Notes to Performance Summaries (Unaudited)

The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The S&P^® Emerging BMI Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in emerging markets. The Index component securities are a subset, based on region, of component securities included in the S&P Global BMI (Broad Market Index). The S&P Global BMI is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. A country will be eligible for inclusion in the S&P Global BMI if it is classified as either a developed or emerging market by the S&P Global Equity Index Committee. The Index is "float-adjusted," meaning that only those shares publicly available to investors are included in the Index calculation.

The S&P^® Developed Ex-U.S. BMI Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in developed countries outside the United States. The Index component securities are a subset, based on region, of component securities included in the S&P Global BMI (Broad Market Index). The S&P Global BMI is a rules-based index that measures global stock market performance. A country will be eligible for inclusion in the S&P Global BMI if it is classified as either a developed or emerging market by the S&P Global Equity Index Committee. The Index is "float-adjusted," meaning that only those shares publicly available to investors are included in the Index calculation.

The MSCI ACWI IMI Index is a free float-adjusted market capitalization-weighted index that is designed to measure the combined equity market performance of developed and emerging markets. The Index covers approximately 99% of the global equity investment opportunity set.

The STOXX^® Europe Total Market Index is a free-float market capitalization weighted index designed to provide a broad representation of publicly traded Western European companies. The Index represents approximately the top 95% of the free-float market capitalization of each of the following European countries: Austria, Belgium, Poland, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Portfolio Emerging Markets ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging markets of the world. The Fund’s benchmark is the S&P Emerging BMI Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 20.38%, and the Index was 20.16%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Covid-19 pandemic and the policy and medical responses to it were one of the primary drivers of Fund performance during the Reporting Period. The spread of the Delta variant of Covid-19 and uneven vaccination rates had far reaching impacts on the constituents of this fund. Concerns with the local medical infrastructure in general but especially in light of the more contagious Delta variant had far reaching impacts in much of the emerging markets and led to a significant impact on the supply and output side. These supply side issues contributed to dramatic shipping related bottlenecks. All of this contributed to heightened observed and anticipated inflationary concerns. Other pandemic related impacts included a continuing reduction in global tourism, dramatic increases in commodity prices and a significant hit to demand. Counteracting these impacts, a broad based and globally accommodative central bank environment for most of the period helped from a money supply and interest rate perspective. Though, China during the reporting period moved to a less accommodative monetary stance due to local market concerns. Additionally, returns were hurt by a strengthening US dollar. Geopolitical tensions most notably between the US and China continued to have a negative impact on the returns of some of the constituents of this fund.

The Fund used futures in order to help track the Index during the Reporting Period. The Fund’s use of futures helped the Fund track the Index.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Infosys Limited, Public Joint-Stock Company Gazprom and Taiwan Semiconductor Manufacturing Co., Ltd. The top negative contributors to the Fund’s performance during the Reporting Period were Kuaishou Technology Class B, TAL Education Group Sponsored ADR Class A and Alibaba Group Holding Ltd.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Emerging Markets ETF

Performance Summary (Unaudited)

Performance as of September 30, 2021

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Emerging BMI Index	Net Asset Value	Market Value	S&P Emerging BMI Index
ONE YEAR	20.38%	18.68%	20.16%	20.38%	18.68%	20.16%
FIVE YEARS	57.45%	55.02%	57.53%	9.50%	9.16%	9.51%
TEN YEARS	86.31%	89.33%	88.94%	6.42%	6.59%	6.57%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Portfolio Emerging Markets ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.11%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Portfolio Developed World ex-US ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the developed world (ex-US) equity markets. The Fund’s benchmark is the S&P Developed Ex-U.S. BMI Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 27.30%, and the Index was 27.22%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.

The fund started off the Reporting Period with strong positive returns of 17% the first quarter. New infection rates rose significantly in Europe and the US, topping the previous highs as a new strain of the virus emerged. Limited intensive care unit facilities and outbreaks in nursing homes forced many countries to implement new stringent lockdown measures to slow down the spread of the virus. Despite the pandemic taking a turn for the worse over the quarter and equities performing poorly in October, the U.S. election results and positive news on COVID-19 vaccines helped markets to recover. Approvals to use vaccines manufactured by Pfizer-BioNTech, Moderna and Oxford-AstraZeneca led to the largest momentum changes in the history of equity markets. In Europe and the UK, services were under pressure from the new restrictions imposed by governments. The EU also agreed to tougher climate goals for 2030, thereby increasing the reduction targets of carbon emissions. This may lead to higher investments in renewable energy and more regulation. South Korea, another beneficiary of increased technology demand, also showed accelerating momentum in its exports.

The first quarter of 2021 started off by overcoming concerns regarding potential virus-driven restrictions as a successful roll out of vaccinations and the promise of a fiscal and monetary stimuli lifted investor sentiments. However, the subsequent slow pace of vaccine distribution and concerns around a longer-than-anticipated timeline for economic recovery led to global markets stumbling for a short period. The sell-offs were short lived as stocks regained some upside momentum on news of strong manufacturing data, firmer oil prices and hopes for additional fiscal stimuli. In the UK, Prime Minister Boris Johnson announced a target to vaccinate the country’s adult population by July. The UK service sector witnessed a notable improvement as businesses experienced improving consumer confidence and there were signs of pent-up demand.

Economic data was strong over the second quarter of 2021 as mobility restrictions were lifted by most countries and economic activity picked up during the period. Vaccine rollouts in the U.S., UK and Europe continued to proceed at speed. However, a rebound in economic activity led to concerns around a spike in inflation in certain quarters. In the UK, a successful progression of the mass vaccination program and a gradual lifting of COVID-19 restrictions led to strong gains within the regional equity markets. With 70% of adults estimated to have antibodies against coronavirus, the country was on a sustainable path toward recovery. While the spread of the delta variant remained a potential concern, the increasing number of cases

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

(continued)

did not lead to significantly higher hospital admissions in the UK. Retail sales rose, primarily driven by household savings and fiscal stimulus. However, inflation-led input price pressure resulted in supply bottlenecks and most businesses struggling to meet the rising demand.

During the final quarter of the Reporting Period, 70% of the European population was vaccinated, hospitalization rate remained lower than the previous waves. However, the rapid rise in cases due to the spread of the Delta variant had a negative effect on consumer confidence The economic reopening progressed slowly as Europe lagged the US and the UK in its road to normalization. Globally the vaccine rollout made decent progress and many developed economies had eased restrictions. Global reopening continued during the quarter, with a number of developed markets further lifting restrictions. Economic data remained strong; however, much of the developed markets appeared to be at or just past the peak rate of growth. There, were also concerns regarding a peak in the rate of economic growth, supply disruptions and rising inflation. As a result, the fund ended the period with a final quarter in slightly negative territory.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were ASML Holding NV, Samsung Electronics Co., Ltd. and LVMH Moet Hennessy Louis Vuitton SE. The top negative contributors to the Fund’s performance during the Reporting Period were SAP SE, Reckitt Benckiser Group PLC and Barrick Gold Corporation.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Developed World ex-US ETF

Performance Summary (Unaudited)

Performance as of September 30, 2021

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Developed Ex-US BMI Index	Net Asset Value	Market Value	S&P Developed Ex-US BMI Index
ONE YEAR	27.30%	26.60%	27.22%	27.30%	26.60%	27.22%
FIVE YEARS	56.44%	55.70%	55.69%	9.36%	9.26%	9.26%
TEN YEARS	122.12%	124.27%	122.56%	8.31%	8.41%	8.33%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Portfolio Developed World ex-US ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.04%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Portfolio MSCI Global Stock Market ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks securities of publicly-traded companies in developed and emerging markets. The Fund’s benchmark is the MSCI ACWI IMI Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 29.28%, and the Index was 28.92%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Optimization and dividend tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

The broad MSCI ACWI IMI Index enjoyed a fruitful fiscal year climbing over 30% during the first three fiscal quarters before slightly retreating during the final quarter to produce a very healthy return of +29.27% for the entire period. The story of the year throughout the world was the COVID-19 virus. Though unlike the prior fiscal year which was filled with fear and uncertainty, this most recent year was focused on acceptance, adaptation, and recovery. The development and distribution of various vaccines throughout the world allowed economies to re-open with an optimistic view that the collective worst was behind us. Industries such as travel, retail, and construction adapted to new regulations and thrived once again as governments loosened restrictions to local lockdowns. The other big story resided in the US with the rest of the world acting as interested parties. Joe Biden defeated the incumbent, Donald Trump, in the Presidential Election held in November. At the time of the election it was viewed favorably in many parts of the world as Biden’s platform of global inclusivity was a stark contrast to Trump’s domestic focused policies. The global market’s ascension during that period reflected the optimism that the victory presented.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Alphabet Inc. Class A, Apple Inc. and Microsoft Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Zoom Video Communications, Inc. Class A, Amgen Inc. and Alibaba Group Holding Ltd.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio MSCI Global Stock Market ETF

Performance Summary (Unaudited)

Performance as of September 30, 2021

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	MSCI ACWI IMI Index	Net Asset Value	Market Value	MSCI ACWI IMI Index
ONE YEAR	29.28%	28.74%	28.92%	29.28%	28.74%	28.92%
FIVE YEARS	87.36%	85.69%	84.73%	13.38%	13.18%	13.06%
SINCE INCEPTION	170.01%	169.53%	159.76%	10.91%	10.89%	10.47%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Portfolio MSCI Global Stock Market ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.09%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EUROPE ETF

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Portfolio Europe ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the STOXX Europe Total Market Index. The Fund’s benchmark is the STOXX Europe Total Market Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 28.48%, and the Index was 28.33%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Management fees, cash drag, and cumulative effects of security mis-weights contributed to the difference between the Fund’s performance and that of the Index and were primary drivers of Fund performance during the Reporting Period.

The fourth quarter of 2020 witnessed a strong recovery early in the period in key economies such as the United States and Europe, but economic momentum slowed toward the end of the year amid rising infection rates. Economic recovery gathered pace in the first quarter of 2021 on the back of widespread vaccination, renewed fiscal stimulus and continued monetary policy support. Although manufacturing continued to expand strongly across regions, services growth improved only in the United States and the United Kingdom and lagged in rest of Europe. During the second quarter of 2021, global growth recovery broadened, aided by accelerated vaccine rollout in the United States and Europe and the momentum shifting away from China. Incoming data in the second half of the quarter pointed to continued robust global recovery cycle despite persistent headwinds, including supply chain disruptions, new variants of coronavirus and potential central bank tightening on inflationary concerns. In Europe, as 70% of the population was vaccinated, hospitalization rate remained lower than the previous waves. However, the rapid rise in cases due to the spread of the Delta variant had a negative effect on consumer confidence during the third quarter of 2021 which can also be verified by the worst performance of consumer discretionary sector within the region. The economic reopening progressed slowly as Europe lagged the US and the UK in its road to normalization. The strong economic data for manufacturing and services signaled at the peak rate of growth being achieved for the region. European Central Bank (ECB) conducted a strategic review resulting in an adjusted inflation target of 2%, which will incorporate housing costs as well. Another outcome of the meeting was a forward-looking guidance with the assumption of lower interest rates for the foreseeable future which was in contrast to the estimates set out by the Fed and the BoE. The ECB also announced a reduction in its asset purchase pace but did not indicate at the timeline to taper it down to zero.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were TotalEnergies SE, LVMH Moet Hennessy Louis Vuitton SE and ASML Holding NV. The top negative contributors to the Fund’s performance during the Reporting Period were SAP SE, Unilever PLC and Reckitt Benckiser Group PLC.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Europe ETF

Performance Summary (Unaudited)

Performance as of September 30, 2021

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value⁽¹⁾	Market Value⁽¹⁾	Stoxx Europe Total Market Index⁽²⁾	Net Asset Value⁽¹⁾	Market Value⁽¹⁾	Stoxx Europe Total Market Index⁽²⁾
ONE YEAR	28.48%	28.11%	28.33%	28.48%	28.11%	28.33%
FIVE YEARS	57.65%	57.04%	57.55%	9.53%	9.45%	9.52%
TEN YEARS	106.31%	108.49%	106.12%	7.51%	7.62%	7.50%

(1)	Effective September 23, 2019, the Fund changed its benchmark index from STOXX Europe 50 Index to the STOXX Europe Total Market Index. The Fund’s performance is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to September 23, 2019.
(2)	Index returns represent the Fund’s prior benchmark index from September 30, 2011 through September 22, 2019 and the STOXX Europe Total Market Index from September 23, 2019 through September 30, 2021.

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Portfolio Europe ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.09%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

Security Description	Shares	Value
COMMON STOCKS — 99.3%
BRAZIL — 5.3%
Afya, Ltd. Class A (a)(b)	10,396	$ 205,217
Ambev SA ADR	3,747,926	10,344,276
Americanas SA (a)	357,465	2,028,449
Anima Holding SA (a)	104,797	171,940
Arco Platform, Ltd. Class A (a)(b)	9,416	204,327
Atacadao SA	21,197	69,089
Azul SA Preference Shares (a)	101,385	677,463
B3 SA - Brasil Bolsa Balcao	5,191,239	12,137,566
Banco Bradesco SA ADR (c)	4,710,664	18,041,843
Banco Bradesco SA	342,337	1,122,087
Banco BTG Pactual SA	468,650	2,163,966
Banco do Brasil SA	915,653	4,856,461
Banco Inter SA Preference Shares (d)	208,088	598,803
Banco Inter SA (c)	322,995	2,765,277
Banco Inter SA (c)	40,677	113,844
Banco Pan SA Preference Shares	388,365	1,137,533
Banco Santander Brasil SA	40,634	263,764
BB Seguridade Participacoes SA	543,526	1,990,006
BR Malls Participacoes SA (a)	1,127,395	1,671,778
Bradespar SA Preference Shares	395,670	3,795,574
Brasil Brokers Participacoes SA (a)	3,038	920
Braskem SA ADR (a)	134,475	2,935,589
BRF SA ADR (a)(b)	557,289	2,797,591
CCR SA	545,785	1,171,922
Centrais Eletricas Brasileiras SA ADR (b)	512,196	3,636,592
Cia Brasileira de Distribuicao ADR (b)	242,630	1,142,787
Cia de Locacao das Americas	109,576	488,466
Cia de Saneamento Basico do Estado de Sao Paulo	497,038	3,518,280
Cia Energetica de Minas Gerais ADR (b)	1,624,772	4,094,425
Cia Energetica de Sao Paulo Class B, Preference Shares	51,272	222,161
Cia Siderurgica Nacional SA ADR	651,836	3,428,657
Cielo SA	1,141,409	479,698
Cogna Educacao (a)	1,354,437	673,627
Construtora Tenda SA	1,668	5,391
Cosan SA (c)	843,795	3,558,591
Cosan SA ADR (b)	33,230	556,603
CVC Brasil Operadora e Agencia de Viagens SA (a)	70,977	280,318
Cyrela Brazil Realty SA Empreendimentos e Participacoes (a)	473,615	1,564,549
Dexco SA	430,295	1,340,106
Embraer SA (a)	860,404	3,652,323

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Eneva SA (a)	790,692	$ 2,389,968
Engie Brasil Energia SA	85,609	588,543
Equatorial Energia SA	184,184	856,882
Eternit SA (a)	8,828	24,545
Gafisa SA (a)	29,813	14,116
Gerdau SA ADR (b)	1,181,204	5,811,524
Gol Linhas Aereas Inteligentes SA Preference Shares (a)	24,268	92,237
Grupo De Mona Soma SA (a)	62,076	193,101
Grupo SBF SA (a)	32,899	168,755
Hapvida Participacoes e Investimentos SA (d)	497,198	1,240,052
Hypera SA	76,482	451,124
IRB Brasil Resseguros SA	360,362	312,818
Itau Unibanco Holding SA Preference Shares ADR (b)	4,104,522	21,630,831
Itausa SA Preference Shares	5,109,862	10,446,854
Itausa SA	343,851	712,452
Kepler Weber SA	10,302	85,477
Klabin SA (a)	318,660	1,415,838
Localiza Rent a Car SA	323,022	3,229,094
Locaweb Servicos de Internet SA (d)	117,396	492,947
LOG Commercial Properties e Participacoes SA	3,541	16,844
Log-in Logistica Intermodal SA (a)	5,741	23,179
Lojas Americanas SA Preference Shares	1,128,493	998,245
Lojas Renner SA	941,464	5,947,107
Magazine Luiza SA	1,781,829	4,689,282
Marcopolo SA Preference Shares	402,502	214,957
Marfrig Global Foods SA	187,876	884,747
Meliuz SA (d)	177,400	195,668
Metalurgica Gerdau SA Preference Shares	1,589,620	3,623,315
Mills Estruturas e Servicos de Engenharia SA	36,898	41,916
Minerva SA	40,992	78,615
MMX Mineracao e Metalicos SA (a)	20,968	53,874
MRV Engenharia e Participacoes SA	100,414	226,484
Natura & Co. Holding SA (a)	621,429	5,197,108
Nexa Resources SA (b)	16,918	128,577
Notre Dame Intermedica Participacoes SA	391,096	5,355,149
Odontoprev SA	24,399	73,704
Oi SA ADR (a)(b)	710,661	641,656
Pagseguro Digital, Ltd. Class A (a)(b)	120,734	6,244,363
PDG Realty SA Empreendimentos e Participacoes (a)	72,195	22,657
Petro Rio SA (a)	202,295	928,889
Petrobras Distribuidora SA	386,195	1,664,872
Petroleo Brasileiro SA Preference Shares ADR (c)	1,923,373	19,233,730

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Petroleo Brasileiro SA ADR (c)	1,036,194	$ 10,714,246
Positivo Tecnologia SA	43,000	80,888
Profarma Distribuidora de Produtos Farmaceuticos SA (a)	12,264	12,964
Qualicorp Consultoria e Corretora de Seguros SA	88,839	325,917
Raia Drogasil SA	640,822	2,748,447
Rede D'Or Sao Luiz SA (d)	479,807	5,979,866
Restoque Comercio e Confeccoes de Roupas SA (a)	8,799	3,456
Rodobens Negocios Imobiliarios SA	54,043	122,489
Rossi Residencial SA (a)	96,137	157,203
Rumo SA (a)	608,976	1,876,472
Sendas Distribuidora SA ADR (b)	242,630	4,229,041
StoneCo, Ltd. Class A (a)	145,785	5,061,655
Sul America SA	68,880	322,095
Suzano SA (a)	207,255	2,073,729
Suzano SA ADR (a)(b)(c)	196,778	1,967,780
T4F Entretenimento SA (a)	124,479	113,996
Telefonica Brasil SA	536,629	4,222,005
TIM SA ADR	248,343	2,667,204
TOTVS SA	217,776	1,442,807
Ultrapar Participacoes SA	588,148	1,591,019
Usinas Siderurgicas de Minas Gerais SA Usiminas ADR	825,843	2,427,978
Vale SA ADR	2,472,372	34,489,589
Vasta Platform, Ltd. (a)(b)	7,483	34,122
Via S/A (a)	980,794	1,387,789
WEG SA	1,302,352	9,472,042
XP, Inc. Class A (a)	108,825	4,371,500
YDUQS Participacoes SA	258,953	1,129,168
		305,575,422
CANADA — 0.0% (e)
Atlas Corp. (b)	10,678	162,199
CHILE — 0.5%
AntarChile SA	200,008	1,649,980
Banco de Chile	10,850,039	999,240
Banco Santander Chile	4,586,558	229,441
CAP SA	8,294	88,026
Cencosud SA	91,706	177,044
Empresas COPEC SA	449,695	3,726,234
Empresas Iansa SA (a)	3,039,552	59,990
Enel Americas SA ADR (b)	536,757	3,140,028
Enel Chile SA ADR (b)	1,013,851	2,443,381
Enjoy SA (a)	7,671,612	32,634

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Falabella SA	1,434,567	$ 5,016,216
Multiexport Foods SA (a)	2,678,766	880,708
Parque Arauco SA (a)	2,577,865	2,623,252
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares	103,563	5,579,804
		26,645,978
CHINA — 36.5%
111, Inc. ADR (a)(b)	31,476	194,207
17 Education & Technology Group, Inc. ADR (a)	148,599	133,754
21Vianet Group, Inc. ADR (a)(b)	55,194	955,408
360 DigiTech, Inc. ADR (a)	64,925	1,319,276
360 Security Technology, Inc. Class A (a)	107,500	197,877
3SBio, Inc. (a)(b)(d)	660,500	649,075
51job, Inc. ADR (a)	5,415	376,505
9F, Inc. ADR (a)(b)	83,500	141,950
AAC Technologies Holdings, Inc. (b)	688,132	3,283,912
Addsino Co., Ltd. Class A	265,100	619,005
Advanced Micro-Fabrication Equipment, Inc. China Class A (a)	41,532	976,845
Advanced Technology & Materials Co., Ltd. Class A	143,300	188,284
AECC Aviation Power Co., Ltd. Class A	120,300	991,440
Agile Group Holdings, Ltd.	2,581,626	2,414,269
Agora, Inc. ADR (a)	38,917	1,128,593
Agricultural Bank of China, Ltd. Class A	4,592,000	2,091,800
Agricultural Bank of China, Ltd. Class H	23,935,000	8,240,036
Aier Eye Hospital Group Co., Ltd. Class A	194,960	1,613,087
Air China, Ltd. Class H (a)	2,673,744	1,768,838
Airtac International Group	79,000	2,481,111
AK Medical Holdings, Ltd. (d)	334,000	465,090
Akeso, Inc. (a)(d)	367,000	2,017,766
Alibaba Group Holding, Ltd. ADR (a)	1,241,653	183,826,727
A-Living Smart City Services Co., Ltd. (d)	84,500	300,675
All Winner Technology Co., Ltd. Class A	32,600	366,207
Alpha Group Class A (a)	402,800	329,530
Alphamab Oncology (a)(d)	228,000	516,648
Aluminum Corp. of China, Ltd. Class H (a)	5,681,217	4,298,506
Amoy Diagnostics Co., Ltd. Class A	10,000	124,264
An Hui Wenergy Co., Ltd. Class A	257,800	180,148
Angang Steel Co., Ltd. Class H (b)	2,925,231	1,803,692
Anhui Anke Biotechnology Group Co., Ltd. Class A	17,640	32,662
Anhui Conch Cement Co., Ltd. Class A	105,200	665,039
Anhui Conch Cement Co., Ltd. Class H	1,365,010	7,364,547
Anhui Construction Engineering Group Co., Ltd. Class A	400,300	240,651

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Anhui Expressway Co., Ltd. Class H	8,000	$ 4,902
Anhui Guangxin Agrochemical Co., Ltd. Class A	233,100	1,178,141
Anhui Gujing Distillery Co., Ltd. Class A	7,700	284,568
Anhui Gujing Distillery Co., Ltd. Class B	110,500	1,439,191
Anhui Honglu Steel Construction Group Co., Ltd. Class A	56,800	386,353
Anhui Jiangnan Chemical Industry Co., Ltd. Class A	465,900	422,299
Anhui Jinhe Industrial Co., Ltd. Class A	104,800	639,290
Anhui Kouzi Distillery Co., Ltd. Class A	16,300	127,491
Anhui Transport Consulting & Design Institute Co., Ltd. Class A	548,517	741,101
Anhui Yingjia Distillery Co., Ltd. Class A	11,900	94,459
Anji Microelectronics Technology Shanghai Co., Ltd. Class A	10,990	400,980
Anker Innovations Technology Co., Ltd. Class A	5,900	97,879
ANTA Sports Products, Ltd.	876,506	16,528,820
Anton Oilfield Services Group (a)(b)	130,000	8,350
Aoshikang Technology Co., Ltd. Class A	13,700	180,325
Aotecar New Energy Technology Co., Ltd. Class A (a)	210,793	113,006
Apeloa Pharmaceutical Co., Ltd. Class A	211,500	1,251,173
Archermind Technology Nanjing Co., Ltd. Class A	10,500	125,580
Ascentage Pharma Group International (a)(b)(d)	64,500	286,265
Asian Citrus Holdings, Ltd. (a)	550,000	14,554
Asymchem Laboratories Tianjin Co., Ltd. Class A	18,400	1,271,236
Ausnutria Dairy Corp., Ltd. (b)	58,000	59,902
Autel Intelligent Technology Corp., Ltd. Class A	7,734	84,722
Autobio Diagnostics Co., Ltd. Class A	30,030	248,001
Autohome, Inc. ADR	36,532	1,714,447
Avary Holding Shenzhen Co., Ltd. Class A	100,300	517,973
AVIC Industry-Finance Holdings Co., Ltd. Class A	253,200	150,257
AviChina Industry & Technology Co., Ltd. Class H	2,587,000	1,635,018
Bafang Electric Suzhou Co., Ltd. Class A	9,514	386,221
BAIC Motor Corp., Ltd. Class H (b)(d)	6,500	2,254
Baidu, Inc. ADR (a)(c)	181,428	27,894,555
Baidu, Inc. Class A (a)	36,900	703,430
BAIOO Family Interactive, Ltd. (d)	2,358,000	224,149
Bank of China, Ltd. Class H	54,954,049	19,483,622
Bank of Communications Co., Ltd. Class H	18,962,864	11,253,997
Bank of Ningbo Co., Ltd. Class A	242,100	1,318,533
Baoshan Iron & Steel Co., Ltd. Class A	667,600	899,926
Baosheng Science & Technology Innovation Co., Ltd. Class A	8,600	6,529
Baozun, Inc. ADR (a)(b)	15,367	269,384
BBMG Corp. Class H	1,227,000	209,632
BeiGene, Ltd. ADR (a)	32,433	11,773,179

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Beijing BDStar Navigation Co., Ltd. Class A (a)	115,800	$ 725,051
Beijing Capital International Airport Co., Ltd. Class H (a)	3,057,490	1,802,763
Beijing Capital Land, Ltd. Class H (a)	28,000	10,071
Beijing Career International Co., Ltd. Class A (a)	30,600	244,696
Beijing Certificate Authority Co., Ltd. Class A	14,100	84,154
Beijing Chunlizhengda Medical Instruments Co., Ltd. Class H (a)	23,000	49,341
Beijing Ctrowell Technology Corp., Ltd. Class A	77,806	122,001
Beijing Dabeinong Technology Group Co., Ltd. Class A	370,900	434,460
Beijing Easpring Material Technology Co., Ltd. Class A	15,300	194,628
Beijing Enterprises Clean Energy Group, Ltd. (a)(b)	23,094,856	293,705
Beijing Enterprises Holdings, Ltd.	656,000	2,624,961
Beijing Enterprises Water Group, Ltd.	5,186,000	2,038,519
Beijing GeoEnviron Engineering & Technology, Inc. Class A	707,830	1,845,798
Beijing Jingneng Clean Energy Co., Ltd. Class H	136,000	47,170
Beijing Jingyuntong Technology Co., Ltd. Class A (a)	167,300	305,101
Beijing Kingsoft Office Software, Inc. Class A	14,699	645,262
Beijing Roborock Technology Co., Ltd. Class A	2,306	252,585
Beijing Shiji Information Technology Co., Ltd. Class A	153,620	606,482
Beijing Shougang Co., Ltd. Class A (a)	101,500	115,119
Beijing Shunxin Agriculture Co., Ltd. Class A	26,900	147,296
Beijing SL Pharmaceutical Co., Ltd. Class A	241,450	372,987
Beijing Strong Biotechnologies, Inc. Class A	9,100	23,110
Beijing Tiantan Biological Products Corp., Ltd. Class A	194,923	966,762
Beijing Tongtech Co., Ltd. Class A	29,600	140,295
Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. Class A	14,800	509,080
Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd. Class A	11,100	259,699
Beijing Zhidemai Technology Co., Ltd. Class A	7,200	84,149
Beken Corp. Class A	25,764	228,020
Bengang Steel Plates Co., Ltd. Class A	275,100	233,157
Berry Genomics Co., Ltd. Class A (a)	108,400	360,270
BEST, Inc. ADR (a)(b)	148,434	247,885
Bethel Automotive Safety Systems Co., Ltd. Class A	26,600	184,436
Betta Pharmaceuticals Co., Ltd. Class A	1,400	20,306
BGI Genomics Co., Ltd. Class A	20,100	272,537
Biem.L.Fdlkk Garment Co., Ltd. Class A	173,363	684,695
Bilibili, Inc. ADR (a)(b)	140,242	9,279,813
Bit Digital, Inc. (a)(b)	21,500	155,445
BIT Mining, Ltd. ADR (a)(b)	42,079	343,785
Blue Sail Medical Co., Ltd. Class A	116,800	325,390
BOE Technology Group Co., Ltd. Class A	961,500	752,336

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
BOE Technology Group Co., Ltd. Class B	793,100	$ 334,166
Bosideng International Holdings, Ltd.	2,478,000	1,763,486
Boya Bio-pharmaceutical Group Co., Ltd. Class A	19,825	107,818
Boyaa Interactive International, Ltd. (a)	64,000	3,987
Brilliance China Automotive Holdings, Ltd. (a)(f)	2,744,000	881,223
B-Soft Co., Ltd. Class A	207,019	238,967
BYD Co., Ltd. Class A	102,700	3,970,356
BYD Co., Ltd. Class H	525,711	16,410,214
BYD Electronic International Co., Ltd. (b)	622,000	2,193,278
C&S Paper Co., Ltd. Class A	7,400	19,813
C.banner International Holdings, Ltd. (a)	12,000	540
Cabbeen Fashion, Ltd.	1,195,000	468,197
Caissa Tosun Development Co., Ltd. Class A (a)	83,006	92,086
Caitong Securities Co., Ltd. Class A	137,100	229,633
Canaan, Inc. ADR (a)(b)	80,400	491,244
CanSino Biologics, Inc. Class A (a)	10,515	551,964
CanSino Biologics, Inc. Class H (a)(b)(d)	34,400	1,215,212
CECEP Wind-Power Corp. Class A	523,400	639,855
Central China Securities Co., Ltd. Class A	452,800	337,460
CETC Digital Technology Co., Ltd. Class A	106,400	481,883
CGN Mining Co., Ltd.	325,000	41,331
CGN New Energy Holdings Co., Ltd. (b)	364,000	386,227
CGN Nuclear Technology Development Co., Ltd. Class A	245,200	384,478
CGN Power Co., Ltd. Class H (b)(d)	9,263,000	2,820,077
Chacha Food Co., Ltd. Class A	30,900	222,534
Changchun High & New Technology Industry Group, Inc. Class A	11,925	507,487
Changjiang Securities Co., Ltd. Class A	392,100	464,761
Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class A	27,200	762,814
Chanjet Information Technology Co., Ltd. Class H	3,900	5,000
Chaowei Power Holdings, Ltd.	75,000	21,485
Cheetah Mobile, Inc. ADR (a)(b)	10,576	17,239
ChemPartner PharmaTech Co., Ltd. Class A	51,800	124,725
Chengdu Fusen Noble-House Industrial Co., Ltd. Class A	120,800	241,450
Chengdu Hongqi Chain Co., Ltd. Class A	825,486	608,818
Chengdu Kanghong Pharmaceutical Group Co., Ltd. Class A	23,400	66,458
Chengtun Mining Group Co., Ltd. Class A	82,100	151,123
Chengxin Lithium Group Co., Ltd. Class A (a)	40,500	374,252
Chifeng Jilong Gold Mining Co., Ltd. Class A (a)	95,600	227,372
China Aerospace International Holdings, Ltd.	2,152,000	165,865
China Aircraft Leasing Group Holdings, Ltd. (b)	6,500	4,258
China Aoyuan Group, Ltd. (b)	1,296,000	684,239

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
China Baoan Group Co., Ltd. Class A	282,600	$ 839,831
China Bohai Bank Co., Ltd. Class H (d)	42,500	16,597
China Building Material Test & Certification Group Co., Ltd. Class A	773,448	2,326,096
China Chengtong Development Group, Ltd. (b)	3,624,000	85,658
China Cinda Asset Management Co., Ltd. Class H	10,949,000	1,856,561
China CITIC Bank Corp., Ltd. Class H	10,612,000	4,798,448
China Coal Energy Co., Ltd. Class H	4,179,900	3,194,801
China Common Rich Renewable Energy Investment, Ltd. (a)(f)	856,000	—
China Communications Services Corp., Ltd. Class H	152,000	84,351
China Conch Venture Holdings, Ltd.	1,336,200	6,187,820
China Construction Bank Corp. Class H	70,714,256	50,687,641
China CSSC Holdings, Ltd. Class A	89,800	349,238
China Datang Corp. Renewable Power Co., Ltd. Class H (b)	1,187,000	530,629
China Dili Group (a)(b)	2,029,100	497,849
China Dongxiang Group Co., Ltd.	1,029,000	112,356
China East Education Holdings, Ltd. (a)(b)(d)	31,500	32,493
China Eastern Airlines Corp., Ltd. Class H (a)	144,000	55,309
China Education Group Holdings, Ltd.	163,000	280,997
China Electronics Huada Technology Co., Ltd. (a)	134,000	13,599
China Energine International Holdings, Ltd. (a)(b)	1,430,000	28,105
China Everbright Bank Co., Ltd. Class A	540,100	283,691
China Everbright Environment Group, Ltd.	2,956,111	2,232,847
China Everbright, Ltd.	24,000	28,364
China Evergrande Group (b)	1,799,737	682,012
China Fangda Group Co., Ltd. Class B (a)	173,967	64,808
China Feihe, Ltd. (d)	1,657,000	2,796,912
China Financial Services Holdings, Ltd. (a)	86,100	18,802
China Foods, Ltd.	16,000	5,775
China Fortune Land Development Co., Ltd. Class A (a)	35,620	22,131
China Galaxy Securities Co., Ltd. Class A	158,400	257,210
China Galaxy Securities Co., Ltd. Class H	2,661,400	1,548,707
China Gas Holdings, Ltd.	2,056,000	6,074,518
China Great Wall Securities Co., Ltd. Class A	122,600	224,912
China Greatwall Technology Group Co., Ltd. Class A	162,900	332,918
China Hanking Holdings, Ltd.	1,111,000	221,211
China Harmony Auto Holding, Ltd.	7,000	3,696
China High Speed Railway Technology Co., Ltd. Class A (a)	704,900	245,743
China Hongqiao Group, Ltd.	994,500	1,280,069
China Huarong Energy Co., Ltd. (a)	100,000	1,413
China Index Holdings, Ltd. ADR (a)	33,693	49,192
China International Capital Corp., Ltd. Class A	66,500	589,577

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
China International Capital Corp., Ltd. Class H (d)	540,800	$ 1,420,662
China International Marine Containers Group Co., Ltd. Class H	129,440	273,358
China Jinmao Holdings Group, Ltd.	880,000	316,520
China Jushi Co., Ltd. Class A	71,700	195,303
China Kings Resources Group Co., Ltd. Class A	9,620	57,252
China Lesso Group Holdings, Ltd.	1,250,000	2,003,944
China Life Insurance Co., Ltd. Class H	6,347,744	10,421,042
China Literature, Ltd. (a)(b)(d)	157,400	1,201,025
China Longyuan Power Group Corp., Ltd. Class H	2,588,000	6,396,321
China Medical System Holdings, Ltd.	1,336,000	2,437,001
China Meidong Auto Holdings, Ltd.	152,000	763,451
China Mengniu Dairy Co., Ltd. (a)	2,203,337	14,194,261
China Merchants Bank Co., Ltd. Class A	868,862	6,791,771
China Merchants Bank Co., Ltd. Class H	3,010,129	23,993,179
China Merchants China Direct Investments, Ltd.	4,000	4,743
China Merchants Port Holdings Co., Ltd.	2,455,765	4,214,579
China Merchants Securities Co., Ltd. Class A	370,441	1,051,515
China Merchants Shekou Industrial Zone Holdings Co., Ltd. Class A	159,857	320,507
China Minmetals Rare Earth Co., Ltd. Class A	37,900	234,306
China Minsheng Banking Corp., Ltd. Class H (b)	7,130,879	2,867,136
China Modern Dairy Holdings, Ltd. (b)	93,000	17,681
China Molybdenum Co., Ltd. Class A	1,487,600	1,392,176
China Molybdenum Co., Ltd. Class H	1,092,000	680,339
China National Accord Medicines Corp., Ltd. Class B	258,995	671,720
China National Building Material Co., Ltd. Class H	2,845,400	3,852,519
China National Medicines Corp., Ltd. Class A	149,195	677,781
China National Software & Service Co., Ltd. Class A	30,200	231,062
China Nonferrous Mining Corp., Ltd. (b)	242,000	117,508
China Northern Rare Earth Group High-Tech Co., Ltd. Class A	172,500	1,183,231
China NT Pharma Group Co., Ltd. (a)	1,630,662	18,015
China Ocean Industry Group, Ltd. (a)	57,625	925
China Oil & Gas Group, Ltd. (a)	132,000	9,496
China Oilfield Services, Ltd. Class H	2,056,422	1,962,736
China Online Education Group ADR (a)(b)	1,224	3,195
China Overseas Grand Oceans Group, Ltd.	109,500	67,095
China Overseas Land & Investment, Ltd.	3,468,682	7,904,584
China Overseas Property Holdings, Ltd.	62,066	51,505
China Pacific Insurance Group Co., Ltd. Class A	243,638	1,024,533
China Pacific Insurance Group Co., Ltd. Class H	2,381,800	7,082,999
China Petroleum & Chemical Corp. Class H	22,284,338	11,049,635
China Power International Development, Ltd.	6,649,000	3,527,502

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
China Railway Group, Ltd. Class H	5,330,487	$ 2,656,804
China Rare Earth Holdings, Ltd. (a)(b)	1,911,200	208,682
China Resources Beer Holdings Co., Ltd.	906,930	6,698,885
China Resources Cement Holdings, Ltd.	738,000	711,963
China Resources Gas Group, Ltd.	434,000	2,280,205
China Resources Land, Ltd.	2,565,033	10,824,036
China Resources Mixc Lifestyle Services, Ltd. (d)	204,200	1,134,495
China Resources Power Holdings Co., Ltd.	1,910,598	5,509,936
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A	24,600	107,792
China Sanjiang Fine Chemicals Co., Ltd.	73,000	25,600
China Science Publishing & Media, Ltd. Class A	124,100	164,403
China Shenhua Energy Co., Ltd. Class H	3,666,624	8,581,746
China Singyes Solar Technologies Holdings, Ltd.	9,600	3,157
China South City Holdings, Ltd.	2,470,000	209,412
China Southern Airlines Co., Ltd. Class H (a)(b)	2,502,000	1,414,168
China State Construction Engineering Corp., Ltd. Class A	1,137,000	845,615
China Suntien Green Energy Corp., Ltd. Class A	192,700	621,334
China Taiping Insurance Holdings Co., Ltd.	1,063,035	1,616,814
China Tianying, Inc. Class A (a)	543,300	441,947
China Tourism Group Duty Free Corp., Ltd. Class A	129,800	5,229,005
China Tower Corp., Ltd. Class H (d)	26,868,000	3,520,436
China TransInfo Technology Co., Ltd. Class A	283,100	648,314
China Travel International Investment Hong Kong, Ltd. (a)(b)	7,832,000	1,156,995
China Vanke Co., Ltd. Class A	423,900	1,399,645
China Vanke Co., Ltd. Class H	1,056,200	2,889,926
China World Trade Center Co., Ltd. Class A	103,400	235,029
China Yangtze Power Co., Ltd. Class A	1,207,900	4,117,416
China Yongda Automobiles Services Holdings, Ltd.	802,000	1,157,981
China Yuhua Education Corp., Ltd. (d)	24,000	11,654
China ZhengTong Auto Services Holdings, Ltd. (a)	38,000	4,296
China Zhenhua Group Science & Technology Co., Ltd. Class A	153,246	2,379,658
ChinaCache International Holdings, Ltd. ADR (a)(b)(f)	18,355	—
Chinasoft International, Ltd. (a)	1,074,000	1,898,382
Chindata Group Holdings, Ltd. ADR (a)	31,600	265,756
Chinese Universe Publishing & Media Group Co., Ltd. Class A	188,200	302,391
Chlitina Holding, Ltd.	2,000	14,285
Chongqing Brewery Co., Ltd. Class A (a)	27,511	559,385
Chongqing Changan Automobile Co., Ltd. Class A	112,840	291,978
Chongqing Changan Automobile Co., Ltd. Class B	1,474,800	899,886
Chongqing Department Store Co., Ltd. Class A	24,800	92,568
Chongqing Fuling Electric Power Industrial Co., Ltd. Class A	7,252	19,158

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Chongqing Gas Group Corp., Ltd. Class A	148,100	$ 219,832
Chongqing Iron & Steel Co., Ltd. Class A (a)	636,000	249,315
Chongqing Machinery & Electric Co., Ltd. Class H	138,000	13,827
Chongqing Zhifei Biological Products Co., Ltd. Class A	105,600	2,601,386
Chongyi Zhangyuan Tungsten Industry Co., Ltd. Class A (a)	66,700	91,772
Chow Tai Seng Jewellery Co., Ltd. Class A	173,643	536,749
CIFI Ever Sunshine Services Group, Ltd. (b)	192,000	382,784
CIFI Holdings Group Co., Ltd.	1,656,447	1,127,754
CIMC Enric Holdings, Ltd. (b)	10,000	11,985
Citic Pacific Special Steel Group Co., Ltd. Class A	139,250	442,303
CITIC Resources Holdings, Ltd. (a)	1,964,000	136,237
CITIC Securities Co., Ltd. Class A	511,800	2,004,695
CITIC Securities Co., Ltd. Class H	1,361,500	3,469,926
CITIC Telecom International Holdings, Ltd.	1,324,000	450,707
CITIC, Ltd.	3,635,961	3,876,664
Client Service International, Inc. Class A	35,950	101,266
Cloopen Group Holding, Ltd. ADR (a)(b)	33,725	149,064
CMST Development Co., Ltd. Class A	248,100	221,422
CNHTC Jinan Truck Co., Ltd. Class A	166,460	382,234
CNNC Hua Yuan Titanium Dioxide Co., Ltd. Class A	803,516	1,794,029
COFCO Biotechnology Co., Ltd. Class A	149,600	234,344
Cogobuy Group (a)(d)	64,000	20,718
Colour Life Services Group Co., Ltd. (a)(b)	69,000	22,425
Comtec Solar Systems Group, Ltd. (a)	211,500	13,449
Connect Biopharma Holdings, Ltd. ADR (a)(b)	4,300	102,770
Contemporary Amperex Technology Co., Ltd. Class A	129,993	10,588,971
Continental Aerospace Technologies Holding, Ltd. (a)	2,426,527	40,522
CooTek Cayman, Inc. ADR (a)(b)	170,287	207,750
COSCO SHIPPING Development Co., Ltd. Class H	7,973,117	1,587,526
COSCO SHIPPING Energy Transportation Co., Ltd. Class H (b)	2,236,000	1,097,226
COSCO SHIPPING Holdings Co., Ltd. Class H (a)(b)	3,890,716	5,967,532
COSCO SHIPPING Ports, Ltd.	2,904,050	2,514,345
Cosmo Lady China Holdings Co., Ltd. (a)(b)(d)	71,000	6,384
Country Garden Holdings Co., Ltd. (b)	5,613,514	5,804,858
Country Garden Services Holdings Co., Ltd.	1,003,000	7,923,863
CQ Pharmaceutical Holding Co., Ltd. Class A (a)	558,100	430,638
Crazy Sports Group, Ltd. (a)	2,412,200	136,341
Crystal Clear Electronic Material Co., Ltd. Class A	17,900	111,078
CSC Financial Co., Ltd. Class A	155,600	744,971
CSG Holding Co., Ltd. Class B	701,345	340,553
CSG Smart Science&Technology Co., Ltd. Class A (a)	107,100	185,027

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
CSPC Pharmaceutical Group, Ltd.	5,624,960	$ 6,748,810
CSSC Science & Technology Co., Ltd. Class A	147,700	298,879
CStone Pharmaceuticals (a)(b)(d)	161,500	223,641
CTS International Logistics Corp., Ltd. Class A	307,090	605,235
D&O Home Collection Co., Ltd. Class A	102,400	208,798
Daan Gene Co., Ltd. Class A	298,419	858,637
Dada Nexus, Ltd. ADR (a)	38,958	780,718
Dalian Huarui Heavy Industry Group Co., Ltd. Class A	382,200	237,469
Daqo New Energy Corp. ADR (a)	42,939	2,447,523
DaShenLin Pharmaceutical Group Co., Ltd. Class A	36,714	241,252
Datang International Power Generation Co., Ltd. Class H (b)	7,978,000	1,537,256
Dazhong Transportation Group Co., Ltd. Class B (a)	1,240,950	361,116
Deppon Logistics Co., Ltd. Class A	118,800	201,007
DHC Software Co., Ltd. Class A	149,800	176,631
DIDI Global, Inc. ADR (a)(b)	138,100	1,075,799
Digital China Group Co., Ltd. Class A	163,300	389,147
Digital China Information Service Co., Ltd. Class A	123,400	239,955
Do-Fluoride New Materials Co., Ltd. Class A (a)	112,200	934,073
Dongfang Electric Corp., Ltd. Class A	128,100	363,221
Dongfang Electric Corp., Ltd. Class H (b)	223,800	370,286
Dongfeng Motor Group Co., Ltd. Class H	2,592,657	2,314,679
Dongjiang Environmental Co., Ltd. Class A	288,600	329,113
Dongyue Group, Ltd.	755,000	1,885,403
Double Medical Technology, Inc. Class A	104,900	861,110
Doushen Beijing Education & Technology, Inc. Class A (a)	144,000	81,884
DouYu International Holdings, Ltd. ADR (a)(b)	58,833	193,561
East Group Co., Ltd. Class A	165,500	245,404
East Money Information Co., Ltd. Class A	355,404	1,892,661
Eastern Communications Co., Ltd. Class B	363,900	169,941
Easysight Supply Chain Management Co., Ltd. Class A (a)	150,900	53,075
Ebang International Holdings, Inc. Class A (a)(b)	123,938	235,482
E-Commodities Holdings, Ltd. (a)	6,250	618
Ecovacs Robotics Co., Ltd. Class A	14,900	350,683
Eoptolink Technology, Inc., Ltd. Class A	32,513	169,618
ESR Cayman, Ltd. (a)(d)	473,800	1,439,419
Essex Bio-technology, Ltd. (b)	1,247,000	922,677
Eve Energy Co., Ltd. Class A	108,399	1,663,271
Everbright Securities Co., Ltd. Class A	123,200	296,451
Everest Medicines, Ltd. (a)(d)	63,500	401,328
Evergrande Property Services Group, Ltd. (a)(b)(d)	2,502,000	1,645,577
Fang Holdings, Ltd. ADR (a)(b)	3,239	20,406
Fanhua, Inc. ADR (b)	38,151	459,338

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Fantasia Holdings Group Co., Ltd. (b)	1,843,500	$ 132,615
Far East Horizon, Ltd. (b)	2,580,000	2,618,229
FAW Jiefang Group Co., Ltd.	246,700	410,912
Fiberhome Telecommunication Technologies Co., Ltd. Class A	30,400	83,089
Fibocom Wireless, Inc. Class A	21,760	145,078
FinVolution Group ADR	27,116	152,934
Fire Rock Holdings, Ltd.	804,000	225,151
First Capital Securities Co., Ltd. Class A	237,100	265,975
First Tractor Co., Ltd. Class A	143,900	276,251
Flat Glass Group Co., Ltd. Class A	164,200	1,174,129
Flat Glass Group Co., Ltd. Class H (a)(b)	196,000	925,282
Focus Media Information Technology Co., Ltd. Class A	330,300	374,620
Foshan Haitian Flavouring & Food Co., Ltd. Class A	191,460	3,263,186
Founder Securities Co., Ltd. Class A	280,800	355,895
Foxconn Industrial Internet Co., Ltd. Class A	114,900	206,870
Fufeng Group, Ltd. (a)	71,000	25,173
Fujian Aonong Biological Technology Group, Inc., Ltd. Class A	140,090	184,283
Fujian Boss Software Development Co., Ltd. Class A	28,140	81,970
Fujian Green Pine Co., Ltd. Class A	46,600	101,085
Fujian Longking Co., Ltd. Class A	124,500	165,897
Fujian Star-net Communication Co., Ltd. Class A	155,700	596,842
Fujian Sunner Development Co., Ltd. Class A	113,500	379,857
Fuyao Glass Industry Group Co., Ltd. Class A	275,017	1,800,351
Fuyao Glass Industry Group Co., Ltd. Class H (d)	172,000	920,247
Ganfeng Lithium Co., Ltd. Class A	104,900	2,648,343
Ganfeng Lithium Co., Ltd. Class H (d)	111,000	1,973,422
Gaotu Techedu, Inc. ADR (a)(b)	124,509	382,243
G-bits Network Technology Xiamen Co., Ltd. Class A	14,600	885,139
GCI Science & Technology Co., Ltd. Class A	277,381	628,341
GCL Energy Technology Co., Ltd.	44,400	93,698
GCL System Integration Technology Co., Ltd. Class A (a)	382,800	243,179
GDS Holdings, Ltd. ADR (a)	73,790	4,177,252
Geely Automobile Holdings, Ltd.	3,803,000	10,918,545
GEM Co., Ltd. Class A	95,000	164,565
Gemdale Corp. Class A	122,000	211,714
Genertec Universal Medical Group Co., Ltd. (d)	665,600	521,560
Genetron Holdings, Ltd. ADR (a)(b)	21,788	301,764
Genimous Technology Co., Ltd. Class A (a)	448,600	451,102
Genscript Biotech Corp. (a)	692,000	2,666,787
Getein Biotech, Inc. Class A	191,442	544,307
GF Securities Co., Ltd. Class H	1,593,000	2,778,923
Giant Network Group Co., Ltd. Class A	265,900	428,472

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Gigadevice Semiconductor Beijing, Inc. Class A	36,960	$ 830,311
Ginlong Technologies Co., Ltd. Class A	15,500	581,190
Global Bio-Chem Technology Group Co., Ltd. (a)	1,096,000	48,573
Global Top E-Commerce Co., Ltd. Class A (a)	3,900	1,366
GoerTek, Inc. Class A	259,900	1,735,620
Goke Microelectronics Co., Ltd. Class A	19,100	359,272
Golden Solar New Energy Technology Holdings, Ltd. (a)	416,000	496,444
GoldenHome Living Co., Ltd. Class A	45,080	211,500
Goldpac Group, Ltd.	64,000	13,072
GOME Retail Holdings, Ltd. (a)	10,566,000	990,819
Goodbaby International Holdings, Ltd. (a)	67,000	10,156
Grand Baoxin Auto Group, Ltd. (a)	3,158	353
Grandjoy Holdings Group Co., Ltd. Class A (a)	165,500	93,084
Great Wall Motor Co., Ltd. Class H	2,627,820	9,688,096
Greattown Holdings, Ltd. Class A	258,600	143,043
Greatview Aseptic Packaging Co., Ltd.	10,000	3,725
Gree Real Estate Co., Ltd. Class A (a)	273,400	307,543
Greentown China Holdings, Ltd. (b)	659,000	997,221
Greentown Service Group Co., Ltd. (b)	484,000	522,259
Grinm Advanced Materials Co., Ltd. Class A	122,200	248,414
Guangdong Create Century Intelligent Equipment Group Corp Ltd Class A (a)	87,600	210,653
Guangdong Electric Power Development Co., Ltd. Class B	2,015,240	683,426
Guangdong Golden Dragon Development, Inc. Class A (a)	138,900	329,280
Guangdong Haid Group Co., Ltd. Class A	108,100	1,128,903
Guangdong Hongda Blasting Co., Ltd. Class A	111,700	469,542
Guangdong Huatie Tongda High-speed Railway Equipment Corp. Class A	560,000	451,193
Guangdong Investment, Ltd.	3,314,229	4,325,508
Guangdong Kinlong Hardware Products Co., Ltd. Class A	13,100	278,827
Guangdong Provincial Expressway Development Co., Ltd. Class B	253,600	168,748
Guangdong Topstar Technology Co., Ltd. Class A	28,800	76,619
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. Class A	230,300	655,502
Guangdong Zhongsheng Pharmaceutical Co., Ltd. Class A	128,100	192,924
Guangshen Railway Co., Ltd. Class H (a)	5,318,000	983,721
Guangxi Guiguan Electric Power Co., Ltd. Class A	257,700	301,861
Guangxi Liuzhou Pharmaceutical Co., Ltd. Class A	240,840	608,630
Guangzhou Automobile Group Co., Ltd. Class H	3,058,090	2,702,711
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class A	133,000	613,482

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H	6,000	$ 15,215
Guangzhou Great Power Energy & Technology Co., Ltd. Class A	30,000	127,363
Guangzhou Haige Communications Group, Inc. Co. Class A	289,700	459,642
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A	15,400	244,386
Guangzhou R&F Properties Co., Ltd. Class H (b)	992,282	762,250
Guangzhou Restaurant Group Co., Ltd. Class A	180,360	592,723
Guangzhou Shiyuan Electronic Technology Co., Ltd. Class A	4,400	53,415
Guangzhou Tinci Materials Technology Co., Ltd. Class A	124,705	2,939,282
Guangzhou Wondfo Biotech Co., Ltd. Class A	11,440	76,219
Guangzhou Yuexiu Financial Holdings Group Co., Ltd. Class A	395,955	518,410
Guangzhou Zhujiang Brewery Co., Ltd. Class A	262,600	363,750
Guizhou Xinbang Pharmaceutical Co., Ltd. Class A (a)	269,500	320,277
Guocheng Mining Co., Ltd. Class A	132,700	215,273
Guodian Technology & Environment Group Corp., Ltd. Class H (a)	73,000	6,658
Guomai Technologies, Inc. Class A	261,100	226,956
Guosen Securities Co., Ltd. Class A	413,500	757,293
Guosheng Financial Holding, Inc. Class A (a)	137,800	195,363
Guotai Junan Securities Co., Ltd. Class A	290,000	801,162
Guoxuan High-Tech Co., Ltd. Class A (a)	50,844	374,122
Guoyuan Securities Co., Ltd. Class A	168,310	202,108
Haichang Ocean Park Holdings, Ltd. (a)(d)	993,000	264,047
Haidilao International Holding, Ltd. (b)(d)	486,000	1,857,309
Haier Smart Home Co., Ltd. Class A	234,300	949,325
Haier Smart Home Co., Ltd. Class H	1,038,600	3,662,280
Hailir Pesticides & Chemicals Group Co., Ltd. Class A	67,424	183,447
Hainan Meilan International Airport Co., Ltd. Class H (a)	65,000	272,202
Haisco Pharmaceutical Group Co., Ltd. Class A	140,300	399,770
Haitian International Holdings, Ltd.	189,000	583,899
Haitong Securities Co., Ltd. Class A	264,900	498,278
Haitong Securities Co., Ltd. Class H	2,628,400	2,407,365
Hang Zhou Great Star Industrial Co., Ltd. Class A (a)	289,800	1,233,918
Hangjin Technology Co., Ltd. Class A	130,500	578,293
Hangzhou Chang Chuan Technology Co., Ltd. Class A	106,430	787,589
Hangzhou Dptech Technologies Co., Ltd. Class A	17,900	123,309
Hangzhou First Applied Material Co., Ltd. Class A	137,154	2,694,628
Hangzhou Robam Appliances Co., Ltd. Class A	34,200	179,108
Hangzhou Silan Microelectronics Co., Ltd. Class A	102,600	907,566
Hangzhou Steam Turbine Co., Ltd. Class B	672,820	1,338,786
Hangzhou Tigermed Consulting Co., Ltd. Class A	87,022	2,346,115
Hansoh Pharmaceutical Group Co., Ltd. (d)	490,000	1,246,299

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Harbin Boshi Automation Co., Ltd. Class A	555,020	$ 1,090,433
Harbin Electric Co., Ltd. Class H	2,552,000	1,212,951
Harbin Gloria Pharmaceuticals Co., Ltd. Class A (a)	369,700	147,788
Health & Happiness H&H International Holdings, Ltd.	5,000	11,921
Hebei Construction Group Corp., Ltd. Class H	78,500	20,571
Hefei Meiya Optoelectronic Technology, Inc. Class A	118,500	698,258
Hello Group, Inc. ADR	97,166	1,028,016
Henan Jindan Lactic Acid Technology Co., Ltd. Class A	12,660	90,487
Henan Lingrui Pharmaceutical Co. Class A	290,700	486,452
Henan Shenhuo Coal & Power Co., Ltd. Class A	110,600	190,560
Henan Shuanghui Investment & Development Co., Ltd. Class A	101,240	425,886
Hengan International Group Co., Ltd.	666,500	3,570,238
Hengli Petrochemical Co., Ltd. Class A	355,000	1,432,321
Hisense Home Appliances Group Co., Ltd. Class A	378,700	704,121
Hithink RoyalFlush Information Network Co., Ltd. Class A	6,200	115,172
Holitech Technology Co., Ltd. Class A (a)	243,700	128,382
Hongda Xingye Co., Ltd. Class A	367,300	317,560
Hongfa Technology Co., Ltd. Class A	29,900	288,993
Honghua Group, Ltd. (a)	14,000	426
Hongli Zhihui Group Co., Ltd. Class A (a)	47,500	86,551
Honworld Group, Ltd. (a)(d)	35,000	13,803
Hope Education Group Co., Ltd. (d)	180,000	26,822
Hopson Development Holdings, Ltd.	168,900	600,994
Hoshine Silicon Industry Co., Ltd. Class A	24,100	670,237
Hua Hong Semiconductor, Ltd. (a)(d)	456,000	2,366,503
Huaan Securities Co., Ltd. Class A	537,030	445,999
Huadian Power International Corp., Ltd. Class H (b)	2,791,308	1,158,167
Huadong Medicine Co., Ltd. Class A	34,200	157,275
Huafon Chemical Co., Ltd. Class A	1,070,000	2,017,648
Huafu Fashion Co., Ltd. Class A (a)	139,000	96,486
Huagong Tech Co., Ltd. Class A	99,100	448,514
Huaibei Mining Holdings Co., Ltd. Class A	57,200	134,536
Hualan Biological Engineering, Inc. Class A	214,827	928,676
Huaneng Lancang River Hydropower, Inc. Class A	25,900	34,271
Huaneng Power International, Inc. Class H (b)	5,318,000	2,862,353
Huangshan Tourism Development Co., Ltd. Class B (a)	939,882	657,917
Huatai Securities Co., Ltd. Class A	402,200	1,058,782
Huatai Securities Co., Ltd. Class H (d)	781,600	1,206,841
Huaxi Securities Co., Ltd. Class A	291,400	434,346
Huaxin Cement Co., Ltd. Class B	372,500	685,400
Huayu Automotive Systems Co., Ltd. Class A	127,461	450,676

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Huazhu Group, Ltd. ADR (a)(b)	96,190	$ 4,411,273
Hubei Biocause Pharmaceutical Co., Ltd. Class A	414,000	214,890
Hubei Kaile Science & Technology Co., Ltd. Class A (a)	162,700	60,502
Huizhou Desay Sv Automotive Co., Ltd. Class A	118,800	1,547,676
Humanwell Healthcare Group Co., Ltd. Class A	33,900	105,892
Hunan Dakang International Food & Agriculture Co., Ltd. Class A (a)	718,300	274,899
Hunan Gold Corp., Ltd. Class A (a)	128,200	231,610
Hunan New Wellful Co., Ltd. Class A	258,100	263,939
Hunan Valin Steel Co., Ltd. Class A	228,200	234,423
Hundsun Technologies, Inc. Class A	192,454	1,708,052
HUYA, Inc. ADR (a)	22,287	185,874
Hygeia Healthcare Holdings Co., Ltd. (d)	90,800	677,677
Hytera Communications Corp., Ltd. Class A	427,600	370,357
HyUnion Holding Co., Ltd. Class A (a)	111,400	89,928
iClick Interactive Asia Group, Ltd. ADR (a)	23,239	128,512
Iflytek Co., Ltd. Class A	157,400	1,290,124
iHuman, Inc. ADR (a)	14,700	69,237
I-Mab ADR (a)	19,405	1,406,668
Imeik Technology Development Co., Ltd. Class A	5,700	523,554
Industrial & Commercial Bank of China, Ltd. Class A	2,876,005	2,076,570
Industrial & Commercial Bank of China, Ltd. Class H	48,994,935	27,252,101
Industrial Bank Co., Ltd. Class A	818,000	2,319,399
Industrial Securities Co., Ltd. Class A	417,500	636,535
INESA Intelligent Tech, Inc. Class B	2,571,500	1,167,461
Ingenic Semiconductor Co., Ltd. Class A	35,700	710,792
Inner Mongolia BaoTou Steel Union Co., Ltd. Class A (a)	2,084,600	1,023,889
Inner Mongolia Eerduosi Resources Co., Ltd. Class A	58,500	325,222
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd. Class A	456,600	404,672
Inner Mongolia MengDian HuaNeng Thermal Power Corp., Ltd. Class A	908,600	578,610
Inner Mongolia Yili Industrial Group Co., Ltd. Class A	174,300	1,018,145
Inner Mongolia Yitai Coal Co., Ltd. Class B	529,536	459,637
Inner Mongolia Yuan Xing Energy Co., Ltd. Class A (a)	119,500	176,084
InnoCare Pharma, Ltd. (a)(d)	188,000	508,359
Innovent Biologics, Inc. (a)(d)	548,500	5,319,668
Inspur Electronic Information Industry Co., Ltd. Class A	32,816	145,013
Intco Medical Technology Co., Ltd. Class A	47,250	429,233
iQIYI, Inc. ADR (a)(b)	188,077	1,510,258
IReader Technology Co., Ltd. Class A	106,600	316,959
IRICO Group New Energy Co., Ltd. Class H (a)	25,000	81,250
JA Solar Technology Co., Ltd. Class A	107,400	1,097,464

