Semi-Annual Report
March 31, 2021
SPDR® Index Shares Funds
SPDR EURO STOXX 50 ETF
SPDR MSCI ACWI ex-US ETF
SPDR S&P Emerging Markets Dividend ETF
SPDR S&P Emerging Markets Small Cap ETF
SPDR S&P International Dividend ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.

TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  
1
2
3
4
5
Schedules of Investments (Unaudited)  
6
10
47
53
108
114
124
129
148
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 EURO STOXX 50 ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2021

      
  Description % of Net Assets  
  ASML Holding NV 7.5%  
  LVMH Moet Hennessy Louis Vuitton SE 5.2  
  Linde PLC 4.3  
  SAP SE 3.9  
  Siemens AG 3.6  
  TOTAL SE 3.6  
  Sanofi 3.3  
  Allianz SE 3.1  
  L'Oreal SA 2.8  
  Schneider Electric SE 2.6  
  TOTAL 39.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
1

Table of Contents
SPDR MSCI ACWI ex-US ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2021

      
  Description % of Net Assets  
  Taiwan Semiconductor Manufacturing Co., Ltd. ADR 2.0%  
  Tencent Holdings, Ltd. 1.8  
  Alibaba Group Holding, Ltd. ADR 1.6  
  Samsung Electronics Co., Ltd. GDR 1.4  
  Nestle SA 1.3  
  ASML Holding NV 1.0  
  Roche Holding AG 0.9  
  Novartis AG 0.8  
  LVMH Moet Hennessy Louis Vuitton SE 0.7  
  Toyota Motor Corp. 0.7  
  TOTAL 12.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
2

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

      
  Description % of Net Assets  
  Chung-Hsin Electric & Machinery Manufacturing Corp. 3.3%  
  Power Grid Corp. of India, Ltd. 3.2  
  Lenovo Group, Ltd. 3.1  
  Saudi Electricity Co. 3.0  
  China Resources Land, Ltd. 3.0  
  China Overseas Land & Investment, Ltd. 3.0  
  Fomento Economico Mexicano SAB de CV 2.9  
  Quanta Computer, Inc. 2.9  
  ITC, Ltd. 2.9  
  Wal-Mart de Mexico SAB de CV 2.9  
  TOTAL 30.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
3

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

      
  Description % of Net Assets  
  Daqo New Energy Corp. ADR 0.5%  
  GCL-Poly Energy Holdings, Ltd. 0.4  
  Woolworths Holdings, Ltd. 0.4  
  Mr. Price Group, Ltd. 0.3  
  Sinbon Electronics Co., Ltd. 0.3  
  Chinasoft International, Ltd. 0.3  
  Elan Microelectronics Corp. 0.3  
  YFY, Inc. 0.3  
  Alchip Technologies, Ltd. 0.3  
  Teco Electric and Machinery Co., Ltd. 0.3  
  TOTAL 3.4%  
(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 Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2021

      
  Description % of Net Assets  
  Shaw Communications, Inc. Class B 2.5%  
  TOTAL SE 2.4  
  Enagas SA 2.2  
  BCE, Inc. 2.0  
  Endesa SA 1.9  
  TC Energy Corp. 1.9  
  Telenor ASA 1.9  
  Red Electrica Corp. SA 1.8  
  GlaxoSmithKline PLC 1.8  
  National Grid PLC 1.6  
  TOTAL 20.0%  
(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.
5

Table of Contents
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.5%        
BELGIUM — 1.6%          
Anheuser-Busch InBev SA
     498,886   $ 31,515,798
CHINA — 1.5%          
Prosus NV
     261,927   29,183,484
FINLAND — 1.0%          
Kone Oyj Class B
     238,386   19,516,986
FRANCE — 35.7%          
Air Liquide SA
     278,992   45,676,350
Airbus SE (a)
     341,642   38,763,866
AXA SA
     1,218,691   32,778,800
BNP Paribas SA (a)
     679,226   41,415,489
Danone SA
     382,542   26,301,682
Engie SA (a)
     1,093,307   15,554,478
EssilorLuxottica SA
     175,328   28,611,834
Kering SA
     43,168   29,862,813
L'Oreal SA
     143,865   55,256,799
LVMH Moet Hennessy Louis Vuitton SE
     156,124   104,242,061
Pernod Ricard SA
     120,885   22,739,275
Safran SA (a)
     223,395   30,469,626
Sanofi
     671,852   66,526,098
Schneider Electric SE
     333,990   51,128,108
TOTAL SE
     1,548,838   72,404,359
Vinci SA
     348,413   35,773,012
Vivendi SE
     509,038   16,751,618
          714,256,268
GERMANY — 29.5%          
Adidas AG (a)
     109,973   34,406,671
Allianz SE
     242,824   61,944,097
BASF SE
     540,973   45,040,445
Bayer AG
     578,658   36,698,003
Bayerische Motoren Werke AG
     188,398   19,589,387
Daimler AG
     494,458   44,172,163
Deutsche Boerse AG
     111,707   18,603,676
Deutsche Post AG
     580,302   31,864,377
Deutsche Telekom AG
     1,909,891   38,541,393
Infineon Technologies AG
     769,224   32,686,598
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
     82,528   25,470,916
SAP SE
     643,280   78,946,388
Siemens AG
     440,634   72,502,765
See accompanying notes to financial statements.
6

Table of Contents
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Volkswagen AG Preference Shares
     107,834   $ 30,239,505
Vonovia SE
     311,776   20,410,160
          591,116,544
IRELAND — 2.1%          
CRH PLC
     467,488   21,961,052
Flutter Entertainment PLC (a)
     97,547   21,014,783
          42,975,835
ITALY — 4.7%          
Enel SpA
     4,575,460   45,671,410
Eni SpA
     1,476,893   18,215,396
Intesa Sanpaolo SpA (a)
     10,744,907   29,178,110
          93,064,916
NETHERLANDS — 13.1%          
Adyen NV (a)(b)
     16,469   36,844,158
ASML Holding NV
     247,049   150,114,337
ING Groep NV
     2,297,703   28,171,502
Koninklijke Ahold Delhaize NV
     610,910   17,052,552
Koninklijke Philips NV (a)
     536,642   30,700,054
          262,882,603
SPAIN — 6.0%          
Amadeus IT Group SA (a)
     264,862   18,795,820
Banco Santander SA (a)
     10,213,961   34,776,928
Iberdrola SA
     3,451,722   44,564,024
Industria de Diseno Textil SA
     654,727   21,622,958
          119,759,730
UNITED KINGDOM — 4.3%          
Linde PLC
     307,514   86,343,484
TOTAL COMMON STOCKS

(Cost $1,751,199,859)
         1,990,615,648
    
See accompanying notes to financial statements.
7

Table of Contents
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SHORT-TERM INVESTMENT — 0.0% (c)      
State Street Institutional Liquid Reserves Fund, Premier Class 0.07% (d) (e)

(Cost $914,729)
   914,482   $ 914,756
TOTAL INVESTMENTS — 99.5%

(Cost $1,752,114,588)
   1,991,530,404  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%
  9,671,816  
NET ASSETS — 100.0%
  $ 2,001,202,220  
(a) Non-income producing security.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.8% 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.
(c) Amount is less than 0.05% of net assets.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at March 31, 2021.
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
   $1,990,615,648   $—   $—   $1,990,615,648
Short-Term Investment
   914,756   —   —   914,756
TOTAL INVESTMENTS
   $1,991,530,404   $—   $—   $1,991,530,404
See accompanying notes to financial statements.
8

Table of Contents
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Sector Breakdown as of March 31, 2021

    
    % of Net Assets
  Consumer Discretionary 18.1%
  Information Technology 15.9
  Industrials 14.0
  Financials 13.6
  Materials 10.0
  Consumer Staples 7.6
  Health Care 6.7
  Utilities 5.3
  Energy 4.5
  Communication Services 2.8
  Real Estate 1.0
  Short-Term Investment 0.0 *
  Other Assets in Excess of Liabilities 0.5
  TOTAL 100.0%
* Amount shown represents less than 0.05% of net assets.  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
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
 513,986   $ 514,089   $18,940,154   $18,539,521   $(44)   $78   914,482   $914,756   $ 238
State Street Navigator Securities Lending Portfolio II
 13,626,201   13,626,201   16,434,426   30,060,627   —   —   —   —   6,975
Total
     $14,140,290   $35,374,580   $48,600,148   $(44)   $78       $914,756   $7,213
See accompanying notes to financial statements.
9

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 98.8%        
ARGENTINA — 0.0% (a)          
Globant SA (b)
     2,975   $ 617,640
AUSTRALIA — 5.1%          
Afterpay, Ltd. (b)
     12,365   955,907
AMP, Ltd.
     241,416   232,601
Aristocrat Leisure, Ltd.
     16,302   426,504
Australia & New Zealand Banking Group, Ltd.
     196,439   4,216,229
BHP Group PLC
     131,311   3,794,603
BHP Group, Ltd.
     206,653   7,130,096
Brambles, Ltd.
     165,066   1,330,144
Coca-Cola Amatil, Ltd.
     136,191   1,393,092
Cochlear, Ltd.
     644   103,481
Coles Group, Ltd.
     85,641   1,044,308
Commonwealth Bank of Australia
     121,762   7,984,916
CSL, Ltd.
     29,654   5,977,377
Evolution Mining, Ltd.
     63,418   197,073
Fortescue Metals Group, Ltd.
     138,413   2,107,391
Glencore PLC (b)
     760,047   2,980,751
Goodman Group REIT
     76,110   1,050,402
Insurance Australia Group, Ltd.
     251,176   895,322
LendLease Corp., Ltd. Stapled Security
     87,532   861,360
Macquarie Group, Ltd.
     29,052   3,381,739
Medibank Pvt, Ltd.
     199,282   424,993
National Australia Bank, Ltd.
     195,827   3,877,943
Newcrest Mining, Ltd.
     53,709   998,960
Northern Star Resources, Ltd.
     36,577   264,102
Origin Energy, Ltd.
     202,883   724,726
QBE Insurance Group, Ltd.
     80,253   588,020
Rio Tinto PLC
     77,089   5,902,965
Rio Tinto, Ltd.
     26,146   2,205,487
Santos, Ltd.
     165,009   892,322
Scentre Group REIT
     192,423   413,296
Sonic Healthcare, Ltd.
     69,956   1,869,665
South32, Ltd. (c)
     147,420   317,419
South32, Ltd. (c)
     263,600   564,166
Suncorp Group, Ltd.
     165,836   1,250,459
Sydney Airport Stapled Security (b)
     80,989   381,832
Telstra Corp., Ltd.
     290,944   753,432
Transurban Group Stapled Security
     171,962   1,744,585
Vicinity Centres REIT
     421,593   531,431
Wesfarmers, Ltd.
     85,641   3,435,583
See accompanying notes to financial statements.
10

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Westpac Banking Corp.
     248,008   $ 4,610,934
WiseTech Global, Ltd.
     3,236   71,600
Woodside Petroleum, Ltd.
     68,705   1,255,900
Woolworths Group, Ltd.
     107,769   3,354,702
          82,497,818
AUSTRIA — 0.2%          
Erste Group Bank AG (b)
     38,579   1,311,287
OMV AG
     21,330   1,084,491
Raiffeisen Bank International AG (b)
     25,667   565,017
Verbund AG (d)
     685   49,915
          3,010,710
BELGIUM — 0.5%          
Ageas SA/NV
     21,108   1,279,112
Anheuser-Busch InBev SA
     48,513   3,064,680
Galapagos NV (b)
     930   72,271
KBC Group NV (b)
     20,967   1,527,835
Solvay SA (d)
     9,960   1,243,176
UCB SA
     13,715   1,307,592
Umicore SA
     3,988   211,997
          8,706,663
BRAZIL — 1.4%          
Ambev SA ADR (d)
     425,753   1,166,563
B2W Cia Digital (b)
     15,262   164,304
B3 SA - Brasil Bolsa Balcao
     148,790   1,440,175
Banco Bradesco SA ADR
     438,930   2,062,971
Banco do Brasil SA
     61,665   332,748
BB Seguridade Participacoes SA
     53,543   230,094
Bradespar SA Preference Shares
     25,518   308,902
BRF SA (b)
     41,583   185,845
Centrais Eletricas Brasileiras SA
     9,123   55,404
Cia Energetica de Minas Gerais ADR (d)
     178,674   405,590
Cia Siderurgica Nacional SA ADR
     131,522   881,197
Cosan SA
     4,719   76,451
Energisa SA
     812   6,507
Equatorial Energia SA
     16,139   70,928
Gerdau SA ADR
     98,424   525,584
Itau Unibanco Holding SA Preference Shares ADR
     409,131   2,029,290
Klabin SA (b)
     14,265   69,846
Localiza Rent a Car SA
     11,515   121,884
Lojas Renner SA
     112,828   851,558
See accompanying notes to financial statements.
11

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Magazine Luiza SA
     318,791   $ 1,143,422
Natura & Co. Holding SA (b)
     63,693   543,360
Notre Dame Intermedica Participacoes SA
     16,487   241,915
Petroleo Brasileiro SA Preference Shares ADR
     247,105   2,110,277
Raia Drogasil SA
     148,797   660,793
Rumo SA (b)
     5,310   19,055
Sul America SA
     60,914   368,852
Suzano SA (b)
     39,766   483,069
Vale SA ADR
     228,137   3,965,021
Via Varejo S/A (b)
     66,583   142,417
WEG SA
     44,690   590,481
Wheaton Precious Metals Corp.
     29,248   1,117,002
Yara International ASA
     18,523   965,170
          23,336,675
CANADA — 6.6%          
Agnico Eagle Mines, Ltd.
     12,977   750,113
Algonquin Power & Utilities Corp.
     5,073   80,362
Alimentation Couche-Tard, Inc. Class B
     43,059   1,388,193
B2Gold Corp.
     59,569   256,410
Bank of Montreal
     52,823   4,707,986
Bank of Nova Scotia
     80,337   5,025,337
Barrick Gold Corp.
     120,672   2,393,566
BlackBerry, Ltd. (b)(d)
     42,985   360,474
Brookfield Asset Management, Inc. Class A
     93,612   4,163,513
CAE, Inc.
     35,826   1,020,750
Cameco Corp.
     35,677   591,565
Canadian Apartment Properties REIT
     2,389   102,376
Canadian Imperial Bank of Commerce (d)
     31,724   3,105,890
Canadian National Railway Co.
     56,006   6,498,719
Canadian Natural Resources, Ltd.
     85,701   2,649,070
Canadian Pacific Railway, Ltd.
     11,737   4,482,444
Canadian Tire Corp., Ltd. Class A (d)
     10,391   1,474,342
Canopy Growth Corp. (b)(d)
     12,200   391,767
Cenovus Energy, Inc.
     79,854   599,771
CGI, Inc. (b)
     11,133   927,241
Constellation Software, Inc.
     1,284   1,792,952
Dollarama, Inc.
     17,424   769,687
Enbridge, Inc.
     97,671   3,557,607
Fairfax Financial Holdings, Ltd.
     1,167   509,335
FirstService Corp. (d)
     1,690   250,828
Franco-Nevada Corp.
     12,170   1,524,966
George Weston, Ltd.
     4,843   428,793
See accompanying notes to financial statements.
12

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Gfl Environmental, Inc.
     530   $ 18,512
Gildan Activewear, Inc.
     26,671   816,141
IGM Financial, Inc. (d)
     18,380   560,094
Imperial Oil, Ltd. (d)
     40,497   980,808
Intact Financial Corp.
     407   49,869
Kinross Gold Corp.
     109,175   727,052
Kirkland Lake Gold, Ltd.
     13,863   468,111
Loblaw Cos., Ltd.
     36,080   2,015,209
Magna International, Inc.
     15,658   1,378,866
Manulife Financial Corp.
     126,879   2,728,678
National Bank of Canada (d)
     38,804   2,635,714
Nutrien, Ltd.
     49,813   2,683,168
Onex Corp.
     6,316   392,774
Open Text Corp.
     18,380   876,262
Pan American Silver Corp. (d)
     10,230   306,855
Parkland Corp. (d)
     1,636   49,151
Pembina Pipeline Corp. (d)
     2,677   77,316
Restaurant Brands International, Inc.
     15,656   1,018,073
Ritchie Bros Auctioneers, Inc.
     215   12,587
Rogers Communications, Inc. Class B
     42,984   1,981,878
Royal Bank of Canada
     101,491   9,356,536
Shaw Communications, Inc. Class B
     47,527   1,235,774
Shopify, Inc. Class A (b)
     6,648   7,338,692
SSR Mining, Inc.
     8,135   116,311
Sun Life Financial, Inc.
     51,191   2,586,737
Suncor Energy, Inc.
     108,056   2,258,528
TC Energy Corp. (d)
     55,410   2,539,818
Teck Resources, Ltd. Class B (b)
     38,647   740,131
TELUS Corp.
     64,486   1,284,230
Thomson Reuters Corp. (d)
     24,889   2,180,077
Toronto-Dominion Bank
     129,874   8,469,167
Yamana Gold, Inc.
     52,416   227,705
          107,914,881
CHILE — 0.2%          
Embotelladora Andina SA Class B, Preference Shares
     46,338   123,198
Enel Americas SA ADR
     154,689   1,311,763
Enel Chile SA ADR
     214,344   840,228
Sociedad Quimica y Minera de Chile SA ADR
     10,558   560,313
          2,835,502
CHINA — 11.3%          
3SBio, Inc. (b)(e)
     215,500   190,430
See accompanying notes to financial statements.
13

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
51job, Inc. ADR (b)
     2,404   $ 150,490
AAC Technologies Holdings, Inc. (d)
     77,000   387,751
Addsino Co., Ltd. Class A
     2,200   6,196
Agile Group Holdings, Ltd.
     130,000   213,031
Agricultural Bank of China, Ltd. Class H
     2,062,000   824,858
Air China, Ltd. Class H
     136,000   117,729
Airtac International Group
     17,000   598,780
AK Medical Holdings, Ltd. (d)(e)
     50,000   63,670
Alibaba Group Holding, Ltd. ADR (b)
     112,537   25,515,514
Alibaba Health Information Technology, Ltd. (b)
     306,000   865,913
A-Living Smart City Services Co., Ltd. (e)
     25,750   114,269
Anhui Conch Cement Co., Ltd. Class H
     33,500   217,819
ANTA Sports Products, Ltd.
     67,000   1,092,759
Asymchem Laboratories Tianjin Co., Ltd. Class A
     8,300   365,424
Autobio Diagnostics Co., Ltd. Class A
     7,300   122,186
Autohome, Inc. ADR
     5,143   479,688
AviChina Industry & Technology Co., Ltd. Class H (d)
     556,000   372,600
Baidu, Inc. ADR (b)(d)
     18,531   4,031,419
Baidu, Inc. Class A (b)(d)
     2,950   80,822
Bank of Chengdu Co., Ltd. Class A
     66,000   113,266
Bank of China, Ltd. Class H
     5,628,436   2,142,939
Bank of Communications Co., Ltd. Class H
     1,120,710   713,557
BeiGene, Ltd. ADR (b)
     2,283   794,667
Beijing BDStar Navigation Co., Ltd. Class A (b)
     5,300   34,896
Beijing Enterprises Water Group, Ltd.
     336,000   127,495
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. Class A
     29,200   227,683
Beijing Shunxin Agriculture Co., Ltd. Class A
     23,300   166,657
Beijing Sinnet Technology Co., Ltd. Class A
     68,100   178,211
Beijing Tiantan Biological Products Corp., Ltd. Class A
     80,348   399,952
Bilibili, Inc. ADR (b)(d)
     8,003   856,801
BOC Hong Kong Holdings, Ltd.
     167,500   584,945
Brilliance China Automotive Holdings, Ltd.
     306,000   287,326
BYD Co., Ltd. Class A
     5,600   140,410
BYD Co., Ltd. Class H (d)
     40,500   859,025
BYD Electronic International Co., Ltd. (d)
     42,000   245,265
CanSino Biologics, Inc. Class H (b)(d)(e)
     3,800   143,701
CGN Power Co., Ltd. Class H (e)
     137,400   33,226
Changchun High & New Technology Industry Group, Inc. Class A
     1,200   82,801
Chifeng Jilong Gold Mining Co., Ltd. Class A (b)
     49,000   108,437
China CITIC Bank Corp., Ltd. Class H
     539,000   273,852
See accompanying notes to financial statements.
14

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
China Common Rich Renewable Energy Investment, Ltd. (b)(d)(f)
     448,000   $ —
China Conch Venture Holdings, Ltd.
     42,500   199,805
China Construction Bank Corp. Class H
     4,639,720   3,903,012
China Everbright Bank Co., Ltd. Class H
     36,000   15,698
China Everbright Environment Group, Ltd.
     153,628   103,941
China Everbright, Ltd.
     44,000   57,501
China Evergrande Group (d)
     198,000   376,927
China Feihe, Ltd. (e)
     58,000   164,127
China Galaxy Securities Co., Ltd. Class H
     195,500   120,703
China Gas Holdings, Ltd.
     68,800   281,857
China Greatwall Technology Group Co., Ltd. Class A
     67,600   153,102
China Jinmao Holdings Group, Ltd.
     254,000   101,934
China Life Insurance Co., Ltd. Class H
     567,000   1,171,275
China Literature, Ltd. (b)(d)(e)
     8,400   83,142
China Meidong Auto Holdings, Ltd.
     72,000   333,863
China Mengniu Dairy Co., Ltd.
     401,000   2,295,275
China Merchants Bank Co., Ltd. Class H
     442,014   3,374,326
China Merchants Port Holdings Co., Ltd.
     389,129   596,623
China Merchants Property Operation & Service Co., Ltd. Class A
     2,500   7,525
China Minsheng Banking Corp., Ltd. Class H
     342,200   198,512
China National Software & Service Co., Ltd. Class A
     15,400   125,689
China Oilfield Services, Ltd. Class H
     306,000   314,878
China Overseas Land & Investment, Ltd.
     318,000   826,245
China Overseas Property Holdings, Ltd.
     195,000   182,097
China Pacific Insurance Group Co., Ltd. Class H
     187,600   739,594
China Petroleum & Chemical Corp. Class H
     2,285,800   1,217,220
China Railway Group, Ltd. Class H
     210,000   111,018
China Resources Beer Holdings Co., Ltd.
     205,670   1,612,408
China Resources Land, Ltd.
     132,000   639,248
China Shenhua Energy Co., Ltd. Class H
     192,500   396,665
China South Publishing & Media Group Co., Ltd. Class A
     54,700   87,454
China Southern Airlines Co., Ltd. Class H (b)(d)
     156,000   115,579
China Taiping Insurance Holdings Co., Ltd.
     136,800   278,722
China Tourism Group Duty Free Corp., Ltd. Class A
     5,400   251,910
China Traditional Chinese Medicine Holdings Co., Ltd.
     338,000   210,857
China TransInfo Technology Co., Ltd. Class A
     50,100   120,417
China Vanke Co., Ltd. Class H
     68,400   267,901
China Yangtze Power Co., Ltd. Class A
     113,200   369,903
China Yuhua Education Corp., Ltd. (e)
     12,000   9,400
Chongqing Brewery Co., Ltd. Class A
     28,255   479,257
Chongqing Zhifei Biological Products Co., Ltd. Class A
     4,400   115,673
See accompanying notes to financial statements.
15

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
CIFI Holdings Group Co., Ltd.
     306,952   $ 297,695
CITIC Securities Co., Ltd. Class H (d)
     93,500   215,276
CITIC, Ltd.
     390,000   369,209
Contemporary Amperex Technology Co., Ltd. Class A
     4,200   206,230
COSCO SHIPPING Ports, Ltd.
     487,259   354,737
Country Garden Holdings Co., Ltd.
     437,296   561,353
Country Garden Services Holdings Co., Ltd.
     61,000   618,282
CSPC Pharmaceutical Group, Ltd.
     650,800   786,875
Da An Gene Co., Ltd. of Sun Yat-Sen University Class A
     1,700   7,884
DaShenLin Pharmaceutical Group Co., Ltd. Class A
     2,700   34,542
DouYu International Holdings, Ltd. ADR (b)
     8,135   84,685
ENN Energy Holdings, Ltd.
     43,100   691,312
ESR Cayman, Ltd. (b)(e)
     75,000   245,516
Fosun International, Ltd.
     77,000   107,758
Fu Jian Anjoy Foods Co., Ltd. Class A
     5,300   168,470
Ganfeng Lithium Co., Ltd. Class A
     3,600   51,719
G-bits Network Technology Xiamen Co., Ltd. Class A
     4,700   266,612
GDS Holdings, Ltd. ADR (b)
     6,507   527,653
Geely Automobile Holdings, Ltd.
     496,000   1,261,939
Genscript Biotech Corp. (b)
     152,000   267,461
GF Securities Co., Ltd. Class H
     137,200   210,359
Giant Network Group Co., Ltd. Class A
     204,080   451,631
GoerTek, Inc. Class A
     89,100   368,692
GOME Retail Holdings, Ltd. (b)(d)
     1,494,000   276,722
Great Wall Motor Co., Ltd. Class H
     246,500   683,273
GSX Techedu, Inc. ADR (b)(d)
     5,520   187,018
Guangdong Hongda Blasting Co., Ltd. Class A
     27,300   129,069
Guangdong Kinlong Hardware Products Co., Ltd. Class A
     4,000   101,097
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. Class A
     19,400   103,487
Guangzhou Automobile Group Co., Ltd. Class H
     179,600   150,852
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A
     27,600   534,442
Guangzhou Tinci Materials Technology Co., Ltd. Class A
     5,000   62,191
Guangzhou Wondfo Biotech Co., Ltd. Class A
     1,000   12,528
Haidilao International Holding, Ltd. (d)(e)
     22,000   150,403
Haier Smart Home Co., Ltd. Class H (b)
     175,600   702,450
Haitong Securities Co., Ltd. Class H
     152,800   141,313
Hangzhou Tigermed Consulting Co., Ltd. Class A
     15,300   350,040
Hengan International Group Co., Ltd.
     64,000   420,660
Hopson Development Holdings, Ltd.
     36,000   129,655
Huadian Power International Corp., Ltd. Class A
     73,100   41,223
Hualan Biological Engineering, Inc. Class A
     53,720   325,454
See accompanying notes to financial statements.
16

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Huaneng Power International, Inc. Class H
     864,000   $ 306,728
Huatai Securities Co., Ltd. Class H (e)
     142,200   218,025
Huaxi Securities Co., Ltd. Class A
     14,400   21,837
Huazhu Group, Ltd. ADR (b)
     11,708   642,769
Humanwell Healthcare Group Co., Ltd. Class A
     1,800   8,444
HUYA, Inc. ADR (b)(d)
     4,289   83,550
Industrial & Commercial Bank of China, Ltd. Class H
     4,858,045   3,486,792
Innovent Biologics, Inc. (b)(e)
     56,000   567,963
Intco Medical Technology Co., Ltd. Class A
     4,500   110,827
iQIYI, Inc. ADR (b)(d)
     9,339   155,214
JA Solar Technology Co., Ltd. Class A (b)
     11,200   49,298
Jafron Biomedical Co., Ltd. Class A
     25,680   297,458
JD.com, Inc. ADR (b)
     50,860   4,289,024
Jiangsu Expressway Co., Ltd. Class H
     14,000   17,431
Jiangsu Hengli Hydraulic Co., Ltd. Class A
     1,800   24,540
Jiangsu King's Luck Brewery JSC, Ltd. Class A
     20,700   154,748
Jiangsu Shagang Co., Ltd. Class A
     24,500   33,719
Jiangxi Zhengbang Technology Co., Ltd. Class A
     26,500   61,109
Jinke Properties Group Co., Ltd. Class A
     680,100   683,085
Jinyu Bio-Technology Co., Ltd. Class A
     80,600   234,754
JiuGui Liquor Co., Ltd. Class A
     2,900   67,254
Jointown Pharmaceutical Group Co., Ltd. Class A (b)
     123,700   340,301
JOYY, Inc. ADR
     4,769   446,998
KE Holdings, Inc. ADR (b)
     5,397   307,521
Kingdee International Software Group Co., Ltd.
     215,000   666,478
Kingsoft Cloud Holdings, Ltd. ADR (b)
     2,491   97,946
Kingsoft Corp., Ltd. (d)
     127,000   842,915
Koolearn Technology Holding, Ltd. (b)(d)(e)
     11,000   25,044
Kuang-Chi Technologies Co., Ltd. Class A (b)
     2,200   6,780
Kweichow Moutai Co., Ltd. Class A
     5,245   1,605,987
Lenovo Group, Ltd.
     432,000   614,567
Lens Technology Co., Ltd. Class A
     1,700   6,770
Li Ning Co., Ltd.
     77,000   500,164
Lingyi iTech Guangdong Co. Class A
     95,500   119,062
Logan Group Co., Ltd.
     44,000   74,140
Longfor Group Holdings, Ltd. (e)
     4,000   26,497
LONGi Green Energy Technology Co., Ltd. Class A
     8,500   114,004
Luxshare Precision Industry Co., Ltd. Class A
     53,718   276,974
Mango Excellent Media Co., Ltd. Class A
     5,700   50,491
Maxscend Microelectronics Co., Ltd. Class A
     100   9,282
Meituan Class B (b)(e)
     218,900   8,396,218
Microport Scientific Corp. (d)
     53,000   298,253
See accompanying notes to financial statements.
17

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Momo, Inc. ADR
     14,362   $ 211,696
Muyuan Foods Co., Ltd. Class A
     19,130   291,650
NanJi E-Commerce Co., Ltd. Class A
     141,900   198,537
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. Class A
     33,350   203,316
NAURA Technology Group Co., Ltd. Class A
     11,700   255,962
NetEase, Inc. ADR
     24,250   2,504,055
New China Life Insurance Co., Ltd. Class H
     70,600   273,339
New Hope Liuhe Co., Ltd. Class A
     48,000   146,315
New Oriental Education & Technology Group, Inc. ADR (b)
     96,862   1,356,068
NIO, Inc. ADR (b)
     78,202   3,048,314
Noah Holdings, Ltd. ADR (b)
     4,255   188,922
Ovctek China, Inc. Class A
     66,150   908,892
Perfect World Co., Ltd. Class A
     37,350   112,599
PetroChina Co., Ltd. Class H
     1,368,000   494,450
Pharmaron Beijing Co., Ltd. Class H (e)
     7,100   134,156
PICC Property & Casualty Co., Ltd. Class H
     625,415   542,199
Pinduoduo, Inc. ADR (b)
     24,032   3,217,404
Ping An Healthcare and Technology Co., Ltd. (b)(d)(e)
     33,200   416,364
Ping An Insurance Group Co. of China, Ltd. Class H
     342,500   4,077,250
Prosus NV
     30,414   3,388,679
Qianhe Condiment and Food Co., Ltd. Class A
     17,300   97,558
Sangfor Technologies, Inc. Class A
     2,900   109,172
Sanquan Food Co., Ltd. Class A
     20,300   69,985
Seazen Group, Ltd.
     254,000   312,009
SF Holding Co., Ltd. Class A
     1,300   16,053
Shandong Gold Mining Co., Ltd. Class A
     45,140   146,609
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
     268,000   528,799
Shanghai Bairun Investment Holding Group Co., Ltd. Class A
     6,100   101,338
Shanghai Baosight Software Co., Ltd. Class A
     32,500   289,425
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A
     3,700   22,438
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B
     441,189   388,688
Shanghai M&G Stationery, Inc. Class A
     15,300   199,167
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
     32,900   64,577
Shanxi Meijin Energy Co., Ltd. Class A (b)
     178,400   194,953
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
     15,300   776,053
Shenergy Co., Ltd. Class A
     206,700   195,321
Shengyi Technology Co., Ltd. Class A
     43,200   149,592
Shennan Circuits Co., Ltd. Class A
     8,680   116,457
Shenzhen Capchem Technology Co., Ltd. Class A
     3,200   37,281
Shenzhen Energy Group Co., Ltd. Class A
     251,440   429,976
Shenzhen Goodix Technology Co., Ltd. Class A
     2,900   49,530
See accompanying notes to financial statements.
18

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Shenzhen Hepalink Pharmaceutical Group Co., Ltd. Class A
     6,600   $ 17,211
Shenzhen Kangtai Biological Products Co., Ltd. Class A
     16,051   335,101
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A
     400   24,332
Shenzhen MTC Co., Ltd. Class A (b)
     40,900   33,163
Shenzhen SC New Energy Technology Corp. Class A
     3,400   56,136
Shenzhou International Group Holdings, Ltd.
     19,900   412,362
Shijiazhuang Yiling Pharmaceutical Co., Ltd. Class A
     6,500   24,400
Sichuan Chuantou Energy Co., Ltd. Class A
     106,918   204,346
Silergy Corp.
     3,000   242,351
Sinopharm Group Co., Ltd. Class H
     61,600   149,118
Skshu Paint Co., Ltd. Class A
     3,500   106,261
Sun Art Retail Group, Ltd. (d)
     215,500   176,293
Sunac China Holdings, Ltd.
     152,300   653,320
Sungrow Power Supply Co., Ltd. Class A
     3,900   42,666
Sunny Optical Technology Group Co., Ltd.
     52,600   1,198,891
TAL Education Group ADR (b)
     25,847   1,391,861
Tencent Holdings, Ltd.
     369,100   28,960,377
Tencent Music Entertainment Group ADR (b)(d)
     5,197   106,487
Tianjin 712 Communication & Broadcasting Co., Ltd. Class A
     4,300   22,459
Tingyi Cayman Islands Holding Corp.
     310,000   569,404
Topchoice Medical Corp. Class A (b)
     500   19,090
TravelSky Technology, Ltd. Class H
     56,000   130,952
Trip.com Group, Ltd. ADR (b)
     28,711   1,137,817
Tsingtao Brewery Co., Ltd. Class H
     60,000   531,742
Vipshop Holdings, Ltd. ADR (b)
     39,144   1,168,840
Walvax Biotechnology Co., Ltd. Class A
     65,898   453,870
Wangfujing Group Co., Ltd. Class A
     2,500   11,438
Want Want China Holdings, Ltd.
     155,000   116,233
Weibo Corp. ADR (b)
     6,231   314,416
Wens Foodstuffs Group Co., Ltd. Class A
     16,680   43,014
Wharf Holdings, Ltd.
     12,000   31,796
Will Semiconductor Co., Ltd. Class A
     6,000   234,762
Winning Health Technology Group Co., Ltd. Class A
     81,340   203,437
Wuhan Guide Infrared Co., Ltd. Class A
     57,980   316,446
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. Class A
     21,400   71,625
Wuliangye Yibin Co., Ltd. Class A
     15,300   624,900
WuXi AppTec Co., Ltd. Class A
     12,152   259,664
Wuxi Biologics Cayman, Inc. (b)(e)
     183,500   2,297,748
Xiaomi Corp. Class B (b)(e)
     638,400   2,114,465
Xinyi Solar Holdings, Ltd.
     186,000   305,755
XPeng, Inc. ADR (b)(d)
     9,239   337,316
See accompanying notes to financial statements.
19

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Yadea Group Holdings, Ltd. (e)
     92,000   $ 204,249
Yantai Eddie Precision Machinery Co., Ltd. Class A
     8,700   79,864
Yanzhou Coal Mining Co., Ltd. Class H
     308,000   364,476
Yealink Network Technology Corp., Ltd. Class A
     19,650   204,161
Yifeng Pharmacy Chain Co., Ltd. Class A
     2,940   39,745
Yihai International Holding, Ltd. (d)
     21,000   217,443
Yonyou Network Technology Co., Ltd. Class A
     17,630   95,953
Yum China Holdings, Inc.
     23,879   1,413,876
Yunda Holding Co., Ltd. Class A
     11,570   24,758
Yunnan Energy New Material Co., Ltd. Class A
     3,400   57,997
Zai Lab, Ltd. ADR (b)
     4,365   582,422
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Class A
     12,700   114,124
Zhongjin Gold Corp., Ltd. Class A
     89,500   113,764
Zhongsheng Group Holdings, Ltd.
     24,500   172,694
Zhuzhou CRRC Times Electric Co., Ltd. Class H
     72,700   271,183
Zijin Mining Group Co., Ltd. Class H
     1,112,000   1,367,392
ZTE Corp. Class H (d)
     65,400   166,056
ZTO Express Cayman, Inc. ADR
     11,924   347,585
          182,891,226
COLOMBIA — 0.1%          
Bancolombia SA ADR
     32,719   1,046,681
DENMARK — 1.6%          
Ambu A/S Class B
     10,824   509,560
AP Moller - Maersk A/S Class B
     788   1,834,904
Chr. Hansen Holding A/S (b)
     1,946   177,257
Coloplast A/S Class B
     4,420   666,218
Danske Bank A/S
     62,447   1,171,384
DSV Panalpina A/S
     21,182   4,165,804
Genmab A/S (b)
     4,960   1,635,841
GN Store Nord A/S
     2,599   205,112
Novo Nordisk A/S Class B
     128,048   8,696,122
Novozymes A/S Class B
     13,531   868,788
Orsted A/S (e)
     7,058   1,142,696
Pandora A/S (b)
     8,176   878,074
Vestas Wind Systems A/S
     16,877   3,472,508
          25,424,268
EGYPT — 0.0% (a)          
Commercial International Bank Egypt SAE
     219,654   807,483
FINLAND — 0.8%          
Elisa Oyj
     9,804   589,267
See accompanying notes to financial statements.
20

