N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21145

SPDR^® INDEX SHARES FUNDS

(Exact name of registrant as specified in charter)

One Lincoln Street, Boston, Massachusetts 02111

(Address of principal executive offices) (zip code)

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: September 30, 2017

Item 1. Report to Shareholders.

Annual Report

September 30, 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

Note to Performance Summary (Unaudited)	1
Management’s Discussion of Fund Performance, Performance Summary & Portfolio Statistics (Unaudited)
SPDR STOXX Europe 50 ETF (FEU)	2
SPDR EURO STOXX Small Cap ETF (SMEZ)	4
SPDR S&P Emerging Asia Pacific ETF (GMF)	6
SPDR S&P China ETF (GXC)	8
SPDR MSCI China A Shares IMI ETF (XINA)	10
SPDR S&P Emerging Markets Dividend ETF (EDIV)	12
SPDR S&P International Small Cap ETF (GWX)	14
SPDR S&P Global Infrastructure ETF (GII)	16
SPDR S&P Global Natural Resources ETF (GNR)	18
SPDR MSCI ACWI IMI ETF (ACIM)	20
SPDR MSCI ACWI Low Carbon Target ETF (LOWC)	22
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (EFAX)	24
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF (EEMX)	26
SPDR MSCI EAFE StrategicFactorsSM ETF (QEFA)	28
SPDR MSCI Emerging Markets StrategicFactorsSM ETF (QEMM)	30
SPDR MSCI World StrategicFactorsSM ETF (QWLD)	32
SPDR MSCI Canada StrategicFactorsSM ETF (QCAN)	34
SPDR MSCI Germany StrategicFactorsSM ETF (QDEU)	36
SPDR MSCI Japan StrategicFactorsSM ETF (QJPN)	38
SPDR MSCI United Kingdom StrategicFactorsSM ETF (QGBR)	40
SPDR S&P Global Dividend ETF (WDIV)	42
SPDR S&P Emerging Markets Small Cap ETF (EWX)	44
Schedules of Investments
SPDR STOXX Europe 50 ETF (FEU)	46
SPDR EURO STOXX Small Cap ETF (SMEZ)	48
SPDR S&P Emerging Asia Pacific ETF (GMF)	50
SPDR S&P China ETF (GXC)	59
SPDR MSCI China A Shares IMI ETF (XINA)	67
SPDR S&P Emerging Markets Dividend ETF (EDIV)	77
SPDR S&P International Small Cap ETF (GWX)	80
SPDR S&P Global Infrastructure ETF (GII)	104
SPDR S&P Global Natural Resources ETF (GNR)	107
SPDR MSCI ACWI IMI ETF (ACIM)	110
SPDR MSCI ACWI Low Carbon Target ETF (LOWC)	120
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (EFAX)	136
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF (EEMX)	146
SPDR MSCI EAFE StrategicFactorsSM ETF (QEFA)	151
SPDR MSCI Emerging Markets StrategicFactorsSM ETF (QEMM)	158
SPDR MSCI World StrategicFactorsSM ETF (QWLD)	170

SPDR MSCI Canada StrategicFactorsSM ETF (QCAN)	182
SPDR MSCI Germany StrategicFactorsSM ETF (QDEU)	185
SPDR MSCI Japan StrategicFactorsSM ETF (QJPN)	188
SPDR MSCI United Kingdom StrategicFactorsSM ETF (QGBR)	194
SPDR S&P Global Dividend ETF (WDIV)	198
SPDR S&P Emerging Markets Small Cap ETF (EWX)	201
Financial Statements	214
Financial Highlights	235
Notes to Financial Statements	257
Report of Independent Registered Public Accounting Firm	272
Other Information (Unaudited)	273

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.

NOTE TO PERFORMANCE SUMMARY (UNAUDITED)

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

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

1

SPDR STOXX EUROPE 50 ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 20.83%, and the Index was 21.28%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

While Brexit created some uncertainty in the first half of 2016, the rollout of additional monetary policies by major central banks globally provided the much needed fodder to create an aggressive rally and end 2016 on an optimistic note. In the first half of 2017, U.S. stockholders who were invested in European equities benefitted from a better than 8% gain of the Euro against the U.S. dollar. In addition to an improving economic backdrop, European shares benefitted from an easing of political uncertainty with the defeat of populist candidates in the Netherlands in February and in presidential polls in France that spanned April and May. Positive returns continued to be realized for the Fund from strong economic and earnings growth in the Eurozone in the second half of 2017. As Eurozone industrial production trended higher, the Fund witnessed another double-digit positive performance in the third quarter of 2017.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were HSBC Holdings plc, Banco Santander S.A., and Allianz SE. The top negative contributors to the Fund’s performance were Imperial Brands PLC, BT Group plc, and Anheuser-Busch InBev SA/NV.

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

2

SPDR STOXX EUROPE 50 ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		STOXX Europe 50 Index*		Net Asset Value		Market Value		STOXX Europe 50 Index*
ONE YEAR		20.83%		21.27%		21.28%		20.83%		21.27%		21.28%
FIVE YEARS		36.02%		35.82%		36.48%		6.35%		6.31%		6.42%
TEN YEARS		–2.71%		–2.59%		–2.72%		–0.27%		–0.26%		–0.28%

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The STOXX Europe 50 Index (the “Index”) is a market capitalization weighted index designed to represent the performance of some of the largest companies across all components of the 19 STOXX Europe 600 Supersector Indexes. The STOXX Europe 600 Supersector Indexes are subsets of the STOXX Europe 600 Index, which contains 600 of the largest stocks traded on the major exchanges in Europe. The STOXX Europe 600 Index is derived from the STOXX Europe Total Market Index (TMI) and is a subset of the STOXX Global 1800 Index. The Index covers 50 stocks from European countries generally regardless of a country’s adopted currency. The Index captures approximately 50% of the free-float market capitalization of the TMI, which in turn covers approximately 95% of the free-float market capitalization of the represented countries.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Nestle SA		5.9	%
Novartis AG		4.8
HSBC Holdings PLC		4.6
Roche Holding AG		4.1
British American Tobacco PLC		3.3
Royal Dutch Shell PLC Class A		3.1
TOTAL SA		3.0
BP PLC		2.9
Siemens AG		2.7
Sanofi		2.6
TOTAL		37.0	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		23.4	%
Consumer Staples		20.3
Health Care		20.0
Energy		9.9
Industrials		7.5
Materials		5.9
Telecommunication Services		4.2
Information Technology		4.0
Consumer Discretionary		3.5
Utilities		1.0
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.2
TOTAL		100.0	%

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

The total expense ratio for SPDR STOXX Europe 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.29%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

3

SPDR EURO STOXX SMALL CAP ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR EURO STOXX Small Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of small capitalization Eurozone equity securities. The Fund’s benchmark is the EURO STOXX Small Index (the “Index”).

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 34.30%, and the Index was 34.72%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

While Brexit created some uncertainty in the first half of 2016, the rollout of additional monetary policies by major central banks globally provided the much needed fodder to create an aggressive rally and end 2016 on an optimistic note. In the first half of 2017, U.S. stockholders who were invested in European equities benefitted from a better than 8% gain of the Euro against the U.S. dollar. In addition to an improving economic backdrop, European shares benefitted from an easing of political uncertainty with the defeat of populist candidates in the Netherlands in February and in presidential polls in France that spanned April and May. Positive returns continued for the Fund from strong economic and earnings growth in the Eurozone in the second half of 2017. As Eurozone industrial production trended higher, the Fund witnessed another double-digit positive performance in the third quarter of 2017.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Deutsche Lufthansa AG, Unione di Banche Italiane SpA, and Uniper SE. The top negative contributors to the Fund’s performance were Jeronimo Martins, SGPS S.A., Amer Sports Oyj Class A, and Technicolor SA.

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

4

SPDR EURO STOXX SMALL CAP ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		EURO STOXX Small Index*		Net Asset Value		Market Value		EURO STOXX Small Index*
ONE YEAR		34.30%		34.61%		34.72%		34.30%		34.61%		34.72%
SINCE INCEPTION (1)		11.31%		11.54%		12.01%		3.27%		3.34%		3.47%

(1) For the period June 4, 2014 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/4/14, 6/5/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The EURO STOXX Small Index (the “Index”) is designed to provide a representation of small companies across the Eurozone. The Eurozone consists of European Union countries that have adopted the Euro as their currency. The Index consists of the Eurozone stocks included in the STOXX Europe Small 200 Index.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Uniper SE		1.7	%
Unione di Banche Italiane SpA		1.7
Orpea		1.6
Faurecia		1.6
Rheinmetall AG		1.6
Ubisoft Entertainment SA		1.5
Ipsen SA		1.5
Allied Irish Banks PLC		1.5
Moncler SpA		1.5
ASR Nederland NV		1.5
TOTAL		15.7	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		19.0	%
Industrials		17.9
Consumer Discretionary		16.3
Health Care		9.7
Consumer Staples		8.0
Information Technology		6.6
Real Estate		5.9
Telecommunication Services		5.3
Materials		5.1
Utilities		3.4
Energy		2.7
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.1
TOTAL		100.0	%

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

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

The total expense ratio for SPDR EURO STOXX Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.45%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

5

SPDR S&P EMERGING ASIA PACIFIC ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 23.02%, and the Index was 22.88%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, transaction costs, cash and receivables drag, compounding, and security misweights contributed to the difference between the Fund’s performance and that of the Index.

The S&P Emerging Asia Pacific Index lost 5.72% during the final quarter of 2016. As the final quarter of 2016 commenced, October provided investors few places to avoid negative returns as both safe haven investments and riskier growth assets came under pressure during the month. Emerging market weakness in the fourth quarter corresponded with expectations for a faster pace of Fed tightening through 2017, with market forecasts of the December 2017 Federal Funds rate roughly 0.75% higher on December 31st than at the beginning of October. Any relaxing of Fed tightening expectations, a scenario that unfolded in early 2016 to the benefit of emerging markets, should be beneficial for the space in 2017 as well, while a faster pace of tightening will provide headwinds as global liquidity conditions become more constrained.

The Index gained 12.87% during the first quarter of 2017 as global markets ushered in 2017 on a cautiously positive note in January with new all-time highs established in U.S. equity markets, even as a number of other reflationary market trends paused or reversed. Beyond the better than 6% increase in U.S. equities as measured by the S&P 500 index, the first quarter of 2017 also set an optimistic tone across global regional indices from a U.S. investor perspective, led by gains in emerging markets that saw advances from China, one of its largest constituents. The strong advance for emerging equities occurred despite a faster than anticipated first 2017 hike by the Fed in March that might otherwise have dragged down emerging shares, suggesting that a sustainable global growth narrative was more compelling

The second and third quarter of 2017 continued to deliver gains for the Index by adding 7.04% and 7.88%, respectively. The uncertainty of the French presidential elections in April caused a significant uptick in global market volatility especially when compared to the historically low levels of volatility observed in the previous quarter of 2017. However, global markets reverted back to lower volatility and the equity markets rallied after the results favored the establishment friendly candidate. China continued to be one of the largest gainers in emerging markets due to improving economic backdrop and was one the major contributor to the Index in the second quarter of 2017. The third quarter of 2017 was a continuation of the themes that prevailed in the first half of the year. That strong advance led by China coincides with stabilization in the Chinese currency against the US dollar this year, as well as a rate of economic growth in 2017 now estimated at 6.8% by J.P. Morgan (against earlier consensus estimates and an official target of 6.5%).

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Tencent Holdings Ltd., Alibaba Group Holding Ltd. Sponsored ADR, and Taiwan Semiconductor Manufacturing Co., Ltd. The top negative contributors to the Fund’s performance were Tata Motors Limited, Sun Pharmaceutical Industries Limited, and China Mobile Limited.

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

6

SPDR S&P EMERGING ASIA PACIFIC ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		S&P Asia Pacific Emerging BMI Index*		Net Asset Value		Market Value		S&P Asia Pacific Emerging BMI Index*
ONE YEAR		23.02%		22.99%		22.88%		23.02%		22.99%		22.88%
FIVE YEARS		50.18%		52.80%		53.87%		8.47%		8.85%		9.00%
TEN YEARS		42.78%		43.82%		43.24%		3.63%		3.70%		3.66%

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The S&P Asia Pacific Emerging BMI Index (the “Index”) is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in emerging Asian Pacific markets. The Index is “float adjusted”, meaning that only those shares publicly available to investors are included in the Index calculation.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Tencent Holdings, Ltd.		6.8	%
Alibaba Group Holding, Ltd. ADR		5.5
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		3.8
China Construction Bank Corp. Class H		2.2
Baidu, Inc. ADR		2.0
China Mobile, Ltd.		1.7
Industrial & Commercial Bank of China, Ltd. Class H		1.7
Hon Hai Precision Industry Co., Ltd.		1.5
Housing Development Finance Corp., Ltd.		1.3
Reliance Industries, Ltd. GDR		1.2
TOTAL		27.7	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Information Technology		31.6	%
Financials		22.4
Consumer Discretionary		8.9
Industrials		6.0
Materials		5.6
Energy		5.6
Consumer Staples		5.1
Telecommunication Services		4.8
Real Estate		4.1
Health Care		2.8
Utilities		2.3
Short-Term Investments		1.9
Liabilities in Excess of Other Assets		(1.1	)
TOTAL		100.0	%

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

The total expense ratio for SPDR S&P Emerging Asia Pacific ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.49%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

7

SPDR S&P CHINA ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 31.50%, and the Index was 30.16%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference in return of the fund and index was largely due to sampling. (The Fund holds a subset of the Index.)

China, after causing considerable market anxiety to open 2016 on a sharp fall in its currency and fears of a rapid economic growth slowdown, faded from being a top concern for global investors in 2016, turning in impressive results in 2017. Chinese equity markets started the fiscal year underperforming with the S&P China BMI Index declining 6.26% in the first quarter. The last three quarters of the fiscal year saw positive results with the S&P China BMI retuning 11.92% in the second quarter, 8.90% in the third quarter, and returning 13.91% in the last quarter . The final quarter of the fiscal year saw Chinese equities rally strongly. Growth in the world’s second largest economy, China, has been better than expected with a 2017 second quarter annualized growth rate of 6.9% topping what many considered an ambitious government target of 6.5%. The strong results by China coincides with stabilization in the Chinese currency against the U.S. dollar this year, as well as a rate of economic growth in 2017 now estimated at 6.8% by J.P. Morgan (against earlier consensus estimates and an official target of 6.5%). The S&P China BMI rose over 13% during the last quarter of the fiscal period, resulting in a full fiscal year return of 30.16%.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Tencent Holdings Ltd., Alibaba Group Holding Ltd. Sponsored ADR, and JD.com, Inc. Sponsored ADR Class A. The top negative contributors to the Fund’s performance were China Huishan Dairy Holdings Co. Ltd., Vipshop Holdings Ltd Sponsored ADR, and China Mobile Limited.

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

8

SPDR S&P CHINA ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		S&P China BMI Index*		Net Asset Value		Market Value		S&P China BMI Index*
ONE YEAR		31.50%		30.59%		30.16%		31.50%		30.59%		30.16%
FIVE YEARS		72.60%		74.44%		75.65%		11.53%		11.77%		11.93%
TEN YEARS		30.39%		31.83%		30.21%		2.69%		2.80%		2.67%

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The S&P China BMI Index (the “Index”) is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in China available to foreign investors. The Index is “float adjusted”, meaning that only those shares publicly available to investors are included in the Index calculation.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Tencent Holdings, Ltd.		13.4	%
Alibaba Group Holding, Ltd. ADR		11.3
China Construction Bank Corp. Class H		4.9
Baidu, Inc. ADR		3.9
Industrial & Commercial Bank of China, Ltd. Class H		3.3
China Mobile, Ltd.		3.3
Ping An Insurance Group Co. of China, Ltd. Class H		2.3
Bank of China, Ltd. Class H		2.2
JD.com, Inc. ADR		1.8
China Life Insurance Co., Ltd. Class H		1.3
TOTAL		47.7	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Information Technology		35.5	%
Financials		21.5
Consumer Discretionary		10.9
Real Estate		6.4
Industrials		6.0
Energy		4.4
Telecommunication Services		4.4
Consumer Staples		2.8
Health Care		2.6
Materials		2.6
Utilities		2.3
Short-Term Investments		2.4
Liabilities in Excess of Other Assets		(1.8	)
TOTAL		100.0	%

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

The total expense ratio for SPDR S&P China ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.59%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

9

SPDR MSCI CHINA A SHARES IMI ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI China A Shares IMI ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the investible stocks of Chinese companies that issue A Shares. The Fund’s benchmark is the MSCI China A International IMI Index (the “Index”).

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 10.82%, and the Index was 9.95%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference in return of the fund and index was largely due to sampling. (The Fund holds a subset of the Index.)

China, after causing considerable market anxiety to open 2016 on a sharp fall in its currency and fears of a rapid economic growth slowdown, faded from being a top concern for global investors in 2016, turning in impressive results in 2017. Chinese equity markets started the fiscal year underperforming with the S&P China BMI Index declining 6.26% in the first quarter. The last three quarters of the fiscal year saw positive results with the S&P China BMI retuning 11.92% in the second quarter, 8.90% in the third quarter, and returning 13.91% in the last quarter . The final quarter of the fiscal year saw Chinese equities rally strongly. Growth in the world’s second largest economy, China, has been better than expected with a 2017 second quarter annualized growth rate of 6.9% topping what many considered an ambitious government target of 6.5%. The strong results by China coincides with stabilization in the Chinese currency against the US dollar this year, as well as a rate of economic growth in 2017 now estimated at 6.8% by J.P. Morgan (against earlier consensus estimates and an official target of 6.5%). The S&P China BMI rose over 13% during the last quarter of the fiscal period, resulting in a full fiscal year return of 30.16%.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Kweichow Moutai Co., Ltd. Class A, Beijing Xinwei Technology Group Co., Ltd. Class A, and AnYang lron And Steel Co.Ltd. Class A. The top negative contributors to the Fund’s performance were But’one Information Corp., Xi’an Class A, Anhui Deli Household Glass Co., Ltd. Class A, and Wuliangye Yibin Co., Ltd. Class A.

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

10

SPDR MSCI CHINA A SHARES IMI ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

Cumulative Total Return

Average Annual Total Return

Net Asset Value

Market Value

MSCI China A International IMI Index*

Net Asset Value

Market Value

MSCI China A International IMI Index*

ONE YEAR

10.82%

9.76%

9.95%

10.82%

9.76%

9.95%

SINCE INCEPTION (1)

–3.50%

–3.68%

–1.71%

–1.83%

–1.92%

–0.89%

(1) For the period October 28, 2015 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/28/15, 10/29/15, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The MSCI China A International IMI Index (the “Index”) is a free-float adjusted, market capitalization weighted index (giving greater weight to larger companies, based on the value of securities available in the market) designed to capture large, mid and small cap representation across Chinese securities with A share listings on the Shanghai or Shenzhen Stock Exchanges. The Index is comprised solely of A Shares and aims to capture approximately 99% of the investible Chinese domestic A Shares equity universe.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Kweichow Moutai Co., Ltd. Class A		3.3	%
Ping An Insurance Group Co. of China, Ltd. Class A		1.8
China Merchants Bank Co., Ltd. Class A		1.7
Industrial Bank Co., Ltd. Class A		1.6
Shanghai Pudong Development Bank Co., Ltd. Class A		1.3
Midea Group Co., Ltd. Class A		1.0
Hangzhou Hikvision Digital Technology Co., Ltd. Class A		1.0
Bank of China, Ltd. Class A		1.0
China Vanke Co., Ltd. Class A		0.9
Agricultural Bank of China, Ltd. Class A		0.9
TOTAL		14.5	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		19.3	%
Industrials		19.1
Materials		12.9
Consumer Discretionary		10.8
Information Technology		10.2
Consumer Staples		8.4
Health Care		6.0
Real Estate		5.6
Energy		3.3
Utilities		3.1
Telecommunication Services		0.9
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.4
TOTAL		100.0	%

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

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

The total expense ratio for SPDR MSCI China A Shares IMI ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.65%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

11

SPDR S&P EMERGING MARKETS DIVIDEND ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 14.47%, and the Index was 16.54%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and rebalance trades contributed to the difference between the Fund’s performance and that of the Index.

The last quarter of 2016 witnessed marginally negative returns for the Fund as growth assets came under pressure from the paring back of future global central banks policy support. Emerging markets ushered in 2017 on a cautiously positive note with the post-election rallies that took place in U.S. as well as the reflation rally that manifested itself powerfully. Emerging markets advanced forward strongly though towards the first half of 2017 as there was a rebound in commodity prices and economic growth improved notably in countries such as China and Korea. The last quarter of 2017 also saw the positive momentum continue in the Fund on account of increasing M&A activity, the emergence of Russia and Brazil from two years in recession, a weaker U.S. dollar and an acceleration in global trade.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Mobile TeleSystems PJSC, SK Telecom Co., Ltd., and Phison Electronics Corp. The top negative contributors to the Fund’s performance were MediaTek Inc, Infosys Limited, and Life Healthcare Group Holdings Limited.

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

12

SPDR S&P EMERGING MARKETS DIVIDEND ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

Cumulative Total Return

Average Annual Total Return

Net Asset Value

Market Value

S&P Emerging Markets Dividend Opportunities Index*

Net Asset Value

Market Value

S&P Emerging Markets Dividend Opportunities Index*

ONE YEAR

14.47%

13.93%

16.54%

14.47%

13.93%

16.54%

FIVE YEARS

–13.54%

–12.89%

–8.44%

–2.87%

–2.72%

–1.75%

SINCE INCEPTION (1)

–16.71%

–16.29%

–8.03%

–2.73%

–2.66%

–1.26%

(1) For the period February 23, 2011 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/23/11, 2/24/11, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The S&P Emerging Markets Dividend Opportunities Index (the “Index”) is comprised of 100 of the highest yielding emerging markets stocks that meet certain investability requirements. The Index includes publicly traded companies with market capitalizations of at least U.S. $1 billion, float-adjusted market cap of U.S. $300 million and three-month average daily value traded above the liquidity threshold of U.S. $1 million as of the rebalancing reference date. Stocks must have a positive, cumulative three-year earnings growth and stocks must be profitable, as measured by positive earnings per share before extraordinary items, over the latest 12-month period as of the rebalancing reference date.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
PTT PCL NVDR		3.2	%
Gazprom PJSC ADR		3.1
LUKOIL PJSC		2.6
China Overseas Land & Investment, Ltd.		2.5
Siam Cement PCL NVDR		2.5
PTT Global Chemical PCL NVDR		2.5
China Telecom Corp., Ltd. Class H		2.3
China Resources Land, Ltd.		2.3
Telekomunikasi Indonesia Persero Tbk PT		2.3
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		2.3
TOTAL		25.6	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		22.7	%
Information Technology		15.6
Energy		10.9
Consumer Staples		8.1
Telecommunication Services		7.9
Consumer Discretionary		7.6
Real Estate		7.0
Materials		6.7
Utilities		5.4
Industrials		4.6
Health Care		3.2
Short-Term Investments		3.9
Liabilities in Excess of Other Assets		(3.6	)
TOTAL		100.0	%

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

The total expense ratio for SPDR S&P Emerging Markets Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.49%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

13

SPDR S&P INTERNATIONAL SMALL CAP ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P International Small Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the developed world (ex-US) small cap equity markets. The Fund’s benchmark is the S&P Developed Ex-U.S. under USD2 Billion Index (the “Index”).

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 16.30%, and the Index was 16.95%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, transaction costs, cash and receivables drag, compounding, and security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Index lost 2.80% in the final quarter of 2016. As the final quarter of 2016 commenced, October provided investors few places to avoid negative returns as both safe haven investments and riskier growth assets came under pressure during the month. While much of 2016 had been notable for the outperformance of high yielding asset classes that benefitted from further suppression of yields by global central banks, October could be viewed as a cautionary preview of what can happen if the narrative suddenly shifts to one in which monetary policy support begins to be unwound. South Korea was the largest contributor to the Index decline during this period.

The Index gained 7.2% in the first quarter of 2017 as global markets ushered in 2017 on a cautiously positive note in January with new all-time highs established in U.S. equity markets, even as a number of other reflationary market trends paused or reversed. Beyond the better than 6% increase in U.S. equities as measured by the S&P 500 index, the first quarter of 2017 also set an optimistic tone across global regional indices from a U.S. investor perspective, led by gains in South Korea, one of the Index’s largest constituents. The developed Pacific region performed the best aided by a 5% gain in the Japanese Yen that applies to more than half of the Pacific index constituents.

The second and third quarter of 2017 continued to deliver gains for the Index by adding 6.29% and 5.59%, respectively. The uncertainty of the French presidential elections in April caused a significant uptick in global market volatility especially when compared to the historically low levels of volatility observed in the previous quarter of 2017. However, global markets reverted back to lower volatility and the equity markets rallied after the results favored the establishment friendly candidate. Japan continued to be one of the largest gainers in the Pacific due to improving economic backdrop and was one the major contributor to the Index in the second quarter of 2017. The third quarter of 2017 was a continuation of the themes that prevailed in the first half of the year. Global equity markets have had an impressive run heading into the final months of 2017; Notable, in addition to the persistence of this year’s advance, has been the balanced participation across the major developed market global indices. Among developed markets, local returns year-to-date for U.S., Europe and Pacific equities are in a narrow range. For unhedged investors in global equities though, currency has had a material impact on investment outcomes, with the most favorable outcomes to U.S. investors attributable to a 9% decline in the U.S. dollar year-to-date.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Interpump Group S.p.A., JENOPTIK AG, and Air Canada. The top negative contributors to the Fund’s performance were Sirtex Medical Limited, Fukuoka Reit Corporation, and Premier Investment Corporation.

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

14

SPDR S&P INTERNATIONAL SMALL CAP ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		S&P Developed Ex-U.S. Under USD2 Billion Index*		Net Asset Value		Market Value		S&P Developed Ex-U.S. Under USD2 Billion Index*
ONE YEAR		16.30%		16.21%		16.95%		16.30%		16.21%		16.95%
FIVE YEARS		61.54%		63.02%		61.38%		10.07%		10.27%		10.05%
TEN YEARS		37.53%		37.30%		30.78%		3.24%		3.22%		2.72%

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The S&P Developed Ex-U.S. Under USD2 Billion Index (the “Index”) is a market capitalization weighted index that defines and measures the investable universe of publicly traded small-cap companies, as defined by the Index, domiciled in developed countries outside the United States. The Index is “float adjusted”, meaning that only those shares publicly available to investors are included in the Index calculation.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Nikkon Holdings Co., Ltd.		0.4	%
Wihlborgs Fastigheter AB		0.4
Shochiku Co., Ltd.		0.3
Toagosei Co., Ltd.		0.3
Jenoptik AG		0.3
InvoCare, Ltd.		0.3
J D Wetherspoon PLC		0.3
Valora Holding AG		0.3
Indus Holding AG		0.2
Road King Infrastructure, Ltd.		0.2
TOTAL		3.0	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Industrials		20.9	%
Consumer Discretionary		18.0
Information Technology		11.8
Materials		11.0
Real Estate		9.7
Financials		8.7
Health Care		7.4
Consumer Staples		5.9
Energy		4.2
Utilities		1.3
Telecommunication Services		0.7
Short-Term Investments		7.5
Liabilities in Excess of Other Assets		(7.1	)
TOTAL		100.0	%

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

The total expense ratio for SPDR S&P International Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.40%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

15

SPDR S&P GLOBAL INFRASTRUCTURE ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund’s was 12.35%, and the Index was 12.16%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash drag, small security misweights, securities lending, compounding and dividend tax withholding differences contributed to the difference between the Fund’s performance and that of the Index.

It is said that the return performance of an Infrastructure index tends to track the broader economic environment. While the Infrastructure index trended in the same direction as the broader global economic indices, it modestly lagged those benchmarks during the reporting period. All three sectors within the index; Energy, Industrials and Utilities posted a positive contribution during the 12 month Reporting Period. While positive over the Reporting Period, the Energy sector contributed the least of the three major components within the Infrastructure index. The Primary cause for this lackluster performance has been the oversupplied nature of the world oil markets along with production exceeding demand. Improving on the Energy component, the Utilities portion of this Index was the second best contributor during the period. Utility stocks are sensitive to interest rate shifts given their high yields relative to the market place. While mergers and acquisitions in this space along with deregulation helped propel the performance of its constituents, three increases in the Federal Funds rate and the expectations of more rate increases in the near term have kept the rising performance in check. Finally, the Industrial sector was the best performing component of this Index over the Reporting Period. In particular, the Transportation Infrastructure portion of this Index had the largest contribution to outperformance. Airline stocks had a solid performance over the last year as energy prices have stabilized a bit and growing airline travel demand worldwide continued to increase. Road and railroad traffic increased as well which helped Rail and Logistics companies perform strongly.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Atlantia S.p.A, Abertis Infraestructuras SA, and Aena SME SA. The top negative contributors to the Fund’s performance were Auckland International Airport Limited, National Grid plc, and Kinder Morgan Inc Class P.

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

16

SPDR S&P GLOBAL INFRASTRUCTURE ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		S&P Global Infrastructure Index*		Net Asset Value		Market Value		S&P Global Infrastructure Index*
ONE YEAR		12.35%		12.06%		12.16%		12.35%		12.06%		12.16%
FIVE YEARS (1)		51.53%		51.77%		49.93%		8.67%		8.70%		8.44%
TEN YEARS (1)		29.62%		29.69%		30.70%		2.63%		2.63%		2.71%

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

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

(2) Index returns represent the Fund’s prior investment strategy from September 30, 2007 through April 30, 2013 and the S&P Global Infrastructure Index from May 1, 2013 through September 30, 2017.

* The S&P Global Infrastructure Index (the “Index”) is comprised of 75 of the largest publicly listed infrastructure companies that meet specific investability requirements. The Index is designed to provide liquid exposure to the leading publicly listed companies in the global infrastructure industry, from both developed markets and emerging markets.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Enbridge, Inc.		5.0	%
Transurban Group Stapled Security		4.9
Abertis Infraestructuras SA		4.5
Atlantia SpA		4.4
Aena SME SA		4.0
NextEra Energy, Inc.		3.3
TransCanada Corp.		3.1
Duke Energy Corp.		2.9
Kinder Morgan, Inc.		2.7
Dominion Energy, Inc.		2.4
TOTAL		37.2	%

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

Industry Breakdown as of September 30, 2017

Industry	% of Net Assets
Transportation Infrastructure		39.5	%
Electric Utilities		25.9
Oil, Gas & Consumable Fuels		18.8
Multi-Utilities		12.8
Gas Utilities		2.3
Water Utilities		0.4
Short-Term Investments		4.1
Liabilities in Excess of Other Assets		(3.8	)
TOTAL		100.0	%

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

The total expense ratio for SPDR S&P Global Infrastructure ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.40%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

17

SPDR S&P GLOBAL NATURAL RESOURCES ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 19.95%, and the Index was 19.85%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cumulative security misweights and fund expenses contributed to the difference between the Fund’s performance and that of the Index.

Global economic strength, demand for raw materials and stabilized oil prices were primary drivers of Fund performance relative to the year. The Fund had positive performance for three of the four quarters this year. In the first half of the Reporting Period, performance was helped by an agreement between OPEC and Russia to cut oil production and strong macroeconomic data despite some geopolitical concerns and the surprise election results in the United States. A healthy global economy also led to increased and ongoing demand for raw materials like cobalt, copper and nickel which are key ingredients for electric cars and many other battery-powered devices. Performance in the third quarter of the reporting period was negative due to geopolitical tensions in Syria and North Korea and falling oil prices. The Fund’s performance in the fourth quarter of the Reporting Period was positive due to oil prices rebounding from the prior quarter, continued strong demand for raw materials, healthy economic data and despite continuing geopolitical risks (North Korean missile tests, U.S.-Russian tensions and personnel turnover in the White House.) Fund performance was also helped by companies’ ongoing efforts to align expenses and capital expenditures with commodity prices.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Glencore plc, BHP Billiton Limited, Royal Dutch Shell Plc Class B. The top negative contributors to the Fund’s performance were Barrick Gold Corporation, Goldcorp Inc., and Silver Wheaton Corp.

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

18

SPDR S&P GLOBAL NATURAL RESOURCES ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		S&P Global Natural Resources Index*		Net Asset Value		Market Value		S&P Global Natural Resources Index*
ONE YEAR		19.95%		20.02%		19.85%		19.95%		20.02%		19.85%
FIVE YEARS		2.82%		3.27%		2.55%		0.56%		0.65%		0.50%
SINCE INCEPTION (1)		7.92%		8.19%		7.97%		1.09%		1.12%		1.09%

(1) For the period September 13, 2010 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/13/10, 9/14/10, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The S&P Global Natural Resources Index (the “Index”) is comprised of 90 of the largest U.S. and foreign publicly traded companies, based on market capitalization, in natural resources and commodities businesses (as defined below) that meet certain investability requirements. The Index component securities represent a combination of the component securities included in each of the following three sub-indices: the S&P Global Natural Resources-Agriculture Index, the S&P Global Natural Resources-Energy Index and the S&P Global Natural Resources-Metals and Mining Index. The maximum weight of each sub-index is capped at one-third of the total weight of the Index.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Exxon Mobil Corp.		4.7	%
BHP Billiton, Ltd.		4.2
Royal Dutch Shell PLC Class A		4.0
TOTAL SA		4.0
BP PLC		3.6
Glencore PLC		3.6
Monsanto Co.		3.2
Chevron Corp.		3.0
Potash Corp. of Saskatchewan, Inc.		2.5
Agrium, Inc.		2.3
TOTAL		35.1	%

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

Industry Breakdown as of September 30, 2017

Industry	% of Net Assets
Oil, Gas & Consumable Fuels		32.7	%
Metals & Mining		31.6
Chemicals		11.9
Containers & Packaging		8.3
Paper & Forest Products		6.9
Food Products		4.2
Energy Equipment & Services		2.1
Real Estate Investment Trusts (REITs)		1.8
Short-Term Investments		2.3
Liabilities in Excess of Other Assets		(1.8	)
TOTAL		100.0	%

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

The total expense ratio for SPDR S&P Global Natural Resources ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.40%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

19

SPDR MSCI ACWI IMI ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 18.58%, and the Index was 18.73%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Dividend tax withholding differences, fund expenses, a slight cash drag, and optimization contributed to the difference between the Fund’s performance and that of the Index.

The Fund started the Reporting Period with lackluster performance as one of the most identifiable causes for the angst across asset classes was a sharp rise in global sovereign bond yields coincided with a paring back of expectations for future global central bank policy support. Despite geopolitical concerns worldwide, in 2017 the MSCI ACWI ex-US IMI index went on to post double digit gains for the Reporting Period. The first quarter of 2017 witnessed an optimistic tone in all regional indices globally, largely on the back of growth expectations. In addition to an improving economic backdrop, European shares in the Fund benefitted from an easing of political uncertainty with the defeat of populist candidates in the Netherlands in February and in presidential polls in France that spanned April and May. The third quarter of 2017 also saw a positive performance for the Fund as markets continued to rally on back of strong retail sales and improved macroeconomic and manufacturing data.

For the reporting period the emerging markets had outperformed developed markets by over 3% mainly due to strong earnings in the emerging Asian countries and weakening of the U.S. Dollar. Main positive contributors to the fund’s performance were United States, Japan and France.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Apple Inc., Baozun Inc Sponsored ADR Class A, and Microsoft Corporation. The top negative contributors to the Fund’s performance were QUALCOMM Incorporated, Mattel, Inc., and General Electric Company.

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

20

SPDR MSCI ACWI IMI ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		MSCI ACWI IMI Index*		Net Asset Value		Market Value		MSCI ACWI IMI Index*
ONE YEAR		18.58%		17.79%		18.73%		18.58%		17.79%		18.73%
FIVE YEARS		68.74%		69.39%		64.19%		11.03%		11.12%		10.43%
SINCE INCEPTION (1)		70.89%		70.97%		66.95%		10.05%		10.06%		9.60%

(1) For the period February 27, 2012 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/27/12, 2/28/12, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The MSCI ACWI IMI Index (the “Index”) is a free float-adjusted market capitalization-weighted index that is designed to measure the combined equity market performance of developed and emerging markets. The Index covers approximately 99% of the global equity investment opportunity set.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Apple, Inc.		1.5	%
Microsoft Corp.		1.1
Amazon.com, Inc.		0.9
JPMorgan Chase & Co.		0.8
Alphabet, Inc. Class A		0.7
Alphabet, Inc. Class C		0.6
Facebook, Inc. Class A		0.6
Wells Fargo & Co.		0.6
Exxon Mobil Corp.		0.6
Bank of America Corp.		0.6
TOTAL		8.0	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		17.6	%
Information Technology		17.5
Industrials		13.8
Health Care		11.2
Consumer Discretionary		11.0
Consumer Staples		7.8
Energy		6.5
Materials		5.3
Real Estate		3.9
Telecommunication Services		2.9
Utilities		2.2
Short-Term Investments		1.2
Liabilities in Excess of Other Assets		(0.9	)
TOTAL		100.0	%

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

The total expense ratio for SPDR MSCI ACWI IMI ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.25%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

21

SPDR MSCI ACWI LOW CARBON TARGET ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI ACWI Low Carbon Target ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks securities of publicly traded companies in developed and emerging markets while seeking to minimize carbon exposure. The Fund’s benchmark is the MSCI ACWI Low Carbon Target Index (the “Index”).

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 18.16%, and the Index was 17.95%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

The last quarter of 2016 ended on a cautious note for the Fund as global markets staggered after the echoes of Brexit and there were unexpected challenges to the established political order in U.S. Global markets ushered in the first quarter of 2017 on a positive note as the reflation theme played forward and global industrial production growth witnessed a notable acceleration. The second quarter of 2017 provided favorable payoffs to investors positioned in the Fund as positive returns were realized from a range of continuing global economic and earnings growth. The last quarter of 2017 witnessed a continuation of the rally for the Fund, largely on the account of strong Chinese, UK and US manufacturing data.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Apple Inc., Microsoft Corporation, and JPMorgan Chase & Co. The top negative contributors to the Fund’s performance were QUALCOMM Incorporated, Teva Pharmaceutical Industries Limited, and General Electric Company.

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

22

SPDR MSCI ACWI LOW CARBON TARGET ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		MSCI ACWI Low Carbon Target Index*		Net Asset Value		Market Value		MSCI ACWI Low Carbon Target Index*
ONE YEAR		18.16%		18.02%		17.95%		18.16%		18.02%		17.95%
SINCE INCEPTION (1)		21.66%		22.02%		20.78%		7.12%		7.23%		6.86%

(1) For the period November 25, 2014 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/25/14, 11/26/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The MSCI ACWI Low Carbon Target Index (the “Index”) is designed to address two dimensions of carbon exposure — carbon emissions and fossil fuel reserves. By overweighting companies with low carbon emissions relative to sales and per dollar of market capitalization, the Index aims to reflect a lower carbon exposure than that of the broad market. The Index is designed to achieve a target level of tracking relative to a broad market index (such as the Parent Index) while minimizing the carbon exposure. The Index is a subset of the MSCI ACWI Index (the Parent Index), which measures the combined equity market performance of developed and emerging market countries.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Apple, Inc.		1.9	%
Microsoft Corp.		1.3
Facebook, Inc. Class A		0.9
Amazon.com, Inc.		0.9
JPMorgan Chase & Co.		0.9
Johnson & Johnson		0.8
Alphabet, Inc. Class C		0.8
Wells Fargo & Co.		0.6
Bank of America Corp.		0.6
Alphabet, Inc. Class A		0.6
TOTAL		9.3	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		20.0	%
Information Technology		17.5
Industrials		12.3
Consumer Discretionary		11.9
Health Care		11.2
Consumer Staples		9.0
Energy		5.2
Materials		3.8
Real Estate		3.2
Telecommunication Services		3.0
Utilities		2.4
Short-Term Investments		0.4
Other Assets in Excess of Liabilities		0.1
TOTAL		100.0	%

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

The total expense ratio for SPDR MSCI ACWI Low Carbon Target ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.30% (0.20% after fee waiver). SSGA Funds Management, Inc. has contractually agreed to waive its management fee and reimburse certain expenses, until January 31, 2018, so that the net annual Fund operating expenses of the Fund will be limited to 0.20%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

23

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI EAFE ex Fossil Fuels Index. The Fund’s benchmark is the MSCI EAFE ex Fossil Fuels Index (the “Index”).

For the period from October 24, 2016 (inception) through September 30, 2017 (the “Reporting Period”), the total return for the Fund was 20.89%, and the Index was 20.71%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Tax withholdings and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

In November 2016, while U.S. markets reacted positively to the surprise election of President Trump, global developed markets held steady until they too began their slow and steady rise in the weeks that followed. The performance of the Fund continued fairly consistently throughout the Reporting Period, rising slowly and surely in the face of economic and political news which was generally positive although somewhat volatile. While the European Central Bank, the Bank of Japan and the Bank of England all kept rates steady throughout the Reporting Period, the U.S. Federal Reserve Bank increased rates by a quarter point in each of December 2016, March 2017, and June 2017. In general, global markets were unphased by each of these announcements, pausing only briefly before continuing their steady rise. The Fund’s return was also enhanced by the weakening of the U.S. dollar during the Reporting Period, which was in slight decline after the record strength of the past several years.

The Fund’s exclusion of fossil fuel-based companies had a slightly negative effect on performance compared to the MSCI EAFE Index. Although the price of oil did exhibit some volatility, it held generally steady during the Reporting Period, and the performance of fossil fuel-based companies did not dramatically diverge from the broader markets. However, the Fund did not benefit from the higher dividend yield of fossil fuel-based companies, which ultimately detracted from relative performance.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were HSBC Holdings plc, Banco Santander S.A., and Allianz SE. The top negative contributors to the Fund’s performance were Anheuser-Busch InBev SA/NV, Shire PLC, and Teva Pharmaceutical Industries Limited.

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

24

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

Cumulative Total Return

Average Annual Total Return

Net Asset Value

Market Value

MSCI EAFE ex Fossil Fuels Index*

Net Asset Value

Market Value

MSCI EAFE ex Fossil Fuels Index*

SINCE INCEPTION (1)

20.89%

N/A

20.71%

N/A

N/A

N/A

(1) For the period October 24, 2016 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/24/16, 10/25/16, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The MSCI EAFE ex Fossil Fuels Index (the “Index”) is designed to measure the performance of companies in the MSCI EAFE Index that are “fossil fuel reserves free,” which are defined as companies that do not own fossil fuel reserves. For purposes of the composition of the Index, fossil fuel reserves are defined as proved and probable coal, oil or natural gas reserves used for energy purposes, but do not include metallurgical or coking coal, which is primarily used in connection with steel production. The Index is a subset of the MSCI EAFE Index (the “Parent Index”), which serves as the initial universe of eligible securities for the Index. The Parent Index captures large and mid-capitalization representation across developed market Europe, Australasia, and Far East countries, excluding the United States and Canada.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Nestle SA		2.0	%
HSBC Holdings PLC		1.5
Novartis AG		1.4
Roche Holding AG		1.3
Toyota Motor Corp.		1.2
British American Tobacco PLC		1.1
Bayer AG		0.8
Sanofi		0.8
Banco Santander SA		0.8
SAP SE		0.8
TOTAL		11.7	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		23.2	%
Industrials		15.6
Consumer Discretionary		13.3
Consumer Staples		12.0
Health Care		11.5
Information Technology		6.6
Materials		6.4
Telecommunication Services		4.4
Real Estate		3.8
Utilities		2.3
Energy		0.3
Short-Term Investments		0.7
Liabilities in Excess of Other Assets		(0.1	)
TOTAL		100.0	%

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

The total expense ratio for SPDR MSCI EAFE Fossil Fuel Reserves Free ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.30% (0.20% after fee waiver). SSGA Funds Management, Inc. has contractually agreed to waive its management fee and reimburse certain expenses, until January 31, 2018, so that the net annual Fund operating expenses of the Fund will be limited to 0.20%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

25

SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI Emerging Markets ex Fossil Fuels Index. The Fund’s benchmark is the MSCI Emerging Markets ex Fossil Fuels Index (the “Index”).

For the period from October 24, 2016 (inception) through September 30, 2017 (the “Reporting Period”), the total return for the Fund was 21.02%, and the Index was 21.02%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund enjoyed positive performance during each quarter of the period thanks to very strong performance in both China and Korea, the top weighted countries in the Fund. Despite increased threats from North Korea advancing nuclear weapon production, overall geopolitical tension continued to ease. In addition, favorable GDP growth for the Chinese economy has boosted continued success for the country, as well as many other emerging markets. Additionally, these markets have been helped by a slow moving Federal Reserve, especially those that have borrowed heavily in U.S. dollars. Finally, many of the emerging market countries have been positively impacted by stabilizing commodity prices.

The Fund’s exclusion of fossil fuel-based companies had a slightly negative effect on performance compared to the MSCI Emerging Markets Index. Although the price of oil did exhibit some volatility, it held generally steady during the Fiscal Year, and the performance of fossil fuel-based companies did not dramatically diverge from the broader markets. However, the Fund did not benefit from the higher dividend yield of fossil fuel-based companies, which ultimately detracted from relative performance.

On an individual security level, the top positive contributors to the Fund’s performance were Samsung Electronics Co., Ltd., Tencent Holdings Ltd., and Alibaba Group Holding Ltd. Sponsored ADR. The top negative contributors to the Fund’s performance were NAVER Corp., Amorepacific Corp., and China Mobile Limited.

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

26

SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

Cumulative Total Return

Average Annual Total Return

Net Asset Value

Market Value

MSCI Emerging Markets ex Fossil Fuels Index*

Net Asset Value

Market Value

MSCI Emerging Markets ex Fossil Fuels Index*

SINCE INCEPTION (1)

21.02%

N/A

21.02%

N/A

N/A

N/A

(1) For the period October 24, 2016 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/24/16, 10/25/16, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The MSCI Emerging Markets ex Fossil Fuels Index (the “Index”) is designed to measure the performance of companies in the MSCI Emerging Markets Index that are “fossil fuel reserves free,” which are defined as companies that do not own fossil fuel reserves. For purposes of the composition of the Index, fossil fuel reserves are defined as proved and probable coal, oil or natural gas reserves used for energy purposes, but do not include metallurgical or coking coal, which is primarily used in connection with steel production. The Index is a subset of the MSCI Emerging Markets Index (the “Parent Index”), which serves as the initial universe of eligible securities for the Index. The Parent Index captures large and mid-capitalization representation across 23 emerging market countries.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Tencent Holdings, Ltd.		5.3	%
Samsung Electronics Co., Ltd.		4.7
Alibaba Group Holding, Ltd. ADR		4.1
Taiwan Semiconductor Manufacturing Co., Ltd.		3.9
Naspers, Ltd. Class N		2.0
Baidu, Inc. ADR		1.5
China Construction Bank Corp. Class H		1.4
China Mobile, Ltd.		1.4
Hon Hai Precision Industry Co., Ltd.		1.2
Industrial & Commercial Bank of China, Ltd. Class H		1.1
TOTAL		26.6	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Information Technology		27.6	%
Financials		24.3
Consumer Discretionary		9.7
Consumer Staples		6.6
Materials		6.1
Industrials		5.3
Telecommunication Services		5.2
Real Estate		2.7
Utilities		2.1
Health Care		1.8
Energy		0.9
Short-Term Investments		6.3
Other Assets in Excess of Liabilities		1.4
TOTAL		100.0	%

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

The total expense ratio for SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.30%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

27

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI EAFE StrategicFactors ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the European, Australasian, and Far Eastern developed equity markets. The Fund’s benchmark is the MSCI EAFE Factor Mix A-Series Index (the “Index”).

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 15.92%, and the Index was 16.18%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cumulative security misweights and Fund expenses contributed to the difference between the Fund’s performance and that of the Index.

Optimism about the global economy, accommodative monetary policy, and increased M&A activity were primary drivers of Fund performance relative to the year. The Fund had positive performance in three of the four quarters in the Reporting Period. Performance in the first quarter of the reporting period was negative. The performance was driven by the European Central Bank’s decision to reduce the pace of asset purchases and diplomatic tensions between the United States and other major powers and in spite of strong macro data and the markets embracing the surprise results of the U.S. presidential election of Donald Trump. The Fund’s performance turned positive for the remaining three quarters of the Reporting Period despite negative factors such as geopolitical factors (North Korean missile launches, Iran, calls for Catalonian independence in Spain, and German and French elections) and natural disasters. The positive performance was mostly driven by optimism regarding the global economy as risks became less pronounced, macroeconomic data was mostly positive and many companies reported strong earnings. Dovish monetary policy also contributed to the Fund’s performance as central banks left rates unchanged or signaled less than expected hawkish sentiments. Other factors like potential tax reform in the United States and the commencement of the Brexit process in the United Kingdom also contributed to the Fund’s positive performance.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were HSBC Holdings plc, Bayer AG, and LVMH Moet Hennessy Louis Vuitton SE. The top negative contributors to the Fund’s performance were Astellas Pharma Inc., Telstra Corporation Limited, Anheuser-Busch InBev SA/NV.

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

28

SPDR MSCI EAFE STRATEGICFACTORS^SM ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		MSCI EAFE Factor Mix A-Series Index*		Net Asset Value		Market Value		MSCI EAFE Factor Mix A-Series Index*
ONE YEAR		15.92%		16.57%		16.18%		15.92%		16.57%		16.18%
SINCE INCEPTION (1)		13.41%		14.05%		14.01%		3.86%		4.03%		4.02%

(1) For the period June 4, 2014 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/4/14, 6/5/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The MSCI EAFE (Europe, Australasia, Far East) Factor Mix A-Series Index (the “Index”) captures large- and mid-cap representation across 21 developed market Europe, Australasia, and Far East countries and aims to represent the performance of value, low volatility, and quality factor strategies. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI EAFE Value Weighted Index, the MSCI EAFE Minimum Volatility Index, and the MSCI EAFE Quality Index.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Nestle SA		2.5	%
Roche Holding AG		2.1
AstraZeneca PLC		1.2
British American Tobacco PLC		1.2
Novo Nordisk A/S Class B		1.1
Reckitt Benckiser Group PLC		1.1
Diageo PLC		1.0
Unilever NV		1.0
HSBC Holdings PLC		1.0
Bayer AG		1.0
TOTAL		13.2	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		17.9	%
Consumer Staples		15.4
Industrials		14.6
Health Care		13.7
Consumer Discretionary		12.1
Telecommunication Services		5.7
Information Technology		5.3
Materials		5.3
Utilities		4.2
Real Estate		2.7
Energy		2.4
Short-Term Investments		0.4
Other Assets in Excess of Liabilities		0.3
TOTAL		100.0	%

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

The total expense ratio for SPDR MSCI EAFE StrategicFactors ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented June 30, 2017) is 0.30%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

29

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI Emerging Markets Strategic Factors ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging equity markets of the world. The Fund’s benchmark is the MSCI Emerging Markets (EM) Factor Mix A-Series Index (the “Index”).

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 15.39%, and the Index was 15.68%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

While the last quarter of 2016 saw unexpected challenges to the established political order in U.S., the trading days following the U.S. election saw a surprising but persistent rise in growth assets in emerging markets. China and Korea, in spite of the ongoing geopolitical risks, notably witnessed a strong advance in the first quarter of 2017. The second quarter of 2017 saw a continuation of the positive sentiment for the Fund on back of strong macro and earnings data, and a rebound in commodity production. The success of emerging markets in the Fund in 2017 can be chalked up to a number of supporting factors, including the emergence of Brazil and Russia from two years in recession, a weaker U.S. dollar that keeps hard currency financing costs down and an acceleration in global trade.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Tencent Holdings Ltd., Hon Hai Precision Industry Co., Ltd., and Samsung Electronics Co., Ltd. The top negative contributors to the Fund’s performance were NAVER Corp., China Huishan Dairy Holdings Co. Ltd., and China Mobile Limited.

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

30

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS^SM ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		MSCI Emerging Markets Factor Mix A-Series Index*		Net Asset Value		Market Value		MSCI Emerging Markets Factor Mix A-Series Index*
ONE YEAR		15.39%		14.78%		15.68%		15.39%		14.78%		15.68%
SINCE INCEPTION (1)		7.74%		8.38%		10.40%		2.27%		2.45%		3.02%

(1) For the period June 4, 2014 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/4/14, 6/5/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The MSCI Emerging Markets Factor Mix A-Series Index (the “Index”) captures large- and mid-cap representation across 23 emerging markets countries and aims to represent the performance of value, low volatility, and quality factor strategies. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI EM Value Weighted Index, the MSCI EM Minimum Volatility Index, and the MSCI EM Quality Index.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.		2.9	%
Tencent Holdings, Ltd.		2.8
China Mobile, Ltd.		2.2
Hon Hai Precision Industry Co., Ltd.		2.2
China Construction Bank Corp. Class H		1.4
Samsung Electronics Co., Ltd. GDR		1.3
Ambev SA ADR		1.1
Industrial & Commercial Bank of China, Ltd. Class H		1.1
Yum China Holdings, Inc.		1.1
NetEase, Inc. ADR		1.0
TOTAL		17.1	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Information Technology		23.7	%
Financials		21.4
Consumer Staples		11.0
Consumer Discretionary		10.2
Telecommunication Services		8.2
Energy		5.6
Industrials		5.3
Materials		4.2
Utilities		4.2
Health Care		4.1
Real Estate		1.5
Short-Term Investments		1.8
Liabilities in Excess of Other Assets		(1.2	)
TOTAL		100.0	%

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

The total expense ratio for SPDR MSCI Emerging Markets StrategicFactors ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented June 30, 2017) is 0.30%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

31

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI World StrategicFactors ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the developed equity markets of the world. The Fund’s benchmark is the MSCI World Factor Mix A-Series Index (the “Index”).

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 15.53%, and the Index was 15.61%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, cumulative effect of security misweights and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

While the last quarter of 2016 saw unexpected challenges to the established political order in U.S., the trading days following the U.S. election saw a surprising but persistent rise in growth assets. The shift in favor of developed markets and the Fund in the final quarter of 2016 is primarily attributable to U.S. equities and the U.S. dollar posting strong gains against a pullback in emerging markets in both local and currency-adjusted returns. The first quarter of 2017 witnessed an optimistic tone in all regional indices globally, largely on the back of growth expectations. In addition to an improving economic backdrop, European shares in the Fund benefitted from an easing of political uncertainty with the defeat of populist candidates in the Netherlands in February and in presidential polls in France that spanned April and May. The third quarter of 2017 also saw a positive performance for the Fund as markets continued to rally on back of strong retail sales and improved macroeconomic and manufacturing data.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Apple Inc., Microsoft Corporation, and Visa Inc. Class A. The top negative contributors to the Fund’s performance were General Mills, Inc., Altria Group, Inc., and QUALCOMM Incorporated.

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

32

SPDR MSCI WORLD STRATEGICFACTORS^SM ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		MSCI World Factor Mix A-Series Index*		Net Asset Value		Market Value		MSCI World Factor Mix A-Series Index*
ONE YEAR		15.53%		16.14%		15.61%		15.53%		16.14%		15.61%
SINCE INCEPTION (1)		29.77%		29.51%		28.99%		8.15%		8.09%		7.96%

(1) For the period June 4, 2014 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/4/14, 6/5/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The MSCI World Factor Mix A-Series Index (the “Index”) captures large- and mid-cap representation across 23 developed countries and aims to represent the performance of value, low volatility, and quality factor strategies. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI World Value Weighted Index, the MSCI World Minimum Volatility Index, and the MSCI World Quality Index.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Apple, Inc.		2.1	%
Microsoft Corp.		2.0
Johnson & Johnson		1.9
Procter & Gamble Co.		1.2
Roche Holding AG		1.1
Alphabet, Inc. Class C		1.0
Visa, Inc. Class A		1.0
Alphabet, Inc. Class A		1.0
Altria Group, Inc.		0.8
Intel Corp.		0.8
TOTAL		12.9	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Information Technology		17.4	%
Financials		15.2
Health Care		14.3
Industrials		11.8
Consumer Staples		11.6
Consumer Discretionary		11.3
Materials		4.2
Utilities		4.1
Telecommunication Services		4.0
Energy		3.5
Real Estate		2.3
Short-Term Investments		20.5
Liabilities in Excess of Other Assets		(20.2	)
TOTAL		100.0	%

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

The total expense ratio for SPDR MSCI World StrategicFactors ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented June 30, 2017) is 0.30%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

33

SPDR MSCI CANADA STRATEGICFACTORS^SM ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI Canada StrategicFactors ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the equity market of Canada. The Fund’s benchmark is the MSCI Canada Factor Mix A-Series Capped Index (the “Index”).

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 15.52%, and the Index was 15.61%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

Global markets ushered in 2017 on a cautiously positive note as the six quarter year over year (YoY) global earnings recession that finally gave way to growth in the second half of 2016 gained momentum in the first half of 2017. Earnings advanced 23% (YoY) for the MSCI World Index of developed market companies reported in the early weeks of the second quarter. The fund’s performance was mainly driven by the strong returns in Consumer Discretionary, Financials and Industrial sectors. Health Care and Real Estate were the weakest performing sectors in Canada.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Toronto-Dominion Bank, Royal Bank of Canada, and Canadian National Railway Company. The top negative contributors to the Fund’s performance were Alimentation Couche-Tard Inc. Class B, Fairfax Financial Holdings Limited, and Cenovus Energy Inc.

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

34

SPDR MSCI CANADA STRATEGICFACTORS^SM ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		MSCI Canada Factor Mix A-Series Capped Index*		Net Asset Value		Market Value		MSCI Canada Factor Mix A-Series Capped Index*
ONE YEAR		15.52%		15.40%		15.61%		15.52%		15.40%		15.61%
SINCE INCEPTION (1)		6.78%		7.02%		7.01%		2.00%		2.07%		2.07%

(1) For the period June 11, 2014 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The MSCI Canada Factor Mix A-Series Capped Index (the “Index”) is designed to measure the equity market performance of large and mid-cap companies across the Canadian equity market. It aims to represent the performance of a combination of three factors - value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI Canada Value Weighted Index, the MSCI Canada Quality Index, and the MSCI Canada Minimum Volatility Index.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Toronto-Dominion Bank		4.4	%
Royal Bank of Canada		4.3
Canadian Imperial Bank of Commerce		3.9
Bank of Nova Scotia		3.6
Sun Life Financial, Inc.		3.3
Canadian National Railway Co.		3.2
Intact Financial Corp.		3.1
Magna International, Inc.		2.7
Bank of Montreal		2.6
Great-West Lifeco, Inc.		2.5
TOTAL		33.6	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		40.1	%
Energy		12.2
Consumer Staples		9.0
Consumer Discretionary		8.7
Materials		7.8
Industrials		7.7
Information Technology		5.3
Telecommunication Services		4.2
Utilities		2.9
Real Estate		1.4
Health Care		0.3
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.4
TOTAL		100.0	%

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

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

The total expense ratio for SPDR MSCI Canada StrategicFactors ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented June 30, 2017) is 0.30%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

35

SPDR MSCI GERMANY STRATEGICFACTORS^SM ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI Germany Strategic Factors ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the equity market of Germany. The Fund’s benchmark is the MSCI Germany Factor Mix A-Series Capped Index (the “Index”).

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 23.78%, and the Index was 24.03%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, dividend tax withholdings, and cash drag contributed to the difference between the Fund’s performance and that of the Index.

After a flat first fiscal quarter, the Index produced three straight fruitful quarters gaining at least 6% during each period and finishing the fiscal year ahead of the MSCI EAFE by almost 5%. Germany has been able to avoid much of the backlash from last year’s historic Brexit vote by remaining a trade partner of the U.K. This support led to an uptick in consumer confidence and demand within the region. As the largest country in the Eurozone, Germany sits at the center of the region’s ongoing sovereign debt crisis. Though it has stabilized and Germany specifically is not in crisis, the situation is far from resolved. Germany has successfully been able to balance supporting the Eurozone and not negatively affecting that aforementioned consumer confidence. As the fiscal year came to a close, Germany held its election campaign and Chancellor Angela Merkel won re-election to a fourth term. The tighter-than-expected election results were significant, however, due to the extraordinary rise of an extreme right party called Alternative für Deutschland (AfD) and the speculation that this could be the Chancellor’s last term and, thus, lead to a weaker government going forward.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Allianz SE, Deutsche Post AG, and Bayer AG. The top negative contributors to the Fund’s performance were United Internet AG, ProSiebenSat.1 Media SE, and GEA Group Aktiengesellschaft.

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

36

SPDR MSCI GERMANY STRATEGICFACTORS^SM ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		MSCI Germany Factor Mix A-Series Capped Index*		Net Asset Value		Market Value		MSCI Germany Factor Mix A-Series Capped Index*
ONE YEAR		23.78%		23.91%		24.03%		23.78%		23.91%		24.03%
SINCE INCEPTION (1)		12.29%		12.54%		12.60%		3.57%		3.64%		3.66%

(1) For the period June 11, 2014 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The MSCI Germany Factor Mix A-Series Capped Index (the “Index”) is designed to measure the equity market performance of large and mid-cap companies across the Germany equity market. It aims to represent the performance of a combination of three factors - value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI Germany Value Weighted Index, the MSCI Germany Quality Index, and the MSCI Germany Minimum Volatility Index.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Allianz SE		5.2	%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		5.1
BASF SE		5.0
Siemens AG		4.6
Bayer AG		4.3
SAP SE		4.2
Deutsche Post AG		4.2
Daimler AG		4.1
Beiersdorf AG		2.9
adidas AG		2.9
TOTAL		42.5	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Consumer Discretionary		20.5	%
Industrials		16.3
Financials		15.4
Materials		14.8
Health Care		9.3
Information Technology		7.0
Consumer Staples		6.7
Utilities		4.6
Telecommunication Services		3.2
Real Estate		1.7
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.5
TOTAL		100.0	%

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

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

The total expense ratio for SPDR MSCI Germany StrategicFactors ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented June 30, 2017) is 0.30%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

37

SPDR MSCI JAPAN STRATEGICFACTORS^SM ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI Japan StrategicFactors ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the equity market of Japan. The Fund’s benchmark is the MSCI Japan Factor Mix A-Series Capped Index (the “Index”).

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 12.21%, and the Index was 12.69%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, tax withholdings and cash drag contributed to the difference between the Fund’s performance and that of the Index.

As the final quarter of 2016 commenced, October provided investors few places to avoid negative returns as both safe haven investments and riskier growth assets came under pressure during the month. One of the most identifiable causes of angst across asset classes was a sharp rise in global sovereign bond yields coincident with a paring back of expectations for future global central bank policy support. The backup in global rates from the lows of July also coincided with a steady rise in longer-dated benchmarks in other developed markets on a paring back of expectations for expansion or extension of bond buying programs by the ECB and BOJ. This was validated in part by the BOJ decision in September to target a zero Japanese Government Bond interest rate rather than initiate explicit new asset purchase targets. The relative hawkishness of global central banks aided in the weaker Q4 2016 performance of the SPDR MSCI Japan StrategicFactors^SM ETF which finished -1.66% for Q4 2016.

Global markets ushered in 2017 on a cautiously positive note in January even as a number of reflationary market trends paused or reversed. February saw a continuation of the positive sentiment evident in global equity markets during the first month of the year, and by some measures, an acceleration of it. Beyond a pause in some capital markets and a somewhat murkier outlook for near term U.S. fiscal policy initiatives, measures of realized global real activity and inflation were decidedly in line with the global reflation theme in the early months of 2017. Evidence of global inflation finally converging toward or even exceeding central bank target levels continued to build in Q1 2017 after years of being below target and prompting considerable monetary stimulus that still continues apace for many economies. Given these conditions, the fund ended Q1 2017 up +4.46%.

April 2017 saw a measure of investor fear return to global risk markets following a four and a half month period of relative complacency. May provided favorable payoffs to investors positioning for a range of economic developments. Positive returns were realized for those embracing a narrative of continuing global economic and earnings growth that would continue to buoy equities. The not so hot, not so cold economic backdrop awakened a chorus of references to a new ‘Goldilocks’ economy in the financial press. Such a backdrop would further elongate the current cycle as a moderate rate of positive growth and inflation would be just enough to continue to boost earnings without eliciting a more aggressive response from central banks to normalize financial conditions with higher interest rates. Against this positive backdrop, the fund finished Q2 2017 +5.38%.

The second half of 2017 commenced with a continuation of many of the themes that prevailed in the first half of 2017, the global growth story that has provided firm foundation for broad advances in global equities year-to-date continued to show strength in August economic releases. Japan’s Q2 GDP was reported on August 14th to have advanced a lofty annual rate of 4% and on August 16th and Euro area growth for the second quarter was revised higher to an above trend 2.5% annual rate. As in the US, Japanese 10-year yields declined in the third quarter although both were on an upward trajectory to close the quarter with advances in September. In light of these developments the fund returned +3.66% for the quarter ended September 30, 2017.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Keyence Corporation, Mitsubishi UFJ Financial Group, Inc., and Bridgestone Corporation. The top negative contributors to the Fund’s performance were KDDI Corporation, Japan Tobacco Inc., and Astellas Pharma Inc.

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

38

SPDR MSCI JAPAN STRATEGICFACTORS^SM ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		MSCI Japan Factor Mix A-Series Capped Index*		Net Asset Value		Market Value		MSCI Japan Factor Mix A-Series Capped Index*
ONE YEAR		12.21%		11.49%		12.69%		12.21%		11.49%		12.69%
SINCE INCEPTION (1)		29.78%		29.96%		31.11%		8.20%		8.25%		8.54%

(1) For the period June 11, 2014 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The MSCI Japan Factor Mix A-Series Capped Index (the “Index”) is designed to measure the equity market performance of large and mid-cap companies across the Japanese equity market. It aims to represent the performance of a combination of three factors - value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI Japan Value Weighted Index, the MSCI Japan Quality Index, and the MSCI Japan Minimum Volatility Index.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Toyota Motor Corp.		2.8	%
Keyence Corp.		2.5
KDDI Corp.		2.3
Bridgestone Corp.		2.2
NTT DOCOMO, Inc.		2.1
Astellas Pharma, Inc.		2.1
Kao Corp.		1.9
Japan Tobacco, Inc.		1.8
Subaru Corp.		1.8
Hoya Corp.		1.7
TOTAL		21.2	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Consumer Discretionary		21.1	%
Industrials		18.2
Information Technology		11.8
Financials		10.5
Health Care		10.5
Consumer Staples		9.5
Telecommunication Services		5.9
Real Estate		4.3
Materials		4.2
Utilities		2.3
Energy		0.7
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		1.0
TOTAL		100.0	%

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

The total expense ratio for SPDR MSCI Japan StrategicFactors ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented June 30, 2017) is 0.30%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

39

SPDR MSCI UNITED KINGDOM STRATEGICFACTORS^SM ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI United Kingdom StrategicFactors ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the equity market of the United Kingdom. The Fund’s benchmark is the MSCI UK Factor Mix A-Series Capped Index (the “Index”).

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 14.13%, and the Index was 14.67%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash, and slight security misweights contributed to the difference between the Fund’s performance and that of the Index.

After breaching record low levels in July following the surprise vote by the U.K. to exit the European Union (a.k.a. ‘Brexit’) in the last quarter of 2016 rate sensitive growth assets gave ground with global stocks overall declining by 1.9% as measured by the MSCI World Index. Global markets ushered in 2017 on a cautiously positive note as the six quarter year over year (YoY) global earnings recession that finally gave way to growth in the second half of 2016 gained momentum in the first half of 2017. Earnings advanced 23% (YoY) for the MSCI World Index of developed market companies reported in the early weeks of the second quarter. For the Reporting Period MSCI World was up over 18% compared to 14.6% U.K. country performance. The fund’s performance was mainly driven by the strong returns in materials, financials and energy sectors. Telecommunications services and utilities were the weakest performing sectors in the in U.K. Over 3% of the fund’s return came from the U.S. Dollar depreciation and U.K. Pound appreciation.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were HSBC Holdings plc, Royal Dutch Shell Plc Class B, and Glencore plc. The top negative contributors to the Fund’s performance were Imperial Brands PLC, National Grid plc, and BT Group plc.

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

40

SPDR MSCI UNITED KINGDOM STRATEGICFACTORS^SM ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

Cumulative Total Return

Average Annual Total Return

Net Asset Value

Market Value

MSCI UK Factor Mix A-Series Capped Index*

Net Asset Value

Market Value

MSCI UK Factor Mix A-Series Capped Index*

ONE YEAR

14.13%

14.06%

14.67%

14.13%

14.06%

14.67%

SINCE INCEPTION (1)

–0.85%

–0.67%

0.51%

–0.26%

–0.20%

0.15%

(1) For the period June 11, 2014 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The MSCI UK Factor Mix A-Series Capped Index (the “Index”) is designed to measure the equity market performance large and mid-cap companies across the British equity Market. It aims to represent the performance of a combination of three factors - value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI UK Value Weighted Index, the MSCI UK Quality Index, and the MSCI UK Minimum Volatility Index.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
HSBC Holdings PLC		5.1	%
Royal Dutch Shell PLC Class A		4.0
British American Tobacco PLC		3.5
BP PLC		3.4
GlaxoSmithKline PLC		3.4
AstraZeneca PLC		3.3
Reckitt Benckiser Group PLC		3.1
Unilever PLC		2.8
RELX PLC		2.8
Compass Group PLC		2.7
TOTAL		34.1	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		18.8	%
Consumer Staples		16.2
Consumer Discretionary		13.9
Industrials		12.4
Health Care		9.8
Energy		9.7
Materials		6.5
Telecommunication Services		5.0
Utilities		4.0
Information Technology		1.6
Real Estate		1.2
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.9
TOTAL		100.0	%

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

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

The total expense ratio for SPDR MSCI United Kingdom StrategicFactors ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented June 30, 2017) is 0.30%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

41

SPDR S&P GLOBAL DIVIDEND ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

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

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 10.83%, and the Index was 10.87%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, dividend tax withholding differences, cash and small security mis-weights contributed to the difference between the Fund’s performance and that of the Index.

The fund posted a solid overall return over the Reporting Period, with three of the four quarters having positive returns. The only negative quarter was the first quarter of the fiscal year. The performance for this final quarter of 2016 was driven by the European Central Bank’s decision to reduce the pace of asset purchases and diplomatic tensions between the United States and other major powers. All this was in spite of strong macro data and the markets embracing the surprise results of the U.S. presidential election of Donald Trump. The positive performance the remaining three quarters was mostly driven by optimism regarding the global economy as risks became less pronounced, macroeconomic data was mostly positive and many companies reported strong earnings. Other factors like potential tax reform in the United States and the commencement of the Brexit process in the United Kingdom also contributed to the fund’s positive performance. In addition, the Financial Sector drove much of the return over the Reporting Period. The sector weight was over 20% and the return for the year 12-month period was 27.38%. Almost half of the return came from this sector alone.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Fortum Oyj, Essentra plc and Abertis Infraestructuras SA. The top negative contributors to the Fund’s performance were Williams Companies, Inc., Mattel, Inc. and Carillion plc.

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

42

SPDR S&P GLOBAL DIVIDEND ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		S&P Global Dividend Aristocrats Index*		Net Asset Value		Market Value		S&P Global Dividend Aristocrats Index*
ONE YEAR		10.83%		10.81%		10.87%		10.83%		10.81%		10.87%
SINCE INCEPTION (1)		35.48%		36.01%		34.62%		7.24%		7.34%		7.09%

(1) For the period May 29, 2013 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/29/13, 5/30/13, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The S&P Global Dividend Aristocrats Index is designed to measure the performance of high dividend-yield companies included in the S&P Global BMI (Broad Market Index) that have followed a managed-dividends policy of increasing or stable dividends for at least ten consecutive years.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Fortum Oyj		2.1	%
Waddell & Reed Financial, Inc. Class A		1.9
EDP — Energias de Portugal SA		1.9
Abertis Infraestructuras SA		1.7
IG Group Holdings PLC		1.5
Enagas SA		1.4
StarHub, Ltd.		1.4
Essentra PLC		1.4
Atlantia SpA		1.3
Tupperware Brands Corp.		1.2
TOTAL		15.8	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		24.1	%
Utilities		16.5
Real Estate		14.8
Consumer Discretionary		13.2
Telecommunication Services		7.6
Industrials		6.9
Consumer Staples		6.0
Health Care		4.0
Energy		3.8
Materials		1.4
Information Technology		1.2
Short-Term Investments		3.6
Liabilities in Excess of Other Assets		(3.1	)
TOTAL		100.0	%

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

The total expense ratio for SPDR S&P Global Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.40%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

43

SPDR S&P EMERGING MARKETS SMALL CAP ETF —

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Emerging Markets Small Cap ETF (the “Fund”) seeks to provide investment results that before fees and expenses, correspond generally to the total return performance of an index that tracks the small capitalization segment of global emerging market countries. The Fund’s benchmark is the S&P Emerging Markets Under USD2 Billion Index (the “Index”).

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 18.46%, and the Index was 18.58%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Fund declined approximately 4% over the first quarter of the fiscal year as emerging market weakness corresponded with expectations for a faster pace of Fed tightening through 2017 and market forecasts of the December 2017 Federal Funds rate roughly 0.75% higher on December 31st than at the beginning of October. In 2017, the Fund gained over 21%, helped by outperformance in Brazil as the country emerged from two years in recession. A weaker U.S. dollar that keeps hard financing costs down and the acceleration in global trade also supported the gain in emerging markets stocks across the size spectrum. Increased economic growth in China and the stabilization in the Chinese currency against the U.S. dollar helped the country have a strong advance in 2017. A smaller weight of China in the small cap Fund and the strong outperformance of the country was the main driver for the Fund’s underperformance relative to emerging market large and mid-cap stocks.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Macronix International Co., Ltd., Yageo Corporation, and Autohome, Inc. Sponsored ADR Class A. The top negative contributors to the Fund’s performance were CT Environmental Group Ltd., Cemex Holdings Philippines, Inc., and Pruksa Real Estate Public Co., Ltd.

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

44

SPDR S&P EMERGING MARKETS SMALL CAP ETF —

PERFORMANCE SUMMARY AND PORTFOLIO STATISTICS (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		S&P Emerging Markets Under USD2 Billion Index*		Net Asset Value		Market Value		S&P Emerging Markets Under USD2 Billion Index*
ONE YEAR		18.46%		17.77%		18.58%		18.46%		17.77%		18.58%
FIVE YEARS		25.59%		26.06%		28.93%		4.66%		4.74%		5.21%
SINCE INCEPTION (1)		20.23%		20.61%		37.07%		1.98%		2.02%		3.42%

(1) For the period May 12, 2008 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/12/08, 5/13/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

* The S&P^® Emerging Markets Under USD2 Billion Index (the “Index”) is a float adjusted market cap weighted index that represents the small capitalization segment of emerging countries included in the S&P Global BMI Index. A country will be eligible for inclusion in the Global Equity Index if it is classified as either a developed or emerging market by the S&P Global Equity Index Committee. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country.

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
WNS Holdings, Ltd. ADR		0.4	%
Li Ning Co., Ltd.		0.4
Moneta Money Bank A/S		0.3
Tripod Technology Corp.		0.3
Accton Technology Corp.		0.3
Sohu.com, Inc.		0.3
Teco Electric and Machinery Co., Ltd.		0.3
Indiabulls Real Estate, Ltd.		0.3
Bharat Financial Inclusion, Ltd.		0.3
Realtek Semiconductor Corp.		0.3
TOTAL		3.2	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Information Technology		21.8	%
Consumer Discretionary		16.2
Industrials		14.4
Materials		10.8
Real Estate		9.3
Financials		8.2
Consumer Staples		6.3
Health Care		5.6
Utilities		3.4
Energy		2.2
Telecommunication Services		1.5
Short-Term Investments		3.5
Liabilities in Excess of Other Assets		(3.2	)
TOTAL		100.0	%

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

The total expense ratio for SPDR S&P Emerging Markets Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.65%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Note to Performance Summary” on page 1 for more information.

45

SPDR STOXX Europe 50 ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.7%
BELGIUM — 2.0%
Anheuser-Busch InBev SA		53,309	$	6,384,115
DENMARK — 1.9%
Novo Nordisk A/S Class B		129,205		6,178,227
FRANCE — 16.8%
Air Liquide SA		27,875		3,718,837
Airbus SE		43,315		4,117,552
AXA SA		149,383		4,519,207
BNP Paribas SA		82,791		6,680,001
L’Oreal SA		17,530		3,728,240
LVMH Moet Hennessy Louis Vuitton SE		19,494		5,380,041
Sanofi		82,610		8,204,542
Schneider Electric SE (a)		40,192		3,498,526
TOTAL SA (b)		179,738		9,656,433
Vinci SA		40,143		3,815,545
				53,318,924
GERMANY — 15.4%
Allianz SE		32,311		7,255,719
BASF SE		66,019		7,027,408
Bayer AG		59,438		8,101,850
Daimler AG		71,641		5,714,301
Deutsche Telekom AG		234,462		4,375,299
SAP SE		71,727		7,859,706
Siemens AG		61,095		8,609,395
				48,943,678
ITALY — 2.1%
Eni SpA		182,437		3,019,477
Intesa Sanpaolo SpA		1,034,232		3,658,224
				6,677,701
NETHERLANDS — 6.2%
ASML Holding NV		27,927		4,755,852
ING Groep NV		279,295		5,150,845
Royal Dutch Shell PLC Class A		324,199		9,800,159
				19,706,856
SPAIN — 5.0%
Banco Bilbao Vizcaya Argentaria SA		478,771		4,279,547
Banco Santander SA		1,152,951		8,051,347
Telefonica SA		320,275		3,480,357
				15,811,251
SWITZERLAND — 19.7%
ABB, Ltd.		147,717		3,654,759
Glencore PLC (a)		870,242		3,993,055
Nestle SA		223,672		18,747,209
Novartis AG		178,635		15,304,714
Roche Holding AG		50,495		12,900,335
UBS Group AG (a)		276,908		4,736,283
Zurich Insurance Group AG		10,867		3,317,602
				62,653,957
UNITED KINGDOM — 30.6%
AstraZeneca PLC		90,986		6,048,635
Barclays PLC		1,149,693		2,982,395
BP PLC		1,419,736		9,091,555
British American Tobacco PLC		164,847		10,332,919
Diageo PLC		181,006		5,957,029
GlaxoSmithKline PLC		353,520		7,059,956
HSBC Holdings PLC		1,470,768		14,544,867
Imperial Brands PLC		68,854		2,941,314
Lloyds Banking Group PLC		5,169,477		4,697,501
National Grid PLC		245,986		3,051,430
Prudential PLC		185,669		4,450,221
Reckitt Benckiser Group PLC		48,218		4,407,443
Rio Tinto PLC		86,270		4,019,794
Unilever NV		113,072		6,689,029
Unilever PLC		94,177		5,457,167
Vodafone Group PLC		1,916,951		5,370,079
				97,101,334
TOTAL COMMON STOCKS (Cost $314,744,238)				316,776,043
SHORT-TERM INVESTMENTS — 0.1%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (c) (d) (Cost $76,612)		76,612		76,612
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e) (Cost $128,419)		128,419		128,419
TOTAL SHORT-TERM INVESTMENTS (Cost $205,031)				205,031
TOTAL INVESTMENTS — 99.8% (Cost $314,949,269)				316,981,074
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				683,523
NET ASSETS — 100.0%			$	317,664,597

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 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 September 30, 2017 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at September 30, 2017.

(e) Investment of cash collateral for securities loaned.

See accompanying notes to financial statements.

46

SPDR STOXX Europe 50 ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Belgium	$	6,384,115	$	—	$	—	$	6,384,115
Denmark		6,178,227		—		—		6,178,227
France		53,318,924		—		—		53,318,924
Germany		48,943,678		—		—		48,943,678
Italy		6,677,701		—		—		6,677,701
Netherlands		19,706,856		—		—		19,706,856
Spain		15,811,251		—		—		15,811,251
Switzerland		62,653,957		—		—		62,653,957
United Kingdom		97,101,334		—		—		97,101,334
Short-Term Investments		205,031		—		—		205,031
TOTAL INVESTMENTS	$	316,981,074	$	—	$	—	$	316,981,074

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		7,456,167		7,379,555		—		—		76,612		76,612		1,729
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,875,095		1,875,095		—		—		—		—		250
State Street Navigator Securities Lending Government Money Market Portfolio*		1,459,114		1,459,114		59,137,739		60,468,434		—		—		128,419		128,419		65,514
TOTAL			$	1,470,399	$	68,469,075	$	69,734,443	$	—	$	—			$	205,031	$	67,493

* 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.

47

SPDR EURO STOXX Small Cap ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AUSTRIA — 3.4%
BUWOG AG (a)		6,713	$	201,260
Raiffeisen Bank International AG (a)		8,105		271,690
Wienerberger AG		7,029		171,927
				644,877
BELGIUM — 7.2%
Ackermans & van Haaren NV		1,324		232,202
bpost SA		5,856		174,113
Cofinimmo SA REIT		1,236		158,759
Colruyt SA		3,586		183,713
Galapagos NV (a)		2,638		268,796
Ontex Group NV		4,186		142,596
Telenet Group Holding NV (a)		3,047		201,649
				1,361,828
FINLAND — 4.5%
Amer Sports Oyj (a)		7,088		188,034
Kesko Oyj Class B		4,084		219,051
Metso Oyj		6,410		235,218
Outokumpu Oyj		18,973		197,159
				839,462
FRANCE — 30.2%
Air France-KLM (a)		14,799		233,388
Amundi SA (b)		2,949		245,157
BioMerieux		2,556		208,105
Bollore SA		53,123		265,590
Casino Guichard Perrachon SA		3,309		196,299
Christian Dior SE		624		199,878
Cie Plastic Omnium SA		4,003		171,287
CNP Assurances		8,936		209,487
Dassault Aviation SA		139		224,872
Elior Group SA (b)		6,488		171,810
Eurazeo SA		2,564		229,247
Eutelsat Communications SA		8,647		256,175
Faurecia		4,407		305,980
Fonciere Des Regions		1,939		201,469
ICADE REIT		1,884		168,092
Imerys SA		1,948		176,059
Ipsen SA		2,167		288,077
JCDecaux SA		4,575		171,343
Lagardere SCA		6,197		207,511
Orpea		2,611		309,290
SEB SA		1,472		270,079
SFR Group SA (a)		2,520		102,780
Societe BIC SA		1,614		193,478
Sopra Steria Group		986		183,065
SPIE SA		6,780		186,596
Ubisoft Entertainment SA (a)		4,204		289,053
				5,664,167
GERMANY — 21.0%
Aareal Bank AG		3,580		151,621
Aurubis AG		2,017		163,433
Axel Springer SE		2,955		189,936
Deutsche EuroShop AG		2,884		108,182
Drillisch AG		2,865		200,985
Duerr AG		1,473		197,037
Fraport AG Frankfurt Airport Services Worldwide		2,227		211,516
Freenet AG		7,659		256,151
Fuchs Petrolub SE Preference Shares		4,157		246,162
Gerresheimer AG		1,887		146,096
HOCHTIEF AG		1,088		183,610
METRO AG (a)		10,069		212,895
Rheinmetall AG		2,612		294,463
Sartorius AG Preference Shares		2,044		195,440
Schaeffler AG Preference Shares		9,928		160,208
Scout24 AG (b)		4,956		202,721
Software AG		3,090		150,887
STADA Arzneimittel AG		1,347		131,120
Telefonica Deutschland Holding AG		37,929		212,899
Uniper SE		11,683		320,430
				3,935,792
IRELAND — 2.7%
Allied Irish Banks PLC		47,009		282,594
Glanbia PLC		11,774		222,011
				504,605
ITALY — 12.6%
A2A SpA		93,686		161,149
Azimut Holding SpA		6,661		144,106
BPER Banca		25,703		153,753
Davide Campari-Milano SpA		26,921		195,412
FinecoBank Banca Fineco SpA		23,469		208,088
Italgas SpA		29,274		164,387
Moncler SpA		9,777		282,255
Poste Italiane SpA (b)		27,575		203,093
Recordati SpA		6,095		281,015
Saipem SpA (a)		34,576		149,115
Unione di Banche Italiane SpA		60,825		315,385
UnipolSai Assicurazioni SpA		49,072		114,633
				2,372,391
LUXEMBOURG — 0.9%
RTL Group SA		2,302		174,280
NETHERLANDS — 10.5%
Aalberts Industries NV		5,736		277,381
ASM International NV		3,129		197,865
ASR Nederland NV		7,025		281,081
Boskalis Westminster		5,058		176,845
Euronext NV (b)		2,790		169,831
IMCD Group NV		3,145		192,891
Koninklijke Vopak NV		3,964		173,883
Philips Lighting NV (b)		5,049		203,839
PostNL NV		25,706		110,740
SBM Offshore NV		10,454		189,644
				1,974,000
SPAIN — 5.8%
Bolsas y Mercados Espanoles SHMSF SA		4,398		151,820
Cellnex Telecom SA (b)		9,145		209,305
Mapfre SA		59,435		193,507
Mediaset Espana Comunicacion SA		10,083		113,873
Merlin Properties Socimi SA		20,030		277,523
Viscofan SA		2,205		135,108
				1,081,136

See accompanying notes to financial statements.

48

SPDR EURO STOXX Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
UNITED KINGDOM — 1.1%
Dialog Semiconductor PLC (a)		4,657	$	205,713
TOTAL COMMON STOCKS (Cost $15,827,247)				18,758,251
SHORT-TERM INVESTMENT — 0.0% (c)
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (d) (e) (Cost $720)		720		720
TOTAL INVESTMENTS — 99.9% (Cost $15,827,967)				18,758,971
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				9,624
NET ASSETS — 100.0%			$	18,768,595

(a) Non-income producing security.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 7.5% of net assets as of September 30, 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 September 30, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at September 30, 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 September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Austria	$	644,877	$	—	$	—	$	644,877
Belgium		1,361,828		—		—		1,361,828
Finland		839,462		—		—		839,462
France		5,561,387		102,780		—		5,664,167
Germany		3,935,792		—		—		3,935,792
Ireland		504,605		—		—		504,605
Italy		2,372,391		—		—		2,372,391
Luxembourg		174,280		—		—		174,280
Netherlands		1,974,000		—		—		1,974,000
Spain		1,081,136		—		—		1,081,136
United Kingdom		205,713		—		—		205,713
Short-Term Investment		720		—		—		720
TOTAL INVESTMENTS	$	18,656,191	$	102,780	$	—	$	18,758,971

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		906	$	906	$	—	$	906	$	—	$	—		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Class G Shares		—		—		212,414		211,694		—		—		720		720		15
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		48,623		48,623		—		—		—		—		7
TOTAL			$	906	$	261,037	$	261,223	$	—	$	—			$	720	$	22

See accompanying notes to financial statements.

49

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.2%
CHINA — 45.2%
21Vianet Group, Inc. ADR (a) (b)		8,962	$	50,994
500.com, Ltd. Class A, ADR (a) (b)		1,634		17,974
51job, Inc. ADR (b)		2,670		161,829
58.com, Inc. ADR (b)		4,082		257,737
AAC Technologies Holdings, Inc.		77,000		1,293,405
Agile Group Holdings, Ltd. (a)		531,598		775,887
Agricultural Bank of China, Ltd. Class H		2,673,000		1,197,780
Air China, Ltd. Class H		379,414		315,259
Alibaba Group Holding, Ltd. ADR (a) (b)		131,185		22,656,961
Aluminum Corp. of China, Ltd. Class H (a) (b)		688,304		617,744
Angang Steel Co., Ltd. Class H (a)		391,244		345,125
Anhui Conch Cement Co., Ltd. Class H		234,250		934,217
Anhui Expressway Co., Ltd. Class H		32,000		24,377
ANTA Sports Products, Ltd.		105,000		441,606
Autohome, Inc. ADR (b)		4,815		289,285
AVIC International Holding HK, Ltd. (b)		516,000		38,317
AviChina Industry & Technology Co., Ltd. Class H		436,000		263,474
BAIC Motor Corp., Ltd. Class H (a) (c)		197,000		186,894
Baidu, Inc. ADR (b)		32,624		8,080,639
Bank of China, Ltd. Class H		9,010,466		4,441,381
Bank of Communications Co., Ltd. Class H		2,461,630		1,796,419
BBMG Corp. Class H		239,000		121,172
Beijing Capital International Airport Co., Ltd. Class H		108,000		160,948
Beijing Capital Land, Ltd. Class H		120,000		66,985
Beijing Enterprises Holdings, Ltd.		74,000		397,916
Beijing Enterprises Water Group, Ltd. (b)		442,000		355,945
Bitauto Holdings, Ltd. ADR (a) (b)		2,503		111,834
Boyaa Interactive International, Ltd. (a) (b)		94,200		37,628
Brilliance China Automotive Holdings, Ltd.		376,000		1,001,293
Byd Co., Ltd. Class H (a)		91,800		851,513
BYD Electronic International Co., Ltd. (a)		109,500		323,844
C.banner International Holdings, Ltd. (b)		180,000		63,375
CAR, Inc. (a) (b)		177,043		161,840
CGN Power Co., Ltd. Class H (c)		1,262,000		348,998
China Aerospace International Holdings, Ltd.		300,000		39,561
China Agri-Industries Holdings, Ltd.		265,000		123,497
China Animal Healthcare, Ltd. (a) (b) (d)		305,700		—
China Biologic Products Holdings, Inc. (b)		1,877		173,191
China Cinda Asset Management Co., Ltd. Class H		1,074,600		396,232
China CITIC Bank Corp., Ltd. Class H		1,302,341		827,021
China Coal Energy Co., Ltd. Class H (a)		641,000		302,827
China Communications Construction Co., Ltd. Class H		578,000		721,510
China Conch Venture Holdings, Ltd.		144,600		281,399
China Construction Bank Corp. Class H		10,873,148		9,020,702
China Dongxiang Group Co., Ltd.		470,000		81,836
China Eastern Airlines Corp., Ltd. Class H		186,000		91,920
China Everbright International, Ltd.		275,000		345,039
China Everbright, Ltd.		118,000		271,330
China Evergrande Group (a) (b)		538,000		1,876,976
China Fangda Group Co., Ltd. Class B		116,550		80,578
China Fire Safety Enterprise Group, Ltd. (b)		404,227		24,583
China Galaxy Securities Co., Ltd. Class H		343,600		301,338
China Harmony New Energy Auto Holding, Ltd. (a) (b)		70,000		40,688
China Hongqiao Group, Ltd. (a) (b)		106,000		95,676
China Huishan Dairy Holdings Co., Ltd. (a) (b) (d)		549,000		—
China Huiyuan Juice Group, Ltd. (b)		136,000		41,963
China International Marine Containers Group Co., Ltd. Class H		82,000		154,957
China Lesso Group Holdings, Ltd.		135,000		92,124
China Life Insurance Co., Ltd. Class H		921,708		2,743,635
China Lilang, Ltd.		81,000		67,511
China Lodging Group, Ltd. ADR (b)		3,866		459,358
China Longyuan Power Group Corp., Ltd. Class H		471,000		350,957
China Machinery Engineering Corp. Class H		84,000		52,482
China Medical System Holdings, Ltd.		157,000		274,173
China Mengniu Dairy Co., Ltd. (b)		385,780		1,079,198
China Merchants Bank Co., Ltd. Class H		611,760		2,149,975
China Merchants Port Holdings Co., Ltd.		346,743		1,069,879
China Minsheng Banking Corp., Ltd. Class H (a)		852,600		781,571
China Mobile, Ltd.		687,136		6,963,117
China Molybdenum Co., Ltd. Class H		402,000		241,384
China National Building Material Co., Ltd. Class H (a)		408,000		282,597
China Oilfield Services, Ltd. Class H		280,557		256,825
China Overseas Land & Investment, Ltd.		677,084		2,201,843
China Pacific Insurance Group Co., Ltd. Class H		285,800		1,231,281
China Petroleum & Chemical Corp. Class H		3,109,726		2,329,099
China Power International Development, Ltd.		266,000		87,524
China Railway Construction Corp., Ltd. Class H		238,000		301,663
China Railway Group, Ltd. Class H		601,000		497,069
China Resources Beer Holdings Co., Ltd.		313,357		848,516
China Resources Gas Group, Ltd.		86,000		299,487
China Resources Land, Ltd.		418,767		1,281,387
China Resources Phoenix Healthcare Holdings Co., Ltd. (a)		71,000		88,538

See accompanying notes to financial statements.

50

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
China Resources Power Holdings Co., Ltd.		304,437	$	549,575
China Shengmu Organic Milk, Ltd. (a) (b) (c)		333,000		59,261
China Shenhua Energy Co., Ltd. Class H		466,540		1,096,659
China Silver Group, Ltd. (a)		86,000		25,765
China Singyes Solar Technologies Holdings, Ltd. (a) (b)		69,600		23,257
China South City Holdings, Ltd.		380,000		108,492
China Southern Airlines Co., Ltd. Class H		220,000		151,536
China State Construction International Holdings, Ltd. (a)		214,000		311,793
China Taiping Insurance Holdings Co., Ltd.		117,741		315,053
China Telecom Corp., Ltd. Class H		2,149,320		1,100,705
China Travel International Investment Hong Kong, Ltd.		256,000		93,738
China Unicom Hong Kong, Ltd. (b)		738,172		1,026,355
China Vanke Co., Ltd. Class H		134,900		443,869
China Yurun Food Group, Ltd. (b)		190,659		22,701
Chinasoft International, Ltd. (b)		192,000		106,439
Chong Sing Holdings FinTech Gr (a) (b)		2,104,000		285,537
Chongqing Changan Automobile Co., Ltd. Class B		93,200		123,261
Chongqing Rural Commercial Bank Co., Ltd. Class H		192,000		121,679
CITIC Resources Holdings, Ltd.		338,000		38,947
CITIC Securities Co., Ltd. Class H		204,500		449,807
CITIC Telecom International Holdings, Ltd.		191,000		55,021
CITIC, Ltd.		581,000		858,404
CNOOC, Ltd.		1,885,249		2,432,984
Cogobuy Group (c)		66,000		40,560
Colour Life Services Group Co., Ltd. (a) (b)		85,000		55,174
Consun Pharmaceutical Group, Ltd.		170,400		143,551
Coolpad Group, Ltd. (b) (d)		437,400		20,160
COSCO SHIPPING Development Co., Ltd. Class H (b)		1,199,339		271,785
COSCO SHIPPING Energy Transportation Co., Ltd. Class H		565,215		313,337
COSCO SHIPPING Holdings Co., Ltd. Class H (b)		25,500		13,679
COSCO SHIPPING Ports, Ltd.		37,118		41,297
Cosmo Lady China Holdings Co., Ltd. (a) (c)		96,000		37,733
Country Garden Holdings Co., Ltd.		706,333		1,123,159
CRRC Corp., Ltd. Class H		485,000		430,934
CSG Holding Co., Ltd. Class B		124,000		76,679
CSPC Pharmaceutical Group, Ltd.		274,000		458,847
CT Environmental Group, Ltd. (a)		378,000		54,203
Ctrip.com International, Ltd. ADR (b)		36,060		1,901,804
Datang International Power Generation Co., Ltd. Class H (b)		362,000		115,867
Dazhong Transportation Group Co., Ltd. Class B		103,050		71,414
Dongfang Electric Corp., Ltd. Class H (b)		12,800		12,635
Dongfeng Motor Group Co., Ltd. Class H		460,468		608,400
Fang Holdings, Ltd. ADR (a) (b)		25,400		102,870
Fanhua, Inc. ADR		8,166		102,647
Far East Horizon, Ltd.		146,000		137,202
FIH Mobile, Ltd.		307,000		97,083
First Tractor Co., Ltd. Class H (a)		70,000		33,428
Fufeng Group, Ltd. (b)		107,000		73,290
Future Land Holdings Co., Ltd. Class A		139,621		375,598
Geely Automobile Holdings, Ltd.		565,000		1,591,407
GF Securities Co., Ltd. Class H		105,000		228,264
Golden Eagle Retail Group, Ltd. (a)		90,000		105,893
GOME Retail Holdings, Ltd. (a)		1,511,322		170,275
Goodbaby International Holdings, Ltd.		243,000		134,089
Great Wall Motor Co., Ltd. Class H (a)		344,500		423,419
Greentown China Holdings, Ltd. (a)		99,000		119,144
Guangdong Investment, Ltd.		340,000		484,925
Guangshen Railway Co., Ltd. Class H		68,500		40,167
Guangzhou Automobile Group Co., Ltd. Class H		442,032		1,023,204
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H		88,000		229,839
Guangzhou R&F Properties Co., Ltd. Class H		374,576		868,018
Guotai Junan International Holdings, Ltd. (a)		270,000		86,074
Haitian International Holdings, Ltd.		67,000		192,576
Haitong Securities Co., Ltd. Class H		323,600		522,851
Health and Happiness H&H International Holdings, Ltd. (a) (b)		24,000		117,224
Hengan International Group Co., Ltd.		84,500		782,177
HNA Holding Group Co., Ltd. (a) (b)		433,400		20,253
Huadian Fuxin Energy Corp., Ltd. Class H		218,000		50,239
Huadian Power International Corp., Ltd. Class H		218,000		88,197
Huaneng Power International, Inc. Class H		582,472		360,190
Huaneng Renewables Corp., Ltd. Class H		380,000		125,520
Huatai Securities Co., Ltd. Class H (c)		70,600		156,373
Huishang Bank Corp., Ltd. Class H		641,000		315,958
Industrial & Commercial Bank of China, Ltd. Class H		9,340,138		6,935,716
Inner Mongolia Yitai Coal Co., Ltd. Class B		195,181		292,967
JD.com, Inc. ADR (b)		96,424		3,683,397
Jiangsu Expressway Co., Ltd. Class H		356,299		545,577
Jiangxi Copper Co., Ltd. Class H		261,578		413,263
JinkoSolar Holding Co., Ltd. ADR (a) (b)		3,132		78,143
Jumei International Holding, Ltd. ADR (a) (b)		2,409		6,986
Kama Co., Ltd. Class B (b)		115,049		129,660
Kangda International Environmental Co., Ltd. (b) (c)		225,000		48,683
Kingdee International Software Group Co., Ltd. (a) (b)		228,000		100,416
Kingsoft Corp., Ltd.		101,000		235,344

See accompanying notes to financial statements.

51

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Konka Group Co., Ltd. Class B (b)		364,400	$	152,558
Kunlun Energy Co., Ltd. (a)		396,000		386,839
KWG Property Holding, Ltd.		166,951		178,478
Lao Feng Xiang Co., Ltd. Class B		57,179		220,940
Launch Tech Co., Ltd. Class H		25,000		29,607
Lenovo Group, Ltd.		987,703		545,022
Leyou Technologies Holdings, Ltd. (b)		225,800		54,060
Li Ning Co., Ltd. (b)		286,874		255,629
Lifetech Scientific Corp. (a) (b)		266,000		62,663
Livzon Pharmaceutical Group, Inc. Class H		23,627		136,728
Luoyang Glass Co., Ltd. Class H (a) (b)		58,153		33,355
Luthai Textile Co., Ltd. Class B		48,000		54,203
Luye Pharma Group, Ltd. (a)		198,000		115,595
Maanshan Iron & Steel Co., Ltd. Class H (a) (b)		696,971		340,869
Metallurgical Corp. of China, Ltd. Class H		424,000		139,511
Minth Group, Ltd.		86,000		450,331
Nanjing Panda Electronics Co., Ltd. Class H		29,000		18,453
NetEase, Inc. ADR		10,234		2,699,832
New China Life Insurance Co., Ltd. Class H		75,800		428,460
New Oriental Education & Technology Group, Inc. ADR		13,786		1,216,752
Noah Holdings, Ltd. ADS (a) (b)		2,445		78,509
Ourgame International Holdings, Ltd. (b)		43,000		11,451
People’s Insurance Co. Group of China, Ltd. Class H		536,000		239,497
PetroChina Co., Ltd. Class H		2,459,208		1,558,513
PICC Property & Casualty Co., Ltd. Class H		540,289		953,203
Ping An Insurance Group Co. of China, Ltd. Class H		586,228		4,499,516
Poly Culture Group Corp., Ltd. Class H		31,400		75,096
Poly Property Group Co., Ltd. (b)		272,000		139,644
Renhe Commercial Holdings Co., Ltd. (a) (b)		2,028,000		46,736
Semiconductor Manufacturing International Corp. (a) (b)		567,883		641,265
Shandong Airlines Co., Ltd. Class B		23,100		41,168
Shandong Chenming Paper Holdings, Ltd. Class H		49,900		94,552
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		224,000		158,593
Shang Gong Group Co., Ltd. Class B (b)		156,600		162,864
Shanghai Baosight Software Co., Ltd. Class B		36,700		56,371
Shanghai Dasheng Agricultural Finance Technology Co., Ltd. Class H (a)		315,000		25,004
Shanghai Electric Group Co., Ltd. Class H (a) (b)		448,418		197,493
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		36,000		149,334
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H		187,000		95,527
Shanghai Haixin Group Co. Class B		91,600		64,028
Shanghai Highly Group Co., Ltd. Class B		148,100		132,105
Shanghai Industrial Holdings, Ltd.		47,000		142,311
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		13,500		18,671
Shanghai Jinjiang International Travel Co., Ltd. Class B		28,674		90,323
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		40,400		58,418
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		149,953		238,575
Shanghai Mechanical and Electrical Industry Co., Ltd. Class B		52,084		106,824
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		67,400		164,645
Shanghai Prime Machinery Co., Ltd. Class H		594,000		125,482
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class B		10,400		16,370
Shanghai Zhenhua Heavy Industries Co., Ltd. Class B		111,100		59,772
Shengjing Bank Co., Ltd. Class H (c)		18,000		14,196
Shenzhen Expressway Co., Ltd. Class H		29,000		28,143
Shenzhen Investment, Ltd.		318,888		144,528
Shenzhou International Group Holdings, Ltd.		53,000		415,276
Shunfeng International Clean Energy, Ltd. (b)		218,700		12,040
SINA Corp. (b)		9,804		1,124,029
Sino-Ocean Group Holding, Ltd.		819,211		546,441
Sinopec Oilfield Service Corp. Class H (a) (b)		190,000		33,083
Sinopec Shanghai Petrochemical Co., Ltd. Class H		592,878		352,962
Sinopharm Group Co., Ltd. Class H		116,000		510,889
Sinotrans, Ltd. Class H		232,000		117,920
SITC International Holdings Co., Ltd.		190,000		172,225
Sohu.com, Inc. (b)		3,924		213,662
Sun King Power Electronics Group		151,300		33,512
Sunac China Holdings, Ltd. (a)		274,000		1,254,113
Sunny Optical Technology Group Co., Ltd.		123,800		1,968,576
TAL Education Group ADR		36,645		1,235,303
TCL Multimedia Technology Holdings, Ltd. (a)		135,000		63,951
Tencent Holdings, Ltd.		657,770		28,312,734
Tian Ge Interactive Holdings, Ltd. (a) (c)		83,000		60,464
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd.		33,545		36,229
Tianneng Power International, Ltd.		96,000		99,187
Tingyi Cayman Islands Holding Corp.		380,383		572,715
Tong Ren Tang Technologies Co., Ltd. Class H		137,000		175,225
TravelSky Technology, Ltd. Class H		98,000		255,329
Tsingtao Brewery Co., Ltd. Class H		86,000		329,215
Uni-President China Holdings, Ltd.		189,000		186,079
Vipshop Holdings, Ltd. ADR (b)		36,064		317,003
Want Want China Holdings, Ltd. (a)		1,061,000		745,758

See accompanying notes to financial statements.

52

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Weibo Corp. ADR (a) (b)		1,941	$	192,043
Weichai Power Co., Ltd. Class H		53,000		58,084
West China Cement, Ltd. (b)		386,000		62,763
Wisdom Sports Group (a) (b)		148,000		24,064
Xiamen International Port Co., Ltd. Class H		134,000		25,391
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (a)		33,859		42,309
Xinyi Solar Holdings, Ltd.		265,200		94,391
Yangzijiang Shipbuilding Holdings, Ltd.		271,300		285,695
Yantai Changyu Pioneer Wine Co., Ltd. Class B		29,153		73,081
Yanzhou Coal Mining Co., Ltd. Class H		378,882		373,027
Yestar Healthcare Holdings Co., Ltd. (a)		375,000		165,638
YY, Inc. ADR (b)		3,458		300,085
Zhejiang Expressway Co., Ltd. Class H		218,000		271,010
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H		54,200		35,529
Zhuzhou CRRC Times Electric Co., Ltd. Class H		77,700		435,220
Zijin Mining Group Co., Ltd. Class H		982,685		337,178
ZTE Corp. Class H (b)		94,440		308,928
				187,112,182
HONG KONG — 1.9%
Alibaba Pictures Group, Ltd. (a) (b)		1,190,107		190,461
Beijing Enterprises Clean Energy Group, Ltd. (a) (b)		1,990,400		48,163
Beijing Enterprises Medical & Health Group, Ltd. (a) (b)		404,500		22,269
BEP International Holdings, Ltd. (b)		1,050,000		21,912
Carnival Group International Holdings, Ltd. (a) (b)		1,070,000		56,851
CCT Land Holdings, Ltd. (b)		10,493,000		13,434
China All Access Holdings, Ltd.		180,000		56,231
China Beidahuang Industry Group Holdings, Ltd. Class A (b)		429,600		21,176
China Chengtong Development Group, Ltd. (b)		346,074		25,698
China Fiber Optic Network System Group, Ltd. (b) (d)		686,800		—
China Financial International Investments, Ltd. (b)		540,000		16,316
China Gas Holdings, Ltd.		294,000		880,792
China High Speed Transmission Equipment Group Co., Ltd. (a)		8,000		10,263
China Jicheng Holdings, Ltd. (a) (b) (c)		2,311,500		2,959
China Minsheng Drawin Technology Group, Ltd. (b)		581,658		19,362
China NT Pharma Group Co., Ltd.		97,500		25,465
China Nuclear Energy Technology Corp., Ltd. (b)		102,000		21,025
China Overseas Property Holdings, Ltd. (a)		247,361		59,222
China Soft Power Technology Holdings, Ltd. (a) (b)		266,000		5,653
Citychamp Watch & Jewellery Group, Ltd. (a)		450,000		104,280
Comba Telecom Systems Holdings, Ltd.		345,847		65,975
CP Pokphand Co., Ltd.		830,000		66,947
Dawnrays Pharmaceutical Holdings, Ltd.		113,000		65,103
Digital China Holdings, Ltd. (a) (b)		142,000		79,993
EVA Precision Industrial Holdings, Ltd.		398,000		56,051
Fullshare Holdings, Ltd. (a) (b)		636,100		276,895
GCL-Poly Energy Holdings, Ltd. (a) (b)		892,000		122,196
Haier Electronics Group Co., Ltd. (b)		138,000		336,400
Hanergy Thin Film Power Group, Ltd. (a) (b) (d)		5,962,000		—
Hi Sun Technology China, Ltd. (b)		288,000		66,370
Hua Han Health Industry Holdings, Ltd. (a) (b) (d)		890,400		45,314
Huabao International Holdings, Ltd.		18,000		11,131
Imperial Pacific International Holdings, Ltd. (a) (b)		7,096,300		105,390
Joy City Property, Ltd.		444,000		81,857
Kingboard Chemical Holdings, Ltd.		118,200		625,753
Lee & Man Paper Manufacturing, Ltd.		220,000		281,665
Munsun Capital Group, Ltd. (a) (b)		478,200		5,510
National Agricultural Holdings, Ltd. (a) (b)		112,000		17,064
NetDragon Websoft Holdings, Ltd. (a)		53,500		178,774
Newtree Group Holdings, Ltd. (b)		306,000		17,238
Nine Dragons Paper Holdings, Ltd.		180,000		353,976
North Mining Shares Co., Ltd. (b)		2,470,000		51,230
Qianhai Health Holdings, Ltd. (a) (b)		786,374		11,578
Shimao Property Holdings, Ltd.		157,500		341,589
Sino Biopharmaceutical, Ltd.		621,000		656,722
Skyworth Digital Holdings, Ltd.		254,243		129,877
SSY Group, Ltd.		502,691		229,763
Sun Art Retail Group, Ltd.		226,000		209,776
Tech Pro Technology Development, Ltd. (b)		1,644,800		14,320
Tibet Water Resources, Ltd. (a) (b)		333,000		129,180
United Laboratories International Holdings, Ltd. (a) (b)		112,000		83,455
Victory City International Holdings, Ltd. (b)		849,915		21,872
Vinda International Holdings, Ltd.		42,000		78,938
Vision Values Holdings, Ltd. (b)		480,000		36,872
Wasion Group Holdings, Ltd. (a)		74,000		37,518
WH Group, Ltd. (c)		888,500		944,160
Xinyi Glass Holdings, Ltd. (b)		322,000		318,261
				7,756,245
INDIA — 17.7%
Adani Ports & Special Economic Zone, Ltd.		110,030		634,626
Adani Power, Ltd. (b)		79,989		36,186
AIA Engineering, Ltd.		9,352		190,233
Ajanta Pharma, Ltd.		3,695		64,193
Alembic Pharmaceuticals, Ltd.		10,907		84,516
Apollo Hospitals Enterprise, Ltd.		30,514		469,482
Apollo Tyres, Ltd.		51,929		195,370
Arvind, Ltd.		30,700		174,039
Asian Paints, Ltd.		29,163		505,263

See accompanying notes to financial statements.

53

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Aurobindo Pharma, Ltd.		37,336	$	395,337
Axis Bank, Ltd.		168,866		1,316,260
Bajaj Auto, Ltd.		6,579		313,177
Bajaj Finance, Ltd.		15,992		450,001
Bharat Electronics, Ltd. (e)		107,793		268,659
Bharat Financial Inclusion, Ltd. (b)		29,962		434,729
Bharat Forge, Ltd.		14,818		133,593
Bharat Forge, Ltd. Bonus Shares (e)		14,818		133,593
Bharat Heavy Electricals, Ltd.		168,187		216,156
Bharat Heavy Electricals, Ltd. Bonus Shares (e)		84,094		108,078
Bharat Petroleum Corp., Ltd.		48,693		351,332
Bharti Airtel, Ltd.		212,430		1,266,547
Bharti Infratel, Ltd.		52,495		320,178
Biocon, Ltd.		74,880		380,762
Bosch, Ltd.		785		246,906
Britannia Industries, Ltd.		2,673		177,774
Cadila Healthcare, Ltd.		28,982		208,691
Central Bank of India (b)		74,645		85,307
CG Power and Industrial Solutions, Ltd. (b)		88,007		106,102
Cipla, Ltd.		97,000		870,357
Coal India, Ltd.		147,830		612,978
Dabur India, Ltd.		38,681		180,614
DCB Bank, Ltd.		79,604		221,312
Divi’s Laboratories, Ltd.		10,658		139,629
DLF, Ltd.		71,370		179,518
Dr Reddy’s Laboratories, Ltd.		11,255		401,257
Eicher Motors, Ltd.		1,085		518,470
Emami, Ltd.		5,902		98,862
Escorts, Ltd.		53,205		537,304
Federal Bank, Ltd.		86,228		148,708
Fortis Healthcare, Ltd. (b)		49,820		109,830
GAIL India, Ltd.		66,812		428,622
Gillette India, Ltd.		1,011		86,789
Glenmark Pharmaceuticals, Ltd.		21,378		195,812
Godrej Consumer Products, Ltd.		34,454		484,819
Godrej Industries, Ltd.		20,315		182,950
Granules India, Ltd.		66,833		115,976
Grasim Industries, Ltd.		15,682		272,238
Gujarat Mineral Development Corp., Ltd.		48,990		103,875
Gujarat Pipavav Port, Ltd.		41,001		83,860
Havells India, Ltd.		38,960		288,174
HCL Technologies, Ltd.		53,234		712,938
HDFC Bank, Ltd.		179,770		4,969,545
Hero MotoCorp, Ltd.		13,116		757,915
Hindalco Industries, Ltd.		122,743		452,112
Hindustan Unilever, Ltd.		120,893		2,172,632
Hindustan Zinc, Ltd.		163,965		742,762
Housing Development & Infrastructure, Ltd. (b)		71,611		61,942
Housing Development Finance Corp., Ltd.		201,725		5,380,208
ICICI Bank, Ltd.		581		2,460
ICICI Bank, Ltd. ADR		214,407		1,835,324
Idea Cellular, Ltd.		215,403		255,404
IDFC, Ltd.		158,827		143,460
Indiabulls Housing Finance, Ltd.		64,698		1,195,259
Indian Hotels Co., Ltd.		347,816		619,274
Indian Oil Corp., Ltd.		118,029		723,677
IndusInd Bank, Ltd.		27,485		707,827
Infosys, Ltd. ADR		253,731		3,701,935
Ipca Laboratories, Ltd.		16,466		122,928
ITC, Ltd. GDR		298,066		1,178,553
Jain Irrigation Systems, Ltd.		72,085		104,453
Jaiprakash Associates, Ltd. (b)		342,611		94,150
Jindal Steel & Power, Ltd. (b)		63,661		131,230
JSW Steel, Ltd.		161,791		615,385
Jubilant Foodworks, Ltd.		5,662		120,569
Jubilant Life Sciences, Ltd.		11,037		111,392
Just Dial, Ltd. (b)		5,965		33,971
Karnataka Bank, Ltd.		50,710		109,890
Kotak Mahindra Bank, Ltd.		77,596		1,190,609
KPIT Technologies, Ltd.		57,774		106,977
Larsen & Toubro, Ltd. GDR		50,947		899,215
LIC Housing Finance, Ltd.		41,106		394,793
Lupin, Ltd.		27,887		432,906
Mahindra & Mahindra Financial Services, Ltd.		40,907		258,236
Mahindra & Mahindra, Ltd.		62,272		1,195,723
Manappuram Finance, Ltd.		70,984		105,031
Marico, Ltd.		56,896		270,674
Marksans Pharma, Ltd.		185,485		120,685
Maruti Suzuki India, Ltd.		3,358		410,147
Max Financial Services, Ltd. (b)		16,797		151,950
Mindtree, Ltd.		14,502		103,204
Motherson Sumi Systems, Ltd.		66,397		341,947
Natco Pharma, Ltd.		10,405		125,371
NCC, Ltd.		84,366		107,137
Nestle India, Ltd.		2,342		258,742
NTPC, Ltd.		149,808		384,038
Oil & Natural Gas Corp., Ltd.		392,611		1,027,508
Page Industries, Ltd.		851		240,219
PI Industries, Ltd.		10,086		114,340
Piramal Enterprises, Ltd.		4,513		181,180
Power Finance Corp., Ltd.		89,942		167,850
Power Grid Corp. of India, Ltd.		95,791		309,429
Rajesh Exports, Ltd.		27,941		350,503
Raymond, Ltd.		8,524		105,982
Reliance Capital, Ltd.		37,107		332,895
Reliance Communications, Ltd. (b)		208,586		61,311
Reliance Home Finance, Ltd. (b)		37,107		56,439
Reliance Industries, Ltd. GDR (c)		208,160		4,985,432
Reliance Infrastructure, Ltd.		67,787		482,614
Rural Electrification Corp., Ltd.		84,142		196,958
Shoppers Stop, Ltd.		17,754		131,307
Shriram City Union Finance, Ltd.		8,244		260,067
Shriram Transport Finance Co., Ltd.		19,876		320,840
Siemens, Ltd.		30,401		553,310
Sintex Industries, Ltd.		126,094		51,638
State Bank of India		187,342		728,058
Steel Authority of India, Ltd. (b)		228,259		187,479
Strides Shasun, Ltd.		14,941		202,545
Sun Pharma Advanced Research Co., Ltd. (b)		26,369		153,483
Sun Pharmaceutical Industries, Ltd.		127,161		979,696
Suzlon Energy, Ltd. (b)		528,836		126,299
Tata Consultancy Services, Ltd.		66,537		2,481,335
Tata Motors, Ltd. (b)		206,680		1,270,392

See accompanying notes to financial statements.

54

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Tata Steel, Ltd.		38,084	$	380,461
Tech Mahindra, Ltd.		56,023		392,684
Titan Co., Ltd.		13,746		123,013
Torrent Pharmaceuticals, Ltd.		8,812		166,061
UltraTech Cement, Ltd.		6,836		403,357
United Breweries, Ltd.		8,297		104,341
United Spirits, Ltd. (b)		9,974		366,108
UPL, Ltd.		31,672		377,475
Vakrangee, Ltd.		96,548		730,170
Vedanta, Ltd.		135,403		651,414
Wipro, Ltd. ADR		182,428		1,036,191
WNS Holdings, Ltd. ADR (b)		9,418		343,757
Wockhardt, Ltd.		20,774		195,687
Yes Bank, Ltd.		170,755		914,946
Zee Entertainment Enterprises, Ltd.		166,166		1,323,070
				73,011,468
INDONESIA — 3.6%
Ace Hardware Indonesia Tbk PT		2,147,300		193,702
Adaro Energy Tbk PT		2,602,300		352,602
AKR Corporindo Tbk PT		119,300		62,887
Astra International Tbk PT		2,769,000		1,624,107
Bank Central Asia Tbk PT		2,001,096		3,015,981
Bank Mandiri Persero Tbk PT		2,615,210		1,305,760
Bank Negara Indonesia Persero Tbk PT		501,100		275,309
Bank Rakyat Indonesia Persero Tbk PT		1,593,796		1,807,501
Charoen Pokphand Indonesia Tbk PT		337,500		68,658
Ciputra Development Tbk PT		828,796		73,533
Garda Tujuh Buana Tbk PT (b) (d)		127,500		—
Garuda Indonesia Persero Tbk PT (b)		3,152,200		78,167
Gudang Garam Tbk PT		89,800		438,699
Indocement Tunggal Prakarsa Tbk PT		255,625		358,699
Intiland Development Tbk PT		1,136,400		34,761
Kalbe Farma Tbk PT		910,700		112,578
Kawasan Industri Jababeka Tbk PT		5,978,898		135,834
Lippo Cikarang Tbk PT (b)		295,900		91,830
Lippo Karawaci Tbk PT		1,494,300		80,434
Matahari Department Store Tbk PT		85,100		58,601
Matahari Putra Prima Tbk PT (b)		410,600		19,968
Media Nusantara Citra Tbk PT		417,500		40,916
Modernland Realty Tbk PT		5,149,300		111,634
Pakuwon Jati Tbk PT		2,056,500		93,137
Pembangunan Perumahan Persero Tbk PT		701,876		120,375
Perusahaan Gas Negara Persero Tbk		1,622,740		189,755
Semen Indonesia Persero Tbk PT		499,900		375,788
Summarecon Agung Tbk PT		778,900		61,588
Surya Semesta Internusa Tbk PT		1,238,400		53,788
Telekomunikasi Indonesia Persero Tbk PT		7,803,070		2,711,290
Tiga Pilar Sejahtera Food Tbk (b)		823,000		56,826
Tower Bersama Infrastructure Tbk PT		295,200		144,104
Unilever Indonesia Tbk PT		60,000		218,168
United Tractors Tbk PT		254,645		604,992
Wijaya Karya Persero Tbk PT		663,557		88,185
				15,060,157
MALAYSIA — 3.7%
7-Eleven Malaysia Holdings Bhd Class B		242,200		89,481
AEON Credit Service M Bhd		61,350		186,556
AirAsia Bhd		221,600		181,059
Alliance Bank Malaysia Bhd		656,110		605,999
Astro Malaysia Holdings Bhd		225,200		150,400
Axiata Group Bhd		445,225		552,511
Bermaz Auto Bhd		260,080		129,963
British American Tobacco Malaysia Bhd		13,600		140,880
Bursa Malaysia Bhd		219,934		520,862
Cahya Mata Sarawak Bhd		219,300		208,264
Carlsberg Brewery Malaysia Bhd Class B		179,903		632,270
CIMB Group Holdings Bhd		379,699		566,514
Coastal Contracts Bhd		96,700		29,313
Dialog Group Bhd		575,200		272,445
Eastern & Oriental Bhd		530,441		198,483
Eco World Development Group Bhd (b)		301,900		110,822
Genting Bhd		449,700		1,017,083
Genting Malaysia Bhd		498,400		635,025
IJM Corp. Bhd		1,002,680		783,622
Inari Amertron Bhd		387,708		233,222
IOI Corp. Bhd		637,496		685,431
IOI Properties Group Bhd		541,616		259,103
Karex Bhd		379,225		135,614
KNM Group Bhd (b)		820,900		51,519
Kuala Lumpur Kepong Bhd		48,500		282,098
Land & General Bhd		1,009,000		52,571
Landmarks Bhd (b)		1,003,000		178,153
Lingkaran Trans Kota Holdings Bhd		53,300		73,212
Malayan Banking Bhd		472,756		1,066,990
Maxis Bhd		337,000		462,901
Media Prima Bhd		274,200		52,275
MKH Bhd		135,900		70,484
Muhibbah Engineering M Bhd		277,400		180,663
Nam Cheong, Ltd. (a) (b)		320,400		4,719
Oldtown Bhd		171,200		103,794
OSK Holdings Bhd		783,125		296,744
Padini Holdings Bhd		194,400		209,478
PPB Group Bhd		96,300		384,516
Press Metal Aluminium Holdings Bhd		445,240		397,526
Prestariang Bhd		179,800		76,221
Public Bank Bhd		172,820		836,576
Sapura Energy Bhd		195,100		70,231
Silverlake Axis, Ltd.		203,300		88,329
Sime Darby Bhd		341,188		728,837
TA Enterprise Bhd		616,100		92,652
Telekom Malaysia Bhd		130,509		200,902
Tenaga Nasional Bhd		301,050		1,020,968
Yinson Holdings Bhd		140,800		119,376
				15,426,657
PAKISTAN — 0.3%
Bank Alfalah, Ltd. (b)		314,000		126,465
Bank of Punjab (b)		1,276,000		119,937
Fauji Fertilizer Bin Qasim, Ltd.		411,000		139,894
Habib Bank, Ltd.		75,000		128,716
Maple Leaf Cement Factory, Ltd.		147,100		117,275
MCB Bank, Ltd.		64,500		127,990
Nishat Mills, Ltd.		90,200		124,263
Pioneer Cement, Ltd.		137,500		117,415

See accompanying notes to financial statements.

55

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Searle Co., Ltd.		33,050	$	126,746
TRG Pakistan (b)		332,000		116,377
				1,245,078
PHILIPPINES — 1.9%
Alliance Global Group, Inc.		715,100		225,794
Ayala Land, Inc.		1,454,388		1,245,403
BDO Unibank, Inc.		179,295		461,301
Belle Corp.		1,303,200		96,458
Bloomberry Resorts Corp. (b)		410,400		86,443
Cebu Air, Inc.		56,630		122,291
Cosco Capital, Inc.		1,640,000		273,766
D&L Industries, Inc.		1,451,100		288,509
DoubleDragon Properties Corp. (b)		469,370		369,586
First Gen Corp.		1,061,870		395,488
First Philippine Holdings Corp.		385,917		516,207
Globe Telecom, Inc.		2,145		86,561
GT Capital Holdings, Inc.		6,360		145,355
JG Summit Holdings, Inc.		308,860		455,999
Jollibee Foods Corp.		40,670		195,186
LT Group, Inc.		487,400		168,673
Metro Pacific Investments Corp.		1,163,100		153,402
Nickel Asia Corp.		635,184		82,525
Philex Mining Corp.		816,900		133,954
PLDT, Inc.		19,949		655,025
Puregold Price Club, Inc.		304,300		312,390
Robinsons Retail Holdings, Inc.		154,490		301,076
SM Investments Corp.		16,500		286,804
SM Prime Holdings, Inc.		943,400		639,773
Universal Robina Corp.		86,230		259,371
				7,957,340
SINGAPORE — 0.0% (f)
SIIC Environment Holdings, Ltd. (a)		142,699		56,220
TAIWAN — 20.4%
Acer, Inc. (b)		662,395		330,935
Advanced Semiconductor Engineering, Inc.		965,797		1,181,608
Advantech Co., Ltd.		45,898		326,935
Airtac International Group		12,431		171,355
Asia Cement Corp.		854,073		753,412
Asustek Computer, Inc.		126,138		1,037,839
AU Optronics Corp. ADR (a)		152,109		614,520
Catcher Technology Co., Ltd.		126,539		1,178,844
Cathay Financial Holding Co., Ltd.		1,229,604		1,954,456
Center Laboratories, Inc. (b)		52,896		81,723
Chang Hwa Commercial Bank, Ltd.		1,945,831		1,052,356
China Development Financial Holding Corp.		3,051,272		915,663
China Life Insurance Co., Ltd.		181,812		171,176
China Steel Chemical Corp.		18,877		72,834
China Steel Corp.		1,837,625		1,475,602
Chlitina Holding, Ltd.		44,000		150,904
Chunghwa Telecom Co., Ltd.		397,268		1,369,031
Compal Electronics, Inc.		950,431		675,432
CTBC Financial Holding Co., Ltd.		2,796,515		1,752,202
Delta Electronics, Inc.		302,787		1,557,670
E.Sun Financial Holding Co., Ltd.		446,475		266,495
Eclat Textile Co., Ltd.		43,365		526,975
eMemory Technology, Inc.		16,000		204,986
Epistar Corp. (b)		204,170		259,892
Everlight Electronics Co., Ltd.		153,996		243,253
Far Eastern New Century Corp.		1,094,170		865,983
Far EasTone Telecommunications Co., Ltd.		155,000		368,536
Feng TAY Enterprise Co., Ltd.		43,902		199,791
Firich Enterprises Co., Ltd. (b)		28,056		45,890
First Financial Holding Co., Ltd.		2,351,258		1,508,111
Formosa Chemicals & Fibre Corp.		641,691		1,951,059
Formosa Petrochemical Corp.		200,000		689,223
Formosa Plastics Corp.		839,137		2,540,324
Foxconn Technology Co., Ltd.		229,519		662,278
Fubon Financial Holding Co., Ltd.		1,030,998		1,608,172
Giant Manufacturing Co., Ltd.		43,000		202,068
Himax Technologies, Inc. ADR (a)		18,036		197,134
Hiwin Technologies Corp.		28,614		252,415
Hon Hai Precision Industry Co., Ltd.		1,830,950		6,339,855
Hotai Motor Co., Ltd.		39,000		449,495
HTC Corp. (b)		111,710		279,238
Hua Nan Financial Holdings Co., Ltd.		2,325,212		1,261,369
Innolux Corp.		910,753		424,982
Inventec Corp.		352,000		260,018
King Yuan Electronics Co., Ltd.		778,898		764,154
Largan Precision Co., Ltd.		12,710		2,234,016
Lite-On Technology Corp.		519,891		742,359
Macronix International (b)		621,990		949,681
Makalot Industrial Co., Ltd.		43,682		190,867
MediaTek, Inc.		209,219		1,962,894
Medigen Biotechnology Corp. (b)		14,000		20,568
Mega Financial Holding Co., Ltd.		1,745,148		1,363,936
Merry Electronics Co., Ltd.		44,000		277,140
MIN AIK Technology Co., Ltd.		32,000		28,598
Motech Industries, Inc. (b)		133,934		101,144
Nan Ya Plastics Corp.		870,759		2,145,024
Novatek Microelectronics Corp.		138,062		519,030
PChome Online, Inc.		22,957		117,722
Pegatron Corp.		328,630		852,895
Pou Chen Corp.		220,000		276,052
Powertech Technology, Inc.		217,518		626,932
President Chain Store Corp.		51,000		429,709
ProMOS Technologies, Inc. (b) (d)		1,135,850		—
Quanta Computer, Inc.		522,194		1,201,990
Radiant Opto-Electronics Corp.		44,000		103,021
Realtek Semiconductor Corp.		153,161		527,810
Shin Kong Financial Holding Co., Ltd.		2,379,980		712,644
Silicon Motion Technology Corp. ADR		3,428		164,647
Siliconware Precision Industries Co., Ltd.		401,763		642,577
SinoPac Financial Holdings Co., Ltd.		3,055,795		915,005
Synnex Technology International Corp.		210,000		252,078
Tainan Enterprises Co., Ltd.		508,830		405,232
Taishin Financial Holding Co., Ltd.		2,866,828		1,233,746
Taiwan Cement Corp.		725,216		808,347
Taiwan FU Hsing Industrial Co., Ltd.		198,000		254,976
Taiwan Mobile Co., Ltd.		271,200		965,888
Taiwan Paiho, Ltd.		28,000		128,809
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		424,082		15,924,279
Tatung Co., Ltd. (b)		767,107		313,683

See accompanying notes to financial statements.

56

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Teco Electric and Machinery Co., Ltd.		162,000	$	145,044
TPK Holding Co., Ltd. (b)		23,000		74,179
Tripod Technology Corp.		371,361		1,285,876
Uni-President Enterprises Corp.		800,971		1,677,274
United Integrated Services Co., Ltd.		520,194		880,027
United Microelectronics Corp. ADR (a)		465,807		1,164,518
Walsin Lihwa Corp.		508,000		232,021
Wistron Corp.		769,873		615,665
Yageo Corp.		127,341		886,062
Yuanta Financial Holding Co., Ltd.		1,670,383		718,853
				84,269,011
THAILAND — 4.2%
Advanced Info Service PCL (e)		173,102		991,379
Airports of Thailand PCL (e)		357,100		631,751
Bangkok Expressway & Metro PCL (e)		4,389,632		1,059,566
Beauty Community PCL (e)		280,000		134,333
BEC World PCL (e)		123,600		60,410
Bumrungrad Hospital PCL (e)		36,300		234,018
Central Plaza Hotel PCL (e)		50,300		67,494
Charoen Pokphand Foods PCL (e)		240,300		192,744
Chularat Hospital PCL (e)		1,997,200		147,320
CP ALL PCL (e)		764,000		1,506,237
Electricity Generating PCL (e)		183,099		1,290,203
Energy Absolute PCL (e)		235,200		269,757
Gunkul Engineering PCL (e)		1,356,903		163,561
Hana Microelectronics PCL (e)		106,800		152,114
Ichitan Group PCL (e)		138,600		33,247
Indorama Ventures PCL (e)		172,300		218,281
IRPC PCL (e)		3,088,939		583,518
Jasmine International PCL (e)		635,125		156,163
Kasikornbank PCL		58,254		373,804
Kasikornbank PCL NVDR		28,800		178,759
KCE Electronics PCL (e)		163,300		489,655
MC Group PCL (e)		308,100		141,347
Mega Lifesciences PCL (e)		235,100		266,118
Minor International PCL (e)		329,586		402,718
Nok Airlines PCL (b) (e)		783,900		85,089
PTG Energy PCL (e)		183,200		125,246
PTT Exploration & Production PCL (e)		318,832		855,636
PTT Global Chemical PCL NVDR		80,800		186,555
PTT PCL (e)		114,155		1,396,559
Siam Cement PCL NVDR		50,800		761,619
Siam Commercial Bank PCL (e)		244,797		1,123,057
Somboon Advance Technology PCL (e)		171,300		89,374
Srisawad Corp. PCL (e)		266,928		480,230
Superblock PCL NVDR (b)		1,050,000		40,930
SVI PCL (e)		998,700		151,227
Thai Beverage PCL		1,014,300		672,241
Thai Oil PCL (e)		398,664		1,105,740
Thai Union Group PCL Class F (e)		222,800		133,613
TMB Bank PCL (e)		2,052,300		155,076
True Corp. PCL NVDR (b)		1,478,883		270,500
				17,377,189
UNITED STATES — 0.3%
Yum China Holdings, Inc. (b)		28,000		1,119,160
TOTAL COMMON STOCKS (Cost $343,033,377)				410,390,707
WARRANTS — 0.0% (f)
THAILAND — 0.0% (f)
E for L Aim PCL (expiring 6/1/20) (b)		272,340		163
Superblock PCL (expiring 8/31/20) (b)		194,700		2,394
				2,557
TOTAL WARRANTS (Cost $0)				2,557
RIGHTS — 0.0% (f)
CHINA — 0.0% (f)
China State Construction International Holdings, Ltd. (expiring 10/3/17) (b) (e)		26,750		172
THAILAND — 0.0% (f)
Nok Airlines PCL (expiring 10/20/17) (b) (e)		783,900		49,831
TOTAL RIGHTS (Cost $83,113)				50,003
SHORT-TERM INVESTMENTS — 1.9%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (g) (h)		2,046,576		2,046,576
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		5,790,699		5,790,699
TOTAL SHORT-TERM INVESTMENTS (Cost $7,837,275)				7,837,275
TOTAL INVESTMENTS — 101.1% (Cost $350,953,765)				418,280,542
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.1)%				(4,627,786	)
NET ASSETS — 100.0%			$	413,652,756

(a) All or a portion of the shares of the security are on loan at September 30, 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 September 30, 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 September 30, 2017, total aggregate fair value of the security is $65,474, 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 September 30, 2017, total aggregate fair value of securities is $15,208,879 representing 3.7% of net assets.

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

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these

See accompanying notes to financial statements.

57

SPDR S&P Emerging Asia Pacific ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

transactions during the period ended September 30, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at September 30, 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 September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
China	$	186,996,346	$	95,676	$	20,160		$	187,112,182
Hong Kong		7,677,474		33,457		45,314			7,756,245
India		72,745,373		266,095		—			73,011,468
Indonesia		15,060,157		—		0	(a)		15,060,157
Malaysia		15,024,412		402,245		—			15,426,657
Pakistan		1,245,078		—		—			1,245,078
Philippines		7,957,340		—		—			7,957,340
Singapore		56,220		—		—			56,220
Taiwan		84,269,011		—		0	(a)		84,269,011
Thailand		2,484,408		14,892,781		—			17,377,189
United States		1,119,160		—		—			1,119,160
Warrants
Thailand		2,557		—		—			2,557
Rights
China		—		172		—			172
Thailand		—		49,831		—			49,831
Short-Term Investments		7,837,275		—		—			7,837,275
TOTAL INVESTMENTS	$	402,474,811	$	15,740,257	$	65,474		$	418,280,542

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		8,585,537		6,538,961		—		—		2,046,576		2,046,576		2,657
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		8,174,727		8,174,727		—		—		—		—		1,790
State Street Navigator Securities Lending Government Money Market Portfolio*		7,123,753		7,123,753		25,321,314		26,654,368		—		—		5,790,699		5,790,699		125,979
TOTAL			$	8,054,982	$	42,081,578	$	42,299,285	$	—	$	—			$	7,837,275	$	130,459

* 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.

58

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AEROSPACE & DEFENSE — 0.1%
AviChina Industry & Technology Co., Ltd. Class H		1,632,000	$	986,216
AIR FREIGHT & LOGISTICS — 0.2%
Sinotrans, Ltd. Class H		816,000		414,754
ZTO Express Cayman, Inc. ADR (a)		116,900		1,641,276
				2,056,030
AIRLINES — 0.3%
Air China, Ltd. Class H		1,570,000		1,304,531
China Eastern Airlines Corp., Ltd. Class H (b)		1,432,000		707,686
China Southern Airlines Co., Ltd. Class H		1,138,000		783,853
Shandong Airlines Co., Ltd. Class B		106,000		188,910
				2,984,980
AUTO COMPONENTS — 0.5%
China First Capital Group, Ltd. (a)		518,000		207,579
Fuyao Glass Industry Group Co., Ltd. Class H (c)		176,400		640,268
Minth Group, Ltd.		608,000		3,183,735
Xinyi Glass Holdings, Ltd. (a)		984,000		972,574
				5,004,156
AUTOMOBILES — 2.8%
BAIC Motor Corp., Ltd. Class H (b) (c)		874,400		829,542
Brilliance China Automotive Holdings, Ltd.		1,592,000		4,239,518
Byd Co., Ltd. Class H (b)		405,000		3,756,673
Chongqing Changan Automobile Co., Ltd. Class B		727,300		961,887
Dongfeng Motor Group Co., Ltd. Class H		2,029,300		2,681,242
Geely Automobile Holdings, Ltd.		3,323,000		9,359,724
Great Wall Motor Co., Ltd. Class H (b)		2,231,000		2,742,085
Guangzhou Automobile Group Co., Ltd. Class H		1,622,637		3,756,037
Qingling Motors Co., Ltd. Class H		2,364,000		771,787
				29,098,495
BANKS — 14.0%
Agricultural Bank of China, Ltd. Class H		16,059,000		7,196,090
Bank of China, Ltd. Class H		44,996,700		22,179,484
Bank of Chongqing Co., Ltd. Class H		1,171,500		953,915
Bank of Communications Co., Ltd. Class H		13,829,824		10,092,565
China CITIC Bank Corp., Ltd. Class H		6,774,471		4,301,967
China Construction Bank Corp. Class H		60,539,623		50,225,557
China Merchants Bank Co., Ltd. Class H		2,464,735		8,662,089
China Minsheng Banking Corp., Ltd. Class H (b)		4,396,800		4,030,508
Chongqing Rural Commercial Bank Co., Ltd. Class H		1,762,000		1,116,660
Huishang Bank Corp., Ltd. Class H		1,641,000		808,871
Industrial & Commercial Bank of China, Ltd. Class H		45,692,789		33,930,144
Postal Savings Bank of China Co., Ltd. Class H (c)		834,000		479,427
Shengjing Bank Co., Ltd. Class H (c)		556,000		438,496
				144,415,773
BEVERAGES — 0.1%
Tibet Water Resources, Ltd. (a) (b)		1,405,000		545,041
Tsingtao Brewery Co., Ltd. Class H		201,000		769,444
				1,314,485
BIOTECHNOLOGY — 0.4%
3SBio, Inc. (a) (b) (c)		515,000		825,509
BeiGene, Ltd. ADR (a)		25,774		2,666,578
China Biologic Products Holdings, Inc. (a)		10,386		958,316
Shanghai Haohai Biological Technology Co., Ltd. Class H (c)		15,700		70,352
				4,520,755
BUILDING PRODUCTS — 0.0% (d)
China Lesso Group Holdings, Ltd.		356,000		242,933
CAPITAL MARKETS — 1.9%
Central China Securities Co., Ltd. Class H (b)		360,000		166,848
China Cinda Asset Management Co., Ltd. Class H		6,863,200		2,530,633
China Everbright, Ltd.		612,000		1,407,239
China Financial International Investments, Ltd. (a) (b)		4,010,000		121,162
China Galaxy Securities Co., Ltd. Class H .		1,980,000		1,736,464
China Huarong Asset Management Co., Ltd. (c)		4,992,000		2,230,540
CITIC Securities Co., Ltd. Class H		1,316,500		2,895,703
GF Securities Co., Ltd. Class H		1,014,200		2,204,811
Guotai Junan International Holdings, Ltd. (b)		1,725,000		549,919
Haitong Securities Co., Ltd. Class H		1,902,600		3,074,092
Huatai Securities Co., Ltd. Class H (c)		671,600		1,487,534
Noah Holdings, Ltd. ADS (a) (b)		14,630		469,769
Shenwan Hongyuan HK, Ltd. (b)		505,000		184,267
				19,058,981
CHEMICALS — 0.3%
China BlueChemical, Ltd. Class H		1,914,000		622,423
China Lumena New Materials Corp. (a) (b) (e)		3,564,548		—
Fufeng Group, Ltd. (a) (b)		559,000		382,891
Sinopec Shanghai Petrochemical Co., Ltd. Class H		2,645,999		1,575,262
				2,580,576
COMMERCIAL SERVICES & SUPPLIES — 1.1%
China Everbright International, Ltd.		1,825,000		2,289,808
China Evergrande Group (a) (b)		2,305,600		8,043,786

See accompanying notes to financial statements.

59

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Dongjiang Environmental Co., Ltd. Class H (b)		150,200	$	223,453
Yestar Healthcare Holdings Co., Ltd. (b)		687,500		303,670
				10,860,717
COMMUNICATIONS EQUIPMENT — 0.5%
BYD Electronic International Co., Ltd. (b)		487,000		1,440,293
China All Access Holdings, Ltd.		1,256,000		392,364
China Fiber Optic Network System Group, Ltd. (a) (e)		1,131,600		—
Comba Telecom Systems Holdings, Ltd.		1,384,310		264,077
Shanghai Potevio Co., Ltd. Class B (a)		264,700		220,495
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (b) (c)		309,000		1,178,921
ZTE Corp. Class H (a)		641,797		2,099,417
				5,595,567
CONSTRUCTION & ENGINEERING — 1.0%
China Communications Construction Co., Ltd. Class H		2,834,394		3,538,139
China Machinery Engineering Corp. Class H		455,000		284,276
China Railway Construction Corp., Ltd. Class H		1,142,875		1,448,585
China Railway Group, Ltd. Class H		2,539,000		2,099,932
China Singyes Solar Technologies Holdings, Ltd. (a) (b)		368,000		122,970
China State Construction International Holdings, Ltd. (b)		992,000		1,445,320
Concord New Energy Group, Ltd.		3,530,000		162,700
Metallurgical Corp. of China, Ltd. Class H		1,618,000		532,380
Sinopec Engineering Group Co., Ltd. Class H		1,023,000		902,412
				10,536,714
CONSTRUCTION MATERIALS — 0.6%
Anhui Conch Cement Co., Ltd. Class H		841,000		3,354,008
BBMG Corp. Class H (b)		1,229,000		623,099
China National Building Material Co., Ltd. Class H (b)		2,584,000		1,789,781
China Resources Cement Holdings, Ltd.		769,163		472,683
China Shanshui Cement Group, Ltd. (a) (b) (e)		1,896,000		91,029
CSG Holding Co., Ltd. Class B		446,200		275,922
				6,606,522
CONSUMER FINANCE — 0.2%
China Financial Services Holdings, Ltd.		2,960,000		250,118
Chong Sing Holdings FinTech Gr (a) (b)		14,954,900		2,029,549
				2,279,667
CONTAINERS & PACKAGING — 0.1%
Beijing Enterprises Clean Energy Group, Ltd. (a) (b)		9,405,714		227,595
Greatview Aseptic Packaging Co., Ltd.		452,000		277,773
				505,368
DISTRIBUTORS — 0.1%
Qianhai Health Holdings, Ltd. (a) (b)		11,000,000		161,958
Xinhua Winshare Publishing and Media Co., Ltd. Class H		587,000		480,981
				642,939
DIVERSIFIED CONSUMER SERVICES — 1.4%
China Maple Leaf Educational Systems, Ltd. (b)		452,000		505,199
Fu Shou Yuan International Group, Ltd. (b)		681,000		448,147
New Oriental Education & Technology Group, Inc. ADR		82,130		7,248,794
TAL Education Group ADR		195,108		6,577,091
				14,779,231
DIVERSIFIED FINANCIAL SERVICES — 0.1%
Far East Horizon, Ltd.		1,095,000		1,029,012
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.1%
China Communications Services Corp., Ltd. Class H		2,059,600		1,060,032
China Telecom Corp., Ltd. Class H		8,896,951		4,556,289
China Unicom Hong Kong, Ltd. (a)		3,639,805		5,060,786
CITIC Telecom International Holdings, Ltd.		1,158,000		333,581
				11,010,688
ELECTRICAL EQUIPMENT — 0.4%
Dongfang Electric Corp., Ltd. Class H (a) (b)		245,400		242,236
Shanghai Electric Group Co., Ltd. Class H (a) (b)		2,002,000		881,724
Tech Pro Technology Development, Ltd. (a)		4,481,396		39,015
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (b)		345,560		431,801
Zhuzhou CRRC Times Electric Co., Ltd. Class H		406,100		2,274,684
				3,869,460
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.0%
AAC Technologies Holdings, Inc.		454,745		7,638,565
Anxin-China Holdings, Ltd. (a) (e)		3,068,000		—
AVIC International Holdings, Ltd. Class H		628,030		353,788
Digital China Holdings, Ltd. (a) (b)		715,000		402,781
Dongxu Optoelectronic Technology Co., Ltd. Class B		1,410,700		1,157,718
FIT Hon Teng, Ltd. (a) (c)		775,000		499,091
Ju Teng International Holdings, Ltd.		1,042,000		410,893
Kingboard Chemical Holdings, Ltd.		520,999		2,758,179
Kingboard Laminates Holdings, Ltd.		326,000		526,728

See accompanying notes to financial statements.

60

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Sunny Optical Technology Group Co., Ltd.		405,000	$	6,440,012
Wasion Group Holdings, Ltd. (b)		354,000		179,477
				20,367,232
ENERGY EQUIPMENT & SERVICES — 0.2%
Anton Oilfield Services Group (a) (b)		918,000		90,499
China Oilfield Services, Ltd. Class H		1,185,900		1,085,586
Hilong Holding, Ltd.		665,000		101,316
Sinopec Oilfield Service Corp. Class H (a) (b)		1,288,000		224,267
				1,501,668
FOOD & STAPLES RETAILING — 0.4%
China Resources Beer Holdings Co., Ltd.		993,667		2,690,675
Sun Art Retail Group, Ltd.		1,358,000		1,260,515
				3,951,190
FOOD PRODUCTS — 1.8%
China Agri-Industries Holdings, Ltd.		1,551,600		723,088
China Huishan Dairy Holdings Co., Ltd. (a) (b) (e)		2,729,000		—
China Huiyuan Juice Group, Ltd. (a)		701,000		216,294
China Mengniu Dairy Co., Ltd. (a)		1,821,220		5,094,762
China Yurun Food Group, Ltd. (a)		1,128,000		134,308
CP Pokphand Co., Ltd.		3,172,000		255,849
Health and Happiness H&H International Holdings, Ltd. (a) (b)		154,000		752,186
Imperial Pacific International Holdings, Ltd. (a) (b)		29,050,300		431,438
Tingyi Cayman Islands Holding Corp.		1,421,844		2,140,767
Uni-President China Holdings, Ltd.		1,168,400		1,150,345
Want Want China Holdings, Ltd. (b)		4,455,933		3,131,995
WH Group, Ltd. (c)		4,551,606		4,836,741
YuanShengTai Dairy Farm, Ltd. (a)		2,286,000		114,143
				18,981,916
GAS UTILITIES — 0.6%
China Gas Holdings, Ltd.		1,420,000		4,254,164
China Oil & Gas Group, Ltd.		1,616,000		109,655
China Resources Gas Group, Ltd.		609,000		2,120,783
				6,484,602
HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		1,596,000		1,129,973
HEALTH CARE PROVIDERS & SERVICES — 0.5%
China Resources Phoenix Healthcare Holdings Co., Ltd. (b)		405,000		505,038
Huayi Tencent Entertainment Co., Ltd. (a) (b)		1,320,000		58,305
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		670,000		1,636,678
Sinopharm Group Co., Ltd. Class H		728,400		3,208,030
				5,408,051
HOTELS, RESTAURANTS & LEISURE — 1.3%
Ajisen China Holdings, Ltd.		458,000		208,163
China Lodging Group, Ltd. ADR (a)		17,519		2,081,608
China Travel International Investment Hong Kong, Ltd. (b)		2,866,000		1,049,427
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		1,168,187		436,722
Yum China Holdings, Inc. (a)		230,992		9,232,750
				13,008,670
HOUSEHOLD DURABLES — 0.3%
Haier Electronics Group Co., Ltd. (a)		887,000		2,162,224
Hisense Kelon Electrical Holdings Co., Ltd. Class H		295,000		322,922
Skyworth Digital Holdings, Ltd.		1,619,423		827,262
				3,312,408
HOUSEHOLD PRODUCTS — 0.1%
Vinda International Holdings, Ltd.		410,000		770,584
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.0%
Beijing Jingneng Clean Energy Co., Ltd. Class H		1,166,000		325,436
CGN Power Co., Ltd. Class H (c)		7,503,000		2,074,907
China Datang Corp. Renewable Power Co., Ltd. Class H		1,919,000		240,775
China Longyuan Power Group Corp., Ltd. Class H		2,233,000		1,663,879
China Power International Development, Ltd.		2,281,000		750,531
China Resources Power Holdings Co., Ltd.		1,190,092		2,148,373
Datang International Power Generation Co., Ltd. Class H (a)		2,868,287		918,063
Huadian Fuxin Energy Corp., Ltd. Class H (b)		1,832,000		422,190
Huadian Power International Corp., Ltd. Class H		974,000		394,054
Huaneng Power International, Inc. Class H		2,576,129		1,593,033
				10,531,241
INDUSTRIAL CONGLOMERATES — 0.9%
Beijing Enterprises Holdings, Ltd.		405,500		2,180,470
CITIC, Ltd.		4,042,000		5,971,895
Shanghai Industrial Holdings, Ltd.		302,000		914,425
				9,066,790
INSURANCE — 5.3%
China Life Insurance Co., Ltd. Class H		4,507,040		13,416,042
China Pacific Insurance Group Co., Ltd. Class H		1,495,400		6,442,471
China Taiping Insurance Holdings Co., Ltd.		752,491		2,013,528
Fanhua, Inc. ADR		25,756		323,753
New China Life Insurance Co., Ltd. Class H		396,100		2,238,956
People’s Insurance Co. Group of China, Ltd. Class H		4,669,000		2,086,216
PICC Property & Casualty Co., Ltd. Class H		2,830,858		4,994,331

See accompanying notes to financial statements.

61

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Ping An Insurance Group Co. of China, Ltd. Class H		3,059,100	$	23,479,720
				54,995,017
INTERNET & CATALOG RETAIL — 3.1%
Ctrip.com International, Ltd. ADR (a)		227,972		12,023,243
JD.com, Inc. ADR (a)		477,473		18,239,469
Vipshop Holdings, Ltd. ADR (a)		215,181		1,891,441
				32,154,153
INTERNET SOFTWARE & SERVICES — 31.5%
21Vianet Group, Inc. ADR (a) (b)		39,006		221,944
58.com, Inc. ADR (a)		47,575		3,003,885
Alibaba Group Holding, Ltd. ADR (a) (b)		672,910		116,218,286
Autohome, Inc. ADR (a)		25,658		1,541,533
Baidu, Inc. ADR (a)		160,440		39,739,384
Baozun, Inc. ADR (a) (b)		13,995		458,476
Bitauto Holdings, Ltd. ADR (a)		18,567		829,574
Fang Holdings, Ltd. ADR (a) (b)		114,086		462,048
Momo, Inc. ADR (a)		27,947		875,859
NetEase, Inc. ADR		44,799		11,818,424
Phoenix New Media, Ltd. ADR (a)		38,968		229,521
SINA Corp. (a)		40,778		4,675,198
Sohu.com, Inc. (a)		26,580		1,447,281
Tencent Holdings, Ltd.		3,205,415		137,972,336
Tian Ge Interactive Holdings, Ltd. (b) (c)		129,000		93,975
Weibo Corp. ADR (a) (b)		27,089		2,680,186
YY, Inc. ADR (a)		24,757		2,148,412
				324,416,322
IT SERVICES — 0.3%
AGTech Holdings, Ltd. (a) (b)		1,436,000		288,645
Chinasoft International, Ltd. (a) (b)		550,000		304,902
Hi Sun Technology China, Ltd. (a)		1,365,000		314,569
TravelSky Technology, Ltd. Class H		812,000		2,115,585
				3,023,701
LIFE SCIENCES TOOLS & SERVICES — 0.1%
Genscript Biotech Corp. (b)		418,000		399,232
Wuxi Biologics Cayman, Inc. (a) (c)		104,500		527,805
				927,037
MACHINERY — 1.2%
China Conch Venture Holdings, Ltd.		696,000		1,354,450
China International Marine Containers Group Co., Ltd. Class H		513,700		970,747
CIMC Enric Holdings, Ltd. (a) (b)		578,000		378,145
CRRC Corp., Ltd. Class H		2,634,950		2,341,218
First Tractor Co., Ltd. Class H (b)		352,000		168,098
Haitian International Holdings, Ltd.		599,000		1,721,683
Lonking Holdings, Ltd.		2,206,000		929,205
Weichai Power Co., Ltd. Class H		2,033,680		2,228,776
Yangzijiang Shipbuilding Holdings, Ltd.		1,776,500		1,870,757
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H (b)		855,400		376,736
				12,339,815
MARINE — 0.2%
COSCO SHIPPING Development Co., Ltd. Class H (a)		2,084,500		472,373
COSCO SHIPPING Energy Transportation Co., Ltd. Class H		815,800		452,253
COSCO SHIPPING Holdings Co., Ltd. Class H (a)		1,405,175		753,797
SITC International Holdings Co., Ltd.		668,000		605,508
				2,283,931
MEDIA — 0.2%
Alibaba Pictures Group, Ltd. (a) (b)		6,950,000		1,112,256
Poly Culture Group Corp., Ltd. Class H		91,800		219,548
Wisdom Sports Group (a) (b)		1,037,000		168,614
				1,500,418
METALS & MINING — 1.2%
Aluminum Corp. of China, Ltd. Class H (a) (b)		3,462,000		3,107,099
Angang Steel Co., Ltd. Class H (b)		1,015,720		895,990
China Hongqiao Group, Ltd. (a) (b)		433,000		390,829
China Metal Recycling Holdings, Ltd. (a) (b) (e)		268,085		—
China Molybdenum Co., Ltd. Class H (b)		3,615,000		2,170,657
China Zhongwang Holdings, Ltd. (b)		804,400		410,918
Jiangxi Copper Co., Ltd. Class H		927,000		1,464,552
Maanshan Iron & Steel Co., Ltd. Class H (a) (b)		1,732,000		847,074
MMG, Ltd. (a) (b)		1,160,000		516,830
Munsun Capital Group, Ltd. (a) (b)		4,092,000		47,151
Shougang Fushan Resources Group, Ltd.		2,592,000		587,379
Zhaojin Mining Industry Co., Ltd. Class H (b)		732,500		618,959
Zijin Mining Group Co., Ltd. Class H		4,880,750		1,674,678
				12,732,116
MULTILINE RETAIL — 0.1%
Golden Eagle Retail Group, Ltd. (b)		513,120		603,732
Parkson Retail Group, Ltd. (b)		1,596,500		269,807
				873,539
OIL, GAS & CONSUMABLE FUELS — 4.2%
China Coal Energy Co., Ltd. Class H (b)		1,766,013		834,316
China Petroleum & Chemical Corp. Class H		15,128,640		11,330,936
China Shenhua Energy Co., Ltd. Class H		2,224,700		5,229,428
China Suntien Green Energy Corp., Ltd. Class H (b)		941,000		233,723
CNOOC, Ltd.		9,877,174		12,746,862
Kunlun Energy Co., Ltd. (b)		2,435,400		2,379,057
NewOcean Energy Holdings, Ltd. (a) (b)		706,000		192,528
PetroChina Co., Ltd. Class H		12,686,930		8,040,291
Sinopec Kantons Holdings, Ltd.		1,012,000		681,517

See accompanying notes to financial statements.

62

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Yanzhou Coal Mining Co., Ltd. Class H (b)		1,227,900	$	1,208,925
				42,877,583
PAPER & FOREST PRODUCTS — 0.4%
Lee & Man Paper Manufacturing, Ltd.		1,559,000		1,995,980
Nine Dragons Paper Holdings, Ltd.		1,286,000		2,528,961
				4,524,941
PERSONAL PRODUCTS — 0.5%
Hengan International Group Co., Ltd.		505,500		4,679,177
PHARMACEUTICALS — 1.4%
China Animal Healthcare, Ltd. (a) (b) (e)		763,600		—
China Medical System Holdings, Ltd.		795,300		1,388,850
China Resources Pharmaceutical Group, Ltd. (c)		638,000		758,017
China Shineway Pharmaceutical Group, Ltd.		294,000		261,603
Consun Pharmaceutical Group, Ltd.		579,000		487,769
CSPC Pharmaceutical Group, Ltd.		2,148,000		3,597,096
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H		192,000		501,466
Hua Han Health Industry Holdings, Ltd. (a) (b) (e)		3,728,400		189,745
Luye Pharma Group, Ltd. (b)		1,039,000		606,583
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		204,000		846,224
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H (b)		515,000		263,081
Sihuan Pharmaceutical Holdings Group, Ltd. (b)		1,297,000		471,594
Sino Biopharmaceutical, Ltd.		3,245,000		3,431,664
SSY Group, Ltd.		1,826,332		834,753
Tong Ren Tang Technologies Co., Ltd. Class H (b)		403,000		515,443
				14,153,888
REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.6%
Agile Group Holdings, Ltd. (b)		1,404,747		2,050,279
Beijing Capital Land, Ltd. Class H		820,000		457,731
Carnival Group International Holdings, Ltd. (a) (b)		6,856,800		364,317
China Jinmao Holdings Group, Ltd.		1,562,000		785,930
China Overseas Land & Investment, Ltd.		2,547,862		8,285,518
China Overseas Property Holdings, Ltd. (b)		942,620		225,677
China Resources Land, Ltd.		1,818,555		5,564,605
China South City Holdings, Ltd.		2,106,000		601,275
China Vanke Co., Ltd. Class H		841,864		2,770,034
CIFI Holdings Group Co., Ltd.		990,000		551,359
Colour Life Services Group Co., Ltd. (a) (b)		282,000		183,049
Country Garden Holdings Co., Ltd.		4,667,500		7,421,915
Fullshare Holdings, Ltd. (a) (b)		3,952,500		1,720,524
Future Land Holdings Co., Ltd. Class A		588,294		1,582,589
Greentown China Holdings, Ltd. (b)		370,500		445,888
Guangzhou R&F Properties Co., Ltd. Class H		936,224		2,169,544
Hopson Development Holdings, Ltd.		390,000		444,890
Hydoo International Holding, Ltd. (a)		1,290,000		130,475
Kaisa Group Holdings, Ltd. (a)		884,000		657,565
KWG Property Holding, Ltd.		789,806		844,339
Longfor Properties Co., Ltd.		865,000		2,181,687
Poly Property Group Co., Ltd. (a)		1,260,000		646,882
Redco Properties Group, Ltd. (b) (c)		398,200		187,611
Renhe Commercial Holdings Co., Ltd. (a) (b)		8,567,000		197,429
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		297,650		430,402
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		779,960		1,240,916
Shenzhen Investment, Ltd.		1,840,606		834,208
Shimao Property Holdings, Ltd.		1,118,441		2,425,697
Shui On Land, Ltd.		2,955,500		760,566
Sino-Ocean Group Holding, Ltd.		3,304,212		2,204,021
SOHO China, Ltd. (a)		907,500		519,355
Sunac China Holdings, Ltd. (b)		1,201,300		5,498,416
Yanlord Land Group, Ltd.		397,300		541,261
Yuexiu Property Co., Ltd.		6,148,000		1,251,529
Yuzhou Properties Co., Ltd.		2,456,840		1,327,392
Zall Group, Ltd. (a) (b)		624,000		434,604
				57,939,479
ROAD & RAIL — 0.2%
CAR, Inc. (a) (b)		773,300		706,897
Dazhong Transportation Group Co., Ltd. Class B		372,000		257,796
Guangshen Railway Co., Ltd. Class H (b)		1,410,000		826,789
				1,791,482
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.5%
China Soft Power Technology Holdings, Ltd. (a) (b)		2,191,000		46,565
GCL-Poly Energy Holdings, Ltd. (a) (b)		6,901,000		945,379
Hanergy Thin Film Power Group, Ltd. (a) (b) (e)		17,589,376		—
JinkoSolar Holding Co., Ltd. ADR (a) (b)		13,380		333,831
Semiconductor Manufacturing International Corp. (a) (b)		2,135,600		2,411,563
Shunfeng International Clean Energy, Ltd. (a)		670,000		36,885
Xinyi Solar Holdings, Ltd. (b)		2,452,000		872,721
				4,646,944

See accompanying notes to financial statements.

63

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
SOFTWARE — 0.3%
Boyaa Interactive International, Ltd. (a) (b)		299,000	$	119,436
Cheetah Mobile, Inc. ADR (a) (b)		15,260		128,337
Kingdee International Software Group Co., Ltd. (a) (b)		1,020,000		449,230
Kingsoft Corp., Ltd.		495,000		1,153,418
NetDragon Websoft Holdings, Ltd. (b)		202,000		674,997
Shanghai Baosight Software Co., Ltd. Class B		345,500		530,688
V1 Group, Ltd. (a)		2,066,000		71,417
				3,127,523
SPECIALTY RETAIL — 0.3%
BEP International Holdings, Ltd. (a) (b)		5,550,000		115,822
China Harmony New Energy Auto Holding, Ltd. (a) (b)		798,000		463,841
China ZhengTong Auto Services Holdings, Ltd. (b)		32,000		34,742
GOME Retail Holdings, Ltd. (b)		6,839,279		770,554
Grand Baoxin Auto Group, Ltd. (a)		857,574		492,978
Hengdeli Holdings, Ltd. (b)		2,576,895		140,215
Zhongsheng Group Holdings, Ltd.		516,500		1,118,873
				3,137,025
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5%
Coolpad Group, Ltd. (a) (e)		2,629,400		121,190
Huaneng Renewables Corp., Ltd. Class H		2,410,000		796,062
Lenovo Group, Ltd.		4,454,000		2,457,749
Meitu, Inc. (a) (b) (c)		1,100,500		1,563,951
				4,938,952
TEXTILES, APPAREL & LUXURY GOODS — 0.8%
ANTA Sports Products, Ltd.		598,000		2,515,050
Bosideng International Holdings, Ltd.		3,198,000		294,796
China Dongxiang Group Co., Ltd.		3,001,000		522,534
China Jicheng Holdings, Ltd. (a) (b) (c)		9,215,000		11,798
Cosmo Lady China Holdings Co., Ltd. (b) (c)		301,000		118,308
Lao Feng Xiang Co., Ltd. Class B		172,911		668,128
Li Ning Co., Ltd. (a)		1,329,207		1,184,437
Shenzhou International Group Holdings, Ltd.		405,000		3,173,339
				8,488,390
TRADING COMPANIES & DISTRIBUTORS — 0.0% (d)
CITIC Resources Holdings, Ltd. (b)		1,806,000		208,099
TRANSPORTATION INFRASTRUCTURE — 1.2%
Anhui Expressway Co., Ltd. Class H		612,000		466,207
Beijing Capital International Airport Co., Ltd. Class H		1,385,939		2,065,414
China Merchants Port Holdings Co., Ltd.		818,681		2,526,049
COSCO SHIPPING International Hong Kong Co., Ltd.		606,000		257,585
COSCO SHIPPING Ports, Ltd.		1,050,397		1,168,647
Dalian Port PDA Co., Ltd. Class H		1,170,200		202,257
HNA Infrastructure Co., Ltd.		387,000		366,651
Jiangsu Expressway Co., Ltd. Class H		782,795		1,198,641
Qingdao Port International Co., Ltd. Class H (c)		850,000		541,949
Shenzhen Expressway Co., Ltd. Class H		616,000		597,806
Shenzhen International Holdings, Ltd.		706,121		1,327,135
Sichuan Expressway Co., Ltd. Class H		804,000		323,218
Xiamen International Port Co., Ltd. Class H		975,000		184,747
Yuexiu Transport Infrastructure, Ltd.		376,000		282,576
Zhejiang Expressway Co., Ltd. Class H		818,000		1,016,910
				12,525,792
WATER UTILITIES — 0.6%
Beijing Enterprises Water Group, Ltd. (a)		3,244,000		2,612,411
CT Environmental Group, Ltd. (b)		1,736,400		248,988
Guangdong Investment, Ltd.		2,024,000		2,886,727
Kangda International Environmental Co., Ltd. (a) (c)		743,000		160,763
				5,908,889
WIRELESS TELECOMMUNICATION SERVICES — 3.3%
China Mobile, Ltd.		3,329,504		33,739,645
TOTAL COMMON STOCKS (Cost $838,904,084)				1,022,427,448
RIGHTS — 0.0% (d)
CONSTRUCTION & ENGINEERING — 0.0% (d)
China State Construction International Holdings, Ltd. (expiring 10/3/17) (a) (f) (Cost $0)		124,000		794
SHORT-TERM INVESTMENTS — 2.4%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (g) (h)		2,785,729		2,785,729
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		22,187,451		22,187,451
TOTAL SHORT-TERM INVESTMENTS (Cost $24,973,180)				24,973,180
TOTAL INVESTMENTS — 101.8% (Cost $863,877,264)				1,047,401,422
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.8)%				(18,162,310	)
NET ASSETS — 100.0%			$	1,029,239,112

See accompanying notes to financial statements.

64

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2017.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.9% of net assets as of September 30, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(e) 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 September 30, 2017, total aggregate fair value of the security is $401,964, 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 September 30, 2017, total aggregate fair value of securities is $794 representing less than 0.05% of net assets.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended September 30, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at September 30, 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 September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	986,216	$	—	$	—		$	986,216
Air Freight & Logistics		2,056,030		—		—			2,056,030
Airlines		2,984,980		—		—			2,984,980
Auto Components		5,004,156		—		—			5,004,156
Automobiles		29,098,495		—		—			29,098,495
Banks		144,415,773		—		—			144,415,773
Beverages		1,314,485		—		—			1,314,485
Biotechnology		4,520,755		—		—			4,520,755
Building Products		242,933		—		—			242,933
Capital Markets		19,058,981		—		—			19,058,981
Chemicals		2,580,576		—		0	(a)		2,580,576
Commercial Services & Supplies		10,860,717		—		—			10,860,717
Communications Equipment		5,595,567		—		0	(a)		5,595,567
Construction & Engineering		10,536,714		—		—			10,536,714
Construction Materials		6,515,493		—		91,029			6,606,522
Consumer Finance		2,279,667		—		—			2,279,667
Containers & Packaging		505,368		—		—			505,368
Distributors		642,939		—		—			642,939
Diversified Consumer Services		14,779,231		—		—			14,779,231
Diversified Financial Services		1,029,012		—		—			1,029,012
Diversified Telecommunication Services		11,010,688		—		—			11,010,688
Electrical Equipment		3,869,460		—		—			3,869,460
Electronic Equipment, Instruments & Components		20,367,232		—		0	(a)		20,367,232
Energy Equipment & Services		1,501,668		—		—			1,501,668
Food & Staples Retailing		3,951,190		—		—			3,951,190
Food Products		18,981,916		—		0	(a)		18,981,916
Gas Utilities		6,484,602		—		—			6,484,602
Health Care Equipment & Supplies		1,129,973		—		—			1,129,973
Health Care Providers & Services		5,408,051		—		—			5,408,051
Hotels, Restaurants & Leisure		13,008,670		—		—			13,008,670
Household Durables		3,312,408		—		—			3,312,408
Household Products		770,584		—		—			770,584
Independent Power Producers & Energy Traders		10,531,241		—		—			10,531,241
Industrial Conglomerates		9,066,790		—		—			9,066,790

See accompanying notes to financial statements.

65

SPDR S&P China ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Insurance	$	54,995,017	$	—	$	—		$	54,995,017
Internet & Catalog Retail		32,154,153		—		—			32,154,153
Internet Software & Services		324,416,322		—		—			324,416,322
IT Services		3,023,701		—		—			3,023,701
Life Sciences Tools & Services		927,037		—		—			927,037
Machinery		12,339,815		—		—			12,339,815
Marine		2,283,931		—		—			2,283,931
Media		1,500,418		—		—			1,500,418
Metals & Mining		12,341,287		390,829		0	(a)		12,732,116
Multiline Retail		873,539		—		—			873,539
Oil, Gas & Consumable Fuels		42,877,583		—		—			42,877,583
Paper & Forest Products		4,524,941		—		—			4,524,941
Personal Products		4,679,177		—		—			4,679,177
Pharmaceuticals		13,964,143		—		189,745			14,153,888
Real Estate Management & Development		57,939,479		—		—			57,939,479
Road & Rail		1,791,482		—		—			1,791,482
Semiconductors & Semiconductor Equipment		4,646,944		—		0	(a)		4,646,944
Software		3,127,523		—		—			3,127,523
Specialty Retail		3,137,025		—		—			3,137,025
Technology Hardware, Storage & Peripherals		4,817,762		—		121,190			4,938,952
Textiles, Apparel & Luxury Goods		8,476,592		11,798		—			8,488,390
Trading Companies & Distributors		208,099		—		—			208,099
Transportation Infrastructure		12,525,792		—		—			12,525,792
Water Utilities		5,908,889		—		—			5,908,889
Wireless Telecommunication Services		33,739,645		—		—			33,739,645
Rights
Construction & Engineering		—		794		—			794
Short-Term Investments		24,973,180		—		—			24,973,180
TOTAL INVESTMENTS	$	1,046,596,037	$	403,421	$	401,964		$	1,047,401,422

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		1,571,854	$	1,571,854	$	—	$	1,571,854	$	—	$	—		—	$	—	$	37
State Street Institutional U.S. Government Money Market Fund, Class G Shares		—		—		23,343,342		20,557,613		—		—		2,785,729		2,785,729		5,691
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		51,152,218		51,152,218		—		—		—		—		3,226
State Street Navigator Securities Lending Government Money Market Portfolio*		32,855,648		32,855,648		75,739,293		86,407,490		—		—		22,187,451		22,187,451		809,047
TOTAL			$	34,427,502	$	150,234,853	$	159,689,175	$	—	$	—			$	24,973,180	$	818,001

* 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.

