste Group Bank AG (a)		820		26,771
Raiffeisen Bank International AG (a)		320		7,240
Voestalpine AG		310		12,235
				56,275
BELGIUM — 1.3%
Ageas		540		21,162
Anheuser-Busch InBev SA		2,180		239,923
Colruyt SA		180		8,860
Groupe Bruxelles Lambert SA		220		20,024
KBC Group NV		690		45,895
Proximus SADP		410		12,899
Solvay SA		200		24,503
Telenet Group Holding NV (a)		140		8,348
UCB SA		340		26,441
Umicore SA		260		14,850
				422,905
CHILE — 0.0% (b)
Antofagasta PLC		1,060		11,061
CHINA — 0.0% (b)
Yangzijiang Shipbuilding Holdings, Ltd.		5,000		4,043
DENMARK — 1.8%
AP Moeller — Maersk A/S Class A		10		16,181
AP Moeller — Maersk A/S Class B		20		33,282
Carlsberg A/S Class B		290		26,861
Chr Hansen Holding A/S		270		17,382
Coloplast A/S Class B		320		25,061
Danske Bank A/S		1,870		63,878
DSV A/S		510		26,480
Genmab A/S (a)		150		28,974
ISS A/S		450		17,067
Novo Nordisk A/S Class B		5,170		178,090
Novozymes A/S Class B		630		25,045
Pandora A/S		300		33,310
TDC A/S		2,010		10,396
Tryg A/S		310		5,640
Vestas Wind Systems A/S		610		49,746
William Demant Holding A/S (a)		320		6,706
				564,099
FINLAND — 1.1%
Elisa Oyj		380		13,473
Fortum Oyj		1,200		19,034
Kone Oyj Class B		920		40,501
Metso Oyj		310		9,410
Neste Oyj		350		13,686
Nokia Oyj		15,800		85,001
Nokian Renkaat Oyj		310		12,977
Orion Oyj Class B		280		14,635

See accompanying notes to financial statements.

208

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Sampo Oyj Class A		1,210	$	57,538
Stora Enso Oyj Class R		1,490		17,658
UPM-Kymmene Oyj		1,440		33,914
Wartsila Oyj Abp		400		21,455
				339,282
FRANCE — 9.6%
Accor SA		460		19,212
Aeroports de Paris		80		9,913
Air Liquide SA		1,050		120,276
Airbus SE		1,590		121,303
Alstom SA (a)		410		12,285
Arkema SA		180		17,804
Atos SE		240		29,763
AXA SA		5,260		136,455
BNP Paribas SA		2,857		190,768
Bollore SA		2,350		9,134
Bouygues SA		570		23,261
Bureau Veritas SA		730		15,440
Cap Gemini SA		440		40,735
Carrefour SA		1,490		35,219
Casino Guichard Perrachon SA		150		8,411
Christian Dior SE		150		34,942
Cie de Saint-Gobain		1,340		68,987
Cie Generale des Etablissements Michelin		490		59,666
CNP Assurances		460		9,387
Credit Agricole SA		2,864		38,903
Danone SA		1,600		109,111
Dassault Systemes SE		350		30,374
Edenred		570		13,504
Eiffage SA		160		12,564
Essilor International SA		561		68,342
Eurazeo SA		110		7,263
Eutelsat Communications SA		470		10,521
Fonciere Des Regions		92		7,706
Gecina SA REIT		110		14,965
Groupe Eurotunnel SE		504		5,084
Hermes International		70		33,249
ICADE		100		7,346
Iliad SA		70		15,696
Imerys SA		100		8,510
Ingenico Group SA		150		14,192
JCDecaux SA		200		7,057
Kering		210		54,456
Klepierre REIT		600		23,397
L’Oreal SA		685		131,985
Lagardere SCA		320		9,450
Legrand SA		730		44,129
LVMH Moet Hennessy Louis Vuitton SE		755		166,226
Natixis SA		2,540		15,691
Orange SA		5,380		83,810
Pernod Ricard SA		580		68,796
Peugeot SA (a)		1,310		26,446
Publicis Groupe SA		510		35,734
Remy Cointreau SA		60		5,889
Renault SA		458		39,889
Rexel SA		830		15,109
Safran SA		850		63,665
Sanofi		3,130		283,282
Schneider Electric SE		1,510		110,839
SCOR SE		440		16,673
SFR Group SA (a)		300		9,462
Societe BIC SA		80		9,994
Societe Generale SA		2,080		105,783
Sodexo SA		260		30,659
Suez Environment Co.		890		14,093
Thales SA		290		28,120
Unibail-Rodamco SE		270		63,271
Valeo SA		650		43,402
Veolia Environnement SA		1,220		22,913
Vinci SA		1,360		108,076
Vivendi SA		3,150		61,401
Wendel SA		80		10,165
Zodiac Aerospace		563		14,121
				3,084,274
GERMANY — 10.0%
adidas AG		510		97,257
Allianz SE		1,230		228,445
Axel Springer SE		120		6,645
BASF SE		2,479		246,369
Bayer AG		2,240		258,865
Bayerische Motoren Werke AG		900		82,312
Bayerische Motoren Werke AG Preference Shares		150		11,843
Beiersdorf AG		270		25,623
Brenntag AG		420		23,606
Commerzbank AG		2,884		26,151
Continental AG		300		65,938
Covestro AG (c)		190		14,664
Daimler AG		2,610		193,174
Deutsche Bank AG (a)		3,514		60,698
Deutsche Boerse AG (a)		520		47,780
Deutsche Lufthansa AG		640		10,405
Deutsche Post AG		2,630		90,309
Deutsche Telekom AG		8,724		153,258
Deutsche Wohnen AG		920		30,371
Evonik Industries AG		440		14,384
Fraport AG Frankfurt Airport Services Worldwide		110		7,804
Fresenius Medical Care AG & Co. KGaA		600		50,729
Fresenius SE & Co. KGaA		1,100		88,626
Fuchs Petrolub SE Preference Shares		190		9,293
GEA Group AG		490		20,879
Hannover Rueck SE		160		18,508
HeidelbergCement AG		380		35,668
Henkel AG & Co. KGaA		280		31,190
Henkel AG & Co. KGaA Preference Shares		480		61,657
HOCHTIEF AG		60		9,944
HUGO BOSS AG		180		13,170
Infineon Technologies AG		3,062		62,699
KS AG		520		12,119
Lanxess AG		250		16,816
Linde AG		500		83,478
MAN SE		100		10,335
Merck KGaA		350		39,980
METRO AG		480		15,391
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		440		86,308
OSRAM Licht AG		240		15,081

See accompanying notes to financial statements.

209

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Porsche Automobil Holding SE Preference Shares		410	$	22,426
ProSiebenSat.1 Media SE		600		26,635
RWE AG (a)		1,320		21,932
SAP SE		2,657		261,388
Schaeffler AG, Preference Shares		450		7,932
Siemens AG		2,070		284,273
Symrise AG		330		22,003
Telefonica Deutschland Holding AG		2,020		10,046
ThyssenKrupp AG		992		24,360
TUI AG		1,350		18,671
United Internet AG		330		14,640
Volkswagen AG Preference Shares		500		73,050
Volkswagen AG		57		8,514
Vonovia SE		1,260		44,512
Zalando SE (a) (c)		230		9,329
				3,227,483
HONG KONG — 3.4%
AIA Group, Ltd.		32,000		201,763
ASM Pacific Technology, Ltd.		1,000		13,601
Bank of East Asia, Ltd.		4,036		16,697
BOC Hong Kong Holdings, Ltd.		10,000		40,854
Cheung Kong Property Holdings, Ltd.		5,000		33,681
CK Hutchison Holdings, Ltd.		10,000		123,014
CLP Holdings, Ltd.		5,000		52,274
Hang Lung Properties, Ltd.		10,000		25,992
Hang Seng Bank, Ltd.		2,000		40,559
HK Electric Investments & HK Electric Investments, Ltd. (c)		5,000		4,607
HKT Trust & HKT, Ltd.		10,000		12,893
Hong Kong Exchanges & Clearing, Ltd.		3,000		75,507
Li & Fung, Ltd.		20,000		8,673
Link REIT		5,000		35,032
Melco Crown Entertainment, Ltd. ADR		510		9,455
MTR Corp., Ltd.		5,000		28,083
New World Development Co., Ltd.		20,755		25,532
NWS Holdings, Ltd.		10,268		18,735
PCCW, Ltd.		10,000		5,893
Power Assets Holdings, Ltd.		5,000		43,106
Sands China, Ltd.		8,000		37,059
Sino Land Co., Ltd.		20,000		35,051
SJM Holdings, Ltd.		10,000		8,132
Sun Hung Kai Properties, Ltd.		10,000		146,947
Swire Properties, Ltd.		4,000		12,816
Techtronic Industries Co., Ltd.		5,000		20,234
WH Group, Ltd. (c)		15,000		12,932
Yue Yuen Industrial Holdings, Ltd.		5,000		19,655
				1,108,777
IRELAND — 0.7%
Bank of Ireland (a)		74,472		18,718
CRH PLC		2,250		79,583
Experian PLC		2,600		52,929
James Hardie Industries PLC		1,200		18,830
Kerry Group PLC Class A		430		33,895
Paddy Power Betfair PLC		220		23,648
Ryanair Holdings PLC ADR (a)		90		7,468
				235,071
ISRAEL — 0.6%
Azrieli Group, Ltd.		120		6,353
Bank Hapoalim BM		2,884		17,540
Bank Leumi Le-Israel BM (a)		3,920		17,276
Bezeq The Israeli Telecommunication Corp., Ltd.		5,610		10,059
Check Point Software Technologies, Ltd. (a)		350		35,931
Israel Chemicals, Ltd.		1,380		5,854
Mizrahi Tefahot Bank, Ltd.		380		6,431
Nice, Ltd.		160		10,727
Teva Pharmaceutical Industries, Ltd.		2,470		81,029
				191,200
ITALY — 1.4%
Assicurazioni Generali SpA		3,160		50,359
Atlantia SpA		1,110		28,730
Ferrari NV		330		24,618
Intesa Sanpaolo SpA (d)		34,352		93,543
Intesa Sanpaolo SpA (d)		2,520		6,425
Leonardo SpA (a)		1,090		15,494
Luxottica Group SpA		460		25,461
Mediobanca SpA		1,530		13,828
Poste Italiane SpA (c)		1,410		9,425
Prysmian SpA		540		14,312
Saipem SpA (a)		8,250		3,754
Snam SpA		6,634		28,765
Telecom Italia RSP/Milano		16,314		11,935
Telecom Italia SpA/Milano (a)		27,406		24,710
Terna Rete Elettrica Nazionale SpA		4,080		20,291
UniCredit SpA		4,108		63,489
UnipolSai Assicurazioni SpA		3,062		6,773
				441,912
JAPAN — 24.6%
Acom Co., Ltd. (a)		1,000		3,994
Aeon Co., Ltd.		2,000		29,166
Air Water, Inc.		1,000		18,415
Aisin Seiki Co., Ltd.		1,000		49,089
Ajinomoto Co., Inc.		2,000		39,424
Alfresa Holdings Corp.		1,000		17,311
Alps Electric Co., Ltd.		1,000		28,314
Amada Holdings Co., Ltd.		1,000		11,406
Asahi Group Holdings, Ltd.		1,000		37,764
Asics Corp.		1,000		16,046
Astellas Pharma, Inc.		6,000		78,937
Bandai Namco Holdings, Inc.		1,000		29,884
Bridgestone Corp.		2,000		80,822
Brother Industries, Ltd.		1,000		20,865
Canon, Inc.		3,000		93,449
Casio Computer Co., Ltd.		1,000		13,901
Chubu Electric Power Co., Inc.		2,000		26,761
Chugai Pharmaceutical Co., Ltd.		1,000		34,327
Chugoku Bank, Ltd.		1,000		14,538
Chugoku Electric Power Co., Inc.		1,000		11,056
Concordia Financial Group, Ltd.		3,000		13,876
Credit Saison Co., Ltd.		1,000		17,823
Dai-ichi Life Holdings, Inc.		3,000		53,751
Daicel Corp.		1,000		12,034
Daiichi Sankyo Co., Ltd.		2,000		44,997
Daikin Industries, Ltd.		1,000		100,377

See accompanying notes to financial statements.

210

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Daiwa House Industry Co., Ltd.		2,000	$	57,363
Daiwa Securities Group, Inc.		10,000		60,836
Denso Corp.		1,000		43,947
Dentsu, Inc.		1,000		54,204
East Japan Railway Co.		1,000		86,996
Eisai Co., Ltd.		1,000		51,728
FANUC Corp.		1,000		204,792
Fuji Heavy Industries, Ltd.		2,000		73,284
FUJIFILM Holdings Corp.		1,000		39,020
Fujitsu, Ltd.		10,000		61,106
Hachijuni Bank, Ltd.		1,000		5,645
Hakuhodo DY Holdings, Inc.		1,000		11,846
Hankyu Hanshin Holdings, Inc.		1,000		32,487
Hino Motors, Ltd.		1,000		12,088
Hitachi Metals, Ltd.		1,000		14,018
Hitachi, Ltd.		10,000		54,070
Hokuriku Electric Power Co.		1,000		9,692
Honda Motor Co., Ltd.		5,000		150,363
Hoya Corp.		1,000		48,066
Hulic Co., Ltd.		1,000		9,396
IHI Corp. (a)		10,000		31,500
Iida Group Holdings Co., Ltd.		1,000		15,328
Isetan Mitsukoshi Holdings, Ltd.		1,000		10,967
Isuzu Motors, Ltd.		2,000		26,429
ITOCHU Corp.		4,000		56,717
J Front Retailing Co., Ltd.		1,000		14,808
Japan Exchange Group, Inc.		2,000		28,448
Japan Post Bank Co., Ltd.		1,000		12,393
Japan Post Holdings Co., Ltd.		1,000		12,537
Japan Retail Fund Investment Corp. REIT		10		19,600
Japan Tobacco, Inc.		3,000		97,406
JFE Holdings, Inc.		2,000		34,255
JGC Corp.		1,000		17,365
JSR Corp.		1,000		16,845
JTEKT Corp.		1,000		15,516
Kansai Electric Power Co., Inc.		2,000		24,536
Kansai Paint Co., Ltd.		1,000		21,206
Kao Corp.		1,000		54,779
KDDI Corp.		5,000		131,114
Kintetsu Group Holdings Co., Ltd.		10,000		35,987
Kirin Holdings Co., Ltd.		2,000		37,701
Kobe Steel, Ltd. (a)		1,000		9,118
Komatsu, Ltd.		3,000		78,116
Konica Minolta, Inc.		1,000		8,938
Kubota Corp.		3,000		44,988
Kuraray Co., Ltd.		1,000		15,149
Kyocera Corp.		1,000		55,658
Kyowa Hakko Kirin Co., Ltd.		1,000		15,813
Kyushu Electric Power Co., Inc.		1,000		10,643
Kyushu Financial Group, Inc.		1,000		6,111
LIXIL Group Corp.		1,000		25,352
M3, Inc.		1,000		24,796
Marubeni Corp.		5,000		30,759
Marui Group Co., Ltd.		1,000		13,578
Mazda Motor Corp.		2,000		28,771
Medipal Holdings Corp.		1,000		15,669
MINEBEA MITSUMI, Inc.		1,000		13,327
Mitsubishi Chemical Holdings Corp.		4,000		30,922
Mitsubishi Corp.		4,000		86,350
Mitsubishi Electric Corp.		5,000		71,659
Mitsubishi Gas Chemical Co., Inc.		1,000		20,748
Mitsubishi Heavy Industries, Ltd.		10,000		40,079
Mitsubishi Motors Corp.		2,000		12,008
Mitsubishi Tanabe Pharma Corp.		1,000		20,802
Mitsubishi UFJ Financial Group, Inc.		34,000		213,495
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,000		4,981
Mitsui & Co., Ltd.		5,000		72,355
Mizuho Financial Group, Inc.		65,000		118,998
MS&AD Insurance Group Holdings, Inc.		1,000		31,769
Murata Manufacturing Co., Ltd.		900		127,896
NEC Corp.		4,000		9,620
Nexon Co., Ltd.		1,000		15,875
NGK Insulators, Ltd.		1,000		22,615
NGK Spark Plug Co., Ltd.		1,000		22,831
Nidec Corp.		1,000		95,082
Nikon Corp.		1,000		14,484
Nintendo Co., Ltd.		200		46,370
Nippon Paint Holdings Co., Ltd.		1,000		34,775
Nippon Prologis REIT, Inc.		10		21,655
Nippon Steel & Sumitomo Metal Corp.		2,000		46,038
Nippon Telegraph & Telephone Corp.		2,000		85,291
Nippon Yusen KK (a)		10,000		21,089
Nissan Motor Co., Ltd.		7,000		67,437
Nisshin Seifun Group, Inc.		1,000		14,906
Nitto Denko Corp.		1,000		77,196
Nomura Holdings, Inc.		10,000		62,093
Nomura Real Estate Master Fund, Inc.		10		15,508
NSK, Ltd.		1,000		14,287
NTT DOCOMO, Inc.		4,000		93,063
Obayashi Corp.		2,000		18,684
Odakyu Electric Railway Co., Ltd.		1,000		19,438
Olympus Corp.		1,000		38,410
Omron Corp.		1,000		43,839
Ono Pharmaceutical Co., Ltd.		1,000		20,681
Oriental Land Co., Ltd.		1,000		57,283
ORIX Corp.		4,000		59,140
Osaka Gas Co., Ltd.		10,000		37,961
Otsuka Holdings Co., Ltd.		1,000		45,069
Panasonic Corp.		6,000		67,738
Rakuten, Inc.		3,000		30,019
Recruit Holdings Co., Ltd.		1,000		50,974
Resona Holdings, Inc.		6,000		32,194
Ricoh Co., Ltd.		2,000		16,441
Santen Pharmaceutical Co., Ltd.		1,000		14,466
SBI Holdings, Inc.		1,000		13,928
Secom Co., Ltd.		1,000		71,516
Sega Sammy Holdings, Inc.		1,000		13,390
Seibu Holdings, Inc.		1,000		16,486
Seiko Epson Corp.		1,000		21,036
Sekisui Chemical Co., Ltd.		1,000		16,791
Sekisui House, Ltd.		2,000		32,864
Seven & i Holdings Co., Ltd.		2,000		78,291
Seven Bank, Ltd.		2,000		6,533
Sharp Corp. (a)		7,000		29,525
Shin-Etsu Chemical Co., Ltd.		1,000		86,548
Shionogi & Co., Ltd.		1,000		51,584
Shiseido Co., Ltd.		1,000		26,295
Showa Shell Sekiyu KK		1,000		10,114

See accompanying notes to financial statements.

211

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
SoftBank Group Corp.		3,000	$	211,667
Sompo Holdings, Inc.		1,000		36,606
Sony Corp.		4,000		135,188
Sony Financial Holdings, Inc.		1,000		16,055
Stanley Electric Co., Ltd.		1,000		28,493
Start Today Co., Ltd.		1,000		22,104
Sumitomo Chemical Co., Ltd.		10,000		55,820
Sumitomo Corp.		3,000		40,317
Sumitomo Dainippon Pharma Co., Ltd.		1,000		16,495
Sumitomo Electric Industries, Ltd.		2,000		33,133
Sumitomo Mitsui Financial Group, Inc.		4,000		145,203
Sumitomo Mitsui Trust Holdings, Inc.		1,000		34,641
Sumitomo Rubber Industries, Ltd.		1,000		17,024
Suruga Bank, Ltd.		1,000		21,036
Suzuki Motor Corp.		1,000		41,479
Sysmex Corp.		1,000		60,576
T&D Holdings, Inc.		2,000		29,005
Takeda Pharmaceutical Co., Ltd.		2,000		93,853
Teijin, Ltd.		1,000		18,837
Terumo Corp.		1,000		34,685
Tohoku Electric Power Co., Inc.		1,000		13,533
Tokio Marine Holdings, Inc.		2,000		84,286
Tokyo Electric Power Co. Holdings, Inc. (a)		4,000		15,651
Tokyo Electron, Ltd.		900		98,174
Tokyo Gas Co., Ltd.		10,000		45,464
Tokyo Tatemono Co., Ltd.		1,000		13,174
Tokyu Fudosan Holdings Corp.		1,000		5,420
Toray Industries, Inc.		10,000		88,576
Toshiba Corp. (a)		10,000		21,664
Toyo Seikan Group Holdings, Ltd.		1,000		16,225
Toyota Industries Corp.		1,000		49,628
Toyota Motor Corp.		7,000		379,557
Toyota Tsusho Corp.		1,000		30,243
Unicharm Corp.		1,000		23,939
United Urban Investment Corp. REIT		10		15,346
USS Co., Ltd.		1,000		16,656
West Japan Railway Co.		1,000		64,983
Yahoo! Japan Corp.		4,000		18,451
Yamada Denki Co., Ltd.		2,000		9,961
Yamaha Corp.		1,000		27,506
Yamaha Motor Co., Ltd.		1,000		24,060
Yamato Holdings Co., Ltd.		1,000		20,932
Yaskawa Electric Corp.		1,000		20,048
Yokogawa Electric Corp.		1,000		15,723
				7,962,429
JORDAN — 0.0% (b)
Hikma Pharmaceuticals PLC		390		9,661
LUXEMBOURG — 0.3%
ArcelorMittal (a)		4,982		42,020
Millicom International Cellular SA SDR		180		10,074
RTL Group SA (a)		110		8,883
SES SA		982		22,902
Tenaris SA		1,270		21,828
				105,707
MACAU — 0.1%
MGM China Holdings, Ltd.		4,000		8,338
Wynn Macau, Ltd.		4,000		8,143
				16,481
MEXICO — 0.0% (b)
Fresnillo PLC		610		11,869
NETHERLANDS — 2.9%
ABN AMRO Group NV (c)		640		15,573
Aegon NV		4,942		25,218
AerCap Holdings NV (a)		450		20,686
Akzo Nobel NV		680		56,533
Altice NV Class A (a)		1,002		22,725
Altice NV Class B (a)		300		6,802
ASML Holding NV		992		131,988
Boskalis Westminster		240		8,298
EXOR NV		300		15,555
Gemalto NV		220		12,325
Heineken Holding NV		270		21,534
Heineken NV		630		53,771
ING Groep NV		10,494		159,042
Koninklijke Ahold Delhaize NV		3,460		74,235
Koninklijke DSM NV		490		33,232
Koninklijke KPN NV		9,250		27,929
Koninklijke Philips NV		2,520		81,208
Koninklijke Vopak NV		190		8,306
NN Group NV		870		28,367
NXP Semiconductors NV (a)		800		82,800
Randstad Holding NV		320		18,516
Wolters Kluwer NV		820		34,173
				938,816
NEW ZEALAND — 0.2%
Auckland International Airport, Ltd.		2,580		12,192
Contact Energy, Ltd.		1,940		6,862
Fletcher Building, Ltd.		1,880		10,934
Mercury NZ, Ltd.		1,870		4,118
Meridian Energy, Ltd.		3,470		6,792
Ryman Healthcare, Ltd.		1,012		5,950
Spark New Zealand, Ltd.		4,952		12,116
				58,964
NORWAY — 0.5%
DNB ASA		2,660		42,150
Gjensidige Forsikring ASA		550		8,376
Marine Harvest ASA (a)		1,030		15,698
Norsk Hydro ASA		3,640		21,131
Orkla ASA		2,210		19,787
Schibsted ASA Class A		200		5,146
Schibsted ASA Class B		240		5,491
Telenor ASA		2,030		33,775
Yara International ASA		480		18,476
				170,030
PORTUGAL — 0.1%
EDP — Energias de Portugal SA		6,270		21,292
Jeronimo Martins SGPS SA		690		12,376
				33,668
SINGAPORE — 1.4%
Ascendas REIT		6,000		10,821
CapitaLand Commercial Trust		6,000		6,634
CapitaLand Mall Trust REIT		7,000		9,869
CapitaLand, Ltd.		7,000		18,185
City Developments, Ltd.		1,000		7,300
ComfortDelGro Corp., Ltd.		6,000		10,993

See accompanying notes to financial statements.

212

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
DBS Group Holdings, Ltd.		5,000	$	69,420
Genting Singapore PLC		16,000		11,680
Global Logistic Properties, Ltd.		7,000		13,927
Golden Agri-Resources, Ltd.		19,000		5,235
Hutchison Port Holdings Trust		14,000		5,810
Keppel Corp., Ltd.		4,000		19,867
Oversea-Chinese Banking Corp., Ltd.		8,000		55,650
Sembcorp Industries, Ltd.		3,000		6,827
Singapore Airlines, Ltd.		1,000		7,207
Singapore Exchange, Ltd.		2,000		11,021
Singapore Press Holdings, Ltd.		4,000		10,162
Singapore Technologies Engineering, Ltd.		4,000		10,678
Singapore Telecommunications, Ltd.		22,000		61,719
StarHub, Ltd.		2,000		4,122
Suntec Real Estate Investment Trust		7,000		8,967
United Overseas Bank, Ltd.		4,000		63,293
UOL Group, Ltd.		1,000		4,988
Wilmar International, Ltd.		5,000		12,632
				447,007
SOUTH AFRICA — 0.1%
Investec PLC		1,680		11,428
Mediclinic International PLC		992		8,832
Mondi PLC		992		23,903
				44,163
SPAIN — 3.5%
Abertis Infraestructuras SA		1,750		28,263
ACS Actividades de Construccion y Servicios SA		527		17,978
Aena SA (c)		180		28,550
Amadeus IT Group SA		1,180		60,024
Banco Bilbao Vizcaya Argentaria SA		17,804		138,437
Banco de Sabadell SA		14,314		26,302
Banco Popular Espanol SA		9,092		8,849
Banco Santander SA		39,076		240,105
Bankia SA		12,474		14,222
Bankinter SA		1,830		15,406
CaixaBank SA		8,914		38,412
Distribuidora Internacional de Alimentacion SA		1,690		9,799
Enagas SA		620		16,147
Endesa SA		870		20,499
Ferrovial SA		1,339		26,867
Gas Natural SDG SA		954		20,958
Grifols SA		820		20,163
Iberdrola SA		14,998		107,556
Industria de Diseno Textil SA		2,952		104,317
Mapfre SA		2,924		10,054
Red Electrica Corp. SA		1,170		22,525
Telefonica SA		12,132		136,051
Zardoya Otis SA		510		4,724
				1,116,208
SWEDEN — 3.1%
Alfa Laval AB		800		15,152
Assa Abloy AB Class B		2,720		56,147
Atlas Copco AB Class A		1,820		64,477
Atlas Copco AB Class B		1,050		33,494
Boliden AB		750		22,429
Electrolux AB Series B		660		18,414
Getinge AB Class B		550		9,684
Hennes & Mauritz AB Class B		2,570		65,917
Hexagon AB Class B		710		28,628
Husqvarna AB Class B		1,120		9,866
ICA Gruppen AB		220		7,535
Industrivarden AB Class C		440		9,566
Investor AB Class B		1,230		51,965
Kinnevik AB Class B		650		17,400
Nordea Bank AB		8,230		94,299
Sandvik AB		2,884		43,252
Securitas AB Class B		860		13,485
Skandinaviska Enskilda Banken AB Class A		4,120		46,007
Skanska AB Class B		930		21,978
SKF AB Class B		1,070		21,248
Svenska Cellulosa AB SCA Class B		1,650		53,409
Svenska Handelsbanken AB Class A		4,100		56,437
Swedbank AB Class A		2,450		56,967
Swedish Match AB		510		16,651
Tele2 AB Class B		968		9,275
Telefonaktiebolaget LM Ericsson Class B		8,310		55,659
Telia Co. AB		7,032		29,606
Volvo AB Class B		4,180		61,939
				990,886
SWITZERLAND — 9.8%
ABB, Ltd. (a)		5,320		124,529
Actelion, Ltd. (a)		280		79,081
Adecco Group AG		450		31,987
Aryzta AG (a)		240		7,709
Baloise Holding AG		140		19,260
Barry Callebaut AG (a)		10		13,078
Cie Financiere Richemont SA		1,410		111,566
Coca-Cola HBC AG (a)		490		12,628
Credit Suisse Group AG (a)		5,032		74,906
Dufry AG (a)		120		18,295
EMS-Chemie Holding AG		20		11,659
Galenica AG		10		10,550
Geberit AG		100		43,139
Givaudan SA		29		52,266
Julius Baer Group, Ltd. (a)		610		30,471
Kuehne + Nagel International AG		150		21,205
LafargeHolcim, Ltd. (a)		1,230		72,747
Lonza Group AG (a)		140		26,491
Nestle SA		8,624		662,125
Novartis AG		5,999		445,602
Pargesa Holding SA		90		6,366
Partners Group Holding AG		50		26,899
Roche Holding AG		1,887		482,236
Schindler Holding AG (d)		120		23,234
Schindler Holding AG (d)		60		11,383
SGS SA		18		38,430
Sika AG		8		48,034
Sonova Holding AG		140		19,428
STMicroelectronics NV		1,730		26,515
Swatch Group AG (d)		80		28,669
Swatch Group AG (d)		130		9,065
Swiss Life Holding AG (a)		90		29,060
Swiss Prime Site AG (a)		190		16,733
Swiss Re AG		910		81,777

See accompanying notes to financial statements.

213

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Swisscom AG		70	$	32,316
Syngenta AG		250		110,420
UBS Group AG (a)		9,900		158,546
Wolseley PLC		690		43,313
Zurich Insurance Group AG (a)		410		109,530
				3,171,248
UNITED KINGDOM — 15.1%
3i Group PLC		2,630		24,649
Aberdeen Asset Management PLC		2,500		8,275
Admiral Group PLC		580		14,425
Ashtead Group PLC		1,360		28,111
Associated British Foods PLC		964		31,414
AstraZeneca PLC		3,396		208,611
Auto Trader Group PLC (c)		2,720		13,343
Aviva PLC		10,982		73,057
Babcock International Group PLC		690		7,610
BAE Systems PLC		8,584		68,965
Barclays PLC		42,414		119,385
Barratt Developments PLC		2,720		18,588
Berkeley Group Holdings PLC		360		14,437
British American Tobacco PLC		4,973		329,580
British Land Co. PLC REIT		2,660		20,290
BT Group PLC		22,842		90,887
Bunzl PLC		910		26,399
Burberry Group PLC		1,200		25,869
Capita PLC		1,810		12,776
Carnival PLC		510		29,195
CNH Industrial NV		2,780		26,879
Cobham PLC		4,620		7,684
Coca-Cola European Partners PLC		600		22,493
Compass Group PLC		4,450		83,801
Croda International PLC		350		15,598
DCC PLC		240		21,083
Diageo PLC		6,692		191,084
Direct Line Insurance Group PLC		3,730		16,203
Dixons Carphone PLC		2,660		10,564
easyJet PLC		430		5,517
Fiat Chrysler Automobiles NV (a)		1,996		21,882
G4S PLC		4,200		15,982
GKN PLC		4,640		21,079
GlaxoSmithKline PLC		13,086		271,550
Hammerson PLC		2,150		15,351
Hargreaves Lansdown PLC		710		11,551
HSBC Holdings PLC		53,222		433,183
IMI PLC		740		11,039
Imperial Brands PLC		2,540		122,821
Inmarsat PLC		1,220		12,975
InterContinental Hotels Group PLC		510		24,922
International Consolidated Airlines Group SA		2,190		14,522
Intertek Group PLC		440		21,645
Intu Properties PLC		2,550		8,903
ITV PLC		9,820		26,880
J Sainsbury PLC		4,440		14,674
Johnson Matthey PLC		520		20,027
Kingfisher PLC		6,160		25,119
Land Securities Group PLC REIT		2,140		28,338
Legal & General Group PLC		16,104		49,799
Lloyds Banking Group PLC		173,884		144,202
London Stock Exchange Group PLC		860		34,101
Marks & Spencer Group PLC		4,400		18,542
Meggitt PLC		2,100		11,693
Merlin Entertainments PLC (c)		1,920		11,515
National Grid PLC		10,066		127,570
Next PLC		380		20,527
Old Mutual PLC		13,350		33,487
Pearson PLC		2,230		19,032
Persimmon PLC		840		21,995
Petrofac, Ltd.		710		8,159
Provident Financial PLC		400		14,990
Prudential PLC		6,912		145,723
Randgold Resources, Ltd.		250		21,773
Reckitt Benckiser Group PLC		1,685		153,517
RELX NV		2,700		50,132
RELX PLC		2,962		57,928
Rolls-Royce Holdings PLC (a)		4,982		46,972
Royal Bank of Scotland Group PLC (a)		6,530		19,769
Royal Mail PLC		2,440		12,967
RSA Insurance Group PLC		2,770		20,315
Sage Group PLC		2,924		23,053
Schroders PLC		370		14,019
Segro PLC		2,688		15,334
Severn Trent PLC		650		19,361
Sky PLC		2,800		34,172
Smith & Nephew PLC		2,420		36,797
Smiths Group PLC		1,070		21,662
St James’s Place PLC		1,420		18,857
Standard Chartered PLC (a)		7,932		75,679
Standard Life PLC		5,350		23,729
Tate & Lyle PLC		1,260		12,045
Taylor Wimpey PLC		8,832		21,326
Tesco PLC (a)		22,124		51,346
Travis Perkins PLC		446		8,444
Unilever NV		4,410		219,657
Unilever PLC		3,470		170,937
United Utilities Group PLC		1,850		22,983
Vodafone Group PLC		71,561		186,215
Weir Group PLC		590		14,143
Whitbread PLC		490		24,251
William Hill PLC		2,350		8,545
Wm Morrison Supermarkets PLC		6,010		18,036
Worldpay Group PLC (c)		4,874		18,004
WPP PLC		3,490		76,459
				4,868,977
UNITED STATES — 0.6%
Mobileye NV (a)		470		28,858
QIAGEN NV (a)		587		17,083
Shire PLC		2,413		140,638
Taro Pharmaceutical Industries, Ltd. (a)		40		4,665
				191,244
TOTAL COMMON STOCKS (Cost $29,805,613)				32,095,607
RIGHTS — 0.0% (b)
GERMANY — 0.0% (b)
Deutsche Bank AG (expiring 4/6/17) (a) (Cost $0)		3,514		8,419

See accompanying notes to financial statements.

214

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
SHORT-TERM INVESTMENT — 0.0% (b)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (e) (f) (Cost $5,492)		5,492	$	5,492
TOTAL INVESTMENTS — 99.4% (Cost $29,811,105)				32,109,518
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				199,041
NET ASSETS — 100.0%			$	32,308,559

(a) Non-income producing security.

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

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.4% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2017.

ADR = American Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	2,271,867	$	—	$	—	$	2,271,867
Austria		56,275		—		—		56,275
Belgium		422,905		—		—		422,905
Chile		11,061		—		—		11,061
China		4,043		—		—		4,043
Denmark		564,099		—		—		564,099
Finland		339,282		—		—		339,282
France		3,084,274		—		—		3,084,274
Germany		3,227,483		—		—		3,227,483
Hong Kong		1,108,777		—		—		1,108,777
Ireland		235,071		—		—		235,071
Israel		191,200		—		—		191,200
Italy		441,912		—		—		441,912
Japan		7,962,429		—		—		7,962,429
Jordan		9,661		—		—		9,661
Luxembourg		105,707		—		—		105,707
Macau		16,481		—		—		16,481
Mexico		11,869		—		—		11,869
Netherlands		938,816		—		—		938,816
New Zealand		58,964		—		—		58,964
Norway		170,030		—		—		170,030
Portugal		33,668		—		—		33,668
Singapore		447,007		—		—		447,007
South Africa		44,163		—		—		44,163
Spain		1,116,208		—		—		1,116,208
Sweden		990,886		—		—		990,886
Switzerland		3,171,248		—		—		3,171,248
United Kingdom		4,868,977		—		—		4,868,977
United States		191,244		—		—		191,244
Rights
Germany		8,419		—		—		8,419
Short-Term Investment		5,492		—		—		5,492
TOTAL INVESTMENTS	$	32,109,518	$	—	$	—	$	32,109,518

See accompanying notes to financial statements.

215

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Premier Class		—	$	—		209,672		204,180		5,492	$	5,492	$	38
TOTAL			$	—							$	5,492	$	38

See accompanying notes to financial statements.

216

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 92.7%
BRAZIL — 7.2%
Ambev SA		7,400	$	42,513
Banco Bradesco SA Preference Shares		5,326		54,318
Banco do Brasil SA		1,380		14,678
BB Seguridade Participacoes SA		1,184		10,889
BM&FBovespa SA		3,883		23,594
BRF SA		1,184		14,398
CCR SA		2,031		11,547
Cia de Saneamento Basico do Estado de Sao Paulo		986		10,121
Cielo SA		1,376		12,269
Embraer SA		1,972		10,801
Equatorial Energia SA		592		10,962
Itau Unibanco Holding SA Preference Shares		4,536		54,147
Itausa — Investimentos Itau SA (a)		116		347
Itausa — Investimentos Itau SA Preference Shares (b)		7,100		21,245
Kroton Educacional SA		2,366		9,896
Lojas Americanas SA Preference Shares		1,746		8,997
Lojas Renner SA		1,380		12,083
Raia Drogasil SA		394		7,281
Telefonica Brasil SA Preference Shares		986		14,519
Ultrapar Participacoes SA		592		13,354
Vale SA		3,354		31,470
Vale SA Preference Shares		1,776		15,780
WEG SA		1,776		9,733
				414,942
CHILE — 1.2%
Banco Santander Chile		230,236		14,386
Cencosud SA		3,228		9,886
Empresas CMPC SA		5,462		13,283
Enel Americas SA		59,094		12,235
SACI Falabella		1,942		16,278
				66,068
CHINA — 27.2%
58.com, Inc. ADR (b)		220		7,786
AAC Technologies Holdings, Inc.		1,000		11,703
Agricultural Bank of China, Ltd. Class H		24,000		11,056
Alibaba Group Holding, Ltd. ADR (b)		1,587		171,126
Anhui Conch Cement Co., Ltd. Class H		4,000		13,588
Baidu, Inc. ADR (b)		396		68,318
Bank of China, Ltd. Class H		104,000		51,655
Bank of Communications Co., Ltd. Class H		14,000		10,881
Beijing Enterprises Holdings, Ltd.		2,000		10,346
Beijing Enterprises Water Group, Ltd. (b)		16,000		11,859
Belle International Holdings, Ltd.		14,000		9,097
Brilliance China Automotive Holdings, Ltd.		8,000		13,382
Byd Co., Ltd. Class H (b)		2,000		11,092
CGN Power Co., Ltd. Class H (c)		34,000		10,500
China Cinda Asset Management Co., Ltd. Class H		28,000		10,881
China CITIC Bank Corp., Ltd. Class H		16,000		10,603
China Communications Construction Co., Ltd. Class H		10,000		14,103
China Conch Venture Holdings, Ltd.		5,000		9,818
China Construction Bank Corp. Class H		114,000		91,681
China Everbright International, Ltd.		8,000		10,768
China Evergrande Group		14,000		12,971
China Galaxy Securities Co., Ltd. Class H		11,000		10,149
China Life Insurance Co., Ltd. Class H		10,000		30,689
China Longyuan Power Group Corp., Ltd. Class H		12,000		9,326
China Mengniu Dairy Co., Ltd.		6,000		12,430
China Merchants Bank Co., Ltd. Class H		4,000		10,577
China Merchants Port Holdings Co., Ltd.		4,000		11,709
China Minsheng Banking Corp., Ltd. Class H		9,000		9,612
China Mobile, Ltd.		9,000		98,495
China Overseas Land & Investment, Ltd.		4,000		11,426
China Pacific Insurance Group Co., Ltd. Class H		2,800		10,106
China Railway Group, Ltd. Class H		14,000		12,520
China Resources Beer Holdings Co., Ltd. (b)		4,000		9,100
China Resources Gas Group, Ltd.		4,000		14,154
China Resources Land, Ltd.		4,000		10,809
China Taiping Insurance Holdings Co., Ltd. (b)		4,800		11,624
China Telecom Corp., Ltd. Class H		20,000		9,754
China Unicom Hong Kong, Ltd.		8,000		10,706
China Vanke Co., Ltd. Class H		4,000		10,809
CITIC Securities Co., Ltd. Class H		5,000		10,294
CITIC, Ltd.		6,000		8,554
Country Garden Holdings Co., Ltd.		20,000		17,989
CRRC Corp., Ltd. Class H		10,000		9,715
CSPC Pharmaceutical Group, Ltd.		8,000		10,479
Ctrip.com International, Ltd. ADR (b)		556		27,327
Fosun International, Ltd.		7,000		10,521
Geely Automobile Holdings, Ltd.		10,000		15,312
Great Wall Motor Co., Ltd. Class H		9,000		10,249
Guangdong Investment, Ltd.		8,000		11,406
Haitong Securities Co., Ltd. Class H		5,600		9,468
Hengan International Group Co., Ltd.		1,000		7,437
Huaneng Power International, Inc. Class H		16,000		10,685
Huatai Securities Co., Ltd. Class H (c)		4,800		9,339
Industrial & Commercial Bank of China, Ltd. Class H		98,000		64,060
JD.com, Inc. ADR (b)		1,020		31,732
Lenovo Group, Ltd.		16,000		10,541
NetEase, Inc. ADR		112		31,808
New China Life Insurance Co., Ltd. Class H		2,200		10,474
New Oriental Education & Technology Group, Inc. ADR (b)		212		12,801
PICC Property & Casualty Co., Ltd. Class H		8,000		12,332
Ping An Insurance Group Co. of China, Ltd. Class H		6,000		33,584
Semiconductor Manufacturing International Corp. (b)		8,200		10,150
Shenzhou International Group Holdings, Ltd.		2,000		12,623
Sinopharm Group Co., Ltd. Class H		2,400		11,133
TAL Education Group ADR (b)		138		14,707
Tencent Holdings, Ltd.		8,000		229,351
Vipshop Holdings, Ltd. ADR (b)		698		9,311
Want Want China Holdings, Ltd.		16,000		11,076
Zhuzhou CRRC Times Electric Co., Ltd. Class H		2,000		10,629
				1,562,296

See accompanying notes to financial statements.

217

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COLOMBIA — 0.6%
Bancolombia SA Preference Shares		1,026	$	10,176
Grupo Argos SA		1,542		10,785
Grupo de Inversiones Suramericana SA		756		10,209
				31,170
EGYPT — 0.2%
Commercial International Bank Egypt SAE		2,084		8,720
GREECE — 0.2%
Piraeus Bank SA (b)		67,456		12,265
HONG KONG — 0.2%
Sino Biopharmaceutical, Ltd.		16,000		13,176
HUNGARY — 0.4%
OTP Bank PLC		438		12,277
Richter Gedeon Nyrt		480		10,922
				23,199
INDONESIA — 2.5%
Astra International Tbk PT		31,600		20,453
Bank Central Asia Tbk PT		18,800		23,349
Bank Mandiri Persero Tbk PT		14,800		12,995
Bank Negara Indonesia Persero Tbk PT		23,800		11,565
Bank Rakyat Indonesia Persero Tbk PT		17,800		17,332
Indofood Sukses Makmur Tbk PT		14,800		8,885
Kalbe Farma Tbk PT		74,200		8,575
Matahari Department Store Tbk PT		7,000		6,921
Telekomunikasi Indonesia Persero Tbk PT		79,800		24,732
Unilever Indonesia Tbk PT		3,000		9,754
				144,561
MALAYSIA — 2.7%
CIMB Group Holdings Bhd		8,600		10,824
DiGi.Com Bhd		8,200		9,505
Genting Bhd		5,400		11,702
Genting Malaysia Bhd		8,800		10,837
IHH Healthcare Bhd		6,600		8,948
IJM Corp. Bhd		12,600		9,680
IOI Corp. Bhd		9,200		9,667
Malayan Banking Bhd		5,600		11,287
Maxis Bhd		7,000		10,186
Petronas Chemicals Group Bhd		6,200		10,788
Petronas Gas Bhd		2,000		8,930
Public Bank Bhd		3,400		15,289
Sime Darby Bhd		5,755		12,068
Tenaga Nasional Bhd		5,000		15,501
				155,212
MEXICO — 4.1%
Alfa SAB de CV Class A		6,130		8,918
America Movil SAB de CV Series L		45,678		32,208
Cemex SAB de CV Series CPO (b)		20,368		18,330
Coca-Cola Femsa SAB de CV Series L		1,186		8,468
Fibra Uno Administracion SA de CV REIT		5,258		8,956
Fomento Economico Mexicano SAB de CV		2,570		22,657
Grupo Aeroportuario del Pacifico SAB de CV Class B		988		9,554
Grupo Bimbo SAB de CV Series A		3,560		8,806
Grupo Financiero Banorte SAB de CV Series O		3,164		18,086
Grupo Financiero Inbursa SAB de CV Series O		6,130		10,099
Grupo Financiero Santander Mexico SAB de CV Class B		5,536		9,953
Grupo Mexico SAB de CV Series B		6,130		18,318
Grupo Televisa SAB Series CPO		3,560		18,327
Industrias Penoles SAB de CV		426		10,925
Kimberly-Clark de Mexico SAB de CV Class A		4,350		9,384
Promotora y Operadora de Infraestructura SAB de CV (b)		790		8,488
Wal-Mart de Mexico SAB de CV		6,174		14,148
				235,625
NETHERLANDS — 0.4%
Steinhoff International Holdings NV		4,398		21,047
PERU — 0.6%
Credicorp, Ltd.		198		32,333
PHILIPPINES — 1.4%
Aboitiz Equity Ventures, Inc.		6,340		9,407
Ayala Corp.		580		9,768
Ayala Land, Inc.		13,200		8,695
BDO Unibank, Inc.		5,335		12,504
JG Summit Holdings, Inc.		6,720		10,895
SM Investments Corp.		720		10,002
SM Prime Holdings, Inc.		18,400		10,378
Universal Robina Corp.		2,720		8,864
				80,513
POLAND — 1.0%
Bank Pekao SA		344		11,470
KGHM Polska Miedz SA		714		20,869
Powszechna Kasa Oszczednosci Bank Polski SA (b)		1,686		13,643
Powszechny Zaklad Ubezpieczen SA		1,528		13,421
				59,403
QATAR — 0.9%
Ezdan Holding Group QSC		2,112		9,164
Industries Qatar QSC		334		10,118
Masraf Al Rayan QSC		1,026		11,877
Qatar Insurance Co. SAQ		471		9,094
Qatar National Bank QPSC		319		12,800
				53,053
RUSSIA — 1.5%
Magnit PJSC GDR		428		16,350
Mobile TeleSystems PJSC ADR		1,384		15,265
Sberbank of Russia PJSC ADR		3,758		43,367
VTB Bank PJSC GDR		4,618		10,571
				85,553
SOUTH AFRICA — 6.5%
AngloGold Ashanti, Ltd. (b)		552		5,897
Aspen Pharmacare Holdings, Ltd.		516		10,572
Barclays Africa Group, Ltd.		952		9,905
Bid Corp., Ltd.		564		10,924
Bidvest Group, Ltd.		856		9,823
Discovery, Ltd.		1,280		12,287
FirstRand, Ltd.		4,514		15,607
Fortress Income Fund, Ltd.		4,450		11,032

See accompanying notes to financial statements.

218

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Gold Fields, Ltd.		2,428	$	8,469
Growthpoint Properties, Ltd. REIT		5,696		11,002
Life Healthcare Group Holdings, Ltd.		3,890		8,410
MTN Group, Ltd.		2,418		22,000
Naspers, Ltd. Class N		628		108,423
Nedbank Group, Ltd.		656		11,815
Redefine Properties, Ltd. REIT		12,636		10,376
Remgro, Ltd.		724		11,128
Sanlam, Ltd.		2,224		11,174
Sappi, Ltd.		1,810		12,301
Shoprite Holdings, Ltd.		750		10,829
SPAR Group, Ltd.		726		9,435
Standard Bank Group, Ltd.		1,760		18,868
Tiger Brands, Ltd.		376		11,229
Vodacom Group, Ltd.		954		10,814
Woolworths Holdings, Ltd.		1,838		9,583
				371,903
SOUTH KOREA — 16.4%
Amorepacific Corp.		54		13,545
AMOREPACIFIC Group		72		7,694
Celltrion, Inc.		130		10,474
CJ CheilJedang Corp.		32		10,101
Coway Co., Ltd.		118		10,151
Dongbu Insurance Co., Ltd.		158		9,042
E-MART, Inc.		68		12,496
GS Holdings Corp.		216		11,415
Hana Financial Group, Inc.		434		14,340
Hankook Tire Co., Ltd.		194		9,455
Hyundai Engineering & Construction Co., Ltd.		268		11,863
Hyundai Glovis Co., Ltd.		64		8,413
Hyundai Heavy Industries Co., Ltd. (b)		74		10,918
Hyundai Mobis Co., Ltd.		98		21,076
Hyundai Motor Co.		198		27,886
Hyundai Motor Co. Preference Shares		116		10,300
Hyundai Steel Co.		226		11,822
Industrial Bank of Korea		908		9,906
Kangwon Land, Inc.		296		10,111
KB Financial Group, Inc.		572		25,063
Kia Motors Corp.		424		14,047
Korea Aerospace Industries, Ltd.		158		8,138
Korea Electric Power Corp.		374		15,535
Korea Zinc Co., Ltd.		26		10,044
KT&G Corp.		180		15,694
LG Chem, Ltd.		80		21,032
LG Corp.		180		11,299
LG Display Co., Ltd.		374		10,117
LG Electronics, Inc.		224		13,601
LG Household & Health Care, Ltd.		16		11,603
Lotte Chemical Corp.		36		11,927
NAVER Corp.		42		32,111
NCSoft Corp.		40		10,909
POSCO		112		29,144
S-Oil Corp.		138		12,402
Samsung C&T Corp.		110		12,541
Samsung Electronics Co., Ltd.		135		248,681
Samsung Electronics Co., Ltd. Preference Shares		36		51,603
Samsung Fire & Marine Insurance Co., Ltd.		46		11,024
Samsung Life Insurance Co., Ltd.		104		10,090
Samsung SDI Co., Ltd.		122		15,055
Samsung SDS Co., Ltd.		72		8,595
Shinhan Financial Group Co., Ltd.		612		25,502
SK Holdings Co., Ltd.		70		15,242
SK Hynix, Inc.		868		39,197
SK Telecom Co., Ltd.		50		11,267
Woori Bank		966		11,230
				943,701
TAIWAN — 13.6%
Advanced Semiconductor Engineering, Inc.		10,312		13,169
Asustek Computer, Inc.		2,000		19,774
AU Optronics Corp.		25,000		9,764
Catcher Technology Co., Ltd.		2,000		19,774
Cathay Financial Holding Co., Ltd.		9,000		14,445
Chang Hwa Commercial Bank, Ltd.		20,000		12,194
Cheng Shin Rubber Industry Co., Ltd.		4,000		8,266
China Development Financial Holding Corp.		40,000		10,981
China Life Insurance Co., Ltd.		12,000		11,865
China Steel Corp.		22,000		18,344
Chunghwa Telecom Co., Ltd.		3,000		10,184
Compal Electronics, Inc.		16,000		10,441
CTBC Financial Holding Co., Ltd.		22,000		13,595
Delta Electronics, Inc.		2,000		10,711
E.Sun Financial Holding Co., Ltd.		18,000		10,945
Far EasTone Telecommunications Co., Ltd.		4,000		9,821
First Financial Holding Co., Ltd.		20,000		12,194
Formosa Chemicals & Fibre Corp.		4,000		12,445
Formosa Petrochemical Corp.		4,000		13,974
Formosa Plastics Corp.		6,000		17,896
Foxconn Technology Co., Ltd.		4,000		12,194
Fubon Financial Holding Co., Ltd.		9,000		14,682
Hon Hai Precision Industry Co., Ltd.		22,000		65,980
Hua Nan Financial Holdings Co., Ltd.		20,000		11,172
Lite-On Technology Corp.		8,000		13,789
MediaTek, Inc.		2,000		14,172
Mega Financial Holding Co., Ltd.		14,000		11,304
Nan Ya Plastics Corp.		8,000		18,957
Pegatron Corp.		4,000		11,838
President Chain Store Corp.		2,000		16,479
Quanta Computer, Inc.		4,000		8,134
Siliconware Precision Industries Co., Ltd.		6,000		9,788
SinoPac Financial Holdings Co., Ltd.		34,000		10,612
Taishin Financial Holding Co., Ltd.		28,000		11,673
Taiwan Cement Corp.		8,000		9,571
Taiwan Cooperative Financial Holding Co., Ltd.		22,000		10,948
Taiwan Mobile Co., Ltd.		2,000		7,349
Taiwan Semiconductor Manufacturing Co., Ltd.		36,000		224,240
Uni-President Enterprises Corp.		8,000		15,002
United Microelectronics Corp.		28,000		11,258
Yuanta Financial Holding Co., Ltd.		28,000		11,812
				781,736
THAILAND — 1.9%
Advanced Info Service PCL NVDR		2,600		13,468
Airports of Thailand PCL NVDR		8,000		9,138
Bangkok Dusit Medical Services PCL		16,200		9,995

See accompanying notes to financial statements.

219

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
CP ALL PCL NVDR		8,200	$	14,079
Kasikornbank PCL		2,800		15,401
Minor International PCL NVDR		8,800		9,411
PTT Global Chemical PCL NVDR		6,000		12,790
Siam Cement PCL		800		12,572
Siam Commercial Bank PCL NVDR		3,000		14,231
				111,085
TURKEY — 1.1%
Akbank TAS		4,586		10,742
BIM Birlesik Magazalar A/S		616		9,456
Haci Omer Sabanci Holding A/S		3,260		8,952
Turkcell Iletisim Hizmetleri A/S (b)		3,134		10,301
Turkiye Garanti Bankasi A/S		5,286		12,861
Turkiye Is Bankasi Class C		6,884		12,533
				64,845
UNITED ARAB EMIRATES — 0.9%
Abu Dhabi Commercial Bank PJSC		5,948		11,012
Aldar Properties PJSC		14,094		8,672
DP World, Ltd.		532		11,438
Emaar Properties PJSC		5,634		11,198
Emirates Telecommunications Group Co. PJSC		2,014		9,897
				52,217
TOTAL COMMON STOCKS (Cost $5,088,353)				5,324,623
RIGHTS — 0.0% (d)
SOUTH AFRICA — 0.0% (d)
Life Healthcare Group Holdings, Ltd. (expiring 4/13/17) (b) (Cost $0)		1,331		447
SHORT-TERM INVESTMENT — 6.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (e) (f) (Cost $346,147)		346,147		346,147
TOTAL INVESTMENTS — 98.7% (Cost $5,434,500)				5,671,217
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.3%				74,903
NET ASSETS — 100.0%			$	5,746,120

(a) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $347 representing less than 0.05% of the Fund’s net assets.

(b) Non-income producing security.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.4% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2017.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

At March 31, 2017, open futures contracts purchased were as follows:

Futures Contracts	Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation
SGX NIFTY 50		04/27/2017		22		404,712		3,650

During the period ended March 31, 2017, average notional value related to futures contracts was $393,408 or 7% of net assets.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	414,595	$	347	$	—	$	414,942
Chile		66,068		—		—		66,068
China		1,562,296		—		—		1,562,296
Colombia		31,170		—		—		31,170
Egypt		8,720		—		—		8,720

See accompanying notes to financial statements.

220

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Greece	$	12,265	$	—		$ —	$	12,265
Hong Kong		13,176		—		—		13,176
Hungary		23,199		—		—		23,199
Indonesia		144,561		—		—		144,561
Malaysia		155,212		—		—		155,212
Mexico		235,625		—		—		235,625
Netherlands		21,047		—		—		21,047
Peru		32,333		—		—		32,333
Philippines		80,513		—		—		80,513
Poland		59,403		—		—		59,403
Qatar		53,053		—		—		53,053
Russia		85,553		—		—		85,553
South Africa		371,903		—		—		371,903
South Korea		943,701		—		—		943,701
Taiwan		781,736		—		—		781,736
Thailand		111,085		—		—		111,085
Turkey		64,845		—		—		64,845
United Arab Emirates		52,217		—		—		52,217
Rights
South Africa		447		—		—		447
Short-Term Investment		346,147		—		—		346,147
TOTAL INVESTMENTS	$	5,670,870	$	347		$—	$	5,671,217
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts (a)		3,650		—		—		3,650
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$	5,674,520	$	347		$—	$	5,674,867

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

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Premier Class		—	$	—		439,514		93,367		346,147	$	346,147	$	610
TOTAL			$	—							$	346,147	$	610

See accompanying notes to financial statements.

221

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SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 5.1%
AGL Energy, Ltd.		15,569	$	313,192
Amcor, Ltd.		6,324		72,653
ASX, Ltd.		2,536		97,658
Australia & New Zealand Banking Group, Ltd.		12,179		295,632
BHP Billiton PLC		8,307		128,182
BHP Billiton, Ltd.		9,040		165,784
Brambles, Ltd.		17,780		126,818
Cochlear, Ltd.		815		84,076
Commonwealth Bank of Australia		7,191		471,273
CSL, Ltd.		7,367		704,344
GPT Group REIT		22,351		87,810
Insurance Australia Group, Ltd.		13,865		63,990
LendLease Group		5,938		70,574
Macquarie Group, Ltd.		1,030		70,873
Medibank Pvt, Ltd.		24,858		53,475
National Australia Bank, Ltd.		9,898		251,740
Newcrest Mining, Ltd.		3,698		62,824
QBE Insurance Group, Ltd.		7,018		69,009
Ramsay Health Care, Ltd.		1,161		61,899
REA Group, Ltd.		1,331		60,241
Scentre Group REIT		53,593		175,390
SEEK, Ltd.		5,209		63,261
Sonic Healthcare, Ltd.		12,553		211,822
Stockland REIT		26,487		93,754
Suncorp Group, Ltd.		6,713		67,649
Telstra Corp., Ltd.		175,473		623,786
Transurban Group Stapled Security		23,589		210,000
Vicinity Centres REIT		74,136		160,050
Wesfarmers, Ltd.		12,995		446,789
Westfield Corp.		32,477		220,003
Westpac Banking Corp.		11,171		298,774
Woodside Petroleum, Ltd.		3,692		90,351
Woolworths, Ltd.		18,399		371,945
				6,345,621
AUSTRIA — 0.1%
OMV AG		2,233		88,093
BELGIUM — 1.0%
Ageas		1,291		50,592
Anheuser-Busch InBev SA		2,147		236,292
Colruyt SA		5,116		251,813
Groupe Bruxelles Lambert SA		729		66,353
KBC Group NV		946		62,923
Proximus SADP		9,680		304,540
Solvay SA		600		73,510
UCB SA		2,061		160,278
				1,206,301
DENMARK — 3.3%
AP Moeller — Maersk A/S Class B		44		73,220
Carlsberg A/S Class B		643		59,558
Chr Hansen Holding A/S		4,299		276,758
Coloplast A/S Class B		4,431		347,011
Danske Bank A/S		16,318		557,409
DONG Energy A/S (a)		5,251		203,084
DSV A/S		6,153		319,475
Genmab A/S (b)		227		43,848
ISS A/S		5,294		200,788
Novo Nordisk A/S Class B		34,619		1,192,514
Novozymes A/S Class B		3,358		133,494
Pandora A/S		1,549		171,993
TDC A/S		17,908		92,621
Tryg A/S		8,047		146,409
Vestas Wind Systems A/S		292		23,813
William Demant Holding A/S (b)		9,769		204,717
				4,046,712
FINLAND — 1.2%
Elisa Oyj		5,423		192,276
Fortum Oyj		3,915		62,097
Kone Oyj Class B		5,080		223,635
Neste Oyj		1,419		55,487
Nokia Oyj		8,281		44,550
Nokian Renkaat Oyj		1,546		64,719
Orion Oyj Class B		3,998		208,971
Sampo Oyj Class A		9,823		467,105
UPM-Kymmene Oyj		2,199		51,790
Wartsila Oyj Abp		1,976		105,988
				1,476,618
FRANCE — 7.5%
Aeroports de Paris		1,807		223,901
Air Liquide SA		4,864		557,165
Airbus SE		7,363		561,730
Atos SE		559		69,324
AXA SA		10,671		276,826
BNP Paribas SA		7,102		474,215
Bureau Veritas SA		3,227		68,252
Cap Gemini SA		643		59,529
Carrefour SA		2,623		62,000
Casino Guichard Perrachon SA		1,114		62,469
Cie de Saint-Gobain		2,234		115,013
Cie Generale des Etablissements Michelin		2,148		261,558
Credit Agricole SA		12,350		167,754
Danone SA		3,184		217,131
Dassault Systemes SE		3,400		295,063
Engie SA		8,263		117,365
Essilor International SA		2,451		298,585
Eutelsat Communications SA		3,483		77,969
Hermes International		473		224,669
Iliad SA		344		77,135
Kering		302		78,312
L’Oreal SA		4,293		827,173
Legrand SA		2,838		171,560
LVMH Moet Hennessy Louis Vuitton SE		3,139		691,104
Orange SA		6,973		108,625
Pernod Ricard SA		471		55,867
Peugeot SA (b)		1,406		28,384
Publicis Groupe SA		2,107		147,629
Renault SA		1,032		89,880
Safran SA		858		64,265
Sanofi		4,084		369,624
Schneider Electric SE		1,635		120,014
SCOR SE		7,747		293,566
SEB SA		517		72,382
Societe BIC SA		388		48,470
Societe Generale SA		6,193		314,958
Sodexo SA		2,063		243,265

See accompanying notes to financial statements.

222

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Thales SA		3,142	$	304,665
TOTAL SA		10,971		556,369
Unibail-Rodamco SE		258		60,459
Valeo SA		2,926		195,375
Vinci SA		1,592		126,512
Vivendi SA		5,336		104,012
				9,340,123
GERMANY — 8.6%
adidas AG		2,147		409,434
Allianz SE		1,721		319,637
BASF SE		10,671		1,060,511
Bayer AG		10,162		1,174,370
Bayerische Motoren Werke AG		1,506		137,735
Beiersdorf AG		3,499		332,059
Commerzbank AG		13,124		119,004
Continental AG		1,546		339,799
Covestro AG (a)		815		62,901
Daimler AG		5,851		433,049
Deutsche Bank AG (b)		11,748		202,926
Deutsche Boerse AG (b)		1,106		101,625
Deutsche Lufthansa AG		3,529		57,372
Deutsche Post AG		11,878		407,865
Deutsche Telekom AG		9,509		167,048
E.ON SE		21,391		170,469
Fresenius Medical Care AG & Co. KGaA		3,528		298,285
Fresenius SE & Co. KGaA		2,540		204,646
Fuchs Petrolub SE Preference Shares		1,161		56,785
GEA Group AG		1,762		75,080
Hannover Rueck SE		772		89,299
HeidelbergCement AG		645		60,542
Henkel AG & Co. KGaA		2,926		325,938
Henkel AG & Co. KGaA Preference Shares		1,879		241,363
HUGO BOSS AG		1,075		78,655
Infineon Technologies AG		4,431		90,731
Innogy SE (a) (b)		831		31,450
Linde AG		520		86,817
MAN SE		2,233		230,782
Merck KGaA		1,377		157,292
METRO AG		3,224		103,378
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,932		378,972
Porsche Automobil Holding SE Preference Shares		2,624		143,524
ProSiebenSat.1 Media SE		2,320		102,989
RWE AG (b)		8,736		145,153
SAP SE		12,051		1,185,543
Siemens AG		2,233		306,658
ThyssenKrupp AG		3,397		83,420
TUI AG		13,828		191,241
United Internet AG		1,678		74,444
Volkswagen AG Preference Shares		2,405		351,372
				10,590,163
HONG KONG — 4.4%
AIA Group, Ltd.		25,823		162,816
Bank of East Asia, Ltd.		17,205		71,176
BOC Hong Kong Holdings, Ltd.		21,536		87,984
Cheung Kong Infrastructure Holdings, Ltd.		43,000		337,515
Cheung Kong Property Holdings, Ltd.		19,620		132,163
CK Hutchison Holdings, Ltd.		19,500		239,876
CLP Holdings, Ltd.		64,000		669,112
Hang Seng Bank, Ltd.		34,429		698,193
HK Electric Investments & HK Electric Investments, Ltd. (a)		192,540		177,390
HKT Trust & HKT, Ltd.		171,540		221,171
Hong Kong & China Gas Co., Ltd.		129,424		258,798
Hong Kong Exchanges & Clearing, Ltd.		17,128		431,093
Li & Fung, Ltd.		172,000		74,585
Link REIT		21,500		150,637
MTR Corp., Ltd.		86,167		483,972
New World Development Co., Ltd.		86,489		106,393
PCCW, Ltd.		215,000		126,707
Power Assets Holdings, Ltd.		43,000		370,714
Sands China, Ltd.		34,400		159,352
Swire Pacific, Ltd. Class A		19,500		194,711
Techtronic Industries Co., Ltd.		21,500		87,007
Yue Yuen Industrial Holdings, Ltd.		43,500		171,000
				5,412,365
IRELAND — 0.8%
Bank of Ireland (b)		73,826		18,556
CRH PLC		2,190		77,460
Experian PLC		10,802		219,900
Kerry Group PLC Class A		5,550		437,483
Paddy Power Betfair PLC		688		73,953
Ryanair Holdings PLC ADR (b)		2,644		219,399
				1,046,751
ISRAEL — 1.1%
Azrieli Group, Ltd.		3,384		179,150
Bank Hapoalim BM		59,870		364,118
Bank Leumi Le-Israel BM (b)		51,741		228,028
Bezeq The Israeli Telecommunication Corp., Ltd.		74,141		132,945
Check Point Software Technologies, Ltd. (b)		2,106		216,202
Mizrahi Tefahot Bank, Ltd.		10,457		176,967
Teva Pharmaceutical Industries, Ltd.		2,973		97,531
				1,394,941
ITALY — 1.2%
Assicurazioni Generali SpA		8,821		140,574
Enel SpA		45,802		216,231
Eni SpA		16,575		272,121
Ferrari NV		1,377		102,726
Intesa Sanpaolo SpA		54,149		147,452
Luxottica Group SpA		1,589		87,950
Snam SpA		46,287		200,698
Telecom Italia RSP/Milano		93,708		68,554
UniCredit SpA		15,100		233,370
				1,469,676
JAPAN — 22.0%
ABC-Mart, Inc.		2,800		163,583
Aeon Co., Ltd.		4,300		62,708
Ajinomoto Co., Inc.		4,400		86,732
ANA Holdings, Inc.		86,000		262,253
Aozora Bank, Ltd.		30,000		110,383
Asahi Group Holdings, Ltd.		4,300		162,384
Asics Corp.		1,200		19,255
Astellas Pharma, Inc.		47,200		620,975

See accompanying notes to financial statements.

223

SPDR MSCI EAFE StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Benesse Holdings, Inc.		4,300	$	134,291
Bridgestone Corp.		12,400		501,097
Canon, Inc.		21,500		669,716
Chubu Electric Power Co., Inc.		4,300		57,537
Concordia Financial Group, Ltd.		7,900		36,540
Dai-ichi Life Holdings, Inc.		8,008		143,480
Daicel Corp.		3,500		42,121
Daiichi Sankyo Co., Ltd.		8,506		191,372
Daito Trust Construction Co., Ltd.		700		96,083
Denso Corp.		3,300		145,025
East Japan Railway Co.		4,300		374,084
Eisai Co., Ltd.		3,300		170,701
FamilyMart UNY Holdings Co., Ltd.		3,900		232,397
Fuji Heavy Industries, Ltd.		8,700		318,784
Fujitsu, Ltd.		5,000		30,553
Hitachi, Ltd.		37,000		200,058
Honda Motor Co., Ltd.		9,900		297,720
Hoya Corp.		4,400		211,491
Inpex Corp.		4,100		40,271
Isuzu Motors, Ltd.		5,300		70,037
ITOCHU Corp.		11,414		161,843
Japan Airlines Co., Ltd.		8,600		272,131
Japan Exchange Group, Inc.		8,606		122,413
Japan Post Bank Co., Ltd.		8,300		102,865
Japan Prime Realty Investment Corp. REIT		43		166,320
Japan Real Estate Investment Corp. REIT		38		201,203
Japan Retail Fund Investment Corp. REIT		129		252,837
Japan Tobacco, Inc.		13,600		441,576
JFE Holdings, Inc.		3,200		54,807
JX Holdings, Inc.		12,632		61,975
Kajima Corp.		39,000		254,097
Kakaku.com, Inc.		4,300		58,463
Kansai Electric Power Co., Inc.		3,100		38,030
Kao Corp.		8,600		471,098
KDDI Corp.		29,918		784,532
Keikyu Corp.		31,000		339,962
Keyence Corp.		400		160,029
Kirin Holdings Co., Ltd.		8,700		163,998
Koito Manufacturing Co., Ltd.		400		20,784
Komatsu, Ltd.		4,300		111,967
Kubota Corp.		4,300		64,483
Kyowa Hakko Kirin Co., Ltd.		4,300		67,994
Kyushu Financial Group, Inc.		5,100		31,168
Lawson, Inc.		2,600		176,164
LINE Corp. (b)		900		34,528
LIXIL Group Corp.		1,500		38,028
M3, Inc.		3,900		96,704
Marubeni Corp.		29,900		183,940
Mazda Motor Corp.		4,300		61,859
McDonald’s Holdings Co., Japan, Ltd.		4,300		125,415
MEIJI Holdings Co., Ltd.		3,300		274,531
Miraca Holdings, Inc.		3,000		137,844
MISUMI Group, Inc.		1,100		19,862
Mitsubishi Chemical Holdings Corp.		12,900		99,722
Mitsubishi Corp.		9,100		196,447
Mitsubishi Electric Corp.		3,700		53,028
Mitsubishi Heavy Industries, Ltd.		27,000		108,213
Mitsubishi Tanabe Pharma Corp.		13,013		270,700
Mitsubishi UFJ Financial Group, Inc.		94,300		592,136
Mitsui & Co., Ltd.		13,200		191,017
Mizuho Financial Group, Inc.		322,800		590,965
MS&AD Insurance Group Holdings, Inc.		4,300		136,606
Murata Manufacturing Co., Ltd.		3,100		440,532
Nabtesco Corp.		1,500		39,711
Nagoya Railroad Co., Ltd.		42,000		188,836
NEC Corp.		7,000		16,836
NH Foods, Ltd.		4,000		107,296
Nippon Building Fund, Inc. REIT		8		43,723
Nippon Paint Holdings Co., Ltd.		900		31,298
Nippon Prologis REIT, Inc.		87		188,397
Nippon Steel & Sumitomo Metal Corp.		4,400		101,283
Nippon Telegraph & Telephone Corp.		17,200		733,504
Nippon Yusen KK (b)		4,000		8,436
Nissan Motor Co., Ltd.		12,916		124,431
Nissin Foods Holdings Co., Ltd.		4,300		238,096
Nitori Holdings Co., Ltd.		3,000		378,803
Nitto Denko Corp.		3,000		231,589
Nomura Holdings, Inc.		18,000		111,767
Nomura Real Estate Master Fund, Inc.		214		331,860
Nomura Research Institute, Ltd.		4,500		165,575
NTT DOCOMO, Inc.		17,122		398,356
Obayashi Corp.		8,600		80,343
Oracle Corp. Japan		4,100		234,012
Oriental Land Co., Ltd.		4,300		246,315
ORIX Corp.		7,200		106,452
Osaka Gas Co., Ltd.		43,000		163,233
Otsuka Corp.		3,600		195,136
Otsuka Holdings Co., Ltd.		12,900		581,386
Panasonic Corp.		9,500		107,251
Park24 Co., Ltd.		4,300		112,449
Recruit Holdings Co., Ltd.		11,835		603,274
Resona Holdings, Inc.		22,000		118,045
Ricoh Co., Ltd.		5,000		41,102
Ryohin Keikaku Co., Ltd.		100		21,888
Sankyo Co., Ltd.		4,300		143,552
Santen Pharmaceutical Co., Ltd.		8,600		124,412
Secom Co., Ltd.		4,300		307,518
Sekisui House, Ltd.		4,300		70,657
Seven & i Holdings Co., Ltd.		4,200		164,412
Shimamura Co., Ltd.		300		39,603
Shimano, Inc.		400		58,333
Shin-Etsu Chemical Co., Ltd.		300		25,964
Shionogi & Co., Ltd.		700		36,109
SMC Corp.		300		88,630
SoftBank Group Corp.		3,900		275,166
Sompo Holdings, Inc.		800		29,285
Sony Corp.		4,300		145,327
Start Today Co., Ltd.		1,100		24,314
Sumitomo Corp.		8,712		117,080
Sumitomo Electric Industries, Ltd.		4,400		72,892
Sumitomo Mitsui Financial Group, Inc.		11,800		428,350
Sumitomo Mitsui Trust Holdings, Inc.		3,000		103,922
Suntory Beverage & Food, Ltd.		8,387		353,002
Suruga Bank, Ltd.		800		16,828
Suzuken Co., Ltd.		1,100		36,032
Suzuki Motor Corp.		1,100		45,627
Sysmex Corp.		3,500		212,016
T&D Holdings, Inc.		3,200		46,408

See accompanying notes to financial statements.

224

SPDR MSCI EAFE StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Taiheiyo Cement Corp.		3,000	$	10,015
Taisei Corp.		5,000		36,391
Taisho Pharmaceutical Holdings Co., Ltd.		3,500		283,945
Takeda Pharmaceutical Co., Ltd.		11,900		558,423
Terumo Corp.		4,200		145,679
Tobu Railway Co., Ltd.		39,000		197,397
Tohoku Electric Power Co., Inc.		4,300		58,193
Tokio Marine Holdings, Inc.		4,100		172,786
Tokyo Electric Power Co. Holdings, Inc. (b)		31,200		122,078
Tokyo Gas Co., Ltd.		30,043		136,586
TonenGeneral Sekiyu KK (b) (c)		5,000		62,554
Toray Industries, Inc.		36,000		318,873
Toshiba Corp. (b)		11,000		23,830
Toyo Suisan Kaisha, Ltd.		8,500		316,185
Toyota Motor Corp.		16,000		867,558
Toyota Tsusho Corp.		3,400		102,827
Trend Micro, Inc.		500		22,211
Tsuruha Holdings, Inc.		400		36,974
Unicharm Corp.		3,906		93,505
United Urban Investment Corp. REIT		172		263,950
USS Co., Ltd.		8,600		143,243
West Japan Railway Co.		3,400		220,940
Yahoo! Japan Corp.		17,200		79,339
Yamada Denki Co., Ltd.		25,800		128,502
Yamaguchi Financial Group, Inc.		2,000		21,664
Yamato Holdings Co., Ltd.		8,500		177,926
				27,302,143
LUXEMBOURG — 0.4%
ArcelorMittal (b)		11,487		96,887
RTL Group SA (b)		2,538		204,946
SES SA		7,466		174,118
				475,951
MEXICO — 0.0% (d)
Fresnillo PLC		1,124		21,870
NETHERLANDS — 2.6%
Aegon NV		15,363		78,395
Akzo Nobel NV		946		78,647
ASML Holding NV		5,209		693,068
Boskalis Westminster		1,589		54,937
EXOR NV		1,549		80,318
Heineken NV		686		58,550
ING Groep NV		15,023		227,681
Koninklijke Ahold Delhaize NV		16,060		344,570
Koninklijke DSM NV		1,159		78,604
Koninklijke KPN NV		15,973		48,228
Koninklijke Philips NV		3,012		97,063
NN Group NV		7,101		231,530
NXP Semiconductors NV (b)		139		14,387
Randstad Holding NV		1,106		63,996
Royal Dutch Shell PLC Class A		20,710		542,797
Royal Dutch Shell PLC Class B		17,120		467,651
Wolters Kluwer NV		1,762		73,431
				3,233,853
NEW ZEALAND — 0.2%
Auckland International Airport, Ltd.		18,253		86,256
Contact Energy, Ltd.		6,484		22,935
Meridian Energy, Ltd.		33,188		64,960
Ryman Healthcare, Ltd.		10,071		59,207
Spark New Zealand, Ltd.		23,289		56,981
				290,339
NORWAY — 0.3%
DNB ASA		5,980		94,759
Gjensidige Forsikring ASA		2,924		44,530
Statoil ASA		7,546		128,887
Telenor ASA		5,207		86,633
Yara International ASA		1,329		51,155
				405,964
PORTUGAL — 0.1%
EDP — Energias de Portugal SA		17,007		57,753
Jeronimo Martins SGPS SA		3,657		65,593
				123,346
SINGAPORE — 2.2%
ComfortDelGro Corp., Ltd.		43,000		78,781
DBS Group Holdings, Ltd.		42,252		586,623
Keppel Corp., Ltd.		20,311		100,879
Oversea-Chinese Banking Corp., Ltd.		85,602		595,471
Singapore Airlines, Ltd.		43,000		309,891
Singapore Press Holdings, Ltd.		43,000		109,246
Singapore Technologies Engineering, Ltd.		43,000		114,786
Singapore Telecommunications, Ltd.		219,100		614,665
StarHub, Ltd.		43,000		88,628
United Overseas Bank, Ltd.		4,200		66,458
				2,665,428
SOUTH AFRICA — 0.1%
Mondi PLC		4,299		103,589
SPAIN — 2.2%
ACS Actividades de Construccion y Servicios SA		2,311		78,836
Amadeus IT Group SA		6,324		321,688
Banco Bilbao Vizcaya Argentaria SA		35,707		277,644
Banco de Sabadell SA		36,370		66,829
Banco Popular Espanol SA		27,921		27,175
Banco Santander SA		98,271		603,832
CaixaBank SA		20,226		87,158
Distribuidora Internacional de Alimentacion SA		9,509		55,134
Endesa SA		5,507		129,757
Iberdrola SA		21,285		152,642
Industria de Diseno Textil SA		14,672		518,478
Repsol SA		10,812		167,389
Telefonica SA		17,753		199,086
				2,685,648
SWEDEN — 2.3%
Alfa Laval AB		3,770		71,403
Assa Abloy AB Class B		11,006		227,188
Atlas Copco AB Class A		11,790		417,681
Atlas Copco AB Class B		2,579		82,266
Hennes & Mauritz AB Class B		18,927		485,454
Hexagon AB Class B		2,581		104,069
ICA Gruppen AB		2,277		77,989
Investor AB Class B		3,529		149,092
Kinnevik AB Class B		4,173		111,706
L E Lundbergforetagen AB Class B		1,463		99,546

See accompanying notes to financial statements.

225

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Nordea Bank AB		12,783	$	146,467
Sandvik AB		5,981		89,699
Securitas AB Class B		1,877		29,432
Skandinaviska Enskilda Banken AB Class A		6,585		73,533
Skanska AB Class B		5,379		127,120
Svenska Cellulosa AB SCA Class B		1,890		61,177
Svenska Handelsbanken AB Class A		4,994		68,744
Swedbank AB Class A		3,182		73,988
Swedish Match AB		1,932		63,078
Telefonaktiebolaget LM Ericsson Class B		11,878		79,557
Telia Co. AB		34,824		146,616
Volvo AB Class B		6,628		98,214
				2,884,019
SWITZERLAND — 12.6%
ABB, Ltd.		26,301		615,647
Actelion, Ltd. (b)		1,623		458,387
Adecco Group AG		2,148		152,685
Baloise Holding AG		1,075		147,887
Barry Callebaut AG (b)		86		112,467
Chocoladefabriken Lindt & Spruengli AG		86		488,016
Cie Financiere Richemont SA		901		71,291
Credit Suisse Group AG (b)		12,135		180,640
EMS-Chemie Holding AG		129		75,200
Galenica AG		43		45,365
Geberit AG		600		258,834
Givaudan SA		214		385,690
Glencore PLC (b)		84,799		332,055
Julius Baer Group, Ltd. (b)		2,908		145,262
Kuehne + Nagel International AG		3,743		529,132
LafargeHolcim, Ltd. (b) (e)		688		40,691
LafargeHolcim, Ltd. (b) (e)		817		48,497
Nestle SA		39,684		3,046,821
Novartis AG		13,649		1,013,840
Partners Group Holding AG		560		301,274
Roche Holding AG		10,928		2,792,729
Schindler Holding AG (e)		600		116,170
Schindler Holding AG (e)		514		97,516
SGS SA		86		183,608
Sika AG		41		246,176
Sonova Holding AG		3,313		459,739
Swatch Group AG		258		92,457
Swiss Life Holding AG (b)		473		152,728
Swiss Prime Site AG (b)		3,829		337,206
Swiss Re AG		7,875		707,684
Swisscom AG		1,245		574,768
Syngenta AG		1,290		569,768
UBS Group AG (b)		15,476		247,845
Wolseley PLC		3,227		202,567
Zurich Insurance Group AG		1,632		435,983
				15,666,625
UNITED KINGDOM — 19.9%
3i Group PLC		8,909		83,496
Aberdeen Asset Management PLC		16,576		54,866
Admiral Group PLC		7,058		175,543
Anglo American PLC (b)		8,568		130,655
Ashtead Group PLC		6,415		132,598
Associated British Foods PLC		4,951		161,337
AstraZeneca PLC		27,219		1,672,019
Aviva PLC		12,394		82,450
Babcock International Group PLC		5,981		65,964
BAE Systems PLC		44,786		359,817
Barclays PLC		101,760		286,430
Barratt Developments PLC		11,887		81,232
Berkeley Group Holdings PLC		2,190		87,823
BP PLC		107,473		614,900
British American Tobacco PLC		24,654		1,633,916
BT Group PLC		148,219		589,753
Bunzl PLC		7,361		213,546
Burberry Group PLC		6,109		131,696
Centrica PLC		59,644		161,843
CNH Industrial NV		5,898		57,026
Compass Group PLC		52,685		992,152
Croda International PLC		1,847		82,313
Diageo PLC		42,093		1,201,925
Direct Line Insurance Group PLC		53,897		234,132
easyJet PLC		1,304		16,730
Fiat Chrysler Automobiles NV (b)		17,217		188,748
GKN PLC		29,054		131,989
GlaxoSmithKline PLC		34,055		706,683
Hargreaves Lansdown PLC		4,084		66,440
HSBC Holdings PLC		154,383		1,256,551
IMI PLC		4,945		73,769
Imperial Brands PLC		17,775		859,508
Intertek Group PLC		1,933		95,090
ITV PLC		58,410		159,882
J Sainsbury PLC		19,201		63,458
Johnson Matthey PLC		2,491		95,938
Kingfisher PLC		54,838		223,614
Land Securities Group PLC REIT		5,379		71,230
Legal & General Group PLC		73,393		226,958
Lloyds Banking Group PLC		219,915		182,375
London Stock Exchange Group PLC		1,377		54,600
Marks & Spencer Group PLC		30,775		129,686
Meggitt PLC		10,328		57,509
Merlin Entertainments PLC (a)		14,758		88,506
National Grid PLC		48,424		613,692
Next PLC		1,934		104,474
Old Mutual PLC		22,990		57,668
Pearson PLC		4,816		41,101
Persimmon PLC		5,080		133,017
Provident Financial PLC		1,721		64,496
Prudential PLC		8,821		185,970
Randgold Resources, Ltd.		3,572		311,099
Reckitt Benckiser Group PLC		16,028		1,460,276
RELX NV		14,801		274,816
RELX PLC		35,941		702,900
Rio Tinto PLC		5,122		205,562
Rio Tinto, Ltd.		1,001		46,168
Rolls-Royce Holdings PLC (b)		27,074		255,264
Royal Bank of Scotland Group PLC (b)		8,913		26,983
Royal Mail PLC		54,408		289,147
Sage Group PLC		14,937		117,765
Schroders PLC		1,506		57,060
Severn Trent PLC		1,804		53,733
Sky PLC		14,338		174,987
Smith & Nephew PLC		25,487		387,542
Smiths Group PLC		5,593		113,229
SSE PLC		25,417		469,113

See accompanying notes to financial statements.

226

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
St James’s Place PLC		6,066	$	80,555
Standard Chartered PLC (b)		22,040		210,282
Tate & Lyle PLC		22,877		218,697
Taylor Wimpey PLC		38,654		93,335
Tesco PLC (b)		46,045		106,863
Travis Perkins PLC		1,763		33,377
Unilever NV		23,207		1,155,916
Unilever PLC		29,335		1,445,086
United Utilities Group PLC		3,786		47,034
Vodafone Group PLC		192,521		500,976
Whitbread PLC		2,583		127,840
William Hill PLC		20,013		72,773
Wm Morrison Supermarkets PLC		20,746		62,260
WPP PLC		13,779		301,869
				24,639,621
UNITED STATES — 0.1%
Shire PLC		1,377		80,256
TOTAL COMMON STOCKS (Cost $116,173,396)				122,996,016
RIGHTS — 0.0% (d)
GERMANY — 0.0% (d)
Deutsche Bank AG (expiring 4/6/17) (b) (Cost $0)		10,921		26,164
SHORT-TERM INVESTMENT — 0.0% (d)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (f) (g) (Cost $49,815)		49,815		49,815
TOTAL INVESTMENTS — 99.3% (Cost $116,223,211)				123,071,995
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%				857,720
NET ASSETS — 100.0%			$	123,929,715

(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.5% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) Non-income producing security.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $62,554 representing 0.1% of the Fund’s net assets.

