Semi-Annual Report
March 31, 2021
SPDR® Index Shares Funds
SPDR Dow Jones Global Real Estate ETF
SPDR Dow Jones International Real Estate ETF
SPDR S&P China ETF
SPDR S&P Global Natural Resources ETF
SPDR S&P International Small Cap ETF
SPDR S&P North American Natural Resources ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. 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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159
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.ssga.com. 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, 2021

      
  Description % of Net Assets  
  Prologis, Inc. REIT 5.6%  
  Digital Realty Trust, Inc. REIT 2.8  
  Public Storage REIT 2.7  
  Simon Property Group, Inc. REIT 2.7  
  Welltower, Inc. REIT 2.1  
  AvalonBay Communities, Inc. REIT 1.8  
  Equity Residential REIT 1.8  
  Realty Income Corp. REIT 1.7  
  Goodman Group REIT 1.7  
  Mitsui Fudosan Co., Ltd. 1.6  
  TOTAL 24.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2021

      
    % of Net Assets  
  Equity Real Estate Investment Trusts (REITs) 89.5%  
  Real Estate Management & Development 9.9  
  Diversified Financial Services 0.0*  
  Short-Term Investments 0.6  
  Other Assets in Excess of Liabilities 0.0*  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
1

Table of Contents
SPDR Dow Jones International Real Estate ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2021

      
  Description % of Net Assets  
  Goodman Group REIT 4.3%  
  Mitsui Fudosan Co., Ltd. 4.0  
  Link REIT REIT 3.5  
  Deutsche Wohnen SE 3.1  
  Segro PLC REIT 2.8  
  Scentre Group REIT 2.1  
  Nippon Building Fund, Inc. REIT 1.8  
  Wharf Real Estate Investment Co., Ltd. 1.8  
  LEG Immobilien SE 1.7  
  Aroundtown SA 1.6  
  TOTAL 26.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2021

      
    % of Net Assets  
  Equity Real Estate Investment Trusts (REITs) 74.0%  
  Real Estate Management & Development 25.3  
  Diversified Financial Services 0.0*  
  Short-Term Investments 2.4  
  Liabilities in Excess of Other Assets (1.7)  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.  
(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2

Table of Contents
SPDR S&P China ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2021

      
  Description % of Net Assets  
  Tencent Holdings, Ltd. 13.0%  
  Alibaba Group Holding, Ltd. ADR 12.0  
  Meituan Class B 4.6  
  China Construction Bank Corp. Class H 2.3  
  JD.com, Inc. ADR 2.2  
  Ping An Insurance Group Co. of China, Ltd. Class H 2.0  
  Baidu, Inc. ADR 1.8  
  Industrial & Commercial Bank of China, Ltd. Class H 1.6  
  NIO, Inc. ADR 1.4  
  Pinduoduo, Inc. ADR 1.4  
  TOTAL 42.3%  
(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, 2021

      
    % of Net Assets  
  Consumer Discretionary 31.3%  
  Communication Services 19.1  
  Financials 14.8  
  Health Care 6.8  
  Industrials 6.3  
  Consumer Staples 5.5  
  Information Technology 5.2  
  Real Estate 4.2  
  Materials 3.4  
  Utilities 1.7  
  Energy 1.5  
  Short-Term Investments 4.1  
  Liabilities in Excess of Other Assets (3.9)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
3

Table of Contents
SPDR S&P Global Natural Resources ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2021

      
  Description % of Net Assets  
  BHP Group, Ltd. 4.5%  
  Exxon Mobil Corp. 4.4  
  TOTAL SE 3.9  
  Chevron Corp. 3.7  
  Nutrien, Ltd. 3.3  
  BP PLC 2.7  
  Royal Dutch Shell PLC Class A 2.7  
  Vale SA ADR 2.5  
  Anglo American PLC 2.5  
  UPM-Kymmene Oyj 2.4  
  TOTAL 32.6%  
(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.
4

Table of Contents
SPDR S&P International Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2021

      
  Description % of Net Assets  
  HMM Co., Ltd. 0.3%  
  Iwatani Corp. 0.3  
  Aphria, Inc. 0.3  
  Nova Measuring Instruments, Ltd. 0.2  
  Premier Investment Corp. REIT 0.2  
  Lynas Rare Earths, Ltd. 0.2  
  BayCurrent Consulting, Inc. 0.2  
  Hansol Chemical Co., Ltd. 0.2  
  William Hill PLC 0.2  
  Pets at Home Group PLC 0.2  
  TOTAL 2.3%  
(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 S&P North American Natural Resources ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2021

      
  Description % of Net Assets  
  Chevron Corp. 10.3%  
  Exxon Mobil Corp. 10.0  
  Corteva, Inc. 6.5  
  Archer-Daniels-Midland Co. 6.4  
  Freeport-McMoRan, Inc. 6.4  
  Newmont Corp. 5.3  
  EOG Resources, Inc. 4.8  
  ConocoPhillips 4.6  
  Barrick Gold Corp. 4.4  
  Nutrien, Ltd. 4.3  
  TOTAL 63.0%  
(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.
6

Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.4%        
AUSTRALIA — 4.6%          
BWP Trust REIT
     580,022   $ 1,745,006
Charter Hall Long Wale REIT
     602,876   2,167,332
Charter Hall Retail REIT
     600,214   1,755,468
Dexus REIT
     1,278,468   9,494,015
Goodman Group REIT
     1,981,219   27,342,998
GPT Group REIT
     2,292,321   8,031,353
National Storage REIT
     1,128,680   1,719,318
Scentre Group REIT
     6,113,282   13,130,431
Shopping Centres Australasia Property Group REIT
     1,264,633   2,417,652
Vicinity Centres REIT
     4,550,174   5,735,634
Waypoint REIT
     916,910   1,752,895
          75,292,102
AUSTRIA — 0.2%          
CA Immobilien Anlagen AG
     84,592   3,589,096
BELGIUM — 0.9%          
Aedifica SA REIT
     38,875   4,468,459
Cofinimmo SA REIT
     33,555   4,898,097
Warehouses De Pauw CVA REIT
     160,815   5,326,183
          14,692,739
BRAZIL — 0.2%          
BR Malls Participacoes SA (a)
     930,421   1,668,591
BR Properties SA
     235,800   359,362
Iguatemi Empresa de Shopping Centers SA
     108,600   719,766
Multiplan Empreendimentos Imobiliarios SA
     331,100   1,436,938
          4,184,657
CANADA — 1.3%          
Allied Properties Real Estate Investment Trust
     74,829   2,419,581
Artis Real Estate Investment Trust
     80,025   690,195
Boardwalk Real Estate Investment Trust
     27,414   791,982
Canadian Apartment Properties REIT
     98,917   4,238,906
Cominar Real Estate Investment Trust
     107,631   798,979
Dream Industrial Real Estate Investment Trust
     101,213   1,080,701
Dream Office Real Estate Investment Trust
     28,970   487,731
First Capital Real Estate Investment Trust
     128,685   1,688,360
Granite Real Estate Investment Trust
     35,872   2,181,118
H&R Real Estate Investment Trust
     169,078   1,918,329
InterRent Real Estate Investment Trust
     80,136   943,002
RioCan Real Estate Investment Trust
     182,214   2,821,247
See accompanying notes to financial statements.
7

Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SmartCentres Real Estate Investment Trust
     85,225   $ 1,820,656
          21,880,787
FINLAND — 0.2%          
Kojamo Oyj
     160,551   3,147,441
FRANCE — 2.0%          
Covivio REIT
     57,405   4,925,169
Gecina SA REIT
     63,857   8,810,999
Klepierre SA REIT
     235,781   5,510,397
Unibail-Rodamco-Westfield REIT (a)(b)
     34,954   142,432
Unibail-Rodamco-Westfield REIT (a)(b)
     161,350   12,959,626
          32,348,623
GERMANY — 3.0%          
alstria office REIT-AG
     210,958   3,416,597
Aroundtown SA
     1,411,512   10,069,822
Deutsche EuroShop AG (a)
     60,208   1,256,741
Deutsche Wohnen SE
     423,973   19,822,184
Grand City Properties SA
     125,495   3,150,476
LEG Immobilien SE
     84,893   11,190,730
          48,906,550
HONG KONG — 2.8%          
Hang Lung Properties, Ltd.
     2,168,018   5,633,063
Hysan Development Co., Ltd.
     719,731   2,814,324
Link REIT
     2,453,148   22,340,214
Swire Properties, Ltd.
     1,253,600   3,877,969
Wharf Real Estate Investment Co., Ltd.
     2,038,000   11,416,229
          46,081,799
JAPAN — 11.7%          
Activia Properties, Inc. REIT
     815   3,580,837
Advance Residence Investment Corp. REIT
     1,628   5,112,362
Aeon Mall Co., Ltd.
     120,900   2,106,177
AEON REIT Investment Corp.
     1,801   2,428,498
Comforia Residential REIT, Inc.
     720   2,199,095
Daiwa House REIT Investment Corp.
     2,350   6,318,416
Daiwa Office Investment Corp. REIT
     356   2,509,719
Daiwa Securities Living Investments Corp. REIT
     2,513   2,469,790
Frontier Real Estate Investment Corp. REIT
     567   2,419,371
Fukuoka REIT Corp.
     851   1,338,496
Global One Real Estate Investment Corp. REIT
     1,124   1,226,737
GLP J-REIT
     5,112   8,410,512
See accompanying notes to financial statements.
8

Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Hoshino Resorts REIT, Inc.
     265   $ 1,530,045
Hulic Co., Ltd.
     586,700   6,928,900
Hulic Reit, Inc.
     1,373   2,153,311
Ichigo Office REIT Investment Corp.
     1,808   1,551,117
Industrial & Infrastructure Fund Investment Corp. REIT
     2,451   4,212,171
Invesco Office J-Reit, Inc.
     10,751   1,695,836
Invincible Investment Corp. REIT
     7,297   2,757,011
Japan Excellent, Inc. REIT
     1,514   1,964,775
Japan Hotel REIT Investment Corp.
     5,343   3,012,388
Japan Logistics Fund, Inc. REIT
     1,067   3,012,706
Japan Metropolitan Fund Invest REIT
     8,224   8,417,506
Japan Prime Realty Investment Corp. REIT
     1,137   4,249,602
Japan Real Estate Investment Corp. REIT
     1,631   9,638,398
Kenedix Office Investment Corp. REIT
     513   3,653,674
Kenedix Residential Next Investment Corp. REIT
     1,136   2,220,597
Kenedix Retail REIT Corp.
     638   1,551,408
LaSalle Logiport REIT
     1,956   2,970,288
Leopalace21 Corp. (a)
     182,800   253,108
Mirai Corp. REIT
     1,988   864,465
Mitsubishi Estate Logistics REIT Investment Corp.
     454   1,787,240
Mitsui Fudosan Co., Ltd.
     1,137,600   25,876,539
Mitsui Fudosan Logistics Park, Inc. REIT
     602   2,980,036
Mori Hills REIT Investment Corp.
     1,909   2,648,414
Mori Trust Sogo Reit, Inc.
     1,126   1,582,514
Nippon Accommodations Fund, Inc. REIT
     593   3,482,869
Nippon Building Fund, Inc. REIT
     1,947   11,470,561
Nippon Prologis REIT, Inc.
     3,032   9,754,534
NIPPON REIT Investment Corp.
     535   2,045,588
Nomura Real Estate Master Fund, Inc. REIT
     5,550   8,357,647
Orix JREIT, Inc.
     3,245   5,650,118
Premier Investment Corp. REIT
     1,552   2,220,554
Sekisui House Reit, Inc.
     5,124   4,266,136
Tokyu REIT, Inc.
     1,111   1,818,823
United Urban Investment Corp. REIT
     3,665   4,928,679
          191,627,568
MALTA — 0.0% (c)          
BGP Holdings PLC (d)
     1,313,937   —
MEXICO — 0.2%          
Fibra Uno Administracion SA de CV REIT
     3,481,567   4,065,132
NETHERLANDS — 0.1%          
Eurocommercial Properties NV REIT (a)
     41,589   918,935
See accompanying notes to financial statements.
9

Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Wereldhave NV REIT (a)(e)
     48,450   $ 829,663
          1,748,598
NORWAY — 0.3%          
Entra ASA (f)
     198,070   4,406,274
ROMANIA — 0.2%          
NEPI Rockcastle PLC
     471,318   2,975,452
SAUDI ARABIA — 0.0% (c)          
Arabian Centres Co., Ltd.
     127,178   756,205
SINGAPORE — 3.4%          
Ascendas Real Estate Investment Trust
     3,727,191   8,460,801
CapitaLand China Trust REIT
     1,131,200   1,153,426
CapitaLand Integrated Commercial Trust REIT
     5,331,201   8,610,231
CapitaLand, Ltd.
     2,932,517   8,206,508
Frasers Centrepoint Trust REIT
     1,574,893   2,883,475
Frasers Logistics & Commercial Trust REIT
     3,162,800   3,413,263
Keppel DC REIT
     1,519,300   3,053,074
Keppel REIT (e)
     2,308,212   2,095,876
Mapletree Commercial Trust REIT
     2,589,031   4,085,104
Mapletree Industrial Trust REIT
     1,985,300   4,048,617
Mapletree Logistics Trust REIT
     3,420,563   4,913,431
Mapletree North Asia Commercial Trust REIT
     2,406,200   1,898,312
Suntec Real Estate Investment Trust
     2,533,095   2,941,075
          55,763,193
SOUTH AFRICA — 0.3%          
Growthpoint Properties, Ltd. REIT
     3,993,345   3,569,772
Hyprop Investments, Ltd. REIT
     358,977   685,560
Redefine Properties, Ltd. REIT (a)
     6,554,064   1,664,454
          5,919,786
SPAIN — 0.4%          
Inmobiliaria Colonial Socimi SA REIT
     299,901   2,909,669
Merlin Properties Socimi SA REIT
     397,043   4,069,139
          6,978,808
SWEDEN — 1.4%          
Castellum AB (e)
     286,813   6,337,573
Fabege AB (e)
     323,284   4,367,299
Hufvudstaden AB Class A (e)
     139,230   2,028,637
Klovern AB Class B
     793,364   1,386,246
Kungsleden AB
     215,496   2,256,004
Samhallsbyggnadsbolaget i Norden AB (e)
     984,725   3,070,664
See accompanying notes to financial statements.
10

Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Wihlborgs Fastigheter AB
     157,925   $ 3,002,211
          22,448,634
SWITZERLAND — 0.9%          
PSP Swiss Property AG
     49,625   6,074,271
Swiss Prime Site AG
     89,415   8,279,782
          14,354,053
THAILAND — 0.2%          
Central Pattana PCL NVDR
     1,623,600   3,026,390
UNITED KINGDOM — 4.4%          
British Land Co. PLC REIT
     1,103,805   7,687,702
Capital & Counties Properties PLC REIT
     997,129   2,348,387
Derwent London PLC REIT
     131,660   5,863,706
Grainger PLC
     796,817   2,933,116
Great Portland Estates PLC REIT
     297,621   2,791,448
Hammerson PLC REIT (e)
     4,782,645   2,308,856
Land Securities Group PLC REIT
     884,201   8,418,754
LondonMetric Property PLC REIT
     1,066,982   3,144,439
Primary Health Properties PLC REIT
     1,571,154   3,212,564
Segro PLC REIT
     1,403,824   18,159,968
Shaftesbury PLC REIT (a)
     356,128   3,152,010
Tritax Big Box REIT PLC
     2,045,556   5,065,947
UNITE Group PLC REIT (a)
     468,388   6,895,329
          71,982,226
UNITED STATES — 60.7%          
Acadia Realty Trust REIT
     103,678   1,966,772
Agree Realty Corp. REIT
     74,622   5,022,807
Alexandria Real Estate Equities, Inc. REIT
     149,813   24,614,276
American Assets Trust, Inc. REIT
     60,377   1,958,630
American Campus Communities, Inc. REIT
     161,942   6,991,036
American Homes 4 Rent Class A, REIT
     316,349   10,547,076
Americold Realty Trust REIT
     297,197   11,433,169
Apartment Income REIT Corp.
     175,193   7,491,253
Apartment Investment & Management Co. Class A, REIT
     181,821   1,116,381
Apple Hospitality REIT, Inc.
     247,554   3,606,862
AvalonBay Communities, Inc. REIT
     164,401   30,333,629
Boston Properties, Inc. REIT
     167,028   16,913,255
Brandywine Realty Trust REIT
     200,874   2,593,283
Brixmor Property Group, Inc. REIT
     349,133   7,062,961
Camden Property Trust REIT
     114,926   12,631,517
CareTrust REIT, Inc.
     112,841   2,627,503
See accompanying notes to financial statements.
11

Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Centerspace REIT
     15,592   $ 1,060,256
Chatham Lodging Trust REIT (a)
     56,558   744,303
City Office REIT, Inc.
     49,922   530,172
Columbia Property Trust, Inc. REIT
     137,711   2,354,858
Community Healthcare Trust, Inc. REIT
     27,451   1,266,040
Corporate Office Properties Trust REIT
     131,737   3,468,635
Cousins Properties, Inc. REIT
     174,731   6,176,741
CubeSmart REIT
     235,381   8,904,463
DiamondRock Hospitality Co. REIT (a)
     247,622   2,550,507
Digital Realty Trust, Inc. REIT
     331,341   46,666,066
Diversified Healthcare Trust REIT
     286,281   1,368,423
Douglas Emmett, Inc. REIT
     194,053   6,093,264
Duke Realty Corp. REIT
     440,388   18,465,469
Easterly Government Properties, Inc. REIT
     97,754   2,026,440
EastGroup Properties, Inc. REIT
     46,679   6,688,167
Empire State Realty Trust, Inc. Class A, REIT
     166,886   1,857,441
EPR Properties REIT
     88,782   4,136,353
Equity Commonwealth REIT
     142,837   3,970,869
Equity LifeStyle Properties, Inc. REIT
     199,681   12,707,699
Equity Residential REIT
     404,035   28,941,027
Essential Properties Realty Trust, Inc. REIT
     127,185   2,903,634
Essex Property Trust, Inc. REIT
     76,568   20,814,245
Extra Space Storage, Inc. REIT
     155,585   20,622,792
Federal Realty Investment Trust REIT
     82,198   8,338,987
First Industrial Realty Trust, Inc. REIT
     151,947   6,957,653
Four Corners Property Trust, Inc. REIT
     88,070   2,413,118
Franklin Street Properties Corp. REIT
     112,594   613,637
Getty Realty Corp. REIT
     42,820   1,212,662
Global Net Lease, Inc. REIT
     107,725   1,945,514
Healthcare Realty Trust, Inc. REIT
     164,682   4,993,158
Healthcare Trust of America, Inc. Class A, REIT
     257,403   7,099,175
Healthpeak Properties, Inc. REIT
     634,733   20,146,425
Hersha Hospitality Trust REIT (a)
     43,328   457,110
Highwoods Properties, Inc. REIT
     122,216   5,247,955
Host Hotels & Resorts, Inc. REIT (a)
     830,847   13,999,772
Hudson Pacific Properties, Inc. REIT
     177,450   4,814,219
Independence Realty Trust, Inc. REIT
     120,061   1,824,927
Industrial Logistics Properties Trust REIT
     78,457   1,814,710
Innovative Industrial Properties, Inc. REIT
     28,129   5,067,721
Invitation Homes, Inc. REIT
     670,228   21,440,594
JBG SMITH Properties REIT
     129,824   4,127,105
Kilroy Realty Corp. REIT
     125,236   8,219,239
See accompanying notes to financial statements.
12

Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Kimco Realty Corp. REIT
     509,137   $ 9,546,319
Kite Realty Group Trust REIT
     101,204   1,952,225
Lexington Realty Trust REIT
     325,812   3,619,771
Life Storage, Inc. REIT
     88,799   7,632,274
LTC Properties, Inc. REIT
     47,152   1,967,181
Macerich Co. REIT (e)
     132,553   1,550,870
Mack-Cali Realty Corp. REIT
     102,005   1,579,037
Mid-America Apartment Communities, Inc. REIT
     134,800   19,459,728
Monmouth Real Estate Investment Corp. REIT
     117,817   2,084,183
National Health Investors, Inc. REIT
     53,664   3,878,834
National Retail Properties, Inc. REIT
     207,336   9,137,298
National Storage Affiliates Trust REIT
     74,661   2,981,214
NexPoint Residential Trust, Inc. REIT
     26,286   1,211,522
Office Properties Income Trust REIT
     58,038   1,597,206
Omega Healthcare Investors, Inc. REIT
     273,207   10,007,572
Paramount Group, Inc. REIT
     199,657   2,022,525
Park Hotels & Resorts, Inc. REIT (a)
     278,094   6,001,269
Pebblebrook Hotel Trust REIT
     154,256   3,746,878
Piedmont Office Realty Trust, Inc. Class A, REIT
     145,235   2,522,732
Prologis, Inc. REIT
     871,898   92,421,188
PS Business Parks, Inc. REIT
     23,547   3,639,895
Public Storage REIT
     179,254   44,232,717
QTS Realty Trust, Inc. Class A, REIT
     75,799   4,702,570
Realty Income Corp. REIT
     440,034   27,942,159
Regency Centers Corp. REIT
     185,968   10,546,245
Retail Opportunity Investments Corp. REIT
     140,076   2,223,006
Retail Properties of America, Inc. Class A, REIT
     257,522   2,698,831
Rexford Industrial Realty, Inc. REIT
     155,852   7,854,941
RLJ Lodging Trust REIT
     193,581   2,996,634
RPT Realty REIT
     96,977   1,106,508
Ryman Hospitality Properties, Inc. REIT
     64,589   5,006,293
Seritage Growth Properties Class A, REIT (a)
     42,321   776,590
Service Properties Trust REIT
     198,178   2,350,391
Simon Property Group, Inc. REIT
     387,188   44,050,379
SITE Centers Corp. REIT
     199,210   2,701,288
SL Green Realty Corp. REIT
     81,602   5,711,324
Spirit Realty Capital, Inc. REIT
     135,097   5,741,622
STAG Industrial, Inc. REIT
     186,317   6,262,114
STORE Capital Corp. REIT
     282,025   9,447,837
Summit Hotel Properties, Inc. REIT (a)
     127,107   1,291,407
Sun Communities, Inc. REIT
     131,528   19,734,461
Sunstone Hotel Investors, Inc. REIT (a)
     252,963   3,151,919
See accompanying notes to financial statements.
13

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SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Tanger Factory Outlet Centers, Inc. REIT (e)
     112,507   $ 1,702,231
Terreno Realty Corp. REIT
     81,535   4,710,277
UDR, Inc. REIT
     349,672   15,336,614
Universal Health Realty Income Trust REIT
     15,183   1,029,104
Urban Edge Properties REIT
     129,040   2,131,741
Ventas, Inc. REIT
     441,557   23,552,650
VEREIT, Inc.
     269,634   10,413,265
Vornado Realty Trust REIT
     184,642   8,380,900
Washington Prime Group, Inc. REIT (e)
     25,061   55,886
Washington Real Estate Investment Trust
     96,918   2,141,888
Weingarten Realty Investors REIT
     140,992   3,794,095
Welltower, Inc. REIT
     491,969   35,239,739
WP Carey, Inc. REIT
     206,582   14,617,742
Xenia Hotels & Resorts, Inc. REIT (a)
     136,581   2,663,330
          996,820,374
TOTAL COMMON STOCKS

(Cost $1,575,420,434)
         1,632,996,487
       
SHORT-TERM INVESTMENTS — 0.6%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.07% (g) (h)
 2,704,751 2,705,562
State Street Navigator Securities Lending Portfolio II (i) (j)
 7,392,787 7,392,787
TOTAL SHORT-TERM INVESTMENTS

(Cost $10,098,316)
 10,098,349
TOTAL INVESTMENTS — 100.0%

(Cost $1,585,518,750)
 1,643,094,836
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (c)
 23,294
NET ASSETS — 100.0%
$ 1,643,118,130
(a) Non-income producing security.
(b) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(c) Amount is less than 0.05% of net assets.
(d) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2021, total aggregate fair value of the security is $0, representing less than 0.05% of the Fund's net assets.
(e) All or a portion of the shares of the security are on loan at March 31, 2021.
See accompanying notes to financial statements.
14

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SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
(f) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.3% of net assets as of March 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at March 31, 2021.
(i) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(j) Investment of cash collateral for securities loaned.
NVDR Non Voting Depositary Receipt
REIT Real Estate Investment Trust
At March 31, 2021, open futures contracts purchased were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
DJ US Real Estate Index (long)   300   06/18/2021   $10,610,714   $10,737,000   $126,286
During the period ended March 31, 2021, average notional value related to futures contracts was $6,882,929.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Common Stocks
   $1,632,996,487   $—   $ 0(a)   $1,632,996,487
Short-Term Investments
   10,098,349   —   —   10,098,349
TOTAL INVESTMENTS
   $1,643,094,836   $—   $ 0   $1,643,094,836
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(b)
   126,286   —   —   126,286
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ 126,286   $—   $—   $ 126,286
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS
   $1,643,221,122   $—   $—   $1,643,221,122
    
See accompanying notes to financial statements.
15

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SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
(a) The Fund held a Level 3 security that was valued at $0 at March 31, 2021.
(b) Futures Contracts are valued at unrealized appreciation (depreciation).
Affiliate Table
  Number of
Shares Held
at 9/30/20 		  Value at
9/30/20 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/21 		  Value at
3/31/21 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 1,037,667   $ 1,037,875   $ 41,693,150   $ 40,025,544   $48   $33   2,704,751   $ 2,705,562   $ 917
State Street Navigator Securities Lending Portfolio II
 15,555,494   15,555,494   81,417,946   89,580,653   —   —   7,392,787   7,392,787   174,274
Total
     $16,593,369   $123,111,096   $129,606,197   $48   $33       $10,098,349   $175,191
See accompanying notes to financial statements.
16

Table of Contents
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.3%        
AUSTRALIA — 11.8%          
BWP Trust REIT
     823,013   $ 2,476,049
Charter Hall Long Wale REIT
     862,841   3,101,903
Charter Hall Retail REIT
     860,018   2,515,326
Dexus REIT
     1,823,154   13,538,901
Goodman Group REIT
     2,823,358   38,965,441
GPT Group REIT
     3,269,564   11,455,212
National Storage REIT
     1,566,607   2,386,412
Scentre Group REIT
     8,714,850   18,718,217
Shopping Centres Australasia Property Group REIT
     1,809,305   3,458,924
Vicinity Centres REIT
     6,492,918   8,184,523
Waypoint REIT
     1,313,841   2,511,724
          107,312,632
AUSTRIA — 0.6%          
CA Immobilien Anlagen AG
     119,298   5,061,612
BELGIUM — 2.3%          
Aedifica SA REIT
     55,502   6,379,638
Cofinimmo SA REIT
     47,897   6,991,630
Warehouses De Pauw CVA REIT
     228,885   7,580,657
          20,951,925
BRAZIL — 0.6%          
BR Malls Participacoes SA (a)
     1,299,797   2,331,020
BR Properties SA
     341,400   520,297
Iguatemi Empresa de Shopping Centers SA
     147,400   976,920
Multiplan Empreendimentos Imobiliarios SA
     462,940   2,009,109
          5,837,346
CANADA — 3.4%          
Allied Properties Real Estate Investment Trust
     105,681   3,417,175
Artis Real Estate Investment Trust
     114,051   983,660
Boardwalk Real Estate Investment Trust
     39,111   1,129,905
Canadian Apartment Properties REIT
     142,372   6,101,091
Cominar Real Estate Investment Trust
     153,254   1,137,654
Dream Industrial Real Estate Investment Trust
     141,463   1,510,469
Dream Office Real Estate Investment Trust
     42,741   719,576
First Capital Real Estate Investment Trust
     182,145   2,389,761
Granite Real Estate Investment Trust
     51,327   3,120,825
H&R Real Estate Investment Trust
     235,327   2,669,979
InterRent Real Estate Investment Trust
     114,160   1,343,379
RioCan Real Estate Investment Trust
     263,549   4,080,569
See accompanying notes to financial statements.
17

Table of Contents
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SmartCentres Real Estate Investment Trust
     120,825   $ 2,581,176
          31,185,219
FINLAND — 0.5%          
Kojamo Oyj
     227,867   4,467,103
FRANCE — 5.1%          
Covivio REIT
     80,890   6,940,108
Gecina SA REIT
     91,067   12,565,439
Klepierre SA REIT
     336,440   7,862,882
Unibail-Rodamco-Westfield REIT (a)
     875,344   3,566,876
Unibail-Rodamco-Westfield REIT (a)(b)
     188,735   15,159,188
          46,094,493
GERMANY — 7.6%          
alstria office REIT-AG
     298,122   4,828,272
Aroundtown SA
     2,012,669   14,358,517
Deutsche EuroShop AG (a)
     84,825   1,770,579
Deutsche Wohnen SE
     604,264   28,251,404
Grand City Properties SA
     175,756   4,412,248
LEG Immobilien SE
     121,040   15,955,685
          69,576,705
HONG KONG — 7.2%          
Hang Lung Properties, Ltd.
     3,093,755   8,038,363
Hysan Development Co., Ltd.
     1,023,846   4,003,488
Link REIT
     3,496,167   31,838,731
Swire Properties, Ltd. (c)
     1,766,000   5,463,062
Wharf Real Estate Investment Co., Ltd.
     2,906,000   16,278,489
          65,622,133
JAPAN — 29.9%          
Activia Properties, Inc. REIT
     1,164   5,114,226
Advance Residence Investment Corp. REIT
     2,324   7,297,991
Aeon Mall Co., Ltd.
     169,940   2,960,493
AEON REIT Investment Corp.
     2,577   3,474,869
Comforia Residential REIT, Inc.
     1,056   3,225,339
Daiwa House REIT Investment Corp.
     3,353   9,015,170
Daiwa Office Investment Corp. REIT
     511   3,602,434
Daiwa Securities Living Investments Corp. REIT
     3,572   3,510,581
Frontier Real Estate Investment Corp. REIT
     805   3,434,910
Fukuoka REIT Corp.
     1,231   1,936,179
Global One Real Estate Investment Corp. REIT
     1,622   1,770,255
GLP J-REIT
     7,291   11,995,509
See accompanying notes to financial statements.
18

Table of Contents
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Hoshino Resorts REIT, Inc.
     379   $ 2,188,253
Hulic Co., Ltd.
     836,990   9,884,814
Hulic Reit, Inc.
     1,976   3,099,012
Ichigo Office REIT Investment Corp.
     2,615   2,243,457
Industrial & Infrastructure Fund Investment Corp. REIT
     3,472   5,966,813
Invesco Office J-Reit, Inc.
     15,180   2,394,456
Invincible Investment Corp. REIT
     10,218   3,860,647
Japan Excellent, Inc. REIT
     2,191   2,843,343
Japan Hotel REIT Investment Corp.
     7,479   4,216,667
Japan Logistics Fund, Inc. REIT
     1,533   4,328,471
Japan Metropolitan Fund Invest REIT
     11,729   12,004,976
Japan Prime Realty Investment Corp. REIT
     1,607   6,006,253
Japan Real Estate Investment Corp. REIT
     2,325   13,739,593
Kenedix Office Investment Corp. REIT
     719   5,120,842
Kenedix Residential Next Investment Corp. REIT
     1,606   3,139,330
Kenedix Retail REIT Corp.
     909   2,210,392
LaSalle Logiport REIT
     2,745   4,168,425
Leopalace21 Corp. (a)
     273,500   378,692
Mirai Corp. REIT
     2,809   1,221,470
Mitsubishi Estate Logistics REIT Investment Corp.
     661   2,602,127
Mitsui Fudosan Co., Ltd.
     1,621,100   36,874,524
Mitsui Fudosan Logistics Park, Inc. REIT
     845   4,182,941
Mori Hills REIT Investment Corp.
     2,729   3,786,024
Mori Trust Sogo Reit, Inc. (c)
     1,625   2,283,824
Nippon Accommodations Fund, Inc. REIT
     843   4,951,195
Nippon Building Fund, Inc. REIT
     2,775   16,348,643
Nippon Prologis REIT, Inc.
     4,324   13,911,149
NIPPON REIT Investment Corp.
     753   2,879,118
Nomura Real Estate Master Fund, Inc. REIT
     7,915   11,919,059
Orix JREIT, Inc.
     4,631   8,063,388
Premier Investment Corp. REIT
     2,235   3,197,769
Sekisui House Reit, Inc.
     7,194   5,989,575
Tokyu REIT, Inc.
     1,584   2,593,173
United Urban Investment Corp. REIT
     5,231   7,034,630
          272,971,001
MALTA — 0.0% (d)          
BGP Holdings PLC (e)
     32,410,441   —
MEXICO — 0.6%          
Fibra Uno Administracion SA de CV REIT
     4,993,702   5,830,725
NETHERLANDS — 0.3%          
Eurocommercial Properties NV REIT (a)
     60,165   1,329,384
See accompanying notes to financial statements.
19

Table of Contents
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Wereldhave NV REIT (a)(c)
     68,981   $ 1,181,238
          2,510,622
NORWAY — 0.7%          
Entra ASA (f)
     283,394   6,304,395
ROMANIA — 0.5%          
NEPI Rockcastle PLC
     673,718   4,253,212
SAUDI ARABIA — 0.1%          
Arabian Centres Co., Ltd.
     178,301   1,060,184
SINGAPORE — 8.7%          
Ascendas Real Estate Investment Trust
     5,315,789   12,066,952
CapitaLand China Trust REIT
     1,625,400   1,657,337
CapitaLand Integrated Commercial Trust REIT
     7,603,123   12,279,530
CapitaLand, Ltd.
     4,183,303   11,706,772
Frasers Centrepoint Trust REIT
     2,266,638   4,149,992
Frasers Logistics & Commercial Trust REIT
     4,512,400   4,869,738
Keppel DC REIT
     2,159,100   4,338,769
Keppel REIT
     3,282,453   2,980,495
Mapletree Commercial Trust REIT
     3,703,071   5,842,893
Mapletree Industrial Trust REIT
     2,799,100   5,708,197
Mapletree Logistics Trust REIT
     4,882,979   7,014,104
Mapletree North Asia Commercial Trust REIT
     3,489,800   2,753,191
Suntec Real Estate Investment Trust
     3,599,076   4,178,743
          79,546,713
SOUTH AFRICA — 0.9%          
Growthpoint Properties, Ltd. REIT
     5,709,014   5,103,461
Hyprop Investments, Ltd. REIT
     503,880   962,290
Redefine Properties, Ltd. REIT (a)
     9,230,249   2,344,091
          8,409,842
SPAIN — 1.1%          
Inmobiliaria Colonial Socimi SA REIT
     425,845   4,131,589
Merlin Properties Socimi SA REIT
     559,431   5,733,391
          9,864,980
SWEDEN — 3.5%          
Castellum AB (c)
     409,484   9,048,176
Fabege AB (c)
     454,996   6,146,619
Hufvudstaden AB Class A (c)
     200,036   2,914,605
Klovern AB Class B
     1,122,850   1,961,957
Kungsleden AB
     304,469   3,187,453
Samhallsbyggnadsbolaget i Norden AB (c)
     1,407,456   4,388,864
See accompanying notes to financial statements.
20

Table of Contents
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Wihlborgs Fastigheter AB
     224,185   $ 4,261,838
          31,909,512
SWITZERLAND — 2.2%          
PSP Swiss Property AG
     70,811   8,667,510
Swiss Prime Site AG
     127,522   11,808,471
          20,475,981
THAILAND — 0.5%          
Central Pattana PCL NVDR
     2,270,559   4,232,322
UNITED KINGDOM — 11.2%          
British Land Co. PLC REIT
     1,574,366   10,965,031
Capital & Counties Properties PLC REIT
     1,440,088   3,391,621
Derwent London PLC REIT
     187,872   8,367,205
Grainger PLC
     1,131,468   4,164,980
Great Portland Estates PLC REIT
     425,490   3,990,757
Hammerson PLC REIT (c)
     6,798,085   3,281,824
Land Securities Group PLC REIT
     1,261,059   12,006,937
LondonMetric Property PLC REIT
     1,524,899   4,493,939
Primary Health Properties PLC REIT
     2,231,157   4,562,083
Segro PLC REIT
     2,000,910   25,883,915
Shaftesbury PLC REIT (a)(c)
     508,882   4,504,002
Tritax Big Box REIT PLC
     2,896,213   7,172,652
UNITE Group PLC REIT (a)
     668,256   9,837,667
          102,622,613
TOTAL COMMON STOCKS

(Cost $930,162,160)
         906,101,270
       
SHORT-TERM INVESTMENTS — 2.4%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.07% (g) (h)
 502,733 502,884
State Street Navigator Securities Lending Portfolio II (i) (j)
 20,794,658 20,794,658
TOTAL SHORT-TERM INVESTMENTS

(Cost $21,297,542)
 21,297,542
TOTAL INVESTMENTS — 101.7%

(Cost $951,459,702)
 927,398,812
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.7)%
(15,165,458)
NET ASSETS — 100.0%
$ 912,233,354
(a) Non-income producing security.
See accompanying notes to financial statements.
21

Table of Contents
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
(b) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(c) All or a portion of the shares of the security are on loan at March 31, 2021.
(d) Amount is less than 0.05% of net assets.
(e) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2021, total aggregate fair value of the security is $0, representing 0.0% of the Fund's net assets.
(f) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.7% of net assets as of March 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at March 31, 2021.
(i) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(j) Investment of cash collateral for securities loaned.
NVDR Non Voting Depositary Receipt
REIT Real Estate Investment Trust
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Common Stocks
   $906,101,270   $—   $ 0(a)   $906,101,270
Short-Term Investments
   21,297,542   —   —   21,297,542
TOTAL INVESTMENTS
   $927,398,812   $—   $ 0   $927,398,812
(a) The Fund held a Level 3 security that was valued at $0 at March 31, 2021.
See accompanying notes to financial statements.
22

Table of Contents
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Affiliate Table
  Number of
Shares Held
at 9/30/20 		  Value at
9/30/20 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/21 		  Value at
3/31/21 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 193,817   $ 193,856   $ 15,562,124   $ 15,253,109   $13   $—   502,733   $ 502,884   $ 161
State Street Navigator Securities Lending Portfolio II
 17,247,878   17,247,878   106,056,944   102,510,164   —   —   20,794,658   20,794,658   192,512
Total
     $17,441,734   $121,619,068   $ 117,763,273   $13   $—       $21,297,542   $192,673
See accompanying notes to financial statements.
23

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%          
AEROSPACE & DEFENSE — 0.3%      
AECC Aviation Power Co., Ltd. Class A
   140,000   $ 972,779
AVIC Electromechanical Systems Co., Ltd. Class A
   456,700   677,964
AVIC Shenyang Aircraft Co., Ltd. Class A
   89,200   882,456
AVIC Xi'an Aircraft Industry Group Co., Ltd. Class A
   184,300   681,448
AviChina Industry & Technology Co., Ltd. Class H (a)
   2,075,000   1,390,549
AVICOPTER PLC Class A
   65,800   507,049
China Avionics Systems Co., Ltd. Class A
   218,487   502,495
          5,614,740
AIR FREIGHT & LOGISTICS — 0.7%      
BEST, Inc. ADR (a)  (b)
   278,258   523,125
Milkyway Chemical Supply Chain Service Co., Ltd. Class A
   9,000   167,348
SF Holding Co., Ltd. Class A
   194,400   2,400,520
Sinotrans, Ltd. Class H
   1,009,000   373,778
STO Express Co., Ltd. Class A
   27,871   39,165
YTO Express Group Co., Ltd. Class A
   259,500   441,781
Yunda Holding Co., Ltd. Class A
   115,358   246,849
ZTO Express Cayman, Inc. ADR
   309,176   9,012,480
          13,205,046
AIRLINES — 0.2%      
Air China, Ltd. Class A
   696,700   960,973
Air China, Ltd. Class H
   464,000   401,664
China Eastern Airlines Corp., Ltd. Class A
   765,800   637,272
China Eastern Airlines Corp., Ltd. Class H
   204,000   96,038
China Southern Airlines Co., Ltd. Class A (b)
   478,000   500,497
China Southern Airlines Co., Ltd. Class H (a)  (b)
   758,000   561,593
Spring Airlines Co., Ltd. Class A
   75,400   684,452
          3,842,489
AUTO COMPONENTS — 0.4%      
Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class A
   5,800   167,073
China First Capital Group, Ltd. (a)  (b)
   2,102,000   21,900
Fuyao Glass Industry Group Co., Ltd. Class A
   144,200   1,012,732
Fuyao Glass Industry Group Co., Ltd. Class H (c)
   234,800   1,396,819
Huayu Automotive Systems Co., Ltd. Class A
   141,600   595,000
Kandi Technologies Group, Inc. (a)  (b)
   22,812   142,575
Kuang-Chi Technologies Co., Ltd. Class A (b)
   74,100   228,358
Minth Group, Ltd.
   522,000   2,175,433
Ningbo Tuopu Group Co., Ltd. Class A
   29,700   151,370
See accompanying notes to financial statements.
24