66

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AEROSPACE & DEFENSE — 0.9%
AECC Aero Science and Technology Co., Ltd. Class A (a)		400	$	1,706
AECC Aero-Engine Control Co., Ltd. Class A		700		2,104
AECC Aviation Power Co., Ltd. Class A		800		3,766
AVIC Aircraft Co., Ltd. Class A		1,400		4,053
AVIC Helicopter Co., Ltd. Class A		400		2,632
Changchun UP Optotech Co., Ltd. Class A		600		1,754
China Avionics Systems Co., Ltd. Class A		800		1,957
China Spacesat Co., Ltd. Class A		700		2,967
				20,939
AIR FREIGHT & LOGISTICS — 0.5%
Citic Offshore Helicopter Co., Ltd. Class A (a) (b)		1,300		2,612
Jiangsu Aucksun Co., Ltd. Class A		4,700		6,453
Sinotrans Air Transportation Development Co., Ltd. Class A		1,100		2,967
				12,032
AIRLINES — 1.0%
Air China, Ltd. Class A		3,000		3,938
China Eastern Airlines Corp., Ltd. Class A		4,300		4,376
China Southern Airlines Co., Ltd. Class A		4,700		5,851
Hainan Airlines Holding Co., Ltd. Class A		11,900		5,822
Spring Airlines Co., Ltd. Class A		700		3,521
				23,508
AUTO COMPONENTS — 2.0%
Anhui Zhongding Sealing Parts Co., Ltd. Class A		1,500		4,708
China Shipbuilding Industry Group Power Co., Ltd. Class A		1,000		3,769
Fangda Special Steel Technology Co., Ltd. Class A		2,400		4,668
Fuyao Glass Industry Group Co., Ltd. Class A		2,500		9,593
Greatoo Intelligent Equipment, Inc.		5,100		2,388
Huayu Automotive Systems Co., Ltd. Class A		1,700		5,771
Sailun Jinyu Group Co., Ltd. Class A		5,940		3,335
Wanxiang Qianchao Co., Ltd. Class A		1,560		2,841
Weifu High-Technology Group Co., Ltd. Class A		1,000		3,673
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. Class A		800		2,686
Zhejiang Wanfeng Auto Wheel Co., Ltd. Class A		1,320		3,885
				47,317
AUTOMOBILES — 1.1%
Anhui Jianghuai Automobile Group Corp., Ltd Class A		1,400		2,375
Beiqi Foton Motor Co., Ltd. Class A		10,600		4,947
BYD Co., Ltd. Class A		700		7,197
Chongqing Changan Automobile Co., Ltd. Class A		2,200		4,693
FAW CAR Co., Ltd. Class A (a)		1,500		3,107
Haima Automobile Group Co., Ltd. Class A (a)		4,100		3,315
				25,634
BANKS — 10.9%
Agricultural Bank of China, Ltd. Class A		38,400		22,082
Bank of Beijing Co., Ltd. Class A		2,736		3,073
Bank of China, Ltd. Class A		37,100		23,010
Bank of Communications Co., Ltd. Class A		12,800		12,178
Bank of Nanjing Co., Ltd. Class A		5,544		6,602
Bank of Ningbo Co., Ltd. Class A		3,900		9,264
China CITIC Bank Corp., Ltd. Class A		3,200		3,035
China Everbright Bank Co., Ltd. Class A		20,300		12,376
China Merchants Bank Co., Ltd. Class A		10,300		39,617
China Minsheng Banking Corp., Ltd. Class A		14,500		17,506
Huaxia Bank Co., Ltd. Class A		7,320		10,215
Industrial & Commercial Bank of China, Ltd. Class A		15,600		14,090
Industrial Bank Co., Ltd. Class A		14,400		37,481
Ping An Bank Co., Ltd. Class A		8,520		14,250
Shanghai Pudong Development Bank Co., Ltd. Class A		16,302		31,584
				256,363
BEVERAGES — 5.2%
Beijing Yanjing Brewery Co., Ltd. Class A		3,200		3,102
Chongqing Brewery Co., Ltd. Class A		2,200		7,309
Hainan Yedao Co., Ltd. Class A (a)		1,400		2,110
Hebei Hengshui Laobaigan Liquor Co., Ltd. Class A (b)		750		3,014
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A		500		7,640
Kweichow Moutai Co., Ltd. Class A		1,000		77,925
Luzhou Laojiao Co., Ltd. Class A		1,400		11,823
Qinghai Huzhu Barley Wine Co., Ltd. Class A		1,100		3,014
Tsingtao Brewery Co., Ltd. Class A		700		3,247
Zhejiang Guyuelongshan Shaoxing Wine Co., Ltd. Class A		2,100		3,073
				122,257
BIOTECHNOLOGY — 0.5%
Beijing SL Pharmaceutical Co., Ltd. Class A		600		2,453
Da An Gene Co., Ltd. of Sun Yat-Sen University Class A		660		1,993
Hualan Biological Engineering, Inc. Class A		800		3,277
Shanghai RAAS Blood Products Co., Ltd. Class A		1,620		5,075
				12,798
BUILDING PRODUCTS — 0.2%
Zhejiang Dun’An Artificial Environment Co., Ltd. Class A		1,400		2,171
Zhejiang Goldensea Environment Technology Co., Ltd. Class A		1,000		2,718
				4,889
CAPITAL MARKETS — 5.1%
China Merchants Securities Co., Ltd. Class A		3,700		11,914
CITIC Securities Co., Ltd. Class A		3,600		9,858
Dongxing Securities Co., Ltd. Class A		1,800		4,983
Everbright Securities Co., Ltd. Class A		2,100		4,909
GF Securities Co., Ltd. Class A		3,100		8,857
Guosen Securities Co., Ltd. Class A		2,300		4,740
Haitong Securities Co., Ltd. Class A		3,600		8,010

See accompanying notes to financial statements.

67

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Huatai Securities Co., Ltd. Class A		3,000	$	10,215
Industrial Securities Co., Ltd. Class A		5,590		7,128
Northeast Securities Co., Ltd. Class A		3,600		5,582
Orient Securities Co., Ltd. Class A		2,200		5,319
Pacific Securities Co., Ltd. Class A		11,505		7,222
Sealand Securities Co., Ltd. Class A		4,950		4,382
Shanxi Securities Co., Ltd. Class A		2,700		4,593
Shenwan Hongyuan Group Co., Ltd. Class A		8,910		7,820
Sinolink Securities Co., Ltd. Class A		2,600		4,591
Southwest Securities Co., Ltd. Class A		5,500		4,819
Western Securities Co., Ltd. Class A		2,268		5,323
				120,265
CHEMICALS — 5.4%
Anhui Sierte Fertilizer Industry, Ltd. Co. Class A		1,300		1,748
Anhui Wanwei Updated High-Tech Material Industry Co., Ltd. Class A (a)		4,100		2,759
Befar Group Co., Ltd. Class A		5,520		7,279
China Hainan Rubber Industry Group Co., Ltd. Class A (a)		3,200		3,097
Do-Fluoride Chemicals Co., Ltd. Class A		400		1,583
Gpro Titanium Industry Co., Ltd. Class A		2,800		2,580
Hubei Biocause Pharmaceutical Co., Ltd. Class A		2,700		3,597
Hubei Kaile Science & Technology Co., Ltd. Class A (a)		1,400		6,767
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd. Class A		4,400		3,345
Jiangsu Huifeng Bio Agriculture Co., Ltd. Class A		3,040		2,467
Jiangsu Protruly Vision Technology Group Co., Ltd. Class A (a) (b)		1,500		2,436
Jiangsu Yangnong Chemical Co., Ltd. Class A		700		4,104
Kangde Xin Composite Material Group Co., Ltd. Class A		1,599		5,106
Kingenta Ecological Engineering Group Co., Ltd. Class A		2,200		2,666
Kingfa Sci & Tech Co., Ltd. Class A		3,000		2,777
Luxi Chemical Group Co., Ltd. Class A (a)		3,600		6,026
Nanjing Redsun Co., Ltd. Class A		1,500		4,941
Qinghai Salt Lake Industry Co., Ltd. Class A		1,650		4,700
Shandong Hualu Hengsheng Chemical Co., Ltd. Class A		3,042		5,848
Shanghai Chlor-Alkali Chemical Co., Ltd. Class A (a)		1,500		2,676
Shanghai Pret Composites Co., Ltd. Class A		900		3,719
Shanghai Yahong Moulding Co., Ltd. Class A		200		950
Shanxi Yongdong Chemistry Industry Co., Ltd. Class A		1,650		5,549
Shenzhen Noposion Agrochemicals Co., Ltd. Class A (a)		1,000		1,246
Sinoma Science & Technology Co., Ltd. Class A		900		3,211
Sinopec Shanghai Petrochemical Co., Ltd. Class A		3,500		3,325
Tianqi Lithium Corp. Class A		100		1,058
Tongkun Group Co., Ltd. Class A		1,500		3,875
Wanhua Chemical Group Co., Ltd. Class A		1,680		10,660
Xinjiang Xuefeng Sci-Tech Group Co., Ltd. Class A (a)		1,200		1,250
Yueyang Xingchang Petrochemical Class A		772		1,985
Zhejiang Huafeng Spandex Co., Ltd. Class A (a)		3,200		2,577
Zhejiang Huge Leaf Co., Ltd. Class A (a)		4,200		4,167
Zhejiang Jiaao Enprotech Stock Co., Ltd. Class A		400		2,481
Zhejiang Longsheng Group Co., Ltd. Class A		2,500		3,861
				126,416
COMMERCIAL SERVICES & SUPPLIES — 0.8%
Beijing GeoEnviron Engineering & Technology, Inc. Class A (b)		800		1,824
Eternal Asia Supply Chain Management, Ltd. Class A		1,600		2,026
Jiangsu Flowers King Horticulture Co., Ltd. Class A		500		1,255
Jihua Group Corp., Ltd. Class A		2,300		2,895
Shaanxi Jinye Science Technology & Education Group Co., Ltd. Class A		2,000		2,595
Shanghai Environment Group Co., Ltd. Class A (a)		391		1,454
Shanghai Jielong Industry Group Corp., Ltd. Class A (a)		1,200		1,122
Shenzhen Comix Group Co., Ltd. Class A		1,400		3,808
Shenzhen ESUN Display Co., Ltd. Class A		200		1,214
Tungkong, Inc. Class A		600		1,952
				20,145
COMMUNICATIONS EQUIPMENT — 1.2%
Addsino Co., Ltd. Class A		1,000		1,802
Bus Online Co., Ltd. (a)		600		2,133
Fiberhome Telecommunication Technologies Co., Ltd. Class A		1,100		5,398
Guangzhou Haige Communications Group, Inc. Co. Class A		1,600		2,792
Shenzhen Coship Electronics Co., Ltd. Class A (a)		2,200		2,335
Shenzhen Keybridge Communications Co., Ltd. Class A (a)		1,200		2,502
Tianjin Xinmao Science & Technology Co., Ltd. Class A (a) (b)		3,000		3,222
ZTE Corp. Class A (a)		2,000		8,521
				28,705
CONSTRUCTION & ENGINEERING — 3.6%
Changjiang & Jinggong Steel Building Group Co., Ltd. Class A		2,500		2,168
Changshu Fengfan Power Equipment Co., Ltd. Class A		3,300		3,706
China Gezhouba Group Co., Ltd. Class A		4,400		6,875
China National Chemical Engineering Co., Ltd. Class A		4,200		4,293
China Railway Construction Corp., Ltd. Class A		1,500		2,678
China Railway Group, Ltd. Class A		4,900		6,381
China State Construction Engineering Corp., Ltd. Class A		13,600		18,999

See accompanying notes to financial statements.

68

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
East China Engineering Science and Technology Co., Ltd. Class A		1,000	$	1,912
Jiangsu Zhongtai Bridge Steel Structure Co., Ltd. Class A (a)		1,300		2,830
Metallurgical Corp. of China, Ltd. Class A		11,600		8,941
Northcom Group Co., Ltd. Class A (a)		1,190		4,208
Power Construction Corp. of China, Ltd. Class A		5,300		6,407
Shandong Longquan Pipeline Engineering Co., Ltd. Class A		1,000		1,326
Shanghai Construction Group Co., Ltd. Class A		5,141		2,964
Shanghai Tunnel Engineering Co., Ltd. Class A		1,900		2,771
Shenzhen Tagen Group Co., Ltd. Class A		1,400		2,270
Suzhou Gold Mantis Construction Decoration Co., Ltd. Class A		1,950		3,241
Xinjiang Beixin Road & Bridge Group Co., Ltd. Class A		900		1,924
				83,894
CONSTRUCTION MATERIALS — 0.8%
Anhui Conch Cement Co., Ltd. Class A		1,700		6,390
Anhui Xinli Finance Co., Ltd. Class A		1,400		2,803
Arcplus Group PLC Class A (a)		700		2,097
Shandong Jinjing Science & Technology Co., Ltd. Class A (a)		4,700		3,630
Xishui Strong Year Co., Ltd. Inner Mongolia Class A		800		3,218
				18,138
CONTAINERS & PACKAGING — 0.8%
Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. Class A		2,340		2,801
Kee Ever Bright Decorative Technology Co., Ltd. Class A (a)		640		3,306
Org Packaging Co., Ltd. Class A (a)		2,880		2,814
Shanghai Zi Jiang Enterprise Group Co., Ltd. Class A		3,400		3,173
Shenzhen Beauty Star Co., Ltd. Class A		2,700		4,040
Zhejiang Great Southeast Co., Ltd. Class A (a) (b)		4,000		2,304
				18,438
DISTRIBUTORS — 0.1%
Shanghai Shenhua Holdings Co., Ltd. Class A (a)		2,900		1,458
DIVERSIFIED CONSUMER SERVICES — 0.4%
But One Information Corp. Xi an Class A (a)		1,300		7,392
Zhejiang Yasha Decoration Co., Ltd. Class A		1,200		1,676
				9,068
DIVERSIFIED FINANCIAL SERVICES — 0.3%
Avic Capital Co., Ltd. Class A		4,200		3,699
Bohai Financial Investment Holding Co., Ltd. Class A		2,900		2,890
				6,589
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
263 Network Communications Co., Ltd. Class A (a)		1,700		2,513
Dr Peng Telecom & Media Group Co., Ltd. Class A		1,000		2,982
GuangDong Super Telecom Co., Ltd. Class A		300		2,558
				8,053
ELECTRIC UTILITIES — 0.1%
Xinjiang Tianfu Energy Co., Ltd. Class A		3,200		3,651
ELECTRICAL EQUIPMENT — 3.8%
Anhui Xinlong Electrical Co., Ltd. Class A		1,100		1,835
Beijing Sifang Automation Co., Ltd. Class A		1,200		1,611
China XD Electric Co., Ltd. Class A		3,700		3,041
Citychamp Dartong Co., Ltd. Class A		2,100		2,339
Dongfang Electric Corp., Ltd. Class A (a)		1,400		2,198
Dongfang Electronics Co., Ltd. Class A (a)		5,600		4,493
Fangda Carbon New Material Co., Ltd. Class A		1,800		8,278
Henan Tong-DA Cable Co., Ltd. Class A		1,300		1,589
Jiangsu SINOJIT Wind Energy Technology Co., Ltd. Class A (a)		6,300		4,088
Jiangsu Zongyi Co., Ltd. Class A (a)		1,200		1,507
Luxshare Precision Industry Co., Ltd. Class A		1,800		5,598
Nanjing Kangni Mechanical & Electrical Co., Ltd. Class A (b)		1,750		3,937
Nanyang Topsec Technologies Group, Inc. Class A		1,800		4,937
NARI Technology Co., Ltd. Class A		1,600		3,979
Shanghai Electric Group Co., Ltd. Class A (a)		2,700		3,260
Shanghai Welltech Automation Co., Ltd. Class A		900		2,634
Shenzhen Center Power Tech Co., Ltd. Class A		600		1,832
Shenzhen Hifuture Electric Co., Ltd. Class A (a) (b)		2,500		7,567
Shenzhen Invt Electric Co., Ltd. Class A		1,700		2,321
Shenzhen Moso Power Supply Technology Co., Ltd. Class A (a)		1,600		2,712
Shenzhen Woer Heat-Shrinkable Material Co., Ltd. Class A		1,600		1,583
Sieyuan Electric Co., Ltd. Class A		2,520		6,411
TBEA Co., Ltd. Class A		2,313		3,433
Tongling Jingda Special Magnet Wire Co., Ltd. Class A		6,000		3,911
Xinjiang Goldwind Science & Technology Co., Ltd. Class A		2,210		4,345
				89,439
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.9%
Accelink Technologies Co., Ltd. Class A		1,200		4,592
Beijing SDL Technology Co., Ltd. Class A		700		1,594
China Security & Fire Co., Ltd. Class A (a)		1,000		1,046
Dongxu Optoelectronic Technology Co., Ltd. Class A		2,100		3,579
Fujian Torch Electron Technology Co., Ltd. Class A		1,500		6,300
GoerTek, Inc. Class A		2,000		6,094
Hangzhou Hikvision Digital Technology Co., Ltd. Class A		4,950		23,845
Hengdian Group DMEGC Magnetics Co., Ltd. Class A		4,400		7,207

See accompanying notes to financial statements.

69

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
IRICO Display Devices Co., Ltd. Class A (a)		1,500	$	1,967
Ningbo Yunsheng Group Co., Ltd. Class A		900		2,837
Shen Zhen Mindata Holding Co., Ltd. Class A (a)		1,400		1,796
Shenzhen Fastprint Circuit Tech Co., Ltd. Class A		2,700		2,597
Shenzhen Infinova, Ltd. Class A (a)		2,210		2,013
Shenzhen Mason Technologies Co., Ltd. Class A		2,400		3,248
Shenzhen Sunlord Electronics Co., Ltd. Class A		1,900		5,961
Tatwah Smartech Co., Ltd. Class A (a)		1,000		2,895
TDG Holdings Co., Ltd. Class A (a)		1,700		2,766
Unigroup Guoxin Co., Ltd. Class A		400		2,239
WUS Printed Circuit Kunshan Co., Ltd. Class A		3,400		2,528
Zhejiang Dahua Technology Co., Ltd. Class A		1,750		6,341
				91,445
ENERGY EQUIPMENT & SERVICES — 0.7%
Beijing New Oriental Star Petrochemical Engineering Co., Ltd. Class A		200		905
Cangzhou Mingzhu Plastic Co., Ltd. Class A		3,230		7,158
Offshore Oil Engineering Co., Ltd. Class A		3,100		2,875
Yantai Jereh Oilfield Services Group Co., Ltd. Class A		900		2,101
Zhejiang Kingland Pipeline & Technologies Co., Ltd. Class A		2,300		3,220
				16,259
FOOD & STAPLES RETAILING — 0.4%
Shenzhen Agricultural Products Co., Ltd. Class A		1,300		1,726
Yonghui Superstores Co., Ltd. Class A		5,600		6,736
				8,462
FOOD PRODUCTS — 2.8%
Baotou Huazi Industry Co., Ltd. Class A		1,500		2,552
Beijing Dabeinong Technology Group Co., Ltd. Class A		3,450		3,199
Bright Dairy & Food Co., Ltd. Class A		1,100		2,201
COFCO Tunhe Sugar Co., Ltd. Class A		1,300		1,849
Gansu Yasheng Industrial Group Co., Ltd. Class A		2,800		1,998
Henan Shuanghui Investment & Development Co., Ltd. Class A		2,600		9,746
Hunan Dakang International Food & Agriculture Co., Ltd. Class A (a)		6,080		2,847
Inner Mongolia Yili Industrial Group Co., Ltd. Class A		3,800		15,731
Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd. Class A		1,400		4,980
Lotus Health Group Co. Class A (a)		3,000		1,825
MeiHua Holdings Group Co., Ltd. Class A		2,800		2,698
Qiaqia Food Co., Ltd. Class A		1,500		3,283
Shandong Delisi Food Co., Ltd. Class A (a)		2,800		3,591
Shanghai Maling Aquarius Co., Ltd. Class A (a)		1,400		2,025
Xinjiang Guannong Fruit & Antler Group Co., Ltd. Class A		1,800		2,520
Yuan Longping High-tech Agriculture Co., Ltd. Class A		1,400		5,480
				66,525
HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A		600		1,853
HEALTH CARE PROVIDERS & SERVICES — 0.4%
Huadong Medicine Co., Ltd. Class A		600		4,432
Shanghai Pharmaceuticals Holding Co., Ltd. Class A		1,200		4,289
				8,721
HOTELS, RESTAURANTS & LEISURE — 0.5%
China International Travel Service Corp., Ltd. Class A		1,200		6,230
Shenzhen Overseas Chinese Town Co., Ltd. Class A		4,200		5,166
				11,396
HOUSEHOLD DURABLES — 1.9%
Guangdong Homa Appliances Co., Ltd. Class A		560		1,688
Guangzhou Holike Creative Home Co., Ltd. Class A		600		2,705
Hisense Electric Co., Ltd. Class A		1,600		3,784
Leo Group Co., Ltd. Class A		3,150		1,437
Markor International Home Furnishings Co., Ltd. Class A		2,530		2,460
Midea Group Co., Ltd. Class A		3,600		23,948
NavInfo Co., Ltd. Class A		900		3,471
TCL Corp. Class A		9,700		5,199
				44,692
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 2.5%
An Hui Wenergy Co., Ltd. Class A		2,210		1,840
China National Nuclear Power Co., Ltd. Class A		7,000		7,861
China Yangtze Power Co., Ltd. Class A		3,900		8,847
Datang Huayin Electric Power Co., Ltd. Class A (a)		2,100		1,517
GD Power Development Co., Ltd. Class A		11,100		5,548
Guangdong Baolihua New Energy Stock Co., Ltd. Class A		1,800		2,157
Huadian Power International Corp., Ltd. Class A		4,300		2,848
Huaneng Power International, Inc. Class A		2,900		3,030
Hubei Energy Group Co., Ltd. Class A		3,200		2,399
Inner Mongolia MengDian HuaNeng Thermal Power Corp., Ltd. Class A		5,600		2,605
SDIC Power Holdings Co., Ltd. Class A		4,000		4,420
Shanghai Electric Power Co., Ltd. Class A		1,600		2,688
Shanxi Zhangze Electric Power Co., Ltd. Class A (a)		4,200		2,194
Shenergy Co., Ltd. Class A		3,900		3,499
Shenzhen Energy Group Co., Ltd. Class A		2,700		2,622
Sichuan Chuantou Energy Co., Ltd. Class A		3,800		5,389
				59,464

See accompanying notes to financial statements.

70

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
INDUSTRIAL CONGLOMERATES — 0.1%
China Baoan Group Co., Ltd. Class A		2,025	$	2,740
INSURANCE — 2.9%
China Life Insurance Co., Ltd. Class A		600		2,505
China Pacific Insurance Group Co., Ltd. Class A		3,300		18,346
New China Life Insurance Co., Ltd. Class A		700		5,972
Ping An Insurance Group Co. of China, Ltd. Class A		5,200		42,397
				69,220
INTERNET SOFTWARE & SERVICES — 0.3%
Dawning Information Industry Co., Ltd. Class A		400		2,221
Focus Technology Co., Ltd. Class A		600		2,475
People.cn Co., Ltd. Class A		900		1,875
				6,571
IT SERVICES — 0.9%
BOE Technology Group Co., Ltd. Class A		18,800		12,453
DHC Software Co., Ltd. Class A		2,400		4,061
Fujian Rongji Software Co., Ltd. Class A		2,300		3,777
Shanghai AtHub Co., Ltd. Class A		300		2,163
				22,454
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Alpha Group Class A		900		2,011
LIFE SCIENCES TOOLS & SERVICES — 0.1%
Shanghai Runda Medical Technology Co., Ltd. Class A		1,080		2,286
MACHINERY — 4.8%
Anhui Ankai Automobile Co., Ltd. Class A		2,500		3,959
Anhui Heli Co., Ltd. Class A		2,280		3,470
China CSSC Holdings, Ltd. Class A (a) (b)		800		2,986
China Shipbuilding Industry Co., Ltd. Class A (a) (b)		9,200		9,861
CRRC Corp., Ltd. Class A		11,800		17,284
Eurocrane China Co., Ltd. Class A		600		1,757
Fujian Longma Environmental Sanitation Equipment Co., Ltd. Class A		700		3,451
Fujian Longxi Bearing Group Co., Ltd. Class A		2,500		4,539
Geron Co., Ltd. Class A		100		547
Han’s Laser Technology Industry Group Co., Ltd. Class A		900		5,907
Jiangsu Hengli Hydraulic Co., Ltd. Class A		1,200		3,286
Jiangsu Nonghua Intelligent Agriculture Technology Co., Ltd. Class A (a)		1,900		1,999
Linzhou Heavy Machinery Group Co., Ltd. Class A (a)		2,210		1,860
Mesnac Co., Ltd. Class A (a)		1,300		1,840
Nancal Energy-Saving Technology Co., Ltd. Class A		600		2,830
Nanxing Furniture Machinery & Equipment Co., Ltd. Class A (b)		300		1,904
North Navigation Control Technology Co., Ltd. Class A		1,200		2,636
Sanlux Co., Ltd. Class A		2,000		3,646
Sany Heavy Industry Co., Ltd. Class A		3,900		4,491
Shanghai Mechanical and Electrical Industry Co., Ltd. Class A		800		2,371
Shantui Construction Machinery Co., Ltd. Class A (a)		3,200		2,731
Sunward Intelligent Equipment Co., Ltd. Class A		2,600		3,499
Suzhou Thvow Technology Co., Ltd. Class A (a)		2,600		3,832
Taiyuan Heavy Industry Co., Ltd. Class A (a)		4,600		2,701
Tian Di Science & Technology Co., Ltd. Class A		3,000		2,344
Tianjin Benefo Tejing Electric Co., Ltd. Class A (b)		1,100		1,914
Weihai Guangtai Airport Equipment Co., Ltd. Class A		700		1,836
Wuxi Hongsheng Heat Exchanger Manufacturing Co., Ltd. Class A		200		774
XCMG Construction Machinery Co., Ltd. Class A		4,400		2,437
Zhejiang Jinggong Science & Technology Co., Ltd. Class A (b)		1,700		2,396
Zhengzhou Yutong Bus Co., Ltd. Class A		1,500		5,555
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class A		4,700		3,170
				113,813
MEDIA — 1.8%
Beijing Gehua CATV Network Co., Ltd. Class A		1,000		2,222
China Media Group Class A		1,700		2,580
China South Publishing & Media Group Co., Ltd. Class A		1,300		2,988
China Television Media, Ltd. Class A		700		1,757
Chinese Universe Publishing and Media Co., Ltd. Class A		1,000		3,330
CITIC Guoan Information Industry Co., Ltd. Class A		4,000		6,744
Contemporary Eastern Investment Co., Ltd. Class A (a)		2,600		4,552
Guangdong Advertising Group Co., Ltd. Class A		1,859		1,945
Jiangsu Broadcasting Cable Information Network Corp., Ltd. Class A (b)		1,430		2,558
Jiangsu Phoenix Publishing & Media Corp., Ltd. Class A		1,500		2,089
Jishi Media Co., Ltd. Class A		3,500		1,781
Shanghai Oriental Pearl Group Co., Ltd. Class A		1,500		4,582
Shenzhen Topway Video Communication Co., Ltd. Class A		1,680		2,746
Wanda Film Holding Co., Ltd. Class A (b)		200		1,691
				41,565
METALS & MINING — 5.5%
Advanced Technology & Materials Co., Ltd. Class A (a)		2,100		3,408
Aluminum Corp. of China, Ltd. Class A (a) (b)		7,100		8,476
Anyang Iron & Steel, Inc. Class A (a)		12,900		10,351
Baoshan Iron & Steel Co., Ltd. Class A		8,656		9,630

See accompanying notes to financial statements.

71

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
China Northern Rare Earth Group High-Tech Co., Ltd. Class A		2,400	$	5,828
Hunan Gold Corp., Ltd. Class A		4,800		7,334
Inner Mongolia BaoTou Steel Union Co., Ltd. Class A (a)		37,800		15,364
Jiangxi Ganfeng Lithium Co., Ltd. Class A		400		5,257
Kingswood Enterprise Co., Ltd. Class A (a)		4,500		3,780
Maanshan Iron & Steel Co., Ltd. Class A (a)		7,400		5,124
Ningxia Xinri Hengli Steel Wire Co., Ltd. Class A (a)		1,100		2,411
Shandong Gold Mining Co., Ltd. Class A		1,600		7,570
Shandong Humon Smelting Co., Ltd. Class A (a)		3,100		5,357
Shandong Iron and Steel Co., Ltd. Class A (a)		9,360		3,480
Shanghai Prosolar Resources Development Co., Ltd. Class A (a)		2,300		2,645
Shanxi Taigang Stainless Steel Co., Ltd. Class A		4,600		3,497
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. Class A		1,700		3,104
Tongling Nonferrous Metals Group Co., Ltd. Class A (a)		10,600		4,819
Western Mining Co., Ltd. Class A		5,700		7,912
Zhongjin Gold Corp., Ltd. Class A		4,130		6,665
Zhongnan Red Culture Group Co., Ltd. Class A		1,300		2,891
Zijin Mining Group Co., Ltd. Class A		10,400		6,059
				130,962
MULTILINE RETAIL — 1.4%
Beijing Capital Retailing Group Co., Ltd. Class A		1,800		2,601
Changchun Sinoenergy Corp. Class A (a)		2,800		4,712
Chengdu Hongqi Chain Co., Ltd. Class A		2,800		2,525
Dalian Friendship Group Class A		4,200		5,766
Hunan Friendship & Apollo Cmmericial Co., Ltd. Class A		4,000		4,083
Rainbow Department Store Co., Ltd. Class A		1,700		4,067
Shanghai Yimin Commerce Group Co., Ltd. Class A		3,100		2,674
Wuhan Department Store Group Co., Ltd. Class A		2,080		5,714
				32,142
OIL, GAS & CONSUMABLE FUELS — 2.4%
China Merchants Energy Shipping Co., Ltd. Class A		4,000		2,981
China Petroleum & Chemical Corp. Class A		4,700		4,174
China Shenhua Energy Co., Ltd. Class A		1,900		5,989
Guanghui Energy Co., Ltd. Class A		4,600		2,915
Jizhong Energy Resources Co., Ltd. Class A		4,100		4,222
Oriental Energy Co., Ltd. Class A		1,400		2,352
PetroChina Co., Ltd. Class A		4,500		5,413
Shanxi Lanhua Sci-Tech Venture Co., Ltd. Class A (a)		6,800		9,827
Shanxi Xishan Coal & Electricity Power Co., Ltd. Class A		7,000		10,864
Wintime Energy Co., Ltd. Class A		6,200		3,360
Yang Quan Coal Industry Group Co., Ltd. Class A (a)		3,400		4,177
				56,274
PAPER & FOREST PRODUCTS — 0.7%
DeHua TB New Decoration Materials Co., Ltd. Class A		1,950		3,637
Fujian Jinsen Forestry Co., Ltd. Class A		400		1,324
Guangdong Weihua Corp. Class A (a)		3,000		7,470
Sichuan Guodong Construction Co., Ltd. Class A (a)		5,200		3,734
				16,165
PHARMACEUTICALS — 5.1%
Beijing Tongrentang Co., Ltd. Class A		1,000		4,879
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A		1,000		4,205
Dong-E-E-Jiao Co., Ltd. Class A		700		6,842
Guangdong Zhongsheng Pharmaceutical Co., Ltd. Class A		1,900		3,312
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class A		600		2,512
Guizhou Bailing Group Pharmaceutical Co., Ltd. Class A		800		2,093
Harbin Gloria Pharmaceuticals Co., Ltd. Class A		2,400		2,424
Harbin Pharmaceutical Group Co., Ltd. Class A (b)		2,210		1,946
Huapont Life Sciences Co., Ltd. Class A		1,500		1,734
Humanwell Healthcare Group Co., Ltd. Class A		1,000		2,726
Jiangsu Hengrui Medicine Co., Ltd. Class A		1,440		12,992
Jilin Aodong Pharmaceutical Group Co., Ltd. Class A		1,430		4,833
Joincare Pharmaceutical Group Industry Co., Ltd. Class A		1,400		2,059
Kangmei Pharmaceutical Co., Ltd. Class A		2,600		7,860
Renhe Pharmacy Co., Ltd. Class A		1,800		1,585
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A		1,100		5,662
Shenzhen Hepalink Pharmaceutical Group Co., Ltd. Class A		1,280		3,312
Shenzhen Salubris Pharmaceuticals Co., Ltd. Class A		800		3,723
Shijiazhuang Yiling Pharmaceutical Co., Ltd. Class A		900		2,204
Sichuan Kelun Pharmaceutical Co., Ltd. Class A		1,100		3,017
Tasly Pharmaceutical Group Co., Ltd. Class A		600		3,175
Tianjin Lisheng Pharmaceutical Co., Ltd. Class A		900		4,876
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A		1,152		3,347
Yabao Pharmaceutical Group Co., Ltd. Class A		1,500		1,784
Yifan Pharmaceutical Co., Ltd. Class A		900		2,759
Yunnan Baiyao Group Co., Ltd. Class A		600		8,192
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A		600		5,262

See accompanying notes to financial statements.

72

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Zhejiang Yatai Pharmaceutical Co., Ltd. Class A		3,600	$	8,037
Zhongzhu Holding Co., Ltd. Class A		2,800		2,984
				120,336
REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.6%
Beijing Capital Development Co., Ltd. Class A		1,600		2,669
Beijing Centergate Technologies Holding Co., Ltd. Class A (a)		3,200		3,637
Beijing Urban Construction Investment & Development Co., Ltd. Class A		1,500		3,516
China Fortune Land Development Co., Ltd. Class A		1,400		6,550
China Merchants Shekou Industrial Zone Holdings Co., Ltd. Class A		2,721		7,488
China Vanke Co., Ltd. Class A		5,600		22,129
Chongqing Dima Industry Co., Ltd. Class A		3,600		3,089
Gemdale Corp. Class A		2,700		4,662
Guangdong Shirongzhaoye Co., Ltd. Class A		1,900		2,477
Hainan Haide Industry Co., Ltd. Class A (a)		1,000		4,716
Hubei Fuxing Science And Technology Co., Ltd. Class A		1,700		3,171
Hunan Tianrun Digital Entertainment & Cultural Media Co., Ltd. Class A (a)		5,200		11,155
Jinke Properties Group Co., Ltd. Class A		4,100		3,055
Lushang Property Co., Ltd. Class A (a)		3,200		2,211
Myhome Real Estate Development Group Co., Ltd. Class A		3,600		1,826
Oceanwide Holdings Co., Ltd. Class A		2,600		3,178
Poly Real Estate Group Co., Ltd. Class A		1,700		2,662
RiseSun Real Estate Development Co., Ltd. Class A		2,600		3,742
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class A		1,440		4,847
Shanghai SMI Holding Co., Ltd. Class A (a)		1,409		2,083
Shanghai Wanye Enterprises Co., Ltd. Class A		2,200		4,435
Shanghai Zhangjiang High-Tech Park Development Co., Ltd. Class A		1,300		3,282
Shenzhen World Union Properties Consultancy, Inc. Class A		2,100		3,689
Shenzhen Zhenye Group Co., Ltd. Class A (b)		2,100		3,044
Tahoe Group Co., Ltd. Class A		800		2,123
Xinhu Zhongbao Co., Ltd. Class A (a)		15,100		9,752
Zhejiang China Commodities City Group Co., Ltd. Class A		4,100		4,339
Zhongtian Financial Group Co., Ltd. Class A (b)		3,000		3,443
				132,970
ROAD & RAIL — 0.7%
China High-Speed Railway Technology Co., Ltd. Class A		3,300		4,486
Daqin Railway Co., Ltd. Class A		7,400		9,747
Guangshen Railway Co., Ltd. Class A		4,300		3,276
				17,509
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.3%
EGing Photovoltaic Technology Co., Ltd. Class A		3,600		2,791
Hangzhou Silan Microelectronics Co., Ltd. Class A		4,200		6,588
LONGi Green Energy Technology Co., Ltd. Class A		1,800		7,986
Sanan Optoelectronics Co., Ltd. Class A		2,240		7,803
Shanghai Belling Co., Ltd. Class A		1,300		2,738
Tianjin Zhonghuan Semiconductor Co., Ltd. Class A (b)		1,800		2,739
				30,645
SOFTWARE — 1.4%
Beijing Shiji Information Technology Co., Ltd. Class A		600		2,124
Glodon Co., Ltd. Class A		1,000		3,079
Hangzhou Lianluo Interactive Information Technology Co., Ltd. Class A		1,000		1,331
Hundsun Technologies, Inc. Class A		400		3,073
Iflytek Co., Ltd. Class A		900		7,269
Inspur Software Co., Ltd. Class A		500		1,523
Neusoft Corp. Class A		1,200		3,082
Shanghai 2345 Network Holding Group Co., Ltd. Class A		2,040		2,190
Shanghai Golden Bridge InfoTech Co., Ltd. Class A		600		2,013
Sinodata Co., Ltd. Class A		300		1,326
Wisesoft Co., Ltd. Class A		500		1,911
Yonyou Network Technology Co., Ltd. Class A		1,100		3,918
				32,839
SPECIALTY RETAIL — 0.6%
Pang Da Automobile Trade Co., Ltd. Class A (a)		5,700		2,446
Shanghai Yuyuan Tourist Mart Co., Ltd. Class A (b)		1,500		3,139
Suning Commerce Group Co., Ltd. Class A		4,300		8,480
				14,065
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5%
GRG Banking Equipment Co., Ltd. Class A		2,025		2,387
Guangzhou KingTeller Technology Co., Ltd. Class A (a)		2,700		2,418
Inspur Electronic Information Industry Co., Ltd. Class A		1,040		3,004
Tsinghua Tongfang Co., Ltd. Class A		2,100		3,857
				11,666
TEXTILES, APPAREL & LUXURY GOODS — 1.5%
Anhui Huamao Textile Co. Class A		4,300		3,405
Bros Eastern Co., Ltd. Class A		3,000		2,601
Gansu Gangtai Holding Group Co., Ltd. Class A		1,300		2,716
Huafu Top Dyed Melange Yarn Co., Ltd. Class A		2,500		4,162
Huasi Holding Co., Ltd. Class A		1,000		1,897
Jiangsu Huaxicun Co., Ltd. Class A		2,000		2,123

See accompanying notes to financial statements.

73

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Jiangsu Sunshine Co., Ltd. Class A (a)		3,300	$	1,774
Luthai Textile Co., Ltd. Class A		1,300		2,335
Yantai Tayho Advanced Materials Co., Ltd. Class A		1,200		2,343
Youngor Group Co., Ltd. Class A		2,660		3,924
Zhejiang Hangmin Co., Ltd. Class A		1,700		3,061
Zhejiang Ming Jewelry Co., Ltd. Class A		1,500		1,994
Zhejiang Weixing Industrial Development Co., Ltd. Class A		1,300		2,117
				34,452
TRADING COMPANIES & DISTRIBUTORS — 0.7%
CMST Development Co., Ltd. Class A		2,700		3,898
Shandong Hiking International Co., Ltd. Class A (a)		1,800		3,276
Shanghai Lansheng Corp. Class A		600		1,510
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class A		700		1,866
Sinochem International Corp. Class A		2,100		3,243
Tianjin Teda Co., Ltd. Class A		4,500		3,462
				17,255
TRANSPORTATION INFRASTRUCTURE — 1.9%
Dalian Port PDA Co., Ltd. Class A		7,130		3,134
Fujian Expressway Development Co., Ltd. Class A		9,700		5,637
Henan Zhongyuan Expressway Co., Ltd. Class A		4,400		3,524
Hubei Chutian Expressway Co., Ltd. Class A		6,400		5,607
Jiangxi Ganyue Expressway Co., Ltd. Class A		4,000		3,203
Shanghai International Port Group Co., Ltd. Class A		3,700		3,726
Shenzhen Chiwan Wharf Holdings, Ltd. Class A		1,500		5,738
TangShan Port Group Co., Ltd. Class A		5,040		3,839
Xiandai Investment Co., Ltd. Class A		4,800		4,372
Yingkou Port Liability Co., Ltd. Class A		5,100		2,626
Zhangjiagang Freetrade Science & Technology Group Co., Ltd. Class A		3,600		2,536
				43,942
WATER UTILITIES — 0.6%
Beijing Capital Co., Ltd. Class A		4,600		4,432
Chengdu Xingrong Environment Co., Ltd. Class A		3,600		3,100
Guangdong Golden Dragon Development, Inc. Class A		900		2,886
Tus-Sound Environmental Resources Co., Ltd. Class A		700		3,788
				14,206
WIRELESS TELECOMMUNICATION SERVICES — 0.5%
China United Network Communications, Ltd. Class A (a)		11,100		12,399
TOTAL COMMON STOCKS (Cost $2,425,388)				2,347,300
SHORT-TERM INVESTMENT — 0.0% (c)
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (d) (e) (Cost $966)		966		966
TOTAL INVESTMENTS — 99.6% (Cost $2,426,354)				2,348,266
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				9,067
NET ASSETS — 100.0%			$	2,357,333

(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 September 30, 2017, total aggregate fair value of securities is $73,013 representing 3.1% of net assets.

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

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended September 30, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at September 30, 2017.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	20,939	$	—	$	—	$	20,939
Air Freight & Logistics		9,420		2,612		—		12,032
Airlines		23,508		—		—		23,508
Auto Components		47,317		—		—		47,317
Automobiles		25,634		—		—		25,634
Banks		256,363		—		—		256,363
Beverages		119,243		3,014		—		122,257

See accompanying notes to financial statements.

74

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Biotechnology	$	12,798	$	—	$	—	$	12,798
Building Products		4,889		—		—		4,889
Capital Markets		120,265		—		—		120,265
Chemicals		123,980		2,436		—		126,416
Commercial Services & Supplies		18,321		1,824		—		20,145
Communications Equipment		25,483		3,222		—		28,705
Construction & Engineering		83,894		—		—		83,894
Construction Materials		18,138		—		—		18,138
Containers & Packaging		16,134		2,304		—		18,438
Distributors		1,458		—		—		1,458
Diversified Consumer Services		9,068		—		—		9,068
Diversified Financial Services		6,589		—		—		6,589
Diversified Telecommunication Services		8,053		—		—		8,053
Electric Utilities		3,651		—		—		3,651
Electrical Equipment		77,935		11,504		—		89,439
Electronic Equipment, Instruments & Components		91,445		—		—		91,445
Energy Equipment & Services		16,259		—		—		16,259
Food & Staples Retailing		8,462		—		—		8,462
Food Products		66,525		—		—		66,525
Health Care Equipment & Supplies		1,853		—		—		1,853
Health Care Providers & Services		8,721		—		—		8,721
Hotels, Restaurants & Leisure		11,396		—		—		11,396
Household Durables		44,692		—		—		44,692
Independent Power Producers & Energy Traders		59,464		—		—		59,464
Industrial Conglomerates		2,740		—		—		2,740
Insurance		69,220		—		—		69,220
Internet Software & Services		6,571		—		—		6,571
IT Services		22,454		—		—		22,454
Leisure Equipment & Products		2,011		—		—		2,011
Life Sciences Tools & Services		2,286		—		—		2,286
Machinery		94,752		19,061		—		113,813
Media		37,316		4,249		—		41,565
Metals & Mining		122,486		8,476		—		130,962
Multiline Retail		32,142		—		—		32,142
Oil, Gas & Consumable Fuels		56,274		—		—		56,274
Paper & Forest Products		16,165		—		—		16,165
Pharmaceuticals		118,390		1,946		—		120,336
Real Estate Management & Development		126,483		6,487		—		132,970
Road & Rail		17,509		—		—		17,509
Semiconductors & Semiconductor Equipment		27,906		2,739		—		30,645
Software		32,839		—		—		32,839
Specialty Retail		10,926		3,139		—		14,065
Technology Hardware, Storage & Peripherals		11,666		—		—		11,666
Textiles, Apparel & Luxury Goods		34,452		—		—		34,452
Trading Companies & Distributors		17,255		—		—		17,255
Transportation Infrastructure		43,942		—		—		43,942
Water Utilities		14,206		—		—		14,206
Wireless Telecommunication Services		12,399		—		—		12,399
Short-Term Investment		966		—		—		966
TOTAL INVESTMENTS	$	2,275,253	$	73,013	$	—	$	2,348,266

See accompanying notes to financial statements.

75

SPDR MSCI China A Shares IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		338	$	338	$	1	$	339	$	—	$	—		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Class G Shares		—		—		21,748		20,782		—		—		966		966		5
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,447		1,447		—		—		—		—		1
TOTAL			$	338	$	23,196	$	22,568	$	—	$	—			$	966	$	6

See accompanying notes to financial statements.

76

SPDR S&P Emerging Markets Dividend ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.7%
CHILE — 0.5%
Banco de Chile ADR		357	$	32,547
Banco de Credito e Inversiones		20,072		1,271,251
Embotelladora Andina SA Class B, Preference Shares		154,991		725,448
				2,029,246
CHINA — 11.9%
China Merchants Port Holdings Co., Ltd.		1,932,393		5,962,420
China Overseas Land & Investment, Ltd.		3,260,000		10,601,354
China Resources Land, Ltd.		3,186,000		9,748,857
China Telecom Corp., Ltd. Class H		19,210,000		9,837,787
China Zhongwang Holdings, Ltd. (a)		2,034,000		1,039,044
Far East Horizon, Ltd.		1,367,000		1,284,620
Guangdong Investment, Ltd.		3,780,000		5,391,220
Jiangsu Expressway Co., Ltd. Class H		1,926,000		2,949,154
Logan Property Holdings Co., Ltd. (a)		40,100		41,380
Shenzhen International Holdings, Ltd.		1,819,719		3,420,113
Shenzhen Investment, Ltd.		164,436		74,526
				50,350,475
COLOMBIA — 1.0%
Bancolombia SA Preference Shares		277,255		3,189,145
Grupo Aval Acciones y Valores SA Preference Shares		2,163,388		979,764
				4,168,909
HONG KONG — 1.8%
Lee & Man Paper Manufacturing, Ltd.		3,538,000		4,529,684
Skyworth Digital Holdings, Ltd. (a)		5,948,000		3,038,462
				7,568,146
INDIA — 1.9%
Infosys, Ltd.		585,924		8,072,153
INDONESIA — 4.4%
Bank Rakyat Indonesia Persero Tbk PT		7,864,200		8,918,677
Telekomunikasi Indonesia Persero Tbk PT		28,023,800		9,737,277
				18,655,954
MALAYSIA — 5.9%
Astro Malaysia Holdings Bhd		976,800		652,357
Bursa Malaysia Bhd		477,400		1,130,610
Inari Amertron Bhd		2,702,700		1,625,781
IOI Properties Group Bhd		1,372,100		656,398
Petronas Gas Bhd		383,200		1,624,459
Public Bank Bhd		1,850,800		8,959,231
Tenaga Nasional Bhd		2,691,300		9,127,156
Westports Holdings Bhd		1,377,200		1,242,660
				25,018,652
MEXICO — 0.5%
Bolsa Mexicana de Valores SAB de CV		468,094		784,915
Macquarie Mexico Real Estate Management SA de CV REIT (b)		1,164,707		1,546,379
				2,331,294
PHILIPPINES — 0.9%
DMCI Holdings, Inc.		6,319,400		1,940,622
Semirara Mining & Power Corp.		2,232,660		2,052,485
				3,993,107
POLAND — 1.0%
Asseco Poland SA		81,164		1,031,046
Polskie Gornictwo Naftowe i Gazownictwo SA		1,626,312		3,030,409
				4,061,455
QATAR — 0.5%
Qatar Electricity & Water Co. QSC		15,677		752,686
Qatar International Islamic Bank QSC		51,960		730,858
Qatar Islamic Bank SAQ		28,104		703,304
				2,186,848
RUSSIA — 6.4%
Gazprom PJSC ADR		3,121,939		13,080,924
LUKOIL PJSC		202,769		10,778,296
LUKOIL PJSC ADR		57,249		3,030,190
				26,889,410
SOUTH AFRICA — 23.2%
AVI, Ltd.		330,276		2,394,669
Barclays Africa Group, Ltd.		756,106		7,783,650
FirstRand, Ltd. (a)		1,521,042		5,861,123
Foschini Group, Ltd.		554,336		5,573,124
Growthpoint Properties, Ltd. REIT (a)		3,428,892		6,170,863
JSE, Ltd.		108,575		995,891
Liberty Holdings, Ltd.		262,599		2,046,726
Life Healthcare Group Holdings, Ltd.		3,488,530		6,123,174
MMI Holdings, Ltd. (a)		1,242,718		1,596,827
Nedbank Group, Ltd.		419,185		6,291,268
Netcare, Ltd.		2,393,319		4,218,552
Pick n Pay Stores, Ltd.		787,725		3,360,921
Rand Merchant Investment Holdings, Ltd.		753,979		2,315,683
Reunert, Ltd.		107,651		539,909
RMB Holdings, Ltd.		670,796		3,154,642
Sanlam, Ltd.		943,596		4,728,288
SPAR Group, Ltd.		412,108		5,099,426
Standard Bank Group, Ltd. (a)		534,733		6,249,673
Tiger Brands, Ltd.		122,544		3,424,698
Truworths International, Ltd. (a)		1,314,423		7,520,028
Tsogo Sun Holdings, Ltd.		717,074		1,075,943
Vodacom Group, Ltd.		476,071		5,681,472
Woolworths Holdings, Ltd.		1,307,006		5,797,192
				98,003,742
TAIWAN — 22.0%
Advanced Semiconductor Engineering, Inc.		5,632,361		6,890,931
Cheng Shin Rubber Industry Co., Ltd.		2,078,000		4,159,563
Chin-Poon Industrial Co., Ltd.		845,000		1,621,785
FLEXium Interconnect, Inc.		2,156,864		8,250,766
Giant Manufacturing Co., Ltd.		271,000		1,273,496
Ginko International Co., Ltd.		183,000		1,252,226
Hua Nan Financial Holdings Co., Ltd.		6,391,900		3,467,443
Huaku Development Co., Ltd.		448,000		978,024
Kung Long Batteries Industrial Co., Ltd.		111,000		539,919

See accompanying notes to financial statements.

77

SPDR S&P Emerging Markets Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Lite-On Technology Corp.		2,574,000	$	3,675,445
Mega Financial Holding Co., Ltd.		6,894,000		5,388,069
Namchow Holdings Co., Ltd.		284,000		569,424
Phison Electronics Corp.		560,000		6,648,199
Pou Chen Corp.		1,751,000		2,197,123
Sercomm Corp.		504,000		1,357,895
Simplo Technology Co., Ltd.		343,800		1,825,346
Sinbon Electronics Co., Ltd.		336,000		888,643
Sitronix Technology Corp.		400,000		1,160,797
Taiwan Mobile Co., Ltd.		2,292,200		8,163,751
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		256,360		9,626,318
TTY Biopharm Co., Ltd.		587,000		1,718,955
TXC Corp.		728,000		943,490
Uni-President Enterprises Corp.		4,468,000		9,356,220
United Microelectronics Corp.		10,310,000		5,150,920
Wistron NeWeb Corp.		882,035		2,530,571
WPG Holdings, Ltd.		2,528,000		3,363,831
				92,999,150
THAILAND — 17.1%
Bangkok Bank PCL		1,359,397		7,948,498
Bangkok Bank PCL NVDR		418,900		2,342,574
Delta Electronics Thailand PCL (c)		84,300		220,545
Delta Electronics Thailand PCL NVDR		478,100		1,250,801
Electricity Generating PCL (c)		28,100		198,006
Electricity Generating PCL NVDR		262,300		1,848,291
Glow Energy PCL (c)		114,600		306,688
Glow Energy PCL NVDR		868,500		2,324,247
Major Cineplex Group PCL (c)		27,000		24,693
Major Cineplex Group PCL NVDR		834,000		762,729
Pruksa Holding PCL NVDR		37,000		26,072
PTT Global Chemical PCL (c)		105,400		243,352
PTT Global Chemical PCL NVDR		4,551,100		10,507,787
PTT PCL		25,700		314,411
PTT PCL NVDR		1,116,100		13,654,237
Ratchaburi Electricity Generating Holding PCL (c)		745,000		1,200,712
Siam Cement PCL		108,400		1,631,688
Siam Cement PCL NVDR		702,200		10,527,736
Thai Beverage PCL		11,540,700		7,648,757
Thai Vegetable Oil PCL (c)		53,100		45,776
Thai Vegetable Oil PCL NVDR		1,641,300		1,414,914
Thanachart Capital PCL (c)		279,500		408,564
Thanachart Capital PCL NVDR		1,330,700		1,945,176
Tisco Financial Group PCL (c)		184,900		426,906
Tisco Financial Group PCL NVDR		2,159,400		4,985,721
				72,208,881
TURKEY — 0.7%
Enka Insaat ve Sanayi A/S		2,079,723		3,029,432
TOTAL COMMON STOCKS (Cost $417,501,924)				421,566,854
SHORT-TERM INVESTMENTS — 3.9%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (d) (e)		26,195		26,195
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		16,561,043		16,561,043
TOTAL SHORT-TERM INVESTMENTS (Cost $16,587,238)				16,587,238
TOTAL INVESTMENTS — 103.6% (Cost $434,089,162)				438,154,092
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.6)%				(15,296,505	)
NET ASSETS — 100.0%			$	422,857,587

(a) All or a portion of the shares of the security are on loan at September 30, 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 September 30, 2017, total aggregate fair value of securities is $3,075,242 representing 0.7% 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 September 30, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at September 30, 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 September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Chile	$	2,029,246	$	—	$	—	$	2,029,246
China		50,350,475		—		—		50,350,475
Colombia		4,168,909		—		—		4,168,909

See accompanying notes to financial statements.

78

SPDR S&P Emerging Markets Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Hong Kong	$	7,568,146	$	—	$	—	$	7,568,146
India		8,072,153		—		—		8,072,153
Indonesia		18,655,954		—		—		18,655,954
Malaysia		25,018,652		—		—		25,018,652
Mexico		2,331,294		—		—		2,331,294
Philippines		3,993,107		—		—		3,993,107
Poland		4,061,455		—		—		4,061,455
Qatar		2,186,848		—		—		2,186,848
Russia		26,889,410		—		—		26,889,410
South Africa		98,003,742		—		—		98,003,742
Taiwan		92,999,150		—		—		92,999,150
Thailand		68,819,228		3,389,653		—		72,208,881
Turkey		3,029,432		—		—		3,029,432
Short-Term Investments		16,587,238		—		—		16,587,238
TOTAL INVESTMENTS	$	434,764,439	$	3,389,653	$	—	$	438,154,092

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		26,945,675		26,919,480		—		—		26,195		26,195		2,685
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		41,759,372		41,759,372		—		—		—		—		1,355
State Street Navigator Securities Lending Government Money Market Portfolio*		5,451,073		5,451,073		106,145,721		95,035,751		—		—		16,561,043		16,561,043		55,743
TOTAL			$	5,745,122	$	174,850,768	$	164,008,652	$	—	$	—	$	16,587,238			$	59,813

* 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 S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUSTRALIA — 6.5%
Abacus Property Group		159,620	$	473,429
ACN 004 410 833, Ltd. (a) (b)		1,727,582		—
Aconex, Ltd. (a) (c)		118,895		372,231
AET&D Holdings NO. 1 Pty, Ltd. (b) (c)		110,316		—
Afterpay Touch Group, Ltd. (a)		76,707		251,586
Ainsworth Game Technology, Ltd. (c)		67,801		135,660
Altium, Ltd.		62,143		527,101
Amaysim Australia, Ltd. (c)		148,510		228,978
APN Outdoor Group, Ltd. (c)		94,748		350,160
Appen, Ltd.		53,374		218,194
ARB Corp., Ltd. (c)		41,723		566,366
Ardent Leisure Group (c)		267,417		381,888
Arena REIT		166,171		299,888
Asaleo Care, Ltd.		196,048		237,666
Astro Japan Property Group		33,776		191,612
Atlas Iron, Ltd. (a)		57		1
Ausdrill, Ltd.		144,159		227,360
Austal, Ltd.		156,706		191,202
Australian Agricultural Co., Ltd. (a) (c)		189,905		229,474
Australian Pharmaceutical Industries, Ltd.		113,421		132,604
Automotive Holdings Group, Ltd. (c)		102,082		265,927
Aveo Group		188,423		353,352
AWE, Ltd. (a)		297,134		104,916
BC Iron, Ltd. (a)		3		—
Beach Energy, Ltd.		1,273,364		824,294
Beadell Resources, Ltd. (a) (c)		540,567		80,590
Bega Cheese, Ltd.		86,324		462,624
Bellamy’s Australia, Ltd. (c)		34,697		205,004
Bingo Industries, Ltd. (a)		141,428		244,137
Blackmores, Ltd. (c)		6,839		633,214
Breville Group, Ltd.		58,396		518,687
Brickworks, Ltd.		40,618		430,576
Burson Group, Ltd.		102,330		420,736
Buru Energy, Ltd. (a)		12		2
BWP Trust		167,408		387,502
BWX, Ltd.		58,319		268,611
Cabcharge Australia, Ltd.		61,109		87,028
Cardno, Ltd. (a)		103,222		113,390
Cash Converters International, Ltd.		33,142		10,272
Central Petroleum, Ltd. (a)		21		2
Charter Hall Group REIT		221,774		934,460
Charter Hall Long Wale REIT		72,423		239,809
Charter Hall Retail REIT		247,166		766,058
Clean TeQ Holdings, Ltd. (a) (c)		245,431		200,281
Cleanaway Waste Management, Ltd.		741,519		800,020
Collins Foods, Ltd.		51,126		234,679
Cooper Energy, Ltd. (a)		908,462		199,591
Corporate Travel Management, Ltd. (c)		50,144		860,092
Costa Group Holdings, Ltd.		135,380		592,740
Credit Corp. Group, Ltd.		27,506		414,817
Cromwell Property Group		479,465		359,283
CSR, Ltd.		334,877		1,242,860
Dacian Gold, Ltd. (a) (c)		127,502		200,089
Data#3, Ltd.		6		8
DuluxGroup, Ltd.		173,048		950,475
Eclipx Group, Ltd.		143,350		455,542
Elders, Ltd. (a)		62,452		237,664
Emeco Holdings, Ltd. (a)		30		5
EML Payments, Ltd. (a)		187,673		294,515
Estia Health, Ltd. (c)		99,556		247,630
Evolution Mining, Ltd.		45		78
Fairfax Media, Ltd.		1,054,043		781,567
FAR, Ltd. (a)		4,263,253		234,161
Fleetwood Corp., Ltd.		30		64
FlexiGroup, Ltd. (c)		139,960		170,769
Folkestone Education Trust		137,008		294,559
G8 Education, Ltd. (c)		175,338		559,946
Galaxy Resources, Ltd. (a) (c)		162,890		332,310
Gateway Lifestyle (c)		172,216		264,853
GDI Property Group		218,076		193,358
Genworth Mortgage Insurance Australia, Ltd.		88,869		194,550
Gold Road Resources, Ltd. (a) (c)		457,427		254,833
GrainCorp, Ltd. Class A		113,359		725,808
Greencross, Ltd.		58,653		243,457
Greenland Minerals & Energy, Ltd. (a)		84		6
Growthpoint Properties Australia, Ltd. (c)		77,605		193,030
GUD Holdings, Ltd.		45,720		391,029
GWA Group, Ltd.		133,960		274,342
Hansen Technologies, Ltd.		97,471		256,210
Horizon Oil, Ltd. (a)		54		2
Hotel Property Investments		83,854		207,915
HT&E, Ltd. (c)		90,002		145,477
Icon Energy, Ltd. (a)		24		—
IDP Education, Ltd.		48,376		214,464
Imdex, Ltd. (a)		9		6
Independence Group NL (c)		257,211		698,299
Industria REIT		99,447		195,858
Infigen Energy (a)		961,928		573,630
Ingenia Communities Group		61,180		126,733
Inghams Group, Ltd.		85,226		250,772
InvoCare, Ltd.		206,554		2,544,539
IPH, Ltd.		104,106		370,858
IRESS, Ltd. (c)		54,139		483,849
iSelect, Ltd.		164,242		206,196
iSentia Group, Ltd. (c)		121,045		169,061
Jacana Minerals, Ltd. (b)		12,051		—
Japara Healthcare, Ltd. (c)		130,487		183,272
JB Hi-Fi, Ltd. (c)		147		2,644
Karoon Gas Australia, Ltd. (a)		132,495		133,591
Kingsgate Consolidated, Ltd. (a)		1,374		302
Liquefied Natural Gas, Ltd. (a)		238,602		73,952
Lynas Corp., Ltd. (a) (c)		2,828,955		432,849
MACA, Ltd.		29,830		50,089
Mantra Group, Ltd.		145,866		365,107
Mayne Pharma Group, Ltd. (a) (c)		940,955		487,291
McMillan Shakespeare, Ltd.		41,901		483,301
Melbourne IT, Ltd.		6		13
Mesoblast, Ltd. (a) (c)		131,360		141,208
Metals X, Ltd.		195,979		122,251
Mincor Resources NL (a)		9		2
Monadelphous Group, Ltd. (c)		74,895		922,632
Mount Gibson Iron, Ltd.		528,793		157,669

See accompanying notes to financial statements.

80

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Myer Holdings, Ltd. (c)		450,302	$	273,830
MYOB Group, Ltd. (c)		116,391		314,162
Nanosonics, Ltd. (a)		156,391		320,279
Navitas, Ltd. (c)		145,753		518,074
New South Resources, Ltd. (a) (c)		254,925		299,040
NEXTDC, Ltd. (a)		190,466		651,598
Nick Scali, Ltd.		41,952		212,977
Nine Entertainment Co. Holdings, Ltd.		239,747		259,602
NRW Holdings, Ltd. (a)		6		6
Nufarm, Ltd.		123,808		805,340
OceanaGold Corp.		332,500		1,002,299
oOh!media, Ltd.		91,053		314,357
Orocobre, Ltd. (a) (c)		92,674		325,043
OZ Minerals, Ltd.		157,840		918,960
OzForex Group, Ltd. (c)		127,420		173,965
Pact Group Holdings, Ltd.		66,416		273,074
Paladin Energy, Ltd. (a) (c)		772,885		28,503
Perseus Mining, Ltd. (a) (c)		312,648		82,182
Pilbara Minerals, Ltd. (a) (c)		506,545		252,387
Premier Investments, Ltd.		45,012		459,496
Primary Health Care, Ltd.		176,234		425,908
Programmed Maintenance Services, Ltd.		274,854		649,149
Propertylink Group REIT		370,079		270,056
Quintis, Ltd. (c)		148,677		34,415
RCG Corp., Ltd. (c)		267,769		160,730
RCR Tomlinson, Ltd.		50,447		170,208
Regis Healthcare, Ltd. (c)		101,173		276,261
Regis Resources, Ltd.		211,110		596,331
Reject Shop, Ltd. (c)		31,067		99,213
Reliance Worldwide Corp., Ltd. (c)		278,368		860,580
Resapp Health, Ltd. (a) (c)		376,776		19,808
Resolute Mining, Ltd.		364,626		294,687
Retail Food Group, Ltd. (c)		78,929		265,067
Rural Funds Group REIT		160,395		271,844
Sandfire Resources NL		57,212		258,574
Saracen Mineral Holdings, Ltd. (a) (c)		273,475		282,176
Select Harvests, Ltd. (c)		53,042		160,651
Senex Energy, Ltd. (a) (c)		603,735		156,328
Service Stream, Ltd.		222,889		255,339
Seven West Media, Ltd.		481,688		251,341
SG Fleet Group, Ltd.		74,523		230,974
Shopping Centres Australasia Property Group		311,310		559,377
Sigma Healthcare, Ltd.		1,026,856		664,721
Silver Chef, Ltd. (c)		10,535		59,517
Silver Lake Resources, Ltd. (a)		288,212		91,589
Sirtex Medical, Ltd.		33,537		351,566
Slater & Gordon, Ltd. (a) (c)		157,806		9,039
SmartGroup Corp., Ltd.		46,529		336,613
Southern Cross Media Group, Ltd.		502,189		464,970
SpeedCast International, Ltd. (c)		125,969		393,389
St. Barbara, Ltd.		282,812		583,619
Steadfast Group, Ltd.		384,728		842,236
Strandline Resources, Ltd. (a)		645		2
Super Retail Group, Ltd. (c)		58,126		368,061
Superloop, Ltd.		105,086		195,420
Syrah Resources, Ltd. (a) (c)		113,816		307,212
Tap Oil, Ltd. (a)		9		—
Tassal Group, Ltd.		45,048		136,086
Technology One, Ltd.		129,938		511,818
Ten Network Holdings, Ltd. (a) (c)		59,551		7,476
Tiger Resources, Ltd. (a)		2,464		95
Tox Free Solutions, Ltd.		77,489		152,004
Village Roadshow, Ltd.		23,395		68,838
Virtus Health, Ltd. (c)		17,006		74,458
Vita Group, Ltd. (c)		76,849		102,208
Viva Energy REIT		164,335		272,075
Vocus Group, Ltd.		332,862		624,220
Webjet, Ltd.		73,829		624,484
Western Areas, Ltd. (c)		116,476		237,621
Westgold Resources, Ltd. (a) (c)		96,688		148,698
WiseTech Global, Ltd.		55,107		376,185
WPP AUNZ, Ltd.		617,328		532,825
				57,336,880
AUSTRIA — 0.4%
DO & Co. AG		3,869		188,222
Palfinger AG		5,387		244,805
POLYTEC Holding AG		4,355		103,330
Porr AG (c)		8,038		253,955
RHI AG		13,221		552,516
S IMMO AG		31,022		549,196
S&T AG		21,306		468,999
Schoeller-Bleckmann Oilfield Equipment AG (a)		4,969		397,752
Semperit AG Holding		5,305		163,061
Zumtobel Group AG		23,289		404,724
				3,326,560
BELGIUM — 1.3%
Ablynx NV (a)		33,258		484,393
Aedifica SA		7,693		725,936
AGFA-Gevaert NV (a)		182,314		869,885
Barco NV		18,046		1,947,578
Befimmo SA		7,264		458,315
Celyad SA (a)		4,443		251,490
Econocom Group SA		49,955		381,448
Euronav NV (c)		63,172		519,413
EVS Broadcast Equipment SA		15,983		604,549
Fagron (a)		15,720		228,957
Greenyard NV		11,146		254,839
Ion Beam Applications (c)		11,591		393,821
Kinepolis Group NV		3,491		231,899
MDxHealth (a) (c)		52,365		292,815
Nyrstar NV (a) (c)		56,191		447,067
Orange Belgium SA		22,441		518,922
Recticel SA		30,351		272,336
Retail Estates NV REIT		4,493		390,988
Rezidor Hotel Group AB		69,593		278,803
Tessenderlo Group SA (a)		39,333		1,913,917
X-Fab Silicon Foundries SE (a) (c) (d)		45,558		398,015
				11,865,386
CANADA — 9.0%
Advantage Oil & Gas, Ltd. (a)		137,266		858,290
Aecon Group, Inc.		29,178		409,913
AG Growth International, Inc.		6,553		279,013
AGF Management, Ltd. Class B		11,754		76,032

See accompanying notes to financial statements.

81

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
AGT Food & Ingredients, Inc. (c)		11,130	$	217,501
Aimia, Inc.		62,081		122,608
Alaris Royalty Corp. (c)		16,137		265,412
Alio Gold, Inc. (a)		4,899		21,544
Altius Minerals Corp.		10,884		103,649
Altus Group, Ltd.		19,641		498,936
Aphria, Inc. (a)		72,500		412,745
Arbutus Biopharma Corp. (a) (e) (f)		11,276		69,911
Arbutus Biopharma Corp. (a) (f)		1,595		9,889
Aritzia, Inc. (a)		32,900		390,649
Arizona Mining, Inc. (a)		101,600		246,150
Artis Real Estate Investment Trust		17,534		185,343
Asanko Gold, Inc. (a) (c)		87,825		82,864
Athabasca Oil Corp. (a)		160,675		143,890
Atrium Mortgage Investment Corp. (c)		35,888		345,494
ATS Automation Tooling Systems, Inc. (a)		34,578		366,613
Aurinia Pharmaceuticals, Inc. (a)		49,000		306,385
Aurora Cannabis, Inc. (a) (c)		205,800		457,461
AutoCanada, Inc.		9,256		176,217
Avigilon Corp. (a) (c)		15,820		226,172
Badger Daylighting, Ltd. (c)		15,575		330,890
Ballard Power Systems, Inc. (a)		73,527		343,928
Baytex Energy Corp. (a) (c)		96,705		290,737
Bellatrix Exploration, Ltd. (a) (c)		19,791		56,335
Birchcliff Energy, Ltd.		103,064		498,570
Bird Construction, Inc. (c)		19,816		157,653
Black Diamond Group, Ltd.		12,586		23,347
Boardwalk Real Estate Investment Trust		12,833		390,023
Bonavista Energy Corp. (c)		96,478		229,884
Bonterra Energy Corp.		10,082		133,013
Boralex, Inc. Class A		25,700		441,605
Boyd Group Income Fund		5,181		379,798
Calfrac Well Services, Ltd. (a) (c)		42,399		171,881
Callidus Capital Corp. (c)		13,800		113,653
Canaccord Genuity Group, Inc.		49,603		170,149
Canacol Energy, Ltd. (a) (c)		52,674		174,787
Canadian Solar, Inc. (a) (c)		18,821		316,946
Canadian Western Bank (c)		45,289		1,220,719
Canopy Growth Corp. (a) (c)		93,800		804,011
Capstone Mining Corp. (a)		213,794		232,487
Cara Operations, Ltd.		9,312		181,601
Cardinal Energy, Ltd. (c)		46,932		177,123
Cargojet, Inc.		7,600		306,759
Cascades, Inc.		26,232		313,781
Celestica, Inc. (a)		112,730		1,391,717
Centerra Gold, Inc.		113,813		799,917
CES Energy Solutions Corp.		149,418		753,870
Chemtrade Logistics Income Fund		22,900		362,731
Chorus Aviation, Inc.		37,400		250,001
Cineplex, Inc. (c)		35,100		1,095,673
Cogeco, Inc.		4,500		294,615
Colliers International Group, Inc.		30,968		1,532,738
Colossus Minerals, Inc. (a) (b)		390		—
Computer Modelling Group, Ltd.		42,663		312,472
Continental Gold, Inc. (a) (c)		58,747		141,859
Crew Energy, Inc. (a)		71,282		253,062
Crombie Real Estate Investment Trust		19,200		209,248
Dalradian Resources, Inc. (a) (c)		112,804		120,863
Delphi Energy Corp. (a)		68,552		67,968
Denison Mines Corp. (a) (c)		285,953		132,613
DIRTT Environmental Solutions (a)		31,331		137,284
Dominion Diamond Corp.		47,304		669,098
Dorel Industries, Inc. Class B		15,238		363,816
Dream Global Real Estate Investment Trust		31,200		274,667
Dream Office Real Estate Investment Trust		16,600		279,133
DREAM Unlimited Corp. Class A (a)		85,049		490,988
Dundee Precious Metals, Inc. (a)		60,396		130,388
ECN Capital Corp.		227,700		720,979
Eldorado Gold Corp.		433,400		949,519
Endeavour Mining Corp. (a) (c)		36,762		733,682
Endeavour Silver Corp. (a) (c)		63,307		150,339
EnerCare, Inc.		49,454		808,647
Enerflex, Ltd.		42,866		630,660
Enghouse Systems, Ltd.		11,835		489,336
Ensign Energy Services, Inc.		57,612		324,763
Entertainment One, Ltd.		147,638		511,042
Equitable Group, Inc. (c)		6,694		299,735
Exchange Income Corp. (c)		13,133		366,798
Extendicare, Inc. (c)		47,112		351,461
Fiera Capital Corp.		31,500		363,699
Firm Capital Mortgage Investment Corp. (c)		31,958		315,581
First Majestic Silver Corp. (a)		97,100		661,490
First Mining Finance Corp. (a)		373,500		201,585
Fortuna Silver Mines, Inc. (a)		78,783		343,945
Freehold Royalties, Ltd. (c)		54,119		637,840
GASFRAC Energy Services, Inc. (a) (b)		21,904		—
Gibson Energy, Inc.		64,664		916,200
Gluskin Sheff + Associates, Inc.		13,196		198,365
Gran Tierra Energy, Inc. (a)		164,554		372,357
Granite Oil Corp. (c)		23,156		64,803
Granite Real Estate Investment Trust		25,396		1,016,733
Great Canadian Gaming Corp. (a)		29,961		768,999
Guardian Capital Group, Ltd. Class A		86,300		1,687,151
Guyana Goldfields, Inc. (a)		81,399		272,057
High Liner Foods, Inc.		5,790		64,861
Home Capital Group, Inc. (c)		25,833		286,907
Horizon North Logistics, Inc. (c)		76,561		85,092
Hudson’s Bay Co. (c)		63,400		644,316
Innergex Renewable Energy, Inc.		59,265		680,956
Interfor Corp. (a)		28,707		454,023
InterRent Real Estate Investment Trust		8,375		53,907
Intertape Polymer Group, Inc.		36,428		530,116
Jamieson Wellness, Inc.		16,900		268,908
Just Energy Group, Inc. (c)		81,738		472,527
Kelt Exploration, Ltd. (a)		60,810		346,680
Killam Apartment Real Estate Investment Trust		21,100		222,531
Kinaxis, Inc. (a)		12,279		723,594
Kinder Morgan Canada, Ltd. (d)		59,700		826,773
Klondex Mines, Ltd. (a)		66,711		242,702
Knight Therapeutics, Inc. (a)		32,256		223,096
Labrador Iron Ore Royalty Corp. (c)		26,224		415,172

See accompanying notes to financial statements.

82

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Laurentian Bank of Canada		18,826	$	907,845
Lightstream Resources, Ltd. (a) (b)		64,736		—
Liquor Stores N.A., Ltd.		16,730		131,764
Lithium Americas Corp. (a)		151,700		201,353
Lucara Diamond Corp.		116,581		225,583
MacDonald Dettwiler & Associates, Ltd.		19,000		1,078,335
MAG Silver Corp. (a)		53,749		600,387
Major Drilling Group International, Inc. (a) (c)		103,329		578,342
Martinrea International, Inc.		70,073		635,372
Medical Facilities Corp.		16,906		210,742
MEG Energy Corp. (a) (c)		90,219		396,036
Morneau Shepell, Inc.		35,165		584,841
Mountain Province Diamonds, Inc. (a) (c)		43,693		141,841
MTY Food Group, Inc.		9,987		390,329
Mullen Group, Ltd. (c)		64,819		883,672
Nemaska Lithium, Inc. (a)		219,000		246,904
Nevsun Resources, Ltd. (c)		112,000		241,794
NexGen Energy, Ltd. (a) (c)		154,325		341,806
North American Palladium, Ltd. (a)		3		15
North West Co., Inc. (c)		29,657		709,264
Northern Dynasty Minerals, Ltd. (a) (c)		172,200		308,422
Northview Apartment Real Estate Investment Trust		15,600		279,906
NorthWest Healthcare Properties Real Estate Investment Trust		22,000		199,304
Novagold Resources, Inc. (a) (c)		119,966		489,207
NuVista Energy, Ltd. (a)		105,812		638,772
Obsidian Energy, Ltd. (a) (c)		194,960		205,771
OneREIT		9,495		32,494
Osisko Mining, Inc. (a)		91,400		320,830
Painted Pony Energy, Ltd. (a) (c)		50,326		134,401
Paramount Resources, Ltd. Class A (a)		43,229		853,761
Parex Resources, Inc. (a)		93,659		1,127,068
Pason Systems, Inc.		40,231		604,116
Pengrowth Energy Corp. (a) (c)		241,639		245,378
Pizza Pizza Royalty Corp.		23,038		305,049
Poseidon Concepts Corp. (a) (b)		43,064		—
Precision Drilling Corp. (a)		145,373		451,003
Premier Gold Mines, Ltd. (a)		98,874		282,237
Pretium Resources, Inc. (a)		63,066		582,427
Primero Mining Corp. (a) (c)		57,668		4,150
ProMetic Life Sciences, Inc. (a) (c) (f)		274,482		351,154
ProMetic Life Sciences, Inc. (a) (f)		3,753		4,774
Pure Industrial Real Estate Trust		60,100		305,630
Quarterhill, Inc.		1,107		1,452
Raging River Exploration, Inc. (a)		134,780		848,134
Redknee Solutions, Inc. (a)		810		505
Richmont Mines, Inc. (a)		27,584		256,508
Rogers Sugar, Inc. (c)		64,288		324,871
Rubicon Minerals Corp. (a)		15		19
Russel Metals, Inc.		33,840		746,258
Sabina Gold & Silver Corp. (a)		116,600		206,042
Sandstorm Gold, Ltd. (a) (c)		108,389		488,797
Savaria Corp.		23,900		266,012
Seabridge Gold, Inc. (a) (c)		24,518		298,964
Secure Energy Services, Inc. (c)		109,494		758,180
SEMAFO, Inc. (a)		143,391		378,355
ShawCor, Ltd.		33,292		734,971
Sherritt International Corp. (a) (c)		164,688		140,900
Sienna Senior Living, Inc. (c)		38,495		556,194
Sierra Wireless, Inc. (a)		17,431		373,108
Silvercorp Metals, Inc.		107,026		289,248
SilverCrest Metals, Inc. (a)		54		63
Slate Office REIT		36,600		235,289
Sleep Country Canada Holdings, Inc. (d)		17,075		492,597
Southern Pacific Resource Corp. (a) (b)		281,142		—
Spartan Energy Corp. (a)		522		2,851
Sprott, Inc. (c)		130,100		219,495
SSR Mining, Inc. (a)		67,897		717,705
Stornoway Diamond Corp. (a)		155,285		93,123
Stuart Olson, Inc.		69		286
Student Transportation, Inc. (c)		38,600		229,936
Summit Industrial Income REIT		40,300		239,741
SunOpta, Inc. (a)		34,410		299,367
Sunshine Oilsands, Ltd. (a)		1,799,500		64,509
Superior Plus Corp. (c)		61,518		621,747
Surge Energy, Inc. (c)		115,167		208,114
Tamarack Valley Energy, Ltd. (a)		171,700		388,527
Teranga Gold Corp. (a)		33,426		74,835
Theratechnologies, Inc. (a)		54,700		328,467
Timbercreek Financial Corp.		26,000		194,379
TORC Oil & Gas, Ltd. (c)		53,978		265,434
Torex Gold Resources, Inc. (a)		39,688		620,398
Total Energy Services, Inc.		41,911		475,526
TransAlta Corp.		145,707		850,487
Transcontinental, Inc. Class A		41,914		864,320
Trevali Mining Corp. (a)		372,479		419,938
Trican Well Service, Ltd. (a)		206,562		753,147
Tricon Capital Group, Inc.		67,311		545,205
Trinidad Drilling, Ltd. (a)		101,664		153,636
Twin Butte Energy, Ltd. (a) (b)		83,708		—
Uni-Select, Inc.		62,248		1,341,867
Valener, Inc. (c)		10,700		188,735
Wajax Corp.		5,684		92,624
Western Forest Products, Inc.		192,662		411,312
Westshore Terminals Investment Corp. (c)		29,550		566,829
Yellow Pages, Ltd. (a) (c)		12,355		85,255
ZCL Composites, Inc.		23,200		236,146
				79,679,496
CHINA — 0.2%
APT Satellite Holdings, Ltd. (c)		143,500		67,059
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		87,000		112,722
Bloomage BioTechnology Corp., Ltd. (c)		92,500		184,747
BOE Varitronix, Ltd.		106,000		54,963
China Everbright Water, Ltd. (c)		167,493		52,421
China Gold International Resources Corp., Ltd. (a)		129,009		202,181
China Merchants Land, Ltd.		212,000		42,342
Chong Hing Bank, Ltd.		57,000		116,325

See accompanying notes to financial statements.

83

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Gemdale Properties & Investment Corp., Ltd.		2,752,000	$	310,057
Greenland Hong Kong Holdings, Ltd.		202,000		76,551
HC International, Inc. (c)		178,000		143,572
HengTen Networks Group, Ltd. (a) (c)		10,988,000		407,968
Huarong International Financial Holdings, Ltd. (a) (c)		363,000		134,312
Nam Tai Property, Inc.		13,814		149,882
Sino Grandness Food Industry Group, Ltd. (a) (c)		266,772		43,219
				2,098,321
DENMARK — 0.6%
ALK-Abello A/S		2,387		375,599
Alm Brand A/S		20,523		202,139
Amagerbanken A/S (a) (b)		308,573		—
Ascendis Pharma A/S ADR (a) (c)		12,700		460,375
Bang & Olufsen A/S (a)		35,061		757,498
D/S Norden A/S (a)		15,645		334,284
Forward Pharma A/S ADR (a)		6,240		36,754
H+H International A/S Class B (a)		31,327		567,338
Matas A/S		14,336		209,524
NNIT A/S (d)		7,972		240,624
OW Bunker A/S (a) (b)		9,828		—
Per Aarsleff Holding A/S Class B		11,889		349,410
Ringkjoebing Landbobank A/S		10,744		554,712
Scandinavian Tobacco Group A/S Class A (d)		30,619		543,328
Solar A/S Class B		1,509		91,933
Spar Nord Bank A/S		35,712		444,783
Zealand Pharma A/S (a)		22,768		439,460
				5,607,761
FINLAND — 0.7%
Caverion Corp. (a)		33,580		308,456
Cramo Oyj		16,154		424,150
F-Secure Oyj		65,461		330,447
Ferratum Oyj		7,361		232,783
Finnair Oyj		28,987		384,149
Kemira Oyj		48,671		639,832
Lehto Group Oyj		16,785		252,604
Oriola-KD Oyj Class B		35,960		144,540
Outotec Oyj (a) (c)		59,658		472,183
Pihlajalinna Oyj		11,718		221,371
PKC Group Oyj (a) (e)		177		4,928
Raisio Oyj Class V		46,615		202,247
Ramirent Oyj		35,051		362,162
Revenio Group Oyj		5,187		216,646
Sanoma Oyj		35,285		385,019
Stockmann Oyj Abp Class B (a)		19,389		137,530
Talvivaara Mining Co. PLC (a) (b)		572,382		—
Technopolis Oyj		52,066		241,901
Tikkurila Oyj		20,884		380,458
Tokmanni Group Corp.		22,499		190,178
Uponor Oyj		26,212		454,281
YIT Oyj		73,240		599,163
				6,585,028
FRANCE — 2.2%
AB Science SA (a) (c)		14,123		140,916
Akka Technologies		7,315		426,768
Albioma SA		12,026		271,263
Assystem		2,375		92,655
Beneteau SA		13,301		231,149
Boiron SA		3,361		299,990
Bonduelle SCA		5,033		226,695
Bourbon Corp. (c)		9,085		82,163
Cellectis SA (a) (c)		14,975		420,457
CGG SA (a) (c)		11,269		62,614
Chargeurs SA		8,711		264,662
Cie des Alpes		5,848		186,319
Coface SA (a)		43,308		465,396
Derichebourg SA		33,419		350,435
Devoteam SA		3,006		279,498
Eramet (a)		4,274		290,430
Esker SA		9,542		548,799
Etablissements Maurel et Prom (a)		2,040		9,068
Gaztransport Et Technigaz SA (c)		12,206		663,777
Genfit (a)		11,321		328,971
GL Events		30,493		1,011,169
Guerbet		3,079		286,831
Haulotte Group SA		3,302		62,458
ID Logistics Group (a)		1,276		227,782
Innate Pharma SA (a) (c)		27,000		328,131
Interparfums SA		2,288		91,344
IPSOS		15,170		525,196
Jacquet Metal Service		31,026		1,030,678
Kaufman & Broad SA		8,310		400,822
Le Noble Age		7,561		504,227
Lectra		15,216		477,771
Maisons du Monde SA (d)		20,032		880,845
Manitou BF SA		6,179		231,928
Marie Brizard Wine & Spirits SA (a)		14,617		245,033
Mercialys SA		19,592		391,432
Mersen SA		32,790		1,180,761
Nanobiotix (a)		13,923		280,474
Naturex (a)		3,597		407,377
Neopost SA		18,864		733,257
Nicox (a) (c)		18,098		204,861
Parrot SA (a) (c)		9,842		118,214
Pierre & Vacances SA (a)		1,082		58,201
Rallye SA		11,137		206,445
SOITEC (a)		10,611		696,084
Solocal Group (a)		257,833		309,687
Solutions 30 SE (a)		21,631		730,085
SRP Groupe SA (a) (d)		12,868		263,177
Ste Industrielle d’Aviation Latecoere SA (a)		55,164		380,203
Talend SA ADR (a)		9,400		384,836
Technicolor SA		223,181		770,426
Valneva SE (a) (c)		55,575		192,503
Virbac SA (a) (c)		1,926		283,362
				19,537,625
GERMANY — 3.4%
ADVA Optical Networking SE (a) (c)		12,499		84,476
AIXTRON SE (a) (c)		63,296		852,297
Amadeus Fire AG		3,255		302,919
Aumann AG (a) (d)		3,468		350,129

See accompanying notes to financial statements.

84

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
AURELIUS SE & Co. KGaA (c)		15,910	$	1,046,521
Bauer AG		5,619		181,979
BayWa AG		2,377		94,672
Bertrandt AG (c)		2,918		293,842
bet-at-home.com AG		1,830		256,474
Bilfinger SE		17,479		732,114
Biotest AG Preference Shares		11,881		318,908
Borussia Dortmund GmbH & Co. KGaA		40,908		396,564
CANCOM SE (c)		9,096		682,834
Capital Stage AG (c)		66,297		494,789
Cewe Stiftung & Co. KGaA		3,286		312,369
Deutsche Beteiligungs AG		6,525		351,057
Deutsche Pfandbriefbank AG (d)		37,324		558,615
Deutz AG		63,353		511,913
DIC Asset AG		83,840		926,632
Draegerwerk AG & Co. KGaA		2,348		197,637
Draegerwerk AG & Co. KGaA Preference Shares		1,544		171,196
Elmos Semiconductor AG		10,452		270,728
ElringKlinger AG (c)		8,643		161,134
GFT Technologies SE		12,231		229,472
Grammer AG		7,716		503,252
Hamborner REIT AG		46,814		506,393
Heidelberger Druckmaschinen AG (a) (c)		119,358		486,812
HELMA Eigenheimbau AG		2,642		149,812
Hornbach Holding AG & Co. KGaA		2,628		242,332
Hypoport AG (a)		2,003		352,469
Indus Holding AG		28,839		2,133,227
Isra Vision AG		826		155,995
Jenoptik AG		87,745		2,908,129
Kloeckner & Co. SE		57,570		738,442
Koenig & Bauer AG		8,964		738,945
KSB AG Preference Shares		265		144,408
LPKF Laser & Electronics AG (a)		13,451		121,283
Medigene AG (a) (c)		15,158		233,226
MLP SE		67,897		468,202
Nordex SE (a) (c)		40,225		459,276
Norma Group SE		16,113		1,059,874
PATRIZIA Immobilien AG (a) (c)		61,462		1,281,002
Pfeiffer Vacuum Technology AG		2,230		351,683
QSC AG		20,906		45,846
RIB Software SE (c)		17,188		364,738
SAF-Holland SA		16,376		332,987
SGL Carbon SE (a) (c)		24,251		410,117
SHS ST Deutschland Holding (e) (f)		17,810		395,202
SHS ST Deutschland Holding (e) (f)		12		44
SLM Solutions Group AG (a) (c)		5,956		250,666
SMA Solar Technology AG (c)		3,691		144,715
STRATEC Biomedical AG (c)		3,081		184,376
SUESS MicroTec SE (a) (c)		10,895		215,870
Surteco SE		8,585		262,356
Takkt AG		16,943		388,582
Technotrans AG		4,117		242,382
Tele Columbus AG (a) (d)		29,200		308,956
TLG Immobilien AG		22,607		521,424
Trivago NV ADR (a) (c)		20,500		222,425
Vossloh AG (a)		4,284		289,287
VTG AG		4,391		243,979
Wacker Neuson SE		10,031		332,872
Washtec AG		6,262		550,038
XING SE		1,724		540,100
Zeal Network SE		5,511		169,067
zooplus AG (a) (c)		2,744		462,264
				29,692,326
GREECE — 0.0% (g)
TT Hellenic Postbank SA (a) (b)		129,076		—
HONG KONG — 2.9%
Beijing Gas Blue Sky Holdings, Ltd. (a)		3,704,000		246,595
Cafe de Coral Holdings, Ltd.		177,191		551,262
Century Sunshine Group Holdings, Ltd. (a)		882,698		27,688
China Baoli Technologies Holdings, Ltd. (a)		9,925,000		199,499
China Cord Blood Corp. (a) (c)		47,582		529,112
China Goldjoy Group, Ltd. (c)		4,240,000		314,850
China Household Holdings, Ltd. (a)		780,000		50,930
China Innovationpay Group, Ltd. (a) (c)		2,460,000		154,327
China LNG Group, Ltd. (a) (c)		846,999		130,129
China LotSynergy Holdings, Ltd. (a)		4,860,000		118,222
China Ocean Resources Co., Ltd. (a) (c)		26,593		1,463
China Regenerative Medicine International, Ltd. (a) (c)		6,208,056		160,552
China Ruifeng Renewable Energy Holdings, Ltd. (a)		427,200		38,286
China Smarter Energy Group Holdings, Ltd. (a) (c)		2,062,000		158,398
China Strategic Holdings, Ltd. (a)		9,306,667		132,260
China Water Industry Group, Ltd. (a) (c)		440,000		91,823
Chow Sang Sang Holdings International, Ltd.		260,939		598,001
CK Life Sciences Int’l Holdings, Inc.		2,764,000		215,863
Common Splendor International Health Industry Group, Ltd. (a)		2,360,000		217,548
Digital Domain Holdings, Ltd. (a) (c)		4,879,996		144,950
Emperor Entertainment Hotel, Ltd.		100,000		24,454
Enerchina Holdings, Ltd. (c)		3,496,500		79,235
Esprit Holdings, Ltd. (a) (c)		979,435		546,729
Evergrande Health Industry Group, Ltd. (a) (c)		1,290,000		566,492
Fairwood Holdings, Ltd. (c)		158,000		633,157
FDG Electric Vehicles, Ltd. (a) (c)		7,657,493		382,350
Freeman FinTech Corp., Ltd. (a)		5,000,000		294,468
Future World Financial Holdings, Ltd. (a)		34,303		830
G-Resources Group, Ltd. (a)		14,290,790		188,453
GCL New Energy Holdings, Ltd. (a) (c)		3,806,000		253,386
Giordano International, Ltd.		1,430,000		858,655
Global Brands Group Holding, Ltd. (a)		2,818,000		270,590
HKBN, Ltd.		554,413		579,207
HKR International, Ltd. (c)		2,777,259		1,767,188

See accompanying notes to financial statements.

85

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
HMV Digital China Group, Ltd. (a)		7,820,000	$	250,298
Honbridge Holdings, Ltd. (a) (c)		1,418,000		185,177
Hopewell Highway Infrastructure, Ltd.		603,500		373,194
Hutchison Telecommunications Hong Kong Holdings, Ltd.		800,000		291,907
Hybrid Kinetic Group, Ltd. (a) (c)		8,619,000		215,180
K Wah International Holdings, Ltd.		1,686,670		1,014,934
Kong Sun Holdings, Ltd. (a)		75,000		3,601
L&A International Holdings, Ltd. (a)		1,901,584		2,435
Lai Sun Development Co., Ltd.		142,800		257,054
Landing International Development, Ltd. (a)		33,126,000		665,854
Lee’s Pharmaceutical Holdings, Ltd.		227,000		179,607
Noble Group, Ltd. (a) (c)		442,919		128,836
O Luxe Holdings, Ltd. (a) (c)		900,000		192,428
Pacific Basin Shipping, Ltd. (a) (c)		3,264,000		735,483
Pacific Textiles Holdings, Ltd.		492,000		505,184
Panda Green Energy Group, Ltd. (a) (c)		2,260,000		298,027
PAX Global Technology, Ltd. (c)		403,000		214,639
Peace Mark Holdings, Ltd. (a) (b)		504,228		—
Pico Far East Holdings, Ltd. (c)		202,000		84,569
Playmates Toys, Ltd.		380,000		62,760
Prosperity REIT		602,000		254,343
Road King Infrastructure, Ltd.		1,238,482		1,994,713
Sa Sa International Holdings, Ltd. (c)		730,000		285,058
Shun Tak Holdings, Ltd.		1,342,749		598,252
Singamas Container Holdings, Ltd. (a)		924,000		204,658
SmarTone Telecommunications Holdings, Ltd. (c)		243,630		292,267
SMI Holdings Group, Ltd. (c)		628,081		330,497
Spring Real Estate Investment Trust		264,000		117,623
Stella International Holdings, Ltd.		214,500		375,135
Summit Ascent Holdings, Ltd. (a) (c)		586,000		81,778
Sun Hung Kai & Co., Ltd.		348,000		223,662
SUNeVision Holdings, Ltd.		292,000		197,391
Sunlight Real Estate Investment Trust		173,000		112,074
Superb Summit International Group, Ltd. (a) (b) (c)		1,685,500		—
Television Broadcasts, Ltd. (c)		173,816		577,480
Texhong Textile Group, Ltd. (c)		231,500		314,764
Texwinca Holdings, Ltd.		802,850		482,078
Tongda Group Holdings, Ltd. (c)		2,230,000		596,707
Tou Rong Chang Fu Group, Ltd. (a)		2,420,000		41,517
Town Health International Medical Group, Ltd. (c)		1,968,000		176,373
Towngas China Co., Ltd. (a)		473,000		331,858
Truly International Holdings, Ltd. (c)		802,000		269,021
Value Partners Group, Ltd. (c)		438,000		395,342
Viva China Holdings, Ltd. (a)		1,896,000		179,631
Yuexiu Real Estate Investment Trust		1,153,000		726,281
				25,346,622
IRELAND — 0.8%
Amarin Corp. PLC ADR (a) (c)		152,246		532,861
C&C Group PLC		163,123		588,174
Cairn Homes PLC (a)		387,906		787,615
Dalata Hotel Group PLC (a)		82,882		541,846
Fly Leasing, Ltd. ADR (a) (c)		24,854		348,453
Green REIT PLC		326,478		581,645
Greencore Group PLC		382,234		1,006,161
Hibernia REIT PLC		388,727		700,818
Hostelworld Group PLC (d)		53,534		258,027
Irish Continental Group PLC		79,015		528,242
Irish Residential Properties REIT PLC		364,454		635,515
Origin Enterprises PLC		61,357		483,091
Trinity Biotech PLC ADR (a)		32,259		180,973
				7,173,421
ISRAEL — 1.8%
Africa Israel Properties, Ltd. (a)		2,642		58,358
Airport City, Ltd. (a)		39,532		510,626
Alony Hetz Properties & Investments, Ltd.		34,571		366,985
Amot Investments, Ltd.		53,897		299,648
Bayside Land Corp.		710		326,400
Caesarstone, Ltd. (a)		12,601		375,510
Cellcom Israel, Ltd. (a)		34,100		317,486
Ceragon Networks, Ltd. (a) (c)		49,801		103,586
Clal Insurance Enterprises Holdings, Ltd. (a)		17,971		303,298
CyberArk Software, Ltd. (a)		14,934		612,294
Delek Automotive Systems, Ltd.		21,228		158,642
Delta-Galil Industries, Ltd.		5,761		181,835
Electra, Ltd.		2,242		501,318
First International Bank Of Israel, Ltd.		27,173		507,600
Gazit-Globe, Ltd.		50,540		486,572
Harel Insurance Investments & Financial Services, Ltd.		44,989		281,452
IDI Insurance Co., Ltd.		7,117		452,896
Inrom Construction Industries, Ltd.		75,968		329,454
Israel Corp., Ltd. (a)		1,591		317,290
Israel Discount Bank, Ltd. Class A (a)		1		2
Ituran Location and Control, Ltd.		14,120		509,026
Jerusalem Economy, Ltd. (a)		135,326		334,580
Jerusalem Oil Exploration (a)		5,727		306,404
Kornit Digital, Ltd. (a)		18,900		289,170
Matrix IT, Ltd.		15,717		165,330
Mazor Robotics, Ltd. (a)		18,014		429,876
Migdal Insurance & Financial Holding, Ltd.		259,432		270,551
Neuroderm, Ltd. (a)		11,800		459,020
Norstar Holdings, Inc.		7,117		129,140
Nova Measuring Instruments, Ltd. (a)		27,319		730,342
Oil Refineries, Ltd.		1,043,263		522,429
Orbotech, Ltd. (a)		26,057		1,099,866
Partner Communications Co., Ltd. (a)		57,480		308,992
Paz Oil Co., Ltd.		5,972		984,063
Radware, Ltd. (a)		27,804		468,776
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		4,791		244,799
Reit 1, Ltd.		122,400		475,727
Sapiens International Corp. NV (a)		26,792		349,177
Shikun & Binui, Ltd.		84,325		206,480
Shufersal, Ltd.		61,199		359,648
SodaStream International, Ltd. (a)		11,694		777,066
				15,911,714

See accompanying notes to financial statements.

86

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
ITALY — 1.3%
Ascopiave SpA		39,302	$	162,899
Astaldi SpA		98,699		676,172
Banca Carige SpA (a) (c)		284,423		77,336
Banca Farmafactoring SpA (a) (d)		47,794		324,887
Banca Monte dei Paschi di Siena SpA (a) (b)		10,689		95,279
Banca Popolare di Sondrio SCPA		202,549		871,610
BasicNet SpA (c)		27,444		124,586
Beni Stabili SpA SIIQ		391,421		339,649
Brunello Cucinelli SpA		12,947		401,628
Cairo Communication SpA		36,970		187,061
Cementir Holding SpA		35,223		296,898
CIR-Compagnie Industriali Riunite SpA		90,049		139,244
Credito Valtellinese SpA (a) (c)		47,418		227,818
Danieli & C Officine Meccaniche SpA		18,031		333,386
Datalogic SpA		8,177		287,782
doBank SpA (a) (d)		22,647		293,971
Ei Towers SpA		18,361		1,086,403
Esprinet SpA		45,798		269,954
Fila SpA		11,160		248,826
Fincantieri SpA (a)		256,027		308,123
GEDI Gruppo Editoriale SpA (a)		28,066		24,885
Immobiliare Grande Distribuzione SIIQ SpA		162,518		169,554
Italmobiliare SpA		2,337		63,075
Juventus Football Club SpA (a)		206,045		192,677
Maire Tecnimont SpA		66,457		367,843
MARR SpA (c)		13,018		343,194
Massimo Zanetti Beverage Group SpA (d)		11,513		118,413
OVS SpA (d)		75,691		578,053
Piaggio & C SpA		88,642		277,700
RAI Way SpA (d)		50,908		275,038
Safilo Group SpA (a)		6,960		46,530
Salini Impregilo SpA (c)		93,705		369,555
Societa Cattolica di Assicurazioni S.c.r.l		77,614		674,401
Sogefi SpA (a)		36,118		219,685
Tamburi Investment Partners SpA		70,211		490,965
Technogym SpA (d)		38,580		341,841
Vittoria Assicurazioni SpA		7,988		108,599
				11,415,520
JAPAN — 36.4%
3-D Matrix, Ltd. (a) (c)		12,200		73,916
77 Bank, Ltd.		38,000		938,818
A/S One Corp.		3,800		202,212
Access Co., Ltd. (a) (c)		14,600		119,327
Achilles Corp.		3,100		62,212
Adastria Co., Ltd.		23,700		534,784
ADEKA Corp.		44,000		802,097
Advanced Media, Inc. (a)		15,700		117,856
Adways, Inc.		19,200		84,431
Aeon Delight Co., Ltd.		12,300		461,667
AEON REIT Investment Corp.		586		592,950
Ahresty Corp.		8,100		67,785
Ai Holdings Corp.		21,700		541,705
Aichi Steel Corp.		3,200		125,652
Aida Engineering, Ltd.		31,700		373,985
Aiful Corp. (a) (c)		127,876		426,007
Akatsuki, Inc. (a) (c)		2,300		179,807
Akebono Brake Industry Co., Ltd. (a)		74,600		255,150
Alconix Corp.		14,500		260,592
Alpine Electronics, Inc.		22,800		414,619
Altech Corp.		6,900		227,109
Amano Corp.		31,700		749,941
Amiyaki Tei Co., Ltd.		1,700		71,585
AnGes, Inc. (a) (c)		50,600		297,131
Anicom Holdings, Inc.		10,800		277,760
Anritsu Corp.		67,600		560,306
AOKI Holdings, Inc.		9,800		128,502
Aomori Bank, Ltd.		7,600		265,340
Aoyama Trading Co., Ltd.		22,500		804,535
Arakawa Chemical Industries, Ltd.		11,100		260,034
Arata Corp.		7,300		311,287
Arcland Sakamoto Co., Ltd.		13,900		209,306
Arcs Co., Ltd.		26,300		592,985
Argo Graphics, Inc.		8,200		256,421
Arisawa Manufacturing Co., Ltd.		14,200		126,780
Artnature, Inc.		16,200		101,893
Asahi Diamond Industrial Co., Ltd.		30,500		293,173
Asahi Holdings, Inc.		51,773		1,064,758
Asatsu-DK, Inc.		12,700		358,779
Asia Pile Holdings Corp.		6,600		36,352
ASKA Pharmaceutical Co., Ltd.		11,000		181,175
ASKUL Corp.		11,800		332,306
Asukanet Co., Ltd. (c)		5,200		87,864
Ateam, Inc.		6,400		167,896
Atom Corp. (c)		15,500		115,529
Aucnet, Inc.		20,900		264,766
Autobacs Seven Co., Ltd.		45,100		730,799
Avex Group Holdings, Inc.		20,800		282,162
Awa Bank, Ltd.		245,000		1,614,978
Axial Retailing, Inc.		6,900		265,113
Bando Chemical Industries, Ltd.		32,700		347,146
Bank of Iwate, Ltd.		1,800		72,678
Bank of Nagoya, Ltd. (c)		20,560		807,313
Bank of Okinawa, Ltd.		29,900		1,201,950
Bank of the Ryukyus, Ltd.		87,820		1,357,498
Belc Co., Ltd.		6,300		315,658
Belluna Co., Ltd.		26,400		278,154
Benefit One, Inc.		16,000		315,125
BML, Inc.		15,800		337,855
Broadleaf Co., Ltd.		29,100		249,986
Broccoli Co., Ltd. (c)		18,000		100,262
Bunka Shutter Co., Ltd.		43,200		323,141
Can Do Co., Ltd.		24,100		386,020
Capcom Co., Ltd.		25,500		626,598
Central Glass Co., Ltd.		59,269		1,291,055
Chiome Bioscience, Inc. (a) (c)		29,400		99,511
Chiyoda Co., Ltd.		20,400		510,521
Chiyoda Corp. (c)		107,500		628,392
Chiyoda Integre Co., Ltd.		5,600		131,238
Chofu Seisakusho Co., Ltd.		12,600		296,069
Chubu Shiryo Co., Ltd.		14,400		255,085
Chudenko Corp.		4,600		133,629

See accompanying notes to financial statements.

87

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Chugoku Marine Paints, Ltd.		35,500	$	296,766
Ci:z Holdings Co., Ltd.		31,200		1,098,992
CKD Corp.		25,600		502,607
Clarion Co., Ltd.		59,000		232,719
CMK Corp.		36,000		362,031
Cocokara fine, Inc.		15,200		866,912
COLOPL, Inc.		42,100		485,460
Colowide Co., Ltd. (c)		30,100		554,055
Comforia Residential REIT, Inc. (c)		299		631,920
COOKPAD, Inc. (c)		22,066		152,707
Cosmo Energy Holdings Co., Ltd.		35,400		809,799
Create Restaurants Holdings, Inc.		16,100		166,914
Create SD Holdings Co., Ltd.		12,300		325,297
CROOZ, Inc. (c)		2,300		48,221
CYBERDYNE, Inc. (a) (c)		37,300		496,715
D.A. Consortium Holdings, Inc.		14,600		246,954
D.Western Therapeutics Institute, Inc. (a)		9,300		40,318
Dai Nippon Toryo Co., Ltd.		15,600		240,171
Dai-Dan Co., Ltd.		14,500		357,203
Daibiru Corp.		24,900		274,958
Daido Metal Co., Ltd.		28,400		253,308
Daihen Corp.		48,000		425,567
Daiho Corp.		82,000		387,545
Daiken Corp.		9,900		249,600
Daikyo, Inc.		10,700		210,074
Daikyonishikawa Corp.		19,700		317,118
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.		8,800		401,048
Daio Paper Corp. (c)		50,600		596,960
Daiseki Co., Ltd.		14,300		360,025
Daishi Bank, Ltd.		19,200		904,011
Daishinku Corp.		1,800		30,191
Daito Bank, Ltd.		4,100		62,976
Daito Pharmaceutical Co., Ltd.		8,600		222,248
Daiwabo Holdings Co., Ltd.		10,600		446,826
DCM Holdings Co., Ltd.		78,793		711,177
Denyo Co., Ltd.		3,800		67,280
Descente, Ltd.		14,600		199,094
Dexerials Corp.		33,200		405,838
Digital Arts, Inc. (c)		8,300		357,616
Digital Garage, Inc.		18,400		390,836
Dip Corp.		16,700		381,430
Doshisha Co., Ltd.		12,900		289,252
Doutor Nichires Holdings Co., Ltd.		74,472		1,597,742
DTS Corp.		55,862		1,530,976
Duskin Co., Ltd.		23,200		653,347
DyDo Group Holdings, Inc.		4,100		195,229
Dynam Japan Holdings Co., Ltd.		110,400		168,200
Eagle Industry Co., Ltd.		14,800		271,505
Earth Chemical Co., Ltd.		10,600		478,372
EDION Corp. (c)		109,900		1,030,023
Ehime Bank, Ltd. (c)		97,540		1,252,124
Eighteenth Bank, Ltd.		314,730		768,896
Eiken Chemical Co., Ltd.		10,300		400,782
Eizo Corp.		11,500		454,626
Elecom Co., Ltd.		8,600		172,970
en-japan, Inc.		14,500		531,360
Enplas Corp.		5,300		245,307
EPS Holdings, Inc.		20,400		391,454
eRex Co., Ltd.		27,000		251,135
ESPEC Corp.		16,800		343,567
euglena Co., Ltd. (a) (c)		34,600		363,935
Exedy Corp.		18,000		547,684
F@N Communications, Inc.		15,600		174,619
Fancl Corp.		54,300		1,172,203
FCC Co., Ltd.		47,328		1,053,649
Feed One Co., Ltd.		51,600		120,560
Ferrotec Holdings Corp.		10,400		175,266
Fields Corp. (c)		3,500		34,824
Financial Products Group Co., Ltd. (c)		28,500		316,231
Foster Electric Co., Ltd.		15,300		308,678
Fudo Tetra Corp.		90,200		149,846
Fuji Co., Ltd.		11,900		306,156
Fuji Kyuko Co., Ltd. (c)		13,500		300,666
Fuji Machine Manufacturing Co., Ltd.		43,000		800,675
Fuji Pharma Co., Ltd.		3,500		119,398
Fuji Seal International, Inc.		19,700		595,034
Fuji Soft, Inc.		18,800		548,643
Fujibo Holdings, Inc.		7,200		248,177
Fujicco Co., Ltd.		10,000		236,397
Fujimi, Inc.		11,200		260,784
Fujimori Kogyo Co., Ltd.		7,500		253,187
Fujita Kanko, Inc. (c)		4,399		139,710
Fujitec Co., Ltd.		40,000		559,677
Fujiya Co., Ltd.		6,800		151,749
Fukuda Corp.		4,000		226,713
Fukui Bank, Ltd.		12,900		341,968
Fukuoka Corp. REIT		1,061		1,509,992
Fukushima Industries Corp.		8,400		310,061
Fukuyama Transporting Co., Ltd.		19,400		614,409
FULLCAST Holdings Co., Ltd.		14,100		256,159
Funai Soken Holdings, Inc.		14,800		455,577
Furukawa Co., Ltd.		17,839		303,637
Fuso Chemical Co., Ltd.		13,300		424,763
Futaba Corp.		14,000		264,167
Futaba Industrial Co., Ltd.		31,500		354,275
Fuyo General Lease Co., Ltd.		9,600		625,985
G-Tekt Corp.		16,000		330,334
Genky Stores, Inc. (c)		5,100		198,672
Geo Holdings Corp.		20,800		300,271
Giken, Ltd.		8,900		243,917
Global One Real Estate Investment Corp.		87		283,263
GLOBERIDE, Inc.		6,800		117,557
GMO internet, Inc. (c)		32,100		390,966
GNI Group, Ltd. (a) (c)		51,000		210,678
Goldwin, Inc.		4,000		285,346
Gree, Inc.		50,200		342,947
GS Yuasa Corp. (c)		224,000		1,176,067
Gulliver International Co., Ltd. (c)		33,500		206,836
Gumi, Inc. (a)		23,000		228,437
Gunosy, Inc. (a)		8,653		245,988
Gunze, Ltd.		9,200		420,095
Gurunavi, Inc.		14,100		204,175
Hankyu REIT, Inc.		225		267,645
Hanwa Co., Ltd.		17,600		630,889
Happinet Corp.		3,700		60,283

See accompanying notes to financial statements.

88

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Hazama Ando Corp.		99,600	$	696,355
Hearts United Group Co., Ltd. (c)		6,200		84,877
Heiwa Real Estate Co., Ltd.		16,700		284,404
Heiwa Real Estate REIT, Inc.		408		329,836
Heiwado Co., Ltd.		20,400		446,366
Hibiya Engineering, Ltd.		7,500		155,577
Hiday Hidaka Corp.		9,700		269,720
Hiramatsu, Inc.		17,200		93,208
Hirata Corp. (c)		3,400		343,730
Hitachi Maxell, Ltd.		27,000		605,890
Hitachi Zosen Corp.		166,300		881,989
Hito Communications, Inc.		14,700		247,993
Hodogaya Chemical Co., Ltd. (c)		4,100		278,275
Hogy Medical Co., Ltd.		5,400		382,819
Hokkaido Electric Power Co., Inc. (a)		110,900		791,122
Hokkaido Gas Co., Ltd.		12,000		30,276
Hokkoku Bank, Ltd.		16,300		713,890
Hokuetsu Bank, Ltd.		39,500		897,273
Hokuetsu Kishu Paper Co., Ltd. (c)		51,700		322,881
Hokuhoku Financial Group, Inc.		47,000		755,741
Hokuriku Electric Industry Co., Ltd.		9,400		131,858
Hokuto Corp.		8,200		142,707
Hoshino Resorts REIT, Inc.		69		343,268
Hosiden Corp.		73,700		1,200,780
Hosokawa Micron Corp.		4,800		276,747
Hulic Reit, Inc. REIT		329		485,177
Hyakugo Bank, Ltd.		114,500		511,647
Hyakujushi Bank, Ltd.		169,000		585,528
IBJ Leasing Co., Ltd.		14,100		381,420
Ichibanya Co., Ltd.		5,700		236,983
Ichigo Hotel Real Estate Investment Corp.		241		231,441
Ichigo Office REIT Investment		578		390,246
Ichigo, Inc.		119,700		409,403
Idec Corp.		15,100		309,874
Iino Kaiun Kaisha, Ltd.		120,380		560,380
Imasen Electric Industrial		9,500		118,323
Inaba Denki Sangyo Co., Ltd.		3,000		124,461
Inabata & Co., Ltd.		3,400		45,307
Industrial & Infrastructure Fund Investment Corp. REIT		162		686,483
Infomart Corp.		46,800		335,934
Intage Holdings, Inc.		8,000		96,158
Internet Initiative Japan, Inc.		17,300		322,901
Invesco Office J-REIT, Inc.		308		293,320
Invincible Investment Corp. REIT		1,787		737,406
Iriso Electronics Co., Ltd.		10,300		538,951
Iseki & Co., Ltd.		5,600		125,069
Ishihara Sangyo Kaisha, Ltd. (a)		8,400		119,174
Istyle, Inc.		38,400		237,772
Itfor, Inc.		40,600		232,278
Itochu Enex Co., Ltd.		29,000		311,216
Itoki Corp.		29,700		249,600
Iwasaki Electric Co., Ltd.		2,700		46,221
Iwatani Corp.		53,000		1,612,624
J Trust Co., Ltd.		43,000		368,631
Jaccs Co., Ltd.		15,000		370,319
Japan Asset Marketing Co., Ltd. (a) (c)		57,900		63,782
Japan Aviation Electronics Industry, Ltd.		35,000		546,928
Japan Cash Machine Co., Ltd. (c)		3,200		32,152
Japan Communications, Inc. (a) (c)		61,200		76,116
Japan Display, Inc. (a) (c)		150,510		291,487
Japan Excellent, Inc.		726		862,312
Japan Logistics Fund, Inc.		940		1,749,478
Japan Material Co., Ltd.		15,400		405,778
Japan Petroleum Exploration Co., Ltd.		17,000		367,139
Japan Pulp & Paper Co., Ltd.		7,900		321,081
Japan Rental Housing Investments, Inc.		585		412,642
Japan Securities Finance Co., Ltd.		26,900		144,818
Japan Steel Works, Ltd.		31,500		724,781
Japan Tissue Engineering Co., Ltd. (a) (c)		7,600		81,087
Japan Wool Textile Co., Ltd.		23,000		207,596
JCR Pharmaceuticals Co., Ltd.		10,500		322,747
JCU Corp.		7,000		312,175
Jeol, Ltd.		41,000		208,342
JIG-SAW, Inc. (a) (c)		3,500		186,870
JINS, Inc.		6,600		412,189
Joshin Denki Co., Ltd.		13,500		458,135
Joyful Honda Co., Ltd.		23,500		623,173
JSP Corp.		8,100		248,257
Juki Corp.		34,000		485,693
Juroku Bank, Ltd.		19,400		637,676
Justsystems Corp.		16,900		357,172
JVC Kenwood Corp.		81,000		233,865
Kadokawa Dwango (a)		24,500		297,313
Kaga Electronics Co., Ltd.		6,400		189,331
Kameda Seika Co., Ltd.		8,400		370,879
Kanamoto Co., Ltd.		18,700		589,748
Kanematsu Corp.		118,300		1,508,106
Kansai Super Market, Ltd. (c)		14,600		183,140
Kanto Denka Kogyo Co., Ltd. (c)		24,000		255,852
Kasai Kogyo Co., Ltd.		8,000		121,246
Katakura Industries Co., Ltd.		80,374		968,215
Kato Sangyo Co., Ltd.		16,400		493,173
KAWADA TECHNOLOGIES, Inc. (c)		1,300		74,837
Keihin Corp.		14,600		249,808
Keiyo Bank, Ltd.		158,000		732,697
Keiyo Co., Ltd. (c)		32,400		221,056
Kenedix Residential Investment Corp.		131		336,679
Kenedix Retail REIT Corp.		261		542,103
Kenedix, Inc.		108,800		604,095
Kenko Mayonnaise Co., Ltd.		12,900		315,495
Key Coffee, Inc.		6,100		117,378
KH Neochem Co., Ltd.		17,800		436,283
Kintetsu World Express, Inc.		15,900		263,576
Kisoji Co., Ltd. (c)		10,300		251,083
Kissei Pharmaceutical Co., Ltd.		23,600		636,308
Kito Corp.		16,800		209,244
Kitz Corp.		191,900		1,563,295
Kiyo Bank, Ltd.		90,160		1,512,211
KLab, Inc. (a) (c)		17,300		248,669
Koa Corp.		19,300		358,001
Kobe Bussan Co., Ltd. (c)		5,700		255,719
Kohnan Shoji Co., Ltd.		14,900		279,694

See accompanying notes to financial statements.

89

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Kokuyo Co., Ltd.		57,317	$	970,007
KOMEDA Holdings Co., Ltd.		22,400		373,516
Komeri Co., Ltd.		10,300		296,469
Komori Corp.		77,436		973,410
Konishi Co., Ltd.		15,200		268,851
Konoike Transport Co., Ltd.		14,700		223,833
Kotobuki Spirits Co., Ltd.		23,500		838,205
Kourakuen Holdings Corp.		8,000		121,885
Kumagai Gumi Co., Ltd.		18,200		548,918
Kumiai Chemical Industry Co., Ltd.		51,900		373,003
Kura Corp.		5,700		254,706
Kurabo Industries, Ltd.		544,600		1,494,971
Kureha Corp.		8,200		445,822
Kuroda Electric Co., Ltd.		6,500		113,295
Kusuri no Aoki Holdings Co., Ltd.		9,800		581,566
KYB Corp.		24,683		1,491,101
Kyoei Steel, Ltd.		4,000		62,328
Kyokuto Kaihatsu Kogyo Co., Ltd.		17,600		296,447
Kyokuyo Co., Ltd. (c)		2,200		65,278
KYORIN Holdings, Inc.		32,100		645,907
Kyoritsu Maintenance Co., Ltd. (c)		12,900		385,058
Kyosan Electric Manufacturing Co., Ltd.		12,000		62,790
Kyoto Kimono Yuzen Co., Ltd. (c)		19,800		160,771
LAC Co., Ltd.		6,900		85,082
LaSalle Logiport REIT		372		362,201
Lasertec Corp.		23,400		480,410
LEC, Inc.		8,200		213,077
Leopalace21 Corp.		135,300		942,346
Life Corp.		15,400		394,560
LIFULL Co., Ltd. (c)		32,700		284,108
Lintec Corp.		14,500		392,884
LIXIL VIVA Corp.		11,200		186,459
M&A Capital Partners Co., Ltd. (a) (c)		4,200		208,573
Macnica Fuji Electronics Holdings, Inc.		17,500		322,125
Macromill, Inc.		10,800		244,755
Maeda Road Construction Co., Ltd.		30,000		645,227
Makino Milling Machine Co., Ltd.		153,000		1,357,855
Mandom Corp.		17,600		483,916
Mani, Inc.		10,900		261,062
Marudai Food Co., Ltd.		374,656		1,774,012
Maruha Nichiro Corp.		36,320		1,067,998
Marusan Securities Co., Ltd. (c)		64,038		528,506
Maruwa Co., Ltd.		1,900		107,183
Marvelous, Inc. (c)		21,000		178,164
Matsui Construction Co., Ltd.		35,500		312,220
Matsuya Co., Ltd. (c)		29,700		263,848
Max Co., Ltd.		21,000		290,845
MCJ Co., Ltd.		20,900		226,147
MCUBS MidCity Investment Corp.		101		307,760
Mebuki Financial Group, Inc.		1,500		5,797
Medinet Co., Ltd. (a) (c)		99,400		113,030
Megachips Corp.		11,100		363,870
Meidensha Corp. (c)		144,000		550,082
Meiko Electronics Co., Ltd.		12,767		238,974
Meitec Corp.		14,300		716,493
Melco Holdings, Inc.		4,000		127,038
Menicon Co., Ltd.		8,800		347,888
Michinoku Bank, Ltd. (c)		53,920		927,846
Micronics Japan Co., Ltd. (c)		18,600		171,352
Milbon Co., Ltd.		7,300		442,935
Mirai Corp. REIT		153		236,911
Mirait Holdings Corp.		45,460		546,417
Miroku Jyoho Service Co., Ltd.		14,400		334,399
Mitsuba Corp.		19,900		308,493
Mitsubishi Kakoki Kaisha, Ltd.		1,600		36,303
Mitsubishi Nichiyu Forklift Co., Ltd. (c)		10,900		77,854
Mitsubishi Pencil Co., Ltd.		31,700		794,999
Mitsubishi Shokuhin Co., Ltd.		8,000		233,465
Mitsuboshi Belting, Ltd.		30,000		361,391
Mitsui Engineering & Shipbuilding Co., Ltd.		31,100		405,862
Mitsui Fudosan Logistics Park, Inc. REIT		65		189,113
Mitsui High-Tec, Inc.		15,500		321,112
Mitsui Sugar Co., Ltd.		44,600		1,499,676
Mitsui-Soko Holdings Co., Ltd.		253,000		746,200
Miyaji Engineering Group, Inc.		2,600		71,719
Miyazaki Bank, Ltd.		29,480		1,068,524
Mizuno Corp.		7,800		221,392
Mochida Pharmaceutical Co., Ltd.		9,100		668,565
Modec, Inc.		9,000		217,234
Monex Group, Inc. (c)		98,800		265,070
Monogatari Corp.		1,400		90,543
Mori Trust Hotel Reit, Inc. REIT		178		230,397
Morinaga Milk Industry Co., Ltd.		19,400		741,083
Morita Holdings Corp.		22,600		351,152
MOS Food Services, Inc.		11,800		367,423
Musashi Seimitsu Industry Co., Ltd.		14,600		455,257
Musashino Bank, Ltd.		34,680		1,030,557
Nachi-Fujikoshi Corp.		129,000		725,421
Nagaileben Co., Ltd.		14,900		374,469
Nakanishi, Inc.		27,280		1,233,556
Namura Shipbuilding Co., Ltd.		19,900		117,386
NanoCarrier Co., Ltd. (a) (c)		21,200		130,893
Nanto Bank, Ltd.		14,500		407,054
NEC Networks & System Integration Corp.		14,700		350,637
NET One Systems Co., Ltd.		126,200		1,334,145
Neturen Co., Ltd.		112,483		1,131,175
Nichi-iko Pharmaceutical Co., Ltd. (c)		27,400		425,733
Nichias Corp.		76,000		937,805
Nichiban Co., Ltd.		10,000		206,992
Nichicon Corp.		41,500		509,141
Nichiha Corp.		17,700		663,563
NichiiGakkan Co., Ltd.		73,700		758,835
Nichireki Co., Ltd.		11,000		140,328
Nihon Dempa Kogyo Co., Ltd. (c)		27,000		210,358
Nihon Kagaku Sangyo Co., Ltd. (c)		12,348		240,345
Nihon Nohyaku Co., Ltd.		14,000		78,355
Nihon Parkerizing Co., Ltd.		58,200		930,662
Nihon Tokushu Toryo Co., Ltd. (c)		14,400		246,386
Nihon Trim Co., Ltd. (c)		1,500		65,895
Nihon Unisys, Ltd.		32,400		517,813
Nikkiso Co., Ltd.		68,540		636,293
Nikkon Holdings Co., Ltd.		141,480		3,496,623

See accompanying notes to financial statements.

90

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Nippon Beet Sugar Manufacturing Co., Ltd.		3,300	$	71,180
Nippon Carbon Co., Ltd. (c)		18,271		713,375
Nippon Chemi-Con Corp.		6,900		244,579
Nippon Coke & Engineering Co., Ltd.		91,400		95,001
Nippon Concrete Industries Co., Ltd. (c)		33,200		130,954
Nippon Denko Co., Ltd.		64,400		256,307
Nippon Densetsu Kogyo Co., Ltd.		25,000		525,696
Nippon Flour Mills Co., Ltd.		29,900		455,280
Nippon Gas Co., Ltd.		32,500		1,009,084
Nippon Koei Co., Ltd.		9,800		333,008
Nippon Light Metal Holdings Co., Ltd. (c)		252,500		717,807
Nippon Parking Development Co., Ltd.		45,700		67,394
Nippon Pillar Packing Co., Ltd.		15,600		235,320
NIPPON REIT Investment Corp.		693		1,991,609
Nippon Road Co., Ltd.		4,700		260,125
Nippon Seiki Co., Ltd.		53,200		1,087,489
Nippon Sheet Glass Co., Ltd. (a)		45,000		349,798
Nippon Signal Co., Ltd.		33,400		359,028
Nippon Soda Co., Ltd.		64,000		388,895
Nippon Steel & Sumikin Bussan Corp.		3,600		198,285
Nippon Suisan Kaisha, Ltd.		164,099		916,966
Nippon Thompson Co., Ltd.		149,600		827,973
Nippon Valqua Industries, Ltd.		10,476		255,653
Nippon Yakin Kogyo Co., Ltd. (a) (c)		81,800		170,046
Nishi-Nippon Financial Holdings, Inc.		53,200		581,790
Nishi-Nippon Railroad Co., Ltd.		33,400		803,214
Nishimatsu Construction Co., Ltd.		28,600		825,745
Nishimatsuya Chain Co., Ltd.		25,053		280,209
Nishio Rent All Co., Ltd.		7,000		232,888
Nissan Shatai Co., Ltd.		23,000		253,773
Nissei ASB Machine Co., Ltd.		4,700		188,935
Nissei Build Kogyo Co., Ltd.		28,500		308,129
Nissha Printing Co., Ltd.		25,200		683,925
Nisshin Oillio Group, Ltd.		13,600		445,822
Nisshin Steel Co., Ltd.		13,000		166,188
Nisshinbo Holdings, Inc.		75,900		897,463
Nissin Corp.		12,000		310,967
Nissin Electric Co., Ltd.		23,800		293,047
Nissin Kogyo Co., Ltd. (c)		14,700		262,880
Nitta Corp.		9,900		359,712
Nittetsu Mining Co., Ltd.		3,200		233,110
Nitto Boseki Co., Ltd.		30,631		938,796
Nitto Kogyo Corp.		8,500		150,193
Nittoku Engineering Co., Ltd.		9,400		397,495
Nohmi Bosai, Ltd.		18,200		286,990
Nojima Corp.		13,900		281,297
Nomura Co., Ltd.		22,400		496,097
Noritake Co., Ltd.		6,900		329,783
Noritsu Koki Co., Ltd.		9,800		123,278
Noritz Corp.		15,700		282,018
North Pacific Bank, Ltd.		157,000		496,531
NS United Kaiun Kaisha, Ltd.		1,900		41,573
NSD Co., Ltd.		20,900		387,494
NuFlare Technology, Inc. (c)		1,800		97,224
Obara Group, Inc.		3,500		198,063
Oenon Holdings, Inc.		98,200		271,312
Ogaki Kyoritsu Bank, Ltd.		9,500		265,846
Ohsho Food Service Corp.		6,800		273,051
Oiles Corp.		10,900		201,897
Oita Bank, Ltd.		26,580		1,102,728
Okabe Co., Ltd.		22,500		212,077
Okamoto Industries, Inc.		31,800		330,812
Okamura Corp.		60,300		688,362
Okasan Securities Group, Inc.		88,682		508,938
Oki Electric Industry Co., Ltd.		55,700		741,743
Okinawa Electric Power Co., Inc.		19,990		439,348
OKUMA Corp.		13,600		744,246
Okumura Corp.		16,800		641,763
Okura Industrial Co., Ltd.		33,950		245,505
Okuwa Co., Ltd.		18,000		185,813
OncoTherapy Science, Inc. (a) (c)		52,700		119,384
One REIT, Inc.		96		185,322
Onward Holdings Co., Ltd.		63,000		478,524
Open House Co., Ltd.		14,900		520,206
Optex Co., Ltd.		9,600		359,046
Osaka Soda Co., Ltd. (c)		12,400		319,460
OSAKA Titanium Technologies Co., Ltd. (c)		8,500		123,462
Osaki Electric Co., Ltd.		16,000		123,804
OSG Corp. (c)		50,040		1,138,030
OSJB Holdings Corp.		99,000		291,991
Otsuka Kagu, Ltd. (c)		7,200		58,206
Outsourcing, Inc.		30,000		417,092
Pacific Industrial Co., Ltd.		31,100		414,703
Pacific Metals Co., Ltd. (a) (c)		7,400		188,213
Pack Corp.		8,500		301,293
Pal Co., Ltd.		5,700		176,725
Paramount Bed Holdings Co., Ltd.		5,600		240,537
Pasona Group, Inc. (c)		14,400		158,117
Penta-Ocean Construction Co., Ltd.		124,600		785,910
Pepper Food Service Co., Ltd.		7,400		311,607
Piolax, Inc.		16,800		475,352
Pioneer Corp. (a)		178,400		331,236
Plenus Co., Ltd.		9,900		218,730
Poletowin Pitcrew Holdings, Inc.		10,000		139,475
Premier Investment Corp.		1,758		1,667,964
Press Kogyo Co., Ltd.		66,200		362,272
Pressance Corp.		18,000		243,539
Prestige International, Inc.		28,700		286,324
Prima Meat Packers, Ltd.		76,000		513,801
Qol Co., Ltd.		12,200		213,187
Raito Kogyo Co., Ltd.		16,300		161,892
Relia, Inc.		24,400		281,359
Remixpoint Co., Ltd. (c)		20,300		220,015
Rengo Co., Ltd.		227,500		1,352,085
ReproCELL, Inc. (a) (c)		42,200		131,963
Riken Corp.		7,000		360,059
Riken Keiki Co., Ltd.		12,300		246,732
Riken Vitamin Co., Ltd.		5,400		203,642
Ringer Hut Co., Ltd.		14,500		329,250
Riso Kagaku Corp.		9,200		167,302
Rock Field Co., Ltd.		10,600		187,959
Rokko Butter Co., Ltd.		10,600		226,191
Roland DG Corp.		4,400		112,614
Round One Corp.		23,900		321,243

See accompanying notes to financial statements.

91

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Royal Holdings Co., Ltd.		13,400	$	337,247
Ryobi, Ltd.		16,400		441,452
Ryosan Co., Ltd.		10,000		396,660
S Foods, Inc.		5,700		221,539
Sagami Chain Co., Ltd.		23,000		282,379
Saizeriya Co., Ltd.		15,200		417,927
Sakai Chemical Industry Co., Ltd.		57,153		1,461,764
Sakai Moving Service Co., Ltd.		4,200		221,632
Sakata INX Corp.		23,800		439,147
Sakata Seed Corp.		16,600		471,905
San-A Co., Ltd.		10,200		453,978
San-Ai Oil Co., Ltd.		19,500		216,022
San-In Godo Bank, Ltd.		51,300		444,343
Sanden Holdings Corp. (a) (c)		11,200		222,378
Sangetsu Co., Ltd.		34,100		585,575
Sanken Electric Co., Ltd.		68,000		373,331
Sanki Engineering Co., Ltd.		25,700		288,130
Sankyo Tateyama, Inc. (c)		28,600		406,267
Sanrio Co., Ltd. (c)		30,100		570,901
Sanyo Chemical Industries, Ltd.		5,400		314,218
Sanyo Denki Co., Ltd.		5,600		315,906
Sanyo Electric Railway Co., Ltd. (c)		7,800		195,823
Sanyo Shokai, Ltd.		22,500		343,002
Sanyo Special Steel Co., Ltd.		38,387		983,173
Sato Holdings Corp.		39,940		944,523
Seika Corp.		4,400		119,415
Seikagaku Corp.		22,400		404,758
Seiko Holdings Corp. (c)		11,800		265,530
Seiren Co., Ltd.		71,880		1,323,744
Sekisui House Reit, Inc.		447		516,235
Sekisui House Residential Investment Corp.		571		559,003
Sekisui Plastics Co., Ltd.		23,000		288,918
Senko Group Holdings Co., Ltd.		47,000		334,864
Senshu Ikeda Holdings, Inc.		110,260		424,133
Senshukai Co., Ltd. (c)		18,900		115,685
Septeni Holdings Co., Ltd. (c)		40,300		110,627
Shibuya Kogyo Co., Ltd.		10,900		353,924
Shiga Bank, Ltd.		146,000		811,940
Shikoku Bank, Ltd.		24,000		362,884
Shikoku Chemicals Corp.		24,000		362,884
Shima Seiki Manufacturing, Ltd.		31,845		1,674,787
Shimachu Co., Ltd.		44,160		1,159,659
Shin-Etsu Polymer Co., Ltd.		22,600		204,989
Shindengen Electric Manufacturing Co., Ltd.		4,100		262,248
Shinkawa, Ltd. (a) (c)		9,200		65,957
Shinko Electric Industries Co., Ltd.		28,300		190,569
Shinko Plantech Co., Ltd.		31,100		272,693
Shinmaywa Industries, Ltd.		26,000		235,828
Shinsho Corp.		4,000		140,363
Ship Healthcare Holdings, Inc.		15,500		478,501
Shizuoka Gas Co., Ltd.		28,200		223,215
SHO-BOND Holdings Co., Ltd.		14,200		808,617
Shochiku Co., Ltd.		21,460		3,056,046
Shoei Co., Ltd.		5,600		172,629
Shoei Foods Corp. (c)		7,300		300,262
Showa Corp.		24,300		298,340
Showa Sangyo Co., Ltd.		7,600		196,271
Siix Corp.		11,200		492,515
Sinanen Holdings Co., Ltd.		7,600		156,571
Sinfonia Technology Co., Ltd.		348,400		1,491,838
Sinko Industries, Ltd.		14,500		242,944
Sintokogio, Ltd.		34,800		376,241
SKY Perfect JSAT Holdings, Inc.		62,000		277,049
SMK Corp.		143,343		662,181
SMS Co., Ltd.		22,400		713,401
Sodick Co., Ltd.		25,900		320,284
Sogo Medical Co., Ltd.		3,900		178,084
Sosei Group Corp. (a)		10,300		869,276
St Marc Holdings Co., Ltd.		3,000		88,216
Star Asia Investment Corp. REIT		215		195,012
Star Micronics Co., Ltd.		20,000		344,334
Starts Corp., Inc.		15,500		398,361
Starts Proceed Investment Corp.		154		210,961
Starzen Co., Ltd.		4,800		234,105
Stella Chemifa Corp. (c)		7,300		310,638
Sumida Corp.		18,900		368,043
Sumitomo Bakelite Co., Ltd.		87,000		640,723
Sumitomo Mitsui Construction Co., Ltd.		78,360		452,485
Sumitomo Osaka Cement Co., Ltd.		202,793		897,179
Sumitomo Seika Chemicals Co., Ltd.		2,400		114,707
Sumitomo Warehouse Co., Ltd. (c)		48,000		318,536
Sun Corp. (c)		10,000		67,339
Sun Frontier Fudousan Co., Ltd.		5,800		62,604
Sushiro Global Holdings, Ltd. (a) (c)		11,000		352,774
SWCC Showa Holdings Co., Ltd. (a)		4,500		41,296
Systena Corp.		11,200		279,192
T Hasegawa Co., Ltd.		13,000		248,994
T RAD Co., Ltd.		1,500		58,033
T-Gaia Corp.		10,300		200,116
Tabuchi Electric Co., Ltd. (c)		17,600		45,030
Tachi-S Co., Ltd.		20,300		375,829
Tadano, Ltd.		71,900		839,946
Taihei Dengyo Kaisha, Ltd.		12,500		328,810
Taikisha, Ltd.		14,900		410,341
Taiko Pharmaceutical Co., Ltd. (c)		12,800		266,541
Taiyo Holdings Co., Ltd.		4,600		214,134
Taiyo Yuden Co., Ltd.		64,500		954,049
Takamatsu Construction Group Co., Ltd.		7,900		218,616
Takaoka Toko Co., Ltd.		1,900		33,893
Takara Bio, Inc.		24,900		342,647
Takara Leben Co., Ltd.		40,700		198,863
Takara Standard Co., Ltd.		29,400		506,172
Takasago International Corp.		49,900		1,715,569
Takasago Thermal Engineering Co., Ltd.		34,100		562,855
Takata Corp. (a) (e)		300		48
Takeuchi Manufacturing Co., Ltd.		21,900		457,786
Takuma Co., Ltd.		37,500		455,737
Tamron Co., Ltd.		5,400		104,244
Tamura Corp.		49,000		297,313
Tanseisha Co., Ltd.		23,400		287,914
TechnoPro Holdings, Inc.		16,200		767,077
Teikoku Electric Manufacturing Co., Ltd.		3,600		37,450

See accompanying notes to financial statements.

92

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Teikoku Sen-I Co., Ltd. (c)		15,000	$	304,757
Tekken Corp.		7,200		231,546
TKC Corp.		7,700		235,997
Toa Corp. (c) (f)		19,300		203,004
Toa Corp. (a) (f)		8,000		155,857
Toagosei Co., Ltd.		218,600		2,926,578
Tobishima Corp.		107,500		155,666
TOC Co., Ltd.		149,760		1,317,127
Tocalo Co., Ltd.		8,400		323,493
Tochigi Bank, Ltd.		147,900		630,676
Toei Animation Co., Ltd.		2,900		298,850
Toei Co., Ltd.		14,640		1,624,427
Toho Bank, Ltd.		90,000		338,205
Toho Holdings Co., Ltd. (c)		72,619		1,387,674
Toho Zinc Co., Ltd.		5,300		228,357
Tokai Carbon Co., Ltd.		134,500		1,264,167
TOKAI Holdings Corp.		60,900		470,688
Tokai Rika Co., Ltd.		19,300		381,662
Tokai Tokyo Financial Holdings, Inc.		78,200		463,371
Token Corp.		3,800		452,023
Tokushu Tokai Paper Co., Ltd.		5,100		199,125
Tokuyama Corp.		47,200		1,116,631
Tokyo Base Co., Ltd. (a)		4,000		192,600
Tokyo Dome Corp.		44,100		407,445
Tokyo Ohka Kogyo Co., Ltd.		18,700		664,505
Tokyo Seimitsu Co., Ltd.		23,000		814,241
Tokyo Steel Manufacturing Co., Ltd.		54,700		450,468
Tokyo Tekko Co., Ltd.		1,800		36,283
Tokyo TY Financial Group, Inc.		18,900		483,057
Tokyotokeiba Co., Ltd.		8,900		267,636
Tokyu Construction Co., Ltd.		40,200		329,628
Tokyu REIT, Inc.		346		421,415
Tomoe Engineering Co., Ltd.		2,800		53,804
TOMONY Holdings, Inc.		179,180		810,222
Tomy Co., Ltd.		56,000		773,597
Topcon Corp.		60,100		1,058,217
Topre Corp. (c)		24,800		761,196
Topy Industries, Ltd.		28,698		958,597
Toridoll Holdings Corp.		10,200		306,276
Torii Pharmaceutical Co., Ltd.		5,600		159,197
Torishima Pump Manufacturing Co., Ltd. (c)		5,600		59,251
Tosei Reit Investment Corp. REIT		208		202,521
Toshiba Machine Co., Ltd.		51,000		278,186
Toshiba Plant Systems & Services Corp.		24,000		403,394
Toshiba TEC Corp.		54,000		297,428
Tosho Co., Ltd.		9,000		221,312
Totetsu Kogyo Co., Ltd.		14,900		490,423
Towa Corp.		20,300		320,645
Towa Pharmaceutical Co., Ltd.		2,800		141,287
Toyo Construction Co., Ltd.		39,600		181,879
Toyo Corp.		147,168		1,333,553
Toyo Engineering Corp. (c)		11,600		141,490
Toyo Ink SC Holdings Co., Ltd.		60,000		337,405
Toyo Kanetsu KK		7,500		278,506
Toyo Tanso Co., Ltd.		8,300		197,979
Toyobo Co., Ltd.		42,779		814,418
TPR Co., Ltd.		16,900		566,761
Transcosmos, Inc.		14,600		336,579
Trusco Nakayama Corp.		22,300		543,211
TSI Holdings Co., Ltd.		70,500		559,916
Tsubaki Nakashima Co., Ltd. (c)		13,800		289,326
Tsubakimoto Chain Co.		62,000		495,163
Tsugami Corp.		39,000		328,797
Tsukishima Kikai Co., Ltd.		27,500		332,741
Tsukui Corp.		29,500		203,891
Tsurumi Manufacturing Co., Ltd.		10,900		193,569
UACJ Corp. (c)		14,500		412,850
Uchida Yoko Co., Ltd.		6,800		224,119
Unipres Corp.		18,000		500,511
United Arrows, Ltd.		14,300		519,584
United Super Markets Holdings, Inc.		33,700		322,435
UNITED, Inc. (c)		5,300		139,415
Unitika, Ltd. (a)		112,400		884,701
Unizo Holdings Co., Ltd.		6,900		159,926
Ushio, Inc.		61,700		822,740
UT Group Co., Ltd. (a)		14,000		273,620
V Technology Co., Ltd. (c)		1,936		323,856
Valor Holdings Co., Ltd.		33,200		709,037
Vector, Inc. (c)		18,000		256,172
Vital KSK Holdings, Inc.		28,300		234,566
VT Holdings Co., Ltd.		23,300		133,303
W-Scope Corp. (c)		9,400		190,814
Wacoal Holdings Corp.		36,000		1,026,607
Wacom Co., Ltd. (c)		77,000		358,442
Wakachiku Construction Co., Ltd.		3,800		65,289
Wakita & Co., Ltd.		10,900		131,596
WATAMI Co., Ltd. (c)		16,400		218,249
WirelessGate, Inc. (c)		8,000		92,320
Xebio Holdings Co., Ltd.		8,000		156,567
Yahagi Construction Co., Ltd.		26,800		230,228
YAMABIKO Corp.		22,600		310,395
Yamagata Bank, Ltd.		15,600		361,988
Yamaichi Electronics Co., Ltd.		16,400		301,003
Yamanashi Chuo Bank, Ltd.		112,000		470,626
Yamato Kogyo Co., Ltd.		12,500		338,138
Yamazen Corp.		49,700		537,333
Yaoko Co., Ltd.		9,000		416,559
Yasunaga Corp. (c)		6,900		230,174
Yellow Hat, Ltd.		10,300		291,894
Yodogawa Steel Works, Ltd.		43,500		1,190,246
Yokogawa Bridge Holdings Corp.		18,500		358,775
Yokohama Reito Co., Ltd.		26,900		253,311
Yondoshi Holdings, Inc.		14,800		420,735
Yonex Co., Ltd. (c)		26,100		194,536
Yorozu Corp.		14,800		316,208
Yoshinoya Holdings Co., Ltd. (c)		32,200		530,350
Yuasa Trading Co., Ltd.		10,300		363,723
Yume No Machi Souzou Iinkai Co., Ltd.		14,272		217,570
Yumeshin Holdings Co., Ltd. (c)		45,100		312,112
Yushin Precision Equipment Co., Ltd. (c)		8,200		230,196
Zenrin Co., Ltd.		53,477		1,624,762
ZERIA Pharmaceutical Co., Ltd.		22,500		401,968
Zojirushi Corp.		24,800		237,502
				322,210,791

See accompanying notes to financial statements.

93

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
LIECHTENSTEIN — 0.0% (g)
VP Bank AG		1,760	$	236,461
LUXEMBOURG — 0.1%
Orion Engineered Carbons SA		19,200		431,040
MACAU — 0.1%
Macau Legend Development, Ltd. (a) (c)		3,138,740		514,370
MALTA — 0.0% (g)
Catena Media PLC (a)		27,211		253,363
NETHERLANDS — 1.3%
Accell Group		12,738		393,789
AMG Advanced Metallurgical Group NV		12,273		529,366
Amsterdam Commodities NV		16,319		478,064
Arcadis NV		31,594		681,085
Beter Bed Holding NV		14,718		278,829
BinckBank NV (c)		43,338		224,098
Brack Capital Properties NV (a)		1,996		217,477
Constellium NV Class A (a)		51,673		529,648
Corbion NV		41,533		1,337,983
Flow Traders (d)		20,243		544,436
ForFarmers NV		10,295		133,878
Fugro NV (a)		30,904		437,138
Heijmans NV (a)		24,200		262,089
Intertrust NV (d)		41,383		672,201
Kendrion NV		12,207		533,807
Koninklijke BAM Groep NV		154,956		886,268
NSI NV REIT		11,450		451,161
Pharming Group NV (a) (c)		420,616		350,065
PostNL NV		172,142		741,576
Refresco Gerber NV (d)		27,866		561,352
Takeaway.com NV (a) (d)		15,481		680,912
Vastned Retail NV		6,287		280,205
Wessanen		31,511		592,311
				11,797,738
NEW ZEALAND — 1.1%
Argosy Property, Ltd.		374,633		281,655
Arvida Group, Ltd.		257,945		227,491
Chorus, Ltd. (c)		160,121		453,746
EBOS Group, Ltd.		32,435		401,652
Freightways, Ltd.		84,558		475,568
Genesis Energy, Ltd.		195,878		338,424
Goodman Property Trust		391,679		362,425
Heartland New Zealand, Ltd.		273,297		359,571
Infratil, Ltd.		324,471		731,828
Investore Property, Ltd. (c)		178,777		173,179
Kiwi Property Group, Ltd.		587,207		573,064
Metlifecare, Ltd.		69,945		293,267
New Zealand Refining Co., Ltd.		107,267		197,735
Precinct Properties New Zealand, Ltd.		498,768		459,713
Restaurant Brands New Zealand, Ltd.		151,667		747,745
SKY Network Television, Ltd.		147,590		288,071
SKYCITY Entertainment Group, Ltd.		351,836		953,784
Stride Property Group		275,202		326,267
Summerset Group Holdings, Ltd.		136,964		502,977
Tourism Holdings, Ltd.		61,530		220,621
Trade Me Group, Ltd.		215,142		710,755
Vital Healthcare Property Trust		239,170		384,694
Warehouse Group, Ltd.		67,229		105,948
				9,570,180
NORWAY — 1.3%
Akastor ASA (a)		98,083		214,394
Aker Solutions ASA (a)		60,665		321,147
Asetek A/S		14,202		217,661
Atea ASA (a)		42,574		561,571
Avance Gas Holding, Ltd. (a) (d)		27,344		79,693
B2Holding ASA		162,067		384,793
Borregaard ASA		57,161		640,883
BW LPG, Ltd. (d)		29,546		136,255
BW Offshore, Ltd. (a) (c)		53,501		187,515
DNO ASA (a) (c)		363,451		498,585
Europris ASA (d)		52,500		252,597
Frontline, Ltd. (c)		24,940		152,579
Golden Ocean Group, Ltd. (a) (c)		36,800		288,512
Grieg Seafood ASA		29,548		291,015
Hoegh LNG Holdings, Ltd.		21,368		197,298
IDEX ASA (a)		316,144		250,205
Kongsberg Automotive ASA (a)		276,961		326,356
Kongsberg Gruppen ASA		13,573		221,661
Kvaerner ASA (a)		114,344		183,863
Nordic American Offshore, Ltd.		1		1
Nordic Nanovector ASA (a)		30,679		308,320
Nordic Semiconductor ASA (a)		86,316		477,106
Norway Royal Salmon ASA		9,300		195,690
Norwegian Air Shuttle ASA (a) (c)		8,925		260,116
Ocean Yield ASA		22,419		201,369
Petroleum Geo-Services ASA (a) (c)		121,788		288,088
Prosafe SE (a)		15		45
Protector Forsikring ASA		59,315		583,068
Scatec Solar ASA (d)		97,600		512,503
Skandiabanken ASA (d)		38,947		430,554
SpareBank 1 Nord Norge		40,788		316,403
SpareBank 1 SMN		42,322		431,977
Stolt-Nielsen, Ltd.		14,611		220,258
Thin Film Electronics ASA (a) (c)		301,004		103,986
Veidekke ASA		112,701		1,412,249
XXL ASA (d)		56,512		615,858
				11,764,174
PERU — 0.0% (g)
Hochschild Mining PLC		88,426		272,271
PORTUGAL — 0.2%
Altri SGPS SA		208,114		1,099,272
Banco Comercial Portugues SA Class R (a)		2,931		850
CTT-Correios de Portugal SA		63,633		383,507
Mota-Engil SGPS SA		48,869		183,256
Pharol SGPS SA (a) (c)		294,197		130,077
REN - Redes Energeticas Nacionais SGPS SA		87,398		284,548
				2,081,510
SINGAPORE — 1.6%
Accordia Golf Trust		418,400		224,921
AIMS AMP Capital Industrial REIT		258,058		267,949
Ascendas Hospitality Trust		536,300		329,770

See accompanying notes to financial statements.

94

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Ascott Residence Trust		556,825	$	481,807
Cache Logistics Trust		611,948		376,285
CapitaLand Retail China Trust		360,273		425,817
CDL Hospitality Trusts		507,780		605,769
China New Town Development Co., Ltd. (a) (e)		428,500		21,670
China Yuchai International, Ltd. (c)		22,803		507,595
COSCO Shipping International Singapore Co., Ltd. (a) (c)		126,900		26,633
Croesus Retail Trust		276,718		237,399
CWT, Ltd.		198,000		341,191
Delfi, Ltd.		47,700		53,217
ESR-REIT		1,085,155		443,508
Ezion Holdings, Ltd. (a) (c)		648,440		94,070
Ezra Holdings, Ltd. (a) (b) (c)		1,444,295		—
Far East Hospitality Trust		445,447		219,779
First Real Estate Investment Trust REIT		602,600		592,416
Frasers Centrepoint Trust		276,000		428,852
Frasers Commercial Trust		338,637		344,136
Frasers Logistics & Industrial Trust REIT		583,300		459,613
Hyflux, Ltd. (c)		326,400		120,181
International Healthway Corp., Ltd. (a)		1,800		130
Keppel DC REIT		318,166		310,446
Keppel Infrastructure Trust		1,335,038		540,720
Lian Beng Group, Ltd.		130,100		60,837
Lippo Malls Indonesia Retail Trust		1,281,600		405,823
M1, Ltd. (c)		237,100		310,791
Manulife US Real Estate Investment Trust REIT (c)		325,700		298,016
Metro Holdings, Ltd.		350,000		337,641
OUE Hospitality Trust		362,033		210,616
OUE, Ltd.		94,000		134,983
Parkway Life Real Estate Investment Trust REIT		262,500		521,926
Raffles Medical Group, Ltd. (c)		494,049		409,297
Religare Health Trust		479,800		302,094
Rowsley, Ltd. (a) (c)		1,713,300		161,495
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust REIT		582,449		199,447
Saizen REIT		367		9
Sheng Siong Group, Ltd. (c)		292,300		198,031
Soilbuild Business Space REIT		295,610		152,382
Starhill Global REIT		775,400		433,966
Swiber Holdings, Ltd. (a) (b) (c)		100,100		—
Tat Hong Holdings, Ltd. (a)		849		284
Technics Oil & Gas, Ltd. (a) (b)		1,254		—
UMS Holdings, Ltd. (c)		345,000		254,059
United Engineers, Ltd.		299,000		596,701
Wing Tai Holdings, Ltd. (c)		584,899		930,360
Yoma Strategic Holdings, Ltd. (c)		758,933		326,946
				13,699,578
SOUTH AFRICA — 0.0% (g)
Great Basin Gold, Ltd. (a) (b)		266,255		—
Lonmin PLC (a) (c)		106,793		101,011
Petra Diamonds, Ltd. (a)		182,554		205,736
				306,747
SOUTH KOREA — 9.4%
Able C&C Co., Ltd. (c)		10,107		140,308
Advanced Process Systems Corp. (a)		3,442		120,208
AeroSpace Technology of Korea, Inc. (a) (c)		6,018		87,484
AfreecaTV Co., Ltd.		7,693		136,685
Ahnlab, Inc. (c)		2,858		115,533
AJ Rent A Car Co., Ltd. (a)		3,044		34,683
AK Holdings, Inc.		2,007		113,724
Amicogen, Inc. (a)		6,711		186,327
Aprogen Pharmaceuticals, Inc. (a) (c)		42,025		144,933
APS Holdings Corp. (a)		3,156		27,004
Asiana Airlines, Inc. (a)		45,411		167,513
Barun Electronics Co., Ltd. (a)		167,847		193,441
BH Co., Ltd. (a)		17,101		330,717
Binex Co., Ltd. (a)		15,684		105,304
Binggrae Co., Ltd.		4,223		221,225
Boryung Pharmaceutical Co., Ltd.		3,762		131,548
Bukwang Pharmaceutical Co., Ltd.		12,310		239,676
Byucksan Corp.		30,082		79,844
Cell Biotech Co., Ltd.		3,486		119,766
Celltrion Pharm, Inc. (a)		9,667		157,832
Chabiotech Co., Ltd. (a) (c)		28,203		288,100
Cheil Worldwide, Inc.		45,881		729,065
Choa Pharmaceutical Co. (a) (c)		18,558		70,807
Chong Kun Dang Pharmaceutical Corp.		3,605		341,505
Chongkundang Holdings Corp.		2,053		125,293
CJ CGV Co., Ltd. (c)		7,133		401,070
CJ Freshway Corp.		1,771		56,129
CJ O Shopping Co., Ltd.		2,428		419,523
CNK International Co., Ltd. (a) (b)		16,071		—
Com2uSCorp.		7,421		809,905
Cosmax BTI, Inc.		6,732		169,865
Cosmax, Inc. (c)		5,387		597,327
Crown Confectionery Co., Ltd. (a)		2,361		35,765
CROWNHAITAI Holdings Co., Ltd.		1,930		28,983
CrucialTec Co., Ltd. (a)		13,227		31,354
CrystalGenomics, Inc. (a)		12,636		172,106
CTC BIO, Inc. (a)		6,698		41,872
Dae Han Flour Mills Co., Ltd.		503		75,317
Dae Hwa Pharmaceutical Co., Ltd. (c)		9,345		172,157
Daeduck GDS Co., Ltd.		6,402		107,040
Daesang Corp.		16,875		327,083
Daesang Holdings Co., Ltd.		5,117		41,415
Daewon Pharmaceutical Co., Ltd.		10,092		157,281
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a) (b)		50,853		99,455
Daewoong Co., Ltd.		24,685		310,354
Daewoong Pharmaceutical Co., Ltd.		1,796		166,216
Daishin Securities Co., Ltd. Preference Shares		62,998		510,980
Daou Technology, Inc.		19,119		294,626
Dentium Co., Ltd. (a)		5,966		288,051
DGB Financial Group, Inc.		103,169		945,802
Digital Power Communications Co., Ltd.		14,323		51,960
DIO Corp. (a) (c)		9,464		250,781
Dong-A Socio Holdings Co., Ltd. (c)		4,377		464,317

See accompanying notes to financial statements.

95

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Dong-A ST Co., Ltd.		4,612	$	329,788
Dongbu HiTek Co., Ltd. (a)		26,513		354,170
Dongjin Semichem Co., Ltd.		20,811		341,596
DongKook Pharmaceutical Co., Ltd.		3,320		168,123
Dongkuk Steel Mill Co., Ltd.		54,062		505,054
Dongsung Finetec Co., Ltd.		11,308		49,217
Dongwha Pharm Co., Ltd.		32,559		243,336
Dongwon F&B Co., Ltd.		426		73,458
Dongwon Industries Co., Ltd.		1,174		285,466
Doosan Heavy Industries & Construction Co., Ltd. (c)		45,236		675,370
Doosan Infracore Co., Ltd. (a)		59,347		425,406
DoubleUGames Co., Ltd.		6,695		330,264
Douzone Bizon Co., Ltd.		17,716		482,594
Ecopro Co., Ltd. (a)		10,928		315,813
Eo Technics Co., Ltd.		5,265		380,619
Eugene Investment & Securities Co., Ltd. (a)		116,143		296,099
Eugene Technology Co., Ltd.		4,020		73,707
Eusu Holdings Co., Ltd.		6,796		42,306
Fila Korea, Ltd. (c)		7,189		429,953
Finetex EnE, Inc. (a) (c)		43,126		109,571
Foosung Co., Ltd. (a)		39,422		349,355
G-treeBNT Co., Ltd. (a)		14,333		353,523
Gamevil, Inc. (a) (c)		3,396		195,396
GemVax & Kael Co., Ltd. (a)		13,579		128,635
Genexine Co., Ltd. (a) (c)		8,128		341,697
GNCO Co., Ltd. (a) (c)		24,442		35,425
GOLFZON Co., Ltd.		2,295		94,176
GOLFZONNEWDIN Co., Ltd.		11,190		51,292
Grand Korea Leisure Co., Ltd.		14,790		306,040
Green Cross Cell Corp.		3,299		102,540
Green Cross Corp.		4,084		714,927
Green Cross Holdings Corp.		14,861		495,648
GS Engineering & Construction Corp. (a) (c)		26,374		613,670
GS Home Shopping, Inc.		2,574		488,124
Halla Holdings Corp.		2,725		149,651
Hana Tour Service, Inc.		4,784		359,630
Hanall Biopharma Co., Ltd. (a) (c)		16,588		162,209
Hancom, Inc.		6,462		98,170
Handsome Co., Ltd.		11,915		321,971
Hanil Cement Co., Ltd.		1,749		179,428
Hanjin Heavy Industries & Construction Co., Ltd. (a)		38,103		126,417
Hanjin Kal Corp. (a)		23,522		432,303
Hanjin Shipping Co., Ltd. (a) (b)		1,732		—
Hanjin Transportation Co., Ltd.		4,225		110,296
Hankook Shell Oil Co., Ltd.		303		103,174
Hankook Tire Worldwide Co., Ltd.		14,441		275,493
Hanmi Pharm Co., Ltd. (a) (c)		480		190,475
Hanmi Semiconductor Co., Ltd.		14,285		110,254
Hansae Co., Ltd. (c)		10,920		231,681
Hansol Chemical Co., Ltd.		8,615		546,829
Hansol Holdings Co., Ltd. (a)		49,278		256,856
Hansol Paper Co., Ltd.		30,771		447,319
Hansol Technics Co., Ltd. (a)		13,124		202,243
Hanwha Investment & Securities Co., Ltd. (a) (c)		257,880		631,557
Hanwha Techwin Co., Ltd. (a)		22,830		661,768
Harim Co., Ltd.		12,849		38,535
Heung-A Shipping Co., Ltd.		49,144		52,776
Hite Jinro Co., Ltd.		33,593		771,376
HLB, Inc. (a) (c)		17,257		302,847
Homecast Co., Ltd. (a) (c)		14,902		133,361
HS Industries Co., Ltd. (c)		36,876		309,728
Huchems Fine Chemical Corp.		21,732		454,430
Humax Co., Ltd.		33,510		271,802
Humedix Co., Ltd.		2,235		61,273
Huons Co., Ltd. (a)		2,381		138,451
Huons Global Co., Ltd.		2,155		81,188
Hwa Shin Co., Ltd.		3,454		14,656
Hyundai BNG Steel Co., Ltd.		2,627		26,377
Hyundai Construction Equipment Co., Ltd. (a) (c)		1,379		448,490
Hyundai Corp.		2,483		45,309
Hyundai Electric & Energy System Co., Ltd. (a) (c)		1,718		344,995
Hyundai Elevator Co., Ltd.		8,389		365,854
Hyundai Engineering Plastics Co., Ltd.		5,318		30,505
Hyundai Greenfood Co., Ltd.		35,628		482,153
Hyundai Home Shopping Network Corp.		4,104		433,565
Hyundai Hy Communications & Network Co., Ltd.		13,241		41,445
Hyundai IBT Co., Ltd. (a) (c)		47,107		219,217
Hyundai Livart Furniture Co., Ltd.		14,004		276,938
Hyundai Merchant Marine Co., Ltd. (a)		69,423		500,057
Hyundai Mipo Dockyard Co., Ltd. (a)		4,275		351,227
Hyundai Rotem Co., Ltd. (a)		25,318		391,259
Hyundai Wia Corp.		12,072		688,263
i-SENS, Inc.		2,693		51,845
Il Dong Pharmaceutical Co., Ltd.		7,561		127,408
Iljin Materials Co., Ltd. (c)		10,184		311,651
Ilyang Pharmaceutical Co., Ltd. (c)		8,672		251,373
iMarketKorea, Inc.		8,291		69,565
InBody Co., Ltd.		4,416		110,655
Innocean Worldwide, Inc.		6,023		351,804
Innox Advanced Materials Co., Ltd. (a)		2,571		177,109
Inscobee, Inc. (a)		56,828		78,890
Interflex Co., Ltd. (a)		6,585		315,064
Interojo Co., Ltd.		3,640		114,252
Interpark Holdings Corp.		33,626		125,068
iNtRON Biotechnology, Inc. (a) (c)		7,555		189,312
IS Dongseo Co., Ltd.		6,486		186,026
Jayjun Cosmetic Co., Ltd. (a) (c)		43,095		256,610
JB Financial Group Co., Ltd.		209,532		1,097,649
Jeil Holdings Co., Ltd. (a)		39,132		538,114
Jeil Pharma Holdings, Inc. (c)		1,491		42,178
Jeil Pharmaceutical Co., Ltd. (a) (c)		3,562		167,938
Jeju Air Co., Ltd.		5,274		165,769
Jenax, Inc. (a) (c)		7,408		183,041
JoyCity Corp. (a)		1,564		17,479
Jusung Engineering Co., Ltd. (a)		22,153		274,652
JW Holdings Corp.		27,313		188,390
JW Pharmaceutical Corp.		6,205		219,140
JYP Entertainment Corp. (a)		23,871		208,208
KB Financial Group, Inc.		138		6,759

See accompanying notes to financial statements.

96

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
KC Tech Co., Ltd.		15,332	$	322,610
KEPCO Plant Service & Engineering Co., Ltd.		15,634		565,791
Kginicis Co., Ltd.		17,361		171,283
KGMobilians Co., Ltd.		48,492		268,847
KH Vatec Co., Ltd.		6,225		46,469
KIWOOM Securities Co., Ltd.		7,210		455,759
Koh Young Technology, Inc.		4,945		289,270
Kolao Holdings (c)		15,984		70,057
Kolon Corp.		4,088		233,427
Kolon Industries, Inc.		9,454		584,401
Kolon Life Science, Inc.		2,068		241,584
Komipharm International Co., Ltd. (a)		14,613		444,635
KONA I Co., Ltd. (a)		6,302		53,922
Korea Asset In Trust Co., Ltd.		55,238		403,187
Korea Electric Terminal Co., Ltd.		2,659		173,653
Korea Kolmar Co., Ltd. (c)		9,311		616,208
Korea Kolmar Holdings Co., Ltd.		2,173		72,759
Korea Line Corp. (a) (c)		6,939		209,924
Korea Petrochemical Ind Co., Ltd.		2,689		582,243
Korea Real Estate Investment & Trust Co., Ltd.		54,633		157,886
Korea United Pharm, Inc.		7,238		140,292
Korean Reinsurance Co.		97,023		961,462
Kortek Corp.		8,255		97,660
KT Skylife Co., Ltd.		15,544		195,428
Kumho Industrial Co., Ltd.		17,655		147,054
Kumho Tire Co., Inc. (a) (c)		66,409		346,729
Kwang Dong Pharmaceutical Co., Ltd.		17,997		127,276
KyungDong City Gas Co., Ltd. (a)		561		26,107
KyungDong Invest Co., Ltd.		153		6,472
Kyungdong Pharm Co., Ltd.		7,176		119,981
L&F Co., Ltd. (c)		11,109		342,867
Leaders Cosmetics Co., Ltd. (a) (c)		7,660		77,580
LEENO Industrial, Inc.		7,117		304,477
LF Corp.		13,180		295,165
LG Hausys, Ltd.		4,048		315,259
LG International Corp.		39,725		946,866
LIG Nex1 Co., Ltd.		5,479		348,253
Lock&Lock Co., Ltd.		3,537		55,278
Loen Entertainment, Inc.		4,197		320,267
Lotte Chilsung Beverage Co., Ltd.		420		496,512
LOTTE Fine Chemical Co., Ltd.		15,320		553,090
Lotte Food Co., Ltd.		781		414,588
LOTTE Himart Co., Ltd.		4,398		252,280
LS Industrial Systems Co., Ltd.		11,773		556,091
Lumens Co., Ltd. (a)		28,851		82,496
Lutronic Corp.		6,385		61,043
Macrogen, Inc. (a)		4,413		91,893
Maeil Dairies Co., Ltd. (a)		943		56,151
Maeil Holdings Co., Ltd.		708		11,250
Magnachip Semiconductor Corp. (a) (c)		25,148		285,430
Medipost Co., Ltd. (a)		4,488		331,501
Meritz Financial Group, Inc.		34,192		491,080
Minwise Co., Ltd. (c)		40,456		812,405
Mirae Corp. (a)		236,744		47,128
Modetour Network, Inc.		7,459		157,926
Muhak Co., Ltd.		6,343		100,516
Naturalendo Tech Co., Ltd. (a) (c)		11,183		236,285
Naturecell Co., Ltd. (a) (c)		38,346		194,852
Neowiz (a) (c)		12,190		113,348
NEPES Corp. (a)		10,648		90,829
Nexen Tire Corp.		27,783		321,408
NHN Entertainment Corp. (a)		11,161		665,558
NHN KCP Corp. (a)		7,149		95,811
NICE Holdings Co., Ltd.		5,620		85,378
NongShim Co., Ltd.		2,941		880,746
OCI Co., Ltd. (c)		8,039		719,429
Orion Holdings, Corp.		12,778		253,251
Osstem Implant Co., Ltd. (a)		7,948		484,368
Paradise Co., Ltd. (c)		25,912		342,748
Partron Co., Ltd.		25,439		206,115
Paru Co., Ltd. (a) (c)		103,246		353,814
Peptron, Inc. (a)		7,216		291,387
Pharmicell Co., Ltd. (a)		63,211		216,066
Poongsan Corp.		19,508		873,759
POSCO Chemtech Co., Ltd.		13,087		338,787
Posco ICT Co., Ltd.		8,203		47,842
Power Logics Co., Ltd. (a)		16,051		84,084
PSK, Inc.		15,366		318,630
Qurient Co., Ltd. (a)		6,619		143,320
Redrover Co., Ltd. (a) (c)		23,075		61,850
S&T Dynamics Co., Ltd. (a)		7,654		54,196
S&T Motiv Co., Ltd.		10,375		434,802
Sajo Industries Co., Ltd.		1,270		74,292
Sam Yung Trading Co., Ltd.		5,845		88,031
Samchully Co., Ltd.		510		44,973
Samjin Pharmaceutical Co., Ltd.		10,535		300,317
Samkwang Glass		1,011		41,443
Samsung Engineering Co., Ltd. (a)		96,541		927,185
Samsung Pharmaceutical Co., Ltd. (a)		37,192		113,328
Samyang Holdings Corp.		4,123		318,580
Seah Besteel Corp.		11,764		323,026
SeAH Steel Corp.		690		56,749
Sebang Co., Ltd.		2,758		34,796
Seegene, Inc. (a)		14,379		345,242
Seobu T&D (c)		8,054		92,118
Seohan Co., Ltd.		155,071		284,323
Seoul Semiconductor Co., Ltd.		24,737		542,104
SEOWONINTECH Co., Ltd.		7,079		66,751
Seoyon Co., Ltd.		4,547		29,537
Seoyon E-Hwa Co., Ltd.		3,623		32,898
SFA Engineering Corp.		32,187		1,162,031
Shinsegae Information & Communication Co., Ltd.		7,452		489,925
Shinsegae, Inc.		3,408		580,224
Silicon Works Co., Ltd.		5,212		201,135
SillaJen, Inc. (a) (c)		32,977		1,287,006
Sindoh Co., Ltd.		1,322		73,640
SK Bioland Co., Ltd.		4,094		55,047
SK Chemicals Co., Ltd.		8,461		482,388
SK Gas, Ltd.		3,704		304,961
SK Materials Co., Ltd.		3,089		476,289
SK Networks Co., Ltd.		73,463		462,451
SK Securities Co., Ltd. (a)		248,610		251,790
SKC Co., Ltd.		14,719		530,108
SKCKOLONPI, Inc.		9,224		273,011

See accompanying notes to financial statements.