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

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

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at March 31, 2017.

ADR = American Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	6,345,621	$	—	$	—	$	6,345,621
Austria		88,093		—		—		88,093
Belgium		1,206,301		—		—		1,206,301
Denmark		4,046,712		—		—		4,046,712
Finland		1,476,618		—		—		1,476,618
France		9,340,123		—		—		9,340,123
Germany		10,590,163		—		—		10,590,163
Hong Kong		5,412,365		—		—		5,412,365
Ireland		1,046,751		—		—		1,046,751
Israel		1,394,941		—		—		1,394,941
Italy		1,469,676		—		—		1,469,676
Japan		27,239,589		62,554		—		27,302,143
Luxembourg		475,951		—		—		475,951

See accompanying notes to financial statements.

227

SPDR MSCI EAFE StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Mexico	$	21,870	$	—	$	—	$	21,870
Netherlands		3,233,853		—		—		3,233,853
New Zealand		290,339		—		—		290,339
Norway		405,964		—		—		405,964
Portugal		123,346		—		—		123,346
Singapore		2,665,428		—		—		2,665,428
South Africa		103,589		—		—		103,589
Spain		2,685,648		—		—		2,685,648
Sweden		2,884,019		—		—		2,884,019
Switzerland		15,666,625		—		—		15,666,625
United Kingdom		24,639,621		—		—		24,639,621
United States		80,256		—		—		80,256
Rights
Germany		26,164		—		—		26,164
Short-Term Investment		49,815		—		—		49,815
TOTAL INVESTMENTS	$	123,009,441	$	62,554	$	—	$	123,071,995

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		7,487	$	7,487		3		7,490		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		407,497		357,682		49,815		49,815		59
TOTAL.			$	7,487							$	49,815	$	59

See accompanying notes to financial statements.

228

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SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
BRAZIL — 5.3%
AES Tiete Energia SA		897	$	3,871
Ambev SA		53,062		304,840
Ambev SA ADR		282,078		1,624,769
Banco Bradesco SA		13,480		136,076
Banco Bradesco SA Preference Shares		42,907		437,591
Banco do Brasil SA		24,779		263,559
Banco Santander Brasil SA		4,816		41,942
BB Seguridade Participacoes SA		43,098		396,372
BM&FBovespa SA		30,756		186,865
BR Malls Participacoes SA (a)		5,876		26,817
Braskem SA Class A, Preference Shares		2,722		27,220
BRF SA		1,524		18,533
BRF SA ADR		7,887		96,616
CCR SA		7,568		43,025
Centrais Eletricas Brasileiras SA (a)		1,900		10,233
Centrais Eletricas Brasileiras SA ADR (a)		1,675		11,574
Centrais Eletricas Brasileiras SA Class B, Preference Shares (a)		490		3,406
Cia Brasileira de Distribuicao ADR		3,639		69,869
Cia Brasileira de Distribuicao Preference Shares		532		10,070
Cia de Saneamento Basico do Estado de Sao Paulo		434		4,455
Cia de Saneamento Basico do Estado de Sao Paulo ADR		3,088		32,146
Cia Energetica de Minas Gerais ADR		22,391		73,666
Cia Energetica de Minas Gerais Preference Shares		4,886		15,882
Cia Paranaense de Energia ADR		2,433		25,084
Cia Paranaense de Energia Preference Shares		406		4,187
Cia Siderurgica Nacional SA (a)		1,232		3,535
Cia Siderurgica Nacional SA ADR (a)		8,307		24,256
Cielo SA		94,970		846,817
Cosan SA Industria e Comercio		650		7,956
CPFL Energia SA ADR		9,170		150,296
Duratex SA		3,346		9,696
EDP — Energias do Brasil SA		11,100		48,771
Embraer SA		980		5,368
Embraer SA ADR		2,175		48,024
Engie Brasil Energia SA		8,555		95,306
Equatorial Energia SA		9,468		175,317
Fibria Celulose SA ADR		1,370		12,522
Gerdau SA Preference Shares		13,420		46,030
Hypermarcas SA		982		8,970
Itau Unibanco Holding SA Preference Shares		9,011		107,566
Itau Unibanco Holding SA Preference Shares ADR		35,765		431,684
Itausa — Investimentos Itau SA (b)		3,689		11,038
Itausa — Investimentos Itau SA Preference Shares (a)		254,697		762,097
JBS SA		17,518		56,334
Klabin SA		2,404		11,471
Kroton Educacional SA		9,804		41,008
Localiza Rent a Car SA		700		9,187
Lojas Americanas SA		712		2,974
Lojas Americanas SA Preference Shares		1,921		9,899
Lojas Renner SA		33,362		292,119
M Dias Branco SA		1,516		61,023
Multiplan Empreendimentos Imobiliarios SA		210		4,385
Natura Cosmeticos SA		604		5,519
Odontoprev SA		15,140		53,885
Petroleo Brasileiro SA (a)		14,974		71,452
Petroleo Brasileiro SA ADR (a)		22,576		218,761
Petroleo Brasileiro SA Preference Shares (a)		29,580		134,999
Petroleo Brasileiro SA Preference Shares ADR (a)		29,764		274,424
Porto Seguro SA		916		8,196
Qualicorp SA		746		4,852
Raia Drogasil SA		8,990		166,126
Rumo SA (a)		6,735		18,137
Sul America SA		14,288		75,109
Suzano Papel e Celulose SA Class A, Preference Shares		1,300		5,429
Telefonica Brasil SA ADR		4,824		71,636
Telefonica Brasil SA Preference Shares		644		9,483
Tim Participacoes SA		1,806		5,745
Tim Participacoes SA ADR		2,391		38,208
Ultrapar Participacoes SA		378		8,527
Ultrapar Participacoes SA ADR		3,275		74,441
Vale SA		3,142		29,481
Vale SA ADR		8,554		81,263
Vale SA Preference Shares		6,311		56,074
Vale SA Preference Shares ADR		13,418		120,494
WEG SA		25,632		140,474
				8,825,032
CHILE — 1.5%
AES Gener SA		25,647		10,329
Aguas Andinas SA Class A		693,556		402,984
Banco de Chile		1,254,162		150,798
Banco de Chile ADR		8,262		596,186
Banco de Credito e Inversiones		1,831		100,401
Banco Santander Chile		90,118		5,631
Banco Santander Chile ADR		1,485		37,244
Cencosud SA		2,352		7,203
Cencosud SA ADR		4,855		45,006
Cia Cervecerias Unidas SA		2,256		28,344
Cia Cervecerias Unidas SA ADR		3,268		82,582
Colbun SA		296,416		65,635
Embotelladora Andina SA Class B, Preference Shares		1,220		4,737
Empresa Nacional de Telecomunicaciones SA (a)		1,189		14,324
Empresas CMPC SA		16,443		39,988
Empresas COPEC SA		10,156		110,014
Enel Americas SA		110,675		22,914
Enel Americas SA ADR		3,976		41,311
Enel Chile SA		176,260		19,444
Enel Chile SA ADR		3,976		21,868
Enel Generacion Chile SA		26,934		20,198
Enel Generacion Chile SA ADR		2,327		51,753
Itau CorpBanca ADR		1,140		15,481
Latam Airlines Group SA (a)		616		7,775

See accompanying notes to financial statements.

229

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Latam Airlines Group SA ADR		3,392	$	42,977
SACI Falabella		66,789		559,839
Sociedad Quimica y Minera de Chile SA ADR		882		30,314
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares		84		2,872
				2,538,152
CHINA — 25.1%
3SBio, Inc. (a) (c)		80,390		99,304
58.com, Inc. ADR (a)		138		4,884
AAC Technologies Holdings, Inc.		77,000		901,132
Agricultural Bank of China, Ltd. Class H		1,187,000		546,801
Air China, Ltd. Class H		26,000		21,044
Alibaba Group Holding, Ltd. ADR (a)		30,885		3,330,330
Aluminum Corp. of China, Ltd. Class H (a)		74,000		36,184
Anhui Conch Cement Co., Ltd. Class H		14,000		47,558
ANTA Sports Products, Ltd.		118,000		326,449
AviChina Industry & Technology Co., Ltd. Class H		4,000		2,774
Baidu, Inc. ADR (a)		16,534		2,852,446
Bank of China, Ltd. Class H		3,654,071		1,814,928
Bank of Communications Co., Ltd. Class H		334,000		259,584
Beijing Capital International Airport Co., Ltd. Class H		140,000		167,535
Beijing Enterprises Holdings, Ltd.		9,500		49,141
Beijing Enterprises Water Group, Ltd. (a)		40,000		29,647
Belle International Holdings, Ltd.		390,000		253,426
Brilliance China Automotive Holdings, Ltd.		160,000		267,645
Byd Co., Ltd. Class H (a)		1,500		8,319
CGN Power Co., Ltd. Class H (c)		97,100		29,986
China Cinda Asset Management Co., Ltd. Class H		154,548		60,057
China CITIC Bank Corp., Ltd. Class H		417,000		276,337
China Coal Energy Co., Ltd. Class H (a)		34,000		17,150
China Communications Construction Co., Ltd. Class H		114,000		160,772
China Communications Services Corp., Ltd. Class H		270,000		176,838
China Conch Venture Holdings, Ltd.		11,000		21,599
China Construction Bank Corp. Class H		2,982,394		2,398,503
China Everbright Bank Co., Ltd. Class H		418,274		204,522
China Everbright International, Ltd.		7,000		9,422
China Everbright, Ltd.		12,000		24,212
China Evergrande Group		90,000		83,382
China Galaxy Securities Co., Ltd. Class H		41,334		38,135
China Huarong Asset Management Co., Ltd. (a) (c)		244,200		99,924
China Huishan Dairy Holdings Co., Ltd. (b)		1,072,393		57,956
China Jinmao Holdings Group, Ltd.		88,000		28,195
China Life Insurance Co., Ltd. Class H		80,000		245,512
China Longyuan Power Group Corp., Ltd. Class H		33,000		25,648
China Medical System Holdings, Ltd.		189,733		336,424
China Mengniu Dairy Co., Ltd.		130,000		269,317
China Merchants Bank Co., Ltd. Class H		84,500		223,441
China Merchants Port Holdings Co., Ltd.		28,607		83,743
China Minsheng Banking Corp., Ltd. Class H		188,300		201,105
China Mobile, Ltd.		353,497		3,868,612
China National Building Material Co., Ltd. Class H		178,000		114,521
China Oilfield Services, Ltd. Class H		40,000		38,397
China Overseas Land & Investment, Ltd.		208,000		594,171
China Pacific Insurance Group Co., Ltd. Class H		28,800		103,949
China Petroleum & Chemical Corp. Class H		1,116,395		905,010
China Power International Development, Ltd.		86,000		31,981
China Railway Construction Corp., Ltd. Class H		60,500		85,789
China Railway Group, Ltd. Class H		111,000		99,267
China Resources Beer Holdings Co., Ltd. (a)		80,092		182,208
China Resources Gas Group, Ltd.		88,000		311,394
China Resources Land, Ltd.		36,444		98,478
China Resources Power Holdings Co., Ltd.		80,267		144,804
China Shenhua Energy Co., Ltd. Class H		62,000		143,921
China Southern Airlines Co., Ltd. Class H		34,000		23,537
China State Construction International Holdings, Ltd.		82,000		146,664
China Taiping Insurance Holdings Co., Ltd. (a)		28,610		69,284
China Telecom Corp., Ltd. Class H		346,000		168,737
China Unicom Hong Kong, Ltd.		160,000		214,116
China Vanke Co., Ltd. Class H		67,492		182,376
Chongqing Changan Automobile Co., Ltd. Class B		56,100		77,962
Chongqing Rural Commercial Bank Co., Ltd. Class H		88,000		59,448
CITIC Securities Co., Ltd. Class H		14,500		29,853
CITIC, Ltd.		76,000		108,355
CNOOC, Ltd.		359,000		428,684
COSCO SHIPPING Ports, Ltd.		99,415		109,758
Country Garden Holdings Co., Ltd.		94,266		84,787
CRRC Corp., Ltd. Class H		55,000		53,432
CSPC Pharmaceutical Group, Ltd.		392,000		513,486
Ctrip.com International, Ltd. ADR (a)		1,055		51,853
Dongfeng Motor Group Co., Ltd. Class H		182,000		204,447
ENN Energy Holdings, Ltd.		6,000		33,777
Fang Holdings, Ltd. ADR (a)		42		137
Far East Horizon, Ltd.		22,000		20,665
Fosun International, Ltd.		42,500		63,874
Fuyao Glass Industry Group Co., Ltd. Class H (c)		26,400		91,550
Geely Automobile Holdings, Ltd.		40,000		61,249
GF Securities Co., Ltd. Class H		20,800		43,573
GOME Electrical Appliances Holding, Ltd.		242,000		33,008

See accompanying notes to financial statements.

230

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Great Wall Motor Co., Ltd. Class H		192,500	$	219,214
Guangdong Investment, Ltd.		594,000		846,879
Guangzhou Automobile Group Co., Ltd. Class H		22,000		35,216
Guangzhou R&F Properties Co., Ltd. Class H		30,800		48,113
Haitian International Holdings, Ltd.		33,000		76,773
Haitong Securities Co., Ltd. Class H		34,000		57,487
Hengan International Group Co., Ltd.		79,374		590,339
Huaneng Power International, Inc. Class H		132,000		88,153
Huaneng Renewables Corp., Ltd. Class H		38,000		13,153
Huatai Securities Co., Ltd. Class H (c)		18,243		35,493
Industrial & Commercial Bank of China, Ltd. Class H		2,725,448		1,781,545
JD.com, Inc. ADR (a)		2,616		81,384
Jiangsu Expressway Co., Ltd. Class H		316,000		453,781
Jiangxi Copper Co., Ltd. Class H		36,000		56,051
Kingsoft Corp., Ltd.		2,000		5,507
Kunlun Energy Co., Ltd.		58,000		53,735
Lenovo Group, Ltd.		280,915		185,072
Longfor Properties Co., Ltd.		20,500		33,712
NetEase, Inc. ADR		5,988		1,700,592
New China Life Insurance Co., Ltd. Class H		10,200		48,562
New Oriental Education & Technology Group, Inc. ADR (a)		8,983		542,394
People’s Insurance Co. Group of China, Ltd. Class H		164,000		67,951
PetroChina Co., Ltd. Class H		680,000		497,870
PICC Property & Casualty Co., Ltd. Class H		258,180		397,992
Ping An Insurance Group Co. of China, Ltd. Class H		52,000		291,064
Semiconductor Manufacturing International Corp. (a)		238,200		294,857
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		100,000		71,543
Shanghai Electric Group Co., Ltd. Class H (a)		36,000		17,834
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		1,500		5,520
Shanghai Industrial Holdings, Ltd.		7,000		20,582
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		122,127		192,716
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		49,800		130,403
Shenzhou International Group Holdings, Ltd.		123,000		776,317
SINA Corp. (a)		251		18,102
Sino-Ocean Group Holding, Ltd.		75,000		35,225
Sinopec Engineering Group Co., Ltd. Class H		72,741		74,693
Sinopec Shanghai Petrochemical Co., Ltd. Class H		54,000		29,948
Sinopharm Group Co., Ltd. Class H		28,000		129,885
Sinotrans, Ltd. Class H		32,000		14,947
SOHO China, Ltd.		22,000		11,776
Sunac China Holdings, Ltd.		32,889		42,659
Sunny Optical Technology Group Co., Ltd.		37,293		272,565
TAL Education Group ADR (a)		4,700		500,879
Tencent Holdings, Ltd.		137,278		3,935,603
Tingyi Cayman Islands Holding Corp.		18,000		22,606
TravelSky Technology, Ltd. Class H		137,000		323,660
Tsingtao Brewery Co., Ltd. Class H		28,000		128,984
Vipshop Holdings, Ltd. ADR (a)		1,706		22,758
Want Want China Holdings, Ltd.		375,000		259,602
Weichai Power Co., Ltd. Class H		10,000		17,654
Yanzhou Coal Mining Co., Ltd. Class H		30,000		23,316
YY, Inc. ADR (a)		113		5,210
Zhejiang Expressway Co., Ltd. Class H		402,000		525,551
Zhuzhou CRRC Times Electric Co., Ltd. Class H		28,000		148,800
Zijin Mining Group Co., Ltd. Class H		166,000		61,517
ZTE Corp. Class H		8,280		15,193
				42,027,362
COLOMBIA — 0.2%
Bancolombia SA ADR		1,112		44,335
Bancolombia SA Preference Shares		714		7,081
Cementos Argos SA		1,555		6,341
Corp. Financiera Colombiana SA		6,325		61,548
Ecopetrol SA (a)		9,534		4,448
Ecopetrol SA ADR (a)		3,347		31,194
Grupo Argos SA		2,801		19,590
Grupo Aval Acciones y Valores SA Preference Shares		32,251		13,039
Grupo de Inversiones Suramericana SA		2,297		31,020
Grupo de Inversiones Suramericana SA Preference Shares		10,063		132,835
Interconexion Electrica SA ESP		2,436		9,765
				361,196
CZECH REPUBLIC — 0.3%
CEZ A/S		4,251		73,356
Komercni banka A/S		5,228		194,501
Moneta Money Bank A/S (a) (c)		38,798		131,752
O2 Czech Republic A/S		11,676		130,780
				530,389
EGYPT — 0.3%
Commercial International Bank Egypt SAE GDR		113,465		496,976
Talaat Moustafa Group		20,698		10,527
				507,503
GREECE — 0.3%
Alpha Bank AE (a)		44,085		79,214
Eurobank Ergasias SA (a)		69,936		43,010
FF Group (a)		440		8,447
Hellenic Telecommunications Organization SA		4,143		38,994
JUMBO SA		753		11,903
National Bank of Greece SA (a)		198,994		51,293
OPAP SA		11,967		111,866
Piraeus Bank SA (a)		318,089		57,836
Titan Cement Co. SA		384		9,816
				412,379

See accompanying notes to financial statements.

231

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
HONG KONG — 0.9%
Alibaba Pictures Group, Ltd. (a)		10,000	$	1,814
China Gas Holdings, Ltd.		44,000		70,885
Fullshare Holdings, Ltd.		869,580		384,914
GCL-Poly Energy Holdings, Ltd. (a)		237,000		31,411
Haier Electronics Group Co., Ltd.		87,000		199,267
Hanergy Thin Film Power Group, Ltd. (a) (d)		598,000		—
Nine Dragons Paper Holdings, Ltd.		14,000		15,042
Shimao Property Holdings, Ltd.		45,500		72,247
Sino Biopharmaceutical, Ltd.		552,000		454,584
Sun Art Retail Group, Ltd.		322,332		301,946
				1,532,110
HUNGARY — 0.4%
MOL Hungarian Oil & Gas PLC		3,608		247,416
OTP Bank PLC		2,881		80,751
Richter Gedeon Nyrt		14,910		339,265
				667,432
INDIA — 9.2%
ACC, Ltd		193		4,298
Adani Ports & Special Economic Zone, Ltd.		3,747		19,596
Ambuja Cements, Ltd.		2,581		9,406
Apollo Hospitals Enterprise, Ltd.		134		2,404
Ashok Leyland, Ltd.		1,669		2,173
Asian Paints, Ltd.		42,634		704,822
Aurobindo Pharma, Ltd.		17,888		186,001
Axis Bank, Ltd.		17,075		129,058
Bajaj Auto, Ltd.		5,039		217,705
Bajaj Finance, Ltd.		200		3,607
Bajaj Finserv, Ltd.		170		10,730
Bharat Forge, Ltd.		339		5,440
Bharat Heavy Electricals, Ltd.		7,216		18,097
Bharat Petroleum Corp., Ltd.		29,485		295,077
Bharti Airtel, Ltd.		11,555		62,290
Bharti Infratel, Ltd.		23,779		119,344
Bosch, Ltd.		339		118,775
Cadila Healthcare, Ltd.		15,489		105,431
Cairn India, Ltd.		6,676		31,445
Cipla, Ltd.		4,816		43,977
Coal India, Ltd.		53,277		240,110
Container Corp. Of India, Ltd.		136		2,668
Dabur India, Ltd.		120,010		512,586
Divi’s Laboratories, Ltd.		16,937		162,719
Dr Reddy’s Laboratories, Ltd.		495		20,066
Dr Reddy’s Laboratories, Ltd. ADR		6,517		261,657
Eicher Motors, Ltd.		800		315,238
GAIL India, Ltd.		653		3,791
GAIL India, Ltd. GDR		833		38,609
Glenmark Pharmaceuticals, Ltd.		271		3,556
Godrej Consumer Products, Ltd.		5,973		153,742
Havells India, Ltd.		13,924		99,871
HCL Technologies, Ltd.		44,596		600,760
Hero MotoCorp, Ltd.		3,265		162,003
Hindalco Industries, Ltd.		19,205		57,687
Hindustan Petroleum Corp., Ltd.		7,453		60,332
Hindustan Unilever, Ltd.		55,654		781,436
Housing Development Finance Corp., Ltd.		9,685		224,037
ICICI Bank, Ltd.		1,722		7,342
ICICI Bank, Ltd. ADR		5,353		46,036
Idea Cellular, Ltd.		22,609		29,891
Indiabulls Housing Finance, Ltd.		3,349		51,459
Infosys, Ltd.		43,384		682,980
Infosys, Ltd. ADR		91,111		1,439,554
ITC, Ltd.		210,709		909,552
JSW Steel, Ltd.		8,042		23,308
Larsen & Toubro, Ltd.		252		6,112
Larsen & Toubro, Ltd. GDR		1,588		38,430
LIC Housing Finance, Ltd.		1,712		16,305
Lupin, Ltd.		12,909		287,304
Mahindra & Mahindra Financial Services, Ltd.		1,058		5,131
Mahindra & Mahindra, Ltd.		336		6,659
Mahindra & Mahindra, Ltd. GDR		2,571		51,163
Marico, Ltd.		72,701		330,113
Maruti Suzuki India, Ltd.		5,364		496,931
Motherson Sumi Systems, Ltd.		19,201		109,969
Nestle India, Ltd.		1,444		148,562
NTPC, Ltd.		19,011		48,600
Oil & Natural Gas Corp., Ltd.		15,940		45,413
Piramal Enterprises, Ltd.		149		4,367
Power Finance Corp., Ltd.		10,713		24,071
Reliance Industries, Ltd.		3,531		71,827
Reliance Industries, Ltd. GDR (c)		6,890		277,667
Shree Cement, Ltd.		11		2,894
Shriram Transport Finance Co., Ltd.		991		16,452
Siemens, Ltd.		93		1,798
State Bank of India GDR		2,832		126,449
Sun Pharmaceutical Industries, Ltd.		71,671		759,535
Tata Consultancy Services, Ltd.		43,384		1,624,720
Tata Motors, Ltd.		3,760		26,975
Tata Motors, Ltd. ADR		3,864		137,752
Tata Motors, Ltd. Class A		7,532		32,727
Tata Power Co., Ltd.		8,054		11,206
Tata Steel, Ltd.		742		5,516
Tata Steel, Ltd. GDR		5,338		39,341
Tech Mahindra, Ltd.		55,426		391,913
Titan Co., Ltd.		23,230		165,545
UltraTech Cement, Ltd.		253		15,525
United Spirits, Ltd. (a)		35		1,172
UPL, Ltd.		17,328		193,974
Vedanta, Ltd.		7,298		30,901
Wipro, Ltd.		38,410		305,044
Wipro, Ltd. ADR		32,209		329,498
Yes Bank, Ltd.		1,757		41,852
Zee Entertainment Enterprises, Ltd.		27,098		223,490
				15,433,569
INDONESIA — 3.9%
Adaro Energy Tbk PT		171,800		22,562
AKR Corporindo Tbk PT		11,800		5,535
Astra International Tbk PT		159,800		103,431
Bank Central Asia Tbk PT		1,172,125		1,455,755
Bank Danamon Indonesia Tbk PT		81,600		28,781
Bank Mandiri Persero Tbk PT		120,000		105,362
Bank Negara Indonesia Persero Tbk PT		144,900		70,408
Bank Rakyat Indonesia Persero Tbk PT		604,600		588,697
Bumi Serpong Damai Tbk PT		71,800		10,157

See accompanying notes to financial statements.

232

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Charoen Pokphand Indonesia Tbk PT		346,900	$	83,305
Gudang Garam Tbk PT		35,400		174,071
Hanjaya Mandala Sampoerna Tbk PT		1,119,700		327,705
Indocement Tunggal Prakarsa Tbk PT		86,100		107,258
Indofood CBP Sukses Makmur Tbk PT		242,400		148,254
Indofood Sukses Makmur Tbk PT		257,500		154,591
Jasa Marga Persero Tbk PT		86,700		30,059
Kalbe Farma Tbk PT		3,257,900		376,509
Lippo Karawaci Tbk PT		172,900		9,407
Matahari Department Store Tbk PT		158,000		156,216
Media Nusantara Citra Tbk PT		26,000		3,610
Perusahaan Gas Negara Persero Tbk		183,700		34,878
Semen Indonesia Persero Tbk PT		157,400		106,307
Summarecon Agung Tbk PT		57,000		5,732
Surya Citra Media Tbk PT		373,600		75,698
Telekomunikasi Indonesia Persero Tbk PT		4,748,821		1,471,812
Tower Bersama Infrastructure Tbk PT		160,506		65,645
Unilever Indonesia Tbk PT		242,100		787,136
United Tractors Tbk PT		24,500		48,722
Waskita Karya Persero Tbk PT		15,300		2,721
XL Axiata Tbk PT (a)		33,100		7,601
				6,567,925
MALAYSIA — 3.4%
AirAsia Bhd		10,400		7,379
Alliance Financial Group Bhd		6,900		6,361
AMMB Holdings Bhd		41,200		43,290
Astro Malaysia Holdings Bhd		6,700		4,148
Axiata Group Bhd		24,347		27,838
Berjaya Sports Toto Bhd		66,857		43,962
British American Tobacco Malaysia Bhd		9,200		94,796
CIMB Group Holdings Bhd		60,735		76,442
Dialog Group Bhd		8,000		3,200
DiGi.Com Bhd		191,600		222,101
Felda Global Ventures Holdings Bhd		17,200		8,123
Gamuda Bhd		7,800		9,130
Genting Bhd		24,000		52,008
Genting Malaysia Bhd		29,200		35,960
Genting Plantations Bhd		800		2,111
HAP Seng Consolidated Bhd		16,400		33,315
Hartalega Holdings Bhd		51,800		58,056
Hong Leong Bank Bhd		140,520		436,912
Hong Leong Financial Group Bhd		2,900		10,419
IHH Healthcare Bhd		532,300		721,681
IJM Corp. Bhd		31,200		23,970
IOI Corp. Bhd		14,900		15,656
IOI Properties Group Bhd		18,308		8,564
Kuala Lumpur Kepong Bhd		2,600		14,500
Lafarge Malaysia Bhd		1,300		1,968
Malayan Banking Bhd		354,060		713,640
Malaysia Airports Holdings Bhd		3,100		4,868
Maxis Bhd		359,100		522,563
MISC Bhd		9,300		15,383
Petronas Chemicals Group Bhd		201,200		350,071
Petronas Dagangan Bhd		24,000		130,155
Petronas Gas Bhd		111,600		498,298
PPB Group Bhd		3,300		12,483
Public Bank Bhd		179,775		808,388
RHB Capital Bhd		13,138		15,348
Sapura Energy Bhd (a)		99,000		40,714
Sime Darby Bhd		20,727		43,463
Telekom Malaysia Bhd		108,285		157,087
Tenaga Nasional Bhd		93,600		290,180
UMW Holdings Bhd (a)		7,400		10,033
Westports Holdings Bhd		96,638		88,438
YTL Corp. Bhd		61,900		20,841
YTL Power International Bhd		17,800		6,114
				5,689,957
MEXICO — 2.7%
Alfa SAB de CV Class A		42,263		61,484
America Movil SAB de CV Series L		440,222		310,402
Arca Continental SAB de CV		59,915		413,873
Cemex SAB de CV Series CPO (a)		121,883		109,690
Coca-Cola Femsa SAB de CV Series L		11,815		84,362
El Puerto de Liverpool SAB de CV Series C1		48,152		373,626
Fibra Uno Administracion SA de CV REIT		47,231		80,448
Fomento Economico Mexicano SAB de CV		9,996		88,124
Gentera SAB de CV		49,264		80,667
Gruma SAB de CV Class B		20,470		286,397
Grupo Aeroportuario del Pacifico SAB de CV Class B		53,379		516,157
Grupo Aeroportuario del Sureste SAB de CV Class B		16,242		280,322
Grupo Bimbo SAB de CV Series A		22,545		55,770
Grupo Carso SAB de CV Series A1		5,543		25,299
Grupo Financiero Banorte SAB de CV Series O		29,380		167,942
Grupo Financiero Inbursa SAB de CV Series O		27,643		45,543
Grupo Financiero Santander Mexico SAB de CV Class B		23,525		42,293
Grupo Lala SAB de CV		30,517		55,042
Grupo Mexico SAB de CV Series B		43,682		130,530
Grupo Televisa SAB Series CPO		18,457		95,018
Industrias Penoles SAB de CV		633		16,234
Infraestructura Energetica Nova SAB de CV		26,567		125,852
Kimberly-Clark de Mexico SAB de CV Class A		6,286		13,560
Mexichem SAB de CV		11,869		32,158
OHL Mexico SAB de CV		15,456		21,698
Promotora y Operadora de Infraestructura SAB de CV (a)		12,240		131,510
Wal-Mart de Mexico SAB de CV		403,174		923,906
				4,567,907
NETHERLANDS — 0.1%
Steinhoff International Holdings NV		26,930		128,878
PERU — 0.5%
Cia de Minas Buenaventura SAA ADR		5,836		70,266
Credicorp, Ltd.		4,241		692,555
Southern Copper Corp.		516		18,519
				781,340

See accompanying notes to financial statements.

233

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
PHILIPPINES — 1.5%
Aboitiz Equity Ventures, Inc.		250,890	$	372,272
Aboitiz Power Corp.		399,400		332,336
Alliance Global Group, Inc.		26,800		6,773
Ayala Corp.		1,250		21,051
Ayala Land, Inc.		24,300		16,006
Bank of the Philippine Islands		195,400		394,110
BDO Unibank, Inc.		172,482		404,263
DMCI Holdings, Inc.		203,530		46,243
Energy Development Corp.		82,900		9,946
Globe Telecom, Inc.		130		5,265
GT Capital Holdings, Inc.		740		16,887
International Container Terminal Services, Inc.		3,780		6,773
JG Summit Holdings, Inc.		14,690		23,817
Jollibee Foods Corp.		85,630		337,059
Megaworld Corp.		123,000		8,286
Metro Pacific Investments Corp.		99,000		11,878
Metropolitan Bank & Trust Co.		80,451		128,273
PLDT, Inc.		1,281		42,023
Robinsons Land Corp.		48,500		22,232
Security Bank Corp.		8,070		32,489
SM Investments Corp.		1,485		20,629
SM Prime Holdings, Inc.		44,200		24,930
Universal Robina Corp.		77,660		253,063
				2,536,604
POLAND — 1.1%
Alior Bank SA (a)		1,767		31,880
Bank Handlowy w Warszawie SA		471		9,118
Bank Millennium SA (a)		17,807		28,990
Bank Pekao SA		8,366		278,941
Bank Zachodni WBK SA		1,573		135,982
CCC SA		129		7,749
Cyfrowy Polsat SA (a)		9,111		55,651
Eurocash SA		7,620		61,372
Grupa Azoty SA		585		10,203
Grupa Lotos SA (a)		7,177		98,961
KGHM Polska Miedz SA		3,468		101,363
LPP SA		57		97,756
mBank SA (a)		257		24,228
Orange Polska SA		14,029		16,394
PGE Polska Grupa Energetyczna SA		112,838		324,677
Polski Koncern Naftowy Orlen SA		12,080		304,900
Polskie Gornictwo Naftowe i Gazownictwo SA		29,510		44,094
Powszechna Kasa Oszczednosci Bank Polski SA (a)		16,789		135,856
Powszechny Zaklad Ubezpieczen SA		7,871		69,135
Synthos SA		5,646		7,482
Tauron Polska Energia SA (a)		67,847		58,053
				1,902,785
QATAR — 1.3%
Barwa Real Estate Co.		1,726		16,947
Commercial Bank QSC		17,368		161,941
Doha Bank QSC		14,066		121,302
Ezdan Holding Group QSC		5,573		24,183
Industries Qatar QSC		7,454		225,804
Masraf Al Rayan QSC		7,303		84,541
Ooredoo QSC		1,190		31,571
Qatar Electricity & Water Co. QSC		8,531		515,454
Qatar Gas Transport Co., Ltd.		8,042		46,934
Qatar Insurance Co. SAQ		12,994		250,880
Qatar Islamic Bank SAQ		9,498		266,855
Qatar National Bank QPSC		9,230		370,356
				2,116,768
ROMANIA — 0.1%
New Europe Property Investments PLC		14,512		150,653
RUSSIA — 3.5%
Alrosa PJSC (a)		148,041		239,422
Gazprom PJSC ADR		212,587		950,264
Lukoil PJSC ADR		14,214		752,773
Magnit PJSC GDR		18,086		690,885
MMC Norilsk Nickel PJSC ADR		3,094		48,638
Mobile TeleSystems PJSC ADR		30,953		341,412
Moscow Exchange MICEX-RTS PJSC (a)		9,031		18,025
Novatek PJSC GDR		360		44,820
PhosAgro PJSC GDR		464		6,774
Rosneft Oil Co. PJSC (a)		19,626		112,861
Rosneft Oil Co. PJSC GDR		35,991		204,789
Rostelecom PJSC ADR		3,707		30,509
RusHydro PJSC ADR		27,321		44,260
Sberbank of Russia PJSC ADR (e)		6,842		78,888
Sberbank of Russia PJSC ADR (e)		52,508		605,942
Severstal PJSC GDR		1,053		15,174
Sistema PJSC FC GDR		3,037		27,181
Surgutneftegas OJSC ADR (e)		68,100		381,360
Surgutneftegas OJSC ADR (e)		67,627		346,250
Tatneft PJSC ADR (e)		1,551		58,147
Tatneft PJSC ADR (e)		11,390		419,722
Transneft PJSC Preference Shares (a)		107		325,129
VTB Bank PJSC (a)		48,106,319		56,284
VTB Bank PJSC GDR		49,712		113,791
				5,913,300
SOUTH AFRICA — 4.2%
African Phoenix Investments, Ltd. (a)		134		6
Anglo American Platinum, Ltd. (a)		275		6,277
AngloGold Ashanti, Ltd. (a)		3,751		40,073
Aspen Pharmacare Holdings, Ltd.		1,668		34,174
Barclays Africa Group, Ltd.		8,093		84,203
Bid Corp., Ltd.		16,837		326,098
Bidvest Group, Ltd.		21,778		249,910
Brait SE (a)		5,588		32,589
Capitec Bank Holdings, Ltd.		1,948		110,611
Coronation Fund Managers, Ltd.		14,659		69,137
Discovery, Ltd.		2,785		26,733
Exxaro Resources, Ltd.		3,293		28,952
FirstRand, Ltd.		203,737		704,409
Fortress Income Fund, Ltd.		2,968		7,358
Fortress Income Fund, Ltd. Class A		118,256		148,076
Foschini Group, Ltd.		10,600		122,129
Gold Fields, Ltd.		7,945		27,712
Growthpoint Properties, Ltd. REIT		22,388		43,244
Hyprop Investments, Ltd.		2,047		18,732
Impala Platinum Holdings, Ltd. (a)		9,028		30,446
Imperial Holdings, Ltd.		3,728		45,875

See accompanying notes to financial statements.

234

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Investec, Ltd.		1,558	$	10,627
Liberty Holdings, Ltd.		6,239		50,368
Life Healthcare Group Holdings, Ltd.		54,331		117,465
Massmart Holdings, Ltd.		6,436		65,360
MMI Holdings, Ltd.		16,890		28,833
Mondi, Ltd.		5,879		140,530
Mr. Price Group, Ltd.		16,878		201,271
MTN Group, Ltd.		25,082		228,209
Naspers, Ltd. Class N		755		130,350
Nedbank Group, Ltd.		3,155		56,824
Netcare, Ltd.		46,719		89,196
Pick n Pay Stores, Ltd.		49,751		246,849
Pioneer Foods Group, Ltd.		6,004		79,080
PSG Group, Ltd.		481		8,860
Rand Merchant Investment Holdings, Ltd.		32,910		101,365
Redefine Properties, Ltd. REIT		30,818		25,305
Remgro, Ltd.		4,764		73,222
Resilient REIT, Ltd.		3,135		27,247
RMB Holdings, Ltd.		44,470		194,247
Sanlam, Ltd.		74,759		375,614
Sappi, Ltd.		8,357		56,797
Sasol, Ltd.		9,816		285,935
Shoprite Holdings, Ltd.		23,722		342,506
Sibanye Gold, Ltd.		6,549		14,017
SPAR Group, Ltd.		21,862		284,118
Standard Bank Group, Ltd.		19,453		208,548
Telkom SA SOC, Ltd.		4,064		22,741
Tiger Brands, Ltd.		9,495		283,567
Truworths International, Ltd.		29,634		191,412
Tsogo Sun Holdings, Ltd.		3,296		6,794
Vodacom Group, Ltd.		52,025		589,749
Woolworths Holdings, Ltd.		52,442		273,420
				6,967,170
SOUTH KOREA — 13.4%
Amorepacific Corp.		1,518		380,756
Amorepacific Corp. Preference Shares		402		60,032
AMOREPACIFIC Group		829		88,586
BGF retail Co., Ltd.		1,152		108,164
BNK Financial Group, Inc.		8,377		68,766
Celltrion, Inc.		90		7,251
Cheil Worldwide, Inc.		3,029		51,463
CJ CheilJedang Corp.		324		102,273
CJ Corp.		345		53,680
CJ E&M Corp.		78		5,929
CJ Korea Express Corp. (a)		804		119,705
Coway Co., Ltd.		3,847		330,932
Daelim Industrial Co., Ltd.		395		28,575
Daewoo Engineering & Construction Co., Ltd. (a)		1,280		8,298
DGB Financial Group, Inc.		5,537		53,721
Dongbu Insurance Co., Ltd.		7,837		448,509
Dongsuh Cos., Inc.		104		2,762
Doosan Heavy Industries & Construction Co., Ltd.		1,377		29,490
E-MART, Inc.		842		154,727
GS Engineering & Construction Corp. (a)		912		25,037
GS Holdings Corp.		668		35,303
GS Retail Co., Ltd.		132		6,221
Hana Financial Group, Inc.		9,578		316,469
Hankook Tire Co., Ltd.		1,239		60,382
Hanmi Pharm Co., Ltd.		7		1,872
Hanmi Science Co., Ltd.		10		522
Hanon Systems		9,629		79,904
Hanssem Co., Ltd.		553		108,790
Hanwha Chemical Corp.		1,354		31,964
Hanwha Corp.		2,590		83,145
Hanwha Life Insurance Co., Ltd.		5,240		28,302
Hanwha Techwin Co., Ltd. (a)		219		9,224
Hotel Shilla Co., Ltd.		70		2,823
Hyosung Corp.		446		54,040
Hyundai Department Store Co., Ltd.		165		14,902
Hyundai Development Co-Engineering & Construction		206		7,488
Hyundai Engineering & Construction Co., Ltd.		1,798		79,586
Hyundai Glovis Co., Ltd.		288		37,857
Hyundai Heavy Industries Co., Ltd. (a)		938		138,398
Hyundai Marine & Fire Insurance Co., Ltd.		7,113		222,619
Hyundai Mobis Co., Ltd.		4,130		888,192
Hyundai Motor Co.		5,272		742,502
Hyundai Motor Co. GDR		264		11,510
Hyundai Motor Co. Preference Shares (e)		1,652		152,895
Hyundai Motor Co. Preference Shares (e)		1,003		89,062
Hyundai Steel Co.		2,264		118,433
Hyundai Wia Corp.		499		30,298
Industrial Bank of Korea		8,714		95,065
Kakao Corp.		625		46,443
Kangwon Land, Inc.		15,975		545,690
KB Financial Group, Inc.		2,159		94,600
KB Financial Group, Inc. ADR (a)		8,355		367,369
KCC Corp.		88		27,857
KEPCO Plant Service & Engineering Co., Ltd.		1,220		68,075
Kia Motors Corp.		12,789		423,708
Korea Aerospace Industries, Ltd.		2,940		151,430
Korea Electric Power Corp.		2,096		87,060
Korea Electric Power Corp. ADR (a)		24,687		511,761
Korea Gas Corp. (a)		1,400		56,273
Korea Investment Holdings Co., Ltd.		682		28,724
Korea Zinc Co., Ltd.		93		35,926
Korean Air Lines Co., Ltd. (a)		1,669		47,087
KT Corp.		123		3,509
KT Corp. ADR (a)		9,443		158,926
KT&G Corp.		11,807		1,029,404
Kumho Petrochemical Co., Ltd.		181		12,754
LG Chem, Ltd.		614		161,420
LG Chem, Ltd. Preference Shares		108		18,398
LG Corp.		1,519		95,353
LG Display Co., Ltd.		1,336		36,139
LG Display Co., Ltd. ADR (a)		12,427		169,256
LG Electronics, Inc.		3,864		234,611
LG Household & Health Care, Ltd.		470		340,848
LG Household & Health Care, Ltd. Preference Shares		111		50,621
LG Innotek Co., Ltd.		392		47,848

See accompanying notes to financial statements.

235

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SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
LG Uplus Corp.		2,817	$	36,022
Lotte Chemical Corp.		234		77,526
Lotte Chilsung Beverage Co., Ltd.		4		5,061
Lotte Confectionery Co., Ltd.		391		67,130
Lotte Shopping Co., Ltd.		472		91,800
Mirae Asset Daewoo Co., Ltd.		7,055		57,030
NAVER Corp.		2,200		1,682,017
NCSoft Corp.		1,057		288,281
NH Investment & Securities Co., Ltd.		2,276		25,542
OCI Co., Ltd.		282		21,359
Orion Corp.		22		13,181
Ottogi Corp.		4		2,718
POSCO		483		125,685
POSCO ADR		5,561		358,684
Posco Daewoo Corp.		966		20,602
S-1 Corp.		5,786		464,101
S-Oil Corp.		614		55,179
Samsung Biologics Co., Ltd. (a)		120		18,564
Samsung C&T Corp.		4,177		476,230
Samsung Card Co., Ltd.		333		11,673
Samsung Electro-Mechanics Co., Ltd.		996		61,899
Samsung Electronics Co., Ltd.		458		843,673
Samsung Electronics Co., Ltd. GDR (e)		3,118		2,860,765
Samsung Electronics Co., Ltd. GDR (e)		724		522,728
Samsung Electronics Co., Ltd. Preference Shares		102		146,209
Samsung Fire & Marine Insurance Co., Ltd.		1,839		440,715
Samsung Heavy Industries Co., Ltd. (a)		6,664		66,741
Samsung Life Insurance Co., Ltd.		4,851		470,655
Samsung SDI Co., Ltd.		799		98,598
Samsung SDS Co., Ltd.		210		25,069
Samsung Securities Co., Ltd.		1,158		34,845
Shinhan Financial Group Co., Ltd.		1,937		80,716
Shinhan Financial Group Co., Ltd. ADR (a)		8,569		358,098
Shinsegae, Inc.		150		25,619
SK Holdings Co., Ltd.		2,130		463,789
SK Hynix, Inc.		14,325		646,886
SK Innovation Co., Ltd.		1,354		201,593
SK Networks Co., Ltd.		5,408		36,124
SK Telecom Co., Ltd.		377		84,954
SK Telecom Co., Ltd. ADR		17,323		436,193
Woori Bank		8,626		100,275
Yuhan Corp.		187		37,206
				22,369,249
TAIWAN — 14.9%
Acer, Inc. (a)		107,258		50,903
Advanced Semiconductor Engineering, Inc.		121,248		154,844
Advantech Co., Ltd.		57,867		484,410
Asia Cement Corp.		101,200		102,059
Asia Pacific Telecom Co., Ltd. (a)		9,000		2,957
Asustek Computer, Inc.		37,000		365,824
AU Optronics Corp.		319,000		124,583
Casetek Holdings, Ltd.		1,000		3,329
Catcher Technology Co., Ltd.		40,000		395,485
Cathay Financial Holding Co., Ltd.		97,100		155,846
Chailease Holding Co., Ltd.		10,160		23,740
Chang Hwa Commercial Bank, Ltd.		90,081		54,923
Cheng Shin Rubber Industry Co., Ltd.		21,000		43,395
Chicony Electronics Co., Ltd.		170,756		435,578
China Airlines, Ltd.		574,000		199,578
China Development Financial Holding Corp.		314,000		86,203
China Life Insurance Co., Ltd.		59,772		59,097
China Steel Corp.		128,440		107,095
Chunghwa Telecom Co., Ltd.		406,540		1,380,032
Compal Electronics, Inc.		190,000		123,985
CTBC Financial Holding Co., Ltd.		316,900		195,827
Delta Electronics, Inc.		129,623		694,199
E.Sun Financial Holding Co., Ltd.		106,948		65,031
Eclat Textile Co., Ltd.		12,137		121,600
Eva Airways Corp.		118,718		62,993
Evergreen Marine Corp. Taiwan, Ltd. (a)		12,000		5,616
Far Eastern New Century Corp.		92,560		80,228
Far EasTone Telecommunications Co., Ltd		356,449		875,190
Feng TAY Enterprise Co., Ltd.		19,468		77,635
First Financial Holding Co., Ltd.		986,136		601,253
Formosa Chemicals & Fibre Corp.		41,000		127,557
Formosa Petrochemical Corp.		107,000		373,799
Formosa Plastics Corp.		111,000		331,070
Formosa Taffeta Co., Ltd.		157,000		167,646
Foxconn Technology Co., Ltd.		98,892		301,475
Fubon Financial Holding Co., Ltd.		89,000		145,192
Giant Manufacturing Co., Ltd.		13,000		76,905
Highwealth Construction Corp.		48,500		85,196
Hiwin Technologies Corp.		1,000		6,278
Hon Hai Precision Industry Co., Ltd.		1,125,163		3,374,469
Hotai Motor Co., Ltd.		1,000		11,716
HTC Corp. (a)		8,000		20,433
Hua Nan Financial Holdings Co., Ltd.		847,152		473,238
Innolux Corp.		364,751		150,865
Inventec Corp.		84,000		62,981
Largan Precision Co., Ltd.		6,000		945,209
Lite-On Technology Corp.		335,952		579,065
MediaTek, Inc.		15,877		112,501
Mega Financial Holding Co., Ltd.		170,657		137,797
Merida Industry Co., Ltd.		13,000		68,765
Micro-Star International Co., Ltd.		4,000		9,307
Nan Ya Plastics Corp.		43,000		101,893
Nanya Technology Corp.		9,000		14,356
Nien Made Enterprise Co., Ltd.		9,000		83,942
Novatek Microelectronics Corp.		41,000		158,771
OBI Pharma, Inc. (a)		2,000		17,995
Pegatron Corp.		51,000		150,937
Phison Electronics Corp.		9,000		80,827
Pou Chen Corp.		39,000		53,984
Powertech Technology, Inc.		47,000		136,775
President Chain Store Corp.		80,000		659,141
Quanta Computer, Inc.		101,000		205,379
Realtek Semiconductor Corp.		3,000		10,728
Ruentex Development Co., Ltd. (a)		9,536		11,424
Ruentex Industries, Ltd.		34,000		54,682
Shin Kong Financial Holding Co., Ltd. (a)		185,936		54,232
Siliconware Precision Industries Co., Ltd.		225,300		367,549

See accompanying notes to financial statements.

236

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
SinoPac Financial Holdings Co., Ltd.		269,199	$	84,018
Standard Foods Corp.		48,085		119,489
Synnex Technology International Corp.		254,900		274,285
TaiMed Biologics, Inc. (a)		3,000		17,599
Taishin Financial Holding Co., Ltd.		165,899		69,164
Taiwan Business Bank		275,549		76,283
Taiwan Cement Corp.		42,000		50,246
Taiwan Cooperative Financial Holding Co., Ltd.		1,555,598		774,146
Taiwan Fertilizer Co., Ltd.		10,000		13,842
Taiwan Mobile Co., Ltd.		297,542		1,093,382
Taiwan Semiconductor Manufacturing Co., Ltd.		729,495		4,543,942
Teco Electric and Machinery Co., Ltd.		32,000		32,535
Transcend Information, Inc.		65,000		212,936
Uni-President Enterprises Corp.		41,164		77,193
United Microelectronics Corp.		365,000		146,758
Vanguard International Semiconductor Corp.		39,000		74,292
Wistron Corp.		116,914		107,117
WPG Holdings, Ltd.		130,000		163,236
Yuanta Financial Holding Co., Ltd.		194,466		82,036
Yulon Motor Co., Ltd.		25,000		23,276
Zhen Ding Technology Holding, Ltd.		4,000		9,399
				24,902,691
THAILAND — 3.5%
Advanced Info Service PCL		86,400		451,329
Airports of Thailand PCL		32,200		36,780
Airports of Thailand PCL NVDR		208,470		238,122
Bangkok Bank PCL		3,700		20,028
Bangkok Bank PCL NVDR		2,800		14,789
Bangkok Dusit Medical Services PCL		580,592		358,197
Bangkok Expressway & Metro PCL		1,072,733		237,258
Banpu PCL		20,370		11,737
BEC World PCL		70,800		37,087
BTS Group Holdings PCL		1,583,598		389,419
BTS Group Holdings PCL NVDR		8,800		2,164
Bumrungrad Hospital PCL		61,700		328,588
Central Pattana PCL		2,800		4,787
Central Pattana PCL NVDR		16,400		27,085
Charoen Pokphand Foods PCL		33,186		26,800
CP ALL PCL		248,700		427,015
Delta Electronics Thailand PCL		164,300		418,370
Delta Electronics Thailand PCL NVDR		300		764
Electricity Generating PCL		36,300		226,066
Energy Absolute PCL		12,900		10,418
Energy Absolute PCL NVDR		72,000		58,145
Glow Energy PCL		58,800		141,171
Glow Energy PCL NVDR		300		720
Home Product Center PCL		538,959		151,356
Indorama Ventures PCL		1,400		1,436
Indorama Ventures PCL NVDR		20,800		21,337
IRPC PCL		166,300		24,924
Kasikornbank PCL		12,000		66,002
Kasikornbank PCL NVDR		38,900		213,957
KCE Electronics PCL NVDR		71,800		218,351
Krung Thai Bank PCL		82,900		49,215
Minor International PCL		10,100		10,802
Minor International PCL NVDR		136,000		145,449
PTT Exploration & Production PCL		27,928		75,586
PTT Global Chemical PCL		35,703		76,108
PTT PCL		20,656		232,634
Robinson Department Store PCL		11,500		21,419
Robinson Department Store PCL NVDR		71,300		132,796
Siam Cement PCL		42,750		671,808
Siam Cement PCL NVDR		500		7,857
Siam Commercial Bank PCL		27,200		129,024
Thai Oil PCL		47,600		104,585
Thai Union Group PCL		14,200		8,843
Thai Union Group PCL NVDR		26,000		16,192
TMB Bank PCL		28,600		2,031
TMB Bank PCL NVDR		164,100		11,652
True Corp. PCL		106,300		21,036
				5,881,239
TURKEY — 0.7%
Akbank TAS		40,377		94,577
Anadolu Efes Biracilik Ve Malt Sanayii A/S		3,174		17,266
Arcelik A/S		3,019		18,786
BIM Birlesik Magazalar A/S		13,645		209,453
Coca-Cola Icecek A/S		504		4,933
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		31,534		25,112
Eregli Demir ve Celik Fabrikalari TAS		17,043		27,612
Ford Otomotiv Sanayi A/S		4,104		40,120
Haci Omer Sabanci Holding A/S		14,359		39,430
KOC Holding A/S		10,875		45,840
Petkim Petrokimya Holding A/S		4,613		6,422
TAV Havalimanlari Holding A/S		1,930		7,679
Tofas Turk Otomobil Fabrikasi A/S		6,728		50,289
Tupras Turkiye Petrol Rafinerileri A/S		7,962		197,211
Turk Hava Yollari AO (a)		20,640		31,003
Turk Telekomunikasyon A/S		5,088		8,243
Turkcell Iletisim Hizmetleri A/S (a)		16,218		53,308
Turkiye Garanti Bankasi A/S		50,973		124,015
Turkiye Halk Bankasi A/S		23,013		65,532
Turkiye Is Bankasi Class C		50,045		91,112
Turkiye Sise ve Cam Fabrikalari A/S		20,252		23,190
Turkiye Vakiflar Bankasi TAO Class D		21,377		31,464
Ulker Biskuvi Sanayi A/S		704		3,569
Yapi ve Kredi Bankasi A/S (a)		21,544		22,481
				1,238,647
UNITED ARAB EMIRATES — 1.3%
Abu Dhabi Commercial Bank PJSC		36,013		66,673
Aldar Properties PJSC		33,211		20,435
DP World, Ltd.		15,684		337,206
Dubai Islamic Bank PJSC		76,693		116,929
DXB Entertainments PJSC (a)		58,609		16,276
Emaar Malls PJSC		6,474		4,653
Emaar Properties PJSC		32,983		65,553
Emirates Telecommunications Group Co. PJSC		166,944		820,403
First Gulf Bank PJSC		74,035		260,019
National Bank of Abu Dhabi PJSC		148,368		414,041
				2,122,188

See accompanying notes to financial statements.

237

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
UNITED STATES — 0.1%
Yum China Holdings, Inc. (a)		8,355	$	227,256
TOTAL COMMON STOCKS (Cost $154,831,902)				166,899,681
RIGHTS — 0.0% (f)
QATAR — 0.0% (f)
Doha Bank QSC (expiring 5/9/17) (a)		2,266		3,983
SOUTH AFRICA — 0.0% (f)
Life Healthcare Group Holdings, Ltd. (expiring 4/13/17) (a)		18,590		6,239
TOTAL RIGHTS (Cost $0)				10,222
SHORT-TERM INVESTMENT — 0.0% (f)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (g) (h) (Cost $74,203)		74,203		74,203
TOTAL INVESTMENTS — 99.7% (Cost $154,906,105)				166,984,106
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				463,733
NET ASSETS — 100.0%			$	167,447,839

(a) Non-income producing security.

(b) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $68,994 representing less than 0.05% of the Fund’s net assets.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.5% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2017, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

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

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

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at March 31, 2017.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	8,813,994	$	11,038	$	—		$	8,825,032
Chile		2,538,152		—		—			2,538,152
China.		41,969,406		57,956		—			42,027,362
Colombia		361,196		—		—			361,196
Czech Republic		530,389		—		—			530,389
Egypt		507,503		—		—			507,503
Greece		412,379		—		—			412,379
Hong Kong		1,532,110		—		0	(a)		1,532,110
Hungary		667,432		—		—			667,432
India		15,433,569		—		—			15,433,569
Indonesia		6,567,925		—		—			6,567,925
Malaysia		5,689,957		—		—			5,689,957
Mexico		4,567,907		—		—			4,567,907
Netherlands		128,878		—		—			128,878
Peru		781,340		—		—			781,340
Philippines		2,536,604		—		—			2,536,604
Poland		1,902,785		—		—			1,902,785
Qatar		2,116,768		—		—			2,116,768
Romania		150,653		—		—			150,653
Russia		5,913,300		—		—			5,913,300
South Africa		6,967,170		—		—			6,967,170

See accompanying notes to financial statements.

238

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
South Korea	$	22,369,249	$	—	$	—	$	22,369,249
Taiwan		24,902,691		—		—		24,902,691
Thailand		1,867,218		4,014,021		—		5,881,239
Turkey		1,238,647		—		—		1,238,647
United Arab Emirates		2,122,188		—		—		2,122,188
United States		227,256		—		—		227,256
Rights
Qatar		—		3,983		—		3,983
South Africa		6,239		—		—		6,239
Short-Term Investment		74,203		—		—		74,203
TOTAL INVESTMENTS	$	162,897,108	$	4,086,998	$	0	$	166,984,106

(a) Fund held Level 3 security that was valued at $0 at March 31, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		—	$	—		1,677,403		1,677,403		—	$	—	$	19
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		5,711,298		5,637,095		74,203		74,203		438
TOTAL			$	—							$	74,203	$	457

See accompanying notes to financial statements.

239

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 1.5%
AGL Energy, Ltd.		348	$	7,000
Amcor, Ltd.		1,201		13,798
AMP, Ltd.		905		3,576
Aurizon Holdings, Ltd.		937		3,753
Australia & New Zealand Banking Group, Ltd.		1,109		26,920
Bendigo & Adelaide Bank, Ltd.		238		2,204
BHP Billiton PLC		276		4,259
BHP Billiton, Ltd.		541		9,921
Brambles, Ltd.		1,686		12,026
Caltex Australia, Ltd.		88		1,980
Cochlear, Ltd.		76		7,840
Commonwealth Bank of Australia		469		30,737
CSL, Ltd.		713		68,168
Flight Centre Travel Group, Ltd.		4		88
Fortescue Metals Group, Ltd.		1,053		5,004
Incitec Pivot, Ltd.		501		1,437
Insurance Australia Group, Ltd.		809		3,734
LendLease Group		340		4,041
Macquarie Group, Ltd.		80		5,505
Medibank Pvt, Ltd.		797		1,714
National Australia Bank, Ltd.		1,017		25,866
Newcrest Mining, Ltd.		436		7,407
Oil Search, Ltd.		400		2,203
Orica, Ltd.		232		3,115
QBE Insurance Group, Ltd.		440		4,327
REA Group, Ltd.		108		4,888
Santos, Ltd.		4		12
Scentre Group REIT		1,878		6,146
SEEK, Ltd.		292		3,546
Sonic Healthcare, Ltd.		392		6,615
South32, Ltd.		765		1,611
Suncorp Group, Ltd.		336		3,386
Telstra Corp., Ltd.		10,612		37,724
Transurban Group Stapled Security		120		1,068
Wesfarmers, Ltd.		248		8,527
Westfield Corp.		2,282		15,458
Westpac Banking Corp.		1,109		29,661
Woodside Petroleum, Ltd.		272		6,656
Woolworths, Ltd.		1,113		22,500
				404,421
AUSTRIA — 0.1%
Erste Group Bank AG (a)		132		4,310
OMV AG		120		4,734
Raiffeisen Bank International AG (a)		4		90
Voestalpine AG		92		3,631
				12,765
BELGIUM — 0.3%
Ageas		104		4,076
Anheuser-Busch InBev SA		116		12,767
Colruyt SA		84		4,134
Groupe Bruxelles Lambert SA		40		3,641
KBC Group NV		76		5,055
Proximus SADP		805		25,326
Solvay SA		32		3,920
UCB SA		192		14,931
Umicore SA		84		4,798
				78,648
CANADA — 3.3%
Agnico Eagle Mines, Ltd.		741		31,348
Agrium, Inc.		48		4,568
Alimentation Couche-Tard, Inc. Class B		384		17,299
Bank of Montreal		541		40,294
Bank of Nova Scotia		376		21,934
Barrick Gold Corp.		228		4,318
BCE, Inc.		629		27,770
Bombardier, Inc. Class B (a)		777		1,189
Brookfield Asset Management, Inc. Class A		196		7,120
Canadian Imperial Bank of Commerce		324		27,858
Canadian National Railway Co.		757		55,717
Canadian Natural Resources, Ltd.		248		8,097
Canadian Pacific Railway, Ltd.		28		4,101
Canadian Tire Corp., Ltd. Class A		44		5,212
CI Financial Corp.		160		3,171
Constellation Software, Inc.		24		11,760
Dollarama, Inc.		320		26,444
Enbridge, Inc. (b)		204		8,522
Enbridge, Inc. (b)		204		8,535
Fairfax Financial Holdings, Ltd.		48		21,782
First Capital Realty, Inc.		481		7,224
Franco-Nevada Corp.		961		62,777
Gildan Activewear, Inc.		208		5,604
Goldcorp, Inc.		2,431		35,363
Great-West Lifeco, Inc.		148		4,089
Imperial Oil, Ltd.		84		2,552
Intact Financial Corp.		665		47,161
Loblaw Cos., Ltd.		104		5,627
Magna International, Inc.		525		22,592
Manulife Financial Corp.		801		14,168
Metro, Inc.		300		9,189
Onex Corp.		72		5,153
Pembina Pipeline Corp.		32		1,011
Power Corp. of Canada		156		3,654
Power Financial Corp.		132		3,481
PrairieSky Royalty, Ltd.		316		6,649
Restaurant Brands International, Inc.		352		19,552
RioCan Real Estate Investment Trust		589		11,571
Rogers Communications, Inc. Class B		961		42,370
Royal Bank of Canada		1,029		74,757
Saputo, Inc.		224		7,708
Shaw Communications, Inc. Class B		1,446		29,893
Silver Wheaton Corp.		609		12,654
Smart Real Estate Investment Trust REIT		412		10,093
Sun Life Financial, Inc.		128		4,661
Suncor Energy, Inc.		797		24,400
TELUS Corp.		629		20,361
Toronto-Dominion Bank		1,169		58,386
				889,739
CHILE — 0.0% (c)
Antofagasta PLC		148		1,544
DENMARK — 1.1%
Carlsberg A/S Class B		40		3,705
Chr Hansen Holding A/S		104		6,695
Coloplast A/S Class B		773		60,537
Danske Bank A/S		208		7,105

See accompanying notes to financial statements.

240

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
DONG Energy A/S (d)		585	$	22,625
DSV A/S		248		12,877
ISS A/S		581		22,036
Novo Nordisk A/S Class B		2,899		99,861
Novozymes A/S Class B		372		14,788
Pandora A/S		136		15,101
Tryg A/S		240		4,367
Vestas Wind Systems A/S		32		2,610
William Demant Holding A/S (a)		717		15,025
				287,332
FINLAND — 0.2%
Elisa Oyj		136		4,822
Fortum Oyj		4		63
Kone Oyj Class B		400		17,609
Nokia Oyj		1,094		5,888
Orion Oyj Class B		140		7,318
Sampo Oyj Class A		96		4,565
Stora Enso Oyj Class R		412		4,883
UPM-Kymmene Oyj		236		5,558
Wartsila Oyj Abp		144		7,724
				58,430
FRANCE — 2.1%
Aeroports de Paris		100		12,391
Air Liquide SA		64		7,331
Airbus SE		705		53,785
Alstom SA (a)		108		3,236
Arkema SA		44		4,352
AXA SA		1,041		27,006
BNP Paribas SA		697		46,540
Bouygues SA		108		4,407
Bureau Veritas SA		4		85
Cap Gemini SA		56		5,184
Carrefour SA		252		5,956
Casino Guichard Perrachon SA		4		224
Christian Dior SE		20		4,659
Cie de Saint-Gobain		152		7,825
Cie Generale des Etablissements Michelin		68		8,280
CNP Assurances		192		3,918
Credit Agricole SA		1,337		18,161
Danone SA		104		7,092
Dassault Systemes SE		100		8,678
Electricite de France SA		4		34
Engie SA		4		57
Essilor International SA		60		7,309
Hermes International		32		15,200
Iliad SA		4		897
Kering		20		5,186
L’Oreal SA		252		48,555
Lagardere SCA		4		118
Legrand SA		64		3,869
LVMH Moet Hennessy Louis Vuitton SE		48		10,568
Natixis SA		629		3,886
Orange SA		849		13,226
Pernod Ricard SA		40		4,744
Peugeot SA (a)		324		6,541
Publicis Groupe SA		132		9,249
Renault SA		100		8,709
Rexel SA		176		3,204
Safran SA		64		4,794
Sanofi		252		22,807
Schneider Electric SE		104		7,634
SCOR SE		116		4,396
Societe BIC SA		32		3,998
Societe Generale SA		601		30,565
Sodexo SA		40		4,717
Suez Environment Co.		204		3,230
Thales SA		112		10,860
TOTAL SA		1,101		55,835
Unibail-Rodamco SE		20		4,687
Valeo SA		276		18,429
Veolia Environnement SA		244		4,583
Vinci SA		148		11,761
Vivendi SA		228		4,444
Zodiac Aerospace		44		1,104
				564,306
GERMANY — 2.2%
adidas AG		44		8,391
Allianz SE		180		33,431
BASF SE		308		30,610
Bayer AG		168		19,415
Bayerische Motoren Werke AG		180		16,462
Bayerische Motoren Werke AG Preference Shares		44		3,474
Beiersdorf AG		88		8,351
Brenntag AG		72		4,047
Commerzbank AG		1,341		12,160
Continental AG		128		28,133
Daimler AG		525		38,857
Deutsche Bank AG (a)		1,361		23,509
Deutsche Boerse AG (a)		24		2,205
Deutsche Lufthansa AG		4		65
Deutsche Post AG		1,141		39,180
Deutsche Telekom AG		1,129		19,834
E.ON SE		1,570		12,512
Fresenius Medical Care AG & Co. KGaA		40		3,382
Fresenius SE & Co. KGaA		84		6,768
Fuchs Petrolub SE Preference Shares		88		4,304
Hannover Rueck SE		48		5,552
HeidelbergCement AG		48		4,506
Henkel AG & Co. KGaA		108		12,031
Henkel AG & Co. KGaA Preference Shares		180		23,122
HUGO BOSS AG		92		6,731
Infineon Technologies AG		376		7,699
KS AG		116		2,703
Lanxess AG		60		4,036
Linde AG		40		6,678
MAN SE		180		18,603
Merck KGaA		48		5,483
METRO AG		340		10,902
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		84		16,477
Porsche Automobil Holding SE Preference Shares		240		13,127
ProSiebenSat.1 Media SE		200		8,878
RWE AG (a)		725		12,046
SAP SE		120		11,805
Siemens AG		204		28,015
Telefonica Deutschland Holding AG		1,293		6,431

See accompanying notes to financial statements.

241

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
ThyssenKrupp AG		148	$	3,634
TUI AG		1,758		24,313
United Internet AG		120		5,324
Volkswagen AG Preference Shares		208		30,389
Volkswagen AG		64		9,559
				593,134
HONG KONG — 1.8%
AIA Group, Ltd.		1,600		10,088
Bank of East Asia, Ltd.		2,474		10,235
BOC Hong Kong Holdings, Ltd.		4,000		16,342
Cheung Kong Infrastructure Holdings, Ltd.		4,000		31,397
Cheung Kong Property Holdings, Ltd.		1,770		11,923
CK Hutchison Holdings, Ltd.		2,000		24,603
CLP Holdings, Ltd.		8,000		83,639
Hang Seng Bank, Ltd.		4,000		81,117
HK Electric Investments & HK Electric Investments, Ltd. (d)		13,831		12,743
HKT Trust & HKT, Ltd.		15,540		20,036
Hong Kong & China Gas Co., Ltd.		15,630		31,254
Hong Kong Exchanges & Clearing, Ltd.		1,210		30,454
Link REIT		4,000		28,025
MTR Corp., Ltd.		8,059		45,265
New World Development Co., Ltd.		4,112		5,058
Noble Group, Ltd. (a)		4,000		555
Power Assets Holdings, Ltd.		4,000		34,485
Yue Yuen Industrial Holdings, Ltd.		4,000		15,724
				492,943
IRELAND — 0.3%
Bank of Ireland (a)		10,956		2,754
CRH PLC		176		6,225
Experian PLC		1,033		21,029
James Hardie Industries PLC		436		6,842
Kerry Group PLC Class A		424		33,422
Paddy Power Betfair PLC		76		8,169
XL Group, Ltd.		128		5,102
				83,543
ISRAEL — 0.5%
Azrieli Group, Ltd.		224		11,859
Bank Hapoalim BM		3,920		23,841
Bank Leumi Le-Israel BM (a)		3,356		14,790
Bezeq The Israeli Telecommunication Corp., Ltd.		4,673		8,379
Check Point Software Technologies, Ltd. (a)		132		13,551
Israel Chemicals, Ltd.		4		17
Mizrahi Tefahot Bank, Ltd.		785		13,285
Nice, Ltd.		224		15,018
Teva Pharmaceutical Industries, Ltd.		609		19,978
				120,718
ITALY — 0.6%
Assicurazioni Generali SpA		805		12,829
Atlantia SpA		152		3,934
Enel SpA		3,744		17,675
Eni SpA		521		8,554
Ferrari NV		104		7,759
Intesa Sanpaolo SpA		4,621		12,583
Mediobanca SpA		913		8,252
Snam SpA		8,746		37,922
Telecom Italia RSP/Milano		5,398		3,949
Telecom Italia SpA/Milano (a)		6,944		6,261
UniCredit SpA		1,836		28,375
				148,093
JAPAN — 10.0%
ABC-Mart, Inc.		400		23,369
Aeon Co., Ltd.		400		5,833
Ajinomoto Co., Inc.		800		15,770
ANA Holdings, Inc.		8,000		24,396
Aozora Bank, Ltd.		4,000		14,718
Astellas Pharma, Inc.		4,400		57,887
Benesse Holdings, Inc.		400		12,492
Bridgestone Corp.		400		16,164
Canon, Inc.		2,800		87,219
Chubu Electric Power Co., Inc.		400		5,352
Chugai Pharmaceutical Co., Ltd.		400		13,731
Chugoku Bank, Ltd.		800		11,631
Chugoku Electric Power Co., Inc.		400		4,423
Concordia Financial Group, Ltd.		400		1,850
Dai-ichi Life Holdings, Inc.		1,200		21,501
Daiichi Sankyo Co., Ltd.		400		8,999
Denso Corp.		400		17,579
Eisai Co., Ltd.		400		20,691
Fuji Heavy Industries, Ltd.		800		29,313
FUJIFILM Holdings Corp.		400		15,608
Hino Motors, Ltd.		400		4,835
Hitachi Construction Machinery Co., Ltd.		400		9,961
Hitachi, Ltd.		4,000		21,628
Honda Motor Co., Ltd.		800		24,058
Hoya Corp.		400		19,226
Idemitsu Kosan Co., Ltd.		400		13,892
Inpex Corp.		800		7,858
Isetan Mitsukoshi Holdings, Ltd.		400		4,387
Isuzu Motors, Ltd.		400		5,286
ITOCHU Corp.		1,200		17,015
Japan Airlines Co., Ltd.		800		25,315
Japan Exchange Group, Inc.		400		5,690
Japan Post Bank Co., Ltd.		400		4,957
Japan Post Holdings Co., Ltd.		400		5,015
Japan Prime Realty Investment Corp. REIT		4		15,472
Japan Real Estate Investment Corp. REIT		4		21,179
Japan Retail Fund Investment Corp. REIT		12		23,520
Japan Tobacco, Inc.		1,200		38,963
JFE Holdings, Inc.		800		13,702
JTEKT Corp.		400		6,207
JX Holdings, Inc.		2,800		13,737
Kakaku.com, Inc.		800		10,877
Kansai Electric Power Co., Inc.		400		4,907
Kao Corp.		400		21,912
Kawasaki Heavy Industries, Ltd.		4,000		12,133
KDDI Corp.		800		20,978
Keikyu Corp.		4,000		43,866
Kirin Holdings Co., Ltd.		400		7,540
Kobe Steel, Ltd. (a)		400		3,647
Komatsu, Ltd.		400		10,416
Konica Minolta, Inc.		400		3,575
Kubota Corp.		400		5,998
Kyowa Hakko Kirin Co., Ltd.		800		12,650
Kyushu Electric Power Co., Inc.		400		4,257
Kyushu Financial Group, Inc.		400		2,445

See accompanying notes to financial statements.

242

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Lawson, Inc.		200	$	13,551
M3, Inc.		400		9,918
Marubeni Corp.		4,000		24,607
Mazda Motor Corp.		400		5,754
McDonald’s Holdings Co., Japan, Ltd.		400		11,667
Miraca Holdings, Inc.		400		18,379
Mitsubishi Chemical Holdings Corp.		1,200		9,277
Mitsubishi Corp.		1,600		34,540
Mitsubishi Heavy Industries, Ltd.		4,000		16,032
Mitsubishi Motors Corp.		1,200		7,205
Mitsubishi Tanabe Pharma Corp.		1,200		24,963
Mitsubishi UFJ Financial Group, Inc.		10,800		67,816
Mitsubishi UFJ Lease & Finance Co., Ltd.		400		1,992
Mitsui & Co., Ltd.		1,200		17,365
Mitsui OSK Lines, Ltd.		4,000		12,564
Mizuho Financial Group, Inc.		20,000		36,615
MS&AD Insurance Group Holdings, Inc.		400		12,708
Nagoya Railroad Co., Ltd.		4,000		17,984
NGK Spark Plug Co., Ltd.		400		9,132
Nikon Corp.		400		5,794
Nippon Building Fund, Inc. REIT		4		21,861
Nippon Prologis REIT, Inc.		8		17,324
Nippon Steel & Sumitomo Metal Corp.		400		9,208
Nippon Telegraph & Telephone Corp.		1,600		68,233
Nippon Yusen KK (a)		4,000		8,436
Nissan Motor Co., Ltd.		1,600		15,414
Nissin Foods Holdings Co., Ltd.		400		22,148
Nitori Holdings Co., Ltd.		400		50,507
Nomura Holdings, Inc.		2,000		12,419
Nomura Real Estate Master Fund, Inc.		16		24,812
Nomura Research Institute, Ltd.		800		29,436
NSK, Ltd.		800		11,430
NTT Data Corp.		800		37,907
NTT DOCOMO, Inc.		2,768		64,400
Oracle Corp. Japan		400		22,831
Oriental Land Co., Ltd.		400		22,913
ORIX Corp.		400		5,914
Osaka Gas Co., Ltd.		4,000		15,184
Otsuka Corp.		400		21,682
Otsuka Holdings Co., Ltd.		1,600		72,110
Panasonic Corp.		1,200		13,548
Park24 Co., Ltd.		400		10,460
Rakuten, Inc.		400		4,003
Recruit Holdings Co., Ltd.		1,966		100,214
Resona Holdings, Inc.		2,000		10,731
Ricoh Co., Ltd.		400		3,288
Sankyo Co., Ltd.		400		13,354
Santen Pharmaceutical Co., Ltd.		2,000		28,933
SBI Holdings, Inc.		400		5,571
Secom Co., Ltd.		400		28,606
Sekisui House, Ltd.		400		6,573
Seven & i Holdings Co., Ltd.		400		15,658
Showa Shell Sekiyu KK		800		8,091
SoftBank Group Corp.		400		28,222
Sompo Holdings, Inc.		400		14,642
Sony Corp.		800		27,038
Sumitomo Corp.		800		10,751
Sumitomo Electric Industries, Ltd.		400		6,627
Sumitomo Mitsui Financial Group, Inc.		1,200		43,561
Sumitomo Mitsui Trust Holdings, Inc.		400		13,856
Suntory Beverage & Food, Ltd.		800		33,671
Suzuken Co., Ltd.		400		13,102
T&D Holdings, Inc.		800		11,602
Taisho Pharmaceutical Holdings Co., Ltd.		400		32,451
Takeda Pharmaceutical Co., Ltd.		1,989		93,336
Terumo Corp.		400		13,874
Tobu Railway Co., Ltd.		4,000		20,246
Toho Co., Ltd.		400		10,593
Tohoku Electric Power Co., Inc.		400		5,413
Tokio Marine Holdings, Inc.		400		16,857
Tokyo Electric Power Co. Holdings, Inc. (a)		1,200		4,695
TonenGeneral Sekiyu KK (a) (e)		4,000		50,043
Toshiba Corp. (a)		4,000		8,666
Toyo Suisan Kaisha, Ltd.		400		14,879
Toyota Motor Corp.		1,200		65,067
Toyota Tsusho Corp.		400		12,097
Unicharm Corp.		400		9,576
United Urban Investment Corp. REIT		12		18,415
USS Co., Ltd.		1,200		19,987
Yahoo! Japan Corp.		1,600		7,380
Yamada Denki Co., Ltd.		1,200		5,977
Yamaha Motor Co., Ltd.		400		9,624
Yamato Holdings Co., Ltd.		1,200		25,119
Yokohama Rubber Co., Ltd.		400		7,822
				2,691,881
LUXEMBOURG — 0.1%
ArcelorMittal (a)		1,193		10,062
RTL Group SA (a)		132		10,659
SES SA		68		1,586
Tenaris SA		184		3,163
				25,470
MEXICO — 0.1%
Fresnillo PLC		1,117		21,733
NETHERLANDS — 1.1%
Aegon NV		1,185		6,047
AerCap Holdings NV (a)		400		18,388
Akzo Nobel NV		60		4,988
Altice NV Class A (a)		48		1,089
Altice NV Class B (a)		16		363
ASML Holding NV		334		44,439
EXOR NV		108		5,600
Heineken Holding NV		64		5,104
Heineken NV		64		5,462
ING Groep NV		1,730		26,219
Koninklijke Ahold Delhaize NV		1,602		34,371
Koninklijke DSM NV		56		3,798
Koninklijke KPN NV		1,345		4,061
Koninklijke Philips NV		228		7,348
NN Group NV		224		7,304
Randstad Holding NV		72		4,166
Royal Dutch Shell PLC Class A		2,551		66,860
Royal Dutch Shell PLC Class B		1,606		43,870
				289,477
NEW ZEALAND — 0.1%
Auckland International Airport, Ltd.		4,141		19,569
Ryman Healthcare, Ltd.		2,046		12,028
				31,597

See accompanying notes to financial statements.

243

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
NORWAY — 0.1%
DNB ASA		376	$	5,958
Norsk Hydro ASA		777		4,511
Statoil ASA		478		8,164
Telenor ASA		180		2,995
Yara International ASA		240		9,238
				30,866
PORTUGAL — 0.0% (c)
EDP — Energias de Portugal SA		909		3,087
Galp Energia SGPS SA		240		3,651
Jeronimo Martins SGPS SA		288		5,166
				11,904
SINGAPORE — 0.7%
Broadcom, Ltd.		36		7,883
Keppel Corp., Ltd.		4,000		19,867
Oversea-Chinese Banking Corp., Ltd.		4,026		28,006
Singapore Airlines, Ltd.		4,000		28,827
Singapore Press Holdings, Ltd.		8,000		20,325
Singapore Telecommunications, Ltd.		27,242		76,425
StarHub, Ltd.		4,000		8,244
				189,577
SOUTH AFRICA — 0.0% (c)
Investec PLC		220		1,497
Mondi PLC		452		10,891
				12,388
SPAIN — 0.9%
ACS Actividades de Construccion y Servicios SA		105		3,582
Amadeus IT Group SA		473		24,060
Banco Bilbao Vizcaya Argentaria SA		4,116		32,005
Banco de Sabadell SA		1,674		3,076
Banco Popular Espanol SA		4,325		4,210
Banco Santander SA		10,215		62,767
CaixaBank SA		4		17
Distribuidora Internacional de Alimentacion SA		280		1,623
Endesa SA		605		14,255
Ferrovial SA		197		3,953
Gas Natural SDG SA		4		88
Iberdrola SA		2,395		17,175
Industria de Diseno Textil SA		1,177		41,593
Mapfre SA		753		2,589
Repsol SA		1,161		17,974
Telefonica SA		1,856		20,814
Zardoya Otis SA		264		2,445
				252,226
SWEDEN — 0.8%
Alfa Laval AB		304		5,758
Assa Abloy AB Class B		973		20,085
Atlas Copco AB Class A		721		25,543
Atlas Copco AB Class B		424		13,525
Autoliv, Inc.		40		4,090
Boliden AB		296		8,852
Electrolux AB Series B		168		4,687
Hennes & Mauritz AB Class B		1,193		30,599
Investor AB Class B		268		11,322
Kinnevik AB Class B		312		8,352
Nordea Bank AB		1,478		16,935
Sandvik AB		280		4,199
Skandinaviska Enskilda Banken AB Class A		461		5,148
Skanska AB Class B		420		9,926
SKF AB Class B		432		8,579
Svenska Cellulosa AB SCA Class B		144		4,661
Svenska Handelsbanken AB Class A		420		5,781
Swedbank AB Class A		268		6,232
Telefonaktiebolaget LM Ericsson Class B		677		4,534
Telia Co. AB		693		2,918
Volvo AB Class B		432		6,401
				208,127
SWITZERLAND — 5.1%
ABB, Ltd.		440		10,299
Actelion, Ltd. (a)		140		39,540
Adecco Group AG		204		14,501
Baloise Holding AG		36		4,952
Barry Callebaut AG (a)		4		5,231
Chocoladefabriken Lindt & Spruengli AG		6		34,048
Cie Financiere Richemont SA		4		316
Credit Suisse Group AG (a)		1,141		16,985
EMS-Chemie Holding AG		12		6,995
Galenica AG		4		4,220
Geberit AG		40		17,256
Givaudan SA		16		28,837
Glencore PLC (a)		9,214		36,080
Julius Baer Group, Ltd. (a)		416		20,780
Kuehne + Nagel International AG		328		46,368
LafargeHolcim, Ltd. (a)		220		13,012
Nestle SA		4,305		330,525
Novartis AG		1,173		87,130
Partners Group Holding AG		28		15,064
Roche Holding AG		1,205		307,946
Schindler Holding AG (b)		76		14,715
Schindler Holding AG (b)		124		23,525
SGS SA		4		8,540
Sika AG		4		24,017
Sonova Holding AG		276		38,300
STMicroelectronics NV		208		3,188
Swatch Group AG		4		279
Swiss Life Holding AG (a)		16		5,166
Swiss Prime Site AG (a)		296		26,068
Swiss Re AG		156		14,019
Swisscom AG		136		62,786
Syngenta AG		79		34,893
TE Connectivity, Ltd.		408		30,416
UBS Group AG (a)		1,610		25,784
Wolseley PLC		276		17,325
Zurich Insurance Group AG		52		13,892
				1,382,998
UNITED KINGDOM — 6.0%
3i Group PLC		424		3,974
Aberdeen Asset Management PLC		1,125		3,724
Admiral Group PLC		256		6,367
Anglo American PLC (a)		1,377		20,998
Ashtead Group PLC		96		1,984
Associated British Foods PLC		84		2,737
AstraZeneca PLC		1,738		106,763

See accompanying notes to financial statements.

