Semi-Annual Report
March 31, 2023
SPDR® Index Shares Funds
SPDR Dow Jones Global Real Estate ETF
SPDR Dow Jones International Real Estate ETF
SPDR Portfolio Developed World ex-US ETF
SPDR Portfolio Emerging Markets ETF
SPDR Portfolio Europe ETF
SPDR Portfolio MSCI Global Stock Market ETF
SPDR S&P China ETF
SPDR S&P Global Natural Resources ETF
SPDR S&P International Small Cap ETF
SPDR S&P North American Natural Resources ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  
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Schedules of Investments (Unaudited)  
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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 https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

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Table of Contents
SPDR Dow Jones Global Real Estate ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2023

      
  Description % of Net Assets  
  Prologis, Inc. REIT 8.9%  
  Equinix, Inc. REIT 5.2  
  Public Storage REIT 3.7  
  Realty Income Corp. REIT 3.1  
  Simon Property Group, Inc. REIT 2.8  
  Welltower, Inc. REIT 2.6  
  Digital Realty Trust, Inc. REIT 2.2  
  AvalonBay Communities, Inc. REIT 1.8  
  Extra Space Storage, Inc. REIT 1.7  
  Equity Residential REIT 1.6  
  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.)
Industry Breakdown as of March 31, 2023

      
    % of Net Assets  
  Industrial REITs 17.7%  
  Retail REITs 17.7  
  Specialized REITs 15.8  
  Residential REITs 14.8  
  Office REITs 8.1  
  Real Estate Management & Development 7.9  
  Health Care REITs 7.8  
  Diversified REITs 6.3  
  Hotel & Resort REITs 3.3  
  Short-Term Investments 1.1  
  Liabilities in Excess of Other Assets (0.5)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
1

Table of Contents
SPDR Dow Jones International Real Estate ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2023

      
  Description % of Net Assets  
  Mitsui Fudosan Co. Ltd. 4.5%  
  Link REIT REIT 4.1  
  Segro PLC REIT 2.9  
  Scentre Group REIT 2.4  
  Wharf Real Estate Investment Co. Ltd. 2.2  
  CapitaLand Integrated Commercial Trust REIT 1.9  
  CapitaLand Ascendas REIT REIT 1.8  
  Nippon Building Fund, Inc. REIT 1.7  
  Capitaland Investment Ltd. 1.7  
  Swiss Prime Site AG 1.6  
  TOTAL 24.8%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2023

      
    % of Net Assets  
  Real Estate Management & Development 25.1%  
  Retail REITs 19.6  
  Industrial REITs 16.1  
  Diversified REITs 14.0  
  Office REITs 12.5  
  Residential REITs 5.0  
  Health Care REITs 2.5  
  Specialized REITs 2.3  
  Hotel & Resort REITs 2.0  
  Short-Term Investments 3.8  
  Liabilities in Excess of Other Assets (2.9)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2

Table of Contents
SPDR Portfolio Developed World ex-US ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2023

      
  Description % of Net Assets  
  Nestle SA 1.5%  
  ASML Holding NV 1.3  
  Novo Nordisk AS Class B 1.2  
  Samsung Electronics Co. Ltd. GDR 1.1  
  LVMH Moet Hennessy Louis Vuitton SE 1.1  
  AstraZeneca PLC 1.0  
  Novartis AG 1.0  
  Roche Holding AG 0.9  
  Shell PLC 0.9  
  Toyota Motor Corp. 0.8  
  TOTAL 10.8%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
3

Table of Contents
SPDR Portfolio Emerging Markets ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2023

      
  Description % of Net Assets  
  Taiwan Semiconductor Manufacturing Co. Ltd. 4.5%  
  Tencent Holdings Ltd. 4.0  
  Alibaba Group Holding Ltd. 2.7  
  Reliance Industries Ltd. GDR 1.4  
  Meituan Class B 1.2  
  Infosys Ltd. ADR 0.9  
  China Construction Bank Corp. Class H 0.9  
  Housing Development Finance Corp. Ltd. 0.9  
  Vale SA ADR 0.8  
  HDFC Bank Ltd. 0.8  
  TOTAL 18.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
4