97

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
SM Culture & Contents Co., Ltd. (a)		106,570	$	265,181
SM Entertainment Co. (a) (c)		9,521		240,238
Songwon Industrial Co., Ltd.		15,780		252,816
Soulbrain Co., Ltd.		7,898		468,908
SPC Samlip Co., Ltd.		1,678		189,725
Suheung Co., Ltd.		1,571		45,607
SundayToz Corp. (a)		3,574		59,913
Sungshin Cement Co., Ltd. (a)		7,449		34,470
Sungwoo Hitech Co., Ltd.		29,426		155,949
Suprema, Inc. (a)		1,786		39,997
Synopex, Inc. (a)		31,168		82,046
Taekwang Industrial Co., Ltd.		548		536,350
Taeyoung Engineering & Construction Co., Ltd. (a)		46,229		340,254
Taihan Electric Wire Co., Ltd. (a)		147,366		160,187
TBH Global Co., Ltd. (a)		10,573		79,573
Tera Semicon Co., Ltd.		5,591		146,200
TES Co., Ltd.		17,351		482,498
Tongyang Life Insurance Co., Ltd.		8,109		54,161
Tongyang, Inc.		139,458		223,430
Toptec Co., Ltd. (c)		20,521		502,566
Tovis Co., Ltd.		7,797		54,256
Value Added Technology Co., Ltd.		3,788		90,289
Viatron Technologies, Inc. (c)		11,788		195,549
Vieworks Co., Ltd.		6,914		236,332
ViroMed Co., Ltd. (a) (c)		8,151		834,066
Wave Electronics Co., Ltd. (a)		6,818		151,200
Webzen, Inc. (a)		13,218		287,360
WeMade Entertainment Co., Ltd.		5,868		168,557
Whanin Pharmaceutical Co., Ltd.		9,055		169,186
Wins Co., Ltd.		7,047		75,678
WiSoL Co., Ltd.		6,196		77,359
Wonik Holdings Co., Ltd. (a)		109,333		721,664
Wonik IPS Co., Ltd. (a)		17,685		526,528
Woojeon Co., Ltd. (a)		7,674		268
Woongjin Thinkbig Co., Ltd. (a)		8,538		51,734
YG Entertainment, Inc.		7,147		169,728
Youngone Corp.		10,683		304,069
Yuanta Securities Korea Co., Ltd. (a) (c)		78,369		228,535
Yungjin Pharmaceutical Co., Ltd. (a) (c)		55,762		471,763
				83,685,687
SPAIN — 1.2%
Abengoa SA Class B (a)		12,838,165		182,127
Almirall SA		35,889		365,305
Applus Services SA		56,870		712,656
Axiare Patrimonio SOCIMI SA		33,216		678,943
Codere SA (a)		628,788		267,607
Construcciones y Auxiliar de Ferrocarriles SA		23,766		961,731
Ence Energia y Celulosa SA		54,742		284,750
Ercros SA (c)		71,762		232,453
Euskaltel SA (d)		33,260		299,382
Faes Farma SA		279,923		936,517
Fluidra SA		37,268		392,779
Hispania Activos Inmobiliarios SOCIMI SA		48,982		883,074
Lar Espana Real Estate Socimi SA		26,517		257,684
Let’s GOWEX SA (a) (b) (c)		9,561		—
Liberbank SA (a)		224,965		207,710
Neinor Homes SA (a) (d)		25,560		546,928
Obrascon Huarte Lain SA (a) (c)		51,015		184,307
Papeles y Cartones de Europa SA		27,690		260,244
Parques Reunidos Servicios Centrales SAU (c) (d)		16,215		245,368
Pharma Mar SA (a)		185,209		720,359
Promotora de Informaciones SA Class A (a) (c)		47,726		186,756
Sacyr SA (a) (c)		126,774		332,716
Saeta Yield SA		14,558		166,253
Talgo SA (c) (d)		39,614		220,483
Tecnicas Reunidas SA (c)		20,912		661,194
Telepizza Group SA (a) (d)		34,773		199,788
Tubacex SA (a) (c)		168,877		639,866
				11,026,980
SWEDEN — 3.3%
AcadeMedia AB (a) (d)		28,084		223,644
Acando AB		92,731		334,008
AF AB Class B		31,245		728,075
Alimak Group AB (d)		21,187		385,461
Ambea AB (a) (d)		19,209		201,801
Attendo AB (d)		51,386		590,202
Avanza Bank Holding AB		10,659		445,564
Axactor AB (a)		750,034		273,243
Bergman & Beving AB		14,083		188,496
Betsson AB (a)		53,457		486,279
Bilia AB Class A		27,747		305,945
BioGaia AB Class B		6,626		245,968
Biotage AB		38,395		285,763
Bonava AB Class B		40,062		646,894
Boozt AB (a) (c) (d)		21,063		191,603
Bravida Holding AB (d)		86,830		634,549
Bufab AB		24,373		318,758
Bure Equity AB		23,664		324,706
Byggmax Group AB (c)		36,524		306,516
Capio AB (d)		74,649		436,242
Cellavision AB		19,947		422,774
Clas Ohlson AB Class B		20,378		376,984
Cloetta AB Class B		115,740		397,033
CLX Communications AB (a) (d)		18,365		260,996
Coor Service Management Holding AB (d)		45,960		326,582
D Carnegie & Co. AB (a)		14,261		200,051
Duni AB		17,727		277,991
Dustin Group AB (d)		34,108		287,286
Eltel AB (a) (c) (d)		71,407		229,206
Fingerprint Cards AB Class B (a) (c)		176,028		491,917
G5 Entertainment AB		4,494		174,258
Granges AB		39,000		445,552
Haldex AB (a)		46,513		574,122
Hansa Medical AB (a)		14,819		390,339
Hemfosa Fastigheter AB		59,955		760,240
HIQ International AB (a)		33,833		252,845
Hoist Finance AB (c) (d)		27,317		281,123
Infant Bacterial Theraoeutic AB (a)		15		244

See accompanying notes to financial statements.

98

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Investment AB Oresund		16,351	$	272,438
INVISIO Communications AB		29,279		299,521
Inwido AB		32,573		414,029
KappAhl AB		39,359		247,128
Karo Pharma AB		65,214		325,976
Klovern AB Class B		199,541		265,245
KNOW IT AB		24,682		394,617
Kungsleden AB		85,774		589,001
LeoVegas AB (d)		72,295		611,142
Lindab International AB		21,896		231,773
Medicover AB (a)		38,167		295,756
Medivir AB Class B (a)		9,095		79,670
Mekonomen AB		10,003		226,106
Momentum Group AB Class B (a)		20,865		222,394
Mycronic AB (c)		32,113		439,656
New Wave Group AB Class B		99,875		709,691
Nobia AB		55,516		552,280
Nobina AB (d)		51,347		299,438
Nolato AB Class B		12,715		612,201
Nordax Group AB (d)		74,136		435,969
Opus Group AB (c)		90,668		69,425
Qliro Group AB (a)		100,325		237,220
Ratos AB Class B (c)		58,317		284,785
RaySearch Laboratories AB (a) (c)		14,882		316,334
Recipharm AB Class B (c)		10,718		126,714
Sagax AB Class D		30		113
SAS AB (a) (c)		91,774		293,457
Scandi Standard AB		30,480		223,120
Scandic Hotels Group AB (d)		32,337		442,723
SkiStar AB		11,364		264,527
Starbreeze AB (a) (c)		118,826		165,231
Tethys Oil AB		32,763		249,866
Thule Group AB (d)		29,020		622,186
Tobii AB (a) (c)		41,605		249,762
Troax Group AB		6,618		236,752
Vitrolife AB		8,909		721,465
Wihlborgs Fastigheter AB		129,755		3,166,637
				28,897,608
SWITZERLAND — 2.3%
APG SGA SA		312		130,188
Arbonia AG (a) (c)		21,236		379,685
Ascom Holding AG		21,988		484,027
Autoneum Holding AG		1,486		415,807
Bachem Holding AG Class B		3,790		455,145
Basilea Pharmaceutica, Ltd. (a)		9,049		736,938
Bell Food Group AG		859		399,494
Bobst Group SA		2,892		318,012
Bossard Holding AG Class A		2,094		484,979
Burckhardt Compression Holding AG		1,445		452,122
Burkhalter Holding AG		2,839		362,357
Comet Holding AG (a)		3,553		526,561
Evolva Holding SA (a)		224,290		92,720
Gurit Holding AG (a)		246		282,458
HBM Healthcare Investments AG Class A (a)		3,180		380,575
HOCHDORF Holding AG (a) (c)		914		259,058
Huber + Suhner AG (c)		6,564		402,618
Implenia AG		8,622		570,731
Inficon Holding AG (a)		983		639,519
Interroll Holding AG		424		611,724
Intershop Holding AG		263		130,467
Kardex AG (a)		4,249		506,314
Komax Holding AG		2,304		663,745
Kudelski SA (c)		53,277		666,238
LEM Holding SA		283		362,378
Leonteq AG (a)		3,809		233,437
Metall Zug AG		63		255,880
Meyer Burger Technology AG (a) (c)		191,346		266,967
Mobilezone Holding AG		14,962		188,649
Mobimo Holding AG (a)		3,232		873,468
Newron Pharmaceuticals SpA (a) (c)		4,487		68,863
Orior AG		6,003		465,301
Phoenix Mecano AG		470		270,070
Resurs Holding AB (d)		53,070		374,504
Rieter Holding AG (a)		1,530		325,734
Santhera Pharmaceutical Holding AG (a) (c)		2,493		101,127
Schmolz + Bickenbach AG (a)		192,799		177,337
Schweiter Technologies AG		344		441,554
Siegfried Holding AG (a)		1,813		597,244
Swissquote Group Holding SA		5,758		216,312
u-blox Holding AG (a)		2,981		588,744
Valiant Holding AG		6,899		750,077
Valora Holding AG		6,329		2,217,374
Vaudoise Assurances Holding SA		466		252,120
Vetropack Holding AG		126		245,723
Ypsomed Holding AG (a)		1,931		298,950
Zehnder Group AG (c)		2,678		94,101
Zur Rose Group AG (a)		2,703		355,334
				20,372,730
UNITED ARAB EMIRATES — 0.0% (g)
Lamprell PLC (a)		121,346		145,709
UNITED KINGDOM — 9.2%
888 Holdings PLC		81,080		279,350
A.G.Barr PLC		48,075		398,609
AA PLC		357,080		812,034
Acacia Mining PLC		87,326		227,644
Aldermore Group PLC (a)		76,377		236,094
Allied Minds PLC (a)		110,221		199,635
Anglo Pacific Group PLC		129,122		232,570
AO World PLC (a) (c)		88,701		132,691
Arrow Global Group PLC		92,304		529,414
Ascential PLC		200,377		923,451
Assura PLC		930,380		782,649
AVEVA Group PLC		35,202		1,150,020
Avon Rubber PLC		17,705		222,693
Biffa PLC (d)		146,375		461,011
Big Yellow Group PLC REIT		60,556		615,024
Bovis Homes Group PLC		73,585		1,080,055
Brewin Dolphin Holdings PLC		114,066		534,251
Cairn Energy PLC (a)		260,813		670,096
Capital & Regional PLC REIT		347,933		264,911
Card Factory PLC		103,846		429,260
Carillion PLC (c)		159,093		109,392
Chemring Group PLC		287,849		695,147
Cineworld Group PLC		6		55

See accompanying notes to financial statements.

99

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Civitas Social Housing PLC REIT		135,435	$	202,603
Clarkson PLC		12,624		484,567
CMC Markets PLC (d)		38,802		84,335
Coats Group PLC		597,528		626,909
Computacenter PLC		33,801		447,596
Connect Group PLC		73,432		99,505
Costain Group PLC		53,921		324,278
Countrywide PLC (a)		70,680		102,414
Cranswick PLC		22,517		891,797
Crest Nicholson Holdings PLC		140,723		1,044,069
Dairy Crest Group PLC (c)		66,629		549,319
De La Rue PLC		38,860		338,105
Debenhams PLC		480,289		318,968
Devro PLC		64,529		206,266
DFS Furniture PLC		79,674		235,168
Dialight PLC (a)		12,925		136,993
Dignity PLC		25,658		793,819
Diploma PLC		49,944		712,958
Domino’s Pizza Group PLC		276,538		1,150,895
Drax Group PLC		216,624		904,742
Dunelm Group PLC		60,209		571,514
EI Group PLC (a)		449,492		830,716
Elementis PLC		220,123		800,043
Empiric Student Property PLC		377,753		513,147
EnQuest PLC (a)		446,245		166,141
Equiniti Group PLC (d)		169,548		685,152
Essentra PLC		111,482		826,373
esure Group PLC		148,401		562,065
F&C Commercial Property Trust, Ltd.		292,796		585,709
Fenner PLC		171,993		778,219
Fidessa Group PLC		19,738		595,039
Firstgroup PLC (a)		542,492		851,566
Forterra PLC (d)		105,890		395,302
Foxtons Group PLC (c)		99,043		90,027
Galliford Try PLC		45,578		827,356
Games Workshop Group PLC		12,865		339,856
Genel Energy PLC (a)		83,267		148,023
Genus PLC		34,927		983,119
Go-Ahead Group PLC		18,236		416,662
Gocompare.Com Group PLC		173,543		243,311
Grainger PLC		177,498		638,692
Greene King PLC		6		44
Greggs PLC		53,180		889,721
Gulf Keystone Petroleum, Ltd. (a)		165,709		213,430
Halfords Group PLC		89,248		419,687
Hansteen Holdings PLC		310,936		575,691
Helical Bar PLC		42,653		171,962
Hill & Smith Holdings PLC		39,276		666,060
Hunting PLC (a)		67,299		427,892
Huntsworth PLC		1,810		1,785
Ibstock PLC (d)		214,885		656,460
Imagination Technologies Group PLC (a)		121,677		274,256
Indivior PLC (a)		24		109
Intelligent Energy Holdings PLC (a)		609		13
International Personal Finance PLC		113,015		318,416
Interserve PLC		97,764		155,103
ITE Group PLC		304,575		734,518
J D Wetherspoon PLC (c)		135,589		2,283,008
Jackpotjoy PLC (a) (c)		42,589		462,259
JD Sports Fashion PLC		9		45
Jimmy Choo PLC (a)		66,210		203,866
John Laing Group PLC (d)		190,317		728,226
John Menzies PLC		29,171		281,593
Johnston Press PLC (a)		360		65
Just Group PLC		364,484		718,356
KCOM Group PLC		235,300		312,533
Keller Group PLC		57,949		636,361
Kier Group PLC		54,879		856,298
Laird PLC		368,262		705,297
Lancashire Holdings, Ltd.		105,993		949,222
LondonMetric Property PLC		323,092		720,438
Lookers PLC		135,102		217,511
Luxfer Holdings PLC ADR		9,253		115,200
Marshalls PLC		107,070		626,316
Marston’s PLC		418,482		610,303
McBride PLC (a)		152,082		429,506
McCarthy & Stone PLC (d)		238,501		478,377
Medica Group PLC		94,216		250,282
Mitchells & Butlers PLC		116,001		392,194
Mitie Group PLC		266,366		914,510
Moneysupermarket.com Group PLC		27		115
Morgan Advanced Materials PLC		184,764		771,181
Mothercare PLC (a)		77,676		104,214
N Brown Group PLC		68,011		320,459
NCC Group PLC		132,778		385,677
NewRiver REIT PLC		146,064		663,739
NMC Health PLC		3		111
Northgate PLC		50,268		292,530
Novae Group PLC		51,245		490,895
On the Beach Group PLC (d)		37,086		196,538
OneSavings Bank PLC		62,159		336,168
Ophir Energy PLC (a)		279,887		272,245
Oxford Biomedica PLC (a)		1,741,533		218,699
Oxford Instruments PLC		24,371		317,001
Pagegroup PLC		166,589		1,112,827
Paragon Banking Group PLC		135,039		796,083
Pendragon PLC		540,815		232,187
Petrofac, Ltd.		146,607		885,129
Petropavlovsk PLC (a)		1,051,956		112,909
Pets at Home Group PLC (c)		158,058		453,169
Photo-Me International PLC		108,614		253,556
Picton Property Income, Ltd.		180,580		206,540
Polypipe Group PLC		117,517		664,723
Premier Foods PLC (a)		465,819		262,486
Premier Oil PLC (a) (c)		233,294		209,709
Primary Health Properties PLC		301,526		494,553
Provident Financial PLC (c)		82,298		916,997
PZ Cussons PLC		111,760		479,217
QinetiQ Group PLC		290,496		962,278
Rank Group PLC		77,032		229,437
Rathbone Brothers PLC		25,742		895,883
Redefine International PLC		591,170		301,394
Regional REIT, Ltd. REIT (d)		147,269		207,463
Renewi PLC		578,879		790,244
Renishaw PLC		3		192
Restaurant Group PLC		88,760		359,517
RPC Group PLC		12		159

See accompanying notes to financial statements.

100

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
RPS Group PLC		209,749	$	811,867
Safestore Holdings PLC		81,758		479,019
Savills PLC		57,909		723,716
Schroder Real Estate Investment Trust, Ltd.		252,013		207,940
Senior PLC		435,156		1,610,779
Serco Group PLC (a)		579,218		896,005
SIG PLC		324,948		775,584
Sirius Minerals PLC (a)		2,424,267		828,741
Soco International PLC		103,767		160,798
Softcat PLC		60,064		338,859
Spire Healthcare Group PLC (d)		164,043		494,978
SSP Group PLC		15		108
ST Modwen Properties PLC		73,907		370,650
Stagecoach Group PLC		150,976		345,765
Stobart Group, Ltd.		124,951		452,965
Stock Spirits Group PLC		92,973		299,369
SuperGroup PLC		24,839		566,196
SVG Capital PLC (a) (e)		16,733		15,715
Ted Baker PLC		11,100		394,646
Telecom Plus PLC		31,308		456,167
Topps Tiles PLC		109,835		111,257
TORM PLC		11,887		119,912
Trinity Mirror PLC		109,134		124,823
Tyman PLC		119,210		515,800
UK Commercial Property Trust, Ltd.		166,965		206,088
Ultra Electronics Holdings PLC		39,745		958,763
Vectura Group PLC (a)		292,678		417,802
Virgin Money Holdings UK PLC		165,529		636,265
Wincanton PLC		216,554		684,947
Workspace Group PLC		46,402		552,515
ZPG PLC (d)		146,207		709,506
				81,350,076
UNITED STATES — 1.0%
Adaptimmune Therapeutics PLC ADR (a)		36,400		298,116
Alacer Gold Corp. (a)		118,933		207,311
Argonaut Gold, Inc. (a)		69,313		135,783
Avadel Pharmaceuticals PLC ADR (a) (c)		21,565		226,432
Boart Longyear, Ltd. (a)		36		1
Civeo Corp. (a)		99,900		284,715
DHT Holdings, Inc.		63,221		251,619
Eros International PLC (a) (c)		16,484		235,721
Ferroglobe Representation & Warranty Insurance Trust (a) (b)		19,857		—
Globant SA (a)		12,439		498,431
Golden Star Resources, Ltd. (a)		264,300		203,009
IMAX Corp. (a)		36,800		833,520
MDC Partners, Inc. Class A		31,659		348,249
Mimecast, Ltd. (a)		19,200		545,664
Mitel Networks Corp. (a)		39,895		334,719
Nordic American Tankers, Ltd. (c)		49,616		264,949
OM Asset Management PLC		61,200		913,104
Ormat Technologies, Inc.		1		48
Oxford Immunotec Global PLC (a) (c)		19,044		319,939
REC Silicon ASA (a)		942,269		120,147
Ship Finance International, Ltd. (c)		35,320		512,140
Stratasys, Ltd. (a)		32,405		749,204
Tahoe Resources, Inc.		169,200		887,500
Tucows, Inc. Class A (a) (c)		7,900		462,545
Vail Resorts, Inc.		24		5,475
				8,638,341
TOTAL COMMON STOCKS (Cost $882,741,985)				882,832,014
WARRANTS — 0.0% (g)
AUSTRALIA — 0.0% (g)
Westgold Resources, Ltd. (expiring 6/30/19) (a) (c)		19,338		4,856
SINGAPORE — 0.0% (g)
Ezion Holdings, Ltd. (expiring 4/24/20) (a) (c) (e)		115,305		2,547
UNITED STATES — 0.0% (g)
Boart Longyear, Ltd. (expiring 9/13/24) (a)		50		—
TOTAL WARRANTS (Cost $0)				7,403
RIGHTS — 0.0% (g)
AUSTRALIA — 0.0% (g)
Syrah Resources, Ltd. (expiring 10/5/17) (a) (b)		8,908		—
SINGAPORE — 0.0% (g)
Manulife US Real Estate Investment Trust (expiring 10/16/17) (a) (e)		133,537		29,378
SOUTH KOREA — 0.0% (g)
Able C&C Co., Ltd. (expiring 11/9/17) (a) (e)		3,953		8,628
Hyundai Construction Equipment Co., Ltd. (expiring 11/14/17) (a) (e)		431		36,878
Hyundai Electric & Energy System Co., Ltd. (expiring 11/11/17) (a) (e)		533		20,476
Seobu T&D (expiring 10/17/25) (a)		808		1,658
				67,640
UNITED KINGDOM — 0.0% (g)
Equiniti Group PLC (expiring 10/16/17) (a)		36,332		56,056
TOTAL RIGHTS (Cost $0)				153,074
SHORT-TERM INVESTMENTS — 7.5%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (h) (i)		73,500		73,500
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)		66,029,680		66,029,680
TOTAL SHORT-TERM INVESTMENTS (Cost $66,103,180)				66,103,180
TOTAL INVESTMENTS — 107.1% (Cost $948,845,165)				949,095,671
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.1)%				(62,666,134	)
NET ASSETS — 100.0%			$	886,429,537

See accompanying notes to financial statements.

101

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

(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 September 30, 2017, total aggregate fair value of the security is $194,734, representing 0.0% of the Fund’s net assets.

(c) All or a portion of the shares of the security are on loan at September 30, 2017.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.8% of net assets as of September 30, 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 September 30, 2017, total aggregate fair value of securities is $605,425 representing 0.1% of 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 September 30, 2017 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at September 30, 2017.

(j) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	57,074,779	$	262,101	$	0	(b)	$	57,336,880
Austria		3,326,560		—		—			3,326,560
Belgium		11,865,386		—		—			11,865,386
Canada		79,609,585		69,911		0	(b)		79,679,496
China		2,098,321		—		—			2,098,321
Denmark		5,607,761		—		0	(b)		5,607,761
Finland		6,580,100		4,928		0	(b)		6,585,028
France		19,537,625		—		—			19,537,625
Germany		29,297,080		395,246		—			29,692,326
Greece		—		—		0	(b)		—
Hong Kong		24,920,651		425,971		0	(b)		25,346,622
Ireland		7,173,421		—		—			7,173,421
Israel		15,911,714		—		—			15,911,714
Italy		11,320,241		—		95,279			11,415,520
Japan		322,210,743		48		—			322,210,791
Liechtenstein		236,461		—		—			236,461
Luxembourg		431,040		—		—			431,040
Macau		514,370		—		—			514,370
Malta		253,363		—		—			253,363
Netherlands		11,797,738		—		—			11,797,738
New Zealand		9,570,180		—		—			9,570,180
Norway		11,764,174		—		—			11,764,174
Peru		272,271		—		—			272,271
Portugal		2,081,510		—		—			2,081,510
Singapore		13,583,829		115,749		0	(b)		13,699,578
South Africa		306,747		—		0	(b)		306,747
South Korea		83,290,535		295,697		99,455			83,685,687
Spain		11,026,980		—		0	(b)		11,026,980
Sweden		28,897,608		—		—			28,897,608
Switzerland		20,372,730		—		—			20,372,730
United Arab Emirates		145,709		—		—			145,709
United Kingdom		81,334,361		15,715		—			81,350,076
United States		8,638,341		—		0	(b)		8,638,341

See accompanying notes to financial statements.

102

SPDR S&P International Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Warrants
Australia	$	4,856		$	—	$	—		$	4,856
Singapore		—			2,547		—			2,547
United States		0	(a)		—		—			—
Rights
Australia		—			—		0	(b)		—
Singapore		—			29,378		—			29,378
South Korea		1,658			65,982		—			67,640
United Kingdom		56,056			—		—			56,056
Short-Term Investments		66,103,180			—		—			66,103,180
TOTAL INVESTMENTS	$	947,217,664		$	1,683,273	$	194,734		$	949,095,671

(a) Fund held Level 1 security that was valued at $0 at September 30, 2017.

(b) Fund held Level 3 securities that were valued at $0 at September 30, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		23,893,952		23,820,452		—		—		73,500		73,500		7,149
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		37,421,048		37,421,048		—		—		—		—		5,521
State Street Navigator Securities Lending Government Money Market Portfolio*		77,010,646		77,010,646		121,957,900		132,938,866		—		—		66,029,680		66,029,680		1,748,900
TOTAL			$	80,236,219	$	183,743,453	$	197,876,492	$	—	$	—			$	66,103,180	$	1,761,711

* 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.

103

SPDR S&P Global Infrastructure ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 8.3%
Macquarie Atlas Roads Group		323,964	$	1,380,297
Qube Holdings, Ltd. (a)		735,790		1,426,023
Sydney Airport		595,543		3,322,451
Transurban Group Stapled Security		952,018		8,874,368
				15,003,139
BRAZIL — 0.9%
CPFL Energia SA ADR		20,216		346,906
Ultrapar Participacoes SA ADR		57,545		1,370,722
				1,717,628
CANADA — 11.4%
AltaGas, Ltd.		22,566		518,568
Enbridge, Inc. (b)		216,158		9,008,240
Enbridge, Inc. (b)		2,122		88,784
Fortis, Inc.		36,800		1,317,638
Inter Pipeline, Ltd.		49,686		1,026,972
Pembina Pipeline Corp. (a)		53,388		1,868,890
TransCanada Corp. (a)		115,487		5,694,705
Veresen, Inc.		41,598		622,648
Westshore Terminals Investment Corp. (a)		27,287		523,420
				20,669,865
CHILE — 0.3%
Enel Americas SA ADR		49,589		506,800
CHINA — 4.0%
Beijing Capital International Airport Co., Ltd. Class H		772,000		1,150,483
Beijing Enterprises Water Group, Ltd. (c)		432,000		347,892
China Merchants Port Holdings Co., Ltd.		650,749		2,007,893
COSCO SHIPPING Ports, Ltd.		899,258		1,000,493
Guangdong Investment, Ltd.		254,000		362,267
Jiangsu Expressway Co., Ltd. Class H		660,000		1,010,614
Kunlun Energy Co., Ltd. (a)		450,000		439,589
Zhejiang Expressway Co., Ltd. Class H		774,000		962,211
				7,281,442
FRANCE — 4.6%
Aeroports de Paris		17,629		2,851,048
Engie SA		142,316		2,417,693
Groupe Eurotunnel SE		252,367		3,043,151
				8,311,892
GERMANY — 2.5%
E.ON SE		193,849		2,194,514
Fraport AG Frankfurt Airport Services Worldwide		19,940		1,893,859
Hamburger Hafen und Logistik AG		11,344		357,400
				4,445,773
HONG KONG — 2.2%
China Gas Holdings, Ltd.		202,000		605,170
CLP Holdings, Ltd.		173,500		1,778,160
Hong Kong & China Gas Co., Ltd.		714,200		1,342,320
Hopewell Highway Infrastructure, Ltd.		549,000		339,492
				4,065,142
ITALY — 8.4%
ASTM SpA		19,239		499,238
Atlantia SpA		253,874		8,016,464
Enav SpA (d)		137,449		629,819
Enel SpA		679,810		4,094,704
Snam SpA		297,082		1,431,533
Societa Iniziative Autostradali e Servizi SpA		36,843		588,438
				15,260,196
MEXICO — 2.8%
Grupo Aeroportuario del Centro Norte SAB de CV ADR		22,608		1,003,569
Grupo Aeroportuario del Pacifico SAB de CV ADR		20,296		2,080,949
Grupo Aeroportuario del Sureste SAB de CV ADR		10,878		2,075,740
				5,160,258
NEW ZEALAND — 1.3%
Auckland International Airport, Ltd.		502,419		2,339,000
SINGAPORE — 0.9%
Hutchison Port Holdings Trust		2,821,470		1,213,232
SIA Engineering Co., Ltd.		132,900		341,560
				1,554,792
SPAIN — 11.2%
Abertis Infraestructuras SA		406,319		8,213,986
Aena SME SA (d)		39,677		7,164,911
Enagas SA		30,074		847,061
Iberdrola SA		522,994		4,063,357
				20,289,315
SWITZERLAND — 1.3%
Flughafen Zuerich AG		10,275		2,325,574
UNITED KINGDOM — 4.2%
BBA Aviation PLC		485,311		1,942,934
National Grid PLC		318,034		3,945,178
SSE PLC		88,737		1,663,184
				7,551,296
UNITED STATES — 35.4%
American Electric Power Co., Inc.		43,344		3,044,483
Cheniere Energy, Inc. (c)		26,839		1,208,829
Consolidated Edison, Inc.		27,288		2,201,596
Dominion Energy, Inc.		56,637		4,357,084
DTE Energy Co.		15,836		1,700,153
Duke Energy Corp.		61,627		5,171,738
Edison International		28,680		2,213,236
Eversource Energy		27,893		1,685,853
Exelon Corp.		84,593		3,186,618
Kinder Morgan, Inc.		254,538		4,882,039
Macquarie Infrastructure Corp.		41,951		3,028,023
NextEra Energy, Inc.		41,208		6,039,032
ONEOK, Inc.		50,346		2,789,672
PG&E Corp.		45,191		3,077,055
PPL Corp.		60,213		2,285,083
Public Service Enterprise Group, Inc.		44,516		2,058,865
Sempra Energy		22,142		2,527,066
Southern Co.		88,056		4,327,072

See accompanying notes to financial statements.

104

SPDR S&P Global Infrastructure ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Targa Resources Corp.		28,588	$	1,352,212
WEC Energy Group, Inc.		27,784		1,744,280
Williams Cos., Inc.		109,579		3,288,466
Xcel Energy, Inc.		44,765		2,118,280
				64,286,735
TOTAL COMMON STOCKS (Cost $167,736,995)				180,768,847
RIGHTS — 0.0% (e)
AUSTRALIA — 0.0% (e)
Macquarie Atlas Roads Group (expiring 10/4/17) (c) (f) (Cost $0)		45,894		—
SHORT-TERM INVESTMENTS — 4.1%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (g) (h)		403,650		403,650
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		7,104,926		7,104,926
TOTAL SHORT-TERM INVESTMENTS (Cost $7,508,576)				7,508,576
TOTAL INVESTMENTS — 103.8% (Cost $175,245,571)				188,277,423
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.8)%				(6,900,473	)
NET ASSETS — 100.0%			$	181,376,950

(a) All or a portion of the shares of the security are on loan at September 30, 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 4.3% of net assets as of September 30, 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) 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 September 30, 2017, total aggregate fair value of the security is $0, representing 0.0% 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 September 30, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at September 30, 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 September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	15,003,139	$	—	$	—	$	15,003,139
Brazil		1,717,628		—		—		1,717,628
Canada		20,669,865		—		—		20,669,865
Chile		506,800		—		—		506,800
China		7,281,442		—		—		7,281,442
France		8,311,892		—		—		8,311,892
Germany		4,445,773		—		—		4,445,773
Hong Kong		4,065,142		—		—		4,065,142
Italy		15,260,196		—		—		15,260,196
Mexico		5,160,258		—		—		5,160,258
New Zealand		2,339,000		—		—		2,339,000
Singapore		1,554,792		—		—		1,554,792
Spain		20,289,315		—		—		20,289,315
Switzerland		2,325,574		—		—		2,325,574
United Kingdom		7,551,296		—		—		7,551,296
United States		64,286,735		—		—		64,286,735

See accompanying notes to financial statements.

105

SPDR S&P Global Infrastructure ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Rights
Australia	$	—	$	—	$	0	(a)	$	—
Short-Term Investments		7,508,576		—		—			7,508,576
TOTAL INVESTMENTS	$	188,277,423	$	—	$	0		$	188,277,423

(a) Fund held a Level 3 security that was valued at $0 at September 30, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		3,658,203		3,254,553		—		—		403,650		403,650		1,304
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		4,084,200		4,084,200		—		—		—		—		478
State Street Navigator Securities Lending Government Money Market Portfolio*		4,958,497		4,958,497		63,727,212		61,580,783		—		—		7,104,926		7,104,926		36,128
TOTAL			$	5,154,555	$	71,481,878	$	69,127,857	$	—	$	—			$	7,508,576	$	37,915

* 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.

106

SPDR S&P Global Natural Resources ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 9.0%
Amcor, Ltd.		2,222,082	$	26,519,487
BHP Billiton, Ltd.		2,561,839		51,821,572
Fortescue Metals Group, Ltd.		1,362,006		5,493,106
Newcrest Mining, Ltd.		607,675		10,022,589
South32, Ltd.		4,192,422		10,756,936
Woodside Petroleum, Ltd.		263,837		6,024,271
				110,637,961
AUSTRIA — 0.4%
Voestalpine AG		87,740		4,475,266
BRAZIL — 3.0%
Fibria Celulose SA ADR (a)		435,685		5,899,175
Petroleo Brasileiro SA ADR (b)		542,054		5,442,222
Vale SA ADR (a)		2,503,355		25,208,785
				36,550,182
CANADA — 11.3%
Agrium, Inc.		265,138		28,348,661
Barrick Gold Corp.		931,639		14,990,071
Canadian Natural Resources, Ltd.		394,873		13,194,533
Franco-Nevada Corp.		142,225		10,992,259
Goldcorp, Inc. (a)		681,046		8,821,769
Imperial Oil, Ltd. (a)		92,624		2,952,059
Potash Corp. of Saskatchewan, Inc.		1,611,478		31,004,837
Suncor Energy, Inc.		609,300		21,304,673
Wheaton Precious Metals Corp. (a)		351,699		6,692,869
				138,301,731
CHILE — 0.3%
Antofagasta PLC		306,070		3,896,962
CHINA — 0.6%
CNOOC, Ltd.		5,853,000		7,553,515
COLOMBIA — 0.1%
Ecopetrol SA ADR (a)		92,393		876,810
FINLAND — 3.5%
Stora Enso Oyj Class R		1,093,482		15,447,929
UPM-Kymmene Oyj		1,021,000		27,677,097
				43,125,026
FRANCE — 4.0%
TOTAL SA		907,787		48,770,903
GERMANY — 1.7%
KS AG (a)		366,585		9,989,330
ThyssenKrupp AG		346,900		10,283,382
				20,272,712
HONG KONG — 0.5%
Nine Dragons Paper Holdings, Ltd.		3,234,000		6,359,768
IRELAND — 1.2%
Smurfit Kappa Group PLC		452,183		14,166,117
ITALY — 1.3%
Eni SpA		982,003		16,252,927
JAPAN — 3.5%
JFE Holdings, Inc.		460,200		8,984,049
Nippon Steel & Sumitomo Metal Corp.		719,400		16,511,082
Oji Holdings Corp.		1,810,000		9,760,316
Sumitomo Metal Mining Co., Ltd.		221,000		7,095,403
				42,350,850
LUXEMBOURG — 1.1%
ArcelorMittal (b)		503,468		12,990,230
MEXICO — 0.2%
Fresnillo PLC		146,658		2,764,530
NETHERLANDS — 4.3%
OCI NV (b)		120,647		2,825,477
Royal Dutch Shell PLC Class A		1,636,736		49,375,407
				52,200,884
NORWAY — 2.5%
Norsk Hydro ASA		1,087,067		7,906,885
Statoil ASA		394,250		7,889,655
Yara International ASA		338,011		15,146,229
				30,942,769
PERU — 0.4%
Southern Copper Corp. (a)		135,530		5,388,673
RUSSIA — 2.9%
Gazprom PJSC ADR		2,206,847		9,246,689
LUKOIL PJSC ADR		158,631		8,396,339
MMC Norilsk Nickel PJSC ADR		541,683		9,325,073
Novatek PJSC GDR		24,328		2,853,674
Novolipetsk Steel PJSC GDR		66,799		1,519,677
Rosneft Oil Co. PJSC GDR		424,529		2,358,259
Severstal PJSC GDR		140,040		2,093,598
				35,793,309
SINGAPORE — 1.7%
Golden Agri-Resources, Ltd.		12,882,268		3,557,458
Wilmar International, Ltd.		7,144,219		16,730,083
				20,287,541
SOUTH AFRICA — 1.5%
Mondi PLC		704,872		18,961,112
SOUTH KOREA — 1.8%
Korea Zinc Co., Ltd.		10,140		4,386,755
POSCO		4,195		1,161,055
POSCO ADR		239,579		16,626,783
				22,174,593
SPAIN — 0.6%
Repsol SA		426,886		7,867,717
SWITZERLAND — 3.6%
Glencore PLC (b)		9,538,447		43,766,613
UNITED KINGDOM — 7.7%
Anglo American PLC		1,122,843		20,179,059
BP PLC		6,905,140		44,218,406
DS Smith PLC		1,941,324		12,837,960
Rio Tinto, Ltd. (a)		338,936		17,693,390
				94,928,815
UNITED STATES — 30.8%
Anadarko Petroleum Corp.		92,611		4,524,047
Archer-Daniels-Midland Co.		421,109		17,901,344
Avery Dennison Corp.		65,233		6,415,013
Baker Hughes a GE Co.		70,380		2,577,316

See accompanying notes to financial statements.

107

SPDR S&P Global Natural Resources ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Bunge, Ltd.		103,376	$	7,180,497
CF Industries Holdings, Inc.		171,595		6,033,280
Chevron Corp.		314,711		36,978,543
ConocoPhillips		205,384		10,279,469
Devon Energy Corp.		86,918		3,190,760
EOG Resources, Inc.		95,726		9,260,533
Exxon Mobil Corp.		703,606		57,681,620
FMC Corp.		99,032		8,844,548
Freeport-McMoRan, Inc. (b)		1,063,833		14,936,215
Halliburton Co.		143,523		6,606,364
Ingredion, Inc.		53,032		6,397,781
International Paper Co.		304,679		17,311,861
Monsanto Co.		324,304		38,858,105
Mosaic Co.		258,416		5,579,201
Newmont Mining Corp.		426,097		15,982,898
Nucor Corp.		255,058		14,293,450
Occidental Petroleum Corp.		127,024		8,156,211
Packaging Corp. of America		69,355		7,953,631
Phillips 66		72,586		6,649,603
Pioneer Natural Resources Co.		28,164		4,155,317
Rayonier, Inc. REIT		95,692		2,764,542
Schlumberger, Ltd.		230,438		16,075,355
Sealed Air Corp.		144,110		6,156,379
Valero Energy Corp.		74,312		5,716,822
WestRock Co.		185,904		10,546,334
Weyerhaeuser Co. REIT		554,318		18,863,442
				377,870,481
TOTAL COMMON STOCKS (Cost $1,117,882,749)				1,219,527,997
SHORT-TERM INVESTMENTS — 2.3%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (c) (d)		799,218		799,218
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		27,454,617		27,454,617
TOTAL SHORT-TERM INVESTMENTS (Cost $28,253,835)				28,253,835
TOTAL INVESTMENTS — 101.8% (Cost $1,146,136,584)				1,247,781,832
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.8)%				(21,628,291	)
NET ASSETS — 100.0%			$	1,226,153,541

(a) All or a portion of the shares of the security are on loan at September 30, 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 September 30, 2017 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at September 30, 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 September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	110,637,961	$	—	$	—	$	110,637,961
Austria		4,475,266		—		—		4,475,266
Brazil		36,550,182		—		—		36,550,182
Canada		138,301,731		—		—		138,301,731
Chile		3,896,962		—		—		3,896,962
China		7,553,515		—		—		7,553,515
Colombia		876,810		—		—		876,810
Finland		43,125,026		—		—		43,125,026
France		48,770,903		—		—		48,770,903
Germany		20,272,712		—		—		20,272,712
Hong Kong		6,359,768		—		—		6,359,768
Ireland		14,166,117		—		—		14,166,117
Italy		16,252,927		—		—		16,252,927
Japan		42,350,850		—		—		42,350,850
Luxembourg		12,990,230		—		—		12,990,230
Mexico		2,764,530		—		—		2,764,530

See accompanying notes to financial statements.

108

SPDR S&P Global Natural Resources ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Netherlands	$	52,200,884	$	—	$	—	$	52,200,884
Norway		30,942,769		—		—		30,942,769
Peru		5,388,673		—		—		5,388,673
Russia		35,793,309		—		—		35,793,309
Singapore		20,287,541		—		—		20,287,541
South Africa		18,961,112		—		—		18,961,112
South Korea		22,174,593		—		—		22,174,593
Spain		7,867,717		—		—		7,867,717
Switzerland		43,766,613		—		—		43,766,613
United Kingdom		94,928,815		—		—		94,928,815
United States		377,870,481		—		—		377,870,481
Short-Term Investments		28,253,835		—		—		28,253,835
TOTAL INVESTMENTS	$	1,247,781,832	$	—	$	—	$	1,247,781,832

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		110,544,078		109,744,860		—		—		799,218		799,218		15,323
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		25,983,417		25,983,417		—		—		—		—		5,156
State Street Navigator Securities Lending Government Money Market Portfolio*		19,577,508		19,577,508		532,619,733		524,742,624		—		—		27,454,617		27,454,617		250,973
TOTAL			$	21,743,590	$	669,147,935	$	662,637,690	$	—	$	—			$	28,253,835	$	271,517

* 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.

109

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 2.4%
Alumina, Ltd. (a)		41,540	$	71,708
Amcor, Ltd.		3,583		42,761
AMP, Ltd.		12,597		47,741
Australia & New Zealand Banking Group, Ltd.		2,819		65,473
BHP Billiton PLC		822		14,497
BHP Billiton, Ltd.		3,499		70,779
Boral, Ltd.		16,530		87,809
Brambles, Ltd.		8,403		59,341
Coca-Cola Amatil, Ltd.		4,110		24,929
Commonwealth Bank of Australia		929		54,853
CSL, Ltd.		1,602		168,389
Fortescue Metals Group, Ltd.		6,250		25,207
Iluka Resources, Ltd.		1,663		12,396
Insurance Australia Group, Ltd.		19,207		96,001
LendLease Group		9,913		139,386
Macquarie Group, Ltd.		1,682		119,994
National Australia Bank, Ltd.		3,755		92,810
Newcrest Mining, Ltd.		1,972		32,525
Origin Energy, Ltd. (b)		6,248		36,671
Orora, Ltd.		1,507		3,666
OZ Minerals, Ltd.		6,043		35,183
QBE Insurance Group, Ltd.		2,939		23,084
Santos, Ltd. (b)		7,327		23,111
Scentre Group REIT		8,770		27,044
Shopping Centres Australasia Property Group		92,003		165,315
Sonic Healthcare, Ltd.		4,506		73,930
South32, Ltd. (c)		3,229		8,350
South32, Ltd. (c)		2,992		7,677
Suncorp Group, Ltd.		6,347		64,991
Sydney Airport		943		5,261
Transurban Group Stapled Security		6,201		57,803
Vicinity Centres REIT		32,610		68,063
Wesfarmers, Ltd.		3,839		124,497
Westfield Corp. REIT		7,039		43,301
Westpac Banking Corp.		4,243		106,270
Woodside Petroleum, Ltd.		1,624		37,081
Woolworths, Ltd.		1,426		28,208
				2,166,105
AUSTRIA — 0.1%
OMV AG		1,687		98,303
BELGIUM — 0.3%
Anheuser-Busch InBev SA		981		117,482
Solvay SA		570		85,175
UCB SA		1,483		105,595
				308,252
BRAZIL — 0.7%
Ambev SA ADR		12,779		84,214
Banco Bradesco SA Preference Shares ADR		10,314		114,176
Cia Energetica de Minas Gerais ADR		7,152		17,737
Cia Siderurgica Nacional SA ADR (a) (b)		6,276		18,577
Gerdau SA ADR (a)		5,672		19,455
Itau Unibanco Holding SA Preference Shares ADR		8,148		111,627
Petroleo Brasileiro SA ADR (b)		3,229		32,419
Petroleo Brasileiro SA Preference Shares ADR (b)		9,465		91,432
Tim Participacoes SA ADR		2,160		39,485
Vale SA ADR		10,404		104,768
				633,890
CANADA — 3.2%
Agrium, Inc.		419		44,800
Bank of Montreal		921		69,540
Bank of Nova Scotia (a)		1,161		74,451
Barrick Gold Corp. (a)		1,797		28,852
Brookfield Asset Management, Inc. Class A		2,676		110,237
Cameco Corp. (a)		2,394		23,066
Canadian Imperial Bank of Commerce (a)		419		36,575
Canadian National Railway Co.		1,814		149,947
Canadian Natural Resources, Ltd.		1,814		60,614
Canadian Pacific Railway, Ltd.		383		64,182
Canadian Tire Corp., Ltd. Class A		443		55,024
Cenovus Energy, Inc. (a)		2,298		22,986
Eldorado Gold Corp.		2,470		5,411
Enbridge, Inc. (c)		2,052		85,516
Enbridge, Inc. (c)		2,632		110,123
Encana Corp.		3,366		39,537
Enerplus Corp.		2,646		26,044
First Majestic Silver Corp. (a) (b)		8,089		55,106
First Quantum Minerals, Ltd. (a)		1,280		14,339
Goldcorp, Inc. (a)		1,761		22,811
IAMGOLD Corp. (b)		2,658		16,216
IGM Financial, Inc.		707		23,709
Imperial Oil, Ltd. (a)		1,316		41,943
Just Energy Group, Inc.		16,099		93,068
Kinross Gold Corp. (b)		3,893		16,467
Loblaw Cos., Ltd.		1,475		80,316
Manulife Financial Corp.		4,721		95,541
National Bank of Canada		2,489		119,509
Obsidian Energy, Ltd. (a) (b)		1,743		1,840
Onex Corp.		1,566		120,569
Paramount Resources, Ltd. Class A (b)		2,907		57,412
Potash Corp. of Saskatchewan, Inc. (a)		1,339		25,717
PrairieSky Royalty, Ltd. (a)		24		613
Rogers Communications, Inc. Class B (a)		2,494		128,304
Royal Bank of Canada		2,184		168,587
Shaw Communications, Inc. Class B (a)		1,663		38,189
SNC-Lavalin Group, Inc. (a)		1,042		46,982
Sun Life Financial, Inc.		2,573		102,229
Suncor Energy, Inc.		3,666		128,185
Teck Resources, Ltd. Class B		1,304		27,391
TELUS Corp.		3,523		126,424
TMX Group, Ltd.		18		1,015
Toronto-Dominion Bank		3,489		195,980
TransAlta Corp.		4,083		23,832
TransCanada Corp. (a)		1,606		79,192
Wheaton Precious Metals Corp. (a)		1,173		22,322
Yamana Gold, Inc.		3,594		9,483
				2,890,196
CHILE — 0.0% (d)
Enel Americas SA ADR		1,244		12,714

See accompanying notes to financial statements.

110

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Enel Chile SA ADR		690	$	4,140
Enel Generacion Chile SA ADR		310		8,171
Sociedad Quimica y Minera de Chile SA ADR		153		8,516
				33,541
CHINA — 3.1%
Agricultural Bank of China, Ltd. Class H		84,000		37,641
Alibaba Group Holding, Ltd. ADR (b)		1,636		282,553
Bank of China, Ltd. Class H		167,000		82,317
Bank of Communications Co., Ltd. Class H		60,000		43,786
Baozun, Inc. ADR (a) (b)		7,848		257,100
China Construction Bank Corp. Class H		131,000		108,682
China Life Insurance Co., Ltd. Class H		23,000		68,464
China Merchants Bank Co., Ltd. Class H		29,174		102,529
China Mobile, Ltd.		11,500		116,536
China Overseas Land & Investment, Ltd.		24,000		78,047
China Petroleum & Chemical Corp. Class H		71,200		53,327
China Pioneer Pharma Holdings, Ltd.		360,000		119,836
China Shenhua Energy Co., Ltd. Class H		11,500		27,032
China Telecom Corp., Ltd. Class H		72,000		36,872
China Unicom Hong Kong, Ltd. (b)		24,000		33,370
CITIC, Ltd.		24,000		35,459
CNOOC, Ltd.		36,000		46,459
COSCO SHIPPING Ports, Ltd.		23,041		25,635
Health and Happiness H&H International Holdings, Ltd. (b)		30,500		148,972
Hengan International Group Co., Ltd.		6,000		55,539
Huaneng Power International, Inc. Class H		48,000		29,682
Industrial & Commercial Bank of China, Ltd. Class H		132,000		98,019
PetroChina Co., Ltd. Class H		48,000		30,420
PICC Property & Casualty Co., Ltd. Class H		25,859		45,622
Ping An Insurance Group Co. of China, Ltd. Class H		12,000		92,104
Shandong Xinhua Pharmaceutical Co., Ltd. Class H (b)		210,000		203,260
Tencent Holdings, Ltd.		12,000		516,522
Yanzhou Coal Mining Co., Ltd. Class H		24,000		23,629
				2,799,414
COLOMBIA — 0.0% (d)
Bancolombia SA ADR		260		11,905
DENMARK — 0.7%
AP Moeller - Maersk A/S Class B		60		113,999
Danske Bank A/S		2,040		81,602
DSV A/S		3,057		231,310
Novo Nordisk A/S Class B		4,542		217,186
				644,097
FINLAND — 0.4%
Fortum Oyj		1,590		31,748
Metso Oyj		945		34,677
Nokia Oyj		9,862		59,227
Sampo Oyj Class A		1,113		58,842
UPM-Kymmene Oyj		3,630		98,402
Valmet Oyj		179		3,519
Wartsila Oyj Abp		1,077		76,266
				362,681
FRANCE — 3.3%
Accor SA		1,990		98,891
Airbus SE		815		77,474
Alstom SA		1,471		62,492
AXA SA		3,834		115,988
BNP Paribas SA		2,035		164,194
Bouygues SA		1,167		55,392
Capgemini SE		1,435		168,221
Carrefour SA		2,427		49,049
Credit Agricole SA		4,166		75,747
Danone SA		1,153		90,467
Engie SA		1,956		33,229
Essilor International SA		740		91,638
Fnac Darty SA (b)		1,182		113,787
Hermes International		13		6,555
Kering		251		100,014
LVMH Moet Hennessy Louis Vuitton SE		395		109,014
Orange SA		5,584		91,495
Pernod Ricard SA		536		74,170
Publicis Groupe SA		970		67,760
Renault SA		1,351		132,739
Sanofi		1,785		177,280
Schneider Electric SE (b)		1,292		112,463
Societe Generale SA		1,627		95,278
Sodexo SA		1,137		141,809
TOTAL SA		3,133		168,321
Unibail-Rodamco SE REIT		431		104,835
Vallourec SA (a) (b)		1,266		7,528
Veolia Environnement SA		3,431		79,297
Vinci SA		1,651		156,926
Vivendi SA		4,208		106,558
				2,928,611
GERMANY — 3.1%
adidas AG		981		221,974
Allianz SE		921		206,819
BASF SE		1,483		157,858
Bayer AG		1,749		238,402
Commerzbank AG (b)		1,651		22,465
CompuGroup Medical SE		3,019		171,029
Daimler AG		2,052		163,674
Deutsche Bank AG		3,905		67,539
Deutsche Boerse AG		707		76,653
Deutsche Lufthansa AG		4,242		117,900
Deutsche Post AG		3,523		156,870
Deutsche Telekom AG		5,815		108,514
E.ON SE		3,642		41,230
Fresenius Medical Care AG & Co. KGaA		395		38,651
Linde AG		251		52,358
MAN SE		335		37,817
Merck KGaA		1,244		138,418
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		536		114,629
OSRAM Licht AG		14		1,117
RWE AG (b)		1,220		27,721
Salzgitter AG (a)		1,292		58,622
SAP SE		1,814		198,775

See accompanying notes to financial statements.

111

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Siemens AG		1,443	$	203,345
ThyssenKrupp AG		2,274		67,410
Uniper SE		331		9,078
Volkswagen AG		431		72,990
Volkswagen AG Preference Shares		395		64,442
				2,836,300
HONG KONG — 1.4%
AIA Group, Ltd.		16,800		123,892
Bank of East Asia, Ltd.		16,278		70,337
CK Asset Holdings, Ltd.		18,920		156,603
CK Hutchison Holdings, Ltd.		11,420		145,990
Global Brands Group Holding, Ltd. (b)		8,000		768
Hang Lung Properties, Ltd.		12,000		28,484
Henderson Land Development Co., Ltd.		15,406		102,073
Hong Kong Exchanges & Clearing, Ltd.		3,795		102,033
Li & Fung, Ltd.		24,000		12,045
Link REIT		12,058		97,721
New World Development Co., Ltd.		39,762		57,118
Sands China, Ltd.		9,600		49,962
Shangri-La Asia, Ltd.		24,000		44,493
Sun Hung Kai Properties, Ltd.		12,253		199,074
Swire Pacific, Ltd. Class A		6,000		58,228
				1,248,821
HUNGARY — 0.1%
MOL Hungarian Oil & Gas PLC		2,200		25,116
Richter Gedeon Nyrt		2,238		55,784
				80,900
INDIA — 0.9%
Dr Reddy’s Laboratories, Ltd. ADR		2,554		91,127
ICICI Bank, Ltd. ADR		8,764		75,020
Infosys, Ltd. ADR (a)		11,147		162,635
Larsen & Toubro, Ltd. GDR		3,746		66,117
Mahindra & Mahindra, Ltd. GDR		1,723		33,254
Reliance Industries, Ltd. GDR (e)		3,960		94,446
State Bank of India GDR		1,669		64,090
Tata Motors, Ltd. ADR (b)		2,380		74,422
Vedanta, Ltd. ADR		3,722		72,058
Wipro, Ltd. ADR		10,614		60,287
				793,456
INDONESIA — 0.5%
Astra International Tbk PT		60,800		35,661
Bank Central Asia Tbk PT		54,800		82,592
Bank Mandiri Persero Tbk PT		109,600		54,723
Bank Rakyat Indonesia Persero Tbk PT		64,200		72,808
Gudang Garam Tbk PT		6,000		29,312
Telekomunikasi Indonesia Persero Tbk PT		402,400		139,820
				414,916
IRELAND — 0.3%
CRH PLC		1,958		74,708
Experian PLC		4,616		92,834
Prothena Corp. PLC (b)		1,813		117,428
				284,970
ISRAEL — 0.3%
Bank Hapoalim BM		8,316		58,216
Bank Leumi Le-Israel BM		37,874		201,024
Teva Pharmaceutical Industries, Ltd. ADR		1,423		25,045
				284,285
ITALY — 0.7%
Assicurazioni Generali SpA		3,450		64,279
Atlantia SpA		923		29,145
Banca Monte dei Paschi di Siena SpA (b) (f)		90		802
Enel SpA		15,198		91,542
Eni SpA		5,232		86,594
Ferrari NV		277		30,618
GEDI Gruppo Editoriale SpA (b)		111		99
Intesa Sanpaolo SpA		27,419		96,985
Italgas SpA		1,720		9,659
Luxottica Group SpA		369		20,629
Mediaset SpA (a) (b)		13,484		46,675
Saipem SpA (a) (b)		1,573		6,784
Snam SpA		8,606		41,469
Telecom Italia SpA/Milano (b)		64,065		60,022
UniCredit SpA (b)		3,632		77,373
				662,675
JAPAN — 8.0%
Aisin Seiki Co., Ltd.		1,200		63,217
Asahi Group Holdings, Ltd.		1,200		48,569
Asahi Kasei Corp.		12,000		147,648
Astellas Pharma, Inc.		6,000		76,303
Bridgestone Corp.		1,200		54,433
Canon, Inc.		1,200		40,990
Credit Saison Co., Ltd.		2,400		49,785
Daiichi Sankyo Co., Ltd.		3,600		81,169
Daikin Industries, Ltd.		1,200		121,476
Daiwa Securities Group, Inc.		12,000		67,939
Denso Corp.		2,400		121,380
Eisai Co., Ltd.		1,200		61,575
FUJIFILM Holdings Corp.		2,400		93,109
Fujitsu, Ltd.		11,000		81,685
Hitachi, Ltd.		12,000		84,527
Hokuhoku Financial Group, Inc.		2,400		38,591
Honda Motor Co., Ltd.		2,400		71,042
Hoya Corp.		2,400		129,525
ITOCHU Corp.		3,600		58,942
Japan Tobacco, Inc.		2,400		78,632
JFE Holdings, Inc.		2,400		46,853
JSR Corp.		2,400		45,584
JXTG Holdings, Inc.		6,000		30,857
Kajima Corp.		12,000		119,184
Kamigumi Co., Ltd.		6,000		138,853
Kansai Electric Power Co., Inc.		2,400		30,692
KDDI Corp.		7,200		189,778
Kobe Steel, Ltd.		3,600		41,128
Komatsu, Ltd.		2,400		68,249
Konica Minolta, Inc. (a)		6,000		49,252
Kyocera Corp.		2,400		148,863
Makita Corp.		2,400		96,691
Marubeni Corp.		12,000		81,926
Marui Group Co., Ltd. (a)		4,300		61,540
Mebuki Financial Group, Inc.		12,800		49,465
Mitsubishi Chemical Holdings Corp.		6,000		57,140
Mitsubishi Corp.		2,400		55,765
Mitsubishi Electric Corp.		12,000		187,412

See accompanying notes to financial statements.

112

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September 30, 2017

Security Description	Shares		Value
Mitsubishi Heavy Industries, Ltd.		1,200	$	47,429
Mitsubishi UFJ Financial Group, Inc.		21,500		139,564
Mitsui & Co., Ltd.		2,400		35,457
Mizuho Financial Group, Inc. (a)		44,300		77,569
MS&AD Insurance Group Holdings, Inc.		2,400		77,246
Murata Manufacturing Co., Ltd.		1,200		176,325
NEC Corp.		200		5,419
Nintendo Co., Ltd.		400		147,684
Nippon Steel & Sumitomo Metal Corp.		3,500		80,329
Nippon Yusen KK (b)		2,400		49,870
Nissan Motor Co., Ltd.		4,800		47,525
Nitto Denko Corp.		1,200		100,017
Nomura Holdings, Inc.		11,900		66,601
NTT Data Corp.		6,000		64,176
NTT DOCOMO, Inc.		1,900		43,388
Obayashi Corp.		12,000		143,810
ORIX Corp.		4,800		77,374
Osaka Gas Co., Ltd.		2,400		44,604
Panasonic Corp.		7,200		104,292
Resona Holdings, Inc.		7,200		36,971
Rohm Co., Ltd.		1,200		102,767
Secom Co., Ltd.		1,200		87,437
Seven & i Holdings Co., Ltd.		1,200		46,320
Shin-Etsu Chemical Co., Ltd.		1,200		107,245
SoftBank Group Corp.		2,400		193,680
Sompo Holdings, Inc.		2,400		93,343
Sony Corp.		3,600		133,875
Sumitomo Chemical Co., Ltd.		12,000		74,943
Sumitomo Corp.		2,400		34,508
Sumitomo Electric Industries, Ltd.		3,600		58,782
Sumitomo Mitsui Financial Group, Inc.		2,400		92,107
Sumitomo Mitsui Trust Holdings, Inc.		1,200		43,292
T&D Holdings, Inc.		4,800		69,656
Takeda Pharmaceutical Co., Ltd.		1,200		66,244
TDK Corp.		1,200		81,446
Teijin, Ltd.		2,400		47,290
Terumo Corp.		2,400		94,345
Tokio Marine Holdings, Inc.		2,400		93,855
Tokyo Electron, Ltd.		1,200		184,214
Tokyu Corp.		5,500		77,835
Toppan Printing Co., Ltd.		12,000		118,971
Toshiba Corp. (b)		12,000		33,581
Toyota Motor Corp.		4,800		286,128
Toyota Tsusho Corp.		3,600		118,172
West Japan Railway Co.		1,200		83,386
Yamada Denki Co., Ltd. (a)		4,800		26,225
Yamaha Corp.		3,900		143,784
				7,228,850
LUXEMBOURG — 0.0% (d)
ArcelorMittal (b)		1,371		35,374
MALAYSIA — 0.1%
CIMB Group Holdings Bhd		12,000		17,904
Malayan Banking Bhd		8,000		18,056
Public Bank Bhd		5,200		25,172
Tenaga Nasional Bhd		6,100		20,687
				81,819
MEXICO — 0.4%
America Movil SAB de CV Series L		93,026		82,784
Cemex SAB de CV Series CPO (b)		47,666		43,442
Fomento Economico Mexicano SAB de CV		9,562		91,643
Grupo Financiero Banorte SAB de CV Series O		9,204		63,650
Grupo Mexico SAB de CV Series B		15,308		46,946
Grupo Televisa SAB Series CPO		8,133		40,197
Industrias Penoles SAB de CV		620		15,443
				384,105
NETHERLANDS — 1.6%
Akzo Nobel NV		966		89,213
ASML Holding NV		875		149,009
Heineken NV		647		63,982
ING Groep NV		8,398		154,879
Koninklijke Ahold Delhaize NV		3,577		66,898
Koninklijke DSM NV		1,153		94,407
Koninklijke KPN NV		11,057		37,973
Koninklijke Philips NV		3,480		143,704
Royal Dutch Shell PLC Class A		2,082		62,808
Royal Dutch Shell PLC Class B		11,878		365,654
Wolters Kluwer NV		3,630		167,772
				1,396,299
NORWAY — 0.3%
DNB ASA		4,506		90,852
Norsk Hydro ASA		13,852		100,754
Telenor ASA		3,690		78,062
Yara International ASA		768		34,414
				304,082
PERU — 0.0% (d)
Cia de Minas Buenaventura SAA ADR		324		4,144
PHILIPPINES — 0.0% (d)
PLDT, Inc. ADR		897		28,632
POLAND — 0.0% (d)
Polski Koncern Naftowy ORLEN SA		538		17,968
Powszechna Kasa Oszczednosci Bank Polski SA (b)		1,684		16,327
				34,295
RUSSIA — 0.4%
Gazprom PJSC ADR		9,573		40,111
LUKOIL PJSC ADR		1,185		62,841
MMC Norilsk Nickel PJSC ADR		1,447		24,888
Mobile TeleSystems PJSC ADR		2,262		23,615
RusHydro PJSC ADR (c)		579		831
RusHydro PJSC ADR (c)		1,077		1,540
Sberbank of Russia PJSC ADR (c)		4,626		65,851
Sberbank of Russia PJSC ADR (c)		427		6,093
Surgutneftegas OJSC ADR		10,445		54,001
Tatneft PJSC ADR (c)		1,097		46,842
Tatneft PJSC ADR (c)		96		4,151
				330,764
SINGAPORE — 0.6%
Broadcom, Ltd.		929		225,320
CapitaLand, Ltd.		36,000		94,908
Singapore Exchange, Ltd.		24,000		130,609

See accompanying notes to financial statements.

113

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September 30, 2017

Security Description	Shares		Value
Singapore Press Holdings, Ltd. (a)		24,000	$	48,072
Singapore Telecommunications, Ltd.		12,000		32,519
				531,428
SOUTH AFRICA — 0.7%
AngloGold Ashanti, Ltd.		1,053		9,928
Discovery, Ltd. (a)		15,747		164,042
FirstRand, Ltd. (a)		13,266		51,119
Gold Fields, Ltd.		2,554		11,156
Harmony Gold Mining Co., Ltd.		2,422		4,326
Impala Platinum Holdings, Ltd. (b)		1,639		3,763
Lonmin PLC (a) (b)		13		12
MTN Group, Ltd.		4,899		45,128
Naspers, Ltd. Class N		780		168,680
Novus Holdings, Ltd.		270		130
Sanlam, Ltd.		12,283		61,549
Sasol, Ltd.		945		25,965
Sibanye-Stillwater		2,458		2,771
Standard Bank Group, Ltd.		3,174		37,096
				585,665
SOUTH KOREA — 1.8%
Able C&C Co., Ltd.		4,152		57,639
DIO Corp. (b)		1,932		51,195
E-MART, Inc.		27		4,915
Hana Financial Group, Inc.		410		16,950
Hyundai Construction Equipment Co., Ltd. (b)		2		650
Hyundai Electric & Energy System Co., Ltd. (b)		2		402
Hyundai Heavy Industries Co., Ltd. (b)		30		3,798
Hyundai Mobis Co., Ltd.		167		34,994
Hyundai Motor Co.		373		49,013
Hyundai Robotics Co., Ltd. (b)		6		2,232
Hyundai Steel Co.		163		7,514
JW Holdings Corp.		4,827		33,294
JW Pharmaceutical Corp.		1,028		36,306
KB Financial Group, Inc.		903		44,230
Kia Motors Corp.		300		8,290
Korea Electric Power Corp. ADR (a)		990		16,592
KT&G Corp.		336		30,949
LG Chem, Ltd. Preference Shares		507		112,214
LG Electronics, Inc.		129		9,281
LG Household & Health Care, Ltd.		53		43,312
Lotte Chemical Corp.		17		5,610
NAVER Corp.		95		61,793
NHN Entertainment Corp. (b)		33		1,968
POSCO ADR		1,356		94,106
Samsung C&T Corp.		158		18,623
Samsung Electronics Co., Ltd. GDR		458		518,456
Samsung Engineering Co., Ltd. (b)		355		3,409
Samsung Fire & Marine Insurance Co., Ltd.		89		21,758
Samsung Heavy Industries Co., Ltd. (b)		692		6,767
Samsung Securities Co., Ltd.		351		10,588
SeAH Steel Corp.		2,134		175,512
Shinhan Financial Group Co., Ltd.		903		39,657
SK Holdings Co., Ltd.		86		21,625
SK Hynix, Inc.		1,395		100,970
SK Innovation Co., Ltd.		68		11,815
				1,656,427
SPAIN — 1.0%
Acciona SA		1,582		127,270
Acerinox SA		3,629		52,340
ACS Actividades de Construccion y Servicios SA		2,800		103,790
Amadeus IT Group SA		1,206		78,401
Banco Bilbao Vizcaya Argentaria SA		10,804		96,573
Banco Santander SA		24,454		170,768
Iberdrola SA		9,567		74,330
Industria de Diseno Textil SA		2,405		90,655
Repsol SA		1,795		33,083
Telefonica SA		8,707		94,617
				921,827
SWEDEN — 1.1%
Assa Abloy AB Class B		4,095		93,315
Atlas Copco AB Class B		3,810		147,408
Nordea Bank AB		6,612		89,431
Sandvik AB		3,547		61,055
Securitas AB Class B		5,512		92,110
Skandinaviska Enskilda Banken AB Class A		8,340		109,636
Skanska AB Class B		3,618		83,642
SKF AB Class B		2,573		55,953
Svenska Handelsbanken AB Class A		3,383		50,938
Tele2 AB Class B		2,530		28,888
Telefonaktiebolaget LM Ericsson Class B		6,751		38,683
Telia Co. AB		5,815		27,328
Volvo AB Class A		5,565		106,700
				985,087
SWITZERLAND — 2.9%
ABB, Ltd.		5,027		124,376
Adecco Group AG (b)		969		75,509
Cie Financiere Richemont SA		1,363		124,665
Credit Suisse Group AG (b)		4,248		67,302
Ferguson PLC		1,053		69,169
Geberit AG		395		187,008
Givaudan SA		48		104,522
Glencore PLC (b)		6,604		30,302
Kuehne + Nagel International AG		466		86,352
LafargeHolcim, Ltd. (b)		930		54,401
Nestle SA		4,818		403,824
Novartis AG		3,281		281,103
Roche Holding AG		1,220		311,682
Santhera Pharmaceutical Holding AG (a) (b)		606		24,582
SGS SA		48		115,238
Swatch Group AG (a)		144		59,945
Swiss Re AG		1,173		106,317
TE Connectivity, Ltd.		2,482		206,155
UBS Group AG (b)		6,826		116,753
Zurich Insurance Group AG		239		72,965
				2,622,170
TAIWAN — 1.4%
Advanced Semiconductor Engineering, Inc. ADR		14,349		88,677
AU Optronics Corp. ADR (a)		24,401		98,580
Chunghwa Telecom Co., Ltd. ADR		3,269		111,506

See accompanying notes to financial statements.

114

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September 30, 2017

Security Description	Shares		Value
Hon Hai Precision Industry Co., Ltd. GDR		25,771	$	180,397
Siliconware Precision Industries Co., Ltd. ADR		16,934		133,609
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		13,628		511,731
United Microelectronics Corp. ADR (a)		56,217		140,543
				1,265,043
THAILAND — 0.2%
Bangkok Bank PCL		13,200		77,181
CP ALL PCL NVDR		8,900		17,813
Kasikornbank PCL NVDR		2,100		13,035
PTT PCL (g)		2,400		29,361
Siam Commercial Bank PCL NVDR		3,200		14,681
				152,071
TURKEY — 0.2%
Akbank TAS		9,083		24,009
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT (b)		49,741		37,487
Turkiye Garanti Bankasi A/S		10,507		28,601
Turkiye Is Bankasi Class C		24,114		45,975
				136,072
UNITED KINGDOM — 6.0%
3i Group PLC		22,031		269,864
Anglo American PLC		2,770		49,781
AstraZeneca PLC		2,196		145,987
BAE Systems PLC		11,076		93,842
Barclays PLC		30,004		77,833
BP PLC		25,071		160,547
British American Tobacco PLC		2,054		128,749
British Land Co. PLC REIT		7,942		64,145
BT Group PLC		25,842		98,431
Burberry Group PLC		1,968		46,470
Capita PLC		6,676		50,606
CNH Industrial NV		1,712		20,563
Cobham PLC.		69,090		135,056
Compass Group PLC		5,391		114,496
CYBG PLC (b)		934		3,767
Diageo PLC		3,378		111,172
Fiat Chrysler Automobiles NV (b)		2,122		38,031
G4S PLC		7,743		28,911
GlaxoSmithKline PLC		7,767		155,111
Hammerson PLC REIT		12,777		92,054
HSBC Holdings PLC		31,620		312,700
Imperial Brands PLC		1,244		53,141
Indivior PLC (b)		946		4,311
InterContinental Hotels Group PLC		2,496		132,209
J Sainsbury PLC.		9,155		29,221
Land Securities Group PLC REIT		5,135		66,995
Liberty Global PLC Class A (b)		1,244		42,184
Liberty Global PLC Series C (b)		2,220		72,594
Liberty Global PLC LiLAC Class C (b)		309		7,200
Lloyds Banking Group PLC		107,617		97,792
Marks & Spencer Group PLC (a)		12,641		59,936
Micro Focus International PLC ADR (b)		683		21,788
National Grid PLC		2,315		28,717
Next PLC		897		63,302
Old Mutual PLC.		18,636		48,556
Pearson PLC		1,483		12,177
Pentair PLC		143		9,718
Prudential PLC		6,031		144,554
Randgold Resources, Ltd.		367		36,018
Reckitt Benckiser Group PLC		993		90,767
RELX NV		6,531		139,054
RELX PLC		3,869		84,974
Rio Tinto PLC		2,668		124,317
Rio Tinto, Ltd. (a)		1,257		65,619
Rolls-Royce Holdings PLC (b)		3,929		46,757
RSA Insurance Group PLC		8,770		73,304
Sage Group PLC		21,128		197,999
Severn Trent PLC		3,105		90,523
Sky PLC		2,494		30,617
Smith & Nephew PLC		5,632		101,857
Smiths Group PLC		4,337		91,761
SSE PLC		2,334		43,746
Standard Chartered PLC (b)		6,071		60,404
Standard Life Aberdeen PLC		20,882		121,451
TechnipFMC PLC (b) (c)		1,286		35,598
TechnipFMC PLC (b) (c)		2,482		69,297
Tesco PLC (b)		14,684		36,870
Tullow Oil PLC (b)		3,334		8,324
Unilever NV		2,492		147,420
Unilever PLC		1,901		110,155
United Utilities Group PLC		5,524		63,329
Vodafone Group PLC		45,308		126,924
Whitbread PLC		4,059		205,087
WPP PLC		4,276		79,456
				5,374,139
UNITED STATES — 51.5%
3M Co.		1,244		261,116
Abbott Laboratories		4,642		247,697
AbbVie, Inc.		1,220		108,409
Accenture PLC Class A		1,244		168,027
Adient PLC.		13		1,092
Adobe Systems, Inc. (b)		2,722		406,068
AdvanSix, Inc. (b)		88		3,498
Aetna, Inc.		1,877		298,462
Aflac, Inc.		2,482		202,010
Agilent Technologies, Inc.		2,482		159,344
AGNC Investment Corp. REIT		1,244		26,970
Alexion Pharmaceuticals, Inc. (b)		944		132,434
Allegion PLC		406		35,107
Allergan PLC		463		94,892
Allstate Corp.		2,482		228,121
Alphabet, Inc. Class A (b)		608		592,022
Alphabet, Inc. Class C (b)		608		583,139
Altria Group, Inc.		2,482		157,408
Amazon.com, Inc. (b)		802		771,003
American Electric Power Co., Inc.		2,482		174,336
American Express Co.		2,482		224,522
American Tower Corp. REIT		1,244		170,030
Amgen, Inc.		2,124		396,020
Anadarko Petroleum Corp.		1,244		60,769
Annaly Capital Management, Inc. REIT		2,482		30,256
Anthem, Inc.		1,244		236,211
Apache Corp. (a)		1,244		56,975

See accompanying notes to financial statements.

115

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September 30, 2017

Security Description	Shares		Value
Apple, Inc.		8,713	$	1,342,848
Applied Materials, Inc.		7,689		400,520
Archer-Daniels-Midland Co.		3,726		158,392
AT&T, Inc.		11,045		432,633
Automatic Data Processing, Inc.		1,244		135,994
Baker Hughes a GE Co.		1,884		68,992
Bank of America Corp.		21,134		535,536
Bank of New York Mellon Corp.		3,726		197,553
Baxter International, Inc.		2,429		152,420
Becton Dickinson and Co.		1,244		243,762
Bed Bath & Beyond, Inc. (a)		1,244		29,197
Berkshire Hathaway, Inc. Class B (b)		1,444		264,714
Biogen, Inc. (b)		763		238,911
Bioverativ, Inc. (b)		381		21,744
Boeing Co.		1,244		316,237
Brighthouse Financial, Inc. (b)		367		22,314
Bristol-Myers Squibb Co.		3,726		237,495
C.H. Robinson Worldwide, Inc.		1,244		94,668
California Resources Corp. (a) (b)		81		847
Capital One Financial Corp.		1,244		105,317
Carnival Corp.		1,244		80,325
Caterpillar, Inc.		1,244		155,139
CBS Corp. Class B		2,470		143,260
CDK Global, Inc.		409		25,804
Celgene Corp. (b)		2,489		362,946
CenturyLink, Inc. (a)		2,482		46,910
Charles Schwab Corp.		6,214		271,800
Charter Communications, Inc. Class A (b)		529		192,249
Chemours Co.		422		21,357
Chesapeake Energy Corp. (a) (b)		3,726		16,022
Chevron Corp.		3,122		366,835
Chubb, Ltd.		1,995		284,387
Church & Dwight Co., Inc.		3,755		181,930
Cisco Systems, Inc.		12,415		417,516
Citigroup, Inc.		6,214		452,006
Citrix Systems, Inc. (b)		1,244		95,564
Clorox Co.		1,244		164,096
Coach, Inc.		1,244		50,108
Coca-Cola Co.		4,977		224,015
Cognizant Technology Solutions Corp. Class A		2,489		180,552
Colgate-Palmolive Co.		2,482		180,814
Comcast Corp. Class A		6,410		246,657
CommerceHub, Inc. Series A (b)		46		1,038
CommerceHub, Inc. Series C (b)		105		2,242
Conagra Brands, Inc.		2,482		83,743
ConocoPhillips		2,482		124,224
Corning, Inc.		4,977		148,912
Costco Wholesale Corp.		1,244		204,377
Coty, Inc. Class A		659		10,893
CSX Corp.		4,977		270,052
Cummins, Inc.		1,244		209,029
CVS Health Corp.		2,482		201,836
Danaher Corp.		2,482		212,906
Deere & Co.		1,244		156,234
Dell Technologies, Inc. Class V (b)		555		42,852
Devon Energy Corp.		1,244		45,667
Discover Financial Services		2,482		160,039
Dollar Tree, Inc. (b)		1,675		145,423
DowDuPont, Inc.		6,907		478,172
Duke Energy Corp.		1,351		113,376
DXC Technology Co.		460		39,505
Easterly Government Properties, Inc. REIT		7,000		144,690
Eaton Corp. PLC		2,482		190,593
eBay, Inc. (b)		3,726		143,302
Ecolab, Inc.		1,244		159,991
Edison International		2,482		191,536
Eli Lilly & Co.		2,482		212,310
Emerson Electric Co.		2,482		155,969
EOG Resources, Inc.		2,489		240,786
Equity Residential REIT		1,244		82,017
Estee Lauder Cos., Inc. Class A		1,244		134,153
Exelon Corp.		2,482		93,497
Express Scripts Holding Co. (b)		1,736		109,924
Exxon Mobil Corp.		6,652		545,331
Facebook, Inc. Class A (b)		3,299		563,700
Fastenal Co. (a)		1,244		56,702
FedEx Corp.		1,244		280,621
FirstEnergy Corp.		2,482		76,520
Ford Motor Co.		9,934		118,910
Fortive Corp.		1,241		87,850
Franklin Resources, Inc.		3,726		165,844
Freeport-McMoRan, Inc. (b)		2,482		34,847
General Dynamics Corp.		1,244		255,742
General Electric Co.		17,316		418,701
General Mills, Inc.		1,244		64,389
General Motors Co.		2,482		100,223
Gilead Sciences, Inc.		3,293		266,799
Gladstone Commercial Corp. REIT		4,500		100,215
Goldman Sachs Group, Inc.		1,244		295,064
Halliburton Co.		2,482		114,246
Halyard Health, Inc. (b)		155		6,980
HCP, Inc. REIT		3,726		103,695
Hershey Co.		1,244		135,807
Hess Corp.		1,244		58,331
Hewlett Packard Enterprise Co.		4,977		73,212
Home Depot, Inc.		2,482		405,956
Honeywell International, Inc.		2,482		351,799
HP, Inc.		4,977		99,341
Illinois Tool Works, Inc.		1,877		277,721
Ingersoll-Rand PLC		2,482		221,320
Intel Corp.		9,934		378,287
International Business Machines Corp.		2,004		290,740
Intuit, Inc.		1,244		176,822
Iron Mountain, Inc.		29		1,122
Iron Mountain, Inc. REIT		91		3,540
J.M. Smucker Co.		1,244		130,533
Johnson & Johnson		3,726		484,417
Johnson Controls International PLC		3,290		132,554
JPMorgan Chase & Co.		7,457		712,218
Juniper Networks, Inc.		2,482		69,074
Kellogg Co.		1,244		77,588
Keysight Technologies, Inc. (b)		1,243		51,783
Kimberly-Clark Corp.		1,244		146,394
Kinder Morgan, Inc.		3,586		68,779
Kohl’s Corp.		1,244		56,789
Kraft Heinz Co.		203		15,743
L Brands, Inc. (a)		1,877		78,102

See accompanying notes to financial statements.

116

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Lamb Weston Holdings, Inc.		826	$	38,731
Las Vegas Sands Corp.		1,244		79,815
Leidos Holdings, Inc.		313		18,536
Liberty Expedia Holdings, Inc. Class A (b)		210		11,153
Liberty Interactive Corp. QVC Group Class A (b)		2,482		58,501
Liberty TripAdvisor Holdings, Inc. Class A (b)		168		2,075
Liberty Ventures Series A (b)		314		18,071
Lockheed Martin Corp.		1,002		310,911
LogMeIn, Inc.		213		23,441
Lowe’s Cos., Inc.		3,726		297,856
LyondellBasell Industries NV Class A		1,244		123,218
Macy’s, Inc. (a)		2,482		54,157
Mallinckrodt PLC (b)		155		5,792
Marathon Oil Corp.		3,726		50,525
Marathon Petroleum Corp.		2,490		139,639
Marsh & McLennan Cos., Inc.		2,482		208,016
Mastercard, Inc. Class A		800		112,960
Mattel, Inc. (a)		4,977		77,044
McCormick & Co., Inc.		2,670		274,049
McDonald’s Corp.		1,244		194,910
McKesson Corp.		944		145,008
Medtronic PLC		5,150		400,515
Merck & Co., Inc.		4,977		318,677
MetLife, Inc.		3,726		193,566
Microsoft Corp.		13,664		1,017,831
Mondelez International, Inc. Class A		1,244		50,581
Monsanto Co.		1,244		149,056
Morgan Stanley		3,726		179,481
Mosaic Co.		1,244		26,858
National Oilwell Varco, Inc.		1,244		44,448
NetApp, Inc.		1,244		54,437
Newmont Mining Corp.		1,244		46,662
News Corp. Class A		756		10,025
NexPoint Residential Trust, Inc. REIT		5,000		118,650
NextEra Energy, Inc.		1,244		182,308
NIKE, Inc. Class B		4,158		215,592
Noble Corp. PLC (a) (b)		2,482		11,417
Noble Energy, Inc.		2,482		70,390
Norfolk Southern Corp.		1,244		164,507
Northrop Grumman Corp.		1,133		325,987
NOW, Inc. (b)		310		4,281
NVIDIA Corp.		800		143,016
O’Reilly Automotive, Inc. (b)		717		154,420
Occidental Petroleum Corp.		2,482		159,369
Oracle Corp.		8,689		420,113
Outfront Media, Inc. REIT		3		76
Parker-Hannifin Corp.		1,244		217,725
PayPal Holdings, Inc. (b)		3,726		238,576
PepsiCo, Inc.		2,482		276,569
Perrigo Co. PLC (a)		21		1,778
Pfizer, Inc.		12,269		438,003
PG&E Corp.		1,244		84,704
Philip Morris International, Inc.		2,482		275,527
Phillips 66		608		55,699
Pioneer Natural Resources Co.		1,244		183,540
PNC Financial Services Group, Inc.		1,244		167,654
PPL Corp.		3,726		141,402
Praxair, Inc.		1,244		173,837
Priceline Group, Inc. (b)		92		168,435
Procter & Gamble Co.		2,714		246,920
Prologis, Inc. REIT		3,726		236,452
Prudential Financial, Inc.		2,482		263,886
Public Service Enterprise Group, Inc.		2,482		114,792
Public Storage REIT		1,042		222,978
QUALCOMM, Inc.		3,726		193,156
Quality Care Properties, Inc. REIT (b)		744		11,532
Range Resources Corp. (a)		1,244		24,345
Raytheon Co.		1,244		232,106
Retail Opportunity Investments Corp. REIT		10,219		194,263
Ross Stores, Inc.		2,490		160,779
salesforce.com, Inc. (b)		2,566		239,716
Schlumberger, Ltd.		3,654		254,903
Seagate Technology PLC (a)		1,244		41,263
Shire PLC		717		36,439
Shire PLC ADR		92		14,089
Simon Property Group, Inc. REIT		1,244		200,296
Southern Co.		1,244		61,130
Southwestern Energy Co. (b)		1,244		7,601
Starbucks Corp.		4,962		266,509
State Street Corp. (h)		1,244		118,852
Synchrony Financial		1,387		43,066
Sysco Corp.		2,482		133,904
Target Corp.		1,244		73,408
Tesla, Inc. (b)		100		34,110
Texas Instruments, Inc.		3,726		333,999
Thermo Fisher Scientific, Inc.		1,879		355,507
Time Warner, Inc.		2,004		205,310
Time, Inc.		310		4,185
TJX Cos., Inc.		2,482		182,998
Transocean, Ltd. (b)		885		9,494
Travelers Cos., Inc.		1,244		152,415
Twenty-First Century Fox, Inc. Class A		6,214		163,925
Tyson Foods, Inc. Class A		3,970		279,686
UMH Properties, Inc. REIT		7,100		110,405
Union Pacific Corp.		2,489		288,649
United Financial Bancorp, Inc.		10,408		190,362
United Parcel Service, Inc. Class B		1,244		149,392
United Technologies Corp.		1,244		144,404
UnitedHealth Group, Inc.		2,482		486,100
US Bancorp		3,726		199,676
Valero Energy Corp.		2,482		190,940
Vector Group, Ltd. (a)		8,194		167,735
Verizon Communications, Inc.		4,208		208,254
Viacom, Inc. Class B		1,244		34,633
Visa, Inc. Class A (a)		4,986		524,727
Wal-Mart Stores, Inc.		2,482		193,943
Walgreens Boots Alliance, Inc.		2,482		191,660
Walt Disney Co.		3,726		367,272
Washington Prime Group, Inc. REIT (a)		619		5,156
Waste Management, Inc.		2,482		194,266
Weatherford International PLC (a) (b)		6,214		28,460
Wells Fargo & Co.		9,934		547,860
Western Digital Corp.		1,541		133,142
Williams Cos., Inc.		3,726		111,817
Yum China Holdings, Inc. (b)		1,244		49,723
Yum! Brands, Inc.		1,244		91,571

See accompanying notes to financial statements.

117

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Zoetis, Inc.		143	$	9,118
				46,513,362
TOTAL COMMON STOCKS (Cost $80,811,035)				90,054,973
RIGHTS — 0.0% (d)
SOUTH KOREA — 0.0% (d)
Able C&C Co., Ltd. (expiring 11/9/17) (b) (g) (Cost $0)		1,624		3,545
SHORT-TERM INVESTMENTS — 1.2%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (i) (j)		55,517		55,517
State Street Navigator Securities Lending Government Money Market Portfolio (i) (k)		985,141		985,141
TOTAL SHORT-TERM INVESTMENTS (Cost $1,040,658)				1,040,658
TOTAL INVESTMENTS — 100.9% (Cost $81,851,693)				91,099,176
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.9)%				(777,842	)
NET ASSETS — 100.0%			$	90,321,334

(a) All or a portion of the shares of the security are on loan at September 30, 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) 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 September 30, 2017, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2017, total aggregate fair value of the security is $802, representing less than 0.05% of the Fund’s 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 September 30, 2017, total aggregate fair value of securities is $32,906, representing less than 0.05% of the Fund’s net assets.

(h) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended September 30, 2017 are shown in the Affiliate Table below.

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended September 30, 2017 are shown in the Affiliate Table below.

(j) The rate shown is the annualized seven-day yield at September 30, 2017.

(k) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	2,166,105	$	—	$	—	$	2,166,105
Austria		98,303		—		—		98,303
Belgium		308,252		—		—		308,252
Brazil		633,890		—		—		633,890
Canada		2,890,196		—		—		2,890,196
Chile		33,541		—		—		33,541
China		2,799,414		—		—		2,799,414
Colombia		11,905		—		—		11,905
Denmark		644,097		—		—		644,097
Finland		362,681		—		—		362,681
France		2,928,611		—		—		2,928,611
Germany		2,836,300		—		—		2,836,300
Hong Kong		1,248,821		—		—		1,248,821
Hungary		80,900		—		—		80,900
India		793,456		—		—		793,456

See accompanying notes to financial statements.

118

SPDR MSCI ACWI IMI ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Indonesia	$	414,916	$	—	$	—	$	414,916
Ireland		284,970		—		—		284,970
Israel		284,285		—		—		284,285
Italy		661,873		—		802		662,675
Japan		7,228,850		—		—		7,228,850
Luxembourg		35,374		—		—		35,374
Malaysia		81,819		—		—		81,819
Mexico		384,105		—		—		384,105
Netherlands		1,396,299		—		—		1,396,299
Norway		304,082		—		—		304,082
Peru		4,144		—		—		4,144
Philippines		28,632		—		—		28,632
Poland		34,295		—		—		34,295
Russia		330,764		—		—		330,764
Singapore		531,428		—		—		531,428
South Africa		585,665		—		—		585,665
South Korea		1,656,427		—		—		1,656,427
Spain		921,827		—		—		921,827
Sweden		985,087		—		—		985,087
Switzerland		2,622,170		—		—		2,622,170
Taiwan		1,265,043		—		—		1,265,043
Thailand		122,710		29,361		—		152,071
Turkey		136,072		—		—		136,072
United Kingdom		5,374,139		—		—		5,374,139
United States		46,513,362		—		—		46,513,362
Rights
South Korea		—		3,545		—		3,545
Short-Term Investments		1,040,658		—		—		1,040,658
TOTAL INVESTMENTS	$	91,065,468	$	32,906	$	802	$	91,099,176

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Corp		1,037	$	72,206	$	32,003	$	17,989	$	5,382	$	27,250		1,244	$	118,852	$	2,022
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, Class G Shares		—		—		1,625,217		1,569,700		—		—		55,517		55,517		1,120
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		4,701,273		4,701,273		—		—		—		—		1,041
State Street Navigator Securities Lending Government Money Market Portfolio*		2,141,243		2,141,243		10,953,410		12,109,512		—		—		985,141		985,141		16,678
TOTAL			$	2,482,041	$	17,320,325	$	18,675,488	$	5,382	$	27,250			$	1,159,510	$	20,871

* 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.

119

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.5%
ARGENTINA — 0.0% (a)
MercadoLibre, Inc.		132	$	34,179
AUSTRALIA — 2.2%
Amcor, Ltd.		2,314		27,616
AMP, Ltd.		12,549		47,559
APA Group		22,822		149,526
Aristocrat Leisure, Ltd.		1,461		24,074
Aurizon Holdings, Ltd.		2,081		8,001
Australia & New Zealand Banking Group, Ltd.		10,407		241,709
Brambles, Ltd.		9,258		65,379
Caltex Australia, Ltd.		7,873		198,299
Challenger, Ltd.		1,826		17,838
Coca-Cola Amatil, Ltd.		2,727		16,540
Cochlear, Ltd.		136		16,990
Commonwealth Bank of Australia		5,989		353,620
Computershare, Ltd.		1,241		14,090
Crown Resorts, Ltd.		1,018		9,034
CSL, Ltd.		1,321		138,853
Dexus REIT		3,575		26,649
Domino’s Pizza Enterprises, Ltd. (b)		250		8,988
Flight Centre Travel Group, Ltd.		392		13,844
Fortescue Metals Group, Ltd.		25,419		102,517
Goodman Group REIT		8,221		53,153
GPT Group REIT		5,886		22,907
Harvey Norman Holdings, Ltd. (b)		2,601		7,919
Insurance Australia Group, Ltd.		5,092		25,451
LendLease Group		2,334		32,818
Macquarie Group, Ltd.		1,430		102,017
Medibank Pvt, Ltd.		328		752
Mirvac Group REIT		13,939		25,046
National Australia Bank, Ltd.		9,565		236,413
Newcrest Mining, Ltd.		2,536		41,827
QBE Insurance Group, Ltd.		5,010		39,350
Ramsay Health Care, Ltd.		452		22,088
Scentre Group REIT		25,230		77,801
SEEK, Ltd.		1,309		17,060
Sonic Healthcare, Ltd.		1,055		17,309
Stockland REIT		10,895		36,760
Suncorp Group, Ltd.		5,771		59,093
Sydney Airport		12,894		71,934
Tabcorp Holdings, Ltd.		5,993		20,079
Tatts Group, Ltd.		7,378		23,041
Telstra Corp., Ltd.		20,544		56,258
TPG Telecom, Ltd. (b)		5,636		21,537
Transurban Group Stapled Security		16,346		152,372
Treasury Wine Estates, Ltd.		3,569		38,338
Vicinity Centres REIT		16,945		35,367
Wesfarmers, Ltd.		3,601		116,779
Westfield Corp. REIT		8,119		49,945
Westpac Banking Corp.		12,098		303,007
Woolworths, Ltd.		1,810		35,804
				3,223,351
AUSTRIA — 0.1%
ANDRITZ AG		170		9,829
Erste Group Bank AG (c)		1,383		59,750
Raiffeisen Bank International AG (c)		1,020		34,192
				103,771
BELGIUM — 0.4%
Ageas		1,441		67,733
Anheuser-Busch InBev SA		2,876		344,421
Colruyt SA		272		13,935
KBC Group NV		734		62,217
Proximus SADP		442		15,234
UCB SA		340		24,209
Umicore SA		267		22,092
				549,841
BERMUDA — 0.0% (a)
Marvell Technology Group, Ltd.		1,918		34,332
BRAZIL — 0.9%
Ambev SA		21,590		143,608
B3 SA - Brasil Bolsa Balcao		5,044		38,191
Banco Bradesco SA		1,210		12,777
Banco Bradesco SA Preference Shares		11,953		132,448
Banco do Brasil SA		3,363		37,105
Banco Santander Brasil SA		900		7,864
BB Seguridade Participacoes SA		1,287		11,649
CCR SA		7,852		43,962
Cielo SA		5,722		39,761
Cosan SA Industria e Comercio		10,971		125,555
CPFL Energia SA		3,800		32,700
Embraer SA		3,087		17,459
Itau Unibanco Holding SA Preference Shares		10,182		139,541
Klabin SA		1,313		7,617
Kroton Educacional SA		3,852		24,416
Localiza Rent a Car SA		1,900		34,665
Raia Drogasil SA		500		11,855
Telefonica Brasil SA Preference Shares		2,184		34,847
Tim Participacoes SA		1,607		5,868
Ultrapar Participacoes SA		10,960		260,942
Vale SA		12,672		127,676
				1,290,506
CANADA — 3.6%
Agnico Eagle Mines, Ltd.		1,815		81,836
Alimentation Couche-Tard, Inc. Class B		1,423		64,741
AltaGas, Ltd.		3,310		76,064
Bank of Montreal		1,287		97,175
Bank of Nova Scotia		3,671		235,409
Barrick Gold Corp.		2,168		34,809
BCE, Inc.		573		26,784
BlackBerry, Ltd. (c)		1,037		11,567
Bombardier, Inc. Class B (c)		3,362		6,075
Brookfield Asset Management, Inc. Class A		2,527		104,099
CAE, Inc.		784		13,685
Cameco Corp.		8,112		78,159
Canadian Imperial Bank of Commerce		533		46,526
Canadian National Railway Co.		1,916		158,378
Canadian Pacific Railway, Ltd.		127		21,282
Canadian Tire Corp., Ltd. Class A		60		7,452
CCL Industries, Inc. Class B		925		44,658
CGI Group, Inc. Class A (c)		524		27,108

See accompanying notes to financial statements.

120

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Constellation Software, Inc.		55	$	29,937
Enbridge, Inc. (d)		7,543		314,349
Enbridge, Inc. (d)		4,681		195,853
Fairfax Financial Holdings, Ltd.		32		16,614
Finning International, Inc.		916		20,896
First Quantum Minerals, Ltd.		6,698		75,032
Franco-Nevada Corp.		1,423		109,981
George Weston, Ltd.		500		43,437
Goldcorp, Inc.		4,110		53,238
Great-West Lifeco, Inc.		524		15,046
Hydro One, Ltd. (e)		11,567		210,132
Inter Pipeline, Ltd.		19,844		410,161
Keyera Corp.		4,494		137,050
Loblaw Cos., Ltd.		825		44,923
Magna International, Inc.		182		9,690
Manulife Financial Corp.		7,008		141,824
Open Text Corp.		520		16,739
Pembina Pipeline Corp. (b)		13,612		476,499
Power Corp. of Canada		1,048		26,572
PrairieSky Royalty, Ltd.		13,987		357,098
Restaurant Brands International, Inc.		760		48,445
Rogers Communications, Inc. Class B (b)		1,163		59,831
Royal Bank of Canada		4,572		352,921
Shaw Communications, Inc. Class B		108		2,480
Shopify, Inc. Class A (c)		200		23,207
SNC-Lavalin Group, Inc.		798		35,981
Sun Life Financial, Inc.		1,687		67,027
Toronto-Dominion Bank		5,617		315,511
TransCanada Corp.		4,542		223,968
Veresen, Inc.		11,578		173,302
Wheaton Precious Metals Corp.		5,812		110,603
Yamana Gold, Inc.		2,638		6,961
				5,261,115
CHILE — 0.3%
Aguas Andinas SA Class A		177,617		113,171
Antofagasta PLC		14,157		180,250
Cencosud SA		23,669		72,459
SACI Falabella		3,062		29,904
Sociedad Quimica y Minera de Chile SA
Class B, Preference Shares		936		52,003
				447,787
CHINA — 3.3%
58.com, Inc. ADR (c)		300		18,942
AAC Technologies Holdings, Inc.		2,500		41,994
Agricultural Bank of China, Ltd. Class H		150,000		67,215
Alibaba Group Holding, Ltd. ADR (b) (c)		3,785		653,707
ANTA Sports Products, Ltd.		3,000		12,617
Baidu, Inc. ADR (c)		913		226,141
Bank of China, Ltd. Class H		341,000		168,083
Bank of Communications Co., Ltd. Class H		77,000		56,192
Beijing Capital International Airport Co., Ltd. Class H		22,000		32,786
Beijing Enterprises Water Group, Ltd. (c)		100,000		80,531
Brilliance China Automotive Holdings, Ltd.		12,000		31,956
CGN Power Co., Ltd. Class H (e)		487,200		134,732
China Cinda Asset Management Co., Ltd. Class H		54,000		19,911
China CITIC Bank Corp., Ltd. Class H		68,000		43,182
China Conch Venture Holdings, Ltd.		7,500		14,595
China Construction Bank Corp. Class H		322,000		267,141
China Everbright Bank Co., Ltd. Class H		17,000		7,857
China Evergrande Group (b) (c)		12,700		44,308
China Galaxy Securities Co., Ltd. Class H		14,500		12,717
China Life Insurance Co., Ltd. Class H		34,000		101,207
China Merchants Bank Co., Ltd. Class H		15,000		52,716
China Merchants Port Holdings Co., Ltd.		24,953		76,993
China Minsheng Banking Corp., Ltd. Class H (b)		40,000		36,668
China Mobile, Ltd.		19,500		197,604
China Oilfield Services, Ltd. Class H		34,000		31,124
China Overseas Land & Investment, Ltd.		20,000		65,039
China Pacific Insurance Group Co., Ltd. Class H		6,800		29,296
China Resources Gas Group, Ltd.		4,000		13,930
China Resources Land, Ltd.		8,000		24,479
China Taiping Insurance Holdings Co., Ltd.		6,000		16,055
China Telecom Corp., Ltd. Class H		68,000		34,824
China Unicom Hong Kong, Ltd. (c)		22,000		30,589
China Vanke Co., Ltd. Class H		6,696		22,032
Chongqing Changan Automobile Co., Ltd. Class B		2,400		3,174
CITIC Securities Co., Ltd. Class H		8,500		18,696
COSCO SHIPPING Ports, Ltd.		12,800		14,241
Country Garden Holdings Co., Ltd.		17,000		27,032
Ctrip.com International, Ltd. ADR (c)		1,163		61,337
Geely Automobile Holdings, Ltd.		25,000		70,416
GF Securities Co., Ltd. Class H		6,000		13,044
Great Wall Motor Co., Ltd. Class H (b)		25,500		31,342
Guangdong Investment, Ltd.		58,000		82,722
Guangzhou Automobile Group Co., Ltd. Class H		12,000		27,777
Haitian International Holdings, Ltd.		4,000		11,497
Haitong Securities Co., Ltd. Class H		13,200		21,328
Huaneng Renewables Corp., Ltd. Class H		188,000		62,099
Huatai Securities Co., Ltd. Class H (e)		6,500		14,397
Industrial & Commercial Bank of China, Ltd. Class H		266,000		197,524
JD.com, Inc. ADR (c)		2,405		91,871
Jiangsu Expressway Co., Ltd. Class H		24,000		36,750
Lenovo Group, Ltd.		34,000		18,761
NetEase, Inc. ADR		271		71,492
New Oriental Education & Technology Group, Inc. ADR		405		35,745
PICC Property & Casualty Co., Ltd. Class H		12,000		21,171
Ping An Insurance Group Co. of China, Ltd. Class H		17,000		130,481
Shanghai Electric Group Co., Ltd. Class H (b) (c)		44,000		19,379
Shanghai Industrial Holdings, Ltd.		8,000		24,223
SINA Corp. (c)		164		18,803
Sunny Optical Technology Group Co., Ltd.		2,000		31,803

See accompanying notes to financial statements.

121

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
TAL Education Group ADR		1,026	$	34,586
Tencent Holdings, Ltd.		19,484		838,660
Vipshop Holdings, Ltd. ADR (c)		1,407		12,368
Want Want China Holdings, Ltd.		17,000		11,949
Weibo Corp. ADR (b) (c)		16		1,583
Yangzijiang Shipbuilding Holdings, Ltd.		34,000		35,804
Zhejiang Expressway Co., Ltd. Class H		24,000		29,836
Zhuzhou CRRC Times Electric Co., Ltd. Class H		2,000		11,203
				4,800,257
COLOMBIA — 0.2%
Bancolombia SA Preference Shares		4,455		51,244
Grupo Aval Acciones y Valores SA Preference Shares		34,988		15,845
Grupo de Inversiones Suramericana SA		3,539		49,264
Grupo de Inversiones Suramericana SA Preference Shares		696		9,523
Interconexion Electrica SA ESP		26,273		122,386
				248,262
CZECH REPUBLIC — 0.0% (a)
Komercni banka A/S		477		20,828
DENMARK — 0.6%
Carlsberg A/S Class B		9		985
Chr Hansen Holding A/S		1,094		93,849
Coloplast A/S Class B		374		30,360
Danske Bank A/S		2,349		93,963
Genmab A/S (c)		153		33,785
ISS A/S		513		20,635
Novo Nordisk A/S Class B		6,352		303,735
Novozymes A/S Class B		1,759		90,286
Pandora A/S		425		41,961
TDC A/S		3,362		19,703
Vestas Wind Systems A/S		1,102		98,912
				828,174
FINLAND — 0.4%
Kone Oyj Class B		2,253		119,325
Metso Oyj		561		20,586
Neste Oyj		1,751		76,488
Nokia Oyj (d)		21,883		131,420
Nokia Oyj (d)		2,449		14,655
Nokian Renkaat Oyj		493		21,932
Sampo Oyj Class A		1,689		89,294
Wartsila Oyj Abp		723		51,198
				524,898
FRANCE — 3.6%
Aeroports de Paris		579		93,639
Airbus SE		2,401		228,241
Alstom SA		642		27,274
Atos SE		332		51,514
AXA SA		9,199		278,293
BNP Paribas SA		4,343		350,415
Bollore SA		10,605		53,020
Bureau Veritas SA		867		22,380
Capgemini SE		527		61,779
CNP Assurances		2,890		67,750
Credit Agricole SA		7,939		144,349
Danone SA		2,465		193,410
Dassault Aviation SA		17		27,502
Dassault Systemes SE		292		29,546
Edenred		1,821		49,514
Essilor International SA		744		92,134
Eutelsat Communications SA		1,018		30,159
Fonciere Des Regions		419		43,536
Gecina SA REIT		194		31,466
Groupe Eurotunnel SE		3,096		37,333
Hermes International		125		63,033
ICADE REIT		196		17,487
Iliad SA		68		18,076
Ingenico Group SA		194		18,394
Kering		293		116,749
Klepierre SA REIT		1,431		56,182
L’Oreal SA		1,215		258,403
Lagardere SCA		340		11,385
Legrand SA		1,385		100,009
LVMH Moet Hennessy Louis Vuitton SE		1,080		298,063
Natixis SA		5,902		47,237
Orange SA		8,254		135,244
Pernod Ricard SA		970		134,225
Peugeot SA		2,778		66,176
Publicis Groupe SA		734		51,274
Remy Cointreau SA		157		18,598
Renault SA		1,182		116,135
Rexel SA		2,366		40,949
Safran SA		1,343		137,240
Sanofi		4,287		425,770
Schneider Electric SE (c)		3,190		277,675
SCOR SE		776		32,544
Societe BIC SA		102		12,227
Societe Generale SA		3,345		195,884
Sodexo SA		502		62,610
Thales SA		437		49,482
Unibail-Rodamco SE REIT		463		112,619
Valeo SA		673		49,949
Vinci SA		2,069		196,656
Vivendi SA		5,191		131,450
Zodiac Aerospace		1,112		32,162
				5,197,141
GERMANY — 3.1%
adidas AG		708		160,201
Allianz SE		1,965		441,258
BASF SE		1,131		120,390
Bayer AG		2,484		338,588
Bayerische Motoren Werke AG		1,636		166,002
Bayerische Motoren Werke AG Preference Shares		885		78,866
Beiersdorf AG		337		36,266
Brenntag AG		1,132		63,052
Commerzbank AG (c)		4,227		57,517
Continental AG		272		69,055
Daimler AG		4,601		366,990
Deutsche Bank AG		9,178		158,739
Deutsche Boerse AG		607		65,811
Deutsche Post AG		1,423		63,363
Deutsche Telekom AG		10,780		201,166

See accompanying notes to financial statements.

122

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Deutsche Wohnen SE		1,265	$	53,718
Fraport AG Frankfurt Airport Services Worldwide		476		45,209
Fresenius Medical Care AG & Co. KGaA		838		81,999
Fresenius SE & Co. KGaA		1,467		118,365
Fuchs Petrolub SE Preference Shares		747		44,235
GEA Group AG		595		27,074
Hannover Rueck SE		219		26,395
Henkel AG & Co. KGaA		474		57,689
Henkel AG & Co. KGaA Preference Shares		547		74,463
HUGO BOSS AG		279		24,602
Infineon Technologies AG		3,506		88,160
Merck KGaA		510		56,747
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		886		189,480
ProSiebenSat.1 Media SE		645		21,987
SAP SE		3,694		404,781
Siemens AG		3,269		460,661
Symrise AG		1,418		107,740
Telefonica Deutschland Holding AG		5,054		28,368
Volkswagen AG Preference Shares		733		119,584
Vonovia SE		2,038		86,736
Zalando SE (c) (e)		319		15,990
				4,521,247
GREECE — 0.0% (a)
Alpha Bank AE (c)		2,943		5,810
Eurobank Ergasias SA (c)		259		229
JUMBO SA		536		8,865
National Bank of Greece SA (c)		238		81
OPAP SA		1,717		18,167
Piraeus Bank SA (c)		2		7
				33,159
HONG KONG — 1.1%
AIA Group, Ltd.		38,000		280,231
BOC Hong Kong Holdings, Ltd.		8,500		41,299
CK Asset Holdings, Ltd.		9,459		78,293
CK Hutchison Holdings, Ltd.		3,500		44,743
Galaxy Entertainment Group, Ltd.		5,000		35,208
Hanergy Thin Film Power Group, Ltd. (c) (f)		24,000		—
Hang Lung Properties, Ltd.		11,000		26,110
Henderson Land Development Co., Ltd.		3,630		24,051
Hong Kong & China Gas Co., Ltd.		163,020		306,392
Hong Kong Exchanges & Clearing, Ltd.		2,374		63,828
Hongkong Land Holdings, Ltd.		6,800		48,960
I-CABLE Communications, Ltd. (c)		4,190		137
Jardine Matheson Holdings, Ltd.		800		50,688
Kerry Properties, Ltd.		7,000		28,992
Li & Fung, Ltd.		34,000		17,064
Link REIT		7,000		56,730
Melco Resorts & Entertainment, Ltd. ADR		709		17,101
MTR Corp., Ltd.		7,880		46,005
Power Assets Holdings, Ltd.		24,500		212,199
Sands China, Ltd.		11,200		58,289
Sino Land Co., Ltd.		6,058		10,641
Sun Hung Kai Properties, Ltd.		6,000		97,482
Swire Properties, Ltd.		6,800		23,071
Wharf Holdings, Ltd.		5,000		44,554
Wheelock & Co., Ltd.		4,000		28,141
				1,640,209
INDIA — 0.9%
Adani Ports & Special Economic Zone, Ltd.		8,782		50,652
Asian Paints, Ltd.		5,797		100,436
Axis Bank, Ltd.		4,683		36,503
Bajaj Auto, Ltd.		578		27,514
Bharat Petroleum Corp., Ltd.		15,264		110,133
Bharti Airtel, Ltd.		4,501		26,836
Bharti Infratel, Ltd.		3,012		18,371
Eicher Motors, Ltd.		52		24,848
HCL Technologies, Ltd.		1,915		25,647
Hindustan Petroleum Corp., Ltd.		10,153		66,339
Hindustan Unilever, Ltd.		1,669		29,994
Housing Development Finance Corp., Ltd.		4,356		116,179
ICICI Bank, Ltd. ADR		4,895		41,901
Indian Oil Corp., Ltd.		12,966		79,499
Infosys, Ltd. ADR (b)		8,224		119,988
ITC, Ltd.		17,927		70,890
Larsen & Toubro, Ltd. GDR		1,998		35,265
Lupin, Ltd.		329		5,107
Mahindra & Mahindra, Ltd. GDR		1,119		21,597
Maruti Suzuki India, Ltd.		421		51,421
Power Finance Corp., Ltd.		4,887		9,120
Reliance Industries, Ltd.		3,246		38,806
Rural Electrification Corp., Ltd.		8,180		19,148
State Bank of India GDR		620		23,808
Sun Pharmaceutical Industries, Ltd.		2,792		21,511
Tata Consultancy Services, Ltd.		1,849		68,954
Tata Motors, Ltd. (c)		2,808		17,260
Tata Motors, Ltd. Class A (c)		10,536		35,857
Wipro, Ltd. ADR (b)		3,204		18,199
				1,311,783
INDONESIA — 0.3%
Astra International Tbk PT		91,800		53,844
Bank Central Asia Tbk PT		13,700		20,648
Bank Mandiri Persero Tbk PT		68,000		33,952
Bank Rakyat Indonesia Persero Tbk PT		34,000		38,559
Charoen Pokphand Indonesia Tbk PT		25,500		5,187
Gudang Garam Tbk PT		4,700		22,961
Hanjaya Mandala Sampoerna Tbk PT		81,700		23,414
Indofood CBP Sukses Makmur Tbk PT		15,600		10,105
Jasa Marga Persero Tbk PT		101,750		42,305
Perusahaan Gas Negara Persero Tbk		252,300		29,503
Telekomunikasi Indonesia Persero Tbk PT		248,900		86,484
Unilever Indonesia Tbk PT		8,500		30,907
				397,869
IRELAND — 0.1%
Bank of Ireland Group PLC (c)		2,426		19,875
Experian PLC		4,417		88,832
Kerry Group PLC Class A		169		16,241
Paddy Power Betfair PLC		286		28,543
XL Group, Ltd.		1,187		46,827
				200,318

See accompanying notes to financial statements.

123

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
ISRAEL — 0.1%
Bank Leumi Le-Israel BM		2,181	$	11,576
Bezeq The Israeli Telecommunication Corp., Ltd.		5,345		7,642
Check Point Software Technologies, Ltd. (c)		528		60,203
Elbit Systems, Ltd.		88		12,936
Frutarom Industries, Ltd.		654		50,338
Teva Pharmaceutical Industries, Ltd.		3,531		61,732
				204,427
ITALY — 0.7%
Assicurazioni Generali SpA		4,887		91,052
Atlantia SpA		3,522		111,213
Ferrari NV		395		43,662
Intesa Sanpaolo SpA		53,695		189,927
Leonardo SpA		1,722		32,267
Luxottica Group SpA		428		23,928
Mediobanca SpA		2,469		26,503
Snam SpA		67,120		323,427
Telecom Italia SpA/Milano Savings Shares		88,045		66,199
Terna Rete Elettrica Nazionale SpA		2,605		15,219
UniCredit SpA (c)		7,276		155,002
UnipolSai Assicurazioni SpA		1,537		3,590
				1,081,989
JAPAN — 7.7%
Aisin Seiki Co., Ltd.		300		15,804
Alfresa Holdings Corp.		600		10,975
Alps Electric Co., Ltd.		500		13,188
Amada Holdings Co., Ltd.		1,700		18,651
Asahi Group Holdings, Ltd.		1,700		68,806
Asics Corp.		400		5,956
Astellas Pharma, Inc.		8,200		104,280
Bandai Namco Holdings, Inc.		400		13,717
Bank of Kyoto, Ltd.		200		10,163
Bridgestone Corp.		800		36,288
Brother Industries, Ltd.		500		11,629
Canon, Inc.		4,800		163,959
Casio Computer Co., Ltd.		1,100		15,479
Central Japan Railway Co.		900		157,749
Chiba Bank, Ltd. (b)		3,000		21,454
Chugai Pharmaceutical Co., Ltd.		600		24,892
Concordia Financial Group, Ltd.		5,600		27,665
Credit Saison Co., Ltd.		500		10,372
Dai-ichi Life Holdings, Inc.		4,900		87,888
Daiichi Sankyo Co., Ltd.		1,700		38,330
Daikin Industries, Ltd.		800		80,984
Daito Trust Construction Co., Ltd.		200		36,423
Daiwa House Industry Co., Ltd.		2,000		69,027
Daiwa Securities Group, Inc.		11,000		62,278
DeNA Co., Ltd.		200		4,481
Denso Corp.		2,000		101,150
Dentsu, Inc.		1,200		52,663
East Japan Railway Co.		1,500		138,387
Eisai Co., Ltd.		1,100		56,444
FANUC Corp.		800		161,969
Fast Retailing Co., Ltd.		200		58,970
FUJIFILM Holdings Corp.		600		23,277
Fujitsu, Ltd.		5,000		37,130
Fukuoka Financial Group, Inc.		3,000		13,859
Hachijuni Bank, Ltd.		3,100		19,360
Hankyu Hanshin Holdings, Inc.		1,000		37,934
Hino Motors, Ltd.		1,700		20,781
Hirose Electric Co., Ltd.		100		14,072
Hiroshima Bank, Ltd.		1,000		8,093
Hitachi Chemical Co., Ltd.		400		10,963
Hitachi Construction Machinery Co., Ltd.		400		11,851
Hitachi, Ltd.		10,000		70,439
Honda Motor Co., Ltd.		5,600		165,764
Hoshizaki Corp.		200		17,572
Hoya Corp.		1,400		75,556
IHI Corp.		500		17,368
Iida Group Holdings Co., Ltd.		1,600		28,513
Isetan Mitsukoshi Holdings, Ltd. (b)		1,900		19,833
Isuzu Motors, Ltd.		3,100		41,062
ITOCHU Corp.		9,800		160,453
Japan Airport Terminal Co., Ltd. (b)		300		10,687
Japan Exchange Group, Inc.		1,600		28,300
Japan Post Bank Co., Ltd. (b)		3,700		45,689
Japan Post Holdings Co., Ltd. (b)		4,532		53,507
Japan Real Estate Investment Corp. REIT		3		14,418
Japan Retail Fund Investment Corp. REIT		4		7,175
Japan Tobacco, Inc.		5,300		173,645
Kajima Corp.		4,000		39,728
Kamigumi Co., Ltd.		2,000		46,284
Kansai Paint Co., Ltd. (b)		2,800		70,445
Kao Corp.		1,700		99,978
KDDI Corp.		7,500		197,686
Keikyu Corp.		1,000		20,264
Keio Corp.		400		16,488
Keisei Electric Railway Co., Ltd.		1,000		27,673
Keyence Corp.		300		159,241
Kikkoman Corp.		1,000		30,738
Kirin Holdings Co., Ltd.		1,700		39,991
Koito Manufacturing Co., Ltd.		600		37,632
Komatsu, Ltd.		5,000		142,185
Konami Holdings Corp.		300		14,418
Kubota Corp.		4,500		81,773
Kyocera Corp.		1,300		80,634
Lawson, Inc. (b)		400		26,474
Lion Corp.		1,000		18,247
M3, Inc.		500		14,236
Mabuchi Motor Co., Ltd.		200		10,003
Makita Corp.		800		32,230
Marubeni Corp.		18,600		126,985
Marui Group Co., Ltd. (b)		500		7,156
Maruichi Steel Tube, Ltd.		3,100		90,192
Mazda Motor Corp.		1,700		26,052
Mebuki Financial Group, Inc.		6,200		23,959
Medipal Holdings Corp.		1,300		22,567
MEIJI Holdings Co., Ltd.		300		23,773
MISUMI Group, Inc.		1,200		31,587
Mitsubishi Corp.		3,600		83,648
Mitsubishi Electric Corp.		7,400		115,571
Mitsubishi Estate Co., Ltd.		5,000		86,905
Mitsubishi Heavy Industries, Ltd.		1,700		67,191
Mitsubishi Motors Corp.		1,700		13,441

See accompanying notes to financial statements.

124

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Mitsubishi Tanabe Pharma Corp.		500	$	11,460
Mitsubishi UFJ Financial Group, Inc.		49,400		320,673
Mitsubishi UFJ Lease & Finance Co., Ltd.		3,600		19,061
Mitsui & Co., Ltd.		8,800		130,008
Mitsui Fudosan Co., Ltd.		3,800		82,370
Mizuho Financial Group, Inc.		101,800		178,251
MS&AD Insurance Group Holdings, Inc.		2,800		90,120
Murata Manufacturing Co., Ltd.		700		102,856
Nabtesco Corp.		400		14,854
Nagoya Railroad Co., Ltd.		400		8,610
NEC Corp.		600		16,257
Nexon Co., Ltd. (c)		600		15,650
NGK Spark Plug Co., Ltd.		600		12,766
Nidec Corp.		1,100		135,051
Nintendo Co., Ltd.		400		147,684
Nippon Building Fund, Inc. REIT		3		14,951
Nippon Paint Holdings Co., Ltd.		1,600		54,369
Nippon Telegraph & Telephone Corp.		2,600		119,115
Nissan Chemical Industries, Ltd.		1,100		38,698
Nissan Motor Co., Ltd. (b)		10,200		100,990
Nitori Holdings Co., Ltd.		300		42,882
Nitto Denko Corp.		1,100		91,682
Nomura Holdings, Inc.		17,000		95,145
Nomura Real Estate Holdings, Inc.		1,200		25,564
Nomura Real Estate Master Fund, Inc.		13		16,896
Nomura Research Institute, Ltd.		300		11,700
NTT Data Corp.		1,500		16,044
NTT DOCOMO, Inc.		6,000		137,014
Obayashi Corp.		2,100		25,167
Odakyu Electric Railway Co., Ltd.		1,400		26,554
Olympus Corp.		1,200		40,617
Omron Corp.		500		25,452
Ono Pharmaceutical Co., Ltd.		1,400		31,709
Oriental Land Co., Ltd.		1,100		83,786
ORIX Corp.		4,800		77,374
Otsuka Holdings Co., Ltd.		1,400		55,607
Panasonic Corp.		6,800		98,498
Rakuten, Inc.		3,400		37,061
Recruit Holdings Co., Ltd.		4,500		97,424
Resona Holdings, Inc.		11,900		61,104
Ryohin Keikaku Co., Ltd.		100		29,450
Santen Pharmaceutical Co., Ltd.		1,200		18,901
SBI Holdings, Inc.		1,700		25,583
Secom Co., Ltd.		1,500		109,297
Sekisui House, Ltd.		3,400		57,283
Seven & i Holdings Co., Ltd.		2,800		108,080
Sharp Corp. (b) (c)		700		21,112
Shimano, Inc.		200		26,633
Shimizu Corp.		2,000		22,156
Shin-Etsu Chemical Co., Ltd.		1,700		151,930
Shinsei Bank, Ltd.		600		9,600
Shionogi & Co., Ltd.		1,200		65,573
Shiseido Co., Ltd.		1,700		67,991
Shizuoka Bank, Ltd.		2,000		17,981
SMC Corp.		300		105,779
SoftBank Group Corp.		3,100		250,170
Sohgo Security Services Co., Ltd.		200		9,168
Sompo Holdings, Inc.		1,700		66,118
Sony Corp.		4,700		174,781
Sony Financial Holdings, Inc.		1,200		19,679
Start Today Co., Ltd.		500		15,835
Subaru Corp.		3,200		115,418
Sumitomo Corp.		10,800		155,286
Sumitomo Electric Industries, Ltd.		400		6,531
Sumitomo Heavy Industries, Ltd.		800		32,053
Sumitomo Metal Mining Co., Ltd.		2,000		64,212
Sumitomo Mitsui Financial Group, Inc.		5,900		226,429
Sumitomo Mitsui Trust Holdings, Inc.		1,700		61,331
Sumitomo Realty & Development Co., Ltd.		1,000		30,249
Suntory Beverage & Food, Ltd.		700		31,155
Suzuki Motor Corp.		1,700		89,134
Sysmex Corp.		500		31,893
T&D Holdings, Inc.		3,400		49,339
Taisei Corp.		600		31,448
Takeda Pharmaceutical Co., Ltd.		3,000		165,611
Terumo Corp.		1,100		43,242
Toho Gas Co., Ltd.		3,200		93,670
Tokio Marine Holdings, Inc.		3,000		117,319
Tokyo Electron, Ltd.		700		107,458
Tokyu Corp.		4,700		66,514
TOTO, Ltd.		300		12,633
Toyota Industries Corp. (b)		1,200		68,973
Toyota Motor Corp.		10,200		608,022
Toyota Tsusho Corp.		2,500		82,064
Trend Micro, Inc.		200		9,843
Tsuruha Holdings, Inc.		100		11,949
Unicharm Corp.		1,700		38,904
Yahoo! Japan Corp. (b)		5,100		24,194
Yakult Honsha Co., Ltd.		300		21,614
Yamaha Corp.		300		11,060
Yamaha Motor Co., Ltd.		600		17,963
Yamato Holdings Co., Ltd.		1,100		22,197
Yaskawa Electric Corp.		500		15,835
				11,280,414
JORDAN — 0.0% (a)
Hikma Pharmaceuticals PLC		700		11,373
LUXEMBOURG — 0.1%
Millicom International Cellular SA SDR		188		12,380
RTL Group SA		170		12,870
SES SA		1,540		33,699
Tenaris SA		1,148		16,286
				75,235
MACAU — 0.0% (a)
MGM China Holdings, Ltd. (b)		6,800		16,298
MALAYSIA — 0.3%
British American Tobacco Malaysia Bhd		900		9,323
CIMB Group Holdings Bhd		21,324		31,816
Gamuda Bhd		23,100		28,885
IOI Properties Group Bhd		62,912		30,096
Malayan Banking Bhd		7,299		16,474
Petronas Chemicals Group Bhd		33,500		57,837
Petronas Dagangan Bhd		17,900		103,097
PPB Group Bhd		11,100		44,321
Sapura Energy Bhd		67,200		24,190
Westports Holdings Bhd		65,162		58,796
				404,835

See accompanying notes to financial statements.

125

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
MEXICO — 0.4%
America Movil SAB de CV Series L		58,872	$	52,391
Coca-Cola Femsa SAB de CV Series L		1,687		13,072
Fibra Uno Administracion SA de CV REIT		7,096		12,004
Fomento Economico Mexicano SAB de CV		6,730		64,501
Fresnillo PLC		3,196		60,245
Grupo Aeroportuario del Pacifico SAB de CV Class B		1,687		17,317
Grupo Aeroportuario del Sureste SAB de CV Class B		1,704		32,523
Grupo Financiero Banorte SAB de CV Series O		3,062		21,175
Grupo Mexico SAB de CV Series B		41,043		125,869
Grupo Televisa SAB Series CPO		6,730		33,262
Promotora y Operadora de Infraestructura SAB de CV		4,364		46,321
Wal-Mart de Mexico SAB de CV		23,537		54,049
				532,729
NETHERLANDS — 1.1%
ABN AMRO Group NV (e)		833		24,954
Aegon NV		10,863		63,287
AerCap Holdings NV (c)		882		45,079
Altice NV Class A (c)		1,214		24,319
Altice NV Class B (c)		646		12,907
ASML Holding NV		1,309		222,917
Gemalto NV		238		10,634
Heineken NV		647		63,982
ING Groep NV		14,609		269,424
Koninklijke Ahold Delhaize NV		961		17,973
Koninklijke DSM NV		1,112		91,050
Koninklijke KPN NV		10,916		37,489
Koninklijke Philips NV		4,244		175,253
Koninklijke Vopak NV		4,770		209,238
NN Group NV		1,683		70,453
NXP Semiconductors NV (c)		1,038		117,387
Randstad Holding NV		782		48,387
Royal Dutch Shell PLC Class A		180		5,430
Wolters Kluwer NV		1,018		47,050
				1,557,213
NEW ZEALAND — 0.1%
Auckland International Airport, Ltd.		2,238		10,419
Meridian Energy, Ltd.		66,516		136,800
				147,219
NORWAY — 0.2%
DNB ASA		5,330		107,466
Gjensidige Forsikring ASA		680		11,840
Marine Harvest ASA (c)		3,034		60,030
Orkla ASA		8,052		82,641
Schibsted ASA Class B		877		20,712
Telenor ASA		3,914		82,801
				365,490
PERU — 0.2%
Cia de Minas Buenaventura SAA ADR		260		3,325
Southern Copper Corp.		5,684		225,996
				229,321
PHILIPPINES — 0.1%
International Container Terminal Services, Inc.		3,400		6,961
PLDT, Inc.		425		13,955
SM Investments Corp.		1,970		34,243
SM Prime Holdings, Inc.		32,300		21,904
Universal Robina Corp.		2,040		6,136
				83,199
POLAND — 0.1%
Bank Pekao SA		1,113		39,096
Bank Zachodni WBK SA		136		13,037
CCC SA		182		13,785
Cyfrowy Polsat SA		1,224		8,716
LPP SA		12		26,912
mBank SA (c)		68		7,819
Powszechna Kasa Oszczednosci Bank Polski SA (c)		4,444		43,087
Powszechny Zaklad Ubezpieczen SA		3,655		46,139
				198,591
PORTUGAL — 0.0% (a)
Jeronimo Martins SGPS SA		1,015		20,027
QATAR — 0.1%
Barwa Real Estate Co.		2,624		23,107
Ezdan Holding Group QSC		6,804		19,623
Qatar Gas Transport Co., Ltd.		18,269		79,233
				121,963
ROMANIA — 0.0% (a)
NEPI Rockcastle PLC		1,419		19,326
RUSSIA — 0.3%
Magnit PJSC GDR		1,985		81,286
Mobile TeleSystems PJSC ADR		5,044		52,659
Moscow Exchange MICEX-RTS PJSC		20,497		41,245
PhosAgro PJSC GDR		2,591		36,922
Sberbank of Russia PJSC ADR		15,807		225,013
VTB Bank PJSC GDR		20,690		44,483
				481,608
SINGAPORE — 0.7%
Broadcom, Ltd.		1,524		369,631
City Developments, Ltd.		1,832		15,285
DBS Group Holdings, Ltd.		6,549		100,409
Genting Singapore PLC		34,000		29,294
Global Logistic Properties, Ltd.		17,000		41,312
Hutchison Port Holdings Trust		78,000		33,540
Jardine Cycle & Carriage, Ltd.		784		22,713
Oversea-Chinese Banking Corp., Ltd.		9,708		79,783
SATS, Ltd.		6,200		21,048
Singapore Technologies Engineering, Ltd.		9,000		22,799
Singapore Telecommunications, Ltd.		55,129		149,398
United Overseas Bank, Ltd.		4,654		80,540
UOL Group, Ltd.		2,892		17,293
				983,045
SOUTH AFRICA — 0.7%
Aspen Pharmacare Holdings, Ltd.		1,579		35,502
Barclays Africa Group, Ltd.		3,455		35,567
Bid Corp., Ltd.		1,657		37,294

See accompanying notes to financial statements.

126

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Brait SE (c)		4,081	$	16,170
Discovery, Ltd.		1,173		12,220
FirstRand, Ltd. (b)		17,502		67,441
Fortress Income Fund, Ltd. Class A		22,317		28,511
Growthpoint Properties, Ltd. REIT		20,424		36,756
Hyprop Investments, Ltd.		2,053		16,074
Investec PLC		2,384		17,432
Investec, Ltd.		1,825		13,246
Mediclinic International PLC		1,509		13,160
Mr. Price Group, Ltd.		408		5,440
MTN Group, Ltd.		6,994		64,426
Naspers, Ltd. Class N		1,647		356,174
Nedbank Group, Ltd.		1,241		18,625
Novus Holdings, Ltd.		570		275
Redefine Properties, Ltd. REIT		50,505		39,985
Resilient REIT, Ltd. REIT		1,877		18,500
RMB Holdings, Ltd.		6,790		31,932
Sanlam, Ltd.		5,566		27,891
SPAR Group, Ltd.		1,590		19,675
Standard Bank Group, Ltd.		5,561		64,994
Steinhoff International Holdings NV		15,597		69,342
Truworths International, Ltd.		1,673		9,571
Vodacom Group, Ltd.		2,418		28,857
				1,085,060
SOUTH KOREA — 1.6%
Amorepacific Corp.		147		33,305
Amorepacific Corp. Preference Shares		52		7,083
AMOREPACIFIC Group		130		14,018
Celltrion, Inc. (c)		288		35,706
Coway Co., Ltd.		130		10,669
Daelim Industrial Co., Ltd.		234		16,365
Daewoo Engineering & Construction Co., Ltd. (c)		1,027		6,465
Dongbu Insurance Co., Ltd.		130		8,286
Dongsuh Cos., Inc.		900		21,059
Hana Financial Group, Inc.		1,343		55,521
Hanssem Co., Ltd.		40		5,291
Hanwha Corp.		371		14,252
Hanwha Life Insurance Co., Ltd.		897		5,365
Hyundai Engineering & Construction Co., Ltd.		910		30,470
Hyundai Glovis Co., Ltd.		352		45,485
Hyundai Heavy Industries Co., Ltd. (c)		86		10,887
Hyundai Mobis Co., Ltd.		385		80,674
Hyundai Motor Co.		109		14,323
Hyundai Motor Co. Preference Shares (d)		574		51,369
Hyundai Motor Co. Preference Shares (d)		802		65,541
Industrial Bank of Korea		897		11,278
Kakao Corp.		52		6,538
Kangwon Land, Inc.		840		25,669
KB Financial Group, Inc.		1,534		75,136
KEPCO Plant Service & Engineering Co., Ltd.		174		6,297
Kia Motors Corp.		827		22,853
Korea Aerospace Industries, Ltd.		570		21,748
Korea Gas Corp. (c)		1,437		52,820
Korea Zinc Co., Ltd.		277		119,835
KT&G Corp.		574		52,872
LG Household & Health Care, Ltd.		34		27,785
LG Household & Health Care, Ltd. Preference Shares		45		23,495
Mirae Asset Daewoo Co., Ltd.		2,070		17,766
NAVER Corp.		102		66,346
NCSoft Corp.		52		21,089
Orion Corp. (c)		85		7,199
S-1 Corp.		104		8,099
Samsung C&T Corp.		370		43,611
Samsung Card Co., Ltd.		156		5,019
Samsung Electronics Co., Ltd.		324		725,312
Samsung Electronics Co., Ltd. Preference Shares		69		124,222
Samsung Fire & Marine Insurance Co., Ltd.		119		29,091
Samsung Life Insurance Co., Ltd.		255		25,158
Samsung SDS Co., Ltd.		101		14,859
Samsung Securities Co., Ltd.		206		6,214
Shinhan Financial Group Co., Ltd.		1,687		74,087
SK Holdings Co., Ltd.		223		56,074
SK Hynix, Inc.		1,306		94,528
SK Telecom Co., Ltd.		65		14,472
Woori Bank		1,417		22,084
				2,333,690
SPAIN — 1.2%
Abertis Infraestructuras SA		4,419		89,333
Aena SME SA (e)		495		89,387
Amadeus IT Group SA		767		49,862
Banco Bilbao Vizcaya Argentaria SA		23,768		212,453
Banco de Sabadell SA		24,648		51,459
Banco Santander SA		51,957		362,829
Bankia SA		1,370		6,608
CaixaBank SA		11,905		59,674
Enagas SA		15,388		433,417
Industria de Diseno Textil SA		3,394		127,935
Mapfre SA		226		736
Red Electrica Corp. SA		7,162		150,542
Telefonica SA		17,344		188,473
				1,822,708
SWEDEN — 1.1%
Alfa Laval AB		1,343		32,726
Assa Abloy AB Class B		3,337		76,042
Atlas Copco AB Class A		1,202		50,791
Atlas Copco AB Class B		3,853		149,072
Autoliv, Inc. (b)		272		33,619
Boliden AB		8,696		293,725
Hennes & Mauritz AB Class B		3,769		97,430
Hexagon AB Class B		731		36,154
Investor AB Class B		2,320		114,347
Kinnevik AB Class B		782		25,446
Nordea Bank AB		11,172		151,107
Sandvik AB		4,521		77,821
Skandinaviska Enskilda Banken AB Class A		3,318		43,618
Skanska AB Class B		485		11,212
SKF AB Class B		527		11,460
Svenska Handelsbanken AB Class A		3,874		58,331
Swedbank AB Class A		1,788		49,331

See accompanying notes to financial statements.

127

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Telefonaktiebolaget LM Ericsson Class B		12,710	$	72,828
Telia Co. AB		11,749		55,216
Volvo AB Class B		6,926		133,219
				1,573,495
SWITZERLAND — 2.8%
ABB, Ltd.		6,780		167,748
Adecco Group AG (c)		782		60,937
Chocoladefabriken Lindt & Spruengli AG		3		17,130
Cie Financiere Richemont SA		1,873		171,311
Credit Suisse Group AG (c)		10,105		160,097
EMS-Chemie Holding AG		93		61,897
Ferguson PLC		1,488		97,743
Geberit AG		26		12,309
Givaudan SA		74		161,139
Julius Baer Group, Ltd. (c)		493		29,195
Kuehne + Nagel International AG		384		71,157
Nestle SA		10,690		895,989
Novartis AG		7,702		659,876
Roche Holding AG		2,349		600,117
SGS SA		3		7,202
Sika AG		20		148,925
STMicroelectronics NV		907		17,553
Swatch Group AG		706		56,292
Swiss Life Holding AG (c)		148		52,173
Swiss Re AG		1,561		141,484
Swisscom AG		87		44,615
TE Connectivity, Ltd.		1,406		116,782
UBS Group AG (c)		13,909		237,902
Zurich Insurance Group AG		561		171,268
				4,160,841
TAIWAN — 1.3%
Acer, Inc. (c)		35,000		17,486
Advantech Co., Ltd.		2,199		15,664
Asustek Computer, Inc.		6,000		49,367
Catcher Technology Co., Ltd.		3,000		27,948
Cathay Financial Holding Co., Ltd.		49,000		77,885
Cheng Shin Rubber Industry Co., Ltd.		12,000		24,021
China Development Financial Holding Corp.		52,000		15,605
China Life Insurance Co., Ltd.		19,620		18,472
Chunghwa Telecom Co., Ltd.		17,000		58,584
CTBC Financial Holding Co., Ltd.		80,359		50,350
Delta Electronics, Inc.		6,000		30,867
Eclat Textile Co., Ltd.		1,020		12,395
Foxconn Technology Co., Ltd.		11,070		31,942
Fubon Financial Holding Co., Ltd.		50,000		77,991
Hiwin Technologies Corp.		2,040		17,996
Hon Hai Precision Industry Co., Ltd.		62,820		217,521
Hotai Motor Co., Ltd.		1,000		11,526
MediaTek, Inc.		11,000		103,202
Mega Financial Holding Co., Ltd.		49,922		39,017
Micro-Star International Co., Ltd.		3,000		6,450
Novatek Microelectronics Corp.		4,000		15,038
Pegatron Corp.		5,000		12,977
Pou Chen Corp.		4,000		5,019
President Chain Store Corp.		5,000		42,128
Quanta Computer, Inc.		6,000		13,811
Shin Kong Financial Holding Co., Ltd.		40,469		12,118
Synnex Technology International Corp.		22,000		26,408
Taiwan Mobile Co., Ltd.		12,000		42,738
Taiwan Semiconductor Manufacturing Co., Ltd.		84,000		599,723
Teco Electric and Machinery Co., Ltd.		31,000		27,755
Uni-President Enterprises Corp.		40,000		83,762
WPG Holdings, Ltd.		18,000		23,951
Yuanta Financial Holding Co., Ltd.		143,573		61,787
				1,871,504
THAILAND — 0.2%
Advanced Info Service PCL (g)		3,400		19,472
Airports of Thailand PCL (g)		44,900		79,433
Bangkok Bank PCL NVDR		1,000		5,592
Bangkok Expressway & Metro PCL NVDR		85,000		20,517
BTS Group Holdings PCL (g)		106,500		27,304
CP ALL PCL (g)		13,600		26,813
Energy Absolute PCL (g)		76,500		87,740
Kasikornbank PCL		3,400		21,817
Kasikornbank PCL NVDR		400		2,483
Siam Commercial Bank PCL (g)		6,800		31,196
				322,367
TURKEY — 0.1%
Akbank TAS		9,781		25,854
BIM Birlesik Magazalar A/S		1,415		29,545
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT (c)		29,727		22,403
TAV Havalimanlari Holding A/S		1,020		5,063
Turkcell Iletisim Hizmetleri A/S		102		364
Turkiye Garanti Bankasi A/S		9,554		26,007
Turkiye Halk Bankasi A/S		2,030		6,919
Turkiye Is Bankasi Class C		16,543		31,541
Yapi ve Kredi Bankasi A/S (c)		20,108		24,427
				172,123
UNITED ARAB EMIRATES — 0.1%
Aldar Properties PJSC		6,484		4,114
DP World, Ltd.		644		14,464
Emaar Properties PJSC		15,328		35,433
Emirates Telecommunications Group Co. PJSC		6,597		31,075
First Abu Dhabi Bank PJSC		1,353		3,758
				88,844
UNITED KINGDOM — 5.9%
3i Group PLC		6,766		82,879
Ashtead Group PLC		2,452		59,182
Associated British Foods PLC		1,020		43,696
AstraZeneca PLC		4,671		310,522
Auto Trader Group PLC (e)		3,126		16,461
Aviva PLC		22,999		158,757
Babcock International Group PLC		3,471		38,536
BAE Systems PLC		11,957		101,306
Barclays PLC		77,780		201,768
Barratt Developments PLC		5,176		42,673
Berkeley Group Holdings PLC		657		32,764
British American Tobacco PLC		7,282		456,449
British American Tobacco PLC ADR		1,841		114,970
British Land Co. PLC REIT		6,854		55,358

See accompanying notes to financial statements.

128

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
BT Group PLC		36,952	$	140,748
Bunzl PLC		1,557		47,357
Burberry Group PLC		1,873		44,227
Capita PLC		3,097		23,476
CNH Industrial NV		3,424		41,126
Cobham PLC		9,045		17,681
Coca-Cola European Partners PLC		833		34,669
Compass Group PLC		6,705		142,403
Croda International PLC		1,611		81,982
DCC PLC		353		34,313
Delphi Automotive PLC		952		93,677
Diageo PLC		10,500		345,562
Direct Line Insurance Group PLC		4,516		22,030
Dixons Carphone PLC		5,397		14,004
GlaxoSmithKline PLC		16,944		338,379
Hammerson PLC REIT		6,021		43,379
Hargreaves Lansdown PLC		561		11,139
HSBC Holdings PLC		75,365		745,307
IMI PLC		2,014		33,587
Imperial Brands PLC		4,429		189,199
Inmarsat PLC		2,657		22,939
Intertek Group PLC		717		47,925
Intu Properties PLC REIT (b)		11,230		34,729
ITV PLC		21,268		49,849
Johnson Matthey PLC		2,286		104,892
Kingfisher PLC		8,193		32,812
Land Securities Group PLC REIT		4,554		59,423
Legal & General Group PLC		31,552		110,020
Liberty Global PLC Class A (c)		1,715		58,156
Liberty Global PLC Series C (c)		1,483		48,494
Lloyds Banking Group PLC		277,973		252,594
London Stock Exchange Group PLC		867		44,551
Marks & Spencer Group PLC		6,628		31,426
Meggitt PLC		5,804		40,570
Merlin Entertainments PLC (e)		3,755		22,444
Micro Focus International PLC ADR (c)		835		26,637
National Grid PLC		9,600		119,087
Next PLC		597		42,131
Old Mutual PLC		17,154		44,695
Pearson PLC		3,362		27,605
Pentair PLC		1,033		70,203
Persimmon PLC		1,477		51,165
Provident Financial PLC (b)		536		5,972
Prudential PLC		10,839		259,795
Randgold Resources, Ltd.		573		56,235
Reckitt Benckiser Group PLC		2,741		250,546
RELX NV		3,057		65,088
RELX PLC		5,448		119,653
Rolls-Royce Holdings PLC (c)		7,733		92,026
Royal Bank of Scotland Group PLC (c)		17,375		62,544
Royal Mail PLC		2,656		13,691
RSA Insurance Group PLC		2,894		24,189
Sage Group PLC		4,101		38,432
Schroders PLC		488		21,966
Segro PLC REIT		6,088		43,780
Severn Trent PLC		4,453		129,823
Sky PLC		5,410		66,414
Smith & Nephew PLC		3,575		64,655
Smiths Group PLC		2,622		55,476
Standard Chartered PLC (c)		12,814		127,495
Standard Life Aberdeen PLC		14,942		86,903
Taylor Wimpey PLC		13,813		36,231
TechnipFMC PLC (c) (d)		2,708		74,961
TechnipFMC PLC (c) (d)		3,149		87,920
Tesco PLC (c)		20,824		52,287
Travis Perkins PLC		1,602		31,122
Unilever NV		5,264		311,404
Unilever PLC		4,651		269,506
United Utilities Group PLC		15,282		175,199
Vodafone Group PLC		122,281		342,554
Weir Group PLC		1,337		35,248
Whitbread PLC		884		44,665
Worldpay Group PLC (e)		3,912		21,362
WPP PLC		5,536		102,869
				8,671,924
UNITED STATES — 51.2%
3M Co.		2,051		430,505
Abbott Laboratories		6,350		338,836
AbbVie, Inc.		5,530		491,396
Accenture PLC Class A		2,303		311,066
Activision Blizzard, Inc.		2,339		150,889
Acuity Brands, Inc.		140		23,979
Adobe Systems, Inc. (c)		1,815		270,762
Advance Auto Parts, Inc.		221		21,923
Advanced Micro Devices, Inc. (b) (c)		2,800		35,700
Aetna, Inc.		1,423		226,271
Affiliated Managers Group, Inc.		187		35,498
Aflac, Inc.		1,647		134,049
AGCO Corp.		392		28,918
Agilent Technologies, Inc.		1,031		66,190
AGNC Investment Corp. REIT		2,590		56,151
Akamai Technologies, Inc. (c)		544		26,504
Albemarle Corp. (b)		456		62,157
Alexandria Real Estate Equities, Inc. REIT		260		30,932
Alexion Pharmaceuticals, Inc. (c)		777		109,005
Align Technology, Inc. (c)		260		48,430
Alkermes PLC (c)		437		22,217
Alleghany Corp. (c)		29		16,066
Allergan PLC		1,244		254,958
Alliance Data Systems Corp.		170		37,664
Allstate Corp.		1,163		106,891
Ally Financial, Inc.		3,671		89,058
Alphabet, Inc. Class A (c)		957		931,850
Alphabet, Inc. Class C (c)		1,184		1,135,586
Altria Group, Inc.		7,667		486,241
Amazon.com, Inc. (c)		1,375		1,321,856
AMERCO		100		37,490
American Express Co.		3,062		276,989
American International Group, Inc.		4,675		286,998
American Tower Corp. REIT		1,456		199,006
American Water Works Co., Inc.		3,896		315,225
Ameriprise Financial, Inc.		688		102,175
AmerisourceBergen Corp.		800		66,200
AMETEK, Inc.		1,377		90,937
Amgen, Inc.		2,541		473,769
Amphenol Corp. Class A		362		30,640

See accompanying notes to financial statements.

129

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Analog Devices, Inc.		1,652	$	142,353
Annaly Capital Management, Inc. REIT		5,942		72,433
ANSYS, Inc. (c)		132		16,200
Anthem, Inc.		1,103		209,438
AO Smith Corp.		392		23,297
Aon PLC		666		97,303
Apple, Inc.		17,825		2,747,189
Applied Materials, Inc.		4,128		215,028
Arch Capital Group, Ltd. (c)		260		25,610
Arista Networks, Inc. (c)		171		32,423
Arrow Electronics, Inc. (c)		800		64,328
Assurant, Inc.		104		9,934
AT&T, Inc.		22,300		873,491
Atmos Energy Corp.		1,392		116,705
Autodesk, Inc. (c)		671		75,326
Automatic Data Processing, Inc.		1,687		184,423
AutoZone, Inc. (b) (c)		119		70,818
AvalonBay Communities, Inc. REIT		493		87,961
Avery Dennison Corp.		765		75,230
Avnet, Inc.		1,467		57,653
Axalta Coating Systems, Ltd. (c)		3,046		88,090
Axis Capital Holdings, Ltd.		270		15,474
Baker Hughes a GE Co.		2,324		85,105
Ball Corp.		1,614		66,658
Bank of America Corp.		36,990		937,327
Bank of New York Mellon Corp.		4,388		232,652
Baxter International, Inc.		1,593		99,961
BB&T Corp.		3,142		147,486
Becton Dickinson and Co.		893		174,983
Bed Bath & Beyond, Inc.		392		9,200
Berkshire Hathaway, Inc. Class B (c)		1,612		295,512
Best Buy Co., Inc.		891		50,751
Biogen, Inc. (c)		743		232,648
BioMarin Pharmaceutical, Inc. (c)		590		54,911
BlackRock, Inc.		590		263,783
Boeing Co.		2,232		567,397
BorgWarner, Inc.		683		34,990
Boston Properties, Inc. REIT		391		48,046
Boston Scientific Corp. (c)		5,044		147,134
Brighthouse Financial, Inc. (c)		399		24,259
Bristol-Myers Squibb Co.		5,804		369,947
Brixmor Property Group, Inc. REIT		545		10,246
Brown-Forman Corp. Class B		948		51,476
C.H. Robinson Worldwide, Inc. (b)		524		39,876
C.R. Bard, Inc.		155		49,678
CA, Inc.		1,373		45,831
Cadence Design Systems, Inc. (c)		524		20,682
Camden Property Trust REIT		260		23,777
Campbell Soup Co.		710		33,242
Capital One Financial Corp.		2,881		243,905
Cardinal Health, Inc.		1,283		85,858
CarMax, Inc. (b) (c)		611		46,320
Caterpillar, Inc.		2,384		297,309
CBRE Group, Inc. Class A (c)		1,292		48,941
CBS Corp. Class B		1,287		74,646
Celgene Corp. (c)		2,626		382,923
Centene Corp. (c)		689		66,675
CenturyLink, Inc. (b)		899		16,991
Cerner Corp. (c)		1,054		75,171
Charles Schwab Corp.		4,794		209,690
Charter Communications, Inc. Class A (c)		863		313,631
Cheniere Energy, Inc. (b) (c)		3,474		156,469
Chipotle Mexican Grill, Inc. (b) (c)		102		31,399
Chubb, Ltd.		1,813		258,443
Church & Dwight Co., Inc.		524		25,388
Cigna Corp.		994		185,818
Cincinnati Financial Corp.		455		34,839
Cintas Corp.		417		60,165
Cisco Systems, Inc.		19,167		644,586
CIT Group, Inc.		700		34,335
Citigroup, Inc.		10,898		792,721
Citizens Financial Group, Inc.		2,693		101,984
Citrix Systems, Inc. (c)		544		41,790
Clorox Co.		285		37,594
CME Group, Inc.		1,305		177,062
Coach, Inc.		997		40,159
Coca-Cola Co.		16,555		745,141
Cognizant Technology Solutions Corp. Class A		2,217		160,821
Colgate-Palmolive Co.		3,098		225,689
Colony NorthStar, Inc. Class A REIT		2,608		32,757
Comcast Corp. Class A		17,468		672,169
Comerica, Inc.		717		54,678
Concho Resources, Inc. (b) (c)		100		13,172
Consolidated Edison, Inc.		1,346		108,595
Constellation Brands, Inc. Class A		756		150,784
Cooper Cos., Inc.		170		40,309
Core Laboratories NV (b)		938		92,581
Corning, Inc.		2,948		88,204
CoStar Group, Inc. (c)		65		17,436
Costco Wholesale Corp.		1,873		307,715
Coty, Inc. Class A (b)		2,126		35,143
Crown Castle International Corp. REIT		1,253		125,275
CSX Corp.		2,734		148,347
Cummins, Inc.		705		118,461
CVS Health Corp.		4,388		356,832
D.R. Horton, Inc.		1,687		67,362
Danaher Corp.		2,452		210,333
DaVita, Inc. (c)		557		33,080
Deere & Co.		912		114,538
Dell Technologies, Inc. Class V (c)		848		65,474
DENTSPLY SIRONA, Inc.		861		51,496
DexCom, Inc. (c)		260		12,721
Diamondback Energy, Inc. (c)		2,174		212,965
Dick’s Sporting Goods, Inc.		260		7,023
Digital Realty Trust, Inc. REIT		656		77,625
Discover Financial Services		1,423		91,755
Discovery Communications, Inc. Class A (c)		463		9,857
Discovery Communications, Inc. Class C (c)		470		9,522
DISH Network Corp. Class A (c)		964		52,278
Dollar General Corp.		935		75,782
Dollar Tree, Inc. (c)		800		69,456
Domino’s Pizza, Inc.		260		51,623
Dover Corp.		901		82,342
Dr. Pepper Snapple Group, Inc.		582		51,490
Duke Realty Corp. REIT		916		26,399

See accompanying notes to financial statements.

130

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
DXC Technology Co.		1,114	$	95,670
E*TRADE Financial Corp. (c)		1,135		49,497
East West Bancorp, Inc.		500		29,890
Eaton Corp. PLC		2,234		171,549
eBay, Inc. (c)		3,624		139,379
Ecolab, Inc.		2,817		362,294
Edison International		2,096		161,748
Edwards Lifesciences Corp. (c)		778		85,043
Electronic Arts, Inc. (c)		952		112,393
Eli Lilly & Co.		3,362		287,586
Emerson Electric Co.		2,838		178,340
Envision Healthcare Corp. (c)		483		21,711
Equifax, Inc.		611		64,760
Equinix, Inc. REIT		192		85,690
Equity Residential REIT		1,241		81,819
Essex Property Trust, Inc. REIT		190		48,266
Estee Lauder Cos., Inc. Class A		1,054		113,663
Everest Re Group, Ltd.		131		29,919
Eversource Energy		3,919		236,864
Expedia, Inc.		469		67,508
Expeditors International of Washington, Inc.		1,923		115,111
Express Scripts Holding Co. (c)		2,543		161,023
Extra Space Storage, Inc. REIT		524		41,878
F5 Networks, Inc. (c)		221		26,644
Facebook, Inc. Class A (c)		8,065		1,378,067
Fastenal Co. (b)		1,423		64,860
Federal Realty Investment Trust REIT		132		16,396
Fidelity National Information Services, Inc.		1,151		107,492
Fifth Third Bancorp		3,362		94,069
First Data Corp. Class A (c)		1,221		22,027
First Republic Bank		231		24,130
Fiserv, Inc. (c)		505		65,125
FleetCor Technologies, Inc. (c)		334		51,693
FLIR Systems, Inc.		392		15,253
Flowserve Corp.		799		34,029
Fluor Corp.		1,031		43,405
FMC Corp.		800		71,448
FNF Group		425		20,171
Foot Locker, Inc.		459		16,166
Ford Motor Co.		11,210		134,184
Fortinet, Inc. (c)		524		18,780
Fortive Corp.		1,224		86,647
Fortune Brands Home & Security, Inc.		354		23,799
Franklin Resources, Inc.		1,687		75,088
Freeport-McMoRan, Inc. (c)		2,664		37,403
Gap, Inc.		867		25,603
Garmin, Ltd. (b)		459		24,772
General Dynamics Corp.		1,149		236,211
General Electric Co.		33,200		802,776
General Mills, Inc.		2,611		135,145
General Motors Co.		3,070		123,967
Genuine Parts Co.		392		37,495
GGP, Inc. REIT (b)		1,687		35,039
Gilead Sciences, Inc.		4,652		376,905
Global Payments, Inc.		524		49,796
Goldman Sachs Group, Inc.		1,555		368,830
H&R Block, Inc.		243		6,435
Halliburton Co.		4,772		219,655
Hanesbrands, Inc. (b)		1,224		30,159
Harley-Davidson, Inc. (b)		765		36,881
Harris Corp.		425		55,964
Hartford Financial Services Group, Inc.		1,876		103,987
Hasbro, Inc.		425		41,510
HCA Healthcare, Inc. (c)		499		39,715
HCP, Inc. REIT		1,687		46,949
HD Supply Holdings, Inc. (c)		776		27,990
Helmerich & Payne, Inc. (b)		1,438		74,934
Henry Schein, Inc. (c)		32		2,624
Hershey Co.		548		59,825
Hewlett Packard Enterprise Co.		6,086		89,525
Hologic, Inc. (c)		712		26,123
Home Depot, Inc.		4,346		710,832
Honeywell International, Inc.		2,553		361,862
Hormel Foods Corp. (b)		916		29,440
Host Hotels & Resorts, Inc. REIT		3,127		57,818
HP, Inc.		5,350		106,786
Humana, Inc.		596		145,204
Huntington Bancshares, Inc.		3,651		50,968
Huntington Ingalls Industries, Inc.		183		41,439
IDEX Corp.		500		60,735
IDEXX Laboratories, Inc. (c)		260		40,427
IHS Markit, Ltd. (c)		2,119		93,406
Illinois Tool Works, Inc.		1,609		238,068
Illumina, Inc. (c)		459		91,433
Incyte Corp. (c)		621		72,496
Ingersoll-Rand PLC		1,173		104,596
Intel Corp.		17,795		677,634
Intercontinental Exchange, Inc.		1,959		134,583
International Business Machines Corp.		3,230		468,608
International Flavors & Fragrances, Inc.		732		104,610
Interpublic Group of Cos., Inc.		1,031		21,435
Intuit, Inc.		867		123,235
Intuitive Surgical, Inc. (c)		140		146,423
Invesco, Ltd.		2,211		77,473
Iron Mountain, Inc. REIT		744		28,942
J.M. Smucker Co.		611		64,112
Jacobs Engineering Group, Inc.		1,399		81,520
Jazz Pharmaceuticals PLC (c)		204		29,835
Johnson & Johnson		9,560		1,242,896
Johnson Controls International PLC		4,362		175,745
Jones Lang LaSalle, Inc.		260		32,110
JPMorgan Chase & Co.		13,097		1,250,895
Juniper Networks, Inc.		1,687		46,949
Kellogg Co. (b)		433		27,006
KeyCorp.		4,146		78,028
Kimberly-Clark Corp.		203		23,889
Kimco Realty Corp. REIT		2,687		52,531
Kinder Morgan, Inc.		13,799		264,665
KLA-Tencor Corp.		560		59,360
Kohl’s Corp. (b)		561		25,610
Kraft Heinz Co.		2,755		213,650
L Brands, Inc. (b)		1,028		42,775
L3 Technologies, Inc.		293		55,210
Laboratory Corp. of America Holdings (c)		285		43,026
Lam Research Corp.		683		126,382
Las Vegas Sands Corp.		1,687		108,238

See accompanying notes to financial statements.

131

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Leidos Holdings, Inc.		525	$	31,091
Lennar Corp. Class A		981		51,797
Level 3 Communications, Inc. (c)		1,031		54,942
Liberty Broadband Corp. Class C (c)		631		60,134
Liberty Interactive Corp. QVC Group Class A (c)		1,687		39,763
Liberty Media Corp.-Liberty SiriusXM Class A (c)		793		33,227
Liberty Media Corp.-Liberty SiriusXM Class C (c)		875		36,636
Lincoln National Corp.		1,291		94,863
LKQ Corp. (c)		1,259		45,311
Lockheed Martin Corp.		1,046		324,563
Lowe’s Cos., Inc.		2,966		237,102
lululemon athletica, Inc. (c)		392		24,402
M&T Bank Corp.		438		70,536
Macerich Co. REIT		285		15,666
Macquarie Infrastructure Corp.		656		47,350
Mallinckrodt PLC (c)		391		14,612
ManpowerGroup, Inc.		505		59,499
Markel Corp. (c)		28		29,903
Marriott International, Inc. Class A		656		72,331
Marsh & McLennan Cos., Inc.		1,212		101,578
Masco Corp.		1,687		65,810
Mastercard, Inc. Class A		3,514		496,177
Mattel, Inc. (b)		1,291		19,985
Maxim Integrated Products, Inc.		250		11,928
McCormick & Co., Inc.		539		55,323
McDonald’s Corp.		3,097		485,238
McKesson Corp.		884		135,791
MEDNAX, Inc. (c)		260		11,211
Medtronic PLC		5,547		431,390
Merck & Co., Inc.		9,952		637,227
MetLife, Inc.		4,396		228,372
MGM Resorts International		1,560		50,840
Michael Kors Holdings, Ltd. (c)		734		35,122
Microchip Technology, Inc. (b)		524		47,045
Micron Technology, Inc. (c)		3,362		132,227
Microsoft Corp.		25,699		1,914,319
Mid-America Apartment Communities, Inc. REIT		360		38,477
Middleby Corp. (c)		260		33,324
Molson Coors Brewing Co. Class B		1,142		93,233
Mondelez International, Inc. Class A		6,063		246,522
Monsanto Co.		1,917		229,695
Monster Beverage Corp. (c)		1,524		84,201
Moody’s Corp.		608		84,640
Morgan Stanley		6,360		306,361
Motorola Solutions, Inc.		491		41,671
Mylan NV (c)		1,687		52,921
Nasdaq, Inc.		351		27,227
National Oilwell Varco, Inc.		3,308		118,195
National Retail Properties, Inc. REIT		656		27,329
Navient Corp.		1,544		23,191
NetApp, Inc.		1,031		45,117
Netflix, Inc. (c)		1,573		285,264
New York Community Bancorp, Inc.		1,440		18,562
Newell Brands, Inc.		1,704		72,710
News Corp. Class A		2,690		35,669
Nielsen Holdings PLC		2,272		94,174
NIKE, Inc. Class B		4,912		254,687
Nordstrom, Inc.		392		18,483
Norfolk Southern Corp.		500		66,120
Northern Trust Corp.		850		78,141
Northrop Grumman Corp.		694		199,678
Nuance Communications, Inc. (c)		899		14,132
NVIDIA Corp.		1,942		347,171
NVR, Inc. (c)		10		28,550
O’Reilly Automotive, Inc. (c)		357		76,887
Omnicom Group, Inc.		743		55,034
ONEOK, Inc.		2,883		159,747
Oracle Corp.		11,889		574,833
PACCAR, Inc.		1,687		122,038
Palo Alto Networks, Inc. (c)		337		48,562
Parker-Hannifin Corp.		555		97,136
Parsley Energy, Inc. Class A (c)		6,604		173,949
Paychex, Inc.		1,131		67,815
PayPal Holdings, Inc. (c)		4,127		264,252
People’s United Financial, Inc.		1,000		18,140
PepsiCo, Inc.		5,429		604,954
Perrigo Co. PLC (b)		493		41,732
Pfizer, Inc.		22,015		785,936
PG&E Corp.		1,856		126,375
Philip Morris International, Inc.		5,887		653,516
Phillips 66		2,281		208,962
Pioneer Natural Resources Co.		1,333		196,671
PNC Financial Services Group, Inc.		1,873		252,424
Polaris Industries, Inc. (b)		187		19,566
PPG Industries, Inc.		1,606		174,508
Priceline Group, Inc. (c)		187		342,363
Principal Financial Group, Inc.		1,189		76,500
Procter & Gamble Co.		9,284		844,658
Progressive Corp.		1,087		52,633
Prologis, Inc. REIT		2,268		143,927
Prudential Financial, Inc.		2,282		242,622
Public Storage REIT		561		120,048
PulteGroup, Inc.		1,687		46,106
PVH Corp.		340		42,860
Qorvo, Inc. (c)		504		35,623
QUALCOMM, Inc.		5,529		286,623
Quest Diagnostics, Inc.		510		47,756
Quintiles IMS Holdings, Inc. (c)		434		41,260
Ralph Lauren Corp.		289		25,516
Raymond James Financial, Inc.		459		38,707
Raytheon Co.		1,270		236,957
Realty Income Corp. REIT (b)		1,037		59,306
Red Hat, Inc. (c)		476		52,769
Regency Centers Corp. REIT		200		12,408
Regeneron Pharmaceuticals, Inc. (c)		255		114,016
Regions Financial Corp.		5,810		88,486
Reinsurance Group of America, Inc.		260		36,278
ResMed, Inc.		425		32,708
Robert Half International, Inc.		961		48,377
Rockwell Automation, Inc.		705		125,638
Rockwell Collins, Inc.		858		112,149
Rollins, Inc.		600		27,684
Roper Technologies, Inc.		561		136,547
Ross Stores, Inc.		1,439		92,916

See accompanying notes to financial statements.

132

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Royal Caribbean Cruises, Ltd.		85	$	10,076
S&P Global, Inc.		833		130,206
Sabre Corp.		470		8,507
salesforce.com, Inc. (c)		2,386		222,900
SBA Communications Corp. REIT (c)		335		48,257
Schlumberger, Ltd.		7,423		517,829
Scripps Networks Interactive, Inc. Class A		392		33,669
Seagate Technology PLC		952		31,578
Sealed Air Corp.		1,118		47,761
Seattle Genetics, Inc. (b) (c)		260		14,147
Sensata Technologies Holding NV (c)		734		35,283
ServiceNow, Inc. (c)		612		71,928
Sherwin-Williams Co.		630		225,565
Shire PLC		3,229		164,103
Signature Bank (c)		132		16,901
Signet Jewelers, Ltd. (b)		255		16,970
Simon Property Group, Inc. REIT		1,220		196,432
Sirius XM Holdings, Inc. (b)		8,426		46,512
Skyworks Solutions, Inc.		645		65,726
SL Green Realty Corp. REIT		387		39,211
Snap-on, Inc. (b)		340		50,663
Splunk, Inc. (c)		471		31,289
Sprint Corp. (b) (c)		5,133		39,935
SS&C Technologies Holdings, Inc.		500		20,075
Stanley Black & Decker, Inc.		773		116,700
Starbucks Corp.		5,396		289,819
State Street Corp. (h)		1,555		148,565
Stryker Corp.		1,323		187,892
SunTrust Banks, Inc.		2,211		132,152
SVB Financial Group (c)		100		18,709
Symantec Corp.		2,182		71,591
Synchrony Financial		3,084		95,758
Synopsys, Inc. (c)		356		28,669
Sysco Corp.		2,169		117,018
T Rowe Price Group, Inc.		828		75,058
T-Mobile US, Inc. (c)		738		45,505
Targa Resources Corp.		1,955		92,472
Target Corp.		1,687		99,550
TD Ameritrade Holding Corp.		1,019		49,727
Teleflex, Inc.		132		31,940
Tesla, Inc. (c)		453		154,518
Texas Instruments, Inc.		3,362		301,370
Textron, Inc.		1,019		54,904
Thermo Fisher Scientific, Inc.		1,423		269,232
Thomson Reuters Corp.		90		4,120
Tiffany & Co.		544		49,928
Time Warner, Inc.		2,838		290,753
TJX Cos., Inc.		2,375		175,109
Toll Brothers, Inc.		1,010		41,885
Total System Services, Inc.		569		37,270
Tractor Supply Co.		425		26,898
TransDigm Group, Inc. (b)		219		55,987
Travelers Cos., Inc.		1,130		138,448
Trimble, Inc. (c)		899		35,286
TripAdvisor, Inc. (b) (c)		391		15,847
Twenty-First Century Fox, Inc. Class A		3,185		84,020
Twenty-First Century Fox, Inc. Class B		2,639		68,060
Twitter, Inc. (c)		2,397		40,437
UDR, Inc. REIT		348		13,234
Ulta Salon Cosmetics & Fragrance, Inc. (c)		172		38,882
Under Armour, Inc. Class A (b) (c)		902		14,865
Under Armour, Inc. Class C (b) (c)		512		7,690
Union Pacific Corp.		2,402		278,560
United Parcel Service, Inc. Class B		1,241		149,032
United Rentals, Inc. (c)		459		63,682
United Technologies Corp.		3,252		377,492
United Therapeutics Corp. (c)		132		15,469
UnitedHealth Group, Inc.		3,520		689,392
Universal Health Services, Inc. Class B		285		31,618
Unum Group		1,163		59,464
US Bancorp.		5,810		311,358
Vail Resorts, Inc.		100		22,812
Valero Energy Corp.		434		33,388
Vantiv, Inc. Class A (c)		470		33,121
Varian Medical Systems, Inc. (c)		225		22,514
Veeva Systems, Inc. Class A (c)		374		21,097
Ventas, Inc. REIT		1,314		85,581
VEREIT, Inc. REIT		7,431		61,603
Verisk Analytics, Inc. (c)		827		68,798
Verizon Communications, Inc.		14,549		720,030
Vertex Pharmaceuticals, Inc. (c)		866		131,667
VF Corp. (b)		1,541		97,961
Viacom, Inc. Class B		1,291		35,941
Visa, Inc. Class A		6,888		724,893
VMware, Inc. Class A (b) (c)		306		33,412
Vornado Realty Trust REIT		388		29,829
Voya Financial, Inc.		1,528		60,952
Vulcan Materials Co.		500		59,800
W.W. Grainger, Inc. (b)		323		58,059
WABCO Holdings, Inc. (c)		260		38,480
Wabtec Corp. (b)		429		32,497
Wal-Mart Stores, Inc.		5,345		417,658
Walgreens Boots Alliance, Inc.		3,552		274,285
Walt Disney Co.		5,671		558,991
Waters Corp. (c)		157		28,185
Weatherford International PLC (b) (c)		7,507		34,382
Wells Fargo & Co.		17,086		942,293
Welltower, Inc. REIT		1,545		108,583
Western Digital Corp.		1,097		94,781
Western Union Co.		1,687		32,390
WestRock Co.		638		36,194
Weyerhaeuser Co. REIT		640		21,779
Whirlpool Corp.		204		37,626
Williams Cos., Inc.		1,530		45,915
Willis Towers Watson PLC		418		64,468
Workday, Inc. Class A (c)		456		48,058
Wyndham Worldwide Corp.		208		21,925
Wynn Resorts, Ltd.		289		43,038
Xerox Corp.		1,261		41,979
Xilinx, Inc. (b)		1,031		73,026
Xylem, Inc.		918		57,494
Yum China Holdings, Inc. (c)		910		36,373
Zayo Group Holdings, Inc. (c)		600		20,652
Zillow Group, Inc. Class C (b) (c)		564		22,678
Zimmer Biomet Holdings, Inc.		782		91,564
Zions Bancorp		700		33,026

See accompanying notes to financial statements.

133

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Zoetis, Inc		1,398	$	89,136
				74,917,067
TOTAL COMMON STOCKS (Cost $124,264,259)				145,502,952
SHORT-TERM INVESTMENTS — 0.4%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (i) (j)		215,632		215,632
State Street Navigator Securities Lending Government Money Market Portfolio (i) (k)		378,038		378,038
TOTAL SHORT-TERM INVESTMENTS (Cost $593,670)				593,670
TOTAL INVESTMENTS — 99.9% (Cost $124,857,929)				146,096,622
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				136,898
NET ASSETS — 100.0%			$	146,233,520

(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 September 30, 2017.

(c) Non-income producing security.

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

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.4% of net assets as of September 30, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2017, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s 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 September 30, 2017, total aggregate fair value of securities is $271,958 representing 0.2% of net assets.

(h) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended September 30, 2017 are shown in the Affiliate Table below.

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended September 30, 2017 are shown in the Affiliate Table below.

(j) The rate shown is the annualized seven-day yield at September 30, 2017.

(k) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Argentina	$	34,179	$	—	$	—		$	34,179
Australia		3,223,351		—		—			3,223,351
Austria		103,771		—		—			103,771
Belgium		549,841		—		—			549,841
Bermuda		34,332		—		—			34,332
Brazil		1,290,506		—		—			1,290,506
Canada		5,261,115		—		—			5,261,115
Chile		447,787		—		—			447,787
China		4,800,257		—		—			4,800,257
Colombia		248,262		—		—			248,262
Czech Republic		20,828		—		—			20,828
Denmark		828,174		—		—			828,174
Finland		524,898		—		—			524,898
France		5,197,141		—		—			5,197,141
Germany		4,521,247		—		—			4,521,247
Greece		33,159		—		—			33,159
Hong Kong		1,640,209		—		0	(a)		1,640,209
India		1,311,783		—		—			1,311,783
Indonesia		397,869		—		—			397,869
Ireland		200,318		—		—			200,318

See accompanying notes to financial statements.