244

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Auto Trader Group PLC (d)		68	$	334
Aviva PLC		1,349		8,974
Babcock International Group PLC		48		529
BAE Systems PLC		4,361		35,037
Barclays PLC		12,614		35,505
Barratt Developments PLC		208		1,421
Berkeley Group Holdings PLC		168		6,737
BP PLC		11,486		65,716
British American Tobacco PLC		224		14,845
British Land Co. PLC REIT		336		2,563
BT Group PLC		7,740		30,797
Bunzl PLC		348		10,096
Burberry Group PLC		509		10,973
Capita PLC		1,053		7,433
Carnival PLC		104		5,954
Centrica PLC		256		695
CNH Industrial NV		376		3,635
Cobham PLC		601		1,000
Coca-Cola European Partners PLC		260		9,799
Compass Group PLC		3,716		69,979
Croda International PLC		152		6,774
Delphi Automotive PLC		428		34,450
Diageo PLC		2,094		59,792
Direct Line Insurance Group PLC		889		3,862
easyJet PLC		1,001		12,842
Fiat Chrysler Automobiles NV (a)		1,638		17,957
G4S PLC		557		2,119
GKN PLC		2,755		12,516
GlaxoSmithKline PLC		2,194		45,528
Hargreaves Lansdown PLC		292		4,750
HSBC Holdings PLC		10,227		83,239
IMI PLC		4		60
Imperial Brands PLC		1,033		49,951
International Consolidated Airlines Group SA		641		4,251
Intertek Group PLC		220		10,822
ITV PLC		4,281		11,718
J Sainsbury PLC		685		2,264
Johnson Matthey PLC		204		7,857
Kingfisher PLC		5,814		23,708
Land Securities Group PLC REIT		252		3,337
Legal & General Group PLC		1,189		3,677
Liberty Global PLC Class A (a)		124		4,448
Liberty Global PLC Series C (a)		180		6,307
Liberty Global PLC LiLAC Class C (a)		16		369
Lloyds Banking Group PLC		10,431		8,650
London Stock Exchange Group PLC		200		7,930
Marks & Spencer Group PLC		1,906		8,032
Merlin Entertainments PLC (d)		1,606		9,631
National Grid PLC		2,607		33,039
Next PLC		308		16,638
Old Mutual PLC		1,430		3,587
Pearson PLC		212		1,809
Pentair PLC		56		3,516
Persimmon PLC		388		10,160
Petrofac, Ltd.		4		46
Prudential PLC		493		10,394
Randgold Resources, Ltd.		444		38,670
Reckitt Benckiser Group PLC		1,097		99,945
RELX NV		1,365		25,345
RELX PLC		1,534		30,001
Rio Tinto PLC		625		25,083
Rio Tinto, Ltd.		320		14,759
Rolls-Royce Holdings PLC (a)		2,295		21,638
Royal Bank of Scotland Group PLC (a)		3,059		9,261
Royal Mail PLC		3,103		16,491
RSA Insurance Group PLC		561		4,114
Sage Group PLC		1,197		9,437
Schroders PLC		120		4,547
Sky PLC		1,337		16,317
Smith & Nephew PLC		881		13,396
Smiths Group PLC		444		8,989
SSE PLC		65		1,200
St James’s Place PLC		517		6,866
Standard Chartered PLC (a)		2,739		26,133
Standard Life PLC		537		2,382
Tate & Lyle PLC		4		38
Taylor Wimpey PLC		3,464		8,364
TechnipFMC PLC (a)		8		262
Tesco PLC (a)		6,823		15,835
Travis Perkins PLC		156		2,953
Unilever NV		1,886		93,940
Unilever PLC		1,462		72,020
Vodafone Group PLC		14,091		36,667
Weir Group PLC		4		96
Whitbread PLC		164		8,117
William Hill PLC		893		3,247
Wm Morrison Supermarkets PLC		1,374		4,123
WPP PLC		304		6,660
				1,621,495
UNITED STATES — 60.7%
3M Co.		665		127,234
Abbott Laboratories		1,498		66,526
AbbVie, Inc.		208		13,553
Accenture PLC Class A		1,133		135,824
Activision Blizzard, Inc.		196		9,773
Adobe Systems, Inc. (a)		68		8,849
Advance Auto Parts, Inc.		76		11,268
AES Corp.		296		3,309
Aetna, Inc.		108		13,775
Aflac, Inc.		108		7,821
AGCO Corp.		76		4,574
Agilent Technologies, Inc.		72		3,807
AGNC Investment Corp. REIT		1,786		35,524
Air Products & Chemicals, Inc.		36		4,870
Albemarle Corp.		84		8,874
Alleghany Corp. (a)		76		46,714
Allergan PLC		32		7,645
Allstate Corp.		553		45,064
Ally Financial, Inc.		388		7,888
Alphabet, Inc. Class A (a)		284		240,775
Alphabet, Inc. Class C (a)		300		248,868
Altria Group, Inc.		1,185		84,633
Amazon.com, Inc. (a)		20		17,731
Ameren Corp.		108		5,896
American Electric Power Co., Inc.		144		9,667
American Express Co.		160		12,658
American International Group, Inc.		681		42,515
American Tower Corp. REIT		351		42,661

See accompanying notes to financial statements.

245

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
American Water Works Co., Inc.		196	$	15,243
Ameriprise Financial, Inc.		40		5,187
AmerisourceBergen Corp.		268		23,718
AMETEK, Inc.		400		21,632
Amgen, Inc.		877		143,889
Amphenol Corp. Class A		288		20,497
Anadarko Petroleum Corp.		76		4,712
Analog Devices, Inc.		141		11,555
Annaly Capital Management, Inc.		5,402		60,016
ANSYS, Inc. (a)		400		42,748
Anthem, Inc.		120		19,846
Aon PLC		364		43,203
Apache Corp.		160		8,222
Apple, Inc.		4,789		687,988
Applied Materials, Inc.		208		8,091
Arch Capital Group, Ltd. (a)		797		75,532
Archer-Daniels-Midland Co.		284		13,075
Arconic, Inc.		112		2,950
Arrow Electronics, Inc. (a)		76		5,579
Assurant, Inc.		64		6,123
AT&T, Inc.		4,745		197,155
Automatic Data Processing, Inc.		1,558		159,524
AutoZone, Inc. (a)		124		89,658
AvalonBay Communities, Inc. REIT		404		74,174
Avnet, Inc.		96		4,393
Axis Capital Holdings, Ltd.		485		32,510
Baker Hughes, Inc.		108		6,461
Ball Corp.		16		1,188
Bank of America Corp.		4,473		105,518
Bank of New York Mellon Corp.		384		18,136
Baxter International, Inc.		601		31,168
BB&T Corp.		232		10,370
Becton Dickinson and Co.		501		91,903
Bed Bath & Beyond, Inc.		336		13,259
Berkshire Hathaway, Inc. Class B (a)		745		124,177
Best Buy Co., Inc.		180		8,847
Biogen, Inc. (a)		224		61,246
BlackRock, Inc.		24		9,204
Boeing Co.		781		138,128
BorgWarner, Inc.		68		2,842
Boston Scientific Corp. (a)		308		7,660
Bristol-Myers Squibb Co.		1,742		94,730
Brixmor Property Group, Inc.		296		6,352
Broadridge Financial Solutions, Inc.		400		27,180
Brown-Forman Corp. Class B		264		12,192
Bunge, Ltd.		92		7,292
C.H. Robinson Worldwide, Inc.		577		44,596
C.R. Bard, Inc.		240		59,650
CA, Inc.		344		10,912
Camden Property Trust		72		5,793
Campbell Soup Co.		605		34,630
Capital One Financial Corp.		236		20,452
Cardinal Health, Inc.		348		28,379
CarMax, Inc. (a)		96		5,685
Carnival Corp.		100		5,891
Caterpillar, Inc.		172		15,955
CBS Corp. Class B		485		33,640
CDK Global, Inc.		216		14,042
Celanese Corp. Series A		68		6,110
CenterPoint Energy, Inc.		188		5,183
CenturyLink, Inc.		208		4,903
Cerner Corp. (a)		400		23,540
CF Industries Holdings, Inc.		300		8,805
Charles Schwab Corp.		156		6,366
Charter Communications, Inc. Class A (a)		24		7,856
Chevron Corp.		805		86,433
Chipotle Mexican Grill, Inc. (a)		52		23,167
Chubb, Ltd.		336		45,780
Church & Dwight Co., Inc.		1,570		78,296
Cigna Corp.		68		9,961
Cimarex Energy Co.		32		3,824
Cincinnati Financial Corp.		400		28,908
Cintas Corp.		400		50,616
Cisco Systems, Inc.		1,898		64,152
CIT Group, Inc.		100		4,293
Citigroup, Inc.		1,770		105,881
Citizens Financial Group, Inc.		272		9,398
Citrix Systems, Inc. (a)		148		12,342
Clorox Co.		613		82,651
CME Group, Inc.		96		11,405
Coach, Inc.		384		15,871
Coca-Cola Co.		2,026		85,983
Cognizant Technology Solutions Corp. Class A (a)		88		5,238
Colgate-Palmolive Co.		713		52,184
Comcast Corp. Class A		1,202		45,183
Comerica, Inc.		92		6,309
Conagra Brands, Inc.		128		5,164
ConocoPhillips		364		18,153
Consolidated Edison, Inc.		1,510		117,267
Core Laboratories NV		44		5,083
Corning, Inc.		372		10,044
Costco Wholesale Corp.		636		106,651
Crown Castle International Corp. REIT		477		45,053
CSX Corp.		208		9,682
Cummins, Inc.		172		26,006
CVS Health Corp.		288		22,608
Danaher Corp.		104		8,895
Darden Restaurants, Inc.		88		7,363
DaVita, Inc. (a)		360		24,469
Deere & Co.		108		11,757
Delta Air Lines, Inc.		108		4,964
Devon Energy Corp.		100		4,172
Dick’s Sporting Goods, Inc.		112		5,450
Discover Financial Services		132		9,027
DISH Network Corp. Class A (a)		72		4,571
Dollar General Corp.		340		23,708
Dollar Tree, Inc. (a)		216		16,947
Dominion Resources, Inc.		993		77,027
Dover Corp.		48		3,857
Dow Chemical Co.		300		19,062
Dr. Pepper Snapple Group, Inc.		593		58,067
DTE Energy Co.		64		6,535
Duke Energy Corp.		989		81,108
E.I. du Pont de Nemours & Co.		164		13,174
Eastman Chemical Co.		160		12,928
Eaton Corp. PLC		96		7,118
Eaton Vance Corp.		128		5,755
eBay, Inc. (a)		577		19,370
Edison International		96		7,643

See accompanying notes to financial statements.

246

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Edwards Lifesciences Corp. (a)		216	$	20,319
Eli Lilly & Co.		1,626		136,763
Emerson Electric Co.		641		38,370
Entergy Corp.		72		5,469
EOG Resources, Inc.		84		8,194
EQT Corp.		52		3,177
Equity Residential REIT		469		29,181
Estee Lauder Cos., Inc. Class A		240		20,350
Everest Re Group, Ltd.		232		54,244
Eversource Energy		292		17,164
Exelon Corp.		304		10,938
Expeditors International of Washington, Inc.		989		55,869
Express Scripts Holding Co. (a)		565		37,239
Exxon Mobil Corp.		2,379		195,102
F5 Networks, Inc. (a)		72		10,265
Facebook, Inc. Class A (a)		84		11,932
Fastenal Co.		296		15,244
Federal Realty Investment Trust REIT		324		43,254
FedEx Corp.		68		13,270
Fidelity National Information Services, Inc.		236		18,790
Fifth Third Bancorp		344		8,738
FirstEnergy Corp.		180		5,728
Fiserv, Inc. (a)		68		7,841
FleetCor Technologies, Inc. (a)		60		9,086
Flex, Ltd. (a)		416		6,989
Flowserve Corp.		140		6,779
Fluor Corp.		172		9,051
FNF Group		276		10,747
Foot Locker, Inc.		541		40,472
Ford Motor Co.		2,126		24,747
Fortive Corp.		436		26,256
Franklin Resources, Inc.		408		17,193
Freeport-McMoRan, Inc. (a)		721		9,633
Frontier Communications Corp.		705		1,509
Gap, Inc.		316		7,676
Gartner, Inc. (a)		400		43,196
General Dynamics Corp.		284		53,165
General Electric Co.		2,066		61,567
General Mills, Inc.		2,230		131,592
General Motors Co.		1,005		35,537
Genuine Parts Co.		268		24,766
Gilead Sciences, Inc.		1,774		120,490
Goldman Sachs Group, Inc.		168		38,593
Halliburton Co.		144		7,086
Harris Corp.		108		12,017
Hartford Financial Services Group, Inc.		160		7,691
HCA Holdings, Inc. (a)		84		7,475
HCP, Inc. REIT		104		3,253
Henry Schein, Inc. (a)		397		67,478
Hershey Co.		509		55,608
Hess Corp.		120		5,785
Hewlett Packard Enterprise Co.		1,081		25,620
HollyFrontier Corp.		88		2,494
Home Depot, Inc.		368		54,033
Honeywell International, Inc.		713		89,032
Hormel Foods Corp.		485		16,796
Host Hotels & Resorts, Inc. REIT		196		3,657
HP, Inc.		1,918		34,294
Humana, Inc.		52		10,719
Illinois Tool Works, Inc.		469		62,128
Ingersoll-Rand PLC		72		5,855
Intel Corp.		5,770		208,124
Intercontinental Exchange, Inc.		120		7,184
International Business Machines Corp.		1,373		239,094
International Flavors & Fragrances, Inc.		76		10,072
International Paper Co.		128		6,500
Interpublic Group of Cos., Inc.		400		9,828
Intuit, Inc.		489		56,719
Intuitive Surgical, Inc. (a)		4		3,066
Invesco, Ltd.		116		3,553
J.M. Smucker Co.		196		25,692
Jacobs Engineering Group, Inc.		76		4,201
JB Hunt Transport Services, Inc.		272		24,953
Johnson & Johnson		4,169		519,249
Johnson Controls International PLC		360		15,163
JPMorgan Chase & Co.		1,530		134,395
Juniper Networks, Inc.		164		4,564
Kellogg Co.		949		68,907
KeyCorp.		332		5,903
Kimberly-Clark Corp.		733		96,485
Kinder Morgan, Inc.		505		10,979
KLA-Tencor Corp.		68		6,465
Kohl’s Corp.		88		3,503
Kraft Heinz Co.		96		8,718
Kroger Co.		448		13,212
L Brands, Inc.		144		6,782
L3 Technologies, Inc.		36		5,950
Laboratory Corp. of America Holdings (a)		264		37,876
Las Vegas Sands Corp.		388		22,143
Leucadia National Corp.		160		4,160
Liberty Interactive Corp. QVC Group Class A (a)		160		3,203
Liberty Media Corp.-Liberty SiriusXM Class A (a)		132		5,137
Liberty Media Corp.-Liberty SiriusXM Class C (a)		264		10,238
Lincoln National Corp.		88		5,760
Loews Corp.		108		5,051
Lowe’s Cos., Inc.		1,185		97,419
lululemon athletica, Inc. (a)		116		6,017
LyondellBasell Industries NV Class A		581		52,981
M&T Bank Corp.		68		10,522
Macerich Co. REIT		400		25,760
ManpowerGroup, Inc.		52		5,334
Marathon Oil Corp.		641		10,128
Marathon Petroleum Corp.		469		23,703
Markel Corp. (a)		100		97,586
Marriott International, Inc. Class A		40		3,767
Marsh & McLennan Cos., Inc.		1,021		75,442
MasterCard, Inc. Class A		1,281		144,074
McCormick & Co., Inc.		681		66,432
McDonald’s Corp.		757		98,115
McKesson Corp.		216		32,024
Medtronic PLC		509		41,005
Merck & Co., Inc.		1,377		87,495
MetLife, Inc.		360		19,015
Mettler-Toledo International, Inc. (a)		36		17,241
MGM Resorts International		164		4,494
Michael Kors Holdings, Ltd. (a)		272		10,366
Micron Technology, Inc. (a)		957		27,657

See accompanying notes to financial statements.

247

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Microsoft Corp.		7,809	$	514,301
Molson Coors Brewing Co. Class B		64		6,125
Mondelez International, Inc. Class A		436		18,783
Monsanto Co.		60		6,792
Monster Beverage Corp. (a)		440		20,315
Morgan Stanley		821		35,172
Mosaic Co.		96		2,801
Motorola Solutions, Inc.		617		53,198
Murphy Oil Corp.		68		1,944
Mylan NV (a)		88		3,431
National Oilwell Varco, Inc.		501		20,085
Navient Corp.		280		4,133
NetApp, Inc.		116		4,855
New York Community Bancorp, Inc.		292		4,079
Newell Brands, Inc.		268		12,642
Newmont Mining Corp.		336		11,075
News Corp. Class A		252		3,276
NextEra Energy, Inc.		340		43,646
NIKE, Inc. Class B		1,474		82,146
Noble Energy, Inc.		60		2,060
Nordstrom, Inc.		156		7,265
Norfolk Southern Corp.		60		6,718
Northern Trust Corp.		72		6,234
Northrop Grumman Corp.		208		49,471
Nucor Corp.		84		5,016
NVIDIA Corp.		633		68,953
O’Reilly Automotive, Inc. (a)		252		68,000
Occidental Petroleum Corp.		605		38,333
Omnicom Group, Inc.		260		22,415
ONEOK, Inc.		64		3,548
Oracle Corp.		3,320		148,105
PACCAR, Inc.		72		4,838
Parker-Hannifin Corp.		36		5,772
Patterson Cos., Inc.		424		19,177
Paychex, Inc.		1,986		116,975
PayPal Holdings, Inc. (a)		120		5,162
People’s United Financial, Inc.		1,622		29,520
PepsiCo, Inc.		2,411		269,694
Pfizer, Inc.		2,487		85,080
PG&E Corp.		1,137		75,451
Philip Morris International, Inc.		252		28,451
Phillips 66		320		25,350
Pioneer Natural Resources Co.		20		3,725
Plains GP Holdings L.P. Class A		148		4,626
PNC Financial Services Group, Inc.		216		25,972
Polaris Industries, Inc.		76		6,369
PPG Industries, Inc.		248		26,060
PPL Corp.		176		6,581
Praxair, Inc.		264		31,310
Priceline Group, Inc. (a)		52		92,558
Principal Financial Group, Inc.		88		5,554
Procter & Gamble Co.		3,932		353,290
Progressive Corp.		601		23,547
Prologis, Inc. REIT		108		5,603
Prudential Financial, Inc.		140		14,935
Public Service Enterprise Group, Inc.		144		6,386
Public Storage REIT		312		68,300
PulteGroup, Inc.		216		5,087
QUALCOMM, Inc.		1,838		105,391
Quest Diagnostics, Inc.		72		7,070
Ralph Lauren Corp.		60		4,897
Raytheon Co.		308		46,970
Realty Income Corp. REIT		400		23,812
Regions Financial Corp.		541		7,861
RenaissanceRe Holdings, Ltd.		240		34,716
Republic Services, Inc.		1,345		84,479
ResMed, Inc.		136		9,788
Reynolds American, Inc.		128		8,067
Robert Half International, Inc.		152		7,422
Rockwell Automation, Inc.		148		23,045
Rockwell Collins, Inc.		152		14,768
Ross Stores, Inc.		781		51,444
Royal Caribbean Cruises, Ltd.		76		7,456
SBA Communications Corp. REIT (a)		64		7,704
SCANA Corp.		120		7,842
Schlumberger, Ltd.		444		34,676
Scripps Networks Interactive, Inc. Class A		84		6,583
Seagate Technology PLC		96		4,409
SEI Investments Co.		156		7,869
Sempra Energy		88		9,724
Sherwin-Williams Co.		84		26,056
Shire PLC		116		6,761
Simon Property Group, Inc. REIT		28		4,817
Skyworks Solutions, Inc.		164		16,069
Southern Co.		2,599		129,378
Southwest Airlines Co.		24		1,290
Stanley Black & Decker, Inc.		48		6,378
Staples, Inc.		372		3,262
Starbucks Corp.		2,583		150,821
State Street Corp. (f)		144		11,464
Stericycle, Inc. (a)		20		1,658
Stryker Corp.		452		59,506
SunTrust Banks, Inc.		212		11,724
Symantec Corp.		184		5,645
Synchrony Financial		128		4,390
Synopsys, Inc. (a)		773		55,756
Sysco Corp.		452		23,468
T Rowe Price Group, Inc.		268		18,264
Target Corp.		1,458		80,467
TD Ameritrade Holding Corp.		244		9,482
Tesoro Corp.		84		6,809
Texas Instruments, Inc.		1,349		108,675
Textron, Inc.		112		5,330
Thermo Fisher Scientific, Inc.		52		7,987
Thomson Reuters Corp.		597		25,744
Tiffany & Co.		116		11,055
Time Warner, Inc.		244		23,841
TJX Cos., Inc.		1,786		141,237
Tractor Supply Co.		156		10,759
Travelers Cos., Inc.		497		59,908
TripAdvisor, Inc. (a)		112		4,834
Twenty-First Century Fox, Inc. Class A		260		8,421
Twenty-First Century Fox, Inc. Class B		517		16,430
Tyson Foods, Inc. Class A		112		6,912
UDR, Inc. REIT		797		28,899
Ulta Salon Cosmetics & Fragrance, Inc. (a)		60		17,114
Under Armour, Inc. Class A (a)		136		2,690
Under Armour, Inc. Class C (a)		136		2,489
Union Pacific Corp.		913		96,705
United Parcel Service, Inc. Class B		545		58,478

See accompanying notes to financial statements.

248

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
United Technologies Corp.		156	$	17,505
UnitedHealth Group, Inc.		465		76,265
Universal Health Services, Inc. Class B		48		5,974
Unum Group		120		5,627
US Bancorp		753		38,779
Valero Energy Corp.		324		21,478
Varian Medical Systems, Inc. (a)		577		52,582
Ventas, Inc. REIT		641		41,691
Verizon Communications, Inc.		3,071		149,711
VF Corp.		797		43,811
Visa, Inc. Class A		2,699		239,860
VMware, Inc. Class A (a)		400		36,856
Voya Financial, Inc.		112		4,252
W.W. Grainger, Inc.		64		14,897
Wabtec Corp.		88		6,864
Wal-Mart Stores, Inc.		2,811		202,617
Walgreens Boots Alliance, Inc.		176		14,617
Walt Disney Co.		1,826		207,050
Waste Management, Inc.		1,313		95,744
Waters Corp. (a)		84		13,130
WEC Energy Group, Inc.		773		46,867
Wells Fargo & Co.		2,319		129,076
Welltower, Inc. REIT		765		54,177
Western Digital Corp.		60		4,952
Western Union Co.		669		13,614
WestRock Co.		88		4,579
Weyerhaeuser Co. REIT		136		4,621
Whirlpool Corp.		28		4,797
Whole Foods Market, Inc.		400		11,888
Williams Cos., Inc.		88		2,604
Willis Towers Watson PLC		48		6,283
WR Berkley Corp.		553		39,058
Xcel Energy, Inc.		1,349		59,963
Xerox Corp.		489		3,589
Xilinx, Inc.		228		13,199
Yahoo!, Inc. (a)		569		26,407
Yum! Brands, Inc.		112		7,157
Zimmer Biomet Holdings, Inc.		40		4,884
Zoetis, Inc.		32		1,708
				16,395,211
TOTAL COMMON STOCKS (Cost $25,168,868)				26,900,566
RIGHTS — 0.0% (c)
GERMANY — 0.0% (c)
Deutsche Bank AG (expiring 4/6/17) (a) (Cost $0)		1,361		3,260
SHORT-TERM INVESTMENT — 0.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (g) (h) (Cost $139,363)		139,363		139,363
TOTAL INVESTMENTS — 100.2% (Cost $25,308,231)				27,043,189
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(53,242	)
NET ASSETS — 100.0%			$	26,989,947

(a) Non-income producing security.

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

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

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.2% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $50,043 representing 0.2% of the Fund’s net assets.

(f) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at March 31, 2017.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	404,421	$	—	$	—	$	404,421
Austria		12,765		—		—		12,765
Belgium		78,648		—		—		78,648
Canada		889,739		—		—		889,739
Chile		1,544		—		—		1,544
Denmark		287,332		—		—		287,332

See accompanying notes to financial statements.

249

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Finland	$	58,430	$	—	$	—	$	58,430
France		564,306		—		—		564,306
Germany		593,134		—		—		593,134
Hong Kong		492,943		—		—		492,943
Ireland		83,543		—		—		83,543
Israel		120,718		—		—		120,718
Italy		148,093		—		—		148,093
Japan		2,641,838		50,043		—		2,691,881
Luxembourg		25,470		—		—		25,470
Mexico		21,733		—		—		21,733
Netherlands		289,477		—		—		289,477
New Zealand		31,597		—		—		31,597
Norway		30,866		—		—		30,866
Portugal		11,904		—		—		11,904
Singapore		189,577		—		—		189,577
South Africa		12,388		—		—		12,388
Spain		252,226		—		—		252,226
Sweden		208,127		—		—		208,127
Switzerland		1,382,998		—		—		1,382,998
United Kingdom		1,621,495		—		—		1,621,495
United States		16,395,211		—		—		16,395,211
Rights
Germany		3,260		—		—		3,260
Short-Term Investment		139,363		—		—		139,363
TOTAL INVESTMENTS	$	26,993,146	$	50,043	$	—	$	27,043,189

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Corp		36	$	2,507		108		—		144	$	11,464	$	109
State Street Institutional Liquid Reserves Fund, Premier Class		28,844		28,844		919		29,763		—		—		1
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		298,912		159,549		139,363		139,363		62
TOTAL			$	31,351							$	150,827	$	172

See accompanying notes to financial statements.

250

SPDR MSCI Australia StrategicFactors ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.2%
AIRLINES — 0.2%
Qantas Airways, Ltd.		7,245	$	21,499
BANKS — 22.2%
Australia & New Zealand Banking Group, Ltd.		28,256		685,883
Bank of Queensland, Ltd.		2,563		23,775
Bendigo & Adelaide Bank, Ltd.		10,976		101,649
Commonwealth Bank of Australia		11,696		766,514
National Australia Bank, Ltd.		24,629		626,399
Westpac Banking Corp.		26,328		704,156
				2,908,376
BEVERAGES — 0.7%
Coca-Cola Amatil, Ltd.		6,728		55,533
Treasury Wine Estates, Ltd.		3,423		31,935
				87,468
BIOTECHNOLOGY — 6.2%
CSL, Ltd.		8,502		812,859
CAPITAL MARKETS — 1.5%
Macquarie Group, Ltd.		2,903		199,753
CHEMICALS — 0.7%
Incitec Pivot, Ltd.		12,416		35,613
Orica, Ltd.		3,952		53,060
				88,673
COMMERCIAL SERVICES & SUPPLIES — 2.1%
Brambles, Ltd.		38,546		274,935
CONSTRUCTION & ENGINEERING — 0.1%
CIMIC Group, Ltd.		451		12,362
CONSTRUCTION MATERIALS — 1.7%
Boral, Ltd.		27,489		122,465
James Hardie Industries PLC		6,551		102,797
				225,262
CONTAINERS & PACKAGING — 1.6%
Amcor, Ltd.		17,849		205,059
DIVERSIFIED FINANCIAL SERVICES — 2.5%
ASX, Ltd.		7,717		297,171
Challenger, Ltd.		3,469		33,212
				330,383
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.9%
Telstra Corp., Ltd.		169,699		603,260
TPG Telecom, Ltd.		6,981		37,118
Vocus Group, Ltd.		2,649		8,730
				649,108
ELECTRIC UTILITIES — 0.6%
AusNet Services.		62,597		80,462
FOOD & STAPLES RETAILING — 11.7%
Wesfarmers, Ltd.		25,735		884,811
Woolworths, Ltd.		32,278		652,517
				1,537,328
GAS UTILITIES — 0.8%
APA Group		14,437		98,679
HEALTH CARE EQUIPMENT & SUPPLIES — 1.7%
Cochlear, Ltd.		2,144		221,175
HEALTH CARE PROVIDERS & SERVICES — 3.4%
Healthscope, Ltd.		6,208		10,750
Ramsay Health Care, Ltd.		4,264		227,338
Sonic Healthcare, Ltd.		12,004		202,558
				440,646
HOTELS, RESTAURANTS & LEISURE — 2.9%
Aristocrat Leisure, Ltd.		12,510		171,492
Crown Resorts, Ltd.		1,545		13,919
Domino’s Pizza Enterprises, Ltd.		1,186		52,584
Flight Centre Travel Group, Ltd.		1,325		29,191
Tabcorp Holdings, Ltd.		4,338		15,719
Tatts Group, Ltd.		28,212		95,340
				378,245
INSURANCE — 6.6%
AMP, Ltd.		26,842		106,068
Insurance Australia Group, Ltd.		48,421		223,474
Medibank Pvt, Ltd.		89,040		191,546
QBE Insurance Group, Ltd.		11,801		116,041
Suncorp Group, Ltd.		22,806		229,822
				866,951
IT SERVICES — 0.1%
Computershare, Ltd.		1,112		11,927
MEDIA — 0.5%
REA Group, Ltd.		1,511		68,388
METALS & MINING — 4.3%
Alumina, Ltd.		7,345		10,030
BHP Billiton, Ltd.		14,498		265,877
Fortescue Metals Group, Ltd.		9,008		42,811
Newcrest Mining, Ltd.		6,302		107,063
Rio Tinto, Ltd.		2,224		102,575
South32, Ltd.		15,908		33,494
				561,850
MULTI-UTILITIES — 2.1%
AGL Energy, Ltd.		9,089		182,837
DUET Group		46,058		98,028
				280,865
MULTILINE RETAIL — 0.3%
Harvey Norman Holdings, Ltd.		11,037		38,141
OIL, GAS & CONSUMABLE FUELS — 1.9%
Caltex Australia, Ltd.		1,559		35,072
Oil Search, Ltd.		3,841		21,155
Origin Energy, Ltd.		10,459		56,250
Santos, Ltd.		13,277		38,488
Woodside Petroleum, Ltd.		4,124		100,923
				251,888
PROFESSIONAL SERVICES — 0.5%
SEEK, Ltd.		5,687		69,066
REAL ESTATE INVESTMENT TRUSTS (REITS) — 13.4%
Dexus Property Group REIT		22,886		170,571
Goodman Group REIT		50,404		297,608
GPT Group REIT		41,369		162,526
Mirvac Group REIT		26,068		43,550

See accompanying notes to financial statements.

251

SPDR MSCI Australia StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Scentre Group REIT		145,419	$	475,902
Stockland REIT		23,390		82,792
Vicinity Centres REIT		39,337		84,923
Westfield Corp.		65,680		444,923
				1,762,795
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.1%
LendLease Group		12,574		149,444
ROAD & RAIL — 0.5%
Aurizon Holdings, Ltd.		16,775		67,183
TRANSPORTATION INFRASTRUCTURE — 2.4%
Sydney Airport		17,546		90,616
Transurban Group Stapled Security		24,563		218,671
				309,287
TOTAL COMMON STOCKS (Cost $11,545,345)				13,010,057
SHORT-TERM INVESTMENT — 0.0% (a)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (b) (c) (Cost $2,101)		2,101	$	2,101
TOTAL INVESTMENTS — 99.2% (Cost $11,547,446)				13,012,158
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8%				103,247
NET ASSETS — 100.0%			$	13,115,405

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

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at March 31, 2017.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Airlines	$	21,499	$	—	$	—	$	21,499
Banks		2,908,376		—		—		2,908,376
Beverages		87,468		—		—		87,468
Biotechnology		812,859		—		—		812,859
Capital Markets		199,753		—		—		199,753
Chemicals		88,673		—		—		88,673
Commercial Services & Supplies		274,935		—		—		274,935
Construction & Engineering		12,362		—		—		12,362
Construction Materials		225,262		—		—		225,262
Containers & Packaging		205,059		—		—		205,059
Diversified Financial Services		330,383		—		—		330,383
Diversified Telecommunication Services		649,108		—		—		649,108
Electric Utilities		80,462		—		—		80,462
Food & Staples Retailing.		1,537,328		—		—		1,537,328
Gas Utilities		98,679		—		—		98,679
Health Care Equipment & Supplies		221,175		—		—		221,175
Health Care Providers & Services		440,646		—		—		440,646
Hotels, Restaurants & Leisure		378,245		—		—		378,245
Insurance		866,951		—		—		866,951
IT Services		11,927		—		—		11,927
Media		68,388		—		—		68,388
Metals & Mining		561,850		—		—		561,850
Multi-Utilities		280,865		—		—		280,865
Multiline Retail		38,141		—		—		38,141
Oil, Gas & Consumable Fuels		251,888		—		—		251,888
Professional Services		69,066		—		—		69,066
Real Estate Investment Trusts (REITs)		1,762,795		—		—		1,762,795

See accompanying notes to financial statements.

252

SPDR MSCI Australia StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Real Estate Management & Development	$	149,444	$	—	$	—	$	149,444
Road & Rail		67,183		—		—		67,183
Transportation Infrastructure		309,287		—		—		309,287
Short-Term Investment		2,101		—		—		2,101
TOTAL INVESTMENTS	$	13,012,158	$	—	$	—	$	13,012,158

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Premier Class		—	$	—		341,082		338,981		2,101	$	2,101	$	39
TOTAL			$	—							$	2,101	$	39

See accompanying notes to financial statements.

253

SPDR MSCI Canada StrategicFactors ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 1.2%
Bombardier, Inc. Class B (a)		32,499	$	49,712
CAE, Inc.		23,992		365,551
				415,263
AUTO COMPONENTS — 3.1%
Linamar Corp.		4,659		211,317
Magna International, Inc.		20,656		888,875
				1,100,192
BANKS — 19.7%
Bank of Montreal		13,699		1,020,299
Bank of Nova Scotia		21,749		1,268,753
Canadian Imperial Bank of Commerce		16,526		1,420,940
National Bank of Canada		8,097		339,022
Royal Bank of Canada		21,451		1,558,420
Toronto-Dominion Bank		28,094		1,403,173
				7,010,607
CAPITAL MARKETS — 1.3%
CI Financial Corp.		22,328		442,492
IGM Financial, Inc.		922		27,418
				469,910
CHEMICALS — 4.3%
Agrium, Inc.		8,033		764,480
Methanex Corp.		1,142		53,356
Potash Corp. of Saskatchewan, Inc.		41,679		710,041
				1,527,877
CONSTRUCTION & ENGINEERING — 1.3%
SNC-Lavalin Group, Inc.		11,742		459,414
CONTAINERS & PACKAGING — 1.7%
CCL Industries, Inc. Class B		2,818		613,065
DIVERSIFIED FINANCIAL SERVICES — 1.1%
Element Fleet Management Corp.		2,469		22,790
Onex Corp.		5,136		367,586
				390,376
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.2%
BCE, Inc.		18,398		812,263
TELUS Corp.		9,968		322,662
				1,134,925
ELECTRIC UTILITIES — 2.7%
Emera, Inc.		7,826		275,684
Fortis, Inc.		9,369		309,595
Hydro One, Ltd. (b)		21,389		388,920
				974,199
FOOD & STAPLES RETAILING — 7.0%
Alimentation Couche-Tard, Inc. Class B		18,186		819,267
Empire Co., Ltd. Class A		4,258		64,877
George Weston, Ltd.		2,889		251,348
Jean Coutu Group PJC, Inc. Class A		7,299		114,549
Loblaw Cos., Ltd.		7,626		412,621
Metro, Inc.		27,391		838,992
				2,501,654
FOOD PRODUCTS — 2.3%
Saputo, Inc.		23,917		822,968
HOTELS, RESTAURANTS & LEISURE — 0.2%
Restaurant Brands International, Inc.		1,006		55,880
INSURANCE — 11.9%
Fairfax Financial Holdings, Ltd.		1,023		464,229
Great-West Lifeco, Inc.		32,837		907,317
Industrial Alliance Insurance & Financial Services, Inc.		2,201		95,110
Intact Financial Corp.		13,899		985,692
Manulife Financial Corp.		21,854		386,560
Power Corp. of Canada		11,027		258,301
Power Financial Corp.		24,851		655,352
Sun Life Financial, Inc.		13,447		489,624
				4,242,185
IT SERVICES — 2.3%
CGI Group, Inc. Class A (a)		17,030		813,670
MEDIA — 2.2%
Shaw Communications, Inc. Class B		17,461		360,964
Thomson Reuters Corp.		10,022		432,171
				793,135
METALS & MINING — 3.3%
Agnico Eagle Mines, Ltd.		4,757		201,245
Barrick Gold Corp.		8,403		159,157
Eldorado Gold Corp.		8,641		29,480
First Quantum Minerals, Ltd.		9,238		97,876
Franco-Nevada Corp.		3,675		240,068
Goldcorp, Inc.		9,117		132,621
Kinross Gold Corp. (a)		10,339		36,359
Silver Wheaton Corp.		3,615		75,111
Teck Resources, Ltd. Class B		5,728		124,898
Turquoise Hill Resources, Ltd. (a)		9,604		29,237
Yamana Gold, Inc.		12,282		33,798
				1,159,850
MULTI-UTILITIES — 0.2%
Atco, Ltd. Class I		1,063		41,216
Canadian Utilities, Ltd. Class A		1,057		30,878
				72,094
MULTILINE RETAIL — 3.8%
Canadian Tire Corp., Ltd. Class A		5,483		649,499
Dollarama, Inc.		8,529		704,818
				1,354,317
OIL, GAS & CONSUMABLE FUELS — 13.2%
AltaGas, Ltd.		7,688		177,551
ARC Resources, Ltd.		2,141		30,502
Cameco Corp.		5,196		57,350
Canadian Natural Resources, Ltd.		10,260		334,961
Cenovus Energy, Inc.		14,142		159,590
Crescent Point Energy Corp.		7,681		82,762
Enbridge, Inc.		20,614		861,100
Encana Corp.		7,593		88,703
Husky Energy, Inc. (a)		8,203		92,323
Imperial Oil, Ltd.		11,584		351,954
Inter Pipeline, Ltd.		6,429		135,122
Keyera Corp.		15,604		456,426
Pembina Pipeline Corp.		13,868		438,194
Peyto Exploration & Development Corp.		892		18,293
PrairieSky Royalty, Ltd.		968		20,367

See accompanying notes to financial statements.

254

SPDR MSCI Canada StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Seven Generations Energy, Ltd. Class A (a)		456	$	8,309
Suncor Energy, Inc.		23,890		731,398
Tourmaline Oil Corp. (a)		1,552		34,504
TransCanada Corp.		11,919		548,471
Veresen, Inc.		2,132		23,500
Vermilion Energy, Inc.		613		22,922
				4,674,302
PAPER & FOREST PRODUCTS — 0.1%
West Fraser Timber Co., Ltd.		861		35,908
PHARMACEUTICALS — 0.2%
Valeant Pharmaceuticals International, Inc. (a)		6,471		71,277
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.1%
H&R Real Estate Investment Trust REIT		5,730		99,120
RioCan Real Estate Investment Trust		8,859		174,038
Smart Real Estate Investment Trust REIT		5,513		135,050
				408,208
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.1%
Brookfield Asset Management, Inc. Class A		13,139		477,325
First Capital Realty, Inc.		17,507		262,937
				740,262
ROAD & RAIL — 5.0%
Canadian National Railway Co.		15,164		1,116,109
Canadian Pacific Railway, Ltd.		4,449		651,679
				1,767,788
SOFTWARE — 2.6%
Constellation Software, Inc.		1,543		756,083
Open Text Corp.		4,832		163,766
				919,849
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1%
BlackBerry, Ltd. (a)		3,348		25,857
TEXTILES, APPAREL & LUXURY GOODS — 1.3%
Gildan Activewear, Inc.		17,135		461,636
TRADING COMPANIES & DISTRIBUTORS — 0.1%
Finning International, Inc.		1,846		34,383
WIRELESS TELECOMMUNICATION SERVICES — 1.1%
Rogers Communications, Inc. Class B		8,606		379,434
TOTAL COMMON STOCKS (Cost $33,117,816)				35,430,485
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (c) (d) (Cost $12,318)		12,318		12,318
TOTAL INVESTMENTS — 99.8% (Cost $33,130,134)				35,442,803
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				84,604
NET ASSETS — 100.0%			$	35,527,407

(a) Non-income producing security.

(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. This security, which represents 1.1% of net assets as of March 31, 2017, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at March 31, 2017.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	415,263	$	—	$	—	$	415,263
Auto Components		1,100,192		—		—		1,100,192
Banks		7,010,607		—		—		7,010,607
Capital Markets		469,910		—		—		469,910
Chemicals		1,527,877		—		—		1,527,877
Construction & Engineering		459,414		—		—		459,414
Containers & Packaging		613,065		—		—		613,065
Diversified Financial Services		390,376		—		—		390,376
Diversified Telecommunication Services		1,134,925		—		—		1,134,925
Electric Utilities		974,199		—		—		974,199
Food & Staples Retailing		2,501,654		—		—		2,501,654
Food Products		822,968		—		—		822,968
Hotels, Restaurants & Leisure		55,880		—		—		55,880

See accompanying notes to financial statements.

255

SPDR MSCI Canada StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Insurance	$	4,242,185	$	—	$	—	$	4,242,185
IT Services		813,670		—		—		813,670
Media		793,135		—		—		793,135
Metals & Mining		1,159,850		—		—		1,159,850
Multi-Utilities		72,094		—		—		72,094
Multiline Retail		1,354,317		—		—		1,354,317
Oil, Gas & Consumable Fuels		4,674,302		—		—		4,674,302
Paper & Forest Products		35,908		—		—		35,908
Pharmaceuticals		71,277		—		—		71,277
Real Estate Investment Trusts (REITs)		408,208		—		—		408,208
Real Estate Management & Development		740,262		—		—		740,262
Road & Rail		1,767,788		—		—		1,767,788
Software		919,849		—		—		919,849
Technology Hardware, Storage & Peripherals		25,857		—		—		25,857
Textiles, Apparel & Luxury Goods		461,636		—		—		461,636
Trading Companies & Distributors		34,383		—		—		34,383
Wireless Telecommunication Services		379,434		—		—		379,434
Short-Term Investment		12,318		—		—		12,318
TOTAL INVESTMENTS	$	35,442,803	$	—	$	—	$	35,442,803

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		9,298	$	9,298		263		9,561		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		254,078		241,760		12,318		12,318		37
TOTAL			$	9,298							$	12,318	$	37

See accompanying notes to financial statements.

256

SPDR MSCI Germany StrategicFactors ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.2%
AIR FREIGHT & LOGISTICS — 3.3%
Deutsche Post AG		5,332	$	183,090
AIRLINES — 0.7%
Deutsche Lufthansa AG		2,495		40,562
AUTO COMPONENTS — 2.7%
Continental AG		697		153,196
Schaeffler AG, Preference Shares		61		1,075
				154,271
AUTOMOBILES — 9.2%
Bayerische Motoren Werke AG		753		68,867
Bayerische Motoren Werke AG Preference Shares		615		48,557
Daimler AG		2,812		208,124
Porsche Automobil Holding SE Preference Shares		753		41,187
Volkswagen AG Preference Shares		888		129,737
Volkswagen AG		133		19,865
				516,337
BANKS — 0.8%
Commerzbank AG		5,147		46,671
CAPITAL MARKETS — 2.5%
Deutsche Bank AG (a)		5,102		88,128
Deutsche Boerse AG (a)		545		50,077
				138,205
CHEMICALS — 13.2%
BASF SE		2,584		256,804
Covestro AG (b)		1,492		115,151
Evonik Industries AG		2,445		79,929
Fuchs Petrolub SE Preference Shares		1,298		63,486
KS AG		2,227		51,901
Lanxess AG		112		7,534
Linde AG		259		43,242
Symrise AG		1,834		122,283
				740,330
CONSTRUCTION & ENGINEERING — 0.1%
HOCHTIEF AG		26		4,309
CONSTRUCTION MATERIALS — 1.0%
HeidelbergCement AG		576		54,065
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.0%
Deutsche Telekom AG		8,758		153,855
Telefonica Deutschland Holding AG		2,841		14,129
				167,984
ELECTRICAL EQUIPMENT — 0.1%
OSRAM Licht AG		96		6,032
FOOD & STAPLES RETAILING — 2.1%
METRO AG		3,774		121,014
HEALTH CARE PROVIDERS & SERVICES — 3.2%
Fresenius Medical Care AG & Co. KGaA		983		83,111
Fresenius SE & Co. KGaA		1,218		98,133
				181,244
HOUSEHOLD PRODUCTS — 3.6%
Henkel AG & Co. KGaA		344		38,319
Henkel AG & Co. KGaA Preference Shares		1,258		161,594
				199,913
INDUSTRIAL CONGLOMERATES — 5.1%
Siemens AG		2,083		286,059
INSURANCE — 10.1%
Allianz SE		1,418		263,361
Hannover Rueck SE		1,187		137,302
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		865		169,675
				570,338
INTERNET & CATALOG RETAIL — 0.1%
Zalando SE (a) (b)		117		4,746
INTERNET SOFTWARE & SERVICES — 0.2%
United Internet AG		312		13,842
LIFE SCIENCES TOOLS & SERVICES — 0.3%
QIAGEN NV (a)		666		19,382
MACHINERY — 3.2%
GEA Group AG		2,218		94,511
MAN SE		830		85,781
				180,292
MEDIA — 5.5%
Axel Springer SE		1,288		71,317
ProSiebenSat.1 Media SE		2,956		131,222
RTL Group SA		702		56,845
RTL Group SA (a)		614		49,581
				308,965
METALS & MINING — 0.3%
ThyssenKrupp AG		573		14,071
MULTI-UTILITIES — 4.5%
E.ON SE		8,033		64,017
Innogy SE (a) (b)		3,354		126,936
RWE AG (a)		3,707		61,593
				252,546
PERSONAL PRODUCTS — 2.9%
Beiersdorf AG		1,742		165,318
PHARMACEUTICALS — 5.7%
Bayer AG		1,966		227,201
Merck KGaA		843		96,294
				323,495
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.4%
Deutsche Wohnen AG		1,349		44,533
Vonovia SE		983		34,726
				79,259
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.3%
Infineon Technologies AG		6,278		128,552
SOFTWARE — 4.3%
SAP SE		2,469		242,893
TEXTILES, APPAREL & LUXURY GOODS — 4.5%
adidas AG		900		171,631
HUGO BOSS AG		1,138		83,265
				254,896

See accompanying notes to financial statements.

257

SPDR MSCI Germany StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
TRADING COMPANIES & DISTRIBUTORS — 1.7%
Brenntag AG		1,677	$	94,255
TRANSPORTATION INFRASTRUCTURE — 0.6%
Fraport AG Frankfurt Airport Services Worldwide		487		34,549
TOTAL COMMON STOCKS (Cost $5,622,457)				5,527,485
RIGHTS — 0.2%
Deutsche Bank AG (expiring 4/6/17) (a) (Cost $0)		5,173		12,393
SHORT-TERM INVESTMENT — 0.0% (c)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (d) (e) (Cost $951)		951		951
TOTAL INVESTMENTS — 98.4% (Cost $5,623,408)				5,540,829
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.6%				87,889
NET ASSETS — 100.0%			$	5,628,718

(a) Non-income producing security.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 4.4% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2017.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Air Freight & Logistics	$	183,090	$	—	$	—	$	183,090
Airlines		40,562		—		—		40,562
Auto Components		154,271		—		—		154,271
Automobiles		516,337		—		—		516,337
Banks		46,671		—		—		46,671
Capital Markets		138,205		—		—		138,205
Chemicals		740,330		—		—		740,330
Construction & Engineering		4,309		—		—		4,309
Construction Materials		54,065		—		—		54,065
Diversified Telecommunication Services		167,984		—		—		167,984
Electrical Equipment		6,032		—		—		6,032
Food & Staples Retailing		121,014		—		—		121,014
Health Care Providers & Services		181,244		—		—		181,244
Household Products		199,913		—		—		199,913
Industrial Conglomerates		286,059		—		—		286,059
Insurance		570,338		—		—		570,338
Internet & Catalog Retail		4,746		—		—		4,746
Internet Software & Services		13,842		—		—		13,842
Life Sciences Tools & Services		19,382		—		—		19,382
Machinery		180,292		—		—		180,292
Media		308,965		—		—		308,965
Metals & Mining		14,071		—		—		14,071
Multi-Utilities		252,546		—		—		252,546
Personal Products		165,318		—		—		165,318
Pharmaceuticals		323,495		—		—		323,495
Real Estate Management & Development		79,259		—		—		79,259

See accompanying notes to financial statements.

258

SPDR MSCI Germany StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Semiconductors & Semiconductor Equipment	$	128,552	$	—	$	—	$	128,552
Software		242,893		—		—		242,893
Textiles, Apparel & Luxury Goods		254,896		—		—		254,896
Trading Companies & Distributors		94,255		—		—		94,255
Transportation Infrastructure		34,549		—		—		34,549
Rights
Capital Markets		12,393		—		—		12,393
Short-Term Investment		951		—		—		951
TOTAL INVESTMENTS	$	5,540,829	$	—	$	—	$	5,540,829

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		353	$	353		—		353		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		28,007		27,056		951		951		3
TOTAL			$	353							$	951	$	3

See accompanying notes to financial statements.

259

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SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.0%
AIR FREIGHT & LOGISTICS — 0.2%
Yamato Holdings Co., Ltd.		1,500	$	31,399
AIRLINES — 1.1%
ANA Holdings, Inc.		17,000		51,841
Japan Airlines Co., Ltd.		3,000		94,929
				146,770
AUTO COMPONENTS — 4.3%
Aisin Seiki Co., Ltd.		700		34,363
Bridgestone Corp.		8,200		331,370
Denso Corp.		900		39,552
Koito Manufacturing Co., Ltd.		1,500		77,941
NGK Spark Plug Co., Ltd.		200		4,566
NOK Corp.		200		4,638
Stanley Electric Co., Ltd.		100		2,849
Sumitomo Electric Industries, Ltd.		2,400		39,760
Sumitomo Rubber Industries, Ltd.		2,400		40,858
Toyoda Gosei Co., Ltd.		100		2,541
Toyota Industries Corp.		300		14,888
Yokohama Rubber Co., Ltd.		200		3,911
				597,237
AUTOMOBILES — 7.1%
Fuji Heavy Industries, Ltd.		6,800		249,165
Honda Motor Co., Ltd.		4,600		138,334
Isuzu Motors, Ltd.		7,200		95,145
Mazda Motor Corp.		1,400		20,140
Mitsubishi Motors Corp.		2,200		13,208
Nissan Motor Co., Ltd.		10,500		101,155
Suzuki Motor Corp.		500		20,740
Toyota Motor Corp.		6,100		330,757
Yamaha Motor Co., Ltd.		400		9,624
				978,268
BANKS — 7.6%
Aozora Bank, Ltd.		9,000		33,115
Bank of Kyoto, Ltd.		1,000		7,278
Chiba Bank, Ltd.		3,000		19,250
Chugoku Bank, Ltd.		700		10,177
Concordia Financial Group, Ltd.		5,000		23,127
Fukuoka Financial Group, Inc.		2,000		8,651
Hachijuni Bank, Ltd.		1,300		7,338
Hiroshima Bank, Ltd.		1,000		4,245
Japan Post Bank Co., Ltd.		3,600		44,616
Kyushu Financial Group, Inc.		5,800		35,446
Mebuki Financial Group, Inc.		5,400		21,565
Mitsubishi UFJ Financial Group, Inc.		40,700		255,567
Mizuho Financial Group, Inc.		101,600		186,004
Resona Holdings, Inc.		13,100		70,291
Seven Bank, Ltd.		500		1,633
Shinsei Bank, Ltd.		5,000		9,198
Shizuoka Bank, Ltd.		1,000		8,131
Sumitomo Mitsui Financial Group, Inc.		5,000		181,504
Sumitomo Mitsui Trust Holdings, Inc.		800		27,712
Suruga Bank, Ltd.		2,800		58,900
Yamaguchi Financial Group, Inc.		3,000		32,496
				1,046,244
BEVERAGES — 1.5%
Asahi Group Holdings, Ltd.		1,500		56,645
Coca-Cola West Co., Ltd.		200		6,443
Kirin Holdings Co., Ltd.		3,900		73,517
Suntory Beverage & Food, Ltd.		1,500		63,134
				199,739
BUILDING PRODUCTS — 2.0%
Asahi Glass Co., Ltd.		2,000		16,189
Daikin Industries, Ltd.		2,500		250,942
LIXIL Group Corp.		400		10,141
TOTO, Ltd.		100		3,774
				281,046
CAPITAL MARKETS — 0.4%
Daiwa Securities Group, Inc.		3,000		18,251
Nomura Holdings, Inc.		6,000		37,256
SBI Holdings, Inc.		400		5,571
				61,078
CHEMICALS — 4.1%
Air Water, Inc.		200		3,683
Asahi Kasei Corp.		3,000		29,077
Daicel Corp.		3,000		36,103
Hitachi Chemical Co., Ltd.		1,100		30,405
JSR Corp.		300		5,053
Kansai Paint Co., Ltd.		2,300		48,774
Kuraray Co., Ltd.		1,200		18,178
Mitsubishi Chemical Holdings Corp.		3,200		24,737
Mitsubishi Gas Chemical Co., Inc.		300		6,225
Mitsui Chemicals, Inc.		2,000		9,872
Nippon Paint Holdings Co., Ltd.		100		3,477
Nissan Chemical Industries, Ltd.		1,500		43,615
Nitto Denko Corp.		1,700		131,234
Shin-Etsu Chemical Co., Ltd.		1,000		86,548
Sumitomo Chemical Co., Ltd.		3,000		16,746
Taiyo Nippon Sanso Corp.		100		1,168
Teijin, Ltd.		300		5,651
Toray Industries, Inc.		7,000		62,003
				562,549
COMMERCIAL SERVICES & SUPPLIES — 1.3%
Dai Nippon Printing Co., Ltd.		2,000		21,538
Park24 Co., Ltd.		2,000		52,302
Secom Co., Ltd.		1,000		71,516
Sohgo Security Services Co., Ltd.		100		3,729
Toppan Printing Co., Ltd.		3,000		30,557
				179,642
CONSTRUCTION & ENGINEERING — 0.9%
JGC Corp.		300		5,209
Kajima Corp.		6,000		39,092
Obayashi Corp.		3,200		29,895
Shimizu Corp.		2,000		17,913
Taisei Corp.		5,000		36,391
				128,500
CONSTRUCTION MATERIALS — 0.0% (a)
Taiheiyo Cement Corp.		2,000		6,677
CONSUMER FINANCE — 0.1%
Acom Co., Ltd. (b)		1,800		7,188
AEON Financial Service Co., Ltd.		100		1,882
Credit Saison Co., Ltd.		200		3,565
				12,635

See accompanying notes to financial statements.

260

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
CONTAINERS & PACKAGING — 0.0% (a)
Toyo Seikan Group Holdings, Ltd.		300	$	4,868
DIVERSIFIED CONSUMER SERVICES — 0.3%
Benesse Holdings, Inc.		1,100		34,353
DIVERSIFIED FINANCIAL SERVICES — 1.1%
Japan Exchange Group, Inc.		7,300		103,836
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,000		4,981
ORIX Corp.		2,400		35,484
				144,301
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%
Nippon Telegraph & Telephone Corp.		3,100		132,201
ELECTRIC UTILITIES — 2.0%
Chubu Electric Power Co., Inc.		4,500		60,213
Chugoku Electric Power Co., Inc.		3,200		35,380
Hokuriku Electric Power Co.		1,100		10,662
Kansai Electric Power Co., Inc.		3,800		46,618
Kyushu Electric Power Co., Inc.		1,200		12,772
Tohoku Electric Power Co., Inc.		4,200		56,839
Tokyo Electric Power Co. Holdings, Inc. (b)		14,200		55,561
				278,045
ELECTRICAL EQUIPMENT — 0.5%
Fuji Electric Co., Ltd.		1,000		5,932
Mitsubishi Electric Corp.		2,500		35,830
Nidec Corp.		300		28,524
				70,286
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.6%
Alps Electric Co., Ltd.		200		5,663
Hamamatsu Photonics KK		100		2,876
Hirose Electric Co., Ltd.		100		13,820
Hitachi High-Technologies Corp.		700		28,489
Hitachi, Ltd.		12,000		64,884
Keyence Corp.		800		320,057
Kyocera Corp.		700		38,961
Murata Manufacturing Co., Ltd.		1,800		255,793
Nippon Electric Glass Co., Ltd.		1,000		6,040
Omron Corp.		200		8,768
Shimadzu Corp.		400		6,350
TDK Corp.		200		12,654
Yaskawa Electric Corp.		200		4,010
Yokogawa Electric Corp.		200		3,144
				771,509
FOOD & STAPLES RETAILING — 1.8%
Aeon Co., Ltd.		2,800		40,833
FamilyMart UNY Holdings Co., Ltd.		500		29,794
Lawson, Inc.		500		33,878
Seven & i Holdings Co., Ltd.		1,900		74,376
Sundrug Co., Ltd.		1,000		33,519
Tsuruha Holdings, Inc.		400		36,974
				249,374
FOOD PRODUCTS — 2.0%
Ajinomoto Co., Inc.		1,900		37,453
Calbee, Inc.		1,000		34,057
MEIJI Holdings Co., Ltd.		400		33,276
NH Foods, Ltd.		2,000		53,648
Nisshin Seifun Group, Inc.		1,300		19,378
Nissin Foods Holdings Co., Ltd.		700		38,760
Toyo Suisan Kaisha, Ltd.		1,000		37,198
Yakult Honsha Co., Ltd.		100		5,546
Yamazaki Baking Co., Ltd.		600		12,331
				271,647
GAS UTILITIES — 1.2%
Osaka Gas Co., Ltd.		18,000		68,330
Toho Gas Co., Ltd.		5,000		35,314
Tokyo Gas Co., Ltd.		12,000		54,556
				158,200
HEALTH CARE EQUIPMENT & SUPPLIES — 3.1%
Hoya Corp.		5,500		264,363
Olympus Corp.		200		7,682
Sysmex Corp.		2,100		127,210
Terumo Corp.		800		27,748
				427,003
HEALTH CARE PROVIDERS & SERVICES — 0.5%
Alfresa Holdings Corp.		1,100		19,042
Medipal Holdings Corp.		1,400		21,937
Miraca Holdings, Inc.		400		18,379
Suzuken Co., Ltd.		300		9,827
				69,185
HEALTH CARE TECHNOLOGY — 0.5%
M3, Inc.		2,800		69,428
HOTELS, RESTAURANTS & LEISURE — 1.6%
McDonald’s Holdings Co., Japan, Ltd.		2,000		58,333
Oriental Land Co., Ltd.		2,900		166,119
				224,452
HOUSEHOLD DURABLES — 2.0%
Casio Computer Co., Ltd.		2,400		33,363
Iida Group Holdings Co., Ltd.		200		3,066
Nikon Corp.		2,100		30,417
Panasonic Corp.		5,100		57,577
Rinnai Corp.		200		15,902
Sekisui Chemical Co., Ltd.		1,900		31,902
Sekisui House, Ltd.		2,600		42,723
Sharp Corp. (b)		1,000		4,218
Sony Corp.		1,700		57,455
				276,623
HOUSEHOLD PRODUCTS — 0.1%
Unicharm Corp.		400		9,576
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
Electric Power Development Co., Ltd.		400		9,351
INDUSTRIAL CONGLOMERATES — 0.1%
Seibu Holdings, Inc.		200		3,297
Toshiba Corp. (b)		5,000		10,832
				14,129
INSURANCE — 2.0%
Dai-ichi Life Holdings, Inc.		2,500		44,793
Japan Post Holdings Co., Ltd.		3,300		41,372
MS&AD Insurance Group Holdings, Inc.		1,700		54,007
Sompo Holdings, Inc.		900		32,945
Sony Financial Holdings, Inc.		300		4,816

See accompanying notes to financial statements.

261

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
T&D Holdings, Inc.		1,300	$	18,853
Tokio Marine Holdings, Inc.		1,800		75,858
				272,644
INTERNET & CATALOG RETAIL — 0.4%
Rakuten, Inc.		600		6,004
Start Today Co., Ltd.		2,300		50,838
				56,842
INTERNET SOFTWARE & SERVICES — 0.9%
DeNA Co., Ltd.		100		2,027
Kakaku.com, Inc.		1,800		24,473
Mixi, Inc.		100		4,810
Yahoo! Japan Corp.		20,000		92,255
				123,565
IT SERVICES — 1.6%
Fujitsu, Ltd.		5,000		30,553
Nomura Research Institute, Ltd.		1,300		47,833
NTT Data Corp.		800		37,907
Obic Co., Ltd.		900		42,807
Otsuka Corp.		1,100		59,625
				218,725
LEISURE EQUIPMENT & PRODUCTS — 2.0%
Bandai Namco Holdings, Inc.		2,600		77,699
Sankyo Co., Ltd.		1,000		33,384
Sega Sammy Holdings, Inc.		200		2,678
Shimano, Inc.		1,000		145,831
Yamaha Corp.		300		8,252
				267,844
MACHINERY — 1.8%
Amada Holdings Co., Ltd.		300		3,422
FANUC Corp.		200		40,958
Hino Motors, Ltd.		500		6,044
Hitachi Construction Machinery Co., Ltd.		200		4,981
Hoshizaki Corp.		200		15,723
IHI Corp. (b)		3,000		9,450
JTEKT Corp.		400		6,207
Kawasaki Heavy Industries, Ltd.		3,000		9,100
Komatsu, Ltd.		1,600		41,662
Kubota Corp.		1,100		16,496
Kurita Water Industries, Ltd.		100		2,417
Makita Corp.		800		28,000
MINEBEA MITSUMI, Inc.		500		6,663
Mitsubishi Heavy Industries, Ltd.		6,000		24,047
Nabtesco Corp.		100		2,647
NGK Insulators, Ltd.		300		6,785
NSK, Ltd.		600		8,572
Sumitomo Heavy Industries, Ltd.		1,000		6,964
THK Co., Ltd.		100		2,515
				242,653
MARINE — 0.2%
Mitsui OSK Lines, Ltd.		4,000		12,564
Nippon Yusen KK (b)		7,000		14,763
				27,327
MEDIA — 0.2%
Dentsu, Inc		200		10,841
Hakuhodo DY Holdings, Inc.		300		3,554
Toho Co., Ltd.		400		10,593
				24,988
METALS & MINING — 0.9%
Hitachi Metals, Ltd.		400		5,607
JFE Holdings, Inc.		1,700		29,117
Kobe Steel, Ltd. (b)		1,300		11,853
Maruichi Steel Tube, Ltd.		100		2,840
Mitsubishi Materials Corp.		300		9,073
Nippon Steel & Sumitomo Metal Corp.		2,000		46,038
Sumitomo Metal Mining Co., Ltd.		1,000		14,211
				118,739
MULTILINE RETAIL — 0.7%
Don Quijote Holdings Co., Ltd.		100		3,464
Isetan Mitsukoshi Holdings, Ltd.		600		6,580
J Front Retailing Co., Ltd.		400		5,923
Marui Group Co., Ltd.		300		4,073
Ryohin Keikaku Co., Ltd.		300		65,665
Takashimaya Co., Ltd.		1,000		8,741
				94,446
OIL, GAS & CONSUMABLE FUELS — 0.9%
Idemitsu Kosan Co., Ltd.		500		17,365
Inpex Corp.		1,700		16,698
JX Holdings, Inc.		11,500		56,421
Showa Shell Sekiyu KK		500		5,057
TonenGeneral Sekiyu KK (b) (c)		2,000		25,022
				120,563
PAPER & FOREST PRODUCTS — 0.1%
Oji Holdings Corp.		2,000		9,351
PERSONAL PRODUCTS — 2.7%
Kao Corp.		6,200		339,629
Kose Corp.		300		27,111
Shiseido Co., Ltd.		200		5,259
				371,999
PHARMACEUTICALS — 7.2%
Astellas Pharma, Inc.		21,500		282,859
Chugai Pharmaceutical Co., Ltd.		800		27,461
Daiichi Sankyo Co., Ltd.		2,300		51,746
Eisai Co., Ltd.		500		25,864
Hisamitsu Pharmaceutical Co., Inc.		100		5,708
Kyowa Hakko Kirin Co., Ltd.		1,100		17,394
Mitsubishi Tanabe Pharma Corp		3,600		74,888
Ono Pharmaceutical Co., Ltd.		100		2,068
Otsuka Holdings Co., Ltd.		1,900		85,630
Santen Pharmaceutical Co., Ltd.		5,900		85,352
Shionogi & Co., Ltd.		3,500		180,544
Sumitomo Dainippon Pharma Co., Ltd.		1,200		19,794
Taisho Pharmaceutical Holdings Co., Ltd.		400		32,451
Takeda Pharmaceutical Co., Ltd.		2,000		93,853
				985,612
PROFESSIONAL SERVICES — 0.7%
Recruit Holdings Co., Ltd.		1,900		96,850
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.9%
Daiwa House REIT Investment Corp.		7		18,180
Japan Prime Realty Investment Corp. REIT		7		27,075
Japan Real Estate Investment Corp. REIT		5		26,474

See accompanying notes to financial statements.

262

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Japan Retail Fund Investment Corp. REIT		25	$	49,000
Nippon Building Fund, Inc. REIT		4		21,861
Nippon Prologis REIT, Inc.		13		28,152
Nomura Real Estate Master Fund, Inc.		35		54,276
United Urban Investment Corp. REIT		24		36,830
				261,848
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.9%
Aeon Mall Co., Ltd.		100		1,572
Daito Trust Construction Co., Ltd.		1,200		164,713
Daiwa House Industry Co., Ltd.		1,400		40,154
Hulic Co., Ltd.		200		1,879
Mitsubishi Estate Co., Ltd.		1,000		18,218
Mitsui Fudosan Co., Ltd.		1,000		21,305
Nomura Real Estate Holdings, Inc.		200		3,184
Tokyo Tatemono Co., Ltd.		200		2,635
Tokyu Fudosan Holdings Corp.		900		4,879
				258,539
ROAD & RAIL — 3.8%
Central Japan Railway Co.		400		65,117
East Japan Railway Co.		1,100		95,696
Hankyu Hanshin Holdings, Inc.		1,600		51,979
Keikyu Corp.		5,000		54,833
Keio Corp.		1,000		7,915
Keisei Electric Railway Co., Ltd.		300		6,954
Kintetsu Group Holdings Co., Ltd.		8,000		28,789
Nagoya Railroad Co., Ltd.		7,000		31,473
Nippon Express Co., Ltd.		5,000		25,666
Odakyu Electric Railway Co., Ltd.		1,100		21,382
Tobu Railway Co., Ltd.		8,000		40,492
Tokyu Corp.		4,000		28,287
West Japan Railway Co.		1,000		64,982
				523,565
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.2%
Rohm Co., Ltd.		100		6,641
Tokyo Electron, Ltd.		200		21,816
				28,457
SOFTWARE — 1.3%
Konami Holdings Corp.		400		16,961
LINE Corp. (b)		1,000		38,365
Nexon Co., Ltd.		100		1,588
Oracle Corp. Japan		1,100		62,784
Trend Micro, Inc.		1,300		57,749
				177,447
SPECIALTY RETAIL — 2.6%
ABC-Mart, Inc.		800		46,738
Hikari Tsushin, Inc.		300		29,292
Nitori Holdings Co., Ltd.		1,300		164,148
Shimamura Co., Ltd.		200		26,402
USS Co., Ltd.		3,400		56,631
Yamada Denki Co., Ltd.		6,800		33,869
				357,080
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.8%
Brother Industries, Ltd.		300		6,260
Canon, Inc.		3,900		121,483
FUJIFILM Holdings Corp.		1,600		62,432
Konica Minolta, Inc.		900		8,044
NEC Corp.		10,000		24,051
Ricoh Co., Ltd.		2,200		18,085
Seiko Epson Corp.		500		10,518
				250,873
TEXTILES, APPAREL & LUXURY GOODS — 0.0% (a)
Asics Corp.		100		1,605
TOBACCO — 2.0%
Japan Tobacco, Inc.		8,500		275,985
TRADING COMPANIES & DISTRIBUTORS — 3.1%
ITOCHU Corp.		4,100		58,135
Marubeni Corp.		9,500		58,443
MISUMI Group, Inc.		2,900		52,363
Mitsubishi Corp.		3,700		79,874
Mitsui & Co., Ltd.		7,000		101,297
Sumitomo Corp.		4,500		60,475
Toyota Tsusho Corp.		700		21,170
				431,757
TRANSPORTATION INFRASTRUCTURE — 0.1%
Kamigumi Co., Ltd.		2,000		17,266
WIRELESS TELECOMMUNICATION SERVICES — 3.9%
KDDI Corp.		13,300		348,763
NTT DOCOMO, Inc.		4,400		102,369
SoftBank Group Corp.		1,100		77,611
				528,743
TOTAL COMMON STOCKS (Cost $13,744,193)				13,591,628
SHORT-TERM INVESTMENT — 0.0% (a)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (d) (e) (Cost $6,732)		6,732		6,732
TOTAL INVESTMENTS — 99.0% (Cost $13,750,925)				13,598,360
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%				131,685
NET ASSETS — 100.0%			$	13,730,045

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

(b) Non-income producing security.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $25,022 representing 0.2% of the Fund’s net assets.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2017.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

263

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Air Freight & Logistics	$	31,399	$	—	$	—	$	31,399
Airlines		146,770		—		—		146,770
Auto Components		597,237		—		—		597,237
Automobiles		978,268		—		—		978,268
Banks		1,046,244		—		—		1,046,244
Beverages		199,739		—		—		199,739
Building Products		281,046		—		—		281,046
Capital Markets		61,078		—		—		61,078
Chemicals		562,549		—		—		562,549
Commercial Services & Supplies		179,642		—		—		179,642
Construction & Engineering		128,500		—		—		128,500
Construction Materials		6,677		—		—		6,677
Consumer Finance		12,635		—		—		12,635
Containers & Packaging		4,868		—		—		4,868
Diversified Consumer Services		34,353		—		—		34,353
Diversified Financial Services		144,301		—		—		144,301
Diversified Telecommunication Services		132,201		—		—		132,201
Electric Utilities		278,045		—		—		278,045
Electrical Equipment		70,286		—		—		70,286
Electronic Equipment, Instruments & Components		771,509		—		—		771,509
Food & Staples Retailing		249,374		—		—		249,374
Food Products		271,647		—		—		271,647
Gas Utilities		158,200		—		—		158,200
Health Care Equipment & Supplies		427,003		—		—		427,003
Health Care Providers & Services		69,185		—		—		69,185
Health Care Technology		69,428		—		—		69,428
Hotels, Restaurants & Leisure		224,452		—		—		224,452
Household Durables		276,623		—		—		276,623
Household Products		9,576		—		—		9,576
Independent Power Producers & Energy Traders		9,351		—		—		9,351
Industrial Conglomerates		14,129		—		—		14,129
Insurance		272,644		—		—		272,644
Internet & Catalog Retail		56,842		—		—		56,842
Internet Software & Services		123,565		—		—		123,565
IT Services		218,725		—		—		218,725
Leisure Equipment & Products		267,844		—		—		267,844
Machinery		242,653		—		—		242,653
Marine		27,327		—		—		27,327
Media		24,988		—		—		24,988
Metals & Mining		118,739		—		—		118,739
Multiline Retail		94,446		—		—		94,446
Oil, Gas & Consumable Fuels		95,541		25,022		—		120,563
Paper & Forest Products		9,351		—		—		9,351
Personal Products		371,999		—		—		371,999
Pharmaceuticals		985,612		—		—		985,612
Professional Services		96,850		—		—		96,850
Real Estate Investment Trusts (REITs)		261,848		—		—		261,848
Real Estate Management & Development		258,539		—		—		258,539
Road & Rail		523,565		—		—		523,565
Semiconductors & Semiconductor Equipment		28,457		—		—		28,457

See accompanying notes to financial statements.

264

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Software	$	177,447	$	—	$	—	$	177,447
Specialty Retail		357,080		—		—		357,080
Technology Hardware, Storage & Peripherals		250,873		—		—		250,873
Textiles, Apparel & Luxury Goods		1,605		—		—		1,605
Tobacco		275,985		—		—		275,985
Trading Companies & Distributors		431,757		—		—		431,757
Transportation Infrastructure		17,266		—		—		17,266
Wireless Telecommunication Services		528,743		—		—		528,743
Short-Term Investment		6,732		—		—		6,732
TOTAL INVESTMENTS	$	13,573,338	$	25,022	$	—	$	13,598,360

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		754	$	754		—		754		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		200,974		194,242		6,732		6,732		16
TOTAL			$	754							$	6,732	$	16

See accompanying notes to financial statements.

265

SPDR MSCI Spain StrategicFactors ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AIRLINES — 1.6%
International Consolidated Airlines Group SA		5,623	$	37,287
BANKS — 30.8%
Banco Bilbao Vizcaya Argentaria SA		20,710		161,033
Banco de Sabadell SA		29,503		54,211
Banco Popular Espanol SA		29,179		28,400
Banco Santander SA		55,688		342,179
Bankia SA		25,027		28,534
Bankinter SA		4,646		39,112
CaixaBank SA		13,894		59,872
				713,341
BIOTECHNOLOGY — 2.1%
Grifols SA		1,926		47,358
CONSTRUCTION & ENGINEERING — 5.8%
ACS Actividades de Construccion y Servicios SA		1,782		60,790
Ferrovial SA		3,599		72,213
				133,003
DIVERSIFIED TELECOMMUNICATION SERVICES — 8.4%
Telefonica SA		17,423		195,385
ELECTRIC UTILITIES — 15.1%
Endesa SA		3,526		83,080
Iberdrola SA		26,834		192,436
Red Electrica Corp. SA		3,860		74,312
				349,828
FOOD & STAPLES RETAILING — 1.8%
Distribuidora Internacional de Alimentacion SA		7,100		41,166
GAS UTILITIES — 6.1%
Enagas SA		2,659		69,250
Gas Natural SDG SA		3,241		71,200
				140,450
INSURANCE — 3.8%
Grupo Catalana Occidente SA		1,187		42,251
Mapfre SA		13,590		46,730
				88,981
IT SERVICES — 4.5%
Amadeus IT Group SA		2,060		104,788
MACHINERY — 1.7%
Zardoya Otis SA		4,231		39,189
MEDIA — 1.5%
Mediaset Espana Comunicacion SA		2,637		34,085
OIL, GAS & CONSUMABLE FUELS — 4.3%
Repsol SA		6,365		98,541
SPECIALTY RETAIL — 6.8%
Industria de Diseno Textil SA		4,450		157,254
TRANSPORTATION INFRASTRUCTURE — 5.5%
Abertis Infraestructuras SA		5,332		86,113
Aena SA (a)		259		41,081
				127,194
TOTAL COMMON STOCKS (Cost $2,893,549)				2,307,850
SHORT-TERM INVESTMENT — 0.0% (b)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (c) (d) (Cost $875)		875		875
TOTAL INVESTMENTS — 99.8% (Cost $2,894,424)				2,308,725
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				4,867
NET ASSETS — 100.0%			$	2,313,592

(a) Security purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. This security, which represents 1.8% of net assets as of March 31, 2017, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at March 31, 2017.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Airlines	$	37,287	$	—	$	—	$	37,287
Banks		713,341		—		—		713,341
Biotechnology		47,358		—		—		47,358
Construction & Engineering		133,003		—		—		133,003
Diversified Telecommunication Services		195,385		—		—		195,385
Electric Utilities		349,828		—		—		349,828
Food & Staples Retailing		41,166		—		—		41,166

See accompanying notes to financial statements.

266

SPDR MSCI Spain StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Gas Utilities	$	140,450	$	—	$	—	$	140,450
Insurance		88,981		—		—		88,981
IT Services		104,788		—		—		104,788
Machinery		39,189		—		—		39,189
Media		34,085		—		—		34,085
Oil, Gas & Consumable Fuels		98,541		—		—		98,541
Specialty Retail		157,254		—		—		157,254
Transportation Infrastructure		127,194		—		—		127,194
Short-Term Investment		875		—		—		875
TOTAL INVESTMENTS	$	2,308,725	$	—	$	—	$	2,308,725

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		37	$	37		—		37		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		65,932		65,057		875		875		7
TOTAL			$	37							$	875	$	7

See accompanying notes to financial statements.

267

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.1%
AEROSPACE & DEFENSE — 3.8%
BAE Systems PLC		6,899	$	55,428
Cobham PLC		603		1,003
Meggitt PLC		239		1,331
Rolls-Royce Holdings PLC (a)		3,677		34,668
				92,430
AIR FREIGHT & LOGISTICS — 0.6%
Royal Mail PLC		2,603		13,833
AIRLINES — 0.2%
easyJet PLC		385		4,939
AUTO COMPONENTS — 0.6%
GKN PLC		3,403		15,460
BANKS — 8.4%
Barclays PLC		11,157		31,404
HSBC Holdings PLC		14,465		117,733
Lloyds Banking Group PLC		29,357		24,346
Royal Bank of Scotland Group PLC (a)		2,717		8,225
Standard Chartered PLC (a)		2,460		23,471
				205,179
BEVERAGES — 2.1%
Coca-Cola HBC AG (a)		191		4,922
Diageo PLC		1,635		46,686
				51,608
CAPITAL MARKETS — 2.0%
3i Group PLC		1,507		14,124
Aberdeen Asset Management PLC		1,943		6,431
Hargreaves Lansdown PLC		809		13,161
Investec PLC		224		1,524
Schroders PLC		339		12,844
				48,084
CHEMICALS — 1.5%
Croda International PLC		493		21,971
Johnson Matthey PLC		382		14,712
				36,683
COMMERCIAL SERVICES & SUPPLIES — 0.5%
Babcock International Group PLC		834		9,198
G4S PLC		529		2,013
				11,211
CONSUMER FINANCE — 0.0% (b)
Provident Financial PLC		22		825
DIVERSIFIED FINANCIAL SERVICES — 0.5%
London Stock Exchange Group PLC		321		12,728
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.5%
BT Group PLC		14,200		56,501
Inmarsat PLC		337		3,584
				60,085
ELECTRIC UTILITIES — 1.1%
SSE PLC		1,397		25,784
ENERGY EQUIPMENT & SERVICES — 0.1%
Petrofac, Ltd.		128		1,471
FOOD & STAPLES RETAILING — 0.9%
J Sainsbury PLC		1,372		4,534
Tesco PLC (a)		4,552		10,564
Wm Morrison Supermarkets PLC		2,352		7,059
				22,157
FOOD PRODUCTS — 1.7%
Associated British Foods PLC		910		29,654
Tate & Lyle PLC		1,335		12,762
				42,416
HEALTH CARE EQUIPMENT & SUPPLIES — 1.6%
Smith & Nephew PLC		2,607		39,641
HEALTH CARE PROVIDERS & SERVICES — 0.2%
Mediclinic International PLC		499		4,443
HOTELS, RESTAURANTS & LEISURE — 4.9%
Carnival PLC		82		4,694
Compass Group PLC		3,562		67,079
InterContinental Hotels Group PLC		21		1,026
Merlin Entertainments PLC (c)		1,296		7,772
TUI AG		791		10,940
Whitbread PLC		434		21,480
William Hill PLC		1,822		6,625
				119,616
HOUSEHOLD DURABLES — 1.4%
Barratt Developments PLC		366		2,501
Berkeley Group Holdings PLC		282		11,309
Persimmon PLC		712		18,643
Taylor Wimpey PLC		897		2,166
				34,619
HOUSEHOLD PRODUCTS — 3.2%
Reckitt Benckiser Group PLC		864		78,717
INDUSTRIAL CONGLOMERATES — 0.8%
DCC PLC		43		3,778
Smiths Group PLC		736		14,900
				18,678
INSURANCE — 6.2%
Admiral Group PLC		1,307		32,507
Aviva PLC		2,420		16,099
Direct Line Insurance Group PLC		2,984		12,963
Legal & General Group PLC		14,083		43,550
Old Mutual PLC		1,601		4,016
Prudential PLC		989		20,851
RSA Insurance Group PLC		1,716		12,585
St James’s Place PLC		349		4,634
Standard Life PLC		729		3,233
				150,438
INTERNET SOFTWARE & SERVICES — 0.1%
Auto Trader Group PLC (c)		503		2,468
IT SERVICES — 0.3%
Worldpay Group PLC (c)		1,887		6,970
MACHINERY — 0.4%
IMI PLC		546		8,145
Weir Group PLC		57		1,367
				9,512
MEDIA — 5.2%
ITV PLC		11,742		32,141
Pearson PLC		384		3,277

See accompanying notes to financial statements.

268

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
RELX PLC		3,492	$	68,293
Sky PLC		812		9,910
WPP PLC		636		13,933
				127,554
METALS & MINING — 4.1%
Anglo American PLC (a)		816		12,443
Antofagasta PLC		117		1,221
BHP Billiton PLC		819		12,638
Fresnillo PLC		398		7,744
Glencore PLC (a)		8,877		34,760
Randgold Resources, Ltd.		133		11,583
Rio Tinto PLC		478		19,184
				99,573
MULTI-UTILITIES — 2.4%
Centrica PLC		3,845		10,433
National Grid PLC		3,771		47,791
				58,224
MULTILINE RETAIL — 1.3%
Marks & Spencer Group PLC		3,618		15,247
Next PLC		324		17,502
				32,749
OIL, GAS & CONSUMABLE FUELS — 10.4%
BP PLC		17,911		102,477
Royal Dutch Shell PLC Class A		3,725		97,630
Royal Dutch Shell PLC Class B		1,976		53,976
				254,083
PAPER & FOREST PRODUCTS — 0.7%
Mondi PLC		689		16,602
PERSONAL PRODUCTS — 3.8%
Unilever PLC		1,892		93,203
PHARMACEUTICALS — 7.8%
AstraZeneca PLC		1,401		86,061
GlaxoSmithKline PLC		4,209		87,342
Hikma Pharmaceuticals PLC		75		1,858
Shire PLC		277		16,144
				191,405
PROFESSIONAL SERVICES — 1.5%
Capita PLC		1,420		10,023
Experian PLC		658		13,395
Intertek Group PLC		284		13,971
				37,389
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.9%
British Land Co. PLC REIT		370		2,822
Hammerson PLC		1,395		9,960
Intu Properties PLC		629		2,196
Land Securities Group PLC REIT		902		11,945
Segro PLC		3,548		20,240
				47,163
SOFTWARE — 1.0%
Sage Group PLC		3,060		24,125
SPECIALTY RETAIL — 1.2%
Dixons Carphone PLC		494		1,962
Kingfisher PLC		6,784		27,663
				29,625
TEXTILES, APPAREL & LUXURY GOODS — 0.8%
Burberry Group PLC		921		19,855
TOBACCO — 5.2%
British American Tobacco PLC		1,498		99,278
Imperial Brands PLC		576		27,853
				127,131
TRADING COMPANIES & DISTRIBUTORS — 3.2%
Ashtead Group PLC		92		1,902
Bunzl PLC		1,239		35,944
Travis Perkins PLC		530		10,034
Wolseley PLC		503		31,574
				79,454
WATER UTILITIES — 0.9%
Severn Trent PLC		424		12,629
United Utilities Group PLC		841		10,448
				23,077
WIRELESS TELECOMMUNICATION SERVICES — 2.1%
Vodafone Group PLC		20,203		52,572
TOTAL COMMON STOCKS (Cost $2,759,772)				2,423,779
SHORT-TERM INVESTMENT — 0.0% (b)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (d) (e) (Cost $359)		359		359
TOTAL INVESTMENTS — 99.1% (Cost $2,760,131)				2,424,138
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%				22,447
NET ASSETS — 100.0%			$	2,446,585

(a) Non-income producing security.

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

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.7% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2017.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

269

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	92,430	$	—	$	—	$	92,430
Air Freight & Logistics		13,833		—		—		13,833
Airlines		4,939		—		—		4,939
Auto Components		15,460		—		—		15,460
Banks		205,179		—		—		205,179
Beverages		51,608		—		—		51,608
Capital Markets		48,084		—		—		48,084
Chemicals		36,683		—		—		36,683
Commercial Services & Supplies		11,211		—		—		11,211
Consumer Finance		825		—		—		825
Diversified Financial Services		12,728		—		—		12,728
Diversified Telecommunication Services		60,085		—		—		60,085
Electric Utilities		25,784		—		—		25,784
Energy Equipment & Services		1,471		—		—		1,471
Food & Staples Retailing		22,157		—		—		22,157
Food Products		42,416		—		—		42,416
Health Care Equipment & Supplies		39,641		—		—		39,641
Health Care Providers & Services		4,443		—		—		4,443
Hotels, Restaurants & Leisure		119,616		—		—		119,616
Household Durables		34,619		—		—		34,619
Household Products		78,717		—		—		78,717
Industrial Conglomerates		18,678		—		—		18,678
Insurance		150,438		—		—		150,438
Internet Software & Services		2,468		—		—		2,468
IT Services		6,970		—		—		6,970
Machinery		9,512		—		—		9,512
Media		127,554		—		—		127,554
Metals & Mining		99,573		—		—		99,573
Multi-Utilities		58,224		—		—		58,224
Multiline Retail		32,749		—		—		32,749
Oil, Gas & Consumable Fuels		254,083		—		—		254,083
Paper & Forest Products		16,602		—		—		16,602
Personal Products		93,203		—		—		93,203
Pharmaceuticals		191,405		—		—		191,405
Professional Services		37,389		—		—		37,389
Real Estate Investment Trusts (REITs)		47,163		—		—		47,163
Software		24,125		—		—		24,125
Specialty Retail		29,625		—		—		29,625
Textiles, Apparel & Luxury Goods		19,855		—		—		19,855
Tobacco		127,131		—		—		127,131
Trading Companies & Distributors		79,454		—		—		79,454
Water Utilities		23,077		—		—		23,077
Wireless Telecommunication Services		52,572		—		—		52,572
Short-Term Investment		359		—		—		359
TOTAL INVESTMENTS	$	2,424,138	$	—	$	—	$	2,424,138

See accompanying notes to financial statements.

270

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		1,019	$	1,019		—		1,019		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		43,607		43,248		359		359		2
TOTAL			$	1,019							$	359	$	2

See accompanying notes to financial statements.