Table of Contents
SPDR Portfolio Europe ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2023

      
  Description % of Net Assets  
  Nestle SA 2.9%  
  ASML Holding NV 2.3  
  Novo Nordisk AS Class B 2.2  
  LVMH Moet Hennessy Louis Vuitton SE 2.0  
  AstraZeneca PLC 1.8  
  Roche Holding AG 1.7  
  Novartis AG 1.7  
  TotalEnergies SE 1.3  
  HSBC Holdings PLC 1.2  
  Unilever PLC 1.2  
  TOTAL 18.3%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
5

Table of Contents
SPDR Portfolio MSCI Global Stock Market ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2023

      
  Description % of Net Assets  
  Apple, Inc. 4.0%  
  Microsoft Corp. 3.1  
  Amazon.com, Inc. 1.5  
  Alphabet, Inc. Class C 1.0  
  NVIDIA Corp. 1.0  
  Alphabet, Inc. Class A 0.9  
  Tesla, Inc. 0.8  
  UnitedHealth Group, Inc. 0.8  
  JPMorgan Chase & Co. 0.8  
  Meta Platforms, Inc. Class A 0.7  
  TOTAL 14.6%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
6

Table of Contents
SPDR S&P China ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2023

      
  Description % of Net Assets  
  Tencent Holdings Ltd. 11.5%  
  Alibaba Group Holding Ltd. 7.5  
  Meituan Class B 3.3  
  China Construction Bank Corp. Class H 2.5  
  JD.com, Inc. Class A 2.0  
  Baidu, Inc. Class A 1.6  
  PDD Holdings, Inc. ADR 1.6  
  Ping An Insurance Group Co. of China Ltd. Class H 1.6  
  Industrial & Commercial Bank of China Ltd. Class H 1.5  
  NetEase, Inc. 1.2  
  TOTAL 34.3%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2023

      
    % of Net Assets  
  Consumer Discretionary 25.9%  
  Communication Services 17.2  
  Financials 14.9  
  Industrials 7.6  
  Information Technology 7.1  
  Health Care 6.9  
  Consumer Staples 6.5  
  Materials 4.8  
  Real Estate 3.5  
  Energy 2.9  
  Utilities 2.1  
  Short-Term Investments 1.2  
  Liabilities in Excess of Other Assets (0.6)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
7

Table of Contents
SPDR S&P Global Natural Resources ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2023

      
  Description % of Net Assets  
  BHP Group Ltd. 4.9%  
  Shell PLC 4.5  
  Exxon Mobil Corp. 4.3  
  TotalEnergies SE 3.2  
  Glencore PLC 2.9  
  Chevron Corp. 2.8  
  Nutrien Ltd. 2.6  
  BP PLC 2.6  
  Vale SA ADR 2.5  
  Nutrien Ltd. 2.4  
  TOTAL 32.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
8

Table of Contents
SPDR S&P International Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2023

      
  Description % of Net Assets  
  Sydbank AS 0.3%  
  NTT UD REIT Investment Corp. REIT 0.2  
  Rorze Corp. 0.2  
  Shochiku Co. Ltd. 0.2  
  Uni-Select, Inc. 0.2  
  Kotobuki Spirits Co. Ltd. 0.2  
  JYP Entertainment Corp. 0.2  
  CosmoAM&T Co. Ltd. 0.2  
  Nakanishi, Inc. 0.2  
  Nippon Parking Development Co. Ltd. 0.2  
  TOTAL 2.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
9

Table of Contents
SPDR S&P North American Natural Resources ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2023

      
  Description % of Net Assets  
  Exxon Mobil Corp. 9.6%  
  Freeport-McMoRan, Inc. 9.0  
  Chevron Corp. 7.9  
  Newmont Corp. 5.4  
  Archer-Daniels-Midland Co. 5.4  
  Corteva, Inc. 5.0  
  ConocoPhillips 4.3  
  Nutrien Ltd. 4.3  
  Barrick Gold Corp. 4.2  
  Canadian Natural Resources Ltd. 3.9  
  TOTAL 59.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
10

Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.4%        
AUSTRALIA — 2.8%  
BWP Trust REIT
     456,596   $ 1,155,944
Centuria Industrial REIT
     513,328   1,031,405
Charter Hall Long Wale REIT
     632,289   1,774,363
Charter Hall Retail REIT
     493,374   1,242,444
Dexus REIT (a)
     1,034,354   5,202,619
GPT Group REIT
     1,842,194   5,231,353
National Storage REIT
     1,161,946   1,953,316
Region RE Ltd. REIT
     1,126,519   1,773,043
Scentre Group REIT
     4,996,289   9,202,230
Vicinity Ltd. REIT
     3,731,305   4,860,637
Waypoint REIT Ltd.
     640,309   1,110,714
          34,538,068
AUSTRIA — 0.1%  
CA Immobilien Anlagen AG (b)
     44,549   1,200,326
BELGIUM — 0.8%  
Aedifica SA REIT
     38,790   3,122,825
Cofinimmo SA REIT (a)
     29,707   2,632,040
Warehouses De Pauw CVA REIT
     149,547   4,438,826
          10,193,691
BRAZIL — 0.3%  
Aliansce Sonae Shopping Centers SA
     393,102   1,364,548
Iguatemi SA (c)
     207,150   788,112
Multiplan Empreendimentos Imobiliarios SA
     256,000   1,244,089
          3,396,749
CANADA — 1.2%  
Artis Real Estate Investment Trust
     60,364   339,432
Boardwalk Real Estate Investment Trust
     21,315   868,444
Canadian Apartment Properties REIT
     80,608   2,823,826
Dream Industrial Real Estate Investment Trust
     124,155   1,348,564
First Capital Real Estate Investment Trust
     99,818   1,160,186
Granite Real Estate Investment Trust
     30,290   1,873,107
H&R Real Estate Investment Trust
     128,151   1,193,115
InterRent Real Estate Investment Trust
     65,348   646,551
NorthWest Healthcare Properties Real Estate Investment Trust
     110,124   689,216
Primaris Real Estate Investment Trust
     47,649   475,663
RioCan Real Estate Investment Trust
     140,763   2,120,780
Security Description     Shares   Value
SmartCentres Real Estate Investment Trust
     67,607   $ 1,327,312
          14,866,196
FINLAND — 0.2%  
Kojamo Oyj
     173,337   2,043,293
FRANCE — 1.4%  
Covivio SA REIT (a)
     45,222   2,633,445
Gecina SA REIT
     52,318   5,431,147
Klepierre SA REIT
     188,172   4,262,563
Unibail-Rodamco-Westfield REIT (a)(b)
     102,761   5,513,572
          17,840,727
GERMANY — 0.5%  
Aroundtown SA
     898,980   1,282,403
Deutsche Wohnen SE
     51,009   1,002,525
LEG Immobilien SE (a)
     71,687   3,931,601
          6,216,529
HONG KONG — 2.5%  
Hang Lung Properties Ltd.
     1,792,018   3,351,209
Hysan Development Co. Ltd.
     580,731   1,649,731
Link REIT
     2,431,488   15,642,156
Swire Properties Ltd.
     1,024,000   2,635,023
Wharf Real Estate Investment Co. Ltd.
     1,496,000   8,594,908
          31,873,027
ISRAEL — 0.2%  
Azrieli Group Ltd.
     34,851   1,991,956
JAPAN — 9.4%  
Activia Properties, Inc. REIT
     712   2,022,210
Advance Residence Investment Corp. REIT
     1,336   3,177,128
Aeon Mall Co. Ltd. (a)
     93,700   1,222,909
AEON REIT Investment Corp.
     1,700   1,850,853
Comforia Residential REIT, Inc.
     638   1,512,428
Daiwa House REIT Investment Corp.
     2,075   4,232,944
Daiwa Office Investment Corp. REIT
     276   1,256,713
Daiwa Securities Living Investments Corp. REIT
     2,190   1,791,953
Frontier Real Estate Investment Corp. REIT
     496   1,770,231
Global One Real Estate Investment Corp. REIT
     968   760,057
GLP J-REIT
     4,537   4,878,238
Hoshino Resorts REIT, Inc.
     244   1,265,009
Hulic Co. Ltd.
     578,300   4,723,211
Hulic REIT, Inc.
     1,217   1,367,971
Ichigo Office REIT Investment Corp.
     1,421   1,033,532
 