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Fortum Oyj
     10,819   $ 289,406
Kone Oyj Class B
     29,041   2,377,626
Neste Oyj
     26,256   1,396,663
Nokia Oyj (b)(c)
     195,044   780,431
Nokia Oyj (b)(c)
     103,340   417,321
Nordea Bank Abp (c)
     201,757   1,990,650
Nordea Bank Abp (c)
     3,108   30,724
Sampo Oyj Class A
     30,687   1,387,475
Stora Enso Oyj Class R (d)
     64,684   1,209,147
UPM-Kymmene Oyj
     56,038   2,017,336
Wartsila OYJ Abp
     30,510   320,359
          12,806,405
FRANCE — 6.7%          
Accor SA (b)
     23,097   873,012
Adevinta ASA (b)
     4,566   67,343
Air Liquide SA
     37,442   6,129,975
Airbus SE (b)
     37,222   4,223,335
Alstom SA (b)
     25,513   1,274,980
AXA SA
     118,648   3,191,243
BioMerieux
     636   81,103
BNP Paribas SA (b)
     69,987   4,267,425
Bouygues SA
     22,270   894,886
Capgemini SE
     14,476   2,468,678
Carrefour SA
     65,380   1,186,810
Cie de Saint-Gobain (b)
     33,277   1,968,037
Cie Generale des Etablissements Michelin SCA
     11,242   1,686,603
Credit Agricole SA (b)
     74,085   1,074,905
Danone SA
     46,097   3,169,400
Dassault Systemes SE
     8,447   1,810,822
Edenred
     11,464   600,116
Electricite de France SA (b)
     6,233   83,805
Engie SA (b)
     86,410   1,229,355
EssilorLuxottica SA
     19,548   3,190,045
Faurecia SE (b)
     953   50,884
Faurecia SE (b)
     1,262   67,205
Hermes International
     964   1,069,541
Kering SA
     5,708   3,948,687
Klepierre SA REIT
     3,871   90,469
La Francaise des Jeux SAEM (e)
     348   15,857
Legrand SA
     18,493   1,724,005
L'Oreal SA
     17,997   6,912,429
LVMH Moet Hennessy Louis Vuitton SE
     18,225   12,168,607
See accompanying notes to financial statements.
21

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Orange SA
     160,352   $ 1,979,789
Pernod Ricard SA
     17,057   3,208,536
Publicis Groupe SA
     24,601   1,504,661
Renault SA (b)
     6,351   275,658
Safran SA (b)
     20,904   2,851,170
Sanofi
     75,717   7,497,420
Sartorius Stedim Biotech
     954   393,778
Schneider Electric SE
     40,945   6,267,973
Societe Generale SA (b)
     36,608   960,111
Sodexo SA (b)
     11,650   1,119,751
Teleperformance
     1,404   512,857
TOTAL SE
     161,112   7,531,589
Ubisoft Entertainment SA (b)
     1,213   92,495
Unibail-Rodamco-Westfield REIT (b)
     46,900   191,109
Unibail-Rodamco-Westfield REIT (b)
     6,314   507,140
Valeo SA
     15,793   537,727
Veolia Environnement SA
     39,517   1,015,273
Vinci SA
     37,526   3,852,951
Vivendi SE
     86,323   2,840,750
Worldline SA (b)(e)
     7,544   633,420
          109,293,720
GERMANY — 5.6%          
Adidas AG (b)
     13,797   4,316,594
Allianz SE
     29,850   7,614,697
BASF SE
     66,116   5,504,700
Bayer AG
     65,939   4,181,796
Bayerische Motoren Werke AG
     23,794   2,474,070
Commerzbank AG (b)
     49,650   305,073
Continental AG (b)
     6,458   855,402
Covestro AG (e)
     11,500   775,004
Daimler AG
     57,011   5,093,050
Delivery Hero SE (b)(e)
     7,442   966,497
Deutsche Bank AG (b)
     122,031   1,461,193
Deutsche Boerse AG
     18,291   3,046,182
Deutsche Lufthansa AG (b)
     25,241   335,371
Deutsche Post AG
     88,520   4,860,632
Deutsche Telekom AG
     249,074   5,026,286
Deutsche Wohnen SE
     6,639   310,396
E.ON SE
     159,140   1,856,157
Fresenius Medical Care AG & Co. KGaA
     18,669   1,376,181
Fresenius SE & Co. KGaA
     27,902   1,245,486
HelloFresh SE (b)
     10,353   773,877
See accompanying notes to financial statements.
22

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Henkel AG & Co. KGaA Preference Shares
     7,056   $ 794,959
Infineon Technologies AG
     44,361   1,885,030
Merck KGaA
     17,684   3,030,307
MTU Aero Engines AG
     474   111,808
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
     12,521   3,864,402
Puma SE (b)
     5,638   553,564
RWE AG
     41,054   1,612,540
SAP SE
     71,925   8,826,979
Sartorius AG Preference Shares
     1,714   856,550
Scout24 AG (e)
     1,045   79,464
Siemens AG
     57,121   9,398,799
Siemens Energy AG (b)
     28,560   1,027,472
TeamViewer AG (b)(e)
     6,754   289,180
United Internet AG
     5,540   222,682
Volkswagen AG (d)
     4,755   1,727,979
Volkswagen AG Preference Shares
     9,148   2,565,341
Vonovia SE
     24,149   1,580,894
Zalando SE (b)(e)
     6,322   621,466
          91,428,060
GREECE — 0.1%          
Hellenic Telecommunications Organization SA
     2,713   43,620
JUMBO SA
     27,932   513,109
OPAP SA
     46,118   624,954
          1,181,683
HONG KONG — 2.0%          
AIA Group, Ltd.
     793,400   9,623,526
Alibaba Pictures Group, Ltd. (b)(d)
     920,000   119,520
ASM Pacific Technology, Ltd.
     9,200   117,212
Bank of East Asia, Ltd.
     340,869   726,069
China Huishan Dairy Holdings Co., Ltd. (b)(d)(f)
     1,418,000   —
China Youzan, Ltd. (b)
     1,120,000   365,917
CK Asset Holdings, Ltd.
     203,532   1,235,677
CLP Holdings, Ltd.
     96,000   932,285
Hang Lung Properties, Ltd.
     390,000   1,013,319
Hang Seng Bank, Ltd.
     54,400   1,053,091
Henderson Land Development Co., Ltd.
     227,317   1,020,441
Hong Kong & China Gas Co., Ltd.
     706,531   1,117,807
Hong Kong Exchanges & Clearing, Ltd.
     92,140   5,420,941
Jardine Matheson Holdings, Ltd.
     3,200   209,248
Jardine Strategic Holdings, Ltd. (d)
     1,000   33,020
See accompanying notes to financial statements.
23

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Link REIT
     271,717   $ 2,474,460
Melco Resorts & Entertainment, Ltd. ADR (b)
     10,354   206,148
New World Development Co., Ltd.
     160,601   830,433
Sino Biopharmaceutical, Ltd.
     1,276,500   1,277,411
SSY Group, Ltd.
     306,000   178,299
Sun Hung Kai Properties, Ltd.
     112,685   1,707,425
Swire Pacific, Ltd. Class A
     77,006   577,462
Techtronic Industries Co., Ltd.
     121,500   2,078,539
Vinda International Holdings, Ltd. (d)
     10,000   33,764
WH Group, Ltd. (e)
     342,601   277,626
Wharf Real Estate Investment Co., Ltd.
     12,000   67,220
          32,696,860
HUNGARY — 0.1%          
MOL Hungarian Oil & Gas PLC (b)
     77,840   564,704
OTP Bank Nyrt (b)
     22,864   979,202
          1,543,906
INDIA — 2.8%          
ACC, Ltd.
     13,502   351,475
Adani Green Energy, Ltd. (b)
     30,193   456,258
Adani Ports & Special Economic Zone, Ltd. (b)
     50,489   485,045
Ambuja Cements, Ltd.
     130,183   549,924
Apollo Hospitals Enterprise, Ltd.
     6,127   243,245
Asian Paints, Ltd.
     9,923   344,376
Aurobindo Pharma, Ltd.
     29,250   352,574
Avenue Supermarts, Ltd. (b)(e)
     5,610   219,374
Axis Bank, Ltd. (b)
     98,245   937,183
Bajaj Auto, Ltd. (b)
     5,955   298,965
Bajaj Finance, Ltd. (b)
     17,971   1,265,808
Bajaj Finserv, Ltd. (b)
     2,020   267,126
Balkrishna Industries, Ltd.
     716   16,535
Bandhan Bank, Ltd. (b)(e)
     22,246   103,116
Bharat Forge, Ltd. (b)
     10,929   89,082
Bharat Petroleum Corp., Ltd.
     46,506   272,209
Bharti Airtel, Ltd.
     116,083   821,319
Biocon, Ltd. (b)
     2,517   14,077
Cipla, Ltd. (b)
     18,493   206,167
Dabur India, Ltd.
     61,473   454,445
Divi's Laboratories, Ltd. (b)
     7,488   371,032
Dr Reddy's Laboratories, Ltd. ADR
     18,359   1,127,059
Eicher Motors, Ltd. (b)
     9,990   355,794
Godrej Consumer Products, Ltd.
     39,804   397,230
See accompanying notes to financial statements.
24

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
HCL Technologies, Ltd.
     81,544   $ 1,095,953
HDFC Life Insurance Co., Ltd. (b)(e)
     27,088   257,936
Hero MotoCorp, Ltd.
     1,771   70,575
Hindalco Industries, Ltd.
     84,445   377,506
Hindustan Petroleum Corp., Ltd.
     57,175   183,379
Hindustan Unilever, Ltd.
     75,474   2,509,993
Housing Development Finance Corp., Ltd.
     97,143   3,319,115
ICICI Bank, Ltd. ADR (b)
     110,658   1,773,848
ICICI Lombard General Insurance Co., Ltd. (e)
     9,903   194,122
Indian Oil Corp., Ltd.
     56,864   71,436
Indraprastha Gas, Ltd.
     13,602   95,317
Indus Towers, Ltd.
     69,796   233,882
Info Edge India, Ltd. (b)
     6,393   374,287
Infosys, Ltd. ADR
     277,033   5,186,058
Ipca Laboratories, Ltd.
     10,420   271,318
ITC, Ltd.
     190,498   569,302
JSW Steel, Ltd.
     30,098   192,842
Jubilant Foodworks, Ltd. (b)
     10,860   432,380
Kotak Mahindra Bank, Ltd. (b)
     21,582   517,457
Larsen & Toubro Infotech, Ltd. (e)
     6,318   350,345
Lupin, Ltd.
     23,226   324,166
Mahindra & Mahindra, Ltd. GDR
     50,523   553,227
Marico, Ltd.
     96,865   544,912
Maruti Suzuki India, Ltd.
     4,402   412,976
Motherson Sumi Systems, Ltd. (b)
     31,405   86,530
Muthoot Finance, Ltd. (b)
     10,808   178,262
Nestle India, Ltd.
     4,212   988,868
Petronet LNG, Ltd.
     31,458   96,658
PI Industries, Ltd.
     6,152   190,007
Piramal Enterprises, Ltd.
     6,972   167,177
Power Grid Corp. of India, Ltd.
     34,867   102,841
REC, Ltd.
     18,724   33,587
Reliance Industries, Ltd. GDR (e)
     104,658   5,787,587
SBI Life Insurance Co., Ltd. (b)(e)
     6,522   78,575
Shree Cement, Ltd. (b)
     2,041   822,539
Shriram Transport Finance Co., Ltd.
     30,965   602,370
State Bank of India (b)
     29,355   146,266
Sun Pharmaceutical Industries, Ltd.
     56,920   465,395
Tata Consultancy Services, Ltd.
     51,466   2,236,942
Tata Consumer Products, Ltd.
     25,272   220,838
Tata Motors, Ltd. ADR (b)
     37,188   773,139
Tech Mahindra, Ltd.
     40,125   544,110
See accompanying notes to financial statements.
25

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Torrent Pharmaceuticals, Ltd.
     1,161   $ 40,414
Trent, Ltd.
     3,014   30,961
UltraTech Cement, Ltd.
     6,171   568,701
United Spirits, Ltd. (b)
     52,489   399,409
UPL, Ltd.
     43,594   382,702
Vedanta, Ltd.
     85,580   267,753
Wipro, Ltd.
     29,098   164,824
Yes Bank, Ltd. (b)
     496,388   105,912
Zee Entertainment Enterprises, Ltd.
     87,851   244,158
          45,638,275
INDONESIA — 0.4%          
Adaro Energy Tbk PT
     372,000   30,093
Astra International Tbk PT
     1,896,100   688,601
Bank Central Asia Tbk PT
     650,700   1,392,117
Bank Mandiri Persero Tbk PT
     1,545,000   654,165
Bank Rakyat Indonesia Persero Tbk PT (b)
     4,637,700   1,404,880
Barito Pacific Tbk PT (b)
     280,300   18,526
Charoen Pokphand Indonesia Tbk PT
     1,166,300   562,072
Gudang Garam Tbk PT (b)
     94,400   235,107
Indah Kiat Pulp & Paper Tbk PT
     151,800   109,213
Merdeka Copper Gold Tbk PT (b)
     451,100   66,772
Telkom Indonesia Persero Tbk PT
     4,704,300   1,107,656
United Tractors Tbk PT
     48,000   73,115
          6,342,317
IRELAND — 0.5%          
CRH PLC
     67,806   3,185,303
Flutter Entertainment PLC (b)
     8,489   1,828,806
Kerry Group PLC Class A
     16,166   2,027,288
Kingspan Group PLC
     1,646   139,868
Smurfit Kappa Group PLC
     16,844   795,037
          7,976,302
ISRAEL — 0.4%          
Bank Hapoalim BM (b)
     215,426   1,678,342
Bank Leumi Le-Israel BM (b)
     226,914   1,497,019
Check Point Software Technologies, Ltd. (b)
     5,902   660,847
Isracard, Ltd. (b)
     0   1
Nice, Ltd. (b)
     7,634   1,652,847
Teva Pharmaceutical Industries, Ltd. ADR (b)
     70,056   808,446
Wix.com, Ltd. (b)
     3,184   889,036
          7,186,538
See accompanying notes to financial statements.
26

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
ITALY — 1.1%          
Assicurazioni Generali SpA (b)
     86,927   $ 1,742,939
Atlantia SpA (b)
     48,529   909,726
DiaSorin SpA
     600   96,469
Enel SpA
     496,246   4,953,437
Eni SpA
     171,017   2,109,254
Ferrari NV
     12,331   2,584,758
FinecoBank Banca Fineco SpA (b)
     1,303   21,371
Intesa Sanpaolo SpA (b)
     895,234   2,431,034
Mediobanca Banca di Credito Finanziario SpA (b)
     59,469   660,917
Snam SpA
     168,007   933,584
Telecom Italia SpA
     1,224,467   663,720
UniCredit SpA (b)
     114,767   1,215,724
          18,322,933
JAPAN — 15.4%          
Acom Co., Ltd.
     43,200   201,339
Advantest Corp.
     4,900   429,249
Aeon Co., Ltd.
     55,400   1,653,978
AGC, Inc.
     34,400   1,441,376
Aisin Seiki Co., Ltd.
     24,300   923,620
Ajinomoto Co., Inc.
     21,100   432,598
Asahi Group Holdings, Ltd.
     46,600   1,967,321
Asahi Intecc Co., Ltd.
     4,200   115,928
Asahi Kasei Corp. (d)
     135,300   1,560,542
Astellas Pharma, Inc.
     167,900   2,586,116
Bandai Namco Holdings, Inc.
     4,300   307,148
Bridgestone Corp.
     55,800   2,259,774
Canon, Inc.
     71,800   1,626,059
Capcom Co., Ltd.
     6,800   221,231
Central Japan Railway Co.
     9,200   1,377,919
Chiba Bank, Ltd.
     179,300   1,176,403
Chubu Electric Power Co., Inc.
     72,000   928,507
Chugai Pharmaceutical Co., Ltd.
     30,600   1,243,108
Concordia Financial Group, Ltd. (d)
     184,000   747,656
CyberAgent, Inc.
     10,800   194,791
Dai-ichi Life Holdings, Inc.
     53,000   912,271
Daiichi Sankyo Co., Ltd.
     117,000   3,414,706
Daikin Industries, Ltd.
     15,300   3,090,462
Daiwa House REIT Investment Corp.
     64   172,076
Daiwa Securities Group, Inc.
     180,500   934,516
Denso Corp.
     39,600   2,632,952
Dentsu Group, Inc.
     2,200   70,679
See accompanying notes to financial statements.
27

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
East Japan Railway Co.
     22,100   $ 1,567,800
Eisai Co., Ltd.
     16,300   1,094,386
ENEOS HoldingS, Inc.
     290,408   1,318,268
FANUC Corp.
     15,300   3,625,615
Fast Retailing Co., Ltd.
     4,100   3,269,982
FUJIFILM Holdings Corp.
     33,500   1,992,113
Fujitsu, Ltd.
     16,300   2,360,181
GLP J-REIT
     217   357,019
GMO Payment Gateway, Inc.
     1,500   199,276
Hitachi, Ltd.
     68,700   3,111,084
Honda Motor Co., Ltd.
     111,000   3,334,018
Hoya Corp.
     30,900   3,636,692
Idemitsu Kosan Co., Ltd. (d)
     12,500   322,851
Inpex Corp.
     71,400   488,492
ITOCHU Corp. (d)
     127,100   4,125,862
Japan Exchange Group, Inc.
     32,000   751,493
Japan Metropolitan Fund Invest REIT
     1,132   1,158,635
Japan Real Estate Investment Corp. REIT
     202   1,193,719
Japan Tobacco, Inc.
     72,100   1,386,538
JFE Holdings, Inc.
     40,800   503,262
JSR Corp.
     39,600   1,196,959
Kajima Corp. (d)
     81,500   1,158,701
Kakaku.com, Inc.
     2,700   73,792
Kansai Electric Power Co., Inc.
     94,900   1,028,871
Kao Corp.
     37,500   2,481,787
KDDI Corp.
     111,800   3,434,941
Keikyu Corp.
     68,711   1,039,060
Keyence Corp.
     10,400   4,731,294
Kintetsu Group Holdings Co., Ltd. (b)
     28,700   1,096,054
Kirin Holdings Co., Ltd.
     12,700   243,714
Komatsu, Ltd.
     72,900   2,255,612
Kose Corp. (d)
     2,200   311,783
Kubota Corp.
     106,300   2,423,736
Kyocera Corp.
     38,600   2,453,982
Lasertec Corp.
     3,100   407,348
Lixil Corp. (d)
     39,300   1,093,643
M3, Inc.
     26,200   1,795,115
Makita Corp.
     28,700   1,232,412
Marubeni Corp. (d)
     183,500   1,529,111
Marui Group Co., Ltd. (d)
     43,300   814,667
Mazda Motor Corp. (b)(d)
     15,300   124,892
McDonald's Holdings Co. Japan, Ltd.
     2,400   110,769
See accompanying notes to financial statements.
28

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
MEIJI Holdings Co., Ltd. (d)
     3,200   $ 206,190
Mercari, Inc. (b)
     2,500   113,575
Mitsubishi Chemical Holdings Corp.
     184,000   1,381,915
Mitsubishi Corp.
     127,900   3,622,869
Mitsubishi Electric Corp.
     183,500   2,800,658
Mitsubishi Estate Co., Ltd.
     122,118   2,135,684
Mitsubishi Heavy Industries, Ltd.
     33,000   1,030,018
Mitsubishi UFJ Financial Group, Inc.
     727,100   3,893,440
Mitsui & Co., Ltd.
     148,100   3,085,305
Mitsui Chemicals, Inc.
     30,800   974,172
Mitsui Fudosan Co., Ltd.
     22,200   504,975
Mizuho Financial Group, Inc. (d)
     107,280   1,552,405
MonotaRO Co., Ltd.
     8,400   227,598
MS&AD Insurance Group Holdings, Inc.
     55,800   1,640,672
Murata Manufacturing Co., Ltd.
     49,300   3,944,892
NEC Corp.
     18,200   1,073,882
Nexon Co., Ltd.
     23,400   760,235
Nidec Corp.
     34,500   4,194,638
Nihon M&A Center, Inc.
     8,200   222,105
Nintendo Co., Ltd.
     7,900   4,418,995
Nippon Building Fund, Inc. REIT
     38   223,873
Nippon Paint Holdings Co., Ltd.
     26,500   382,511
Nippon Prologis REIT, Inc.
     152   489,014
Nippon Steel Corp.
     61,400   1,048,245
Nippon Telegraph & Telephone Corp.
     100,600   2,587,377
Nippon Yusen KK
     15,300   522,692
Nissan Motor Co., Ltd. (b)
     177,600   989,899
Nitori Holdings Co., Ltd.
     4,100   794,955
Nitto Denko Corp.
     16,200   1,386,896
Nomura Holdings, Inc.
     207,200   1,090,191
Nomura Real Estate Master Fund, Inc. REIT
     79   118,965
Nomura Research Institute, Ltd.
     4,500   139,480
NTT Data Corp. (d)
     95,500   1,480,466
Obayashi Corp.
     132,500   1,217,081
Obic Co., Ltd.
     2,200   402,769
Olympus Corp.
     51,300   1,063,605
Ono Pharmaceutical Co., Ltd.
     21,300   557,077
Oriental Land Co., Ltd.
     9,400   1,414,253
ORIX Corp.
     123,300   2,084,384
Orix JREIT, Inc.
     48   83,576
Osaka Gas Co., Ltd.
     68,700   1,341,049
Otsuka Holdings Co., Ltd.
     15,300   648,969
See accompanying notes to financial statements.
29

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Panasonic Corp.
     185,200   $ 2,385,812
Rakuten, Inc.
     50,400   601,607
Recruit Holdings Co., Ltd.
     62,600   3,059,752
Resona Holdings, Inc. (d)
     55,800   234,713
Rohm Co., Ltd.
     15,300   1,496,769
Ryohin Keikaku Co., Ltd.
     15,400   364,862
SBI Holdings, Inc. (d)
     16,500   447,964
Secom Co., Ltd.
     16,300   1,373,773
Seven & i Holdings Co., Ltd.
     56,600   2,286,025
SG Holdings Co., Ltd.
     11,800   270,919
Sharp Corp. (d)
     36,200   625,719
Shimano, Inc.
     2,300   548,982
Shin-Etsu Chemical Co., Ltd.
     28,000   4,715,656
Shionogi & Co., Ltd.
     15,300   824,123
Shiseido Co., Ltd.
     19,400   1,303,048
Shizuoka Bank, Ltd. (d)
     146,600   1,154,226
SMC Corp.
     4,200   2,444,362
Softbank Corp. (d)
     8,500   110,654
SoftBank Group Corp.
     99,300   8,384,335
Sompo Holdings, Inc. (d)
     33,600   1,289,875
Sony Corp.
     88,100   9,244,520
Subaru Corp. (d)
     20,000   398,914
Sumitomo Chemical Co., Ltd. (d)
     184,000   954,136
Sumitomo Corp. (d)
     95,400   1,361,500
Sumitomo Electric Industries, Ltd.
     72,100   1,081,826
Sumitomo Mitsui Financial Group, Inc.
     60,100   2,179,373
Sumitomo Mitsui Trust Holdings, Inc.
     16,200   565,754
Suzuki Motor Corp.
     15,400   700,317
Sysmex Corp.
     11,600   1,251,855
T&D Holdings, Inc.
     39,300   507,166
Takeda Pharmaceutical Co., Ltd.
     105,599   3,808,254
TDK Corp.
     15,300   2,122,615
Teijin, Ltd.
     62,300   1,075,168
Terumo Corp.
     65,600   2,374,067
Tohoku Electric Power Co., Inc.
     39,700   375,443
Tokio Marine Holdings, Inc. (d)
     54,200   2,582,471
Tokyo Electric Power Co. Holdings, Inc. (b)
     127,800   426,771
Tokyo Electron, Ltd.
     10,400   4,403,765
Tokyo Gas Co., Ltd.
     59,100   1,317,048
Tokyu Corp.
     90,500   1,207,213
Toppan Printing Co., Ltd.
     76,500   1,294,615
Toray Industries, Inc.
     184,000   1,186,425
See accompanying notes to financial statements.
30

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Toshiba Corp.
     30,400   $ 1,028,923
Toyota Motor Corp. (d)
     136,400   10,635,497
Toyota Tsusho Corp.
     30,400   1,277,900
Unicharm Corp.
     9,500   399,344
United Urban Investment Corp. REIT
     17   22,862
Welcia Holdings Co., Ltd.
     1,400   48,145
West Japan Railway Co.
     16,000   888,326
Yakult Honsha Co., Ltd.
     3,400   172,308
Yamada Holdings Co., Ltd.
     112,100   605,644
Yamaha Corp.
     23,700   1,289,023
Yamaha Motor Co., Ltd.
     51,000   1,251,231
Z Holdings Corp. (d)
     243,200   1,211,818
ZOZO, Inc.
     10,800   319,602
          250,802,419
KUWAIT — 0.1%          
Agility Public Warehousing Co. KSC
     21,027   50,506
Boubyan Bank KSCP
     330,051   660,648
Gulf Bank KSCP
     70,851   51,571
Kuwait Finance House KSCP
     44,435   112,907
Mabanee Co. KPSC
     159,195   382,384
Mobile Telecommunications Co. KSCP
     161,296   322,859
          1,580,875
LUXEMBOURG — 0.1%          
ArcelorMittal SA (b)
     27,377   792,499
Eurofins Scientific SE (b)
     3,695   353,976
SES SA
     24,088   191,776
          1,338,251
MACAU — 0.2%          
Galaxy Entertainment Group, Ltd. (b)
     153,000   1,377,589
Sands China, Ltd. (b)
     218,400   1,091,375
SJM Holdings, Ltd.
     154,000   201,254
Wynn Macau, Ltd. (b)
     61,200   119,024
          2,789,242
MALAYSIA — 0.4%          
AMMB Holdings Bhd
     213,500   150,863
CIMB Group Holdings Bhd
     467,077   488,874
Dialog Group Bhd
     896,400   672,327
Fraser & Neave Holdings Bhd
     5,000   36,175
Gamuda Bhd (b)
     149,280   128,885
Genting Bhd
     191,900   232,788
See accompanying notes to financial statements.
31

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Genting Malaysia Bhd
     483,400   $ 357,901
Genting Plantations Bhd
     213,500   468,552
Hartalega Holdings Bhd
     144,800   311,845
Hong Leong Financial Group Bhd
     39,739   166,949
Kossan Rubber Industries
     168,800   132,711
Malaysia Airports Holdings Bhd
     158,300   238,605
Petronas Chemicals Group Bhd
     17,700   34,149
Petronas Dagangan Bhd
     3,800   18,365
PPB Group Bhd
     139,440   622,125
Press Metal Aluminium Holdings Bhd
     83,500   199,361
Public Bank Bhd
     211,900   214,634
QL Resources Bhd
     29,300   42,821
RHB Bank Bhd
     120,410   155,939
Supermax Corp. Bhd
     114,457   105,169
Tenaga Nasional Bhd
     162,900   397,576
Top Glove Corp. Bhd
     362,600   395,262
Westports Holdings Bhd
     161,300   163,381
          5,735,257
MEXICO — 0.6%          
America Movil SAB de CV Series L
     2,678,757   1,827,690
Cemex SAB de CV Series CPO (b)
     1,582,468   1,115,280
Fomento Economico Mexicano SAB de CV
     195,382   1,471,441
Fresnillo PLC
     9,210   109,814
Grupo Financiero Banorte SAB de CV Series O (b)
     247,244   1,391,227
Grupo Mexico SAB de CV Class B
     218,669   1,148,465
Grupo Televisa SAB Series CPO (b)
     275,127   489,192
Industrias Penoles SAB de CV (b)
     15,717   202,511
Kimberly-Clark de Mexico SAB de CV Class A
     306,932   523,992
Wal-Mart de Mexico SAB de CV
     291,101   917,245
          9,196,857
NETHERLANDS — 3.2%          
Adyen NV (b)(e)
     1,305   2,919,523
Akzo Nobel NV
     18,797   2,104,936
Argenx SE (b)
     1,351   372,187
ASML Holding NV
     28,172   17,118,147
Heineken NV
     23,706   2,441,238
ING Groep NV
     229,575   2,814,756
Just Eat Takeaway.com NV (b)(d)(e)
     5,428   501,558
Koninklijke Ahold Delhaize NV
     93,941   2,622,209
Koninklijke DSM NV
     18,709   3,172,966
Koninklijke KPN NV
     447,368   1,521,640
See accompanying notes to financial statements.
32

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Koninklijke Philips NV (b)
     78,588   $ 4,495,839
Royal Dutch Shell PLC Class A
     235,180   4,587,469
Royal Dutch Shell PLC Class B
     258,226   4,756,265
Wolters Kluwer NV
     34,418   2,998,262
          52,426,995
NEW ZEALAND — 0.1%          
a2 Milk Co., Ltd. (b)(d)
     54,110   326,663
Fisher & Paykel Healthcare Corp., Ltd.
     26,002   584,557
Meridian Energy, Ltd.
     217,036   819,287
Spark New Zealand, Ltd.
     163,804   513,946
Xero, Ltd. (b)
     1,694   163,254
          2,407,707
NORWAY — 0.4%          
DNB ASA
     100,671   2,146,365
Equinor ASA
     85,251   1,670,795
Norsk Hydro ASA
     141,893   910,232
Telenor ASA
     72,467   1,277,629
          6,005,021
PERU — 0.1%          
Cia de Minas Buenaventura SAA ADR (b)
     18,217   182,717
Credicorp, Ltd.
     7,034   960,633
          1,143,350
PHILIPPINES — 0.2%          
Ayala Land, Inc.
     464,200   328,515
BDO Unibank, Inc.
     35,007   73,566
Globe Telecom, Inc.
     2,470   95,670
GT Capital Holdings, Inc.
     7,768   83,542
JG Summit Holdings, Inc.
     230,971   284,327
Jollibee Foods Corp.
     95,290   347,294
Megaworld Corp.
     1,511,600   111,492
Metro Pacific Investments Corp.
     3,280,500   252,775
PLDT, Inc. ADR (d)
     15,337   401,216
SM Prime Holdings, Inc.
     494,000   356,219
Universal Robina Corp.
     55,910   153,202
          2,487,818
POLAND — 0.1%          
CD Projekt SA (b)
     6,474   312,544
LPP SA (b)
     48   98,834
Orange Polska SA (b)
     89,502   149,359
See accompanying notes to financial statements.
33

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Polski Koncern Naftowy ORLEN SA
     17,269   $ 277,722
Powszechna Kasa Oszczednosci Bank Polski SA (b)
     46,724   387,551
Santander Bank Polska SA (b)
     3,514   194,668
          1,420,678
PORTUGAL — 0.1%          
EDP - Energias de Portugal SA
     171,319   980,580
Jeronimo Martins SGPS SA
     20,031   337,834
          1,318,414
QATAR — 0.1%          
Commercial Bank PQSC
     280,182   373,140
Qatar Electricity & Water Co. QSC
     103,946   484,758
Qatar National Bank QPSC
     241,887   1,195,151
          2,053,049
ROMANIA — 0.0% (a)          
NEPI Rockcastle PLC
     28,264   178,432
RUSSIA — 0.8%          
Gazprom PJSC ADR
     411,352   2,453,303
LUKOIL PJSC ADR
     38,885   3,141,519
Magnit PJSC GDR
     7,896   118,361
MMC Norilsk Nickel PJSC ADR (d)
     36,956   1,156,353
Mobile TeleSystems PJSC ADR
     87,376   728,716
Novatek PJSC GDR
     3,621   715,147
Sberbank of Russia PJSC ADR
     112,742   1,736,791
Surgutneftegas PJSC ADR
     121,835   664,001
Tatneft PJSC ADR (d)
     33,520   1,590,189
          12,304,380
SAUDI ARABIA — 0.7%          
Abdullah Al Othaim Markets Co.
     13,844   466,585
Advanced Petrochemical Co.
     20,097   391,180
Al Rajhi Bank
     26,337   693,818
Alinma Bank (b)
     12,529   61,469
Arab National Bank
     29,251   162,852
Bank AlBilad
     62,563   587,195
Bank Al-Jazira
     13,535   56,516
Banque Saudi Fransi
     23,500   208,971
Bupa Arabia for Cooperative Insurance Co. (b)
     15,233   485,779
Co. for Cooperative Insurance (b)
     18,052   377,848
Dar Al Arkan Real Estate Development Co. (b)
     71,626   175,704
Dr Sulaiman Al Habib Medical Services Group Co.
     8,189   270,754
See accompanying notes to financial statements.
34

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Emaar Economic City (b)
     520,367   $ 1,484,622
Etihad Etisalat Co. (b)
     54,445   428,981
Jarir Marketing Co.
     23,898   1,159,726
Mobile Telecommunications Co. (b)
     44,033   176,113
National Commercial Bank
     31,945   452,293
Rabigh Refining & Petrochemical Co. (b)
     31,691   142,806
Riyad Bank
     72,099   431,395
SABIC Agri-Nutrients Co.
     8,968   235,295
Sahara International Petrochemical Co.
     10,302   60,707
Samba Financial Group (b)
     17,581   180,479
Saudi Airlines Catering Co. (b)
     50,605   1,025,485
Saudi Arabian Mining Co. (b)
     14,881   226,167
Saudi British Bank
     21,158   148,654
Saudi Cement Co.
     30,198   534,649
Saudi Electricity Co.
     76,453   479,054
Saudi Industrial Investment Group
     14,604   126,555
Saudi Kayan Petrochemical Co. (b)
     14,318   60,855
Saudi Telecom Co.
     19,008   642,655
Savola Group
     18,519   194,059
          12,129,221
SINGAPORE — 0.7%          
Ascendas Real Estate Investment Trust
     79,000   179,332
CapitaLand Integrated Commercial Trust REIT
     7,200   11,628
CapitaLand, Ltd.
     390,456   1,092,672
DBS Group Holdings, Ltd.
     179,329   3,842,574
Mapletree Logistics Trust REIT
     157,200   225,808
Singapore Exchange, Ltd.
     219,200   1,626,543
Singapore Telecommunications, Ltd.
     794,400   1,442,644
United Overseas Bank, Ltd.
     187,929   3,612,836
Venture Corp., Ltd.
     5,700   85,101
          12,119,138
SOUTH AFRICA — 1.3%          
Anglo American Platinum, Ltd.
     5,516   803,945
Anglo American PLC
     89,805   3,521,971
Aspen Pharmacare Holdings, Ltd. (b)
     32,378   316,539
Bid Corp., Ltd. (b)
     21,693   420,175
Bidvest Group, Ltd. (d)
     26,406   304,703
Capitec Bank Holdings, Ltd. (b)
     6,964   669,619
Discovery, Ltd. (b)
     71,151   638,835
Exxaro Resources, Ltd.
     19,549   230,173
FirstRand, Ltd. (d)
     335,102   1,171,453
See accompanying notes to financial statements.
35