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Jacobio Pharmaceuticals Group Co., Ltd. (a)(d)	78,600	$ 189,416
Jafron Biomedical Co., Ltd. Class A	15,420	139,912
Jason Furniture Hangzhou Co., Ltd. Class A	117,900	1,096,064
JC Finance & Tax Interconnect Holdings, Ltd. Class A (a)	124,200	124,893
JCET Group Co., Ltd. Class A	45,700	227,084
JD Health International, Inc. (a)(b)(d)	655,150	6,320,357
JD Logistics, Inc. (a)(b)(d)	38,200	158,990
JD.com, Inc. ADR (a)	624,050	45,081,372
Jiajiayue Group Co., Ltd. Class A	150,800	351,181
Jiangling Motors Corp., Ltd. Class A	105,500	255,985
Jiangnan Group, Ltd. (a)	201,000	7,875
Jiangsu Akcome Science & Technology Co., Ltd. Class A (a)	357,500	246,494
Jiangsu Changshu Rural Commercial Bank Co., Ltd. Class A	150,400	149,375
Jiangsu Eastern Shenghong Co., Ltd. Class A	405,700	1,767,630
Jiangsu Expressway Co., Ltd. Class H	2,505,636	2,539,545
Jiangsu Hengli Hydraulic Co., Ltd. Class A	106,251	1,392,425
Jiangsu Hengrui Medicine Co., Ltd. Class A	352,216	2,741,216
Jiangsu Hoperun Software Co., Ltd. Class A (a)	51,600	240,651
Jiangsu Huaxicun Co., Ltd. Class A	251,100	246,276
Jiangsu Jiejie Microelectronics Co., Ltd. Class A	123,150	609,262
Jiangsu King's Luck Brewery JSC, Ltd. Class A	33,100	232,326
Jiangsu Nata Opto-electronic Material Co., Ltd. Class A	19,600	155,761
Jiangsu Shagang Co., Ltd. Class A	108,200	115,007
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A	77,465	1,993,397
Jiangsu Yangnong Chemical Co., Ltd. Class A	14,500	235,563
Jiangsu Yoke Technology Co., Ltd. Class A	122,100	1,444,617
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A	189,978	954,011
Jiangsu Zhongnan Construction Group Co., Ltd. Class A	150,000	103,424
Jiangxi Copper Co., Ltd. Class H	1,331,000	2,403,944
Jiangxi Lianchuang Optoelectronic Science & Technology Co., Ltd. Class A	119,300	568,218
Jiangxi Zhengbang Technology Co., Ltd. Class A	250,600	366,154
Jiayou International Logistics Co., Ltd. Class A	480,748	1,225,334
Jinchuan Group International Resources Co., Ltd. (b)	617,000	100,658
Jinke Properties Group Co., Ltd. Class A	679,630	543,367
Jinke Smart Services Group Co., Ltd. Class H	22,400	125,745
JinkoSolar Holding Co., Ltd. ADR (a)(b)	27,892	1,277,733
Jinxin Fertility Group, Ltd. (a)(b)(d)	530,000	789,759
JiuGui Liquor Co., Ltd. Class A	22,500	863,639
Jiumaojiu International Holdings, Ltd. (b)(d)	225,000	680,666
JL Mag Rare-Earth Co., Ltd. Class A	18,000	84,980
Joinn Laboratories China Co., Ltd. Class A	68,320	1,672,538

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Jointown Pharmaceutical Group Co., Ltd. Class A	278,200	$ 667,266
Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd. Class A	4,300	21,214
Joy City Property, Ltd.	2,532,000	136,607
Joyoung Co., Ltd. Class A	240,456	809,220
JOYY, Inc. ADR (b)	27,826	1,525,700
Ju Teng International Holdings, Ltd.	134,500	25,053
Juewei Food Co., Ltd. Class A	19,000	188,263
JW Cayman Therapeutics Co., Ltd. (a)(d)	108,000	206,992
Kama Co., Ltd. Class B (a)	1,000,400	331,132
Kandi Technologies Group, Inc. (a)(b)	7,054	31,390
Kangji Medical Holdings, Ltd. (b)	117,500	156,674
KE Holdings, Inc. ADR (a)	328,548	5,999,286
Keboda Technology Co., Ltd. Class A	10,600	93,042
Kehua Data Co., Ltd. Class A	34,800	180,201
Keshun Waterproof Technologies Co., Ltd. Class A	68,760	163,004
Kingboard Holdings, Ltd.	1,057,777	4,789,764
KingClean Electric Co., Ltd. Class A	45,640	180,891
Kingdee International Software Group Co., Ltd. (a)	1,669,700	5,587,366
Kingfa Sci & Tech Co., Ltd. Class A	54,300	123,424
Kingsoft Cloud Holdings, Ltd. ADR (a)(b)	50,237	1,422,712
Kingsoft Corp., Ltd.	527,600	2,104,395
Kintor Pharmaceutical, Ltd. (a)(b)(d)	133,000	892,686
Konfoong Materials International Co., Ltd. Class A	20,700	135,830
Konka Group Co., Ltd. Class B	2,812,223	932,031
Koolearn Technology Holding, Ltd. (a)(b)(d)	116,000	62,734
KPC Pharmaceuticals, Inc. Class A	130,700	178,816
Kuaishou Technology (a)(b)(d)	950,300	10,095,484
Kuang-Chi Technologies Co., Ltd. Class A (a)	174,690	607,923
Kunlun Energy Co., Ltd.	4,074,152	4,249,660
Kunming Yunnei Power Co., Ltd. Class A	157,200	86,467
Kweichow Moutai Co., Ltd. Class A	76,700	21,747,908
KWG Group Holdings, Ltd.	1,340,668	1,310,590
KWG Living Group Holdings, Ltd.	592,333	438,278
Lao Feng Xiang Co., Ltd. Class A	27,600	198,597
Lao Feng Xiang Co., Ltd. Class B (c)	7,130	24,213
Laobaixing Pharmacy Chain JSC Class A	26,600	192,885
LB Group Co., Ltd. Class A	138,600	616,549
Lee & Man Paper Manufacturing, Ltd.	76,000	55,941
Lenovo Group, Ltd.	6,419,220	6,901,899
Lens Technology Co., Ltd. Class A	240,665	780,092
Leo Group Co., Ltd. Class A	1,399,000	544,080

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
LexinFintech Holdings, Ltd. ADR (a)	50,706	$ 298,658
Li Auto, Inc. ADR (a)	163,423	4,296,391
Li Ning Co., Ltd.	1,605,193	18,588,909
Lianhua Supermarket Holdings Co., Ltd. Class H (a)	13,000	1,586
Lifetech Scientific Corp. (a)(b)	2,500,000	1,310,271
Lingyi iTech Guangdong Co. Class A	517,300	517,781
Link Motion, Inc. ADR (a)(f)	16,509	—
Linklogis, Inc. Class B (a)(d)	334,500	344,613
Livzon Pharmaceutical Group, Inc. Class H	211,527	777,128
Longfor Group Holdings, Ltd. (d)	974,000	4,491,737
LONGi Green Energy Technology Co., Ltd. Class A	389,160	4,973,337
Longshine Technology Group Co., Ltd. Class A	39,450	157,824
Lu Thai Textile Co., Ltd. Class B	137,100	65,867
Luenmei Quantum Co., Ltd. Class A	287,608	416,662
Lufax Holding, Ltd. ADR (a)	280,109	1,955,161
Luokung Technology Corp. (a)	279,300	323,988
Luoyang Glass Co., Ltd. Class H (a)	76,000	97,238
Luoyang Xinqianglian Slewing Bearing Co., Ltd. Class A	4,200	117,085
Luxshare Precision Industry Co., Ltd. Class A	551,029	3,048,845
Luye Pharma Group, Ltd. (a)(b)(d)	658,000	344,018
Luzhou Laojiao Co., Ltd. Class A	113,714	3,904,051
Maanshan Iron & Steel Co., Ltd. Class H	1,768,000	806,253
Maccura Biotechnology Co., Ltd. Class A	37,572	167,776
Mango Excellent Media Co., Ltd. Class A	85,750	579,151
Markor International Home Furnishings Co., Ltd. Class A (a)	540,000	262,721
Maxscend Microelectronics Co., Ltd. Class A	21,060	1,148,609
Meinian Onehealth Healthcare Holdings Co., Ltd. Class A (a)	270,360	310,826
Meitu, Inc. (a)(d)	1,936,500	378,113
Meituan Class B (a)(d)	2,759,987	87,430,108
Metallurgical Corp. of China, Ltd. Class A	118,000	79,532
Metallurgical Corp. of China, Ltd. Class H	1,296,000	399,556
Microport Cardioflow Medtech Corp. (a)(d)	104,000	83,364
Microport Scientific Corp.	384,937	2,170,776
Milkyway Chemical Supply Chain Service Co., Ltd. Class A	23,525	331,661
Ming Yang Smart Energy Group, Ltd. Class A	3,700	14,304
Ming Yuan Cloud Group Holdings, Ltd. (b)	372,000	1,290,231
Minth Group, Ltd.	250,000	854,245
MLS Co., Ltd. Class A	49,748	119,167
MMG, Ltd. (a)	1,692,000	715,084
MOBI Development Co., Ltd. (a)	1,025,000	49,376
Mobvista, Inc. (a)(d)	105,000	96,710
Montage Technology Co., Ltd. Class A	61,967	570,415

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Montnets Cloud Technology Group Co., Ltd. Class A (a)	262,700	$ 732,255
Muyuan Foods Co., Ltd. Class A	355,784	2,861,046
Nam Tai Property, Inc. (a)	29,500	685,875
NanJi E-Commerce Co., Ltd. Class A	453,400	463,657
Nanjing Hanrui Cobalt Co., Ltd. Class A	7,500	87,097
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. Class A	6,253	34,879
Nanjing Xinjiekou Department Store Co., Ltd. Class A	116,200	178,603
NARI Technology Co., Ltd. Class A	197,280	1,097,664
National Agricultural Holdings, Ltd. (a)(b)(f)	72,000	—
National Silicon Industry Group Co., Ltd. Class A (a)	93,151	413,652
NAURA Technology Group Co., Ltd. Class A	30,200	1,711,162
NavInfo Co., Ltd. Class A (a)	150,700	257,315
NetDragon Websoft Holdings, Ltd.	34,500	78,000
NetEase, Inc. ADR	266,185	22,732,199
New China Life Insurance Co., Ltd. Class H	663,000	1,958,855
New Hope Liuhe Co., Ltd. Class A (a)	370,800	848,002
New Horizon Health, Ltd. (a)(d)	18,500	80,919
New Oriental Education & Technology Group, Inc. ADR (a)	1,077,138	2,208,133
Newegg Commerce, Inc. (a)(b)	5,900	84,193
Newland Digital Technology Co., Ltd. Class A	349,020	831,180
Ninestar Corp. Class A	26,600	153,937
Ningbo Construction Co., Ltd. Class A	375,600	225,220
Ningbo Jifeng Auto Parts Co., Ltd. Class A	258,800	391,769
Ningbo Joyson Electronic Corp. Class A	33,300	89,983
Ningbo Sanxing Medical Electric Co., Ltd. Class A	135,200	344,180
Ningbo Tuopu Group Co., Ltd. Class A	55,200	311,665
Ningbo Xusheng Auto Technology Co., Ltd. Class A	27,200	141,184
Ningxia Baofeng Energy Group Co., Ltd. Class A	51,000	127,065
NIO, Inc. ADR (a)	910,451	32,439,369
NiSun International Enterprise Development Group Co., Ltd. (a)(b)	1,107	13,063
Niu Technologies ADR (a)(b)	15,120	350,330
Noah Holdings, Ltd. ADR (a)	11,985	445,003
Nongfu Spring Co., Ltd. Class H (d)	890,000	4,533,088
Northeast Securities Co., Ltd. Class A	137,100	183,324
Ocumension Therapeutics (a)(d)	11,000	26,452
Offcn Education Technology Co., Ltd. Class A (a)	52,100	87,506
OFILM Group Co., Ltd. Class A	130,600	169,978
OneConnect Financial Technology Co., Ltd. ADR (a)	36,095	147,989
Oppein Home Group, Inc. Class A	18,620	377,564
Orient Securities Co., Ltd. Class A	272,900	639,755
Ourgame International Holdings, Ltd. (a)	65,000	3,048

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Ourpalm Co., Ltd. Class A (a)	92,300	$ 53,916
Ovctek China, Inc. Class A	9,700	122,730
Ozner Water International Holding, Ltd. (a)(d)	738,000	8,437
Pacific Online, Ltd. (b)	159,000	30,433
Pacific Securities Co., Ltd. Class A (a)	722,900	365,146
Parkson Retail Group, Ltd. (a)	1,263,000	41,372
PCI-Suntek Technology Co., Ltd. Class A	11,100	13,879
Peijia Medical, Ltd. (a)(d)	99,000	259,434
People's Insurance Co. Group of China, Ltd. Class A	51,900	40,690
People's Insurance Co. Group of China, Ltd. Class H	5,248,000	1,631,436
Perfect World Co., Ltd. Class A	269,250	629,112
PetroChina Co., Ltd. Class H	19,672,627	9,325,017
Pharmaron Beijing Co., Ltd. Class A	85,800	2,863,678
PhiChem Corp. Class A	43,000	107,800
PICC Property & Casualty Co., Ltd. Class H	6,781,053	6,576,654
Pinduoduo, Inc. ADR (a)	283,065	25,665,504
Ping An Bank Co., Ltd. Class A	698,700	1,941,074
Ping An Healthcare & Technology Co., Ltd. (a)(b)(d)	390,100	2,535,639
Ping An Insurance Group Co. of China, Ltd. Class A	400,630	3,001,932
Ping An Insurance Group Co. of China, Ltd. Class H	4,096,420	28,021,088
PNC Process Systems Co., Ltd. Class A	35,346	266,053
Poly Culture Group Corp., Ltd. Class H (a)	7,200	4,366
Poly Developments & Holdings Group Co., Ltd. Class A	435,300	946,275
Poly Property Group Co., Ltd.	1,250,000	329,173
Pop Mart International Group, Ltd. (a)(b)(d)	430,800	2,946,838
Postal Savings Bank of China Co., Ltd. Class A	107,400	84,535
Postal Savings Bank of China Co., Ltd. Class H (d)	4,686,000	3,238,512
Prosperous Future Holdings, Ltd. (a)	415,000	3,945
Prosus NV (a)	12,211	976,342
Puxin, Ltd. ADR (a)(b)	13,912	8,069
PW Medtech Group, Ltd.	68,000	11,181
Qianhe Condiment & Food Co., Ltd. Class A	187,488	570,830
Qingdao Gon Technology Co., Ltd. Class A	123,400	461,746
Qingdao Haier Biomedical Co., Ltd. Class A	5,379	94,595
Qingdao Hanhe Cable Co., Ltd. Class A	680,700	479,886
Qingdao TGOOD Electric Co., Ltd. Class A	51,400	203,880
QuakeSafe Technologies Co., Ltd. Class A	6,400	108,088
Quectel Wireless Solutions Co., Ltd. Class A	9,230	232,094
Qutoutiao, Inc. ADR (a)(b)	306,868	303,799
Realcan Pharmaceutical Group Co., Ltd. Class A	120,800	71,125
Red Avenue New Materials Group Co., Ltd. Class A	14,300	110,718
Remegen Co., Ltd. Class H (a)(b)(d)	51,500	652,296

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
ReneSola, Ltd. ADR (a)(b)	21,505	$ 141,288
Richinfo Technology Co., Ltd. Class A (a)	28,100	73,450
Risen Energy Co., Ltd. Class A	91,800	274,091
Riyue Heavy Industry Co., Ltd. Class A	44,400	238,029
RLX Technology, Inc. ADR (a)	490,347	2,216,368
Rongan Property Co., Ltd. Class A	496,400	189,976
Rongsheng Petrochemical Co., Ltd. Class A	399,600	1,164,004
Roshow Technology Co., Ltd. Class A (a)	100,000	199,256
Sai Micro Electronics, Inc. Class A	47,600	199,354
SAIC Motor Corp., Ltd. Class A	300,400	888,074
Sailun Group Co., Ltd. Class A	803,600	1,426,907
Sanan Optoelectronics Co., Ltd. Class A	252,400	1,239,318
Sangfor Technologies, Inc. Class A	19,261	700,129
Sany Heavy Industry Co., Ltd. Class A	507,900	2,002,011
SDIC Capital Co., Ltd. Class A	646,577	881,605
SDIC Power Holdings Co., Ltd. Class A	261,100	487,894
Sealand Securities Co., Ltd. Class A	829,140	528,008
Seazen Group, Ltd.	488,000	390,543
Seazen Holdings Co., Ltd. Class A	31,600	182,530
SF Holding Co., Ltd. Class A	186,400	1,887,394
SG Micro Corp. Class A	18,225	939,573
Sgoco Group Ltd.	26,500	158,648
Shaanxi Construction Machinery Co., Ltd. Class A (a)	115,000	175,868
Shaanxi International Trust Co., Ltd. Class A	555,000	281,198
Shandong Airlines Co., Ltd. Class B (a)	5,800	3,092
Shandong Chenming Paper Holdings, Ltd. Class B	359,000	195,534
Shandong Dawn Polymer Co., Ltd. Class A	27,200	63,343
Shandong Denghai Seeds Co., Ltd. Class A	7,200	23,026
Shandong Dongyue Organosilicon Material Co., Ltd. Class A	26,300	97,596
Shandong Gold Mining Co., Ltd. Class A	378,380	1,149,680
Shandong Himile Mechanical Science & Technology Co., Ltd. Class A	238,100	938,898
Shandong Hualu Hengsheng Chemical Co., Ltd. Class A	35,300	180,110
Shandong Humon Smelting Co., Ltd. Class A	112,700	207,100
Shandong Linglong Tyre Co., Ltd. Class A	111,600	609,702
Shandong Molong Petroleum Machinery Co., Ltd. Class A (a)	270,500	206,207
Shandong Pharmaceutical Glass Co., Ltd. Class A	18,364	84,792
Shandong Weigao Group Medical Polymer Co., Ltd. Class H	1,036,000	1,852,507
Shandong Xinhua Pharmaceutical Co., Ltd. Class A	297,292	361,596
Shandong Yisheng Livestock & Poultry Breeding Co., Ltd. Class A	150,240	254,668
Shanghai 2345 Network Holding Group Co., Ltd. Class A (a)	671,700	211,272
Shanghai AtHub Co., Ltd. Class A	129,960	632,684

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Shanghai Bairun Investment Holding Group Co., Ltd. Class A	158,840	$ 1,833,280
Shanghai Baosight Software Co., Ltd. Class A	131,500	1,344,747
Shanghai Baosight Software Co., Ltd. Class B (c)	807,906	3,024,800
Shanghai Belling Co., Ltd. Class A	112,200	622,020
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B	1,999,520	1,321,683
Shanghai Daimay Automotive Interior Co., Ltd. Class A	211,418	522,157
Shanghai Dazhong Public Utilities Group Co., Ltd. Class A	407,800	261,588
Shanghai Diesel Engine Co., Ltd. Class B	364,840	206,499
Shanghai Electric Group Co., Ltd. Class H	5,336,077	1,672,526
Shanghai Environment Group Co., Ltd. Class A	120,900	246,333
Shanghai Fengyuzhu Culture & Technology Co., Ltd. Class A	163,730	381,293
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A	173,100	1,402,716
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H (b)	144,500	743,415
Shanghai Fudan Microelectronics Group Co., Ltd. Class H (a)(b)	174,000	444,798
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H (b)	8,000	3,998
Shanghai Fullhan Microelectronics Co., Ltd. Class A	17,244	463,776
Shanghai Haohai Biological Technology Co., Ltd. Class A	11,929	348,850
Shanghai Henlius Biotech, Inc. Class H (a)(b)(d)	17,400	54,873
Shanghai Huayi Group Co., Ltd. Class B	247,900	181,215
Shanghai Industrial Development Co., Ltd. Class A	353,500	225,114
Shanghai Industrial Urban Development Group, Ltd.	26,000	2,271
Shanghai International Airport Co., Ltd. Class A (a)	124,400	852,913
Shanghai International Port Group Co., Ltd. Class A	954,800	900,950
Shanghai Jin Jiang Capital Co., Ltd. Class H	28,000	5,611
Shanghai Jin Jiang Online Network Service Co., Ltd. Class B	1,109,474	738,910
Shanghai Jinjiang International Hotels Co., Ltd. Class B	289,500	535,575
Shanghai Jinjiang International Travel Co., Ltd. Class B	563,800	799,468
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B	952,366	855,225
Shanghai Junshi Biosciences Co., Ltd. Class A (a)	22,341	187,271
Shanghai Junshi Biosciences Co., Ltd. Class H (a)(d)	4,400	22,383
Shanghai Kelai Mechatronics Engineering Co., Ltd. Class A	21,100	107,429
Shanghai Liangxin Electrical Co., Ltd. Class A	44,980	94,713
Shanghai Lingang Holdings Corp., Ltd. Class B	300,120	336,435
Shanghai Lingyun Industries Development Co., Ltd. Class B (a)	2,276,972	1,507,355
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class A	109,600	193,422
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B (c)	653,068	591,680
Shanghai M&G Stationery, Inc. Class A	122,181	1,286,933

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Shanghai Maling Aquarius Co., Ltd. Class A	132,500	$ 160,749
Shanghai Medicilon, Inc. Class A	3,781	436,666
Shanghai Moons' Electric Co., Ltd. Class A	270,516	699,133
Shanghai Pharmaceuticals Holding Co., Ltd. Class A	250,700	743,088
Shanghai Pharmaceuticals Holding Co., Ltd. Class H	265,000	514,705
Shanghai Pudong Development Bank Co., Ltd. Class A	983,600	1,371,614
Shanghai Putailai New Energy Technology Co., Ltd. Class A	34,300	914,100
Shanghai RAAS Blood Products Co., Ltd. Class A	382,700	404,403
Shanghai Runda Medical Technology Co., Ltd. Class A	158,200	250,757
Shanghai Shibei Hi-Tech Co., Ltd. Class B	496,400	142,467
Shanghai Sinyang Semiconductor Materials Co., Ltd. Class A	30,400	197,030
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class A	102,500	207,414
Shanghai Wanye Enterprises Co., Ltd. Class A	144,040	600,353
Shanghai Weaver Network Co., Ltd. Class A	157,620	1,612,100
Shanghai Yaoji Technology Co., Ltd. Class A	33,500	89,382
Shanghai Yuyuan Tourist Mart Group Co., Ltd. Class A	383,188	606,190
Shanghai Zhangjiang High-Tech Park Development Co., Ltd. Class A	116,100	303,652
Shanghai Zijiang Enterprise Group Co., Ltd. Class A	533,300	731,284
Shanxi Coking Coal Energy Group Co., Ltd. Class A	88,700	162,997
Shanxi Lu'an Environmental Energy Development Co., Ltd. Class A	43,200	100,470
Shanxi Meijin Energy Co., Ltd. Class A (a)	256,100	427,362
Shanxi Securities Co., Ltd. Class A	172,730	175,567
Shanxi Taigang Stainless Steel Co., Ltd. Class A	281,400	423,364
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A	50,520	2,469,641
Shengda Resources Co., Ltd. Class A (a)	120,200	221,068
Shenghe Resources Holding Co., Ltd. Class A	61,200	190,598
Shengjing Bank Co., Ltd. Class H (a)(d)	636,800	572,614
Shengyi Technology Co., Ltd. Class A	262,100	879,623
Shennan Circuits Co., Ltd. Class A	23,660	347,605
Shenwan Hongyuan Group Co., Ltd. Class A	545,400	464,782
Shenwan Hongyuan HK, Ltd.	10,000	1,336
Shenzhen Agricultural Products Group Co., Ltd. Class A	518,600	470,870
Shenzhen Anche Technologies Co., Ltd. Class A	12,100	37,121
Shenzhen Capchem Technology Co., Ltd. Class A	12,600	302,603
Shenzhen Das Intellitech Co., Ltd. Class A	965,337	529,484
Shenzhen Desay Battery Technology Co. Class A	47,270	235,544
Shenzhen Energy Group Co., Ltd. Class A	115,100	169,779
Shenzhen Envicool Technology Co., Ltd. Class A	31,900	153,766
Shenzhen Expressway Co., Ltd. Class H	2,630,482	2,608,636
Shenzhen Fastprint Circuit Tech Co., Ltd. Class A	374,900	702,284

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Shenzhen Gongjin Electronics Co., Ltd. Class A	277,800	$ 369,740
Shenzhen Goodix Technology Co., Ltd. Class A	19,400	332,992
Shenzhen H&T Intelligent Control Co., Ltd. Class A	259,400	835,996
Shenzhen Hepalink Pharmaceutical Group Co., Ltd. Class A	153,100	367,687
Shenzhen Infogem Technologies Co., Ltd. Class A	33,600	76,633
Shenzhen Inovance Technology Co., Ltd. Class A	113,058	1,103,603
Shenzhen International Holdings, Ltd.	787,356	1,013,444
Shenzhen Investment, Ltd.	2,660,326	669,810
Shenzhen Jinjia Group Co., Ltd. Class A	244,700	401,135
Shenzhen Jufei Optoelectronics Co., Ltd. Class A	164,200	146,289
Shenzhen Kaifa Technology Co., Ltd. Class A	157,200	342,216
Shenzhen Kangtai Biological Products Co., Ltd. Class A	37,400	638,187
Shenzhen Kedali Industry Co., Ltd. Class A	17,100	345,232
Shenzhen Kingdom Sci-Tech Co., Ltd. Class A	138,000	274,974
Shenzhen Kinwong Electronic Co., Ltd. Class A	21,420	81,014
Shenzhen Megmeet Electrical Co., Ltd. Class A	124,500	620,571
Shenzhen Microgate Technology Co., Ltd. Class A (a)	70,500	158,390
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A	53,822	3,214,142
Shenzhen MTC Co., Ltd. Class A (a)	1,379,200	1,057,800
Shenzhen Neptunus Bioengineering Co., Ltd. Class A (a)	1,089,362	536,748
Shenzhen New Industries Biomedical Engineering Co., Ltd. Class A	13,730	103,900
Shenzhen SC New Energy Technology Corp. Class A	34,501	734,496
Shenzhen SDG Information Co., Ltd. Class A (a)	233,500	253,977
Shenzhen SEG Co., Ltd. Class B	490,085	124,022
Shenzhen Senior Technology Material Co., Ltd. Class A	30,000	209,405
Shenzhen Sunlord Electronics Co., Ltd. Class A	111,300	585,127
Shenzhen Suntak Circuit Technology Co., Ltd. Class A	35,400	66,204
Shenzhen Sunway Communication Co., Ltd. Class A	22,200	77,531
Shenzhen Tagen Group Co., Ltd. Class A	256,600	221,056
Shenzhen Tellus Holding Co., Ltd. Class A	33,000	73,220
Shenzhen Transsion Holdings Co., Ltd. Class A	33,439	730,539
Shenzhen Weiguang Biological Products Co., Ltd. Class A	6,162	27,459
Shenzhen Yinghe Technology Co., Ltd. Class A	23,300	88,846
Shenzhen Yitoa Intelligent Control Co., Ltd. Class A (a)	137,100	145,087
Shenzhen YUTO Packaging Technology Co., Ltd. Class A	34,400	159,261
Shenzhou International Group Holdings, Ltd.	477,000	10,159,301
Shijiazhuang Changshan BeiMing Technology Co., Ltd. Class A (a)	279,400	319,920
Shimao Group Holdings, Ltd.	1,341,220	2,456,860
Shimao Services Holdings, Ltd. (d)	337,000	696,974
Shinva Medical Instrument Co., Ltd. Class A	221,000	909,819
Shoucheng Holdings, Ltd. (b)	720,400	150,842

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Sichuan Hebang Biotechnology Co., Ltd. Class A (a)	807,300	$ 491,585
Sichuan Kelun Pharmaceutical Co., Ltd. Class A	26,500	73,784
Sichuan New Energy Power Co., Ltd. (a)	59,900	266,831
Sichuan Swellfun Co., Ltd. Class A	21,800	429,481
Sichuan Yahua Industrial Group Co., Ltd. Class A	33,500	171,808
Sieyuan Electric Co., Ltd. Class A	127,000	778,451
Sihuan Pharmaceutical Holdings Group, Ltd. (b)	708,000	150,974
Silergy Corp.	11,074	1,631,657
Silver Grant International Holdings Group, Ltd. (a)	142,000	10,397
Sino Wealth Electronic, Ltd. Class A	27,170	262,649
Sinocare, Inc. Class A	35,100	127,968
Sinofert Holdings, Ltd. (b)	130,000	22,377
Sinoma Science & Technology Co., Ltd. Class A	426,400	2,338,791
SinoMedia Holding, Ltd. (b)	65,000	10,771
Sinomine Resource Group Co., Ltd. Class A	18,900	165,778
Sino-Ocean Group Holding, Ltd.	5,305,980	1,042,841
Sinopec Oilfield Service Corp. Class H (a)	148,000	15,590
Sinopec Shanghai Petrochemical Co., Ltd. Class H	5,316,600	1,297,623
Sinopharm Group Co., Ltd. Class H	1,035,200	2,699,487
Sino-Platinum Metals Co., Ltd. Class A	140,830	492,709
Sinosoft Technology Group, Ltd.	1,215,600	162,400
Sinotrans, Ltd. Class H	5,751,024	2,260,620
Sinotruk Hong Kong, Ltd.	110,500	164,657
Sinovac Biotech, Ltd. (a)(b)	63,289	409,480
SITC International Holdings Co., Ltd.	770,000	2,764,607
Skshu Paint Co., Ltd. Class A	99,812	1,546,514
Skyworth Digital Co., Ltd. Class A	377,000	403,052
Smoore International Holdings, Ltd. (d)	1,045,000	4,872,859
SOHO China, Ltd. (a)(b)	629,000	167,256
Sohu.com, Ltd. ADR (a)	8,392	174,889
SooChow Securities Co., Ltd. Class A	173,930	268,683
SOS, Ltd. ADR (a)(b)	124,600	265,398
Sou Yu Te Group Co., Ltd. Class A (a)	530,500	127,405
South Manganese Investment, Ltd. (a)	533,000	80,792
Southwest Securities Co., Ltd. Class A	576,300	456,290
SPT Energy Group, Inc. (a)	20,000	861
StarPower Semiconductor, Ltd. Class A	9,600	606,314
STO Express Co., Ltd. Class A (a)	141,279	165,489
Sumavision Technologies Co., Ltd. Class A (a)	93,300	123,600
Sun Art Retail Group, Ltd. (b)	1,293,500	598,177
Sun King Power Electronics Group	192,000	98,162
Sunac China Holdings, Ltd.	1,544,000	3,292,428

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Sunac Services Holdings, Ltd. (d)	315,000	$ 651,474
Sungrow Power Supply Co., Ltd. Class A	118,800	2,731,259
Suning Universal Co., Ltd. Class A (a)	370,900	275,848
Suning.com Co., Ltd. Class A (a)	288,700	223,212
Sunny Optical Technology Group Co., Ltd.	511,500	13,456,636
Sunresin New Materials Co., Ltd. Class A	21,200	241,070
Sunward Intelligent Equipment Co., Ltd. Class A	247,400	355,729
Sunwoda Electronic Co., Ltd. Class A	106,900	619,470
Suzhou Anjie Technology Co., Ltd. Class A	130,800	250,494
Suzhou Dongshan Precision Manufacturing Co., Ltd. Class A	152,100	492,074
Suzhou Good-Ark Electronics Co., Ltd. Class A	82,581	186,172
Suzhou Maxwell Technologies Co., Ltd. Class A	5,400	509,988
Suzhou Secote Precision Electronic Co., Ltd. Class A	14,500	47,719
Suzhou TA&A Ultra Clean Technology Co., Ltd. Class A	31,600	525,606
Synertone Communication Corp. (a)	10,880	296
Taiji Computer Corp., Ltd. Class A	141,536	527,196
TAL Education Group ADR (a)	262,591	1,270,940
Tangrenshen Group Co., Ltd. Class A	259,400	256,828
Tangshan Jidong Cement Co., Ltd. Class A	144,200	287,551
TBEA Co., Ltd. Class A	99,800	374,985
TCL Electronics Holdings, Ltd.	52,000	25,918
TCL Technology Group Corp Class A	927,600	899,717
Tech-Bank Food Co., Ltd. Class A	362,020	334,310
Telling Telecommunication Holding Co., Ltd. Class A	51,300	131,549
Tencent Holdings, Ltd.	4,064,332	240,894,939
Tencent Music Entertainment Group ADR (a)	324,570	2,353,132
Thunder Software Technology Co., Ltd. Class A	19,500	378,247
Tian Ge Interactive Holdings, Ltd. (a)(d)	70,000	7,643
Tianfeng Securities Co., Ltd. Class A (a)	537,930	363,399
Tiangong International Co., Ltd. (b)	280,000	167,252
Tianjin 712 Communication & Broadcasting Co., Ltd. Class A	23,800	135,557
Tianjin Capital Environmental Protection Group Co., Ltd. Class A	144,400	149,009
Tianjin Zhonghuan Semiconductor Co., Ltd. Class A	249,300	1,771,830
Tianli Education International Holdings, Ltd.	199,000	43,713
Tianma Microelectronics Co., Ltd. Class A	112,300	236,119
Tianneng Power International, Ltd. (b)	288,000	322,604
Tianshan Aluminum Group Co., Ltd. Class A	181,500	271,659
Tianshui Huatian Technology Co., Ltd. Class A	178,900	335,126
Tibet Summit Resources Co., Ltd. Class A	53,900	294,805
Tingyi Cayman Islands Holding Corp.	2,185,600	4,065,371
Titan Wind Energy Suzhou Co., Ltd. Class A	546,500	1,503,002

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Tofflon Science & Technology Group Co., Ltd. Class A	13,400	$ 93,451
Toly Bread Co., Ltd. Class A	7,560	34,052
Tong Ren Tang Technologies Co., Ltd. Class H	10,000	7,502
Tongcheng-Elong Holdings, Ltd. (a)	386,000	933,185
TongFu Microelectronics Co., Ltd. Class A	102,244	300,522
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A	101,300	165,119
Tongling Jingda Special Magnet Wire Co., Ltd. Class A	77,300	85,396
Tongwei Co., Ltd. Class A	295,000	2,328,370
Topchoice Medical Corp. Class A (a)	29,500	1,380,476
Topsec Technologies Group, Inc. Class A	242,200	600,434
Topsports International Holdings, Ltd. (d)	685,000	783,144
Transfar Zhilian Co., Ltd. Class A	140,400	181,210
TravelSky Technology, Ltd. Class H	1,335,514	2,573,360
Trigiant Group, Ltd. (a)	22,000	1,922
Trip.com Group, Ltd. ADR (a)	324,530	9,979,297
Tsingtao Brewery Co., Ltd. Class A	192,400	2,400,677
Tsingtao Brewery Co., Ltd. Class H	274,000	2,147,046
Tuya, Inc. ADR (a)	30,400	275,728
UE Furniture Co., Ltd. Class A	423,587	715,386
Unigroup Guoxin Microelectronics Co., Ltd. Class A	38,400	1,230,418
Uni-President China Holdings, Ltd.	145,000	138,022
Unisplendour Corp., Ltd. Class A	163,476	631,715
Universal Health International Group Holding, Ltd. (a)	6,900	129
Universal Scientific Industrial Shanghai Co., Ltd. Class A	142,000	304,946
Up Fintech Holding, Ltd. ADR (a)(b)	60,548	641,203
Uxin, Ltd. ADR (a)(b)	99,776	275,382
Valiant Co., Ltd. Class A	273,700	799,811
Vatti Corp., Ltd. Class A	130,500	136,283
Venus MedTech Hangzhou, Inc. Class H (a)(b)(d)	35,000	180,740
Vipshop Holdings, Ltd. ADR (a)	277,347	3,089,646
Virscend Education Co., Ltd. (d)	131,000	8,330
Visionox Technology, Inc. Class A (a)	114,200	152,526
Visual China Group Co., Ltd. Class A	144,400	295,781
Viva Biotech Holdings (b)(d)	416,500	327,437
Walvax Biotechnology Co., Ltd. Class A	114,300	1,118,914
Wanda Hotel Development Co., Ltd. (a)	714,000	27,516
Wangfujing Group Co., Ltd. Class A	32,500	149,558
Wangneng Environment Co., Ltd. Class A	127,510	432,870
Wanhua Chemical Group Co., Ltd. Class A	134,100	2,218,031
Want Want China Holdings, Ltd.	6,094,873	4,611,486
Wasu Media Holding Co., Ltd. Class A	235,900	274,498
Weibo Corp. ADR (a)(b)	30,480	1,447,495

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Weichai Power Co., Ltd. Class A	1,460,463	$ 3,883,103
Weichai Power Co., Ltd. Class H	954,000	1,982,841
Weimob, Inc. (a)(b)(d)	1,151,000	1,667,805
Wellhope Foods Co., Ltd. Class A	221,200	340,334
Wens Foodstuffs Group Co., Ltd. Class A	47,400	106,272
West China Cement, Ltd.	2,510,000	467,523
Western Superconducting Technologies Co., Ltd. Class A	15,953	177,475
Westone Information Industry, Inc. Class A	27,100	174,466
Will Semiconductor Co., Ltd. Class A	44,966	1,690,301
Wingtech Technology Co., Ltd. Class A	86,172	1,250,522
Winning Health Technology Group Co., Ltd. Class A	191,300	430,677
Wisdom Sports Group (a)	50,000	1,118
Wolong Electric Group Co., Ltd. Class A	137,000	282,109
Wuhan DR Laser Technology Corp., Ltd. Class A	13,160	279,716
Wuhan Guide Infrared Co., Ltd. Class A	377,834	1,368,726
Wuhan Jingce Electronic Group Co., Ltd. Class A	13,700	108,471
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. Class A	277,030	900,970
Wuliangye Yibin Co., Ltd. Class A	252,300	8,576,402
WUS Printed Circuit Kunshan Co., Ltd. Class A	166,350	288,935
WuXi AppTec Co., Ltd. Class A	276,696	6,550,844
WuXi AppTec Co., Ltd. Class H (d)	194,100	4,540,424
Wuxi Biologics Cayman, Inc. (a)(d)	2,182,000	35,457,342
Wuxi Boton Technology Co., Ltd. Class A	33,900	100,061
Wuxi Lead Intelligent Equipment Co., Ltd. Class A	40,900	442,460
Wuxi Shangji Automation Co., Ltd. Class A	21,200	918,097
Wuxi Taiji Industry Co., Ltd. Class A	113,700	142,345
X Financial ADR (a)	37,000	153,550
XD, Inc. (a)(b)	142,200	791,862
Xiabuxiabu Catering Management China Holdings Co., Ltd. (a)(b)(d)	202,000	198,506
Xiamen International Port Co., Ltd. Class H	26,000	2,872
Xiamen Jihong Technology Co., Ltd. Class A	27,000	68,901
Xiamen Kingdomway Group Co. Class A	114,300	556,092
Xiangcai Co., Ltd. Class A	66,400	98,767
Xiangpiaopiao Food Co., Ltd. Class A	3,700	8,295
Xiaomi Corp. Class B (a)(d)	10,302,000	28,254,026
Xilinmen Furniture Co., Ltd. Class A	122,600	460,652
Xinchen China Power Holdings, Ltd. (a)(b)	677,000	87,836
Xinhua Winshare Publishing & Media Co., Ltd. Class A	171,448	231,909
Xinhuanet Co., Ltd. Class A	93,900	261,157
Xinjiang Goldwind Science & Technology Co., Ltd. Class A	534,700	1,440,724
Xinjiang Goldwind Science & Technology Co., Ltd. Class H	16,260	34,255

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Xinjiang Tianshan Cement Co., Ltd. Class A	132,400	$ 288,638
Xinjiang Xinxin Mining Industry Co., Ltd. Class H (a)	427,000	83,374
Xinte Energy Co., Ltd. Class H	139,600	373,001
Xinyangfeng Agricultural Technology Co., Ltd. Class A	300,000	822,746
Xinyi Solar Holdings, Ltd.	2,876,876	5,898,138
XPeng, Inc. ADR (a)	199,654	7,095,703
Xtep International Holdings, Ltd. (b)	712,000	996,936
Xunlei, Ltd. ADR (a)	58,071	166,083
Yadea Group Holdings, Ltd. (d)	620,000	1,013,071
YaGuang Technology Group Co., Ltd. Class A (a)	36,200	52,668
Yangtze Optical Fibre & Cable Joint Stock, Ltd. Co. Class H (d)	6,500	10,003
Yangzhou Yangjie Electronic Technology Co., Ltd. Class A	41,000	283,074
Yantai Dongcheng Pharmaceutical Co., Ltd. Class A	353,412	791,809
Yantai Eddie Precision Machinery Co., Ltd. Class A	268,929	1,500,902
Yantai Tayho Advanced Materials Co., Ltd. Class A	243,200	727,264
Yantai Zhenghai Bio-tech Co., Ltd.	3,950	33,343
Yanzhou Coal Mining Co., Ltd. Class H	2,036,417	3,855,894
Yatsen Holding, Ltd. ADR (a)(b)	141,525	539,210
Yeahka, Ltd. (a)(b)	136,400	440,670
Yealink Network Technology Corp., Ltd. Class A	20,645	259,902
Yestar Healthcare Holdings Co., Ltd. (a)	22,500	3,035
YGSOFT, Inc. Class A	637,568	735,959
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (b)(d)	74,000	43,727
Yidu Tech, Inc. (a)(b)(d)	237,800	789,648
Yifeng Pharmacy Chain Co., Ltd. Class A	61,724	498,077
Yihai International Holding, Ltd. (a)(b)	250,000	1,392,163
Yijiahe Technology Co., Ltd. Class A	21,520	168,719
Yip's Chemical Holdings, Ltd.	10,000	6,192
Yixin Group, Ltd. (a)(d)	71,500	13,777
Yixintang Pharmaceutical Group Co., Ltd. Class A	33,900	158,207
Yonghui Superstores Co., Ltd. Class A	522,600	317,414
YongXing Special Materials Technology Co., Ltd. Class A	20,500	298,829
Yonyou Network Technology Co., Ltd. Class A	310,870	1,595,774
Yotrio Group Co., Ltd. Class A	781,630	452,943
Youdao, Inc. ADR (a)(b)	18,241	220,534
Youngy Co., Ltd. Class A (a)	17,200	354,447
Youzu Interactive Co., Ltd. Class A (a)	161,200	292,728
YTO Express Group Co., Ltd. Class A	268,800	580,165
Yuexiu Property Co., Ltd.	2,076,000	1,952,088
Yuexiu Transport Infrastructure, Ltd.	1,258	837
Yum China Holdings, Inc.	275,091	15,985,538

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Yunda Holding Co., Ltd. Class A	294,688	$ 878,950
Yunnan Aluminium Co., Ltd. Class A (a)	134,200	308,365
Yunnan Baiyao Group Co., Ltd. Class A	26,500	401,524
Yunnan Energy New Material Co., Ltd. Class A	36,683	1,592,135
Yunnan Lincang Xinyuan Germanium Industrial Co., Ltd. Class A (a)	42,100	74,494
Yunnan Tin Co., Ltd. Class A (a)	54,400	158,547
Yusys Technologies Co., Ltd. Class A	28,320	83,591
Yutong Bus Co., Ltd. Class A	14,900	26,157
Zai Lab, Ltd. ADR (a)	46,711	4,922,872
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A	15,400	902,429
Zhaojin Mining Industry Co., Ltd. Class H (b)	141,000	99,257
Zhefu Holding Group Co., Ltd. Class A	1,137,300	1,332,195
Zhejiang Century Huatong Group Co., Ltd. Class A (a)	281,500	322,761
Zhejiang Chint Electrics Co., Ltd. Class A	59,700	523,554
Zhejiang Communications Technology Co., Ltd.	253,400	204,165
Zhejiang Crystal-Optech Co., Ltd. Class A	262,100	591,288
Zhejiang Dahua Technology Co., Ltd. Class A	122,300	449,482
Zhejiang Dingli Machinery Co., Ltd. Class A	35,000	382,321
Zhejiang Expressway Co., Ltd. Class H	3,816,744	3,147,668
Zhejiang HangKe Technology, Inc. Co. Class A	12,926	165,731
Zhejiang Hisoar Pharmaceutical Co., Ltd. Class A	182,200	214,270
Zhejiang Huahai Pharmaceutical Co., Ltd. Class A	31,500	86,242
Zhejiang Huayou Cobalt Co., Ltd. Class A	58,000	929,222
Zhejiang Jiahua Energy Chemical Industry Co., Ltd. Class A	115,700	190,563
Zhejiang Jiecang Linear Motion Technology Co., Ltd. Class A	20,720	136,314
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. Class A	127,700	1,273,241
Zhejiang Jingu Co., Ltd. Class A (a)	279,500	244,682
Zhejiang Jingxin Pharmaceutical Co., Ltd. Class A	147,120	183,273
Zhejiang Jinke Culture Industry Co., Ltd. Class A (a)	250,700	141,393
Zhejiang Juhua Co., Ltd. Class A	253,500	586,420
Zhejiang Longsheng Group Co., Ltd. Class A	160,300	335,800
Zhejiang Meida Industrial Co., Ltd. Class A	116,800	281,775
Zhejiang NHU Co., Ltd. Class A	153,840	640,245
Zhejiang Orient Financial Holdings Group Co., Ltd. Class A	362,721	239,416
Zhejiang Orient Gene Biotech Co., Ltd. Class A	3,783	91,738
Zhejiang Sanhua Intelligent Controls Co., Ltd. Class A	82,755	291,835
Zhejiang Satellite Petrochemical Co., Ltd. Class A	174,620	1,055,999
Zhejiang Semir Garment Co., Ltd. Class A	129,300	153,060
Zhejiang Starry Pharmaceutical Co., Ltd. Class A	14,697	113,381
Zhejiang Supor Co., Ltd. Class A	24,277	175,702
Zhejiang Tianyu Pharmaceutical Co., Ltd. Class A	16,560	127,266

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Zhejiang Weiming Environment Protection Co., Ltd. Class A	218,770	$ 935,552
Zhejiang Weixing New Building Materials Co., Ltd. Class A	109,900	287,606
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Class A	4,200	38,134
Zhejiang Xianju Pharmaceutical Co., Ltd. Class A	147,500	244,995
Zhejiang Yasha Decoration Co., Ltd. Class A	868,025	1,003,326
Zhejiang Yongtai Technology Co., Ltd. Class A (a)	187,487	1,543,122
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H (b)	123,800	128,815
Zheshang Securities Co., Ltd. Class A (a)	133,100	256,755
Zhihu, Inc. ADR (a)(b)	41,100	379,353
ZhongAn Online P&C Insurance Co., Ltd. Class H (a)(b)(d)	249,500	1,027,211
Zhongfu Information, Inc. Class A	21,600	150,905
Zhongji Innolight Co., Ltd. Class A	14,400	77,823
Zhongjin Gold Corp., Ltd. Class A	132,000	171,187
Zhongsheng Group Holdings, Ltd.	193,000	1,554,482
Zhou Hei Ya International Holdings Co., Ltd. (a)(b)(d)	36,500	37,041
Zhuzhou CRRC Times Electric Co. Class H (a)	606,368	2,800,245
Zhuzhou Hongda Electronics Corp., Ltd. Class A	7,800	91,995
Zhuzhou Kibing Group Co., Ltd. Class A	51,800	139,091
Zijin Mining Group Co., Ltd. Class A	520,200	813,266
Zijin Mining Group Co., Ltd. Class H	5,623,397	6,949,199
Zoomlion Heavy Industry Science & Technology Co., Ltd. Class A	1,183,800	1,513,224
ZTE Corp. Class H	1,077,545	3,543,531
ZTO Express Cayman, Inc. ADR	351,734	10,784,164
		2,113,010,523
COLOMBIA — 0.3%
Banco Davivienda SA Preference Shares	161,997	1,419,412
Banco de Bogota SA	43,302	820,390
Bancolombia SA ADR (b)(c)	79,163	2,740,623
Bancolombia SA	218,510	1,889,355
Bolsa de Valores de Colombia	190,635	485,098
Celsia SA ESP	108,985	120,909
Cementos Argos SA	153,315	237,096
Cementos Argos SA Preference Shares	168,130	179,512
Constructora Conconcreto SA (a)	137,785	12,000
Corp. Financiera Colombiana SA (a)	85,141	643,260
Ecopetrol SA	2,103,917	1,508,976
Empresa de Telecomunicaciones de Bogota (a)	3,764,186	197,495
Grupo Argos SA Preference Shares	173,403	377,563
Grupo Argos SA	52,956	155,037
Grupo Aval Acciones y Valores SA	2,558,745	731,659
Grupo de Inversiones Suramericana SA Preference Shares	86,926	420,044

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Grupo de Inversiones Suramericana SA	86,345	$ 484,737
Grupo Nutresa SA	80,487	457,340
Interconexion Electrica SA ESP	318,885	1,898,957
		14,779,463
CYPRUS — 0.0% (e)
Phoenix Vega Mezz PLC (a)	456,143	26,379
CZECH REPUBLIC — 0.3%
CEZ A/S	287,446	9,365,866
Komercni banka A/S (a)	151,859	6,156,390
		15,522,256
EGYPT — 0.1%
Commercial International Bank Egypt SAE (a)	2,109,674	5,725,108
Egypt Kuwait Holding Co. SAE (a)	1,178,416	1,357,535
Egyptian Financial Group-Hermes Holding Co. (a)	1,218,379	942,461
Orascom Financial Holding SAE (a)	102,728	1,621
Orascom Investment Holding (a)	104,624	1,710
Qalaa Holdings SAE (a)	709,403	51,626
		8,080,061
GREECE — 0.3%
Alpha Services & Holdings SA (a)	627,285	796,056
Danaos Corp.	3,500	286,650
Diana Shipping, Inc. (a)	6,731	38,501
Ellaktor SA (a)	599	916
Eurobank Ergasias Services & Holdings SA Class A (a)	2,561,656	2,404,753
FF Group (a)(f)	5,627	—
Fourlis Holdings SA (a)	176	816
GEK Terna Holding Real Estate Construction SA (a)	33,901	354,392
Hellenic Exchanges - Athens Stock Exchange SA	178,438	717,598
Hellenic Telecommunications Organization SA	147,363	2,770,155
Holding Co. ADMIE IPTO SA	5,927	16,177
Intralot SA-Integrated Lottery Systems & Services (a)	1,408,249	793,196
JUMBO SA	60,514	989,572
LAMDA Development SA (a)	20,902	179,866
Marfin Investment Group Holdings SA (a)	1,810,612	57,287
Mytilineos SA	181	2,958
National Bank of Greece SA (a)	258,151	724,025
OPAP SA	207,012	3,210,083
Piraeus Financial Holdings SA (a)	444,299	718,314
Public Power Corp. SA (a)	41,011	389,744
Safe Bulkers, Inc. (a)	110,904	573,374

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Sarantis SA	21,603	$ 222,327
Star Bulk Carriers Corp.	44,582	1,071,751
Terna Energy SA	215	2,861
		16,321,372
HONG KONG — 0.5%
AGTech Holdings, Ltd. (a)	56,000	1,942
Alibaba Pictures Group, Ltd. (a)(b)	13,162,400	1,487,917
CA Cultural Technology Group, Ltd. (a)(b)	65,000	22,711
Chia Tai Enterprises International, Ltd. (a)	2,300	425
China Boton Group Co., Ltd. (a)	180,000	68,905
China Fiber Optic Network System Group, Ltd. (a)(f)	88,800	—
China Financial International Investments, Ltd. (a)	640,000	10,606
China Financial Leasing Group, Ltd. (a)	8,000	380
China High Speed Transmission Equipment Group Co., Ltd. (a)(b)	1,204,000	1,011,498
China Huishan Dairy Holdings Co., Ltd. (a)(b)(f)	310,600	—
China Investment Fund Co., Ltd. (a)	488,000	223,167
China Jicheng Holdings, Ltd. (a)(d)	1,123	89
China National Culture Group, Ltd. (a)	23,000	496
China Vanguard You Champion Holdings, Ltd. (a)	70,000	2,041
Chongsing Holdings,Ltd. (a)(f)	2,281,618	—
Citychamp Watch & Jewellery Group, Ltd. (a)	2,504,000	443,889
Comba Telecom Systems Holdings, Ltd. (b)	146,117	37,352
Concord New Energy Group, Ltd.	120,000	15,107
CP Pokphand Co., Ltd.	5,194,000	640,522
Crystal International Group, Ltd. (d)	37,500	13,584
Digital China Holdings, Ltd.	1,261,000	693,298
Eternity Investment, Ltd. (a)	40,574	1,147
Feiyu Technology International Co., Ltd. (a)(d)	19,500	1,215
First Shanghai Investments, Ltd. (a)	40,000	1,362
Fullshare Holdings, Ltd. (a)	3,634,500	49,489
Guotai Junan International Holdings, Ltd.	1,304,000	207,711
Hengdeli Holdings, Ltd. (a)	15,837,600	610,340
Hi Sun Technology China, Ltd. (a)(b)	225,000	36,996
Hua Yin International Holdings, Ltd. (a)	3,865,000	201,078
Huabao International Holdings, Ltd. (b)	937,469	1,837,691
Huayi Tencent Entertainment Co., Ltd. (a)	110,000	2,614
Huiyuan Juice Group, Ltd. (a)(f)	188,500	—
Imperial Pacific International Holdings, Ltd. (a)	1,043,500	5,362
IRC, Ltd. (a)	6,066,000	194,027
Kingboard Laminates Holdings, Ltd.	663,000	1,096,959
Life Healthcare Group Ltd/HK (a)	8,800	188

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Neo Telemedia, Ltd. (a)	8,976,000	$ 178,721
New Provenance Everlasting Holdings, Ltd. Class H (a)	5,858,030	14,298
Nine Dragons Paper Holdings, Ltd.	2,539,000	3,127,823
Nissin Foods Co., Ltd.	42,000	32,641
Pou Sheng International Holdings, Ltd. (a)	1,310,000	222,130
REAL NUTRI (f)	199,000	—
SIM Technology Group, Ltd. (a)	4,584,000	241,429
Sino Biopharmaceutical, Ltd.	8,487,000	7,042,837
Skyworth Group, Ltd. (a)	1,013,992	304,797
Solargiga Energy Holdings, Ltd. (a)	5,909,000	375,734
Solartech International Holdings, Ltd. (a)	1,000,000	12,846
SSY Group, Ltd.	199,740	108,021
Suncorp Technologies, Ltd. (a)	242,500	9,657
Tech Pro Technology Development, Ltd. (a)(b)(f)	484,000	—
Tibet Water Resources, Ltd. (a)	67,000	4,734
United Energy Group, Ltd. (b)	5,474,000	703,179
United Laboratories International Holdings, Ltd.	168,000	111,789
Untrade MH Development NPV (a)(b)(f)	106,000	272
Vision Values Holdings, Ltd. (a)	90,000	2,775
Wasion Holdings, Ltd.	24,000	8,108
WH Group, Ltd. (d)	5,093,221	3,631,169
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)	12,250	8,088
Xinyi Glass Holdings, Ltd.	2,231,874	6,680,154
		31,741,310
HUNGARY — 0.3%
MOL Hungarian Oil & Gas PLC	541,299	4,512,737
OTP Bank Nyrt (a)	190,824	11,205,071
Richter Gedeon Nyrt	160,340	4,389,388
		20,107,196
INDIA — 15.7%
Aarti Drugs, Ltd.	11,633	95,177
Aarti Industries, Ltd.	99,040	1,240,677
Aavas Financiers, Ltd. (a)	14,775	509,569
Acrysil, Ltd.	21,412	229,156
Adani Enterprises, Ltd.	166,380	3,290,728
Adani Green Energy, Ltd. (a)	280,205	4,328,356
Adani Ports & Special Economic Zone, Ltd.	531,698	5,285,642
Adani Power, Ltd. (a)	656,049	858,204
Adani Total Gas, Ltd.	174,213	3,340,153
Adani Transmission, Ltd. (a)	184,596	3,875,826
Aditya Birla Capital, Ltd. GDR (a)	285	433

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Aditya Birla Fashion & Retail, Ltd. (a)	194,348	$ 645,012
AIA Engineering, Ltd.	17,248	454,347
Ajanta Pharma, Ltd.	5,781	177,423
Alembic Pharmaceuticals, Ltd.	18,418	195,799
Alkem Laboratories, Ltd.	5,099	273,455
Alkyl Amines Chemicals	1,777	91,583
Alok Industries, Ltd. (a)	1,892,022	606,650
Ambuja Cements, Ltd.	215,543	1,162,107
Amtek Auto, Ltd. (a)(f)	25,821	—
Anant Raj Global, Ltd. (a)	949,952	580,382
Anant Raj, Ltd.	1,007,445	1,030,145
Andhra Sugars Ltd	13,572	112,677
Angel Broking, Ltd.	11,361	202,455
APL Apollo Tubes, Ltd. (a)	121,943	1,350,076
Apollo Hospitals Enterprise, Ltd.	99,147	5,986,153
Ashapura Minechem, Ltd.	135,606	224,252
Ashok Leyland, Ltd.	767,994	1,384,360
Asian Paints, Ltd.	272,784	11,923,999
Astral, Ltd.	16,361	476,189
AstraZeneca Pharma India, Ltd.	37,886	1,576,944
Atul, Ltd.	7,625	972,038
AU Small Finance Bank, Ltd. (a)(d)	79,370	1,244,910
Aurobindo Pharma, Ltd.	323,336	3,157,239
Avanti Feeds, Ltd.	27,412	199,107
Avenue Supermarts, Ltd. (a)(d)	100,335	5,745,092
Axis Bank, Ltd. (a)	1,583,132	16,349,060
Azure Power Global, Ltd. (a)(b)	21,987	483,714
Bajaj Auto, Ltd.	55,729	2,877,502
Bajaj Finance, Ltd.	189,777	19,604,985
Bajaj Finserv, Ltd.	30,630	7,339,708
Bajaj Hindusthan Sugar, Ltd. (a)	1,356,576	290,587
Bajaj Holdings & Investment, Ltd.	16,267	1,053,808
Balaji Amines, Ltd.	1,704	103,703
Balkrishna Industries, Ltd.	47,183	1,610,525
Balrampur Chini Mills, Ltd.	569,286	2,810,863
Bandhan Bank, Ltd. (d)	634,811	2,420,282
Barbeque Nation Hospitality, Ltd. (a)	6,499	97,725
BASF India, Ltd.	7,791	359,780
Bata India, Ltd.	6,301	150,943
Bayer CropScience, Ltd.	7,644	545,597
Berger Paints India, Ltd.	109,654	1,195,111
BF Investment, Ltd. (a)	174,732	845,324