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Shandong Linglong Tyre Co., Ltd. Class A
   162,300   $ 1,157,660
Tianneng Power International, Ltd. (a)
   456,000   861,036
          7,909,956
AUTOMOBILES — 3.5%      
BAIC Motor Corp., Ltd. Class H (c)
   1,146,400   367,169
Brilliance China Automotive Holdings, Ltd.
   1,754,000   1,646,959
BYD Co., Ltd. Class A
   115,200   2,888,428
BYD Co., Ltd. Class H
   349,000   7,402,466
Chongqing Changan Automobile Co., Ltd. Class A (b)
   400,100   865,302
Dongfeng Motor Group Co., Ltd. Class H
   1,591,300   1,477,813
Geely Automobile Holdings, Ltd.
   2,979,000   7,579,265
Great Wall Motor Co., Ltd. Class H
   2,081,000   5,768,324
Guangzhou Automobile Group Co., Ltd. Class H
   1,799,691   1,511,616
Li Auto, Inc. ADR (a)  (b)
   78,515   1,962,875
NIO, Inc. ADR (b)
   687,488   26,798,282
Niu Technologies ADR (a)  (b)
   16,508   605,018
Qingling Motors Co., Ltd. Class H
   3,240,000   629,292
SAIC Motor Corp., Ltd. Class A
   449,679   1,348,105
XPeng, Inc. ADR (a)  (b)
   83,435   3,046,212
Yadea Group Holdings, Ltd. (c)
   384,000   852,516
          64,749,642
BANKS — 8.9%      
Agricultural Bank of China, Ltd. Class A
   4,982,600   2,581,973
Agricultural Bank of China, Ltd. Class H
   17,105,000   6,842,484
Bank of Beijing Co., Ltd. Class A
   717,100   524,611
Bank of Chengdu Co., Ltd. Class A
   395,600   678,909
Bank of China, Ltd. Class A
   1,671,800   853,583
Bank of China, Ltd. Class H
   43,615,700   16,605,994
Bank of Chongqing Co., Ltd. Class H
   1,429,500   980,035
Bank of Communications Co., Ltd. Class A
   953,700   719,505
Bank of Communications Co., Ltd. Class H
   12,018,824   7,652,397
Bank of Hangzhou Co., Ltd. Class A
   391,800   1,008,581
Bank of Jiangsu Co., Ltd. Class A
   623,600   614,932
Bank of Nanjing Co., Ltd. Class A
   386,000   595,367
Bank of Ningbo Co., Ltd. Class A
   248,500   1,472,548
Bank of Shanghai Co., Ltd. Class A
   556,000   744,870
Bank of Zhengzhou Co., Ltd. Class A
   726,190   417,262
China Bohai Bank Co., Ltd. Class H (b)  (c)
   1,225,000   549,910
China CITIC Bank Corp., Ltd. Class H
   8,000,471   4,064,835
China Construction Bank Corp. Class H
   51,582,623   43,392,183
China Everbright Bank Co., Ltd. Class A
   1,845,800   1,147,788
See accompanying notes to financial statements.
25

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
China Everbright Bank Co., Ltd. Class H
   874,000   $ 381,102
China Merchants Bank Co., Ltd. Class A
   839,400   6,537,423
China Merchants Bank Co., Ltd. Class H
   2,290,735   17,487,426
China Minsheng Banking Corp., Ltd. Class A
   889,600   684,704
China Minsheng Banking Corp., Ltd. Class H
   4,776,259   2,770,733
Chongqing Rural Commercial Bank Co., Ltd. Class H
   2,360,000   1,016,921
Huaxia Bank Co., Ltd. Class A
   474,300   465,539
Industrial & Commercial Bank of China, Ltd. Class A
   2,714,100   2,291,671
Industrial & Commercial Bank of China, Ltd. Class H
   41,911,789   30,081,586
Industrial Bank Co., Ltd. Class A
   1,065,700   3,912,808
Jiangsu Changshu Rural Commercial Bank Co., Ltd. Class A
   438,500   507,925
Ping An Bank Co., Ltd. Class A
   769,900   2,582,683
Postal Savings Bank of China Co., Ltd. Class A
   711,000   636,099
Postal Savings Bank of China Co., Ltd. Class H (a)  (c)
   4,067,000   3,039,349
Shanghai Pudong Development Bank Co., Ltd. Class A
   1,302,070   2,180,965
          166,024,701
BEVERAGES — 2.6%      
Anhui Gujing Distillery Co., Ltd. Class A
   31,400   1,005,813
Anhui Kouzi Distillery Co., Ltd. Class A
   35,900   339,237
Beijing Shunxin Agriculture Co., Ltd. Class A
   42,000   300,412
Beijing Yanjing Brewery Co., Ltd. Class A
   429,100   480,033
China Resources Beer Holdings Co., Ltd.
   771,667   6,049,702
Chongqing Brewery Co., Ltd. Class A
   77,739   1,318,596
Huiyuan Juice Group, Ltd. (b)  (d)
   701,000   —
Jiangsu King's Luck Brewery JSC, Ltd. Class A
   75,000   560,682
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A
   64,700   1,624,107
Kweichow Moutai Co., Ltd. Class A
   58,731   17,983,079
Luzhou Laojiao Co., Ltd. Class A
   64,700   2,218,922
Nongfu Spring Co., Ltd. Class H (a) (b)  (c)
   706,800   3,522,886
Shanghai Bairun Investment Holding Group Co., Ltd. Class A
   13,500   224,273
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
   45,500   2,307,870
Sichuan Swellfun Co., Ltd. Class A
   73,500   801,295
Tsingtao Brewery Co., Ltd. Class A
   10,600   136,741
Tsingtao Brewery Co., Ltd. Class H
   223,000   1,976,307
Wuliangye Yibin Co., Ltd. Class A
   180,400   7,368,102
Yantai Changyu Pioneer Wine Co., Ltd. Class A
   45,800   226,166
          48,444,223
BIOTECHNOLOGY — 1.7%      
3SBio, Inc. (b)  (c)
   492,500   435,204
Akeso, Inc. (b)  (c)
   225,000   1,421,001
BeiGene, Ltd. ADR (b)
   22,544   7,847,115
See accompanying notes to financial statements.
26

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Beijing SL Pharmaceutical Co., Ltd. Class A
   111,675   $ 161,014
Beijing Tiantan Biological Products Corp., Ltd. Class A
   142,529   709,473
Berry Genomics Co., Ltd. Class A (b)
   96,100   473,968
BGI Genomics Co., Ltd. Class A
   21,999   411,769
China Biologic Products Holdings, Inc. (a)  (b)
   20,309   2,404,789
Chongqing Zhifei Biological Products Co., Ltd. Class A
   73,500   1,932,271
Da An Gene Co., Ltd. of Sun Yat-Sen University Class A
   163,650   758,988
Getein Biotech, Inc. Class A
   104,080   539,023
Hualan Biological Engineering, Inc. Class A
   95,100   576,148
I-Mab ADR (b)
   12,244   593,467
Innovent Biologics, Inc. (b)  (c)
   397,500   4,031,523
Jinyu Bio-Technology Co., Ltd. Class A
   181,500   528,633
Legend Biotech Corp. ADR (b)
   19,784   574,132
Shanghai Haohai Biological Technology Co., Ltd. Class H (c)
   21,900   167,043
Shanghai RAAS Blood Products Co., Ltd. Class A
   383,100   434,412
Shenzhen Kangtai Biological Products Co., Ltd. Class A
   31,800   663,897
Walvax Biotechnology Co., Ltd. Class A
   115,500   795,502
Yantai Dongcheng Pharmaceutical Co., Ltd. Class A
   254,100   738,149
Zai Lab, Ltd. ADR (b)
   41,535   5,542,015
          31,739,536
BUILDING PRODUCTS — 0.4%      
Beijing New Building Materials PLC Class A
   175,200   1,152,477
China Lesso Group Holdings, Ltd.
   479,000   1,030,154
Guangdong Kinlong Hardware Products Co., Ltd. Class A
   10,300   260,326
Xinyi Glass Holdings, Ltd.
   1,306,000   4,266,848
Zhejiang Weixing New Building Materials Co., Ltd. Class A
   208,975   804,534
          7,514,339
CAPITAL MARKETS — 1.8%      
Caitong Securities Co., Ltd. Class A
   296,700   503,755
Central China Securities Co., Ltd. Class H (a)  (b)
   509,000   97,552
Changjiang Securities Co., Ltd. Class A
   441,000   474,526
China Cinda Asset Management Co., Ltd. Class H
   6,186,200   1,289,049
China Everbright, Ltd.
   768,000   1,003,657
China Galaxy Securities Co., Ltd. Class H
   2,696,000   1,664,529
China Huarong Asset Management Co., Ltd. Class H (c)
   6,780,000   889,529
China International Capital Corp., Ltd. Class H (a) (b)  (c)
   323,200   783,218
China Merchants Securities Co., Ltd. Class A
   440,392   1,318,921
CITIC Securities Co., Ltd. Class A
   319,300   1,162,604
CITIC Securities Co., Ltd. Class H (a)
   1,544,000   3,554,927
CSC Financial Co., Ltd. Class A
   132,304   641,436
Dongxing Securities Co., Ltd. Class A
   284,700   475,136
See accompanying notes to financial statements.
27

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
East Money Information Co., Ltd. Class A
   259,300   $ 1,077,321
Everbright Securities Co., Ltd. Class A
   268,800   665,732
Founder Securities Co., Ltd. Class A (b)
   457,700   606,900
GF Securities Co., Ltd. Class A
   227,800   544,051
GF Securities Co., Ltd. Class H
   971,400   1,489,377
Guosen Securities Co., Ltd. Class A
   266,300   485,421
Guotai Junan International Holdings, Ltd.
   2,060,000   378,908
Guotai Junan Securities Co., Ltd. Class A
   437,900   1,083,871
Guoyuan Securities Co., Ltd. Class A
   454,040   533,538
Haitong Securities Co., Ltd. Class A
   233,000   393,116
Haitong Securities Co., Ltd. Class H
   2,054,600   1,900,144
Huaan Securities Co., Ltd. Class A
   488,700   475,948
Huatai Securities Co., Ltd. Class A
   309,100   798,990
Huatai Securities Co., Ltd. Class H (c)
   912,400   1,398,917
Huaxi Securities Co., Ltd. Class A
   317,200   481,031
Industrial Securities Co., Ltd. Class A
   490,700   631,960
Noah Holdings, Ltd. ADR (b)
   23,539   1,045,132
Orient Securities Co., Ltd. Class A
   350,500   473,302
SDIC Capital Co., Ltd. Class A
   248,685   463,167
Shaanxi International Trust Co., Ltd. Class A
   1,615,330   822,289
Shanxi Securities Co., Ltd. Class A
   543,390   582,215
Shenwan Hongyuan Group Co., Ltd. Class A
   1,021,310   722,258
Sinolink Securities Co., Ltd. Class A
   345,700   711,822
SooChow Securities Co., Ltd. Class A
   450,652   662,804
Southwest Securities Co., Ltd. Class A
   684,800   486,369
Up Fintech Holding, Ltd. ADR (a)  (b)
   15,872   282,363
Western Securities Co., Ltd. Class A
   350,400   470,497
Zheshang Securities Co., Ltd. Class A
   350,300   683,387
          34,209,669
CHEMICALS — 0.9%      
ADAMA, Ltd. Class A
   331,900   454,256
China BlueChemical, Ltd. Class H
   1,900,000   459,454
China Lumena New Materials Corp. (a) (b)  (d)
   89,113   —
COFCO Biotechnology Co., Ltd. Class L
   455,400   623,284
Fufeng Group, Ltd.
   556,000   200,246
Guangzhou Tinci Materials Technology Co., Ltd. Class A
   16,700   207,719
Hengli Petrochemical Co., Ltd. Class A
   233,800   1,045,137
Hengyi Petrochemical Co., Ltd. Class A
   323,291   721,852
Huabao International Holdings, Ltd. (a)
   232,000   235,448
Huapont Life Sciences Co., Ltd. Class A
   553,700   454,862
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd. Class A
   891,300   717,257
See accompanying notes to financial statements.
28

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Jiangsu Eastern Shenghong Co., Ltd. Class A
   594,600   $ 1,279,606
Jiangsu Yoke Technology Co., Ltd. Class A
   77,700   659,026
Lomon Billions Group Co., Ltd. Class A
   249,800   1,088,106
Rongsheng Petrochemical Co., Ltd. Class A
   284,200   1,192,902
Shandong Hualu Hengsheng Chemical Co., Ltd. Class A
   181,896   1,040,998
Shanghai Putailai New Energy Technology Co., Ltd. Class A
   11,100   160,717
Shenzhen Capchem Technology Co., Ltd. Class A
   11,000   128,153
Sichuan Lutianhua Co., Ltd. Class A (b)
   200,300   123,638
Sinopec Shanghai Petrochemical Co., Ltd. Class H
   2,129,999   504,113
Skshu Paint Co., Ltd. Class A
   8,600   261,099
Tongkun Group Co., Ltd. Class A
   240,400   756,608
Transfar Zhilian Co., Ltd. Class A
   375,400   414,810
Wanhua Chemical Group Co., Ltd. Class A
   134,500   2,164,726
Zhejiang Juhua Co., Ltd. Class A
   435,100   611,416
Zhejiang Longsheng Group Co., Ltd. Class A
   202,200   446,238
Zibo Qixiang Tengda Chemical Co., Ltd. Class A
   422,500   575,680
          16,527,351
COMMERCIAL SERVICES & SUPPLIES — 0.8%      
A-Living Smart City Services Co., Ltd. (c)
   151,750   673,408
China Everbright Environment Group, Ltd.
   2,360,925   1,597,343
Country Garden Services Holdings Co., Ltd.
   865,000   8,767,437
CT Environmental Group, Ltd. (a) (b)  (d)
   1,980,400   —
Dongjiang Environmental Co., Ltd. Class H (a)
   193,000   132,317
Ever Sunshine Lifestyle Services Group, Ltd.
   576,000   1,449,178
Greentown Service Group Co., Ltd.
   766,000   1,164,599
Shanghai M&G Stationery, Inc. Class A
   79,080   1,029,419
          14,813,701
COMMUNICATIONS EQUIPMENT — 0.4%      
Addsino Co., Ltd. Class A
   248,000   698,506
Beijing BDStar Navigation Co., Ltd. Class A (b)
   22,000   144,852
BYD Electronic International Co., Ltd. (a)
   369,000   2,154,828
China Fiber Optic Network System Group, Ltd. (b)  (d)
   1,131,600   —
Comba Telecom Systems Holdings, Ltd. (a)
   1,650,310   424,547
Fiberhome Telecommunication Technologies Co., Ltd. Class A
   45,000   126,196
Fujian Star-net Communication Co., Ltd. Class A
   107,700   326,652
Guangzhou Haige Communications Group, Inc. Co. Class A
   115,000   177,376
Hengtong Optic-electric Co., Ltd. Class A
   146,900   274,492
Hytera Communications Corp., Ltd. Class A (b)
   17,400   14,453
Tianjin 712 Communication & Broadcasting Co., Ltd. Class A
   31,100   162,439
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (a)  (c)
   223,000   283,395
See accompanying notes to financial statements.
29

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Yangtze Optical Fibre and Cable Joint Stock, Ltd., Co. Class A
   61,800   $ 221,064
Yealink Network Technology Corp., Ltd. Class A
   18,100   188,057
ZTE Corp. Class A
   132,400   591,655
ZTE Corp. Class H (a)
   479,997   1,218,754
          7,007,266
CONSTRUCTION & ENGINEERING — 0.6%      
China Communications Services Corp., Ltd. Class H
   1,327,600   595,968
China Conch Venture Holdings, Ltd.
   984,500   4,628,427
China Railway Group, Ltd. Class A
   512,300   461,454
China Railway Group, Ltd. Class H
   2,746,000   1,451,686
China State Construction Engineering Corp., Ltd. Class A
   1,631,800   1,290,776
Metallurgical Corp. of China, Ltd. Class A
   1,081,500   563,728
Metallurgical Corp. of China, Ltd. Class H
   1,930,000   501,463
Power Construction Corp. of China, Ltd. Class A
   663,200   416,446
Shanghai Construction Group Co., Ltd. Class A
   904,700   417,796
Suzhou Gold Mantis Construction Decoration Co., Ltd. Class A
   340,000   490,215
          10,817,959
CONSTRUCTION MATERIALS — 0.8%      
Anhui Conch Cement Co., Ltd. Class A
   103,400   807,192
Anhui Conch Cement Co., Ltd. Class H
   668,500   4,346,632
BBMG Corp. Class H
   1,514,000   315,479
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. Class A
   229,250   1,787,543
China Jushi Co., Ltd. Class A
   390,700   1,143,303
China National Building Material Co., Ltd. Class H
   2,238,000   3,229,857
China Resources Cement Holdings, Ltd.
   1,045,163   1,173,623
CSG Holding Co., Ltd. Class A
   645,617   618,931
Huaxin Cement Co., Ltd. Class A
   165,500   598,819
Jinyuan EP Co., Ltd. Class A
   246,000   275,575
Sichuan Shuangma Cement Co., Ltd. Class A
   141,600   310,341
Tangshan Jidong Cement Co., Ltd. Class A
   159,500   380,445
          14,987,740
CONSUMER FINANCE — 0.2%      
360 DigiTech, Inc. ADR (a)
   52,176   1,357,098
FinVolution Group ADR
   32,032   224,544
LexinFintech Holdings, Ltd. ADR (a)  (b)
   99,391   999,873
Lufax Holding, Ltd. ADR (b)
   80,160   1,163,923
Qudian, Inc. ADR (a)  (b)
   142,563   325,044
          4,070,482
CONTAINERS & PACKAGING — 0.1%      
Greatview Aseptic Packaging Co., Ltd.
   468,000   232,963
See accompanying notes to financial statements.
30

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Shenzhen YUTO Packaging Technology Co., Ltd. Class A
   148,740   $ 660,366
Yunnan Energy New Material Co., Ltd. Class A
   28,500   486,149
          1,379,478
DISTRIBUTORS — 0.0% (e)      
Xinhua Winshare Publishing and Media Co., Ltd. Class H
   650,000   448,135
DIVERSIFIED CONSUMER SERVICES — 1.6%      
Bright Scholar Education Holdings, Ltd. ADR
   21,007   121,841
China Education Group Holdings, Ltd.
   511,000   908,363
China Maple Leaf Educational Systems, Ltd. (a)  (b)
   1,051,497   275,911
China Yuhua Education Corp., Ltd. (c)
   656,000   513,868
Fu Shou Yuan International Group, Ltd.
   922,000   945,191
GSX Techedu, Inc. ADR (a)  (b)
   55,024   1,864,213
Koolearn Technology Holding, Ltd. (a) (b)  (c)
   100,000   227,669
New Oriental Education & Technology Group, Inc. ADR (b)
   819,205   11,468,870
Offcn Education Technology Co., Ltd. Class A
   69,400   297,963
Puxin, Ltd. ADR (b)
   7,673   30,692
TAL Education Group ADR (b)
   225,629   12,150,122
Tianli Education International Holdings, Ltd.
   241,000   235,592
Youdao, Inc. ADR (a)  (b)
   8,480   201,993
Zhejiang Yasha Decoration Co., Ltd. Class A
   588,500   778,543
          30,020,831
DIVERSIFIED FINANCIAL SERVICES — 0.1%      
Avic Capital Co., Ltd. Class A
   632,600   385,661
China Common Rich Renewable Energy Investment, Ltd. (a) (b)  (d)
   17,589,376   —
Chongsing Holdings,Ltd. (b)  (d)
   17,798,900   —
Far East Horizon, Ltd. (a)
   1,482,000   1,780,432
Oceanwide Holdings Co., Ltd. Class A
   682,000   285,847
          2,451,940
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%      
China Tower Corp., Ltd. Class H (c)
   26,336,000   3,895,633
CITIC Telecom International Holdings, Ltd.
   1,391,000   492,028
          4,387,661
ELECTRICAL EQUIPMENT — 0.9%      
Baosheng Science and Technology Innovation Co., Ltd. Class A
   841,652   531,067
Contemporary Amperex Technology Co., Ltd. Class A
   103,200   5,067,357
Dongfang Electric Corp., Ltd. Class A
   335,700   650,300
Dongfang Electric Corp., Ltd. Class H
   254,000   234,252
Eve Energy Co., Ltd. Class A
   130,700   1,496,998
See accompanying notes to financial statements.
31

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Fangda Carbon New Material Co., Ltd. Class A (b)
   363,360   $ 451,902
Fullshare Holdings, Ltd. (a)  (b)
   5,085,000   109,229
Guoxuan High-Tech Co., Ltd. Class A (b)
   36,500   200,435
NARI Technology Co., Ltd. Class A
   194,800   924,537
Ningbo Sanxing Medical Electric Co., Ltd. Class A
   499,200   507,478
Shanghai Electric Group Co., Ltd. Class A (b)
   630,100   532,990
Shanghai Electric Group Co., Ltd. Class H (b)
   2,732,000   983,941
Shanghai Liangxin Electrical Co., Ltd. Class A
   47,500   223,194
Shanghai Moons' Electric Co., Ltd. Class A
   74,400   170,658
Sungrow Power Supply Co., Ltd. Class A
   54,900   600,610
Sunwoda Electronic Co., Ltd. Class A
   39,900   118,158
Suzhou Maxwell Technologies Co., Ltd. Class A
   1,800   150,887
Tech Pro Technology Development, Ltd. (a) (b)  (d)
   4,481,396   —
Topsec Technologies Group, Inc. Class A (b)
   184,400   559,844
Xinjiang Goldwind Science & Technology Co., Ltd. Class A
   249,200   538,189
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (a)
   435,360   817,583
Zhejiang Chint Electrics Co., Ltd. Class A
   143,400   793,364
Zhuzhou CRRC Times Electric Co., Ltd. Class H
   348,100   1,298,471
          16,961,444
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.7%      
AAC Technologies Holdings, Inc. (a)
   421,745   2,123,792
Accelink Technologies Co., Ltd. Class A
   107,300   363,379
Anxin-China Holdings, Ltd. (b)  (d)
   3,068,000   —
Avary Holding Shenzhen Co., Ltd. Class A
   81,000   440,727
AVIC Jonhon Optronic Technology Co., Ltd. Class A
   76,800   791,270
Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd. Class A
   9,500   187,837
BOE Technology Group Co., Ltd. Class A
   1,662,300   1,588,524
Foxconn Industrial Internet Co., Ltd. Class A
   224,200   491,031
GoerTek, Inc. Class A
   173,500   717,936
Guangzhou Shiyuan Electronic Technology Co., Ltd. Class A
   34,500   685,247
Hollysys Automation Technologies, Ltd.
   38,019   475,998
Ju Teng International Holdings, Ltd.
   1,176,000   314,631
Kingboard Holdings, Ltd.
   415,499   2,244,655
Kingboard Laminates Holdings, Ltd.
   402,500   870,808
Lens Technology Co., Ltd. Class A
   208,600   830,750
Lingyi iTech Guangdong Co. Class A
   322,700   402,317
Luxshare Precision Industry Co., Ltd. Class A
   317,463   1,636,861
Maxscend Microelectronics Co., Ltd. Class A
   10,220   948,604
OFILM Group Co., Ltd. Class A
   239,400   316,344
Shengyi Technology Co., Ltd. Class A
   117,900   408,262
Shennan Circuits Co., Ltd. Class A
   37,620   504,738
See accompanying notes to financial statements.
32

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Shenzhen Kinwong Electronic Co., Ltd. Class A
   90,800   $ 363,964
Sunny Optical Technology Group Co., Ltd.
   417,900   9,525,031
Suzhou Dongshan Precision Manufacturing Co., Ltd. Class A
   147,600   412,125
Tianma Microelectronics Co., Ltd. Class A
   221,200   471,987
Unisplendour Corp., Ltd. Class A
   135,176   408,750
Universal Scientific Industrial Shanghai Co., Ltd. Class A
   158,000   465,967
Wasion Holdings, Ltd.
   488,000   150,647
Westone Information Industry, Inc. Class A
   106,800   291,856
Wingtech Technology Co., Ltd. Class A
   58,800   878,254
Wuhan Guide Infrared Co., Ltd. Class A
   175,760   959,270
WUS Printed Circuit Kunshan Co., Ltd. Class A
   119,500   304,888
Wuxi Lead Intelligent Equipment Co., Ltd. Class A
   23,200   279,304
Zepp Health Corp. ADR (a)  (b)
   15,780   169,951
Zhejiang Dahua Technology Co., Ltd. Class A
   183,600   690,333
          31,716,038
ENERGY EQUIPMENT & SERVICES — 0.1%      
Anton Oilfield Services Group (a)  (b)
   1,340,000   84,456
China Oilfield Services, Ltd. Class H
   1,109,900   1,142,100
Shandong Molong Petroleum Machinery Co., Ltd. Class A (b)
   1,158,912   646,470
Sinopec Oilfield Service Corp. Class H (a)  (b)
   1,778,000   155,515
          2,028,541
ENTERTAINMENT — 2.4%      
Alibaba Pictures Group, Ltd. (b)
   9,360,000   1,215,983
Bilibili, Inc. ADR (a)  (b)
   80,234   8,589,852
China Film Co., Ltd. Class A
   80,800   174,501
DouYu International Holdings, Ltd. ADR (b)
   67,620   703,924
G-bits Network Technology Xiamen Co., Ltd. Class A
   6,146   348,637
Giant Network Group Co., Ltd. Class A
   154,600   342,131
HUYA, Inc. ADR (a)  (b)
   27,247   530,772
iQIYI, Inc. ADR (a)  (b)
   161,718   2,687,753
Mango Excellent Media Co., Ltd. Class A
   76,866   680,890
NetDragon Websoft Holdings, Ltd.
   253,000   644,341
NetEase, Inc. ADR
   220,777   22,797,433
Perfect World Co., Ltd. Class A
   167,400   504,660
Tencent Music Entertainment Group ADR (a)  (b)
   236,254   4,840,845
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. Class A
   183,500   614,165
XD, Inc. (b)
   58,200   351,845
Zhejiang Century Huatong Group Co., Ltd. Class A (b)
   404,312   439,362
          45,467,094
See accompanying notes to financial statements.
33

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
FOOD & STAPLES RETAILING — 0.2%      
Jiajiayue Group Co., Ltd. Class A
   123,508   $ 390,033
Laobaixing Pharmacy Chain JSC Class A
   63,100   658,774
Sun Art Retail Group, Ltd. (a)
   1,398,000   1,143,654
Yifeng Pharmacy Chain Co., Ltd. Class A
   59,780   808,158
Yonghui Superstores Co., Ltd. Class A
   392,200   406,475
          3,407,094
FOOD PRODUCTS — 2.2%      
Ausnutria Dairy Corp., Ltd.
   191,000   250,099
China Feihe, Ltd. (c)
   1,303,000   3,687,206
China Huishan Dairy Holdings Co., Ltd. (a) (b)  (d)
   2,729,000   —
China Mengniu Dairy Co., Ltd.
   1,643,220   9,405,590
China Yurun Food Group, Ltd. (b)
   1,204,000   133,185
COFCO Meat Holdings, Ltd. (a)
   841,000   431,618
Dali Foods Group Co., Ltd. (c)
   707,000   401,950
Foshan Haitian Flavouring & Food Co., Ltd. Class A
   125,880   3,065,845
Fujian Sunner Development Co., Ltd. Class A
   116,400   456,822
Guangdong Haid Group Co., Ltd. Class A
   96,500   1,147,199
Health & Happiness H&H International Holdings, Ltd.
   113,500   430,674
Henan Shuanghui Investment & Development Co., Ltd. Class A
   134,400   839,846
Inner Mongolia Yili Industrial Group Co., Ltd. Class A
   319,300   1,948,055
Jiangxi Zhengbang Technology Co., Ltd. Class A
   180,900   417,152
Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd. Class A
   77,393   571,259
Juewei Food Co., Ltd. Class A
   16,100   188,944
Muyuan Foods Co., Ltd. Class A
   166,762   2,542,401
New Hope Liuhe Co., Ltd. Class A
   200,300   610,559
Tingyi Cayman Islands Holding Corp.
   991,844   1,821,805
Toly Bread Co., Ltd. Class A
   58,378   425,476
Tongwei Co., Ltd. Class A
   224,500   1,120,242
Uni-President China Holdings, Ltd.
   910,400   1,107,781
Want Want China Holdings, Ltd.
   3,335,933   2,501,590
Wens Foodstuffs Group Co., Ltd. Class A
   195,100   503,123
WH Group, Ltd. (c)
   5,049,106   4,091,526
Yihai International Holding, Ltd. (a)
   267,000   2,764,633
          40,864,580
GAS UTILITIES — 0.6%      
Beijing Enterprises Holdings, Ltd.
   155,000   547,273
China Gas Holdings, Ltd.
   1,194,600   4,893,981
China Resources Gas Group, Ltd.
   539,000   2,988,108
Chongqing Gas Group Corp., Ltd. Class A
   198,200   350,412
See accompanying notes to financial statements.
34

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Kunlun Energy Co., Ltd.
   2,425,400   $ 2,548,800
          11,328,574
HEALTH CARE EQUIPMENT & SUPPLIES — 0.6%      
AK Medical Holdings, Ltd. (a)  (c)
   94,000   119,700
Autobio Diagnostics Co., Ltd. Class A
   7,300   122,186
Intco Medical Technology Co., Ltd. Class A
   34,100   839,819
Jafron Biomedical Co., Ltd. Class A
   18,355   212,610
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A
   145,782   583,021
Lifetech Scientific Corp. (b)
   768,000   352,663
Microport Scientific Corp. (a)
   318,365   1,791,570
Peijia Medical, Ltd. (b)  (c)
   58,000   184,643
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
   1,552,000   3,062,298
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A
   57,600   3,503,739
Sinocare, Inc. Class A
   124,600   587,754
Venus MedTech Hangzhou, Inc. Class H (b)  (c)
   30,500   247,352
          11,607,355
HEALTH CARE PROVIDERS & SERVICES — 0.5%      
Aier Eye Hospital Group Co., Ltd. Class A
   135,800   1,226,323
China National Accord Medicines Corp., Ltd. Class A
   73,800   473,538
China National Medicines Corp., Ltd. Class A
   25,200   130,010
China Resources Medical Holdings Co., Ltd. (a)
   506,500   398,714
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A
   11,800   228,493
Huadong Medicine Co., Ltd. Class A
   115,200   647,530
Hygeia Healthcare Holdings Co., Ltd. (b)  (c)
   90,400   656,391
Jinxin Fertility Group, Ltd. (a)  (c)
   368,000   791,433
Jointown Pharmaceutical Group Co., Ltd. Class A (b)
   236,500   650,617
Meinian Onehealth Healthcare Holdings Co., Ltd. Class A (b)
   256,300   602,351
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
   633,200   1,242,870
Sinopharm Group Co., Ltd. Class H
   708,800   1,715,828
Topchoice Medical Corp. Class A (b)
   8,400   320,704
          9,084,802
HEALTH CARE TECHNOLOGY — 0.2%      
Ping An Healthcare and Technology Co., Ltd. (a) (b)  (c)
   255,254   3,201,161
Winning Health Technology Group Co., Ltd. Class A
   217,200   543,232
          3,744,393
HOTELS, RESTAURANTS & LEISURE — 1.3%      
Ajisen China Holdings, Ltd.
   613,000   100,925
China Travel International Investment Hong Kong, Ltd. (a)  (b)
   3,888,000   660,131
Haidilao International Holding, Ltd. (a)  (c)
   388,000   2,652,561
Huazhu Group, Ltd. ADR (a)  (b)
   67,956   3,730,784
See accompanying notes to financial statements.
35

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Imperial Pacific International Holdings, Ltd. (b)
   25,830,300   $ 33,225
Jiumaojiu International Holdings, Ltd. (a) (b)  (c)
   188,000   752,053
Shanghai Jin Jiang Capital Co., Ltd. Class H
   1,480,187   287,491
Shanghai Jinjiang International Hotels Co., Ltd. Class A
   136,910   1,158,097
Shenzhen Overseas Chinese Town Co., Ltd. Class A
   452,600   702,919
Songcheng Performance Development Co., Ltd. Class A
   186,700   610,079
Suncity Group Holdings, Ltd. (a)  (b)
   1,611,376   122,287
Yum China Holdings, Inc.
   235,885   13,966,751
          24,777,303
HOUSEHOLD DURABLES — 0.9%      
Ecovacs Robotics Co., Ltd. Class A (b)
   17,000   353,670
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. Class A
   27,900   148,829
Haier Smart Home Co., Ltd. Class A
   229,500   1,090,625
Haier Smart Home Co., Ltd. Class H (b)
   1,180,600   4,722,734
Hang Zhou Great Star Industrial Co., Ltd. Class A (b)
   280,400   1,500,037
Hangzhou Robam Appliances Co., Ltd. Class A
   120,000   667,927
Hisense Home Appliances Group Co., Ltd. Class H
   339,000   566,857
Jason Furniture Hangzhou Co., Ltd. Class A
   93,000   1,141,876
Joyoung Co., Ltd. Class A
   143,354   672,723
JS Global Lifestyle Co., Ltd. (c)
   338,000   915,164
KingClean Electric Co., Ltd. Class A
   142,100   742,207
NavInfo Co., Ltd. Class A
   189,800   421,476
Oppein Home Group, Inc. Class A
   36,380   873,903
Shenzhen MTC Co., Ltd. Class A (b)
   806,200   653,689
Skyworth Group, Ltd. (b)
   1,065,057   363,035
TCL Technology Group Corp Class A
   879,500   1,251,986
Zhejiang Supor Co., Ltd. Class A
   47,265   515,426
          16,602,164
HOUSEHOLD PRODUCTS — 0.1%      
Vinda International Holdings, Ltd. (a)
   483,000   1,630,823
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.8%      
Beijing Enterprises Clean Energy Group, Ltd. (b)
   13,025,714   204,405
Beijing Jingneng Clean Energy Co., Ltd. Class H
   1,162,000   263,057
CGN Power Co., Ltd. Class H (c)
   6,630,000   1,603,252
China Datang Corp. Renewable Power Co., Ltd. Class H
   1,912,000   363,982
China Longyuan Power Group Corp., Ltd. Class H
   2,012,000   2,732,890
China National Nuclear Power Co., Ltd. Class A
   570,500   478,228
China Power International Development, Ltd.
   3,040,000   707,754
See accompanying notes to financial statements.
36

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
China Resources Power Holdings Co., Ltd.
   1,158,092   $ 1,537,280
China Yangtze Power Co., Ltd. Class A
   995,400   3,252,664
Concord New Energy Group, Ltd.
   4,760,000   342,867
Datang International Power Generation Co., Ltd. Class H
   3,890,287   620,488
Huadian Power International Corp., Ltd. Class H
   1,200,000   370,444
Huaneng Power International, Inc. Class A
   26,900   18,080
Huaneng Power International, Inc. Class H
   2,428,129   862,008
SDIC Power Holdings Co., Ltd. Class A
   352,600   533,640
Sichuan Chuantou Energy Co., Ltd. Class A
   337,200   644,469
          14,535,508
INDUSTRIAL CONGLOMERATES — 0.1%      
CITIC, Ltd.
   1,079,000   1,021,479
Shanghai Industrial Holdings, Ltd.
   403,000   601,303
          1,622,782
INSURANCE — 3.7%      
China Life Insurance Co., Ltd. Class A
   174,600   846,762
China Life Insurance Co., Ltd. Class H
   4,322,040   8,928,215
China Pacific Insurance Group Co., Ltd. Class A
   247,100   1,425,084
China Pacific Insurance Group Co., Ltd. Class H
   1,610,600   6,349,631
China Reinsurance Group Corp. Class H
   1,753,000   187,150
China Taiping Insurance Holdings Co., Ltd.
   822,491   1,675,779
Fanhua, Inc. ADR (a)
   51,158   712,631
Hubei Biocause Pharmaceutical Co., Ltd. Class A
   446,200   280,864
New China Life Insurance Co., Ltd. Class A
   63,600   470,612
New China Life Insurance Co., Ltd. Class H
   539,300   2,087,984
People's Insurance Co. Group of China, Ltd. Class A
   356,900   323,110
People's Insurance Co. Group of China, Ltd. Class H
   3,738,000   1,211,630
PICC Property & Casualty Co., Ltd. Class H
   3,402,287   2,949,587
Ping An Insurance Group Co. of China, Ltd. Class A
   390,100   4,679,155
Ping An Insurance Group Co. of China, Ltd. Class H
   3,049,600   36,303,594
ZhongAn Online P&C Insurance Co., Ltd. Class H (a) (b)  (c)
   143,600   866,279
          69,298,067
INTERACTIVE MEDIA & SERVICES — 16.1%      
Autohome, Inc. ADR (a)
   34,923   3,257,268
Baidu, Inc. ADR (a)  (b)
   150,289   32,695,372
Baidu, Inc. Class A (a)  (b)
   18,600   509,592
China Metal Recycling Holdings, Ltd. (a) (b)  (d)
   268,085   —
JOYY, Inc. ADR
   26,944   2,525,461
Kuaishou Technology (b)  (c)
   435,500   15,124,543
Meitu, Inc. (b)  (c)
   1,312,500   420,367
See accompanying notes to financial statements.
37

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Momo, Inc. ADR
   90,234   $ 1,330,049
Qutoutiao, Inc. ADR (a)  (b)
   60,833   139,308
Sogou, Inc. ADR (b)
   46,766   353,083
Sohu.com, Ltd. ADR (b)
   15,545   244,368
So-Young International, Inc. ADR (a)  (b)
   6,192   61,115
Tencent Holdings, Ltd.
   3,094,315   242,786,583
Weibo Corp. ADR (a)  (b)
   30,726   1,550,434
          300,997,543
INTERNET & DIRECT MARKETING RETAIL — 21.3%      
Alibaba Group Holding, Ltd. ADR (b)
   983,838   223,065,590
Baozun, Inc. ADR (a)  (b)
   18,955   722,944
Dada Nexus, Ltd. ADR (b)
   3,266   88,639
JD Health International, Inc. (b)  (c)
   194,800   2,793,792
JD.com, Inc. ADR (b)
   490,649   41,376,430
Meituan Class B (b)  (c)
   2,249,700   86,290,418
Pinduoduo, Inc. ADR (b)
   188,727   25,266,771
Tongcheng-Elong Holdings, Ltd. (a)  (b)
   437,307   986,612
Trip.com Group, Ltd. ADR (b)
   259,049   10,266,112
Vipshop Holdings, Ltd. ADR (b)
   221,415   6,611,452
          397,468,760
IT SERVICES — 0.7%      
21Vianet Group, Inc. ADR (b)
   59,520   1,922,496
AGTech Holdings, Ltd. (b)
   2,024,000   53,630
China TransInfo Technology Co., Ltd. Class A
   176,900   425,183
Chinasoft International, Ltd.
   1,190,000   1,279,628
Digital China Holdings, Ltd. (a)
   359,000   251,202
GDS Holdings, Ltd. ADR (b)
   66,202   5,368,320
Hi Sun Technology China, Ltd. (b)
   1,407,000   264,227
Kingsoft Cloud Holdings, Ltd. ADR (b)
   24,968   981,742
TravelSky Technology, Ltd. Class H
   533,000   1,246,383
Yeahka, Ltd. (a)  (b)
   85,200   586,305
          12,379,116
LEISURE EQUIPMENT & PRODUCTS — 0.0% (e)      
Alpha Group Class A (b)
   478,700   396,898
Chinadive Watersports, Inc. Class A
   20,000   212,797
          609,695
LIFE SCIENCES TOOLS & SERVICES — 1.6%      
Genscript Biotech Corp. (b)
   636,000   1,119,112
Hangzhou Tigermed Consulting Co., Ltd. Class A
   51,800   1,185,103
Joinn Laboratories China Co., Ltd. Class A
   11,008   244,615
See accompanying notes to financial statements.
38