See accompanying notes to financial statements.
11

Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2023 (Unaudited)
Security Description     Shares   Value
Industrial & Infrastructure Fund Investment Corp. REIT
     2,000   $ 2,166,955
Invincible Investment Corp. REIT
     5,955   2,492,250
Japan Excellent, Inc. REIT
     1,205   1,085,577
Japan Hotel REIT Investment Corp.
     4,347   2,452,924
Japan Logistics Fund, Inc. REIT
     894   1,978,233
Japan Metropolitan Fund Invest REIT
     6,739   4,896,396
Japan Prime Realty Investment Corp. REIT
     960   2,517,394
Japan Real Estate Investment Corp. REIT
     1,332   5,284,364
Kenedix Office Investment Corp. REIT
     818   1,883,815
Kenedix Residential Next Investment Corp. REIT
     1,031   1,586,511
Kenedix Retail REIT Corp.
     586   1,034,273
LaSalle Logiport REIT
     1,742   2,011,762
Mitsubishi Estate Logistics REIT Investment Corp.
     483   1,417,173
Mitsui Fudosan Co. Ltd.
     918,700   17,146,674
Mitsui Fudosan Logistics Park, Inc. REIT
     530   1,851,754
Mori Hills REIT Investment Corp.
     1,576   1,747,822
Mori Trust REIT, Inc. (a)
     2,414   1,242,460
Nippon Accommodations Fund, Inc. REIT
     484   2,171,072
Nippon Building Fund, Inc. REIT
     1,637   6,777,271
Nippon Prologis REIT, Inc.
     2,644   5,568,511
NIPPON REIT Investment Corp.
     444   1,067,548
Nomura Real Estate Master Fund, Inc. REIT
     4,551   5,077,943
NTT UD REIT Investment Corp.
     1,364   1,382,550
Orix J REIT, Inc.
     2,656   3,352,679
Sekisui House REIT, Inc.
     4,269   2,306,267
Tokyu REIT, Inc.
     911   1,238,944
United Urban Investment Corp. REIT
     3,014   3,238,425
          117,842,934
MEXICO — 0.5%  
Corp. Inmobiliaria Vesta SAB de CV
     634,850   1,991,114
Fibra Uno Administracion SA de CV REIT
     2,721,278   3,793,452
          5,784,566
ROMANIA — 0.2%  
NEPI Rockcastle NV
     440,912   2,567,317
Security Description     Shares   Value
SAUDI ARABIA — 0.1%  
Arabian Centres Co. Ltd.
     155,732   $ 845,517
SINGAPORE — 3.5%  
CapitaLand Ascendas REIT
     3,233,191   6,954,929
CapitaLand Ascott Trust Stapled Security
     2,002,200   1,498,393
CapitaLand China Trust REIT
     1,171,600   986,945
CapitaLand Integrated Commercial Trust REIT
     4,844,207   7,214,118
Capitaland Investment Ltd.
     2,361,217   6,535,503
Frasers Centrepoint Trust REIT
     1,048,893   1,806,600
Frasers Logistics & Commercial Trust REIT
     2,818,800   2,777,352
Keppel DC REIT
     1,291,900   2,001,665
Keppel REIT
     1,942,312   1,292,878
Mapletree Industrial Trust REIT
     1,936,532   3,451,981
Mapletree Logistics Trust REIT
     3,111,463   4,001,806
Mapletree Pan Asia Commercial Trust REIT
     2,242,231   3,035,625
Suntec Real Estate Investment Trust (a)
     2,160,895   2,324,155
          43,881,950
SOUTH AFRICA — 0.2%  
Growthpoint Properties Ltd. REIT
     3,288,739   2,420,794
SPAIN — 0.4%  
Inmobiliaria Colonial Socimi SA REIT
     289,566   1,832,539
Merlin Properties Socimi SA REIT
     324,707   2,843,390
          4,675,929
SWEDEN — 1.1%  
Castellum AB (a)
     276,434   3,209,653
Fabege AB
     256,496   1,969,440
Hufvudstaden AB Class A (a)
     115,051   1,561,078
Neobo Fastigheter AB (a)(b)
     98,307   118,315
Sagax AB Class B
     182,514   4,203,108
Samhallsbyggnadsbolaget i Norden AB
     1,044,418   1,424,177
Wihlborgs Fastigheter AB
     260,835   1,995,965
          14,481,736
SWITZERLAND — 0.9%  
PSP Swiss Property AG
     44,225   5,034,645
Swiss Prime Site AG
     73,800   6,143,605
          11,178,250
THAILAND — 0.2%  
Central Pattana PCL NVDR
     1,289,000   2,591,570
UNITED KINGDOM — 4.0%  
Assura PLC REIT
     2,846,496   1,719,652
Big Yellow Group PLC REIT
     168,622   2,437,279
British Land Co. PLC REIT
     904,706   4,338,023
 