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Gold Fields, Ltd.
     71,381   $ 664,732
Harmony Gold Mining Co., Ltd. (b)(d)
     8,944   37,917
Impala Platinum Holdings, Ltd. (d)
     36,607   678,604
Mr. Price Group, Ltd.
     29,244   383,437
MTN Group, Ltd.
     117,423   690,642
MultiChoice Group, Ltd.
     30,873   269,606
Naspers, Ltd. Class N
     28,354   6,781,553
Nedbank Group, Ltd.
     14,610   138,519
Old Mutual, Ltd. (d)
     214,011   181,060
Rand Merchant Investment Holdings, Ltd.
     34,082   70,697
Remgro, Ltd.
     36,193   254,910
Sanlam, Ltd. (d)
     212,472   856,579
Sasol, Ltd. (b)
     29,579   424,067
Sibanye Stillwater, Ltd. (d)
     134,899   593,816
Standard Bank Group, Ltd.
     104,097   884,239
Woolworths Holdings, Ltd. (b)
     58,019   194,297
          21,182,088
SOUTH KOREA — 4.2%          
Alteogen, Inc. (b)
     1,564   123,821
Amorepacific Corp.
     600   137,044
AMOREPACIFIC Group
     542   31,081
BGF retail Co., Ltd.
     810   113,081
Celltrion Healthcare Co., Ltd. (b)
     2,484   298,497
Celltrion Pharm, Inc. (b)
     1,339   177,469
Celltrion, Inc. (b)
     7,482   2,145,270
CJ CheilJedang Corp.
     2,448   889,002
CJ Corp.
     807   67,027
Coway Co., Ltd.
     3,262   188,788
Doosan Heavy Industries & Construction Co., Ltd. (b)
     6,379   73,273
E-MART, Inc.
     2,861   432,278
Hana Financial Group, Inc.
     25,094   948,993
Hanmi Pharm Co., Ltd.
     457   127,803
Hanwha Solutions Corp. (b)
     2,995   132,582
Helixmith Co., Ltd. (b)
     376   8,571
HLB, Inc. (b)
     7,036   243,703
Hotel Shilla Co., Ltd.
     3,535   271,431
Hyundai Engineering & Construction Co., Ltd.
     2,971   115,637
Hyundai Heavy Industries Holdings Co., Ltd.
     864   222,537
Hyundai Mobis Co., Ltd.
     4,004   1,033,062
Hyundai Motor Co.
     11,029   2,124,429
Hyundai Steel Co.
     6,837   290,274
Kakao Corp.
     3,261   1,434,926
See accompanying notes to financial statements.
36

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
KB Financial Group, Inc.
     32,234   $ 1,600,663
Kia Motors Corp.
     21,206   1,553,327
Korea Aerospace Industries, Ltd.
     4,731   153,624
Korea Electric Power Corp. ADR (d)
     45,028   461,987
Korea Shipbuilding & Offshore Engineering Co., Ltd. (b)
     4,846   571,629
Korea Zinc Co., Ltd.
     2,188   789,749
KT&G Corp.
     14,234   1,023,766
LG Chem, Ltd.
     2,134   1,517,888
LG Chem, Ltd. Preference Shares
     605   205,275
LG Electronics, Inc.
     14,197   1,881,643
LG Household & Health Care, Ltd.
     1,063   1,474,628
Lotte Chemical Corp.
     1,918   510,111
NAVER Corp.
     10,973   3,655,243
NCSoft Corp.
     1,789   1,379,984
Pearl Abyss Corp. (b)
     810   220,509
POSCO ADR
     22,305   1,610,421
Samsung Biologics Co., Ltd. (b)(e)
     645   426,296
Samsung C&T Corp.
     4,654   511,971
Samsung Electro-Mechanics Co., Ltd.
     2,880   477,137
Samsung Electronics Co., Ltd. GDR
     12,591   22,965,984
Samsung Electronics Co., Ltd. Preference Shares
     27,971   1,804,182
Samsung Fire & Marine Insurance Co., Ltd.
     4,427   743,212
Samsung Heavy Industries Co., Ltd. (b)
     33,875   232,568
Samsung SDI Co., Ltd.
     2,677   1,561,140
Samsung SDS Co., Ltd.
     1,831   313,054
Samsung Securities Co., Ltd.
     24,139   841,426
Seegene, Inc.
     1,109   127,485
Shin Poong Pharmaceutical Co., Ltd.
     1,619   121,738
Shinhan Financial Group Co., Ltd.
     36,517   1,208,360
SK Chemicals Co., Ltd.
     487   107,792
SK Holdings Co., Ltd.
     3,429   854,410
SK Hynix, Inc.
     36,383   4,259,552
SK Innovation Co., Ltd. (b)
     5,277   1,021,129
SK Telecom Co., Ltd. ADR
     18,204   495,695
          68,314,157
SPAIN — 1.4%          
ACS Actividades de Construccion y Servicios SA
     20,641   685,569
Aena SME SA (b)(e)
     956   155,392
Amadeus IT Group SA (b)
     22,845   1,621,186
Banco Bilbao Vizcaya Argentaria SA
     395,997   2,059,927
Banco Santander SA (b)
     1,007,623   3,430,798
CaixaBank SA
     79,906   247,838
See accompanying notes to financial statements.
37

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Cellnex Telecom SA (d)(e)
     9,710   $ 560,337
Ferrovial SA
     45,123   1,178,924
Iberdrola SA
     518,687   6,696,594
Industria de Diseno Textil SA
     86,329   2,851,094
Naturgy Energy Group SA
     31,187   766,070
Repsol SA
     119,948   1,488,694
Telefonica SA
     368,099   1,651,335
          23,393,758
SWEDEN — 2.0%          
Assa Abloy AB Class B
     97,619   2,811,097
Atlas Copco AB Class B
     80,924   4,219,676
Epiroc AB Class B
     80,924   1,689,263
EQT AB
     5,238   172,771
Essity AB Class B (d)
     5,123   162,160
Evolution Gaming Group AB (e)
     10,148   1,497,233
H & M Hennes & Mauritz AB Class B (b)(d)
     68,913   1,555,549
Hexagon AB Class B
     305   28,189
Husqvarna AB Class B
     114,331   1,650,108
Kinnevik AB Class B (d)
     1,629   79,354
Sandvik AB (b)
     91,431   2,502,832
Securitas AB Class B
     60,764   1,035,239
Skandinaviska Enskilda Banken AB Class A (d)
     108,734   1,327,941
Skanska AB Class B (d)
     60,576   1,521,993
SKF AB Class B
     39,841   1,134,488
Svenska Handelsbanken AB Class A (d)
     133,520   1,453,106
Swedbank AB Class A
     66,231   1,169,413
Swedish Match AB (d)
     13,893   1,086,728
Tele2 AB Class B
     66,961   904,972
Telefonaktiebolaget LM Ericsson Class B
     254,743   3,377,070
Telia Co. AB
     146,977   637,901
Volvo AB Class B (b)(d)
     104,547   2,649,568
          32,666,651
SWITZERLAND — 6.1%          
ABB, Ltd.
     168,053   5,099,712
Adecco Group AG
     15,059   1,018,281
Alcon, Inc. (b)
     32,430   2,280,420
Cie Financiere Richemont SA
     38,087   3,672,119
Coca-Cola HBC AG
     12,046   383,919
Credit Suisse Group AG
     127,432   1,340,734
Geberit AG
     4,076   2,605,452
Givaudan SA
     1,084   4,194,791
See accompanying notes to financial statements.
38

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Julius Baer Group, Ltd.
     13,524   $ 868,502
Kuehne + Nagel International AG
     8,728   2,501,133
LafargeHolcim, Ltd.
     25,891   1,527,903
Logitech International SA
     5,760   606,754
Lonza Group AG
     4,843   2,719,058
Nestle SA
     195,327   21,862,345
Novartis AG
     145,656   12,500,276
Roche Holding AG
     46,282   15,020,812
SGS SA
     721   2,053,871
Sika AG
     8,704   2,497,030
Sonova Holding AG (b)
     2,221   590,914
STMicroelectronics NV
     40,495   1,546,321
Swatch Group AG
     4,281   1,236,789
Swiss Re AG (d)
     24,770   2,446,602
Temenos AG
     4,258   615,525
UBS Group AG
     270,821   4,211,300
Zurich Insurance Group AG
     11,816   5,064,628
          98,465,191
TAIWAN — 4.3%          
Accton Technology Corp.
     11,000   106,403
Acer, Inc.
     407,000   448,609
Advantech Co., Ltd.
     36,954   458,477
ASE Technology Holding Co., Ltd.
     153,000   576,438
ASMedia Technology, Inc.
     2,000   104,440
Asustek Computer, Inc.
     11,000   143,606
AU Optronics Corp. ADR (b)(d)
     248,549   1,864,118
Catcher Technology Co., Ltd.
     43,000   318,736
Cathay Financial Holding Co., Ltd.
     226,595   380,795
Chicony Electronics Co., Ltd.
     155,443   552,955
China Development Financial Holding Corp.
     433,000   159,342
China Life Insurance Co., Ltd.
     197,114   177,888
Chunghwa Telecom Co., Ltd. ADR (d)
     66,577   2,605,824
Compal Electronics, Inc.
     225,000   210,546
CTBC Financial Holding Co., Ltd.
     599,558   464,383
Delta Electronics, Inc.
     152,785   1,542,147
E.Sun Financial Holding Co., Ltd.
     1,039,349   950,724
Eclat Textile Co., Ltd.
     18,650   313,742
Feng TAY Enterprise Co., Ltd.
     54,166   370,181
Formosa Plastics Corp.
     374,000   1,323,870
Foxconn Technology Co., Ltd.
     24,240   61,677
Fubon Financial Holding Co., Ltd.
     398,000   792,290
Giant Manufacturing Co., Ltd.
     88,000   1,060,947
See accompanying notes to financial statements.
39

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Globalwafers Co., Ltd.
     28,000   $ 735,990
Highwealth Construction Corp.
     458,340   698,762
Hiwin Technologies Corp.
     26,084   367,953
Hon Hai Precision Industry Co., Ltd. GDR
     582,251   5,112,164
Hotai Motor Co., Ltd.
     7,000   144,254
Innolux Corp.
     344,000   254,386
Largan Precision Co., Ltd.
     7,000   787,509
MediaTek, Inc.
     112,000   3,803,596
Mega Financial Holding Co., Ltd.
     25,948   29,010
Micro-Star International Co., Ltd.
     79,000   481,758
Oneness Biotech Co., Ltd. (b)
     12,000   111,239
Pegatron Corp.
     48,000   124,656
Phison Electronics Corp.
     40,000   684,821
Pou Chen Corp.
     127,000   146,882
Powertech Technology, Inc.
     127,000   469,579
President Chain Store Corp.
     35,000   333,649
Ruentex Development Co., Ltd.
     106,369   184,532
Taishin Financial Holding Co., Ltd.
     900,495   422,901
Taiwan Business Bank
     2,335,133   815,124
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
     279,238   33,028,271
Unimicron Technology Corp.
     19,000   60,929
Uni-President Enterprises Corp.
     403,000   1,031,052
United Microelectronics Corp. ADR (d)
     253,912   2,313,138
Walsin Technology Corp.
     37,000   323,538
Win Semiconductors Corp.
     42,000   575,544
Wiwynn Corp.
     4,000   118,179
Yageo Corp.
     21,169   410,278
Zhen Ding Technology Holding, Ltd.
     127,000   536,344
          69,094,176
TANZANIA, UNITED REPUBLIC OF — 0.0% (a)          
AngloGold Ashanti, Ltd.
     33,647   733,358
THAILAND — 0.4%          
Advanced Info Service PCL
     21,400   118,813
Airports of Thailand PCL
     83,600   184,589
Asset World Corp. PCL
     1,327,000   216,566
B Grimm Power PCL
     72,200   105,701
Bangkok Bank PCL
     187,276   755,097
Bangkok Expressway & Metro PCL
     478,400   133,952
Bumrungrad Hospital PCL
     71,400   310,733
Central Pattana PCL
     224,700   418,841
CP ALL PCL NVDR (b)
     335,800   744,133
See accompanying notes to financial statements.
40

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Delta Electronics Thailand PCL
     27,200   $ 252,416
Electricity Generating PCL
     7,700   45,707
Energy Absolute PCL
     78,800   156,339
Global Power Synergy PCL Class F
     71,900   177,162
Gulf Energy Development PCL
     201,020   215,494
Home Product Center PCL
     220,500   104,429
Indorama Ventures PCL
     134,700   191,813
Kasikornbank PCL
     88,700   414,406
Land & Houses PCL
     91,500   25,034
Minor International PCL (b)
     338,600   352,144
Osotspa PCL
     121,900   137,503
PTT Global Chemical PCL
     7,100   14,257
PTT PCL
     1,069,520   1,403,210
Ratch Group PCL
     40,000   65,600
Siam Cement PCL
     8,300   105,974
Siam Commercial Bank PCL NVDR
     108,000   385,344
Sri Trang Gloves Thailand PCL
     21,900   28,733
Srisawad Corp. PCL
     24,000   65,472
Thai Union Group PCL Class F
     262,800   123,621
Total Access Communication PCL
     10,300   10,794
          7,263,877
TURKEY — 0.1%          
Akbank T.A.S.
     530,622   300,694
Aselsan Elektronik Sanayi Ve Ticaret A/S
     11,171   20,179
BIM Birlesik Magazalar A/S
     20,801   177,442
Turkiye Garanti Bankasi A/S (b)
     358,513   289,799
Turkiye Is Bankasi A/S Class C (b)
     498,249   290,175
          1,078,289
UNITED ARAB EMIRATES — 0.2%          
Abu Dhabi Commercial Bank PJSC
     133,437   224,868
Abu Dhabi Islamic Bank PJSC
     231,996   308,221
Aldar Properties PJSC
     466,960   478,001
Dubai Islamic Bank PJSC
     61,928   76,711
Emaar Malls PJSC (b)
     945,638   435,084
Emaar Properties PJSC (b)
     150,745   145,281
Emirates NBD Bank PJSC
     31,350   98,152
Emirates Telecommunications Group Co. PJSC
     108,646   640,077
First Abu Dhabi Bank PJSC
     108,552   431,471
          2,837,866
See accompanying notes to financial statements.
41

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
UNITED KINGDOM — 7.4%          
3i Group PLC
     98,465   $ 1,567,055
Admiral Group PLC
     485   20,751
Ashtead Group PLC
     1,625   97,012
Associated British Foods PLC (b)
     11,223   373,948
AstraZeneca PLC
     83,322   8,331,108
Auto Trader Group PLC (b)(e)
     60,830   465,292
Aviva PLC
     271,256   1,527,697
BAE Systems PLC
     232,449   1,619,585
Barclays PLC
     1,120,532   2,874,320
Barratt Developments PLC (b)
     41,832   431,020
Berkeley Group Holdings PLC
     3,704   226,851
BP PLC
     1,319,295   5,363,313
British American Tobacco PLC
     152,293   5,828,693
British Land Co. PLC REIT
     202,349   1,409,306
BT Group PLC (b)
     527,890   1,127,455
Burberry Group PLC (b)
     40,708   1,066,290
CK Hutchison Holdings, Ltd.
     133,032   1,060,053
CNH Industrial NV (b)
     63,004   977,071
Compass Group PLC (b)
     141,591   2,855,087
Diageo PLC
     165,532   6,827,557
Entain PLC (b)
     27,614   578,344
Experian PLC
     71,160   2,451,542
GlaxoSmithKline PLC
     321,057   5,705,357
Hargreaves Lansdown PLC
     4,712   100,215
HSBC Holdings PLC
     1,259,898   7,356,409
Imperial Brands PLC
     74,454   1,532,645
InterContinental Hotels Group PLC (b)
     11,957   820,730
J Sainsbury PLC
     187,097   625,984
Kingfisher PLC (b)
     58,129   255,279
Land Securities Group PLC REIT
     94,262   897,498
Legal & General Group PLC
     84,861   326,778
Lloyds Banking Group PLC (b)
     3,787,305   2,222,601
London Stock Exchange Group PLC
     20,034   1,918,280
M&G PLC
     128,505   367,717
Melrose Industries PLC (b)
     74,806   172,257
National Grid PLC
     318,966   3,802,270
Natwest Group PLC
     206,250   558,455
Next PLC (b)
     13,979   1,517,102
Ocado Group PLC (b)
     26,671   748,839
Pearson PLC
     84,347   897,939
Persimmon PLC
     13,702   555,797
See accompanying notes to financial statements.
42

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Prudential PLC
     128,505   $ 2,731,282
Reckitt Benckiser Group PLC
     43,763   3,923,481
RELX PLC (c)
     122,772   3,081,178
RELX PLC (c)
     38,821   977,315
Rentokil Initial PLC (b)
     30,434   203,399
Rolls-Royce Holdings PLC (b)
     586,536   852,134
RSA Insurance Group PLC
     87,209   819,395
Sage Group PLC
     169,543   1,433,453
Segro PLC REIT
     90,355   1,168,839
Severn Trent PLC
     55,063   1,751,879
Smith & Nephew PLC
     93,615   1,779,834
Smiths Group PLC
     28,014   594,258
SSE PLC
     120,491   2,418,814
Standard Chartered PLC
     191,397   1,319,032
Standard Life Aberdeen PLC
     212,846   851,331
Taylor Wimpey PLC (b)
     165,767   412,705
Tesco PLC
     539,712   1,704,111
Unilever PLC
     184,394   10,318,808
United Utilities Group PLC
     82,171   1,049,592
Vodafone Group PLC
     1,857,499   3,379,810
Whitbread PLC (b)
     18,075   854,379
WPP PLC
     100,070   1,271,041
          120,357,572
UNITED STATES — 0.5%          
Bausch Health Cos., Inc. (b)
     26,484   840,130
Ferguson PLC
     17,599   2,104,707
James Hardie Industries PLC CDI
     67,756   2,055,997
JBS SA
     55,626   298,486
QIAGEN NV (b)
     228   11,059
Stellantis NV (c)
     56,098   994,254
Stellantis NV (c)
     74,017   1,312,189
          7,616,822
ZAMBIA — 0.1%          
First Quantum Minerals, Ltd.
     55,442   1,056,479
TOTAL COMMON STOCKS

(Cost $1,387,782,384)
         1,605,003,934
       
RIGHTS — 0.0% (a)    
CHILE — 0.0% (a)      
Sociedad Quimica y Minera de Chile SA (expiring 4/19/21) (b)
   1,968 6,102
See accompanying notes to financial statements.
43

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
ITALY — 0.0% (a)          
SNAM SpA (expiring 04/07/21) (b) (f)
     163,187   $ —
TOTAL RIGHTS

(Cost $0)
         6,102
WARRANTS — 0.0% (a)        
THAILAND — 0.0% (a)          
Srisawad Corp. PCL (expiring 8/29/25) (b)

(Cost: $0)
     900   559
SHORT-TERM INVESTMENTS — 3.1%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.04% (g) (h)
   7,426,840   7,426,840
State Street Navigator Securities Lending Portfolio II (i) (j)
   43,671,342   43,671,342
TOTAL SHORT-TERM INVESTMENTS

(Cost $51,098,182)
   51,098,182  
TOTAL INVESTMENTS — 101.9%

(Cost $1,438,880,566)
   1,656,108,777  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.9)%
  (31,629,429)  
NET ASSETS — 100.0%
  $ 1,624,479,348  
(a) Amount is less than 0.05% of net assets.
(b) Non-income producing security.
(c) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(d) All or a portion of the shares of the security are on loan at March 31, 2021.
(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.1% 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.
(f) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2021, total aggregate fair value of the securities is $0, representing 0.0% of the Fund's net assets.
(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended 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.
44

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
ADR American Depositary Receipt
CDI CREST Depository Interest
GDR Global Depositary Receipt
NVDR Non Voting Depositary Receipt
REIT Real Estate Investment Trust
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Common Stocks
   $1,600,039,037   $4,964,897   $ 0(a)   $1,605,003,934
Rights
   6,102   —   0(a)   6,102
Warrants
   559   —   —   559
Short-Term Investments
   51,098,182   —   —   51,098,182
TOTAL INVESTMENTS
   $1,651,143,880   $4,964,897   $ 0   $1,656,108,777
(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
  Financials 18.3%
  Consumer Discretionary 13.9
  Information Technology 12.6
  Industrials 11.8
  Health Care 9.0
  Consumer Staples 8.4
  Materials 8.0
  Communication Services 7.1
  Energy 4.5
  Utilities 2.9
  Real Estate 2.3
  Short-Term Investments 3.1
  Liabilities in Excess of Other Assets (1.9)
  TOTAL 100.0%
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
45

Table of Contents
SPDR MSCI ACWI EX-US 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 U.S. Government Money Market Fund, Class G Shares
 905,853   $ 905,853   $ 41,170,334   $ 34,649,347   $—   $—   7,426,840   $ 7,426,840   $ 633
State Street Navigator Securities Lending Portfolio II
 17,817,316   17,817,316   130,336,440   104,482,414   —   —   43,671,342   43,671,342   67,523
Total
     $18,723,169   $171,506,774   $139,131,761   $—   $—       $51,098,182   $68,156
See accompanying notes to financial statements.
46

Table of Contents
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.7%        
CHILE — 0.9%          
Aguas Andinas SA Class A
     5,722,306   $ 1,775,397
Enel Chile SA
     15,884,817   1,240,006
          3,015,403
CHINA — 22.8%          
Agricultural Bank of China, Ltd. Class H
     2,789,000   1,115,679
Bank of China, Ltd. Class H
     3,458,000   1,316,579
Bank of Communications Co., Ltd. Class H
     2,212,000   1,408,382
China Construction Bank Corp. Class H
     1,151,000   968,241
China Overseas Land & Investment, Ltd.
     3,677,000   9,553,782
China Power International Development, Ltd.
     3,432,000   799,017
China Resources Land, Ltd.
     1,998,000   9,675,887
China Vanke Co., Ltd. Class H
     2,314,300   9,064,363
Chongqing Rural Commercial Bank Co., Ltd. Class H
     418,000   180,116
CITIC Securities Co., Ltd. Class H (a)
     171,000   393,713
CITIC Telecom International Holdings, Ltd.
     1,067,000   377,422
CITIC, Ltd.
     6,375,000   6,035,154
Far East Horizon, Ltd. (a)
     647,000   777,287
Guangdong Investment, Ltd.
     3,874,000   6,308,464
Hengan International Group Co., Ltd. (a)
     1,277,000   8,393,481
Industrial & Commercial Bank of China, Ltd. Class H
     409,000   293,554
Jiangsu Expressway Co., Ltd. Class H
     1,026,000   1,277,477
Lenovo Group, Ltd.
     7,116,000   10,123,283
People's Insurance Co. Group of China, Ltd. Class H
     3,086,000   1,000,292
PICC Property & Casualty Co., Ltd. Class H
     1,594,000   1,381,906
Shenzhen Expressway Co., Ltd. Class H (a)
     1,600,000   1,732,856
Yuexiu Property Co., Ltd.
     5,578,000   1,262,762
Yuexiu Transport Infrastructure, Ltd. (a)
     838,000   529,244
          73,968,941
COLOMBIA — 0.2%          
Bancolombia SA
     65,171   509,841
CZECH REPUBLIC — 0.5%          
CEZ A/S
     62,238   1,540,257
HONG KONG — 2.5%          
Xinyi Glass Holdings, Ltd.
     2,472,000   8,076,301
INDIA — 6.4%          
Chambal Fertilizers and Chemicals, Ltd.
     315,473   988,311
ITC, Ltd.
     3,136,334   9,372,915
See accompanying notes to financial statements.
47

Table of Contents
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Power Grid Corp. of India, Ltd.
     3,476,650   $ 10,254,426
          20,615,652
MALAYSIA — 3.0%          
CIMB Group Holdings Bhd
     4,137,141   4,330,204
Malayan Banking Bhd
     2,040,743   4,060,323
Maxis Bhd
     466,800   508,848
Petronas Gas Bhd
     215,300   830,773
          9,730,148
MEXICO — 7.1%          
Bolsa Mexicana de Valores SAB de CV
     354,001   713,694
Coca-Cola Femsa SAB de CV
     233,211   1,076,095
Fomento Economico Mexicano SAB de CV
     126,273   9,512,145
Kimberly-Clark de Mexico SAB de CV Class A
     1,261,483   2,153,594
Prologis Property Mexico SA de CV REIT
     157,006   336,948
Wal-Mart de Mexico SAB de CV
     2,954,167   9,308,431
          23,100,907
PHILIPPINES — 0.3%          
Globe Telecom, Inc.
     27,765   1,075,420
QATAR — 0.8%          
Masraf Al Rayan QSC
     1,818,265   2,142,367
Qatar Electricity & Water Co. QSC
     116,766   544,544
          2,686,911
RUSSIA — 4.8%          
Federal Grid Co. Unified Energy System PJSC (b)
     568,139,901   1,632,266
Inter Rao Use PJSC (b)
     74,647,711   5,054,023
Severstal PAO GDR
     3,624   73,133
Severstal PAO
     388,398   7,939,867
Unipro PJSC
     19,865,826   775,224
          15,474,513
SAUDI ARABIA — 5.0%          
Al Rajhi Bank
     142,070   3,742,672
Arab National Bank
     158,885   884,577
Saudi Airlines Catering Co. (b)
     83,484   1,691,762
Saudi Electricity Co.
     1,557,552   9,759,618
          16,078,629
SOUTH AFRICA — 8.7%          
AVI, Ltd.
     349,428   1,765,332
Equites Property Fund, Ltd. REIT
     352,834   449,936
See accompanying notes to financial statements.
48

Table of Contents
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
FirstRand, Ltd. (a)
     1,230,613   $ 4,301,989
Sanlam, Ltd.
     1,761,933   7,103,216
SPAR Group, Ltd.
     272,929   3,509,793
Standard Bank Group, Ltd.
     676,478   5,746,255
Vodacom Group, Ltd.
     601,796   5,145,705
          28,022,226
TAIWAN — 25.9%          
Charoen Pokphand Enterprise
     240,000   644,307
Chung-Hsin Electric & Machinery Manufacturing Corp.
     5,775,000   10,686,574
CTBC Financial Holding Co., Ltd.
     5,078,000   3,933,123
Formosa Plastics Corp.
     2,399,000   8,491,887
Formosa Taffeta Co., Ltd.
     1,207,000   1,302,898
Fubon Financial Holding Co., Ltd.
     1,742,000   3,467,760
Getac Technology Corp.
     405,000   831,774
Huaku Development Co., Ltd.
     170,000   555,287
King's Town Bank Co., Ltd.
     526,000   726,331
Lien Hwa Industrial Holdings Corp.
     642,148   1,065,633
Lite-On Technology Corp.
     1,687,000   3,713,020
Mega Financial Holding Co., Ltd.
     3,863,000   4,318,848
Pegatron Corp.
     2,824,000   7,333,908
Quanta Computer, Inc.
     2,765,000   9,496,723
Radiant Opto-Electronics Corp.
     914,000   4,068,202
Shanghai Commercial & Savings Bank, Ltd.
     1,101,000   1,618,720
SinoPac Financial Holdings Co., Ltd.
     4,650,000   2,094,154
Taishin Financial Holding Co., Ltd.
     3,168,800   1,488,169
Taiwan Cogeneration Corp.
     420,000   571,864
Taiwan Cooperative Financial Holding Co., Ltd.
     2,566,370   1,902,314
Taiwan Fertilizer Co., Ltd.
     785,000   1,554,428
Taiwan Hon Chuan Enterprise Co., Ltd.
     243,000   589,339
Topco Scientific Co., Ltd.
     213,000   1,018,978
Vanguard International Semiconductor Corp.
     1,799,000   6,809,379
Wistron Corp.
     4,349,000   5,106,070
WT Microelectronics Co., Ltd.
     299,000   494,089
          83,883,779
THAILAND — 7.1%          
Advanced Info Service PCL NVDR
     1,579,000   8,766,608
Pruksa Holding PCL NVDR
     37,000   15,155
Ratch Group PCL NVDR
     1,479,300   2,426,052
Ratch Group PCL
     476,600   781,624
Siam Commercial Bank PCL NVDR
     2,037,700   7,270,514
Thanachart Capital PCL NVDR
     2,235,000   2,717,760
See accompanying notes to financial statements.
49

Table of Contents
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Thanachart Capital PCL
     234,400   $ 285,030
TTW PCL NVDR
     1,864,700   704,111
          22,966,854
TURKEY — 0.4%          
Enka Insaat ve Sanayi A/S
     1,320,106   1,263,282
UNITED ARAB EMIRATES — 3.3%          
Abu Dhabi Islamic Bank PJSC
     1,370,897   1,821,319
Emirates Telecommunications Group Co. PJSC
     383,401   2,258,769
First Abu Dhabi Bank PJSC
     1,667,194   6,626,746
          10,706,834
TOTAL COMMON STOCKS

(Cost $289,248,627)
         322,715,898
       
SHORT-TERM INVESTMENTS — 0.7%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.07% (c) (d)
 183,465 183,520
State Street Navigator Securities Lending Portfolio II (e) (f)
 2,008,870 2,008,870
TOTAL SHORT-TERM INVESTMENTS

(Cost $2,192,390)
 2,192,390
TOTAL INVESTMENTS — 100.4%

(Cost $291,441,017)
 324,908,288
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%
(1,202,178)
NET ASSETS — 100.0%
$ 323,706,110
(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.
GDR Global Depositary Receipt
NVDR Non Voting Depositary Receipt
REIT Real Estate Investment Trust
See accompanying notes to financial statements.
50

Table of Contents
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
At March 31, 2021, open futures contracts purchased were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
Mini MSCI Emerging Markets (long)   11   06/18/2021   $733,335   $727,375   $(5,960)
During the period ended March 31, 2021, average notional value related to futures contracts was $1,120,247.
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
   $321,649,244   $1,066,654   $—   $322,715,898
Short-Term Investments
   2,192,390   —   —   2,192,390
TOTAL INVESTMENTS
   $323,841,634   $1,066,654   $—   $324,908,288
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   (5,960)   —   —   (5,960)
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ (5,960)   $ —   $—   $ (5,960)
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS
   $323,835,674   $1,066,654   $—   $324,902,328
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
Sector Breakdown as of March 31, 2021

    
    % of Net Assets
  Financials 24.9%
  Information Technology 15.1
  Consumer Staples 14.5
  Utilities 13.9
  Real Estate 9.6
  Industrials 9.1
  Materials 6.1
  Communication Services 5.6
  Consumer Discretionary 0.9
  Short-Term Investments 0.7
  Liabilities in Excess of Other Assets (0.4)
See accompanying notes to financial statements.
51

Table of Contents
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)

    
    % of Net Assets
  TOTAL 100.0%%
(The Fund's sector 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
 947,519   $ 947,709   $ 9,334,534   $10,098,723   $(51)   $51   183,465   $ 183,520   $ 229
State Street Navigator Securities Lending Portfolio II
 430,383   430,383   15,588,458   14,009,971   —   —   2,008,870   2,008,870   4,934
Total
     $1,378,092   $24,922,992   $24,108,694   $(51)   $51       $2,192,390   $5,163
See accompanying notes to financial statements.
52

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 100.0%        
BRAZIL — 5.2%          
AES Brasil Energia SA
     59,026   $ 182,005
Aliansce Sonae Shopping Centers SA (a)
     81,835   399,096
Alliar Medicos A Frente SA
     21,940   34,992
Alupar Investimento SA
     63,498   288,627
Anima Holding SA (a)
     314,727   557,730
Arezzo Industria e Comercio SA
     45,198   563,473
Banco ABC Brasil SA Preference Shares
     90,248   231,897
Banco do Estado do Rio Grande do Sul SA Class B, Preference Shares
     95,069   202,841
Banco Pan SA Preference Shares
     147,947   288,134
BK Brasil Operacao e Assessoria a Restaurantes SA (a)
     112,652   193,044
BR Malls Participacoes SA (a)
     486,242   872,013
BR Properties SA
     118,238   180,196
BrasilAgro - Co. Brasileira de Propriedades Agricolas
     15,982   64,347
C&A Modas Ltda (a)
     55,952   116,802
Camil Alimentos SA
     45,835   83,093
Cia de Locacao das Americas
     217,687   955,925
Cia de Saneamento de Minas Gerais-COPASA
     103,632   277,307
Cia de Saneamento do Parana Preference Shares
     371,549   291,024
Cia de Saneamento do Parana
     80,093   312,253
Cia Energetica de Sao Paulo Class B, Preference Shares
     76,582   382,164
Cia Energetica do Ceara Class A, Preference Shares
     1,000   9,887
Cia Ferro Ligas da Bahia - FERBASA Preference Shares
     52,299   315,759
Cia Hering
     117,963   336,350
Construtora Tenda SA
     50,255   231,460
CVC Brasil Operadora e Agencia de Viagens SA (a)
     147,560   515,662
Cyrela Brazil Realty SA Empreendimentos e Participacoes
     170,093   743,008
Dimed SA Distribuidora da Medicamentos
     32,306   110,148
Direcional Engenharia SA
     141,781   312,054
Duratex SA
     179,726   595,265
EcoRodovias Infraestrutura e Logistica SA (a)
     136,672   283,855
EDP - Energias do Brasil SA
     142,555   499,940
Embraer SA (a)
     399,057   990,748
Enauta Participacoes SA
     102,581   287,220
Even Construtora e Incorporadora SA
     73,684   134,754
Ez Tec Empreendimentos e Participacoes SA
     95,124   540,267
Fleury SA
     108,613   492,733
Gafisa SA (a)
     302,507   246,594
Grendene SA
     150,217   210,298
Grupo SBF SA (a)
     51,977   243,259
See accompanying notes to financial statements.
53

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Guararapes Confeccoes SA
     44,079   $ 107,092
Iguatemi Empresa de Shopping Centers SA
     45,528   301,745
Instituto Hermes Pardini SA
     51,773   189,642
International Meal Co. Alimentacao SA Class A (a)
     143,830   98,130
Iochpe Maxion SA (a)
     82,845   176,613
IRB Brasil Resseguros SA
     579,377   629,378
Jereissati Participacoes SA
     18,435   87,160
JHSF Participacoes SA
     171,251   211,219
Light SA (a)
     169,951   606,559
Linx SA
     94,236   631,246
Locaweb Servicos de Internet SA (b)
     227,704   922,034
LOG Commercial Properties e Participacoes SA
     19,563   99,288
Log-in Logistica Intermodal SA (a)
     61,890   166,926
LPS Brasil Consultoria de Imoveis SA (a)
     62,200   44,090
Mahle-Metal Leve SA
     37,650   153,989
Marcopolo SA Preference Shares
     490,431   243,347
Marisa Lojas SA (a)
     65,110   62,306
Metalurgica Gerdau SA Preference Shares
     470,037   1,116,994
Mills Estruturas e Servicos de Engenharia SA (a)
     47,600   55,926
Minerva SA
     137,930   249,315
Moura Dubeux Engenharia S/A (a)
     31,818   48,998
Movida Participacoes SA
     137,238   407,361
MRV Engenharia e Participacoes SA
     245,425   791,553
Odontoprev SA
     136,423   317,909
Oi SA (a)
     3,484,045   1,179,253
Omega Geracao SA (a)
     57,425   399,930
Petro Rio SA (a)
     77,105   1,260,898
Profarma Distribuidora de Produtos Farmaceuticos SA (a)
     32,100   33,277
Qualicorp Consultoria e Corretora de Seguros SA
     151,201   813,211
Randon SA Implementos e Participacoes Preference Shares
     207,365   503,438
Santos Brasil Participacoes SA
     298,477   360,732
Sao Martinho SA
     99,772   524,409
Ser Educacional SA (b)
     56,812   123,732
SIMPAR SA
     34,765   230,165
Sinqia SA (a)
     27,732   111,557
SLC Agricola SA
     77,199   610,697
Smiles Fidelidade SA
     40,052   151,180
Tecnisa SA (a)
     29,900   38,786
Tegma Gestao Logistica SA
     47,517   158,558
Transmissora Alianca de Energia Eletrica SA
     194,321   1,340,240
Trisul SA
     39,700   69,157
Tupy SA (a)
     37,287   137,770
See accompanying notes to financial statements.
54

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Unipar Carbocloro SA Preference Shares
     30,695   $ 370,048
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA (a)
     60,795   97,716
Vivara Participacoes SA
     53,812   234,969
Wilson Sons, Ltd.
     13,137   103,597
Wiz Solucoes e Corretagem de Seguros SA (a)
     93,361   124,581
YDUQS Participacoes SA
     164,449   778,386
          31,051,331
CHILE — 1.1%          
AES Gener SA
     1,653,416   280,901
Aguas Andinas SA Class A
     1,453,090   450,834
Besalco SA
     128,708   89,580
CAP SA
     55,130   895,402
Cia Sud Americana de Vapores SA (a)
     7,633,053   412,253
Embotelladora Andina SA Class B, Preference Shares
     170,234   452,599
Engie Energia Chile SA
     257,499   293,912
Inversiones Aguas Metropolitanas SA
     459,182   361,133
Inversiones La Construccion SA
     35,510   274,333
Parque Arauco SA
     422,045   825,408
Ripley Corp. SA
     740,336   268,042
Salfacorp SA
     374,023   325,396
SMU SA
     2,064,429   339,090
Sociedad Matriz SAAM SA
     4,625,868   392,658
SONDA SA
     230,815   148,436
Vina Concha y Toro SA
     431,274   742,603
          6,552,580
CHINA — 14.4%          
111, Inc. ADR (a)(c)
     5,000   69,000
263 Network Communications Co., Ltd. Class A
     63,000   53,291
361 Degrees International, Ltd.
     692,000   197,601
500.com, Ltd. Class A, ADR (a)(c)
     18,947   404,897
5I5J Holding Group Co., Ltd. Class A
     157,290   87,980
Advanced Technology & Materials Co., Ltd. Class A (a)
     46,600   47,799
Aerospace Hi-Tech Holdings Grp, Ltd. Class A
     36,538   43,994
All Winner Technology Co., Ltd. Class A
     15,900   83,266
Alpha Group Class A (a)
     112,100   92,944
Alphamab Oncology (a)(b)
     226,000   327,323
Anhui Construction Engineering Group Co., Ltd. Class A
     102,300   64,549
Anhui Expressway Co., Ltd. Class H
     266,000   184,075
Anhui Genuine New Materials Co., Ltd. Class A
     19,100   84,450
Anhui Guangxin Agrochemical Co., Ltd. Class A (a)
     23,200   110,109
See accompanying notes to financial statements.
55