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Bharat Electronics, Ltd.	345,588	$ 944,894
Bharat Forge, Ltd.	128,242	1,274,084
Bharat Heavy Electricals, Ltd. (a)	1,933,727	1,684,220
Bharat Petroleum Corp., Ltd.	368,801	2,147,395
Bharti Airtel, Ltd.	1,937,346	17,964,706
Biocon, Ltd. (a)	363,368	1,775,536
Birlasoft, Ltd.	196,265	1,083,156
Bombay Dyeing & Manufacturing Co., Ltd. (a)	120,826	152,604
Bosch, Ltd.	1,593	332,099
Brightcom Group, Ltd.	448,956	352,318
Britannia Industries, Ltd.	153,831	8,183,907
Cadila Healthcare, Ltd.	91,819	682,635
Camlin Fine Sciences, Ltd. (a)	64,777	160,181
Can Fin Homes, Ltd.	91,029	842,258
Caplin Point Laboratories, Ltd.	70,822	843,681
Carborundum Universal, Ltd.	8,768	104,840
CARE Ratings, Ltd.	21,191	190,434
Castrol India, Ltd.	228,809	432,172
Central Bank of India (a)	378,194	112,856
CG Power & Industrial Solutions, Ltd. (a)	452,060	748,790
Chalet Hotels, Ltd. (a)	62,564	202,204
Cholamandalam Investment & Finance Co., Ltd.	237,897	1,808,405
Cipla, Ltd.	607,981	8,056,040
City Union Bank, Ltd.	78,434	166,584
Coal India, Ltd.	702,054	1,750,702
Coforge, Ltd.	23,723	1,675,112
Colgate-Palmolive India, Ltd.	29,185	656,419
Computer Age Management Services, Ltd.	1,994	81,518
Container Corp. Of India, Ltd.	77,140	731,935
CORE Education & Technologies, Ltd. (a)(f)	9,253	—
Coromandel International, Ltd.	51,046	546,341
CreditAccess Grameen, Ltd. (a)	33,599	288,088
CRISIL, Ltd.	5,729	209,803
Crompton Greaves Consumer Electricals, Ltd.	128,795	830,958
Cummins India, Ltd.	24,752	330,777
Dabur India, Ltd.	387,712	3,223,033
Dalmia Bharat, Ltd.	14,173	402,072
DCB Bank, Ltd. (a)	1,244,561	1,525,783
DCM Shriram, Ltd.	22,810	310,648
Deepak Fertilisers & Petrochemicals Corp., Ltd.	17,539	96,252
Deepak Nitrite, Ltd.	87,935	2,850,965
Delta Corp., Ltd.	147,515	523,266

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Dewan Housing Finance Corp., Ltd. (a)	560,188	$ 126,033
Dhani Services, Ltd. (a)	245,369	605,923
Dilip Buildcon, Ltd. (d)	15,703	120,246
Dish TV India, Ltd. (a)	1,499,513	414,132
Dishman Carbogen Amcis, Ltd. (a)	107,580	289,866
Divi's Laboratories, Ltd.	76,348	4,935,787
Dixon Technologies India, Ltd.	21,278	1,322,044
DLF, Ltd.	173,454	974,908
Dr Lal PathLabs, Ltd. (d)	19,148	948,481
Dr Reddy's Laboratories, Ltd. ADR	121,346	7,904,478
DRC Systems India Pvt, Ltd. (a)	1,045	3,719
Dwarikesh Sugar Industries, Ltd.	109,210	104,020
Easy Trip Planners, Ltd.	36,243	290,203
Edelweiss Financial Services, Ltd.	366,613	391,172
Educomp Solutions, Ltd. (a)	440,245	17,200
Eicher Motors, Ltd.	78,208	2,939,826
EID Parry India, Ltd. (a)	37,727	213,826
Emami, Ltd.	43,374	335,410
Embassy Office Parks REIT	19,660	89,807
Endurance Technologies, Ltd. (d)	9,915	211,644
EPL ,Ltd.	78,255	252,653
Equitas Holdings, Ltd.	68,244	111,246
Era Infra Engineering, Ltd. (a)(f)	2,941	—
Escorts, Ltd.	45,851	914,271
Exide Industries, Ltd.	82,746	198,706
FDC, Ltd. (a)	167,877	790,222
Federal Bank, Ltd.	368,065	418,011
Fine Organic Industries, Ltd.	6,572	272,314
Finolex Industries, Ltd.	92,901	261,328
Firstsource Solutions, Ltd.	38,370	101,059
Fortis Healthcare, Ltd. (a)	459,928	1,632,697
Future Consumer, Ltd. (a)	2,063,078	211,234
Future Lifestyle Fashions, Ltd. (a)	337,259	267,844
Future Retail, Ltd. (a)	293,466	204,994
GAIL India, Ltd.	2,469,113	5,284,007
Gammon India, Ltd. (a)(f)	139,302	—
Gateway Distriparks, Ltd.	325,723	1,037,144
Gitanjali Gems, Ltd. (a)(f)	3,573	—
Gland Pharma, Ltd. (a)(d)	10,281	515,231
GlaxoSmithKline Pharmaceuticals, Ltd.	1,703	33,973
Glenmark Pharmaceuticals, Ltd.	76,291	524,640
Godawari Power and Ispat, Ltd.	10,203	175,799

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Godrej Consumer Products, Ltd. (a)	171,322	$ 2,377,078
Godrej Industries, Ltd. (a)	473,444	3,693,983
Godrej Properties, Ltd. (a)	28,907	900,341
Granules India, Ltd.	351,131	1,515,406
Graphite India, Ltd.	76,014	619,100
Grasim Industries, Ltd. GDR (c)	209	4,682
Grasim Industries, Ltd.	173,947	3,912,240
GTL Infrastructure, Ltd. (a)	6,683,514	157,572
GTL, Ltd. (a)	534,609	110,555
Gujarat Fluorochemicals, Ltd. (a)	8,103	208,651
Gujarat Gas, Ltd.	85,620	735,286
Gujarat NRE Coke, Ltd. (a)(f)	25,505	—
Gujarat Pipavav Port, Ltd.	18,829	28,055
Gujarat State Petronet, Ltd.	90,160	383,828
GVK Power & Infrastructure, Ltd. (a)	4,229,488	142,450
Happiest Minds Technologies, Ltd.	15,237	283,268
Havells India, Ltd.	171,612	3,174,571
HCL Technologies, Ltd.	974,536	16,799,266
HDFC Asset Management Co., Ltd. (d)	9,673	379,036
HDFC Bank, Ltd.	197,175	4,236,762
HDFC Life Insurance Co., Ltd. (d)	540,060	5,255,995
HEG, Ltd.	20,966	634,961
Hemisphere Properties India, Ltd. (a)	129,896	249,371
Hero MotoCorp, Ltd.	149,720	5,713,272
HFCL, Ltd.	498,010	479,040
Himadri Speciality Chemical, Ltd.	293,150	203,589
Himatsingka Seide, Ltd.	44,747	164,182
Hindalco Industries, Ltd.	896,986	5,896,525
Hindustan Aeronautics, Ltd.	6,703	122,312
Hindustan Construction Co., Ltd. (a)	3,298,162	428,780
Hindustan Oil Exploration Co., Ltd. (a)	65,753	187,265
Hindustan Petroleum Corp., Ltd.	269,095	1,087,582
Hindustan Unilever, Ltd.	673,610	24,518,669
Hindustan Zinc, Ltd.	30,336	127,348
Hle Glascoat, Ltd.	1,559	136,532
Honeywell Automation India, Ltd.	853	525,337
Housing Development & Infrastructure, Ltd. (a)	95,665	5,929
Housing Development Finance Corp., Ltd.	1,346,145	49,950,317
ICICI Bank, Ltd. ADR (b)	1,704,996	32,173,275
ICICI Lombard General Insurance Co., Ltd. (d)	136,866	2,930,834
ICICI Prudential Life Insurance Co., Ltd. (d)	148,548	1,344,542
ICICI Securities, Ltd. (d)	58,722	599,937

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
IDFC First Bank, Ltd. (a)	435,647	$ 279,662
IDFC, Ltd. (a)	246,512	182,491
IFB Industries, Ltd. (a)	10,717	171,762
IFCI, Ltd. (a)	1,092,656	197,989
IIFL Finance, Ltd.	71,245	275,468
IIFL Securities, Ltd.	56,076	73,733
IIFL Wealth Management, Ltd.	7,582	160,573
India Cements, Ltd.	261,849	706,589
Indiabulls Housing Finance, Ltd.	206,573	644,675
Indiabulls Real Estate, Ltd. (a)	332,771	672,244
IndiaMart InterMesh, Ltd. (d)	3,696	417,209
Indian Energy Exchange, Ltd. (d)	56,430	491,071
Indian Hotels Co., Ltd.	1,210,265	2,957,692
Indian Oil Corp., Ltd.	805,580	1,359,862
Indian Overseas Bank (a)	373,087	114,348
Indian Railway Catering & Tourism Corp., Ltd.	13,654	698,726
Indo Count Industries, Ltd.	47,114	187,783
Indraprastha Gas, Ltd.	196,706	1,412,737
Indus Towers, Ltd.	551,691	2,294,392
IndusInd Bank, Ltd.	84,503	1,265,823
Infibeam Avenues, Ltd.	957,486	533,388
Info Edge India, Ltd.	50,690	4,392,007
Infosys, Ltd. ADR	2,665,026	59,296,828
Inox Wind, Ltd. (a)	126,947	167,604
Intellect Design Arena, Ltd. (a)	98,098	938,260
InterGlobe Aviation, Ltd. (a)(d)	32,586	887,530
IOL Chemicals & Pharmaceuticals, Ltd.	12,380	99,037
Ipca Laboratories, Ltd.	38,548	1,252,268
IRB Infrastructure Developers, Ltd. (a)	43,942	120,529
ITC, Ltd. (c)	1,293,644	4,115,645
ITC, Ltd. GDR	56,860	180,896
IVRCL, Ltd. (a)(f)	5,304,684	14,293
Jain Irrigation Systems, Ltd. (a)	461,269	222,471
Jaiprakash Associates, Ltd. (a)	1,541,232	182,720
Jaiprakash Power Ventures, Ltd. (a)	7,560,522	443,074
JB Chemicals & Pharmaceuticals, Ltd.	12,102	304,386
Jet Airways India, Ltd. (a)	177,547	243,379
Jindal Saw, Ltd.	141,880	217,998
Jindal Stainless, Ltd. (a)	106,969	233,458
Jindal Steel & Power, Ltd. (a)	200,522	1,051,540
JK Cement, Ltd.	6,987	292,531
JK Paper, Ltd.	31,404	97,012

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
JM Financial, Ltd.	139,987	$ 174,542
Johnson Controls-Hitachi Air Conditioning India, Ltd. (a)	3,589	103,658
JSW Energy, Ltd.	198,391	1,042,102
JSW Ispat Special Products, Ltd. (a)	4,450	1,969
JSW Steel, Ltd.	486,093	4,376,491
Jubilant Foodworks, Ltd.	64,731	3,523,916
Jubilant Ingrevia, Ltd.	50,418	513,333
Jubilant Pharmova, Ltd.	54,552	458,339
Just Dial, Ltd. (a)	87,147	1,161,373
Kansai Nerolac Paints, Ltd.	10,482	89,424
KEI Industries, Ltd.	142,497	1,779,785
Kiri Industries, Ltd.	15,480	106,881
Kirloskar Ferrous Industries, Ltd.	30,999	101,231
Kotak Mahindra Bank, Ltd.	747,299	20,190,740
KPIT Technologies, Ltd.	162,931	750,149
L&T Finance Holdings, Ltd. (a)	90,449	110,826
L&T Technology Services, Ltd. (d)	16,431	1,039,850
Lanco Infratech, Ltd. (a)(f)	15,749,074	—
Larsen & Toubro Infotech, Ltd. (d)	7,449	578,554
Larsen & Toubro, Ltd. GDR	702,914	16,307,605
Laurus Labs, Ltd. (d)	150,556	1,250,349
Laxmi Organic Industries, Ltd.	20,431	150,506
Lemon Tree Hotels, Ltd. (a)(d)	291,009	177,991
LIC Housing Finance, Ltd.	278,230	1,600,729
Linde India, Ltd.	25,971	911,255
Lupin, Ltd.	169,261	2,169,934
LUX Industries, Ltd.	44,938	2,131,312
Macrotech Developers, Ltd.	17,652	251,483
Mahanagar Gas, Ltd.	7,754	113,096
Mahanagar Telephone Nigam, Ltd. (a)	557,999	143,207
Mahindra & Mahindra Financial Services, Ltd.	483,084	1,205,310
Mahindra & Mahindra, Ltd. GDR	903,193	9,754,484
Maithan Alloys, Ltd.	11,780	186,109
MakeMyTrip, Ltd. (a)	30,938	841,204
Manappuram Finance, Ltd.	307,599	700,958
Manpasand Beverages, Ltd. (a)(f)	64,129	2,527
Marico, Ltd.	132,560	977,759
Marksans Pharma, Ltd.	1,309,375	1,217,162
Maruti Suzuki India, Ltd.	121,268	11,988,423
Max Financial Services, Ltd. (a)	99,498	1,359,615
Max Healthcare Institute, Ltd. (a)	202,527	981,019
Max India, Ltd. - New Spun Off (a)	35,901	35,114

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Metropolis Healthcare, Ltd. (d)	12,778	$ 464,933
Minda Industries, Ltd.	71,195	708,521
Mindtree, Ltd.	51,150	2,894,279
Morepen Laboratories, Ltd. (a)	204,209	155,851
Motherson Sumi Systems, Ltd.	802,545	2,442,963
Mphasis, Ltd.	24,610	1,029,258
MRF, Ltd.	2,648	2,831,652
Multi Commodity Exchange of India, Ltd.	35,414	791,343
Muthoot Finance, Ltd.	62,081	1,212,975
Natco Pharma, Ltd.	5,078	60,992
National Aluminium Co., Ltd.	575,289	723,883
Navin Fluorine International, Ltd.	32,084	1,592,692
NCC, Ltd.	290,212	322,360
Nestle India, Ltd.	21,043	5,512,683
Network18 Media & Investments, Ltd. (a)	227,222	159,027
NIIT, Ltd.	84,385	423,247
Nippon Life India Asset Management, Ltd. (d)	92,865	532,150
NMDC, Ltd.	353,496	681,013
NTPC, Ltd.	2,014,253	3,849,271
Oberoi Realty, Ltd. (a)	35,040	455,162
Oil & Natural Gas Corp., Ltd.	3,506,205	6,825,592
Olectra Greentech, Ltd. (a)	20,362	113,211
OnMobile Global, Ltd.	14,984	22,882
Opto Circuits India, Ltd. (a)	3,196,015	137,782
Oracle Financial Services Software, Ltd.	598	36,704
Orient Electric, Ltd.	90,456	404,403
Orissa Minerals Development Co. Ltd (a)	7,686	296,552
Page Industries, Ltd.	3,967	1,694,430
Paisalo Digital, Ltd.	21,533	258,938
PC Jeweller, Ltd. (a)	171,604	61,611
Persistent Systems, Ltd.	1,557	77,953
Petronet LNG, Ltd.	514,100	1,652,198
Pfizer, Ltd.	15,975	1,201,146
Phillips Carbon Black, Ltd.	65,563	236,010
Phoenix Mills, Ltd.	30,935	399,443
PI Industries, Ltd.	32,712	1,400,696
Pidilite Industries, Ltd.	104,456	3,351,978
Piramal Enterprises, Ltd.	63,329	2,214,670
PNB Housing Finance, Ltd. (a)(d)	17,046	142,816
Poonawalla Fincorp, Ltd. (a)	98,680	216,564
Power Grid Corp. of India, Ltd.	1,711,264	4,378,014
Praj Industries, Ltd.	53,267	253,104

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Prakash Industries, Ltd. (a)	255,884	$ 230,796
Prestige Estates Projects, Ltd.	59,532	393,672
Prism Johnson, Ltd. (a)	114,623	192,795
Procter & Gamble Health, Ltd.	5,645	410,944
PS IT Infrastructure & Services, Ltd. (a)(f)	620,932	76,124
PTC India, Ltd.	809,842	1,263,955
Punj Lloyd, Ltd. (a)	748,777	19,166
Quess Corp., Ltd. (d)	71,315	880,251
Radico Khaitan, Ltd.	107,379	1,274,472
Rain Industries, Ltd.	162,142	526,220
Rajesh Exports, Ltd.	131,913	1,043,184
Rallis India, Ltd.	89,607	345,137
RattanIndia Infrastructure, Ltd. (a)	578,607	346,490
RattanIndia Power, Ltd. (a)	5,189,131	311,093
Raymond, Ltd. (a)	47,687	294,882
RBL Bank, Ltd. (a)(d)	226,255	581,888
REC, Ltd.	112,387	238,999
Redington India, Ltd.	245,124	460,345
REI Agro, Ltd. (a)(f)	1,873,023	—
Relaxo Footwears, Ltd.	39,590	608,591
Reliance Capital, Ltd. (a)	996,058	290,521
Reliance Communications, Ltd. (a)	792,454	33,096
Reliance Industries, Ltd. GDR (d)	1,137,048	77,432,969
Reliance Infrastructure, Ltd. (a)	306,468	422,992
Reliance Power, Ltd. (a)	2,310,308	424,852
Religare Enterprises, Ltd. (a)	100,005	239,209
Repco Home Finance, Ltd.	47,568	200,807
RITES, Ltd.	47,316	174,310
Rolta India, Ltd. (a)	1,549,695	117,959
Ruchi Soya Industries, Ltd. (a)	13,237	188,593
Sarda Energy & Minerals, Ltd.	10,466	100,286
SBI Cards & Payment Services, Ltd. (a)	92,757	1,286,620
SBI Life Insurance Co., Ltd. (d)	147,154	2,408,903
Schneider Electric Infrastructure, Ltd. (a)	199,596	307,484
Sequent Scientific, Ltd.	747,057	2,211,657
Shankara Building Products, Ltd. (a)	41,125	327,825
Sharda Cropchem, Ltd.	21,636	96,364
Shilpa Medicare, Ltd.	89,341	670,291
Shree Cement, Ltd.	2,251	876,459
Shree Renuka Sugars, Ltd. (a)	773,118	292,155
Shriram Transport Finance Co., Ltd.	128,965	2,256,659
Siemens, Ltd.	279,232	8,010,463

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Sintex Industries, Ltd. (a)	382,272	$ 22,145
Sintex Plastics Technology, Ltd. (a)	51,863	3,249
Sobha, Ltd.	9,467	100,738
Solara Active Pharma Sciences, Ltd.	68,550	1,477,250
Srei Infrastructure Finance, Ltd. (a)	236,844	27,760
SRF, Ltd.	9,999	1,519,379
State Bank of India GDR	142,521	8,765,041
Steel Authority of India, Ltd.	798,192	1,222,115
Sterling & Wilson Solar, Ltd. (a)	24,481	131,924
Sterlite Technologies, Ltd.	130,807	504,090
Strides Pharma Science, Ltd.	132,945	1,055,823
Subex, Ltd.	236,226	163,101
Sudarshan Chemical Industries	41,873	371,274
Sumitomo Chemical India, Ltd.	26,365	142,840
Sun Pharma Advanced Research Co., Ltd. (a)	170,207	678,397
Sun Pharmaceutical Industries, Ltd.	1,051,734	11,593,834
Sun TV Network, Ltd.	100,519	684,346
Sundaram Finance, Ltd.	19,580	646,309
Sundram Fasteners, Ltd.	49,226	606,708
Supreme Industries, Ltd.	24,538	771,752
Suven Life Sciences, Ltd. (a)	319,075	401,275
Suven Pharmaceuticals, Ltd.	304,827	2,169,342
Suvidhaa Infoserve Pvt, Ltd. (a)	56,568	12,155
Suzlon Energy, Ltd. (a)	5,133,508	446,076
Swan Energy, Ltd.	206,238	356,198
Symphony, Ltd.	14,612	210,821
TAKE Solutions, Ltd. (a)	170,067	116,047
Tata Communications, Ltd.	133,226	2,497,959
Tata Consultancy Services, Ltd.	769,083	39,119,077
Tata Consumer Products, Ltd.	304,593	3,338,613
Tata Elxsi, Ltd.	37,651	2,837,514
Tata Motors, Ltd. ADR (a)(b)	356,652	7,992,571
Tata Power Co., Ltd.	3,173,563	6,787,284
Tata Steel, Ltd.	473,775	8,226,716
Tata Teleservices Maharashtra, Ltd. (a)	481,490	229,304
TCNS Clothing Co., Ltd. (a)(d)	21,942	192,912
TeamLease Services, Ltd. (a)	13,787	833,721
Tech Mahindra, Ltd.	402,829	7,492,448
Tejas Networks, Ltd. (a)(d)	162,199	1,077,066
Thirumalai Chemicals, Ltd.	37,111	152,364
Thyrocare Technologies, Ltd. (d)	66,143	1,039,183
Tide Water Oil Co. India, Ltd.	10,570	254,611

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Timken India, Ltd.	18,784	$ 428,924
Titan Co., Ltd.	233,626	6,804,276
Torrent Pharmaceuticals, Ltd.	20,479	851,274
Torrent Power, Ltd.	26,278	178,798
Trent, Ltd.	101,419	1,401,646
Trident, Ltd.	1,208,943	456,036
Tube Investments of India, Ltd.	58,566	1,102,124
TV18 Broadcast, Ltd. (a)	298,683	152,706
TVS Motor Co., Ltd.	54,722	405,066
Ujjivan Financial Services, Ltd.	70,661	148,219
UltraTech Cement, Ltd.	79,207	7,892,262
Unichem Laboratories, Ltd.	191,589	698,447
Unitech, Ltd. (a)	768,821	18,644
United Breweries, Ltd.	69,957	1,481,088
United Spirits, Ltd. (a)	309,547	3,557,638
UPL, Ltd.	334,574	3,189,896
Usha Martin, Ltd. (a)	196,336	226,814
VA Tech Wabag, Ltd. (a)	81,303	364,523
Vaibhav Global, Ltd.	84,018	791,763
Vakrangee, Ltd.	429,682	234,443
Varun Beverages, Ltd.	22,494	272,010
Vedanta, Ltd.	666,765	2,583,880
Venky's India, Ltd.	11,464	453,633
Videocon Industries, Ltd. (a)(f)	1,170,924	57,972
Vinati Organics, Ltd.	8,396	219,216
VIP Industries, Ltd. (a)	65,859	449,485
V-Mart Retail, Ltd. (a)	17,277	826,126
Vodafone Idea, Ltd. (a)	5,971,063	957,269
Voltas, Ltd.	24,094	395,375
VST Industries, Ltd.	18,683	855,022
Welspun Corp., Ltd.	91,949	179,432
Welspun India, Ltd.	164,367	374,893
Westlife Development, Ltd. (a)	65,488	499,624
Whirlpool of India, Ltd.	5,051	155,485
Wipro, Ltd. ADR	1,360,855	12,016,350
WNS Holdings, Ltd. ADR (a)	26,812	2,193,222
Wockhardt, Ltd. (a)	90,041	551,630
Yaarii Digital Integrated Services, Ltd. (a)	29,794	39,517
Yes Bank, Ltd. (a)	816,899	138,117
Zee Entertainment Enterprises, Ltd.	546,516	2,232,375
Zensar Technologies, Ltd.	52,745	339,518
		908,037,522

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
INDONESIA — 1.7%
Alam Sutera Realty Tbk PT (a)	8,690,400	$ 102,615
Aneka Tambang Tbk	1,953,600	312,576
Astra International Tbk PT	19,934,803	7,660,536
Bank Aladin Syariah Tbk PT (a)	482,200	99,388
Bank Artha Graha Internasional Tbk PT (a)	9,291,600	92,186
Bank BTPN Syariah Tbk PT	573,300	138,994
Bank Central Asia Tbk PT	9,467,808	23,152,718
Bank Danamon Indonesia Tbk PT	3,086,318	573,597
Bank Ganesha Tbk PT (a)	9,871,400	140,700
Bank Ina Perdana PT (a)	360,800	92,768
Bank Jago Tbk PT (a)	1,987,800	2,097,172
Bank Mandiri Persero Tbk PT	18,369,069	7,893,085
Bank MNC Internasional Tbk PT (a)	9,141,800	169,902
Bank Negara Indonesia Persero Tbk PT	2,336,800	877,576
Bank Neo Commerce Tbk PT	1,213,900	117,043
Bank Permata Tbk PT (a)	207,270	25,271
Bank Rakyat Indonesia Agroniaga Tbk PT (a)	1,474,100	230,706
Bank Rakyat Indonesia Persero Tbk PT	56,612,923	15,228,629
Bank Syariah Indonesia Tbk PT (a)	698,700	99,588
Barito Pacific Tbk PT	27,274,620	1,838,953
Bekasi Fajar Industrial Estate Tbk PT (a)	5,519,600	48,977
Bumi Resources Minerals Tbk PT (a)	33,961,700	220,677
Bumi Resources Tbk PT (a)	2,318,600	10,692
Bumi Serpong Damai Tbk PT (a)	4,588,300	320,580
Chandra Asri Petrochemical Tbk PT	73,614	37,032
Charoen Pokphand Indonesia Tbk PT	5,049,000	2,266,538
Ciputra Development Tbk PT	7,159,452	467,709
Citra Marga Nusaphala Persada Tbk PT (a)	1,874,941	162,440
Digital Mediatama Maxima Tbk PT (a)	437,200	85,225
Elang Mahkota Teknologi Tbk PT (a)	10,027,400	1,219,052
Garuda Indonesia Persero Tbk PT (a)	15,966,300	247,652
Global Mediacom Tbk PT (a)	787,700	14,529
Indah Kiat Pulp & Paper Tbk PT	996,600	597,090
Indocement Tunggal Prakarsa Tbk PT	655,300	480,744
Indofood Sukses Makmur Tbk PT	6,557,518	2,909,362
Indosat Tbk PT (a)	2,927,100	1,360,015
Japfa Comfeed Indonesia Tbk PT	1,323,500	182,631
Kalbe Farma Tbk PT	29,790,661	2,976,464
Kawasan Industri Jababeka Tbk PT (a)	5,915,731	65,306
Kresna Graha Investama Tbk PT (a)	30,375,800	273,780
Lippo Cikarang Tbk PT	258,500	16,978

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Lippo Karawaci Tbk PT (a)	47,597,730	$ 508,818
Matahari Department Store Tbk PT (a)	425,500	83,242
Matahari Putra Prima Tbk PT (a)	731,500	51,620
Mayora Indah Tbk PT	7,063,407	1,164,691
Medco Energi Internasional Tbk PT (a)	24,049,829	924,186
Media Nusantara Citra Tbk PT	1,048,300	61,158
Mega Manunggal Property Tbk PT (a)	2,317,500	102,820
Merdeka Copper Gold Tbk PT (a)	5,561,400	979,195
MNC Investama Tbk PT (a)	29,456,400	168,763
Modernland Realty Tbk PT (a)(f)	7,955,300	21,260
Multipolar Tbk PT (a)	2,740,900	109,157
Pabrik Kertas Tjiwi Kimia Tbk PT	398,738	221,482
Pakuwon Jati Tbk PT (a)	6,562,400	221,918
Perusahaan Gas Negara Tbk PT (a)	16,224,000	1,348,930
Pollux Properti Indonesia Tbk PT (a)	1,595,800	359,020
Semen Indonesia Persero Tbk PT	1,051,100	602,202
Sigmagold Inti Perkasa Tbk PT (f)	1,312,600	—
Smartfren Telecom Tbk PT (a)	60,225,000	471,280
Sumber Alfaria Trijaya Tbk PT	4,623,600	445,804
Summarecon Agung Tbk PT (a)	5,801,611	342,523
Surya Citra Media Tbk PT (a)	921,400	129,398
Telkom Indonesia Persero Tbk PT	44,080,100	11,364,581
Tiga Pilar Sejahtera Food Tbk (a)	2,697,200	38,067
Tower Bersama Infrastructure Tbk PT	2,195,600	454,077
Unilever Indonesia Tbk PT	3,887,400	1,072,855
United Tractors Tbk PT	1,832,922	3,329,675
		99,484,198
KUWAIT — 0.7%
A'ayan Leasing & Investment Co. KSCP (a)	1,018,816	557,376
Agility Public Warehousing Co. KSC	616,067	2,012,023
Ahli United Bank KSCP (a)	595,886	636,191
Al Ahli Bank of Kuwait KSCP (a)	158,974	116,490
Al Mazaya Holding Co. KSCP (a)	1,554,981	394,417
ALAFCO Aviation Lease & Finance Co. KSCP (a)	41,718	32,229
Alimtiaz Investment Group KSC (a)	470,762	212,280
Boubyan Bank KSCP (a)	588,005	1,497,307
Boubyan Petrochemicals Co. KSCP	437,738	1,306,247
Burgan Bank SAK	242,041	182,975
Gulf Bank KSCP	1,153,353	910,139
Humansoft Holding Co. KSC	140,378	1,535,035
Integrated Holding Co. KCSC (a)	292,375	364,499
Jazeera Airways Co. KSCP (a)	39,921	109,598

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Kuwait Finance House KSCP	2,711,298	$ 7,389,546
Kuwait Real Estate Co. KSC (a)	3,215,455	1,620,521
Mabanee Co. KPSC	330,294	843,257
Mezzan Holding Co. KSCC	35,301	74,441
Mobile Telecommunications Co. KSCP	680,934	1,352,386
National Bank of Kuwait SAKP	4,589,366	14,501,544
National Industries Group Holding SAK (a)	841,900	672,738
National Investments Co. KSCP	1,600,439	1,050,686
Qurain Petrochemical Industries Co.	149,719	188,142
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC	70,383	55,308
Warba Bank KSCP (a)	1,328,775	1,171,930
		38,787,305
MACAU — 0.0% (e)
Huasheng International Holding, Ltd.	35,000	4,676
MALAYSIA — 1.9%
Aeon Co. M Bhd	5,403,448	1,936,026
AEON Credit Service M Bhd	139,450	411,705
AirAsia Group Bhd (a)	1,325,500	332,444
Alliance Bank Malaysia Bhd	5,661,800	3,475,654
AMMB Holdings Bhd (a)	55,600	42,233
ATA IMS Bhd	763,800	481,651
Axiata Group Bhd	1,921,538	1,794,629
Bahvest Resources Bhd (a)	2,078,500	253,203
Bank Islam (a)	24,400	17,584
Berjaya Sports Toto Bhd	2,785,347	1,363,899
Bintulu Port Holdings Bhd	94	98
British American Tobacco Malaysia Bhd	7,200	24,284
Bursa Malaysia Bhd	1,546,847	2,726,796
Capitaland Malaysia Mall Trust REIT	1,903,445	281,891
Careplus Group Bhd	227,300	67,324
Carlsberg Brewery Malaysia Bhd Class B	431,020	2,306,186
CIMB Group Holdings Bhd	4,011,988	4,580,748
Comfort Glove Bhd	244,800	77,770
Dagang NeXchange Bhd (a)	2,200,400	409,963
Datasonic Group Bhd	2,722,500	321,901
Dialog Group Bhd	4,209,606	2,403,191
DiGi.Com Bhd	6,606,246	7,022,046
FGV Holdings Bhd	28,800	9,356
Focus Dynamics Group Bhd (a)	6,450,600	84,745
Frontken Corp. Bhd	1,018,050	877,860

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Gabungan AQRS Bhd	494,400	$ 67,904
Gamuda Bhd (a)	1,224,300	880,244
GDEX Bhd	1,319,900	99,312
Genetec Technology Bhd (a)	24,700	212,397
Genting Bhd	3,560,900	4,286,859
Genting Malaysia Bhd	805,300	577,069
George Kent Malaysia Bhd	528,900	84,013
Globetronics Technology Bhd	830,500	408,654
Greatech Technology Bhd (a)	251,000	426,277
Hap Seng Plantations Holdings Bhd	58,800	28,512
Hartalega Holdings Bhd	1,218,000	1,789,251
Hong Leong Bank Bhd	76,000	343,103
Hong Leong Financial Group Bhd	5,500	24,042
Hong Seng Consolidated Bhd (a)	762,400	440,704
IHH Healthcare Bhd	1,319,000	2,110,904
IJM Corp. Bhd	759,500	328,364
Inari Amertron Bhd	1,477,800	1,302,540
IOI Corp. Bhd	6,931,184	6,241,625
IOI Properties Group Bhd	5,370,262	1,539,308
Iris Corp. Bhd (a)	1,308,700	70,335
Iskandar Waterfront City Bhd (a)	248,800	22,286
Karex Bhd	2,196,900	223,022
KLCCP Stapled Group	790,900	1,226,070
KNM Group Bhd (a)	5,249,221	288,384
Kossan Rubber Industries	987,700	544,987
KPJ Healthcare Bhd	2,043,180	566,127
Kuala Lumpur Kepong Bhd	18,900	90,832
Lingkaran Trans Kota Holdings Bhd	500,100	451,541
Magni-Tech Industries Bhd	248,300	124,550
Magnum Bhd	4,291,043	2,090,942
Malayan Banking Bhd	3,659,400	7,036,467
Malaysia Airports Holdings Bhd (a)	282,600	465,768
Malaysian Pacific Industries Bhd	99,500	1,079,016
Malaysian Resources Corp. Bhd	10,651,159	1,004,946
Maxis Bhd	184,600	206,801
Mega First Corp. BHD	288,200	252,644
MISC Bhd	165,700	273,495
MPHB Capital Bhd (a)	1,960,830	641,667
Muda Holdings Bhd	331,800	219,536
My EG Services Bhd	3,604,524	792,108
Nestle Malaysia Bhd	1,469	46,703
OSK Holdings Bhd	8,620,542	1,760,555

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Padini Holdings Bhd	221,500	$ 165,073
Pavilion Real Estate Investment Trust	1,760,400	597,102
Pentamaster Corp. Bhd	672,750	882,216
Petronas Chemicals Group Bhd	1,514,500	3,147,295
Petronas Dagangan Bhd	292,600	1,336,322
Petronas Gas Bhd	174,700	701,888
Pos Malaysia Bhd (a)	1,336,800	221,922
PPB Group Bhd	57,800	253,483
Press Metal Aluminium Holdings Bhd	1,168,900	1,602,648
Public Bank Bhd	10,202,800	9,918,881
QL Resources Bhd	31,800	40,866
Rapid Synergy Bhd (a)	91,600	186,416
RHB Bank Bhd	371,541	484,561
Sapura Energy Bhd (a)	297,600	8,175
Serba Dinamik Holdings Bhd	1,077,400	82,352
Sime Darby Bhd	1,353,824	734,069
Sime Darby Plantation Bhd	729,487	623,806
Sime Darby Property Bhd	523,924	81,971
SKP Resources Bhd	663,125	289,865
SP Setia Bhd Group (a)	332,463	97,678
Sunway Real Estate Investment Trust	1,886,900	630,995
Supermax Corp. Bhd	1,648,750	941,243
Syarikat Takaful Malaysia Keluarga Bhd	5,778	5,824
Taliworks Corp. Bhd	137,700	27,135
Telekom Malaysia Bhd	934,027	1,271,696
Tenaga Nasional Bhd	1,335,000	3,086,779
TIME dotCom Bhd	60,900	66,188
Top Glove Corp. Bhd	3,132,600	2,154,995
Uchi Technologies Bhd	78,000	58,316
UEM Edgenta Bhd (a)	858,100	358,695
UEM Sunrise Bhd (a)	5,912,588	522,550
UMW Holdings Bhd	391,200	292,477
Unisem M Bhd	88,700	180,726
Velesto Energy Bhd (a)	46,163	1,599
ViTrox Corp. Bhd	138,700	662,606
VS Industry Bhd	4,697,200	1,783,960
WCT Holdings Bhd (a)	11,075,726	1,640,260
YTL Corp. Bhd	2,179,170	317,519
		107,433,203
MEXICO — 2.1%
Alfa SAB de CV Class A	3,170,045	2,208,053
America Movil SAB de CV Series L	18,685,378	16,607,608

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Axtel SAB de CV (a)	2,274,420	$ 551,321
Cemex SAB de CV Series CPO (a)(b)	12,587,397	9,122,945
Coca-Cola Femsa SAB de CV	758,943	4,297,026
Concentradora Hipotecaria SAPI de CV REIT	2,390	2,362
Consorcio ARA SAB de CV (b)	2,208,720	462,289
El Puerto de Liverpool SAB de CV Series C1 (b)	464,639	1,930,973
Fibra Uno Administracion SA de CV REIT	1,909,912	2,175,372
Fomento Economico Mexicano SAB de CV	1,526,824	13,319,996
Gruma SAB de CV Class B	6,169	70,955
Grupo Aeroportuario del Pacifico SAB de CV Class B (a)	249,004	2,908,733
Grupo Aeroportuario del Sureste SAB de CV Class B	268,161	5,035,336
Grupo Bimbo SAB de CV Class A	1,841,950	5,203,669
Grupo Elektra SAB DE CV (b)	31,648	2,417,199
Grupo Financiero Banorte SAB de CV Series O	2,042,747	13,181,483
Grupo Financiero Inbursa SAB de CV Series O (a)	1,721,118	1,620,211
Grupo Mexico SAB de CV Class B	2,729,655	10,946,787
Grupo Televisa SAB Series CPO	2,268,370	5,025,978
Industrias CH SAB de CV Class B (a)(b)	316,000	2,526,370
Industrias Penoles SAB de CV (a)	144,264	1,708,459
Kimberly-Clark de Mexico SAB de CV Class A	1,795,290	2,970,231
Nemak SAB de CV (a)(d)	1,496,761	382,487
Orbia Advance Corp. SAB de CV	74,567	192,039
Sare Holding SAB de CV Class B (a)(f)	1,493,393	—
Telesites SAB de CV (a)(b)	1,592,542	1,387,549
TV Azteca SAB de CV Series CPO (a)(b)	5,011,183	205,135
Urbi Desarrollos Urbanos SAB de CV (a)	39,274	18,887
Wal-Mart de Mexico SAB de CV	4,127,389	14,089,113
		120,568,566
PERU — 0.2%
Cia de Minas Buenaventura SAA ADR (a)(b)(c)	256,372	1,733,075
Cia de Minas Buenaventura SAA ADR (a)(c)	7,183	48,844
Credicorp, Ltd.	55,475	6,154,396
Southern Copper Corp.	58,356	3,276,106
Volcan Cia Minera SAA Class B (a)	6,340,546	920,120
		12,132,541
PHILIPPINES — 0.8%
Aboitiz Equity Ventures, Inc.	681,800	649,588
AC Energy Corp.	830,300	183,607
Alliance Global Group, Inc.	2,775,600	560,453
Ayala Corp.	115,490	1,849,742
Ayala Land, Inc.	7,890,610	5,182,032

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description		Shares		Value
Bank of the Philippine Islands		2,879,924		$ 4,598,506
BDO Unibank, Inc.		2,613,329		5,666,226
Bloomberry Resorts Corp. (a)		1,068,800		124,459
Cebu Air, Inc. (a)		1,292,520		985,670
Cebu Holdings, Inc. (a)		7,628,064		904,720
D&L Industries, Inc.		2,875,505		428,423
DoubleDragon Properties Corp.		1,969,990		396,238
East West Banking Corp. (a)		1,606,400		280,907
Filinvest Land, Inc.		59,402,000		1,280,968
First Philippine Holdings Corp.		333,925		488,024
Global Ferronickel Holdings, Inc.		2,624,449		108,559
GMA Holdings, Inc. PDR		4,867,600		1,412,282
GT Capital Holdings, Inc.		14,057		140,542
JG Summit Holdings, Inc.		1,760,546		2,243,393
Jollibee Foods Corp.
	142,870		574,169
Manila Electric Co.		13,110		76,589
Megawide Construction Corp. (a)		6,203,088		752,737
Megaworld Corp.		9,226,300		515,486
Nickel Asia Corp.		1,343,000		138,750
PLDT, Inc.		127,282		4,191,997
Puregold Price Club, Inc.		408,080		356,000
San Miguel Corp.		186,240		419,506
SM Investments Corp.		223,505		4,337,776
SM Prime Holdings, Inc.		7,492,390		4,810,346
Universal Robina Corp.		323,090		860,771
Vista Land & Lifescapes, Inc.		1,424,378		97,732
				44,616,198
POLAND — 0.8%
11 bit studios SA (a)		1,676		171,008
Asseco Poland SA		70,286		1,550,407
Bank Polska Kasa Opieki SA		210,402		5,459,723
Biomed-Lublin Wytwornia Surowic i Szczepionek SA (a)		22,154		54,837
Bioton SA (a)		1,354		1,613
CCC SA (a)		10,650		324,227
CD Projekt SA		35,966		1,737,055
Columbus Energy SA (a)		6,024		50,058
Datawalk SA (a)		2,540		151,904
Dino Polska SA (a)(d)		16,018		1,339,926
Eurocash SA		10,656		30,402
Getin Holding SA (a)		98,395		30,971
Getin Noble Bank SA (a)		381,162		39,160
Globe Trade Centre SA (a)		365,262		662,231

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Grupa Lotos SA (a)	131,585	$ 1,954,930
InPost SA (a)	50,469	835,837
KGHM Polska Miedz SA	148,513	5,895,643
LPP SA	329	1,226,113
Mabion SA (a)	9,434	171,279
mBank SA (a)	26,991	2,793,403
Mercator Medical SA (a)	2,393	89,483
Orange Polska SA (a)	1,356,665	2,743,222
PGE Polska Grupa Energetyczna SA (a)	784,920	1,765,020
PlayWay SA	1,644	185,875
Polimex-Mostostal SA (a)	19,597	22,478
Polski Koncern Naftowy ORLEN SA	272,219	5,622,260
Powszechna Kasa Oszczednosci Bank Polski SA (a)	624,045	6,637,623
Powszechny Zaklad Ubezpieczen SA	401,309	3,688,455
Santander Bank Polska SA (a)	31,440	2,376,654
TEN Square Games SA	1,415	187,598
		47,799,395
QATAR — 0.7%
Aamal Co.	393,081	109,255
Al Meera Consumer Goods Co. QSC	157,124	847,115
Alijarah Holding Co QPSC	3,951,510	1,133,034
Baladna	117,157	52,191
Commercial Bank PQSC	622,140	1,050,684
Doha Bank QPSC	216,795	170,590
Ezdan Holding Group QSC (a)	140,183	60,408
Gulf Warehousing Co.	93,836	130,407
Industries Qatar QSC	812,961	3,449,670
Mannai Corp. QSC	369,987	406,467
Masraf Al Rayan QSC	3,671,595	4,516,637
Mazaya Real Estate Development QPSC	2,335,737	666,529
Medicare Group	313,370	698,864
Mesaieed Petrochemical Holding Co.	3,037,679	1,883,011
Ooredoo QSC	1,074,977	2,166,783
Qatar Aluminium Manufacturing Co.	423,208	213,871
Qatar Electricity & Water Co. QSC	139,211	647,306
Qatar First Bank (a)	732,527	366,163
Qatar Fuel QSC	111,477	549,271
Qatar Gas Transport Co., Ltd.	316,405	268,870
Qatar Insurance Co. SAQ (a)	1,190,087	786,091
Qatar International Islamic Bank QSC	333,708	891,049
Qatar Islamic Bank SAQ	522,949	2,621,208
Qatar National Bank QPSC	2,898,853	15,246,645

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Qatar National Cement Co. QSC	126,140	$ 171,004
Qatar Navigation QSC	93,846	189,728
Qatari Investors Group QSC	1,106,612	773,504
United Development Co. QSC	125,238	53,040
Vodafone Qatar QSC	2,090,486	939,886
Widam Food Co.	123,170	139,306
		41,198,587
ROMANIA — 0.0% (e)
NEPI Rockcastle PLC	203,397	1,413,302
RUSSIA — 4.0%
Evraz PLC	260,097	2,084,572
Gazprom PJSC ADR (b)	4,309,901	43,038,671
HeadHunter Group PLC ADR	2,822	137,714
LUKOIL PJSC ADR	304,172	29,145,761
Magnit PJSC GDR	184,489	3,108,640
Mail.Ru Group, Ltd. GDR (a)	46,025	947,194
Mechel PJSC ADR (a)(b)	191,016	775,525
MMC Norilsk Nickel PJSC ADR (b)	540,625	16,180,906
Mobile TeleSystems PJSC ADR	616,590	5,943,928
Novatek PJSC GDR	82,287	21,731,997
Novolipetsk Steel PJSC GDR (b)	42,059	1,250,835
Novorossiysk Commercial Sea Port PJSC GDR (c)	65,475	521,187
Polymetal International PLC	143,367	2,431,826
Rosneft Oil Co. PJSC GDR	1,478,898	12,496,688
Rostelecom PJSC ADR (b)	119,109	869,496
Sberbank of Russia PJSC ADR (c)	1,093,707	20,583,566
Sberbank of Russia PJSC ADR (c)	795,088	14,907,900
Severstal PAO GDR (b)	433,486	9,129,215
Sistema PJSC FC GDR	174,076	1,286,422
Surgutneftegas PJSC ADR	1,155,614	5,830,073
Tatneft PJSC ADR (c)	254,825	11,166,431
Tatneft PJSC ADR (c)	1,402	58,758
TCS Group Holding PLC GDR	38,580	3,541,644
VEON, Ltd. ADR (a)	511,996	1,064,952
VTB Bank PJSC GDR	2,614,656	3,613,454
X5 Retail Group NV GDR	48,553	1,576,516
Yandex NV Class A (a)(b)	200,669	15,991,313
		229,415,184
SAUDI ARABIA — 3.4%
Abdul Mohsen Al-Hokair Tourism & Development Co. (a)	246,886	1,521,850
Abdullah Al Othaim Markets Co.	46,936	1,409,069

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Advanced Petrochemical Co.	34,035	$ 680,573
Al Hammadi Co. for Development & Investment	134,170	1,375,433
Al Jouf Agricultural Development Co.	38,639	787,058
Al Khaleej Training & Education Co.	227,995	1,732,439
Al Rajhi Bank	667,913	21,832,227
Al Rajhi Co. for Co-operative Insurance (a)	9,841	246,373
Al Rajhi REIT	268,109	897,819
Aldrees Petroleum & Transport Services Co.	30,800	598,640
Al-Etihad Cooperative Insuarnce Co. (a)	208,601	1,281,405
Almarai Co. JSC	78,111	1,207,891
Alujain Holding (a)	46,639	840,589
Arabian Cement Co.	34,614	380,683
AXA Cooperative Insurance Co. (a)	109,701	1,061,708
Bank AlBilad (a)	138,512	1,510,422
Banque Saudi Fransi	276,592	3,075,129
Basic Chemical Industries, Ltd. (a)	182,548	2,324,011
Batic Investments & Logistic Co. (a)	124,849	1,471,279
Bawan Co.	227,583	2,630,369
Bupa Arabia for Cooperative Insurance Co.	19,943	793,317
Buruj Cooperative Insurance Co. (a)	114,686	843,931
City Cement Co.	65,101	461,697
Co. for Cooperative Insurance	24,527	565,651
Dallah Healthcare Co.	75,510	1,425,363
Dar Al Arkan Real Estate Development Co. (a)	188,609	517,949
Derayah REIT	259,567	923,194
Dr Sulaiman Al Habib Medical Services Group Co.	44,065	2,044,234
Dur Hospitality Co. (a)	127,131	1,089,733
Eastern Province Cement Co.	96,303	1,282,517
Etihad Etisalat Co.	214,427	1,783,700
Fawaz Abdulaziz Al Hokair & Co. (a)	33,327	184,819
Fitaihi Holding Group	134,570	1,930,271
Hail Cement Co.	85,913	388,483
Herfy Food Services Co.	37,911	638,808
Jadwa REIT Saudi Fund	124,336	470,068
Jarir Marketing Co.	35,618	1,990,437
Jazan Energy & Development Co. (a)	103,857	682,282
Leejam Sports Co. JSC	50,780	1,416,159
Malath Cooperative Insurance Co. (a)	164,670	1,330,285
Mediterranean & Gulf Insurance & Reinsurance Co. (a)	76,013	481,123
Methanol Chemicals Co. (a)	194,235	1,856,540
Middle East Healthcare Co. (a)	43,282	437,355
Mobile Telecommunications Co. (a)	442,299	1,650,941

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Mouwasat Medical Services Co.	52,507	$ 2,533,865
Musharaka Real Estate Income Fund REIT	212,753	570,639
Najran Cement Co.	78,024	468,473
Nama Chemicals Co. (a)	102,238	1,267,515
National Co. for Glass Manufacturing (a)	157,729	1,688,437
National Co. for Learning & Education	103,697	1,758,373
National Gas & Industrialization Co.	24,148	380,501
National Medical Care Co.	67,307	1,125,163
National Petrochemical Co.	22,991	306,489
Qassim Cement Co.	59,043	1,306,575
Red Sea International Co. (a)	167,658	1,222,558
Riyad Bank	934,803	6,729,326
Riyad REIT Fund	114,243	321,648
SABIC Agri-Nutrients Co.	94,267	4,348,039
Sahara International Petrochemical Co.	120,297	1,404,807
Saudi Advanced Industries Co.	123,311	1,680,004
Saudi Airlines Catering Co. (a)	7,758	185,123
Saudi Arabian Amiantit Co. (a)	94,253	601,096
Saudi Arabian Mining Co. (a)	195,564	4,369,388
Saudi Arabian Oil Co. (d)	816,139	7,833,472
Saudi Automotive Services Co.	268,440	2,615,907
Saudi Basic Industries Corp.	487,757	16,567,639
Saudi British Bank	41,879	370,141
Saudi Cement Co.	50,272	841,731
Saudi Ceramic Co.	158,850	2,647,006
Saudi Chemical Co. Holding	155,947	1,704,702
Saudi Co. For Hardware CJSC	39,765	670,048
Saudi Electricity Co.	326,332	2,340,451
Saudi Industrial Investment Group	42,567	463,043
Saudi Industrial Services Co.	153,515	1,753,837
Saudi Kayan Petrochemical Co. (a)	189,189	1,035,049
Saudi National Bank	1,247,928	20,428,928
Saudi Pharmaceutical Industries & Medical Appliances Corp.	127,134	1,577,862
Saudi Printing & Packaging Co. (a)	90,411	644,811
Saudi Public Transport Co. (a)	234,921	1,666,062
Saudi Re for Cooperative Reinsurance Co. (a)	437,672	2,170,448
Saudi Research & Marketing Group (a)	25,499	1,101,351
Saudi Telecom Co.	407,966	13,813,870
Saudi Vitrified Clay Pipe Co., Ltd.	32,882	844,252
Saudia Dairy & Foodstuff Co.	10,973	482,722
Savola Group	91,656	916,389
Southern Province Cement Co.	64,630	1,287,189

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Tabuk Cement Co. (a)	147,697	$ 800,171
Takween Advanced Industries Co. (a)	349,872	2,037,274
Umm Al-Qura Cement Co.	280,896	2,119,433
United Electronics Co.	44,600	1,695,673
United International Transportation Co.	71,306	943,915
Walaa Cooperative Insurance Co. (a)	67,059	384,042
Yamama Cement Co. (a)	69,769	561,768
Yanbu Cement Co.	87,145	956,093
Yanbu National Petrochemical Co.	92,874	1,763,039
		199,360,161
SINGAPORE — 0.0% (e)
Aslan Pharmaceuticals, Ltd. ADR (a)(b)	31,206	55,547
Grindrod Shipping Holdings, Ltd. (a)	19,309	294,659
Guan Chong Bhd	2,550,100	1,803,009
Riverstone Holdings, Ltd. (b)	436,400	286,090
		2,439,305
SOUTH AFRICA — 3.5%
Absa Group, Ltd.	467,016	4,739,072
Adcock Ingram Holdings, Ltd.	137,962	426,403
Adcorp Holdings, Ltd. (a)	524,988	205,878
African Rainbow Minerals, Ltd. (b)	143,929	1,813,917
Alexander Forbes Group Holdings, Ltd.	606,649	167,338
Allied Electronics Corp., Ltd. Class A	151,887	118,118
Anglo American Platinum, Ltd.	39,366	3,413,054
ArcelorMittal South Africa, Ltd. (a)	202,212	83,197
Ascendis Health, Ltd. (a)	102,521	4,293
Aspen Pharmacare Holdings, Ltd. (b)	314,836	5,669,559
Astral Foods, Ltd.	19,680	230,784
Aveng, Ltd. (a)(b)	1,598,220	6,374
Barloworld, Ltd.	269,911	2,206,291
Bid Corp., Ltd. (a)	161,105	3,454,575
Bidvest Group, Ltd. (b)	332,104	4,326,513
Blue Label Telecoms, Ltd. (a)	1,360,271	506,316
Capitec Bank Holdings, Ltd.	45,518	5,503,609
Clicks Group, Ltd.	64,455	1,189,708
Coronation Fund Managers, Ltd.	702,182	2,338,273
Curro Holdings, Ltd. (a)(b)	164,265	129,927
Discovery, Ltd. (a)	401,975	3,657,184
EOH Holdings, Ltd. (a)	127,201	55,463
FirstRand, Ltd.	4,205,671	18,033,090
Foschini Group, Ltd. (a)	296,426	2,690,393

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Gold Fields, Ltd.	677,106	$ 5,548,264
Grindrod, Ltd. (a)(b)	1,290,888	411,849
Group Five, Ltd. (f)	219,472	—
Growthpoint Properties, Ltd. REIT	1,098,856	1,044,443
Harmony Gold Mining Co., Ltd.	313,042	976,058
Impala Platinum Holdings, Ltd.	555,594	6,339,569
Imperial Logistics, Ltd.	256,503	1,053,631
Investec, Ltd.	283,453	1,233,101
Invicta Holdings, Ltd. (b)	146,406	282,205
Kumba Iron Ore, Ltd.	55,292	1,822,670
Lewis Group, Ltd.	118,355	326,469
Life Healthcare Group Holdings, Ltd. (a)	165,913	251,323
Massmart Holdings, Ltd. (a)	221,855	916,765
Momentum Metropolitan Holdings (b)	1,242,916	1,725,790
Motus Holdings, Ltd. (b)	168,631	1,140,683
Mr. Price Group, Ltd.	227,968	3,048,968
MTN Group, Ltd. (a)	1,282,434	12,049,509
MultiChoice Group, Ltd.	377,332	2,863,409
Murray & Roberts Holdings, Ltd. (a)	453,804	361,052
Naspers, Ltd. Class N	152,725	25,302,914
Nedbank Group, Ltd.	350,774	4,081,522
Net 1 UEPS Technologies, Inc. (a)(b)	41,797	194,356
Netcare, Ltd. (a)	2,343,716	2,523,642
Ninety One, Ltd.	126,109	422,543
Northam Platinum Holdings, Ltd. (a)	322,058	3,838,580
Old Mutual, Ltd. (b)	2,210,633	2,420,335
PPC, Ltd. (a)	1,325,662	385,935
PSG Group, Ltd.	176,119	866,021
Rand Merchant Investment Holdings, Ltd. (b)	1,239,698	3,098,215
Redefine Properties, Ltd. REIT (a)	647,810	196,776
Remgro, Ltd.	659,843	5,958,104
Sanlam, Ltd.	1,578,920	6,708,180
Sappi, Ltd. (a)	394,787	1,049,616
Sasol, Ltd. (a)	433,103	8,216,722
Shoprite Holdings, Ltd. (b)	418,294	4,969,761
Sibanye Stillwater, Ltd.	1,847,962	5,714,004
Standard Bank Group, Ltd.	1,014,822	9,657,841
Steinhoff International Holdings NV (a)(b)	2,349,616	466,956
Sun International, Ltd. (a)	430,014	561,633
Telkom SA SOC, Ltd. (a)	366,168	1,074,044
Tiger Brands, Ltd.	212,664	2,647,098
Truworths International, Ltd. (b)	553,580	2,049,479

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Vodacom Group, Ltd.	489,690	$ 4,688,265
Wilson Bayly Holmes-Ovcon, Ltd. (a)	127,782	1,004,335
Woolworths Holdings, Ltd.	1,004,574	3,943,512
		204,405,476
SWITZERLAND — 0.0% (e)
Mediclinic International PLC (a)	170,207	720,877
TAIWAN — 16.2%
Ability Opto-Electronics Technology Co., Ltd. (a)	46,000	110,788
Accton Technology Corp.	291,000	2,747,007
Acer, Inc.	3,960,701	3,518,506
ADATA Technology Co., Ltd.	123,000	359,369
Adimmune Corp.	546,505	1,016,097
Advanced Ceramic X Corp.	4,000	49,461
Advanced Energy Solution Holding Co., Ltd.	8,000	230,577
Advanced Power Electronics Corp.	28,000	86,732
Advanced Wireless Semiconductor Co.	13,688	70,502
Advancetek Enterprise Co., Ltd.	3,702,996	3,136,724
Advantech Co., Ltd.	98,048	1,284,525
AGV Products Corp. (a)	6,653,415	2,543,345
Airmate Cayman International Co., Ltd.	11,667	9,213
Alchip Technologies, Ltd.	49,000	1,632,131
Alcor Micro Corp.	88,000	145,927
Amazing Microelectronic Corp.	54,000	387,646
Andes Technology Corp.	9,000	128,569
Anpec Electronics Corp.	38,000	214,138
AP Memory Technology Corp.	37,000	1,017,283
APCB, Inc.	1,326,000	1,016,138
Applied BioCode Corp. (a)	37,000	46,482
Arcadyan Technology Corp.	37,169	124,072
ASE Technology Holding Co., Ltd.	3,304,939	12,930,075
ASIX Electronics Corp.	21,000	101,380
ASMedia Technology, Inc.	19,000	1,138,888
ASPEED Technology, Inc.	12,000	1,001,418
Asustek Computer, Inc.	739,990	8,645,457
AU Optronics Corp. ADR (b)	934,032	5,875,058
Auden Techno Corp.	24,000	152,043
Audix Corp.	958,657	1,854,655
Bank of Kaohsiung Co., Ltd.	2,833,151	1,113,512
Basso Industry Corp.	2,399,905	3,729,864
Biostar Microtech International Corp.	1,876,100	1,316,479
Bizlink Holding, Inc.	29,000	232,641

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
C Sun Manufacturing, Ltd.	1,351,330	$ 2,182,655
Career Technology MFG. Co., Ltd. (a)	102,958	96,637
Carnival Industrial Corp.	1,196,984	625,119
Catcher Technology Co., Ltd.	918,644	5,522,976
Cathay Financial Holding Co., Ltd.	6,788,136	14,107,179
Cathay No. 1 REIT	1,325,000	844,637
Center Laboratories, Inc.	880,333	1,924,311
Chailease Holding Co., Ltd.	1,257,139	11,100,167
Champion Building Materials Co., Ltd. (a)	1,338,000	561,892
Chang Hwa Commercial Bank, Ltd.	8,848,967	5,224,799
Chang Wah Electromaterials, Inc.	74,310	86,818
Charoen Pokphand Enterprise	778,572	2,238,424
Chen Full International Co., Ltd.	12,000	17,293
Cheng Loong Corp.	1,257,000	1,608,444
Cheng Shin Rubber Industry Co., Ltd.	485,850	619,073
Chieftek Precision Co., Ltd.	34,100	106,239
Chilisin Electronics Corp.	66,150	204,667
China Airlines, Ltd. (a)	2,666,000	1,645,886
China Chemical & Pharmaceutical Co., Ltd.	2,581,000	2,112,195
China Development Financial Holding Corp.	16,763,945	8,544,284
China Steel Chemical Corp.	1,258,595	5,285,462
China Steel Corp.	10,622,451	13,840,203
Chinese Maritime Transport, Ltd.	58,000	156,135
Chipbond Technology Corp.	66,000	159,904
Chong Hong Construction Co., Ltd.	7,717	22,297
Chroma ATE, Inc.	110,000	694,891
Chun Yuan Steel Industry Co., Ltd.	187,000	173,505
Chung Hung Steel Corp.	390,000	585,129
Chung Hwa Pulp Corp. (a)	2,166,489	1,971,267
Chunghwa Chemical Synthesis & Biotech Co., Ltd.	457,169	1,309,456
Chunghwa Telecom Co., Ltd.	2,632,561	10,441,234
CMC Magnetics Corp. (a)	1,199,656	386,243
Compal Electronics, Inc.	6,649,774	5,632,873
Concraft Holding Co., Ltd.	15,650	33,142
Coxon Precise Industrial Co., Ltd. (a)	10,000	4,899
CTBC Financial Holding Co., Ltd.	17,246,747	14,176,002
Cub Elecparts, Inc.	3,000	15,344
Da-Li Development Co., Ltd. (a)	1,671,000	1,931,272
Darfon Electronics Corp.	76,000	112,934
Delta Electronics, Inc.	1,334,463	12,070,303
Dimerco Express Corp.	491,775	1,743,952
E Ink Holdings, Inc.	108,000	286,082