271

SPDR S&P Global Dividend ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 1.1%
APA Group		210,182	$	1,436,623
CANADA — 16.2%
Bank of Montreal		11,365		846,463
Bank of Nova Scotia		15,950		930,462
Canadian Apartment Properties		46,274		1,155,419
Canadian Imperial Bank of Commerce		12,268		1,054,828
Emera, Inc.		37,706		1,328,255
Enbridge Income Fund Holdings, Inc. (a)		57,813		1,437,034
First Capital Realty, Inc.		73,703		1,106,940
Fortis, Inc.		34,353		1,135,183
Great-West Lifeco, Inc.		34,623		956,666
IGM Financial, Inc. (a)		45,889		1,364,644
National Bank of Canada		23,289		975,112
Power Corp. of Canada		45,734		1,071,293
Power Financial Corp.		43,473		1,146,437
RioCan Real Estate Investment Trust		75,674		1,486,641
Rogers Communications, Inc. Class B		24,284		1,070,670
Royal Bank of Canada		12,230		888,513
Shaw Communications, Inc. Class B		57,661		1,192,002
TELUS Corp.		38,122		1,234,002
				20,380,564
CHINA — 2.4%
China Overseas Land & Investment, Ltd.		348,000		994,094
Guangdong Investment, Ltd.		774,000		1,103,509
Hengan International Group Co., Ltd.		130,500		970,585
				3,068,188
FINLAND — 1.7%
Fortum Oyj (a)		135,018		2,141,577
FRANCE — 4.9%
CNP Assurances		54,779		1,117,875
Sanofi		13,124		1,187,791
SCOR SE		31,761		1,203,556
TOTAL SA		28,013		1,420,615
Unibail-Rodamco SE		5,220		1,223,246
				6,153,083
GERMANY — 2.7%
Axel Springer SE		21,702		1,201,652
Deutsche EuroShop AG		24,832		1,017,876
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		5,828		1,143,194
				3,362,722
HONG KONG — 6.6%
Cheung Kong Infrastructure Holdings, Ltd.		123,000		965,451
CLP Holdings, Ltd.		112,600		1,177,218
Hysan Development Co., Ltd.		258,000		1,170,237
Link REIT		180,000		1,261,147
Sino Land Co., Ltd.		742,386		1,301,074
Sun Hung Kai Properties, Ltd.		80,000		1,175,577
Wharf Holdings, Ltd.		140,597		1,206,694
				8,257,398
ITALY — 1.0%
Atlantia SpA		50,640		1,310,720
JAPAN — 1.9%
Canon, Inc.		44,500		1,386,157
Chugoku Electric Power Co., Inc.		92,900		1,027,128
				2,413,285
MEXICO — 1.1%
Kimberly-Clark de Mexico SAB de CV Class A		644,173		1,389,643
NETHERLANDS — 1.0%
Boskalis Westminster		36,496		1,261,783
PORTUGAL — 1.7%
EDP — Energias de Portugal SA		626,244		2,126,612
SINGAPORE — 3.5%
Oversea-Chinese Banking Corp., Ltd.		144,535		1,005,425
Singapore Telecommunications, Ltd.		493,606		1,384,767
StarHub, Ltd.		948,426		1,954,818
				4,345,010
SOUTH AFRICA — 6.0%
AVI, Ltd.		168,405		1,243,374
Foschini Group, Ltd.		106,336		1,225,159
Mr. Price Group, Ltd.		97,138		1,158,375
Sanlam, Ltd. (a)		196,597		987,769
Standard Bank Group, Ltd. (a)		105,858		1,134,863
Truworths International, Ltd. (a)		272,128		1,757,733
				7,507,273
SOUTH KOREA — 1.2%
SK Telecom Co., Ltd.		6,570		1,480,497
SPAIN — 2.7%
Abertis Infraestructuras SA		103,736		1,675,357
Enagas SA		65,200		1,698,038
				3,373,395
SWEDEN — 2.4%
Castellum AB		79,735		1,060,954
Hennes & Mauritz AB Class B		38,993		1,000,123
Skanska AB Class B		40,046		946,396
				3,007,473
SWITZERLAND — 4.4%
Baloise Holding AG		7,195		989,811
Novartis AG		14,061		1,044,443
PSP Swiss Property AG		11,616		1,057,794
Roche Holding AG		4,112		1,050,851
Swiss Prime Site AG (b)		15,076		1,327,688
				5,470,587
THAILAND — 1.8%
Bangkok Bank PCL		189,176		1,023,987
Thai Beverage PCL		1,757,900		1,182,585
				2,206,572
UNITED KINGDOM — 15.3%
Aberdeen Asset Management PLC		554,797		1,836,346
Ashmore Group PLC		353,500		1,562,591
BAE Systems PLC		136,587		1,097,359
Berendsen PLC		98,324		901,218
Britvic PLC		151,743		1,228,612
Carillion PLC (a)		784,030		2,186,271
Close Brothers Group PLC		51,672		993,752

See accompanying notes to financial statements.

272

SPDR S&P Global Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Essentra PLC		237,667	$	1,560,251
GlaxoSmithKline PLC		74,137		1,538,433
Greene King PLC		151,583		1,329,672
IG Group Holdings PLC		227,467		1,414,501
IMI PLC		69,533		1,037,284
Pennon Group PLC		116,488		1,284,743
Tate & Lyle PLC		130,632		1,248,802
				19,219,835
UNITED STATES — 19.9%
AT&T, Inc.		30,762		1,278,161
CME Group, Inc.		9,665		1,148,202
Entergy Corp.		18,847		1,431,618
Gap, Inc.		51,160		1,242,676
Garmin, Ltd.		24,560		1,255,262
H&R Block, Inc.		51,196		1,190,307
Hawaiian Electric Industries, Inc.		31,728		1,056,860
Lazard, Ltd. Class A		20,450		940,495
Mattel, Inc.		60,788		1,556,781
MDC Holdings, Inc.		37,906		1,139,075
Mercury General Corp.		15,504		945,589
National Health Investors, Inc. REIT		18,890		1,371,981
Old Republic International Corp.		44,944		920,453
PPL Corp.		35,925		1,343,236
Public Service Enterprise Group, Inc.		24,216		1,073,980
Safety Insurance Group, Inc.		12,688		889,429
Southern Co.		26,329		1,310,658
Tupperware Brands Corp.		25,002		1,568,125
Verizon Communications, Inc.		25,135		1,225,331
Waddell & Reed Financial, Inc. Class A		127,729		2,171,393
				25,059,612
TOTAL COMMON STOCKS (Cost $122,206,609)				124,972,452
SHORT-TERM INVESTMENTS — 5.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (c) (d)		69,129		69,129
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		6,833,259		6,833,259
TOTAL SHORT-TERM INVESTMENTS (Cost $6,902,388)				6,902,388
TOTAL INVESTMENTS — 105.0% (Cost $129,108,997)				131,874,840
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.0)%				(6,285,907	)
NET ASSETS — 100.0%			$	125,588,933

(a) All or a portion of the shares of the security are on loan at March 31, 2017.

(b) Non-income producing security.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at March 31, 2017.

(e) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,436,623	$	—	$	—	$	1,436,623
Canada		20,380,564		—		—		20,380,564
China		3,068,188		—		—		3,068,188
Finland		2,141,577		—		—		2,141,577
France		6,153,083		—		—		6,153,083
Germany		3,362,722		—		—		3,362,722
Hong Kong		8,257,398		—		—		8,257,398
Italy		1,310,720		—		—		1,310,720
Japan		2,413,285		—		—		2,413,285
Mexico		1,389,643		—		—		1,389,643
Netherlands		1,261,783		—		—		1,261,783
Portugal		2,126,612		—		—		2,126,612
Singapore		4,345,010		—		—		4,345,010
South Africa		7,507,273		—		—		7,507,273
South Korea		1,480,497		—		—		1,480,497

See accompanying notes to financial statements.

273

SPDR S&P Global Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Spain	$	3,373,395	$	—	$	—	$	3,373,395
Sweden		3,007,473		—		—		3,007,473
Switzerland		5,470,587		—		—		5,470,587
Thailand		2,206,572		—		—		2,206,572
United Kingdom		19,219,835		—		—		19,219,835
United States		25,059,612		—		—		25,059,612
Short-Term Investments		6,902,388		—		—		6,902,388
TOTAL INVESTMENTS	$	131,874,840	$	—	$	—	$	131,874,840

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		57,050	$	57,050		42,032		99,082		—	$	—	$	4
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		8,957,200		8,888,071		69,129		69,129		513
State Street Navigator Securities Lending Government Money Market Portfolio*		8,297,041		8,297,041		30,664,392		32,128,174		6,833,259		6,833,259		18,691
TOTAL			$	8,354,091							$	6,902,388	$	19,208

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

274

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 17.4%
Amcor, Ltd.		1,094,797	$	12,577,595
ASX, Ltd.		332,569		12,806,786
AusNet Services		6,093,701		7,832,855
carsales.com, Ltd.		1,021,693		8,698,085
Charter Hall Group REIT		1,967,050		8,283,112
Commonwealth Bank of Australia		260,759		17,089,213
DUET Group		6,190,162		13,174,838
DuluxGroup, Ltd.		1,335,952		6,654,924
Mirvac Group REIT		6,470,575		10,810,009
Sonic Healthcare, Ltd.		694,872		11,725,436
Star Entertainment Group, Ltd.		2,222,841		9,275,445
Stockland REIT		3,436,706		12,164,644
Telstra Corp., Ltd.		5,031,527		17,886,476
Transurban Group Stapled Security		1,892,797		16,850,545
Vicinity Centres REIT		5,711,628		12,330,634
Westpac Banking Corp.		756,628		20,236,405
				198,397,002
BELGIUM — 1.1%
Anheuser-Busch InBev SA		109,558		12,057,587
CANADA — 10.4%
BCE, Inc.		335,323		14,804,348
Canadian Imperial Bank of Commerce		164,200		14,118,257
Emera, Inc.		406,986		14,336,747
Fortis, Inc.		369,210		12,200,416
H&R Real Estate Investment Trust REIT		474,441		8,207,066
Intact Financial Corp.		106,288		7,537,749
Rogers Communications, Inc. Class B		273,844		12,073,653
Royal Bank of Canada		158,429		11,509,906
TELUS Corp.		414,122		13,405,051
Toronto-Dominion Bank		201,446		10,061,349
				118,254,542
FINLAND — 1.7%
Kone Oyj Class B		233,635		10,285,235
Wartsila Oyj Abp		179,790		9,643,560
				19,928,795
FRANCE — 2.4%
Bureau Veritas SA		450,161		9,521,060
Cie de Saint-Gobain		179,390		9,235,494
Danone SA		134,462		9,169,566
				27,926,120
GERMANY — 4.4%
Axel Springer SE		158,772		8,791,298
Deutsche EuroShop AG		168,073		6,889,394
Fielmann AG		127,634		9,888,849
Fraport AG Frankfurt Airport Services Worldwide		126,481		8,972,970
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		77,765		15,254,025
				49,796,536
HONG KONG — 8.7%
Cheung Kong Infrastructure Holdings, Ltd.		1,392,000		10,926,076
CLP Holdings, Ltd.		1,252,500		13,094,721
Hang Seng Bank, Ltd.		609,300		12,356,132
Hongkong Land Holdings, Ltd.		1,413,300		10,868,277
Hysan Development Co., Ltd.		1,260,000		5,715,113
Link REIT		1,333,000		9,339,490
MTR Corp., Ltd.		1,744,500		9,798,292
Power Assets Holdings, Ltd.		1,297,500		11,186,064
Sino Land Co., Ltd.		5,012,000		8,783,818
Yue Yuen Industrial Holdings, Ltd.		1,668,500		6,558,924
				98,626,907
ITALY — 3.3%
Atlantia SpA		573,594		14,846,391
Snam SpA		5,317,135		23,054,853
				37,901,244
JAPAN — 5.6%
Japan Prime Realty Investment Corp. REIT		1,572		6,080,338
Japan Real Estate Investment Corp. REIT		962		5,093,601
Japan Retail Fund Investment Corp. REIT		3,540		6,938,311
KDDI Corp.		301,300		7,900,912
Lawson, Inc. (a)		131,400		8,903,078
Nippon Building Fund, Inc. REIT		971		5,306,820
Orix JREIT, Inc. REIT		4,237		6,707,411
Sankyo Co., Ltd.		306,700		10,238,930
United Urban Investment Corp. REIT		4,512		6,924,096
				64,093,497
MALAYSIA — 0.8%
Public Bank Bhd		2,057,300		9,250,993
NETHERLANDS — 1.7%
Akzo Nobel NV		123,355		10,255,253
Koninklijke Philips NV		300,059		9,669,560
				19,924,813
NEW ZEALAND — 0.8%
Spark New Zealand, Ltd.		3,753,379		9,183,298
PORTUGAL — 1.9%
EDP — Energias de Portugal SA		6,407,782		21,759,674
RUSSIA — 1.2%
Gazprom PJSC ADR		3,111,395		13,907,936
SINGAPORE — 6.3%
CapitaLand Mall Trust REIT		8,997,200		12,684,809
CapitaLand, Ltd.		3,984,000		10,349,904
ComfortDelGro Corp., Ltd.		7,000,400		12,825,466
Singapore Exchange, Ltd.		1,809,700		9,972,583
Singapore Press Holdings, Ltd.		4,178,300		10,615,448
Singapore Telecommunications, Ltd.		5,524,000		15,497,087
				71,945,297
SOUTH AFRICA — 0.8%
Shoprite Holdings, Ltd.		627,373		9,058,221
SOUTH KOREA — 0.9%
Kangwon Land, Inc.		296,620		10,132,240

See accompanying notes to financial statements.

275

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
SPAIN — 3.0%
Enagas SA		735,633	$	19,158,482
Red Electrica Corp. SA		807,364		15,543,285
				34,701,767
SWEDEN — 3.0%
Castellum AB		715,819		9,524,691
ICA Gruppen AB (a)		309,803		10,610,951
Swedbank AB Class A (a)		601,312		13,981,651
				34,117,293
SWITZERLAND — 9.6%
Baloise Holding AG		95,471		13,133,879
EMS-Chemie Holding AG		16,408		9,564,981
Givaudan SA		5,249		9,460,209
Helvetia Holding AG		12,585		6,978,046
Nestle SA		134,795		10,349,164
PSP Swiss Property AG		84,088		7,657,347
Roche Holding AG		26,010		6,619,759
Swiss Prime Site AG (b)		168,680		14,855,030
Swiss Re AG		160,779		14,448,345
Swisscom AG		35,178		16,240,325
				109,307,085
TAIWAN — 2.8%
Phison Electronics Corp.		1,417,000		12,725,797
Taiwan Mobile Co., Ltd.		5,127,000		18,840,257
				31,566,054
THAILAND — 1.2%
Bangkok Bank PCL (c)		121,600		642,282
Bangkok Bank PCL (c)		2,349,572		12,717,945
				13,360,227
UNITED KINGDOM — 10.4%
Berendsen PLC		660,935		6,057,998
Diageo PLC		322,642		9,212,729
Kingfisher PLC		2,184,458		8,907,604
National Grid PLC		1,255,560		15,912,104
Old Mutual PLC		5,202,663		13,050,376
Pennon Group PLC		1,294,872		14,281,105
Playtech PLC		870,986		10,139,750
SSE PLC		979,397		18,076,382
United Utilities Group PLC		1,193,414		14,826,047
WPP PLC		364,714		7,990,113
				118,454,208
TOTAL COMMON STOCKS (Cost $1,110,958,990)				1,133,651,336
SHORT-TERM INVESTMENTS — 1.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (d) (e)		506,933		506,933
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		12,019,618		12,019,618
TOTAL SHORT-TERM INVESTMENTS (Cost $12,526,551)				12,526,551
TOTAL INVESTMENTS — 100.5% (Cost $1,123,485,541)				1,146,177,887
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%				(5,860,181	)
NET ASSETS — 100.0%			$	1,140,317,706

(a) All or a portion of the shares of the security are on loan at March 31, 2017.

(b) Non-income producing security.

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

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2017.

(f) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	198,397,002	$	—	$	—	$	198,397,002
Belgium		12,057,587		—		—		12,057,587
Canada		118,254,542		—		—		118,254,542
Finland		19,928,795		—		—		19,928,795
France		27,926,120		—		—		27,926,120
Germany		49,796,536		—		—		49,796,536
Hong Kong		98,626,907		—		—		98,626,907
Italy		37,901,244		—		—		37,901,244
Japan		64,093,497		—		—		64,093,497

See accompanying notes to financial statements.

276

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Malaysia	$	9,250,993	$	—	$	—	$	9,250,993
Netherlands		19,924,813		—		—		19,924,813
New Zealand		9,183,298		—		—		9,183,298
Portugal		21,759,674		—		—		21,759,674
Russia		13,907,936		—		—		13,907,936
Singapore		71,945,297		—		—		71,945,297
South Africa		9,058,221		—		—		9,058,221
South Korea		10,132,240		—		—		10,132,240
Spain		34,701,767		—		—		34,701,767
Sweden		34,117,293		—		—		34,117,293
Switzerland		109,307,085		—		—		109,307,085
Taiwan		31,566,054		—		—		31,566,054
Thailand		13,360,227		—		—		13,360,227
United Kingdom		118,454,208		—		—		118,454,208
Short-Term Investments		12,526,551		—		—		12,526,551
TOTAL INVESTMENTS	$	1,146,177,887	$	—	$	—	$	1,146,177,887

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		34,299	$	34,299		957		35,256		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		87,509,823		87,002,890		506,933		506,933		6,053
State Street Navigator Securities Lending Government Money Market Portfolio*		85,141,270		85,141,270		223,835,658		296,957,309		12,019,619		12,019,619		326,333
TOTAL			$	85,175,569							$	12,526,552	$	332,386

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

277

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 0.1%
MMG, Ltd. (a) (b)		828,000	$	308,975
BRAZIL — 5.4%
AES Tiete Energia SA		22,977		99,146
Aliansce Shopping Centers SA		82,374		399,553
Alpargatas SA Preference Shares		13,702		53,083
Alupar Investimento SA		41,006		264,509
Arezzo Industria e Comercio SA		39,994		395,285
B2W Cia Digital (b)		72,356		281,452
Banco ABC Brasil SA (b)		2,984		17,650
Banco ABC Brasil SA Preference Shares		65,198		384,623
Banco do Estado do Rio Grande do Sul SA Class B, Preference Shares		103,965		495,110
BR Properties SA (b)		61,986		178,835
Bradespar SA Preference Shares		140,563		969,125
Brasil Brokers Participacoes SA (b)		301,158		163,150
Cia de Saneamento de Minas Gerais-COPASA		44,969		626,035
Cia Energetica de Sao Paulo Class B, Preference Shares		59,639		362,536
Cia Ferro Ligas da Bahia — FERBASA Preference Shares		92,046		308,178
Cia Hering		110,571		625,824
Cosan Logistica SA (b)		55,592		118,190
Direcional Engenharia SA		151,530		267,270
EcoRodovias Infraestrutura e Logistica SA		119,791		341,080
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares		88,186		386,913
Estacio Participacoes SA		161,278		806,149
Even Construtora e Incorporadora SA		214,284		310,464
Ez Tec Empreendimentos e Participacoes SA		76,141		461,650
Fleury SA		68,104		907,353
GAEC Educacao SA		68,067		287,279
Gafisa SA		23,980		205,819
Helbor Empreendimentos SA		210,390		161,025
Iguatemi Empresa de Shopping Centers SA		34,362		354,989
International Meal Co. Alimentacao SA Class A (b)		86,295		179,388
Iochpe Maxion SA		103,002		540,810
JSL SA (b)		42,100		91,229
Kepler Weber SA		16,359		123,661
Light SA		63,047		392,387
Linx SA		57,924		302,851
LPS Brasil Consultoria de Imoveis SA (b)		88,542		125,773
Magnesita Refratarios SA (b)		50,952		404,734
Mahle-Metal Leve SA		31,873		217,844
Marcopolo SA Preference Shares		426,275		351,766
Marfrig Global Foods SA (b)		176,393		317,235
Metalurgica Gerdau SA Preference Shares (b)		442,090		689,254
Mills Estruturas e Servicos de Engenharia SA (b)		161,671		190,444
Minerva SA (b)		38,280		117,675
MRV Engenharia e Participacoes SA		217,154		982,167
Paranapanema SA		223,633		95,090
Prumo Logistica SA (b)		27,228		79,498
QGEP Participacoes SA		153,281		296,911
Qualicorp SA		85,642		557,019
Randon SA Implementos e Participacoes (b)		1,051		1,056
Randon SA Implementos e Participacoes Preference Shares (b)		225,809		341,386
Restoque Comercio e Confeccoes de Roupas SA (b)		108,908		152,645
Santos Brasil Participacoes SA (b)		147,882		106,197
Sao Martinho SA		49,455		269,164
Ser Educacional SA (c)		48,430		312,703
SLC Agricola SA		66,835		375,124
Smiles SA		32,317		645,332
Sul America SA		95,653		502,826
TOTVS SA		43,259		378,096
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		60,051		427,456
Via Varejo SA		106,733		348,611
				20,148,607
CHILE — 1.7%
CAP SA		16,023		188,151
Engie Energia Chile SA		168,016		310,552
Inversiones Aguas Metropolitanas SA		478,481		751,212
Inversiones La Construccion SA		43,112		575,799
Parque Arauco SA		558,067		1,473,333
Ripley Corp. SA		985,389		638,407
Salfacorp SA		454,902		494,679
Sociedad Matriz SAAM SA		7,094,590		666,057
SONDA SA		53,759		92,407
Vina Concha y Toro SA		558,660		946,618
				6,137,215
CHINA — 14.5%
21Vianet Group, Inc. ADR (b)		35,804		196,564
361 Degrees International, Ltd.		772,000		279,138
500.com, Ltd. Class A, ADR (b)		8,024		107,602
51job, Inc. ADR (b)		20,591		754,866
Anton Oilfield Services Group (b)		896,000		106,070
Autohome, Inc. ADR (b)		25,588		812,931
AVIC International Holding HK, Ltd. (b)		1,544,000		89,404
Baoxin Auto Group, Ltd. (b)		56,101		28,442
Baozun, Inc. ADR (b)		18,079		270,100
BeiGene, Ltd. ADR (b)		13,801		505,255
Beijing Capital Land, Ltd. Class H		928,400		419,312
Beijing North Star Co., Ltd. Class H		516,000		191,222
Biostime International Holdings, Ltd. (b)		119,000		395,824
Bitauto Holdings, Ltd. ADR (b)		21,312		545,800
Boer Power Holdings, Ltd. (a)		107,000		35,935
Boshiwa International Holding, Ltd. (a) (b) (d)		1,843,000		—
Boyaa Interactive International, Ltd. (a) (b)		694,000		375,063

See accompanying notes to financial statements.

278

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
BYD Electronic International Co., Ltd.		363,500	$	505,153
Central China Securities Co., Ltd. Class H		308,000		166,058
Chaowei Power Holdings, Ltd.		449,000		300,431
Cheetah Mobile, Inc. ADR (a) (b)		16,772		180,131
China Aerospace International Holdings, Ltd.		1,024,000		135,716
China Aircraft Leasing Group Holdings, Ltd.		79,500		98,410
China Animal Healthcare, Ltd. (a) (b) (d)		1,059,700		—
China Assurance Finance Group, Ltd. (b)		623,000		80,966
China Distance Education Holdings, Ltd. ADR		28,757		293,321
China Dongxiang Group Co., Ltd.		3,404,000		652,636
China Electronics Corp. Holdings Co., Ltd.		168,000		34,588
China Energine International Holdings, Ltd. (b)		578,000		55,037
China Fangda Group Co., Ltd. Class B		127,700		133,426
China Foods, Ltd.		574,000		234,135
China Forestry Holdings Co., Ltd. (a) (b) (d)		1,642,000		—
China Greenland Broad Greenstate Group Co., Ltd. (a)		464,000		80,005
China Harmony New Energy Auto Holding, Ltd.		346,500		145,350
China Hongxing Sports, Ltd. (a) (b) (d)		4,758,000		—
China Huarong Energy Co., Ltd. (b)		378,100		20,920
China Huiyuan Juice Group, Ltd. (b)		1,130,400		353,455
China Lesso Group Holdings, Ltd.		788,000		666,173
China Lilang, Ltd.		774,000		514,904
China Logistics Property Holdings Co., Ltd. (b)		574,000		217,886
China Maple Leaf Educational Systems, Ltd.		354,000		266,929
China National Materials Co., Ltd.		1,018,000		335,338
China Overseas Grand Oceans Group, Ltd. (b)		611,000		322,344
China Pioneer Pharma Holdings, Ltd.		368,000		146,793
China Power New Energy Development Co., Ltd.		420,000		263,733
China Rare Earth Holdings, Ltd. (b)		1,442,400		111,361
China Resources Phoenix Healthcare Holdings Co., Ltd. (b)		489,500		601,522
China SCE Property Holdings, Ltd.		1,826,800		688,738
China Shanshui Cement Group, Ltd. (a) (b) (d)		1,224,000		59,062
China Shengmu Organic Milk, Ltd. (a) (b) (c)		1,349,000		340,223
China Shineway Pharmaceutical Group, Ltd.		286,000		312,810
China Silver Group, Ltd.		826,000		160,492
China Singyes Solar Technologies Holdings, Ltd. (a)		438,600		197,529
China Suntien Green Energy Corp., Ltd. Class H (a)		1,260,000		243,196
China Travel International Investment Hong Kong, Ltd.		2,690,000		813,421
China Yurun Food Group, Ltd. (a) (b)		854,000		129,669
China ZhengTong Auto Services Holdings, Ltd.		570,500		342,821
Chinasoft International, Ltd. (b)		1,466,000		843,212
Chongqing Iron & Steel Co., Ltd. Class H (b)		440,000		114,933
CITIC Resources Holdings, Ltd. (b)		2,637,000		346,103
CITIC Telecom International Holdings, Ltd.		695,000		211,053
Colour Life Services Group Co., Ltd.		469,000		301,744
Consun Pharmaceutical Group, Ltd.		400,600		231,963
Coolpad Group, Ltd. (b)		2,353,600		218,052
CT Environmental Group, Ltd. (a)		2,579,900		547,749
Dah Chong Hong Holdings, Ltd.		529,000		230,755
Dongyue Group, Ltd. (b) (d)		661,000		87,393
Eastern Communications Co., Ltd. Class B		50,374		33,902
Fang Holdings, Ltd. ADR (a) (b)		133,780		436,123
Fanhua, Inc. ADR (a) (b)		40,532		349,791
First Tractor Co., Ltd. Class H		490,500		286,543
Foshan Electrical and Lighting Co., Ltd. Class B		82,600		69,830
Fu Shou Yuan International Group, Ltd.		1,144,000		699,221
Fufeng Group, Ltd.		752,600		606,225
Future Land Holdings Co., Ltd. Class A		531,529		1,186,180
Fuyao Glass Industry Group Co., Ltd. Class H (c)		420,800		1,459,250
Goodbaby International Holdings, Ltd.		502,000		243,523
Greatview Aseptic Packaging Co., Ltd.		773,048		386,947
Greentown China Holdings, Ltd. (a) (b)		591,500		563,225
Guangdong Land Holdings, Ltd. (b)		1,026,000		246,879
Guorui Properties, Ltd.		861,000		248,168
Harbin Electric Co., Ltd. Class H		910,000		524,583
Hilong Holding, Ltd.		873,100		190,989
Hisense Kelon Electrical Holdings Co., Ltd. Class H		208,000		305,115
HNA Holding Group Co., Ltd. (a) (b)		3,014,000		110,531
Hollysys Automation Technologies, Ltd.		35,608		602,843
Honghua Group, Ltd. (b)		2,065,000		215,229
Huadian Energy Co., Ltd. Class B (b)		191,500		96,899
Huangshan Tourism Development Co., Ltd. Class B		355,561		539,030
Huayi Tencent Entertainment Co., Ltd. (a) (b)		2,310,000		115,924
Huiyin Smart Community Co., Ltd. (b)		76,210		6,766
Inner Mongolia Eerduosi Resourses Co., Ltd. Class B		127,800		127,033
JA Solar Holdings Co., Ltd. ADR (b)		49,398		323,063
Jiangnan Group, Ltd.		414,000		57,001
JinkoSolar Holding Co., Ltd. ADR (a) (b)		17,947		297,382
Jumei International Holding, Ltd. ADR (b)		36,018		132,906
Kama Co., Ltd. Class B (b)		236,700		237,647
Kandi Technologies Group, Inc. (a) (b)		34,104		129,595
Kangda International Environmental Co., Ltd. (c)		1,436,200		364,063
Kingdee International Software Group Co., Ltd. (a) (b)		920,000		380,004

See accompanying notes to financial statements.

279

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Launch Tech Co., Ltd. Class H (b)		63,000	$	93,874
Leyou Technologies Holdings, Ltd. (b)		744,200		148,428
Li Ning Co., Ltd. (b)		1,663,749		976,220
Lifetech Scientific Corp. (b)		896,000		225,974
Lonking Holdings, Ltd.		1,826,000		552,159
Luoyang Glass Co., Ltd. Class H (a) (b)		368,000		263,280
Maoye International Holdings, Ltd. (b)		1,259,000		121,502
Nanjing Panda Electronics Co., Ltd. Class H		100,000		81,065
Noah Holdings, Ltd. ADS (a) (b)		34,504		875,712
NQ Mobile, Inc. Class A, ADR (b)		46,668		194,606
Orient Securities Co., Ltd. Class H (b) (c)		922,800		900,061
Ourgame International Holdings, Ltd. (a) (b)		143,000		54,098
Ozner Water International Holding, Ltd. (a) (b) (c)		997,000		254,013
Pacific Online, Ltd.		698,100		169,775
Parkson Retail Group, Ltd. (a)		2,176,500		271,660
Poly Culture Group Corp., Ltd. Class H		126,000		301,239
Poly Property Group Co., Ltd. (a) (b)		1,588,000		662,050
PW Medtech Group, Ltd. (b)		1,911,000		469,666
Real Gold Mining, Ltd. (a) (b) (d)		251,500		—
Renren, Inc. ADR (a) (b)		18,003		140,423
Shandong Airlines Co., Ltd. Class B		183,500		408,486
Shandong Molong Petroleum Machinery Co., Ltd. Class H (b)		215,200		58,428
Shandong Zhonglu Oceanic Fisheries Co., Ltd. Class B (b)		90,900		67,957
Shang Gong Group Co., Ltd. Class B (b)		108,800		111,085
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B (b)		137,300		90,893
Shanghai Diesel Engine Co., Ltd. Class B		322,860		262,808
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H (a)		368,000		302,583
Shanghai Greencourt Investment Group Co., Ltd. Class B (b)		411,700		247,020
Shanghai Haixin Group Co. Class B		542,208		401,234
Shanghai Highly Group Co., Ltd. Class B		125,400		97,812
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		812,000		214,193
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		101,800		147,203
Shanghai Jinjiang International Travel Co., Ltd. Class B		57,800		169,354
Shanghai Potevio Co., Ltd. Class B (b)		76,200		58,217
Shanghai Shibei Hi-Tech Co., Ltd. Class B		107,800		119,442
Shenguan Holdings Group, Ltd.		1,384,010		103,291
Shenwan Hongyuan HK, Ltd.		115,000		49,128
Shenzhen China Bicycle Co. Holdings, Ltd. Class B (b)		204,500		108,940
Shenzhen Chiwan Petroleum Class B (b)		19,900		59,663
Shenzhen SEG Co., Ltd. Class B		132,700		74,960
Shougang Concord International Enterprises Co., Ltd. (b)		7,218,000		236,838
Shougang Fushan Resources Group, Ltd.		2,360,000		434,253
Shunfeng International Clean Energy, Ltd. (b)		1,137,300		74,635
Sichuan Expressway Co., Ltd. Class H		1,226,000		517,439
Silergy Corp.		24,000		442,943
Sinofert Holdings, Ltd.		1,220,000		172,682
Sinosoft Technology Group, Ltd. (a)		546,200		189,060
Sinotrans Shipping, Ltd. (b)		1,641,500		397,094
Sinotruk Hong Kong, Ltd.		424,000		318,075
Sinovac Biotech, Ltd. (b)		33,454		191,357
SITC International Holdings Co., Ltd.		1,027,000		705,678
Sohu.com, Inc. (b)		23,418		921,030
Springland International Holdings, Ltd.		1,019,000		182,257
Sun King Power Electronics Group		573,000		126,817
Tian Ge Interactive Holdings, Ltd. (a) (c)		559,000		440,928
Tiangong International Co., Ltd.		1,296,000		145,084
Tianjin Capital Environmental Protection Group Co., Ltd. Class H		394,000		213,439
Tianjin Development Holdings, Ltd.		628,000		320,000
Tianjin Port Development Holdings, Ltd.		3,082,000		523,482
Tianjin Tianhai Investment Co., Ltd. Class B (b)		367,500		211,680
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd.		109,900		106,053
Tianneng Power International, Ltd.		736,000		668,617
Tuniu Corp. ADR (a) (b)		42,343		370,925
V1 Group, Ltd. (a) (b)		1,718,999		58,616
Virscend Education Co., Ltd. (b) (c)		778,000		509,557
West China Cement, Ltd. (a) (b)		1,992,000		289,643
Wisdom Sports Group (a) (b)		939,000		222,320
Xiamen International Port Co., Ltd. Class H		414,000		87,365
Xinhua Winshare Publishing and Media Co., Ltd. Class H		390,000		354,796
Yestar Healthcare Holdings Co., Ltd. (a)		1,302,200		675,271
Yingde Gases Group Co., Ltd. (a)		930,000		718,008
YuanShengTai Dairy Farm, Ltd. (b)		4,018,000		263,679
Yuexiu Property Co., Ltd.		3,338,000		566,964
Yuexiu Transport Infrastructure, Ltd.		896,549		693,336
YY, Inc. ADR (b)		18,066		833,023
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H		208,200		134,219
Zhonglu Co., Ltd. Class B		81,200		155,579
Zhongsheng Group Holdings, Ltd.		427,500		635,900
				54,040,721
COLOMBIA — 0.0% (e)
Avianca Holdings SA Preference Shares		169,313		163,821
CYPRUS — 0.2%
Globaltrans Investment PLC GDR		84,634		609,365
CZECH REPUBLIC — 0.4%
Moneta Money Bank A/S (b) (c)		202,584		687,942

See accompanying notes to financial statements.

280

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Philip Morris CR A/S		1,255	$	674,035
				1,361,977
EGYPT — 0.8%
Arab Cotton Ginning		364,322		95,672
Citadel Capital SAE (b)		494,355		30,127
Eastern Tobacco		39,636		467,771
Egypt Kuwait Holding Co. SAE		496,412		332,596
Egyptian Financial Group-Hermes Holding Co. (b)		368,295		532,140
ElSewedy Electric Co.		97,478		463,682
Ezz Steel (b)		349,029		388,863
Juhayna Food Industries		433,875		196,385
Orascom Telecom Media And Technology Holding SAE (b)		2,757,032		113,031
Sidi Kerir Petrochemicals Co.		118,696		129,218
Six of October Development & Investment (b)		392,743		289,390
				3,038,875
GREECE — 2.0%
Aegean Airlines SA		44,465		352,877
Aegean Marine Petroleum Network, Inc.		17,850		215,092
Costamare, Inc.		25,013		166,587
Diana Shipping, Inc. (b)		53,629		247,766
Ellaktor SA (b)		82,062		114,100
Eurobank Ergasias SA (b)		959,240		589,924
FF Group (b)		20,608		395,641
Grivalia Properties REIC AE		31,817		279,045
Hellenic Exchanges — Athens Stock Exchange SA		63,469		313,621
JUMBO SA		61,172		967,003
Metka Industrial — Construction SA		19,544		148,622
Motor Oil Hellas Corinth Refineries SA		34,170		584,744
Mytilineos Holdings SA (b)		58,979		447,875
National Bank of Greece SA (b)		2,519,677		649,476
Piraeus Bank SA (b)		3,074,988		559,105
Public Power Corp. SA (b)		52,796		165,451
Star Bulk Carriers Corp. (b)		7,178		85,275
StealthGas, Inc. (b)		34,372		137,144
Titan Cement Co. SA		26,026		665,283
Tsakos Energy Navigation, Ltd.		85,131		407,777
				7,492,408
HONG KONG — 2.4%
Ajisen China Holdings, Ltd.		529,000		203,527
Anxin-China Holdings, Ltd. (b) (d)		2,248,000		—
Asia Resources Holdings, Ltd. (b)		744,626		22,037
Beijing Enterprises Clean Energy Group, Ltd. (b)		7,348,400		198,567
Beijing Enterprises Medical & Health Group, Ltd. (b)		1,727,600		120,042
Carnival Group International Holdings, Ltd. (a) (b)		2,880,000		311,291
CGN Meiya Power Holdings Co., Ltd. (b) (c)		344,000		54,888
China All Access Holdings, Ltd. (a)		736,000		217,822
China Animation Characters Co., Ltd.		567,000		234,928
China Beidahuang Industry Group Holdings, Ltd. Class A (b)		1,642,400		86,648
China Chengtong Development Group, Ltd. (b)		1,382,000		96,028
China Finance Investment Holdings, Ltd. (b)		586,232		10,938
China Financial International Investments, Ltd. (b)		2,190,000		109,902
China First Capital Group, Ltd. (b)		290,000		127,247
China High Precision Automation Group, Ltd. (b) (d)		1,226,000		—
China Lumena New Materials Corp. (a) (b) (d)		4,181,298		—
China Metal Recycling Holdings, Ltd. (a) (d)		693,675		—
China Minsheng Drawin Technology Group, Ltd. (b)		1,320,000		42,463
China NT Pharma Group Co., Ltd.		352,400		78,447
China Nuclear Energy Technology Corp., Ltd. (b)		382,000		63,900
China Oil & Gas Group, Ltd. (b)		3,828,000		290,616
China Overseas Property Holdings, Ltd.		571,232		105,110
China Properties Investment Holdings, Ltd. (b)		3,833,575		57,715
China Public Procurement, Ltd. (b)		2,668,000		15,449
China Soft Power Technology Holdings, Ltd. (b)		1,764,000		35,409
Comba Telecom Systems Holdings, Ltd.		880,575		143,901
Concord New Energy Group, Ltd.		6,300,000		320,208
Dawnrays Pharmaceutical Holdings, Ltd.		508,000		294,805
Digital China Holdings, Ltd.		510,000		447,558
Glorious Property Holdings, Ltd. (b)		1,509,000		168,929
Golden Meditech Holdings, Ltd. (b)		604,000		97,927
Greater China Financial Holdings, Ltd. (b)		1,040,200		32,525
Hengdeli Holdings, Ltd. (b)		1,648,400		248,167
Hi Sun Technology China, Ltd. (b)		888,000		156,541
Hua Han Health Industry Holdings, Ltd. (a) (b) (d)		2,414,560		123,501
Huajun Holdings, Ltd. (b)		684,000		51,928
Ju Teng International Holdings, Ltd.		735,500		301,904
MIE Holdings Corp. (b)		1,544,754		145,103
Munsun Capital Group, Ltd. (a) (b)		2,196,000		54,536
National Agricultural Holdings, Ltd. (b)		396,000		60,637
Neo Telemedia, Ltd. (b)		3,676,000		156,093
NetDragon Websoft Holdings, Ltd. (a)		194,500		591,897
NewOcean Energy Holdings, Ltd.		896,000		255,951
Pou Sheng International Holdings, Ltd.		882,000		184,991
Qianhai Health Holdings, Ltd. (b)		849,005		9,941
Real Nutriceutical Group, Ltd.		892,000		58,537
SSY Group, Ltd.		1,501,562		597,031
Suncorp Technologies, Ltd. (b)		6,910,000		49,792
Tech Pro Technology Development, Ltd. (b)		. 5,491,100		100,333
Tibet Water Resources, Ltd. (a)		1,500,000		619,572
Tongfang Kontafarma Holdings, Ltd. (b)		363,553		26,197
United Laboratories International Holdings, Ltd. (b)		736,500		480,481

See accompanying notes to financial statements.

281

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Universal Medical Financial & Technical Advisory Services Co., Ltd. (a) (c)		282,400	$	256,182
Vision Values Holdings, Ltd. (b)		120,000		3,937
Wasion Group Holdings, Ltd.		575,000		302,612
Zhidao International Holdings, Ltd. (b)		1,050,000		95,927
				8,920,618
HUNGARY — 0.1%
Magyar Telekom Telecommunications PLC		264,356		439,467
INDIA — 13.2%
Abbott India, Ltd.		853		60,986
Adani Enterprises, Ltd.		92,417		154,491
Aditya Birla Fashion and Retail, Ltd. (b)		142,814		338,368
AIA Engineering, Ltd.		28,203		689,646
Amtek Auto, Ltd. (b)		174,358		89,280
Apollo Tyres, Ltd.		292,036		938,599
Arvind, Ltd.		147,929		899,739
Bajaj Corp., Ltd.		34,708		211,129
Bajaj Hindusthan Sugar, Ltd. (b)		797,988		164,059
Balkrishna Industries, Ltd.		32,126		685,785
Balrampur Chini Mills, Ltd.		314,448		703,858
Bata India, Ltd.		88,479		773,876
Bharat Financial Inclusion, Ltd. (b)		87,403		1,088,113
Blue Dart Express, Ltd.		4,059		325,264
Ceat, Ltd.		4,114		83,937
CESC, Ltd.		95,153		1,232,659
CG Power and Industrial Solutions, Ltd. (b)		447,771		535,450
Chennai Super Kings Cricket, Ltd. (b) (d)		418,560		—
Coromandel International, Ltd.		127,143		610,604
Credit Analysis & Research, Ltd.		11,580		301,863
Crompton Greaves Consumer Electricals, Ltd. (b)		357,762		1,195,295
Cyient, Ltd.		30,777		221,579
Dalmia Bharat, Ltd.		11,615		351,607
Dewan Housing Finance Corp., Ltd.		203,298		1,149,470
Dish TV India, Ltd. (b)		481,839		797,685
Dr Lal PathLabs, Ltd. (c)		9,468		141,076
eClerx Services, Ltd.		13,274		288,334
Edelweiss Financial Services, Ltd.		256,597		623,167
Eros International Media, Ltd. (b)		996		4,216
FAG Bearings India, Ltd.		1,773		125,027
Federal Bank, Ltd.		1,013,881		1,427,880
Force Motors, Ltd.		191		13,198
Fortis Healthcare, Ltd. (b)		190,955		531,386
Gateway Distriparks, Ltd.		156,290		608,456
GE T&D India, Ltd.		10,937		55,304
GMR Infrastructure, Ltd. (b)		968,270		238,582
Godfrey Phillips India, Ltd.		4,970		86,725
Gujarat Pipavav Port, Ltd.		178,664		454,261
Hexaware Technologies, Ltd.		182,602		604,455
Housing Development & Infrastructure, Ltd. (b)		296,659		374,393
IDFC, Ltd. (b)		755,017		633,686
IFCI, Ltd.		820,416		374,611
India Cements, Ltd.		340,422		851,645
Indiabulls Real Estate, Ltd. (b)		377,780		509,059
Indian Bank		39,515		169,324
Indian Hotels Co., Ltd.		510,759		998,157
Info Edge India, Ltd.		70,482		869,642
Ipca Laboratories, Ltd. (b)		56,539		543,187
IRB Infrastructure Developers, Ltd.		175,595		639,265
Jain Irrigation Systems, Ltd.		242,210		350,064
Jaiprakash Associates, Ltd. (b)		694,128		146,982
Jammu & Kashmir Bank, Ltd.		357,102		412,453
Jindal Steel & Power, Ltd. (b)		248,459		462,979
JSW Energy, Ltd.		214,076		206,708
Jubilant Foodworks, Ltd.		45,189		770,617
Jubilant Life Sciences, Ltd.		44,986		554,090
Just Dial, Ltd. (b)		41,819		339,749
Jyothy Laboratories, Ltd.		32,523		176,626
Kajaria Ceramics, Ltd.		34,674		311,577
KPIT Technologies, Ltd.		199,113		397,705
Mahindra CIE Automotive, Ltd. (b)		78,323		256,312
MakeMyTrip, Ltd. (b)		28,902		1,000,009
Manappuram Finance, Ltd.		232,640		351,638
Marksans Pharma, Ltd.		461,000		334,737
McLeod Russel India, Ltd.		105,203		269,022
Mindtree, Ltd.		71,007		495,305
Monsanto India, Ltd.		2,069		81,065
Mphasis, Ltd.		78,373		699,908
Muthoot Finance, Ltd.		76,505		434,689
Natco Pharma, Ltd.		72,633		949,872
NCC, Ltd.		224,228		282,983
PC Jeweller, Ltd.		13,876		89,323
Persistent Systems, Ltd.		23,026		211,236
Pfizer, Ltd.		4,897		144,436
PI Industries, Ltd.		30,241		390,336
Prestige Estates Projects, Ltd.		52,504		175,822
PTC India, Ltd.		358,139		515,133
PVR, Ltd.		16,360		360,595
Rajesh Exports, Ltd.		127,798		1,192,565
Redington India, Ltd.		191,100		323,871
Reliance Capital, Ltd.		107,051		1,014,046
Reliance Communications, Ltd. (b)		900,159		530,932
Reliance Defence and Engineering, Ltd. (b)		297,101		307,464
Rolta India, Ltd. (b)		198,168		177,156
Sadbhav Engineering, Ltd.		27,578		129,619
Sintex Industries, Ltd.		414,669		675,310
SKF India, Ltd.		12,919		318,285
Strides Shasun, Ltd.		56,301		952,439
Sun Pharma Advanced Research Co., Ltd. (b)		101,106		492,723
Supreme Industries, Ltd.		20,770		349,493
Suzlon Energy, Ltd. (b)		1,340,870		394,404
Symphony, Ltd.		17,610		414,697
Tata Elxsi, Ltd.		7,779		175,490
Tata Global Beverages, Ltd.		403,943		936,531
Thermax, Ltd.		50,808		766,756
Torrent Power, Ltd.		92,749		329,017
Union Bank of India (b)		66,661		160,044
Unitech, Ltd. (b)		1,586,950		136,859
Vakrangee, Ltd.		160,931		815,250
Videocon d2h, Ltd. ADR (b)		28,404		326,646
Videocon Industries, Ltd. (b)		118,568		189,077
Voltas, Ltd.		162,400		1,030,647

See accompanying notes to financial statements.

282

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Welspun Corp., Ltd.		184,006	$	234,063
Welspun India, Ltd.		112,278		151,727
WNS Holdings, Ltd. ADR (b)		26,094		746,549
				49,212,009
INDONESIA — 3.0%
Adhi Karya Persero Tbk PT		869,891		154,714
AKR Corporindo Tbk PT		1,484,600		696,315
Alam Sutera Realty Tbk PT (b)		14,196,800		385,670
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		2,922,400		443,004
Bank Tabungan Negara Persero Tbk PT		3,530,586		601,436
Blue Bird Tbk PT		556,705		161,261
Bumitama Agri, Ltd.		264,400		149,485
Ciputra Development Tbk PT		9,023,599		832,916
Eagle High Plantations Tbk PT (b)		2,199,900		55,800
Gajah Tunggal Tbk PT (b)		1,573,100		133,399
Garuda Indonesia Persero Tbk PT (b)		7,570,000		194,285
Global Mediacom Tbk PT		908,200		35,441
Indo Tambangraya Megah Tbk PT		116,535		176,654
Intiland Development Tbk PT		4,693,700		146,530
Japfa Comfeed Indonesia Tbk PT		4,390,700		509,071
Kawasan Industri Jababeka Tbk PT (b)		21,556,738		533,843
Link Net Tbk PT		1,370,600		557,991
Lippo Cikarang Tbk PT (b)		212,200		67,679
Lippo Karawaci Tbk PT		5,056,500		275,109
Matahari Putra Prima Tbk PT		2,109,400		174,919
Medco Energi Internasional Tbk PT (b)		1,380,100		362,489
Media Nusantara Citra Tbk PT		3,447,000		478,552
Mitra Adiperkasa Tbk PT (b)		764,800		342,927
MNC Investama Tbk PT (b)		9,967,100		94,992
Modernland Realty Tbk PT (b)		4,721,400		104,168
Pembangunan Perumahan Persero Tbk PT		3,357,198		833,914
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		2,438,000		268,033
Semen Baturaja Persero Tbk PT		795,100		207,643
Siloam International Hospitals Tbk PT (b)		866,375		910,229
Surya Semesta Internusa Tbk PT		2,594,300		127,520
Tambang Batubara Bukit Asam Persero Tbk PT		220,500		218,423
Timah Persero Tbk PT		3,150,129		235,217
Wijaya Karya Persero Tbk PT		4,142,036		749,113
				11,218,742
MALAYSIA — 4.6%
Aeon Co. M Bhd		835,600		445,603
Alliance Financial Group Bhd		193,100		178,025
Berjaya Corp. Bhd (b)		3,387,867		290,903
Berjaya Sports Toto Bhd		961,758		632,407
Bermaz Auto Bhd		523,860		236,746
Boustead Holdings Bhd		969,857		607,051
Bumi Armada Bhd (b)		412,600		69,924
Bursa Malaysia Bhd		421,273		930,980
Cahya Mata Sarawak Bhd		364,700		346,941
Carlsberg Brewery Malaysia Bhd Class B		77,800		263,699
Datasonic Group Bhd		620,000		176,522
Dialog Group Bhd		3,126,000		1,250,259
DRB-Hicom Bhd		886,300		280,380
Eastern & Oriental Bhd		1,067,152		465,394
Evergreen Fibreboard Bhd		216,450		41,573
Gas Malaysia Bhd		286,300		194,080
Hartalega Holdings Bhd		432,800		485,072
Heineken Malaysia Bhd		49,000		198,192
IGB Real Estate Investment Trust		459,400		175,435
Inari Amertron Bhd		1,172,186		540,337
Karex Bhd		257,900		125,876
KNM Group Bhd (b)		2,972,406		201,496
KPJ Healthcare Bhd		824,493		754,535
Magnum Bhd		1,164,300		560,379
Malaysian Resources Corp. Bhd (b)		1,339,300		514,475
Media Prima Bhd		1,250,300		324,900
My EG Services Bhd		1,521,750		636,140
OSK Holdings Bhd		883,500		315,429
Padini Holdings Bhd		460,100		311,897
Pavilion Real Estate Investment Trust		636,200		250,139
Pos Malaysia Bhd		563,600		583,276
Press Metal Bhd		1,557,060		932,371
Silverlake Axis, Ltd.		721,100		294,158
Sunway Real Estate Investment Trust		1,971,700		766,314
Top Glove Corp. Bhd		710,600		790,002
UEM Sunrise Bhd		261,100		74,929
UMW Holdings Bhd (b)		198,500		269,122
UOA Development Bhd		1,243,200		758,477
WCT Holdings Bhd		1,132,686		493,974
Yinson Holdings Bhd		424,900		317,799
				17,085,211
MEXICO — 2.2%
Asesor de Activos Prisma SAPI de CV		305,104		179,005
Axtel SAB de CV (a) (b)		1,294,071		257,658
Banregio Grupo Financiero SAB de CV		144,994		859,995
Bolsa Mexicana de Valores SAB de CV		451,113		743,226
Concentradora Fibra Hotelera Mexicana SA de CV		267,903		216,352
Concentradora Hipotecaria SAPI de CV REIT		417,179		497,271
Consorcio ARA SAB de CV Series		1,444,601		454,071
Controladora Vuela Cia de Aviacion SAB de CV Class A (b)		601,407		835,653
Corp. Inmobiliaria Vesta SAB de CV		289,015		399,437
Credito Real SAB de CV SOFOM ER		163,200		227,286
Genomma Lab Internacional SAB de CV Class B (b)		390,855		463,818
Grupo Aeromexico SAB de CV (b)		131,093		268,880
Grupo GICSA SA de CV (b)		265,597		180,786
Hoteles City Express SAB de CV (b)		105,794		108,523
Industrias CH SAB de CV Series B (b)		27,320		160,925
Macquarie Mexico Real Estate Management S.A. de C.V. REIT		487,757		542,552
Megacable Holdings SAB de CV		160,540		618,493
PLA Administradora Industrial S de RL de CV (b)		289,177		470,135
Prologis Property Mexico SA de CV REIT		184,376		314,339
Qualitas Controladora SAB de CV		114,749		185,763
TV Azteca SAB de CV		1,109,468		206,175
Vitro SAB de CV Series A		24,087		94,127
				8,284,470

See accompanying notes to financial statements.

283

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
MONACO — 0.0% (e)
Navios Maritime Holdings, Inc. (a) (b)		33,385	$	62,430
PERU — 0.6%
Alicorp SAA		348,943		826,599
Ferreycorp SAA		1,565,983		982,804
Grana y Montero SAA		243,419		157,262
Volcan Cia Minera SAA Class B		503,131		136,212
				2,102,877
PHILIPPINES — 1.2%
Belle Corp.		2,170,400		173,026
Cebu Air, Inc.		338,528		633,538
CEMEX Holdings Philippines, Inc. (b) (c)		3,246,905		454,923
Cosco Capital, Inc.		4,475,700		756,431
D&L Industries, Inc.		2,408,500		610,585
First Gen Corp.		751,700		313,864
First Philippine Holdings Corp.		249,400		356,889
Manila Water Co., Inc.		822,900		505,138
Nickel Asia Corp.		1,133,400		137,341
Philex Mining Corp.		918,500		153,404
Rizal Commercial Banking Corp.		305,980		234,173
SM Prime Holdings, Inc.		1		1
				4,329,313
POLAND — 3.5%
Alior Bank SA (b)		79,158		1,428,139
Alumetal SA		9,830		151,347
AmRest Holdings SE (b)		5,321		466,030
Asseco Poland SA		72,579		994,722
Bank Millennium SA (b)		344,478		560,805
Boryszew SA (b)		68,604		193,763
CCC SA		11,575		695,327
CD Projekt SA (b)		45,563		853,311
Ciech SA		41,950		847,058
Emperia Holding SA (b)		21,998		416,424
Eurocash SA		68,219		549,444
Fabryki Mebli Forte SA		7,269		150,537
Getin Noble Bank SA (b)		136,456		67,505
Globe Trade Centre SA (b)		296,998		629,686
Grupa Azoty SA		22,416		390,955
Grupa Kety SA		5,082		507,886
Grupa Lotos SA (b)		85,334		1,176,642
Inter Cars SA		3,099		238,568
Jastrzebska Spolka Weglowa SA (b)		33,263		527,244
KRUK SA		10,285		624,584
Lubelski Wegiel Bogdanka SA (b)		8,328		160,004
Netia SA		406,557		467,926
Orange Polska SA		426,770		498,730
PKP Cargo SA (b)		11,377		186,652
Synthos SA		151,341		200,543
				12,983,832
QATAR — 0.5%
Al Meera Consumer Goods Co. QSC		10,895		503,891
Gulf Warehousing Co.		7,428		106,898
Mannai Corp. QSC		12,427		273,039
Medicare Group		9,937		261,177
Qatar First Bank (b)		126,965		300,928
Salam International Investment, Ltd. QSC		82,837		240,018
				1,685,951
RUSSIA — 1.1%
Aeroflot-Russian Airlines PJSC (b)		449,627		1,348,676
DIXY Group PJSC (b)		23,570		101,238
Etalon Group, Ltd. GDR		47,030		177,773
Exillon Energy PLC (b)		61,681		115,694
LSR Group PJSC GDR		149,897		550,122
Mechel PJSC ADR (b)		68,009		361,808
QIWI PLC ADR (a)		29,650		508,497
Ros Agro PLC GDR		10,511		129,285
TCS Group Holding PLC GDR		51,762		546,089
TMK PJSC GDR		45,236		239,751
				4,078,933
SINGAPORE — 0.4%
Asian Pay Television Trust		628,800		209,255
SIIC Environment Holdings, Ltd. (b)		890,160		353,567
Yanlord Land Group, Ltd.		683,500		887,821
				1,450,643
SOUTH AFRICA — 5.5%
Adcock Ingram Holdings, Ltd.		154,262		716,160
AECI, Ltd.		71,472		612,979
African Rainbow Minerals, Ltd.		53,776		381,240
Alexander Forbes Group Holdings, Ltd.		381,892		183,132
ArcelorMittal South Africa, Ltd. (b)		216,707		160,485
Arrowhead Properties, Ltd. Class A		586,085		399,939
Assore, Ltd.		21,297		388,226
Attacq, Ltd. (b)		183,397		233,063
Aveng, Ltd. (b)		307,948		162,371
Balwin Properties, Ltd.		64,232		36,885
Barloworld, Ltd.		80,550		716,667
Coronation Fund Managers, Ltd.		119,895		565,464
Curro Holdings, Ltd. (a) (b)		151,042		551,845
DataTec, Ltd.		235,411		906,092
Emira Property Fund, Ltd. (a)		258,837		271,215
EOH Holdings, Ltd.		61,091		631,651
Famous Brands, Ltd.		30,407		353,330
Grindrod, Ltd. (b)		507,684		541,429
Harmony Gold Mining Co., Ltd.		197,000		482,629
Hosken Consolidated Investments, Ltd.		85,720		906,824
Investec, Ltd.		115,395		787,100
JSE, Ltd.		84,258		809,731
KAP Industrial Holdings, Ltd.		120,638		80,433
Lewis Group, Ltd. (a)		151,711		469,545
Montauk Holdings, Ltd. (b)		1		2
Mpact, Ltd.		174,867		403,366
Murray & Roberts Holdings, Ltd.		278,792		320,194
Nampak, Ltd. (b)		300,180		381,025
Net 1 UEPS Technologies, Inc. (b)		38,332		468,800
Northam Platinum, Ltd. (b)		325,037		1,245,728
Omnia Holdings, Ltd.		28,705		347,446
PPC, Ltd. (b)		1,082,801		525,704
Reunert, Ltd.		192,010		1,031,022
SA Corporate Real Estate, Ltd.		2,184,249		895,935
Santam, Ltd.		20,120		381,985
Sun International, Ltd.		89,067		504,826
Super Group, Ltd. (b)		320,203		849,895

See accompanying notes to financial statements.

284

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Tongaat Hulett, Ltd.		64,119	$	588,458
Trencor, Ltd.		41,450		123,032
Vukile Property Fund, Ltd. REIT		261,401		375,275
Wilson Bayly Holmes-Ovcon, Ltd.		68,386		821,882
				20,613,010
TAIWAN — 28.9%
A-DATA Technology Co., Ltd.		201,652		519,706
Ability Enterprise Co., Ltd.		289,141		178,673
AcBel Polytech, Inc.		272,000		213,799
Accton Technology Corp.		424,341		935,599
Acer, Inc. (b)		1,437,000		681,974
Adlink Technology, Inc.		104,625		233,783
Advanced Ceramic X Corp.		36,642		359,869
AGV Products Corp. (b)		1,228,414		305,256
Airtac International Group		83,200		818,495
Alpha Networks, Inc.		375,513		292,069
Altek Corp.		183,516		146,365
AmTRAN Technology Co., Ltd.		649,717		473,222
Arcadyan Technology Corp.		176,172		351,270
Asia Optical Co., Inc. (b)		184,540		315,651
Asia Polymer Corp.		429,494		261,157
Aten International Co., Ltd.		158,000		445,217
Basso Industry Corp.		97,800		297,179
BES Engineering Corp.		1,886,356		412,801
Capital Securities Corp.		1,793,730		594,117
Career Technology MFG. Co., Ltd.		218,726		143,090
Casetek Holdings, Ltd.		99,000		329,538
Cathay Real Estate Development Co., Ltd. (b)		712,332		507,090
Center Laboratories, Inc. (b)		149,389		297,867
Chailease Holding Co., Ltd.		326,000		761,750
Chang Wah Electromaterials, Inc.		59,419		319,199
Charoen Pokphand Enterprise		282,675		504,935
Cheng Loong Corp.		713,128		357,240
Cheng Uei Precision Industry Co., Ltd.		249,915		323,693
Chicony Electronics Co., Ltd.		232,000		591,804
Chin-Poon Industrial Co., Ltd.		155,000		315,185
China Airlines, Ltd.		452,000		157,159
China Bills Finance Corp.		674,394		308,942
China Chemical & Pharmaceutical Co., Ltd.		470,000		294,307
China Man-Made Fiber Corp.		1,076,899		296,354
China Motor Corp.		645,000		590,953
China Petrochemical Development Corp. (b)		1,173,575		448,660
China Steel Chemical Corp.		139,000		540,562
China Synthetic Rubber Corp.		504,832		489,983
Chipbond Technology Corp.		317,000		506,699
ChipMOS TECHNOLOGIES, Inc. ADR		29,714		527,423
Chlitina Holding, Ltd.		33,678		159,830
Chong Hong Construction Co., Ltd.		212,275		517,701
Chroma ATE, Inc.		240,680		728,961
Chung Hung Steel Corp. (b)		713,239		257,394
Clevo Co.		391,265		363,638
CMC Magnetics Corp. (b)		1,068,788		139,488
Coretronic Corp.		226,652		333,152
CTCI Corp.		549,000		958,952
CyberTAN Technology, Inc.		433,210		294,113
D-Link Corp. (b)		817,054		382,373
Darwin Precisions Corp.		622,576		290,334
Dynapack International Technology Corp.		82,000		112,964
E Ink Holdings, Inc.		585,000		508,025
Elan Microelectronics Corp.		437,899		558,513
Elite Material Co., Ltd.		253,782		986,942
Elite Semiconductor Memory Technology, Inc.		250,674		282,543
eMemory Technology, Inc.		39,000		552,047
Ennoconn Corp.		38,000		496,564
Epistar Corp. (b)		510,572		537,621
Eternal Materials Co., Ltd.		701,866		763,338
Eva Airways Corp.		1,587,000		842,076
Everlight Chemical Industrial Corp.		462,304		313,104
Everlight Electronics Co., Ltd.		321,503		514,956
Excelsior Medical Co., Ltd.		171,403		260,134
Far Eastern Department Stores, Ltd.		621,490		330,792
Far Eastern International Bank		2,031,575		640,088
Faraday Technology Corp.		222,385		274,843
Farglory Land Development Co., Ltd.		196,464		265,794
Feng Hsin Steel Co., Ltd.		316,270		539,929
Firich Enterprises Co., Ltd.		126,342		238,589
FLEXium Interconnect, Inc.		175,329		609,614
Formosa Taffeta Co., Ltd.		792,000		845,705
Formosan Rubber Group, Inc.		340,011		189,938
FSP Technology, Inc.		257,490		211,304
Gemtek Technology Corp.		367,234		325,570
GeoVision, Inc.		103,720		147,671
Gigabyte Technology Co., Ltd.		275,000		379,748
Gigastorage Corp. (b)		339,114		253,141
Ginko International Co., Ltd.		39,000		357,321
Gintech Energy Corp. (b)		412,275		240,497
Global Unichip Corp.		91,669		306,646
Gloria Material Technology Corp.		459,909		309,208
Goldsun Building Materials Co., Ltd.		1,497,041		416,413
Grand Pacific Petrochemical		821,000		570,919
Grape King Bio, Ltd.		103,000		648,365
Great Wall Enterprise Co., Ltd.		712,867		676,627
HannStar Display Corp. (b)		1,608,599		442,673
HannsTouch Solution, Inc. (b)		554,511		208,336
Hey Song Corp.		216,770		240,399
Highwealth Construction Corp.		595,730		1,046,466
Himax Technologies, Inc. ADR (a)		65,178		594,423
Hiwin Technologies Corp.		84,000		527,379
Ho Tung Chemical Corp. (b)		1,250,596		356,930
Hota Industrial Manufacturing Co., Ltd.		94,680		396,288
Huaku Development Co., Ltd.		256,260		590,346
Huang Hsiang Construction Corp.		252,484		380,276
Ibase Technology, Inc.		281,544		596,631
Ichia Technologies, Inc. (b)		157,000		114,351
Iron Force Industrial Co., Ltd.		38,000		218,538
ITE Technology, Inc.		219,887		256,176
Jess-Link Products Co., Ltd.		221,974		238,123
Jih Sun Financial Holdings Co., Ltd.		1,524,422		360,224
KEE TAI Properties Co., Ltd.		816,076		309,298
Kenda Rubber Industrial Co., Ltd.		508,247		844,217
Kerry TJ Logistics Co., Ltd.		168,000		237,251
King Slide Works Co., Ltd.		43,000		616,462
King Yuan Electronics Co., Ltd.		972,656		897,565

See accompanying notes to financial statements.

285

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
King’s Town Bank Co., Ltd.		1,062,000	$	1,055,262
Kinpo Electronics		984,371		384,438
Kinsus Interconnect Technology Corp.		154,030		407,126
Kuoyang Construction Co., Ltd.		744,527		318,987
Land Mark Optoelectronics Corp.		20,000		194,776
LCY Chemical Corp.		404,862		593,766
Lingsen Precision Industries, Ltd.		656,694		299,752
Long Bon International Co., Ltd.		356,000		191,243
Longwell Co.		264,000		274,071
Lumax International Corp., Ltd.		168,358		301,843
Lung Yen Life Service Corp.		156,000		315,162
Macronix International (b)		2,286,170		956,887
Makalot Industrial Co., Ltd.		126,070		517,285
Masterlink Securities Corp.		1,278,329		374,114
Medigen Biotechnology Corp. (b)		73,000		144,352
Mercuries & Associates Holding, Ltd.		442,176		368,693
Merida Industry Co., Ltd.		102,000		539,540
Merry Electronics Co., Ltd.		92,000		494,224
Micro-Star International Co., Ltd.		405,000		942,342
Microbio Co., Ltd. (b)		431,723		313,023
MIN AIK Technology Co., Ltd.		122,000		137,108
Mirle Automation Corp.		240,854		329,024
Mitac Holdings Corp.		606,412		673,514
Motech Industries, Inc. (b)		249,885		230,593
Nan Kang Rubber Tire Co., Ltd.		649,204		634,387
Nantex Industry Co., Ltd.		434,766		349,618
Neo Solar Power Corp. (b)		488,758		245,648
Oriental Union Chemical Corp. (b)		582,500		453,061
Pan-International Industrial Corp.		202,539		198,918
Parade Technologies, Ltd.		36,000		418,225
PChome Online, Inc.		48,010		390,820
PharmaEngine, Inc.		45,000		301,063
Phison Electronics Corp.		79,837		717,000
Phytohealth Corp. (b)		205,511		209,964
Pixart Imaging, Inc.		89,060		225,420
Portwell, Inc.		141,000		182,393
Powertech Technology, Inc.		470,000		1,367,751
Poya International Co., Ltd.		30,000		352,970
President Securities Corp.		1,116,360		491,173
Primax Electronics, Ltd.		278,000		455,813
Prince Housing & Development Corp.		1,484,996		582,399
Promate Electronic Co., Ltd.		271,000		288,483
Qisda Corp.		1,190,641		690,625
Radiant Opto-Electronics Corp.		261,331		549,491
Radium Life Tech Co., Ltd. (b)		788,810		292,465
Realtek Semiconductor Corp.		299,053		1,069,366
Ritek Corp. (b)		1,328,045		246,854
Ruentex Development Co., Ltd. (b)		474,000		567,847
Ruentex Industries, Ltd.		435,000		699,613
Sampo Corp.		746,527		473,614
Sanyang Motor Co., Ltd.		463,945		327,976
ScinoPharm Taiwan, Ltd.		206,135		294,163
Senao International Co., Ltd.		132,911		232,597
Sercomm Corp.		201,000		503,452
Shinkong Insurance Co., Ltd.		297,841		251,289
Shinkong Synthetic Fibers Corp.		1,799,796		583,076
Sigurd Microelectronics Corp.		538,694		491,780
Silicon Integrated Systems Corp. (b)		794,299		190,836
Silicon Motion Technology Corp. ADR		20,674		966,509
Simplo Technology Co., Ltd. (b)		160,129		543,570
Sinbon Electronics Co., Ltd.		306,444		752,413
Sinmag Equipment Corp.		55,726		255,283
Sino-American Silicon Products, Inc.		356,058		570,303
Sinon Corp.		702,662		372,839
Sinphar Pharmaceutical Co., Ltd.		311,879		249,257
Sinyi Realty, Inc.		529,940		611,284
Soft-World International Corp.		88,848		191,209
Solartech Energy Corp. (b)		372,207		172,963
St Shine Optical Co., Ltd.		37,000		749,938
Synnex Technology International Corp.		649,000		698,355
Systex Corp.		242,000		513,629
Taichung Commercial Bank Co., Ltd.		2,171,526		704,936
Taiflex Scientific Co., Ltd.		262,699		322,503
Tainan Enterprises Co., Ltd.		287,000		255,384
Tainan Spinning Co., Ltd.		1,346,105		672,110
Taisun Enterprise Co., Ltd. (b)		654,549		321,423
Taiwan Acceptance Corp.		186,000		538,828
Taiwan Business Bank		3,454,134		956,240
Taiwan Cogeneration Corp.		466,469		360,507
Taiwan Fertilizer Co., Ltd.		385,000		532,916
Taiwan Hon Chuan Enterprise Co., Ltd.		336,218		651,549
Taiwan Land Development Corp.		474,781		175,251
Taiwan Paiho, Ltd.		180,000		616,956
Taiwan Secom Co., Ltd.		281,961		836,335
Taiwan Surface Mounting Technology Corp.		325,308		296,977
Taiyen Biotech Co., Ltd.		317,979		318,058
Tatung Co., Ltd. (b)		1,391,691		596,259
Teco Electric and Machinery Co., Ltd.		1,089,000		1,107,214
Test Rite International Co., Ltd.		436,896		286,536
Thye Ming Industrial Co., Ltd.		240,218		302,425
Ton Yi Industrial Corp.		367,000		189,895
Tong Hsing Electronic Industries, Ltd.		81,327		359,160
Tong Yang Industry Co., Ltd.		344,872		598,987
Topco Scientific Co., Ltd.		234,384		764,736
Transcend Information, Inc.		172,484		565,046
Tripod Technology Corp.		393,353		1,108,402
TSRC Corp.		469,028		540,250
TTY Biopharm Co., Ltd.		188,436		676,923
Tung Ho Steel Enterprise Corp.		558,258		435,126
Tung Thih Electronic Co., Ltd.		38,893		335,191
TXC Corp.		385,120		550,851
U-Ming Marine Transport Corp.		363,000		390,606
Unimicron Technology Corp.		760,000		418,291
Unity Opto Technology Co., Ltd.		270,307		120,265
Unizyx Holding Corp. (b)		455,694		244,799
UPC Technology Corp.		725,914		314,601
USI Corp.		841,318		438,093
Visual Photonics Epitaxy Co., Ltd.		188,371		353,865
Voltronic Power Technology Corp.		24,000		320,343
Wafer Works Corp. (b)		406,872		288,971
Walsin Lihwa Corp.		2,119,000		970,721
Wan Hai Lines, Ltd.		885,320		513,525
Waterland Financial Holdings Co., Ltd.		1,819,759		557,758
Wei Chuan Foods Corp. (b)		249,899		149,894
Win Semiconductors Corp.		247,000		1,098,954
Winbond Electronics Corp.		2,097,730		1,175,296
Wistron Corp.		1,160,000		1,062,800

See accompanying notes to financial statements.

286

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Wistron NeWeb Corp.		169,188	$	475,628
WPG Holdings, Ltd.		330,000		414,369
WUS Printed Circuit Co., Ltd.		365,000		216,528
Yageo Corp.		362,310		987,494
Yang Ming Marine Transport Corp. (b)		945,788		217,881
Yeong Guan Energy Technology Group Co., Ltd.		60,000		209,607
YFY, Inc.		1,638,941		623,870
Yieh Phui Enterprise Co., Ltd. (b)		958,924		439,286
Yungtay Engineering Co., Ltd.		329,000		570,335
Zenitron Corp.		290,348		175,592
Zhen Ding Technology Holding, Ltd.		207,000		486,417
Zinwell Corp.		282,674		315,350
				107,717,412
THAILAND — 5.0%
Bangkok Land PCL NVDR		11,481,100		608,093
Banpu PCL		806,180		464,529
Beauty Community PCL		1,841,100		562,577
BEC World PCL NVDR		813,500		411,929
Carabao Group PCL Class F		357,821		637,804
Central Plaza Hotel PCL NVDR		353,000		364,685
Chularat Hospital PCL NVDR		2,542,800		184,998
Dynasty Ceramic PCL NVDR		2,658,120		327,986
Esso Thailand PCL NVDR (b)		762,800		244,185
GFPT PCL		230,700		123,532
Group Lease PCL NVDR		470,979		298,795
Gunkul Engineering PCL NVDR		488,460		76,050
Hana Microelectronics PCL		847,957		1,159,810
Ichitan Group PCL NVDR		1,147,800		344,048
Inter Far East Energy Corp. NVDR (f)		283,900		25,612
International Engineering PCL (b) (f)		63,855,934		—
Jasmine International PCL NVDR		2,189,025		538,298
KCE Electronics PCL NVDR		301,500		916,893
Kiatnakin Bank PCL NVDR		386,600		781,919
LPN Development PCL NVDR		686,500		241,736
Major Cineplex Group PCL NVDR		812,600		804,028
MK Restaurants Group PCL NVDR		432,800		784,047
Precious Shipping PCL (b)		466,500		143,904
Pruksa Holding PCL NVDR		1,023,831		676,347
PTG Energy PCL NVDR		603,400		414,412
Siam Global House PCL NVDR		771,512		372,706
Sino-Thai Engineering & Construction PCL NVDR		652,100		455,450
Sri Trang Agro-Industry PCL NVDR		381,600		213,218
Srisawad Power 1979 PCL NVDR		587,397		739,321
Star Petroleum Refining PCL		846,200		322,596
Supalai PCL NVDR		384,400		279,665
Superblock PCL NVDR (b)		3,711,000		146,874
Thai Airways International PCL NVDR (b)		675,900		363,889
Thai Vegetable Oil PCL NVDR		355,500		346,577
Thaicom PCL NVDR		531,100		306,025
Thanachart Capital PCL		712,911		1,001,032
Thoresen Thai Agencies PCL		2,417,006		699,868
Tipco Asphalt PCL NVDR		730,600		547,485
Tisco Financial Group PCL		245,003		511,574
TPI Polene PCL		822,500		62,712
TTW PCL		1,300,700		401,235
VGI Global Media PCL NVDR		3,024,512		448,891
WHA Corp. PCL NVDR (b)		4,376,430		399,912
				18,755,247
TURKEY — 1.1%
Afyon Cimento Sanayi TAS (b)		49,929		123,532
Albaraka Turk Katilim Bankasi A/S		1,290,948		443,119
Aygaz A/S		95,954		387,331
Dogan Sirketler Grubu Holding A/S (b)		785,510		146,677
Ihlas Holding A/S (b)		3		—
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D (a) (b)		1,146,382		365,165
Koza Altin Isletmeleri A/S (a) (b)		66,758		365,170
Migros Ticaret A/S (b)		48,010		292,148
NET Holding A/S (a) (b)		220,267		150,004
Pegasus Hava Tasimaciligi A/S (a) (b)		32,323		127,458
Sekerbank TAS (b)		865,024		280,293
Sinpas Gayrimenkul Yatirim Ortakligi A/S (b)		3		1
TAV Havalimanlari Holding A/S		128,689		512,049
Tekfen Holding A/S		116,134		275,853
Torunlar Gayrimenkul Yatirim Ortakligi A/S		157,984		195,655
Turkiye Sinai Kalkinma Bankasi A/S		933,291		353,670
Yazicilar Holding A/S Class A (a)		20,931		116,218
				4,134,343
UNITED ARAB EMIRATES — 0.7%
Air Arabia PJSC		1,539,146		444,186
Ajman Bank PJSC (b)		280,413		98,484
Al Waha Capital PJSC		931,583		492,042
Arabtec Holding PJSC (b)		1,038,427		252,468
Dana Gas PJSC (b)		2,520,247		288,185
Eshraq Properties Co. PJSC (b)		1,426,567		415,581
National Central Cooling Co. PJSC		560,061		289,713
RAK Properties PJSC		2,292,356		393,189
Ras Al Khaimah Ceramics		153,750		89,998
				2,763,846
UNITED KINGDOM — 0.0% (e)
Pan African Resources PLC		492,540		96,607
UNITED STATES — 0.4%
GasLog, Ltd.		41,437		636,058
Luxoft Holding, Inc. (b)		12,338		771,742
				1,407,800
TOTAL COMMON STOCKS (Cost $423,936,839)				370,644,725
WARRANTS — 0.0% (e)
BRAZIL — 0.0% (e)
Iochpe Maxion SA (expiring 4/20/19) (b)		3,203		5,064
THAILAND — 0.0% (e)
International Engineering PCL (expiring 5/22/19) (b)		13,635,806		—
TOTAL WARRANTS (Cost $0)				5,064

See accompanying notes to financial statements.

287

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
RIGHTS — 0.0% (e)
BRAZIL — 0.0% (e)
B2W Cia Digital (expiring 4/25/17) (b)		23,241	$	10,980
Cosan Logistica SA (expiring 4/13/17) (b)		236		24
				11,004
TOTAL RIGHTS (Cost $0)				11,004
SHORT-TERM INVESTMENTS — 3.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (g) (h) (Cost $1,654,105)		1,654,105		1,654,105
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i) (Cost $10,682,515)		10,682,515		10,682,515
TOTAL SHORT-TERM INVESTMENTS (Cost $12,336,620)				12,336,620
TOTAL INVESTMENTS — 102.8% (Cost $436,273,459)				382,997,413
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.8)%				(10,565,130	)
NET ASSETS — 100.0%			$	372,432,283

(a) All or a portion of the shares of the security are on loan at March 31, 2017.

(b) Non-income producing security.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.7% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2017, total aggregate fair value of the security is $269,956, representing 0.1% of the Fund’s net assets.

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

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $25,612 representing less than 0.05% of the Fund’s net assets.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at March 31, 2017.

(i) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIC = Real Estate Investment Company

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	308,975	$	—	$	—		$	308,975
Brazil		20,148,607		—		—			20,148,607
Chile		6,137,215		—		—			6,137,215
China		53,894,266		—		146,455			54,040,721
Colombia		163,821		—		—			163,821
Cyprus		609,365		—		—			609,365
Czech Republic		1,361,977		—		—			1,361,977
Egypt		3,038,875		—		—			3,038,875
Greece		7,492,408		—		—			7,492,408
Hong Kong		8,797,117		—		123,501			8,920,618
Hungary		439,467		—		—			439,467
India		49,212,009		—		0	(b)		49,212,009
Indonesia		11,218,742		—		—			11,218,742
Malaysia		17,085,211		—		—			17,085,211
Mexico		8,284,470		—		—			8,284,470
Monaco		62,430		—		—			62,430

See accompanying notes to financial statements.

288

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
Peru.	$	2,102,877	$	—		$	—	$	2,102,877
Philippines		4,329,313		—			—		4,329,313
Poland		12,983,832		—			—		12,983,832
Qatar		1,685,951		—			—		1,685,951
Russia		4,078,933		—			—		4,078,933
Singapore		1,450,643		—			—		1,450,643
South Africa		20,613,010		—			—		20,613,010
Taiwan		107,717,412		—			—		107,717,412
Thailand		13,102,991		5,652,256			—		18,755,247
Turkey		4,134,343		—			—		4,134,343
United Arab Emirates		2,763,846		—			—		2,763,846
United Kingdom		96,607		—			—		96,607
United States		1,407,800		—			—		1,407,800
Warrants
Brazil		5,064		—			—		5,064
Thailand		—		0	(a)		—		—
Rights
Brazil		11,004		—			—		11,004
Short-Term Investments		12,336,620		—			—		12,336,620
TOTAL INVESTMENTS	$	377,075,201	$	5,652,256		$	269,956	$	382,997,413

(a) Fund held Level 2 securities that were valued at $0 at March 31, 2017.

(b) Fund held Level 3 securities that were valued at $0 at March 31, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		1,009,858	$	1,009,858		556,842		1,566,700		—	$	—	$	56
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		24,895,060		23,240,955		1,654,105		1,654,105		2,457
State Street Navigator Securities Lending Government Money Market Portfolio*		14,070,192		14,070,192		17,412,772		20,800,449		10,682,515		10,682,515		211,431
TOTAL			$	15,080,050							$	12,336,620	$	213,944

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

289

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 5.5%
BGP Holdings PLC (a) (b)		1,313,937	$	—
BWP Trust		1,142,729		2,484,432
Charter Hall Retail REIT		828,578		2,743,230
Dexus Property Group REIT		2,289,622		17,064,651
Goodman Group REIT		3,798,929		22,430,615
GPT Group REIT		4,279,846		16,814,131
Investa Office Fund REIT		1,459,376		5,288,102
Scentre Group REIT		12,707,880		41,588,135
Westfield Corp.		4,561,640		30,901,035
				139,314,331
AUSTRIA — 0.3%
CA Immobilien Anlagen AG (a)		181,177		3,990,853
IMMOFINANZ AG (a) (c)		2,084,262		3,992,536
				7,983,389
BELGIUM — 0.2%
Cofinimmo SA REIT		48,081		5,507,619
BRAZIL — 0.2%
BR Malls Participacoes SA (a)		1,265,423		5,775,203
CANADA — 1.4%
Artis Real Estate Investment Trust		189,321		1,878,092
Boardwalk Real Estate Investment Trust		53,215		1,882,167
Canadian Apartment Properties		164,382		4,104,466
Canadian Real Estate Investment Trust		85,051		3,091,720
Dream Office Real Estate Investment Trust		120,830		1,743,163
First Capital Realty, Inc.		329,857		4,954,100
H&R Real Estate Investment Trust REIT		332,914		5,758,877
RioCan Real Estate Investment Trust		379,638		7,458,115
Smart Real Estate Investment Trust REIT		157,806		3,865,723
				34,736,423
FRANCE — 4.0%
Fonciere Des Regions		126,653		10,608,003
Gecina SA REIT		96,134		13,078,715
Klepierre REIT		494,840		19,296,671
Mercialys SA		139,395		2,606,836
Unibail-Rodamco SE		237,085		55,558,100
				101,148,325
GERMANY — 0.7%
Deutsche EuroShop AG		115,674		4,741,534
LEG Immobilien AG (a)		149,600		12,294,755
				17,036,289
HONG KONG — 3.2%
Champion REIT		5,081,462		3,112,367
Hang Lung Properties, Ltd.		4,931,018		12,816,903
Hongkong Land Holdings, Ltd.		2,806,500		21,581,985
Hysan Development Co., Ltd.		1,467,731		6,657,340
Link REIT		5,281,682		37,005,415
				81,174,010
ITALY — 0.1%
Beni Stabili SpA SIIQ		2,396,404		1,503,242
JAPAN — 11.0%
Activia Properties, Inc.		1,583		7,543,507
Advance Residence Investment Corp.		3,245		8,867,473
Aeon Mall Co., Ltd.		270,000		4,245,176
AEON REIT Investment Corp. (c)		3,266		3,622,701
Daiwa House REIT Investment Corp.		3,559		9,243,243
Daiwa Office Investment Corp.		780		3,982,949
Frontier Real Estate Investment Corp.		1,108		5,031,392
Fukuoka Corp. REIT		1,868		3,059,409
GLP J — REIT		6,857		7,919,733
Hankyu REIT, Inc.		1,409		1,903,029
Heiwa Real Estate Co., Ltd.		83,500		1,179,476
Hoshino Resorts REIT, Inc.		387		2,038,670
Hulic Co., Ltd.		1,153,000		10,833,626
Hulic, Inc. REIT		2,255		3,735,735
Invincible Investment Corp. REIT		7,775		3,125,909
Japan Excellent, Inc.		3,099		3,801,789
Japan Hotel REIT Investment Corp.		9,042		6,240,059
Japan Prime Realty Investment Corp. REIT		2,198		8,501,642
Japan Real Estate Investment Corp. REIT		2,965		15,699,094
Japan Rental Housing Investments, Inc.		4,076		2,988,506
Japan Retail Fund Investment Corp. REIT		6,082		11,920,567
Kenedix Office Investment Corp. REIT		963		5,669,281
Kenedix Residential Investment Corp.		824		2,314,565
Kenedix Retail REIT Corp.		946		2,122,409
Leopalace21 Corp.		634,000		3,271,561
MCUBS MidCity Investment Corp.		705		2,128,982
Mitsui Fudosan Co., Ltd.		2,367,000		50,428,592
Mori Hills Investment Corp. REIT		3,326		4,453,372
Mori Trust Sogo REIT, Inc.		2,285		3,531,159
Nippon Building Fund, Inc. REIT		3,368		18,407,179
Nippon Prologis REIT, Inc.		4,581		9,920,087
Nomura Real Estate Master Fund, Inc.		10,054		15,591,234
NTT Urban Development Corp.		256,600		2,224,496
Orix JREIT, Inc. REIT		6,367		10,079,322
Premier Investment Corp.		2,764		3,122,926
Tokyu Fudosan Holdings Corp.		1,219,900		6,612,399
Tokyu REIT, Inc.		2,434		3,058,063
United Urban Investment Corp. REIT		7,280		11,171,857
				279,591,169
MEXICO — 0.4%
Fibra Uno Administracion SA de CV REIT		6,347,188		10,811,095
NETHERLANDS — 0.3%
Eurocommercial Properties NV		119,791		4,306,835
Wereldhave NV (c)		95,597		4,226,327
				8,533,162
PHILIPPINES — 0.6%
Robinsons Land Corp.		855,600		392,203
SM Prime Holdings, Inc.		27,544,600		15,535,868
				15,928,071
SINGAPORE — 2.7%
Ascendas REIT		5,780,020		10,424,140
CapitaLand Commercial Trust		5,079,273		5,616,172

See accompanying notes to financial statements.

