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)  

1

2

3

4

5

6
Schedules of Investments (Unaudited)  

7

17

24

50

56

123

126

137

143

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.


Table of Contents
[This Page Intentionally Left Blank]


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


Table of Contents
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


Table of Contents
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


Table of Contents
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