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
E.Sun Financial Holding Co., Ltd.	5,985,684	$ 5,650,419
Eclat Textile Co., Ltd.	58,854	1,282,259
Egis Technology, Inc.	43,000	183,665
EirGenix, Inc. (a)	131,485	597,005
Elan Microelectronics Corp.	9,400	49,428
Elite Advanced Laser Corp.	12,672	24,379
Elite Material Co., Ltd.	13,000	101,488
Elite Semiconductor Microelectronics Technology, Inc.	648,344	3,048,512
eMemory Technology, Inc.	31,000	2,197,556
Energenesis Biomedical Co., Ltd. (a)	16,633	28,119
ENNOSTAR, Inc. (a)	564,590	1,438,807
Episil Technologies, Inc. (a)	146,201	619,218
Episil-Precision, Inc.	66,998	213,543
Etron Technology, Inc. (a)	222,296	363,439
Eva Airways Corp. (a)	1,489,110	1,010,182
Evergreen International Storage & Transport Corp.	127,000	141,995
Evergreen Marine Corp. Taiwan, Ltd.	1,757,000	7,946,089
Excelliance Mos Corp.	35,000	217,333
Excelsior Medical Co., Ltd.	77,848	154,520
Far Eastern New Century Corp.	7,523,376	8,060,615
Faraday Technology Corp.	109,000	449,920
Feng TAY Enterprise Co., Ltd.	152,985	1,180,588
First Financial Holding Co., Ltd.	3,274,319	2,650,200
First Steamship Co., Ltd.	208,000	114,973
FIT Hon Teng, Ltd. (a)(d)	69,000	14,448
Fitipower Integrated Technology, Inc.	65,332	458,441
Flytech Technology Co., Ltd.	8,854	20,911
FocalTech Systems Co., Ltd.	137,000	762,190
Formosa Chemicals & Fibre Corp.	3,919,243	11,802,534
Formosa Petrochemical Corp.	549,000	1,954,767
Formosa Plastics Corp.	4,414,753	17,985,121
Founding Construction & Development Co., Ltd.	3,207,059	2,215,893
Foxconn Technology Co., Ltd.	1,393,223	3,515,500
Froch Enterprise Co., Ltd.	117,000	140,263
Fubon Financial Holding Co., Ltd.	6,320,124	17,399,311
Fullerton Technology Co., Ltd.	1,191,000	720,315
Fwusow Industry Co., Ltd.	1,379,830	1,005,386
General Interface Solution Holding, Ltd.	38,000	129,983
GeneReach Biotechnology Corp. (a)	17,000	62,849
Genesys Logic, Inc.	64,000	321,602
Genius Electronic Optical Co., Ltd.	22,665	335,169
Giant Manufacturing Co., Ltd.	84,302	963,737

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Gigastorage Corp. (a)	146,000	$ 128,390
Global Unichip Corp.	23,000	413,596
Globalwafers Co., Ltd.	133,000	3,795,158
Golden Biotechnology Corp. (a)	25,784	101,801
Gongwin Biopharm Holdings Co., Ltd. (a)	4,520	38,045
Grape King Bio, Ltd.	73,664	428,333
Great Wall Enterprise Co., Ltd.	1,347,873	2,656,027
Hai Kwang Enterprise Corp.	78,000	105,267
HannStar Display Corp.	1,402,500	765,169
Himax Technologies, Inc. ADR (b)	77,746	829,550
Hiwin Technologies Corp.	62,579	695,185
Hocheng Corp.	3,763,000	1,884,168
Holy Stone Enterprise Co., Ltd.	57,000	237,325
Hon Hai Precision Industry Co., Ltd.	9,404,403	35,443,094
Hong TAI Electric Industrial	2,503,000	2,353,820
Hota Industrial Manufacturing Co., Ltd.	10,279	33,574
Hotai Motor Co., Ltd.	164,433	3,452,677
Hsin Kuang Steel Co., Ltd.	63,000	142,460
HTC Corp. (a)	1,321,198	1,745,126
HUA ENG Wire & Cable Co., Ltd.	301,000	244,707
Hua Nan Financial Holdings Co., Ltd.	11,356,549	8,315,486
Hung Sheng Construction, Ltd.	992,032	795,819
Ibase Technology, Inc.	2,570,222	3,713,194
Innolux Corp.	5,876,820	3,585,935
International Games System Co., Ltd.	18,000	423,180
Iron Force Industrial Co., Ltd.	6,000	14,924
Janfusun Fancyworld Corp. (a)	770,112	100,616
Jentech Precision Industrial Co., Ltd.	11,000	138,386
JMicron Technology Corp. (a)	18,131	134,386
Kaimei Electronic Corp.	48,300	146,319
KEE TAI Properties Co., Ltd.	1,324,000	615,416
Kenda Rubber Industrial Co., Ltd.	4,956	5,737
Kerry TJ Logistics Co., Ltd.	1,154,373	1,924,611
Kindom Development Co., Ltd.	1,392,900	1,969,823
Kinsus Interconnect Technology Corp.	133,000	964,304
Kung Long Batteries Industrial Co., Ltd.	9,000	44,741
Kuoyang Construction Co., Ltd.	771,734	728,508
Kwong Fong Industries Corp.	55,776	21,721
Land Mark Optoelectronics Corp.	14,600	117,909
Largan Precision Co., Ltd.	49,000	3,851,690
Laser Tek Taiwan Co., Ltd.	89,000	92,960
Leadtrend Technology Corp.	22,000	103,839

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Leatec Fine Ceramics Co., Ltd. (a)	139,000	$ 125,477
Leofoo Development Co., Ltd. (a)	1,336,154	870,451
Li Cheng Enterprise Co., Ltd. (a)	11,362	7,606
Lin BioScience, Inc. (a)	25,342	124,616
Lite-On Technology Corp.	3,328,962	7,467,925
Long Bon International Co., Ltd. (a)	9,020	5,860
Longchen Paper & Packaging Co., Ltd.	2,800,860	2,829,964
Lotes Co., Ltd.	4,000	79,683
Lotus Pharmaceutical Co., Ltd.	27,000	104,664
M31 Technology Corp.	23,000	321,961
Machvision, Inc.	15,597	128,200
Macroblock, Inc.	30,000	197,592
Macronix International Co., Ltd.	520,221	688,076
Makalot Industrial Co., Ltd.	4,671	41,327
MediaTek, Inc.	1,169,418	37,986,515
Medigen Biotechnology Corp. (a)	114,248	234,561
Medigen Vaccine Biologics Corp. (a)	106,386	1,044,366
Mega Financial Holding Co., Ltd.	7,964,333	9,161,963
Merida Industry Co., Ltd.	19,100	200,526
Merry Electronics Co., Ltd.	13,571	43,060
Microbio Co., Ltd. (a)	175,712	337,416
Micro-Star International Co., Ltd.	125,000	581,020
momo.com, Inc.	20,600	1,197,825
Mosel Vitelic, Inc. (a)	759	1,287
Motech Industries, Inc.	122,000	129,617
MPI Corp.	52,000	225,839
Namchow Holdings Co., Ltd.	1,319,000	2,322,175
Nan Ya Plastics Corp.	5,295,719	17,392,304
Nan Ya Printed Circuit Board Corp.	95,000	1,483,283
Nantex Industry Co., Ltd.	64,000	209,960
Nanya Technology Corp.	840,982	1,989,222
National Petroleum Co., Ltd.	2,520,468	4,378,624
New Era Electronics Co., Ltd.	70,000	56,029
Newmax Technology Co., Ltd. (a)	75,654	106,853
Nexcom International Co., Ltd.	1,337,638	1,070,667
Novatek Microelectronics Corp.	607,414	8,938,811
Nuvoton Technology Corp.	113,000	543,493
OBI Pharma, Inc. (a)	49,664	185,390
Oneness Biotech Co., Ltd. (a)	137,000	909,711
Pacific Hospital Supply Co., Ltd.	74,782	197,286
Pan Jit International, Inc.	136,900	438,799
PChome Online, Inc.	3,519	16,673

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Pegatron Corp.	1,321,686	$ 3,178,441
PharmaEngine, Inc.	13,000	25,850
PharmaEssentia Corp. (a)	20,000	63,603
Pharmally International Holding Co., Ltd. (a)(f)	23,076	—
Phihong Technology Co., Ltd. (a)	84,000	96,933
Phytohealth Corp. (a)	10,540	8,663
Pihsiang Machinery Manufacturing Co., Ltd. (f)	51,000	—
Polaris Group/Tw (a)	227,662	471,495
Pou Chen Corp.	5,127,462	6,211,369
Powerchip Semiconductor Manufacturing Corp.	1,258,543	2,931,729
Powertech Technology, Inc.	1,333,285	5,000,925
President Chain Store Corp.	194,000	1,949,714
Princeton Technology Corp. (a)	130,000	132,751
Prolific Technology, Inc. (a)	126,000	171,404
Promate Electronic Co., Ltd.	1,323,000	1,844,854
Promos Technologies, Inc. (f)	257	—
Prosperity Dielectrics Co., Ltd.	52,000	103,588
Quanta Computer, Inc.	3,128,975	8,703,920
Quintain Steel Co., Ltd. (a)	115,000	95,144
Radiant Opto-Electronics Corp.	51,000	171,156
RDC Semiconductor Co., Ltd. (a)	42,000	489,941
Realtek Semiconductor Corp.	287,000	5,104,305
Ritek Corp. (a)	173,938	60,184
Sampo Corp.	2,261,479	2,414,853
SDI Corp.	83,000	376,860
Senhwa Biosciences, Inc. (a)	54,000	283,950
Sensortek Technology Corp.	4,000	83,559
Sesoda Corp.	1,689,120	1,982,528
Shanghai Commercial & Savings Bank, Ltd.	1,619,000	2,580,126
Shih Wei Navigation Co., Ltd. (a)	731,289	1,532,897
Shin Kong Financial Holding Co., Ltd.	7,202,341	2,406,769
Silicon Motion Technology Corp. ADR	18,697	1,289,719
Silicon Optronics, Inc.	29,000	151,451
Simplo Technology Co., Ltd.	3,000	31,065
Sinbon Electronics Co., Ltd.	131,710	1,110,958
Sincere Navigation Corp.	176,000	251,740
Sino-American Silicon Products, Inc.	191,000	1,244,289
Sinon Corp.	2,648,000	2,323,849
SinoPac Financial Holdings Co., Ltd.	14,726,698	7,347,359
Sinphar Pharmaceutical Co., Ltd. (a)	685,471	1,001,370
Sitronix Technology Corp.	46,000	402,864
Solar Applied Materials Technology Corp.	1,400,974	2,574,608

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Stark Technology, Inc.	1,178,747	$ 2,948,930
Supreme Electronics Co., Ltd.	4,042,314	6,427,541
T3EX Global Holdings Corp.	36,000	186,070
TA Chen Stainless Pipe (a)	935,000	1,538,729
Ta Ya Electric Wire & Cable (a)	3,598,733	3,455,290
TA-I Technology Co., Ltd.	60,000	134,168
TaiMed Biologics, Inc. (a)	80,000	227,993
Taimide Tech, Inc.	61,950	91,167
Tainan Enterprises Co., Ltd.	1,043,589	664,873
Tainan Spinning Co., Ltd.	127,000	119,431
Tainergy Tech Co., Ltd. (a)	85,000	110,596
Taishin Financial Holding Co., Ltd.	12,773,759	8,298,668
Taisun Enterprise Co., Ltd.	2,728,000	2,643,743
Taiwan Cement Corp.	6,534,685	11,962,059
Taiwan Chinsan Electronic Industrial Co., Ltd.	79,983	138,805
Taiwan Cogeneration Corp.	1,260,000	1,750,220
Taiwan Cooperative Financial Holding Co., Ltd.	3,061,173	2,428,238
Taiwan Fire & Marine Insurance Co., Ltd.	69,000	49,037
Taiwan FU Hsing Industrial Co., Ltd.	1,252,000	1,817,749
Taiwan Glass Industry Corp.	314,000	333,605
Taiwan IC Packaging Corp. (a)	112,000	92,863
Taiwan Land Development Corp. (a)	4,010,750	748,583
Taiwan Mask Corp.	65,000	183,145
Taiwan Mobile Co., Ltd.	499,000	1,771,364
Taiwan Navigation Co., Ltd.	190,000	305,522
Taiwan Paiho, Ltd.	1,160,433	3,382,106
Taiwan Sakura Corp.	1,347,726	3,332,974
Taiwan Semiconductor Co., Ltd.	82,000	190,722
Taiwan Semiconductor Manufacturing Co., Ltd.	12,750,692	265,443,957
Taiwan Surface Mounting Technology Corp.	62,000	226,988
Taiwan TEA Corp. (a)	2,585,913	1,939,864
Taiwan Union Technology Corp.	260,612	1,010,251
Taiyen Biotech Co., Ltd.	1,313,500	1,584,092
Tanvex BioPharma, Inc. (a)	23,150	37,724
TCI Co., Ltd.	28,724	234,551
Tong Hsing Electronic Industries, Ltd.	12,000	97,342
TPK Holding Co., Ltd.	8,000	11,184
Transasia Airways Corp. (f)	361,784	—
Tripod Technology Corp.	1,145,923	4,586,078
TrueLight Corp. (a)	9,100	8,607
TSEC Corp. (a)	24,000	25,542
Tul Corp.	48,000	211,051

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Tung Thih Electronic Co., Ltd.	23,000	$ 143,231
Tycoons Group Enterprise (a)	218,000	131,064
U-Ming Marine Transport Corp.	259,000	637,727
Unimicron Technology Corp.	683,000	3,235,979
Uni-President Enterprises Corp.	2,872,993	7,043,141
United Microelectronics Corp. ADR (b)	1,755,182	20,061,730
United Renewable Energy Co., Ltd. (a)	113,329	83,388
Unity Opto Technology Co., Ltd. (a)(f)	12,759	—
UPI Semiconductor Corp. (a)	17,376	366,099
Vanguard International Semiconductor Corp.	524,000	2,849,410
Ve Wong Corp.	1,065,340	1,238,923
VIA Labs, Inc.	8,000	118,017
Via Technologies, Inc.	91,000	141,593
VisEra Technologies Co., Ltd.	12,753	201,179
Visual Photonics Epitaxy Co., Ltd.	310,151	1,313,610
Voltronic Power Technology Corp.	41,000	2,516,466
Wafer Works Corp.	218,000	497,651
Walsin Lihwa Corp.	727,000	657,576
Walsin Technology Corp. (a)	100,000	549,165
Wan Hai Lines, Ltd.	137,500	1,004,334
WEI Chih Steel Industrial Co., Ltd. (a)	76,000	111,025
Wei Chuan Foods Corp.	1,247,000	980,216
Wei Mon Industry Co., Ltd. (f)	240,450	—
Weikeng Industrial Co., Ltd.	1,394,199	1,416,193
Weltrend Semiconductor	54,000	166,494
Win Semiconductors Corp.	161,000	1,791,425
Winbond Electronics Corp.	1,273,670	1,211,473
WinWay Technology Co., Ltd.	5,025	46,534
Wisdom Marine Lines Co., Ltd.	279,000	810,147
Wistron Corp.	3,954,476	3,903,307
Wiwynn Corp.	28,733	897,246
XinTec, Inc.	36,000	164,749
Yageo Corp.	228,858	3,634,883
Yang Ming Marine Transport Corp. (a)	1,117,000	4,791,066
Yieh Phui Enterprise Co., Ltd. (a)	756,000	827,623
Yieh United Steel Corp. (a)	317,354	161,750
Young Optics, Inc. (a)	43,000	172,861
Yuanta Financial Holding Co., Ltd.	3,873,400	3,434,001
Yulon Finance Corp.	12,523	73,267
Zeng Hsing Industrial Co., Ltd.	70,350	369,924
Zenitron Corp.	2,660,000	2,759,247

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Zhen Ding Technology Holding, Ltd.	39,000	$ 138,443
		941,195,613
TANZANIA, UNITED REPUBLIC OF — 0.1%
AngloGold Ashanti, Ltd.	325,358	5,140,851
THAILAND — 1.9%
Advanced Info Service PCL	1,359,822	7,877,202
Airports of Thailand PCL	3,533,800	6,370,971
Asset World Corp. PCL (a)	461,200	63,520
B Grimm Power PCL	225,300	273,010
Bangkok Commercial Asset Management PCL	148,586	80,803
Bangkok Dusit Medical Services PCL Class F	1,057,100	712,336
Bangkok Expressway & Metro PCL	24,153,539	6,246,297
Bangkok Land PCL	14,431,700	460,654
Bank of Ayudhya PCL	515,600	495,256
Banpu PCL (b)	5,952,479	2,181,491
Beauty Community PCL (a)(b)	1,070,400	46,188
BEC World PCL (a)	533,000	211,089
Berli Jucker PCL	76,300	74,417
Beyond Securities PC (a)	600,400	147,283
BTS Group Holdings PCL	665,000	184,750
Bumrungrad Hospital PCL	134,400	562,069
Cal-Comp Electronics Thailand PCL	1,193,700	95,256
Central Pattana PCL	1,063,200	1,665,423
Central Plaza Hotel PCL (a)	796,100	805,865
Central Retail Corp. PCL (b)	1,045,100	1,034,753
CH Karnchang PCL	133,148	79,491
Charoen Pokphand Foods PCL	399,000	303,657
CP ALL PCL	3,669,000	6,885,814
CPN Retail Growth Leasehold REIT (a)	252,200	153,549
Delta Electronics Thailand PCL	282,100	3,918,635
Electricity Generating PCL (b)	697,573	3,587,342
Energy Absolute PCL (b)	1,612,100	2,918,313
Global Power Synergy PCL Class F	189,400	422,630
Gulf Energy Development PCL	2,548,820	3,126,231
Hana Microelectronics PCL	124,200	289,990
Indorama Ventures PCL	625,600	822,793
IRPC PCL	16,732,458	2,057,249
Jasmine International PCL (b)	5,537,741	468,093
JMT Network Services PCL Class F	26,600	34,984
Kasikornbank PCL	1,193,700	4,709,885
KCE Electronics PCL	43,900	102,176

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Krung Thai Bank PCL	927,400	$ 301,504
Land & Houses PCL	1,450,300	340,768
Lotus's Retail Growth Freehold & Leasehold Property Fund	1,735,766	790,034
Minor International PCL (a)	688,839	641,301
Muangthai Capital PCL	234,300	403,369
Precious Shipping PCL	447,700	265,960
Pruksa Holding PCL	532,500	204,596
PTT Exploration & Production PCL	1,609,372	5,588,923
PTT Global Chemical PCL	540,100	1,009,645
PTT PCL	7,689,660	8,863,506
Quality Houses PCL	4,950,183	318,942
Regional Container Lines PCL	93,500	129,189
Sansiri PCL	5,136,133	182,159
Seven Utilities and Power PLC (a)	2,044,200	87,000
Siam Cement PCL	594,450	7,062,772
Siam Commercial Bank PCL	2,041,000	7,359,303
Siam Future Development PCL	4,355,875	1,531,991
Siam Makro PCL	51,700	77,546
Sri Trang Agro-Industry PCL (b)	382,200	378,416
Sri Trang Gloves Thailand PCL (b)	1,017,200	939,486
Srisawad Corp. PCL	278,500	518,561
Tata Steel Thailand PCL (a)	1,946,900	94,943
Thai Airways International PCL (a)(f)	1,250,900	61,371
Thai Beverage PCL	8,059,800	3,888,604
Thai Oil PCL	1,662,695	2,567,632
Thaicom PCL	799,000	236,146
Tisco Financial Group PCL	1,731,318	4,694,796
TMBThanachart Bank PCL	77,677,694	2,548,315
Total Access Communication PCL	129,700	158,124
True Corp. PCL (b)	10,214,210	1,147,155
TTCL PCL (a)	135,200	18,541
U City PCL Class F (a)	1,725,050	86,163
VGI PCL	217,400	39,194
		112,005,420
TURKEY — 0.5%
Akbank T.A.S.	2,546,669	1,527,844
Anadolu Efes Biracilik Ve Malt Sanayii A/S	447,047	1,076,828
Aselsan Elektronik Sanayi Ve Ticaret A/S	246,932	420,806
Bera Holding A/S (a)	340,947	400,651
BIM Birlesik Magazalar A/S	262,752	1,889,845
Coca-Cola Icecek A/S	9,317	89,035
Dogan Sirketler Grubu Holding A/S	3,034,997	867,703

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
EGE Endustri VE Ticaret A/S	166	$ 21,600
Enka Insaat ve Sanayi A/S	157,431	184,113
Eregli Demir ve Celik Fabrikalari TAS	1,645,759	3,084,322
Ford Otomotiv Sanayi A/S	88,910	1,672,270
Gubre Fabrikalari TAS (a)	34,136	186,967
Haci Omer Sabanci Holding A/S	1,109,375	1,222,476
Isbir Holding A/S	23,463	162,155
Izmir Demir Celik Sanayi A/S (a)	365,865	93,070
KOC Holding A/S	1,665,187	4,239,697
Logo Yazilim Sanayi Ve Ticaret A/S	43,621	204,449
Migros Ticaret A/S (a)	17,306	61,399
MLP Saglik Hizmetleri AS (a)(d)	72,715	224,916
Nuh Cimento Sanayi A/S	7,820	29,751
Otokar Otomotiv Ve Savunma Sanayi A/S	1,087	39,373
RTA Laboratuarlari Biyolojik Urunleri Ilac Sanayi Ve Ticaret A/S (a)	33,398	84,282
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.	90,821	85,871
Sinpas Gayrimenkul Yatirim Ortakligi A/S REIT (a)	195,949	93,737
Sok Marketler Ticaret AS	15,455	20,527
Tofas Turk Otomobil Fabrikasi A/S	12,674	74,182
Turk Hava Yollari AO (a)	546,209	857,654
Turk Telekomunikasyon A/S	22,336	18,831
Turkcell Iletisim Hizmetleri A/S	956,194	1,649,937
Turkiye Garanti Bankasi A/S	2,400,416	2,496,535
Turkiye Halk Bankasi A/S (a)	212,953	103,070
Turkiye Is Bankasi A/S Class C	2,595,111	1,516,012
Turkiye Petrol Rafinerileri AS (a)	127,035	1,638,654
Turkiye Sigorta A/S	157,874	87,073
Turkiye Vakiflar Bankasi TAO Class D (a)	363,012	133,204
Ulker Biskuvi Sanayi A/S	574,165	1,235,674
Yapi ve Kredi Bankasi A/S	2,576,113	698,813
		28,493,326
UNITED ARAB EMIRATES — 0.8%
Abu Dhabi Commercial Bank PJSC	2,283,506	4,656,347
Abu Dhabi Islamic Bank PJSC	63,888	100,707
Abu Dhabi National Oil Co. for Distribution PJSC	1,614,672	1,828,685
Agthia Group PJSC	76,160	120,673
Air Arabia PJSC (a)	4,328,202	1,602,536
Ajman Bank PJSC (a)	1,709,789	339,803
Al Waha Capital PJSC	820,123	386,266
Aldar Properties PJSC	3,631,084	4,033,275
Arabtec Holding PJSC (a)(f)	504,845	—

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Bank of Sharjah (a)	1,189,786	$ 176,533
DAMAC Properties Dubai Co. PJSC (a)	3,009,305	1,024,089
Depa, Ltd. (a)	1,433,551	77,665
Deyaar Development PJSC (a)	2,771,366	233,893
Dubai Financial Market PJSC (a)	1,762,114	498,917
Dubai Investments PJSC	1,494,857	708,125
Dubai Islamic Bank PJSC	199,956	269,464
Emaar Malls PJSC (a)	890,161	484,685
Emaar Properties PJSC	3,135,450	3,482,743
Emirates NBD Bank PJSC	519,254	2,007,380
Emirates Telecommunications Group Co. PJSC	861,394	5,632,954
Eshraq Investments PJSC (a)	4,218,996	351,473
First Abu Dhabi Bank PJSC	2,818,474	13,642,913
Gulf General Investment Co. (a)(f)	638,957	—
Gulf Pharmaceutical Industries PSC (a)	79,640	39,244
Invest bank PSC (a)	76,929	9,425
National Central Cooling Co. PJSC	2,023,778	1,482,097
Network International Holdings PLC (a)(d)	173,746	851,105
Orascom Construction PLC (c)	5,586	26,142
Orascom Construction PLC (c)	26,114	122,845
RAK Properties PJSC (a)	3,364,561	628,368
Ras Al Khaimah Ceramics	214,259	163,910
SHUAA Capital PSC	4,548,076	832,067
Union Properties PJSC (a)	1,047,164	82,390
		45,896,719
UNITED STATES — 0.2%
Ideanomics, Inc. (a)(b)	245,064	482,776
IntelliEPI, Inc.	256,000	543,048
JBS SA	510,093	3,470,269
JS Global Lifestyle Co., Ltd. (d)	609,000	1,415,979
Legend Biotech Corp. ADR (a)	62,934	3,181,943
Parade Technologies, Ltd.	33,000	1,960,302
Seanergy Maritime Holdings Corp. (a)	83,333	120,833
Titan Cement International SA (a)	32,400	540,720
		11,715,870
TOTAL COMMON STOCKS (Cost $4,893,286,275)		5,754,236,454

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
PREFERRED STOCKS — 0.0% (e)
PHILIPPINES — 0.0% (e)
Cebu Air, Inc. , 6.00% 3/29/27 6.00% (Cost: $528,589)	676,177	$ 516,975
RIGHTS — 0.0% (e)
INDIA — 0.0% (e)
Bharti Airtel, Ltd. (expiring 10/21/21) (a) (Cost: $0)	138,381	285,794
WARRANTS — 0.0% (e)
MALAYSIA — 0.0% (e)
Comfort Gloves Bhd (expiring 06/26/26) (a)	75,600	6,050
Frontken Corp. Bhd (expiring 05/03/26) (a)	348,950	48,761
GDEX Bhd, (expiring 01/04/28) (a)	160,612	4,220
Hong Seng Consolidated Bhd (expiring 10/03/24) (a)	254,134	93,056
Malaysian Resources Corp. Bhd (expiring 10/29/27) (a)	179,301	3,640
SKP Resources Bhd (expiring 04/25/26) (a)	108,980	6,117
VS Industry Bhd (expiring 06/14/24) (a)	975,140	128,109
		289,953
SINGAPORE — 0.0% (e)
Guan Chong Bhd (expiring 11/4/22) (a)	227,666	69,608
THAILAND — 0.0% (e)
Banpu Public Co. (expiring 10/01/22) (a)	1,517,819	219,811
Banpu Public Co. (expiring 10/01/23) (a)	1,517,819	331,960
BTS Group Holdings PCL (expiring 07/21/22) (a)	69,050	1,633
BTS Group Holdings PCL (expiring 07/22/22) (a)	138,100	1,633
BTS Group Holdings PCL (expiring 09/05/22) (a)	34,525	1,714
Minor International PCL (expiring 2/15/24) (a)	21,579	2,551
Srisawad Corp. PCL (expiring 8/29/25) (a)	9,740	3,051
		562,353
TOTAL WARRANTS (Cost $93,391)		921,914
SHORT-TERM INVESTMENTS — 2.1%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (g) (h)	24,160,484	24,160,484

See accompanying notes to financial statements.

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SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
State Street Navigator Securities Lending Portfolio II (i) (j)	94,447,065	$ 94,447,065
TOTAL SHORT-TERM INVESTMENTS (Cost $118,607,549)		118,607,549
TOTAL INVESTMENTS — 101.4% (Cost $5,012,515,804)		5,874,568,686
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.4)%		(80,270,468)
NET ASSETS — 100.0%		$ 5,794,298,218

(a)	Non-income producing security.
(b)	All or a portion of the shares of the security are on loan at September 30, 2021.
(c)	Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(d)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 6.6% of net assets as of September 30, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)	Amount is less than 0.05% of net assets.
(f)	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 September 30, 2021, total aggregate fair value of the securities is $1,115,042, representing less than 0.05% 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 September 30, 2021 are shown in the Affiliate Table below.
(h)	The rate shown is the annualized seven-day yield at September 30, 2021.
(i)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2021 are shown in the Affiliate Table below.
(j)	Investment of cash collateral for securities loaned.

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
REIT	Real Estate Investment Trust

At September 30, 2021, open futures contracts were as follows:

Description		Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Mini MSCI Emerging Markets (long)		500		12/17/2021		$32,647,722		$31,140,000		$(1,507,722)

During the period ended September 30, 2021, average notional value related to futures contracts was $4,977,277.

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO EMERGING MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2021.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$5,644,419,385	$108,702,027	$1,115,042	$5,754,236,454
Preferred Stocks	516,975	—	—	516,975
Rights	—	285,794	—	285,794
Warrants	366,877	555,037	—	921,914
Short-Term Investments	118,607,549	—	—	118,607,549
TOTAL INVESTMENTS	$5,763,910,786	$109,542,858	$1,115,042	$5,874,568,686
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts^(a)	(1,507,722)	—	—	(1,507,722)
TOTAL OTHER FINANCIAL INSTRUMENTS:	$ (1,507,722)	$ —	$ —	$ (1,507,722)

(a)	Futures Contracts are valued at unrealized appreciation (depreciation).

Sector Breakdown as of September 30, 2021


		% of Net Assets
	Financials	19.8%
	Information Technology	16.2
	Consumer Discretionary	14.4
	Materials	9.5
	Communication Services	9.4
	Industrials	6.8
	Consumer Staples	6.2
	Energy	6.1
	Health Care	5.4
	Real Estate	2.8
	Utilities	2.7
	Short-Term Investments	2.1
	Liabilities in Excess of Other Assets	(1.4)
	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.

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SCHEDULE OF INVESTMENTS

September 30, 2021

Security Description	Shares	Value
COMMON STOCKS — 99.5%
AUSTRALIA — 6.7%
4DS Memory, Ltd. (a)	2,523,955	$ 255,245
88 Energy, Ltd. (a)	20,986,950	439,638
Abacus Property Group REIT	175,371	449,711
Actinogen Medical, Ltd. (a)	16,259,212	1,468,106
Afterpay, Ltd. (a)	103,145	9,039,167
AGL Energy, Ltd.	349,349	1,458,597
Alcidion Group, Ltd. (a)	923,344	236,777
ALS, Ltd.	235,957	2,162,929
Altium, Ltd.	56,393	1,446,925
Alumina, Ltd.	3,340,268	5,066,971
AMP, Ltd.	1,831,810	1,309,976
Ampol, Ltd.	132,686	2,678,889
Ansell, Ltd.	288,642	7,130,721
Anteotech, Ltd. (a)(b)	8,243,744	1,578,041
APA Group Stapled Security	910,800	5,737,033
Archer Materials, Ltd. (a)	287,695	360,562
Ardent Leisure Group, Ltd. (a)	3,225,917	3,798,294
Aristocrat Leisure, Ltd.	484,562	16,433,602
ASX, Ltd.	100,717	5,892,989
Atlas Arteria, Ltd. Stapled Security	307,859	1,443,259
Aurizon Holdings, Ltd.	1,083,107	2,965,230
AusNet Services, Ltd.	901,561	1,641,132
Australia & New Zealand Banking Group, Ltd.	1,357,281	27,599,168
Bendigo & Adelaide Bank, Ltd.	299,557	2,044,839
Betmakers Technology Group, Ltd. (a)	8,466,777	6,574,677
BHP Group PLC	926,827	23,596,600
BHP Group, Ltd. (b)	1,301,777	35,366,147
Bigtincan Holdings, Ltd. (a)(b)	391,528	360,596
BlueScope Steel, Ltd.	416,504	6,167,666
Boral, Ltd. (a)	122,730	544,336
BrainChip Holdings, Ltd. (a)(b)	929,459	265,201
Brambles, Ltd.	1,317,600	10,250,549
Breville Group, Ltd. (b)	44,495	934,981
BWP Trust REIT	2,009,200	5,805,384
carsales.com, Ltd.	204,104	3,735,992
Cettire, Ltd. (a)	343,112	810,460
Chalice Mining, Ltd. (a)	555,493	2,564,055
Challenger, Ltd.	327,196	1,484,279
Charter Hall Group REIT	216,247	2,678,934
Charter Hall Long Wale REIT	259,761	926,934

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
CIMIC Group, Ltd.	58,646	$ 832,856
Cleanaway Waste Management, Ltd.	967,445	1,928,782
Cochlear, Ltd.	27,046	4,305,885
Coles Group, Ltd.	581,696	7,138,998
Commonwealth Bank of Australia	830,444	62,584,585
Computershare, Ltd.	265,381	3,492,738
Core Lithium, Ltd. (a)	1,743,000	535,099
Crown Resorts, Ltd. (a)(b)	172,351	1,192,689
CSL, Ltd.	232,165	49,204,484
CSR, Ltd.	1,161,546	4,690,251
De Grey Mining, Ltd. (a)	575,373	401,074
Deterra Royalties, Ltd.	266,251	728,917
Dexus REIT	532,323	4,152,855
Domain Holdings Australia, Ltd.	79,484	324,396
Domino's Pizza Enterprises, Ltd.	30,032	3,480,959
Dubber Corp., Ltd. (a)	1,003,364	2,587,465
Eagers Automotive, Ltd.	81,071	879,010
Endeavour Group, Ltd.	524,906	2,646,579
Evolution Mining, Ltd.	716,860	1,807,206
Family Zone Cyber Safety, Ltd. (a)	849,979	420,578
Fenix Resources, Ltd. (b)	1,172,705	177,892
Firefinch, Ltd. (a)	633,094	278,963
Flight Centre Travel Group, Ltd. (a)(b)	25,904	401,554
Fortescue Metals Group, Ltd.	843,255	9,112,517
Glencore PLC (a)	5,794,135	27,488,366
Goodman Group REIT	778,970	12,199,101
GPT Group REIT	867,577	3,177,341
GWA Group, Ltd. (b)	1,115,898	2,208,630
Harvey Norman Holdings, Ltd. (b)	287,996	1,046,411
Iluka Resources, Ltd.	266,251	1,746,324
Imugene, Ltd. (a)	4,614,388	1,599,938
Incitec Pivot, Ltd.	832,965	1,768,976
Ingenia Communities Group REIT	765,094	3,669,701
Insurance Australia Group, Ltd.	2,044,311	7,265,406
IOOF Holdings, Ltd.	287,429	894,861
IRESS, Ltd.	91,203	758,943
JB Hi-Fi, Ltd.	53,901	1,772,339
Kogan.com, Ltd. (a)(b)	72,459	575,225
LendLease Corp., Ltd. Stapled Security	277,698	2,176,458
Liontown Resources, Ltd. (a)(b)	1,172,221	1,219,326
Livetiles, Ltd. (a)(b)	3,965,813	372,412
Mach7 Technologies, Ltd. (a)(b)	302,586	229,502

See accompanying notes to financial statements.

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Macquarie Group, Ltd.	200,256	$ 26,327,204
Magellan Financial Group, Ltd.	68,743	1,756,351
Medibank Pvt, Ltd.	1,354,671	3,512,983
Megaport, Ltd. (a)(b)	104,915	1,273,194
Mesoblast, Ltd. (a)(b)	351,272	426,286
Mineral Resources, Ltd.	73,854	2,390,544
Minerals 260, Ltd. (a)	97,437	35,192
Mirvac Group REIT	1,864,785	4,027,613
National Australia Bank, Ltd.	1,375,407	27,649,817
Newcrest Mining, Ltd.	428,439	7,006,695
NEXTDC, Ltd. (a)	206,595	1,795,284
nib holdings, Ltd.	215,338	1,084,180
Nine Entertainment Co. Holdings, Ltd.	236,189	450,414
Northern Star Resources, Ltd.	549,647	3,374,820
Noxopharm, Ltd. (a)	1,329,646	533,061
Oil Search, Ltd.	641,648	2,034,741
Oneview Healthcare PLC (a)	1,533,405	448,600
Orica, Ltd.	150,116	1,495,337
Origin Energy, Ltd.	1,107,486	3,783,966
Orocobre, Ltd. (a)	132,370	830,916
Orora, Ltd.	742,154	1,667,256
OZ Minerals, Ltd.	239,196	3,889,352
Paladin Energy, Ltd. (a)	670,514	334,199
Pendal Group, Ltd.	147,483	881,039
Perpetual, Ltd.	148,837	4,110,201
Pilbara Minerals, Ltd. (a)	818,102	1,211,460
Pointerra, Ltd. (a)	626,346	214,910
PointsBet Holdings, Ltd. (a)(b)	397,748	2,930,596
PolyNovo, Ltd. (a)(b)	713,345	991,924
Premier Investments, Ltd.	47,127	1,033,521
Pro Medicus, Ltd. (b)	22,571	890,371
Qantas Airways, Ltd. (a)	498,095	2,040,061
QBE Insurance Group, Ltd.	667,324	5,620,606
Qube Holdings, Ltd.	908,497	2,165,635
Queensland Pacific Metals, Ltd. (a)	1,629,744	317,856
Ramsay Health Care, Ltd.	63,524	3,194,623
REA Group, Ltd.	25,470	2,922,564
Redbubble, Ltd. (a)(b)	254,088	813,085
Renascor Resources, Ltd. (a)	1,670,266	162,880
Rio Tinto PLC	499,329	33,081,143
Rio Tinto, Ltd.	191,509	13,858,558
Santos, Ltd.	1,234,447	6,393,511

See accompanying notes to financial statements.

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Scentre Group REIT	2,571,501	$ 5,553,998
SEEK, Ltd.	174,147	3,914,744
Shopping Centres Australasia Property Group REIT	508,592	991,930
Silver Mines, Ltd. (a)(b)	3,661,348	489,284
Sonic Healthcare, Ltd.	301,133	8,844,505
South32, Ltd. (c)	866,402	2,186,896
South32, Ltd. (c)	1,556,130	3,967,970
Spark Infrastructure Group Stapled Security	861,564	1,755,030
Splitit, Ltd. (a)	549,846	168,802
Stockland REIT	1,224,696	3,963,274
Suncorp Group, Ltd.	614,586	5,575,966
Sydney Airport Stapled Security (a)	651,729	3,879,199
Tabcorp Holdings, Ltd.	1,653,477	5,864,452
Telix Pharmaceuticals, Ltd. (a)	285,430	1,243,268
Telstra Corp., Ltd.	2,133,362	6,056,266
Temple & Webster Group, Ltd. (a)	135,545	1,230,741
TPG TELECOM, Ltd. (b)	115,451	588,776
Transurban Group Stapled Security	1,238,295	12,665,875
Transurban Group (a)	136,209	1,393,211
Treasury Wine Estates, Ltd.	615,980	5,521,870
TUAS, Ltd. (a)	216	226
Uniti Group, Ltd. (a)	318,587	890,609
Venture Minerals, Ltd. (a)	3,320,418	124,722
Vicinity Centres REIT	1,606,893	1,938,435
Wesfarmers, Ltd.	581,710	23,426,058
West African Resources, Ltd. (a)(b)	550,480	385,710
Westpac Banking Corp.	1,651,742	31,021,542
Whispir, Ltd. (a)(b)	384,380	633,058
WiseTech Global, Ltd.	68,256	2,645,199
Woodside Petroleum, Ltd.	550,334	9,493,109
Woolworths Group, Ltd.	524,906	14,920,181
Worley, Ltd.	451,709	3,233,555
Zip Co., Ltd. (a)(b)	75,062	382,801
		782,093,995
AUSTRIA — 0.4%
ams AG (a)	30,127	550,802
ANDRITZ AG	17,475	957,545
Erste Group Bank AG	173,666	7,660,344
IMMOFINANZ AG (a)(b)	44,993	1,074,180
Lenzing AG (a)	6,220	756,910
Mayr Melnhof Karton AG (b)	4,067	777,719
Mondi PLC	354,786	8,751,886

See accompanying notes to financial statements.

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Oesterreichische Post AG (b)	14,824	$ 628,798
OMV AG	172,211	10,414,290
Raiffeisen Bank International AG	65,099	1,711,126
S IMMO AG	19,600	453,400
S&T AG (b)	22,557	589,251
Telekom Austria AG (a)	65,285	564,439
UNIQA Insurance Group AG	53,487	477,314
Vienna Insurance Group AG Wiener Versicherung Gruppe	16,771	483,975
Voestalpine AG	153,305	5,692,637
		41,544,616
BELGIUM — 0.8%
Ackermans & van Haaren NV	11,092	1,914,120
Aedifica SA REIT	57,803	7,221,607
Ageas SA/NV	160,886	7,984,167
Anheuser-Busch InBev SA/NV	362,075	20,622,560
Barco NV	35,573	773,012
Befimmo SA REIT	12,146	487,754
Bekaert SA	47,732	1,990,378
Celyad Oncology SA (a)(b)	12,525	52,547
Etablissements Franz Colruyt NV	30,267	1,543,429
Euronav NV	88,590	842,111
Fagron	30,183	591,172
Galapagos NV (a)	20,724	1,084,657
Gimv NV	9,838	628,237
Groupe Bruxelles Lambert SA	54,414	5,996,040
KBC Ancora	17,580	902,583
KBC Group NV	166,029	15,016,403
Materialise NV ADR (a)(b)	4,695	94,370
Melexis NV	8,698	927,410
Proximus SADP	69,881	1,388,144
Shurgard Self Storage SA	11,627	638,047
Solvay SA	36,510	4,555,023
Telenet Group Holding NV	22,347	853,633
Tessenderlo Group SA (a)	12,340	459,791
UCB SA	95,011	10,658,938
Umicore SA	96,779	5,747,182
VGP NV	3,541	815,023
		93,788,338
BRAZIL — 0.1%
Wheaton Precious Metals Corp.	199,984	7,526,730

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Yara International ASA	122,818	$ 6,110,474
		13,637,204
BURKINA FASO — 0.0% (d)
Endeavour Mining PLC	7,273	163,676
IAMGOLD Corp. (a)(b)	413,331	936,386
		1,100,062
CANADA — 8.8%
AbCellera Biologics, Inc. (a)(b)	87,980	1,763,119
AcuityAds Holdings, Inc. (a)	163,639	1,096,653
AGF Management, Ltd. Class B	326,009	1,996,946
Agnico Eagle Mines, Ltd.	116,185	6,026,377
Aimia, Inc. (a)(b)	116,022	396,555
Air Canada (a)(b)	129,311	2,360,945
Alamos Gold, Inc. Class A (b)	190,304	1,368,488
Algonquin Power & Utilities Corp.	135,596	1,987,621
Alimentation Couche-Tard, Inc. Class B	412,696	15,786,595
AltaGas, Ltd. (b)	71,449	1,409,410
ARC Resources, Ltd. (b)	277,533	2,600,400
Atco, Ltd. Class I	36,510	1,170,937
Athabasca Oil Corp. (a)(b)	166,820	121,146
Aurinia Pharmaceuticals, Inc. (a)(b)	51,112	1,131,109
Aurora Cannabis, Inc. (a)(b)	40,940	283,415
Aya Gold & Silver, Inc. (a)	43,232	265,838
B2Gold Corp.	544,051	1,859,526
Badger Infrastructure Solutions, Ltd. (b)	31,819	850,198
Ballard Power Systems, Inc. (a)(b)	78,685	1,104,329
Bank of Montreal	304,512	30,394,713
Bank of Nova Scotia	586,434	36,088,246
Barrick Gold Corp.	972,639	17,558,712
BCE, Inc.	134,136	6,718,182
BlackBerry, Ltd. (a)(b)	316,507	3,080,500
Bombardier, Inc. Class B (a)(b)	1,175,937	2,004,992
Boralex, Inc. Class A (b)	35,754	1,055,531
Bragg Gaming Group, Inc. (a)(b)	60,908	584,632
Brookfield Asset Management Reinsurance Partners, Ltd. Class A (a)	5,271	292,082
Brookfield Asset Management, Inc. Class A	766,362	41,056,944
Burcon NutraScience Corp. (a)(b)	178,581	280,520
CAE, Inc. (a)	140,900	4,208,593
Cameco Corp.	326,996	7,103,390
Canada Goose Holdings, Inc. (a)(b)	28,616	1,020,733

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Canadian Apartment Properties REIT	36,588	$ 1,707,161
Canadian Imperial Bank of Commerce (b)	217,256	24,180,523
Canadian National Railway Co.	346,046	40,093,643
Canadian Natural Resources, Ltd.	639,266	23,368,519
Canadian Pacific Railway, Ltd. (b)	332,608	21,715,284
Canadian Solar, Inc. (a)(b)	22,230	768,936
Canadian Tire Corp., Ltd. Class A	41,262	5,772,804
Canadian Utilities, Ltd. Class A	57,186	1,540,639
Canadian Western Bank	217,017	6,281,733
Canopy Growth Corp. (a)(b)	84,141	1,165,627
Cargojet, Inc. (b)	6,448	1,030,224
CCL Industries, Inc. Class B	58,828	3,046,230
Cenovus Energy, Inc.	606,093	6,109,490
CES Energy Solutions Corp. (b)	153,305	229,924
CGI, Inc. (a)	108,750	9,235,831
Choice Properties Real Estate Investment Trust	73,159	822,920
CI Financial Corp.	118,157	2,397,929
Cineplex, Inc. (a)(b)	30,267	313,935
Colliers International Group, Inc.	14,008	1,792,728
Constellation Software, Inc.	9,563	15,663,588
Converge Technology Solutions Corp. (a)	71,220	582,420
Crescent Point Energy Corp. (b)	348,106	1,604,720
CT Real Estate Investment Trust	142,384	1,914,038
Descartes Systems Group, Inc. (a)(b)	39,582	3,221,300
Docebo, Inc. (a)(b)	33,156	2,420,648
Dollarama, Inc.	167,034	7,243,832
Dorel Industries, Inc. Class B (a)	23,905	206,056
Dye & Durham, Ltd. (b)	15,850	514,717
ECN Capital Corp. (b)	14,378	118,488
Element Fleet Management Corp. (b)	188,411	1,900,693
Emera, Inc. (b)	71,484	3,236,628
Empire Co., Ltd. Class A	78,734	2,398,968
Enbridge, Inc.	947,468	37,738,671
Enerplus Corp.	76,303	610,737
Enghouse Systems, Ltd. (b)	19,144	839,746
Enthusiast Gaming Holdings, Inc. (a)	352,027	1,269,893
Exchange Income Corp.	69,851	2,444,247
Fairfax Financial Holdings, Ltd.	18,988	7,663,697
Finning International, Inc.	68,276	1,684,197
Firm Capital Mortgage Investment Corp.	284,894	3,303,543
First Capital Real Estate Investment Trust	65,580	905,908
First Majestic Silver Corp. (b)	134,311	1,520,322

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
FirstService Corp.	15,570	$ 2,814,485
Fortis, Inc.	204,130	9,054,004
Franco-Nevada Corp.	84,691	11,000,437
George Weston, Ltd.	34,965	3,770,706
Gildan Activewear, Inc.	113,467	4,145,126
GoldMining, Inc. (a)(b)	107,090	126,799
Goodfood Market Corp. (a)(b)	241,816	1,691,194
Granite Real Estate Investment Trust	12,796	909,866
Great-West Lifeco, Inc.	148,520	4,518,262
H&R Real Estate Investment Trust	65,580	809,106
Home Capital Group, Inc. (a)	27,376	801,929
Hut 8 Mining Corp. (a)(b)	622,840	5,236,015
Hydro One, Ltd. (e)	81,611	1,928,747
iA Financial Corp., Inc.	45,965	2,607,290
IGM Financial, Inc. (b)	38,978	1,392,236
Imperial Oil, Ltd. (b)	121,260	3,831,581
Innergex Renewable Energy, Inc. (b)	247,384	3,964,080
Intact Financial Corp.	68,811	9,096,946
International Petroleum Corp. (a)	36,529	186,892
Keyera Corp. (b)	84,167	2,117,380
Kinross Gold Corp.	537,163	2,879,060
Kirkland Lake Gold, Ltd.	129,368	5,387,738
LifeWorks, Inc. (b)	32,952	839,374
Lightspeed Commerce, Inc. (a)	50,421	4,864,392
Linamar Corp.	23,905	1,241,056
Lithium Americas Corp. (a)(b)	34,148	762,828
Loblaw Cos., Ltd.	92,859	6,371,160
Magna International, Inc.	192,310	14,469,739
Manulife Financial Corp.	1,017,600	19,583,288
Maple Leaf Foods, Inc. (b)	36,503	741,672
Methanex Corp. (b)	41,270	1,901,512
Metro, Inc.	119,961	5,860,509
Mind Medicine MindMed, Inc. (a)	464,356	1,081,949
Mogo, Inc. (a)(b)	79,091	340,250
MTY Food Group, Inc. (b)	81,097	4,093,099
National Bank of Canada (b)	183,276	14,073,560
New Gold, Inc. (a)(b)	292,677	309,577
Northland Power, Inc. (b)	73,797	2,318,444
Nutrien, Ltd. (b)	379,379	24,619,132
Nuvei Corp. (a)(e)	25,836	2,959,153
Onex Corp.	39,737	2,808,581
Open Text Corp.	107,022	5,222,481

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Osisko Gold Royalties, Ltd. (b)	69,781	$ 783,821
Pan American Silver Corp. (b)(c)	86,524	2,014,124
Parex Resources, Inc. (b)	178,315	3,242,987
Pembina Pipeline Corp. (b)	192,697	6,107,104
Peyto Exploration & Development Corp. (b)	65,095	506,640
Pizza Pizza Royalty Corp. (b)	132,567	1,176,187
Power Corp. of Canada (b)	310,494	10,232,565
PrairieSky Royalty, Ltd. (b)	100,688	1,073,762
Precision Drilling Corp. (a)(b)	7,624	308,125
Premium Brands Holdings Corp. (b)	14,168	1,448,729
Pretium Resources, Inc. (a)(b)	89,210	862,630
Quebecor, Inc. Class B	80,841	1,953,304
Real Matters, Inc. (a)(b)	51,893	411,261
Restaurant Brands International, Inc. (b)	111,864	6,852,150
RioCan Real Estate Investment Trust	76,278	1,302,961
Ritchie Bros Auctioneers, Inc.	52,391	3,232,333
Rogers Communications, Inc. Class B	276,129	12,892,632
Royal Bank of Canada	693,493	68,990,743
Russel Metals, Inc.	28,647	686,750
Sandstorm Gold, Ltd. (a)	84,467	486,059
Saputo, Inc.	128,095	3,256,850
Secure Energy Services, Inc.	84,062	315,850
Shaw Communications, Inc. Class B	411,617	11,963,325
Sherritt International Corp. (a)(b)	273,521	90,681
Shopify, Inc. Class A (a)	51,046	69,273,635
SmartCentres Real Estate Investment Trust	33,025	773,195
SNC-Lavalin Group, Inc. (b)	97,463	2,706,515
SSR Mining, Inc. (b)	45,840	666,514
Stantec, Inc.	38,080	1,788,499
Stella-Jones, Inc.	29,023	977,094
Sun Life Financial, Inc.	378,326	19,471,015
Suncor Energy, Inc.	931,156	19,301,540
Sundial Growers, Inc. (a)(b)	1,234,059	836,815
TC Energy Corp. (b)	444,047	21,367,253
Teck Resources, Ltd. Class B	287,845	7,164,031
TELUS Corp.	500,943	11,008,606
Thomson Reuters Corp.	122,854	13,581,484
Tilray, Inc. (a)	191,724	2,170,203
Tilray, Inc. Class 2 (a)(b)	43,856	495,134
TMX Group, Ltd.	23,862	2,572,768
Torex Gold Resources, Inc. (a)	41,219	411,913
Toromont Industries, Ltd.	38,080	3,178,118

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Toronto-Dominion Bank	946,448	$ 62,643,300
Tourmaline Oil Corp.	61,978	2,164,839
TransAlta Corp.	135,617	1,432,336
Transat AT, Inc. (a)(b)	164,150	575,306
Trillium Therapeutics, Inc. (a)(b)	39,500	694,060
Vermilion Energy, Inc. (a)	54,118	534,836
Well Health Technologies Corp. (a)	21,678	121,151
West Fraser Timber Co., Ltd. (b)	1,836	154,607
Whitecap Resources, Inc. (b)	176,763	978,102
WSP Global, Inc.	30,093	3,602,561
Xenon Pharmaceuticals, Inc. (a)	61,587	941,049
Yamana Gold, Inc.	572,306	2,258,776
Zymeworks, Inc. (a)(b)	17,532	509,129
		1,032,886,106
CHILE — 0.1%
Antofagasta PLC	168,465	3,093,781
Lundin Mining Corp.	361,448	2,599,196
		5,692,977
CHINA — 0.5%
Alibaba Health Information Technology, Ltd. (a)(b)	2,424,000	3,487,479
BOC Hong Kong Holdings, Ltd.	11,000	33,206
BOE Varitronix, Ltd.	361,000	345,017
Budweiser Brewing Co. APAC, Ltd. (e)	630,100	1,597,782
China Evergrande New Energy Vehicle Group, Ltd. (a)(b)	963,000	373,589
China Glass Holdings, Ltd. (a)	1,002,000	310,203
China Shandong Hi-Speed Financial Group, Ltd. (a)(b)	11,874,000	762,655
China Tobacco International HK Co., Ltd. (b)	288,000	614,872
China Traditional Chinese Medicine Holdings Co., Ltd.	2,304,000	1,169,070
Chow Tai Fook Jewellery Group, Ltd.	568,400	1,087,931
Differ Group Holding Co., Ltd. (a)(b)	3,380,000	785,880
ENN Energy Holdings, Ltd.	143,300	2,363,590
Fosun International, Ltd.	821,500	999,352
Futu Holdings, Ltd. ADR (a)(b)	33,609	3,059,091
Gemdale Properties & Investment Corp., Ltd.	3,268,000	352,632
HC Group, Inc. (a)	701,000	73,840
HengTen Networks Group, Ltd. (a)(b)	3,056,400	906,950
Hutchmed China, Ltd. ADR (a)	28,969	1,060,555
Inspur International, Ltd. (a)	746,000	455,191
Kerry Logistics Network, Ltd. (b)	504,000	1,078,615
Nexteer Automotive Group, Ltd.	320,000	330,497
Noble Group, Ltd. (a)(b)(f)	60,740	—

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Prosus NV (a)	309,766	$ 24,767,638
S-Enjoy Service Group Co., Ltd. (b)	282,000	602,786
Shangri-La Asia, Ltd. (a)	514,000	408,709
Towngas China Co., Ltd. (a)	1,359,000	848,431
VSTECS Holdings, Ltd.	882,000	794,232
Wharf Holdings, Ltd.	1,550,000	5,146,988
Wilmar International, Ltd.	1,587,000	4,921,383
Zensun Enterprises, Ltd. (b)	970,607	731,884
Zhongyu Gas Holdings, Ltd. (b)	277,000	226,663
		59,696,711
COLOMBIA — 0.0% (d)
Gran Tierra Energy, Inc. (a)	244,617	179,574
Millicom International Cellular SA SDR (a)	29,004	1,054,595
		1,234,169
DENMARK — 2.0%
Ambu A/S Class B	167,421	4,953,925
AP Moller - Maersk A/S Class A	1,583	4,083,267
AP Moller - Maersk A/S Class B	3,167	8,581,271
Ascendis Pharma A/S ADR (a)	17,211	2,743,261
Asetek A/S (a)	10,769	39,107
Bavarian Nordic A/S (a)	33,297	1,689,215
Carlsberg AS Class B	50,815	8,311,956
cBrain A/S	10,151	565,606
Chr. Hansen Holding A/S	47,617	3,891,828
Coloplast A/S Class B	42,839	6,720,197
Danske Bank A/S	490,626	8,292,949
DSV A/S	97,375	23,379,652
FLSmidth & Co. A/S	89,855	3,139,834
Genmab A/S (a)	26,924	11,787,459
GN Store Nord A/S	69,972	4,854,123
H&H International A/S Class B (a)	44,603	1,553,712
ISS A/S (a)	87,947	1,860,072
Jyske Bank A/S (a)	23,747	1,025,591
NNIT A/S (e)	4,701	89,534
Novo Nordisk A/S Class B	829,128	80,301,139
Novozymes A/S Class B	107,052	7,341,357
Orphazyme A/S (a)	43,224	182,028
Orsted A/S (e)	99,027	13,100,500
Pandora A/S	60,323	7,333,418
SimCorp A/S	19,099	2,261,720
Vestas Wind Systems A/S	662,450	26,586,380

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Zealand Pharma A/S (a)	47,354	$ 1,365,392
		236,034,493
EGYPT — 0.0% (d)
Centamin PLC	1,116,049	1,438,914
FINLAND — 1.1%
Cargotec Oyj Class B	32,071	1,636,166
Caverion Oyj	127,962	999,553
Citycon Oyj (b)	76,380	613,448
Elisa Oyj	74,677	4,642,376
Fortum Oyj	219,896	6,699,966
Huhtamaki Oyj	45,744	2,067,585
Kemira Oyj	48,150	743,302
Kesko Oyj Class B	146,431	5,064,033
Kone Oyj Class B	187,986	13,241,918
Konecranes Oyj	33,412	1,346,393
Metsa Board Oyj	94,254	884,263
Metso Outotec Oyj	424,402	3,892,586
Neles Oyj	61,933	850,560
Neste Oyj	185,384	10,521,243
Nokia Oyj (a)(c)	1,938,981	10,694,339
Nokia Oyj (a)(c)	1,035,776	5,695,958
Nokian Renkaat Oyj	54,109	1,944,626
Nordea Bank Abp (c)	1,568,642	20,279,179
Nordea Bank Abp (c)	21,938	285,828
Orion Oyj Class B	49,237	1,954,415
Outokumpu Oyj (a)	295,004	1,805,889
QT Group Oyj (a)	14,799	2,490,369
Sampo Oyj Class A	215,720	10,727,873
Sanoma Oyj	38,268	600,508
Stora Enso Oyj Class R	275,208	4,613,645
Terveystalo Oyj (e)	62,697	784,757
Tokmanni Group Corp.	56,333	1,374,947
UPM-Kymmene Oyj	252,372	8,982,261
Uponor Oyj	61,761	1,537,494
Valmet Oyj	64,335	2,336,743
Wartsila OYJ Abp	219,905	2,639,064
YIT Oyj	61,043	323,308
		132,274,595
FRANCE — 7.8%
Accor SA (a)	172,587	6,190,610
Adevinta ASA (a)	66,733	1,146,714

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Aeroports de Paris (a)	15,852	$ 2,031,907
Air Liquide SA	214,192	34,400,797
Airbus SE (a)	288,293	38,456,886
Albioma SA	154,547	6,089,816
Alstom SA	190,153	7,239,411
Alten SA	13,993	2,061,204
Arkema SA	20,728	2,750,601
Atos SE	41,754	2,233,235
AXA SA	972,689	27,150,970
BioMerieux	20,535	2,345,633
BNP Paribas SA	536,073	34,443,863
Bollore SA	263,985	1,531,257
Bouygues SA	158,064	6,576,459
Bureau Veritas SA	112,868	3,493,891
Capgemini SE	76,324	15,935,294
Carrefour SA	477,273	8,598,492
Casino Guichard Perrachon SA (a)	68,282	1,839,899
CGG SA (a)	339,033	262,865
Christian Dior SE	1,514	1,094,902
Cie de Saint-Gobain	320,925	21,661,554
Cie Generale des Etablissements Michelin SCA	74,724	11,500,663
Cie Plastic Omnium SA	34,974	899,025
Claranova SADIR (a)	58,510	422,118
CNP Assurances	75,452	1,200,184
Covivio REIT	29,698	2,506,355
Credit Agricole SA	626,286	8,670,815
Danone SA	260,268	17,811,700
Dassault Systemes SE	246,660	12,996,925
Edenred	198,524	10,728,602
Eiffage SA	25,473	2,588,483
Electricite de France SA	205,120	2,588,812
Elior Group SA (a)(e)	57,802	462,898
Elis SA (a)	89,527	1,719,259
Engie SA	795,273	10,453,713
EssilorLuxottica SA	116,733	22,390,116
Eurazeo SE	24,327	2,290,744
Eutelsat Communications SA	41,362	570,684
Faurecia SE (c)	35,762	1,695,156
Faurecia SE (c)	8,962	425,328
Fnac Darty SA (c)	16,231	1,068,460
Fnac Darty SA (c)	1,233	80,694
Focus Home Interactive SA (a)	4,304	242,173