290

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
CapitaLand Mall Trust REIT		6,416,204	$	9,045,961
CapitaLand, Ltd.		6,177,751		16,048,978
Global Logistic Properties, Ltd.		7,039,292		14,005,032
Keppel REIT		4,402,112		3,307,964
Mapletree Logistics Trust		3,609,221		2,828,381
Suntec Real Estate Investment Trust		6,063,895		7,768,104
				69,044,732
SOUTH AFRICA — 1.0%
Growthpoint Properties, Ltd. REIT		5,530,691		10,682,942
Hyprop Investments, Ltd.		507,791		4,646,664
Redefine Properties, Ltd. REIT		12,053,944		9,897,561
				25,227,167
SPAIN — 0.5%
Martinsa Fadesa SA (a) (b)		178		—
Merlin Properties Socimi SA		1,129,100		12,655,946
				12,655,946
SWEDEN — 0.7%
Castellum AB		650,572		8,656,514
Fabege AB (c)		334,202		5,334,026
Kungsleden AB (c) (d)		363,338		2,089,693
Kungsleden AB (a) (c) (d)		80,727		461,127
				16,541,360
SWITZERLAND — 0.9%
PSP Swiss Property AG		96,118		8,752,841
Swiss Prime Site AG (a)		170,418		15,008,089
				23,760,930
THAILAND — 0.2%
Central Pattana PCL NVDR		3,200,000		5,284,831
UNITED KINGDOM — 4.6%
Big Yellow Group PLC REIT		351,549		3,211,238
British Land Co. PLC REIT		2,440,353		18,614,393
Capital & Counties Properties PLC (c)		1,789,887		6,504,106
Derwent London PLC		263,890		9,279,074
Grainger PLC		986,282		3,035,143
Great Portland Estates PLC REIT		818,137		6,665,102
Hammerson PLC		1,890,792		13,500,388
Intu Properties PLC (c)		2,144,323		7,486,382
Land Securities Group PLC REIT		1,886,524		24,981,855
Segro PLC		2,369,981		13,519,684
Shaftesbury PLC		661,313		7,566,491
Workspace Group PLC		281,857		2,766,718
				117,130,574
UNITED STATES — 61.0%
Acadia Realty Trust		202,439		6,085,316
Alexandria Real Estate Equities, Inc.		212,037		23,434,329
American Assets Trust, Inc. REIT		96,998		4,058,396
American Campus Communities, Inc.		317,808		15,124,483
American Homes 4 Rent Class A		515,699		11,840,449
Apartment Investment & Management Co. Class A REIT		374,418		16,605,438
Apple Hospitality REIT, Inc.		372,108		7,107,263
Ashford Hospitality Prime, Inc.		66,379		704,281
Ashford Hospitality Trust, Inc. REIT		196,094		1,249,119
AvalonBay Communities, Inc. REIT		327,892		60,200,971
Boston Properties, Inc. REIT		367,200		48,620,952
Brandywine Realty Trust		416,731		6,763,544
Brixmor Property Group, Inc.		623,915		13,389,216
Camden Property Trust		208,739		16,795,140
Care Capital Properties, Inc.		199,735		5,366,879
CBL & Associates Properties, Inc.		405,375		3,867,278
Cedar Realty Trust, Inc.		192,784		967,776
Chesapeake Lodging Trust		149,131		3,573,179
Colony Starwood Homes		231,088		7,845,438
Columbia Property Trust, Inc.		291,334		6,482,182
Corporate Office Properties Trust		238,073		7,880,216
Cousins Properties, Inc. REIT		996,095		8,237,706
CubeSmart REIT		429,350		11,145,926
DCT Industrial Trust, Inc. REIT		218,939		10,535,345
DDR Corp. REIT		733,445		9,190,066
DiamondRock Hospitality Co.		475,899		5,306,274
Digital Realty Trust, Inc. REIT		380,120		40,440,967
Douglas Emmett, Inc.		346,721		13,314,086
Duke Realty Corp.		848,234		22,283,107
DuPont Fabros Technology, Inc. REIT		184,554		9,152,033
Easterly Government Properties, Inc.		60,334		1,194,010
EastGroup Properties, Inc.		81,393		5,984,827
Education Realty Trust, Inc.		174,090		7,111,577
Equity Commonwealth (a)		295,496		9,225,385
Equity LifeStyle Properties, Inc.		194,455		14,984,702
Equity Residential REIT		876,361		54,527,181
Essex Property Trust, Inc. REIT		156,482		36,230,277
Extra Space Storage, Inc. REIT		300,336		22,341,995
Federal Realty Investment Trust REIT		172,059		22,969,877
FelCor Lodging Trust, Inc.		317,011		2,380,753
First Industrial Realty Trust, Inc. REIT		279,185		7,434,697
First Potomac Realty Trust		149,181		1,533,581
Forest City Realty Trust, Inc. Class A		515,553		11,228,744
Franklin Street Properties Corp. REIT		253,945		3,082,892
GGP, Inc. REIT		1,393,848		32,309,397
HCP, Inc. REIT		1,117,333		34,950,176
Healthcare Realty Trust, Inc. REIT		277,315		9,012,738
Hersha Hospitality Trust		98,450		1,849,876
Highwoods Properties, Inc.		242,356		11,906,950
Hospitality Properties Trust		391,503		12,344,090
Host Hotels & Resorts, Inc. REIT		1,764,156		32,919,151
Hudson Pacific Properties, Inc. REIT		368,918		12,779,320
Independence Realty Trust, Inc.		138,928		1,301,755
Kilroy Realty Corp. REIT		233,205		16,809,416
Kimco Realty Corp. REIT		1,015,444		22,431,158
Kite Realty Group Trust REIT		198,363		4,264,805
LaSalle Hotel Properties		269,169		7,792,443
Liberty Property Trust REIT		350,421		13,508,730
Life Storage, Inc. REIT		110,727		9,092,901
LTC Properties, Inc.		97,336		4,662,394
Macerich Co. REIT		288,353		18,569,933
Mack-Cali Realty Corp. REIT		213,637		5,755,381
Mid-America Apartment Communities, Inc. REIT		270,949		27,566,351
Monogram Residential Trust, Inc.		395,984		3,947,960
National Storage Affiliates Trust		100,200		2,394,780
NexPoint Residential Trust, Inc.		44,762		1,081,450
NorthStar Realty Europe Corp. REIT		137,995		1,599,362
Paramount Group, Inc. REIT		433,705		7,030,358

See accompanying notes to financial statements.

291

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Parkway, Inc. REIT		107,442	$	2,137,021
Pebblebrook Hotel Trust		171,369		5,005,688
Pennsylvania Real Estate Investment Trust		164,305		2,487,578
Piedmont Office Realty Trust, Inc. Class A		345,892		7,395,171
Prologis, Inc. REIT		1,263,725		65,562,053
PS Business Parks, Inc. REIT		46,479		5,333,930
Public Storage REIT		356,561		78,054,769
Quality Care Properties, Inc. REIT (a)		222,156		4,189,862
Ramco-Gershenson Properties Trust		187,614		2,630,348
Regency Centers Corp.		348,350		23,126,956
Retail Opportunity Investments Corp. REIT		259,824		5,464,099
Retail Properties of America, Inc. Class A		563,954		8,132,217
Rexford Industrial Realty, Inc.		163,765		3,687,988
RLJ Lodging Trust REIT		296,540		6,971,655
Ryman Hospitality Properties, Inc.		121,421		7,507,460
Saul Centers, Inc. REIT		27,733		1,708,907
Senior Housing Properties Trust		566,057		11,462,654
Seritage Growth Properties Class A REIT (c)		58,159		2,509,561
Silver Bay Realty Trust Corp. REIT		83,337		1,789,245
Simon Property Group, Inc. REIT		763,668		131,373,806
SL Green Realty Corp. REIT		239,966		25,585,175
Summit Hotel Properties, Inc. REIT		221,737		3,543,357
Sun Communities, Inc. REIT		159,452		12,808,779
Sunstone Hotel Investors, Inc. REIT		523,938		8,031,970
Tanger Factory Outlet Centers, Inc.		229,135		7,508,754
Taubman Centers, Inc.		144,153		9,516,981
Tier REIT, Inc.		117,759		2,044,296
UDR, Inc. REIT		637,531		23,116,874
Universal Health Realty Income Trust REIT		31,049		2,002,661
Urban Edge Properties		218,227		5,739,370
Ventas, Inc. REIT		846,503		55,056,555
Vornado Realty Trust REIT		410,831		41,210,458
Washington Prime Group, Inc. REIT		439,716		3,821,132
Washington Real Estate Investment Trust		177,651		5,556,923
Weingarten Realty Investors REIT		280,635		9,370,403
Welltower, Inc. REIT		865,514		61,295,701
Xenia Hotels & Resorts, Inc. REIT		253,823		4,332,759
				1,550,751,844
TOTAL COMMON STOCKS (Cost $2,422,168,749)				2,529,439,712
SHORT-TERM INVESTMENTS — 1.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (e) (f)		6,459,261		6,459,261
State Street Navigator Securities Lending Government Money Market Portfolio (e) (g)		18,752,512		18,752,512
TOTAL SHORT-TERM INVESTMENTS (Cost $25,211,773)				25,211,773
TOTAL INVESTMENTS — 100.5% (Cost $2,447,380,522)				2,554,651,485
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%				(12,243,913	)
NET ASSETS — 100.0%			$	2,542,407,572

(a) Non-income producing security.

(b) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2017, total aggregate fair value of the security is $ 0, representing 0.0% of the Fund’s net assets.

(c) All or a portion of the shares of the security are on loan at March 31, 2017.

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

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2017.

(g) Investment of cash collateral for securities loaned.

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	139,314,331	$	—	$	0	(a)	$	139,314,331
Austria		7,983,389		—		—			7,983,389
Belgium		5,507,619		—		—			5,507,619
Brazil		5,775,203		—		—			5,775,203
Canada		34,736,423		—		—			34,736,423
France		101,148,325		—		—			101,148,325

See accompanying notes to financial statements.

292

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Germany	$	17,036,289	$	—	$	—		$	17,036,289
Hong Kong		81,174,010		—		—			81,174,010
Italy		1,503,242		—		—			1,503,242
Japan		279,591,169		—		—			279,591,169
Mexico		10,811,095		—		—			10,811,095
Netherlands		8,533,162		—		—			8,533,162
Philippines		15,928,071		—		—			15,928,071
Singapore		69,044,732		—		—			69,044,732
South Africa		25,227,167		—		—			25,227,167
Spain		12,655,946		—		0	(a)		12,655,946
Sweden		16,541,360		—		—			16,541,360
Switzerland		23,760,930		—		—			23,760,930
Thailand		5,284,831		—		—			5,284,831
United Kingdom		117,130,574		—		—			117,130,574
United States		1,550,751,844		—		—			1,550,751,844
Short-Term Investments		25,211,773		—		—			25,211,773
TOTAL INVESTMENTS	$	2,554,651,485	$	—	$	0		$	2,554,651,485

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		3,984,959	$	3,984,959		43,517		4,028,476		—	$	—	$	128
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		97,499,261		91,040,000		6,459,261		6,459,261		11,470
State Street Navigator Securities Lending Government Money Market Portfolio*		35,695,682		35,695,682		114,617,854		131,561,024		18,752,512		18,752,512		83,379
TOTAL			$	39,680,641							$	25,211,773	$	94,977

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

293

SPDR S&P International Consumer Discretionary Sector ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.0%
AUSTRALIA — 2.6%
Aristocrat Leisure, Ltd.		10,452	$	143,280
Automotive Holdings Group, Ltd. (a)		12,738		40,035
Crown Resorts, Ltd.		7,538		67,912
Domino’s Pizza Enterprises, Ltd.		457		20,262
Fairfax Media, Ltd.		44,054		34,447
Tatts Group, Ltd.		27,697		93,600
				399,536
BELGIUM — 0.3%
D’ieteren SA		919		43,150
CANADA — 4.1%
Amaya, Inc. (b)		775		13,116
Canadian Tire Corp., Ltd. Class A		1,149		136,107
Dollarama, Inc.		686		56,690
Gildan Activewear, Inc. (a)		3,066		82,601
Magna International, Inc.		3,942		169,633
Restaurant Brands International, Inc.		1,541		85,598
Shaw Communications, Inc. Class B		4,183		86,473
				630,218
DENMARK — 0.5%
Pandora A/S		734		81,500
FINLAND — 0.5%
Nokian Renkaat Oyj		1,121		46,928
Sanoma Oyj		2,852		23,930
				70,858
FRANCE — 11.2%
Accor SA		1,690		70,584
Christian Dior SE		379		88,287
Cie Generale des Etablissements Michelin		1,670		203,353
Havas SA		7,034		62,819
Hermes International		120		56,998
Kering		706		183,075
Lagardere SCA		1,304		38,507
LVMH Moet Hennessy Louis Vuitton SE		1,845		406,208
Peugeot SA (b)		1,153		23,277
Publicis Groupe SA		1,108		77,633
Renault SA		1,581		137,695
Sodexo SA		628		74,052
Valeo SA		1,804		120,457
Vivendi SA		8,073		157,363
				1,700,308
GERMANY — 11.1%
adidas AG		1,853		353,368
Bayerische Motoren Werke AG		2,054		187,853
Bayerische Motoren Werke AG Preference Shares		346		27,318
Continental AG		682		149,899
Daimler AG		6,722		497,514
HUGO BOSS AG		222		16,243
Leoni AG		494		25,491
Porsche Automobil Holding SE Preference Shares		776		42,445
ProSiebenSat.1 Media SE		1,160		51,494
TUI AG		6,429		88,913
Volkswagen AG Preference Shares		1,195		174,590
Volkswagen AG		266		39,731
windeln.de SE (a) (b) (c)		2,982		10,171
Zalando SE (b) (c)		800		32,450
				1,697,480
HONG KONG — 3.4%
Esprit Holdings, Ltd. (b)		23,082		19,335
Fairwood Holdings, Ltd.		13,500		54,198
Galaxy Entertainment Group, Ltd.		16,000		87,602
Giordano International, Ltd.		80,000		43,338
Global Brands Group Holding, Ltd. (b)		62,000		6,622
Li & Fung, Ltd.		62,000		26,885
Pico Far East Holdings, Ltd.		108,000		43,497
Sands China, Ltd.		23,600		109,323
Shangri-La Asia, Ltd.		16,500		24,034
SJM Holdings, Ltd.		24,000		19,518
Techtronic Industries Co., Ltd.		15,500		62,726
Yuxing InfoTech Investment Holdings, Ltd. (a) (b)		92,000		17,047
				514,125
IRELAND — 0.6%
Dalata Hotel Group PLC (b)		2,718		12,994
Paddy Power Betfair PLC		667		71,696
				84,690
ITALY — 1.4%
ePrice SpA (b)		2,943		13,113
Ferrari NV		774		57,741
Luxottica Group SpA		1,179		65,257
Mediaset SpA		8,225		34,133
Piaggio & C SpA		6,049		12,079
Sogefi SpA (b)		7,428		29,379
Yoox Net-A-Porter Group SpA (b)		256		6,111
				217,813
JAPAN — 36.3%
Aisin Seiki Co., Ltd.		2,300		112,905
Aoyama Trading Co., Ltd.		1,400		47,994
Asics Corp.		800		12,837
Bandai Namco Holdings, Inc.		3,900		116,548
Benesse Holdings, Inc. (a)		1,600		49,969
Bookoff Corp. (a)		1,500		10,634
Bridgestone Corp.		6,300		254,589
Can Do Co., Ltd. (a)		800		12,729
Casio Computer Co., Ltd.		3,900		54,214
CyberAgent, Inc.		900		26,613
Daikyonishikawa Corp.		500		6,547
Denso Corp.		3,100		136,235
Dentsu, Inc.		2,700		146,352
Don Quijote Holdings Co., Ltd.		800		27,712
Fast Retailing Co., Ltd.		488		152,930
Fuji Corp., Ltd.		3,100		20,253
Fuji Heavy Industries, Ltd.		4,300		157,560
GLOBERIDE, Inc.		800		13,275
Gunze, Ltd.		15,000		61,249
Haseko Corp.		2,400		25,932
Honda Motor Co., Ltd.		11,800		354,858
Isetan Mitsukoshi Holdings, Ltd.		5,100		55,929
Isuzu Motors, Ltd.		4,200		55,501
Kappa Create Co., Ltd. (a) (b)		800		8,867
Koito Manufacturing Co., Ltd.		800		41,569

See accompanying notes to financial statements.

294

SPDR S&P International Consumer Discretionary Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Konaka Co., Ltd.		5,800	$	31,751
Kyoritsu Maintenance Co., Ltd.		600		17,850
Kyoto Kimono Yuzen Co., Ltd. (a)		3,400		29,139
Laox Co., Ltd. (b)		1,300		7,525
Marui Group Co., Ltd.		1,800		24,440
Mazda Motor Corp.		4,000		57,543
Mitsuba Corp.		1,700		33,381
Mitsubishi Motors Corp.		4,800		28,818
NGK Spark Plug Co., Ltd.		1,100		25,114
Nikon Corp.		3,900		56,489
Nissan Motor Co., Ltd.		15,300		147,398
Nitori Holdings Co., Ltd.		500		63,134
Oriental Land Co., Ltd.		2,300		131,750
Otsuka Kagu, Ltd. (a)		2,100		17,809
Panasonic Corp.		13,600		153,539
Pioneer Corp. (b)		3,200		6,347
Rakuten, Inc.		6,300		63,040
Resorttrust, Inc.		3,000		52,769
Ringer Hut Co., Ltd.		1,100		22,537
Ryohin Keikaku Co., Ltd.		200		43,776
Sanrio Co., Ltd. (a)		300		5,506
Sanyo Housing Nagoya Co., Ltd.		1,700		14,615
Sega Sammy Holdings, Inc.		700		9,373
Sekisui Chemical Co., Ltd.		8,000		134,326
Sekisui House, Ltd.		8,000		131,455
Sharp Corp. (a) (b)		8,000		33,743
Shimamura Co., Ltd.		100		13,201
Shimano, Inc.		1,300		189,581
Sony Corp.		8,100		273,756
Stanley Electric Co., Ltd.		2,400		68,384
Start Today Co., Ltd.		1,400		30,945
Suminoe Textile Co., Ltd. (a)		7,000		17,841
Sumitomo Electric Industries, Ltd.		5,000		82,832
Sumitomo Forestry Co., Ltd.		6,700		101,615
Suzuki Motor Corp.		3,500		145,176
Syuppin Co., Ltd.		600		8,761
Takata Corp. (a) (b)		1,500		6,461
Toho Co., Ltd.		1,000		26,483
Toyota Industries Corp.		1,900		94,292
Toyota Motor Corp.		19,300		1,046,492
Yamada Denki Co., Ltd.		9,900		49,309
Yamaha Corp.		1,000		27,506
Yamaha Motor Co., Ltd.		1,600		38,496
				5,528,099
LUXEMBOURG — 0.4%
SES SA		2,852		66,513
MACAU — 0.2%
Wynn Macau, Ltd.		15,600		31,756
MALTA — 0.1%
Kindred Group PLC SDR		1,445		15,035
NETHERLANDS — 0.6%
Altice NV Class A (b)		3,675		83,349
Altice NV Class B (b)		500		11,337
				94,686
NEW ZEALAND — 0.1%
SKYCITY Entertainment Group, Ltd.		4,454		12,921
NORWAY — 0.3%
Schibsted ASA Class A		1,041		26,786
Schibsted ASA Class B		1,041		23,816
				50,602
SINGAPORE — 0.6%
Genting Singapore PLC		48,000		35,039
Singapore Press Holdings, Ltd. (a)		24,000		60,975
				96,014
SOUTH KOREA — 4.5%
Cheil Worldwide, Inc.		1,195		20,303
Coway Co., Ltd.		388		33,377
Fila Korea, Ltd.		101		6,331
Hankook Tire Co., Ltd.		883		43,033
Hanon Systems		1,482		12,298
Hanssem Co., Ltd.		172		33,837
HLB, Inc. (b)		1,145		14,334
Hotel Shilla Co., Ltd.		286		11,534
Hyundai Department Store Co., Ltd.		169		15,263
Hyundai Engineering Plastics Co., Ltd.		2,317		17,487
Hyundai Mobis Co., Ltd.		473		101,723
Hyundai Motor Co.		1,060		149,289
Hyundai Motor Co. Preference Shares		185		17,122
Hyundai Wia Corp.		173		10,504
Inscobee, Inc. (b)		3,175		4,486
Kangwon Land, Inc.		712		24,321
Kia Motors Corp.		1,923		63,710
LG Electronics, Inc.		748		45,416
Lotte Shopping Co., Ltd.		118		22,950
Multicampus Corp.		427		14,300
Seoul Auction Co., Ltd.		1,802		15,840
Seoyon Co., Ltd.		964		8,879
Seoyon E-Hwa Co., Ltd.		453		5,793
				692,130
SPAIN — 2.0%
Industria de Diseno Textil SA		7,766		274,434
Mediaset Espana Comunicacion SA		1,144		14,787
NH Hotel Group SA (b)		4,164		19,685
				308,906
SWEDEN — 2.2%
Betsson AB (b)		2,010		17,560
Electrolux AB Series B		3,872		108,029
Hennes & Mauritz AB Class B		6,695		171,718
Husqvarna AB Class B		2,859		25,185
Nobia AB		670		6,904
				329,396
SWITZERLAND — 2.9%
Cie Financiere Richemont SA		3,667		290,151
Dufry AG (b)		174		26,527
Swatch Group AG		346		123,992
				440,670
UNITED KINGDOM — 12.8%
Barratt Developments PLC		5,460		37,312
Bellway PLC		572		19,333
Berkeley Group Holdings PLC		457		18,327
Burberry Group PLC		4,212		90,801
Carnival PLC		2,119		121,303

See accompanying notes to financial statements.

295

SPDR S&P International Consumer Discretionary Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Compass Group PLC		14,153	$	266,526
Fiat Chrysler Automobiles NV (b)		7,742		84,875
GKN PLC		14,645		66,530
Informa PLC		10,094		82,296
InterContinental Hotels Group PLC		1,258		61,475
ITV PLC		34,466		94,341
Kingfisher PLC		28,289		115,355
Marks & Spencer Group PLC		15,171		63,931
Next PLC		2,161		116,736
Ocado Group PLC (a) (b)		2,696		8,125
Pearson PLC		9,024		77,014
Persimmon PLC		1,294		33,883
Sky PLC		10,589		129,232
Sports Direct International PLC (b)		1,583		6,101
Taylor Wimpey PLC		17,256		41,667
Thomas Cook Group PLC		6,984		7,467
WH Smith PLC		741		16,428
Whitbread PLC		2,913		144,173
WPP PLC		11,022		241,469
				1,944,700
UNITED STATES — 0.3%
International Game Technology PLC		2,102		49,817
TOTAL COMMON STOCKS (Cost $15,787,305)				15,100,923
WARRANTS — 0.1%
FRANCE — 0.1%
Peugeot SA (expiring 4/29/17) (b) (Cost $7,744)		3,417		15,898
SHORT-TERM INVESTMENTS — 1.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (d) (e)		7,554		7,554
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		251,228		251,228
TOTAL SHORT-TERM INVESTMENTS (Cost $258,782)				258,782
TOTAL INVESTMENTS — 100.8% (Cost $16,053,831)				15,375,603
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%				(122,253	)
NET ASSETS — 100.0%			$	15,253,350

(a) All or a portion of the shares of the security are on loan at March 31, 2017.

(b) Non-income producing security.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.3% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2017.

(f) Investment of cash collateral for securities loaned.

SDR = Swedish Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	399,536	$	—	$	—	$	399,536
Belgium		43,150		—		—		43,150
Canada		630,218		—		—		630,218
Denmark		81,500		—		—		81,500
Finland		70,858		—		—		70,858
France		1,700,308		—		—		1,700,308
Germany		1,697,480		—		—		1,697,480
Hong Kong		514,125		—		—		514,125
Ireland		84,690		—		—		84,690
Italy		217,813		—		—		217,813
Japan		5,528,099		—		—		5,528,099
Luxembourg		66,513		—		—		66,513
Macau		31,756		—		—		31,756
Malta		15,035		—		—		15,035
Netherlands		94,686		—		—		94,686
New Zealand		12,921		—		—		12,921

See accompanying notes to financial statements.

296

SPDR S&P International Consumer Discretionary Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Norway	$	50,602	$	—	$	—	$	50,602
Singapore		96,014		—		—		96,014
South Korea		692,130		—		—		692,130
Spain		308,906		—		—		308,906
Sweden		329,396		—		—		329,396
Switzerland		440,670		—		—		440,670
United Kingdom		1,944,700		—		—		1,944,700
United States		49,817		—		—		49,817
Warrants
France		15,898		—		—		15,898
Short-Term Investments		258,782		—		—		258,782
TOTAL INVESTMENTS	$	15,375,603	$	—	$	—	$	15,375,603

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		45,577	$	45,577		99		45,676		—	$	—	$	1
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		203,355		195,801		7,554		7,554		38
State Street Navigator Securities Lending Government Money Market Portfolio*		1,095,491		1,095,491		1,834,308		2,678,571		251,228		251,228		2,005
TOTAL			$	1,141,068							$	258,782	$	2,044

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

297

SPDR S&P International Consumer Staples Sector ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.1%
AUSTRALIA — 4.7%
Bellamy’s Australia, Ltd. (a)		1,113	$	3,566
Blackmores, Ltd.		181		15,539
Coca-Cola Amatil, Ltd.		13,316		109,911
Metcash, Ltd. (b)		20,467		38,565
Select Harvests, Ltd. (a)		1,103		4,947
Treasury Wine Estates, Ltd.		18,398		171,647
Wesfarmers, Ltd.		24,075		827,738
Woolworths, Ltd.		26,071		527,039
				1,698,952
BELGIUM — 5.4%
Anheuser-Busch InBev SA		16,997		1,870,633
Colruyt SA		1,276		62,806
Ontex Group NV		1,271		40,918
				1,974,357
CANADA — 3.4%
AGT Food & Ingredients, Inc. (a)		576		13,467
Alimentation Couche-Tard, Inc. Class B		8,192		369,044
Clearwater Seafoods, Inc.		671		5,273
Corby Spirit and Wine, Ltd.		1,690		28,043
Cott Corp.		2,498		30,830
Empire Co., Ltd. Class A		2,451		37,344
George Weston, Ltd.		412		35,845
High Liner Foods, Inc.		273		3,695
Jean Coutu Group PJC, Inc. Class A		1,511		23,713
Liquor Stores N.A., Ltd. (a)		1,494		10,698
Loblaw Cos., Ltd.		6,086		329,296
Maple Leaf Foods, Inc.		1,235		29,892
Metro, Inc.		3,803		116,487
North West Co., Inc. (a)		765		18,189
Premium Brands Holdings Corp.		671		42,842
Rogers Sugar, Inc. (a)		3,357		15,732
Saputo, Inc.		3,530		121,465
SunOpta, Inc. (a) (b)		2,761		19,189
				1,251,044
DENMARK — 0.8%
Carlsberg A/S Class B		2,933		271,670
Royal Unibrew A/S		303		12,799
United International Enterprises		52		9,416
				293,885
FAEROE ISLANDS — 0.0% (c)
Bakkafrost P/F		548		16,946
FINLAND — 0.3%
Kesko Oyj Class B		2,532		121,052
FRANCE — 7.6%
Carrefour SA		13,189		311,749
Casino Guichard Perrachon SA		1,423		79,797
Danone SA		13,029		888,506
L’Oreal SA		4,868		937,963
Pernod Ricard SA		4,606		546,332
				2,764,347
GERMANY — 2.8%
Beiersdorf AG		2,633		249,875
Henkel AG & Co. KGaA		2,003		223,121
Henkel AG & Co. KGaA Preference Shares		3,523		452,540
METRO AG		2,624		84,139
Suedzucker AG		816		20,527
				1,030,202
HONG KONG — 0.4%
Dairy Farm International Holdings, Ltd.		3,800		34,504
Major Holdings, Ltd. (d)		38,000		6,308
Vitasoy International Holdings, Ltd.		50,000		99,337
				140,149
IRELAND — 1.2%
C&C Group PLC		7,010		27,253
Glanbia PLC		3,106		60,145
Greencore Group PLC		21,531		66,178
Kerry Group PLC Class A		3,048		240,261
Origin Enterprises PLC		3,256		23,204
Total Produce PLC		18,268		38,100
				455,141
ITALY — 0.1%
Davide Campari-Milano SpA		4,677		54,375
JAPAN — 19.0%
Aeon Co., Ltd.		18,605		271,319
Ain Holdings, Inc.		900		60,657
Ajinomoto Co., Inc.		13,528		266,663
Arcs Co., Ltd.		600		14,339
Ariake Japan Co., Ltd.		500		31,455
Asahi Group Holdings, Ltd.		11,482		433,602
Axial Retailing, Inc.		600		22,831
Calbee, Inc. (a)		1,800		61,303
Coca-Cola East Japan Co., Ltd. (b) (e)		1,500		36,245
Coca-Cola West Co., Ltd. (a)		1,600		51,548
Cocokara fine, Inc.		700		30,311
Cosmos Pharmaceutical Corp.		100		19,510
euglena Co., Ltd. (a) (b)		1,700		18,689
Ezaki Glico Co., Ltd.		1,700		82,384
FamilyMart UNY Holdings Co., Ltd.		1,700		101,301
Fuji Oil Holdings, Inc.		1,700		39,773
Fujicco Co., Ltd.		1,700		38,766
Genky Stores, Inc.		100		6,174
Hokuto Corp.		1,600		28,818
Ito En, Ltd.		1,400		51,072
Itoham Yonekyu Holdings, Inc.		2,700		25,151
Japan Tobacco, Inc.		21,878		710,353
Kagome Co., Ltd.		1,300		33,751
Kao Corp.		11,308		619,439
Kenko Mayonnaise Co., Ltd.		900		22,106
Kewpie Corp.		3,300		93,435
Key Coffee, Inc.		3,300		64,590
Kikkoman Corp.		4,000		119,357
Kirin Holdings Co., Ltd.		18,075		340,721
Kobayashi Pharmaceutical Co., Ltd.		1,700		82,231
Kobe Bussan Co., Ltd. (a)		200		7,718
Kose Corp.		700		63,259
Kotobuki Spirits Co., Ltd.		1,000		24,563
Kusuri no Aoki Holdings Co., Ltd.		400		17,823
Lawson, Inc.		824		55,831
Life Corp.		900		26,290
Lion Corp.		7,000		125,765
Matsumotokiyoshi Holdings Co., Ltd.		1,200		56,861
Megmilk Snow Brand Co., Ltd.		700		19,254

See accompanying notes to financial statements.

298

SPDR S&P International Consumer Staples Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
MEIJI Holdings Co., Ltd.		3,200	$	266,212
Ministop Co., Ltd.		400		7,513
Morinaga & Co., Ltd.		1,500		66,499
Morinaga Milk Industry Co., Ltd.		3,000		22,238
NH Foods, Ltd.		4,000		107,296
Nichirei Corp.		4,493		111,045
Nippon Suisan Kaisha, Ltd.		4,400		21,915
Nisshin Seifun Group, Inc.		4,600		68,569
Nissin Foods Holdings Co., Ltd.		1,600		88,594
Oenon Holdings, Inc.		33,351		74,226
Pigeon Corp.		1,900		60,617
Pola Orbis Holdings, Inc.		1,200		28,937
Qol Co., Ltd.		500		7,381
S Foods, Inc.		300		8,723
San-A Co., Ltd.		300		13,623
Sapporo Holdings, Ltd.		1,500		40,519
Seven & i Holdings Co., Ltd.		16,775		656,668
Shiseido Co., Ltd.		8,393		220,690
Sugi Holdings Co., Ltd.		800		36,687
Sundrug Co., Ltd.		1,000		33,519
Suntory Beverage & Food, Ltd.		1,700		71,552
Takara Holdings, Inc.		4,000		43,112
Toyo Suisan Kaisha, Ltd.		1,500		55,797
Tsuruha Holdings, Inc.		700		64,704
Unicharm Corp.		9,900		236,994
Valor Holdings Co., Ltd.		900		21,218
Warabeya Nichiyo Holdings Co., Ltd.		300		6,951
Welcia Holdings Co., Ltd.		900		25,159
Yakult Honsha Co., Ltd.		3,080		170,819
Yamazaki Baking Co., Ltd.		4,600		94,535
Yaoko Co., Ltd.		400		15,184
				6,922,754
NETHERLANDS — 3.1%
Heineken Holding NV		694		55,351
Heineken NV		5,015		428,030
Koninklijke Ahold Delhaize NV		29,527		633,507
				1,116,888
NEW ZEALAND — 0.1%
a2 Milk Co., Ltd. (a) (b)		14,153		29,582
Scales Corp., Ltd.		6,281		15,236
				44,818
NORWAY — 0.9%
Grieg Seafood ASA		2,096		15,728
Leroy Seafood Group ASA		231		10,112
Marine Harvest ASA (b)		10,165		154,921
Norway Royal Salmon ASA		824		13,719
Orkla ASA		14,411		129,028
Salmar ASA		638		13,757
				337,265
PORTUGAL — 0.2%
Jeronimo Martins SGPS SA		2,930		52,553
Sonae SGPS SA (b)		9,228		9,357
				61,910
SINGAPORE — 0.6%
Delfi, Ltd.		4,400		7,022
Golden Agri-Resources, Ltd.		187,175		51,573
Wilmar International, Ltd.		68,000		171,788
				230,383
SOUTH KOREA — 3.4%
Able C&C Co., Ltd.		316		6,951
Amorepacific Corp.		614		154,008
AMOREPACIFIC Group		477		50,971
BGF retail Co., Ltd.		534		50,139
Binggrae Co., Ltd.		173		10,597
CJ CheilJedang Corp.		125		39,457
CJ Freshway Corp.		118		3,487
Cosmax, Inc.		114		13,864
Crown Confectionery Co., Ltd. (e)		490		14,547
Dae Han Flour Mills Co., Ltd.		155		24,394
Daesang Corp.		755		16,271
Dongsuh Cos., Inc.		1,435		38,111
Dongwon Industries Co., Ltd.		64		19,458
E-MART, Inc.		338		62,111
GS Retail Co., Ltd.		467		22,007
Harim Co., Ltd.		2,580		11,997
Hite Jinro Co., Ltd.		718		13,066
Hyundai Greenfood Co., Ltd.		785		10,986
Jinro Distillers Co., Ltd.		788		21,879
Korea Kolmar Co., Ltd.		232		15,580
Korea Kolmar Holdings Co., Ltd.		105		2,742
KT&G Corp.		2,398		209,072
Leaders Cosmetics Co., Ltd. (b)		229		3,143
LG Household & Health Care, Ltd.		188		136,339
LG Household & Health Care, Ltd. Preference Shares		19		8,665
Lotte Chilsung Beverage Co., Ltd.		5		6,327
Lotte Confectionery Co., Ltd.		170		29,187
Lotte Food Co., Ltd.		43		23,993
Maeil Dairy Industry Co., Ltd.		614		25,915
Muhak Co., Ltd.		225		4,658
Namyang Dairy Products Co., Ltd.		19		14,442
Nong Woo Bio Co., Ltd. (b)		860		12,151
NongShim Co., Ltd.		64		17,112
Orion Corp.		67		40,141
Ottogi Corp.		67		45,533
Pulmuone Co., Ltd.		26		3,046
Sajo Industries Co., Ltd.		231		13,902
Samyang Holdings Corp.		140		15,461
SPC Samlip Co., Ltd.		29		5,705
Sunjin Co., Ltd.		688		11,135
				1,228,550
SPAIN — 0.6%
Distribuidora Internacional de Alimentacion SA		10,576		61,320
Ebro Foods SA		5,857		118,709
Viscofan SA		640		33,175
				213,204
SWEDEN — 1.8%
ICA Gruppen AB		1,003		34,353
Svenska Cellulosa AB SCA Class A		2,316		76,523
Svenska Cellulosa AB SCA Class B		10,954		354,570
Swedish Match AB		5,388		175,913
				641,359

See accompanying notes to financial statements.

299

SPDR S&P International Consumer Staples Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
SWITZERLAND — 14.4%
Aryzta AG (b)		1,769	$	56,819
Barry Callebaut AG (b)		17		22,232
Chocoladefabriken Lindt & Spruengli AG (f)		15		85,119
Chocoladefabriken Lindt & Spruengli AG (f)		2		132,924
Coca-Cola HBC AG (b)		3,318		85,511
Nestle SA		62,785		4,820,448
Oriflame Holding AG		1,010		40,566
				5,243,619
UNITED KINGDOM — 28.3%
Associated British Foods PLC		7,056		229,932
Booker Group PLC		30,207		73,807
British American Tobacco PLC		36,510		2,419,659
Britvic PLC		5,524		44,726
Coca-Cola European Partners PLC		4,134		155,810
Cranswick PLC		1,013		32,415
Diageo PLC		50,313		1,436,639
Greggs PLC		2,100		27,389
Imperial Brands PLC		19,375		936,876
J Sainsbury PLC		33,313		110,097
Reckitt Benckiser Group PLC		13,430		1,223,578
Tate & Lyle PLC		12,867		123,004
Tesco PLC (b)		163,040		378,389
Unilever NV		33,825		1,684,787
Unilever PLC		25,767		1,269,321
Wm Morrison Supermarkets PLC		56,485		169,516
				10,315,945
TOTAL COMMON STOCKS (Cost $36,798,147)				36,157,145
SHORT-TERM INVESTMENTS — 0.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (g) (h)		18,160		18,160
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		157,631		157,631
TOTAL SHORT-TERM INVESTMENTS (Cost $175,791)				175,791
TOTAL INVESTMENTS — 99.6% (Cost $36,973,938)				36,332,936
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				128,790
NET ASSETS — 100.0%			$	36,461,726

(a) All or a portion of the shares of the security are on loan at March 31, 2017.

(b) Non-income producing security.

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

(d) Security purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. This security, which represents 0.0% of net assets as of March 31, 2017, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $50,792 representing 0.1% of the Fund’s net assets.

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

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at March 31, 2017.

(i) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,698,952	$	—	$	—	$	1,698,952
Belgium		1,974,357		—		—		1,974,357
Canada		1,251,044		—		—		1,251,044
Denmark		293,885		—		—		293,885
Faeroe Islands		16,946		—		—		16,946
Finland		121,052		—		—		121,052
France		2,764,347		—		—		2,764,347
Germany		1,030,202		—		—		1,030,202
Hong Kong		140,149		—		—		140,149
Ireland		455,141		—		—		455,141
Italy		54,375		—		—		54,375
Japan		6,886,509		36,245		—		6,922,754

See accompanying notes to financial statements.

300

SPDR S&P International Consumer Staples Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Netherlands	$	1,116,888	$	—	$	—	$	1,116,888
New Zealand		44,818		—		—		44,818
Norway		337,265		—		—		337,265
Portugal		61,910		—		—		61,910
Singapore		230,383		—		—		230,383
South Korea		1,214,003		14,547		—		1,228,550
Spain		213,204		—		—		213,204
Sweden		641,359		—		—		641,359
Switzerland		5,243,619		—		—		5,243,619
United Kingdom		10,315,945		—		—		10,315,945
Short-Term Investments		175,791		—		—		175,791
TOTAL INVESTMENTS	$	36,282,144	$	50,792	$	—	$	36,332,936

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		27,118	$	27,118		21		27,139		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		677,398		659,238		18,160		18,160		95
State Street Navigator Securities Lending Government Money Market Portfolio*		1,530,426		1,530,426		2,558,439		3,931,234		157,631		157,631		3,091
TOTAL			$	1,557,544							$	175,791	$	3,186

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

301

SPDR S&P International Energy Sector ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 5.2%
Beach Energy, Ltd.		69,363	$	42,331
Caltex Australia, Ltd.		12,549		282,308
FAR, Ltd. (a) (b)		298,963		18,701
Karoon Gas Australia, Ltd. (b)		11,687		14,621
Liquefied Natural Gas, Ltd. (a) (b)		27,709		13,740
New Hope Corp., Ltd. (a)		14,318		19,442
Oil Search, Ltd.		55,283		304,486
Origin Energy, Ltd.		80,255		431,619
Paladin Energy, Ltd. (a) (b) (c)		88,045		7,052
Santos, Ltd.		79,441		230,286
Washington H Soul Pattinson & Co., Ltd.		6,378		87,578
Whitehaven Coal, Ltd. (b)		31,299		71,390
Woodside Petroleum, Ltd.		32,973		806,923
WorleyParsons, Ltd. (a) (b)		10,218		85,821
				2,416,298
AUSTRIA — 0.6%
OMV AG		6,165		243,211
Schoeller-Bleckmann Oilfield Equipment AG		467		32,616
				275,827
BELGIUM — 0.1%
Euronav NV		6,798		54,509
CANADA — 31.9%
Advantage Oil & Gas, Ltd. (b)		7,816		51,456
Africa Oil Corp. (b)		17,879		29,896
AltaGas, Ltd. (a)		7,093		163,809
ARC Resources, Ltd. (a)		16,059		228,786
Athabasca Oil Corp. (b)		22,752		26,102
Baytex Energy Corp. (a) (b)		12,273		41,780
Birchcliff Energy, Ltd.		9,430		53,455
Bonavista Energy Corp.		13,466		34,936
Bonterra Energy Corp. (a)		1,530		26,317
Calfrac Well Services, Ltd. (b)		4,409		11,703
Cameco Corp. (a)		17,684		195,185
Canacol Energy, Ltd. (a) (b)		6,750		19,891
Canadian Energy Services & Technology Corp.		11,608		63,452
Canadian Natural Resources, Ltd.		49,599		1,619,271
Canyon Services Group, Inc. (b)		3,403		16,968
Cardinal Energy, Ltd. (a)		3,399		18,605
Cenovus Energy, Inc.		37,753		426,036
Crescent Point Energy Corp. (a)		24,445		263,393
Crew Energy, Inc. (b)		6,262		23,289
Denison Mines Corp. (a) (b)		21,935		13,487
Enbridge Income Fund Holdings, Inc. (a)		4,305		107,008
Enbridge, Inc.		64,566		2,697,088
Encana Corp.		44,122		515,443
Enerflex, Ltd.		3,511		49,967
Enerplus Corp.		11,786		94,649
Ensign Energy Services, Inc. (a)		6,170		36,872
Fission Uranium Corp. (a) (b)		27,158		17,106
Freehold Royalties, Ltd. (a)		3,936		39,784
Gibson Energy, Inc. (a)		5,872		84,096
Gran Tierra Energy, Inc. (b)		18,437		48,939
Husky Energy, Inc. (b)		13,199		148,553
Imperial Oil, Ltd.		9,868		299,817
Inter Pipeline, Ltd.		16,207		340,631
Kelt Exploration, Ltd. (b)		6,351		31,811
Keyera Corp.		8,452		247,226
Lightstream Resources, Ltd. (b) (d)		6,978		—
MEG Energy Corp. (b)		8,396		42,432
Mullen Group, Ltd.		4,627		58,633
NexGen Energy, Ltd. (b)		13,909		32,852
NuVista Energy, Ltd. (b)		6,855		31,611
Painted Pony Petroleum, Ltd. (b)		3,861		15,575
Paramount Resources, Ltd. Class A (b)		2,392		30,455
Parex Resources, Inc. (b)		6,520		82,866
Parkland Fuel Corp.		4,415		97,990
Pason Systems, Inc.		3,075		44,293
Pembina Pipeline Corp.		17,731		560,255
Pengrowth Energy Corp. (a) (b)		24,019		23,953
Penn West Petroleum, Ltd. (a) (b)		25,371		43,131
Peyto Exploration & Development Corp. (a)		7,437		152,515
PrairieSky Royalty, Ltd. (a)		9,162		192,769
Precision Drilling Corp. (b)		16,605		78,316
Raging River Exploration, Inc. (b)		12,186		85,251
Secure Energy Services, Inc. (a)		9,169		67,376
Seven Generations Energy, Ltd. Class A (b)		10,931		199,170
ShawCor, Ltd.		2,850		83,193
Spartan Energy Corp. (b)		21,341		42,565
Suncor Energy, Inc.		69,226		2,119,370
Sunshine Oilsands, Ltd. (b)		104,000		3,948
Surge Energy, Inc. (a)		11,155		21,747
Tamarack Valley Energy, Ltd. (b)		6,706		14,632
TORC Oil & Gas, Ltd. (a)		5,577		28,561
Tourmaline Oil Corp. (b)		11,112		247,044
TransCanada Corp. (a)		37,555		1,728,152
Trican Well Service, Ltd. (a) (b)		11,649		35,375
Trilogy Energy Corp. (a) (b)		2,290		8,362
Trinidad Drilling, Ltd. (b)		10,907		18,810
Veresen, Inc. (a)		14,590		160,817
Vermilion Energy, Inc. (a)		5,372		200,879
Whitecap Resources, Inc. (a)		16,121		125,110
				14,764,815
COLOMBIA — 0.2%
Pacific Exploration and Production Corp. (b)		2,322		73,996
FINLAND — 0.5%
Neste Oyj		5,725		223,863
FRANCE — 11.0%
Bourbon Corp. (a)		1,433		15,250
CGG SA (a) (b)		1,508		10,645
Gaztransport Et Technigaz SA		813		30,647
TOTAL SA		97,216		4,930,085
Vallourec SA (a) (b)		16,127		107,356
				5,093,983
GERMANY — 0.0% (e)
VERBIO Vereinigte BioEnergie AG		1,535		17,403
HONG KONG — 0.2%
Brightoil Petroleum Holdings, Ltd. (b)		159,000		45,624
Sino Oil And Gas Holdings, Ltd. (b)		760,000		18,385

See accompanying notes to financial statements.

302

SPDR S&P International Energy Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Yanchang Petroleum International, Ltd. (b)		460,000	$	11,010
				75,019
ISRAEL — 0.5%
Delek Energy Systems, Ltd. (b)		34		17,644
Delek Group, Ltd.		205		49,125
Jerusalem Oil Exploration (b)		407		20,684
Naphtha Israel Petroleum Corp., Ltd. (b)		2,695		18,937
Oil Refineries, Ltd.		105,300		41,592
Paz Oil Co., Ltd.		373		61,644
				209,626
ITALY — 5.5%
Eni SpA		116,178		1,907,362
Saipem SpA (b)		287,685		130,924
Saras SpA		17,384		33,300
Snam SpA		108,730		471,448
				2,543,034
JAPAN — 3.8%
Cosmo Energy Holdings Co., Ltd.		3,700		63,487
Idemitsu Kosan Co., Ltd.		5,300		184,071
Inpex Corp.		46,000		451,826
Itochu Enex Co., Ltd.		1,300		10,733
Japan Petroleum Exploration Co., Ltd.		1,600		36,601
JX Holdings, Inc.		141,697		695,197
Modec, Inc.		500		10,621
Nippon Gas Co., Ltd.		1,600		46,594
San-Ai Oil Co., Ltd.		1,000		8,463
Shinko Plantech Co., Ltd.		1,000		7,601
Showa Shell Sekiyu KK		9,900		100,128
Sinanen Holdings Co., Ltd.		800		15,149
TonenGeneral Sekiyu KK (b) (c)		11,000		137,619
Toyo Kanetsu KK (a)		3,000		7,942
				1,776,032
LUXEMBOURG — 0.8%
Tenaris SA		21,746		373,763
NETHERLANDS — 19.5%
Fugro NV (b)		2,817		44,004
Koninklijke Vopak NV		3,121		136,443
Royal Dutch Shell PLC Class A		174,749		4,580,073
Royal Dutch Shell PLC Class B		149,777		4,091,321
SBM Offshore NV		9,531		156,731
				9,008,572
NEW ZEALAND — 0.2%
New Zealand Refining Co., Ltd.		9,419		15,671
Z Energy, Ltd.		18,188		88,491
				104,162
NORWAY — 2.6%
Akastor ASA (a) (b)		9,693		14,615
Aker BP ASA		4,348		69,658
Aker Solutions ASA (b)		5,918		35,657
BW LPG, Ltd. (f)		3,812		19,386
BW Offshore, Ltd. (b)		5,321		13,010
DNO ASA (a) (b)		30,970		26,070
Frontline, Ltd.		3,091		20,693
Hoegh LNG Holdings, Ltd.		1,634		16,694
Kvaerner ASA (b)		18,843		23,694
Petroleum Geo-Services ASA (b)		15,493		40,857
Statoil ASA		46,899		801,044
TGS Nopec Geophysical Co. ASA		5,033		106,650
				1,188,028
PORTUGAL — 0.6%
Galp Energia SGPS SA		19,364		294,611
SINGAPORE — 0.0% (e)
Ezion Holdings, Ltd. (a) (b)		71,433		18,148
SOUTH KOREA — 1.4%
GS Holdings Corp.		1,923		101,627
S-Oil Corp.		1,519		136,510
SK Gas, Ltd.		152		16,447
SK Innovation Co., Ltd.		2,727		406,014
				660,598
SPAIN — 2.4%
Enagas SA		9,836		256,164
Repsol SA		51,003		789,615
Tecnicas Reunidas SA		1,477		58,371
				1,104,150
SWEDEN — 0.4%
Lundin Petroleum AB (b)		9,165		186,620
Tethys Oil AB		2,023		14,388
				201,008
UNITED KINGDOM — 11.5%
Afren PLC (a) (b) (d)		26,211		—
Amec Foster Wheeler PLC		20,080		133,455
BP PLC		747,190		4,274,999
Cairn Energy PLC (b)		25,591		65,441
EnQuest PLC (b)		34,973		18,367
Genel Energy PLC (a) (b)		7,291		5,926
Hunting PLC		5,356		37,840
Ithaca Energy, Inc. (b)		14,078		20,373
James Fisher & Sons PLC		2,422		48,367
John Wood Group PLC		16,917		160,875
Ophir Energy PLC (b)		20,483		22,091
Petrofac, Ltd.		12,203		140,232
Premier Oil PLC (a) (b)		23,613		18,602
Seadrill, Ltd. (a) (b)		16,872		26,539
Soco International PLC		17,831		30,212
Stobart Group, Ltd.		13,370		34,607
Subsea 7 SA (b)		11,413		176,466
Tullow Oil PLC (b)		42,410		124,094
				5,338,486
UNITED STATES — 0.4%
DHT Holdings, Inc.		4,093		18,296
Golar LNG, Ltd.		3,712		103,676
Nordic American Tankers, Ltd. (a)		4,095		33,497
Ship Finance International, Ltd. (a)		2,704		39,749
				195,218
TOTAL COMMON STOCKS (Cost $50,037,721)				46,011,149
WARRANTS — 0.0% (e)
SINGAPORE — 0.0% (e)
Ezion Holdings, Ltd. (expiring 4/24/20) (b) (Cost $0)		6,896		410

See accompanying notes to financial statements.

303

SPDR S&P International Energy Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
SHORT-TERM INVESTMENTS — 6.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (g) (h)		94,722	$	94,722
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		2,741,756		2,741,756
TOTAL SHORT-TERM INVESTMENTS (Cost $2,836,478)				2,836,478
TOTAL INVESTMENTS — 105.4% (Cost $52,874,199)				48,848,037
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.4)%				(2,517,195	)
NET ASSETS — 100.0%			$	46,330,842

(a) All or a portion of the shares of the security are on loan at March 31, 2017.

(b) Non-income producing security.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $144,671 representing 0.3% of the Fund’s net assets.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2017, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

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

(f) Security purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. This security, which represents 0.0% of net assets as of March 31, 2017, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at March 31, 2017.

(i) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	2,409,246	$	7,052	$	—		$	2,416,298
Austria		275,827		—		—			275,827
Belgium		54,509		—		—			54,509
Canada		14,764,815		—		0	(a)		14,764,815
Colombia		73,996		—		—			73,996
Finland		223,863		—		—			223,863
France		5,093,983		—		—			5,093,983
Germany		17,403		—		—			17,403
Hong Kong		75,019		—		—			75,019
Israel		209,626		—		—			209,626
Italy		2,543,034		—		—			2,543,034
Japan		1,638,413		137,619		—			1,776,032
Luxembourg		373,763		—		—			373,763
Netherlands		9,008,572		—		—			9,008,572
New Zealand		104,162		—		—			104,162
Norway		1,188,028		—		—			1,188,028
Portugal		294,611		—		—			294,611
Singapore		18,148		—		—			18,148
South Korea		660,598		—		—			660,598
Spain		1,104,150		—		—			1,104,150
Sweden		201,008		—		—			201,008
United Kingdom		5,338,486		—		0	(a)		5,338,486
United States		195,218		—		—			195,218
Warrants
Singapore		410		—		—			410
Short-Term Investments		2,836,478		—		—			2,836,478
TOTAL INVESTMENTS	$	48,703,366	$	144,671	$	0		$	48,848,037

(a) Fund held Level 3 securities that were valued at $0 at March 31, 2017.

See accompanying notes to financial statements.

304

SPDR S&P International Energy Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		32,462	$	32,462		13,400		45,862		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,844,806		1,750,084		94,722		94,722		151
State Street Navigator Securities Lending Government Money Market Portfolio*		2,840,776		2,840,776		22,241,053		22,340,073		2,741,756		2,741,756		21,611
TOTAL			$	2,873,238							$	2,836,478	$	21,762

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

305

SPDR S&P International Financial Sector ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.9%
AUSTRALIA — 11.9%
AMP, Ltd.		6,116	$	24,168
ASX, Ltd.		605		23,298
Australia & New Zealand Banking Group, Ltd.		5,452		132,341
Bank of Queensland, Ltd.		1,163		10,788
Bendigo & Adelaide Bank, Ltd.		1,226		11,354
Challenger, Ltd.		1,491		14,275
Commonwealth Bank of Australia		3,177		208,209
Insurance Australia Group, Ltd.		4,165		19,223
IOOF Holdings, Ltd.		977		6,357
Macquarie Group, Ltd.		648		44,588
Medibank Pvt, Ltd.		6,040		12,993
National Australia Bank, Ltd.		4,957		126,073
QBE Insurance Group, Ltd.		2,639		25,950
Suncorp Group, Ltd.		2,290		23,077
Westpac Banking Corp.		6,226		166,518
				849,212
AUSTRIA — 0.4%
Erste Group Bank AG (a)		831		27,130
BELGIUM — 1.3%
Ackermans & van Haaren NV		61		9,610
Ageas		619		24,258
Groupe Bruxelles Lambert SA		189		17,202
KBC Group NV		657		43,701
				94,771
CANADA — 14.3%
Bank of Montreal		1,293		96,302
Bank of Nova Scotia		2,282		133,123
Brookfield Asset Management, Inc. Class A		1,695		61,577
Canadian Imperial Bank of Commerce		772		66,378
CI Financial Corp.		589		11,673
ECN Capital Corp.		1,189		3,201
Element Fleet Management Corp.		1,016		9,378
Fairfax Financial Holdings, Ltd.		5		2,269
Great-West Lifeco, Inc.		878		24,260
Industrial Alliance Insurance & Financial Services, Inc.		299		12,920
Intact Financial Corp.		429		30,424
Manulife Financial Corp.		3,751		66,349
National Bank of Canada		740		30,984
Onex Corp.		200		14,314
Power Corp. of Canada		683		15,999
Power Financial Corp.		921		24,288
Royal Bank of Canada		2,786		202,404
Sun Life Financial, Inc.		1,159		42,201
Toronto-Dominion Bank		3,455		172,562
				1,020,606
DENMARK — 0.9%
Danske Bank A/S		1,488		50,829
Jyske Bank A/S		208		10,555
Sydbank A/S		138		4,797
				66,181
FINLAND — 0.6%
Sampo Oyj Class A		861		40,942
FRANCE — 5.6%
ABC arbitrage		2,456		17,783
AXA SA		3,629		94,143
BNP Paribas SA		2,112		141,022
CNP Assurances		250		5,102
Credit Agricole SA		1,978		26,868
Natixis SA		2,108		13,023
SCOR SE		412		15,612
Societe Generale SA		1,437		73,082
Wendel SA		110		13,977
				400,612
GERMANY — 4.6%
Allianz SE		865		160,654
Commerzbank AG		2,191		19,867
Deutsche Bank AG (a)		2,648		45,740
Deutsche Boerse AG (a)		329		30,230
Hannover Rueck SE		118		13,649
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		290		56,885
				327,025
HONG KONG — 4.1%
AIA Group, Ltd.		22,823		143,901
Bank of East Asia, Ltd.		2,376		9,829
BOC Hong Kong Holdings, Ltd.		8,449		34,518
Goldin Financial Holdings, Ltd. (a)		4,000		1,544
Haitong International Securities Group, Ltd.		9,000		5,292
Hang Seng Bank, Ltd.		1,689		34,252
Hong Kong Exchanges & Clearing, Ltd.		2,369		59,625
Kingston Financial Group, Ltd.		12,000		3,907
				292,868
IRELAND — 0.2%
Bank of Ireland (a)		48,923		12,297
ISRAEL — 0.6%
Bank Hapoalim BM		2,458		14,949
Bank Leumi Le-Israel BM (a)		5,667		24,975
				39,924
ITALY — 3.1%
Assicurazioni Generali SpA		2,759		43,968
Azimut Holding SpA		346		6,043
Banca Monte dei Paschi di Siena SpA (a) (b)		37		597
Banca Popolare dell’Etruria e del Lazio SC (a) (c)		1,627		—
Banco BPM SpA		1,878		5,580
Intesa Sanpaolo SpA (d)		3,948		10,067
Intesa Sanpaolo SpA (d)		26,807		72,997
Mediobanca SpA		1,343		12,138
Poste Italiane SpA (e)		1,136		7,594
UniCredit SpA		3,704		57,245
Unione di Banche Italiane SpA		2,284		8,789
				225,018
JAPAN — 13.3%
Aozora Bank, Ltd.		4,000		14,718
Bank of Kyoto, Ltd.		1,000		7,278
Bank of the Ryukyus, Ltd. (f)		1,500		21,552
Chiba Bank, Ltd.		4,000		25,666
Concordia Financial Group, Ltd.		4,600		21,277

See accompanying notes to financial statements.

306

SPDR S&P International Financial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Dai-ichi Life Holdings, Inc.		2,383	$	42,696
Daiwa Securities Group, Inc.		2,878		17,509
Fukuoka Financial Group, Inc.		4,000		17,302
Japan Exchange Group, Inc.		1,800		25,604
Japan Post Bank Co., Ltd.		1,100		13,633
Japan Post Holdings Co., Ltd.		1,100		13,791
Kyushu Financial Group, Inc.		1,400		8,556
Mebuki Financial Group, Inc.		2,700		10,783
Mitsubishi UFJ Financial Group, Inc.		27,044		169,817
Mizuho Financial Group, Inc.		49,028		89,758
MS&AD Insurance Group Holdings, Inc.		974		30,943
Nomura Holdings, Inc.		8,507		52,822
ORIX Corp.		2,972		43,941
Resona Holdings, Inc.		3,627		19,461
Shinsei Bank, Ltd.		6,000		11,038
Shizuoka Bank, Ltd.		1,989		16,172
Sompo Holdings, Inc.		989		36,203
Sumitomo Mitsui Financial Group, Inc.		2,746		99,682
Sumitomo Mitsui Trust Holdings, Inc.		982		34,017
Suruga Bank, Ltd.		600		12,621
T&D Holdings, Inc.		2,177		31,572
Tokio Marine Holdings, Inc.		1,561		65,785
				954,197
NETHERLANDS — 2.9%
ABN AMRO Group NV (e)		537		13,066
Aegon NV		2,835		14,467
ASR Nederland NV (a)		379		10,833
Delta Lloyd NV		687		3,925
Euronext NV (e)		194		8,488
EXOR NV		514		26,652
Flow Traders (e)		128		4,044
ING Groep NV		7,275		110,256
NN Group NV		565		18,422
				210,153
NORWAY — 0.5%
DNB ASA		1,629		25,813
Gjensidige Forsikring ASA		697		10,615
				36,428
PORTUGAL — 0.0% (g)
Banco Comercial Portugues SA Class R (a)		13,732		2,880
SINGAPORE — 2.1%
DBS Group Holdings, Ltd.		3,890		54,008
Oversea-Chinese Banking Corp., Ltd.		7,178		49,932
Singapore Exchange, Ltd.		1,600		8,817
United Overseas Bank, Ltd.		2,526		39,970
				152,727
SOUTH AFRICA — 0.1%
Investec PLC		1,574		10,707
SOUTH KOREA — 2.6%
DGB Financial Group, Inc.		967		9,382
Dongbu Insurance Co., Ltd.		160		9,157
Hana Financial Group, Inc.		689		22,765
Hanwha General Insurance Co., Ltd.		2,512		15,656
KB Financial Group, Inc.		520		22,785
KB Financial Group, Inc. ADR (a)		369		16,225
Samsung Fire & Marine Insurance Co., Ltd.		72		17,255
Samsung Life Insurance Co., Ltd.		194		18,822
Shinhan Financial Group Co., Ltd.		638		26,586
Shinhan Financial Group Co., Ltd. ADR (a)		286		11,952
Woori Bank		1,272		14,787
				185,372
SPAIN — 5.1%
Banco Bilbao Vizcaya Argentaria SA		12,433		96,674
Banco de Sabadell SA		11,124		20,440
Banco Popular Espanol SA (f)		6,774		6,593
Banco Santander SA		27,027		166,069
Bankia SA (f)		12,834		14,633
Bankinter SA		1,882		15,843
Bolsas y Mercados Espanoles SHMSF SA		409		13,605
CaixaBank SA		6,632		28,579
Mapfre SA		1,559		5,361
				367,797
SWEDEN — 4.1%
Industrivarden AB Class A		800		18,557
Industrivarden AB Class C		258		5,609
Investor AB Class A		234		9,807
Investor AB Class B		1,073		45,332
Kinnevik AB Class B		631		16,891
L E Lundbergforetagen AB Class B		140		9,526
Nordea Bank AB		5,885		67,430
Skandinaviska Enskilda Banken AB Class A (f)		3,287		36,705
Svenska Handelsbanken AB Class A (f)		2,978		40,993
Swedbank AB Class A (f)		1,949		45,318
				296,168
SWITZERLAND — 5.7%
Baloise Holding AG		144		19,810
Credit Suisse Group AG (a)		3,814		56,775
GAM Holding AG (a)		778		9,599
Helvetia Holding AG		9		4,990
Julius Baer Group, Ltd. (a)		634		31,670
Partners Group Holding AG		37		19,906
Swiss Life Holding AG (a)		61		19,696
Swiss Re AG		615		55,267
UBS Group AG (a)		7,245		116,027
Zurich Insurance Group AG (a)		281		75,068
				408,808
UNITED KINGDOM — 14.5%
3i Group PLC		4,188		39,250
Aberdeen Asset Management PLC		2,011		6,656
Admiral Group PLC		485		12,063
Ashmore Group PLC		1,018		4,500
Aviva PLC		7,882		52,434
Barclays PLC		29,404		82,765
Beazley PLC		823		4,405
Close Brothers Group PLC		375		7,212
CYBG PLC (a)		1,608		5,545
Direct Line Insurance Group PLC		2,628		11,416
Hargreaves Lansdown PLC		501		8,150
Henderson Group PLC		3,689		10,753
Hiscox, Ltd.		635		8,687
HSBC Holdings PLC		38,121		310,274
IG Group Holdings PLC		814		5,062
Jupiter Fund Management PLC		1,226		6,531

See accompanying notes to financial statements.

307

SPDR S&P International Financial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Legal & General Group PLC		10,506	$	32,488
Lloyds Banking Group PLC		118,857		98,568
London Stock Exchange Group PLC		812		32,197
Man Group PLC		5,837		10,751
Metro Bank PLC (a)		149		6,063
NEX Group PLC		663		4,713
Old Mutual PLC		9,343		23,436
Phoenix Group Holdings		619		5,782
Provident Financial PLC		260		9,744
Prudential PLC		4,693		98,941
Royal Bank of Scotland Group PLC (a)		6,302		19,078
RSA Insurance Group PLC		2,627		19,266
Schroders PLC		179		6,782
Schroders PLC NVDR		402		11,074
St James’s Place PLC		1,047		13,904
Standard Chartered PLC (a)		5,210		49,708
Standard Life PLC		3,844		17,050
TP ICAP PLC		542		3,148
				1,038,396
UNITED STATES — 0.4%
Thomson Reuters Corp.		599		25,830
TOTAL COMMON STOCKS (Cost $8,253,153)				7,086,049
RIGHTS — 0.1%
GERMANY — 0.1%
Deutsche Bank AG (expiring 4/6/17) (a) (Cost $0)		2,268		5,433
SHORT-TERM INVESTMENTS — 1.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (h) (i)		1,034		1,034
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)		127,567		127,567
TOTAL SHORT-TERM INVESTMENTS (Cost $128,601)				128,601
TOTAL INVESTMENTS — 100.8% (Cost $8,381,754)				7,220,083
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%				(59,873	)
NET ASSETS — 100.0%			$	7,160,210

(a) Non-income producing security.

(b) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $597 representing less than 0.05% of the Fund’s net assets.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2017, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

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

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.5% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) All or a portion of the shares of the security are on loan at March 31, 2017.

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

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at March 31, 2017.

(j) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

NVDR = Non Voting Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	849,212	$	—	$	—	$	849,212
Austria		27,130		—		—		27,130
Belgium		94,771		—		—		94,771
Canada		1,020,606		—		—		1,020,606

See accompanying notes to financial statements.

308

SPDR S&P International Financial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Denmark	$	66,181	$	—	$	—		$	66,181
Finland		40,942		—		—			40,942
France		400,612		—		—			400,612
Germany		327,025		—		—			327,025
Hong Kong		292,868		—		—			292,868
Ireland		12,297		—		—			12,297
Israel		39,924		—		—			39,924
Italy		224,421		597		0	(a)		225,018
Japan		954,197		—		—			954,197
Netherlands		210,153		—		—			210,153
Norway		36,428		—		—			36,428
Portugal		2,880		—		—			2,880
Singapore		152,727		—		—			152,727
South Africa		10,707		—		—			10,707
South Korea		185,372		—		—			185,372
Spain		367,797		—		—			367,797
Sweden		296,168		—		—			296,168
Switzerland		408,808		—		—			408,808
United Kingdom		1,038,396		—		—			1,038,396
United States		25,830		—		—			25,830
Rights
Germany		5,433		—		—			5,433
Short-Term Investments		128,601		—		—			128,601
TOTAL INVESTMENTS	$	7,219,486	$	597	$	0		$	7,220,083

(a) Fund held Level 3 security that was valued at $0 at March 31, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		21,918	$	21,918		—		21,918		—	$	—	$	1
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		163,684		162,650		1,034		1,034		18
State Street Navigator Securities Lending Government Money Market Portfolio*		268,820		268,820		1,493,338		1,634,591		127,567		127,567		965
TOTAL			$	290,738							$	128,601	$	984

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

309

SPDR S&P International Health Care Sector ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.5%
AUSTRALIA — 4.5%
Ansell, Ltd.		5,884	$	108,041
Cochlear, Ltd.		1,985		204,773
CSL, Ltd.		13,683		1,308,204
Healthscope, Ltd.		62,525		108,272
Primary Health Care, Ltd.		21,303		58,016
Ramsay Health Care, Ltd.		4,937		263,219
Sonic Healthcare, Ltd.		15,914		268,537
				2,319,062
BELGIUM — 1.1%
AGFA-Gevaert NV (a)		10,446		51,248
Galapagos NV (a)		1,786		155,835
UCB SA		4,426		344,197
				551,280
CANADA — 0.3%
Canopy Growth Corp. (a) (b)		4,350		34,737
CRH Medical Corp. (a)		5,131		41,821
Novadaq Technologies, Inc. (a)		4,179		32,555
ProMetic Life Sciences, Inc. (a) (b)		29,417		50,732
				159,845
DENMARK — 5.8%
Bavarian Nordic A/S (a)		1,435		73,063
Coloplast A/S Class B		3,574		279,895
Genmab A/S (a)		1,849		357,155
GN Store Nord A/S (b)		6,848		160,446
H Lundbeck A/S		2,274		105,773
Novo Nordisk A/S Class B		55,020		1,895,263
William Demant Holding A/S (a)		6,344		132,943
				3,004,538
FINLAND — 0.5%
Orion Oyj Class B		4,804		251,100
FRANCE — 9.0%
BioMerieux		678		115,046
Cellectis SA (a) (b)		1,594		38,325
DBV Technologies SA (a)		1,214		84,736
Essilor International SA		6,166		751,153
Ipsen SA		1,511		151,524
Korian SA		3,540		107,452
Orpea		1,747		168,128
Sanofi		34,907		3,159,268
Virbac SA (a)		237		37,199
				4,612,831
GERMANY — 10.4%
Bayer AG		24,633		2,846,708
Fresenius Medical Care AG & Co. KGaA		6,662		563,258
Fresenius SE & Co. KGaA		12,522		1,008,887
Gerresheimer AG		1,290		102,430
Merck KGaA		4,163		475,531
MorphoSys AG (a)		1,124		66,204
RHOEN-KLINIKUM AG		2,462		67,332
Sartorius AG Preference Shares		1,246		109,611
STADA Arzneimittel AG		2,270		139,336
				5,379,297
HONG KONG — 0.2%
CK Life Sciences Int’l Holdings, Inc.		502,000		42,633
Town Health International Medical Group, Ltd. (b)		276,079		44,050
				86,683
IRELAND — 0.2%
UDG Healthcare PLC		5,836		51,229
UDG Healthcare PLC (c)		6,214		54,548
				105,777
ISRAEL — 2.0%
Teva Pharmaceutical Industries, Ltd.		30,659		1,005,781
ITALY — 0.2%
Recordati SpA		3,661		124,399
JAPAN — 17.1%
Alfresa Holdings Corp.		7,200		124,642
Asahi Intecc Co., Ltd.		1,900		79,032
Astellas Pharma, Inc.		64,100		843,315
Chugai Pharmaceutical Co., Ltd.		6,625		227,413
Daiichi Sankyo Co., Ltd.		19,800		445,469
Eisai Co., Ltd.		9,000		465,548
Hisamitsu Pharmaceutical Co., Inc.		3,000		171,229
Hoya Corp.		12,000		576,793
Kaken Pharmaceutical Co., Ltd.		1,400		79,027
Kissei Pharmaceutical Co., Ltd.		2,300		60,230
KYORIN Holdings, Inc.		3,200		67,515
Kyowa Hakko Kirin Co., Ltd.		9,022		142,661
M3, Inc.		6,000		148,775
Medipal Holdings Corp.		7,500		117,518
Miraca Holdings, Inc.		2,100		96,491
Mitsubishi Tanabe Pharma Corp.		8,100		168,499
Nakanishi, Inc.		1,000		38,948
Nihon Kohden Corp.		3,300		73,712
Nippon Shinyaku Co., Ltd.		2,100		106,856
Olympus Corp.		9,800		376,416
Ono Pharmaceutical Co., Ltd.		16,100		332,966
Otsuka Holdings Co., Ltd.		16,700		752,647
PeptiDream, Inc. (a) (b)		1,500		70,672
Rohto Pharmaceutical Co., Ltd.		4,400		82,369
Santen Pharmaceutical Co., Ltd.		13,800		199,637
Sawai Pharmaceutical Co., Ltd. (b)		1,400		75,635
Shionogi & Co., Ltd.		9,300		479,731
Ship Healthcare Holdings, Inc.		2,300		61,117
Sosei Group Corp. (a) (b)		600		58,584
Sumitomo Dainippon Pharma Co., Ltd. (b)		6,500		107,215
Suzuken Co., Ltd.		3,300		108,095
Sysmex Corp.		5,200		314,996
Taisho Pharmaceutical Holdings Co., Ltd.		1,600		129,803
Takara Bio, Inc.		2,600		35,653
Takeda Pharmaceutical Co., Ltd.		22,200		1,041,764
Terumo Corp.		11,000		381,540
Toho Holdings Co., Ltd. (b)		2,900		60,639
Tsumura & Co.		2,800		87,696
				8,790,848
JORDAN — 0.2%
Hikma Pharmaceuticals PLC		4,734		117,268
LUXEMBOURG — 0.3%
Eurofins Scientific SE		356		155,293
NEW ZEALAND — 0.6%
Fisher & Paykel Healthcare Corp., Ltd.		23,233		157,538

See accompanying notes to financial statements.

310

SPDR S&P International Health Care Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Ryman Healthcare, Ltd.		23,574	$	138,592
				296,130
NORWAY — 0.0% (d)
Nordic Nanovector ASA (a)		2,286		21,758
SINGAPORE — 0.3%
Haw Par Corp., Ltd.		10,600		76,013
Raffles Medical Group, Ltd.		75,408		76,363
				152,376
SOUTH KOREA — 2.5%
Cell Biotech Co., Ltd.		931		28,639
Celltrion, Inc.		3,639		293,190
Chong Kun Dang Pharmaceutical Corp.		542		53,555
DIO Corp. (a)		1,563		44,865
Dong-A Socio Holdings Co., Ltd.		400		47,215
Green Cross Corp.		528		74,835
Green Cross Holdings Corp.		2,533		64,894
Hanmi Pharm Co., Ltd.		237		63,367
Hanmi Science Co., Ltd.		1,235		64,494
Kolon Life Science, Inc.		498		56,466
Komipharm International Co., Ltd. (a)		1,633		54,686
LG Chem, Ltd.		165		43,378
Medy-Tox, Inc.		173		71,626
Osstem Implant Co., Ltd. (a)		1,275		59,628
Samsung Biologics Co., Ltd. (a) (b)		648		100,245
ViroMed Co., Ltd. (a)		747		62,990
Yuhan Corp.		414		82,371
Yungjin Pharmaceutical Co., Ltd. (a) (b)		5,584		40,795
				1,307,239
SPAIN — 0.8%
Grifols SA		16,043		394,480
SWEDEN — 0.7%
Elekta AB Class B		14,684		144,154
Getinge AB Class B (b)		7,459		131,330
Swedish Orphan Biovitrum AB (a) (b)		6,733		97,206
				372,690
SWITZERLAND — 25.7%
Actelion, Ltd. (a)		3,190		900,957
Basilea Pharmaceutica, Ltd. (a)		718		62,048
Galenica AG		146		154,030
Lonza Group AG (a)		1,841		348,354
Novartis AG		77,684		5,770,324
Roche Holding AG (e)		1,590		404,668
Roche Holding AG (e)		19,872		5,078,433
Sonova Holding AG		1,852		256,999
Straumann Holding AG		356		165,294
Tecan Group AG		594		95,009
				13,236,116
UNITED KINGDOM — 11.9%
AstraZeneca PLC		37,250		2,288,207
BTG PLC (a)		14,442		105,916
Dechra Pharmaceuticals PLC		4,648		97,294
Genus PLC		4,125		88,977
GlaxoSmithKline PLC		142,589		2,958,896
Indivior PLC		22,712		91,477
Smith & Nephew PLC		30,808		468,450
Spire Healthcare Group PLC (f)		13,657		55,331
				6,154,548
UNITED STATES — 4.2%
ICON PLC (a)		2,125		169,405
QIAGEN NV (a)		8,192		238,407
Shire PLC		27,203		1,585,486
Taro Pharmaceutical Industries, Ltd. (a) (b)		570		66,473
Valeant Pharmaceuticals International, Inc. (a)		10,688		117,727
				2,177,498
TOTAL COMMON STOCKS (Cost $54,429,194)				50,776,837
SHORT-TERM INVESTMENTS — 1.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (g) (h)		139,832		139,832
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		664,580		664,580
TOTAL SHORT-TERM INVESTMENTS (Cost $804,412)				804,412
TOTAL INVESTMENTS — 100.1% (Cost $55,233,606)				51,581,249
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(51,499	)
NET ASSETS — 100.0%			$	51,529,750

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2017.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $54,548 representing 0.1% of the Fund’s net assets.

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

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

(f) Security purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. This security, which represents 0.1% of net assets as of March 31, 2017, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at March 31, 2017.

(i) Investment of cash collateral for securities loaned.

See accompanying notes to financial statements.

311

SPDR S&P International Health Care Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	2,319,062	$	—	$	—	$	2,319,062
Belgium		551,280		—		—		551,280
Canada		159,845		—		—		159,845
Denmark		3,004,538		—		—		3,004,538
Finland		251,100		—		—		251,100
France		4,612,831		—		—		4,612,831
Germany		5,379,297		—		—		5,379,297
Hong Kong		86,683		—		—		86,683
Ireland		51,229		54,548		—		105,777
Israel		1,005,781		—		—		1,005,781
Italy		124,399		—		—		124,399
Japan		8,790,848		—		—		8,790,848
Jordan		117,268		—		—		117,268
Luxembourg		155,293		—		—		155,293
New Zealand		296,130		—		—		296,130
Norway		21,758		—		—		21,758
Singapore		152,376		—		—		152,376
South Korea		1,307,239		—		—		1,307,239
Spain		394,480		—		—		394,480
Sweden		372,690		—		—		372,690
Switzerland		13,236,116		—		—		13,236,116
United Kingdom		6,154,548		—		—		6,154,548
United States		2,177,498		—		—		2,177,498
Short-Term Investments		804,412		—		—		804,412
TOTAL INVESTMENTS	$	51,526,701	$	54,548	$	—	$	51,581,249

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		8,823	$	8,823		25		8,848		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,149,493		1,009,661		139,832		139,832		214
State Street Navigator Securities Lending Government Money Market Portfolio*		2,406,488		2,406,488		3,027,374		4,769,282		664,580		664,580		9,858
TOTAL			$	2,415,311							$	804,412	$	10,072

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

312

SPDR S&P International Industrial Sector ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.9%
AUSTRALIA — 2.1%
Brambles, Ltd.		14,422	$	102,867
CIMIC Group, Ltd.		1,544		42,320
GWA Group, Ltd.		11,594		25,649
SEEK, Ltd.		5,336		64,803
Transurban Group Stapled Security		21,692		193,112
				428,751
AUSTRIA — 0.2%
ANDRITZ AG		859		43,075
CANADA — 5.6%
Bombardier, Inc. Class B (a)		20,501		31,359
CAE, Inc.		6,181		94,176
Canadian National Railway Co.		6,435		473,632
Canadian Pacific Railway, Ltd.		1,130		165,520
K-Bro Linen, Inc.		1,435		42,437
SNC-Lavalin Group, Inc.		2,256		88,268
Toromont Industries, Ltd.		2,436		84,990
Waste Connections, Inc.		1,907		167,900
WestJet Airlines, Ltd.		1,356		23,182
				1,171,464
CHINA — 0.2%
Fosun International, Ltd.		25,500		38,325
DENMARK — 2.5%
AP Moeller — Maersk A/S Class B		77		128,135
DSV A/S		2,312		120,043
FLSmidth & Co. A/S		1,070		57,403
NKT Holding A/S		723		53,190
Vestas Wind Systems A/S		1,980		161,470
				520,241
FINLAND — 1.6%
Kone Oyj Class B		3,368		148,268
Metso Oyj		1,757		53,332
Valmet Oyj		2,119		33,021
Wartsila Oyj Abp		1,950		104,594
				339,215
FRANCE — 9.9%
Air France-KLM (a)		3,089		23,451
Airbus SE		4,827		368,256
Alstom SA (a)		2,358		70,654
Bouygues SA		2,160		88,147
Bureau Veritas SA		1,821		38,515
Cie de Saint-Gobain		4,058		208,917
Edenred		1,786		42,311
Eiffage SA		955		74,993
Groupe Eurotunnel SE		4,386		44,246
Legrand SA		2,304		139,279
Safran SA		2,443		182,982
Schneider Electric SE		4,840		355,271
Thales SA		741		71,851
Vinci SA		3,988		316,917
Zodiac Aerospace		2,338		58,639
				2,084,429
GERMANY — 7.5%
Brenntag AG		1,368		76,888
Deutsche Lufthansa AG		1,874		30,466
Deutsche Post AG		8,168		280,472
GEA Group AG		2,159		91,997
HOCHTIEF AG		339		56,181
MAN SE		284		29,352
OSRAM Licht AG		903		56,741
Pfeiffer Vacuum Technology AG		431		54,441
Rheinmetall AG		740		62,233
Siemens AG		6,078		834,693
				1,573,464
HONG KONG — 3.0%
Cathay Pacific Airways, Ltd.		24,000		34,835
CK Hutchison Holdings, Ltd.		24,496		301,334
Hopewell Highway Infrastructure, Ltd. (b)		86,000		46,367
Jardine Matheson Holdings, Ltd.		1,778		114,236
Jardine Strategic Holdings, Ltd.		1,302		54,684
MTR Corp., Ltd.		12,319		69,192
Noble Group, Ltd. (a)		120,138		16,680
				637,328
IRELAND — 1.7%
Experian PLC		9,661		196,672
Kingspan Group PLC		2,010		64,290
Ryanair Holdings PLC ADR (a)		1,199		99,493
				360,455
ISRAEL — 0.2%
Inrom Construction Industries, Ltd.		11,667		46,244
ITALY — 1.2%
Ansaldo STS SpA		4,270		56,219
ASTM SpA		2,949		44,347
Atlantia SpA		3,052		78,995
Leonardo SpA (a)		4,893		69,551
				249,112
JAPAN — 32.3%
Asahi Glass Co., Ltd.		13,000		105,232
Central Japan Railway Co.		1,500		244,189
Dai Nippon Printing Co., Ltd.		9,000		96,922
Daikin Industries, Ltd.		2,400		240,905
East Japan Railway Co.		2,900		252,289
FANUC Corp.		1,500		307,188
Futaba Corp.		1,600		28,172
Hankyu Hanshin Holdings, Inc.		2,600		84,466
Hoshizaki Corp.		800		62,892
IHI Corp. (a)		16,000		50,399
ITOCHU Corp.		14,600		207,018
Japan Airport Terminal Co., Ltd.		1,000		34,685
JGC Corp.		3,500		60,778
JTEKT Corp.		2,900		44,998
Kajima Corp.		13,000		84,699
Kamigumi Co., Ltd.		4,000		34,533
Kawasaki Heavy Industries, Ltd.		24,000		72,799
Kawasaki Kisen Kaisha, Ltd. (a) (b)		21,000		55,784
Keikyu Corp.		9,000		98,699
Keisei Electric Railway Co., Ltd.		2,100		48,679
Kintetsu Group Holdings Co., Ltd.		15,000		53,980
Kitano Construction Corp.		20,000		54,384
Kokuyo Co., Ltd.		3,500		45,073
Komatsu, Ltd.		8,900		231,745
Kubota Corp.		11,400		170,954

See accompanying notes to financial statements.