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Anhui Guozhen Environment Protection Technology JSC, Ltd. Class A
     18,800   $ 23,668
Anhui Hengyuan Coal Industry and Electricity Power Co., Ltd. Class A
     70,592   62,187
Anhui Jiangnan Chemical Industry Co., Ltd. Class A
     62,600   66,787
Anhui Korrun Co., Ltd. Class A
     27,900   103,415
Anhui Transport Consulting & Design Institute Co., Ltd. Class A
     38,140   54,584
Anhui Truchum Advanced Materials & Technology Co., Ltd. Class A
     52,500   56,891
Anhui Xinhua Media Co., Ltd. Class A
     59,200   44,031
Anton Oilfield Services Group (a)(c)
     1,352,000   85,212
Aoshikang Technology Co., Ltd. Class A
     5,300   46,932
Aoyuan Healthy Life Group Co., Ltd. (c)
     76,000   49,953
Ascentage Pharma Group International (a)(b)
     107,800   420,831
Ascletis Pharma, Inc. (a)(b)(c)
     207,000   74,552
Asia Cement China Holdings Corp.
     231,000   236,810
Asiainfo Technologies, Ltd. (b)
     179,914   276,775
Babytree Group (a)(b)
     71,000   10,685
BAIOO Family Interactive, Ltd. (b)
     664,000   169,108
Bank of Gansu Co., Ltd. Class H (a)
     833,000   148,933
Baosheng Science and Technology Innovation Co., Ltd. Class A
     190,800   120,391
Baoye Group Co., Ltd. Class H (a)
     70,000   34,125
BC Technology Group, Ltd. (a)
     37,500   72,545
Beijing Capital Land, Ltd. Class H (c)
     1,142,400   144,004
Beijing Career International Co., Ltd. Class A
     8,800   69,086
Beijing Centergate Technologies Holding Co., Ltd. Class A (a)
     38,087   38,777
Beijing Certificate Authority Co., Ltd. Class A
     8,800   55,567
Beijing Chunlizhengda Medical Instruments Co., Ltd. Class H (c)
     63,000   150,724
Beijing Cisri-Gaona Materials & Technology Co., Ltd. Class A
     14,700   51,530
Beijing Ctrowell Technology Corp., Ltd. Class A
     36,600   51,320
Beijing Enterprises Urban Resources Group, Ltd. (a)
     852,000   133,699
Beijing Forever Technology Co., Ltd. Class A
     28,500   38,963
Beijing GeoEnviron Engineering & Technology, Inc. Class A
     45,600   126,698
Beijing Global Safety Technology Co., Ltd. Class A
     8,200   31,444
Beijing Jetsen Technology Co., Ltd. Class A (a)
     122,100   60,481
Beijing Konruns Pharmaceutical Co., Ltd. Class A
     8,700   45,812
Beijing North Star Co., Ltd. Class A
     278,500   98,476
Beijing Philisense Technology Co., Ltd. Class A (a)
     36,900   18,672
Beijing Sanju Environmental Protection and New Material Co., Ltd. Class A
     98,900   87,577
Beijing SPC Environment Protection Tech Co., Ltd. Class A
     80,500   71,406
Beijing SuperMap Software Co., Ltd. Class A
     16,700   43,371
Beijing Tongtech Co., Ltd. Class A
     14,600   90,722
See accompanying notes to financial statements.
56

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Beijing Ultrapower Software Co., Ltd. Class A (a)
     78,800   $ 56,087
Beijing VRV Software Corp., Ltd. Class A
     68,500   46,772
Beijing Wanji Technology Co., Ltd. Class A
     10,320   61,484
Beijing Watertek Information Technology Co., Ltd. Class A
     82,300   42,899
Beijing Zhidemai Technology Co., Ltd. Class A
     3,700   45,441
Beijing Zhong Ke San Huan High-Tech Co., Ltd. Class A
     34,000   49,125
Beijing Zuojiang Technology Co., Ltd. Class A
     3,100   20,151
Beken Corp. Class A
     9,000   74,689
BEST, Inc. ADR (a)(c)
     123,527   232,231
Bestsun Energy Co., Ltd. Class A
     82,400   71,836
Better Life Commercial Chain Share Co., Ltd. Class A
     67,000   82,714
Biem.L.Fdlkk Garment Co., Ltd. Class A
     27,230   85,078
Boshiwa International Holding, Ltd. (c)(d)
     1,843,000   —
Bright Scholar Education Holdings, Ltd. ADR
     18,667   108,269
C&D International Investment Group, Ltd.
     84,000   152,345
Camel Group Co., Ltd. Class A
     75,440   122,453
Canny Elevator Co., Ltd. Class A
     31,800   48,903
Cayman Engley Industrial Co., Ltd.
     31,000   109,189
CCS Supply Chain Management Co., Ltd. Class A
     46,815   38,958
CECEP Wind-Power Corp. Class A
     197,600   129,501
Central China New Life, Ltd.
     117,000   103,539
Central China Real Estate, Ltd.
     392,000   174,459
CGN New Energy Holdings Co Ltd (a)
     1,742,000   454,857
CGN Nuclear Technology Development Co., Ltd. Class A
     45,100   84,616
Changchun Faway Automobile Components Co., Ltd. Class A
     10,100   14,378
Changzhou Tronly New Electronic Materials Co., Ltd. Class A
     25,300   43,033
Chaowei Power Holdings, Ltd.
     706,000   265,166
Cheetah Mobile, Inc. ADR (c)
     18,348   41,283
ChemPartner PharmaTech Co., Ltd. Class A (a)
     28,700   53,321
Chengdu Fusen Noble-House Industrial Co., Ltd. Class A
     75,900   170,628
Chengdu Hongqi Chain Co., Ltd. Class A
     57,599   52,409
Chengdu Jiafaantai Education Technology Co., Ltd. Class A
     27,300   47,309
Chengdu Santai Holding Group Co., Ltd. Class A (a)
     35,100   41,941
China Aerospace International Holdings, Ltd.
     2,186,000   182,765
China Aircraft Leasing Group Holdings, Ltd. (c)
     495,500   401,527
China Bester Group Telecom Co., Ltd. Class A
     16,000   28,117
China Beststudy Education Group (c)
     170,000   60,789
China BlueChemical, Ltd. Class H
     1,802,000   435,756
China Building Material Test & Certification Group Co., Ltd. Class A
     23,920   91,142
China CAMC Engineering Co., Ltd. Class A
     71,900   81,201
China CYTS Tours Holding Co., Ltd. Class A
     58,400   113,930
See accompanying notes to financial statements.
57

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)

Security Description     Shares   Value
China Datang Corp. Renewable Power Co., Ltd. Class H
     1,299,000   $ 247,287
China Design Group Co., Ltd. Class A
     26,100   47,258
China Dongxiang Group Co., Ltd. (c)
     4,109,000   475,674
China Everbright Greentech, Ltd. (b)(c)
     261,000   106,086
China Express Airlines Co., Ltd. Class A
     46,600   113,922
China Fangda Group Co., Ltd. Class B
     453,950   179,257
China Foods, Ltd.
     716,000   302,998
China Forestry Holdings Co., Ltd. (a)(c)(d)
     1,642,000   —
China Hanking Holdings, Ltd.
     120,000   20,683
China Harmony Auto Holding, Ltd. (c)
     678,500   356,947
China Harzone Industry Corp., Ltd. Class A (a)
     45,300   55,372
China High Speed Railway Technology Co., Ltd. Class A
     183,900   64,185
China Hongxing Sports, Ltd. (a)(c)(d)
     4,053,000   —
China Index Holdings, Ltd. ADR (a)(c)
     35,044   76,396
China Isotope & Radiation Corp. (c)
     21,800   75,990
China Kepei Education Group, Ltd.
    264,000   183,030
China Kings Resources Group Co., Ltd. Class A
    7,900   30,390
China Lilang, Ltd.
    578,000   375,448
China Logistics Property Holdings Co., Ltd. (a)(b)(c)
    1,174,000   675,003
China Maple Leaf Educational Systems, Ltd. (a)(c)
    1,258,000   330,097
China Modern Dairy Holdings, Ltd. (a)(c)
    2,288,000   547,393
China New Higher Education Group, Ltd. (b)(c)
    459,000   255,641
China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. Class A (a)
    73,700   59,084
China Oriental Group Co., Ltd.
    330,000   100,174
China Power International Development, Ltd.
    1,059,000   246,550
China Railway Tielong Container Logistics Co., Ltd. Class A
    56,800   49,258
China Rare Earth Holdings, Ltd. (a)
    1,716,400   200,905
China Renaissance Holdings, Ltd. (b)(c)
    98,400   394,894
China Resources Medical Holdings Co., Ltd.
    585,000   460,508
China Risun Group, Ltd.
    212,000   123,800
China Sanjiang Fine Chemicals Co., Ltd.
    208,000   97,386
China Science Publishing & Media, Ltd. Class A
    29,000   42,917
China Shineway Pharmaceutical Group, Ltd.
    332,000   220,353
China Silver Group, Ltd. (a)
    938,000   104,967
China South City Holdings, Ltd.
    946,000   104,645
China Tian Lun Gas Holdings, Ltd.
    181,000   176,240
China Tianying, Inc. Class A (a)
    129,800   91,002
China Travel International Investment Hong Kong, Ltd. (a)(c)
    3,254,000   552,487
China West Construction Group Co., Ltd. Class A
    79,800   110,921
China Xinhua Education Group, Ltd. (b)
    486,000   145,654
China Yongda Automobiles Services Holdings, Ltd.
    856,000   1,563,480
See accompanying notes to financial statements.
58

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
China Yurun Food Group, Ltd. (a)
     973,000   $ 107,632
China ZhengTong Auto Services Holdings, Ltd. (a)(c)
     815,000   73,381
China Zhongwang Holdings, Ltd. (a)(c)
     346,000   85,004
Chinasoft International, Ltd.
     1,776,000   1,909,763
Chlitina Holding, Ltd.
     63,678   530,036
Chongqing Department Store Co., Ltd. Class A
     19,300   88,864
Chongqing Dima Industry Co., Ltd. Class A
     98,000   44,510
Chongqing Fuling Electric Power Industrial Co., Ltd. Class A
     21,600   62,648
Chongqing Iron & Steel Co., Ltd. Class A (a)
     346,100   82,817
Chongqing Pharscin Pharmaceutical Co., Ltd. Class A
     20,800   40,261
Chongqing Zaisheng Technology Corp., Ltd. Class A
     34,200   58,588
Chongqing Zongshen Power Machinery Co., Ltd. Class A
     37,500   40,922
CIMC Enric Holdings, Ltd. (c)
     302,000   215,591
Cinda Real Estate Co., Ltd. Class A
     92,500   54,136
Cisen Pharmaceutical Co., Ltd. Class A
     26,900   53,667
CITIC Guoan Information Industry Co., Ltd. Class A (a)
     208,900   65,906
CITIC Press Corp. Class A
     4,800   32,826
CITIC Resources Holdings, Ltd. (a)
     2,373,000   97,674
CITIC Telecom International Holdings, Ltd.
     1,792,000   633,871
Client Service International, Inc. Class A
     15,700   49,891
CMGE Technology Group, Ltd.
     562,000   212,527
CMST Development Co., Ltd. Class A (a)
     116,400   91,010
CNNC Hua Yuan Titanium Dioxide Co., Ltd. Class A
     84,200   118,064
COFCO Meat Holdings, Ltd. (c)
     1,051,000   539,394
Cogobuy Group (a)(b)
     464,000   139,061
Colour Life Services Group Co., Ltd. (c)
     483,000   211,230
Consun Pharmaceutical Group, Ltd.
     475,600   245,922
CooTek Cayman, Inc. ADR (a)(c)
     9,944   27,545
COSCO SHIPPING Ports, Ltd.
     680,000   495,058
Cosonic Intelligent Technologies Co., Ltd. Class A
     10,400   24,537
CPMC Holdings, Ltd.
     494,000   279,582
CQ Pharmaceutical Holding Co., Ltd. Class A
     68,800   54,317
CSG Smart Science&Technology Co., Ltd. Class A (a)
     40,600   47,585
CSPC Innovation Pharmaceutical Co., Ltd. Class A
     8,700   23,483
CSSC Hong Kong Shipping Co., Ltd.
     356,000   54,491
CSSC Science & Technology Co., Ltd. Class A
     33,900   59,159
CStone Pharmaceuticals (a)(b)(c)
     337,500   401,556
CT Environmental Group, Ltd. (a)(c)(d)
     3,217,900   —
CTS International Logistics Corp., Ltd. Class A
     66,530   130,399
DaFa Properties Group, Ltd. (c)
     85,000   68,989
Dalian Bio-Chem Co., Ltd. Class A
     12,000   25,751
Dalian Huarui Heavy Industry Group Co., Ltd. Class A
     103,500   56,157
See accompanying notes to financial statements.
59

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Daqo New Energy Corp. ADR (a)
     35,142   $ 2,653,221
Dare Power Dekor Home Co., Ltd. Class A
     34,900   83,404
Dazhong Transportation Group Co., Ltd. Class B
     189,400   55,873
Dazzle Fashion Co., Ltd. Class A
     18,480   56,162
Dexin China Holdings Co., Ltd. (c)
     170,000   65,381
Do-Fluoride Chemicals Co., Ltd. Class A
     28,200   85,917
Dongfang Electronics Co., Ltd. Class A
     58,700   42,764
Dongguan Eontec Co., Ltd. Class A
     30,200   30,747
Dongjiang Environmental Co., Ltd. Class A
     41,500   54,269
Dongjiang Environmental Co., Ltd. Class H (c)
     141,000   96,667
Dongyue Group, Ltd. (c)
     611,000   469,973
Duiba Group, Ltd. (a)(c)
     190,000   55,965
Dynagreen Environmental Protection Group Co., Ltd. Class A
     49,900   77,802
East Group Co., Ltd. Class A
     113,600   111,328
Edvantage Group Holdings, Ltd.
     108,000   104,882
EEKA Fashion Holdings, Ltd. (c)
     96,000   133,854
E-House China Enterprise Holdings, Ltd.
     359,700   336,361
Electric Connector Technology Co., Ltd. Class A
     13,500   79,998
Essex Bio-technology, Ltd. (c)
     296,000   198,363
Eternal Asia Supply Chain Management, Ltd. Class A
     131,700   88,721
Everbright Jiabao Co., Ltd. Class A
     98,750   48,463
Fangda Special Steel Technology Co., Ltd. Class A (a)
     106,472   145,074
Fanhua, Inc. ADR
     37,415   521,191
Fantasia Holdings Group Co., Ltd.
     280,500   36,801
Feitian Technologies Co., Ltd. Class A
     20,200   62,652
FIH Mobile, Ltd. (a)(c)
     1,758,000   248,738
FinVolution Group ADR
     59,558   417,502
First Tractor Co., Ltd. Class A (a)
     47,700   83,096
First Tractor Co., Ltd. Class H (a)(c)
     124,500   53,647
Focused Photonics Hangzhou, Inc. Class A (a)
     16,900   32,454
Foran Energy Group Co., Ltd. Class A
     7,400   21,835
Foshan Nationstar Optoelectronics Co., Ltd. Class A
     32,800   40,743
FriendTimes, Inc. (c)
     348,000   124,438
Fuan Pharmaceutical Group Co., Ltd. Class A
     38,100   25,144
Fufeng Group, Ltd.
     1,081,600   389,543
Fujian Aonong Biological Technology Group, Inc., Ltd. Class A
     27,300   57,711
Fujian Boss Software Development Co., Ltd. Class A
     10,600   38,208
Fujian Cement, Inc. Class A
     13,300   17,007
Fujian Green Pine Co., Ltd. Class A
     24,800   80,547
Fujian Longking Co., Ltd. Class A
     53,900   79,274
Fujian Longma Environmental Sanitation Equipment Co., Ltd. Class A
     26,780   75,509
See accompanying notes to financial statements.
60

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
GCI Science & Technology Co., Ltd. Class A
     25,177   $ 50,690
GCL Energy Technology Co., Ltd. (a)
     53,300   75,061
Genertec Universal Medical Group Co., Ltd. (b)
     864,900   709,769
Genimous Technology Co., Ltd. Class A
     91,160   77,111
Getein Biotech, Inc. Class A
     29,740   154,021
Global Top E-Commerce Co., Ltd. Class A (a)
     100,300   71,542
Goke Microelectronics Co., Ltd. Class A
     11,200   73,316
Goldcard Smart Group Co., Ltd.
     5,300   9,394
GoldenHome Living Co., Ltd. Class A
     7,280   80,542
Goldenmax International Technology, Ltd. Class A (a)
     25,100   42,655
Goodbaby International Holdings, Ltd. (a)
     859,000   158,001
Grand Baoxin Auto Group, Ltd. (a)(c)
     650,601   67,784
Greattown Holdings, Ltd. Class A
     116,000   67,006
Greatview Aseptic Packaging Co., Ltd.
     928,048   461,968
GreenTree Hospitality Group, Ltd. ADR (a)(c)
     14,584   191,780
Grinm Advanced Materials Co., Ltd. Class A
     51,600   89,104
Guangdong Chant Group, Inc. Class A
     61,700   74,384
Guangdong Dongfang Precision Science & Technology Co., Ltd. Class A (a)
     105,000   65,933
Guangdong Ellington Electronics Technology Co., Ltd. Class A
     33,600   35,335
Guangdong Goworld Co., Ltd. Class A
     22,800   33,985
Guangdong Huatie Tongda High-speed Railway Equipment Corp. Class A (a)
     116,400   97,219
Guangdong Shaoneng Group Co., Ltd. Class A
     45,200   44,572
Guangdong Shenglu Telecommunication Tech Co., Ltd. Class A (a)
     33,700   28,609
Guangdong Topstar Technology Co., Ltd. Class A
     12,000   65,714
Guangdong Zhongsheng Pharmaceutical Co., Ltd. Class A
     33,500   42,429
Guangxi Liugong Machinery Co., Ltd. Class A
     95,220   143,384
Guangxi Wuzhou Zhongheng Group Co., Ltd. Class A
     118,600   50,251
Guangzhou Great Power Energy & Technology Co., Ltd. Class A (a)
     21,800   52,530
Guangzhou Hi-Target Navigation Tech Co., Ltd. Class A (a)
     38,700   54,854
Guangzhou Shangpin Home Collection Co., Ltd. Class A
     16,200   181,229
Guangzhou Zhiguang Electric Co., Ltd. Class A
     43,900   50,917
Guizhou Bailing Group Pharmaceutical Co., Ltd. Class A
     70,800   85,786
Guizhou Broadcasting & TV Information Network Co., Ltd. Class A
     39,700   29,951
Guizhou Gas Group Corp., Ltd. Class A
     46,500   76,328
Guizhou Panjiang Refined Coal Co., Ltd. Class A
     160,187   166,261
Guizhou Xinbang Pharmaceutical Co., Ltd. Class A (a)
     94,700   127,013
Guomai Technologies, Inc. Class A
     39,700   37,999
Guorui Properties, Ltd.
     1,035,000   51,920
See accompanying notes to financial statements.
61

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Haichang Ocean Park Holdings, Ltd. (a)(b)
     770,000   $ 56,454
Hailiang Education Group, Inc. ADR (a)(c)
     2,454   135,338
Hailir Pesticides and Chemicals Group Co., Ltd. Class A
     18,180   70,019
Hainan Ruize New Building Material Co., Ltd. Class A (a)
     83,200   73,421
Haitong UniTrust International Leasing Co., Ltd. Class H (b)
     310,000   53,033
Hand Enterprise Solutions Co., Ltd. Class A (a)
     14,900   15,692
Hangxiao Steel Structure Co., Ltd. Class A
     228,200   145,034
Hangzhou Century Co., Ltd. Class A
     43,100   52,486
Hangzhou Chang Chuan Technology Co., Ltd. Class A (a)
     20,800   95,422
Hangzhou Zhongheng Electric Co., Ltd. Class A
     39,800   55,079
Haoyun Technologies Co., Ltd. Class A
     32,600   31,650
Harbin Electric Co., Ltd. Class H (a)(c)
     680,000   184,553
Harbin Gloria Pharmaceuticals Co., Ltd. Class A (a)
     118,500   47,500
HBIS Resources Co., Ltd. Class A
     40,800   144,391
Hebei Chengde Lolo Co. Class A
     49,390   47,574
Hebei Hengshui Laobaigan Liquor Co., Ltd. Class A
     52,800   169,074
Hebei Sitong New Metal Material Co., Ltd. Class A
     22,900   46,106
Henan Lingrui Pharmaceutical Co. Class A
     38,700   52,023
Henan Pinggao Electric Co., Ltd. Class A
     90,400   93,966
Henan Shenhuo Coal & Power Co., Ltd. Class A
     85,000   123,072
Henan Thinker Automatic Equipment Co., Ltd. Class A
     9,600   30,082
Henan Yicheng New Energy Co., Ltd. Class A (a)
     66,300   45,674
Henan Yuguang Gold & Lead Co., Ltd. Class A
     67,600   58,418
Henan Zhongyuan Expressway Co., Ltd. Class A
     77,600   39,857
Hitevision Co., Ltd. Class A (a)
     12,400   38,327
Hollysys Automation Technologies, Ltd.
     46,633   583,845
Homeland Interactive Technology, Ltd.
     272,000   173,533
Hongda Xingye Co., Ltd. Class A
     115,300   61,506
Honghua Group, Ltd. (a)
     900,000   29,520
Hua Medicine (a)(b)(c)
     291,500   166,851
Huafon Microfibre Shanghai Technology Co., Ltd.
     80,500   70,179
Huafu Fashion Co., Ltd. Class A
     85,500   59,943
Huangshan Tourism Development Co., Ltd. Class B
     409,661   307,246
Huapont Life Sciences Co., Ltd. Class A
     16,400   13,473
Huawen Media Group Class A (a)
     120,200   40,304
Hubei Xingfa Chemicals Group Co., Ltd. Class A
     35,200   73,499
Huijing Holdings Co., Ltd. (c)
     180,000   44,685
Huizhou Speed Wireless Technology Co., Ltd. Class A
     10,700   17,335
Hunan Aihua Group Co., Ltd. Class A
     14,900   66,652
Hunan Gold Corp., Ltd. Class A
     36,800   44,758
Hunan New Wellful Co., Ltd. Class A
     32,400   36,048
Hwa Create Co., Ltd. Class A (a)
     26,300   38,641
See accompanying notes to financial statements.
62

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
HY Energy Group Co., Ltd. Class A (a)
     72,500   $ 71,050
HyUnion Holding Co., Ltd. Class A (a)
     69,400   65,579
iClick Interactive Asia Group, Ltd. ADR (a)
     6,000   70,620
iDreamSky Technology Holdings, Ltd. (a)(b)(c)
     358,400   171,952
IKD Co., Ltd. Class A
     9,900   26,254
INESA Intelligent Tech, Inc. Class B
     114,900   51,360
Inke, Ltd. (a)
     890,000   259,864
Inner Mongolia Eerduosi Resourses Co., Ltd. Class B
     196,200   222,687
Inner Mongolia Yuan Xing Energy Co., Ltd. Class A (a)
     282,000   111,748
Innuovo Technology Co., Ltd. Class A (a)
     54,300   43,366
Inspur Software Co., Ltd. Class A
     21,500   43,844
IReader Technology Co., Ltd. Class A
     29,600   139,852
JC Finance & Tax Interconnect Holdings, Ltd. Class A (a)
     47,500   65,880
Jh Educational Technology, Inc.
     256,000   116,566
Jiangling Motors Corp., Ltd. Class A
     23,700   103,705
Jiangnan Group, Ltd.
     756,000   36,466
Jiangnan Mould and Plastic Technology Co., Ltd. Class A
     32,700   23,823
Jiangsu Akcome Science & Technology Co., Ltd. Class A (a)
     251,500   100,428
Jiangsu Dingsheng New Energy Materials Co., Ltd. Class A
     23,500   40,831
Jiangsu Gian Technology Co., Ltd. Class A
     6,050   37,842
Jiangsu Guomao Reducer Co., Ltd. Class A
     19,000   108,622
Jiangsu Guotai International Group Co., Ltd. Class A
     61,500   62,332
Jiangsu Hoperun Software Co., Ltd. Class A (a)
     40,300   53,253
Jiangsu Huaxicun Co., Ltd. Class A
     47,000   40,903
Jiangsu Jiangyin Rural Commercial Bank Co., Ltd. Class A
     204,100   132,516
Jiangsu Jiejie Microelectronics Co., Ltd. Class A
     26,600   154,057
Jiangsu Kanion Pharmaceutical Co., Ltd. Class A
     26,100   41,331
Jiangsu Leike Defense Technology Co., Ltd. Class A (a)
     35,100   32,633
Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd. Class A
     132,200   112,229
Jiangxi Lianchuang Optoelectronic Science & Technology Co., Ltd. Class A
     24,015   85,208
Jiayou International Logistics Co., Ltd. Class A
     14,840   49,601
Jiayuan International Group, Ltd.
     459,167   188,995
Jilin Electric Power Co., Ltd. Class A (a)
     47,700   36,132
Jinchuan Group International Resources Co., Ltd. (c)
     2,133,000   384,104
Jingjin Environmental Protection Co., Ltd. Class A
     7,000   21,658
Jingrui Holdings, Ltd. (c)
     436,000   128,987
JinkoSolar Holding Co., Ltd. ADR (a)(c)
     23,497   979,590
Jinneng Science&Technology Co., Ltd. Class A (a)
     47,500   132,483
Jinyuan EP Co., Ltd. Class A
     79,900   89,506
Jiuzhitang Co., Ltd. Class A
     60,000   78,736
Jizhong Energy Resources Co., Ltd. Class A
     237,600   136,160
See accompanying notes to financial statements.
63

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
JNBY Design, Ltd.
     105,000   $ 187,730
Jointo Energy Investment Co., Ltd. Hebei Class A
     60,400   59,929
Jones Tech PLC Class A
     15,300   43,793
Joy City Property, Ltd. (c)
     1,484,000   92,578
JSTI Group Class A
     31,000   27,593
Ju Teng International Holdings, Ltd.
     911,500   243,865
Julong Co., Ltd. Class A
     26,000   32,692
Jushri Technologies, Inc. Class A
     13,720   81,343
Kaisa Prosperity Holdings, Ltd. (c)
     23,000   73,664
Kama Co., Ltd. Class B (a)
     273,600   106,704
Kandi Technologies Group, Inc. (a)(c)
     35,809   223,806
Kasen International Holdings, Ltd. (a)
     334,000   39,095
Keeson Technology Corp., Ltd. Class A
     9,100   40,429
KingClean Electric Co., Ltd. Class A
     21,700   113,342
Konka Group Co., Ltd. Class A
     76,500   71,472
Konka Group Co., Ltd. Class B
     638,800   207,060
KPC Pharmaceuticals, Inc. Class A
     34,900   44,255
KTK Group Co., Ltd. Class A
     5,700   13,744
Kunshan Kersen Science & Technology Co., Ltd. Class A (a)
     22,300   30,487
Kunwu Jiuding Investment Holdings Co., Ltd. Class A (a)
     17,200   41,445
Lanzhou Minbai Shareholding Group Co., Ltd. Class A (a)
     56,400   53,467
Launch Tech Co., Ltd. Class H (a)
     183,700   105,620
Leon Technology Co., Ltd. Class A
     17,800   26,939
LexinFintech Holdings, Ltd. ADR (a)(c)
     34,579   347,865
LianChuang Electronic Technology Co., Ltd. Class A
     45,200   68,752
Lier Chemical Co., Ltd. Class A (a)
     31,300   115,445
Lifetech Scientific Corp. (a)
     2,254,000   1,035,029
LingNan Eco&Culture-Tourism Co., Ltd. Class A
     129,900   63,156
Liuzhou Iron & Steel Co., Ltd. Class A
     63,200   62,225
Loncin Motor Co., Ltd. Class A
     177,500   88,193
Lonking Holdings, Ltd.
     1,789,000   759,372
Lu Thai Textile Co., Ltd. Class B
     61,800   32,432
Luoniushan Co., Ltd. Class A
     57,900   73,332
Luoyang Glass Co., Ltd. Class A (a)
     40,000   106,993
Lushang Health Industry Development Co., Ltd. Class A
     46,600   84,376
LVGEM China Real Estate Investment Co., Ltd.
     518,000   140,586
Macrolink Culturaltainment Development Co., Ltd. Class A (a)
     128,300   43,411
Maoye Commericial Co., Ltd. Class A
     62,423   34,631
Markor International Home Furnishings Co., Ltd. Class A (a)
     126,100   104,359
Mayinglong Pharmaceutical Group Co., Ltd. Class A
     19,700   55,816
Meitu, Inc. (a)(b)
     1,633,500   523,177
Merit Interactive Co., Ltd. Class A
     16,900   36,833
See accompanying notes to financial statements.
64

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Misho Ecology & Landscape Co., Ltd. Class A
     29,300   $ 26,660
MMG, Ltd. (a)
     1,232,000   687,750
Mobvista, Inc. (a)(b)
     244,000   183,288
Mulsanne Group Holding, Ltd. (a)(b)(c)
     107,000   86,982
Myhome Real Estate Development Group Co., Ltd. Class A (a)
     28,600   8,151
MYS Group Co., Ltd. Class A
     85,600   47,358
Nanfang Zhongjin Environment Co., Ltd. Class A
     78,000   36,377
Nanjing Chervon Auto Precision Technology Co., Ltd. Class A
     12,400   30,238
Nanjing Yunhai Special Metals Co., Ltd. Class A
     15,500   23,506
Nantong Jianghai Capacitor Co., Ltd. Class A
     32,200   71,406
National Agricultural Holdings, Ltd. (a)(c)(d)
     396,000   —
Ningbo Construction Co., Ltd. Class A
     90,500   54,621
Ningbo Huaxiang Electronic Co., Ltd. Class A
     23,700   71,593
Ningbo Jifeng Auto Parts Co., Ltd. Class A
     39,700   51,310
Ningbo Sanxing Medical Electric Co., Ltd. Class A
     130,700   132,867
Niu Technologies ADR (a)(c)
     13,017   477,073
Noah Holdings, Ltd. ADR (a)
     12,094   536,974
Northeast Pharmaceutical Group Co., Ltd. Class A (a)
     40,332   28,276
Olympic Circuit Technology Co., Ltd.
     19,900   50,681
OneSmart International Education Group, Ltd. ADR (a)(c)
     34,330   79,646
ORG Technology Co., Ltd. Class A
     97,800   80,193
Penyao Environmental Protection Co., Ltd. Class A
     28,100   33,405
PNC Process Systems Co., Ltd. Class A
     13,900   65,293
Poly Property Group Co., Ltd.
     1,916,000   564,367
Powerlong Commercial Management Holdings, Ltd.
     91,000   301,404
Pujiang International Group, Ltd. (a)
     130,000   55,348
Puxin, Ltd. ADR (a)
     21,626   86,504
PW Medtech Group, Ltd.
     243,000   20,004
Q Technology Group Co., Ltd.
     255,000   518,892
Qingdao East Steel Tower Stock Co., Ltd. Class A
     53,100   59,079
Qingdao Eastsoft Communication Technology Co., Ltd. Class A
     14,700   31,254
Qingdao Gon Technology Co., Ltd. Class A
     16,100   67,554
Qingdao Topscomm Communication, Inc. Class A
     43,700   54,016
Queclink Wireless Solutions Co., Ltd. Class A
     5,200   19,243
Qutoutiao, Inc. ADR (a)(c)
     75,024   171,805
Realcan Pharmaceutical Group Co., Ltd. Class A (a)
     60,300   41,449
Redco Properties Group, Ltd. (b)(c)
     442,000   151,797
Redsun Properties Group, Ltd.
     337,000   126,140
Renhe Pharmacy Co., Ltd. Class A
     47,500   48,722
Renrui Human Resources Technology Holdings, Ltd. (a)(c)
     38,200   131,683
Rianlon Corp. Class A
     9,000   54,100
Richinfo Technology Co., Ltd. Class A
     12,897   27,539
See accompanying notes to financial statements.
65

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Rongan Property Co., Ltd. Class A
     122,200   $ 52,894
Ronshine China Holdings, Ltd. (c)
     151,000   104,299
Roshow Technology Co., Ltd. Class A (a)
     79,600   85,773
Runjian Co., Ltd. Class A
     16,000   57,526
Sailun Group Co., Ltd. Class A
     82,080   112,964
SanFeng Intelligent Equipment Group Co., Ltd. Class A
     85,800   47,861
Sany Heavy Equipment International Holdings Co., Ltd.
     628,000   745,576
Scholar Education Group (c)
     81,000   82,933
SGIS Songshan Co., Ltd. Class A
     124,800   92,632
Shan Xi Hua Yang Group New Energy Co., Ltd. Class A
     128,200   98,868
Shandong Airlines Co., Ltd. Class B (a)
     194,600   154,189
Shandong Chenming Paper Holdings, Ltd. Class A
     140,300   216,185
Shandong Chenming Paper Holdings, Ltd. Class B
     230,600   176,781
Shandong Dawn Polymer Co., Ltd. Class A
     19,800   62,558
Shandong Jincheng Pharmaceutical Group Co., Ltd. Class A
     15,900   55,276
Shandong Longda Meat Foodstuff Co., Ltd. Class A
     42,700   64,884
Shandong Minhe Animal Husbandry Co., Ltd. Class A
     11,700   27,640
Shandong Molong Petroleum Machinery Co., Ltd. Class A (a)
     172,500   96,225
Shandong New Beiyang Information Technology Co., Ltd. Class A
     29,600   42,678
Shandong Xiantan Co., Ltd. Class A
     8,700   14,559
Shandong Xinchao Energy Corp., Ltd. Class A (a)
     439,600   99,830
Shandong Xinhua Pharmaceutical Co., Ltd. Class A
     49,010   63,642
Shang Gong Group Co., Ltd. Class B (a)
     325,200   120,324
Shanghai Belling Co., Ltd. Class A
     43,200   98,960
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B
     434,100   212,709
Shanghai Chuangli Group Co., Ltd. Class A
     35,100   31,081
Shanghai Dazhong Public Utilities Group Co., Ltd. Class A
     57,000   34,923
Shanghai Diesel Engine Co., Ltd. Class B
     385,160   197,587
Shanghai East China Computer Co., Ltd. Class A
     19,977   90,124
Shanghai Environment Group Co., Ltd. Class A
     47,000   83,811
Shanghai Fengyuzhu Culture and Technology Co., Ltd. Class A (a)
     20,900   62,083
Shanghai Fudan Microelectronics Group Co., Ltd. Class H (a)
     158,000   232,495
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H
     442,000   243,330
Shanghai Fullhan Microelectronics Co., Ltd. Class A
     4,600   104,960
Shanghai Gench Education Group, Ltd.
     118,500   89,929
Shanghai Haixin Group Co. Class B
     640,908   219,831
Shanghai Haohai Biological Technology Co., Ltd. Class H (b)
     22,100   168,569
Shanghai Highly Group Co., Ltd. Class B
     267,900   134,486
Shanghai Industrial Development Co., Ltd. Class A
     89,470   65,590
Shanghai Industrial Urban Development Group, Ltd.
     450,000   43,990
See accompanying notes to financial statements.
66