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Maccura Biotechnology Co., Ltd. Class A
   25,200   $ 156,050
Pharmaron Beijing Co., Ltd. Class A
   62,200   1,420,953
Viva Biotech Holdings (c)
   160,000   137,888
WuXi AppTec Co., Ltd. Class A
   151,820   3,244,096
WuXi AppTec Co., Ltd. Class H (c)
   84,500   1,661,860
Wuxi Biologics Cayman, Inc. (b)  (c)
   1,656,000   20,736,078
          29,905,755
MACHINERY — 1.1%      
China International Marine Containers Group Co., Ltd. Class H (a)
   319,160   559,955
China Shipbuilding Industry Co., Ltd. Class A (b)
   932,500   581,285
CIMC Enric Holdings, Ltd.
   756,000   539,691
First Tractor Co., Ltd. Class H (a)  (b)
   516,000   222,344
Haitian International Holdings, Ltd.
   453,000   1,806,301
Han's Laser Technology Industry Group Co., Ltd. Class A
   89,400   577,178
Hefei Meiya Optoelectronic Technology, Inc. Class A
   103,600   667,750
Inner Mongolia First Machinery Group Co., Ltd. Class A
   285,823   429,963
Jiangsu Hengli Hydraulic Co., Ltd. Class A
   122,796   1,674,099
Lonking Holdings, Ltd.
   2,530,000   1,073,902
NiSun International Enterprise Development Group Co., Ltd. (a)  (b)
   8,439   139,919
Sany Heavy Industry Co., Ltd. Class A
   349,818   1,820,747
Shanghai Mechanical and Electrical Industry Co., Ltd. Class A
   189,300   556,833
Shenzhen Inovance Technology Co., Ltd. Class A
   39,500   514,791
Sinotruk Hong Kong, Ltd.
   189,500   567,931
Weichai Power Co., Ltd. Class H
   1,346,680   3,325,799
XCMG Construction Machinery Co., Ltd. Class A
   715,200   827,344
Yangzijiang Shipbuilding Holdings, Ltd.
   1,593,100   1,517,690
Yantai Eddie Precision Machinery Co., Ltd. Class A
   17,300   158,809
Zhejiang Sanhua Intelligent Controls Co., Ltd. Class A
   321,560   1,010,572
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class A
   104,400   182,826
Zhengzhou Yutong Bus Co., Ltd. Class A
   223,800   489,473
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H
   1,034,600   1,477,154
          20,722,356
MARINE — 0.4%      
Atlas Corp. (a)
   117,186   1,599,589
COSCO SHIPPING Holdings Co., Ltd. Class H (a)  (b)
   1,897,675   2,440,912
SITC International Holdings Co., Ltd.
   909,000   3,080,880
          7,121,381
See accompanying notes to financial statements.
39

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
MEDIA — 0.3%      
China Literature, Ltd. (a) (b)  (c)
   217,600   $ 2,153,763
China South Publishing & Media Group Co., Ltd. Class A
   77,656   124,156
Chinese Universe Publishing and Media Group Co., Ltd. Class A
   58,600   94,404
Focus Media Information Technology Co., Ltd. Class A
   594,400   840,705
Guizhou Broadcasting & TV Information Network Co., Ltd. Class A
   908,000   685,027
iClick Interactive Asia Group, Ltd. ADR (b)
   40,273   474,013
NanJi E-Commerce Co., Ltd. Class A
   347,000   485,500
Oriental Pearl Group Co., Ltd. Class A
   147,660   216,273
Shandong Publishing & Media Co., Ltd. Class A
   966,500   876,467
Wasu Media Holding Co., Ltd. Class A
   313,300   396,328
          6,346,636
METALS & MINING — 1.4%      
Aluminum Corp. of China, Ltd. Class H (b)
   2,732,000   1,124,504
Angang Steel Co., Ltd. Class H (a)
   1,283,435   640,525
Anhui Honglu Steel Construction Group Co., Ltd. Class A
   97,700   733,658
Baoshan Iron & Steel Co., Ltd. Class A
   1,370,000   1,687,130
China Hongqiao Group, Ltd.
   718,500   959,300
China Molybdenum Co., Ltd. Class A
   864,500   695,690
China Molybdenum Co., Ltd. Class H
   1,935,000   1,172,282
China Northern Rare Earth Group High-Tech Co., Ltd. Class A (b)
   282,100   822,068
China Zhongwang Holdings, Ltd. (a)  (b)
   952,800   234,081
Chongqing Iron & Steel Co., Ltd. Class A (b)
   1,405,900   336,412
Citic Pacific Special Steel Group Co., Ltd. Class A
   55,900   224,922
Ganfeng Lithium Co., Ltd. Class A
   134,800   1,936,574
Guangdong HEC Technology Holding Co., Ltd. Class A (b)
   419,400   317,049
Guangdong Hongda Blasting Co., Ltd. Class A
   78,700   372,077
Guocheng Mining Co., Ltd. Class A (b)
   217,700   291,983
Inner Mongolia BaoTou Steel Union Co., Ltd. Class A (b)
   2,132,500   507,026
Jiangxi Copper Co., Ltd. Class H
   709,000   1,355,175
Maanshan Iron & Steel Co., Ltd. Class A
   1,155,400   563,507
Maanshan Iron & Steel Co., Ltd. Class H
   84,000   28,632
MMG, Ltd. (b)
   1,432,000   799,398
Pangang Group Vanadium Titanium & Resources Co., Ltd. Class A (b)
   1,044,800   350,326
Shandong Gold Mining Co., Ltd. Class A
   220,620   716,548
Shougang Fushan Resources Group, Ltd.
   2,625,422   651,759
Xiamen Tungsten Co., Ltd. Class A
   240,600   672,530
Xinxing Ductile Iron Pipes Co., Ltd. Class A
   1,948,700   1,193,954
Zhaojin Mining Industry Co., Ltd. Class H
   592,000   538,358
Zhejiang Hailiang Co., Ltd. Class A
   255,900   344,388
See accompanying notes to financial statements.
40

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Zhejiang Huayou Cobalt Co., Ltd. Class A (b)
   109,000   $ 1,141,965
Zhongjin Gold Corp., Ltd. Class A
   341,400   433,957
Zijin Mining Group Co., Ltd. Class H
   4,382,750   5,389,332
          26,235,110
MULTILINE RETAIL — 0.1%      
Dashang Co., Ltd. Class A
   253,456   849,849
Wangfujing Group Co., Ltd. Class A
   35,200   161,054
          1,010,903
OIL, GAS & CONSUMABLE FUELS — 1.4%      
China Coal Energy Co., Ltd. Class H
   2,364,013   1,088,587
China Merchants Energy Shipping Co., Ltd. Class A
   658,500   523,893
China Petroleum & Chemical Corp. Class A
   982,700   648,523
China Petroleum & Chemical Corp. Class H
   14,374,640   7,654,691
China Shenhua Energy Co., Ltd. Class A
   258,400   791,599
China Shenhua Energy Co., Ltd. Class H
   1,818,200   3,746,576
China Suntien Green Energy Corp., Ltd. Class H
   941,000   359,481
COSCO SHIPPING Energy Transportation Co., Ltd. Class H (a)
   971,800   426,247
Guanghui Energy Co., Ltd. Class A (b)
   907,570   428,804
Guizhou Panjiang Refined Coal Co., Ltd. Class A
   610,831   633,994
Jizhong Energy Resources Co., Ltd. Class A
   902,600   517,249
PetroChina Co., Ltd. Class A
   1,456,836   954,764
PetroChina Co., Ltd. Class H
   11,286,930   4,079,552
Shaanxi Coal Industry Co., Ltd. Class A
   419,900   707,812
Shandong Xinchao Energy Corp., Ltd. Class A (b)
   1,461,300   331,850
Shanxi Lu'an Environmental Energy Development Co., Ltd. Class A
   416,100   388,754
Shanxi Meijin Energy Co., Ltd. Class A (b)
   296,600   324,121
Sinopec Kantons Holdings, Ltd.
   1,234,000   471,413
United Energy Group, Ltd. (a)  (b)
   1,360,000   262,398
Yanzhou Coal Mining Co., Ltd. Class H
   1,025,900   1,214,013
          25,554,321
PAPER & FOREST PRODUCTS — 0.2%      
Lee & Man Paper Manufacturing, Ltd.
   1,409,000   1,295,828
Nine Dragons Paper Holdings, Ltd.
   1,117,000   1,635,030
Shandong Chenming Paper Holdings, Ltd. Class A
   420,900   648,555
          3,579,413
PERSONAL PRODUCTS — 0.1%      
Hengan International Group Co., Ltd.
   375,000   2,464,805
See accompanying notes to financial statements.
41

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
PHARMACEUTICALS — 2.2%      
Asymchem Laboratories Tianjin Co., Ltd. Class A
   29,800   $ 1,312,005
CanSino Biologics, Inc. Class H (a) (b)  (c)
   22,000   831,956
Changchun High & New Technology Industry Group, Inc. Class A
   28,500   1,966,531
Chengdu Kanghong Pharmaceutical Group Co., Ltd. Class A
   93,000   414,738
China Animal Healthcare, Ltd. (b)  (d)
   763,600   —
China Medical System Holdings, Ltd.
   1,065,300   2,107,456
China Resources Pharmaceutical Group, Ltd. (c)
   850,000   530,263
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A
   105,700   394,047
China Shineway Pharmaceutical Group, Ltd.
   339,000   224,999
Consun Pharmaceutical Group, Ltd.
   744,000   384,706
CSPC Pharmaceutical Group, Ltd.
   4,394,240   5,313,026
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class A
   86,800   368,436
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H (a)
   110,000   266,849
Hansoh Pharmaceutical Group Co., Ltd. (b)  (c)
   576,000   2,759,809
Hubei Jumpcan Pharmaceutical Co., Ltd. Class A
   107,200   326,279
Humanwell Healthcare Group Co., Ltd. Class A
   124,600   584,525
Jiangsu Hengrui Medicine Co., Ltd. Class A
   238,965   3,354,003
Joincare Pharmaceutical Group Industry Co., Ltd. Class A
   347,904   679,773
Livzon Pharmaceutical Group, Inc. Class A
   118,500   754,216
Luye Pharma Group, Ltd. (c)
   1,403,000   896,901
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A
   119,300   723,488
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H (a)
   277,000   1,181,119
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H
   547,000   301,135
Shenzhen Hepalink Pharmaceutical Group Co., Ltd. Class A
   151,200   394,293
Shenzhen Salubris Pharmaceuticals Co., Ltd. Class A
   139,600   805,532
Sichuan Kelun Pharmaceutical Co., Ltd. Class A
   112,900   380,107
Sihuan Pharmaceutical Holdings Group, Ltd. (a)
   1,300,000   341,117
Sino Biopharmaceutical, Ltd.
   6,015,250   6,019,544
SSY Group, Ltd. (a)
   1,060,332   617,832
Tong Ren Tang Technologies Co., Ltd. Class H
   537,000   366,775
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A
   174,000   329,108
United Laboratories International Holdings, Ltd.
   686,000   506,485
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (a)  (c)
   216,800   230,340
Yifan Pharmaceutical Co., Ltd. Class A
   247,700   768,258
Yunnan Baiyao Group Co., Ltd. Class A
   46,307   850,524
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A
   32,200   1,408,296
Zhejiang Huahai Pharmaceutical Co., Ltd. Class A
   112,400   440,438
See accompanying notes to financial statements.
42

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Zhejiang NHU Co., Ltd. Class A
   146,600   $ 854,191
Zhejiang Starry Pharmaceutical Co., Ltd. Class A
   51,200   457,594
          40,446,694
PROFESSIONAL SERVICES — 0.1%      
51job, Inc. ADR (b)
   15,501   970,362
China Index Holdings, Ltd. ADR (a)  (b)
   119,726   261,003
          1,231,365
REAL ESTATE MANAGEMENT & DEVELOPMENT — 4.2%      
Agile Group Holdings, Ltd.
   960,747   1,574,377
Aoyuan Healthy Life Group Co., Ltd. (a)
   260,000   170,893
Beijing Capital Development Co., Ltd. Class A
   381,200   336,975
Beijing North Star Co., Ltd. Class A
   929,000   328,489
China Aoyuan Group, Ltd.
   694,000   745,378
China Enterprise Co., Ltd. Class A
   674,778   349,669
China Evergrande Group (a)
   1,184,600   2,255,089
China Fortune Land Development Co., Ltd. Class A
   163,610   156,598
China Jinmao Holdings Group, Ltd.
   2,146,000   861,221
China Merchants Shekou Industrial Zone Holdings Co., Ltd. Class A
   324,419   606,691
China Overseas Grand Oceans Group, Ltd.
   503,000   328,672
China Overseas Land & Investment, Ltd.
   2,201,362   5,719,699
China Overseas Property Holdings, Ltd.
   1,377,620   1,286,460
China Resources Land, Ltd.
   1,654,555   8,012,656
China SCE Group Holdings, Ltd.
   482,000   223,193
China South City Holdings, Ltd.
   2,546,000   281,635
China Vanke Co., Ltd. Class A
   373,010   1,705,526
China Vanke Co., Ltd. Class H
   1,013,264   3,968,627
CIFI Holdings Group Co., Ltd.
   2,775,328   2,691,634
Colour Life Services Group Co., Ltd. (a)
   400,000   174,932
Country Garden Holdings Co., Ltd.
   4,649,505   5,968,533
ESR Cayman, Ltd. (b)  (c)
   435,600   1,425,956
Gemdale Corp. Class A
   266,600   488,000
GR Properties, Ltd. (b)
   1,418,000   182,392
Grandjoy Holdings Group Co., Ltd. Class A
   458,100   269,503
Greenland Holdings Corp., Ltd. Class A
   450,900   384,157
Greentown China Holdings, Ltd. (a)
   452,500   584,363
Guangzhou R&F Properties Co., Ltd. Class H
   196,624   259,486
Hopson Development Holdings, Ltd.
   480,000   1,728,740
Jiangsu Zhongnan Construction Group Co., Ltd. Class A
   397,300   422,660
Jiayuan International Group, Ltd.
   573,238   235,947
Jinke Properties Group Co., Ltd. Class A
   480,300   482,408
See accompanying notes to financial statements.
43

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Kaisa Group Holdings, Ltd. (a)
   1,129,000   $ 557,642
KE Holdings, Inc. ADR (b)
   84,929   4,839,254
KWG Group Holdings, Ltd.
   1,063,306   1,819,032
KWG Living Group Holdings, Ltd. (b)
   482,902   490,700
Logan Group Co., Ltd.
   552,000   930,124
Longfor Group Holdings, Ltd. (c)
   866,000   5,736,612
Poly Developments and Holdings Group Co., Ltd. Class A
   518,900   1,125,396
Poly Property Group Co., Ltd.
   1,597,000   470,404
Poly Property Services Co., Ltd. Class H (a)
   45,200   313,951
Powerlong Real Estate Holdings, Ltd.
   442,000   440,041
Red Star Macalline Group Corp., Ltd. Class A
   314,660   436,895
Redco Properties Group, Ltd. (a)  (c)
   562,200   193,078
RiseSun Real Estate Development Co., Ltd. Class A
   370,300   364,024
Ronshine China Holdings, Ltd. (a)
   201,500   139,181
Seazen Group, Ltd.
   354,000   434,848
Seazen Holdings Co., Ltd. Class A
   121,900   906,651
Shanghai Industrial Urban Development Group, Ltd.
   432,400   42,270
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class A
   227,500   420,243
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class A
   225,100   372,925
Shenzhen Investment, Ltd.
   2,676,565   929,548
Shimao Group Holdings, Ltd.
   609,441   1,916,641
Sino-Ocean Group Holding, Ltd.
   2,072,212   461,116
Skyfame Realty Holdings, Ltd.
   806,000   98,489
SOHO China, Ltd. (b)
   1,105,000   338,275
Sunac China Holdings, Ltd.
   1,368,300   5,869,586
Sunac Services Holdings, Ltd. (b)  (c)
   343,000   1,080,913
Times China Holdings, Ltd.
   232,000   319,302
Xinhu Zhongbao Co., Ltd. Class A
   1,079,700   503,548
Xinji Shaxi Group Co., Ltd. (a)
   858,000   182,096
Yanlord Land Group, Ltd.
   543,100   501,224
Yuexiu Property Co., Ltd.
   4,956,000   1,121,952
Yuzhou Group Holdings Co., Ltd.
   1,598,603   477,045
Zhongtian Financial Group Co., Ltd. Class A (b)
   877,100   395,692
          78,439,257
ROAD & RAIL — 0.1%      
China High Speed Railway Technology Co., Ltd. Class A
   899,954   314,103
Daqin Railway Co., Ltd. Class A
   177,400   189,535
Dazhong Transportation Group Co., Ltd. Class A
   757,100   424,637
Guangshen Railway Co., Ltd. Class H (a)
   1,888,000   373,984
          1,302,259
See accompanying notes to financial statements.
44

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.1%      
Daqo New Energy Corp. ADR (b)
   27,587   $ 2,082,819
Flat Glass Group Co., Ltd. Class A
   68,040   279,058
Flat Glass Group Co., Ltd. Class H (a)
   288,000   872,396
GCL-Poly Energy Holdings, Ltd. (a)  (b)
   9,168,000   2,334,910
Gigadevice Semiconductor Beijing, Inc. Class A
   24,304   632,974
Hangzhou First Applied Material Co., Ltd. Class A
   13,600   178,074
Hua Hong Semiconductor, Ltd. (b)  (c)
   276,000   1,503,463
JA Solar Technology Co., Ltd. Class A (b)
   31,400   138,211
JinkoSolar Holding Co., Ltd. ADR (a)  (b)
   20,666   861,566
LONGi Green Energy Technology Co., Ltd. Class A
   159,700   2,141,925
NAURA Technology Group Co., Ltd. Class A
   38,400   840,080
Sanan Optoelectronics Co., Ltd. Class A
   236,500   839,133
SG Micro Corp. Class A
   16,400   578,144
Shenzhen Goodix Technology Co., Ltd. Class A
   19,400   331,336
Shenzhen SC New Energy Technology Corp. Class A
   8,100   133,737
Tianjin Zhonghuan Semiconductor Co., Ltd. Class A
   261,900   1,129,237
Tianshui Huatian Technology Co., Ltd. Class A
   118,500   210,949
Unigroup Guoxin Microelectronics Co., Ltd. Class A
   53,000   864,243
Will Semiconductor Co., Ltd. Class A
   24,334   952,116
Xinyi Solar Holdings, Ltd.
   2,182,046   3,586,948
          20,491,319
SOFTWARE — 1.0%      
360 Security Technology, Inc. Class A
   236,900   502,598
Agora, Inc. ADR (b)
   9,284   466,707
Beijing Shiji Information Technology Co., Ltd. Class A
   79,400   357,356
Cheetah Mobile, Inc. ADR (a)
   2,451   5,515
China National Software & Service Co., Ltd. Class A
   40,400   329,729
Genimous Technology Co., Ltd. Class A
   374,100   316,444
Hundsun Technologies, Inc. Class A
   54,080   692,361
Ideanomics, Inc. (a)  (b)
   151,966   443,741
Iflytek Co., Ltd. Class A
   96,800   713,032
Kingdee International Software Group Co., Ltd.
   1,385,000   4,293,358
Kingsoft Corp., Ltd. (a)
   602,000   3,995,550
Newland Digital Technology Co., Ltd. Class A
   45,498   98,122
OneConnect Financial Technology Co., Ltd. ADR (b)
   24,024   355,075
Sangfor Technologies, Inc. Class A
   24,600   926,081
Shanghai Baosight Software Co., Ltd. Class A
   91,800   817,514
Thunder Software Technology Co., Ltd. Class A
   53,000   984,279
Weimob, Inc. (a) (b)  (c)
   811,000   1,813,013
See accompanying notes to financial statements.
45

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Yonyou Network Technology Co., Ltd. Class A
   145,940   $ 794,293
          17,904,768
SPECIALTY RETAIL — 0.7%      
Chengdu Fusen Noble-House Industrial Co., Ltd. Class A
   259,140   582,563
China Harmony Auto Holding, Ltd. (a)
   973,500   512,141
China Meidong Auto Holdings, Ltd.
   158,000   732,644
China Tourism Group Duty Free Corp., Ltd. Class A
   88,100   4,109,865
China Yongda Automobiles Services Holdings, Ltd.
   551,000   1,006,399
GOME Retail Holdings, Ltd. (a)  (b)
   9,237,279   1,710,948
Grand Baoxin Auto Group, Ltd. (b)
   840,074   87,525
Hengdeli Holdings, Ltd. (b)
   3,628,895   142,366
Pop Mart International Group, Ltd. (a) (b)  (c)
   122,000   931,346
Shanghai Yuyuan Tourist Mart Group Co., Ltd. Class A
   365,583   597,307
Suning.com Co., Ltd. Class A
   384,800   403,497
Zhongsheng Group Holdings, Ltd. (a)
   320,500   2,259,118
          13,075,719
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.4%      
China Greatwall Technology Group Co., Ltd. Class A
   232,600   526,799
Inspur Electronic Information Industry Co., Ltd. Class A
   138,940   579,799
Legend Holdings Corp. Class H (c)
   179,100   283,816
Lenovo Group, Ltd.
   3,680,000   5,235,200
Ninestar Corp. Class A
   46,000   174,291
          6,799,905
TEXTILES, APPAREL & LUXURY GOODS — 1.5%      
ANTA Sports Products, Ltd.
   552,000   9,003,029
Bosideng International Holdings, Ltd.
   2,322,000   1,045,347
China Dongxiang Group Co., Ltd.
   3,702,000   428,558
Lao Feng Xiang Co., Ltd. Class A
   62,000   524,352
Li Ning Co., Ltd.
   1,048,207   6,808,772
Shenzhou International Group Holdings, Ltd.
   430,800   8,926,918
Xtep International Holdings, Ltd.
   424,865   248,652
Zhejiang Semir Garment Co., Ltd. Class A
   265,100   409,295
          27,394,923
TOBACCO — 0.3%      
RLX Technology, Inc. ADR (a)  (b)
   58,448   605,521
Smoore International Holdings, Ltd. (b)  (c)
   865,000   5,262,688
          5,868,209
TRADING COMPANIES & DISTRIBUTORS — 0.1%      
Bohai Leasing Co., Ltd. Class A (b)
   848,100   286,957
See accompanying notes to financial statements.
46

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
CITIC Resources Holdings, Ltd. (b)
   2,338,000   $ 96,233
COSCO SHIPPING Development Co., Ltd. Class H
   2,061,500   336,758
Jiangsu Guotai International Group Co., Ltd. Class A
   577,720   585,539
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class A
   173,400   375,015
Xiamen C & D, Inc. Class A
   367,400   471,485
Zall Smart Commerce Group, Ltd. (a)  (b)
   1,928,000   146,315
          2,298,302
TRANSPORTATION INFRASTRUCTURE — 0.6%      
Anhui Expressway Co., Ltd. Class H
   706,000   488,559
Beijing Capital International Airport Co., Ltd. Class H
   1,077,939   838,842
China Merchants Port Holdings Co., Ltd.
   1,132,805   1,736,848
COSCO SHIPPING International Hong Kong Co., Ltd.
   618,000   215,421
COSCO SHIPPING Ports, Ltd.
   489,946   356,693
Dalian Port PDA Co., Ltd. Class H
   150,000   16,207
Guangzhou Baiyun International Airport Co., Ltd. Class A
   163,800   333,032
Hainan Meilan International Airport Co., Ltd. Class H (b)
   124,000   539,897
Jiangsu Expressway Co., Ltd. Class H
   1,074,795   1,338,232
Qingdao Port International Co., Ltd. Class H (a)  (c)
   1,046,000   640,426
Shanghai International Airport Co., Ltd. Class A
   84,900   749,209
Shanghai International Port Group Co., Ltd. Class A
   900,900   656,329
Shenzhen Expressway Co., Ltd. Class H
   510,000   552,348
Shenzhen International Holdings, Ltd.
   674,595   1,129,755
Sichuan Expressway Co., Ltd. Class H
   952,000   233,884
Yuexiu Transport Infrastructure, Ltd.
   454,000   286,726
Zhejiang Expressway Co., Ltd. Class H
   1,110,000   983,722
          11,096,130
WATER UTILITIES — 0.3%      
Beijing Enterprises Water Group, Ltd.
   3,570,000   1,354,630
Chengdu Xingrong Environment Co., Ltd. Class A
   130,100   106,877
China Water Affairs Group, Ltd.
   474,000   387,762
Chongqing Water Group Co., Ltd. Class A
   551,500   542,994
Guangdong Investment, Ltd.
   1,752,000   2,852,976
Luenmei Quantum Co., Ltd. Class A
   135,600   216,796
          5,462,035
TOTAL COMMON STOCKS

(Cost $1,517,078,158)
         1,861,050,126
SHORT-TERM INVESTMENTS — 4.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.07% (f)  (g)
   2,712,511   2,713,324
See accompanying notes to financial statements.
47

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (h)  (i)
   72,955,250   $ 72,955,250
TOTAL SHORT-TERM INVESTMENTS

(Cost $75,668,574)
   75,668,574  
TOTAL INVESTMENTS — 103.9%

(Cost $1,592,746,732)
   1,936,718,700  
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.9)%
  (72,005,606)  
NET ASSETS — 100.0%
   $ 1,864,713,094  
(a) All or a portion of the shares of the security are on loan at March 31, 2021.
(b) Non-income producing security.
(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 10.6% of net assets as of March 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2021, total aggregate fair value of the securities is $0, representing less than 0.05% of the Fund's net assets.
(e) Amount is less than 0.05% of net assets.
(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(g) The rate shown is the annualized seven-day yield at March 31, 2021.
(h) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(i) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Common Stocks
   $1,860,669,681   $380,445   $ 0(a)   $1,861,050,126
Short-Term Investments
   75,668,574   —   —   75,668,574
TOTAL INVESTMENTS
   $1,936,338,255   $380,445   $ 0   $1,936,718,700
(a) Fund held Level 3 securities that were valued at $0 at March 31, 2021.
See accompanying notes to financial statements.
48

Table of Contents
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Affiliate Table
  Number of
Shares Held
at 9/30/20 		  Value at
9/30/20 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/21 		  Value at
3/31/21 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 3,413,349   $ 3,414,032   $ 99,812,219   $100,512,927   $—   $—   2,712,511   $ 2,713,324   $ 1,623
State Street Navigator Securities Lending Portfolio II
 14,659,266   14,659,266   178,498,500   120,202,516   —   —   72,955,250   72,955,250   155,256
Total
     $18,073,298   $278,310,719   $220,715,443   $—   $—       $75,668,574   $156,879
See accompanying notes to financial statements.
49

Table of Contents
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.3%        
AUSTRALIA — 11.0%          
BHP Group, Ltd.
     2,438,376   $ 84,130,666
Fortescue Metals Group, Ltd.
     1,445,684   22,011,094
Glencore PLC (a)
     9,519,497   37,333,550
Newcrest Mining, Ltd.
     711,698   13,237,222
Rio Tinto, Ltd.
     322,358   27,191,780
South32, Ltd.
     4,187,968   8,963,242
Woodside Petroleum, Ltd.
     592,844   10,836,951
          203,704,505
BRAZIL — 4.8%          
Petroleo Brasileiro SA ADR
     757,207   6,421,116
Vale SA ADR
     2,703,014   46,978,383
Wheaton Precious Metals Corp.
     390,679   14,920,310
Yara International ASA
     400,466   20,866,914
          89,186,723
CANADA — 10.4%          
Agnico Eagle Mines, Ltd.
     213,067   12,315,963
Barrick Gold Corp. (b)
     643,592   12,765,842
Barrick Gold Corp. (b)
     900,056   17,821,109
Canadian Natural Resources, Ltd.
     725,487   22,425,246
Franco-Nevada Corp.
     166,248   20,831,760
Kinross Gold Corp.
     1,089,426   7,255,039
Kirkland Lake Gold, Ltd. (c)
     238,112   8,040,318
Nutrien, Ltd. (b)(c)
     188,509   10,154,003
Nutrien, Ltd. (b)
     1,139,777   61,422,582
Suncor Energy, Inc.
     938,325   19,612,362
          192,644,224
CHILE — 1.2%          
Antofagasta PLC
     298,763   6,966,238
Sociedad Quimica y Minera de Chile SA ADR (c)
     281,128   14,919,463
          21,885,701
CHINA — 1.4%          
Wilmar International, Ltd.
     6,641,619   26,791,884
COLOMBIA — 0.1%          
Ecopetrol SA ADR (c)
     100,378   1,286,846
FINLAND — 4.6%          
Neste Oyj
     265,150   14,104,403
Stora Enso Oyj Class R (c)
     1,427,052   26,676,079
See accompanying notes to financial statements.
50

Table of Contents
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
UPM-Kymmene Oyj
     1,246,004   $ 44,855,424
          85,635,906
FRANCE — 3.9%          
TOTAL SE
     1,548,561   72,391,410
HONG KONG — 0.3%          
Nine Dragons Paper Holdings, Ltd.
     3,894,000   5,699,917
INDIA — 2.0%          
Reliance Industries, Ltd. GDR (d)
     661,159   36,562,093
IRELAND — 1.5%          
Smurfit Kappa Group PLC
     601,149   28,374,248
ISRAEL — 0.5%          
ICL Group, Ltd.
     1,602,678   9,405,466
ITALY — 1.0%          
Eni SpA
     1,565,260   19,305,279
JAPAN — 2.2%          
Nippon Steel Corp.
     826,000   14,101,801
Oji Holdings Corp.
     2,368,300   15,345,727
Sumitomo Metal Mining Co., Ltd.
     239,700   10,366,754
          39,814,282
LUXEMBOURG — 0.9%          
ArcelorMittal SA (a)
     604,469   17,497,942
MEXICO — 0.1%          
Fresnillo PLC
     164,229   1,958,163
NETHERLANDS — 2.7%          
Royal Dutch Shell PLC Class A
     2,520,352   49,162,503
NORWAY — 0.7%          
Equinor ASA
     658,636   12,908,304
PERU — 0.2%          
Southern Copper Corp.
     66,608   4,520,685
RUSSIA — 3.8%          
Gazprom PJSC ADR (b)
     2,469,352   14,727,215
LUKOIL PJSC ADR
     147,675   11,941,001
MMC Norilsk Nickel PJSC ADR
     474,058   14,781,129
Novatek PJSC GDR
     39,554   7,811,915
Polymetal International PLC
     218,002   4,269,536
Polyus PJSC GDR
     48,140   4,431,287
Rosneft Oil Co. PJSC GDR
     905,760   6,849,357
Tatneft PJSC ADR (b)
     105,401   5,000,223
See accompanying notes to financial statements.
51

Table of Contents
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Tatneft PJSC ADR (b)(c)
     941   $ 44,067
          69,855,730
SOUTH AFRICA — 2.9%          
Anglo American PLC
     1,185,921   46,509,433
Gold Fields, Ltd. ADR
     691,741   6,564,622
          53,074,055
SOUTH KOREA — 1.3%          
Korea Zinc Co., Ltd.
     10,862   3,920,589
POSCO ADR
     279,098   20,150,876
          24,071,465
SPAIN — 0.6%          
Repsol SA
     916,526   11,375,152
SWEDEN — 1.3%          
Svenska Cellulosa AB SCA Class B (a)
     1,397,107   24,772,310
SWITZERLAND — 0.9%          
SIG Combibloc Group AG
     747,116   17,353,191
TANZANIA, UNITED REPUBLIC OF — 0.4%          
AngloGold Ashanti, Ltd. ADR (c)
     326,414   7,171,316
UNITED KINGDOM — 5.6%          
Amcor PLC
     636,857   7,465,106
BP PLC
     12,370,985   50,291,610
DS Smith PLC (a)
     3,204,428   18,025,032
Mondi PLC
     1,131,394   28,878,219
          104,659,967
UNITED STATES — 33.0%          
Amcor PLC
     977,721   11,419,781
Archer-Daniels-Midland Co.
     571,683   32,585,931
Avery Dennison Corp.
     85,628   15,725,582
Bunge, Ltd.
     144,179   11,429,069
CF Industries Holdings, Inc.
     220,879   10,023,489
Chevron Corp.
     658,948   69,051,161
ConocoPhillips
     463,436   24,548,205
Corteva, Inc.
     767,160   35,764,999
EOG Resources, Inc.
     199,877   14,497,079
Exxon Mobil Corp.
     1,447,251   80,800,023
FMC Corp.
     133,865   14,806,808
Freeport-McMoRan, Inc. (a)
     1,262,287   41,567,111
Halliburton Co.
     301,206   6,463,881
Ingredion, Inc.
     68,713   6,178,673
See accompanying notes to financial statements.
52

Table of Contents
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
International Paper Co.
     404,501   $ 21,871,369
Marathon Petroleum Corp.
     223,247   11,941,482
Mosaic Co.
     356,020   11,253,792
Newmont Corp. (b)
     337,515   20,342,029
Newmont Corp. (b)(c)
     360,436   21,703,303
Nucor Corp.
     262,652   21,083,076
Occidental Petroleum Corp.
     285,543   7,601,155
Packaging Corp. of America
     97,809   13,153,354
Phillips 66
     149,875   12,220,808
Pioneer Natural Resources Co.
     68,947   10,950,163
Rayonier, Inc. REIT
     139,880   4,511,130
Schlumberger NV
     477,653   12,987,385
Scotts Miracle-Gro Co.
     41,974   10,282,371
Sealed Air Corp.
     158,927   7,282,035
Valero Energy Corp.
     140,002   10,024,143
Westrock Co.
     270,940   14,102,427
Weyerhaeuser Co. REIT
     767,082   27,308,119
          613,479,933
TOTAL COMMON STOCKS

(Cost $1,695,821,492)
         1,844,549,200
       
RIGHTS — 0.0% (e)    
CHILE — 0.0% (e)      
Sociedad Quimica y Minera de Chile SA (expiring 4/19/21) (a) (f)

(Cost: $0)
   52,411 162,473
SHORT-TERM INVESTMENTS — 0.2%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.07% (g) (h)
 800,803 801,043
State Street Navigator Securities Lending Portfolio II (i) (j)
 2,612,766 2,612,766
TOTAL SHORT-TERM INVESTMENTS

(Cost $3,413,745)
 3,413,809
TOTAL INVESTMENTS — 99.5%

(Cost $1,699,235,237)
 1,848,125,482
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%
8,922,895
NET ASSETS — 100.0%
$ 1,857,048,377
(a) Non-income producing security.
(b) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
See accompanying notes to financial statements.
53

Table of Contents
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
(c) All or a portion of the shares of the security are on loan at March 31, 2021.
(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.0% of net assets as of March 31, 2021, 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) When-issued security.
(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at March 31, 2021.
(i) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(j) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
GDR Global Depositary Receipt
REIT Real Estate Investment Trust
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Common Stocks
   $1,844,549,200   $—   $—   $1,844,549,200
Rights
   162,473   —   —   162,473
Short-Term Investments
   3,413,809   —   —   3,413,809
TOTAL INVESTMENTS
   $1,848,125,482   $—   $—   $1,848,125,482
Industry Breakdown as of March 31, 2021

    
    % of Net Assets
  Oil, Gas & Consumable Fuels 33.1%
  Metals & Mining 32.4
  Chemicals 10.7
  Containers & Packaging 8.3
  Paper & Forest Products 7.9
  Food Products 4.1
  Equity Real Estate Investment Trusts (REITs) 1.7
  Energy Equipment & Services 1.1
  Short-Term Investments 0.2
  Other Assets in Excess of Liabilities 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.
54

Table of Contents
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Affiliate Table
  Number of
Shares Held
at 9/30/20 		  Value at
9/30/20 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/21 		  Value at
3/31/21 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 6,919   $ 6,921   $ 40,147,256   $ 39,353,210   $12   $64   800,803   $ 801,043   $ 1,317
State Street Navigator Securities Lending Portfolio II
 52,456,729   52,456,729   174,762,271   224,606,234   —   —   2,612,766   2,612,766   77,380
Total
     $52,463,650   $214,909,527   $263,959,444   $12   $64       $3,413,809   $78,697
See accompanying notes to financial statements.
55

Table of Contents
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.1%        
AUSTRALIA — 8.3%          
Abacus Property Group REIT
     170,320   $ 364,525
Accent Group, Ltd.
     230,354   394,761
Adairs, Ltd.
     62,619   181,236
Adelaide Brighton, Ltd.
     191,156   506,667
AET&D Holdings No. 1 Pty, Ltd. (a)(b)(c)
     110,316   —
Alkane Resources, Ltd. (b)
     189,829   99,762
Alliance Aviation Services, Ltd. (b)(c)
     47,562   142,367
Altura Mining, Ltd. (a)(b)
     31,575   —
AMA Group, Ltd. (b)(c)
     343,159   145,059
APN Industria REIT
     86,702   194,808
ARB Corp., Ltd.
     37,174   975,403
Arena REIT
     173,430   416,093
AUB Group, Ltd.
     24,881   364,989
Audinate Group, Ltd. (b)
     38,881   208,184
Aurelia Metals, Ltd.
     460,945   129,899
Austal, Ltd.
     121,377   207,081
Australian Agricultural Co., Ltd. (b)(c)
     163,377   149,323
Australian Ethical Investment, Ltd.
     44,666   240,861
Australian Finance Group, Ltd. (c)
     128,788   257,980
Australian Pharmaceutical Industries, Ltd.
     262,285   255,705
Aventus Group REIT
     94,123   206,464
Baby Bunting Group, Ltd.
     75,843   321,178
Bapcor, Ltd.
     123,382   703,865
Bega Cheese, Ltd. (c)
     75,953   367,345
Bellevue Gold, Ltd. (b)
     256,047   152,114
Betmakers Technology Group, Ltd. (b)
     418,166   331,236
Bigtincan Holdings, Ltd. (b)(c)
     159,473   105,065
Bingo Industries, Ltd. (c)
     219,702   505,355
Blackmores, Ltd. (c)
     7,034   427,310
Bravura Solutions, Ltd. (c)
     79,843   155,072
Brickworks, Ltd.
     35,701   566,674
Bubs Australia, Ltd. (b)(c)
     377,751   132,349
BWP Trust REIT
     144,014   433,269
BWX, Ltd.
     50,183   176,967
Capricorn Metals, Ltd. (b)
     90,154   96,819
Carbon Revolution, Ltd. (b)
     52,391   89,783
Carnarvon Petroleum, Ltd. (b)
     466,333   92,348
Catapult Group International, Ltd. (b)(c)
     94,746   136,389
Cedar Woods Properties, Ltd.
     53,864   276,922
Centuria Capital Group
     140,923   266,188
See accompanying notes to financial statements.
56