313

SPDR S&P International Industrial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
LIXIL Group Corp.		3,400	$	86,198
Mabuchi Motor Co., Ltd.		1,100		61,895
Makita Corp.		2,600		90,999
Marubeni Corp.		15,100		92,893
MINEBEA MITSUMI, Inc.		5,300		70,632
MISUMI Group, Inc.		4,000		72,225
Mitsubishi Corp.		13,300		287,114
Mitsubishi Electric Corp.		18,200		260,840
Mitsubishi Heavy Industries, Ltd.		35,000		140,276
Mitsui & Co., Ltd.		14,500		209,829
Mitsui OSK Lines, Ltd.		16,000		50,256
MonotaRO Co., Ltd. (b)		1,200		37,046
NGK Insulators, Ltd.		3,500		79,153
Nidec Corp.		2,300		218,689
Nippon Air Conditioning Services Co., Ltd. (b)		8,100		48,703
Nippon Express Co., Ltd.		13,000		66,732
Nippon Yusen KK (a)		25,000		52,724
NSK, Ltd.		5,600		80,007
NTN Corp.		7,000		34,802
Obayashi Corp.		8,000		74,738
Odakyu Electric Railway Co., Ltd.		3,900		75,809
Park24 Co., Ltd.		1,400		36,611
Recruit Holdings Co., Ltd.		3,796		193,496
Secom Co., Ltd.		2,200		157,335
SMC Corp.		600		177,259
Sohgo Security Services Co., Ltd.		1,200		44,746
Sojitz Corp.		27,600		69,105
Sumitomo Corp.		11,800		158,579
Sumitomo Heavy Industries, Ltd.		11,000		76,604
Taisei Corp.		12,000		87,337
THK Co., Ltd.		2,300		57,856
Tobu Railway Co., Ltd.		14,000		70,861
Tokyu Corp.		12,000		84,860
Tomoe Corp.		16,500		54,195
Toppan Printing Co., Ltd.		10,000		101,858
Toshiba Corp. (a) (b)		36,000		77,990
TOTO, Ltd.		2,200		83,021
Toyota Tsusho Corp.		2,900		87,705
West Japan Railway Co.		1,600		103,972
Yamato Holdings Co., Ltd.		4,300		90,009
				6,776,421
NETHERLANDS — 3.0%
Aalberts Industries NV		1,407		52,670
AerCap Holdings NV (a)		1,968		90,469
Boskalis Westminster		1,347		46,570
Koninklijke Philips NV		8,909		287,097
Randstad Holding NV (b)		1,764		102,070
Wolters Kluwer NV		1,077		44,884
				623,760
NEW ZEALAND — 0.5%
Freightways, Ltd.		12,175		63,747
Metro Performance Glass, Ltd.		32,278		29,333
				93,080
SINGAPORE — 0.8%
ComfortDelGro Corp., Ltd.		35,100		64,307
Keppel Corp., Ltd.		19,600		97,348
				161,655
SOUTH KOREA — 3.2%
CJ Corp.		166		25,828
Hanwha Techwin Co., Ltd. (a)		1,000		42,118
Hyundai Development Co-Engineering & Construction		818		29,734
Hyundai Engineering & Construction Co., Ltd.		804		35,588
Hyundai Glovis Co., Ltd.		227		29,839
Hyundai Heavy Industries Co., Ltd. (a)		393		57,985
Hyundai Merchant Marine Co., Ltd. (a)		3,090		22,796
KCC Corp.		85		26,907
Koentec Co., Ltd.		16,540		48,660
Korea Aerospace Industries, Ltd.		648		33,376
Ktis Corp.		20,198		61,499
LG Corp.		1,098		68,926
Samsung C&T Corp.		685		78,098
Samsung Heavy Industries Co., Ltd. (a)		4,996		50,036
SK Holdings Co., Ltd.		245		53,347
				664,737
SPAIN — 2.1%
Abertis Infraestructuras SA		4,626		74,711
ACS Actividades de Construccion y Servicios SA		3,220		109,845
Aena SA (c)		750		118,960
Ferrovial SA		3,794		76,126
Gamesa Corp. Tecnologica SA		2,888		68,511
				448,153
SWEDEN — 5.9%
Alfa Laval AB		4,052		76,744
Assa Abloy AB Class B		7,780		160,596
Atlas Copco AB Class A		4,999		177,098
Atlas Copco AB Class B		3,237		103,256
B&B Tools AB Class B		2,211		47,547
Sandvik AB		10,364		155,432
Securitas AB Class B		4,801		75,282
Skanska AB Class B		3,446		81,438
SKF AB Class B		3,329		66,108
Trelleborg AB Class B		3,962		85,157
Volvo AB Class A (b)		5,931		87,819
Volvo AB Class B (b)		8,259		122,382
				1,238,859
SWITZERLAND — 5.7%
ABB, Ltd.		17,529		410,315
Adecco Group AG		1,952		138,753
Geberit AG		413		178,164
Kuehne + Nagel International AG		798		112,810
Schindler Holding AG		427		82,674
SGS SA		69		147,313
Wolseley PLC		2,080		130,567
				1,200,596
UNITED KINGDOM — 9.7%
Aggreko PLC		3,510		38,777
Ashtead Group PLC		5,095		105,313
Babcock International Group PLC		6,826		75,284
BAE Systems PLC		27,442		220,473
Balfour Beatty PLC		11,762		39,623
Bunzl PLC		2,778		80,591

See accompanying notes to financial statements.

314

SPDR S&P International Industrial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Capita PLC		6,583	$	46,468
CNH Industrial NV		7,377		71,326
Cobham PLC		23,950		39,831
DCC PLC		1,243		109,190
easyJet PLC		3,635		46,636
Firstgroup PLC (a)		23,162		38,231
G4S PLC		14,322		54,497
Howden Joinery Group PLC		5,563		30,169
IMI PLC		2,875		42,889
International Consolidated Airlines Group SA		8,849		58,535
Intertek Group PLC		1,347		66,263
Meggitt PLC		9,355		52,091
Melrose Industries PLC		21,254		59,267
RELX NV		9,485		176,112
RELX PLC		7,040		137,682
Rentokil Initial PLC		32,565		100,458
Rolls-Royce Holdings PLC (a)		13,901		131,064
Smiths Group PLC		5,450		110,334
Travis Perkins PLC		2,259		42,767
Weir Group PLC		2,803		67,191
				2,041,062
TOTAL COMMON STOCKS (Cost $20,388,653)				20,740,426
SHORT-TERM INVESTMENTS — 2.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (d) (e)		81,474		81,474
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		403,542		403,542
TOTAL SHORT-TERM INVESTMENTS (Cost $485,016)				485,016
TOTAL INVESTMENTS — 101.2% (Cost $20,873,669)				21,225,442
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%				(248,234	)
NET ASSETS — 100.0%			$	20,977,208

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at March 31, 2017.

(c) Security purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. This security, which represents 0.6% of net assets as of March 31, 2017, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at March 31, 2017.

(f) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	428,751	$	—	$	—	$	428,751
Austria		43,075		—		—		43,075
Canada		1,171,464		—		—		1,171,464
China		38,325		—		—		38,325
Denmark		520,241		—		—		520,241
Finland		339,215		—		—		339,215
France		2,084,429		—		—		2,084,429
Germany		1,573,464		—		—		1,573,464
Hong Kong		637,328		—		—		637,328
Ireland		360,455		—		—		360,455
Israel		46,244		—		—		46,244
Italy		249,112		—		—		249,112
Japan		6,776,421		—		—		6,776,421
Netherlands		623,760		—		—		623,760
New Zealand		93,080		—		—		93,080
Singapore		161,655		—		—		161,655
South Korea		664,737		—		—		664,737
Spain		448,153		—		—		448,153
Sweden		1,238,859		—		—		1,238,859

See accompanying notes to financial statements.

315

SPDR S&P International Industrial Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Switzerland	$	1,200,596	$	—	$	—	$	1,200,596
United Kingdom		2,041,062		—		—		2,041,062
Short-Term Investments		485,016		—		—		485,016
TOTAL INVESTMENTS	$	21,225,442	$	—	$	—	$	21,225,442

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		11,949	$	11,949		11		11,960		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		397,040		315,566		81,474		81,474		53
State Street Navigator Securities Lending Government Money Market Portfolio*		668,413		668,413		1,774,379		2,039,250		403,542		403,542		2,041
TOTAL			$	680,362							$	485,016	$	2,094

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

316

SPDR S&P International Materials Sector ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 98.8%
AUSTRALIA — 12.6%
Alumina, Ltd. (a)		24,686	$	33,709
Amcor, Ltd.		12,021		138,104
Arrium, Ltd. (b) (c)		13,738		—
BHP Billiton PLC		20,235		312,237
BHP Billiton, Ltd.		29,747		545,528
BlueScope Steel, Ltd.		6,489		60,689
Boral, Ltd.		15,193		67,685
DuluxGroup, Ltd.		3,369		16,782
Evolution Mining, Ltd.		10,657		17,072
Fortescue Metals Group, Ltd.		17,102		81,278
Iluka Resources, Ltd.		4,105		23,862
Incitec Pivot, Ltd.		18,149		52,057
Independence Group NL (a)		3,818		10,427
Newcrest Mining, Ltd.		8,002		135,943
Northern Star Resources, Ltd.		5,552		17,196
OceanaGold Corp.		5,643		16,671
Orica, Ltd.		4,395		59,008
Orora, Ltd.		8,662		19,559
OZ Minerals, Ltd.		5,153		30,779
Regis Resources, Ltd.		4,690		11,807
Resolute Mining, Ltd.		6,546		6,492
Saracen Mineral Holdings, Ltd. (b)		7,924		5,954
South32, Ltd. (d)		21,297		44,407
South32, Ltd. (d)		29,865		62,880
St. Barbara, Ltd. (b)		3,757		6,821
				1,776,947
AUSTRIA — 0.8%
RHI AG		958		24,596
Voestalpine AG		1,572		62,041
Wienerberger AG		958		20,370
				107,007
BELGIUM — 1.2%
Bekaert SA		273		13,392
Solvay SA		685		83,924
Tessenderlo Chemie NV (b)		260		10,373
Umicore SA		1,036		59,170
				166,859
CANADA — 12.7%
Agnico Eagle Mines, Ltd.		2,664		112,700
Agrium, Inc. (a)		1,439		136,946
Alamos Gold, Inc. Class A (a)		2,719		21,774
B2Gold Corp. (b)		8,857		25,170
Barrick Gold Corp.		11,587		219,464
Canam Group, Inc. (a)		1,235		6,121
Canfor Corp. (b)		633		8,605
CCL Industries, Inc. Class B		325		70,705
Centerra Gold, Inc.		1,543		8,851
Detour Gold Corp. (b)		1,634		18,672
Dominion Diamond Corp		794		10,014
Eldorado Gold Corp		7,355		25,093
Endeavour Mining Corp. (b)		611		11,820
First Majestic Silver Corp. (a) (b)		1,439		11,642
First Quantum Minerals, Ltd.		6,103		64,661
Fortuna Silver Mines, Inc. (b)		1,481		7,685
Franco-Nevada Corp.		1,766		115,363
Goldcorp, Inc.		8,614		125,304
Guyana Goldfields, Inc. (b)		1,078		5,812
HudBay Minerals, Inc.		2,224		14,575
IAMGOLD Corp. (b)		3,733		14,891
Interfor Corp. (b)		1,127		14,518
Intertape Polymer Group, Inc.		1,231		21,581
Kinross Gold Corp. (b)		11,997		42,189
Labrador Iron Ore Royalty Corp. (a)		607		8,484
Lundin Mining Corp.		4,950		27,800
MAG Silver Corp. (b)		1,039		13,564
Methanex Corp.		806		37,657
New Gold, Inc. (b)		4,937		14,696
Novagold Resources, Inc. (a) (b)		2,471		11,969
Osisko Gold Royalties, Ltd.		975		10,805
Pan American Silver Corp.		1,868		32,608
Potash Corp. of Saskatchewan, Inc. (a)		8,894		151,518
Pretium Resources, Inc. (b)		1,352		14,456
Richmont Mines, Inc. (b)		741		5,240
Seabridge Gold, Inc. (a) (b)		529		5,803
SEMAFO, Inc. (b)		3,783		11,375
Silver Standard Resources, Inc. (b)		1,300		13,764
Silver Wheaton Corp.		4,000		83,110
Stella-Jones, Inc.		325		9,528
Teck Resources, Ltd. Class B		4,605		100,411
Torex Gold Resources, Inc. (b)		763		15,001
Turquoise Hill Resources, Ltd. (b)		10,814		32,921
West Fraser Timber Co., Ltd.		529		22,062
Winpak, Ltd.		715		28,468
Yamana Gold, Inc.		9,022		24,827
				1,790,223
CHILE — 0.3%
Antofagasta PLC		3,783		39,476
DENMARK — 1.1%
Chr Hansen Holding A/S		961		61,867
Novozymes A/S Class B		2,199		87,419
				149,286
FINLAND — 1.9%
Huhtamaki Oyj		209		7,455
Outokumpu Oyj		2,830		27,665
Stora Enso Oyj Class R		8,604		101,963
UPM-Kymmene Oyj		5,691		134,031
				271,114
FRANCE — 3.7%
Air Liquide SA		3,977		455,560
Arkema SA		754		74,580
				530,140
GERMANY — 12.0%
Aurubis AG.		191		12,833
BASF SE		8,321		826,962
Covestro AG (e)		469		36,197
Evonik Industries AG		845		27,624
Fuchs Petrolub SE Preference Shares		412		20,151
HeidelbergCement AG		1,482		139,106
KS AG		2,079		48,452
Lanxess AG		781		52,533
Linde AG		1,920		320,557
Salzgitter AG		676		24,536
Symrise AG		958		63,875

See accompanying notes to financial statements.

317

SPDR S&P International Materials Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
ThyssenKrupp AG		4,391	$	107,829
Wacker Chemie AG		144		14,870
				1,695,525
INDIA — 0.1%
Vedanta Resources PLC		1,458		14,768
IRELAND — 2.7%
CRH PLC		7,692		272,066
James Hardie Industries PLC		4,032		63,270
Smurfit Kappa Group PLC		1,742		46,150
				381,486
ISRAEL — 0.4%
Frutarom Industries, Ltd.		689		38,431
Israel Chemicals, Ltd.		4,240		17,985
				56,416
ITALY — 0.2%
Buzzi Unicem SpA		1,179		30,264
JAPAN — 17.3%
Air Water, Inc.		1,600		29,464
Asahi Kasei Corp.		13,833		134,072
Carlit Holdings Co., Ltd.		5,300		27,159
Daicel Corp.		3,800		45,731
Daido Steel Co., Ltd.		1,000		4,774
Daio Paper Corp.		1,200		15,324
Denka Co., Ltd.		12,855		66,680
DIC Corp.		700		25,819
Dowa Holdings Co., Ltd.		1,000		7,197
Fuji Seal International, Inc.		1,700		36,737
Hitachi Metals, Ltd.		900		12,616
Hokuetsu Kishu Paper Co., Ltd. (a)		1,300		9,053
JFE Holdings, Inc.		7,056		120,851
JSR Corp.		4,273		71,977
Kansai Paint Co., Ltd.		2,200		46,653
Kobe Steel, Ltd. (b)		3,964		36,143
Kuraray Co., Ltd.		2,200		33,327
Mitsubishi Chemical Holdings Corp.		18,502		143,028
Mitsubishi Gas Chemical Co., Inc.		2,000		41,497
Mitsubishi Materials Corp.		1,286		38,893
Mitsui Chemicals, Inc.		12,876		63,554
Mitsui Mining & Smelting Co., Ltd.		1,809		6,153
Nihon Nohyaku Co., Ltd.		900		5,646
Nippon Paint Holdings Co., Ltd.		1,700		59,118
Nippon Paper Industries Co., Ltd.		1,200		21,560
Nippon Shokubai Co., Ltd.		100		6,802
Nippon Steel & Sumitomo Metal Corp.		9,900		227,887
Nissan Chemical Industries, Ltd.		1,300		37,800
Nitto Denko Corp.		1,376		106,222
Oji Holdings Corp.		13,000		60,783
Rengo Co., Ltd.		2,000		11,541
Shin-Etsu Chemical Co., Ltd.		4,167		360,644
Showa Denko KK (b)		1,200		21,377
Sumitomo Chemical Co., Ltd.		13,838		77,243
Sumitomo Metal Mining Co., Ltd.		4,000		56,843
Sumitomo Osaka Cement Co., Ltd.		1,000		4,155
T&K Toka Co., Ltd.		1,300		12,366
Taiheiyo Cement Corp.		13,744		45,883
Taisei Lamick Co., Ltd.		900		22,664
Taiyo Nippon Sanso Corp.		1,300		15,190
Teijin, Ltd.		1,161		21,870
Tokushu Tokai Paper Co., Ltd.		600		22,427
Tokuyama Corp. (b)		1,000		4,828
Tokyo Ohka Kogyo Co., Ltd.		100		3,316
Toray Industries, Inc.		13,838		122,571
Tosoh Corp.		5,000		43,884
Toyo Seikan Group Holdings, Ltd.		1,300		21,093
Ube Industries, Ltd.		14,866		33,486
				2,443,901
LUXEMBOURG — 1.3%
APERAM SA (a)		662		33,172
ArcelorMittal (b)		17,077		144,035
				177,207
MEXICO — 0.2%
Fresnillo PLC		1,666		32,415
NETHERLANDS — 2.6%
Akzo Nobel NV		2,673		222,223
AMG Advanced Metallurgical Group NV		607		14,104
Koninklijke DSM NV		2,038		138,217
				374,544
NEW ZEALAND — 0.2%
Fletcher Building, Ltd.		4,287		24,934
Steel & Tube Holdings, Ltd.		3,979		6,536
				31,470
NORWAY — 1.2%
Norsk Hydro ASA		12,693		73,685
Yara International ASA		2,440		93,919
				167,604
PERU — 0.1%
Hochschild Mining PLC		2,341		8,135
PORTUGAL — 0.0% (f)
Navigator Co., SA		1,446		5,824
SOUTH AFRICA — 0.5%
Mondi PLC		3,212		77,397
SOUTH KOREA — 5.2%
Aekyung Petrochemical Co., Ltd.		555		6,204
Dongkuk Industries Co., Ltd.		2,807		12,199
Hanwha Chemical Corp.		1,198		28,281
Hyosung Corp.		272		32,957
Hyundai Steel Co.		948		49,591
Jenax, Inc. (b)		324		6,403
Kolon Industries, Inc.		92		5,824
Korea Petrochemical Ind Co., Ltd.		39		8,544
Korea Zinc Co., Ltd.		182		70,307
Kukdo Chemical Co., Ltd.		243		10,702
LG Chem, Ltd.		499		131,187
Lotte Chemical Corp.		170		56,322
OCI Co., Ltd.		191		14,466
Poongsan Holdings Corp.		273		11,474
POSCO ADR		3,228		208,206
SK Chemicals Co., Ltd.		139		8,067
Taekwang Industrial Co., Ltd.		25		20,343
Tongyang, Inc.		2,758		5,907
Wonik Materials Co., Ltd. (b)		221		11,561
Youlchon Chemical Co., Ltd.		2,796		33,503
				732,048

See accompanying notes to financial statements.

318

SPDR S&P International Materials Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
SPAIN — 0.1%
Acerinox SA		1,387	$	19,471
SWEDEN — 0.9%
Boliden AB		2,687		80,354
Hexpol AB		2,445		25,167
SSAB AB Class A (a) (b)		4,775		18,970
SSAB AB Class B (b)		1,610		5,298
				129,789
SWITZERLAND — 10.4%
Clariant AG (b)		2,706		51,095
EMS-Chemie Holding AG		79		46,053
Givaudan SA		74		133,369
Glencore PLC (b)		111,871		438,063
Gurit Holding AG (b)		13		11,247
LafargeHolcim, Ltd. (b) (d)		2,479		146,618
LafargeHolcim, Ltd. (b) (d)		2,165		128,514
Sika AG		14		84,060
Syngenta AG		965		426,222
				1,465,241
UNITED KINGDOM — 8.7%
Acacia Mining PLC		1,456		8,184
Anglo American PLC (b)		13,323		203,165
Centamin PLC		10,229		22,090
Croda International PLC		1,247		55,574
DS Smith PLC		8,535		46,330
Elementis PLC		3,406		12,317
Essentra PLC		2,251		14,777
Johnson Matthey PLC		2,568		98,903
Randgold Resources, Ltd.		883		76,904
Rio Tinto PLC		11,088		444,997
Rio Tinto, Ltd.		4,165		192,098
RPC Group PLC		3,694		36,099
Victrex PLC		820		19,482
				1,230,920
UNITED STATES — 0.4%
Sims Metal Management, Ltd.		3,103		29,258
Tahoe Resources, Inc.		3,002		24,040
				53,298
TOTAL COMMON STOCKS (Cost $16,339,698)				13,958,775
SHORT-TERM INVESTMENTS — 2.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (g) (h)		6,147		6,147
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		336,220		336,220
TOTAL SHORT-TERM INVESTMENTS (Cost $342,367)				342,367
TOTAL INVESTMENTS — 101.2% (Cost $16,682,065)				14,301,142
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%				(171,078	)
NET ASSETS — 100.0%			$	14,130,064

(a) All or a portion of the shares of the security are on loan at March 31, 2017.

(b) Non-income producing security.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2017, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

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

(e) Security purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. This security, which represents 0.3% of net assets as of March 31, 2017, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at March 31, 2017.

(i) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,776,947	$	—	$	0	(a)	$	1,776,947
Austria		107,007		—		—			107,007
Belgium		166,859		—		—			166,859
Canada		1,790,223		—		—			1,790,223
Chile		39,476		—		—			39,476

See accompanying notes to financial statements.

319

SPDR S&P International Materials Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Denmark	$	149,286	$	—	$	—	$	149,286
Finland		271,114		—		—		271,114
France		530,140		—		—		530,140
Germany		1,695,525		—		—		1,695,525
India		14,768		—		—		14,768
Ireland		381,486		—		—		381,486
Israel		56,416		—		—		56,416
Italy		30,264		—		—		30,264
Japan		2,443,901		—		—		2,443,901
Luxembourg		177,207		—		—		177,207
Mexico		32,415		—		—		32,415
Netherlands		374,544		—		—		374,544
New Zealand		31,470		—		—		31,470
Norway		167,604		—		—		167,604
Peru		8,135		—		—		8,135
Portugal		5,824		—		—		5,824
South Africa		77,397		—		—		77,397
South Korea		732,048		—		—		732,048
Spain		19,471		—		—		19,471
Sweden		129,789		—		—		129,789
Switzerland		1,465,241		—		—		1,465,241
United Kingdom		1,230,920		—		—		1,230,920
United States		53,298		—		—		53,298
Short-Term Investments		342,367		—		—		342,367
TOTAL INVESTMENTS	$	14,301,142	$	—	$	0	$	14,301,142

(a) Fund held Level 3 security that was valued at $0 at March 31, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		81	$	81		112		193		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,120,253		1,114,106		6,147		6,147		66
State Street Navigator Securities Lending Government Money Market Portfolio*		264,905		264,905		1,806,530		1,735,215		336,220		336,220		987
TOTAL			$	264,986							$	342,367	$	1,053

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

320

SPDR S&P International Technology Sector ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 96.2%
AUSTRALIA — 1.0%
Aconex, Ltd. (a) (b)		4,683	$	14,040
Altium, Ltd. (a)		2,741		15,891
carsales.com, Ltd.		6,529		55,584
Computershare, Ltd.		14,013		150,299
Link Administration Holdings, Ltd.		7,092		41,820
NEXTDC, Ltd. (b)		3,996		12,437
				290,071
AUSTRIA — 0.3%
ams AG		1,527		82,608
BELGIUM — 0.2%
Barco NV		645		64,778
CANADA — 3.7%
Avigilon Corp. (a) (b)		586		6,784
BlackBerry, Ltd. (b)		11,775		90,940
Canadian Solar, Inc. (b)		733		8,994
Celestica, Inc. (b)		3,876		56,208
CGI Group, Inc. Class A (b)		6,497		310,418
Constellation Software, Inc.		434		212,664
DH Corp.		3,032		57,382
Kinaxis, Inc. (b)		494		27,474
Open Text Corp.		5,436		184,237
Sandvine Corp.		4,087		9,439
Shopify, Inc. Class A (b)		1,244		84,612
Sierra Wireless, Inc. (b)		502		13,287
				1,062,439
CHINA — 0.0% (c)
New Sports Group, Ltd. (b)		300,000		2,702
Technovator International, Ltd.		24,000		9,265
				11,967
DENMARK — 0.4%
Nets A/S (b) (d)		2,377		38,461
SimCorp A/S		1,527		92,243
				130,704
FINLAND — 2.4%
Nokia Oyj (e)		74,948		403,208
Nokia Oyj (e)		39,837		214,487
Tieto Oyj		2,853		77,903
				695,598
FRANCE — 4.3%
Alten SA		252		19,374
Altran Technologies SA (b)		2,863		48,320
Atos SE		1,713		212,436
Cap Gemini SA		3,675		340,232
Criteo SA ADR (b)		1,226		61,288
Dassault Systemes SE		2,855		247,766
Ingenico Group SA		1,238		117,130
Neopost SA		1,103		42,458
SOITEC (b)		241		10,236
Sopra Steria Group		332		47,458
Ubisoft Entertainment SA (b)		2,438		104,420
				1,251,118
GERMANY — 9.8%
ADVA Optical Networking SE (b)		2,601		29,335
AIXTRON SE (b)		3,320		12,368
Infineon Technologies AG		25,340		518,875
Rocket Internet SE (b) (d)		1,085		18,602
SAP SE		19,376		1,906,156
Scout24 AG (b) (d)		463		15,525
SMA Solar Technology AG (a)		432		10,939
Software AG		1,481		58,711
United Internet AG		3,063		135,890
Wirecard AG (a)		2,375		131,835
				2,838,236
HONG KONG — 0.8%
ASM Pacific Technology, Ltd.		7,849		106,754
China Goldjoy Group, Ltd.		108,000		10,562
China Innovationpay Group, Ltd. (b)		180,000		13,202
Landing International Development, Ltd. (a) (b)		266,651		1,853
PAX Global Technology, Ltd. (a)		27,000		17,232
Peace Map Holding, Ltd. (b)		280,000		4,035
Tongda Group Holdings, Ltd.		30,000		10,577
Truly International Holdings, Ltd.		32,000		11,365
VTech Holdings, Ltd.		4,671		55,837
				231,417
IRELAND — 0.1%
Datalex PLC		4,514		18,346
ISLE OF MAN — 0.2%
Paysafe Group PLC (b)		8,474		49,548
ISRAEL — 2.1%
Check Point Software Technologies, Ltd. (b)		2,864		294,018
CyberArk Software, Ltd. (b)		541		27,521
Ituran Location and Control, Ltd.		1,358		41,894
Mellanox Technologies, Ltd. (b)		883		44,989
Nice, Ltd.		1,747		117,125
Tower Semiconductor, Ltd. (b)		1,791		41,345
Wix.com, Ltd. (b)		629		42,709
				609,601
ITALY — 0.1%
Reply SpA		226		35,798
JAPAN — 29.4%
Advantest Corp.		4,778		89,188
Alps Electric Co., Ltd.		4,447		125,911
Anritsu Corp.		4,200		31,737
Azbil Corp.		1,786		59,945
Brother Industries, Ltd.		5,948		124,106
Canon, Inc.		22,319		695,228
Capcom Co., Ltd.		400		7,793
Citizen Watch Co., Ltd.		8,955		57,380
COLOPL, Inc. (a)		1,500		13,892
COOKPAD, Inc. (a)		300		2,531
DDS, Inc. (b)		1,300		14,396
DeNA Co., Ltd. (a)		2,700		54,737
Dip Corp.		900		19,619
Disco Corp.		300		45,580
FUJIFILM Holdings Corp.		9,125		356,058
Fujitsu, Ltd.		43,688		266,958
GMO internet, Inc.		1,200		14,172
GMO Payment Gateway, Inc. (a)		200		9,961

See accompanying notes to financial statements.

321

SPDR S&P International Technology Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
GungHo Online Entertainment, Inc. (a)		8,700	$	19,363
Gurunavi, Inc.		1,200		25,092
Hamamatsu Photonics KK		4,200		120,802
Hirose Electric Co., Ltd.		900		124,383
Hitachi High-Technologies Corp.		1,677		68,251
Hitachi Kokusai Electric, Inc.		1,300		29,761
Hitachi, Ltd.		92,325		499,200
Horiba, Ltd.		1,486		79,614
Ibiden Co., Ltd.		4,370		68,003
Infomart Corp. (a)		2,600		14,840
Istyle, Inc. (a)		2,800		23,017
Japan Display, Inc. (a) (b)		7,450		17,383
Kakaku.com, Inc. (a)		4,200		57,103
Keyence Corp.		1,400		560,100
Konami Holdings Corp.		2,785		118,093
Konica Minolta, Inc.		11,906		106,420
Kyocera Corp.		7,483		416,491
LINE Corp. (b)		200		7,673
Mixi, Inc.		1,100		52,912
Murata Manufacturing Co., Ltd.		4,369		620,866
NEC Corp.		39,578		95,189
Nexon Co., Ltd.		4,200		66,677
Nintendo Co., Ltd.		2,583		598,867
Nippon Electric Glass Co., Ltd.		9,933		59,992
Nomura Research Institute, Ltd.		3,200		117,742
NTT Data Corp.		3,192		151,250
Obic Co., Ltd.		1,790		85,139
Oki Electric Industry Co., Ltd.		1,777		25,547
Omron Corp.		4,561		199,951
Otsuka Corp.		1,600		86,727
Renesas Electronics Corp. (a) (b)		6,200		64,932
Ricoh Co., Ltd.		14,801		121,670
Rohm Co., Ltd.		1,780		118,209
SCREEN Holdings Co., Ltd.		987		72,544
SCSK Corp.		1,500		59,499
Seiko Epson Corp.		7,200		151,457
Shimadzu Corp.		4,400		69,852
SMS Co., Ltd.		1,000		25,334
Square Enix Holdings Co., Ltd.		1,300		36,750
Sumco Corp.		4,278		71,178
Taiyo Yuden Co., Ltd. (a)		3,284		41,437
TDK Corp.		2,878		182,087
TIS, Inc.		2,879		73,170
Tokyo Electron, Ltd.		3,270		356,698
Topcon Corp.		2,200		39,329
Trend Micro, Inc.		2,781		123,539
Ulvac, Inc.		1,100		51,234
Wacom Co., Ltd. (a)		4,600		16,595
Yahoo! Japan Corp.		29,919		138,009
Yaskawa Electric Corp.		7,312		146,594
Yokogawa Electric Corp.		6,235		98,032
				8,563,789
NETHERLANDS — 6.9%
ASM International NV		1,885		106,087
ASML Holding NV		8,970		1,193,476
Cimpress NV (b)		995		85,759
Gemalto NV		2,019		113,111
InterXion Holding NV (b)		1,014		40,114
NXP Semiconductors NV (b)		4,580		474,030
				2,012,577
NEW ZEALAND — 0.1%
Xero, Ltd. (b)		2,251		31,141
NORWAY — 0.0% (c)
Nordic Semiconductor ASA (b)		3,208		11,691
SINGAPORE — 0.4%
IGG, Inc.		17,000		23,581
Venture Corp., Ltd.		9,725		79,829
				103,410
SOUTH KOREA — 21.1%
Actoz Soft Co., Ltd. (b)		82		1,507
Advanced Process Systems Corp. (b) (f)		646		16,088
AfreecaTV Co., Ltd.		193		3,633
Ahnlab, Inc.		200		26,344
Bluecom Co., Ltd.		233		2,250
Com2uSCorp.		252		27,289
Daeduck Electronics Co.		1,856		15,900
Daou Technology, Inc.		343		6,226
Dongbu HiTek Co., Ltd. (b)		378		6,456
DuzonBizon Co., Ltd.		387		8,565
Eo Technics Co., Ltd.		100		7,798
G-SMATT GLOBAL Co., Ltd. (b)		303		3,617
G-treeBNT Co., Ltd. (b)		517		7,258
Gamevil, Inc. (b)		150		7,377
GemVax & Kael Co., Ltd. (b)		636		7,621
Homecast Co., Ltd. (b)		232		2,058
Kakao Corp.		606		45,031
KH Vatec Co., Ltd.		236		2,954
LG Display Co., Ltd. ADR (b)		10,401		141,662
LG Innotek Co., Ltd.		357		43,576
Lumens Co., Ltd. (b)		2,276		6,991
NAVER Corp.		459		350,930
NCSoft Corp.		300		81,821
Neowiz Games Corp. (b)		656		6,922
Nexon GT Co., Ltd. (b)		245		1,796
NHN Entertainment Corp. (b)		479		25,657
NHN KCP Corp. (b)		249		3,006
Partron Co., Ltd.		1,137		11,692
Sam Young Electronics Co., Ltd.		2,560		28,615
Samsung Electro-Mechanics Co., Ltd.		1,061		65,939
Samsung Electronics Co., Ltd. GDR		4,912		4,506,760
Samsung SDI Co., Ltd.		907		111,925
Samsung SDS Co., Ltd.		610		72,820
Seoul Semiconductor Co., Ltd.		1,600		24,895
SK Hynix, Inc.		9,360		422,677
SundayToz Corp. (b)		75		1,553
Texcell-NetCom Co., Ltd. (b)		908		6,382
Tovis Co., Ltd.		955		6,763
UniTest, Inc.		449		3,899
Viatron Technologies, Inc.		423		7,546
Webzen, Inc. (b)		193		3,719
WeMade Entertainment Co., Ltd.		98		2,550
Wonik Holdings Co., Ltd. (b)		2,214		10,869
				6,148,937
SPAIN — 1.7%
Amadeus IT Group SA		8,734		444,279
Indra Sistemas SA (b)		3,498		44,783
				489,062

See accompanying notes to financial statements.

322

SPDR S&P International Technology Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
SWEDEN — 2.5%
Fingerprint Cards AB Class B (a) (b)		6,568	$	26,586
Hexagon AB Class B		5,929		239,065
Mycronic AB		1,249		12,835
NetEnt AB (b)		4,356		35,128
Starbreeze AB (a) (b)		7,513		12,875
Telefonaktiebolaget LM Ericsson Class B (a)		61,561		412,323
				738,812
SWITZERLAND — 1.9%
Logitech International SA		4,550		144,780
Meyer Burger Technology AG (a) (b)		12,633		10,728
Myriad Group AG (b)		5,863		9,606
STMicroelectronics NV		14,990		229,586
Temenos Group AG		1,817		144,496
u-blox Holding AG (b)		71		15,641
				554,837
UNITED KINGDOM — 5.0%
Atlassian Corp. PLC Class A (b)		1,271		38,066
Auto Trader Group PLC (d)		17,558		86,131
AVEVA Group PLC		2,240		54,620
Dialog Semiconductor PLC (b)		2,001		102,439
Electrocomponents PLC		12,870		76,186
FDM Group Holdings PLC		1,811		16,713
Fidessa Group PLC		995		31,005
Halma PLC		6,871		87,980
Imagination Technologies Group PLC (b)		6,495		21,786
Just Eat PLC (b)		9,486		67,138
Kainos Group PLC		2,630		7,498
Micro Focus International PLC		4,518		128,696
Moneysupermarket.com Group PLC		9,527		39,337
NCC Group PLC		7,494		12,463
Playtech PLC		3,768		43,866
Rightmove PLC		1,957		97,592
Sage Group PLC		28,974		228,434
Sophos Group PLC (d)		5,261		17,868
Spectris PLC		3,780		118,073
Spirent Communications PLC		22,614		33,721
Worldpay Group PLC (d)		28,175		104,074
Xaar PLC		3,080		13,672
ZPG PLC (d)		6,136		27,852
				1,455,210
UNITED STATES — 1.8%
Flex, Ltd. (b)		14,453		242,810
Globant SA (a) (b)		402		14,633
Mitel Networks Corp. (b)		2,464		17,076
Mobileye NV (b)		3,637		223,312
Stratasys, Ltd. (b)		792		16,228
				514,059
TOTAL COMMON STOCKS (Cost $25,918,013)				27,995,754
RIGHTS — 0.0% (c)
HONG KONG — 0.0% (c)
Landing International Development, Ltd. (expiring 4/19/17) (a) (b) (Cost $1,621)		783,255		403
SHORT-TERM INVESTMENTS — 1.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (g) (h)		2,846		2,846
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		417,060		417,060
TOTAL SHORT-TERM INVESTMENTS (Cost $419,906)				419,906
TOTAL INVESTMENTS — 97.7% (Cost $26,339,540)				28,416,063
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.3%				676,569
NET ASSETS — 100.0%			$	29,092,632

(a) All or a portion of the shares of the security are on loan at March 31, 2017.

(b) Non-income producing security.

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

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.1% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2017, total aggregate fair value of securities is $16,088 representing 0.1% of the Fund’s net assets.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at March 31, 2017.

(i) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

See accompanying notes to financial statements.

323

SPDR S&P International Technology Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	290,071	$	—	$	—	$	290,071
Austria		82,608		—		—		82,608
Belgium		64,778		—		—		64,778
Canada		1,062,439		—		—		1,062,439
China		11,967		—		—		11,967
Denmark		130,704		—		—		130,704
Finland		695,598		—		—		695,598
France		1,251,118		—		—		1,251,118
Germany		2,838,236		—		—		2,838,236
Hong Kong		231,417		—		—		231,417
Ireland		18,346		—		—		18,346
Isle of Man		49,548		—		—		49,548
Israel		609,601		—		—		609,601
Italy		35,798		—		—		35,798
Japan		8,563,789		—		—		8,563,789
Netherlands		2,012,577		—		—		2,012,577
New Zealand		31,141		—		—		31,141
Norway		11,691		—		—		11,691
Singapore		103,410		—		—		103,410
South Korea		6,132,849		16,088		—		6,148,937
Spain		489,062		—		—		489,062
Sweden		738,812		—		—		738,812
Switzerland		554,837		—		—		554,837
United Kingdom		1,455,210		—		—		1,455,210
United States		514,059		—		—		514,059
Rights
Hong Kong		—		403		—		403
Short-Term Investments		419,906		—		—		419,906
TOTAL INVESTMENTS	$	28,399,572	$	16,491	$	—	$	28,416,063

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		2,021	$	2,021		—		2,021		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		180,432		177,586		2,846		2,846		38
State Street Navigator Securities Lending Government Money Market Portfolio*		796,074		796,074		1,080,980		1,459,994		417,060		417,060		3,446
TOTAL			$	798,095							$	419,906	$	3,484

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

324

SPDR S&P International Telecommunications Sector ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 3.8%
Amaysim Australia, Ltd.		14,007	$	20,302
SpeedCast International, Ltd. (a)		11,783		31,370
Superloop, Ltd. (b)		8,601		15,025
Telstra Corp., Ltd.		308,772		1,097,648
TPG Telecom, Ltd. (a)		22,534		119,815
Vocus Group, Ltd. (a)		44,925		148,051
				1,432,211
AUSTRIA — 0.1%
Telekom Austria AG		6,347		43,365
BELGIUM — 1.0%
Orange Belgium SA (b)		1,995		42,760
Proximus SADP		10,401		327,224
				369,984
CANADA — 7.1%
BCE, Inc. (c)		17,289		765,384
BCE, Inc. (c)		5,240		231,343
Rogers Communications, Inc. Class B		26,575		1,175,147
TELUS Corp.		14,406		467,907
				2,639,781
CHINA — 0.0% (d)
APT Satellite Holdings, Ltd.		26,500		14,151
DENMARK — 0.8%
TDC A/S		59,460		307,530
FINLAND — 1.2%
DNA Oyj		4,407		53,499
Elisa Oyj		11,103		393,663
				447,162
FRANCE — 6.1%
Iliad SA		1,959		439,269
Orange SA		106,270		1,655,473
SFR Group SA (b)		5,426		171,141
				2,265,883
GERMANY — 8.9%
Deutsche Telekom AG		148,823		2,614,426
Drillisch AG		3,167		161,573
Freenet AG		9,375		305,724
QSC AG		7,069		11,742
Telefonica Deutschland Holding AG		45,634		226,956
				3,320,421
HONG KONG — 1.6%
HKBN, Ltd.		72,760		81,266
HKT Trust & HKT, Ltd.		206,208		265,869
Hutchison Telecommunications Hong Kong Holdings, Ltd.		106,000		31,507
PCCW, Ltd.		299,664		176,602
SmarTone Telecommunications Holdings, Ltd.		30,000		38,680
				593,924
ISRAEL — 1.0%
B Communications, Ltd.		848		17,030
Bezeq The Israeli Telecommunication Corp., Ltd.		149,549		268,163
Cellcom Israel, Ltd. (b)		3,874		40,068
magicJack VocalTec, Ltd. (b)		884		7,558
Partner Communications Co., Ltd. (b)		8,911		46,758
				379,577
ITALY — 3.4%
Ei Towers SpA		1,289		72,655
Infrastrutture Wireless Italiane SpA (e)		17,173		90,772
Telecom Italia RSP/Milano		441,547		323,023
Telecom Italia SpA/Milano (b)		845,788		762,588
Tiscali SpA (b)		112,567		5,803
				1,254,841
JAPAN — 22.7%
Freebit Co., Ltd.		700		5,616
Japan Communications, Inc. (a) (b)		10,200		17,484
KDDI Corp.		83,390		2,186,714
Nippon Telegraph & Telephone Corp.		38,094		1,624,542
NTT DOCOMO, Inc.		69,158		1,609,011
Okinawa Cellular Telephone Co.		1,100		35,587
SoftBank Group Corp.		42,078		2,968,835
WirelessGate, Inc.		400		5,367
				8,453,156
LUXEMBOURG — 0.7%
Millicom International Cellular SA SDR		4,378		245,028
NETHERLANDS — 2.6%
Koninklijke KPN NV		316,753		956,385
NEW ZEALAND — 1.1%
Chorus, Ltd.		29,176		88,109
Spark New Zealand, Ltd.		134,329		328,659
				416,768
NORWAY — 2.3%
Telenor ASA		51,232		852,385
PORTUGAL — 0.0% (d)
Pharol SGPS SA		32,944		13,248
SINGAPORE — 4.7%
M1, Ltd. (a)		27,200		41,463
Singapore Telecommunications, Ltd.		581,954		1,632,620
StarHub, Ltd.		42,289		87,162
				1,761,245
SOUTH KOREA — 3.1%
KT Corp. ADR (b)		16,285		274,077
LG Uplus Corp.		15,865		202,870
Sejong Telecom, Inc. (b)		8,652		7,698
SK Telecom Co., Ltd. ADR		26,684		671,903
				1,156,548
SPAIN — 6.9%
Cellnex Telecom SA (e)		11,152		184,580
Euskaltel SA (e)		8,071		82,870
Telefonica SA		204,450		2,292,749
				2,560,199
SWEDEN — 3.2%
Com Hem Holding AB		8,387		96,473
Tele2 AB Class B		26,129		250,365
Telia Co. AB		202,350		851,936
				1,198,774

See accompanying notes to financial statements.

325

SPDR S&P International Telecommunications Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
SWITZERLAND — 2.8%
Sunrise Communications Group AG (e)		2,503	$	188,797
Swisscom AG		1,883		869,309
				1,058,106
UNITED KINGDOM — 14.2%
BT Group PLC		404,537		1,609,625
Inmarsat PLC		32,856		349,426
KCOM Group PLC		39,522		44,478
TalkTalk Telecom Group PLC (a)		39,016		92,453
Vodafone Group PLC		1,222,423		3,180,973
				5,276,955
TOTAL COMMON STOCKS (Cost $39,267,320)				37,017,627
SHORT-TERM INVESTMENTS — 0.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (f) (g)		20,501		20,501
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)		295,032		295,032
TOTAL SHORT-TERM INVESTMENTS (Cost $315,533)				315,533
TOTAL INVESTMENTS — 100.1% (Cost $39,582,853)				37,333,160
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(49,497	)
NET ASSETS — 100.0%			$	37,283,663

(a) All or a portion of the shares of the security are on loan at March 31, 2017.

(b) Non-income producing security.

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

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

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.5% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at March 31, 2017.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

SDR = Swedish Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,432,211	$	—	$	—	$	1,432,211
Austria		43,365		—		—		43,365
Belgium		369,984		—		—		369,984
Canada		2,639,781		—		—		2,639,781
China		14,151		—		—		14,151
Denmark		307,530		—		—		307,530
Finland		447,162		—		—		447,162
France		2,265,883		—		—		2,265,883
Germany		3,320,421		—		—		3,320,421
Hong Kong		593,924		—		—		593,924
Israel		379,577		—		—		379,577
Italy		1,254,841		—		—		1,254,841
Japan		8,453,156		—		—		8,453,156
Luxembourg		245,028		—		—		245,028
Netherlands		956,385		—		—		956,385
New Zealand		416,768		—		—		416,768
Norway		852,385		—		—		852,385
Portugal		13,248		—		—		13,248
Singapore		1,761,245		—		—		1,761,245

See accompanying notes to financial statements.

326

SPDR S&P International Telecommunications Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
South Korea	$	1,156,548	$	—	$	—	$	1,156,548
Spain		2,560,199		—		—		2,560,199
Sweden		1,198,774		—		—		1,198,774
Switzerland		1,058,106		—		—		1,058,106
United Kingdom		5,276,955		—		—		5,276,955
Short-Term Investments		315,533		—		—		315,533
TOTAL INVESTMENTS	$	37,333,160	$	—	$	—	$	37,333,160

Affiliate Table

	Number of Shares Held at 9/30/16		Value At 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		16,354	$	16,354		26		16,380		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		431,289		410,788		20,501		20,501		47
State Street Navigator Securities Lending Government Money Market Portfolio*		250,771		250,771		5,608,708		5,564,447		295,032		295,032		7,400
TOTAL			$	267,125							$	315,533	$	7,447

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

327

SPDR S&P International Utilities Sector ETF

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 5.6%
AGL Energy, Ltd.		30,048	$	604,456
APA Group		49,714		339,802
AusNet Services		77,351		99,427
DUET Group		107,343		228,463
ERM Power, Ltd. (a)		7,489		7,484
Infigen Energy (b)		33,759		25,882
Spark Infrastructure Group		74,784		135,206
				1,440,720
AUSTRIA — 0.4%
EVN AG		1,378		17,612
Verbund AG		5,240		89,195
				106,807
BELGIUM — 0.3%
Elia System Operator SA		1,301		68,795
CANADA — 7.8%
Algonquin Power & Utilities Corp. (a)		16,670		158,744
Atco, Ltd. Class I		3,335		129,309
Boralex, Inc. Class A		2,480		39,906
Canadian Utilities, Ltd. Class A		5,322		155,472
Capital Power Corp. (a)		3,826		74,761
Emera, Inc.		9,312		328,031
Fortis, Inc.		18,439		609,310
Hydro One, Ltd. (c)		7,370		134,010
Innergex Renewable Energy, Inc.		4,169		44,702
Just Energy Group, Inc		3,981		24,925
Northland Power, Inc. (a)		5,116		94,214
Superior Plus Corp. (a)		6,406		61,963
TransAlta Corp.		13,112		76,884
TransAlta Renewables, Inc. (a)		3,879		45,810
Valener, Inc. (a)		1,683		27,586
				2,005,627
CHINA — 0.8%
China Everbright Water, Ltd.		31,838		10,823
ENN Energy Holdings, Ltd.		33,000		185,775
				196,598
DENMARK — 1.4%
DONG Energy A/S (c)		9,322		360,532
FINLAND — 1.2%
Fortum Oyj		19,429		308,171
FRANCE — 8.2%
Albioma SA		1,206		21,373
Direct Energie (a)		593		23,673
Electricite de France SA (a)		18,201		153,633
Engie SA		71,848		1,020,502
Rubis SCA		1,935		190,132
Suez Environment Co.		16,626		263,267
Veolia Environnement SA		22,838		428,927
				2,101,507
GERMANY — 6.1%
Capital Stage AG		3,736		24,734
E.ON SE		97,864		779,899
Innogy SE (b) (c)		6,168		233,434
RWE AG (b)		21,586		358,661
RWE AG Preference Shares		1,917		23,856
Uniper SE (b)		8,576		144,742
				1,565,326
HONG KONG — 9.7%
Canvest Environmental Protection Group Co., Ltd. (a)		28,000		16,790
Cheung Kong Infrastructure Holdings, Ltd.		33,300		261,378
China Ruifeng Renewable Energy Holdings, Ltd. (b)		70,171		7,224
China Water Industry Group, Ltd. (b)		61,045		11,625
CLP Holdings, Ltd.		87,500		914,801
HK Electric Investments & HK Electric Investments, Ltd. (c)		102,671		94,592
Hong Kong & China Gas Co., Ltd.		328,329		656,531
Power Assets Holdings, Ltd.		58,000		500,032
Towngas China Co., Ltd. (b)		46,000		25,985
United Photovoltaics Group, Ltd. (b)		166,000		19,865
				2,508,823
ITALY — 9.1%
A2A SpA		69,151		104,876
ACEA SpA		2,084		28,441
Ascopiave SpA		3,884		14,415
Enel SpA		343,200		1,620,244
ERG SpA		2,216		27,967
Falck Renewables SpA		6,832		8,162
Hera SpA		26,152		72,948
Iren SpA		27,522		57,283
Italgas SpA (b)		22,036		96,914
Terna Rete Elettrica Nazionale SpA		62,514		310,908
				2,342,158
JAPAN — 12.5%
Chubu Electric Power Co., Inc.		32,188		430,695
Chugoku Electric Power Co., Inc.		14,687		162,383
Electric Power Development Co., Ltd.		7,800		182,348
eRex Co., Ltd.		1,800		21,210
Hiroshima Gas Co., Ltd.		2,000		6,533
Hokkaido Electric Power Co., Inc.		8,900		67,251
Hokkaido Gas Co., Ltd. (a)		4,000		9,872
Hokuriku Electric Power Co. (a)		9,094		88,141
K&O Energy Group, Inc.		597		9,472
Kansai Electric Power Co., Inc.		35,998		441,616
Kyushu Electric Power Co., Inc. (a)		21,192		225,556
Okinawa Electric Power Co., Inc. (a)		1,700		40,368
Osaka Gas Co., Ltd.		92,958		352,878
Saibu Gas Co., Ltd.		15,000		34,461
Shikoku Electric Power Co., Inc. (a)		9,100		99,877
Shizuoka Gas Co., Ltd.		2,900		19,649
Toho Gas Co., Ltd.		23,000		162,443
Tohoku Electric Power Co., Inc.		22,472		304,117
Tokyo Electric Power Co. Holdings, Inc. (b)		35,599		139,291
Tokyo Gas Co., Ltd.		89,958		408,981
West Holdings Corp.		600		4,474
				3,211,616
NEW ZEALAND — 1.6%
Contact Energy, Ltd.		32,069		113,434
Genesis Energy, Ltd.		22,048		32,058
Infratil, Ltd.		24,852		50,555
Mercury NZ, Ltd.		28,646		63,079

See accompanying notes to financial statements.

328

SPDR S&P International Utilities Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Security Description	Shares		Value
Meridian Energy, Ltd.		53,214	$	104,158
Tilt Renewables, Ltd.		3,129		4,681
Trustpower, Ltd.		3,129		10,062
Vector, Ltd.		11,433		25,575
				403,602
NORWAY — 0.1%
Scatec Solar ASA (c)		3,145		14,024
PORTUGAL — 1.5%
EDP — Energias de Portugal SA		108,873		369,713
REN — Redes Energeticas Nacionais SGPS SA		8,935		26,959
				396,672
SINGAPORE — 0.2%
Hyflux, Ltd.		19,700		8,036
Kenon Holdings, Ltd. (b)		929		10,725
Keppel Infrastructure Trust		118,738		43,338
				62,099
SOUTH KOREA — 2.2%
E1 Corp.		137		6,726
EcoBio Holdings Co., Ltd. (b)		369		3,112
Korea District Heating Corp.		122		7,298
Korea Electric Power Corp. ADR (b)		22,983		476,438
Korea Gas Corp. (b)		1,237		49,721
KyungDong City Gas Co., Ltd.		46		2,970
Samchully Co., Ltd.		130		12,438
				558,703
SPAIN — 12.5%
Acciona SA.		1,161		93,292
Atlantica Yield PLC		2,534		53,113
EDP Renovaveis SA		8,866		65,724
Endesa SA		14,151		333,428
Gas Natural SDG SA		16,079		353,232
Iberdrola SA		269,987		1,936,166
Red Electrica Corp. SA		19,320		371,947
Saeta Yield SA		2,804		25,612
				3,232,514
SWITZERLAND — 0.2%
Alpiq Holding AG (b)		201		17,702
BKW AG		490		26,508
				44,210
UNITED KINGDOM — 18.3%
Centrica PLC		243,584		660,959
Drax Group PLC		18,204		74,071
National Grid PLC		175,155		2,219,794
Pennon Group PLC		18,363		202,525
Severn Trent PLC		10,520		313,346
SSE PLC		44,799		826,839
Telecom Plus PLC		2,844		42,569
United Utilities Group PLC		30,418		377,890
				4,717,993
UNITED STATES — 0.0%(d)
Atlantic Power Corp. (a) (b)		4,730		12,449
TOTAL COMMON STOCKS (Cost $31,402,057)				25,658,946
SHORT-TERM INVESTMENTS — 3.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.62% (e) (f)		11,019		11,019
State Street Navigator Securities Lending Government Money Market Portfolio (e) (g)		860,733		860,733
TOTAL SHORT-TERM INVESTMENTS (Cost $871,752)				871,752
TOTAL INVESTMENTS — 103.1% (Cost $32,273,809)				26,530,698
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.1)%				(800,956	)
NET ASSETS — 100.0%			$	25,729,742

(a) All or a portion of the shares of the security are on loan at March 31, 2017.

(b) Non-income producing security.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.3% of net assets as of March 31, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2017 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at March 31, 2017.

(g) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,440,720	$	—	$	—	$	1,440,720
Austria		106,807		—		—		106,807

See accompanying notes to financial statements.

329

SPDR S&P International Utilities Sector ETF

SCHEDULE OF INVESTMENTS (continued)

March 31, 2017 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Belgium	$	68,795	$	—	$	—	$	68,795
Canada		2,005,627		—		—		2,005,627
China		196,598		—		—		196,598
Denmark		360,532		—		—		360,532
Finland		308,171		—		—		308,171
France		2,101,507		—		—		2,101,507
Germany		1,565,326		—		—		1,565,326
Hong Kong		2,508,823		—		—		2,508,823
Italy		2,342,158		—		—		2,342,158
Japan		3,211,616		—		—		3,211,616
New Zealand		403,602		—		—		403,602
Norway		14,024		—		—		14,024
Portugal		396,672		—		—		396,672
Singapore		62,099		—		—		62,099
South Korea		558,703		—		—		558,703
Spain		3,232,514		—		—		3,232,514
Switzerland		44,210		—		—		44,210
United Kingdom		4,717,993		—		—		4,717,993
United States		12,449		—		—		12,449
Short-Term Investments		871,752		—		—		871,752
TOTAL INVESTMENTS	$	26,530,698	$	—	$	—	$	26,530,698

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 3/31/17		Value at 3/31/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		2,316	$	2,316		—		2,316		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		590,709		579,690		11,019		11,019		55
State Street Navigator Securities Lending Government Money Market Portfolio*		2,565,714		2,565,714		6,950,306		8,655,287		860,733		860,733		4,730
TOTAL			$	2,568,030							$	871,752	$	4,785

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

330

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331

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2017 (Unaudited)

	SPDR STOXX Europe 50 ETF			SPDR EURO STOXX 50 ETF			SPDR EURO STOXX Small Cap ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	175,877,653		$	2,770,653,145		$	12,955,849
Investments in affiliated issuers, at value (Notes 2 and 4)		295			3,246,168			1,028
Total Investments		175,877,948			2,773,899,313			12,956,877
Foreign currency, at value		661,103			1,293,224			5,553
Cash at broker		—			—			—
Receivable from broker — variation margin on open futures contracts		—			—			—
Receivable for investments sold		—			—			—
Receivable for fund shares sold		—			108,958,030			—
Unrealized appreciation on forward foreign currency exchange contracts		—			—			—
Dividends receivable — unaffiliated issuers (Note 2)		812,178			4,483,309			7,803
Dividends receivable — affiliated issuers (Notes 2 and 4)		192			816			—
Interest receivable — unaffiliated issuers (Note 2)		41,910			—			—
Securities lending income receivable — affiliated issuers (Notes 4 and 9)		1,874			69,553			—
Receivable from Adviser (Note 4)		—			—			—
Receivable for foreign taxes recoverable		1,022,532			4,104,695			15,465
TOTAL ASSETS		178,417,737			2,892,808,940			12,985,698
LIABILITIES
Due to custodian (Note 4)		—			—			—
Payable upon return of securities loaned		—			2,667,677			—
Payable for investments purchased		337,304			108,829,984			—
Unrealized depreciation on forward foreign currency contracts		—			—			—
Deferred foreign taxes payable		—			—			—
Advisory fee payable (Note 4)		123,781			1,698,502			13,576
Trustees’ fees and expenses payable (Note 5)		567			9,567			160
TOTAL LIABILITIES		461,652			113,205,730			13,736
NET ASSETS	$	177,956,085		$	2,779,603,210		$	12,971,962
NET ASSETS CONSIST OF:
Paid-in Capital	$	249,035,383		$	3,327,001,977		$	15,181,777
Undistributed (distribution in excess of) net investment income (loss)		520,416			4,678,141			17,754
Accumulated net realized gain (loss) on investments, foreign currency transactions, forward foreign currency exchange contracts and futures contracts		(46,134,716	)		(358,260,993	)		(3,078,029	)
Net unrealized appreciation (depreciation) on:
Investments**		(25,407,373	)		(193,588,512	)		851,450
Foreign currency transactions.		(57,625	)		(227,403	)		(990	)
Futures contracts		—			—			—
NET ASSETS	$	177,956,085		$	2,779,603,210		$	12,971,962
NET ASSET VALUE PER SHARE
Net asset value per share	$	32.06		$	36.41		$	51.89
Shares outstanding (unlimited amount authorized, $0.01 par value)		5,550,370			76,350,967			250,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	201,285,026		$	2,964,241,657		$	12,104,399
Investments in affiliated issuers		295			3,246,168			1,028
Total cost of investments	$	201,285,321		$	2,967,487,825		$	12,105,427
Foreign currency, at cost.	$	667,303		$	1,304,195		$	5,590
* Includes investments in securities on loan, at value	$	—		$	2,503,775		$	—
** Includes deferred foreign taxes	$	—		$	—		$	—

See accompanying notes to financial statements.

332

SPDR EURO STOXX 50 Currency Hedged ETF			SPDR S&P International Dividend Currency Hedged ETF			SPDR S&P Emerging Asia Pacific ETF			SPDR S&P Russia ETF			SPDR S&P China ETF			SPDR MSCI China A Shares IMI ETF			SPDR S&P Emerging Markets ETF
$	—		$	—		$	334,030,981		$	32,568,753		$	818,344,352		$	2,158,270		$	323,870,319
	23,004,301			2,166,400			5,013,979			183,112			18,454,011			275			4,416,031
	23,004,301			2,166,400			339,044,960			32,751,865			836,798,363			2,158,545			328,286,350
	18,423			—			605,596			5,965			1,159,969			5,778			1,372,220
	11,245			—			—			—			—			—			17,160
	7,435			—			—			—			—			—			4,552
	112,777			—			—			—			—			—			821
	—			—			—			—			—			—			6,458,462
	3,257			12,492			—			—			—			—			—
	—			—			319,001			20,583			6,383			—			378,733
	51			—			359			80			515			—			115
	—			—			—			—			—			—			—
	—			—			18,379			—			118,976			—			9,790
	14,354			2,365			—			—			—			—			—
	—			—			—			—			—			—			1,034
	23,171,843			2,181,257			339,988,295			32,778,493			838,084,206			2,164,323			336,529,237
	—			—			—			—			—			—			1,018,124
	—			—			4,144,298			—			17,336,388			—			4,416,031
	—			—			—			—			—			—			4,902,366
	121,283			12,694			—			—			—			—			—
	—			—			543,309			—			—			—			428,037
	15,839			2,522			385,375			46,545			1,216,904			3,440			447,044
	—			13			855			—			762			61			—
	137,122			15,229			5,073,837			46,545			18,554,054			3,501			11,211,602
$	23,034,721		$	2,166,028		$	334,914,458		$	32,731,948		$	819,530,152		$	2,160,822		$	325,317,635
$	21,725,264		$	2,006,980		$	376,535,014		$	47,318,744		$	962,571,079		$	2,503,607		$	357,619,681
	(391	)		182			(1,322,615	)		(3,155	)		(2,284,579	)		(7,450	)		133,195
	375,802			4,984			(60,527,244	)		(7,800,684	)		(136,475,221	)		(40,942	)		(27,450,549	)
	1,047,631			154,084			20,218,718			(6,782,946	)		(4,278,999	)		(294,375	)		(4,968,631	)
	(117,906	)		(202	)		10,585			(11	)		(2,128	)		(18	)		(11,018	)
	4,321			—			—			—			—			—			(5,043	)
$	23,034,721		$	2,166,028		$	334,914,458		$	32,731,948		$	819,530,152		$	2,160,822		$	325,317,635
$	38.39		$	43.32		$	85.88		$	19.84		$	81.95		$	21.61		$	63.79
	600,000			50,000			3,900,000			1,650,000			10,000,000			100,000			5,100,000
$	—		$	—		$	313,268,954		$	39,351,699		$	822,623,351		$	2,452,645		$	328,410,913
	21,956,670			2,012,316			5,013,979			183,112			18,454,011			275			4,416,031
$	21,956,670		$	2,012,316		$	318,282,933		$	39,534,811		$	841,077,362		$	2,452,920		$	332,826,944
$	18,266		$	—		$	596,668		$	5,976		$	1,161,691		$	5,795		$	1,383,896
$	—		$	—		$	12,526,598		$	—		$	46,991,712		$	—		$	11,393,377
$	—		$	—		$	543,309		$	—		$	—		$	—		$	428,037

333

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2017 (Unaudited)

	SPDR S&P Emerging Markets Dividend ETF			SPDR S&P Emerging Europe ETF			SPDR S&P Emerging Latin America ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	343,572,595		$	48,316,217		$	30,071,630
Investments in affiliated issuers, at value (Notes 2 and 4)		32,230,721			1,199,513			514,316
Total Investments		375,803,316			49,515,730			30,585,946
Foreign currency, at value		805,597			93,461			79,419
Cash		—			—			—
Receivable for investments sold		—			—			161,180
Receivable for fund shares sold		5,847,513			—			—
Dividends receivable — unaffiliated issuers (Note 2)		1,171,191			27,902			45,714
Dividends receivable — affiliated issuers (Notes 2 and 4)		254			53			24
Interest receivable — unaffiliated issuers (Note 2)		—			—			—
Securities lending income receivable — affiliated issuers (Notes 4 and 9)		13,741			650			438
Receivable for foreign taxes recoverable		23,103			2,167			—
TOTAL ASSETS		383,664,715			49,639,963			30,872,721
LIABILITIES
Payable upon return of securities loaned		32,011,607			1,117,557			417,673
Payable for investments purchased		4,598,114			—			64,778
Deferred foreign taxes payable		194,895			—			—
Advisory fee payable (Note 4)		395,118			51,600			35,418
Trustees’ fees and expenses payable (Note 5)		—			67			—
TOTAL LIABILITIES		37,199,734			1,169,224			517,869
NET ASSETS	$	346,464,981		$	48,470,739		$	30,354,852
NET ASSETS CONSIST OF:
Paid-in Capital	$	592,036,137		$	123,910,641		$	70,493,632
Undistributed (distribution in excess of) net investment income (loss)		808,902			42,162			158,323
Accumulated net realized gain (loss) on investments and foreign currency transactions**		(257,214,744	)		(49,678,617	)		(23,975,825	)
Net unrealized appreciation (depreciation) on:
Investments***		10,851,340			(25,804,718	)		(16,320,114	)
Foreign currency transactions.		(16,654	)		1,271			(1,164	)
NET ASSETS	$	346,464,981		$	48,470,739		$	30,354,852
NET ASSET VALUE PER SHARE
Net asset value per share	$	29.24		$	28.51		$	50.59
Shares outstanding (unlimited amount authorized, $0.01 par value)		11,850,000			1,700,000			600,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	332,526,360		$	74,120,935		$	46,391,744
Investments in affiliated issuers		32,230,721			1,199,513			514,316
Total cost of investments	$	364,757,081		$	75,320,448		$	46,906,060
Foreign currency, at cost.	$	826,108		$	91,768		$	79,574
* Includes investments in securities on loan, at value	$	31,663,017		$	1,057,112		$	930,099
** Includes deferred foreign taxes on open investment transactions	$	—		$	—		$	—
*** Includes deferred foreign taxes	$	194,895		$	—		$	—

See accompanying notes to financial statements.

334

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 S&P North American Natural Resources ETF
$	26,324,783		$	791,437,926		$	764,494,373		$	3,607,188,026		$	125,709,185		$	957,286,096		$	882,924,550
	1,483,616			18,584,614			56,768,538			85,931,864			5,284,973			42,777,993			2,856,435
	27,808,399			810,022,540			821,262,911			3,693,119,890			130,994,158			1,000,064,089			885,780,985
	160,866			1,927,556			879,464			11,532,952			155,758			4,432,285			757,359
	—			—			—			2,295,543			—			—			—
	—			138,444			836,789			561,798			11,219,797			—			—
	—			—			—			—			—			10,592,221			—
	112,163			3,473,911			3,723,516			12,828,353			195,308			2,595,338			684,012
	17			64			953			4,218			154			770			1,077
	—			1,824			—			—			—			—			—
	1,482			45,891			179,042			128,594			2,733			76,079			—
	664			1,250,778			255,203			1,531,346			30,381			496,025			—
	28,083,591			816,861,008			827,137,878			3,722,002,694			142,598,289			1,018,256,807			887,223,433
	1,385,573			17,963,396			56,680,386			83,171,939			4,819,397			41,185,894			—
	—			1,071,679			13,409			11,336,678			11,773,920			12,157,089			—
	—			—			—			601,310			—			—			—
	35,795			622,984			725,370			5,204,431			107,643			907,435			750,451
	35			1,794			189			6,684			—			—			—
	1,421,403			19,659,853			57,419,354			100,321,042			16,700,960			54,250,418			750,451
$	26,662,188		$	797,201,155		$	769,718,524		$	3,621,681,652		$	125,897,329		$	964,006,389		$	886,472,982
$	60,608,469		$	808,886,299		$	818,768,112		$	4,585,041,537		$	144,579,725		$	1,138,041,568		$	689,761,551
	123,535			3,593,821			(1,323,606	)		(242,306,073	)		657,363			5,911,005			2,624,892
	(27,665,111	)		(6,711,992	)		(6,407,832	)		(799,069,646	)		(23,453,432	)		(189,935,406	)		5,493,559
	(6,397,595	)		(8,520,836	)		(41,324,028	)		78,187,180			4,118,874			10,015,303			188,588,651
	(7,110	)		(46,137	)		5,878			(171,346	)		(5,201	)		(26,081	)		4,329
$	26,662,188		$	797,201,155		$	769,718,524		$	3,621,681,652		$	125,897,329		$	964,006,389		$	886,472,982
$	59.25		$	27.68		$	31.42		$	37.32		$	48.42		$	42.37		$	33.20
	450,000			28,800,000			24,500,000			97,035,379			2,600,000			22,750,000			26,700,000
$	32,722,378		$	799,958,762		$	805,818,401		$	3,528,413,673		$	121,590,311		$	947,270,793		$	694,335,899
	1,483,616			18,584,614			56,768,538			85,931,864			5,284,973			42,777,993			2,856,435
$	34,205,994		$	818,543,376		$	862,586,939		$	3,614,345,537		$	126,875,284		$	990,048,786		$	697,192,334
$	166,053		$	1,912,631		$	882,347		$	11,580,858		$	155,045		$	4,417,407		$	753,948
$	1,818,250		$	27,530,960		$	70,191,113		$	87,036,812		$	5,333,218		$	59,492,535		$	—
$	—		$	—		$	—		$	14,137		$	—		$	—		$	—
$	—		$	—		$	—		$	587,173		$	—		$	—		$	—

335

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2017 (Unaudited)

	SPDR MSCI ACWI ex-US ETF			SPDR MSCI ACWI IMI ETF			SPDR MSCI ACWI Low Carbon Target ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	1,198,545,836		$	95,845,466		$	134,960,556
Investments in affiliated issuers, at value (Notes 2 and 4)		21,859,591			1,586,038			222,710
Total Investments		1,220,405,427			97,431,504			135,183,266
Foreign currency, at value		4,466,372			190,025			247,663
Cash at broker		—			—			—
Cash		—			—			82
Receivable from broker — variation margin on open futures contracts		—			—			—
Receivable for investments sold		—			—			—
Receivable for fund shares sold		—			—			—
Dividends receivable — unaffiliated issuers (Note 2)		4,795,989			221,412			312,763
Dividends receivable — affiliated issuers (Notes 2 and 4)		315			749			686
Interest receivable — unaffiliated issuers (Note 2)		21,012			—			—
Securities lending income receivable — affiliated issuers (Notes 4 and 9)		37,754			2,929			—
Receivable from Adviser (Note 3)		110,361			—			32,976
Receivable for foreign taxes recoverable		1,243,592			25,548			68,883
TOTAL ASSETS		1,231,080,822			97,872,167			135,846,319
LIABILITIES
Payable upon return of securities loaned		20,241,414			973,522			—
Payable for investments purchased		—			—			—
Deferred foreign taxes payable		192,195			1,247			22,715
Advisory fee payable (Note 4)		911,256			56,445			97,830
Trustees’ fees and expenses payable (Note 5)		—			—			—
TOTAL LIABILITIES		21,344,865			1,031,214			120,545
NET ASSETS	$	1,209,735,957		$	96,840,953		$	135,725,774
NET ASSETS CONSIST OF:
Paid-in Capital	$	1,339,145,672		$	90,728,290		$	125,301,300
Undistributed (distribution in excess of) net investment income (loss)		6,338,826			488,395			716,746
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures contracts**		(104,470,151	)		(129,553	)		(1,049,799	)
Net unrealized appreciation (depreciation) on:
Investments***		(31,253,616	)		5,754,392			10,756,870
Foreign currency transactions.		(24,774	)		(571	)		657
Futures contracts		—			—			—
NET ASSETS	$	1,209,735,957		$	96,840,953		$	135,725,774
NET ASSET VALUE PER SHARE
Net asset value per share	$	33.98		$	69.17		$	79.84
Shares outstanding (unlimited amount authorized, $0.01 par value)		35,600,000			1,400,000			1,700,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	1,229,607,257		$	90,102,493		$	124,184,568
Investments in affiliated issuers		21,859,591			1,573,372			219,113
Total cost of investments	$	1,251,466,848		$	91,675,865		$	124,403,681
Foreign currency, at cost.	$	4,450,708		$	190,193		$	246,696
* Includes investments in securities on loan, at value	$	34,370,562		$	2,677,537		$	—
** Includes deferred foreign taxes on open investment transactions	$	—		$	—		$	—
*** Includes deferred foreign taxes	$	192,195		$	1,247		$	22,715

See accompanying notes to financial statements.

336

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF			SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF			SPDR MSCI EAFE StrategicFactors ETF			SPDR MSCI Emerging Markets StrategicFactors ETF			SPDR MSCI World StrategicFactors ETF			SPDR MSCI Australia StrategicFactors ETF			SPDR MSCI Canada StrategicFactors ETF
$	32,104,026		$	5,325,070		$	123,022,180		$	166,909,903		$	26,892,362		$	13,010,057		$	35,430,485
	5,492			346,147			49,815			74,203			150,827			2,101			12,318
	32,109,518			5,671,217			123,071,995			166,984,106			27,043,189			13,012,158			35,442,803
	60,320			30,867			476,907			715,766			33,292			53,295			35,503
	—			14,520			—			—			—			—			—
	—			—			—			—			—			—			—
	—			6,599			—			—			—			—			—
	—			15,570			—			304,487			—			—			—
	—			—			8,658,690			—			—			—			5,465,755
	136,957			17,039			433,402			355,277			56,406			59,262			64,508
	20			162			21			159			89			—			5
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	7,740			—			—			—			—			—			—
	17,147			168			50,638			1,310			6,560			—			—
	32,331,702			5,756,142			132,691,653			168,361,105			27,139,536			13,124,715			41,008,574
	—			—			—			—			—			—			—
	—			5,906			8,689,668			661,640			130,102			—			5,464,208
	—			—			—			142,117			—			—			—
	23,143			4,102			72,270			109,509			19,487			9,310			16,959
	—			14			—			—			—			—			—
	23,143			10,022			8,761,938			913,266			149,589			9,310			5,481,167
$	32,308,559		$	5,746,120		$	123,929,715		$	167,447,839		$	26,989,947		$	13,115,405		$	35,527,407
$	29,888,945		$	5,500,000		$	116,824,259		$	162,353,117		$	25,119,111		$	12,270,911		$	33,536,562
	110,083			(5,761	)		752,302			473,135			160,692			50,032			90,222
	11,375			10,133			(496,293	)		(7,325,620	)		(24,709	)		(670,255	)		(412,197	)
	2,298,413			236,717			6,848,784			11,936,818			1,734,958			1,464,712			2,312,669
	(257	)		1,381			663			10,389			(105	)		5			151
	—			3,650			—			—			—			—			—
$	32,308,559		$	5,746,120		$	123,929,715		$	167,447,839		$	26,989,947		$	13,115,405		$	35,527,407
$	64.62		$	57.46		$	57.64		$	55.35		$	67.47		$	52.46		$	54.66
	500,000			100,000			2,150,000			3,025,000			400,000			250,000			650,000
$	29,805,613		$	5,088,353		$	116,173,396		$	154,831,902		$	25,157,964		$	11,545,345		$	33,117,816
	5,492			346,147			49,815			74,203			150,267			2,101			12,318
$	29,811,105		$	5,434,500		$	116,223,211		$	154,906,105		$	25,308,231		$	11,547,446		$	33,130,134
$	60,384		$	30,194		$	475,496		$	716,658		$	33,274		$	53,309		$	35,578
$	—		$	—		$	—		$	—		$	—		$	—		$	—
$	—		$	—		$	—		$	934		$	—		$	—		$	—
$	—		$	—		$	—		$	141,183		$	—		$	—		$	—

337

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2017 (Unaudited)

	SPDR MSCI Germany StrategicFactors ETF			SPDR MSCI Japan StrategicFactors ETF			SPDR MSCI Spain StrategicFactors ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	5,539,878		$	13,591,628		$	2,307,850
Investments in affiliated issuers, at value (Notes 2 and 4)		951			6,732			875
Total Investments		5,540,829			13,598,360			2,308,725
Foreign currency, at value		34,015			80,814			6,396
Cash		—			—			—
Receivable for investments sold		—			—			—
Dividends receivable — unaffiliated issuers (Note 2)		7,197			109,090			—
Dividends receivable — affiliated issuers (Notes 2 and 4)		—			3			—
Interest receivable — unaffiliated issuers (Note 2)		—			—			—
Securities lending income receivable — affiliated issuers (Notes 4 and 9)		—			—			—
Receivable for foreign taxes recoverable		50,656			6,386			43
TOTAL ASSETS		5,632,697			13,794,653			2,315,164
LIABILITIES
Payable upon return of securities loaned		—			—			—
Payable for investments purchased		—			54,960			—
Deferred foreign taxes payable		—			—			—
Advisory fee payable (Note 4)		3,979			9,648			1,570
Trustees’ fees and expenses payable (Note 5)		—			—			2
TOTAL LIABILITIES		3,979			64,608			1,572
NET ASSETS	$	5,628,718		$	13,730,045		$	2,313,592
NET ASSETS CONSIST OF:
Paid-in Capital	$	6,396,239		$	14,103,937		$	3,094,469
Undistributed (distribution in excess of) net investment income (loss)		(1,615	)		38,024			10,132
Accumulated net realized gain (loss) on investments and foreign currency transactions		(680,451	)		(259,235	)		(205,391	)
Net unrealized appreciation (depreciation) on:
Investments**		(82,579	)		(152,565	)		(585,699	)
Foreign currency transactions		(2,876	)		(116	)		81
NET ASSETS	$	5,628,718		$	13,730,045		$	2,313,592
NET ASSET VALUE PER SHARE
Net asset value per share	$	56.29		$	68.65		$	46.27
Shares outstanding (unlimited amount authorized, $0.01 par value)		100,000			200,000			50,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	5,622,457		$	13,744,193		$	2,893,549
Investments in affiliated issuers		951			6,732			875
Total cost of investments	$	5,623,408		$	13,750,925		$	2,894,424
Foreign currency, at cost.	$	34,314		$	80,817		$	6,315
* Includes investments in securities on loan, at value	$	—		$	—		$	—
** Includes deferred foreign taxes	$	—		$	—		$	—

See accompanying notes to financial statements.

338

SPDR MSCI United Kingdom StrategicFactors ETF			SPDR S&P Global Dividend ETF			SPDR S&P International Dividend 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
$	2,423,779		$	124,972,452		$	1,133,651,336		$	370,660,793		$	2,529,439,712		$	15,116,821		$	36,157,145
	359			6,902,388			12,526,551			12,336,620			25,211,773			258,782			175,791
	2,424,138			131,874,840			1,146,177,887			382,997,413			2,554,651,485			15,375,603			36,332,936
	13,612			264,660			2,567,606			889,997			3,593,973			46,280			78,872
	—			4,157			—			1,066			596,693			—			—
	—			—			—			30,465			149,597			—			—
	10,559			343,313			4,140,074			391,874			8,165,551			84,376			130,365
	—			142			1,310			492			3,041			3			30
	—			—			12,785			—			—			—			—
	—			9,210			94,307			61,234			34,145			535			416
	32			54,497			532,008			1,458			185,878			11,818			112,845
	2,448,341			132,550,819			1,153,525,977			384,373,999			2,567,380,363			15,518,615			36,655,464
	—			6,833,259			12,019,618			10,682,515			18,752,512			251,228			157,631
	—			—			—			—			2,956,274			—			—
	—			13,954			308			686,961			132,396			—			—
	1,754			114,673			1,188,345			572,079			3,131,609			14,028			36,078
	2			—			—			161			—			9			29
	1,756			6,961,886			13,208,271			11,941,716			24,972,791			265,265			193,738
$	2,446,585		$	125,588,933		$	1,140,317,706		$	372,432,283		$	2,542,407,572		$	15,253,350		$	36,461,726
$	3,081,008		$	129,168,315		$	1,583,194,938		$	514,743,554		$	2,507,319,320		$	15,847,883		$	37,294,614
	(2,093	)		143,018			(6,045,216	)		(357,343	)		(27,961,308	)		92,386			(5,746	)
	(296,417	)		(6,472,435	)		(459,477,138	)		(87,986,203	)		(44,079,484	)		(8,603	)		(179,371	)
	(335,993	)		2,751,889			22,692,038			(53,963,007	)		107,138,567			(678,228	)		(641,002	)
	80			(1,854	)		(46,916	)		(4,718	)		(9,523	)		(88	)		(6,769	)
$	2,446,585		$	125,588,933		$	1,140,317,706		$	372,432,283		$	2,542,407,572		$	15,253,350		$	36,461,726
$	48.93		$	64.40		$	38.01		$	45.42		$	47.08		$	38.13		$	42.90
	50,000			1,950,000			30,001,326			8,200,000			54,000,000			400,000			850,000
$	2,759,772		$	122,206,609		$	1,110,958,990		$	423,936,839		$	2,422,168,749		$	15,795,049		$	36,798,147
	359			6,902,388			12,526,551			12,336,620			25,211,773			258,782			175,791
$	2,760,131		$	129,108,997		$	1,123,485,541		$	436,273,459		$	2,447,380,522		$	16,053,831		$	36,973,938
$	13,557		$	264,578		$	2,577,281		$	896,294		$	3,612,636		$	46,294		$	78,989
$	—		$	13,202,692		$	25,212,721		$	21,314,274		$	27,029,136		$	773,496		$	476,900
$	—		$	13,954		$	308		$	686,961		$	132,396		$	—		$	—

339

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

March 31, 2017 (Unaudited)

	SPDR S&P International Energy Sector ETF			SPDR S&P International Financial Sector ETF			SPDR S&P International Health Care Sector ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	46,011,559		$	7,091,482		$	50,776,837
Investments in affiliated issuers, at value (Notes 2 and 4)		2,836,478			128,601			804,412
Total Investments		48,848,037			7,220,083			51,581,249
Foreign currency, at value		198,632			24,212			157,100
Cash		—			—			415,798
Receivable for investments sold		150,853			—			—
Receivable for fund shares sold		—			—			—
Dividends receivable — unaffiliated issuers (Note 2)		131,174			45,997			149,960
Dividends receivable — affiliated issuers (Notes 2 and 4)		62			—			111
Securities lending income receivable — affiliated issuers (Notes 4 and 9)		11,378			324			1,491
Receivable for foreign taxes recoverable		3,313			3,242			358,301
TOTAL ASSETS		49,343,449			7,293,858			52,664,010
LIABILITIES
Payable upon return of securities loaned		2,741,756			127,567			664,580
Payable for investments purchased		229,866			—			—
Advisory fee payable (Note 4)		40,985			6,054			53,721
Trustees’ fees and expenses payable (Note 5)		—			27			161
Distribution payable.		—			—			415,798
TOTAL LIABILITIES		3,012,607			133,648			1,134,260
NET ASSETS	$	46,330,842		$	7,160,210		$	51,529,750
NET ASSETS CONSIST OF:
Paid-in Capital	$	55,728,453		$	10,058,002		$	55,618,678
Undistributed (distribution in excess of) net investment income (loss)		(63,989	)		12,181			143,142
Accumulated net realized gain (loss) on investments and foreign currency transaction		(5,308,191	)		(1,748,129	)		(564,786	)
Net unrealized appreciation (depreciation) on:
Investments		(4,026,162	)		(1,161,671	)		(3,652,357	)
Foreign currency transactions		731			(173	)		(14,927	)
NET ASSETS	$	46,330,842		$	7,160,210		$	51,529,750
NET ASSET VALUE PER SHARE
Net asset value per share	$	18.17		$	20.46		$	46.85
Shares outstanding (unlimited amount authorized, $0.01 par value)		2,550,000			350,000			1,100,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	50,037,721		$	8,253,153		$	54,429,194
Investments in affiliated issuers		2,836,478			128,601			804,412
Total cost of investments	$	52,874,199		$	8,381,754		$	55,233,606
Foreign currency, at cost.	$	198,913		$	24,356		$	157,065
* Includes investments in securities on loan, at value	$	3,838,859		$	178,528		$	898,879

See accompanying notes to financial statements.

340

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
$20,740,426	$	13,958,775		$	27,996,157		$	37,017,627		$	25,658,946
485,016		342,367			419,906			315,533			871,752
21,225,442		14,301,142			28,416,063			37,333,160			26,530,698
74,387		78,482			59,692			108,311			41,381
—		—			—			—			—
—		—			—			—			49,814
—		—			11,668,308			—			—
81,133		98,760			58,609			153,501			44,972
18		23			13			10			23
447		307			777			1,770			784
18,898		5,515			1,414			17,935			15,458
21,400,325		14,484,229			40,204,876			37,614,687			26,683,130
403,542		336,220			417,060			295,032			860,733
—		—			10,679,739			—			68,184
19,575		17,945			15,445			35,939			24,441
—		—			—			53			30
—		—			—			—			—
423,117		354,165			11,112,244			331,024			953,388
$20,977,208	$	14,130,064		$	29,092,632		$	37,283,663		$	25,729,742
$22,305,302	$	18,058,346		$	27,132,134		$	43,908,259		$	37,070,734
90,224		82,020			28,638			109,446			2,306
(1,768,909)		(1,629,218	)		(145,725	)		(4,483,119	)		(5,599,080	)
351,773		(2,380,923	)		2,076,523			(2,249,693	)		(5,743,111	)
(1,182)		(161	)		1,062			(1,230	)		(1,107	)
$20,977,208	$	14,130,064		$	29,092,632		$	37,283,663		$	25,729,742
$32.27	$	21.74		$	38.79		$	24.05		$	16.08
650,000		650,000			750,000			1,550,000			1,600,000
$20,388,653	$	16,339,698		$	25,919,634		$	39,267,320		$	31,402,057
485,016		342,367			419,906			315,533			871,752
$20,873,669	$	16,682,065		$	26,339,540		$	39,582,853		$	32,273,809
$74,494	$	78,610		$	59,237		$	108,434		$	41,371
$597,486	$	663,862		$	1,200,953		$	612,604		$	1,730,789

341

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2017 (Unaudited)

	SPDR STOXX Europe 50 ETF			SPDR EURO STOXX 50 ETF			SPDR EURO STOXX Small Cap ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	2,982,622		$	22,561,306		$	54,125
Dividend income — affiliated issuers (Notes 2 and 4)		240			1,879			6
Affiliated securities lending income — net (Note 9)		33,160			427,388			—
Foreign taxes withheld		(237,674	)		(2,742,686	)		(8,153	)
TOTAL INVESTMENT INCOME (LOSS)		2,778,348			20,247,887			45,978
EXPENSES
Advisory fees (Note 4)		252,723			3,426,057			26,543
Trustees’ fees and expenses (Note 5)		1,789			28,558			233
Miscellaneous expenses		404			5,875			40
TOTAL EXPENSES		254,916			3,460,490			26,816
Expenses waived/reimbursed by the Adviser (Note 4)		—			—			—
NET EXPENSES		254,916			3,460,490			26,816
NET INVESTMENT INCOME (LOSS)		2,523,432			16,787,397			19,162
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		(820,368	)		(10,381,388	)		(60,890	)
Investments — affiliated issuers		—			—			—
In-kind redemptions — unaffiliated issuers		(2,103,617	)		(35,529,432	)		—
Foreign currency transactions		(25,431	)		(261,369	)		(1,068	)
Futures contracts		—			—			—
Net realized gain (loss)		(2,949,416	)		(46,172,189	)		(61,958	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		12,192,399			288,313,078			1,206,681
Investments — affiliated issuers		—			—			—
Foreign currency transactions		(32,711	)		(191,308	)		(396	)
Futures contracts		—			—			—
Net change in unrealized appreciation/depreciation		12,159,688			288,121,770			1,206,285
NET REALIZED AND UNREALIZED GAIN (LOSS)		9,210,272			241,949,581			1,144,327
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	11,733,704		$	258,736,978		$	1,163,489
* Includes foreign capital gain taxes	$	—		$	—		$	—
** Includes foreign deferred taxes	$	—		$	—		$	—

See accompanying notes to financial statements.