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Gaztransport Et Technigaz SA	10,845	$ 813,831
Gecina SA REIT	20,751	2,802,954
Getlink SE	198,750	3,117,670
Hermes International	17,468	24,222,590
ICADE REIT	22,482	1,767,867
Imerys SA	18,916	821,663
Ipsen SA	17,432	1,667,944
Kering SA	36,569	26,107,092
Klepierre SA REIT (a)	92,734	2,089,296
Lagardere SA (a)	151,590	4,012,651
Legrand SA	132,845	14,281,396
L'Oreal SA	109,594	45,324,934
LVMH Moet Hennessy Louis Vuitton SE	123,080	88,453,275
McPhy Energy SA (a)	2,993	60,460
Nanobiotix SA (a)	41,170	473,084
Nexans SA	47,634	4,466,119
Novacyt SA (a)	36,835	138,742
Orange SA	1,017,677	11,030,092
Orpea SA	22,241	2,595,664
Pernod Ricard SA	102,217	22,591,159
Poxel SA (a)	11,589	79,646
Publicis Groupe SA	185,381	12,517,004
Renault SA (a)	117,322	4,200,803
Rexel SA (a)	143,872	2,795,404
Rubis SCA	50,364	1,744,660
Safran SA	161,361	20,507,443
Sanofi	552,270	53,175,629
Sartorius Stedim Biotech	11,309	6,339,646
Schneider Electric SE (c)	277,768	46,324,176
SCOR SE	89,453	2,599,046
SEB SA	14,022	1,980,972
Societe BIC SA	12,764	752,955
Societe Generale SA	360,952	11,376,357
Sodexo SA (a)	49,234	4,323,987
SOITEC (a)	9,731	2,119,088
Technicolor SA (a)	8,374	28,436
Teleperformance	28,510	11,237,470
Television Francaise 1	57,311	565,239
Thales SA	49,284	4,807,025
TotalEnergies SE	1,213,677	58,141,437
Ubisoft Entertainment SA (a)	77,141	4,638,205
Unibail-Rodamco-Westfield REIT (a)	354,538	1,367,577

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Unibail-Rodamco-Westfield REIT (a)	47,056	$ 3,469,552
Valeo	186,969	5,254,677
Vallourec SA (a)	6,137	53,699
Valneva SE (a)	68,882	1,082,506
Veolia Environnement SA	418,126	12,822,175
Vinci SA	232,975	24,341,075
Vivendi SE	536,948	6,786,137
Wendel SE	14,258	1,981,265
Worldline SA (a)(e)	56,708	4,338,292
		909,439,233
GERMANY — 7.0%
1&1 AG	20,709	656,179
Aareal Bank AG	23,907	666,077
adidas AG	95,630	30,123,699
ADLER Group SA (e)	29,358	500,159
Affimed NV (a)	272,523	1,684,192
AIXTRON SE	54,066	1,357,838
Allianz SE	176,466	39,847,755
alstria office REIT-AG	75,278	1,370,594
Aroundtown SA	477,608	3,304,537
AURELIUS Equity Opportunities SE & Co. KGaA	25,131	774,740
Aurubis AG	14,243	1,079,223
BASF SE	437,762	33,408,620
Bayer AG	441,283	24,039,529
Bayerische Motoren Werke AG	154,437	14,812,779
Bayerische Motoren Werke AG Preference Shares	20,726	1,585,346
Bechtle AG	38,232	2,627,522
Beiersdorf AG	40,212	4,355,582
Bilfinger SE	60,205	2,105,797
BioNTech SE ADR (a)	38,395	10,481,451
Brenntag SE	76,202	7,116,367
CANCOM SE	25,894	1,537,105
Carl Zeiss Meditec AG (b)	17,466	3,361,221
CECONOMY AG (a)	79,458	343,672
Commerzbank AG (a)	448,773	2,993,207
CompuGroup Medical SE & Co. KgaA	19,284	1,589,028
Continental AG (a)	50,721	5,572,050
Covestro AG (e)	88,177	6,064,117
CTS Eventim AG & Co. KGaA (a)	22,339	1,690,603
CureVac NV (a)	23,124	1,263,033
Daimler AG	450,306	40,038,797
Deutsche Bank AG (a)	993,187	12,705,335

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Deutsche Boerse AG	113,495	$ 18,480,672
Deutsche EuroShop AG	30,257	618,220
Deutsche Lufthansa AG (a)(b)	89,708	617,461
Deutsche Pfandbriefbank AG (e)	100,740	1,143,242
Deutsche Post AG	553,028	34,917,964
Deutsche Telekom AG	1,337,370	26,962,842
Deutsche Wohnen SE	171,858	10,540,332
Deutz AG (a)	57,883	504,803
DMG Mori AG	34,965	1,708,031
Duerr AG	22,372	965,041
DWS Group GmbH & Co. KGaA (e)	16,105	680,895
E.ON SE	990,672	12,133,536
Encavis AG (b)	78,495	1,376,403
Evonik Industries AG	58,887	1,861,098
Evotec SE (a)	57,163	2,730,124
Fielmann AG	12,640	844,522
Fraport AG Frankfurt Airport Services Worldwide (a)	25,404	1,770,051
Freenet AG	63,511	1,665,705
Fresenius Medical Care AG & Co. KGaA	105,532	7,443,562
Fresenius SE & Co. KGaA	194,425	9,359,034
FUCHS PETROLUB SE Preference Shares	33,450	1,566,957
FUCHS PETROLUB SE	26,630	974,648
GEA Group AG	86,411	3,964,781
Gerresheimer AG	20,641	2,028,576
Grand City Properties SA	55,179	1,377,477
GRENKE AG	12,642	542,250
Hamborner REIT AG	247,212	2,678,834
Hannover Rueck SE	28,711	5,036,113
Hapag-Lloyd AG (e)	12,991	2,844,063
HeidelbergCement AG	69,849	5,244,038
Hella GmbH & Co. KGaA (a)	20,739	1,452,703
HelloFresh SE (a)	62,686	5,809,089
Henkel AG & Co. KGaA Preference Shares	97,030	9,016,475
Henkel AG & Co. KGaA	54,196	4,682,519
HOCHTIEF AG	7,944	638,392
HUGO BOSS AG	31,801	1,919,448
Hypoport SE (a)	1,807	1,220,932
Infineon Technologies AG	554,502	22,829,789
Jenoptik AG	24,159	820,373
Jumia Technologies AG ADR (a)	60,928	1,132,652
Jungheinrich AG Preference Shares	22,339	1,042,840
K+S AG (a)	103,739	1,677,786

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
KION Group AG	40,838	$ 3,827,039
Krones AG	7,871	771,273
LANXESS AG	44,555	3,024,896
LEG Immobilien SE	30,512	4,321,222
Leoni AG (a)	15,858	250,133
Marley Spoon AG (a)	140,609	152,353
Merck KGaA	100,805	21,922,766
METRO AG	79,458	1,035,067
MorphoSys AG (a)	11,073	526,155
MTU Aero Engines AG	25,360	5,742,996
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	72,145	19,807,789
Nemetschek SE	25,329	2,662,503
New Work SE	1,465	359,947
Nordex SE (a)	40,843	694,878
Norma Group SE	23,871	1,013,103
Northern Data AG (a)(b)	14,603	1,254,079
PATRIZIA AG (a)	37,027	980,549
Pfeiffer Vacuum Technology AG	3,128	668,486
Porsche Automobil Holding SE Preference Shares	85,718	8,537,527
ProSiebenSat.1 Media SE	108,711	1,998,211
Puma SE	44,907	5,018,176
Rational AG	1,587	1,498,256
Rheinmetall AG	20,676	2,031,537
RWE AG	264,152	9,352,545
Salzgitter AG (a)	49,352	1,671,282
SAP SE	510,033	69,088,088
Sartorius AG Preference Shares	22,304	14,211,902
Schaeffler AG Preference Shares	79,979	615,473
Scout24 AG (e)	30,275	2,103,829
Siemens AG	392,732	64,595,846
Siemens Energy AG (a)	199,497	5,370,940
Siemens Healthineers AG (e)	66,692	4,342,303
Siltronic AG	9,569	1,510,457
Sixt SE (a)	5,238	803,745
Sixt SE Preference Shares	7,948	709,273
Software AG	23,931	1,118,268
Stabilus SA	11,192	785,392
Stroeer SE & Co. KGaA	19,538	1,614,486
Suedzucker AG	33,352	536,121
Symrise AG	60,325	7,945,687
TAG Immobilien AG	69,958	2,052,891

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Talanx AG (a)	30,719	$ 1,312,994
TeamViewer AG (a)(e)	46,884	1,379,596
Telefonica Deutschland Holding AG	249,109	709,637
Thyssenkrupp AG (a)	253,800	2,699,631
TUI AG (a)(b)	433,307	1,880,700
Uniper SE	99,070	4,139,159
United Internet AG	60,366	2,352,095
Varta AG	12,866	1,741,611
Vitesco Technologies Group AG Class A (a)	10,138	599,209
Volkswagen AG	14,440	4,485,044
Volkswagen AG Preference Shares	87,079	19,542,189
Vonovia SE	271,015	16,301,418
Wacker Chemie AG	7,869	1,471,932
Wallstreet:Online AG (a)	25,404	674,221
Zalando SE (a)(e)	85,050	7,818,469
		817,515,801
GHANA — 0.0% (d)
Tullow Oil PLC (a)(b)	881,868	609,516
HONG KONG — 2.0%
AIA Group, Ltd.	5,591,800	64,612,078
ASM Pacific Technology, Ltd.	153,300	1,696,517
Bank of East Asia, Ltd.	646,955	1,043,818
Cafe de Coral Holdings, Ltd.	140,000	257,173
Cathay Pacific Airways, Ltd. (a)(b)	1,159,000	975,182
Champion REIT	1,206,000	632,075
China Eco Farming, Ltd. (a)	14,000	99
China Youzan, Ltd. (a)	6,240,000	785,546
Chow Sang Sang Holdings International, Ltd.	508,000	760,892
CK Asset Holdings, Ltd.	583,531	3,380,659
CK Infrastructure Holdings, Ltd.	287,500	1,606,527
CLP Holdings, Ltd.	796,000	7,668,938
Dah Sing Banking Group, Ltd.	459,725	421,064
Dah Sing Financial Holdings, Ltd.	46,885	140,029
Dairy Farm International Holdings, Ltd. (b)	273,700	933,317
Esprit Holdings, Ltd. (a)(b)	2,342,228	207,606
Fortune Real Estate Investment Trust	1,285,000	1,277,630
Glory Sun Financial Group, Ltd. (a)(b)	15,364,000	491,433
Haitong International Securities Group, Ltd. (b)	1,121,000	296,643
Hang Lung Group, Ltd.	1,559,000	3,640,834
Hang Lung Properties, Ltd.	1,510,000	3,444,933
Hang Seng Bank, Ltd.	120,800	2,073,167

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Henderson Land Development Co., Ltd.	215,869	$ 827,743
HK Electric Investments & HK Electric Investments, Ltd. Stapled Security	2,465,000	2,447,695
HKBN, Ltd.	594,000	701,234
HKT Trust & HKT, Ltd. Stapled Security	1,542,900	2,112,788
Hong Kong & China Gas Co., Ltd.	4,360,625	6,609,851
Hong Kong Exchanges & Clearing, Ltd.	621,239	38,289,515
Hong Kong Technology Venture Co., Ltd. (b)	1,049,000	1,484,971
Hongkong Land Holdings, Ltd.	1,110,000	5,328,000
Hysan Development Co., Ltd.	377,841	1,230,405
Jardine Matheson Holdings, Ltd.	134,305	7,123,537
Johnson Electric Holdings, Ltd.	110,500	235,630
Kerry Properties, Ltd.	516,500	1,363,462
Landing International Development, Ltd. (a)	132,000	4,070
Link REIT	1,417,525	12,154,662
LK Technology Holdings, Ltd.	92,500	201,525
Long Well International Holdings Ltd (a)(f)	3,424,000	—
Luk Fook Holdings International, Ltd.	132,000	339,129
Man Wah Holdings, Ltd.	635,600	937,317
Melco International Development, Ltd. (a)	229,000	269,458
Melco Resorts & Entertainment, Ltd. ADR (a)	71,486	732,017
Modern Dental Group, Ltd.	756,000	769,144
New World Development Co., Ltd.	631,129	2,582,192
NWS Holdings, Ltd.	1,296,000	1,200,331
Pacific Basin Shipping, Ltd.	12,548,000	5,835,042
Pacific Textiles Holdings, Ltd.	1,265,000	640,247
PAX Global Technology, Ltd.	1,171,000	1,481,679
PCCW, Ltd.	1,481,875	761,434
Perfect Medical Health Management, Ltd.	942,000	717,574
Power Assets Holdings, Ltd.	102,500	603,046
Prosperity REIT	1,346,000	536,004
Realord Group Holdings, Ltd. (a)(b)	550,000	703,692
Shun Tak Holdings, Ltd. (a)	760,000	204,043
Sino Land Co., Ltd.	3,411,858	4,593,176
Solomon Systech International, Ltd.	3,798,000	346,397
Stella International Holdings, Ltd.	523,000	671,835
Sun Hung Kai Properties, Ltd.	728,509	9,114,960
SUNeVision Holdings, Ltd.	1,011,000	954,552
Sunlight Real Estate Investment Trust	1,046,000	603,308
Swire Pacific, Ltd. Class A	25,500	151,664
Swire Pacific, Ltd. Class B	892,500	878,209
Swire Properties, Ltd.	616,600	1,546,124

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Techtronic Industries Co., Ltd.	772,000	$ 15,381,192
Value Partners Group, Ltd.	402,000	203,462
Vitasoy International Holdings, Ltd. (b)	230,000	584,997
Viva China Holdings, Ltd. (b)	1,280,000	240,062
VTech Holdings, Ltd. (b)	149,300	1,091,272
Wharf Real Estate Investment Co., Ltd.	167,000	864,535
Yue Yuen Industrial Holdings, Ltd. (a)	673,500	1,361,768
Yuexiu Real Estate Investment Trust	421,000	197,936
Zhuguang Holdings Group Co., Ltd. (b)	2,816,000	633,041
		234,192,087
INDONESIA — 0.0% (d)
First Pacific Co., Ltd.	2,788,000	1,002,794
IRELAND — 0.7%
AerCap Holdings NV (a)	39,761	2,298,584
Amarin Corp. PLC ADR (a)(b)	138,902	708,400
Bank of Ireland Group PLC (a)	442,284	2,618,284
C&C Group PLC (a)	252,596	801,744
CRH PLC	399,531	18,780,758
Dalata Hotel Group PLC (a)	244,489	1,161,737
Flutter Entertainment PLC (a)(c)	42,114	8,351,052
Flutter Entertainment PLC (a)(c)	18,692	3,699,854
Glanbia PLC	60,345	995,901
Greencore Group PLC (a)	208,433	396,830
ICON PLC (a)	30,101	7,887,064
Kerry Group PLC Class A	74,601	10,029,224
Kingspan Group PLC	69,854	6,962,327
Ryanair Holdings PLC ADR (a)	60,070	6,611,304
Smurfit Kappa Group PLC	93,874	4,937,130
		76,240,193
ISRAEL — 0.7%
Airport City, Ltd. (a)	30,210	546,302
Alony Hetz Properties & Investments, Ltd.	68,482	1,052,867
Amot Investments, Ltd.	85,887	607,783
Bank Hapoalim BM	511,773	4,521,033
Bank Leumi Le-Israel BM	648,725	5,527,781
Bezeq The Israeli Telecommunication Corp., Ltd. (a)	1,038,095	1,225,642
Biondvax Pharmaceuticals, Ltd. ADR (a)(b)	79,440	174,768
Check Point Software Technologies, Ltd. (a)	70,302	7,946,938
Chemomab Therapeutics, Ltd. (a)	30,504	337,984
Compugen, Ltd. (a)(b)	59,411	354,684
Electra, Ltd.	966	608,258

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Enlight Renewable Energy, Ltd. (a)	384,180	$ 835,606
Enlivex Therapeutics, Ltd. (a)(b)	18,492	182,701
First International Bank Of Israel, Ltd.	24,296	890,159
Fiverr International, Ltd. (a)(b)	10,743	1,962,531
Gav-Yam Lands Corp., Ltd.	69,826	710,781
Harel Insurance Investments & Financial Services, Ltd.	53,898	557,666
Icecure Medical, Ltd. (a)	38,843	338,325
ICL Group, Ltd.	214,717	1,577,358
Isracard, Ltd.	25,496	106,373
Israel Discount Bank, Ltd. Class A (a)	553,767	2,938,639
Melisron, Ltd. (a)	9,720	779,432
Mivne Real Estate KD, Ltd.	277,020	974,591
Nano Dimension, Ltd. ADR (a)(b)	80,131	451,939
Nice, Ltd. (a)	30,225	8,431,877
Nova Ltd. (a)	12,231	1,243,137
Oramed Pharmaceuticals, Inc. (a)	26,872	590,647
Paz Oil Co., Ltd. (a)	4,583	498,623
Phoenix Holdings, Ltd.	68,132	778,646
Plus500, Ltd.	49,922	935,642
Radware, Ltd. (a)	18,980	640,006
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.	78,723	5,656,275
Redhill Biopharma, Ltd. ADR (a)(b)	17,297	79,220
REIT 1, Ltd.	738,367	4,364,539
Sapiens International Corp. NV	12,146	352,014
Shapir Engineering and Industry, Ltd.	66,181	532,747
Shikun & Binui, Ltd. (a)	104,710	616,676
Shufersal, Ltd.	951,152	7,724,434
Sisram Medical, Ltd. (e)	297,600	435,047
Strauss Group, Ltd.	172,545	5,049,354
Teva Pharmaceutical Industries, Ltd. ADR (a)	524,848	5,112,020
Wix.com, Ltd. (a)	20,522	4,021,696
		82,272,741
ITALY — 1.8%
A2A SpA	714,999	1,471,265
AMCO - Asset Management Co. SpA (a)(b)(f)	102	—
Amplifon SpA	39,836	1,902,119
Anima Holding SpA (e)	133,157	638,123
Assicurazioni Generali SpA	150,157	3,200,310
Atlantia SpA (a)	199,219	3,780,740
Autogrill SpA (a)(b)	90,238	736,462
Azimut Holding SpA	51,263	1,411,611
Banca Generali SpA (a)	34,983	1,536,600

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Banca IFIS SpA	94,211	$ 1,827,771
Banca Mediolanum SpA	120,039	1,300,764
Banca Monte dei Paschi di Siena SpA (a)(b)	7,706	9,654
Banca Popolare di Sondrio SCPA	348,581	1,489,100
Banco BPM SpA	490,817	1,545,517
BFF Bank SpA (e)	141,079	1,372,612
Biesse SpA (a)	4,820	151,161
BPER Banca	675,116	1,512,429
Brembo SpA	215,786	2,728,429
Brunello Cucinelli SpA (a)	16,250	895,318
Buzzi Unicem SpA	55,310	1,265,685
Cerved Group SpA (a)	92,366	1,094,026
Davide Campari-Milano NV	39,434	556,651
De' Longhi SpA	35,829	1,290,566
DiaSorin SpA	11,252	2,364,896
Enav SpA (a)(e)	119,039	558,463
Enel SpA	2,696,313	20,783,656
Eni SpA	1,225,738	16,401,890
ERG SpA	25,745	766,815
Esprinet SpA	195,499	2,562,547
Falck Renewables SpA	57,206	445,860
Ferrari NV	51,689	10,839,804
FinecoBank Banca Fineco SpA (a)	187,963	3,413,548
Hera SpA	352,754	1,445,603
Immobiliare Grande Distribuzione SIIQ SpA REIT (a)	257,002	1,167,582
Infrastrutture Wireless Italiane SpA (e)	112,011	1,250,899
Interpump Group SpA	96,049	6,233,695
Intesa Sanpaolo SpA	7,908,369	22,487,319
Iren SpA	1,454,237	4,321,335
Italgas SpA	157,812	1,013,245
Leonardo SpA (a)	345,748	2,850,613
Mediaset NV (b)	351,574	1,009,678
Mediobanca Banca di Credito Finanziario SpA (a)	204,082	2,469,277
Moncler SpA	77,731	4,776,378
Nexi SpA (a)(e)	117,350	2,197,805
Pirelli & C SpA (e)	190,840	1,123,564
Poste Italiane SpA (e)	218,024	3,014,459
PRADA SpA	160,300	886,477
Prysmian SpA	99,187	3,485,368
Recordati Industria Chimica e Farmaceutica SpA	76,205	4,440,618
Reply SpA	66,679	12,318,054
Saipem SpA (a)(b)	480,392	1,185,321

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Salvatore Ferragamo SpA (a)(b)	33,279	$ 682,666
Snam SpA	1,053,840	5,857,584
Societa Cattolica Di Assicurazione SPA (a)	244,325	1,997,697
Technogym SpA (e)	84,704	951,736
Telecom Italia SpA (c)	7,027,880	2,764,400
Telecom Italia SpA (c)	1,899,582	770,312
Terna - Rete Elettrica Nazionale	688,728	4,897,763
UniCredit SpA	957,594	12,762,741
Unipol Gruppo SpA	176,958	1,036,502
UnipolSai Assicurazioni SpA	277,663	782,612
Zignago Vetro SpA	191,459	3,789,905
		203,825,600
JAPAN — 22.5%
3-D Matrix, Ltd. (a)	165,900	452,015
ABC-Mart, Inc.	9,500	538,965
Acom Co., Ltd. (b)	312,200	1,147,228
Activia Properties, Inc. REIT	169	692,207
ADEKA Corp.	22,400	507,727
Advance Residence Investment Corp. REIT	419	1,359,426
Advanced Media, Inc. (a)	6,800	47,050
Advantest Corp.	161,800	14,544,961
Aeon Co., Ltd.	635,820	16,753,850
AEON Financial Service Co., Ltd.	97,400	1,249,199
Aeon Mall Co., Ltd.	22,100	341,676
AEON REIT Investment Corp.	545	731,714
AGC, Inc.	152,600	7,905,248
AI inside, Inc. (a)(b)	1,800	145,355
Aica Kogyo Co., Ltd.	13,300	457,141
Aiming, Inc. (a)	109,900	353,611
Ain Holdings, Inc.	6,000	375,353
Air Water, Inc.	152,600	2,452,268
Aisin Corp.	153,300	5,592,032
Ajinomoto Co., Inc.	313,000	9,274,282
Akita Bank, Ltd.	16,555	216,332
ALBERT, Inc. (a)(b)	10,100	461,663
Alconix Corp.	7,800	113,251
Alfresa Holdings Corp.	154,400	2,319,287
Alps Alpine Co., Ltd.	153,400	1,674,579
Amada Co., Ltd.	160,600	1,675,451
Amano Corp.	23,000	592,857
ANA Holdings, Inc. (a)	29,500	768,203
AnGes, Inc. (a)(b)	38,900	240,565

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Anritsu Corp. (b)	34,000	$ 609,456
Aomori Bank, Ltd.	1,010	19,453
Aoyama Trading Co., Ltd. (a)	2,100	16,017
Aozora Bank, Ltd. (b)	14,200	348,589
Arcs Co., Ltd.	21,600	439,066
As One Corp.	5,000	732,243
Asahi Group Holdings, Ltd.	322,636	15,675,642
Asahi Holdings, Inc.	33,200	604,042
Asahi Intecc Co., Ltd.	120,900	3,326,579
Asahi Kasei Corp.	633,150	6,789,729
Asics Corp.	153,800	3,531,576
Astellas Pharma, Inc.	1,122,700	18,539,769
Atom Corp. (b)	479,900	3,384,999
Awa Bank, Ltd.	2,310	45,341
Azbil Corp.	33,200	1,431,253
Bandai Namco Holdings, Inc.	154,800	11,654,224
Bank of Iwate, Ltd.	155,355	2,394,897
Bank of Kyoto, Ltd.	10,700	494,842
Bank of Okinawa, Ltd. (a)	157,300	3,934,791
BASE, Inc. (a)(b)	61,500	604,114
BayCurrent Consulting, Inc.	3,100	1,578,131
Benefit One, Inc.	24,500	1,159,399
Benesse Holdings, Inc.	35,900	813,079
Bic Camera, Inc.	120,900	1,154,008
Bridgestone Corp.	257,065	12,224,843
Brightpath Biotherapeutics Co., Ltd. (a)	147,600	207,692
Brother Industries, Ltd.	153,600	3,396,202
CAICA, Inc. (a)(b)	663,780	951,869
Calbee, Inc.	15,800	385,459
Can Do Co., Ltd. (b)	5,300	90,586
Canon Marketing Japan, Inc.	41,800	976,526
Canon, Inc. (b)	625,616	15,366,351
Capcom Co., Ltd.	35,200	979,574
Casio Computer Co., Ltd. (b)	321,900	5,357,547
Central Japan Railway Co.	96,000	15,379,789
Change, Inc. (a)(b)	51,600	1,080,328
Chiba Bank, Ltd.	301,550	1,970,244
Chubu Electric Power Co., Inc.	315,765	3,739,937
Chugai Pharmaceutical Co., Ltd.	415,340	15,273,493
Chugoku Bank, Ltd.	152,600	1,180,316
Chugoku Electric Power Co., Inc.	153,100	1,398,242
Citizen Watch Co., Ltd.	155,500	719,140

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
CKD Corp.	26,100	$ 559,545
Coca-Cola Bottlers Japan Holdings, Inc.	152,200	2,208,486
cocokara fine, Inc. (a)	9,800	754,049
COLOPL, Inc. (a)	2,000	14,430
Colowide Co., Ltd. (b)	2,400	37,858
Comforia Residential REIT, Inc.	127	390,988
COMSYS Holdings Corp.	32,900	869,568
Concordia Financial Group, Ltd.	633,300	2,508,793
COOKPAD, Inc. (a)(b)	153,300	339,369
Cosmo Energy Holdings Co., Ltd.	8,700	198,133
Cosmos Pharmaceutical Corp.	6,000	1,023,348
Credit Saison Co., Ltd.	315,800	4,177,646
Creek & River Co., Ltd.	9,600	158,401
CrowdWorks, Inc. (a)	51,500	773,135
CyberAgent, Inc.	131,500	2,552,803
Dai Nippon Printing Co., Ltd.	149,100	3,620,093
Daicel Corp.	156,500	1,224,508
Daido Steel Co., Ltd.	8,500	363,007
Daifuku Co., Ltd.	10,600	999,435
Dai-ichi Life Holdings, Inc.	631,100	13,987,993
Daiichi Sankyo Co., Ltd.	946,395	25,272,542
Daiichikosho Co., Ltd.	15,000	557,921
Daikin Industries, Ltd.	162,810	35,691,979
Daio Paper Corp.	41,700	783,732
Daiseki Co., Ltd.	21,720	950,950
Daishi Hokuetsu Financial Group, Inc.	1,517	34,602
Daito Trust Construction Co., Ltd. (b)	14,155	1,654,324
Daiwa House Industry Co., Ltd.	319,400	10,703,443
Daiwa House REIT Investment Corp.	1,414	4,137,764
Daiwa Office Investment Corp. REIT	92	620,067
Daiwa Securities Group, Inc.	1,442,250	8,452,496
Daiwa Securities Living Investments Corp. REIT	570	571,149
Daiwabo Holdings Co., Ltd.	40,000	646,023
DCM Holdings Co., Ltd.	49,200	477,559
DD Holdings Co., Ltd. (a)(b)	5,300	25,603
Demae-Can Co., Ltd. (a)(b)	1,200	18,090
DeNA Co., Ltd.	153,200	2,847,742
Denka Co., Ltd.	7,000	246,561
Denso Corp.	287,710	18,939,995
Dentsu Group, Inc.	154,400	5,957,356
Descente, Ltd. (a)	37,600	1,319,304
DIC Corp.	36,700	1,041,053

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Digital Garage, Inc.	12,500	$ 574,726
Dip Corp.	32,300	1,229,181
Disco Corp.	7,100	1,994,936
DMG Mori Co., Ltd.	27,200	514,380
Dowa Holdings Co., Ltd.	4,400	174,304
Duskin Co., Ltd.	18,300	426,932
East Japan Railway Co.	163,800	11,512,611
Ebara Corp.	3,800	189,021
Eisai Co., Ltd.	159,051	11,968,561
Electric Power Development Co., Ltd.	146,600	2,124,600
EM Systems Co., Ltd.	32,700	235,927
ENEOS HoldingS, Inc.	1,742,100	7,118,292
en-japan, Inc.	33,700	1,211,136
euglena Co., Ltd. (a)(b)	5,000	39,166
Ezaki Glico Co., Ltd.	2,700	102,725
FAN Communications, Inc.	5,200	21,112
Fancl Corp.	16,900	561,188
FANUC Corp.	105,155	23,151,535
Fast Retailing Co., Ltd.	23,800	17,593,762
Feed One Co., Ltd.	477,380	3,226,032
FFRI Security, Inc. (a)	7,500	122,743
Financial Products Group Co., Ltd.	157,600	1,011,352
FINDEX, Inc.	139,300	1,257,227
Fixstars Corp.	7,700	54,588
Focus Systems Corp.	13,300	120,752
Food & Life Cos., Ltd.	27,000	1,248,667
Foster Electric Co., Ltd. (b)	160,600	1,335,754
FP Corp.	11,600	430,419
Freee KK (a)	3,100	226,440
Frontier Real Estate Investment Corp. REIT	177	775,738
Fuji Corp.	29,600	760,593
Fuji Electric Co., Ltd.	38,300	1,754,094
Fuji Kyuko Co., Ltd.	11,500	495,250
Fuji Oil Holdings, Inc.	20,000	470,177
Fuji Seal International, Inc.	17,500	380,506
Fuji Soft, Inc.	10,800	568,192
FUJIFILM Holdings Corp.	268,110	23,162,109
Fujikura, Ltd. (a)	130,900	777,833
Fujitec Co., Ltd.	30,500	713,740
Fujitsu General, Ltd. (b)	23,800	594,067
Fujitsu, Ltd.	149,151	27,149,960
Fukuoka Financial Group, Inc. (b)	318,834	5,746,585

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Fukuoka REIT Corp.	10	$ 15,012
Fukuyama Transporting Co., Ltd.	9,000	393,637
Funai Soken Holdings, Inc.	41,400	1,139,708
Furukawa Electric Co., Ltd.	155,855	3,434,886
Fuyo General Lease Co., Ltd.	10,000	692,808
GA Technologies Co., Ltd. (a)(b)	15,300	141,241
Gakujo Co., Ltd. (b)	17,400	198,991
giftee, Inc. (a)(b)	8,200	297,280
Glory, Ltd.	15,000	336,097
GLP J-REIT	1,603	2,632,038
GMO internet, Inc.	26,400	678,130
GMO Payment Gateway, Inc.	7,400	940,462
GNI Group, Ltd. (a)(b)	36,900	543,702
Goldwin, Inc.	7,600	496,563
GS Yuasa Corp.	3,400	77,462
Gumi, Inc. (b)	15,300	111,348
GungHo Online Entertainment, Inc.	8,100	148,969
Gunma Bank, Ltd.	164,400	531,915
Gurunavi, Inc. (a)	5,200	26,985
H.U. Group Holdings, Inc.	20,000	544,029
Hachijuni Bank, Ltd.	310,300	1,109,654
Hakuhodo DY Holdings, Inc.	157,000	2,721,380
Hamamatsu Photonics KK	153,400	9,541,528
Hankyu Hanshin Holdings, Inc.	158,100	5,001,954
Hankyu Hanshin REIT, Inc.	1,615	2,383,961
Hanwa Co., Ltd.	18,700	582,411
Harmonic Drive Systems, Inc. (b)	10,200	493,659
Haseko Corp.	157,400	2,117,476
Hazama Ando Corp.	112,900	812,536
Heiwa Real Estate REIT, Inc.	4,751	7,000,353
Hikari Tsushin, Inc.	5,000	846,516
Hino Motors, Ltd.	154,100	1,451,572
Hirogin Holdings, Inc.	147,400	844,173
Hirose Electric Co., Ltd.	8,240	1,375,857
HIS Co., Ltd. (a)	46,700	1,247,122
Hisamitsu Pharmaceutical Co., Inc.	23,800	905,499
Hitachi Construction Machinery Co., Ltd.	13,700	389,850
Hitachi Metals, Ltd. (a)	124,200	2,401,070
Hitachi Transport System, Ltd.	18,400	820,435
Hitachi Zosen Corp.	84,500	652,068
Hitachi, Ltd.	512,195	30,481,513
Hokkoku Bank, Ltd. (a)	16,555	322,568

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Hokuhoku Financial Group, Inc.	28,600	$ 219,675
Hokuriku Electric Power Co.	155,000	837,688
Honda Motor Co., Ltd.	812,275	25,152,679
Horiba, Ltd.	4,900	344,307
Hoshino Resorts REIT, Inc.	98	647,331
Hoshizaki Corp.	15,400	1,405,082
House Foods Group, Inc.	12,000	366,749
Hoya Corp.	161,206	25,248,262
Hulic Co., Ltd.	159,600	1,785,174
Hulic Reit, Inc.	1,205	1,895,384
Hyakugo Bank, Ltd.	152,950	446,890
Ibiden Co., Ltd.	159,400	8,857,540
IBJ, Inc.	17,100	173,950
Ichigo Office REIT Investment Corp.	6,353	5,130,229
Idemitsu Kosan Co., Ltd.	131,694	3,477,217
IHI Corp.	30,800	792,532
Iida Group Holdings Co., Ltd.	139,000	3,589,146
Inaba Denki Sangyo Co., Ltd.	23,600	577,441
Industrial & Infrastructure Fund Investment Corp. REIT	160	290,674
Infomart Corp.	628,800	5,720,206
Inpex Corp.	480,000	3,768,586
Intage Holdings, Inc.	311,200	4,565,847
Internet Initiative Japan, Inc.	23,000	802,913
Invesco Office J-REIT, Inc.	3,101	631,558
Invincible Investment Corp. REIT	2,951	1,161,093
IR Japan Holdings, Ltd. (b)	3,600	399,122
Iriso Electronics Co., Ltd.	4,400	180,220
Isetan Mitsukoshi Holdings, Ltd.	161,900	1,227,581
Isuzu Motors, Ltd.	639,500	8,442,604
ITmedia, Inc.	9,100	187,668
Ito En, Ltd.	8,200	545,319
ITOCHU Corp.	712,850	20,936,674
Itochu Techno-Solutions Corp.	23,600	769,922
Itoham Yonekyu Holdings, Inc.	95,900	629,162
Iwatani Corp.	18,400	1,083,469
Iyo Bank, Ltd.	158,300	817,215
Izumi Co., Ltd.	6,100	203,926
J Front Retailing Co., Ltd. (b)	153,000	1,489,205
JAFCO Group Co., Ltd.	13,700	881,613
Japan Airlines Co., Ltd. (a)	14,000	334,394
Japan Airport Terminal Co., Ltd. (a)	18,600	920,206
Japan Elevator Service Holdings Co., Ltd.	51,200	1,175,925

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Japan Excellent, Inc. REIT	1,532	$ 1,872,864
Japan Exchange Group, Inc.	317,200	7,889,133
Japan Hotel REIT Investment Corp.	1,604	964,628
Japan Logistics Fund, Inc. REIT	37	109,765
Japan Metropolitan Fund Invest REIT	10,944	10,524,680
Japan Post Bank Co., Ltd.	12,600	108,411
Japan Post Holdings Co., Ltd.	77,200	653,579
Japan Post Insurance Co., Ltd.	14,300	261,072
Japan Prime Realty Investment Corp. REIT	120	435,581
Japan Real Estate Investment Corp. REIT	151	904,038
Japan Steel Works, Ltd.	31,100	813,074
Japan Tobacco, Inc.	470,400	9,233,036
JCR Pharmaceuticals Co., Ltd.	24,400	610,355
Jeol, Ltd.	15,300	1,125,817
JFE Holdings, Inc.	317,910	4,835,252
JGC Holdings Corp.	154,300	1,450,690
JSR Corp.	313,100	11,379,077
J-Stream, Inc. (b)	9,400	99,160
JTEKT Corp.	155,300	1,361,267
Justsystems Corp.	13,100	742,030
Kadokawa Corp.	23,400	1,302,389
Kagome Co., Ltd.	11,700	302,003
Kajima Corp.	154,437	1,995,950
Kakaku.com, Inc.	156,700	5,091,082
Kaken Pharmaceutical Co., Ltd.	2,000	82,366
Kamigumi Co., Ltd.	18,400	388,367
Kaneka Corp.	7,600	319,803
Kansai Electric Power Co., Inc.	631,600	6,144,762
Kansai Paint Co., Ltd.	156,700	3,904,333
Kao Corp.	285,300	17,016,998
Katitas Co., Ltd.	20,300	721,394
Kawasaki Heavy Industries, Ltd. (b)	40,200	939,291
Kawasaki Kisen Kaisha, Ltd. (a)	33,700	1,836,397
KDDI Corp.	821,200	27,166,025
Keihan Holdings Co., Ltd.	22,700	655,111
Keikyu Corp. (b)	158,400	1,986,122
Keio Corp.	14,700	789,182
Keisei Electric Railway Co., Ltd.	154,500	5,144,230
Kenedix Office Investment Corp. REIT	42	288,721
Kenedix Residential Next Investment Corp. REIT	223	434,108
Kenedix Retail REIT Corp.	237	613,662
Kewpie Corp.	5,500	133,834

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Key Coffee, Inc.	16,100	$ 311,827
Keyence Corp.	109,100	65,513,780
Kikkoman Corp.	24,800	2,020,453
Kinden Corp.	43,500	736,079
Kintetsu Group Holdings Co., Ltd. (a)	24,410	825,882
Kirin Holdings Co., Ltd.	471,000	8,759,355
Kiyo Bank, Ltd.	321,200	4,568,626
KNT-CT Holdings Co., Ltd. (a)(b)	71,300	1,246,112
Kobayashi Pharmaceutical Co., Ltd.	14,300	1,132,978
Kobe Bussan Co., Ltd.	30,400	995,850
Kobe Steel, Ltd.	160,599	985,976
Koei Tecmo Holdings Co., Ltd.	21,060	1,004,160
Koito Manufacturing Co., Ltd.	16,700	1,008,810
Kokuyo Co., Ltd.	121,700	2,066,964
Komatsu, Ltd.	531,020	12,826,340
Konami Holdings Corp.	26,100	1,644,481
Konica Minolta, Inc.	483,375	2,616,702
Kose Corp.	10,300	1,235,169
Kotobuki Spirits Co., Ltd.	9,600	659,933
K's Holdings Corp.	153,000	1,589,308
Kubota Corp.	650,650	13,931,462
Kuraray Co., Ltd.	160,200	1,547,798
Kureha Corp.	8,000	545,642
Kurita Water Industries, Ltd.	159,710	7,729,635
Kusuri no Aoki Holdings Co., Ltd. (b)	7,000	482,456
Kyocera Corp.	160,000	10,038,091
Kyoritsu Maintenance Co., Ltd. (b)	1,200	46,946
Kyowa Exeo Corp.	12,400	305,513
Kyowa Kirin Co., Ltd.	154,500	5,573,493
Kyudenko Corp.	8,200	272,660
Kyushu Electric Power Co., Inc.	162,700	1,238,022
Kyushu Financial Group, Inc.	154,300	555,936
Kyushu Railway Co.	18,500	447,183
LaSalle Logiport REIT	298	500,784
Lasertec Corp.	31,600	7,247,538
Lawson, Inc. (b)	12,900	633,583
Leopalace21 Corp. (a)	1,600	3,556
LIKE, Inc.	6,200	106,302
Lion Corp.	152,800	2,476,024
Lixil Corp.	154,600	4,510,177
Locondo, Inc.	26,200	324,521
M3, Inc.	302,500	21,667,757

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Mabuchi Motor Co., Ltd.	42,900	$ 1,491,840
Maeda Corp. (a)(b)	35,900	289,259
Maeda Road Construction Co., Ltd. (a)	22,900	420,691
Makita Corp.	155,800	8,587,676
Mani, Inc.	21,000	401,649
Marubeni Corp.	1,592,050	13,315,716
Maruha Nichiro Corp.	10,200	242,807
Marui Group Co., Ltd.	154,900	3,015,396
Maruichi Steel Tube, Ltd.	10,200	237,322
Matsumotokiyoshi Holdings Co., Ltd.	22,600	1,022,899
Matsuya Co., Ltd. (a)	315,800	3,249,280
Maxvalu Tokai Co., Ltd.	5,100	118,661
Mazda Motor Corp. (a)	318,400	2,785,197
McDonald's Holdings Co. Japan, Ltd.	20,100	947,578
Mebuki Financial Group, Inc.	470,000	1,036,254
Medical Data Vision Co., Ltd.	3,800	53,164
Medipal Holdings Corp.	320,199	6,052,428
Medley, Inc. (a)(b)	28,100	1,048,949
MedPeer, Inc. (a)(b)	15,500	533,453
MEIJI Holdings Co., Ltd.	29,100	1,880,448
Meiko Network Japan Co., Ltd. (b)	315,700	1,836,337
Meitec Corp.	10,500	582,523
Menicon Co., Ltd.	20,200	787,542
Mercari, Inc. (a)(b)	25,300	1,396,800
Milbon Co., Ltd.	22,600	1,387,497
MINEBEA MITSUMI, Inc.	161,900	4,155,784
Mirait Holdings Corp.	39,700	791,331
MISUMI Group, Inc.	156,800	6,682,357
Mitsubishi Chemical Holdings Corp.	790,300	7,249,581
Mitsubishi Corp.	815,538	25,845,775
Mitsubishi Electric Corp.	1,163,050	16,230,059
Mitsubishi Estate Co., Ltd.	636,625	10,159,183
Mitsubishi Estate Logistics REIT Investment Corp.	139	609,818
Mitsubishi Gas Chemical Co., Inc. (b)	154,500	3,067,152
Mitsubishi HC Capital, Inc.	311,400	1,641,077
Mitsubishi Heavy Industries, Ltd.	31,410	851,300
Mitsubishi Logistics Corp.	4,500	133,901
Mitsubishi Materials Corp.	17,100	335,946
Mitsubishi Motors Corp. (a)(b)	476,700	1,311,646
Mitsubishi UFJ Financial Group, Inc.	4,953,924	29,210,725
Mitsui & Co., Ltd.	1,009,726	22,298,587
Mitsui Chemicals, Inc.	117,610	3,968,646

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Mitsui Fudosan Co., Ltd.	479,700	$ 11,468,517
Mitsui Fudosan Logistics Park, Inc. REIT	136	719,158
Mitsui High-Tec, Inc.	18,500	1,289,068
Mitsui Mining & Smelting Co., Ltd.	25,400	713,681
Mitsui OSK Lines, Ltd. (b)	14,255	965,878
Miura Co., Ltd.	16,300	655,944
Mixi, Inc.	2,100	47,411
Mizuho Financial Group, Inc.	387,070	5,496,862
Mochida Pharmaceutical Co., Ltd.	12,000	367,824
Monex Group, Inc.	72,300	379,077
Money Forward, Inc. (a)	21,600	1,546,798
MonotaRO Co., Ltd.	92,500	2,092,494
Mori Hills REIT Investment Corp.	482	652,315
Mori Trust Sogo REIT, Inc.	237	314,584
Morinaga & Co., Ltd.	20,900	772,687
Morinaga Milk Industry Co., Ltd.	12,000	752,857
MS&AD Insurance Group Holdings, Inc.	318,199	10,711,678
Murata Manufacturing Co., Ltd.	346,200	30,904,342
Musashino Bank, Ltd.	158,955	2,622,775
Nabtesco Corp.	15,000	571,365
Nachi-Fujikoshi Corp.	1,500	61,640
Nagase & Co., Ltd.	126,000	2,136,608
Nagawa Co., Ltd.	4,200	466,820
Nagoya Railroad Co., Ltd. (a)	140,800	2,603,365
Nakanishi, Inc.	32,700	745,293
Nankai Electric Railway Co., Ltd.	29,100	629,598
NanoCarrier Co., Ltd. (a)(b)	319,400	870,245
Nanto Bank, Ltd.	158,755	2,857,092
NEC Corp.	33,800	1,838,817
NEC Networks & System Integration Corp.	32,100	607,620
NET One Systems Co., Ltd.	18,600	613,471
Nexon Co., Ltd.	302,400	4,897,484
NexTone, Inc. (a)	18,000	516,245
NGK Insulators, Ltd.	158,300	2,699,932
NGK Spark Plug Co., Ltd.	139,900	2,196,772
NH Foods, Ltd.	28,800	1,091,857
NHK Spring Co., Ltd.	155,100	1,113,467
Nichias Corp.	24,600	603,673
Nichirei Corp.	152,000	3,986,126
Nidec Corp.	300,300	33,427,972
Nifco, Inc.	5,000	156,173
Nihon Kohden Corp.	21,800	742,460

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Nihon M&A Center, Inc.	65,400	$ 1,931,374
Nihon Parkerizing Co., Ltd.	40,600	421,374
Nihon Unisys, Ltd.	19,300	504,230
Nikkon Holdings Co., Ltd.	14,700	305,001
Nikon Corp.	317,600	3,558,145
Nintendo Co., Ltd.	43,900	21,368,667
Nippo Corp.	20,700	744,885
Nippon Accommodations Fund, Inc. REIT	119	666,592
Nippon Building Fund, Inc. REIT	284	1,845,395
Nippon Electric Glass Co., Ltd.	33,700	801,913
Nippon Express Co., Ltd.	27,000	1,868,160
Nippon Gas Co., Ltd.	43,500	600,013
Nippon Kayaku Co., Ltd.	101,800	1,129,540
Nippon Paint Holdings Co., Ltd.	681,900	7,437,798
Nippon Paper Industries Co., Ltd. (b)	4,200	44,795
Nippon Prologis REIT, Inc.	1,524	5,087,968
NIPPON REIT Investment Corp.	97	376,437
Nippon Sanso Holdings Corp.	153,300	3,867,708
Nippon Shinyaku Co., Ltd.	18,500	1,542,012
Nippon Shokubai Co., Ltd.	12,200	632,005
Nippon Steel Corp.	469,600	8,560,756
Nippon Suisan Kaisha, Ltd.	958,500	5,592,503
Nippon Telegraph & Telephone Corp.	569,900	15,757,486
Nippon Television Holdings, Inc.	2,000	22,639
Nippon Yusen KK	16,555	1,253,773
Nipro Corp.	131,700	1,371,592
Nishimatsu Construction Co., Ltd. (b)	24,600	766,166
Nishi-Nippon Railroad Co., Ltd.	16,000	407,546
Nissan Chemical Corp.	24,900	1,459,520
Nissan Motor Co., Ltd. (a)	1,261,741	6,356,483
Nissei ASB Machine Co., Ltd.	4,300	148,376
Nisshin Seifun Group, Inc.	156,000	2,601,981
Nisshinbo Holdings, Inc.	140,500	1,088,203
Nissin Foods Holdings Co., Ltd.	10,400	835,169
Nitori Holdings Co., Ltd.	14,600	2,893,175
Nitto Boseki Co., Ltd.	14,600	490,701
Nitto Denko Corp.	154,200	11,028,600
NOF Corp.	11,300	640,072
NOK Corp.	53,700	633,860
Nomura Holdings, Inc.	1,868,885	9,272,819
Nomura Real Estate Holdings, Inc.	33,900	886,580
Nomura Real Estate Master Fund, Inc. REIT	1,623	2,336,131

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Nomura Research Institute, Ltd.	127,400	$ 4,727,188
NSD Co., Ltd.	29,700	543,557
NSK, Ltd. (b)	162,600	1,109,017
NTN Corp. (a)	299,700	679,580
NTT Data Corp.	635,600	12,333,175
NTT UD REIT Investment Corp.	285	391,835
Obayashi Corp.	319,750	2,662,315
Obic Co., Ltd.	8,000	1,532,243
Odakyu Electric Railway Co., Ltd.	160,999	3,741,612
Ogaki Kyoritsu Bank, Ltd.	16,555	294,080
Oisix ra daichi, Inc. (a)	4,200	186,897
Oji Holdings Corp.	334,400	1,693,354
Oki Electric Industry Co., Ltd.	3,600	31,588
OKUMA Corp.	11,800	575,326
Olympus Corp.	639,200	14,072,998
Omron Corp.	154,100	15,330,585
OncoTherapy Science, Inc. (a)(b)	298,700	240,941
Ono Pharmaceutical Co., Ltd.	312,900	7,159,612
Open House Co., Ltd.	21,200	1,257,844
Oracle Corp. Japan	8,500	748,107
Oriental Land Co., Ltd.	129,700	21,075,160
ORIX Corp.	635,700	12,021,752
Orix JREIT, Inc.	1,509	2,623,760
Osaka Gas Co., Ltd.	170,100	3,123,772
OSG Corp.	39,500	682,908
Otsuka Corp.	28,300	1,455,900
Otsuka Holdings Co., Ltd.	313,700	13,458,946
Outsourcing, Inc.	45,700	829,420
PALTAC Corp.	12,000	543,132
Pan Pacific International Holdings Corp.	190,500	3,957,688
Panasonic Corp.	1,129,250	14,068,183
Park24 Co., Ltd. (a)	50,100	856,740
Penta-Ocean Construction Co., Ltd.	148,100	1,012,774
PeptiDream, Inc. (a)	25,100	818,857
Persol Holdings Co., Ltd.	146,000	3,676,989
Pharma Foods International Co., Ltd. (b)	105,900	2,552,230
Pigeon Corp.	138,700	3,232,086
Pilot Corp.	15,200	580,345
Pola Orbis Holdings, Inc.	30,800	711,650
Precision System Science Co., Ltd. (b)	34,700	204,328
Raccoon Holdings, Inc. (b)	11,200	158,000
Rakus Co., Ltd.	31,300	1,109,491

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Rakuten Group, Inc.	320,000	$ 3,100,336
Raysum Co., Ltd.	3,300	22,626
Recruit Holdings Co., Ltd.	789,400	48,336,821
Relo Group, Inc.	10,000	208,111
Renesas Electronics Corp. (a)	155,300	1,943,077
Rengo Co., Ltd.	167,500	1,316,581
RENOVA, Inc. (a)(b)	15,500	638,337
ReproCELL, Inc. (a)(b)	319,200	818,205
Resona Holdings, Inc.	1,109,200	4,461,653
Resorttrust, Inc.	37,100	732,856
Ricoh Co., Ltd.	316,200	3,253,395
Ringer Hut Co., Ltd. (b)	900	20,101
Rinnai Corp.	5,100	560,394
Riso Kyoiku Co., Ltd. (a)(b)	493,518	1,946,206
Rock Field Co., Ltd. (b)	315,000	4,861,573
Rohm Co., Ltd.	12,300	1,172,951
Rohto Pharmaceutical Co., Ltd.	28,501	876,168
Ryohin Keikaku Co., Ltd.	122,500	2,744,790
Sakata Seed Corp.	12,700	399,525
San-In Godo Bank, Ltd.	153,050	773,652
Sanken Electric Co., Ltd.	11,100	625,758
Sankyo Co., Ltd.	10,000	249,518
Sankyu, Inc.	7,300	338,911
Sanrio Co., Ltd. (b)	3,900	90,356
Sansan, Inc. (a)	8,100	784,047
Santen Pharmaceutical Co., Ltd.	162,700	2,298,142
Sanwa Holdings Corp.	153,300	2,000,491
Sapporo Holdings, Ltd.	17,300	399,261
Sawai Group Holdings Co., Ltd.	12,300	573,247
SBI Holdings, Inc.	153,900	3,808,361
SCREEN Holdings Co., Ltd.	13,100	1,128,308
SCSK Corp.	39,300	833,375
Secom Co., Ltd.	159,148	11,557,932
Sega Sammy Holdings, Inc.	141,200	2,015,968
Seibu Holdings, Inc. (a)	154,800	1,975,668
Seiko Epson Corp.	163,000	3,300,175
Seino Holdings Co., Ltd.	154,000	1,875,743
Sekisui Chemical Co., Ltd.	161,800	2,794,431
Sekisui House REIT, Inc.	3,036	2,514,241
Sekisui House, Ltd.	317,600	6,693,582
Senko Group Holdings Co., Ltd.	56,600	520,979
Seria Co., Ltd.	20,100	704,378

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Seven & i Holdings Co., Ltd.	378,328	$ 17,242,195
Seven Bank, Ltd.	321,100	716,593
SG Holdings Co., Ltd.	286,600	8,168,389
Sharp Corp.	124,100	1,576,067
SHIFT, Inc. (a)	4,000	852,879
Shiga Bank, Ltd.	2,310	39,461
Shikoku Bank, Ltd.	1,820	12,054
Shikoku Electric Power Co., Inc.	154,100	1,071,760
Shimadzu Corp.	159,800	7,039,364
Shimamura Co., Ltd.	9,000	846,157
Shimano, Inc.	34,200	10,084,517
Shimizu Corp.	316,313	2,389,889
Shin-Etsu Chemical Co., Ltd.	168,317	28,511,685
Shinko Electric Industries Co., Ltd.	28,200	945,266
Shinsei Bank, Ltd. (b)	51,200	859,949
Shionogi & Co., Ltd.	158,700	10,886,756
Ship Healthcare Holdings, Inc.	19,200	496,283
Shiseido Co., Ltd.	167,500	11,314,788
Shizuoka Bank, Ltd. (b)	306,000	2,525,888
SHO-BOND Holdings Co., Ltd.	17,600	782,397
Shochiku Co., Ltd. (a)	3,400	402,241
Showa Denko KK	129,500	3,174,389
Silver Life Co., Ltd. (a)(b)	31,100	461,309
Skylark Holdings Co., Ltd. (a)	147,800	2,172,458
Small & medium sized Enterprises Holdings, Inc. (a)(b)	822,400	449,620
SMC Corp.	25,500	16,016,491
SMS Co., Ltd.	177,700	6,505,978
Softbank Corp.	489,000	6,637,602
SoftBank Group Corp.	644,372	37,423,532
Sohgo Security Services Co., Ltd.	26,200	1,185,839
Sojitz Corp.	126,600	2,087,780
Sompo Holdings, Inc.	269,100	11,772,145
Sony Group Corp.	633,820	70,752,661
Sosei Group Corp. (a)	30,300	517,334
Sotetsu Holdings, Inc.	11,800	235,418
Square Enix Holdings Co., Ltd.	24,700	1,317,186
Stanley Electric Co., Ltd.	146,173	3,699,687
Starts Proceed Investment Corp. REIT	51	113,267
Subaru Corp.	318,100	5,925,797
Sugi Holdings Co., Ltd.	8,100	591,665
SUMCO Corp.	151,900	3,064,548
Sumitomo Bakelite Co., Ltd.	15,300	711,692

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Sumitomo Chemical Co., Ltd.	1,589,550	$ 8,334,186
Sumitomo Corp.	800,275	11,343,356
Sumitomo Dainippon Pharma Co., Ltd.	140,300	2,512,385
Sumitomo Electric Industries, Ltd.	480,920	6,448,186
Sumitomo Forestry Co., Ltd.	151,000	2,901,582
Sumitomo Heavy Industries, Ltd.	14,800	390,112
Sumitomo Metal Mining Co., Ltd.	36,200	1,318,871
Sumitomo Mitsui Financial Group, Inc.	418,100	14,779,175
Sumitomo Mitsui Trust Holdings, Inc.	313,855	10,849,552
Sumitomo Osaka Cement Co., Ltd.	8,800	246,471
Sumitomo Realty & Development Co., Ltd.	177,200	6,490,848
Sumitomo Rubber Industries, Ltd.	154,600	1,973,116
Sun Corp. (b)	3,000	75,608
Sun Frontier Fudousan Co., Ltd.	3,100	31,118
Sundrug Co., Ltd.	3,900	119,193
Suntory Beverage & Food, Ltd.	11,100	461,609
SuRaLa Net Co., Ltd. (a)	1,600	32,782
Suruga Bank, Ltd.	153,700	573,060
Suzuken Co., Ltd.	11,800	346,888
Suzuki Motor Corp.	172,400	7,718,019
SymBio Pharmaceuticals, Ltd. (a)	36,600	336,887
Sysmex Corp.	127,100	15,868,277
Systena Corp.	29,700	602,119
T&D Holdings, Inc.	477,100	6,623,598
Tadano, Ltd.	5,200	55,181
Taiheiyo Cement Corp.	17,700	368,991
Taisei Corp. (b)	144,887	4,674,821
Taisho Pharmaceutical Holdings Co., Ltd.	6,300	368,712
Taiyo Yuden Co., Ltd.	164,200	9,727,645
Takara Bio, Inc.	19,600	555,985
Takara Holdings, Inc.	136,400	1,979,221
Takashimaya Co., Ltd.	103,600	1,161,583
Takeda Pharmaceutical Co., Ltd.	663,615	22,000,555
Takeuchi Manufacturing Co., Ltd.	161,400	3,774,077
Takuma Co., Ltd.	33,400	468,483
TDK Corp.	50,865	1,844,041
TechnoPro Holdings, Inc.	29,400	891,947
Teijin, Ltd.	318,710	4,553,204
tella, Inc. (a)(b)	94,200	165,478
TerraSky Co., Ltd. (a)	24,200	444,634
Terumo Corp.	318,600	15,091,203
THK Co., Ltd.	14,200	314,990

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
TIS, Inc.	116,400	$ 3,187,112
Toagosei Co., Ltd.	55,100	644,459
Tobu Railway Co., Ltd.	145,700	3,937,132
Toda Corp.	141,400	997,372
Toei Animation Co., Ltd.	7,700	1,416,964
Toei Co., Ltd.	3,400	671,315
Toho Bank, Ltd.	12,101	23,210
Toho Co., Ltd.	153,200	7,236,065
Toho Gas Co., Ltd.	29,600	1,293,300
Toho Holdings Co., Ltd.	13,500	220,695
Tohoku Electric Power Co., Inc.	315,600	2,325,101
Tokai Carbon Co., Ltd.	153,900	1,987,631
Tokio Marine Holdings, Inc.	355,465	19,182,207
Tokuyama Corp.	9,100	175,190
Tokyo Century Corp.	6,500	368,765
Tokyo Electric Power Co. Holdings, Inc. (a)	636,175	1,824,566
Tokyo Electron, Ltd.	99,255	44,185,488
Tokyo Gas Co., Ltd.	152,995	2,850,787
Tokyo Ohka Kogyo Co., Ltd.	14,100	870,706
Tokyo Seimitsu Co., Ltd.	14,500	599,754
Tokyo Tatemono Co., Ltd.	153,100	2,434,232
Tokyu Corp.	175,975	2,627,599
Tokyu Fudosan Holdings Corp.	163,300	1,009,877
Tokyu REIT, Inc.	379	628,411
Topcon Corp.	45,200	788,341
TOPPAN, INC.	142,700	2,433,862
Toray Industries, Inc.	1,521,850	9,768,756
Torikizoku Holdings Co., Ltd. (a)(b)	34,800	693,973
Toshiba Corp.	308,651	13,043,150
Tosoh Corp.	148,400	2,705,316
TOTO, Ltd.	138,200	6,601,891
Toyo Seikan Group Holdings, Ltd. (b)	152,000	1,796,890
Toyo Suisan Kaisha, Ltd.	30,900	1,372,256
Toyo Tire Corp.	153,000	2,749,406
Toyoda Gosei Co., Ltd.	16,000	322,223
Toyota Boshoku Corp.	36,100	644,186
Toyota Industries Corp.	153,800	12,681,694
Toyota Motor Corp.	5,610,940	100,577,011
Toyota Tsusho Corp.	153,200	6,528,936
Trend Micro, Inc.	20,000	1,114,945
Trusco Nakayama Corp.	43,300	1,127,412
TS Tech Co., Ltd.	36,400	471,414