Table of Contents
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Centuria Industrial REIT
     110,553   $ 279,553
Centuria Office REIT
     102,596   157,066
Chalice Mining, Ltd.
     123,334   487,535
Challenger, Ltd.
     146,642   714,815
Champion Iron, Ltd. (b)
     70,225   293,108
Charter Hall Long Wale REIT
     157,780   567,217
Charter Hall Retail REIT
     314,464   919,724
Charter Hall Social Infrastructure REIT
     142,545   337,651
City Chic Collective, Ltd. (b)
     77,706   235,555
Clinuvel Pharmaceuticals, Ltd. (c)
     17,708   365,101
Clover Corp., Ltd. (c)
     54,151   76,095
Codan, Ltd.
     25,442   299,195
Collins Foods, Ltd.
     43,978   348,692
Cooper Energy, Ltd. (b)(c)
     781,509   160,714
Corporate Travel Management, Ltd. (b)(c)
     34,464   514,753
Costa Group Holdings, Ltd.
     161,480   581,749
Credit Corp. Group, Ltd. (c)
     23,671   589,188
Cromwell Property Group REIT
     345,937   217,373
CSR, Ltd. (c)
     211,631   931,671
Dacian Gold, Ltd. (b)
     262,464   65,969
Data#3, Ltd.
     38,414   151,849
De Grey Mining, Ltd. (b)
     348,833   261,703
Dicker Data, Ltd.
     29,839   231,132
Domain Holdings Australia, Ltd. (b)
     86,025   275,188
Dubber Corp., Ltd. (b)
     179,695   242,251
Eagers Automotive, Ltd. (c)
     70,918   755,125
Eclipx Group, Ltd. (b)
     126,037   187,192
Ecofibre, Ltd. (b)(c)
     29,463   26,929
Elders, Ltd.
     61,763   584,729
Electro Optic Systems Holdings, Ltd. (b)(c)
     39,008   154,494
Elmo Software, Ltd. (b)(c)
     35,577   132,776
Emeco Holdings, Ltd. (b)(c)
     170,686   123,503
EML Payments, Ltd. (b)(c)
     193,737   723,043
Estia Health, Ltd. (b)(c)
     85,644   140,246
Flight Centre Travel Group, Ltd. (b)(c)
     41,628   570,390
Freedom Foods Group, Ltd. (b)
     471   169
G8 Education, Ltd. (c)
     22,592   17,809
Galaxy Resources, Ltd. (b)(c)
     153,558   295,902
GDI Property Group REIT
     187,618   152,902
Genworth Mortgage Insurance Australia, Ltd.
     76,464   149,091
Gold Road Resources, Ltd. (c)
     393,512   329,690
GrainCorp, Ltd. Class A
     90,293   361,051
See accompanying notes to financial statements.
57

Table of Contents
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Growthpoint Properties Australia, Ltd. REIT
     89,953   $ 237,739
GUD Holdings, Ltd.
     40,582   361,330
GWA Group, Ltd.
     116,823   254,478
Hansen Technologies, Ltd.
     83,862   346,833
Healius, Ltd.
     279,814   869,531
Hotel Property Investments REIT
     97,079   224,039
HUB24, Ltd. (c)
     25,592   404,657
Humm Group, Ltd. (b)(c)
     99,284   72,595
IGO, Ltd.
     222,136   1,062,513
Imdex, Ltd. (c)
     267,401   330,957
Infomedia, Ltd. (c)
     182,210   208,170
Ingenia Communities Group REIT
     163,139   628,729
Inghams Group, Ltd. (c)
     73,330   186,545
Integral Diagnostics, Ltd.
     55,242   199,436
Integrated Research, Ltd.
     123,047   217,428
InvoCare, Ltd. (c)
     110,555   943,929
IOOF Holdings, Ltd. (c)
     191,248   512,737
IPH, Ltd.
     89,559   451,568
IRESS, Ltd.
     68,116   476,264
Irongate Group REIT
     182,539   187,692
iSignthis, Ltd. (a)(b)(c)
     218,742   133,700
Jumbo Interactive, Ltd. (c)
     11,329   109,412
Jupiter Mines, Ltd.
     823,554   197,587
Karoon Energy, Ltd. (b)(c)
     545,416   448,649
Kogan.com, Ltd. (c)
     53,765   491,401
Lifestyle Communities, Ltd. (c)
     28,785   301,676
Link Administration Holdings, Ltd.
     162,424   634,634
Liquefied Natural Gas, Ltd. (b)
     259,146   8,487
Lovisa Holdings, Ltd. (c)
     31,421   342,943
Lynas Rare Earths, Ltd. (b)
     350,757   1,648,341
MACA, Ltd.
     270,763   211,382
Mach7 Technologies, Ltd. (b)
     160,264   160,516
Mayne Pharma Group, Ltd. (b)(c)
     809,467   215,786
McMillan Shakespeare, Ltd.
     36,046   298,979
McPherson's, Ltd. (c)
     57,745   63,113
Medical Developments International, Ltd. (c)
     31,773   126,082
Megaport, Ltd. (b)(c)
     59,291   500,813
MNF Group, Ltd. (c)
     42,160   166,336
Moelis Australia, Ltd.
     28,527   109,942
Monadelphous Group, Ltd.
     40,478   320,633
Monash IVF Group, Ltd.
     275,741   165,914
Money3 Corp., Ltd. (c)
     66,314   146,473
See accompanying notes to financial statements.
58

Table of Contents
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Mount Gibson Iron, Ltd.
     50,732   $ 29,366
Myer Holdings, Ltd. (b)(c)
     378,477   92,245
Nanosonics, Ltd. (b)(c)
     131,158   569,410
National Storage REIT
     609,663   928,700
nearmap, Ltd. (b)(c)
     171,576   263,975
New Hope Corp., Ltd. (c)
     346,721   374,994
nib holdings, Ltd.
     117,802   469,256
Nick Scali, Ltd.
     36,089   274,047
Nickel Mines, Ltd.
     406,844   379,594
Nine Entertainment Co. Holdings, Ltd.
     642,825   1,356,213
NRW Holdings, Ltd.
     170,316   254,902
Nufarm, Ltd. (b)
     145,102   586,845
OceanaGold Corp. (b)(c)
     278,592   414,502
OFX Group, Ltd.
     195,361   163,676
Omni Bridgeway, Ltd.
     102,832   274,910
oOh!media, Ltd. (b)
     249,809   331,065
Opthea, Ltd. (b)(c)
     78,056   94,230
Orocobre, Ltd. (b)
     83,810   303,849
Orora, Ltd.
     235,800   545,975
Pact Group Holdings, Ltd.
     45,327   121,522
Paladin Energy, Ltd. (b)(c)
     687,553   193,760
Paradigm Biopharmaceuticals, Ltd. (b)(c)
     94,989   185,935
Pendal Group, Ltd.
     101,953   504,741
Perenti Global, Ltd.
     378,015   292,234
Perpetual, Ltd.
     25,562   642,292
Perseus Mining, Ltd. (b)
     485,613   395,758
Pilbara Minerals, Ltd. (b)
     1,037,974   826,149
Pinnacle Investment Management Group, Ltd. (c)
     75,959   533,416
Platinum Asset Management, Ltd. (c)
     59,679   227,273
PointsBet Holdings, Ltd. (b)
     66,967   632,467
PolyNovo, Ltd. (b)(c)
     300,122   619,473
Praemium, Ltd. (b)(c)
     99,000   47,881
Premier Investments, Ltd.
     41,032   813,490
Pro Medicus, Ltd. (c)
     12,850   404,505
Ramelius Resources, Ltd.
     257,126   288,864
Redbubble, Ltd. (b)
     82,806   315,977
Regis Resources, Ltd.
     264,404   584,012
Reject Shop, Ltd. (b)(c)
     26,157   125,512
Resolute Mining, Ltd. (b)(c)
     461,929   154,804
Rhipe, Ltd.
     114,403   135,931
Rural Funds Group REIT (c)
     162,046   286,340
Sandfire Resources, Ltd.
     93,470   380,162
See accompanying notes to financial statements.
59

Table of Contents
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SeaLink Travel Group, Ltd.
     33,043   $ 230,783
Select Harvests, Ltd. (c)
     40,991   195,130
Senex Energy, Ltd.
     34,136   75,399
Service Stream, Ltd. (c)
     191,745   155,535
SG Fleet Group, Ltd.
     65,789   129,279
Shopping Centres Australasia Property Group REIT
     467,815   894,341
Sigma Healthcare, Ltd. (b)
     388,335   201,127
Silver Lake Resources, Ltd. (b)
     237,808   270,784
Silver Mines, Ltd. (b)(c)
     800,217   127,992
SmartGroup Corp., Ltd.
     84,870   409,179
SolGold PLC (b)
     588,106   179,322
Southern Cross Media Group, Ltd. (b)(c)
     121,226   191,127
SpeedCast International, Ltd. (a)(b)(c)
     131,112   —
Splitit, Ltd. (b)
     105,451   59,434
St Barbara, Ltd.
     307,275   459,881
Star Entertainment Group, Ltd. (b)
     188,079   542,919
Starpharma Holdings, Ltd. (b)(c)
     206,576   302,090
Strike Energy, Ltd. (b)
     507,710   121,810
Super Retail Group, Ltd. (c)
     50,419   451,987
Superloop, Ltd. (b)(c)
     90,401   63,346
Syrah Resources, Ltd. (b)(c)
     253,662   201,896
Tassal Group, Ltd. (c)
     123,450   314,046
Technology One, Ltd. (c)
     109,165   776,579
Telix Pharmaceuticals, Ltd. (b)
     95,921   312,689
Temple & Webster Group, Ltd. (b)
     19,798   137,220
Tiger Resources, Ltd. (a)(b)
     2,464   —
Tyro Payments, Ltd. (b)(c)
     89,339   223,868
United Malt Grp, Ltd.
     91,773   284,489
Uniti Group, Ltd. (b)(c)
     157,996   276,777
Virtus Health, Ltd.
     72,677   335,448
Vista Group International, Ltd. (b)(c)
     100,780   155,279
Vita Group, Ltd.
     127   84
Vocus Group, Ltd. (b)
     279,164   1,158,808
Waypoint REIT
     270,874   517,841
Webjet, Ltd. (b)(c)
     143,398   609,443
West African Resources, Ltd. (b)(c)
     196,747   114,637
Western Areas, Ltd. (c)
     38,645   60,340
Westgold Resources, Ltd.
     171,443   260,506
Whispir, Ltd. (b)
     42,784   110,142
Whitehaven Coal, Ltd. (b)
     352,672   474,101
Wisr, Ltd. (b)
     728,708   111,004
Zip Co., Ltd. (b)(c)
     138,696   779,607
See accompanying notes to financial statements.
60

Table of Contents
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Zoono Group, Ltd. (c)
     64,466   $ 29,460
          68,493,253
AUSTRIA — 0.4%          
AT&S Austria Technologie & Systemtechnik AG
     10,774   387,478
DO & Co. AG (b)(c)
     3,207   259,320
FACC AG (b)
     9,678   103,281
Lenzing AG (b)(c)
     3,256   418,649
Palfinger AG
     4,649   181,950
PIERER Mobility AG (b)
     1,522   123,713
Porr AG (b)(c)
     6,907   126,638
S IMMO AG
     26,691   672,885
S&T AG (b)(c)
     20,081   500,345
Schoeller-Bleckmann Oilfield Equipment AG
     4,280   192,408
          2,966,667
BELGIUM — 0.9%          
AGFA-Gevaert NV (b)
     80,208   373,303
Barco NV
     17,757   417,605
Befimmo SA REIT
     6,245   255,056
Bekaert SA
     21,828   915,350
Biocartis Group NV (b)(c)(d)
     15,554   81,806
Care Property Invest NV REIT (c)
     3,736   108,017
Cie d'Entreprises CFE (b)
     2,438   245,563
Econocom Group SA
     42,983   168,982
Fagron
     20,364   453,067
Gimv NV
     1,852   111,009
Intervest Offices & Warehouses NV REIT
     11,264   279,996
Ion Beam Applications (c)
     9,535   183,786
Kinepolis Group NV (b)
     7,640   396,885
Materialise NV ADR (b)
     16,108   579,083
Mithra Pharmaceuticals SA (b)(c)
     6,404   203,971
Montea CVA REIT
     1,023   107,007
Ontex Group NV (b)(c)
     34,924   368,594
Orange Belgium SA
     6,259   168,457
Recticel SA
     26,098   380,958
Retail Estates NV REIT
     4,693   322,116
Tessenderlo Group SA (b)
     23,571   1,037,477
X-Fab Silicon Foundries SE (b)(d)
     39,212   338,731
Xior Student Housing NV REIT (c)
     3,018   161,391
          7,658,210
See accompanying notes to financial statements.
61

Table of Contents
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
BERMUDA — 0.0% (e)          
Golar LNG, Ltd. (b)(c)
     32,980   $ 337,385
CANADA — 7.8%          
Absolute Software Corp.
     14,716   204,316
Advantage Oil & Gas, Ltd. (b)(c)
     168,303   317,363
Aecon Group, Inc. (c)
     25,112   388,214
Ag Growth International, Inc. (c)
     5,614   198,233
AGF Management, Ltd. Class B
     23,324   138,996
Aimia, Inc. (b)
     56,749   233,435
Alaris Equity Partners Income
     20,354   257,492
Alcanna, Inc. (b)(c)
     28,944   178,475
Aleafia Health, Inc. (b)(c)
     97,960   49,103
Alexco Resource Corp. (b)(c)
     52,383   131,702
Altius Minerals Corp. (c)
     32,317   385,948
Altus Group, Ltd.
     16,914   813,368
Americas Gold & Silver Corp. (b)(c)
     57,107   129,494
Andlauer Healthcare Group, Inc. (c)
     2,687   75,360
Aphria, Inc. (b)(c)
     123,183   2,263,035
ARC Resources, Ltd. (c)
     159,691   980,876
Aritzia, Inc. (b)
     28,300   657,485
Artis Real Estate Investment Trust
     72,242   623,068
Atrium Mortgage Investment Corp. (c)
     30,862   320,934
ATS Automation Tooling Systems, Inc. (b)
     29,739   626,321
Aurinia Pharmaceuticals, Inc. (b)(c)
     13,925   181,036
Aurora Cannabis, Inc. (b)(c)
     80,354   747,375
AutoCanada, Inc. (c)
     14,651   356,702
Automotive Properties Real Estate Investment Trust
     12,054   109,717
Badger Daylighting, Ltd. (c)
     13,395   456,891
Baytex Energy Corp. (b)
     283,100   295,072
BELLUS Health, Inc. (b)(c)
     32,072   122,485
Birchcliff Energy, Ltd. (c)
     59,233   123,004
Boardwalk Real Estate Investment Trust
     19,381   559,911
Bombardier, Inc. Class B (b)(c)
     419,030   323,395
Bonterra Energy Corp.
     308   985
Burcon NutraScience Corp. (b)(c)
     56,863   211,735
Calian Group, Ltd. (c)
     1,566   71,332
Calibre Mining Corp. (b)
     61,742   79,582
Canaccord Genuity Group, Inc.
     48,255   441,526
Canacol Energy, Ltd. (c)
     45,312   129,787
Canadian Solar, Inc. (b)(c)
     21,145   1,049,426
Canadian Western Bank (c)
     18,828   479,220
Canfor Corp. (b)
     35,228   729,590
See accompanying notes to financial statements.
62

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
CanWel Building Materials Group, Ltd.
     51,448   $ 368,407
Cascades, Inc.
     22,581   282,611
Celestica, Inc. (b)
     51,113   427,009
Chartwell Retirement Residences
     29,759   277,263
Civeo Corp. (b)
     7,159   109,604
Cogeco, Inc.
     3,858   297,596
Colossus Minerals, Inc. (a)(b)(c)
     390   —
Cominar Real Estate Investment Trust
     95,190   706,626
Computer Modelling Group, Ltd. (c)
     1,760   8,052
Corus Entertainment, Inc. Class B (c)
     141,069   642,013
CRH Medical Corp. (b)
     56,283   222,562
Crombie Real Estate Investment Trust
     33,220   418,141
Cronos Group, Inc. (b)(c)
     53,822   508,736
Diversified Royalty Corp. (c)
     55,029   107,707
Docebo, Inc. (b)
     3,523   151,364
Dorel Industries, Inc. Class B (b)
     15,189   153,358
Dream Industrial Real Estate Investment Trust
     54,421   581,080
Dream Office Real Estate Investment Trust
     31,732   534,232
DREAM Unlimited Corp. Class A
     19,482   350,470
Dundee Precious Metals, Inc.
     68,334   417,012
dynaCERT, Inc. (b)(c)
     175,960   79,800
ECN Capital Corp.
     107,588   670,258
Endeavour Silver Corp. (b)(c)
     72,635   359,462
Equitable Group, Inc.
     5,778   580,168
ERO Copper Corp. (b)
     24,922   428,900
Exchange Income Corp. (c)
     19,416   621,633
Extendicare, Inc. (c)
     40,540   248,365
Fiera Capital Corp. (c)
     27,105   215,011
Firm Capital Mortgage Investment Corp.
     27,502   307,438
First National Financial Corp.
     3,862   152,040
Fortuna Silver Mines, Inc. (b)
     67,773   439,472
GASFRAC Energy Services, Inc. (a)(b)
     21,904   —
goeasy, Ltd. (c)
     5,598   557,239
Golden Star Resources, Ltd. (b)(c)
     45,474   134,148
GoldMining, Inc. (b)(c)
     63,543   105,159
Goodfood Market Corp. (b)(c)
     28,298   195,205
Gran Colombia Gold Corp. (c)
     31,003   132,956
Great Basin Gold, Ltd. (a)(b)(c)
     266,255   —
Great Canadian Gaming Corp. (b)(c)
     25,094   863,920
Hardwoods Distribution, Inc.
     8,075   203,345
Heroux-Devtek, Inc. (b)(c)
     10,003   136,493
HEXO Corp. (b)(c)
     43,519   281,159
See accompanying notes to financial statements.
63

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Home Capital Group, Inc. (b)
     28,466   $ 698,259
Hudbay Minerals, Inc. (c)
     141,647   969,220
IMV, Inc. (b)(c)
     26,162   86,176
Interfor Corp. (b)
     24,712   556,430
InterRent Real Estate Investment Trust
     31,953   376,007
Intertape Polymer Group, Inc. (c)
     31,354   698,502
Jamieson Wellness, Inc. (c)(d)
     14,540   425,378
Karora Resources, Inc. (b)
     48,661   131,249
Killam Apartment Real Estate Investment Trust
     34,850   513,246
Knight Therapeutics, Inc. (b)
     63,218   273,122
Labrador Iron Ore Royalty Corp. (c)
     32,502   957,592
Largo Resources, Ltd. (b)
     5,741   79,478
Laurentian Bank of Canada (c)
     33,252   1,059,058
Liberty Gold Corp. (b)
     67,182   77,506
Lightstream Resources, Ltd. (a)(b)(c)
     64,736   —
Lithium Americas Corp. (b)(c)
     26,088   419,284
MAG Silver Corp. (b)(c)
     45,334   682,436
Major Drilling Group International, Inc. (b)(c)
     28,570   153,437
Marathon Gold Corp. (b)(c)
     72,600   128,812
Martinrea International, Inc.
     60,285   588,532
Methanex Corp. (c)
     15,091   556,765
Milestone Pharmaceuticals, Inc. (b)(c)
     17,016   98,523
Minto Apartment Real Estate Investment Trust (d)
     16,720   288,810
Morguard North American Residential Real Estate Investment Trust
     17,958   222,466
Morneau Shepell, Inc. (c)
     29,604   779,877
MTY Food Group, Inc. (b)
     8,612   395,021
Mullen Group, Ltd.
     52,055   504,459
Nemaska Lithium, Inc. (a)(b)
     337,936   —
Neptune Wellness Solutions, Inc. (b)(c)
     47,988   63,381
New Gold, Inc. (b)
     298,473   460,705
NexGen Energy, Ltd. (b)(c)
     132,759   478,496
NFI Group, Inc. (c)
     29,948   666,702
North American Construction Group, Ltd. (c)
     16,318   175,793
North West Co., Inc. (c)
     24,738   718,610
Northern Dynasty Minerals, Ltd. (b)(c)
     179,114   115,433
NorthWest Healthcare Properties Real Estate Investment Trust
     46,602   479,424
Nymox Pharmaceutical Corp. (b)(c)
     31,209   69,284
Optiva, Inc. (b)
     2   49
Organigram Holdings, Inc. (b)(c)
     98,552   341,092
Orla Mining, Ltd. (b)(c)
     39,753   148,024
Osisko Gold Royalties, Ltd. (c)
     61,515   677,382
See accompanying notes to financial statements.
64

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Osisko Mining, Inc. (b)
     78,632   $ 183,934
Park Lawn Corp. (c)
     11,226   294,037
Peyto Exploration & Development Corp. (c)
     4,474   18,973
Points International, Ltd. (b)
     17,915   268,904
Polaris Infrastructure, Inc.
     23,833   405,797
Poseidon Concepts Corp. (a)(b)
     43,064   —
PrairieSky Royalty, Ltd. (c)
     52,255   563,357
Precision Drilling Corp. (b)(c)
     10,851   234,399
Premier Gold Mines, Ltd. (b)
     69,593   153,931
Profound Medical Corp. (b)
     7,616   152,702
Real Matters, Inc. (b)(c)
     32,662   371,617
Recipe Unlimited Corp.
     741   11,986
Richelieu Hardware, Ltd. (c)
     12,230   401,877
Rogers Sugar, Inc. (c)
     55,294   241,088
Roxgold, Inc. (b)
     99,220   122,362
Russel Metals, Inc. (c)
     29,099   578,577
Sabina Gold & Silver Corp. (b)
     81,922   117,977
Sandstorm Gold, Ltd. (b)(c)
     91,182   618,835
Savaria Corp. (c)
     20,544   286,539
Seabridge Gold, Inc. (b)
     20,506   331,366
ShawCor, Ltd.
     45,000   190,118
Sienna Senior Living, Inc. (c)
     33,133   377,503
Sierra Wireless, Inc. (b)(c)
     14,993   220,568
Silvercorp Metals, Inc. (c)
     54,712   269,457
SilverCrest Metals, Inc. (b)(c)
     27,411   222,019
Slate Grocery REIT
     9,541   88,362
Slate Office REIT
     31,474   109,934
Sleep Country Canada Holdings, Inc. (d)
     14,697   371,386
Southern Pacific Resource Corp. (a)(b)
     281,142   —
Sprott, Inc. (c)
     11,195   425,229
Summit Industrial Income REIT
     56,806   644,511
SunOpta, Inc. (b)(c)
     27,609   407,785
Superior Plus Corp. (c)
     72,790   823,546
Theratechnologies, Inc. (b)(c)
     47,067   182,374
Tilray, Inc. Class 2 (b)(c)
     59,182   1,345,207
Timbercreek Financial Corp.
     22,366   157,132
Torex Gold Resources, Inc. (b)
     32,985   416,495
TransAlta Corp.
     122,532   1,160,147
Transat AT, Inc. (b)(c)
     36,170   160,007
Transcontinental, Inc. Class A (c)
     29,663   522,056
Tricon Residential, Inc. (c)
     82,770   846,897
Trillium Therapeutics, Inc. (b)(c)
     25,039   268,150
See accompanying notes to financial statements.
65

Table of Contents
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Trisura Group, Ltd. (b)
     2,197   $ 208,032
True North Commercial Real Estate Investment Trust
     43,936   240,156
Twin Butte Energy, Ltd. (a)(b)
     83,708   —
Uni-Select, Inc.
     33,523   241,917
Uranium Participation Corp. (b)
     38,109   165,250
Valeura Energy, Inc. (b)
     113   50
Vermilion Energy, Inc. (c)
     69,930   507,985
Victoria Gold Corp. (b)
     11,056   114,796
Village Farms International, Inc. (b)
     18,300   241,845
Wajax Corp. (c)
     10,334   163,210
Wallbridge Mining Co., Ltd. (b)
     170,723   82,859
Well Health Technologies Corp. (b)(c)
     23,380   133,563
Wesdome Gold Mines, Ltd. (b)(c)
     79,858   529,909
Western Forest Products, Inc.
     165,740   238,684
Westshore Terminals Investment Corp. (c)
     25,417   392,322
Whitecap Resources, Inc. (c)
     213,853   939,228
WPT Industrial Real Estate Investment Trust
     7,349   110,862
Xenon Pharmaceuticals, Inc. (b)
     16,820   301,078
Zymeworks, Inc. (b)(c)
     14,318   452,162
          64,463,072
CAYMAN ISLANDS — 0.1%          
Endeavour Mining Corp.
     19,366   390,294
CHINA — 0.2%          
Beijing Tong Ren Tang Chinese Medicine Co., Ltd. (c)
     87,000   118,843
China Merchants Land, Ltd.
     212,000   31,087
China Shandong Hi-Speed Financial Group, Ltd. (b)
     3,270,000   206,098
China Tobacco International HK Co., Ltd.
     136,000   353,363
China Yuchai International, Ltd.
     7,121   110,233
Greenland Hong Kong Holdings, Ltd.
     145,000   52,409
Nexteer Automotive Group, Ltd.
     327,000   400,840
Towngas China Co., Ltd.
     148,833   74,278
VSTECS Holdings, Ltd.
     448,000   407,406
Zensun Enterprises, Ltd.
     1,980,000   120,973
          1,875,530
DENMARK — 1.0%          
Alm Brand A/S
     17,636   207,353
AMAG Pharmaceuticals, Inc. (a)
     308,573   —
Asetek A/S (b)
     11,736   115,485
Bang & Olufsen A/S (b)
     45,765   218,557
Bavarian Nordic A/S (b)
     27,994   1,266,995
Better Collective A/S (b)(c)
     7,023   172,427
See accompanying notes to financial statements.
66

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
cBrain A/S
     6,144   $ 204,866
Chemometec A/S
     2,264   215,024
Drilling Co. of 1972 A/S (b)
     13,908   553,423
FLSmidth & Co. A/S (c)
     9,075   348,633
H&H International A/S Class B (b)
     26,935   695,514
Matas A/S (b)
     23,368   306,874
NKT A/S (b)
     18,403   802,084
NNIT A/S (d)
     6,872   115,548
Orphazyme A/S (b)(c)
     10,072   90,725
OW Bunker A/S (a)(b)(c)
     9,828   —
Per Aarsleff Holding A/S
     10,213   444,643
RTX A/S (c)
     3,632   110,775
Scandinavian Tobacco Group A/S Class A (d)
     26,337   506,517
Spar Nord Bank A/S (b)
     30,728   328,746
Sydbank A/S
     30,436   821,990
Zealand Pharma A/S (b)
     19,156   607,257
          8,133,436
FINLAND — 0.7%          
Aktia Bank Oyj
     21,010   243,226
BasWare Oyj (b)
     1,858   80,033
Bittium Oyj (b)(c)
     9,389   72,941
Caverion Oyj
     56,930   345,924
Citycon Oyj (c)
     43,848   365,380
Finnair Oyj (b)(c)
     276,587   230,639
F-Secure Oyj
     56,332   267,476
Kamux Corp.
     12,654   194,529
Marimekko Oyj
     2,672   151,995
Musti Group Oyj
     7,666   247,951
Oriola Oyj Class B
     30,940   74,546
Outokumpu Oyj (b)
     81,550   473,478
QT Group Oyj (b)
     3,703   389,081
Raisio Oyj Class V
     40,096   184,494
Revenio Group Oyj
     3,266   194,229
Rovio Entertainment Oyj (c)(d)
     10,618   82,800
Sanoma Oyj
     30,360   510,968
Talenom Oyj (c)
     11,555   145,312
Terveystalo Oyj (d)
     23,425   325,972
Tokmanni Group Corp.
     19,355   454,958
Uponor Oyj
     22,561   501,681
YIT Oyj (c)
     63,023   335,837
          5,873,450
See accompanying notes to financial statements.
67

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
FRANCE — 2.0%          
AB Science SA (b)
     10,033   $ 176,169
Air France-KLM (b)(c)
     73,612   440,886
Akka Technologies (b)
     6,905   180,569
AKWEL
     8,961   314,903
Albioma SA
     10,515   516,576
Aubay
     4,721   239,144
Bastide le Confort Medical
     1,499   86,239
Beneteau SA (b)
     24,702   347,226
Bigben Interactive (b)
     19,675   456,468
Boiron SA
     2,883   121,304
Bonduelle SCA
     11,521   289,769
Carbios (b)
     4,077   206,762
Carmila SA REIT
     10,473   158,785
Cellectis SA (b)
     16,263   313,850
Chargeurs SA
     8,143   221,078
Cie des Alpes (b)
     5,029   129,442
Claranova SADIR (b)
     39,891   327,718
Coface SA (b)
     37,262   413,415
Criteo SA ADR (b)
     33,189   1,152,654
Cromwell European Real Estate Investment Trust
     280,000   149,733
Derichebourg SA (b)
     26,388   216,321
Devoteam SA (b)
     2,574   321,883
Elior Group SA (c)(d)
     54,482   405,327
Eramet SA (b)
     8,115   577,404
Esker SA
     769   180,038
Etablissements Maurel et Prom SA (b)
     1,752   4,139
Fnac Darty SA (b)
     10,771   662,706
Focus Home Interactive SA (b)
     1,558   124,516
GL Events (b)
     7,887   131,072
Innate Pharma SA (b)
     45,242   198,229
IPSOS
     18,880   714,507
Kaufman & Broad SA
     8,147   352,845
LISI (b)
     4,932   144,045
LNA Sante SA
     6,485   349,079
Maisons du Monde SA (b)(d)
     25,046   555,762
Manitou BF SA
     5,329   179,127
McPhy Energy SA (b)
     4,454   170,654
Mersen SA (b)
     6,686   233,384
Metropole Television SA (b)
     9,686   207,416
Nanobiotix SA (b)
     11,986   190,176
Nexity SA
     10,433   515,981
See accompanying notes to financial statements.
68

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Nicox (b)
     15,574   $ 77,976
Novacyt SA (b)
     29,634   291,169
Poxel SA (b)
     14,332   111,678
Quadient SA
     16,228   390,992
Rallye SA (b)
     10,778   92,218
Sequans Communications SA ADR (b)(c)
     21,400   129,256
SMCP SA (b)(d)
     25,045   180,586
Talend SA ADR (b)(c)
     11,477   730,396
Tarkett SA (b)
     17,133   274,056
Television Francaise 1 (b)
     34,588   315,860
Valneva SE (b)
     28,910   360,166
Verimatrix SA (b)
     28,494   82,718
Vicat SA
     3,826   186,163
Vilmorin & Cie SA
     3,552   252,985
Virbac SA (b)
     1,644   424,116
          16,577,636
GERMANY — 3.5%          
2G Energy AG
     1,201   127,038
Aareal Bank AG (b)
     26,896   764,983
ADVA Optical Networking SE (b)
     10,745   127,801
Affimed NV (b)
     38,630   305,563
AIXTRON SE (b)
     53,013   1,207,182
Akasol AG (b)(d)
     1,781   250,013
Allgeier SE
     1,998   57,532
Amadeus Fire AG (b)
     2,806   411,577
Atoss Software AG
     764   145,016
Aumann AG (b)(d)
     331   5,664
AURELIUS Equity Opportunities SE & Co. KGaA (b)
     13,686   434,299
Bertrandt AG
     2,514   137,394
bet-at-home.com AG
     1,578   85,034
Bilfinger SE
     17,380   636,905
Borussia Dortmund GmbH & Co. KGaA (b)
     35,173   224,263
CANCOM SE
     15,354   886,758
CECONOMY AG (b)
     92,992   539,254
Cewe Stiftung & Co. KGaA
     2,818   398,764
Corestate Capital Holding SA (b)(c)
     14,315   238,065
CropEnergies AG
     11,273   158,195
Datagroup SE (b)
     2,134   153,495
Deutsche Beteiligungs AG
     5,597   253,259
Deutsche EuroShop AG (b)
     19,866   414,669
Deutsche Pfandbriefbank AG (b)(d)
     83,521   973,769
Deutz AG (b)
     54,481   407,881
See accompanying notes to financial statements.
69

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
DIC Asset AG
     38,080   $ 661,485
Dr Hoenle AG
     1,203   67,160
Draegerwerk AG & Co. KGaA Preference Shares
     4,403   354,994
Eckert & Ziegler Strahlen- und Medizintechnik AG
     6,894   551,376
Elmos Semiconductor SE
     8,989   378,219
ElringKlinger AG (b)
     11,791   173,502
Flatex DEGIRO AG (b)
     10,079   935,822
GFT Technologies SE
     10,513   195,471
Hamborner REIT AG
     41,985   444,845
Hamburger Hafen und Logistik AG
     10,734   238,184
Hornbach Baumarkt AG
     3,594   151,431
Hornbach Holding AG & Co. KGaA
     5,760   563,241
HUGO BOSS AG
     13,882   546,080
Indus Holding AG
     19,407   807,440
Instone Real Estate Group AG (b)(d)
     8,986   247,661
Jenoptik AG
     21,560   648,690
JOST Werke AG (b)(d)
     6,892   437,409
Jumia Technologies AG ADR (b)
     23,882   846,856
K+S AG
     51,674   514,525
Kloeckner & Co. SE (b)
     49,998   631,111
Koenig & Bauer AG (b)
     7,737   231,151
Leoni AG (b)
     13,246   166,578
LPKF Laser & Electronics AG
     7,481   209,699
Marley Spoon AG ADR (b)
     60,812   115,794
MBB SE
     2,138   324,150
Medigene AG (b)
     13,043   59,708
Medios AG (b)
     3,310   141,994
Mensch und Maschine Software SE
     1,399   92,735
Nagarro SE (b)
     1,998   219,796
New Work SE
     776   202,015
Nordex SE (b)
     34,610   1,113,739
Norma Group SE
     15,367   731,463
Northern Data AG (b)
     1,859   223,950
Pfeiffer Vacuum Technology AG
     3,314   603,716
PVA TePla AG (b)
     7,173   220,456
SAF-Holland SE (b)
     28,750   418,994
Salzgitter AG (b)
     18,842   589,943
Secunet Security Networks AG
     445   141,735
SFC Energy AG (b)
     5,749   182,771
Sirius Real Estate, Ltd.
     160,340   196,444
SMA Solar Technology AG (b)
     6,814   401,225
SNP Schneider-Neureither & Partner SE (b)
     2,305   157,126
See accompanying notes to financial statements.
70

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Stabilus SA
     7,522   $ 530,436
STRATEC SE
     1,706   230,983
SUESS MicroTec SE (b)
     9,368   293,422
Takkt AG (b)
     14,576   220,992
Tele Columbus AG (b)
     33,660   127,781
VERBIO Vereinigte BioEnergie AG
     10,309   444,663
Vossloh AG (b)
     3,688   184,216
Wacker Neuson SE (b)
     8,644   207,249
Washtec AG (b)
     5,377   309,660
zooplus AG (b)
     2,348   671,963
          28,706,422
GHANA — 0.1%          
Tullow Oil PLC (b)(c)
     882,247   574,657
GREECE — 0.0% (e)          
Energean PLC (b)
     14,109   165,424
TT Hellenic Postbank SA (a)(b)
     129,076   —
          165,424
HONG KONG — 1.3%          
Aidigong Maternal & Child Health, Ltd. (c)
     1,958,000   143,555
Apollo Future Mobility Group, Ltd. (b)(c)
     1,293,072   83,162
Beijing Gas Blue Sky Holdings, Ltd. (b)
     2,888,000   43,091
Bright Smart Securities & Commodities Group, Ltd.
     1,098,000   299,411
Cafe de Coral Holdings, Ltd.
     177,191   383,808
China Baoli Technologies Holdings, Ltd. (a)(b)
     5,000   48
China Household Holdings Ltd. (a)(b)
     780,000   —
China Ocean Resources Co., Ltd. (a)(b)(c)
     26,593   —
Chinese Estates Holdings, Ltd.
     92,500   48,068
Chow Sang Sang Holdings International, Ltd.
     68,000   105,134
CMBC Capital Holdings, Ltd. (c)
     4,190,000   57,128
C-Mer Eye Care Holdings, Ltd. (c)
     272,000   192,075
Dah Sing Financial Holdings, Ltd.
     42,000   138,299
Esprit Holdings, Ltd. (b)(c)
     555,600   55,028
Fairwood Holdings, Ltd.
     138,000   302,113
Far East Consortium International, Ltd.
     500,461   189,255
First Pacific Co., Ltd.
     1,088,000   358,261
Fortune Real Estate Investment Trust
     280,000   268,315
Giordano International, Ltd.
     1,188,000   236,853
Global Cord Blood Corp. (b)(c)
     6,537   29,613
Glory Sun Financial Group, Ltd. (b)(c)
     3,456,000   113,356
Gold Financial Holdings Ltd. (a)(b)
     1,158,000   5,362
Great Eagle Holdings, Ltd.
     43,000   149,059
See accompanying notes to financial statements.
71

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Haitong International Securities Group, Ltd. (c)
     691,000   $ 220,425
Hong Kong ChaoShang Group, Ltd. (b)
     824,000   109,168
Hong Kong Television Network, Ltd. (b)
     89,000   135,083
Hutchison Port Holdings Trust Stapled Security
     1,318,100   296,572
Hutchison Telecommunications Hong Kong Holdings, Ltd.
     652,000   124,119
Johnson Electric Holdings, Ltd.
     110,500   297,056
K Wah International Holdings, Ltd.
     983,238   509,676
Lee's Pharmaceutical Holdings, Ltd.
     169,000   129,558
Lifestyle International Holdings, Ltd. (b)
     72,500   63,133
Long Well International Holdings, Ltd. (a)(b)
     2,380,000   18,062
Luk Fook Holdings International, Ltd.
     109,000   300,034
Pacific Basin Shipping, Ltd.
     2,477,000   669,076
Pacific Textiles Holdings, Ltd.
     412,000   263,911
PAX Global Technology, Ltd.
     345,000   370,541
Peace Mark Holdings, Ltd. (a)(b)
     504,228   —
Perfect Shape Medical, Ltd.
     260,000   148,152
Prosperity REIT
     504,000   168,552
Road King Infrastructure, Ltd. (c)
     423,482   554,515
Sa Sa International Holdings, Ltd. (b)(c)
     651,248   149,107
Shun Tak Holdings, Ltd.
     830,849   254,349
SmarTone Telecommunications Holdings, Ltd.
     193,792   112,918
SMI Holdings Group Ltd. (a)(b)(c)
     608,081   —
Stella International Holdings, Ltd.
     136,000   171,958
Sun Hung Kai & Co., Ltd.
     297,000   151,280
SUNeVision Holdings, Ltd.
     245,000   252,423
Sunlight Real Estate Investment Trust
     471,000   253,843
Superb Summit International Group Ltd. (a)(b)(c)
     1,685,500   —
Television Broadcasts, Ltd.
     157,716   164,117
Texhong Textile Group, Ltd.
     187,500   271,563
Truly International Holdings, Ltd. (b)(c)
     498,000   79,429
Value Partners Group, Ltd.
     358,000   243,135
VTech Holdings, Ltd.
     57,100   514,120
Yuexiu Real Estate Investment Trust
     412,000   210,916
Zhuguang Holdings Group Co., Ltd. (b)
     1,092,000   290,752
          10,698,537
INDIA — 0.0% (e)          
Eros STX Global Corp. (b)
     40,641   73,560
Rhi Magnesita NV
     3,773   219,573
          293,133
IRELAND — 0.6%          
C&C Group PLC (b)
     150,630   583,986
See accompanying notes to financial statements.
72