134

SPDR MSCI ACWI Low Carbon Target ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Israel	$	204,427	$	—	$	—	$	204,427
Italy.		1,081,989		—		—		1,081,989
Japan		11,280,414		—		—		11,280,414
Jordan		11,373		—		—		11,373
Luxembourg		75,235		—		—		75,235
Macau		16,298		—		—		16,298
Malaysia		404,835		—		—		404,835
Mexico		532,729		—		—		532,729
Netherlands		1,557,213		—		—		1,557,213
New Zealand		147,219		—		—		147,219
Norway		365,490		—		—		365,490
Peru.		229,321		—		—		229,321
Philippines		83,199		—		—		83,199
Poland		198,591		—		—		198,591
Portugal		20,027		—		—		20,027
Qatar		121,963		—		—		121,963
Romania		19,326		—		—		19,326
Russia		481,608		—		—		481,608
Singapore		983,045		—		—		983,045
South Africa		1,085,060		—		—		1,085,060
South Korea		2,333,690		—		—		2,333,690
Spain		1,822,708		—		—		1,822,708
Sweden		1,573,495		—		—		1,573,495
Switzerland		4,160,841		—		—		4,160,841
Taiwan		1,871,504		—		—		1,871,504
Thailand		50,409		271,958		—		322,367
Turkey		172,123		—		—		172,123
United Arab Emirates		88,844		—		—		88,844
United Kingdom		8,671,924		—		—		8,671,924
United States		74,917,067		—		—		74,917,067
Short-Term Investments		593,670		—		—		593,670
TOTAL INVESTMENTS	$	145,824,664	$	271,958	$	0	$	146,096,622

(a) Fund held a Level 3 security that was valued at $0 at September 30, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Corp.		1,287	$	89,614	$	29,525	$	7,880	$	(93	)	$	37,399		1,555	$	148,565	$	2,426
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, Class G Shares		—		—		3,845,044		3,629,412		—			—		215,632		215,632		854
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		2,509,473		2,509,473		—			—		—		—		490
State Street Navigator Securities Lending Government Money Market Portfolio*		—		—		5,103,876		4,725,838		—			—		378,038		378,038		3,078
TOTAL			$	331,404	$	11,533,063	$	11,159,538	$	(93	)	$	37,399			$	742,235	$	6,858

* 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.

135

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 6.2%
Alumina, Ltd. (a)		8,622	$	14,884
Amcor, Ltd.		4,074		48,621
AMP, Ltd.		10,427		39,517
APA Group		3,920		25,683
Aristocrat Leisure, Ltd.		1,900		31,308
ASX, Ltd.		676		27,810
Aurizon Holdings, Ltd.		7,225		27,779
Australia & New Zealand Banking Group, Ltd.		10,271		238,550
Bank of Queensland, Ltd.		1,384		14,096
Bendigo & Adelaide Bank, Ltd.		1,722		15,687
BlueScope Steel, Ltd.		2,193		18,876
Boral, Ltd.		3,813		20,255
Brambles, Ltd.		5,597		39,525
Caltex Australia, Ltd.		925		23,298
Challenger, Ltd.		2,004		19,577
CIMIC Group, Ltd.		351		12,176
Coca-Cola Amatil, Ltd.		2,004		12,155
Cochlear, Ltd.		208		25,984
Commonwealth Bank of Australia		5,850		345,413
Computershare, Ltd.		1,640		18,620
Crown Resorts, Ltd.		1,279		11,350
CSL, Ltd.		1,601		168,284
Dexus REIT		3,411		25,426
Domino’s Pizza Enterprises, Ltd. (a)		221		7,946
Flight Centre Travel Group, Ltd. (a)		275		9,712
Fortescue Metals Group, Ltd.		5,493		22,154
Goodman Group REIT		6,267		40,519
GPT Group REIT		6,345		24,694
Healthscope, Ltd.		6,111		8,008
Incitec Pivot, Ltd.		5,948		16,802
Insurance Australia Group, Ltd.		8,557		42,770
LendLease Group		1,939		27,264
Macquarie Group, Ltd.		1,094		78,046
Medibank Pvt, Ltd.		9,697		22,218
Mirvac Group REIT		13,056		23,460
National Australia Bank, Ltd.		9,322		230,407
Newcrest Mining, Ltd.		2,707		44,647
Orica, Ltd.		1,318		20,446
QBE Insurance Group, Ltd.		4,843		38,039
Ramsay Health Care, Ltd.		494		24,141
REA Group, Ltd.		182		9,568
Scentre Group REIT		18,764		57,862
SEEK, Ltd.		1,159		15,105
Sonic Healthcare, Ltd.		1,399		22,953
Stockland REIT		8,714		29,401
Suncorp Group, Ltd.		4,529		46,376
Sydney Airport		3,855		21,506
Tabcorp Holdings, Ltd.		2,930		9,817
Tatts Group, Ltd.		5,168		16,139
Telstra Corp., Ltd.		15,073		41,276
Transurban Group Stapled Security		7,173		66,864
Treasury Wine Estates, Ltd.		2,603		27,961
Vicinity Centres REIT		11,862		24,758
Wesfarmers, Ltd.		3,972		128,810
Westfield Corp. REIT		6,952		42,766
Westpac Banking Corp.		11,601		290,559
Woolworths, Ltd.		4,563		90,261
				2,848,129
AUSTRIA — 0.2%
ANDRITZ AG		260		15,032
Erste Group Bank AG (b)		1,068		46,141
Raiffeisen Bank International AG (b)		416		13,945
Voestalpine AG		403		20,556
				95,674
BELGIUM — 1.3%
Ageas		702		32,997
Anheuser-Busch InBev SA		2,635		315,559
Colruyt SA (a)		234		11,988
Groupe Bruxelles Lambert SA		286		30,092
KBC Group NV		897		76,033
Proximus SADP		533		18,371
Solvay SA		260		38,852
Telenet Group Holding NV (b)		182		12,044
UCB SA		442		31,472
Umicore SA		338		27,967
				595,375
CHILE — 0.0% (c)
Antofagasta PLC		1,380		17,571
CHINA — 0.0% (c)
Yangzijiang Shipbuilding Holdings, Ltd.		9,100		9,583
DENMARK — 2.0%
AP Moeller - Maersk A/S Class A		8		14,704
AP Moeller - Maersk A/S Class B		26		49,399
Carlsberg A/S Class B		377		41,265
Chr Hansen Holding A/S		351		30,111
Coloplast A/S Class B		416		33,770
Danske Bank A/S		2,434		97,363
DONG Energy A/S (d)		703		40,249
DSV A/S		663		50,166
Genmab A/S (b)		195		43,059
H Lundbeck A/S		194		11,197
ISS A/S		585		23,531
Novo Nordisk A/S Class B		6,478		309,760
Novozymes A/S Class B		819		42,038
Pandora A/S (a)		390		38,506
TDC A/S		2,616		15,331
Vestas Wind Systems A/S		793		71,177
William Demant Holding A/S (b)		416		10,983
				922,609
FINLAND — 1.1%
Elisa Oyj		494		21,270
Fortum Oyj		1,562		31,189
Kone Oyj Class B		1,198		63,449
Metso Oyj		403		14,788
Neste Oyj		455		19,875
Nokia Oyj		20,567		123,517
Nokian Renkaat Oyj		403		17,928
Orion Oyj Class B		364		16,894
Sampo Oyj Class A		1,575		83,267
Stora Enso Oyj Class R		1,939		27,393
UPM-Kymmene Oyj		1,874		50,800

See accompanying notes to financial statements.

136

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Wartsila Oyj Abp		520	$	36,823
				507,193
FRANCE — 10.1%
Accor SA		615		30,562
Aeroports de Paris		104		16,819
Air Liquide SA		1,367		182,373
Airbus SE		1,991		189,266
Alstom SA		533		22,643
Arkema SA		234		28,701
Atos SE		312		48,411
AXA SA		6,678		202,026
BNP Paribas SA		3,884		313,381
Bollore SA		3,091		15,453
Bouygues SA		741		35,172
Bureau Veritas SA		951		24,548
Capgemini SE		572		67,054
Carrefour SA		2,006		40,541
Casino Guichard Perrachon SA		195		11,568
Cie de Saint-Gobain		1,744		103,954
Cie Generale des Etablissements Michelin		559		81,615
CNP Assurances		598		14,019
Credit Agricole SA		3,727		67,765
Danone SA		2,001		157,004
Dassault Aviation SA		8		12,942
Dassault Systemes SE		457		46,241
Edenred		752		20,447
Eiffage SA		208		21,541
Essilor International SA		729		90,276
Eurazeo SA		151		13,501
Eutelsat Communications SA		611		18,101
Fonciere Des Regions		119		12,365
Gecina SA REIT		158		25,627
Groupe Eurotunnel SE		1,637		19,740
Hermes International		99		49,922
ICADE REIT		130		11,599
Iliad SA		91		24,189
Imerys SA		130		11,749
Ingenico Group SA		198		18,773
Ipsen SA		131		17,415
JCDecaux SA		260		9,738
Kering		260		103,600
Klepierre SA REIT		780		30,623
L’Oreal SA		892		189,708
Lagardere SCA		416		13,930
Legrand SA		951		68,670
LVMH Moet Hennessy Louis Vuitton SE		957		264,117
Natixis SA		3,307		26,468
Orange SA		7,004		114,763
Pernod Ricard SA		754		104,336
Peugeot SA		1,705		40,615
Publicis Groupe SA		684		47,782
Remy Cointreau SA		78		9,240
Renault SA		596		58,559
Rexel SA		1,081		18,709
Safran SA		1,107		113,124
Sanofi		3,880		385,348
Schneider Electric SE (b)		1,965		171,044
SCOR SE		572		23,989
SEB SA		75		13,761
Societe BIC SA		104		12,467
Societe Generale SA		2,620		153,428
Sodexo SA		338		42,156
Suez Environment Co.		1,255		22,915
Thales SA		377		42,688
Unibail-Rodamco SE REIT		351		85,376
Valeo SA		845		62,715
Veolia Environnement SA		1,588		36,702
Vinci SA		1,770		168,236
Vivendi SA		3,465		87,743
Wendel SA		104		16,850
Zodiac Aerospace		734		21,229
				4,627,932
GERMANY — 10.4%
adidas AG		663		150,019
Allianz SE		1,601		359,519
Axel Springer SE		156		10,027
BASF SE		3,228		343,605
Bayer AG		2,832		386,023
Bayerische Motoren Werke AG		1,172		118,921
Bayerische Motoren Werke AG Preference Shares		195		17,377
Beiersdorf AG		351		37,773
Brenntag AG		546		30,412
Commerzbank AG (b)		3,753		51,068
Continental AG		390		99,012
Covestro AG (d)		384		33,026
Daimler AG		3,252		259,389
Deutsche Bank AG		6,862		118,682
Deutsche Boerse AG		676		73,292
Deutsche Lufthansa AG		832		23,124
Deutsche Post AG		3,424		152,462
Deutsche Telekom AG		11,357		211,933
Deutsche Wohnen SE		1,198		50,873
Evonik Industries AG		572		20,435
Fraport AG Frankfurt Airport Services Worldwide		143		13,582
Fresenius Medical Care AG & Co. KGaA		780		76,324
Fresenius SE & Co. KGaA		1,432		115,541
Fuchs Petrolub SE Preference Shares		247		14,626
GEA Group AG		637		28,985
Hannover Rueck SE		208		25,069
HeidelbergCement AG		494		50,791
Henkel AG & Co. KGaA		364		44,302
Henkel AG & Co. KGaA Preference Shares		624		84,945
HOCHTIEF AG		78		13,163
HUGO BOSS AG		234		20,634
Infineon Technologies AG		3,985		100,204
Innogy SE (d)		590		26,264
KION Group AG		158		15,124
KS AG (a)		676		18,421
Lanxess AG		325		25,650
Linde AG		650		135,589
MAN SE		130		14,676
Merck KGaA		455		50,627
METRO AG (b)		624		13,194
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		495		105,861

See accompanying notes to financial statements.

137

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
OSRAM Licht AG		312	$	24,901
Porsche Automobil Holding SE Preference Shares		533		34,089
ProSiebenSat.1 Media SE		780		26,589
RWE AG (b)		1,718		39,036
SAP SE		3,460		379,140
Schaeffler AG Preference Shares		585		9,440
Siemens AG		2,609		367,656
Symrise AG		429		32,595
Telefonica Deutschland Holding AG		2,629		14,757
ThyssenKrupp AG		1,292		38,300
TUI AG		1,457		24,748
United Internet AG		429		26,712
Volkswagen AG		75		12,701
Volkswagen AG Preference Shares		650		106,043
Vonovia SE		1,693		72,053
Zalando SE (b) (d)		299		14,988
				4,764,292
HONG KONG — 3.5%
AIA Group, Ltd.		41,600		306,779
ASM Pacific Technology, Ltd.		900		12,963
Bank of East Asia, Ltd.		5,236		22,625
BOC Hong Kong Holdings, Ltd.		13,000		63,163
CK Asset Holdings, Ltd.		8,500		70,355
CK Hutchison Holdings, Ltd.		8,500		108,662
CK Infrastructure Holdings, Ltd.		2,000		17,207
CLP Holdings, Ltd.		6,500		66,617
Galaxy Entertainment Group, Ltd.		9,000		63,375
Hang Lung Group, Ltd.		3,000		10,774
Hang Lung Properties, Ltd.		9,000		21,363
Hang Seng Bank, Ltd.		2,600		63,380
Henderson Land Development Co., Ltd.		3,000		19,877
HKT Trust & HKT, Ltd.		13,000		15,795
Hong Kong Exchanges & Clearing, Ltd.		3,976		106,900
Hongkong Land Holdings, Ltd.		3,900		28,080
Hysan Development Co., Ltd.		2,000		9,410
I-CABLE Communications, Ltd. (b)		2,511		82
Jardine Matheson Holdings, Ltd.		800		50,688
Jardine Strategic Holdings, Ltd.		800		34,560
Kerry Properties, Ltd.		2,500		10,354
Li & Fung, Ltd.		26,000		13,049
Link REIT		6,500		52,678
Melco Resorts & Entertainment, Ltd. ADR		663		15,992
MTR Corp., Ltd.		6,500		37,948
New World Development Co., Ltd.		27,045		38,850
NWS Holdings, Ltd.		9,530		18,570
Power Assets Holdings, Ltd.		5,000		43,306
Sands China, Ltd.		8,000		41,635
Shangri-La Asia, Ltd.		2,000		3,708
Sino Land Co., Ltd.		14,196		24,936
SJM Holdings, Ltd.		13,000		11,900
Sun Hung Kai Properties, Ltd.		4,000		64,988
Swire Pacific, Ltd. Class A		1,000		9,705
Swire Properties, Ltd.		5,200		17,642
Techtronic Industries Co., Ltd.		4,500		24,025
WH Group, Ltd. (d)		30,000		31,879
Wharf Holdings, Ltd.		4,000		35,643
Wheelock & Co., Ltd.		2,000		14,070
Yue Yuen Industrial Holdings, Ltd.		4,500		17,111
				1,620,644
IRELAND — 0.7%
Bank of Ireland Group PLC (b)		3,232		26,479
CRH PLC		2,930		111,796
Experian PLC		3,385		68,077
James Hardie Industries PLC		1,562		21,718
Kerry Group PLC Class A		559		53,720
Paddy Power Betfair PLC		286		28,543
Ryanair Holdings PLC ADR (b)		117		12,334
				322,667
ISRAEL — 0.5%
Azrieli Group, Ltd.		156		8,664
Bank Hapoalim BM		3,753		26,273
Bank Leumi Le-Israel BM		5,103		27,085
Bezeq The Israeli Telecommunication Corp., Ltd.		7,303		10,442
Check Point Software Technologies, Ltd. (b)		455		51,879
Elbit Systems, Ltd.		80		11,760
Frutarom Industries, Ltd.		141		10,853
Israel Chemicals, Ltd.		1,796		7,972
Mizrahi Tefahot Bank, Ltd.		494		8,856
Nice, Ltd.		208		16,593
Teva Pharmaceutical Industries, Ltd.		3,216		56,225
				236,602
ITALY — 1.6%
Assicurazioni Generali SpA		4,113		76,631
Atlantia SpA		1,445		45,628
Ferrari NV		429		47,420
Intesa Sanpaolo SpA (e)		43,269		153,048
Intesa Sanpaolo SpA (e)		3,281		10,861
Leonardo SpA		1,419		26,589
Luxottica Group SpA		598		33,432
Mediobanca SpA		1,991		21,372
Poste Italiane SpA (a) (d)		1,835		13,515
Prysmian SpA		702		23,719
Recordati SpA		365		16,829
Snam SpA		8,635		41,609
Telecom Italia SpA/Milano (b) (e)		35,675		33,424
Telecom Italia SpA/Milano Savings Shares (e)		21,236		15,967
Terna Rete Elettrica Nazionale SpA		5,311		31,029
UniCredit SpA (b)		6,824		145,373
UnipolSai Assicurazioni SpA		3,985		9,309
				745,755
JAPAN — 24.6%
Aeon Co., Ltd. (a)		2,600		38,400
AEON Financial Service Co., Ltd.		500		10,443
Air Water, Inc.		800		14,754
Aisin Seiki Co., Ltd.		700		36,876
Ajinomoto Co., Inc.		2,100		40,968
Alfresa Holdings Corp.		800		14,633
Alps Electric Co., Ltd.		500		13,188
Amada Holdings Co., Ltd.		1,300		14,263
ANA Holdings, Inc.		300		11,351
Aozora Bank, Ltd.		300		11,407

See accompanying notes to financial statements.

138

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Asahi Glass Co., Ltd.		500	$	18,545
Asahi Group Holdings, Ltd.		1,300		52,617
Asahi Kasei Corp.		4,000		49,216
Asics Corp.		500		7,445
Astellas Pharma, Inc.		7,800		99,193
Bandai Namco Holdings, Inc.		800		27,433
Bank of Kyoto, Ltd.		200		10,163
Benesse Holdings, Inc.		300		10,820
Bridgestone Corp.		2,400		108,865
Brother Industries, Ltd.		900		20,932
Calbee, Inc. (a)		300		10,541
Canon, Inc.		3,900		133,216
Casio Computer Co., Ltd. (a)		500		7,036
Central Japan Railway Co.		400		70,111
Chiba Bank, Ltd.		2,000		14,303
Chubu Electric Power Co., Inc.		2,600		32,268
Chugai Pharmaceutical Co., Ltd.		800		33,190
Chugoku Bank, Ltd.		1,300		17,808
Chugoku Electric Power Co., Inc. (a)		1,300		13,801
Coca-Cola Bottlers Japan, Inc.		300		9,728
Concordia Financial Group, Ltd.		3,900		19,267
Credit Saison Co., Ltd.		800		16,595
Dai Nippon Printing Co., Ltd.		500		11,962
Dai-ichi Life Holdings, Inc.		3,900		69,952
Daicel Corp.		1,300		15,660
Daiichi Sankyo Co., Ltd.		2,100		47,349
Daikin Industries, Ltd.		900		91,107
Daito Trust Construction Co., Ltd.		200		36,423
Daiwa House Industry Co., Ltd.		2,100		72,478
Daiwa House REIT Investment Corp.		4		9,573
Daiwa Securities Group, Inc.		4,000		22,646
DeNA Co., Ltd.		500		11,202
Denso Corp.		1,600		80,920
Dentsu, Inc.		800		35,109
Disco Corp.		100		20,335
Don Quijote Holdings Co., Ltd.		300		11,207
East Japan Railway Co.		1,300		119,935
Eisai Co., Ltd.		1,000		51,313
FamilyMart UNY Holdings Co., Ltd.		200		10,536
FANUC Corp.		700		141,723
Fast Retailing Co., Ltd.		200		58,970
Fuji Electric Co., Ltd.		2,000		11,087
FUJIFILM Holdings Corp.		1,300		50,434
Fujitsu, Ltd.		8,000		59,407
Fukuoka Financial Group, Inc.		2,000		9,239
Hakuhodo DY Holdings, Inc.		1,300		17,069
Hamamatsu Photonics KK		300		9,061
Hankyu Hanshin Holdings, Inc.		1,000		37,934
Hino Motors, Ltd.		1,300		15,891
Hirose Electric Co., Ltd.		100		14,072
Hisamitsu Pharmaceutical Co., Inc.		200		9,594
Hitachi Chemical Co., Ltd.		400		10,963
Hitachi Construction Machinery Co., Ltd.		400		11,851
Hitachi High-Technologies Corp.		300		10,874
Hitachi Metals, Ltd.		1,300		18,086
Hitachi, Ltd.		16,000		112,703
Honda Motor Co., Ltd.		6,200		183,524
Hoshizaki Corp.		200		17,572
Hoya Corp.		1,300		70,159
Hulic Co., Ltd.		1,300		12,738
IHI Corp.		500		17,368
Iida Group Holdings Co., Ltd.		700		12,475
Isetan Mitsukoshi Holdings, Ltd. (a)		1,300		13,570
Isuzu Motors, Ltd.		1,700		22,518
ITOCHU Corp.		5,200		85,138
J Front Retailing Co., Ltd.		1,300		17,958
Japan Airlines Co., Ltd.		300		10,149
Japan Exchange Group, Inc.		2,000		35,375
Japan Post Bank Co., Ltd. (a)		1,300		16,053
Japan Post Holdings Co., Ltd. (a)		1,300		15,348
Japan Prime Realty Investment Corp. REIT		3		10,021
Japan Real Estate Investment Corp. REIT		3		14,418
Japan Retail Fund Investment Corp. REIT		13		23,317
Japan Tobacco, Inc.		3,900		127,777
JFE Holdings, Inc.		1,800		35,140
JGC Corp.		700		11,324
JSR Corp.		800		15,195
JTEKT Corp.		1,300		17,993
Kajima Corp.		3,000		29,796
Kakaku.com, Inc.		400		5,096
Kamigumi Co., Ltd.		500		11,571
Kaneka Corp.		1,000		7,764
Kansai Electric Power Co., Inc.		2,600		33,249
Kansai Paint Co., Ltd.		900		22,643
Kao Corp.		1,600		94,097
Kawasaki Heavy Industries, Ltd.		400		13,255
KDDI Corp.		6,500		171,328
Keihan Holdings Co., Ltd.		400		11,709
Keikyu Corp.		500		10,132
Keio Corp.		200		8,244
Keisei Electric Railway Co., Ltd.		400		11,069
Keyence Corp.		300		159,241
Kikkoman Corp.		300		9,221
Kintetsu Group Holdings Co., Ltd.		800		29,743
Kirin Holdings Co., Ltd.		3,000		70,573
Kobe Steel, Ltd.		1,300		14,852
Koito Manufacturing Co., Ltd.		300		18,816
Komatsu, Ltd.		3,100		88,154
Konami Holdings Corp.		300		14,418
Konica Minolta, Inc. (a)		1,300		10,671
Kose Corp.		100		11,451
Kubota Corp.		3,900		70,870
Kuraray Co., Ltd.		1,300		24,299
Kyocera Corp.		1,300		80,634
Kyowa Hakko Kirin Co., Ltd.		1,300		22,105
Kyushu Electric Power Co., Inc.		1,300		13,801
Kyushu Financial Group, Inc.		1,300		7,992
Kyushu Railway Co.		349		10,371
Lawson, Inc.		100		6,618
Lion Corp.		600		10,948
LIXIL Group Corp.		900		23,874
M3, Inc.		1,000		28,472
Mabuchi Motor Co., Ltd.		200		10,003
Makita Corp.		700		28,201
Marubeni Corp.		6,500		44,377
Marui Group Co., Ltd. (a)		500		7,156
Mazda Motor Corp.		2,600		39,844
McDonald’s Holdings Co., Japan, Ltd.		200		8,848

See accompanying notes to financial statements.

139

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Mebuki Financial Group, Inc.		3,100	$	11,980
Medipal Holdings Corp.		700		12,151
MEIJI Holdings Co., Ltd.		300		23,773
MINEBEA MITSUMI, Inc.		1,300		20,326
Miraca Holdings, Inc.		200		9,292
MISUMI Group, Inc.		900		23,690
Mitsubishi Chemical Holdings Corp.		5,200		49,522
Mitsubishi Corp.		5,200		120,824
Mitsubishi Electric Corp.		6,500		101,515
Mitsubishi Estate Co., Ltd.		4,000		69,524
Mitsubishi Gas Chemical Co., Inc.		700		16,399
Mitsubishi Heavy Industries, Ltd.		1,300		51,381
Mitsubishi Materials Corp.		300		10,367
Mitsubishi Motors Corp.		2,600		20,557
Mitsubishi Tanabe Pharma Corp.		900		20,628
Mitsubishi UFJ Financial Group, Inc.		42,400		275,234
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,000		5,295
Mitsui & Co., Ltd.		6,500		96,029
Mitsui Chemicals, Inc.		400		12,153
Mitsui Fudosan Co., Ltd.		2,700		58,526
Mitsui OSK Lines, Ltd. (a)		300		9,088
Mixi, Inc.		200		9,648
Mizuho Financial Group, Inc. (a)		84,500		147,958
MS&AD Insurance Group Holdings, Inc.		1,300		41,842
Murata Manufacturing Co., Ltd.		700		102,856
Nabtesco Corp.		300		11,140
Nagoya Railroad Co., Ltd.		400		8,610
NEC Corp.		800		21,676
Nexon Co., Ltd. (b)		700		18,258
NGK Insulators, Ltd.		1,300		24,345
NGK Spark Plug Co., Ltd.		900		19,149
Nidec Corp.		900		110,496
Nikon Corp.		1,300		22,532
Nintendo Co., Ltd.		400		147,684
Nippon Building Fund, Inc. REIT		4		19,935
Nippon Electric Glass Co., Ltd.		300		11,607
Nippon Express Co., Ltd.		200		13,024
Nippon Paint Holdings Co., Ltd.		500		16,990
Nippon Prologis REIT, Inc.		12		25,276
Nippon Steel & Sumitomo Metal Corp.		2,600		59,673
Nippon Telegraph & Telephone Corp.		2,600		119,115
Nippon Yusen KK (b)		900		18,701
Nissan Chemical Industries, Ltd.		300		10,554
Nissan Motor Co., Ltd. (a)		8,000		79,208
Nisshin Seifun Group, Inc.		1,300		21,770
Nissin Foods Holdings Co., Ltd.		200		12,153
Nitori Holdings Co., Ltd.		300		42,882
Nitto Denko Corp.		500		41,674
NOK Corp.		200		4,477
Nomura Holdings, Inc.		13,000		72,758
Nomura Real Estate Holdings, Inc.		500		10,652
Nomura Real Estate Master Fund, Inc.		13		16,896
Nomura Research Institute, Ltd.		300		11,700
NSK, Ltd.		1,300		17,520
NTT Data Corp.		2,100		22,462
NTT DOCOMO, Inc.		4,800		109,611
Obayashi Corp.		2,600		31,159
Obic Co., Ltd.		200		12,579
Odakyu Electric Railway Co., Ltd.		1,300		24,657
Oji Holdings Corp.		2,000		10,785
Olympus Corp.		1,000		33,847
Omron Corp.		700		35,633
Ono Pharmaceutical Co., Ltd.		1,300		29,444
Oracle Corp. Japan		100		7,853
Oriental Land Co., Ltd. (a)		900		68,552
ORIX Corp.		5,200		83,822
Osaka Gas Co., Ltd.		1,600		29,736
Otsuka Corp.		200		12,810
Otsuka Holdings Co., Ltd.		1,300		51,635
Panasonic Corp.		7,800		112,983
Park24 Co., Ltd. (a)		400		9,737
Pola Orbis Holdings, Inc.		300		9,075
Rakuten, Inc.		3,900		42,511
Recruit Holdings Co., Ltd.		3,900		84,434
Resona Holdings, Inc.		7,800		40,052
Ricoh Co., Ltd. (a)		2,600		25,269
Rohm Co., Ltd.		300		25,692
Ryohin Keikaku Co., Ltd.		100		29,450
Santen Pharmaceutical Co., Ltd.		1,300		20,476
SBI Holdings, Inc.		1,300		19,564
Secom Co., Ltd.		900		65,578
Sega Sammy Holdings, Inc.		500		6,983
Seibu Holdings, Inc.		700		11,952
Seiko Epson Corp.		900		21,771
Sekisui Chemical Co., Ltd.		1,300		25,569
Sekisui House, Ltd.		2,600		43,805
Seven & i Holdings Co., Ltd.		2,600		100,360
Seven Bank, Ltd. (a)		2,600		9,378
Sharp Corp. (a) (b)		600		18,096
Shimadzu Corp.		700		13,780
Shimamura Co., Ltd.		100		11,993
Shimano, Inc.		200		26,633
Shimizu Corp.		1,300		14,401
Shin-Etsu Chemical Co., Ltd.		1,300		116,182
Shinsei Bank, Ltd.		700		11,200
Shionogi & Co., Ltd.		1,100		60,108
Shiseido Co., Ltd.		1,300		51,993
Shizuoka Bank, Ltd.		1,000		8,990
Showa Shell Sekiyu KK		1,300		14,956
SMC Corp. (a)		200		70,519
SoftBank Group Corp.		2,900		234,030
Sohgo Security Services Co., Ltd.		200		9,168
Sompo Holdings, Inc.		1,300		50,561
Sony Corp.		4,400		163,625
Sony Financial Holdings, Inc.		700		11,480
Stanley Electric Co., Ltd.		700		23,973
Start Today Co., Ltd.		700		22,169
Subaru Corp.		2,100		75,743
Sumitomo Chemical Co., Ltd.		5,000		31,226
Sumitomo Corp.		3,900		56,076
Sumitomo Dainippon Pharma Co., Ltd. (a)		500		6,503
Sumitomo Electric Industries, Ltd.		2,600		42,454
Sumitomo Heavy Industries, Ltd.		200		8,013
Sumitomo Metal Mining Co., Ltd.		1,000		32,106
Sumitomo Mitsui Financial Group, Inc.		4,800		184,214
Sumitomo Mitsui Trust Holdings, Inc.		1,300		46,900
Sumitomo Realty & Development Co., Ltd.		1,000		30,249
Sumitomo Rubber Industries, Ltd.		700		12,823

See accompanying notes to financial statements.

140

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Sundrug Co., Ltd.		200	$	8,280
Suntory Beverage & Food, Ltd.		300		13,352
Suruga Bank, Ltd.		800		17,242
Suzuken Co., Ltd.		300		10,661
Suzuki Motor Corp.		1,300		68,161
Sysmex Corp.		500		31,893
T&D Holdings, Inc.		1,800		26,121
Taiheiyo Cement Corp.		300		11,580
Taisei Corp.		600		31,448
Takashimaya Co., Ltd.		1,000		9,363
Takeda Pharmaceutical Co., Ltd.		2,600		143,530
TDK Corp.		400		27,149
Teijin, Ltd.		800		15,763
Terumo Corp.		1,300		51,104
THK Co., Ltd.		300		10,207
Tobu Railway Co., Ltd.		600		16,470
Toho Co., Ltd.		300		10,461
Tohoku Electric Power Co., Inc.		1,300		16,526
Tokio Marine Holdings, Inc.		2,600		101,676
Tokyo Electric Power Co. Holdings, Inc. (b)		5,200		20,973
Tokyo Electron, Ltd.		500		76,756
Tokyo Gas Co., Ltd.		1,600		39,202
Tokyo Tatemono Co., Ltd.		1,300		16,619
Tokyu Corp.		1,500		21,228
Tokyu Fudosan Holdings Corp.		1,800		10,858
Toppan Printing Co., Ltd.		1,000		9,914
Toray Industries, Inc.		3,900		37,817
Toshiba Corp. (b)		13,000		36,379
Tosoh Corp.		1,000		22,529
TOTO, Ltd.		400		16,844
Toyo Seikan Group Holdings, Ltd.		700		11,691
Toyo Suisan Kaisha, Ltd.		300		11,020
Toyota Industries Corp.		400		22,991
Toyota Motor Corp.		9,100		542,451
Toyota Tsusho Corp.		900		29,543
Trend Micro, Inc.		300		14,765
Tsuruha Holdings, Inc.		100		11,949
Unicharm Corp.		1,300		29,750
United Urban Investment Corp. REIT		13		19,033
USS Co., Ltd.		1,300		26,216
West Japan Railway Co.		400		27,795
Yahoo! Japan Corp. (a)		5,200		24,668
Yakult Honsha Co., Ltd.		300		21,614
Yamada Denki Co., Ltd.		2,600		14,205
Yamaha Corp.		500		18,434
Yamaha Motor Co., Ltd.		900		26,944
Yamato Holdings Co., Ltd.		1,300		26,233
Yaskawa Electric Corp.		900		28,504
Yokogawa Electric Corp.		700		11,915
				11,296,905
JORDAN — 0.0% (c)
Hikma Pharmaceuticals PLC		507		8,237
LUXEMBOURG — 0.3%
ArcelorMittal (b)		2,160		55,731
Eurofins Scientific SE		38		24,016
Millicom International Cellular SA SDR		234		15,409
RTL Group SA		143		10,827
SES SA		1,279		27,988
Tenaris SA		1,653		23,450
				157,421
MACAU — 0.1%
MGM China Holdings, Ltd. (a)		5,200		12,463
Wynn Macau, Ltd.		5,200		14,014
				26,477
MEXICO — 0.0% (c)
Fresnillo PLC		793		14,948
NETHERLANDS — 3.1%
ABN AMRO Group NV (d)		1,282		38,405
Aegon NV		5,941		34,611
AerCap Holdings NV (b)		485		24,788
Akzo Nobel NV		897		82,841
Altice NV Class A (b)		1,305		26,142
Altice NV Class B (b)		390		7,792
ASML Holding NV		1,292		220,022
Boskalis Westminster		322		11,258
EXOR NV		390		24,736
Gemalto NV		286		12,779
Heineken Holding NV		351		32,989
Heineken NV		819		80,992
ING Groep NV		13,661		251,940
Koninklijke Ahold Delhaize NV		4,503		84,217
Koninklijke DSM NV		653		53,467
Koninklijke KPN NV		12,042		41,356
Koninklijke Philips NV		3,209		132,513
Koninklijke Vopak NV		247		10,835
NN Group NV		1,060		44,373
NXP Semiconductors NV (b)		1,100		124,399
Randstad Holding NV		416		25,741
Wolters Kluwer NV		1,068		49,361
				1,415,557
NEW ZEALAND — 0.2%
Auckland International Airport, Ltd.		3,415		15,898
Contact Energy, Ltd.		2,525		10,039
Fletcher Building, Ltd.		2,447		14,134
Meridian Energy, Ltd.		4,516		9,288
Spark New Zealand, Ltd.		6,447		17,011
				66,370
NORWAY — 0.6%
DNB ASA		3,463		69,823
Gjensidige Forsikring ASA		715		12,449
Marine Harvest ASA (b)		1,341		26,533
Norsk Hydro ASA		4,739		34,470
Orkla ASA		2,878		29,538
Schibsted ASA Class A		464		11,961
Telenor ASA		2,642		55,891
Yara International ASA		624		27,961
				268,626
PORTUGAL — 0.1%
EDP - Energias de Portugal SA		8,161		30,729
Jeronimo Martins SGPS SA		897		17,698
				48,427

See accompanying notes to financial statements.

141

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
SINGAPORE — 1.3%
Ascendas REIT		7,800	$	15,279
CapitaLand Commercial Trust		7,800		9,506
CapitaLand Mall Trust REIT		9,100		13,403
CapitaLand, Ltd.		9,100		23,991
City Developments, Ltd.		1,300		10,846
ComfortDelGro Corp., Ltd.		7,800		11,947
DBS Group Holdings, Ltd.		6,573		100,777
Genting Singapore PLC		20,800		17,921
Global Logistic Properties, Ltd.		9,100		22,114
Golden Agri-Resources, Ltd.		17,700		4,888
Hutchison Port Holdings Trust		23,500		10,105
Keppel Corp., Ltd.		5,200		24,852
Oversea-Chinese Banking Corp., Ltd.		10,400		85,470
Sembcorp Industries, Ltd.		3,900		8,501
Singapore Airlines, Ltd.		1,300		9,612
Singapore Exchange, Ltd.		2,600		14,149
Singapore Press Holdings, Ltd. (a)		5,200		10,416
Singapore Technologies Engineering, Ltd.		5,200		13,173
Singapore Telecommunications, Ltd.		28,600		77,505
Suntec Real Estate Investment Trust		9,100		12,498
United Overseas Bank, Ltd.		5,271		91,217
UOL Group, Ltd.		1,823		10,901
Wilmar International, Ltd.		6,500		15,221
				614,292
SOUTH AFRICA — 0.1%
Investec PLC		2,186		15,984
Mediclinic International PLC		1,292		11,267
Mondi PLC		1,292		34,755
				62,006
SPAIN — 3.6%
Abertis Infraestructuras SA		2,277		46,031
ACS Actividades de Construccion y Servicios SA		697		25,836
Aena SME SA (d)		234		42,256
Amadeus IT Group SA		1,536		99,854
Banco Bilbao Vizcaya Argentaria SA		23,604		210,987
Banco de Sabadell SA		18,633		38,901
Banco Santander SA		55,098		384,763
Bankia SA		4,059		19,578
Bankinter SA		2,381		22,530
CaixaBank SA		11,604		58,165
Distribuidora Internacional de Alimentacion SA (a)		2,199		12,829
Enagas SA		806		22,702
Endesa SA		1,133		25,550
Ferrovial SA		1,770		38,973
Gas Natural SDG SA		1,242		27,501
Grifols SA		1,068		31,123
Iberdrola SA		19,867		154,355
Industria de Diseno Textil SA		3,680		138,715
Mapfre SA		3,805		12,388
Red Electrica Corp. SA		1,523		32,013
Siemens Gamesa Renewable Energy SA		973		12,705
Telefonica SA		15,793		171,619
				1,629,374
SWEDEN — 3.1%
Alfa Laval AB		1,042		25,392
Assa Abloy AB Class B		3,541		80,691
Atlas Copco AB Class A		2,244		94,820
Atlas Copco AB Class B		1,367		52,889
Boliden AB		977		33,000
Electrolux AB Series B (a)		858		29,075
Essity AB Class B (b)		2,147		58,289
Getinge AB Class B		715		13,376
Getinge AB, Subscription Shares (b) (f)		94		1,759
Hennes & Mauritz AB Class B (a)		3,346		86,495
Hexagon AB Class B		925		45,749
Husqvarna AB Class B		1,458		14,969
ICA Gruppen AB		286		10,725
Industrivarden AB Class C		572		14,457
Investor AB Class B		1,601		78,909
Kinnevik AB Class B		845		27,496
Nordea Bank AB		10,332		139,746
Sandvik AB		3,753		64,601
Securitas AB Class B		1,120		18,716
Skandinaviska Enskilda Banken AB Class A		5,363		70,501
Skanska AB Class B		1,211		27,996
SKF AB Class B		1,393		30,293
Svenska Handelsbanken AB Class A		5,337		80,359
Swedbank AB Class A		3,190		88,012
Swedish Match AB		663		23,206
Tele2 AB Class B		1,259		14,376
Telefonaktiebolaget LM Ericsson Class B		10,817		61,981
Telia Co. AB		9,153		43,016
Volvo AB Class B		5,441		104,656
				1,435,550
SWITZERLAND — 9.2%
ABB, Ltd.		6,926		171,361
Adecco Group AG		585		45,586
Baloise Holding AG		182		28,816
Barry Callebaut AG (b)		13		19,938
Chocoladefabriken Lindt & Spruengli AG		3		17,130
Cie Financiere Richemont SA		1,835		167,835
Coca-Cola HBC AG (b)		637		21,580
Credit Suisse Group AG (b)		8,151		129,139
Dufry AG (b)		156		24,796
EMS-Chemie Holding AG		26		17,305
Ferguson PLC		897		58,921
Geberit AG		130		61,547
Givaudan SA		31		67,504
Julius Baer Group, Ltd. (b)		793		46,960
Kuehne + Nagel International AG		195		36,134
LafargeHolcim, Ltd. (b)		1,601		93,651
Lonza Group AG (b)		234		61,426
Nestle SA		10,770		902,694
Novartis AG		7,675		657,563
Pargesa Holding SA		117		9,734
Partners Group Holding AG		65		44,135
Roche Holding AG		2,414		616,723
Schindler Holding AG (e)		156		34,486
Schindler Holding AG (e)		78		16,792
SGS SA		17		40,813
Sika AG		8		59,570

See accompanying notes to financial statements.

142

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Sonova Holding AG		182	$	30,904
STMicroelectronics NV		2,251		43,563
Straumann Holding AG		35		22,499
Swatch Group AG (a) (e)		104		43,294
Swatch Group AG (e)		169		13,475
Swiss Life Holding AG (b)		117		41,245
Swiss Prime Site AG (b)		247		22,221
Swiss Re AG		1,185		107,404
Swisscom AG		91		46,666
UBS Group AG (b)		12,887		220,422
Vifor Pharma AG		130		15,316
Zurich Insurance Group AG		533		162,720
				4,221,868
UNITED KINGDOM — 15.1%
3i Group PLC		3,424		41,941
Admiral Group PLC		754		18,381
Ashtead Group PLC		1,770		42,721
Associated British Foods PLC		1,255		53,763
AstraZeneca PLC		4,421		293,903
Auto Trader Group PLC (d)		3,541		18,647
Aviva PLC		14,295		98,675
Babcock International Group PLC		897		9,959
BAE Systems PLC		11,173		94,663
Barclays PLC		55,692		144,469
Barratt Developments PLC		3,541		29,194
Berkeley Group Holdings PLC		468		23,339
British American Tobacco PLC		7,830		490,799
British Land Co. PLC REIT		3,463		27,970
BT Group PLC		29,733		113,251
Bunzl PLC		1,185		36,042
Burberry Group PLC		1,562		36,884
Capita PLC		2,355		17,852
Carnival PLC		663		42,190
CNH Industrial NV		3,619		43,468
Cobham PLC		8,419		16,457
Coca-Cola European Partners PLC		780		32,712
Compass Group PLC		5,569		118,276
ConvaTec Group PLC (d)		4,084		15,008
Croda International PLC		455		23,154
DCC PLC		312		30,327
Diageo PLC		8,711		286,685
Direct Line Insurance Group PLC		4,856		23,689
Dixons Carphone PLC		3,463		8,986
easyJet PLC		559		9,127
Fiat Chrysler Automobiles NV (b)		3,643		65,290
G4S PLC		5,467		20,413
GKN PLC		6,039		28,034
GlaxoSmithKline PLC		17,035		340,197
Hammerson PLC REIT		2,800		20,173
Hargreaves Lansdown PLC		925		18,367
HSBC Holdings PLC		68,929		681,660
IMI PLC		964		16,076
Imperial Brands PLC		3,307		141,269
Inmarsat PLC		1,588		13,710
InterContinental Hotels Group PLC		635		33,635
International Consolidated Airlines Group SA		2,224		17,721
Intertek Group PLC		572		38,233
Intu Properties PLC REIT		3,320		10,267
ITV PLC		12,783		29,962
J Sainsbury PLC		5,779		18,445
Johnson Matthey PLC		676		31,018
Kingfisher PLC		8,018		32,111
Land Securities Group PLC REIT		2,613		34,091
Legal & General Group PLC		20,963		73,097
Lloyds Banking Group PLC		250,099		227,265
London Stock Exchange Group PLC		1,120		57,551
Marks & Spencer Group PLC (a)		5,727		27,154
Meggitt PLC		2,733		19,104
Merlin Entertainments PLC (d)		2,499		14,937
National Grid PLC		12,010		148,983
Next PLC		494		34,862
Old Mutual PLC		17,377		45,275
Pearson PLC		2,904		23,844
Persimmon PLC		1,094		37,898
Provident Financial PLC (a)		520		5,794
Prudential PLC		8,997		215,645
Randgold Resources, Ltd.		325		31,896
Reckitt Benckiser Group PLC		2,194		200,546
RELX NV		3,515		74,839
RELX PLC		3,855		84,667
Rolls-Royce Holdings PLC (b)		5,553		66,083
Royal Bank of Scotland Group PLC (b)		12,465		44,870
Royal Mail PLC		3,177		16,376
RSA Insurance Group PLC		3,606		30,141
Sage Group PLC		3,805		35,658
Schroders PLC		481		21,651
Segro PLC REIT		3,587		25,795
Severn Trent PLC		845		24,635
Sky PLC		3,645		44,746
Smith & Nephew PLC		3,151		56,987
Smiths Group PLC		1,393		29,473
St James’s Place PLC		1,848		28,414
Standard Chartered PLC (b)		10,326		102,740
Standard Life Aberdeen PLC		9,428		54,834
Tate & Lyle PLC		1,640		14,269
Taylor Wimpey PLC		11,496		30,153
Tesco PLC (b)		28,799		72,311
Travis Perkins PLC		581		11,287
Unilever NV		5,775		341,633
Unilever PLC		4,516		261,683
United Utilities Group PLC		2,407		27,595
Vodafone Group PLC		89,290		250,134
Weir Group PLC		767		20,221
Whitbread PLC		637		32,185
Wm Morrison Supermarkets PLC		7,823		24,570
Worldpay Group PLC (d)		6,345		34,647
WPP PLC		4,542		84,399
				6,944,051
UNITED STATES — 0.4%
QIAGEN NV (b)		764		24,052
Shire PLC		3,141		159,631
				183,683
TOTAL COMMON STOCKS (Cost $40,424,770)				45,707,818

See accompanying notes to financial statements.

143

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
RIGHTS — 0.0% (c)
SINGAPORE — 0.0% (c)
CapitaLand Commercial Trust (expiring 10/17/19) (b) (f) (Cost $0)		1,295	$	278
SHORT-TERM INVESTMENTS — 0.7%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (g) (h)		75,546		75,546
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		242,956		242,956
TOTAL SHORT-TERM INVESTMENTS (Cost $318,502)				318,502
TOTAL INVESTMENTS — 100.1% (Cost $40,743,272)				46,026,598
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(46,697	)
NET ASSETS — 100.0%			$	45,979,901

(a) All or a portion of the shares of the security are on loan at September 30, 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 0.7% of net assets as of September 30, 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 September 30, 2017, total aggregate fair value of securities is $2,037 representing less than 0.05% of net assets.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended September 30, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at September 30, 2017.

(i) Investment of cash collateral for securities loaned.

ADR = American 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 September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	2,848,129	$	—	$	—	$	2,848,129
Austria		95,674		—		—		95,674
Belgium.		595,375		—		—		595,375
Chile		17,571		—		—		17,571
China		9,583		—		—		9,583
Denmark		922,609		—		—		922,609
Finland		507,193		—		—		507,193
France		4,627,932		—		—		4,627,932
Germany		4,764,292		—		—		4,764,292
Hong Kong		1,620,644		—		—		1,620,644
Ireland		322,667		—		—		322,667
Israel		236,602		—		—		236,602
Italy		745,755		—		—		745,755
Japan		11,296,905		—		—		11,296,905
Jordan		8,237		—		—		8,237
Luxembourg		157,421		—		—		157,421
Macau		26,477		—		—		26,477
Mexico		14,948		—		—		14,948
Netherlands		1,415,557		—		—		1,415,557
New Zealand		66,370		—		—		66,370
Norway		268,626		—		—		268,626
Portugal		48,427		—		—		48,427
Singapore		614,292		—		—		614,292

See accompanying notes to financial statements.

144

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
South Africa	$	62,006	$	—	$	—	$	62,006
Spain		1,629,374		—		—		1,629,374
Sweden		1,433,791		1,759		—		1,435,550
Switzerland		4,221,868		—		—		4,221,868
United Kingdom		6,944,051		—		—		6,944,051
United States		183,683		—		—		183,683
Rights
Singapore		—		278		—		278
Short-Term Investments		318,502		—		—		318,502
TOTAL INVESTMENTS	$	46,024,561	$	2,037	$	—	$	46,026,598

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		—	$	—	$	1,401,403	$	1,325,857	$	—	$	—		75,546	$	75,546	$	228
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		267,924		267,924		—		—		—		—		42
State Street Navigator Securities Lending Government Money Market Portfolio*		—		—		2,147,548		1,904,592		—		—		242,956		242,956		1,224
TOTAL			$	—	$	3,816,875	$	3,498,373	$	—	$	—			$	318,502	$	1,494

* 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.

145

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 92.3%
BRAZIL — 7.2%
Ambev SA		18,534	$	123,281
B3 SA - Brasil Bolsa Balcao		8,334		63,102
Banco Bradesco SA Preference Shares		14,673		162,588
Banco do Brasil SA		3,458		38,153
BB Seguridade Participacoes SA		2,965		26,837
BRF SA (a)		2,965		42,809
CCR SA		4,701		26,320
Cia de Saneamento Basico do Estado de Sao Paulo		2,470		25,987
Cielo SA		4,857		33,750
Embraer SA		4,939		27,934
Equatorial Energia SA		1,483		28,716
Itau Unibanco Holding SA Preference Shares		11,362		155,713
Itausa - Investimentos Itau SA		3		10
Itausa - Investimentos Itau SA Preference Shares		17,905		62,435
Kroton Educacional SA		5,927		37,569
Lojas Americanas SA Preference Shares		4,121		25,079
Lojas Renner SA		4,032		45,965
Raia Drogasil SA		988		23,426
Telefonica Brasil SA Preference Shares		2,470		39,410
Ultrapar Participacoes SA		1,483		35,308
Vale SA		12,552		126,466
WEG SA		4,446		30,079
				1,180,937
CHILE — 1.1%
Banco Santander Chile		576,644		42,937
Cencosud SA		8,087		24,757
Empresas CMPC SA		13,680		36,062
Enel Americas SA		148,006		30,348
SACI Falabella		4,866		47,522
				181,626
CHINA — 29.3%
58.com, Inc. ADR (a)		550		34,727
AAC Technologies Holdings, Inc.		1,000		16,797
Agricultural Bank of China, Ltd. Class H		60,000		26,886
Alibaba Group Holding, Ltd. ADR (a) (b)		3,920		677,023
Anhui Conch Cement Co., Ltd. Class H		10,000		39,881
Baidu, Inc. ADR (a)		990		245,213
Bank of China, Ltd. Class H		260,000		128,158
Bank of Communications Co., Ltd. Class H		35,000		25,542
Beijing Enterprises Holdings, Ltd.		5,000		26,886
Beijing Enterprises Water Group, Ltd. (a)		40,000		32,212
Brilliance China Automotive Holdings, Ltd.		20,000		53,260
Byd Co., Ltd. Class H (b)		5,000		46,379
CGN Power Co., Ltd. Class H (c)		85,000		23,506
China Cinda Asset Management Co., Ltd. Class H		70,000		25,811
China CITIC Bank Corp., Ltd. Class H		40,000		25,401
China Communications Construction Co., Ltd. Class H		25,000		31,207
China Conch Venture Holdings, Ltd.		12,500		24,326
China Construction Bank Corp. Class H		285,000		236,445
China Everbright International, Ltd.		20,000		25,094
China Evergrande Group (a) (b)		13,000		45,354
China Galaxy Securities Co., Ltd. Class H		27,500		24,118
China Life Insurance Co., Ltd. Class H		25,000		74,417
China Longyuan Power Group Corp., Ltd. Class H		30,000		22,354
China Mengniu Dairy Co., Ltd. (a)		15,000		41,962
China Merchants Bank Co., Ltd. Class H		10,000		35,144
China Merchants Port Holdings Co., Ltd.		10,302		31,787
China Minsheng Banking Corp., Ltd. Class H (b)		22,500		20,626
China Mobile, Ltd.		22,500		228,005
China Overseas Land & Investment, Ltd.		10,000		32,520
China Pacific Insurance Group Co., Ltd. Class H		7,000		30,157
China Railway Group, Ltd. Class H		35,000		28,947
China Resources Beer Holdings Co., Ltd.		10,000		27,078
China Resources Gas Group, Ltd.		10,000		34,824
China Resources Land, Ltd.		10,000		30,599
China Taiping Insurance Holdings Co., Ltd.		12,000		32,110
China Telecom Corp., Ltd. Class H		50,000		25,606
China Unicom Hong Kong, Ltd. (a)		20,000		27,808
China Vanke Co., Ltd. Class H		10,000		32,904
CITIC Securities Co., Ltd. Class H		12,500		27,494
CITIC, Ltd.		15,000		22,162
Country Garden Holdings Co., Ltd.		45,000		71,556
CRRC Corp., Ltd. Class H		25,000		22,213
CSPC Pharmaceutical Group, Ltd.		20,000		33,493
Ctrip.com International, Ltd. ADR (a)		1,390		73,309
Fosun International, Ltd.		17,500		36,879
Geely Automobile Holdings, Ltd.		25,000		70,416
Great Wall Motor Co., Ltd. Class H (b)		22,500		27,654
Guangdong Investment, Ltd.		20,000		28,525
Haitong Securities Co., Ltd. Class H		14,000		22,620
Hengan International Group Co., Ltd.		2,500		23,141
Huaneng Power International, Inc. Class H		40,000		24,735
Huatai Securities Co., Ltd. Class H (c)		12,000		26,579
Industrial & Commercial Bank of China, Ltd. Class H		245,000		181,930
JD.com, Inc. ADR (a)		2,552		97,486
Lenovo Group, Ltd.		40,000		22,072
NetEase, Inc. ADR		280		73,867
New China Life Insurance Co., Ltd. Class H		5,500		31,089
New Oriental Education & Technology Group, Inc. ADR		530		46,778
PICC Property & Casualty Co., Ltd. Class H		20,000		35,285
Ping An Insurance Group Co. of China, Ltd. Class H		15,000		115,131
Semiconductor Manufacturing International Corp. (a) (b)		20,200		22,810
Shenzhou International Group Holdings, Ltd.		5,000		39,177
Sinopharm Group Co., Ltd. Class H		6,000		26,425
TAL Education Group ADR		2,070		69,780
Tencent Holdings, Ltd.		20,000		860,870
Vipshop Holdings, Ltd. ADR (a)		1,745		15,339
Want Want China Holdings, Ltd.		40,000		28,115

See accompanying notes to financial statements.

146

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Zhuzhou CRRC Times Electric Co., Ltd. Class H		5,000	$	28,006
				4,776,010
COLOMBIA — 0.6%
Bancolombia SA Preference Shares		4,026		46,309
Grupo Argos SA		4,542		32,664
Grupo de Inversiones Suramericana SA		756		10,524
Grupo de Inversiones Suramericana SA Preference Shares		10		137
				89,634
EGYPT — 0.2%
Commercial International Bank Egypt SAE		5,221		24,144
GREECE — 0.2%
Piraeus Bank SA (a)		8,434		28,915
HONG KONG — 0.3%
Sino Biopharmaceutical, Ltd.		40,000		42,301
HUNGARY — 0.4%
OTP Bank PLC		1,095		41,232
Richter Gedeon Nyrt		1,200		29,911
				71,143
INDONESIA — 2.4%
Astra International Tbk PT		79,000		46,336
Bank Central Asia Tbk PT		47,000		70,836
Bank Mandiri Persero Tbk PT		74,000		36,948
Bank Negara Indonesia Persero Tbk PT		59,500		32,690
Bank Rakyat Indonesia Persero Tbk PT		44,500		50,467
Indofood Sukses Makmur Tbk PT		37,000		23,144
Kalbe Farma Tbk PT		185,500		22,931
Matahari Department Store Tbk PT		17,500		12,051
Telekomunikasi Indonesia Persero Tbk PT		199,500		69,319
Unilever Indonesia Tbk PT		7,500		27,271
				391,993
MALAYSIA — 2.5%
CIMB Group Holdings Bhd		22,017		32,849
DiGi.Com Bhd		20,800		24,137
Genting Bhd		13,500		30,533
Genting Malaysia Bhd		22,200		28,286
IHH Healthcare Bhd		16,500		22,469
IJM Corp. Bhd		31,500		24,618
IOI Corp. Bhd		23,200		24,944
Malayan Banking Bhd		14,149		31,934
Maxis Bhd		17,500		24,038
Petronas Chemicals Group Bhd		15,500		26,760
Petronas Gas Bhd		5,000		21,196
Public Bank Bhd		8,500		41,146
Sime Darby Bhd.		14,155		30,238
Tenaga Nasional Bhd		12,500		42,392
				405,540
MEXICO — 3.9%
Alfa SAB de CV Class A		15,329		19,407
America Movil SAB de CV Series L		114,230		101,654
Cemex SAB de CV Series CPO (a)		52,973		48,279
Coca-Cola Femsa SAB de CV Series L		2,967		22,990
Fibra Uno Administracion SA de CV REIT		13,149		22,244
Fomento Economico Mexicano SAB de CV		6,427		61,597
Grupo Aeroportuario del Pacifico SAB de CV Class B		2,472		25,375
Grupo Bimbo SAB de CV Series A		8,902		21,555
Grupo Financiero Banorte SAB de CV Series O		7,912		54,715
Grupo Financiero Inbursa SAB de CV Series O		15,329		28,119
Grupo Financiero Santander Mexico SAB de CV Class B		13,845		28,187
Grupo Mexico SAB de CV Series B		15,329		47,010
Grupo Televisa SAB Series CPO		8,902		43,997
Industrias Penoles SAB de CV		1,065		26,527
Kimberly-Clark de Mexico SAB de CV Class A		10,879		22,196
Promotora y Operadora de Infraestructura SAB de CV		1,978		20,995
Wal-Mart de Mexico SAB de CV		15,439		35,453
				630,300
PERU — 0.6%
Credicorp, Ltd.		495		101,485
PHILIPPINES — 1.3%
Aboitiz Equity Ventures, Inc.		15,870		22,899
Ayala Corp.		1,450		27,687
Ayala Land, Inc.		33,000		28,258
BDO Unibank, Inc.		12,045		30,990
JG Summit Holdings, Inc.		16,800		24,804
SM Investments Corp.		1,800		31,288
SM Prime Holdings, Inc.		46,000		31,195
Universal Robina Corp.		6,820		20,514
				217,635
POLAND — 1.1%
Bank Pekao SA		860		30,209
KGHM Polska Miedz SA		1,785		57,509
Powszechna Kasa Oszczednosci Bank Polski SA (a)		4,217		40,886
Powszechny Zaklad Ubezpieczen SA		3,822		48,248
				176,852
QATAR — 0.6%
Ezdan Holding Group QSC		4,232		12,205
Industries Qatar QSC		835		21,029
Masraf Al Rayan QSC		2,568		26,183
Qatar Insurance Co. SAQ		1,179		16,949
Qatar National Bank QPSC		799		26,774
				103,140
RUSSIA — 1.5%
Magnit PJSC GDR		1,070		43,817
Mobile TeleSystems PJSC ADR		3,462		36,143
Sberbank of Russia PJSC ADR		9,397		133,766
VTB Bank PJSC GDR		11,547		24,826
				238,552
SOUTH AFRICA — 6.4%
AngloGold Ashanti, Ltd.		1,680		15,839
Aspen Pharmacare Holdings, Ltd.		1,290		29,004
Barclays Africa Group, Ltd.		2,380		24,501
Bid Corp., Ltd.		1,410		31,735
Bidvest Group, Ltd.		2,140		27,365

See accompanying notes to financial statements.

147

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Discovery, Ltd.		3,200	$	33,335
FirstRand, Ltd. (b)		11,290		43,504
Fortress Income Fund, Ltd.		11,127		31,933
Gold Fields, Ltd.		4,116		17,979
Growthpoint Properties, Ltd. REIT		14,719		26,489
Life Healthcare Group Holdings, Ltd.		11,037		19,372
MTN Group, Ltd.		6,047		55,703
Naspers, Ltd. Class N		1,513		327,196
Nedbank Group, Ltd.		1,640		24,614
Novus Holdings, Ltd.		523		253
Redefine Properties, Ltd. REIT		31,599		25,017
Remgro, Ltd.		1,810		27,526
Sanlam, Ltd.		5,562		27,871
Sappi, Ltd.		4,525		30,851
Shoprite Holdings, Ltd.		1,875		28,729
SPAR Group, Ltd.		1,815		22,459
Standard Bank Group, Ltd.		4,402		51,448
Steinhoff International Holdings NV		10,997		48,891
Tiger Brands, Ltd.		940		26,270
Vodacom Group, Ltd.		2,385		28,463
Woolworths Holdings, Ltd.		4,598		20,394
				1,046,741
SOUTH KOREA — 16.3%
Amorepacific Corp.		135		30,587
AMOREPACIFIC Group		180		19,409
Celltrion, Inc. (a)		325		40,293
CJ CheilJedang Corp.		80		24,761
Coway Co., Ltd.		295		24,211
Dongbu Insurance Co., Ltd.		395		25,176
E-MART, Inc.		170		30,947
GS Holdings Corp.		543		31,100
Hana Financial Group, Inc.		1,088		44,979
Hankook Tire Co., Ltd.		485		25,492
Hyundai Engineering & Construction Co., Ltd.		672		22,501
Hyundai Glovis Co., Ltd.		160		20,675
Hyundai Heavy Industries Co., Ltd. (a)		110		13,926
Hyundai Mobis Co., Ltd.		245		51,338
Hyundai Motor Co.		495		65,043
Hyundai Motor Co. Preference Shares		290		23,699
Hyundai Robotics Co., Ltd. (a)		12		4,463
Hyundai Steel Co.		568		26,185
Industrial Bank of Korea		2,273		28,578
Kangwon Land, Inc.		740		22,613
KB Financial Group, Inc.		1,433		70,189
Kia Motors Corp.		1,063		29,374
Korea Aerospace Industries, Ltd.		395		15,071
Korea Electric Power Corp.		938		31,940
Korea Zinc Co., Ltd.		65		28,120
KT&G Corp.		450		41,450
LG Chem, Ltd.		203		69,477
LG Corp.		450		31,667
LG Display Co., Ltd.		938		25,019
LG Electronics, Inc.		563		40,504
LG Household & Health Care, Ltd.		40		32,689
Lotte Chemical Corp.		90		29,703
NAVER Corp.		105		68,298
NCSoft Corp.		100		40,555
POSCO		280		77,496
S-Oil Corp.		345		38,405
Samsung C&T Corp.		275		32,414
Samsung Electronics Co., Ltd.		342		765,607
Samsung Electronics Co., Ltd. Preference Shares		84		151,227
Samsung Fire & Marine Insurance Co., Ltd.		115		28,114
Samsung Life Insurance Co., Ltd.		260		25,652
Samsung SDI Co., Ltd.		305		52,859
Samsung SDS Co., Ltd.		180		26,481
Shinhan Financial Group Co., Ltd.		1,533		67,324
SK Holdings Co., Ltd.		175		44,004
SK Hynix, Inc.		2,173		157,281
SK Telecom Co., Ltd.		125		27,830
Woori Bank		2,421		37,731
				2,662,457
TAIWAN — 12.6%
Advanced Semiconductor Engineering, Inc.		25,312		30,968
Asustek Computer, Inc.		5,000		41,139
AU Optronics Corp.		67,000		26,845
Catcher Technology Co., Ltd.		5,000		46,580
Cathay Financial Holding Co., Ltd.		24,000		38,148
Chang Hwa Commercial Bank, Ltd.		52,500		28,393
Cheng Shin Rubber Industry Co., Ltd.		10,000		20,017
China Development Financial Holding Corp.		100,000		30,009
China Life Insurance Co., Ltd.		23,980		22,577
China Steel Corp.		55,000		44,165
Chunghwa Telecom Co., Ltd.		9,000		31,015
Compal Electronics, Inc.		40,000		28,426
CTBC Financial Holding Co., Ltd.		55,000		34,461
Delta Electronics, Inc.		5,000		25,722
E.Sun Financial Holding Co., Ltd.		49,491		29,540
Far EasTone Telecommunications Co., Ltd.		10,000		23,777
First Financial Holding Co., Ltd.		51,000		32,712
Formosa Chemicals & Fibre Corp.		10,000		30,405
Formosa Petrochemical Corp.		10,000		34,461
Formosa Plastics Corp.		15,000		45,410
Foxconn Technology Co., Ltd.		10,000		28,855
Fubon Financial Holding Co., Ltd.		24,000		37,436
Hon Hai Precision Industry Co., Ltd.		55,000		190,443
Hua Nan Financial Holdings Co., Ltd.		52,500		28,480
Lite-On Technology Corp.		20,000		28,558
MediaTek, Inc.		4,000		37,528
Mega Financial Holding Co., Ltd.		35,000		27,355
Nan Ya Plastics Corp.		20,000		49,268
Pegatron Corp.		10,000		25,953
President Chain Store Corp.		5,000		42,128
Quanta Computer, Inc.		8,000		18,414
Siliconware Precision Industries Co., Ltd.		15,000		23,991
SinoPac Financial Holdings Co., Ltd.		87,975		26,343
Taishin Financial Holding Co., Ltd.		73,007		31,419
Taiwan Cement Corp.		20,000		22,293
Taiwan Cooperative Financial Holding Co., Ltd.		56,650		29,237
Taiwan Mobile Co., Ltd.		5,000		17,808
Taiwan Semiconductor Manufacturing Co., Ltd.		90,000		642,560

See accompanying notes to financial statements.

148

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Uni-President Enterprises Corp.		20,000	$	41,881
United Microelectronics Corp.		70,000		34,972
Yuanta Financial Holding Co., Ltd.		70,000		30,125
				2,059,817
THAILAND — 1.9%
Advanced Info Service PCL NVDR		6,500		37,226
Airports of Thailand PCL NVDR		21,500		38,036
Bangkok Dusit Medical Services PCL NVDR		40,500		24,895
CP ALL PCL NVDR		20,500		41,031
Kasikornbank PCL		7,000		44,917
Minor International PCL NVDR		22,200		27,126
PTT Global Chemical PCL NVDR		15,000		34,633
Siam Cement PCL		2,000		30,105
Siam Commercial Bank PCL NVDR		7,500		34,408
				312,377
TURKEY — 1.1%
Akbank TAS		11,467		30,311
BIM Birlesik Magazalar A/S		1,543		32,217
Haci Omer Sabanci Holding A/S		8,155		22,979
Turkcell Iletisim Hizmetleri A/S		7,837		27,967
Turkiye Garanti Bankasi A/S		13,219		35,983
Turkiye Is Bankasi Class C		17,214		32,820
				182,277
UNITED ARAB EMIRATES — 0.8%
Abu Dhabi Commercial Bank PJSC		14,898		28,801
Aldar Properties PJSC		35,300		22,395
DP World, Ltd.		1,333		29,939
Emaar Properties PJSC		14,110		32,618
Emirates Telecommunications Group Co. PJSC		5,044		23,760
				137,513
TOTAL COMMON STOCKS (Cost $13,468,773)				15,061,389
SHORT-TERM INVESTMENTS — 6.3%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (d) (e)		851,592		851,592
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		172,291		172,291
TOTAL SHORT-TERM INVESTMENTS (Cost $1,023,883)				1,023,883
TOTAL INVESTMENTS — 98.6% (Cost $14,492,656)				16,085,272
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.4%				232,841
NET ASSETS — 100.0%			$	16,318,113

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2017.

(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 September 30, 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 September 30, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at September 30, 2017.

(f) 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

At September 30, 2017, open futures contracts purchased were as follows:

Futures Contracts	Expiration Date		Number of Contracts		Notional Amount		Value		Unrealized Depreciation
SGX Nifty 50 Index		10/26/2017		64		1,271,077		1,254,784		(16,138	)

During the period ended September 30, 2017, average notional value related to futures contracts was $687,564 or 4% of net assets.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	1,180,937	$	—	$	—	$	1,180,937
Chile		181,626		—		—		181,626

See accompanying notes to financial statements.

149

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
China	$	4,776,010		$	—	$	—	$	4,776,010
Colombia		89,634			—		—		89,634
Egypt		24,144			—		—		24,144
Greece		28,915			—		—		28,915
Hong Kong		42,301			—		—		42,301
Hungary		71,143			—		—		71,143
Indonesia		391,993			—		—		391,993
Malaysia		405,540			—		—		405,540
Mexico		630,300			—		—		630,300
Peru		101,485			—		—		101,485
Philippines		217,635			—		—		217,635
Poland		176,852			—		—		176,852
Qatar		103,140			—		—		103,140
Russia		238,552			—		—		238,552
South Africa		1,046,741			—		—		1,046,741
South Korea		2,662,457			—		—		2,662,457
Taiwan		2,059,817			—		—		2,059,817
Thailand		312,377			—		—		312,377
Turkey		182,277			—		—		182,277
United Arab Emirates		137,513			—		—		137,513
Short-Term Investments		1,023,883			—		—		1,023,883
TOTAL INVESTMENTS	$	16,085,272		$	—	$	—	$	16,085,272
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts (a)		(16,138	)		—		—		(16,138	)
TOTAL OTHER FINANCIAL INSTRUMENTS	$	(16,138	)	$	—	$	—	$	(16,138	)

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

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		—	$	—	$	2,994,532	$	2,142,940	$	—	$	—		851,592	$	851,592	$	3,268
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		440,070		440,070		—		—		—		—		867
State Street Navigator Securities Lending Government Money Market Portfolio*		—		—		653,762		481,471		—		—		172,291		172,291		687
TOTAL			$	—	$	4,088,364	$	3,064,481	$	—	$	—			$	1,023,883	$	4,822

* 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.

150

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SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 4.6%
AGL Energy, Ltd.		22,128	$	405,767
Amcor, Ltd.		8,986		107,244
Aristocrat Leisure, Ltd.		6,547		107,879
ASX, Ltd.		3,604		148,266
Australia & New Zealand Banking Group, Ltd.		17,310		402,036
BHP Billiton PLC		11,808		208,246
BHP Billiton, Ltd.		12,848		259,893
Brambles, Ltd.		25,273		178,474
Cochlear, Ltd.		1,352		168,897
Commonwealth Bank of Australia		11,256		664,609
CSL, Ltd.		10,476		1,101,150
GPT Group REIT		31,769		123,641
Insurance Australia Group, Ltd.		19,710		98,515
LendLease Group		8,438		118,646
Macquarie Group, Ltd.		1,462		104,300
Medibank Pvt, Ltd.		43,566		99,817
National Australia Bank, Ltd.		14,068		347,711
Newcrest Mining, Ltd.		5,983		98,680
QBE Insurance Group, Ltd.		9,975		78,347
Ramsay Health Care, Ltd.		1,647		80,486
REA Group, Ltd.		1,889		99,308
Scentre Group REIT		76,180		234,914
SEEK, Ltd.		7,403		96,483
Sonic Healthcare, Ltd.		18,066		296,409
Stockland REIT		37,689		127,162
Suncorp Group, Ltd.		9,537		97,656
Telstra Corp., Ltd.		212,138		580,925
Transurban Group Stapled Security		33,531		312,564
Vicinity Centres REIT		105,381		219,948
Wesfarmers, Ltd.		18,470		598,974
Westfield Corp. REIT		46,161		283,966
Westpac Banking Corp.		17,136		429,189
Woodside Petroleum, Ltd.		5,248		119,829
Woolworths, Ltd.		23,411		463,093
				8,863,024
AUSTRIA — 0.1%
OMV AG		2,445		142,472
BELGIUM — 1.0%
Ageas		1,833		86,159
Anheuser-Busch InBev SA		3,053		365,618
Colruyt SA		7,273		372,600
Groupe Bruxelles Lambert SA		1,035		108,898
KBC Group NV		1,342		113,753
Proximus SADP		13,758		474,197
Solvay SA		852		127,314
UCB SA		2,931		208,699
				1,857,238
DENMARK — 3.9%
AP Moeller - Maersk A/S Class B		62		117,799
Carlsberg A/S Class B		913		99,933
Chr Hansen Holding A/S		6,108		523,975
Coloplast A/S Class B		6,296		511,097
Danske Bank A/S		23,193		927,750
DONG Energy A/S (a)		8,595		492,095
DSV A/S		8,743		661,545
Genmab A/S (b)		694		153,247
H Lundbeck A/S		4,247		245,113
ISS A/S		7,524		302,643
Novo Nordisk A/S Class B		45,334		2,167,747
Novozymes A/S Class B		4,771		244,886
Pandora A/S		2,203		217,507
TDC A/S		25,455		149,176
Tryg A/S		11,440		264,246
Vestas Wind Systems A/S		418		37,518
William Demant Holding A/S (b)		13,885		366,602
				7,482,879
FINLAND — 1.2%
Elisa Oyj		7,707		331,830
Fortum Oyj		5,562		111,058
Kone Oyj Class B		7,220		382,389
Neste Oyj		2,015		88,020
Nokia Oyj		11,770		70,686
Nokian Renkaat Oyj		2,196		97,692
Orion Oyj Class B		5,681		263,673
Sampo Oyj Class A		14,790		781,917
UPM-Kymmene Oyj		3,125		84,712
Wartsila Oyj Abp		2,810		198,987
				2,410,964
FRANCE — 7.5%
Aeroports de Paris		2,569		415,471
Air Liquide SA		5,166		689,202
Airbus SE		3,866		367,504
Atos SE		793		123,045
AXA SA		15,165		458,779
BNP Paribas SA		10,095		814,516
Bureau Veritas SA		4,586		118,380
Capgemini SE		913		107,028
Carrefour SA		3,836		77,524
Casino Guichard Perrachon SA		1,582		93,849
Cie de Saint-Gobain		3,176		189,310
Cie Generale des Etablissements Michelin		3,054		445,889
Credit Agricole SA		17,552		319,134
Danone SA		4,654		365,165
Dassault Systemes SE		4,854		491,149
Engie SA		11,746		199,543
Essilor International SA		3,483		431,319
Eutelsat Communications SA		3,280		97,173
Hermes International		671		338,363
Iliad SA		488		129,719
Kering		428		170,541
L’Oreal SA		6,101		1,297,546
Legrand SA		4,034		291,290
LVMH Moet Hennessy Louis Vuitton SE		4,461		1,231,167
Orange SA		9,912		162,411
Pernod Ricard SA		669		92,574
Peugeot SA		2,000		47,643
Publicis Groupe SA		2,374		165,839
Renault SA		1,464		143,842
Safran SA		1,218		124,467
Sanofi		5,803		576,334
Schneider Electric SE (b)		2,325		202,380
SCOR SE		11,012		461,827
SEB SA		733		134,489

See accompanying notes to financial statements.

151

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Societe BIC SA		550	$	65,931
Societe Generale SA		8,801		515,389
Sodexo SA		2,933		365,810
Thales SA		4,465		505,577
TOTAL SA		15,923		855,464
Unibail-Rodamco SE REIT		366		89,025
Valeo SA		4,158		308,600
Vinci SA		2,264		215,191
Vivendi SA		6,622		167,687
				14,463,086
GERMANY — 8.8%
adidas AG		3,053		690,811
Allianz SE		2,447		549,495
BASF SE		15,165		1,614,242
Bayer AG		14,214		1,937,476
Bayerische Motoren Werke AG		2,142		217,345
Beiersdorf AG		4,972		535,065
CECONOMY AG		4,582		53,968
Commerzbank AG (b)		18,653		253,814
Continental AG		2,196		557,515
Covestro AG (a)		1,157		99,508
Daimler AG		8,315		663,229
Deutsche Bank AG		18,665		322,822
Deutsche Boerse AG		1,622		175,856
Deutsche Lufthansa AG		5,014		139,357
Deutsche Post AG		16,883		751,758
Deutsche Telekom AG		13,515		252,204
E.ON SE		20,042		226,890
Fresenius Medical Care AG & Co. KGaA		5,013		490,525
Fresenius SE & Co. KGaA		3,610		291,273
Fuchs Petrolub SE Preference Shares		1,647		97,529
GEA Group AG		2,506		114,030
Hannover Rueck SE		1,096		132,096
HeidelbergCement AG		915		94,077
Henkel AG & Co. KGaA		4,158		506,060
Henkel AG & Co. KGaA Preference Shares		2,671		363,604
HUGO BOSS AG		1,525		134,475
Infineon Technologies AG		6,296		158,315
Innogy SE (a)		3,400		151,353
Linde AG		736		153,529
MAN SE		3,175		358,420
Merck KGaA		1,955		217,530
METRO AG (b)		3,950		83,517
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,748		587,687
Porsche Automobil Holding SE Preference Shares		3,730		238,560
ProSiebenSat.1 Media SE		3,298		112,425
RWE AG (b)		9,772		222,038
SAP SE		17,130		1,877,072
Siemens AG		3,175		447,415
ThyssenKrupp AG		4,828		143,120
TUI AG		19,655		333,846
United Internet AG		1,878		116,936
Volkswagen AG Preference Shares		3,419		557,788
				17,024,575
HONG KONG — 5.0%
AIA Group, Ltd.		183,223		1,351,178
Bank of East Asia, Ltd.		24,405		105,454
BOC Hong Kong Holdings, Ltd.		30,536		148,366
CK Asset Holdings, Ltd.		28,620		236,891
CK Hutchison Holdings, Ltd.		28,500		364,337
CK Infrastructure Holdings, Ltd.		61,000		524,818
CLP Holdings, Ltd.		91,000		932,637
Hang Seng Bank, Ltd.		48,829		1,190,296
HK Electric Investments & HK Electric Investments, Ltd. (a) (d)		273,540		249,351
HKT Trust & HKT, Ltd.		305,540		371,231
Hong Kong & China Gas Co., Ltd.		227,066		426,764
Hong Kong Exchanges & Clearing, Ltd.		24,797		666,697
Jardine Matheson Holdings, Ltd.		1,800		114,048
Li & Fung, Ltd.		222,000		111,416
Link REIT		30,500		247,180
MTR Corp., Ltd.		122,167		713,229
New World Development Co., Ltd.		123,615		177,572
PCCW, Ltd.		305,000		165,177
Power Assets Holdings, Ltd.		61,000		528,333
Sands China, Ltd.		48,800		253,975
Swire Pacific, Ltd. Class A		28,500		276,582
Techtronic Industries Co., Ltd.		30,500		162,834
WH Group, Ltd. (a)		120,500		128,049
Yue Yuen Industrial Holdings, Ltd.		61,500		233,852
				9,680,267
IRELAND — 0.9%
Bank of Ireland Group PLC (b)		3,496		28,641
CRH PLC		3,114		118,816
Experian PLC		15,354		308,789
Kerry Group PLC Class A		7,888		758,045
Paddy Power Betfair PLC		992		99,003
Ryanair Holdings PLC ADR (b)		3,759		396,274
				1,709,568
ISRAEL — 1.1%
Azrieli Group, Ltd.		4,812		267,258
Bank Hapoalim BM		85,101		595,750
Bank Leumi Le-Israel BM		73,543		390,344
Bezeq The Israeli Telecommunication Corp., Ltd.		85,453		122,183
Check Point Software Technologies, Ltd. (b)		3,206		365,548
Mizrahi Tefahot Bank, Ltd.		14,861		266,418
Teva Pharmaceutical Industries, Ltd.		4,224		73,848
				2,081,349
ITALY — 0.9%
Assicurazioni Generali SpA		12,539		233,620
Enel SpA		65,100		392,117
Eni SpA		12,330		204,071
Ferrari NV		889		98,266
Intesa Sanpaolo SpA		76,968		272,247
Luxottica Group SpA		2,257		126,180
Snam SpA		32,364		155,951
Telecom Italia SpA/Milano Savings Shares		133,197		100,148

See accompanying notes to financial statements.

152

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
UniCredit SpA (b)		10,809	$	230,267
				1,812,867
JAPAN — 23.2%
ABC-Mart, Inc.		4,600		242,740
Aeon Co., Ltd. (d)		6,100		90,092
Ajinomoto Co., Inc.		6,200		120,954
ANA Holdings, Inc.		11,800		446,464
Aozora Bank, Ltd.		4,600		174,903
Asahi Group Holdings, Ltd.		6,100		246,894
Astellas Pharma, Inc.		67,000		852,045
Benesse Holdings, Inc.		6,100		220,015
Bridgestone Corp.		17,800		807,416
Canon, Inc.		30,500		1,041,820
Chubu Electric Power Co., Inc.		6,100		75,705
Concordia Financial Group, Ltd.		11,500		56,813
Dai-ichi Life Holdings, Inc.		11,608		208,205
Daicel Corp.		5,300		63,846
Daiichi Sankyo Co., Ltd.		12,106		272,954
Daito Trust Construction Co., Ltd.		1,400		254,964
Denso Corp.		5,100		257,934
Disco Corp.		500		101,675
East Japan Railway Co.		6,100		562,773
Eisai Co., Ltd.		5,100		261,694
FamilyMart UNY Holdings Co., Ltd.		5,700		300,280
Fujitsu, Ltd.		13,000		96,537
Hitachi, Ltd.		55,000		387,416
Honda Motor Co., Ltd.		13,500		399,609
Hoshizaki Corp.		400		35,144
Hoya Corp.		6,200		334,607
Inpex Corp.		5,900		62,661
Isuzu Motors, Ltd.		7,900		104,641
ITOCHU Corp.		16,814		275,292
Japan Airlines Co., Ltd.		12,200		412,718
Japan Exchange Group, Inc.		12,206		215,894
Japan Post Bank Co., Ltd.		11,900		146,946
Japan Prime Realty Investment Corp. REIT		61		203,758
Japan Real Estate Investment Corp. REIT		56		269,142
Japan Retail Fund Investment Corp. REIT		183		328,234
Japan Tobacco, Inc.		20,300		665,095
JFE Holdings, Inc.		7,600		148,368
JXTG Holdings, Inc.		41,582		213,848
Kajima Corp.		57,000		566,126
Kakaku.com, Inc.		6,100		77,710
Kansai Electric Power Co., Inc.		6,500		83,123
Kao Corp.		12,200		717,488
KDDI Corp.		42,518		1,120,694
Keikyu Corp.		23,500		476,200
Keyence Corp.		1,500		796,207
Kirin Holdings Co., Ltd.		19,200		451,664
Kobe Steel, Ltd.		3,700		42,271
Koito Manufacturing Co., Ltd.		1,200		75,263
Komatsu, Ltd.		6,100		173,465
Konami Holdings Corp.		2,500		120,153
Kubota Corp.		6,100		110,848
Kyowa Hakko Kirin Co., Ltd.		6,100		103,721
Kyushu Financial Group, Inc.		6,900		42,418
Kyushu Railway Co.		10,919		324,471
Lawson, Inc. (d)		4,400		291,210
LINE Corp. (b) (d)		900		32,501
LIXIL Group Corp.		1,500		39,790
M3, Inc.		5,700		162,293
Marubeni Corp.		42,500		290,155
Mazda Motor Corp.		6,100		93,479
McDonald’s Holdings Co., Japan, Ltd.		6,100		269,871
MEIJI Holdings Co., Ltd.		5,100		404,140
Miraca Holdings, Inc.		4,600		213,725
MISUMI Group, Inc.		4,400		115,819
Mitsubishi Chemical Holdings Corp.		18,300		174,278
Mitsubishi Corp.		12,700		295,090
Mitsubishi Electric Corp.		6,200		96,829
Mitsubishi Heavy Industries, Ltd.		4,300		169,952
Mitsubishi Tanabe Pharma Corp.		18,413		422,028
Mitsubishi UFJ Financial Group, Inc.		133,900		869,193
Mitsui & Co., Ltd.		18,600		274,791
Mitsui OSK Lines, Ltd.		1,300		39,382
Mizuho Financial Group, Inc.		458,700		803,178
MS&AD Insurance Group Holdings, Inc.		6,100		196,334
Murata Manufacturing Co., Ltd.		4,900		719,993
Nabtesco Corp.		1,500		55,701
Nagoya Railroad Co., Ltd.		11,600		249,694
NH Foods, Ltd.		7,000		192,467
Nippon Building Fund, Inc. REIT		11		54,822
Nippon Paint Holdings Co., Ltd.		900		30,582
Nippon Prologis REIT, Inc.		123		259,080
Nippon Steel & Sumitomo Metal Corp.		8,300		190,495
Nippon Telegraph & Telephone Corp.		24,400		1,117,850
Nippon Yusen KK (b)		3,600		74,805
Nissan Motor Co., Ltd.		18,316		181,346
Nissin Foods Holdings Co., Ltd.		6,100		370,666
Nitori Holdings Co., Ltd.		3,800		543,171
Nitto Denko Corp.		4,800		400,068
Nomura Holdings, Inc.		25,200		141,038
Nomura Real Estate Master Fund, Inc.		304		395,107
Nomura Research Institute, Ltd.		6,300		245,698
NTT DOCOMO, Inc.		49,122		1,121,735
Obayashi Corp.		13,100		156,993
Oracle Corp. Japan		5,900		463,341
Oriental Land Co., Ltd.		6,100		464,633
ORIX Corp.		10,800		174,091
Osaka Gas Co., Ltd.		11,800		219,301
Otsuka Corp.		5,400		345,880
Otsuka Holdings Co., Ltd.		18,100		718,919
Panasonic Corp.		13,100		189,753
Park24 Co., Ltd. (d)		6,100		148,483
Recruit Holdings Co., Ltd.		48,005		1,039,294
Resona Holdings, Inc.		31,000		159,179
Ricoh Co., Ltd.		6,800		66,088
Ryohin Keikaku Co., Ltd.		500		147,248
Sankyo Co., Ltd.		6,100		194,545
Santen Pharmaceutical Co., Ltd.		12,200		192,161
Secom Co., Ltd.		6,100		444,474
Sekisui House, Ltd.		6,100		102,773
Seven & i Holdings Co., Ltd.		6,000		231,600
Shimamura Co., Ltd.		600		71,958
Shimano, Inc.		600		79,900
Shin-Etsu Chemical Co., Ltd.		300		26,811

See accompanying notes to financial statements.

153

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Shionogi & Co., Ltd.		5,500	$	300,542
SMC Corp.		600		211,558
SoftBank Group Corp.		5,700		459,990
Sompo Holdings, Inc.		1,900		73,897
Sony Corp.		6,100		226,843
Start Today Co., Ltd.		4,700		148,852
Subaru Corp.		12,300		443,637
Sumitomo Corp.		12,312		177,026
Sumitomo Electric Industries, Ltd.		6,200		101,236
Sumitomo Mitsui Financial Group, Inc.		17,200		660,099
Sumitomo Mitsui Trust Holdings, Inc.		4,800		173,169
Suntory Beverage & Food, Ltd.		11,987		533,513
Suzuken Co., Ltd.		1,100		39,089
Suzuki Motor Corp.		1,100		57,675
Sysmex Corp.		5,100		325,305
T&D Holdings, Inc.		5,000		72,558
Taisei Corp.		4,600		241,105
Taisho Pharmaceutical Holdings Co., Ltd.		5,300		402,097
Takeda Pharmaceutical Co., Ltd.		17,100		943,983
Terumo Corp.		6,000		235,864
Tobu Railway Co., Ltd.		11,000		301,959
Tohoku Electric Power Co., Inc.		6,100		77,547
Tokio Marine Holdings, Inc.		5,900		230,727
Tokyo Electric Power Co. Holdings, Inc. (b)		47,800		192,788
Tokyo Gas Co., Ltd.		9,209		225,624
Toray Industries, Inc.		54,000		523,617
Toshiba Corp. (b)		27,000		75,556
Toyo Suisan Kaisha, Ltd.		12,100		444,485
Toyota Motor Corp.		23,200		1,382,952
Toyota Tsusho Corp.		5,200		170,692
Trend Micro, Inc.		1,500		73,824
Tsuruha Holdings, Inc.		600		71,692
Unicharm Corp.		5,706		130,579
United Urban Investment Corp. REIT		244		357,226
USS Co., Ltd.		12,200		246,027
West Japan Railway Co.		5,200		361,341
Yahoo! Japan Corp. (d)		24,400		115,752
Yamada Denki Co., Ltd.		36,600		199,964
Yamaguchi Financial Group, Inc.		4,000		46,800
Yamato Holdings Co., Ltd.		9,400		189,687
				44,724,576
LUXEMBOURG — 0.3%
ArcelorMittal (b)		5,441		140,386
RTL Group SA		3,608		273,154
SES SA		7,408		162,106
				575,646
MEXICO — 0.0% (e)
Fresnillo PLC		1,598		30,123
NETHERLANDS — 2.6%
Aegon NV		22,955		133,733
Akzo Nobel NV		1,358		125,416
ASML Holding NV		7,314		1,245,544
Boskalis Westminster		2,314		80,906
EXOR NV		2,203		139,725
Heineken NV		974		96,320
ING Groep NV		21,355		393,836
Koninklijke Ahold Delhaize NV		10,740		200,864
Koninklijke DSM NV		1,684		137,884
Koninklijke KPN NV		22,704		77,972
Koninklijke Philips NV		4,366		180,291
NN Group NV		9,057		379,141
Randstad Holding NV		1,574		97,393
Royal Dutch Shell PLC Class A		26,545		800,783
Royal Dutch Shell PLC Class B		24,331		749,009
Wolters Kluwer NV		2,506		115,822
				4,954,639
NEW ZEALAND — 0.2%
Auckland International Airport, Ltd.		26,330		122,579
Contact Energy, Ltd.		9,217		36,646
Meridian Energy, Ltd.		47,172		97,016
Ryman Healthcare, Ltd.		14,313		95,916
Spark New Zealand, Ltd.		33,105		87,350
				439,507
NORWAY — 0.4%
DNB ASA		8,498		171,341
Gjensidige Forsikring ASA		4,156		72,362
Statoil ASA		10,892		217,969
Telenor ASA		7,401		156,568
Yara International ASA		1,887		84,556
				702,796
PORTUGAL — 0.1%
EDP - Energias de Portugal SA		24,174		91,022
Jeronimo Martins SGPS SA		5,196		102,522
				193,544
SINGAPORE — 2.1%
ComfortDelGro Corp., Ltd.		61,000		93,435
DBS Group Holdings, Ltd.		60,903		933,761
Keppel Corp., Ltd.		29,311		140,085
Oversea-Chinese Banking Corp., Ltd.		121,602		999,358
Singapore Airlines, Ltd.		61,000		451,003
Singapore Press Holdings, Ltd. (d)		61,000		122,184
Singapore Technologies Engineering, Ltd.		61,000		154,527
Singapore Telecommunications, Ltd.		311,500		844,155
StarHub, Ltd.		61,000		116,794
United Overseas Bank, Ltd.		11,175		193,389
				4,048,691
SOUTH AFRICA — 0.1%
Mondi PLC		6,108		164,306
SPAIN — 2.2%
ACS Actividades de Construccion y Servicios SA		3,342		123,881
Amadeus IT Group SA		8,986		584,172
Banco Bilbao Vizcaya Argentaria SA		51,613		461,349
Banco de Sabadell SA		51,698		107,933
Banco Santander SA		134,796		941,314
CaixaBank SA		28,749		144,105
Distribuidora Internacional de Alimentacion SA		9,258		54,013
Endesa SA		7,827		176,502
Iberdrola SA		30,759		238,980
Industria de Diseno Textil SA		20,857		786,193
Repsol SA		15,711		289,561

See accompanying notes to financial statements.

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September 30, 2017

Security Description	Shares		Value
Telefonica SA		25,233	$	274,201
				4,182,204
SWEDEN — 2.4%
Alfa Laval AB		5,360		130,612
Assa Abloy AB Class B		15,641		356,420
Atlas Copco AB Class A		16,756		708,025
Atlas Copco AB Class B		3,665		141,798
Essity AB Class B (b)		2,688		72,977
Hennes & Mauritz AB Class B		26,905		695,505
Hexagon AB Class B		3,669		181,464
ICA Gruppen AB		3,237		121,392
Investor AB Class B		5,014		247,127
Kinnevik AB Class B		5,930		192,960
L E Lundbergforetagen AB Class B		2,081		165,973
Nordea Bank AB		18,172		245,786
Sandvik AB		8,499		146,295
Securitas AB Class B		2,669		44,601
Skandinaviska Enskilda Banken AB Class A		9,355		122,978
Skanska AB Class B		7,645		176,740
Svenska Handelsbanken AB Class A		7,098		106,874
Swedbank AB Class A		4,522		124,762
Swedish Match AB		2,748		96,186
Telefonaktiebolaget LM Ericsson Class B		16,883		96,739
Telia Co. AB		49,501		232,636
Volvo AB Class B		9,416		181,114
				4,588,964
SWITZERLAND — 11.9%
ABB, Ltd.		37,386		924,991
Adecco Group AG (b)		3,054		237,982
Baloise Holding AG		1,525		241,453
Barry Callebaut AG (b)		122		187,110
Chocoladefabriken Lindt & Spruengli AG		122		696,621
Cie Financiere Richemont SA		1,279		116,982
Credit Suisse Group AG (b)		20,792		329,414
EMS-Chemie Holding AG		183		121,798
Ferguson PLC		4,586		301,241
Geberit AG		852		403,370
Givaudan SA		304		661,976
Glencore PLC (b)		118,346		543,024
Julius Baer Group, Ltd. (b)		4,136		244,928
Kuehne + Nagel International AG		5,318		985,446
LafargeHolcim, Ltd. (b) (c)		976		57,091
LafargeHolcim, Ltd. (b) (c)		1,159		67,680
Nestle SA		56,408		4,727,872
Novartis AG		19,404		1,662,455
Partners Group Holding AG		794		539,126
Roche Holding AG		15,530		3,967,565
Schindler Holding AG (c)		852		188,345
Schindler Holding AG (c)		730		157,151
SGS SA		122		292,896
Sika AG		59		439,329
Sonova Holding AG		4,708		799,426
Swatch Group AG		366		152,361
Swiss Life Holding AG (b)		671		236,542
Swiss Prime Site AG (b)		5,440		489,409
Swiss Re AG		11,191		1,014,315
Swisscom AG		1,767		906,144
UBS Group AG (b)		22,088		377,797
Vifor Pharma AG		610		71,869
Zurich Insurance Group AG		2,318		707,666
				22,851,375
UNITED KINGDOM — 18.7%
3i Group PLC		14,288		175,017
Admiral Group PLC		10,028		244,460
Anglo American PLC		12,178		218,856
Ashtead Group PLC		9,113		219,954
Associated British Foods PLC		7,037		301,457
AstraZeneca PLC		33,955		2,257,286
Aviva PLC		17,615		121,593
Babcock International Group PLC		8,499		94,357
BAE Systems PLC		63,660		539,361
Barclays PLC		145,708		377,978
Barratt Developments PLC		16,899		139,323
Berkeley Group Holdings PLC		3,114		155,292
BP PLC		117,368		751,589
British American Tobacco PLC		35,812		2,244,763
BT Group PLC		210,677		802,457
Bunzl PLC		10,462		318,204
Burberry Group PLC		8,681		204,985
Centrica PLC		87,639		219,876
CNH Industrial NV		8,380		100,653
Compass Group PLC		72,004		1,529,244
ConvaTec Group PLC (a)		65,508		240,727
Croda International PLC		2,627		133,685
Diageo PLC		59,832		1,969,111
Direct Line Insurance Group PLC		76,611		373,727
easyJet PLC		1,852		30,239
Fiat Chrysler Automobiles NV (b)		21,234		380,559
GKN PLC		41,297		191,705
GlaxoSmithKline PLC		44,844		895,555
Hargreaves Lansdown PLC		5,803		115,227
HSBC Holdings PLC		198,241		1,960,465
IMI PLC		7,031		117,254
Imperial Brands PLC		25,265		1,079,273
Intertek Group PLC		2,749		183,746
ITV PLC		83,022		194,592
J Sainsbury PLC		27,288		87,097
Johnson Matthey PLC		3,541		162,477
Kingfisher PLC		77,946		312,160
Land Securities Group PLC REIT		7,167		93,511
Legal & General Group PLC		104,317		363,748
Lloyds Banking Group PLC		312,588		284,049
London Stock Exchange Group PLC		1,963		100,869
Marks & Spencer Group PLC		43,741		207,393
Meggitt PLC		14,678		102,599
Merlin Entertainments PLC (a)		20,979		125,393
National Grid PLC		63,093		782,662
Next PLC		2,750		194,070
Old Mutual PLC		32,680		85,147
Pearson PLC		6,847		56,220
Persimmon PLC		7,220		250,111
Prudential PLC		12,539		300,542
Randgold Resources, Ltd.		1,842		180,777
Reckitt Benckiser Group PLC		22,784		2,082,608
RELX NV		21,040		447,971

See accompanying notes to financial statements.

155

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
RELX PLC		51,088	$	1,122,036
Rio Tinto PLC		7,280		339,215
Rio Tinto, Ltd.		6,410		334,620
Rolls-Royce Holdings PLC (b)		35,317		420,288
Royal Bank of Scotland Group PLC (b)		12,667		45,597
Royal Mail PLC		63,382		326,710
Sage Group PLC		21,231		198,965
Schroders PLC		2,142		96,416
Severn Trent PLC		2,566		74,809
Sky PLC		20,381		250,199
Smith & Nephew PLC		36,226		655,163
Smiths Group PLC		7,949		168,183
SSE PLC		35,704		669,195
St James’s Place PLC		8,620		132,535
Standard Chartered PLC (b)		30,278		301,256
Standard Life Aberdeen PLC		17,835		103,729
Tate & Lyle PLC		32,519		282,935
Taylor Wimpey PLC		54,946		144,119
Tesco PLC (b)		65,450		164,338
Travis Perkins PLC		2,507		48,704
Unilever NV		33,249		1,966,920
Unilever PLC		28,117		1,629,264
United Utilities Group PLC		5,379		61,667
Vodafone Group PLC		273,645		766,579
Whitbread PLC		3,671		185,483
William Hill PLC		28,447		96,331
Wm Morrison Supermarkets PLC		29,490		92,622
WPP PLC		19,588		363,981
				36,143,833
UNITED STATES — 0.1%
Shire PLC		1,955		99,356
TOTAL COMMON STOCKS (Cost $171,736,565)				191,227,849
SHORT-TERM INVESTMENTS — 0.4%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (f) (g)		152,020		152,020
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)		666,545		666,545
TOTAL SHORT-TERM INVESTMENTS (Cost $818,565)				818,565
TOTAL INVESTMENTS — 99.7% (Cost $172,555,130)				192,046,414
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				597,639
NET ASSETS — 100.0%			$	192,644,053

(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.8% of net assets as of September 30, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) Non-income producing security.

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

(d) All or a portion of the shares of the security are on loan at September 30, 2017.

(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 September 30, 2017 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at September 30, 2017.

(h) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	8,863,024	$	—	$	—	$	8,863,024
Austria		142,472		—		—		142,472
Belgium		1,857,238		—		—		1,857,238
Denmark		7,482,879		—		—		7,482,879
Finland		2,410,964		—		—		2,410,964
France		14,463,086		—		—		14,463,086
Germany		17,024,575		—		—		17,024,575
Hong Kong		9,680,267		—		—		9,680,267
Ireland		1,709,568		—		—		1,709,568

See accompanying notes to financial statements.

156

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Israel	$	2,081,349	$	—	$	—	$	2,081,349
Italy		1,812,867		—		—		1,812,867
Japan		44,724,576		—		—		44,724,576
Luxembourg		575,646		—		—		575,646
Mexico		30,123		—		—		30,123
Netherlands		4,954,639		—		—		4,954,639
New Zealand		439,507		—		—		439,507
Norway		702,796		—		—		702,796
Portugal		193,544		—		—		193,544
Singapore		4,048,691		—		—		4,048,691
South Africa		164,306		—		—		164,306
Spain		4,182,204		—		—		4,182,204
Sweden		4,588,964		—		—		4,588,964
Switzerland		22,851,375		—		—		22,851,375
United Kingdom		36,143,833		—		—		36,143,833
United States		99,356		—		—		99,356
Short-Term Investments		818,565		—		—		818,565
TOTAL INVESTMENTS	$	192,046,414	$	—	$	—	$	192,046,414

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		3,712,893		3,560,873		—		—		152,020		152,020		1,114
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		586,362		586,362		—		—		—		—		155
State Street Navigator Securities Lending Government Money Market Portfolio*		—		—		7,025,683		6,359,138		—		—		666,545		666,545		3,332
TOTAL			$	7,487	$	11,324,941	$	10,513,863	$	—	$	—			$	818,565	$	4,601

* 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

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SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.4%
BRAZIL — 5.6%
Ambev SA		59,160	$	393,509
Ambev SA ADR		370,546		2,441,898
B3 SA - Brasil Bolsa Balcao		15,740		119,176
Banco Bradesco SA		17,977		189,821
Banco Bradesco SA Preference Shares		57,460		636,699
Banco do Brasil SA		27,627		304,817
Banco Santander Brasil SA		8,016		70,045
BB Seguridade Participacoes SA		56,501		511,396
BR Malls Participacoes SA		8,246		36,679
Braskem SA Class A, Preference Shares		2,722		36,512
BRF SA (a)		1,524		22,004
BRF SA ADR (a) (b)		6,629		95,524
CCR SA		7,568		42,372
Centrais Eletricas Brasileiras SA (a)		5,400		33,733
Centrais Eletricas Brasileiras SA ADR (b)		5,343		38,363
Centrais Eletricas Brasileiras SA Class B, Preference Shares		490		3,515
Cia Brasileira de Distribuicao ADR (a)		4,239		100,337
Cia Brasileira de Distribuicao Preference Shares (a)		532		12,614
Cia de Saneamento Basico do Estado de Sao Paulo		434		4,566
Cia de Saneamento Basico do Estado de Sao Paulo ADR		3,608		37,740
Cia Energetica de Minas Gerais ADR (b)		26,124		64,788
Cia Energetica de Minas Gerais Preference Shares		4,886		12,326
Cia Paranaense de Energia ADR (b)		2,833		25,100
Cia Paranaense de Energia Preference Shares		406		3,623
Cia Siderurgica Nacional SA (a)		1,232		3,743
Cia Siderurgica Nacional SA ADR (a) (b)		9,687		28,674
Cielo SA		120,219		835,374
Cosan SA Industria e Comercio		2,050		23,461
CPFL Energia SA ADR (b)		12,698		217,898
Duratex SA		3,346		10,017
EDP - Energias do Brasil SA		13,600		65,095
Embraer SA		980		5,543
Embraer SA ADR		3,084		69,729
Engie Brasil Energia SA		10,565		121,076
Equatorial Energia SA		13,697		265,223
Fibria Celulose SA ADR (b)		3,157		42,746
Gerdau SA Preference Shares		19,420		67,780
Hypermarcas SA		982		9,996
Itau Unibanco Holding SA Preference Shares		10,045		137,664
Itau Unibanco Holding SA Preference Shares ADR		50,510		691,987
Itausa - Investimentos Itau SA Preference Shares		315,633		1,100,622
JBS SA		32,918		88,457
Klabin SA		4,939		28,652
Kroton Educacional SA		12,004		76,089
Localiza Rent a Car SA		735		13,410
Lojas Americanas SA		712		3,536
Lojas Americanas SA Preference Shares		1,921		11,691
Lojas Renner SA		44,757		510,231
M Dias Branco SA		5,677		89,198
Multiplan Empreendimentos Imobiliarios SA		210		4,868
Natura Cosmeticos SA		604		5,958
Odontoprev SA		18,640		90,927
Petroleo Brasileiro SA (a)		14,974		74,843
Petroleo Brasileiro SA ADR (a)		26,329		264,343
Petroleo Brasileiro SA Preference Shares (a)		32,977		159,508
Petroleo Brasileiro SA Preference Shares ADR (a)		30,856		298,069
Porto Seguro SA		1,916		22,818
Qualicorp SA		746		8,938
Raia Drogasil SA		10,973		260,176
Rumo SA (a)		6,735		25,742
Sul America SA		15,478		87,540
Suzano Papel e Celulose SA Class A, Preference Shares		3,400		19,681
Telefonica Brasil SA ADR		5,624		89,084
Telefonica Brasil SA Preference Shares		644		10,275
Tim Participacoes SA		1,806		6,594
Tim Participacoes SA ADR		2,791		51,019
Transmissora Alianca de Energia Eletrica SA		1,400		9,848
Ultrapar Participacoes SA		378		9,000
Ultrapar Participacoes SA ADR		3,815		90,873
Vale SA		9,037		91,051
Vale SA ADR		23,948		241,156
Vale SA Preference Shares		6,600		61,636
WEG SA		31,877		215,661
				11,954,657
CHILE — 1.8%
AES Gener SA		25,647		8,986
Aguas Andinas SA Class A		915,087		583,060
Banco de Chile		1,627,363		248,587
Banco de Chile ADR		9,893		901,945
Banco de Credito e Inversiones		2,041		129,266
Banco Santander Chile		90,118		6,710
Banco Santander Chile ADR		1,725		51,250
Cencosud SA		24,306		74,409
Cencosud SA ADR (a)		5,135		47,160
Cia Cervecerias Unidas SA		2,256		30,416
Cia Cervecerias Unidas SA ADR		4,502		121,239
Colbun SA		340,465		82,435
Embotelladora Andina SA Class B, Preference Shares		1,220		5,710
Empresa Nacional de Telecomunicaciones SA		1,189		12,315
Empresas CMPC SA		16,443		43,345
Empresas COPEC SA		11,327		148,520
Enel Americas SA		110,675		22,693
Enel Americas SA ADR		10,605		108,383

See accompanying notes to financial statements.

158

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Enel Chile SA		176,260	$	21,522
Enel Chile SA ADR		4,636		27,816
Enel Generacion Chile SA		26,934		23,551
Enel Generacion Chile SA ADR (b)		10,603		279,495
Itau CorpBanca ADR		1,333		18,529
Latam Airlines Group SA		616		8,119
Latam Airlines Group SA ADR (b)		3,952		52,364
SACI Falabella		80,660		787,745
Sociedad Quimica y Minera de Chile SA ADR		1,022		56,885
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares		84		4,667
				3,907,122
CHINA — 24.0%
3SBio, Inc. (a) (c)		114,890		184,161
58.com, Inc. ADR (a)		158		9,976
AAC Technologies Holdings, Inc.		93,500		1,570,563
Agricultural Bank of China, Ltd. Class H		1,387,000		621,519
Air China, Ltd. Class H		52,000		43,207
Alibaba Group Holding, Ltd. ADR (a) (b)		7,027		1,213,633
Aluminum Corp. of China, Ltd. Class H (a)		74,000		66,414
Anhui Conch Cement Co., Ltd. Class H		14,000		55,834
ANTA Sports Products, Ltd.		150,000		630,865
Autohome, Inc. ADR (a)		3,761		225,961
AviChina Industry & Technology Co., Ltd. Class H		4,000		2,417
Baidu, Inc. ADR (a)		3,002		743,565
Bank of China, Ltd. Class H		4,099,071		2,020,488
Bank of Communications Co., Ltd. Class H		435,000		317,449
Beijing Capital International Airport Co., Ltd. Class H		168,000		250,364
Beijing Enterprises Holdings, Ltd.		12,500		67,216
Beijing Enterprises Water Group, Ltd. (a)		70,000		56,371
Brilliance China Automotive Holdings, Ltd.		200,000		532,603
Byd Co., Ltd. Class H (b)		6,000		55,654
CGN Power Co., Ltd. Class H (c)		117,100		32,383
China Cinda Asset Management Co., Ltd. Class H		174,548		64,360
China CITIC Bank Corp., Ltd. Class H		526,000		334,024
China Coal Energy Co., Ltd. Class H		34,000		16,063
China Communications Construction Co., Ltd. Class H		134,000		167,271
China Communications Services Corp., Ltd. Class H		96,000		49,409
China Conch Venture Holdings, Ltd.		20,000		38,921
China Construction Bank Corp. Class H		3,482,394		2,889,103
China Everbright Bank Co., Ltd. Class H		495,274		228,909
China Everbright International, Ltd.		19,000		23,839
China Everbright, Ltd.		18,000		41,389
China Evergrande Group (a)		52,625		183,598
China Galaxy Securities Co., Ltd. Class H		51,334		45,020
China Huarong Asset Management Co., Ltd. (c)		284,200		126,987
China Huishan Dairy Holdings Co., Ltd. (a) (d)		1,072,393		—
China Jinmao Holdings Group, Ltd.		88,000		44,278
China Life Insurance Co., Ltd. Class H		83,000		247,065
China Longyuan Power Group Corp., Ltd. Class H		55,000		40,982
China Medical System Holdings, Ltd.		229,733		401,188
China Mengniu Dairy Co., Ltd. (a)		160,000		447,591
China Merchants Bank Co., Ltd. Class H		94,500		332,112
China Merchants Port Holdings Co., Ltd.		35,473		109,452
China Minsheng Banking Corp., Ltd. Class H		218,300		200,114
China Mobile, Ltd.		463,997		4,701,930
China National Building Material Co., Ltd. Class H		182,000		126,060
China Oilfield Services, Ltd. Class H		28,000		25,632
China Overseas Land & Investment, Ltd.		78,000		253,652
China Pacific Insurance Group Co., Ltd. Class H		36,000		155,095
China Petroleum & Chemical Corp. Class H		1,180,395		884,084
China Power International Development, Ltd.		106,000		34,878
China Railway Construction Corp., Ltd. Class H		70,500		89,358
China Railway Group, Ltd. Class H		131,000		108,346
China Resources Beer Holdings Co., Ltd.		130,092		352,266
China Resources Gas Group, Ltd.		158,000		550,220
China Resources Land, Ltd.		46,444		142,114
China Resources Power Holdings Co., Ltd.		94,267		170,172
China Shenhua Energy Co., Ltd. Class H		68,000		159,842
China Southern Airlines Co., Ltd. Class H		34,000		23,419
China State Construction International Holdings, Ltd.		112,000		163,181
China Taiping Insurance Holdings Co., Ltd.		32,610		87,258
China Telecom Corp., Ltd. Class H		660,000		337,998
China Unicom Hong Kong, Ltd. (a)		200,000		278,080
China Vanke Co., Ltd. Class H		79,492		261,557
Chongqing Changan Automobile Co., Ltd. Class B		74,200		98,133
Chongqing Rural Commercial Bank Co., Ltd. Class H		108,000		68,445
CITIC Securities Co., Ltd. Class H		28,000		61,587
CITIC, Ltd.		146,000		215,709
CNOOC, Ltd.		419,000		540,735
COSCO SHIPPING Ports, Ltd.		286,480		318,731

See accompanying notes to financial statements.

159

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Country Garden Holdings Co., Ltd.		80,266	$	127,633
CRRC Corp., Ltd. Class H		55,000		48,869
CSPC Pharmaceutical Group, Ltd.		710,000		1,188,984
Ctrip.com International, Ltd. ADR (a)		1,235		65,134
Dongfeng Motor Group Co., Ltd. Class H		232,000		306,533
ENN Energy Holdings, Ltd.		9,000		65,218
Fang Holdings, Ltd. ADR (a) (b)		42		170
Far East Horizon, Ltd.		22,000		20,674
Fosun International, Ltd.		52,500		110,637
Fuyao Glass Industry Group Co., Ltd. Class H (c)		45,600		165,511
Geely Automobile Holdings, Ltd.		390,000		1,098,493
GF Securities Co., Ltd. Class H		24,800		53,914
GOME Retail Holdings, Ltd.		282,000		31,772
Great Wall Motor Co., Ltd. Class H		260,500		320,176
Guangdong Investment, Ltd.		742,000		1,058,277
Guangzhou Automobile Group Co., Ltd. Class H		22,000		50,925
Guangzhou R&F Properties Co., Ltd. Class H		38,800		89,913
Haitian International Holdings, Ltd.		40,000		114,971
Haitong Securities Co., Ltd. Class H		42,000		67,861
Hengan International Group Co., Ltd.		84,374		781,011
Huaneng Power International, Inc. Class H		172,000		106,362
Huaneng Renewables Corp., Ltd. Class H		38,000		12,552
Huatai Securities Co., Ltd. Class H (c)		22,243		49,266
Industrial & Commercial Bank of China, Ltd. Class H		3,220,448		2,391,412
JD.com, Inc. ADR (a)		2,368		90,458
Jiangsu Expressway Co., Ltd. Class H		374,000		572,681
Jiangxi Copper Co., Ltd. Class H		36,000		56,876
Kingsoft Corp., Ltd.		2,000		4,660
Kunlun Energy Co., Ltd.		58,000		56,658
Lenovo Group, Ltd.		354,915		195,845
Longfor Properties Co., Ltd.		40,500		102,148
Minth Group, Ltd.		40,000		209,456
NetEase, Inc. ADR		7,770		2,049,804
New China Life Insurance Co., Ltd. Class H		12,200		68,961
New Oriental Education & Technology Group, Inc. ADR		10,970		968,212
People’s Insurance Co. Group of China, Ltd. Class H		230,000		102,769
PetroChina Co., Ltd. Class H		650,000		411,935
PICC Property & Casualty Co., Ltd. Class H		316,180		557,819
Ping An Insurance Group Co. of China, Ltd. Class H		64,500		495,061
Semiconductor Manufacturing International Corp. (a) (b)		278,200		314,149
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		236,000		167,089
Shanghai Electric Group Co., Ltd. Class H (a) (b)		36,000		15,855
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		1,500		6,222
Shanghai Industrial Holdings, Ltd.		7,000		21,195
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		149,127		237,261
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		57,800		141,194
Shenzhou International Group Holdings, Ltd.		124,000		971,590
Sihuan Pharmaceutical Holdings Group, Ltd.		598,000		217,435
SINA Corp. (a)		291		33,363
Sino-Ocean Group Holding, Ltd.		85,000		56,698
Sinopec Engineering Group Co., Ltd. Class H		57,713		50,910
Sinopec Shanghai Petrochemical Co., Ltd. Class H		54,000		32,148
Sinopharm Group Co., Ltd. Class H		36,000		158,552
SOHO China, Ltd. (a)		22,000		12,590
Sunac China Holdings, Ltd. (b)		29,697		135,925
Sunny Optical Technology Group Co., Ltd.		52,893		841,066
TAL Education Group ADR		26,190		882,865
Tencent Holdings, Ltd.		138,878		5,977,798
Tingyi Cayman Islands Holding Corp.		18,000		27,101
TravelSky Technology, Ltd. Class H		173,000		450,734
Tsingtao Brewery Co., Ltd. Class H		34,000		130,155
Vipshop Holdings, Ltd. ADR (a)		1,986		17,457
Want Want China Holdings, Ltd.		435,000		305,754
Weibo Corp. ADR (a) (b)		26		2,572
Weichai Power Co., Ltd. Class H		40,000		43,837
Yanzhou Coal Mining Co., Ltd. Class H		46,000		45,289
YY, Inc. ADR (a)		2,288		198,553
Zhejiang Expressway Co., Ltd. Class H		214,000		266,038
Zhuzhou CRRC Times Electric Co., Ltd. Class H		36,300		203,327
Zijin Mining Group Co., Ltd. Class H		82,000		28,136
ZTE Corp. Class H (a)		8,280		27,085
				51,230,354
COLOMBIA — 0.4%
Bancolombia SA		3,790		42,253
Bancolombia SA ADR (b)		1,292		59,161
Bancolombia SA Preference Shares		2,894		33,288
Cementos Argos SA		1,555		6,195
Ecopetrol SA		9,534		4,545
Ecopetrol SA ADR (b)		3,907		37,077
Grupo Argos SA		7,463		53,671
Grupo Aval Acciones y Valores SA Preference Shares		32,251		14,606
Grupo de Inversiones Suramericana SA		2,297		31,975
Grupo de Inversiones Suramericana SA Preference Shares		7,957		108,867
Interconexion Electrica SA ESP		82,800		385,702
				777,340
CZECH REPUBLIC — 0.3%
CEZ A/S		4,951		99,377
Komercni banka A/S		6,101		266,399

See accompanying notes to financial statements.

160

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Moneta Money Bank A/S (c)		45,251	$	159,305
O2 Czech Republic A/S		13,616		167,214
				692,295
EGYPT — 0.3%
Commercial International Bank Egypt SAE GDR		145,908		663,152
Egyptian Financial Group-Hermes Holding Co.		7,087		8,898
				672,050
GREECE — 0.6%
Alpha Bank AE (a)		47,752		94,276
Eurobank Ergasias SA (a)		69,936		61,843
FF Group (a)		440		9,566
Hellenic Telecommunications Organization SA		15,270		184,674
JUMBO SA		20,378		337,031
National Bank of Greece SA (a)		170,591		57,880
OPAP SA		19,875		210,291
Piraeus Bank SA (a)		13,883		47,596
Titan Cement Co. SA		8,671		219,573
				1,222,730
HONG KONG — 0.8%
Alibaba Pictures Group, Ltd. (a) (b)		10,000		1,600
China Gas Holdings, Ltd.		44,000		131,819
Fullshare Holdings, Ltd. (a) (b)		363,393		158,185
GCL-Poly Energy Holdings, Ltd. (a) (b)		458,000		62,742
Haier Electronics Group Co., Ltd. (a)		98,000		238,893
Hanergy Thin Film Power Group, Ltd. (a) (d)		598,000		—
Nine Dragons Paper Holdings, Ltd.		14,000		27,531
Shimao Property Holdings, Ltd.		55,500		120,370
Sino Biopharmaceutical, Ltd.		652,000		689,505
Sun Art Retail Group, Ltd.		259,332		240,716
				1,671,361
HUNGARY — 0.4%
MOL Hungarian Oil & Gas PLC		29,520		337,010
OTP Bank PLC		3,361		126,558
Richter Gedeon Nyrt		18,233		454,470
				918,038
INDIA — 9.5%
ACC, Ltd.		193		4,896
Adani Ports & Special Economic Zone, Ltd.		40,771		235,157
Ambuja Cements, Ltd.		2,581		10,528
Apollo Hospitals Enterprise, Ltd.		134		2,062
Ashok Leyland, Ltd.		1,669		3,145
Asian Paints, Ltd.		47,533		823,532
Aurobindo Pharma, Ltd.		19,943		211,169
Axis Bank, Ltd.		21,555		168,015
Bajaj Auto, Ltd.		6,704		319,128
Bajaj Finance, Ltd.		200		5,628
Bajaj Finserv, Ltd.		170		13,415
Bharat Forge, Ltd.		339		3,056
Bharat Forge, Ltd. Bonus Shares (e)		339		3,056
Bharat Heavy Electricals, Ltd.		7,216		9,274
Bharat Heavy Electricals, Ltd. Bonus Shares (e)		3,608		4,637
Bharat Petroleum Corp., Ltd.		59,267		427,626
Bharti Airtel, Ltd.		11,555		68,893
Bharti Infratel, Ltd.		31,201		190,301
Bosch, Ltd.		457		143,740
Cadila Healthcare, Ltd.		19,375		139,514
Cipla, Ltd.		6,092		54,662
Coal India, Ltd.		66,895		277,381
Container Corp. Of India, Ltd.		170		3,505
Dabur India, Ltd.		144,889		676,533
Dr Reddy’s Laboratories, Ltd.		495		17,647
Dr Reddy’s Laboratories, Ltd. ADR		515		18,375
Eicher Motors, Ltd.		1,030		492,188
GAIL India, Ltd.		653		4,189
GAIL India, Ltd. GDR		1,277		49,101
Glenmark Pharmaceuticals, Ltd.		8,693		79,624
Godrej Consumer Products, Ltd.		14,065		197,916
Grasim Industries, Ltd.		3,474		60,308
Havells India, Ltd.		18,626		137,770
HCL Technologies, Ltd.		76,631		1,026,283
Hero MotoCorp, Ltd.		4,062		234,725
Hindalco Industries, Ltd.		28,413		104,657
Hindustan Petroleum Corp., Ltd.		13,907		90,868
Hindustan Unilever, Ltd.		69,131		1,242,389
Housing Development Finance Corp., Ltd.		10,800		288,047
ICICI Bank, Ltd.		1,894		8,020
ICICI Bank, Ltd. ADR		14,228		121,792
Idea Cellular, Ltd.		22,609		26,808
Indiabulls Housing Finance, Ltd.		3,349		61,871
Indian Oil Corp., Ltd.		37,783		231,661
Infosys, Ltd.		50,056		689,611
Infosys, Ltd. ADR (b)		115,836		1,690,047
ITC, Ltd.		266,687		1,054,581
JSW Steel, Ltd.		8,042		30,588
Larsen & Toubro, Ltd.		378		6,609
Larsen & Toubro, Ltd. GDR		2,777		49,014
LIC Housing Finance, Ltd.		1,712		16,443
Lupin, Ltd.		17,828		276,754
Mahindra & Mahindra Financial Services, Ltd.		1,058		6,679
Mahindra & Mahindra, Ltd.		336		6,452
Mahindra & Mahindra, Ltd. GDR		2,991		57,726
Marico, Ltd.		87,257		415,112
Maruti Suzuki India, Ltd.		7,602		928,510
Motherson Sumi Systems, Ltd.		34,388		177,099
Nestle India, Ltd.		2,329		257,306
NTPC, Ltd.		19,011		48,735
Oil & Natural Gas Corp., Ltd.		22,703		59,416
Piramal Enterprises, Ltd.		149		5,982
Power Finance Corp., Ltd.		10,713		19,993
Reliance Industries, Ltd.		7,230		86,435
Reliance Industries, Ltd. GDR (c)		14,262		340,149
Rural Electrification Corp., Ltd.		6,150		14,396
Shree Cement, Ltd.		468		133,121
Shriram Transport Finance Co., Ltd.		991		15,997
Siemens, Ltd.		93		1,693

See accompanying notes to financial statements.

161

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
State Bank of India GDR		3,312	$	127,181
Sun Pharmaceutical Industries, Ltd.		87,240		672,130
Tata Consultancy Services, Ltd.		54,067		2,016,297
Tata Motors, Ltd. (a)		3,760		23,111
Tata Motors, Ltd. ADR (a)		6,190		193,561
Tata Motors, Ltd. Class A (a)		12,816		43,616
Tata Power Co., Ltd.		17,137		20,411
Tata Steel, Ltd.		742		7,413
Tata Steel, Ltd. GDR		6,218		61,869
Tech Mahindra, Ltd.		69,243		485,348
Titan Co., Ltd.		30,276		270,941
UltraTech Cement, Ltd.		253		14,928
United Spirits, Ltd. (a)		35		1,285
UPL, Ltd.		20,924		249,377
Vedanta, Ltd.		20,103		96,714
Wipro, Ltd.		92,875		398,472
Wipro, Ltd. ADR (b)		111,606		633,922
Yes Bank, Ltd.		14,150		75,819
Zee Entertainment Enterprises, Ltd.		30,215		240,582
				20,314,517
INDONESIA — 4.1%
Adaro Energy Tbk PT		199,800		27,072
AKR Corporindo Tbk PT		13,800		7,275
Astra International Tbk PT		185,800		108,978
Bank Central Asia Tbk PT		1,271,325		1,916,096
Bank Danamon Indonesia Tbk PT		95,600		36,908
Bank Mandiri Persero Tbk PT		280,000		139,803
Bank Negara Indonesia Persero Tbk PT		168,900		92,795
Bank Rakyat Indonesia Persero Tbk PT		785,700		891,051
Bumi Serpong Damai Tbk PT		83,800		11,012
Charoen Pokphand Indonesia Tbk PT		404,900		82,369
Gudang Garam Tbk PT		58,800		287,255
Hanjaya Mandala Sampoerna Tbk PT		2,341,700		671,094
Indocement Tunggal Prakarsa Tbk PT		118,500		166,282
Indofood CBP Sukses Makmur Tbk PT		341,100		220,959
Indofood Sukses Makmur Tbk PT		299,500		187,340
Jasa Marga Persero Tbk PT		100,700		41,868
Kalbe Farma Tbk PT		3,959,500		489,462
Lippo Karawaci Tbk PT		200,900		10,814
Matahari Department Store Tbk PT		196,800		135,520
Media Nusantara Citra Tbk PT		30,000		2,940
Pakuwon Jati Tbk PT		1,268,878		57,466
Perusahaan Gas Negara Persero Tbk		213,700		24,989
Semen Indonesia Persero Tbk PT		183,400		137,867
Summarecon Agung Tbk PT		67,000		5,298
Surya Citra Media Tbk PT		435,600		70,827
Telekomunikasi Indonesia Persero Tbk PT		5,332,775		1,852,950
Tower Bersama Infrastructure Tbk PT		67,191		32,800
Unilever Indonesia Tbk PT		293,100		1,065,749
United Tractors Tbk PT		22,000		52,268
Waskita Karya Persero Tbk PT		17,300		2,280
XL Axiata Tbk PT (a)		39,100		10,857
				8,840,244
MALAYSIA — 3.3%
AirAsia Bhd		10,400		8,497
Alliance Bank Malaysia Bhd		6,900		6,373
AMMB Holdings Bhd		41,200		42,542
Astro Malaysia Holdings Bhd		6,700		4,475
Axiata Group Bhd		24,502		30,406
British American Tobacco Malaysia Bhd		10,600		109,803
CIMB Group Holdings Bhd		67,272		100,370
Dialog Group Bhd		8,000		3,789
DiGi.Com Bhd		73,200		84,945
Felda Global Ventures Holdings Bhd		17,200		6,884
Gamuda Bhd		7,800		9,753
Genting Bhd		35,400		80,064
Genting Malaysia Bhd		29,200		37,205
Genting Plantations Bhd		800		1,951
HAP Seng Consolidated Bhd		49,400		106,463
Hartalega Holdings Bhd		64,300		105,987
Hong Leong Bank Bhd		193,520		726,874
Hong Leong Financial Group Bhd		2,900		11,401
IHH Healthcare Bhd		593,100		807,655
IJM Corp. Bhd		31,200		24,384
IOI Corp. Bhd		14,900		16,020
IOI Properties Group Bhd		18,308		8,758
Kuala Lumpur Kepong Bhd		2,600		15,123
Malayan Banking Bhd		424,901		958,983
Malaysia Airports Holdings Bhd		3,100		6,240
Maxis Bhd		438,600		602,458
MISC Bhd		20,800		35,960
Petronas Chemicals Group Bhd		239,000		412,625
Petronas Dagangan Bhd		32,700		188,340
Petronas Gas Bhd		135,900		576,107
PPB Group Bhd		3,300		13,177
Public Bank Bhd		220,111		1,065,499
RHB Capital Bhd		13,138		15,651
Sapura Energy Bhd		73,300		26,386
Sime Darby Bhd		20,727		44,277
Telekom Malaysia Bhd		135,785		209,024
Tenaga Nasional Bhd		120,300		407,980
UMW Holdings Bhd (a)		7,400		9,726
Westports Holdings Bhd		126,238		113,906
YTL Corp. Bhd		61,900		19,937
YTL Power International Bhd		17,800		5,775
				7,061,773
MEXICO — 2.4%
Alfa SAB de CV Class A		49,296		62,410
America Movil SAB de CV Series L		408,239		363,294
Arca Continental SAB de CV		69,881		479,028
Cemex SAB de CV Series CPO (a)		166,070		151,353
Coca-Cola Femsa SAB de CV Series L		13,775		106,738
El Puerto de Liverpool SAB de CV Series C1		1,702		13,778
Fibra Uno Administracion SA de CV REIT		55,097		93,208
Fomento Economico Mexicano SAB de CV		14,332		137,359
Gentera SAB de CV		57,470		93,393
Gruma SAB de CV Class B		24,990		366,375
Grupo Aeroportuario del Pacifico SAB de CV Class B		56,846		583,509

See accompanying notes to financial statements.

162

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Grupo Aeroportuario del Sureste SAB de CV Class B		19,970	$	381,150
Grupo Bimbo SAB de CV Series A		26,298		63,677
Grupo Carso SAB de CV Series A1		6,463		25,547
Grupo Financiero Banorte SAB de CV Series O		34,273		237,014
Grupo Financiero Inbursa SAB de CV Series O		32,236		59,131
Grupo Financiero Santander Mexico SAB de CV Class B		27,438		55,860
Grupo Lala SAB de CV		35,590		60,364
Grupo Mexico SAB de CV Series B		50,952		156,257
Grupo Televisa SAB Series CPO		21,530		106,409
Industrias Penoles SAB de CV		733		18,258
Infraestructura Energetica Nova SAB de CV		33,760		189,555
Kimberly-Clark de Mexico SAB de CV Class A		7,326		14,947
Mexichem SAB de CV		13,846		36,660
Promotora y Operadora de Infraestructura SAB de CV		14,280		151,574
Wal-Mart de Mexico SAB de CV		502,389		1,153,661
				5,160,509
PAKISTAN — 0.1%
Engro Corp., Ltd.		4,469		12,860
Habib Bank, Ltd.		38,734		66,476
Lucky Cement, Ltd.		18,906		101,451
MCB Bank, Ltd.		53,997		107,148
Oil & Gas Development Co., Ltd.		5,662		7,991
United Bank, Ltd.		6,406		11,566
				307,492
PERU — 0.5%
Cia de Minas Buenaventura SAA ADR		3,178		40,647
Credicorp, Ltd.		5,158		1,057,493
Southern Copper Corp.		596		23,697
				1,121,837
PHILIPPINES — 1.5%
Aboitiz Equity Ventures, Inc.		292,620		422,229
Aboitiz Power Corp.		465,400		392,571
Alliance Global Group, Inc.		30,800		9,725
Ayala Corp.		1,450		27,687
Ayala Land, Inc.		28,300		24,234
Bank of the Philippine Islands		238,130		466,186
BDO Unibank, Inc.		213,142		548,385
DMCI Holdings, Inc.		237,530		72,943
Globe Telecom, Inc.		130		5,246
GT Capital Holdings, Inc.		840		19,198
International Container Terminal Services, Inc.		4,380		8,967
JG Summit Holdings, Inc.		17,090		25,232
Jollibee Foods Corp.		104,870		503,298
Megaworld Corp.		143,000		14,722
Metro Pacific Investments Corp.		115,000		15,167
Metropolitan Bank & Trust Co.		93,851		159,807
PLDT, Inc.		1,481		48,629
Robinsons Land Corp.		56,500		28,139
Security Bank Corp.		22,860		109,441
SM Investments Corp.		1,685		29,289
SM Prime Holdings, Inc.		52,200		35,400
Universal Robina Corp.		90,590		272,486
				3,238,981
POLAND — 1.0%
Alior Bank SA (a)		1,473		27,686
Bank Handlowy w Warszawie SA		551		10,449
Bank Millennium SA (a)		14,998		28,852
Bank Pekao SA		9,759		342,802
Bank Zachodni WBK SA		1,833		175,707
CCC SA		149		11,286
Cyfrowy Polsat SA		10,631		75,707
Eurocash SA		8,893		94,251
Grupa Azoty SA		685		15,001
Grupa Lotos SA		3,936		64,539
KGHM Polska Miedz SA		1,578		50,840
LPP SA		11		24,669
mBank SA (a)		297		34,151
Orange Polska SA (a)		16,362		23,753
PGE Polska Grupa Energetyczna SA (a)		114,342		417,335
Polski Koncern Naftowy ORLEN SA		12,090		403,780
Polskie Gornictwo Naftowe i Gazownictwo SA		28,305		52,742
Powszechna Kasa Oszczednosci Bank Polski SA (a)		17,139		166,171
Powszechny Zaklad Ubezpieczen SA		7,224		91,193
Synthos SA		6,586		9,290
Tauron Polska Energia SA (a)		79,133		81,436
				2,201,640
QATAR — 0.8%
Barwa Real Estate Co.		1,726		15,199
Commercial Bank PQSC (a)		20,392		163,046
Doha Bank QPSC		17,897		142,557
Ezdan Holding Group QSC		5,573		16,073
Industries Qatar QSC		1,548		38,985
Masraf Al Rayan QSC		7,913		80,679
Ooredoo QSC		1,190		27,064
Qatar Electricity & Water Co. QSC		9,513		456,739
Qatar Gas Transport Co., Ltd.		8,042		34,878
Qatar Insurance Co. SAQ		9,011		129,544
Qatar Islamic Bank SAQ		11,543		288,864
Qatar National Bank QPSC		11,691		391,760
				1,785,388
ROMANIA — 0.1%
NEPI Rockcastle PLC		17,384		236,765
RUSSIA — 3.8%
Alrosa PJSC		164,429		233,284
Gazprom PJSC ADR		308,074		1,290,830
Inter RAO UES PJSC		792,000		51,387
LUKOIL PJSC ADR		16,574		877,262
Magnit PJSC GDR		21,099		864,004
MMC Norilsk Nickel PJSC ADR		6,279		108,093
Mobile TeleSystems PJSC ADR		36,106		376,947
Moscow Exchange MICEX-RTS PJSC		14,640		29,459
Novatek PJSC GDR		6,475		759,518
Novolipetsk Steel PJSC		220,954		506,305

See accompanying notes to financial statements.

163

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
PhosAgro PJSC GDR		544	$	7,752
Rosneft Oil Co. PJSC (a)		21,943		121,672
Rosneft Oil Co. PJSC GDR		41,984		233,221
Rostelecom PJSC ADR		5,746		43,095
RusHydro PJSC ADR		31,874		45,739
Sberbank of Russia PJSC ADR (f)		62,391		888,136
Sberbank of Russia PJSC ADR (f)		6,842		97,635
Severstal PJSC GDR		1,233		18,433
Sistema PJSC FC GDR		3,537		16,978
Surgutneftegas OJSC ADR (f)		44,694		231,068
Surgutneftegas OJSC ADR (f)		52,692		266,622
Tatneft PJSC ADR (f)		1,551		67,065
Tatneft PJSC ADR (f)		16,455		702,629
Transneft PJSC Preference Shares		36		111,019
VTB Bank PJSC		48,106,319		51,522
VTB Bank PJSC GDR		57,982		124,661
				8,124,336
SOUTH AFRICA — 4.6%
Anglo American Platinum, Ltd. (a)		315		8,049
AngloGold Ashanti, Ltd.		4,371		41,209
Aspen Pharmacare Holdings, Ltd.		2,430		54,636
Barclays Africa Group, Ltd.		15,318		157,689
Bid Corp., Ltd.		21,787		490,359
Bidvest Group, Ltd.		29,182		373,158
Brait SE (a)		6,600		26,151
Capitec Bank Holdings, Ltd.		2,955		188,006
Coronation Fund Managers, Ltd.		17,099		85,226
Discovery, Ltd.		3,245		33,804
Exxaro Resources, Ltd.		3,833		34,874
FirstRand, Ltd. (b)		259,438		999,708
Fortress Income Fund, Ltd.		3,468		9,953
Fortress Income Fund, Ltd. Class A		137,945		176,230
Foschini Group, Ltd.		13,622		136,951
Gold Fields, Ltd.		12,701		55,479
Growthpoint Properties, Ltd. REIT		27,045		48,672
Hyprop Investments, Ltd.		2,387		18,689
Impala Platinum Holdings, Ltd. (a)		10,528		24,171
Imperial Holdings, Ltd.		4,348		61,579
Investec, Ltd.		1,818		13,195
Liberty Holdings, Ltd.		7,279		56,733
Life Healthcare Group Holdings, Ltd.		10,243		17,979
Massmart Holdings, Ltd.		7,509		62,041
MMI Holdings, Ltd.		19,703		25,317
Mondi, Ltd.		6,859		183,625
Mr. Price Group, Ltd.		20,863		278,184
MTN Group, Ltd.		23,936		220,490
Naspers, Ltd. Class N		875		189,224
Nedbank Group, Ltd.		4,799		72,025
Netcare, Ltd.		77,450		136,516
Novus Holdings, Ltd.		303		146
Pick n Pay Stores, Ltd.		61,582		262,747
Pioneer Foods Group, Ltd.		7,004		58,486
PSG Group, Ltd.		561		9,727
Rand Merchant Investment Holdings, Ltd.		38,383		117,885
Redefine Properties, Ltd. REIT		35,951		28,463
Remgro, Ltd.		5,564		84,615
Resilient REIT, Ltd. REIT		3,655		36,023
RMB Holdings, Ltd.		51,876		243,964
Sanlam, Ltd.		96,735		484,732
Sappi, Ltd.		11,220		76,498
Sasol, Ltd.		11,449		314,577
Shoprite Holdings, Ltd.		30,711		470,565
Sibanye-Stillwater		16,821		18,961
SPAR Group, Ltd.		28,561		353,414
Standard Bank Group, Ltd.		92,869		1,085,403
Steinhoff International Holdings NV		31,403		139,613
Telkom SA SOC, Ltd.		4,744		20,831
Tiger Brands, Ltd.		12,274		343,017
Truworths International, Ltd.		34,567		197,763
Vodacom Group, Ltd.		77,854		929,116
Woolworths Holdings, Ltd.		64,369		285,507
				9,841,975
SOUTH KOREA — 12.3%
Amorepacific Corp.		1,889		427,987
Amorepacific Corp. Preference Shares		532		72,460
AMOREPACIFIC Group		329		35,475
BGF retail Co., Ltd.		1,403		101,671
BNK Financial Group, Inc.		11,275		98,442
Celltrion, Inc. (a)		90		11,158
Cheil Worldwide, Inc.		3,029		48,132
CJ CheilJedang Corp.		366		113,282
CJ Corp.		345		51,358
CJ E&M Corp.		78		5,257
CJ Logistics Corp. (a)		1,032		147,319
Coway Co., Ltd.		4,291		352,167
Daelim Industrial Co., Ltd.		596		41,681
Daewoo Engineering & Construction Co., Ltd. (a)		1,280		8,058
DGB Financial Group, Inc.		5,537		50,760
Dongbu Insurance Co., Ltd.		9,338		595,167
Dongsuh Cos., Inc.		104		2,433
Doosan Bobcat, Inc.		556		17,743
Doosan Heavy Industries & Construction Co., Ltd.		1,377		20,559
E-MART, Inc.		940		171,118
GS Engineering & Construction Corp. (a)		912		21,220
GS Holdings Corp.		1,010		57,848
GS Retail Co., Ltd.		2,608		78,671
Hana Financial Group, Inc.		9,900		409,277
Hankook Tire Co., Ltd.		1,239		65,122
Hanmi Pharm Co., Ltd. (a)		7		2,778
Hanmi Science Co., Ltd. (a)		10		802
Hanon Systems		11,770		129,482
Hanssem Co., Ltd.		1,478		195,501
Hanwha Chemical Corp.		2,271		64,342
Hanwha Corp.		2,894		111,176
Hanwha Life Insurance Co., Ltd.		14,527		86,882
Hanwha Techwin Co., Ltd. (a)		219		6,348
Hotel Shilla Co., Ltd.		70		3,557
Hyosung Corp.		446		56,658
Hyundai Department Store Co., Ltd.		165		12,735
Hyundai Development Co-Engineering & Construction		486		15,148
Hyundai Engineering & Construction Co., Ltd.		1,798		60,203

See accompanying notes to financial statements.

164

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Hyundai Glovis Co., Ltd.		395	$	51,041
Hyundai Heavy Industries Co., Ltd. (a)		1,050		132,929
Hyundai Marine & Fire Insurance Co., Ltd.		7,613		301,103
Hyundai Mobis Co., Ltd.		4,901		1,026,970
Hyundai Motor Co.		4,756		624,943
Hyundai Motor Co. GDR		304		12,251
Hyundai Motor Co. Preference Shares (f)		1,844		165,024
Hyundai Motor Co. Preference Shares (f)		1,083		88,505
Hyundai Robotics Co., Ltd. (a)		148		55,047
Hyundai Steel Co.		2,907		134,011
Hyundai Wia Corp.		499		28,450
Industrial Bank of Korea		9,717		122,168
Kakao Corp.		779		97,940
Kangwon Land, Inc.		19,599		598,913
KB Financial Group, Inc.		2,339		114,566
KB Financial Group, Inc. ADR		8,530		418,226
KCC Corp.		88		28,774
KEPCO Plant Service & Engineering Co., Ltd.		954		34,525
Kia Motors Corp.		14,934		412,678
Korea Aerospace Industries, Ltd.		4,236		161,622
Korea Electric Power Corp.		2,266		77,159
Korea Electric Power Corp. ADR (b)		29,666		497,202
Korea Gas Corp. (a)		1,400		51,460
Korea Investment Holdings Co., Ltd.		682		36,442
Korea Zinc Co., Ltd.		93		40,234
Korean Air Lines Co., Ltd. (a)		1,669		44,882
KT Corp.		123		3,130
KT Corp. ADR		11,016		152,792
KT&G Corp.		14,726		1,356,435
Kumho Petrochemical Co., Ltd.		181		11,394
LG Chem, Ltd.		684		234,101
LG Chem, Ltd. Preference Shares		108		23,904
LG Corp.		1,697		119,420
LG Display Co., Ltd.		2,309		61,588
LG Display Co., Ltd. ADR		14,500		194,590
LG Electronics, Inc.		3,066		220,577
LG Household & Health Care, Ltd.		611		499,320
LG Household & Health Care, Ltd. Preference Shares		204		106,511
LG Innotek Co., Ltd.		392		52,707
Lotte Chemical Corp.		234		77,227
Lotte Chilsung Beverage Co., Ltd.		4		4,729
Lotte Confectionery Co., Ltd.		391		56,669
Lotte Shopping Co., Ltd.		452		97,279
Medy-Tox, Inc.		244		105,346
Mirae Asset Daewoo Co., Ltd.		7,055		60,550
NAVER Corp.		2,628		1,709,399
NCSoft Corp.		928		376,353
Netmarble Games Corp. (a) (c)		181		23,942
NH Investment & Securities Co., Ltd.		2,276		27,025
OCI Co., Ltd.		282		25,237
Orion Corp. (a)		145		12,280
Ottogi Corp.		4		2,563
Pan Ocean Co., Ltd. (a)		4,005		18,847
POSCO		606		167,723
POSCO ADR		6,481		449,781
Posco Daewoo Corp.		966		16,278
S-1 Corp.		6,450		502,327
S-Oil Corp.		614		68,350
Samsung Biologics Co., Ltd. (a) (c)		2,909		857,194
Samsung C&T Corp.		1,165		137,316
Samsung Card Co., Ltd.		333		10,714
Samsung Electro-Mechanics Co., Ltd.		1,610		143,380
Samsung Electronics Co., Ltd.		524		1,173,035
Samsung Electronics Co., Ltd. GDR (f)		540		493,560
Samsung Electronics Co., Ltd. GDR (f)		2,388		2,703,216
Samsung Electronics Co., Ltd. Preference Shares		116		208,837
Samsung Fire & Marine Insurance Co., Ltd.		2,241		547,850
Samsung Heavy Industries Co., Ltd. (a)		6,664		65,165
Samsung Life Insurance Co., Ltd.		5,765		568,774
Samsung SDI Co., Ltd.		1,568		271,749
Samsung SDS Co., Ltd.		318		46,783
Samsung Securities Co., Ltd.		1,158		34,932
Shinhan Financial Group Co., Ltd.		2,097		92,093
Shinhan Financial Group Co., Ltd. ADR (b)		9,989		442,513
Shinsegae, Inc.		150		25,538
SK Holdings Co., Ltd.		1,331		334,682
SK Hynix, Inc.		14,337		1,037,707
SK Innovation Co., Ltd.		1,605		278,862
SK Networks Co., Ltd.		5,408		34,043
SK Telecom Co., Ltd.		510		113,546
SK Telecom Co., Ltd. ADR		20,203		496,792
Woori Bank		9,618		149,894
Yuhan Corp.		187		33,715
				26,247,306
TAIWAN — 14.5%
Acer, Inc. (a)		107,258		53,587
Advanced Semiconductor Engineering, Inc.		135,248		165,470
Advantech Co., Ltd.		76,951		548,127
Asia Cement Corp.		43,200		38,108
Asia Pacific Telecom Co., Ltd. (a)		9,000		3,027
Asustek Computer, Inc.		42,000		345,568
AU Optronics Corp.		361,000		144,643
Catcher Technology Co., Ltd.		42,000		391,274
Cathay Financial Holding Co., Ltd.		124,100		197,257
Chailease Holding Co., Ltd.		10,160		24,492
Chang Hwa Commercial Bank, Ltd.		94,585		51,154
Cheng Shin Rubber Industry Co., Ltd.		21,000		42,036
Chicony Electronics Co., Ltd.		185,644		440,785
China Airlines, Ltd. (a)		81,000		30,585
China Development Financial Holding Corp.		356,000		106,833
China Life Insurance Co., Ltd.		47,711		44,920
China Steel Corp.		173,440		139,271
Chunghwa Telecom Co., Ltd.		496,540		1,711,134
Compal Electronics, Inc.		218,000		154,923
CTBC Financial Holding Co., Ltd.		358,900		224,875
Delta Electronics, Inc.		160,623		826,315

See accompanying notes to financial statements.

165

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
E.Sun Financial Holding Co., Ltd.		156,750	$	93,562
Eclat Textile Co., Ltd.		12,379		150,431
Eva Airways Corp.		163,279		79,690
Evergreen Marine Corp. Taiwan, Ltd. (a)		35,000		20,199
Far Eastern New Century Corp.		102,560		81,171
Far EasTone Telecommunications Co., Ltd.		427,449		1,016,326
Feng TAY Enterprise Co., Ltd.		25,468		115,901
First Financial Holding Co., Ltd.		1,203,458		771,905
Formosa Chemicals & Fibre Corp.		41,000		124,660
Formosa Petrochemical Corp.		116,000		399,749
Formosa Plastics Corp.		84,000		254,294
Formosa Taffeta Co., Ltd.		171,000		171,992
Foxconn Technology Co., Ltd.		74,892		216,101
Fubon Financial Holding Co., Ltd.		115,000		179,379
Giant Manufacturing Co., Ltd.		17,000		79,887
Highwealth Construction Corp.		15,500		20,574
Hiwin Technologies Corp.		1,020		8,998
Hon Hai Precision Industry Co., Ltd.		1,330,163		4,605,828
Hotai Motor Co., Ltd.		3,000		34,577
HTC Corp. (a)		8,000		19,997
Hua Nan Financial Holdings Co., Ltd.		1,063,009		576,655
Innolux Corp.		384,751		179,535
Inventec Corp.		94,000		69,437
Largan Precision Co., Ltd.		7,000		1,230,379
Lite-On Technology Corp.		340,952		486,849
MediaTek, Inc.		22,877		214,632
Mega Financial Holding Co., Ltd.		221,657		173,238
Merida Industry Co., Ltd.		13,000		56,589
Micro-Star International Co., Ltd.		45,000		96,755
Nan Ya Plastics Corp.		60,000		147,804
Nanya Technology Corp.		50,000		141,472
Nien Made Enterprise Co., Ltd.		12,000		123,071
Novatek Microelectronics Corp.		47,000		176,692
Pegatron Corp.		58,000		150,528
Phison Electronics Corp.		16,000		189,949
Pou Chen Corp.		39,000		48,936
Powertech Technology, Inc.		54,000		155,639
President Chain Store Corp.		98,000		825,716
Quanta Computer, Inc.		115,000		264,708
Realtek Semiconductor Corp.		3,000		10,338
Ruentex Development Co., Ltd. (a)		11,443		10,491
Ruentex Industries, Ltd. (a)		34,000		50,343
Shin Kong Financial Holding Co., Ltd.		185,936		55,675
Siliconware Precision Industries Co., Ltd.		532,300		851,357
SinoPac Financial Holdings Co., Ltd.		278,620		83,428
Standard Foods Corp.		67,168		163,911
Synnex Technology International Corp.		302,900		363,592
TaiMed Biologics, Inc. (a)		6,000		37,990
Taishin Financial Holding Co., Ltd.		173,027		74,463
Taiwan Business Bank		378,575		103,121
Taiwan Cement Corp.		42,000		46,814
Taiwan Cooperative Financial Holding Co., Ltd.		1,917,165		989,435
Taiwan Fertilizer Co., Ltd.		10,000		12,944
Taiwan High Speed Rail Corp.		18,000		14,276
Taiwan Mobile Co., Ltd.		358,542		1,276,960
Taiwan Semiconductor Manufacturing Co., Ltd.		867,495		6,193,532
Teco Electric and Machinery Co., Ltd.		32,000		28,651
Transcend Information, Inc.		79,000		223,265
Uni-President Enterprises Corp.		54,164		113,422
United Microelectronics Corp.		467,000		233,315
Vanguard International Semiconductor Corp.		56,000		96,584
Wistron Corp.		134,671		107,696
WPG Holdings, Ltd.		161,000		214,231
Yuanta Financial Holding Co., Ltd.		222,466		95,739
Yulon Motor Co., Ltd.		25,000		21,394
Zhen Ding Technology Holding, Ltd.		4,000		8,099
				30,919,255
THAILAND — 3.6%
Advanced Info Service PCL (e)		100,400		575,004
Airports of Thailand PCL (e)		38,200		67,580
Airports of Thailand PCL NVDR		242,470		428,957
Bangkok Bank PCL		3,700		21,634
Bangkok Bank PCL NVDR		3,500		19,573
Bangkok Dusit Medical Services PCL (e)		702,692		431,940
Bangkok Expressway & Metro PCL (e)		1,250,733		301,901
Banpu PCL (e)		24,370		12,861
BEC World PCL (e)		65,625		32,075
Berli Jucker PCL NVDR		11,700		18,506
BTS Group Holdings PCL (e)		1,846,898		473,493
BTS Group Holdings PCL NVDR		10,800		2,769
Bumrungrad Hospital PCL (e)		82,500		531,859
Central Pattana PCL (e)		69,400		162,315
Central Pattana PCL NVDR		31,700		74,141
Charoen Pokphand Foods PCL (e)		39,186		31,431
CP ALL PCL (e)		302,500		596,383
Delta Electronics Thailand PCL (e)		157,144		411,119
Delta Electronics Thailand PCL NVDR		300		785
Electricity Generating PCL (e)		42,300		298,066
Energy Absolute PCL (e)		900		1,032
Energy Absolute PCL NVDR		2,700		3,097
Glow Energy PCL (e)		68,800		184,120
Glow Energy PCL NVDR		84,800		226,938
Home Product Center PCL (e)		697,859		251,104
Indorama Ventures PCL (e)		1,400		1,774
Indorama Ventures PCL NVDR		24,800		31,418
IRPC PCL (e)		194,300		36,704
Kasikornbank PCL		14,000		89,835
Kasikornbank PCL NVDR		47,500		294,828
KCE Electronics PCL NVDR		92,500		277,361
Krung Thai Bank PCL (e)		96,900		54,624
Minor International PCL (e)		12,100		14,785
Minor International PCL NVDR		60,619		74,070
PTT Exploration & Production PCL (e)		31,928		85,684
PTT Global Chemical PCL (e)		41,703		96,286
PTT PCL (e)		24,656		301,639
Robinson PCL (e)		13,500		26,109

See accompanying notes to financial statements.

166

SPDR MSCI Emerging Markets StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Robinson PCL NVDR		83,300	$	161,105
Siam Cement PCL		42,150		634,462
Siam Cement PCL NVDR		7,400		110,944
Siam Commercial Bank PCL (e)		31,200		143,136
Thai Oil PCL (e)		15,588		43,235
Thai Union Group PCL Class F (e)		16,200		9,715
Thai Union Group PCL NVDR		146,600		87,916
TMB Bank PCL (e)		32,600		2,463
TMB Bank PCL NVDR		192,100		14,515
True Corp. PCL (a) (e)		124,300		22,736
				7,774,027
TURKEY — 0.8%
Akbank TAS		47,103		124,510
Anadolu Efes Biracilik Ve Malt Sanayii A/S .		3,694		21,731
Arcelik A/S		3,519		22,483
BIM Birlesik Magazalar A/S		17,978		375,374
Coca-Cola Icecek A/S		584		6,116
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT (a)		130,431		98,297
Eregli Demir ve Celik Fabrikalari TAS		19,876		43,205
Ford Otomotiv Sanayi A/S		4,784		61,345
Haci Omer Sabanci Holding A/S		16,752		47,202
KOC Holding A/S		12,688		58,336
Petkim Petrokimya Holding A/S		5,373		9,035
TAV Havalimanlari Holding A/S		2,250		11,167
Tofas Turk Otomobil Fabrikasi A/S		7,848		68,150
Tupras Turkiye Petrol Rafinerileri A/S		2,022		69,142
Turk Hava Yollari AO (a)		24,073		59,233
Turk Telekomunikasyon A/S (a)		5,928		11,319
Turkcell Iletisim Hizmetleri A/S		18,918		67,509
Turkiye Garanti Bankasi A/S		59,459		161,852
Turkiye Halk Bankasi A/S		26,846		91,497
Turkiye Is Bankasi Class C		58,371		111,289
Turkiye Sise ve Cam Fabrikalari A/S		25,924		29,889
Turkiye Vakiflar Bankasi TAO Class D		24,930		43,956
Ulker Biskuvi Sanayi A/S		824		4,484
Yapi ve Kredi Bankasi A/S (a)		25,137		30,537
				1,627,658
UNITED ARAB EMIRATES — 1.2%
Abu Dhabi Commercial Bank PJSC		46,434		89,767
Aldar Properties PJSC		66,658		42,289
DAMAC Properties Dubai Co. PJSC		190,189		196,784
DP World, Ltd.		18,234		409,536
Dubai Islamic Bank PJSC		96,995		159,781
DXB Entertainments PJSC (a)		58,609		12,128
Emaar Malls PJSC		6,474		4,107
Emaar Properties PJSC		44,433		102,715
Emirates Telecommunications Group Co. PJSC		203,889		960,418
First Abu Dhabi Bank PJSC		228,267		633,963
				2,611,488
UNITED STATES — 1.1%
Yum China Holdings, Inc. (a)		56,530		2,259,504
TOTAL COMMON STOCKS (Cost $186,351,269)				212,720,642
RIGHTS — 0.0% (g)
CHINA — 0.0% (g)
China State Construction International Holdings, Ltd. (expiring 10/3/17) (a) (e) (Cost $0)		14,000		90
SHORT-TERM INVESTMENTS — 1.8%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (h) (i)		647,704		647,704
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)		3,055,835		3,055,835
TOTAL SHORT-TERM INVESTMENTS (Cost $3,703,539)				3,703,539
TOTAL INVESTMENTS — 101.2% (Cost $190,054,808)				216,424,271
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%				(2,479,308	)
NET ASSETS — 100.0%			$	213,944,963

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2017.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.9% of net assets as of September 30, 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 September 30, 2017, total aggregate fair value of the security is $0, representing 0.0% 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 September 30, 2017, total aggregate fair value of securities is $5,208,956 representing 2.4% of 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 September 30, 2017 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at September 30, 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

See accompanying notes to financial statements.

167

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September 30, 2017

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	11,954,657	$	—	$	—		$	11,954,657
Chile		3,907,122		—		—			3,907,122
China		51,230,354		—		0	(a)		51,230,354
Colombia		777,340		—		—			777,340
Czech Republic		692,295		—		—			692,295
Egypt		672,050		—		—			672,050
Greece		1,222,730		—		—			1,222,730
Hong Kong		1,671,361		—		0	(a)		1,671,361
Hungary		918,038		—		—			918,038
India		20,306,824		7,693		—			20,314,517
Indonesia		8,840,244		—		—			8,840,244
Malaysia		7,061,773		—		—			7,061,773
Mexico		5,160,509		—		—			5,160,509
Pakistan		307,492		—		—			307,492
Peru		1,121,837		—		—			1,121,837
Philippines		3,238,981		—		—			3,238,981
Poland		2,201,640		—		—			2,201,640
Qatar		1,785,388		—		—			1,785,388
Romania		236,765		—		—			236,765
Russia		8,124,336		—		—			8,124,336
South Africa		9,841,975		—		—			9,841,975
South Korea		26,247,306		—		—			26,247,306
Taiwan		30,919,255		—		—			30,919,255
Thailand		2,572,854		5,201,173		—			7,774,027
Turkey		1,627,658		—		—			1,627,658
United Arab Emirates		2,611,488		—		—			2,611,488
United States		2,259,504		—		—			2,259,504
Rights
China		—		90		—			90
Short-Term Investments		3,703,539		—		—			3,703,539
TOTAL INVESTMENTS	$	211,215,315	$	5,208,956	$	0		$	216,424,271

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2017.

See accompanying notes to financial statements.

168

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September 30, 2017

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		3,864,001		3,216,297		—		—		647,704		647,704		578
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		7,333,090		7,333,090		—		—		—		—		519
State Street Navigator Securities Lending Government Money Market Portfolio*		—		—		7,265,944		4,210,109		—		—		3,055,835		3,055,835		9,943
TOTAL			$	—	$	20,140,438	$	16,436,899	$	—	$	—			$	3,703,539	$	11,059

* 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.

169

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SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AUSTRALIA — 1.4%
AGL Energy, Ltd.		260	$	4,768
Amcor, Ltd.		899		10,729
AMP, Ltd.		677		2,566
Aurizon Holdings, Ltd.		701		2,695
Australia & New Zealand Banking Group, Ltd.		830		19,277
Bendigo & Adelaide Bank, Ltd.		185		1,685
BHP Billiton PLC		207		3,651
BHP Billiton, Ltd.		405		8,192
Brambles, Ltd.		1,262		8,912
Caltex Australia, Ltd.		66		1,662
Cochlear, Ltd.		57		7,121
Commonwealth Bank of Australia		352		20,784
CSL, Ltd.		534		56,130
Flight Centre Travel Group, Ltd.		3		106
Fortescue Metals Group, Ltd.		788		3,178
Incitec Pivot, Ltd.		375		1,059
Insurance Australia Group, Ltd.		605		3,024
LendLease Group		254		3,572
Macquarie Group, Ltd.		60		4,280
Medibank Pvt, Ltd.		596		1,366
National Australia Bank, Ltd.		761		18,809
Newcrest Mining, Ltd.		326		5,377
Oil Search, Ltd.		299		1,642
Orica, Ltd.		174		2,699
QBE Insurance Group, Ltd.		329		2,584
REA Group, Ltd.		81		4,258
Santos, Ltd. (a)		3		10
Scentre Group REIT		1,405		4,333
SEEK, Ltd.		219		2,854
Sonic Healthcare, Ltd.		297		4,873
South32, Ltd.		572		1,468
Suncorp Group, Ltd.		251		2,570
Telstra Corp., Ltd.		7,942		21,749
Transurban Group Stapled Security		90		839
Wesfarmers, Ltd.		186		6,032
Westfield Corp. REIT		1,708		10,507
Westpac Banking Corp.		855		21,414
Woodside Petroleum, Ltd.		204		4,658
Woolworths, Ltd.		843		16,675
				298,108
AUSTRIA — 0.1%
Erste Group Bank AG (a)		99		4,277
OMV AG		90		5,244
Raiffeisen Bank International AG (a)		3		101
Voestalpine AG		69		3,519
				13,141
BELGIUM — 0.3%
Ageas		78		3,666
Anheuser-Busch InBev SA		87		10,419
Colruyt SA		63		3,228
Groupe Bruxelles Lambert SA		30		3,156
KBC Group NV		57		4,832
Proximus SADP		602		20,749
Solvay SA		24		3,586
UCB SA		144		10,253
Umicore SA		63		5,213
				65,102
CANADA — 3.3%
Agnico Eagle Mines, Ltd.		555		25,024
Agrium, Inc.		36		3,849
Alimentation Couche-Tard, Inc. Class B		287		13,057
Bank of Montreal		405		30,579
Bank of Nova Scotia		281		18,020
Barrick Gold Corp.		171		2,746
BCE, Inc.		471		22,016
Bombardier, Inc. Class B (a)		581		1,050
Brookfield Asset Management, Inc. Class A		147		6,056
Canadian Imperial Bank of Commerce		242		21,124
Canadian National Railway Co.		567		46,869
Canadian Natural Resources, Ltd.		186		6,215
Canadian Pacific Railway, Ltd.		96		16,087
Canadian Tire Corp., Ltd. Class A		33		4,099
CI Financial Corp.		120		2,618
Constellation Software, Inc.		18		9,798
Dollarama, Inc.		15		1,638
Enbridge, Inc. (b)		153		6,376
Enbridge, Inc. (b)		153		6,402
Fairfax Financial Holdings, Ltd.		36		18,691
First Capital Realty, Inc.		360		5,665
Franco-Nevada Corp.		719		55,570
Gildan Activewear, Inc.		156		4,863
Goldcorp, Inc.		1,819		23,562
Great-West Lifeco, Inc.		111		3,187
Imperial Oil, Ltd.		63		2,008
Intact Financial Corp.		498		41,042
Loblaw Cos., Ltd.		78		4,247
Magna International, Inc.		393		20,925
Manulife Financial Corp.		599		12,122
Metro, Inc.		225		7,720
Onex Corp.		54		4,158
Pembina Pipeline Corp. (c)		24		840
Power Corp. of Canada		117		2,966
Power Financial Corp.		99		2,740
PrairieSky Royalty, Ltd.		236		6,025
Restaurant Brands International, Inc.		7		446
RioCan Real Estate Investment Trust		441		8,438
Rogers Communications, Inc. Class B		719		36,989
Royal Bank of Canada		770		59,438
Saputo, Inc.		168		5,802
Shaw Communications, Inc. Class B		1,082		24,847
Smart Real Estate Investment Trust REIT		308		7,250
Sun Life Financial, Inc.		96		3,814
Suncor Energy, Inc.		596		20,840
TELUS Corp.		471		16,902
Toronto-Dominion Bank		875		49,149
Wheaton Precious Metals Corp.		456		8,678
				702,547
CHILE — 0.0% (d)
Antofagasta PLC		111		1,413
DENMARK — 1.3%
Carlsberg A/S Class B		30		3,284
Chr Hansen Holding A/S		78		6,691

See accompanying notes to financial statements.

170

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Coloplast A/S Class B		578	$	46,921
Danske Bank A/S		156		6,240
DONG Energy A/S (e)		438		25,077
DSV A/S		186		14,074
H Lundbeck A/S		299		17,256
ISS A/S		435		17,497
Novo Nordisk A/S Class B		2,169		103,716
Novozymes A/S Class B		278		14,269
Pandora A/S		102		10,071
Tryg A/S		180		4,158
Vestas Wind Systems A/S		24		2,154
William Demant Holding A/S (a)		537		14,178
				285,586
FINLAND — 0.3%
Elisa Oyj		501		21,571
Fortum Oyj		3		60
Kone Oyj Class B		299		15,836
Nokia Oyj (b)		384		2,306
Nokia Oyj (b)		435		2,603
Orion Oyj Class B		105		4,873
Sampo Oyj Class A		72		3,807
Stora Enso Oyj Class R		308		4,351
UPM-Kymmene Oyj		177		4,798
Wartsila Oyj Abp		108		7,648
				67,853
FRANCE — 2.1%
Aeroports de Paris		75		12,129
Air Liquide SA		48		6,404
Airbus SE		90		8,555
Alstom SA		81		3,441
Arkema SA		33		4,048
AXA SA		779		23,567
BNP Paribas SA		522		42,118
Bouygues SA		81		3,845
Bureau Veritas SA		3		77
Capgemini SE		42		4,924
Carrefour SA		194		3,921
Casino Guichard Perrachon SA		3		178
Cie de Saint-Gobain		114		6,795
Cie Generale des Etablissements Michelin		51		7,446
CNP Assurances		144		3,376
Credit Agricole SA		1,001		18,200
Danone SA		80		6,277
Dassault Systemes SE		75		7,589
Electricite de France SA		3		36
Engie SA		762		12,945
Essilor International SA		45		5,573
Hermes International		26		13,111
Iliad SA		3		797
Kering		15		5,977
L’Oreal SA		189		40,196
Lagardere SCA		3		100
Legrand SA		48		3,466
LVMH Moet Hennessy Louis Vuitton SE		36		9,935
Natixis SA		471		3,770
Orange SA		635		10,405
Pernod Ricard SA		30		4,151
Peugeot SA		242		5,765
Publicis Groupe SA		101		7,055
Renault SA		75		7,369
Rexel SA		132		2,285
Safran SA		48		4,905
Sanofi		189		18,771
Schneider Electric SE (a)		78		6,790
SCOR SE		87		3,649
Societe BIC SA		24		2,877
Societe Generale SA		450		26,352
Sodexo SA		30		3,742
Suez Environment Co.		165		3,013
Thales SA		84		9,511
TOTAL SA		844		45,344
Unibail-Rodamco SE REIT		15		3,649
Valeo SA		207		15,363
Veolia Environnement SA		183		4,229
Vinci SA		111		10,550
Vivendi SA		171		4,330
Zodiac Aerospace		33		954
				459,855
GERMANY — 2.4%
adidas AG		33		7,467
Allianz SE		135		30,315
BASF SE		230		24,482
Bayer AG		126		17,175
Bayerische Motoren Werke AG		135		13,698
Bayerische Motoren Werke AG Preference Shares		33		2,941
Beiersdorf AG		66		7,103
Brenntag AG		54		3,008
Commerzbank AG (a)		1,004		13,662
Continental AG		96		24,372
Daimler AG		393		31,347
Deutsche Bank AG		1,527		26,410
Deutsche Boerse AG		18		1,952
Deutsche Lufthansa AG		3		83
Deutsche Post AG		854		38,027
Deutsche Telekom AG		845		15,769
E.ON SE		1,175		13,302
Fresenius Medical Care AG & Co. KGaA		30		2,936
Fresenius SE & Co. KGaA		63		5,083
Fuchs Petrolub SE Preference Shares		66		3,908
Hannover Rueck SE		36		4,339
HeidelbergCement AG		36		3,701
Henkel AG & Co. KGaA		81		9,858
Henkel AG & Co. KGaA Preference Shares		135		18,378
HUGO BOSS AG		69		6,084
Infineon Technologies AG		281		7,066
KS AG (c)		87		2,371
Lanxess AG		45		3,552
Linde AG		30		6,258
MAN SE		135		15,240
Merck KGaA		36		4,006
METRO AG (a)		254		5,370
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		63		13,473

See accompanying notes to financial statements.

171

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September 30, 2017

Security Description	Shares		Value
Porsche Automobil Holding SE Preference Shares		180	$	11,512
ProSiebenSat.1 Media SE		150		5,113
RWE AG (a)		543		12,338
SAP SE		90		9,862
Siemens AG		153		21,561
Telefonica Deutschland Holding AG		968		5,433
ThyssenKrupp AG		111		3,290
TUI AG		1,316		22,353
United Internet AG		90		5,604
Volkswagen AG		48		8,129
Volkswagen AG Preference Shares		156		25,450
				513,381
HONG KONG — 1.9%
AIA Group, Ltd.		1,200		8,849
Bank of East Asia, Ltd.		1,874		8,098
BOC Hong Kong Holdings, Ltd.		3,000		14,576
CK Asset Holdings, Ltd.		1,270		10,512
CK Hutchison Holdings, Ltd.		1,500		19,176
CK Infrastructure Holdings, Ltd.		3,000		25,811
CLP Holdings, Ltd.		6,000		61,493
Hang Seng Bank, Ltd.		3,000		73,130
HK Electric Investments & HK Electric Investments, Ltd. (c) (e)		10,331		9,417
HKT Trust & HKT, Ltd.		11,540		14,021
Hong Kong & China Gas Co., Ltd.		13,193		24,796
Hong Kong Exchanges & Clearing, Ltd.		938		25,219
Jardine Matheson Holdings, Ltd.		100		6,336
Link REIT		3,000		24,313
MTR Corp., Ltd.		6,059		35,373
New World Development Co., Ltd.		3,169		4,552
Power Assets Holdings, Ltd.		3,000		25,984
Yue Yuen Industrial Holdings, Ltd.		3,000		11,407
				403,063
IRELAND — 0.3%
Bank of Ireland Group PLC (a)		274		2,245
CRH PLC		132		5,036
Experian PLC		773		15,546
James Hardie Industries PLC		326		4,533
Kerry Group PLC Class A		317		30,464
Paddy Power Betfair PLC		57		5,689
XL Group, Ltd.		96		3,787
				67,300
ISRAEL — 0.5%
Azrieli Group, Ltd.		168		9,331
Bank Hapoalim BM		2,934		20,540
Bank Leumi Le-Israel BM		2,511		13,328
Bezeq The Israeli Telecommunication Corp., Ltd.		3,497		5,000
Check Point Software Technologies, Ltd. (a)		210		23,944
Israel Chemicals, Ltd.		3		13
Mizrahi Tefahot Bank, Ltd.		587		10,523
Nice, Ltd.		168		13,402
Teva Pharmaceutical Industries, Ltd.		456		7,972
				104,053
ITALY — 0.7%
Assicurazioni Generali SpA		602		11,216
Atlantia SpA		114		3,600
Enel SpA		2,802		16,877
Eni SpA		390		6,455
Ferrari NV		78		8,622
Intesa Sanpaolo SpA		3,458		12,231
Luxottica Group SpA		226		12,635
Mediobanca SpA		683		7,331
Snam SpA		6,545		31,538
Telecom Italia SpA/Milano (a) (b)		5,197		4,869
Telecom Italia SpA/Milano Savings Shares (b)		4,040		3,038
UniCredit SpA (a)		1,374		29,271
				147,683
JAPAN — 9.9%
ABC-Mart, Inc.		300		15,831
Aeon Co., Ltd. (c)		300		4,431
Ajinomoto Co., Inc.		600		11,705
ANA Holdings, Inc.		800		30,269
Aozora Bank, Ltd.		400		15,209
Astellas Pharma, Inc.		3,300		41,966
Benesse Holdings, Inc.		300		10,820
Bridgestone Corp.		300		13,608
Canon, Inc.		1,600		54,653
Chubu Electric Power Co., Inc.		300		3,723
Chugai Pharmaceutical Co., Ltd.		300		12,446
Chugoku Bank, Ltd.		600		8,219
Chugoku Electric Power Co., Inc. (c)		300		3,185
Concordia Financial Group, Ltd.		300		1,482
Dai-ichi Life Holdings, Inc.		900		16,143
Daiichi Sankyo Co., Ltd.		300		6,764
Daito Trust Construction Co., Ltd.		100		18,212
Denso Corp.		300		15,173
East Japan Railway Co.		100		9,226
Eisai Co., Ltd.		300		15,394
FUJIFILM Holdings Corp.		300		11,639
Hino Motors, Ltd.		300		3,667
Hitachi Construction Machinery Co., Ltd.		300		8,888
Hitachi, Ltd.		3,000		21,132
Honda Motor Co., Ltd.		600		17,760
Hoya Corp.		300		16,191
Idemitsu Kosan Co., Ltd.		300		8,462
Inpex Corp.		600		6,372
Isetan Mitsukoshi Holdings, Ltd. (c)		300		3,132
Isuzu Motors, Ltd.		300		3,974
ITOCHU Corp.		900		14,735
Japan Airlines Co., Ltd.		600		20,298
Japan Exchange Group, Inc.		300		5,306
Japan Post Bank Co., Ltd.		300		3,705
Japan Post Holdings Co., Ltd.		300		3,542
Japan Prime Realty Investment Corp. REIT		3		10,021
Japan Real Estate Investment Corp. REIT		3		14,418
Japan Retail Fund Investment Corp. REIT		9		16,143
Japan Tobacco, Inc.		900		29,487
JFE Holdings, Inc.		600		11,713
JTEKT Corp.		300		4,152

See accompanying notes to financial statements.