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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Shanghai Jin Jiang Capital Co., Ltd. Class H
     962,000   $ 186,845
Shanghai Jin Jiang Online Network Service Co., Ltd. Class B
     116,700   89,159
Shanghai Jinjiang International Travel Co., Ltd. Class B
     126,100   201,129
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class A
     38,800   71,672
Shanghai Kehua Bio-Engineering Co., Ltd. Class A
     25,000   57,726
Shanghai Kelai Mechatronics Engineering Co., Ltd. Class A
     19,500   86,307
Shanghai Kindly Medical Instruments Co., Ltd. Class H
     22,400   88,454
Shanghai Lingyun Industries Development Co., Ltd. Class B (a)
     149,700   103,443
Shanghai Maling Aquarius Co., Ltd. Class A
     38,000   49,171
Shanghai Moons' Electric Co., Ltd. Class A
     52,000   119,277
Shanghai Phichem Material Co., Ltd. Class A (a)
     25,300   58,534
Shanghai Pret Composites Co., Ltd. Class A
     37,100   98,727
Shanghai Pudong Construction Co., Ltd. Class A
     28,725   26,750
Shanghai Runda Medical Technology Co., Ltd. Class A (a)
     32,300   56,761
Shanghai Shyndec Pharmaceutical Co., Ltd. Class A
     69,300   94,425
Shanghai Sinotec Co., Ltd. Class A
     16,440   24,330
Shanghai Tongji Science & Technology Industrial Co., Ltd. Class A
     41,000   62,926
Shanghai Yongguan Adhesive Products Corp., Ltd. Class A
     6,600   22,241
Shanghai Zijiang Enterprise Group Co., Ltd. Class A
     90,800   66,150
Shanxi Blue Flame Holding Co., Ltd. Class A
     61,600   60,087
Shanxi Coking Co., Ltd. Class A
     27,600   26,081
Sheng Ye Capital, Ltd.
     171,500   139,195
Shengda Resources Co., Ltd. Class A
     35,100   69,599
Shenzhen Anche Technologies Co., Ltd. Class A
     10,400   57,491
Shenzhen Bauing Construction Holding Group Co., Ltd. Class A (a)
     96,100   45,844
Shenzhen Center Power Tech Co., Ltd. Class A
     14,300   32,867
Shenzhen Cereals Holdings Co., Ltd. Class A
     88,365   98,719
Shenzhen Comix Group Co., Ltd. Class A
     32,200   56,045
Shenzhen Das Intellitech Co., Ltd. Class A
     86,093   50,124
Shenzhen Desay Battery Technology Co. Class A
     10,500   109,286
Shenzhen Ellassay Fashion Co., Ltd. Class A
     31,985   68,687
Shenzhen Envicool Technology Co., Ltd. Class A
     15,400   40,511
Shenzhen Forms Syntron Information Co., Ltd. Class A
     8,500   25,197
Shenzhen Genvict Technologies Co., Ltd. Class A
     10,100   40,870
Shenzhen Gongjin Electronics Co., Ltd. Class A
     24,048   31,850
Shenzhen Jieshun Science And Technology Industry Co., Ltd. Class A
     29,000   40,354
Shenzhen Jufei Optoelectronics Co., Ltd. Class A
     78,800   58,489
Shenzhen Kstar Science And Technology Co., Ltd. Class A
     18,200   36,060
Shenzhen Laibao Hi-tech Co., Ltd. Class A
     31,800   51,762
See accompanying notes to financial statements.
67

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Shenzhen Megmeet Electrical Co., Ltd. Class A
     27,900   $ 139,177
Shenzhen Microgate Technology Co., Ltd. Class A (a)
     34,100   43,033
Shenzhen Neptunus Bioengineering Co., Ltd. Class A (a)
     127,695   60,916
Shenzhen SDG Information Co., Ltd. Class A
     32,000   33,262
Shenzhen SEG Co., Ltd. Class A
     55,900   52,141
Shenzhen SEG Co., Ltd. Class B
     150,300   41,372
Shenzhen Senior Technology Material Co., Ltd. Class A
     19,000   79,287
Shenzhen Tellus Holding Co., Ltd. Class A
     15,700   35,510
Shenzhen Weiguang Biological Products Co., Ltd. Class A
     5,300   37,473
Shenzhen Woer Heat-Shrinkable Material Co., Ltd. Class A
     29,100   28,208
Shenzhen World Union Group, Inc. Class A
     151,700   99,651
Shenzhen Yitoa Intelligent Control Co., Ltd. Class A (a)
     62,300   79,570
Shenzhen Ysstech Info-tech Co., Ltd. Class A
     35,000   43,795
Shenzhen Zhenye Group Co., Ltd. Class A
     79,700   65,352
Shenzhen Zhilai Sci and Tech Co., Ltd. Class A
     9,600   42,461
Shinva Medical Instrument Co., Ltd. Class A
     8,900   17,783
Shoucheng Holdings, Ltd. (c)
     2,207,200   530,901
Shougang Fushan Resources Group, Ltd.
     2,128,882   528,493
Shouhang High-Tech Energy Co., Ltd. Class A (a)
     179,300   67,225
Shui On Land, Ltd.
     969,000   148,320
Sichuan Expressway Co., Ltd. Class H
     1,498,000   368,023
Sichuan Furong Technology Co., Ltd. Class A
     6,800   17,826
Sichuan Haite High-tech Co., Ltd. Class A
     32,700   59,856
Sichuan Hebang Biotechnology Co., Ltd. Class A (a)
     318,200   74,201
Sichuan Jiuyuan Yinhai Software Co., Ltd. Class A
     13,200   37,923
Sichuan Languang Justbon Services Group Co., Ltd. Class H
     25,700   171,235
Sichuan Lutianhua Co., Ltd. Class A (a)
     62,600   38,641
Sichuan Shuangma Cement Co., Ltd. Class A
     55,350   121,309
Sichuan Yahua Industrial Group Co., Ltd. Class A
     52,600   137,569
Sihuan Pharmaceutical Holdings Group, Ltd. (c)
     2,017,000   529,257
Silver Grant International Holdings Group, Ltd. (a)(c)
     668,000   59,287
Sino GeoPhysical Co., Ltd. Class A
     22,700   62,760
Sino Wealth Electronic, Ltd. Class A
     17,300   102,304
Sinofert Holdings, Ltd.
     1,410,000   181,363
Sinoma International Engineering Co. Class A
     81,800   117,317
Sino-Ocean Group Holding, Ltd.
     937,000   208,505
Sinopec Kantons Holdings, Ltd. (c)
     996,000   380,492
Sino-Platinum Metals Co., Ltd. Class A
     19,800   63,584
Sinosoft Technology Group, Ltd. (a)(c)
     662,200   134,579
Sinovac Biotech, Ltd. (a)(c)(d)
     67,578   437,230
Skyfame Realty Holdings, Ltd.
     1,514,000   185,003
Skyworth Digital Co., Ltd. Class A
     49,900   58,941
See accompanying notes to financial statements.
68

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SOHO China, Ltd. (a)
     831,000   $ 254,395
Sohu.com, Ltd. ADR (a)
     25,051   393,802
Sonoscape Medical Corp. Class A
     16,800   61,068
Sou Yu Te Group Co., Ltd. Class A (a)
     207,200   62,212
So-Young International, Inc. ADR (a)(c)
     3,572   35,256
Sumavision Technologies Co., Ltd. Class A
     24,500   14,451
Suncity Group Holdings, Ltd. (a)(c)
     690,000   52,364
Sunflower Pharmaceutical Group Co., Ltd. Class A
     35,900   75,234
Sunfly Intelligent Technology Co., Ltd. Class A
     54,600   98,112
Suning Universal Co., Ltd. Class A
     127,000   77,038
Sunpower Group, Ltd.
     208,700   123,487
Sunresin New Materials Co., Ltd. Class A
     9,200   56,087
Sunward Intelligent Equipment Co., Ltd. Class A
     179,025   254,300
Sunwave Communications Co., Ltd. Class A
     19,500   15,246
Suzhou Chunxing Precision Mechanical Co., Ltd. Class A (a)
     51,300   27,678
Suzhou Good-Ark Electronics Co., Ltd. Class A
     46,300   66,191
Suzhou Hengmingda Electronic Technology Co., Ltd. Class A
     6,800   32,522
Suzhou Secote Precision Electronic Co., Ltd. Class A
     14,100   54,198
Suzhou TFC Optical Communication Co., Ltd. Class A
     6,400   40,285
Tangrenshen Group Co., Ltd. Class A
     30,300   37,637
Tangshan Sanyou Chemical Industries Co., Ltd. Class A
     91,400   150,866
TCL Electronics Holdings, Ltd.
     477,000   368,742
Telling Telecommunication Holding Co., Ltd. Class A
     50,700   44,200
Tian Di Science & Technology Co., Ltd. Class A
     213,200   109,180
Tiangong International Co., Ltd.
     1,516,000   750,741
Tianjin Capital Environmental Protection Group Co., Ltd. Class A
     96,900   104,119
Tianjin Development Holdings, Ltd.
     724,000   148,070
Tianjin Ringpu Bio-Technology Co., Ltd. Class A
     13,800   58,134
Tianjin Teda Co., Ltd. Class A
     63,300   41,774
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd. Class S
     382,800   338,778
Tianze Information Industry, Inc. Class A (a)
     23,000   24,713
Tibet Summit Resources Co., Ltd. Class A
     49,200   79,335
Tibet Tianlu Co., Ltd. Class A
     54,900   65,517
Times Neighborhood Holdings, Ltd.
     347,000   261,998
Titan Wind Energy Suzhou Co., Ltd. Class A
     90,300   127,580
Tong Ren Tang Technologies Co., Ltd. Class H
     684,000   467,176
Tongdao Liepin Group (a)
     144,600   407,327
Tongding Interconnection Information Co., Ltd. Class A (a)
     54,300   33,600
Tongling Jingda Special Magnet Wire Co., Ltd. Class A
     312,500   174,320
Tongyu Communication, Inc. Class A
     12,595   28,948
TRS Information Technology Corp., Ltd. Class A
     28,500   43,741
Tungkong, Inc. Class A
     15,400   19,035
See accompanying notes to financial statements.
69

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Tus Environmental Science And Technology Development Co., Ltd. Class A (a)
     37,400   $ 38,077
UE Furniture Co., Ltd. Class A
     31,698   57,732
Unilumin Group Co., Ltd. Class A
     48,540   61,774
Up Fintech Holding, Ltd. ADR (a)(c)
     10,000   177,900
Uxin, Ltd. ADR (a)(c)
     60,953   71,315
Vats Liquor Chain Store Management JSC, Ltd. Class A
     17,700   62,316
Vatti Corp., Ltd. Class A
     51,100   60,826
VCredit Holdings, Ltd. (a)(b)
     58,600   35,426
Virscend Education Co., Ltd. (b)
     932,000   187,013
Visual China Group Co., Ltd. Class A
     33,600   74,511
Viva Biotech Holdings (b)
     498,000   429,175
Wangneng Environment Co., Ltd. Class A
     25,400   71,231
West China Cement, Ltd. (c)
     2,398,000   410,234
Western Region Gold Co., Ltd. Class A
     25,500   50,447
Wisdom Education International Holdings Co., Ltd. (c)
     308,000   137,075
Wondershare Technology Group Co., Ltd. Class A
     6,100   38,592
WPG Shanghai Smart Water PCL Class A
     13,400   33,576
Wuhan DR Laser Technology Corp., Ltd. Class A
     5,600   96,855
Wuhan Fingu Electronic Technology Co., Ltd. Class A
     25,900   47,527
Wuhan P&S Information Technology Co., Ltd. Class A (a)
     67,600   36,370
Wutong Holding Group Co., Ltd. Class A (a)
     35,900   17,345
Wuxi Boton Technology Co., Ltd. Class A
     17,900   43,760
XGD, Inc. Class A
     26,900   41,737
Xiabuxiabu Catering Management China Holdings Co., Ltd. (b)(c)
     219,500   444,395
Xiamen Comfort Science & Technology Group Co., Ltd. Class A
     68,500   180,093
Xiamen Hongxin Electronics Technology Group, Inc. Class A
     22,700   54,491
Xiamen International Airport Co., Ltd. Class A
     16,000   44,724
Xi'an Tian He Defense Technology Co., Ltd. Class A
     19,700   44,767
Xiangpiaopiao Food Co., Ltd. Class A
     4,000   12,888
Xilinmen Furniture Co., Ltd. Class A
     31,100   125,183
Xinhua Winshare Publishing and Media Co., Ltd. Class A
     38,100   57,662
Xinhua Winshare Publishing and Media Co., Ltd. Class H
     122,000   84,111
Xinji Shaxi Group Co., Ltd. (c)
     258,000   54,756
Xinjiang Communications Construction Group Co., Ltd. Class A
     26,500   65,430
Xinjiang Xintai Natural Gas Co., Ltd. Class A
     15,600   52,997
Xinjiang Zhongtai Chemical Co., Ltd. Class A
     35,300   49,820
Xtep International Holdings, Ltd.
     692,263   405,147
Yanlord Land Group, Ltd.
     105,000   96,904
Yantai Tayho Advanced Materials Co., Ltd. Class A (a)
     32,600   78,255
Yantai Zhenghai Bio-tech Co., Ltd.
     6,200   40,472
Yantai Zhenghai Magnetic Material Co., Ltd. Class A
     38,900   70,968
See accompanying notes to financial statements.
70

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
YGSOFT, Inc. Class A
     42,935   $ 57,389
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (b)(c)
     141,000   149,806
Yipinhong Pharmaceutical Co., Ltd. Class A
     2,400   17,924
Yonggao Co., Ltd. Class A
     43,500   46,741
YongXing Special Materials Technology Co., Ltd. Class A
     5,500   38,929
Yotrio Group Co., Ltd. Class A
     169,780   91,602
Yuexiu Transport Infrastructure, Ltd. (c)
     1,064,549   672,322
Yunnan Lincang Xinyuan Germanium Industrial Co., Ltd. Class A (a)
     27,100   40,766
Zall Smart Commerce Group, Ltd. (a)(c)
     2,198,000   166,805
ZBOM Home Collection Co., Ltd. Class A
     20,000   175,882
Zepp Health Corp. ADR (a)(c)
     10,669   114,905
Zhejiang Communications Technology Co., Ltd.
     92,200   79,817
ZheJiang Dali Technology Co., Ltd. Class A
     21,400   75,376
Zhejiang Firstar Panel Technology Co., Ltd. Class A (a)
     42,800   33,399
Zhejiang Furun Digital Technology Co., Ltd. Class A
     28,500   27,365
Zhejiang Garden Bio-Chemical High-tech Co., Ltd. Class A (a)
     17,000   33,139
Zhejiang Hangmin Co., Ltd. Class A
     82,296   69,864
Zhejiang Hisoar Pharmaceutical Co., Ltd. Class A
     61,500   83,516
Zhejiang Jiemei Electronic & Technology Co., Ltd. Class A
     16,480   80,124
Zhejiang Jingu Co., Ltd. Class A (a)
     54,800   59,885
Zhejiang Jingxin Pharmaceutical Co., Ltd. Class A
     33,300   59,026
Zhejiang Jinke Culture Industry Co., Ltd. Class A (a)
     180,179   86,778
Zhejiang JIULI Hi-tech Metals Co., Ltd. Class A
     42,300   82,908
Zhejiang Meida Industrial Co., Ltd. Class A
     38,900   108,082
Zhejiang Narada Power Source Co., Ltd. Class A (a)
     26,800   44,849
Zhejiang Runtu Co., Ltd. Class A
     50,600   75,655
Zhejiang Southeast Space Frame Co., Ltd. Class A
     43,700   48,021
Zhejiang Wanliyang Co., Ltd. Class A
     99,200   113,696
Zhejiang Wanma Co., Ltd. Class A
     31,900   33,110
Zhejiang Xianju Pharmaceutical Co., Ltd. Class A
     42,500   83,430
Zhejiang Xinan Chemical Industrial Group Co., Ltd. Class A
     34,600   66,392
Zhejiang Yinlun Machinery Co., Ltd. Class A
     28,000   42,078
Zhejiang Yongtai Technology Co., Ltd. Class A (a)
     45,033   61,360
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class A
     65,300   114,354
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H (c)
     228,600   321,680
Zhongfu Information, Inc. Class A
     11,400   67,241
Zhonghang Electronic Measuring Instruments Co., Ltd. Class A
     25,300   51,169
Zhongshan Broad Ocean Motor Co., Ltd. Class A (a)
     154,100   107,099
Zhongshan Public Utilities Group Co., Ltd. Class A
     33,600   45,065
Zhongyuan Environment-Protection Co., Ltd. Class A
     17,100   18,582
See accompanying notes to financial statements.
71

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Zhuhai Orbita Aerospace Science & Technology Co., Ltd. Class A (a)
     47,100   $ 64,320
ZJBC Information Technology Co., Ltd. Class A (a)
     49,980   46,391
          85,105,586
COLOMBIA — 0.1%          
Cementos Argos SA
     228,827   320,669
CZECH REPUBLIC — 0.3%          
Moneta Money Bank A/S (a)(b)
     382,204   1,425,688
Philip Morris CR A/S
     595   420,331
          1,846,019
EGYPT — 0.6%          
Cairo Investment & Real Estate Development Co. SAE
     130,522   109,284
CI Capital Holding for Financial Investments (a)
     409,548   89,896
Cleopatra Hospital (a)
     503,207   147,272
Eastern Co SAE
     437,981   318,228
Egypt Kuwait Holding Co. SAE
     576,744   664,986
Egyptian Financial Group-Hermes Holding Co. (a)
     493,192   456,558
ElSewedy Electric Co.
     304,270   174,615
Emaar Misr for Development SAE (a)
     291,165   42,237
Heliopolis Housing
     279,369   85,139
Ibnsina Pharma SAE
     266,268   74,879
Medinet Nasr Housing
     664,393   158,516
Oriental Weavers
     56,475   26,158
Palm Hills Developments SAE (a)
     873,800   89,284
Pioneers Holding for Financial Investments SAE (a)
     203,576   59,321
Qalaa Holdings SAE (a)
     803,046   63,150
Six of October Development & Investment
     424,514   432,684
Talaat Moustafa Group
     605,678   240,845
Telecom Egypt Co.
     159,925   113,146
          3,346,198
GREECE — 1.7%          
Aegean Airlines SA (a)
     24,437   151,359
Alpha Bank AE (a)
     850,198   916,700
Athens Water Supply & Sewage Co. SA
     5,103   45,341
Diana Shipping, Inc. (a)
     8,997   26,901
Ellaktor SA (a)
     90,632   154,986
Eurobank Ergasias Services and Holdings SA Class A (a)
     1,644,913   1,401,617
FF Group (a)(d)
     24,815   —
Fourlis Holdings SA (a)
     30,384   151,769
GasLog, Ltd.
     19,324   111,499
See accompanying notes to financial statements.
72

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
GEK Terna Holding Real Estate Construction SA (a)
     40,976   $ 499,891
Hellenic Exchanges - Athens Stock Exchange SA
     74,455   343,465
Holding Co. ADMIE IPTO SA
     125,832   406,698
LAMDA Development SA (a)
     26,381   228,511
Motor Oil Hellas Corinth Refineries SA
     38,129   603,631
Mytilineos SA
     89,350   1,475,433
National Bank of Greece SA (a)
     372,063   1,084,468
Piraeus Financial Holdings SA (a)
     221,715   113,822
Public Power Corp. SA (a)
     116,907   1,250,347
Sarantis SA
     9,245   94,096
Star Bulk Carriers Corp.
     52,969   777,585
Terna Energy SA
     13,421   198,749
Tsakos Energy Navigation, Ltd.
     13,208   125,080
          10,161,948
HONG KONG — 1.7%          
AAG Energy Holdings, Ltd. (b)
     369,000   63,601
Agritrade Resources, Ltd. (a)(d)
     1,595,000   8,514
AGTech Holdings, Ltd. (a)
     2,036,000   53,948
Ajisen China Holdings, Ltd.
     166,000   27,331
Anxin-China Holdings, Ltd. (a)(d)
     2,248,000   —
CA Cultural Technology Group, Ltd. (a)(c)
     963,000   338,158
Camsing International Holding, Ltd. (a)(c)(d)
     276,000   710
China Animal Healthcare, Ltd. (a)(d)
     1,059,700   —
China Ding Yi Feng Holdings, Ltd. (a)
     576,000   208,190
China High Precision Automation Group, Ltd. (a)(d)
     1,226,000   —
China High Speed Transmission Equipment Group Co., Ltd.
     478,000   482,645
China Lumena New Materials Corp. (a)(c)(d)
     104,532   —
China Metal Recycling Holdings, Ltd. (a)(c)(d)
     693,675   —
China Star Entertainment, Ltd. (a)
     390,000   71,233
China Water Affairs Group, Ltd. (c)
     520,000   425,393
Chongsing Holdings,Ltd. (a)(c)(d)
     9,212,000   —
Comba Telecom Systems Holdings, Ltd. (c)
     982,575   252,770
Concord New Energy Group, Ltd.
     7,610,000   548,155
Crystal International Group, Ltd. (b)
     341,000   175,008
Dawnrays Pharmaceutical Holdings, Ltd.
     1,275,000   241,078
Digital China Holdings, Ltd. (c)
     863,000   603,865
Fosun Tourism Group (b)
     97,800   137,118
GCL-Poly Energy Holdings, Ltd. (a)(c)
     9,716,000   2,474,475
GR Properties, Ltd. (a)
     424,000   54,538
Guotai Junan International Holdings, Ltd.
     1,496,000   275,168
Hi Sun Technology China, Ltd. (a)(c)
     1,626,000   305,354
Huayi Tencent Entertainment Co., Ltd. (a)
     750,000   51,129
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Huiyuan Juice Group, Ltd. (a)(d)
     1,494,400   $ —
IMAX China Holding, Inc. (b)
     66,400   147,585
Meilleure Health International Industry Group, Ltd. (a)
     858,000   48,559
Melco Resorts And Entertainment Philippines Corp. (a)
     664,300   99,226
NetDragon Websoft Holdings, Ltd. (c)
     234,500   597,225
Nissin Foods Co., Ltd. (c)
     173,000   131,734
Pou Sheng International Holdings, Ltd. (a)
     2,026,000   453,439
Realgold Mining (a)(c)(d)
     251,500   —
Skyworth Group, Ltd. (a)
     800,832   272,972
SSY Group, Ltd. (c)
     914,000   532,568
Tech Pro Technology Development, Ltd. (a)(c)(d)
     6,035,100   —
United Laboratories International Holdings, Ltd.
     878,500   648,610
Wasion Holdings, Ltd.
     701,000   216,401
          9,946,700
HUNGARY — 0.1%          
Magyar Telekom Telecommunications PLC
     536,266   708,143
Opus Global Nyrt (a)
     67,323   56,791
          764,934
INDIA — 13.3%          
Aarti Drugs, Ltd.
     18,289   173,675
Aavas Financiers, Ltd. (a)
     18,142   600,695
Adani Power, Ltd. (a)
     409,322   476,146
Aditya Birla Capital, Ltd. (a)
     260,801   425,550
Aditya Birla Fashion and Retail, Ltd. (a)
     190,201   523,540
Aegis Logistics, Ltd.
     79,840   326,125
Affle India, Ltd. (a)
     3,413   254,774
Ajanta Pharma, Ltd.
     15,363   376,522
Akzo Nobel India, Ltd.
     2,367   74,333
Alkyl Amines Chemicals
     2,463   191,906
Alok Industries, Ltd. (a)
     770,551   212,362
Amara Raja Batteries, Ltd.
     44,191   516,049
Amber Enterprises India, Ltd. (a)
     6,032   273,563
APL Apollo Tubes, Ltd. (a)
     43,305   829,718
Apollo Tyres, Ltd. (a)
     155,403   475,474
Ashoka Buildcon, Ltd. (a)
     71,462   99,598
Aster DM Healthcare, Ltd. (a)(b)
     42,778   80,420
Astra Microwave Products, Ltd.
     56,062   99,413
AstraZeneca Pharma India, Ltd.
     5,647   232,426
Avanti Feeds, Ltd.
     27,694   156,985
Azure Power Global, Ltd. (a)(c)
     10,501   285,522
Bajaj Consumer Care, Ltd.
     57,576   204,667
See accompanying notes to financial statements.
74

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Bajaj Electricals, Ltd. (a)
     25,255   $ 337,338
Balrampur Chini Mills, Ltd.
     162,175   475,787
BASF India, Ltd.
     6,341   179,505
BEML, Ltd.
     8,554   146,917
Bharat Dynamics, Ltd.
     6,143   27,941
Bharat Heavy Electricals, Ltd. (a)
     788,930   526,034
Bharat Rasayan, Ltd.
     349   44,944
Birla Corp., Ltd.
     18,305   237,808
Birlasoft, Ltd.
     231,512   801,274
Blue Dart Express, Ltd. (a)
     6,438   490,847
Blue Star, Ltd. (a)
     36,255   463,243
Brigade Enterprises, Ltd. (a)
     55,653   211,495
Can Fin Homes, Ltd.
     58,517   491,218
Caplin Point Laboratories, Ltd.
     12,611   69,589
Capri Global Capital, Ltd.
     23,964   124,403
Carborundum Universal, Ltd.
     60,932   424,610
CARE Ratings, Ltd.
     20,342   114,350
Castrol India, Ltd.
     266,060   455,965
CCL Products India, Ltd.
     26,732   85,537
Ceat, Ltd. (a)
     31,697   674,811
Century Plyboards India, Ltd. (a)
     17,393   75,708
Century Textiles & Industries, Ltd.
     24,767   157,534
CESC, Ltd.
     42,023   341,150
Chambal Fertilizers and Chemicals, Ltd.
     68,567   214,806
Chennai Super Kings Cricket, Ltd. (a)(d)
     418,560   —
Cholamandalam Financial Holdings, Ltd. (a)
     52,402   429,458
City Union Bank, Ltd. (a)
     224,197   478,207
Cochin Shipyard, Ltd. (b)
     12,647   64,745
Coforge, Ltd.
     22,348   894,654
CreditAccess Grameen, Ltd. (a)
     20,157   184,922
CRISIL, Ltd.
     11,925   299,945
Cummins India, Ltd.
     80,193   1,008,695
Cyient, Ltd. (a)
     47,604   421,552
Dalmia Bharat, Ltd. (a)
     51,898   1,127,913
DCB Bank, Ltd. (a)
     147,857   207,487
DCM Shriram, Ltd.
     25,067   171,819
Deepak Nitrite, Ltd. (a)
     47,558   1,077,497
Dhani Services, Ltd. (a)
     165,768   381,127
Dhanuka Agritech, Ltd. (a)
     3,829   36,120
Dilip Buildcon, Ltd. (b)
     30,859   244,800
Dish TV India, Ltd. (a)
     412,094   52,136
Dishman Carbogen Amcis, Ltd. (a)
     40,288   60,062
See accompanying notes to financial statements.
75

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Dixon Technologies India, Ltd. (a)
     20,870   $ 1,048,199
DRC Systems India Pvt, Ltd. (a)
     558   2,234
Edelweiss Financial Services, Ltd. (a)
     327,833   283,829
EID Parry India, Ltd. (a)
     52,951   230,558
EIH, Ltd. (a)
     97,687   124,190
Endurance Technologies, Ltd. (a)(b)
     18,481   368,072
Engineers India, Ltd.
     147,813   155,670
Equitas Holdings, Ltd.
     118,478   141,385
Eris Lifesciences, Ltd. (b)
     17,313   143,261
Exide Industries, Ltd.
     247,691   621,991
FDC, Ltd. (a)
     20,537   80,307
Federal Bank, Ltd. (a)
     927,364   961,436
Fine Organic Industries, Ltd.
     3,926   122,636
Finolex Cables, Ltd.
     52,497   273,529
Firstsource Solutions, Ltd.
     154,424   240,569
Fortis Healthcare, Ltd. (a)
     246,160   670,500
Future Consumer, Ltd. (a)
     453,343   37,203
Future Lifestyle Fashions, Ltd. (a)
     56,071   37,501
Future Retail, Ltd. (a)
     170,847   99,661
Galaxy Surfactants, Ltd.
     2,999   104,463
GHCL, Ltd. (a)
     33,134   104,006
Glenmark Pharmaceuticals, Ltd.
     86,975   552,800
GMM Pfaudler, Ltd.
     1,926   113,436
GMR Infrastructure, Ltd. (a)
     2,136,805   710,186
Godfrey Phillips India, Ltd. (a)
     11,755   147,231
Godrej Agrovet, Ltd. (b)
     7,753   55,544
Godrej Industries, Ltd. (a)
     35,429   264,456
Granules India, Ltd.
     139,021   576,990
Graphite India, Ltd. (a)
     39,865   279,166
Great Eastern Shipping Co., Ltd.
     59,889   256,139
Greaves Cotton, Ltd. (a)
     42,714   74,575
Gujarat Alkalies & Chemicals, Ltd.
     4,302   20,288
Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.
     47,855   196,489
Gujarat Pipavav Port, Ltd.
     358,011   475,218
Gujarat State Fertilizers & Chemicals, Ltd.
     88,267   98,150
Gujarat State Petronet, Ltd.
     166,008   620,653
Hawkins Cookers, Ltd.
     359   26,246
HEG, Ltd. (a)
     9,273   185,685
HeidelbergCement India, Ltd.
     23,064   73,690
HFCL, Ltd. (a)
     415,213   142,827
Hindustan Copper, Ltd. (a)
     231,529   378,737
Housing & Urban Development Corp., Ltd.
     23,406   14,038
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
IDFC, Ltd. (a)
     849,614   $ 550,228
IIFL Finance, Ltd.
     85,697   330,358
India Cements, Ltd.
     259,708   594,445
Indiabulls Housing Finance, Ltd.
     207,037   556,431
Indiabulls Real Estate, Ltd. (a)
     247,799   274,866
IndiaMart InterMesh, Ltd. (a)(b)
     5,444   576,163
Indian Energy Exchange, Ltd. (b)
     74,687   339,961
Indian Hotels Co., Ltd.
     418,661   634,745
IndoStar Capital Finance, Ltd. (a)(b)
     14,599   62,349
Infibeam Avenues, Ltd. (a)
     439,386   285,156
Inox Leisure, Ltd. (a)
     30,784   120,039
IOL Chemicals and Pharmaceuticals, Ltd.
     16,272   122,596
IRB Infrastructure Developers, Ltd.
     145,395   215,963
JB Chemicals & Pharmaceuticals, Ltd.
     26,985   463,365
Jindal Saw, Ltd.
     125,424   127,202
JK Cement, Ltd. (a)
     16,544   655,583
JK Lakshmi Cement, Ltd. (a)
     28,373   168,013
JK Paper, Ltd. (a)
     12,896   26,431
JM Financial, Ltd.
     242,429   280,349
Johnson Controls-Hitachi Air Conditioning India, Ltd. (a)
     7,068   256,430
JSW Energy, Ltd.
     502,602   603,903
Jubilant Ingrevia, Ltd. (a)
     72,746   258,394
Jubilant Pharmova, Ltd. (a)
     70,751   659,090
Just Dial, Ltd. (a)
     27,905   329,358
Jyothy Labs, Ltd. (a)
     102,942   192,610
Kajaria Ceramics, Ltd.
     73,885   936,678
Kalpataru Power Transmission, Ltd.
     40,288   207,739
Karnataka Bank, Ltd. (a)
     124,569   104,100
Karur Vysya Bank, Ltd. (a)
     319,343   242,847
KEC International, Ltd. (a)
     67,565   379,670
KEI Industries, Ltd.
     30,229   216,111
Kiri Industries, Ltd.
     10,204   58,100
KNR Constructions, Ltd. (a)
     24,910   72,706
KRBL, Ltd. (a)
     44,067   108,188
L&T Finance Holdings, Ltd. (a)
     444,599   582,856
Laurus Labs, Ltd. (b)
     218,487   1,081,770
Lemon Tree Hotels, Ltd. (a)(b)
     243,207   123,078
LIC Housing Finance, Ltd.
     192,203   1,125,661
Linde India, Ltd.
     8,311   204,553
LUX Industries, Ltd.
     2,941   70,327
Mahanagar Gas, Ltd.
     31,440   502,666
Maharashtra Scooters, Ltd. (a)
     2,037   99,394
See accompanying notes to financial statements.
77

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
MakeMyTrip, Ltd. (a)(c)
     37,835   $ 1,194,829
Manappuram Finance, Ltd.
     503,401   1,027,268
Mangalore Refinery & Petrochemicals, Ltd. (a)
     74,432   39,550
Marksans Pharma, Ltd.
     93,231   63,694
Max Financial Services, Ltd. (a)
     109,829   1,291,037
Meghmani Organics, Ltd.
     61,652   98,321
Metropolis Healthcare, Ltd. (b)
     14,055   430,836
Minda Industries, Ltd.
     51,135   379,139
Mishra Dhatu Nigam, Ltd. (b)
     16,217   39,226
MOIL, Ltd.
     32,821   67,582
Motilal Oswal Financial Services, Ltd.
     21,185   181,038
Multi Commodity Exchange of India, Ltd.
     30,223   625,408
Narayana Hrudayalaya, Ltd. (a)
     17,827   98,957
Natco Pharma, Ltd.
     80,285   906,523
National Aluminium Co., Ltd.
     445,714   329,498
Navin Fluorine International, Ltd.
     26,875   1,012,677
NBCC India, Ltd.
     393,387   251,806
NCC, Ltd.
     473,218   511,316
NESCO, Ltd. (a)
     11,176   80,434
Network18 Media & Investments, Ltd. (a)
     233,751   116,374
NIIT, Ltd.
     31,502   59,416
NLC India, Ltd.
     30,959   21,341
NOCIL, Ltd. (a)
     56,344   134,668
Oberoi Realty, Ltd. (a)
     72,374   569,331
Oil India, Ltd.
     190,008   319,133
Orient Electric, Ltd.
     65,218   277,816
Persistent Systems, Ltd.
     51,395   1,351,097
Phoenix Mills, Ltd. (a)
     57,947   618,712
PNB Housing Finance, Ltd. (a)(b)
     26,171   134,195
PNC Infratech, Ltd. (a)
     83,370   294,078
Poly Medicure, Ltd. (a)
     25,147   282,842
Polycab India, Ltd. (a)
     7,379   139,231
Polyplex Corp., Ltd.
     4,151   48,996
Prestige Estates Projects, Ltd. (a)
     115,236   481,662
Procter & Gamble Health, Ltd.
     3,950   335,074
PTC India, Ltd.
     404,866   430,539
PVR, Ltd. (a)
     32,301   541,702
Quess Corp., Ltd. (a)(b)
     42,314   404,425
Radico Khaitan, Ltd.
     44,314   339,444
Rain Industries, Ltd.
     101,046   197,424
Rajesh Exports, Ltd.
     64,606   423,085
Rallis India, Ltd.
     58,773   203,215
See accompanying notes to financial statements.
78

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Rashtriya Chemicals & Fertilizers, Ltd.
     30,648   $ 32,466
Raymond, Ltd. (a)
     17,022   84,174
RBL Bank, Ltd. (a)(b)
     245,391   696,598
Redington India, Ltd. (a)
     269,206   702,713
Repco Home Finance, Ltd.
     34,502   159,052
RITES, Ltd.
     27,055   89,106
Schaeffler India, Ltd.
     4,040   300,708
Sequent Scientific, Ltd. (a)
     71,031   234,038
Shilpa Medicare, Ltd.
     17,027   77,737
Shipping Corp. of India, Ltd.
     67,368   102,000
Shriram City Union Finance, Ltd.
     11,867   221,357
SJVN, Ltd.
     87,633   31,223
SKF India, Ltd.
     23,254   715,427
Sobha, Ltd.
     22,507   134,509
Solara Active Pharma Sciences, Ltd.
     7,927   151,045
Sonata Software, Ltd.
     26,444   184,169
South Indian Bank, Ltd. (a)
     811,827   91,605
Spandana Sphoorty Financial, Ltd. (a)
     9,695   80,383
SpiceJet, Ltd. (a)
     150,017   142,192
Sterling + Wilson Solar, Ltd. (a)
     21,904   77,429
Sterlite Technologies, Ltd.
     105,580   280,435
Strides Pharma Science, Ltd.
     63,460   733,168
Sudarshan Chemical Industries (a)
     13,479   95,524
Sumitomo Chemical India, Ltd.
     49,771   197,889
Sun Pharma Advanced Research Co., Ltd. (a)
     133,337   259,238
Sundram Fasteners, Ltd.
     64,560   706,803
Sunteck Realty, Ltd.
     30,145   115,610
Suven Pharmaceuticals, Ltd.
     68,675   466,639
Suvidhaa Infoserve Pvt, Ltd. (a)
     30,208   43,300
Suzlon Energy, Ltd. (a)
     1,842,154   125,979
Swan Energy, Ltd.
     48,338   89,617
Symphony, Ltd.
     25,337   438,359
Tata Chemicals, Ltd.
     62,033   637,861
Tata Elxsi, Ltd.
     21,623   796,411
TCI Express, Ltd.
     9,768   126,493
TeamLease Services, Ltd. (a)
     6,186   319,111
Thermax, Ltd. (a)
     47,210   867,539
Thyrocare Technologies, Ltd. (b)
     7,387   91,194
Timken India, Ltd.
     17,113   303,459
Trident, Ltd.
     1,835,939   352,806
TTK Prestige, Ltd.
     1,856   184,039
Tube Investments of India, Ltd.
     57,808   943,532
See accompanying notes to financial statements.
79