342

SPDR EURO STOXX 50 Currency Hedged ETF			SPDR S&P International Dividend Currency Hedged ETF			SPDR S&P Emerging Asia Pacific ETF			SPDR S&P Russia ETF			SPDR S&P China ETF			SPDR MSCI China A Shares IMI ETF			SPDR S&P Emerging Markets ETF
$	—		$	—		$	907,755		$	283,554		$	538,099		$	203		$	1,652,222
	94,151			58,644			1,338			257			2,906			1			1,145
	—			—			104,194			—			663,412			—			48,997
	—			—			(66,814	)		(22,262	)		(12,212	)		(20	)		(154,156	)
	94,151			58,644			946,473			261,549			1,192,205			184			1,548,208
	27,873			5,026			783,935			87,382			2,449,150			7,000			830,184
	115			33			3,023			214			6,419			18			1,887
	201			20			1,152			179			2,632			36			685
	28,189			5,079			788,110			87,775			2,458,201			7,054			832,756
	(25,260	)		(4,711	)		—			—			—			—			(28	)
	2,929			368			788,110			87,775			2,458,201			7,054			832,728
	91,222			58,276			158,363			173,774			(1,265,996	)		(6,870	)		715,480
	(154,701	)		—			1,606,124			(442,534	)		(4,761,408	)		(5,837	)		(548,790	)
	90,722			818			—			—			—			—			—
	154,701			—			(861,380	)		161,907			19,989,925			—			—
	819,943			11,447			(83,414	)		(1,056	)		(2,570	)		(77	)		(88,178	)
	17,679			—			—			—			—			—			27,133
	928,344			12,265			661,330			(281,683	)		15,225,947			(5,914	)		(609,835	)
	—			—			19,235,913			3,509,690			28,427,522			26,434			21,576,201
	1,909,047			74,389			—			—			—			—			—
	(21,203	)		24,374			(3,310	)		(11	)		(2,140	)		(21	)		(11,105	)
	4,579			—			—			—			—			—			(1,397	)
	1,892,423			98,763			19,232,603			3,509,679			28,425,382			26,413			21,563,699
	2,820,767			111,028			19,893,933			3,227,996			43,651,329			20,499			20,953,864
$	2,911,989		$	169,304		$	20,052,296		$	3,401,770		$	42,385,333		$	13,629		$	21,669,344
$	—		$	—		$	(94,985	)	$	—		$	—		$	—		$	(705	)
$	—		$	—		$	(543,309	)	$	—		$	—		$	—		$	(428,037	)

343

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2017 (Unaudited)

	SPDR S&P Emerging Markets Dividend ETF			SPDR S&P Emerging Europe ETF			SPDR S&P Emerging Latin America ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	4,448,927		$	263,533		$	391,310
Dividend income — affiliated issuers (Notes 2 and 4)		1,213			179			73
Affiliated securities lending income — net (Note 9)		33,869			1,308			3,947
Foreign taxes withheld		(505,835	)		—			(37,829	)
TOTAL INVESTMENT INCOME (LOSS)		3,978,174			265,020			357,501
EXPENSES
Advisory fees (Note 4)		764,790			93,999			69,279
Trustees’ fees and expenses (Note 5)		2,294			335			223
Miscellaneous expenses		935			114			2,911
TOTAL EXPENSES		768,019			94,448			72,413
NET EXPENSES		768,019			94,448			72,413
NET INVESTMENT INCOME (LOSS)		3,210,155			170,572			285,088
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		8,523,962			(194,524	)		(350,252	)
In-kind redemptions — unaffiliated issuers		390,678			—			—
Foreign currency transactions		(48,709	)		(5,909	)		670
Net realized gain (loss)		8,865,931			(200,433	)		(349,582	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		10,375,560			3,910,594			3,281,619
Foreign currency transactions		(14,762	)		1,224			(2,695	)
Net change in unrealized appreciation/depreciation		10,360,798			3,911,818			3,278,924
NET REALIZED AND UNREALIZED GAIN (LOSS)		19,226,729			3,711,385			2,929,342
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	22,436,884		$	3,881,957		$	3,214,430
* Includes foreign capital gain taxes	$	(31,327	)	$	—		$	—
** Includes foreign deferred taxes	$	(194,895	)	$	—		$	—

See accompanying notes to financial statements.

344

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 S&P North American Natural Resources ETF
$	499,182		$	8,812,087		$	7,747,942		$	62,004,722		$	1,618,645		$	11,261,369		$	8,038,562
	79			1,896			5,298			32,165			399			4,462			6,243
	3,382			168,539			913,837			364,722			25,736			167,666			(3,468	)
	(49,501	)		(751,147	)		(719,161	)		(5,837,620	)		(86,539	)		(556,364	)		(300,482	)
	453,142			8,231,375			7,947,916			56,563,989			1,558,241			10,877,133			7,740,855
	70,918			1,115,014			1,424,533			10,973,693			195,563			1,695,314			1,482,159
	251			5,919			5,635			39,081			693			6,108			6,621
	100			1,146			2,546			14,872			294			2,182			5,317
	71,269			1,122,079			1,432,714			11,027,646			196,550			1,703,604			1,494,097
	71,269			1,122,079			1,432,714			11,027,646			196,550			1,703,604			1,494,097
	381,873			7,109,296			6,515,202			45,536,343			1,361,691			9,173,529			6,246,758
	(1,592,573	)		(77,417	)		(5,421,427	)		(122,409,585	)		(1,371,646	)		(14,674,995	)		5,564,614
	50,526			3,334,160			—			118,833,879			771,498			5,641,875			3,039,696
	(14,955	)		(235,227	)		(413,920	)		(439,369	)		(907	)		(21,859	)		(46,695	)
	(1,557,002	)		3,021,516			(5,835,347	)		(4,015,075	)		(601,055	)		(9,054,979	)		8,557,615
	1,406,619			33,949,371			32,940,254			(248,361,948	)		4,203,661			72,738,090			(398,884	)
	(6,512	)		(23,825	)		15,347			(27,005	)		(1,212	)		(6,463	)		18,196
	1,400,107			33,925,546			32,955,601			(248,388,953	)		4,202,449			72,731,627			(380,688	)
	(156,895	)		36,947,062			27,120,254			(252,404,028	)		3,601,394			63,676,648			8,176,927
$	224,978		$	44,056,358		$	33,635,456		$	(206,867,685	)	$	4,963,085		$	72,850,177		$	14,423,685
$	—		$	—		$	—		$	(211,648	)	$	—		$	—		$	—
$	—		$	—		$	—		$	(587,173	)	$	—		$	—		$	—

345

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2017 (Unaudited)

	SPDR MSCI ACWI ex-US ETF			SPDR MSCI ACWI IMI ETF			SPDR MSCI ACWI Low Carbon Target ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	12,671,737		$	920,015		$	1,340,355
Dividend income — affiliated issuers (Notes 2 and 4)		2,558			1,721			1,614
Affiliated securities lending income — net (Note 9)		133,382			11,289			—
Foreign taxes withheld		(1,077,567	)		(39,030	)		(60,011	)
TOTAL INVESTMENT INCOME (LOSS)		11,730,110			893,995			1,281,958
EXPENSES
Advisory fees (Note 4)		1,677,701			99,821			174,997
Trustees’ fees and expenses (Note 5)		6,749			534			789
Miscellaneous expenses		9,613			178			304
TOTAL EXPENSES		1,694,063			100,533			176,090
Expenses waived/reimbursed by the Adviser (Note 4)		(203,768	)		—			(59,073	)
NET EXPENSES		1,490,295			100,533			117,017
NET INVESTMENT INCOME (LOSS)		10,239,815			793,462			1,164,941
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		(2,998,947	)		11,920			(242,085	)
Investments — affiliated issuers		—			—			(93	)
In-kind redemptions — unaffiliated issuers		—			—			—
Foreign currency transactions		(347,312	)		(14,015	)		(23,844	)
Futures contracts		—			—			—
Net realized gain (loss)		(3,346,259	)		(2,095	)		(266,022	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		62,609,643			5,971,925			8,962,430
Investments — affiliated issuers		—			11,545			12,628
Foreign currency transactions		1,939			(29	)		(473	)
Futures contracts		—			—			—
Net change in unrealized appreciation/depreciation		62,611,582			5,983,441			8,974,585
NET REALIZED AND UNREALIZED GAIN (LOSS)		59,265,323			5,981,346			8,708,563
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	69,505,138		$	6,774,808		$	9,873,504
* Includes foreign capital gain taxes	$	—		$	—		$	(152	)
** Includes foreign deferred taxes	$	(192,195	)	$	(1,247	)	$	(22,715	)

(a) For the period October 24, 2016 (inception date) through March 31, 2017.

See accompanying notes to financial statements.

346

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (a)			SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF (a)			SPDR MSCI EAFE StrategicFactors ETF			SPDR MSCI Emerging Markets StrategicFactors ETF			SPDR MSCI World StrategicFactors ETF			SPDR MSCI Australia StrategicFactors ETF			SPDR MSCI Canada StrategicFactors ETF
$	358,233		$	38,143		$	1,054,736		$	1,022,005		$	227,893		$	251,550		$	301,330
	38			610			59			457			172			39			37
	—			—			—			—			—			—			—
	(29,665	)		(5,504	)		(84,904	)		(119,908	)		(10,266	)		(5,389	)		(45,199	)
	328,606			33,249			969,891			902,554			217,799			246,200			256,168
	39,039			7,006			91,957			198,096			25,813			17,383			30,913
	139			41			144			882			60			82			149
	115			116			7			348			226			11			16
	39,293			7,163			92,108			199,326			26,099			17,476			31,078
	(13,057	)		—			—			—			—			—			—
	26,236			7,163			92,108			199,326			26,099			17,476			31,078
	302,370			26,086			877,783			703,228			191,700			228,724			225,090
	11,032			(451	)		(277,645	)		(1,318,573	)		(14,137	)		(389,811	)		(148,851	)
	—			—			—			—			—			—			—
	—			—			—			31			—			—			—
	343			3,115			(4,709	)		(27,098	)		(1,511	)		3,813			(863	)
	—			7,469			—			—			—			—			—
	11,375			10,133			(282,354	)		(1,345,640	)		(15,648	)		(385,998	)		(149,714	)
	2,298,413			236,717			7,090,544			8,449,172			1,386,491			1,262,362			920,426
	—			—			—			—			441			—			—
	(257	)		1,381			645			12,502			28			(340	)		688
	—			3,650			—			—			—			—			—
	2,298,156			241,748			7,091,189			8,461,674			1,386,960			1,262,022			921,114
	2,309,531			251,881			6,808,835			7,116,034			1,371,312			876,024			771,400
$	2,611,901		$	277,967		$	7,686,618		$	7,819,262		$	1,563,012		$	1,104,748		$	996,490
$	—		$	—		$	—		$	(3,819	)	$	—		$	—		$	—
$	—		$	—		$	—		$	(141,183	)	$	—		$	—		$	—

347

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2017 (Unaudited)

	SPDR MSCI Germany StrategicFactors ETF			SPDR MSCI Japan StrategicFactors ETF			SPDR MSCI Spain StrategicFactors ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	24,454		$	152,326		$	40,236
Dividend income — affiliated issuers (Notes 2 and 4)		3			16			7
Affiliated securities lending income — net (Note 9)		—			—			—
Foreign taxes withheld		(3,359	)		(19,700	)		(3,649	)
TOTAL INVESTMENT INCOME (LOSS)		21,098			132,642			36,594
EXPENSES
Advisory fees (Note 4)		11,468			19,722			3,110
Trustees’ fees and expenses (Note 5)		91			107			18
Miscellaneous expenses		13			14			3
TOTAL EXPENSES		11,572			19,843			3,131
NET EXPENSES		11,572			19,843			3,131
NET INVESTMENT INCOME (LOSS)		9,526			112,799			33,463
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		(108,988	)		(161,682	)		(75,985	)
In-kind redemptions — unaffiliated issuers		(182,465	)		967,099			—
Foreign currency transactions		(1,762	)		(10,953	)		1
Net realized gain (loss)		(293,215	)		794,464			(75,984	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		155,983			(572,734	)		320,968
Foreign currency transactions		(2,781	)		(298	)		74
Net change in unrealized appreciation/depreciation		153,202			(573,032	)		321,042
NET REALIZED AND UNREALIZED GAIN (LOSS)		(140,013	)		221,432			245,058
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(130,487	)	$	334,231		$	278,521
* Includes foreign capital gain taxes	$	—		$	—		$	—
** Includes foreign deferred taxes	$	—		$	—		$	—

See accompanying notes to financial statements.

348

SPDR MSCI United Kingdom StrategicFactors ETF			SPDR S&P Global Dividend ETF			SPDR S&P International Dividend 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
$	42,018		$	1,873,642		$	19,104,681		$	2,273,367		$	50,921,288		$	160,134		$	334,811
	2			517			6,053			2,513			11,598			39			95
	—			31,495			474,462			338,412			86,729			2,328			3,511
	(303	)		(156,245	)		(1,568,432	)		(171,489	)		(1,500,309	)		(16,062	)		(23,249	)
	41,717			1,749,409			18,016,764			2,442,803			49,519,306			146,439			315,168
	3,492			212,558			2,351,972			1,161,820			6,066,040			26,654			72,589
	20			694			7,956			2,692			19,252			108			297
	3			300			5,947			1,058			7,622			51			123
	3,515			213,552			2,365,875			1,165,570			6,092,914			26,813			73,009
	3,515			213,552			2,365,875			1,165,570			6,092,914			26,813			73,009
	38,202			1,535,857			15,650,889			1,277,233			43,426,392			119,626			242,159
	(102,834	)		1,133,755			23,165,649			(9,171,807	)		(32,219,715	)		2			9,900
	—			903,821			6,987,463			1,157,793			39,922,424			—			133,184
	322			(22,802	)		(235,003	)		(211,131	)		(160,860	)		(8,606	)		(7,930	)
	(102,512	)		2,014,774			29,918,109			(8,225,145	)		7,541,849			(8,604	)		135,154
	134,655			529,163			24,656,663			34,710,205			(143,791,400	)		698,343			(1,302,020	)
	128			(54	)		(19,592	)		(432	)		16,168			221			(1,009	)
	134,783			529,109			24,637,071			34,709,773			(143,775,232	)		698,564			(1,303,029	)
	32,271			2,543,883			54,555,180			26,484,628			(136,233,383	)		689,960			(1,167,875	)
$	70,473		$	4,079,740		$	70,206,069		$	27,761,861		$	(92,806,991	)	$	809,586		$	(925,716	)
$	—		$	(12,917	)	$	(60,735	)	$	(81,087	)	$	(16,969	)	$	—		$	—
$	—		$	(13,954	)	$	(308	)	$	(686,961	)	$	(132,396	)	$	—		$	—

349

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended March 31, 2017 (Unaudited)

	SPDR S&P International Energy Sector ETF			SPDR S&P International Financial Sector ETF			SPDR S&P International Health Care Sector ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	817,692		$	93,808		$	817,817
Dividend income — affiliated issuers (Notes 2 and 4)		151			19			214
Affiliated securities lending income — net (Note 9)		33,181			1,277			10,508
Foreign taxes withheld		(58,961	)		(7,583	)		(86,999	)
TOTAL INVESTMENT INCOME (LOSS)		792,063			87,521			741,540
EXPENSES
Advisory fees (Note 4)		79,345			11,479			101,885
Trustees’ fees and expenses (Note 5)		309			71			521
Miscellaneous expenses		117			52			182
TOTAL EXPENSES		79,771			11,602			102,588
NET EXPENSES		79,771			11,602			102,588
NET INVESTMENT INCOME (LOSS)		712,292			75,919			638,952
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers		(1,864,657	)		(14,666	)		(278,047	)
In-kind redemptions — unaffiliated issuers		202,799			(234,981	)		1,320,911
Foreign currency transactions		(1,671	)		(3,808	)		(14,478	)
Net realized gain (loss)		(1,663,529	)		(253,455	)		1,028,386
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers		3,298,452			1,031,086			(1,468,336	)
Foreign currency transactions		(220	)		(467	)		(5,894	)
Net change in unrealized appreciation/depreciation		3,298,232			1,030,619			(1,474,230	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		1,634,703			777,164			(445,844	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	2,346,995		$	853,083		$	193,108

See accompanying notes to financial statements.

350

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
$	172,249		$	174,806		$	82,924		$	460,846		$	427,474
	53			66			38			47			55
	1,914			1,153			3,917			9,067			7,418
	(18,419	)		(8,153	)		(8,639	)		(34,147	)		(32,038	)
	155,797			167,872			78,240			435,813			402,909
	36,926			26,079			26,192			64,694			52,217
	129			54			84			264			262
	71			16			44			359			139
	37,126			26,149			26,320			65,317			52,618
	37,126			26,149			26,320			65,317			52,618
	118,671			141,723			51,920			370,496			350,291
	(109,442	)		(209,584	)		6,005			(353,840	)		(649,824	)
	349,711			802,526			—			204,662			(265,068	)
	(6,158	)		(2,932	)		(3,236	)		(12,814	)		(5,431	)
	234,111			590,010			2,769			(161,992	)		(920,323	)
	1,046,631			25,982			1,648,346			(107,111	)		248,557
	(384	)		120			925			(209	)		(641	)
	1,046,247			26,102			1,649,271			(107,320	)		247,916
	1,280,358			616,112			1,652,040			(269,312	)		(672,407	)
$	1,399,029		$	757,835		$	1,703,960		$	101,184		$	(322,116	)

351

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR STOXX Europe 50 ETF						SPDR EURO STOXX 50 ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,523,432		$	7,534,831		$	16,787,397		$	104,577,239
Net realized gain (loss)		(2,949,416	)		(11,770,497	)		(46,172,189	)		(195,079,777	)
Net change in unrealized appreciation/depreciation		12,159,688			2,898,366			288,121,770			73,088,643
Net increase (decrease) in net assets resulting from operations		11,733,704			(1,337,300	)		258,736,978			(17,413,895	)
Net equalization credits and charges (Note 2)		(51,285	)		(266,142	)		(104,661	)		(5,772,043	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,233,853	)		(7,235,067	)		(12,109,256	)		(104,977,475	)
Net realized gains		—			—			—			—
Total distributions to shareholders		(2,233,853	)		(7,235,067	)		(12,109,256	)		(104,977,475	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			—			372,083,717			221,677,717
Cost of shares redeemed		(17,804,866	)		(52,833,596	)		(377,823,680	)		(1,604,991,739	)
Net income equalization (Note 2)		51,285			266,142			104,661			5,772,043
Other capital (Note 7)		41,415			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		(17,712,166	)		(52,567,454	)		(5,635,302	)		(1,377,541,979	)
Net increase (decrease) in net assets during the period		(8,263,600	)		(61,405,963	)		240,887,759			(1,505,705,392	)
Net assets at beginning of period		186,219,685			247,625,648			2,538,715,451			4,044,420,843
NET ASSETS AT END OF PERIOD	$	177,956,085		$	186,219,685		$	2,779,603,210		$	2,538,715,451
Undistributed (distribution in excess of) net investment income (loss)	$	520,416		$	230,837		$	4,678,141		$	—
SHARES OF BENEFICIAL INTEREST:
Shares sold.		—			—			10,400,000			7,350,000
Shares redeemed.		(600,000	)		(1,700,000	)		(11,550,000	)		(49,600,000	)
Net increase (decrease)		(600,000	)		(1,700,000	)		(1,150,000	)		(42,250,000	)

See accompanying notes to financial statements.

352

SPDR EURO STOXX Small Cap ETF						SPDR EURO STOXX 50 Currency Hedged ETF						SPDR S&P International Dividend Currency Hedged ETF
Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
$	19,162		$	564,210		$	91,222		$	407,968		$	58,276		$	159,057
	(61,958	)		(3,619,165	)		928,344			(283,921	)		12,265			67,235
	1,206,285			964,891			1,892,423			(243,431	)		98,763			163,187
	1,163,489			(2,090,064	)		2,911,989			(119,384	)		169,304			389,479
	—			(23,442	)		283,545			(17,147	)		—			(15,504	)
	(45,484	)		(524,645	)		(91,613	)		(386,048	)		(58,005	)		(167,077	)
	—			—			—			(105,717	)		—			(48,552	)
	(45,484	)		(524,645	)		(91,613	)		(491,765	)		(58,005	)		(215,629	)
	—			22,141,955			7,274,078			11,865,980			—			—
	—			(19,380,808	)		(1,776,180	)		(3,345,178	)		—			(2,011,049	)
	—			23,442			(283,545	)		17,147			—			15,504
	—			—			—			—
	—			2,784,589			5,214,353			8,537,949			—			(1,995,545	)
	1,118,005			146,438			8,318,274			7,909,653			111,299			(1,837,199	)
	11,853,957			11,707,519			14,716,447			6,806,794			2,054,729			3,891,928
$	12,971,962		$	11,853,957		$	23,034,721		$	14,716,447		$	2,166,028		$	2,054,729
$	17,754		$	44,076		$	(391	)	$	—		$	182		$	(89	)
	—			450,000			200,000			350,000			—			—
	—			(450,000	)		(50,000	)		(100,000	)		—			(50,000	)
	—			—			150,000			250,000			—			(50,000	)

353

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Emerging Asia Pacific ETF						SPDR S&P Russia ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	158,363		$	6,616,428		$	173,774		$	717,145
Net realized gain (loss)		661,330			(11,195,076	)		(281,683	)		(1,854,131	)
Net change in unrealized appreciation/depreciation		19,232,603			57,859,732			3,509,679			6,315,110
Net increase (decrease) in net assets resulting from operations		20,052,296			53,281,084			3,401,770			5,178,124
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(5,493,462	)		(15,794,101	)		(591,422	)		(1,046,770	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			—			4,055,413			2,465,879
Cost of shares redeemed		(15,502,785	)		(130,075,797	)		(892,399	)		(2,939,997	)
Other capital (Note 7)		—			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		(15,502,785	)		(130,075,797	)		3,163,014			(474,118	)
Net increase (decrease) in net assets during the period		(943,951	)		(92,588,814	)		5,973,362			3,657,236
Net assets at beginning of period		335,858,409			428,447,223			26,758,586			23,101,350
NET ASSETS AT END OF PERIOD	$	334,914,458		$	335,858,409		$	32,731,948		$	26,758,586
Undistributed (distribution in excess of) net investment income (loss)	$	(1,322,615	)	$	4,012,484		$	(3,155	)	$	414,493
SHARES OF BENEFICIAL INTEREST:
Shares sold.		—			—			200,000			150,000
Shares redeemed.		(200,000	)		(1,800,000	)		(50,000	)		(200,000	)
Net increase (decrease)		(200,000	)		(1,800,000	)		150,000			(50,000	)

* Inception date.

See accompanying notes to financial statements.

354

SPDR S&P China ETF						SPDR MSCI China A Shares IMI ETF						SPDR S&P Emerging Markets ETF
Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			For the Period 10/28/15* - 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
$	(1,265,996	)	$	14,873,959		$	(6,870	)	$	15,088		$	715,480		$	3,657,638
	15,225,947			(17,872,233	)		(5,914	)		(21,921	)		(609,835	)		(7,774,303	)
	28,425,382			119,567,331			26,413			(320,806	)		21,563,699			34,425,127
	42,385,333			116,569,057			13,629			(327,639	)		21,669,344			30,308,462
	(11,206,913	)		(22,176,022	)		—			(31,418	)		(2,363,299	)		(3,843,662	)
	55,990,531			32,048,202			—			2,500,000			71,225,203			78,159,264
	(79,843,509	)		(132,277,950	)		—			—			—			(58,547,453	)
	81,681			51,557			—			6,250			2,895			—
	(23,771,297	)		(100,178,191	)		—			2,506,250			71,228,098			19,611,811
	7,407,123			(5,785,156	)		13,629			2,147,193			90,534,143			46,076,611
	812,123,029			817,908,185			2,147,193			—			234,783,492			188,706,881
$	819,530,152		$	812,123,029		$	2,160,822		$	2,147,193		$	325,317,635		$	234,783,492
$	(2,284,579	)	$	10,188,330		$	(7,450	)	$	(580	)	$	133,195		$	1,781,014
	700,000			400,000			—			100,000			1,200,000			1,400,000
	(1,000,000	)		(2,000,000	)		—			—			—			(1,100,000	)
	(300,000	)		(1,600,000	)		—			100,000			1,200,000			300,000

355

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Emerging Markets Dividend ETF						SPDR S&P Emerging Europe ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,210,155		$	13,195,227		$	170,572		$	1,092,693
Net realized gain (loss)		8,865,931			(86,415,279	)		(200,433	)		(13,651,696	)
Net change in unrealized appreciation/depreciation		10,360,798			103,749,545			3,911,818			15,000,639
Net increase (decrease) in net assets resulting from operations		22,436,884			30,529,493			3,881,957			2,441,636
Net equalization credits and charges (Note 2)		21,027			388,020			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,320,039	)		(13,540,223	)		(689,998	)		(1,195,312	)
Net realized gains		—			—			—			—
Total distributions to shareholders		(2,320,039	)		(13,540,223	)		(689,998	)		(1,195,312	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		32,798,698			58,309,589			11,289,013			26,369,890
Cost of shares redeemed		(6,518,090	)		(73,579,609	)		—			(34,636,425	)
Net income equalization (Note 2)		(21,027	)		(388,020	)		—			—
Other capital (Note 7)		25,294			160,241			922			—
Net increase (decrease) in net assets from beneficial interest transactions		26,284,875			(15,497,799	)		11,289,935			(8,266,535	)
Net increase (decrease) in net assets during the period		46,422,747			1,879,491			14,481,894			(7,020,211	)
Net assets at beginning of period		300,042,234			298,162,743			33,988,845			41,009,056
NET ASSETS AT END OF PERIOD	$	346,464,981		$	300,042,234		$	48,470,739		$	33,988,845
Undistributed (distribution in excess of) net investment income (loss)	$	808,902		$	(81,214	)	$	42,162		$	561,588
SHARES OF BENEFICIAL INTEREST:
Shares sold.		1,150,000			2,150,000			400,000			1,000,000
Shares redeemed.		(250,000	)		(3,100,000	)		—			(1,400,000	)
Net increase (decrease)		900,000			(950,000	)		400,000			(400,000	)

See accompanying notes to financial statements.

356

SPDR S&P Emerging Latin America ETF						SPDR S&P Emerging Middle East & Africa ETF						SPDR S&P World ex-US ETF
Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
$	285,088		$	605,113		$	381,873		$	723,934		$	7,109,296		$	18,870,297
	(349,582	)		(7,247,825	)		(1,557,002	)		(4,617,990	)		3,021,516			14,852,852
	3,278,924			12,581,267			1,400,107			5,713,624			33,925,546			14,490,157
	3,214,430			5,938,555			224,978			1,819,568			44,056,358			48,213,306
	—			—			—			—			—			—
	(173,656	)		(668,273	)		(500,419	)		(784,205	)		(9,504,298	)		(19,011,480	)
	—			—			—			—			—			(1,091,428	)
	(173,656	)		(668,273	)		(500,419	)		(784,205	)		(9,504,298	)		(20,102,908	)
	—			4,383,887			—			—			190,178,558			68,130,074
	—			(8,053,272	)		(3,167,345	)		(11,009,480	)		(62,363,817	)		(176,321,620	)
	—			—			—			—			—			—
	—			—			2,621			—			1,802			—
	—			(3,669,385	)		(3,164,724	)		(11,009,480	)		127,816,543			(108,191,546	)
	3,040,774			1,600,897			(3,440,165	)		(9,974,117	)		162,368,603			(80,081,148	)
	27,314,078			25,713,181			30,102,353			40,076,470			634,832,552			714,913,700
$	30,354,852		$	27,314,078		$	26,662,188		$	30,102,353		$	797,201,155		$	634,832,552
$	158,323		$	46,891		$	123,535		$	242,081		$	3,593,821		$	5,988,823
	—			100,000			—			—			7,200,000			2,600,000
	—			(200,000	)		(50,000	)		(200,000	)		(2,400,000	)		(7,000,000	)
	—			(100,000	)		(50,000	)		(200,000	)		4,800,000			(4,400,000	)

357

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P International Small Cap ETF						SPDR Dow Jones International Real Estate ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	6,515,202		$	14,450,508		$	45,536,343		$	123,120,861
Net realized gain (loss)		(5,835,347	)		22,413,538			(4,015,075	)		221,864,440
Net change in unrealized appreciation/depreciation		32,955,601			61,492,493			(248,388,953	)		41,798,563
Net increase (decrease) in net assets resulting from operations		33,635,456			98,356,539			(206,867,685	)		386,783,864
Net equalization credits and charges (Note 2)		—			—			10,599,427			9,706,216
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(18,173,278	)		(14,251,797	)		(242,675,064	)		(125,444,680	)
Net realized gains		(8,822,560	)		(3,694,135	)		—			—
Total distributions to shareholders		(26,995,838	)		(17,945,932	)		(242,675,064	)		(125,444,680	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		60,766,784			60,053,332			233,172,426			131,028,564
Cost of shares redeemed		—			(88,708,125	)		(690,183,227	)		(617,190,864	)
Net income equalization (Note 2)		—			—			(10,599,427	)		(9,706,216	)
Other capital (Note 7)		—			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		60,766,784			(28,654,793	)		(467,610,228	)		(495,868,516	)
Net increase (decrease) in net assets during the period		67,406,402			51,755,814			(906,553,550	)		(224,823,116	)
Net assets at beginning of period		702,312,122			650,556,308			4,528,235,202			4,753,058,318
NET ASSETS AT END OF PERIOD	$	769,718,524		$	702,312,122		$	3,621,681,652		$	4,528,235,202
Undistributed (distribution in excess of) net investment income (loss)	$	(1,323,606	)	$	10,334,470		$	(242,306,073	)	$	(45,167,352	)
SHARES OF BENEFICIAL INTEREST:
Shares sold.		2,000,000			2,100,000			6,400,000			3,300,000
Shares redeemed.		—			(3,200,000	)		(18,200,000	)		(15,600,000	)
Net increase (decrease)		2,000,000			(1,100,000	)		(11,800,000	)		(12,300,000	)

* Inception date.

See accompanying notes to financial statements.

358

SPDR S&P Global Infrastructure ETF						SPDR S&P Global Natural Resources ETF						SPDR S&P North American Natural Resources ETF
Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			For the Period 12/15/15* - 9/30/16
$	1,361,691		$	2,426,148		$	9,173,529		$	16,618,302		$	6,246,758		$	9,889,106
	(601,055	)		(3,623,229	)		(9,054,979	)		(54,248,801	)		8,557,615			63,360,453
	4,202,449			9,726,064			72,731,627			169,500,267			(380,688	)		188,973,668
	4,963,085			8,528,983			72,850,177			131,869,768			14,423,685			262,223,227
	—			—			—			—			70,024			(458,114	)
	(1,541,500	)		(2,376,551	)		(7,752,048	)		(17,723,932	)		(7,368,914	)		(6,136,433	)
	—			—			—			—			(27,661,995	)		—
	(1,541,500	)		(2,376,551	)		(7,752,048	)		(17,723,932	)		(35,030,909	)		(6,136,433	)
	41,233,971			35,842,130			205,437,207			197,305,994			88,414,183			716,933,368
	(4,608,403	)		(12,443,846	)		(29,361,824	)		(158,440,483	)		(10,426,420	)		(144,438,843	)
	—			—			—			—			(70,024	)		458,114
	—			—			—			—			—			511,124
	36,625,568			23,398,284			176,075,383			38,865,511			77,917,739			573,463,763
	40,047,153			29,550,716			241,173,512			153,011,347			57,380,539			829,092,443
	85,850,176			56,299,460			722,832,877			569,821,530			829,092,443			—
$	125,897,329		$	85,850,176		$	964,006,389		$	722,832,877		$	886,472,982		$	829,092,443
$	657,363		$	837,172		$	5,911,005		$	4,489,524		$	2,624,892		$	3,747,048
	900,000			800,000			5,000,000			5,450,000			2,650,000			29,050,000
	(100,000	)		(300,000	)		(750,000	)		(4,450,000	)		(300,000	)		(4,700,000	)
	800,000			500,000			4,250,000			1,000,000			2,350,000			24,350,000

359

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR MSCI ACWI ex-US ETF						SPDR MSCI ACWI IMI ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	10,239,815		$	21,504,119		$	793,462		$	1,099,480
Net realized gain (loss)		(3,346,259	)		(15,298,989	)		(2,095	)		(139,930	)
Net change in unrealized appreciation/depreciation		62,611,582			55,379,547			5,983,441			4,474,695
Net increase (decrease) in net assets resulting from operations		69,505,138			61,584,677			6,774,808			5,434,245
Net equalization credits and charges (Note 2)		—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(10,831,008	)		(21,463,385	)		(961,180	)		(914,554	)
Net realized gains		—			—			—			—
Total distributions to shareholders		(10,831,008	)		(21,463,385	)		(961,180	)		(914,554	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		303,742,108			212,231,021			26,144,695			25,177,393
Cost of shares redeemed		—			(120,364,715	)		—			—
Net income equalization (Note 2)		—			—			—			—
Other capital (Note 7)		20,763			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		303,762,871			91,866,306			26,144,695			25,177,393
Net increase (decrease) in net assets during the period		362,437,001			131,987,598			31,958,323			29,697,084
Net assets at beginning of period		847,298,956			715,311,358			64,882,630			35,185,546
NET ASSETS AT END OF PERIOD	$	1,209,735,957		$	847,298,956		$	96,840,953		$	64,882,630
Undistributed (distribution in excess of) net investment income (loss)	$	6,338,826		$	6,930,019		$	488,395		$	656,113
SHARES OF BENEFICIAL INTEREST:
Shares sold.		9,400,000			6,800,000			400,000			400,000
Shares redeemed.		—			(4,200,000	)		—			—
Net increase (decrease)		9,400,000			2,600,000			400,000			400,000

* Inception date.

See accompanying notes to financial statements.

360

SPDR MSCI ACWI Low Carbon Target ETF						SPDR MSCI EAFE Fossil Fuel Reserves Free ETF			SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF			SPDR MSCI EAFE StrategicFactors ETF
Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			For the Period 10/24/16* - 3/31/17 (Unaudited)			For the Period 10/24/16* - 3/31/17 (Unaudited)			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
$	1,164,941		$	2,121,256		$	302,370		$	26,086		$	877,783		$	171,032
	(266,022	)		(801,855	)		11,375			10,133			(282,354	)		(176,756	)
	8,974,585			9,207,273			2,298,156			241,748			7,091,189			495,100
	9,873,504			10,526,674			2,611,901			277,967			7,686,618			489,376
	276,534			25,820			2,280			—			—			—
	(1,009,254	)		(2,080,165	)		(192,287	)		(31,847	)		(187,854	)		(150,949	)
	—			(59,509	)		—			—			—			—
	(1,009,254	)		(2,139,674	)		(192,287	)		(31,847	)		(187,854	)		(150,949	)
	30,178,050			6,822,239			29,888,945			5,500,000			108,116,056			2,708,203
	—			—			—			—			—			—
	(276,534	)		(25,820	)		(2,280	)		—			—			—
	—			—			—			—			—			—
	29,901,516			6,796,419			29,886,665			5,500,000			108,116,056			2,708,203
	39,042,300			15,209,239			32,308,559			5,746,120			115,614,820			3,046,630
	96,683,474			81,474,235			—			—			8,314,895			5,268,265
$	135,725,774		$	96,683,474		$	32,308,559		$	5,746,120		$	123,929,715		$	8,314,895
$	716,746		$	561,059		$	110,083		$	(5,761	)	$	752,302		$	62,373
	400,000			100,000			500,000			100,000			2,000,000			50,000
	—			—			—			—			—			—
	400,000			100,000			500,000			100,000			2,000,000			50,000

361

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR MSCI Emerging Markets StrategicFactors ETF						SPDR MSCI World StrategicFactors ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	703,228		$	2,429,219		$	191,700		$	140,223
Net realized gain (loss)		(1,345,640	)		(3,098,829	)		(15,648	)		(11,281	)
Net change in unrealized appreciation/depreciation		8,461,674			15,752,756			1,386,960			657,413
Net increase (decrease) in net assets resulting from operations		7,819,262			15,083,146			1,563,012			786,355
Net equalization credits and charges (Note 2)		—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,406,666	)		(1,961,532	)		(67,268	)		(136,581	)
Net realized gains		—			—			—			(70,354	)
Total distributions to shareholders		(1,406,666	)		(1,961,532	)		(67,268	)		(206,935	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		44,475,831			57,249,195			19,119,111			—
Cost of shares redeemed		—			(25,307,383	)		—			—
Net income equalization (Note 2)		—			—			—			—
Other capital (Note 7)		20,181			104,679			—			—
Net increase (decrease) in net assets from beneficial interest transactions		44,496,012			32,046,491			19,119,111			—
Net increase (decrease) in net assets during the period		50,908,608			45,168,105			20,614,855			579,420
Net assets at beginning of period		116,539,231			71,371,126			6,375,092			5,795,672
NET ASSETS AT END OF PERIOD	$	167,447,839		$	116,539,231		$	26,989,947		$	6,375,092
Undistributed (distribution in excess of) net investment income (loss)	$	473,135		$	1,176,573		$	160,692		$	36,260
SHARES OF BENEFICIAL INTEREST:
Shares sold.		850,000			1,175,000			300,000			—
Shares redeemed.		—			(500,000	)		—			—
Net increase (decrease)		850,000			675,000			300,000			—

See accompanying notes to financial statements.

362

SPDR MSCI Australia StrategicFactors ETF						SPDR MSCI Canada StrategicFactors ETF						SPDR MSCI Germany StrategicFactors ETF
Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
$	228,724		$	346,082		$	225,090		$	324,614		$	9,526		$	260,990
	(385,998	)		(201,307	)		(149,714	)		(191,554	)		(293,215	)		(436,439	)
	1,262,022			1,575,756			921,114			2,431,840			153,202			1,283,855
	1,104,748			1,720,531			996,490			2,564,900			(130,487	)		1,108,406
	46,252			50,189			48,731			31,271			(15,681	)		43,205
	(321,815	)		(378,773	)		(218,496	)		(294,086	)		(9,728	)		(263,141	)
	—			—			—			—			—			—
	(321,815	)		(378,773	)		(218,496	)		(294,086	)		(9,728	)		(263,141	)
	2,369,995			2,246,035			16,319,215			6,840,285			—			2,497,423
	—			—			—			—			(7,261,821	)		—
	(46,252	)		(50,189	)		(48,731	)		(31,271	)		15,681			(43,205	)
	—			—			—			—			—			—
	2,323,743			2,195,846			16,270,484			6,809,014			(7,246,140	)		2,454,218
	3,152,928			3,587,793			17,097,209			9,111,099			(7,402,036	)		3,342,688
	9,962,477			6,374,684			18,430,198			9,319,099			13,030,754			9,688,066
$	13,115,405		$	9,962,477		$	35,527,407		$	18,430,198		$	5,628,718		$	13,030,754
$	50,032		$	143,123		$	90,222		$	83,628		$	(1,615	)	$	(1,413	)
	50,000			50,000			300,000			150,000			—			50,000
	—			—			—			—			(150,000	)		—
	50,000			50,000			300,000			150,000			(150,000	)		50,000

363

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR MSCI Japan StrategicFactors ETF						SPDR MSCI Spain StrategicFactors ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	112,799		$	170,716		$	33,463		$	77,193
Net realized gain (loss)		794,464			1,112			(75,984	)		(37,131	)
Net change in unrealized appreciation/depreciation		(573,032	)		1,271,980			321,042			(89,558	)
Net increase (decrease) in net assets resulting from operations		334,231			1,443,808			278,521			(49,496	)
Net equalization credits and charges (Note 2)		(1,004	)		48,180			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(118,172	)		(191,385	)		(61,870	)		(73,907	)
Net realized gains		—			(2,172	)		—			—
Total distributions to shareholders		(118,172	)		(193,557	)		(61,870	)		(73,907	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		6,962,942			6,355,948			—			—
Cost of shares redeemed		(6,935,723	)		(6,070,906	)		—			—
Net income equalization (Note 2)		1,004			(48,180	)		—			—
Other capital (Note 7)		—			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		28,223			236,862			—			—
Net increase (decrease) in net assets during the period		243,278			1,535,293			216,651			(123,403	)
Net assets at beginning of period		13,486,767			11,951,474			2,096,941			2,220,344
NET ASSETS AT END OF PERIOD	$	13,730,045		$	13,486,767		$	2,313,592		$	2,096,941
Undistributed (distribution in excess of) net investment income (loss)	$	38,024		$	43,397		$	10,132		$	38,539
SHARES OF BENEFICIAL INTEREST:
Shares sold.		100,000			100,000			—			—
Shares redeemed.		(100,000	)		(100,000	)		—			—
Net increase (decrease)		—			—			—			—

See accompanying notes to financial statements.

364

SPDR MSCI United Kingdom StrategicFactors ETF						SPDR S&P Global Dividend ETF						SPDR S&P International Dividend ETF
Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
$	38,202		$	90,890		$	1,535,857		$	3,147,006		$	15,650,889		$	43,644,772
	(102,512	)		(99,454	)		2,014,774			(6,512,205	)		29,918,109			(135,946,162	)
	134,783			11,455			529,109			11,373,653			24,637,071			209,134,151
	70,473			2,891			4,079,740			8,008,454			70,206,069			116,832,761
	—			—			15,587			100,570			(150,797	)		1,385,049
	(37,057	)		(96,601	)		(1,435,243	)		(3,120,664	)		(29,365,852	)		(43,184,596	)
	—			—			—			(388,876	)		—			—
	(37,057	)		(96,601	)		(1,435,243	)		(3,509,540	)		(29,365,852	)		(43,184,596	)
	—			—			24,961,086			46,853,198			125,219,936			120,199,049
	—			—			(6,314,476	)		(20,303,786	)		(36,263,109	)		(157,754,804	)
	—			—			(15,587	)		(100,570	)		150,797			(1,385,049	)
	—			—			—			—			12,633			—
	—			—			18,631,023			26,448,842			89,120,257			(38,940,804	)
	33,416			(93,710	)		21,291,107			31,048,326			129,809,677			36,092,410
	2,413,169			2,506,879			104,297,826			73,249,500			1,010,508,029			974,415,619
$	2,446,585		$	2,413,169		$	125,588,933		$	104,297,826		$	1,140,317,706		$	1,010,508,029
$	(2,093	)	$	(3,238	)	$	143,018		$	42,404		$	(6,045,216	)	$	7,669,747
	—			—			400,000			750,000			3,400,000			3,400,000
	—			—			(100,000	)		(350,000	)		(1,000,000	)		(4,500,000	)
	—			—			300,000			400,000			2,400,000			(1,100,000	)

365

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Emerging Markets Small Cap ETF						SPDR Dow Jones Global Real Estate ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,277,233		$	7,344,778		$	43,426,392		$	55,808,517
Net realized gain (loss)		(8,225,145	)		(44,057,831	)		7,541,849			34,503,402
Net change in unrealized appreciation/depreciation		34,709,773			91,799,184			(143,775,232	)		181,111,849
Net increase (decrease) in net assets resulting from operations		27,761,861			55,086,131			(92,806,991	)		271,423,768
Net equalization credits and charges (Note 2)		—			—			(436,126	)		1,321,112
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(7,191,569	)		(8,865,797	)		(44,667,551	)		(72,124,923	)
Net realized gains		—			—			(857,139	)		—
Total distributions to shareholders		(7,191,569	)		(8,865,797	)		(45,524,690	)		(72,124,923	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		59,769,471			11,394,800			342,944,307			428,829,539
Cost of shares redeemed		(28,651,557	)		(111,075,298	)		(156,277,586	)		(33,249,580	)
Net income equalization (Note 2)		—			—			436,126			(1,321,112	)
Other capital (Note 7)		187,948			335,596			—			—
Net increase (decrease) in net assets from beneficial interest transactions		31,305,862			(99,344,902	)		187,102,847			394,258,847
Net increase (decrease) in net assets during the period		51,876,154			(53,124,568	)		48,335,040			594,878,804
Net assets at beginning of period		320,556,129			373,680,697			2,494,072,532			1,899,193,728
NET ASSETS AT END OF PERIOD	$	372,432,283		$	320,556,129		$	2,542,407,572		$	2,494,072,532
Undistributed (distribution in excess of) net investment income (loss)	$	(357,343	)	$	5,556,993		$	(27,961,308	)	$	(26,720,149	)
SHARES OF BENEFICIAL INTEREST:
Shares sold.		1,400,000			300,000			7,200,000			8,800,000
Shares redeemed.		(700,000	)		(2,900,000	)		(3,400,000	)		(700,000	)
Net increase (decrease)		700,000			(2,600,000	)		3,800,000			8,100,000

See accompanying notes to financial statements.

366

SPDR S&P International Consumer Discretionary Sector ETF						SPDR S&P International Consumer Staples Sector ETF						SPDR S&P International Energy Sector ETF
Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
$	119,626		$	286,024		$	242,159		$	685,568		$	712,292		$	1,281,185
	(8,604	)		43,295			135,154			5,006,345			(1,663,529	)		(962,963	)
	698,564			109,211			(1,303,029	)		219,330			3,298,232			4,287,277
	809,586			438,530			(925,716	)		5,911,243			2,346,995			4,605,499
	(2,893	)		7,565			4,330			(8,960	)		78,394			7,524
	(89,042	)		(293,731	)		(265,429	)		(678,181	)		(814,277	)		(1,246,773	)
	—			—			—			—			—			—
	(89,042	)		(293,731	)		(265,429	)		(678,181	)		(814,277	)		(1,246,773	)
	1,841,383			1,738,628			6,247,881			6,316,421			11,576,501			23,550,867
	—			(3,493,956	)		(4,036,850	)		(41,237,906	)		(1,823,759	)		(15,071,632	)
	2,893			(7,565	)		(4,330	)		8,960			(78,394	)		(7,524	)
	—			—			—			—			—			—
	1,844,276			(1,762,893	)		2,206,701			(34,912,525	)		9,674,348			8,471,711
	2,561,927			(1,610,529	)		1,019,886			(29,688,423	)		11,285,460			11,837,961
	12,691,423			14,301,952			35,441,840			65,130,263			35,045,382			23,207,421
$	15,253,350		$	12,691,423		$	36,461,726		$	35,441,840		$	46,330,842		$	35,045,382
$	92,386		$	61,802		$	(5,746	)	$	17,524		$	(63,989	)	$	37,996
	50,000			50,000			150,000			150,000			650,000			1,400,000
	—			(100,000	)		(100,000	)		(1,000,000	)		(100,000	)		(900,000	)
	50,000			(50,000	)		50,000			(850,000	)		550,000			500,000

367

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P International Financial Sector ETF						SPDR S&P International Health Care Sector ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	75,919		$	286,526		$	638,952		$	1,148,242
Net realized gain (loss)		(253,455	)		(1,266,225	)		1,028,386			5,878,591
Net change in unrealized appreciation/depreciation		1,030,619			423,066			(1,474,230	)		(6,401,610	)
Net increase (decrease) in net assets resulting from operations		853,083			(556,633	)		193,108			625,223
Net equalization credits and charges (Note 2)		(5,596	)		70,510			(50,868	)		(27,497	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(88,042	)		(460,670	)		(524,831	)		(1,143,635	)
Net realized gains		—			—			—			(111,868	)
Total distributions to shareholders		(88,042	)		(460,670	)		(524,831	)		(1,255,503	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		1,935,975			2,876,642			11,025,292			7,368,960
Cost of shares redeemed		(1,810,119	)		(6,169,837	)		(9,217,609	)		(31,585,799	)
Net income equalization (Note 2)		5,596			(70,510	)		50,868			27,497
Net increase (decrease) in net assets from beneficial interest transactions		131,452			(3,363,705	)		1,858,551			(24,189,342	)
Net increase (decrease) in net assets during the period		890,897			(4,310,498	)		1,475,960			(24,847,119	)
Net assets at beginning of period		6,269,313			10,579,811			50,053,790			74,900,909
NET ASSETS AT END OF PERIOD	$	7,160,210		$	6,269,313		$	51,529,750		$	50,053,790
Undistributed (distribution in excess of) net investment income (loss)	$	12,181		$	24,304		$	143,142		$	29,021
SHARES OF BENEFICIAL INTEREST:
Shares sold.		100,000			150,000			250,000			150,000
Shares redeemed.		(100,000	)		(350,000	)		(200,000	)		(650,000	)
Net increase (decrease)		—			(200,000	)		50,000			(500,000	)

See accompanying notes to financial statements.

368

SPDR S&P International Industrial Sector ETF						SPDR S&P International Materials Sector ETF						SPDR S&P International Technology Sector ETF
Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
$	118,671		$	338,513		$	141,723		$	90,993		$	51,920		$	130,388
	234,111			(860,258	)		590,010			(1,391,757	)		2,769			256,308
	1,046,247			2,412,701			26,102			2,147,966			1,649,271			1,567,609
	1,399,029			1,890,956			757,835			847,202			1,703,960			1,954,305
	6,826			30,832			(46,384	)		1,693			(18,478	)		5,802
	(95,487	)		(384,652	)		(69,372	)		(95,630	)		(14,958	)		(195,312	)
	—			—			—			—			—			—
	(95,487	)		(384,652	)		(69,372	)		(95,630	)		(14,958	)		(195,312	)
	6,109,366			4,240,151			21,367,578			2,891,308			16,911,029			—
	(1,612,500	)		(7,891,249	)		(12,926,255	)		(3,582,208	)		—			(1,472,884	)
	(6,826	)		(30,832	)		46,384			(1,693	)		18,478			(5,802	)
	4,490,040			(3,681,930	)		8,487,707			(692,593	)		16,929,507			(1,478,686	)
	5,800,408			(2,144,794	)		9,129,786			60,672			18,600,031			286,109
	15,176,800			17,321,594			5,000,278			4,939,606			10,492,601			10,206,492
$	20,977,208		$	15,176,800		$	14,130,064		$	5,000,278		$	29,092,632		$	10,492,601
$	90,224		$	67,040		$	82,020		$	9,669		$	28,638		$	(8,324	)
	200,000			150,000			1,000,000			150,000			450,000			—
	(50,000	)		(300,000	)		(600,000	)		(200,000	)		—			(50,000	)
	150,000			(150,000	)		400,000			(50,000	)		450,000			(50,000	)

369

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P International Telecommunications Sector ETF						SPDR S&P International Utilities Sector ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	370,496		$	1,100,070		$	350,291		$	1,273,586
Net realized gain (loss)		(161,992	)		629,145			(920,323	)		691,787
Net change in unrealized appreciation/depreciation		(107,320	)		412,872			247,916			(127,058	)
Net increase (decrease) in net assets resulting from operations		101,184			2,142,087			(322,116	)		1,838,315
Net equalization credits and charges (Note 2)		(15,178	)		(33,382	)		(15,413	)		27,671
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(305,370	)		(1,200,058	)		(341,062	)		(1,289,627	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		10,262,420			2,504,428			—			36,539,040
Cost of shares redeemed		(1,168,432	)		(11,352,503	)		(3,747,367	)		(34,061,665	)
Net income equalization (Note 2)		15,178			33,382			15,413			(27,671	)
Net increase (decrease) in net assets from beneficial interest transactions		9,109,166			(8,814,693	)		(3,731,954	)		2,449,704
Net increase (decrease) in net assets during the period		8,889,802			(7,906,046	)		(4,410,545	)		3,026,063
Net assets at beginning of period		28,393,861			36,299,907			30,140,287			27,114,224
NET ASSETS AT END OF PERIOD	$	37,283,663		$	28,393,861		$	25,729,742		$	30,140,287
Undistributed (distribution in excess of) net investment income (loss)	$	109,446		$	44,320		$	2,306		$	(6,923	)
SHARES OF BENEFICIAL INTEREST:
Shares sold.		450,000			100,000			—			2,250,000
Shares redeemed.		(50,000	)		(450,000	)		(250,000	)		(2,100,000	)
Net increase (decrease)		400,000			(350,000	)		(250,000	)		150,000

See accompanying notes to financial statements.

370

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR STOXX Europe 50 ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	30.28		$	31.54		$	36.86		$	36.47		$	31.50		$	28.26
Income (loss) from investment operations:
Net investment income (loss) (a)		0.43			1.10			1.23			2.03	(b)		1.19			1.25
Net realized and unrealized gain (loss) (c)		1.75			(1.21	)		(5.37	)		0.22			4.84			3.21
Total from investment operations		2.18			(0.11	)		(4.14	)		2.25			6.03			4.46
Net equalization credits and charges		(0.01	)		(0.04	)		0.04			0.11			0.13			0.04
Other capital		0.01			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.40	)		(1.11	)		(1.22	)		(1.97	)		(1.19	)		(1.26	)
Net asset value, end of period	$	32.06		$	30.28		$	31.54		$	36.86		$	36.47		$	31.50
Total return (d)		7.25	%		(0.42	)%		(11.36	)%		6.33	%(b)		19.94	%(e)		16.25	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	177,956		$	186,220		$	247,626		$	261,730		$	109,419		$	37,809
Ratios to average net assets:
Total expenses		0.29	%(f)		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Net investment income (loss)		2.90	%(f)		3.57	%		3.50	%		5.28	%(b)		3.47	%		4.12	%
Portfolio turnover rate (g)		1	%(h)		8	%		9	%		9	%		12	%		6	%

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

(b) Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.76 per share and 1.96% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been 4.56%.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.

371

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR EURO STOXX 50 ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	32.76		$	33.77		$	39.88		$	38.33		$	30.96		$	28.72
Income (loss) from investment operations:
Net investment income (loss) (a)		0.24			1.05			1.20			1.32			1.19			1.42
Net realized and unrealized gain (loss) (b)		3.58			(0.83	)		(6.11	)		1.46			7.19			1.77
Total from investment operations		3.82			0.22			(4.91	)		2.78			8.38			3.19
Net equalization credits and charges		(0.00	)(c)		(0.06	)		(0.01	)		0.06			0.13			0.35
Distributions to shareholders from:
Net investment income		(0.17	)		(1.17	)		(1.19	)		(1.29	)		(1.14	)		(1.30	)
Net asset value, end of period	$	36.41		$	32.76		$	33.77		$	39.88		$	38.33		$	30.96
Total return (d)		11.70	%		0.62	%		(12.60	)%		7.20	%		28.10	%(e)		12.90	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,779,603		$	2,538,715		$	4,044,421		$	4,949,488		$	3,285,263		$	993,820
Ratios to average net assets:
Total expenses		0.29	%(f)		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Net investment income (loss)		1.42	%(f)		3.13	%		3.16	%		3.16	%		3.43	%		4.78	%
Portfolio turnover rate (g)		1	%(h)		7	%		6	%		6	%		8	%		9	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.

372

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR EURO STOXX Small Cap ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period	$	47.42		$	46.83		$	50.65		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.08			1.00			1.18			0.16
Net realized and unrealized gain (loss) (b)		4.57			0.43			(4.00	)		(9.47	)
Total from investment operations		4.65			1.43			(2.82	)		(9.31	)
Net equalization credits and charges		—			(0.04	)		0.40			—
Voluntary contribution from Adviser		—			—			—			0.07
Distributions to shareholders from:
Net investment income		(0.18	)		(0.80	)		(1.40	)		(0.11	)
Net asset value, end of period	$	51.89		$	47.42		$	46.83		$	50.65
Total return (c)		9.86	%		3.14	%		(4.97	)%		(15.43	)%(d)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	12,972		$	11,854		$	11,708		$	7,598
Ratios to average net assets:
Total expenses		0.45	%(e)		0.45	%		0.46	%		0.45	%(e)
Net investment income (loss)		0.32	%(e)		2.13	%		2.33	%		0.89	%(e)
Portfolio turnover rate (f)		18	%(g)		53	%		46	%		30	%(g)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) If the Adviser had not made a contribution during the period ended September 30, 2014, the total return would have been (15.54)%.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

373

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR EURO STOXX 50 Currency Hedged ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			For the Period 6/9/15* - 9/30/15
Net asset value, beginning of period	$	32.70		$	34.03		$	38.73
Income (loss) from investment operations:
Net investment income (loss) (a)		0.18			1.24			0.63
Net realized and unrealized gain (loss) (b)		5.12			(1.05	)		(4.52	)
Total from investment operations		5.30			0.19			(3.89	)
Net equalization credits and charges		0.57			(0.05	)		0.22
Distributions to shareholders from:
Net investment income		(0.18	)		(1.12	)		(1.03	)
Net realized gains		—			(0.35	)		—
Total distributions		(0.18	)		(1.47	)		(1.03	)
Net asset value, end of period	$	38.39		$	32.70		$	34.03
Total return (c)		17.95	%		0.45	%		(9.75	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	23,035		$	14,716		$	6,807
Ratios to average net assets:
Total expenses		0.32	%(d)		0.32	%		0.33	%(d)
Net expenses		0.03	%(d)		0.03	%		0.04	%(d)
Net investment income (loss)		1.05	%(d)		3.74	%		5.41	%(d)
Portfolio turnover rate (e)		4	%(f)		10	%		2	%(f)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

374

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Dividend Currency Hedged ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			For the Period 9/15/15* - 9/30/15
Net asset value, beginning of period	$	41.09		$	38.92		$	40.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.17			1.63			0.53
Net realized and unrealized gain (loss) (b)		2.22			3.09			(1.08	)
Total from investment operations		3.39			4.72			(0.55	)
Net equalization credits and charges		—			(0.16	)		—
Distributions to shareholders from:
Net investment income		(1.16	)		(1.90	)		(0.53	)
Net realized gains		—			(0.49	)		—
Total distributions		(1.16	)		(2.39	)		(0.53	)
Net asset value, end of period	$	43.32		$	41.09		$	38.92
Total return (c)		8.30	%		12.20	%		(1.38	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,166		$	2,055		$	3,892
Ratios to average net assets:
Total expenses		0.49	%(d)		0.49	%		0.48	%(d)
Net expenses		0.04	%(d)		0.04	%		0.03	%(d)
Net investment income (loss)		5.57	%(d)		4.15	%		30.27	%(d)
Portfolio turnover rate (e)		3	%(g)		9	%		0	%(f)(g)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Amount shown represents less than 0.5%.

(g) Not annualized.

See accompanying notes to financial statements.

375

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Asia Pacific ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	81.92		$	72.62		$	83.84		$	75.37		$	73.54		$	66.85
Income (loss) from investment operations:
Net investment income (loss) (a)		0.04			1.38			1.83			1.74			1.62			1.32
Net realized and unrealized gain (loss) (b)		5.33			10.81			(11.83	)		7.95			1.96			8.00
Total from investment operations		5.37			12.19			(10.00	)		9.69			3.58			9.32
Distributions to shareholders from:
Net investment income		(1.41	)		(2.89	)		(1.22	)		(1.22	)		(1.75	)		(1.71	)
Net realized gains		—			—			—			—			—			(0.92	)
Total distributions		(1.41	)		(2.89	)		(1.22	)		(1.22	)		(1.75	)		(2.63	)
Net asset value, end of period	$	85.88		$	81.92		$	72.62		$	83.84		$	75.37		$	73.54
Total return (c)		6.80	%		17.24	%		(12.15	)%		12.99	%		4.91	%		14.40	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	334,914		$	335,858		$	428,447		$	687,494		$	399,460		$	389,769
Ratios to average net assets:
Total expenses		0.49	%(d)		0.49	%		0.53	%		0.59	%		0.59	%		0.60	%
Net investment income (loss)		0.10	%(d)		1.85	%		2.14	%		2.17	%		2.14	%		1.87	%
Portfolio turnover rate (e)		1	%(f)		1	%		28	%		15	%		16	%		7	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

376

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Russia ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	17.84		$	14.90		$	22.03		$	27.19		$	28.54		$	25.65
Income (loss) from investment operations:
Net investment income (loss) (a)		0.11			0.48			0.56			0.75			0.70			0.57
Net realized and unrealized gain (loss) (b)		2.28			3.12			(7.02	)		(5.51	)		(0.82	)		2.80
Total from investment operations		2.39			3.60			(6.46	)		(4.76	)		(0.12	)		3.37
Distributions to shareholders from:
Net investment income		(0.39	)		(0.66	)		(0.67	)		(0.40	)		(1.23	)		(0.48	)
Net asset value, end of period	$	19.84		$	17.84		$	14.90		$	22.03		$	27.19		$	28.54
Total return (c)		13.40	%		25.55	%		(29.32	)%		(17.72	)%		(0.41	)%		13.40	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	32,732		$	26,759		$	23,101		$	23,135		$	31,264		$	39,963
Ratios to average net assets:
Total expenses		0.59	%(d)		0.59	%		0.59	%		0.60	%		0.60	%		0.59	%
Net investment income (loss)		1.17	%(d)		3.04	%		3.27	%		2.94	%		2.56	%		2.05	%
Portfolio turnover rate (e)		0	%(f)(g)		10	%		7	%		4	%		3	%		11	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Amount shown represents less than 0.5%.

(g) Not annualized.

See accompanying notes to financial statements.

377

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P China ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	78.85		$	68.73		$	76.42		$	74.18		$	65.45		$	57.68
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.12	)		1.38			1.92			1.77			1.63			1.68
Net realized and unrealized gain (loss) (b)		4.26			10.68			(8.34	)		1.93			8.72			7.56
Total from investment operations		4.14			12.06			(6.42	)		3.70			10.35			9.24
Other capital		0.01			0.00	(c)		0.02			—			—			—
Distributions to shareholders from:
Net investment income		(1.05	)		(1.94	)		(1.29	)		(1.46	)		(1.62	)		(1.47	)
Net asset value, end of period	$	81.95		$	78.85		$	68.73		$	76.42		$	74.18		$	65.45
Total return (d)		5.45	%		17.81	%		(8.69	)%		5.00	%		16.20	%		16.17	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	819,530		$	812,123		$	817,908		$	947,605		$	897,623		$	759,186
Ratios to average net assets:
Total expenses		0.59	%(e)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		(0.30	)%(e)		1.94	%		2.32	%		2.33	%		2.31	%		2.56	%
Portfolio turnover rate (f)		3	%(g)		6	%		14	%		10	%		12	%		10	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

378

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI China A Shares IMI ETF
	Six Months Ended 3/31/17 (Unaudited)			For the Period 10/29/15* - 9/30/16*
Net asset value, beginning of period	$	21.47		$	25.00
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.07	)		0.15
Net realized and unrealized gain (loss) (b)		0.21			(3.43	)
Total from investment operations		0.14			(3.28	)
Other capital		—			0.06
Distributions to shareholders from:
Net investment income		—			(0.31	)
Net asset value, end of period	$	21.61		$	21.47
Total return (c)		0.63	%		(12.92	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,161		$	2,147
Ratios to average net assets:
Total expenses		0.66	%(d)		0.66	%(d)
Net investment income (loss)		(0.64	)%(d)		0.74	%(d)
Portfolio turnover rate (e)		1	%(f)		14	%(f)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

379

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Markets ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	60.20		$	52.42		$	66.35		$	63.14		$	63.85		$	57.26
Income (loss) from investment operations:
Net investment income (loss) (a)		0.15			1.12			1.28			1.39			1.38			1.48
Net realized and unrealized gain (loss) (b)		3.93			7.82			(13.88	)		2.85			(0.55	)		7.20
Total from investment operations		4.08			8.94			(12.60	)		4.24			0.83			8.68
Net equalization credits and charges		—			—			0.00	(c)		—			—			—
Other capital		—			—			—			—			—			0.00	(d)
Distributions to shareholders from:
Net investment income		(0.49	)		(1.16	)		(1.33	)		(1.03	)		(1.54	)		(1.41	)
Net realized gains		—			—			—			—			—			(0.68	)
Total distributions		(0.49	)		(1.16	)		(1.33	)		(1.03	)		(1.54	)		(2.09	)
Net asset value, end of period	$	63.79		$	60.20		$	52.42		$	66.35		$	63.14		$	63.85
Total return (e)		6.88	%		17.38	%		(19.34	)%		6.73	%		1.31	%		15.58	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	325,318		$	234,783		$	188,707		$	285,285		$	189,412		$	166,023
Ratios to average net assets:
Total expenses		0.59	%(f)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net expenses		0.59	%(f)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		0.51	%(f)		2.05	%		2.02	%		2.12	%		2.15	%		2.39	%
Portfolio turnover rate (g)		0	%(h)(i)		12	%		18	%		9	%		21	%		11	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) State Street reimbursed the Fund $6,299 due to a record keeping error. The impact of the reimbursement is less than $0.005.

(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

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

(h) Not annualized.

(i) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

380

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Markets Dividend ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	27.40		$	25.06		$	36.66		$	40.34		$	43.70		$	43.89
Income (loss) from investment operations:
Net investment income (loss) (a)		0.28			1.28			1.44			1.77			2.45			3.18
Net realized and unrealized gain (loss) (b)		1.77			2.29			(11.68	)		(3.86	)		(3.87	)		(0.78	)
Total from investment operations		2.05			3.57			(10.24	)		(2.09	)		(1.42	)		2.40
Net equalization credits and charges		0.00	(c)		0.04			(0.03	)		0.04			0.09			0.01
Other capital		0.00	(c)		0.02			0.01			0.01			0.05			—
Distributions to shareholders from:
Net investment income		(0.21	)		(1.29	)		(1.34	)		(1.64	)		(2.08	)		(2.60	)
Net asset value, end of period	$	29.24		$	27.40		$	25.06		$	36.66		$	40.34		$	43.70
Total return (d)		7.51	%		14.70	%		(28.56	)%		(5.16	)%		(2.80	)%		5.54	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	346,465		$	300,042		$	298,163		$	491,217		$	538,651		$	301,515
Ratios to average net assets:
Total expenses		0.49	%(e)		0.49	%		0.53	%		0.59	%		0.60	%		0.61	%
Net investment income (loss)		2.06	%(e)		4.91	%		4.32	%		4.50	%		5.71	%		6.80	%
Portfolio turnover rate (f)		81	%(g)		48	%		78	%		67	%		85	%		134	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

381

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Europe ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	26.15		$	24.12		$	35.19		$	40.26		$	41.26		$	37.16
Income (loss) from investment operations:
Net investment income (loss) (a)		0.12			0.69			0.82			1.07			1.02			0.95
Net realized and unrealized gain (loss) (b)		2.77			2.08			(10.80	)		(5.43	)		(0.37	)		4.22
Total from investment operations		2.89			2.77			(9.98	)		(4.36	)		0.65			5.17
Distributions to shareholders from:
Net investment income		(0.53	)		(0.74	)		(1.09	)		(0.71	)		(1.65	)		(1.07	)
Net asset value, end of period	$	28.51		$	26.15		$	24.12		$	35.19		$	40.26		$	41.26
Total return (c)		11.15	%		11.85	%		(28.73	)%		(11.01	)%		1.68	%		14.32	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	48,471		$	33,989		$	41,009		$	66,865		$	76,485		$	86,639
Ratios to average net assets:
Total expenses		0.49	%(d)		0.62	%		0.53	%		0.59	%		0.59	%		0.60	%
Net investment income (loss)		0.89	%(d)		2.78	%		2.82	%		2.77	%		2.48	%		2.41	%
Portfolio turnover rate (e)		2	%(f)		15	%		7	%		15	%		6	%		6	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

382

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Latin America ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	45.52		$	36.73		$	61.51		$	64.16		$	71.28		$	64.12
Income (loss) from investment operations:
Net investment income (loss) (a)		0.48			0.91			1.13			1.58			1.65			1.76
Net realized and unrealized gain (loss) (b)		4.88			8.83			(24.66	)		(2.77	)		(7.23	)		7.40
Total from investment operations		5.36			9.74			(23.53	)		(1.19	)		(5.58	)		9.16
Distributions to shareholders from:
Net investment income		(0.29	)		(0.95	)		(1.25	)		(1.46	)		(1.54	)		(2.00	)
Net asset value, end of period	$	50.59		$	45.52		$	36.73		$	61.51		$	64.16		$	71.28
Total return (c)		11.84	%		27.02	%		(38.76	)%		(1.88	)%		(7.86	)%		14.49	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	30,355		$	27,314		$	25,713		$	49,208		$	70,575		$	114,055
Ratios to average net assets:
Total expenses		0.51	%(d)		0.50	%		0.53	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		2.02	%(d)		2.28	%		2.24	%		2.50	%		2.35	%		2.43	%
Portfolio turnover rate (e)		0	%(f)(g)		10	%		6	%		5	%		10	%		7	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

(g) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

383

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Middle East & Africa ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	60.20		$	57.25		$	70.16		$	67.53		$	70.76		$	62.01
Income (loss) from investment operations:
Net investment income (loss) (a)		0.77			1.33			1.69			1.47			1.52			2.13
Net realized and unrealized gain (loss) (b)		(0.73	)		2.95			(12.64	)		2.87			(3.17	)		9.44
Total from investment operations		0.04			4.28			(10.95	)		4.34			(1.65	)		11.57
Other capital		0.01			—			—			—			—			—
Distributions to shareholders from:
Net investment income		(1.00	)		(1.33	)		(1.96	)		(1.71	)		(1.58	)		(2.82	)
Net asset value, end of period	$	59.25		$	60.20		$	57.25		$	70.16		$	67.53		$	70.76
Total return (c)		0.13	%		7.94	%		(16.01	)%		6.51	%		(2.38	)%		19.26	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	26,662		$	30,102		$	40,076		$	63,141		$	67,535		$	91,986
Ratios to average net assets:
Total expenses		0.49	%(d)		0.49	%		0.53	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		2.64	%(d)		2.43	%		2.47	%		2.09	%		2.26	%		3.17	%
Portfolio turnover rate (e)		0	%(f)(g)		6	%		4	%		23	%		2	%		7	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Amount shown represents less than 0.5%.

(g) Not annualized.

See accompanying notes to financial statements.

384

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P World ex-US ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	26.45		$	25.17		$	28.46		$	28.00		$	23.91		$	21.37
Income (loss) from investment operations:
Net investment income (loss) (a)		0.29			0.69			0.71			0.89			0.73			0.75
Net realized and unrealized gain (loss) (b)		1.36			1.32			(3.25	)		0.40			4.04			2.38
Total from investment operations		1.65			2.01			(2.54	)		1.29			4.77			3.13
Distributions to shareholders from:
Net investment income		(0.42	)		(0.69	)		(0.75	)		(0.83	)		(0.68	)		(0.59	)
Net realized gains		—			(0.04	)		—			—			—			—
Total distributions		(0.42	)		(0.73	)		(0.75	)		(0.83	)		(0.68	)		(0.59	)
Net asset value, end of period	$	27.68		$	26.45		$	25.17		$	28.46		$	28.00		$	23.91
Total return (c)		6.38	%		8.12	%		(9.14	)%		4.52	%		20.27	%		14.99	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	797,201		$	634,833		$	714,914		$	825,443		$	688,755		$	411,282
Ratios to average net assets:
Total expenses		0.34	%(d)		0.34	%		0.34	%		0.34	%		0.34	%		0.34	%
Net investment income (loss)		2.17	%(d)		2.70	%		2.53	%		3.06	%		2.79	%		3.28	%
Portfolio turnover rate (e)		2	%(f)		3	%		8	%		17	%		2	%		8	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

385

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Small Cap ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	31.21		$	27.57		$	32.76		$	32.82		$	27.49		$	25.79
Income (loss) from investment operations:
Net investment income (loss) (a)		0.28			0.62			0.57			0.54			0.65			0.57
Net realized and unrealized gain (loss) (b)		1.10			3.76			(2.14	)		0.36			5.37			2.08
Total from investment operations		1.38			4.38			(1.57	)		0.90			6.02			2.65
Other capital		—			—			—			—			—			0.00	(c)
Distributions to shareholders from:
Net investment income		(0.79	)		(0.59	)		(0.49	)		(0.96	)		(0.69	)		(0.75	)
Net realized gains		(0.38	)		(0.15	)		(3.13	)		—			—			(0.20	)
Total distributions		(1.17	)		(0.74	)		(3.62	)		(0.96	)		(0.69	)		(0.95	)
Net asset value, end of period	$	31.42		$	31.21		$	27.57		$	32.76		$	32.82		$	27.49
Total return (d)		4.70	%		16.18	%		(4.77	)%		2.69	%		22.25	%		10.74	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	769,719		$	702,312		$	650,556		$	792,719		$	813,871		$	679,080
Ratios to average net assets:
Total expenses		0.40	%(e)		0.40	%		0.47	%		0.60	%		0.59	%		0.59	%
Net investment income (loss)		1.83	%(e)		2.15	%		1.93	%		1.59	%		2.20	%		2.16	%
Portfolio turnover rate (f)		3	%(g)		20	%		17	%		51	%		21	%		2	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) State Street reimbursed the Fund $13,909 due to a record keeping error. The impact of the reimbursement is less than $ 0.005.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

386

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Dow Jones International Real Estate ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	41.61		$	39.24		$	41.54		$	42.00		$	39.29		$	32.70
Income (loss) from investment operations:
Net investment income (loss) (a)		0.46			1.08			1.02			1.39			1.29			1.41
Net realized and unrealized gain (loss) (b)		(2.38	)		2.32			(2.07	)		0.16			4.01			5.67
Total from investment operations		(1.92	)		3.40			(1.05	)		1.55			5.30			7.08
Net equalization credits and charges		0.11			0.08			(0.01	)		(0.06	)		0.02			1.06
Distributions to shareholders from:
Net investment income		(2.48	)		(1.11	)		(1.24	)		(1.95	)		(2.61	)		(1.55	)
Net asset value, end of period	$	37.32		$	41.61		$	39.24		$	41.54		$	42.00		$	39.29
Total return (d)		(4.08	)%		8.93	%		(2.66	)%		3.57	%		13.83	%(c)		25.52	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	3,621,682		$	4,528,235		$	4,753,058		$	4,903,056		$	4,045,899		$	3,136,658
Ratios to average net assets:
Total expenses		0.59	%(e)		0.59	%		0.60	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		2.45	%(e)		2.65	%		2.40	%		3.27	%		3.10	%		3.96	%
Portfolio turnover rate (f)		12	%(g)		14	%		8	%		8	%		11	%		11	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of the Fund. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

387

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Global Infrastructure ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	47.69		$	43.31		$	48.84		$	43.51		$	40.42		$	38.94
Income (loss) from investment operations:
Net investment income (loss) (a)		0.64			1.58			1.46			1.68			1.99			1.60
Net realized and unrealized gain (loss) (b)		0.86			4.23			(5.62	)		5.20			2.71			1.53
Total from investment operations		1.50			5.81			(4.16	)		6.88			4.70			3.13
Distributions to shareholders from:
Net investment income		(0.77	)		(1.43	)		(1.37	)		(1.55	)		(1.61	)		(1.65	)
Net asset value, end of period	$	48.42		$	47.69		$	43.31		$	48.84		$	43.51		$	40.42
Total return (c)		3.22	%		13.85	%		(8.77	)%		15.95	%		11.99	%		8.20	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	125,897		$	85,850		$	56,299		$	112,333		$	52,217		$	36,378
Ratios to average net assets:
Total expenses		0.40	%(d)		0.40	%		0.40	%		0.41	%		0.50	%		0.59	%
Net investment income (loss)		2.79	%(d)		3.55	%		3.03	%		3.51	%		4.79	%		4.02	%
Portfolio turnover rate (e)		15	%(f)		21	%		7	%		14	%		74	%		10	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

388

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Global Natural Resources ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	39.07		$	32.56		$	48.62		$	48.54		$	50.90		$	45.94
Income (loss) from investment operations:
Net investment income (loss) (a)		0.45			0.97			1.51			1.33			1.30			1.14
Net realized and unrealized gain (loss) (b)		3.23			6.63			(16.27	)		(0.10	)		(2.41	)		4.78
Total from investment operations		3.68			7.60			(14.76	)		1.23			(1.11	)		5.92
Distributions to shareholders from:
Net investment income		(0.38	)		(1.09	)		(1.30	)		(1.15	)		(1.25	)		(0.96	)
Net asset value, end of period	$	42.37		$	39.07		$	32.56		$	48.62		$	48.54		$	50.90
Total return (c)		9.46	%		23.87	%		(30.97	)%		2.39	%		(2.09	)%		13.07	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	964,006		$	722,833		$	569,822		$	595,617		$	407,763		$	414,852
Ratios to average net assets:
Total expenses		0.40	%(d)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income (loss)		2.16	%(d)		2.75	%		3.52	%		2.63	%		2.63	%		2.28	%
Portfolio turnover rate (e)		7	%(f)		23	%		21	%		18	%		31	%		18	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

389

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P North American Natural Resources ETF
	Six Months Ended 3/31/17 (Unaudited)			For the Period 12/16/15* - 9/30/16
Net asset value, beginning of period	$	34.05		$	25.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.25			0.39
Net realized and unrealized gain (loss) (b)		0.33			8.91
Total from investment operations		0.58			9.30
Net equalization credits and charges		0.00	(c)		(0.02	)
Other capital		—			0.02
Distributions to shareholders from:
Net investment income		(0.30	)		(0.25	)
Net realized gains		(1.13	)		—
Total distributions		(1.43	)		(0.25	)
Net asset value, end of period	$	33.20		$	34.05
Total return (d)		1.63	%		37.21	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	886,473		$	829,092
Ratios to average net assets:
Total expenses		0.35	%(e)		0.35	%(e)
Net investment income (loss)		1.48	%(e)		1.63	%(e)
Portfolio turnover rate (f)		10	%(g)		15	%(g)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

390

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI ACWI ex-US ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	32.34		$	30.31		$	35.09		$	34.29		$	30.49		$	27.55
Income (loss) from investment operations:
Net investment income (loss) (a)		0.33			0.87			0.94			1.17			0.90			0.89
Net realized and unrealized gain (loss) (b)		1.65			2.00			(4.92	)		0.72			3.88			2.93
Total from investment operations		1.98			2.87			(3.98	)		1.89			4.78			3.82
Distributions to shareholders from:
Net investment income		(0.34	)		(0.84	)		(0.80	)		(1.09	)		(0.98	)		(0.88	)
Net asset value, end of period	$	33.98		$	32.34		$	30.31		$	35.09		$	34.29		$	30.49
Total return (c)		6.21	%		9.66	%		(11.58	)%		5.43	%		15.96	%		14.20	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	1,209,736		$	847,299		$	715,311		$	575,494		$	493,824		$	384,218
Ratios to average net assets:
Total expenses		0.34	%(d)		0.34	%		0.34	%		0.35	%		0.34	%		0.34	%
Net expenses		0.30	%(d)		0.30	%		0.32	%		0.35	%		0.34	%		0.34	%
Net investment income (loss)		2.08	%(d)		2.80	%		2.74	%		3.25	%		2.76	%		3.03	%
Portfolio turnover rate (e)		1	%(f)		7	%		8	%		3	%		2	%		8	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

391

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI ACWI IMI ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			For the Period 2/27/12* - 9/30/12
Net asset value, beginning of period	$	64.88		$	58.64		$	63.82		$	58.20		$	50.04		$	50.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.66			1.53			1.74			1.48			1.30			0.88
Net realized and unrealized gain (loss) (b)		4.50			6.12			(5.17	)		5.39			8.16			(0.30	)
Total from investment operations		5.16			7.65			(3.43	)		6.87			9.46			0.58
Distributions to shareholders from:
Net investment income		(0.87	)		(1.41	)		(1.75	)		(1.21	)		(1.28	)		(0.54	)
Net realized gains		—			—			(0.00	)(c)		(0.04	)		(0.02	)		—
Total distributions		(0.87	)		(1.41	)		(1.75	)		(1.25	)		(1.30	)		(0.54	)
Net asset value, end of period	$	69.17		$	64.88		$	58.64		$	63.82		$	58.20		$	50.04
Total return (d)		8.05	%		13.20	%		(5.61	)%		11.77	%		19.15	%		1.28	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	96,841		$	64,883		$	35,186		$	57,434		$	5,820		$	5,004
Ratios to average net assets:
Total expenses		0.25	%(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%(e)
Net investment income (loss)		1.99	%(e)		2.48	%		2.70	%		2.31	%		2.40	%		3.08	%(e)
Portfolio turnover rate (f)		1	%(g)		2	%		3	%		0	%(h)		0	%(h)		0	%(g)(h)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

(h) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

392

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI ACWI Low Carbon Target ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			For the Period 11/26/14* - 9/30/15
Net asset value, beginning of period	$	74.37		$	67.90		$	75.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.76			1.69			1.53
Net realized and unrealized gain (loss) (b)		5.12			6.47			(7.64	)
Total from investment operations.		5.88			8.16			(6.11	)
Net equalization credits and charges		0.18			0.02			0.03
Distributions to shareholders from:
Net investment income		(0.59	)		(1.66	)		(1.02	)
Net realized gains		—			(0.05	)		—
Total distributions		(0.59	)		(1.71	)		(1.02	)
Net asset value, end of period	$	79.84		$	74.37		$	67.90
Total return (c)		8.21	%		12.22	%		(8.25	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	135,726		$	96,683		$	81,474
Ratios to average net assets:
Total expenses		0.30	%(d)		0.30	%		0.30	%(d)
Net expenses		0.20	%(d)		0.20	%		0.20	%(d)
Net investment income (loss)		2.00	%(d)		2.38	%		2.42	%(d)
Portfolio turnover rate (e)		5	%(f)		12	%		4	%(f)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

393

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
	For the Period 10/25/16* - 3/31/17 (Unaudited)
Net asset value, beginning of period	$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.61
Net realized and unrealized gain (loss) (b)		4.39
Total from investment operations		5.00
Net equalization credits and charges		0.00	(c)
Distributions to shareholders from:
Net investment income		(0.38	)
Net asset value, end of period	$	64.62
Total return (d)		8.57	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	32,309
Ratios to average net assets:
Total expenses		0.30	%(e)
Net expenses		0.20	%(e)
Net investment income (loss)		2.32	%(e)
Portfolio turnover rate (f)		0	%(g)(h)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Amount shown represents less than 0.5%.

(h) Not annualized.

See accompanying notes to financial statements.

394

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
	For the Period 10/25/16* - 3/31/17 (Unaudited)
Net asset value, beginning of period	$	55.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.26
Net realized and unrealized gain (loss) (b)		2.52
Total from investment operations		2.78
Distributions to shareholders from:
Net investment income		(0.32	)
Net asset value, end of period	$	57.46
Total return (c)		5.23	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	5,746
Ratios to average net assets:
Total expenses		0.31	%(d)
Net investment income (loss)		1.12	%(d)
Portfolio turnover rate (e)		0	%(f)(g)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Amount shown represents less than 0.5%.

(g) Not annualized.

See accompanying notes to financial statements.

395

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI EAFE StrategicFactors ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period	$	55.43		$	52.68		$	57.28		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.79			1.56			1.60			0.45
Net realized and unrealized gain (loss) (b)		1.56			2.70			(4.56	)		(3.14	)
Total from investment operations		2.35			4.26			(2.96	)		(2.69	)
Distributions to shareholders from:
Net investment income		(0.14	)		(1.51	)		(1.64	)		(0.03	)
Net realized gains		—			—			(0.00	)(c)		—
Total distributions		(0.14	)		(1.51	)		(1.64	)		(0.03	)
Net asset value, end of period	$	57.64		$	55.43		$	52.68		$	57.28
Total return (d)		4.27	%		8.21	%		(5.34	)%		(4.48	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	123,930		$	8,315		$	5,268		$	5,728
Ratios to average net assets:
Total expenses		0.30	%(e)		0.30	%		0.30	%		0.30	%(e)
Net investment income (loss)		2.86	%(e)		2.89	%		2.80	%		2.35	%(e)
Portfolio turnover rate (f)		6	%(g)		20	%		14	%		0	%(g)(h)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

(h) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

396

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Emerging Markets StrategicFactors ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period	$	53.58		$	47.58		$	59.59		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.28			1.27			1.58			0.77
Net realized and unrealized gain (loss) (b)		2.05			5.69			(12.48	)		(1.23	)
Total from investment operations		2.33			6.96			(10.90	)		(0.46	)
Other capital		0.01			0.05			0.20			0.06
Distributions to shareholders from:
Net investment income		(0.57	)		(1.01	)		(1.31	)		(0.01	)
Net realized gains		—			—			(0.00	)(c)		—
Total distributions		(0.57	)		(1.01	)		(1.31	)		(0.01	)
Net asset value, end of period	$	55.35		$	53.58		$	47.58		$	59.59
Total return (d)		4.47	%		15.00	%		(18.29	)%		(0.65	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	167,448		$	116,539		$	71,371		$	5,959
Ratios to average net assets:
Total expenses		0.30	%(e)		0.30	%		0.30	%		0.31	%(e)
Net investment income (loss)		1.06	%(e)		2.59	%		2.82	%		3.85	%(e)
Portfolio turnover rate (f)		8	%(h)		34	%		23	%		0	%(g)(h)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Amount shown represents less than 0.5%.