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Tsumura & Co.	3,500	$ 112,301
Tsuruha Holdings, Inc.	10,000	1,233,251
Ube Industries, Ltd.	35,100	691,461
Ulvac, Inc.	18,500	1,062,828
Unicharm Corp.	161,600	7,167,900
United Urban Investment Corp. REIT	1,574	2,127,351
Ushio, Inc.	30,600	576,758
USS Co., Ltd.	154,610	2,650,853
Valor Holdings Co., Ltd.	18,900	409,592
Wacoal Holdings Corp.	25,300	538,086
Wacom Co., Ltd.	62,600	400,595
Warabeya Nichiyo Holdings Co., Ltd.	159,200	3,651,291
Welcia Holdings Co., Ltd.	13,000	467,219
West Japan Railway Co.	124,800	6,314,103
Workman Co., Ltd.	5,600	354,847
Yakult Honsha Co., Ltd.	151,500	7,685,324
Yamada Holdings Co., Ltd.	799,080	3,366,055
Yamagata Bank, Ltd.	1,634	12,565
Yamaguchi Financial Group, Inc.	126,200	753,298
Yamaha Corp.	154,800	9,781,223
Yamaha Motor Co., Ltd.	155,900	4,359,471
Yamanashi Chuo Bank, Ltd.	1,510	11,463
Yamato Holdings Co., Ltd.	159,800	4,053,184
Yamato Kogyo Co., Ltd.	21,300	687,251
Yamazaki Baking Co., Ltd. (b)	154,000	2,685,942
Yaoko Co., Ltd. (b)	27,100	1,671,055
Yaskawa Electric Corp.	154,700	7,487,161
Yokogawa Electric Corp.	154,400	2,710,908
Yokohama Rubber Co., Ltd.	46,600	841,577
Yoshinoya Holdings Co., Ltd. (a)(b)	22,600	457,570
Z Holdings Corp.	457,500	2,942,843
Zenkoku Hosho Co., Ltd.	15,800	773,184
Zenrin Co., Ltd.	2,100	20,289
Zensho Holdings Co., Ltd. (b)	20,500	510,043
Zeon Corp.	141,800	2,008,013
ZOZO, Inc.	33,800	1,270,813
		2,629,354,538
JORDAN — 0.0% (d)
Hikma Pharmaceuticals PLC	68,296	2,256,130
LUXEMBOURG — 0.1%
APERAM SA	22,222	1,233,110

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
ArcelorMittal SA	255,295	$ 7,828,830
Eurofins Scientific SE	47,550	6,108,179
SES SA	164,568	1,474,312
		16,644,431
MACAU — 0.1%
Galaxy Entertainment Group, Ltd. (a)	1,452,000	7,460,837
MGM China Holdings, Ltd. (a)(b)	440,800	274,061
Sands China, Ltd. (a)	1,254,000	2,577,380
SJM Holdings, Ltd. (a)(b)	57,000	38,807
Wynn Macau, Ltd. (a)(b)	618,800	518,273
		10,869,358
MALAYSIA — 0.0% (d)
UG Healthcare Corp., Ltd. (b)	329,600	83,760
MALTA — 0.0% (d)
Catena Media PLC (a)(b)	60,932	413,152
Kindred Group PLC SDR	110,159	1,667,769
		2,080,921
MEXICO — 0.0% (d)
Fresnillo PLC	97,391	1,026,112
MONGOLIA — 0.0% (d)
Turquoise Hill Resources, Ltd. (a)(b)	46,517	687,740
NETHERLANDS — 4.2%
Aalberts NV	45,956	2,655,579
ABN AMRO Bank NV (a)(b)(e)	197,778	2,854,641
Adyen NV (a)(e)	12,075	33,796,286
Aegon NV (b)	1,394,474	7,219,233
Akzo Nobel NV	138,515	15,151,006
Argenx SE (a)	10	3,008
ASML Holding NV	210,216	157,360,508
ASR Nederland NV	71,539	3,276,608
Euronext NV (e)	46,535	5,269,131
EXOR NV	47,613	4,023,805
Fugro NV (a)	60,146	631,329
Heineken Holding NV	46,160	4,025,659
Heineken NV	106,913	11,176,395
IMCD NV	25,231	4,832,152
ING Groep NV (b)	2,021,997	29,451,768
Koninklijke Ahold Delhaize NV	622,738	20,738,687
Koninklijke DSM NV	120,810	24,187,202

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Koninklijke KPN NV	2,242,419	$ 7,055,882
Koninklijke Philips NV	465,612	20,689,070
Merus NV (a)(b)	54,064	1,189,408
NN Group NV	163,897	8,598,965
OCI NV (a)	19,095	564,761
Pharming Group NV (a)(b)	216,531	204,373
PostNL NV	524,400	2,534,332
Randstad NV (b)	31,698	2,134,385
Royal Dutch Shell PLC Class A	1,981,095	44,208,528
Royal Dutch Shell PLC Class B	1,793,048	39,881,669
SBM Offshore NV	212,682	3,795,912
Shop Apotheke Europe NV (a)(e)	11,065	1,637,597
Signify NV (e)	71,553	3,578,272
Universal Music Group NV (a)	536,948	14,384,369
Wolters Kluwer NV	148,427	15,753,543
		492,864,063
NEW ZEALAND — 0.3%
a2 Milk Co., Ltd. (a)(b)	797,986	3,539,656
Air New Zealand, Ltd. (a)(b)	613,767	690,154
Auckland International Airport, Ltd. (a)	285,709	1,541,294
Contact Energy, Ltd.	341,479	1,990,561
Fisher & Paykel Healthcare Corp., Ltd.	333,701	7,366,519
Fletcher Building, Ltd.	211,355	1,046,868
Goodman Property Trust REIT	1,136,211	1,896,833
Infratil, Ltd.	551,102	3,026,216
Kiwi Property Group, Ltd.	1,321,441	1,052,894
Meridian Energy, Ltd.	598,669	2,036,050
Ryman Healthcare, Ltd.	197,743	2,059,837
Spark New Zealand, Ltd.	933,600	3,078,531
Vital Healthcare Property Trust REIT	1,119,359	2,362,901
Xero, Ltd. (a)	50,860	5,106,684
		36,794,998
NORWAY — 0.7%
Aker BP ASA	51,080	1,668,289
Aker Carbon Capture ASA (a)	32	101
Aker Offshore Wind A/S (a)	6,816	3,807
Aker Solutions ASA (a)	68,276	151,698
ArcticZymes Technologies ASA (a)	56,784	564,961
Bank Norwegian ASA	73,870	884,316
DNB Bank ASA	588,032	13,469,313
DNO ASA (a)	390,076	446,861

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Equinor ASA	570,458	$ 14,550,216
Gjensidige Forsikring ASA	89,972	1,997,488
IDEX Biometrics ASA (a)(b)	946,990	261,448
Kahoot! ASA (a)	273,680	1,976,748
Leroy Seafood Group ASA	133,964	1,109,557
Mowi ASA	168,510	4,287,433
Nordic Nanovector ASA (a)(b)	48,262	132,248
Norsk Hydro ASA	986,359	7,403,413
Orkla ASA	714,476	6,565,886
Pexip Holding ASA (a)(b)	113,581	927,072
Salmar ASA	25,770	1,716,967
Schibsted ASA Class A	33,450	1,594,855
Schibsted ASA Class B	33,283	1,417,604
SpareBank 1 SR-Bank ASA	87,806	1,222,147
Storebrand ASA	546,753	5,241,263
Telenor ASA	407,073	6,869,073
TGS ASA	55,574	590,803
Tomra Systems ASA	52,431	2,746,707
		77,800,274
PORTUGAL — 0.2%
Banco Comercial Portugues SA Class R (a)(b)	4,095,185	743,716
EDP - Energias de Portugal SA	1,818,294	9,556,659
Galp Energia SGPS SA	204,608	2,323,878
Jeronimo Martins SGPS SA	118,086	2,355,288
Mota-Engil SGPS SA (a)(b)	265,046	421,137
NOS SGPS SA	628,138	2,531,916
Pharol SGPS SA (a)(b)	726,738	77,151
		18,009,745
RUSSIA — 0.0% (d)
Coca-Cola HBC AG (a)	85,783	2,774,816
SAUDI ARABIA — 0.1%
Delivery Hero SE (a)(e)	54,843	7,020,234
SINGAPORE — 0.9%
AIMS APAC REIT	1,435,031	1,522,131
ARA LOGOS Logistics Trust REIT	2,042,417	1,384,077
Ascendas India Trust	915,400	964,218
Ascendas Real Estate Investment Trust	1,147,734	2,536,242
Ascott Residence Trust (b)	1,596,626	1,087,860
BOC Aviation, Ltd. (e)	163,800	1,371,900
CapitaLand Integrated Commercial Trust REIT	2,487,054	3,718,857

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Capitaland Investment, Ltd. (a)	3,267,346	$ 8,182,805
City Developments, Ltd.	312,200	1,589,056
ComfortDelGro Corp., Ltd.	959,300	1,066,988
COSCO Shipping International Singapore Co., Ltd. (a)(b)	4,614,600	951,744
DBS Group Holdings, Ltd.	964,489	21,540,444
Frasers Centrepoint Trust REIT	774,076	1,294,308
Genting Singapore, Ltd.	6,477,964	3,435,573
IGG, Inc.	668,000	628,986
Jardine Cycle & Carriage, Ltd.	93,533	1,335,201
Keppel Corp., Ltd.	1,517,575	5,835,107
Keppel Infrastructure Trust	2,881,200	1,156,640
Keppel REIT	466,409	364,167
Lippo Malls Indonesia Retail Trust REIT (b)	9,582,900	367,053
Manulife US Real Estate Investment Trust	1,361,500	953,050
Mapletree Commercial Trust REIT	959,200	1,462,540
Mapletree Logistics Trust REIT	1,126,923	1,693,373
Mapletree North Asia Commercial Trust REIT	1,698,900	1,207,601
Oversea-Chinese Banking Corp., Ltd.	1,434,330	12,149,967
Parkway Life Real Estate Investment Trust	351,200	1,202,917
SATS, Ltd. (a)	317,400	972,587
Sembcorp Industries, Ltd.	462,500	623,435
Sembcorp Marine, Ltd. (a)(b)	2,252,532	137,714
Singapore Airlines, Ltd. (a)	158,189	586,101
Singapore Exchange, Ltd.	471,100	3,463,154
Singapore Press Holdings, Ltd.	782,500	1,129,714
Singapore Technologies Engineering, Ltd.	324,800	911,526
Singapore Telecommunications, Ltd.	2,972,900	5,386,958
Suntec Real Estate Investment Trust	1,091,200	1,141,355
United Overseas Bank, Ltd.	631,108	12,016,899
UOL Group, Ltd.	316,754	1,600,569
Venture Corp., Ltd. (b)	145,300	1,923,277
		108,896,094
SOUTH AFRICA — 0.2%
Anglo American PLC	762,728	26,970,435
Investec PLC	276,834	1,190,729
Thungela Resources, Ltd. (a)(b)	49	304
		28,161,468
SOUTH KOREA — 5.3%
Advanced Process Systems Corp.	17,066	359,626
Alteogen, Inc. (a)	36,365	2,229,813
Amorepacific Corp.	14,371	2,166,574

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
AMOREPACIFIC Group	13,928	$ 577,000
Anterogen Co., Ltd. (a)	2,685	167,813
Ascendio Co., Ltd. (a)	4,118	6,608
Asiana Airlines, Inc. (a)	112,285	2,527,361
BGF retail Co., Ltd.	4,488	646,287
Biolog Device Co., Ltd. (a)	256,623	779,189
Bioneer Corp. (a)	15,331	844,241
BIT Computer Co., Ltd.	56,472	440,234
BNK Financial Group, Inc.	145,976	1,089,888
Bukwang Pharmaceutical Co., Ltd. (b)	22,113	280,148
Cellid Co., Ltd. (a)	8,673	648,277
Celltrion Healthcare Co., Ltd. (a)	41,601	3,843,876
Celltrion Pharm, Inc. (a)	2,593	320,402
Celltrion, Inc. (a)	53,757	11,782,045
Cheil Worldwide, Inc.	33,754	649,993
CJ CGV Co., Ltd. (a)	83,673	2,098,892
CJ CheilJedang Corp.	6,090	2,106,296
CJ ENM Co., Ltd.	7,593	970,929
CJ Logistics Corp. (a)	4,332	559,794
CMG Pharmaceutical Co., Ltd. (a)	89,587	306,820
Com2uSCorp	4,674	390,026
CORESTEM, Inc. (a)	25,425	438,066
Coupang, Inc. (a)	70,213	1,955,432
Coway Co., Ltd.	17,639	1,105,417
CUROCOM Co., Ltd. (a)	55,789	75,155
Dae Han Flour Mills Co., Ltd.	19,504	2,676,858
Daewoo Engineering & Construction Co., Ltd. (a)	95,904	546,750
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a)	969	22,015
DB HiTek Co., Ltd.	18,518	853,955
DB Insurance Co., Ltd.	30,560	1,641,568
Deutsch Motors, Inc.	59,455	366,070
Devsisters Co., Ltd. (a)	9,613	1,273,885
Digitech Systems Co., Ltd. (a)(f)	19,094	—
DIO Corp. (a)	12,103	429,841
DL E&C Co., Ltd. (a)	6,964	788,155
DL Holdings Co., Ltd.	5,731	367,384
Dongsuh Cos., Inc.	23,959	590,881
Dongwon F&B Co., Ltd.	10,908	1,893,238
Dongwon Industries Co., Ltd.	12,438	2,421,418
Doosan Bobcat, Inc. (a)	23,459	793,524
Doosan Fuel Cell Co., Ltd. (a)(b)	22,089	968,259
Doosan Heavy Industries & Construction Co., Ltd. (a)	148,118	2,570,798

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Douzone Bizon Co., Ltd.	9,128	$ 740,879
Duksung Co., Ltd.	14,510	194,856
Ecopro BM Co., Ltd.	4,664	1,839,601
E-MART, Inc.	7,783	1,081,337
Eone Diagnomics Genome Center Co., Ltd. (a)	91,504	284,404
Eubiologics Co., Ltd. (a)	7,679	363,845
Eyegene, Inc. (a)	30,545	1,024,186
F&F Co., Ltd. (a)	1,973	1,181,467
Fila Holdings Corp.	23,435	844,175
GAEASOFT (a)(b)	32,066	589,050
Geneonelifescience, Inc. (a)	26,638	771,692
Genexine, Inc. (a)	8,204	494,734
Gravity Co., Ltd. ADR (a)(b)	1,427	129,086
Green Cross Corp.	2,765	774,153
Green Cross Holdings Corp.	17,325	461,659
GS Engineering & Construction Corp.	40,020	1,444,979
GS Holdings Corp.	32,747	1,237,693
GS Retail Co., Ltd. (b)	45,205	1,246,574
Hana Financial Group, Inc.	141,367	5,540,058
Hana Tour Service, Inc. (a)	36,691	2,723,935
Hancom, Inc. (a)	79,501	1,460,428
Hanjin Kal Corp. (a)(b)	16,936	875,408
Hankook Shell Oil Co., Ltd.	4,645	1,096,518
Hankook Tire & Technology Co., Ltd.	37,317	1,363,142
Hanmi Pharm Co., Ltd.	3,215	746,727
Hanmi Science Co., Ltd. (b)	17,675	927,042
Hanon Systems	121,930	1,611,659
Hansol Chemical Co., Ltd.	4,386	1,283,572
Hanssem Co., Ltd.	21,069	2,135,372
Hanwha Aerospace Co., Ltd.	29,937	1,269,288
Hanwha Corp.	25,052	724,688
Hanwha Solutions Corp. (a)	56,980	2,156,000
Harim Co., Ltd. (a)	423,438	1,040,713
HDC Hyundai Engineering Plastics Co., Ltd.	524,284	2,718,838
Helixmith Co., Ltd. (a)	5,483	111,837
Hite Jinro Co., Ltd.	16,268	455,477
HLB, Inc. (a)(b)	19,266	919,366
HMM Co., Ltd. (a)(b)	131,158	3,733,129
Hotel Shilla Co., Ltd. (b)	44,235	3,235,432
HS Industries Co., Ltd.	69,874	403,074
Hucentech Co., Ltd. (a)	151,014	311,211
Hugel, Inc. (a)	3,453	504,243

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Humasis Co., Ltd. (a)	16,868	$ 213,699
Huons Co., Ltd. (b)	32,873	1,515,934
Huons Global Co., Ltd.	20,053	1,039,911
HYBE Co., Ltd. (a)	8,879	2,238,498
Hyosung TNC Corp.	1,174	639,552
Hyundai Bioland Co., Ltd.	125,352	2,043,322
Hyundai Construction Equipment Co., Ltd. (a)	1,218	42,177
Hyundai Electric & Energy System Co., Ltd. (a)	1,542	36,206
Hyundai Elevator Co., Ltd.	41,296	1,714,272
Hyundai Engineering & Construction Co., Ltd.	33,151	1,439,157
Hyundai Glovis Co., Ltd.	6,059	852,047
Hyundai Heavy Industries Holdings Co., Ltd.	21,468	1,173,125
Hyundai Marine & Fire Insurance Co., Ltd.	50,726	1,090,352
Hyundai Mipo Dockyard Co., Ltd. (a)	10,917	644,509
Hyundai Mobis Co., Ltd.	31,768	6,788,264
Hyundai Motor Co. (b)	70,863	11,970,101
Hyundai Motor Co. Preference Shares (c)	11,381	917,978
Hyundai Motor Co. Preference Shares (c)	15,770	1,285,308
Hyundai Steel Co.	39,494	1,579,426
Hyundai Wia Corp.	7,817	520,253
Industrial Bank of Korea	123,290	1,093,366
Inscobee, Inc. (a)	28,863	109,699
Interpark Corp.	142,374	858,573
Jeil Pharmaceutical Co., Ltd.	4,067	125,720
Jenax, Inc. (a)(f)	19,545	—
Kakao Corp.	89,187	8,888,569
Kakao Games Corp. (a)	18,978	1,053,087
Kangstem Biotech Co., Ltd. (a)	15,172	55,678
Kangwon Land, Inc. (a)	39,455	954,718
KB Financial Group, Inc.	251,462	11,744,805
KCC Corp.	1,301	457,108
KCC Glass Corp.	959	55,888
KG Eco Technology Service Co., Ltd.	17,048	233,978
Kia Corp.	133,187	9,134,108
KineMaster Corp. (a)	12,308	195,431
KIWOOM Securities Co., Ltd.	53,282	4,950,186
KMW Co., Ltd. (a)(b)	17,643	598,282
Koh Young Technology, Inc.	331,592	5,447,183
Korea Aerospace Industries, Ltd.	22,231	619,614
Korea Electric Power Corp. ADR (b)	367,179	3,624,057
Korea Investment Holdings Co., Ltd.	26,632	1,941,167
Korea Shipbuilding & Offshore Engineering Co., Ltd. (a)	20,667	1,780,434

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Korea Zinc Co., Ltd.	6,293	$ 2,673,462
Korean Air Lines Co., Ltd. (a)	116,573	3,317,998
KT&G Corp. (b)	58,353	4,001,912
Kumho Petrochemical Co., Ltd.	8,324	1,328,747
L&F Co., Ltd.	11,413	1,725,445
LabGenomics Co., Ltd. (a)	18,928	458,013
LG Chem, Ltd.	22,276	14,599,811
LG Chem, Ltd. Preference Shares	9,309	2,952,305
LG Corp.	54,870	4,309,890
LG Display Co., Ltd. ADR (a)(b)	474,363	3,771,186
LG Display Co., Ltd. (a)(b)	100,572	1,609,662
LG Electronics, Inc.	57,562	6,198,611
LG Household & Health Care, Ltd.	4,696	5,302,831
LG Household & Health Care, Ltd. Preference Shares	1,108	600,791
LG Innotek Co., Ltd.	12,332	2,171,640
LG Uplus Corp.	106,464	1,348,784
Lotte Chemical Corp. (b)	6,279	1,280,725
Lotte Corp. (b)	36,418	1,036,560
Lotte Food Co., Ltd.	3,147	1,100,387
Lotte Shopping Co., Ltd.	6,233	539,597
LS Corp.	13,010	705,441
LX Holdings Corp. (a)	26,632	213,911
Mando Corp. (a)	15,557	750,257
ME2ON Co., Ltd.	241,956	1,064,688
Medifron DBT Co., Ltd. (a)	58,227	152,207
MedPacto, Inc. (a)(b)	9,596	496,820
Medy-Tox, Inc.	6,908	927,096
Meritz Securities Co., Ltd.	251,488	1,051,407
Mirae Asset Securities Co., Ltd.	180,134	1,317,534
Modetour Network, Inc. (a)	192,810	4,502,700
Muhak Co., Ltd.	111,225	1,052,128
Naturecell Co., Ltd. (a)	10,684	188,143
NAVER Corp.	74,688	24,475,459
NCSoft Corp.	7,793	3,968,901
Netmarble Corp. (e)	29,517	2,941,728
Nexon GT Co., Ltd. (a)	82,331	698,840
Next Science Co., Ltd. (a)	40,297	995,513
NH Investment & Securities Co., Ltd.	67,566	736,150
NHN Corp. (a)	2,920	173,128
NongShim Co., Ltd.	1,757	419,217
OCI Co., Ltd. (a)	6,078	826,485
Orientbio, Inc. (a)	28,489	33,927

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Orion Corp/Republic of Korea	7,712	$ 765,338
Orion Holdings Corp.	1,127	15,801
Oscotec, Inc. (a)	11,622	321,961
Ottogi Corp.	3,173	1,318,510
Pan Ocean Co., Ltd.	113,287	722,396
Pearl Abyss Corp. (a)(b)	16,130	1,095,314
Pharmicell Co., Ltd. (a)	18,885	236,860
POSCO ADR (b)	176,651	12,183,620
POSCO Chemtech Co., Ltd.	14,027	2,096,942
Prostemics Co., Ltd. (a)	42,542	104,558
Rsupport Co., Ltd.	41,579	263,029
S-1 Corp.	17,113	1,208,317
Sajo Industries Co., Ltd.	70,213	3,012,517
Samsung Biologics Co., Ltd. (a)(e)	7,795	5,754,079
Samsung C&T Corp.	42,975	4,482,612
Samsung Electro-Mechanics Co., Ltd.	25,754	3,860,925
Samsung Electronics Co., Ltd. GDR	96,842	151,315,625
Samsung Electronics Co., Ltd. Preference Shares	394,022	23,162,104
Samsung Engineering Co., Ltd. (a)	58,940	1,271,889
Samsung Fire & Marine Insurance Co., Ltd.	12,530	2,486,951
Samsung Heavy Industries Co., Ltd. (a)(b)	173,068	906,268
Samsung Life Insurance Co., Ltd.	38,002	2,355,867
Samsung SDI Co., Ltd.	27,415	16,624,975
Samsung SDS Co., Ltd.	17,208	2,332,672
Samsung Securities Co., Ltd.	45,695	1,848,641
Seegene, Inc.	18,390	942,798
Seoulin Bioscience Co., Ltd.	24,952	634,337
Shin Poong Pharmaceutical Co., Ltd. (b)	11,657	563,159
Shinhan Financial Group Co., Ltd.	243,264	8,300,562
Shinsegae Food Co., Ltd.	27,024	2,257,326
Shinsegae, Inc.	4,686	1,042,872
SillaJen, Inc. (a)(b)(f)	25,450	195,067
SK Biopharmaceuticals Co., Ltd. (a)	9,230	795,152
SK Bioscience Co., Ltd. (a)	4,257	972,566
SK Chemicals Co., Ltd.	3,506	840,966
SK Hynix, Inc.	267,094	23,235,373
SK Innovation Co., Ltd. (a)(b)	43,763	9,794,928
SK, Inc.	15,692	3,551,905
SKC Co., Ltd.	9,221	1,316,173
S-Oil Corp.	18,756	1,742,534
SundayToz Corp. (a)	10,802	184,291
T&R Biofab Co., Ltd. (a)	8,473	436,531

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Thumbage Co., Ltd. (a)	210,834	$ 431,818
WONIK IPS Co., Ltd.	15,564	526,468
Wonpung Mulsan Co., Ltd. (a)	87,075	103,328
Woori Financial Group, Inc.	317,829	3,127,287
Youlchon Chemical Co., Ltd.	101,777	2,097,431
Yuhan Corp.	23,329	1,211,768
Yungjin Pharmaceutical Co., Ltd. (a)(b)	38,928	165,378
		613,525,896
SPAIN — 1.9%
Abertis Infraestructuras SA (a)(b)	1,675	12,560
Acciona SA (b)	12,724	2,111,696
Acerinox SA	134,425	1,727,732
ACS Actividades de Construccion y Servicios SA	124,278	3,377,550
Aedas Homes SA (e)	10,987	318,335
Aena SME SA (a)(e)	34,150	5,909,017
Almirall SA (b)	72,323	1,149,993
Amadeus IT Group SA (a)	220,138	14,511,734
Amper SA (a)(b)	2,829,587	606,024
Applus Services SA	113,962	1,086,988
Atlantica Sustainable Infrastructure PLC	44,088	1,521,477
Atresmedia Corp. de Medios de Comunicacion SA (a)	111,956	481,118
Audax Renovables SA (b)	267,201	465,438
Banco Bilbao Vizcaya Argentaria SA (a)	1,781,477	11,803,563
Banco de Sabadell SA (a)	2,289,248	1,925,107
Banco Santander SA	6,130,435	22,284,417
Bankinter SA (b)	403,779	2,371,620
Befesa SA (e)	29,919	2,285,058
CaixaBank SA	2,084,993	6,485,625
Cellnex Telecom SA (e)	207,969	12,846,668
Cia de Distribucion Integral Logista Holdings SA	59,018	1,245,544
CIE Automotive SA	26,819	676,963
Construcciones y Auxiliar de Ferrocarriles SA (a)	21,252	885,449
Deoleo SA (a)(b)	3,244,396	1,267,151
Distribuidora Internacional de Alimentacion SA (a)	8,290,976	141,250
eDreams ODIGEO SA (a)	136,362	1,193,177
Ence Energia y Celulosa SA (a)	225,102	621,943
Endesa SA	150,491	3,038,249
Ercros SA (a)	49,997	204,832
Faes Farma SA	154,027	603,362
Ferrovial SA	191,173	5,589,957
Fluidra SA	50,103	2,000,404
Fomento de Construcciones y Contratas SA	50,984	619,241

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Gestamp Automocion SA (a)(e)	82,765	$ 321,717
Global Dominion Access SA (e)	54,048	273,106
Grenergy Renovables SA (a)	24,674	876,465
Grifols SA	201,815	4,930,475
Grifols SA ADR	124,503	1,818,989
Grupo Catalana Occidente SA	34,188	1,248,099
Grupo Empresarial San Jose SA	16,871	95,710
Grupo Ezentis SA (a)(b)	1,060,743	399,538
Iberdrola SA	2,567,506	25,840,206
Indra Sistemas SA (a)	246,086	2,646,669
Industria de Diseno Textil SA	530,427	19,560,975
Inmobiliaria Colonial Socimi SA REIT	143,770	1,396,294
Laboratorios Farmaceuticos Rovi SA	20,000	1,309,613
Lar Espana Real Estate Socimi SA REIT	113,961	709,243
Let's GOWEX SA (a)(b)(f)	4,019	—
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros	402,192	793,803
Mapfre SA	473,385	1,034,167
Mediaset Espana Comunicacion SA (a)	99,759	567,442
Melia Hotels International SA (a)	52,695	392,686
Merlin Properties Socimi SA REIT	154,900	1,592,713
Metrovacesa SA (e)	53,552	458,033
Miquel y Costas & Miquel SA	24,114	472,862
Neinor Homes SA (a)(e)	43,069	576,017
Obrascon Huarte Lain SA (a)(b)	876,321	636,789
Oryzon Genomics SA (a)(b)	65,023	230,220
Pharma Mar SA (b)	25,126	2,168,841
Prosegur Cash SA (e)	776,250	626,146
Prosegur Cia de Seguridad SA	130,245	387,935
Red Electrica Corp. SA	213,420	4,281,509
Repsol SA	852,288	11,159,703
Sacyr SA	301,858	743,756
Siemens Gamesa Renewable Energy SA (a)	110,140	2,810,781
Solaria Energia y Medio Ambiente SA (a)	59,168	937,732
Solarpack Corp. Tecnologica SA (a)	27,434	834,609
Soltec Power Holdings SA (a)	65,390	527,834
Talgo SA (a)(e)	41,617	215,838
Tecnicas Reunidas SA (a)(b)	51,586	489,644
Telefonica SA	1,708,541	8,013,520
Tubacex SA (a)(b)	377,607	687,075
Unicaja Banco SA (e)	1,785,240	1,864,173
Viscofan SA	20,655	1,353,700

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Zardoya Otis SA	161,324	$ 1,312,504
		217,966,373
SWEDEN — 3.3%
AAK AB	83,440	1,800,218
Acconeer AB (a)(b)	37,053	315,109
Aegirbio AB (a)	19,718	405,695
Alfa Laval AB	290,888	10,925,902
Arjo AB Class B	36,499	451,411
Assa Abloy AB Class B	487,516	14,248,972
Atlas Copco AB Class A	302,650	18,411,089
Atlas Copco AB Class B	192,711	9,879,452
Beijer Ref AB	100,709	2,007,607
BHG Group AB (a)	70,470	1,022,186
BICO Group AB (a)	18,102	1,080,093
Bilia AB Class A	148,360	2,692,968
BillerudKorsnas AB	87,388	1,672,134
Boliden AB (a)	130,948	4,225,457
Boozt AB (a)(e)	31,955	529,993
Bravida Holding AB (e)	96,105	1,300,653
Brighter AB (a)	1,669,571	156,298
Bure Equity AB	40,200	1,668,921
Castellum AB (b)	130,994	3,211,757
CDON AB (a)	9,883	407,360
Cell Impact AB (a)	172,615	941,549
Diamyd Medical AB (a)	117,028	333,083
Dometic Group AB (e)	142,243	2,159,200
Electrolux AB Class B (b)	237,815	5,499,194
Electrolux Professional AB Class B (a)	3,528	25,386
Elekta AB Class B (b)	127,959	1,438,351
Embracer Group AB (a)	117,082	1,128,188
Enzymatica AB (a)	82,724	94,463
Epiroc AB Class A	314,353	6,539,626
Epiroc AB Class B	192,701	3,432,849
Essity AB Class B	291,944	9,076,792
Evolution AB (e)	121,435	18,525,030
Expres2ion Biotech Holding AB Class A (a)	137,144	720,792
Fabege AB (b)	134,316	2,034,265
Fastighets AB Balder Class B (a)	46,199	2,787,186
G5 Entertainment AB (b)	8,378	381,334
Getinge AB Class B	49,324	1,972,159
H & M Hennes & Mauritz AB Class B (a)	501,798	10,230,346
Hexagon AB Class B	893,935	13,891,498

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Hexpol AB	153,440	$ 1,756,521
Holmen AB Class B	47,651	2,102,983
Hufvudstaden AB Class A	87,234	1,307,231
Husqvarna AB Class B	202,512	2,431,704
ICA Gruppen AB	38,098	1,751,057
Industrivarden AB Class A	95,791	3,078,959
Industrivarden AB Class C	80,814	2,512,577
Indutrade AB	128,622	3,593,192
Intrum AB	35,009	954,804
Investment AB Latour Class B	59,134	1,841,231
Investor AB Class B	770,009	16,647,273
Isofol Medical AB (a)	231,299	244,028
JM AB	39,814	1,413,973
Kancera AB (a)(b)	208,020	215,901
Karo Pharma AB (a)	635,664	4,010,796
Kinnevik AB Class B (a)	158,241	5,591,807
KNOW IT AB	188,294	7,597,577
Kungsleden AB	85,604	1,130,160
L E Lundbergforetagen AB Class B	35,025	1,932,099
LeoVegas AB (e)	185,394	725,593
Loomis AB	34,919	948,358
Lundin Energy AB	111,868	4,178,803
MIPS AB	17,985	1,810,105
Modern Times Group MTG AB Class B (a)	10,950	133,174
Mycronic AB	54,646	1,364,190
NCC AB Class B	69,582	1,099,180
Nibe Industrier AB Class B	741,421	9,377,352
Nolato AB Class B	156,084	1,867,966
Nordic Entertainment Group AB Class B (a)	7,775	421,253
Nyfosa AB (b)	136,979	1,938,378
Pandox AB (a)	36,389	577,329
Readly International AB (a)(b)	148,303	477,361
Saab AB Class B	48,147	1,369,252
Samhallsbyggnadsbolaget i Norden AB	401,077	2,222,564
Sandvik AB	662,216	15,229,708
Sectra AB Class B	99,497	2,001,643
Securitas AB Class B	157,698	2,506,462
Sinch AB (a)(e)	186,912	3,655,536
Skandinaviska Enskilda Banken AB Class A	854,774	12,105,606
Skanska AB Class B	196,680	4,961,654
SKF AB Class B	179,922	4,269,486
SSAB AB Class B (a)	301,443	1,297,970

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Stillfront Group AB (a)	150,733	$ 956,236
Svenska Cellulosa AB SCA Class B	242,655	3,783,272
Svenska Handelsbanken AB Class A	732,159	8,228,320
Swedbank AB Class A	506,597	10,266,804
Swedish Match AB	778,460	6,821,330
Swedish Orphan Biovitrum AB (a)	108,584	2,937,839
Tele2 AB Class B (b)	421,141	6,250,768
Telefonaktiebolaget LM Ericsson Class B (b)	1,696,529	19,217,587
Telia Co. AB	707,670	2,922,150
Tethys Oil AB	151,699	1,054,266
Thule Group AB (b)(e)	43,653	2,203,470
Trelleborg AB Class B	119,673	2,560,743
Vitrolife AB	49,184	2,596,221
Volvo AB Class A	101,117	2,297,759
Volvo AB Class B	779,286	17,553,320
Wallenstam AB Class B	100,614	1,492,784
Wihlborgs Fastigheter AB	63,936	1,274,547
		384,694,778
SWITZERLAND — 7.2%
ABB, Ltd.	985,421	33,158,992
Adecco Group AG	147,039	7,411,453
Alcon, Inc.	252,989	20,622,055
ALSO Holding AG (a)	3,062	886,252
Aryzta AG (a)	196,772	295,311
Bachem Holding AG Class B	3,040	2,330,064
Baloise Holding AG	23,914	3,647,920
Barry Callebaut AG	1,539	3,497,540
Belimo Holding AG	2,251	1,192,039
BKW AG	9,392	1,016,875
Bucher Industries AG	3,166	1,513,680
Cembra Money Bank AG	13,026	878,314
Chocoladefabriken Lindt & Spruengli AG (c)	200	2,234,014
Chocoladefabriken Lindt & Spruengli AG (c)	12	1,413,732
Cie Financiere Richemont SA	257,031	26,842,429
Clariant AG (a)	140,491	2,654,397
Comet Holding AG	26,946	9,358,958
Credit Suisse Group AG	908,115	9,047,565
CRISPR Therapeutics AG (a)(b)	20,585	2,304,079
Daetwyler Holding AG	3,424	1,218,597
DKSH Holding AG	14,788	1,161,195
dormakaba Holding AG (b)	1,504	1,094,727
Dufry AG (a)	22,804	1,291,212

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
EMS-Chemie Holding AG	3,192	$ 3,024,846
Flughafen Zurich AG (a)	9,466	1,694,615
Forbo Holding AG	357	706,461
Galenica AG (e)	23,749	1,677,718
Geberit AG	19,038	14,061,405
Georg Fischer AG	1,626	2,422,833
Givaudan SA	4,744	21,674,361
Helvetia Holding AG	15,669	1,711,605
Holcim, Ltd. (a)(c)	298,748	14,456,220
Holcim, Ltd. (a)(c)	4,867	234,762
Idorsia, Ltd. (a)(b)	47,778	1,156,485
Inficon Holding AG	1,076	1,264,186
Interroll Holding AG	220	931,554
IWG PLC (a)	334,886	1,323,023
Julius Baer Group, Ltd.	162,235	10,838,275
Kuehne + Nagel International AG	47,382	16,223,199
Leonteq AG	22,286	1,364,132
Logitech International SA (b)	82,651	7,376,880
Lonza Group AG	33,365	25,093,942
Meyer Burger Technology AG (a)(b)	176,926	80,189
Mobimo Holding AG (a)	3,151	1,048,813
Nestle SA	1,279,382	154,565,419
Novartis AG	1,150,820	94,782,120
OC Oerlikon Corp. AG	91,410	1,003,418
Partners Group Holding AG	9,464	14,878,015
PSP Swiss Property AG	19,068	2,301,610
Roche Holding AG Bearer Shares	1	412
Roche Holding AG	343,085	125,762,894
Schindler Holding AG (c)	22,192	5,975,913
Schindler Holding AG (c)	11,161	2,888,209
Schweiter Technologies AG	317	455,357
SFS Group AG	8,016	1,093,032
SGS SA	3,121	9,120,272
Sika AG	83,418	26,540,668
Sonova Holding AG	27,241	10,372,518
St Galler Kantonalbank AG	1,464	652,864
STMicroelectronics NV (b)	401,909	17,590,651
Straumann Holding AG	4,791	8,646,244
Sulzer AG (b)	36,993	3,537,306
Swatch Group AG (c)	14,460	3,805,467
Swatch Group AG (c)	28,618	1,478,681
Swiss Life Holding AG	15,869	8,054,855

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Swiss Prime Site AG	34,866	$ 3,416,147
Swisscom AG	12,683	7,306,474
Temenos AG	47,622	6,488,456
u-blox Holding AG (a)	8,005	530,749
UBS Group AG	1,656,068	26,629,169
Valiant Holding AG	7,672	731,137
VAT Group AG (e)	12,463	4,945,921
Vifor Pharma AG	17,571	2,288,553
Vontobel Holding AG	13,103	1,106,138
VZ Holding AG	6,790	676,198
Zur Rose Group AG (a)(b)	3,391	1,359,526
Zurich Insurance Group AG	76,026	31,262,876
		843,684,173
TAIWAN — 0.4%
Medtecs International Corp., Ltd.	376,500	106,771
Sea, Ltd. ADR (a)	161,927	51,610,993
		51,717,764
TURKEY — 0.0% (d)
Eldorado Gold Corp. (a)	50,830	393,207
UNITED KINGDOM — 10.1%
3i Group PLC	472,205	8,159,282
Abrdn PLC	1,804,651	6,219,520
Accustem Sciences, Ltd. ADR (a)	113	32
Admiral Group PLC	120,126	5,034,088
Afren PLC (a)(b)(f)	55,933	—
AO World PLC (a)(b)	153,082	448,731
Argo Blockchain PLC (a)(b)	473,433	778,791
Ashtead Group PLC	215,334	16,392,917
Associated British Foods PLC	175,323	4,396,981
AstraZeneca PLC	728,785	88,026,460
Auto Trader Group PLC (e)	365,730	2,903,562
AVEVA Group PLC	55,720	2,704,683
Aviva PLC	2,497,554	13,332,241
Avon Protection PLC	132,840	3,478,411
B&M European Value Retail SA	380,390	3,029,182
Babcock International Group PLC (a)	254,056	1,273,625
BAE Systems PLC	1,534,990	11,697,969
Balfour Beatty PLC	1,317,562	4,814,410
Barclays PLC	6,904,266	17,650,565
Barratt Developments PLC	790,006	7,034,613
Beazley PLC (a)	259,028	1,324,396

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Bellway PLC	49,340	$ 2,181,440
Berkeley Group Holdings PLC	48,369	2,844,825
Big Yellow Group PLC REIT	136,892	2,574,868
Bodycote PLC	102,951	1,218,093
BP PLC	9,669,049	44,365,815
British American Tobacco PLC	1,093,040	38,377,775
British Land Co. PLC REIT	848,173	5,663,277
Britvic PLC	105,533	1,271,410
BT Group PLC (a)	4,630,106	9,976,322
Bunzl PLC	162,855	5,390,826
Burberry Group PLC	269,206	6,588,160
Cairn Energy PLC	181,676	459,305
Capita PLC (a)	1,138,015	781,952
Capital & Counties Properties PLC REIT	368,750	825,856
Centrica PLC (a)	3,352,457	2,562,099
Close Brothers Group PLC	73,264	1,528,212
CNH Industrial NV	488,238	8,317,898
Coca-Cola European Partners PLC	113,371	6,268,283
Compass Group PLC (a)	820,561	16,861,593
ConvaTec Group PLC (e)	759,859	2,213,041
Croda International PLC	63,593	7,326,108
Currys PLC	498,230	896,838
Daily Mail & General Trust PLC Class A	59,695	862,850
DCC PLC	41,377	3,457,907
Dechra Pharmaceuticals PLC	62,373	4,078,882
Derwent London PLC REIT	55,558	2,590,445
DEV Clever Holdings PLC (a)	3,263,960	1,694,370
Diageo PLC	1,146,967	55,767,272
Diploma PLC	58,756	2,251,537
Direct Line Insurance Group PLC	702,593	2,743,501
Drax Group PLC	188,322	1,223,406
DS Smith PLC	336,061	1,870,965
easyJet PLC (a)(b)	204,036	1,823,442
Electrocomponents PLC	269,703	3,920,192
EnQuest PLC (a)(b)	6,551,384	2,097,971
Entain PLC (a)	268,414	7,708,813
Experian PLC	543,493	22,783,342
Farfetch, Ltd. Class A (a)	104,136	3,903,017
Firstgroup PLC (a)(b)	1,697,315	2,035,688
Frasers Group PLC (a)	76,239	702,617
Future PLC	54,846	2,728,815
Games Workshop Group PLC	15,466	2,141,663

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Gamesys Group PLC	75,260	$ 1,877,322
Genuit Group PLC	102,951	966,146
Genus PLC	30,797	2,271,426
GlaxoSmithKline PLC	2,490,281	47,129,678
Grafton Group PLC	106,914	1,838,009
Great Portland Estates PLC REIT	138,470	1,393,761
Gym Group PLC (a)(e)	461,661	1,851,880
Halma PLC	185,981	7,126,814
Hammerson PLC REIT (b)	1,784,084	777,961
Hargreaves Lansdown PLC	96,229	1,857,377
Hays PLC	678,636	1,479,618
Hiscox, Ltd.	143,665	1,626,396
HomeServe PLC	196,250	2,393,431
Howden Joinery Group PLC	291,234	3,517,676
HSBC Holdings PLC	9,486,715	49,892,917
IG Group Holdings PLC	177,274	1,922,976
IMI PLC	113,370	2,537,517
Imperial Brands PLC	468,957	9,854,681
Inchcape PLC	203,498	2,225,275
Indivior PLC (a)	394,458	1,147,770
Informa PLC (a)	583,416	4,321,851
IntegraFin Holdings PLC	102,951	720,445
InterContinental Hotels Group PLC (a)	96,900	6,213,959
Intermediate Capital Group PLC	144,980	3,997,644
International Consolidated Airlines Group SA (a)(b)	331,858	798,718
International Personal Finance PLC	164,371	306,292
Intertek Group PLC	81,913	5,496,968
Intu Properties PLC REIT (a)(b)(f)	315,030	—
ITV PLC (a)	1,782,061	2,561,430
J Sainsbury PLC	1,199,522	4,615,991
JD Sports Fashion PLC	202,343	2,860,615
John Wood Group PLC (a)	509,029	1,579,290
Johnson Matthey PLC	97,060	3,513,883
Jupiter Fund Management PLC	408,485	1,376,952
Just Eat Takeaway (a)(b)(e)	28,925	2,105,276
Keller Group PLC	49,224	631,854
Kingfisher PLC	1,905,790	8,646,948
Lancashire Holdings, Ltd.	97,106	737,152
Land Securities Group PLC REIT	600,584	5,644,290
Legal & General Group PLC	2,875,203	10,897,631
Lloyds Banking Group PLC	34,102,354	21,413,781
London Stock Exchange Group PLC	151,593	15,227,836

See accompanying notes to financial statements.

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Security Description	Shares	Value
LondonMetric Property PLC REIT	336,898	$ 1,086,582
M&G PLC	1,241,477	3,408,154
Man Group PLC	1,341,206	3,694,593
Marks & Spencer Group PLC (a)	1,468,790	3,634,114
Marshalls PLC	150,157	1,510,383
Meggitt PLC (a)	306,623	3,052,806
Melrose Industries PLC	2,036,356	4,778,928
Micro Focus International PLC	174,914	966,258
Moneysupermarket.com Group PLC	405,254	1,163,884
National Express Group PLC (a)	308,885	1,004,562
National Grid PLC	1,823,475	21,749,511
Natwest Group PLC	2,181,444	6,615,098
Next PLC	103,919	11,506,590
Ninety One PLC	138,525	480,772
Nomad Foods, Ltd. (a)	71,690	1,975,776
Ocado Group PLC (a)	226,873	5,085,659
Pearson PLC	580,135	5,567,879
Pennon Group PLC	135,026	2,062,767
Pensana PLC (a)(b)	63,611	64,327
Persimmon PLC	61,589	2,215,602
Petrofac, Ltd. (a)(b)	116,539	264,930
Phoenix Group Holdings PLC	273,182	2,378,036
Playtech PLC (a)	237,826	1,504,597
Provident Financial PLC (a)	53,984	243,408
Prudential PLC	1,241,477	24,355,914
Quilter PLC (b)(e)	1,145,267	2,200,515
Reckitt Benckiser Group PLC	348,822	27,420,488
Redrow PLC	100,092	900,987
RELX PLC (c)	612,364	17,727,376
RELX PLC (c)	495,080	14,344,324
Rentokil Initial PLC	899,449	7,077,740
Restaurant Group PLC (a)	1,530,674	2,125,801
Rightmove PLC	495,858	4,569,146
Rolls-Royce Holdings PLC (a)	4,495,933	8,495,417
Rotork PLC	532,301	2,503,436
Royal Mail PLC	222,496	1,263,611
Sage Group PLC	545,616	5,220,396
Schroders PLC	55,577	2,693,995
Segro PLC REIT	475,997	7,669,638
Serco Group PLC	880,609	1,591,075
Severn Trent PLC	116,481	4,089,770
Shaftesbury PLC REIT (b)	151,968	1,246,854

See accompanying notes to financial statements.

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Security Description	Shares	Value
Smith & Nephew PLC	465,356	$ 8,075,448
Smiths Group PLC	277,427	5,390,331
Spectris PLC	60,084	3,136,063
Spirax-Sarco Engineering PLC	34,997	7,064,076
Spirent Communications PLC	391,246	1,474,993
SSE PLC	768,946	16,288,263
SSP Group PLC (a)	317,133	1,183,615
St James's Place PLC	254,432	5,169,967
Standard Chartered PLC	1,414,750	8,317,043
Subsea 7 SA	122,838	1,070,598
Tate & Lyle PLC	442,868	4,131,023
Taylor Wimpey PLC	1,198,276	2,517,254
Telecom Plus PLC	30,237	495,764
Tesco PLC	4,190,421	14,311,844
THG PLC (a)	361,633	2,472,173
Tiziana Life Sciences PLC ADR (a)(b)	180,272	263,197
TP ICAP Group PLC	398,175	857,182
Trainline PLC (a)(e)	137,227	650,196
Travis Perkins PLC	69,189	1,432,017
Tritax Big Box REIT PLC	1,057,456	3,031,296
Ultra Electronics Holdings PLC	53,892	2,351,449
Unilever PLC (c)	1,218,168	65,782,816
Unilever PLC (c)	26,730	1,445,003
UNITE Group PLC REIT	129,031	1,892,892
United Utilities Group PLC	345,399	4,510,022
Victrex PLC	46,099	1,480,594
Virgin Money UK PLC (a)	362,180	1,056,948
Vodafone Group PLC	13,991,684	21,374,829
Weir Group PLC (a)	56,322	1,284,555
WH Smith PLC (a)	52,461	1,211,704
Whitbread PLC (a)	134,460	6,011,881
Wickes Group PLC	77,858	238,934
Wm Morrison Supermarkets PLC	1,918,518	7,618,227
Workspace Group PLC REIT	114,955	1,278,747
WPP PLC	652,886	8,807,592
		1,176,128,822
UNITED STATES — 1.4%
Access Bio, Inc. (a)	23,732	356,782
Adaptimmune Therapeutics PLC ADR (a)	138,115	714,054
Argonaut Gold, Inc. (a)(b)	171,014	371,227
Atlassian Corp. PLC Class A (a)	57,065	22,336,382
Avast PLC (e)	359,353	2,751,183

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Avita Medical, Inc. CDI (a)	602	$ 2,144
Bausch Health Cos., Inc. (a)	164,519	4,586,818
Carnival PLC (a)	156,126	3,540,821
Cineworld Group PLC (a)(b)	585,394	621,034
Constellium SE (a)	39,730	746,129
CyberArk Software, Ltd. (a)	29,919	4,721,817
Ferguson PLC	167,535	23,346,339
Flex, Ltd. (a)	670,798	11,859,709
Globant SA (a)	19,501	5,479,976
Inmode, Ltd. (a)	7,725	1,231,751
International Game Technology PLC (a)(b)	50,938	1,340,688
Jackson Financial, Inc. Class A (a)	114	2,964
James Hardie Industries PLC	204,988	7,443,636
Jazz Pharmaceuticals PLC (a)	1,707	222,268
Nabriva Therapeutics PLC (a)(b)	85,936	102,264
Nitro Software, Ltd. (a)	90,669	238,401
Nordic American Tankers, Ltd.	192,265	492,198
Pluristem Therapeutics, Inc. (a)(b)	29,086	77,078
Primo Water Corp. (b)	74,871	1,179,048
QIAGEN NV (a)	113,444	5,888,807
REC Silicon ASA (a)(b)	363,605	548,162
Rhi Magnesita NV	16,406	725,128
Schneider Electric SE (c)	2,000	332,280
Spotify Technology SA (a)	56,179	12,659,376
Stellantis NV (c)	512,255	9,840,805
Stellantis NV (c)	523,554	10,025,102
Stratasys, Ltd. (a)	22,311	480,133
Swiss Re AG	166,542	14,307,419
Tenaris SA	183,303	1,931,495
UroGen Pharma, Ltd. (a)(b)	67,532	1,135,888
Waste Connections, Inc. (b)	126,057	15,884,863
		167,524,169
ZAMBIA — 0.1%
First Quantum Minerals, Ltd.	327,478	6,061,775
TOTAL COMMON STOCKS (Cost $9,600,562,037)		11,623,541,784


RIGHTS — 0.0% (d)
CANADA — 0.0% (d)
Pan American Silver Corp. (expiring 02/22/29) (a) (c)	32,412	23,332

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
FRANCE — 0.0% (d)
Veolia Environnement SA (expiring 10/1/21) (a)	413,934	$ 343,620
GERMANY — 0.0% (d)
Deutsche Lufthansa AG (expiring 10/5/21) (a) (b)	88,812	211,004
SOUTH KOREA — 0.0% (d)
ASCENDIO Co., Ltd. (expiring 11/04/21)	1,102	419
Hyundai Engineering & Construction Co., Ltd. (expiring 10/22/21) (a)	556	37,661
Kangstem Biotech Co., Ltd.(expiring 10/14/21) (a)	7,326	3,898
Samsung Heavy Industries Co., Ltd. (expiring 10/29/21) (a)	56,720	51,259
		93,237
TOTAL RIGHTS (Cost $514,691)		671,193
WARRANTS — 0.0% (d)
FRANCE — 0.0% (d)
Technicolor SA (expiring 9/22/24) (a) (b) (Cost: $0)	7,094	3,042
SHORT-TERM INVESTMENTS — 1.5%
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (g) (h)	5,575,064	5,576,179
State Street Navigator Securities Lending Portfolio II (i) (j)	168,665,275	168,665,275
TOTAL SHORT-TERM INVESTMENTS (Cost $174,241,454)		174,241,454
TOTAL INVESTMENTS — 101.0% (Cost $9,775,318,182)		11,798,457,473
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%		(112,555,690)
NET ASSETS — 100.0%		$11,685,901,783

(a)	Non-income producing security.
(b)	All or a portion of the shares of the security are on loan at September 30, 2021.
(c)	Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(d)	Amount is less than 0.05% of net assets.
(e)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.7% of net assets as of September 30, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

See accompanying notes to financial statements.

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(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 September 30, 2021, total aggregate fair value of the security is $195,067, representing less than 0.05% 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 September 30, 2021 are shown in the Affiliate Table below.
(h)	The rate shown is the annualized seven-day yield at September 30, 2021.
(i)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2021 are shown in the Affiliate Table below.
(j)	Investment of cash collateral for securities loaned.

ADR	American Depositary Receipt
CDI	CREST Depository Interest
GDR	Global Depositary Receipt
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2021.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$11,617,866,866	$5,479,851	$195,067	$11,623,541,784
Rights	238,234	432,959	—	671,193
Warrants	3,042	—	—	3,042
Short-Term Investments	174,241,454	—	—	174,241,454
TOTAL INVESTMENTS	$11,792,349,596	$5,912,810	$195,067	$11,798,457,473

See accompanying notes to financial statements.

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Sector Breakdown as of September 30, 2021


		% of Net Assets
	Financials	16.6%
	Industrials	16.2
	Consumer Discretionary	12.0
	Information Technology	11.8
	Health Care	10.9
	Consumer Staples	8.3
	Materials	8.0
	Communication Services	5.1
	Energy	4.0
	Real Estate	3.7
	Utilities	2.9
	Short-Term Investments	1.5
	Liabilities in Excess of Other Assets	(1.0)
	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 9/30/21	Value at 9/30/21	Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class	11,347,853	$ 11,350,122	$ 467,984,100	$ 473,758,237	$(939)	$1,133	5,575,064	$ 5,576,179	$ 6,062
State Street Navigator Securities Lending Portfolio II	121,695,745	121,695,745	1,533,955,215	1,486,985,685	—	—	168,665,275	168,665,275	2,069,026
Total		$133,045,867	$2,001,939,315	$1,960,743,922	$(939)	$1,133		$174,241,454	$2,075,088

See accompanying notes to financial statements.