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Cairn Homes PLC (b)
     138,287   $ 174,231
COSMO Pharmaceuticals NV (b)(c)
     1,930   170,207
Dalata Hotel Group PLC (b)
     119,423   593,012
Fineos Corp., Ltd. ADR (b)
     43,818   130,158
Fly Leasing, Ltd. ADR (b)
     21,379   360,236
Glenveagh Properties PLC (b)(d)
     202,349   215,703
Greencore Group PLC (b)
     323,514   701,666
Hibernia REIT PLC
     334,393   433,885
Irish Continental Group PLC (b)
     67,981   353,549
Irish Residential Properties REIT PLC
     313,519   601,357
Origin Enterprises PLC
     52,785   241,949
Total Produce PLC
     44,111   106,798
Uniphar PLC (b)
     57,378   172,637
          4,839,374
ISRAEL — 2.7%          
Africa Israel Properties, Ltd. (b)
     5,024   175,818
Airport City, Ltd. (b)
     17,696   248,984
Allot, Ltd. (b)(c)
     16,019   255,823
Amot Investments, Ltd.
     38,339   205,336
Ashtrom Group, Ltd.
     10,576   199,170
AudioCodes, Ltd. (c)
     13,762   371,299
Augwind Energy Tech Storage, Ltd. (b)
     3,950   91,693
Azorim-Investment Development & Construction Co., Ltd. (b)
     47,543   173,081
BATM Advanced Communications, Ltd. (b)
     119,746   160,257
Bayside Land Corp., Ltd.
     24,440   195,244
Bet Shemesh Engines Holdings 1997, Ltd. (b)
     6,935   147,239
Big Shopping Centers, Ltd. (b)
     2,353   254,090
Biondvax Pharmaceuticals, Ltd. ADR (b)(c)
     3,021   11,480
Blue Square Real Estate, Ltd.
     1,967   136,552
Cellcom Israel, Ltd. (b)
     31,035   116,333
Ceragon Networks, Ltd. (b)(c)
     41,423   156,165
Clal Insurance Enterprises Holdings, Ltd. (b)
     33,920   561,892
Compugen, Ltd. (b)(c)
     27,736   238,252
Danel Adir Yeoshua, Ltd.
     1,293   212,521
Delek Automotive Systems, Ltd.
     20,752   253,901
Delta Galil Industries, Ltd.
     4,944   122,477
Elco, Ltd.
     3,541   173,721
Electra Consumer Products 1970, Ltd.
     4,520   195,726
Electra, Ltd.
     1,880   980,958
Electreon Wireless, Ltd. (b)
     1,900   123,867
Enlight Renewable Energy, Ltd. (b)
     142,326   267,179
Equital, Ltd. (b)
     7,365   179,221
See accompanying notes to financial statements.
73

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Fattal Holdings 1998, Ltd. (b)
     2,432   $ 263,569
FIBI Holdings, Ltd. (b)
     4,194   131,931
Formula Systems 1985, Ltd.
     5,273   466,311
Fox Wizel, Ltd.
     2,871   327,935
Gamida Cell, Ltd. (b)(c)
     27,472   222,248
Gazit-Globe, Ltd.
     88,692   613,320
Harel Insurance Investments & Financial Services, Ltd.
     38,726   391,708
Hilan, Ltd.
     3,607   171,118
IDI Insurance Co., Ltd.
     6,103   231,514
Inrom Construction Industries, Ltd.
     65,358   323,585
Isracard, Ltd. (b)
     53,747   185,029
Israel Canada T.R, Ltd.
     83,279   237,248
Israel Discount Bank, Ltd. Class A (b)
     1   4
Isras Investment Co., Ltd.
     1,093   210,819
Itamar Medical Ltd. ADR (b)
     4,381   104,925
Ituran Location and Control, Ltd.
     12,144   257,817
Kamada, Ltd. (b)
     14,150   86,605
Magic Software Enterprises, Ltd.
     10,661   162,154
Matrix IT, Ltd.
     13,513   324,260
Maytronics, Ltd.
     10,548   191,969
Mediterranean Towers, Ltd.
     41,488   115,418
Mega Or Holdings, Ltd.
     6,245   184,539
Mehadrin, Ltd. (b)
     1   36
Melisron, Ltd. (b)
     5,947   332,242
Menora Mivtachim Holdings, Ltd.
     8,093   168,184
Migdal Insurance & Financial Holding, Ltd. (b)
     324,747   377,851
Mivne Real Estate KD, Ltd.
     122,996   302,889
Nano Dimension, Ltd. ADR (b)
     100,190   860,632
Naphtha Israel Petroleum Corp., Ltd. (b)
     19,795   91,415
Nova Measuring Instruments, Ltd. (b)
     22,308   1,960,069
Oil Refineries, Ltd. (b)
     1,794,021   417,477
One Software Technologies, Ltd.
     1,324   172,791
OPC Energy, Ltd. (b)
     18,466   188,553
Partner Communications Co., Ltd. (b)
     49,459   239,827
Paz Oil Co., Ltd.
     5,140   472,892
Perion Network, Ltd. (b)
     21,003   375,954
Phoenix Holdings, Ltd. (b)
     80,769   709,911
RADA Electronic Industries, Ltd. (b)
     22,817   274,032
Radware, Ltd. (b)
     23,266   606,777
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.
     4,110   267,575
Redhill Biopharma, Ltd. ADR (b)(c)
     7,988   58,472
Reit 1, Ltd.
     105,288   487,810
See accompanying notes to financial statements.
74

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Sapiens International Corp. NV
     22,476   $ 707,704
Sella Capital Real Estate, Ltd. REIT
     124,841   280,815
Shikun & Binui, Ltd. (b)
     76,095   442,007
Shufersal, Ltd.
     52,651   433,877
Silicom, Ltd. (b)
     5,930   267,562
Summit Real Estate Holdings, Ltd. (b)
     10,551   155,511
Tel Aviv Stock Exchange, Ltd.
     27,338   168,880
Tufin Software Technologies, Ltd. (b)(c)
     15,230   159,915
UroGen Pharma, Ltd. (b)(c)
     5,265   102,562
          22,496,527
ITALY — 1.8%          
AMCO - Asset Management Co. SpA (a)(b)(c)
     2,346   —
Anima Holding SpA (d)
     135,350   698,665
Arnoldo Mondadori Editore SpA (b)
     130,414   238,803
Ascopiave SpA
     33,822   155,228
Autogrill SpA (b)(c)
     42,104   348,868
Avio SpA (b)
     6,219   89,757
Banca IFIS SpA
     12,469   164,867
Banca Monte dei Paschi di Siena SpA (b)(c)
     148,545   199,725
Banca Popolare di Sondrio SCPA (b)
     209,605   703,572
Banca Sistema SpA (b)(c)(d)
     85,199   217,291
BFF Bank SpA (b)(c)(d)
     41,119   303,011
Biesse SpA
     10,446   300,054
BPER Banca (b)
     550,230   1,213,504
Cementir Holding NV
     30,311   311,714
Cerved Group SpA (b)
     86,462   958,265
Credito Emiliano SpA (b)
     13,005   76,118
Credito Valtellinese SpA (b)
     47,031   673,919
Danieli & C Officine Meccaniche SpA
     15,051   231,024
Datalogic SpA
     4,921   100,751
Digital Bros SpA (c)
     4,984   145,856
doValue SpA (b)(d)
     19,461   237,874
El.En. SpA (b)
     8,569   352,490
Esprinet SpA
     23,971   303,143
Eurotech SpA (b)(c)
     33,948   205,680
Falck Renewables SpA
     93,729   672,525
Fila SpA (b)
     9,600   113,957
Fincantieri SpA (b)(c)
     121,389   99,654
Gruppo MutuiOnline SpA
     10,991   580,651
Illimity Bank SpA (b)
     14,747   165,869
Immobiliare Grande Distribuzione SIIQ SpA REIT
     19,159   79,825
Italmobiliare SpA
     2,007   67,698
See accompanying notes to financial statements.
75

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Juventus Football Club SpA (b)(c)
     332,056   $ 306,202
Maire Tecnimont SpA (b)(c)
     57,190   168,442
MARR SpA (b)
     11,198   241,373
OVS SpA (b)(c)(d)
     227,065   358,139
Piaggio & C SpA
     76,261   290,041
Prima Industrie SpA (b)
     364   9,604
RAI Way SpA (d)
     43,789   247,547
Retelit SpA (c)
     128,069   347,700
Safilo Group SpA (b)(c)
     56,305   60,252
Sesa SpA (b)
     1,987   243,340
Societa Cattolica di Assicurazioni SC (b)(c)
     73,589   432,878
Tamburi Investment Partners SpA
     60,412   538,197
Technogym SpA (b)(d)
     49,155   572,519
Tinexta SpA (b)
     7,795   207,049
Tod's SpA (b)
     1,475   48,228
Unieuro SpA (b)(d)
     17,665   449,490
Webuild SpA (c)
     223,930   469,522
          15,000,881
JAPAN — 32.6%          
3-D Matrix, Ltd. (b)
     40,800   104,862
77 Bank, Ltd.
     38,000   536,814
Access Co., Ltd. (b)(c)
     10,800   81,513
Achilles Corp.
     10,000   134,299
Adastria Co., Ltd.
     10,000   183,620
ADEKA Corp.
     36,800   723,345
Advanced Media, Inc. (b)
     12,100   90,011
Adways, Inc. (c)
     10,500   77,728
Aeon Delight Co., Ltd.
     10,900   318,122
Aeon Fantasy Co., Ltd.
     7,900   173,586
AEON Financial Service Co., Ltd.
     38,900   522,774
Ai Holdings Corp.
     18,100   359,215
AI inside, Inc. (b)
     400   128,688
Aichi Bank, Ltd.
     8,100   221,376
Aichi Steel Corp.
     3,200   107,439
Aida Engineering, Ltd.
     28,100   252,773
Aiful Corp. (b)
     109,876   318,193
Aiming, Inc. (b)
     19,200   73,672
Airtrip Corp.
     10,400   216,188
Aisan Industry Co., Ltd.
     27,200   165,169
Akatsuki, Inc.
     2,300   93,145
Akebono Brake Industry Co., Ltd. (b)(c)
     63,800   113,166
Akita Bank, Ltd.
     12,100   160,421
See accompanying notes to financial statements.
76

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
ALBERT, Inc. (b)(c)
     900   $ 51,475
Albis Co., Ltd. (c)
     9,500   211,579
Alconix Corp.
     10,900   163,155
Altech Corp.
     12,380   245,471
Amiyaki Tei Co., Ltd. (c)
     1,700   45,677
Amuse, Inc.
     9,300   214,363
Anest Iwata Corp.
     21,500   200,991
AnGes, Inc. (b)(c)
     41,900   404,970
Anicom Holdings, Inc.
     41,800   380,550
Aomori Bank, Ltd. (c)
     7,600   173,665
Arakawa Chemical Industries, Ltd.
     10,900   130,208
Arata Corp.
     7,300   324,041
Arcland Sakamoto Co., Ltd.
     10,700   164,615
Arcland Service Holdings Co., Ltd.
     10,700   211,192
Arcs Co., Ltd.
     22,700   491,183
Arealink Co., Ltd.
     4,100   43,004
Argo Graphics, Inc.
     11,400   327,557
Arisawa Manufacturing Co., Ltd.
     10,900   98,643
Aruhi Corp. (c)
     10,900   178,050
Asahi Holdings, Inc.
     42,746   819,331
ASAHI YUKIZAI Corp.
     10,800   146,606
Asanuma Corp.
     8,200   332,452
Asia Pile Holdings Corp.
     6,600   31,895
ASKA Pharmaceutical Co., Ltd.
     10,800   143,088
ASKUL Corp.
     10,900   417,258
Atom Corp. (c)
     11,900   82,385
Atrae, Inc. (b)
     12,000   186,136
Autobacs Seven Co., Ltd.
     37,900   514,480
Avex, Inc. (c)
     15,900   196,700
Awa Bank, Ltd.
     32,200   726,176
Axial Retailing, Inc.
     10,000   435,747
Bando Chemical Industries, Ltd.
     32,700   221,354
Bank of Iwate, Ltd.
     8,000   172,959
Bank of Nagoya, Ltd. (c)
     3,160   90,081
Bank of Okinawa, Ltd.
     20,500   565,837
Bank of Saga, Ltd.
     10,900   145,596
Bank of the Ryukyus, Ltd.
     43,120   304,376
BASE, Inc. (b)(c)
     17,000   245,077
BayCurrent Consulting, Inc.
     7,200   1,645,249
Belc Co., Ltd.
     6,300   351,774
Bell System24 Holdings, Inc.
     12,900   220,759
Belluna Co., Ltd.
     22,800   267,823
See accompanying notes to financial statements.
77

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
BeNEXT Group, Inc. (c)
     34,777   $ 554,229
Bic Camera, Inc.
     32,800   368,072
BML, Inc.
     12,200   422,308
BrainPad, Inc. (b)(c)
     1,300   64,471
Broadleaf Co., Ltd.
     51,000   250,615
BRONCO BILLY Co., Ltd.
     8,200   175,651
Bunka Shutter Co., Ltd.
     36,000   343,385
Bushiroad, Inc. (b)
     6,500   173,118
CAICA, Inc. (b)(c)
     753,900   334,309
Can Do Co., Ltd.
     20,500   373,267
Carna Biosciences, Inc. (b)
     4,400   53,915
Cawachi, Ltd.
     4,600   119,933
Central Glass Co., Ltd.
     34,569   737,055
Central Security Patrols Co., Ltd.
     6,500   200,294
Change, Inc. (b)(c)
     7,000   225,204
Chatwork Co., Ltd. (b)
     9,600   110,595
Chiba Kogyo Bank, Ltd.
     53,700   144,334
Chiyoda Co., Ltd.
     16,800   150,668
Chiyoda Corp. (b)(c)
     93,100   402,731
Chiyoda Integre Co., Ltd.
     5,600   96,290
Chofu Seisakusho Co., Ltd.
     10,900   214,350
Chubu Shiryo Co., Ltd.
     10,800   140,253
Chudenko Corp.
     10,000   213,665
Chugoku Bank, Ltd.
     35,200   297,846
Chugoku Marine Paints, Ltd.
     31,900   287,244
CI Takiron Corp.
     37,800   232,273
Citizen Watch Co., Ltd.
     117,600   402,288
CKD Corp.
     37,800   789,182
CMK Corp. (c)
     32,400   140,742
cocokara fine, Inc. (c)
     11,300   870,253
COLOPL, Inc.
     32,600   246,049
Colowide Co., Ltd. (c)
     18,300   314,661
Computer Engineering & Consulting, Ltd.
     10,700   139,148
Comture Corp.
     10,900   263,376
CONEXIO Corp.
     10,800   135,660
Cosel Co., Ltd.
     19,500   193,059
Cosmo Energy Holdings Co., Ltd.
     21,300   508,309
CRE Logistics REIT, Inc.
     188   291,443
Crea Holdings, Inc. (b)(c)
     144,300   95,329
Create Restaurants Holdings, Inc. (b)(c)
     28,400   221,803
CTS Co., Ltd. (c)
     32,800   253,495
Curves Holdings Co., Ltd.
     20,600   187,357
See accompanying notes to financial statements.
78

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Cyber Security Cloud, Inc. (b)(c)
     2,500   $ 78,394
CYBERDYNE, Inc. (b)(c)
     10,900   63,033
Cybozu, Inc.
     5,300   107,055
Dai Nippon Toryo Co., Ltd.
     10,800   88,843
Daibiru Corp.
     21,300   275,069
Daido Metal Co., Ltd.
     24,800   131,967
Daido Steel Co., Ltd.
     17,200   795,403
Daihen Corp.
     9,600   422,661
Daiho Corp.
     12,900   452,376
Daiichi Kigenso Kagaku-Kogyo Co., Ltd.
     18,900   223,721
Daiichikosho Co., Ltd.
     12,500   485,294
Daiken Corp.
     9,900   197,462
Daiki Aluminium Industry Co., Ltd.
     32,600   316,264
Daikyonishikawa Corp.
     16,100   112,773
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.
     8,800   196,786
Daiseki Co., Ltd.
     20,900   758,452
Daishi Hokuetsu Financial Group, Inc.
     27,500   649,547
Daito Pharmaceutical Co., Ltd.
     8,600   279,792
Daiwabo Holdings Co., Ltd.
     52,000   791,529
DCM Holdings Co., Ltd.
     66,293   694,727
DDS, Inc. (b)
     59,300   119,137
Demae-Can Co., Ltd. (b)
     11,172   246,391
Denyo Co., Ltd.
     10,000   189,321
Descente, Ltd. (b)
     20,300   345,743
Dexerials Corp.
     29,600   506,816
Digital Arts, Inc.
     8,100   710,308
Digital Garage, Inc.
     14,800   603,385
Digital Hearts Holdings Co., Ltd. (c)
     6,200   91,008
Dip Corp.
     13,100   343,682
DKK Co., Ltd.
     8,700   213,839
DKS Co., Ltd. (c)
     8,400   279,747
DMG Mori Co., Ltd.
     32,600   535,171
Doshisha Co., Ltd.
     10,900   184,560
Doutor Nichires Holdings Co., Ltd.
     41,672   648,650
Dowa Holdings Co., Ltd.
     29,400   1,225,222
DTS Corp.
     55,124   1,260,120
Duskin Co., Ltd.
     19,600   493,991
DyDo Group Holdings, Inc.
     4,100   197,394
Dynam Japan Holdings Co., Ltd.
     10,000   9,531
Earth Corp.
     10,300   620,796
EDION Corp. (c)
     62,900   705,277
Edulab, Inc.
     2,400   178,751
See accompanying notes to financial statements.
79

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
eGuarantee, Inc.
     21,600   $ 407,957
E-Guardian, Inc.
     10,800   281,973
Ehime Bank, Ltd.
     17,740   164,557
Eiken Chemical Co., Ltd.
     16,100   315,152
Eizo Corp.
     10,800   408,054
Enigmo, Inc.
     9,700   121,316
en-japan, Inc.
     10,700   330,683
EPS Holdings, Inc.
     16,800   171,801
eRex Co., Ltd. (c)
     23,400   390,918
ES-Con Japan, Ltd.
     32,300   229,462
Eslead Corp. (c)
     15,400   234,554
ESPEC Corp.
     13,200   220,876
euglena Co., Ltd. (b)
     36,300   347,889
Exedy Corp.
     14,400   218,020
FAN Communications, Inc.
     38,300   142,802
FCC Co., Ltd.
     31,128   523,401
FDK Corp. (b)(c)
     19,800   250,860
Feed One Co., Ltd.
     9,160   75,850
Ferrotec Holdings Corp.
     32,400   647,707
FIDEA Holdings Co., Ltd.
     149,300   185,105
Financial Products Group Co., Ltd.
     24,900   162,695
Fixstars Corp.
     14,800   138,357
Fronteo, Inc. (b)
     15,600   114,918
Frontier Real Estate Investment Corp. REIT
     146   622,977
Fudo Tetra Corp.
     9,040   157,566
Fuji Co., Ltd. (c)
     10,900   211,983
Fuji Corp.
     34,800   892,833
Fuji Kyuko Co., Ltd.
     7,400   393,774
Fuji Pharma Co., Ltd.
     7,000   80,706
Fuji Seal International, Inc.
     10,100   226,130
Fuji Soft, Inc.
     14,800   767,457
Fujibo Holdings, Inc.
     7,200   260,633
Fujicco Co., Ltd.
     10,000   176,471
Fujikura, Ltd. (b)
     142,400   699,757
Fujimi, Inc.
     10,700   417,833
Fujimori Kogyo Co., Ltd.
     7,500   305,430
Fujita Kanko, Inc. (b)(c)
     4,399   76,873
Fujitec Co., Ltd.
     32,700   697,797
Fujiya Co., Ltd.
     6,800   139,631
Fukuda Corp. (c)
     4,000   191,493
Fukui Bank, Ltd.
     12,900   228,814
Fukuoka REIT Corp.
     732   1,151,327
See accompanying notes to financial statements.
80

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Fukushima Galilei Co., Ltd.
     8,400   $ 331,439
FULLCAST Holdings Co., Ltd.
     10,700   193,471
Fumakilla, Ltd.
     14,900   214,533
Funai Electric Co., Ltd. (b)(c)
     36,100   300,234
Funai Soken Holdings, Inc.
     18,300   355,401
Furukawa Co., Ltd.
     17,838   215,670
Furukawa Electric Co., Ltd. (c)
     16,200   435,421
Furuno Electric Co., Ltd.
     16,800   166,176
Fuso Chemical Co., Ltd.
     10,900   400,982
Futaba Corp.
     10,800   94,903
Fuyo General Lease Co., Ltd.
     10,000   689,593
GA Technologies Co., Ltd. (b)(c)
     4,500   90,041
Gakken Holdings Co., Ltd.
     18,000   237,665
Genki Sushi Co., Ltd. (c)
     1,600   38,270
Genky DrugStores Co., Ltd.
     5,100   176,308
Geo Holdings Corp. (c)
     17,200   184,919
giftee, Inc. (b)(c)
     5,100   161,077
Giken, Ltd.
     8,900   401,909
Global One Real Estate Investment Corp. REIT
     303   330,695
GLOBERIDE, Inc.
     6,800   263,077
Glory, Ltd.
     29,100   626,769
GMO GlobalSign Holdings KK
     1,700   104,462
GNI Group, Ltd. (b)(c)
     12,800   251,714
Goldcrest Co., Ltd.
     12,100   185,716
Grace Technology, Inc.
     6,200   161,817
Gree, Inc.
     41,200   208,424
GS Yuasa Corp. (c)
     32,800   890,498
G-Tekt Corp.
     12,400   168,662
GungHo Online Entertainment, Inc.
     12,800   253,220
Gunma Bank, Ltd.
     62,100   223,110
Gunze, Ltd.
     9,200   345,937
Gurunavi, Inc. (b)(c)
     8,900   49,695
H.U. Group Holdings, Inc.
     26,600   894,290
H2O Retailing Corp. (c)
     56,300   466,704
Hachijuni Bank, Ltd.
     108,300   394,976
Hamakyorex Co., Ltd.
     7,200   211,439
Hankyu Hanshin REIT, Inc.
     401   547,973
Hanwa Co., Ltd.
     25,300   777,317
Happinet Corp.
     3,700   51,398
Hazama Ando Corp.
     85,200   654,614
HEALIOS KK (b)(c)
     13,600   205,415
Heiwa Real Estate Co., Ltd.
     13,100   409,597
See accompanying notes to financial statements.
81

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Heiwa Real Estate REIT, Inc.
     336   $ 472,528
Heiwado Co., Ltd.
     16,800   341,169
Hennge KK (b)
     2,700   180,570
Hibiya Engineering, Ltd.
     7,500   131,810
Hiday Hidaka Corp. (c)
     11,104   180,578
Hioki EE Corp.
     8,200   318,724
Hirano Tecseed Co., Ltd.
     10,700   281,202
Hirata Corp. (c)
     6,800   422,154
Hirogin Holdings, Inc. (c)
     44,900   275,089
HIS Co., Ltd. (b)(c)
     10,000   200,452
Hochiki Corp.
     14,100   174,687
Hogy Medical Co., Ltd.
     10,800   329,864
Hokkaido Electric Power Co., Inc. (c)
     95,900   438,276
Hokkaido Gas Co., Ltd. (c)
     10,000   145,158
Hokkoku Bank, Ltd.
     16,300   416,424
Hokuetsu Corp.
     44,100   206,731
Hokuhoku Financial Group, Inc.
     59,700   555,939
Hokuriku Electric Power Co.
     32,800   224,702
Hokuto Corp.
     3,800   71,770
H-One Co., Ltd. (c)
     18,000   130,480
Hoosiers Holdings (c)
     34,400   229,437
Hoshino Resorts REIT, Inc. (c)
     130   750,588
Hosiden Corp.
     21,000   219,692
Hosokawa Micron Corp.
     4,800   291,475
Howa Machinery, Ltd.
     27,900   218,908
Hulic Reit, Inc.
     327   512,843
Hyakugo Bank, Ltd.
     98,500   297,728
Hyakujushi Bank, Ltd.
     13,300   203,412
IBJ Leasing Co., Ltd.
     10,700   321,968
IBJ, Inc.
     12,100   104,137
Ichibanya Co., Ltd.
     5,600   244,271
Ichigo Hotel REIT Investment Corp.
     205   156,950
Ichigo Office REIT Investment Corp.
     506   434,107
Ichigo, Inc.
     25,200   74,574
Ichikoh Industries, Ltd. (c)
     28,800   198,081
Idec Corp.
     11,500   184,728
IGNIS, Ltd. (b)(c)
     7,200   195,345
Iino Kaiun Kaisha, Ltd.
     83,280   399,443
Imasen Electric Industrial (c)
     21,600   152,862
Imuraya Group Co., Ltd.
     8,600   197,528
Inaba Denki Sangyo Co., Ltd.
     15,000   362,172
Inabata & Co., Ltd.
     16,900   253,576
See accompanying notes to financial statements.
82

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)

Security Description     Shares   Value
Infocom Corp.
     11,700   $ 297,953
Infomart Corp.
     76,800   662,357
Insource Co., Ltd. (c)
     14,400   300,641
Intage Holdings, Inc.
     32,800   386,179
Internet Initiative Japan, Inc.
     24,000   564,271
Invesco Office J-Reit, Inc.
     3,638   573,849
Invincible Investment Corp. REIT
     2,236   844,824
Iriso Electronics Co., Ltd.
     10,300   460,004
Ishihara Sangyo Kaisha, Ltd.
     14,000   115,421
Istyle, Inc. (b)
     32,800   141,886
Itfor, Inc.
     33,400   250,878
Itochu Enex Co., Ltd.
     25,400   251,012
Itoki Corp.
     26,100   98,731
Iwatani Corp.
     36,900   2,280,787
J Front Retailing Co., Ltd.
     94,500   898,819
J Trust Co., Ltd. (b)(c)
     50,400   106,273
Jaccs Co., Ltd.
     15,000   308,009
JAFCO Group Co., Ltd. (c)
     14,000   833,665
Japan Aviation Electronics Industry, Ltd.
     33,000   534,570
Japan Communications, Inc. (b)
     119,300   278,547
Japan Display, Inc. (b)(c)
     344,710   149,738
Japan Elevator Service Holdings Co., Ltd.
     20,000   430,769
Japan Excellent, Inc. REIT
     603   782,536
Japan Hotel REIT Investment Corp.
     1,700   958,462
Japan Lifeline Co., Ltd.
     28,500   361,344
Japan Material Co., Ltd.
     39,000   462,353
Japan Metropolitan Fund Invest REIT
     728   745,129
Japan Petroleum Exploration Co., Ltd.
     13,400   249,204
Japan Pulp & Paper Co., Ltd.
     7,900   260,950
Japan Securities Finance Co., Ltd. (c)
     23,300   168,266
Japan Steel Works, Ltd.
     34,900   829,704
Japan Wool Textile Co., Ltd.
     19,400   180,833
JCU Corp.
     10,900   411,339
Jeol, Ltd.
     17,000   675,385
Jimoto Holdings, Inc. (c)
     14,010   100,796
JINS Holdings, Inc.
     6,600   470,063
JMDC, Inc. (b)
     3,600   170,063
Joshin Denki Co., Ltd.
     13,500   386,063
Joyful Honda Co., Ltd.
     39,800   516,860
JSP Corp.
     8,100   136,344
Juki Corp.
     30,400   244,851
Juroku Bank, Ltd.
     19,400   387,824
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
JVC Kenwood Corp.
     70,200   $ 139,765
Kadokawa Dwango
     23,800   925,077
Kaga Electronics Co., Ltd.
     15,300   343,385
Kamakura Shinsho, Ltd.
     5,300   61,346
Kameda Seika Co., Ltd.
     8,400   366,407
Kamei Corp.
     16,300   183,209
Kanamoto Co., Ltd.
     15,100   393,693
Kanematsu Corp.
     107,499   1,445,643
Kanematsu Electronics, Ltd.
     7,900   266,670
Kanto Denka Kogyo Co., Ltd.
     24,000   194,389
Kaonavi, Inc. (b)(c)
     2,900   88,837
Kasai Kogyo Co., Ltd. (c)
     28,700   117,917
Katakura Industries Co., Ltd. (c)
     55,174   726,499
Katitas Co., Ltd.
     19,600   548,090
Kato Sangyo Co., Ltd.
     10,400   336,471
Kato Works Co., Ltd.
     8,400   87,573
KAWADA TECHNOLOGIES, Inc.
     1,300   55,412
Kawai Musical Instruments Manufacturing Co., Ltd.
     6,200   196,380
Kawasaki Kisen Kaisha, Ltd. (b)
     34,600   793,765
Keiyo Bank, Ltd.
     68,000   281,846
Keiyo Co., Ltd. (c)
     28,800   191,044
Kenedix Residential Next Investment Corp. REIT
     237   463,276
Kenedix Retail REIT Corp.
     225   547,127
Kenko Mayonnaise Co., Ltd.
     10,900   186,138
Key Coffee, Inc.
     6,100   117,418
KH Neochem Co., Ltd.
     14,200   359,562
Kintetsu World Express, Inc.
     12,300   319,800
Kisoji Co., Ltd. (c)
     10,300   217,652
Kissei Pharmaceutical Co., Ltd.
     20,000   443,439
Kitanotatsujin Corp.
     40,800   235,200
Kito Corp.
     13,200   218,009
Kitz Corp.
     98,100   569,069
Kiyo Bank, Ltd.
     59,060   885,633
KLab, Inc. (b)(c)
     10,100   73,579
Koa Corp.
     15,700   222,357
Kobe Steel, Ltd. (b)
     120,100   812,985
Kohnan Shoji Co., Ltd.
     11,300   325,706
Kokuyo Co., Ltd.
     10,000   155,113
Komatsu Matere Co., Ltd. (c)
     24,700   217,494
KOMEDA Holdings Co., Ltd.
     18,800   342,824
Komeri Co., Ltd.
     10,300   287,561
Komori Corp.
     42,436   288,027
See accompanying notes to financial statements.
84

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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Konica Minolta, Inc. (c)
     159,000   $ 863,348
Konishi Co., Ltd.
     11,600   188,434
Konoike Transport Co., Ltd.
     10,900   119,259
Koshidaka Holdings Co., Ltd.
     20,600   111,109
Kotobuki Spirits Co., Ltd. (c)
     14,900   969,511
Kourakuen Holdings Corp. (b)(c)
     8,000   123,946
Krosaki Harima Corp.
     3,300   146,186
Kudan, Inc. (b)
     3,300   140,362
Kumagai Gumi Co., Ltd.
     18,200   494,941
Kumiai Chemical Industry Co., Ltd.
     44,700   406,143
Kura Sushi, Inc. (c)
     5,700   384,299
Kurabo Industries, Ltd.
     24,970   433,416
Kureha Corp.
     8,200   566,950
Kurimoto, Ltd.
     12,300   194,908
KYB Corp. (b)
     13,683   373,961
Kyoei Steel, Ltd.
     14,200   213,321
Kyokuto Kaihatsu Kogyo Co., Ltd.
     14,000   209,557
Kyokuyo Co., Ltd. (c)
     2,200   60,824
KYORIN Holdings, Inc.
     27,700   483,309
Kyoritsu Maintenance Co., Ltd. (c)
     10,900   361,525
Kyosan Electric Manufacturing Co., Ltd.
     10,900   40,641
LAC Co., Ltd. (c)
     6,900   67,002
Lacto Japan Co., Ltd. (c)
     7,400   189,186
LEC, Inc. (c)
     12,900   147,445
Lifenet Insurance Co. (b)
     10,900   124,881
LIFULL Co., Ltd.
     29,100   108,236
Locondo, Inc. (b)(c)
     4,100   82,445
M&A Capital Partners Co., Ltd. (b)
     8,400   418,100
Macnica Fuji Electronics Holdings, Inc.
     28,500   569,742
Maeda Corp.
     30,700   265,604
Maeda Kosen Co., Ltd.
     7,500   226,697
Maeda Road Construction Co., Ltd.
     10,900   211,391
Makino Milling Machine Co., Ltd.
     16,400   643,385
Makuake, Inc. (b)(c)
     1,200   76,018
Mandom Corp.
     14,000   264,543
Mars Group Holdings Corp.
     10,900   163,056
Marudai Food Co., Ltd.
     43,731   679,117
Maruha Nichiro Corp.
     31,920   758,281
Marusan Securities Co., Ltd. (c)
     54,738   318,521
Maruwa Co., Ltd.
     3,600   370,100
Matsuya Co., Ltd. (b)
     26,100   216,831
Max Co., Ltd.
     17,400   257,772
See accompanying notes to financial statements.
85

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Maxell Holdings, Ltd. (b)
     23,400   $ 296,259
MCJ Co., Ltd.
     34,600   301,537
MEC Co., Ltd. (c)
     12,600   274,691
Media Do Co., Ltd. (c)
     2,300   136,751
Medical Data Vision Co., Ltd.
     12,900   249,711
Medley, Inc. (b)(c)
     4,000   160,000
MedPeer, Inc. (b)
     3,500   207,149
Megachips Corp.
     10,900   348,208
Megmilk Snow Brand Co., Ltd.
     20,500   417,235
Meidensha Corp.
     25,100   546,748
Meiko Electronics Co., Ltd.
     11,167   271,545
Meiko Network Japan Co., Ltd.
     24,600   132,907
Meisei Industrial Co., Ltd.
     28,900   202,692
Meitec Corp.
     10,800   597,176
Melco Holdings, Inc.
     4,000   139,728
Michinoku Bank, Ltd.
     5,720   56,268
Mie Kotsu Group Holdings, Inc. (c)
     45,500   210,000
Milbon Co., Ltd.
     11,300   620,733
Mimasu Semiconductor Industry Co., Ltd.
     13,300   328,468
Minkabu The Infonoid, Inc. (c)
     6,800   271,385
Mirai Corp. REIT
     545   236,989
Mirait Holdings Corp.
     37,160   614,401
Miroku Jyoho Service Co., Ltd. (c)
     10,800   201,437
Mitsubishi Estate Logistics REIT Investment Corp.
     109   429,095
Mitsubishi Kakoki Kaisha, Ltd. (c)
     16,500   422,131
Mitsubishi Logisnext Co., Ltd.
     10,900   127,841
Mitsubishi Pencil Co., Ltd.
     24,400   352,862
Mitsubishi Research Institute, Inc.
     6,900   257,267
Mitsubishi Shokuhin Co., Ltd.
     8,000   224,072
Mitsuboshi Belting, Ltd.
     11,500   185,353
Mitsui Matsushima Holdings Co., Ltd. (c)
     12,000   108,054
Mitsui Mining & Smelting Co., Ltd. (c)
     29,200   1,014,733
Mitsui Sugar Co., Ltd.
     29,600   525,567
Mitsui-Soko Holdings Co., Ltd.
     12,900   253,097
Mixi, Inc.
     20,200   506,371
Miyaji Engineering Group, Inc.
     2,600   55,741
Miyazaki Bank, Ltd.
     12,380   261,829
Mizuno Corp.
     7,800   153,459
Mochida Pharmaceutical Co., Ltd.
     13,200   512,471
Modec, Inc.
     9,000   184,317
Monex Group, Inc. (c)
     84,400   713,390
Money Forward, Inc. (b)
     13,200   499,330
See accompanying notes to financial statements.
86

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Monogatari Corp
     2,800   $ 182,443
Mori Trust Hotel Reit, Inc.
     142   177,725
Mori Trust Sogo Reit, Inc.
     293   411,791
Morita Holdings Corp.
     19,000   307,267
MOS Food Services, Inc. (c)
     10,900   320,588
m-up Holdings, Inc.
     4,500   119,525
Musashi Seimitsu Industry Co., Ltd.
     25,500   435,923
Musashino Bank, Ltd.
     10,780   178,236
Nachi-Fujikoshi Corp.
     10,900   474,964
Nagaileben Co., Ltd.
     10,900   270,281
Nagano Keiki Co., Ltd.
     22,100   196,200
Nakanishi, Inc.
     54,240   1,131,432
NanoCarrier Co., Ltd. (b)(c)
     34,700   96,406
Nanto Bank, Ltd.
     10,000   178,462
Neturen Co., Ltd.
     51,983   286,495
Nextage Co., Ltd.
     32,700   558,119
NexTone, Inc. (b)
     4,200   129,041
NHK Spring Co., Ltd.
     32,800   246,371
Nichias Corp.
     32,800   834,100
Nichiban Co., Ltd.
     10,000   173,213
Nichicon Corp. (c)
     34,300   347,967
Nichiha Corp.
     14,100   412,154
Nichi-iko Pharmaceutical Co., Ltd. (c)
     59,000   531,267
Nichireki Co., Ltd.
     10,800   154,425
Nihon House Holdings Co., Ltd. (c)
     43,200   132,532
Nihon Nohyaku Co., Ltd.
     32,600   160,492
Nihon Parkerizing Co., Ltd.
     51,000   551,538
Nihon Tokushu Toryo Co., Ltd.
     10,800   105,166
Nihon Trim Co., Ltd. (c)
     1,500   55,724
Nikkiso Co., Ltd.
     56,840   579,717
Nikkon Holdings Co., Ltd.
     54,780   1,102,045
Nippn Corp.
     26,300   394,381
Nippon Carbide Industries Co., Inc.
     13,300   161,526
Nippon Carbon Co., Ltd.
     11,171   469,586
Nippon Ceramic Co., Ltd.
     10,400   251,012
Nippon Chemical Industrial Co., Ltd.
     8,100   218,297
Nippon Coke & Engineering Co., Ltd.
     76,800   79,233
Nippon Densetsu Kogyo Co., Ltd.
     21,400   375,129
Nippon Electric Glass Co., Ltd.
     17,300   401,579
Nippon Gas Co., Ltd.
     32,700   569,957
Nippon Kayaku Co., Ltd.
     40,300   389,871
Nippon Koei Co., Ltd.
     9,800   278,480
See accompanying notes to financial statements.
87

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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Nippon Light Metal Holdings Co., Ltd.
     32,190   $ 644,674
Nippon Paper Industries Co., Ltd. (c)
     14,400   172,800
Nippon Parking Development Co., Ltd.
     38,500   53,308
Nippon Pillar Packing Co., Ltd.
     12,000   202,425
NIPPON REIT Investment Corp.
     367   1,403,235
Nippon Road Co., Ltd.
     4,700   350,054
Nippon Sheet Glass Co., Ltd. (b)(c)
     37,800   193,960
Nippon Signal Co., Ltd.
     29,800   264,559
Nippon Soda Co., Ltd.
     10,900   344,756
Nippon Steel Trading Corp.
     3,600   132,109
Nippon Suisan Kaisha, Ltd.
     139,299   670,652
Nippon Thompson Co., Ltd.
     49,200   294,755
Nippon Yakin Kogyo Co., Ltd.
     8,600   159,937
Nipro Corp. (c)
     10,400   125,835
Nishimatsu Construction Co., Ltd. (c)
     28,600   726,776
Nishimatsuya Chain Co., Ltd. (c)
     21,453   324,610
Nishi-Nippon Financial Holdings, Inc.
     69,300   498,584
Nishio Rent All Co., Ltd.
     11,600   314,302
Nissan Shatai Co., Ltd.
     19,400   139,750
Nissei ASB Machine Co., Ltd.
     4,700   223,728
Nissei Plastic Industrial Co., Ltd.
     21,800   201,625
Nissha Co., Ltd.
     21,600   267,801
Nisshin Oillio Group, Ltd.
     13,600   401,846
Nisshinbo Holdings, Inc.
     65,100   485,452
Nissin Corp.
     10,800   142,110
Nitta Corp.
     9,900   235,987
Nittetsu Mining Co., Ltd.
     3,200   197,213
Nitto Boseki Co., Ltd. (c)
     25,730   937,224
Nitto Kogyo Corp.
     19,500   357,882
Nittoku Co., Ltd.
     9,400   279,873
Nohmi Bosai, Ltd.
     14,600   284,072
Nojima Corp.
     10,700   272,293
NOK Corp.
     35,600   483,580
Nomura Co., Ltd.
     37,600   312,369
Noritake Co., Ltd.
     6,900   221,674
Noritsu Koki Co., Ltd.
     9,800   235,555
Noritz Corp.
     12,100   193,162
North Pacific Bank, Ltd. (c)
     135,400   392,109
NS United Kaiun Kaisha, Ltd.
     10,000   170,588
NSD Co., Ltd.
     34,600   576,458
NTN Corp. (b)
     183,700   566,893
Obara Group, Inc. (c)
     8,900   304,855
See accompanying notes to financial statements.
88