(h) Not annualized.

See accompanying notes to financial statements.

397

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI World StrategicFactors ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period	$	63.75		$	57.96		$	59.95		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.72			1.40			1.35			0.37
Net realized and unrealized gain (loss) (b)		3.67			6.46			(2.04	)		(0.38	)
Total from investment operations		4.39			7.86			(0.69	)		(0.01	)
Distributions to shareholders from:
Net investment income		(0.67	)		(1.37	)		(1.30	)		(0.04	)
Net realized gains		—			(0.70	)		(0.00	)(c)		—
Total distributions		(0.67	)		(2.07	)		(1.30	)		(0.04	)
Net asset value, end of period	$	67.47		$	63.75		$	57.96		$	59.95
Total return (d)		6.96	%		13.78	%		(1.25	)%		(0.02	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	26,990		$	6,375		$	5,796		$	5,995
Ratios to average net assets:
Total expenses		0.30	%(e)		0.30	%		0.30	%		0.30	%(e)
Net investment income (loss)		2.23	%(e)		2.29	%		2.18	%		1.90	%(e)
Portfolio turnover rate (f)		2	%(g)		18	%		13	%		0	%(g)(h)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

(h) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

398

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Australia StrategicFactors ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	49.81		$	42.50		$	55.90		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.97			1.80			2.48			1.10
Net realized and unrealized gain (loss) (b)		2.77			7.14			(13.31	)		(5.20	)
Total from investment operations		3.74			8.94			(10.83	)		(4.10	)
Net equalization credits and charges		0.20			0.26			0.15			—
Distributions to shareholders from:
Net investment income		(1.29	)		(1.89	)		(2.72	)		—
Net realized gains		—			—			(0.00	)(c)		—
Total distributions		(1.29	)		(1.89	)		(2.72	)		—
Net asset value, end of period	$	52.46		$	49.81		$	42.50		$	55.90
Total return (d)		8.17	%		22.15	%		(19.87	)%		(6.84	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	13,115		$	9,962		$	6,375		$	5,590
Ratios to average net assets:
Total expenses		0.30	%(e)		0.30	%		0.30	%		0.30	%(e)
Net investment income (loss)		3.95	%(e)		3.93	%		4.77	%		5.99	%(e)
Portfolio turnover rate (f)		13	%(g)		25	%		12	%		1	%(g)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

399

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Canada StrategicFactors ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	52.66		$	46.60		$	59.82		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.59			1.13			1.18			0.39
Net realized and unrealized gain (loss) (b)		1.90			5.90			(13.19	)		(0.55	)
Total from investment operations		2.49			7.03			(12.01	)		(0.16	)
Net equalization credits and charges		0.13			0.11			0.40			—
Distributions to shareholders from:
Net investment income		(0.62	)		(1.08	)		(1.61	)		(0.02	)
Net asset value, end of period	$	54.66		$	52.66		$	46.60		$	59.82
Total return (c)		5.01	%		15.62	%		(19.84	)%		(0.26	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	35,527		$	18,430		$	9,319		$	2,991
Ratios to average net assets:
Total expenses		0.30	%(d)		0.30	%		0.30	%		0.30	%(d)
Net investment income (loss)		2.18	%(d)		2.30	%		2.21	%		2.06	%(d)
Portfolio turnover rate (e)		8	%(f)		21	%		15	%		2	%(f)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

400

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Germany StrategicFactors ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	52.12		$	48.44		$	53.58		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.06			1.20			1.24			0.02	(b)
Net realized and unrealized gain (loss) (c)		4.32			3.33			(5.39	)		(6.44	)
Total from investment operations		4.38			4.53			(4.15	)		(6.42	)
Net equalization credits and charges		(0.11	)		0.20			0.18			—
Distributions to shareholders from:
Net investment income		(0.10	)		(1.05	)		(1.17	)		(0.00	)(d)
Net asset value, end of period	$	56.29		$	52.12		$	48.44		$	53.58
Total return (e)		8.19	%		9.99	%		(7.64	)%		(10.70	)%(b)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	5,629		$	13,031		$	9,688		$	5,358
Ratios to average net assets:
Total expenses		0.30	%(f)		0.30	%		0.30	%		0.30	%(f)
Net investment income (loss)		0.25	%(f)		2.37	%		2.26	%		0.11	%(b)(f)
Portfolio turnover rate (g)		6	%(h)		27	%		18	%		1	%(h)

 * Commencement of operations.

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

(b) Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.02 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)%.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.

401

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Japan StrategicFactors ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	67.43		$	59.76		$	60.46		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.58			0.95			0.88			0.41
Net realized and unrealized gain (loss) (b)		1.24			7.42			(0.97	)		0.05
Total from investment operations		1.82			8.37			(0.09	)		0.46
Net equalization credits and charges		(0.01	)		0.27			0.24			—
Distributions to shareholders from:
Net investment income		(0.59	)		(0.96	)		(0.84	)		—
Net realized gains		—			(0.01	)		(0.01	)		—
Total distributions		(0.59	)		(0.97	)		(0.85	)		—
Net asset value, end of period	$	68.65		$	67.43		$	59.76		$	60.46
Total return (c)		2.72	%		14.55	%		0.21	%		0.76	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	13,730		$	13,487		$	11,951		$	6,046
Ratios to average net assets:
Total expenses		0.30	%(d)		0.30	%		0.30	%		0.30	%(d)
Net investment income (loss)		1.72	%(d)		1.48	%		1.38	%		2.21	%(d)
Portfolio turnover rate (e)		13	%(g)		23	%		23	%		0	%(f)(g)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Amount shown represents less than 0.5%.

(g) Not annualized.

See accompanying notes to financial statements.

402

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Spain StrategicFactors ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	41.94		$	44.41		$	55.05		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.67			1.54			1.86			0.67	(b)
Net realized and unrealized gain (loss) (c)		4.90			(2.53	)		(10.25	)		(5.56	)
Total from investment operations		5.57			(0.99	)		(8.39	)		(4.89	)
Net equalization credits and charges		—			—			(0.20	)		—
Distributions to shareholders from:
Net investment income		(1.24	)		(1.48	)		(2.05	)		(0.06	)
Net asset value, end of period	$	46.27		$	41.94		$	44.41		$	55.05
Total return (d)		13.71	%		(2.23	)%		(16.00	)%		(8.16	)%(b)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,314		$	2,097		$	2,220		$	8,258
Ratios to average net assets:
Total expenses		0.30	%(e)		0.31	%		0.30	%		0.30	%(e)
Net investment income (loss)		3.23	%(e)		3.66	%		3.67	%		3.83	%(b)(e)
Portfolio turnover rate (f)		3	%(g)		9	%		12	%		1	%(g)

 * Commencement of operations.

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

(b) 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)%.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

403

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI United Kingdom StrategicFactors ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	48.26		$	50.14		$	57.08		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.76			1.82			2.18			0.62	(b)
Net realized and unrealized gain (loss) (c)		0.65			(1.77	)		(7.43	)		(3.53	)
Total from investment operations		1.41			0.05			(5.25	)		(2.91	)
Net equalization credits and charges		—			—			0.34			—
Distributions to shareholders from:
Net investment income		(0.74	)		(1.93	)		(2.03	)		(0.01	)
Net asset value, end of period	$	48.93		$	48.26		$	50.14		$	57.08
Total return (d)		3.02	%		0.18	%		(8.85	)%		(4.86	)%(b)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,447		$	2,413		$	2,507		$	5,708
Ratios to average net assets:
Total expenses		0.30	%(e)		0.31	%		0.30	%		0.30	%(e)
Net investment income (loss)		3.28	%(e)		3.71	%		3.90	%		3.40	%(b)(e)
Portfolio turnover rate (f)		10	%(h)		24	%		31	%		0	%(g)(h)

 * Commencement of operations.

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

(b) Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.10 per share and 0.18% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been (5.02)%.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Amount shown represents less than 0.5%.

(h) Not annualized.

See accompanying notes to financial statements.

404

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Global Dividend ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			For the Period 5/29/13* - 9/30/13
Net asset value, beginning of period	$	63.21		$	58.60		$	64.89		$	63.33		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.90			2.56			2.70			2.99			0.75
Net realized and unrealized gain (loss) (b)		1.12			4.87			(6.27	)		1.32			3.20
Total from investment operations		2.02			7.43			(3.57	)		4.31			3.95
Net equalization credits and charges		0.01			0.08			0.39			0.06			0.01
Distributions to shareholders from:
Net investment income		(0.84	)		(2.61	)		(2.61	)		(2.81	)		(0.63	)
Net realized gains		—			(0.29	)		(0.50	)		—			—
Total distributions		(0.84	)		(2.90	)		(3.11	)		(2.81	)		(0.63	)
Net asset value, end of period	$	64.40		$	63.21		$	58.60		$	64.89		$	63.33
Total return (c)		3.25	%		13.16	%		(5.17	)%		6.85	%		6.61	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	125,589		$	104,298		$	73,250		$	29,200		$	9,499
Ratios to average net assets:
Total expenses		0.40	%(d)		0.40	%		0.40	%		0.40	%		0.40	%(d)
Net investment income (loss)		2.89	%(d)		4.27	%		4.16	%		4.46	%		3.61	%(d)
Portfolio turnover rate (e)		49	%(f)		49	%		31	%		37	%		10	%(f)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

405

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Dividend ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	36.61		$	33.95		$	46.33		$	46.60		$	45.27		$	45.07
Income (loss) from investment operations:
Net investment income (loss) (a)		0.55			1.68			2.05			2.41			3.27			3.29
Net realized and unrealized gain (loss) (b)		1.88			2.56			(12.36	)		(0.29	)		1.20			(0.22	)
Total from investment operations		2.43			4.24			(10.31	)		2.12			4.47			3.07
Net equalization credits and charges		(0.01	)		0.05			(0.01	)		0.03			(0.00	)(c)		0.14
Distributions to shareholders from:
Net investment income		(1.02	)		(1.63	)		(2.06	)		(2.42	)		(3.14	)		(3.01	)
Net asset value, end of period	$	38.01		$	36.61		$	33.95		$	46.33		$	46.60		$	45.27
Total return (d)		6.74	%		12.98	%		(22.86	)%		4.43	%		10.24	%		7.45	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	1,140,318		$	1,010,508		$	974,416		$	1,450,114		$	1,304,826		$	1,000,522
Ratios to average net assets:
Total expenses		0.45	%(e)		0.45	%		0.46	%		0.46	%		0.45	%		0.45	%
Net investment income (loss)		2.99	%(e)		4.81	%		4.84	%		4.96	%		6.97	%		7.11	%
Portfolio turnover rate (f)		87	%(g)		39	%		76	%		62	%		121	%		127	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

406

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Markets Small Cap ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	42.74		$	37.00		$	48.31		$	46.15		$	44.43		$	40.57
Income (loss) from investment operations:
Net investment income (loss) (a)		0.15			0.89			1.01			1.01			0.95			0.96
Net realized and unrealized gain (loss) (b)		3.35			5.84			(11.19	)		2.11			1.81			5.15
Total from investment operations		3.50			6.73			(10.18	)		3.12			2.76			6.11
Net equalization credits and charges		—			—			0.00			—			—			—
Other capital		0.02			0.04			0.04			0.05			0.03			0.04
Distributions to shareholders from:
Net investment income		(0.84	)		(1.03	)		(1.17	)		(1.01	)		(1.07	)		(0.92	)
Net realized gains		—			—			—			—			—			(1.37	)
Total distributions		(0.84	)		(1.03	)		(1.17	)		(1.01	)		(1.07	)		(2.29	)
Net asset value, end of period	$	45.42		$	42.74		$	37.00		$	48.31		$	46.15		$	44.43
Total return (d)		8.49	%		18.67	%		(21.38	)%		6.90	%		6.29	%(c)		16.09	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	372,432		$	320,556		$	373,681		$	570,082		$	761,466		$	897,446
Ratios to average net assets:
Total expenses		0.65	%(e)		0.65	%		0.65	%		0.65	%		0.65	%		0.66	%
Net investment income (loss)		0.71	%(e)		2.29	%		2.26	%		2.10	%		2.05	%		2.27	%
Portfolio turnover rate (f)		7	%(g)		19	%		12	%		23	%		18	%		22	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

407

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Dow Jones Global Real Estate ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	49.68		$	45.11		$	44.24		$	42.16		$	40.56		$	32.58
Income (loss) from investment operations:
Net investment income (loss) (a)		0.84			1.23			1.17			1.23			1.16			1.12
Net realized and unrealized gain (loss) (b)		(2.53	)		4.88			1.04			2.24			2.21			7.52
Total from investment operations		(1.69	)		6.11			2.21			3.47			3.37			8.64
Net equalization credits and charges		(0.01	)		0.03			0.02			0.07			0.10			0.58
Distributions to shareholders from:
Net investment income		(0.88	)		(1.57	)		(1.36	)		(1.46	)		(1.87	)		(1.24	)
Net realized gains		(0.02	)		—			—			—			—			—
Total distributions		(0.90	)		(1.57	)		(1.36	)		(1.46	)		—			—
Net asset value, end of period	$	47.08		$	49.68		$	45.11		$	44.24		$	42.16		$	40.56
Total return (c)		(3.40	)%		13.71	%		4.96	%		8.44	%		8.61	%		28.56	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,542,408		$	2,494,073		$	1,899,194		$	1,473,132		$	1,003,377		$	543,476
Ratios to average net assets:
Total expenses		0.50	%(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		3.58	%(d)		2.56	%		2.46	%		2.77	%		2.71	%		2.96	%
Portfolio turnover rate (e)		8	%(f)		9	%		6	%		7	%		8	%		8	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

408

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Consumer Discretionary Sector ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	36.26		$	35.75		$	36.81		$	37.95		$	27.65		$	25.05
Income (loss) from investment operations:
Net investment income (loss) (a)		0.33			0.81			0.80			0.72			0.68			0.52
Net realized and unrealized gain (loss) (b)		1.80			0.50			(1.07	)		(1.00	)		10.26			3.11
Total from investment operations		2.13			1.31			(0.27	)		(0.28	)		10.94			3.63
Net equalization credits and charges		(0.01	)		0.02			0.00	(c)		(0.01	)		(0.02	)		(0.13	)
Distributions to shareholders from:
Net investment income		(0.25	)		(0.82	)		(0.79	)		(0.85	)		(0.62	)		(0.51	)
Net realized gains		—			—			—			—			—			(0.39	)
Total distributions		(0.25	)		(0.82	)		(0.79	)		(0.85	)		(0.62	)		(0.90	)
Net asset value, end of period	$	38.13		$	36.26		$	35.75		$	36.81		$	37.95		$	27.65
Total return (d)		5.91	%		3.84	%		(0.85	)%		(0.91	)%		39.94	%		14.40	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	15,253		$	12,691		$	14,302		$	18,405		$	18,976		$	5,529
Ratios to average net assets:
Total expenses		0.40	%(e)		0.40	%		0.44	%		0.50	%		0.50	%		0.51	%
Net investment income (loss)		1.80	%(e)		2.25	%		2.07	%		1.84	%		2.04	%		1.96	%
Portfolio turnover rate (f)		0	%(g)(h)		9	%		9	%		2	%		2	%		5	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Amount shown represents less than 0.5%.

(h) Not annualized.

See accompanying notes to financial statements.

409

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Consumer Staples Sector ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	44.30		$	39.47		$	38.96		$	38.89		$	34.52		$	29.60
Income (loss) from investment operations:
Net investment income (loss) (a)		0.27			0.81			0.85			0.96			0.92			0.82
Net realized and unrealized gain (loss) (b)		(1.37	)		4.88			0.45			0.04			4.25			4.90
Total from investment operations		(1.10	)		5.69			1.30			1.00			5.17			5.72
Net equalization credits and charges		0.00	(c)		(0.01	)		0.03			0.04			0.04			(0.00	)(c)
Distributions to shareholders from:
Net investment income		(0.30	)		(0.85	)		(0.82	)		(0.97	)		(0.84	)		(0.80	)
Net asset value, end of period	$	42.90		$	44.30		$	39.47		$	38.96		$	38.89		$	34.52
Total return (d)		(2.48	)%		14.46	%		3.41	%		2.61	%		15.20	%		19.51	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	36,462		$	35,442		$	65,130		$	42,853		$	36,941		$	18,986
Ratios to average net assets:
Total expenses		0.40	%(e)		0.40	%		0.43	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		1.33	%(e)		1.93	%		2.12	%		2.40	%		2.47	%		2.53	%
Portfolio turnover rate (f)		5	%(g)		3	%		5	%		5	%		4	%		7	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

410

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Energy Sector ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	17.52		$	15.47		$	25.75		$	25.07		$	25.31		$	22.46
Income (loss) from investment operations:
Net investment income (loss) (a)		0.32			0.75			0.78			0.89			0.81			0.79
Net realized and unrealized gain (loss) (b)		0.64			2.02			(10.33	)		0.60			(0.28	)		2.89
Total from investment operations		0.96			2.77			(9.55	)		1.49			0.53			3.68
Net equalization credits and charges		0.04			0.00	(c)		0.03			0.05			0.03			(0.02	)
Distributions to shareholders from:
Net investment income		(0.35	)		(0.72	)		(0.76	)		(0.86	)		(0.80	)		(0.81	)
Net asset value, end of period	$	18.17		$	17.52		$	15.47		$	25.75		$	25.07		$	25.31
Total return (d)		5.63	%		18.31	%		(37.45	)%		6.04	%		2.35	%		16.44	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	46,331		$	35,045		$	23,207		$	19,312		$	12,535		$	11,389
Ratios to average net assets:
Total expenses		0.40	%(e)		0.40	%		0.43	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		3.59	%(e)		4.53	%		3.95	%		3.30	%		3.30	%		3.16	%
Portfolio turnover rate (f)		10	%(g)		10	%		5	%		9	%		2	%		6	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

411

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Financial Sector ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	17.91		$	19.24		$	21.85		$	21.76		$	17.67		$	15.47
Income (loss) from investment operations:
Net investment income (loss) (a)		0.26			0.64			0.62			0.72			0.70			0.64
Net realized and unrealized gain (loss) (b)		2.60			(1.21	)		(2.62	)		0.39			4.27			2.15
Total from investment operations		2.86			(0.57	)		(2.00	)		1.11			4.97			2.79
Net equalization credits and charges		(0.02	)		0.16			0.02			(0.18	)		(0.11	)		(0.07	)
Distributions to shareholders from:
Net investment income		(0.29	)		(0.92	)		(0.63	)		(0.84	)		(0.77	)		(0.52	)
Net asset value, end of period	$	20.46		$	17.91		$	19.24		$	21.85		$	21.76		$	17.67
Total return (c)		15.89	%		(1.98	)%		(9.25	)%		4.23	%		27.98	%		18.02	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	7,160		$	6,269		$	10,580		$	10,924		$	6,528		$	3,534
Ratios to average net assets:
Total expenses		0.40	%(d)		0.40	%		0.44	%		0.51	%		0.50	%		0.50	%
Net investment income (loss)		2.65	%(d)		3.47	%		2.92	%		3.19	%		3.50	%		3.94	%
Portfolio turnover rate (e)		3	%(f)		21	%		12	%		20	%		2	%		6	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

412

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Health Care Sector ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	47.67		$	48.32		$	48.98		$	41.71		$	35.15		$	29.55
Income (loss) from investment operations:
Net investment income (loss) (a)		0.56			0.91			0.73			0.81			0.77			0.86
Net realized and unrealized gain (loss) (b)		(0.86	)		(0.50	)		(0.67	)		7.30			6.53			5.57
Total from investment operations		(0.30	)		0.41			0.06			8.11			7.30			6.43
Net equalization credits and charges		(0.04	)		(0.02	)		0.02			0.02			0.07			(0.01	)
Distributions to shareholders from:
Net investment income		(0.48	)		(0.96	)		(0.74	)		(0.86	)		(0.81	)		(0.82	)
Net realized gains		—			(0.08	)		(0.00	)(c)		—			—			—
Total distributions		(0.48	)		(1.04	)		(0.74	)		(0.86	)		(0.81	)		(0.82	)
Net asset value, end of period	$	46.85		$	47.67		$	48.32		$	48.98		$	41.71		$	35.15
Total return (d)		(0.71	)%		0.80	%		0.10	%		19.57	%		21.14	%		22.03	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	51,530		$	50,054		$	74,901		$	66,125		$	60,479		$	28,123
Ratios to average net assets:
Total expenses		0.40	%(e)		0.40	%		0.44	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		2.51	%(e)		1.88	%		1.44	%		1.76	%		1.98	%		2.70	%
Portfolio turnover rate (f)		2	%(g)		7	%		11	%		13	%		8	%		14	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

413

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Industrial Sector ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	30.35		$	26.65		$	30.40		$	30.53		$	24.67		$	22.46
Income (loss) from investment operations:
Net investment income (loss) (a)		0.20			0.62			0.55			0.68			0.63			0.55
Net realized and unrealized gain (loss) (b)		1.87			3.70			(3.77	)		(0.07	)		6.18			2.32
Total from investment operations		2.07			4.32			(3.22	)		0.61			6.81			2.87
Net equalization credits and charges		0.01			0.06			0.02			(0.07	)		(0.21	)		(0.10	)
Distributions to shareholders from:
Net investment income		(0.16	)		(0.68	)		(0.55	)		(0.67	)		(0.74	)		(0.56	)
Net asset value, end of period	$	32.27		$	30.35		$	26.65		$	30.40		$	30.53		$	24.67
Total return (c)		6.88	%		16.68	%		(10.70	)%		1.67	%		27.19	%		12.53	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	20,977		$	15,177		$	17,322		$	24,324		$	13,740		$	8,635
Ratios to average net assets:
Total expenses		0.40	%(d)		0.40	%		0.45	%		0.51	%		0.50	%		0.50	%
Net investment income (loss)		1.29	%(d)		2.19	%		1.85	%		2.17	%		2.29	%		2.27	%
Portfolio turnover rate (e)		3	%(f)		10	%		12	%		4	%		7	%		11	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

414

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Materials Sector ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	20.00		$	16.47		$	21.72		$	23.33		$	23.68		$	22.83
Income (loss) from investment operations:
Net investment income (loss) (a)		0.23			0.34			0.59	(b)		0.46			0.44			0.42
Net realized and unrealized gain (loss) (c).		1.69			3.54			(5.23	)		(1.40	)		(0.31	)		0.87
Total from investment operations		1.92			3.88			(4.64	)		(0.94	)		0.13			1.29
Net equalization credits and charges		(0.07	)		0.01			0.00	(d)		(0.00	)(d)		(0.01	)		0.01
Distributions to shareholders from:
Net investment income		(0.11	)		(0.36	)		(0.61	)		(0.67	)		(0.47	)		(0.45	)
Net asset value, end of period	$	21.74		$	20.00		$	16.47		$	21.72		$	23.33		$	23.68
Total return (e)		9.26	%		23.96	%		(21.82	)%(b)		(4.19	)%		0.43	%		5.79	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	14,130		$	5,000		$	4,940		$	7,603		$	9,333		$	11,842
Ratios to average net assets:
Total expenses		0.40	%(f)		0.41	%		0.45	%		0.52	%		0.50	%		0.50	%
Net investment income (loss)		2.17	%(f)		1.92	%		2.88	%(b)		1.95	%		1.90	%		1.77	%
Portfolio turnover rate (g)		8	%(h)		12	%		2	%		15	%		8	%		0	%(i)

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

(b) Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.13 per share and 0.64% of average net assets. If the special dividends were not received during the year ended September 30, 2015, the total return would have been (22.96)%.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

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

(h) Not annualized.

(i) Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

415

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Technology Sector ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	34.98		$	29.16		$	31.48		$	30.02		$	24.18		$	22.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.14			0.41			0.37			0.32			0.31			0.29
Net realized and unrealized gain (loss) (b)		3.76			6.00			(2.40	)		1.62			5.89			2.37
Total from investment operations		3.90			6.41			(2.03	)		1.94			6.20			2.66
Net equalization credits and charges		(0.05	)		0.02			(0.00	)(c)		(0.00	)(c)		(0.06	)		(0.03	)
Distributions to shareholders from:
Net investment income		(0.04	)		(0.61	)		(0.29	)		(0.48	)		(0.30	)		(0.31	)
Net realized gains		—			—			—			—			—			(0.14	)
Total distributions		(0.04	)		(0.61	)		(0.29	)		(0.48	)		(0.30	)		(0.45	)
Net asset value, end of period	$	38.79		$	34.98		$	29.16		$	31.48		$	30.02		$	24.18
Total return (d)		11.04	%		22.29	%		(6.50	)%		6.43	%		25.54	%		12.06	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	29,093		$	10,493		$	10,206		$	12,591		$	12,007		$	10,881
Ratios to average net assets:
Total expenses		0.40	%(e)		0.40	%		0.45	%		0.53	%		0.50	%		0.50	%
Net investment income (loss)		0.79	%(e)		1.30	%		1.14	%		1.00	%		1.13	%		1.21	%
Portfolio turnover rate (f)		1	%(g)		8	%		5	%		4	%		13	%		6	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

416

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Telecommunications Sector ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	24.69		$	24.20		$	25.63		$	26.89		$	22.82		$	22.65
Income (loss) from investment operations:
Net investment income (loss) (a)		0.27			0.88			0.77			3.19	(b)		0.98			1.45
Net realized and unrealized gain (loss) (c).		(0.68	)		0.64			(1.41	)		(1.01	)		4.01			0.10
Total from investment operations		(0.41	)		1.52			(0.64	)		2.18			4.99			1.55
Net equalization credits and charges		(0.01	)		(0.03	)		(0.01	)		(0.10	)		0.01			(0.01	)
Distributions to shareholders from:
Net investment income		(0.22	)		(1.00	)		(0.78	)		(3.34	)		(0.93	)		(1.37	)
Net asset value, end of period	$	24.05		$	24.69		$	24.20		$	25.63		$	26.89		$	22.82
Total return (d)		(1.64	)%		6.19	%		(2.70	)%		7.43	%(b)		22.68	%		7.23	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	37,284		$	28,394		$	36,300		$	43,565		$	33,618		$	25,098
Ratios to average net assets:
Total expenses		0.40	%(e)		0.40	%		0.44	%		0.51	%		0.50	%		0.50	%
Net investment income (loss)		2.29	%(e)		3.52	%		2.94	%		11.54	%(b)		4.18	%		6.48	%
Portfolio turnover rate (f)		3	%(g)		14	%		21	%		16	%		7	%		3	%

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

(b) Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $ 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%.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

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

(g) Not annualized.

See accompanying notes to financial statements.

417

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P International Utilities Sector ETF
	Six Months Ended 3/31/17 (Unaudited)			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13			Year Ended 9/30/12
Net asset value, beginning of period	$	16.29		$	15.95		$	18.81		$	17.72		$	16.39		$	17.38
Income (loss) from investment operations:
Net investment income (loss) (a)		0.20			0.66			0.60			0.69			0.65			0.85
Net realized and unrealized gain (loss) (b)		(0.19	)		0.31			(2.82	)		1.04			1.33			(1.24	)
Total from investment operations		0.01			0.97			(2.22	)		1.73			1.98			(0.39	)
Net equalization credits and charges		(0.01	)		0.01			(0.01	)		0.02			0.06			0.14
Distributions to shareholders from:
Net investment income		(0.21	)		(0.64	)		(0.63	)		(0.66	)		(0.71	)		(0.74	)
Net asset value, end of period	$	16.08		$	16.29		$	15.95		$	18.81		$	17.72		$	16.39
Total return (c)		0.02	%		6.22	%		(11.98	)%		9.86	%		12.79	%		(1.30	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	25,730		$	30,140		$	27,114		$	69,587		$	39,868		$	25,403
Ratios to average net assets:
Total expenses		0.40	%(d)		0.40	%		0.45	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		2.68	%(d)		4.06	%		3.38	%		3.65	%		3.87	%		5.15	%
Portfolio turnover rate (e)		7	%(f)		9	%		6	%		8	%		1	%		8	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

418

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS

March 31, 2017 (Unaudited)

1. Organization

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

As of March 31, 2017, the Trust consists of forty-eight (48) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following Funds (each a “Fund”, and collectively, the “Funds”):

SPDR STOXX Europe 50 ETF

SPDR EURO STOXX 50 ETF

SPDR EURO STOXX Small Cap ETF

SPDR EURO STOXX 50 Currency Hedged ETF

SPDR S&P International Dividend Currency Hedged ETF

SPDR S&P Emerging Asia Pacific ETF

SPDR S&P Russia ETF

SPDR S&P China ETF

SPDR MSCI China A Shares IMI ETF

SPDR S&P Emerging Markets ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR S&P Emerging Europe ETF

SPDR S&P Emerging Latin America ETF

SPDR S&P Emerging Middle East & Africa ETF

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 S&P North American Natural Resources ETF

SPDR MSCI ACWI ex-US ETF

SPDR MSCI ACWI IMI ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SPDR MSCI EAFE StrategicFactors ETF

SPDR MSCI Emerging Markets StrategicFactors ETF

SPDR MSCI World StrategicFactors ETF

SPDR MSCI Australia StrategicFactors ETF

SPDR MSCI Canada StrategicFactors ETF

SPDR MSCI Germany StrategicFactors ETF

SPDR MSCI Japan StrategicFactors ETF

SPDR MSCI Spain StrategicFactors ETF

SPDR MSCI United Kingdom StrategicFactors ETF

SPDR S&P Global Dividend ETF

SPDR S&P International Dividend ETF

SPDR S&P Emerging Markets Small Cap ETF

SPDR Dow Jones Global Real Estate ETF

SPDR S&P International Consumer Discretionary Sector ETF

SPDR S&P International Consumer Staples Sector ETF

SPDR S&P International Energy Sector ETF

SPDR S&P International Financial Sector ETF

SPDR S&P International Health Care Sector ETF

SPDR S&P International Industrial Sector ETF

SPDR S&P International Materials Sector ETF

SPDR S&P International Technology Sector ETF

SPDR S&P International Telecommunications Sector ETF

SPDR S&P International Utilities Sector ETF

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

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF and SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF were formed on October 24, 2016, and commenced operations on October 25, 2016.

On November 14, 2016, SPDR MSCI International Real Estate Currency Hedged ETF, SPDR MSCI Mexico StrategicFactors ETF, SPDR MSCI South Korea StrategicFactors ETF and SPDR MSCI Taiwan StrategicFactors ETF were liquidated and closed.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in

419

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that each Fund’s listing exchange is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for determining the fair value of investments.

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

• Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published NAV per share or unit.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. The rates are obtained from independent pricing services in accordance with the valuation policy and procedures approved by the Board.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

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

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical asset or liability;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for

420

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of each Fund’s investments according to the fair value hierarchy as of March 31, 2017, is disclosed in each Fund’s respective Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the end of the reporting period.

The SPDR MSCI China A Shares IMI ETF had transfers from Level 1 to Level 2 during the period ended March 31, 2017 in the amount of $95,175, due to securities halted from trading. At March 31, 2017, the investments are valued using alternative valuation procedures under the valuation policy and procedures adopted by the Board. At September 31, 2016, these investments were valued at exchange closing prices in accordance with the Fund’s valuation policy.

Investment Transactions and Income Recognition

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

Dividend income and capital gain distributions, if any, are recognized daily on the ex-dividend date, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

Certain Funds invest in Real Estate Investment Trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds’ policy is to record all REIT distributions initially as dividend income and re-designate the prior calendar year’s to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

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

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign

421

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of March 31, 2017, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Equalization

Certain Funds in the Trust follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

The following Funds utilized equalization during the period ended March 31, 2017:

SPDR STOXX Europe 50 ETF

SPDR EURO STOXX 50 ETF

SPDR EURO STOXX 50 Currency Hedged ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR Dow Jones International Real Estate ETF

SPDR S&P North American Natural Resources ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SPDR MSCI Australia StrategicFactors ETF

SPDR MSCI Canada StrategicFactors ETF

SPDR MSCI Germany StrategicFactors ETF

SPDR MSCI Japan StrategicFactors ETF

SPDR S&P Global Dividend ETF

SPDR S&P International Dividend ETF

SPDR Dow Jones Global Real Estate ETF

SPDR S&P International Consumer Discretionary Sector ETF

SPDR S&P International Consumer Staples Sector ETF

SPDR S&P International Energy Sector ETF

SPDR S&P International Financial Sector ETF

SPDR S&P International Health Care Sector ETF

SPDR S&P International Industrial Sector ETF

SPDR S&P International Materials Sector ETF

SPDR S&P International Technology Sector ETF

SPDR S&P International Telecommunications Sector ETF

SPDR S&P International Utilities Sector ETF

Distributions

The following Funds declare and distribute from net investment income, if any, to its shareholders quarterly:

SPDR STOXX Europe 50 ETF

SPDR EURO STOXX 50 ETF

SPDR EURO STOXX 50 Currency Hedged ETF

SPDR S&P International Dividend Currency Hedged ETF

SPDR MSCI China A Shares IMI ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR Dow Jones International Real Estate ETF

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SPDR S&P Global Dividend ETF

SPDR S&P International Dividend ETF

SPDR Dow Jones Global Real Estate ETF

SPDR S&P International Consumer Discretionary Sector ETF

SPDR S&P International Consumer Staples Sector ETF

SPDR S&P International Energy Sector ETF

SPDR S&P International Financial Sector ETF

SPDR S&P International Health Care Sector ETF

SPDR S&P International Industrial Sector ETF

SPDR S&P International Materials Sector ETF

SPDR S&P International Technology Sector ETF

SPDR S&P International Telecommunications Sector ETF

SPDR S&P International Utilities Sector ETF

The following Funds declare and distribute from net investment income, if any, to its shareholders semi-annually:

SPDR EURO STOXX Small Cap ETF

SPDR S&P Emerging Asia Pacific ETF

SPDR S&P Russia ETF

SPDR S&P China ETF

SPDR S&P Emerging Markets ETF

SPDR S&P 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 S&P North American Natural Resources ETF

SPDR MSCI ACWI ex-US ETF

SPDR MSCI ACWI IMI ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI EAFE StrategicFactors ETF

SPDR MSCI Emerging Markets StrategicFactors ETF

422

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

SPDR MSCI World StrategicFactors ETF

SPDR MSCI Australia StrategicFactors ETF

SPDR MSCI Canada StrategicFactors ETF

SPDR MSCI Germany StrategicFactors ETF

SPDR MSCI Japan StrategicFactors ETF

SPDR MSCI Spain StrategicFactors ETF

SPDR MSCI United Kingdom StrategicFactors ETF

SPDR S&P Emerging Markets Small Cap ETF

Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Derivative Financial Instruments

Futures Contracts

Certain Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate the movement of the assets underlying such contracts.

For the period ended March 31, 2017, the following Funds entered into futures contracts for the strategies listed below:

Funds	Strategies
SPDR EURO STOXX 50 Currency Hedged ETF	Return enhancement, hedging and exposing cash reserves to markets
SPDR S&P Emerging Markets ETF	Return enhancement, hedging and exposing cash reserves to markets
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	Return enhancement, hedging and exposing cash reserves to markets

Forward Foreign Currency Exchange Contracts

Certain Funds may engage in forward foreign currency contracts to acquire exposure to foreign currencies or to hedge the Fund’s investments against currency fluctuations. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Certain risks may arise upon entering into forward foreign currency exchange contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gains on appreciated contracts, if any. Additionally, when utilizing forward foreign currency exchange contracts to hedge, the Funds give up the opportunity to profit from favorable exchange rate movements during the term of the contract.

For the period ended March 31, 2017, the following Funds entered into forward foreign currency exchange contracts for the strategies listed below:

Funds	Strategies
SPDR EURO STOXX 50 Currency Hedged ETF	Hedging to offset the Fund’s exposure to the component currencies
SPDR S&P International Dividend Currency Hedged ETF	Hedging to offset the Fund’s exposure to the component currencies

423

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

The following tables summarize the value of the Funds’ derivative instruments as of March 31, 2017, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

	Asset Derivatives
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
SPDR EURO STOXX 50 Currency Hedged ETF
Forward Foreign Currency Exchange Contracts (a)	$	—	$	3,257	$	—	$	—	$	—	$	3,257
Futures Contracts (b)		—		—		—		4,321		—		4,321
SPDR S&P International Dividend Currency Hedged ETF
Forward Foreign Currency Exchange Contracts (a)		—		12,492		—		—		—		12,492
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
Futures Contracts (b)		—		—		—		3,650		—		3,650

(a) Unrealized appreciation on forward foreign currency exchange contracts.

(b) Unrealized appreciation on open futures contracts. The Statements ofAssets and Liabilities only reflect the current day’s net variation margin.

	Liability Derivatives
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
SPDR EURO STOXX 50 Currency Hedged ETF
Forward Foreign Currency Exchange Contracts (a)	$	—	$	121,283	$	—	$	—		$	—	$	121,283
SPDR S&P International Dividend Currency Hedged ETF
Forward Foreign Currency Exchange Contracts (a)		—		12,694		—		—			—		12,694
SPDR S&P Emerging Markets ETF
Futures Contracts (b)		—		—		—		(5,043	)		—		(5,043	)

(a) Unrealized depreciation on forward foreign currency exchange contracts.

(b) Unrealized depreciation on open futures contracts. The Statements of Assets and Liabilities only reflect the current day’s net variation margin.

	Net Realized Gain (Loss)
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
SPDR EURO STOXX 50 Currency Hedged ETF
Forward Foreign Currency Exchange Contracts	$	—	$	819,953	$	—	$	—	$	—	$	819,953
Futures Contracts		—		—		—		17,679		—		17,679
SPDR S&P International Dividend Currency Hedged ETF
Forward Foreign Currency Exchange Contracts		—		11,447		—		—		—		11,447
SPDR S&P Emerging Markets ETF
Futures Contracts		—		—		—		27,133		—		27,133
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
Futures Contracts		—		—		—		7,469		—		7,469

424

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

	Net Change in Unrealized Appreciation (Depreciation)
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk			Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
SPDR EURO STOXX 50 Currency Hedged ETF
Forward Foreign Currency Exchange Contracts	$	—	$	(21,324	)	$	—	$	—		$	—	$	(21,324	)
Futures Contracts		—		—			—		4,579			—		4,579
SPDR S&P International Dividend Currency Hedged ETF
Forward Foreign Currency Exchange Contracts		—		24,374			—		—			—		24,374
SPDR S&P Emerging Markets ETF
Futures Contracts		—		—			—		(1,397	)		—		(1,397	)
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
Futures Contracts		—		—			—		3,650			—		3,650

For financial reporting purposes, the Funds do not offset derivative assets or liabilities, including those that may be subject to an enforceable Foreign Exchange Master Agreement that allows for net settlement between counterparties, on their Statements of Assets and Liabilities. The following tables set forth the Funds’ net exposure to derivative assets and liabilities available for offset and net of collateral at March 31, 2017:

SPDR EURO STOXX 50 Currency Hedged ETF

Offsetting of Financial Assets and Derivative Assets
	Forward Foreign Currency Exchange Contracts
Counterparty	Gross Amounts of Assets			Amount Eligible to Offset			Collateral (Received)/ Pledged		Net Amount
Bank of Montreal	$	552		$	(552	)	$	—	$	—
Royal Bank of Canada		2,655			(2,655	)		—		—
Societe Generale		50			(50	)		—		—
	$	3,257		$	(3,257	)	$	—	$	—
Offsetting of Financial Liabilities and Derivative Liabilities
	Forward Foreign Currency Exchange Contracts
Counterparty	Gross Amounts of Liabilities			Amount Eligible to Offset			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A	$	(19,218	)	$	—		$	—	$	(19,218	)
Bank of Montreal		(24,690	)		552			—		(24,138	)
BNP Paribas SA		(19,193	)		—			—		(19,193	)
HSBC Bank USA		(19,399	)		—			—		(19,399	)
Royal Bank of Canada		(19,383	)		2,655			—		(16,728	)
Societe Generale		(19,302	)		50			—		(19,252	)
UBS		(98	)		—			—		(98	)
	$	(121,283	)	$	3,257		$	—	$	(118,026	)

425

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

SPDR S&P International Dividend Currency Hedged ETF

Offsetting of Financial Assets and Derivative Assets
	Forward Foreign Currency Exchange Contracts
Counterparty	Gross Amounts of Assets			Amount Eligible to Offset			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A	$	5,529		$	—		$	—	$	5,529
Bank of Montreal		822			(822	)		—		—
BNP Paribas SA		3,715			(14	)		—		3,701
HSBC Bank USA		32			(32	)		—		—
Royal Bank of Canada		1,974			(293	)		—		1,681
Societe Generale		16			(16	)		—		—
Toronto Dominion Bank		397			(397	)		—		—
UBS		7			(7	)		—		—
	$	12,492		$	(1,581	)	$	—	$	10,911
Offsetting of Financial Liabilities and Derivative Liabilities
	Forward Foreign Currency Exchange Contracts
Counterparty	Gross Amounts of Liabilities			Amount Eligible to Offset			Collateral (Received)/ Pledged		Net Amount
Bank of Montreal	$	(6,246	)	$	822		$	—	$	(5,424	)
BNP Paribas SA		(14	)		14			—		—
HSBC Bank USA		(1,432	)		32			—		(1,400	)
Royal Bank of Canada		(293	)		293			—		—
Societe Generale		(2,534	)		16			—		(2,518	)
Toronto Dominion Bank		(2,145	)		397			—		(1,748	)
UBS		(30	)		7			—		(23	)
	$	(12,694	)	$	1,581		$	—	$	(11,113	)

Amounts presented on the Schedules of Investments and Statements of Assets and Liabilities are not net settlement amounts but gross.

4. Fees and Transactions with Affiliates

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee accrued daily and paid quarterly, based on a percentage of each Fund’s average daily net assets as shown in the following table:

	Annual Rate
SPDR STOXX Europe 50 ETF		0.29	%
SPDR EURO STOXX 50 ETF		0.29
SPDR EURO STOXX Small Cap ETF		0.45
SPDR EURO STOXX 50 Currency Hedged ETF		0.32
SPDR S&P International Dividend Currency Hedged ETF		0.48
SPDR S&P Emerging Asia Pacific ETF		0.49
SPDR S&P Russia ETF		0.59

426

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

	Annual Rate
SPDR S&P China ETF		0.59	%
SPDR MSCI China A Shares IMI ETF		0.65
SPDR S&P Emerging Markets ETF		0.59
SPDR S&P Emerging Markets Dividend ETF		0.49
SPDR S&P Emerging Europe ETF		0.49
SPDR S&P Emerging Latin America ETF		0.49
SPDR S&P Emerging Middle East & Africa ETF		0.49
SPDR S&P World ex-US ETF		0.34
SPDR S&P International Small Cap ETF		0.40
SPDR Dow Jones International Real Estate ETF		0.59
SPDR S&P Global Infrastructure ETF		0.40
SPDR S&P Global Natural Resources ETF		0.40
SPDR S&P North American Natural Resources ETF		0.35
SPDR MSCI ACWI ex-US ETF		0.34
SPDR MSCI ACWI IMI ETF		0.25
SPDR MSCI ACWI Low Carbon Target ETF		0.30
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		0.30
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		0.30
SPDR MSCI EAFE StrategicFactors ETF		0.30
SPDR MSCI Emerging Markets StrategicFactors ETF		0.30
SPDR MSCI World StrategicFactors ETF		0.30
SPDR MSCI Australia StrategicFactors ETF		0.30
SPDR MSCI Canada StrategicFactors ETF		0.30
SPDR MSCI Germany StrategicFactors ETF		0.30
SPDR MSCI Japan StrategicFactors ETF		0.30
SPDR MSCI Spain StrategicFactors ETF		0.30
SPDR MSCI United Kingdom StrategicFactors ETF		0.30
SPDR S&P Global Dividend ETF		0.40
SPDR S&P International Dividend ETF		0.45
SPDR S&P Emerging Markets Small Cap ETF		0.65
SPDR Dow Jones Global Real Estate ETF		0.50
SPDR S&P International Consumer Discretionary Sector ETF		0.40
SPDR S&P International Consumer Staples Sector ETF		0.40
SPDR S&P International Energy Sector ETF		0.40
SPDR S&P International Financial Sector ETF		0.40
SPDR S&P International Health Care Sector ETF		0.40
SPDR S&P International Industrial Sector ETF		0.40
SPDR S&P International Materials Sector ETF		0.40
SPDR S&P International Technology Sector ETF		0.40
SPDR S&P International Telecommunications Sector ETF		0.40
SPDR S&P International Utilities Sector ETF		0.40

The Adviser pays all operating expenses of each Fund other than management fee, distribution fee pursuant to each Fund’s Distribution and Service Plan, if any, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees’ counsel fees, acquired fund fees and expenses, litigation expenses and other extraordinary expenses).

427

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

The Adviser has contractually agreed to waive its advisory fee and reimburse certain expenses, until January 31, 2018, so that the net annual Fund operating expenses of the SPDR MSCI ACWI ex-US ETF, the SPDR MSCI ACWI Low Carbon Target ETF and the SPDR MSCI EAFE Fossil Fuel Reserves Free ETF will be limited to 0.30%, 0.20% and 0.20%, respectively, of each Fund’s average daily net assets before application of any fees and expenses not paid by the Adviser under the Investment Advisory Agreement. The contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and the waiver may be cancelled or modified at any time after January 31, 2018. This waiver and/or reimbursement may not be terminated prior to October 31, 2017 except with the approval of the Fund’s Board of Trustees. For the period ended March 31, 2017, SPDR MSCI ACWI ex-US ETF, the SPDR MSCI ACWI Low Carbon Target ETF and the SPDR MSCI EAFE Fossil Fuel Reserves Free ETF waived $203,768, $59,073 and $13,057, respectively.

For the SPDR EURO STOXX 50 Currency Hedged ETF, the SPDR S&P International Dividend Currency Hedged ETF and the SPDR S&P Emerging Markets ETF, the Adviser has contractually agreed to waive its advisory fee and/or reimburse certain expenses in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in the Underlying Fund, until January 31, 2018. The contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and after January 31, 2018, the waiver may be cancelled or modified at any time. The waiver and/or reimbursement may not be terminated during the relevant period except with the approval of the Fund’s Board. For the period ended March 31, 2017, SPDR EURO STOXX 50 Currency Hedged ETF, the SPDR S&P International Dividend Currency Hedged ETF and the SPDR S&P Emerging Markets ETF, waived $25,260, $4,711, and $28, respectively.

Administrator and Sub-Administrator

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

Distribution Fees

State Street Global Markets, LLC (“SSGM” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust. See Note 12.

Other Transactions with Affiliates — Securities Lending

State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated November 28, 2007.

Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.

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

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2017, are disclosed in the Schedules of Investments.

428

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

Due to Custodian

In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds. The SPDR S&P Emerging Markets ETF had a cash overdraft related to unsettled foreign currency transactions.

5. Trustees’ Fees

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

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended March 31, 2017, were as follows:

	Purchases		Sales
SPDR STOXX Europe 50 ETF	$	1,659,942	$	2,524,439
SPDR EURO STOXX 50 ETF		24,259,376		34,686,495
SPDR EURO STOXX Small Cap ETF		2,085,865		2,114,888
SPDR EURO STOXX 50 Currency Hedged ETF		1,394,141		661,326
SPDR S&P International Dividend Currency Hedged ETF		112,035		61,452
SPDR S&P Emerging Asia Pacific ETF		2,627,270		10,351,581
SPDR S&P Russia ETF		—		522,231
SPDR S&P China ETF		66,283,415		22,357,688
SPDR MSCI China A Shares IMI ETF		12,284		18,983
SPDR S&P Emerging Markets ETF		22,941,593		437,710
SPDR S&P Emerging Markets Dividend ETF		265,211,389		252,130,694
SPDR S&P Emerging Europe ETF		2,288,316		817,537
SPDR S&P Emerging Latin America ETF		60,202		73,205
SPDR S&P Emerging Middle East & Africa ETF		64,692		1,146,722
SPDR S&P World ex-US ETF		20,936,359		15,162,079
SPDR S&P International Small Cap ETF		21,305,222		25,928,947
SPDR Dow Jones International Real Estate ETF		444,699,764		651,473,477
SPDR S&P Global Infrastructure ETF		14,968,642		15,217,218
SPDR S&P Global Natural Resources ETF		55,190,907		55,758,767
SPDR S&P North American Natural Resources ETF		87,393,619		116,430,913
SPDR MSCI ACWI ex-US ETF		27,654,935		10,201,521
SPDR MSCI ACWI IMI ETF		923,030		1,105,695
SPDR MSCI ACWI Low Carbon Target ETF		8,579,676		6,006,806
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		97,247		240,692
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		2,374,067		12,571
SPDR MSCI EAFE StrategicFactors ETF		3,474,101		41,159,122
SPDR MSCI Emerging Markets StrategicFactors ETF		30,548,872		10,338,848
SPDR MSCI World StrategicFactors ETF		378,512		289,148
SPDR MSCI Australia StrategicFactors ETF		1,496,612		1,633,762
SPDR MSCI Canada StrategicFactors ETF		1,899,512		1,901,267
SPDR MSCI Germany StrategicFactors ETF		454,937		464,843

429

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

	Purchases		Sales
SPDR MSCI Japan StrategicFactors ETF	$	1,725,623	$	1,780,094
SPDR MSCI Spain StrategicFactors ETF		60,438		115,163
SPDR MSCI United Kingdom StrategicFactors ETF		287,096		229,612
SPDR S&P Global Dividend ETF		52,390,864		52,432,144
SPDR S&P International Dividend ETF		911,498,155		910,773,626
SPDR S&P Emerging Markets Small Cap ETF		38,302,905		25,733,417
SPDR Dow Jones Global Real Estate ETF		187,224,622		197,823,176
SPDR S&P International Consumer Discretionary Sector ETF		88,288		4
SPDR S&P International Consumer Staples Sector ETF		2,060,719		1,991,325
SPDR S&P International Energy Sector ETF		3,826,975		3,939,767
SPDR S&P International Financial Sector ETF		177,422		146,128
SPDR S&P International Health Care Sector ETF		841,844		982,666
SPDR S&P International Industrial Sector ETF		531,349		593,670
SPDR S&P International Materials Sector ETF		1,904,123		997,098
SPDR S&P International Technology Sector ETF		1,648,676		182,317
SPDR S&P International Telecommunications Sector ETF		975,421		936,471
SPDR S&P International Utilities Sector ETF		1,756,925		1,745,252

For the period ended March 31, 2017, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

	In-kind Contributions		In-kind Redemptions		In-kind Net Realized Gains/(Losses)
SPDR STOXX Europe 50 ETF	$	—	$	17,806,053	$	(2,103,617	)
SPDR EURO STOXX 50 ETF		370,206,794		—		(35,529,432	)
SPDR EURO STOXX 50 Currency Hedged ETF		7,312,361		1,741,597		154,701
SPDR S&P Emerging Asia Pacific ETF		—		2,579,833		(861,380	)
SPDR S&P Russia ETF		4,029,220		885,582		161,907
SPDR S&P China ETF		—		78,793,595		19,989,925
SPDR S&P Emerging Markets ETF		48,423,197		—		—
SPDR S&P Emerging Markets Dividend ETF		15,834,916		3,202,518		390,678
SPDR S&P Emerging Europe ETF		9,217,447		—		—
SPDR S&P Emerging Middle East & Africa ETF		—		2,477,966		50,526
SPDR S&P World ex-US ETF		179,717,067		58,887,450		3,334,160
SPDR S&P International Small Cap ETF		51,126,225		—		—
SPDR Dow Jones International Real Estate ETF		232,087,369		685,391,303		118,833,879
SPDR S&P Global Infrastructure ETF		41,234,030		4,607,541		771,498
SPDR S&P Global Natural Resources ETF		204,699,137		29,242,890		5,641,875
SPDR S&P North American Natural Resources ETF		88,396,415		10,426,549		3,039,696
SPDR MSCI ACWI ex-US ETF		283,775,013		—		—
SPDR MSCI ACWI IMI ETF		25,786,833		—		—
SPDR MSCI ACWI Low Carbon Target ETF		28,074,091		—		—
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		29,941,085		—		—
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		2,737,385		—		—
SPDR MSCI EAFE StrategicFactors ETF		108,715,351		—		—

430

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

	In-kind Contributions		In-kind Redemptions		In-kind Net Realized Gains/(Losses)
SPDR MSCI Emerging Markets StrategicFactors ETF	$	24,466,195	$	694	$	31
SPDR MSCI World StrategicFactors ETF		19,158,561		—		—
SPDR MSCI Australia StrategicFactors ETF		2,359,128		—		—
SPDR MSCI Canada StrategicFactors ETF		16,317,176		—		—
SPDR MSCI Germany StrategicFactors ETF		—		7,261,834		(182,465	)
SPDR MSCI Japan StrategicFactors ETF		6,892,818		6,864,881		967,099
SPDR S&P Global Dividend ETF		24,707,122		6,255,386		903,821
SPDR S&P International Dividend ETF		109,708,909		36,262,306		6,987,463
SPDR S&P Emerging Markets Small Cap ETF		26,144,398		12,755,140		1,157,793
SPDR Dow Jones Global Real Estate ETF		343,289,448		156,516,082		39,922,424
SPDR S&P International Consumer Discretionary Sector ETF		1,763,352		—		—
SPDR S&P International Consumer Staples Sector ETF		5,934,670		3,839,485		133,184
SPDR S&P International Energy Sector ETF		11,336,037		1,786,922		202,799
SPDR S&P International Financial Sector ETF		1,879,941		1,762,826		(234,981	)
SPDR S&P International Health Care Sector ETF		10,748,707		8,992,677		1,320,911
SPDR S&P International Industrial Sector ETF		6,028,288		1,588,053		349,711
SPDR S&P International Materials Sector ETF		19,835,824		12,398,516		802,526
SPDR S&P International Technology Sector ETF		14,433,422		—		—
SPDR S&P International Telecommunications Sector ETF		10,213,904		1,164,082		204,662
SPDR S&P International Utilities Sector ETF		—		3,760,746		(265,068	)

7. Shareholder Transactions

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

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

8. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of September 30, 2016, SSGA FM has analyzed each Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

431

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

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

As of March 31, 2017, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SPDR STOXX Europe 50 ETF	$	201,605,000	$	5,674,600	$	31,401,652	$	(25,727,052	)
SPDR EURO STOXX 50 ETF		2,971,601,229		121,717,779		319,419,695		(197,701,916	)
SPDR EURO STOXX Small Cap ETF		12,153,729		1,355,799		552,651		803,148
SPDR EURO STOXX 50 Currency Hedged ETF		21,987,054		1,017,247		—		1,017,247
SPDR S&P International Dividend Currency Hedged ETF		2,012,337		154,063		—		154,063
SPDR S&P Emerging Asia Pacific ETF		320,277,707		73,540,624		54,773,371		18,767,253
SPDR S&P Russia ETF		39,588,957		1,925,948		8,763,040		(6,837,092	)
SPDR S&P China ETF		845,119,769		137,906,356		146,227,762		(8,321,406	)
SPDR MSCI China A Shares IMI ETF		2,452,920		121,777		416,152		(294,375	)
SPDR S&P Emerging Markets ETF		335,295,546		39,913,283		46,922,479		(7,009,196	)
SPDR S&P Emerging Markets Dividend ETF		369,670,149		16,766,729		10,788,860		5,977,869
SPDR S&P Emerging Europe ETF		75,578,088		2,848,316		28,910,674		(26,062,358	)
SPDR S&P Emerging Latin America ETF		46,949,765		3,000,309		19,364,128		(16,363,819	)
SPDR S&P Emerging Middle East & Africa ETF		34,443,089		5,307,949		11,942,639		(6,634,690	)
SPDR S&P World ex-US ETF		821,326,493		76,302,206		87,606,159		(11,303,953	)
SPDR S&P International Small Cap ETF		869,941,638		104,254,235		152,932,962		(48,678,727	)
SPDR Dow Jones International Real Estate ETF		3,949,356,104		260,234,961		516,471,175		(256,236,214	)
SPDR S&P Global Infrastructure ETF		127,351,431		8,346,302		4,703,575		3,642,727
SPDR S&P Global Natural Resources ETF		998,167,753		59,948,245		58,051,909		1,896,336
SPDR S&P North American Natural Resources ETF		697,554,514		194,724,326		6,497,855		188,226,471
SPDR MSCI ACWI ex-US ETF		1,255,035,830		90,638,968		125,269,371		(34,630,403	)
SPDR MSCI ACWI IMI ETF		91,652,803		9,579,107		3,800,406		5,778,701
SPDR MSCI ACWI Low Carbon Target ETF		124,419,857		15,897,516		5,134,107		10,763,409
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		29,811,105		2,802,819		504,406		2,298,413
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		5,434,500		377,153		140,436		236,717
SPDR MSCI EAFE StrategicFactors ETF		116,264,906		7,808,098		1,001,009		6,807,089
SPDR MSCI Emerging Markets StrategicFactors ETF		155,335,036		17,486,360		5,837,290		11,649,070
SPDR MSCI World StrategicFactors ETF		25,312,474		2,166,517		435,802		1,730,715
SPDR MSCI Australia StrategicFactors ETF		11,776,875		1,436,269		200,986		1,235,283
SPDR MSCI Canada StrategicFactors ETF		33,155,562		2,634,817		347,576		2,287,241
SPDR MSCI Germany StrategicFactors ETF		5,660,767		443,203		563,141		(119,938	)
SPDR MSCI Japan StrategicFactors ETF		13,799,327		350,257		551,224		(200,967	)
SPDR MSCI Spain StrategicFactors ETF		2,902,556		74,527		668,358		(593,831	)
SPDR MSCI United Kingdom StrategicFactors ETF		2,777,027		97,625		450,514		(352,889	)
SPDR S&P Global Dividend ETF		130,291,464		4,908,622		3,325,246		1,583,376
SPDR S&P International Dividend ETF		1,139,459,664		25,812,038		19,093,815		6,718,223
SPDR S&P Emerging Markets Small Cap ETF		438,943,539		55,038,270		110,984,396		(55,946,126	)

432

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SPDR Dow Jones Global Real Estate ETF	$	2,509,168,446	$	146,211,768	$	100,728,729	$	45,483,039
SPDR S&P International Consumer Discretionary Sector ETF		16,081,071		1,301,988		2,007,456		(705,468	)
SPDR S&P International Consumer Staples Sector ETF		36,998,340		2,041,045		2,706,449		(665,404	)
SPDR S&P International Energy Sector ETF		53,006,866		842,415		5,001,244		(4,158,829	)
SPDR S&P International Financial Sector ETF		8,389,596		179,360		1,348,873		(1,169,513	)
SPDR S&P International Health Care Sector ETF		55,289,597		3,356,863		7,065,211		(3,708,348	)
SPDR S&P International Industrial Sector ETF		20,915,043		1,555,527		1,245,128		310,399
SPDR S&P International Materials Sector ETF		16,758,414		312,099		2,769,371		(2,457,272	)
SPDR S&P International Technology Sector ETF		26,358,681		3,904,971		1,847,589		2,057,382
SPDR S&P International Telecommunications Sector ETF		39,624,969		2,042,752		4,334,561		(2,291,809	)
SPDR S&P International Utilities Sector ETF		32,303,966		711,889		6,485,157		(5,773,268	)

9. Securities Lending

Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.

The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.

The market value of securities on loan as of March 31, 2017, and the value of the invested cash collateral are disclosed in the Funds’ Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of March 31, 2017:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non Cash Collateral Received*		Total Collateral Received
SPDR EURO STOXX 50 ETF	$	2,503,775	$	2,667,677	$	—	$	2,667,677
SPDR S&P Emerging Asia Pacific ETF		12,526,598		4,144,298		9,743,747		13,888,045
SPDR S&P China ETF		46,991,712		17,336,388		35,385,677		52,722,065
SPDR S&P Emerging Markets ETF		11,393,377		4,416,031		7,876,449		12,292,480
SPDR S&P Emerging Markets Dividend ETF		31,663,017		32,011,607		4,404,591		36,416,198

433

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non Cash Collateral Received*		Total Collateral Received
SPDR S&P Emerging Europe ETF	$	1,057,112	$	1,117,557	$	—	$	1,117,557
SPDR S&P Emerging Latin America ETF		930,099		417,673		546,127		963,800
SPDR S&P Emerging Middle East & Africa ETF		1,818,250		1,385,573		644,078		2,029,651
SPDR S&P World ex-US ETF		27,530,960		17,963,396		11,072,590		29,035,986
SPDR S&P International Small Cap ETF		70,191,113		56,680,386		18,797,727		75,478,113
SPDR Dow Jones International Real Estate ETF		87,036,812		83,171,939		6,928,003		90,099,942
SPDR S&P Global Infrastructure ETF		5,333,218		4,819,397		800,383		5,619,780
SPDR S&P Global Natural Resources ETF		59,492,535		41,185,894		21,244,169		62,430,063
SPDR MSCI ACWI ex-US ETF		34,370,562		20,241,414		16,155,158		36,396,572
SPDR MSCI ACWI IMI ETF		2,677,537		973,522		1,840,251		2,813,773
SPDR S&P Global Dividend ETF		13,202,692		6,833,259		7,187,305		14,020,564
SPDR S&P International Dividend ETF		25,212,721		12,019,618		15,112,599		27,132,217
SPDR S&P Emerging Markets Small Cap ETF		21,314,274		10,682,515		12,904,635		23,587,150
SPDR Dow Jones Global Real Estate ETF		27,029,136		18,752,512		8,714,306		27,466,818
SPDR S&P International Consumer Discretionary Sector ETF		773,496		251,228		569,308		820,536
SPDR S&P International Consumer Staples Sector ETF		476,900		157,631		344,027		501,658
SPDR S&P International Energy Sector ETF		3,838,859		2,741,756		1,315,174		4,056,930
SPDR S&P International Financial Sector ETF		178,528		127,567		62,846		190,413
SPDR S&P International Health Care Sector ETF		898,879		664,580		283,585		948,165
SPDR S&P International Industrial Sector ETF		597,486		403,542		225,687		629,229
SPDR S&P International Materials Sector ETF		663,862		336,220		365,305		701,525
SPDR S&P International Technology Sector ETF		1,200,953		417,060		844,935		1,261,995
SPDR S&P International Telecommunications Sector ETF		612,604		295,032		350,325		645,357
SPDR S&P International Utilities Sector ETF		1,730,789		860,733		963,031		1,823,764

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

The following tables reflect a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of March 31, 2017:

SPDR EURO STOXX 50 ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Rights	$	2,667,677	$	—	$	—	$	—	$	2,667,677
Total Borrowings	$	2,667,677	$	—	$	—	$	—	$	2,667,677
Gross amount of recognized liabilities for securities lending transactions									$	2,667,677

434

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

SPDR S&P Emerging Asia Pacific ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	4,144,298	$	—	$	—	$	—	$	4,144,298
Total Borrowings	$	4,144,298	$	—	$	—	$	—	$	4,144,298
Gross amount of recognized liabilities for securities lending transactions									$	4,144,298

SPDR S&P China ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	17,336,388	$	—	$	—	$	—	$	17,336,388
Total Borrowings	$	17,336,388	$	—	$	—	$	—	$	17,336,388
Gross amount of recognized liabilities for securities lending transactions									$	17,336,388

SPDR S&P Emerging Markets ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	4,416,031	$	—	$	—	$	—	$	4,416,031
Total Borrowings	$	4,416,031	$	—	$	—	$	—	$	4,416,031
Gross amount of recognized liabilities for securities lending transactions									$	4,416,031

SPDR S&P Emerging Markets Dividend ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	32,011,607	$	—	$	—	$	—	$	32,011,607
Total Borrowings	$	32,011,607	$	—	$	—	$	—	$	32,011,607
Gross amount of recognized liabilities for securities lending transactions									$	32,011,607

435

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

SPDR S&P Emerging Europe ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,117,557	$	—	$	—	$	—	$	1,117,557
Total Borrowings	$	1,117,557	$	—	$	—	$	—	$	1,117,557
Gross amount of recognized liabilities for securities lending transactions									$	1,117,557

SPDR S&P Emerging Latin America ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	417,673	$	—	$	—	$	—	$	417,673
Total Borrowings	$	417,673	$	—	$	—	$	—	$	417,673
Gross amount of recognized liabilities for securities lending transactions									$	417,673

SPDR S&P Emerging Middle East & Africa ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,385,573	$	—	$	—	$	—	$	1,385,573
Total Borrowings	$	1,385,573	$	—	$	—	$	—	$	1,385,573
Gross amount of recognized liabilities for securities lending transactions									$	1,385,573

SPDR S&P World ex-US ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	17,963,396	$	—	$	—	$	—	$	17,963,396
Total Borrowings	$	17,963,396	$	—	$	—	$	—	$	17,963,396
Gross amount of recognized liabilities for securities lending transactions									$	17,963,396

436

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

SPDR S&P International Small Cap ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	56,667,151	$	—	$	—	$	—	$	56,667,151
Rights		11,210		—		—		—		11,210
Warrants		2,025		—		—		—		2,025
Total	$	56,680,386	$	—	$	—	$	—	$	56,680,386
Total Borrowings	$	56,680,386	$	—	$	—	$	—	$	56,680,386
Gross amount of recognized liabilities for securities lending transactions									$	56,680,386

SPDR Dow Jones International Real Estate ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	83,171,939	$	—	$	—	$	—	$	83,171,939
Total Borrowings	$	83,171,939	$	—	$	—	$	—	$	83,171,939
Gross amount of recognized liabilities for securities lending transactions									$	83,171,939

SPDR S&P Global Infrastructure ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	4,819,397	$	—	$	—	$	—	$	4,819,397
Total Borrowings	$	4,819,397	$	—	$	—	$	—	$	4,819,397
Gross amount of recognized liabilities for securities lending transactions									$	4,819,397

437

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

SPDR S&P Global Natural Resources ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	41,185,894	$	—	$	—	$	—	$	41,185,894
Total Borrowings	$	41,185,894	$	—	$	—	$	—	$	41,185,894
Gross amount of recognized liabilities for securities lending transactions									$	41,185,894

SPDR MSCI ACWI ex-US ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	20,241,414	$	—	$	—	$	—	$	20,241,414
Total Borrowings	$	20,241,414	$	—	$	—	$	—	$	20,241,414
Gross amount of recognized liabilities for securities lending transactions									$	20,241,414

SPDR MSCI ACWI IMI ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	973,522	$	—	$	—	$	—	$	973,522
Total Borrowings	$	973,522	$	—	$	—	$	—	$	973,522
Gross amount of recognized liabilities for securities lending transactions									$	973,522

SPDR S&P Global Dividend ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	6,833,259	$	—	$	—	$	—	$	6,833,259
Total Borrowings	$	6,833,259	$	—	$	—	$	—	$	6,833,259
Gross amount of recognized liabilities for securities lending transactions									$	6,833,259

438

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

SPDR S&P International Dividend ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	12,019,618	$	—	$	—	$	—	$	12,019,618
Total Borrowings	$	12,019,618	$	—	$	—	$	—	$	12,019,618
Gross amount of recognized liabilities for securities lending transactions									$	12,019,618

SPDR S&P Emerging Markets Small Cap ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	10,682,515	$	—	$	—	$	—	$	10,682,515
Total Borrowings	$	10,682,515	$	—	$	—	$	—	$	10,682,515
Gross amount of recognized liabilities for securities lending transactions									$	10,682,515

SPDR Dow Jones Global Real Estate ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	18,752,512	$	—	$	—	$	—	$	18,752,512
Total Borrowings	$	18,752,512	$	—	$	—	$	—	$	18,752,512
Gross amount of recognized liabilities for securities lending transactions									$	18,752,512

SPDR S&P International Consumer Discretionary Sector ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	251,228	$	—	$	—	$	—	$	251,228
Total Borrowings	$	251,228	$	—	$	—	$	—	$	251,228
Gross amount of recognized liabilities for securities lending transactions									$	251,228

439

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

SPDR S&P International Consumer Staples Sector ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	157,631	$	—	$	—	$	—	$	157,631
Total Borrowings	$	157,631	$	—	$	—	$	—	$	157,631
Gross amount of recognized liabilities for securities lending transactions									$	157,631

SPDR S&P International Energy Sector ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	2,741,756	$	—	$	—	$	—	$	2,741,756
Total Borrowings	$	2,741,756	$	—	$	—	$	—	$	2,741,756
Gross amount of recognized liabilities for securities lending transactions									$	2,741,756

SPDR S&P International Financial Sector ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	127,567	$	—	$	—	$	—	$	127,567
Total Borrowings	$	127,567	$	—	$	—	$	—	$	127,567
Gross amount of recognized liabilities for securities lending transactions									$	127,567

SPDR S&P International Health Care Sector ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	664,580	$	—	$	—	$	—	$	664,580
Total Borrowings	$	664,580	$	—	$	—	$	—	$	664,580
Gross amount of recognized liabilities for securities lending transactions									$	664,580

440

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

SPDR S&P International Industrial Sector ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	403,542	$	—	$	—	$	—	$	403,542
Total Borrowings	$	403,542	$	—	$	—	$	—	$	403,542
Gross amount of recognized liabilities for securities lending transactions									$	403,542

SPDR S&P International Materials Sector ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	336,220	$	—	$	—	$	—	$	336,220
Total Borrowings	$	336,220	$	—	$	—	$	—	$	336,220
Gross amount of recognized liabilities for securities lending transactions									$	336,220

SPDR S&P International Technology Sector ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	416,750	$	—	$	—	$	—	$	416,750
Rights		310		—		—		—		310
Total	$	417,060	$	—	$	—	$	—	$	417,060
Total Borrowings	$	417,060	$	—	$	—	$	—	$	417,060
Gross amount of recognized liabilities for securities lending transactions									$	417,060

SPDR S&P International Telecommunications Sector ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	295,032	$	—	$	—	$	—	$	295,032
Total Borrowings	$	295,032	$	—	$	—	$	—	$	295,032
Gross amount of recognized liabilities for securities lending transactions									$	295,032

441

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

SPDR S&P International Utilities Sector ETF

	Remaining Contractual Maturity of the Agreements As of March 31, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	860,733	$	—	$	—	$	—	$	860,733
Total Borrowings	$	860,733	$	—	$	—	$	—	$	860,733
Gross amount of recognized liabilities for securities lending transactions									$	860,733

10. Line of Credit

Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) participate in a $360 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2017 unless extended or renewed. Prior to October 13, 2016, the participants could borrow up to $360 million at any time outstanding, subject to asset coverage and other limitations as specified in the agreements.

The following funds participate in the credit facility:

SPDR EURO STOXX 50 Currency Hedged ETF

SPDR S&P International Dividend Currency Hedged ETF

SPDR S&P Emerging Asia Pacific ETF

SPDR S&P Russia ETF

SPDR S&P China ETF

SPDR MSCI China A Shares IMI ETF

SPDR S&P Emerging Markets ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR S&P Emerging Europe ETF

SPDR S&P Emerging Latin America ETF

SPDR S&P Emerging Middle East & Africa ETF

SPDR S&P International Small Cap ETF

SPDR Dow Jones International Real Estate ETF

SPDR S&P Global Infrastructure ETF

SPDR S&P Global Natural Resources ETF

SPDR MSCI ACWI ex-US ETF

SPDR MSCI ACWI IMI ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SPDR MSCI Emerging Markets StrategicFactors ETF

SPDR S&P Global Dividend 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 Dividend ETF

SPDR S&P International Energy Sector ETF

SPDR S&P International Financial Sector ETF

SPDR S&P International Health Care Sector ETF

SPDR S&P International Industrial Sector ETF

SPDR S&P International Materials Sector ETF

SPDR S&P International Technology Sector ETF

SPDR S&P International Telecommunications Sector ETF

SPDR S&P International Utilities Sector ETF

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate. Prior to October 13, 2016, interest was calculated at a rate per annum equal to the sum of the New York Fed Bank Rate plus 1%.

The Funds had no outstanding loans during the period ended March 31, 2017.

442

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2017 (Unaudited)

11. Risks

Concentration Risk

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

Foreign and Emerging Markets Risks

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

Market and Credit Risk

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

12. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements other than below.

Effective May 1, 2017, the distributor’s name changed to State Street Global Advisors Funds Distributors, LLC, from State Street Global Markets, LLC.

443

SPDR INDEX SHARES FUNDS

OTHER INFORMATION

March 31, 2017 (Unaudited)

Expense Example

As a shareholder of a Fund, you incur two types of costs (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and to the extent applicable, distribution (12b-1) and or service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from October 1, 2016 to March 31, 2017.

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

Based on actual fund return — This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period.”

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

				Actual					Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio			Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period(a)
SPDR STOXX Europe 50 ETF		0.29	%	$	1,072.50	$	1.50	(a)	$	1,023.50	$	1.46
SPDR EURO STOXX 50 ETF		0.29			1,117.00		1.53	(a)		1,023.50		1.46
SPDR EURO STOXX Small Cap ETF		0.45			1,098.60		2.35	(a)		1,022.70		2.27
SPDR EURO STOXX 50 Currency Hedged ETF		0.03			1,179.50		0.16	(a)		1,024.80		0.15
SPDR S&P International Dividend Currency Hedged ETF		0.04			1,083.00		0.21	(a)		1,024.70		0.20
SPDR S&P Emerging Asia Pacific ETF		0.49			1,068.00		2.53	(a)		1,022.50		2.47
SPDR S&P Russia ETF		0.59			1,134.00		3.14	(a)		1,022.00		2.97
SPDR S&P China ETF		0.59			1,054.50		3.02	(a)		1,022.00		2.97
SPDR MSCI China A Shares IMI ETF		0.66			1,006.30		3.30	(a)		1,021.60		3.33
SPDR S&P Emerging Markets ETF		0.59			1,068.80		3.04	(a)		1,022.00		2.97
SPDR S&P Emerging Markets Dividend ETF		0.49			1,075.10		2.54	(a)		1,022.50		2.47
SPDR S&P Emerging Europe ETF		0.49			1,111.50		2.58	(a)		1,022.50		2.47
SPDR S&P Emerging Latin America ETF		0.51			1,118.40		2.69	(a)		1,022.40		2.57
SPDR S&P Emerging Middle East & Africa ETF		0.49			1,001.30		2.44	(a)		1,022.50		2.47
SPDR S&P World ex-US ETF		0.34			1,063.80		1.75	(a)		1,023.20		1.72

444

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

March 31, 2017 (Unaudited)

				Actual					Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio			Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period(a)
SPDR S&P International Small Cap ETF		0.40	%	$	1,047.00	$	2.04	(a)	$	1,022.90	$	2.02
SPDR Dow Jones International Real Estate ETF		0.59			959.20		2.88	(a)		1,022.00		2.97
SPDR S&P Global Infrastructure ETF		0.40			1,032.20		2.03	(a)		1,022.90		2.02
SPDR S&P Global Natural Resources ETF		0.40			1,094.60		2.09	(a)		1,022.90		2.02
SPDR S&P North American Natural Resources ETF		0.35			1,016.30		1.76	(a)		1,023.20		1.77
SPDR MSCI ACWI ex-US ETF		0.30			1,062.10		1.54	(a)		1,023.40		1.51
SPDR MSCI ACWI IMI ETF		0.25			1,080.50		1.30	(a)		1,023.70		1.26
SPDR MSCI ACWI Low Carbon Target ETF		0.20			1,082.10		1.04	(a)		1,023.90		1.01
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		0.20			1,085.70		0.90	(b)		1,023.90		1.01
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		0.31			1,052.30		1.38	(b)		1,023.40		1.56
SPDR MSCI EAFE StrategicFactors ETF		0.30			1,042.70		1.53	(a)		1,023.40		1.51
SPDR MSCI Emerging Markets StrategicFactors ETF		0.30			1,044.70		1.53	(a)		1,023.40		1.51
SPDR MSCI World StrategicFactors ETF		0.30			1,069.60		1.55	(a)		1,023.40		1.51
SPDR MSCI Australia StrategicFactors ETF		0.30			1,081.70		1.56	(a)		1,023.40		1.51
SPDR MSCI Canada StrategicFactors ETF		0.30			1,050.10		1.53	(a)		1,023.40		1.51
SPDR MSCI Germany StrategicFactors ETF		0.30			1,081.90		1.56	(a)		1,023.40		1.51
SPDR MSCI Japan StrategicFactors ETF		0.30			1,027.20		1.52	(a)		1,023.40		1.51
SPDR MSCI Spain StrategicFactors ETF		0.30			1,137.10		1.60	(a)		1,023.40		1.51
SPDR MSCI United Kingdom StrategicFactors ETF		0.30			1,030.20		1.52	(a)		1,023.40		1.51
SPDR S&P Global Dividend ETF		0.40			1,032.50		2.03	(a)		1,022.90		2.02
SPDR S&P International Dividend ETF		0.45			1,067.40		2.32	(a)		1,022.70		2.27
SPDR S&P Emerging Markets Small Cap ETF		0.65			1,084.90		3.38	(a)		1,021.70		3.28
SPDR Dow Jones Global Real Estate ETF		0.50			966.00		2.45	(a)		1,022.40		2.52
SPDR S&P International Consumer Discretionary Sector ETF		0.40			1,059.10		2.05	(a)		1,022.90		2.02
SPDR S&P International Consumer Staples Sector ETF		0.40			975.20		1.97	(a)		1,022.90		2.02
SPDR S&P International Energy Sector ETF		0.40			1,056.30		2.05	(a)		1,022.90		2.02
SPDR S&P International Financial Sector ETF		0.40			1,158.90		2.15	(a)		1,022.90		2.02
SPDR S&P International Health Care Sector ETF		0.40			992.90		1.99	(a)		1,022.90		2.02
SPDR S&P International Industrial Sector ETF		0.40			1,068.80		2.06	(a)		1,022.90		2.02

445

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

March 31, 2017 (Unaudited)

				Actual					Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio			Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period(a)
SPDR S&P International Materials Sector ETF		0.40	%	$	1,092.60	$	2.09	(a)	$	1,022.90	$	2.02
SPDR S&P International Technology Sector ETF		0.40			1,110.40		2.10	(a)		1,022.90		2.02
SPDR S&P International Telecommunications Sector ETF		0.40			983.60		1.98	(a)		1,022.90		2.02
SPDR S&P International Utilities Sector ETF		0.40			1,000.20		1.99	(a)		1,022.90		2.02

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

(b) Actual period is from commencement of operations 10/25/2016.

446

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

March 31, 2017 (Unaudited)

Approval of Advisory Agreement

At an in-person meeting held prior to March 31, 2017, the Board of Trustees of the Trust (the “Board”) evaluated proposals related to the initial approval of advisory arrangements for new series of the Trust, including proposals to approve the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the SPDR MSCI EAFE Fossil Fuel Reserves Free ETF and the SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF (the “New ETFs”), each of which commenced operations during the period covered by this Semi-Annual Report. The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), also met separately with their independent legal counsel to consider the Agreement.

In evaluating the Agreement, the Board drew on materials provided to them by SSGA FM, the Trust’s investment adviser and administrator, and other materials provided by State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”). In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services expected to be provided by the Adviser with respect to the New ETFs under the Agreement, (ii) fees charged to comparable funds, (iii) other benefits to the Adviser and (iv) extent to which economies of scale would be shared as the New ETFs grow.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services expected to be provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s anticipated responsibilities for managing investment operations of each New ETF in accordance with each New ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the New 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 each New ETF. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing each New ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board specifically considered the Adviser’s experience in managing equity exchange-traded funds with indexed investment objectives, as applicable.

Fees Charged to Comparable Funds

The Board evaluated each New ETF’s proposed unitary fee through review of comparative information with respect to fees paid by similar funds — i.e., exchange-traded funds tracking similar equity indexes. The Board reviewed the universe of similar exchange-traded funds for each New ETF based upon data independently obtained from Broadridge (formerly, “Lipper Analytical Services”) and related comparative information for similar exchange-traded funds. The Board also reviewed estimated expense ratios for each New ETF. In doing so, the Board used a fund by fund analysis of the data.

Other Benefits

The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.

Economies of Scale

The Board reviewed information regarding economies of scale or other efficiencies that may result as each New ETF’s assets grow in size. The Board noted that the Agreement did not provide for breakpoints in either New ETF’s advisory fee rate as assets of a New ETF increase. However, the Board further noted the Adviser’s assertion that future

447

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

March 31, 2017 (Unaudited)

economies of scale (among several factors) had been taken into consideration for each New ETF by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with each New ETF from the time of its inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that, because each New ETF is new, there are no economies of scale to share, but it intends to continue to monitor fees as each New ETF grows in size and assess whether fee breakpoints may be warranted.

Conclusion

The Board, including the Independent Trustees voting separately, approved the Agreement for each New ETF after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the Agreement were as follows: (a) the nature and extent of the services expected to be provided by the Adviser with respect to each New ETF were appropriate; (b) the Adviser’s unitary fee for each New ETF, considered in relation to services expected to be provided and in relation to fees charged to comparable funds, was fair and reasonable; and (c) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions.

448

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

March 31, 2017 (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 SEC, at www.sec.gov.

Information regarding how the investment adviser voted for the most recent period ended June 30 is available by August 31 of each year by calling the same number and on the SEC’s website, at www.sec.gov, and on the Funds’ website at www.spdrs.com.

Quarterly Portfolio Schedule

The Funds file a complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The information on the Form N-Q is available upon request, without charge, by calling 1-866-787-2257 (toll free) and on the Funds’ website at www.spdrs.com.

449

SPDR^® Index Shares Funds

SPDR Index Shares Funds

Trustees

Bonny E. Boatman

Dwight D. Churchill

David M. Kelly

Frank Nesvet, Chairman

James E. Ross

Carl G. Verboncoeur

Investment Manager and Administrator

SSGA Funds Management, Inc.

State Street Financial Center

One Lincoln Street

Boston, MA 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Lincoln Street

Boston, MA 02111

Custodian, Sub-Administrator and Transfer Agent

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Legal Counsel

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

101 Seaport Boulevard

Suite 500

Boston, MA 02210

Fund Shares are distributed by State Street Global Advisors Funds Distributors, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Advisors Funds Distributors, LLC; member FINRA, SIPC.

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

SPDR^® Index Shares Funds

For more complete information, please call 866.787.2257 or

visit spdrs.com today.

ssga.com   |   spdrs.com

The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indices LLC, MSCI Inc., and Russell Investment Group. Neither do these companies make any representation regarding the advisability of investing in the Funds. The Funds are distributed by State Street Global Advisors Funds Distributors, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Advisors Funds Distributors, LLC is a member of FINRA, SIPC. References to State Street may include State Street Corporation and its affiliates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment advisor, custodian, sub-administrator, securities lending agent, transfer agent and shareholder servicing agent.

Standard & Poor’s^®, S&P^® and SPDR^® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

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

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

Not FDIC Insured • No Bank Guarantee • May Lose Value

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

State Street Global Advisors © 2016 State Street Corporation. All Rights Reserved. 0515  Exp. Date: 11/30/2017  SPDRISSAR

Item 2. Code of Ethics.

Not applicable to the registrant; this Form N-CSR is a Semi-Annual Report.

Item 3. Audit Committee Financial Expert.

Not applicable to the registrant; this Form N-CSR is a Semi-Annual Report.

Item 4. Principal Accountant Fees and Services.

Not applicable to the registrant; this Form N-CSR is a Semi-Annual Report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant; this Form N-CSR is a Semi-Annual Report.

Item 6. Investments.

(a) A Schedule of Investments for each series of the registrant is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable to the registrant.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board.

Item 11. Controls and Procedures.

(a) Within 90 days of the filing date of this Form N-CSR, Ellen M. Needham, the registrant’s President and Principal Executive Officer, and Bruce S. Rosenberg, the registrant’s Treasurer and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) and evaluated their effectiveness. Based on their review, Ms. Needham and Mr. Rosenberg determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the U.S. Securities and Exchange Commission.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable to the registrant; this Form N-CSR is a Semi-Annual Report.

(a)(2) Separate certifications required by Rule 30a-2 under the 1940 Act for each principal executive officer and principal financial officer of the registrant are attached.

(a)(3) Not applicable to the registrant.

(b) A single certification required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SPDR® Index Shares Funds
By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President and Principal Executive Officer
Date:	June 2, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President and Principal Executive Officer
Date:	June 2, 2017

By:	/s/ Bruce S. Rosenberg
	Bruce S. Rosenberg
	Treasurer and Principal Financial Officer
Date:	June 2, 2017