See accompanying notes to financial statements.
12

Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2023 (Unaudited)
Security Description     Shares   Value
Derwent London PLC REIT
     109,320   $ 3,187,278
Grainger PLC REIT
     722,348   2,081,033
Great Portland Estates PLC REIT
     241,747   1,515,464
Hammerson PLC REIT
     3,917,792   1,263,840
Land Securities Group PLC REIT
     722,486   5,549,291
LondonMetric Property PLC REIT
     953,935   2,071,190
LXI REIT PLC
     1,641,620   1,997,305
Primary Health Properties PLC REIT
     1,305,710   1,633,819
Safestore Holdings PLC REIT
     211,449   2,483,738
Segro PLC REIT
     1,170,878   11,112,792
Supermarket Income REIT PLC
     1,182,491   1,266,171
Tritax Big Box REIT PLC
     1,813,273   3,136,588
UNITE Group PLC REIT
     386,966   4,590,863
          50,384,326
UNITED STATES — 68.9%  
Acadia Realty Trust REIT
     91,994   1,283,316
Agree Realty Corp. REIT
     85,186   5,844,611
Alexandria Real Estate Equities, Inc. REIT
     152,455   19,146,823
American Assets Trust, Inc. REIT
     50,100   931,359
American Homes 4 Rent Class A, REIT
     297,278   9,349,393
Americold Realty Trust, Inc. REIT
     260,998   7,425,393
Apartment Income REIT Corp.
     142,978   5,120,042
Apartment Investment & Management Co. Class A, REIT
     144,169   1,108,660
Apple Hospitality REIT, Inc.
     205,421   3,188,134
Ashford Hospitality Trust, Inc. REIT (a)(b)
     31,416   100,845
AvalonBay Communities, Inc. REIT
     135,349   22,746,753
Boston Properties, Inc. REIT
     138,176   7,478,085
Brandywine Realty Trust REIT
     162,982   770,905
Brixmor Property Group, Inc. REIT
     288,524   6,209,037
Broadstone Net Lease, Inc. REIT
     168,598   2,867,852
Camden Property Trust REIT
     106,643   11,180,452
CareTrust REIT, Inc.
     95,426   1,868,441
Centerspace REIT
     14,282   780,226
Chatham Lodging Trust REIT
     50,186   526,451
City Office REIT, Inc.
     36,717   253,347
Community Healthcare Trust, Inc. REIT
     22,175   811,605
Corporate Office Properties Trust REIT
     109,594   2,598,474
Security Description     Shares   Value
Cousins Properties, Inc. REIT
     146,536   $ 3,132,940
CubeSmart REIT
     217,430   10,049,615
DiamondRock Hospitality Co. REIT
     205,871   1,673,731
Digital Realty Trust, Inc. REIT
     278,226   27,352,398
DigitalBridge Group, Inc.
     141,372   1,695,050
Diversified Healthcare Trust REIT
     253,949   342,831
Douglas Emmett, Inc. REIT
     171,118   2,109,885
Easterly Government Properties, Inc. REIT
     86,726   1,191,615
EastGroup Properties, Inc. REIT
     41,953   6,935,670
Elme Communities REIT
     85,503   1,527,084
Empire State Realty Trust, Inc. Class A, REIT (a)
     129,057   837,580
EPR Properties REIT
     72,980   2,780,538
Equinix, Inc. REIT
     89,558   64,574,900
Equity Commonwealth REIT
     106,537   2,206,381
Equity LifeStyle Properties, Inc. REIT
     169,340   11,367,794
Equity Residential REIT
     329,551   19,773,060
Essential Properties Realty Trust, Inc. REIT
     137,191   3,409,196
Essex Property Trust, Inc. REIT
     62,558   13,083,380
Extra Space Storage, Inc. REIT
     129,596   21,115,076
Federal Realty Investment Trust REIT
     70,934   7,010,407
First Industrial Realty Trust, Inc. REIT
     127,125   6,763,050
Four Corners Property Trust, Inc. REIT
     81,010   2,175,929
Franklin Street Properties Corp. REIT (a)
     99,907   156,854
Getty Realty Corp. REIT
     40,885   1,473,087
Global Medical REIT, Inc.
     61,483   560,110
Global Net Lease, Inc. REIT
     98,905   1,271,918
Healthcare Realty Trust, Inc. REIT
     366,148   7,077,641
Healthpeak Properties, Inc. REIT
     529,360   11,630,039
Hersha Hospitality Trust REIT
     30,354   203,979
Highwoods Properties, Inc. REIT
     102,473   2,376,349
Host Hotels & Resorts, Inc. REIT
     692,323   11,416,406
Hudson Pacific Properties, Inc. REIT
     123,072   818,429
Independence Realty Trust, Inc. REIT
     217,525   3,486,926
Industrial Logistics Properties Trust REIT
     65,643   201,524
Innovative Industrial Properties, Inc. REIT
     26,933   2,046,639
Invitation Homes, Inc. REIT
     562,141   17,555,663
JBG SMITH Properties REIT
     95,136   1,432,748
 