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
TV18 Broadcast, Ltd. (a)
     296,138   $ 116,448
Uflex, Ltd.
     12,000   62,049
Vaibhav Global, Ltd.
     4,961   260,685
Vakrangee, Ltd.
     374,583   287,160
V-Guard Industries, Ltd. (a)
     65,564   226,292
Vinati Organics, Ltd.
     18,530   354,804
VIP Industries, Ltd.
     35,025   169,655
V-Mart Retail, Ltd. (a)
     5,369   204,549
VST Industries, Ltd.
     608   28,183
WABCO India, Ltd. (a)
     900   81,121
Welspun Corp., Ltd.
     166,717   315,471
Welspun India, Ltd. (a)
     315,028   348,361
Westlife Development, Ltd. (a)
     31,550   198,369
Wockhardt, Ltd. (a)
     8,502   48,148
Zydus Wellness, Ltd. (a)
     9,382   252,990
          78,907,793
INDONESIA — 2.4%          
Ace Hardware Indonesia Tbk PT
     3,520,100   369,580
AKR Corporindo Tbk PT
     1,944,200   431,003
Aneka Tambang Tbk
     5,444,300   843,351
Astra Agro Lestari Tbk PT
     267,700   184,764
Bank BTPN Syariah Tbk PT
     1,702,500   407,897
Bank Bukopin Tbk PT (a)
     2,828,800   94,261
Bank CIMB Niaga Tbk PT
     3,082,600   211,166
Bank Pan Indonesia Tbk PT (a)
     1,672,600   124,365
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT
     4,417,400   442,500
Bank Pembangunan Daerah Jawa Timur Tbk PT
     5,712,100   308,709
Bank Tabungan Negara Persero Tbk PT (a)
     2,723,700   322,531
Bintang Oto Global Tbk PT (a)
     886,500   83,310
Buana Lintas Lautan Tbk PT (a)
     2,182,900   44,485
Bukit Asam Tbk PT
     1,977,300   356,663
Bumi Serpong Damai Tbk PT (a)
     7,074,800   545,527
Bumitama Agri, Ltd.
     551,200   196,916
Ciputra Development Tbk PT
     8,933,299   673,457
Delta Dunia Makmur Tbk PT (a)
     4,491,200   117,498
Erajaya Swasembada Tbk PT (a)
     5,394,000   187,537
Global Mediacom Tbk PT (a)
     3,585,600   62,702
Indika Energy Tbk PT
     1,000,900   98,195
Indo Tambangraya Megah Tbk PT
     137,000   107,761
Indosat Tbk PT (a)
     452,600   195,529
Industri Jamu Dan Farmasi Sido Muncul Tbk PT
     2,430,500   131,356
Inti Agri Resources Tbk PT (a)(d)
     258,200   444
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Japfa Comfeed Indonesia Tbk PT
     4,020,400   $ 531,440
Jasa Marga Persero Tbk PT
     1,051,500   292,465
Kimia Farma Tbk PT (a)
     258,900   45,631
Krakatau Steel Persero Tbk PT (a)
     464,700   19,356
Link Net Tbk PT
     930,900   205,086
Matahari Department Store Tbk PT (a)
     854,700   78,850
Medco Energi Internasional Tbk PT (a)
     8,796,292   345,190
Media Nusantara Citra Tbk PT (a)
     5,786,200   380,435
Metro Healthcare Indonesia Tbk PT (a)
     3,868,500   90,021
Mitra Adiperkasa Tbk PT (a)
     8,502,700   433,184
MNC Vision Networks Tbk PT (a)
     1,492,600   25,279
Pabrik Kertas Tjiwi Kimia Tbk PT
     715,300   513,391
Pacific Strategic Financial Tbk PT (a)
     2,460,200   126,186
Pakuwon Jati Tbk PT (a)
     7,180,800   266,963
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT
     3,778,200   332,950
PP Persero Tbk PT
     2,993,498   282,347
Ramayana Lestari Sentosa Tbk PT
     1,980,900   106,375
Rimo International Lestari Tbk PT (a)(d)
     100,200   —
Sawit Sumbermas Sarana Tbk PT (a)
     2,635,900   173,307
Selamat Sempurna Tbk PT
     513,300   47,354
Summarecon Agung Tbk PT (a)
     7,663,300   495,938
Surya Citra Media Tbk PT (a)
     2,758,000   322,795
Surya Semesta Internusa Tbk PT
     1,018,700   33,805
Timah Tbk PT (a)
     1,128,229   125,445
Tower Bersama Infrastructure Tbk PT
     6,922,900   986,603
Trada Alam Minera Tbk PT (a)(d)
     6,757,200   11,630
Transcoal Pacific Tbk PT
     586,400   310,863
Tunas Baru Lampung Tbk PT
     911,800   56,183
Waskita Karya Persero Tbk PT
     3,476,200   276,421
Wijaya Karya Persero Tbk PT
     3,841,636   405,983
XL Axiata Tbk PT
     1,871,900   269,347
          14,132,330
KUWAIT — 1.0%          
Ahli United Bank KSCP
     221,651   225,868
Al Ahli Bank of Kuwait KSCP
     367,284   245,464
ALAFCO Aviation Lease & Finance Co. KSCP (a)
     165,776   111,888
Alimtiaz Investment Group KSC (a)
     504,686   182,004
Boubyan Petrochemicals Co. KSCP
     271,743   761,510
Burgan Bank SAK
     557,728   405,956
Gulf Cable & Electrical Industries Co. KSCP
     77,703   219,805
Heavy Engineering & Ship Building Co. KSCP Class B
     123,112   171,888
Humansoft Holding Co. KSC (a)
     58,335   714,109
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Integrated Holding Co. KCSC
     89,016   $ 121,928
Jazeera Airways Co. KSCP (a)
     39,755   94,702
Kuwait International Bank KSCP
     529,971   350,684
Kuwait Projects Co. Holding KSCP
     451,878   243,693
Mezzan Holding Co. KSCC
     60,016   112,387
National Industries Group Holding SAK
     728,108   450,475
National Investments Co. KSCP
     217,294   120,060
National Real Estate Co. KPSC (a)
     451,430   134,869
Qurain Petrochemical Industries Co.
     341,978   446,919
Warba Bank KSCP (a)
     684,549   536,768
          5,650,977
MACAU — 0.0% (e)          
Huasheng International Holding, Ltd. (a)
     942,000   100,568
MALAYSIA — 4.4%          
Aeon Co. M Bhd
     908,300   282,577
AEON Credit Service M Bhd
     14,300   42,350
AirAsia Group Bhd (a)
     753,900   178,180
Alliance Bank Malaysia Bhd (a)
     651,800   416,561
Astro Malaysia Holdings Bhd
     1,542,100   357,028
ATA IMS Bhd
     165,000   116,194
Axis Real Estate Investment Trust
     442,956   208,312
Bahvest Resources Bhd (a)
     415,700   49,124
Berjaya Corp. Bhd (a)
     1,242,245   136,313
Berjaya Sports Toto Bhd
     1,119,259   569,549
Bermaz Auto Bhd
     837,960   291,007
BIMB Holdings Bhd
     241,200   246,057
British American Tobacco Malaysia Bhd
     69,800   220,519
Bumi Armada Bhd (a)
     3,014,300   305,319
Bursa Malaysia Bhd
     517,709   1,117,447
Cahya Mata Sarawak Bhd
     567,900   298,570
Careplus Group Bhd
     186,300   57,060
Carlsberg Brewery Malaysia Bhd Class B
     111,600   642,174
Comfort Glove Bhd
     185,500   83,657
D&O Green Technologies Bhd
     276,400   273,967
Datasonic Group Bhd
     2,146,600   284,729
Dayang Enterprise Holdings Bhd (a)
     267,030   94,022
DRB-Hicom Bhd
     973,500   450,771
Dufu Technology Corp. Bhd
     208,700   191,260
Duopharma Biotech Bhd
     158,100   104,853
Eastern & Oriental Bhd
     1,024,329   148,221
Eco World Development Group Bhd
     600,700   89,819
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Econpile Holdings Bhd (a)
     858,100   $ 99,334
Ekovest Bhd
     1,121,900   131,224
Focus Dynamics Group Bhd (a)
     2,858,000   410,107
Frontken Corp. Bhd
     294,200   360,433
GDEX Bhd
     578,000   49,485
Globetronics Technology Bhd
     316,800   210,105
Greatech Technology Bhd (a)
     211,800   271,741
Heineken Malaysia Bhd
     127,100   790,831
Hengyuan Refining Co. Bhd
     24,500   30,725
Hibiscus Petroleum Bhd
     584,600   90,231
IGB Real Estate Investment Trust
     1,146,700   481,191
IJM Corp. Bhd
     1,931,600   787,267
Inari Amertron Bhd
     1,710,479   1,353,038
IOI Properties Group Bhd
     567,700   195,782
Iris Corp. Bhd (a)
     1,243,900   98,996
JAKS Resources Bhd (a)
     548,900   82,735
JHM Consolidation Bhd
     120,900   55,399
KNM Group Bhd (a)
     1,425,100   65,301
KPJ Healthcare Bhd
     3,337,672   829,085
Leong Hup International Bhd
     330,600   55,014
Lotte Chemical Titan Holding Bhd (b)
     293,200   180,311
Magnum Bhd
     1,266,933   672,194
Mah Sing Group Bhd
     937,500   191,050
Malakoff Corp. Bhd
     216,600   45,185
Malayan Flour Mills Bhd
     80,400   17,451
Malaysia Building Society Bhd
     1,919,598   305,543
Malaysian Pacific Industries Bhd
     70,900   665,142
Malaysian Resources Corp. Bhd
     2,359,400   261,745
Mega First Corp. BHD
     168,500   295,835
Mi Technovation Bhd
     113,900   109,601
My EG Services Bhd
     1,878,123   892,295
Padini Holdings Bhd
     538,100   389,316
Pavilion Real Estate Investment Trust
     1,032,200   348,506
Pentamaster Corp. Bhd
     345,750   466,948
Pentamaster International, Ltd.
     248,000   56,781
Sapura Energy Bhd (a)
     5,360,100   187,439
Scientex Bhd
     606,600   586,631
Serba Dinamik Holdings Bhd
     952,810   390,637
Sime Darby Property Bhd
     1,132,600   177,545
SKP Resources Bhd
     286,800   152,859
SP Setia Bhd Group (a)
     432,400   109,495
Sunway Bhd
     550,000   225,491
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Sunway Real Estate Investment Trust
     1,967,400   $ 706,964
Syarikat Takaful Malaysia Keluarga Bhd
     112,800   129,217
TIME dotCom Bhd
     233,400   804,925
TSH Resources Bhd
     468,300   118,586
Uchi Technologies Bhd
     37,200   28,081
UEM Sunrise Bhd (a)
     1,113,700   116,836
UMW Holdings Bhd
     353,900   278,238
UOA Development Bhd
     1,451,000   629,881
UWC Bhd
     146,600   206,827
Velesto Energy Bhd (a)
     2,027,215   83,113
ViTrox Corp. Bhd
     120,700   434,887
VS Industry Bhd
     1,432,200   984,389
WCT Holdings Bhd (a)
     600,363   83,253
Widad Group Bhd (a)
     307,600   43,397
Yinson Holdings Bhd
     517,800   673,084
YNH Property Bhd
     124,700   84,507
YTL Corp. Bhd (a)
     2,642,296   430,134
YTL Hospitality REIT
     116,100   24,920
YTL Power International Bhd (a)
     489,493   86,176
          26,379,079
MEXICO — 2.2%          
Alpek SAB de CV (a)
     69,352   64,639
Alsea SAB de CV (a)(c)
     260,153   385,007
Axtel SAB de CV (a)
     228,949   61,768
Banco del Bajio SA (a)(b)
     291,086   392,231
Bolsa Mexicana de Valores SAB de CV
     504,957   1,018,033
Concentradora Fibra Danhos SA de CV REIT
     356,027   443,718
Consorcio ARA SAB de CV (a)(c)
     622,205   136,541
Controladora Vuela Cia de Aviacion SAB de CV Class A (a)(c)
     559,468   796,525
Corp. Inmobiliaria Vesta SAB de CV
     416,792   872,268
Credito Real SAB de CV SOFOM ER (a)(c)
     135,216   64,368
Genomma Lab Internacional SAB de CV Class B (a)
     639,044   643,713
Gentera SAB de CV (a)
     542,040   241,872
Grupo Aeroportuario del Centro Norte SAB de CV (a)
     190,618   1,197,342
Grupo Cementos de Chihuahua SAB de CV
     63,781   442,217
Grupo Comercial Chedraui SA de CV
     38,703   61,042
Grupo Herdez SAB de CV
     49,575   107,046
Grupo Lala SAB de CV
     79,380   52,957
Grupo Traxion SAB de CV (a)(b)(c)
     106,181   152,832
Hoteles City Express SAB de CV (a)(c)
     234,589   66,156
Industrias Bachoco SAB de CV Class B
     15,650   52,043
La Comer SAB de CV
     209,079   419,170
See accompanying notes to financial statements.
84

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Macquarie Mexico Real Estate Management SA de CV REIT (b)
     629,973   $ 784,830
Megacable Holdings SAB de CV
     233,431   835,585
Nemak SAB de CV (b)(c)
     134,000   36,152
PLA Administradora Industrial S de RL de CV REIT
     753,806   1,122,208
Prologis Property Mexico SA de CV REIT
     475,178   1,019,773
Qualitas Controladora SAB de CV (c)
     173,627   953,992
Regional SAB de CV (a)
     63,823   299,206
Unifin Financiera SAB de CV (a)(c)
     41,277   54,349
Vista Oil & Gas SAB de CV ADR (a)(c)
     35,799   91,645
          12,869,228
MONACO — 0.1%          
Costamare, Inc.
     34,012   327,195
PAKISTAN — 0.7%          
Bank Al Habib, Ltd.
     323,816   137,924
Bank Alfalah, Ltd.
     460,925   92,004
DG Khan Cement Co., Ltd. (a)
     33,500   26,438
Engro Corp., Ltd.
     174,978   317,779
Engro Fertilizers, Ltd.
     179,614   73,398
Fauji Fertilizer Co., Ltd.
     274,588   187,896
Habib Bank, Ltd.
     374,057   284,597
Hub Power Co. Ltd
     495,815   263,461
Lucky Cement, Ltd. (a)
     150,240   804,419
Mari Petroleum Co., Ltd.
     9,692   97,193
MCB Bank, Ltd.
     277,640   313,004
Meezan Bank, Ltd.
     105,578   78,254
Millat Tractors, Ltd.
     21,742   156,586
National Bank of Pakistan (a)
     72,000   15,187
Pakistan Oilfields, Ltd.
     77,825   193,614
Pakistan Petroleum, Ltd.
     228,419   130,634
Pakistan State Oil Co., Ltd.
     367,167   554,550
Searle Co., Ltd.
     44,403   71,833
SUI Northern Gas Pipeline
     609,234   156,478
TRG Pakistan (a)
     192,500   189,361
United Bank, Ltd.
     274,692   213,961
          4,358,571
PERU — 0.2%          
Alicorp SAA
     104,611   212,720
Ferreycorp SAA
     1,001,027   590,702
Nexa Resources SA (c)
     28,080   287,820
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Volcan Cia Minera SAA Class B (a)
     1,116,907   $ 249,383
          1,340,625
PHILIPPINES — 1.1% (e)          
AC Energy Corp.
     1,267,300   181,201
AllHome Corp.
     802,200   132,219
Alliance Global Group, Inc.
     1,989,000   436,013
Axelum Resources Corp. (a)
     1,436,456   102,990
Bloomberry Resorts Corp. (a)
     2,364,300   339,027
Cebu Air, Inc. (a)
     172,548   160,150
Century Pacific Food, Inc.
     325,900   124,082
Cosco Capital, Inc.
     3,675,800   390,015
D&L Industries, Inc.
     2,872,100   418,352
DMCI Holdings, Inc. (a)
     2,045,800   233,926
DoubleDragon Properties Corp.
     464,700   126,377
Filinvest Land, Inc.
     2,887,000   65,428
First Gen Corp.
     398,700   247,250
GT Capital Holdings, Inc.
     51,660   555,581
Holcim Philippines, Inc. (a)
     586,800   68,911
LT Group, Inc.
     790,900   219,977
MacroAsia Corp. (a)
     605,772   61,404
Manila Water Co., Inc. (a)
     853,500   282,756
Megawide Construction Corp.
     572,800   74,938
Megaworld Corp.
     6,042,000   445,642
Nickel Asia Corp.
     5,818,780   599,411
Petron Corp. (a)
     299,000   18,850
Philippine National Bank (a)
     230,200   107,423
Pilipinas Shell Petroleum Corp. (a)
     232,100   98,028
PXP Energy Corp. (a)
     549,500   96,230
Robinsons Land Corp.
     1,148,800   423,189
Security Bank Corp.
     155,170   386,826
Semirara Mining & Power Corp.
     770,800   215,657
SM Prime Holdings, Inc.
     1   1
Vista Land & Lifescapes, Inc.
     487,000   37,525
Wilcon Depot, Inc.
     470,900   172,692
          6,822,071
POLAND — 1.4%          
11 bit studios SA (a)
     1,685   235,712
Alior Bank SA (a)
     67,718   394,707
Amica SA
     1,048   39,307
Asseco Poland SA
     50,115   858,534
Bank Handlowy w Warszawie SA (a)
     16,665   165,552
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Bank Millennium SA (a)
     364,704   $ 349,731
Benefit Systems SA (a)
     694   138,941
Biomed-Lublin Wytwornia Surowic i Szczepionek SA (a)
     22,285   85,559
Budimex SA
     7,714   598,197
CCC SA (a)
     22,354   517,439
Celon Pharma SA
     4,415   55,271
Ciech SA (a)
     38,000   356,792
Columbus Energy SA (a)
     3,537   41,680
Datawalk SA (a)
     1,755   85,837
Develia SA
     287,996   173,703
Dom Development SA
     1,358   46,288
Enea SA (a)
     136,161   219,114
EPP NV (a)
     281,854   192,786
Eurocash SA (a)
     89,353   324,941
Fabryki Mebli Forte SA (a)
     7,644   96,858
Famur SA (a)
     136,285   82,027
Grupa Azoty SA (a)
     43,812   334,752
Jastrzebska Spolka Weglowa SA (a)
     24,333   182,405
KRUK SA (a)
     15,307   710,654
LiveChat Software SA
     5,863   186,915
Mercator Medical SA (a)
     2,312   203,311
PKP Cargo SA (a)
     5,490   25,043
PlayWay SA
     4,072   564,466
Tauron Polska Energia SA (a)
     627,870   412,427
TEN Square Games SA
     1,975   259,262
VRG SA (a)
     69,499   46,233
Wirtualna Polska Holding SA (a)
     4,758   119,372
X-Trade Brokers Dom Maklerski SA (b)
     20,340   88,401
          8,192,217
QATAR — 0.8%          
Aamal Co.
     452,581   118,708
Al Meera Consumer Goods Co. QSC
     129,869   698,746
Baladna
     338,354   150,173
Gulf International Services QSC (a)
     803,316   329,622
Gulf Warehousing Co.
     182,932   256,688
Mazaya Real Estate Development QPSC (a)
     88,105   30,393
Medicare Group
     182,685   486,692
Qatar Aluminium Manufacturing Co.
     1,463,258   474,222
Qatar First Bank (a)
     1,024,389   528,653
Qatar Insurance Co. SAQ (a)
     696,074   472,206
Qatari Investors Group QSC
     273,394   142,666
United Development Co. QSC
     947,199   414,676
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Vodafone Qatar QSC
     1,050,792   $ 474,747
          4,578,192
RUSSIA — 0.6%          
Aeroflot PJSC (a)
     432,233   385,536
Etalon Group PLC GDR
     117,863   190,349
Globaltrans Investment PLC GDR
     110,851   739,376
HeadHunter Group PLC ADR (c)
     7,597   257,690
Lenta PLC GDR (a)
     19,367   62,749
LSR Group PJSC GDR
     214,756   462,799
M. Video PJSC (a)
     61,146   585,399
Mechel PJSC ADR (a)
     55,540   96,084
Mosenergo PJSC (a)
     3,345,848   100,483
OGK-2 PJSC (a)
     14,657,102   152,595
QIWI PLC ADR (c)
     36,519   388,927
          3,421,987
SAUDI ARABIA — 3.5%          
Abdul Mohsen Al-Hokair Tourism and Development Co. (a)
     43,075   265,084
Al Babtain Power & Telecommunication Co.
     12,564   110,886
Al Hammadi Co. for Development and Investment (a)
     27,414   212,344
Al Jouf Agricultural Development Co.
     8,210   179,287
Al Jouf Cement Co. (a)
     53,681   171,475
Al Khaleej Training and Education Co.
     41,054   273,445
Al Moammar Information Systems Co.
     2,504   100,149
Al Rajhi Co. for Co-operative Insurance (a)
     10,245   240,937
Al Rajhi REIT
     81,030   215,841
Alahli REIT Fund 1
     20,632   51,107
Alandalus Property Co.
     16,501   101,195
Alaseel Co.
     8,172   171,267
Aldrees Petroleum and Transport Services Co.
     18,887   358,563
Al-Etihad Cooperative Insuarnce Co. (a)
     27,270   175,091
Alujain Holding (a)
     19,361   251,408
Arabian Cement Co.
     29,434   341,398
Arriyadh Development Co.
     36,648   213,220
Aseer Trading Tourism & Manufacturing Co. (a)
     40,927   266,925
Astra Industrial Group (a)
     12,420   96,203
Ataa Educational Co.
     3,203   36,724
AXA Cooperative Insurance Co. (a)
     10,052   105,334
Basic Chemical Industries, Ltd. (a)
     8,738   95,176
Batic Investments and Logistic Co. (a)
     10,103   102,636
Bawan Co.
     26,788   232,495
City Cement Co.
     41,847   289,550
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Dallah Healthcare Co.
     16,693   $ 234,567
Derayah REIT
     62,713   201,663
Dur Hospitality Co.
     40,010   331,781
Eastern Province Cement Co.
     26,828   371,260
Emaar Economic City (a)
     253,271   722,589
Fawaz Abdulaziz Al Hokair & Co. (a)
     45,379   272,487
Fitaihi Holding Group
     16,342   136,387
Hail Cement Co.
     30,754   142,683
Halwani Brothers Co.
     4,919   148,472
Herfy Food Services Co.
     15,096   262,844
Jadwa REIT Saudi Fund
     75,320   311,691
Jazan Energy and Development Co. (a)
     36,557   207,622
Leejam Sports Co. JSC (a)
     11,408   220,227
Maharah Human Resources Co.
     10,174   195,862
Mediterranean & Gulf Insurance & Reinsurance Co. (a)
     23,107   142,201
Methanol Chemicals Co. (a)
     36,846   138,723
Middle East Healthcare Co. (a)
     18,767   176,141
Mobile Telecommunications Co. (a)
     271,523   1,085,976
Musharaka Real Estate Income Fund REIT
     48,069   128,939
Najran Cement Co.
     49,286   301,992
National Agriculture Development Co (a)
     29,960   251,637
National Co. for Glass Manufacturing (a)
     31,578   313,220
National Co. for Learning & Education
     18,367   232,379
National Gas & Industrialization Co. (a)
     21,124   182,774
National Industrialization Co. (a)
     186,736   754,831
National Medical Care Co.
     11,893   169,972
Northern Region Cement Co.
     47,918   166,354
Qassim Cement Co.
     28,541   647,621
Riyad REIT Fund
     63,954   149,040
Saudi Advanced Industries Co.
     25,894   284,113
Saudi Airlines Catering Co. (a)
     20,962   424,785
Saudi Automotive Services Co.
     25,190   227,693
Saudi Ceramic Co. (a)
     24,765   275,688
Saudi Chemical Co. Holding (a)
     21,006   199,116
Saudi Co. For Hardware CJSC
     10,775   170,945
Saudi Fisheries Co. (a)
     11,746   169,438
Saudi Ground Services Co. (a)
     58,283   503,511
Saudi Industrial Services Co.
     19,702   202,252
Saudi Pharmaceutical Industries & Medical Appliances Corp.
     19,191   210,823
Saudi Public Transport Co. (a)
     49,325   341,293
Saudi Re for Cooperative Reinsurance Co. (a)
     19,944   78,598
Saudi Real Estate Co. (a)
     51,252   253,090
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Saudi Research & Marketing Group (a)
     21,355   $ 443,567
Saudi Vitrified Clay Pipe Co., Ltd.
     7,438   203,879
Saudia Dairy & Foodstuff Co.
     10,303   454,932
Seera Group Holding (a)
     96,966   488,139
Tabuk Cement Co. (a)
     34,147   180,641
Umm Al-Qura Cement Co.
     29,023   235,255
United Electronics Co.
     18,858   527,968
United International Transportation Co.
     18,426   215,684
United Wire Factories Co.
     10,519   104,758
Walaa Cooperative Insurance Co. (a)
     23,644   147,901
Yamama Cement Co.
     60,930   538,564
Yanbu Cement Co.
     48,475   557,726
Zamil Industrial Investment Co. (a)
     23,550   147,187
          20,847,221
SINGAPORE — 0.1%          
Asian Pay Television Trust
     1,000,600   78,940
Guan Chong Bhd
     123,400   93,447
Japfa, Ltd.
     222,800   151,728
Riverstone Holdings, Ltd. (c)
     360,100   329,654
Silverlake Axis, Ltd.
     944,800   172,280
          826,049
SOUTH AFRICA — 6.0%          
Adcock Ingram Holdings, Ltd.
     154,452   461,382
Advtech, Ltd. (a)(c)
     478,798   428,012
AECI, Ltd.
     93,615   656,042
Afrimat, Ltd.
     47,654   147,645
Alexander Forbes Group Holdings, Ltd.
     866,960   240,720
Arrowhead Properties, Ltd. Class B, REIT
     883,585   161,563
Astral Foods, Ltd.
     20,867   206,928
Attacq, Ltd. REIT (a)
     328,639   137,988
AVI, Ltd.
     183,568   927,397
Barloworld, Ltd. (a)
     126,777   775,021
Blue Label Telecoms, Ltd. (a)
     406,691   115,125
Brait SE (a)(c)
     589,214   104,146
Cashbuild, Ltd.
     12,954   268,296
City Lodge Hotels, Ltd.
     295,043   76,527
Coronation Fund Managers, Ltd.
     208,185   772,609
Curro Holdings, Ltd. (a)(c)
     125,803   92,779
DataTec, Ltd. (a)
     147,760   260,172
Dis-Chem Pharmacies, Ltd. (a)(b)
     325,083   505,471
Distell Group Holdings, Ltd. (a)(c)
     54,918   434,026
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
DRDGOLD, Ltd. (c)
     269,819   $ 247,229
Emira Property Fund, Ltd. REIT
     460,726   265,211
Equites Property Fund, Ltd. REIT (c)
     351,935   448,789
Famous Brands, Ltd. (a)
     71,886   258,018
Fortress REIT, Ltd. Class A,
     509,001   469,144
Fortress REIT, Ltd. Class B,
     1,106,535   217,317
Foschini Group, Ltd. (a)
     200,945   1,670,975
Grindrod, Ltd. (a)(c)
     349,378   113,571
Hosken Consolidated Investments, Ltd. (a)
     38,889   167,289
Hudaco Industries, Ltd.
     18,936   125,161
Hyprop Investments, Ltd. REIT
     193,054   368,687
Imperial Logistics, Ltd.
     105,077   336,730
Investec Property Fund, Ltd. REIT (c)
     105,458   69,276
Italtile, Ltd.
     312,663   355,726
JSE, Ltd.
     90,551   684,732
KAP Industrial Holdings, Ltd. (a)
     1,634,421   457,134
Liberty Holdings, Ltd.
     57,579   229,907
Libstar Holdings, Ltd.
     365,442   163,835
Life Healthcare Group Holdings, Ltd. (a)
     854,393   1,070,432
Long4Life, Ltd. (a)
     568,821   137,137
Massmart Holdings, Ltd. (a)(c)
     56,863   211,798
Metair Investments, Ltd. (a)
     162,494   248,370
MiX Telematics, Ltd. ADR
     8,829   121,664
Momentum Metropolitan Holdings (c)
     437,609   515,958
Motus Holdings, Ltd. (c)
     105,296   613,895
Mr. Price Group, Ltd.
     151,095   1,981,106
Net 1 UEPS Technologies, Inc. (a)(c)
     62,566   350,370
Netcare, Ltd. (a)
     827,430   798,502
Ninety One, Ltd.
     61,976   201,463
Oceana Group, Ltd.
     32,309   144,410
Omnia Holdings, Ltd. (a)
     116,487   386,548
Pick n Pay Stores, Ltd. (c)
     212,498   773,505
PSG Konsult, Ltd.
     242,460   151,063
Raubex Group, Ltd.
     135,559   260,721
Redefine Properties, Ltd. REIT (a)(c)
     3,452,450   876,776
Resilient REIT, Ltd.
     214,498   660,798
Reunert, Ltd.
     152,522   521,619
RFG Holdings, Ltd. (c)
     28,485   22,570
Royal Bafokeng Platinum, Ltd. (a)(c)
     118,532   882,995
SA Corporate Real Estate, Ltd. REIT
     1,380,279   179,472
Santam, Ltd. (a)
     22,264   367,653
Sappi, Ltd. (a)(c)
     331,872   1,033,177
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SPAR Group, Ltd.
     110,741   $ 1,424,099
Steinhoff International Holdings NV (a)(c)
     3,228,934   511,687
Stor-Age Property REIT, Ltd. (c)
     147,067   130,472
Sun International, Ltd. (a)(c)
     161,101   149,905
Super Group, Ltd. (a)
     318,200   640,009
Telkom SA SOC, Ltd.
     187,931   539,118
Tiger Brands, Ltd.
     104,551   1,492,195
Transaction Capital, Ltd. (a)
     296,297   621,037
Truworths International, Ltd.
     255,118   826,537
Tsogo Sun Gaming, Ltd. (a)
     333,331   146,730
Vukile Property Fund, Ltd. REIT
     656,970   384,850
Wilson Bayly Holmes-Ovcon, Ltd. (a)
     56,748   376,315
Woolworths Holdings, Ltd. (a)
     613,263   2,053,728
Zeder Investments, Ltd.
     593,693   106,144
          35,335,408
SPAIN — 0.0% (e)          
AmRest Holdings SE (a)
     39,008   316,335
TAIWAN — 30.1%          
Abnova Corp.
     18,000   33,435
AcBel Polytech, Inc. (c)
     776,000   787,341
ADATA Technology Co., Ltd. (c)
     237,652   714,630
Advanced Ceramic X Corp.
     51,642   1,033,455
Advanced Wireless Semiconductor Co.
     67,801   370,692
AGV Products Corp. (a)(c)
     1,624,414   514,657
Alchip Technologies, Ltd.
     55,000   1,734,833
ALI Corp. (a)
     41,000   43,467
Alpha Networks, Inc. (c)
     452,285   592,046
Altek Corp. (c)
     211,516   290,591
AMPACS Corp.
     22,144   130,382
AmTRAN Technology Co., Ltd. (a)(c)
     895,717   572,910
AP Memory Technology Corp. (c)
     31,000   945,221
Apex International Co., Ltd.
     56,000   130,516
Applied BioCode Corp. (a)
     37,000   62,114
Arcadyan Technology Corp.
     192,318   781,863
Ardentec Corp.
     112,000   176,638
Argosy Research, Inc.
     9,000   39,586
Asia Optical Co., Inc.
     200,540   627,632
Asia Pacific Telecom Co., Ltd. (a)
     920,476   308,083
Asia Polymer Corp.
     913,863   787,896
Asia Vital Components Co., Ltd.
     119,000   284,436
ASPEED Technology, Inc.
     17,000   1,027,757
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
ASROCK, Inc.
     11,000   $ 61,876
Aten International Co., Ltd.
     179,000   556,454
AURAS Technology Co., Ltd.
     26,000   200,470
Aurora Corp.
     12,000   39,323
Avermedia Technologies (c)
     90,000   151,246
Bank of Kaohsiung Co., Ltd.
     40,489   14,829
Baotek Industrial Materials, Ltd. (a)
     24,000   29,650
Basso Industry Corp.
     109,800   180,864
BES Engineering Corp. (c)
     2,485,356   778,715
Bizlink Holding, Inc. (c)
     74,764   696,990
Brave C&H Supply Co., Ltd. (c)
     14,000   79,732
Brighton-Best International Taiwan, Inc.
     190,000   180,791
Brogent Technologies, Inc.
     6,300   29,587
Capital Securities Corp.
     2,126,771   1,162,781
Career Technology MFG. Co., Ltd.
     331,943   423,465
Cathay Real Estate Development Co., Ltd.
     715,332   495,139
Center Laboratories, Inc.
     279,090   669,041
Century Iron & Steel Industrial Co., Ltd. (c)
     83,000   308,345
Chang Wah Electromaterials, Inc. (c)
     614,190   877,168
Chang Wah Technology Co., Ltd.
     50,000   127,572
Channel Well Technology Co., Ltd.
     16,000   31,795
Charoen Pokphand Enterprise
     172,675   463,565
Cheng Loong Corp.
     858,128   1,049,615
Cheng Mei Materials Technology Corp. (a)
     93,000   43,676
Cheng Uei Precision Industry Co., Ltd.
     325,915   548,846
Chia Hsin Cement Corp.
     118,000   86,226
Chief Telecom, Inc.
     7,000   77,647
Chilisin Electronics Corp. (c)
     130,455   493,784
China Airlines, Ltd. (a)
     1,650,000   881,874
China Bills Finance Corp.
     788,394   431,043
China Chemical & Pharmaceutical Co., Ltd.
     640,000   518,137
China General Plastics Corp.
     91,920   120,163
China Man-Made Fiber Corp. (a)
     1,732,527   599,915
China Motor Corp. (a)
     216,000   501,903
China Petrochemical Development Corp. (c)
     2,072,103   795,203
China Steel Chemical Corp.
     143,000   538,762
Chin-Poon Industrial Co., Ltd.
     292,000   336,179
Chipbond Technology Corp.
     514,000   1,399,706
ChipMOS Techinologies, Inc.
     281,875   437,142
Chong Hong Construction Co., Ltd.
     250,275   727,151
Chung-Hsin Electric & Machinery Manufacturing Corp. (c)
     124,000   229,461
Chunghwa Precision Test Tech Co., Ltd.
     11,000   350,436
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Cleanaway Co., Ltd.
     29,000   $ 175,832
Clevo Co.
     435,265   471,373
CMC Magnetics Corp.
     838,303   296,739
Concraft Holding Co., Ltd.
     34,911   96,047
Continental Holdings Corp.
     72,000   61,445
Coretronic Corp.
     384,652   768,414
CSBC Corp. Taiwan (a)(c)
     365,717   274,932
CTCI Corp.
     461,000   612,340
Cub Elecparts, Inc.
     50,923   432,791
CyberTAN Technology, Inc. (c)
     513,210   363,328
Dadi Early-Childhood Education Group, Ltd.
     8,000   49,767
Darfon Electronics Corp.
     131,000   217,622
Darwin Precisions Corp. (a)
     388,576   229,471
Dimerco Express Corp.
     35,000   100,953
D-Link Corp. (a)
     777,598   664,963
Dyaco International, Inc.
     18,000   75,071
Dynapack International Technology Corp.
     165,000   708,390
E Ink Holdings, Inc.
     685,000   1,322,802
E&R Engineering Corp. (a)(c)
     38,000   122,392
Egis Technology, Inc. (c)
     49,000   297,095
EirGenix, Inc. (a)
     68,000   266,919
Elan Microelectronics Corp. (c)
     267,029   1,829,607
Elite Advanced Laser Corp.
     91,600   211,881
Elite Material Co., Ltd.
     244,782   1,449,836
Elite Semiconductor Microelectronics Technology, Inc. (c)
     292,674   1,066,768
eMemory Technology, Inc.
     48,000   1,485,438
Ennoconn Corp.
     44,340   376,843
ENNOSTAR, Inc. (a)
     386,786   1,112,926
Episil-Precision, Inc. (c)
     40,000   99,674
Eternal Materials Co., Ltd.
     884,805   1,114,805
Etron Technology, Inc. (a)
     81,401   65,759
Eva Airways Corp.
     352,000   193,685
Ever Supreme Bio Technology Co., Ltd. (a)
     8,908   145,953
Everlight Chemical Industrial Corp.
     536,304   315,771
Everlight Electronics Co., Ltd.
     602,503   975,559
Excelliance Mos Corp.
     8,000   47,664
Excelsior Medical Co., Ltd.
     150,432   310,006
Far Eastern Department Stores, Ltd.
     709,490   596,774
Far Eastern International Bank
     3,182,115   1,193,307
Faraday Technology Corp.
     268,385   490,059
Farglory Land Development Co., Ltd.
     224,464   448,409
Feng Hsin Steel Co., Ltd.
     351,270   876,544
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Firich Enterprises Co., Ltd.
     117,291   $ 124,760
FIT Holding Co., Ltd. (a)
     55,000   57,635
Fittech Co., Ltd.
     23,228   147,348
FLEXium Interconnect, Inc.
     251,099   1,104,438
FocalTech Systems Co., Ltd. (c)
     95,115   603,365
Forcecon Tech Co., Ltd.
     6,000   25,970
Foresee Pharmaceuticals Co., Ltd. (a)
     33,532   121,046
Formosa Sumco Technology Corp.
     5,000   23,744
Formosa Taffeta Co., Ltd.
     659,000   711,359
Formosan Rubber Group, Inc.
     342,610   296,585
Foxsemicon Integrated Technology, Inc.
     60,050   490,367
Fulgent Sun International Holding Co., Ltd.
     67,330   270,188
Fusheng Precision Co., Ltd.
     28,000   222,269
Gamania Digital Entertainment Co., Ltd.
     38,000   88,697
Gemtek Technology Corp.
     429,234   483,646
General Biologicals Corp. (a)
     13,351   18,272
General Interface Solution Holding, Ltd.
     98,000   431,045
GeneReach Biotechnology Corp. (a)
     12,000   48,996
Getac Technology Corp.
     239,000   490,849
Gigabyte Technology Co., Ltd.
     440,000   1,538,990
Gigasolar Materials Corp.
     9,000   62,769
Gigastorage Corp. (a)
     316,941   225,490
Ginko International Co., Ltd.
     40,950   258,332
Global Lighting Technologies, Inc.
     30,000   112,501
Global Mixed Mode Technology, Inc.
     2,000   14,545
Global PMX Co., Ltd.
     16,000   104,861
Global Unichip Corp.
     79,669   1,112,680
Gloria Material Technology Corp.
     251,909   150,529
Gold Circuit Electronics, Ltd. (a)(c)
     191,000   376,203
Golden Biotechnology Corp. (a)
     33,229   60,791
Goldsun Building Materials Co., Ltd.
     1,216,044   1,152,840
Gongwin Biopharm Holdings Co., Ltd. (a)
     26,901   179,604
Gourmet Master Co., Ltd.
     76,644   468,734
Grand Pacific Petrochemical (a)
     819,000   789,349
Grand Plastic Technology Corp.
     4,000   48,786
Grape King Bio, Ltd.
     86,000   548,558
Great Wall Enterprise Co., Ltd.
     533,615   1,021,112
Gudeng Precision Industrial Co., Ltd.
     23,651   270,221
Hannstar Board Corp.
     206,674   357,458
HannStar Display Corp. (a)(c)
     2,168,599   1,170,449
HannsTouch Solution, Inc.
     673,498   273,808
Highwealth Construction Corp. (c)
     793,003   1,208,973
See accompanying notes to financial statements.
95