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Security Description	Shares	Value
COMMON STOCKS — 99.5%
ARGENTINA — 0.1%
Banco Macro SA ADR (a)(b)	220	$ 3,738
Despegar.com Corp. (a)	1,725	20,752
MercadoLibre, Inc. (a)	215	361,071
Pampa Energia SA ADR (a)(b)	1,612	28,161
		413,722
AUSTRALIA — 2.1%
Afterpay, Ltd. (a)	832	72,913
Alumina, Ltd.	182,164	276,331
AMP, Ltd.	48,185	34,458
Australia & New Zealand Banking Group, Ltd.	12,032	244,661
Betmakers Technology Group, Ltd. (a)	34,368	26,688
BHP Group PLC	3,539	90,101
BHP Group, Ltd. (b)	14,957	406,346
Boral, Ltd. (a)	25,800	114,429
BrainChip Holdings, Ltd. (a)(b)	120,967	34,515
Brambles, Ltd.	35,918	279,432
Coles Group, Ltd.	16,387	201,113
Commonwealth Bank of Australia	3,958	298,286
Cooper Energy, Ltd. (a)(b)	61,839	12,061
CSL, Ltd.	6,324	1,340,293
De Grey Mining, Ltd. (a)(b)	15,472	10,785
Deterra Royalties, Ltd.	6,003	16,435
EML Payments, Ltd. (a)(b)	9,878	27,757
Endeavour Group, Ltd.	6,204	31,281
Fortescue Metals Group, Ltd.	26,724	288,789
Glencore PLC (a)	28,242	133,985
Iluka Resources, Ltd.	6,003	39,373
Insurance Australia Group, Ltd.	80,133	284,790
Kogan.com, Ltd. (a)(b)	3,826	30,373
LendLease Corp., Ltd. Stapled Security	42,391	332,240
Macquarie Group, Ltd.	7,428	976,542
Megaport, Ltd. (a)	6,903	83,771
Mesoblast, Ltd. (a)(b)	4,811	5,838
National Australia Bank, Ltd.	15,965	320,945
Newcrest Mining, Ltd.	8,435	137,946
Nuix, Ltd. (a)(b)	6,471	11,779
Origin Energy, Ltd.	26,718	91,288
Orora, Ltd.	2,125	4,774
OZ Minerals, Ltd.	26,205	426,096

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
PolyNovo, Ltd. (a)(b)	25,034	$ 34,810
Pro Medicus, Ltd. (b)	2,237	88,244
QBE Insurance Group, Ltd.	12,579	105,948
Redbubble, Ltd. (a)(b)	3,232	10,343
Rio Tinto PLC	11,386	754,336
Rio Tinto, Ltd.	901	65,201
Santos, Ltd.	22,498	116,523
Scentre Group REIT	37,510	81,015
Shopping Centres Australasia Property Group REIT	479,565	935,318
Sonic Healthcare, Ltd.	19,939	585,624
South32, Ltd.	10,983	27,722
Suncorp Group, Ltd.	26,353	239,093
Sydney Airport Stapled Security (a)	3,251	19,351
Temple & Webster Group, Ltd. (a)(b)	1,391	12,630
Transurban Group Stapled Security	33,335	340,966
Transurban Group (a)	3,703	37,876
Vicinity Centres REIT	139,408	168,171
Wesfarmers, Ltd.	16,387	659,921
West African Resources, Ltd. (a)(b)	32,429	22,722
Westpac Banking Corp.	18,478	347,037
Woodside Petroleum, Ltd.	8,499	146,605
Woolworths Group, Ltd.	6,204	176,346
		11,662,216
AUSTRIA — 0.2%
DO & Co. AG (a)(b)	3,752	304,387
OMV AG	7,214	436,259
S&T AG	1,002	26,175
Schoeller-Bleckmann Oilfield Equipment AG (a)	4,694	189,860
		956,681
BAHAMAS — 0.0% (c)
OneSpaWorld Holdings, Ltd. (a)	2,936	29,272
BELGIUM — 0.2%
Anheuser-Busch InBev SA/NV	4,183	238,250
Solvay SA	2,435	303,793
UCB SA	6,317	708,681
		1,250,724
BRAZIL — 0.7%
Adecoagro SA (a)	2,942	26,566
Ambev SA ADR	54,620	150,751
Anima Holding SA (a)	44,388	72,827

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Banco Bradesco SA ADR	70,427	$ 269,735
Banco Inter SA (d)	7,729	66,171
BK Brasil Operacao e Assessoria a Restaurantes SA (a)	1,585	2,388
Cia Energetica de Minas Gerais ADR	7,165	18,056
Cia Siderurgica Nacional SA ADR	26,838	141,168
Construtora Tenda SA	6,514	21,052
Cyrela Brazil Realty SA Empreendimentos e Participacoes (a)	7,125	23,537
Even Construtora e Incorporadora SA	43,415	61,271
Ez Tec Empreendimentos e Participacoes SA	9,940	41,665
Gerdau SA ADR	24,218	119,153
Gol Linhas Aereas Inteligentes SA Preference Shares (a)	1,022	3,884
Itau Unibanco Holding SA Preference Shares ADR	52,266	275,442
Light SA	300	723
Locaweb Servicos de Internet SA (e)	6,162	25,874
Marfrig Global Foods SA	1,813	8,538
Minerva SA	12,232	23,459
Natura & Co. Holding SA ADR (a)(b)	7,114	118,448
Omega Geracao SA (a)	21,204	124,837
Petro Rio SA (a)	108,568	498,517
Petroleo Brasileiro SA Preference Shares ADR	35,587	355,870
Petroleo Brasileiro SA ADR	13,831	143,013
Santos Brasil Participacoes SA (a)	1,932	2,812
Trisul SA	17,971	24,076
Vale SA ADR	41,916	584,728
Via S/A (a)	13,733	19,432
Wheaton Precious Metals Corp.	4,846	182,387
Yara International ASA	3,054	151,944
		3,558,324
BURKINA FASO — 0.0% (c)
Endeavour Mining PLC (b)	4,228	95,150
IAMGOLD Corp. (a)(b)	9,024	20,443
		115,593
CANADA — 3.0%
Advantage Energy, Ltd. (a)(b)	19,693	99,487
Alamos Gold, Inc. Class A (b)	627	4,509
Altius Minerals Corp. (b)	5,307	65,225
Aurinia Pharmaceuticals, Inc. (a)	4,964	109,853
Aurora Cannabis, Inc. (a)(b)	415	2,873
B2Gold Corp.	5,985	20,456
Ballard Power Systems, Inc. (a)(b)	5,398	75,760
Bank of Montreal	4,036	402,851

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Bank of Nova Scotia	4,987	$ 306,892
Barrick Gold Corp.	7,126	128,643
Birchcliff Energy, Ltd. (b)	2,730	15,106
BlackBerry, Ltd. (a)(b)	5,564	54,153
Brookfield Asset Management Reinsurance Partners, Ltd. Class A (a)(b)	119	6,594
Brookfield Asset Management, Inc. Class A	17,162	919,434
Cameco Corp. (b)	10,257	222,815
Canada Goose Holdings, Inc. (a)(b)	491	17,530
Canadian Imperial Bank of Commerce (b)	1,814	201,898
Canadian National Railway Co. (b)	7,736	896,310
Canadian Natural Resources, Ltd.	7,736	282,791
Canadian Pacific Railway, Ltd. (b)	8,142	531,574
Canadian Tire Corp., Ltd. Class A (b)	1,916	268,060
Canopy Growth Corp. (a)(b)	1,305	18,079
Cenovus Energy, Inc.	9,841	99,198
Corby Spirit and Wine, Ltd.	3,418	48,753
Crescent Point Energy Corp. (b)	5,074	23,390
Cronos Group, Inc. (a)(b)	3,950	22,293
Docebo, Inc. (a)	2,583	188,579
Dundee Precious Metals, Inc.	5,766	34,682
Enbridge, Inc.	10,655	424,400
Endeavour Silver Corp. (a)(b)	24,322	99,642
Enerplus Corp. (b)	10,148	81,226
Equinox Gold Corp. (a)(b)	11,727	77,387
Equitable Group, Inc. (b)	500	56,400
First Majestic Silver Corp. (b)	20,711	234,436
Fortuna Silver Mines, Inc. (a)(b)	3,643	14,321
George Weston, Ltd. (b)	613	66,107
IGM Financial, Inc. (b)	3,032	108,299
Imperial Oil, Ltd. (b)	5,611	177,297
Jamieson Wellness, Inc. (e)	1,515	43,315
Just Energy Group, Inc. (a)	4	3
Kinaxis, Inc. (a)(b)	208	30,003
Kinross Gold Corp.	16,663	89,310
Kirkland Lake Gold, Ltd. (b)	2,224	92,622
Lightspeed Commerce, Inc. (a)(b)	1,720	165,938
Lithium Americas Corp. (a)(b)	2,856	63,800
Loblaw Cos., Ltd.	6,308	432,799
MAG Silver Corp. (a)(b)	208	3,367
Manulife Financial Corp.	14,784	284,512
McEwen Mining, Inc. (a)	14,975	15,574

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
MEG Energy Corp. (a)(b)	3,236	$ 25,263
Minto Apartment Real Estate Investment Trust (e)	5,599	98,823
MTY Food Group, Inc. (b)	3,130	157,976
National Bank of Canada (b)	10,657	818,339
New Gold, Inc. (a)(b)	14,436	15,270
NexGen Energy, Ltd. (a)(b)	27,881	132,489
Novagold Resources, Inc. (a)	624	4,295
Nutrien, Ltd. (b)	4,320	280,339
Onex Corp.	6,709	474,187
Organigram Holdings, Inc. (a)(b)	9,425	21,724
Orla Mining, Ltd. (a)(b)	1,700	5,609
Osisko Mining, Inc. (a)(b)	25,131	46,618
Pan American Silver Corp. (b)	832	19,367
Park Lawn Corp. (b)	3,437	99,080
Pretium Resources, Inc. (a)(b)	2,328	22,511
Real Matters, Inc. (a)(b)	6,820	54,050
Rogers Communications, Inc. Class B	10,672	498,282
Royal Bank of Canada	9,346	929,768
Sandstorm Gold, Ltd. (a)(b)	832	4,788
Score Media & Gaming, Inc. (a)	282	9,665
Shaw Communications, Inc. Class B	7,330	213,041
Shopify, Inc. Class A (a)	715	970,314
Silvercorp Metals, Inc. (b)	7,193	27,424
SilverCrest Metals, Inc. (a)(b)	34,086	238,119
SNC-Lavalin Group, Inc. (b)	4,459	123,825
SSR Mining, Inc. (b)	6,962	101,228
Summit Industrial Income REIT	5,578	91,760
Sun Life Financial, Inc. (b)	10,985	565,357
Suncor Energy, Inc.	15,664	324,692
TC Energy Corp. (b)	7,024	337,990
Teck Resources, Ltd. Class B	5,578	138,828
TELUS Corp.	32,638	717,245
Tilray, Inc. (a)	2,638	29,861
Tilray, Inc. Class 2 (a)(b)	4,844	54,689
Torex Gold Resources, Inc. (a)	1,302	13,011
Toronto-Dominion Bank	13,513	894,396
TransAlta Corp.	17,471	184,522
Wesdome Gold Mines, Ltd. (a)(b)	7,309	58,560
WPT Industrial Real Estate Investment Trust (a)	6,283	136,215
Yamana Gold, Inc.	13,215	52,157
		16,620,223

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
CHILE — 0.0% (c)
Enel Americas SA ADR	4,055	$ 23,722
Enel Chile SA ADR	3,377	8,139
Liberty Latin America, Ltd. Class C (a)	1,043	13,684
Sociedad Quimica y Minera de Chile SA ADR	823	44,211
		89,756
CHINA — 3.5%
111, Inc. ADR (a)(b)	1,667	10,285
17 Education & Technology Group, Inc. ADR (a)	88,386	79,556
21Vianet Group, Inc. ADR (a)	2,748	47,568
AAC Technologies Holdings, Inc. (b)	2,500	11,931
Agora, Inc. ADR (a)	2,323	67,367
Agricultural Bank of China, Ltd. Class H	308,000	106,034
AK Medical Holdings, Ltd. (e)	4,000	5,570
Alibaba Group Holding, Ltd. ADR (a)	1,584	234,511
Alibaba Group Holding, Ltd. (a)	111,800	2,042,219
Alibaba Health Information Technology, Ltd. (a)(b)	12,000	17,265
Anhui Conch Cement Co., Ltd. Class H	6,000	32,371
ANTA Sports Products, Ltd.	5,000	94,288
Aoyuan Healthy Life Group Co., Ltd. (a)(b)	16,000	8,632
Ascletis Pharma, Inc. (a)(e)	6,000	2,042
Autohome, Inc. ADR	491	23,043
Baidu, Inc. ADR (a)	2,138	328,718
Bank of China, Ltd. Class H	678,000	240,381
Bank of Communications Co., Ltd. Class H	211,000	125,223
Baozun, Inc. ADR (a)	5,898	103,392
Beijing BDStar Navigation Co., Ltd. Class A (a)	1,000	6,261
Beijing Chunlizhengda Medical Instruments Co., Ltd. Class H (a)	5,000	10,726
Beijing Enterprises Urban Resources Group, Ltd. (a)(b)	36,000	3,746
Beijing Shunxin Agriculture Co., Ltd. Class A	1,400	7,666
Beijing Sinnet Technology Co., Ltd. Class A	10,200	20,340
Beijing Tiantan Biological Products Corp., Ltd. Class A	11,680	57,929
Bilibili, Inc. ADR (a)(b)	1,515	100,248
Bit Digital, Inc. (a)(b)	4,748	34,328
BIT Mining, Ltd. ADR (a)(b)	9,091	74,273
Canaan, Inc. ADR (a)(b)	1,980	12,098
Chifeng Jilong Gold Mining Co., Ltd. Class A (a)	25,200	59,935
China CITIC Bank Corp., Ltd. Class H	72,000	32,556
China Conch Venture Holdings, Ltd.	5,000	23,155
China Construction Bank Corp. Class H	690,000	494,589
China Gas Holdings, Ltd.	17,800	52,591
China Life Insurance Co., Ltd. Class H	96,000	157,602

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
China Meidong Auto Holdings, Ltd.	2,000	$ 10,045
China Mengniu Dairy Co., Ltd. (a)	9,000	57,979
China Merchants Bank Co., Ltd. Class H	147,674	1,177,082
China Minsheng Banking Corp., Ltd. Class H (b)	43,000	17,289
China National Software & Service Co., Ltd. Class A	1,200	9,181
China New Higher Education Group, Ltd. (b)(e)	2,000	930
China Online Education Group ADR (a)(b)	1,400	3,654
China Overseas Land & Investment, Ltd.	58,500	133,312
China Overseas Property Holdings, Ltd.	5,000	4,149
China Pacific Insurance Group Co., Ltd. Class H	17,800	52,934
China Petroleum & Chemical Corp. Class H	353,200	175,133
China Resources Beer Holdings Co., Ltd.	8,000	59,091
China Resources Gas Group, Ltd.	2,000	10,508
China Resources Land, Ltd.	15,000	63,298
China Shenhua Energy Co., Ltd. Class H	44,500	104,152
China Tower Corp., Ltd. Class H (e)	224,000	29,350
China TransInfo Technology Co., Ltd. Class A	10,500	24,046
China Vanke Co., Ltd. Class H	6,600	18,059
Chlitina Holding, Ltd.	2,000	14,285
Chongqing Brewery Co., Ltd. Class A (a)	2,100	42,700
CIFI Ever Sunshine Services Group, Ltd. (b)	20,000	39,873
CITIC, Ltd.	92,000	98,090
COFCO Joycome Foods., Ltd. (a)(b)	78,000	24,649
COSCO SHIPPING Ports, Ltd.	37,589	32,545
Country Garden Holdings Co., Ltd. (b)	81,365	84,138
Country Garden Services Holdings Co., Ltd.	4,000	31,601
CSPC Pharmaceutical Group, Ltd.	26,880	32,251
CStone Pharmaceuticals (a)(b)(e)	7,500	10,386
Daqo New Energy Corp. ADR (a)	3,489	198,873
Ebang International Holdings, Inc. Class A (a)	2,044	3,884
EHang Holdings, Ltd. ADR (a)(b)	752	17,980
ENN Energy Holdings, Ltd.	1,800	29,689
Flat Glass Group Co., Ltd. Class H (a)(b)	17,000	80,254
Fu Jian Anjoy Foods Co., Ltd. Class A	400	11,899
Futu Holdings, Ltd. ADR (a)(b)	658	59,891
Gaotu Techedu, Inc. ADR (a)(b)	29,330	90,043
G-bits Network Technology Xiamen Co., Ltd. Class A	300	18,188
Geely Automobile Holdings, Ltd.	17,000	48,808
Genetron Holdings, Ltd. ADR (a)	4,647	64,361
Guangdong Hongda Blasting Co., Ltd. Class A	9,600	40,355
Guangdong Investment, Ltd.	4,000	5,221

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. Class A	8,000	$ 22,770
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A	8,800	139,649
Guangzhou Tinci Materials Technology Co., Ltd. Class A	1,190	28,048
Health & Happiness H&H International Holdings, Ltd.	50,000	119,209
Hello Group, Inc. ADR	1,112	11,765
Hengan International Group Co., Ltd.	8,500	45,532
HengTen Networks Group, Ltd. (a)(b)	164,000	48,665
Homeland Interactive Technology, Ltd. (b)	136,000	37,561
Huaneng Power International, Inc. Class H (b)	178,000	95,807
HUYA, Inc. ADR (a)	1,439	12,001
iClick Interactive Asia Group, Ltd. ADR (a)	1,000	5,530
Industrial & Commercial Bank of China, Ltd. Class H	478,000	265,875
Innovent Biologics, Inc. (a)(e)	5,500	53,342
Intco Medical Technology Co., Ltd. Class A	2,400	21,802
JD.com, Inc. ADR (a)	6,432	464,648
Jiangsu King's Luck Brewery JSC, Ltd. Class A	8,700	61,064
JinkoSolar Holding Co., Ltd. ADR (a)(b)	3,653	167,344
JiuGui Liquor Co., Ltd. Class A	1,400	53,738
JOYY, Inc. ADR (b)	389	21,329
Kaisa Prosperity Holdings, Ltd. (a)	17,250	47,974
Konka Group Co., Ltd. Class B	299,500	99,261
Lenovo Group, Ltd.	34,000	36,557
Li Auto, Inc. ADR (a)	2,727	71,693
Li Ning Co., Ltd.	6,500	75,273
Lingyi iTech Guangdong Co. Class A	12,300	12,311
Longfor Group Holdings, Ltd. (e)	8,500	39,199
Meituan Class B (a)(e)	30,700	972,506
Microport Scientific Corp.	3,008	16,963
NanJi E-Commerce Co., Ltd. Class A	19,700	20,146
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. Class A	13,650	76,139
NetEase, Inc. ADR	3,133	267,558
New Oriental Education & Technology Group, Inc. ADR (a)	8,342	17,101
Newborn Town, Inc. (a)	140,000	76,253
NIO, Inc. ADR (a)	10,481	373,438
Niu Technologies ADR (a)(b)	1,220	28,267
OneSmart International Education Group, Ltd. ADR (a)(b)	150,509	73,749
PetroChina Co., Ltd. Class H	176,000	83,426
PICC Property & Casualty Co., Ltd. Class H	191,788	186,007
Pinduoduo, Inc. ADR (a)	2,200	199,474
Ping An Healthcare & Technology Co., Ltd. (a)(b)(e)	1,100	7,150
Ping An Insurance Group Co. of China, Ltd. Class H	48,000	328,338

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Postal Savings Bank of China Co., Ltd. Class H (e)	74,000	$ 51,142
Prosus NV (a)	8,214	656,758
Q Technology Group Co., Ltd. (b)	18,000	25,943
Qutoutiao, Inc. ADR (a)(b)	96,426	95,462
RLX Technology, Inc. ADR (a)	23,940	108,209
Scholar Education Group	11,000	2,120
Shanghai Bairun Investment Holding Group Co., Ltd. Class A	1,820	21,006
Shanghai Baosight Software Co., Ltd. Class A	2,730	27,918
Shangri-La Asia, Ltd. (a)	34,000	27,035
Shanxi Meijin Energy Co., Ltd. Class A (a)	23,400	39,048
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A	1,260	61,594
Shengyi Technology Co., Ltd. Class A	9,200	30,876
Shenzhen Goodix Technology Co., Ltd. Class A	400	6,866
Shenzhen Kangtai Biological Products Co., Ltd. Class A	1,000	17,064
Shenzhen SC New Energy Technology Corp. Class A	600	12,773
Shenzhou International Group Holdings, Ltd.	7,800	166,127
Sichuan Swellfun Co., Ltd. Class A	1,400	27,581
Skshu Paint Co., Ltd. Class A	420	6,508
Sohu.com, Ltd. ADR (a)	2,339	48,745
SOS, Ltd. ADR (a)(b)	7,544	16,069
Sunac China Holdings, Ltd.	8,000	17,059
Sunac Services Holdings, Ltd. (e)	257	532
Sunny Optical Technology Group Co., Ltd.	8,000	210,465
TAL Education Group ADR (a)	2,837	13,731
Tencent Holdings, Ltd.	52,000	3,082,065
Tongdao Liepin Group (a)	16,600	23,243
Trip.com Group, Ltd. ADR (a)	2,745	84,409
Up Fintech Holding, Ltd. ADR (a)(b)	3,772	39,945
Vipshop Holdings, Ltd. ADR (a)	5,897	65,693
Walvax Biotechnology Co., Ltd. Class A	8,400	82,230
Weimob, Inc. (a)(b)(e)	89,000	128,961
Will Semiconductor Co., Ltd. Class A	600	22,554
Winning Health Technology Group Co., Ltd. Class A	11,390	25,643
Wuhan Guide Infrared Co., Ltd. Class A	18,520	67,090
WUS Printed Circuit Kunshan Co., Ltd. Class A	10,340	17,960
Wuxi Biologics Cayman, Inc. (a)(e)	17,500	284,374
XD, Inc. (a)(b)	7,200	40,094
Xiaomi Corp. Class B (a)(e)	51,600	141,517
XPeng, Inc. ADR (a)	4,022	142,942
Yanzhou Coal Mining Co., Ltd. Class H	34,000	64,378
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (b)(e)	11,000	6,500

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Yum China Holdings, Inc.	5,305	$ 308,274
Zai Lab, Ltd. ADR (a)	416	43,842
Zepp Health Corp. ADR (a)(b)	624	5,011
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Class A	1,500	13,619
ZTO Express Cayman, Inc. ADR	2,049	62,822
		18,986,854
COLOMBIA — 0.0% (c)
Bancolombia SA ADR (b)	900	31,158
Canacol Energy, Ltd. (b)	13,214	35,256
Millicom International Cellular SA SDR (a)	1,111	40,396
		106,810
DENMARK — 0.6%
Ambu A/S Class B	500	14,795
AP Moller - Maersk A/S Class B	202	547,337
Chemometec A/S	531	81,188
Danske Bank A/S	8,734	147,629
Drilling Co. of 1972 A/S (a)	396	14,887
DSV A/S	1,513	363,270
Novo Nordisk A/S Class B	19,138	1,853,518
Zealand Pharma A/S (a)	8,640	249,123
		3,271,747
EGYPT — 0.0% (c)
Cleopatra Hospital (a)	79,267	22,590
Heliopolis Housing	60,264	19,091
Medinet Nasr Housing	23,058	3,931
		45,612
FINLAND — 0.4%
Admicom Oyj	191	20,387
BasWare Oyj (a)	377	14,113
Fortum Oyj	6,811	207,523
Metso Outotec Oyj	17,453	160,078
Musti Group Oyj (a)	1,823	65,284
Neles Oyj	4,056	55,703
Nokia Oyj (a)	42,183	232,658
Nordea Bank Abp (b)(d)	28,279	365,587
Nordea Bank Abp (d)	496	6,462
Sampo Oyj Class A	4,764	236,916
UPM-Kymmene Oyj	15,533	552,841
Valmet Oyj	798	28,985

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Wartsila OYJ Abp	13,830	$ 165,973
		2,112,510
FRANCE — 2.7%
AB Science SA (a)	3,054	45,588
Accor SA (a)	8,525	305,787
Air Liquide SA	1,110	178,274
Airbus SE (a)	3,480	464,215
Alstom SA	8,231	313,367
AXA SA	16,384	457,332
BNP Paribas SA	8,719	560,215
Bouygues SA	4,974	206,950
Capgemini SE	6,119	1,277,554
Carrefour SA	11,241	202,516
Cellectis SA (a)	2,799	36,397
CGG SA (a)	12,304	9,540
Credit Agricole SA	18,961	262,512
Danone SA	5,088	348,202
Engie SA	8,348	109,733
EssilorLuxottica SA	3,884	744,975
Faurecia SE	153	7,261
Fnac Darty SA	4,151	273,253
Hermes International	18	24,960
Kering SA	1,018	726,764
L'Oreal SA	1,932	799,020
LVMH Moet Hennessy Louis Vuitton SE	1,630	1,171,424
Orange SA	23,885	258,878
Pernod Ricard SA	2,325	513,852
Publicis Groupe SA	4,869	328,757
Renault SA (a)	5,784	207,101
Sanofi	7,624	734,081
Schneider Electric SE	5,509	918,752
Societe Generale SA	7,646	240,984
Sodexo SA (a)	4,873	427,972
Solutions 30 SE (a)	2,317	22,825
Technip Energies NV (a)	1,066	16,802
TotalEnergies SE	14,479	693,619
Unibail-Rodamco-Westfield REIT (a)(d)	11,062	42,670
Unibail-Rodamco-Westfield REIT (a)(d)	1,835	135,299
Valneva SE (a)	1,288	20,241
Veolia Environnement SA	14,657	449,469
Vinci SA	7,121	743,997

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Vivendi SE	17,991	$ 227,377
		14,508,515
GERMANY — 2.4%
adidas AG	3,040	957,608
AIXTRON SE	2,525	63,414
Allianz SE	3,860	871,626
BASF SE	6,317	482,094
Bayer AG	8,130	442,893
Commerzbank AG (a)	5,714	38,111
CompuGroup Medical SE & Co. KgaA	9,241	761,471
CropEnergies AG	3,548	49,426
Daimler AG	8,755	778,448
Datagroup SE (a)	399	36,624
Deutsche Bank AG (a)	11,585	148,201
Deutsche Boerse AG	3,032	493,708
Deutsche Lufthansa AG (a)(b)	18,587	127,934
Deutsche Post AG	15,051	950,314
Deutsche Telekom AG	24,826	500,519
E.ON SE	15,564	190,625
Eckert & Ziegler Strahlen- und Medizintechnik AG	330	42,682
Elmos Semiconductor SE	1,407	71,585
Encavis AG	1,426	25,005
Flatex DEGIRO AG (a)	2,921	62,222
Fresenius Medical Care AG & Co. KGaA	1,529	107,846
HelloFresh SE (a)	2,116	196,089
Home24 SE (a)	1,003	16,506
LPKF Laser & Electronics AG	2,331	53,220
Merck KGaA	5,305	1,153,715
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	2,325	638,341
Puma SE	814	90,961
RWE AG	5,203	184,217
Salzgitter AG (a)	5,190	175,757
SAP SE	7,638	1,034,629
Siemens AG	6,201	1,019,929
Siemens Energy AG (a)	3,092	83,244
Thyssenkrupp AG (a)	9,739	103,592
Uniper SE	1,206	50,387
VERBIO Vereinigte BioEnergie AG	5,793	382,015
Volkswagen AG	1,835	569,948
Volkswagen AG Preference Shares	1,620	363,559

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Westwing Group AG (a)	362	$ 13,601
		13,332,066
GHANA — 0.0% (c)
Kosmos Energy, Ltd. (a)	19,630	58,105
Tullow Oil PLC (a)(b)	4,085	2,823
		60,928
HONG KONG — 0.7%
AIA Group, Ltd.	81,800	945,182
Bank of East Asia, Ltd.	59,305	95,685
CA Cultural Technology Group, Ltd. (a)(b)	15,000	5,241
China Youzan, Ltd. (a)	168,000	21,149
CK Asset Holdings, Ltd.	58,770	340,481
Hang Lung Properties, Ltd.	103,000	234,985
Henderson Land Development Co., Ltd.	18,910	72,510
Hong Kong Exchanges & Clearing, Ltd.	12,368	762,291
Hong Kong Technology Venture Co., Ltd. (b)	27,000	38,221
Huobi Technology Holdings, Ltd. (a)(b)	25,000	26,173
Link REIT	51,123	438,358
New World Development Co., Ltd.	32,383	132,491
Sino Biopharmaceutical, Ltd.	91,500	75,930
Sun Hung Kai Properties, Ltd.	50,253	628,756
Swire Pacific, Ltd. Class A	8,500	50,555
		3,868,008
HUNGARY — 0.1%
MOL Hungarian Oil & Gas PLC	9,375	78,158
Richter Gedeon Nyrt	9,560	261,710
		339,868
INDIA — 1.5%
Aarti Drugs, Ltd.	6,996	57,238
Adani Green Energy, Ltd. (a)	2,100	32,439
Advanced Enzyme Technologies, Ltd.	4,704	24,623
Alkyl Amines Chemicals	6,659	343,193
Amber Enterprises India, Ltd. (a)	3,115	136,963
AstraZeneca Pharma India, Ltd.	438	18,231
Birlasoft, Ltd.	24,172	133,401
Central Depository Services India, Ltd.	5,790	100,624
Dixon Technologies India, Ltd.	5,493	341,291
Dr Reddy's Laboratories, Ltd. ADR	10,670	695,044
Granules India, Ltd.	14,154	61,086
ICICI Bank, Ltd. ADR	37,483	707,304

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
IndiaMart InterMesh, Ltd. (e)	813	$ 91,772
Infosys, Ltd. ADR	68,107	1,515,381
Inox Leisure, Ltd. (a)	1,724	9,134
IOL Chemicals & Pharmaceuticals, Ltd.	8,769	70,150
JB Chemicals & Pharmaceuticals, Ltd.	3,629	91,276
Just Dial, Ltd. (a)	3,310	44,111
Larsen & Toubro, Ltd. GDR	15,981	370,759
Laurus Labs, Ltd. (e)	16,510	137,113
Mahindra & Mahindra, Ltd. GDR	12,389	133,801
Navin Fluorine International, Ltd.	1,682	83,497
Orient Electric, Ltd.	4,093	18,299
Procter & Gamble Health, Ltd.	65	4,732
Radico Khaitan, Ltd.	1,150	13,649
Reliance Industries, Ltd. GDR (e)	13,157	895,992
Reliance Industries, Ltd.	8,277	280,918
SpiceJet, Ltd. (a)	3,200	3,240
State Bank of India GDR	7,120	437,880
Sun Pharma Advanced Research Co., Ltd. (a)	3,612	14,396
Tanla Platforms, Ltd.	10,600	124,575
Tata Motors, Ltd. ADR (a)(b)	10,171	227,932
Thyrocare Technologies, Ltd. (e)	569	8,940
Ujjivan Financial Services, Ltd.	1,082	2,270
Vaibhav Global, Ltd.	8,455	79,678
Vedanta, Ltd. ADR	15,879	242,631
Wipro, Ltd. ADR	60,503	534,241
		8,087,804
INDONESIA — 0.2%
Astra International Tbk PT	260,500	100,105
Bank Central Asia Tbk PT	223,400	546,305
Bank Mandiri Persero Tbk PT	342,300	147,084
Bank Rakyat Indonesia Persero Tbk PT	880,099	236,743
Gudang Garam Tbk PT	19,300	43,893
Telkom Indonesia Persero Tbk PT	1,015,000	261,684
		1,335,814
IRELAND — 0.2%
Cairn Homes PLC (a)	121,646	160,719
CRH PLC	8,543	401,581
Flutter Entertainment PLC (a)	98	19,433
Glenveagh Properties PLC (a)(e)	16,996	21,785
Keywords Studios PLC (a)	609	23,912

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Prothena Corp. PLC (a)	4,487	$ 319,609
		947,039
ISRAEL — 0.3%
Bank Hapoalim BM	35,188	310,853
Bank Leumi Le-Israel BM	160,142	1,364,569
Compugen, Ltd. (a)(b)	5,821	34,751
Electreon Wireless, Ltd. (a)	199	10,141
Fiverr International, Ltd. (a)(b)	135	24,662
Isracard, Ltd.	1,742	7,270
Nano Dimension, Ltd. ADR (a)	5,376	30,320
Nano-X Imaging, Ltd. (a)(b)	1,698	38,205
Teva Pharmaceutical Industries, Ltd. ADR (a)	5,393	52,528
		1,873,299
ITALY — 0.5%
Assicurazioni Generali SpA	14,752	314,411
Atlantia SpA (a)	3,957	75,095
Enel SpA	64,973	500,824
Eni SpA	22,382	299,499
Ferrari NV	1,204	252,493
Intesa Sanpaolo SpA	117,216	333,302
Italgas SpA	6,070	38,973
Mediaset NV (b)	57,646	165,552
Saipem SpA (a)(b)	4,996	12,327
Snam SpA	26,467	147,112
Telecom Italia SpA	273,890	107,734
UniCredit SpA	15,561	207,396
		2,454,718
JAPAN — 6.7%
Advantest Corp.	200	17,979
AI inside, Inc. (a)	100	8,075
Aisin Corp.	1,700	62,012
Akatsuki, Inc.	100	2,877
AnGes, Inc. (a)(b)	1,200	7,421
Arcland Service Holdings Co., Ltd.	1,300	27,975
Aruhi Corp.	600	7,023
Asahi Group Holdings, Ltd.	1,700	82,596
Asahi Kasei Corp.	50,600	542,621
Astellas Pharma, Inc.	20,300	335,225
BASE, Inc. (a)(b)	2,000	19,646
BayCurrent Consulting, Inc.	300	152,722

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Bengo4.com, Inc. (a)(b)	300	$ 17,262
Bridgestone Corp.	1,700	80,844
Canon, Inc. (b)	1,700	41,755
Cellsource Co., Ltd. (a)	400	68,618
Change, Inc. (a)(b)	4,000	83,746
Chatwork Co., Ltd. (a)(b)	2,300	22,675
Comture Corp.	400	11,149
Credit Saison Co., Ltd.	10,200	134,933
Cybozu, Inc. (b)	10,300	224,694
Daiichi Sankyo Co., Ltd.	30,300	809,132
Daikin Industries, Ltd.	1,700	372,682
Daiwa Securities Group, Inc. (b)	51,000	298,892
Demae-Can Co., Ltd. (a)	400	6,030
Denso Corp.	10,000	658,302
Digital Arts, Inc.	100	8,120
Dip Corp.	500	19,090
Ebase Co., Ltd. (b)	7,500	57,136
Eisai Co., Ltd.	1,700	127,925
Elan Corp.	1,400	16,312
EM Systems Co., Ltd.	10,900	78,642
ENEOS HoldingS, Inc.	19,700	80,495
Enigmo, Inc.	1,600	17,896
eRex Co., Ltd.	800	17,839
euglena Co., Ltd. (a)(b)	1,700	13,317
Freee KK (a)	300	21,914
FUJIFILM Holdings Corp.	10,200	881,181
Fujio Food Group, Inc.	800	10,103
Fujitsu, Ltd.	1,700	309,451
Fukui Computer Holdings, Inc.	300	11,642
GA Technologies Co., Ltd. (a)(b)	1,600	14,770
giftee, Inc. (a)(b)	1,300	47,130
GMO GlobalSign Holdings KK (b)	300	11,938
GNI Group, Ltd. (a)(b)	2,700	39,783
Hennge KK (a)(b)	600	31,889
Hitachi, Ltd.	10,200	607,018
Hokuhoku Financial Group, Inc.	9,900	76,041
Honda Motor Co., Ltd.	10,200	315,850
Hoya Corp.	10,100	1,581,873
Insource Co., Ltd.	1,200	23,435
Internet Initiative Japan, Inc. (b)	200	6,982
IR Japan Holdings, Ltd.	1,000	110,867
ITOCHU Corp. (b)	9,500	279,019

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Japan Medical Dynamic Marketing, Inc.	500	$ 10,110
Japan Tobacco, Inc.	9,000	176,652
JFE Holdings, Inc.	10,200	155,137
JMDC, Inc. (a)	800	55,210
JSR Corp.	10,200	370,701
JTOWER, Inc. (a)	700	54,896
Kajima Corp.	20,200	261,066
Kamakura Shinsho, Ltd. (b)	8,400	64,972
Kamigumi Co., Ltd.	31,000	654,313
Kansai Electric Power Co., Inc.	9,900	96,316
Kao Corp.	1,700	101,398
KDDI Corp.	30,400	1,005,659
Keyence Corp.	1,200	720,592
Kitanotatsujin Corp. (b)	9,600	40,267
Kobe Steel, Ltd.	9,600	58,938
Komatsu, Ltd.	10,200	246,372
Konica Minolta, Inc. (b)	19,900	107,727
Kyocera Corp.	10,100	633,655
Lasertec Corp.	200	45,871
LEC, Inc. (b)	600	5,835
Leopalace21 Corp. (a)(b)	9,200	20,449
M&A Capital Partners Co., Ltd. (a)(b)	400	22,227
M3, Inc.	100	7,163
Makita Corp.	10,200	562,223
Makuake, Inc. (a)(b)	600	24,871
Marubeni Corp. (b)	51,000	426,558
Marui Group Co., Ltd.	20,200	393,228
Mebuki Financial Group, Inc.	49,800	109,799
Media Do Co., Ltd.	700	30,930
Medical Data Vision Co., Ltd.	2,100	29,380
Medley, Inc. (a)(b)	2,400	89,590
MedPeer, Inc. (a)(b)	1,500	51,624
Menicon Co., Ltd.	2,200	85,772
Mirai Corp. REIT	304	146,857
Mitsubishi Chemical Holdings Corp.	20,000	183,464
Mitsubishi Corp.	10,200	323,255
Mitsubishi Electric Corp.	50,500	704,714
Mitsubishi UFJ Financial Group, Inc.	91,700	540,707
Mitsui & Co., Ltd.	10,200	225,255
Mitsuuroko Group Holdings Co., Ltd.	1,500	19,749
Money Forward, Inc. (a)	1,000	71,611
Monogatari Corp	600	42,160

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
MS&AD Insurance Group Holdings, Inc.	10,200	$ 343,367
MTI, Ltd. (b)	1,500	10,298
Murata Manufacturing Co., Ltd.	10,100	901,600
NEC Corp.	200	10,881
Nintendo Co., Ltd.	800	389,406
Nippon Steel Corp.	18,600	339,076
Nissan Motor Co., Ltd. (a)	19,900	100,254
Nitto Denko Corp. (b)	1,700	121,586
Nomura Holdings, Inc.	50,900	252,550
NTT Data Corp.	20,200	391,961
Obayashi Corp.	51,000	424,638
Oisix ra daichi, Inc. (a)	1,700	75,649
One REIT, Inc.	13	34,546
Open Door, Inc. (a)(b)	400	10,307
Optim Corp. (a)	500	9,128
ORIX Corp.	20,400	385,785
Oro Co., Ltd.	1,000	33,610
Osaka Gas Co., Ltd.	10,200	187,316
Panasonic Corp.	30,600	381,214
Pharma Foods International Co., Ltd. (b)	1,400	33,741
PKSHA Technology, Inc. (a)(b)	700	12,027
PR Times, Inc. (a)(b)	1,400	40,278
Proto Corp.	1,400	19,298
Rakus Co., Ltd.	1,200	42,536
Resona Holdings, Inc.	30,600	123,086
Riso Kyoiku Co., Ltd. (a)	9,200	36,281
Rohm Co., Ltd.	1,700	162,115
Rorze Corp.	500	36,030
RS Technologies Co., Ltd.	700	34,945
Samty Residential Investment Corp. REIT (a)	199	209,033
Secom Co., Ltd.	1,700	123,460
Seven & i Holdings Co., Ltd.	1,700	77,477
SHIFT, Inc. (a)	400	85,288
Shin-Etsu Chemical Co., Ltd.	1,700	287,968
SoftBank Group Corp.	18,900	1,097,665
Sompo Holdings, Inc.	10,200	446,213
Sony Group Corp.	20,600	2,299,556
Sosei Group Corp. (a)(b)	400	6,830
Sourcenext Corp.	10,000	21,689
S-Pool, Inc.	9,200	86,331
Starts Proceed Investment Corp. REIT	7	15,547
Strike Co., Ltd.	600	22,693

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Sumitomo Chemical Co., Ltd. (b)	51,000	$ 267,399
Sumitomo Corp.	10,200	144,578
Sumitomo Electric Industries, Ltd.	10,000	134,080
Sumitomo Mitsui Financial Group, Inc.	10,200	360,554
Sumitomo Mitsui Trust Holdings, Inc.	1,700	58,767
Suruga Bank, Ltd. (b)	1,700	6,338
T&D Holdings, Inc.	20,400	283,214
Taiko Pharmaceutical Co., Ltd. (a)	2,700	22,118
Takeda Pharmaceutical Co., Ltd.	1,700	56,359
Tama Home Co., Ltd. (b)	3,300	80,271
TDK Corp.	5,100	184,894
TechMatrix Corp.	1,000	18,095
Teijin, Ltd.	10,200	145,721
Terumo Corp.	20,200	956,818
Tokio Marine Holdings, Inc.	10,100	545,033
Tokyo Electron, Ltd. (b)	1,700	756,791
Tokyu Corp.	28,700	428,539
TOPPAN, INC.	20,300	346,233
Toridoll Holdings Corp. (b)	700	17,648
Toshiba Corp.	1,700	71,840
Toyo Gosei Co., Ltd.	600	80,556
Toyota Motor Corp.	101,500	1,819,404
Toyota Tsusho Corp.	10,100	430,432
Tri Chemical Laboratories, Inc.	1,200	36,460
UT Group Co., Ltd.	200	6,050
Uzabase, Inc. (a)(b)	200	4,381
ValueCommerce Co., Ltd.	400	17,119
V-Cube, Inc. (b)	1,400	19,750
Vector, Inc.	1,100	11,456
Vision, Inc. (a)	1,300	18,269
West Holdings Corp.	2,210	98,541
West Japan Railway Co.	1,700	86,009
Yamada Holdings Co., Ltd.	19,800	83,406
Yamaha Corp.	20,700	1,307,954
YA-MAN, Ltd. (b)	1,700	20,737
Yokowo Co., Ltd.	400	9,024
ZIGExN Co., Ltd.	8,300	30,648
Zuken, Inc.	400	14,645
		36,595,207
KUWAIT — 0.0% (c)
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC	24,538	19,282

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Warba Bank KSCP (a)	13,325	$ 11,752
		31,034
LUXEMBOURG — 0.0% (c)
ArcelorMittal SA	5,895	180,775
MACAU — 0.0% (c)
Sands China, Ltd. (a)	40,400	83,035
MALAYSIA — 0.1%
ATA IMS Bhd	227,000	143,146
CIMB Group Holdings Bhd	42,476	48,498
Comfort Glove Bhd	43,100	13,692
Duopharma Biotech Bhd	61,066	26,401
Frontken Corp. Bhd	58,900	50,789
Greatech Technology Bhd (a)	7,200	12,228
Hartalega Holdings Bhd	2,800	4,113
Kossan Rubber Industries	10,400	5,739
Malayan Banking Bhd	23,986	46,121
Mega First Corp. BHD	39,200	34,364
Pentamaster Corp. Bhd	19,250	25,244
Public Bank Bhd	102,500	99,648
Supermax Corp. Bhd	42,871	24,474
Tenaga Nasional Bhd	19,300	44,625
Top Glove Corp. Bhd	13,000	8,943
		588,025
MEXICO — 0.3%
America Movil SAB de CV Series L	397,692	353,470
Axtel SAB de CV (a)	100,221	24,294
Cemex SAB de CV Series CPO (a)	184,027	133,377
Fomento Economico Mexicano SAB de CV	40,871	356,558
Grupo Financiero Banorte SAB de CV Series O	39,341	253,860
Grupo Mexico SAB de CV Class B	65,456	262,499
Grupo Televisa SAB Series CPO	34,770	77,039
Industrias Penoles SAB de CV (a)	1,840	21,790
PLA Administradora Industrial S de RL de CV REIT	20,568	30,215
		1,513,102
NETHERLANDS — 1.5%
Akzo Nobel NV	3,350	366,429
Alfen Beheer B.V. (a)(e)	793	83,633
ASML Holding NV	3,752	2,808,619
Heineken NV (b)	2,747	287,164
ING Groep NV (b)	28,240	411,335

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Koninklijke Ahold Delhaize NV	15,276	$ 508,728
Koninklijke DSM NV	5,323	1,065,710
Koninklijke KPN NV	2,434	7,659
Koninklijke Philips NV	12,706	564,580
Pharming Group NV (a)(b)	21,797	20,573
Royal Dutch Shell PLC Class A	9,776	218,153
Royal Dutch Shell PLC Class B	50,974	1,133,784
Shop Apotheke Europe NV (a)(e)	240	35,520
Universal Music Group NV (a)	17,991	481,963
Wolters Kluwer NV	2,147	227,875
		8,221,725
NEW ZEALAND — 0.0% (c)
Pushpay Holdings, Ltd. (a)	22,125	28,236
NORWAY — 0.3%
Crayon Group Holding ASA (a)(e)	14,787	277,979
DNB Bank ASA	19,245	440,821
Fjordkraft Holding ASA (e)	3,136	17,438
FLEX LNG, Ltd.	2,653	47,472
Frontline, Ltd. (a)	1,740	15,907
Kahoot! ASA (a)(b)	17,890	129,217
Norsk Hydro ASA	53,279	399,901
Quantafuel ASA (a)(b)	1,128	3,267
Telenor ASA	15,768	266,074
		1,598,076
PAKISTAN — 0.0% (c)
Pakistan State Oil Co., Ltd.	55,923	66,021
Searle Co., Ltd.	112,418	133,059
		199,080
PERU — 0.0% (c)
Cia de Minas Buenaventura SAA ADR (a)(b)	424	2,866
PHILIPPINES — 0.0% (c)
PLDT, Inc. ADR (b)	1,529	49,800
POLAND — 0.0% (c)
Polski Koncern Naftowy ORLEN SA	1,847	38,147
Powszechna Kasa Oszczednosci Bank Polski SA (a)	6,403	68,105
		106,252
RUSSIA — 0.3%
Gazprom PJSC ADR (b)	40,679	404,349
LUKOIL PJSC ADR	3,036	287,388

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
MMC Norilsk Nickel PJSC ADR	827	$ 24,744
Mobile TeleSystems PJSC ADR	9,662	93,142
Petropavlovsk PLC (a)(b)	199,083	55,083
Sberbank of Russia PJSC ADR	19,749	371,676
Surgutneftegas PJSC ADR	492	2,676
Tatneft PJSC ADR	4,671	204,683
		1,443,741
SAUDI ARABIA — 0.4%
Al Rajhi Co. for Co-operative Insurance (a)	1,335	33,422
Aldrees Petroleum & Transport Services Co.	14,782	287,308
Amlak International for Real Estate Finance Co.	21,841	135,913
Aseer Trading Tourism & Manufacturing Co. (a)	13,224	87,791
City Cement Co.	8,470	60,069
Delivery Hero SE (a)(e)	113	14,465
Dur Hospitality Co. (a)	13,012	111,535
Eastern Province Cement Co.	1,063	14,157
Etihad Etisalat Co.	2,074	17,253
Halwani Brothers Co.	7,911	207,968
Herfy Food Services Co.	1,185	19,968
Jadwa REIT Saudi Fund	37,083	140,197
Leejam Sports Co. JSC	3,801	106,003
Maharah Human Resources Co.	707	15,381
Mobile Telecommunications Co. (a)	34,548	128,955
Najran Cement Co.	39,580	237,647
National Agriculture Development Co (a)	3,266	31,783
National Medical Care Co.	734	12,270
Northern Region Cement Co.	13,684	59,323
Saudi Ceramic Co.	6,890	114,812
Saudi Co. For Hardware CJSC	1,032	17,389
Saudi Fisheries Co. (a)	3,056	45,954
Saudi Industrial Services Co.	1,890	21,592
Saudi Pharmaceutical Industries & Medical Appliances Corp.	2,438	30,258
Saudi Research & Marketing Group (a)	970	41,896
Saudia Dairy & Foodstuff Co.	445	19,576
		2,012,885
SINGAPORE — 0.3%
CapitaLand Integrated Commercial Trust REIT	24,497	36,630
Capitaland Investment, Ltd. (a)	158,384	396,660
DBS Group Holdings, Ltd.	10,197	227,735
Singapore Exchange, Ltd.	101,000	742,472
Singapore Press Holdings, Ltd. (b)	102,000	147,260

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Singapore Telecommunications, Ltd.	49,700	$ 90,057
		1,640,814
SOUTH AFRICA — 0.4%
Anglo American PLC	11,818	417,890
Discovery, Ltd. (a)	63,763	580,118
FirstRand, Ltd.	56,732	243,256
Gold Fields, Ltd.	9,636	78,958
Harmony Gold Mining Co., Ltd.	7,821	24,386
Impala Platinum Holdings, Ltd.	6,301	71,897
MTN Group, Ltd. (a)	20,951	196,852
MultiChoice Group, Ltd.	2,337	17,735
Naspers, Ltd. Class N	1,206	199,806
Nedbank Group, Ltd.	2,025	23,562
Old Mutual, Ltd. (b)	12,877	14,099
Sanlam, Ltd.	52,488	223,000
Sasol, Ltd. (a)	4,056	76,949
Standard Bank Group, Ltd.	13,552	128,971
Thungela Resources, Ltd. (a)(b)	1,181	7,336
		2,304,815
SOUTH KOREA — 1.5%
Advanced Process Systems Corp.	1,804	38,015
Ahnlab, Inc.	553	32,461
Alteogen, Inc. (a)	159	9,749
Ananti, Inc. (a)	1,433	16,037
Anterogen Co., Ltd. (a)	25	1,562
BH Co., Ltd.	3,348	52,030
Binex Co., Ltd. (a)	3,238	46,492
Bioneer Corp. (a)	727	40,034
Boditech Med, Inc.	1,999	30,390
Cellivery Therapeutics, Inc. (a)	386	17,279
Celltrion Pharm, Inc. (a)	95	11,739
Celltrion, Inc. (a)	465	101,915
CMG Pharmaceutical Co., Ltd. (a)	15,839	54,246
CrystalGenomics, Inc. (a)	1,722	11,315
Devsisters Co., Ltd. (a)	787	104,291
DIO Corp. (a)	8,627	306,390
Duk San Neolux Co., Ltd. (a)	2,279	120,302
Echo Marketing, Inc.	1,486	25,478
E-MART, Inc.	11	1,528
Enzychem Lifesciences Corp. (a)	855	52,499
Eone Diagnomics Genome Center Co., Ltd. (a)	5,062	15,733

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Geneonelifescience, Inc. (a)	1,985	$ 57,505
Genexine, Inc. (a)	355	21,408
Green Cross Cell Corp.	653	21,178
Green Cross LabCell Corp.	1,467	124,026
Hana Financial Group, Inc.	1,235	48,399
Hanall Biopharma Co., Ltd. (a)	731	13,089
Helixmith Co., Ltd. (a)	57	1,163
HLB, Inc. (a)	184	8,780
Huons Co., Ltd.	575	26,516
Hyundai Mobis Co., Ltd.	762	162,826
Hyundai Motor Co.	1,630	275,338
Hyundai Steel Co.	130	5,199
iNtRON Biotechnology, Inc. (a)	708	13,185
JW Pharmaceutical Corp.	4,088	87,526
KB Financial Group, Inc.	4,019	187,712
KH FEELUX Co., Ltd. (a)	2,792	8,018
Kia Corp.	959	65,769
KineMaster Corp. (a)	389	6,177
Korea Electric Power Corp. ADR (b)	3,250	32,077
Korea Shipbuilding & Offshore Engineering Co., Ltd. (a)	10	861
KT&G Corp.	1,294	88,744
Kuk-il Paper Manufacturing Co., Ltd. (a)	456	2,007
L&C Bio Co., Ltd.	2,218	69,312
LG Chem, Ltd. Preference Shares	1,948	617,799
LG Electronics, Inc.	410	44,151
LG Household & Health Care, Ltd.	212	239,395
Lotte Chemical Corp.	20	4,079
Lotte Tour Development Co., Ltd. (a)	1,120	19,865
Naturecell Co., Ltd. (a)	3,465	61,018
NAVER Corp.	2,135	699,645
NHN KCP Corp. (a)	503	22,091
Oscotec, Inc. (a)	1,024	28,368
PharmaResearch Co., Ltd.	173	12,376
Pharmicell Co., Ltd. (a)	542	6,798
POSCO ADR	5,799	399,957
Rsupport Co., Ltd.	1,439	9,103
Sam Chun Dang Pharm Co., Ltd. (a)	1,393	58,591
SAM KANG M&T Co., Ltd. (a)	1,863	34,695
Samsung C&T Corp.	408	42,557
Samsung Electronics Co., Ltd. GDR	1,636	2,556,250
Samsung Engineering Co., Ltd. (a)	735	15,861
Samsung Fire & Marine Insurance Co., Ltd.	224	44,459

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Samsung Heavy Industries Co., Ltd. (a)	2,494	$ 13,060
Samsung Securities Co., Ltd.	867	35,075
Sang-A Frontec Co., Ltd.	213	12,161
Seegene, Inc.	424	21,737
SFA Semicon Co., Ltd. (a)	2,551	13,466
Shin Poong Pharmaceutical Co., Ltd.	1,322	63,867
Shinhan Financial Group Co., Ltd.	4,019	137,135
SillaJen, Inc. (a)(f)	131	1,004
SK Chemicals Co., Ltd.	24	5,757
SK Hynix, Inc.	5,944	517,088
SK Innovation Co., Ltd. (a)	241	53,940
SK, Inc.	235	53,193
Solus Advanced Materials Co, Ltd.	296	17,875
Telcon RF Pharmaceutical, Inc. (a)	3,976	13,399
Unison Co., Ltd. (a)	1,592	4,760
Wemade Co., Ltd.	1,120	66,216
Winix, Inc.	1,772	28,585
		8,391,676
SPAIN — 0.7%
Acciona SA	6,482	1,075,763
Acerinox SA	15,532	199,629
ACS Actividades de Construccion y Servicios SA	14,968	406,791
Amadeus IT Group SA (a)	5,173	341,010
Banco Bilbao Vizcaya Argentaria SA (a)(b)	46,167	305,889
Banco Santander SA	110,645	402,200
Iberdrola SA	48,781	490,948
Industria de Diseno Textil SA	10,274	378,882
Repsol SA	8,879	116,260
Telefonica SA	42,657	200,073
		3,917,445
SWEDEN — 1.0%
Assa Abloy AB Class B	17,491	511,222
Atlas Copco AB Class B	14,145	725,152
Boozt AB (a)(e)	4,959	82,248
Camurus AB (a)(b)	2,036	38,167
Epiroc AB Class B	16,281	290,036
Evolution AB (e)	2,818	429,889
Fortnox AB	718	43,497
Hansa Biopharma AB (a)	3,230	43,344
LeoVegas AB (e)	6,371	24,935
Lime Technologies AB (b)	428	16,751

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
MIPS AB	1,817	$ 182,872
PowerCell Sweden AB (a)(b)	2,072	40,168
Sandvik AB	15,153	348,490
Securitas AB Class B	23,574	374,687
Sedana Medical AB (a)(b)	2,040	23,715
Sinch AB (a)(e)	2,846	55,661
Skandinaviska Enskilda Banken AB Class A	35,677	505,270
Skanska AB Class B	15,458	389,959
SKF AB Class B	10,985	260,670
Stillfront Group AB (a)(b)	11,363	72,086
Svenska Handelsbanken AB Class A	14,449	162,384
Tele2 AB Class B (b)	10,792	160,180
Telefonaktiebolaget LM Ericsson Class B (b)	28,867	326,994
Telia Co. AB	24,826	102,513
Volvo AB Class A	19,139	434,910
		5,645,800
SWITZERLAND — 2.3%
ABB, Ltd.	21,479	722,759
Adecco Group AG	4,158	209,583
Alcon, Inc.	2,835	231,091
Ascom Holding AG (a)	1,730	27,410
Basilea Pharmaceutica AG (a)(b)	524	24,367
Cie Financiere Richemont SA	5,813	607,067
Credit Suisse Group AG	18,179	181,118
Geberit AG	1,632	1,205,390
Givaudan SA	204	932,034
Gurit Holding AG	10	18,717
Holcim, Ltd. (a)	4,152	200,913
Kuehne + Nagel International AG	1,924	658,762
Molecular Partners AG (a)	2,525	49,317
Nestle SA	20,742	2,505,894
Novartis AG	13,848	1,140,528
Relief Therapeutics Holding, Inc. (a)(b)	58,116	8,379
Roche Holding AG	5,190	1,902,472
Sensirion Holding AG (a)(e)	286	34,828
SGS SA	204	596,135
Swatch Group AG	612	161,061
UBS Group AG	28,880	464,383
Vetropack Holding AG	20	1,241
Zurich Insurance Group AG	1,019	419,026
		12,302,475

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
TAIWAN — 1.8%
Ability Opto-Electronics Technology Co., Ltd. (a)	31,000	$ 74,661
Adimmune Corp.	16,000	29,748
Advanced Wireless Semiconductor Co.	3,000	15,452
Alchip Technologies, Ltd.	5,000	166,544
Andes Technology Corp.	4,000	57,142
AP Memory Technology Corp.	2,000	54,988
AU Optronics Corp. ADR	65,929	414,693
AURAS Technology Co., Ltd.	2,000	11,881
Bizlink Holding, Inc.	1,000	8,022
Career Technology MFG. Co., Ltd. (a)	12,729	11,947
Century Iron & Steel Industrial Co., Ltd.	4,000	16,726
Charoen Pokphand Enterprise	5,000	14,375
Chief Telecom, Inc.	3,000	29,181
Chilisin Electronics Corp.	2,000	6,188
Chunghwa Telecom Co., Ltd. ADR	13,959	548,449
Concraft Holding Co., Ltd.	2,406	5,095
CTBC Financial Holding Co., Ltd.	96,000	78,907
Darfon Electronics Corp.	8,000	11,888
Dyaco International, Inc.	43,000	96,463
Egis Technology, Inc.	1,000	4,271
EirGenix, Inc. (a)	16,000	72,648
Elite Semiconductor Microelectronics Technology, Inc.	11,000	51,722
Fitipower Integrated Technology, Inc.	16,353	114,751
FocalTech Systems Co., Ltd.	28,000	155,776
Formosa Chemicals & Fibre Corp.	11,000	33,126
Formosa Plastics Corp.	14,000	57,034
Genius Electronic Optical Co., Ltd.	1,079	15,956
Global Lighting Technologies, Inc.	11,000	29,928
Global Unichip Corp.	1,000	17,982
Globalwafers Co., Ltd.	1,000	28,535
Gold Circuit Electronics, Ltd.	82,000	191,310
Hon Hai Precision Industry Co., Ltd. GDR	81,411	619,538
International Games System Co., Ltd.	4,000	94,040
Jentech Precision Industrial Co., Ltd.	3,000	37,742
KMC Kuei Meng International, Inc.	7,000	51,507
Lotus Pharmaceutical Co., Ltd.	3,000	11,629
MediaTek, Inc.	2,000	64,967
Medigen Vaccine Biologics Corp. (a)	14,000	137,435
Medtecs International Corp., Ltd.	14,700	4,169
Microbio Co., Ltd. (a)	4,392	8,434
Motech Industries, Inc.	25,000	26,561

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Nan Ya Plastics Corp.	16,000	$ 52,548
Newmax Technology Co., Ltd. (a)	7,000	9,887
Oneness Biotech Co., Ltd. (a)	1,000	6,640
Pan Jit International, Inc.	13,500	43,271
PChome Online, Inc.	2,000	9,476
PharmaEngine, Inc.	1,000	1,988
PharmaEssentia Corp. (a)	4,364	13,878
Pharmally International Holding Co., Ltd. (a)(f)	1,282	—
Power Wind Health Industry, Inc.	6,615	33,359
RDC Semiconductor Co., Ltd. (a)	5,000	58,326
RichWave Technology Corp.	16,800	142,610
Sea, Ltd. ADR (a)	94	29,961
Sporton International, Inc.	4,200	33,014
TaiDoc Technology Corp.	1,000	6,389
Taigen Biopharmaceuticals Holdings, Ltd. (a)	92,000	57,127
TaiMed Biologics, Inc. (a)	4,000	11,400
Taiwan Mask Corp.	22,000	61,987
Taiwan Semiconductor Co., Ltd.	3,000	6,978
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	39,215	4,378,355
Taiwan Surface Mounting Technology Corp.	3,000	10,983
Taiwan Union Technology Corp.	2,000	7,753
Tanvex BioPharma, Inc. (a)	6,294	10,256
TCI Co., Ltd.	459	3,748
TSEC Corp. (a)	16,000	17,028
United Integrated Services Co., Ltd.	7,000	44,472
United Microelectronics Corp. ADR	92,769	1,060,350
United Renewable Energy Co., Ltd. (a)	484,062	356,177
Universal Vision Biotechnology Co., Ltd.	4,000	44,364
Visual Photonics Epitaxy Co., Ltd.	2,000	8,471
Wafer Works Corp.	5,000	11,414
Win Semiconductors Corp.	2,000	22,254
XinTec, Inc.	15,000	68,646
		10,104,521
TANZANIA, UNITED REPUBLIC OF — 0.0% (c)
AngloGold Ashanti, Ltd.	4,082	64,498
THAILAND — 0.1%
CP ALL PCL NVDR	39,200	73,569
Kasikornbank PCL NVDR	100	395
Prima Marine PCL	119,200	22,723
PTT PCL	102,000	117,570
Siam Commercial Bank PCL NVDR	9,300	33,533

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Super Energy Corp. PCL	235,100	$ 6,462
Taokaenoi Food & Marketing PCL Class F (b)	172,500	33,394
TQM Corp. PCL NVDR	18,100	55,902
		343,548
TURKEY — 0.0% (c)
Akbank T.A.S.	47,791	28,672
Eldorado Gold Corp. (a)	3,947	30,533
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT	15,967	3,217
Koza Anadolu Metal Madencilik Isletmeleri A/S (a)	9,472	15,534
Migros Ticaret A/S (a)	7,628	27,063
Nuh Cimento Sanayi A/S	7,423	28,241
Turkiye Garanti Bankasi A/S	47,281	49,174
Turkiye Is Bankasi A/S Class C	35,291	20,616
Vestel Elektronik Sanayi ve Ticaret A/S	10,657	31,548
		234,598
UNITED ARAB EMIRATES — 0.1%
Amanat Holdings PJSC (a)	412,596	121,314
Dana Gas PJSC	217,315	62,713
National Central Cooling Co. PJSC	53,208	38,966
Network International Holdings PLC (a)(e)	9,119	44,670
		267,663
UNITED KINGDOM — 4.0%
3i Group PLC	72,502	1,252,770
Abrdn PLC	78,102	269,169
AO World PLC (a)(b)	16,479	48,305
Argo Blockchain PLC (a)(b)	44,989	74,006
AstraZeneca PLC ADR	8,607	516,936
AstraZeneca PLC	9,369	1,131,637
Avacta Group PLC (a)(b)	4,855	7,659
BAE Systems PLC	47,366	360,970
Barclays PLC	129,402	330,813
boohoo Group PLC (a)	4,358	12,769
BP PLC	115,701	530,887
British American Tobacco PLC	8,755	307,397
British Land Co. PLC REIT	33,960	226,752
BT Group PLC (a)	65,024	140,105
Burberry Group PLC	8,429	206,279
Cairn Energy PLC	13,779	34,835
Capita PLC (a)	4,651	3,196
Ceres Power Holdings PLC (a)(b)	6,905	100,179

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
CK Hutchison Holdings, Ltd.	50,420	$ 336,472
CMC Markets PLC (e)	8,946	34,257
CNH Industrial NV	7,318	124,674
Compass Group PLC (a)	23,058	473,816
Craneware PLC	108	3,524
Diageo PLC	14,449	702,532
Eurasia Mining PLC (a)(b)	60,908	20,531
Experian PLC	19,736	827,337
Frontier Developments PLC (a)	2,748	90,779
Gamesys Group PLC	1,308	32,627
GlaxoSmithKline PLC	33,211	628,533
Greatland Gold PLC (a)	59,727	12,885
Hammerson PLC REIT (b)	273,085	119,081
HSBC Holdings PLC	138,656	729,225
Imperial Brands PLC	4,991	104,881
Indivior PLC (a)	4,592	13,362
InterContinental Hotels Group PLC (a)	10,160	651,536
iomart Group PLC (b)	12,940	37,687
ITM Power PLC (a)(b)	8,975	52,133
J Sainsbury PLC	39,139	150,614
Land Securities Group PLC REIT	21,958	206,361
Learning Technologies Group PLC	24,917	72,300
Liberty Global PLC Class A (a)	2,161	64,398
Liberty Global PLC Class C (a)	8,540	251,588
Linde PLC (d)	5,305	1,556,381
Linde PLC (a)(d)	1,415	419,982
Lloyds Banking Group PLC	460,082	288,898
M&G PLC	23,300	63,964
Marks & Spencer Group PLC (a)	52,482	129,852
National Grid PLC	10,412	124,189
Next PLC	3,845	425,744
On the Beach Group PLC (a)(e)	5,482	28,310
Pearson PLC	5,395	51,779
Prudential PLC	25,749	505,157
Quilter PLC (e)	22,901	44,002
Reckitt Benckiser Group PLC	4,252	334,245
RELX PLC (d)	16,559	479,368
RELX PLC (d)	27,889	808,049
Rolls-Royce Holdings PLC (a)	75,185	142,068
Sage Group PLC	88,942	850,988
Serica Energy PLC	45,166	140,983
Severn Trent PLC	13,249	465,186