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Oenon Holdings, Inc.
     83,800   $ 310,174
Ogaki Kyoritsu Bank, Ltd.
     10,000   201,538
Ohara, Inc. (c)
     9,600   146,650
Ohsho Food Service Corp.
     6,800   358,154
Oiles Corp.
     10,900   167,100
Oisix ra daichi, Inc. (b)
     10,800   284,905
Oita Bank, Ltd.
     15,380   299,806
Okabe Co., Ltd.
     15,600   110,118
Okamoto Industries, Inc.
     6,360   242,025
Okamura Corp.
     53,100   623,264
Okasan Securities Group, Inc. (c)
     76,382   311,749
Oki Electric Industry Co., Ltd.
     42,900   446,471
Okinawa Electric Power Co., Inc.
     22,677   318,299
OKUMA Corp.
     13,200   758,552
Okumura Corp.
     16,800   447,290
Okuwa Co., Ltd.
     14,500   158,778
Oncolys BioPharma, Inc. (b)
     4,300   45,880
OncoTherapy Science, Inc. (b)(c)
     120,900   134,576
One REIT, Inc.
     96   270,190
Open Door, Inc. (b)
     8,500   141,154
OPT Holding, Inc.
     10,000   181,448
Optex Group Co., Ltd.
     14,700   219,502
Optim Corp. (b)(c)
     5,400   145,287
Optorun Co., Ltd.
     10,900   270,576
Orient Corp.
     70,200   97,835
Osaka Organic Chemical Industry, Ltd. (c)
     18,200   611,059
Osaka Soda Co., Ltd.
     10,700   255,347
OSAKA Titanium Technologies Co., Ltd. (c)
     8,500   73,846
Osaki Electric Co., Ltd.
     16,000   88,326
OSG Corp.
     10,800   192,641
OSJB Holdings Corp.
     84,600   226,621
Outsourcing, Inc.
     41,300   666,780
Oyo Corp.
     16,200   189,415
Pacific Industrial Co., Ltd.
     27,500   316,312
Pacific Metals Co., Ltd. (c)
     7,399   143,628
Pack Corp.
     10,000   273,303
PAL GROUP Holdings Co., Ltd. (b)
     10,700   148,154
Paramount Bed Holdings Co., Ltd.
     20,000   425,882
Pasona Group, Inc.
     10,800   182,476
PC Depot Corp. (c)
     49,200   220,398
Penta-Ocean Construction Co., Ltd.
     139,600   1,097,850
Pharma Foods International Co., Ltd. (c)
     10,400   336,000
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
PIA Corp. (c)
     5,100   $ 141,462
Pilot Corp.
     10,000   319,457
Piolax, Inc.
     13,200   194,118
PKSHA Technology, Inc. (b)
     5,200   140,847
Plenus Co., Ltd.
     9,900   169,420
Poletowin Pitcrew Holdings, Inc.
     14,500   180,692
Precision System Science Co., Ltd. (b)(c)
     8,000   69,719
Premier Investment Corp. REIT
     1,189   1,701,185
Press Kogyo Co., Ltd.
     55,400   166,952
Pressance Corp.
     5,500   84,068
Prestige International, Inc.
     50,200   373,433
Prima Meat Packers, Ltd.
     11,700   369,529
Qol Holdings Co., Ltd.
     10,800   152,080
Raccoon Holdings, Inc. (c)
     7,600   185,976
Raito Kogyo Co., Ltd.
     32,500   552,941
Raiznext Corp. (c)
     27,500   297,647
Raksul, Inc. (b)
     7,200   336,217
RaQualia Pharma, Inc. (b)(c)
     15,300   144,692
Relia, Inc.
     20,800   269,365
RENOVA, Inc. (b)(c)
     19,700   664,095
ReproCELL, Inc. (b)(c)
     36,600   136,795
Resorttrust, Inc.
     41,800   699,062
Restar Holdings Corp.
     10,800   199,385
Retail Partners Co., Ltd.
     11,300   142,145
Rheon Automatic Machinery Co., Ltd. (c)
     11,300   120,056
Ricoh Leasing Co., Ltd.
     7,700   241,801
Riken Corp.
     7,000   158,371
Riken Keiki Co., Ltd.
     10,900   271,760
Riken Technos Corp.
     42,700   199,395
Riken Vitamin Co., Ltd.
     10,800   133,412
Ringer Hut Co., Ltd.
     10,900   224,412
Riso Kagaku Corp.
     9,200   122,472
Rock Field Co., Ltd.
     10,600   161,830
Rokko Butter Co., Ltd.
     10,600   162,118
Rorze Corp.
     10,900   771,385
Round One Corp. (c)
     37,500   422,511
Royal Holdings Co., Ltd. (b)
     10,900   197,482
RS Technologies Co., Ltd.
     4,900   283,357
Ryobi, Ltd. (b)
     16,400   246,668
Ryosan Co., Ltd.
     10,000   204,434
S Foods, Inc.
     10,900   373,362
Sac's Bar Holdings, Inc. (c)
     29,300   160,421
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Sagami Holdings Corp. (b)(c)
     19,400   $ 199,618
Saizeriya Co., Ltd.
     11,600   238,824
Sakai Chemical Industry Co., Ltd.
     26,953   512,961
Sakai Moving Service Co., Ltd.
     4,200   188,335
Sakata INX Corp.
     20,200   194,505
Sakata Seed Corp.
     13,000   481,176
Sakura Internet, Inc.
     34,700   245,569
Sala Corp.
     52,400   290,690
SAMTY Co., Ltd.
     12,700   233,082
San ju San Financial Group, Inc.
     10,900   137,310
San-A Co., Ltd.
     10,200   425,077
San-Ai Oil Co., Ltd.
     33,200   394,494
SanBio Co., Ltd. (b)(c)
     10,900   188,900
Sanei Architecture Planning Co., Ltd.
     13,900   221,897
Sangetsu Corp.
     30,500   462,882
San-In Godo Bank, Ltd.
     70,900   359,954
Sanken Electric Co., Ltd. (c)
     10,900   511,955
Sanki Engineering Co., Ltd.
     22,100   290,600
Sankyo Tateyama, Inc.
     25,000   186,425
Sanoh Industrial Co., Ltd. (c)
     33,800   395,200
Sanrio Co., Ltd. (c)
     26,500   420,643
Sansan, Inc. (b)
     5,700   490,561
Sanyo Chemical Industries, Ltd.
     5,400   273,665
Sanyo Denki Co., Ltd.
     5,000   266,516
Sanyo Electric Railway Co., Ltd. (c)
     7,800   133,271
Sanyo Special Steel Co., Ltd. (b)
     20,287   299,807
Sanyo Trading Co., Ltd.
     24,700   257,729
Sapporo Holdings, Ltd. (c)
     34,000   705,538
Sato Holdings Corp.
     24,040   627,216
Seikagaku Corp.
     18,800   175,920
Seiko Holdings Corp.
     11,800   200,440
Seiren Co., Ltd.
     35,280   621,311
Sekisui Jushi Corp.
     11,500   218,240
Sekisui Plastics Co., Ltd.
     19,400   104,637
Senko Group Holdings Co., Ltd. (c)
     39,800   377,470
Senshu Ikeda Holdings, Inc.
     120,660   194,366
Septeni Holdings Co., Ltd.
     15,800   69,634
Shibaura Machine Co., Ltd.
     10,200   258,000
Shibuya Corp.
     10,900   350,181
SHIFT, Inc. (b)
     2,300   272,462
Shiga Bank, Ltd. (c)
     24,800   537,745
Shikoku Bank, Ltd.
     24,000   169,846
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Shikoku Chemicals Corp.
     20,400   $ 233,538
Shikoku Electric Power Co., Inc.
     44,400   345,557
Shima Seiki Manufacturing, Ltd.
     17,645   409,907
Shinagawa Refractories Co., Ltd.
     6,400   167,037
Shin-Etsu Polymer Co., Ltd.
     19,000   170,570
Shinmaywa Industries, Ltd.
     26,000   240,471
Shinoken Group Co., Ltd.
     20,000   229,321
Shizuoka Gas Co., Ltd.
     24,600   221,511
Shochiku Co., Ltd. (b)
     11,160   1,385,658
Shoei Co., Ltd.
     10,700   441,557
Shoei Foods Corp.
     7,200   295,819
Showa Sangyo Co., Ltd. (c)
     4,200   118,018
Siix Corp.
     17,900   264,369
Sinfonia Technology Co., Ltd.
     36,280   431,748
Sinko Industries, Ltd.
     10,900   214,843
Sintokogio, Ltd.
     31,200   218,259
SKY Perfect JSAT Holdings, Inc.
     51,000   227,077
SMK Corp.
     504   12,926
Sodick Co., Ltd. (c)
     22,300   207,662
Solasto Corp.
     20,900   270,092
Sosei Group Corp. (b)
     32,800   585,354
Sourcenext Corp.
     19,000   62,760
Space Value Holdings Co., Ltd. (c)
     23,400   168,353
S-Pool, Inc.
     10,900   112,255
ST Corp.
     10,700   189,308
St Marc Holdings Co., Ltd.
     10,000   155,747
Star Asia Investment Corp. REIT
     358   170,414
Star Micronics Co., Ltd. (c)
     16,400   244,887
Starts Corp., Inc.
     11,900   312,846
Starts Proceed Investment Corp. REIT (c)
     118   240,165
Starzen Co., Ltd. (c)
     9,600   210,939
Stella Chemifa Corp.
     7,200   207,855
StemRIM, Inc. (b)(c)
     15,800   118,250
Studio Alice Co., Ltd. (c)
     10,900   206,557
Sumida Corp.
     15,300   149,815
Sumitomo Bakelite Co., Ltd.
     10,000   409,502
Sumitomo Densetsu Co., Ltd.
     12,300   268,151
Sumitomo Mitsui Construction Co., Ltd.
     67,560   305,090
Sumitomo Osaka Cement Co., Ltd. (c)
     16,179   516,117
Sumitomo Seika Chemicals Co., Ltd.
     2,400   87,747
Sumitomo Warehouse Co., Ltd.
     35,500   472,584
Sun Corp. (b)(c)
     9,000   299,321
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Sun Frontier Fudousan Co., Ltd.
     10,000   $ 87,511
Sun-Wa Technos Corp.
     17,200   168,264
SuRaLa Net Co., Ltd. (b)
     2,000   69,774
Suruga Bank, Ltd. (c)
     116,300   449,413
SWCC Showa Holdings Co., Ltd.
     4,500   66,380
Systena Corp.
     36,600   732,662
Syuppin Co., Ltd. (c)
     17,200   159,236
T Hasegawa Co., Ltd.
     11,300   216,285
T RAD Co., Ltd.
     11,200   206,871
Tachi-S Co., Ltd.
     16,700   181,357
Tadano, Ltd.
     55,400   595,111
Taihei Dengyo Kaisha, Ltd.
     12,500   299,208
Taiho Kogyo Co., Ltd. (c)
     19,500   188,471
Taikisha, Ltd.
     11,300   310,367
Taiko Pharmaceutical Co., Ltd. (c)
     32,800   370,447
Taiyo Holdings Co., Ltd.
     10,000   545,701
Takamatsu Construction Group Co., Ltd.
     7,900   154,139
Takaoka Toko Co., Ltd.
     1,900   27,150
Takara Holdings, Inc. (c)
     54,500   743,271
Takara Standard Co., Ltd.
     25,800   389,218
Takasago International Corp.
     20,400   485,354
Takasago Thermal Engineering Co., Ltd.
     30,500   475,855
Takashimaya Co., Ltd.
     53,400   570,728
Takeei Corp. (c)
     31,900   372,407
Takeuchi Manufacturing Co., Ltd.
     18,300   512,566
Takuma Co., Ltd.
     32,800   711,508
Tamron Co., Ltd.
     10,000   195,113
Tamura Corp.
     41,800   193,301
Tanseisha Co., Ltd.
     19,800   157,862
Tatsuta Electric Wire and Cable Co., Ltd.
     41,100   233,954
Tayca Corp.
     10,800   145,336
TeamSpirit, Inc. (b)(c)
     7,200   134,422
TechMatrix Corp.
     22,400   398,740
Teikoku Electric Manufacturing Co., Ltd.
     3,600   43,070
Teikoku Sen-I Co., Ltd.
     11,400   231,301
tella, Inc. (b)(c)
     10,600   22,159
TerraSky Co., Ltd. (b)(c)
     3,000   91,086
TKC Corp.
     15,400   490,570
TKP Corp. (b)(c)
     7,800   181,553
Toa Corp. (f)
     15,700   136,824
Toa Corp. (f)
     8,000   176,652
TOA ROAD Corp.
     7,900   302,774
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Toagosei Co., Ltd.
     113,700   $ 1,335,589
Tobishima Corp.
     10,710   116,695
TOC Co., Ltd. (c)
     62,960   448,982
Tocalo Co., Ltd.
     28,900   378,708
Toho Bank, Ltd.
     90,000   200,362
Toho Titanium Co., Ltd.
     19,900   179,190
Toho Zinc Co., Ltd. (b)(c)
     6,800   147,015
TOKAI Holdings Corp.
     53,700   464,590
Tokai Rika Co., Ltd.
     15,700   266,545
Tokai Tokyo Financial Holdings, Inc.
     100,900   369,814
Tokushu Tokai Paper Co., Ltd.
     5,100   224,769
Tokuyama Corp.
     17,800   449,913
Tokyo Dome Corp. (b)
     400   4,699
Tokyo Kiraboshi Financial Group, Inc.
     10,000   126,697
Tokyo Seimitsu Co., Ltd.
     18,900   862,045
Tokyo Steel Manufacturing Co., Ltd.
     47,500   364,095
Tokyotokeiba Co., Ltd.
     8,900   450,235
Tokyu Construction Co., Ltd.
     32,800   178,693
Tokyu REIT, Inc.
     498   815,278
Tomoe Engineering Co., Ltd.
     2,800   55,113
TOMONY Holdings, Inc.
     77,480   227,181
Tomy Co., Ltd.
     48,800   443,837
Tonami Holdings Co., Ltd.
     4,200   204,869
Topcon Corp.
     49,100   596,309
Toppan Forms Co., Ltd.
     22,900   231,487
Topre Corp.
     21,200   299,486
Topy Industries, Ltd. (b)
     18,698   236,052
Torex Semiconductor, Ltd.
     15,500   237,900
Toridoll Holdings Corp. (c)
     17,600   264,398
Torii Pharmaceutical Co., Ltd.
     5,600   152,036
Torikizoku Co., Ltd. (b)(c)
     10,900   162,267
Tosei Reit Investment Corp.
     172   208,890
Tosho Co., Ltd. (c)
     9,000   152,226
Totetsu Kogyo Co., Ltd.
     11,300   270,689
Towa Bank, Ltd.
     24,600   153,166
Towa Pharmaceutical Co., Ltd.
     10,000   221,086
Toyo Construction Co., Ltd.
     32,800   170,679
Toyo Corp.
     5,668   54,936
Toyo Denki Seizo KK
     14,200   167,958
Toyo Gosei Co., Ltd.
     2,000   251,222
Toyo Ink SC Holdings Co., Ltd.
     18,300   336,356
Toyo Kanetsu KK
     7,500   184,276
See accompanying notes to financial statements.
94

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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Toyo Machinery & Metal Co., Ltd.
     200   $ 905
Toyo Tanso Co., Ltd.
     8,300   161,043
Toyobo Co., Ltd.
     42,778   551,275
Toyota Motor Corp.
     9   702
TPR Co., Ltd.
     13,300   193,181
Trancom Co., Ltd.
     3,800   303,656
Transcosmos, Inc.
     10,800   291,844
Tri Chemical Laboratories, Inc.
     26,000   829,412
Trusco Nakayama Corp.
     18,700   497,200
TS Tech Co., Ltd.
     20,000   298,462
TSI Holdings Co., Ltd. (b)
     59,700   173,427
Tsubaki Nakashima Co., Ltd.
     23,600   362,223
Tsubakimoto Chain Co.
     14,700   405,747
Tsugami Corp.
     32,800   493,633
Tsukishima Kikai Co., Ltd.
     23,900   277,500
Tsukuba Bank, Ltd. (c)
     92,900   154,693
Tsurumi Manufacturing Co., Ltd.
     10,900   179,036
UACJ Corp.
     10,000   241,448
Uchida Yoko Co., Ltd.
     6,800   303,077
Ulvac, Inc.
     10,100   425,480
Union Tool Co.
     7,200   229,357
Unipres Corp.
     14,400   138,527
United Arrows, Ltd.
     10,700   203,929
United Super Markets Holdings, Inc.
     30,100   317,616
UNITED, Inc. (c)
     5,300   66,814
Unitika, Ltd. (b)
     6,400   23,805
Universal Entertainment Corp. (b)
     10,900   266,138
Ushio, Inc.
     52,200   689,229
UT Group Co., Ltd.
     10,800   355,276
Uzabase, Inc. (b)
     9,600   240,652
V Technology Co., Ltd.
     3,872   190,972
Valor Holdings Co., Ltd.
     28,800   648,195
Valqua, Ltd.
     10,476   202,030
ValueCommerce Co., Ltd.
     10,900   354,127
V-Cube, Inc. (c)
     7,200   173,321
Vector, Inc. (b)
     14,400   168,890
Vision, Inc. (b)(c)
     12,100   121,000
Vital KSK Holdings, Inc.
     24,700   176,365
VT Holdings Co., Ltd.
     70,900   286,167
Wacom Co., Ltd.
     63,600   427,645
Wakachiku Construction Co., Ltd.
     3,800   47,216
Wakita & Co., Ltd.
     10,900   98,544
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Warabeya Nichiyo Holdings Co., Ltd.
     10,900   $ 166,607
Watahan & Co., Ltd. (c)
     18,900   222,524
WATAMI Co., Ltd. (b)(c)
     12,800   116,300
WDB Holdings Co., Ltd.
     7,500   176,063
World Co., Ltd.
     10,000   133,756
World Holdings Co., Ltd.
     9,000   233,511
W-Scope Corp. (b)(c)
     16,700   113,953
Yahagi Construction Co., Ltd.
     23,200   176,362
YAKUODO Holdings Co., Ltd.
     7,700   194,765
YAMABIKO Corp.
     19,000   211,149
YAMADA Consulting Group Co., Ltd.
     10,700   116,005
Yamagata Bank, Ltd.
     15,600   160,376
Yamaguchi Financial Group, Inc.
     54,900   365,669
Yamaichi Electronics Co., Ltd.
     12,800   173,524
YA-MAN, Ltd.
     10,700   152,027
Yamanashi Chuo Bank, Ltd.
     18,900   157,186
Yamashin-Filter Corp. (c)
     27,900   222,695
Yamato Kogyo Co., Ltd.
     19,500   579,706
Yamazen Corp.
     42,500   400,769
Yellow Hat, Ltd.
     15,600   267,247
Yodogawa Steel Works, Ltd.
     28,100   623,286
Yokogawa Bridge Holdings Corp.
     14,900   276,560
Yokohama Reito Co., Ltd.
     23,300   192,515
Yokowo Co., Ltd.
     17,000   417,385
Yondoshi Holdings, Inc. (c)
     11,200   195,113
Yonex Co., Ltd. (c)
     22,500   128,281
Yorozu Corp.
     11,200   135,312
Yoshinoya Holdings Co., Ltd. (c)
     27,800   553,484
Yuasa Trading Co., Ltd.
     10,300   290,824
Yurtec Corp.
     28,100   207,253
Yushin Precision Equipment Co., Ltd.
     11,900   95,954
Zenrin Co., Ltd.
     37,965   455,236
ZERIA Pharmaceutical Co., Ltd.
     18,900   359,699
ZIGExN Co., Ltd. (c)
     32,800   129,716
Zojirushi Corp.
     20,300   355,480
          269,131,101
LUXEMBOURG — 0.1%          
B&S Group Sarl (b)(d)
     17,093   172,367
Orion Engineered Carbons SA
     20   394
Solutions 30 SE (b)(c)
     65,748   837,646
          1,010,407
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
MALTA — 0.3%          
Catena Media PLC (b)
     27,806   $ 151,084
Kambi Group PLC (b)
     10,476   558,156
Kindred Group PLC SDR (b)
     80,233   1,414,799
          2,124,039
MONGOLIA — 0.1%          
Turquoise Hill Resources, Ltd. (b)(c)
     25,269   406,926
MOROCCO — 0.0% (e)          
Vivo Energy PLC (d)
     201,142   269,190
NETHERLANDS — 1.1%          
Accell Group NV (b)
     11,492   531,482
Alfen Beheer B.V. (b)(d)
     1,819   150,078
AMG Advanced Metallurgical Group NV
     11,553   465,055
Arcadis NV (b)(c)
     28,780   1,175,761
Basic-Fit NV (b)(c)(d)
     14,210   548,628
Brack Capital Properties NV (b)
     1,924   164,140
Brunel International NV (b)
     15,669   203,310
Flow Traders (d)
     16,963   710,939
ForFarmers NV
     8,865   61,264
Heijmans NV ADR (b)
     20,821   346,998
Intertrust NV (b)(d)
     34,608   574,328
Kendrion NV (b)(c)
     11,216   288,689
Merus NV (b)(c)
     11,674   243,870
NSI NV REIT
     10,593   420,808
Ordina NV
     34,614   134,860
Pharming Group NV (b)(c)
     344,675   447,429
PostNL NV (b)
     246,990   1,200,338
ProQR Therapeutics NV (b)(c)
     9,770   64,580
SIF Holding NV (b)
     7,297   138,762
Sligro Food Group NV (b)
     6,163   165,149
TKH Group NV
     5,991   288,127
TomTom NV
     39,909   369,377
Van Lanschot Kempen NV ADR (b)
     6,456   180,967
Vastned Retail NV REIT
     11,343   331,286
          9,206,225
NEW ZEALAND — 0.9%          
Air New Zealand, Ltd. (b)(c)
     240,990   288,609
Argosy Property, Ltd.
     330,180   331,832
Fletcher Building, Ltd.
     164,216   814,262
Genesis Energy, Ltd.
     89,555   218,892
See accompanying notes to financial statements.
97

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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Goodman Property Trust REIT
     428,786   $ 678,679
Heartland Group Holdings, Ltd. (c)
     137,301   168,278
Kathmandu Holdings, Ltd. (b)(c)
     163,507   152,301
Kiwi Property Group, Ltd.
     723,699   628,485
Oceania Healthcare, Ltd.
     127,053   113,896
Precinct Properties New Zealand, Ltd.
     423,265   483,187
Pushpay Holdings, Ltd. (b)(c)
     331,922   483,520
Restaurant Brands New Zealand, Ltd. (b)
     23,365   217,637
SKY Network Television, Ltd. (b)
     343,516   41,861
SKYCITY Entertainment Group, Ltd. (c)
     318,160   775,426
Summerset Group Holdings, Ltd.
     123,169   1,047,214
Synlait Milk, Ltd. (b)
     28,026   66,932
Tourism Holdings, Ltd. (b)
     61,277   107,288
Vital Healthcare Property Trust REIT (c)
     224,176   456,875
Volpara Health Technologies, Ltd. (b)(c)
     58,015   57,443
Z Energy, Ltd. (b)
     293,548   581,810
          7,714,427
NORWAY — 1.8%          
Aker Solutions ASA (b)
     186,710   321,305
ArcticZymes Technologies ASA (b)
     20,200   172,744
Atea ASA
     36,621   623,767
Atlantic Sapphire ASA (b)
     12,749   179,966
Austevoll Seafood ASA
     21,198   257,018
Avance Gas Holding, Ltd. (c)(d)
     76,687   426,720
Bergenbio ASA (b)(c)
     32,706   118,006
Bonheur ASA
     3,893   103,067
Borregaard ASA
     49,155   1,072,198
BW Energy, Ltd. (b)
     8,997   28,331
BW Offshore, Ltd.
     97,246   402,365
Crayon Group Holding ASA (b)(d)
     13,304   209,464
Elkem ASA (d)
     72,098   314,191
Europris ASA (d)
     76,734   460,241
Fjordkraft Holding ASA (d)
     18,587   151,764
Frontline, Ltd.
     41,551   304,708
Golden Ocean Group, Ltd.
     31,662   212,294
Grieg Seafood ASA (b)(c)
     25,415   252,026
Hexagon Composites ASA (b)
     21,741   120,722
Hunter Group ASA
     315,912   105,657
IDEX Biometrics ASA (b)
     551,604   168,331
Kahoot! A/S (b)
     108,399   1,216,518
Kid ASA (d)
     10,852   126,873
Kitron ASA
     190,626   491,284
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Nordic Semiconductor ASA (b)
     72,201   $ 1,296,621
Norway Royal Salmon ASA
     8,205   195,889
Norwegian Finans Holding ASA (b)
     73,666   828,450
Odfjell Drilling, Ltd. (b)
     458   1,094
Opera, Ltd. ADR (b)(c)
     18,806   188,060
PCI Biotech Holding ASA (b)(c)
     25,897   77,967
Pexip Holding ASA (b)
     19,201   215,238
PhotoCure ASA (b)
     13,334   212,435
Protector Forsikring ASA (b)(c)
     51,028   537,398
Sbanken ASA (d)
     33,511   323,084
Selvaag Bolig ASA
     15,360   113,540
SFL Corp., Ltd.
     56,880   456,178
SpareBank 1 Nord Norge
     35,098   335,506
SpareBank 1 SMN
     36,405   458,029
Stolt-Nielsen, Ltd.
     11,249   166,303
TGS Nopec Geophysical Co. ASA
     44,417   708,947
Veidekke ASA
     68,764   955,374
Wallenius Wilhelmsen ASA (b)
     56,387   182,973
XXL ASA (b)(d)
     44,431   97,124
          15,189,770
PERU — 0.1%          
Hochschild Mining PLC
     182,648   493,163
PORTUGAL — 0.3%          
Altri SGPS SA
     112,603   863,533
Banco Comercial Portugues SA Class R (b)(c)
     2,604,489   355,389
Mota-Engil SGPS SA (b)(c)
     35,451   58,748
REN - Redes Energeticas Nacionais SGPS SA
     256,260   716,814
Sonae SGPS SA
     250,832   229,504
          2,223,988
RUSSIA — 0.0% (e)          
Petropavlovsk PLC (b)
     863,421   284,116
SINGAPORE — 1.4%          
Accordia Golf Trust
     373,100   6,026
AEM Holdings, Ltd.
     38,400   118,321
AIMS APAC REIT
     230,104   220,924
ARA LOGOS Logistics Trust REIT
     37,423   20,333
Ascendas India Trust
     401,300   442,039
Ascott Residence Trust (c)
     826,909   658,524
Best World International, Ltd. (a)(c)
     280,300   141,861
BW LPG, Ltd. (d)
     61,055   419,128
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
CapitaLand China Trust REIT (c)
     336,834   $ 343,452
CDL Hospitality Trusts Stapled Security
     394,680   364,248
China Aviation Oil Singapore Corp., Ltd.
     199,700   167,953
Chip Eng Seng Corp., Ltd.
     364,400   132,894
ESR-REIT
     2,375,907   689,643
Ezion Holdings, Ltd. (a)(b)
     4,945,500   118,705
Ezra Holdings, Ltd. (a)(b)(c)
     1,444,295   —
Far East Hospitality Trust Stapled Security
     226,400   106,157
First Resources, Ltd.
     186,800   193,251
Frasers Centrepoint Trust REIT
     252,650   462,577
Frencken Group, Ltd.
     185,800   211,576
Golden Agri-Resources, Ltd.
     1,188,000   185,680
Hyflux, Ltd. (a)(b)
     33,300   —
IGG, Inc. (c)
     388,000   500,069
Kenon Holdings, Ltd.
     5,100   155,231
Keppel Infrastructure Trust
     1,284,092   525,641
Keppel Pacific Oak US REIT
     152,100   109,512
Lendlease Global Commercial REIT
     289,700   173,570
Manulife US Real Estate Investment Trust
     661,455   482,862
Midas Holdings, Ltd. (a)(b)(c)
     1,078,700   —
OUE Commercial Real Estate Investment Trust
     1,025,818   301,576
Parkway Life Real Estate Investment Trust
     218,600   663,805
Prime US REIT
     180,100   154,886
Raffles Medical Group, Ltd.
     455,074   379,341
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
     174,849   50,753
Sasseur Real Estate Investment Trust
     191,400   126,783
Sheng Siong Group, Ltd.
     252,200   289,065
Singapore Post, Ltd.
     695,200   362,191
Singapore Press Holdings, Ltd. (c)
     428,836   488,329
SPH REIT (c)
     221,900   144,509
Starhill Global REIT
     667,600   278,249
Swiber Holdings, Ltd. (a)(b)(c)
     100,100   —
Technics Oil & Gas, Ltd. (a)(b)
     1,254   —
UG Healthcare Corp., Ltd.
     156,600   65,269
UMS Holdings, Ltd.
     370,474   366,724
Wing Tai Holdings, Ltd.
     491,399   702,208
XP Power, Ltd.
     2,962   192,074
Yoma Strategic Holdings, Ltd. (b)(c)
     733,200   75,852
Zheng Li Holdings, Ltd. (b)
     700,000   13,776
          11,605,567
See accompanying notes to financial statements.
100

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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SOUTH AFRICA — 0.1%          
Investec PLC
     204,776   $ 619,305
SOUTH KOREA — 12.1%          
AbClon, Inc. (b)
     8,681   230,496
ABLBio, Inc. (b)
     10,388   200,555
Able C&C Co., Ltd. (b)
     7,502   49,317
Ace Technologies Corp. (b)
     10,072   181,995
Advanced Process Systems Corp.
     7,255   183,659
AfreecaTV Co., Ltd.
     4,825   334,670
Ahnlab, Inc.
     2,610   151,054
Air Busan Co., Ltd. (b)
     20,179   66,684
Amicogen, Inc. (b)
     11,847   397,255
Amotech Co., Ltd. (b)
     8,824   267,429
Anam Electronics Co., Ltd. (b)
     80,712   222,150
Ananti, Inc. (b)
     18,931   123,949
Anterogen Co., Ltd. (b)
     2,796   121,179
APAM Corp. (a)(b)
     33,624   6,046
Aprogen KIC, Inc. (b)(c)
     41,487   76,247
Aprogen pharmaceuticals, Inc. (b)
     106,743   110,351
Asiana Airlines, Inc. (b)
     14,076   188,426
BGF Co., Ltd.
     29,749   184,264
BGF retail Co., Ltd.
     3,229   450,790
BH Co., Ltd. (c)
     14,837   235,321
Binex Co., Ltd. (b)
     14,448   326,173
Binggrae Co., Ltd.
     1,409   74,574
Bioneer Corp. (b)
     6,486   92,841
Biosolution Co., Ltd. (b)
     3,223   75,609
BNK Financial Group, Inc.
     82,604   495,588
Boditech Med, Inc.
     4,682   70,121
Boryung Pharmaceutical Co., Ltd.
     18,744   344,489
Bukwang Pharmaceutical Co., Ltd.
     17,513   365,193
Cafe24 Corp. (b)
     3,739   107,702
CammSys Corp. (b)
     119,808   281,590
Cellivery Therapeutics, Inc. (b)
     4,179   470,795
Cellumed Co., Ltd. (b)
     4,876   28,435
Chabiotech Co., Ltd. (b)
     24,434   405,884
Cheil Worldwide, Inc.
     21,543   404,496
Chong Kun Dang Pharmaceutical Corp.
     3,889   474,205
Chongkundang Holdings Corp.
     1,821   166,533
Chunbo Co., Ltd.
     1,267   182,143
CJ CGV Co., Ltd. (b)
     844   20,918
CJ Freshway Corp. (b)
     1,795   38,779
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
CMG Pharmaceutical Co., Ltd. (b)
     49,382   $ 191,332
CNK International Co., Ltd. (a)(b)
     16,071   —
Com2uSCorp
     6,291   939,412
Coreana Cosmetics Co., Ltd. (b)
     41,562   175,355
CORESTEM, Inc. (b)
     6,072   87,988
Cosmax, Inc. (b)
     4,865   524,436
Cosmecca Korea Co., Ltd. (b)
     872   12,713
CosmoAM&T Co., Ltd. (b)
     5,427   88,712
CrystalGenomics, Inc. (b)
     16,463   206,560
CS Wind Corp.
     16,092   1,077,777
Cuckoo Homesys Co., Ltd.
     5,902   223,199
CUROCOM Co., Ltd. (b)
     45,474   53,641
Dae Han Flour Mills Co., Ltd.
     479   62,428
Dae Hwa Pharmaceutical Co., Ltd.
     2,514   26,212
Daea TI Co., Ltd.
     29,337   134,275
Daeduck Co., Ltd.
     16,007   97,449
Daeduck Electronics Co., Ltd.
     26,176   323,803
Daejoo Electronic Materials Co., Ltd.
     4,193   153,567
Daesang Corp.
     15,261   339,133
Daewon Pharmaceutical Co., Ltd.
     10,820   153,445
Daewoo Engineering & Construction Co., Ltd. (b)
     103,112   602,227
Daewoong Co., Ltd.
     19,168   553,827
Daewoong Pharmaceutical Co., Ltd.
     964   113,712
Daishin Securities Co., Ltd. Preference Shares
     56,332   699,328
Daou Technology, Inc.
     17,100   408,708
Dasan Networks, Inc. (b)
     9,371   85,699
Dawonsys Co., Ltd.
     14,871   239,145
DB HiTek Co., Ltd.
     23,054   1,146,844
Dentium Co., Ltd.
     5,420   306,978
DGB Financial Group, Inc.
     92,239   687,870
Digital Power Communications Co., Ltd.
     13,235   148,517
DIO Corp. (b)
     840   27,722
DMS Co., Ltd.
     39,240   294,018
Dong-A Socio Holdings Co., Ltd.
     3,917   373,789
Dong-A ST Co., Ltd.
     4,137   305,957
Dongjin Semichem Co., Ltd.
     10,032   288,971
Dongkoo Bio & Pharma Co., Ltd.
     3,117   30,296
DongKook Pharmaceutical Co., Ltd.
     14,719   364,155
Dongkuk Steel Mill Co., Ltd.
     20,222   243,897
Dongsuh Cos., Inc.
     5,584   157,640
Dongsung Finetec Co., Ltd.
     8,557   104,718
Dongsung Pharmaceutical Co., Ltd. (b)
     8,967   93,889
See accompanying notes to financial statements.
102

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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Dongwha Pharm Co., Ltd. (c)
     27,878   $ 351,015
Dongwon F&B Co., Ltd.
     396   67,356
Dongwon Industries Co., Ltd.
     190   43,146
Doosan Co., Ltd.
     3,959   174,731
Doosan Infracore Co., Ltd. (b)
     53,063   532,154
DoubleUGames Co., Ltd.
     5,928   358,797
Dreamtech Co., Ltd.
     10,002   83,604
Echo Marketing, Inc.
     5,941   138,059
Ecopro Co., Ltd.
     10,078   509,354
EM-Tech Co., Ltd. (b)
     15,664   240,133
ENF Technology Co., Ltd.
     19,486   682,677
Enzychem Lifesciences Corp. (b)
     959   102,954
Eo Technics Co., Ltd.
     1,961   205,500
Eone Diagnomics Genome Center Co., Ltd. (b)
     18,402   80,486
Eubiologics Co., Ltd. (b)
     7,752   140,074
Eugene Corp.
     37,276   188,397
Eugene Investment & Securities Co., Ltd.
     102,240   364,965
Eugene Technology Co., Ltd.
     3,833   150,882
Eutilex Co., Ltd. (b)
     3,126   109,241
F&F Co., Ltd.
     3,599   405,454
Feelux Co., Ltd. (b)
     34,323   104,781
Fila Holdings Corp.
     15,025   572,855
Finetex EnE, Inc. (a)(b)
     22,588   —
Foosung Co., Ltd. (b)
     35,000   324,718
GAEASOFT (b)(c)
     10,053   190,534
GemVax & Kael Co., Ltd. (b)
     13,991   299,167
Geneonelifescience, Inc. (b)
     13,994   144,670
GenNBio, Inc. (b)
     48,925   73,490
Genomictree, Inc. (b)
     5,659   62,253
Golfzon Newdin Holdings Co., Ltd.
     2,730   17,199
Grand Korea Leisure Co., Ltd. (b)
     14,059   206,832
Gravity Co., Ltd. ADR (b)
     1,194   137,310
Green Cross Cell Corp.
     3,115   114,774
Green Cross Holdings Corp.
     13,286   409,116
Green Cross LabCell Corp.
     4,398   394,431
GS Engineering & Construction Corp.
     17,734   673,790
GS Home Shopping, Inc.
     2,324   308,224
G-SMATT GLOBAL Co., Ltd. (a)(b)
     49,298   2,026
G-treeBNT Co., Ltd. (b)
     12,621   131,033
HAESUNG DS Co., Ltd.
     15,180   446,648
Halla Holdings Corp.
     2,687   96,867
Hana Tour Service, Inc. (b)
     4,461   267,246
See accompanying notes to financial statements.
103

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Hanall Biopharma Co., Ltd. (b)
     14,364   $ 290,643
Handsome Co., Ltd.
     10,520   377,391
Hanil Cement Co., Ltd.
     16   2,375
Hanjin Heavy Industries & Construction Co., Ltd. (b)
     31,246   205,960
Hanjin Shipping Co., Ltd. (a)(b)
     1,732   —
Hanjin Transportation Co., Ltd.
     4,629   175,875
Hankook & Co. Co., Ltd
     13,327   217,848
Hanmi Semiconductor Co., Ltd.
     13,700   295,366
Hansae Co., Ltd.
     10,329   182,988
Hansol Chemical Co., Ltd.
     7,520   1,601,343
Hansol Holdings Co., Ltd.
     46,701   160,106
Hansol Paper Co., Ltd.
     22,996   291,577
Hanssem Co., Ltd.
     6,608   680,214
Hanwha Aerospace Co., Ltd.
     20,421   737,989
Hanwha Corp.
     19,963   561,804
Hanwha General Insurance Co., Ltd. (b)
     42,066   181,385
Hanwha Investment & Securities Co., Ltd. (b)
     80,044   300,585
Hanwha Life Insurance Co., Ltd.
     64,473   182,866
Harim Holdings Co., Ltd.
     41,821   342,180
HDC Holdings Co., Ltd.
     14,189   141,044
HDC Hyundai Development Co-Engineering & Construction Class E
     13,430   348,284
Helixmith Co., Ltd. (b)
     10,724   244,470
HFR, Inc. (b)
     3,960   84,851
HJ Magnolia Yongpyong Hotel & Resort Corp. (b)
     38,316   162,676
HLB Life Science Co., Ltd. (b)
     26,416   276,589
HLB, Inc. (b)
     318   11,014
HMM Co., Ltd. (b)
     112,214   2,875,375
Homecast Co., Ltd. (b)
     17,561   50,507
HS Industries Co., Ltd.
     32,502   223,429
Huchems Fine Chemical Corp.
     19,445   374,554
Hugel, Inc. (b)
     3,770   594,606
Humedix Co., Ltd.
     1,259   27,143
Huons Co., Ltd.
     3,848   190,742
Huons Global Co., Ltd.
     2,525   68,717
Hyosung Advanced Materials Corp. (b)
     1,878   631,393
Hyosung Chemical Corp. (b)
     1,696   463,056
Hyosung Corp.
     5,277   414,513
Hyosung Heavy Industries Corp. (b)
     4,477   310,136
Hyosung TNC Corp.
     1,528   773,620
Hyundai Bioland Co., Ltd.
     3,940   79,026
Hyundai Bioscience Co., Ltd. (b)
     26,420   1,004,975
See accompanying notes to financial statements.
104