See accompanying notes to financial statements.
13

Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2023 (Unaudited)
Security Description     Shares   Value
Kilroy Realty Corp. REIT
     101,896   $ 3,301,430
Kimco Realty Corp. REIT
     598,833   11,695,209
Kite Realty Group Trust REIT
     211,365   4,421,756
Life Storage, Inc. REIT
     82,297   10,788,314
LTC Properties, Inc. REIT
     39,615   1,391,675
LXP Industrial Trust REIT
     268,277   2,765,936
Macerich Co. REIT
     209,020   2,215,612
Medical Properties Trust, Inc. REIT
     580,389   4,770,798
Mid-America Apartment Communities, Inc. REIT
     111,766   16,881,137
National Health Investors, Inc. REIT
     42,224   2,177,914
National Retail Properties, Inc. REIT
     175,784   7,760,864
National Storage Affiliates Trust REIT
     82,214   3,434,901
Necessity Retail REIT, Inc.
     127,942   803,476
NETSTREIT Corp.
     53,383   975,841
NexPoint Residential Trust, Inc. REIT
     21,747   949,692
Office Properties Income Trust REIT
     45,848   563,930
Omega Healthcare Investors, Inc. REIT
     225,393   6,178,022
Orion Office REIT, Inc.
     57,979   388,459
Paramount Group, Inc. REIT
     164,917   752,022
Park Hotels & Resorts, Inc. REIT
     218,993   2,706,753
Pebblebrook Hotel Trust REIT
     128,997   1,811,118
Piedmont Office Realty Trust, Inc. Class A, REIT
     117,311   856,370
Plymouth Industrial REIT, Inc.
     38,059   799,620
Prologis, Inc. REIT
     892,822   111,397,401
Public Storage REIT
     152,891   46,194,487
Realty Income Corp. REIT
     606,719   38,417,447
Regency Centers Corp. REIT
     149,154   9,125,242
Retail Opportunity Investments Corp. REIT
     122,635   1,711,985
Rexford Industrial Realty, Inc. REIT
     183,115   10,922,810
RLJ Lodging Trust REIT
     155,520   1,648,512
RPT Realty REIT
     86,031   818,155
Ryman Hospitality Properties, Inc. REIT
     53,226   4,775,969
Seritage Growth Properties Class A, REIT (b)
     35,204   277,055
Service Properties Trust REIT
     157,068   1,564,397
Simon Property Group, Inc. REIT
     316,296   35,415,663
SITE Centers Corp. REIT
     178,419   2,190,985
SL Green Realty Corp. REIT
     62,437   1,468,518
Spirit Realty Capital, Inc. REIT
     134,319   5,351,269
STAG Industrial, Inc. REIT
     172,306   5,827,389
Security Description     Shares   Value
Summit Hotel Properties, Inc. REIT
     101,225   $ 708,575
Sun Communities, Inc. REIT
     119,879   16,888,554
Sunstone Hotel Investors, Inc. REIT
     203,038   2,006,015
Tanger Factory Outlet Centers, Inc. REIT
     101,885   2,000,003
Terreno Realty Corp. REIT
     70,796   4,573,422
UDR, Inc. REIT
     299,346   12,291,147
UMH Properties, Inc. REIT
     50,422   745,741
Universal Health Realty Income Trust REIT
     11,955   575,155
Urban Edge Properties REIT
     112,100   1,688,226
Ventas, Inc. REIT
     387,085   16,780,135
Veris Residential, Inc. REIT (b)
     75,216   1,101,162
Vornado Realty Trust REIT
     155,549   2,390,788
Welltower, Inc. REIT
     457,131   32,771,721
WP Carey, Inc. REIT
     203,852   15,788,337
Xenia Hotels & Resorts, Inc. REIT
     111,593   1,460,752
          861,674,492
TOTAL COMMON STOCKS