172

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
JXTG Holdings, Inc.		1,900	$	9,771
Kakaku.com, Inc.		600		7,644
Kansai Electric Power Co., Inc.		300		3,836
Kao Corp.		300		17,643
Kawasaki Heavy Industries, Ltd.		400		13,255
KDDI Corp.		600		15,815
Keikyu Corp.		1,000		20,264
Kirin Holdings Co., Ltd.		300		7,057
Kobe Steel, Ltd.		300		3,427
Komatsu, Ltd.		300		8,531
Konami Holdings Corp.		200		9,612
Konica Minolta, Inc.		300		2,463
Kubota Corp.		300		5,452
Kyowa Hakko Kirin Co., Ltd.		600		10,202
Kyushu Electric Power Co., Inc.		300		3,185
Kyushu Financial Group, Inc.		300		1,844
Kyushu Railway Co.		457		13,580
Lawson, Inc.		100		6,618
M3, Inc.		300		8,542
Marubeni Corp.		3,000		20,481
Mazda Motor Corp.		300		4,597
McDonald’s Holdings Co., Japan, Ltd.		300		13,272
MEIJI Holdings Co., Ltd.		100		7,924
Miraca Holdings, Inc.		300		13,939
Mitsubishi Chemical Holdings Corp.		900		8,571
Mitsubishi Corp.		1,200		27,883
Mitsubishi Heavy Industries, Ltd.		400		15,810
Mitsubishi Motors Corp.		900		7,116
Mitsubishi Tanabe Pharma Corp.		900		20,628
Mitsubishi UFJ Financial Group, Inc.		8,100		52,580
Mitsubishi UFJ Lease & Finance Co., Ltd.		300		1,588
Mitsui & Co., Ltd.		900		13,296
Mitsui OSK Lines, Ltd.		400		12,117
Mizuho Financial Group, Inc.		15,000		26,265
MS&AD Insurance Group Holdings, Inc.		300		9,656
Nagoya Railroad Co., Ltd.		800		17,220
NGK Spark Plug Co., Ltd.		300		6,383
NH Foods, Ltd.		1,000		27,495
Nikon Corp. (c)		300		5,200
Nippon Building Fund, Inc. REIT		3		14,951
Nippon Prologis REIT, Inc.		6		12,638
Nippon Steel & Sumitomo Metal Corp.		300		6,885
Nippon Telegraph & Telephone Corp.		1,400		64,139
Nippon Yusen KK (a)		400		8,312
Nissan Motor Co., Ltd.		1,200		11,881
Nissin Foods Holdings Co., Ltd.		300		18,229
Nitori Holdings Co., Ltd.		300		42,882
Nomura Holdings, Inc.		1,500		8,395
Nomura Real Estate Master Fund, Inc.		12		15,596
Nomura Research Institute, Ltd.		600		23,400
NSK, Ltd.		600		8,086
NTT Data Corp.		3,000		32,088
NTT DOCOMO, Inc.		2,768		63,209
Oracle Corp. Japan		300		23,560
Oriental Land Co., Ltd.		300		22,851
ORIX Corp.		300		4,836
Osaka Gas Co., Ltd.		800		14,868
Otsuka Corp.		300		19,216
Otsuka Holdings Co., Ltd.		1,200		47,663
Panasonic Corp.		900		13,036
Park24 Co., Ltd. (c)		300		7,302
Rakuten, Inc.		300		3,270
Recruit Holdings Co., Ltd.		3,498		75,731
Resona Holdings, Inc.		1,500		7,702
Ricoh Co., Ltd.		300		2,916
Sankyo Co., Ltd.		300		9,568
Santen Pharmaceutical Co., Ltd.		400		6,300
SBI Holdings, Inc.		300		4,515
Secom Co., Ltd.		400		29,146
Sekisui House, Ltd.		300		5,054
Seven & i Holdings Co., Ltd.		300		11,580
Showa Shell Sekiyu KK		600		6,903
SoftBank Group Corp.		300		24,210
Sompo Holdings, Inc.		300		11,668
Sony Corp.		600		22,312
Subaru Corp.		600		21,641
Sumitomo Corp.		600		8,627
Sumitomo Electric Industries, Ltd.		300		4,899
Sumitomo Mitsui Financial Group, Inc.		900		34,540
Sumitomo Mitsui Trust Holdings, Inc.		300		10,823
Suntory Beverage & Food, Ltd.		600		26,705
Suzuken Co., Ltd.		300		10,661
T&D Holdings, Inc.		600		8,707
Taisho Pharmaceutical Holdings Co., Ltd.		300		22,760
Takeda Pharmaceutical Co., Ltd.		589		32,515
Terumo Corp.		300		11,793
Tobu Railway Co., Ltd.		800		21,961
Toho Co., Ltd.		300		10,461
Tohoku Electric Power Co., Inc.		300		3,814
Tokio Marine Holdings, Inc.		300		11,732
Tokyo Electric Power Co. Holdings, Inc. (a)		900		3,630
Toshiba Corp. (a)		3,000		8,395
Toyo Suisan Kaisha, Ltd.		300		11,020
Toyota Motor Corp.		1,100		65,571
Toyota Tsusho Corp.		300		9,848
Unicharm Corp.		300		6,865
United Urban Investment Corp. REIT		9		13,176
USS Co., Ltd.		900		18,150
Yahoo! Japan Corp. (c)		1,200		5,693
Yamada Denki Co., Ltd.		900		4,917
Yamaha Motor Co., Ltd.		300		8,981
Yamato Holdings Co., Ltd.		100		2,018
Yokohama Rubber Co., Ltd.		300		6,183
				2,134,942
LUXEMBOURG — 0.1%
ArcelorMittal (a)		297		7,663
RTL Group SA		99		7,495
SES SA		51		1,116
Tenaris SA		138		1,958
				18,232
MEXICO — 0.0% (d)
Fresnillo PLC		12		226
NETHERLANDS — 0.9%
Aegon NV		945		5,506
AerCap Holdings NV (a)		299		15,282

See accompanying notes to financial statements.

173

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Akzo Nobel NV		45	$	4,156
Altice NV Class A (a)		36		721
Altice NV Class B (a)		12		240
ASML Holding NV		28		4,768
EXOR NV		81		5,137
Heineken Holding NV		48		4,511
Heineken NV		48		4,747
ING Groep NV		1,295		23,883
Koninklijke Ahold Delhaize NV		355		6,639
Koninklijke DSM NV		42		3,439
Koninklijke KPN NV		1,007		3,458
Koninklijke Philips NV		174		7,185
NN Group NV		176		7,368
Randstad Holding NV		54		3,341
Royal Dutch Shell PLC Class A		1,994		60,153
Royal Dutch Shell PLC Class B		1,202		37,003
				197,537
NEW ZEALAND — 0.1%
Auckland International Airport, Ltd.		3,152		14,674
Ryman Healthcare, Ltd.		1,531		10,260
				24,934
NORWAY — 0.1%
DNB ASA		281		5,666
Norsk Hydro ASA		581		4,226
Statoil ASA		364		7,284
Telenor ASA		135		2,856
Yara International ASA		180		8,066
				28,098
PORTUGAL — 0.0% (d)
EDP - Energias de Portugal SA		680		2,560
Galp Energia SGPS SA		180		3,191
Jeronimo Martins SGPS SA		216		4,262
				10,013
SINGAPORE — 0.7%
Broadcom, Ltd.		27		6,549
Keppel Corp., Ltd.		3,000		14,338
Oversea-Chinese Banking Corp., Ltd.		3,026		24,869
SATS, Ltd.		3,108		10,551
Singapore Airlines, Ltd.		3,000		22,180
Singapore Press Holdings, Ltd. (c)		6,000		12,018
Singapore Telecommunications, Ltd.		20,342		55,126
StarHub, Ltd.		3,000		5,744
				151,375
SOUTH AFRICA — 0.1%
Investec PLC		165		1,207
Mondi PLC		338		9,092
				10,299
SPAIN — 0.9%
ACS Actividades de Construccion y Servicios SA		80		2,966
Amadeus IT Group SA		354		23,013
Banco Bilbao Vizcaya Argentaria SA		3,137		28,040
Banco de Sabadell SA		1,253		2,616
Banco Santander SA		5,882		41,076
CaixaBank SA		3		15
Distribuidora Internacional de Alimentacion SA		210		1,225
Endesa SA		453		10,215
Ferrovial SA		150		3,303
Gas Natural SDG SA		3		66
Iberdrola SA		1,830		14,218
Industria de Diseno Textil SA		881		33,209
Mapfre SA		564		1,836
Repsol SA		894		16,477
Telefonica SA		1,389		15,094
				193,369
SWEDEN — 0.8%
Alfa Laval AB		228		5,556
Assa Abloy AB Class B		728		16,589
Atlas Copco AB Class A		540		22,818
Atlas Copco AB Class B		317		12,265
Autoliv, Inc. (c)		30		3,708
Boliden AB		222		7,498
Electrolux AB Series B		126		4,270
Essity AB Class B (a)		108		2,932
Hennes & Mauritz AB Class B		893		23,084
Investor AB Class B		201		9,907
Kinnevik AB Class B		233		7,582
Nordea Bank AB		1,106		14,959
Sandvik AB		210		3,615
Skandinaviska Enskilda Banken AB Class A		345		4,535
Skanska AB Class B		314		7,259
SKF AB Class B		323		7,024
Svenska Handelsbanken AB Class A		314		4,728
Swedbank AB Class A		201		5,546
Telefonaktiebolaget LM Ericsson Class B		507		2,905
Telia Co. AB		519		2,439
Volvo AB Class B		323		6,213
				175,432
SWITZERLAND — 4.5%
ABB, Ltd.		329		8,140
Adecco Group AG (a)		153		11,923
Baloise Holding AG		27		4,275
Barry Callebaut AG (a)		3		4,601
Chocoladefabriken Lindt & Spruengli AG		1		5,710
Cie Financiere Richemont SA		3		274
Credit Suisse Group AG (a)		1,062		16,826
EMS-Chemie Holding AG		39		25,957
Ferguson PLC		207		13,597
Geberit AG		30		14,203
Givaudan SA		12		26,131
Glencore PLC (a)		6,895		31,637
Julius Baer Group, Ltd. (a)		311		18,417
Kuehne + Nagel International AG		245		45,399
LafargeHolcim, Ltd. (a)		165		9,652
Nestle SA		1,324		110,972
Novartis AG		878		75,223
Partners Group Holding AG		71		48,209
Roche Holding AG		902		230,441
Schindler Holding AG (b)		57		12,601
Schindler Holding AG (b)		93		20,021
SGS SA		3		7,202

See accompanying notes to financial statements.

174

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Sika AG		3	$	22,339
Sonova Holding AG		207		35,149
STMicroelectronics NV		156		3,019
Straumann Holding AG		42		26,999
Swatch Group AG		3		239
Swiss Life Holding AG (a)		12		4,230
Swiss Prime Site AG (a)		222		19,972
Swiss Re AG		117		10,604
Swisscom AG		102		52,307
TE Connectivity, Ltd.		305		25,333
UBS Group AG (a)		1,205		20,611
Vifor Pharma AG		30		3,535
Zurich Insurance Group AG		39		11,906
				977,654
UNITED KINGDOM — 6.9%
3i Group PLC		317		3,883
Admiral Group PLC		192		4,680
Anglo American PLC		1,030		18,511
Ashtead Group PLC		72		1,738
Associated British Foods PLC		63		2,699
AstraZeneca PLC		1,301		86,489
Auto Trader Group PLC (e)		51		269
Aviva PLC		1,010		6,972
Babcock International Group PLC		36		400
BAE Systems PLC		3,264		27,654
Barclays PLC		9,521		24,698
Barratt Developments PLC		156		1,286
Berkeley Group Holdings PLC		126		6,283
BP PLC		5,765		36,917
British American Tobacco PLC		1,544		96,781
British American Tobacco PLC ADR		444		27,728
British Land Co. PLC REIT		251		2,027
BT Group PLC		9,617		36,631
Bunzl PLC		260		7,908
Burberry Group PLC		381		8,997
Capita PLC.		788		5,973
Carnival PLC		78		4,963
Centrica PLC		200		502
CNH Industrial NV		281		3,375
Cobham PLC		629		1,230
Coca-Cola European Partners PLC		195		8,116
Compass Group PLC		2,674		56,791
ConvaTec Group PLC (e)		4,431		16,283
Croda International PLC		114		5,801
Delphi Automotive PLC		320		31,488
Diageo PLC		1,968		64,768
Direct Line Insurance Group PLC		665		3,244
easyJet PLC		749		12,230
Fiat Chrysler Automobiles NV (a)		1,226		21,973
G4S PLC		417		1,557
GKN PLC		2,062		9,572
GlaxoSmithKline PLC		1,642		32,791
Hargreaves Lansdown PLC		219		4,349
HSBC Holdings PLC		7,943		78,551
IMI PLC		3		50
Imperial Brands PLC		773		33,021
International Consolidated Airlines Group SA		480		3,825
Intertek Group PLC		165		11,029
ITV PLC		3,204		7,510
J Sainsbury PLC		513		1,637
Johnson Matthey PLC		153		7,020
Kingfisher PLC		4,351		17,425
Land Securities Group PLC REIT		177		2,312
Legal & General Group PLC		5,408		18,857
Liberty Global PLC Class A (a)		93		3,154
Liberty Global PLC Series C (a)		135		4,414
Lloyds Banking Group PLC		7,806		7,093
London Stock Exchange Group PLC		150		7,708
Marks & Spencer Group PLC		1,426		6,761
Merlin Entertainments PLC (e)		1,202		7,184
Micro Focus International PLC ADR (a)		148		4,721
National Grid PLC		1,788		22,180
Next PLC		230		16,231
Old Mutual PLC		1,070		2,788
Pearson PLC		159		1,306
Pentair PLC		42		2,854
Persimmon PLC		290		10,046
Prudential PLC		369		8,844
Randgold Resources, Ltd.		332		32,583
Reckitt Benckiser Group PLC		821		75,045
RELX NV		1,022		21,760
RELX PLC		1,148		25,213
Rio Tinto PLC		468		21,807
Rio Tinto, Ltd.		239		12,476
Rolls-Royce Holdings PLC (a)		1,717		20,433
Royal Bank of Scotland Group PLC (a)		2,289		8,240
Royal Mail PLC		2,322		11,969
RSA Insurance Group PLC		420		3,511
Sage Group PLC		896		8,397
Schroders PLC		90		4,051
Sky PLC		1,001		12,288
Smith & Nephew PLC		659		11,918
Smiths Group PLC		332		7,024
SSE PLC		51		956
St James’s Place PLC		387		5,950
Standard Chartered PLC (a)		2,050		20,397
Standard Life Aberdeen PLC		1,039		6,043
Tate & Lyle PLC		3		26
Taylor Wimpey PLC		2,592		6,799
TechnipFMC PLC (a)		6		166
Tesco PLC (a)		5,106		12,821
Travis Perkins PLC		117		2,273
Unilever NV		1,420		84,003
Unilever PLC		1,094		63,393
Vodafone Group PLC		10,545		29,540
Weir Group PLC		3		79
Whitbread PLC		123		6,215
Wm Morrison Supermarkets PLC		1,028		3,229
WPP PLC		228		4,237
				1,496,920
UNITED STATES — 60.1%
3M Co.		647		135,805
Abbott Laboratories		747		39,860
AbbVie, Inc.		156		13,862
Accenture PLC Class A		923		124,670

See accompanying notes to financial statements.

175

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Activision Blizzard, Inc.		147	$	9,483
Adobe Systems, Inc. (a)		51		7,608
Advance Auto Parts, Inc.		57		5,654
AES Corp.		222		2,446
Aetna, Inc.		230		36,572
Aflac, Inc.		81		6,593
AGCO Corp.		57		4,205
Agilent Technologies, Inc.		54		3,467
AGNC Investment Corp. REIT		1,337		28,986
Air Products & Chemicals, Inc.		177		26,766
Albemarle Corp. (c)		63		8,588
Align Technology, Inc. (a)		75		13,970
Alleghany Corp. (a)		57		31,579
Allergan PLC		24		4,919
Allstate Corp.		564		51,837
Ally Financial, Inc.		290		7,035
Alphabet, Inc. Class A (a)		213		207,402
Alphabet, Inc. Class C (a)		225		215,800
Altria Group, Inc.		2,833		179,669
Amazon.com, Inc. (a)		15		14,420
Ameren Corp.		81		4,685
American Electric Power Co., Inc.		108		7,586
American Express Co.		120		10,855
American International Group, Inc.		285		17,496
American Tower Corp. REIT		56		7,654
American Water Works Co., Inc.		147		11,894
Ameriprise Financial, Inc.		30		4,455
AmerisourceBergen Corp.		51		4,220
Amgen, Inc.		656		122,311
Amphenol Corp. Class A		216		18,282
Anadarko Petroleum Corp.		57		2,784
Analog Devices, Inc.		106		9,134
Andeavor		63		6,498
Annaly Capital Management, Inc. REIT		4,043		49,284
ANSYS, Inc. (a)		299		36,696
Anthem, Inc.		90		17,089
Aon PLC		381		55,664
Apache Corp. (c)		120		5,496
Apple, Inc.		2,910		448,489
Applied Materials, Inc.		904		47,089
Arch Capital Group, Ltd. (a)		596		58,706
Archer-Daniels-Midland Co.		213		9,055
Arconic, Inc.		84		2,090
Arrow Electronics, Inc. (a)		57		4,583
Assurant, Inc.		48		4,585
AT&T, Inc.		3,925		153,742
Athene Holding, Ltd. Class A (a)		296		15,937
Automatic Data Processing, Inc.		1,166		127,467
AutoZone, Inc. (a) (c)		18		10,712
AvalonBay Communities, Inc. REIT		228		40,680
Avnet, Inc.		72		2,830
Axis Capital Holdings, Ltd.		363		20,804
Baker Hughes a GE Co.		81		2,966
Ball Corp.		24		991
Bank of America Corp.		3,347		84,813
Bank of New York Mellon Corp.		287		15,217
Baxter International, Inc.		599		37,587
BB&T Corp.		174		8,168
Becton Dickinson and Co.		375		73,481
Bed Bath & Beyond, Inc.		251		5,891
Berkshire Hathaway, Inc. Class B (a)		632		115,858
Best Buy Co., Inc.		284		16,177
Biogen, Inc. (a)		242		75,775
BlackRock, Inc.		18		8,048
Boeing Co.		61		15,507
BorgWarner, Inc.		51		2,613
Boston Scientific Corp. (a)		230		6,709
Brighthouse Financial, Inc. (a)		24		1,459
Bristol-Myers Squibb Co.		1,304		83,117
Brixmor Property Group, Inc. REIT		222		4,174
Broadridge Financial Solutions, Inc.		299		24,165
Brown-Forman Corp. Class B		198		10,751
Bunge, Ltd.		69		4,793
C.H. Robinson Worldwide, Inc. (c)		432		32,875
C.R. Bard, Inc.		30		9,615
CA, Inc.		257		8,579
Camden Property Trust REIT		54		4,938
Campbell Soup Co.		453		21,209
Capital One Financial Corp.		177		14,985
Cardinal Health, Inc.		260		17,399
CarMax, Inc. (a) (c)		72		5,458
Carnival Corp.		75		4,843
Caterpillar, Inc.		129		16,088
CBS Corp. Class B		363		21,054
CDK Global, Inc.		162		10,221
Celanese Corp. Series A		51		5,318
CenterPoint Energy, Inc.		141		4,119
CenturyLink, Inc. (c)		156		2,948
Cerner Corp. (a)		299		21,325
CF Industries Holdings, Inc.		225		7,911
Charles Schwab Corp.		117		5,118
Charter Communications, Inc. Class A (a)		123		44,701
Chevron Corp.		453		53,227
Chipotle Mexican Grill, Inc. (a) (c)		39		12,005
Chubb, Ltd.		372		53,029
Church & Dwight Co., Inc.		1,175		56,929
Cigna Corp.		51		9,534
Cimarex Energy Co.		24		2,728
Cincinnati Financial Corp.		299		22,894
Cintas Corp.		299		43,140
Cisco Systems, Inc.		1,420		47,755
CIT Group, Inc.		75		3,679
Citigroup, Inc.		1,325		96,380
Citizens Financial Group, Inc.		204		7,725
Citrix Systems, Inc. (a)		111		8,527
Clorox Co.		459		60,547
CME Group, Inc.		72		9,769
Coach, Inc.		287		11,560
Coca-Cola Co.		1,516		68,235
Cognizant Technology Solutions Corp. Class A		66		4,788
Colgate-Palmolive Co.		309		22,511
Comcast Corp. Class A		1,573		60,529
Comerica, Inc.		69		5,262
Conagra Brands, Inc.		96		3,239
ConocoPhillips		272		13,614
Consolidated Edison, Inc.		1,130		91,168
Constellation Brands, Inc. Class A		75		14,959

See accompanying notes to financial statements.

176

SPDR MSCI World StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Core Laboratories NV (c)		33	$	3,257
Corning, Inc.		278		8,318
Costco Wholesale Corp.		476		78,202
Crown Castle International Corp. REIT		357		35,693
CSX Corp.		156		8,465
Cummins, Inc.		129		21,676
CVS Health Corp.		440		35,781
Danaher Corp.		228		19,558
Darden Restaurants, Inc.		66		5,199
DaVita, Inc. (a)		45		2,673
Deere & Co.		81		10,173
Dell Technologies, Inc. Class V (a)		866		66,864
Delta Air Lines, Inc.		81		3,906
Devon Energy Corp.		75		2,753
Dick’s Sporting Goods, Inc.		84		2,269
Discover Financial Services		99		6,384
DISH Network Corp. Class A (a)		54		2,928
Dollar General Corp.		254		20,587
Dollar Tree, Inc. (a)		162		14,065
Dominion Energy, Inc.		743		57,159
Dover Corp.		36		3,290
DowDuPont, Inc.		1,460		101,076
Dr. Pepper Snapple Group, Inc.		444		39,281
DTE Energy Co.		48		5,153
Duke Energy Corp.		740		62,101
DXC Technology Co.		69		5,926
Eastman Chemical Co.		120		10,859
Eaton Corp. PLC		72		5,529
Eaton Vance Corp.		96		4,740
eBay, Inc. (a)		432		16,615
Edison International		72		5,556
Edwards Lifesciences Corp. (a)		162		17,708
Eli Lilly & Co.		1,217		104,102
Emerson Electric Co.		480		30,163
Entergy Corp.		54		4,123
EOG Resources, Inc.		63		6,095
EQT Corp.		39		2,544
Equity Residential REIT		351		23,141
Estee Lauder Cos., Inc. Class A		180		19,411
Everest Re Group, Ltd.		174		39,740
Eversource Energy		219		13,236
Exelon Corp.		228		8,589
Expeditors International of Washington, Inc.		740		44,296
Express Scripts Holding Co. (a)		198		12,537
Exxon Mobil Corp.		1,780		145,924
F5 Networks, Inc. (a)		54		6,510
Facebook, Inc. Class A (a)		182		31,098
Fastenal Co. (c)		222		10,119
Federal Realty Investment Trust REIT		18		2,236
FedEx Corp.		51		11,505
Fidelity National Information Services, Inc.		326		30,445
Fifth Third Bancorp		257		7,191
FirstEnergy Corp.		135		4,162
Fiserv, Inc. (a)		350		45,136
FleetCor Technologies, Inc. (a)		45		6,965
Flex, Ltd. (a)		311		5,153
Flowserve Corp.		105		4,472
Fluor Corp.		129		5,431
FNF Group		431		20,455
Foot Locker, Inc.		106		3,733
Ford Motor Co.		1,591		19,044
Fortive Corp.		326		23,078
Franklin Resources, Inc.		305		13,576
Freeport-McMoRan, Inc. (a)		540		7,582
Gap, Inc.		236		6,969
Gartner, Inc. (a)		150		18,661
General Dynamics Corp.		213		43,789
General Electric Co.		1,546		37,382
General Mills, Inc.		1,295		67,029
General Motors Co.		752		30,366
Genuine Parts Co.		201		19,226
Gilead Sciences, Inc.		1,328		107,595
Goldman Sachs Group, Inc.		126		29,886
Halliburton Co.		108		4,971
Harris Corp.		81		10,666
Hartford Financial Services Group, Inc.		120		6,652
Hasbro, Inc.		75		7,325
HCA Healthcare, Inc. (a)		63		5,014
HCP, Inc. REIT		78		2,171
Henry Schein, Inc. (a)		445		36,486
Hershey Co.		156		17,030
Hess Corp.		90		4,220
Hewlett Packard Enterprise Co.		809		11,900
HollyFrontier Corp.		66		2,374
Home Depot, Inc.		275		44,979
Honeywell International, Inc.		608		86,178
Hormel Foods Corp. (c)		363		11,667
Host Hotels & Resorts, Inc. REIT		147		2,718
HP, Inc.		1,435		28,643
Humana, Inc.		39		9,502
Huntington Ingalls Industries, Inc.		75		16,983
Illinois Tool Works, Inc.		351		51,934
Ingersoll-Rand PLC		54		4,815
Intel Corp.		4,318		164,429
Intercontinental Exchange, Inc.		90		6,183
International Business Machines Corp.		1,027		148,997
International Flavors & Fragrances, Inc.		57		8,146
International Paper Co.		96		5,455
Interpublic Group of Cos., Inc.		299		6,216
Intuit, Inc.		216		30,702
Intuitive Surgical, Inc. (a)		78		81,579
Invesco, Ltd.		87		3,048
J.M. Smucker Co.		147		15,425
Jack Henry & Associates, Inc.		374		38,443
Jacobs Engineering Group, Inc.		57		3,321
JB Hunt Transport Services, Inc.		204		22,660
Johnson & Johnson		3,195		415,382
Johnson Controls International PLC		269		10,838
JPMorgan Chase & Co.		1,145		109,359
Juniper Networks, Inc.		123		3,423
Kellogg Co. (c)		710		44,283
KeyCorp		248		4,667
Kimberly-Clark Corp.		249		29,302
Kinder Morgan, Inc.		378		7,250
KLA-Tencor Corp.		51		5,406
Kohl’s Corp. (c)		66		3,013

See accompanying notes to financial statements.

177

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September 30, 2017

Security Description	Shares		Value
Kraft Heinz Co.		72	$	5,584
Kroger Co.		335		6,720
L Brands, Inc. (c)		108		4,494
L3 Technologies, Inc.		27		5,088
Laboratory Corp. of America Holdings (a)		198		29,892
Las Vegas Sands Corp.		66		4,235
Lear Corp.		75		12,981
Leucadia National Corp.		120		3,030
Liberty Interactive Corp. QVC Group Class A (a)		120		2,828
Liberty Media Corp.-Liberty SiriusXM Class A (a)		99		4,148
Liberty Media Corp.-Liberty SiriusXM Class C (a)		198		8,290
Lincoln National Corp.		66		4,850
Lockheed Martin Corp.		75		23,272
Loews Corp.		81		3,877
Lowe’s Cos., Inc.		887		70,907
lululemon athletica, Inc. (a)		87		5,416
LyondellBasell Industries NV Class A		435		43,087
M&T Bank Corp.		51		8,213
ManpowerGroup, Inc.		39		4,595
Marathon Oil Corp.		480		6,509
Marathon Petroleum Corp.		351		19,684
Markel Corp. (a)		75		80,098
Marriott International, Inc. Class A		30		3,308
Marsh & McLennan Cos., Inc.		764		64,031
Mastercard, Inc. Class A		1,033		145,860
Maxim Integrated Products, Inc.		225		10,735
McCormick & Co., Inc.		510		52,346
McDonald’s Corp.		641		100,432
McKesson Corp.		236		36,252
Medtronic PLC		503		39,118
Merck & Co., Inc.		1,030		65,951
MetLife, Inc.		269		13,975
Mettler-Toledo International, Inc. (a)		27		16,906
MGM Resorts International		123		4,009
Michael Kors Holdings, Ltd. (a)		204		9,761
Micron Technology, Inc. (a)		267		10,501
Microsoft Corp.		5,844		435,320
Molson Coors Brewing Co. Class B		48		3,919
Mondelez International, Inc. Class A		326		13,255
Monsanto Co.		494		59,191
Monster Beverage Corp. (a)		329		18,177
Morgan Stanley		315		15,174
Mosaic Co.		72		1,554
Motorola Solutions, Inc.		312		26,479
Murphy Oil Corp. (c)		51		1,355
Mylan NV (a)		66		2,070
National Oilwell Varco, Inc.		375		13,399
Navient Corp.		210		3,154
NetApp, Inc.		87		3,807
New York Community Bancorp, Inc.		219		2,823
Newell Brands, Inc.		201		8,577
Newmont Mining Corp.		251		9,415
News Corp. Class A		189		2,506
NextEra Energy, Inc.		254		37,224
NIKE, Inc. Class B		1,328		68,857
Noble Energy, Inc.		45		1,276
Nordstrom, Inc.		117		5,517
Norfolk Southern Corp.		45		5,951
Northern Trust Corp.		54		4,964
Northrop Grumman Corp.		305		87,755
Nucor Corp.		63		3,531
NVIDIA Corp.		474		84,737
O’Reilly Automotive, Inc. (a)		189		40,705
Occidental Petroleum Corp.		453		29,087
Omnicom Group, Inc.		195		14,444
ONEOK, Inc.		48		2,660
Oracle Corp.		614		29,687
PACCAR, Inc.		54		3,906
Parker-Hannifin Corp.		27		4,726
Patterson Cos., Inc. (c)		18		696
Paychex, Inc.		1,187		71,172
PayPal Holdings, Inc. (a)		90		5,763
People’s United Financial, Inc.		91		1,651
PepsiCo, Inc.		831		92,598
Pfizer, Inc.		2,235		79,789
PG&E Corp.		851		57,945
Philip Morris International, Inc.		189		20,981
Phillips 66		239		21,895
Pioneer Natural Resources Co.		15		2,213
Plains GP Holdings L.P. Class A (a)		111		2,428
PNC Financial Services Group, Inc.		162		21,833
Polaris Industries, Inc. (c)		57		5,964
PPG Industries, Inc.		36		3,912
PPL Corp.		132		5,009
Praxair, Inc.		198		27,668
Priceline Group, Inc. (a)		39		71,402
Principal Financial Group, Inc.		66		4,246
Procter & Gamble Co.		2,943		267,754
Progressive Corp.		450		21,789
Prologis, Inc. REIT		81		5,140
Prudential Financial, Inc.		105		11,164
Public Service Enterprise Group, Inc.		108		4,995
Public Storage REIT		308		65,909
PulteGroup, Inc.		162		4,427
QUALCOMM, Inc.		1,375		71,280
Quest Diagnostics, Inc.		54		5,057
Ralph Lauren Corp.		45		3,973
Raytheon Co.		380		70,900
Realty Income Corp. REIT (c)		299		17,100
Red Hat, Inc. (a)		150		16,629
Regeneron Pharmaceuticals, Inc. (a)		75		33,534
Regions Financial Corp.		405		6,168
RenaissanceRe Holdings, Ltd.		180		24,325
Republic Services, Inc.		1,007		66,522
ResMed, Inc.		102		7,850
Robert Half International, Inc.		114		5,739
Rockwell Automation, Inc.		111		19,781
Rockwell Collins, Inc.		114		14,901
Ross Stores, Inc.		584		37,709
Royal Caribbean Cruises, Ltd.		57		6,757
SBA Communications Corp. REIT (a)		48		6,914
SCANA Corp.		90		4,364
Schlumberger, Ltd.		332		23,160

See accompanying notes to financial statements.

178

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Scripps Networks Interactive, Inc. Class A		63	$	5,411
Seagate Technology PLC		72		2,388
SEI Investments Co.		117		7,144
Sempra Energy		66		7,533
Sherwin-Williams Co.		63		22,556
Shire PLC		87		4,421
Simon Property Group, Inc. REIT		21		3,381
Skyworks Solutions, Inc.		123		12,534
Southern Co.		1,421		69,828
Southwest Airlines Co.		18		1,008
Stanley Black & Decker, Inc.		36		5,435
Starbucks Corp.		1,933		103,821
State Street Corp. (f)		108		10,318
Stericycle, Inc. (a)		15		1,074
Stryker Corp.		488		69,306
SunTrust Banks, Inc.		159		9,503
Symantec Corp.		138		4,528
Synchrony Financial		96		2,981
Synopsys, Inc. (a)		354		28,508
Sysco Corp.		638		34,420
T Rowe Price Group, Inc.		201		18,221
Target Corp.		193		11,389
TD Ameritrade Holding Corp.		183		8,930
Texas Instruments, Inc.		1,010		90,536
Textron, Inc.		84		4,526
Thermo Fisher Scientific, Inc.		39		7,379
Thomson Reuters Corp.		447		20,462
Tiffany & Co.		87		7,985
Time Warner, Inc.		332		34,013
TJX Cos., Inc.		1,337		98,577
Tractor Supply Co.		117		7,405
Travelers Cos., Inc.		372		45,577
TripAdvisor, Inc. (a) (c)		84		3,405
Twenty-First Century Fox, Inc. Class A		195		5,144
Twenty-First Century Fox, Inc. Class B		387		9,981
Tyson Foods, Inc. Class A		84		5,918
UDR, Inc. REIT		596		22,666
Ulta Salon Cosmetics & Fragrance, Inc. (a)		45		10,173
Under Armour, Inc. Class A (a) (c)		102		1,681
Under Armour, Inc. Class C (a) (c)		102		1,532
Union Pacific Corp.		683		79,207
United Parcel Service, Inc. Class B		408		48,997
United Technologies Corp.		117		13,581
UnitedHealth Group, Inc.		423		82,845
Universal Health Services, Inc. Class B		36		3,994
Unum Group		90		4,602
US Bancorp		564		30,225
Valero Energy Corp.		242		18,617
Varian Medical Systems, Inc. (a)		432		43,226
Ventas, Inc. REIT		31		2,019
Verisk Analytics, Inc. (a)		150		12,478
Verizon Communications, Inc.		2,672		132,237
VF Corp. (c)		297		18,880
Visa, Inc. Class A		2,020		212,585
VMware, Inc. Class A (a) (c)		299		32,648
Voya Financial, Inc.		84		3,351
W.W. Grainger, Inc. (c)		48		8,628
Wabtec Corp. (c)		66		4,999
Wal-Mart Stores, Inc.		2,104		164,407
Walgreens Boots Alliance, Inc.		132		10,193
Walt Disney Co.		1,441		142,039
Waste Management, Inc.		983		76,939
Waters Corp. (a)		63		11,310
WEC Energy Group, Inc.		578		36,287
Wells Fargo & Co.		1,436		79,195
Welltower, Inc. REIT		154		10,823
Western Digital Corp.		45		3,888
Western Union Co.		501		9,619
WestRock Co.		66		3,744
Weyerhaeuser Co. REIT		102		3,471
Whirlpool Corp.		21		3,873
Williams Cos., Inc.		66		1,981
Willis Towers Watson PLC		36		5,552
WR Berkley Corp.		414		27,630
Xcel Energy, Inc.		1,010		47,793
Xerox Corp.		91		3,029
Xilinx, Inc. (c)		171		12,112
Yum! Brands, Inc.		84		6,183
Zimmer Biomet Holdings, Inc.		30		3,513
Zoetis, Inc.		24		1,530
				12,987,958
TOTAL COMMON STOCKS (Cost $19,729,833)				21,536,074
SHORT-TERM INVESTMENTS — 20.5%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (g) (h)		4,411,701		4,411,701
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		24,983		24,983
TOTAL SHORT-TERM INVESTMENTS (Cost $4,436,684)				4,436,684
TOTAL INVESTMENTS — 120.2% (Cost $24,166,517)				25,972,758
LIABILITIES IN EXCESS OF OTHER ASSETS — (20.2)%				(4,367,219	)
NET ASSETS — 100.0%			$	21,605,539

(a) Non-income producing security.

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

(c) All or a portion of the shares of the security are on loan at September 30, 2017.

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

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.3% of net assets as of September 30, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended September 30, 2017 are shown in the Affiliate Table below.

See accompanying notes to financial statements.

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September 30, 2017

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended September 30, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at September 30, 2017.

(i) 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 September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	298,108	$	—	$	—	$	298,108
Austria		13,141		—		—		13,141
Belgium		65,102		—		—		65,102
Canada		702,547		—		—		702,547
Chile		1,413		—		—		1,413
Denmark		285,586		—		—		285,586
Finland		67,853		—		—		67,853
France		459,855		—		—		459,855
Germany		513,381		—		—		513,381
Hong Kong		403,063		—		—		403,063
Ireland		67,300		—		—		67,300
Israel		104,053		—		—		104,053
Italy		147,683		—		—		147,683
Japan		2,134,942		—		—		2,134,942
Luxembourg		18,232		—		—		18,232
Mexico		226		—		—		226
Netherlands		197,537		—		—		197,537
New Zealand		24,934		—		—		24,934
Norway		28,098		—		—		28,098
Portugal		10,013		—		—		10,013
Singapore		151,375		—		—		151,375
South Africa		10,299		—		—		10,299
Spain		193,369		—		—		193,369
Sweden		175,432		—		—		175,432
Switzerland		977,654		—		—		977,654
United Kingdom		1,496,920		—		—		1,496,920
United States		12,987,958		—		—		12,987,958
Short-Term Investments		4,436,684		—		—		4,436,684
TOTAL INVESTMENTS	$	25,972,758	$	—	$	—	$	25,972,758

See accompanying notes to financial statements.

180

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September 30, 2017

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Corp		36	$	2,507	$	8,517	$	3,440	$	1,052	$	1,682		108	$	10,318	$	210
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, Class G Shares		—		—		5,114,339		702,638		—		—		4,411,701		4,411,701		492
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		318,206		318,206		—		—		—		—		74
State Street Navigator Securities Lending Government Money Market Portfolio*		—		—		443,219		418,236		—		—		24,983		24,983		239
TOTAL			$	31,351	$	5,885,200	$	1,472,283	$	1,052	$	1,682			$	4,447,002	$	1,016

* 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.

181

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SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AEROSPACE & DEFENSE — 1.1%
Bombardier, Inc. Class B (a)		31,690	$	57,266
CAE, Inc.		21,880		381,914
				439,180
AUTO COMPONENTS — 3.4%
Linamar Corp.		4,683		285,102
Magna International, Inc.		19,646		1,046,038
				1,331,140
BANKS — 20.1%
Bank of Montreal		13,471		1,017,124
Bank of Nova Scotia		21,890		1,403,733
Canadian Imperial Bank of Commerce		17,398		1,518,682
National Bank of Canada		10,274		493,306
Royal Bank of Canada		21,615		1,668,502
Toronto-Dominion Bank		30,128		1,692,314
				7,793,661
CAPITAL MARKETS — 1.6%
CI Financial Corp.		26,672		582,001
IGM Financial, Inc.		769		25,788
				607,789
CHEMICALS — 3.1%
Agrium, Inc.		8,869		948,277
Methanex Corp.		805		40,358
Potash Corp. of Saskatchewan, Inc.		10,781		207,060
				1,195,695
CONSTRUCTION & ENGINEERING — 1.3%
SNC-Lavalin Group, Inc.		11,247		507,111
CONTAINERS & PACKAGING — 1.8%
CCL Industries, Inc. Class B		14,290		689,905
DIVERSIFIED FINANCIAL SERVICES — 0.8%
Element Fleet Management Corp.		3,226		23,860
Onex Corp.		3,934		302,886
				326,746
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.2%
BCE, Inc.		19,047		890,327
TELUS Corp.		9,325		334,631
				1,224,958
ELECTRIC UTILITIES — 2.7%
Emera, Inc.		7,618		287,872
Fortis, Inc.		10,372		371,373
Hydro One, Ltd. (b)		22,216		403,588
				1,062,833
FOOD & STAPLES RETAILING — 6.8%
Alimentation Couche-Tard, Inc. Class B		19,212		874,076
Empire Co., Ltd. Class A		4,136		73,020
George Weston, Ltd.		2,808		243,944
Jean Coutu Group PJC, Inc. Class A		9,464		183,885
Loblaw Cos., Ltd.		7,589		413,234
Metro, Inc.		24,733		848,593
				2,636,752
FOOD PRODUCTS — 2.2%
Saputo, Inc.		24,272		838,210
HOTELS, RESTAURANTS & LEISURE — 0.2%
Restaurant Brands International, Inc.		1,521		96,953
INSURANCE — 15.2%
Fairfax Financial Holdings, Ltd.		804		417,432
Great-West Lifeco, Inc.		34,159		980,810
Industrial Alliance Insurance & Financial Services, Inc.		11,174		504,802
Intact Financial Corp.		14,521		1,196,721
Manulife Financial Corp.		25,667		519,435
Power Corp. of Canada		11,364		288,132
Power Financial Corp.		25,376		702,246
Sun Life Financial, Inc.		32,369		1,286,064
				5,895,642
INTERNET SOFTWARE & SERVICES — 0.0% (c)
Shopify, Inc. Class A (a)		29		3,365
IT SERVICES — 2.3%
CGI Group, Inc. Class A (a)		17,267		893,275
MEDIA — 2.2%
Shaw Communications, Inc. Class B		16,539		379,803
Thomson Reuters Corp.		10,288		470,945
				850,748
METALS & MINING — 2.8%
Agnico Eagle Mines, Ltd.		2,335		105,282
Barrick Gold Corp.		12,093		194,161
First Quantum Minerals, Ltd.		10,142		113,612
Franco-Nevada Corp.		2,794		215,942
Goldcorp, Inc.		9,251		119,831
Kinross Gold Corp. (a)		9,460		40,014
Teck Resources, Ltd. Class B		7,511		157,769
Turquoise Hill Resources, Ltd. (a)		13,707		42,305
Wheaton Precious Metals Corp.		2,200		41,866
Yamana Gold, Inc.		13,308		35,115
				1,065,897
MULTI-UTILITIES — 0.2%
Atco, Ltd. Class I		1,141		41,785
Canadian Utilities, Ltd. Class A		1,713		53,075
				94,860
MULTILINE RETAIL — 2.4%
Canadian Tire Corp., Ltd. Class A		6,110		758,907
Dollarama, Inc.		1,414		154,363
				913,270
OIL, GAS & CONSUMABLE FUELS — 12.2%
AltaGas, Ltd.		10,425		239,567
ARC Resources, Ltd.		2,674		36,754
Cameco Corp.		4,662		44,918
Canadian Natural Resources, Ltd.		9,137		305,309
Cenovus Energy, Inc.		13,289		132,927
Crescent Point Energy Corp.		8,424		67,492
Enbridge, Inc.		15,766		657,037
Encana Corp.		7,341		86,227
Husky Energy, Inc. (a)		6,562		81,956
Imperial Oil, Ltd.		11,848		377,613
Inter Pipeline, Ltd.		9,744		201,401
Keyera Corp.		15,662		477,631
Pembina Pipeline Corp.		12,667		443,418

See accompanying notes to financial statements.

182

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Peyto Exploration & Development Corp.		1,135	$	18,514
PrairieSky Royalty, Ltd.		832		21,242
Seven Generations Energy, Ltd. Class A (a)		807		12,737
Suncor Energy, Inc.		23,098		807,640
Tourmaline Oil Corp. (a)		2,041		41,403
TransCanada Corp.		12,244		603,756
Veresen, Inc.		3,727		55,787
Vermilion Energy, Inc.		490		17,376
				4,730,705
PAPER & FOREST PRODUCTS — 0.1%
West Fraser Timber Co., Ltd.		721		41,508
PHARMACEUTICALS — 0.3%
Valeant Pharmaceuticals International, Inc. (a)		7,389		105,637
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.0%
H&R Real Estate Investment Trust REIT		6,429		110,727
RioCan Real Estate Investment Trust		9,957		190,518
Smart Real Estate Investment Trust REIT		3,648		85,873
				387,118
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.6%
Brookfield Asset Management, Inc. Class A		11,248		463,357
First Capital Realty, Inc.		9,944		156,477
				619,834
ROAD & RAIL — 5.2%
Canadian National Railway Co.		14,870		1,229,169
Canadian Pacific Railway, Ltd.		4,591		769,346
				1,998,515
SOFTWARE — 2.9%
Constellation Software, Inc.		1,631		887,768
Open Text Corp.		7,261		233,741
				1,121,509
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1%
BlackBerry, Ltd. (a)		1,880		20,970
TEXTILES, APPAREL & LUXURY GOODS — 1.7%
Gildan Activewear, Inc.		20,951		653,164
TRADING COMPANIES & DISTRIBUTORS — 0.1%
Finning International, Inc.		1,576		35,952
WIRELESS TELECOMMUNICATION SERVICES — 1.0%
Rogers Communications, Inc. Class B		7,704		396,334
TOTAL COMMON STOCKS (Cost $33,003,214)				38,579,236
SHORT-TERM INVESTMENT — 0.0% (c)
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (d) (e) (Cost $13,104)		13,104		13,104
TOTAL INVESTMENTS — 99.6% (Cost $33,016,318)				38,592,340
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				160,398
NET ASSETS — 100.0%			$	38,752,738

(a) Non-income producing security.

(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. This security, which represents 1.0% of net assets as of September 30, 2017, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended September 30, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at September 30, 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 September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	439,180	$	—	$	—	$	439,180
Auto Components		1,331,140		—		—		1,331,140
Banks		7,793,661		—		—		7,793,661
Capital Markets		607,789		—		—		607,789
Chemicals		1,195,695		—		—		1,195,695
Construction & Engineering		507,111		—		—		507,111
Containers & Packaging		689,905		—		—		689,905
Diversified Financial Services		326,746		—		—		326,746
Diversified Telecommunication Services		1,224,958		—		—		1,224,958
Electric Utilities		1,062,833		—		—		1,062,833

See accompanying notes to financial statements.

183

SPDR MSCI Canada StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Food & Staples Retailing	$	2,636,752	$	—	$	—	$	2,636,752
Food Products		838,210		—		—		838,210
Hotels, Restaurants & Leisure		96,953		—		—		96,953
Insurance		5,895,642		—		—		5,895,642
Internet Software & Services		3,365		—		—		3,365
IT Services		893,275		—		—		893,275
Media		850,748		—		—		850,748
Metals & Mining		1,065,897		—		—		1,065,897
Multi-Utilities		94,860		—		—		94,860
Multiline Retail		913,270		—		—		913,270
Oil, Gas & Consumable Fuels		4,730,705		—		—		4,730,705
Paper & Forest Products		41,508		—		—		41,508
Pharmaceuticals		105,637		—		—		105,637
Real Estate Investment Trusts (REITs)		387,118		—		—		387,118
Real Estate Management & Development		619,834		—		—		619,834
Road & Rail		1,998,515		—		—		1,998,515
Software		1,121,509		—		—		1,121,509
Technology Hardware, Storage & Peripherals		20,970		—		—		20,970
Textiles, Apparel & Luxury Goods		653,164		—		—		653,164
Trading Companies & Distributors		35,952		—		—		35,952
Wireless Telecommunication Services		396,334		—		—		396,334
Short-Term Investment		13,104		—		—		13,104
TOTAL INVESTMENTS	$	38,592,340	$	—	$	—	$	38,592,340

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		373,818		360,714		—		—		13,104		13,104		89
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		259,022		259,022		—		—		—		—		42
TOTAL			$	9,298	$	633,103	$	629,297	$	—	$	—			$	13,104	$	131

See accompanying notes to financial statements.

184

SPDR MSCI Germany StrategicFactors ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AIR FREIGHT & LOGISTICS — 4.2%
Deutsche Post AG		17,672	$	786,891
AIRLINES — 1.0%
Deutsche Lufthansa AG		7,104		197,445
AUTO COMPONENTS — 3.0%
Continental AG		2,177		552,691
Schaeffler AG Preference Shares		1,085		17,509
				570,200
AUTOMOBILES — 8.8%
Bayerische Motoren Werke AG		2,776		281,676
Bayerische Motoren Werke AG Preference Shares		521		46,429
Daimler AG		9,707		774,259
Porsche Automobil Holding SE Preference Shares		966		61,782
Volkswagen AG		410		69,434
Volkswagen AG Preference Shares		2,608		425,478
				1,659,058
BANKS — 0.9%
Commerzbank AG (a)		12,974		176,539
CAPITAL MARKETS — 1.3%
Deutsche Bank AG		14,501		250,803
CHEMICALS — 13.7%
BASF SE		8,936		951,195
Covestro AG (b)		5,590		480,768
Evonik Industries AG		6,322		225,860
Fuchs Petrolub SE Preference Shares		3,994		236,510
KS AG		1,312		35,752
Lanxess AG		362		28,570
Linde AG		1,081		225,496
Symrise AG		5,230		397,375
				2,581,526
CONSTRUCTION & ENGINEERING — 0.1%
HOCHTIEF AG		75		12,657
CONSTRUCTION MATERIALS — 0.8%
HeidelbergCement AG		1,461		150,214
DIVERSIFIED FINANCIAL SERVICES — 0.8%
Deutsche Boerse AG		1,405		152,329
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.2%
Deutsche Telekom AG		27,076		505,266
Telefonica Deutschland Holding AG		18,621		104,521
				609,787
ELECTRICAL EQUIPMENT — 1.3%
OSRAM Licht AG		3,003		239,670
FOOD & STAPLES RETAILING — 0.3%
METRO AG (a)		2,706		57,215
HEALTH CARE PROVIDERS & SERVICES — 3.1%
Fresenius Medical Care AG & Co. KGaA		2,863		280,146
Fresenius SE & Co. KGaA		3,774		304,506
				584,652
HOUSEHOLD PRODUCTS — 3.5%
Henkel AG & Co. KGaA		1,065		129,619
Henkel AG & Co. KGaA Preference Shares		3,863		525,871
				655,490
INDUSTRIAL CONGLOMERATES — 4.6%
Siemens AG		6,217		876,088
INSURANCE — 12.3%
Allianz SE		4,366		980,424
Hannover Rueck SE		3,230		389,296
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		4,481		958,306
				2,328,026
INTERNET & CATALOG RETAIL — 0.2%
Zalando SE (a) (b)		683		34,236
INTERNET SOFTWARE & SERVICES — 0.4%
United Internet AG		1,109		69,053
LIFE SCIENCES TOOLS & SERVICES — 0.3%
QIAGEN NV (a)		1,883		59,280
MACHINERY — 3.0%
GEA Group AG		6,317		287,441
KION Group AG		218		20,868
MAN SE		2,281		257,498
				565,807
MEDIA — 4.1%
Axel Springer SE		3,095		198,935
ProSiebenSat.1 Media SE		9,768		332,979
RTL Group SA (c)		702		52,773
RTL Group SA (c)		2,631		199,188
				783,875
METALS & MINING — 0.3%
ThyssenKrupp AG		2,072		61,422
MULTI-UTILITIES — 4.5%
E.ON SE		18,224		206,309
Innogy SE (b)		11,398		507,390
RWE AG (a)		6,414		145,738
				859,437
PERSONAL PRODUCTS — 2.9%
Beiersdorf AG		5,177		557,126
PHARMACEUTICALS — 5.9%
Bayer AG		5,996		817,300
Merck KGaA		2,687		298,979
				1,116,279
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.8%
Deutsche Wohnen SE		3,927		166,758
Vonovia SE		3,846		163,683
				330,441
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.5%
Infineon Technologies AG		18,623		468,282
SOFTWARE — 4.2%
SAP SE		7,231		792,359

See accompanying notes to financial statements.

185

SPDR MSCI Germany StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS — 4.4%
adidas AG		2,461	$	556,858
HUGO BOSS AG		3,199		282,088
				838,946
TRADING COMPANIES & DISTRIBUTORS — 1.6%
Brenntag AG		5,352		298,103
TRANSPORTATION INFRASTRUCTURE — 0.5%
Fraport AG Frankfurt Airport Services Worldwide		1,079		102,481
TOTAL COMMON STOCKS (Cost $17,089,872)				18,825,717
SHORT-TERM INVESTMENT — 0.0% (d)
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (e) (f) (Cost $1,300)		1,300		1,300
TOTAL INVESTMENTS — 99.5% (Cost $17,091,172)				18,827,017
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				90,000
NET ASSETS — 100.0%			$	18,917,017

(a) Non-income producing security.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 5.4% of net assets as of September 30, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(d) Amount 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 September 30, 2017 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at September 30, 2017.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 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	$	786,891	$	—	$	—	$	786,891
Airlines		197,445		—		—		197,445
Auto Components		570,200		—		—		570,200
Automobiles		1,659,058		—		—		1,659,058
Banks		176,539		—		—		176,539
Capital Markets		250,803		—		—		250,803
Chemicals		2,581,526		—		—		2,581,526
Construction & Engineering		12,657		—		—		12,657
Construction Materials		150,214		—		—		150,214
Diversified Financial Services		152,329		—		—		152,329
Diversified Telecommunication Services		609,787		—		—		609,787
Electrical Equipment		239,670		—		—		239,670
Food & Staples Retailing		57,215		—		—		57,215
Health Care Providers & Services		584,652		—		—		584,652
Household Products		655,490		—		—		655,490
Industrial Conglomerates		876,088		—		—		876,088
Insurance		2,328,026		—		—		2,328,026
Internet & Catalog Retail		34,236		—		—		34,236
Internet Software & Services		69,053		—		—		69,053
Life Sciences Tools & Services		59,280		—		—		59,280
Machinery		565,807		—		—		565,807
Media		783,875		—		—		783,875
Metals & Mining		61,422		—		—		61,422
Multi-Utilities		859,437		—		—		859,437

See accompanying notes to financial statements.

186

SPDR MSCI Germany StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Personal Products	$	557,126	$	—	$	—	$	557,126
Pharmaceuticals		1,116,279		—		—		1,116,279
Real Estate Management & Development		330,441		—		—		330,441
Semiconductors & Semiconductor Equipment		468,282		—		—		468,282
Software		792,359		—		—		792,359
Textiles, Apparel & Luxury Goods		838,946		—		—		838,946
Trading Companies & Distributors		298,103		—		—		298,103
Transportation Infrastructure		102,481		—		—		102,481
Short-Term Investment		1,300		—		—		1,300
TOTAL INVESTMENTS	$	18,827,017	$	—	$	—	$	18,827,017

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		353	$	353	$	—	$	353	$	—	$	—		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Class G Shares		—		—		397,053		395,753		—		—		1,300		1,300		93
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		28,981		28,981		—		—		—		—		4
TOTAL			$	353	$	426,034	$	425,087	$	—	$	—			$	1,300	$	97

See accompanying notes to financial statements.

187

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.0%
AIR FREIGHT & LOGISTICS — 0.1%
Yamato Holdings Co., Ltd.		600	$	12,108
AIRLINES — 1.1%
ANA Holdings, Inc.		1,700		64,321
Japan Airlines Co., Ltd.		3,100		104,871
				169,192
AUTO COMPONENTS — 3.8%
Aisin Seiki Co., Ltd.		600		31,609
Bridgestone Corp.		7,300		331,131
Denso Corp.		1,000		50,575
Koito Manufacturing Co., Ltd.		1,300		81,535
NGK Spark Plug Co., Ltd.		200		4,255
NOK Corp.		200		4,478
Stanley Electric Co., Ltd.		100		3,425
Sumitomo Electric Industries, Ltd.		1,900		31,024
Sumitomo Rubber Industries, Ltd.		600		10,991
Toyoda Gosei Co., Ltd.		100		2,362
Toyota Industries Corp.		300		17,243
Yokohama Rubber Co., Ltd.		200		4,122
				572,750
AUTOMOBILES — 7.5%
Honda Motor Co., Ltd.		5,400		159,844
Isuzu Motors, Ltd.		6,100		80,799
Mazda Motor Corp.		1,800		27,584
Mitsubishi Motors Corp.		1,300		10,278
Nissan Motor Co., Ltd.		10,500		103,960
Subaru Corp.		7,400		266,904
Suzuki Motor Corp.		600		31,459
Toyota Motor Corp.		7,000		417,270
Yamaha Motor Co., Ltd.		400		11,975
				1,110,073
BANKS — 7.1%
Aozora Bank, Ltd.		900		34,220
Bank of Kyoto, Ltd.		200		10,163
Chiba Bank, Ltd.		3,000		21,454
Chugoku Bank, Ltd.		700		9,589
Concordia Financial Group, Ltd.		3,900		19,267
Fukuoka Financial Group, Inc.		2,000		9,239
Hachijuni Bank, Ltd.		1,300		8,119
Hiroshima Bank, Ltd.		500		4,046
Japan Post Bank Co., Ltd.		5,200		64,212
Kyushu Financial Group, Inc.		2,000		12,295
Mebuki Financial Group, Inc.		5,800		22,414
Mitsubishi UFJ Financial Group, Inc.		37,200		241,479
Mizuho Financial Group, Inc.		108,900		190,683
Resona Holdings, Inc.		11,600		59,564
Seven Bank, Ltd.		500		1,803
Shinsei Bank, Ltd.		500		8,000
Shizuoka Bank, Ltd.		1,000		8,990
Sumitomo Mitsui Financial Group, Inc.		5,400		207,240
Sumitomo Mitsui Trust Holdings, Inc.		1,000		36,077
Suruga Bank, Ltd.		2,600		56,035
Yamaguchi Financial Group, Inc.		3,000		35,100
				1,059,989
BEVERAGES — 1.6%
Asahi Group Holdings, Ltd.		1,500		60,712
Coca-Cola Bottlers Japan, Inc.		600		19,455
Kirin Holdings Co., Ltd.		3,800		89,392
Suntory Beverage & Food, Ltd.		1,500		66,761
				236,320
BUILDING PRODUCTS — 1.9%
Asahi Glass Co., Ltd.		400		14,836
Daikin Industries, Ltd.		2,400		242,953
LIXIL Group Corp.		500		13,263
TOTO, Ltd.		100		4,211
				275,263
CAPITAL MARKETS — 0.4%
Daiwa Securities Group, Inc.		3,000		16,985
Nomura Holdings, Inc.		6,000		33,580
SBI Holdings, Inc.		400		6,020
				56,585
CHEMICALS — 3.1%
Air Water, Inc.		200		3,688
Asahi Kasei Corp.		3,000		36,912
Daicel Corp.		400		4,819
Hitachi Chemical Co., Ltd.		1,000		27,406
JSR Corp.		300		5,698
Kaneka Corp.		1,000		7,764
Kansai Paint Co., Ltd.		1,900		47,802
Kuraray Co., Ltd.		1,200		22,430
Mitsubishi Chemical Holdings Corp.		3,200		30,475
Mitsubishi Gas Chemical Co., Inc.		300		7,028
Mitsui Chemicals, Inc.		400		12,153
Nippon Paint Holdings Co., Ltd.		100		3,398
Nissan Chemical Industries, Ltd.		1,400		49,251
Nitto Denko Corp.		100		8,335
Shin-Etsu Chemical Co., Ltd.		1,000		89,371
Sumitomo Chemical Co., Ltd.		3,000		18,736
Taiyo Nippon Sanso Corp.		100		1,183
Teijin, Ltd.		300		5,911
Toray Industries, Inc.		7,700		74,664
Tosoh Corp.		500		11,265
				468,289
COMMERCIAL SERVICES & SUPPLIES — 1.3%
Dai Nippon Printing Co., Ltd.		1,000		23,924
Park24 Co., Ltd.		2,000		48,683
Secom Co., Ltd.		1,000		72,865
Sohgo Security Services Co., Ltd.		100		4,584
Toppan Printing Co., Ltd.		4,000		39,657
				189,713
CONSTRUCTION & ENGINEERING — 2.5%
JGC Corp.		400		6,471
Kajima Corp.		8,000		79,456
Obayashi Corp.		4,700		56,326
Shimizu Corp.		4,000		44,312
Taisei Corp.		3,600		188,691
				375,256
CONSTRUCTION MATERIALS — 0.1%
Taiheiyo Cement Corp.		300		11,580

See accompanying notes to financial statements.

188

SPDR MSCI Japan StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
CONSUMER FINANCE — 0.0% (a)
Acom Co., Ltd. (b)		200	$	775
AEON Financial Service Co., Ltd.		100		2,088
Credit Saison Co., Ltd.		200		4,149
				7,012
CONTAINERS & PACKAGING — 0.0% (a)
Toyo Seikan Group Holdings, Ltd.		300		5,010
DIVERSIFIED CONSUMER SERVICES — 0.2%
Benesse Holdings, Inc.		1,000		36,068
DIVERSIFIED FINANCIAL SERVICES — 1.1%
Japan Exchange Group, Inc.		6,400		113,200
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,000		5,295
ORIX Corp.		2,800		45,135
				163,630
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.8%
Nippon Telegraph & Telephone Corp.		2,700		123,696
ELECTRIC UTILITIES — 1.5%
Chubu Electric Power Co., Inc.		4,000		49,642
Chugoku Electric Power Co., Inc.		2,400		25,479
Kansai Electric Power Co., Inc.		2,600		33,249
Kyushu Electric Power Co., Inc.		1,200		12,739
Tohoku Electric Power Co., Inc.		3,400		43,223
Tokyo Electric Power Co. Holdings, Inc. (b)		14,200		57,272
				221,604
ELECTRICAL EQUIPMENT — 0.6%
Fuji Electric Co., Ltd.		1,000		5,544
Mitsubishi Electric Corp.		2,800		43,729
Nidec Corp.		300		36,832
				86,105
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.8%
Alps Electric Co., Ltd.		200		5,275
Hamamatsu Photonics KK		100		3,021
Hirose Electric Co., Ltd.		100		14,072
Hitachi High-Technologies Corp.		700		25,372
Hitachi, Ltd.		12,000		84,527
Keyence Corp.		700		371,563
Kyocera Corp.		1,000		62,026
Murata Manufacturing Co., Ltd.		1,700		249,794
Nippon Electric Glass Co., Ltd.		200		7,738
Omron Corp.		200		10,181
Shimadzu Corp.		500		9,843
TDK Corp.		200		13,574
Yaskawa Electric Corp.		200		6,334
Yokogawa Electric Corp.		200		3,404
				866,724
FOOD & STAPLES RETAILING — 1.8%
Aeon Co., Ltd.		2,800		41,354
FamilyMart UNY Holdings Co., Ltd.		500		26,341
Lawson, Inc.		500		33,092
Seven & i Holdings Co., Ltd.		1,800		69,480
Sundrug Co., Ltd.		1,000		41,398
Tsuruha Holdings, Inc.		500		59,743
				271,408
FOOD PRODUCTS — 1.9%
Ajinomoto Co., Inc.		1,900		37,067
Calbee, Inc.		900		31,622
Kikkoman Corp.		200		6,148
MEIJI Holdings Co., Ltd.		500		39,621
NH Foods, Ltd.		2,000		54,990
Nisshin Seifun Group, Inc.		1,300		21,770
Nissin Foods Holdings Co., Ltd.		700		42,535
Toyo Suisan Kaisha, Ltd.		1,000		36,734
Yamazaki Baking Co., Ltd.		700		12,636
				283,123
GAS UTILITIES — 0.8%
Osaka Gas Co., Ltd.		3,200		59,471
Toho Gas Co., Ltd.		400		11,709
Tokyo Gas Co., Ltd.		1,800		44,103
				115,283
HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%
Hoya Corp.		4,800		259,050
Olympus Corp.		200		6,770
Sysmex Corp.		1,900		121,192
Terumo Corp.		1,200		47,173
				434,185
HEALTH CARE PROVIDERS & SERVICES — 0.5%
Alfresa Holdings Corp.		1,100		20,121
Medipal Holdings Corp.		1,400		24,302
Miraca Holdings, Inc.		400		18,585
Suzuken Co., Ltd.		500		17,768
				80,776
HEALTH CARE TECHNOLOGY — 0.5%
M3, Inc.		2,700		76,876
HOTELS, RESTAURANTS & LEISURE — 2.0%
McDonald’s Holdings Co., Japan, Ltd.		2,000		88,482
Oriental Land Co., Ltd.		2,800		213,274
				301,756
HOUSEHOLD DURABLES — 1.7%
Casio Computer Co., Ltd.		200		2,814
Iida Group Holdings Co., Ltd.		300		5,346
Nikon Corp.		1,300		22,532
Panasonic Corp.		4,300		62,285
Rinnai Corp.		200		17,110
Sekisui Chemical Co., Ltd.		1,900		37,371
Sekisui House, Ltd.		2,600		43,805
Sharp Corp. (b)		100		3,016
Sony Corp.		1,700		63,219
				257,498
HOUSEHOLD PRODUCTS — 0.1%
Lion Corp.		400		7,299
Unicharm Corp.		400		9,154
				16,453
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
Electric Power Development Co., Ltd.		400		10,042

See accompanying notes to financial statements.

189

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
INDUSTRIAL CONGLOMERATES — 0.2%
Seibu Holdings, Inc.		200	$	3,415
Toshiba Corp. (b)		8,000		22,387
				25,802
INSURANCE — 1.9%
Dai-ichi Life Holdings, Inc.		2,800		50,222
Japan Post Holdings Co., Ltd.		4,200		49,587
MS&AD Insurance Group Holdings, Inc.		1,700		54,716
Sompo Holdings, Inc.		800		31,114
Sony Financial Holdings, Inc.		300		4,920
T&D Holdings, Inc.		1,300		18,865
Tokio Marine Holdings, Inc.		1,700		66,481
				275,905
INTERNET & CATALOG RETAIL — 0.5%
Rakuten, Inc.		600		6,540
Start Today Co., Ltd.		2,200		69,675
				76,215
INTERNET SOFTWARE & SERVICES — 0.8%
DeNA Co., Ltd.		1,100		24,645
Kakaku.com, Inc.		1,800		22,931
Yahoo! Japan Corp.		14,900		70,685
				118,261
IT SERVICES — 1.7%
Fujitsu, Ltd.		5,000		37,130
Nomura Research Institute, Ltd.		1,000		39,000
NTT Data Corp.		4,000		42,784
Obic Co., Ltd.		800		50,317
Otsuka Corp.		1,200		76,862
				246,093
LEISURE EQUIPMENT & PRODUCTS — 1.6%
Bandai Namco Holdings, Inc.		2,500		85,728
Sankyo Co., Ltd.		1,000		31,893
Sega Sammy Holdings, Inc.		200		2,793
Shimano, Inc.		800		106,534
Yamaha Corp.		300		11,060
				238,008
MACHINERY — 2.1%
Amada Holdings Co., Ltd.		300		3,291
FANUC Corp.		200		40,492
Hino Motors, Ltd.		500		6,112
Hitachi Construction Machinery Co., Ltd.		200		5,926
Hoshizaki Corp.		600		52,716
IHI Corp.		200		6,947
JTEKT Corp.		400		5,536
Kawasaki Heavy Industries, Ltd.		300		9,941
Komatsu, Ltd.		1,400		39,812
Kubota Corp.		1,200		21,806
Kurita Water Industries, Ltd.		300		8,662
Makita Corp.		900		36,259
MINEBEA MITSUMI, Inc.		500		7,818
Mitsubishi Heavy Industries, Ltd.		800		31,619
Nabtesco Corp.		100		3,713
NGK Insulators, Ltd.		300		5,618
NSK, Ltd.		600		8,086
Sumitomo Heavy Industries, Ltd.		200		8,013
THK Co., Ltd.		100		3,403
				305,770
MARINE — 0.2%
Mitsui OSK Lines, Ltd.		400		12,118
Nippon Yusen KK (b)		700		14,545
				26,663
MEDIA — 0.2%
Dentsu, Inc.		200		8,777
Hakuhodo DY Holdings, Inc.		700		9,191
Toho Co., Ltd.		400		13,948
				31,916
METALS & MINING — 0.9%
Hitachi Metals, Ltd.		400		5,565
JFE Holdings, Inc.		1,700		33,188
Kobe Steel, Ltd.		1,300		14,852
Maruichi Steel Tube, Ltd.		100		2,909
Mitsubishi Materials Corp.		400		13,823
Nippon Steel & Sumitomo Metal Corp.		2,000		45,902
Sumitomo Metal Mining Co., Ltd.		500		16,053
				132,292
MULTILINE RETAIL — 0.8%
Don Quijote Holdings Co., Ltd.		200		7,471
Isetan Mitsukoshi Holdings, Ltd.		800		8,351
J Front Retailing Co., Ltd.		400		5,526
Marui Group Co., Ltd.		300		4,294
Ryohin Keikaku Co., Ltd.		300		88,349
Takashimaya Co., Ltd.		1,000		9,363
				123,354
OIL, GAS & CONSUMABLE FUELS — 0.7%
Idemitsu Kosan Co., Ltd.		400		11,282
Inpex Corp.		1,900		20,179
JXTG Holdings, Inc.		13,800		70,971
Showa Shell Sekiyu KK		500		5,752
				108,184
PAPER & FOREST PRODUCTS — 0.1%
Oji Holdings Corp.		2,000		10,785
PERSONAL PRODUCTS — 2.2%
Kao Corp.		4,900		288,171
Kose Corp.		300		34,354
Shiseido Co., Ltd.		200		7,999
				330,524
PHARMACEUTICALS — 6.5%
Astellas Pharma, Inc.		24,800		315,384
Chugai Pharmaceutical Co., Ltd.		800		33,190
Daiichi Sankyo Co., Ltd.		2,600		58,622
Eisai Co., Ltd.		500		25,656
Hisamitsu Pharmaceutical Co., Inc.		200		9,595
Kyowa Hakko Kirin Co., Ltd.		1,000		17,004
Mitsubishi Tanabe Pharma Corp.		3,300		75,636
Ono Pharmaceutical Co., Ltd.		200		4,530
Otsuka Holdings Co., Ltd.		1,800		71,495
Santen Pharmaceutical Co., Ltd.		1,500		23,626
Shionogi & Co., Ltd.		3,600		196,718
Sumitomo Dainippon Pharma Co., Ltd.		1,200		15,607

See accompanying notes to financial statements.

190

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Taisho Pharmaceutical Holdings Co., Ltd.		400	$	30,347
Takeda Pharmaceutical Co., Ltd.		1,700		93,846
				971,256
PROFESSIONAL SERVICES — 0.7%
Recruit Holdings Co., Ltd.		4,600		99,589
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.2%
Daiwa House REIT Investment Corp.		7		16,753
Japan Prime Realty Investment Corp. REIT		7		23,382
Japan Real Estate Investment Corp. REIT		5		24,030
Japan Retail Fund Investment Corp. REIT		9		16,143
Nippon Building Fund, Inc. REIT		4		19,935
Nippon Prologis REIT, Inc.		13		27,382
Nomura Real Estate Master Fund, Inc.		23		29,893
United Urban Investment Corp. REIT		14		20,497
				178,015
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.1%
Aeon Mall Co., Ltd.		100		1,779
Daito Trust Construction Co., Ltd.		1,100		200,329
Daiwa House Industry Co., Ltd.		6,100		210,532
Hulic Co., Ltd.		200		1,960
Mitsubishi Estate Co., Ltd.		1,000		17,381
Mitsui Fudosan Co., Ltd.		900		19,509
Nomura Real Estate Holdings, Inc.		200		4,260
Tokyo Tatemono Co., Ltd.		200		2,557
Tokyu Fudosan Holdings Corp.		900		5,429
				463,736
ROAD & RAIL — 4.2%
Central Japan Railway Co.		600		105,166
East Japan Railway Co.		1,100		101,484
Hankyu Hanshin Holdings, Inc.		1,600		60,694
Keikyu Corp.		1,500		30,396
Keio Corp.		400		16,488
Keisei Electric Railway Co., Ltd.		600		16,604
Kintetsu Group Holdings Co., Ltd.		800		29,743
Kyushu Railway Co.		1,800		53,489
Nagoya Railroad Co., Ltd.		1,400		30,135
Nippon Express Co., Ltd.		400		26,047
Odakyu Electric Railway Co., Ltd.		1,100		20,863
Tobu Railway Co., Ltd.		1,600		43,921
Tokyu Corp.		2,000		28,304
West Japan Railway Co.		900		62,540
				625,874
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.7%
Disco Corp.		300		61,005
Rohm Co., Ltd.		100		8,564
Tokyo Electron, Ltd.		200		30,702
				100,271
SOFTWARE — 1.2%
Konami Holdings Corp.		500		24,030
LINE Corp. (b)		100		3,611
Nexon Co., Ltd. (b)		100		2,608
Oracle Corp. Japan		1,100		86,386
Trend Micro, Inc.		1,300		63,981
				180,616
SPECIALTY RETAIL — 2.6%
ABC-Mart, Inc.		800		42,216
Hikari Tsushin, Inc.		400		50,104
Nitori Holdings Co., Ltd.		1,200		171,527
Shimamura Co., Ltd.		200		23,986
USS Co., Ltd.		3,100		62,515
Yamada Denki Co., Ltd.		6,800		37,152
				387,500
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.7%
Brother Industries, Ltd.		300		6,977
Canon, Inc.		3,400		116,137
FUJIFILM Holdings Corp.		1,700		65,952
Konica Minolta, Inc.		1,100		9,030
NEC Corp.		700		18,967
Ricoh Co., Ltd.		2,200		21,382
Seiko Epson Corp.		500		12,095
				250,540
TEXTILES, APPAREL & LUXURY GOODS — 0.0% (a)
Asics Corp.		200		2,978
TOBACCO — 1.8%
Japan Tobacco, Inc.		8,400		275,212
TRADING COMPANIES & DISTRIBUTORS — 3.3%
ITOCHU Corp.		4,200		68,766
Marubeni Corp.		9,500		64,858
MISUMI Group, Inc.		2,500		65,806
Mitsubishi Corp.		4,100		95,265
Mitsui & Co., Ltd.		7,500		110,803
Sumitomo Corp.		4,500		64,703
Toyota Tsusho Corp.		700		22,978
				493,179
TRANSPORTATION INFRASTRUCTURE — 0.2%
Kamigumi Co., Ltd.		1,000		23,142
WIRELESS TELECOMMUNICATION SERVICES — 5.1%
KDDI Corp.		13,200		347,927
NTT DOCOMO, Inc.		13,900		317,416
SoftBank Group Corp.		1,100		88,770
				754,113
TOTAL COMMON STOCKS (Cost $13,741,773)				14,750,160
SHORT-TERM INVESTMENT — 0.0% (a)
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (c) (d) (Cost $131)		131		131
TOTAL INVESTMENTS — 99.0% (Cost $13,741,904)				14,750,291
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%				146,864
NET ASSETS — 100.0%			$	14,897,155

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

(b) Non-income producing security.

See accompanying notes to financial statements.

191

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SCHEDULE OF INVESTMENTS (continued)

September 30, 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 September 30, 2017 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at September 30, 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 September 30, 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	$	12,108	$	—	$	—	$	12,108
Airlines		169,192		—		—		169,192
Auto Components		572,750		—		—		572,750
Automobiles		1,110,073		—		—		1,110,073
Banks		1,059,989		—		—		1,059,989
Beverages		236,320		—		—		236,320
Building Products		275,263		—		—		275,263
Capital Markets		56,585		—		—		56,585
Chemicals		468,289		—		—		468,289
Commercial Services & Supplies		189,713		—		—		189,713
Construction & Engineering		375,256		—		—		375,256
Construction Materials		11,580		—		—		11,580
Consumer Finance		7,012		—		—		7,012
Containers & Packaging		5,010		—		—		5,010
Diversified Consumer Services		36,068		—		—		36,068
Diversified Financial Services		163,630		—		—		163,630
Diversified Telecommunication Services		123,696		—		—		123,696
Electric Utilities		221,604		—		—		221,604
Electrical Equipment		86,105		—		—		86,105
Electronic Equipment, Instruments & Components		866,724		—		—		866,724
Food & Staples Retailing		271,408		—		—		271,408
Food Products		283,123		—		—		283,123
Gas Utilities		115,283		—		—		115,283
Health Care Equipment & Supplies		434,185		—		—		434,185
Health Care Providers & Services		80,776		—		—		80,776
Health Care Technology		76,876		—		—		76,876
Hotels, Restaurants & Leisure		301,756		—		—		301,756
Household Durables		257,498		—		—		257,498
Household Products		16,453		—		—		16,453
Independent Power Producers & Energy Traders		10,042		—		—		10,042
Industrial Conglomerates		25,802		—		—		25,802
Insurance		275,905		—		—		275,905
Internet & Catalog Retail		76,215		—		—		76,215
Internet Software & Services		118,261		—		—		118,261
IT Services		246,093		—		—		246,093
Leisure Equipment & Products		238,008		—		—		238,008
Machinery		305,770		—		—		305,770
Marine		26,663		—		—		26,663
Media		31,916		—		—		31,916
Metals & Mining		132,292		—		—		132,292
Multiline Retail		123,354		—		—		123,354
Oil, Gas & Consumable Fuels		108,184		—		—		108,184

See accompanying notes to financial statements.

192

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Paper & Forest Products	$	10,785	$	—	$	—	$	10,785
Personal Products		330,524		—		—		330,524
Pharmaceuticals		971,256		—		—		971,256
Professional Services		99,589		—		—		99,589
Real Estate Investment Trusts (REITs)		178,015		—		—		178,015
Real Estate Management & Development		463,736		—		—		463,736
Road & Rail		625,874		—		—		625,874
Semiconductors & Semiconductor Equipment		100,271		—		—		100,271
Software		180,616		—		—		180,616
Specialty Retail		387,500		—		—		387,500
Technology Hardware, Storage & Peripherals		250,540		—		—		250,540
Textiles, Apparel & Luxury Goods		2,978		—		—		2,978
Tobacco		275,212		—		—		275,212
Trading Companies & Distributors		493,179		—		—		493,179
Transportation Infrastructure		23,142		—		—		23,142
Wireless Telecommunication Services		754,113		—		—		754,113
Short-Term Investment		131		—		—		131
TOTAL INVESTMENTS	$	14,750,291	$	—	$	—	$	14,750,291

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		754	$	754	$	—	$	754	$	—	$	—		—	$	—	$	—
State Street Institutional U.S. Government Money Market Fund, Class G Shares		—		—		111,864		111,733		—		—		131		131		26
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		202,065		202,065		—		—		—		—		18
TOTAL			$	754	$	313,929	$	314,552	$	—	$	—			$	131	$	44

See accompanying notes to financial statements.

193

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.1%
AEROSPACE & DEFENSE — 2.7%
BAE Systems PLC		14,523	$	123,046
Cobham PLC		2,021		3,951
Meggitt PLC		587		4,103
Rolls-Royce Holdings PLC (a)		1,064		12,662
				143,762
AIR FREIGHT & LOGISTICS — 0.5%
Royal Mail PLC		5,197		26,789
AIRLINES — 0.3%
easyJet PLC		931		15,201
AUTO COMPONENTS — 0.7%
GKN PLC		7,942		36,868
BANKS — 8.9%
Barclays PLC		29,661		76,943
HSBC Holdings PLC		27,572		272,668
Lloyds Banking Group PLC		72,880		66,226
Royal Bank of Scotland Group PLC (a)		4,831		17,390
Standard Chartered PLC (a)		3,937		39,172
				472,399
BEVERAGES — 2.4%
Coca-Cola HBC AG (a)		456		15,448
Diageo PLC		3,358		110,514
				125,962
CAPITAL MARKETS — 2.7%
3i Group PLC		6,263		76,717
Hargreaves Lansdown PLC		1,714		34,034
Investec PLC		534		3,905
Schroders PLC		677		30,473
				145,129
CHEMICALS — 1.5%
Croda International PLC		844		42,950
Johnson Matthey PLC		815		37,396
				80,346
COMMERCIAL SERVICES & SUPPLIES — 0.4%
Babcock International Group PLC		1,342		14,899
G4S PLC		1,205		4,499
				19,398
CONSUMER FINANCE — 0.0% (b)
Provident Financial PLC		80		891
DIVERSIFIED FINANCIAL SERVICES — 0.6%
London Stock Exchange Group PLC		613		31,499
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.5%
BT Group PLC		33,628		128,087
Inmarsat PLC		566		4,887
				132,974
ELECTRIC UTILITIES — 1.0%
SSE PLC		2,936		55,029
FOOD & STAPLES RETAILING — 1.1%
J Sainsbury PLC		3,639		11,615
Tesco PLC (a)		12,668		31,808
Wm Morrison Supermarkets PLC		4,813		15,117
				58,540
FOOD PRODUCTS — 2.0%
Associated British Foods PLC		1,859		79,637
Tate & Lyle PLC		2,720		23,666
				103,303
HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%
ConvaTec Group PLC (c)		9,297		34,164
Smith & Nephew PLC		5,145		93,050
				127,214
HEALTH CARE PROVIDERS & SERVICES — 0.0% (b)
Mediclinic International PLC		134		1,169
HOTELS, RESTAURANTS & LEISURE — 4.8%
Carnival PLC		427		27,172
Compass Group PLC		6,729		142,912
InterContinental Hotels Group PLC		37		1,960
Merlin Entertainments PLC (c)		2,346		14,022
TUI AG		1,576		26,769
Whitbread PLC		866		43,756
				256,591
HOUSEHOLD DURABLES — 2.6%
Barratt Developments PLC		1,156		9,531
Berkeley Group Holdings PLC		755		37,651
Persimmon PLC		1,516		52,516
Taylor Wimpey PLC		14,850		38,951
				138,649
HOUSEHOLD PRODUCTS — 3.1%
Reckitt Benckiser Group PLC		1,786		163,252
INDUSTRIAL CONGLOMERATES — 0.7%
DCC PLC		87		8,456
Smiths Group PLC		1,430		30,256
				38,712
INSURANCE — 6.5%
Admiral Group PLC		2,407		58,677
Aviva PLC		5,738		39,608
Direct Line Insurance Group PLC		6,125		29,879
Legal & General Group PLC		29,275		102,081
Old Mutual PLC		3,940		10,266
Prudential PLC		2,262		54,217
RSA Insurance Group PLC		3,537		29,564
St James’s Place PLC		434		6,673
Standard Life Aberdeen PLC		2,147		12,487
				343,452
INTERNET SOFTWARE & SERVICES — 0.1%
Auto Trader Group PLC (c)		979		5,155
IT SERVICES — 0.4%
Worldpay Group PLC (c)		4,092		22,344
MACHINERY — 0.4%
IMI PLC		1,150		19,178
Weir Group PLC		124		3,269
				22,447
MEDIA — 4.7%
ITV PLC		20,216		47,383
Pearson PLC		1,130		9,278
RELX PLC		6,704		147,239

See accompanying notes to financial statements.

194

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Sky PLC		1,551	$	19,040
WPP PLC		1,455		27,037
				249,977
METALS & MINING — 4.2%
Anglo American PLC		1,759		31,612
Antofagasta PLC		301		3,832
BHP Billiton PLC		2,001		35,290
Fresnillo PLC		458		8,633
Glencore PLC (a)		15,393		70,630
Randgold Resources, Ltd.		208		20,414
Rio Tinto PLC		1,062		49,484
				219,895
MULTI-UTILITIES — 2.2%
Centrica PLC		8,692		21,807
National Grid PLC		7,411		91,933
				113,740
MULTILINE RETAIL — 1.9%
Marks & Spencer Group PLC		8,311		39,406
Next PLC		855		60,338
				99,744
OIL, GAS & CONSUMABLE FUELS — 9.7%
BP PLC		28,447		182,166
Royal Dutch Shell PLC Class A		7,079		213,552
Royal Dutch Shell PLC Class B		3,845		118,365
				514,083
PAPER & FOREST PRODUCTS — 0.8%
Mondi PLC		1,654		44,493
PERSONAL PRODUCTS — 2.8%
Unilever PLC		2,574		149,153
PHARMACEUTICALS — 7.4%
AstraZeneca PLC		2,660		176,834
GlaxoSmithKline PLC		9,103		181,791
Hikma Pharmaceuticals PLC		130		2,112
Shire PLC		600		30,493
				391,230
PROFESSIONAL SERVICES — 1.9%
Capita PLC		3,181		24,113
Experian PLC		1,430		28,759
Intertek Group PLC		679		45,385
				98,257
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.2%
British Land Co. PLC REIT		833		6,728
Hammerson PLC REIT		1,392		10,029
Intu Properties PLC REIT		686		2,122
Land Securities Group PLC REIT		1,556		20,305
Segro PLC REIT		3,071		22,084
				61,268
SOFTWARE — 1.1%
Micro Focus International PLC		78		2,498
Sage Group PLC		5,868		54,991
				57,489
SPECIALTY RETAIL — 1.1%
Dixons Carphone PLC		1,289		3,345
Kingfisher PLC		14,095		56,448
				59,793
TEXTILES, APPAREL & LUXURY GOODS — 0.8%
Burberry Group PLC		1,868		44,109
TOBACCO — 4.9%
British American Tobacco PLC		2,993		187,607
Imperial Brands PLC		1,695		72,407
				260,014
TRADING COMPANIES & DISTRIBUTORS — 2.8%
Ashtead Group PLC		214		5,165
Bunzl PLC		1,777		54,048
Ferguson PLC		1,021		67,066
Travis Perkins PLC		1,060		20,593
				146,872
WATER UTILITIES — 0.8%
Severn Trent PLC		858		25,014
United Utilities Group PLC		1,696		19,444
				44,458
WIRELESS TELECOMMUNICATION SERVICES — 2.5%
Vodafone Group PLC		46,339		129,812
TOTAL COMMON STOCKS (Cost $5,322,031)				5,251,462
SHORT-TERM INVESTMENT — 0.0% (b)
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (d) (e) (Cost $1,793)		1,793		1,793
TOTAL INVESTMENTS — 99.1% (Cost $5,323,824)				5,253,255
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%				45,468
NET ASSETS — 100.0%			$	5,298,723

(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 1.4% of net assets as of September 30, 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 September 30, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at September 30, 2017.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

195

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	143,762	$	—	$	—	$	143,762
Air Freight & Logistics		26,789		—		—		26,789
Airlines		15,201		—		—		15,201
Auto Components		36,868		—		—		36,868
Banks		472,399		—		—		472,399
Beverages		125,962		—		—		125,962
Capital Markets		145,129		—		—		145,129
Chemicals		80,346		—		—		80,346
Commercial Services & Supplies		19,398		—		—		19,398
Consumer Finance		891		—		—		891
Diversified Financial Services		31,499		—		—		31,499
Diversified Telecommunication Services		132,974		—		—		132,974
Electric Utilities		55,029		—		—		55,029
Food & Staples Retailing		58,540		—		—		58,540
Food Products		103,303		—		—		103,303
Health Care Equipment & Supplies		127,214		—		—		127,214
Health Care Providers & Services		1,169		—		—		1,169
Hotels, Restaurants & Leisure		256,591		—		—		256,591
Household Durables		138,649		—		—		138,649
Household Products		163,252		—		—		163,252
Industrial Conglomerates		38,712		—		—		38,712
Insurance		343,452		—		—		343,452
Internet Software & Services		5,155		—		—		5,155
IT Services		22,344		—		—		22,344
Machinery		22,447		—		—		22,447
Media		249,977		—		—		249,977
Metals & Mining		219,895		—		—		219,895
Multi-Utilities		113,740		—		—		113,740
Multiline Retail		99,744		—		—		99,744
Oil, Gas & Consumable Fuels		514,083		—		—		514,083
Paper & Forest Products		44,493		—		—		44,493
Personal Products		149,153		—		—		149,153
Pharmaceuticals		391,230		—		—		391,230
Professional Services		98,257		—		—		98,257
Real Estate Investment Trusts (REITs)		61,268		—		—		61,268
Software		57,489		—		—		57,489
Specialty Retail		59,793		—		—		59,793
Textiles, Apparel & Luxury Goods		44,109		—		—		44,109
Tobacco		260,014		—		—		260,014
Trading Companies & Distributors		146,872		—		—		146,872
Water Utilities		44,458		—		—		44,458
Wireless Telecommunication Services		129,812		—		—		129,812
Short-Term Investment		1,793		—		—		1,793
TOTAL INVESTMENTS	$	5,253,255	$	—	$	—	$	5,253,255

See accompanying notes to financial statements.

196

SPDR MSCI United Kingdom StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		339,759		337,966		—		—		1,793		1,793		76
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		46,211		46,211		—		—		—		—		4
TOTAL			$	1,019	$	385,970	$	385,196	$	—	$	—			$	1,793	$	80

See accompanying notes to financial statements.

197

SPDR S&P Global Dividend ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 1.1%
APA Group		271,815	$	1,780,884
CANADA — 17.0%
Bank of Montreal (a)		14,403		1,087,495
Bank of Nova Scotia (a)		20,169		1,293,371
Canadian Apartment Properties		60,440		1,630,065
Canadian Imperial Bank of Commerce (a)		15,665		1,367,407
Emera, Inc.		49,219		1,859,905
Enbridge Income Fund Holdings, Inc.		75,458		1,939,168
First Capital Realty, Inc. (a)		97,310		1,531,252
Fortis, Inc.		45,168		1,617,257
Great-West Lifeco, Inc.		43,865		1,259,499
IGM Financial, Inc.		57,791		1,937,996
National Bank of Canada (a)		29,262		1,405,016
Power Corp. of Canada		58,216		1,476,056
Power Financial Corp.		54,651		1,512,390
RioCan Real Estate Investment Trust		98,770		1,889,870
Rogers Communications, Inc. Class B (a)		31,588		1,625,053
Royal Bank of Canada		15,491		1,195,779
Shaw Communications, Inc. Class B (a)		75,287		1,728,895
TELUS Corp.		49,867		1,789,494
				28,145,968
CHINA — 2.7%
China Overseas Land & Investment, Ltd.		454,000		1,476,385
Guangdong Investment, Ltd.		1,018,000		1,451,921
Hengan International Group Co., Ltd.		170,000		1,573,611
				4,501,917
FINLAND — 2.1%
Fortum Oyj		176,428		3,522,799
FRANCE — 5.2%
CNP Assurances		69,469		1,628,563
Sanofi		17,149		1,703,180
SCOR SE		40,463		1,696,958
TOTAL SA (a)		36,585		1,965,531
Unibail-Rodamco SE REIT		6,819		1,658,637
				8,652,869
GERMANY — 2.8%
Axel Springer SE		28,000		1,799,733
Deutsche EuroShop AG		32,384		1,214,762
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		7,423		1,587,482
				4,601,977
HONG KONG — 6.8%
CK Infrastructure Holdings, Ltd.		163,500		1,406,686
CLP Holdings, Ltd.		144,600		1,481,971
Hysan Development Co., Ltd.		335,000		1,576,203
I-CABLE Communications, Ltd. (b)		49,250		1,608
Link REIT		233,000		1,888,294
Sino Land Co., Ltd.		959,270		1,685,020
Sun Hung Kai Properties, Ltd.		104,000		1,689,682
Wharf Holdings, Ltd.		181,597		1,618,184
				11,347,648
ITALY — 1.3%
Atlantia SpA		66,220		2,090,999
JAPAN — 2.0%
Canon, Inc.		57,600		1,967,503
Chugoku Electric Power Co., Inc. (a)		122,300		1,298,348
				3,265,851
MEXICO — 1.0%
Kimberly-Clark de Mexico SAB de CV Class A		840,307		1,714,464
NETHERLANDS — 1.0%
Boskalis Westminster		48,176		1,684,404
PORTUGAL — 1.9%
EDP - Energias de Portugal SA		818,490		3,081,864
SINGAPORE — 3.4%
Oversea-Chinese Banking Corp., Ltd.		183,035		1,504,231
Singapore Telecommunications, Ltd.		637,106		1,726,536
StarHub, Ltd. (a)		1,226,126		2,347,603
				5,578,370
SOUTH AFRICA — 5.7%
AVI, Ltd.		219,673		1,592,741
Foschini Group, Ltd.		138,729		1,394,739
Mr. Price Group, Ltd.		126,710		1,689,529
Sanlam, Ltd.		249,042		1,247,931
Standard Bank Group, Ltd.		133,126		1,555,905
Truworths International, Ltd. (a)		355,173		2,032,003
				9,512,848
SOUTH KOREA — 1.1%
SK Telecom Co., Ltd.		8,450		1,881,303
SPAIN — 3.1%
Abertis Infraestructuras SA		135,626		2,741,762
Enagas SA		85,188		2,399,397
				5,141,159
SWEDEN — 2.5%
Castellum AB		104,005		1,628,433
Hennes & Mauritz AB Class B (a)		50,857		1,314,674
Skanska AB Class B		52,587		1,215,724
				4,158,831
SWITZERLAND — 4.6%
Baloise Holding AG		9,113		1,442,860
Novartis AG		18,493		1,584,405
PSP Swiss Property AG		15,275		1,408,154
Roche Holding AG		5,399		1,379,323
Swiss Prime Site AG (b)		19,458		1,750,536
				7,565,278
THAILAND — 1.8%
Bangkok Bank PCL		244,490		1,429,552
Thai Beverage PCL		2,292,800		1,519,584
				2,949,136
UNITED KINGDOM — 12.3%
Ashmore Group PLC		445,038		2,025,313
BAE Systems PLC		179,680		1,522,342
Britvic PLC		198,552		2,012,556
Carillion PLC (a)		1,019,859		701,250

See accompanying notes to financial statements.

198

SPDR S&P Global Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Close Brothers Group PLC		65,432	$	1,294,856
Essentra PLC.		310,716		2,303,218
GlaxoSmithKline PLC		96,875		1,934,638
Greene King PLC		200,138		1,467,435
IG Group Holdings PLC		286,582		2,464,598
IMI PLC		91,970		1,533,757
Pennon Group PLC		153,829		1,644,885
Tate & Lyle PLC		172,665		1,502,289
				20,407,137
UNITED STATES — 20.1%
AT&T, Inc.		40,688		1,593,749
CME Group, Inc.		12,276		1,665,608
Entergy Corp.		24,552		1,874,791
Gap, Inc. (a)		66,785		1,972,161
Garmin, Ltd. (a)		32,060		1,730,278
H&R Block, Inc.		67,280		1,781,574
Hawaiian Electric Industries, Inc.		42,025		1,402,374
Lazard, Ltd. Class A		26,063		1,178,569
Mattel, Inc. (a)		80,225		1,241,883
MDC Holdings, Inc.		49,847		1,655,419
Mercury General Corp. (a)		19,537		1,107,553
National Health Investors, Inc. REIT		24,605		1,901,720
Old Republic International Corp.		57,454		1,131,269
PPL Corp.		46,879		1,779,058
Public Service Enterprise Group, Inc.		31,626		1,462,702
Safety Insurance Group, Inc.		16,193		1,235,526
Southern Co.		34,399		1,690,367
Tupperware Brands Corp.		32,902		2,034,002
Verizon Communications, Inc.		33,185		1,642,326
Waddell & Reed Financial, Inc. Class A (a)		160,829		3,227,838
				33,308,767
TOTAL COMMON STOCKS (Cost $155,513,391)				164,894,473
SHORT-TERM INVESTMENTS — 3.6%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (c) (d)		150,675		150,675
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		5,848,371		5,848,371
TOTAL SHORT-TERM INVESTMENTS (Cost $5,999,046)				5,999,046
TOTAL INVESTMENTS — 103.1% (Cost $161,512,437)				170,893,519
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.1)%				(5,168,344	)
NET ASSETS — 100.0%			$	165,725,175

(a) All or a portion of the shares of the security are on loan at September 30, 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 September 30, 2017 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at September 30, 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 September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,780,884	$	—	$	—	$	1,780,884
Canada		28,145,968		—		—		28,145,968
China		4,501,917		—		—		4,501,917
Finland		3,522,799		—		—		3,522,799
France		8,652,869		—		—		8,652,869
Germany		4,601,977		—		—		4,601,977
Hong Kong		11,347,648		—		—		11,347,648
Italy		2,090,999		—		—		2,090,999
Japan		3,265,851		—		—		3,265,851
Mexico		1,714,464		—		—		1,714,464
Netherlands		1,684,404		—		—		1,684,404
Portugal		3,081,864		—		—		3,081,864

See accompanying notes to financial statements.

199

SPDR S&P Global Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Singapore	$	5,578,370	$	—	$	—	$	5,578,370
South Africa		9,512,848		—		—		9,512,848
South Korea		1,881,303		—		—		1,881,303
Spain		5,141,159		—		—		5,141,159
Sweden		4,158,831		—		—		4,158,831
Switzerland		7,565,278		—		—		7,565,278
Thailand		2,949,136		—		—		2,949,136
United Kingdom		20,407,137		—		—		20,407,137
United States		33,308,767		—		—		33,308,767
Short-Term Investments		5,999,046		—		—		5,999,046
TOTAL INVESTMENTS	$	170,893,519	$	—	$	—	$	170,893,519

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		57,050	$	57,050	$	42,031	$	99,081	$	—	$	—		—	$	—	$	4
State Street Institutional U.S. Government Money Market Fund, Class G Shares		—		—		11,272,535		11,121,860		—		—		150,675		150,675		1,898
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		9,450,223		9,450,223		—		—		—		—		590
State Street Navigator Securities Lending Government Money Market Portfolio*		8,297,041		8,297,041		70,491,725		72,940,395		—		—		5,848,371		5,848,371		66,565
TOTAL			$	8,354,091	$	91,256,514	$	93,611,559	$	—	$	—			$	5,999,046	$	69,057

* 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.

200

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.7%
BRAZIL — 4.8%
AES Tiete Energia SA		48,858	$	220,260
Aliansce Shopping Centers SA (a)		93,409		547,198
Alupar Investimento SA		46,501		276,082
Arezzo Industria e Comercio SA		45,350		716,849
Banco ABC Brasil SA (a)		2,734		14,979
Banco ABC Brasil SA Preference Shares		77,088		429,898
BR Properties SA		93,094		328,742
Cia de Saneamento de Minas Gerais-COPASA		50,993		689,977
Cia de Saneamento do Parana Preference Shares		146,800		502,150
Cia Energetica de Sao Paulo Class B, Preference Shares		102,130		465,908
Cia Ferro Ligas da Bahia - FERBASA Preference Shares		104,377		499,257
Cia Hering		125,388		1,127,765
Construtora Tenda SA (a)		25,768		133,762
Cosan Logistica SA (a)		63,314		179,144
Cosan, Ltd.		57,300		467,182
CVC Brasil Operadora e Agencia de Viagens SA		93,400		1,209,152
Cyrela Brazil Realty SA Empreendimentos e Participacoes		157,466		686,983
Direcional Engenharia SA (a)		171,831		317,245
Duratex SA		148,200		443,689
EcoRodovias Infraestrutura e Logistica SA		135,838		489,990
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares		99,999		400,546
Even Construtora e Incorporadora SA (a)		242,993		426,351
Ez Tec Empreendimentos e Participacoes SA		86,346		614,193
GAEC Educacao SA		77,185		563,670
Gafisa SA (a)		26,625		115,484
Helbor Empreendimentos SA (a)		184,035		144,289
International Meal Co. Alimentacao SA Class A (a)		97,857		329,784
Iochpe Maxion SA		104,440		709,551
JSL SA (a)		47,738		147,146
Kepler Weber SA (a)		18,547		133,100
Light SA (a)		71,495		443,686
Linx SA		65,683		406,165
LPS Brasil Consultoria de Imoveis SA (a)		100,405		224,734
Magnesita Refratarios SA		57,780		741,624
Mahle-Metal Leve SA		36,142		227,376
Marcopolo SA Preference Shares		483,388		664,761
Marfrig Global Foods SA (a)		200,025		409,137
Metalurgica Gerdau SA Preference Shares (a)		471,613		788,718
Mills Estruturas e Servicos de Engenharia SA (a)		145,457		213,370
Minerva SA		43,410		153,705
MRV Engenharia e Participacoes SA		246,250		1,071,211
Paranapanema SA (a)		253,596		125,068
Prumo Logistica SA (a)		30,880		108,851
QGEP Participacoes SA		173,819		432,466
Randon SA Implementos e Participacoes Preference Shares		256,066		560,194
Restoque Comercio e Confeccoes de Roupas SA (a)		8,600		110,384
Santos Brasil Participacoes SA (a)		167,697		185,025
Sao Martinho SA		75,183		422,840
Ser Educacional SA (b)		54,917		541,678
SLC Agricola SA		75,790		591,819
TOTVS SA		86,575		856,677
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		74,908		482,154
				23,091,969
CHILE — 1.5%
CAP SA		61,379		641,842
Inversiones Aguas Metropolitanas SA		534,651		949,377
Inversiones La Construccion SA		48,888		774,476
Ripley Corp. SA		1,117,414		1,066,048
Salfacorp SA		515,851		744,135
SMU SA (a)		2,113,136		547,188
Sociedad Matriz SAAM SA		7,920,417		842,690
SONDA SA		213,571		415,995
Vina Concha y Toro SA		610,747		1,016,462
				6,998,213
CHINA — 13.8%
21Vianet Group, Inc. ADR (a) (c)		42,432		241,438
361 Degrees International, Ltd.		909,000		399,179
500.com, Ltd. Class A, ADR (a) (c)		26,912		296,032
Anton Oilfield Services Group (a) (c)		2,230,000		219,839
AVIC International Holding HK, Ltd. (a)		1,818,000		134,999
Baozun, Inc. ADR (a) (c)		21,424		701,850
Beijing Capital Land, Ltd. Class H		1,108,400		618,718
Boshiwa International Holding, Ltd. (a) (c) (d)		1,843,000		—
Boyaa Interactive International, Ltd. (a) (c)		829,000		331,146
Changyou.com, Ltd. ADR (a)		14,500		574,345
Chaowei Power Holdings, Ltd.		706,000		408,558
Cheetah Mobile, Inc. ADR (a) (c)		34,977		294,157
China Aerospace International Holdings, Ltd.		2,204,000		290,642
China Aircraft Leasing Group Holdings, Ltd.		489,500		507,631
China Animal Healthcare, Ltd. (a) (c) (d)		1,059,700		—
China Aoyuan Property Group, Ltd.		1,087,000		606,773
China BlueChemical, Ltd. Class H		1,784,000		580,148
China Distance Education Holdings, Ltd. ADR (c)		34,077		227,634
China Dongxiang Group Co., Ltd.		4,035,000		702,575
China Electronics Corp. Holdings Co., Ltd.		1,142,000		209,080
China Energine International Holdings, Ltd. (a) (c)		698,000		43,789
China Fangda Group Co., Ltd. Class B		423,850		293,033

See accompanying notes to financial statements.

201

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
China Foods, Ltd. (c)		694,000	$	353,633
China Forestry Holdings Co., Ltd. (a) (c) (d)		1,642,000		—
China Greenland Broad Greenstate Group Co., Ltd. (c)		760,000		146,927
China Harmony New Energy Auto Holding, Ltd. (a) (c)		670,500		389,731
China Hongxing Sports, Ltd. (a) (c) (d)		4,053,000		—
China Huiyuan Juice Group, Ltd. (a)		1,340,400		413,582
China Lilang, Ltd.		918,000		765,127
China Logistics Property Holdings Co., Ltd. (a) (c)		1,151,000		362,510
China Maple Leaf Educational Systems, Ltd. (c)		630,000		704,149
China Modern Dairy Holdings, Ltd. (a) (c)		2,268,000		493,631
China National Materials Co., Ltd.		1,204,000		678,249
China Overseas Grand Oceans Group, Ltd.		720,000		464,593
China Pioneer Pharma Holdings, Ltd.		443,000		147,464
China Power Clean Energy Development Co., Ltd.		495,000		278,215
China Rare Earth Holdings, Ltd. (a)		1,712,400		133,735
China Resources Phoenix Healthcare Holdings Co., Ltd. (c)		579,500		722,641
China SCE Property Holdings, Ltd.		2,162,800		1,054,997
China Shanshui Cement Group, Ltd. (a) (c) (d)		1,224,000		58,766
China Shengmu Organic Milk, Ltd. (a) (b) (c)		2,437,000		433,691
China Shineway Pharmaceutical Group, Ltd.		346,000		307,873
China Silver Group, Ltd. (c)		976,000		292,399
China Singyes Solar Technologies Holdings, Ltd. (a) (c)		513,600		171,623
China Suntien Green Energy Corp., Ltd. Class H (c)		1,491,000		370,330
China Travel International Investment Hong Kong, Ltd. (c)		3,200,000		1,171,726
China Yurun Food Group, Ltd. (a) (c)		1,008,000		120,020
Chinasoft International, Ltd. (a) (c)		1,736,000		962,382
Chongqing Iron & Steel Co., Ltd. Class H (a)		580,000		114,356
CITIC Resources Holdings, Ltd. (c)		3,117,000		359,161
CITIC Telecom International Holdings, Ltd.		1,761,000		507,285
Colour Life Services Group Co., Ltd. (a)		559,000		362,852
Consun Pharmaceutical Group, Ltd.		475,600		400,662
Coolpad Group, Ltd. (a) (d)		2,353,600		108,479
CT Environmental Group, Ltd. (c)		3,057,900		438,482
Dah Chong Hong Holdings, Ltd.		1,128,000		557,451
Eastern Communications Co., Ltd. Class B		246,074		173,728
Fang Holdings, Ltd. ADR (a) (c)		158,538		642,079
Fanhua, Inc. ADR		48,037		603,825
First Tractor Co., Ltd. Class H (c)		580,500		277,218
Foshan Electrical and Lighting Co., Ltd. Class B		157,800		123,239
Foxsemicon Integrated Technology, Inc.		75,000		503,314
Fu Shou Yuan International Group, Ltd. (c)		1,354,000		891,029
Fufeng Group, Ltd. (a)		1,059,600		725,781
Future Land Holdings Co., Ltd. Class A		531,529		1,429,882
Genscript Biotech Corp.		466,000		445,077
Goodbaby International Holdings, Ltd.		846,000		466,829
Grand Baoxin Auto Group, Ltd. (a)		828,601		476,323
Greatview Aseptic Packaging Co., Ltd.		912,048		560,491
Greentown Service Group Co., Ltd. (c)		1,206,000		739,593
Guorui Properties, Ltd.		1,026,000		350,727
Harbin Electric Co., Ltd. Class H		1,090,000		519,134
Hilong Holding, Ltd.		1,037,100		158,007
HNA Holding Group Co., Ltd. (a) (c)		3,614,000		168,885
Hollysys Automation Technologies, Ltd. (c)		42,196		911,856
Honghua Group, Ltd. (a)		2,440,000		209,303
Huadian Energy Co., Ltd. Class B (a)		345,900		169,837
Huangshan Tourism Development Co., Ltd. Class B		403,061		636,030
Huayi Tencent Entertainment Co., Ltd. (a) (c)		2,760,000		121,910
JA Solar Holdings Co., Ltd. ADR (a)		58,541		446,082
Jiangnan Group, Ltd.		504,000		30,005
JinkoSolar Holding Co., Ltd. ADR (a) (c)		21,265		530,562
Jumei International Holding, Ltd. ADR (a) (c)		42,681		123,775
Kama Co., Ltd. Class B (a)		268,100		302,149
Kandi Technologies Group, Inc. (a) (c)		40,417		232,398
Kangda International Environmental Co., Ltd. (a) (b)		1,706,200		369,170
Kingdee International Software Group Co., Ltd. (a) (c)		1,730,000		761,929
Launch Tech Co., Ltd. Class H		164,000		194,221
Leyou Technologies Holdings, Ltd. (a)		1,294,200		309,851
Li Ning Co., Ltd. (a)		1,971,749		1,756,997
Lifetech Scientific Corp. (a) (c)		2,214,000		521,561
Lonking Holdings, Ltd.		2,162,000		910,671
Luoyang Glass Co., Ltd. Class H (a) (c)		428,000		245,489
Luye Pharma Group, Ltd. (c)		1,718,500		1,003,285
Maoye International Holdings, Ltd.		1,490,000		164,057
Nanjing Panda Electronics Co., Ltd. Class H		130,000		82,720
Noah Holdings, Ltd. ADS (a) (c)		40,892		1,313,042
NQ Mobile, Inc. Class A, ADR (a)		94,603		331,111
Ourgame International Holdings, Ltd. (a)		538,000		143,270
Ozner Water International Holding, Ltd. (a) (b) (c)		1,177,000		302,888
Pacific Online, Ltd. (c)		833,100		149,326
Parkson Retail Group, Ltd. (c)		2,577,000		435,510
Poly Culture Group Corp., Ltd. Class H		149,100		356,586
Poly Property Group Co., Ltd. (a)		1,879,000		964,675
Powerlong Real Estate Holdings, Ltd.		1,201,000		611,978

See accompanying notes to financial statements.

202

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
PW Medtech Group, Ltd. (a)		2,262,000	$	483,637
Real Gold Mining, Ltd. (a) (c) (d)		251,500		—
Renren, Inc. ADR (a) (c)		21,333		191,144
Shandong Airlines Co., Ltd. Class B		208,300		371,226
Shandong Zhonglu Oceanic Fisheries Co., Ltd. Class B (a)		90,900		64,474
Shang Gong Group Co., Ltd. Class B (a)		247,000		256,880
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B (a)		408,800		320,499
Shanghai Diesel Engine Co., Ltd. Class B		365,960		294,598
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H		443,000		226,301
Shanghai Greencourt Investment Group Co., Ltd. Class B (a)		466,800		277,746
Shanghai Haixin Group Co. Class B		614,508		429,541
Shanghai Highly Group Co., Ltd. Class B		254,700		227,192
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		962,000		359,640
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		115,600		159,875
Shanghai Jinjiang International Travel Co., Ltd. Class B		97,400		306,810
Shanghai Potevio Co., Ltd. Class B (a)		79,800		66,473
Shenwan Hongyuan HK, Ltd. (c)		465,000		169,671
Shenzhen China Bicycle Co. Holdings, Ltd. Class B (a)		231,500		91,288
Shenzhen Chiwan Petroleum Class B (a)		40,300		105,410
Shenzhen SEG Co., Ltd. Class B		150,300		79,858
Shougang Concord International Enterprises Co., Ltd. (a)		8,550,000		251,770
Shougang Fushan Resources Group, Ltd.		2,792,000		632,701
Shunfeng International Clean Energy, Ltd. (a)		1,347,300		74,172
Sichuan Expressway Co., Ltd. Class H		1,466,000		589,351
Silergy Corp.		58,000		1,329,310
Sinofert Holdings, Ltd. (a) (c)		1,434,000		260,704
Sinopec Kantons Holdings, Ltd.		986,000		664,007
Sinosoft Technology Group, Ltd. (c)		651,200		188,423
Sinotrans Shipping, Ltd. (c)		1,945,000		560,289
Sinovac Biotech, Ltd. (a)		65,847		463,563
Sohu.com, Inc. (a)		27,756		1,511,314
Springland International Holdings, Ltd.		1,214,000		216,045
Sun King Power Electronics Group		1,009,000		223,484
Tarena International, Inc. ADR (c)		35,846		521,559
Tian Ge Interactive Holdings, Ltd. (b) (c)		664,000		483,716
Tiangong International Co., Ltd.		1,536,000		175,021
Tianjin Development Holdings, Ltd.		748,000		383,064
Tianjin Port Development Holdings, Ltd. (a)		3,652,000		579,779
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd.		324,100		350,028
Tianneng Power International, Ltd.		886,000		915,413
Tong Ren Tang Technologies Co., Ltd. Class H		677,000		865,893
Tuniu Corp. ADR (a) (c)		81,579		637,948
V1 Group, Ltd. (a) (c)		2,048,999		70,830
Virscend Education Co., Ltd. (b)		928,000		570,295
West China Cement, Ltd. (a)		2,352,000		382,429
Wisdom Sports Group (a) (c)		1,119,000		181,947
Xiamen International Port Co., Ltd. Class H		1,878,000		355,850
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (b)		157,500		600,906
Yestar Healthcare Holdings Co., Ltd. (c)		1,527,200		674,567
YuanShengTai Dairy Farm, Ltd. (a)		4,759,000		237,624
Yuexiu Transport Infrastructure, Ltd.		1,050,549		789,522
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H		220,600		144,606
Zhonglu Co., Ltd. Class B		92,200		147,981
				65,942,067
COLOMBIA — 0.0% (e)
Avianca Holdings SA Preference Shares		187,788		184,480
CYPRUS — 0.2%
Globaltrans Investment PLC GDR		100,294		938,752
CZECH REPUBLIC — 0.6%
Moneta Money Bank A/S (b)		454,240		1,599,138
Philip Morris CR A/S		1,483		1,117,021
				2,716,159
EGYPT — 0.8%
Eastern Tobacco		41,880		710,418
Egypt Kuwait Holding Co. SAE		536,837		365,049
Egyptian Financial Group-Hermes Holding Co.		389,130		488,562
ElSewedy Electric Co.		102,991		612,403
Ezz Steel (a)		368,774		384,235
Global Telecom Holding SAE (a)		1,489,242		541,696
Juhayna Food Industries (a)		458,419		216,613
Orascom Telecom Media And Technology Holding SAE		2,912,994		127,082
Sidi Kerir Petrochemicals Co.		125,411		144,880
Six of October Development & Investment (a)		414,958		342,076
				3,933,014
GREECE — 1.0%
Aegean Airlines SA		50,423		482,245
Aegean Marine Petroleum Network, Inc.		39,052		193,308
Costamare, Inc.		40,695		251,495
Diana Shipping, Inc. (a)		63,559		230,719
Ellaktor SA (a)		93,056		172,717
FF Group (a)		23,369		508,057
Grivalia Properties REIC AE		45,188		464,765
Hellenic Exchanges - Athens Stock Exchange SA (a)		71,972		415,216
Holding Co. ADMIE IPTO SA (a)		124,063		269,868
Mytilineos Holdings SA (a)		88,808		876,656
Public Power Corp. SA (a)		104,412		245,637

See accompanying notes to financial statements.

203

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Star Bulk Carriers Corp. (a)		18,065	$	175,411
StealthGas, Inc. (a)		60,932		201,685
Tsakos Energy Navigation, Ltd.		100,884		452,969
				4,940,748
HONG KONG — 3.2%
Ajisen China Holdings, Ltd.		621,000		282,247
Anxin-China Holdings, Ltd. (a) (d)		2,248,000		—
Beijing Enterprises Clean Energy Group, Ltd. (a) (c)		18,043,885		436,618
Beijing Enterprises Medical & Health Group, Ltd. (a) (c)		2,087,600		114,928
BEP International Holdings, Ltd. (a)		7,160,000		149,421
Carnival Group International Holdings, Ltd. (a) (c)		5,690,000		302,322
CGN Meiya Power Holdings Co., Ltd. (a) (b) .		1,720,000		235,625
China All Access Holdings, Ltd. (c)		1,150,000		359,251
China Animation Characters Co., Ltd. (c)		952,000		368,090
China Beidahuang Industry Group Holdings, Ltd. Class A (a)		2,002,400		98,701
China Chengtong Development Group, Ltd. (a)		2,608,000		193,663
China Financial International Investments, Ltd. (a) (c)		2,640,000		79,767
China First Capital Group, Ltd. (a)		2,474,000		991,412
China High Precision Automation Group, Ltd. (a) (d)		1,226,000		—
China High Speed Transmission Equipment Group Co., Ltd. (c)		806,000		1,033,982
China Lumena New Materials Corp. (a) (c) (d)		4,181,298		—
China Metal Recycling Holdings, Ltd. (a) (c) (d)		693,675		—
China Minsheng Drawin Technology Group, Ltd. (a) (c)		1,480,000		49,266
China NT Pharma Group Co., Ltd.		850,400		222,108
China Nuclear Energy Technology Corp., Ltd. (a)		1,180,000		243,230
China Oil & Gas Group, Ltd.		4,428,000		300,465
China Overseas Property Holdings, Ltd. (c)		1,601,232		383,359
China Soft Power Technology Holdings, Ltd. (a) (c)		1,736,000		36,895
Comba Telecom Systems Holdings, Ltd.		1,030,575		196,597
Concord New Energy Group, Ltd.		7,500,000		345,680
Dawnrays Pharmaceutical Holdings, Ltd.		628,000		361,811
Digital China Holdings, Ltd. (a) (c)		843,000		474,887
Glorious Property Holdings, Ltd. (a)		1,794,000		199,826
Golden Meditech Holdings, Ltd. (a) (c)		652,000		91,823
Greater China Financial Holdings, Ltd. (a)		1,560,300		44,348
Hengdeli Holdings, Ltd.		1,948,400		106,017
Hi Sun Technology China, Ltd. (a) (c)		1,599,000		368,494
Hua Han Health Industry Holdings, Ltd. (a) (c) (d)		2,414,560		122,881
Huabao International Holdings, Ltd.		1,247,000		771,123
Ju Teng International Holdings, Ltd.		885,500		349,180
MIE Holdings Corp. (a)		1,822,754		168,024
Munsun Capital Group, Ltd. (a) (c)		2,402,000		27,677
National Agricultural Holdings, Ltd. (a) (c)		396,000		60,333
Neo Telemedia, Ltd.		4,336,000		136,563
NetDragon Websoft Holdings, Ltd. (c)		232,000		775,244
NewOcean Energy Holdings, Ltd. (a) (c)		1,480,000		403,600
Pou Sheng International Holdings, Ltd.		1,986,000		363,601
Qianhai Health Holdings, Ltd. (a) (c)		849,005		12,500
Skyworth Digital Holdings, Ltd.		1,638,000		836,752
SSY Group, Ltd.		1,771,562		809,719
Tech Pro Technology Development, Ltd. (a)		6,035,100		52,542
Tibet Water Resources, Ltd. (a) (c)		1,775,000		688,575
Tongfang Kontafarma Holdings, Ltd. (a)		1,815,553		139,467
United Laboratories International Holdings, Ltd. (a) (c)		886,500		660,559
Universal Medical Financial & Technical Advisory Services Co., Ltd. (b) (c)		850,900		704,844
Vision Values Holdings, Ltd. (a)		120,000		9,218
Wasion Group Holdings, Ltd. (c)		695,000		352,363
				15,515,598
HUNGARY — 0.2%
Magyar Telekom Telecommunications PLC		512,878		936,830
INDIA — 13.0%
Abbott India, Ltd.		3,433		222,370
Adani Power, Ltd. (a)		758,475		343,125
Aditya Birla Capital, Ltd. (a)		200,000		562,615
Aditya Birla Fashion and Retail, Ltd. (a)		257,789		643,289
AIA Engineering, Ltd.		49,189		1,000,573
Arvind, Ltd.		167,749		950,971
Bajaj Corp., Ltd.		55,731		339,701
Bajaj Hindusthan Sugar, Ltd. (a)		904,905		188,406
Balrampur Chini Mills, Ltd.		356,579		878,346
Bata India, Ltd.		98,133		1,036,541
Bharat Financial Inclusion, Ltd. (a)		98,867		1,434,495
Blue Dart Express, Ltd.		6,052		383,369
CARE Ratings, Ltd.		19,688		410,759
Ceat, Ltd.		32,081		842,102
CG Power and Industrial Solutions, Ltd. (a)		507,765		612,163
Chennai Super Kings Cricket, Ltd. (a) (d)		418,560		—
City Union Bank, Ltd.		110,035		273,403
Cyient, Ltd.		42,279		330,653
Dish TV India, Ltd. (a)		546,397		626,115
Dr Lal PathLabs, Ltd. (b)		29,841		364,310
eClerx Services, Ltd.		17,348		331,330
Eros International Media, Ltd. (a)		77,250		249,182
Escorts, Ltd.		109,606		1,106,883
Force Motors, Ltd.		9,904		570,723
Fortis Healthcare, Ltd. (a)		216,539		477,367

See accompanying notes to financial statements.

204

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Gateway Distriparks, Ltd.		177,230	$	619,030
GE T&D India, Ltd.		82,153		490,377
GMR Infrastructure, Ltd. (a)		2,348,656		589,681
Godfrey Phillips India, Ltd.		22,611		348,996
Godrej Properties, Ltd. (a)		72,654		689,334
Gujarat Pipavav Port, Ltd.		352,519		721,013
Hexaware Technologies, Ltd.		207,066		855,431
Housing Development & Infrastructure, Ltd. (a)		336,408		290,984
IDFC, Ltd.		837,402		756,380
IFCI, Ltd. (a)		930,338		329,008
India Cements, Ltd.		377,570		995,948
Indiabulls Real Estate, Ltd. (a)		428,395		1,448,096
Indiabulls Ventures, Ltd.		162,596		635,872
Indian Hotels Co., Ltd.		566,493		1,008,621
Info Edge India, Ltd.		79,923		1,352,769
Ipca Laboratories, Ltd.		64,115		478,654
IRB Infrastructure Developers, Ltd.		199,119		648,844
Jain Irrigation Systems, Ltd.		274,663		397,992
Jaiprakash Associates, Ltd. (a)		787,131		216,304
Jammu & Kashmir Bank, Ltd. (a)		404,948		455,350
Jindal Steel & Power, Ltd. (a)		281,747		580,790
JSW Energy, Ltd.		676,382		763,674
Jubilant Foodworks, Ltd.		51,246		1,091,253
Jubilant Life Sciences, Ltd.		99,993		1,009,191
Just Dial, Ltd. (a)		47,423		270,076
Jyothy Laboratories, Ltd.		48,900		302,855
Kajaria Ceramics, Ltd.		111,956		1,214,856
Karur Vysya Bank, Ltd.		438,120		967,191
KPIT Technologies, Ltd.		225,793		418,090
Mahindra CIE Automotive, Ltd. (a)		108,144		396,600
MakeMyTrip, Ltd. (a) (c)		34,229		984,084
Manappuram Finance, Ltd.		527,777		780,919
Marksans Pharma, Ltd.		522,768		340,135
McLeod Russel India, Ltd.		119,297		298,608
Mindtree, Ltd.		165,294		1,176,315
Monsanto India, Ltd.		6,619		248,121
Mphasis, Ltd.		79,649		754,422
Natco Pharma, Ltd.		80,558		970,655
NCC, Ltd.		847,333		1,076,030
Oberoi Realty, Ltd.		41,580		269,773
PC Jeweller, Ltd.		105,245		532,992
Persistent Systems, Ltd.		52,014		533,359
Pfizer, Ltd.		11,230		312,435
Phoenix Mills, Ltd.		31,896		244,567
PI Industries, Ltd.		103,426		1,172,489
Prestige Estates Projects, Ltd.		113,474		474,690
PTC India, Ltd.		406,123		763,812
PVR, Ltd.		51,269		945,714
Redington India, Ltd.		346,193		827,588
Reliance Capital, Ltd.		121,394		1,089,052
Reliance Communications, Ltd. (a)		1,020,769		300,042
Reliance Home Finance, Ltd. (a)		121,394		184,637
Reliance Naval and Engineering, Ltd. (a)		336,907		271,558
Sadbhav Engineering, Ltd.		83,147		374,174
Schaeffler India, Ltd.		3,773		282,452
Sintex Industries, Ltd.		460,375		188,534
Sintex Plastics Technology, Ltd. (a)		455,415		634,458
SKF India, Ltd.		24,295		564,714
Strides Shasun, Ltd.		62,444		846,512
Sun Pharma Advanced Research Co., Ltd. (a)		114,651		667,335
Suzlon Energy, Ltd. (a)		3,642,606		869,943
Symphony, Ltd.		35,820		742,256
Tata Elxsi, Ltd.		17,644		219,686
Tata Global Beverages, Ltd.		448,023		1,411,561
Thermax, Ltd.		57,618		838,645
Torrent Power, Ltd.		216,055		696,589
Union Bank of India (a)		334,961		649,461
Unitech, Ltd. (a)		1,799,577		190,096
Videocon d2h, Ltd. ADR (a)		51,062		454,452
WABCO India, Ltd.		5,967		547,147
Welspun Corp., Ltd.		208,659		422,621
Welspun India, Ltd.		299,296		313,179
WNS Holdings, Ltd. ADR (a)		57,595		2,102,217
				62,090,080
INDONESIA — 3.0%
Adhi Karya Persero Tbk PT		3,470,091		515,271
AKR Corporindo Tbk PT		1,759,100		927,286
Alam Sutera Realty Tbk PT		16,824,100		472,159
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		3,996,700		771,506
Blue Bird Tbk PT		659,405		238,911
Bumitama Agri, Ltd.		498,900		270,033
Ciputra Development Tbk PT		10,693,399		948,742
Eagle High Plantations Tbk PT (a)		2,606,900		49,935
Gajah Tunggal Tbk PT		1,864,100		94,804
Garuda Indonesia Persero Tbk PT (a)		8,971,300		222,467
Global Mediacom Tbk PT		3,433,800		144,042
Indah Kiat Pulp & Paper Corp. Tbk PT		2,267,600		705,416
Indo Tambangraya Megah Tbk PT		525,635		790,267
Intiland Development Tbk PT		5,561,900		170,132
Japfa Comfeed Indonesia Tbk PT		5,202,900		490,585
Kawasan Industri Jababeka Tbk PT		25,746,784		584,937
Link Net Tbk PT		1,624,000		623,966
Lippo Cikarang Tbk PT (a)		462,100		143,409
Lippo Karawaci Tbk PT		10,867,800		584,984
Matahari Putra Prima Tbk PT (a)		2,499,900		121,571
Medco Energi Internasional Tbk PT (a)		6,407,600		371,069
Media Nusantara Citra Tbk PT		7,059,400		691,841
Mitra Adiperkasa Tbk PT		906,600		471,171
MNC Investama Tbk PT (a)		11,811,400		87,693
Modernland Realty Tbk PT		5,595,200		121,301
Pembangunan Perumahan Persero Tbk PT		3,978,198		682,281
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		6,347,100		664,445
Siloam International Hospitals Tbk PT (a)		1,026,275		761,953
Summarecon Agung Tbk PT		7,828,100		618,971
Surya Semesta Internusa Tbk PT		3,074,900		133,552
Timah Persero Tbk PT		3,733,129		225,889
Wijaya Karya Persero Tbk PT		4,903,736		651,696
				14,352,285
MALAYSIA — 4.8%
Aeon Co. M Bhd		947,600		460,055

See accompanying notes to financial statements.

205

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Alliance Bank Malaysia Bhd		511,200	$	472,156
Berjaya Corp. Bhd (a)		3,841,767		313,892
Berjaya Sports Toto Bhd		1,090,858		638,110
Bermaz Auto Bhd		810,560		405,040
Bumi Armada Bhd (a)		2,912,800		503,575
Bursa Malaysia Bhd		461,673		1,093,364
Cahya Mata Sarawak Bhd		549,100		521,466
Carlsberg Brewery Malaysia Bhd Class B		102,300		359,534
Datasonic Group Bhd		1,128,400		334,044
DRB-Hicom Bhd		1,004,900		387,919
Eastern & Oriental Bhd		1,210,352		452,897
Evergreen Fibreboard Bhd		1,575,150		294,699
Felda Global Ventures Holdings Bhd		1,671,100		668,836
Gas Malaysia Bhd		535,700		362,842
Heineken Malaysia Bhd		125,100		551,062
IGB Real Estate Investment Trust		1,043,600		432,516
Inari Amertron Bhd		1,329,386		799,678
Karex Bhd		701,100		250,719
KNM Group Bhd (a)		3,371,006		211,561
KPJ Healthcare Bhd		3,480,372		857,214
Lafarge Malaysia Bhd		240,200		384,548
Magnum Bhd		1,259,200		539,764
Malaysia Building Society Bhd		1,578,200		422,348
Malaysian Resources Corp. Bhd		1,518,900		381,299
Media Prima Bhd		1,417,700		270,278
My EG Services Bhd		2,654,250		1,288,623
OSK Holdings Bhd		1,002,100		379,718
Padini Holdings Bhd		521,600		562,056
Pavilion Real Estate Investment Trust		1,027,400		425,802
Pos Malaysia Bhd		639,100		794,618
PureCircle, Ltd. (a)		42,200		279,125
QL Resources Bhd		209,750		197,207
Silverlake Axis, Ltd.		854,900		371,436
Sunway Real Estate Investment Trust		2,108,500		858,880
TIME dotCom Bhd		229,600		482,853
Top Glove Corp. Bhd		805,500		1,058,739
UEM Sunrise Bhd (a)		1,069,600		288,773
UMW Holdings Bhd (a)		342,200		449,783
UMW Oil & Gas Corp. Bhd (a)		1,322,415		93,955
Unisem M Bhd		389,700		347,938
UOA Development Bhd		1,444,100		885,783
VS Industry Bhd		1,308,600		824,364
WCT Holdings Bhd (a)		1,292,389		535,626
Yinson Holdings Bhd		659,700		559,319
				23,054,014
MEXICO — 2.2%
Asesor de Activos Prisma SAPI de CV (a)		361,568		241,122
Axtel SAB de CV (a) (c)		1,533,553		364,825
Bolsa Mexicana de Valores SAB de CV		534,596		896,427
Concentradora Fibra Hotelera Mexicana SA de CV		433,782		335,861
Concentradora Hipotecaria SAPI de CV REIT		535,580		622,018
Consorcio ARA SAB de CV Series (c)		1,711,936		599,579
Controladora Vuela Cia de Aviacion SAB de CV Class A (a) (c)		712,706		846,962
Corp. Inmobiliaria Vesta SAB de CV		377,097		540,334
Credito Real SAB de CV SOFOM ER (c)		246,898		419,309
Genomma Lab Internacional SAB de CV Class B (a)		578,183		744,410
Grupo Aeromexico SAB de CV (a)		155,145		287,150
Grupo GICSA SA de CV (a)		388,950		255,098
Hoteles City Express SAB de CV (a) (c)		313,570		376,438
Macquarie Mexico Real Estate Management SA de CV REIT (a)		615,219		816,825
Megacable Holdings SAB de CV (c)		222,054		926,282
PLA Administradora Industrial S de RL de CV (a)		695,589		1,202,775
Prologis Property Mexico SA de CV REIT		348,094		693,533
Qualitas Controladora SAB de CV (c)		165,484		274,299
TV Azteca SAB de CV (c)		1,314,789		243,275
				10,686,522
MONACO — 0.2%
GasLog, Ltd. (c)		49,108		856,935
Navios Maritime Holdings, Inc. (a)		86,463		144,393
				1,001,328
PAKISTAN — 1.1%
DG Khan Cement Co., Ltd.		659,100		919,017
Engro Corp., Ltd.		236,800		681,431
Engro Fertilizers, Ltd.		498,500		297,751
Fauji Fertilizer Co., Ltd.		290,500		229,311
Lucky Cement, Ltd.		75,000		402,454
Maple Leaf Cement Factory, Ltd.		570,000		454,431
Pakistan State Oil Co., Ltd.		324,200		1,359,778
SUI Northern Gas Pipeline (a)		777,100		987,634
				5,331,807
PERU — 0.6%
Ferreycorp SAA		1,855,782		1,210,107
Grana y Montero SAA (a)		356,171		335,836
InRetail Peru Corp. (b)		36,822		699,618
Volcan Cia Minera SAA Class B		1,960,163		702,094
				2,947,655
PHILIPPINES — 1.4%
Belle Corp.		3,241,400		239,917
Cebu Air, Inc.		400,388		864,626
CEMEX Holdings Philippines, Inc. (a) (b)		3,847,905		381,007
Cosco Capital, Inc.		5,304,300		885,451
D&L Industries, Inc.		4,735,000		941,417
First Gen Corp.		1,401,300		521,906
First Philippine Holdings Corp.		332,960		445,371
Manila Water Co., Inc.		975,100		592,168
Nickel Asia Corp.		3,514,600		456,626
Philex Mining Corp.		1,374,600		225,404
Rizal Commercial Banking Corp.		521,880		509,557
Robinsons Land Corp.		1,144,800		570,152
SM Prime Holdings, Inc.		1		1
				6,633,603

See accompanying notes to financial statements.

206

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
POLAND — 2.3%
Alumetal SA		11,651	$	161,466
Asseco Poland SA		85,865		1,090,764
Boryszew SA (a)		81,304		223,121
Ciech SA (a)		49,710		888,899
Dino Polska SA (a) (b)		38,935		708,939
Emperia Holding SA (a)		26,068		672,455
Enea SA		123,192		500,348
Energa SA		176,513		649,096
Eurocash SA		80,845		856,827
Getin Noble Bank SA (a)		310,214		123,440
Globe Trade Centre SA		351,959		910,817
Grupa Azoty SA		39,642		868,133
Grupa Kety SA		7,969		880,342
KRUK SA		14,068		1,132,907
Lubelski Wegiel Bogdanka SA		9,867		203,083
Netia SA		481,796		505,073
PKP Cargo SA (a)		16,340		257,838
Synthos SA		446,810		630,251
				11,263,799
QATAR — 0.6%
Al Meera Consumer Goods Co. QSC		12,351		486,848
Gulf Warehousing Co.		17,606		206,538
Medicare Group		17,038		330,394
Qatar First Bank (a)		270,561		532,093
Salam International Investment, Ltd. QSC		93,936		203,830
Vodafone Qatar QSC (a)		427,370		997,774
				2,757,477
RUSSIA — 0.7%
DIXY Group PJSC (a)		26,446		156,174
Etalon Group PLC GDR		106,646		440,981
LSR Group PJSC GDR		194,305		571,257
QIWI PLC ADR (c)		37,564		636,334
Ros Agro PLC GDR		40,153		493,882
Sistema PJSC FC GDR		135,714		651,427
TMK PJSC GDR		75,216		359,157
				3,309,212
SINGAPORE — 0.2%
Asian Pay Television Trust		1,386,300		581,900
SIIC Environment Holdings, Ltd. (c)		1,054,560		415,471
				997,371
SOUTH AFRICA — 5.3%
Adcock Ingram Holdings, Ltd.		182,810		819,108
Advtech, Ltd.		433,199		567,867
AECI, Ltd.		84,700		636,073
African Rainbow Minerals, Ltd.		63,723		481,515
Alexander Forbes Group Holdings, Ltd.		784,394		392,124
ArcelorMittal South Africa, Ltd. (a)		256,806		87,488
Arrowhead Properties, Ltd. Class A		1,110,727		683,588
Attacq, Ltd. (a)		457,636		627,015
Aveng, Ltd. (a)		364,936		78,379
Balwin Properties, Ltd.		258,410		128,033
Blue Label Telecoms, Ltd.		400,000		518,422
Coronation Fund Managers, Ltd.		188,356		938,816
Curro Holdings, Ltd. (a) (c)		178,995		501,093
DataTec, Ltd.		278,977		1,183,263
Dis-Chem Pharmacies, Ltd. (b)		100,000		208,184
Emira Property Fund, Ltd. (c)		602,672		591,402
EOH Holdings, Ltd.		101,163		716,926
Famous Brands, Ltd. (a)		65,360		566,348
Grindrod, Ltd. (a)		601,638		614,894
Harmony Gold Mining Co., Ltd.		265,601		474,453
Hosken Consolidated Investments, Ltd.		101,586		984,148
JSE, Ltd.		99,853		915,889
KAP Industrial Holdings, Ltd.		1,238,441		776,863
Lewis Group, Ltd.		179,785		399,448
Montauk Holdings, Ltd.		1		2
Mpact, Ltd.		212,878		405,182
Murray & Roberts Holdings, Ltd.		330,387		391,497
Nampak, Ltd. (a)		494,153		644,110
Net 1 UEPS Technologies, Inc. (a)		73,028		711,293
Northam Platinum, Ltd. (a) (c)		385,191		1,333,085
Omnia Holdings, Ltd.		54,818		565,008
PPC, Ltd. (a)		1,283,183		600,609
Reunert, Ltd.		227,544		1,141,217
SA Corporate Real Estate, Ltd. (c)		2,588,465		937,426
Sun International, Ltd.		105,551		400,551
Super Group, Ltd. (a)		379,457		1,208,417
Tongaat Hulett, Ltd.		91,425		778,661
Trencor, Ltd.		96,645		271,987
Tsogo Sun Holdings, Ltd.		200,000		300,093
Vukile Property Fund, Ltd. REIT		607,633		889,680
Wilson Bayly Holmes-Ovcon, Ltd.		81,042		883,974
				25,354,131
TAIWAN — 29.3%
A-DATA Technology Co., Ltd.		229,652		623,281
Ability Enterprise Co., Ltd.		328,141		229,409
AcBel Polytech, Inc.		847,000		645,222
Accton Technology Corp.		479,341		1,541,213
Acer, Inc. (a)		2,127,000		1,062,658
Adlink Technology, Inc.		157,625		348,268
Advanced Ceramic X Corp.		51,642		718,669
AGV Products Corp. (a)		1,720,414		432,883
Alpha Networks, Inc.		426,513		338,971
Altek Corp.		205,516		187,732
AmTRAN Technology Co., Ltd.		850,717		460,090
Arcadyan Technology Corp.		198,172		319,569
Asia Optical Co., Inc.		206,540		759,438
Asia Polymer Corp.		828,028		517,449
ASPEED Technology, Inc.		17,000		392,989
Aten International Co., Ltd.		201,000		515,691
Basso Industry Corp.		108,800		303,179
BES Engineering Corp.		3,242,356		706,766
Bizlink Holding, Inc.		85,000		776,448
Capital Securities Corp.		1,937,730		648,594
Career Technology MFG. Co., Ltd.		340,726		261,241
Casetek Holdings, Ltd.		110,000		357,670
Cathay Real Estate Development Co., Ltd.		807,332		444,613
Center Laboratories, Inc. (a)		316,527		489,028
Chang Wah Electromaterials, Inc. (c)		70,419		318,144
Charoen Pokphand Enterprise		321,675		682,090
Cheng Loong Corp.		1,149,128		676,426

See accompanying notes to financial statements.

207

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Cheng Uei Precision Industry Co., Ltd.		364,915	$	504,821
Chicony Electronics Co., Ltd.		439,310		1,043,079
Chin-Poon Industrial Co., Ltd.		286,000		548,912
China Bills Finance Corp.		906,394		442,377
China Chemical & Pharmaceutical Co., Ltd.		622,000		366,136
China Man-Made Fiber Corp.		1,843,899		516,856
China Motor Corp.		733,000		646,608
China Petrochemical Development Corp. (a) (c)		2,002,575		917,946
China Steel Chemical Corp. (c)		161,000		621,191
China Synthetic Rubber Corp.		599,373		887,477
Chipbond Technology Corp.		643,000		1,072,939
ChipMOS TECHNOLOGIES, Inc. ADR		35,214		680,334
Chlitina Holding, Ltd.		65,678		225,251
Chong Hong Construction Co., Ltd.		245,275		564,576
Chroma ATE, Inc.		326,680		1,152,709
Chung Hung Steel Corp. (a)		713,239		248,142
Clevo Co.		492,265		478,077
CMC Magnetics Corp. (a)		1,211,788		168,637
Compeq Manufacturing Co., Ltd.		939,000		1,020,316
Coretronic Corp.		427,652		499,943
CTCI Corp.		626,000		1,005,349
Cub Elecparts, Inc.		50,000		587,818
CyberTAN Technology, Inc.		488,210		297,041
D-Link Corp. (a)		927,054		336,288
Darwin Precisions Corp.		705,576		557,266
Dynapack International Technology Corp.		163,000		212,324
E Ink Holdings, Inc.		662,000		927,813
Elan Microelectronics Corp.		492,899		681,060
Elite Material Co., Ltd.		286,782		1,361,846
Elite Semiconductor Memory Technology, Inc.		283,674		376,997
eMemory Technology, Inc.		67,000		858,379
Ennoconn Corp.		38,000		545,113
Epistar Corp. (a)		865,572		1,101,803
Eternal Materials Co., Ltd. (c)		970,659		987,496
Eva Airways Corp.		54,060		26,385
Everlight Chemical Industrial Corp.		526,304		326,293
Everlight Electronics Co., Ltd.		590,503		932,763
Excelsior Medical Co., Ltd.		253,403		371,447
Far Eastern Department Stores, Ltd.		811,490		408,100
Far Eastern International Bank		3,135,096		978,037
Faraday Technology Corp.		255,385		354,561
Farglory Land Development Co., Ltd.		218,464		246,388
Feng Hsin Steel Co., Ltd.		435,270		756,455
Firich Enterprises Co., Ltd. (a)		188,792		308,801
FLEXium Interconnect, Inc.		254,099		972,018
Formosa Taffeta Co., Ltd.		897,000		902,206
Formosan Rubber Group, Inc.		345,610		174,378
Gemtek Technology Corp.		417,234		328,845
Genius Electronic Optical Co., Ltd. (a)		56,000		722,068
GeoVision, Inc.		153,720		203,277
Giant Manufacturing Co., Ltd.		168,000		789,474
Gigabyte Technology Co., Ltd.		465,000		586,540
Gigastorage Corp. (a)		383,114		223,622
Ginko International Co., Ltd.		39,000		266,868
Gintech Energy Corp. (a)		467,275		266,583
Global Unichip Corp.		102,669		651,754
Gloria Material Technology Corp.		521,909		345,943
Goldsun Building Materials Co., Ltd. (a)		1,701,041		511,591
Gourmet Master Co., Ltd.		75,200		799,763
Grand Pacific Petrochemical		931,000		698,465
Grape King Bio, Ltd.		114,000		687,970
Great Wall Enterprise Co., Ltd.		807,867		852,518
HannStar Display Corp.		2,110,599		817,819
HannsTouch Solution, Inc. (a)		631,511		213,461
Hey Song Corp.		280,770		287,955
Highwealth Construction Corp.		703,730		934,083
Himax Technologies, Inc. ADR (c)		90,734		991,723
Hiwin Technologies Corp.		1,900		16,761
Ho Tung Chemical Corp. (a)		1,471,351		439,600
Hota Industrial Manufacturing Co., Ltd.		196,680		927,491
HTC Corp. (a) (c)		515,000		1,287,330
Huaku Development Co., Ltd.		289,260		631,480
Huang Hsiang Construction Corp.		285,484		262,663
Ibase Technology, Inc.		332,817		577,304
Ichia Technologies, Inc. (a)		350,000		210,642
Iron Force Industrial Co., Ltd.		76,000		334,586
ITE Technology, Inc.		495,887		549,459
Jess-Link Products Co., Ltd. (f)		191,230		189,502
Jih Sun Financial Holdings Co., Ltd.		1,728,422		412,669
KEE TAI Properties Co., Ltd.		926,076		306,921
Kenda Rubber Industrial Co., Ltd. (c)		650,247		916,702
Kerry TJ Logistics Co., Ltd.		223,000		266,579
King Slide Works Co., Ltd.		54,000		735,457
King Yuan Electronics Co., Ltd.		1,104,656		1,083,746
King’s Town Bank Co., Ltd.		1,179,000		1,244,163
Kinpo Electronics		1,724,371		585,708
Kinsus Interconnect Technology Corp.		296,030		696,047
Kuoyang Construction Co., Ltd.		802,527		317,581
Land Mark Optoelectronics Corp.		20,000		246,010
LCY Chemical Corp.		670,862		893,775
Lien Hwa Industrial Corp.		714,000		694,598
Lingsen Precision Industries, Ltd.		744,694		427,308
Long Chen Paper Co., Ltd.		569,000		840,628
Longwell Co.		297,000		568,065
Lotes Co., Ltd.		67,000		408,752
Lumax International Corp., Ltd.		171,322		328,249
Lung Yen Life Service Corp.		178,000		407,374
Makalot Industrial Co., Ltd.		148,070		646,988
Masterlink Securities Corp.		1,449,329		399,086
Medigen Biotechnology Corp. (a)		189,000		277,666
Mercuries & Associates Holding, Ltd.		531,978		392,966
Merida Industry Co., Ltd.		192,000		835,774
Merry Electronics Co., Ltd.		149,000		938,498
Micro-Star International Co., Ltd.		542,000		1,165,361
Microbio Co., Ltd. (a)		486,723		338,671
MIN AIK Technology Co., Ltd.		251,000		224,314
Mirle Automation Corp. (c)		279,331		385,964
Mitac Holdings Corp.		689,412		835,506
Motech Industries, Inc. (a) (c)		430,728		325,276
Nan Kang Rubber Tire Co., Ltd.		763,204		682,061
Nantex Industry Co., Ltd.		632,004		460,602

See accompanying notes to financial statements.

208

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Neo Solar Power Corp. (a) (c)		925,758	$	473,198
OBI Pharma, Inc. (a)		113,000		644,671
Oriental Union Chemical Corp. (a)		659,500		529,575
Pan-International Industrial Corp. (c)		466,539		376,167
Parade Technologies, Ltd.		57,000		906,015
PChome Online, Inc.		79,670		408,544
PharmaEngine, Inc.		98,197		501,930
Phytohealth Corp. (a)		439,511		376,840
Pixart Imaging, Inc.		100,060		386,064
Portwell, Inc. (a)		163,000		267,420
Poya International Co., Ltd.		46,300		552,717
President Securities Corp. (a)		1,258,943		591,609
Primax Electronics, Ltd.		381,000		942,323
Prince Housing & Development Corp.		1,682,996		624,380
Promate Electronic Co., Ltd.		355,000		328,379
Qisda Corp.		1,350,641		953,163
Radiant Opto-Electronics Corp. (c)		444,331		1,040,348
Radium Life Tech Co., Ltd. (a)		893,810		386,127
Realtek Semiconductor Corp.		416,053		1,433,767
Ritek Corp. (a)		1,795,045		303,673
Ruentex Development Co., Ltd. (a)		740,000		678,407
Ruentex Industries, Ltd. (a)		490,000		725,531
Sampo Corp. (c)		805,527		391,819
Sanyang Motor Co., Ltd.		764,945		537,308
ScinoPharm Taiwan, Ltd.		469,500		505,513
Senao International Co., Ltd.		154,911		263,600
Sercomm Corp.		223,000		600,815
Shin Kong No.1 REIT		449,000		211,144
Shinkong Insurance Co., Ltd.		377,841		328,947
Shinkong Synthetic Fibers Corp.		2,370,796		711,458
Sigurd Microelectronics Corp.		858,694		712,180
Silicon Integrated Systems Corp. (a)		900,299		222,373
Silicon Motion Technology Corp. ADR (c)		28,288		1,358,673
Simplo Technology Co., Ltd.		109,277		580,187
Sinbon Electronics Co., Ltd.		350,444		926,844
Sinmag Equipment Corp.		66,726		338,867
Sino-American Silicon Products, Inc. (a) (c)		400,058		829,826
Sinon Corp.		796,662		454,500
Sinphar Pharmaceutical Co., Ltd.		407,879		295,915
Sinyi Realty, Inc.		591,611		631,138
Soft-World International Corp.		99,848		217,648
Solartech Energy Corp. (a)		422,207		183,786
St Shine Optical Co., Ltd.		37,000		783,340
Synnex Technology International Corp.		1,015,000		1,218,375
Systex Corp.		275,000		517,824
Taichung Commercial Bank Co., Ltd.		2,505,405		797,294
Taiflex Scientific Co., Ltd.		295,699		461,237
Tainan Enterprises Co., Ltd.		310,000		246,884
Tainan Spinning Co., Ltd.		1,528,105		675,261
Taisun Enterprise Co., Ltd. (a) (c)		705,549		422,296
Taiwan Acceptance Corp.		208,000		696,214
Taiwan Business Bank		4,034,648		1,099,004
Taiwan Cogeneration Corp.		667,469		511,761
Taiwan Fertilizer Co., Ltd.		622,000		805,088
Taiwan Glass Industry Corp. (a)		890,000		453,453
Taiwan Hon Chuan Enterprise Co., Ltd.		380,218		689,618
Taiwan Land Development Corp. (a)		851,781		287,916
Taiwan Paiho, Ltd.		202,000		929,264
Taiwan Secom Co., Ltd.		348,961		1,024,190
Taiwan Surface Mounting Technology Corp.		530,308		452,066
Taiwan Union Technology Corp.		212,000		562,089
Taiyen Biotech Co., Ltd.		427,979		395,885
Tatung Co., Ltd. (a) (c)		1,562,691		639,011
Teco Electric and Machinery Co., Ltd.		1,671,000		1,496,097
Test Rite International Co., Ltd.		471,896		348,584
Thye Ming Industrial Co., Ltd.		273,218		335,170
Ton Yi Industrial Corp.		690,000		316,284
Tong Hsing Electronic Industries, Ltd.		136,327		561,960
Tong Yang Industry Co., Ltd.		388,872		793,800
Topco Scientific Co., Ltd.		261,384		637,858
TPK Holding Co., Ltd. (a) (c)		217,000		699,861
Transcend Information, Inc.		194,484		549,640
Tripod Technology Corp.		448,353		1,552,469
TSRC Corp. (c)		649,028		684,900
TTY Biopharm Co., Ltd.		210,436		616,235
Tung Ho Steel Enterprise Corp.		635,258		505,919
Tung Thih Electronic Co., Ltd.		38,893		253,951
TXC Corp.		440,120		570,397
U-Ming Marine Transport Corp. (a)		413,000		467,151
Unimicron Technology Corp.		1,149,000		619,514
Unity Opto Technology Co., Ltd.		687,307		273,119
Unizyx Holding Corp.		516,694		240,251
UPC Technology Corp.		845,536		448,923
USI Corp.		1,422,344		698,883
Visual Photonics Epitaxy Co., Ltd.		210,371		418,328
Voltronic Power Technology Corp.		42,000		753,463
Wafer Works Corp. (a)		461,872		403,628
Walsin Lihwa Corp.		2,400,000		1,096,161
Walsin Technology Corp.		287,000		711,727
Wan Hai Lines, Ltd.		1,004,320		612,713
Waterland Financial Holdings Co., Ltd.		2,098,547		628,374
Wei Chuan Foods Corp. (a)		588,899		367,042
Wistron NeWeb Corp.		250,872		719,755
WT Microelectronics Co., Ltd.		408,000		645,152
WUS Printed Circuit Co., Ltd. (a)		352,750		230,909
Yang Ming Marine Transport Corp. (a) (c)		490,600		203,850
Yeong Guan Energy Technology Group Co., Ltd.		90,000		219,628
YFY, Inc. (a)		1,854,941		746,283
Yieh Phui Enterprise Co., Ltd.		1,151,079		427,043
Yungtay Engineering Co., Ltd.		373,000		693,748
Zenitron Corp.		413,348		249,448
Zhen Ding Technology Holding, Ltd.		428,000		866,614
Zinwell Corp. (c)		494,674		451,869
				140,372,848
THAILAND — 6.1%
Bangkok Chain Hospital PCL NVDR		1,750,700		797,920
Bangkok Land PCL NVDR		13,605,900		734,351
Beauty Community PCL (f)		2,181,600		1,046,645
BEC World PCL NVDR		964,300		471,307
Carabao Group PCL Class F (f)		423,821		1,108,797
Central Plaza Hotel PCL NVDR		847,500		1,130,847

See accompanying notes to financial statements.

209

SPDR S&P Emerging Markets Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Chularat Hospital PCL NVDR		6,941,000	$	511,990
CPN Retail Growth Leasehold Property Fund		1,327,300		859,661
Dynasty Ceramic PCL NVDR		3,565,420		425,498
Esso Thailand PCL NVDR (a)		1,459,500		590,802
GFPT PCL (f)		273,200		163,019
Group Lease PCL NVDR		716,579		502,787
Gunkul Engineering PCL NVDR		5,810,470		700,392
Hana Microelectronics PCL (f)		1,004,857		1,431,206
Ichitan Group PCL NVDR		1,360,300		326,309
Inter Far East Energy Corp. NVDR (a) (d)		283,900		—
International Engineering PCL (a) (d)		63,855,934		—
Jasmine International PCL NVDR		2,591,725		637,246
KCE Electronics PCL NVDR		357,300		1,071,364
Kiatnakin Bank PCL NVDR		457,700		957,259
LPN Development PCL NVDR		813,200		302,359
Major Cineplex Group PCL NVDR		963,200		880,888
MK Restaurants Group PCL NVDR		512,800		934,111
Precious Shipping PCL (a) (f)		552,600		187,238
Pruksa Holding PCL NVDR		1,212,831		854,619
PTG Energy PCL NVDR		715,200		488,952
Robinson PCL NVDR		580,100		1,121,932
Siam Global House PCL NVDR		1,598,513		771,696
Sino-Thai Engineering & Construction PCL NVDR		1,159,600		895,343
Sri Trang Agro-Industry PCL NVDR		822,100		313,064
Srisawad Corp. PCL NVDR		723,980		1,302,513
Supalai PCL NVDR		778,800		541,774
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund		1,677,400		890,254
Thai Airways International PCL NVDR (a)		801,200		437,237
Thai Vegetable Oil PCL NVDR		421,600		363,448
Thaicom PCL NVDR		629,200		313,185
Thoresen Thai Agencies PCL (f)		2,864,506		846,038
Tipco Asphalt PCL NVDR		865,900		625,733
Tisco Financial Group PCL (f)		290,103		669,803
TPI Polene PCL (f)		974,800		65,474
TPI Polene Power PCL NVDR		4,025,600		917,378
TTW PCL (f)		1,541,800		499,294
VGI Global Media PCL NVDR		3,583,912		617,916
WHA Corp. PCL NVDR		8,927,630		952,994
				29,260,643
TURKEY — 1.7%
Afyon Cimento Sanayi TAS (a)		282,774		627,397
AKIS Gayrimenkul Yatirimi A/S REIT		295,484		257,586
Albaraka Turk Katilim Bankasi A/S		1,529,847		606,587
Aygaz A/S		113,709		481,555
Dogan Sirketler Grubu Holding A/S (a)		930,875		227,739
Ihlas Holding A/S (a)		1,023,296		169,777
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D (a)		1,358,530		867,204
Koza Altin Isletmeleri A/S (a)		79,113		694,110
Koza Anadolu Metal Madencilik Isletmeleri A/S (a)		167,090		331,727
Migros Ticaret A/S (a)		135,313		979,432
NET Holding A/S (a)		261,030		168,828
Pegasus Hava Tasimaciligi A/S (a)		38,303		268,415
Sinpas Gayrimenkul Yatirim Ortakligi A/S (a)		469,836		96,448
Tekfen Holding A/S		232,165		764,504
Torunlar Gayrimenkul Yatirim Ortakligi A/S		187,220		346,947
Turkiye Sinai Kalkinma Bankasi A/S		1,734,335		677,913
Yazicilar Holding A/S Class A		85,962		473,068
				8,039,237
UNITED ARAB EMIRATES — 0.9%
Air Arabia PJSC		1,745,367		541,766
Ajman Bank PJSC (a)		592,627		185,567
Al Waha Capital PJSC		1,056,398		494,739
Arabtec Holding PJSC (a)		748,942		587,301
Dana Gas PJSC (a)		2,857,920		591,404
DXB Entertainments PJSC (a)		2,695,207		557,733
Eshraq Properties Co. PJSC (a)		1,617,705		339,165
National Central Cooling Co. PJSC		635,102		356,230
RAK Properties PJSC		2,599,495		488,381
				4,142,286
UNITED KINGDOM — 0.0% (e)
Pan African Resources PLC		1,138,614		189,734
UNITED STATES — 0.2%
Luxoft Holding, Inc. (a)		22,826		1,091,083
TOTAL COMMON STOCKS (Cost $529,539,474)				478,072,945
WARRANTS — 0.0% (e)
THAILAND — 0.0% (e)
International Engineering PCL (expiring 5/22/19) (a) (d)		13,635,806		—
Supalai PCL (expiring 10/19/18) NVDR (a) (f)		194,700		112,091
Superblock PCL (expiring 8/31/20) (a)		2,640,860		32,466
				144,557
TOTAL WARRANTS (Cost $94,426)				144,557
RIGHTS — 0.0% (e)
BRAZIL — 0.0% (e)
Cosan Logistica SA (expiring 10/26/17) (a)		16,373		5,279
Ser Educacional SA (expiring 10/17/17) (a)		6,109		4,616
				9,895
MALAYSIA — 0.0% (e)
UMW Oil & Gas Corp. Bhd (expiring 10/10/17) (a)		3,702,762		4,385
THAILAND — 0.0% (e)
Sri Trang Agro-Industry PCL (expiring 10/4/17) (a) (f)		90,480		7,325
TOTAL RIGHTS (Cost $0)				21,605
SHORT-TERM INVESTMENTS — 3.5%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (g) (h)		379,285		379,285

See accompanying notes to financial statements.

210

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)		16,261,252	$	16,261,252
TOTAL SHORT-TERM INVESTMENTS (Cost $16,640,537)				16,640,537
TOTAL INVESTMENTS — 103.2% (Cost $546,274,437)				494,879,644
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.2)%				(15,541,263	)
NET ASSETS — 100.0%			$	479,338,381

(a) Non-income producing security.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.7% of net assets as of September 30, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) All or a portion of the shares of the security are on loan at September 30, 2017.

(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 September 30, 2017, total aggregate fair value of the security is $290,126, 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 September 30, 2017, total aggregate fair value of securities is $6,326,432 representing 1.3% 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 September 30, 2017 are shown in the Affiliate Table below.

(h) The rate shown is the annualized seven-day yield at September 30, 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 September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	23,091,969	$	—	$	—		$	23,091,969
Chile		6,998,213		—		—			6,998,213
China		65,774,822		—		167,245			65,942,067
Colombia		184,480		—		—			184,480
Cyprus		938,752		—		—			938,752
Czech Republic		2,716,159		—		—			2,716,159
Egypt		3,933,014		—		—			3,933,014
Greece		4,940,748		—		—			4,940,748
Hong Kong		15,332,384		60,333		122,881			15,515,598
Hungary		936,830		—		—			936,830
India		61,455,622		634,458		0	(a)		62,090,080
Indonesia		14,352,285		—		—			14,352,285
Malaysia		23,054,014		—		—			23,054,014
Mexico		10,686,522		—		—			10,686,522
Monaco		1,001,328		—		—			1,001,328
Pakistan		5,331,807		—		—			5,331,807
Peru		2,947,655		—		—			2,947,655
Philippines		6,633,603		—		—			6,633,603
Poland		11,263,799		—		—			11,263,799
Qatar		2,757,477		—		—			2,757,477
Russia		3,309,212		—		—			3,309,212
Singapore		997,371		—		—			997,371
South Africa		25,354,131		—		—			25,354,131
Taiwan		140,183,346		189,502		—			140,372,848

See accompanying notes to financial statements.

211

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Thailand	$	23,243,129	$	6,017,514	$	0	(a)	$	29,260,643
Turkey		8,039,237		—		—			8,039,237
United Arab Emirates		4,142,286		—		—			4,142,286
United Kingdom		189,734		—		—			189,734
United States		1,091,083		—		—			1,091,083
Warrants
Thailand		32,466		112,091		0	(a)		144,557
Rights
Brazil		9,895		—		—			9,895
Malaysia		4,385		—		—			4,385
Thailand		—		7,325		—			7,325
Short-Term Investments		16,640,537		—		—			16,640,537
TOTAL INVESTMENTS	$	487,568,295	$	7,021,223	$	290,126		$	494,879,644

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		11,284,298		10,905,013		—		—		379,285		379,285		4,397
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		31,615,132		31,615,132		—		—		—		—		3,132
State Street Navigator Securities Lending Government Money Market Portfolio*		14,070,192		14,070,192		53,344,753		51,153,693		—		—		16,261,252		16,261,252		457,009
TOTAL			$	15,080,050	$	96,801,025	$	95,240,538	$	—	$	—			$	16,640,537	$	464,594

* 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.

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213

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2017

	SPDR STOXX Europe 50 ETF			SPDR EURO STOXX Small Cap ETF			SPDR S&P Emerging Asia Pacific ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	316,776,043		$	18,758,251		$	410,443,267
Investments in affiliated issuers, at value (Notes 2 and 4)		205,031			720			7,837,275
Total Investments		316,981,074			18,758,971			418,280,542
Foreign currency, at value		511,321			2,634			1,179,692
Cash		—			—			—
Receivable for investments sold		—			—			43,432
Foreign currency contracts sold		—			—			41,683
Dividends receivable — unaffiliated issuers (Note 2)		327,712			5,024			545,019
Dividends receivable — affiliated issuers (Notes 2 and 4)		107			—			1,256
Securities lending income receivable — unaffiliated issuers (Note 9)		89			—			10,705
Securities lending income receivable — affiliated issuers (Notes 4 and 9)		294			—			10,437
Receivable for foreign taxes recoverable		191,475			19,341			—
Other Receivable		—			354			—
TOTAL ASSETS		318,012,072			18,786,324			420,112,766
LIABILITIES
Due to custodian (Note 4)		—			—			46,878
Payable upon return of securities loaned		128,419			—			5,790,699
Payable for investments purchased		—			—			—
Deferred foreign taxes payable		—			—			142,765
Advisory fee payable (Note 4)		218,737			17,667			478,974
Trustees’ fees and expenses payable (Note 5)		319			62			694
Accrued expenses and other liabilities		—			—			—
TOTAL LIABILITIES		347,475			17,729			6,460,010
NET ASSETS	$	317,664,597		$	18,768,595		$	413,652,756
NET ASSETS CONSIST OF:
Paid-in Capital	$	358,268,451		$	18,299,382		$	405,978,586
Undistributed (distribution in excess of) net investment income (loss)		—			39,536			3,688,117
Accumulated net realized gain (loss) on investments and foreign currency transactions		(42,652,221	)		(2,502,559	)		(63,192,448	)
Net unrealized appreciation (depreciation) on:
Investments — affiliated issuers		—			—			—
Investments — unaffiliated issuers**		2,031,805			2,931,004			67,184,012
Foreign currency translations		16,562			1,232			(5,511	)
NET ASSETS	$	317,664,597		$	18,768,595		$	413,652,756
NET ASSET VALUE PER SHARE
Net asset value per share	$	35.49		$	62.56		$	98.49
Shares outstanding (unlimited amount authorized, $0.01 par value)		8,950,370			300,000			4,200,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	314,744,238		$	15,827,247		$	343,116,490
Investments in affiliated issuers		205,031			720			7,837,275
Total cost of investments	$	314,949,269		$	15,827,967		$	350,953,765
Foreign currency, at cost	$	513,506		$	2,573		$	1,183,776
* Includes investments in securities on loan, at value	$	117,619		$	—		$	33,085,946
** Includes deferred foreign taxes	$	—		$	—		$	142,765

See accompanying notes to financial statements.

214

SPDR S&P China ETF			SPDR MSCI China A Shares IMI ETF			SPDR S&P Emerging Markets Dividend ETF			SPDR S&P International Small Cap ETF			SPDR S&P Global Infrastructure ETF			SPDR S&P Global Natural Resources ETF			SPDR MSCI ACWI IMI ETF
$	1,022,428,242		$	2,347,300		$	421,566,854		$	882,992,491		$	180,768,847		$	1,219,527,997		$	89,939,666
	24,973,180			966			16,587,238			66,103,180			7,508,576			28,253,835			1,159,510
	1,047,401,422			2,348,266			438,154,092			949,095,671			188,277,423			1,247,781,832			91,099,176
	4,555,650			12,883			850,848			792,753			666,184			4,216,990			96,692
	3			—			9			2,776			—			14,080			—
	—			—			—			520,655			11,269,496			—			—
	—			—			—			—			—			—			—
	1,724,877			—			894,546			2,801,715			328,829			2,960,399			151,954
	2,423			3			1,169			2,436			200			2,482			741
	61,824			—			—			33,832			—			1,809			364
	71,463			—			14,146			190,928			1,412			11,461			1,279
	—			—			24,122			160,024			24,388			34,401			12,664
	—			—			—			3,911			—			5,783			1,231
	1,053,817,662			2,361,152			439,938,932			953,604,701			200,567,932			1,255,029,237			91,364,101
	—			—			—			—			—			—			98
	22,187,451			—			16,561,043			66,029,680			7,104,926			27,454,617			985,141
	932,944			—			—			275,115			11,911,402			275,846			—
	—			—			—			—			—			—			—
	1,456,751			3,774			519,989			869,492			174,622			1,144,507			57,472
	1,404			22			313			877			32			726			56
	—			23			—			—			—			—			—
	24,578,550			3,819			17,081,345			67,175,164			19,190,982			28,875,696			1,042,767
$	1,029,239,112		$	2,357,333		$	422,857,587		$	886,429,537		$	181,376,950		$	1,226,153,541		$	90,321,334
$	968,564,061		$	2,495,938		$	655,080,801		$	852,576,056		$	190,830,660		$	1,310,297,174		$	80,213,859
	12,797,160			—			1,028,057			9,085,380			1,416,548			11,067,062			837,632
	(135,646,120	)		(60,600	)		(237,301,088	)		24,521,461			(23,902,132	)		(196,823,419	)		22,520
	—			—			—			—			—			—			28,371
	183,524,158			(78,088	)		4,064,930			250,506			13,031,852			101,645,248			9,219,112
	(147	)		83			(15,113	)		(3,866	)		22			(32,524	)		(160	)
$	1,029,239,112		$	2,357,333		$	422,857,587		$	886,429,537		$	181,376,950		$	1,226,153,541		$	90,321,334
$	101.90		$	23.57		$	30.31		$	34.90		$	51.82		$	45.84		$	75.27
	10,100,000			100,000			13,950,000			25,400,000			3,500,000			26,750,000			1,200,000
$	838,904,084		$	2,425,388		$	417,501,924		$	882,741,985		$	167,736,995		$	1,117,882,749		$	80,720,554
	24,973,180			966			16,587,238			66,103,180			7,508,576			28,253,835			1,131,139
$	863,877,264		$	2,426,354		$	434,089,162		$	948,845,165		$	175,245,571		$	1,146,136,584		$	81,851,693
$	4,557,070		$	12,801		$	860,512		$	803,390		$	662,642		$	4,244,344		$	97,648
$	151,808,995		$	—		$	18,415,395		$	86,596,964		$	7,260,488		$	49,252,396		$	2,793,842
$	—		$	—		$	—		$	—		$	—		$	—		$	—

215

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2017

	SPDR MSCI ACWI Low Carbon Target ETF			SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	145,354,387		$	45,708,096	$	15,061,389
Investments in affiliated issuers, at value (Notes 2 and 4)		742,235			318,502		1,023,883
Total Investments		146,096,622			46,026,598		16,085,272
Foreign currency, at value		319,312			75,907		356,220
Cash at broker		—			—		49,280
Cash		611			53		—
Receivable for investments sold		—			—		—
Receivable for fund shares sold		—			—		—
Receivable from broker — variation margin on open futures contracts		—			—		27,789
Dividends receivable — unaffiliated issuers (Note 2)		240,571			112,047		14,203
Dividends receivable — affiliated issuers (Notes 2 and 4)		787			79		785
Securities lending income receivable — unaffiliated issuers (Note 9)		681			59		56
Securities lending income receivable — affiliated issuers (Notes 4 and 9)		492			179		136
Receivable from Adviser (Note 4)		36,843			11,360		—
Receivable for foreign taxes recoverable		34,637			25,460		374
Other Receivable		1,381			1,382		1,383
TOTAL ASSETS		146,731,937			46,253,124		16,535,498
LIABILITIES
Due to custodian (Note 4)		—			—		31,998
Payable upon return of securities loaned		378,038			242,956		172,291
Payable for investments purchased		293			467		851
Payable for fund shares repurchased		—			—		—
Deferred foreign taxes payable		11,771			—		—
Advisory fee payable (Note 4)		108,233			29,768		12,238
Trustees’ fees and expenses payable (Note 5)		82			32		7
TOTAL LIABILITIES		498,417			273,223		217,385
NET ASSETS	$	146,233,520		$	45,979,901	$	16,318,113
NET ASSETS CONSIST OF:
Paid-in Capital	$	125,301,986		$	40,431,724	$	14,668,805
Undistributed (distribution in excess of) net investment income (loss)		542,293			91,937		(23,946	)
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures contracts		(838,658	)		171,907		97,502
Net unrealized appreciation (depreciation) on:
Investments — affiliated issuers		28,368			—		—
Investments — unaffiliated issuers**		21,198,554			5,283,326		1,592,616
Foreign currency translations		977			1,007		(726	)
Futures contracts		—			—		(16,138	)
NET ASSETS	$	146,233,520		$	45,979,901	$	16,318,113
NET ASSET VALUE PER SHARE
Net asset value per share	$	86.02		$	70.74	$	65.27
Shares outstanding (unlimited amount authorized, $0.01 par value)		1,700,000			650,000		250,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	124,144,062		$	40,424,770	$	13,468,773
Investments in affiliated issuers		713,867			318,502		1,023,883
Total cost of investments	$	124,857,929		$	40,743,272	$	14,492,656
Foreign currency, at cost	$	320,657		$	76,326	$	356,946
* Includes investments in securities on loan, at value	$	3,436,459		$	681,466	$	790,521
** Includes deferred foreign taxes	$	11,771		$	—	$	—

See accompanying notes to financial statements.