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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Hyundai Construction Equipment Co., Ltd. (b)
     6,702   $ 318,593
Hyundai Corp.
     2,579   44,550
Hyundai Department Store Co., Ltd.
     3,831   307,022
Hyundai Electric & Energy System Co., Ltd. (b)
     9,575   177,244
Hyundai Elevator Co., Ltd.
     9,421   381,252
Hyundai Greenfood Co., Ltd.
     32,131   299,520
Hyundai Home Shopping Network Corp.
     3,763   268,988
Hyundai Livart Furniture Co., Ltd.
     12,328   197,161
Hyundai Marine & Fire Insurance Co., Ltd.
     18,785   406,656
Hyundai Mipo Dockyard Co., Ltd. (b)
     7,828   462,729
Hyundai Rotem Co., Ltd. (b)
     29,156   524,254
Hyundai Wia Corp.
     5,092   346,890
Icure Pharm, Inc. (b)
     3,427   131,115
Il Dong Pharmaceutical Co., Ltd. (b)
     8,687   122,044
Iljin Diamond Co., Ltd.
     3,017   107,698
Ilyang Pharmaceutical Co., Ltd.
     7,577   221,268
Innocean Worldwide, Inc.
     5,331   289,690
Innox Advanced Materials Co., Ltd. (b)
     2,821   139,336
Inscobee, Inc. (b)(c)
     52,201   143,446
Insun ENT Co., Ltd. (b)
     35,568   421,128
Interojo Co., Ltd.
     4,031   79,961
iNtRON Biotechnology, Inc. (b)
     13,929   317,533
IS Dongseo Co., Ltd.
     5,675   284,314
ISC Co., Ltd.
     1   19
Jahwa Electronics Co., Ltd. (b)
     21,822   322,003
JB Financial Group Co., Ltd.
     135,262   782,828
Jeil Pharmaceutical Co., Ltd.
     4,586   161,680
Jeju Air Co., Ltd. (b)
     7,121   146,604
Jenax, Inc. (a)(b)
     7,821   16,533
JETEMA Co., Ltd. (b)
     6,728   116,220
Jin Air Co., Ltd. (b)
     18,232   330,246
JW Pharmaceutical Corp.
     6,228   163,163
JW Shinyak Corp. (b)
     11,929   59,237
JYP Entertainment Corp.
     19,529   614,299
Kangstem Biotech Co., Ltd. (b)
     13,806   83,562
KC Co., Ltd.
     5,716   137,628
KCC Corp.
     1,432   300,508
KEPCO Engineering & Construction Co., Inc.
     13,051   258,887
KEPCO Plant Service & Engineering Co., Ltd.
     13,971   388,855
KG Dongbu Steel Co., Ltd.
     12,930   174,799
Kginicis Co., Ltd.
     14,823   257,364
KGMobilians Co., Ltd.
     11,046   96,527
See accompanying notes to financial statements.
105

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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Kiwi Media Group Co., Ltd. (a)(b)
     677,509   $ 67,347
Koh Young Technology, Inc.
     4,369   443,945
Kolmar BNH Co., Ltd.
     2,887   140,300
Kolmar Korea Co., Ltd.
     8,409   426,487
Kolon Industries, Inc.
     8,600   454,411
Kolon Life Science, Inc. (b)
     2,994   52,248
Komipharm International Co., Ltd. (b)(c)
     14,975   135,625
Korea Electric Terminal Co., Ltd.
     2,641   168,249
Korea Line Corp. (b)
     67,568   204,480
Korea Petrochemical Ind Co., Ltd.
     2,398   689,683
Korea Real Estate Investment & Trust Co., Ltd.
     53,371   113,651
Korea United Pharm, Inc.
     6,813   297,382
Korean Reinsurance Co.
     86,755   648,507
KT Skylife Co., Ltd.
     5,559   42,438
Kuk-il Paper Manufacturing Co., Ltd. (b)(c)
     29,753   152,478
Kumho Industrial Co., Ltd.
     13,752   119,324
Kumho Tire Co., Inc. (b)
     48,424   163,018
Kwang Dong Pharmaceutical Co., Ltd.
     17,471   132,296
L&C Bio Co., Ltd.
     4,255   125,573
L&F Co., Ltd.
     11,555   800,452
LabGenomics Co., Ltd. (b)
     3,694   56,140
LB Semicon, Inc.
     10,637   129,232
LEENO Industrial, Inc.
     6,257   865,227
LegoChem Biosciences, Inc. (b)
     10,229   507,044
LEMON Co., Ltd. (b)
     9,046   71,217
LF Corp.
     2,459   35,524
LG International Corp.
     22,014   620,496
Lock&Lock Co., Ltd. (b)
     3,784   49,317
Lotte Chilsung Beverage Co., Ltd.
     2,562   309,002
LOTTE Fine Chemical Co., Ltd.
     13,595   705,126
Lotte Food Co., Ltd.
     629   210,361
LOTTE Himart Co., Ltd.
     4,149   153,606
Lotte Non-Life Insurance Co., Ltd. (b)
     101,300   165,141
Lotte Tour Development Co., Ltd. (b)
     7,231   119,478
LS Corp.
     7,205   436,088
LS Electric Co., Ltd.
     10,507   565,387
Macrogen, Inc.
     4,253   120,065
Maeil Dairies Co., Ltd.
     907   57,942
MagnaChip Semiconductor Corp. (b)
     21,652   539,135
Mando Corp. (b)
     16,618   966,171
ME2ON Co., Ltd.
     36,638   221,754
Medipost Co., Ltd. (b)
     8,041   245,475
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
MedPacto, Inc. (b)
     5,525   $ 433,994
Medy-Tox, Inc.
     2,411   401,780
Meerecompany, Inc. (b)
     356   10,239
Meritz Financial Group, Inc.
     30,852   468,880
Meritz Fire & Marine Insurance Co., Ltd.
     27,457   469,444
Meritz Securities Co., Ltd.
     92,191   375,525
Mezzion Pharma Co., Ltd. (b)
     3,029   405,205
MiCo, Ltd. (b)
     8,983   113,503
Minwise Co., Ltd.
     21,787   332,075
Mirae Asset Life Insurance Co., Ltd.
     53,251   197,618
Modetour Network, Inc. (b)
     7,379   144,092
Namhae Chemical Corp.
     18,998   151,078
Namsun Aluminum Co., Ltd. (b)
     35,497   123,263
Nanomedics Co., Ltd. (b)
     23,660   97,630
Naturecell Co., Ltd. (b)(c)
     30,417   267,954
Neowiz (b)
     6,350   131,292
NEPES Corp. (b)
     9,095   303,368
NewGLAB Co., Ltd. (b)
     12,555   118,700
NHN Corp. (b)
     7,867   503,961
NHN KCP Corp. (b)
     7,588   335,904
NICE Holdings Co., Ltd.
     5,284   79,838
NICE Information Service Co., Ltd.
     25,326   567,276
NKMax Co., Ltd. (b)
     16,124   256,445
NongShim Co., Ltd.
     2,579   646,032
OCI Co., Ltd. (b)
     9,202   987,889
OliX Pharmaceuticals, Inc. (b)
     4,625   159,990
OncoQuest Pharmaceuticals, Inc. (b)
     33,459   115,004
OptoElectronics Solutions Co., Ltd.
     2,073   84,898
OPTRON-TEC, Inc. (b)
     52,810   422,293
Orion Holdings Corp.
     11,791   148,462
OSANGJAIEL Co., Ltd. (b)
     11,273   65,242
Oscotec, Inc. (b)
     9,673   341,450
Osstem Implant Co., Ltd.
     7,335   550,895
Paradise Co., Ltd. (b)
     23,444   344,902
Partron Co., Ltd.
     7,284   68,866
Peptron, Inc. (b)
     17,262   270,732
PharmAbcine (b)
     4,658   80,669
Pharmicell Co., Ltd. (b)
     35,510   472,212
PI Advanced Materials Co., Ltd.
     8,276   334,184
POLUS BioPharm, Inc. (a)(b)
     21,662   17,585
Poongsan Corp.
     15,067   445,986
Posco ICT Co., Ltd.
     8,146   52,903
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Posco International Corp.
     4,578   $ 81,508
Power Logics Co., Ltd. (b)
     14,814   117,412
Prostemics Co., Ltd. (b)
     5,505   15,881
PSK Holdings, Inc.
     2   14
PSK, Inc.
     9,751   323,956
Qurient Co., Ltd. (b)
     4,134   115,062
RFHIC Corp.
     3,983   134,262
RFTech Co., Ltd. (b)
     10,766   74,009
Rsupport Co., Ltd.
     9,020   64,636
S&S Tech Corp.
     4,135   117,647
Sam Chun Dang Pharm Co., Ltd. (b)
     5,562   250,640
SAM KANG M&T Co., Ltd. (b)
     8,980   169,801
Sam Yung Trading Co., Ltd.
     6,270   83,101
Samick THK Co., Ltd.
     17,271   197,623
Samjin Pharmaceutical Co., Ltd.
     9,483   203,611
Samwha Capacitor Co., Ltd.
     3,467   209,230
Samyang Holdings Corp.
     3,719   307,904
Sang-A Frontec Co., Ltd.
     3,532   164,468
Sangsangin Co., Ltd. (b)
     22,626   132,347
Seobu T&D
     13,231   91,772
Seohan Co., Ltd.
     143,736   202,570
Seojin System Co., Ltd. (b)
     3,506   144,360
Seoul Semiconductor Co., Ltd.
     22,115   361,500
Seoul Viosys Co., Ltd.
     6,443   89,379
SFA Engineering Corp.
     19,017   681,369
Shinsegae Information & Communication Co., Ltd.
     2,380   323,852
Shinsegae International, Inc.
     1,165   208,449
Shinsegae, Inc.
     2,592   643,563
Shinsung E&G Co., Ltd. (b)
     190,702   554,371
Silicon Works Co., Ltd.
     4,738   316,495
SillaJen, Inc. (a)(b)(c)
     29,675   237,951
SIMMTECH Co., Ltd.
     7,298   141,220
Sindoh Co., Ltd. (b)
     1,390   36,846
SK D&D Co., Ltd.
     4,164   142,203
SK Discovery Co., Ltd.
     3,654   196,301
SK Networks Co., Ltd.
     64,676   321,737
SK Rent A Car Co., Ltd. (b)
     2,875   27,181
SK Securities Co., Ltd.
     285,645   222,610
SL Corp.
     3,930   77,437
SM Entertainment Co., Ltd. (b)
     8,594   224,769
S-MAC Co., Ltd. (b)
     180,815   234,057
Solid, Inc. (b)
     13,695   109,391
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Solus Advanced Materials Co, Ltd.
     7,094   $ 295,544
Songwon Industrial Co., Ltd.
     14,165   254,701
Soulbrain Co., Ltd.
     3,158   808,370
Soulbrain Holdings Co., Ltd. (b)
     3,939   147,571
SPC Samlip Co., Ltd.
     1,621   103,841
Ssangyong Motor Co. (b)(c)
     28,147   68,891
ST Pharm Co., Ltd. (b)
     7,617   574,093
STCUBE (b)
     12,092   107,378
Suheung Co., Ltd.
     1,479   66,779
SundayToz Corp. (b)
     1,029   20,003
Sungshin Cement Co., Ltd.
     13,738   129,884
Synopex, Inc. (b)
     29,571   96,153
Taekwang Industrial Co., Ltd.
     343   278,825
Taeyoung Engineering & Construction Co., Ltd.
     21,416   227,075
Taihan Fiberoptics Co., Ltd. (b)
     22,344   65,546
TechWing, Inc.
     17,051   314,127
Tego Science, Inc. (b)
     539   12,573
Telcon RF Pharmaceutical, Inc. (b)
     37,874   167,994
Tesna, Inc.
     2,458   102,620
Theragen Etex Co., Ltd. (b)
     17,477   137,129
Toptec Co., Ltd.
     9,133   99,662
Tovis Co., Ltd. (b)
     7,341   54,097
TY Holdings Co., Ltd. (b)
     20,652   479,918
UBCare Co., Ltd.
     12,357   85,164
Ubiquoss Holdings, Inc.
     3,108   59,730
Union Semiconductor Equipment & Materials Co., Ltd.
     47,004   535,765
Unison Co., Ltd. (b)
     23,190   87,801
UTI, Inc.
     4,268   77,309
Value Added Technology Co., Ltd.
     3,606   97,020
VICTEK Co., Ltd. (b)
     15,456   103,928
Vidente Co., Ltd. (b)
     10,219   123,703
Wave Electronics Co., Ltd. (b)
     2,296   8,318
Webzen, Inc. (b)
     10,575   387,306
Wellbiotec Co., Ltd. (b)
     27,100   67,645
Wemade Co., Ltd.
     5,436   288,191
Whanin Pharmaceutical Co., Ltd.
     8,653   137,622
Wins Co., Ltd.
     6,572   96,395
WiSoL Co., Ltd.
     6,127   70,108
Wonik Holdings Co., Ltd. (b)
     94,380   551,228
WONIK IPS Co., Ltd.
     15,459   706,190
Woojeon Co., Ltd. (a)(b)
     76   —
Woongjin Thinkbig Co., Ltd.
     7,573   22,149
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Woori Technology Investment Co., Ltd. (b)
     69,752   $ 594,749
Woory Industrial Co., Ltd.
     8,285   185,941
YG Entertainment, Inc. (b)
     3,755   147,645
Young Poong Corp.
     550   282,836
Youngone Corp.
     9,605   339,474
Yuanta Securities Korea Co., Ltd.
     69,660   217,582
Yungjin Pharmaceutical Co., Ltd. (b)
     49,486   268,473
Yuyang D&U Co., Ltd. (a)(b)
     30,821   16,612
Zinus, Inc.
     3,302   231,658
          99,988,652
SPAIN — 1.4%          
Abengoa SA Class B (b)
     12,105,124   88,208
Aedas Homes SA (b)(d)
     11,600   305,390
Almirall SA
     23,046   350,221
Amper SA (b)(c)
     679,670   167,352
Applus Services SA (b)
     72,499   752,387
Atresmedia Corp. de Medios de Comunicacion SA (b)
     46,781   193,426
Audax Renovables SA (b)(c)
     72,737   179,097
Befesa SA (d)
     9,774   655,929
Construcciones y Auxiliar de Ferrocarriles SA
     10,473   481,278
Deoleo SA (b)(c)
     381,184   190,402
Distribuidora Internacional de Alimentacion SA (b)
     796,056   112,366
Ence Energia y Celulosa SA (b)
     49,523   247,659
Ercros SA
     57,631   173,060
Euskaltel SA (d)
     42,463   553,965
Faes Farma SA
     173,843   746,781
Gestamp Automocion SA (b)(d)
     69,517   353,448
Global Dominion Access SA (d)
     38,762   196,123
Grupo Ezentis SA (b)(c)
     269,609   135,621
Indra Sistemas SA (b)(c)
     48,749   429,424
Laboratorios Farmaceuticos Rovi SA
     4,777   258,263
Lar Espana Real Estate Socimi SA REIT (b)
     22,809   136,718
Let's GOWEX SA (a)(b)(c)
     9,561   —
Liberbank SA (b)
     1,001,014   360,006
Mediaset Espana Comunicacion SA (b)
     65,585   390,420
Melia Hotels International SA (b)
     15,271   113,701
Miquel y Costas & Miquel SA
     9,357   169,358
Neinor Homes SA (d)
     21,981   270,743
Obrascon Huarte Lain SA (b)(c)
     74,789   55,640
Oryzon Genomics SA (b)(c)
     22,276   94,644
Pharma Mar SA (c)
     5,666   658,932
Prosegur Cash SA (d)
     189,054   172,646
See accompanying notes to financial statements.
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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Prosegur Cia de Seguridad SA
     52,445   $ 167,041
Sacyr SA
     202,027   518,099
Talgo SA (b)(d)
     34,071   171,587
Tecnicas Reunidas SA (b)(c)
     37,042   542,452
Tubacex SA (b)(c)
     74,325   157,237
Unicaja Banco SA (b)(d)
     574,130   578,619
          11,128,243
SWEDEN — 4.2%          
AcadeMedia AB (d)
     46,829   440,014
Adapteo Oyj (b)
     24,447   314,131
Alimak Group AB (d)
     18,246   293,065
Ambea AB (b)(d)
     24,042   199,975
Arjo AB Class B
     73,322   547,204
Atrium Ljungberg AB Class B (c)
     16,621   298,237
Attendo AB (b)(d)
     44,199   251,514
Azelio AB (b)(c)
     54,118   377,497
Bactiguard Holding AB (b)(c)
     5,443   107,720
Beijer Alma AB
     9,718   177,719
Betsson AB
     46,378   431,254
BHG Group AB (b)
     12,363   206,232
Bilia AB Class A (b)
     25,345   376,266
BioArctic AB (b)(d)
     10,096   105,404
BioGaia AB Class B
     5,727   269,388
Biotage AB (b)
     33,007   583,169
Bonava AB Class B (b)
     54,543   633,268
BoneSupport Holding AB (b)(d)
     20,224   139,215
Boozt AB (b)(d)
     18,105   378,455
BTS Group AB Class B
     5,581   166,477
Bufab AB (b)
     20,968   518,409
Bure Equity AB
     20,360   700,756
Byggmax Group AB (b)
     28,455   248,924
Calliditas Therapeutics AB Class B (b)(c)
     13,259   185,583
Camurus AB (b)
     6,012   144,156
Cantargia AB (b)
     37,114   131,572
Catena AB
     5,311   234,588
Cell Impact AB (b)
     51,237   305,671
Cellavision AB (b)
     17,180   638,610
CELLINK AB Class B (b)(c)
     7,986   344,039
Cibus Nordic Real Estate AB
     14,434   271,580
Clas Ohlson AB Class B (b)
     24,366   261,794
Climeon AB (b)
     9,326   38,112
Cloetta AB Class B
     99,569   291,980
See accompanying notes to financial statements.
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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Coor Service Management Holding AB (b)(d)
     39,524   $ 321,496
Creades AB Class A (c)
     1,756   166,810
CTT Systems AB
     8,442   148,766
Diamyd Medical AB (b)
     27,265   82,580
Dios Fastigheter AB
     34,786   286,548
Duni AB (b)
     15,245   183,647
Dustin Group AB (d)
     33,356   341,355
Electrolux Professional AB Class B (b)
     60,208   312,911
Enzymatica AB (b)
     67,843   84,061
Eolus Vind AB Class B (b)(c)
     9,874   231,775
Fagerhult AB (b)
     23,807   137,385
Ferronordic AB
     4,828   112,997
Fingerprint Cards AB Class B (b)
     143,202   478,912
G5 Entertainment AB (c)
     3,162   180,296
GARO AB (b)
     2,024   136,074
Genovis AB (b)
     33,896   139,219
Granges AB (b)
     46,033   599,422
Haldex AB (b)
     40,018   212,342
Hansa Biopharma AB (b)
     19,089   332,666
Hexatronic Group AB (b)
     13,276   169,067
HMS Networks AB (b)
     3,590   113,677
Hoist Finance AB (b)(c)(d)
     66,427   290,970
Humana AB (b)
     11,871   99,966
Immunicum AB (b)
     92,344   63,249
Immunovia AB (b)
     11,400   149,885
Impact Coatings AB (b)
     46,492   119,480
Instalco AB
     28,876   1,058,463
Intervacc AB (b)
     27,056   241,807
INVISIO Communications AB
     9,052   217,049
Inwido AB (b)
     28,010   462,747
Kancera AB (b)(c)
     32,613   67,349
Karnov Group AB
     12,449   74,554
Karo Pharma AB (b)
     74,591   439,007
K-fast Holding AB (b)(c)
     3,760   116,471
Klovern AB Class B (c)
     359,058   627,382
KNOW IT AB (b)
     21,229   662,470
Kungsleden AB
     95,181   996,440
LeoVegas AB (d)
     58,506   343,332
Lime Technologies AB
     4,093   170,927
Lindab International AB
     46,522   942,043
Loomis AB
     18,306   557,814
Maha Energy AB (b)(c)
     86,558   117,578
See accompanying notes to financial statements.
112

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Medcap AB (b)
     5,235   $ 124,925
Medicover AB Class B (b)(c)
     10,402   223,165
Mekonomen AB (b)
     13,361   197,894
Minesto AB (b)(c)
     36,059   93,289
MIPS AB
     9,317   668,073
Modern Times Group MTG AB Class B (b)
     45,047   653,769
Munters Group AB (b)(d)
     47,380   394,095
Mycronic AB
     27,608   649,317
NCC AB Class B
     37,697   637,488
New Wave Group AB Class B (b)
     85,923   688,070
Nobia AB (b)
     47,757   364,357
Nobina AB (b)(d)
     44,166   371,415
Nordic Waterproofing Holding AB (b)
     7,383   142,302
Note AB (b)
     15,587   139,305
NP3 Fastigheter AB
     6,261   99,845
Nyfosa AB (b)
     37,936   390,837
Oasmia Pharmaceutical AB (b)
     220,135   87,031
Oncopeptides AB (b)(d)
     23,837   396,540
Orexo AB (b)(c)
     20,745   105,673
Platzer Fastigheter Holding AB Class B
     13,757   163,828
PowerCell Sweden AB (b)
     8,679   256,697
Pricer AB Class B
     49,147   194,529
Ratos AB Class B
     59,512   323,905
RaySearch Laboratories AB (b)(c)
     12,792   131,350
Resurs Holding AB (b)(d)
     82,485   451,967
SAS AB (b)
     609,447   140,680
Scandi Standard AB (b)
     26,229   190,482
Sdiptech AB Class B (b)
     8,525   325,692
Sedana Medical AB (b)
     4,702   177,209
Sensys Gatso Group AB (b)
     932,022   144,354
SkiStar AB (b)
     19,533   268,020
Smart Eye AB (b)(c)
     9,731   259,008
SolTech Energy Sweden AB (b)
     52,166   177,152
SpectraCure AB (b)
     23,629   31,148
Storytel AB (b)
     14,344   381,791
Svolder AB Class B
     6,239   156,041
Tethys Oil AB
     29,397   218,716
Tobii AB (b)
     35,795   256,051
Troax Group AB
     17,096   476,616
Vitec Software Group AB Class B
     4,715   203,123
Xvivo Perfusion AB (b)
     5,574   175,221
          34,733,937
See accompanying notes to financial statements.
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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SWITZERLAND — 1.9%          
AC Immune SA (b)(c)
     26,414   $ 201,010
APG SGA SA (b)
     276   64,077
Arbonia AG
     18,276   325,459
Aryzta AG
     418,367   467,198
Ascom Holding AG (b)
     18,923   292,345
Autoneum Holding AG (b)
     1,270   239,251
Basilea Pharmaceutica AG (b)(c)
     3,183   157,062
Bell Food Group AG
     745   224,018
Bobst Group SA
     2,512   166,684
Bossard Holding AG Class A
     1,800   396,855
Burckhardt Compression Holding AG
     1,229   411,342
Burkhalter Holding AG
     1,037   80,435
Coltene Holding AG
     2,076   266,462
Comet Holding AG
     3,049   703,005
Dufry AG (b)(c)
     12,845   878,398
Evolva Holding SA (b)(c)
     408,409   88,525
Feintool International Holding AG (b)
     1,976   149,699
Gurit Holding AG
     210   535,515
Huber + Suhner AG
     5,624   437,419
Implenia AG
     7,397   204,348
Intershop Holding AG
     227   150,505
Jungfraubahn Holding AG (b)(c)
     648   101,212
Kardex Holding AG
     3,563   729,901
Komax Holding AG (b)
     1,980   480,931
Kudelski SA
     22,420   104,102
Landis+Gyr Group AG
     5,121   346,061
LEM Holding SA
     247   479,224
Leonteq AG
     3,266   161,886
Medacta Group SA (b)(d)
     1,264   136,453
Metall Zug AG Class B
     107   230,792
Meyer Burger Technology AG (b)(c)
     135,846   62,182
Mobilezone Holding AG
     16,454   215,389
Mobimo Holding AG
     2,723   834,708
Molecular Partners AG (b)
     8,638   209,720
ObsEva SA (b)(c)
     48,444   157,443
Orior AG
     5,157   456,987
Rieter Holding AG
     1,314   177,034
Schweiter Technologies AG
     488   806,809
Schweizerische Nationalbank (c)
     44   251,522
Sensirion Holding AG (b)(d)
     3,607   242,217
Swissquote Group Holding SA
     4,944   640,884
See accompanying notes to financial statements.
114

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
u-blox Holding AG
     3,335   $ 217,042
Valiant Holding AG
     5,949   621,985
Valora Holding AG (b)
     4,079   868,979
Vetropack Holding AG (b)
     5,379   338,920
V-ZUG Holding AG (b)
     1,110   130,914
Ypsomed Holding AG (c)
     1,649   277,885
Zehnder Group AG
     2,305   184,420
          15,905,214
TAIWAN — 0.0% (e)          
Medtecs International Corp., Ltd. (c)
     180,900   125,214
TANZANIA, UNITED REPUBLIC OF — 0.0% (e)          
Helios Towers PLC (b)(c)
     119,573   278,808
TURKEY — 0.1%          
Eldorado Gold Corp. (b)(c)
     66,696   720,636
UNITED KINGDOM — 8.2%          
4imprint Group PLC (b)
     3,721   125,780
888 Holdings PLC
     145,757   794,349
A.G. Barr PLC (b)
     41,359   280,179
Adriatic Metals PLC ADR (b)
     64,855   99,782
Aggreko PLC
     78,927   955,015
Anglo Pacific Group PLC
     111,091   200,480
AO World PLC (b)
     135,994   552,573
Ascential PLC (b)
     180,532   836,909
Assura PLC REIT
     9,514   9,464
Aston Martin Lagonda Global Holdings PLC (b)(d)
     22,080   608,971
Autolus Therapeutics PLC ADR (b)(c)
     22,534   129,120
Avon Rubber PLC
     14,816   645,956
Babcock International Group PLC (b)(c)
     177,301   559,207
Biffa PLC (b)(d)
     125,922   462,134
BMO Commercial Property Trust REIT
     462,500   451,783
Bodycote PLC
     67,601   770,869
Brewin Dolphin Holdings PLC
     146,850   629,101
Cairn Energy PLC
     256,965   603,418
Capita PLC (b)
     687,538   413,019
Capital & Counties Properties PLC REIT
     494,922   1,165,615
Capital & Regional PLC REIT
     3,499   3,775
Card Factory PLC (b)
     179,095   176,922
Chemring Group PLC
     90,524   332,223
Cineworld Group PLC (b)(c)
     490,358   652,733
Civitas Social Housing PLC REIT
     231,934   344,959
Clarkson PLC
     10,860   412,048
See accompanying notes to financial statements.
115

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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Clipper Logistics PLC
     34,393   $ 280,916
CLS Holdings PLC
     54,774   173,059
CMC Markets PLC (d)
     33,382   222,456
Coats Group PLC (b)
     514,032   403,541
Concentric AB
     8,527   169,047
ContourGlobal PLC (d)
     28,627   80,573
Custodian Reit PLC
     69,225   87,678
Daily Mail & General Trust PLC Class A
     11,559   144,807
De La Rue PLC (b)(c)
     65,838   187,124
Devro PLC
     138,104   368,127
Dignity PLC (b)(c)
     19,880   181,028
Dixons Carphone PLC (b)
     546,831   1,078,128
Drax Group PLC
     186,356   1,079,885
Elementis PLC (b)
     235,056   407,005
Empiric Student Property PLC REIT (b)
     324,957   355,536
EnQuest PLC (b)(c)
     635,357   155,509
Equiniti Group PLC (b)(d)
     177,836   317,006
Essentra PLC (b)
     137,272   549,243
Euromoney Institutional Investor PLC
     27,116   356,910
FDM Group Holdings PLC
     35,213   489,721
Firstgroup PLC (b)
     810,701   1,029,602
FLEX LNG, Ltd.
     20,457   178,177
Forterra PLC (b)(d)
     181,901   720,281
Foxtons Group PLC (b)
     218,631   191,846
Future PLC
     51,026   1,347,467
Gamesys Group PLC
     36,638   976,616
GAN, Ltd. (b)
     5,149   93,712
GCP Student Living PLC REIT
     92,512   197,840
Genel Energy PLC
     97,365   233,742
Greggs PLC (b)
     34,750   1,075,877
Gulf Keystone Petroleum, Ltd. (b)
     142,543   351,247
Gym Group PLC (b)(d)
     142,339   462,487
Halfords Group PLC (b)
     76,771   402,500
Hammerson PLC REIT (c)
     1,489,601   719,116
Helical PLC
     36,696   209,353
Hill & Smith Holdings PLC
     32,875   667,665
Hollywood Bowl Group PLC (b)
     39,582   125,606
Hyve Group PLC (b)
     468   775
Ibstock PLC (b)(d)
     184,858   561,617
Indivior PLC (b)
     276,242   484,037
International Personal Finance PLC
     96,636   139,729
Intu Properties PLC REIT (a)(b)(c)
     404,524   —
See accompanying notes to financial statements.
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SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
IP Group PLC (b)
     158,526   $ 271,648
J D Wetherspoon PLC (b)
     71,510   1,339,835
James Fisher & Sons PLC
     4,875   71,431
John Laing Group PLC (d)
     109,938   475,370
John Menzies PLC (b)(c)
     54,449   248,658
John Wood Group PLC (b)
     259,651   969,399
Johnston Press PLC (a)(b)
     358   —
Jupiter Fund Management PLC
     260,889   1,002,817
Just Group PLC (b)
     418,399   583,615
Kainos Group PLC
     32,682   672,763
Keller Group PLC
     49,862   553,109
Lb-shell PLC (a)(b)
     571   —
Lookers PLC (b)
     124,701   91,187
Luceco PLC (d)
     37,229   139,712
Luxfer Holdings PLC
     7,881   167,708
LXI REIT PLC
     203,335   353,482
Marshalls PLC (b)
     90,043   850,371
Marston's PLC (b)
     484,171   656,655
Micro Focus International PLC
     146,339   1,116,933
Mitchells & Butlers PLC (b)(c)
     239,812   1,065,397
Mitie Group PLC (b)
     329,826   286,233
Morgan Advanced Materials PLC
     158,925   683,023
Morgan Sindall Group PLC
     20,655   503,270
National Express Group PLC (b)
     265,326   1,126,765
NCC Group PLC
     32,245   114,780
Ninety One PLC
     86,851   286,150
NuCana PLC ADR (b)(c)
     6,750   33,682
On the Beach Group PLC (b)(d)
     66,716   373,715
Orchard Therapeutics PLC ADR (b)
     21,300   154,638
OSB Group PLC (b)
     196,257   1,154,047
Oxford Biomedica PLC (b)
     29,956   393,465
Oxford Instruments PLC
     7,255   190,785
Pagegroup PLC (b)
     131,048   849,793
Paragon Banking Group PLC
     116,180   733,503
PayPoint PLC
     28,791   234,365
Pets at Home Group PLC
     268,949   1,532,515
Photo-Me International PLC (b)(c)
     93,432   73,220
Picton Property Income, Ltd. REIT
     155,352   183,903
Playtech PLC (b)
     149,753   913,029
Polypipe Group PLC (b)
     98,335   752,984
Premier Foods PLC (b)
     212,589   279,230
Premier Oil PLC (b)(c)
     2,787   861
See accompanying notes to financial statements.
117

Table of Contents
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Provident Financial PLC (b)
     159,268   $ 476,840
PZ Cussons PLC
     172,346   634,888
Rathbone Brothers PLC
     22,144   537,717
RDI REIT PLC (c)
     103,753   174,068
Regional REIT, Ltd. (d)
     156,963   170,867
Renewi PLC (b)
     257,801   169,485
Restaurant Group PLC (b)
     128,099   216,504
Sabre Insurance Group PLC (d)
     103,662   361,847
Sanne Group PLC
     68,943   623,040
Savills PLC (b)
     66,014   1,040,128
Schroder Real Estate Investment Trust, Ltd. (c)
     499,640   275,052
Senior PLC (b)
     374,360   571,771
SIG PLC (b)(c)
     292,554   154,351
Spire Healthcare Group PLC (b)(d)
     88,651   204,505
SSP Group PLC (b)
     159,266   818,309
St Modwen Properties PLC
     107,078   598,329
Standard Life Investment Property Income Trust, Ltd. REIT
     151,846   128,006
SThree PLC (b)
     18,092   96,102
Supermarket Income Reit PLC
     147,043   220,120
Synthomer PLC
     86,385   553,020
Telecom Plus PLC
     29,446   515,959
Tiziana Life Sciences PLC ADR (b)
     37,214   103,083
TORM PLC
     30,872   281,987
Triple Point Social Housing REIT PLC (c)(d)
     157,915   220,054
Tyman PLC (b)
     102,542   527,003
UK Commercial Property REIT, Ltd. (c)
     405,505   403,382
Vectura Group PLC (b)
     256,880   409,707
Vesuvius PLC
     76,435   568,415
Virgin Money UK PLC ADR (b)
     463,052   1,209,705
Vistry Group PLC
     94,335   1,421,282
WH Smith PLC (b)
     45,055   1,117,058
William Hill PLC (b)
     421,783   1,582,861
Workspace Group PLC REIT
     47,941   529,154
          67,871,620
UNITED STATES — 1.0%          
Access Bio, Inc. ADR (b)
     8,684   100,134
Adaptimmune Therapeutics PLC ADR (b)
     60,031   318,765
Argonaut Gold, Inc. (b)(c)
     112,072   205,089
Arko Corp. (b)
     17,066   170,424
Avadel Pharmaceuticals PLC ADR (b)(c)
     17,278   156,193
Charlottes Web Holdings, Inc. (b)(c)
     41,855   188,487
Constellium SE (b)
     62,482   918,485
See accompanying notes to financial statements.
118

Table of Contents
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
DHT Holdings, Inc.
     54,393   $ 322,550
Diversified Gas & Oil PLC
     265,522   406,638
Energy Fuels, Inc. (b)(c)
     48,025   273,588
Ferroglobe Representation & Warranty Insurance Trust (a)(b)
     19,857   —
IMAX Corp. (b)
     31,662   636,406
Inmode, Ltd. (b)
     4,648   336,376
Maxeon Solar Technologies, Ltd. (b)
     5,283   166,731
MeiraGTx Holdings PLC (b)
     6,100   88,023
Myovant Sciences, Ltd. (b)(c)
     13,350   274,743
New Pride Corp. (a)(b)
     8,992   2,848
Nitro Software, Ltd. (b)(c)
     82,900   154,064
Nordic American Tankers, Ltd.
     85,223   276,975
Ormat Technologies, Inc.
     1   61
Pluristem Therapeutics, Inc. (b)
     11,410   54,426
REC Silicon ASA (b)
     265,758   597,744
Reliance Worldwide Corp., Ltd.
     265,079   906,519
Sims, Ltd. (c)
     84,452   954,551
Stratasys, Ltd. (b)
     27,881   722,118
TI Fluid Systems PLC (d)
     79,508   296,183
Viemed Healthcare, Inc. (b)(c)
     10,006   101,744
          8,629,865
TOTAL COMMON STOCKS

(Cost $733,400,478)
         819,204,301
       
RIGHTS — 0.0% (e)    
AUSTRALIA — 0.0% (e)      
Paladin Energy, Ltd. (expiring 04/09/23) (a) (b)
   80,888 —
SG Fleet Group, Ltd. (expiring 04/23/21) (b)
   8,843 —
      —
CANADA — 0.0% (e)      
Pan American Silver Corp. (CVR) (expiring 2/22/29) (b)
   180,773 157,254
HONG KONG — 0.0% (e)      
Esprit Holdings, Ltd. (expiring 4/14/21) (b) (c)
   277,800 1,286
SOUTH KOREA — 0.0% (e)      
Dawonsys Co., Ltd. (expiring 04/20/21) (b)
   2,516 7,448
TOTAL RIGHTS

(Cost $56,757)
     165,988
See accompanying notes to financial statements.
119

Table of Contents
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
WARRANTS — 0.0% (e)        
FRANCE — 0.0% (e)          
CGG SA (expiring 02/21/22) (b)
     533   $ 34
CGG SA (expiring 02/21/23) (b)
     1,729   43
Technicolor SA (expiring 9/22/24) (b) (c)
     4,594   1,760
          1,837
SINGAPORE — 0.0% (e)          
Ezion Holdings, Ltd. (expiring 04/16/23) (b) (c)
     389,064   —
TOTAL WARRANTS

(Cost $0)
         1,837
SHORT-TERM INVESTMENTS — 6.2%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.07% (g) (h)
   206,797   206,859
State Street Navigator Securities Lending Portfolio II (i) (j)
   51,516,648   51,516,648
TOTAL SHORT-TERM INVESTMENTS

(Cost $51,723,489)
   51,723,507  
TOTAL INVESTMENTS — 105.3%

(Cost $785,180,724)
   871,095,633  
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.3)%
  (44,197,099)  
NET ASSETS — 100.0%
  $ 826,898,534  
(a) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2021, total aggregate fair value of the securities is $784,686, representing 0.1% of the Fund's net assets.
(b) Non-income producing security.
(c) All or a portion of the shares of the security are on loan at March 31, 2021.
(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.4% of net assets as of March 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e) Amount is less than 0.05% of net assets.
(f) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(g) 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, 2021 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at March 31, 2021.
(i) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(j) Investment of cash collateral for securities loaned.
    