(Cost $1,364,810,689)
         1,242,489,943
       
PREFERRED STOCKS — 0.0% (d)  
BRAZIL — 0.0% (d)      
Iguatemi SA , REIT 0.49%

(Cost $36,097)
   22,490 35,530
SHORT-TERM INVESTMENTS — 1.1%  
State Street Institutional Liquid Reserves Fund, Premier Class 4.97% (e)(f)
 3,066,677 3,066,983
State Street Navigator Securities Lending Portfolio II (g)(h)
 11,128,839 11,128,839
TOTAL SHORT-TERM INVESTMENTS

(Cost $14,195,959)
 14,195,822
TOTAL INVESTMENTS — 100.5%

(Cost $1,379,042,745)
 1,256,721,295
LIABILITIES IN EXCESS OF OTHER

ASSETS — (0.5)%
(6,698,740)
NET ASSETS — 100.0%
$ 1,250,022,555
(a) All or a portion of the shares of the security are on loan at March 31, 2023.
(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) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2023 are shown in the Affiliate Table below.
 
See accompanying notes to financial statements.
14

Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2023 (Unaudited)
(f) The rate shown is the annualized seven-day yield at March 31, 2023.
(g) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2023 are shown in the Affiliate Table below.
(h) Investment of cash collateral for securities loaned.
NVDR Non-Voting Depositary Receipt
REIT Real Estate Investment Trust
At March 31, 2023, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
DJ US Real Estate Index (long)   234   06/16/2023   $7,589,981   $7,752,420   $162,439
 
During the period ended March 31, 2023, average notional value related to futures contracts was $6,465,869.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2023.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $1,242,489,943   $—   $—   $1,242,489,943
Preferred Stocks
   35,530   —   —   35,530
Short-Term Investments
   14,195,822   —   —   14,195,822
TOTAL INVESTMENTS
   $1,256,721,295   $—   $—   $1,256,721,295
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   $ 162,439   $—   $—   $ 162,439
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS
   $1,256,883,734   $—   $—   $1,256,883,734
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
 
Affiliate Table
  Number of
Shares Held
at
9/30/22 		  Value at

9/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/23 		  Value at

3/31/23 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 2,275,629   $2,276,084   $ 50,850,053   $ 50,059,846   $867   $(175)   3,066,677   $ 3,066,983   $46,200
State Street Navigator Securities Lending Portfolio II
 966,746   966,746   75,814,950   65,652,857   —   —   11,128,839   11,128,839   24,842
Total
     $3,242,830   $126,665,003   $115,712,703   $867   $(175)       $14,195,822   $71,042
See accompanying notes to financial statements.
15