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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Himax Technologies, Inc. ADR (a)
     100,282   $ 1,368,849
HLJ Technology Co., Ltd.
     41,899   73,716
Ho Tung Chemical Corp. (a)
     1,243,351   430,530
Holtek Semiconductor, Inc.
     67,000   219,318
Holy Stone Enterprise Co., Ltd.
     98,000   446,501
Hota Industrial Manufacturing Co., Ltd.
     171,106   695,626
Hsin Kuang Steel Co., Ltd.
     147,000   204,274
HTC Corp. (a)(c)
     532,000   575,201
Hu Lane Associate, Inc.
     13,325   55,573
Huaku Development Co., Ltd.
     154,260   503,874
Huang Hsiang Construction Corp.
     288,484   435,259
Hung Sheng Construction, Ltd.
     72,320   49,932
Ibase Technology, Inc. (c)
     341,817   455,828
IBF Financial Holdings Co., Ltd.
     2,236,222   1,324,507
Ichia Technologies, Inc.
     355,000   234,527
International CSRC Investment Holdings Co.
     796,767   738,600
International Games System Co., Ltd.
     38,000   1,010,830
Iron Force Industrial Co., Ltd.
     63,000   173,326
ITE Technology, Inc.
     305,992   1,043,459
ITEQ Corp.
     115,872   554,324
Jentech Precision Industrial Co., Ltd.
     28,000   281,639
Jess-Link Products Co., Ltd.
     195,230   295,927
Johnson Health Tech Co., Ltd.
     6,000   18,084
KEE TAI Properties Co., Ltd. (c)
     777,076   272,343
Kenda Rubber Industrial Co., Ltd.
     680,579   1,051,888
Kerry TJ Logistics Co., Ltd.
     203,000   314,464
Keystone Microtech Corp.
     7,000   84,516
Kindom Development Co., Ltd.
     72,000   99,800
King Slide Works Co., Ltd.
     56,000   646,690
King Yuan Electronics Co., Ltd.
     953,656   1,377,024
King's Town Bank Co., Ltd.
     741,000   1,023,215
Kinpo Electronics (c)
     1,484,371   681,501
Kinsus Interconnect Technology Corp. (c)
     259,030   1,016,765
KMC Kuei Meng International, Inc.
     30,000   220,797
KNH Enterprise Co., Ltd. (c)
     55,000   68,044
Ko Ja Cayman Co., Ltd.
     10,674   51,999
Kuoyang Construction Co., Ltd.
     327,662   458,196
Land Mark Optoelectronics Corp.
     31,000   293,345
Lealea Enterprise Co., Ltd. (a)
     282,000   117,117
Lien Hwa Industrial Holdings Corp.
     742,344   1,231,907
Lin BioScience, Inc. (a)
     11,936   81,782
Lingsen Precision Industries, Ltd. (a)
     799,694   449,833
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Longchen Paper & Packaging Co., Ltd.
     641,663   $ 562,211
Longwell Co.
     201,000   440,984
Lotes Co., Ltd.
     75,418   1,320,271
Lotus Pharmaceutical Co., Ltd. (a)(c)
     34,000   92,588
Lumax International Corp., Ltd.
     146,322   385,125
Lumosa Therapeutics Co., Ltd. (a)
     17,000   21,389
Lung Yen Life Service Corp.
     171,000   310,441
Machvision, Inc.
     23,915   238,454
Macroblock, Inc.
     9,000   33,750
Macronix International Co., Ltd. (c)
     1,046,000   1,625,840
Makalot Industrial Co., Ltd.
     115,226   995,451
Marketech International Corp.
     19,000   74,913
Medigen Biotechnology Corp. (a)
     87,000   200,326
Medigen Vaccine Biologics Corp. (a)
     75,285   762,533
Mercuries & Associates Holding, Ltd.
     541,505   400,440
Merry Electronics Co., Ltd. (c)
     135,464   631,434
Microbio Co., Ltd. (a)
     233,723   561,925
Mirle Automation Corp. (c)
     282,331   483,860
Mitac Holdings Corp.
     1,028,544   1,039,971
Motech Industries, Inc. (a)
     288,982   393,979
MPI Corp.
     21,000   91,263
Mycenax Biotech, Inc. (a)
     42,409   51,278
Nan Kang Rubber Tire Co., Ltd.
     478,204   698,041
Nan Liu Enterprise Co., Ltd. (c)
     17,000   107,244
Nantex Industry Co., Ltd.
     430,504   1,659,673
Nichidenbo Corp.
     85,000   157,589
Nidec Chaun-Choung Technology Corp.
     34,000   254,407
OBI Pharma, Inc. (a)
     104,797   550,925
OptoTech Corp. (a)
     261,900   245,075
Orient Semiconductor Electronics, Ltd.
     354,704   205,117
Oriental Union Chemical Corp.
     682,500   465,238
Pan Jit International, Inc.
     212,000   397,505
Pan-International Industrial Corp. (c)
     481,539   753,539
Panion & BF Biotech, Inc.
     51,000   145,137
PChome Online, Inc.
     82,670   250,910
PharmaEngine, Inc.
     103,197   261,492
PharmaEssentia Corp. (a)
     111,953   380,592
Pharmally International Holding Co., Ltd. (a)(d)
     38,461   38,147
Phihong Technology Co., Ltd. (a)
     89,000   91,392
Phison Electronics Corp.
     95,000   1,626,450
Phytohealth Corp. (a)
     395,493   383,947
Pixart Imaging, Inc.
     104,060   745,813
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Polaris Group/Tw (a)
     138,668   $ 265,351
Posiflex Technology, Inc.
     13,000   36,586
Poya International Co., Ltd.
     46,300   967,119
President Securities Corp.
     1,325,581   1,091,759
Primax Electronics, Ltd.
     389,000   867,080
Prince Housing & Development Corp.
     1,454,996   560,928
Promate Electronic Co., Ltd. (c)
     346,000   483,840
Prosperity Dielectrics Co., Ltd.
     67,000   158,266
Qisda Corp.
     1,383,641   1,660,874
Radiant Opto-Electronics Corp.
     366,331   1,630,534
Radium Life Tech Co., Ltd.
     912,406   366,139
Rexon Industrial Corp., Ltd.
     111,000   366,849
RichWave Technology Corp.
     28,000   622,157
Ritek Corp. (a)
     643,165   236,681
Roo Hsing Co., Ltd. (a)
     138,000   50,541
Ruentex Development Co., Ltd.
     690,700   1,198,249
Ruentex Industries, Ltd.
     231,000   645,242
Sampo Corp.
     675,221   725,319
Sanyang Motor Co., Ltd.
     789,945   858,245
Savior Lifetec Corp. (a)
     47,000   49,087
ScinoPharm Taiwan, Ltd.
     402,500   368,884
SDI Corp.
     61,000   174,451
Senhwa Biosciences, Inc. (a)
     40,000   245,330
Sensortek Technology Corp.
     14,000   367,014
Sercomm Corp.
     227,000   589,517
Shihlin Paper Corp. (a)
     69,000   143,644
Shin Foong Specialty & Applied Materials Co., Ltd.
     23,000   184,996
Shin Zu Shing Co., Ltd.
     78,300   360,861
Shinkong Insurance Co., Ltd.
     357,841   501,652
Shinkong Synthetic Fibers Corp. (c)
     1,844,796   1,131,459
ShunSin Technology Holding, Ltd.
     5,000   21,992
Shuttle, Inc. (a)
     73,000   35,307
Sigurd Microelectronics Corp. (c)
     649,144   1,189,858
Silicon Integrated Systems Corp. (c)
     744,253   486,465
Silicon Motion Technology Corp. ADR
     17,687   1,050,431
Sinbon Electronics Co., Ltd.
     209,444   1,937,869
Sinmag Equipment Corp.
     37,271   141,727
Sinon Corp.
     739,662   598,822
Sinphar Pharmaceutical Co., Ltd. (c)
     257,879   283,339
Sinyi Realty, Inc.
     635,828   658,491
Sirtec International Co., Ltd.
     21,000   22,668
Sitronix Technology Corp.
     68,000   569,586
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Soft-World International Corp.
     102,848   $ 428,939
Sonix Technology Co., Ltd.
     36,000   128,693
Speed Tech Corp.
     41,000   129,324
Sporton International, Inc.
     14,000   120,702
St Shine Optical Co., Ltd.
     37,000   446,728
Standard Foods Corp.
     244,000   501,118
Sunny Friend Environmental Technology Co., Ltd.
     24,000   191,357
Sunonwealth Electric Machine Industry Co., Ltd. (c)
     76,000   140,904
Sunrex Technology Corp.
     11,000   25,521
Superalloy Industrial Co., Ltd.
     122,362   283,466
Swancor Holding Co., Ltd.
     26,000   125,749
Symtek Automation Asia Co., Ltd.
     23,746   82,973
Sysgration (a)
     42,000   56,230
Systex Corp.
     281,000   862,706
TA Chen Stainless Pipe
     745,113   818,676
TA-I Technology Co., Ltd.
     54,000   151,593
Taichung Commercial Bank Co., Ltd.
     2,336,568   941,735
TaiDoc Technology Corp.
     11,000   71,514
Taiflex Scientific Co., Ltd.
     310,699   579,301
Taigen Biopharmaceuticals Holdings, Ltd. (a)
     179,000   158,718
TaiMed Biologics, Inc. (a)
     110,000   299,548
Taimide Tech, Inc.
     32,550   66,166
Tainan Spinning Co., Ltd.
     1,565,105   1,055,910
Taisun Enterprise Co., Ltd. (c)
     694,549   730,259
Taiwan Cogeneration Corp.
     690,469   940,130
Taiwan Fertilizer Co., Ltd.
     470,000   930,677
Taiwan Glass Industry Corp. (a)
     926,000   645,828
Taiwan Hon Chuan Enterprise Co., Ltd.
     220,218   534,086
Taiwan Land Development Corp. (a)
     408,781   103,725
Taiwan Paiho, Ltd.
     173,000   492,935
Taiwan PCB Techvest Co., Ltd.
     38,000   69,120
Taiwan Secom Co., Ltd.
     274,961   899,094
Taiwan Semiconductor Co., Ltd.
     138,000   279,066
Taiwan Shin Kong Security Co., Ltd.
     47,470   63,470
Taiwan Surface Mounting Technology Corp. (c)
     236,308   968,985
Taiwan Union Technology Corp. (c)
     193,000   808,310
Taiyen Biotech Co., Ltd.
     340,979   405,714
Tanvex BioPharma, Inc. (a)
     72,238   225,324
TBI Motion Technology Co., Ltd. (a)
     58,000   119,525
TCI Co., Ltd.
     60,545   458,337
Teco Electric and Machinery Co., Ltd.
     1,486,000   1,684,790
Test Rite International Co., Ltd.
     431,896   395,068
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Thye Ming Industrial Co., Ltd. (c)
     256,218   $ 267,595
Ton Yi Industrial Corp. (a)
     732,000   306,571
Tong Hsing Electronic Industries, Ltd.
     96,486   691,529
Tong Yang Industry Co., Ltd.
     344,872   438,146
Topco Scientific Co., Ltd.
     259,299   1,240,469
Topkey Corp.
     50,000   311,920
Toung Loong Textile Manufacturing
     26,000   34,718
TPK Holding Co., Ltd. (a)
     225,000   395,857
Transcend Information, Inc.
     148,484   339,817
TSEC Corp. (a)
     216,848   353,015
TSRC Corp.
     669,028   663,565
TTY Biopharm Co., Ltd.
     214,436   562,901
Tung Ho Steel Enterprise Corp.
     666,258   1,040,262
TXC Corp.
     350,080   1,257,603
U-Ming Marine Transport Corp.
     429,000   620,955
Unitech Printed Circuit Board Corp.
     175,240   134,195
United Integrated Services Co., Ltd.
     38,000   329,618
United Renewable Energy Co., Ltd. (a)
     1,760,832   925,682
Unity Opto Technology Co., Ltd. (a)(d)
     771,307   55,686
Universal Cement Corp.
     49,000   39,326
Universal Vision Biotechnology Co., Ltd.
     20,000   226,405
Universal, Inc. (c)
     22,000   73,403
Unizyx Holding Corp. (a)(c)
     516,694   685,412
UPC Technology Corp.
     983,632   710,154
USI Corp.
     1,012,590   904,954
Visual Photonics Epitaxy Co., Ltd.
     179,371   744,943
Wafer Works Corp.
     417,418   617,357
Walsin Lihwa Corp.
     1,034,000   688,536
Wan Hai Lines, Ltd. (c)
     724,320   1,398,732
Wei Chuan Foods Corp.
     487,899   368,493
Winbond Electronics Corp.
     1,505,000   1,556,005
Wistron NeWeb Corp.
     267,249   697,790
WT Microelectronics Co., Ltd.
     296,090   489,281
WUS Printed Circuit Co., Ltd.
     172,187   189,187
XinTec, Inc. (a)(c)
     99,000   628,010
Xxentria Technology Materials Corp.
     81,000   189,065
Yang Ming Marine Transport Corp. (a)
     657,970   869,361
Yeong Guan Energy Technology Group Co., Ltd.
     95,090   266,611
YFY, Inc.
     1,638,941   1,809,366
Yieh Phui Enterprise Co., Ltd. (a)
     1,263,846   591,327
Young Optics, Inc. (a)
     58,000   177,458
Yuan High-Tech Development Co., Ltd.
     4,000   31,963
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Yulon Finance Corp.
     258,180   $ 1,149,156
Yulon Motor Co., Ltd. (a)
     253,390   391,190
Zenitron Corp.
     417,348   406,627
ZillTek Technology Corp. (c)
     11,000   115,656
Zinwell Corp. (a)
     514,674   333,700
          178,514,948
THAILAND — 4.2%          
Absolute Clean Energy PCL
     405,300   51,619
AEON Thana Sinsap Thailand PCL NVDR
     35,900   245,843
Amata Corp. PCL
     134,500   81,776
Bangchak Corp. PCL NVDR (c)
     124,400   102,506
Bangkok Airways PCL NVDR (a)
     450,000   122,400
Bangkok Chain Hospital PCL NVDR
     671,900   316,062
Bangkok Land PCL NVDR
     15,037,600   567,820
Bangkok Life Assurance PCL NVDR (a)
     187,800   156,250
Banpu PCL NVDR
     861,700   347,437
Banpu Power PCL NVDR
     145,000   93,264
Beauty Community PCL (a)(c)
     2,191,575   127,637
BEC World PCL NVDR (a)
     867,481   269,266
Central Plaza Hotel PCL NVDR (a)
     812,402   948,886
CH Karnchang PCL NVDR (a)
     53,400   30,587
Chularat Hospital PCL NVDR
     7,671,300   716,806
CK Power PCL NVDR (a)
     806,800   125,990
Com7 PCL Class F
     120,700   247,194
CPN Retail Growth Leasehold REIT
     338,900   226,656
Dohome PCL NVDR
     260,561   166,759
Dynasty Ceramic PCL NVDR
     3,940,720   332,912
Eastern Polymer Group PCL NVDR
     396,300   129,352
Erawan Group PCL NVDR (a)
     737,000   112,260
Esso Thailand PCL NVDR (a)(c)
     1,445,967   386,362
Frasers Property Thailand Industrial Freehold & Leasehold REIT
     365,259   150,779
GFPT PCL
     302,200   117,012
Gunkul Engineering PCL NVDR
     5,225,304   625,364
Hana Microelectronics PCL NVDR
     342,300   605,186
Ichitan Group PCL NVDR
     431,263   194,586
IMPACT Growth Real Estate Investment Trust
     305,500   189,654
Inter Far East Energy Corp. NVDR (a)(d)
     283,900   —
International Engineering PCL (a)(d)
     63,855,934   —
IRPC PCL NVDR
     5,640,500   671,445
Jasmine International PCL NVDR
     2,865,225   267,727
Jay Mart PCL
     103,210   141,191
JMT Network Services PCL NVDR
     504,109   750,114
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
KCE Electronics PCL NVDR
     569,063   $ 1,019,761
Kiatnakin Phatra Bank PCL NVDR
     172,000   335,744
LPN Development PCL NVDR
     899,600   146,815
Major Cineplex Group PCL NVDR
     690,221   494,750
MBK PCL NVDR
     268,084   131,254
MC Group PCL NVDR
     230,400   82,575
Mega Lifesciences PCL
     165,200   181,059
MK Restaurants Group PCL NVDR
     54,200   96,259
Mono Next PCL (a)
     275,700   19,586
Noble Development PCL NVDR
     208,200   56,630
Origin Property PCL NVDR
     728,550   197,000
Plan B Media Pcl NVDR
     957,600   223,695
Polyplex Thailand PCL
     164,000   120,704
Precious Shipping PCL (a)
     610,700   242,326
Prima Marine PCL NVDR (c)
     431,500   111,845
Pruksa Holding PCL NVDR
     1,340,731   549,163
PTG Energy PCL NVDR
     790,300   520,966
R&B Food Supply PCL
     171,400   99,275
Ratchthani Leasing PCL NVDR (c)
     1,278,537   184,928
RS PCL NVDR
     180,400   167,411
Siam City Cement PCL NVDR
     24,300   129,082
Siamgas & Petrochemicals PCL NVDR
     433,000   159,344
Singer Thailand PCL
     26,700   35,244
Singha Estate PCL NVDR
     1,664,300   116,102
Sino-Thai Engineering & Construction PCL NVDR
     1,281,000   647,674
SPCG PCL NVDR
     153,900   96,034
Sri Trang Agro-Industry PCL NVDR
     811,032   1,213,304
Star Petroleum Refining PCL NVDR (c)
     947,800   272,966
Supalai PCL NVDR
     1,067,700   731,161
Super Energy Corp. PCL NVDR (a)(c)
     6,290,600   203,312
SVI PCL (a)
     389,940   64,262
Taokaenoi Food & Marketing PCL NVDR (c)
     349,000   111,680
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund
     1,590,200   793,828
Thai Vegetable Oil PCL NVDR
     465,800   473,253
Thaicom PCL NVDR
     559,800   174,658
Thanachart Capital PCL NVDR
     271,422   330,049
Thonburi Healthcare Group PCL NVDR
     99,800   83,832
Thoresen Thai Agencies PCL
     1,822,782   752,444
Tipco Asphalt PCL NVDR
     732,663   485,316
Tisco Financial Group PCL NVDR
     201,500   627,068
TPI Polene PCL
     996,100   59,607
TPI Polene Power PCL NVDR
     4,449,600   623,656
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
TQM Corp. PCL NVDR (c)
     59,700   $ 234,024
TTW PCL NVDR
     639,700   241,551
VGI PCL NVDR (c)
     1,621,100   376,095
Vibhavadi Medical Center PCL NVDR (c)
     2,506,500   148,385
WHA Corp. PCL NVDR
     3,778,000   420,718
WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust Class F, (c)
     789,900   331,126
WHA Utilities and Power PCL NVDR
     610,400   87,507
          24,623,730
TURKEY — 2.1%          
Afyon Cimento Sanayi TAS (a)
     69,020   34,943
AG Anadolu Grubu Holding A/S Class A (c)
     95,009   258,064
Aksa Akrilik Kimya Sanayii A/S
     175,145   342,830
Aksa Enerji Uretim A/S (a)
     48,655   68,077
Albaraka Turk Katilim Bankasi A/S (a)
     86,718   18,860
Alkim Alkali Kimya A/S
     27,817   58,987
Anadolu Efes Biracilik Ve Malt Sanayii A/S
     94,008   239,443
Aygaz A/S
     104,553   186,841
Bera Holding A/S (a)
     201,329   594,530
Cemas Dokum Sanayi A/S (a)
     307,321   48,644
Coca-Cola Icecek A/S
     42,555   353,757
Deva Holding A/S
     11,817   43,434
Dogan Sirketler Grubu Holding A/S
     413,966   161,560
EGE Endustri VE Ticaret A/S
     322   61,433
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S
     24,009   18,711
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT (c)
     1,094,472   252,583
Enerjisa Enerji AS (b)
     233,939   330,716
Gubre Fabrikalari TAS (a)
     22,195   196,037
Hektas Ticaret TAS (a)
     33,205   121,807
Ihlas Gayrimenkul Proje Gelistirme Ve Ticaret A/S (a)
     783,758   105,117
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim A/S (a)
     53,506   76,158
Is Finansal Kiralama A/S (a)
     128,302   50,693
Is Gayrimenkul Yatirim Ortakligi A/S REIT (a)
     687,693   163,692
Is Yatirim Menkul Degerler A/S Class A
     14,633   27,759
Izmir Demir Celik Sanayi A/S (a)(c)
     32,093   9,849
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D (a)
     837,554   716,494
Karsan Otomotiv Sanayii Ve Ticaret A/S (a)
     128,920   61,062
Kerevitas Gida Sanayi ve Ticaret A/S (a)
     54,993   37,011
Koza Altin Isletmeleri A/S (a)
     48,063   691,074
Koza Anadolu Metal Madencilik Isletmeleri A/S (a)
     164,680   277,576
Logo Yazilim Sanayi Ve Ticaret A/S (a)
     9,664   181,574
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Mavi Giyim Sanayi Ve Ticaret AS Class B (a)(b)
     35,710   $ 199,773
Migros Ticaret A/S (a)
     104,025   439,918
MLP Saglik Hizmetleri AS (a)(b)
     121,038   301,855
Nuh Cimento Sanayi A/S
     29,802   211,373
ODAS Elektrik Uretim ve Sanayi Ticaret A/S (a)
     205,245   86,053
Otokar Otomotiv Ve Savunma Sanayi A/S
     631   27,668
Oyak Cimento Fabrikalari A/S (a)(c)
     121,314   104,659
Pegasus Hava Tasimaciligi A/S (a)
     27,127   236,322
Petkim Petrokimya Holding A/S (a)
     806,130   560,066
RTA Laboratuarlari Biyolojik Urunleri Ilac Sanayi Ve Ticaret A/S (a)
     20,776   76,966
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S
     136,869   222,099
Sasa Polyester Sanayi A/S (a)
     128,454   700,298
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.
     36,852   46,798
Sok Marketler Ticaret AS (a)
     177,659   252,012
Tat Gida Sanayi A/S
     11,005   12,566
TAV Havalimanlari Holding A/S (a)
     116,073   286,107
Tekfen Holding A/S (c)
     171,399   306,918
Tofas Turk Otomobil Fabrikasi A/S
     71,469   285,833
Tukas Gida Sanayi ve Ticaret A/S (a)
     48,446   46,419
Turk Traktor ve Ziraat Makineleri A/S
     18,861   471,055
Turkiye Halk Bankasi A/S (a)(c)
     339,462   177,191
Turkiye Sigorta A/S (a)(c)
     117,990   87,392
Turkiye Sinai Kalkinma Bankasi A/S (a)(c)
     1,031,684   168,286
Turkiye Sise ve Cam Fabrikalari A/S
     716,895   630,599
Ulker Biskuvi Sanayi A/S (a)
     107,773   274,243
Vakif Gayrimenkul Yatirim Ortakligi A/S REIT (a)
     115,973   44,000
Vestel Elektronik Sanayi ve Ticaret A/S (a)
     26,340   119,348
Yatas Yatak ve Yorgan Sanayi ve Ticaret A/S
     32,713   58,222
Zorlu Enerji Elektrik Uretim A/S (a)
     149,731   41,792
          12,265,147
UNITED ARAB EMIRATES — 0.5%          
Air Arabia PJSC (a)
     1,754,344   601,792
Amanat Holdings PJSC
     636,572   147,309
Arabtec Holding PJSC (a)(d)
     483,581   —
DAMAC Properties Dubai Co. PJSC (a)
     882,993   288,470
Dana Gas PJSC
     1,936,509   419,129
Deyaar Development PJSC (a)
     443,447   31,751
Dubai Financial Market PJSC
     361,465   101,360
Dubai Investments PJSC
     944,540   416,578
DXB Entertainments PJSC (a)
     432,832   9,073
Eshraq Investments PJSC (a)
     1,687,883   155,777
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
RAK Properties PJSC
     2,662,041   $ 380,483
SHUAA Capital PSC (a)
     369,279   66,353
Union Properties PJSC (a)
     1,204,291   87,540
          2,705,615
UNITED STATES — 0.1%          
Ideanomics, Inc. (a)(c)
     36,891   107,722
Titan Cement International SA (a)
     25,278   475,347
          583,069
TOTAL COMMON STOCKS

(Cost $537,702,612)
         592,194,320
CONVERTIBLE PREFERRED STOCKS — 0.0% (e)        
PHILIPPINES — 0.0% (e)          
Cebu Air, Inc. 6.00% 3/29/27 (a)
     99,204   83,185
TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $77,550)
         83,185
       
RIGHTS — 0.0% (e)    
TURKEY — 0.0% (e)      
Izmir Demir Celik Sanayi A/S (expiring 04/15/21) (a)

(Cost: $64,103)
   32,093 17,527
WARRANTS — 0.0% (e)    
MALAYSIA — 0.0% (e)      
GDEX Bhd, (expiring 01/04/28) (a)
   72,250 2,352
JAKS Resources Bhd, (expiring 11/18/25) (a)
   173,600 14,025
Scientex Bhd (expiring 01/14/26) (a)
   41,040 12,174
Serba Dinamik Holdings Bhd, (expiring 12/5/24) (a)
   127,260 6,292
      34,843
THAILAND — 0.0% (e)      
MBK W2 R (expiring 03/24/22) (a)
   10,724 4,221
Noble Development PCL (expiring 01/12/24) (a)
   52,050 3,898
      8,119
TOTAL WARRANTS

(Cost $0)
     42,962
SHORT-TERM INVESTMENTS — 1.9%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.07% (f) (g)
 33,799 33,809
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (h) (i)
   11,292,793   $ 11,292,793
TOTAL SHORT-TERM INVESTMENTS

(Cost $11,326,602)
   11,326,602  
TOTAL INVESTMENTS — 101.9%

(Cost $549,170,867)
   603,664,596  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.9)%
  (11,236,535)  
NET ASSETS — 100.0%
  $ 592,428,061  
(a) Non-income producing security.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.0% 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.
(c) All or a portion of the shares of the security are on loan at March 31, 2021.
(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 $552,361, representing 0.1% 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
GDR Global Depositary Receipt
NVDR Non Voting Depositary Receipt
REIT Real Estate Investment Trust
See accompanying notes to financial statements.
106

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
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
   $588,303,582   $3,338,377   $552,361   $592,194,320
Convertible Preferred Stocks
   83,185   —   —   83,185
Rights
   17,527   —   —   17,527
Warrants
   38,741   4,221   —   42,962
Short-Term Investments
   11,326,602   —   —   11,326,602
TOTAL INVESTMENTS
   $599,769,637   $3,342,598   $552,361   $603,664,596
Sector Breakdown as of March 31, 2021

    
    % of Net Assets
  Information Technology 20.7%
  Consumer Discretionary 13.6
  Industrials 13.5
  Materials 12.8
  Financials 9.7
  Real Estate 7.9
  Health Care 6.8
  Consumer Staples 5.7
  Communication Services 3.5
  Utilities 3.5
  Energy 2.3
  Short-Term Investments 1.9
  Liabilities in Excess of Other Assets (1.9)
  TOTAL 100.0%
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
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
 895,024   $ 895,203   $15,267,474   $16,128,916   $48   $—   33,799   $ 33,809   $ 390
State Street Navigator Securities Lending Portfolio II
 9,052,103   9,052,103   45,525,884   43,285,194   —   —   11,292,793   11,292,793   218,147
Total
     $9,947,306   $60,793,358   $ 59,414,110   $48   $—       $11,326,602   $218,537
See accompanying notes to financial statements.
107

Table of Contents
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.1%        
AUSTRALIA — 5.5%          
APA Group Stapled Security
     1,291,817   $ 9,858,802
AusNet Services
     3,796,381   5,305,927
Commonwealth Bank of Australia
     91,142   5,976,916
GPT Group REIT
     719,619   2,521,250
IRESS, Ltd.
     342,158   2,392,351
Orica, Ltd.
     360,183   3,826,951
Sonic Healthcare, Ltd.
     190,318   5,086,496
          34,968,693
BELGIUM — 1.0%          
Groupe Bruxelles Lambert SA
     61,382   6,367,273
CANADA — 19.1%          
Algonquin Power & Utilities Corp.
     299,773   4,748,761
Allied Properties Real Estate Investment Trust
     99,155   3,206,158
BCE, Inc.
     280,503   12,660,966
Canadian Imperial Bank of Commerce (a)
     98,107   9,605,018
Canadian Utilities, Ltd. Class A
     269,086   7,223,584
Capital Power Corp. (a)
     153,256   4,438,492
Fortis, Inc.
     165,832   7,194,828
National Bank of Canada (a)
     111,918   7,601,893
Rogers Communications, Inc. Class B
     141,820   6,538,942
Royal Bank of Canada
     78,228   7,211,901
Shaw Communications, Inc. Class B
     604,878   15,727,742
Sun Life Financial, Inc.
     123,516   6,241,398
TC Energy Corp. (a)
     265,380   12,164,174
TELUS Corp.
     436,449   8,691,824
Toronto-Dominion Bank
     118,210   7,708,550
          120,964,231
CHINA — 3.2%          
Bank of Communications Co., Ltd. Class H
     15,167,000   9,656,844
China Merchants Bank Co., Ltd. Class H
     459,500   3,507,814
Guangdong Investment, Ltd.
     4,260,000   6,937,031
          20,101,689
FRANCE — 4.4%          
Danone SA
     115,125   7,915,422
Gecina SA REIT
     34,661   4,782,530
TOTAL SE
     321,925   15,049,200
          27,747,152
See accompanying notes to financial statements.
108

Table of Contents
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
GERMANY — 4.4%          
Grand City Properties SA
     148,235   $ 3,721,350
LEG Immobilien SE
     40,573   5,348,397
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
     24,258   7,486,835
TAG Immobilien AG
     211,592   6,052,967
Vonovia SE
     84,473   5,529,956
          28,139,505
HONG KONG — 4.8%          
CLP Holdings, Ltd.
     832,000   8,079,800
Hang Lung Properties, Ltd.
     2,269,000   5,895,439
HKT Trust & HKT, Ltd. Stapled Security
     3,160,000   4,503,572
MTR Corp., Ltd.
     996,500   5,646,165
PCCW, Ltd.
     5,212,353   2,936,556
Sino Land Co., Ltd. (a)
     2,575,607   3,584,571
          30,646,103
ITALY — 2.9%          
Italgas SpA
     1,148,748   7,472,930
Terna Rete Elettrica Nazionale SpA
     1,049,623   7,942,054
UnipolSai Assicurazioni SpA (a)
     977,668   2,946,171
          18,361,155
JAPAN — 13.6%          
Advance Residence Investment Corp. REIT
     1,412   4,434,063
AEON REIT Investment Corp.
     1,761   2,374,561
Chugoku Electric Power Co., Inc. (a)
     507,300   6,239,101
Daiwa House REIT Investment Corp.
     1,924   5,173,035
Daiwa Securities Living Investments Corp. REIT
     2,550   2,506,154
Electric Power Development Co., Ltd. (a)
     482,500   8,444,842
Frontier Real Estate Investment Corp. REIT
     641   2,735,127
GLP J-REIT
     2,249   3,700,165
Japan Excellent, Inc. REIT
     1,189   1,543,010
Japan Logistics Fund, Inc. REIT
     1,112   3,139,765
Japan Real Estate Investment Corp. REIT
     723   4,272,570
Kenedix Office Investment Corp. REIT
     525   3,739,140
Mori Hills REIT Investment Corp.
     1,567   2,173,947
MS&AD Insurance Group Holdings, Inc. (a)
     254,200   7,474,170
Nippon Accommodations Fund, Inc. REIT
     779   4,575,303
Nippon Building Fund, Inc. REIT
     767   4,518,706
Sankyo Co., Ltd.
     176,500   4,684,837
Sega Sammy Holdings, Inc.
     226,200   3,535,270
Sekisui House Reit, Inc.
     5,951   4,954,679
See accompanying notes to financial statements.
109

Table of Contents
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Toyota Motor Corp. (a)
     78,200   $ 6,097,477
          86,315,922
MALAYSIA — 0.9%          
Malayan Banking Bhd
     2,992,187   5,953,344
NEW ZEALAND — 0.7%          
Spark New Zealand, Ltd. (a)
     1,458,851   4,577,246
NORWAY — 2.5%          
Entra ASA (b)
     163,442   3,635,938
Telenor ASA
     688,092   12,131,396
          15,767,334
RUSSIA — 1.0%          
Inter Rao Use PJSC (c)
     90,717,461   6,142,026
SINGAPORE — 0.9%          
Singapore Technologies Engineering, Ltd.
     2,025,900   5,865,400
SOUTH AFRICA — 0.8%          
SPAR Group, Ltd.
     408,779   5,256,788
SOUTH KOREA — 1.9%          
Hanon Systems (a)
     195,593   3,050,335
SK Telecom Co., Ltd.
     36,135   8,780,318
          11,830,653
SPAIN — 5.9%          
Enagas SA
     644,405   14,026,471
Endesa SA
     461,985   12,249,419
Red Electrica Corp. SA
     640,685   11,370,251
          37,646,141
SWITZERLAND — 10.8%          
Allreal Holding AG
     14,240   2,880,833
Baloise Holding AG
     39,338   6,721,086
Banque Cantonale Vaudoise
     45,298   4,437,630
Cembra Money Bank AG
     50,840   5,623,380
Helvetia Holding AG
     84,430   9,957,743
Novartis AG
     72,029   6,181,568
SGS SA
     1,935   5,512,123
Swiss Prime Site AG
     91,523   8,474,982
Swisscom AG (a)
     17,694   9,531,805
Zurich Insurance Group AG
     21,242   9,104,843
          68,425,993
See accompanying notes to financial statements.
110