216

SPDR MSCI EAFE StrategicFactors ETF			SPDR MSCI Emerging Markets StrategicFactors ETF			SPDR MSCI World StrategicFactors ETF		SPDR MSCI Canada StrategicFactors ETF			SPDR MSCI Germany StrategicFactors ETF			SPDR MSCI Japan StrategicFactors ETF			SPDR MSCI United Kingdom StrategicFactors ETF
$	191,227,849		$	212,720,732		$	21,525,756	$	38,579,236		$	18,825,717		$	14,750,160		$	5,251,462
	818,565			3,703,539			4,447,002		13,104			1,300			131			1,793
	192,046,414			216,424,271			25,972,758		38,592,340			18,827,017			14,750,291			5,253,255
	698,500			631,090			40,636		114,165			20,504			43,125			40,348
	—			—			—		—			—			—			—
	—			—			—		—			—			—			—
	—			1,506			2,751,884		—			—			—			—
	6,316,199			—			—		—			—			—			—
	—			—			—		—			—			—			—
	499,510			169,791			47,561		74,557			—			108,547			11,045
	96			198			322		7			1			—			—
	22			—			66		—			—			—			—
	470			2,722			18		—			—			—			—
	—			—			—		—			—			—			—
	56,955			1,282			3,893		—			83,234			6,279			40
	—			—			—		—			—			—			—
	199,618,166			217,230,860			28,817,138		38,781,069			18,930,756			14,908,242			5,304,688
	—			339			4,362,858		—			—			—			—
	666,545			3,055,835			24,983		—			—			—			—
	6,180,487			—			63		—			—			—			—
	—			—			2,802,565		—			—			—			—
	—			77,759			—		—			—			—			—
	127,081			151,911			21,130		28,331			13,731			11,069			5,965
	—			53			—		—			8			18			—
	6,974,113			3,285,897			7,211,599		28,331			13,739			11,087			5,965
$	192,644,053		$	213,944,963		$	21,605,539	$	38,752,738		$	18,917,017		$	14,897,155		$	5,298,723
$	172,237,307		$	191,943,788		$	19,529,688	$	33,536,562		$	18,160,850		$	14,043,455		$	5,802,756
	1,154,134			2,413,893			164,753		167,770			—			102,102			(3,879	)
	(241,705	)		(6,699,950	)		104,592		(526,081	)		(984,972	)		(256,075	)		(430,277	)
	—			—			1,801		—			—			—			—
	19,491,284			26,291,704			1,804,440		5,576,022			1,735,845			1,008,387			(70,569	)
	3,033			(4,472	)		265		(1,535	)		5,294			(714	)		692
	—			—			—		—			—			—			—
$	192,644,053		$	213,944,963		$	21,605,539	$	38,752,738		$	18,917,017		$	14,897,155		$	5,298,723
$	63.16		$	60.69		$	72.02	$	59.62		$	63.06		$	74.49		$	52.99
	3,050,000			3,525,000			300,000		650,000			300,000			200,000			100,000
$	171,736,565		$	186,351,269		$	19,721,316	$	33,003,214		$	17,089,872		$	13,741,773		$	5,322,031
	818,565			3,703,539			4,445,201		13,104			1,300			131			1,793
$	172,555,130		$	190,054,808		$	24,166,517	$	33,016,318		$	17,091,172		$	13,741,904		$	5,323,824
$	699,471		$	635,548		$	40,468	$	114,774		$	19,931		$	43,673		$	39,861
$	789,798		$	5,775,083		$	281,413	$	—		$	—		$	—		$	—
$	—		$	77,759		$	—	$	—		$	—		$	—		$	—

217

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2017

	SPDR S&P Global Dividend ETF			SPDR S&P Emerging Markets Small Cap ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	164,894,473		$	478,239,107
Investments in affiliated issuers, at value (Notes 2 and 4)		5,999,046			16,640,537
Total Investments		170,893,519			494,879,644
Foreign currency, at value		349,795			804,002
Cash		—			1,162
Dividends receivable — unaffiliated issuers (Note 2)		436,398			592,488
Dividends receivable — affiliated issuers (Notes 2 and 4)		426			1,243
Securities lending income receivable — unaffiliated issuers (Note 9)		3,357			42,248
Securities lending income receivable — affiliated issuers (Notes 4 and 9)		7,810			48,686
Receivable for foreign taxes recoverable		43,734			661
TOTAL ASSETS		171,735,039			496,370,134
LIABILITIES
Payable upon return of securities loaned		5,848,371			16,261,252
Payable for investments purchased		1,671			5
Advisory fee payable (Note 4)		159,761			770,045
Trustees’ fees and expenses payable (Note 5)		61			451
TOTAL LIABILITIES		6,009,864			17,031,753
NET ASSETS	$	165,725,175		$	479,338,381
NET ASSETS CONSIST OF:
Paid-in Capital	$	162,134,736		$	583,778,232
Undistributed (distribution in excess of) net investment income (loss)		104,420			7,196,499
Accumulated net realized gain (loss) on investments and foreign currency transactions		(5,893,161	)		(60,237,684	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		9,381,082			(51,394,793	)
Foreign currency translations		(1,902	)		(3,873	)
NET ASSETS	$	165,725,175		$	479,338,381
NET ASSET VALUE PER SHARE
Net asset value per share	$	67.64		$	49.42
Shares outstanding (unlimited amount authorized, $0.01 par value)		2,450,000			9,700,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	155,513,391		$	529,633,900
Investments in affiliated issuers		5,999,046			16,640,537
Total cost of investments	$	161,512,437		$	546,274,437
Foreign currency, at cost	$	353,511		$	805,687
* Includes investments in securities on loan, at value	$	21,720,651		$	29,961,488

See accompanying notes to financial statements.

218

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219

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2017

	SPDR STOXX Europe 50 ETF			SPDR EURO STOXX Small Cap ETF			SPDR S&P Emerging Asia Pacific ETF
INVESTMENT INCOME
Interest income — unaffiliated issuers (Note 2)	$	—		$	—		$	2,538
Dividend income — unaffiliated issuers (Note 2)		8,706,239			324,171			9,319,533
Dividend income — affiliated issuers (Notes 2 and 4)		1,979			22			4,480
Unaffiliated securities lending income (Note 9)		9,224			—			109,960
Affiliated securities lending income (Notes 4 and 9)		65,514			—			125,979
Dividend income — non cash transactions		—			21,137			—
Foreign taxes withheld		(1,679,003	)		(47,268	)		(1,064,946	)
TOTAL INVESTMENT INCOME (LOSS)		7,103,953			298,062			8,497,544
EXPENSES
Advisory fees (Note 4)		641,313			59,755			1,686,058
Trustees’ fees and expenses (Note 5)		3,278			247			5,721
Miscellaneous expenses		2,384			129			1,790
TOTAL EXPENSES		646,975			60,131			1,693,569
NET EXPENSES		646,975			60,131			1,693,569
NET INVESTMENT INCOME (LOSS)		6,456,978			237,931			6,803,975
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		(3,494,788	)		514,503			(1,183,809	)
In-kind redemptions — unaffiliated issuers		(2,103,617	)		—			(861,380	)
In-kind redemptions — affiliated issuers (Note 4)		—			—			—
Foreign currency transactions		37,697			513			(54,669	)
Net realized gain (loss)		(5,560,708	)		515,016			(2,099,858	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		39,631,577			3,286,235			66,201,207
Investments — affiliated issuers (Note 4)		—			—			—
Foreign currency translations		41,476			1,826			(19,406	)
Net change in unrealized appreciation/depreciation		39,673,053			3,288,061			66,181,801
NET REALIZED AND UNREALIZED GAIN (LOSS)		34,112,345			3,803,077			64,081,943
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	40,569,323		$	4,041,008		$	70,885,918
* Includes foreign capital gain taxes	$	—		$	—		$	(94,985	)
** Includes foreign deferred taxes	$	—		$	—		$	295,233

See accompanying notes to financial statements.

220

SPDR S&P China ETF			SPDR MSCI China A Shares IMI ETF			SPDR S&P Emerging Markets Dividend ETF			SPDR S&P International Small Cap ETF			SPDR S&P Global Infrastructure ETF			SPDR S&P Global Natural Resources ETF			SPDR MSCI ACWI IMI ETF
$	—		$	—		$	—		$	—		$	—		$	—		$	—
	21,560,077			31,615			18,173,184			17,387,012			4,955,798			28,156,881			2,137,067
	8,954			6			4,070			12,811			1,787			20,544			4,193
	635,436			—			32,406			417,812			13,408			52,969			6,335
	809,047			—			55,743			1,748,900			36,128			250,973			16,678
	—			—			—			925,401			357,771			4,976,432			125,402
	(1,588,167	)		(4,280	)		(2,169,502	)		(1,991,174	)		(326,062	)		(2,438,035	)		(144,368	)
	21,425,347			27,341			16,095,901			18,500,762			5,038,830			31,019,764			2,145,307
	5,168,166			14,208			1,736,160			3,091,526			511,026			3,847,896			214,735
	14,366			—			5,597			12,924			1,794			15,136			1,382
	4,705			48			4,362			14,314			1,020			54,297			640
	5,187,237			14,256			1,746,119			3,118,764			513,840			3,917,329			216,757
	5,187,237			14,256			1,746,119			3,118,764			513,840			3,917,329			216,757
	16,238,110			13,085			14,349,782			15,381,998			4,524,990			27,102,435			1,928,550
	(7,596,608	)		(25,572	)		28,597,226			27,230,948			(2,142,666	)		(22,630,143	)		312,562
	19,988,221			—			390,678			3,574,895			1,709,618			7,242,368			3,504,423
	—			—			—			—			—			—			5,382
	(40,368	)		453			(261,724	)		(416,808	)		12,782			1,077,453			4,569
	12,351,245			(25,119	)		28,726,180			30,389,035			(420,266	)		(14,310,322	)		3,826,936
	216,230,679			242,721			3,589,150			74,514,788			13,116,639			164,368,035			9,449,311
	—			—			—			—			—			—			27,250
	(159	)		80			(13,221	)		5,603			4,011			(12,906	)		382
	216,230,520			242,801			3,575,929			74,520,391			13,120,650			164,355,129			9,476,943
	228,581,765			217,682			32,302,109			104,909,426			12,700,384			150,044,807			13,303,879
$	244,819,875		$	230,767		$	46,651,891		$	120,291,424		$	17,225,374		$	177,147,242		$	15,232,429
$	—		$	—		$	(127,868	)	$	—		$	—		$	—		$	(171	)
$	—		$	—		$	1,464		$	—		$	—		$	—		$	224

221

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2017

	SPDR MSCI ACWI Low Carbon Target ETF			SPDR MSCI EAFE Fossil Fuel Reserves Free ETF(a)			SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF(a)
INVESTMENT INCOME
Interest income — unaffiliated issuers (Note 2)	$	—		$	—		$	19
Dividend income — unaffiliated issuers (Note 2)		3,422,096			969,064			270,689
Dividend income — affiliated issuers (Notes 2 and 4)		3,780			270			4,135
Unaffiliated securities lending income (Note 9)		3,168			1,168			253
Affiliated securities lending income (Notes 4 and 9)		3,078			1,224			687
Dividend income — non cash transactions		—			87,603			—
Foreign taxes withheld		(230,743	)		(111,898	)		(37,758	)
TOTAL INVESTMENT INCOME (LOSS)		3,201,379			947,431			238,025
EXPENSES
Advisory fees (Note 4)		387,108			93,909			25,997
Trustees’ fees and expenses (Note 5)		2,039			451			96
Miscellaneous expenses		1,075			73			128
TOTAL EXPENSES		390,222			94,433			26,221
Expenses waived/reimbursed by the Adviser (Note 4)		(131,075	)		(33,182	)		—
NET EXPENSES		259,147			61,251			26,221
NET INVESTMENT INCOME (LOSS)		2,942,232			886,180			211,804
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		(98,917	)		175,586			53,268
Investments — affiliated issuers (Note 4)		(93	)		—			—
In-kind redemptions — unaffiliated issuers		—			—			—
In-kind redemptions — affiliated issuers (Note 4)		—			—			—
Foreign currency transactions		(719	)		5,110			(4,666	)
Futures contracts		—			—			44,234
Net realized gain (loss)		(99,729	)		180,696			92,836
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		19,407,711			5,283,326			1,592,616
Investments — affiliated issuers (Note 4)		37,399			—			—
Foreign currency translations		(153	)		1,007			(726	)
Futures contracts		—			—			(16,138	)
Net change in unrealized appreciation/depreciation		19,444,957			5,284,333			1,575,752
NET REALIZED AND UNREALIZED GAIN (LOSS)		19,345,228			5,465,029			1,668,588
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	22,287,460		$	6,351,209		$	1,880,392
* Includes foreign capital gain taxes	$	(6,260	)	$	—		$	—
** Includes foreign deferred taxes	$	2,468		$	—		$	—

(a) For the period October 24, 2016 (inception date) through September 30, 2017.

See accompanying notes to financial statements.

222

SPDR MSCI EAFE StrategicFactors ETF			SPDR MSCI Emerging Markets StrategicFactors ETF			SPDR MSCI World StrategicFactors ETF			SPDR MSCI Canada StrategicFactors ETF			SPDR MSCI Germany StrategicFactors ETF			SPDR MSCI Japan StrategicFactors ETF			SPDR MSCI United Kingdom StrategicFactors ETF
$	—		$	—		$	—		$	—		$	—		$	—		$	—
	3,739,423			5,118,304			596,945			810,382			295,705			306,424			202,513
	1,269			1,116			777			131			97			44			80
	1,210			1,265			347			—			—			—			—
	3,332			9,943			239			—			—			—			—
	404,815			—			32,790			—			61,872			—			53,315
	(398,142	)		(618,195	)		(39,699	)		(121,747	)		(38,971	)		(35,125	)		(633	)
	3,751,907			4,512,433			591,399			688,766			318,703			271,343			255,275
	321,651			483,548			67,549			85,705			34,849			41,368			15,980
	1,143			2,333			292			397			175			244			64
	689			1,227			312			54			55			60			46
	323,483			487,108			68,153			86,156			35,079			41,672			16,090
	—			—			—			—			—			—			—
	323,483			487,108			68,153			86,156			35,079			41,672			16,090
	3,428,424			4,025,325			523,246			602,610			283,624			229,671			239,185
	(27,079	)		(716,686	)		193,183			(263,330	)		(446,777	)		(173,457	)		(256,083	)
	—			—			—			—			—			—			—
	—			31			1,498,466			—			(182,465	)		967,099			382,533
	—			—			1,052			—			—			—			—
	30,112			(37,291	)		2,847			10,788			2,853			(11,025	)		(607	)
	—			—			—			—			—			—			—
	3,033			(753,946	)		1,695,548			(252,542	)		(626,389	)		782,617			125,843
	19,733,044			22,804,058			1,456,533			4,183,779			1,974,407			588,218			400,079
	—			—			1,682			—			—			—			—
	3,015			(2,359	)		398			(998	)		5,389			(896	)		740
	—			—			—			—			—			—			—
	19,736,059			22,801,699			1,458,613			4,182,781			1,979,796			587,322			400,819
	19,739,092			22,047,753			3,154,161			3,930,239			1,353,407			1,369,939			526,662
$	23,167,516		$	26,073,078		$	3,677,407		$	4,532,849		$	1,637,031		$	1,599,610		$	765,847
$	—		$	(6,180	)	$	—		$	—		$	—		$	—		$	—
$	—		$	15,133		$	—		$	—		$	—		$	—		$	—

223

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2017

	SPDR S&P Global Dividend ETF			SPDR S&P Emerging Markets Small Cap ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	5,720,946		$	12,543,782
Dividend income — affiliated issuers (Notes 2 and 4)		2,492			7,585
Unaffiliated securities lending income (Note 9)		25,147			344,059
Affiliated securities lending income (Notes 4 and 9)		66,565			457,009
Foreign taxes withheld		(484,497	)		(1,433,039	)
TOTAL INVESTMENT INCOME (LOSS)		5,330,653			11,919,396
EXPENSES
Advisory fees (Note 4)		512,312			2,622,888
Trustees’ fees and expenses (Note 5)		1,854			6,337
Miscellaneous expenses		1,393			2,447
TOTAL EXPENSES		515,559			2,631,672
NET EXPENSES		515,559			2,631,672
NET INVESTMENT INCOME (LOSS)		4,815,094			9,287,724
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		1,657,245			19,662,092
In-kind redemptions — unaffiliated issuers		903,821			1,423,196
Foreign currency transactions		11,969			(308,696	)
Net realized gain (loss)		2,573,035			20,776,592
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		7,158,356			37,278,419
Foreign currency translations		(102	)		413
Net change in unrealized appreciation/depreciation		7,158,254			37,278,832
NET REALIZED AND UNREALIZED GAIN (LOSS)		9,731,289			58,055,424
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	14,546,383		$	67,343,148
* Includes foreign capital gain taxes	$	(13,387	)	$	(553,354	)
** Includes foreign deferred taxes	$	9,635		$	210,639

See accompanying notes to financial statements.

224

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225

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR STOXX Europe 50 ETF						SPDR EURO STOXX Small Cap ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/17			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	6,456,978		$	7,534,831		$	237,931		$	564,210
Net realized gain (loss)		(5,560,708	)		(11,770,497	)		515,016			(3,619,165	)
Net change in unrealized appreciation/depreciation		39,673,053			2,898,366			3,288,061			964,891
Net increase (decrease) in net assets resulting from operations		40,569,323			(1,337,300	)		4,041,008			(2,090,064	)
Net equalization credits and charges (Note 2)		837,646			(266,142	)		1,847			(23,442	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(7,278,371	)		(7,235,067	)		(243,975	)		(524,645	)
Return of capital		—			—			—			—
Total distributions to shareholders		(7,278,371	)		(7,235,067	)		(243,975	)		(524,645	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		115,916,959			—			3,117,605			22,141,955
Cost of shares redeemed		(17,804,866	)		(52,833,596	)		—			(19,380,808	)
Net income equalization (Note 2)		(837,646	)		266,142			(1,847	)		23,442
Other capital (Note 7)		41,867			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		97,316,314			(52,567,454	)		3,115,758			2,784,589
Net increase (decrease) in net assets during the period		131,444,912			(61,405,963	)		6,914,638			146,438
Net assets at beginning of period		186,219,685			247,625,648			11,853,957			11,707,519
NET ASSETS AT END OF PERIOD	$	317,664,597		$	186,219,685		$	18,768,595		$	11,853,957
Undistributed (distribution in excess of) net investment income (loss)	$	—		$	230,837		$	39,536		$	44,076
SHARES OF BENEFICIAL INTEREST:
Shares sold		3,400,000			—			50,000			450,000
Shares redeemed		(600,000	)		(1,700,000	)		—			(450,000	)
Net increase (decrease)		2,800,000			(1,700,000	)		50,000			—

* Inception date.

See accompanying notes to financial statements.

226

SPDR S&P Emerging Asia Pacific ETF						SPDR S&P China ETF						SPDR MSCI China A Shares IMI ETF
Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/17			For the Period 10/28/15* - 9/30/16
$	6,803,975		$	6,616,428		$	16,238,110		$	14,873,959		$	13,085		$	15,088
	(2,099,858	)		(11,195,076	)		12,351,245			(17,872,233	)		(25,119	)		(21,921	)
	66,181,801			57,859,732			216,230,520			119,567,331			242,801			(320,806	)
	70,885,918			53,281,084			244,819,875			116,569,057			230,767			(327,639	)
	—			—			—			—			—			—
	(7,047,374	)		(15,794,101	)		(13,804,543	)		(22,176,022	)		(12,958	)		(31,418	)
	—			—			—			—			(7,669	)		—
	(7,047,374	)		(15,794,101	)		(13,804,543	)		(22,176,022	)		(20,627	)		(31,418	)
	29,445,089			—			65,862,580			32,048,202			—			2,500,000
	(15,502,785	)		(130,075,797	)		(79,843,509	)		(132,277,950	)		—			—
	—			—			—			—			—			—
	13,499			—			81,680			51,557			—			6,250
	13,955,803			(130,075,797	)		(13,899,249	)		(100,178,191	)		—			2,506,250
	77,794,347			(92,588,814	)		217,116,083			(5,785,156	)		210,140			2,147,193
	335,858,409			428,447,223			812,123,029			817,908,185			2,147,193			—
$	413,652,756		$	335,858,409		$	1,029,239,112		$	812,123,029		$	2,357,333		$	2,147,193
$	3,688,117		$	4,012,484		$	12,797,160		$	10,188,330		$	—		$	(580	)
	300,000			—			800,000			400,000			—			100,000
	(200,000	)		(1,800,000	)		(1,000,000	)		(2,000,000	)		—			—
	100,000			(1,800,000	)		(200,000	)		(1,600,000	)		—			100,000

227

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Emerging Markets Dividend ETF						SPDR S&P International Small Cap ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/17			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	14,349,782		$	13,195,227		$	15,381,998		$	14,450,508
Net realized gain (loss)		28,726,180			(86,415,279	)		30,389,035			22,413,538
Net change in unrealized appreciation/depreciation		3,575,929			103,749,545			74,520,391			61,492,493
Net increase (decrease) in net assets resulting from operations		46,651,891			30,529,493			120,291,424			98,356,539
Net equalization credits and charges (Note 2)		447,960			388,020			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(13,211,413	)		(13,540,223	)		(18,173,278	)		(14,251,797	)
Net realized gains		—			—			(8,822,560	)		(3,694,135	)
Total distributions to shareholders		(13,211,413	)		(13,540,223	)		(26,995,838	)		(17,945,932	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		95,845,524			58,309,589			109,633,538			60,053,332
Cost of shares redeemed		(6,518,090	)		(73,579,609	)		(18,811,709	)		(88,708,125	)
Net income equalization (Note 2)		(447,960	)		(388,020	)		—			—
Other capital (Note 7)		47,441			160,241			—			—
Net increase (decrease) in net assets from beneficial interest transactions		88,926,915			(15,497,799	)		90,821,829			(28,654,793	)
Net increase (decrease) in net assets during the period		122,815,353			1,879,491			184,117,415			51,755,814
Net assets at beginning of period		300,042,234			298,162,743			702,312,122			650,556,308
NET ASSETS AT END OF PERIOD	$	422,857,587		$	300,042,234		$	886,429,537		$	702,312,122
Undistributed (distribution in excess of) net investment income (loss)	$	1,028,057		$	(81,214	)	$	9,085,380		$	10,334,470
SHARES OF BENEFICIAL INTEREST:
Shares sold		3,250,000			2,150,000			3,500,000			2,100,000
Shares redeemed		(250,000	)		(3,100,000	)		(600,000	)		(3,200,000	)
Net increase (decrease)		3,000,000			(950,000	)		2,900,000			(1,100,000	)

See accompanying notes to financial statements.

228

SPDR S&P Global Infrastructure ETF						SPDR S&P Global Natural Resources ETF						SPDR MSCI ACWI IMI ETF
Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/17			Year Ended 9/30/16
$	4,524,990		$	2,426,148		$	27,102,435		$	16,618,302		$	1,928,550		$	1,099,480
	(420,266	)		(3,623,229	)		(14,310,322	)		(54,248,801	)		3,826,936			(139,930	)
	13,120,650			9,726,064			164,355,129			169,500,267			9,476,943			4,474,695
	17,225,374			8,528,983			177,147,242			131,869,768			15,232,429			5,434,245
	—			—			—			—			—			—
	(3,938,322	)		(2,376,551	)		(21,131,997	)		(17,723,932	)		(1,770,932	)		(914,554	)
	—			—			—			—			—			—
	(3,938,322	)		(2,376,551	)		(21,131,997	)		(17,723,932	)		(1,770,932	)		(914,554	)
	91,715,714			35,842,130			383,018,989			197,305,994			26,144,694			25,177,393
	(9,475,992	)		(12,443,846	)		(35,713,570	)		(158,440,483	)		(14,167,487	)		—
	—			—			—			—			—			—
	—			—			—			—			—			—
	82,239,722			23,398,284			347,305,419			38,865,511			11,977,207			25,177,393
	95,526,774			29,550,716			503,320,664			153,011,347			25,438,704			29,697,084
	85,850,176			56,299,460			722,832,877			569,821,530			64,882,630			35,185,546
$	181,376,950		$	85,850,176		$	1,226,153,541		$	722,832,877		$	90,321,334		$	64,882,630
$	1,416,548		$	837,172		$	11,067,062		$	4,489,524		$	837,631		$	656,113
	1,900,000			800,000			9,150,000			5,450,000			400,000			400,000
	(200,000	)		(300,000	)		(900,000	)		(4,450,000	)		(200,000	)		—
	1,700,000			500,000			8,250,000			1,000,000			200,000			400,000

229

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR MSCI ACWI Low Carbon Target ETF						SPDR MSCI EAFE Fossil Fuel Reserves Free ETF			SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
	Year Ended 9/30/17			Year Ended 9/30/16			For the Period 10/24/16* - 9/30/17			For the Period 10/24/16* - 9/30/17
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,942,232		$	2,121,256		$	886,180		$	211,804
Net realized gain (loss)		(99,729	)		(801,855	)		180,696			92,836
Net change in unrealized appreciation/depreciation		19,444,957			9,207,273			5,284,333			1,575,752
Net increase (decrease) in net assets resulting from operations		22,287,460			10,526,674			6,351,209			1,880,392
Net equalization credits and charges (Note 2)		276,534			25,820			10,704			26,909
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,915,464	)		(2,080,165	)		(803,032	)		(231,170	)
Net realized gains		—			(59,509	)		—			—
Total distributions to shareholders		(2,915,464	)		(2,139,674	)		(803,032	)		(231,170	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		30,178,050			6,822,239			40,431,724			14,664,269
Cost of shares redeemed		—			—			—			—
Net income equalization (Note 2)		(276,534	)		(25,820	)		(10,704	)		(26,909	)
Other capital (Note 7)		—			—			—			4,622
Net increase (decrease) in net assets from beneficial interest transactions		29,901,516			6,796,419			40,421,020			14,641,982
Net increase (decrease) in net assets during the period		49,550,046			15,209,239			45,979,901			16,318,113
Net assets at beginning of period		96,683,474			81,474,235			—			—
NET ASSETS AT END OF PERIOD	$	146,233,520		$	96,683,474		$	45,979,901		$	16,318,113
Undistributed (distribution in excess of) net investment income (loss)	$	542,293		$	561,059		$	91,937		$	(23,946	)
SHARES OF BENEFICIAL INTEREST:
Shares sold		400,000			100,000			650,000			250,000
Shares redeemed		—			—			—			—
Net increase (decrease)		400,000			100,000			650,000			250,000

* Inception date.

See accompanying notes to financial statements.

230

SPDR MSCI EAFE StrategicFactors ETF						SPDR MSCI Emerging Markets StrategicFactors ETF						SPDR MSCI World StrategicFactors ETF
Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/17			Year Ended 9/30/16
$	3,428,424		$	171,032		$	4,025,325		$	2,429,219		$	523,246		$	140,223
	3,033			(176,756	)		(753,946	)		(3,098,829	)		1,695,548			(11,281	)
	19,736,059			495,100			22,801,699			15,752,756			1,458,613			657,413
	23,167,516			489,376			26,073,078			15,083,146			3,677,407			786,355
	—			—			—			—			—			—
	(2,367,462	)		(150,949	)		(2,754,029	)		(1,961,532	)		(400,647	)		(136,581	)
	—			—			—			—			—			(70,354	)
	(2,367,462	)		(150,949	)		(2,754,029	)		(1,961,532	)		(400,647	)		(206,935	)
	163,529,104			2,708,203			74,051,529			57,249,195			19,119,111			—
	—			—			—			(25,307,383	)		(7,165,424	)		—
	—			—			—			—			—			—
	—			—			35,154			104,679			—			—
	163,529,104			2,708,203			74,086,683			32,046,491			11,953,687			—
	184,329,158			3,046,630			97,405,732			45,168,105			15,230,447			579,420
	8,314,895			5,268,265			116,539,231			71,371,126			6,375,092			5,795,672
$	192,644,053		$	8,314,895		$	213,944,963		$	116,539,231		$	21,605,539		$	6,375,092
$	1,154,134		$	62,373		$	2,413,893		$	1,176,573		$	164,753		$	36,260
	2,900,000			50,000			1,350,000			1,175,000			300,000			—
	—			—			—			(500,000	)		(100,000	)		—
	2,900,000			50,000			1,350,000			675,000			200,000			—

231

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR MSCI Canada StrategicFactors ETF						SPDR MSCI Germany StrategicFactors ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/17			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	602,610		$	324,614		$	283,624		$	260,990
Net realized gain (loss)		(252,542	)		(191,554	)		(626,389	)		(436,439	)
Net change in unrealized appreciation/depreciation		4,182,781			2,431,840			1,979,796			1,283,855
Net increase (decrease) in net assets resulting from operations		4,532,849			2,564,900			1,637,031			1,108,406
Net equalization credits and charges (Note 2)		48,731			31,271			117,483			43,205
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(529,524	)		(294,086	)		(389,383	)		(263,141	)
Net realized gains		—			—			—			—
Total distributions to shareholders		(529,524	)		(294,086	)		(389,383	)		(263,141	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		16,319,215			6,840,285			11,900,436			2,497,423
Cost of shares redeemed		—			—			(7,261,821	)		—
Net income equalization (Note 2)		(48,731	)		(31,271	)		(117,483	)		(43,205	)
Net increase (decrease) in net assets from beneficial interest transactions		16,270,484			6,809,014			4,521,132			2,454,218
Net increase (decrease) in net assets during the period		20,322,540			9,111,099			5,886,263			3,342,688
Net assets at beginning of period		18,430,198			9,319,099			13,030,754			9,688,066
NET ASSETS AT END OF PERIOD	$	38,752,738		$	18,430,198		$	18,917,017		$	13,030,754
Undistributed (distribution in excess of) net investment income (loss)	$	167,770		$	83,628		$	—		$	(1,413	)
SHARES OF BENEFICIAL INTEREST:
Shares sold		300,000			150,000			200,000			50,000
Shares redeemed		—			—			(150,000	)		—
Net increase (decrease)		300,000			150,000			50,000			50,000

See accompanying notes to financial statements.

232

SPDR MSCI Japan StrategicFactors ETF						SPDR MSCI United Kingdom StrategicFactors ETF						SPDR S&P Global Dividend ETF
Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/17			Year Ended 9/30/16
$	229,671		$	170,716		$	239,185		$	90,890		$	4,815,094		$	3,147,006
	782,617			1,112			125,843			(99,454	)		2,573,035			(6,512,205	)
	587,322			1,271,980			400,819			11,455			7,158,254			11,373,653
	1,599,610			1,443,808			765,847			2,891			14,546,383			8,008,454
	(1,004	)		48,180			124,450			—			194,504			100,570
	(216,441	)		(191,385	)		(329,690	)		(96,601	)		(4,751,992	)		(3,120,664	)
	—			(2,172	)		—			—			—			(388,876	)
	(216,441	)		(193,557	)		(329,690	)		(96,601	)		(4,751,992	)		(3,509,540	)
	6,962,943			6,355,948			10,254,196			—			57,947,434			46,853,198
	(6,935,724	)		(6,070,906	)		(7,804,799	)		—			(6,314,476	)		(20,303,786	)
	1,004			(48,180	)		(124,450	)		—			(194,504	)		(100,570	)
	28,223			236,862			2,324,947			—			51,438,454			26,448,842
	1,410,388			1,535,293			2,885,554			(93,710	)		61,427,349			31,048,326
	13,486,767			11,951,474			2,413,169			2,506,879			104,297,826			73,249,500
$	14,897,155		$	13,486,767		$	5,298,723		$	2,413,169		$	165,725,175		$	104,297,826
$	102,102		$	43,397		$	(4,993	)	$	(3,238	)	$	104,420		$	42,404
	100,000			100,000			200,000			—			900,000			750,000
	(100,000	)		(100,000	)		(150,000	)		—			(100,000	)		(350,000	)
	—			—			50,000			—			800,000			400,000

233

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Emerging Markets Small Cap ETF
	Year Ended 9/30/17			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	9,287,724		$	7,344,778
Net realized gain (loss)		20,776,592			(44,057,831	)
Net change in unrealized appreciation/depreciation		37,278,832			91,799,184
Net increase (decrease) in net assets resulting from operations.		67,343,148			55,086,131
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(8,720,849	)		(8,865,797	)
Total distributions to shareholders		(8,720,849	)		(8,865,797	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		133,120,554			11,394,800
Cost of shares redeemed		(33,210,110	)		(111,075,298	)
Other capital (Note 7)		249,509			335,596
Net increase (decrease) in net assets from beneficial interest transactions		100,159,953			(99,344,902	)
Net increase (decrease) in net assets during the period		158,782,252			(53,124,568	)
Net assets at beginning of period		320,556,129			373,680,697
NET ASSETS AT END OF PERIOD	$	479,338,381		$	320,556,129
Undistributed (distribution in excess of) net investment income (loss)	$	7,196,499		$	5,556,993
SHARES OF BENEFICIAL INTEREST:
Shares sold		3,000,000			300,000
Shares redeemed		(800,000	)		(2,900,000	)
Net increase (decrease)		2,200,000			(2,600,000	)

See accompanying notes to financial statements.

234

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

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

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

(b) Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.76 per share and 1.96% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been 4.56%.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. 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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

235

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR EURO STOXX Small Cap ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period	$	47.42		$	46.83		$	50.65		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.94			1.00			1.18			0.16
Net realized and unrealized gain (loss) (b)		15.17			0.43			(4.00	)		(9.47	)
Total from investment operations		16.11			1.43			(2.82	)		(9.31	)
Net equalization credits and charges (a)		0.01			(0.04	)		0.40			—
Voluntary contribution from Adviser		—			—			—			0.07
Distributions to shareholders from:
Net investment income		(0.98	)		(0.80	)		(1.40	)		(0.11	)
Net asset value, end of period	$	62.56		$	47.42		$	46.83		$	50.65
Total return (c)		34.30	%		3.14	%		(4.97	)%		(15.43	)%(d)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	18,769		$	11,854		$	11,708		$	7,598
Ratios to average net assets:
Total expenses		0.45	%		0.45	%		0.46	%		0.45	%(e)
Net investment income (loss)		1.79	%		2.13	%		2.33	%		0.89	%(e)
Portfolio turnover rate (f)		40	%		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 securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

See accompanying notes to financial statements.

236

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Emerging Asia Pacific ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13
Net asset value, beginning of period	$	81.92		$	72.62		$	83.84		$	75.37		$	73.54
Income (loss) from investment operations:
Net investment income (loss) (a)		1.71			1.38			1.83			1.74			1.62
Net realized and unrealized gain (loss) (b)		16.67			10.81			(11.83	)		7.95			1.96
Total from investment operations		18.38			12.19			(10.00	)		9.69			3.58
Other capital		0.00	(c)		—			—			—			—
Distributions to shareholders from:
Net investment income		(1.81	)		(2.89	)		(1.22	)		(1.22	)		(1.75	)
Net asset value, end of period	$	98.49		$	81.92		$	72.62		$	83.84		$	75.37
Total return (d)		23.02	%		17.24	%		(12.15	)%		12.99	%		4.91	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	413,653		$	335,858		$	428,447		$	687,494		$	399,460
Ratios to average net assets:
Total expenses		0.49	%		0.49	%		0.53	%		0.59	%		0.59	%
Net investment income (loss)		1.98	%		1.85	%		2.14	%		2.17	%		2.14	%
Portfolio turnover rate (e)		4	%		1	%		28	%		15	%		16	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

237

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

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

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

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

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

238

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI China A Shares IMI ETF
	Year Ended 9/30/17			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)		0.13			0.15
Net realized and unrealized gain (loss) (b)		2.18			(3.43	)
Total from investment operations		2.31			(3.28	)
Other capital		—			0.06
Distributions to shareholders from:
Net investment income		(0.13	)		(0.31	)
Return of capital		(0.08	)		—
Total distributions		(0.21	)		(0.31	)
Net asset value, end of period	$	23.57		$	21.47
Total return (c)		10.82	%		(12.92	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,357		$	2,147
Ratios to average net assets:
Total expenses		0.65	%		0.66	%(d)
Net investment income (loss)		0.60	%		0.74	%(d)
Portfolio turnover rate (e)		1	%		14	%(f)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total 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.

239

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

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

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

240

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

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

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

241

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Global Infrastructure ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13
Net asset value, beginning of period	$	47.69		$	43.31		$	48.84		$	43.51		$	40.42
Income (loss) from investment operations:
Net investment income (loss) (a)		1.73			1.58			1.46			1.68			1.99
Net realized and unrealized gain (loss) (b)		4.03			4.23			(5.62	)		5.20			2.71
Total from investment operations		5.76			5.81			(4.16	)		6.88			4.70
Distributions to shareholders from:
Net investment income		(1.63	)		(1.43	)		(1.37	)		(1.55	)		(1.61	)
Net asset value, end of period	$	51.82		$	47.69		$	43.31		$	48.84		$	43.51
Total return (c)		12.35	%		13.85	%		(8.77	)%		15.95	%		11.99	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	181,377		$	85,850		$	56,299		$	112,333		$	52,217
Ratios to average net assets:
Total expenses		0.40	%		0.40	%		0.40	%		0.41	%		0.50	%
Net investment income (loss)		3.54	%		3.55	%		3.03	%		3.51	%		4.79	%
Portfolio turnover rate (d)		22	%		21	%		7	%		14	%		74	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) 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. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

242

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

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

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

243

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI ACWI IMI ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13
Net asset value, beginning of period	$	64.88		$	58.64		$	63.82		$	58.20		$	50.04
Income (loss) from investment operations:
Net investment income (loss) (a)		1.55			1.53			1.74			1.48			1.30
Net realized and unrealized gain (loss) (b)		10.34			6.12			(5.17	)		5.39			8.16
Total from investment operations		11.89			7.65			(3.43	)		6.87			9.46
Distributions to shareholders from:
Net investment income		(1.50	)		(1.41	)		(1.75	)		(1.21	)		(1.28	)
Net realized gains		—			—			(0.00	)(c)		(0.04	)		(0.02	)
Total distributions		(1.50	)		(1.41	)		(1.75	)		(1.25	)		(1.30	)
Net asset value, end of period	$	75.27		$	64.88		$	58.64		$	63.82		$	58.20
Total return (d)		18.58	%		13.20	%		(5.61	)%		11.77	%		19.15	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	90,321		$	64,883		$	35,186		$	57,434		$	5,820
Ratios to average net assets:
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income (loss)		2.25	%		2.48	%		2.70	%		2.31	%		2.40	%
Portfolio turnover rate (e)		2	%		2	%		3	%		0	%(f)		0	%(f)

(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. Broker commission charges are not included in this calculation.

(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%

See accompanying notes to financial statements.

244

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI ACWI Low Carbon Target ETF
	Year Ended 9/30/17			Year Ended 9/30/16			For the Period 11/26/14* - 9/30/15
Net asset value, beginning of period	$	74.37		$	67.90		$	75.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.82			1.69			1.53
Net realized and unrealized gain (loss) (b)		11.37			6.47			(7.64	)
Total from investment operations		13.19			8.16			(6.11	)
Net equalization credits and charges (a)		0.17			0.02			0.03
Distributions to shareholders from:
Net investment income		(1.71	)		(1.66	)		(1.02	)
Net realized gains		—			(0.05	)		—
Total distributions		(1.71	)		(1.71	)		(1.02	)
Net asset value, end of period	$	86.02		$	74.37		$	67.90
Total return (c)		18.16	%		12.22	%		(8.25	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	146,234		$	96,683		$	81,474
Ratios to average net assets:
Total expenses		0.30	%		0.30	%		0.30	%(d)
Net expenses		0.20	%		0.20	%		0.20	%(d)
Net investment income (loss)		2.28	%		2.38	%		2.42	%(d)
Portfolio turnover rate (e)		12	%		12	%		4	%(f)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total 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.

245

SPDR SERIES TRUST

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* - 9/30/17
Net asset value, beginning of period	$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.72
Net realized and unrealized gain (loss) (b)		10.56
Total from investment operations		12.28
Net equalization credits and charges (a)		0.02
Distributions to shareholders from:
Net investment income		(1.56	)
Net asset value, end of period	$	70.74
Total return (c)		20.89	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	45,980
Ratios to average net assets:
Total expenses		0.30	%(d)
Net expenses		0.20	%(d)
Net investment income (loss)		2.83	%(d)
Portfolio turnover rate (e)		9	%(f)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total 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.

246

SPDR SERIES TRUST

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* - 9/30/17
Net asset value, beginning of period	$	55.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.38
Net realized and unrealized gain (loss) (b)		9.81
Total from investment operations		11.19
Net equalization credits and charges (a)		0.17
Other capital		0.03
Distributions to shareholders from:
Net investment income		(1.12	)
Net asset value, end of period	$	65.27
Total return (c)		21.02	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	16,318
Ratios to average net assets:
Total expenses		0.30	%(d)
Net investment income (loss)		2.44	%(d)
Portfolio turnover rate (e)		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 securities received or delivered from in-kind processing of creations or redemptions. (f) Not annualized.

See accompanying notes to financial statements.

247

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI EAFE StrategicFactors ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period	$	55.43		$	52.68		$	57.28		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.90			1.56			1.60			0.45
Net realized and unrealized gain (loss) (b)		6.86			2.70			(4.56	)		(3.14	)
Total from investment operations		8.76			4.26			(2.96	)		(2.69	)
Distributions to shareholders from:
Net investment income		(1.03	)		(1.51	)		(1.64	)		(0.03	)
Net realized gains		—			—			(0.00	)(c)		—
Total distributions		(1.03	)		(1.51	)		(1.64	)		(0.03	)
Net asset value, end of period	$	63.16		$	55.43		$	52.68		$	57.28
Total return (d)		15.92	%		8.21	%		(5.34	)%		(4.48	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	192,644		$	8,315		$	5,268		$	5,728
Ratios to average net assets:
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%(e)
Net investment income (loss)		3.20	%		2.89	%		2.80	%		2.35	%(e)
Portfolio turnover rate (f)		9	%		20	%		14	%		0	%(g)(h)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total 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.

248

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Emerging Markets StrategicFactors ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period	$	53.58		$	47.58		$	59.59		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.40			1.27			1.58			0.77
Net realized and unrealized gain (loss) (b)		6.69			5.69			(12.48	)		(1.23	)
Total from investment operations		8.09			6.96			(10.90	)		(0.46	)
Other capital		0.01			0.05			0.20			0.06
Distributions to shareholders from:
Net investment income		(0.99	)		(1.01	)		(1.31	)		(0.01	)
Net realized gains		—			—			(0.00	)(c)		—
Total distributions		(0.99	)		(1.01	)		(1.31	)		(0.01	)
Net asset value, end of period	$	60.69		$	53.58		$	47.58		$	59.59
Total return (d)		15.39	%		15.00	%		(18.29	)%		(0.65	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	213,945		$	116,539		$	71,371		$	5,959
Ratios to average net assets:
Total expenses		0.30	%		0.30	%		0.30	%		0.31	%(e)
Net investment income (loss)		2.50	%		2.59	%		2.82	%		3.85	%(e)
Portfolio turnover rate (f)		17	%		34	%		23	%		0	%(g)(h)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. 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.

249

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI World StrategicFactors ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/4/14* - 9/30/14
Net asset value, beginning of period	$	63.75		$	57.96		$	59.95		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.58			1.40			1.35			0.37
Net realized and unrealized gain (loss) (b)		8.20			6.46			(2.04	)		(0.38	)
Total from investment operations		9.78			7.86			(0.69	)		(0.01	)
Distributions to shareholders from:
Net investment income		(1.51	)		(1.37	)		(1.30	)		(0.04	)
Net realized gains		—			(0.70	)		(0.00	)(c)		—
Total distributions		(1.51	)		(2.07	)		(1.30	)		(0.04	)
Net asset value, end of period	$	72.02		$	63.75		$	57.96		$	59.95
Total return (d)		15.53	%		13.78	%		(1.25	)%		(0.02	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	21,606		$	6,375		$	5,796		$	5,995
Ratios to average net assets:
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%(e)
Net investment income (loss)		2.32	%		2.29	%		2.18	%		1.90	%(e)
Portfolio turnover rate (f)		12	%		18	%		13	%		0	%(g)(h)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total 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.

250

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Canada StrategicFactors ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	52.66		$	46.60		$	59.82		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.17			1.13			1.18			0.39
Net realized and unrealized gain (loss) (b)		6.80			5.90			(13.19	)		(0.55	)
Total from investment operations		7.97			7.03			(12.01	)		(0.16	)
Net equalization credits and charges (a)		0.09			0.11			0.40			—
Distributions to shareholders from:
Net investment income		(1.10	)		(1.08	)		(1.61	)		(0.02	)
Net asset value, end of period	$	59.62		$	52.66		$	46.60		$	59.82
Total return (c)		15.52	%		15.62	%		(19.84	)%		(0.26	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	38,753		$	18,430		$	9,319		$	2,991
Ratios to average net assets:
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%(d)
Net investment income (loss)		2.11	%		2.30	%		2.21	%		2.06	%(d)
Portfolio turnover rate (e)		17	%		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 securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

See accompanying notes to financial statements.

251

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Germany StrategicFactors ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	52.12		$	48.44		$	53.58		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.39	(b)		1.20			1.24			0.02	(c)
Net realized and unrealized gain (loss) (d)		10.33			3.33			(5.39	)		(6.44	)
Total from investment operations		11.72			4.53			(4.15	)		(6.42	)
Net equalization credits and charges (a)		0.58			0.20			0.18			—
Distributions to shareholders from:
Net investment income		(1.36	)		(1.05	)		(1.17	)		(0.00	)(e)
Net asset value, end of period	$	63.06		$	52.12		$	48.44		$	53.58
Total return (f)		23.78	%(b)		9.99	%		(7.64	)%		(10.70	)%(c)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	18,917		$	13,031		$	9,688		$	5,358
Ratios to average net assets:
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%(g)
Net investment income (loss)		2.44	%(b)		2.37	%		2.26	%		0.11	%(c)(g)
Portfolio turnover rate (h)		19	%		27	%		18	%		1	%(i)

 * Commencement of operations.

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

(b) Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividend from portfolio holding. The resulting increase to net investment income amounted to $0.29 per share and 0.50% of average net assets. If the special dividends were not received during the year ended September 30, 2017, the total return would have been 23.40%.

(c) Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.02 per share and 0.04% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been (10.73)%.

(d) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(f) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(g) Annualized.

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

(i) Not annualized.

See accompanying notes to financial statements.

252

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI Japan StrategicFactors ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	67.43		$	59.76		$	60.46		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.16			0.95			0.88			0.41
Net realized and unrealized gain (loss) (b)		6.99			7.42			(0.97	)		0.05
Total from investment operations		8.15			8.37			(0.09	)		0.46
Net equalization credits and charges (a)		(0.01	)		0.27			0.24			—
Distributions to shareholders from:
Net investment income		(1.08	)		(0.96	)		(0.84	)		—
Net realized gains		—			(0.01	)		(0.01	)		—
Total distributions		(1.08	)		(0.97	)		(0.85	)		—
Net asset value, end of period	$	74.49		$	67.43		$	59.76		$	60.46
Total return (c)		12.21	%		14.55	%		0.21	%		0.76	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	14,897		$	13,487		$	11,951		$	6,046
Ratios to average net assets:
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%(d)
Net investment income (loss)		1.67	%		1.48	%		1.38	%		2.21	%(d)
Portfolio turnover rate (e)		22	%		23	%		23	%		0	%(f)(g)

 * Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total 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.

253

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI United Kingdom StrategicFactors ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			For the Period 6/11/14* - 9/30/14
Net asset value, beginning of period	$	48.26		$	50.14		$	57.08		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		2.26			1.82			2.18			0.62	(b)
Net realized and unrealized gain (loss) (c)		3.20			(1.77	)		(7.43	)		(3.53	)
Total from investment operations		5.46			0.05			(5.25	)		(2.91	)
Net equalization credits and charges (a)		1.18			—			0.34			—
Distributions to shareholders from:
Net investment income		(1.91	)		(1.93	)		(2.03	)		(0.01	)
Net asset value, end of period	$	52.99		$	48.26		$	50.14		$	57.08
Total return (d)		14.13	%		0.18	%		(8.85	)%		(4.86	)%(b)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	5,299		$	2,413		$	2,507		$	5,708
Ratios to average net assets:
Total expenses		0.30	%		0.31	%		0.30	%		0.30	%(e)
Net investment income (loss)		4.49	%		3.71	%		3.90	%		3.40	%(b)(e)
Portfolio turnover rate (f)		27	%		24	%		31	%		0	%(g)(h)

 * Commencement of operations.

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

(b) Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.10 per share and 0.18% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been (5.02)%.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total 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.

254

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Global Dividend ETF
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			For the Period 5/29/13* - 9/30/13
Net asset value, beginning of period	$	63.21		$	58.60		$	64.89		$	63.33		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		2.44			2.56			2.70			2.99			0.75
Net realized and unrealized gain (loss) (b)		4.19			4.87			(6.27	)		1.32			3.20
Total from investment operations.		6.63			7.43			(3.57	)		4.31			3.95
Net equalization credits and charges (a)		0.10			0.08			0.39			0.06			0.01
Distributions to shareholders from:
Net investment income		(2.30	)		(2.61	)		(2.61	)		(2.81	)		(0.63	)
Net realized gains		—			(0.29	)		(0.50	)		—			—
Total distributions		(2.30	)		(2.90	)		(3.11	)		(2.81	)		(0.63	)
Net asset value, end of period	$	67.64		$	63.21		$	58.60		$	64.89		$	63.33
Total return (c)		10.83	%		13.16	%		(5.17	)%		6.85	%		6.61	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	165,725		$	104,298		$	73,250		$	29,200		$	9,499
Ratios to average net assets:
Total expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%(d)
Net investment income (loss)		3.76	%		4.27	%		4.16	%		4.46	%		3.61	%(d)
Portfolio turnover rate (e)		47	%		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.

255

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

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

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) 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. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

256

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS

September 30, 2017

1. Organization

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

As of September 30, 2017, the Trust consists of thirty (30) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following Funds (each a “Fund”, and collectively, the “Funds”):

SPDR STOXX Europe 50 ETF

SPDR EURO STOXX Small Cap ETF

SPDR S&P Emerging Asia Pacific ETF

SPDR S&P China ETF

SPDR MSCI China A Shares IMI ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR S&P International Small Cap ETF

SPDR S&P Global Infrastructure ETF

SPDR S&P Global Natural Resources 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 Canada StrategicFactors ETF

SPDR MSCI Germany StrategicFactors ETF

SPDR MSCI Japan StrategicFactors ETF

SPDR MSCI United Kingdom StrategicFactors ETF

SPDR S&P Global Dividend ETF

SPDR S&P Emerging Markets Small Cap 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 July 31, 2017, SPDR Euro STOXX 50 Currency Hedged ETF, SPDR S&P International Dividend Currency Hedged Fund ETF, SPDR S&P Russia ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR MSCI Australia StrategicFactors ETF, SPDR MSCI Spain StrategicFactors ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF 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 the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

Each Fund’s investments are valued at fair value each day that the New York Stock Exchange (“the NYSE”) listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to

257

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for determining the fair value of investments.

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

• Equity investments (including registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value per share or unit.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

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

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of each Fund’s investments according to the fair value hierarchy as of September 30, 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.

258

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

The SPDR MSCI China A Shares IMI ETF had transfers of securities from Level 1 to Level 2 during the period ended September 30, 2017 in the amounts of $70,274 as securities were halted and fair valued. At September 30, 2017, these investments were valued using alternative valuation procedures under the valuation policy and procedures adopted by the Board. At September 30, 2016, these investments were valued at exchange closing prices in accordance with the Fund’s valuation policy.

Additionally, the fund also had a transfer from Level 2 to Level 1 during the period ended September 30, 2017, in the amounts of $94,300. At September 30, 2017, these investments were valued at exchange closing prices in accordance with the Fund’s valuation policy. During the period ended September 30, 2016 these securities were halted and fair valued. At September 30, 2016, these investments were valued using alternative valuation procedures under the valuation policy and procedures adopted by the Board.

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 Funds Management, Inc. (“SSGAFM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of September 30, 2017, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

259

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

The following Funds’ NAVs were impacted by adjustments to certain foreign tax accruals:

Fund	Per Share Impact ($)			Date
SPDR MSCI ACWI IMI ETF		0.00	*		8/17/2017
SPDR MSCI ACWI Low Carbon Target ETF		0.00	*		8/17/2017
SPDR S&P Emerging Asia Pacific ETF		0.13			8/21/2017
SPDR S&P Emerging Markets Small Cap ETF		0.04			8/21/2017
SPDR MSCI Emerging Markets StrategicFactors ETF		0.02			8/21/2017
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		0.01			8/21/2017
SPDR S&P Emerging Markets Dividend ETF		0.01			8/21/2017
SPDR S&P Global Dividend ETF		0.01			8/21/2017

* Amounts are less than $0.005 per share.

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 September 30, 2017 :

SPDR STOXX Europe 50 ETF

SPDR EURO STOXX Small Cap ETF

SPDR S&P Emerging Markets Dividend 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 Canada StrategicFactors ETF

SPDR MSCI Germany StrategicFactors ETF

SPDR MSCI Japan StrategicFactors ETF

SPDR MSCI United Kingdom StrategicFactors ETF

SPDR S&P Global Dividend ETF

Distributions

The following Funds declare and distribute from net investment income, if any, to its shareholders quarterly:

SPDR STOXX Europe 50 ETF

SPDR MSCI China A Shares IMI ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

SPDR S&P Global Dividend 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 China ETF

SPDR S&P International Small Cap ETF

SPDR S&P Global Infrastructure ETF

SPDR S&P Global Natural Resources ETF

SPDR MSCI ACWI IMI ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI EAFE StrategicFactors ETF

SPDR MSCI Emerging Markets StrategicFactors ETF

SPDR MSCI World StrategicFactors ETF

SPDR MSCI Canada StrategicFactors ETF

SPDR MSCI Germany StrategicFactors ETF

SPDR MSCI Japan 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

260

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

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 September 30, 2017, the following Funds entered into futures contracts for the strategies listed below:

Funds	Strategies
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	Return enhancement, hedging and exposing cash reserves to markets

The following table summarizes the value of the Fund’s derivative instruments as of September 30, 2017 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

	Liability Derivatives
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
Futures Contracts (a)	$	—	$	—	$	—	$	(16,138	)	$	—	$	(16,138	)

(a) 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 MSCI Emerging Markets Fossil Fuel Reserves Free ETF
Futures Contracts	$	—	$	—	$	—	$	44,234	$	—	$	44,234

	Net Change in Unrealized Appreciation (Depreciation)
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
Futures Contracts	$	—	$	—	$	—	$	(16,138	)	$	—	$	(16,138	)

261

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

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 Small Cap ETF		0.45
SPDR S&P Emerging Asia Pacific ETF		0.49
SPDR S&P China ETF		0.59
SPDR MSCI China A Shares IMI ETF		0.65
SPDR S&P Emerging Markets Dividend ETF		0.49
SPDR S&P International Small Cap ETF		0.40
SPDR S&P Global Infrastructure ETF		0.40
SPDR S&P Global Natural Resources ETF		0.40
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 Canada StrategicFactors ETF		0.30
SPDR MSCI Germany StrategicFactors ETF		0.30
SPDR MSCI Japan StrategicFactors ETF		0.30
SPDR MSCI United Kingdom StrategicFactors ETF		0.30
SPDR S&P Global Dividend ETF		0.40
SPDR S&P Emerging Markets Small Cap ETF		0.65

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).

The Adviser has contractually agreed to waive its management fee and reimburse certain expenses, until January 31, 2018, so that the net annual Fund operating expenses of the SPDR MSCI ACWI Low Carbon Target ETF and the SPDR MSCI EAFE Fossil Fuel Reserves Free ETF will be limited to 0.20% of each Fund’s average daily net assets before application of any fees and expenses not paid by the Adviser under the Investment Advisory Agreement. Such fees and expenses paid by the Adviser are limited to certain direct operating expenses of the Fund and, therefore, do not include the Fund’s acquired fund fees and expenses, if any. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver from year to year, but there is no guarantee that the Adviser will do so and after January 31, 2018, the waiver may be cancelled or modified at any time. For the period ended September 30, 2017, the SPDR MSCI ACWI Low Carbon Target ETF and the SPDR MSCI EAFE Fossil Fuel Reserves Free ETF waived $131,075 and $33,182, respectively.

Administrator and Sub-Administrator Fees

SSGA FM serves as administrator and 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.

262

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

Distribution Fees

State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the Distributor of the Trust. Effective May 1, 2017, the Distributor’s name changed from State Street Global Markets, LLC to State Street Global Advisors Funds Distributors, LLC.

Other Transactions with Affiliates — Securities Lending

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

Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.

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

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the year ended September 30, 2017, are disclosed in the Schedules of Investments.

Due to Custodian

In certain circumstances, the Funds may have cash overdrafts 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 Asia Pacific ETF has a cash overdraft related to unsettled foreign currency transactions. The SPDR MSCI ACWI IMI ETF and SPDR MSCI Emerging Markets StrategicFactors ETF have cash overdrafts due to investment related expense payments. The SPDR MSCI World StrategicFactors ETF has a cash overdraft due to capital settlement activities.

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 September 30, 2017, were as follows:

	Purchases		Sales
SPDR STOXX Europe 50 ETF	$	17,165,176	$	17,675,933
SPDR EURO STOXX Small Cap ETF		5,402,200		5,401,821
SPDR S&P Emerging Asia Pacific ETF		19,979,716		13,834,365
SPDR S&P China ETF		106,129,444		41,914,538
SPDR MSCI China A Shares IMI ETF		30,728		44,951
SPDR S&P Emerging Markets Dividend ETF		470,309,557		432,619,481
SPDR S&P International Small Cap ETF		247,981,041		236,850,945
SPDR S&P Global Infrastructure ETF		28,497,722		28,387,517
SPDR S&P Global Natural Resources ETF		240,148,503		234,584,248

263

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

	Purchases		Sales
SPDR MSCI ACWI IMI ETF	$	2,679,988	$	1,904,086
SPDR MSCI ACWI Low Carbon Target ETF		17,578,734		15,072,393
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		3,166,568		3,101,853
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		6,314,736		188,409
SPDR MSCI EAFE StrategicFactors ETF		9,610,357		10,087,214
SPDR MSCI Emerging Markets StrategicFactors ETF		62,546,188		27,583,601
SPDR MSCI World StrategicFactors ETF		2,786,506		2,694,414
SPDR MSCI Canada StrategicFactors ETF		5,032,790		5,034,710
SPDR MSCI Germany StrategicFactors ETF		2,198,834		2,305,323
SPDR MSCI Japan StrategicFactors ETF		3,073,005		3,118,120
SPDR MSCI United Kingdom StrategicFactors ETF		1,416,861		1,476,318
SPDR S&P Global Dividend ETF		60,295,409		60,202,640
SPDR S&P Emerging Markets Small Cap ETF		196,794,533		136,938,594

For the period ended September 30, 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	$	115,738,590	$	17,806,053	$	(2,103,617	)
SPDR EURO STOXX Small Cap ETF		3,118,046		—		—
SPDR S&P Emerging Asia Pacific ETF		18,843,814		9,813,310		(861,380	)
SPDR S&P China ETF		—		78,782,702		19,988,221
SPDR S&P Emerging Markets Dividend ETF		56,185,913		3,202,518		390,678
SPDR S&P International Small Cap ETF		92,082,891		15,768,388		3,574,895
SPDR S&P Global Infrastructure ETF		91,642,859		9,470,530		1,709,618
SPDR S&P Global Natural Resources ETF		381,677,113		35,570,585		7,242,368
SPDR MSCI ACWI IMI ETF		25,786,833		13,964,995		3,509,805
SPDR MSCI ACWI Low Carbon Target ETF		28,074,091		—		—
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		40,186,853		—		—
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		7,299,332		—		—
SPDR MSCI EAFE StrategicFactors ETF		163,803,824		—		—
SPDR MSCI Emerging Markets StrategicFactors ETF		40,632,302		693		31
SPDR MSCI World StrategicFactors ETF		19,158,560		7,114,743		1,499,518
SPDR MSCI Canada StrategicFactors ETF		16,317,176		—		—
SPDR MSCI Germany StrategicFactors ETF		11,901,808		7,261,834		(182,465	)
SPDR MSCI Japan StrategicFactors ETF		6,892,818		6,864,881		967,099
SPDR MSCI United Kingdom StrategicFactors ETF		10,255,120		7,804,722		382,533
SPDR S&P Global Dividend ETF		57,364,408		6,255,386		903,821
SPDR S&P Emerging Markets Small Cap ETF		56,933,660		14,668,411		1,423,196

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.

264

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

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

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, nontaxable dividend adjustments to income, in-kind transactions, foreign currencies, foreign capital gains taxes, REITs, expired capital loss carryforwards, distribution redesignations, passive foreign investment companies, return of capital, wash sale loss deferrals, partnership basis adjustments and futures contracts. In addition, certain Funds claimed a portion of the payments made to redeeming shareholders as a distribution for income tax purposes.

The tax character of distributions paid during the year ended September 30, 2017, was as follows:

	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital		Total
SPDR STOXX Europe 50 ETF	$	7,278,371	$	—	$	—	$	7,278,371
SPDR EURO STOXX Small Cap ETF		243,975		—		—		243,975
SPDR S&P Emerging Asia Pacific ETF		7,047,374		—		—		7,047,374
SPDR S&P China ETF		13,804,543		—		—		13,804,543
SPDR MSCI China A Shares IMI ETF		12,958		—		7,669		20,627
SPDR S&P Emerging Markets Dividend ETF		13,211,413		—		—		13,211,413
SPDR S&P International Small Cap ETF		23,340,656		3,655,182		—		26,995,838
SPDR S&P Global Infrastructure ETF		3,938,322		—		—		3,938,322
SPDR S&P Global Natural Resources ETF		21,131,997		—		—		21,131,997
SPDR MSCI ACWI IMI ETF		1,770,932		—		—		1,770,932
SPDR MSCI ACWI Low Carbon Target ETF		2,915,464		—		—		2,915,464
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		803,032		—		—		803,032
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		231,170		—		—		231,170
SPDR MSCI EAFE StrategicFactors ETF		2,367,462		—		—		2,367,462
SPDR MSCI Emerging Markets StrategicFactors ETF		2,754,029		—		—		2,754,029
SPDR MSCI World StrategicFactors ETF		400,647		—		—		400,647
SPDR MSCI Canada StrategicFactors ETF		529,524		—		—		529,524
SPDR MSCI Germany StrategicFactors ETF		389,383		—		—		389,383

265

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital		Total
SPDR MSCI Japan StrategicFactors ETF	$	216,441	$	—	$	—	$	216,441
SPDR MSCI United Kingdom StrategicFactors ETF		329,690		—		—		329,690
SPDR S&P Global Dividend ETF		4,751,992		—		—		4,751,992
SPDR S&P Emerging Markets Small Cap ETF		8,720,849		—		—		8,720,849

The tax character of distributions paid during the year ended September 30, 2016 was as follows:

	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital		Total
SPDR STOXX Europe 50 ETF	$	7,235,067	$	—	$	—	$	7,235,067
SPDR EURO STOXX Small Cap ETF		524,645		—		—		524,645
SPDR S&P Emerging Asia Pacific ETF		15,794,101		—		—		15,794,101
SPDR S&P China ETF		22,176,022		—		—		22,176,022
SPDR MSCI China A Shares IMI ETF		28,775		—		2,643		31,418
SPDR S&P Emerging Markets Dividend ETF		13,540,223		—		—		13,540,223
SPDR S&P International Small Cap ETF		17,762,030		183,902		—		17,945,932
SPDR S&P Global Infrastructure ETF		2,376,551		—		—		2,376,551
SPDR S&P Global Natural Resources ETF		17,723,932		—		—		17,723,932
SPDR MSCI ACWI IMI ETF		914,554		—		—		914,554
SPDR MSCI ACWI Low Carbon Target ETF		2,131,916		7,758		—		2,139,674
SPDR MSCI EAFE StrategicFactors ETF		150,949		—		—		150,949
SPDR MSCI Emerging Markets StrategicFactors ETF		1,961,532		—		—		1,961,532
SPDR MSCI World StrategicFactors ETF		197,356		9,579		—		206,935
SPDR MSCI Canada StrategicFactors ETF		294,086		—		—		294,086
SPDR MSCI Germany StrategicFactors ETF		263,141		—		—		263,141
SPDR MSCI Japan StrategicFactors ETF		191,965		1,592		—		193,557
SPDR MSCI United Kingdom StrategicFactors ETF		96,601		—		—		96,601
SPDR S&P Global Dividend ETF		3,129,411		380,129		—		3,509,540
SPDR S&P Emerging Markets Small Cap ETF		8,865,797		—		—		8,865,797

At September 30, 2017 the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Capital Loss Carryforwards			Undistributed Long-Term Capital Gains		Net Unrealized Gains (Losses)			Total
SPDR STOXX Europe 50 ETF	$	—	$	(42,202,958	)	$	—	$	1,599,105		$	(40,603,853	)
SPDR EURO STOXX Small Cap ETF		63,478		(2,441,164	)		—		2,846,899			469,213
SPDR S&P Emerging Asia Pacific ETF		6,080,033		(62,678,430	)		—		64,272,567			7,674,170
SPDR S&P China ETF		17,189,363		(133,072,924	)		—		176,558,614			60,675,053
SPDR MSCI China A Shares IMI ETF		—		(60,600	)		—		(78,006	)		(138,606	)
SPDR S&P Emerging Markets Dividend ETF		1,515,410		(236,859,694	)		—		3,119,892			(232,224,392	)
SPDR S&P International Small Cap ETF		34,892,780		—			7,749,490		(8,788,791	)		33,853,479
SPDR S&P Global Infrastructure ETF		1,548,726		(23,467,657	)		—		12,465,222			(9,453,709	)
SPDR S&P Global Natural Resources ETF		11,067,062		(182,862,806	)		—		87,652,111			(84,143,633	)
SPDR MSCI ACWI IMI ETF		1,057,718		—			—		9,049,756			10,107,474
SPDR MSCI ACWI Low Carbon Target ETF		744,293		(854,267	)		—		21,041,510			20,931,536

266

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

	Undistributed Ordinary Income		Capital Loss Carryforwards			Undistributed Long-Term Capital Gains		Net Unrealized Gains (Losses)			Total
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	$	346,784	$	—		$	—	$	5,201,393		$	5,548,177
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		99,604		—			—		1,549,705			1,649,309
SPDR MSCI EAFE StrategicFactors ETF		1,303,780		(223,804	)		—		19,326,784			20,406,760
SPDR MSCI Emerging Markets StrategicFactors ETF		2,663,726		(6,334,490	)		—		25,671,939			22,001,175
SPDR MSCI World StrategicFactors ETF		280,594		—			—		1,795,257			2,075,851
SPDR MSCI Canada StrategicFactors ETF		174,969		(445,754	)		—		5,486,965			5,216,180
SPDR MSCI Germany StrategicFactors ETF		—		(946,348	)		—		1,702,516			756,168
SPDR MSCI Japan StrategicFactors ETF		122,557		(252,277	)		—		983,419			853,699
SPDR MSCI United Kingdom StrategicFactors ETF		—		(386,422	)		—		(117,611	)		(504,033	)
SPDR S&P Global Dividend ETF		763,109		(5,144,070	)		—		7,971,403			3,590,442
SPDR S&P Emerging Markets Small Cap ETF		10,065,058		(59,164,915	)		—		(55,340,006	)		(104,439,863	)

As of September 30, 2017, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

	Expiring 2018		Expiring 2019		Expiring 2020		Non-Expiring Short Term*		Non-Expiring Long Term*
SPDR STOXX Europe 50 ETF	$	6,195,941	$	2,032,222	$	—	$	2,863,060	$	31,111,735
SPDR EURO STOXX Small Cap ETF		—		—		—		2,296,632		144,532
SPDR S&P Emerging Asia Pacific ETF		—		—		—		16,428,688		46,249,742
SPDR S&P China ETF		3,455,043		20,718,358		—		15,887,574		93,011,949
SPDR MSCI China A Shares IMI ETF		—		—		—		35,994		24,606
SPDR S&P Emerging Markets Dividend ETF		—		362,314		—		92,363,612		144,133,768
SPDR S&P Global Infrastructure ETF		3,044,553		1,744,492		—		559,837		18,118,775
SPDR S&P Global Natural Resources ETF		—		—		—		17,879,682		164,983,124
SPDR MSCI ACWI Low Carbon Target ETF		—		—		—		67,604		786,663
SPDR MSCI EAFE StrategicFactors ETF		—		—		—		—		223,804
SPDR MSCI Emerging Markets StrategicFactors ETF		—		—		—		2,801,433		3,533,057
SPDR MSCI Canada StrategicFactors ETF		—		—		—		—		445,754
SPDR MSCI Germany StrategicFactors ETF		—		—		—		329,599		616,749
SPDR MSCI Japan StrategicFactors ETF		—		—		—		14,006		238,271
SPDR MSCI United Kingdom StrategicFactors ETF		—		—		—		89,617		296,805
SPDR S&P Global Dividend ETF		—		—		—		2,672,502		2,471,567
SPDR S&P Emerging Markets Small Cap ETF		—		—		—		—		59,164,915

* Must be utilized prior to losses subject to expiration.

As of September 30, 2017, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SPDR STOXX Europe 50 ETF	$	315,398,531	$	18,070,262	$	16,487,719	$	1,582,543
SPDR EURO STOXX Small Cap ETF		15,913,304		3,055,939		210,272		2,845,667

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September 30, 2017

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SPDR S&P Emerging Asia Pacific ETF	$	353,859,698	$	113,446,517	$	49,025,673	$	64,420,844
SPDR S&P China ETF		870,842,661		304,437,519		127,878,758		176,558,761
SPDR MSCI China A Shares IMI ETF		2,426,354		311,717		389,805		(78,088	)
SPDR S&P Emerging Markets Dividend ETF		435,017,911		19,636,666		16,500,485		3,136,181
SPDR S&P International Small Cap ETF		957,880,596		107,353,320		116,138,245		(8,784,925	)
SPDR S&P Global Infrastructure ETF		175,812,223		16,152,541		3,687,341		12,465,200
SPDR S&P Global Natural Resources ETF		1,160,097,197		117,957,309		30,272,674		87,684,635
SPDR MSCI ACWI IMI ETF		82,049,260		13,307,768		4,257,852		9,049,916
SPDR MSCI ACWI Low Carbon Target ETF		125,044,319		25,555,371		4,503,068		21,052,303
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		40,826,212		5,743,638		543,252		5,200,386
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		14,518,704		1,870,924		302,227		1,568,697
SPDR MSCI EAFE StrategicFactors ETF		172,722,678		21,215,834		1,892,098		19,323,736
SPDR MSCI Emerging Markets StrategicFactors ETF		190,670,101		32,289,028		6,534,858		25,754,170
SPDR MSCI World StrategicFactors ETF		24,177,766		2,356,389		561,397		1,794,992
SPDR MSCI Canada StrategicFactors ETF		33,103,840		5,639,492		150,992		5,488,500
SPDR MSCI Germany StrategicFactors ETF		17,129,795		1,860,387		163,165		1,697,222
SPDR MSCI Japan StrategicFactors ETF		13,766,158		1,347,031		362,898		984,133
SPDR MSCI United Kingdom StrategicFactors ETF		5,371,558		206,449		324,752		(118,303	)
SPDR S&P Global Dividend ETF		162,920,214		12,807,816		4,834,511		7,973,305
SPDR S&P Emerging Markets Small Cap ETF		550,215,767		51,926,355		107,262,478		(55,336,123	)

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 September 30, 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of September 30, 2017:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non Cash Collateral Received*		Total Collateral Received
SPDR STOXX Europe 50 ETF	$	117,619	$	128,419	$	—	$	128,419
SPDR S&P Emerging Asia Pacific ETF		33,085,946		5,790,699		28,553,180		34,343,879
SPDR S&P China ETF		151,808,995		22,187,451		136,228,983		158,416,434
SPDR S&P Emerging Markets Dividend ETF		18,415,395		16,561,043		2,840,864		19,401,907
SPDR S&P International Small Cap ETF		86,596,964		66,029,680		26,215,656		92,245,336
SPDR S&P Global Infrastructure ETF		7,260,488		7,104,926		547,744		7,652,670
SPDR S&P Global Natural Resources ETF		49,252,396		27,454,617		23,664,351		51,118,968
SPDR MSCI ACWI IMI ETF		2,793,842		985,141		1,928,617		2,913,758
SPDR MSCI ACWI Low Carbon Target ETF		3,436,459		378,038		3,161,479		3,539,517
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		681,466		242,956		477,692		720,648
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		790,521		172,291		633,240		805,531
SPDR MSCI EAFE StrategicFactors ETF		789,798		666,545		175,738		842,283
SPDR MSCI Emerging Markets StrategicFactors ETF		5,775,083		3,055,835		2,873,167		5,929,002
SPDR MSCI World StrategicFactors ETF		281,413		24,983		264,529		289,512
SPDR S&P Global Dividend ETF		21,720,651		5,848,371		16,898,895		22,747,266
SPDR S&P Emerging Markets Small Cap ETF		29,961,488		16,261,252		16,667,287		32,928,539

* 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 September 30, 2017:

		Remaining Contractual Maturity of the Agreements As of September 30, 2017
Fund	Securities Lending Transactions	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total Borrowings		Gross Amount of Recognized Liabilities for Securities Lending Transactions
SPDR STOXX Europe 50 ETF	Common Stocks	$	128,419	$	—	$	—	$	—	$	128,419	$	128,419
SPDR S&P Emerging Asia Pacific ETF	Common Stocks		5,790,699		—		—		—		5,790,699		5,790,699
SPDR S&P China ETF	Common Stocks		22,187,451		—		—		—		22,187,451		22,187,451
SPDR S&P Emerging Markets Dividend ETF	Common Stocks		16,561,043		—		—		—		16,561,043		16,561,043
SPDR S&P International Small Cap ETF	Common Stocks		66,029,023		—		—		—		66,029,023		66,029,023
	Warrants		657		—		—		—		657		657
	Total	$	66,029,680	$	—	$	—	$	—	$	66,029,680	$	66,029,680
SPDR S&P Global Infrastructure ETF	Common Stocks		7,104,926		—		—		—		7,104,926		7,104,926
SPDR S&P Global Natural Resources ETF	Common Stocks		27,454,617		—		—		—		27,454,617		27,454,617
SPDR MSCI ACWI IMI ETF	Common Stocks		985,141		—		—		—		985,141		985,141
SPDR MSCI ACWI Low Carbon Target ETF	Common Stocks		378,038		—		—		—		378,038		378,038
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF	Common Stocks		242,956		—		—		—		242,956		242,956
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	Common Stocks		172,291		—		—		—		172,291		172,291

269

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

		Remaining Contractual Maturity of the Agreements As of September 30, 2017
Fund	Securities Lending Transactions	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total Borrowings		Gross Amount of Recognized Liabilities for Securities Lending Transactions
SPDR MSCI EAFE StrategicFactors ETF	Common Stocks	$	666,545	$	—	$	—	$	—	$	666,545	$	666,545
SPDR MSCI Emerging Markets StrategicFactors ETF	Common Stocks		3,055,835		—		—		—		3,055,835		3,055,835
SPDR MSCI World StrategicFactors ETF	Common Stocks		24,983		—		—		—		24,983		24,983
SPDR Global Dividend ETF	Common Stocks		5,848,371		—		—		—		5,848,371		5,848,371
SPDR S&P Emerging Markets Small Cap ETF	Common Stocks		16,261,252		—		—		—		16,261,252		16,261,252

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 S&P Emerging Asia Pacific ETF

SPDR S&P China ETF

SPDR MSCI China A Shares IMI ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR S&P International Small Cap ETF

SPDR S&P Global Infrastructure ETF

SPDR S&P Global Natural Resources ETF

SPDR MSCI ACWI IMI ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI EAFE Fossil Fuel Free ETF

SPDR MSCI Emerging Markets Fossil Fuel Free ETF

SPDR MSCI Emerging Markets StrategicFactors ETF

SPDR S&P Global Dividend ETF

SPDR S&P Emerging Markets Small Cap 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%.

Effective October 12, 2017, the Agreement was renewed and as a result, the Funds and other affiliated Funds participate in a $500 million revolving credit facility.

The Funds had no outstanding loans during the period ended September 30, 2017.

11. Risks

Concentration Risk

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

Foreign and Emerging Markets Risk

Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds invest. Foreign markets may be less liquid than investments in the U.S. and may be

270

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk

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

12. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

271

SPDR INDEX SHARES FUNDS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of

the SPDR Index Shares Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the twenty two funds, listed in Note 1, (each a “Fund”) as of September 30, 2017, the results of each of their operations for the periods then ended, the changes in each of their net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of September 30, 2017 by correspondence with the custodian and brokers and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

November 21, 2017

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OTHER INFORMATION

September 30, 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 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 April 1, 2017 to September 30, 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(a)		Ending Account Value		Expenses Paid During Period(a)
SPDR STOXX Europe 50 ETF		0.29	%	$	1,126.60	$	1.55	$	1,023.60	$	1.47
SPDR EURO STOXX Small Cap ETF		0.45			1,222.40		2.51		1,022.80		2.28
SPDR S&P Emerging Asia Pacific ETF		0.49			1,151.90		2.64		1,022.60		2.48
SPDR S&P China ETF		0.59			1,247.10		3.32		1,022.10		2.99
SPDR MSCI China A Shares IMI ETF		0.65			1,101.20		3.42		1,021.80		3.29
SPDR S&P Emerging Markets Dividend ETF		0.49			1,064.70		2.54		1,022.60		2.48
SPDR S&P International Small Cap ETF		0.40			1,110.80		2.12		1,023.10		2.03
SPDR S&P Global Infrastructure ETF		0.40			1,088.50		2.09		1,023.10		2.03
SPDR S&P Global Natural Resources ETF		0.41			1,095.80		2.15		1,023.00		2.08
SPDR MSCI ACWI IMI ETF		0.25			1,097.50		1.31		1,023.80		1.27
SPDR MSCI ACWI Low Carbon Target ETF		0.20			1,092.00		1.05		1,024.10		1.01
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		0.19			1,113.40		1.01		1,024.10		0.96
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		0.30			1,150.00		1.62		1,023.60		1.52
SPDR MSCI EAFE StrategicFactors ETF		0.30			1,111.70		1.59		1,023.60		1.52
SPDR MSCI Emerging Markets StrategicFactors ETF		0.30			1,104.50		1.58		1,023.60		1.52

273

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OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

				Actual				Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio			Ending Account Value		Expenses Paid During Period(a)		Ending Account Value		Expenses Paid During Period(a)
SPDR MSCI World StrategicFactors ETF		0.30	%	$	1,080.10	$	1.56	$	1,023.60	$	1.52
SPDR MSCI Canada StrategicFactors ETF		0.30			1,100.10		1.58		1,023.60		1.52
SPDR MSCI Germany StrategicFactors ETF		0.30			1,144.10		1.61		1,023.60		1.52
SPDR MSCI Japan StrategicFactors ETF		0.30			1,092.40		1.57		1,023.60		1.52
SPDR MSCI United Kingdom StrategicFactors ETF		0.30			1,107.80		1.59		1,023.60		1.52
SPDR S&P Global Dividend ETF		0.40			1,073.40		2.08		1,023.10		2.03
SPDR S&P Emerging Markets Small Cap ETF		0.65			1,091.90		3.41		1,021.80		3.29

(a) Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by 183, then divided by 365.

Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2017.

Dividends Received Deduction

Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2017 are considered qualified dividend income and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Qualified Interest Income

Each fund reports the maximum amount allowable of its net taxable income and short-term capital gain as qualified interest income.

Long term capital gains dividends were paid from the following Funds during the year ended September 30, 2017:

	Amount
SPDR S&P International Small Cap ETF	$	4,180,963
SPDR MSCI ACWI IMI ETF		22,728
SPDR MSCI World StrategicFactors ETF		18,850

Foreign Tax Credit

The Trust has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by a Fund to its shareholders. For the year ended September 30, 2017, the total amount of foreign taxes that will be passed through are:

	Amount
SPDR STOXX Europe 50 ETF	$	499,242
SPDR EURO STOXX Small Cap ETF		46,945

274

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OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

	Amount
SPDR S&P Emerging Asia Pacific ETF	$	1,101,815
SPDR S&P China ETF		1,548,749
SPDR MSCI China A Shares IMI ETF		3,246
SPDR S&P Emerging Markets Dividend ETF		1,816,423
SPDR S&P International Small Cap ETF		1,366,695
SPDR S&P Global Infrastructure ETF		191,583
SPDR S&P Global Natural Resources ETF		1,272,746
SPDR MSCI ACWI IMI ETF		91,862
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		93,256
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		37,041
SPDR MSCI EAFE StrategicFactors ETF		295,554
SPDR MSCI Emerging Markets StrategicFactors ETF		611,189
SPDR MSCI Canada StrategicFactors ETF		121,536
SPDR MSCI Germany StrategicFactors ETF		38,964
SPDR MSCI Japan StrategicFactors ETF		35,125
SPDR MSCI United Kingdom StrategicFactors ETF		212
SPDR S&P Global Dividend ETF		260,179
SPDR S&P Emerging Markets Small Cap ETF		1,924,919

The amount of foreign source income earned on the following Funds during the year ended September 30, 2017 were as follows:

	Amount
SPDR STOXX Europe 50 ETF	$	8,708,219
SPDR EURO STOXX Small Cap ETF		345,271
SPDR S&P Emerging Asia Pacific ETF		9,324,013
SPDR S&P China ETF		21,569,031
SPDR MSCI China A Shares IMI ETF		31,621
SPDR S&P Emerging Markets Dividend ETF		18,177,254
SPDR S&P International Small Cap ETF		18,319,773
SPDR S&P Global Infrastructure ETF		3,573,501
SPDR S&P Global Natural Resources ETF		24,718,947
SPDR MSCI ACWI IMI ETF		1,307,795
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF		1,056,937
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF		274,824
SPDR MSCI EAFE StrategicFactors ETF		4,145,507
SPDR MSCI Emerging Markets StrategicFactors ETF		5,119,221
SPDR MSCI Canada StrategicFactors ETF		810,513
SPDR MSCI Germany StrategicFactors ETF		357,646
SPDR MSCI Japan StrategicFactors ETF		306,442
SPDR MSCI United Kingdom StrategicFactors ETF		255,874
SPDR S&P Global Dividend ETF		4,588,788
SPDR S&P Emerging Markets Small Cap ETF		12,551,367

275

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 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.

Approval of Advisory Agreement

At an in-person meeting held prior to September 30, 2017, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the operational series of the Trust (collectively, the “Current ETFs”) and to continue the Agreement with respect to the previously approved non-operational series of the Trust (together with the Current ETFs, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), also met separately with their independent legal counsel to consider the Agreement.

In evaluating the Agreement, the Board drew on materials provided to them by SSGA FM, the Trust’s investment adviser and administrator, and other materials provided by State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”). In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the Current ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management, oversight of sub-advisers and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing each SPDR ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment management 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 index-based investment objectives and in overseeing third-party sub-advisers, as applicable.

276

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Investment Performance

The Board then reviewed the Current ETFs’ performance, noting that the distinctive indexed investment objective of each of the Current ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. Instead, the Board focused on the extent to which each Current ETF achieved its objective as a passively-managed index fund. The Board reviewed information regarding the Current ETFs’ index tracking, noting that each Current ETF satisfactorily tracked its benchmark index.

Profits Realized by the Adviser

The Board considered the profitability of the advisory arrangement with the Current ETFs to the Adviser, including data on the Current ETFs’ historical profitability to the Adviser. The Independent Trustees, with their independent legal counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable.

Fees Charged to Comparable Funds

The Board evaluated each SPDR ETF’s 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 SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. (formerly Lipper Analytical Services) and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data.

Other Benefits

The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.

Economies of Scale

The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the Agreement did not provide for breakpoints in each SPDR ETF’s advisory fee rates as assets of a SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

Conclusion

The Board, including the Independent Trustees voting separately, approved the Agreement for each SPDR ETF after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the Agreement were as follows: (a) the nature and extent of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each Current ETF had been satisfactory; (c) the Adviser’s unitary fee for each SPDR ETF, considered in relation to services provided and in relation to fees charged to comparable funds, was fair and reasonable; (d) profitability of the Trust’s relationships with the Adviser was not excessive; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) fees paid to the Adviser adequately shared the economies of scale with respect to the Current ETFs by way of the relatively low fee structure of the Trust.

Approval of State Street Global Advisors Asia Limited Sub-Advisory Agreement

At an in-person meeting held prior to September 30, 2017, the Board also evaluated a proposal to continue the Sub-Advisory Agreement (the “SSGA Asia Limited Sub-Advisory Agreement”) between the Adviser and State Street Global Advisors Asia Limited (“SSGA Asia Limited”), an affiliate of the Adviser, with respect to the SPDR MSCI

277

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

China A Shares IMI ETF (the “Fund”), which is sub-advised by SSGA Asia Limited. The Independent Trustees also met separately with their independent legal counsel to consider the SSGA Asia Limited Sub-Advisory Agreement.

In evaluating the SSGA Asia Limited Sub-Advisory Agreement, the Board drew on materials provided to them by SSGA Asia Limited and the Adviser. In deciding whether to approve the SSGA Asia Limited Sub-Advisory Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by SSGA Asia Limited with respect to the Fund under the SSGA Asia Limited Sub-Advisory Agreement and (ii) investment performance of the Fund. The Board was informed of the portion of the current advisory fee that the Adviser would pay to SSGA Asia Limited under the SSGA Asia Limited Sub-Advisory Agreement and also considered that such fees would be paid directly by the Adviser and would not result in increased fees payable by the Fund.

The Board considered the background and experience of SSGA Asia Limited’s senior management and, in particular, SSGA Asia Limited’s experience in investing in Asian equity securities. The Board reviewed the Fund’s performance, noting that the Fund tracked its benchmark index. The Board also considered the unitary fee paid to the Adviser by the Fund and SSGA Asia Limited’s fees paid by the Adviser. The Board also considered whether SSGA Asia Limited benefited in other ways from its relationship with the Trust.

The Board, including the Independent Trustees voting separately, approved the SSGA Asia Limited Sub-Advisory Agreement for the Fund after weighing the foregoing factors as well as the relevant factors discussed in relation to the Agreement between the Trust and the Adviser, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the SSGA Asia Limited Sub-Advisory Agreement were as follows: (a) the nature and extent of the services provided by SSGA Asia Limited with respect to the Fund were appropriate; (b) the performance and, more importantly, the index tracking, of the Fund had been satisfactory; (c) SSGA Asia Limited’s fees for the Fund and the unitary fee, considered in relation to the services provided, were fair and reasonable; (d) any additional potential benefits to SSGA Asia Limited were not of a magnitude to materially affect the Board’s conclusions; and (e) fees paid to SSGA Asia Limited adequately shared the economies of scale with the Fund by way of the relatively low fee structure of the Trust.

278

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

TRUSTEES AND OFFICERS INFORMATION

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†	Other Directorships Held by Trustee During the Past 5 Years
Independent Trustees
FRANK NESVET c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1943	Independent Trustee, Chairman, Trustee Committee Chair	Term: Unlimited Served: since September 2000	Retired.	148	None.
DAVID M. KELLY c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1938	Independent Trustee	Term: Unlimited Served: since September 2000	Retired.	148	Chicago Stock Exchange (Former Director, retired); Penson Worldwide Inc. (Former Director, retired).
BONNY EUGENIA BOATMAN c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1950	Independent Trustee	Term: Unlimited Served: since April 2010	Retired.	148	None.
DWIGHT D. CHURCHILL c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1953	Independent Trustee	Term: Unlimited Served: since April 2010	Self-employed consultant since 2010; CEO and President, CFA Institute (June 2014-January 2015).	148	Affiliated Managers Group, Inc. (Director).
CARL G. VERBONCOEUR c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1952	Independent Trustee, Audit Committee Chair	Term: Unlimited Served: since April 2010	Self-employed consultant since 2009.	148	The Motley Fool Funds Trust (Trustee).

279

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†	Other Directorships Held by Trustee During the Past 5 Years
Interested Trustee
JAMES E. ROSS* SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1965	Interested Trustee	Term: Unlimited Served as Trustee: since April 2010	Chairman and Director, SSGA Funds Management, Inc. (2005-present); Executive Vice President, State Street Global Advisors (2006-present); Chief Executive Officer and Director, State Street Global Advisors Funds Distributors, LLC (May 2017-present); Director, State Street Global Markets, LLC (2013-April 2017); President, SSGA Funds Management, Inc. (2005-2012); Principal, State Street Global Advisors (2000-2005).	234	SSGA SPDR ETFs Europe I plc (Director) (November 2016-present); SSGA SPDR ETFs Europe II plc (Director) (November 2016-present).

† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA Funds Management, Inc. serves as investment adviser.

* Mr. Ross is an Interested Trustee because of his employment with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
Officers
ELLEN M. NEEDHAM SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1967	President	Term: Unlimited Served: since October 2012	President and Director, SSGA Funds Management, Inc. (2001-present)*; Senior Managing Director, State Street Global Advisors (1992-present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017-present).
BRUCE S. ROSENBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1961	Treasurer	Term: Unlimited Served: since February 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015-present); Director, Credit Suisse (April 2008-July 2015).

280

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
ANN M. CARPENTER SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1966	Vice President; Deputy Treasurer	Term: Unlimited Served: since August 2012; Term: Unlimited Served: Since April 2015	Chief Operating Officer, SSGA Funds Management, Inc. (2005-Present)*; Managing Director, State Street Global Advisors (2005-present).*
MICHAEL P. RILEY SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969	Vice President	Term: Unlimited Served: since February 2005	Managing Director, State Street Global Advisors (2005-present).*
JOSHUA A. WEINBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1978	Chief Legal Officer	Term: Unlimited Served: since February 2015	Vice President and Managing Counsel, State Street Global Advisors (2011-present); Clerk, SSGA Funds Management, Inc. (2013-present); Associate, Financial Services Group, Dechert LLP (2006-2011).
JESSE D. HALLEE State Street Bank and Trust Company One Hundred Summer Street, SUM0703 Boston, MA 02111 1976	Secretary	Term: Unlimited Served: since August 2017	Vice President and Managing Counsel, State Street Bank and Trust Company (2013-present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007-2013).**
CHAD C. HALLETT SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969	Deputy Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014-present); Vice President, State Street Bank and Trust Company (2001-November 2014).*
DARLENE ANDERSON-VASQUEZ SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1968	Deputy Treasurer	Term: Unlimited Served: since November 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016-present); Senior Vice President, John Hancock Investments (September 2007-May 2016).
ARTHUR A. JENSEN SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 1966	Deputy Treasurer	Term: Unlimited Served: since August 2017	Vice President at State Street Global Advisors (July 2016-present); Mutual Funds Controller of GE Asset Management Incorporated (April 2011-July 2016).
SUJATA UPRETI SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1974	Assistant Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015-present); Assistant Director, Cambridge Associates, LLC (July 2014-January 2015); Vice President, Bank of New York Mellon (July 2012-August 2013); Manager, PricewaterhouseCoopers, LLP (September 2003-July 2012).

281

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
DANIEL FOLEY SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1972	Assistant Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007-present).*
DANIEL G. PLOURDE SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1980	Assistant Treasurer	Term: Unlimited Served: since May 2017	Assistant Vice President, SSGA Funds Management, Inc. (May 2015-present); Officer, State Street Bank and Trust Company (March 2009-May 2015).
BRIAN HARRIS SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1973	Chief Compliance Officer; Anti-Money Laundering Officer; Code of Ethics Compliance Officer	Term: Unlimited Served: since November 2013	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013-present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010-2013).

* Served in various capacities and/or with various affiliated entities during noted time period.

** Served in various capacities and/or with unaffiliated mutual funds or closed-end funds for which State Street Bank and Trust Company or its affiliates act as a provider of services during the noted time period.

Statement of Additional Information (SAI) includes additional information about Funds’ directors and is available, without charge, upon request and by calling 1-866-787-2257.

282

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, an indirect wholly-owned subsidiary of State Street Corporation. State Street Global Advisors Funds Distributors, LLC is a member of FINRA, SIPC. References to State Street may include State Street Corporation and its affiliates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment 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, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

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

Not FDIC Insured • No Bank Guarantee • May Lose Value

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

State Street Global Advisors © 2017 State Street Corporation. All Rights Reserved. 0515  Exp. Date: 11/30/2018  SPDRIDEXAR  IBG-25720

Annual Report

September 30, 2017

SPDR^® Index Shares Funds

SPDR EURO STOXX 50 ETF

SPDR MSCI ACWI ex-US ETF

SPDR S&P International Dividend ETF

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

TABLE OF CONTENTS

Notes to Performance Summary (Unaudited)	1
Management’s Discussion of Fund Performance, Performance Summary & Portfolio Statistics (Unaudited)
SPDR EURO STOXX 50 ETF (FEZ)	2
SPDR MSCI ACWI ex-US ETF (CWI)	5
SPDR S&P International Dividend ETF (DWX)	8
Schedules of Investments
SPDR EURO STOXX 50 ETF (FEZ)	11
SPDR MSCI ACWI ex-US ETF (CWI)	15
SPDR S&P International Dividend ETF (DWX)	44
Financial Statements	51
Financial Highlights	58
Notes to Financial Statements	61
Report of Independent Registered Public Accounting Firm	75
Other Information (Unaudited)	76

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.

NOTES TO PERFORMANCE SUMMARY (UNAUDITED)

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

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The EURO STOXX 50 Index is designed to represent the performance of some of the largest companies across components of the 19 EURO STOXX Supersector Indexes. The EURO STOXX Supersector Indexes are subsets of the EURO STOXX Index. The EURO STOXX Index is a broad yet liquid subset of the STOXX Europe 600 Index. The Index captures approximately 60% of the free-float market capitalization of the EURO STOXX Total Market Index, which in turn covers approximately 95% of the free float market capitalization of the represented countries.

The MSCI ACWI ex-USA Index is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of developed and emerging market countries excluding the United States.

The S&P International Dividend Opportunities^® Index is designed to measure the performance of the 100 highest dividend-yielding common stocks and ADRs listed in primary exchanges of countries included in the S&P/Citigroup Broad Market Index.

1

SPDR EURO STOXX 50 ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

(UNAUDITED)

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

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 29.30%, and the Index was 29.21%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

While Brexit created some uncertainty in the first half of 2016, the rollout of additional monetary policies by major central banks globally provided the much needed fodder to create an aggressive rally and end 2016 on an optimistic note. In the first half of 2017, U.S. stockholders who were invested in European equities benefitted from a better than 8% gain of the Euro against the U.S. dollar. In addition to an improving economic backdrop, European shares benefitted from an easing of political uncertainty with the defeat of populist candidates in the Netherlands in February and in presidential polls in France that spanned April and May. Positive returns continued to be realized for the Fund from strong economic and earnings growth in the Eurozone in the second half of 2017. As Eurozone industrial production trended higher, the Fund witnessed another double-digit positive performance in the third quarter of 2017.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Banco Santander S.A., Allianz SE, and BNP Paribas SA Class A. The top negative contributors to the Fund’s performance were Unibail-Rodamco SE, Royal Ahold Delhaize N.V., and Anheuser-Busch InBev SA/NV.

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

2

SPDR EURO STOXX 50 ETF

PERFORMANCE SUMMARY (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		Euro Stoxx 50 Index		Net Asset Value		Market Value		Euro Stoxx 50 Index
ONE YEAR		29.30%		28.98%		29.21%		29.30%		28.98%		29.21%
FIVE YEARS		56.13%		55.70%		54.18%		9.32%		9.26%		9.05%
TEN YEARS		–3.85%		–4.01%		–6.96%		–0.39%		–0.41%		–0.72%

Comparison of Change in Value of a $10,000 Investment

(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR EURO STOXX 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.29%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Notes to Performance Summary” on page 1 for more information.

3

SPDR EURO STOXX 50 ETF

PORTFOLIOS STATISTICS (UNAUDITED)

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
TOTAL SA		4.6	%
Siemens AG		4.1
Sanofi		3.9
Bayer AG		3.9
Banco Santander SA		3.9
SAP SE		3.8
Allianz SE		3.5
BASF SE		3.4
Unilever NV		3.2
BNP Paribas SA		3.2
TOTAL		37.5	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		22.9	%
Industrials		13.5
Consumer Discretionary		11.3
Health Care		11.2
Consumer Staples		10.5
Information Technology		7.3
Materials		6.3
Energy		6.1
Utilities		5.0
Telecommunication Services		4.9
Real Estate		0.8
Short-Term Investments		0.1
Other Assets		0.1
TOTAL		100.0	%

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

4

SPDR MSCI ACWI EX-US ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

(UNAUDITED)

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

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 19.24%, and the Index was 19.61%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash drag, lending, compounding and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

The Fund would start the Reporting Period with lackluster performance as one of the most identifiable causes for the angst across asset classes was a sharp rise in global sovereign bond yields coincident with a paring back of expectations for future global central bank policy support. The MSCI ACWI ex-US index would not look back after it saw a positive turn in performance starting in December 2016 and would go on to post double digit gains for the Reporting Period. The first quarter of 2017 witnessed an optimistic tone in all regional indices globally, largely on the back of growth expectations. In addition to an improving economic backdrop, European shares in the Fund benefitted from an easing of political uncertainty with the defeat of populist candidates in the Netherlands in February and in presidential polls in France that spanned April and May. The third quarter of 2017 also saw a positive performance for the Fund as markets continued to rally on back of strong retail sales and improved macroeconomic and manufacturing data

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Samsung Electronics Co., Ltd., Tencent Holdings Ltd., and Alibaba Group Holding Ltd. Sponsored ADR. The top negative contributors to the Fund’s performance were Astellas Pharma Inc., Anheuser-Busch InBev SA/NV, and Teva Pharmaceutical Industries Limited.

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

5

SPDR MSCI ACWI EX-US ETF

PERFORMANCE SUMMARY (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		MSCI ACWI Ex USA Index		Net Asset Value		Market Value		MSCI ACWI Ex USA Index
ONE YEAR		19.24%		19.32%		19.61%		19.24%		19.32%		19.61%
FIVE YEARS		41.35%		42.73%		40.08%		7.17%		7.37%		6.97%
TEN YEARS		16.51%		16.73%		13.51%		1.54%		1.56%		1.28%

Comparison of Change in Value of a $10,000 Investment

(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR MSCI ACWI Ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.34% (0.30% after fee waiver). SSGA Funds Management, Inc. has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.30% until January 31, 2018.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Notes to Performance Summary” on page 1 for more information.

6

SPDR MSCI ACWI EX-US ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Nestle SA		1.3	%
Tencent Holdings, Ltd.		1.2
Samsung Electronics Co., Ltd. GDR		1.1
Novartis AG		1.0
HSBC Holdings PLC		1.0
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		0.9
Roche Holding AG		0.9
Alibaba Group Holding, Ltd. ADR		0.9
Toyota Motor Corp.		0.8
Royal Dutch Shell PLC		0.7
TOTAL		9.8	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		23.0	%
Industrials		12.8
Consumer Discretionary		11.0
Information Technology		10.6
Consumer Staples		9.5
Health Care		8.1
Materials		7.5
Energy		6.4
Telecommunication Services		4.6
Utilities		3.1
Real Estate		2.7
Short-Term Investments		1.5
Liabilities in Excess of Other Assets		(0.8	)
TOTAL		100.0	%

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

7

SPDR S&P INTERNATIONAL DIVIDEND ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

(UNAUDITED)

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

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 15.84%, and the Index was 16.95%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, income from securities lending, cash drag, transaction costs, compounding differences resulting from performance volatility, and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

Over the last twelve months, the performance of the S&P International Dividend ETF was lower than the MSCI EAFE index, its broad-based market cap counterpart. Despite negative returns for the MSCI EAFE index in the fourth quarter of 2016, the Fund finished in positive territory in this first quarter of the Reporting Period. This performance came on the heels of the U.S. election when markets saw a rise in growth assets. During the first quarter of 2017, the Fund experienced the strongest quarterly performance and returned roughly 6.1%. The strong advance for equities occurred despite a faster than anticipated first 2017 hike by the Federal Reserve in March that might otherwise have dragged down performance, suggesting that a sustainable global growth narrative was more compelling. The early week of the second quarter of 2017 saw earnings advanced for many developed market companies. The improving earnings trend provided fuel for gains across the major regional market indices in the first half of 2017. This continued into the third quarter of 2017, where we saw the S&P International Dividend ETF return 4.2% for the quarter.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were STMicroelectronics NV, Rio Tinto plc and Phison Electronics Corp. The top negative contributors to the Fund’s performance were Telstra Corporation Limited, Electricite de France SA, and Crescent Point Energy Corp.

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

8

SPDR S&P INTERNATIONAL DIVIDEND ETF

PERFORMANCE SUMMARY (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return						Average Annual Total Return
	Net Asset Value		Market Value		S&P International Dividend Opportunities Index		Net Asset Value		Market Value		S&P International Dividend Opportunities Index
ONE YEAR		15.84%		15.66%		16.95%		15.84%		15.66%		16.95%
FIVE YEARS		16.24%		16.84%		19.65%		3.06%		3.16%		3.65%
SINCE INCEPTION(1)		–0.80%		–0.42%		0.10%		–0.08%		–0.04%		0.01%

(1) For the period February 12, 2008 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/12/08, 2/13/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment

(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S&P International Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.45%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Notes to Performance Summary” on page 1 for more information.

9

SPDR S&P INTERNATIONAL DIVIDEND ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
EDP - Energias de Portugal SA		2.4	%
Gazprom PJSC ADR		2.3
SSE PLC		2.1
Westpac Banking Corp.		2.0
Enagas SA		1.9
Swiss Re AG		1.8
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1.7
Swisscom AG		1.7
Power Corp. of Canada		1.7
BCE, Inc.		1.6
TOTAL		19.2	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		23.0	%
Utilities		19.9
Real Estate		13.9
Industrials		13.5
Telecommunication Services		8.6
Consumer Staples		7.7
Consumer Discretionary		5.7
Energy		4.2
Health Care		1.7
Materials		0.8
Information Technology		0.5
Short-Term Investments		0.1
Other Assets		0.4
TOTAL		100.0	%

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

10

SPDR EURO STOXX 50 ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.8%
BELGIUM — 3.1%
Anheuser-Busch InBev SA/NV		1,165,065	$	139,524,454
FINLAND — 1.2%
Nokia Oyj		9,185,959		55,166,946
FRANCE — 36.1%
Air Liquide SA		609,743		81,346,546
Airbus SE		946,604		89,984,794
AXA SA		3,267,943		98,863,388
BNP Paribas SA		1,809,655		146,012,209
Cie de Saint-Gobain		882,199		52,584,789
Danone SA		981,914		77,043,499
Engie SA		2,734,828		46,459,819
Essilor International SA		343,806		42,575,349
L’Oreal SA		382,986		81,452,570
LVMH Moet Hennessy Louis Vuitton SE		426,409		117,682,252
Orange SA		3,151,384		51,636,320
Safran SA		564,492		57,685,051
Sanofi		1,805,647		179,330,668
Schneider Electric SE (a)		878,106		76,435,036
Societe Generale SA		1,268,566		74,287,538
TOTAL SA (b)		3,928,901		211,080,407
Unibail-Rodamco SE REIT		156,778		38,134,292
Vinci SA		877,410		83,396,795
Vivendi SA		1,608,860		40,740,697
				1,646,732,019
GERMANY — 32.8%
adidas AG		287,418		65,034,922
Allianz SE		706,157		158,573,750
BASF SE		1,442,881		153,587,804
Bayer AG		1,299,144		177,083,187
Bayerische Motoren Werke AG		505,943		51,337,112
Daimler AG		1,565,632		124,879,494
Deutsche Bank AG		2,930,928		50,692,091
Deutsche Post AG		1,507,265		67,114,802
Deutsche Telekom AG		5,129,655		95,724,581
E.ON SE		3,464,411		39,219,701
Fresenius SE & Co. KGaA		643,242		51,900,050
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		244,025		52,187,155
SAP SE		1,567,737		171,789,581

See accompanying notes to financial statements.

11

SPDR EURO STOXX 50 ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Siemens AG		1,335,371	$	188,178,033
Volkswagen AG Preference Shares		288,161		47,011,599
				1,494,313,862
IRELAND — 1.1%
CRH PLC		1,316,457		50,230,056
ITALY — 4.8%
Enel SpA		12,199,370		73,480,537
Eni SpA		3,989,454		66,028,621
Intesa Sanpaolo SpA		22,617,948		80,002,862
				219,512,020
LUXEMBOURG — 0.0% (c)
APERAM SA		1		52
NETHERLANDS — 6.9%
ASML Holding NV		610,311		103,933,413
ING Groep NV		6,103,300		112,558,953
Koninklijke Ahold Delhaize NV		1,914,780		35,810,971
Koninklijke Philips NV		1,481,011		61,157,201
				313,460,538
SPAIN — 10.6%
Banco Bilbao Vizcaya Argentaria SA		10,473,433		93,617,928
Banco Santander SA		25,199,689		175,975,773
Iberdrola SA		9,089,796		70,622,392
Industria de Diseno Textil SA		1,745,463		65,794,228
Telefonica SA		7,004,037		76,111,307
				482,121,628
UNITED KINGDOM — 3.2%
Unilever NV		2,471,257		146,192,786
TOTAL COMMON STOCKS (Cost $4,261,861,493)				4,547,254,361
SHORT-TERM INVESTMENTS — 0.1%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (d) (e)		164,128		164,128
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		2,656,640		2,656,640
TOTAL SHORT-TERM INVESTMENTS (Cost $2,820,768)				2,820,768
TOTAL INVESTMENTS — 99.9% (Cost $4,264,682,261)				4,550,075,129
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				5,591,929

See accompanying notes to financial statements.

12

SPDR EURO STOXX 50 ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Value
NET ASSETS — 100.0%	$	4,555,667,058

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2017.

(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 September 30, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at September 30, 2017.

(f) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Belgium	$	139,524,454	$	—	$	—	$	139,524,454
Finland		55,166,946		—		—		55,166,946
France		1,646,732,019		—		—		1,646,732,019
Germany		1,494,313,862		—		—		1,494,313,862
Ireland		50,230,056		—		—		50,230,056
Italy		219,512,020		—		—		219,512,020
Luxembourg		52		—		—		52
Netherlands		313,460,538		—		—		313,460,538
Spain		482,121,628		—		—		482,121,628
United Kingdom		146,192,786		—		—		146,192,786
Short-Term Investments		2,820,768		—		—		2,820,768
TOTAL INVESTMENTS	$	4,550,075,129	$	—	$	—	$	4,550,075,129

See accompanying notes to financial statements.

13

SPDR EURO STOXX 50 ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		87,182,540		87,018,412		—		—		164,128		164,128		19,057
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		21,025,666		21,025,666		—		—		—		—		2,287
State Street Navigator Securities Lending Government Money Market Portfolio*		23,347,306		23,347,306		1,332,349,646		1,353,040,312		—		—		2,656,640		2,656,640		1,560,906
Total			$	23,572,634	$	1,440,557,852	$	1,461,309,718	$	—	$	—			$	2,820,768	$	1,582,250

* 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.

14

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.3%
AUSTRALIA — 4.8%
Alumina, Ltd. (a)		513,981	$	887,249
Amcor, Ltd.		151,142		1,803,808
AMP, Ltd.		251,473		953,047
Australia & New Zealand Banking Group, Ltd.		233,266		5,417,750
BHP Billiton PLC		136,782		2,412,285
BHP Billiton, Ltd.		229,175		4,635,814
Boral, Ltd.		296,584		1,575,478
Brambles, Ltd.		171,931		1,214,151
Coca-Cola Amatil, Ltd.		141,857		860,411
Commonwealth Bank of Australia		135,019		7,972,182
CSL, Ltd.		38,695		4,067,296
Fortescue Metals Group, Ltd.		193,643		780,981
Insurance Australia Group, Ltd.		268,066		1,339,853
LendLease Group		133,716		1,880,170
Macquarie Group, Ltd.		37,871		2,701,731
Medibank Pvt, Ltd.		207,602		475,653
National Australia Bank, Ltd.		190,236		4,701,962
Newcrest Mining, Ltd.		55,948		922,769
Origin Energy, Ltd. (b)		211,345		1,240,422
Qantas Airways, Ltd.		65,029		297,476
QBE Insurance Group, Ltd.		83,261		653,961
Santos, Ltd. (b)		171,881		542,163
Scentre Group REIT		200,455		618,138
Sonic Healthcare, Ltd.		85,470		1,402,308
South32, Ltd. (c)		153,574		397,147
South32, Ltd. (c)		274,580		704,519
Suncorp Group, Ltd.		177,888		1,821,516
Sydney Airport		70,663		394,219
Telstra Corp., Ltd.		303,080		829,963
Transurban Group		137,459		1,281,343
Vicinity Centres REIT		439,150		916,580
Wesfarmers, Ltd.		89,212		2,893,107
Westfield Corp. REIT		132,393		814,436
Westpac Banking Corp.		255,891		6,409,051
Woodside Petroleum, Ltd.		59,785		1,365,089
Woolworths, Ltd.		108,362		2,143,511
				69,327,539
AUSTRIA — 0.3%
Erste Group Bank AG (b)		46,176		1,994,964

See accompanying notes to financial statements.

15

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
OMV AG		22,230	$	1,295,355
Raiffeisen Bank International AG (b)		26,756		896,895
				4,187,214
BELGIUM — 1.0%
Ageas		35,164		1,652,857
Anheuser-Busch InBev SA/NV		60,599		7,257,142
KBC Group NV		28,788		2,440,177
Solvay SA		11,163		1,668,087
UCB SA		14,904		1,061,223
				14,079,486
BRAZIL — 1.8%
Ambev SA ADR		443,493		2,922,619
B3 SA - Brasil Bolsa Balcao		137,330		1,039,803
Banco Bradesco SA Preference Shares ADR		314,882		3,485,744
Banco do Brasil SA		56,932		628,148
BB Seguridade Participacoes SA		49,413		447,242
Braskem SA Class A, Preference Shares		30,533		409,565
BRF SA (b)		38,116		550,324
Cia Energetica de Minas Gerais ADR (a)		178,782		443,379
Cia Siderurgica Nacional SA ADR (a) (b)		140,496		415,868
Cielo SA		73,456		510,429
EDP - Energias do Brasil SA		139,795		669,110
Embraer SA		53,024		299,891
Fibria Celulose SA		9,602		130,075
Gerdau SA ADR (a)		102,518		351,637
Itau Unibanco Holding SA Preference Shares ADR		284,108		3,892,280
JBS SA		33,027		88,750
Kroton Educacional SA		100,301		635,770
Lojas Renner SA		94,675		1,079,298
Natura Cosmeticos SA		25,383		250,367
Odontoprev SA		166,484		812,117
Petroleo Brasileiro SA Preference Shares ADR (b)		257,400		2,486,484
Porto Seguro SA		9,636		114,755
Qualicorp SA		75,349		902,811
Raia Drogasil SA		27,466		651,234
Sul America SA		52,046		294,359
Tim Participacoes SA ADR		22,807		416,912
Vale SA ADR (a)		252,551		2,543,189
				26,472,160
CANADA — 6.5%
Agnico Eagle Mines, Ltd.		12,535		565,185
Agrium, Inc.		16,449		1,758,734

See accompanying notes to financial statements.

16

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Alimentation Couche-Tard, Inc. Class B		22,423	$	1,020,164
Bank of Montreal		53,390		4,031,198
Bank of Nova Scotia		83,687		5,366,567
Barrick Gold Corp.		90,162		1,447,610
BlackBerry, Ltd. (b)		44,769		499,362
Bombardier, Inc. Class B (b)		159,543		288,304
Brookfield Asset Management, Inc. Class A (a)		83,297		3,431,385
CAE, Inc.		50,430		880,252
Cameco Corp. (a)		37,167		358,104
Canadian Imperial Bank of Commerce (a)		33,044		2,884,431
Canadian National Railway Co.		62,146		5,137,052
Canadian Natural Resources, Ltd.		95,259		3,183,044
Canadian Pacific Railway, Ltd.		12,212		2,046,449
Canadian Tire Corp., Ltd. Class A		10,863		1,349,265
Cenovus Energy, Inc. (a)		72,193		722,132
CGI Group, Inc. Class A (b)		11,586		599,380
Constellation Software, Inc.		1,361		740,804
Crescent Point Energy Corp. (a)		40,670		325,841
Dollarama, Inc.		3,820		417,019
Enbridge, Inc.		81,896		3,412,961
Encana Corp.		72,576		852,470
Fairfax Financial Holdings, Ltd.		1,213		629,782
First Quantum Minerals, Ltd. (a)		55,324		619,749
Franco-Nevada Corp.		12,535		968,803
Gildan Activewear, Inc.		47,983		1,495,908
Goldcorp, Inc. (a)		66,535		861,845
H&R Real Estate Investment Trust		3,671		63,226
Husky Energy, Inc. (b)		38,344		478,898
IGM Financial, Inc.		19,131		641,550
Imperial Oil, Ltd. (a)		42,178		1,344,273
Kinross Gold Corp. (b)		113,728		481,047
Loblaw Cos., Ltd.		37,588		2,046,730
Magna International, Inc.		16,273		866,445
Manulife Financial Corp.		132,149		2,674,362
National Bank of Canada (a)		40,404		1,939,999
Onex Corp.		5,990		461,182
Open Text Corp.		19,138		616,076
Potash Corp. of Saskatchewan, Inc. (a)		75,384		1,447,826
PrairieSky Royalty, Ltd. (a)		4,391		112,105
Restaurant Brands International, Inc.		11,747		748,787
Rogers Communications, Inc. Class B (a)		44,768		2,303,101
Royal Bank of Canada		105,703		8,159,411
Seven Generations Energy, Ltd. Class A (b)		10,692		168,760
Shaw Communications, Inc. Class B (a)		47,972		1,101,632

See accompanying notes to financial statements.

17

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Shopify, Inc. Class A (b)		4,725	$	548,268
Smart Real Estate Investment Trust REIT		6,328		148,960
SNC-Lavalin Group, Inc. (a)		25,074		1,130,550
Sun Life Financial, Inc.		53,353		2,119,786
Suncor Energy, Inc.		112,571		3,936,137
Teck Resources, Ltd. Class B		40,254		845,538
TELUS Corp.		31,405		1,126,979
Thomson Reuters Corp.		39,403		1,803,719
Toronto-Dominion Bank		133,492		7,498,351
TransCanada Corp. (a)		56,402		2,781,203
Trisura Group, Ltd. (b)		6		128
Turquoise Hill Resources, Ltd. (b)		16,955		52,330
Veresen, Inc.		7,308		109,388
West Fraser Timber Co., Ltd.		6,595		379,675
Wheaton Precious Metals Corp.		30,002		570,941
Yamana Gold, Inc.		99,520		262,596
				94,863,759
CHILE — 0.3%
Embotelladora Andina SA Class B, Preference Shares		22,494		105,285
Enel Americas SA ADR		189,509		1,936,782
Enel Chile SA ADR		144,376		866,256
Enel Generacion Chile SA ADR		46,838		1,234,650
Sociedad Quimica y Minera de Chile SA ADR		10,988		611,592
				4,754,565
CHINA — 7.0%
58.com, Inc. ADR (b)		3,084		194,724
AAC Technologies Holdings, Inc.		82,500		1,385,791
Agricultural Bank of China, Ltd. Class H		2,165,000		970,144
Air China, Ltd. Class H		64,000		53,178
Alibaba Group Holding, Ltd. ADR (a) (b)		72,205		12,470,526
Alibaba Health Information Technology, Ltd. (a) (b)		84,000		41,942
Anhui Conch Cement Co., Ltd. Class H		8,500		33,899
ANTA Sports Products, Ltd.		29,000		121,967
Autohome, Inc. ADR (b)		1,263		75,881
AviChina Industry & Technology Co., Ltd. Class H		591,000		357,141
Baidu, Inc. ADR (b)		19,324		4,786,362
Bank of China, Ltd. Class H		5,951,436		2,933,544
Bank of Communications Co., Ltd. Class H		1,190,710		868,942
Beijing Enterprises Water Group, Ltd. (b)		410,000		330,175
BOC Hong Kong Holdings, Ltd.		166,500		808,977
Brilliance China Automotive Holdings, Ltd.		312,000		830,860
Byd Co., Ltd. Class H (a)		24,500		227,256
CGN Power Co., Ltd. Class H (d)		185,400		51,271

See accompanying notes to financial statements.

18

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
China CITIC Bank Corp., Ltd. Class H		574,000	$	364,505
China Coal Energy Co., Ltd. Class H (a)		40,000		18,897
China Communications Construction Co., Ltd. Class H		366,000		456,873
China Conch Venture Holdings, Ltd.		16,000		31,137
China Construction Bank Corp. Class H		4,849,720		4,023,479
China Everbright Bank Co., Ltd. Class H		36,000		16,639
China Everbright International, Ltd.		26,000		32,622
China Everbright, Ltd.		44,000		101,174
China Evergrande Group (b)		235,000		819,869
China Galaxy Securities Co., Ltd. Class H		194,500		170,577
China Huishan Dairy Holdings Co., Ltd. (a) (e)		1,418,000		—
China Life Insurance Co., Ltd. Class H		602,000		1,791,965
China Mengniu Dairy Co., Ltd. (b)		428,000		1,197,306
China Merchants Bank Co., Ltd. Class H		463,014		1,627,221
China Merchants Port Holdings Co., Ltd.		414,312		1,278,364
China Minsheng Banking Corp., Ltd. Class H (a)		308,000		282,341
China Mobile, Ltd.		488,500		4,950,232
China Oilfield Services, Ltd. Class H		100,000		91,541
China Overseas Land & Investment, Ltd.		388,000		1,261,756
China Pacific Insurance Group Co., Ltd. Class H		194,200		836,651
China Petroleum & Chemical Corp. Class H		2,425,800		1,816,858
China Railway Construction Corp., Ltd. Class H		122,500		155,268
China Railway Group, Ltd. Class H		247,000		204,286
China Resources Beer Holdings Co., Ltd.		389,670		1,055,158
China Resources Land, Ltd.		52,000		159,115
China Shenhua Energy Co., Ltd. Class H		191,500		450,144
China Southern Airlines Co., Ltd. Class H		110,000		75,768
China Taiping Insurance Holdings Co., Ltd.		144,600		386,923
China Telecom Corp., Ltd. Class H		1,880,000		962,782
China Unicom Hong Kong, Ltd. (b)		768,000		1,067,827
China Vanke Co., Ltd. Class H		73,300		241,183
CITIC Securities Co., Ltd. Class H		112,000		246,349
CITIC, Ltd.		388,000		573,255
CNOOC, Ltd.		1,558,217		2,010,937
COSCO SHIPPING Ports, Ltd.		496,147		552,001
Country Garden Holdings Co., Ltd.		225,000		357,778
CRRC Corp., Ltd. Class H		333,000		295,879
CSPC Pharmaceutical Group, Ltd.		426,000		713,391
Ctrip.com International, Ltd. ADR (b)		13,758		725,597
ENN Energy Holdings, Ltd.		38,000		275,366
Fosun International, Ltd. (a)		89,000		187,556
Geely Automobile Holdings, Ltd.		960,000		2,703,983
GF Securities Co., Ltd. Class H		147,600		320,874
GOME Retail Holdings, Ltd. (a)		1,562,000		175,984

See accompanying notes to financial statements.

19

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Great Wall Motor Co., Ltd. Class H (a)		268,500	$	330,009
Guangzhou Automobile Group Co., Ltd. Class H		104,000		240,736
Haitong Securities Co., Ltd. Class H		152,000		245,591
Hengan International Group Co., Ltd.		96,500		893,255
Huaneng Power International, Inc. Class H		832,000		514,494
Huaneng Renewables Corp., Ltd. Class H		884,000		291,999
Huatai Securities Co., Ltd. Class H (d)		155,000		343,311
Industrial & Commercial Bank of China, Ltd. Class H		5,237,045		3,888,878
JD.com, Inc. ADR (b)		49,163		1,878,027
Jiangsu Expressway Co., Ltd. Class H		14,000		21,437
Kingsoft Corp., Ltd.		149,000		347,190
Lenovo Group, Ltd.		436,000		240,588
Momo, Inc. ADR (b)		5,983		187,507
NetEase, Inc. ADR		4,971		1,311,400
New China Life Insurance Co., Ltd. Class H		72,500		409,806
New Oriental Education & Technology Group, Inc. ADR		6,068		535,562
PetroChina Co., Ltd. Class H		1,502,000		951,887
PICC Property & Casualty Co., Ltd. Class H		425,610		750,881
Ping An Insurance Group Co. of China, Ltd. Class H		386,000		2,962,692
Semiconductor Manufacturing International Corp. (a) (b)		105,900		119,584
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		124,000		87,792
Shanghai Electric Group Co., Ltd. Class H (b)		320,000		140,935
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		80,540		128,139
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		33,100		80,857
Sihuan Pharmaceutical Holdings Group, Ltd. (a)		122,000		44,360
SINA Corp. (b)		3,233		370,663
Sinopec Shanghai Petrochemical Co., Ltd. Class H		312,000		185,745
Sinopharm Group Co., Ltd. Class H		66,400		292,440
Sunac China Holdings, Ltd. (a)		157,300		719,971
Sunny Optical Technology Group Co., Ltd.		37,000		588,347
TAL Education Group ADR		10,380		349,910
Tencent Holdings, Ltd.		407,300		17,531,625
Tingyi Cayman Islands Holding Corp.		384,000		578,161
TravelSky Technology, Ltd. Class H		56,000		145,902
Tsingtao Brewery Co., Ltd. Class H		8,000		30,625
Vipshop Holdings, Ltd. ADR (b)		18,504		162,650
Want Want China Holdings, Ltd. (a)		192,000		134,953
Weibo Corp. ADR (a) (b)		2,915		288,410
Yanzhou Coal Mining Co., Ltd. Class H		382,000		376,097
YY, Inc. ADR (b)		2,845		246,889
Zhuzhou CRRC Times Electric Co., Ltd. Class H		79,900		447,543

See accompanying notes to financial statements.

20

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Zijin Mining Group Co., Ltd. Class H		1,502,000	$	515,365
ZTE Corp. Class H (b)		37,800		123,650
				101,645,854
COLOMBIA — 0.1%
Bancolombia SA ADR		24,728		1,132,295
Cementos Argos SA		106,442		424,067
				1,556,362
DENMARK — 1.3%
AP Moeller - Maersk A/S Class B		965		1,833,482
Danske Bank A/S		65,027		2,601,163
DSV A/S		44,937		3,400,186
Genmab A/S (b)		2,721		600,843
Novo Nordisk A/S Class B		147,758		7,065,381
Novozymes A/S Class B		14,118		724,650
Pandora A/S (a)		7,869		776,924
Vestas Wind Systems A/S		19,513		1,751,421
				18,754,050
EGYPT — 0.1%
Commercial International Bank Egypt SAE		139,696		646,005
Global Telecom Holding SAE (b)		710,220		258,335
				904,340
FINLAND — 0.7%
Elisa Oyj		10,187		438,609
Fortum Oyj		11,262		224,872
Kone Oyj Class B		30,269		1,603,123
Metso Oyj		25,285		927,845
Neste Oyj		9,139		399,212
Nokia Oyj (c)		203,167		1,220,134
Nokia Oyj (c)		107,640		644,149
Sampo Oyj Class A		31,971		1,690,242
Stora Enso Oyj Class R		67,385		951,967
UPM-Kymmene Oyj		58,381		1,582,582
Wartsila Oyj Abp		10,586		749,634
				10,432,369
FRANCE — 7.1%
Accor SA		24,023		1,193,793
Air Liquide SA		32,241		4,301,311
Airbus SE		45,796		4,353,398
Alstom SA		20,470		869,613
AXA SA		130,058		3,934,577
BNP Paribas SA		75,267		6,072,926

See accompanying notes to financial statements.

21

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Bouygues SA		23,177	$	1,100,103
Capgemini SE		15,062		1,765,671
Carrefour SA		65,194		1,317,551
Cie de Saint-Gobain		34,664		2,066,200
Cie Generale des Etablissements Michelin		13,473		1,967,080
Credit Agricole SA		77,165		1,403,032
Danone SA		53,283		4,180,721
Electricite de France SA		6,195		75,251
Engie SA		90,017		1,529,227
Essilor International SA		20,361		2,521,412
Hermes International		979		493,678
ICADE REIT		655		58,439
Kering		7,042		2,805,957
Klepierre SA REIT		3,382		132,780
Lagardere SCA		17,382		582,050
Legrand SA		19,286		1,392,618
L’Oreal SA		22,239		4,729,739
LVMH Moet Hennessy Louis Vuitton SE		20,461		5,646,918
Orange SA		171,547		2,810,846
Pernod Ricard SA		17,805		2,463,793
Peugeot SA		33,542		799,015
Publicis Groupe SA		24,998		1,746,264
Renault SA		16,163		1,588,057
Safran SA		21,746		2,222,209
Sanofi		89,202		8,859,237
Schneider Electric SE (b)		46,742		4,068,673
Societe Generale SA		54,802		3,209,219
Sodexo SA		13,542		1,688,986
TOTAL SA		170,054		9,136,160
Unibail-Rodamco SE REIT		6,767		1,645,988
Valeo SA		16,613		1,232,992
Veolia Environnement SA		41,172		951,567
Vinci SA		43,444		4,129,301
Vivendi SA		110,964		2,809,909
Zodiac Aerospace		14,950		432,392
				104,288,653
GERMANY — 6.7%
adidas AG		15,905		3,598,871
Allianz SE		38,986		8,754,648
BASF SE		69,661		7,415,081
Bayer AG		63,715		8,684,838
Bayerische Motoren Werke AG		25,269		2,563,999
CECONOMY AG		17,297		203,728

See accompanying notes to financial statements.

22

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Commerzbank AG (b)		57,381	$	780,790
Continental AG		8,096		2,055,391
Covestro AG (d)		1,239		106,560
Daimler AG		70,566		5,628,555
Deutsche Bank AG		131,508		2,274,507
Deutsche Boerse AG		23,194		2,514,682
Deutsche Lufthansa AG		35,754		993,729
Deutsche Post AG		95,423		4,248,951
Deutsche Telekom AG		259,439		4,841,396
E.ON SE		165,766		1,876,594
Fresenius Medical Care AG & Co. KGaA		26,858		2,628,073
Fresenius SE & Co. KGaA		29,078		2,346,162
Henkel AG & Co. KGaA Preference Shares		6,760		920,241
Infineon Technologies AG		37,196		935,308
KS AG (a)		5,645		153,825
Linde AG		12,200		2,544,909
MAN SE		4,319		487,564
Merck KGaA		19,719		2,194,106
METRO AG (b)		17,575		371,599
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		18,544		3,965,817
OSRAM Licht AG		7,177		572,798
RWE AG (b)		42,755		971,474
SAP SE		82,135		9,000,194
Siemens AG		65,189		9,186,314
ThyssenKrupp AG		34,996		1,037,409
TUI AG		27,931		474,416
United Internet AG		1,504		93,649
Volkswagen AG		5,454		923,635
Volkswagen AG Preference Shares		10,295		1,679,563
Vonovia SE		22,890		974,180
				98,003,556
GREECE — 0.1%
Alpha Bank AE (b)		92,708		183,031
Eurobank Ergasias SA (b)		116,542		103,056
Hellenic Telecommunications Organization SA		2,846		34,419
JUMBO SA		25,790		426,540
National Bank of Greece SA (b)		434,446		147,404
OPAP SA		37,108		392,628
Piraeus Bank SA (b)		29,026		99,512
				1,386,590
HONG KONG — 2.6%
AIA Group, Ltd.		927,800		6,842,060
Alibaba Pictures Group, Ltd. (a) (b)		510,000		81,619

See accompanying notes to financial statements.

23

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
ASM Pacific Technology, Ltd.		7,400	$	106,585
Bank of East Asia, Ltd.		341,524		1,475,724
CK Asset Holdings, Ltd.		223,032		1,846,060
CK Hutchison Holdings, Ltd.		269,032		3,439,237
CLP Holdings, Ltd.		114,500		1,173,483
Fullshare Holdings, Ltd. (a) (b)		362,500		157,796
Galaxy Entertainment Group, Ltd.		173,000		1,218,201
Haier Electronics Group Co., Ltd. (b)		23,000		56,067
Hanergy Thin Film Power Group, Ltd. (b) (e)		448,000		—
Hang Lung Properties, Ltd.		388,000		920,983
Hang Seng Bank, Ltd.		57,900		1,411,418
Henderson Land Development Co., Ltd.		213,263		1,412,980
Hong Kong & China Gas Co., Ltd.		1,346,252		2,530,244
Hong Kong Exchanges & Clearing, Ltd.		104,156		2,800,358
I-CABLE Communications, Ltd. (b)		5,870		192
Jardine Matheson Holdings, Ltd.		3,200		202,752
Jardine Strategic Holdings, Ltd.		1,000		43,200
Li & Fung, Ltd. (a)		776,000		389,455
Link REIT		308,786		2,502,484
Melco Resorts & Entertainment, Ltd. ADR		6,351		153,186
New World Development Co., Ltd.		829,923		1,192,177
Sands China, Ltd.		232,400		1,209,502
Shangri-La Asia, Ltd.		386,333		716,210
Sino Biopharmaceutical, Ltd.		740,000		782,567
SJM Holdings, Ltd.		38,000		34,786
Sun Art Retail Group, Ltd.		221,000		205,135
Sun Hung Kai Properties, Ltd.		181,185		2,943,702
Swire Pacific, Ltd. Class A		107,506		1,043,307
Techtronic Industries Co., Ltd.		171,500		915,609
WH Group, Ltd. (d)		287,601		305,618
Wharf Holdings, Ltd.		6,000		53,465
Wheelock & Co., Ltd.		6,000		42,211
				38,208,373
HUNGARY — 0.1%
MOL Hungarian Oil & Gas PLC		96,000		1,095,968
OTP Bank PLC		23,804		896,337
				1,992,305
INDIA — 1.9%
ACC, Ltd.		23,334		591,888
Adani Ports & Special Economic Zone, Ltd.		47,851		275,993
Ambuja Cements, Ltd.		120,160		490,150
Apollo Hospitals Enterprise, Ltd.		23,701		364,659
Aurobindo Pharma, Ltd.		26,987		285,756

See accompanying notes to financial statements.

24

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Axis Bank, Ltd.		75,227	$	586,372
Bajaj Auto, Ltd.		5,523		262,909
Bajaj Finance, Ltd.		16,595		466,969
Bajaj Finserv, Ltd.		1,830		144,407
Bharat Forge, Ltd.		4,521		40,760
Bharat Forge, Ltd., Bonus Shares (b) (f)		4,521		40,760
Bharat Heavy Electricals, Ltd.		65,429		84,090
Bharat Heavy Electricals, Ltd., Bonus Shares (b) (f)		32,715		42,045
Bharat Petroleum Corp., Ltd.		42,933		309,772
Bharti Airtel, Ltd.		29,682		176,970
Bharti Infratel, Ltd.		64,413		392,868
Bosch, Ltd.		127		39,945
Cadila Healthcare, Ltd.		7,500		54,005
Dabur India, Ltd.		56,740		264,937
Dr Reddy’s Laboratories, Ltd. ADR		19,098		681,417
Eicher Motors, Ltd.		757		361,734
Glenmark Pharmaceuticals, Ltd.		18,511		169,552
Godrej Consumer Products, Ltd.		24,504		344,808
HCL Technologies, Ltd.		37,623		503,867
Hindalco Industries, Ltd.		17,345		63,889
Hindustan Petroleum Corp., Ltd.		42,561		278,093
Hindustan Unilever, Ltd.		43,086		774,321
Housing Development Finance Corp., Ltd.		89,672		2,391,642
ICICI Bank, Ltd. ADR		110,351		944,604
Idea Cellular, Ltd.		59,786		70,888
Indiabulls Housing Finance, Ltd.		22,642		418,298
Indian Oil Corp., Ltd.		16,740		102,639
Infosys, Ltd. ADR (a)		166,686		2,431,949
ITC, Ltd.		175,803		695,192
LIC Housing Finance, Ltd.		31,678		304,244
Lupin, Ltd.		10,181		158,045
Mahindra & Mahindra Financial Services, Ltd.		104,955		662,557
Mahindra & Mahindra, Ltd.		33,816		652,649
Marico, Ltd.		89,406		425,335
Maruti Suzuki India, Ltd.		2,673		326,481
Motherson Sumi Systems, Ltd.		17,305		89,121
Nestle India, Ltd.		3,502		386,898
Piramal Enterprises, Ltd.		5,369		215,545
Power Finance Corp., Ltd.		55,145		102,911
Reliance Industries, Ltd. GDR (d)		136,130		3,246,700
Rural Electrification Corp., Ltd.		19,627		45,943
Shree Cement, Ltd.		1,880		534,761
Shriram Transport Finance Co., Ltd.		25,628		413,689
Siemens, Ltd.		30,839		561,282

See accompanying notes to financial statements.

25

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
State Bank of India		8,543	$	33,200
Sun Pharmaceutical Industries, Ltd.		40,183		309,585
Tata Consultancy Services, Ltd.		20,843		777,289
Tata Motors, Ltd. ADR (b)		38,752		1,211,775
Tata Power Co., Ltd.		250,189		297,990
Tech Mahindra, Ltd.		7,934		55,612
United Spirits, Ltd. (b)		4,279		157,066
UPL, Ltd.		20,106		239,628
Vedanta, Ltd.		35,767		172,073
Yes Bank, Ltd.		57,058		305,730
Zee Entertainment Enterprises, Ltd.		81,075		645,547
				27,479,804
INDONESIA — 0.5%
Adaro Energy Tbk PT		385,000		52,166
Astra International Tbk PT		2,082,700		1,221,570
Bank Central Asia Tbk PT		678,000		1,021,858
Bank Danamon Indonesia Tbk PT		16,800		6,486
Bank Mandiri Persero Tbk PT		1,576,400		787,088
Bank Rakyat Indonesia Persero Tbk PT		1,492,300		1,692,396
Bumi Serpong Damai Tbk PT		195,500		25,691
Charoen Pokphand Indonesia Tbk PT		1,994,900		405,823
Gudang Garam Tbk PT		95,000		464,103
Matahari Department Store Tbk PT		209,700		144,403
Summarecon Agung Tbk PT		555,700		43,940
Surya Citra Media Tbk PT		35,100		5,707
Telekomunikasi Indonesia Persero Tbk PT		5,347,200		1,857,962
United Tractors Tbk PT		50,300		119,504
				7,848,697
IRELAND — 0.4%
Bank of Ireland Group PLC (b)		72,843		596,777
CRH PLC		69,042		2,634,331
James Hardie Industries PLC		103,443		1,438,271
Kerry Group PLC Class A		16,825		1,616,899
Paddy Power Betfair PLC		1,563		155,989
				6,442,267
ISRAEL — 0.3%
Bank Hapoalim BM		224,839		1,573,987
Bank Leumi Le-Israel BM		218,961		1,162,180
Check Point Software Technologies, Ltd. (b)		790		90,076

See accompanying notes to financial statements.

26

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Nice, Ltd.		10,254	$	817,975
Teva Pharmaceutical Industries, Ltd. ADR		72,995		1,284,712
				4,928,930
ITALY — 1.5%
Assicurazioni Generali SpA		90,548		1,687,042
Atlantia SpA		68,345		2,158,099
Enel SpA		516,915		3,113,537
Eni SpA		178,150		2,948,523
Ferrari NV		14,554		1,608,736
Intesa Sanpaolo SpA		932,522		3,298,461
Leonardo SpA		50,965		954,975
Mediobanca SpA		61,926		664,737
Saipem SpA (a) (b)		42,827		184,698
Snam SpA		175,003		843,277
Telecom Italia SpA/Milano (b)		1,275,459		1,194,969
UniCredit SpA (b)		119,214		2,539,644
				21,196,698
JAPAN — 16.2%
Acom Co., Ltd. (a) (b)		42,400		164,229
Aeon Co., Ltd.		57,700		852,185
Aisin Seiki Co., Ltd.		37,300		1,964,989
Ajinomoto Co., Inc.		24,200		472,111
Alps Electric Co., Ltd.		6,100		160,893
Asahi Glass Co., Ltd.		33,600		1,246,213
Asahi Group Holdings, Ltd.		58,100		2,351,562
Asahi Kasei Corp.		164,000		2,017,856
Astellas Pharma, Inc.		233,200		2,965,627
Bridgestone Corp.		58,100		2,635,443
Canon, Inc.		77,200		2,637,001
Central Japan Railway Co.		19,200		3,365,309
Chiba Bank, Ltd. (a)		185,000		1,323,013
Chubu Electric Power Co., Inc.		77,400		960,581
Concordia Financial Group, Ltd.		194,000		958,410
Credit Saison Co., Ltd.		57,600		1,194,830
Dai-ichi Life Holdings, Inc.		55,300		991,878
Daiichi Sankyo Co., Ltd.		77,500		1,747,390
Daikin Industries, Ltd.		37,600		3,806,263
Daiwa Securities Group, Inc.		192,000		1,087,031
Denso Corp.		38,800		1,962,319
Dentsu, Inc.		2,200		96,549
East Japan Railway Co.		38,300		3,533,474
Eisai Co., Ltd.		19,400		995,464
Electric Power Development Co., Ltd.		19,400		487,047

See accompanying notes to financial statements.

27

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
FANUC Corp.		17,000	$	3,441,834
Fast Retailing Co., Ltd.		1,900		560,219
FUJIFILM Holdings Corp.		57,800		2,242,372
Fujitsu, Ltd.		194,000		1,440,631
Hitachi, Ltd.		387,000		2,726,001
Honda Motor Co., Ltd.		135,600		4,013,852
Hoya Corp.		38,800		2,093,990
Inpex Corp.		76,800		815,657
ITOCHU Corp.		190,200		3,114,099
Japan Real Estate Investment Corp. REIT		233		1,119,824
Japan Retail Fund Investment Corp. REIT		723		1,296,795
Japan Tobacco, Inc.		77,500		2,539,155
JFE Holdings, Inc.		41,400		808,213
JSR Corp.		38,800		736,947
JXTG Holdings, Inc.		313,708		1,613,339
Kajima Corp.		194,000		1,926,816
Kamigumi Co., Ltd.		85,500		1,978,657
Kansai Electric Power Co., Inc.		96,400		1,232,779
Kao Corp.		36,700		2,158,344
KDDI Corp.		116,400		3,068,083
Keikyu Corp. (a)		95,712		1,939,483
Keyence Corp.		6,700		3,556,390
Kintetsu Group Holdings Co., Ltd.		38,700		1,438,809
Kobe Steel, Ltd.		38,800		443,271
Komatsu, Ltd.		96,800		2,752,692
Konica Minolta, Inc.		97,000		796,233
Kose Corp.		2,200		251,926
Kubota Corp.		117,800		2,140,629
Kyocera Corp.		38,600		2,394,218
LIXIL Group Corp.		38,500		1,021,285
Makita Corp.		38,400		1,547,053
Marubeni Corp.		193,000		1,317,643
Marui Group Co., Ltd. (a)		67,900		971,767
Mazda Motor Corp.		14,900		228,335
Mebuki Financial Group, Inc.		228,800		884,182
MEIJI Holdings Co., Ltd.		3,200		253,578
Mitsubishi Chemical Holdings Corp.		194,000		1,847,537
Mitsubishi Corp.		135,600		3,150,729
Mitsubishi Electric Corp.		193,000		3,014,205
Mitsubishi Estate Co., Ltd.		173,618		3,017,666
Mitsubishi Heavy Industries, Ltd.		38,700		1,529,572
Mitsubishi UFJ Financial Group, Inc.		806,800		5,237,230
Mitsui & Co., Ltd.		190,100		2,808,478
Mitsui Chemicals, Inc.		38,800		1,178,839

See accompanying notes to financial statements.

28

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Mitsui Fudosan Co., Ltd.		26,000	$	563,585
Mizuho Financial Group, Inc. (a)		1,117,400		1,956,554
MS&AD Insurance Group Holdings, Inc.		58,100		1,869,998
Murata Manufacturing Co., Ltd.		17,200		2,527,322
NEC Corp.		17,800		482,299
Nidec Corp.		24,300		2,983,396
Nintendo Co., Ltd.		5,900		2,178,332
Nippon Steel & Sumitomo Metal Corp.		63,700		1,461,990
Nippon Telegraph & Telephone Corp.		59,300		2,716,742
Nippon Yusen KK (b)		19,400		403,115
Nissan Motor Co., Ltd.		193,700		1,917,813
Nitori Holdings Co., Ltd.		3,100		443,113
Nitto Denko Corp.		19,300		1,608,605
Nomura Holdings, Inc.		213,700		1,196,029
NTT Data Corp.		97,000		1,037,516
NTT DOCOMO, Inc.		122,100		2,788,238
Obayashi Corp.		140,200		1,680,183
Ono Pharmaceutical Co., Ltd.		24,400		552,639
Oriental Land Co., Ltd. (a)		5,800		441,782
ORIX Corp.		154,700		2,493,698
Osaka Gas Co., Ltd.		77,400		1,438,465
Otsuka Holdings Co., Ltd.		8,700		345,558
Panasonic Corp.		195,200		2,827,465
Rakuten, Inc.		42,500		463,266
Recruit Holdings Co., Ltd.		37,000		801,039
Resona Holdings, Inc.		58,100		298,333
Rohm Co., Ltd.		19,200		1,644,277
Ryohin Keikaku Co., Ltd.		1,300		382,845
Secom Co., Ltd.		19,400		1,413,573
Seven & i Holdings Co., Ltd.		77,500		2,991,494
Sharp Corp. (a) (b)		7,100		214,138
Shin-Etsu Chemical Co., Ltd.		36,300		3,244,152
Shionogi & Co., Ltd.		17,600		961,734
Shiseido Co., Ltd.		20,600		823,890
Shizuoka Bank, Ltd.		149,000		1,339,564
SMC Corp. (a)		1,300		458,375
SoftBank Group Corp.		76,600		6,181,623
Sompo Holdings, Inc.		52,600		2,045,776
Sony Corp.		96,600		3,592,303
Subaru Corp.		23,100		833,172
Sumitomo Chemical Co., Ltd.		194,000		1,211,584
Sumitomo Corp.		96,900		1,393,263
Sumitomo Electric Industries, Ltd.		77,500		1,265,447
Sumitomo Mitsui Financial Group, Inc.		62,400		2,394,776

See accompanying notes to financial statements.

29

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Sumitomo Mitsui Trust Holdings, Inc.		19,300	$	696,285
Sysmex Corp.		1,400		89,300
T&D Holdings, Inc.		38,500		558,697
Takeda Pharmaceutical Co., Ltd.		77,500		4,278,284
TDK Corp.		19,400		1,316,715
Teijin, Ltd.		64,600		1,272,889
Terumo Corp.		55,500		2,181,739
Tohoku Electric Power Co., Inc.		38,900		494,522
Tokio Marine Holdings, Inc.		58,100		2,272,076
Tokyo Electric Power Co. Holdings, Inc. (b)		135,500		546,502
Tokyo Electron, Ltd.		19,400		2,978,119
Tokyo Gas Co., Ltd.		70,600		1,729,799
Tokyu Corp.		99,500		1,408,106
Toppan Printing Co., Ltd.		194,000		1,923,369
Toray Industries, Inc.		194,000		1,881,144
Toshiba Corp. (b)		234,000		654,822
Toyota Motor Corp.		194,100		11,570,302
Toyota Tsusho Corp.		58,100		1,907,160
West Japan Railway Co.		20,000		1,389,775
Yahoo! Japan Corp. (a)		251,900		1,194,995
Yakult Honsha Co., Ltd.		900		64,843
Yamada Denki Co., Ltd. (a)		116,700		637,592
Yamaha Corp.		26,800		988,051
Yamaha Motor Co., Ltd.		58,200		1,742,407
				236,273,578
LUXEMBOURG — 0.1%
ArcelorMittal (b)		37,953		979,244
SES SA		25,109		549,448
				1,528,692
MACAU — 0.0% (g)
MGM China Holdings, Ltd. (a)		59,600		142,844
Wynn Macau, Ltd.		62,400		168,169
				311,013
MALAYSIA — 0.4%
AirAsia Bhd		512,000		418,330
Alliance Bank Malaysia Bhd		620,500		573,108
AMMB Holdings Bhd		199,900		206,410
Astro Malaysia Holdings Bhd		95,600		63,847
British American Tobacco Malaysia Bhd		36,300		376,024
CIMB Group Holdings Bhd		383,051		571,515
Dialog Group Bhd		850,600		402,889
Felda Global Ventures Holdings Bhd		632,600		253,190

See accompanying notes to financial statements.

30

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Gamuda Bhd		52,866	$	66,106
Genting Bhd		177,200		400,772
Genting Malaysia Bhd		445,000		566,987
Genting Plantations Bhd		197,700		482,252
Hong Leong Financial Group Bhd		33,239		130,673
IOI Properties Group Bhd		581,700		278,279
Malaysia Airports Holdings Bhd		146,700		295,311
Petronas Chemicals Group Bhd		18,000		31,076
PPB Group Bhd		106,100		423,646
RHB Capital Bhd		107,810		128,427
Sapura Energy Bhd		141,400		50,901
Tenaga Nasional Bhd		132,900		450,711
UMW Holdings Bhd (b)		37,800		49,684
Westports Holdings Bhd		148,500		133,993
				6,354,131
MEXICO — 0.9%
America Movil SAB de CV		2,790,310		2,483,110
Cemex SAB de CV (b)		1,648,361		1,502,285
Fomento Economico Mexicano SAB de CV		262,492		2,515,749
Fresnillo PLC		21,249		400,547
Gentera SAB de CV		251,820		409,224
Grupo Financiero Banorte SAB de CV Class O		369,149		2,552,844
Grupo Mexico SAB de CV Class B		227,769		698,512
Grupo Televisa SAB		317,404		1,568,733
Industrias Penoles SAB de CV		16,398		408,441
Kimberly-Clark de Mexico SAB de CV Class A		228,530		466,266
Wal-Mart de Mexico SAB de CV		293,176		673,235
				13,678,946
NETHERLANDS — 3.2%
Akzo Nobel NV		22,599		2,087,095
Altice NV Class B (b)		4,415		88,208
Altice NV Class A (b)		24,592		492,636
ASML Holding NV		30,449		5,185,338
Gemalto NV		1,668		74,528
Heineken NV		24,721		2,444,684
ING Groep NV		239,139		4,410,276
Koninklijke Ahold Delhaize NV		133,484		2,496,470
Koninklijke DSM NV		22,032		1,803,961
Koninklijke KPN NV		465,993		1,600,355
Koninklijke Philips NV		98,664		4,074,253
NXP Semiconductors NV (b)		12,478		1,411,137
Royal Dutch Shell PLC Class A		332,811		10,039,908

See accompanying notes to financial statements.

31

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Royal Dutch Shell PLC Class B		268,983	$	8,280,414
Wolters Kluwer NV		35,863		1,657,519
				46,146,782
NEW ZEALAND — 0.1%
Mercury NZ, Ltd.		233,008		571,017
Meridian Energy, Ltd.		226,063		464,932
Spark New Zealand, Ltd.		165,235		435,987
				1,471,936
NORWAY — 0.5%
DNB ASA		104,849		2,114,024
Norsk Hydro ASA		171,551		1,247,793
Statoil ASA		87,390		1,748,832
Telenor ASA		75,492		1,597,032
Yara International ASA		19,327		866,040
				7,573,721
PERU — 0.1%
Cia de Minas Buenaventura SAA ADR		19,018		243,240
Credicorp, Ltd.		7,302		1,497,056
				1,740,296
PHILIPPINES — 0.3%
Alliance Global Group, Inc.		600,500		189,608
Ayala Land, Inc.		525,600		450,075
BDO Unibank, Inc.		39,837		102,495
DMCI Holdings, Inc.		1,421,350		436,482
Globe Telecom, Inc.		2,815		113,599
GT Capital Holdings, Inc.		7,980		182,379
JG Summit Holdings, Inc.		250,860		370,368
Jollibee Foods Corp.		107,770		517,216
Megaworld Corp.		1,716,000		176,669
Metro Pacific Investments Corp.		3,745,400		493,985
PLDT, Inc. ADR		15,842		505,677
SM Prime Holdings, Inc.		557,600		378,140
Universal Robina Corp.		63,500		191,002
				4,107,695
POLAND — 0.3%
Alior Bank SA (b)		36,876		693,104
Bank Millennium SA (b)		128,962		248,089
Bank Zachodni WBK SA		3,675		352,276
CCC SA		7,694		582,759
Eurocash SA		24,347		258,039
Grupa Azoty SA		11,973		262,200

See accompanying notes to financial statements.

32

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
LPP SA		48	$	107,647
Orange Polska SA (b)		93,225		135,337
Polski Koncern Naftowy ORLEN SA		17,975		600,326
Powszechna Kasa Oszczednosci Bank Polski SA (b)		48,684		472,017
				3,711,794
PORTUGAL — 0.1%
EDP - Energias de Portugal SA		164,462		619,250
Jeronimo Martins SGPS SA		20,844		411,271
				1,030,521
QATAR — 0.0% (g)
Commercial Bank PQSC (b)		11,821		94,516
Ezdan Holding Group QSC		13,561		39,110
Qatar Electricity & Water Co. QSC		5,645		271,028
Qatar Gas Transport Co., Ltd.		18,457		80,049
				484,703
ROMANIA — 0.0% (g)
NEPI Rockcastle PLC		7,094		96,618
RUSSIA — 0.7%
Gazprom PJSC ADR		455,752		1,909,601
LUKOIL PJSC ADR		50,748		2,691,167
Magnit PJSC GDR		8,042		329,320
MMC Norilsk Nickel PJSC ADR		37,885		651,622
Mobile TeleSystems PJSC ADR		91,012		950,165
RusHydro PJSC ADR (c)		58,736		83,993
RusHydro PJSC ADR (a) (c)		116,159		166,688
Sberbank of Russia PJSC ADR		119,978		1,707,887
Surgutneftegas OJSC ADR		124,978		646,136
Tatneft PJSC ADR		38,069		1,625,546
				10,762,125
SINGAPORE — 0.9%
CapitaLand, Ltd.		387,000		1,020,259
DBS Group Holdings, Ltd.		209,858		3,217,529
Singapore Exchange, Ltd.		387,000		2,106,064
Singapore Press Holdings, Ltd. (a)		581,000		1,163,754
Singapore Telecommunications, Ltd.		944,300		2,559,022
United Overseas Bank, Ltd.		197,929		3,425,260
				13,491,888
SOUTH AFRICA — 1.5%
Anglo American Platinum, Ltd. (b)		7,211		184,247
AngloGold Ashanti, Ltd.		40,536		382,169

See accompanying notes to financial statements.

33

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Aspen Pharmacare Holdings, Ltd.		24,259	$	545,439
Bid Corp., Ltd. (a)		22,572		508,027
Bidvest Group, Ltd. (a)		22,619		289,235
Brait SE (b)		32,065		127,049
Capitec Bank Holdings, Ltd.		5,009		318,688
Coronation Fund Managers, Ltd.		45,106		224,820
Discovery, Ltd. (a)		74,137		772,310
FirstRand, Ltd. (a)		314,437		1,211,639
Foschini Group, Ltd.		30,096		302,576
Gold Fields, Ltd.		47,341		206,789
Impala Platinum Holdings, Ltd. (b)		58,439		134,168
Imperial Holdings, Ltd.		21,031		297,853
Massmart Holdings, Ltd.		25,988		214,717
Mr. Price Group, Ltd.		28,795		383,948
MTN Group, Ltd.		122,313		1,126,702
Naspers, Ltd. Class N		33,229		7,185,979
Novus Holdings, Ltd.		11,373		5,500
Pioneer Foods Group, Ltd.		29,547		246,726
PSG Group, Ltd.		15,831		274,482
Rand Merchant Investment Holdings, Ltd.		34,023		104,494
Remgro, Ltd.		37,710		573,477
Resilient REIT, Ltd.		48,168		474,742
Sanlam, Ltd.		232,180		1,163,436
Sasol, Ltd.		42,433		1,165,906
Sibanye-Stillwater		136,381		153,728
Standard Bank Group, Ltd. (a)		127,348		1,488,375
Steinhoff International Holdings NV (a)		206,316		917,249
Truworths International, Ltd. (a)		56,316		322,193
Woolworths Holdings, Ltd.		45,884		203,517
				21,510,180
SOUTH KOREA — 3.5%
Amorepacific Corp.		387		87,682
Amorepacific Corp. Preference Shares		2,017		274,721
AMOREPACIFIC Group		502		54,129
BGF retail Co., Ltd.		2,172		157,398
Celltrion, Inc. (b)		8,293		1,028,163
CJ CheilJedang Corp.		2,274		703,831
CJ Corp.		746		111,052
Coway Co., Ltd.		3,030		248,675
E-MART, Inc.		2,642		480,951
Hana Financial Group, Inc.		43,216		1,786,596
Hanmi Pharm Co., Ltd. (a) (b)		345		136,904
Hanmi Science Co., Ltd. (a) (b)		1,721		138,089

See accompanying notes to financial statements.

34

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Hanssem Co., Ltd.		1,124	$	148,676
Hotel Shilla Co., Ltd.		875		44,462
Hyundai Department Store Co., Ltd.		4,444		342,995
Hyundai Development Co-Engineering & Construction		11,169		348,132
Hyundai Heavy Industries Co., Ltd. (b)		3,854		487,912
Hyundai Mobis Co., Ltd.		6,188		1,296,652
Hyundai Motor Co.		13,649		1,793,491
Hyundai Robotics Co., Ltd. (b)		800		297,551
Hyundai Steel Co.		6,302		290,519
KB Financial Group, Inc.		44,941		2,201,240
Kia Motors Corp.		27,125		749,558
Korea Aerospace Industries, Ltd.		4,292		163,758
Korea Electric Power Corp. ADR (a)		46,892		785,910
Korea Zinc Co., Ltd.		2,354		1,018,385
KT Corp. ADR		38,273		530,847
KT&G Corp.		13,111		1,207,675
LG Chem, Ltd.		766		262,166
LG Chem, Ltd. Preference Shares		536		118,633
LG Electronics, Inc.		14,733		1,059,937
LG Household & Health Care, Ltd.		1,289		1,053,393
Lotte Chemical Corp.		2,606		860,058
NAVER Corp.		2,722		1,770,542
NCSoft Corp.		2,275		922,633
POSCO ADR		27,995		1,942,853
Samsung C&T Corp.		4,300		506,832
Samsung Electronics Co., Ltd. GDR (a)		14,507		16,421,924
Samsung Electronics Co., Ltd. Preference Shares		512		921,765
Samsung Fire & Marine Insurance Co., Ltd.		4,591		1,122,347
Samsung Heavy Industries Co., Ltd. (b)		20,495		200,414
Samsung SDS Co., Ltd.		1,368		201,256
Samsung Securities Co., Ltd.		25,557		770,938
Shinhan Financial Group Co., Ltd.		39,901		1,752,320
SK Holdings Co., Ltd.		4,157		1,045,284
SK Hynix, Inc.		33,426		2,419,361
SK Innovation Co., Ltd.		5,941		1,032,225
SK Telecom Co., Ltd. ADR		18,977		466,644
				51,767,479
SPAIN — 2.3%
Abertis Infraestructuras SA		90,248		1,824,418
ACS Actividades de Construccion y Servicios SA		43,869		1,626,130
Aena SME SA (d)		971		175,344
Amadeus IT Group SA		23,772		1,545,397
Banco Bilbao Vizcaya Argentaria SA		445,842		3,985,208

See accompanying notes to financial statements.

35

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Banco de Sabadell SA		232,162	$	484,700
Banco Santander SA		1,099,317		7,676,808
CaixaBank SA		32,676		163,789
Distribuidora Internacional de Alimentacion SA (a)		77,323		451,114
Ferrovial SA		74,528		1,640,992
Gas Natural SDG SA		32,477		719,125
Iberdrola SA		486,637		3,780,885
Industria de Diseno Textil SA		92,714		3,494,801
Mapfre SA		222,148		723,264
Repsol SA		98,489		1,815,200
Telefonica SA		347,919		3,780,758
				33,887,933
SWEDEN — 2.0%
Assa Abloy AB Class B		121,515		2,769,030
Atlas Copco AB Class B		84,295		3,261,360
Essity AB Class B (b)		5,354		145,356
Hennes & Mauritz AB Class B (a)		83,235		2,151,658
Husqvarna AB Class B		194,451		1,996,361
Nordea Bank AB		210,145		2,842,320
Sandvik AB		104,943		1,806,403
Securitas AB Class B		63,282		1,057,497
Skandinaviska Enskilda Banken AB Class A		113,249		1,488,740
Skanska AB Class B		63,093		1,458,605
SKF AB Class B		51,671		1,123,647
Svenska Handelsbanken AB Class A		139,088		2,094,239
Swedbank AB Class A		68,986		1,903,330
Tele2 AB Class B		86,875		991,963
Telefonaktiebolaget LM Ericsson Class B		265,369		1,520,556
Telia Co. AB		153,080		719,419
Volvo AB Class B		108,904		2,094,731
				29,425,215
SWITZERLAND — 6.1%
ABB, Ltd.		184,916		4,575,123
Adecco Group AG		15,679		1,221,782
Cie Financiere Richemont SA		39,643		3,625,884
Coca-Cola HBC AG (b)		12,520		424,136
Credit Suisse Group AG (b)		149,846		2,374,059
Ferguson PLC		19,344		1,270,653
Geberit AG		4,263		2,018,272
Givaudan SA		1,130		2,460,635
Glencore PLC (b)		806,311		3,699,711
Julius Baer Group, Ltd. (b)		12,128		718,204
Kuehne + Nagel International AG		9,087		1,683,856

See accompanying notes to financial statements.

36

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
LafargeHolcim, Ltd. (b)		25,791	$	1,508,651
Lonza Group AG (b)		4,243		1,113,809
Nestle SA		227,943		19,105,185
Novartis AG		172,131		14,747,478
Roche Holding AG		50,225		12,831,356
SGS SA		775		1,860,609
Sika AG		147		1,094,600
Sonova Holding AG		2,299		390,374
STMicroelectronics NV		25,416		491,866
Swatch Group AG, Bearer Shares (a)		4,434		1,845,820
Swiss Re AG		26,470		2,399,151
UBS Group AG (b)		261,336		4,469,937
Zurich Insurance Group AG		12,338		3,766,686
				89,697,837
TAIWAN — 2.6%
Advanced Semiconductor Engineering, Inc. ADR		214,954		1,328,416
Advantech Co., Ltd.		28,599		203,713
Asia Pacific Telecom Co., Ltd. (b)		48,000		16,146
Asustek Computer, Inc.		11,000		90,506
AU Optronics Corp. ADR (a)		258,893		1,045,928
Catcher Technology Co., Ltd.		32,000		298,114
Cathay Financial Holding Co., Ltd.		218,000		346,511
Chicony Electronics Co., Ltd.		151,581		359,907
China Airlines, Ltd. (b)		742,000		280,171
China Development Financial Holding Corp.		426,000		127,839
China Life Insurance Co., Ltd.		193,296		181,988
Chunghwa Telecom Co., Ltd. ADR		69,344		2,365,324
Compal Electronics, Inc.		226,000		160,609
CTBC Financial Holding Co., Ltd.		540,558		338,695
Delta Electronics, Inc.		59,785		307,560
E.Sun Financial Holding Co., Ltd.		799,741		477,355
Eclat Textile Co., Ltd.		15,650		190,180
Eva Airways Corp.		508,897		248,373
Feng TAY Enterprise Co., Ltd.		34,036		154,893
Formosa Plastics Corp.		314,000		950,574
Foxconn Technology Co., Ltd.		24,240		69,945
Fubon Financial Holding Co., Ltd.		338,000		527,219
Giant Manufacturing Co., Ltd.		17,000		79,887
Globalwafers Co., Ltd.		6,000		58,567
Highwealth Construction Corp.		153,400		203,613
Hiwin Technologies Corp.		6,429		56,713
Hon Hai Precision Industry Co., Ltd. GDR		847,793		5,934,551
Hotai Motor Co., Ltd.		7,000		80,679

See accompanying notes to financial statements.

37

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
HTC Corp. (b)		51,000	$	127,483
Innolux Corp.		217,000		101,258
Largan Precision Co., Ltd.		5,000		878,842
MediaTek, Inc.		61,000		572,302
Mega Financial Holding Co., Ltd.		25,948		20,280
Merida Industry Co., Ltd.		28,000		121,884
OBI Pharma, Inc. (b)		8,000		45,640
Pegatron Corp.		48,000		124,575
Phison Electronics Corp.		18,000		213,692
Pou Chen Corp.		134,000		168,141
Powertech Technology, Inc.		151,000		435,213
President Chain Store Corp.		35,000		294,898
Ruentex Development Co., Ltd. (b)		42,189		38,677
Siliconware Precision Industries Co., Ltd. ADR (a)		105,251		830,430
Standard Foods Corp.		230,822		563,277
Taishin Financial Holding Co., Ltd.		808,500		347,940
Taiwan Business Bank		1,872,173		509,964
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		351,867		13,212,606
Teco Electric and Machinery Co., Ltd.		372,000		333,063
Transcend Information, Inc.		134,000		378,703
Uni-President Enterprises Corp.		348,000		728,730
United Microelectronics Corp. ADR (a)		793,696		1,984,240
Zhen Ding Technology Holding, Ltd.		21,000		42,521
				38,558,335
THAILAND — 0.5%
Bangkok Bank PCL		194,276		1,135,947
BEC World PCL (f)		79,500		38,856
Bumrungrad Hospital PCL (f)		76,300		491,889
Central Pattana PCL (f)		231,800		542,141
CP ALL PCL NVDR		349,600		699,724
Delta Electronics Thailand PCL (f)		72,600		189,935
Indorama Ventures PCL (f)		42,200		53,462
IRPC PCL (f)		4,932,600		931,795
Kasikornbank PCL		61,200		392,708
Minor International PCL (f)		209,400		255,864
PTT PCL (f)		111,662		1,366,060
Siam Commercial Bank PCL NVDR		112,600		516,576
Thai Union Group PCL Class F (f)		232,600		139,490
TMB Bank PCL (f)		1,180,800		89,224
				6,843,671
TURKEY — 0.3%
Akbank Turk AS		487,340		1,288,208
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT (b)		889,312		670,216

See accompanying notes to financial statements.

38

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Turkiye Garanti Bankasi A/S		373,448	$	1,016,556
Turkiye Is Bankasi Class C		519,000		989,517
				3,964,497
UNITED ARAB EMIRATES — 0.1%
Abu Dhabi Commercial Bank PJSC		66,098		127,781
DP World, Ltd.		9,119		204,813
DXB Entertainments PJSC (b)		358,911		74,271
Emaar Malls PJSC		71,379		45,284
Emaar Properties PJSC		130,890		302,576
Emirates Telecommunications Group Co. PJSC		13,287		62,589
First Abu Dhabi Bank PJSC		26,397		73,312
				890,626
UNITED KINGDOM — 11.2%
3i Group PLC		162,903		1,995,442
Anglo American PLC		101,356		1,821,509
Associated British Foods PLC		1,791		76,724
AstraZeneca PLC		86,785		5,769,358
Aviva PLC		282,545		1,950,348
BAE Systems PLC		242,120		2,051,366
Barclays PLC		1,164,005		3,019,522
Barratt Developments PLC		43,578		359,276
Berkeley Group Holdings PLC		3,834		191,198
BP PLC		1,390,467		8,904,126
British American Tobacco PLC		159,824		10,018,068
British Land Co. PLC REIT		210,780		1,702,413
BT Group PLC		549,870		2,094,424
Burberry Group PLC		51,695		1,220,676
Capita PLC		48,675		368,972
Centrica PLC		620,264		1,556,171
CNH Industrial NV		65,237		783,571
Cobham PLC		158,481		309,796
Compass Group PLC		184,532		3,919,149
Diageo PLC		219,668		7,229,421
Experian PLC		74,149		1,491,235
Fiat Chrysler Automobiles NV (b)		101,560		1,820,173
G4S PLC		114,495		427,503
GlaxoSmithKline PLC		334,433		6,678,780
Hammerson PLC REIT		188,155		1,355,593
HSBC Holdings PLC		1,437,990		14,220,715
Imperial Brands PLC		88,893		3,797,343
Inmarsat PLC		7,751		66,918
InterContinental Hotels Group PLC		13,105		694,150
Intu Properties PLC REIT (a)		50,093		154,913

See accompanying notes to financial statements.

39

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
ITV PLC		51,957	$	121,780
J Sainsbury PLC		194,903		622,088
Land Securities Group PLC REIT		98,172		1,280,906
Legal & General Group PLC		88,393		308,222
Lloyds Banking Group PLC		3,945,015		3,584,833
Marks & Spencer Group PLC (a)		163,381		774,653
National Grid PLC		352,928		4,378,034
Next PLC		16,548		1,167,805
Old Mutual PLC		553,004		1,440,843
Pearson PLC		87,837		721,221
Persimmon PLC		14,245		493,467
Prudential PLC		133,853		3,208,265
Randgold Resources, Ltd.		5,438		533,694
Reckitt Benckiser Group PLC		64,685		5,912,636
RELX NV		118,894		2,531,421
RELX PLC		127,882		2,808,648
Rio Tinto PLC		87,215		4,063,826
Rio Tinto, Ltd. (a)		30,541		1,594,324
Rolls-Royce Holdings PLC (b)		143,215		1,704,321
Royal Bank of Scotland Group PLC (b)		214,842		773,355
RSA Insurance Group PLC		90,844		759,318
Sage Group PLC		176,595		1,654,947
Segro PLC REIT		87,990		632,757
Severn Trent PLC		57,767		1,684,142
Sky PLC		114,098		1,400,678
Smith & Nephew PLC		121,768		2,202,228
Smiths Group PLC		29,174		617,258
SSE PLC		126,684		2,374,419
Standard Chartered PLC (b)		199,367		1,983,637
Standard Life Aberdeen PLC		253,388		1,473,718
Taylor Wimpey PLC		172,665		452,887
Tesco PLC (b)		712,105		1,788,023
Unilever NV		123,317		7,295,095
Unilever PLC		100,631		5,831,149
United Utilities Group PLC		85,595		981,295
Vodafone Group PLC		2,066,175		5,788,110
Whitbread PLC		12,517		632,441
WPP PLC		126,132		2,343,766
				163,969,063
UNITED STATES — 0.3%
Shire PLC		49,543		2,517,859

See accompanying notes to financial statements.