Table of Contents
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.1%        
AUSTRALIA — 9.0%  
BWP Trust REIT
     542,648   $ 1,373,798
Centuria Industrial REIT (a)
     602,657   1,210,889
Charter Hall Long Wale REIT
     726,155   2,037,775
Charter Hall Retail REIT
     577,315   1,453,830
Dexus REIT
     1,200,356   6,037,579
GPT Group REIT
     2,137,831   6,070,886
National Storage REIT
     1,344,300   2,259,867
Region RE Ltd. REIT
     1,282,195   2,018,063
Scentre Group REIT
     5,792,595   10,668,877
Vicinity Ltd. REIT
     4,318,387   5,625,408
Waypoint REIT Ltd.
     749,764   1,300,580
          40,057,552
AUSTRIA — 0.3%  
CA Immobilien Anlagen AG (b)
     51,103   1,376,917
BELGIUM — 2.7%  
Aedifica SA REIT
     44,477   3,580,663
Cofinimmo SA REIT
     34,123   3,023,297
Warehouses De Pauw CVA REIT
     173,334   5,144,867
          11,748,827
BRAZIL — 0.9%  
Aliansce Sonae Shopping Centers SA
     456,717   1,585,371
Iguatemi SA (c)
     241,846   920,114
Multiplan Empreendimentos Imobiliarios SA
     300,362   1,459,675
          3,965,160
CANADA — 3.9%  
Artis Real Estate Investment Trust
     62,334   350,509
Boardwalk Real Estate Investment Trust
     24,874   1,013,450
Canadian Apartment Properties REIT
     92,884   3,253,874
Dream Industrial Real Estate Investment Trust
     141,014   1,531,685
First Capital Real Estate Investment Trust
     117,302   1,363,402
Granite Real Estate Investment Trust
     34,940   2,160,660
H&R Real Estate Investment Trust
     146,071   1,359,955
InterRent Real Estate Investment Trust
     76,699   758,857
NorthWest Healthcare Properties Real Estate Investment Trust
     130,693   817,948
Primaris Real Estate Investment Trust
     53,108   530,158
RioCan Real Estate Investment Trust
     163,939   2,469,957
Security Description     Shares   Value
SmartCentres Real Estate Investment Trust
     79,052   $ 1,552,009
          17,162,464
FINLAND — 0.5%  
Kojamo Oyj (a)
     198,588   2,340,952
FRANCE — 4.7%  
Covivio SA REIT (a)
     51,832   3,018,370
Gecina SA REIT
     60,716   6,302,946
Klepierre SA REIT (a)
     218,111   4,940,755
Unibail-Rodamco-Westfield REIT (b)
     25,017   1,342,270
Unibail-Rodamco-Westfield REIT (a)(b)
     94,882   5,090,830
          20,695,171
GERMANY — 1.6%  
Aroundtown SA
     1,027,845   1,466,230
Deutsche Wohnen SE
     58,079   1,141,478
LEG Immobilien SE
     82,871   4,544,976
          7,152,684
HONG KONG — 8.3%  
Hang Lung Properties Ltd.
     2,056,755   3,846,287
Hysan Development Co. Ltd.
     664,846   1,888,683
Link REIT (a)
     2,821,952   18,154,074
Swire Properties Ltd.
     1,172,600   3,017,410
Wharf Real Estate Investment Co. Ltd.
     1,729,000   9,933,554
          36,840,008
ISRAEL — 0.5%  
Azrieli Group Ltd.
     40,712   2,326,949
JAPAN — 30.6%  
Activia Properties, Inc. REIT
     821   2,331,790
Advance Residence Investment Corp. REIT
     1,543   3,669,393
Aeon Mall Co. Ltd.
     106,940   1,395,708
AEON REIT Investment Corp.
     1,967   2,141,546
Comforia Residential REIT, Inc.
     750   1,777,932