Table of Contents
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
TAIWAN — 5.8%          
CTBC Financial Holding Co., Ltd.
     12,804,000   $ 9,917,233
E.Sun Financial Holding Co., Ltd.
     5,738,000   5,248,722
Fubon Financial Holding Co., Ltd.
     4,423,000   8,804,766
Mega Financial Holding Co., Ltd.
     8,807,000   9,846,259
Taishin Financial Holding Co., Ltd.
     5,781,859   2,715,344
          36,532,324
UNITED KINGDOM — 9.0%          
Britvic PLC
     354,238   4,093,217
GlaxoSmithKline PLC
     625,121   11,108,739
Moneysupermarket.com Group PLC
     717,097   2,637,685
National Grid PLC
     867,463   10,340,690
Severn Trent PLC
     247,787   7,883,565
Tate & Lyle PLC
     584,089   6,182,618
Unilever PLC
     114,076   6,383,767
United Utilities Group PLC
     659,070   8,418,476
          57,048,757
TOTAL COMMON STOCKS

(Cost $581,891,542)
         628,657,729
       
SHORT-TERM INVESTMENTS — 4.6%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.07% (d) (e)
 125,045 125,083
State Street Navigator Securities Lending Portfolio II (f) (g)
 28,851,732 28,851,732
TOTAL SHORT-TERM INVESTMENTS

(Cost $28,976,815)
 28,976,815
TOTAL INVESTMENTS — 103.7%

(Cost $610,868,357)
 657,634,544
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.7)%
(23,264,031)
NET ASSETS — 100.0%
$ 634,370,513
(a) All or a portion of the shares of the security are on loan at March 31, 2021.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.6% 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.
(c) Non-income producing security.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
See accompanying notes to financial statements.
111

Table of Contents
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
(e) The rate shown is the annualized seven-day yield at March 31, 2021.
(f) 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.
(g) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
TOTAL RETURN SWAPS
During the period ended March 31, 2021, average notional value related to OTC swaps contracts was $1,000,001.
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
   $628,657,729   $—   $—   $628,657,729
Short-Term Investments
   28,976,815   —   —   28,976,815
TOTAL INVESTMENTS
   $657,634,544   $—   $—   $657,634,544
Sector Breakdown as of March 31, 2021

    
    % of Net Assets
  Financials 25.2%
  Utilities 24.3
  Real Estate 16.6
  Communication Services 13.6
  Consumer Staples 4.7
  Energy 4.3
  Health Care 3.5
  Consumer Discretionary 3.2
  Industrials 2.7
  Materials 0.6
  Information Technology 0.4
  Short-Term Investments 4.6
  Liabilities in Excess of Other Assets (3.7)
  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.
112

Table of Contents
SPDR S&P INTERNATIONAL DIVIDEND 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
 4,665,530   $ 4,666,463   $ 14,394,669   $ 18,936,023   $(492)   $466   125,045   $ 125,083   $ 312
State Street Navigator Securities Lending Portfolio II
 11,138,775   11,138,775   106,528,660   88,815,703   —   —   28,851,732   28,851,732   55,716
Total
     $15,805,238   $120,923,329   $107,751,726   $(492)   $466       $28,976,815   $56,028
See accompanying notes to financial statements.
113

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2021 (Unaudited)
  SPDR EURO STOXX 50 ETF   SPDR MSCI ACWI ex-US ETF   SPDR S&P Emerging Markets Dividend ETF
ASSETS          
Investments in unaffiliated issuers, at value*
 $1,990,615,648   $1,605,010,595   $ 322,715,898
Investments in affiliated issuers, at value
 914,756   51,098,182   2,192,390
Total Investments
 1,991,530,404   1,656,108,777   324,908,288
Foreign currency, at value
 870,091   5,129,262   527,550
Net cash at broker
 —   —   57,886
Receivable for investments sold
 —   —   1,306,950
Dividends receivable — unaffiliated issuers
 1,463,322   4,891,346   559,307
Dividends receivable — affiliated issuers
 55   212   21
Securities lending income receivable — unaffiliated issuers
 —   7,370   589
Securities lending income receivable — affiliated issuers
 —   19,920   414
Receivable from Adviser
 —   41,225   —
Receivable for foreign taxes recoverable
 7,805,624   2,750,113   6,856
Other Receivable
 21,910   618   —
TOTAL ASSETS
2,001,691,406   1,668,948,843   327,367,861
LIABILITIES          
Payable upon return of securities loaned
 —   43,671,342   2,008,870
Payable for investments purchased
 —   —   1,512,904
Payable to broker – accumulated variation margin on open futures contracts
 —   —   5,960
Deferred foreign taxes payable
 —   345,812   —
Advisory fee payable
 485,091   448,874   133,023
Trustees’ fees and expenses payable
 4,095   3,467   994
TOTAL LIABILITIES
489,186   44,469,495   3,661,751
NET ASSETS
$2,001,202,220   $1,624,479,348   $ 323,706,110
NET ASSETS CONSIST OF:          
Paid-in Capital
 $2,369,766,067   $1,534,074,557   $ 587,182,383
Total distributable earnings (loss)**
 (368,563,847)   90,404,791   (263,476,273)
NET ASSETS
$2,001,202,220   $1,624,479,348   $ 323,706,110
NET ASSET VALUE PER SHARE          
Net asset value per share
 $ 44.57   $ 28.85   $ 29.97
Shares outstanding (unlimited amount authorized, $0.01 par value)
 44,900,967   56,299,982   10,800,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers
 $1,751,199,859   $1,387,782,384   $ 289,248,627
Investments in affiliated issuers
 914,729   51,098,182   2,192,390
Total cost of investments
 $ 1,752,114,588   $1,438,880,566   $ 291,441,017
Foreign currency, at cost
 $ 871,757   $ 5,169,894   $ 529,836
* Includes investments in securities on loan, at value
 $ —   $ 64,323,910   $ 7,914,428
** Includes deferred foreign taxes
 $ —   $ 345,811   $ —
See accompanying notes to financial statements.
114

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
March 31, 2021 (Unaudited)
  SPDR S&P Emerging Markets Small Cap ETF   SPDR S&P International Dividend ETF
ASSETS      
Investments in unaffiliated issuers, at value*
 $592,337,994   $ 628,657,729
Investments in affiliated issuers, at value
 11,326,602   28,976,815
Total Investments
 603,664,596   657,634,544
Foreign currency, at value
 1,345,786   964,339
Receivable for investments sold
 78,334   4,489,851
Foreign currency contracts sold
 1,734   —
Dividends receivable — unaffiliated issuers
 612,032   2,761,853
Dividends receivable — affiliated issuers
 73   24
Securities lending income receivable — unaffiliated issuers
 59,957   11,780
Securities lending income receivable — affiliated issuers
 36,861   6,989
Receivable for foreign taxes recoverable
 11,561   1,933,223
Other Receivable
 —   2,535
TOTAL ASSETS
605,810,934   667,805,138
LIABILITIES      
Payable upon return of securities loaned
 11,292,793   28,851,732
Payable for investments purchased
 —   4,342,581
Deferred foreign taxes payable
 1,758,119   —
Advisory fee payable
 331,208   238,491
Trustees’ fees and expenses payable
 753   1,821
TOTAL LIABILITIES
13,382,873   33,434,625
NET ASSETS
$592,428,061   $ 634,370,513
NET ASSETS CONSIST OF:      
Paid-in Capital
 $631,173,282   $1,078,544,275
Total distributable earnings (loss)**
 (38,745,221)   (444,173,762)
NET ASSETS
$592,428,061   $ 634,370,513
NET ASSET VALUE PER SHARE      
Net asset value per share
 $ 55.37   $ 38.10
Shares outstanding (unlimited amount authorized, $0.01 par value)
 10,700,000   16,651,326
COST OF INVESTMENTS:      
Investments in unaffiliated issuers
 $537,844,265   $ 581,891,542
Investments in affiliated issuers
 11,326,602   28,976,815
Total cost of investments
 $549,170,867   $ 610,868,357
Foreign currency, at cost
 $ 1,346,986   $ 967,529
* Includes investments in securities on loan, at value
 $ 33,601,501   $ 44,707,779
** Includes deferred foreign taxes
 $ 1,736,352   $ —
See accompanying notes to financial statements.
115

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2021 (Unaudited)
  SPDR EURO STOXX 50 ETF   SPDR MSCI ACWI ex-US ETF
INVESTMENT INCOME      
Dividend income — unaffiliated issuers
 $ 10,136,833   $ 15,862,778
Dividend income — affiliated issuers
 238   633
Dividend income — non-cash transactions
 703,484   —
Unaffiliated securities lending income
 5,273   39,086
Affiliated securities lending income
 6,975   67,523
Foreign taxes withheld
 (1,352,314)   (1,479,009)
TOTAL INVESTMENT INCOME (LOSS)
 9,500,489   14,491,011
EXPENSES      
Advisory fee
 2,702,559   2,443,106
Trustees’ fees and expenses
 11,295   8,380
TOTAL EXPENSES
 2,713,854   2,451,486
Expenses waived/reimbursed by the Adviser
 —   (283,315)
NET EXPENSES
 2,713,854   2,168,171
NET INVESTMENT INCOME (LOSS)
 $ 6,786,635   $ 12,322,840
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers
 (11,993,645)   (6,926,182)
Investments — affiliated issuers
 (44)   —
In-kind redemptions — unaffiliated issuers
 28,995,096   9,720,112
Foreign currency transactions
 37,344   211,573
Net realized gain (loss)
 17,038,751   3,005,503
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers*
 363,700,004   255,705,726
Investment — affiliated issuers
 78   —
Foreign currency translations
 784   (103,622)
Net change in unrealized appreciation/depreciation
 363,700,866   255,602,104
NET REALIZED AND UNREALIZED GAIN (LOSS)
 380,739,617   258,607,607
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $387,526,252   $270,930,447
* Includes foreign deferred taxes
 $ —   $ (319,761)
See accompanying notes to financial statements.
116

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended March 31, 2021 (Unaudited)
  SPDR S&P Emerging Markets Dividend ETF   SPDR S&P Emerging Markets Small Cap ETF
INVESTMENT INCOME      
Dividend income — unaffiliated issuers
 $ 3,033,569   $ 3,691,988
Dividend income — affiliated issuers
 229   390
Unaffiliated securities lending income
 12,521   349,822
Affiliated securities lending income
 4,934   218,147
Foreign taxes withheld
 (360,364)   (407,071)
TOTAL INVESTMENT INCOME (LOSS)
 2,690,889   3,853,276
EXPENSES      
Advisory fee
 698,807   1,861,607
Trustees’ fees and expenses
 1,840   3,356
Miscellaneous expenses
 —   20,672
TOTAL EXPENSES
 700,647   1,885,635
NET INVESTMENT INCOME (LOSS)
 $ 1,990,242   $ 1,967,641
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers*
 (5,929,881)   (979,355)
Investments — affiliated issuers
 (51)   48
In-kind redemptions — unaffiliated issuers
 1,051   2,129,402
Foreign currency transactions
 (14,505)   (9,361)
Futures contracts
 290,618   —
Net realized gain (loss)
 (5,652,768)   1,140,734
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers**
 64,096,781   130,639,108
Investment — affiliated issuers
 51   —
Foreign currency translations
 (5,643)   7,136
Futures contracts
 (9,307)   —
Net change in unrealized appreciation/depreciation
 64,081,882   130,646,244
NET REALIZED AND UNREALIZED GAIN (LOSS)
 58,429,114   131,786,978
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $60,419,356   $133,754,619
* Includes foreign capital gain taxes
 $ (681)   $ (33,122)
** Includes foreign deferred taxes
 $ —   $ (1,577,455)
See accompanying notes to financial statements.
117

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended March 31, 2021 (Unaudited)
  SPDR S&P International Dividend ETF
INVESTMENT INCOME  
Dividend income — unaffiliated issuers
 $10,032,278
Dividend income — affiliated issuers
 312
Unaffiliated securities lending income
 41,383
Affiliated securities lending income
 55,716
Foreign taxes withheld
 (1,163,235)
TOTAL INVESTMENT INCOME (LOSS)
 8,966,454
EXPENSES  
Advisory fee
 1,337,262
Trustees’ fees and expenses
 4,143
TOTAL EXPENSES
 1,341,405
NET INVESTMENT INCOME (LOSS)
 $ 7,625,049
REALIZED AND UNREALIZED GAIN (LOSS)  
Net realized gain (loss) on:  
Investments — unaffiliated issuers
 7,475,477
Investments — affiliated issuers
 (492)
In-kind redemptions — unaffiliated issuers
 896,066
Foreign currency transactions
 24,109
Swap Contracts
 (2,458)
Net realized gain (loss)
 8,392,702
Net change in unrealized appreciation/depreciation on:  
Investments — unaffiliated issuers
 64,212,551
Investment — affiliated issuers
 466
Foreign currency translations
 (69,191)
Swap contracts
 (787,815)
Net change in unrealized appreciation/depreciation
 63,356,011
NET REALIZED AND UNREALIZED GAIN (LOSS)
 71,748,713
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $79,373,762
See accompanying notes to financial statements.
118

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
  SPDR EURO STOXX 50 ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 6,786,635   $ 40,999,752
Net realized gain (loss)
 17,038,751   (169,899,157)
Net change in unrealized appreciation/depreciation
 363,700,866   57,151,198
Net increase (decrease) in net assets resulting from operations
 387,526,252   (71,748,207)
Net equalization credits and charges
 (504,022)   (66,462)
Distributions to shareholders
 (12,134,262)   (35,822,371)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 —   279,593,882
Cost of shares redeemed
 (121,460,170)   (475,060,118)
Net income equalization
 504,022   66,462
Net increase (decrease) in net assets from beneficial interest transactions
 (120,956,148)   (195,399,774)
Net increase (decrease) in net assets during the period
 253,931,820   (303,036,814)
Net assets at beginning of period
 1,747,270,400   2,050,307,214
NET ASSETS AT END OF PERIOD
 $2,001,202,220   $1,747,270,400
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 —   7,950,000
Shares redeemed
 (3,100,000)   (14,200,000)
Net increase (decrease) from share transactions
 (3,100,000)   (6,250,000)
See accompanying notes to financial statements.
119

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR MSCI ACWI ex-US ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 12,322,840   $ 33,019,292
Net realized gain (loss)
 3,005,503   (39,981,681)
Net change in unrealized appreciation/depreciation
 255,602,104   (27,071,973)
Net increase (decrease) in net assets resulting from operations
 270,930,447   (34,034,362)
Distributions to shareholders
 (15,933,177)   (42,431,120)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 143,163,532   —
Cost of shares redeemed
 (44,111,072)   (336,325,527)
Other Capital
 40,252   67,810
Net increase (decrease) in net assets from beneficial interest transactions
 99,092,712   (336,257,717)
Net increase (decrease) in net assets during the period
 354,089,982   (412,723,199)
Net assets at beginning of period
 1,270,389,366   1,683,112,565
NET ASSETS AT END OF PERIOD
 $1,624,479,348   $1,270,389,366
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 5,000,000   —
Shares redeemed
 (1,600,000)   (17,000,000)
Net increase (decrease) from share transactions
 3,400,000   (17,000,000)
See accompanying notes to financial statements.
120

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P Emerging Markets Dividend ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 1,990,242   $ 11,719,543
Net realized gain (loss)
 (5,652,768)   (75,569,925)
Net change in unrealized appreciation/depreciation
 64,081,882   (6,288,572)
Net increase (decrease) in net assets resulting from operations
 60,419,356   (70,138,954)
Net equalization credits and charges
 11,386   (144,508)
Distributions to shareholders
 (1,759,745)   (11,256,988)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 16,116,178   32,119,610
Cost of shares redeemed
 (6,140,737)   (106,613,783)
Net income equalization
 (11,386)   144,508
Other Capital
 14,085   136,453
Net increase (decrease) in net assets from beneficial interest transactions
 9,978,140   (74,213,212)
Net increase (decrease) in net assets during the period
 68,649,137   (155,753,662)
Net assets at beginning of period
 255,056,973   410,810,635
NET ASSETS AT END OF PERIOD
 $ 323,706,110   $ 255,056,973
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 550,000   1,250,000
Shares redeemed
 (250,000)   (4,450,000)
Net increase (decrease) from share transactions
 300,000   (3,200,000)
See accompanying notes to financial statements.
121

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P
Emerging Markets 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)
 $ 1,967,641   $ 10,978,465
Net realized gain (loss)
 1,140,734   (3,233,223)
Net change in unrealized appreciation/depreciation
 130,646,244   18,354,698
Net increase (decrease) in net assets resulting from operations
 133,754,619   26,099,940
Distributions to shareholders
 (9,212,135)   (14,015,993)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 —   16,944,765
Cost of shares redeemed
 (37,947,836)   (45,410,784)
Other Capital
 66,778   96,966
Net increase (decrease) in net assets from beneficial interest transactions
 (37,881,058)   (28,369,053)
Net increase (decrease) in net assets during the period
 86,661,426   (16,285,106)
Net assets at beginning of period
 505,766,635   522,051,741
NET ASSETS AT END OF PERIOD
 $592,428,061   $505,766,635
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 —   400,000
Shares redeemed
 (700,000)   (1,000,000)
Net increase (decrease) from share transactions
 (700,000)   (600,000)
See accompanying notes to financial statements.
122

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P International Dividend ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 7,625,049   $ 25,019,846
Net realized gain (loss)
 8,392,702   (69,957,001)
Net change in unrealized appreciation/depreciation
 63,356,011   (33,872,366)
Net increase (decrease) in net assets resulting from operations
 79,373,762   (78,809,521)
Distributions to shareholders
 (7,333,458)   (32,105,329)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 16,891,016   10,981,001
Cost of shares redeemed
 (25,755,673)   (110,464,197)
Other Capital
 12,320   24,260
Net increase (decrease) in net assets from beneficial interest transactions
 (8,852,337)   (99,458,936)
Net increase (decrease) in net assets during the period
 63,187,967   (210,373,786)
Net assets at beginning of period
 571,182,546   781,556,332
NET ASSETS AT END OF PERIOD
 $634,370,513   $ 571,182,546
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 450,000   300,000
Shares redeemed
 (750,000)   (3,400,000)
Net increase (decrease) from share transactions
 (300,000)   (3,100,000)
See accompanying notes to financial statements.
123

Table of Contents
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
  SPDR EURO STOXX 50 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
 $ 36.40   $ 37.79   $ 38.35   $ 41.30   $ 32.76   $ 33.77
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.15   0.81   1.02   1.17   1.04   1.05
Net realized and unrealized gain (loss) (c)
 8.30   (1.46)   (0.49)   (2.89)   8.34   (0.83)
Total from investment operations
 8.45   (0.65)   0.53   (1.72)   9.38   0.22
Net equalization credits and charges (b)
 (0.01)   (0.00)(d)   (0.01)   (0.08)   0.13   (0.06)
Distributions to shareholders from:                      
Net investment income
 (0.27)   (0.74)   (1.08)   (1.15)   (0.97)   (1.17)
Net asset value, end of period
 $ 44.57   $ 36.40   $ 37.79   $ 38.35   $ 41.30   $ 32.76
Total return (e)
 23.23%   (1.65)%   1.43%   (4.40)%   29.30%   0.62%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $2,001,202   $1,747,270   $2,050,307   $3,108,379   $4,555,667   $2,538,715
Ratios to average net assets:                      
Total expenses
 0.29%(f)   0.29%   0.29%   0.29%   0.29%   0.29%
Net investment income (loss)
 0.73%(f)   2.21%   2.80%   2.89%   2.83%   3.13%
Portfolio turnover rate (g)
 5%(h)   9%   6%   7%   4%   7%
(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.
124

Table of Contents
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR MSCI ACWI ex-US ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year
Ended
9/30/20(a) 		  Year
Ended
9/30/19(a)(b) 		  Year
Ended
9/30/18(a)(b) 		  Year
Ended
9/30/17(a)(b) 		  Year
Ended
9/30/16(a)(b)
Net asset value, beginning of period
 $ 24.01   $ 24.08   $ 24.97   $ 25.11   $ 21.56   $ 20.21
Income (loss) from investment operations:                      
Net investment income (loss) (c)
 0.23   0.54   0.76   0.67   0.60   0.58
Net realized and unrealized gain (loss) (d)
 4.91   0.06   (0.95)   (0.21)   3.48   1.33
Total from investment operations
 5.14   0.60   (0.19)   0.46   4.08   1.91
Other capital
 0.00(e)   0.00(e)   0.00(e)   0.00(e)   (0.00)(e)   —
Distributions to shareholders from:                      
Net investment income
 (0.30)   (0.67)   (0.70)   (0.60)   (0.53)   (0.56)
Net asset value, end of period
 $ 28.85   $ 24.01   $ 24.08   $ 24.97   $ 25.11   $ 21.56
Total return (f)
 21.46%   2.44%   (0.61)%   1.76%   19.24%   9.66%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $1,624,479   $1,270,389   $1,683,113   $1,550,892   $1,461,775   $847,299
Ratios to average net assets:                      
Total expenses
 0.34%(g)   0.34%   0.34%   0.34%   0.34%   0.34%
Net expenses
 0.30%(g)   0.30%   0.30%   0.30%   0.30%   0.30%
Net investment income (loss)
 1.71%(g)   2.26%   3.20%   2.61%   2.62%   2.80%
Portfolio turnover rate (h)
 3%(i)   4%   3%   3%   3%   7%
(a) On September 20, 2019, the SPDR MSCI ACWI ex-US ETF underwent a 3-for-2 share split. The per share activity presented here has been retroactively adjusted to reflect this split.
(b) 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.
(c) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(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.
125

Table of Contents
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Emerging Markets Dividend ETF
  Six Months
Ended
3/31/21
(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
 $ 24.29   $ 29.99   $ 30.87   $ 30.31   $ 27.40   $ 25.06
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.19   0.96   1.25   1.05   1.18   1.28
Net realized and unrealized gain (loss) (c)
 5.66   (5.68)   (0.87)   0.57   2.70   2.29
Total from investment operations
 5.85   (4.72)   0.38   1.62   3.88   3.57
Net equalization credits and charges (b)
 0.00(d)   (0.01)   (0.03)   (0.01)   0.04   0.04
Voluntary contribution from Adviser
 —   —   0.01   —   —   —
Other capital
 0.00(d)   0.01   0.01   0.00(d)   0.00(d)   0.02
Distributions to shareholders from:                      
Net investment income
 (0.17)   (0.98)   (1.25)   (1.05)   (1.01)   (1.29)
Net asset value, end of period
 $ 29.97   $ 24.29   $ 29.99   $ 30.87   $ 30.31   $ 27.40
Total return (e)
 24.11%   (15.71)%   1.09%(f)   5.26%   14.47%   14.70%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $323,706   $255,057   $410,811   $402,845   $422,858   $300,042
Ratios to average net assets:                      
Total expenses
 0.49%(g)   0.49%   0.49%   0.49%   0.49%   0.49%
Net investment income (loss)
 1.40%(g)   3.47%   4.00%   3.21%   4.05%   4.91%
Portfolio turnover rate (h)
 23%(i)   78%   73%   55%   123%   48%
(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) If the Affiliate had not made a voluntary contribution during the year ended September 30, 2019, the total return would have been 1.06%.
(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.
126

Table of Contents
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Emerging Markets Small Cap ETF
  Six Months
Ended
3/31/21
(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
 $ 44.37   $ 43.50   $ 44.89   $ 49.42   $ 42.74   $ 37.00
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.17   0.94   1.12   1.19   1.04   0.89
Net realized and unrealized gain (loss) (c)
 11.63   1.11   (1.21)   (4.25)   6.61   5.84
Total from investment operations
 11.80   2.05   (0.09)   (3.06)   7.65   6.73
Other capital
 0.01   0.01   0.01   0.01   0.03   0.04
Distributions to shareholders from:                      
Net investment income
 (0.81)   (1.19)   (1.31)   (1.48)   (1.00)   (1.03)
Net asset value, end of period
 $ 55.37   $ 44.37   $ 43.50   $ 44.89   $ 49.42   $ 42.74
Total return (d)
 26.74%   4.75%   (0.07)%   (6.49)%   18.46%   18.67%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $592,428   $505,767   $522,052   $471,349   $479,338   $320,556
Ratios to average net assets:                      
Total expenses
 0.66%(e)   0.65%   0.65%   0.65%   0.65%   0.65%
Net investment income (loss)
 0.69%(e)   2.22%   2.58%   2.37%   2.30%   2.29%
Portfolio turnover rate (f)
 1%(g)   30%   23%   24%   34%   19%
(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) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
127

Table of Contents
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P International Dividend ETF
  Six Months
Ended
3/31/21
(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
 $ 33.70   $ 38.98   $ 38.05   $ 40.25   $ 36.61   $ 33.95
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.46   1.31   1.47   1.50   1.51   1.68
Net realized and unrealized gain (loss) (c)
 4.39   (4.88)   1.16   (1.95)   4.13   2.56
Total from investment operations
 4.85   (3.57)   2.63   (0.45)   5.64   4.24
Net equalization credits and charges (b)
 —   —   (0.01)   (0.12)   (0.01)   0.05
Other capital
 0.00(d)   0.00(d)   0.00(d)   (0.00)(d)   0.00(d)   —
Distributions to shareholders from:                      
Net investment income
 (0.45)   (1.71)   (1.69)   (1.63)   (1.99)   (1.63)
Net asset value, end of period
 $ 38.10   $ 33.70   $ 38.98   $ 38.05   $ 40.25   $ 36.61
Total return (e)
 14.45%   (9.24)%   7.12%   (1.49)%   15.84%   12.98%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $634,371   $571,183   $781,556   $861,910   $1,251,962   $1,010,508
Ratios to average net assets:                      
Total expenses
 0.45%(f)   0.45%   0.45%   0.45%   0.45%   0.45%
Net investment income (loss)
 2.57%(f)   3.64%   3.89%   3.74%   3.95%   4.81%
Portfolio turnover rate (g)
 15%(h)   65%   66%   47%   122%   39%
(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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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 EURO STOXX 50 ETF
SPDR MSCI ACWI ex-US ETF
SPDR S&P Emerging Markets Dividend ETF
SPDR S&P Emerging Markets Small Cap ETF
SPDR S&P International Dividend ETF
Each Fund is classified as a diversified investment company under the 1940 Act.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2.    Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
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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 investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
•   Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.
•   Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.
•   Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.
•  Swap agreements are valued daily based upon prices supplied by Board
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approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third–party valuation the agreements will be fair valued.
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
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•   Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of each Fund’s investments, according to the fair value hierarchy as of March 31, 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, if any, received in the form of stock are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
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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. SPDR S&P International Dividend ETF did not utilize equalization during the period due to book-tax differences affecting income from foreign securities. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
The following Funds utilized equalization during the period ended March 31, 2021:
SPDR EURO STOXX 50 ETF
SPDR S&P Emerging Markets Dividend ETF
Distributions
The SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Markets Dividend ETF and SPDR S&P International Dividend ETF declare and distribute from net investment income, if any, to their shareholders quarterly. The SPDR MSCI ACWI ex-US ETF and the SPDR S&P Emerging Markets Small Cap ETF
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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
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, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Funds equal to the daily change in the contract value, 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 S&P Emerging Markets Dividend ETF entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.
Swaps
Certain funds may enter into swap agreements, in which a Fund and counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately
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negotiated in the OTC market and may be entered into as a bilateral contract (“BL OTC”) or centrally cleared (“centrally cleared swaps”). Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation).
A BL OTC swap is a transaction between a fund and dealer counterparty where cash flows are exchanged between the two parties for the life of the swap. For BL OTC swaps, any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown as swap contracts premiums paid and swap contracts premiums received, respectively, in the Statements of Assets and Liabilities and amortized to realized gain/loss ratably over the term of the BL OTC swap. Payments received or made by the Fund for BL OTC swaps are recorded in the Statements of Operations as realized gains or losses, respectively. When a BL OTC swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid.
A centrally cleared OTC swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty (“CCP”), with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.
A Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin if any, are designated on the Schedule of Investments and cash deposited is segregated and recorded on the Statement of Assets and Liabilities as Payable for Collateral for the Total Return Swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) in the Statement of Operations. For both bi-lateral and centrally cleared OTC swaps, payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination.
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Total Return Swaps
SPDR S&P International Dividend Fund has entered into total return swaps to obtain investment exposures that the Adviser expects to correlate closely with the Index or a portion of the Index. Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments on the total return (coupon plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment or make a payment to the counterparty.
For the period ended March 31, 2021, the Fund entered into total return swap contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity, however, there were none outstanding as of period ended March 31, 2021.
Risks associated with Derivatives
Derivative financial instruments involve to varying degrees, elements of credit, market and/or interest rate risk in excess of the amounts reported in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Derivative transactions can create investment leverage and may be highly volatile. Use of derivatives other than for hedging purposes may be considered speculative. When a Fund invests in a derivative instrument, the future exposure is potentially unlimited. The value of a derivative instrument will depend on the ability and the willingness of a Fund’s derivative counterparty to perform its obligations under the transaction. A liquid secondary market may not always exist for a Fund's derivative positions at any time and may impact the Fund's ability to establish fair market value of a derivative transaction and close out derivative positions. Although the use of derivatives is intended to complement a Fund's performance, it may instead reduce returns and increase volatility. The measurement of the risks associated with derivative instruments is meaningful only when all related and offsetting transactions are considered. A Fund must set aside liquid assets or engage in other appropriate measures to cover its obligations under these derivative instruments.
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Certain derivatives, including forward foreign currency contracts and some swap contracts, as applicable, are entered into over the counter (“OTC”) under the terms and conditions of an ISDA Master Agreement , which are separately negotiated with each counterparty. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements. The result would cause the Fund to accelerate payment of any net liability owed to the counterparty.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged or received by a Fund, if any, is noted in the Fund's Schedules of Investments. Notional principal amounts are one component used to calculate the amount of exposure to the underlying instrument, but is not the amount delivered under the contract. Accordingly, credit risk is limited to any amounts receivable from the counterparty. To reduce credit risk from potential counterparty default, a Fund enters into swap contracts with counterparties whose creditworthiness have has been recommended by SSGA FM approved by the Board. The Fund bears the market risk arising from any change in index or security values or interest rates.
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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:
  Liability Derivatives
  Interest Rate
Contracts
Risk 		  Foreign
Exchange
Contracts
Risk 		  Credit
Contracts
Risk 		  Equity
Contracts
Risk 		  Commodity
Contracts
Risk 		  Total
SPDR S&P Emerging Markets Dividend ETF                      
Futures Contracts
 $—   $—   $—   $5,960   $—   $5,960
  Net Realized Gain (Loss)
  Interest Rate
Contracts
Risk 		  Foreign
Exchange
Contracts
Risk 		  Credit
Contracts
Risk 		  Equity
Contracts
Risk 		  Commodity
Contracts
Risk 		  Total
SPDR S&P Emerging Markets Dividend ETF                      
Futures Contracts
 $—   $—   $—   $290,618   $—   $290,618
SPDR S&P International Dividend ETF                      
Swap Contracts
 —   —   —   (2,458)   —   (2,458)
  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 S&P Emerging Markets Dividend ETF                      
Futures Contracts
 $—   $—   $—   $ (9,307)   $—   $ (9,307)
SPDR S&P International Dividend ETF                      
Swap Contracts
 —   —   —   (787,815)   —   (787,815)
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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 percentage of each Fund’s average daily net assets as shown in the following table:
  Annual Rate
SPDR EURO STOXX 50 ETF
 0.29%
SPDR MSCI ACWI ex-US ETF
 0.30 (1)
SPDR S&P Emerging Markets Dividend ETF
 0.49
SPDR S&P Emerging Markets Small Cap ETF
 0.65
SPDR S&P International Dividend ETF
 0.45
(1) Effective March 24, 2021, the management fee of the Fund was reduced from 0.34% to 0.30% of the Fund’s average daily net assets.
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 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), litigation expenses, acquired fund fees and expenses, and other extraordinary expenses.
Prior to March 24, 2021, the Adviser had contractually agreed to waive a portion of its Management/Advisory fee and/or reimburse certain expenses so that the net annual Fund operating expenses of the SPDR MSCI ACWI ex-US ETF, before application of any fees and expenses not paid by the Adviser pursuant to the Investment Advisory Agreement, if any, were limited to 0.30% of the Fund’s average daily net assets.
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The contractual fee waiver and/or expense reimbursement did not provide for the recoupment by the Adviser of any fees the Adviser previously waived. Effective March 24, 2021, the contractual fee waiver was terminated with the approval of the Board. For the period ended March 31, 2021, the Adviser waived $283,315 of fees in the SPDR MSCI ACWI ex-US ETF.
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.
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.
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Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.
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 EURO STOXX 50 ETF
 $99,352,529   $106,341,398
SPDR MSCI ACWI ex-US ETF
 59,839,359   39,026,567
SPDR S&P Emerging Markets Dividend ETF
 73,528,283   63,371,535
SPDR S&P Emerging Markets Small Cap ETF
 5,566,233   35,261,460
SPDR S&P International Dividend ETF
 90,126,897   84,873,511
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 EURO STOXX 50 ETF
 $ —   $121,449,867   $28,995,096
SPDR MSCI ACWI ex-US ETF
 105,675,195   38,122,436   9,720,112
SPDR S&P Emerging Markets Dividend ETF
 4,036,741   3,100,947   1,051
SPDR S&P Emerging Markets Small Cap ETF
 —   12,478,591   2,129,402
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  In-kind
Contributions 		  In-kind
Redemptions 		  In-kind Net
Realized
Gains/(Losses)
SPDR S&P International Dividend ETF
 $ 14,275,637   $ 22,968,146   $ 896,066
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.
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 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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of March 31, 2021, gross unrealized appreciation and gross unrealized depreciation of investments and derivatives based on cost for federal income tax purposes were as follows:
  Tax
Cost 		  Gross
Unrealized
Appreciation 		  Gross
Unrealized
Depreciation 		  Net Unrealized
Appreciation
(Depreciation)
SPDR EURO STOXX 50 ETF
 $1,753,960,538   $442,185,617   $204,615,751   $237,569,866
SPDR MSCI ACWI ex-US ETF
 1,442,389,238   390,364,443   176,644,904   213,719,539
SPDR S&P Emerging Markets Dividend ETF
 292,798,905   41,726,530   9,623,107   32,103,423
SPDR S&P Emerging Markets Small Cap ETF
 556,671,422   143,871,387   96,878,213   46,993,174
SPDR S&P International Dividend ETF
 614,219,023   59,666,381   16,250,860   43,415,521
9.    Securities Lending
Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
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 MSCI ACWI ex-US ETF
   $ 64,323,910   $ 43,671,342   $ 24,451,616   $ 68,122,958
SPDR S&P Emerging Markets Dividend ETF
   7,914,428   2,008,870   6,502,190   8,511,060
SPDR S&P Emerging Markets Small Cap ETF
   33,601,501   11,292,793   26,279,449   37,572,242
SPDR S&P International Dividend ETF
   44,707,779   28,851,732   18,399,265   47,250,997
 * The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
        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 MSCI ACWI ex-US ETF
   Common Stocks   $43,671,342   $—   $—   $—   $43,671,342   $43,671,342
SPDR S&P Emerging Markets Dividend ETF
   Common Stocks   2,008,870   —   —   —   2,008,870   2,008,870
SPDR S&P Emerging Markets Small Cap ETF
   Common Stocks   11,292,793   —   —   —   11,292,793   11,292,793
SPDR S&P International Dividend ETF
   Common Stocks   28,851,732   —   —   —   28,851,732   28,851,732
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
10.    Line of Credit
Certain Funds 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 following Funds participate in the credit facility as of March 31, 2021:
SPDR MSCI ACWI ex-US ETF
SPDR S&P Emerging Markets Dividend ETF
SPDR S&P Emerging Markets Small Cap ETF
SPDR S&P International Dividend ETF
The Funds had no outstanding loans as of March 31, 2021.
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
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
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 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 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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
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 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 EURO STOXX 50 ETF   SPDR MSCI ACWI ex-US ETF   SPDR S&P Emerging Markets Dividend ETF
Annualized Expense Ratio
 0.29%   0.30%   0.49%
Actual:          
Ending Account Value
 $1,232.30   $1,214.60   $1,241.10
Expenses Paid During Period(a)
 1.61   1.66   2.74
Hypothetical (assuming a 5% return before expenses):          
Ending Account Value
 1,023.50   1,023.40   1,022.50
Expenses Paid During Period(a)
 1.46   1.51   2.47
  SPDR S&P Emerging Markets Small Cap ETF   SPDR S&P International Dividend ETF
Annualized Expense Ratio
 0.66%   0.45%
Actual:      
Ending Account Value
 $1,267.40   $1,144.50
Expenses Paid During Period(a)
 3.73   2.41
Hypothetical (assuming a 5% return before expenses):      
Ending Account Value
 1,021.60   1,022.70
Expenses Paid During Period(a)
 3.33   2.27
(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)
March 31, 2021 (Unaudited)
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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