40

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Valeant Pharmaceuticals International, Inc. (b)		27,588	$	394,414
Yum China Holdings, Inc. (b)		20,092		803,077
				3,715,350
TOTAL COMMON STOCKS (Cost $1,350,605,271)				1,451,748,196
SHORT-TERM INVESTMENTS — 1.5%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (h) (i)		1,559,265		1,559,265
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)		19,433,641		19,433,641
TOTAL SHORT-TERM INVESTMENTS (Cost $20,992,906)				20,992,906
TOTAL INVESTMENTS — 100.8% (Cost $1,371,598,177)				1,472,741,102
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%				(10,966,530	)
NET ASSETS — 100.0%			$	1,461,774,572

(a) All or a portion of the shares of the security are on loan at September 30, 2017.

(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 0.2% of net assets as of September 30, 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 September 30, 2017, total aggregate fair value of the securities is $0, 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 September 30, 2017, total aggregate fair value of securities is $4,181,521 representing 0.3% of 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 September 30, 2017 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at September 30, 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

See accompanying notes to financial statements.

41

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	69,327,539	$	—	$	—		$	69,327,539
Austria		4,187,214		—		—			4,187,214
Belgium		14,079,486		—		—			14,079,486
Brazil		26,472,160		—		—			26,472,160
Canada		94,863,759		—		—			94,863,759
Chile		4,754,565		—		—			4,754,565
China		101,645,854		—		0	(a)		101,645,854
Colombia		1,556,362		—		—			1,556,362
Denmark		18,754,050		—		—			18,754,050
Egypt		904,340		—		—			904,340
Finland		10,432,369		—		—			10,432,369
France		104,288,653		—		—			104,288,653
Germany		98,003,556		—		—			98,003,556
Greece		1,386,590		—		—			1,386,590
Hong Kong		38,208,373		—		0	(a)		38,208,373
Hungary		1,992,305		—		—			1,992,305
India		27,396,999		82,805		—			27,479,804
Indonesia		7,848,697		—		—			7,848,697
Ireland		6,442,267		—		—			6,442,267
Israel		4,928,930		—		—			4,928,930
Italy		21,196,698		—		—			21,196,698
Japan		236,273,578		—		—			236,273,578
Luxembourg		1,528,692		—		—			1,528,692
Macau		311,013		—		—			311,013
Malaysia		6,354,131		—		—			6,354,131
Mexico		13,678,946		—		—			13,678,946
Netherlands		46,146,782		—		—			46,146,782
New Zealand		1,471,936		—		—			1,471,936
Norway		7,573,721		—		—			7,573,721
Peru		1,740,296		—		—			1,740,296
Philippines		4,107,695		—		—			4,107,695
Poland		3,711,794		—		—			3,711,794
Portugal		1,030,521		—		—			1,030,521
Qatar		484,703		—		—			484,703

See accompanying notes to financial statements.

42

SPDR MSCI ACWI ex-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Romania	$	96,618	$	—	$	—	$	96,618
Russia		10,762,125		—		—		10,762,125
Singapore		13,491,888		—		—		13,491,888
South Africa		21,510,180		—		—		21,510,180
South Korea		51,767,479		—		—		51,767,479
Spain		33,887,933		—		—		33,887,933
Sweden		29,425,215		—		—		29,425,215
Switzerland		89,697,837		—		—		89,697,837
Taiwan		38,558,335		—		—		38,558,335
Thailand		2,744,955		4,098,716		—		6,843,671
Turkey		3,964,497		—		—		3,964,497
United Arab Emirates		890,626		—		—		890,626
United Kingdom		163,969,063		—		—		163,969,063
United States		3,715,350		—		—		3,715,350
Short-Term Investments		20,992,906		—		—		20,992,906
TOTAL INVESTMENTS	$	1,468,559,581	$	4,181,521	$	0	$	1,472,741,102

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		—	$	—	$	30,618,484	$	29,059,219	$	—	$	—		1,559,265	$	1,559,265	$	9,305
State Street Institutional U.S. Government Money Market Fund, Premier Class		809,652		809,652		24,262,565		25,072,217		—		—		—		—		2,991
State Street Navigator Securities Lending Government Money Market Portfolio*		23,136,429		23,136,429		257,453,612		261,156,400		—		—		19,433,641		19,433,641		252,683
Total			$	23,946,081	$	312,334,661	$	315,287,836	$	—	$	—			$	20,992,906	$	264,979

* 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.

43

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 11.5%
AusNet Services		5,299,372	$	7,027,275
carsales.com, Ltd.		676,862		6,814,008
Charter Hall Group REIT		940,601		3,963,287
Commonwealth Bank of Australia		313,361		18,502,367
DuluxGroup, Ltd.		1,796,939		9,869,774
Goodman Group REIT		730,022		4,719,967
GPT Group REIT		1,860,082		7,239,184
Investa Office Fund REIT		1,104,283		3,899,139
Mirvac Group REIT		4,106,457		7,378,679
Sonic Healthcare, Ltd.		733,878		12,040,755
Stockland REIT		2,454,039		8,279,913
Transurban Group		2,124,529		19,804,092
Vicinity Centres REIT		4,576,882		9,552,723
Westpac Banking Corp.		1,009,112		25,274,239
				144,365,402
BELGIUM — 0.8%
bpost SA		348,099		10,349,789
CANADA — 14.3%
BCE, Inc.		437,307		20,441,344
Canadian Imperial Bank of Commerce		232,172		20,266,435
Emera, Inc. (a)		490,983		18,553,438
Fortis, Inc.		413,961		14,822,031
H&R Real Estate Investment Trust		240,725		4,146,017
Intact Financial Corp.		139,777		11,519,462
Power Corp. of Canada		818,474		20,752,257
Royal Bank of Canada		199,495		15,399,390
Smart Real Estate Investment Trust REIT		132,331		3,115,040
Sun Life Financial, Inc.		408,431		16,227,511
TELUS Corp.		505,711		18,147,611
Toronto-Dominion Bank		281,458		15,809,719
				179,200,255
FINLAND — 1.2%
Kone Oyj Class B		289,458		15,330,429
FRANCE — 2.3%
Bureau Veritas SA		517,043		13,346,598

See accompanying notes to financial statements.

44

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Danone SA		143,657	$	11,271,698
ICADE REIT		48,938		4,366,277
				28,984,573
GERMANY — 6.2%
Axel Springer SE		233,203		14,989,398
Deutsche EuroShop AG (a)		276,987		10,390,111
Deutsche Post AG		349,894		15,579,919
Fielmann AG		91,787		7,954,908
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		99,414		21,260,665
Talanx AG		175,751		7,106,866
				77,281,867
HONG KONG — 6.9%
CK Infrastructure Holdings, Ltd.		1,745,500		15,017,553
CLP Holdings, Ltd.		1,381,500		14,158,664
Hang Seng Bank, Ltd.		766,900		18,694,581
Link REIT		693,000		5,616,257
Power Assets Holdings, Ltd.		1,926,500		16,685,793
Sino Land Co., Ltd.		4,288,181		7,532,467
Yue Yuen Industrial Holdings, Ltd.		2,208,500		8,397,768
				86,103,083
ITALY — 1.4%
Atlantia SpA		559,450		17,665,498
JAPAN — 6.5%
Activia Properties, Inc. REIT		1,031		4,277,324
Advance Residence Investment Corp.		2,021		4,969,687
Daiwa House REIT Investment Corp.		2,095		5,013,930
GLP J - REIT		3,960		4,126,576
Hikari Tsushin, Inc.		88,800		11,123,173
Japan Prime Realty Investment Corp. REIT		1,428		4,769,937
Japan Real Estate Investment Corp. REIT		830		3,989,073
Japan Retail Fund Investment Corp. REIT		3,033		5,440,081
Kenedix Office Investment Corp. REIT		777		4,272,758
Lawson, Inc. (a)		203,100		13,441,967
Nippon Building Fund, Inc. REIT		837		4,171,430
Nippon Prologis REIT, Inc.		2,432		5,122,615
Orix JREIT, Inc. REIT		3,651		5,238,187
United Urban Investment Corp. REIT		3,806		5,572,148
				81,528,886
MALAYSIA — 2.7%
Gamuda Bhd		7,341,700		9,180,385

See accompanying notes to financial statements.

45

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Public Bank Bhd		2,540,400	$	12,297,401
Tenaga Nasional Bhd		3,549,600		12,037,957
				33,515,743
NEW ZEALAND — 0.9%
Spark New Zealand, Ltd.		4,374,197		11,541,692
PORTUGAL — 2.4%
EDP - Energias de Portugal SA		8,052,258		30,319,208
RUSSIA — 2.3%
Gazprom PJSC ADR		6,878,615		28,821,397
SINGAPORE — 3.2%
CapitaLand, Ltd.		3,422,900		9,023,883
Singapore Exchange, Ltd.		2,253,600		12,264,151
Singapore Telecommunications, Ltd.		6,755,400		18,306,913
				39,594,947
SOUTH AFRICA — 1.3%
AVI, Ltd.		929,485		6,739,240
Shoprite Holdings, Ltd.		652,908		10,004,083
				16,743,323
SPAIN — 5.0%
Enagas SA		848,731		23,905,273
Iberdrola SA		2,400,334		18,649,190
Red Electrica Corp. SA		928,960		19,526,279
				62,080,742
SWEDEN — 3.5%
ICA Gruppen AB		343,100		12,866,749
Intrum Justitia AB (a)		361,711		12,762,595
Skanska AB Class B		755,475		17,465,330
				43,094,674
SWITZERLAND — 9.9%
Baloise Holding AG		94,296		14,929,875
Helvetia Holding AG		21,216		11,533,295
Nestle SA		134,105		11,240,094
PSP Swiss Property AG		107,986		9,954,890
Roche Holding AG Bearer Shares		34,251		8,725,580
Schindler Holding AG		48,009		10,612,986
Swiss Prime Site AG (b)		148,387		13,349,616

See accompanying notes to financial statements.

46

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Swiss Re AG		249,083	$	22,576,043
Swisscom AG		40,922		20,985,424
				123,907,803
TAIWAN — 2.0%
Hua Nan Financial Holdings Co., Ltd.		13,730,350		7,448,366
Taiwan Mobile Co., Ltd.		4,961,000		17,668,777
				25,117,143
THAILAND — 1.3%
Bangkok Bank PCL (c)		210,800		1,178,837
Bangkok Bank PCL (c)		2,348,072		13,729,356
Bangkok Bank PCL NVDR		198,100		1,107,816
				16,016,009
UNITED KINGDOM — 13.9%
Diageo PLC		378,084		12,442,997
Experian PLC		563,153		11,325,756
Imperial Brands PLC		427,402		18,257,814
Kingfisher PLC		3,734,889		14,957,575
National Grid PLC		1,599,083		19,836,455
Pennon Group PLC		1,648,151		17,623,594
RELX PLC		429,870		9,441,152
Segro PLC REIT		706,061		5,077,456
SSE PLC		1,376,101		25,792,051
Ultra Electronics Holdings PLC		269,999		6,513,149
United Utilities Group PLC		1,639,105		18,791,351
WPP PLC		723,609		13,445,993
				173,505,343
TOTAL COMMON STOCKS     (Cost $1,201,686,140)				1,245,067,806
SHORT-TERM INVESTMENTS — 0.1%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (d) (e)		870,594		870,594
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		513,248		513,248
TOTAL SHORT-TERM INVESTMENTS     (Cost $1,383,842)				1,383,842
TOTAL INVESTMENTS — 99.6%     (Cost $1,203,069,982)				1,246,451,648
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%				5,509,914
NET ASSETS — 100.0%			$	1,251,961,562

See accompanying notes to financial statements.

47

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

(a) All or a portion of the shares of the security are on loan at September 30, 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 September 30, 2017 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at September 30, 2017.

(f) Investment of cash collateral for securities loaned.

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

See accompanying notes to financial statements.

48

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 —   Quoted Prices		Level 2 —   Other Significant Observable Inputs		Level 3 —   Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	144,365,402	$	—	$	—	$	144,365,402
Belgium		10,349,789		—		—		10,349,789
Canada		179,200,255		—		—		179,200,255
Finland		15,330,429		—		—		15,330,429
France		28,984,573		—		—		28,984,573
Germany		77,281,867		—		—		77,281,867
Hong Kong		86,103,083		—		—		86,103,083
Italy		17,665,498		—		—		17,665,498
Japan		81,528,886		—		—		81,528,886
Malaysia		33,515,743		—		—		33,515,743
New Zealand		11,541,692		—		—		11,541,692
Portugal		30,319,208		—		—		30,319,208
Russia		28,821,397		—		—		28,821,397
Singapore		39,594,947		—		—		39,594,947
South Africa		16,743,323		—		—		16,743,323
Spain		62,080,742		—		—		62,080,742
Sweden		43,094,674		—		—		43,094,674
Switzerland		123,907,803		—		—		123,907,803
Taiwan		25,117,143		—		—		25,117,143
Thailand		16,016,009		—		—		16,016,009
United Kingdom		173,505,343		—		—		173,505,343
Short-Term Investments		1,383,842		—		—		1,383,842
TOTAL INVESTMENTS	$	1,246,451,648	$	—	$	—	$	1,246,451,648

See accompanying notes to financial statements.

49

SPDR S&P International Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		94,096,970		93,226,376		—		—		870,594		870,594		11,710
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		92,524,112		92,524,112		—		—		—		—		6,955
State Street Navigator Securities Lending Government Money Market Portfolio*		85,141,270		85,141,270		547,348,412		631,976,434		—		—		513,248		513,248		523,392
Total			$	85,175,569	$	733,970,451	$	817,762,178	$	—	$	—			$	1,383,842	$	542,057

* 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 INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2017

	SPDR EURO STOXX 50 ETF			SPDR MSCI ACWI ex-US ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	4,547,254,361		$	1,451,748,196
Investments in affiliated issuers, at value (Notes 2 and 3)		2,820,768			20,992,906
Total Investments		4,550,075,129			1,472,741,102
Foreign currency, at value		3,760,253			6,093,734
Cash		1			—
Receivable for investments sold		—			31,705
Receivable for fund shares sold		24,490,982			—
Dividends receivable — unaffiliated issuers (Note 2)		2,795,676			3,411,547
Dividends receivable — affiliated issuers (Notes 2 and 3)		3,743			1,008
Securities lending income receivable — unaffiliated issuers (Note 8)		1,371			4,945
Securities lending income receivable — affiliated issuers (Notes 3 and 8)		6,495			12,966
Receivable from Adviser (Note 3)		—			160,306
Receivable for foreign taxes recoverable		4,816,705			305,845
Other Receivable		30,970			3,519
TOTAL ASSETS		4,585,981,325			1,482,766,677
LIABILITIES
Due to custodian (Note 3)		—			3,358
Payable upon return of securities loaned		2,656,640			19,433,641
Payable for investments purchased		24,491,789			215,869
Deferred foreign taxes payable		—			140,261
Advisory fee payable (Note 3)		3,161,517			1,198,384
Trustees’ fees and expenses payable (Note 4)		4,321			592
TOTAL LIABILITIES		30,314,267			20,992,105
NET ASSETS	$	4,555,667,058		$	1,461,774,572
NET ASSETS CONSIST OF:
Paid-in Capital (Note 6)	$	4,638,204,827		$	1,452,200,915
Undistributed (distribution in excess of) net investment income (loss)		—			9,518,243
Accumulated net realized gain (loss) on investments and foreign currency transactions		(368,245,513	)		(100,969,882	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers**		285,392,868			101,002,664
Foreign currency translations		314,876			22,632
NET ASSETS	$	4,555,667,058		$	1,461,774,572
NET ASSET VALUE PER SHARE
Net asset value per share	$	41.30		$	37.67
Shares outstanding (unlimited amount authorized, $0.01 par value)		110,300,967			38,800,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	4,261,861,493		$	1,350,605,271
Investments in affiliated issuers		2,820,768			20,992,906
Total cost of investments	$	4,264,682,261		$	1,371,598,177
Foreign currency, at cost	$	3,787,872		$	6,098,006
*       Includes investments in securities on loan, at value	$	2,433,203		$	49,186,246
**     Includes deferred foreign taxes	$	—		$	140,261

See accompanying notes to financial statements.

51

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2017

	SPDR S&P International Dividend ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	1,245,067,806
Investments in affiliated issuers, at value (Notes 2 and 3)		1,383,842
Total Investments		1,246,451,648
Foreign currency, at value		2,880,257
Cash		27
Receivable for fund shares sold		4,003,325
Dividends receivable — unaffiliated issuers (Note 2)		3,555,006
Dividends receivable — affiliated issuers (Notes 2 and 3)		3,637
Securities lending income receivable — unaffiliated issuers (Note 8)		36,510
Securities lending income receivable — affiliated issuers (Notes 3 and 8)		16,994
Receivable for foreign taxes recoverable		558,662
TOTAL ASSETS		1,257,506,066
LIABILITIES
Payable upon return of securities loaned		513,248
Payable for investments purchased		3,629,954
Advisory fee payable (Note 3)		1,400,051
Trustees’ fees and expenses payable (Note 4)		1,251
TOTAL LIABILITIES		5,544,504
NET ASSETS	$	1,251,961,562
NET ASSETS CONSIST OF:
Paid-in Capital (Note 6)	$	1,629,444,114
Undistributed (distribution in excess of) net investment income (loss)		5,335,031
Accumulated net realized gain (loss) on investments and foreign currency transactions		(426,162,008	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		43,381,666
Foreign currency translations		(37,241	)
NET ASSETS	$	1,251,961,562
NET ASSET VALUE PER SHARE
Net asset value per share	$	40.25
Shares outstanding (unlimited amount authorized, $0.01 par value)		31,101,326
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	1,201,686,140
Investments in affiliated issuers		1,383,842
Total cost of investments	$	1,203,069,982
Foreign currency, at cost	$	2,892,049
*     Includes investments in securities on loan, at value	$	12,121,687

See accompanying notes to financial statements.

52

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2017

	SPDR EURO STOXX 50 ETF			SPDR MSCI ACWI ex-US ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	104,965,185		$	33,790,399
Dividend income — affiliated issuers (Notes 2 and 3)		21,344			12,296
Dividend income — non-cash transactions		6,425,133			4,342,554
Unaffiliated securities lending income (Note 8)		129,371			83,850
Affiliated securities lending income (Notes 3 and 8)		1,560,906			252,683
Foreign taxes withheld		(14,712,714	)		(4,455,437	)
TOTAL INVESTMENT INCOME (LOSS)		98,389,225			34,026,345
EXPENSES
Advisory fee (Note 3)		9,129,597			3,960,041
Trustees’ fees and expenses (Note 4)		48,315			17,480
Miscellaneous expenses		42,922			14,698
TOTAL EXPENSES		9,220,834			3,992,219
Expenses waived/reimbursed by the Adviser (Note 3)		—			(496,100	)
NET EXPENSES		9,220,834			3,496,119
NET INVESTMENT INCOME (LOSS)		89,168,391			30,530,226
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers		(30,730,944	)		(2,568,713	)
In-kind redemptions — unaffiliated issuers		(17,150,660	)		—
Foreign currency transactions		393,041			(111,245	)
Net realized gain (loss)		(47,488,563	)		(2,679,958	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers*		767,294,458			194,865,923
Foreign currency translations		350,971			49,345
Net change in unrealized appreciation/depreciation		767,645,429			194,915,268
NET REALIZED AND UNREALIZED GAIN (LOSS)		720,156,866			192,235,310
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	809,325,257		$	222,765,536
*     Includes foreign deferred taxes	$	—		$	8,135

See accompanying notes to financial statements.

53

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2017

	SPDR S&P International Dividend ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	49,623,290
Dividend income — affiliated issuers (Notes 2 and 3)		18,665
Dividend income — non-cash transactions		4,456,026
Unaffiliated securities lending income (Note 8)		196,921
Affiliated securities lending income (Notes 3 and 8)		523,392
Foreign taxes withheld		(5,382,127	)
TOTAL INVESTMENT INCOME (LOSS)		49,436,167
EXPENSES
Advisory fee (Note 3)		5,054,474
Trustees’ fees and expenses (Note 4)		18,806
Miscellaneous expenses		32,794
TOTAL EXPENSES		5,106,074
NET EXPENSES		5,106,074
NET INVESTMENT INCOME (LOSS)		44,330,093
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		66,345,960
In-kind redemptions — unaffiliated issuers		11,028,129
Foreign currency transactions		89,951
Net realized gain (loss)		77,464,040
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		45,346,291
Foreign currency translations		(9,917	)
Net change in unrealized appreciation/depreciation		45,336,374
NET REALIZED AND UNREALIZED GAIN (LOSS)		122,800,414
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	167,130,507
* Includes foreign capital gain taxes	$	(61,846	)
** Includes foreign deferred taxes	$	7,238

See accompanying notes to financial statements.

54

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR EURO STOXX 50 ETF
	Year Ended 9/30/17			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	89,168,391		$	104,577,239
Net realized gain (loss)		(47,488,563	)		(195,079,777	)
Net change in unrealized appreciation/depreciation		767,645,429			73,088,643
Net increase (decrease) in net assets resulting from operations		809,325,257			(17,413,895	)
Net equalization credits and charges (Note 2)		11,045,586			(5,772,043	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(96,010,453	)		(104,977,475	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		1,783,480,945			221,677,717
Cost of shares redeemed		(479,844,142	)		(1,604,991,739	)
Net income equalization (Note 2)		(11,045,586	)		5,772,043
Net increase (decrease) in net assets from beneficial interest transactions		1,292,591,217			(1,377,541,979	)
Net increase (decrease) in net assets during the period		2,016,951,607			(1,505,705,392	)
Net assets at beginning of period		2,538,715,451			4,044,420,843
NET ASSETS AT END OF PERIOD	$	4,555,667,058		$	2,538,715,451
SHARES OF BENEFICIAL INTEREST:
Shares sold		46,900,000			7,350,000
Shares redeemed		(14,100,000	)		(49,600,000	)
Net increase (decrease)		32,800,000			(42,250,000	)

See accompanying notes to financial statements.

55

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR MSCI ACWI ex-US ETF
	Year Ended 9/30/17			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	30,530,226		$	21,504,119
Net realized gain (loss)		(2,679,958	)		(15,298,989	)
Net change in unrealized appreciation/depreciation		194,915,268			55,379,547
Net increase (decrease) in net assets resulting from operations		222,765,536			61,584,677
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(27,970,511	)		(21,463,385	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		419,780,280			212,231,021
Cost of shares redeemed		—			(120,364,715	)
Other capital (Note 6)		(99,689	)		—
Net increase (decrease) in net assets from beneficial interest transactions		419,680,591			91,866,306
Net increase (decrease) in net assets during the period		614,475,616			131,987,598
Net assets at beginning of period		847,298,956			715,311,358
NET ASSETS AT END OF PERIOD	$	1,461,774,572		$	847,298,956
Undistributed (distribution in excess of) net investment income (loss)	$	9,518,243		$	6,930,019
SHARES OF BENEFICIAL INTEREST:
Shares sold		12,600,000			6,800,000
Shares redeemed		—			(4,200,000	)
Net increase (decrease)		12,600,000			2,600,000

See accompanying notes to financial statements.

56

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P International Dividend ETF
	Year Ended 9/30/17			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	44,330,093		$	43,644,772
Net realized gain (loss)		77,464,040			(135,946,162	)
Net change in unrealized appreciation/depreciation		45,336,374			209,134,151
Net increase (decrease) in net assets resulting from operations		167,130,507			116,832,761
Net equalization credits and charges (Note 2)		(211,475	)		1,385,049
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(58,780,820	)		(43,184,596	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		226,668,368			120,199,049
Cost of shares redeemed		(93,577,293	)		(157,754,804	)
Net income equalization (Note 2)		211,475			(1,385,049	)
Other capital (Note 6)		12,771			—
Net increase (decrease) in net assets from beneficial interest transactions		133,315,321			(38,940,804	)
Net increase (decrease) in net assets during the period		241,453,533			36,092,410
Net assets at beginning of period		1,010,508,029			974,415,619
NET ASSETS AT END OF PERIOD	$	1,251,961,562		$	1,010,508,029
Undistributed (distribution in excess of) net investment income (loss)	$	5,335,031		$	7,669,747
SHARES OF BENEFICIAL INTEREST:
Shares sold		5,950,000			3,400,000
Shares redeemed		(2,450,000	)		(4,500,000	)
Net increase (decrease)		3,500,000			(1,100,000	)

See accompanying notes to financial statements.

57

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

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

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

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

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

See accompanying notes to financial statements.

58

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

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

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

59

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

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

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

60

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS

September 30, 2017

1. Organization

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

As of September 30, 2017, the Trust consists of thirty (30) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):

SPDR EURO STOXX 50 ETF

SPDR MSCI ACWI ex-US ETF

SPDR S&P International Dividend ETF

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

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

Each Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is

61

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for determining the fair value of investments.

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

• Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

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

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within 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.

62

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of each Fund’s investments according to the fair value hierarchy as of September 30, 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 Funds had no material transfers between levels for the period ended September 30, 2017.

Investment Transactions and Income Recognition

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

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock are recorded as dividend income at fair value. Distributions received by the 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’s. (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.

63

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

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

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of September 30, 2017, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

As of August 17, 2017, SPDR MSCI ACWI ex-US ETF and SPDR S&P International Dividend ETF NAV’s were impacted by an adjustment to certain foreign tax accruals. The per share impacts on both funds were less than $0.005, on August 17, 2017.

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.

64

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

The following Funds utilized equalization during the period ended September 30, 2017:

SPDR EURO STOXX 50 ETF

SPDR S&P International Dividend ETF

Distributions

The SPDR EURO STOXX 50 ETF and the SPDR S&P International Dividend ETF declare and distribute from net investment income, if any, to its shareholders quarterly. The SPDR MSCI ACWI Ex-US ETF declares and distributes from net investment income, if any, to its shareholders semi-annually.

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. 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 EURO STOXX 50 ETF		0.29	%
SPDR MSCI ACWI ex-US ETF		0.34
SPDR S&P International Dividend ETF		0.45

The Adviser pays all operating expenses of each Fund other than management fee, distribution fee pursuant to each Fund’s Distribution and Service Plan, if any, brokerage expenses, taxes, interest, the fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.

65

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

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 will be limited to 0.30% of the Fund’s average daily net assets before application of any fees and expenses not paid by the Adviser under the Investment Advisory Agreement. Such fees and expenses paid by the Adviser are limited to certain direct operating expenses of the Fund and, therefore, do not include the Fund’s acquired fund fees and expenses, if any. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver from year to year, but there is no guarantee that the Adviser will do so and after January 31, 2018, the waiver may be cancelled or modified at any time. The waiver and/or reimbursement may not be terminated prior to January 31, 2018 except with the approval of the Board. For the period ended September 30, 2017, SPDR MSCI ACWI ex-US ETF waived $496,100.

Administrator, Sub-Administrator, Custodian, and Transfer Agent Fees

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

Distribution Fees

State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust. Effective May 1, 2017, the Distributor’s name changed from State Street Global Markets, LLC to State Street Global Advisors Funds Distributors, LLC.

Other Transactions with Affiliates — Securities Lending

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

Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.

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

66

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

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 September 30, 2017, are disclosed in the Schedules of Investments.

Due to Custodian

In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds. The SPDR MSCI ACWI ex-US ETF had a cash overdraft due to an investment related expense payment.

4. Trustees’ Fees

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

5. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended September 30, 2017, were as follows:

	Purchases		Sales
SPDR EURO STOXX 50 ETF	$	115,792,401	$	136,863,192
SPDR MSCI ACWI ex-US ETF		63,733,828		33,702,287
SPDR S&P International Dividend ETF		1,373,163,238		1,370,228,373

For the period ended September 30, 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 EURO STOXX 50 ETF	$	1,779,914,449	$	476,005,966	$	(17,150,660	)
SPDR MSCI ACWI ex-US ETF		392,032,603		—		—

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SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

	In-kind Contributions		In-kind Redemptions		In-kind Net Realized Gains/(Losses)
SPDR S&P International Dividend ETF	$	204,361,605	$	89,620,279	$	11,028,129

6. Shareholder Transactions

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

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

7. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

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

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book- tax

68

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, expiration of capital loss carryforwards, in-kind transactions, foreign currencies, passive foreign investment companies, wash sale loss deferrals, non-deductible excise tax and capital gain tax. In addition, certain Funds claimed a portion of the payments made to redeeming shareholders as a distribution for income tax purposes.

The tax character of distributions paid during the year ended September 30, 2017, was as follows:

	Ordinary Income		Total
SPDR EURO STOXX 50 ETF	$	96,010,453	$	96,010,453
SPDR MSCI ACWI ex-US ETF		27,970,511		27,970,511
SPDR S&P International Dividend ETF		58,780,820		58,780,820

The tax character of distributions paid during the year ended September 30, 2016, was as follows:

	Ordinary Income		Total
SPDR EURO STOXX 50 ETF	$	104,977,475	$	104,977,475
SPDR MSCI ACWI ex-US ETF		21,463,385		21,463,385
SPDR S&P International Dividend ETF		43,184,596		43,184,596

At September 30, 2017, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Capital Loss Carryforwards			Undistributed Long-Term Capital Gains		Net Unrealized Gains (Losses)		Qualified Late-Year Losses*		Total
SPDR EURO STOXX 50 ETF	$	—	$	(365,700,572	)	$	—	$	283,162,803	$	—	$	(82,537,769	)
SPDR MSCI ACWI ex-US ETF		13,123,732		(99,184,558	)		—		95,634,478		—		9,573,652

69

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

	Undistributed Ordinary Income		Capital Loss Carryforwards			Undistributed Long-Term Capital Gains		Net Unrealized Gains (Losses)		Qualified Late-Year Losses*		Total
SPDR S&P International Dividend ETF	$	6,642,719	$	(425,210,816	)	$	—	$	41,085,546	$	—		(377,482,551	)

* The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of September 30, 2017, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

	Expiring 2018		Expiring 2019		Non-Expiring Short Term**		Non-Expiring Long Term**
SPDR EURO STOXX 50 ETF	$	14,945,357	$	8,709,645	$	38,250,695	$	303,794,875
SPDR MSCI ACWI ex-US ETF		36,957,682		2,453,209		7,376,864		52,396,803
SPDR S&P International Dividend ETF		13,759,514		—		149,817,841		261,633,461

** Must be utilized prior to losses subject to expiration.

As of September 30, 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 EURO STOXX 50 ETF	$	4,267,227,202	$	450,172,190	$	167,324,263	$	282,847,927
SPDR MSCI ACWI ex-US ETF		1,376,988,981		192,822,041		97,069,920		95,752,121
SPDR S&P International Dividend ETF		1,205,328,860		65,724,703		24,601,915		41,122,788

8. Securities Lending

Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to

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September 30, 2017

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 September 30, 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 September 30, 2017:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non Cash Collateral Received*		Total Collateral Received
SPDR EURO STOXX 50 ETF	$	2,433,203	$	2,656,640	$	—	$	2,656,640
SPDR MSCI ACWI ex-US ETF		49,186,246		19,433,641		31,800,235		51,233,876
SPDR S&P International Dividend ETF		12,121,687		513,248		11,924,542		12,437,790

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

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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of September 30, 2017:

			Remaining Contractual Maturity of the Agreements As of September 30, 2017
Fund	Securities Lending Transactions		Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total Borrowings		Gross Amount of Recognized Liabilities for Securities Lending Transactions
SPDR EURO STOXX 50 ETF		Common Stocks	$	2,656,640	$	—	$	—	$	—	$	2,656,640	$	2,656,640
SPDR MSCI ACWI ex-US ETF		Common Stocks		19,433,641		—		—		—		19,433,641		19,433,641
SPDR S&P International Dividend ETF		Common Stocks		513,248		—		—		—		513,248		513,248

9. 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 MSCI ACWI ex-US ETF

SPDR S&P International Dividend 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%.

Effective October 12, 2017, the Agreement was renewed, and as a result, the Funds and other affiliated Funds participate in a $500 million revolving credit facility.

The Funds had no outstanding loans as of September 30, 2017.

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10. Risks

Concentration Risk

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

Foreign and Emerging Markets Risk

Investing in foreign markets 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 Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk

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

11. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of the SPDR Index Shares Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the three funds, listed in Note 1, (each a “Fund”) as of September 30, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of September 30, 2017 by correspondence with the custodian and brokers and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above.

/s/ PricewaterhouseCoopersLLP

Boston, Massachusetts

November 21, 2017

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OTHER INFORMATION

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Expense Example

As a shareholder of a Fund, you incur two types of costs (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from April 1, 2017 to September 30, 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.

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	SPDR EURO STOXX 50 ETF			SPDR MSCI ACWI ex-US ETF			SPDR S&P International Dividend ETF
Annualized Expense Ratio		0.29	%		0.30	%		0.46	%
Actual:
Ending Account Value	$	1,157.50		$	1,122.70		$	1,085.20
Expenses Paid During Period(a)		1.57			1.60			2.40
Hypothetical (assuming a 5% return before expenses):
Ending Account Value		1,023.60			1,023.60			1,022.80
Expenses Paid During Period(a)		1.47			1.52			2.33

(a) Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by 183, then divided by 365.

Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2017.

Dividends Received Deduction

Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2017 are considered qualified dividend income and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

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Foreign Tax Credit

The Trust has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by a Fund to its shareholders. For the year ended September 30, 2017, the total amount of foreign taxes that will be passed through are:

	Amount
SPDR EURO STOXX 50 ETF	$	9,826,313
SPDR MSCI ACWI ex-US ETF		2,613,954
SPDR S&P International Dividend ETF		3,221,384

The amount of foreign source income earned on the following Funds during the year ended September 30, 2017 were as follows:

	Amount
SPDR EURO STOXX 50 ETF	$	111,411,662
SPDR MSCI ACWI ex-US ETF		38,145,249
SPDR S&P International Dividend ETF		54,097,981

Proxy Voting Policies and Procedures and Records

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

Information regarding how the investment adviser voted for the 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.

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Approval of Advisory Agreement

At an in-person meeting held prior to September 30, 2017, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the operational series of the Trust (collectively, the “Current ETFs”) and to continue the Agreement with respect to the previously approved non-operational series of the Trust (together with the Current ETFs, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), also met separately with their independent legal counsel to consider the Agreement.

In evaluating the Agreement, the Board drew on materials provided to them by SSGA FM, the Trust’s investment adviser and administrator, and other materials provided by State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”). In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the Current ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management, oversight of sub-advisers and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing each SPDR ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset

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classes. The Board looked at the Adviser’s general knowledge of the investment management 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 index-based investment objectives and in overseeing third-party sub-advisers, as applicable.

Investment Performance

The Board then reviewed the Current ETFs’ performance, noting that the distinctive indexed investment objective of each of the Current ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. Instead, the Board focused on the extent to which each Current ETF achieved its objective as a passively-managed index fund. The Board reviewed information regarding the Current ETFs’ index tracking, noting that each Current ETF satisfactorily tracked its benchmark index.

Profits Realized by the Adviser

The Board considered the profitability of the advisory arrangement with the Current ETFs to the Adviser, including data on the Current ETFs’ historical profitability to the Adviser. The Independent Trustees, with their independent legal counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable.

Fees Charged to Comparable Funds

The Board evaluated each SPDR ETF’s 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 SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. (formerly Lipper Analytical Services) and related comparative information for similar exchange-traded funds. 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.

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Economies of Scale

The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the Agreement did not provide for breakpoints in each SPDR ETF’s advisory fee rates as assets of a SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

Conclusion

The Board, including the Independent Trustees voting separately, approved the Agreement for each SPDR ETF after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the Agreement were as follows: (a) the nature and extent of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each Current ETF had been satisfactory; (c) the Adviser’s unitary fee for each SPDR ETF, considered in relation to services provided and in relation to fees charged to comparable funds, was fair and reasonable; (d) profitability of the Trust’s relationships with the Adviser was not excessive; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) fees paid to the Adviser adequately shared the economies of scale with respect to the Current ETFs by way of the relatively low fee structure of the Trust.

Approval of State Street Global Advisors Asia Limited Sub-Advisory Agreement

At an in-person meeting held prior to September 30, 2017, the Board also evaluated a proposal to continue the Sub-Advisory Agreement (the “SSGA Asia Limited Sub-Advisory Agreement”) between the Adviser and State Street Global Advisors Asia Limited (“SSGA Asia Limited”), an affiliate of the Adviser, with respect to the SPDR MSCI China A Shares IMI ETF (the “Fund”), which is sub-advised by SSGA Asia Limited. The Independent Trustees also met separately with their independent legal counsel to consider the SSGA Asia Limited Sub-Advisory Agreement.

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In evaluating the SSGA Asia Limited Sub-Advisory Agreement, the Board drew on materials provided to them by SSGA Asia Limited and the Adviser. In deciding whether to approve the SSGA Asia Limited Sub-Advisory Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by SSGA Asia Limited with respect to the Fund under the SSGA Asia Limited Sub-Advisory Agreement and (ii) investment performance of the Fund. The Board was informed of the portion of the current advisory fee that the Adviser would pay to SSGA Asia Limited under the SSGA Asia Limited Sub-Advisory Agreement and also considered that such fees would be paid directly by the Adviser and would not result in increased fees payable by the Fund.

The Board considered the background and experience of SSGA Asia Limited’s senior management and, in particular, SSGA Asia Limited’s experience in investing in Asian equity securities. The Board reviewed the Fund’s performance, noting that the Fund tracked its benchmark index. The Board also considered the unitary fee paid to the Adviser by the Fund and SSGA Asia Limited’s fees paid by the Adviser. The Board also considered whether SSGA Asia Limited benefited in other ways from its relationship with the Trust.

The Board, including the Independent Trustees voting separately, approved the SSGA Asia Limited Sub-Advisory Agreement for the Fund after weighing the foregoing factors as well as the relevant factors discussed in relation to the Agreement between the Trust and the Adviser, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the SSGA Asia Limited Sub-Advisory Agreement were as follows: (a) the nature and extent of the services provided by SSGA Asia Limited with respect to the Fund were appropriate; (b) the performance and, more importantly, the index tracking, of the Fund had been satisfactory; (c) SSGA Asia Limited’s fees for the Fund and the unitary fee, considered in relation to the services provided, were fair and reasonable; (d) any additional potential benefits to SSGA Asia Limited were not of a magnitude to materially affect the Board’s conclusions; and (e) fees paid to SSGA Asia Limited adequately shared the economies

of scale with the Fund by way of the relatively low fee structure of the Trust.

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TRUSTEES AND OFFICERS

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During the Past 5 Years
Trustees
Independent Trustees
FRANK NESVET c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1943	Independent Trustee, Chairman, Trustee Committee Chair	Term: Unlimited Served: since September 2000	Retired.		148	None.
DAVID M. KELLY c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1938	Independent Trustee	Term: Unlimited Served: since September 2000	Retired.		148	Chicago Stock Exchange (Former Director, retired); Penson Worldwide Inc. (Former Director, retired).
BONNY EUGENIA BOATMAN c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1950	Independent Trustee	Term: Unlimited Served: since April 2010	Retired.		148	None.
DWIGHT D. CHURCHILL c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1953	Independent Trustee	Term: Unlimited Served: since April 2010	Self-employed consultant since 2010; CEO and President, CFA Institute (June 2014-January 2015).		148	Affiliated Managers Group, Inc. (Director).
CARL G. VERBONCOEUR c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1952	Independent Trustee, Audit Committee Chair	Term: Unlimited Served: since April 2010	Self-employed consultant since 2009.		148	The Motley Fool Funds Trust (Trustee).

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Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During the Past 5 Years
Interested Trustee
JAMES E. ROSS* SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1965	Interested Trustee	Term: Unlimited Served as Trustee: since April 2010	Chairman and Director, SSGA Funds Management, Inc. (2005-present); Executive Vice President, State Street Global Advisors (2006-present); Chief Executive Officer and Director, State Street Global Advisors Funds Distributors, LLC (May 2017- present); Director, State Street Global Markets, LLC (2013-April 2017); President, SSGA Funds Management, Inc. (2005-2012); Principal, State Street Global Advisors (2000 -2005).		234	SSGA SPDR ETFs Europe I plc (Director) (November 2016- present); SSGA SPDR ETFs Europe II plc (Director) (November 2016- present).

† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA Funds Management, Inc. serves as investment adviser.

* Mr. Ross is an Interested Trustee because of his employment with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.

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Name, Address and Year of Birth	Position(s) with Funds		Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
Officers
ELLEN M. NEEDHAM SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1967		President	Term: Unlimited Served: since October 2012	President and Director, SSGA Funds Management, Inc. (2001 - present)*; Senior Managing Director, State Street Global Advisors (1992 - present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 - present).
BRUCE S. ROSENBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1961		Treasurer	Term: Unlimited Served: since February 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 - present); Director, Credit Suisse (April 2008 - July 2015).
ANN M. CARPENTER SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1966		Vice President; Deputy Treasurer	Term: Unlimited Served: since August 2012; Term: Unlimited Served: since April 2015	Chief Operating Officer, SSGA Funds Management, Inc. (2005 - Present)*; Managing Director, State Street Global Advisors (2005 - present).*
MICHAEL P. RILEY SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969		Vice President	Term: Unlimited Served: since February 2005	Managing Director, State Street Global Advisors (2005 - present).*
JOSHUA A. WEINBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1978		Chief Legal Officer	Term: Unlimited Served: since February 2015	Managing Director and Managing Counsel, State Street Global Advisors (2011 - present); Clerk, SSGA Funds Management, Inc. (2013 - present); Associate, Financial Services Group, Dechert LLP (2006 - 2011).
JESSE D. HALLEE State Street Bank and Trust Company One Hundred Summer Street, SUM0703 Boston, MA 02111 1967		Secretary	Term: Unlimited Served: since August 2017	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007- 2013).**

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Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
CHAD C. HALLETT SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969	Deputy Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 - present); Vice President, State Street Bank and Trust Company (2001 - November 2014).*
DARLENE ANDERSON-VASQUEZ SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1968	Deputy Treasurer	Term: Unlimited Served: since November 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 - present); Senior Vice President, John Hancock Investments (September 2007 - May 2016).
ARTHUR A. JENSEN SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 1966	Deputy Treasurer	Term: Unlimited Served: Since August 2017	Vice President at State Street Global Advisors (July 2016 – present); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 - July 2016).
SUJATA UPRETI SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1974	Assistant Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 - present); Assistant Director, Cambridge Associates, LLC (July 2014 - January 2015); Vice President, Bank of New York Mellon (July 2012 - August 2013); Manager, PricewaterhouseCoopers, LLP (September 2003 - July 2012).
DANIEL FOLEY SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1972	Assistant Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007 - present).*
DANIEL G. PLOURDE SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1980	Assistant Treasurer	Term: Unlimited Served: since May 2017	Assistant Vice President, SSGA Funds Management, Inc. (May 2015 - present); Officer, State Street Bank and Trust Company (March 2009 - May 2015).

86

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
BRIAN HARRIS SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1973	Chief Compliance Officer; Anti- Money Laundering Officer; Code of Ethics Compliance Officer	Term: Unlimited Served: since November 2013	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 - present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010 -2013).

* Served in various capacities and/or with various affiliated entities during noted time period.

** Served in various capacities and/or with unaffiliated mutual funds or closed-end funds for which State Street Bank and Trust Company or its affiliates act as a provider of services during the noted time period.

The Trust’s Statement of Additional Information (SAI) includes additional information about Funds’ directors and is available, without charge, upon request and by calling 1-866-787-2257.

87

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, an indirect wholly-owned subsidiary of State Street Corporation. State Street Global Advisors Funds Distributors, LLC is a member of FINRA, SIPC. References to State Street may include State Street Corporation and its affiliates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment 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, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

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

Not FDIC Insured ● No Bank Guarantee ● May Lose Value

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

State Street Global Advisors IBG - 25721 © 2017 State Street Corporation - All Rights Reserved 0515 Exp. Date: 11/30/2018 SPDRISIAR

Annual Report

September 30, 2017

SPDR^® Index Shares Funds

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

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

TABLE OF CONTENTS

Notes to Performance Summary (Unaudited)	1
Management’s Discussion of Fund Performance, Performance
Summary & Portfolio Statistics (Unaudited)
SPDR Portfolio Emerging Markets ETF (SPEM) (formerly, SPDR S&P Emerging Markets ETF (GMM))	2
SPDR Portfolio World ex-US ETF (SPDW) (formerly, SPDR S&P World ex-US ETF (GWL))	5
Schedules of Investments
SPDR Portfolio Emerging Markets ETF (SPEM) (formerly, SPDR S&P Emerging Markets ETF (GMM))	8
SPDR Portfolio World ex-US ETF (SPDW) (formerly, SPDR S&P World ex-US ETF (GWL))	42
Financial Statements	83
Financial Highlights	87
Notes to Financial Statements	89
Report of Independent Registered Public Accounting Firm	105
Other Information (Unaudited)	106

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.

NOTES TO PERFORMANCE SUMMARY (UNAUDITED)

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

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The S&P Emerging BMI Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in emerging markets. The S&P Emerging BMI Index is “float-adjusted”, meaning that only those shares publicly available to investors are included in the Index calculation.

The S&P Developed Ex-U.S. BMI Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in developed countries outside the United States. The S&P Developed Ex-U.S. BMI Index is “float-adjusted”, meaning that only those shares publicly available to investors are included in the Index calculation.

1

SPDR PORTFOLIO EMERGING MARKETS ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

(UNAUDITED)

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

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 21.36%, and the Index was 21.92%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cumulative security misweights and the fund’s cash position contributed to the difference between the Fund’s performance and that of the Index.

During the prior twelve months, there has been a continued general lessening of geopolitical tensions which has had a positive impact on this Fund’s return. Though there have certainly been some flash points, most notably North Korea’s continued pursuit of advanced nuclear weapons. For non-geopolitical issues, accelerated GDP growth has allayed many of the fears regarding a hard landing for the Chinese economy. This was not unique as the emerging markets in general have seen better growth during the prior twelve months. Additionally, these markets have been helped by a slower than anticipated moving Federal Reserve. This is particularly helpful for many of the Emerging Market countries due to the propensity to have borrowed in US Dollars which has led to reductions in both debt servicing concerns and capital outflows. In general, the environment of accommodative Central Banks has buoyed this fund’s returns. Finally, many of the emerging market countries have been positively impacted by stabilizing commodity prices.

The Fund invested in futures to achieve the desired exposure during the Reporting Period. This investment was not material to the fund.

On an individual security level, the top positive contributors to the Fund’s performance were Tencent Holdings Ltd., Alibaba Group Holding Ltd. ADR, and Taiwan Semiconductor Manufacturing Co., Ltd. The top negative contributors to the Fund’s performance were Sun Pharamaceutical Industries, Ltd, Tata Motors Ltd. ADR, and China Mobile Ltd.

* Prior to October 16, 2017, the SPDR Portfolio Emerging Markets ETF was known as SPDR S&P Emerging Markets ETF.

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

2

SPDR PORTFOLIO EMERGING MARKETS ETF

PERFORMANCE SUMMARY (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return									Average Annual Total Return
	Net Asset Value			Market Value			S&P Emerging BMI Index			Net Asset Value			Market Value			S&P Emerging BMI Index
ONE YEAR		21.36	%		21.11	%		21.92	%		21.36	%		21.11	%		21.92	%
FIVE YEARS		24.25	%		25.68	%		26.42	%		4.44	%		4.68	%		4.80	%
TEN YEARS		20.16	%		20.66	%		20.93	%		1.85	%		1.90	%		1.92	%

Comparison of Change in Value of a $10,000 Investment

(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Portfolio Emerging Markets ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented June 30, 2017) was 0.59%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See ‘‘Notes to Performance Summary” on page 1 for more information.

3

SPDR PORTFOLIO EMERGING MARKETS ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Tencent Holdings, Ltd.		4.8	%
Alibaba Group Holding, Ltd. ADR		3.7
Taiwan Semiconductor Manufacturing Co., Ltd.		2.1
Naspers, Ltd.		1.8
China Construction Bank Corp.		1.6
Baidu, Inc. ADR		1.4
Industrial & Commercial Bank of China, Ltd.		1.1
China Mobile, Ltd.		1.1
Itau Unibanco Holding SA Preference Shares ADR		1.1
Housing Development Finance Corp., Ltd.		1.0
TOTAL		19.7	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		24.0	%
Information Technology		21.5
Consumer Discretionary		10.9
Energy		7.9
Materials		7.8
Consumer Staples		6.9
Industrials		6.3
Telecommunication Services		5.1
Real Estate		4.1
Utilities		2.7
Health Care		2.1
Short-Term Investments		1.5
Liabilities in Excess of Other Assets		(0.8	)
TOTAL		100.0	%

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

4

SPDR PORTFOLIO WORLD EX-US ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

(UNAUDITED)

The SPDR Portfolio World ex-US ETF (the “Fund”)* seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the developed world (ex-US) equity markets. The Fund’s benchmark is the S&P Developed Ex-U.S.BMI Index (the “Index”).

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 18.75%, and the Index was 18.88%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index

Despite a rough start in the first quarter of the period with slightly negative returns, the Fund was able to bounce back the following three quarters and finished up with double digit positive performance. Initial start to the final quarter of 2016 was shadowed with doubts pertaining to the U.S. political election, but the trading days following the Trump victory saw a surprising but persistent rise in growth assets. The first quarter of 2017 witnessed an optimistic tone in all regional indices globally, largely on the back of growth expectations. In addition to an improving economic backdrop, European shares in the Fund benefitted from an easing of political uncertainty with the defeat of populist candidates in the Netherlands in February and in presidential polls in France that spanned April and May. The third quarter of 2017 also saw a positive performance for the Fund as markets continued to rally on back of strong retail sales and improved macroeconomic and manufacturing data.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Samsung Electronics Co., Ltd., HSBC Holdings PLC, and Banco Santander SA. The top negative contributors to the Fund’s performance were Anheuser-Busch InBev SA/NV, Shire PLC, and Teva Pharmaceutical Industries Ltd.

* Prior to October 16, 2017, the SPDR Portfolio World ex-US ETF was known as SPDR S&P World ex-US ETF.

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

5

SPDR PORTFOLIO WORLD EX-US ETF

PERFORMANCE SUMMARY (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return									Average Annual Total Return
	Net Asset Value			Market Value			S&P Developed Ex-US BMI Index			Net Asset Value			Market Value			S&P Developed Ex-US BMI Index
ONE YEAR		18.75	%		19.10	%		18.88	%		18.75	%		19.10	%		18.88	%
FIVE YEARS		46.63	%		47.47	%		48.92	%		7.96	%		8.08	%		8.29	%
TEN YEARS		17.41	%		17.85	%		18.97	%		1.62	%		1.66	%		1.75	%

Comparison of Change in Value of a $10,000 Investment

(Based on Net Asset Value)

The total expense ratio for SPDR Portfolio World Ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented June 30, 2017) was 0.34%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See ‘‘Notes to Performance Summary’’ on page 1 for more information.

6

SPDR PORTFOLIO WORLD EX-US ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Samsung Electronics Co., Ltd. GDR		1.3	%
Nestle SA		1.3
Novartis AG		1.1
HSBC Holdings PLC		1.0
Roche Holding AG		0.9
Toyota Motor Corp.		0.9
British American Tobacco PLC		0.7
Royal Dutch Shell PLC		0.7
TOTAL SA		0.7
BP PLC		0.6
TOTAL		9.2	%

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

Sector Breakdown as of September 30, 2017

	% of Net Assets
Financials		21.0	%
Industrials		14.5
Consumer Discretionary		12.0
Consumer Staples		10.0
Health Care		9.2
Information Technology		8.4
Materials		8.2
Energy		5.8
Real Estate		3.8
Telecommunication Services		3.5
Utilities		3.1
Short-Term Investments		2.4
Liabilities in Excess of Other Assets		(1.9	)
TOTAL		100.0	%

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

7

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.3%
BRAZIL — 8.7%
Ambev SA ADR		568,929	$	3,749,242
B2W Cia Digital (a)		10,229		68,363
B3 SA - Brasil Bolsa Balcao		223,459		1,691,935
Banco Bradesco SA Preference Shares ADR		485,145		5,370,555
Banco Bradesco SA		25,200		266,089
Banco do Brasil SA		105,290		1,161,697
Banco Pan SA Preference Shares (a)		43,930		26,110
Banco Santander Brasil SA		2,420		21,146
BB Seguridade Participacoes SA		69,838		632,111
BR Malls Participacoes SA		143,104		636,541
Bradespar SA Preference Shares		58,165		443,158
Brasil Brokers Participacoes SA (a)		22,191		8,699
Braskem SA Preference Shares ADR		22,505		601,784
BRF SA ADR (a) (b)		64,035		922,744
CCR SA		62,761		351,389
Centrais Eletricas Brasileiras SA ADR (a) (b)		72,081		446,902
Cia Brasileira de Distribuicao ADR (a)		28,474		673,980
Cia de Saneamento Basico do Estado de Sao Paulo		91,576		963,485
Cia Energetica de Minas Gerais ADR (b)		160,801		398,786
Cia Energetica de Sao Paulo Class B, Preference Shares		6,389		29,146
Cia Hering		5,036		45,295
Cia Siderurgica Nacional SA ADR (a) (b)		184,315		545,572
Cielo SA		129,816		902,061
Construtora Tenda SA (a)		730		3,789
Cosan Logistica SA (a)		5,233		14,807
Cosan SA Industria e Comercio		22,997		263,184
CPFL Energia SA		16,914		145,551
Cyrela Brazil Realty SA Empreendimentos e Participacoes		64,792		282,671
Duratex SA		49,508		148,220
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares		3,919		15,698
Embraer SA		98,966		559,727
Engie Brasil Energia SA		23,842		273,232
Estacio Participacoes SA		27,871		273,058
Eternit SA (a)		20,314		7,321
Fibria Celulose SA ADR		35,461		480,142
GAEC Educacao SA		3,234		23,617
Gafisa SA (a)		828		3,591
Gerdau SA ADR (b)		137,260		470,802
Hypermarcas SA		5,932		60,386
Itau Unibanco Holding SA Preference Shares ADR		438,050		6,001,285
Itausa - Investimentos Itau SA Preference Shares		593,861		2,070,811

See accompanying notes to financial statements.

8

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Itausa - Investimentos Itau SA		55,084	$	182,676
JBS SA		45,724		122,869
Kepler Weber SA (a)		2,407		17,274
Klabin SA		18,868		109,457
Kroton Educacional SA		138,093		875,319
Log-in Logistica Intermodal SA (a)		2,664		2,998
Lojas Americanas SA Preference Shares		118,880		723,469
Lojas Renner SA		179,904		2,050,911
Magnesita Refratarios SA		6,039		77,512
Marcopolo SA Preference Shares		45,856		63,062
Metalurgica Gerdau SA Preference Shares (a)		182,829		305,760
Mills Estruturas e Servicos de Engenharia SA (a)		9,006		13,211
MMX Mineracao e Metalicos SA (a)		4,073		4,391
MRV Engenharia e Participacoes SA		11,270		49,026
Natura Cosmeticos SA		35,411		349,279
Oi SA ADR (a)		317		2,469
PDG Realty SA Empreendimentos e Participacoes (a)		3,603		2,802
Petroleo Brasileiro SA Preference Shares ADR (a)		275,715		2,663,407
Petroleo Brasileiro SA ADR (a)		122,806		1,232,972
Profarma Distribuidora de Produtos Farmaceuticos SA (a)		3,163		8,790
Prumo Logistica SA (a)		3,611		12,729
Qualicorp SA		9,864		118,188
Raia Drogasil SA		7,668		181,812
Restoque Comercio e Confeccoes de Roupas SA (a)		1,870		24,002
Rodobens Negocios Imobiliarios SA (a)		10,193		19,302
Rossi Residencial SA (a)		14,444		33,289
Rumo SA (a)		7,443		28,448
Suzano Papel e Celulose SA Class A, Preference Shares		10,004		57,908
T4F Entretenimento SA		17,969		49,309
Telefonica Brasil SA ADR		25,473		403,492
Telefonica Brasil SA Preference Shares		83,061		1,325,289
Tim Participacoes SA ADR		28,540		521,711
TOTVS SA		7,240		71,641
Ultrapar Participacoes SA		33,831		805,467
Usinas Siderurgicas de Minas Gerais SA ADR (a) (b)		98,850		247,125
Vale SA ADR		380,380		3,830,427
WEG SA		149,508		1,011,483
				48,653,958
CHILE — 1.7%
AntarChile SA		39,612		582,593
Empresas COPEC SA		94,833		1,243,454
Empresas Iansa SA		804,780		24,063
Enel Americas SA ADR		102,323		1,045,741

See accompanying notes to financial statements.

9

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Enel Chile SA ADR		81,470	$	488,820
Enel Generacion Chile SA ADR		21,204		558,938
Enjoy SA (a)		414,294		36,903
Latam Airlines Group SA ADR		63,037		835,240
Multiexport Foods SA		425,902		166,161
Parque Arauco SA		638,881		1,749,718
SACI Falabella		236,125		2,306,055
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares		2,804		155,786
Vina Concha y Toro SA ADR (b)		13,925		461,335
				9,654,807
CHINA — 31.1%
21Vianet Group, Inc. ADR (a) (b)		1,624		9,241
3SBio, Inc. (a) (b) (c)		74,000		118,617
500.com, Ltd. Class A, ADR (a) (b)		928		10,208
58.com, Inc. ADR (a)		3,940		248,772
AAC Technologies Holdings, Inc.		118,492		1,990,366
Agile Group Holdings, Ltd. (b)		490,999		716,631
Agricultural Bank of China, Ltd. Class H		2,782,000		1,246,623
Air China, Ltd. Class H		327,744		272,326
Alibaba Group Holding, Ltd. ADR (a) (b)		120,788		20,861,295
Aluminum Corp. of China, Ltd. Class H (a) (b)		780,000		700,040
Angang Steel Co., Ltd. Class H (b)		158,640		139,940
Anhui Conch Cement Co., Ltd. Class H		271,135		1,081,319
Anhui Expressway Co., Ltd. Class H		8,000		6,094
ANTA Sports Products, Ltd.		77,000		323,844
Anton Oilfield Services Group (a) (b)		130,000		12,816
Autohome, Inc. ADR (a)		3,485		209,379
AVIC International Holding HK, Ltd. (a)		334,000		24,802
AVIC International Holdings, Ltd. Class H		154,000		86,753
AviChina Industry & Technology Co., Ltd. Class H		240,000		145,032
BAIC Motor Corp., Ltd. Class H (b) (c)		6,500		6,167
Baidu, Inc. ADR (a)		31,509		7,804,464
BAIOO Family Interactive, Ltd. (c)		318,000		22,799
Bank of China, Ltd. Class H		7,954,900		3,921,078
Bank of Communications Co., Ltd. Class H		2,253,864		1,644,798
BBMG Corp. Class H (b)		78,000		39,546
Beijing Capital International Airport Co., Ltd. Class H		468,000		697,443
Beijing Capital Land, Ltd. Class H		28,000		15,630
Beijing Enterprises Holdings, Ltd.		69,500		373,718
Beijing Enterprises Water Group, Ltd. (a)		492,000		396,210
Beijing Jingneng Clean Energy Co., Ltd. Class H		136,000		37,958
Bitauto Holdings, Ltd. ADR (a) (b)		2,088		93,292
BOE Technology Group Co., Ltd. Class B		82,800		39,329

See accompanying notes to financial statements.

10

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Boer Power Holdings, Ltd. (a)		7,000	$	1,837
Boyaa Interactive International, Ltd. (a) (b)		64,000		25,565
Brilliance China Automotive Holdings, Ltd.		326,000		868,142
Byd Co., Ltd. Class H (b)		71,000		658,577
BYD Electronic International Co., Ltd. (b)		69,500		205,545
C.banner International Holdings, Ltd. (a)		12,000		4,225
Cabbeen Fashion, Ltd.		88,000		24,336
CAR, Inc. (a) (b)		79,000		72,216
CGN Mining Co., Ltd.		325,000		21,637
CGN Power Co., Ltd. Class H (c)		1,046,000		289,265
Changyou.com, Ltd. ADR (a)		696		27,569
Chanjet Information Technology Co., Ltd. Class H (a)		2,600		4,088
Chaowei Power Holdings, Ltd. (b)		75,000		43,402
Cheetah Mobile, Inc. ADR (a) (b)		1,160		9,756
China Aerospace International Holdings, Ltd.		164,000		21,627
China Agri-Industries Holdings, Ltd.		148,000		68,972
China Aircraft Leasing Group Holdings, Ltd.		6,500		6,741
China Aoyuan Property Group, Ltd.		86,000		48,006
China Biologic Products Holdings, Inc. (a)		1,761		162,487
China Child Care Corp., Ltd. (a)		155,000		9,029
China Cinda Asset Management Co., Ltd. Class H		1,304,000		480,817
China CITIC Bank Corp., Ltd. Class H		1,221,000		775,367
China Coal Energy Co., Ltd. Class H (b)		780,000		368,494
China Communications Construction Co., Ltd. Class H		549,241		685,611
China Communications Services Corp., Ltd. Class H		152,000		78,231
China Conch Venture Holdings, Ltd.		162,700		316,622
China Construction Bank Corp. Class H		10,610,280		8,802,619
China Datang Corp. Renewable Power Co., Ltd. Class H		222,000		27,854
China Distance Education Holdings, Ltd. ADR		1,392		9,299
China Dongxiang Group Co., Ltd.		82,000		14,278
China Eastern Airlines Corp., Ltd. Class H		144,000		71,164
China Electronics Corp. Holdings Co., Ltd. (b)		134,000		24,533
China Energine International Holdings, Ltd. (a) (b)		288,000		18,067
China Everbright International, Ltd.		298,000		373,897
China Everbright, Ltd.		24,000		55,186
China Evergrande Group (a) (b)		457,000		1,594,383
China Fangda Group Co., Ltd. Class B		328,100		226,835
China Financial Services Holdings, Ltd.		182,000		15,379
China Foods, Ltd.		16,000		8,153
China Galaxy Securities Co., Ltd. Class H		313,900		275,291
China Hanking Holdings, Ltd.		91,000		14,097
China Harmony New Energy Auto Holding, Ltd. (a) (b)		7,000		4,069
China Hongqiao Group, Ltd. (a) (b)		24,500		22,114
China Huarong Energy Co., Ltd. (a) (b)		128,400		6,658

See accompanying notes to financial statements.

11

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
China Huishan Dairy Holdings Co., Ltd. (b) (d)		310,600	$	—
China Huiyuan Juice Group, Ltd. (a)		44,500		13,730
China International Marine Containers Group Co., Ltd. Class H		22,900		43,274
China Lesso Group Holdings, Ltd.		77,000		52,545
China Life Insurance Co., Ltd. Class H		843,260		2,510,120
China Lodging Group, Ltd. ADR (a)		2,088		248,096
China Longyuan Power Group Corp., Ltd. Class H		241,000		179,577
China Machinery Engineering Corp. Class H		14,000		8,747
China Medical System Holdings, Ltd.		163,000		284,651
China Mengniu Dairy Co., Ltd. (a)		456,620		1,277,369
China Merchants Bank Co., Ltd. Class H		551,923		1,939,684
China Merchants China Direct Investments, Ltd.		4,000		6,678
China Merchants Port Holdings Co., Ltd.		173,820		536,323
China Minsheng Banking Corp., Ltd. Class H (b)		637,900		584,757
China Mobile, Ltd.		621,366		6,296,634
China Modern Dairy Holdings, Ltd. (a) (b)		6,000		1,306
China Molybdenum Co., Ltd. Class H		222,000		133,302
China National Accord Medicines Corp., Ltd. Class B		7,100		36,160
China National Building Material Co., Ltd. Class H (b)		156,000		108,052
China National Materials Co., Ltd.		86,000		48,446
China Oilfield Services, Ltd. Class H		321,723		294,509
China Overseas Grand Oceans Group, Ltd.		73,000		47,105
China Overseas Land & Investment, Ltd.		627,200		2,039,623
China Pacific Insurance Group Co., Ltd. Class H		268,800		1,158,042
China Petroleum & Chemical Corp. Class H		3,099,200		2,321,216
China Power Clean Energy Development Co., Ltd.		34,246		19,248
China Power International Development, Ltd.		780,000		256,648
China Railway Construction Corp., Ltd. Class H		278,990		353,618
China Railway Group, Ltd. Class H		635,487		525,593
China Rare Earth Holdings, Ltd. (a)		169,200		13,214
China Resources Beer Holdings Co., Ltd.		178,625		483,685
China Resources Gas Group, Ltd.		44,000		153,226
China Resources Land, Ltd.		338,222		1,034,927
China Resources Power Holdings Co., Ltd.		318,432		574,838
China Sanjiang Fine Chemicals Co., Ltd.		73,000		24,580
China Shenhua Energy Co., Ltd. Class H		539,056		1,267,117
China Singyes Solar Technologies Holdings, Ltd. (b)		9,600		3,208
China South City Holdings, Ltd.		166,000		47,394
China Southern Airlines Co., Ltd. Class H		156,000		107,453
China State Construction International Holdings, Ltd. (b)		142,000		206,891
China Taiping Insurance Holdings Co., Ltd.		124,035		331,895
China Telecom Corp., Ltd. Class H		2,037,615		1,043,499
China Travel International Investment Hong Kong, Ltd. (b)		790,000		289,270
China Unicom Hong Kong, Ltd. (a)		629,668		875,491

See accompanying notes to financial statements.

12

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
China Vanke Co., Ltd. Class H		117,100	$	385,301
China Yurun Food Group, Ltd. (a)		12,000		1,429
China ZhengTong Auto Services Holdings, Ltd.		38,000		41,256
ChinaCache International Holdings, Ltd. ADR (a) (b)		2,088		1,775
Chinasoft International, Ltd.		142,000		78,720
Chong Sing Holdings FinTech Gr (a) (b)		529,618		71,875
Chongqing Changan Automobile Co., Ltd. Class B		115,300		152,489
Chongqing Machinery & Electric Co., Ltd. Class H		138,000		17,315
CIFI Holdings Group Co., Ltd.		26,000		14,480
CIMC Enric Holdings, Ltd. (a)		10,000		6,542
CITIC Resources Holdings, Ltd. (b)		162,000		18,667
CITIC Securities Co., Ltd. Class H		188,000		413,515
CITIC Telecom International Holdings, Ltd.		80,000		23,045
CITIC, Ltd.		703,000		1,038,655
CNOOC, Ltd.		2,032,603		2,623,150
Cogobuy Group (b) (c)		64,000		39,331
Colour Life Services Group Co., Ltd. (b)		69,000		44,789
Comtec Solar Systems Group, Ltd. (a)		296,000		14,022
Coolpad Group, Ltd. (a) (d)		253,600		11,689
COSCO SHIPPING Development Co., Ltd. Class H (a)		930,117		210,776
COSCO SHIPPING Energy Transportation Co., Ltd. Class H		296,000		164,093
COSCO SHIPPING Holdings Co., Ltd. Class H (a)		470,925		252,625
COSCO SHIPPING Ports, Ltd.		318,368		354,209
Cosmo Lady China Holdings Co., Ltd. (b) (c)		71,000		27,907
Country Garden Holdings Co., Ltd.		677,466		1,077,257
CRRC Corp., Ltd. Class H		461,000		409,610
CSG Holding Co., Ltd. Class B		16,100		9,956
Ctrip.com International, Ltd. ADR (a)		38,487		2,029,804
Daqo New Energy Corp. ADR (a)		1,392		40,396
Datang International Power Generation Co., Ltd. Class H (a)		936,000		299,589
Dazhong Transportation Group Co., Ltd. Class B		162,450		112,578
Dongfang Electric Corp., Ltd. Class H (a)		31,200		30,798
Dongfeng Motor Group Co., Ltd. Class H		620,000		819,184
E-Commodities Holdings, Ltd. (b)		6,500		641
Fang Holdings, Ltd. ADR (a) (b)		19,289		78,120
Fanhua, Inc. ADR		4,413		55,471
Fantasia Holdings Group Co., Ltd.		117,000		16,627
Far East Horizon, Ltd.		233,000		218,959
Fufeng Group, Ltd.		71,000		48,632
Future Land Holdings Co., Ltd. Class A		59,871		161,060
Geely Automobile Holdings, Ltd.		410,000		1,154,826
GF Securities Co., Ltd. Class H		184,400		400,875
Goldpac Group, Ltd.		64,000		20,894
GOME Retail Holdings, Ltd. (b)		1,175,000		132,382

See accompanying notes to financial statements.

13

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Goodbaby International Holdings, Ltd.		67,000	$	36,971
Grand Baoxin Auto Group, Ltd. (a)		3,158		1,815
Great Wall Motor Co., Ltd. Class H (b)		377,250		463,672
Greatview Aseptic Packaging Co., Ltd.		10,000		6,145
Greentown China Holdings, Ltd. (b)		72,500		87,252
Guangdong Electric Power Development Co., Ltd. Class B		222,940		101,613
Guangdong Investment, Ltd.		626,000		892,832
Guangshen Railway Co., Ltd. Class H (b)		624,000		365,898
Guangzhou Automobile Group Co., Ltd. Class H		332,636		769,977
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H		6,000		15,671
Guangzhou R&F Properties Co., Ltd.		280,800		650,707
Guodian Technology & Environment Group Corp., Ltd. Class H (a)		73,000		5,701
Guotai Junan International Holdings, Ltd. (b)		225,000		71,729
Haichang Ocean Park Holdings, Ltd. (a) (c)		86,000		21,911
Haitian International Holdings, Ltd.		5,000		14,371
Haitong Securities Co., Ltd. Class H		280,800		453,698
Hangzhou Steam Turbine Co., Ltd. Class B (a)		46,800		51,230
Harbin Electric Co., Ltd. Class H		156,000		74,298
Health and Happiness H&H International Holdings, Ltd. (a) (b)		5,000		24,422
Hengan International Group Co., Ltd.		80,000		740,523
HNA Infrastructure Co., Ltd. Class H		65,000		61,582
Honghua Group, Ltd. (a)		14,000		1,201
Honworld Group, Ltd. (b) (c)		35,000		16,759
Hopson Development Holdings, Ltd.		26,000		29,659
Huadian Fuxin Energy Corp., Ltd. Class H		128,000		29,498
Huadian Power International Corp., Ltd. Class H		445,308		180,160
Huaneng Power International, Inc. Class H		624,000		385,871
Huaneng Renewables Corp., Ltd. Class H		308,000		101,737
Huangshan Tourism Development Co., Ltd. Class B		107,832		170,159
Huatai Securities Co., Ltd. Class H (c)		77,400		171,434
Huayi Tencent Entertainment Co., Ltd. (a) (b)		110,000		4,859
Industrial & Commercial Bank of China, Ltd. Class H		8,566,590		6,361,302
Inner Mongolia Yitai Coal Co., Ltd. Class B		57,736		86,662
JA Solar Holdings Co., Ltd. ADR (a)		2,555		19,469
JD.com, Inc. ADR (a)		93,875		3,586,025
Jiangnan Group, Ltd. (b)		134,000		7,977
Jiangsu Expressway Co., Ltd. Class H		446,000		682,930
Jiangxi Copper Co., Ltd. Class H		158,000		249,622
JinkoSolar Holding Co., Ltd. ADR (a) (b)		1,624		40,519
Jumei International Holding, Ltd. ADR (a) (b)		928		2,691
Kama Co., Ltd. Class B (a)		13,100		14,764
Kingdee International Software Group Co., Ltd. (a) (b)		170,000		74,872
Kingsoft Corp., Ltd.		75,000		174,760
Konka Group Co., Ltd. Class B (a)		1,644,900		688,648

See accompanying notes to financial statements.

14

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Kunlun Energy Co., Ltd. (b)		780,000	$	761,955
KWG Property Holding, Ltd.		167,168		178,710
Lao Feng Xiang Co., Ltd. Class B		21,830		84,351
Lenovo Group, Ltd.		1,092,000		602,573
Li Ning Co., Ltd. (a)		228,333		203,464
Lianhua Supermarket Holdings Co., Ltd. Class H (a)		13,000		5,326
Lifetech Scientific Corp. (a) (b)		154,000		36,278
Livzon Pharmaceutical Group, Inc. Class H		11,866		68,668
Luye Pharma Group, Ltd. (b)		74,000		43,202
Maanshan Iron & Steel Co., Ltd. Class H (a) (b)		468,000		228,886
Metallurgical Corp. of China, Ltd. Class H		158,000		51,988
Minth Group, Ltd.		34,000		178,038
MOBI Development Co., Ltd.		228,000		42,910
Momo, Inc. ADR (a)		1,856		58,167
NetEase, Inc. ADR		10,816		2,853,369
New China Life Insurance Co., Ltd. Class H		76,100		430,155
New Oriental Education & Technology Group, Inc. ADR		12,932		1,141,378
Noah Holdings, Ltd. ADR (a) (b)		1,392		44,697
NQ Mobile, Inc. Class A, ADR (a)		4,189		14,661
Ourgame International Holdings, Ltd. (a)		65,000		17,310
Ozner Water International Holding, Ltd. (a) (b) (c)		83,000		21,359
Pacific Online, Ltd.		64,000		11,471
Parkson Retail Group, Ltd. (b)		194,634		32,893
People’s Insurance Co. Group of China, Ltd. Class H		553,000		247,093
PetroChina Co., Ltd. Class H		2,420,970		1,534,280
PICC Property & Casualty Co., Ltd. Class H		787,506		1,389,355
Ping An Insurance Group Co. of China, Ltd. Class H		543,000		4,167,725
Poly Culture Group Corp., Ltd. Class H		7,200		17,219
Poly Property Group Co., Ltd. (a)		90,000		46,206
PW Medtech Group, Ltd. (a)		68,000		14,539
ReneSola, Ltd. ADR (a) (b)		3,861		8,996
Renhe Commercial Holdings Co., Ltd. (a) (b)		1,709,000		39,384
Semiconductor Manufacturing International Corp. (a) (b)		282,400		318,892
Shandong Airlines Co., Ltd. Class B		5,800		10,337
Shandong Chenming Paper Holdings, Ltd. Class B		30,000		54,963
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		272,000		192,577
Shanghai Baosight Software Co., Ltd. Class B		7,200		11,059
Shanghai Electric Group Co., Ltd. Class H (a) (b)		642,077		282,784
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		33,500		138,963
Shanghai Fudan Microelectronics Group Co., Ltd. Class H (a)		16,000		11,553
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H		8,000		4,087
Shanghai Greencourt Investment Group Co., Ltd. Class B (a)		149,848		89,160
Shanghai Huayi Group Corp., Ltd. Class B		200		198
Shanghai Industrial Urban Development Group, Ltd.		26,000		5,725

See accompanying notes to financial statements.

15

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H		28,000	$	10,468
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B		85,582		118,360
Shanghai Jinjiang International Travel Co., Ltd. Class B		6,000		18,900
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B		114,966		166,241
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B		57,040		90,751
Shanghai Pharmaceuticals Holding Co., Ltd. Class H		31,300		76,460
Shanghai Prime Machinery Co., Ltd. Class H		136,000		28,730
Shengjing Bank Co., Ltd. Class H (c)		71,300		56,232
Shenwan Hongyuan HK, Ltd. (b)		10,000		3,649
Shenzhen Expressway Co., Ltd. Class H		284,482		276,079
Shenzhen International Holdings, Ltd.		79,365		149,164
Shenzhen Investment, Ltd.		189,099		85,704
Shenzhou International Group Holdings, Ltd.		64,000		501,466
Shougang Concord International Enterprises Co., Ltd. (a)		440,000		12,957
Shunfeng International Clean Energy, Ltd. (a)		138,000		7,597
Silver Grant International Industries, Ltd. (a)		142,000		20,362
SINA Corp. (a)		9,085		1,041,595
Sinofert Holdings, Ltd. (a) (b)		130,000		23,634
SinoMedia Holding, Ltd. (a) (b)		65,000		15,479
Sino-Ocean Group Holding, Ltd.		610,480		407,211
Sinopec Oilfield Service Corp. Class H (a) (b)		148,000		25,770
Sinopec Shanghai Petrochemical Co., Ltd. Class H		622,600		370,657
Sinopharm Group Co., Ltd. Class H		96,400		424,566
Sinosoft Technology Group, Ltd. (b)		78,600		22,743
Sinotrans, Ltd. Class H		704,300		357,980
Sinovac Biotech, Ltd. (a)		12,489		87,923
SITC International Holdings Co., Ltd.		69,000		62,545
SOHO China, Ltd.		45,000		25,753
SPT Energy Group, Inc. (a)		20,000		1,331
Sunac China Holdings, Ltd. (b)		156,000		714,020
Sunny Optical Technology Group Co., Ltd.		74,000		1,176,693
Synertone Communication Corp. (a)		54,400		801
TCL Multimedia Technology Holdings, Ltd. (b)		52,000		24,633
Tencent Holdings, Ltd.		625,367		26,917,995
Tian Ge Interactive Holdings, Ltd. (b) (c)		70,000		50,994
Tiangong International Co., Ltd.		138,000		15,725
Tianneng Power International, Ltd.		130,000		134,316
Tingyi Cayman Islands Holding Corp.		448,000		674,521
Tong Ren Tang Technologies Co., Ltd. Class H		10,000		12,790
TravelSky Technology, Ltd. Class H		309,841		807,260
Trigiant Group, Ltd.		22,000		3,098
Uni-President China Holdings, Ltd.		72,000		70,887
Universal Health International Group Holding, Ltd. (a)		69,000		1,431
V1 Group, Ltd. (a)		478,200		16,530

See accompanying notes to financial statements.

16

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Vipshop Holdings, Ltd. ADR (a)		31,858	$	280,032
Want Want China Holdings, Ltd. (b)		860,000		604,478
Weibo Corp. ADR (a) (b)		2,592		256,452
West China Cement, Ltd. (a)		174,000		28,292
Wisdom Sports Group (a) (b)		75,000		12,195
Xiamen International Port Co., Ltd. Class H		26,000		4,927
Xinchen China Power Holdings, Ltd. (a)		81,000		11,407
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (b)		16,260		20,318
Xinyi Solar Holdings, Ltd.		306,000		108,912
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (b) (c)		6,500		24,799
Yanzhou Coal Mining Co., Ltd. Class H		468,000		460,768
Yestar Healthcare Holdings Co., Ltd. (b)		22,500		9,938
Yingli Green Energy Holding Co., Ltd. ADR (a) (b)		2,303		5,274
Yuexiu Property Co., Ltd.		1,092,000		222,295
Yuexiu Transport Infrastructure, Ltd.		1,258		945
Yum China Holdings, Inc. (a)		23,535		940,694
YY, Inc. ADR (a)		2,782		241,422
Zhaojin Mining Industry Co., Ltd. (b)		36,500		30,842
Zhejiang Expressway Co., Ltd. Class H		491,862		611,466
Zhuzhou CRRC Times Electric Co., Ltd. Class H		73,800		413,375
Zijin Mining Group Co., Ltd. Class H		849,000		291,308
ZTE Corp. Class H (a)		157,327		514,641
				174,942,906
COLOMBIA — 0.6%
Almacenes Exito SA		16,087		84,687
Avianca Holdings SA Preference Shares		240,642		236,403
Banco Davivienda SA Preference Shares		27,055		306,411
Banco de Bogota SA		8,685		203,999
Bancolombia SA ADR		9,068		415,224
Bancolombia SA		25,147		280,350
Bolsa de Valores de Colombia		15,984,307		137,161
Celsia SA ESP		15,578		24,852
Cementos Argos SA		17,658		70,350
Cementos Argos SA Preference Shares		21,363		75,217
Cemex Latam Holdings SA (a)		6,077		23,880
Constructora Conconcreto SA		46,029		15,987
Corp. Financiera Colombiana SA		8,409		82,122
Ecopetrol SA		241,965		115,349
Empresa de Telecomunicaciones de Bogota (a)		476,634		83,585
Grupo Argos SA Preference Shares		27,378		178,994
Grupo Argos SA		6,496		46,717
Grupo Aval Acciones y Valores SA		636,684		285,092
Grupo de Inversiones Suramericana SA Preference Shares		10,032		137,256

See accompanying notes to financial statements.

17

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Grupo de Inversiones Suramericana SA		9,848	$	137,086
Grupo Nutresa SA		8,972		81,999
Interconexion Electrica SA ESP		36,663		170,785
				3,193,506
CZECH REPUBLIC — 0.3%
CEZ A/S		33,008		662,541
Komercni banka A/S		17,439		761,469
UNIPETROL A/S		23,529		363,867
				1,787,877
EGYPT — 0.3%
Commercial International Bank Egypt SAE		313,749		1,450,889
Egypt Kuwait Holding Co. SAE		122,974		83,622
Egyptian Financial Group-Hermes Holding Co.		150,036		188,374
Global Telecom Holding SAE (a)		287,399		104,539
Orascom Telecom Media And Technology Holding SAE		67,694		2,953
				1,830,377
GREECE — 0.2%
Alpha Bank AE (a)		6,446		12,726
Diana Shipping, Inc. (a)		5,627		20,426
Ellaktor SA (a)		266		494
Eurobank Ergasias SA (a)		5,298		4,685
FF Group (a)		1,831		39,807
Fourlis Holdings SA (a)		132		918
Frigoglass SAIC (a)		77		17
GEK Terna Holding Real Estate Construction SA (a)		325		1,483
Grivalia Properties REIC AE REIT		10,219		105,104
Hellenic Exchanges - Athens Stock Exchange SA		19,381		111,811
Hellenic Telecommunications Organization SA		16,184		195,728
Holding Co. ADMIE IPTO SA (a)		5,208		11,329
Intralot SA-Integrated Lottery Systems & Services (a)		42,961		56,375
JUMBO SA		6,636		109,753
Marfin Investment Group Holdings SA (a)		7,345		825
Mytilineos Holdings SA (a)		159		1,569
National Bank of Greece SA (a)		3,087		1,047
OPAP SA		19,975		211,349
Piraeus Bank SA (a)		49		168
Public Power Corp. SA (a)		6,444		15,160

See accompanying notes to financial statements.

18

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Terna Energy SA		171	$	823
Titan Cement Co. SA		3,201		81,058
				982,655
HONG KONG — 1.2%
AGTech Holdings, Ltd. (a) (b)		56,000		11,256
Alibaba Pictures Group, Ltd. (a) (b)		1,432,400		229,237
AMVIG Holdings, Ltd.		130,000		36,949
Asian Citrus Holdings, Ltd. (a) (d)		51,000		1,959
Beijing Enterprises Clean Energy Group, Ltd. (a) (b)		1,794,856		43,431
BEP International Holdings, Ltd.		830,000		17,321
Bosideng International Holdings, Ltd.		160,000		14,749
Carnival Group International Holdings, Ltd. (a) (b)		680,000		36,130
CGN Meiya Power Holdings Co., Ltd. (a) (c)		24,000		3,288
Chia Tai Enterprises International, Ltd. (a)		2,300		583
China All Access Holdings, Ltd.		28,000		8,747
China Animation Characters Co., Ltd. (b)		65,000		25,132
China Chengtong Development Group, Ltd. (a)		488,000		36,237
China Fiber Optic Network System Group, Ltd. (a) (d)		88,800		—
China Financial International Investments, Ltd. (a)		640,000		19,338
China Financial Leasing Group, Ltd. (a)		80,000		1,629
China Gas Holdings, Ltd.		288,000		862,816
China High Speed Transmission Equipment Group Co., Ltd. (b)		32,000		41,051
China Jicheng Holdings, Ltd. (a) (c)		2,289,000		2,931
China National Culture Group, Ltd. (a)		670,000		1,716
China NT Pharma Group Co., Ltd.		276,100		72,112
China Ocean Industry Group, Ltd. (a) (b)		735,000		5,552
China Oil & Gas Group, Ltd.		132,000		8,957
China Overseas Property Holdings, Ltd. (b)		62,066		14,860
China Public Procurement, Ltd. (a)		67,200		2,056
China Soft Power Technology Holdings, Ltd. (a) (b)		168,000		3,570
China Vanguard You Champion Holdings, Ltd. (a)		70,000		5,108
Citychamp Watch & Jewellery Group, Ltd. (b)		158,000		36,614
Comba Telecom Systems Holdings, Ltd.		146,117		27,874
Concord New Energy Group, Ltd.		120,000		5,531
CP Pokphand Co., Ltd.		500,000		40,329
Digital China Holdings, Ltd. (a) (b)		88,000		49,573
Essex Bio-technology, Ltd.		89,000		55,834
Eternity Investment, Ltd. (a)		40,574		909
Feiyu Technology International Co., Ltd. (a) (c)		19,500		3,071
First Shanghai Investments, Ltd. (a)		40,000		5,480
Fullshare Holdings, Ltd. (a) (b)		699,500		304,493
GCL-Poly Energy Holdings, Ltd. (a) (b)		853,000		116,854
Global Bio-Chem Technology Group Co., Ltd. (a)		338,000		5,799

See accompanying notes to financial statements.

19

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Golden Meditech Holdings, Ltd. (a) (b)		44,000	$	6,197
Haier Electronics Group Co., Ltd. (a)		72,000		175,513
Hanergy Thin Film Power Group, Ltd. (a) (d)		856,000		—
Hengdeli Holdings, Ltd.		2,129,600		115,877
Hi Sun Technology China, Ltd. (a)		225,000		51,852
Hua Han Health Industry Holdings, Ltd. (a) (b) (d)		283,600		14,433
Hua Hong Semiconductor, Ltd. (c)		7,000		9,464
Huabao International Holdings, Ltd.		56,000		34,629
Imperial Pacific International Holdings, Ltd. (a) (b)		3,170,000		47,079
Joy City Property, Ltd.		332,000		61,208
Ju Teng International Holdings, Ltd.		134,500		53,037
Kingboard Chemical Holdings, Ltd.		153,340		811,785
Kingboard Laminates Holdings, Ltd.		81,500		131,682
Lee & Man Paper Manufacturing, Ltd.		76,000		97,302
Life Healthcare Group, Ltd. (a)		88,000		2,287
Millennium Pacific Group Holdings, Ltd. (a)		190,000		3,576
Munsun Capital Group, Ltd. (a) (b)		442,000		5,093
National Agricultural Holdings, Ltd. (a) (b)		72,000		10,970
Neo Telemedia, Ltd.		1,212,000		38,172
NetDragon Websoft Holdings, Ltd. (b)		34,500		115,284
NewOcean Energy Holdings, Ltd. (a) (b)		22,000		5,999
Newtree Group Holdings, Ltd. (a)		35,000		1,972
Nine Dragons Paper Holdings, Ltd.		234,000		460,169
Portico International Holdings, Ltd. (a)		37,000		12,127
Pou Sheng International Holdings, Ltd. (b)		168,000		30,758
Qianhai Health Holdings, Ltd. (a) (b)		59,221		872
Real Nutriceutical Group, Ltd. (a)		113,000		4,340
Shimao Property Holdings, Ltd.		234,000		507,504
SIM Technology Group, Ltd.		470,000		28,583
Sino Biopharmaceutical, Ltd.		462,000		488,576
Skyworth Digital Holdings, Ltd.		157,225		80,316
Solargiga Energy Holdings, Ltd. (a)		1,020,000		32,647
SSY Group, Ltd.		23,740		10,851
Sun Art Retail Group, Ltd.		122,000		113,242
Suncorp Technologies, Ltd. (a)		1,480,000		6,632
Tech Pro Technology Development, Ltd. (a)		448,000		3,900
Tibet Water Resources, Ltd. (a) (b)		67,000		25,991
United Laboratories International Holdings, Ltd. (a) (b)		12,000		8,942
Universal Medical Financial & Technical Advisory Services Co., Ltd. (b) (c)		81,600		67,593
Vision Values Holdings, Ltd. (a)		90,000		6,914
Wanda Hotel Development Co., Ltd. (a)		84,000		17,315
Wasion Group Holdings, Ltd. (b)		24,000		12,168
WH Group, Ltd. (c)		756,000		803,359

See accompanying notes to financial statements.

20

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)		12,250	$	2,494
Xinyi Glass Holdings, Ltd. (a)		278,000		274,772
Yip’s Chemical Holdings, Ltd.		10,000		3,751
				6,956,303
HUNGARY — 0.7%
MOL Hungarian Oil & Gas PLC		88,392		1,009,113
OTP Bank PLC		44,629		1,680,500
Richter Gedeon Nyrt		38,218		952,609
				3,642,222
INDIA — 11.7%
Adani Enterprises, Ltd.		1,130		2,012
Adani Ports & Special Economic Zone, Ltd.		92,060		530,980
Adani Power, Ltd. (a)		2,692		1,218
Adani Transmission, Ltd. (a)		1,363		3,188
Aditya Birla Capital, Ltd. (a) (e)		322		906
AIA Engineering, Ltd.		1,345		27,359
Alok Industries, Ltd. (a)		501,100		21,480
Amtek Auto, Ltd. (a)		13,295		4,702
Anant Raj, Ltd.		127,722		107,543
Apollo Hospitals Enterprise, Ltd.		11,395		175,321
Ashok Leyland, Ltd.		68,560		129,206
Asian Paints, Ltd.		9,906		171,626
Aurobindo Pharma, Ltd.		37,196		393,855
Axis Bank, Ltd.		137,740		1,073,642
Bajaj Finance, Ltd.		5,679		159,802
Bajaj Hindusthan Sugar, Ltd. (a)		192,482		40,076
Balrampur Chini Mills, Ltd.		91,347		225,011
BF Investment, Ltd. (a)		22,006		76,020
Bharat Financial Inclusion, Ltd. (a)		5,783		83,908
Bharat Forge, Ltd.		2,503		22,566
Bharat Forge, Ltd., Bonus Shares (a) (e)		2,503		22,566
Bharat Heavy Electricals, Ltd.		148,256		190,540
Bharat Heavy Electricals, Ltd., Bonus Shares (a) (e)		74,128		95,270
Bharat Petroleum Corp., Ltd.		26,137		188,585
Bharti Airtel, Ltd.		242,129		1,443,618
Bharti Infratel, Ltd.		39,396		240,284
Biocon, Ltd.		14,017		71,276
Bosch, Ltd.		160		50,325
Britannia Industries, Ltd.		9,520		633,149
Cipla, Ltd.		101,206		908,096
Coal India, Ltd.		64,926		269,216
CORE Education & Technologies, Ltd. (a) (d)		9,253		—
DCB Bank, Ltd.		268,639		746,859

See accompanying notes to financial statements.

21

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Dewan Housing Finance Corp., Ltd.		74,979	$	630,928
Dr Reddy’s Laboratories, Ltd. ADR		30,992		1,105,795
Educomp Solutions, Ltd. (a)		24,628		2,243
Eicher Motors, Ltd.		1,004		479,764
Era Infra Engineering, Ltd. (a) (d)		2,941		—
Fortis Healthcare, Ltd. (a)		52,894		116,607
GAIL India, Ltd.		148,439		952,287
Gammon India, Ltd. (a)		72,401		7,205
Gateway Distriparks, Ltd.		31,648		110,540
Gitanjali Gems, Ltd.		2,198		2,194
Glenmark Pharmaceuticals, Ltd.		8,593		78,708
Godrej Consumer Products, Ltd.		14,773		207,878
Godrej Industries, Ltd.		54,451		490,367
Grasim Industries, Ltd. GDR		230		3,995
Grasim Industries, Ltd.		11,088		192,487
GRUH Finance, Ltd.		88,971		669,666
GTL Infrastructure, Ltd. (a)		559,098		53,068
GTL, Ltd. (a)		2,690		612
Gujarat NRE Coke, Ltd. (a)		20,074		476
Gujarat Pipavav Port, Ltd.		5,241		10,720
GVK Power & Infrastructure, Ltd. (a)		248,057		44,432
HCL Technologies, Ltd.		54,301		727,228
HDFC Bank, Ltd.		98,438		2,721,211
Hero MotoCorp, Ltd.		32,411		1,872,886
Hindalco Industries, Ltd.		103,157		379,969
Hindustan Construction Co., Ltd. (a)		30,019		15,740
Hindustan Unilever, Ltd.		139,244		2,502,427
Housing Development & Infrastructure, Ltd. (a)		26,069		22,549
Housing Development Finance Corp., Ltd.		211,838		5,649,932
ICICI Bank, Ltd. ADR		322,376		2,759,539
Idea Cellular, Ltd.		43,841		51,982
IDFC Bank, Ltd.		27		23
IDFC, Ltd.		18		16
Indiabulls Housing Finance, Ltd.		14,479		267,491
Indiabulls Real Estate, Ltd. (a)		38,436		129,925
Indian Hotels Co., Ltd.		139,190		247,823
Indian Oil Corp., Ltd.		35,105		215,241
IndusInd Bank, Ltd.		10,099		260,082
Infosys, Ltd. ADR (b)		304,212		4,438,453
IRB Infrastructure Developers, Ltd.		8,114		26,440
ITC, Ltd.		275,132		1,087,976
ITC, Ltd. GDR		60,326		238,553
IVRCL, Ltd. (a)		18,163		1,154
Jain Irrigation Systems, Ltd.		21,491		31,141

See accompanying notes to financial statements.

22

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Jaiprakash Associates, Ltd. (a)		115,022	$	31,608
Jet Airways India, Ltd. (a)		28,781		212,311
Jindal Steel & Power, Ltd. (a)		10,341		21,317
Kotak Mahindra Bank, Ltd.		59,833		918,059
Lanco Infratech, Ltd. (a)		41,296		506
Larsen & Toubro, Ltd. GDR		104,600		1,846,190
LIC Housing Finance, Ltd.		32,018		307,509
Lupin, Ltd.		19,468		302,213
Magma Fincorp, Ltd.		15,426		40,218
Mahanagar Telephone Nigam, Ltd. (a)		101,378		30,575
Mahindra & Mahindra Financial Services, Ltd.		28,859		182,180
Mahindra & Mahindra, Ltd. GDR		77,830		1,502,119
Marico, Ltd.		19,372		92,159
Marksans Pharma, Ltd.		19,743		12,846
Maruti Suzuki India, Ltd.		23,051		2,815,455
Mindtree, Ltd.		5,967		42,464
Monnet Ispat & Energy, Ltd. (a)		6,962		3,198
MRF, Ltd.		300		289,369
NCC, Ltd.		35,906		45,597
NTPC, Ltd.		203,407		521,441
Oil & Natural Gas Corp., Ltd.		434,574		1,137,330
OnMobile Global, Ltd.		6,417		5,310
Opto Circuits India, Ltd. (a)		5,832		665
Page Industries, Ltd.		376		106,137
Power Grid Corp. of India, Ltd.		54,030		174,530
PS IT Infrastructure & Services, Ltd. (a)		132		131
PTC India, Ltd.		93,131		175,155
Punj Lloyd, Ltd. (a)		11,138		3,598
Rajesh Exports, Ltd.		15,160		190,173
RattanIndia Infrastructure, Ltd. (a)		65,489		6,016
REI Agro, Ltd. (a)		1,873,023		5,735
Reliance Capital, Ltd.		12,815		114,966
Reliance Communications, Ltd. (a)		157,604		46,326
Reliance Home Finance, Ltd. (a)		12,479		18,980
Reliance Industries, Ltd. GDR (c) (f)		3,404		81,185
Reliance Industries, Ltd. GDR (f)		193,676		4,638,540
Reliance Infrastructure, Ltd.		37,667		268,173
Rolta India, Ltd. (a)		8,356		6,742
Ruchi Soya Industries, Ltd. (a)		60,603		22,499
SE Investments, Ltd.		10,341		29,802
Sharda Cropchem, Ltd.		3,925		26,601
Shree Renuka Sugars, Ltd. (a)		137,091		29,068
Shriram Transport Finance Co., Ltd.		13,304		214,754
Siemens, Ltd.		34,335		624,911

See accompanying notes to financial statements.

23

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Sintex Industries, Ltd.		92,757	$	37,986
Sintex Plastics Technology, Ltd. (a)		70,273		97,900
State Bank of India GDR		17,332		665,549
Strides Shasun, Ltd.		3,771		51,121
Sun Pharma Advanced Research Co., Ltd. (a)		4,072		23,701
Sun Pharmaceutical Industries, Ltd.		120,611		929,233
Sun TV Network, Ltd.		11,395		132,939
Suzlon Energy, Ltd. (a)		652,062		155,728
Symphony, Ltd.		1,705		35,331
Tata Communications, Ltd.		25,607		268,654
Tata Consultancy Services, Ltd.		69,810		2,603,394
Tata Elxsi, Ltd.		4,296		53,490
Tata Motors, Ltd. ADR (a)		56,333		1,761,533
Tata Power Co., Ltd.		369,539		440,143
Tata Steel, Ltd.		53,879		538,254
Tech Mahindra, Ltd.		49,109		344,222
UltraTech Cement, Ltd.		1,876		110,693
Unitech, Ltd. (a)		211,452		22,336
United Breweries, Ltd.		8,021		100,870
United Spirits, Ltd. (a)		7,172		263,257
UPL, Ltd.		18,683		222,669
Vedanta, Ltd.		99,889		480,559
Videocon Industries, Ltd. (a)		36,996		9,260
VST Industries, Ltd.		2,987		130,386
Welspun India, Ltd.		25,057		26,219
Wipro, Ltd. ADR (b)		248,025		1,408,782
Wockhardt, Ltd.		3,416		32,178
Yes Bank, Ltd.		58,295		312,358
Zee Entertainment Enterprises, Ltd.		62,846		500,401
				65,821,765
INDONESIA — 2.7%
Alam Sutera Realty Tbk PT		961,700		26,990
Astra International Tbk PT		3,196,088		1,874,608
Bank Central Asia Tbk PT		2,109,987		3,180,098
Bank Danamon Indonesia Tbk PT		642,918		248,212
Bank Mandiri Persero Tbk PT		3,187,098		1,591,301
Bank Negara Indonesia Persero Tbk PT		258,600		142,077
Bank Rakyat Indonesia Persero Tbk PT		1,599,265		1,813,704
Barito Pacific Tbk PT (a)		2,509,400		371,687
Bekasi Fajar Industrial Estate Tbk PT		598,700		12,090
Bumi Resources Tbk PT (a)		1,115,100		16,475
Bumi Serpong Damai Tbk PT		509,000		66,889
Charoen Pokphand Indonesia Tbk PT		556,100		113,127

See accompanying notes to financial statements.

24

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Ciputra Development Tbk PT		796,752	$	70,690
Citra Marga Nusaphala Persada Tbk PT (a)		217,241		21,613
Garuda Indonesia Persero Tbk PT (a)		1,705,000		42,280
Global Mediacom Tbk PT		81,500		3,419
Indocement Tunggal Prakarsa Tbk PT		66,800		93,735
Indofood Sukses Makmur Tbk PT		1,402,951		877,560
Indosat Tbk PT		337,900		156,795
Japfa Comfeed Indonesia Tbk PT		146,500		13,814
Kalbe Farma Tbk PT		7,028,167		868,802
Kawasan Industri Jababeka Tbk PT		657,831		14,945
Lippo Cikarang Tbk PT (a)		23,100		7,169
Lippo Karawaci Tbk PT		1,646,800		88,643
Matahari Putra Prima Tbk PT (a)		81,700		3,973
Mayora Indah Tbk PT		1,178,975		171,564
Medco Energi Internasional Tbk PT (a)		3,521,000		203,904
Media Nusantara Citra Tbk PT		109,300		10,712
Modernland Realty Tbk PT		1,030,200		22,334
Pakuwon Jati Tbk PT		726,000		32,880
Perusahaan Gas Negara Persero Tbk		1,930,400		225,732
Semen Indonesia Persero Tbk PT		109,500		82,314
Sigmagold Inti Perkasa Tbk PT (a)		1,312,600		4,873
Summarecon Agung Tbk PT		560,900		44,351
Telekomunikasi Indonesia Persero Tbk PT		4,885,000		1,697,364
Tiga Pilar Sejahtera Food Tbk (a)		791,800		54,672
Unilever Indonesia Tbk PT		80,700		293,435
United Tractors Tbk PT		339,915		807,579
XL Axiata Tbk PT (a)		103,525		28,746
				15,401,156
MALAYSIA — 2.6%
Aeon Co. M Bhd		1,097,190		532,680
AEON Credit Service M Bhd		22,650		68,875
AirAsia Bhd		170,200		139,062
Alliance Bank Malaysia Bhd		637,500		588,810
Axiata Group Bhd		203,700		252,786
Berjaya Sports Toto Bhd		314,614		184,037
Bintulu Port Holdings Bhd		94		131
British American Tobacco Malaysia Bhd		7,200		74,583
Bursa Malaysia Bhd		132,793		314,489
Capitaland Malaysia Mall Trust REIT		211,000		70,958
Carlsberg Brewery Malaysia Bhd Class B		334,476		1,175,518
CIMB Group Holdings Bhd		296,962		443,069
Dialog Group Bhd		2,297,367		1,088,155
DiGi.Com Bhd		841,200		976,171

See accompanying notes to financial statements.

25

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Felda Global Ventures Holdings Bhd		58,900	$	23,574
Genting Bhd		508,400		1,149,845
Genting Malaysia Bhd		121,400		154,679
Guan Chong Bhd		128,700		49,986
Hap Seng Plantations Holdings Bhd		13,500		8,472
IHH Healthcare Bhd		141,600		192,824
IOI Corp. Bhd		805,060		865,594
IOI Properties Group Bhd		675,562		323,182
Iskandar Waterfront City Bhd (a)		48,600		14,502
KLCCP Stapled Group		84,900		160,853
KNM Group Bhd (a)		682,121		42,809
KPJ Healthcare Bhd		240,080		59,132
Lingkaran Trans Kota Holdings Bhd		53,700		73,762
Magnum Bhd		484,260		207,581
Malayan Banking Bhd		395,637		892,936
Malaysian Resources Corp. Bhd		896,500		225,054
MPHB Capital Bhd (a)		240,830		77,568
Naim Holdings Bhd (a)		87		26
OSK Holdings Bhd		938,306		355,545
Pavilion Real Estate Investment Trust		202,100		83,760
Petronas Chemicals Group Bhd		99,100		171,093
Pos Malaysia Bhd		159,700		198,561
Public Bank Bhd		181,800		880,045
Sapura Energy Bhd		82,600		29,734
Sime Darby Bhd		170,024		363,201
SP Setia Bhd Group		48,996		42,237
SP Setia Bhd Group Preference Shares		10,257		2,623
Sunway Real Estate Investment Trust		209,900		85,501
TA Enterprise Bhd		829,400		124,729
TA Global Bhd		595,956		52,221
Telekom Malaysia Bhd		107,527		165,524
Tenaga Nasional Bhd		191,500		649,445
UEM Edgenta Bhd		108,100		68,355
UEM Sunrise Bhd (a)		670,388		180,993
UMW Holdings Bhd (a)		46,300		60,856
UMW Oil & Gas Corp. Bhd (a)		38,463		2,733
Unisem M Bhd		45,400		40,535
United Plantations Bhd		8,800		56,895

See accompanying notes to financial statements.

26

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
VS Industry Bhd		212,400	$	133,803
WCT Holdings Bhd (a)		1,212,896		502,680
				14,682,772
MALTA — 0.0% (g)
Tiso Blackstar Group SE		295		200
MEXICO — 4.0%
Alfa SAB de CV Class A		637,487		807,072
America Movil SAB de CV		3,626,111		3,226,893
Axtel SAB de CV (a) (b)		257,835		61,338
Cemex SAB de CV (a)		1,875,445		1,709,245
Coca-Cola Femsa SAB de CV		94,267		730,444
Consorcio ARA SAB de CV		256,184		89,724
Desarrolladora Homex SAB de CV (a)		5,133		274
El Puerto de Liverpool SAB de CV (b)		53,358		431,936
Fibra Uno Administracion SA de CV REIT		219,424		371,200
Fomento Economico Mexicano SAB de CV		313,040		3,000,205
Grupo Aeroportuario del Sureste SAB de CV Class B		69,300		1,322,670
Grupo Bimbo SAB de CV Class A		438,217		1,061,079
Grupo Elektra SAB DE CV (b)		7,968		361,344
Grupo Financiero Banorte SAB de CV Class O		246,681		1,705,918
Grupo Financiero Inbursa SAB de CV		197,732		362,705
Grupo Mexico SAB de CV Class B		488,065		1,496,777
Grupo Televisa SAB		293,239		1,449,300
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV (a)		252,452		472,672
Industrias CH SAB de CV Class B		68,532		295,538
Industrias Penoles SAB de CV		23,765		591,938
Kimberly-Clark de Mexico SAB de CV Class A		390,402		796,530
Sare Holding SAB de CV Class B (a)		287,303		1,408
Telesites SAB de CV (a)		182,940		140,837
TV Azteca SAB de CV		589,378		109,052
Urbi Desarrollos Urbanos SAB de CV (a)		51,528		21,140
Wal-Mart de Mexico SAB de CV		762,221		1,750,326
				22,367,565
MONACO — 0.0%(g)
GasLog, Ltd. (b)		2,634		45,963
NETHERLANDS — 0.0% (g)
VEON, Ltd. ADR		62,233		260,134
PERU — 0.9%
Cia de Minas Buenaventura SAA ADR (f)		45,110		576,957
Cia de Minas Buenaventura SAA ADR (f)		5,932		75,930
Credicorp, Ltd.		11,417		2,340,713
Southern Copper Corp. (b) (f)		35,635		1,416,848

See accompanying notes to financial statements.

27

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Southern Copper Corp. (f)		4,688	$	185,551
Volcan Cia Minera SAA Class B		708,652		253,826
				4,849,825
PHILIPPINES — 1.5%
Alliance Global Group, Inc.		318,900		100,693
Ayala Land, Inc.		2,051,680		1,756,869
Bank of the Philippine Islands		739,697		1,448,102
BDO Unibank, Inc.		586,696		1,509,487
Bloomberry Resorts Corp. (a)		124,200		26,160
Cebu Air, Inc.		222,480		480,439
Cebu Holdings, Inc.		1,130,400		117,937
D&L Industries, Inc.		338,500		67,301
DoubleDragon Properties Corp. (a)		224,360		176,663
East West Banking Corp.		128,000		81,765
Filinvest Land, Inc.		9,438,000		377,152
First Philippine Holdings Corp.		62,310		83,347
Global Ferronickel Holdings, Inc. (a)		236,333		12,980
GMA Holdings, Inc.		547,000		61,915
GT Capital Holdings, Inc.		1,510		34,510
JG Summit Holdings, Inc.		74,150		109,474
Megawide Construction Corp. (a)		711,788		225,589
Megaworld Corp.		1,014,300		104,426
Nickel Asia Corp.		85,200		11,069
PLDT, Inc.		15,725		516,330
Puregold Price Club, Inc.		48,100		49,379
San Miguel Corp.		21,600		41,797
SM Investments Corp.		25,470		442,721
SM Prime Holdings, Inc.		476,790		323,338
Top Frontier Investment Holdings, Inc. (a)		2,411		13,887
Universal Robina Corp.		35,620		107,142
Vista Land & Lifescapes, Inc.		162,078		20,292
				8,300,764
POLAND — 1.2%
Asseco Poland SA		13,253		168,356
Bank Pekao SA		24,170		849,013
Bank Zachodni WBK SA		3,575		342,691
Bioton SA (a)		162		221
Eurocash SA		1,240		13,142
Getin Holding SA (a)		47,432		22,128
Getin Noble Bank SA (a)		44,014		17,514
Globe Trade Centre SA		41,074		106,293
Grupa Lotos SA		25,681		421,092
KGHM Polska Miedz SA		25,887		834,022

See accompanying notes to financial statements.

28

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
LPP SA		73	$	163,712
mBank SA (a)		3,915		450,167
Orange Polska SA (a)		158,497		230,093
Orbis SA		12,413		323,274
PGE Polska Grupa Energetyczna SA (a)		90,191		329,187
Polimex-Mostostal SA (a)		2,327		3,359
Polski Koncern Naftowy ORLEN SA		34,245		1,143,709
Powszechna Kasa Oszczednosci Bank Polski SA (a)		71,666		694,839
Powszechny Zaklad Ubezpieczen SA		46,094		581,875
				6,694,687
QATAR — 0.5%
Aamal Co.		7,312		17,091
Industries Qatar QSC		6,850		172,513
Mannai Corp. QSC		4,488		87,708
Masraf Al Rayan QSC		48,736		496,898
Mazaya Qatar Real Estate Development QSC (a)		27,952		76,545
Medicare Group		3,639		70,566
National Leasing		39,164		134,464
Ooredoo QSC		12,506		284,419
Qatar Electricity & Water Co. QSC		1,166		55,982
Qatar Insurance Co. SAQ		11,927		171,464
Qatar National Bank QPSC		30,608		1,025,661
Qatari Investors Group QSC		12,282		124,481
Vodafone Qatar QSC (a)		48,503		113,239
				2,831,031
RUSSIA — 4.0%
Evraz PLC		29,866		125,418
Gazprom PJSC ADR		757,259		3,172,915
LSR Group PJSC		18,041		53,041
LUKOIL PJSC ADR		61,747		3,268,269
Magnit PJSC GDR		21,188		867,649
Mail.Ru Group, Ltd. GDR (a)		5,311		175,051
Mechel PJSC ADR (a)		22,735		117,540
MMC Norilsk Nickel PJSC ADR		90,385		1,555,978
Mobile TeleSystems PJSC ADR		115,029		1,200,903
Novatek PJSC		11,939		1,400,445
Novolipetsk Steel PJSC		4,876		110,929
Novorossiysk Commercial Sea Port PJSC		7,599		79,789
Polymetal International PLC		16,463		185,977
Rosneft Oil Co. PJSC GDR		185,122		1,028,353
Rostelecom PJSC ADR		13,687		102,652
Sberbank of Russia PJSC ADR (f)		89,829		1,278,716
Sberbank of Russia PJSC ADR (f)		149,792		2,137,532

See accompanying notes to financial statements.

29

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Severstal PJSC GDR		69,309	$	1,036,170
Sistema PJSC FC GDR		20,014		96,067
Surgutneftegas OJSC ADR		267,435		1,353,221
Tatneft PJSC ADR (f)		26,583		1,135,094
Tatneft PJSC ADR (b) (f)		12,997		561,990
TMK PJSC		6,857		32,742
VTB Bank PJSC GDR		304,603		654,896
X5 Retail Group NV GDR (a)		5,549		249,095
Yandex NV Class A (a)		15,291		503,838
				22,484,270
SOUTH AFRICA — 6.5%
Adbee Rf, Ltd. (a)		2,377		8,450
Adcock Ingram Holdings, Ltd.		13,437		60,207
Adcorp Holdings, Ltd.		77,569		85,023
African Phoenix Investments, Ltd. (a)		159,430		7,439
African Rainbow Minerals, Ltd.		16,544		125,013
Allied Electronics Corp., Ltd. (a)		52,875		48,949
Anglo American Platinum, Ltd. (a)		4,524		115,592
AngloGold Ashanti, Ltd.		39,827		375,484
ArcelorMittal South Africa, Ltd. (a)		23,877		8,134
Aspen Pharmacare Holdings, Ltd.		39,661		891,737
Aveng, Ltd. (a)		89,262		19,171
Barclays Africa Group, Ltd.		53,650		552,294
Barloworld, Ltd.		38,174		352,012
Bid Corp., Ltd. (b)		15,300		344,356
Bidvest Group, Ltd. (b)		55,976		715,780
Coronation Fund Managers, Ltd.		80,648		401,971
Discovery, Ltd.		54,984		572,786
FirstRand, Ltd. (b)		423,343		1,631,293
Foschini Group, Ltd.		36,695		368,920
Gold Fields, Ltd.		88,801		387,890
Grindrod, Ltd. (a)		150,205		153,514
Group Five, Ltd.		42,685		34,426
Growthpoint Properties, Ltd. REIT		119,852		215,694
Harmony Gold Mining Co., Ltd.		35,955		64,228
Impala Platinum Holdings, Ltd. (a)		63,840		146,568
Imperial Holdings, Ltd.		29,476		417,456
Investec, Ltd.		32,537		236,151
Invicta Holdings, Ltd.		60,883		225,451
Kumba Iron Ore, Ltd.		6,331		103,345
Lewis Group, Ltd.		38,580		85,717
Massmart Holdings, Ltd.		25,116		207,513
Mediclinic International PLC (b)		19,559		170,219

See accompanying notes to financial statements.

30

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
MMI Holdings, Ltd. (b)		142,807	$	183,499
Mr. Price Group, Ltd.		26,179		349,066
MTN Group, Ltd.		161,714		1,489,649
Murray & Roberts Holdings, Ltd.		106,919		126,695
Naspers, Ltd. Class N		46,456		10,046,400
Nedbank Group, Ltd.		43,398		651,332
Netcare, Ltd.		335,941		592,142
Northam Platinum, Ltd. (a)		44,931		155,499
Novus Holdings, Ltd.		16,068		7,771
PPC, Ltd. (a)		61,172		28,632
PSG Group, Ltd.		36,504		632,916
Rand Merchant Investment Holdings, Ltd.		177,201		544,234
Remgro, Ltd.		75,813		1,152,930
RMB Holdings, Ltd.		144,432		679,240
Sanlam, Ltd.		227,434		1,139,654
Sappi, Ltd.		45,352		309,210
Sasol, Ltd.		53,382		1,466,745
Shoprite Holdings, Ltd.		76,146		1,166,736
Sibanye-Stillwater		196,473		221,464
Standard Bank Group, Ltd. (b)		146,331		1,710,239
Steinhoff International Holdings NV (b)		326,769		1,452,764
Sun International, Ltd.		26,553		100,765
Telkom SA SOC, Ltd.		42,993		188,784
Tiger Brands, Ltd.		31,383		877,051
Trans Hex Group, Ltd. (a)		1,667		309
Truworths International, Ltd. (b)		64,111		366,789
Vodacom Group, Ltd.		56,244		671,221
Wilson Bayly Holmes-Ovcon, Ltd.		36,977		403,331
Woolworths Holdings, Ltd.		130,965		580,892
Zambezi Platinum RF, Ltd. Preference Shares		11,534		49,117
				36,477,859
TAIWAN — 13.7%
Acer, Inc.		452,701		226,171
Adlink Technology, Inc.		80,665		178,227
Advanced Ceramic X Corp.		4,000		55,665
Advanced Semiconductor Engineering, Inc.		971,117		1,188,116
Advanced Wireless Semiconductor Co.		13,000		22,164
Advancetek Enterprise Co., Ltd.		479,996		292,835
Advantech Co., Ltd.		5,499		39,170
AGV Products Corp. (a)		789,415		198,629
Airmate Cayman International Co., Ltd.		11,000		10,647
APCB, Inc.		154,000		143,975
Asustek Computer, Inc.		81,340		669,250

See accompanying notes to financial statements.

31

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
AU Optronics Corp. ADR (b)		163,743	$	661,522
Audix Corp.		90,600		118,912
Bank of Kaohsiung Co., Ltd.		240,390		73,725
Basso Industry Corp.		399,900		1,114,350
Biostar Microtech International Corp. (a)		309,000		135,526
C Sun Manufacturing, Ltd. (a)		152,000		129,825
Carnival Industrial Corp. (a)		307,000		49,304
Catcher Technology Co., Ltd.		83,000		773,232
Cathay Financial Holding Co., Ltd.		786,541		1,250,207
Cathay No 1 REIT		223,000		96,336
Center Laboratories, Inc. (a)		99,961		154,438
Chailease Holding Co., Ltd.		80,608		194,316
Champion Building Materials Co., Ltd. (a)		223,000		56,037
Chang Hwa Commercial Bank, Ltd.		1,312,465		709,815
Chang Wah Electromaterials, Inc.		7,431		33,572
Charoen Pokphand Enterprise		726,060		1,539,561
Chen Full International Co., Ltd.		12,000		17,570
Cheng Loong Corp.		79,000		46,503
Cheng Shin Rubber Industry Co., Ltd.		68,850		137,818
China Airlines, Ltd. (a)		306,000		115,542
China Chemical & Pharmaceutical Co., Ltd.		235,000		138,331
China Development Financial Holding Corp.		1,906,945		572,260
China Steel Chemical Corp.		86,595		334,112
China Steel Corp.		1,232,451		989,651
Chipbond Technology Corp.		66,000		110,131
Chlitina Holding, Ltd.		2,000		6,859
Chong Hong Construction Co., Ltd.		7,717		17,763
Chung Hwa Pulp Corp.		307,794		110,637
Chunghwa Chemical Synthesis & Biotech Co., Ltd.		83,000		59,532
Chunghwa Telecom Co., Ltd.		389,457		1,342,114
CMC Magnetics Corp. (a)		370,933		51,620
Coland Holdings, Ltd.		11,938		13,897
Compal Electronics, Inc.		781,774		555,574
Coxon Precise Industrial Co., Ltd. (a)		10,000		9,201
CTBC Financial Holding Co., Ltd.		2,162,527		1,354,967
Da-Li Development Co., Ltd.		224,444		238,329
Delta Electronics, Inc.		311,167		1,600,780
Dimerco Express Corp.		404,000		306,424
E.Sun Financial Holding Co., Ltd.		274,687		163,957
Eclat Textile Co., Ltd.		8,854		107,595
Elan Microelectronics Corp.		2,000		2,764
Elite Advanced Laser Corp.		11,520		42,738
Elite Material Co., Ltd.		13,000		61,733
Elite Semiconductor Memory Technology, Inc.		239,750		318,623

See accompanying notes to financial statements.

32

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Episil-Precision, Inc. (a)		909	$	700
Epistar Corp. (a)		84,180		107,154
Etron Technology, Inc. (a)		12,445		4,822
Eva Airways Corp.		221,291		108,004
Excelsior Medical Co., Ltd.		72,344		106,044
Far Eastern New Century Corp.		855,850		677,364
Feng TAY Enterprise Co., Ltd.		15,747		71,662
Flytech Technology Co., Ltd.		8,854		26,424
Formosa Chemicals & Fibre Corp.		399,243		1,213,897
Formosa Petrochemical Corp.		59,000		203,321
Formosa Plastics Corp.		634,714		1,921,473
Founding Construction & Development Co., Ltd.		683,677		349,459
Foxconn Technology Co., Ltd.		221,223		638,340
Fubon Financial Holding Co., Ltd.		1,004,903		1,567,468
Fullerton Technology Co., Ltd.		76,000		59,273
Fwusow Industry Co., Ltd.		310,383		183,216
Giant Manufacturing Co., Ltd.		72,302		339,765
Grape King Bio, Ltd.		73,664		444,549
Great Wall Enterprise Co., Ltd.		78,300		82,628
HannStar Display Corp.		216,500		83,890
Himax Technologies, Inc. ADR (b)		7,931		86,686
Hiwin Technologies Corp.		9,548		84,227
Hocheng Corp. (a)		459,000		142,737
Hon Hai Precision Industry Co., Ltd.		1,614,495		5,590,357
Hong TAI Electric Industrial		301,000		100,750
Hota Industrial Manufacturing Co., Ltd.		9,574		45,148
Hotai Motor Co., Ltd.		72,433		834,828
HTC Corp. (a)		149,198		372,946
Hua Nan Financial Holdings Co., Ltd.		1,349,683		732,169
Hung Sheng Construction, Ltd.		159,000		117,452
Ibase Technology, Inc.		248,222		430,566
Innolux Corp.		615,820		287,358
Iron Force Industrial Co., Ltd.		6,000		26,415
Janfusun Fancyworld Corp. (a)		886,112		63,411
KEE TAI Properties Co., Ltd.		155,000		51,370
Kenda Rubber Industrial Co., Ltd.		4,766		6,719
Kerry TJ Logistics Co., Ltd.		148,000		176,923
Kindom Construction Corp.		85,000		49,614
Kung Long Batteries Industrial Co., Ltd.		9,000		43,777
Kuoyang Construction Co., Ltd.		85,225		33,726
Kwong Fong Industries Corp.		61,974		44,349
Land Mark Optoelectronics Corp.		2,600		31,981
Largan Precision Co., Ltd.		6,000		1,054,610
Leofoo Development Co., Ltd. (a)		306,645		79,887

See accompanying notes to financial statements.

33

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Li Cheng Enterprise Co., Ltd.		9,225	$	18,618
Lite-On Technology Corp.		400,265		571,543
Long Bon International Co., Ltd.		11,000		5,169
Long Chen Paper Co., Ltd.		2,276,165		3,362,755
Makalot Industrial Co., Ltd.		4,139		18,085
MediaTek, Inc.		148,329		1,391,624
Medigen Biotechnology Corp. (a)		5,248		7,710
Mega Financial Holding Co., Ltd.		922,333		720,858
Merida Industry Co., Ltd.		2,100		9,141
Merry Electronics Co., Ltd.		13,356		84,125
Mosel Vitelic, Inc. (a)		3,758		620
Namchow Holdings Co., Ltd.		147,000		294,737
Nan Ya Plastics Corp.		626,486		1,543,283
Nanya Technology Corp.		3,982		11,267
National Petroleum Co., Ltd.		705,003		897,412
Neo Solar Power Corp. (a)		63,938		32,682
New Era Electronics Co., Ltd.		70,000		45,360
Newmax Technology Co., Ltd. (a)		67,185		101,584
Nexcom International Co., Ltd.		165,638		166,599
Novatek Microelectronics Corp.		76,225		286,560
OBI Pharma, Inc. (a)		3,000		17,115
Pacific Hospital Supply Co., Ltd.		68,000		160,335
Pan Jit International, Inc.		9,000		6,604
Parade Technologies, Ltd.		4,000		63,580
PChome Online, Inc.		3,519		18,045
Pegatron Corp.		149,686		388,481
Phytohealth Corp. (a)		9,000		7,717
Pihsiang Machinery Manufacturing Co., Ltd. (a)		51,000		29,096
Portwell, Inc. (a)		72,000		118,124
Pou Chen Corp.		537,462		674,397
Powertech Technology, Inc.		161,285		464,857
Promate Electronic Co., Ltd.		151,000		139,677
ProMOS Technologies, Inc. (a) (d)		130,950		—
Quanta Computer, Inc.		545,664		1,256,013
Radiant Opto-Electronics Corp.		14,000		32,779
Sampo Corp.		537,000		261,204
Sesoda Corp.		233,574		221,835
Shih Wei Navigation Co., Ltd. (a)		297,321		85,302
Shin Kong Financial Holding Co., Ltd.		698,663		209,203
Silicon Motion Technology Corp. ADR (b)		2,186		104,994
Siliconware Precision Industries Co., Ltd.		300,473		480,574
Sinbon Electronics Co., Ltd.		169,068		447,146
Sinon Corp.		302,000		172,293
SinoPac Financial Holdings Co., Ltd.		1,940,907		581,171

See accompanying notes to financial statements.

34

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Sinphar Pharmaceutical Co., Ltd.		214,524	$	155,637
Solar Applied Materials Technology Co. (a)		123,418		63,085
Solartech Energy Corp. (a)		10,041		4,371
Stark Technology, Inc.		116,400		132,622
Supreme Electronics Co., Ltd.		390,818		386,642
Ta Ya Electric Wire & Cable (a)		927,000		231,719
Tainan Enterprises Co., Ltd.		86,000		68,490
Taishin Financial Holding Co., Ltd.		1,787,615		769,304
Taisun Enterprise Co., Ltd. (a)		382,000		228,641
Taiwan Acceptance Corp.		9,000		30,125
Taiwan Cement Corp.		699,533		779,720
Taiwan Chinsan Electronic Industrial Co., Ltd.		75,000		135,536
Taiwan Cogeneration Corp.		88,000		67,471
Taiwan Fire & Marine Insurance Co., Ltd.		69,000		45,395
Taiwan FU Hsing Industrial Co., Ltd.		80,000		103,021
Taiwan Land Development Corp. (a)		490,750		165,881
Taiwan Mobile Co., Ltd.		4,000		14,246
Taiwan Paiho, Ltd.		90,433		416,020
Taiwan Pulp & Paper Corp. (a)		746,000		498,170
Taiwan Sakura Corp.		176,200		222,545
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		59,861		2,247,781
Taiwan Semiconductor Manufacturing Co., Ltd.		1,655,500		11,819,541
Taiwan TEA Corp.		239,913		125,795
Taiwan Union Technology Corp.		309,000		819,272
Taiyen Biotech Co., Ltd.		141,500		130,889
Tatung Co., Ltd. (a)		395,885		161,884
TPK Holding Co., Ltd. (a)		8,000		25,801
Transasia Airways Corp. (a) (d)		361,784		—
Tripod Technology Corp.		161,320		558,587
TrueLight Corp.		9,100		10,953
Tung Thih Electronic Co., Ltd.		5,000		32,647
Uni-President Enterprises Corp.		302,993		634,483
United Microelectronics Corp. ADR (b)		599,179		1,497,948
Unity Opto Technology Co., Ltd.		12,759		5,070
Ve Wong Corp.		149,000		117,435
Visual Photonics Epitaxy Co., Ltd.		226,151		449,707
Wei Chuan Foods Corp. (a)		76,000		47,368
Wei Mon Industry Co., Ltd. (a) (d)		240,450		—
Weikeng Industrial Co., Ltd.		162,526		88,970
Winbond Electronics Corp.		86,000		74,871
Wistron Corp.		398,911		319,008

See accompanying notes to financial statements.

35

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Zeng Hsing Industrial Co., Ltd.		70,350	$	305,073
Zenitron Corp.		319,000		192,511
				77,314,520
THAILAND — 3.1%
Advanced Info Service PCL (e)		251,915		1,442,752
Airports of Thailand PCL (e)		402,700		712,423
Bangkok Dusit Medical Services PCL (e)		115,500		70,997
Bangkok Expressway & Metro PCL (e)		7,488,108		1,807,474
Bangkok Land PCL (e)		1,624,000		87,652
Bank of Ayudhya PCL		50,800		57,502
Banpu PCL (e)		549,960		290,234
BEC World PCL (e)		62,200		30,401
BTS Group Holdings PCL (e)		76,500		19,612
Bumrungrad Hospital PCL (e)		16,700		107,661
Central Pattana PCL (e)		121,600		284,402
Central Plaza Hotel PCL (e)		89,900		120,630
CH Karnchang PCL (e)		15,448		12,970
Charoen Pokphand Foods PCL (e)		45,900		36,816
CP ALL PCL (e)		420,200		828,430
Electricity Generating PCL (e)		186,774		1,316,099
IRPC PCL (e)		2,110,158		398,621
Jasmine International PCL (e)		638,541		157,003
Kasikornbank PCL		134,400		862,417
Krung Thai Bank PCL (e)		103,500		58,345
Land & Houses PCL (e)		163,300		48,721
Minor International PCL (e)		21,928		26,794
Pruksa Holding PCL (e)		61,700		43,477
PTT Exploration & Production PCL (e)		265,730		713,128
PTT Global Chemical PCL (e)		53,100		122,600
PTT PCL (e)		132,736		1,623,877
Quality Houses PCL (e)		569,783		47,154
Sansiri PCL (e)		592,033		40,475
Siam Cement PCL		91,923		1,383,668
Siam Commercial Bank PCL (e)		270,402		1,240,525
Siam Future Development PCL (e)		414,913		79,623
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund		203,266		107,880
Thai Airways International PCL (a) (e)		146,400		79,894
Thai Beverage PCL		932,300		617,895
Thai Oil PCL (e)		260,395		722,235
Thaicom PCL (e)		92,800		46,191
TICON Industrial Connection PCL (e)		263,480		127,197
Tisco Financial Group PCL NVDR		14,200		32,786
Tisco Financial Group PCL (e)		322,018		743,490

See accompanying notes to financial statements.

36

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
TMB Bank PCL (e)		10,556,117	$	797,644
Total Access Communication PCL (a) (e)		16,200		27,688
True Corp. PCL (a) (e)		1,174,910		214,901
TTCL PCL (e)		16,000		7,868
U City PCL (a) (e)		19,312,900		17,373
				17,615,525
TURKEY — 1.3%
Akbank Turk AS		238,946		631,617
Anadolu Efes Biracilik Ve Malt Sanayii A/S		51,360		302,143
Aselsan Elektronik Sanayi Ve Ticaret A/S		14,186		104,916
BIM Birlesik Magazalar A/S		9,360		195,433
Coca-Cola Icecek A/S		1,078		11,289
Dogan Sirketler Grubu Holding A/S (a)		335,247		82,018
Eregli Demir ve Celik Fabrikalari TAS		353,326		768,035
Haci Omer Sabanci Holding A/S		127,471		359,174
KOC Holding A/S		191,303		879,560
Migros Ticaret A/S (a)		2,005		14,513
Tupras Turkiye Petrol Rafinerileri A/S		26,120		893,167
Turk Hava Yollari AO (a)		62,750		154,400
Turkcell Iletisim Hizmetleri A/S		109,846		391,987
Turkiye Garanti Bankasi A/S		474,073		1,290,466
Turkiye Halk Bankasi A/S		24,437		83,287
Turkiye Is Bankasi Class C		298,472		569,062
Turkiye Vakiflar Bankasi TAO		41,712		73,545
Ulker Biskuvi Sanayi A/S		65,968		358,956
Yapi ve Kredi Bankasi A/S (a)		192,013		233,260
				7,396,828
UNITED ARAB EMIRATES — 0.8%
Abu Dhabi Commercial Bank PJSC		215,465		416,539
Agthia Group PJSC		14,828		21,479
Air Arabia PJSC		497,778		154,511
Ajman Bank PJSC (a)		214,727		67,236
Al Waha Capital PJSC		96,003		44,961
Aldar Properties PJSC		417,606		264,937
Arabtec Holding PJSC (a)		74,617		58,513
Bank of Sharjah		88,235		29,310
DAMAC Properties Dubai Co. PJSC		346,082		358,082
Depa, Ltd.		52,265		19,077
Deyaar Development PJSC (a)		323,951		43,574
DP World, Ltd.		17,056		383,078
Dubai Financial Market PJSC (a)		195,262		59,015
Dubai Investments PJSC		168,078		106,174
Emaar Malls PJSC		104,183		66,096

See accompanying notes to financial statements.

37

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Emaar Properties PJSC		360,598	$	833,588
Eshraq Properties Co. PJSC (a)		246,758		51,735
First Abu Dhabi Bank PJSC		202,373		562,048
Gulf General Investment Co. (a)		192,415		19,228
Gulf Pharmaceutical Industries PSC		37,561		26,898
Invest bank PSC		27,643		18,591
National Central Cooling Co. PJSC		375,318		210,517
Orascom Construction, Ltd. (a)		1,396		9,423
RAK Properties PJSC		378,091		71,034
Ras Al Khaimah Ceramics		34,427		22,497
SHUAA Capital PSC (a)		517,256		157,741
Union National Bank PJSC		75,945		88,090
Union Properties PJSC (a)		158,120		36,380
				4,200,352
TOTAL COMMON STOCKS (Cost $513,287,792)				558,389,827
WARRANTS — 0.0% (g)
MALAYSIA — 0.0% (g)
KNM Group Bhd (expiring 11/15/17) (a)		66,712		79
VS Industry Bhd (expiring 1/6/19) (a)		19,500		4,480
				4,559
SOUTH AFRICA — 0.0% (g)
Adcock Ingram Holdings, Ltd. (expiring 7/26/19) (a)		335		273
TOTAL WARRANTS (Cost $0)				4,832
RIGHTS — 0.0% (g)
BRAZIL — 0.0% (g)
Cosan Logistica SA (expiring 10/26/17) (a)		1,353		436
CHINA — 0.0% (g)
China State Construction International Holdings, Ltd. (expiring 10/3/17) (a) (e)		17,250		110
GREECE — 0.0% (g)
Frigoglass SAIC (expiring 10/18/17) (a)		77		—
MALAYSIA — 0.0% (g)
UMW Oil & Gas Corp. Bhd (expiring 10/10/17) (a)		107,696		128
TOTAL RIGHTS (Cost $0)				674

See accompanying notes to financial statements.

38

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
SHORT-TERM INVESTMENTS — 1.5%
State Street Navigator Securities Lending Government Money Market Portfolio (h) (i) (Cost $8,647,800)		8,647,800	$	8,647,800
TOTAL INVESTMENTS — 100.8% (Cost $521,935,592)				567,043,133
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%				(4,607,142	)
NET ASSETS — 100.0%			$	562,435,991

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at September 30, 2017.

(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 September 30, 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 September 30, 2017, total aggregate fair value of the securities is $28,081, 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 September 30, 2017, total aggregate fair value of securities is $14,672,229 representing 2.5% of 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 September 30, 2017 are shown in the Affiliate Table below.

(i) Investment of cash collateral for securities loaned.

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

At September 30, 2017, open futures contracts purchased were as follows:

Futures Contracts	Expiration Date		Number of Contracts	Notional Amount		Value		Unrealized Appreciation/ Depreciation
MSCI Taiwan Index Futures		10/30/2017	13	$	501,239	$	500,149	$	(1,090	)

During the period ended September 30, 2017, average notional value related to futures contracts was $475,290 or less than 0.5% of net assets.

See accompanying notes to financial statements.

39

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Brazil	$	48,653,958	$	—	$	—		$	48,653,958
Chile		9,654,807		—		—			9,654,807
China		174,909,103		22,114		11,689			174,942,906
Colombia		3,193,506		—		—			3,193,506
Czech Republic		1,787,877		—		—			1,787,877
Egypt		1,830,377		—		—			1,830,377
Greece		982,655		—		—			982,655
Hong Kong		6,926,010		13,901		16,392			6,956,303
Hungary		3,642,222		—		—			3,642,222
India		65,360,704		461,061		0	(a)		65,821,765
Indonesia		15,396,283		4,873		—			15,401,156
Malaysia		14,682,641		131		—			14,682,772
Malta		200		—		—			200
Mexico		22,367,565		—		—			22,367,565
Monaco		45,963		—		—			45,963
Netherlands		260,134		—		—			260,134
Peru		4,849,825		—		—			4,849,825
Philippines		8,300,764		—		—			8,300,764
Poland		6,694,687		—		—			6,694,687
Qatar		2,831,031		—		—			2,831,031
Russia		22,484,270		—		—			22,484,270
South Africa		36,469,409		8,450		—			36,477,859
Taiwan		77,285,424		29,096		0	(a)		77,314,520
Thailand		3,062,148		14,553,377		—			17,615,525
Turkey		7,396,828		—		—			7,396,828
United Arab Emirates		4,154,863		45,489		—			4,200,352
Warrants
Malaysia		4,480		79		—			4,559
South Africa		273		—		—			273
Rights
Brazil		436		—		—			436
China		—		110		—			110
Greece		0		—		—			0

See accompanying notes to financial statements.

40

SPDR Portfolio Emerging Markets ETF

(formerly, SPDR S&P Emerging Markets ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Malaysia	$	128		$	—	$	—	$	128
Short-Term Investments		8,647,800			—		—		8,647,800
TOTAL INVESTMENTS	$	551,876,371		$	15,138,681	$	28,081	$	567,043,133
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts		(1,090	)		—		—		(1,090	)
TOTAL OTHER FINANCIAL INSTRUMENTS:	$	(1,090	)	$	—	$	—	$	(1,090	)

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2017.

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional
U.S. Government Money Market Fund, Class G Shares		—	$	—	$	20,734,160	$	20,734,160	$	—	$	—		—	$	—	$	5,881
State Street Institutional
U.S. Government Money Market Fund, Premier Class		1,745,114		1,745,114		12,134,238		13,879,352		—		—		—		—		1,677
State Street Navigator Securities
Lending Government Money Market Portfolio*		3,656,112		3,656,112		44,196,372		39,204,684		—		—		8,647,800		8,647,800		73,463
Total			$	5,401,226	$	77,064,770	$	73,818,196	$	—	$	—			$	8,647,800	$	81,021

* 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.

41

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 5.6%
Abacus Property Group REIT		14,579	$	43,241
AGL Energy, Ltd.		34,041		624,219
Alumina, Ltd.		335,088		578,439
Amcor, Ltd.		92,974		1,109,600
AMP, Ltd.		188,401		714,013
Ansell, Ltd.		29,677		518,813
APA Group		130,909		857,693
Aristocrat Leisure, Ltd.		60,228		992,416
Arrium, Ltd. (a) (b) (c)		163,093		—
Australia & New Zealand Banking Group, Ltd.		139,605		3,242,414
BHP Billiton PLC		95,355		1,681,680
BHP Billiton, Ltd.		159,422		3,224,831
BlueScope Steel, Ltd.		42,840		368,750
Boral, Ltd.		34,672		184,180
Brambles, Ltd.		135,537		957,142
BWP Trust REIT		206,651		478,339
Caltex Australia, Ltd.		13,659		344,033
carsales.com, Ltd.		18,362		184,851
Challenger, Ltd.		33,659		328,811
Coca-Cola Amatil, Ltd.		31,972		193,921
Cochlear, Ltd.		2,813		351,411
Commonwealth Bank of Australia		85,419		5,043,556
Computershare, Ltd.		86,919		986,868
CSL, Ltd.		25,791		2,710,935
CSR, Ltd.		121,025		449,171
Dexus Property Group REIT		23,688		176,574
Fairfax Media, Ltd.		124,363		92,214
Fortescue Metals Group, Ltd.		86,728		349,783
Goodman Group REIT		80,106		517,927
GPT Group REIT		89,267		347,415
GWA Group, Ltd.		111,026		227,374
Harvey Norman Holdings, Ltd. (c)		29,655		90,283
Healthscope, Ltd.		104,851		137,393
Iluka Resources, Ltd.		26,788		199,682
Incitec Pivot, Ltd.		84,781		239,484
Infigen Energy (b) (c)		79,435		47,370
Ingenia Communities Group REIT		74,289		153,888
Insurance Australia Group, Ltd.		215,436		1,076,796
LendLease Group		84,664		1,190,454
Macquarie Group, Ltd.		22,777		1,624,919
Medibank Pvt, Ltd.		139,341		319,255
Mirvac Group REIT		91,205		163,882

See accompanying notes to financial statements.

42

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
National Australia Bank, Ltd.		124,177	$	3,069,217
Newcrest Mining, Ltd.		44,070		726,861
Oil Search, Ltd.		59,174		325,016
Orica, Ltd.		15,455		239,746
Origin Energy, Ltd. (b)		113,937		668,717
Orora, Ltd.		95,420		232,101
OZ Minerals, Ltd.		24,250		141,186
Perpetual, Ltd.		15,366		624,790
QBE Insurance Group, Ltd.		68,390		537,159
Ramsay Health Care, Ltd.		6,519		318,570
REA Group, Ltd.		2,661		139,893
Santos, Ltd. (b)		126,961		400,472
Scentre Group REIT		264,490		815,601
SEEK, Ltd.		17,933		233,721
Sonic Healthcare, Ltd.		30,516		500,677
South32, Ltd. (d)		92,360		238,846
South32, Ltd. (d)		160,082		410,739
Stockland REIT		125,834		424,563
Suncorp Group, Ltd.		65,101		666,613
Sydney Airport		56,170		313,365
Tatts Group, Ltd.		205,964		643,206
Telstra Corp., Ltd.		219,432		600,899
TPG Telecom, Ltd. (c)		18,343		70,093
Transurban Group		101,121		942,614
Treasury Wine Estates, Ltd.		63,346		680,454
Vicinity Centres REIT		165,309		345,028
Wesfarmers, Ltd.		59,853		1,941,007
Westfield Corp. REIT		102,143		628,348
Westpac Banking Corp.		161,648		4,048,639
Woodside Petroleum, Ltd.		46,791		1,068,393
Woolworths, Ltd.		82,110		1,624,220
WorleyParsons, Ltd. (b)		25,044		265,285
				57,010,059
AUSTRIA — 0.3%
ams AG (b)		3,071		222,803
ANDRITZ AG		1,811		104,704
Erste Group Bank AG (b)		17,843		770,880
OMV AG		17,710		1,031,972
Raiffeisen Bank International AG (b)		6,671		223,620
voestalpine AG		15,786		805,181
				3,159,160
BELGIUM — 1.2%
Ackermans & van Haaren NV		1,124		197,126

See accompanying notes to financial statements.

43

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Aedifica SA REIT		3,647	$	344,143
Ageas		23,379		1,098,912
Anheuser-Busch InBev SA/NV		49,106		5,880,777
Bekaert SA		4,967		238,285
Colruyt SA (c)		3,179		162,862
Galapagos NV (b)		2,187		222,842
Gimv NV		948		58,278
Groupe Bruxelles Lambert SA		4,065		427,702
KBC Group NV		17,095		1,449,036
Proximus SADP		7,180		247,473
Solvay SA		3,726		556,776
UCB SA		11,801		840,277
Umicore SA		5,112		422,978
				12,147,467
CANADA — 8.3%
AGF Management, Ltd. Class B		33,531		216,900
Agnico Eagle Mines, Ltd.		11,524		519,601
Agrium, Inc.		12,324		1,317,687
Air Canada (b)		13,300		279,049
Alamos Gold, Inc. Class A		12,349		83,238
Algonquin Power & Utilities Corp. (c)		13,450		141,851
Alimentation Couche-Tard, Inc. Class B		21,230		965,887
AltaGas, Ltd.		7,335		168,559
ARC Resources, Ltd. (c)		18,813		258,582
Argonaut Gold, Inc. (b)		17,622		34,521
Atco, Ltd. Class I		3,726		136,450
Athabasca Oil Corp. (b)		17,275		15,470
Avigilon Corp. (b) (c)		3,446		49,266
B2Gold Corp. (b)		55,967		153,941
Badger Daylighting, Ltd. (c)		3,325		70,639
Bank of Montreal		30,410		2,296,099
Bank of Nova Scotia		60,336		3,869,146
Barrick Gold Corp.		60,741		975,236
BCE, Inc.		13,805		645,297
BlackBerry, Ltd. (b)		32,562		363,203
Bombardier, Inc. Class B (b)		120,971		218,602
Brookfield Asset Management, Inc. Class A		53,124		2,188,421
CAE, Inc.		14,541		253,812
Cameco Corp. (c)		33,619		323,919
Canadian Imperial Bank of Commerce		22,362		1,951,993
Canadian National Railway Co.		40,394		3,339,009
Canadian Natural Resources, Ltd.		65,786		2,198,214
Canadian Pacific Railway, Ltd.		10,026		1,680,126

See accompanying notes to financial statements.

44

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Canadian Solar, Inc. (b) (c)		2,294	$	38,631
Canadian Tire Corp., Ltd. Class A		4,206		522,416
Canadian Utilities, Ltd. Class A		5,877		182,092
Canadian Western Bank		22,328		601,829
CCL Industries, Inc. Class B		6,089		293,970
Cenovus Energy, Inc. (c)		38,736		387,468
CES Energy Solutions Corp.		15,786		79,646
CGI Group, Inc. Class A (b)		21,407		1,107,450
CI Financial Corp.		12,150		265,121
Cineplex, Inc. (c)		3,179		99,235
Constellation Software, Inc.		1,019		554,651
Crescent Point Energy Corp. (c)		35,826		287,032
CT Real Estate Investment Trust		14,696		163,217
Detour Gold Corp. (b)		9,713		106,865
Dollarama, Inc.		5,688		620,943
ECN Capital Corp.		16,198		51,289
Eldorado Gold Corp.		33,293		72,940
Element Fleet Management Corp.		19,405		143,522
Emera, Inc. (c)		7,353		277,858
Empire Co., Ltd.		8,138		143,675
Enbridge Income Fund Holdings, Inc.		4,861		124,921
Enbridge, Inc.		80,063		3,336,572
Encana Corp.		47,523		558,200
Enerplus Corp.		7,881		77,572
Exchange Income Corp. (c)		7,197		201,008
Fairfax Financial Holdings, Ltd.		1,900		986,469
Finning International, Inc.		7,000		159,685
Firm Capital Mortgage Investment Corp.		29,322		289,551
First Capital Realty, Inc.		6,791		106,862
First Majestic Silver Corp. (b) (c)		13,838		94,271
First Quantum Minerals, Ltd.		33,676		377,244
Fortis, Inc.		20,405		730,609
Franco-Nevada Corp.		8,593		664,134
George Weston, Ltd.		2,351		204,243
Gildan Activewear, Inc.		11,687		364,351
Goldcorp, Inc.		47,239		611,899
Gran Tierra Energy, Inc. (b)		25,165		56,944
Great-West Lifeco, Inc.		15,286		438,908
H&R Real Estate Investment Trust		6,791		116,962
Home Capital Group, Inc. (c)		3,438		38,183
Husky Energy, Inc. (b)		30,104		375,984
Hydro One, Ltd.		8,367		152,000
IAMGOLD Corp. (b)		42,521		259,413
Imperial Oil, Ltd.		12,442		396,544

See accompanying notes to financial statements.

45

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Industrial Alliance Insurance & Financial Services, Inc.		5,114	$	231,033
Innergex Renewable Energy, Inc.		25,431		292,203
Intact Financial Corp.		7,113		586,205
Inter Pipeline, Ltd.		16,942		350,178
International Petroleum Corp. (b)		3,745		16,242
K-Bro Linen, Inc.		7,000		217,559
Keyera Corp.		8,652		263,853
Kinross Gold Corp. (b)		55,281		233,828
Linamar Corp.		2,520		153,418
Loblaw Cos., Ltd.		11,787		641,822
Lundin Mining Corp.		37,206		254,654
MacDonald Dettwiler & Associates, Ltd.		2,294		130,195
Magna International, Inc.		19,785		1,053,439
Manulife Financial Corp.		104,683		2,118,520
Methanex Corp.		4,214		211,264
Metro, Inc.		12,362		424,142
National Bank of Canada		18,845		904,843
New Gold, Inc. (b)		30,125		111,525
Obsidian Energy, Ltd. (b) (c)		25,711		27,137
Onex Corp.		4,105		316,052
Open Text Corp.		10,996		353,975
Pan American Silver Corp.		7,497		127,383
Parex Resources, Inc. (b)		18,329		220,566
Pembina Pipeline Corp.		15,488		542,170
Pengrowth Energy Corp. (b) (c)		23,130		23,488
Peyto Exploration & Development Corp. (c)		6,667		108,749
Potash Corp. of Saskatchewan, Inc. (c)		53,970		1,036,549
Power Corp. of Canada		18,813		477,000
Power Financial Corp.		15,651		433,120
PrairieSky Royalty, Ltd. (c)		10,340		263,988
Precision Drilling Corp. (b)		15,581		48,338
Pure Industrial Real Estate Trust		42,348		215,355
Quebecor, Inc. Class B		4,155		155,781
Restaurant Brands International, Inc.		11,502		733,170
Richmont Mines, Inc. (b)		7,482		69,576
RioCan Real Estate Investment Trust		7,845		150,107
Ritchie Bros Auctioneers, Inc. (c)		5,367		169,295
Rogers Communications, Inc. Class B		28,397		1,460,891
Royal Bank of Canada		80,081		6,181,601
Russel Metals, Inc.		2,990		65,937
Saputo, Inc.		13,229		456,851
Secure Energy Services, Inc. (c)		9,639		66,744
SEMAFO, Inc. (b)		23,233		61,303
Seven Generations Energy, Ltd. Class A (b)		8,794		138,803

See accompanying notes to financial statements.

46

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Shaw Communications, Inc. Class B		41,058	$	942,858
Sherritt International Corp. (b)		47,466		40,610
Shopify, Inc. Class A (b)		2,896		336,039
SNC-Lavalin Group, Inc.		10,015		451,562
Stantec, Inc.		3,872		107,214
Stars Group, Inc. (b)		9,336		190,355
Sun Life Financial, Inc.		38,923		1,546,463
Suncor Energy, Inc.		96,924		3,389,027
Tahoe Resources, Inc.		7,197		37,750
Teck Resources, Ltd. Class B		29,591		621,561
TELUS Corp.		23,687		850,016
Thomson Reuters Corp.		21,342		976,956
TMX Group, Ltd.		2,477		139,630
Toromont Industries, Ltd.		3,872		177,153
Toronto-Dominion Bank		99,128		5,568,098
Tourmaline Oil Corp. (b)		6,397		129,766
TransCanada Corp. (c)		44,657		2,202,053
Trinidad Drilling, Ltd. (b)		11,462		17,322
Turquoise Hill Resources, Ltd. (b)		47,962		148,030
Valeant Pharmaceuticals International, Inc. (b)		16,951		242,341
Veresen, Inc.		15,383		230,256
Vermilion Energy, Inc. (c)		5,631		199,684
Waste Connections, Inc.		12,943		903,055
West Fraser Timber Co., Ltd.		2,062		118,709
Wheaton Precious Metals Corp.		20,109		382,676
Whitecap Resources, Inc. (c)		18,167		140,903
Yamana Gold, Inc.		58,894		155,399
Yellow Pages, Ltd. (b) (c)		5,683		39,215
				83,820,650
CHILE — 0.0% (e)
Antofagasta PLC		17,326		220,599
CHINA — 0.2%
APT Satellite Holdings, Ltd.		176,000		82,246
Bloomage BioTechnology Corp., Ltd.		24,147		48,228
BOC Hong Kong Holdings, Ltd.		183,500		891,575
China Everbright Water, Ltd. (c)		118,215		36,998
Chong Hing Bank, Ltd.		1,385		2,827
ENN Energy Holdings, Ltd.		38,000		275,366
Fosun International, Ltd. (c)		122,500		258,152

See accompanying notes to financial statements.

47

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
HC International, Inc.		60,000	$	48,395
Sino Grandness Food Industry Group, Ltd. (b) (c)		367,445		59,529
				1,703,316
DENMARK — 1.5%
AP Moeller - Maersk A/S Class B		319		606,094
AP Moller - Maersk A/S Class A		159		292,246
Carlsberg A/S Class B		5,215		570,810
Chr Hansen Holding A/S		4,865		417,344
Coloplast A/S Class B		4,361		354,018
Danske Bank A/S		50,465		2,018,664
DONG Energy A/S		10,165		581,983
DSV A/S		8,849		669,565
FLSmidth & Co. A/S		9,286		614,120
Genmab A/S (b)		2,717		599,960
GN Store Nord A/S		7,226		247,724
ISS A/S		9,043		363,743
Jyske Bank A/S		2,388		137,822
Novo Nordisk A/S Class B		98,725		4,720,757
Novozymes A/S Class B		11,013		565,276
Pandora A/S (c)		6,179		610,067
SimCorp A/S		2,011		122,836
TDC A/S		13,159		77,117
Vestas Wind Systems A/S		13,614		1,221,947
				14,792,093
FINLAND — 1.1%
Amer Sports Oyj (b)		6,790		180,129
Caverion Corp. (b)		13,188		121,141
Elisa Oyj		7,680		330,668
Fortum Oyj		22,622		451,701
Kemira Oyj		21,484		282,430
Kesko Oyj Class B		3,791		203,336
Kone Oyj Class B		19,325		1,023,501
Konecranes Oyj		3,476		154,346
Metso Oyj		13,845		508,049
Neste Oyj		12,312		537,816
Nokia Oyj (d)		199,445		1,197,782
Nokia Oyj (d)		107,106		640,954
Nokian Renkaat Oyj		5,630		250,457
Orion Oyj Class B		5,061		234,897
Sampo Oyj Class A		27,339		1,445,357
Sanoma Oyj		18,907		206,308
Stockmann Oyj Abp Class B (b)		19,802		140,459
Stora Enso Oyj Class R		41,972		592,950

See accompanying notes to financial statements.

48

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Tikkurila Oyj		9,290	$	169,242
UPM-Kymmene Oyj		34,809		943,597
Valmet Oyj		13,581		267,002
Wartsila Oyj Abp		10,140		718,051
YIT Oyj		19,547		159,910
				10,760,083
FRANCE — 8.2%
Accor SA		17,780		883,555
Aeroports de Paris		1,612		260,701
Air Liquide SA		18,210		2,429,418
Airbus SE		31,483		2,992,795
Albioma SA		16,040		361,804
Alstom SA		15,855		673,557
Arkema SA		2,191		268,733
Atos SE		4,154		644,550
AXA SA		97,683		2,955,153
BNP Paribas SA		55,146		4,449,461
Bollore SA		26,311		131,542
Bourbon Corp. (c)		19,485		176,219
Bouygues SA		16,273		772,403
Bureau Veritas SA		11,207		289,290
Capgemini SE		7,888		924,686
Carrefour SA		45,841		926,433
Casino Guichard Perrachon SA		7,005		415,556
CGG SA (b) (c)		2,134		11,857
Christian Dior SE		90		28,829
Cie de Saint-Gobain		33,027		1,968,624
Cie Generale des Etablissements Michelin		9,792		1,429,648
Cie Plastic Omnium SA		3,614		154,642
Credit Agricole SA		60,149		1,093,643
Danone SA		31,232		2,450,543
Dassault Systemes SE		5,066		512,600
Edenred		18,579		505,174
Eiffage SA		2,664		275,886
Electricite de France SA		20,723		251,724
Elis SA		9,199		246,374
Engie SA		81,800		1,389,635
Essilor International SA		10,153		1,257,301
Eutelsat Communications SA		4,306		127,569
Faurecia		2,793		193,920
Fonciere Des Regions REIT		2,617		271,915
Gecina SA REIT		2,129		345,319
Groupe Eurotunnel SE		20,460		246,716

See accompanying notes to financial statements.

49

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Groupe Fnac SA (b) (d)		664	$	63,921
Groupe Fnac SA (b) (d)		1,233		118,842
Hermes International		1,804		909,698
Iliad SA		1,119		297,450
Ingenico Group SA		2,576		244,237
Ipsen SA		1,768		235,035
Kering		5,800		2,311,070
Klepierre SA REIT		9,535		374,352
Lagardere SCA		15,592		522,111
Legrand SA		13,722		990,848
L’Oreal SA		13,133		2,793,096
LVMH Moet Hennessy Louis Vuitton SE		13,504		3,726,894
Natixis SA		23,460		187,762
Nexans SA		4,882		289,556
Orange SA		104,710		1,715,703
Orpea		2,305		273,042
Pernod Ricard SA		10,497		1,452,537
Peugeot SA		30,237		720,285
Publicis Groupe SA		16,908		1,181,128
Renault SA		12,814		1,259,009
Rexel SA		14,830		256,669
Rubis SCA		4,380		279,251
Safran SA		17,159		1,753,466
Sanofi		60,337		5,992,464
Schneider Electric SE (b) (d)		28,118		2,447,541
Schneider Electric SE (b) (d)		2,000		173,322
SCOR SE		9,168		384,492
SEB SA		1,326		243,291
Societe BIC SA		1,372		164,469
Societe Generale SA		41,721		2,443,192
Sodexo SA		5,058		630,844
Suez		19,519		356,399
Technicolor SA		23,776		82,075
Teleperformance		2,880		430,018
Television Francaise 1 (c)		5,957		87,079
Thales SA		5,095		576,912
TOTAL SA		122,673		6,590,613
Ubisoft Entertainment SA (b)		7,969		547,922
Unibail-Rodamco SE REIT		4,875		1,185,783
Valeo SA		19,255		1,429,077
Vallourec SA (b) (c)		24,952		148,376
Veolia Environnement SA		43,010		994,047
Vinci SA		23,592		2,242,392
Vivendi SA		63,297		1,602,852

See accompanying notes to financial statements.

50

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Wendel SA		1,442	$	233,633
Zodiac Aerospace		6,064		175,386
				83,435,916
GERMANY — 7.6%
Aareal Bank AG		2,522		106,812
adidas AG		10,308		2,332,422
Allianz SE		22,656		5,087,604
Aurubis AG		1,427		115,627
Axel Springer SE		3,100		199,256
BASF SE		45,518		4,845,174
Bayer AG		41,839		5,702,973
Bayerische Motoren Werke AG		15,809		1,604,110
Bayerische Motoren Werke AG Preference Shares		2,725		242,836
Beiersdorf AG		5,034		541,737
Bilfinger SE		6,711		281,092
Brenntag AG		7,827		435,959
CECONOMY AG		8,188		96,440
Commerzbank AG (b)		46,164		628,159
Continental AG		5,533		1,404,703
Covestro AG (f)		4,202		361,393
Daimler AG		49,246		3,928,008
Deutsche Bank AG		102,141		1,766,588
Deutsche Boerse AG		11,697		1,268,183
Deutsche EuroShop AG		3,169		118,873
Deutsche Lufthansa AG		9,017		250,614
Deutsche Post AG		59,752		2,660,610
Deutsche Telekom AG		169,358		3,160,393
Deutsche Wohnen AG		17,016		722,578
DMG Mori AG		3,605		223,746
Drillisch AG		2,172		152,370
Duerr AG		1,218		162,927
E.ON SE		101,909		1,153,685
Evonik Industries AG		6,129		218,965
Fraport AG Frankfurt Airport Services Worldwide		2,620		248,842
Freenet AG		6,507		217,623
Fresenius Medical Care AG & Co. KGaA		10,872		1,063,832
Fresenius SE & Co. KGaA		19,996		1,613,379
FUCHS PETROLUB SE Preference Shares		3,514		208,086
GEA Group AG		8,895		404,748
Gerresheimer AG		2,129		164,832
Hamborner REIT AG		23,509		254,300
Hannover Rueck SE		3,044		366,879
HeidelbergCement AG		7,160		736,162

See accompanying notes to financial statements.

51

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Hella KGaA Hueck & Co.		2,202	$	129,835
Henkel AG & Co. KGaA Preference Shares		9,963		1,356,266
Henkel AG & Co. KGaA		6,304		767,244
HOCHTIEF AG		824		139,057
HUGO BOSS AG		3,289		290,025
Infineon Technologies AG		57,065		1,434,921
Innogy SE		6,845		304,710
KION Group AG		3,865		369,968
KS AG (c)		10,631		289,691
LANXESS AG		4,638		366,048
LEG Immobilien AG		2,959		299,405
Linde AG		9,127		1,903,884
MAN SE		4,736		534,639
Merck KGaA		10,492		1,167,430
METRO AG (b)		8,188		173,124
MorphoSys AG (b) (c)		1,105		93,233
MTU Aero Engines AG		1,897		302,643
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		7,441		1,591,331
Norma Group SE		2,486		163,523
OSRAM Licht AG		3,991		318,523
Porsche Automobil Holding SE Preference Shares		8,813		563,653
ProSiebenSat.1 Media SE		11,203		381,896
Puma SE		107		41,655
Rheinmetall AG		2,164		243,958
RWE AG (b)		27,191		617,830
Salzgitter AG (c)		5,145		233,443
SAP SE		47,844		5,242,653
Sartorius AG Preference Shares		2,343		224,029
Siemens AG		41,178		5,802,728
Software AG		2,546		124,323
STADA Arzneimittel AG		3,782		368,149
Symrise AG		6,181		469,632
TAG Immobilien AG		7,232		121,576
Telefonica Deutschland Holding AG		25,605		143,723
ThyssenKrupp AG		26,083		773,195
TUI AG		24,017		407,936
Uniper SE		10,182		279,262
United Internet AG		6,209		386,612
Volkswagen AG		1,946		329,555
Volkswagen AG Preference Shares		9,038		1,474,491
Vonovia SE		22,351		951,240

See accompanying notes to financial statements.

52

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Wirecard AG		6,795	$	621,838
Zalando SE (b)		5,611		281,253
				77,132,650
HONG KONG — 2.7%
AIA Group, Ltd.		625,400		4,612,012
ASM Pacific Technology, Ltd.		12,700		182,922
Bank of East Asia, Ltd.		67,572		291,978
China Water Industry Group, Ltd. (b) (c)		856,000		178,637
CK Asset Holdings, Ltd.		159,348		1,318,940
CK Hutchison Holdings, Ltd.		159,348		2,037,064
CK Infrastructure Holdings, Ltd.		26,000		223,693
CLP Holdings, Ltd.		93,000		953,135
Dah Sing Banking Group, Ltd.		142,925		314,004
Dah Sing Financial Holdings, Ltd.		71,685		487,341
Dairy Farm International Holdings, Ltd.		15,300		117,657
Esprit Holdings, Ltd. (b)		179,419		100,153
Galaxy Entertainment Group, Ltd.		137,000		964,702
Hang Lung Group, Ltd.		153,000		549,458
Hang Lung Properties, Ltd.		104,000		246,861
Hang Seng Bank, Ltd.		37,000		901,942
Henderson Land Development Co., Ltd.		63,405		420,092
HK Electric Investments & HK Electric Investments, Ltd. (c)		114,500		104,375
HKT Trust & HKT, Ltd.		136,900		166,333
Hong Kong & China Gas Co., Ltd.		411,506		773,414
Hong Kong Exchanges & Clearing, Ltd.		62,962		1,692,809
Hongkong Land Holdings, Ltd.		113,200		815,040
Hopewell Highway Infrastructure, Ltd.		6,975		4,313
Hysan Development Co., Ltd.		26,841		126,289
I-CABLE Communications, Ltd. (b)		39,107		1,277
Jardine Matheson Holdings, Ltd.		14,505		919,037
Jardine Strategic Holdings, Ltd.		9,900		427,680
Kerry Properties, Ltd.		29,000		120,111
Li & Fung, Ltd.		444,000		222,833
Link REIT		137,351		1,113,129
Melco International Development, Ltd.		34,000		97,943
Melco Resorts & Entertainment, Ltd. ADR		7,355		177,403
MTR Corp., Ltd.		75,679		441,825
New World Development Co., Ltd.		278,067		399,441
Noble Group, Ltd. (b) (c)		22,940		6,673
NWS Holdings, Ltd.		72,000		140,300
Pacific Basin Shipping, Ltd. (b)		1,300,000		292,932
PCCW, Ltd.		206,000		111,562
Power Assets Holdings, Ltd.		71,000		614,945

See accompanying notes to financial statements.

53

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Sands China, Ltd.		129,200	$	672,408
Shangri-La Asia, Ltd.		60,000		111,232
Sino Land Co., Ltd.		388,091		681,707
SJM Holdings, Ltd.		57,000		52,178
Sun Hung Kai Properties, Ltd.		76,509		1,243,037
Sundart Holdings, Ltd.		82,000		48,713
Swire Pacific, Ltd. Class A		25,500		247,468
Swire Properties, Ltd.		54,200		183,889
Techtronic Industries Co., Ltd.		69,000		368,379
VTech Holdings, Ltd.		8,700		126,757
Wharf Holdings, Ltd.		110,000		980,194
Wheelock & Co., Ltd.		34,000		239,198
Yue Yuen Industrial Holdings, Ltd.		34,000		129,284
				27,754,699
IRELAND — 0.6%
AerCap Holdings NV (b)		4,129		211,033
Bank of Ireland Group PLC (b)		45,496		372,732
C&C Group PLC		20,173		72,738
CRH PLC		40,199		1,533,812
Glanbia PLC		6,188		116,681
Green REIT PLC		33,284		59,298
Greencore Group PLC		40,745		107,254
ICON PLC (b)		3,046		346,878
James Hardie Industries PLC		21,092		293,263
Kerry Group PLC Class A		7,660		736,134
Kingspan Group PLC		7,165		304,767
Paddy Power Betfair PLC		4,204		419,565
Ryanair Holdings PLC ADR (b)		6,210		654,658
Smurfit Kappa Group PLC		9,643		302,099
UDG Healthcare PLC		12,294		140,119
				5,671,031
ISRAEL — 0.5%
Bank Hapoalim BM		54,282		380,002
Bank Leumi Le-Israel BM		73,387		389,517
Bezeq The Israeli Telecommunication Corp., Ltd.		106,783		152,681
Check Point Software Technologies, Ltd. (b)		7,265		828,355
Israel Chemicals, Ltd.		22,123		98,196
Mazor Robotics, Ltd. (b)		7,828		186,803
Nice, Ltd.		3,144		250,801
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		8,134		415,611
Reit 1, Ltd.		75,923		295,086
Shufersal, Ltd.		116,767		686,204
Stratasys, Ltd. (b)		2,350		54,332

See accompanying notes to financial statements.

54

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Strauss Group, Ltd.		33,361	$	626,593
Teva Pharmaceutical Industries, Ltd. ADR		53,974		949,942
				5,314,123
ITALY — 2.1%
A2A SpA		73,532		126,482
Assicurazioni Generali SpA		69,212		1,289,521
Atlantia SpA		20,489		646,972
Azimut Holding SpA		4,935		106,765
Banca Generali SpA		3,623		125,709
Banca IFIS SpA		9,662		528,401
Banca Monte dei Paschi di Siena SpA (a) (b)		1,496		13,335
Banca Popolare di Sondrio SCPA		36,792		158,324
Banco BPM SpA (b)		50,491		209,394
Biesse SpA		548		24,275
BPER Banca		26,704		159,741
Brembo SpA		22,210		375,995
Cairo Communication SpA		25,535		129,202
Credito Valtellinese SpA (b) (c)		7,591		36,471
Davide Campari-Milano SpA		24,004		174,238
Enel SpA		356,816		2,149,212
Eni SpA		131,556		2,177,356
Esprinet SpA		20,112		118,549
Falck Renewables SpA		5,897		11,182
Ferrari NV		5,198		574,564
GEDI Gruppo Editoriale SpA (b)		2,606		2,311
Immobiliare Grande Distribuzione SIIQ SpA REIT		195,749		204,223
Interpump Group SpA		9,907		308,261
Intesa Sanpaolo SpA		679,345		2,402,939
Iren SpA		149,583		401,420
Italgas SpA		16,207		91,010
Leonardo SpA		38,902		728,940
Luxottica Group SpA		7,048		394,027
Mediaset SpA (b) (c)		36,158		125,160
Mediobanca SpA		20,983		225,239
Moncler SpA		7,982		230,435
PRADA SpA		21,700		75,568
Prysmian SpA		9,050		305,775
Recordati SpA		7,830		361,008
Reply SpA		1,948		468,415
Saipem SpA (b) (c)		49,422		213,140
Salvatore Ferragamo SpA (c)		3,376		94,789
Snam SpA		108,035		520,582
Societa Cattolica di Assicurazioni S.c.r.l		25,113		218,211

See accompanying notes to financial statements.

55

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Sogefi SpA (b)		19,177	$	116,642
Telecom Italia SpA/Milano (b) (d)		722,883		677,264
Telecom Italia SpA/Milano (d)		304,876		229,230
Terna Rete Elettrica Nazionale SpA		70,848		413,924
UniCredit SpA (b)		98,242		2,092,872
Unione di Banche Italiane SpA		51,395		266,490
Unipol Gruppo Finanziario SpA		18,195		83,416
UnipolSai Assicurazioni SpA (c)		46,261		108,067
Yoox Net-A-Porter Group SpA (b) (c)		3,613		141,679
Zignago Vetro SpA		19,689		189,004
				20,825,729
JAPAN — 22.3%
Acom Co., Ltd. (b)		27,600		106,904
Activia Properties, Inc. REIT		20		82,974
Advance Residence Investment Corp.		38		93,443
Advantest Corp.		27,600		516,128
Aeon Co., Ltd.		66,220		978,019
AEON Financial Service Co., Ltd.		3,500		73,100
AEON REIT Investment Corp.		58		58,688
Air Water, Inc.		10,200		188,115
Aisin Seiki Co., Ltd.		10,900		574,219
Ajinomoto Co., Inc.		28,200		550,146
Akita Bank, Ltd.		16,555		519,895
Alconix Corp.		63,200		1,135,820
Alfresa Holdings Corp.		12,000		219,500
Alps Electric Co., Ltd.		11,000		290,135
Amada Holdings Co., Ltd.		18,200		199,680
ANA Holdings, Inc.		3,600		136,209
Aomori Bank, Ltd.		1,010		35,266
Aoyama Trading Co., Ltd.		2,100		75,090
Aozora Bank, Ltd.		5,100		193,915
Asahi Glass Co., Ltd.		10,200		378,315
Asahi Group Holdings, Ltd.		37,836		1,531,389
Asahi Kasei Corp.		63,550		781,919
Asics Corp.		11,400		169,737
Astellas Pharma, Inc.		149,700		1,903,749
Atom Corp. (c)		52,700		392,798
Awa Bank, Ltd.		11,550		76,135
Bandai Namco Holdings, Inc.		12,400		425,212
Bank of Iwate, Ltd.		12,955		523,080
Bank of Kyoto, Ltd.		3,200		162,608
Bank of Okinawa, Ltd.		16,500		663,283
Benesse Holdings, Inc.		4,100		147,879

See accompanying notes to financial statements.

