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.


Table of Contents
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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