See accompanying notes to financial statements.
120

Table of Contents
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
ADR American Depositary Receipt
CVR Contingent Value Rights
REIT Real Estate Investment Trust
SDR Swedish Depositary Receipt
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Common Stocks
   $817,577,144   $842,471   $784,686   $819,204,301
Rights
   158,540   7,448   0(a)   165,988
Warrants
   1,837   —   —   1,837
Short-Term Investments
   51,723,507   —   —   51,723,507
TOTAL INVESTMENTS
   $869,461,028   $849,919   $784,686   $871,095,633
(a) Fund held Level 3 securities that were valued at $0 at March 31, 2021.
Sector Breakdown as of March 31, 2021

    
    % of Net Assets
  Industrials 20.1%
  Consumer Discretionary 14.4
  Information Technology 12.2
  Materials 11.1
  Financials 9.5
  Health Care 9.1
  Real Estate 9.0
  Consumer Staples 5.1
  Communication Services 4.3
  Energy 2.9
  Utilities 1.4
  Short-Term Investments 6.2
  Liabilities in Excess of Other Assets (5.3)
  TOTAL 100.0%
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
121

Table of Contents
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Affiliate Table
  Number of
Shares Held
at 9/30/20 		  Value at
9/30/20 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/21 		  Value at
3/31/21 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 2,968,910   $ 2,969,504   $ 11,259,548   $14,022,286   $75   $18   206,797   $ 206,859   $ 1,097
State Street Navigator Securities Lending Portfolio II
 56,614,313   56,614,313   74,159,446   79,257,111   —   —   51,516,648   51,516,648   654,437
Total
     $59,583,817   $85,418,994   $93,279,397   $75   $18       $51,723,507   $655,534
See accompanying notes to financial statements.
122

Table of Contents
SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%        
BRAZIL — 2.8%          
Wheaton Precious Metals Corp.
     347,973   $ 13,289,338
CANADA — 31.3%          
Agnico Eagle Mines, Ltd.
     190,529   11,013,193
B2Gold Corp.
     714,817   3,076,867
Barrick Gold Corp.
     1,047,443   20,776,349
Cameco Corp.
     219,669   3,642,361
Canadian Natural Resources, Ltd.
     542,425   16,766,688
Cenovus Energy, Inc.
     760,654   5,713,151
Franco-Nevada Corp.
     138,766   17,388,119
Imperial Oil, Ltd. (a)
     152,311   3,688,863
Kinross Gold Corp.
     941,698   6,271,243
Kirkland Lake Gold, Ltd.
     195,293   6,594,450
Nutrien, Ltd. (a)
     383,884   20,677,843
Pan American Silver Corp.
     168,035   5,040,315
Suncor Energy, Inc.
     863,354   18,045,359
Teck Resources, Ltd. Class B (b)
     391,957   7,506,389
Yamana Gold, Inc.
     699,953   3,040,731
          149,241,921
CHILE — 1.1%          
Lundin Mining Corp.
     488,394   5,024,414
UNITED STATES — 63.2%          
Archer-Daniels-Midland Co.
     533,924   30,433,668
Chevron Corp.
     466,666   48,901,930
ConocoPhillips
     413,112   21,882,542
Corteva, Inc.
     669,473   31,210,831
EOG Resources, Inc.
     312,590   22,672,153
Exxon Mobil Corp.
     857,671   47,883,772
FMC Corp.
     114,320   12,644,935
Freeport-McMoRan, Inc. (b)
     922,775   30,386,981
Hess Corp.
     165,189   11,688,774
Newmont Corp.
     419,512   25,283,988
Pioneer Natural Resources Co.
     111,528   17,712,877
          300,702,451
ZAMBIA — 1.5%          
First Quantum Minerals, Ltd.
     379,372   7,229,152
TOTAL COMMON STOCKS

(Cost $441,493,357)
         475,487,276
    
See accompanying notes to financial statements.
123

Table of Contents
SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 0.8%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.07% (c) (d)
   324,002   $ 324,099
State Street Navigator Securities Lending Portfolio II (e) (f)
   3,595,425   3,595,425
TOTAL SHORT-TERM INVESTMENTS

(Cost $3,919,524)
   3,919,524  
TOTAL INVESTMENTS — 100.7%

(Cost $445,412,881)
   479,406,800  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%
  (3,118,789)  
NET ASSETS — 100.0%
  $ 476,288,011  
(a) All or a portion of the shares of the security are on loan at March 31, 2021.
(b) Non-income producing security.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at March 31, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Common Stocks
   $475,487,276   $—   $—   $475,487,276
Short-Term Investments
   3,919,524   —   —   3,919,524
TOTAL INVESTMENTS
   $479,406,800   $—   $—   $479,406,800
Industry Breakdown as of March 31, 2021

    
    % of Net Assets
  Oil, Gas & Consumable Fuels 45.9%
  Metals & Mining 34.0
  Chemicals 13.6
  Food Products 6.4
  Short-Term Investments 0.8
  Liabilities in Excess of Other Assets (0.7)
  TOTAL 100.0%
See accompanying notes to financial statements.
124

Table of Contents
SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)
Affiliate Table
  Number of
Shares Held
at 9/30/20 		  Value at
9/30/20 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/21 		  Value at
3/31/21 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 407,139   $ 407,221   $ 13,023,763   $ 13,106,885   $(30)   $30   324,002   $ 324,099   $ 574
State Street Navigator Securities Lending Portfolio II
 3,558,979   3,558,979   111,966,322   111,929,876   —   —   3,595,425   3,595,425   10,903
Total
     $3,966,200   $124,990,085   $125,036,761   $(30)   $30       $3,919,524   $ 11,477
See accompanying notes to financial statements.
125

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2021 (Unaudited)
  SPDR Dow Jones Global Real Estate ETF   SPDR Dow Jones International Real Estate ETF   SPDR S&P China ETF
ASSETS          
Investments in unaffiliated issuers, at value*
 $1,632,996,487   $ 906,101,270   $1,861,050,126
Investments in affiliated issuers, at value
 10,098,349   21,297,542   75,668,574
Total Investments
 1,643,094,836   927,398,812   1,936,718,700
Foreign currency, at value
 891,344   1,149,047   1,797,984
Net cash at broker
 526,632   —   —
Cash
 —   6   —
Receivable from broker — accumulated variation margin on open futures contracts
 127,300   —   —
Dividends receivable — unaffiliated issuers
 6,129,357   3,986,543   22,454
Dividends receivable — affiliated issuers
 393   44   68
Securities lending income receivable — unaffiliated issuers
 3,019   5,983   58,555
Securities lending income receivable — affiliated issuers
 2,022   2,529   20,741
Receivable for foreign taxes recoverable
 434,031   946,250   —
TOTAL ASSETS
1,651,208,934   933,489,214   1,938,618,502
LIABILITIES          
Payable upon return of securities loaned
 7,392,787   20,794,658   72,955,250
Advisory fee payable
 692,851   455,547   948,883
Trustees’ fees and expenses payable
 5,166   5,655   1,275
TOTAL LIABILITIES
8,090,804   21,255,860   73,905,408
NET ASSETS
$ 1,643,118,130   $ 912,233,354   $1,864,713,094
NET ASSETS CONSIST OF:          
Paid-in Capital
 $1,803,387,300   $1,603,508,104   $1,754,912,407
Total distributable earnings (loss)
 (160,269,170)   (691,274,750)   109,800,687
NET ASSETS
$ 1,643,118,130   $ 912,233,354   $1,864,713,094
NET ASSET VALUE PER SHARE          
Net asset value per share
 $ 47.15   $ 34.51   $ 129.95
Shares outstanding (unlimited amount authorized, $0.01 par value)
 34,850,000   26,435,379   14,350,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers
 $1,575,420,434   $ 930,162,160   $1,517,078,158
Investments in affiliated issuers
 10,098,316   21,297,542   75,668,574
Total cost of investments
 $1,585,518,750   $ 951,459,702   $1,592,746,732
Foreign currency, at cost
 $ 893,587   $ 1,151,874   $ 1,801,152
* Includes investments in securities on loan, at value
 $ 13,320,815   $ 28,556,504   $ 120,472,151
See accompanying notes to financial statements.
126

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
March 31, 2021 (Unaudited)
  SPDR S&P Global Natural Resources ETF   SPDR S&P International Small Cap ETF   SPDR S&P North American Natural Resources ETF
ASSETS          
Investments in unaffiliated issuers, at value*
 $ 1,844,711,673   $819,372,126   $475,487,276
Investments in affiliated issuers, at value
 3,413,809   51,723,507   3,919,524
Total Investments
 1,848,125,482   871,095,633   479,406,800
Foreign currency, at value
 5,514,944   3,114,071   297,323
Cash
 259   —   —
Receivable for investments sold
 —   119,989   48,071,518
Dividends receivable — unaffiliated issuers
 6,496,694   3,867,190   679,717
Dividends receivable — affiliated issuers
 182   138   256
Securities lending income receivable — unaffiliated issuers
 —   51,800   1,295
Securities lending income receivable — affiliated issuers
 837   88,412   3,447
Receivable for foreign taxes recoverable
 143,917   402,088   —
Other Receivable
 7,622   210   —
TOTAL ASSETS
1,860,289,937   878,739,531   528,460,356
LIABILITIES          
Payable upon return of securities loaned
 2,612,766   51,516,648   3,595,425
Payable for investments purchased
 —   —   18,602,667
Payable for fund shares repurchased
 —   —   29,828,561
Deferred foreign taxes payable
 —   41,980   —
Advisory fee payable
 627,271   280,958   143,957
Trustees’ fees and expenses payable
 1,523   1,411   1,735
TOTAL LIABILITIES
3,241,560   51,840,997   52,172,345
NET ASSETS
$1,857,048,377   $826,898,534   $ 476,288,011
NET ASSETS CONSIST OF:          
Paid-in Capital
 $2,010,887,727   $796,989,556   $546,529,453
Total distributable earnings (loss)**
 (153,839,350)   29,908,978   (70,241,442)
NET ASSETS
$1,857,048,377   $826,898,534   $ 476,288,011
NET ASSET VALUE PER SHARE          
Net asset value per share
 $ 50.12   $ 37.25   $ 38.49
Shares outstanding (unlimited amount authorized, $0.01 par value)
 37,050,000   22,200,000   12,375,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers
 $1,695,821,492   $733,457,235   $441,493,357
Investments in affiliated issuers
 3,413,745   51,723,489   3,919,524
Total cost of investments
 $1,699,235,237   $785,180,724   $445,412,881
Foreign currency, at cost
 $ 5,547,758   $ 3,138,917   $ 298,082
* Includes investments in securities on loan, at value
 $ 12,407,818   $100,585,554   $ 23,865,126
** Includes deferred foreign taxes
 $ —   $ 30,937   $ —
See accompanying notes to financial statements.
127

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2021 (Unaudited)
  SPDR Dow Jones Global Real Estate ETF   SPDR Dow Jones International Real Estate ETF
INVESTMENT INCOME      
Dividend income — unaffiliated issuers
 $ 32,824,507   $ 14,316,783
Dividend income — affiliated issuers
 917   161
Dividend income — non-cash transactions
 1,968,986   —
Unaffiliated securities lending income
 42,756   68,917
Affiliated securities lending income
 174,274   192,512
Foreign taxes withheld
 (1,022,029)   (1,325,572)
TOTAL INVESTMENT INCOME (LOSS)
 33,989,411   13,252,801
EXPENSES      
Advisory fee
 3,904,788   2,610,207
Trustees’ fees and expenses
 10,805   6,722
TOTAL EXPENSES
 3,915,593   2,616,929
NET INVESTMENT INCOME (LOSS)
 $ 30,073,818   $ 10,635,872
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers
 (3,542,449)   779,739
Investments — affiliated issuers
 48   13
In-kind redemptions — unaffiliated issuers
 9,634,351   (3,226,125)
Foreign currency transactions
 4,481   32,288
Futures contracts
 747,191   —
Net realized gain (loss)
 6,843,622   (2,414,085)
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers
 262,926,917   132,648,162
Investment — affiliated issuers
 33   —
Foreign currency translations
 (66,772)   (95,235)
Futures contracts
 166,766   —
Net change in unrealized appreciation/depreciation
 263,026,944   132,552,927
NET REALIZED AND UNREALIZED GAIN (LOSS)
 269,870,566   130,138,842
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $299,944,384   $140,774,714
See accompanying notes to financial statements.
128

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended March 31, 2021 (Unaudited)
  SPDR S&P China ETF   SPDR S&P Global Natural Resources ETF
INVESTMENT INCOME      
Dividend income — unaffiliated issuers
 $ 1,265,508   $ 28,425,694
Dividend income — affiliated issuers
 1,623   1,317
Unaffiliated securities lending income
 274,310   29,065
Affiliated securities lending income
 155,256   77,380
Foreign taxes withheld
 (47,038)   (1,777,124)
TOTAL INVESTMENT INCOME (LOSS)
 1,649,659   26,756,332
EXPENSES      
Advisory fee
 5,389,614   2,801,653
Trustees’ fees and expenses
 8,977   7,176
TOTAL EXPENSES
 5,398,591   2,808,829
NET INVESTMENT INCOME (LOSS)
 $ (3,748,932)   $ 23,947,503
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers
 (25,495,897)   (13,897,953)
Investments — affiliated issuers
 —   12
In-kind redemptions — unaffiliated issuers
 54,927,492   25,748,349
Foreign currency transactions
 27,427   6,101
Net realized gain (loss)
 29,459,022   11,856,509
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers
 148,463,005   341,519,329
Investment — affiliated issuers
 —   64
Foreign currency translations
 (6,069)   (58,632)
Net change in unrealized appreciation/depreciation
 148,456,936   341,460,761
NET REALIZED AND UNREALIZED GAIN (LOSS)
 177,915,958   353,317,270
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $174,167,026   $377,264,773
See accompanying notes to financial statements.
129

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended March 31, 2021 (Unaudited)
  SPDR S&P International Small Cap ETF   SPDR S&P North American Natural Resources ETF
INVESTMENT INCOME      
Dividend income — unaffiliated issuers
 $ 8,124,855   $ 7,321,609
Dividend income — affiliated issuers
 1,097   574
Unaffiliated securities lending income
 333,809   5,101
Affiliated securities lending income
 654,437   10,903
Foreign taxes withheld
 (896,096)   (292,858)
TOTAL INVESTMENT INCOME (LOSS)
 8,218,102   7,045,329
EXPENSES      
Advisory fee
 1,542,190   788,225
Trustees’ fees and expenses
 4,602   3,432
TOTAL EXPENSES
 1,546,792   791,657
NET INVESTMENT INCOME (LOSS)
 $ 6,671,310   $ 6,253,672
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers*
 2,763,941   (37,418,950)
Investments — affiliated issuers
 75   (30)
In-kind redemptions — unaffiliated issuers
 5,156,843   35,875,034
Foreign currency transactions
 (9,272)   22,149
Net realized gain (loss)
 7,911,587   (1,521,797)
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers**
 146,881,473   136,909,838
Investment — affiliated issuers
 18   30
Foreign currency translations
 (81,804)   1,017
Net change in unrealized appreciation/depreciation
 146,799,687   136,910,885
NET REALIZED AND UNREALIZED GAIN (LOSS)
 154,711,274   135,389,088
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $161,382,584   $141,642,760
* Includes foreign capital gain taxes
 $ 702   $ —
** Includes foreign deferred taxes
 $ (21,932)   $ —
See accompanying notes to financial statements.
130

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
  SPDR Dow Jones
Global Real Estate ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 30,073,818   $ 48,848,894
Net realized gain (loss)
 6,843,622   (92,938,691)
Net change in unrealized appreciation/depreciation
 263,026,944   (424,824,057)
Net increase (decrease) in net assets resulting from operations
 299,944,384   (468,913,854)
Distributions to shareholders
 (24,906,997)   (76,066,562)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 —   197,336,113
Cost of shares redeemed
 (95,720,971)   (408,305,689)
Other Capital
 —   2,307
Net increase (decrease) in net assets from beneficial interest transactions
 (95,720,971)   (210,967,269)
Net increase (decrease) in net assets during the period
 179,316,416   (755,947,685)
Net assets at beginning of period
 1,463,801,714   2,219,749,399
NET ASSETS AT END OF PERIOD
 $ 1,643,118,130   $1,463,801,714
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 —   4,600,000
Shares redeemed
 (2,250,000)   (10,300,000)
Net increase (decrease) from share transactions
 (2,250,000)   (5,700,000)
See accompanying notes to financial statements.
131

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR Dow Jones
International Real Estate ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 10,635,872   $ 39,187,321
Net realized gain (loss)
 (2,414,085)   (112,417,527)
Net change in unrealized appreciation/depreciation
 132,552,927   (253,018,680)
Net increase (decrease) in net assets resulting from operations
 140,774,714   (326,248,886)
Distributions to shareholders
 (10,306,409)   (157,651,313)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 —   154,669,856
Cost of shares redeemed
 (64,044,388)   (918,100,985)
Other Capital
 549   37,110
Net increase (decrease) in net assets from beneficial interest transactions
 (64,043,839)   (763,394,019)
Net increase (decrease) in net assets during the period
 66,424,466   (1,247,294,218)
Net assets at beginning of period
 845,808,888   2,093,103,106
NET ASSETS AT END OF PERIOD
 $912,233,354   $ 845,808,888
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 —   3,900,000
Shares redeemed
 (2,050,000)   (28,450,000)
Net increase (decrease) from share transactions
 (2,050,000)   (24,550,000)
See accompanying notes to financial statements.
132

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P China ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ (3,748,932)   $ 17,073,825
Net realized gain (loss)
 29,459,022   53,905,323
Net change in unrealized appreciation/depreciation
 148,456,936   254,066,758
Net increase (decrease) in net assets resulting from operations
 174,167,026   325,045,906
Distributions to shareholders
 (10,789,765)   (17,591,885)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 386,690,530   274,364,626
Cost of shares redeemed
 (111,722,320)   (279,197,035)
Other Capital
 436,222   367,324
Net increase (decrease) in net assets from beneficial interest transactions
 275,404,432   (4,465,085)
Net increase (decrease) in net assets during the period
 438,781,693   302,988,936
Net assets at beginning of period
 1,425,931,401   1,122,942,465
NET ASSETS AT END OF PERIOD
 $1,864,713,094   $1,425,931,401
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 3,000,000   2,550,000
Shares redeemed
 (750,000)   (2,850,000)
Net increase (decrease) from share transactions
 2,250,000   (300,000)
See accompanying notes to financial statements.
133

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P Global Natural Resources ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 23,947,503   $ 35,321,436
Net realized gain (loss)
 11,856,509   (17,636,520)
Net change in unrealized appreciation/depreciation
 341,460,761   (97,275,296)
Net increase (decrease) in net assets resulting from operations
 377,264,773   (79,590,380)
Distributions to shareholders
 (21,613,530)   (37,373,959)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 560,329,050   423,364,382
Cost of shares redeemed
 (99,971,381)   (310,241,405)
Other Capital
 4,541   9,141
Net increase (decrease) in net assets from beneficial interest transactions
 460,362,210   113,132,118
Net increase (decrease) in net assets during the period
 816,013,453   (3,832,221)
Net assets at beginning of period
 1,041,034,924   1,044,867,145
NET ASSETS AT END OF PERIOD
 $1,857,048,377   $1,041,034,924
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 11,625,000   11,500,000
Shares redeemed
 (2,300,000)   (8,025,000)
Net increase (decrease) from share transactions
 9,325,000   3,475,000
See accompanying notes to financial statements.
134

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P International Small Cap ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 6,671,310   $ 14,348,789
Net realized gain (loss)
 7,911,587   21,086,118
Net change in unrealized appreciation/depreciation
 146,799,687   6,050,490
Net increase (decrease) in net assets resulting from operations
 161,382,584   41,485,397
Distributions to shareholders
 (6,402,058)   (26,265,887)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 18,486,792   23,818,050
Cost of shares redeemed
 (40,851,050)   (131,642,320)
Other Capital
 20,360   58,879
Net increase (decrease) in net assets from beneficial interest transactions
 (22,343,898)   (107,765,391)
Net increase (decrease) in net assets during the period
 132,636,628   (92,545,881)
Net assets at beginning of period
 694,261,906   786,807,787
NET ASSETS AT END OF PERIOD
 $826,898,534   $ 694,261,906
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 500,000   800,000
Shares redeemed
 (1,200,000)   (4,700,000)
Net increase (decrease) from share transactions
 (700,000)   (3,900,000)
See accompanying notes to financial statements.
135

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P North American
Natural Resources ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 6,253,672   $ 14,476,403
Net realized gain (loss)
 (1,521,797)   59,023,463
Net change in unrealized appreciation/depreciation
 136,910,885   (100,932,868)
Net increase (decrease) in net assets resulting from operations
 141,642,760   (27,433,002)
Net equalization credits and charges
 (383,269)   (533,288)
Distributions to shareholders
 (7,608,794)   (15,482,246)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 48,667,848   201,649,227
Cost of shares redeemed
 (122,431,410)   (460,270,574)
Net income equalization
 383,269   533,288
Net increase (decrease) in net assets from beneficial interest transactions
 (73,380,293)   (258,088,059)
Net increase (decrease) in net assets during the period
 60,270,404   (301,536,595)
Net assets at beginning of period
 416,017,607   717,554,202
NET ASSETS AT END OF PERIOD
 $ 476,288,011   $ 416,017,607
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 1,275,000   7,400,000
Shares redeemed
 (3,500,000)   (15,675,000)
Net increase (decrease) from share transactions
 (2,225,000)   (8,275,000)
See accompanying notes to financial statements.
136

Table of Contents
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
  SPDR Dow Jones Global Real Estate ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a) 		  Year
Ended
9/30/17(a) 		  Year
Ended
9/30/16(a)
Net asset value, beginning of period
 $ 39.46   $ 51.86   $ 47.58   $ 47.66   $ 49.68   $ 45.11
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.84   1.17   1.42   1.43   1.19   1.23
Net realized and unrealized gain (loss) (c)
 7.56   (11.73)   4.50   0.27   (1.51)   4.88
Total from investment operations
 8.40   (10.56)   5.92   1.70   (0.32)   6.11
Net equalization credits and charges (b)
 —   —   (0.02)   (0.00)(d)   (0.00)(d)   0.03
Other capital
 —   0.00(d)   —   —   —   —
Distributions to shareholders from:                      
Net investment income
 (0.71)   (1.84)   (1.62)   (1.78)   (1.68)   (1.57)
Net realized gains
 —   —   —   —   (0.02)   —
Total distributions
 (0.71)   (1.84)   (1.62)   (1.78)   (1.70)   (1.57)
Net asset value, end of period
 $ 47.15   $ 39.46   $ 51.86   $ 47.58   $ 47.66   $ 49.68
Total return (e)
 21.39%   (20.65)%   12.68%   3.60%   (0.55)%   13.71%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $1,643,118   $1,463,802   $2,219,749   $2,298,271   $2,688,166   $2,494,073
Ratios to average net assets:                      
Total expenses
 0.50%(f)   0.50%   0.50%   0.50%   0.50%   0.50%
Net investment income (loss)
 3.85%(f)   2.63%   2.92%   3.00%   2.52%   2.56%
Portfolio turnover rate (g)
 3%(h)   18%   7%   11%   13%   9%
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
137

Table of Contents
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Dow Jones International Real Estate ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a) 		  Year
Ended
9/30/17(a) 		  Year
Ended
9/30/16(a)
Net asset value, beginning of period
 $ 29.69   $ 39.47   $ 38.32   $ 38.37   $ 41.61   $ 39.24
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.39   0.91   1.12   1.26   1.16   1.08
Net realized and unrealized gain (loss) (c)
 4.81   (7.44)   1.51   (0.33)   (1.36)   2.32
Total from investment operations
 5.20   (6.53)   2.63   0.93   (0.20)   3.40
Net equalization credits and charges (b)
 —   —   0.41   0.19   0.16   0.08
Other capital
 0.00(d)   0.00(d)   0.00(d)   —   —   —
Distributions to shareholders from:                      
Net investment income
 (0.38)   (3.25)   (1.89)   (1.17)   (3.20)   (1.11)
Net asset value, end of period
 $ 34.51   $ 29.69   $ 39.47   $ 38.32   $ 38.37   $ 41.61
Total return (e)
 17.54%   (17.76)%   8.31%   2.87%   0.48%   8.93%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $912,233   $845,809   $2,093,103   $2,990,341   $3,654,633   $4,528,235
Ratios to average net assets:                      
Total expenses
 0.59%(f)   0.59%   0.59%   0.59%   0.59%   0.59%
Net investment income (loss)
 2.40%(f)   2.64%   2.93%   3.18%   3.03%   2.65%
Portfolio turnover rate (g)
 4%(h)   14%   9%   15%   18%   14%
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
138

Table of Contents
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P China ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a) 		  Year
Ended
9/30/17(a) 		  Year
Ended
9/30/16(a)
Net asset value, beginning of period
 $ 117.85   $ 90.56   $ 97.16   $ 101.90   $ 78.85   $ 68.73
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 (0.27)   1.36   1.70   1.74   1.57(c)   1.38
Net realized and unrealized gain (loss) (d)
 13.13   27.30   (6.39)   (4.21)   22.78   10.68
Total from investment operations
 12.86   28.66   (4.69)   (2.47)   24.35   12.06
Other capital
 0.03   0.03   0.06   —   0.01   0.00(e)
Distributions to shareholders from:                      
Net investment income
 (0.79)   (1.40)   (1.97)   (2.27)   (1.31)   (1.94)
Net asset value, end of period
 $ 129.95   $ 117.85   $ 90.56   $ 97.16   $ 101.90   $ 78.85
Total return (f)
 10.95%   31.89%   (4.73)%   (2.64)%   31.50%(c)   17.81%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $1,864,713   $1,425,931   $1,122,942   $1,039,601   $1,029,239   $812,123
Ratios to average net assets:                      
Total expenses
 0.59%(g)   0.59%   0.59%   0.59%   0.59%   0.59%
Net investment income (loss)
 (0.41)%(g)   1.33%   1.81%   1.62%   1.85%(c)   1.94%
Portfolio turnover rate (h)
 7%(i)   9%   23%   3%   5%   6%
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) 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%.
(d) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(e) Amount is less than $0.005 per share.
(f) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(g) Annualized.
(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(i) Not annualized.
See accompanying notes to financial statements.
139

Table of Contents
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Global Natural Resources ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a) 		  Year
Ended
9/30/17(a) 		  Year
Ended
9/30/16(a)
Net asset value, beginning of period
 $ 37.55   $ 43.09   $ 50.61   $ 45.84   $ 39.07   $ 32.56
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.77   1.37   1.81   1.49   1.19   0.97
Net realized and unrealized gain (loss) (c)
 12.56   (5.47)   (7.67)   4.52   6.51   6.63
Total from investment operations
 13.33   (4.10)   (5.86)   6.01   7.70   7.60
Other capital
 0.00(d)   0.00(d)   0.00(d)   —   —   —
Distributions to shareholders from:                      
Net investment income
 (0.76)   (1.44)   (1.66)   (1.24)   (0.93)   (1.09)
Net asset value, end of period
 $ 50.12   $ 37.55   $ 43.09   $ 50.61   $ 45.84   $ 39.07
Total return (e)
 35.76%   (9.97)%   (11.50)%   13.17%   19.95%   23.87%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $1,857,048   $1,041,035   $1,044,867   $1,553,821   $1,226,154   $722,833
Ratios to average net assets:                      
Total expenses
 0.40%(f)   0.40%   0.40%   0.40%   0.41%   0.40%
Net investment income (loss)
 3.42%(f)   3.45%   4.03%   3.03%   2.82%   2.75%
Portfolio turnover rate (g)
 4%(h)   16%   16%   19%   25%   23%
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P International Small Cap ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a) 		  Year
Ended
9/30/17(a) 		  Year
Ended
9/30/16(a)
Net asset value, beginning of period
 $ 30.32   $ 29.36   $ 34.43   $ 34.90   $ 31.21   $ 27.57
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.30   0.57   0.71   0.74   0.63   0.62
Net realized and unrealized gain (loss) (c)
 6.92   1.40   (4.63)   0.71   4.23   3.76
Total from investment operations
 7.22   1.97   (3.92)   1.45   4.86   4.38
Other capital
 0.00(d)   0.00(d)   0.00(d)   —   —   —
Distributions to shareholders from:                      
Net investment income
 (0.29)   (1.01)   (1.15)   (0.91)   (0.79)   (0.59)
Net realized gains
 —   —   —   (1.01)   (0.38)   (0.15)
Total distributions
 (0.29)   (1.01)   (1.15)   (1.92)   (1.17)   (0.74)
Net asset value, end of period
 $ 37.25   $ 30.32   $ 29.36   $ 34.43   $ 34.90   $ 31.21
Total return (e)
 23.88%   6.71%   (11.28)%   4.02%   16.30%   16.18%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $826,899   $694,262   $786,808   $871,116   $886,430   $702,312
Ratios to average net assets:                      
Total expenses
 0.40%(f)   0.40%   0.40%   0.40%   0.40%   0.40%
Net investment income (loss)
 1.73%(f)   1.99%   2.35%   2.11%   1.99%   2.15%
Portfolio turnover rate (g)
 1%(h)   21%   15%   29%   31%   20%
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P North American Natural Resources ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a) 		  Year
Ended
9/30/17(a) 		  For the
Period
12/15/15*-
9/30/16(a)
Net asset value, beginning of period
 $ 28.49   $ 31.37   $ 34.28   $ 33.67   $ 34.05   $ 25.00
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.47   0.74   0.67   0.54   0.50   0.39
Net realized and unrealized gain (loss) (c)
 10.12   (2.85)   (2.95)   0.72   0.75   8.91
Total from investment operations
 10.59   (2.11)   (2.28)   1.26   1.25   9.30
Net equalization credits and charges (b)
 (0.03)   (0.03)   0.01   (0.00)(d)   0.01   (0.02)
Distributions to shareholders from:                      
Net investment income
 (0.56)   (0.74)   (0.64)   (0.50)   (0.51)   (0.25)
Net realized gains
 —   —   —   (0.15)   (1.13)   —
Total distributions
 (0.56)   (0.74)   (0.64)   (0.65)   (1.64)   (0.25)
Net asset value, end of period
 $ 38.49   $ 28.49   $ 31.37   $ 34.28   $ 33.67   $ 34.05
Total return (e)
 37.39%   (7.09)%   (6.50)%   3.67%   3.74%   37.21%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $476,288   $416,018   $717,554   $714,707   $1,016,760   $829,092
Ratios to average net assets:                      
Total expenses
 0.35%(f)   0.35%   0.35%   0.35%   0.35%   0.35%(f)
Net investment income (loss)
 2.78%(f)   2.47%   2.11%   1.57%   1.53%   1.63%(f)
Portfolio turnover rate (g)
 20%(h)   22%   19%   20%   15%   15%(h)
* Commencement of operations.
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
March 31, 2021 (Unaudited)
1.    Organization
SPDR Index Shares Funds (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.
As of March 31, 2021, the Trust consists of twenty-four (24) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):
SPDR Dow Jones Global Real Estate ETF
SPDR Dow Jones International Real Estate ETF
SPDR S&P China ETF
SPDR S&P Global Natural Resources ETF
SPDR S&P International Small Cap ETF
SPDR S&P North American Natural Resources ETF
Each Fund is classified as a diversified investment company under the 1940 Act, with the exceptions of SPDR S&P China ETF and SPDR S&P North American Natural Resources ETF, which are each a non-diversified investment company.
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
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
•   Equity (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
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
•   Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;
•   Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•   Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
The value of each Fund’s investments, according to the fair value hierarchy as of March 31, 2021, is disclosed in each Fund’s respective Schedule of Investments.
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, or when the information becomes available, 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 a portion 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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of March 31, 2021, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
Certain funds in the Trust follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
The following Fund utilized equalization during the period ended March 31, 2021:
SPDR S&P North American Natural Resources ETF
Distributions
The SPDR Dow Jones Global Real Estate ETF and the SPDR Dow Jones International Real Estate ETF declare and distribute from net investment income, if any, to their shareholders quarterly. The SPDR S&P North American Natural Resources ETF, SPDR S&P China ETF, SPDR S&P International Small
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
Cap ETF and SPDR S&P Global Natural Resources ETF declare and distribute from net investment income, if any, to their shareholders semi-annually.
Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.    Derivative Financial Instruments
Futures Contracts
Certain Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedules of Investments and cash deposited, if any, is included in Net cash at broker on the Statements of Assets and Liabilities. Subsequent payments are made or received by the Funds equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the period ended March 31, 2021, the SPDR Dow Jones Global Real Estate ETF entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
The following tables summarize the value of the Fund's derivative instruments as of March 31, 2021, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
  Asset Derivatives
  Interest Rate
Contracts
Risk 		  Foreign
Exchange
Contracts
Risk 		  Credit
Contracts
Risk 		  Equity
Contracts
Risk 		  Commodity
Contracts
Risk 		  Total
SPDR Dow Jones Global Real Estate ETF                      
Futures Contracts
 $—   $—   $—   $127,300   $—   $127,300
  Net Realized Gain (Loss)
  Interest Rate
Contracts
Risk 		  Foreign
Exchange
Contracts
Risk 		  Credit
Contracts
Risk 		  Equity
Contracts
Risk 		  Commodity
Contracts
Risk 		  Total
SPDR Dow Jones Global Real Estate ETF                      
Futures Contracts
 $—   $—   $—   $747,191   $—   $747,191
  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 Dow Jones Global Real Estate ETF                      
Futures Contracts
 $—   $—   $—   $166,766   $—   $166,766
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 (“Management/Advisory fee”) accrued daily and paid monthly, based on a
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
percentage of each Fund’s average daily net assets as shown in the following table:
  Annual Rate
SPDR Dow Jones Global Real Estate ETF
 0.50%
SPDR Dow Jones International Real Estate ETF
 0.59
SPDR S&P China ETF
 0.59
SPDR S&P Global Natural Resources ETF
 0.40
SPDR S&P International Small Cap ETF
 0.40
SPDR S&P North American Natural Resources ETF
 0.35
From time to time, the Adviser may also waive all or a portion of its management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until January 31, 2022. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to January 31, 2022 except with the approval of the Board.
The Adviser pays all the expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses and other extraordinary expenses.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
Distributor
State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to a Master Amended and Restated Securities Lending Authorization Agreement dated January 6, 2017, as amended.
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 Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.
Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2021 are disclosed in the Schedules of Investments.
5.    Trustees’ Fees
The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended March 31, 2021, were as follows:
  Purchases   Sales
SPDR Dow Jones Global Real Estate ETF
 $ 55,119,529   $ 50,907,485
SPDR Dow Jones International Real Estate ETF
 38,518,319   39,027,990
SPDR S&P China ETF
 371,356,736   128,124,195
SPDR S&P Global Natural Resources ETF
 74,083,770   52,128,888
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
  Purchases   Sales
SPDR S&P International Small Cap ETF
 $ 9,771,905   $ 12,903,790
SPDR S&P North American Natural Resources ETF
 91,577,139   85,076,920
For the period ended March 31, 2021, 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
 $ —   $ 95,433,872   $ 9,634,351
SPDR Dow Jones International Real Estate ETF
 —   63,531,845   (3,226,125)
SPDR S&P China ETF
 114,255,744   91,440,746   54,927,492
SPDR S&P Global Natural Resources ETF
 535,689,258   100,629,832   25,748,349
SPDR S&P International Small Cap ETF
 13,908,839   32,455,932   5,156,843
SPDR S&P North American Natural Resources ETF
 41,745,396   122,446,058   35,875,034
7.    Shareholder Transactions
Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
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. 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 The IRS (Internal Revenue Service) for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of September 30, 2020, SSGA FM has analyzed each Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of March 31, 2021, 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 Dow Jones Global Real Estate ETF
 $1,610,231,492   $238,170,145   $205,433,087   $ 32,737,058
SPDR Dow Jones International Real Estate ETF
 988,169,907   90,056,282   150,827,377   (60,771,095)
SPDR S&P China ETF
 1,598,162,660   480,115,740   141,559,700   338,556,040
SPDR S&P Global Natural Resources ETF
 1,704,037,707   215,627,003   71,539,228   144,087,775
SPDR S&P International Small Cap ETF
 793,871,010   172,069,450   94,844,827   77,224,623
SPDR S&P North American Natural Resources ETF
 447,135,091   61,954,370   29,682,661   32,271,709
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
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due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of March 31, 2021, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.
The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of March 31, 2021:
Fund   Market Value of
Securities on Loan 		  Cash
Collateral
Received 		  Non-Cash
Collateral
Received * 		  Total
Collateral
Received
SPDR Dow Jones Global Real Estate ETF
   $ 13,320,815   $ 7,392,787   $ 6,806,725   $ 14,199,512
SPDR Dow Jones International Real Estate ETF
   28,556,504   20,794,658   9,674,141   30,468,799
SPDR S&P China ETF
   120,472,151   72,955,250   53,570,494   126,525,744
SPDR S&P Global Natural Resources ETF
   12,407,818   2,612,766   10,496,435   13,109,201
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
Fund   Market Value of
Securities on Loan 		  Cash
Collateral
Received 		  Non-Cash
Collateral
Received * 		  Total
Collateral
Received
SPDR S&P International Small Cap ETF
   $100,585,554   $51,516,648   $54,842,769   $106,359,417
SPDR S&P North American Natural Resources ETF
   23,865,126   3,595,425   21,891,675   25,487,100
 * The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of March 31, 2021:
        Remaining Contractual Maturity of the Agreements
As of March 31, 2021
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   $ 7,392,787   $—   $—   $—   $ 7,392,787   $ 7,392,787
SPDR Dow Jones International Real Estate ETF
   Common Stocks   20,780,872   —   —   —   20,780,872   20,780,872
SPDR S&P China ETF
   Common Stocks   72,955,250   —   —   —   72,955,250   72,955,250
SPDR S&P Global Natural Resources ETF
   Common Stocks   2,612,766   —   —   —   2,612,766   2,612,766
SPDR S&P International Small Cap ETF
   Common Stocks   51,514,766   —   —   —   51,514,766   51,514,766
SPDR S&P International Small Cap ETF
   Warrants   1,882   —   —   —   1,882   1,882
SPDR S&P North American Natural Resources ETF
   Common Stocks   3,595,425   —   —   —   3,595,425   3,595,425
10.    Line of Credit
The SPDR S&P International Small Cap ETF and other affiliated funds (each a “Participant” and, collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2021 unless extended or renewed.
The Fund had no outstanding loans as of March 31, 2021.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.25% plus the New York Fed Bank Rate. Prior to October 8, 2020, interest was 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.
11.    Risks
Concentration Risk
As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if the Funds were more broadly diversified.
Foreign and Emerging Markets Risk
Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds' invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.
Credit Risk
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 a Fund has unsettled or open transactions defaults.
Market Risk
Each Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.
An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets have experienced and may continue to experience extreme volatility and severe losses, and trading in many instruments was and may continue to be disrupted as a result. Liquidity for many instruments was and may continue to be greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.
12.    Change in Audit Firm
PricewaterhouseCoopers LLP (“PWC”) resigned as independent registered certified public accounting firm on April 20, 2020. On May 21, 2020, upon recommendation by the Audit Committee of the Trust, the Board selected Ernst & Young LLP (“EY”) to replace PWC as the independent public accountant for the fiscal year ending September 30, 2020.
The reports of PWC on the financial statements for the fiscal years ended September 30, 2019 and 2018 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.
During the fiscal years ended September 30, 2019 and 2018, and in the subsequent interim period through April 20, 2020, there were no disagreements between the Trust and PWC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which, if not resolved to the satisfaction of PWC, would have caused it to make reference to the disagreements in its report on the financial statements. In addition, during
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
the fiscal years ended September 30, 2019 and 2018, and in the subsequent interim period through April 20, 2020, there were no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
The Trust requested and PWC furnished a letter addressed to the Securities and Exchange Commission stating whether or not it agreed with the above statements. A copy of such letter was filed as an Exhibit, under Item 13(a)(4), to Form N-CSR for the period ended March 31, 2020.
During this period, neither the Trust nor anyone on its behalf consulted EY concerning (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Trust’s financial statements or (ii) the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).
13.    Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
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OTHER INFORMATION
March 31, 2021 (Unaudited)
Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from October 1, 2020 to March 31, 2021.
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)
March 31, 2021 (Unaudited)
  SPDR Dow Jones Global Real Estate ETF   SPDR Dow Jones International Real Estate ETF   SPDR S&P China ETF
Annualized Expense Ratio
 0.50%   0.59%   0.59%
Actual:          
Ending Account Value
 $1,213.90   $1,175.40   $1,109.50
Expenses Paid During Period(a)
 2.76   3.20   3.10
Hypothetical (assuming a 5% return before expenses):          
Ending Account Value
 1,022.40   1,022.00   1,022.00
Expenses Paid During Period(a)
 2.52   2.97   2.97
  SPDR S&P Global Natural Resources ETF   SPDR S&P International Small Cap ETF   SPDR S&P North American Natural Resources ETF
Annualized Expense Ratio
 0.40%   0.40%   0.35%
Actual:          
Ending Account Value
 $1,357.60   $1,238.80   $1,373.90
Expenses Paid During Period(a)
 2.35   2.23   2.07
Hypothetical (assuming a 5% return before expenses):          
Ending Account Value
 1,022.90   1,022.90   1,023.20
Expenses Paid During Period(a)
 2.02   2.02   1.77
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 182, then divided by 365.
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OTHER INFORMATION  (continued)
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Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ Program. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period October 2019 through September 2020, including:
• the Program supported each Fund’s ability to honor redemption requests timely;
• the Program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions;
• no material liquidity issues were identified during the period;
• there were no material changes to the Program during the period;
• the implementation of the Program was effective to manage each Fund’s liquidity risk; and
• the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at www.ssga.com.
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OTHER INFORMATION  (continued)
March 31, 2021 (Unaudited)
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC’s website at www.sec.gov.
Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov, and on the Funds' website at www.ssga.com.
Quarterly Portfolio Schedule
Following the Funds’ first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit on Form N-PORT, which can be found on the Funds' website at www.ssga.com and SEC's website at www.sec.gov. The Funds’ schedules of investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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SPDR® Index Shares Funds
SPDR Index Shares Funds
Trustees
Bonny E. Boatman
Dwight D. Churchill
Clare S. Richer
James E. Ross
Sandra G. Sponem
Carl G. Verboncoeur, Chairman
Investment Manager and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, MA 02210
Custodian, Sub-Administrator
and Transfer Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
 
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.ssga.com. Please read the prospectus carefully before you invest.

Table of Contents
SPDR® Index Shares Funds
For more complete information, please call 1.866.787.2257 or visit www.ssga.com today.
The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indices LLC or MSCI Inc. Neither do these companies make any representation regarding the advisability of investing in the Funds. 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.
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 a Fund's investment objective, 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.ssga.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.ssga.com. Please read the prospectus carefully before you invest.
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