56

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Bridgestone Corp.		35,665	$	1,617,781
Brother Industries, Ltd.		11,200		260,486
Calbee, Inc. (c)		3,700		130,000
Can Do Co., Ltd.		5,300		84,892
Canon, Inc.		66,016		2,254,977
Casio Computer Co., Ltd. (c)		37,100		522,066
Central Japan Railway Co.		11,300		1,980,625
Chiba Bank, Ltd.		35,550		254,233
Chubu Electric Power Co., Inc.		30,965		384,294
Chugai Pharmaceutical Co., Ltd.		18,680		774,980
Chugoku Bank Ltd.		10,200		139,727
Chugoku Electric Power Co., Inc. (c)		10,700		113,592
Coca-Cola Bottlers Japan, Inc.		9,800		317,772
COLOPL, Inc. (c)		2,000		23,062
Colowide Co., Ltd.		2,400		44,177
Concordia Financial Group, Ltd.		63,700		314,694
COOKPAD, Inc. (c)		10,900		75,433
Credit Saison Co., Ltd.		31,000		643,051
CyberAgent, Inc.		5,800		169,005
Dai Nippon Printing Co., Ltd.		13,500		322,973
Daicel Corp.		14,100		169,854
Daifuku Co., Ltd.		5,300		260,845
Dai-ichi Life Holdings, Inc.		61,500		1,103,083
Daiichi Sankyo Co., Ltd.		49,665		1,119,795
Daiken Medical Co., Ltd.		15,800		109,483
Daikin Industries, Ltd.		20,410		2,066,112
Daishi Bank, Ltd.		1,518		71,455
Daito Trust Construction Co., Ltd.		5,355		975,237
Daiwa House Industry Co., Ltd.		34,600		1,194,163
Daiwa House REIT Investment Corp.		51		122,057
Daiwa Securities Group, Inc.		133,550		756,109
DeNA Co., Ltd.		10,800		241,972
Denso Corp.		26,910		1,360,979
Dentsu, Inc.		12,000		526,629
DIC Corp.		5,300		191,867
Disco Corp.		1,300		264,354
Don Quijote Holdings Co., Ltd.		3,400		127,011
Dowa Holdings Co., Ltd.		4,400		161,240
East Japan Railway Co.		19,400		1,789,801
Ebara Corp.		3,800		126,087
Eighteenth Bank, Ltd.		8,251		20,157
Eisai Co., Ltd.		16,651		854,406
Electric Power Development Co., Ltd.		5,500		138,080
euglena Co., Ltd. (b) (c)		5,000		52,592

See accompanying notes to financial statements.

57

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Ezaki Glico Co., Ltd.		2,700	$	142,478
F@N Communications, Inc.		5,200		58,206
FamilyMart UNY Holdings Co., Ltd		3,800		200,187
FANUC Corp.		11,655		2,359,681
Fast Retailing Co., Ltd.		3,100		914,041
Feed One Co., Ltd.		248,400		580,369
Financial Products Group Co., Ltd. (c)		15,200		168,656
Foster Electric Co., Ltd.		18,200		367,185
Frontier Real Estate Investment Corp.		20		81,109
Fuji Electric Co., Ltd.		27,000		149,674
FUJIFILM Holdings Corp.		33,110		1,284,514
Fujitsu, Ltd.		126,513		939,477
Fukuoka Corp. REIT		10		14,232
Fukuoka Financial Group, Inc.		165,550		764,767
Furukawa Electric Co., Ltd.		13,455		738,701
GLP J - REIT		179		186,530
GMO internet, Inc. (c)		3,500		42,629
GS Yuasa Corp.		17,000		89,255
GungHo Online Entertainment, Inc. (c)		18,700		50,502
Gunma Bank Ltd.		22,000		136,028
Gurunavi, Inc.		5,200		75,299
Hachijuni Bank Ltd.		25,500		159,255
Hakuhodo DY Holdings, Inc.		14,600		191,701
Hamamatsu Photonics KK		11,000		332,253
Hankyu Hanshin Holdings, Inc.		15,700		595,558
Hankyu REIT, Inc.		202		240,286
Haseko Corp.		15,000		199,885
Heiwa Real Estate REIT, Inc.		479		387,234
Hino Motors, Ltd.		11,700		143,021
Hirose Electric Co., Ltd.		900		126,647
Hiroshima Bank Ltd.		15,500		125,443
Hisamitsu Pharmaceutical Co., Inc.		3,300		158,309
Hitachi Chemical Co., Ltd.		4,800		131,551
Hitachi Construction Machinery Co., Ltd.		5,200		154,062
Hitachi Metals, Ltd.		13,700		190,594
Hitachi, Ltd.		293,475		2,067,217
Hokkoku Bank, Ltd.		16,555		725,058
Honda Motor Co., Ltd.		95,675		2,832,045
Hoshizaki Corp.		2,000		175,721
Hoya Corp.		18,806		1,014,938
Hulic Co., Ltd.		17,200		168,539
Hyakugo Bank, Ltd.		10,550		47,143
Ibiden Co., Ltd. (c)		17,000		270,786
Ichigo Office REIT Investment		657		443,584

See accompanying notes to financial statements.

58

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Idemitsu Kosan Co., Ltd.		4,700	$	132,568
IHI Corp.		4,500		156,310
Iida Group Holdings Co., Ltd.		5,000		89,104
Industrial & Infrastructure Fund Investment Corp. REIT		40		169,502
Infomart Corp.		29,600		212,471
Inpex Corp.		53,100		563,950
Intage Holdings, Inc.		26,400		317,321
Iriso Electronics Co., Ltd.		4,400		230,231
Isetan Mitsukoshi Holdings, Ltd. (c)		19,500		203,549
Isuzu Motors, Ltd.		69,900		925,873
ITOCHU Corp.		121,950		1,996,658
Iwatani Corp.		2,800		85,195
Iyo Bank Ltd.		15,900		128,680
J Front Retailing Co., Ltd.		5,100		70,453
Jafco Co., Ltd.		2,100		107,271
Japan Airlines Co., Ltd.		4,000		135,317
Japan Airport Terminal Co., Ltd. (c)		4,800		170,995
Japan Excellent, Inc.		108		128,278
Japan Exchange Group, Inc.		32,400		573,077
Japan Hotel REIT Investment Corp.		180		113,694
Japan Logistics Fund, Inc. REIT		37		68,862
Japan Post Bank Co., Ltd. (c)		19,400		239,559
Japan Post Holdings Co., Ltd. (c)		23,200		273,911
Japan Prime Realty Investment Corp. REIT		29		96,868
Japan Real Estate Investment Corp. REIT		35		168,214
Japan Retail Fund Investment Corp. REIT		150		269,045
Japan Tissue Engineering Co., Ltd. (b) (c)		2,200		23,473
Japan Tobacco, Inc.		56,600		1,854,402
JFE Holdings, Inc.		33,110		646,375
JGC Corp.		11,900		192,510
JSR Corp.		28,500		541,314
JTEKT Corp.		12,900		178,548
JXTG Holdings, Inc.		175,700		903,591
Kajima Corp.		126,475		1,256,155
Kakaku.com, Inc.		14,300		182,172
Kaken Pharmaceutical Co., Ltd.		2,000		101,630
Kansai Electric Power Co., Inc.		62,000		792,866
Kansai Paint Co., Ltd.		14,400		362,287
Kao Corp.		28,300		1,664,336
Kawasaki Heavy Industries, Ltd.		4,600		152,428
KDDI Corp.		95,100		2,506,656
Keihan Holdings Co., Ltd.		4,800		140,506
Keikyu Corp.		12,000		243,166
Keio Corp.		5,200		214,347

See accompanying notes to financial statements.

59

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Keisei Electric Railway Co., Ltd.		12,100	$	334,842
Kenedix Office Investment Corp. REIT		42		230,960
Kenedix, Inc.		15,900		88,282
Kewpie Corp.		5,500		132,608
Keyence Corp.		4,400		2,335,539
Kikkoman Corp.		8,000		245,902
Kintetsu Group Holdings Co., Ltd.		9,510		353,571
Kirin Holdings Co., Ltd.		43,800		1,030,359
Kiyo Bank, Ltd.		36,400		610,520
KNT-CT Holdings Co., Ltd. (b)		15,000		280,105
Kobayashi Pharmaceutical Co., Ltd.		2,500		141,474
Kobe Steel, Ltd.		18,199		207,915
Koito Manufacturing Co., Ltd.		5,000		313,597
Komatsu, Ltd.		62,120		1,766,500
Konami Holdings Corp.		4,300		206,663
Konica Minolta, Inc.		56,175		461,118
Kose Corp.		1,400		160,316
Kubota Corp.		79,650		1,447,378
Kuraray Co., Ltd.		17,800		332,707
Kurita Water Industries, Ltd.		17,310		499,778
Kyocera Corp.		17,600		1,091,664
Kyoritsu Maintenance Co., Ltd. (c)		1,200		35,819
Kyoto Kimono Yuzen Co., Ltd. (c)		27,300		221,669
Kyowa Hakko Kirin Co., Ltd.		12,100		205,742
Kyushu Electric Power Co., Inc. (c)		20,300		215,507
Kyushu Financial Group, Inc.		11,900		73,156
Kyushu Railway Co.		7,000		208,013
Lawson, Inc.		1,500		99,276
Leopalace21 Corp.		1,600		11,144
Lion Corp.		10,000		182,472
LIXIL Group Corp.		12,200		323,628
M3, Inc.		11,100		316,044
Mabuchi Motor Co., Ltd.		3,500		175,054
Makita Corp.		13,400		539,857
Marubeni Corp.		168,050		1,147,305
Marui Group Co., Ltd. (c)		12,500		178,897
Matsuya Co., Ltd. (c)		31,000		275,396
Mazda Motor Corp.		21,800		334,074
MCUBS MidCity Investment Corp.		139		423,551
Mebuki Financial Group, Inc.		42,800		165,398
Medipal Holdings Corp.		35,399		614,486
MEIJI Holdings Co., Ltd.		7,500		594,323
Meiko Network Japan Co., Ltd.		30,900		437,840
Milbon Co., Ltd.		600		36,406

See accompanying notes to financial statements.

60

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
MINEBEA MITSUMI, Inc.		19,500	$	304,891
MISUMI Group, Inc.		14,400		379,045
Mitsubishi Chemical Holdings Corp.		78,300		745,681
Mitsubishi Corp.		97,538		2,266,341
Mitsubishi Electric Corp.		143,950		2,248,160
Mitsubishi Estate Co., Ltd.		65,625		1,140,633
Mitsubishi Gas Chemical Co., Inc.		12,100		283,460
Mitsubishi Heavy Industries, Ltd.		22,310		881,781
Mitsubishi Logistics Corp. (c)		4,500		111,895
Mitsubishi Materials Corp.		5,700		196,980
Mitsubishi Motors Corp.		49,500		391,374
Mitsubishi Tanabe Pharma Corp.		13,100		300,253
Mitsubishi UFJ Financial Group, Inc.		678,924		4,407,140
Mitsubishi UFJ Lease & Finance Co., Ltd.		26,800		141,898
Mitsui & Co., Ltd.		117,226		1,731,860
Mitsui Chemicals, Inc.		27,110		823,668
Mitsui Fudosan Co., Ltd.		48,700		1,055,639
Mitsui OSK Lines, Ltd.		14,255		431,835
Mixi, Inc. (c)		2,100		101,301
Mizuho Financial Group, Inc.		1,279,900		2,241,090
Mori Hills Investment Corp. REIT		52		62,318
Morinaga & Co., Ltd.		2,600		144,592
MS&AD Insurance Group Holdings, Inc.		33,399		1,074,975
Murata Manufacturing Co., Ltd.		12,500		1,836,717
Musashino Bank, Ltd.		16,555		491,951
Nabtesco Corp.		5,200		193,097
Nachi-Fujikoshi Corp.		15,000		84,351
Nagoya Railroad Co., Ltd.		8,000		172,203
Nankai Electric Railway Co., Ltd.		5,400		133,555
Nanto Bank, Ltd.		16,355		459,129
NEC Corp.		11,700		317,017
Nexon Co., Ltd. (b)		8,900		232,136
NGK Insulators, Ltd.		15,900		297,759
NGK Spark Plug Co., Ltd.		5,200		110,638
NH Foods, Ltd.		9,000		247,457
NHK Spring Co., Ltd.		12,700		136,855
Nichirei Corp.		9,600		240,927
Nidec Corp.		15,700		1,927,544
Nikon Corp.		32,800		568,496
Nintendo Co., Ltd.		5,700		2,104,491
Nippon Accommodations Fund, Inc. REIT		11		42,704
Nippon Building Fund, Inc. REIT		73		363,816
Nippon Electric Glass Co., Ltd.		4,000		154,755
Nippon Express Co., Ltd.		4,100		266,984

See accompanying notes to financial statements.

61

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Nippon Paint Holdings Co., Ltd.		12,100	$	411,162
Nippon Paper Industries Co., Ltd. (c)		4,200		78,056
Nippon Prologis REIT, Inc.		100		210,634
Nippon Shinyaku Co., Ltd.		2,600		180,394
Nippon Steel & Sumitomo Metal Corp.		42,400		973,130
Nippon Suisan Kaisha, Ltd.		104,100		581,699
Nippon Telegraph & Telephone Corp.		33,700		1,543,916
Nippon Television Holdings, Inc.		2,000		35,109
Nippon Yusen KK (b)		16,555		343,998
Nissan Chemical Industries, Ltd.		5,900		207,560
Nissan Motor Co., Ltd.		132,341		1,310,301
Nissei ASB Machine Co., Ltd.		4,300		172,856
Nisshin Seifun Group, Inc.		13,600		227,744
Nissin Foods Holdings Co., Ltd.		4,100		249,136
Nitori Holdings Co., Ltd.		3,500		500,289
Nitto Denko Corp.		11,800		983,499
NOK Corp.		5,700		127,606
Nomura Holdings, Inc.		214,485		1,200,422
Nomura Real Estate Holdings, Inc.		6,000		127,819
Nomura Real Estate Master Fund, Inc.		199		258,639
Nomura Research Institute, Ltd.		3,600		140,399
NSK, Ltd.		20,200		272,229
NTT Data Corp.		66,000		705,939
NTT DOCOMO, Inc.		62,900		1,436,365
Obayashi Corp.		34,950		418,847
Obic Co., Ltd.		3,900		245,298
Odakyu Electric Railway Co., Ltd.		18,599		352,764
Ogaki Kyoritsu Bank, Ltd.		16,555		463,272
Oji Holdings Corp.		23,000		124,026
Oki Electric Industry Co., Ltd.		3,600		47,940
Olympus Corp.		17,400		588,940
Omron Corp.		11,700		595,576
Ono Pharmaceutical Co., Ltd.		28,100		636,441
Oriental Land Co., Ltd.		14,400		1,096,838
ORIX Corp.		66,100		1,065,504
Orix JREIT, Inc. REIT		59		84,649
Osaka Gas Co., Ltd.		22,800		423,734
Otsuka Corp.		2,500		160,130
Otsuka Holdings Co., Ltd.		28,900		1,147,887
Panasonic Corp.		132,650		1,921,431
Park24 Co., Ltd.		5,100		124,142
Pigeon Corp.		12,500		426,976
Rakuten, Inc.		35,200		383,693
Raysum Co., Ltd.		3,300		27,997

See accompanying notes to financial statements.

62

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Recruit Holdings Co., Ltd.		77,900	$	1,686,513
Renesas Electronics Corp. (b)		12,900		140,500
Resona Holdings, Inc.		112,400		577,153
Ricoh Co., Ltd.		31,400		305,171
Ringer Hut Co., Ltd. (c)		900		20,436
Rinnai Corp.		1,700		145,436
Riso Kyoiku Co., Ltd.		22,106		171,640
Rock Field Co., Ltd.		30,200		535,506
Rohm Co., Ltd.		5,700		488,145
Rohto Pharmaceutical Co., Ltd.		5,901		132,892
Ryohin Keikaku Co., Ltd.		1,000		294,497
San-In Godo Bank, Ltd.		10,650		92,247
Sanrio Co., Ltd. (c)		3,900		73,971
Santen Pharmaceutical Co., Ltd.		20,300		319,743
Sawai Pharmaceutical Co., Ltd.		1,600		90,828
SBI Holdings, Inc.		11,500		173,064
SCREEN Holdings Co., Ltd.		2,800		194,021
Secom Co., Ltd.		16,748		1,220,336
Sega Sammy Holdings, Inc.		5,300		74,016
Seibu Holdings, Inc.		12,400		211,725
Seiko Epson Corp.		20,600		498,324
Seino Holdings Co., Ltd.		11,600		162,718
Sekisui Chemical Co., Ltd.		19,400		381,572
Sekisui House SI Residential Investment Corp. REIT		178		174,260
Sekisui House, Ltd.		32,800		552,616
Seria Co., Ltd.		3,800		210,989
Seven & i Holdings Co., Ltd.		49,528		1,911,777
Seven Bank, Ltd. (c)		36,300		130,927
Sharp Corp. (b) (c)		5,800		174,930
Shiga Bank, Ltd.		11,550		64,232
Shikoku Bank, Ltd.		1,820		27,522
Shikoku Electric Power Co., Inc. (c)		11,700		137,513
Shimadzu Corp.		17,400		342,543
Shimamura Co., Ltd.		1,400		167,903
Shimano, Inc.		3,700		492,720
Shimizu Corp.		31,513		349,102
Shin-Etsu Chemical Co., Ltd.		22,317		1,994,483
Shinsei Bank, Ltd.		5,200		83,198
Shionogi & Co., Ltd.		16,300		890,697
Shiseido Co., Ltd.		20,200		807,892
Shizuoka Bank, Ltd.		27,000		242,740
Showa Denko KK		6,700		208,622
SMC Corp.		3,100		1,093,048
SMS Co., Ltd.		11,400		363,070

See accompanying notes to financial statements.

63

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
SoftBank Group Corp.		47,336	$	3,820,017
Sohgo Security Services Co., Ltd.		3,800		174,193
Sojitz Corp.		61,800		170,744
Sompo Holdings, Inc.		33,800		1,314,586
Sony Corp.		64,220		2,388,175
Sony Financial Holdings, Inc.		8,900		145,955
Square Enix Holdings Co., Ltd.		3,400		127,766
Stanley Electric Co., Ltd.		29,173		999,084
Start Today Co., Ltd.		12,700		402,217
Starts Proceed Investment Corp. REIT		51		69,864
Subaru Corp.		33,300		1,201,066
SUMCO Corp.		9,600		150,953
Sumitomo Chemical Co., Ltd.		165,550		1,033,906
Sumitomo Corp.		88,275		1,269,250
Sumitomo Dainippon Pharma Co., Ltd. (c)		5,300		68,931
Sumitomo Electric Industries, Ltd.		53,720		877,159
Sumitomo Forestry Co., Ltd.		8,600		134,465
Sumitomo Heavy Industries, Ltd.		4,800		192,316
Sumitomo Metal Mining Co., Ltd.		12,000		385,271
Sumitomo Mitsui Financial Group, Inc.		68,600		2,632,719
Sumitomo Mitsui Trust Holdings, Inc.		29,055		1,048,215
Sumitomo Realty & Development Co., Ltd.		20,000		604,984
Sumitomo Rubber Industries, Ltd.		12,200		223,483
Sun Corp. (c)		3,000		20,202
Sun Frontier Fudousan Co., Ltd.		3,100		33,461
Suntory Beverage & Food, Ltd.		5,000		222,538
Suruga Bank, Ltd.		11,300		243,538
Suzuken Co. Ltd/Aichi Japan		4,100		145,694
Suzuki Motor Corp.		21,800		1,143,016
Sysmex Corp.		8,200		523,040
T&D Holdings, Inc.		49,900		724,130
Tadano, Ltd.		5,200		60,747
Taiheiyo Cement Corp.		6,200		239,320
Taisei Corp.		22,088		1,157,703
Taisho Pharmaceutical Holdings Co., Ltd. (c)		2,100		159,321
Taiyo Yuden Co., Ltd.		21,800		322,454
Takashimaya Co., Ltd.		21,000		196,633
Takeda Pharmaceutical Co., Ltd.		46,265		2,553,997
Takeuchi Manufacturing Co., Ltd.		19,000		397,166
TDK Corp.		13,655		926,791
Teijin, Ltd.		33,910		668,168
Temp Holdings Co., Ltd.		5,700		132,822
Terumo Corp.		16,900		664,350
THK Co., Ltd.		5,400		183,734

See accompanying notes to financial statements.

64

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Tobu Railway Co., Ltd.		9,400	$	258,038
Toho Bank, Ltd.		12,101		45,474
Toho Co., Ltd.		10,800		376,582
Toho Gas Co., Ltd.		4,400		128,797
Tohoku Electric Power Co., Inc.		30,800		391,550
Tokio Marine Holdings, Inc.		45,065		1,762,325
Tokyo Dome Corp.		38,200		352,934
Tokyo Electric Power Co. Holdings, Inc. (b)		66,575		268,512
Tokyo Electron, Ltd.		8,455		1,297,938
Tokyo Gas Co., Ltd.		33,495		820,674
Tokyo Tatemono Co., Ltd.		10,700		136,786
Tokyu Corp.		25,275		357,687
Tokyu Fudosan Holdings Corp.		20,900		126,070
Toppan Printing Co., Ltd.		28,000		277,600
Toray Industries, Inc.		147,550		1,430,736
Toshiba Corp. (b)		288,513		807,370
Tosoh Corp.		14,000		315,409
TOTO, Ltd.		7,800		328,450
Toyo Seikan Group Holdings, Ltd.		9,600		160,334
Toyo Suisan Kaisha, Ltd.		3,000		110,203
Toyo Tire & Rubber Co., Ltd.		10,700		240,397
Toyota Industries Corp.		11,400		655,248
Toyota Motor Corp.		144,288		8,601,008
Toyota Tsusho Corp.		10,800		354,515
Trend Micro, Inc.		4,500		221,472
Tsumura & Co.		3,500		125,927
Tsuruha Holdings, Inc.		1,500		179,230
Ube Industries, Ltd.		5,200		150,135
Unicharm Corp.		19,200		439,383
United Urban Investment Corp. REIT		150		219,606
USS Co., Ltd.		12,210		246,228
Warabeya Nichiyo Holdings Co., Ltd.		16,800		428,339
West Japan Railway Co.		10,700		743,530
Yahoo! Japan Corp.		54,600		259,018
Yakult Honsha Co., Ltd.		9,200		662,835
Yamada Denki Co., Ltd. (c)		87,080		475,762
Yamagata Bank, Ltd. (c)		1,635		37,944
Yamaguchi Financial Group, Inc.		12,000		140,399
Yamaha Corp.		12,400		457,158
Yamaha Motor Co., Ltd.		13,500		404,167
Yamanashi Chuo Bank, Ltd.		7,550		31,725
Yamato Holdings Co., Ltd. (c)		17,400		351,122
Yamazaki Baking Co., Ltd.		11,600		209,401
Yaskawa Electric Corp.		12,300		389,548

See accompanying notes to financial statements.

65

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Yokogawa Electric Corp.		12,000	$	204,255
Yokohama Rubber Co., Ltd.		6,300		129,845
Zenrin Co., Ltd.		1,400		42,535
				225,493,422
JORDAN — 0.0% (e)
Hikma Pharmaceuticals PLC		7,019		114,040
LUXEMBOURG — 0.2%
APERAM SA		2,286		119,802
ArcelorMittal (b)		31,120		802,942
Eurofins Scientific SE		483		305,258
Millicom International Cellular SA		2,970		195,578
SES SA		16,956		371,040
Tenaris SA		18,857		267,513
				2,062,133
MACAU — 0.0% (e)
MGM China Holdings, Ltd. (c)		21,600		51,769
Wynn Macau, Ltd.		56,400		151,999
				203,768
MALTA — 0.0% (e)
Catena Media PLC (b) (c)		10,497		97,738
MEXICO — 0.0% (e)
Fresnillo PLC		9,984		188,200
NETHERLANDS — 3.7%
ABN AMRO Group NV		10,649		319,011
Aegon NV		119,527		696,350
Akzo Nobel NV		18,299		1,689,975
Altice NV Class A (b)		15,786		316,231
ASML Holding NV		26,036		4,433,822
ASR Nederland NV		7,376		295,125
Constellium NV Class A (b)		4,098		42,005
EXOR NV		4,861		308,309
Fugro NV (b)		6,695		94,701
Gemalto NV		3,633		162,327
Heineken Holding NV		4,816		452,631
Heineken NV		10,957		1,083,548
ING Groep NV		207,983		3,835,687
Koninklijke Ahold Delhaize NV		80,380		1,503,298
Koninklijke DSM NV		14,679		1,201,904
Koninklijke KPN NV		230,658		792,146
Koninklijke Philips NV		66,230		2,734,917
NN Group NV		15,572		651,870

See accompanying notes to financial statements.

66

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
NXP Semiconductors NV (b)		16,348	$	1,848,795
OCI NV (b)		2,007		47,003
Philips Lighting NV		7,403		298,875
PostNL NV		40,831		175,897
QIAGEN NV (b)		11,676		367,584
Randstad Holding NV		3,218		199,118
Royal Dutch Shell PLC Class A		218,868		6,602,590
Royal Dutch Shell PLC Class B		184,441		5,677,860
SBM Offshore NV		20,983		380,649
Wolters Kluwer NV		15,273		705,889
				36,918,117
NEW ZEALAND — 0.3%
a2 Milk Co., Ltd. (b)		142,529		662,510
Air New Zealand, Ltd.		63,149		153,842
Auckland International Airport, Ltd.		26,916		125,307
Fisher & Paykel Healthcare Corp., Ltd.		122,373		1,130,563
Fletcher Building, Ltd.		17,924		103,529
Goodman Property Trust REIT		116,893		108,163
Infratil, Ltd.		49,972		112,709
Investore Property, Ltd. (c)		20,402		19,763
Kiwi Property Group, Ltd.		132,475		129,284
Spark New Zealand, Ltd.		90,093		237,718
Stride Property Group (c)		77,110		91,418
Vital Healthcare Property Trust REIT		102,597		165,023
Xero, Ltd. (b)		5,386		120,310
				3,160,139
NORWAY — 0.7%
Akastor ASA (b) (c)		7,000		15,301
Aker Solutions ASA (b)		7,000		37,056
DNB ASA		60,503		1,219,895
DNO ASA (b) (c)		40,134		55,056
Marine Harvest ASA (b)		17,334		342,965
Norsk Hydro ASA		101,451		737,914
Orkla ASA		97,199		997,595
REC Silicon ASA (b)		151,894		19,368
Schibsted ASA Class A		3,514		90,584
Schibsted ASA Class B		3,379		79,803
Statoil ASA		57,933		1,159,344
Storebrand ASA		56,263		477,793
Telenor ASA		51,562		1,090,793

See accompanying notes to financial statements.

67

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
TGS Nopec Geophysical Co. ASA		5,702	$	135,740
Yara International ASA		17,007		762,081
				7,221,288
PORTUGAL — 0.2%
Banco Comercial Portugues SA Class R (b)		421,224		122,152
EDP - Energias de Portugal SA		172,816		650,705
Galp Energia SGPS SA		21,065		373,421
Jeronimo Martins SGPS SA		12,116		239,059
Mota-Engil SGPS SA		27,258		102,216
NOS SGPS SA		64,630		400,365
Pharol SGPS SA (b) (c)		74,758		33,054
				1,920,972
SINGAPORE — 1.2%
AIMS AMP Capital Industrial REIT		147,398		153,048
Ascendas REIT		104,815		205,315
Ascendas Hospitality Trust REIT		210,800		129,620
Cache Logistics Trust REIT		198,829		122,259
CapitaLand, Ltd.		328,500		866,033
China New Town Development Co., Ltd. (g)		1,443,800		73,016
City Developments, Ltd.		27,400		228,611
ComfortDelGro Corp., Ltd.		104,900		160,677
COSCO Corp. Singapore, Ltd. (b) (c)		480,500		100,845
Croesus Retail Trust		376,766		323,232
DBS Group Holdings, Ltd.		92,692		1,421,148
Flex, Ltd. (b)		69,003		1,143,380
Genting Singapore PLC		666,000		573,821
Global Logistic Properties, Ltd.		81,500		198,056
IGG, Inc. (c)		52,000		69,638
Jardine Cycle & Carriage, Ltd.		3,333		96,557
Keppel REIT		45,509		39,545
Keppel Corp., Ltd.		170,675		815,701
Lippo Malls Indonesia Retail Trust REIT		983,100		311,302
Oversea-Chinese Banking Corp., Ltd.		182,837		1,502,604
Sembcorp Industries, Ltd.		45,800		99,833
Singapore Airlines, Ltd.		56,156		415,189
Singapore Exchange, Ltd.		43,900		238,905
Singapore Press Holdings, Ltd. (c)		81,000		162,245
Singapore Technologies Engineering, Ltd.		40,000		101,329
Singapore Telecommunications, Ltd.		393,500		1,066,372
Soilbuild Business Space REIT		280,000		144,335
United Overseas Bank, Ltd.		61,508		1,064,427

See accompanying notes to financial statements.

68

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
UOL Group, Ltd.		31,954	$	191,072
Wilmar International, Ltd.		163,000		381,708
				12,399,823
SOUTH AFRICA — 0.1%
Investec PLC		28,492		208,333
Mondi PLC		36,499		981,826
				1,190,159
SOUTH KOREA — 4.7%
Advanced Process Systems Corp. (b) (d)		1,756		15,025
Advanced Process Systems Corp. (b) (d)		2,237		78,125
Amorepacific Corp.		1,324		299,976
AMOREPACIFIC Group		1,497		161,417
Asiana Airlines, Inc. (b)		39,479		145,631
BNK Financial Group, Inc.		16,928		147,798
Celltrion, Inc. (b)		4,687		581,092
CJ CGV Co., Ltd. (c)		5,856		329,267
CMG Pharmaceutical Co., Ltd. (b) (c)		11,037		32,089
Coway Co., Ltd.		1,986		162,993
Crown Confectionery Co., Ltd. (d)		3,815		57,291
Crown Confectionery Co., Ltd. (b) (d)		4,576		69,318
CUROCOM Co., Ltd. (b) (c)		14,051		32,571
Dae Han Flour Mills Co., Ltd.		2,193		328,371
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a) (b)		3,626		7,092
Digitech Systems Co., Ltd. (a) (b)		19,094		—
DIO Corp. (b)		1,884		49,923
Dongkuk Industries Co., Ltd.		78,665		276,789
Dongwon F&B Co., Ltd.		1,157		199,509
Dongwon Industries Co., Ltd.		1,294		314,645
DY Corp.		12,613		79,840
E-MART, Inc.		883		160,742
Eyegene, Inc. (b)		3,003		43,655
GS Home Shopping, Inc.		1,128		213,910
Hana Financial Group, Inc.		12,899		533,259
Hana Tour Service, Inc.		3,987		299,717
Hancom, Inc.		9,291		141,148
Hankook Shell Oil Co., Ltd.		466		158,676
Hankook Tire Co., Ltd.		2,226		116,999
Hanssem Co., Ltd.		2,355		311,505
Harim Co., Ltd. (c)		35,615		106,812
Hotel Shilla Co., Ltd.		4,784		243,095
HS Industries Co., Ltd.		9,017		75,735
Huons Co., Ltd. (b)		2,451		142,521
Huons Global Co., Ltd.		2,289		86,236

See accompanying notes to financial statements.

69

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Hyundai Construction Equipment Co., Ltd. (b)		86	$	27,970
Hyundai Electric & Energy System Co., Ltd. (b)		89		17,872
Hyundai Elevator Co., Ltd.		3,181		138,727
Hyundai Engineering Plastics Co., Ltd.		55,795		320,053
Hyundai Glovis Co., Ltd.		707		91,357
Hyundai Heavy Industries Co., Ltd. (b)		42		5,317
Hyundai Hy Communications & Network Co., Ltd.		55,480		173,655
Hyundai Mobis Co., Ltd.		3,004		629,467
Hyundai Motor Co.		7,644		1,004,428
Hyundai Motor Co. Preference Shares		1,297		116,072
Hyundai Robotics Co., Ltd. (b)		850		316,148
Hyundai Steel Co.		2,760		127,234
Infinitt Healthcare Co., Ltd. (b)		18,972		97,067
Interpark Holdings Corp.		12,293		45,722
Jeil Pharmaceutical Co.		219		6,195
Jeil Pharmaceutical Co., Ltd. (b)		530		24,988
Jenax, Inc. (b) (c)		19,950		492,937
JoyCity Corp. (b) (c)		4,148		46,357
Kakao Corp.		1,931		242,776
Kangstem Biotech Co., Ltd. (b)		2,874		24,591
Kangwon Land, Inc.		4,589		140,232
KB Financial Group, Inc.		28,983		1,419,607
KCC Corp.		198		64,741
Kia Motors Corp.		11,002		304,024
KIWOOM Securities Co., Ltd.		8,704		550,198
Koh Young Technology, Inc.		14,632		855,934
Korea Aerospace Industries, Ltd.		2,971		113,356
Korea Electric Power Corp. ADR (c)		37,923		635,590
Korea Zinc Co., Ltd.		721		311,918
Korean Air Lines Co., Ltd. (b)		4,720		126,927
KT Corp. ADR		35,624		494,105
KT&G Corp.		5,358		493,534
KyungDong City Gas Co., Ltd. (b)		868		40,393
LG Chem, Ltd.		2,193		750,562
LG Chem, Ltd. Preference Shares		951		210,485
LG Display Co., Ltd. ADR		49,527		664,652
LG Display Co., Ltd.		10,987		293,057
LG Electronics, Inc.		6,205		446,407
LG Household & Health Care, Ltd.		508		415,146
LG Uplus Corp.		12,132		141,409
Lotte Chemical Corp.		707		233,331
Lotte Food Co., Ltd.		485		257,458
Lotte Shopping Co., Ltd.		274		58,970
Medy-Tox, Inc.		884		381,663

See accompanying notes to financial statements.

70

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Mirae Asset Daewoo Co., Ltd.		19,966	$	171,359
Modetour Network, Inc.		20,675		437,743
Muhak Co., Ltd.		12,410		196,657
NAVER Corp.		1,603		1,042,681
NCSoft Corp.		823		333,770
Netmarble Games Corp. (b)		3,175		419,970
Nexon GT Co., Ltd. (b)		10,545		116,926
NHN Entertainment Corp. (b)		550		32,798
OCI Co., Ltd.		752		67,298
Orientbio, Inc. (b) (c)		20,373		20,456
Orion Corp/Republic of Korea (b)		914		77,407
Orion Holdings Corp.		475		9,414
Ottogi Corp.		387		248,010
POSCO ADR		23,249		1,613,481
S-1 Corp.		1,878		146,259
Sajo Industries Co., Ltd. (c)		7,608		445,048
Samsung Biologics Co., Ltd. (b)		812		239,272
Samsung C&T Corp.		4,657		548,911
Samsung Electro-Mechanics Co., Ltd.		2,792		248,644
Samsung Electronics Co., Ltd. GDR (c)		11,592		13,122,144
Samsung Electronics Co., Ltd. Preference Shares		751		1,352,043
Samsung Engineering Co., Ltd. (b)		7,192		69,072
Samsung Fire & Marine Insurance Co., Ltd.		1,378		336,875
Samsung Heavy Industries Co., Ltd. (b)		13,744		134,398
Samsung Life Insurance Co., Ltd.		4,048		399,375
Samsung SDI Co., Ltd.		1,533		265,683
Samsung SDS Co., Ltd.		1,874		275,697
Shinhan Financial Group Co., Ltd.		20,987		921,680
Shinsegae Food Co., Ltd.		2,882		323,340
SK Bioland Co., Ltd. (c)		13,721		184,488
SK Holdings Co., Ltd.		1,290		324,372
SK Hynix, Inc.		25,794		1,866,960
SK Innovation Co., Ltd.		6,029		1,047,515
SK Telecom Co., Ltd. ADR		29,687		730,003
S-Oil Corp.		2,047		227,871
Woori Bank		26,915		419,464
Youlchon Chemical Co., Ltd.		11,474		140,251
Yungjin Pharmaceutical Co., Ltd. (b) (c)		6,646		56,227
				47,968,966
SPAIN — 2.8%
Abertis Infraestructuras SA		36,998		747,937
Acciona SA		1,332		107,158
Acerinox SA		7,183		103,599

See accompanying notes to financial statements.

71

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
ACS Actividades de Construccion y Servicios SA		10,171	$	377,017
Aena SME SA (f)		3,705		669,052
Amadeus IT Group SA		22,638		1,471,677
Atresmedia Corp. de Medios de Comunicacion SA		11,539		121,272
Banco Bilbao Vizcaya Argentaria SA		343,395		3,069,474
Banco de Sabadell SA		242,300		505,865
Banco Santander SA		809,108		5,650,205
Bankia SA		37,805		182,348
Bankinter SA		41,523		392,904
Bolsas y Mercados Espanoles SHMSF SA		3,493		120,579
CaixaBank SA		176,730		885,864
Cellnex Telecom SA		7,541		172,594
Distribuidora Internacional de Alimentacion SA (c)		38,841		226,604
Ebro Foods SA (c)		5,206		123,398
Enagas SA		11,481		323,373
Endesa SA		15,630		352,464
Faes Farma SA		13,998		46,832
Ferrovial SA		21,849		481,081
Gamesa Corp. Tecnologica SA		11,300		147,549
Gas Natural SDG SA		18,206		403,128
Grifols SA Class B, Preference Shares		13,146		288,833
Grifols SA		20,767		605,176
Grifols SA ADR		12,800		280,192
Iberdrola SA		305,377		2,372,601
Indra Sistemas SA (b)		25,300		399,742
Industria de Diseno Textil SA		56,766		2,139,762
Inmobiliaria Colonial Socimi SA REIT		14,805		146,916
Let’s GOWEX SA (a) (b) (c)		4,019		—
Mapfre SA		48,695		158,540
Mediaset Espana Comunicacion SA		10,164		114,788
Merlin Properties Socimi SA		15,957		221,090
NH Hotel Group SA		43,019		288,359
Pharma Mar SA (b)		53,450		207,890
Red Electrica Corp. SA		21,945		461,273
Repsol SA		73,039		1,346,145
Sacyr SA (b)		26,211		68,790
Telefonica SA		233,353		2,535,795
Viscofan SA (c)		2,143		131,309
				28,449,175
SWEDEN — 2.7%
Alfa Laval AB		42,151		1,027,135
Assa Abloy AB Class B		50,164		1,143,115
Atlas Copco AB Class B		20,210		781,922

See accompanying notes to financial statements.

72

SPDR Portfolio World ex-US ETF

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Atlas Copco AB Class A		32,997	$	1,394,288
Bilia AB Class A		15,224		167,863
BillerudKorsnas AB		8,982		151,858
Boliden AB		13,470		454,977
Castellum AB		13,489		211,201
Electrolux AB Class B		24,445		828,375
Elekta AB Class B (c)		13,185		136,173
Essity AB Class B (b)		24,945		677,233
Getinge AB Class B		4,491		84,017
Getinge AB Class B, Subscription Shares (g)		641		11,992
Hennes & Mauritz AB Class B (c)		51,614		1,334,242
Hexagon AB Class B		10,196		504,282
Hexpol AB		15,814		166,038
Husqvarna AB Class B		20,820		213,752
ICA Gruppen AB		3,890		145,881
Industrivarden AB Class A		9,818		261,497
Industrivarden AB Class C		8,305		209,905
Investor AB Class B		18,806		926,897
JM AB		4,169		130,703
Karo Pharma AB (c)		59,424		297,034
Kinnevik AB Class B		16,309		530,689
KNOW IT AB		19,366		309,624
Lundin Petroleum AB (b)		11,519		251,482
NetEnt AB (b)		71,894		556,666
Nibe Industrier AB Class B		19,089		191,887
Nordea Bank AB		161,352		2,182,369
Opus Group AB (c)		74,541		57,077
Qliro Group AB (b)		58,244		137,719
SAAB AB Class B		5,038		255,161
Sandvik AB		77,897		1,340,855
Securitas AB Class B		16,197		270,666
Skandinaviska Enskilda Banken AB Class A		87,930		1,155,904
Skanska AB Class B		20,234		467,777
SKF AB Class B		18,494		402,174
Svenska Cellulosa AB SCA Class B		24,945		210,871
Svenska Handelsbanken AB Class A		75,319		1,134,074
Swedbank AB Class A		52,125		1,438,134
Swedish Match AB		8,005		280,192
Swedish Orphan Biovitrum AB (b)		11,152		170,784
Tele2 AB Class B		43,314		494,571
Telefonaktiebolaget LM Ericsson Class B		191,124		1,095,134
Telia Co. AB		128,249		602,722
Tethys Oil AB		15,617		119,103
Trelleborg AB Class B		12,279		306,887

See accompanying notes to financial statements.

73

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Volvo AB Class B		80,130	$	1,541,273
Volvo AB Class A		17,695		339,273
				27,103,448
SWITZERLAND — 7.1%
ABB, Ltd.		101,352		2,507,614
Adecco Group AG		15,151		1,180,638
Aryzta AG (b) (c)		1,871		57,507
Baloise Holding AG		2,529		400,416
Chocoladefabriken Lindt & Spruengli AG (d)		42		239,820
Chocoladefabriken Lindt & Spruengli AG (d)		5		346,993
Cie Financiere Richemont SA		26,416		2,416,098
Clariant AG (b)		14,457		346,633
Coca-Cola HBC AG (b)		8,814		298,589
Comet Holding AG (b)		2,738		405,776
Credit Suisse Group AG (b)		107,863		1,708,908
Dufry AG (b)		1,620		257,499
EMS-Chemie Holding AG		344		228,954
Ferguson PLC		18,184		1,194,456
Flughafen Zurich AG		922		208,679
Geberit AG		1,950		923,207
Georg Fischer AG		202		249,264
Givaudan SA		472		1,027,805
Glencore PLC (b)		576,506		2,645,264
Idorsia, Ltd. (b)		4,988		89,182
Julius Baer Group, Ltd. (b)		16,675		987,472
Kuehne + Nagel International AG		6,116		1,133,318
LafargeHolcim, Ltd. (b) (d)		29,402		1,719,877
LafargeHolcim, Ltd. (b) (d)		492		28,730
Leonteq AG (b)		2,325		142,489
Logitech International SA		8,503		310,294
Lonza Group AG (b)		3,429		900,130
Meyer Burger Technology AG (b) (c)		6,337		8,841
Nestle SA		153,315		12,850,193
Novartis AG		130,063		11,143,264
Partners Group Holding AG		920		624,680
PSP Swiss Property AG		1,980		182,530
Roche Holding AG Bearer Shares		1,310		333,728
Roche Holding AG		36,938		9,436,827
Schindler Holding AG		2,256		498,717
SGS SA		273		655,414
Sika AG		117		871,212
Sonova Holding AG		2,856		484,953
STMicroelectronics NV		41,326		798,789

See accompanying notes to financial statements.

74

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Straumann Holding AG		519	$	333,628
Sulzer AG		4,264		504,136
Swatch Group AG, Bearer Shares		2,982		1,241,370
Swatch Group AG, Common Shares		2,961		236,091
Swiss Life Holding AG (b)		1,629		574,258
Swiss Prime Site AG		3,539		318,386
Swiss Re AG		17,688		1,603,181
Swisscom AG		1,291		662,044
Temenos Group AG (b)		4,870		497,267
u-blox Holding AG (b)		885		174,787
UBS Group AG (b)		185,409		3,171,268
Vifor Pharma AG (c)		1,882		221,732
Zurich Insurance Group AG		8,600		2,625,506
				72,008,414
UNITED KINGDOM — 13.6%
3i Group PLC		104,757		1,283,196
Admiral Group PLC		12,409		302,504
Afren PLC (a) (c)		55,933		—
Aggreko PLC		10,972		138,226
Amec Foster Wheeler PLC		46,011		314,518
Anglo American PLC		78,448		1,409,820
Ashtead Group PLC		22,140		534,377
Associated British Foods PLC		18,021		771,999
AstraZeneca PLC		68,489		4,553,063
Auto Trader Group PLC		37,626		198,138
Aviva PLC		256,897		1,773,306
Avon Rubber PLC		23,168		291,406
Babcock International Group PLC		26,128		290,077
BAE Systems PLC		157,877		1,337,616
Balfour Beatty PLC		135,522		489,468
Barclays PLC		703,712		1,825,485
Barratt Developments PLC		81,241		669,786
BBA Aviation PLC		59,324		237,503
Bellway PLC		5,137		227,231
Berkeley Group Holdings PLC		5,364		267,498
Big Yellow Group PLC REIT		14,056		142,757
Booker Group PLC		83,998		231,027
BP PLC		968,858		6,204,271
British American Tobacco PLC		112,427		7,047,135
British Land Co. PLC REIT		87,227		704,509
Britvic PLC		10,873		110,211
BT Group PLC		476,253		1,814,021
BTG PLC (b)		19,071		172,965

See accompanying notes to financial statements.

75

SPDR Portfolio World ex-US ETF

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Bunzl PLC		16,769	$	510,033
Burberry Group PLC		27,692		653,892
Cairn Energy PLC (b)		22,093		56,763
Capita PLC		47,032		356,518
Capital & Counties Properties PLC		37,377		132,739
Carnival PLC		16,033		1,020,251
Centamin PLC		114,800		223,177
Centrica PLC		336,468		844,160
CNH Industrial NV		50,213		603,116
Cobham PLC		87,930		171,884
Coca-Cola European Partners PLC		11,649		484,831
Compass Group PLC		84,391		1,792,323
Croda International PLC		3,665		186,507
CYBG PLC (b)		37,239		150,189
Daily Mail & General Trust PLC		11,470		99,796
DCC PLC		4,308		418,748
Derwent London PLC		5,686		213,144
Diageo PLC		137,074		4,511,197
Dialog Semiconductor PLC (b)		3,952		174,571
Direct Line Insurance Group PLC		72,257		352,487
Dixons Carphone PLC		51,248		132,976
Drax Group PLC		19,373		80,912
DS Smith PLC		27,847		184,152
easyJet PLC		12,657		206,662
Experian PLC		55,937		1,124,967
Fiat Chrysler Automobiles NV (b)		53,852		965,143
Firstgroup PLC (b)		174,574		274,034
Foxtons Group PLC (c)		18,364		16,692
G4S PLC		182,962		683,146
GKN PLC		86,558		401,812
GlaxoSmithKline PLC		262,585		5,243,942
Grafton Group PLC		10,958		122,172
Great Portland Estates PLC REIT		16,512		135,357
Greene King PLC		15,484		113,530
Halma PLC		19,131		287,472
Hammerson PLC REIT		38,393		276,608
Hansteen Holdings PLC REIT		66,790		123,660
Hargreaves Lansdown PLC		9,946		197,492
Hays PLC		69,792		177,347
Hiscox, Ltd.		14,783		253,870
HomeServe PLC		20,189		225,360
Howden Joinery Group PLC		29,983		173,377
HSBC Holdings PLC		1,034,508		10,230,560
IG Group Holdings PLC		18,242		156,881

See accompanying notes to financial statements.

76

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
IMI PLC		11,648	$	194,250
Imperial Brands PLC		48,226		2,060,125
Inchcape PLC		20,947		242,534
Indivior PLC (b)		40,566		184,883
Informa PLC		38,000		342,604
Inmarsat PLC		15,460		133,474
InterContinental Hotels Group PLC		10,472		554,684
International Consolidated Airlines Group SA		34,137		271,822
International Personal Finance PLC		16,908		47,638
Intertek Group PLC		8,467		565,943
Intu Properties PLC REIT		41,393		128,008
ITV PLC		183,307		429,646
J Sainsbury PLC		123,372		393,777
John Wood Group PLC		17,846		162,933
Johnson Matthey PLC		9,969		457,422
Just Eat PLC (b)		26,002		233,210
Keller Group PLC		5,048		55,434
Kingfisher PLC		196,044		785,122
Land Securities Group PLC REIT		61,773		805,984
Legal & General Group PLC		295,796		1,031,425
Lloyds Banking Group PLC		3,507,776		3,187,514
London Stock Exchange Group PLC		15,595		801,352
Lonmin PLC (b) (c)		10,873		10,284
Man Group PLC		137,964		310,782
Marks & Spencer Group PLC		125,705		596,016
Meggitt PLC		31,645		221,198
Melrose Industries PLC		92,899		265,230
Micro Focus International PLC		21,651		693,377
National Grid PLC		197,808		2,453,787
NEX Group PLC		46,016		408,701
Next PLC		10,695		754,754
Ocado Group PLC (b) (c)		19,997		78,528
Old Mutual PLC		377,289		983,020
Ophir Energy PLC (b)		29,659		28,849
Pearson PLC		59,694		490,141
Pennon Group PLC		20,823		222,659
Persimmon PLC		24,781		858,448
Petrofac, Ltd.		11,969		72,262
Provident Financial PLC (c)		3,322		37,015
Prudential PLC		127,695		3,060,667
Randgold Resources, Ltd.		8,663		850,201
Reckitt Benckiser Group PLC		33,154		3,030,494
RELX NV		52,963		1,127,657
RELX PLC		61,214		1,344,431

See accompanying notes to financial statements.

77

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Rentokil Initial PLC		92,534	$	373,190
Rightmove PLC		5,144		279,164
Rio Tinto PLC		59,114		2,754,446
Rio Tinto, Ltd. (c)		19,700		1,028,394
Rolls-Royce Holdings PLC (b)		109,099		1,298,325
Royal Bank of Scotland Group PLC (b)		163,025		586,832
Royal Mail PLC		22,873		117,902
RPC Group PLC		20,394		271,017
RSA Insurance Group PLC		68,303		570,909
Sage Group PLC		56,127		525,990
Schroders PLC		5,705		256,795
Segro PLC REIT		47,183		339,304
Serco Group PLC (b)		90,590		140,136
Severn Trent PLC		11,945		348,245
Shaftesbury PLC		13,955		190,223
Shire PLC		45,282		2,301,308
Sky PLC		66,793		819,957
Smith & Nephew PLC		47,872		865,786
Smiths Group PLC		49,279		1,042,636
Spirax-Sarco Engineering PLC		3,637		269,597
Sports Direct International PLC (b)		7,839		43,173
SSE PLC		76,232		1,428,805
St James’s Place PLC		26,190		402,679
Standard Chartered PLC (b)		145,489		1,447,568
Standard Life Aberdeen PLC		212,150		1,233,875
TalkTalk Telecom Group PLC (c)		21,781		61,280
Tate & Lyle PLC		45,575		396,530
Taylor Wimpey PLC		123,258		323,297
Telecom Plus PLC		3,149		45,882
Tesco PLC (b)		475,243		1,193,287
Thomas Cook Group PLC		53,642		86,578
TP ICAP PLC		29,252		205,649
Travis Perkins PLC		8,004		155,494
Trinity Mirror PLC		23,631		27,028
Tullow Oil PLC (b)		90,726		226,526
UBM PLC		19,685		180,251
Unilever NV		84,947		5,025,232
Unilever PLC		73,380		4,252,067
United Utilities Group PLC		35,542		407,468
Victrex PLC		4,771		151,768
Vodafone Group PLC		1,439,188		4,031,691
Weir Group PLC		5,728		151,010
Whitbread PLC		9,468		478,385
William Hill PLC		71,992		243,788

See accompanying notes to financial statements.

78

SPDR Portfolio World ex-US ETF

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Wm Morrison Supermarkets PLC		197,336	$	619,793
Workspace Group PLC REIT		11,809		140,611
Worldpay Group PLC		71,341		389,559
WPP PLC		67,137		1,247,530
				138,031,808
TOTAL COMMON STOCKS (Cost $932,243,033)				1,008,279,185
RIGHTS — 0.0% (e)
SOUTH KOREA — 0.0% (e)
Hyundai Construction Equipment Co., Ltd. (expiring 11/14/17) (b) (g)		26		2,225
Hyundai Electric & Energy System Co., Ltd. (expiring 11/11/17) (b) (g)		27		1,037
TOTAL RIGHTS (Cost $0)				3,262
SHORT-TERM INVESTMENTS — 2.4%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (h) (i)		1,169,081		1,169,081
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)		22,963,226		22,963,226
TOTAL SHORT-TERM INVESTMENTS (Cost $24,132,307)				24,132,307
TOTAL INVESTMENTS — 101.9% (Cost $956,375,340)				1,032,414,754
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.9)%				(19,039,031	)
NET ASSETS — 100.0%			$	1,013,375,723

See accompanying notes to financial statements.

79

SPDR Portfolio World ex-US ETF

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

(a) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2017, total aggregate fair value of the securities is $20,427, representing less than 0.05% 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 September 30, 2017.

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

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

(f) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.1% of net assets as of September 30, 2017, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(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 September 30, 2017, total aggregate fair value of securities is $88,270 representing less than 0.05% of net assets.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended September 30, 2017 are shown in the Affiliate Table below.

(i) The rate shown is the annualized seven-day yield at September 30, 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 September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	57,010,059	$	—	$	0	(a)	$	57,010,059
Austria		3,159,160		—		—			3,159,160
Belgium		12,147,467		—		—			12,147,467
Canada		83,820,650		—		—			83,820,650
Chile		220,599		—		—			220,599
China		1,703,316		—		—			1,703,316
Denmark		14,792,093		—		—			14,792,093
Finland		10,760,083		—		—			10,760,083
France		83,435,916		—		—			83,435,916
Germany		77,132,650		—		—			77,132,650
Hong Kong		27,754,699		—		—			27,754,699
Ireland		5,671,031		—		—			5,671,031

See accompanying notes to financial statements.

80

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Israel	$	5,314,123	$	—	$	—		$	5,314,123
Italy		20,812,394		—		13,335			20,825,729
Japan		225,493,422		—		—			225,493,422
Jordan		114,040		—		—			114,040
Luxembourg		2,062,133		—		—			2,062,133
Macau		203,768		—		—			203,768
Malta		97,738		—		—			97,738
Mexico		188,200		—		—			188,200
Netherlands		36,918,117		—		—			36,918,117
New Zealand		3,160,139		—		—			3,160,139
Norway		7,221,288		—		—			7,221,288
Portugal		1,920,972		—		—			1,920,972
Singapore		12,326,807		73,016		—			12,399,823
South Africa		1,190,159		—		—			1,190,159
South Korea		47,961,874		—		7,092			47,968,966
Spain		28,449,175		—		0	(a)		28,449,175
Sweden		27,091,456		11,992		—			27,103,448
Switzerland		72,008,414		—		—			72,008,414
United Kingdom		138,031,808		—		0	(a)		138,031,808
Rights
South Korea		—		3,262		—			3,262
Short-Term Investments		24,132,307		—		—			24,132,307
TOTAL INVESTMENTS	$	1,032,306,057	$	88,270	$	20,427		$	1,032,414,754

(a) Fund held Level 3 securities that were valued at $0 at September 30, 2017.

See accompanying notes to financial statements.

81

SPDR Portfolio World ex-US ETF

(formerly, SPDR S&P World ex-US ETF)

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		21,922,148		20,753,067		—		—		1,169,081		1,169,081		5,023
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		19,913,887		19,913,887		—		—		—		—		2,572
State Street Navigator Securities Lending Government Money Market Portfolio*		27,460,160		27,460,160		190,490,329		194,987,263		—		—		22,963,226		22,963,226		354,638
Total			$	27,825,849	$	232,327,928	$	236,021,470	$	—	$	—			$	24,132,307	$	362,248

* 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.

82

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2017

	SPDR Portfolio Emerging Markets ETF (formerly, SPDR S&P Emerging Markets ETF)			SPDR Portfolio World ex-US ETF (formerly, SPDR S&P World ex-US ETF)
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	558,395,333		$	1,008,282,447
Investments in affiliated issuers, at value (Notes 2 and 4)		8,647,800			24,132,307
Total Investments		567,043,133			1,032,414,754
Foreign currency, at value		4,463,563			1,896,389
Cash at broker		18,590			—
Cash		—			2,875
Receivable from broker — variation margin on open futures contracts		11,527			—
Dividends receivable — unaffiliated issuers (Note 2)		619,348			2,509,903
Dividends receivable — affiliated issuers (Notes 2 and 4)		1,118			396
Securities lending income receivable — unaffiliated issuers (Note 9)		5,949			11,602
Securities lending income receivable — affiliated issuers (Notes 4 and 9)		12,086			26,112
Receivable for foreign taxes recoverable		961			325,663
Other Receivable		3,322			—
TOTAL ASSETS		572,179,597			1,037,187,694
LIABILITIES
Due to custodian (Note 4)		27,863			—
Payable upon return of securities loaned		8,647,800			22,963,226
Payable for investments purchased		—			1,316
Deferred foreign taxes payable		287,885			—
Advisory fee payable (Note 4)		779,870			846,643
Trustees’ fees and expenses payable (Note 5)		188			786
TOTAL LIABILITIES		9,743,606			23,811,971
NET ASSETS	$	562,435,991		$	1,013,375,723
NET ASSETS CONSIST OF:
Paid-in Capital (Note 7)	$	539,645,829		$	937,573,312
Undistributed (distribution in excess of) net investment income (loss)		5,456,624			5,551,897
Accumulated net realized gain (loss) on investments, foreign currency transactions, and futures contracts		(27,458,841	)		(5,799,704	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers**		44,819,656			76,039,414
Foreign currency translations		(26,187	)		10,804
Futures contracts		(1,090	)		—
NET ASSETS	$	562,435,991		$	1,013,375,723
NET ASSET VALUE PER SHARE
Net asset value per share	$	72.11		$	30.52
Shares outstanding (unlimited amount authorized, $0.01 par value)		7,800,000			33,200,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	513,287,792		$	932,243,033
Investments in affiliated issuers		8,647,800			24,132,307
Total cost of investments	$	521,935,592		$	956,375,340
Foreign currency, at cost	$	4,489,076		$	1,906,676
*       Includes investments in securities on loan, at value	$	39,335,507		$	39,933,446
**     Includes deferred foreign taxes	$	287,885		$	—

See accompanying notes to financial statements.

83

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2017

	SPDR Portfolio Emerging Markets ETF (formerly, SPDR S&P Emerging Markets ETF)			SPDR Portfolio World ex-US ETF (formerly, SPDR S&P World ex-US ETF)
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	11,200,726		$	22,924,047
Dividend income — affiliated issuers (Notes 2 and 4)		7,558			7,610
Dividend income — non-cash transactions		—			2,828,735
Unaffiliated securities lending income (Note 9)		58,016			83,893
Affiliated securities lending income (Notes 4 and 9)		73,463			354,638
Foreign taxes withheld		(1,252,664	)		(3,429,886	)
TOTAL INVESTMENT INCOME (LOSS)		10,087,099			22,769,037
EXPENSES
Advisory fee (Note 4)		2,164,523			2,728,589
Trustees’ fees and expenses (Note 5)		5,004			11,962
Miscellaneous expenses		1,303			6,933
TOTAL EXPENSES		2,170,830			2,747,484
Expenses waived/reimbursed by the Adviser (Note 4)		(28	)		—
NET EXPENSES		2,170,802			2,747,484
NET INVESTMENT INCOME (LOSS)		7,916,297			20,021,553
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		(686,170	)		686,173
In-kind redemptions — unaffiliated issuers		—			9,777,509
Foreign currency transactions		(100,124	)		(47,517	)
Futures contracts		67,586			—
Net realized gain (loss)		(718,708	)		10,416,165
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		71,364,488			118,509,621
Foreign currency translations		(26,274	)		33,116
Futures contracts		2,556			—
Net change in unrealized appreciation/depreciation		71,340,770			118,542,737
NET REALIZED AND UNREALIZED GAIN (LOSS)		70,622,062			128,958,902
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	78,538,359		$	148,980,455
*       Includes foreign capital gain taxes	$	(705	)	$	—
**     Includes foreign deferred taxes	$	(115,974	)	$	—

See accompanying notes to financial statements.

84

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR Portfolio Emerging Markets ETF (formerly, SPDR S&P Emerging Markets ETF)
	Year Ended 9/30/17			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	7,916,297		$	3,657,638
Net realized gain (loss)		(718,708	)		(7,774,303	)
Net change in unrealized appreciation/depreciation		71,340,770			34,425,127
Net increase (decrease) in net assets resulting from operations		78,538,359			30,308,462
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(4,140,214	)		(3,843,662	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		253,169,111			78,159,264
Cost of shares redeemed		—			(58,547,453	)
Other capital (Note 7)		85,243			—
Net increase (decrease) in net assets from beneficial interest transactions		253,254,354			19,611,811
Net increase (decrease) in net assets during the period		327,652,499			46,076,611
Net assets at beginning of period		234,783,492			188,706,881
NET ASSETS AT END OF PERIOD	$	562,435,991		$	234,783,492
Undistributed (distribution in excess of) net investment income (loss)	$	5,456,624		$	1,781,014
SHARES OF BENEFICIAL INTEREST:
Shares sold		3,900,000			1,400,000
Shares redeemed		—			(1,100,000	)
Net increase (decrease)		3,900,000			300,000

See accompanying notes to financial statements.

85

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Portfolio World ex-US ETF (formerly, SPDR S&P World ex-US ETF)
	Year Ended 9/30/17			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	20,021,553		$	18,870,297
Net realized gain (loss)		10,416,165			14,852,852
Net change in unrealized appreciation/depreciation		118,542,737			14,490,157
Net increase (decrease) in net assets resulting from operations		148,980,455			48,213,306
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(21,128,852	)		(19,011,480	)
Net realized gains		—			(1,091,428	)
Total distributions to shareholders		(21,128,852	)		(20,102,908	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		341,888,994			68,130,074
Cost of shares redeemed		(91,199,248	)		(176,321,620	)
Other capital (Note 7)		1,822			—
Net increase (decrease) in net assets from beneficial interest transactions		250,691,568			(108,191,546	)
Net increase (decrease) in net assets during the period		378,543,171			(80,081,148	)
Net assets at beginning of period		634,832,552			714,913,700
NET ASSETS AT END OF PERIOD	$	1,013,375,723		$	634,832,552
Undistributed (distribution in excess of) net investment income (loss)	$	5,551,897		$	5,988,823
SHARES OF BENEFICIAL INTEREST:
Shares sold		12,600,000			2,600,000
Shares redeemed		(3,400,000	)		(7,000,000	)
Net increase (decrease)		9,200,000			(4,400,000	)

See accompanying notes to financial statements.

86

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR Portfolio Emerging Markets ETF (formerly, SPDR S&P Emerging Markets ETF)
	Year Ended 9/30/17			Year Ended 9/30/16			Year Ended 9/30/15			Year Ended 9/30/14			Year Ended 9/30/13
Net asset value, beginning of period	$	60.20		$	52.42		$	66.35		$	63.14		$	63.85
Income (loss) from investment operations:
Net investment income (loss) (a)		1.40			1.12			1.28			1.39			1.38
Net realized and unrealized gain (loss) (b)		11.28			7.82			(13.88	)		2.85			(0.55	)
Total from investment operations		12.68			8.94			(12.60	)		4.24			0.83
Net equalization credits and charges		—			—			0.00	(c)		—			—
Other capital		0.02			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.79	)		(1.16	)		(1.33	)		(1.03	)		(1.54	)
Net asset value, end of period	$	72.11		$	60.20		$	52.42		$	66.35		$	63.14
Total return (d)		21.36	%		17.38	%		(19.34	)%		6.73	%		1.31	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	562,436		$	234,783		$	188,707		$	285,285		$	189,412
Ratios to average net assets:
Total expenses		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net expenses		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		2.16	%		2.05	%		2.02	%		2.12	%		2.15	%
Portfolio turnover rate (e)		0	%(f)		12	%		18	%		9	%		21	%

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

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

(f) Amount is less than 0.005%.

See accompanying notes to financial statements.

87

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

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

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

88

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS

September 30, 2017

1. Organization

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

As of September 30, 2017, the Trust consists of thirty (30) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):

SPDR Portfolio Emerging Markets ETF

(effective October 16, 2017, the Fund changed its name from SPDR S&P Emerging Markets ETF)

SPDR Portfolio World ex-US ETF

(effective October 16, 2017, the Fund changed its name from SPDR S&P World ex-US ETF)

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

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

89

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

Security Valuation

Each Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for determining the fair value of investments.

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

• Equity investments (including registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

90

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

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

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of each Fund’s investments according to the fair value hierarchy as of September 30, 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 Funds had no material transfers between levels for the period ended September 30, 2017.

91

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

Investment Transactions and Income Recognition

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

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

Distributions received by the 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’s. (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

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

92

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Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of September 30, 2017, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

As of August 21, 2017, SPDR Portfolio Emerging Markets ETF’s NAV was impacted by an adjustment to certain foreign tax accruals. The per share impact was $0.03 on August 21, 2017.

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.

Distributions

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

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.

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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 September 30, 2017, the SPDR Portfolio Emerging Markets ETF entered into futures contracts for return enhancement, hedging and exposing cash reserves to the market.

The following tables summarize the value of the Funds’ derivative instruments as of September 30, 2017, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

	Liability Derivatives
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
SPDR Portfolio Emerging Markets ETF
Futures Contracts(a)	$	—	$	—	$	—	$	(1,090	)	$	—	$	(1,090	)

(a) Unrealized depreciation on open futures contracts. The Statements of Assets and Liabilities only reflect the current day’s net variation margin.

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	Net Realized Gain (Loss)
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
SPDR Portfolio Emerging Markets ETF
Futures Contracts	$	—	$	—	$	—	$	67,586	$	—	$	67,586
	Net Change in Unrealized Appreciation (Depreciation)
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
SPDR Portfolio Emerging Markets ETF
Futures Contracts	$	—	$	—	$	—	$	2,556	$	—	$	2,556

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 Portfolio Emerging Markets ETF		0.59	%
SPDR Portfolio World ex-US ETF		0.34

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).

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Administrator, Sub-Administrator, Custodian, and Transfer Agent Fees

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

Distribution Fees

State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust. Effective May 1, 2017, the Distributor’s name changed from State Street Global Markets, LLC to State Street Global Advisors Funds Distributors, LLC.

Other Transactions with Affiliates — Securities Lending

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

Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.

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

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended September 30, 2017, are disclosed in the Schedules of Investments.

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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 Portfolio Emerging Markets ETF had a cash overdraft related to the settlement of foreign currency and investment 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 September 30, 2017, were as follows:

	Purchases		Sales
SPDR Portfolio Emerging Markets ETF	$	86,756,245	$	1,020,941
SPDR Portfolio World ex-US ETF		54,989,322		40,051,950

For the period ended September 30, 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 Portfolio Emerging Markets ETF	$	170,326,580	$	—	$	—
SPDR Portfolio World ex-US ETF		322,393,930		86,001,029		9,777,509

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.

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

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

Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, nontaxable dividend adjustments to income, in-kind transactions, foreign currencies, passive foreign investment companies, wash sale losses and distributions in excess of current earnings. In addition, certain Funds claimed a portion of the payments made to redeeming shareholders as a distribution for income tax purposes.

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The tax character of distributions paid during the year ended September 30, 2017, was as follows:

	Ordinary Income		Total
SPDR Portfolio Emerging Markets ETF	$	4,140,214	$	4,140,214
SPDR Portfolio World ex-US ETF		21,128,852		21,128,852

The tax character of distributions paid during the year ended September 30, 2016, was as follows:

	Ordinary Income		Long-Term Capital Gains		Total
SPDR Portfolio Emerging Markets ETF	$	3,843,662	$	—	$	3,843,662
SPDR Portfolio World ex-US ETF		19,228,167		874,741		20,102,908

At September 30, 2017, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Capital Loss Carryforwards			Undistributed Long-Term Capital Gains		Net Unrealized Gains (Losses)		Qualified Late-Year Losses*		Total
SPDR Portfolio Emerging Markets ETF	$	6,841,377	$	(25,583,133	)	$	—	$	41,530,941	$	—	$	22,789,185
SPDR Portfolio World ex-US ETF		8,887,468		(5,336,368	)		—		72,251,314		—		75,802,414

* The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of September 30, 2017, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

	Expiring 2018		Expiring 2019		Non-Expiring Short Term**		Non-Expiring Long Term**
SPDR Portfolio Emerging Markets ETF	$	—	$	—	$	3,187,264	$	22,395,869
SPDR Portfolio World ex-US ETF		—		—		—		5,336,368

** Must be utilized prior to losses subject to expiration.

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As of September 30, 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 Portfolio Emerging Markets ETF	$	525,196,049	$	84,252,614	$	42,405,530	$	41,847,084
SPDR Portfolio World ex-US ETF		960,174,244		139,352,776		67,112,266		72,240,510

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 September 30, 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.

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The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of September 30, 2017:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non Cash Collateral Received*		Total Collateral Received
SPDR Portfolio Emerging Markets ETF	$	39,335,507	$	8,647,800	$	31,997,253	$	40,645,053
SPDR Portfolio World ex-US ETF		39,933,446		22,963,226		18,950,373		41,913,599

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of September 30, 2017:

			Remaining Contractual Maturity of the Agreements As of September 30, 2017
Fund	Securities Lending Transactions		Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total Borrowings		Gross Amount of Recognized Liabilities for Securities Lending Transactions
SPDR Portfolio Emerging Markets ETF		Common Stocks	$	8,647,800	$	—	$	—	$	—	$	8,647,800	$	8,647,800
SPDR Portfolio World ex-US ETF		Common Stocks		22,963,226		—		—		—		22,963,226		22,963,226

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 SPDR Portfolio Emerging Markets ETF participates in the credit facility.

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

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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%.

Effective October 12, 2017, the Agreement was renewed, and as a result, the Funds and other affiliated Funds participate in a $500 million revolving credit facility.

The Funds had no outstanding loans as of September 30, 2017.

11. Risks

Concentration Risk

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

Foreign and Emerging Markets Risk

Investing in foreign markets 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 Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the 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.

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

The Board approved changing the names of the SPDR S&P Emerging Markets ETF and SPDR S&P World ex-US ETF. On October 16, 2017, all references to SPDR S&P Emerging Markets ETF and SPDR S&P World ex-US ETF in the Prospectus, Summary Prospectus and Statement of Additional Information were replaced by references to SPDR Portfolio Emerging Markets ETF and SPDR Portfolio World ex-US ETF, respectively.

Effective October 16, 2017, the Adviser has agreed to reduce the advisory fee for each Fund as follows:

	Old advisory fee (percentage of average daily net assets)			New advisory fee (percentage of average daily net assets)
SPDR Portfolio Emerging Markets ETF		0.59	%		0.11	%
SPDR Portfolio World ex-US ETF		0.34	%		0.04	%

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REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

To the Trustees and Shareholders of the SPDR Index Shares Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the two funds, listed in Note 1, (each a “Fund”) as of September 30, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of September 30, 2017 by correspondence with the custodian and brokers and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above.

/s/ PricewaterhouseCoopersLLP

Boston, Massachusetts

November 21, 2017

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OTHER INFORMATION

September 30, 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 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 April 1, 2017 to September 30, 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.

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OTHER INFORMATION (continued)

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	SPDR Portfolio Emerging Markets ETF			SPDR Portfolio World ex-US ETF
Annualized Expense Ratio		0.59	%		0.34	%
Actual:
Ending Account Value	$	1,135.60		$	1,116.30
Expenses Paid During Period(a)		3.16			1.80
Hypothetical (assuming a 5% return before expenses):
Ending Account Value		1,022.10			1,023.40
Expenses Paid During Period(a)		2.99			1.72

(a) Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by 183, then divided by 365.

Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2017.

Dividends Received Deduction

Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2017 are considered qualified dividend income and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

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OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Foreign Tax Credit

The Trust has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by a Fund to its shareholders. For the year ended September 30, 2017, the total amount of foreign taxes that will be passed through are:

	Amount
SPDR Portfolio Emerging Markets ETF	$	1,171,137
SPDR Portfolio World ex-US ETF		1,649,945

The amount of foreign source income earned on the following Funds during the year ended September 30, 2017 were as follows:

	Amount
SPDR Portfolio Emerging Markets ETF	$	11,206,950
SPDR Portfolio World ex-US ETF		25,760,392

Premium/Discount Information

Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the NAV of the Fund during the past calendar year can be found at http://www.spdrs.com.

Proxy Voting Policies and Procedures and Records

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

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Approval of Advisory Agreement

At an in-person meeting held prior to September 30, 2017, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the operational series of the Trust (collectively, the “Current ETFs”) and to continue the Agreement with respect to the previously approved non-operational series of the Trust (together with the Current ETFs, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), also met separately with their independent legal counsel to consider the Agreement.

In evaluating the Agreement, the Board drew on materials provided to them by SSGA FM, the Trust’s investment adviser and administrator, and other materials provided by State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”). In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the Current ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management, oversight of sub-advisers and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing each SPDR ETF’s compliance with its investment objectives and policies and with

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OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

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 management 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 index-based investment objectives and in overseeing third-party sub-advisers, as applicable.

Investment Performance

The Board then reviewed the Current ETFs’ performance, noting that the distinctive indexed investment objective of each of the Current ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. Instead, the Board focused on the extent to which each Current ETF achieved its objective as a passively-managed index fund. The Board reviewed information regarding the Current ETFs’ index tracking, noting that each Current ETF satisfactorily tracked its benchmark index.

Profits Realized by the Adviser

The Board considered the profitability of the advisory arrangement with the Current ETFs to the Adviser, including data on the Current ETFs’ historical profitability to the Adviser. The Independent Trustees, with their independent legal counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable.

Fees Charged to Comparable Funds

The Board evaluated each SPDR ETF’s 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 SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. (formerly Lipper Analytical Services) and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data.

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OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Other Benefits

The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.

Economies of Scale

The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the Agreement did not provide for breakpoints in each SPDR ETF’s advisory fee rates as assets of a SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

Conclusion

The Board, including the Independent Trustees voting separately, approved the Agreement for each SPDR ETF after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the Agreement were as follows: (a) the nature and extent of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each Current ETF had been satisfactory; (c) the Adviser’s unitary fee for each SPDR ETF, considered in relation to services provided and in relation to fees charged to comparable funds, was fair and reasonable; (d) profitability of the Trust’s relationships with the Adviser was not excessive; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) fees paid to the Adviser adequately shared the economies of scale with respect to the Current ETFs by way of the relatively low fee structure of the Trust.

Approval of State Street Global Advisors Asia Limited Sub-Advisory Agreement

At an in-person meeting held prior to September 30, 2017, the Board also evaluated a proposal to continue the Sub-Advisory Agreement (the “SSGA Asia Limited Sub-Advisory Agreement”) between the Adviser and State Street Global Advisors Asia Limited (“SSGA Asia Limited”), an affiliate of the Adviser, with respect to the SPDR MSCI China A Shares IMI ETF (the “Fund”), which is sub-advised by SSGA Asia Limited. The Independent Trustees also met separately with their independent legal counsel to consider the SSGA Asia Limited Sub-Advisory Agreement.

111

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OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

In evaluating the SSGA Asia Limited Sub-Advisory Agreement, the Board drew on materials provided to them by SSGA Asia Limited and the Adviser. In deciding whether to approve the SSGA Asia Limited Sub-Advisory Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by SSGA Asia Limited with respect to the Fund under the SSGA Asia Limited Sub-Advisory Agreement and (ii) investment performance of the Fund. The Board was informed of the portion of the current advisory fee that the Adviser would pay to SSGA Asia Limited under the SSGA Asia Limited Sub-Advisory Agreement and also considered that such fees would be paid directly by the Adviser and would not result in increased fees payable by the Fund.

The Board considered the background and experience of SSGA Asia Limited’s senior management and, in particular, SSGA Asia Limited’s experience in investing in Asian equity securities. The Board reviewed the Fund’s performance, noting that the Fund tracked its benchmark index. The Board also considered the unitary fee paid to the Adviser by the Fund and SSGA Asia Limited’s fees paid by the Adviser. The Board also considered whether SSGA Asia Limited benefited in other ways from its relationship with the Trust.

The Board, including the Independent Trustees voting separately, approved the SSGA Asia Limited Sub-Advisory Agreement for the Fund after weighing the foregoing factors as well as the relevant factors discussed in relation to the Agreement between the Trust and the Adviser, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the SSGA Asia Limited Sub-Advisory Agreement were as follows: (a) the nature and extent of the services provided by SSGA Asia Limited with respect to the Fund were appropriate; (b) the performance and, more importantly, the index tracking, of the Fund had been satisfactory; (c) SSGA Asia Limited’s fees for the Fund and the unitary fee, considered in relation to the services provided, were fair and reasonable; (d) any additional potential benefits to SSGA Asia Limited were not of a magnitude to materially affect the Board’s conclusions; and (e) fees paid to SSGA Asia Limited adequately shared the economies of scale with the Fund by way of the relatively low fee structure of the Trust.

112

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

TRUSTEES AND OFFICERS

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During the Past 5 Years
Trustees
Independent Trustees
FRANK NESVET c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1943	Independent Trustee, Chairman, Trustee Committee Chair	Term: Unlimited Served: since September 2000	Retired.		148	None.
DAVID M. KELLY c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1938	Independent Trustee	Term: Unlimited Served: since September 2000	Retired.		148	Chicago Stock Exchange (Former Director, retired); Penson Worldwide Inc. (Former Director, retired).
BONNY EUGENIA BOATMAN c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1950	Independent Trustee	Term: Unlimited Served: since April 2010	Retired.		148	None.
DWIGHT D. CHURCHILL c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1953	Independent Trustee	Term: Unlimited Served: since April 2010	Self-employed consultant since 2010; CEO and President, CFA Institute (June 2014-January 2015).		148	Affiliated Managers Group, Inc. (Director).
CARL G. VERBONCOEUR c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1952	Independent Trustee, Audit Committee Chair	Term: Unlimited Served: since April 2010	Self-employed consultant since 2009.		148	The Motley Fool Funds Trust (Trustee).

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OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During the Past 5 Years
Interested Trustee
JAMES E. ROSS* SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1965	Interested Trustee	Term: Unlimited Served as Trustee: since April 2010	Chairman and Director, SSGA Funds Management, Inc. (2005-present); Executive Vice President, State Street Global Advisors (2006-present); Chief Executive Officer and Director, State Street Global Advisors Funds Distributors, LLC (May 2017- present); Director, State Street Global Markets, LLC (2013-April 2017); President, SSGA Funds Management, Inc. (2005-2012); Principal, State Street Global Advisors (2000 - 2005).		234	SSGA SPDR ETFs Europe I plc (Director) (November 2016- present); SSGA SPDR ETFs Europe II plc (Director) (November 2016- present).

† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA Funds Management, Inc. serves as investment adviser.

* Mr. Ross is an Interested Trustee because of his employment with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.

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OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds		Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
Officers
ELLEN M. NEEDHAM SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1967		President	Term: Unlimited Served: since October 2012	President and Director, SSGA Funds Management, Inc. (2001 - present)*; Senior Managing Director, State Street Global Advisors (1992 - present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 - present).
BRUCE S. ROSENBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1961		Treasurer	Term: Unlimited Served: since February 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 - present); Director, Credit Suisse (April 2008 - July 2015).
ANN M. CARPENTER SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1966		Vice President; Deputy Treasurer	Term: Unlimited Served: since August 2012; Term: Unlimited Served: since April 2015	Chief Operating Officer, SSGA Funds Management, Inc. (2005 - Present)*; Managing Director, State Street Global Advisors (2005 - present).*
MICHAEL P. RILEY SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969		Vice President	Term: Unlimited Served: since February 2005	Managing Director, State Street Global Advisors (2005 - present).*
JOSHUA A. WEINBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1978		Chief Legal Officer	Term: Unlimited Served: since February 2015	Managing Director and Managing Counsel, State Street Global Advisors (2011 - present); Clerk, SSGA Funds Management, Inc. (2013 - present); Associate, Financial Services Group, Dechert LLP (2006 - 2011).
JESSE D. HALLEE State Street Bank and Trust Company One Hundred Summer Street, SUM0703 Boston, MA 02111 1967		Secretary	Term: Unlimited Served: since August 2017	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007- 2013).**

115

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
CHAD C. HALLETT SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969	Deputy Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 - present); Vice President, State Street Bank and Trust Company (2001 - November 2014).*
DARLENE ANDERSON-VASQUEZ SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1968	Deputy Treasurer	Term: Unlimited Served: since November 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 - present); Senior Vice President, John Hancock Investments (September 2007 - May 2016).
ARTHUR A. JENSEN SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 1966	Deputy Treasurer	Term: Unlimited Served: Since August 2017	Vice President at State Street Global Advisors (July 2016 – present); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 - July 2016).
SUJATA UPRETI SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1974	Assistant Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 - present); Assistant Director, Cambridge Associates, LLC (July 2014 - January 2015); Vice President, Bank of New York Mellon (July 2012 - August 2013); Manager, PricewaterhouseCoopers, LLP (September 2003 - July 2012).
DANIEL FOLEY SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1972	Assistant Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007 - present).*
DANIEL G. PLOURDE SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1980	Assistant Treasurer	Term: Unlimited Served: since May 2017	Assistant Vice President, SSGA Funds Management, Inc. (May 2015 - present); Officer, State Street Bank and Trust Company (March 2009 - May 2015).

116

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
BRIAN HARRIS SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1973	Chief Compliance Officer; Anti- Money Laundering Officer; Code of Ethics Compliance Officer	Term: Unlimited Served: since November 2013	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 - present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010 - 2013).

* Served in various capacities and/or with various affiliated entities during noted time period.

** Served in various capacities and/or with unaffiliated mutual funds or closed-end funds for which State Street Bank and Trust Company or its affiliates act as a provider of services during the noted time period.

The Trust’s Statement of Additional Information (SAI) includes additional information about Funds’ directors and is available, without charge, upon request and by calling 1-866-787-2257.

117

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, an indirect wholly-owned subsidiary of State Street Corporation. State Street Global Advisors Funds Distributors, LLC is a member of FINRA, SIPC. References to State Street may include State Street Corporation and its affiliates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment 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, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

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

Not FDIC Insured ● No Bank Guarantee ● May Lose Value

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

State Street Global Advisors	© 2017 State Street Corporation - All Rights Reserved
IBG - 25741	0515 Exp. Date: 11/30/2018 SPDRISPTAR

Annual Report

September 30, 2017

SPDR^® Index Shares Funds

SPDR Dow Jones Global Real Estate ETF

SPDR Dow Jones International Real Estate ETF

SPDR S&P North American Natural Resources ETF

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

TABLE OF CONTENTS

Notes to Performance Summary (Unaudited)	1
Management’s Discussion of Fund Performance, Performance
Summary & Portfolio Statistics (Unaudited)
SPDR Dow Jones Global Real Estate ETF (RWO)	2
SPDR Dow Jones International Real Estate ETF (RWX)	5
SPDR S&P North American Natural Resources ETF (NANR)	8
Schedules of Investments
SPDR Dow Jones Global Real Estate ETF (RWO)	11
SPDR Dow Jones International Real Estate ETF (RWX)	20
SPDR S&P North American Natural Resources ETF (NANR)	27
Financial Statements	30
Financial Highlights	37
Notes to Financial Statements	40
Report of Independent Registered Public Accounting Firm	53
Other Information (Unaudited)	54

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.

NOTES TO PERFORMANCE SUMMARY (UNAUDITED )

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

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The Dow Jones Global Select Real Estate Securities Index is a float-adjusted market capitalization index designed to measure the performance of publicly traded global real estate securities. The Dow Jones Global Select Real Estate Securities Index is a measure of the types of global real estate securities that represent the ownership and operation of commercial or residential real estate.

The Dow Jones Global ex-U.S. Select Real Estate Securities Index is a float-adjusted market capitalization index designed to measure the performance of publicly traded real estate securities in countries excluding the United States. The Dow Jones Global ex-U.S. Select Real Estate Securities Index is a measure of the type of global real estate securities that represent the ownership and operation of commercial or residential real estate.

The S&P BMI North American Natural Resources Index comprises publicly traded large- and mid-capitalization U.S. and Canadian companies in the natural resources and commodities businesses that meet certain investability requirements and are classified within the sub-industries of one of three natural resources categories: energy, metals & mining or agriculture.

1

SPDR DOW JONES GLOBAL REAL ESTATE ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

(UNAUDITED )

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

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was –0.55%, and the Index was –0.85%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, cash drag, and dividend tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

Global real estate securities were affected by the general uncertainty surrounding the world during the Reporting Period. The Index had a slight negative return for the fiscal year and significantly lagged the MSCI World in all four quarters leading to an overall underperformance versus that index of over to 19%. The realization of the Brexit vote combined with contentious election campaigns in the United States, France and Germany, created an enormous amount of fear worldwide. This fear led to a less active than normal amount of corporate activity throughout the industry as REIT firms waited for the proverbial dust to settle around them. Given the events in Europe, currencies there weakened versus the strengthening U.S. dollar. The multiple Fed rate hikes in the U.S. during the period gave investors more options for income generation and real estate securities’ higher yield characteristics became less attractive. Mother Nature put a strain on REITs in the United States as Hurricanes Matthew, Harvey and Irma all brought various levels of destruction to the southern part of the country. Retail REITs were hurt the most during the fiscal year however, especially in regions such as the United States, Australia and Hong Kong, as there was a distinct shift from brick-and-mortar to online commerce. The period saw many stores close their doors for good including Bebe Stores, as well as prominent stores such as Macy’s, Sears, JC Penney, and Kohl’s closing many locations and focusing more on their online presence.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Prologis, Inc., Digital Realty Trust, Inc. and Global Logistic Properties, Ltd. The top negative contributors to the Fund’s performance were General Growth Properties Inc., Kimco Realty Corp. and Simon Property Group, Inc.

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

2

SPDR DOW JONES GLOBAL REAL ESTATE ETF

PERFORMANCE SUMMARY (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return									Average Annual Total Return
	Net Asset Value			Market Value			Dow Jones Global Select Real Estate Securities Index			Net Asset Value			Market Value			Dow Jones Global Select Real Estate Securities Index
ONE YEAR		–0.55	%		–0.59	%		–0.85	%		–0.55	%		–0.59	%		–0.85	%
FIVE YEARS		39.79	%		40.11	%		38.35	%		6.93	%		6.98	%		6.71	%
SINCE INCEPTION(1)		40.77	%		41.07	%		37.23	%		3.70	%		3.73	%		3.42	%

(1) For the period May 7, 2008 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/7/08, 5/13/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate markets returns.

Comparison of Change in Value of a $10,000 Investment

(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Dow Jones Global Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.50%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See Notes to Performance Summary on page 1 for more information.

3

SPDR DOW JONES GLOBAL REAL ESTATE ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Simon Property Group, Inc. REIT		4.5	%
Prologis, Inc. REIT		3.1
Public Storage REIT		2.9
Welltower, Inc. REIT		2.4
AvalonBay Communities, Inc. REIT		2.2
Digital Realty Trust, Inc. REIT		2.2
Equity Residential REIT		2.2
Unibail-Rodamco SE REIT		2.2
Ventas, Inc. REIT		2.1
Mitsui Fudosan Co., Ltd.		1.9
TOTAL		25.7	%

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

Industry Breakdown as of September 30, 2017

	% of Net Assets
Real Estate Investment Trusts (REITs)		88.6	%
Real Estate Management & Development		10.9
Diversified Financial Services		0.0	*
Short-Term Investments		1.0
Liabilities in Excess of Other Assets		(0.5	)
TOTAL		100.0	%

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

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

4

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

(UNAUDITED )

The SPDR Dow Jones International Real Estate ETF (the “Fund”) seeks to provide investment results, before fees and expenses, correspond generally to the total return performance of an index based upon the international real estate market. The Fund’s benchmark is the Dow Jones Global ex-U.S. Select Real Estate Securities Index (the “Index”).

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 0.48%, and the Index was 0.83%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Expenses, cash drag, and dividend tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

Global real estate securities were affected by the general uncertainty surrounding the world during the period. The Index had a modest gain for the fiscal year, but significantly lagged the MSCI World ex USA Index in all four quarters leading to an overall underperformance versus that index of close to 18%. The realization of the Brexit vote combined with contentious election campaigns in the United States, France and Germany, created an enormous amount of fear worldwide. This fear led to a less active than normal amount of corporate activity throughout the industry as REIT firms waited for the proverbial dust to settle around them. Given the events in Europe, currencies there weakened versus the strengthening U.S. dollar. The multiple Fed rate hikes in the U.S. during the period gave investors more options for income generation and real estate securities’ higher yield characteristics became less attractive. Retail REITs were hurt the most during the fiscal year, especially in regions such as Australia and Hong Kong, as there was a distinct shift from brick-and-mortar to online commerce.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Global Logistic Properties, Ltd., Link Real Estate Investment Trust, and LEG Immobilien AG. The top negative contributors to the Fund’s performance were Nippon Building Fund, Inc., Scentre Group, and Westfield Corp.

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

5

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

PERFORMANCE SUMMARY (UNAUDITED )

Performance as of September 30, 2017

	Cumulative Total Return									Average Annual Total Return
	Net Asset Value			Market Value			Dow Jones Global ex-U.S. Select  Real Estate Securities Index			Net Asset Value			Market Value			Dow Jones Global ex-U.S. Select  Real Estate Securities Index
ONE YEAR		0.48	%		0.36	%		0.83	%		0.48	%		0.36	%		0.83	%
FIVE YEARS		25.61	%		25.93	%		27.64	%		4.67	%		4.72	%		5.00	%
TEN YEARS		0.06	%		–0.21	%		3.37	%		0.01	%		–0.02	%		0.33	%

Comparison of Change in Value of a $10,000 Investment (Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Dow Jones International Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.59%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Notes to Performance Summary” on page 1 for more information.

6

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

PORTFOLIO STATISTICS (UNAUDITED )

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Unibail-Rodamco SE REIT		5.5	%
Mitsui Fudosan Co., Ltd.		4.9
Link REIT		4.1
Scentre Group REIT		3.7
Westfield Corp. REIT		2.7
Goodman Group REIT		2.3
Land Securities Group PLC REIT		2.2
Hongkong Land Holdings, Ltd.		1.9
British Land Co. PLC REIT		1.9
Klepierre SA REIT		1.8
TOTAL		31.0	%

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

Industry Breakdown as of September 30, 2017

	% of Net Assets
Real Estate Investment Trusts (REITs)		72.1	%
Real Estate Management & Development		27.3
Diversified Financial Services		0.0	*
Short-Term Investments		1.8
Liabilities in Excess of Other Assets		(1.2	)
TOTAL		100.0	%

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

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

7

SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

(UNAUDITED )

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

For the 12-month period ended September 30, 2017 (the “Reporting Period”), the total return for the Fund was 3.74%, and the Index was 3.67%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, a slight cash drag, security misweights and differences in tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

The Fund ended the Reporting Period with slight positive performance, but lagged the broader equity markets. The U.S. Presidential election late last year spurred equities on a significant run as hopeful investors looked ahead to the positive economic growth the new president and his administration would bring. Despite a number of geopolitical events, precious metals were not utilized as the safe haven investment it often is when there are global concerns. Precious metals mining companies struggled in an environment where prices traded largely sideways. There were some bright spots however as oil and energy companies are now reaping some of the benefits of their multi-year plans to cut costs and operate profitably in a lower oil price environment. Additionally, copper prices have continued to rally on expectations of further signs of a health economic outlook for China allowing copper mining companies to benefit.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Chevron Corp., Freeport-McMoRan, Inc., and Monsanto Co. The top negative contributors to the Fund’s performance were Agnico-Eagle Mines, Ltd., Goldcorp, Inc., and Silver Wheaton Corp.

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

8

SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF

PERFORMANCE SUMMARY (UNAUDITED)

Performance as of September 30, 2017

	Cumulative Total Return									Average Annual Total Return
	Net Asset Value			Market Value			S&P BMI North American Natural Resources Index			Net Asset Value			Market Value			S&P BMI North American Natural Resources Index
ONE YEAR		3.74	%		3.70	%		3.67	%		3.74	%		3.70	%		3.67	%
SINCE INCEPTION(1)		42.34	%		42.46	%		42.35	%		21.71	%		21.76	%		21.77	%

(1) For the period ended December 15, 2015 to September 30, 2017. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/15/15, 12/16/15, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment

(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S&P North American Natural Resources ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2017 (as supplemented October 16, 2017) is 0.35%.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See “Notes to Performance Summary” on page 1 for more information.

9

SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF

PORTFOLIO STATISTICS (UNAUDITED)

Top Ten Holdings as of September 30, 2017

Description	% of Net Assets
Chevron Corp.		10.5	%
Exxon Mobil Corp.		10.1
Monsanto Co.		6.6
Newmont Mining Corp.		4.7
Barrick Gold Corp.		4.4
Freeport-McMoRan, Inc.		4.4
Franco-Nevada Corp.		3.3
ConocoPhillips		3.2
Archer-Daniels-Midland Co.		3.0
Suncor Energy, Inc.		3.0
TOTAL		53.2	%

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

Industry Breakdown as of September 30, 2017

	% of Net Assets
Oil, Gas & Consumable Fuels		47.7	%
Metals & Mining		32.1
Chemicals		13.9
Food Products		5.3
Paper & Forest Products		0.5
Short-Term Investments		0.8
Liabilities in Excess of Other Assets		(0.3	)
TOTAL		100.0	%

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

10

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 5.8%
BGP Holdings PLC (a)		1,313,937	$	20,619
BWP Trust REIT		1,165,867		2,698,652
Charter Hall Retail REIT		798,538		2,474,962
Dexus Property Group REIT		2,454,195		18,293,993
Goodman Group REIT		3,874,318		25,049,457
GPT Group REIT		4,364,419		16,985,719
Investa Office Fund REIT		1,203,799		4,250,522
Scentre Group REIT		12,958,576		39,960,017
Vicinity Centres REIT		7,944,225		16,580,935
Westfield Corp. REIT		4,651,332		28,613,385
				154,928,261
AUSTRIA — 0.4%
CA Immobilien Anlagen AG		177,848		5,109,119
IMMOFINANZ AG (b) (c)		2,220,061		5,732,027
				10,841,146
BELGIUM — 0.2%
Cofinimmo SA REIT		47,601		6,114,156
BRAZIL — 0.3%
BR Malls Participacoes SA		2,115,921		9,411,823
CANADA — 1.3%
Artis Real Estate Investment Trust		184,178		1,946,854
Boardwalk Real Estate Investment Trust		54,212		1,647,622
Canadian Apartment Properties REIT		161,753		4,362,474
Canadian Real Estate Investment Trust		86,782		3,200,938
Dream Office Real Estate Investment Trust		93,085		1,565,248
First Capital Realty, Inc. (c)		396,738		6,242,997
H&R Real Estate Investment Trust		343,026		5,907,952
RioCan Real Estate Investment Trust		389,321		7,449,288
Smart Real Estate Investment Trust REIT		154,910		3,646,544
				35,969,917
FRANCE — 4.2%
Fonciere Des Regions REIT		129,198		13,424,125
Gecina SA REIT		112,101		18,182,531
Klepierre SA REIT		504,621		19,811,845

See accompanying notes to financial statements.

11

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Mercialys SA REIT (c)		133,726	$	2,671,735
Unibail-Rodamco SE REIT		241,771		58,807,779
				112,898,015
GERMANY — 0.7%
Deutsche EuroShop AG		117,997		4,426,208
LEG Immobilien AG		152,604		15,441,151
				19,867,359
HONG KONG — 3.2%
Champion REIT		4,917,462		3,393,437
Hang Lung Properties, Ltd.		4,918,018		11,673,737
Hongkong Land Holdings, Ltd.		2,861,300		20,601,360
Hysan Development Co., Ltd.		1,241,731		5,842,449
Link REIT		5,390,182		43,683,475
				85,194,458
ITALY — 0.1%
Beni Stabili SpA SIIQ		2,453,082		2,128,623
JAPAN — 10.4%
Activia Properties, Inc. REIT		1,622		6,729,214
Advance Residence Investment Corp.		3,277		8,058,221
Aeon Mall Co., Ltd.		276,900		4,927,204
AEON REIT Investment Corp.		3,320		3,359,375
Daiwa House REIT Investment Corp.		3,715		8,891,050
Daiwa Office Investment Corp.		747		3,736,161
Frontier Real Estate Investment Corp.		1,202		4,874,632
Fukuoka Corp. REIT		1,810		2,575,952
GLP J - REIT		6,957		7,249,643
Heiwa Real Estate Co., Ltd.		79,400		1,352,195
Hoshino Resorts REIT, Inc. (c)		411		2,044,685
Hulic Co., Ltd.		1,176,000		11,523,369
Hulic, Inc. REIT		2,247		3,313,659
Industrial & Infrastructure Fund Investment Corp. REIT		981		4,157,038
Invincible Investment Corp. REIT (c)		7,835		3,233,116
Japan Excellent, Inc.		3,158		3,750,940
Japan Hotel REIT Investment Corp.		9,783		6,179,286
Japan Prime Realty Investment Corp. REIT		2,240		7,482,255
Japan Real Estate Investment Corp. REIT		3,183		15,297,855
Japan Rental Housing Investments, Inc.		3,977		2,805,257
Japan Retail Fund Investment Corp. REIT		6,480		11,622,725
Kenedix Office Investment Corp. REIT		987		5,427,557
Kenedix Residential Investment Corp.		872		2,241,102
Kenedix Retail REIT Corp.		1,225		2,544,352
Leopalace21 Corp.		637,800		4,442,191

See accompanying notes to financial statements.

12

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
MCUBS MidCity Investment Corp.		674	$	2,053,765
Mitsui Fudosan Co., Ltd.		2,413,300		52,311,571
Mori Hills Investment Corp. REIT		3,531		4,231,616
Mori Trust Sogo REIT, Inc.		2,330		3,485,737
Nippon Building Fund, Inc. REIT		3,434		17,114,325
Nippon Prologis REIT, Inc.		4,980		10,489,566
Nomura Real Estate Master Fund, Inc.		10,166		13,212,684
NTT Urban Development Corp.		261,700		2,603,864
Orix JREIT, Inc. REIT		6,508		9,337,201
Premier Investment Corp.		3,180		3,017,137
Tokyu Fudosan Holdings Corp.		1,250,200		7,541,294
Tokyu REIT, Inc.		2,371		2,887,790
United Urban Investment Corp. REIT		7,422		10,866,127
Unizo Holdings Co., Ltd.		54,400		1,260,868
				278,232,579
MEXICO — 0.4%
Fibra Uno Administracion SA de CV REIT		6,631,002		11,217,665
NETHERLANDS — 0.4%
Eurocommercial Properties NV		119,016		5,090,549
Wereldhave NV		98,012		4,623,782
				9,714,331
PHILIPPINES — 0.7%
SM Prime Holdings, Inc.		28,232,000		19,145,708
SINGAPORE — 3.0%
Ascendas REIT		5,831,720		11,423,377
CapitaLand Commercial Trust		5,390,573		6,569,755
CapitaLand Mall Trust REIT		6,545,504		9,640,272
CapitaLand, Ltd.		6,196,551		16,336,133
Global Logistic Properties, Ltd.		7,180,192		17,448,826
Keppel REIT		4,366,412		3,794,224
Mapletree Commercial Trust REIT		4,601,700		5,150,841
Mapletree Logistics Trust		3,625,521		3,310,612
Suntec Real Estate Investment Trust		5,400,395		7,416,869
				81,090,909
SOUTH AFRICA — 1.0%
Growthpoint Properties, Ltd. REIT (c)		6,393,076		11,505,406
Hyprop Investments, Ltd.		601,925		4,712,869
Redefine Properties, Ltd. REIT		12,901,186		10,213,937
				26,432,212
SPAIN — 0.7%
Inmobiliaria Colonial Socimi SA REIT		781,105		7,751,203

See accompanying notes to financial statements.

13

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Martinsa Fadesa SA (a) (b)		178	$	—
Merlin Properties Socimi SA		810,366		11,227,926
				18,979,129
SWEDEN — 0.8%
Castellum AB		663,656		10,391,031
Fabege AB		342,677		7,011,101
Kungsleden AB		453,425		3,113,622
				20,515,754
SWITZERLAND — 0.9%
PSP Swiss Property AG		98,011		9,035,326
Swiss Prime Site AG		173,783		15,634,363
				24,669,689
THAILAND — 0.3%
Central Pattana PCL NVDR		3,343,700		7,820,348
UNITED KINGDOM — 4.8%
Big Yellow Group PLC REIT		358,784		3,643,914
British Land Co. PLC REIT		2,515,232		20,314,854
Capital & Counties Properties PLC (c)		1,834,519		6,515,014
Derwent London PLC		269,144		10,089,050
Grainger PLC		1,006,076		3,620,168
Great Portland Estates PLC REIT		796,254		6,527,276
Hammerson PLC REIT		1,927,996		13,890,554
Intu Properties PLC REIT (c)		2,120,234		6,556,829
Land Securities Group PLC REIT		1,821,725		23,769,033
Segro PLC REIT		2,417,532		17,385,060
Shaftesbury PLC		539,293		7,351,190
UNITE Group PLC REIT		583,232		5,379,640
Workspace Group PLC REIT		287,838		3,427,328
				128,469,910
UNITED STATES — 59.9%
Acadia Realty Trust REIT		202,853		5,805,653
Alexandria Real Estate Equities, Inc. REIT		227,826		27,104,459
American Assets Trust, Inc. REIT		100,263		3,987,460
American Campus Communities, Inc. REIT		329,694		14,555,990
American Homes 4 Rent Class A, REIT		555,308		12,055,737
Apartment Investment & Management Co. Class A, REIT		381,834		16,747,239
Apple Hospitality REIT, Inc.		509,152		9,628,064
Ashford Hospitality Prime, Inc. REIT		81,960		778,620
Ashford Hospitality Trust, Inc. REIT		204,611		1,364,755
AvalonBay Communities, Inc. REIT		336,104		59,967,676
Boston Properties, Inc. REIT		375,583		46,151,639

See accompanying notes to financial statements.

14

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Brandywine Realty Trust REIT		427,566	$	7,478,129
Brixmor Property Group, Inc. REIT		741,172		13,934,034
Camden Property Trust REIT		224,557		20,535,738
CBL & Associates Properties, Inc. REIT (c)		413,458		3,468,913
Cedar Realty Trust, Inc. REIT		185,481		1,042,403
Chesapeake Lodging Trust REIT		145,327		3,919,469
Columbia Property Trust, Inc. REIT		293,959		6,399,487
Corporate Office Properties Trust REIT		241,397		7,925,064
Cousins Properties, Inc. REIT		1,019,938		9,526,221
CubeSmart REIT		437,735		11,363,601
DCT Industrial Trust, Inc. REIT		226,509		13,119,401
DDR Corp. REIT		740,728		6,785,068
DiamondRock Hospitality Co. REIT		487,717		5,340,501
Digital Realty Trust, Inc. REIT		498,376		58,972,832
Douglas Emmett, Inc. REIT		372,211		14,672,558
Duke Realty Corp. REIT		865,475		24,942,989
Easterly Government Properties, Inc. REIT (c)		93,411		1,930,805
EastGroup Properties, Inc. REIT		83,845		7,388,421
Education Realty Trust, Inc. REIT		178,375		6,409,014
Equity Commonwealth REIT (b)		301,289		9,159,186
Equity LifeStyle Properties, Inc. REIT		211,539		17,997,738
Equity Residential REIT		894,141		58,950,716
Essex Property Trust, Inc. REIT		160,654		40,810,936
Extra Space Storage, Inc. REIT		306,346		24,483,172
Federal Realty Investment Trust REIT		175,735		21,828,044
First Industrial Realty Trust, Inc. REIT		289,665		8,716,020
First Potomac Realty Trust REIT		143,791		1,601,832
Forest City Realty Trust, Inc. Class A, REIT		648,516		16,543,643
Franklin Street Properties Corp. REIT		258,469		2,744,941
GGP, Inc. REIT		1,523,901		31,651,424
HCP, Inc. REIT		1,141,177		31,758,956
Healthcare Realty Trust, Inc. REIT		300,709		9,724,929
Hersha Hospitality Trust REIT		94,305		1,760,674
Highwoods Properties, Inc. REIT		251,386		13,094,697
Hospitality Properties Trust REIT		399,087		11,369,989
Host Hotels & Resorts, Inc. REIT		1,800,853		33,297,772
Hudson Pacific Properties, Inc. REIT		377,412		12,654,624
Independence Realty Trust, Inc. REIT		198,349		2,017,209
Invitation Homes, Inc. REIT (c)		188,617		4,272,175
JBG SMITH Properties REIT (b)		226,629		7,752,978
Kilroy Realty Corp. REIT		239,130		17,006,926
Kimco Realty Corp. REIT		1,035,255		20,239,235
Kite Realty Group Trust REIT		205,249		4,156,292
LaSalle Hotel Properties REIT		274,807		7,974,899

See accompanying notes to financial statements.

15

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Liberty Property Trust REIT		358,162	$	14,706,132
Life Storage, Inc. REIT (c)		113,083		9,251,320
LTC Properties, Inc. REIT		96,251		4,521,872
Macerich Co. REIT		264,689		14,549,954
Mack-Cali Realty Corp. REIT		218,891		5,189,906
Mid-America Apartment Communities, Inc. REIT		276,445		29,546,442
National Storage Affiliates Trust REIT (c)		107,423		2,603,934
NexPoint Residential Trust, Inc. REIT		46,628		1,106,482
NorthStar Realty Europe Corp. REIT		134,844		1,727,352
Paramount Group, Inc. REIT		492,612		7,881,792
Park Hotels & Resorts, Inc. REIT		349,487		9,631,862
Parkway, Inc. REIT		103,193		2,376,535
Pebblebrook Hotel Trust REIT (c)		167,122		6,039,789
Pennsylvania Real Estate Investment Trust		167,509		1,757,169
Piedmont Office Realty Trust, Inc. Class A, REIT		354,463		7,145,974
Prologis, Inc. REIT		1,294,888		82,173,592
PS Business Parks, Inc. REIT		47,664		6,363,144
Public Storage REIT		364,267		77,949,495
Quality Care Properties, Inc. REIT (b)		229,219		3,552,895
Ramco-Gershenson Properties Trust REIT		191,247		2,488,123
Regency Centers Corp. REIT		359,496		22,303,132
Retail Opportunity Investments Corp. REIT		268,670		5,107,417
Retail Properties of America, Inc. Class A, REIT		560,375		7,357,724
Rexford Industrial Realty, Inc. REIT		174,614		4,997,453
RLJ Lodging Trust REIT		424,423		9,337,306
Ryman Hospitality Properties, Inc. REIT		124,657		7,789,816
Saul Centers, Inc. REIT		29,981		1,856,124
Senior Housing Properties Trust REIT		577,150		11,283,282
Seritage Growth Properties REIT (c)		60,672		2,795,159
Simon Property Group, Inc. REIT		756,815		121,854,783
SL Green Realty Corp. REIT		240,788		24,396,640
Starwood Waypoint Homes REIT		311,773		11,339,184
Summit Hotel Properties, Inc. REIT		256,741		4,105,289
Sun Communities, Inc. REIT		192,116		16,460,499
Sunstone Hotel Investors, Inc. REIT		544,664		8,752,750
Tanger Factory Outlet Centers, Inc. REIT (c)		230,189		5,621,215
Taubman Centers, Inc. REIT		148,097		7,360,421
Tier REIT, Inc		115,059		2,220,639
UDR, Inc. REIT		650,986		24,756,998
Universal Health Realty Income Trust REIT		30,590		2,309,239
Urban Edge Properties REIT		256,969		6,198,092
Ventas, Inc. REIT		866,948		56,464,323
Vornado Realty Trust REIT		419,555		32,255,388
Washington Prime Group, Inc. REIT		455,050		3,790,567

See accompanying notes to financial statements.

16

SPDR Dow Jones Global Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Washington Real Estate Investment Trust		188,131	$	6,163,172
Weingarten Realty Investors REIT		291,687		9,258,145
Welltower, Inc. REIT		898,059		63,115,587
Xenia Hotels & Resorts, Inc. REIT		259,999		5,472,979
				1,610,158,034
TOTAL COMMON STOCKS (Cost $2,519,506,300)				2,673,800,026
RIGHTS — 0.0% (d)
SINGAPORE — 0.0% (d)
CapitaLand Commercial Trust (expiring 10/19/17) (b) (e)		894,835		192,416
Mapletree Logistics Trust (expiring 10/4/17) (b) (e)		362,552		25,364
TOTAL RIGHTS (Cost $0)				217,780
SHORT-TERM INVESTMENTS — 1.0%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (f) (g)		3,970,115		3,970,115
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)		22,923,440		22,923,440
TOTAL SHORT-TERM INVESTMENTS (Cost $26,893,555)				26,893,555
TOTAL INVESTMENTS — 100.5% (Cost $2,546,399,855)				2,700,911,361
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%				(12,745,140	)
NET ASSETS — 100.0%			$	2,688,166,221

(a) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2017, total aggregate fair value of the securities is $20,619, representing less than 0.05% 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 September 30, 2017.

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

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2017, total aggregate fair value of securities is $217,780 representing 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 September 30, 2017 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at September 30, 2017.

(h) Investment of cash collateral for securities loaned.

See accompanying notes to financial statements.

17

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

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 September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	154,907,642	$	—	$	20,619		$	154,928,261
Austria		10,841,146		—		—			10,841,146
Belgium		6,114,156		—		—			6,114,156
Brazil		9,411,823		—		—			9,411,823
Canada		35,969,917		—		—			35,969,917
France		112,898,015		—		—			112,898,015
Germany		19,867,359		—		—			19,867,359
Hong Kong		85,194,458		—		—			85,194,458
Italy		2,128,623		—		—			2,128,623
Japan		278,232,579		—		—			278,232,579
Mexico		11,217,665		—		—			11,217,665
Netherlands		9,714,331		—		—			9,714,331
Philippines		19,145,708		—		—			19,145,708
Singapore		81,090,909		—		—			81,090,909
South Africa		26,432,212		—		—			26,432,212
Spain		18,979,129		—		0	(a)		18,979,129
Sweden		20,515,754		—		—			20,515,754
Switzerland		24,669,689		—		—			24,669,689
Thailand		7,820,348		—		—			7,820,348
United Kingdom		128,469,910		—		—			128,469,910
United States		1,610,158,034		—		—			1,610,158,034
Rights
Singapore		—		217,780		—			217,780
Short-Term Investments		26,893,555		—		—			26,893,555
TOTAL INVESTMENTS	$	2,700,672,962	$	217,780	$	20,619		$	2,700,911,361

(a) Fund held a Level 3 security that was valued at $ 0 at September 30, 2017.

See accompanying notes to financial statements.

18

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		3,984,959	$	3,984,959	$	43,517	$	4,028,476	$	—	$	—		—	$	—	$	129
State Street Institutional U.S. Government Money Market Fund, Class G Shares		—		—		82,191,492		78,221,377		—		—		3,970,115		3,970,115		22,776
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		104,183,620		104,183,620		—		—		—		—		15,710
State Street Navigator Securities Lending Government Money Market Portfolio*		35,695,682		35,695,682		310,962,860		323,735,102		—		—		22,923,440		22,923,440		261,535
Total			$	39,680,641	$	497,381,489	$	510,168,575	$	—	$	—			$	26,893,555	$	300,150

* 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.

19

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 14.5%
BGP Holdings PLC (a)		32,410,441	$	508,601
BWP Trust REIT		4,038,846		9,348,784
Charter Hall Retail REIT		2,753,561		8,534,295
Dexus Property Group REIT		8,367,235		62,370,813
Goodman Group REIT		13,205,715		85,381,733
GPT Group REIT		14,880,540		57,913,019
Investa Office Fund REIT		4,115,894		14,532,908
Scentre Group REIT		44,158,823		136,171,391
Vicinity Centres REIT		27,086,753		56,534,613
Westfield Corp. REIT		15,852,975		97,522,017
				528,818,174
AUSTRIA — 1.0%
CA Immobilien Anlagen AG		610,895		17,549,453
IMMOFINANZ AG (b) (c)		7,582,797		19,578,201
				37,127,654
BELGIUM — 0.6%
Cofinimmo SA REIT		162,573		20,881,846
BRAZIL — 0.9%
BR Malls Participacoes SA		7,333,916		32,621,974
CANADA — 3.4%
Artis Real Estate Investment Trust		616,569		6,517,445
Boardwalk Real Estate Investment Trust		188,644		5,733,305
Canadian Apartment Properties REIT		557,594		15,038,297
Canadian Real Estate Investment Trust		300,012		11,065,889
Dream Office Real Estate Investment Trust		315,841		5,310,947
First Capital Realty, Inc. (c)		1,354,758		21,318,224
H&R Real Estate Investment Trust		1,171,633		20,179,087
RioCan Real Estate Investment Trust		1,322,957		25,313,526
Smart Real Estate Investment Trust REIT		534,778		12,588,545
				123,065,265
FRANCE — 10.5%
Fonciere Des Regions REIT		440,650		45,785,079
Gecina SA REIT		382,206		61,992,956
Klepierre SA REIT		1,720,290		67,540,033

See accompanying notes to financial statements.

20

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Mercialys SA REIT (c)		461,031	$	9,211,017
Unibail-Rodamco SE REIT		823,784		200,375,180
				384,904,265
GERMANY — 1.8%
Deutsche EuroShop AG		396,377		14,868,572
LEG Immobilien AG		520,370		52,653,350
				67,521,922
HONG KONG — 7.9%
Champion REIT		16,823,174		11,609,319
Hang Lung Properties, Ltd.		16,771,755		39,810,560
Hongkong Land Holdings, Ltd.		9,754,200		70,230,240
Hysan Development Co., Ltd.		4,245,846		19,977,062
Link REIT		18,366,355		148,845,849
				290,473,030
ITALY — 0.2%
Beni Stabili SpA SIIQ		8,595,789		7,458,861
JAPAN — 26.0%
Activia Properties, Inc. REIT		5,507		22,846,968
Advance Residence Investment Corp.		11,183		27,499,262
Aeon Mall Co., Ltd.		949,940		16,903,388
AEON REIT Investment Corp. (c)		12,382		12,528,848
Daiwa House REIT Investment Corp.		12,625		30,215,209
Daiwa Office Investment Corp.		2,552		12,763,967
Frontier Real Estate Investment Corp.		4,109		16,663,781
Fukuoka Corp. REIT		6,233		8,870,667
GLP J - REIT		23,633		24,627,112
Heiwa Real Estate Co., Ltd.		275,200		4,686,700
Hoshino Resorts REIT, Inc. (c)		1,407		6,999,689
Hulic Co., Ltd.		4,011,990		39,312,619
Hulic, Inc. REIT		7,692		11,343,419
Industrial & Infrastructure Fund Investment Corp. REIT		3,289		13,937,307
Invincible Investment Corp. REIT (c)		26,821		11,067,698
Japan Excellent, Inc.		10,920		12,970,319
Japan Hotel REIT Investment Corp.		33,110		20,913,437
Japan Prime Realty Investment Corp. REIT		7,647		25,543,215
Japan Real Estate Investment Corp. REIT		10,856		52,175,152
Japan Rental Housing Investments, Inc.		13,709		9,669,920
Japan Retail Fund Investment Corp. REIT		22,107		39,651,786
Kenedix Office Investment Corp. REIT		3,350		18,421,801
Kenedix Residential Investment Corp.		2,917		7,496,896
Kenedix Retail REIT Corp.		4,251		8,829,421
Leopalace21 Corp.		2,180,400		15,186,191

See accompanying notes to financial statements.

21

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
MCUBS MidCity Investment Corp.		2,448	$	7,459,370
Mitsui Fudosan Co., Ltd.		8,220,500		178,190,557
Mori Hills Investment Corp. REIT		12,317		14,760,923
Mori Trust Sogo REIT, Inc.		8,059		12,056,462
Nippon Building Fund, Inc. REIT		11,709		58,355,164
Nippon Prologis REIT, Inc.		16,989		35,784,586
Nomura Real Estate Master Fund, Inc.		34,670		45,060,374
NTT Urban Development Corp.		907,031		9,024,783
Orix JREIT, Inc. REIT		22,210		31,865,278
Premier Investment Corp.		10,884		10,326,578
Tokyu Fudosan Holdings Corp.		4,246,500		25,615,187
Tokyu REIT, Inc.		8,163		9,942,232
United Urban Investment Corp. REIT		25,317		37,065,177
Unizo Holdings Co., Ltd.		187,700		4,350,458
				950,981,901
MEXICO — 1.1%
Fibra Uno Administracion SA de CV REIT		22,886,682		38,717,396
NETHERLANDS — 0.9%
Eurocommercial Properties NV		408,507		17,472,651
Wereldhave NV		336,464		15,872,913
				33,345,564
PHILIPPINES — 1.8%
SM Prime Holdings, Inc.		95,775,800		64,950,960
SINGAPORE — 7.6%
Ascendas REIT		19,892,268		38,965,671
CapitaLand Commercial Trust (c)		18,395,734		22,419,780
CapitaLand Mall Trust REIT		22,331,747		32,890,382
CapitaLand, Ltd.		21,127,597		55,699,250
Global Logistic Properties, Ltd.		24,481,315		59,492,867
Keppel REIT (c)		14,594,053		12,681,603
Mapletree Commercial Trust REIT		15,723,400		17,599,741
Mapletree Logistics Trust		12,401,139		11,323,990
Suntec Real Estate Investment Trust		18,435,576		25,319,304
				276,392,588
SOUTH AFRICA — 2.5%
Growthpoint Properties, Ltd. REIT (c)		21,797,840		39,228,847
Hyprop Investments, Ltd.		2,056,756		16,103,703
Redefine Properties, Ltd. REIT		44,014,387		34,846,421
				90,178,971
SPAIN — 1.8%
Inmobiliaria Colonial Socimi SA REIT		2,666,184		26,457,561

See accompanying notes to financial statements.

22

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Martinsa Fadesa SA (a) (b)		35,998	$	—
Merlin Properties Socimi SA		2,764,356		38,301,194
				64,758,755
SWEDEN — 1.9%
Castellum AB		2,264,126		35,449,999
Fabege AB		1,164,405		23,823,487
Kungsleden AB		1,569,280		10,776,081
				70,049,567
SWITZERLAND — 2.3%
PSP Swiss Property AG		334,456		30,832,446
Swiss Prime Site AG (b)		592,576		53,311,018
				84,143,464
THAILAND — 0.7%
Central Pattana PCL NVDR		11,249,259		26,310,111
UNITED KINGDOM — 12.0%
Big Yellow Group PLC REIT		1,239,928		12,593,067
British Land Co. PLC REIT		8,581,044		69,306,790
Capital & Counties Properties PLC		6,231,977		22,131,913
Derwent London PLC		918,312		34,423,563
Grainger PLC		3,478,744		12,517,581
Great Portland Estates PLC REIT		2,705,857		22,181,209
Hammerson PLC REIT		6,575,118		47,371,485
Intu Properties PLC REIT (c)		7,239,554		22,388,340
Land Securities Group PLC REIT		6,216,220		81,106,399
Segro PLC REIT		8,242,830		59,276,192
Shaftesbury PLC		1,841,196		25,097,640
UNITE Group PLC REIT		2,010,480		18,544,350
Workspace Group PLC REIT		995,363		11,851,928
				438,790,457
TOTAL COMMON STOCKS (Cost $3,460,560,543)				3,631,492,725
RIGHTS — 0.0% (d)
SINGAPORE — 0.0% (d)
CapitaLand Commercial Trust (expiring 10/19/17) (b) (e)		3,064,996		659,066
Mapletree Logistics Trust (expiring 10/4/17) (b) (e)		1,251,663		87,565
TOTAL RIGHTS (Cost $0)				746,631

See accompanying notes to financial statements.

23

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
SHORT-TERM INVESTMENTS — 1.8%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (f) (g)		3,755,745	$	3,755,745
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)		60,686,836		60,686,836
TOTAL SHORT-TERM INVESTMENTS (Cost $64,442,581)				64,442,581
TOTAL INVESTMENTS — 101.2% (Cost $3,525,003,124)				3,696,681,937
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%				(42,049,351	)
NET ASSETS — 100.0%			$	3,654,632,586

(a) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of September 30, 2017, total aggregate fair value of the securities is $508,601, representing less than 0.05% 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 September 30, 2017.

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

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of September 30, 2017, total aggregate fair value of securities is $746,631 representing 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 September 30, 2017 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at September 30, 2017.

(h) Investment of cash collateral for securities loaned.

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

24

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	528,309,573	$	—	$	508,601		$	528,818,174
Austria		37,127,654		—		—			37,127,654
Belgium		20,881,846		—		—			20,881,846
Brazil		32,621,974		—		—			32,621,974
Canada		123,065,265		—		—			123,065,265
France		384,904,265		—		—			384,904,265
Germany		67,521,922		—		—			67,521,922
Hong Kong		290,473,030		—		—			290,473,030
Italy		7,458,861		—		—			7,458,861
Japan		950,981,901		—		—			950,981,901
Mexico		38,717,396		—		—			38,717,396
Netherlands		33,345,564		—		—			33,345,564
Philippines		64,950,960		—		—			64,950,960
Singapore		276,392,588		—		—			276,392,588
South Africa		90,178,971		—		—			90,178,971
Spain		64,758,755		—		0	(a)		64,758,755
Sweden		70,049,567		—		—			70,049,567
Switzerland		84,143,464		—		—			84,143,464
Thailand		26,310,111		—		—			26,310,111
United Kingdom		438,790,457		—		—			438,790,457
Rights
Singapore		—		746,631		—			746,631
Short-Term Investments		64,442,581		—		—			64,442,581
TOTAL INVESTMENTS	$	3,695,426,705	$	746,631	$	508,601		$	3,696,681,937

(a) Fund held a Level 3 security that was valued at $ 0 at September 30, 2017.

See accompanying notes to financial statements.

25

SPDR Dow Jones International Real Estate ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		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, Class G Shares		—		—		110,961,016		107,205,271		—		—		3,755,745		3,755,745		24,291
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		305,799,317		305,799,317		—		—		—		—		35,284
State Street Navigator Securities Lending Government Money Market Portfolio*		113,855,927		113,855,927		1,051,641,711		1,104,810,802		—		—		60,686,836		60,686,836		902,154
Total			$	115,513,922	$	1,468,406,469	$	1,519,477,810	$	—	$	—			$	64,442,581	$	961,740

* 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.

26

SPDR S&P North American Natural Resources ETF

SCHEDULE OF INVESTMENTS

September 30, 2017

Security Description	Shares		Value
COMMON STOCKS — 99.5%
CANADA — 35.5%
Agnico Eagle Mines, Ltd.		554,928	$	25,020,901
Agrium, Inc.		175,964		18,814,141
ARC Resources, Ltd. (a)		184,932		2,541,863
Barrick Gold Corp.		2,800,838		44,969,278
Cameco Corp. (a)		206,973		1,994,183
Canadian Natural Resources, Ltd.		565,390		18,892,295
Cenovus Energy, Inc. (a)		533,421		5,335,703
Crescent Point Energy Corp.		284,831		2,282,019
Detour Gold Corp. (b)		419,464		4,615,060
Eldorado Gold Corp.		1,903,903		4,171,186
Encana Corp.		508,975		5,978,366
First Quantum Minerals, Ltd.		1,656,220		18,553,266
Franco-Nevada Corp.		429,166		33,169,300
Goldcorp, Inc.		2,055,425		26,624,463
Husky Energy, Inc. (b)		157,720		1,969,845
Imperial Oil, Ltd. (a)		132,991		4,238,613
Kinross Gold Corp. (b)		2,995,456		12,670,181
Lundin Mining Corp.		1,519,005		10,396,740
Peyto Exploration & Development Corp. (a)		86,233		1,406,591
Potash Corp. of Saskatchewan, Inc.		1,069,786		20,546,324
PrairieSky Royalty, Ltd.		110,284		2,815,630
Seven Generations Energy, Ltd. Class A (b)		132,908		2,097,792
Suncor Energy, Inc.		873,137		30,529,949
Teck Resources, Ltd. Class B		1,122,711		23,582,631
Tourmaline Oil Corp. (b)		129,551		2,628,001
Vermilion Energy, Inc. (a)		62,988		2,233,653
West Fraser Timber Co., Ltd.		86,992		5,008,135
Wheaton Precious Metals Corp.		1,061,416		20,198,857
Whitecap Resources, Inc. (a)		193,097		1,497,654
Yamana Gold, Inc.		2,277,715		6,010,042
				360,792,662
UNITED STATES — 64.0%
Anadarko Petroleum Corp.		293,032		14,314,613
Antero Resources Corp. (a) (b)		75,801		1,508,440
Apache Corp. (a)		198,918		9,110,444
Archer-Daniels-Midland Co.		726,719		30,892,825
Bunge, Ltd.		178,763		12,416,878
Cabot Oil & Gas Corp.		243,473		6,512,903
CF Industries Holdings, Inc.		296,902		10,439,074
Chevron Corp.		904,632		106,294,260
Cimarex Energy Co.		49,729		5,652,695

See accompanying notes to financial statements.

27

SPDR S&P North American Natural Resources ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

Security Description	Shares		Value
Concho Resources, Inc. (a) (b)		77,498	$	10,208,037
ConocoPhillips		647,027		32,383,701
Continental Resources, Inc. (a) (b)		45,096		1,741,157
Devon Energy Corp.		274,923		10,092,423
EOG Resources, Inc.		301,927		29,208,418
EQT Corp.		90,647		5,913,810
Exxon Mobil Corp.		1,253,811		102,787,426
FMC Corp.		170,635		15,239,412
Freeport-McMoRan, Inc. (b)		3,198,022		44,900,229
Hess Corp.		141,368		6,628,745
Ingredion, Inc.		91,311		11,015,759
Marathon Oil Corp.		444,551		6,028,112
Monsanto Co.		558,834		66,959,490
Mosaic Co.		447,013		9,651,011
Newmont Mining Corp.		1,281,145		48,055,749
Noble Energy, Inc.		238,107		6,752,714
Occidental Petroleum Corp.		399,884		25,676,552
Pioneer Natural Resources Co.		89,007		13,132,093
Range Resources Corp. (a)		98,423		1,926,138
Southwestern Energy Co. (b)		264,613		1,616,785
Tahoe Resources, Inc.		750,372		3,935,906
				650,995,799
TOTAL COMMON STOCKS (Cost $804,797,272)				1,011,788,461
SHORT-TERM INVESTMENTS — 0.8%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.96% (c) (d)		3,488,016		3,488,016
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		4,770,511		4,770,511
TOTAL SHORT-TERM INVESTMENTS (Cost $8,258,527)				8,258,527
TOTAL INVESTMENTS — 100.3% (Cost $813,055,799)				1,020,046,988
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%				(3,286,984	)
NET ASSETS — 100.0%			$	1,016,760,004

See accompanying notes to financial statements.

28

SPDR S&P North American Natural Resources ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2017

(a) All or a portion of the shares of the security are on loan at September 30, 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 September 30, 2017 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at September 30, 2017.

(e) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2017.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Canada	$	360,792,662	$	—	$	—	$	360,792,662
United States		650,995,799		—		—		650,995,799
Short-Term Investments		8,258,527		—		—		8,258,527
TOTAL INVESTMENTS	$	1,020,046,988	$	—	$	—	$	1,020,046,988

Affiliate Table

	Number of Shares Held at 9/30/16		Value at 9/30/16		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 9/30/17		Value at 9/30/17		Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class		2,657,077	$	2,657,077	$	1,336	$	2,658,413	$	—	$	—		—	$	—	$	98
State Street Institutional U.S. Government Money Market Fund, Class G Shares		—		—		13,156,693		9,668,677		—		—		3,488,016		3,488,016		6,082
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		48,418,568		48,418,568		—		—		—		—		8,168
State Street Navigator Securities Lending Government Money Market Portfolio*		—		—		86,480,745		81,710,234		—		—		4,770,511		4,770,511		5,674
Total			$	2,657,077	$	148,057,342	$	142,455,892	$	—	$	—			$	8,258,527	$	20,022

* 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.

29

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2017

	SPDR Dow Jones Global Real Estate ETF			SPDR Dow Jones International Real Estate ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	2,674,017,806		$	3,632,239,356
Investments in affiliated issuers, at value (Notes 2 and 3)		26,893,555			64,442,581
Total Investments		2,700,911,361			3,696,681,937
Foreign currency, at value		2,118,755			3,918,097
Cash		463,542			—
Receivable for investments sold		498,212			13,056,442
Dividends receivable — unaffiliated issuers (Note 2)		10,422,896			18,811,178
Dividends receivable — affiliated issuers (Notes 2 and 3)		7,450			10,664
Securities lending income receivable — unaffiliated issuers (Note 8)		731			—
Securities lending income receivable — affiliated issuers (Notes 3 and 8)		26,447			85,634
Receivable for foreign taxes recoverable		214,325			777,870
TOTAL ASSETS		2,714,663,719			3,733,341,822
LIABILITIES
Payable upon return of securities loaned		22,923,440			60,686,836
Payable for investments purchased		173,561			1,058,806
Payable for fund shares repurchased		—			11,420,275
Advisory fee payable (Note 3)		3,397,734			5,535,312
Trustees’ fees and expenses payable (Note 4)		2,763			8,007
TOTAL LIABILITIES		26,497,498			78,709,236
NET ASSETS	$	2,688,166,221		$	3,654,632,586
NET ASSETS CONSIST OF:
Paid-in Capital (Note 6)	$	2,596,166,348		$	4,342,358,518
Undistributed (distribution in excess of) net investment income (loss)		(18,273,130	)		(92,868,098	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(44,198,561	)		(766,494,180	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		154,511,506			171,678,813
Foreign currency translations		(39,942	)		(42,467	)
NET ASSETS	$	2,688,166,221		$	3,654,632,586
NET ASSET VALUE PER SHARE
Net asset value per share	$	47.66		$	38.37
Shares outstanding (unlimited amount authorized, $0.01 par value)		56,400,000			95,235,379
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	2,519,506,300		$	3,460,560,543
Investments in affiliated issuers		26,893,555			64,442,581
Total cost of investments	$	2,546,399,855		$	3,525,003,124
Foreign currency, at cost	$	2,135,712		$	3,890,573
*    Includes investments in securities on loan, at value	$	45,012,420		$	67,514,651

See accompanying notes to financial statements.

30

SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2017

	SPDR S&P North American Natural Resources ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	1,011,788,461
Investments in affiliated issuers, at value (Notes 2 and 3)		8,258,527
Total Investments		1,020,046,988
Foreign currency, at value		1,530,282
Dividends receivable — unaffiliated issuers (Note 2)		800,001
Dividends receivable — affiliated issuers (Notes 2 and 3)		2,030
Securities lending income receivable — unaffiliated issuers (Note 8)		2,267
Securities lending income receivable — affiliated issuers (Notes 3 and 8)		3,205
TOTAL ASSETS		1,022,384,773
LIABILITIES
Payable upon return of securities loaned		4,770,511
Advisory fee payable (Note 3)		853,157
Trustees’ fees and expenses payable (Note 4)		1,101
TOTAL LIABILITIES		5,624,769
NET ASSETS	$	1,016,760,004
NET ASSETS CONSIST OF:
Paid-in Capital (Note 6)	$	801,325,418
Undistributed (distribution in excess of) net investment income (loss)		4,191,349
Accumulated net realized gain (loss) on investments and foreign currency transactions		4,285,844
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		206,991,189
Foreign currency translations		(33,796	)
NET ASSETS	$	1,016,760,004
NET ASSET VALUE PER SHARE
Net asset value per share	$	33.67
Shares outstanding (unlimited amount authorized, $0.01 par value)		30,200,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	804,797,272
Investments in affiliated issuers		8,258,527
Total cost of investments	$	813,055,799
Foreign currency, at cost	$	1,561,276
*    Includes investments in securities on loan, at value	$	30,253,882

See accompanying notes to financial statements.

31

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2017

	SPDR Dow Jones Global Real Estate ETF			SPDR Dow Jones International Real Estate ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	76,387,934		$	149,094,550
Dividend income — affiliated issuers (Notes 2 and 3)		38,615			59,586
Dividend income — non-cash transactions		4,898,709			—
Unaffiliated securities lending income (Note 8)		26,968			40,752
Affiliated securities lending income (Notes 3 and 8)		261,535			902,154
Foreign taxes withheld		(4,137,659	)		(14,920,570	)
TOTAL INVESTMENT INCOME (LOSS)		77,476,102			135,176,472
EXPENSES
Advisory fee (Note 3)		12,810,788			21,997,436
Trustees’ fees and expenses (Note 4)		44,507			71,883
Miscellaneous expenses		18,422			45,903
TOTAL EXPENSES		12,873,717			22,115,222
NET EXPENSES		12,873,717			22,115,222
NET INVESTMENT INCOME (LOSS)		64,602,385			113,061,250
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		(28,254,442	)		(130,349,103	)
In-kind redemptions — unaffiliated issuers		44,786,107			135,498,630
Foreign currency transactions		46,510			98,240
Net realized gain (loss)		16,578,175			5,247,767
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		(96,418,461	)		(154,870,315	)
Foreign currency translations		(14,251	)		101,874
Net change in unrealized appreciation/depreciation		(96,432,712	)		(154,768,441	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(79,854,537	)		(149,520,674	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(15,252,152	)	$	(36,459,424	)
* Includes foreign capital gain taxes	$	(18,074	)	$	(253,105	)
** Includes foreign deferred taxes	$	171,069		$	910,178

See accompanying notes to financial statements.

32

SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2017

	SPDR S&P North American Natural Resources ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	17,438,772
Dividend income — affiliated issuers (Notes 2 and 3)		14,348
Unaffiliated securities lending income (Note 8)		6,238
Affiliated securities lending income (Notes 3 and 8)		5,674
Foreign taxes withheld		(687,804	)
TOTAL INVESTMENT INCOME (LOSS)		16,777,228
EXPENSES
Advisory fee (Note 3)		3,122,111
Trustees’ fees and expenses (Note 4)		15,354
Miscellaneous expenses		6,105
TOTAL EXPENSES		3,143,570
NET EXPENSES		3,143,570
NET INVESTMENT INCOME (LOSS)		13,633,658
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers		4,376,876
In-kind redemptions — unaffiliated issuers		3,039,696
Foreign currency transactions		40,519
Net realized gain (loss)		7,457,091
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers		18,003,654
Foreign currency translations		(19,929	)
Net change in unrealized appreciation/depreciation		17,983,725
NET REALIZED AND UNREALIZED GAIN (LOSS)		25,440,816
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	39,074,474

See accompanying notes to financial statements.

33

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR Dow Jones Global Real Estate ETF
	Year Ended 9/30/17			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	64,602,385		$	55,808,517
Net realized gain (loss)		16,578,175			34,503,402
Net change in unrealized appreciation/depreciation		(96,432,712	)		181,111,849
Net increase (decrease) in net assets resulting from operations		(15,252,152	)		271,423,768
Net equalization credits and charges (Note 2)		(65,431	)		1,321,112
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(89,877,393	)		(72,124,923	)
Net realized gains		(857,139	)		—
Total distributions to shareholders		(90,734,532	)		(72,124,923	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		475,561,849			428,829,539
Cost of shares redeemed		(175,481,476	)		(33,249,580	)
Net income equalization (Note 2)		65,431			(1,321,112	)
Net increase (decrease) in net assets from beneficial interest transactions		300,145,804			394,258,847
Net increase (decrease) in net assets during the period		194,093,689			594,878,804
Net assets at beginning of period		2,494,072,532			1,899,193,728
NET ASSETS AT END OF PERIOD	$	2,688,166,221		$	2,494,072,532
Undistributed (distribution in excess of) net investment income (loss)	$	(18,273,130	)	$	(26,720,149	)
SHARES OF BENEFICIAL INTEREST:
Shares sold		10,000,000			8,800,000
Shares redeemed		(3,800,000	)		(700,000	)
Net increase (decrease)		6,200,000			8,100,000

See accompanying notes to financial statements.

34

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Dow Jones International Real Estate ETF
	Year Ended 9/30/17			Year Ended 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	113,061,250		$	123,120,861
Net realized gain (loss)		5,247,767			221,864,440
Net change in unrealized appreciation/depreciation		(154,768,441	)		41,798,563
Net increase (decrease) in net assets resulting from operations		(36,459,424	)		386,783,864
Net equalization credits and charges (Note 2)		15,880,576			9,706,216
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(311,582,179	)		(125,444,680	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		256,719,441			131,028,564
Cost of shares redeemed		(782,280,454	)		(617,190,864	)
Net income equalization (Note 2)		(15,880,576	)		(9,706,216	)
Net increase (decrease) in net assets from beneficial interest transactions		(541,441,589	)		(495,868,516	)
Net increase (decrease) in net assets during the period		(873,602,616	)		(224,823,116	)
Net assets at beginning of period		4,528,235,202			4,753,058,318
NET ASSETS AT END OF PERIOD	$	3,654,632,586		$	4,528,235,202
Undistributed (distribution in excess of) net investment income (loss)	$	(92,868,098	)	$	(45,167,352	)
SHARES OF BENEFICIAL INTEREST:
Shares sold		7,000,000			3,300,000
Shares redeemed		(20,600,000	)		(15,600,000	)
Net increase (decrease)		(13,600,000	)		(12,300,000	)

See accompanying notes to financial statements.

35

SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P North American Natural Resources ETF
	Year Ended 9/30/17			For the Period 12/15/15*- 9/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	13,633,658		$	9,889,106
Net realized gain (loss)		7,457,091			63,360,453
Net change in unrealized appreciation/depreciation		17,983,725			188,973,668
Net increase (decrease) in net assets resulting from operations		39,074,474			262,223,227
Net equalization credits and charges (Note 2)		344 ,809			(458,114	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(13,273,288	)		(6,136,433	)
Net realized gains		(27,661,995	)		—
Total distributions to shareholders		(40,935,283	)		(6,136,433	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		199,954,790			716,933,368
Cost of shares redeemed		(10,426,420	)		(144,438,843	)
Net income equalization (Note 2)		(344,809	)		458,114
Other capital (Note 6)		—			511,124
Net increase (decrease) in net assets from beneficial interest transactions		189,183,561			573,463,763
Net increase (decrease) in net assets during the period		187,667,561			829,092,443
Net assets at beginning of period		829,092,443			—
NET ASSETS AT END OF PERIOD	$	1,016,760,004		$	829,092,443
Undistributed (distribution in excess of) net investment income (loss)	$	4,191,349		$	3,747,048
SHARES OF BENEFICIAL INTEREST:
Shares sold		6,150,000			29,050,000
Shares redeemed		(300,000	)		(4,700,000	)
Net increase (decrease)		5,850,000			24,350,000

* Inception date.

See accompanying notes to financial statements.

36

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

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

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

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

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

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

See accompanying notes to financial statements.

37

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

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

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

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

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

See accompanying notes to financial statements.

38

SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P North American Natural Resources ETF
	Year Ended 9/30/17			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)		0.50			0.39
Net realized and unrealized gain (loss) (b)		0.75			8.91
Total from investment operations		1.25			9.30
Net equalization credits and charges (a)		0.01			(0.02	)
Distributions to shareholders from:
Net investment income		(0.51	)		(0.25	)
Net realized gains		(1.13	)		—
Total distributions		(1.64	)		(0.25	)
Net asset value, end of period	$	33.67		$	34.05
Total return (c)		3.74	%		37.21	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	1,016,760		$	829,092
Ratios to average net assets:
Total expenses		0.35	%		0.35	%(d)
Net investment income (loss)		1.53	%		1.63	%(d)
Portfolio turnover rate (e)		15	%		15	%(f)

* Commencement of operations.

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

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

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

(f) Not annualized.

See accompanying notes to financial statements.

39

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS

September 30, 2017

1. Organization

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

As of September 30, 2017, the Trust consists of thirty (30) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):

SPDR Dow Jones Global Real Estate ETF

SPDR Dow Jones International Real Estate ETF

SPDR S&P North American Natural Resources ETF

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

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

Each Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is

40

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for determining the fair value of investments.

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

• Equity investments (including registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

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

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

41

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of each Fund’s investments according to the fair value hierarchy as of September 30, 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 Funds had no material transfers between levels for the period ended September 30, 2017.

Investment Transactions and Income Recognition

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

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

Distributions received by the 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

42

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

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

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

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

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of September 30, 2017, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

As of August 21, 2017, SPDR Dow Jones International Real Estate ETF and SPDR Dow Jones Global Real Estate ETF NAV’s were impacted by an adjustment to certain foreign tax accruals. The per share impacts were $0.01 and $0.01, respectively, on August 21, 2017.

43

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

Equalization

The Funds in the Trust follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

The following Funds utilized equalization during the period ended September 30, 2017:

SPDR Dow Jones Global Real Estate ETF

SPDR Dow Jones International Real Estate ETF

SPDR S&P North American Natural Resources ETF

Distributions

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

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. 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

44

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

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

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

The Adviser pays all operating expenses of each Fund other than management fee, distribution fee pursuant to each Fund’s Distribution and Service Plan, if any, brokerage expenses, taxes, interest, the fees and expenses of the Trust’s trustees who are “not interested persons” of the Trust, as defined in the 1940 Act, (“Independent Trustees”) (including any Trustees’ counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.

Administrator, Sub-Administrator, Custodian, and Transfer Agent Fees

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

Distribution Fees

State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust. Effective May 1, 2017, the Distributor’s name changed from State Street Global Markets, LLC to State Street Global Advisors Funds Distributors, LLC.

Other Transactions with Affiliates — Securities Lending

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

Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.

45

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

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

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended September 30, 2017, are disclosed in the Schedules of Investments.

4. Trustees’ Fees

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

5. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended September 30, 2017, were as follows:

	Purchases		Sales
SPDR Dow Jones Global Real Estate ETF	$	320,693,303	$	324,911,981
SPDR Dow Jones International Real Estate ETF		673,571,525		888,948,571
SPDR S&P North American Natural Resources ETF		132,820,370		161,751,018

For the period ended September 30, 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 Dow Jones Global Real Estate ETF	$	475,411,345	$	175,648,531	$	44,786,107
SPDR Dow Jones International Real Estate ETF		255,502,235		776,822,654		135,498,630
SPDR S&P North American Natural Resources ETF		199,938,880		10,426,549		3,039,696

46

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

6. Shareholder Transactions

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

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

7. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

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

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

Certain capital accounts in the financial statements have been adjusted for permanent book- tax differences. These adjustments have no impact on NAV or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, nontaxable dividend adjustments to income, in-kind transactions, foreign currencies, passive foreign investment company, wash sale loss deferrals and distributions in excess of current earnings. In addition, certain Funds claimed a portion of the payments made to redeeming shareholders as a distribution for income tax purposes.

47

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

The tax character of distributions paid during the year ended September 30, 2017, was as follows:

	Ordinary Income		Long-Term Capital Gains		Total
SPDR Dow Jones Global Real Estate ETF	$	87,939,400	$	2,795,132	$	90,734,532
SPDR Dow Jones International Real Estate ETF		311,582,179		—		311,582,179
SPDR S&P North American Natural Resources ETF		40,935,283		—		40,935,283

The tax character of distributions paid during the year ended September 30, 2016, was as follows:

	Ordinary Income		Total
SPDR Dow Jones Global Real Estate ETF	$	72,124,923	$	72,124,923
SPDR Dow Jones International Real Estate ETF		125,444,680		125,444,680
SPDR S&P North American Natural Resources ETF		6,136,433		6,136,433

At September 30, 2017, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Capital Loss Carryforwards			Undistributed Long-Term Capital Gains		Net Unrealized Gains (Losses)		Qualified Late- Year Losses*		Total
SPDR Dow Jones Global Real Estate ETF	$	—	$	(32,356,879	)	$	—	$	124,356,743	$	—	$	91,999,864
SPDR Dow Jones International Real Estate ETF		—		(717,428,403	)		—		29,702,479		—		(687,725,924	)
SPDR S&P North American Natural Resources ETF		6,049,217		—			3,446,622		205,938,747		—		215,434,586

48

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

* The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of September 30, 2017, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

	Expiring 2018		Expiring 2019		Non-Expiring Short Term**		Non-Expiring Long Term**
SPDR Dow Jones Global Real Estate ETF	$	—	$	—	$	14,145,669	$	18,211,210
SPDR Dow Jones International Real Estate ETF		162,058,595		64,649,806		91,361,555		399,358,447

** Must be utilized prior to losses subject to expiration.

As of September 30, 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 Dow Jones Global Real Estate ETF	$	2,576,514,676	$	251,452,246	$	127,055,561	$	124,396,685
SPDR Dow Jones International Real Estate ETF		3,666,936,992		213,174,913		183,429,968		29,744,945
SPDR S&P North American Natural Resources ETF		814,074,445		218,419,661		12,447,118		205,972,543

8. Securities Lending

Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.

49

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

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 September 30, 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 September 30, 2017:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non Cash Collateral Received*		Total Collateral Received
SPDR Dow Jones Global Real Estate ETF	$	45,012,420	$	22,923,440	$	24,100,766	$	47,024,206
SPDR Dow Jones International Real Estate ETF		67,514,651		60,686,836		10,536,100		71,222,936
SPDR S&P North American Natural Resources ETF		30,253,882		4,770,511		26,656,504		31,427,015

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

50

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of September 30, 2017:

			Remaining Contractual Maturity of the Agreements As of September 30, 2017
Fund	Securities Lending Transactions		Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total Borrowings		Gross Amount of Recognized Liabilities for Securities Lending Transactions
SPDR Dow Jones Global Real Estate ETF		Common Stocks	$	22,923,440	$	—	$	—	$	—	$	22,923,440	$	22,923,440
SPDR Dow Jones International Real Estate ETF		Common Stocks		60,686,836		—		—		—		60,686,836		60,686,836
SPDR S&P North American Natural Resources ETF		Common Stocks		4,770,511		—		—		—		4,770,511		4,770,511

9. 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 Dow Jones Global Real Estate ETF

SPDR Dow Jones International Real Estate 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%.

Effective October 12, 2017, the Agreement was renewed, and as a result, the Funds and other affiliated Funds participate in a $500 million revolving credit facility.

51

SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2017

The Funds had no outstanding loans as of September 30, 2017.

10. Risks

Concentration Risk

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

Foreign and Emerging Markets Risk

Investing in foreign markets 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 Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk

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

11. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

52

SPDR INDEX SHARES FUNDS

REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

To the Trustees and Shareholders of the SPDR Index Shares Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the three funds, listed in Note 1, (each a “Fund”) as of September 30, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of September 30, 2017 by correspondence with the custodian and brokers and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above.

/s/ PricewaterhouseCoopersLLP

Boston, Massachusetts

November 21, 2017

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SPDR INDEX SHARES FUNDS

OTHER INFORMATION

September 30, 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 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 April 1, 2017 to September 30, 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.

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SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

	SPDR Dow Jones Global Real Estate ETF			SPDR Dow Jones International Real Estate ETF			SPDR S&P North American Natural Resources ETF
Annualized Expense Ratio		0.50	%		0.59	%		0.35	%
Actual:
Ending Account Value	$	1,029.50		$	1,047.50		$	1,020.70
Expenses Paid During Period(a)		2.54			3.03			1.77
Hypothetical (assuming a 5% return before expenses):
Ending Account Value		1,022.60			1,022.10			1,023.30
Expenses Paid During Period(a)		2.54			2.99			1.78

(a) Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by 183, then divided by 365.

Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2017.

Dividends Received Deduction

Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2017 are considered qualified dividend income and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Qualified Interest Income

Each fund reports the maximum amount allowable of its net taxable income and short-term capital gain as qualified interest income.

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SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Long term capital gains dividends were paid from the following Funds during the year ended September 30, 2017:

	Amount
SPDR Dow Jones Global Real Estate ETF	$	2,795,132
SPDR S&P North American Natural Resources ETF		40,235

Foreign Tax Credit

The Trust has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by a Fund to its shareholders. For the year ended September 30, 2017, the total amount of foreign taxes that will be passed through are:

	Amount
SPDR Dow Jones International Real Estate ETF	$	9,552,989

The amount of foreign source income earned on the following Funds during the year ended September 30, 2017 were as follows:

	Amount
SPDR Dow Jones International Real Estate ETF	$	149,154,136

Premium/Discount Information

Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the NAV of the Fund during the past calendar year can be found at http://www.spdrs.com.

Proxy Voting Policies and Procedures and Records

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

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SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Quarterly Portfolio Schedule

The Funds file a complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The information on the Form N-Q is available upon request, without charge, by calling 1-866-787-2257 (toll free) and on the Funds’ website at www.spdrs.com.

Approval of Advisory Agreement

At an in-person meeting held prior to September 30, 2017, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the operational series of the Trust (collectively, the “Current ETFs”) and to continue the Agreement with respect to the previously approved non-operational series of the Trust (together with the Current ETFs, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), also met separately with their independent legal counsel to consider the Agreement.

In evaluating the Agreement, the Board drew on materials provided to them by SSGA FM, the Trust’s investment adviser and administrator, and other materials provided by State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”). In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the Current ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the

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SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management, oversight of sub-advisers and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing each SPDR ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment management 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 index-based investment objectives and in overseeing third-party sub-advisers, as applicable.

Investment Performance

The Board then reviewed the Current ETFs’ performance, noting that the distinctive indexed investment objective of each of the Current ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. Instead, the Board focused on the extent to which each Current ETF achieved its objective as a passively-managed index fund. The Board reviewed information regarding the Current ETFs’ index tracking, noting that each Current ETF satisfactorily tracked its benchmark index.

Profits Realized by the Adviser

The Board considered the profitability of the advisory arrangement with the Current ETFs to the Adviser, including data on the Current ETFs’ historical profitability to the Adviser. The Independent Trustees, with their independent legal counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable.

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SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Fees Charged to Comparable Funds

The Board evaluated each SPDR ETF’s 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 SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. (formerly Lipper Analytical Services) and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data.

Other Benefits

The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.

Economies of Scale

The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the Agreement did not provide for breakpoints in each SPDR ETF’s advisory fee rates as assets of a SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

Conclusion

The Board, including the Independent Trustees voting separately, approved the Agreement for each SPDR ETF after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the Agreement were as follows: (a) the nature and extent of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each Current ETF had been satisfactory; (c) the Adviser’s unitary fee for each SPDR ETF, considered in relation to services provided and in relation to fees charged to comparable funds, was fair and reasonable; (d) profitability of the Trust’s relationships with the Adviser was not excessive; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) fees paid to the Adviser adequately shared the economies of scale with respect to the Current ETFs by way of the relatively low fee structure of the Trust.

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SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Approval of State Street Global Advisors Asia Limited Sub-Advisory Agreement

At an in-person meeting held prior to September 30, 2017, the Board also evaluated a proposal to continue the Sub-Advisory Agreement (the “SSGA Asia Limited Sub-Advisory Agreement”) between the Adviser and State Street Global Advisors Asia Limited (“SSGA Asia Limited”), an affiliate of the Adviser, with respect to the SPDR MSCI China A Shares IMI ETF (the “Fund”), which is sub-advised by SSGA Asia Limited. The Independent Trustees also met separately with their independent legal counsel to consider the SSGA Asia Limited Sub-Advisory Agreement.

In evaluating the SSGA Asia Limited Sub-Advisory Agreement, the Board drew on materials provided to them by SSGA Asia Limited and the Adviser. In deciding whether to approve the SSGA Asia Limited Sub-Advisory Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by SSGA Asia Limited with respect to the Fund under the SSGA Asia Limited Sub-Advisory Agreement and (ii) investment performance of the Fund. The Board was informed of the portion of the current advisory fee that the Adviser would pay to SSGA Asia Limited under the SSGA Asia Limited Sub-Advisory Agreement and also considered that such fees would be paid directly by the Adviser and would not result in increased fees payable by the Fund.

The Board considered the background and experience of SSGA Asia Limited’s senior management and, in particular, SSGA Asia Limited’s experience in investing in Asian equity securities. The Board reviewed the Fund’s performance, noting that the Fund tracked its benchmark index. The Board also considered the unitary fee paid to the Adviser by the Fund and SSGA Asia Limited’s fees paid by the Adviser. The Board also considered whether SSGA Asia Limited benefited in other ways from its relationship with the Trust.

The Board, including the Independent Trustees voting separately, approved the SSGA Asia Limited Sub-Advisory Agreement for the Fund after weighing the foregoing factors as well as the relevant factors discussed in relation to the Agreement between the Trust and the Adviser, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the SSGA Asia Limited Sub-Advisory Agreement were as follows: (a) the nature and extent of the services provided by SSGA Asia Limited with respect to the Fund were appropriate; (b) the performance and, more importantly, the index tracking, of the Fund had been satisfactory; (c) SSGA Asia Limited’s fees for the Fund and the unitary fee, considered in relation to the services provided, were fair and reasonable; (d) any additional potential

60

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OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

benefits to SSGA Asia Limited were not of a magnitude to materially affect the Board’s conclusions; and (e) fees paid to SSGA Asia Limited adequately shared the economies of scale with the Fund by way of the relatively low fee structure of the Trust.

TRUSTEES AND OFFICERS

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During the Past 5 Years
Trustees
Independent Trustees
FRANK NESVET c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1943	Independent Trustee, Chairman, Trustee Committee Chair	Term: Unlimited Served: since September 2000	Retired.		148	None.
DAVID M. KELLY c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1938	Independent Trustee	Term: Unlimited Served: since September 2000	Retired.		148	Chicago Stock Exchange (Former Director, retired); Penson Worldwide Inc. (Former Director, retired).
BONNY EUGENIA BOATMAN c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1950	Independent Trustee	Term: Unlimited Served: since April 2010	Retired.		148	None.
DWIGHT D. CHURCHILL c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1953	Independent Trustee	Term: Unlimited Served: since April 2010	Self-employed consultant since 2010; CEO and President, CFA Institute (June 2014-January 2015).		148	Affiliated Managers Group, Inc. (Director).
CARL G. VERBONCOEUR c/o SPDR Index Shares Funds State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1952	Independent Trustee, Audit Committee Chair	Term: Unlimited Served: since April 2010	Self-employed consultant since 2009.		148	The Motley Fool Funds Trust (Trustee).

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SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During the Past 5 Years
Interested Trustee
JAMES E. ROSS* SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1965	Interested Trustee	Term: Unlimited Served as Trustee: since April 2010	Chairman and Director, SSGA Funds Management, Inc. (2005-present); Executive Vice President, State Street Global Advisors (2006-present); Chief Executive Officer and Director, State Street Global Advisors Funds Distributors, LLC (May 2017- present); Director, State Street Global Markets, LLC (2013-April 2017); President, SSGA Funds Management, Inc. (2005-2012); Principal, State Street Global Advisors (2000 - 2005).		234	SSGA SPDR ETFs Europe I plc (Director) (November 2016- present); SSGA SPDR ETFs Europe II plc (Director) (November 2016- present).

† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA Funds Management, Inc. serves as investment adviser.

* Mr. Ross is an Interested Trustee because of his employment with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.

62

SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds		Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
Officers
ELLEN M. NEEDHAM SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1967		President	Term: Unlimited Served: since October 2012	President and Director, SSGA Funds Management, Inc. (2001 - present)*; Senior Managing Director, State Street Global Advisors (1992 - present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 - present).
BRUCE S. ROSENBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1961		Treasurer	Term: Unlimited Served: since February 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 - present); Director, Credit Suisse (April 2008 - July 2015).
ANN M. CARPENTER SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1966		Vice President; Deputy Treasurer	Term: Unlimited Served: since August 2012; Term: Unlimited Served: since April 2015	Chief Operating Officer, SSGA Funds Management, Inc. (2005 - Present)*; Managing Director, State Street Global Advisors (2005 - present).*
MICHAEL P. RILEY SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969		Vice President	Term: Unlimited Served: since February 2005	Managing Director, State Street Global Advisors (2005 - present).*
JOSHUA A. WEINBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1978		Chief Legal Officer	Term: Unlimited Served: since February 2015	Managing Director and Managing Counsel, State Street Global Advisors (2011 - present); Clerk, SSGA Funds Management, Inc. (2013 - present); Associate, Financial Services Group, Dechert LLP (2006 - 2011).
JESSE D. HALLEE State Street Bank and Trust Company One Hundred Summer Street, SUM0703 Boston, MA 02111 1967		Secretary	Term: Unlimited Served: since August 2017	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007- 2013).**

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SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
CHAD C. HALLETT SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969	Deputy Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 - present); Vice President, State Street Bank and Trust Company (2001 - November 2014).*
DARLENE ANDERSON-VASQUEZ SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1968	Deputy Treasurer	Term: Unlimited Served: since November 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 - present); Senior Vice President, John Hancock Investments (September 2007 - May 2016).
ARTHUR A. JENSEN SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 1966	Deputy Treasurer	Term: Unlimited Served: Since August 2017	Vice President at State Street Global Advisors (July 2016 – present); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 - July 2016).
SUJATA UPRETI SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1974	Assistant Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 - present); Assistant Director, Cambridge Associates, LLC (July 2014 - January 2015); Vice President, Bank of New York Mellon (July 2012 - August 2013); Manager, PricewaterhouseCoopers, LLP (September 2003 - July 2012).
DANIEL FOLEY SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1972	Assistant Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (April 2007 - present).*
DANIEL G. PLOURDE SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1980	Assistant Treasurer	Term: Unlimited Served: since May 2017	Assistant Vice President, SSGA Funds Management, Inc. (May 2015 - present); Officer, State Street Bank and Trust Company (March 2009 - May 2015).

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SPDR INDEX SHARES FUNDS

OTHER INFORMATION (continued)

September 30, 2017 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
BRIAN HARRIS SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1973	Chief Compliance Officer; Anti- Money Laundering Officer; Code of Ethics Compliance Officer	Term: Unlimited Served: since November 2013	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 - present)*; Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010 - 2013).

* Served in various capacities and/or with various affiliated entities during noted time period.

** Served in various capacities and/or with unaffiliated mutual funds or closed-end funds for which State Street Bank and Trust Company or its affiliates act as a provider of services during the noted time period.

The Trust’s Statement of Additional Information (SAI) includes additional information about Funds’ directors and is available, without charge, upon request and by calling 1-866-787-2257.

65

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, an indirect wholly-owned subsidiary of State Street Corporation. State Street Global Advisors Funds Distributors, LLC is a member of FINRA, SIPC. References to State Street may include State Street Corporation and its affiliates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment 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, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

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

Not FDIC Insured • No Bank Guarantee • May Lose Value

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

State Street Global Advisors	© 2017 State Street Corporation - All Rights Reserved
IBG - 25740	0515 Exp. Date: 11/30/2018 SPDRISRAAR

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

The Code of Ethics is attached hereto as Exhibit 13(a)(1).

Item 3. Audit Committee Financial Expert.

(a)(1) The Board of Trustees of the registrant has determined that the registrant has five Board members serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.”

(2) Bonny Boatman, Dwight Churchill, David M. Kelly, Frank Nesvet and Carl Verboncoeur are the registrant’s audit committee financial experts. The Board also determined that each of the foregoing persons are not “interested person(s)” of the registrant as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”).

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees.

For the fiscal years ending September 30, 2017 and September 30, 2016, the aggregate audit fees billed for professional services rendered by the principal accountant were $588,387 and $917,123, respectively. The nature of the services are (1) auditing of the statements of assets and liabilities, related statements of operations and changes in net assets, and the financial highlights of each series of the registrant; (2) auditing and reporting on the financial statements to be included in the amendment to the registrant’s registration statement on Form N-1A to be filed with the Securities and Exchange Commission; (3) review of the amendment to the registration statement; (4) issuance of a Report on Internal Control for inclusion in the registrant’s Form N-SAR; and (5) Rule 17f-2 securities counts.

(b) Audit-Related Fees.

For the fiscal years ending September 30, 2017 and September 30, 2016, the principal accountant did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item.

(c) Tax Fees.

For the fiscal years ending September 30, 2017 and September 30, 2016, the aggregate tax fees billed for professional services rendered by the principal accountant were $525,270 and $ 534,450, respectively. Services included the review of the registrant’s federal, state and local income, franchise and other tax returns.

(d) All Other Fees.

There were no other fees billed by the principal accountant for the fiscal years ending September 30, 2017 and September 30, 2016.

(e)(1) Audit Committee Pre-Approval Policies and Procedures.

The registrant’s Audit Committee Charter states the following with respect to pre-approval procedures:

Before the independent auditors are engaged by the Trust to render audit or non-audit services, either:

a. The Audit Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) provided to the Trust. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at its next regularly scheduled meeting; or

b. The engagement to render the auditing service or permissible non-audit service is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the investment adviser. The Audit Committee must be informed of each service entered into pursuant to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter.

c. De Minimis Exceptions to Pre-Approval Requirements. Pre-Approval for a service provided to the Trust other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Trust constitutes not more than 5 percent of the total amount of revenues paid by the Trust to the independent auditors during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit.

d. Pre-Approval of Non-Audit Services Provided to the investment adviser and Certain Control Persons. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the independent auditors to (a) the investment adviser and (b) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the independent auditors’ engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust. It shall be the responsibility of the independent auditors to notify the Audit Committee of any non-audit services that need to be pre-approved.

e. Application of De Minimis Exception. The De Minimis exception set forth above applies to pre-approvals under this Section as well, except that the “total amount of revenues” calculation is based on the total amount of revenues paid to the independent auditors by the Trust and any other entity that has its services approved under this Section (i.e., the investment adviser or any control person).

(e)(2) Percentage of Services.

One hundred percent of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees for services rendered by the principal accountant to the registrant and its adviser and any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the registrant for the twelve months ended December 31, 2016 and December 31, 2015 were approximately $4,919,389 and $2,599,622, respectively. Such information is not readily available on a fiscal year basis.

(h) The registrant’s principal accountant notified the registrant’s Audit Committee of all non-audit services that were rendered by the principal accountant to the registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the registrant’s Audit Committee to consider whether such services were compatible with maintaining the principal accountant’s independence.

Item 5. Disclosure of Audit Committees for Listed Companies.

The registrant has an audit committee which was established by the Board of Trustees of the registrant in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the registrant’s audit committee are Bonny Boatman, Dwight Churchill, David Kelly, Frank Nesvet and Carl Verboncoeur.

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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

Item 13. Exhibits.

(a)(1) Code of Ethics referred to in Item 2.

(a)(2) Separate certifications required by Rule 30a-2 under the 1940 Act for each principal executive officer and principal financial officer of the registrant are attached.

(a)(3) Not applicable 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:	December 5, 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:	December 5, 2017
By:	/s/ Bruce S. Rosenberg
	Bruce S. Rosenberg Treasurer and Principal Financial Officer
Date:	December 5, 2017

EX-99.CODEETH

Exhibit 13(a)(1)

SPDR^® Series Trust

SPDR^® Index Shares Funds

SSGA Master Trust

SSGA Active Trust

(each, a “Trust,” and, collectively the “Trusts”)

CODE OF CONDUCT FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

I. Covered Officers/Purpose of the Code

This Code of Conduct (the “Code”) shall apply to each Trust’s Principal Executive Officer, Principal Financial Officer, Controller, Principal Accounting Officer and persons performing similar functions (the “Covered Officers,” each of whom is named in Exhibit A attached hereto) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that each Trust files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Trust;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Trust. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to a Trust. All Covered Officers should conduct themselves such that a reasonable observer would have no grounds for belief that a conflict of interest exists. Covered Officers are not permitted to self-deal or otherwise use their positions with a Trust to further their own or any other related person’s business opportunities.

This Code does not, and is not intended to, repeat or replace the compliance programs and procedures or codes of ethics of each Trust or each Trust’s investment adviser (the “Adviser”)¹ or distributor.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between a Trust and its service providers, including Adviser, of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Trust, the Adviser, or other service providers), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationship between a Trust and its service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended (“Investment Company Act”) and the Investment Advisers Act of 1940, as amended (“Investment Advisers Act”), such activities will be deemed to have been handled ethically. In addition, it is recognized by each Trust’s Board of Trustees (the “Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Trust.

*            *             *            *

Each Covered Officer must not:

• use his or her personal influence or personal relationship improperly to influence investment decisions or financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

• cause a Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

• retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports of potential violations by the Trust of applicable rules and regulations that are made in good faith; or

¹  Any reference to Adviser with respect to a Trust may include reference to any investment sub-adviser for a series of the Trust.

• use material non-public knowledge of portfolio transactions made or contemplated for the series of a Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer must discuss certain material conflict of interest situations with a Trust’s Audit Committee. Examples of such situations include:

• service as a director, trustee, general partner, or officer of any unaffiliated business organization. This rule does not apply to charitable, civic, religious, public, political, or social organizations, the activities of which do not conflict with the interests of a Trust;

• the receipt of any gifts, excluding branded promotional items valued at U.S. 50$ or less;

• the receipt of any entertainment from any company with which a Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of a Trust’s service providers, other than its Adviser, principal underwriter, administrator, sub-administrator, transfer agent, custodian or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III. Disclosure and Conduct

• Each Covered Officer will monitor the compliance of each Trust and the Trust’s service providers with federal or state statutes, regulations or administrative procedures that affect the operation of the Trust.

• Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Trust to others, whether within or outside the Trust, including to the Trust’s Board, the Trust’s Audit Committee, the Trust’s independent auditors, governmental regulators, self-regulators and self-regulatory organizations.

• Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of a Trust and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

• Each Covered Officer will exhibit and promote the highest standards of honest and ethical conduct through the establishment and operation of policies and procedures that encourage professional integrity in all aspects of each Trust’s operations.

IV. Compliance with Applicable Laws and Regulations

• Each Trust’s Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation, including providing any approvals or waivers sought by the Covered Persons.

• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

• In the event of any question of interpretation of the requirements under this Code, Covered Officers shall consult with the Audit Committee in order to assure compliance with the Code.

V. Reporting and Accountability

Each Covered Officer must:

• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a report in the form of Exhibit B to each Trust’s compliance officer affirming that he or she has received, read, and understands the Code;

• annually sign and return a report in the form of Exhibit C to each Trust’s compliance officer as an affirmation that he or she has complied with the requirements of the Code; and

• notify a Trust’s Audit Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Audit Committee will follow these procedures in investigating and enforcing this Code:

• The Audit Committee will take all appropriate actions to investigate any potential violations reported to the Committee.

• If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee is not required to take any further action.

• Any matter that the Audit Committee believes is a violation of this Code will be reported to the full Board.

• If the Board concurs that a violation has occurred, it will notify the appropriate personnel of the applicable service provider and may dismiss the Covered Officer as an officer of the Trusts.

• The Audit Committee will be responsible for granting waivers of provisions of this Code, as appropriate.

• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VI. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by each Trust’s for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of each Trust, each Trust’s Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trusts’ Adviser’s and principal underwriter’s codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser’s more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trusts’ Board or Audit Committee.

IX. Internal Use

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of a Trust, as to any fact, circumstance, or legal conclusion.

Adopted (SPDR^® Series Trust): August 18, 2003

Adopted (SPDR^® Index Shares Funds): July 1, 2004

Updated: August 1, 2007

Amended: November 18, 2010

Adopted (SSGA Master Trust/SSGA Active Trust)/Amended: May 25, 2011

Updated: November 17, 2015

Amended on: February 23, 2017

EXHIBIT A

Persons Covered by this Code of Conduct:

Title	Name
President, Chief Executive Officer and Principal Executive Officer	Ellen M. Needham
Treasurer, Chief Financial Officer and Principal Financial Officer	Bruce S. Rosenberg

EXHIBIT B

INITIAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of SPDR^® Series Trust, SPDR^® Index Shares Funds, SSGA Master Trust and SSGA Active Trust and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

Please sign your name here:                                                                                                           

Please print your name here:                                                                                                           

Please date here:                                                                                                                           

EXHIBIT C

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Senior Financial Officers of SPDR^® Series Trust, SPDR^® Index Shares Funds, SSGA Master Trust and SSGA Active Trust (the “Code”) and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the policies and procedures set forth in each Code during my tenure as a Covered Officer, as defined in the Code.

Please sign your name here:                                                                                                           

Please print your name here:                                                                                                           

Please date here:                                                                                                                           

EX-99.CERT

Exhibit 13(a)(2)

CERTIFICATIONS

I, Ellen M. Needham, President and Principal Executive Officer of SPDR^® Index Shares Funds, certify that:

1. I have reviewed this report on Form N-CSR of SPDR Index Shares Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 21, 2017
By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President and Principal Executive Officer

I, Bruce S. Rosenberg, Treasurer and Principal Financial Officer of SPDR^® Index Shares Funds, certify that:

1. I have reviewed this report on Form N-CSR of SPDR Index Shares Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 21, 2017
By:	/s/ Bruce S. Rosenberg
	Bruce S. Rosenberg
	Treasurer and Principal Financial Officer

EX-99.906CT

Exhibit 13(b)

SECTION 906 CERTIFICATION

I, Ellen M. Needham, President and Principal Executive Officer, and I, Bruce S. Rosenberg, Treasurer and Principal Financial Officer, of SPDR^® Index Shares Funds (the “Trust”) each certify that:

1. This Form N-CSR filing for the Trust (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President and Principal Executive Officer
Date:	December 5, 2017
By:	/s/ Bruce S. Rosenberg
	Bruce S. Rosenberg
	Treasurer and Principal Financial Officer
Date:	December 5, 2017