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Silence Therapeutics PLC (a)	7,926	$ 55,679
Smith & Nephew PLC	24,087	417,988
Smiths Group PLC	18,530	360,033
SSE PLC	12,146	257,284
Standard Chartered PLC	25,953	152,573
Team17 Group PLC (a)	3,002	30,965
TechnipFMC PLC (a)	5,495	41,726
Tesco PLC	49,569	169,297
Unilever PLC (d)	8,233	444,594
Unilever PLC (d)	2	108
United Utilities Group PLC	23,605	308,221
Virgin Money UK PLC (a)	725	2,116
Vodafone Group PLC	175,704	268,420
Warehouse Reit PLC	30,306	60,150
Whitbread PLC (a)	17,288	772,969
WPP PLC	18,297	246,831
		21,743,896
UNITED STATES — 58.3%
3D Systems Corp. (a)	2,153	59,358
3M Co.	5,305	930,603
A10 Networks, Inc. (a)	624	8,412
Abbott Laboratories	20,238	2,390,715
AbbVie, Inc.	6,220	670,951
Accel Entertainment, Inc. (a)	8,838	107,293
Accelerate Diagnostics, Inc. (a)	4,350	25,360
Accenture PLC Class A	5,305	1,697,176
ACM Research, Inc. Class A (a)	610	67,100
Activision Blizzard, Inc.	706	54,637
Adobe, Inc. (a)	6,224	3,583,281
Advanced Micro Devices, Inc. (a)	5,793	596,100
Adverum Biotechnologies, Inc. (a)(b)	1,127	2,446
Aerie Pharmaceuticals, Inc. (a)(b)	416	4,742
Aflac, Inc.	20,959	1,092,593
Agenus, Inc. (a)	17,809	93,497
Agilent Technologies, Inc.	10,583	1,667,140
AGNC Investment Corp. REIT	4,858	76,611
Akebia Therapeutics, Inc. (a)	16,147	46,503
Allegion PLC	1,732	228,936
Allstate Corp.	10,583	1,347,322
Alphabet, Inc. Class A (a)	2,485	6,643,697
Alphabet, Inc. Class C (a)	2,549	6,793,875
Alto Ingredients, Inc. (a)	2,500	12,350

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Altria Group, Inc.	10,583	$ 481,738
Amazon.com, Inc. (a)	3,379	11,100,150
AMC Entertainment Holdings, Inc. Class A (a)(b)	4,105	156,236
Amcor PLC	15,331	182,505
American Electric Power Co., Inc.	10,583	859,128
American Express Co.	10,876	1,822,056
American Tower Corp. REIT	5,305	1,408,000
Amgen, Inc.	6,947	1,477,280
Amyris, Inc. (a)(b)	3,439	47,217
Annaly Capital Management, Inc. REIT	9,871	83,114
Antares Pharma, Inc. (a)	8,945	32,560
Anthem, Inc.	3,481	1,297,717
APA Corp.	2,330	49,932
Appian Corp. (a)(b)	198	18,317
Apple, Inc.	128,589	18,195,343
Applied Materials, Inc.	13,874	1,786,000
Applied Therapeutics, Inc. (a)(b)	1,862	30,909
Arbor Realty Trust, Inc. REIT	5,193	96,226
Archer-Daniels-Midland Co.	15,946	956,919
Arcturus Therapeutics Holdings, Inc. (a)	904	43,193
Arcus Biosciences, Inc. (a)	3,029	105,621
Arena Pharmaceuticals, Inc. (a)	2	119
Ares Commercial Real Estate Corp. REIT	22,157	334,128
Armada Hoffler Properties, Inc. REIT	11,062	147,899
ARMOUR Residential REIT, Inc. (b)	4,246	45,772
Arrowhead Pharmaceuticals, Inc. (a)	3,149	196,592
Arvinas, Inc. (a)	919	75,523
AT&T, Inc.	61,193	1,652,823
Athenex, Inc. (a)(b)	5,331	16,046
Automatic Data Processing, Inc.	5,305	1,060,576
Avanos Medical, Inc. (a)	696	21,715
Avrobio, Inc. (a)	1,309	7,304
AxoGen, Inc. (a)	427	6,747
Axonics, Inc. (a)	2,428	158,039
Baker Hughes Co.	4,262	105,399
Bancorp, Inc. (a)	3,637	92,562
Bank of America Corp.	91,535	3,885,661
Bank of New York Mellon Corp.	16,066	832,861
Bath & Body Works, Inc.	1,532	96,562
Baxter International, Inc.	10,263	825,453
Becton Dickinson and Co.	5,000	1,229,100
Berkshire Hathaway, Inc. Class B (a)	6,098	1,664,388

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
BioCryst Pharmaceuticals, Inc. (a)	11,002	$ 158,099
BioDelivery Sciences International, Inc. (a)	5,466	19,732
Biogen, Inc. (a)	2,978	842,744
Bionano Genomics, Inc. (a)(b)	2,262	12,441
Bioxcel Therapeutics, Inc. (a)	305	9,257
BJ's Restaurants, Inc. (a)	1,043	43,556
Bloom Energy Corp. Class A (a)(b)	686	12,842
Boeing Co. (a)	4,360	958,938
Booking Holdings, Inc. (a)	405	961,417
Bridgebio Pharma, Inc. (a)	2,278	106,770
Brighthouse Financial, Inc. (a)	1,328	60,065
BrightSpire Capital, Inc. REIT	33,660	316,067
Bristol-Myers Squibb Co.	16,071	950,921
Broadcom, Inc.	3,947	1,914,019
C.H. Robinson Worldwide, Inc.	5,305	461,535
Caesars Entertainment, Inc. (a)	1,302	146,189
Capital One Financial Corp.	5,305	859,251
Capstead Mortgage Corp. REIT	2,269	15,180
Cara Therapeutics, Inc. (a)	2,533	39,135
CareDx, Inc. (a)	607	38,466
Carnival Corp. (a)	5,305	132,678
Carrier Global Corp.	5,305	274,587
Cars.com, Inc. (a)	1,666	21,075
Carvana Co. (a)	208	62,720
Catalyst Pharmaceuticals, Inc. (a)	2,934	15,550
CatchMark Timber Trust, Inc. Class A, REIT	4,055	48,133
Caterpillar, Inc.	5,305	1,018,401
CDK Global, Inc.	1,517	64,548
Celldex Therapeutics, Inc. (a)	1,588	85,736
CEL-SCI Corp. (a)	1,043	11,463
Celsius Holdings, Inc. (a)	300	27,027
Century Communities, Inc.	683	41,970
Cerus Corp. (a)	3,637	22,149
ChampionX Corp. (a)	4,445	99,390
Change Healthcare, Inc. (a)	6,823	142,874
ChannelAdvisor Corp. (a)	2,044	51,570
Charles Schwab Corp.	19,936	1,452,138
Charlottes Web Holdings, Inc. (a)	12,328	24,328
Charter Communications, Inc. Class A (a)	2,243	1,631,917
Chefs' Warehouse, Inc. (a)	294	9,576
ChemoCentryx, Inc. (a)	2,436	41,656
Chemours Co.	1,322	38,417

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Chevron Corp.	14,533	$ 1,474,373
Chubb, Ltd.	8,021	1,391,483
Church & Dwight Co., Inc.	15,181	1,253,495
Cigna Corp.	1,541	308,447
Cisco Systems, Inc.	48,567	2,643,502
Citigroup, Inc.	27,070	1,899,773
Citrix Systems, Inc.	5,305	569,598
Clean Energy Fuels Corp. (a)	16,220	132,193
Clear Channel Outdoor Holding, Inc. (a)	13,328	36,119
Clorox Co.	5,158	854,216
Cloudflare, Inc. Class A (a)	2,179	245,464
Clovis Oncology, Inc. (a)	5,124	22,853
Coca-Cola Co.	21,024	1,103,129
Codexis, Inc. (a)	392	9,118
Coeur Mining, Inc. (a)	5,099	31,461
Cognizant Technology Solutions Corp. Class A	10,657	790,856
Coherus Biosciences, Inc. (a)	913	14,672
Colgate-Palmolive Co.	8,866	670,092
Collegium Pharmaceutical, Inc. (a)	1,408	27,794
Comcast Corp. Class A	27,124	1,517,045
Community Health Systems, Inc. (a)	7,544	88,265
Community Healthcare Trust, Inc. REIT	6,824	308,377
Computer Programs & Systems, Inc. (a)	208	7,376
Conagra Brands, Inc.	10,583	358,446
ConocoPhillips	10,583	717,210
Corning, Inc.	21,269	776,106
Corteva, Inc.	8,437	355,029
Costco Wholesale Corp.	5,305	2,383,802
Coty, Inc. Class A (a)	827	6,500
Crowdstrike Holdings, Inc. Class A (a)	1,685	414,139
CryoPort, Inc. (a)(b)	1,127	74,957
CSX Corp.	41,391	1,230,968
Cue Biopharma, Inc. (a)	1,960	28,557
Cummins, Inc.	5,305	1,191,291
CVS Health Corp.	16,166	1,371,847
Cytokinetics, Inc. (a)	287	10,257
CytomX Therapeutics, Inc. (a)	5,474	27,863
Danaher Corp.	8,226	2,504,323
Dave & Buster's Entertainment, Inc. (a)	2,336	89,539
Deere & Co.	4,623	1,549,029
Dell Technologies, Inc. Class C (a)	1,108	115,276
Denny's Corp. (a)	1,043	17,043

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Designer Brands, Inc. Class A (a)	1,666	$ 23,207
Devon Energy Corp.	2,330	82,738
DexCom, Inc. (a)	214	117,028
Dicerna Pharmaceuticals, Inc. (a)	1,413	28,486
Diebold Nixdorf, Inc. (a)	3,044	30,775
Digital Turbine, Inc. (a)(b)	4,348	298,925
Dine Brands Global, Inc. (a)	624	50,675
Discover Financial Services	10,201	1,253,193
DocuSign, Inc. (a)	597	153,686
Dollar Tree, Inc. (a)	5,994	573,746
Domo, Inc. Class B (a)	1,079	91,111
Dow, Inc.	8,544	491,793
Duke Energy Corp.	5,780	564,070
DuPont de Nemours, Inc.	6,154	418,410
Durect Corp. (a)(b)	12,639	16,178
DXC Technology Co. (a)	1,731	58,179
Dynavax Technologies Corp. (a)(b)	6,398	122,906
Dynex Capital, Inc. REIT (b)	17,248	298,045
Easterly Government Properties, Inc. REIT	29,918	618,106
Eaton Corp. PLC	10,583	1,580,148
eBay, Inc.	15,946	1,110,958
Ebix, Inc.	686	18,474
Ecolab, Inc.	3,634	758,125
Edison International	9,149	507,495
Editas Medicine, Inc. (a)	488	20,047
eGain Corp. (a)	1,078	10,996
eHealth, Inc. (a)	208	8,424
El Pollo Loco Holdings, Inc. (a)	915	15,463
Elanco Animal Health, Inc. (a)	2,233	71,210
Eli Lilly & Co.	9,517	2,198,903
Ellington Financial, Inc. REIT	3,883	71,020
Emerson Electric Co.	10,583	996,919
Endo International PLC (a)	3,155	10,222
Enphase Energy, Inc. (a)	690	103,479
EOG Resources, Inc.	10,400	834,808
Equity Residential REIT	5,305	429,281
Essential Properties Realty Trust, Inc. REIT	2,653	74,072
Estee Lauder Cos., Inc. Class A	5,305	1,591,129
Etsy, Inc. (a)	406	84,432
Eventbrite, Inc. Class A (a)(b)	490	9,266
Everi Holdings, Inc. (a)	2,135	51,624
EverQuote, Inc. Class A (a)	428	7,974

See accompanying notes to financial statements.

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Security Description	Shares	Value
Evolent Health, Inc. Class A (a)	1,358	$ 42,098
Exelon Corp.	10,583	511,582
eXp World Holdings, Inc. (b)	400	15,908
Expedia Group, Inc. (a)	390	63,921
Exxon Mobil Corp.	29,288	1,722,720
Facebook, Inc. Class A (a)	17,033	5,780,830
Fastenal Co.	10,672	550,782
Fastly, Inc. Class A (a)(b)	300	12,132
Fate Therapeutics, Inc. (a)	701	41,548
FB Financial Corp.	889	38,120
FedEx Corp.	4,000	877,160
Ferguson PLC	4,258	593,361
FirstEnergy Corp.	10,583	376,966
Flexion Therapeutics, Inc. (a)	5,295	32,299
Fluidigm Corp. (a)	8,719	57,458
Ford Motor Co. (a)	42,489	601,644
Forterra, Inc. (a)	2,434	57,345
Fortive Corp.	5,189	366,188
Fox Corp. Class A	7,516	301,467
Franklin Resources, Inc.	15,946	473,915
Frank's International NV (a)(b)	3,824	11,243
Freeport-McMoRan, Inc.	3,044	99,021
Frequency Therapeutics, Inc. (a)(b)	1,078	7,611
fuboTV, Inc. (a)(b)	2,832	67,855
FuelCell Energy, Inc. (a)(b)	3,034	20,297
Fulgent Genetics, Inc. (a)(b)	200	17,990
GameStop Corp. Class A (a)	294	51,588
General Dynamics Corp.	5,305	1,039,939
General Electric Co.	5,227	538,538
General Mills, Inc.	5,305	317,345
General Motors Co. (a)	10,583	557,830
Generation Bio Co. (a)	490	12,284
Geron Corp. (a)(b)	7,532	10,319
Gilead Sciences, Inc.	13,627	951,846
Gladstone Commercial Corp. REIT	19,235	404,512
Global Medical REIT, Inc.	9,370	137,739
Globalstar, Inc. (a)(b)	42,284	70,614
Globant SA (a)	720	202,327
Goldman Sachs Group, Inc.	5,117	1,934,379
Granite Point Mortgage Trust, Inc. REIT	2,269	29,883
Green Brick Partners, Inc. (a)	1,293	26,532
Groupon, Inc. (a)(b)	433	9,877

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
GrowGeneration Corp. (a)(b)	792	$ 19,539
Halliburton Co.	10,583	228,804
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (b)	1,543	82,520
Healthpeak Properties, Inc. REIT	14,424	482,916
Hecla Mining Co.	2,134	11,737
Heron Therapeutics, Inc. (a)(b)	1,127	12,048
Hershey Co.	5,305	897,871
Hess Corp.	5,305	414,374
Hewlett Packard Enterprise Co.	21,269	303,083
Home Depot, Inc.	9,127	2,996,029
Homology Medicines, Inc. (a)(b)	1,372	10,798
Honeywell International, Inc.	10,988	2,332,533
HP, Inc.	21,269	581,920
Ichor Holdings, Ltd. (a)	196	8,054
Illinois Tool Works, Inc.	7,512	1,552,205
ImmunityBio, Inc. (a)	588	5,727
ImmunoGen, Inc. (a)	8,536	48,399
Ingersoll Rand, Inc. (a)	8,118	409,228
Inhibrx, Inc. (a)	2,250	74,947
Inmode, Ltd. (a)	1,525	243,161
Innovative Industrial Properties, Inc. REIT (b)	962	222,386
Inovio Pharmaceuticals, Inc. (a)	1,667	11,936
Inseego Corp. (a)(b)	1,078	7,179
Inspire Medical Systems, Inc. (a)	491	114,344
Installed Building Products, Inc.	135	14,465
Intel Corp.	39,538	2,106,585
Intellia Therapeutics, Inc. (a)	918	123,150
Intercept Pharmaceuticals, Inc. (a)(b)	1,372	20,374
International Business Machines Corp.	8,560	1,189,241
International Flavors & Fragrances, Inc.	1,640	219,301
International Money Express, Inc. (a)	4,257	71,092
International Seaways, Inc.	440	8,017
Intra-Cellular Therapies, Inc. (a)	2,020	75,306
Intuit, Inc.	4,327	2,334,460
Invitae Corp. (a)(b)	211	5,999
J.M. Smucker Co.	5,305	636,759
Johnson & Johnson	17,468	2,821,082
Johnson Controls International PLC	14,055	956,864
JPMorgan Chase & Co.	29,553	4,837,531
Juniper Networks, Inc.	10,583	291,244
Kadmon Holdings, Inc. (a)	5,320	46,337

See accompanying notes to financial statements.

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Security Description	Shares	Value
Kala Pharmaceuticals, Inc. (a)(b)	1,960	$ 5,135
Karyopharm Therapeutics, Inc. (a)	5,366	31,230
Kellogg Co.	5,305	339,096
Keysight Technologies, Inc. (a)	5,303	871,230
Kimberly-Clark Corp.	5,305	702,594
Kinder Morgan, Inc.	7,828	130,962
KKR Real Estate Finance Trust, Inc. REIT	2,546	53,721
Kohl's Corp.	5,305	249,812
Kraft Heinz Co.	614	22,607
Krystal Biotech, Inc. (a)	2	104
Kymera Therapeutics, Inc. (a)	784	46,052
Lamb Weston Holdings, Inc.	3,540	217,250
Lantheus Holdings, Inc. (a)	2,139	54,930
Las Vegas Sands Corp. (a)	5,305	194,163
Leidos Holdings, Inc.	1,327	127,565
Lemonade, Inc. (a)(b)	490	32,835
LGI Homes, Inc. (a)	135	19,158
Liberty Broadband Corp. Class C (a)	770	132,979
Limelight Networks, Inc. (a)(b)	4,256	10,129
Lindblad Expeditions Holdings, Inc. (a)(b)	4,055	59,162
Livent Corp. (a)	588	13,589
Lockheed Martin Corp.	3,033	1,046,688
Lordstown Motors Corp. Class A (a)(b)	12,122	96,734
Lowe's Cos., Inc.	9,090	1,843,997
Lumen Technologies, Inc.	3,582	44,381
LyondellBasell Industries NV Class A	5,205	488,489
M/I Homes, Inc. (a)	440	25,432
MacroGenics, Inc. (a)	3,239	67,825
Macy's, Inc.	2,687	60,726
Magnite, Inc. (a)(b)	1,830	51,240
Marathon Digital Holdings, Inc. (a)	2,074	65,497
Marathon Oil Corp.	15,946	217,982
Marathon Petroleum Corp.	10,672	659,636
Marsh & McLennan Cos., Inc.	10,583	1,602,584
Mastercard, Inc. Class A	2,837	986,368
Matador Resources Co.	1,667	63,413
Mattel, Inc. (a)	324	6,013
Maxar Technologies, Inc.	2,676	75,784
McCormick & Co., Inc.	10,974	889,223
McDonald's Corp.	5,305	1,279,089
McKesson Corp.	3,446	687,063
Medifast, Inc.	404	77,827

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Medtronic PLC	18,498	$ 2,318,724
MeiraGTx Holdings PLC (a)(b)	1,000	13,180
Merchants Bancorp	918	36,233
Merck & Co., Inc.	21,167	1,589,853
Mersana Therapeutics, Inc. (a)	1,525	14,381
Meta Financial Group, Inc.	704	36,946
MetLife, Inc.	15,741	971,692
MGP Ingredients, Inc. (b)	186	12,109
Micron Technology, Inc.	1,204	85,460
Microsoft Corp.	56,213	15,847,569
MicroVision, Inc. (a)(b)	1,604	17,724
Mitek Systems, Inc. (a)	3,657	67,654
Moderna, Inc. (a)	2,342	901,342
Molecular Templates, Inc. (a)(b)	1,274	8,549
Monarch Casino & Resort, Inc. (a)	745	49,908
Mondelez International, Inc. Class A	5,305	308,645
Morgan Stanley	15,946	1,551,705
Mosaic Co.	4,858	173,528
MRC Global, Inc. (a)	4,706	34,542
Nautilus, Inc. (a)(b)	1,478	13,760
Neoleukin Therapeutics, Inc. (a)	1,525	11,026
NeoPhotonics Corp. (a)	1,960	17,072
NetApp, Inc.	5,305	476,177
Netflix, Inc. (a)	2,247	1,371,434
Newmont Corp.	5,305	288,061
News Corp. Class A	2,748	64,660
NexPoint Residential Trust, Inc. REIT	19,702	1,219,160
NextEra Energy, Inc.	21,209	1,665,331
NexTier Oilfield Solutions, Inc. (a)	6,360	29,256
NIKE, Inc. Class B	16,560	2,405,009
nLight, Inc. (a)	294	8,288
NMI Holdings, Inc. Class A (a)	208	4,703
Norfolk Southern Corp.	5,305	1,269,221
Northrop Grumman Corp.	2,237	805,656
Nov, Inc. (a)	2,330	30,546
Novavax, Inc. (a)	504	104,484
NOW, Inc. (a)	611	4,674
Nurix Therapeutics, Inc. (a)	392	11,744
nVent Electric PLC	393	12,706
NVIDIA Corp.	13,770	2,852,593
Occidental Petroleum Corp.	6,317	186,857
Oceaneering International, Inc. (a)	3,922	52,241

See accompanying notes to financial statements.

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Security Description	Shares	Value
Ocugen, Inc. (a)(b)	2,926	$ 21,009
Ocular Therapeutix, Inc. (a)(b)	500	5,000
Omeros Corp. (a)(b)	2,040	28,132
Ontrack, Inc. (a)	1,176	11,807
Oracle Corp.	24,228	2,110,986
O'Reilly Automotive, Inc. (a)	2,044	1,249,007
Organon & Co.	2,118	69,449
ORIC Pharmaceuticals, Inc. (a)	490	10,246
Otis Worldwide Corp.	2,647	217,795
Overstock.com, Inc. (a)(b)	988	76,985
Owens & Minor, Inc.	2,947	92,212
Pacific Biosciences of California, Inc. (a)	1,372	35,055
Palantir Technologies, Inc. Class A (a)	5,556	133,566
Palomar Holdings, Inc. (a)	915	73,959
Par Pacific Holdings, Inc. (a)	1,078	16,946
Parker-Hannifin Corp.	4,923	1,376,569
Passage Bio, Inc. (a)(b)	882	8,785
PayPal Holdings, Inc. (a)	11,263	2,930,745
PBF Energy, Inc. Class A (a)	2,044	26,511
Peloton Interactive, Inc. Class A (a)	1,992	173,404
Penn National Gaming, Inc. (a)	610	44,201
PennyMac Financial Services, Inc.	208	12,715
Pentair PLC	393	28,544
People's United Financial, Inc.	38,943	680,334
PepsiCo, Inc.	10,877	1,636,010
Personalis, Inc. (a)	1,777	34,189
PetMed Express, Inc. (b)	701	18,836
Pfizer, Inc.	53,153	2,286,111
PG&E Corp. (a)	1,100	10,560
Phathom Pharmaceuticals, Inc. (a)(b)	305	9,790
Philip Morris International, Inc.	10,583	1,003,163
Phillips 66	2,631	184,249
Pinterest, Inc. Class A (a)	3,183	162,174
Pioneer Natural Resources Co.	3,580	596,106
Plug Power, Inc. (a)(b)	1,773	45,282
PNC Financial Services Group, Inc.	5,305	1,037,870
PPL Corp.	15,946	444,574
Precision BioSciences, Inc. (a)	5,000	57,700
Premier Financial Corp.	208	6,623
Procter & Gamble Co.	11,478	1,604,624
Prologis, Inc. REIT	16,066	2,015,158
Provention Bio, Inc. (a)(b)	1,470	9,408

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Prudential Financial, Inc.	7,930	$ 834,236
PTC Therapeutics, Inc. (a)	1,305	48,559
Public Service Enterprise Group, Inc.	10,583	644,505
Public Storage REIT	4,459	1,324,769
Puma Biotechnology, Inc. (a)	2,448	17,160
Purple Innovation, Inc. (a)	500	10,510
QUALCOMM, Inc.	12,807	1,651,847
Quanterix Corp. (a)	490	24,397
Quidel Corp. (a)	100	14,115
QuinStreet, Inc. (a)	918	16,120
Quotient, Ltd. (a)	14,206	33,242
Qurate Retail, Inc. Class A	9,659	98,425
Radius Health, Inc. (a)(b)	2,036	25,267
Raytheon Technologies Corp.	17,770	1,527,509
REC Silicon ASA (a)(b)	18,371	27,696
REGENXBIO, Inc. (a)	186	7,797
Relmada Therapeutics, Inc. (a)	745	19,526
Renewable Energy Group, Inc. (a)	200	10,040
Resideo Technologies, Inc. (a)	1,034	25,633
Retail Opportunity Investments Corp. REIT	43,710	761,428
Revance Therapeutics, Inc. (a)	3,035	84,555
Rigel Pharmaceuticals, Inc. (a)	22,813	82,811
Riot Blockchain, Inc. (a)	3,114	80,030
Roku, Inc. (a)	706	221,225
Ross Stores, Inc.	9,575	1,042,239
Ruth's Hospitality Group, Inc. (a)	5,460	113,077
Sabre Corp. (a)	1,274	15,084
Safehold, Inc. REIT	1,115	80,157
salesforce.com, Inc. (a)	11,378	3,085,941
Sangamo Therapeutics, Inc. (a)	697	6,280
Sarepta Therapeutics, Inc. (a)	404	37,362
Schlumberger NV	10,765	319,075
Scholar Rock Holding Corp. (a)	1,875	61,912
Schrodinger, Inc. (a)	98	5,359
Scientific Games Corp. Class A (a)	1,806	150,024
Seagate Technology Holdings PLC	5,305	437,769
Select Energy Services, Inc. Class A (a)	13,034	67,646
Seritage Growth Properties Class A, REIT (a)	3,387	50,229
ServiceNow, Inc. (a)	214	133,166
SI-BONE, Inc. (a)	610	13,066
SIGA Technologies, Inc. (a)	2,134	15,770
Simon Property Group, Inc. REIT	5,305	689,491

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Simulations Plus, Inc. (b)	428	$ 16,906
Skillz, Inc. (a)(b)	5,960	58,527
Skyline Champion Corp. (a)	1,335	80,180
Smith & Wesson Brands, Inc.	500	10,380
Snap, Inc. Class A (a)	6,471	478,013
SolarEdge Technologies, Inc. (a)	135	35,805
Sorrento Therapeutics, Inc. (a)(b)	4,452	33,969
Southern Co.	5,305	328,751
Sprout Social, Inc. Class A (a)	784	95,609
Square, Inc. Class A (a)	1,711	410,366
Starbucks Corp.	19,676	2,170,460
State Street Corp. (g)	5,305	449,440
Stellantis NV	9,060	173,482
Sunnova Energy International, Inc. (a)	915	30,140
Swiss Re AG	5,000	429,544
Synchrony Financial	5,915	289,125
Sysco Corp.	10,583	830,765
Tabula Rasa HealthCare, Inc. (a)(b)	806	21,125
Tandem Diabetes Care, Inc. (a)	491	58,616
Tapestry, Inc.	5,075	187,876
Target Corp.	5,305	1,213,625
TE Connectivity, Ltd.	10,583	1,452,199
TechTarget, Inc. (a)	7,110	586,006
Teladoc Health, Inc. (a)(b)	305	38,677
Tenneco, Inc. Class A (a)	3,726	53,170
Tesla, Inc. (a)	5,398	4,186,041
Texas Instruments, Inc.	14,209	2,731,112
TherapeuticsMD, Inc. (a)(b)	25,326	18,777
Thermo Fisher Scientific, Inc.	5,157	2,946,349
Tivity Health, Inc. (a)	1,043	24,052
TJX Cos., Inc.	20,959	1,382,875
Trade Desk, Inc. Class A (a)	990	69,597
Trane Technologies PLC	8,314	1,435,412
TRANSOCEAN, Ltd. (a)(b)	2,119	8,031
Travelers Cos., Inc.	5,305	806,413
Triumph Group, Inc. (a)	3,035	56,542
Twilio, Inc. Class A (a)	697	222,378
Twist Bioscience Corp. (a)	1,413	151,149
Twitter, Inc. (a)	3,138	189,504
Tyson Foods, Inc. Class A	8,136	642,256
Uber Technologies, Inc. (a)	416	18,637
UMH Properties, Inc. REIT	30,384	695,794

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Union Pacific Corp.	8,022	$ 1,572,392
Unisys Corp. (a)	2,039	51,260
United Parcel Service, Inc. Class B	5,305	966,040
UnitedHealth Group, Inc.	9,136	3,569,801
Universal Corp.	186	8,989
UroGen Pharma, Ltd. (a)(b)	1,078	18,132
Urstadt Biddle Properties, Inc. Class A, REIT	1,302	24,647
US Bancorp	16,071	955,260
Valero Energy Corp.	8,915	629,132
Vanda Pharmaceuticals, Inc. (a)	1,229	21,065
Vapotherm, Inc. (a)	740	16,480
Vaxart, Inc. (a)	2,300	18,285
Vector Group, Ltd.	31,311	399,215
Veracyte, Inc. (a)	196	9,104
Verizon Communications, Inc.	18,128	979,093
Vertex, Inc. Class A (a)	588	11,301
ViacomCBS, Inc. Class B	10,723	423,666
Viad Corp. (a)	588	26,701
Viatris, Inc.	6,699	90,771
Victoria's Secret & Co. (a)	510	28,183
Viking Therapeutics, Inc. (a)	913	5,734
Virgin Galactic Holdings, Inc. (a)	1,078	27,273
Visa, Inc. Class A	19,295	4,297,961
Vista Outdoor, Inc. (a)	1,342	54,096
Vontier Corp.	2,071	69,586
Walmart, Inc.	10,877	1,516,036
Walgreens Boots Alliance, Inc.	10,583	497,930
Walt Disney Co. (a)	18,436	3,118,818
Waste Management, Inc.	10,487	1,566,338
WaVe Life Sciences, Ltd. (a)	10	49
Wayfair, Inc. Class A (a)(b)	305	77,931
Wells Fargo & Co.	42,090	1,953,397
Western Digital Corp. (a)	6,606	372,843
Williams Cos., Inc.	9,636	249,958
Workhorse Group, Inc. (a)(b)	1,666	12,745
Yum! Brands, Inc.	5,305	648,855
Zillow Group, Inc. Class C (a)	885	78,004
ZIOPHARM Oncology, Inc. (a)	14,572	26,521
Zoetis, Inc.	611	118,620
Zoom Video Communications, Inc. Class A (a)	1,575	411,862
Zscaler, Inc. (a)	693	181,718

See accompanying notes to financial statements.

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Security Description	Shares	Value
Zynex, Inc. (a)	1,960	$ 22,324
		319,826,748
ZAMBIA — 0.0% (c)
First Quantum Minerals, Ltd.	4,764	88,184
TOTAL COMMON STOCKS (Cost $464,929,310)		545,558,623


RIGHTS — 0.0% (c)
FRANCE — 0.0% (c)
Veolia Environnement SA (expiring 10/1/21) (a)	14,657	12,167
GERMANY — 0.0% (c)
Deutsche Lufthansa AG (expiring 10/5/21) (a) (b)	18,587	44,160
SOUTH KOREA — 0.0% (c)
Samsung Heavy Industries Co., Ltd. (expiring 10/29/21) (a)	825	746
UNITED STATES — 0.0% (c)
Progenic Pharmaceuticals, Inc. (CVR) (a)	5,004	214
TOTAL RIGHTS (Cost $83,335)		57,287
WARRANTS — 0.0% (c)
MALAYSIA — 0.0% (c)
Comfort Gloves Bhd (expiring 06/26/26) (a)	12,930	1,034
Frontken Corp. Bhd (expiring 05/03/26) (a)	19,500	2,725
TOTAL WARRANTS (Cost $0)		3,759
SHORT-TERM INVESTMENTS — 1.9%
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (h) (i)	990,099	990,297
State Street Navigator Securities Lending Portfolio II (g) (j)	9,339,802	9,339,802
TOTAL SHORT-TERM INVESTMENTS (Cost $10,330,099)		10,330,099
TOTAL INVESTMENTS — 101.4% (Cost $475,342,744)		555,949,768
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.4)%		(7,733,377)
NET ASSETS — 100.0%		$ 548,216,391

(a)	Non-income producing security.
(b)	All or a portion of the shares of the security are on loan at September 30, 2021.

See accompanying notes to financial statements.

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(c)	Amount is less than 0.05% of net assets.
(d)	Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(e)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.8% of net assets as of September 30, 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 September 30, 2021, total aggregate fair value of the securities is $1,004, representing less than 0.05% of the Fund's net assets.
(g)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2021 are shown in the Affiliate Table below.
(h)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended September 30, 2021 are shown in the Affiliate Table below.
(i)	The rate shown is the annualized seven-day yield at September 30, 2021.
(j)	Investment of cash collateral for securities loaned.

ADR	American Depositary Receipt
CVR	Contingent Value Rights
GDR	Global Depositary Receipt
NVDR	Non Voting Depositary Receipt
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2021.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$545,377,470	$180,149	$1,004	$545,558,623
Rights	44,160	13,127	—	57,287
Warrants	3,759	—	—	3,759
Short-Term Investments	10,330,099	—	—	10,330,099
TOTAL INVESTMENTS	$555,755,488	$193,276	$1,004	$555,949,768

See accompanying notes to financial statements.

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Sector Breakdown as of September 30, 2021


		% of Net Assets
	Information Technology	21.2%
	Financials	14.1
	Consumer Discretionary	12.7
	Health Care	12.0
	Industrials	11.0
	Communication Services	8.8
	Consumer Staples	6.2
	Materials	4.3
	Energy	3.8
	Real Estate	3.2
	Utilities	2.2
	Short-Term Investments	1.9
	Liabilities in Excess of Other Assets	(1.4)
	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 9/30/21	Value at 9/30/21	Dividend Income
State Street Corp.	4,838	$ 287,039	$ 172,657	$ 138,605	$29,479	$98,870	5,305	$ 449,440	$ 11,521
State Street Institutional Liquid Reserves Fund, Premier Class	747,570	747,720	28,663,460	28,420,976	32	61	990,099	990,297	769
State Street Navigator Securities Lending Portfolio II	7,293,158	7,293,158	56,512,904	54,466,260	—	—	9,339,802	9,339,802	83,399
Total		$8,327,917	$85,349,021	$83,025,841	$ 29,511	$98,931		$10,779,539	$95,689

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
COMMON STOCKS — 99.2%
AUSTRALIA — 1.3%
BHP Group PLC	47,791	$ 1,216,737
Glencore PLC (a)	246,193	1,167,982
Rio Tinto PLC	24,286	1,608,977
		3,993,696
AUSTRIA — 0.7%
Addiko Bank AG	277	4,366
Agrana Beteiligungs AG	280	5,906
ams AG (a)	5,841	106,789
ANDRITZ AG	1,674	91,727
AT&S Austria Technologie & Systemtechnik AG	587	22,416
BAWAG Group AG (a)(b)	1,581	100,868
CA Immobilien Anlagen AG	794	33,588
DO & Co. AG (a)	152	12,331
Erste Group Bank AG	6,682	294,741
EVN AG	781	20,773
FACC AG (a)	410	4,476
Flughafen Wien AG (a)	199	6,907
IMMOFINANZ AG (a)	1,922	45,887
Lenzing AG (a)(c)	301	36,629
Mayr Melnhof Karton AG	200	38,245
Mondi PLC	10,970	270,609
Oberbank AG	293	30,697
Oesterreichische Post AG (c)	756	32,068
OMV AG	3,281	198,415
Palfinger AG	301	13,134
PIERER Mobility AG	169	14,729
POLYTEC Holding AG (c)	299	2,894
Porr AG (a)	279	4,980
Raiffeisen Bank International AG	3,177	83,507
Rosenbauer International AG	67	3,789
S IMMO AG	967	22,369
S&T AG	1,142	29,832
Schoeller-Bleckmann Oilfield Equipment AG (a)	248	10,031
Semperit AG Holding	252	8,966
Strabag SE	345	15,774
Telekom Austria AG (a)	3,212	27,770
UNIQA Insurance Group AG	2,733	24,389
Verbund AG	1,513	153,781
Vienna Insurance Group AG Wiener Versicherung Gruppe	904	26,088

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Voestalpine AG	2,545	$ 94,503
Wienerberger AG	2,658	89,765
Zumtobel Group AG	660	6,899
		1,990,638
BELGIUM — 1.6%
Ackermans & van Haaren NV	527	90,943
Aedifica SA REIT	759	94,825
Ageas SA/NV (c)	4,159	206,395
AGFA-Gevaert NV (a)	3,496	16,126
Anheuser-Busch InBev SA/NV	19,163	1,091,459
Ascencio REIT	109	6,203
Atenor	82	5,607
Banque Nationale de Belgique	4	7,881
Barco NV	1,774	38,550
Befimmo SA REIT	475	19,075
Bekaert SA	830	34,610
Biocartis Group NV (a)(b)(c)	1,048	4,640
bpost SA (a)	2,300	20,298
Care Property Invest NV REIT	552	17,017
Cie d'Entreprises CFE	157	16,194
Cie du Bois Sauvage SA	13	5,424
Cofinimmo SA REIT	631	95,800
Deceuninck NV	1,680	7,107
D'ieteren Group	500	73,593
Econocom Group SA	2,112	8,139
Elia Group SA	745	89,105
Etablissements Franz Colruyt NV	1,149	58,592
Euronav NV	4,803	45,656
EVS Broadcast Equipment SA	258	5,807
Fagron	1,337	26,187
Financiere de Tubize SA	491	50,190
Fluxys Belgium SA	142	5,233
Galapagos NV (a)(c)	1,012	52,966
Gimv NV	436	27,842
Greenyard NV (a)	374	3,702
Groupe Bruxelles Lambert SA	2,179	240,110
Home Invest Belgium SA	38	5,263
Hyloris Pharmaceuticals SA (a)	239	3,698
Immobel SA	96	8,322
Intervest Offices & Warehouses NV REIT	535	14,664
Ion Beam Applications	525	11,561
KBC Ancora	873	44,821

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
KBC Group NV	5,643	$ 510,378
Kinepolis Group NV (a)	342	22,196
Leasinvest Real Estate SCA	72	5,925
Lotus Bakeries NV	8	49,139
Melexis NV	438	46,701
Mithra Pharmaceuticals SA (a)(c)	349	7,709
Montea NV REIT	296	39,245
Nyxoah SA (a)	257	7,446
Ontex Group NV (a)	1,544	16,481
Orange Belgium SA	293	6,594
Proximus SADP	3,691	73,319
Recticel SA	949	15,794
Retail Estates NV REIT	245	17,945
Shurgard Self Storage SA	587	32,212
Sipef NV	142	8,344
Sofina SA	349	138,815
Solvay SA	1,687	210,472
Telenet Group Holding NV	1,020	38,963
Tessenderlo Group SA (a)	483	17,997
TINC Comm (c)	530	8,206
UCB SA	2,851	319,843
Umicore SA	4,665	277,029
Unifiedpost Group SA (a)	587	12,096
VGP NV	214	49,256
Warehouses De Pauw CVA REIT	3,226	130,857
X-Fab Silicon Foundries SE (a)(b)	1,129	10,834
Xior Student Housing NV REIT	473	26,724
		4,654,125
BERMUDA — 0.0% (d)
Conduit Holdings, Ltd.	3,756	24,031
BRAZIL — 0.1%
Yara International ASA	3,665	182,342
CANADA — 0.0% (d)
International Petroleum Corp. (a)	2,463	12,601
CHILE — 0.1%
Antofagasta PLC	8,899	163,426
CHINA — 0.6%
Prosus NV (a)	20,216	1,616,390
TI Fluid Systems PLC (b)	6,533	22,286
		1,638,676

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
COLOMBIA — 0.0% (d)
Millicom International Cellular SA SDR (a)	2,333	$ 84,829
DENMARK — 3.8%
ALK-Abello A/S (a)	153	64,337
Alm Brand A/S	1,587	11,131
Ambu A/S Class B	3,888	115,044
AP Moller - Maersk A/S Class A	68	175,403
AP Moller - Maersk A/S Class B	139	376,633
Asetek A/S (a)	346	1,257
Atlantic Sapphire ASA (a)	1,448	5,773
Bang & Olufsen A/S (a)	2,090	9,844
Bavarian Nordic A/S (a)	1,333	67,625
Better Collective A/S (a)	621	13,231
Carlsberg AS Class B	2,283	373,437
cBrain A/S	197	10,977
Cementir Holding NV	1,070	10,429
Chemometec A/S	312	47,704
Chr. Hansen Holding A/S	2,322	189,781
Coloplast A/S Class B	2,693	422,454
D/S Norden A/S	628	16,013
Danske Bank A/S	15,324	259,018
Demant A/S (a)	2,315	116,758
Dfds A/S (a)	807	42,915
Drilling Co. of 1972 A/S (a)	482	18,120
DSV A/S	4,471	1,073,483
FLSmidth & Co. A/S	1,105	38,612
Genmab A/S (a)	1,486	650,578
GN Store Nord A/S	2,899	201,111
H Lundbeck A/S	1,448	39,370
H&H International A/S Class B (a)	390	13,585
ISS A/S (a)	3,552	75,125
Jeudan A/S	204	7,917
Jyske Bank A/S (a)	1,245	53,769
Matas A/S	849	16,011
Napatech A/S (a)	743	1,367
Netcompany Group A/S (b)	1,031	118,991
Nilfisk Holding A/S (a)	473	15,187
NKT A/S (a)	963	41,845
Novo Nordisk A/S Class B	37,484	3,630,330
Novozymes A/S Class B	4,745	325,400
NTG Nordic Transport Group A/S Class A (a)	310	24,061
Orsted A/S (b)	4,266	564,359

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Pandora A/S	2,259	$ 274,625
Per Aarsleff Holding A/S	442	18,083
Ringkjoebing Landbobank A/S	665	76,801
ROCKWOOL International A/S Class A	135	49,341
ROCKWOOL International A/S Class B	197	84,559
Royal Unibrew A/S	963	116,171
Scandinavian Tobacco Group A/S Class A (b)	1,487	29,410
Schouw & Co. A/S	297	28,607
SimCorp A/S	930	110,131
Solar A/S Class B	124	12,195
SP Group A/S	198	11,264
Spar Nord Bank A/S	2,013	23,437
Sydbank A/S	1,333	39,890
Tivoli A/S (a)	51	6,454
Topdanmark A/S	1,118	57,851
Tryg A/S	8,293	188,580
UIE PLC	35	9,328
Vestas Wind Systems A/S	22,846	916,888
Zealand Pharma A/S (a)	708	20,414
		11,313,014
EGYPT — 0.0% (d)
Centamin PLC	27,089	34,925
Energean PLC (a)	3,191	38,035
		72,960
FAEROE ISLANDS — 0.0% (d)
Bakkafrost P/F	1,154	95,712
FINLAND — 2.3%
Aktia Bank Oyj	1,487	20,025
Alandsbanken Abp Class B	160	5,136
Alma Media Oyj	782	9,036
Altia Oyj (c)	538	6,248
Asiakastieto Group Oyj (a)(b)	491	20,087
Aspo Oyj	613	7,687
Atria Oyj	218	2,703
BasWare Oyj (a)	301	11,268
Bittium Oyj (c)	830	5,675
CapMan Oyj Class B	3,599	10,928
Cargotec Oyj Class B	926	47,242
Caverion Oyj	2,107	16,458
Citycon Oyj (c)	2,151	17,276
Digia Oyj	330	2,459

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Elisa Oyj	3,398	$ 211,240
eQ Oyj	426	12,713
Evli Bank PLC (a)	136	3,846
Exel Composites Oyj	217	1,947
Finnair Oyj (a)	14,563	11,477
Fiskars Oyj Abp	1,165	25,842
Fortum Oyj	9,882	301,093
F-Secure Oyj	2,316	12,884
Gofore Oyj	185	4,438
Harvia Oyj	390	20,792
HKScan Oyj Class A	1,294	2,870
Huhtamaki Oyj	2,250	101,698
Incap Oyj (a)	84	4,760
Kamux Corp.	624	9,264
Kemira Oyj	2,461	37,991
Kesko Oyj Class A	2,073	64,627
Kesko Oyj Class B	6,167	213,274
Kojamo Oyj	4,762	98,844
Kone Oyj Class B	9,137	643,619
Konecranes Oyj	1,532	61,734
Lassila & Tikanoja Oyj	856	13,512
Marimekko Oyj	189	14,939
Metsa Board Oyj	4,074	38,221
Metso Outotec Oyj	16,215	148,723
Musti Group Oyj (a)	771	27,611
Neles Oyj	1,968	27,028
Neste Oyj	9,703	550,682
Nokia Oyj (a)	121,567	670,496
Nokian Renkaat Oyj	2,902	104,295
Nordea Bank Abp (c)	82,250	1,063,316
Olvi Oyj Class A	379	21,962
Oma SAA stopankki Oyj	200	3,882
Optomed Oy (a)	277	3,644
Oriola Oyj Class B	2,633	5,419
Orion Oyj Class A	670	26,634
Orion Oyj Class B	2,451	97,290
Orthex Oyj (a)	214	2,688
Outokumpu Oyj (a)	7,641	46,775
Pihlajalinna Oyj	418	5,716
Ponsse Oyj	248	11,454
Puuilo Oyj (a)	1,050	9,300
QT Group Oyj (a)	436	73,370

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Raisio Oyj Class V	2,939	$ 11,564
Rapala VMC Oyj (a)	491	5,212
Revenio Group Oyj	540	34,327
Rovio Entertainment Oyj (b)	1,141	7,637
Sampo Oyj Class A	11,530	573,393
Sanoma Oyj	1,918	30,098
Scanfil Oyj	528	4,834
Sitowise Group PLC (a)(c)	679	6,272
Stockmann Oyj Abp Class B (a)	2,219	3,801
Stora Enso Oyj Class A	625	11,264
Stora Enso Oyj Class R	13,832	231,883
Suominen Oyj	697	3,562
Taaleri Oyj	390	4,475
Talenom Oyj	635	10,288
Tecnotree Oyj (a)	3,651	5,052
Terveystalo Oyj (b)	2,256	28,238
TietoEVRY Oyj	1,971	59,392
Tokmanni Group Corp.	1,141	27,849
UPM-Kymmene Oyj	12,067	429,481
Uponor Oyj	1,295	32,238
Vaisala Oyj Class A	630	27,417
Valmet Oyj	3,035	110,236
Verkkokauppa.com Oyj	564	5,164
Viking Line Abp (a)	151	2,809
Wartsila OYJ Abp (c)	11,223	134,686
YIT Oyj	4,029	21,339
		6,816,649
FRANCE — 15.0%
AB Science SA (a)	483	7,210
Accor SA (a)	3,846	137,954
Adevinta ASA (a)	6,441	110,680
Aeroports de Paris (a)	660	84,599
Air France-KLM (a)	6,918	33,939
Air Liquide SA	10,725	1,722,513
Airbus SE (a)	13,175	1,757,481
Akka Technologies (a)	270	14,926
Albioma SA	587	23,130
ALD SA (b)	1,916	26,202
Alstom SA	6,935	264,026
Altarea SCA REIT	87	18,855
Alten SA	677	99,724
Amundi SA (b)	1,406	118,789

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Aramis Group SAS (a)(b)	385	$ 7,880
ARGAN SA	196	24,306
Arkema SA	1,488	197,457
Atos SE	2,537	135,693
Aubay	222	12,517
AXA SA	46,560	1,299,644
Beneteau SA (a)	816	12,124
BioMerieux	1,116	127,476
BNP Paribas SA	26,096	1,676,725
Bollore SA	20,605	119,520
Bouygues SA	6,682	278,013
Bureau Veritas SA	6,589	203,966
Caisse Regionale de Credit Agricole Mutuel Brie Picardie	352	7,910
Caisse Regionale de Credit Agricole Mutuel Nord de France	362	8,034
Capgemini SE	3,818	797,141
Carmila SA REIT	1,046	15,687
Carrefour SA	13,060	235,287
Casino Guichard Perrachon SA (a)	1,093	29,452
CGG SA (a)	16,627	12,892
Chargeurs SA	381	11,516
Christian Dior SE	106	76,658
Cie de Saint-Gobain	12,047	813,139
Cie des Alpes (a)	565	9,730
Cie Generale des Etablissements Michelin SCA	3,830	589,470
Cie Plastic Omnium SA	1,445	37,144
CNP Assurances	3,314	52,714
Coface SA (a)	2,031	25,633
Covivio REIT	1,076	90,809
Covivio Hotels SACA REIT	63	1,186
Credit Agricole SA	30,028	415,732
Danone SA	14,725	1,007,720
Dassault Aviation SA	530	59,827
Dassault Systemes SE	16,137	850,285
DBV Technologies SA (a)	987	9,904
Derichebourg SA (a)	2,067	23,932
Edenred	5,677	306,796
Eiffage SA	2,301	233,820
Electricite de France SA	11,638	146,883
Elior Group SA (a)(b)	2,362	18,916
Elis SA (a)	4,152	79,734
Engie SA	42,053	552,779
Eramet SA (a)	221	16,840

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
EssilorLuxottica SA	6,809	$ 1,306,009
Eurazeo SE	1,065	100,285
Europcar Mobility Group (a)(b)	77,208	44,758
Eutelsat Communications SA	3,605	49,739
Faurecia SE (e)	2,569	121,773
Faurecia SE (e)	438	20,787
Financiere de L'Odet SA	11	15,298
Fnac Darty SA	420	27,648
Gaztransport Et Technigaz SA	521	39,097
Gecina SA REIT	1,087	146,827
Getlink SE	10,013	157,068
Hermes International	798	1,106,574
ICADE REIT	714	56,145
ID Logistics Group (a)	53	16,984
Imerys SA	779	33,838
Interparfums SA	372	23,497
Ipsen SA	859	82,192
IPSOS	926	42,230
JCDecaux SA (a)	1,469	39,055
Kaufman & Broad SA	319	13,328
Kering SA	1,652	1,179,385
Klepierre SA REIT (a)	4,700	105,891
Korian SA	1,688	59,237
La Francaise des Jeux SAEM (b)	2,584	133,235
Lagardere SA (a)	732	19,376
Lectra	714	28,093
Legrand SA	6,049	650,293
LISI	402	11,950
L'Oreal SA	5,479	2,265,957
LVMH Moet Hennessy Louis Vuitton SE	5,965	4,286,836
Maisons du Monde SA (b)	911	18,424
Manitou BF SA	245	8,220
McPhy Energy SA (a)	492	9,939
Mercialys SA REIT	1,576	16,822
Mersen SA	382	14,145
Metropole Television SA	1,309	27,246
Nanobiotix SA (a)	650	7,469
Neoen SA (a)(b)	904	36,481
Nexans SA	660	61,881
Nexity SA	966	46,125
Orange SA	46,342	502,278
Orpea SA	1,202	140,281

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Pernod Ricard SA	4,642	$ 1,025,937
PEUGEOT INVEST	108	14,970
Pharmagest Interactive	109	12,064
Publicis Groupe SA	5,330	359,884
Quadient SA	656	15,814
Remy Cointreau SA	494	95,897
Renault SA (a)	4,774	170,937
Rexel SA (a)	5,663	110,031
Robertet SA	16	18,432
Rothschild & Co.	673	29,171
Rubis SCA	2,220	76,903
Safran SA	8,581	1,090,563
Sanofi	25,916	2,495,337
Sartorius Stedim Biotech	546	306,079
Schneider Electric SE	12,878	2,147,701
SCOR SE	3,852	111,919
SEB SA	719	101,577
Societe BIC SA	569	33,566
Societe Generale SA	19,299	608,259
Sodexo SA (a)	1,945	170,820
SOITEC (a)	530	115,416
Solutions 30 SE (a)	1,717	16,914
Somfy SA	181	32,808
Sopra Steria Group SACA	365	67,894
SPIE SA	3,278	74,689
Stef SA	128	14,464
Suez SA	9,417	214,839
Technicolor SA (a)	5,159	17,519
Technip Energies NV (a)	2,566	40,445
Teleperformance	1,328	523,443
Television Francaise 1	2,785	27,468
Thales SA	2,395	233,602
Thermador Groupe	192	20,249
Tikehau Capital SCA	1,045	31,428
TotalEnergies SE	59,759	2,862,767
Trigano SA	191	35,993
Ubisoft Entertainment SA (a)	2,375	142,800
Unibail-Rodamco-Westfield REIT (a)	2,693	198,561
Valeo	4,985	140,101
Vallourec SA (a)	3,251	28,446
Valneva SE (a)	1,699	26,700
Veolia Environnement SA	12,306	377,374

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Verallia SASU (b)	1,356	$ 46,832
Vetoquinol SA	85	12,787
Vicat SA	420	18,740
Vinci SA	13,523	1,412,874
Virbac SA	96	41,277
Vivendi SE	17,534	221,601
Voltalia SA (a)	597	14,599
Wendel SE	622	86,432
Worldline SA (a)(b)	5,306	405,921
		44,626,459
GABON — 0.0% (d)
BW Energy, Ltd. (a)(c)	1,058	3,381
GEORGIA — 0.0% (d)
Bank of Georgia Group PLC (a)	863	18,083
TBC Bank Group PLC	972	19,003
		37,086
GERMANY — 12.8%
1&1 AG	1,022	32,383
Aareal Bank AG	1,402	39,061
About You Holding SE (a)	827	23,386
Adesso SE	60	12,183
adidas AG	4,225	1,330,886
ADLER Group SA (b)	2,025	34,499
ADVA Optical Networking SE (a)	943	13,508
AIXTRON SE	2,648	66,503
Allianz SE	9,331	2,107,031
alstria office REIT-AG	3,858	70,243
Amadeus Fire AG	109	22,562
Aroundtown SA	21,774	150,653
Atoss Software AG	85	17,653
Aurubis AG	782	59,254
Auto1 Group SE (a)(b)	2,422	88,616
BASF SE	20,784	1,586,170
Basler AG	85	14,264
Bayer AG	22,228	1,210,902
Bayerische Motoren Werke AG	7,247	695,094
Bayerische Motoren Werke AG Preference Shares	1,309	100,126
BayWa AG	290	12,234
Bechtle AG	1,878	129,067
Beiersdorf AG	2,210	239,377
Bilfinger SE	525	18,363

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Biotest AG Preference Shares	433	$ 19,872
Brenntag SE	3,491	326,018
CANCOM SE	830	49,270
Carl Zeiss Meditec AG	838	161,268
CECONOMY AG (a)	3,943	17,054
Cewe Stiftung & Co. KGaA	121	16,239
Commerzbank AG (a)	22,778	151,924
CompuGroup Medical SE & Co. KgaA	613	50,512
Continental AG (a)	2,439	267,941
Covestro AG (b)	4,365	300,190
CTS Eventim AG & Co. KGaA (a)	1,330	100,654
Daimler AG	18,997	1,689,111
Dermapharm Holding SE	393	37,986
Deutsche Bank AG (a)	46,739	597,908
Deutsche Beteiligungs AG	277	11,509
Deutsche Boerse AG	4,298	699,854
Deutsche EuroShop AG	1,165	23,804
Deutsche Lufthansa AG (a)(c)	6,910	47,562
Deutsche Pfandbriefbank AG (b)	3,160	35,861
Deutsche Post AG	22,293	1,407,571
Deutsche Telekom AG	73,374	1,479,300
Deutsche Wohnen SE	5,693	349,161
Deutz AG (a)	2,836	24,733
DIC Asset AG	807	14,272
DMG Mori AG	205	10,014
Draegerwerk AG & Co. KGaA Preference Shares	187	15,333
Duerr AG	1,153	49,736
DWS Group GmbH & Co. KGaA (b)	726	30,694
E.ON SE	47,776	585,150
Eckert & Ziegler Strahlen- und Medizintechnik AG	332	42,940
ElringKlinger AG (a)	648	8,704
EnBW Energie Baden-Wuerttemberg AG	427	37,907
Encavis AG	2,262	39,664
Evonik Industries AG	4,426	139,882
Evotec SE (a)	3,077	146,959
Fielmann AG	564	37,683
Flatex DEGIRO AG (a)	1,332	28,374
Fraport AG Frankfurt Airport Services Worldwide (a)	869	60,549
Freenet AG	2,713	71,154
Fresenius Medical Care AG & Co. KGaA	4,488	316,555
Fresenius SE & Co. KGaA	9,317	448,492
FUCHS PETROLUB SE Preference Shares	1,632	76,451

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
FUCHS PETROLUB SE	756	$ 27,669
GEA Group AG	3,385	155,313
Gerresheimer AG	665	65,356
GFT Technologies SE	365	12,077
Grand City Properties SA	2,415	60,288
GRENKE AG	660	28,309
Hamborner REIT AG	1,685	18,259
Hamburger Hafen und Logistik AG	494	11,107
Hannover Rueck SE	1,356	237,852
Hapag-Lloyd AG (b)	157	34,371
HeidelbergCement AG	3,337	250,531
Heidelberger Druckmaschinen AG (a)	5,549	12,721
Hella GmbH & Co. KGaA (a)	1,046	73,269
HelloFresh SE (a)	3,930	364,192
Henkel AG & Co. KGaA Preference Shares	4,027	374,207
Henkel AG & Co. KGaA	2,297	198,460
Hensoldt AG	721	11,414
HOCHTIEF AG	525	42,190
Hornbach Holding AG & Co. KGaA	185	24,056
HUGO BOSS AG	1,196	72,188
Hypoport SE (a)	99	66,891
Indus Holding AG	430	16,545
Infineon Technologies AG	29,549	1,216,583
Instone Real Estate Group SE (b)	1,111	31,739
Jenoptik AG	1,197	40,647
JOST Werke AG (b)	292	16,548
Jungheinrich AG Preference Shares	1,118	52,191
K+S AG (a)	4,474	72,359
KION Group AG	1,621	151,908
Kloeckner & Co. SE (a)	1,742	21,865
Knorr-Bremse AG	1,520	163,195
Koenig & Bauer AG (a)	299	9,166
Krones AG	299	29,299
KWS SAA t SE & Co. KGaA	235	18,820
LANXESS AG	1,868	126,821
LEG Immobilien SE	1,654	234,246
Leoni AG (a)	592	9,338
LPKF Laser & Electronics AG	528	12,055
Medios AG (a)	236	10,011
Merck KGaA	2,923	635,685
METRO AG	2,749	35,810
Mister Spex SE (a)	472	10,618

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Montana Aerospace AG (a)(b)	429	$ 15,360
MorphoSys AG (a)	756	35,923
MTU Aero Engines AG	1,206	273,109
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	3,169	870,066
Nagarro SE (a)	147	25,810
Nemetschek SE	1,282	134,760
New Work SE	61	14,988
Nexus AG	326	27,014
Nordex SE (a)	2,502	42,567
Norma Group SE	756	32,085
PATRIZIA AG (a)	1,047	27,727
Pfeiffer Vacuum Technology AG	89	19,020
Porsche Automobil Holding SE Preference Shares	3,460	344,617
ProSiebenSat.1 Media SE	4,472	82,200
Puma SE	2,302	257,239
PVA TePla AG (a)	408	17,874
Rational AG	115	108,569
Rheinmetall AG	1,019	100,123
RWE AG	15,292	541,427
SAF-Holland SE (a)	983	13,249
Salzgitter AG (a)	722	24,450
SAP SE	24,722	3,348,795
Sartorius AG Preference Shares	556	354,278
Sartorius AG	50	38,651
Schaeffler AG Preference Shares	3,894	29,966
Scout24 AG (b)	1,883	130,851
Secunet Security Networks AG	35	17,503
SFC Energy AG (a)	311	10,182
SGL Carbon SE (a)	1,216	13,275
Siemens AG	17,012	2,798,103
Siemens Energy AG (a)	10,653	286,804
Siemens Healthineers AG (b)	6,285	409,215
Siltronic AG	296	46,723
Sixt SE (a)	295	45,266
Sixt SE Preference Shares	388	34,625
SMA Solar Technology AG	430	18,519
Software AG	1,151	53,785
Softwareone Holding AG (a)	2,398	52,826
Stabilus SA	579	40,631
STO SE & Co. KGaA Preference Shares	55	12,908
STRATEC SE	147	20,853
Stroeer SE & Co. KGaA	612	50,571

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Suedzucker AG	1,577	$ 25,350
SUESS MicroTec SE (a)	347	8,968
SUSE SA (a)	855	35,058
Symrise AG	2,747	361,820
Synlab AG (a)	791	18,839
TAG Immobilien AG	3,424	100,476
Takkt AG	701	11,146
Talanx AG (a)	1,245	53,214
TeamViewer AG (a)(b)	3,736	109,935
Telefonica Deutschland Holding AG	21,443	61,085
Thyssenkrupp AG (a)	9,154	97,370
TRATON SE	1,167	30,025
TUI AG (a)	17,465	75,804
Uniper SE	2,064	86,234
United Internet AG	2,348	91,487
Vantage Towers AG	2,193	74,519
Varta AG	426	57,666
VERBIO Vereinigte BioEnergie AG	391	25,784
Vitesco Technologies Group AG Class A (a)	981	58,007
Volkswagen AG	659	204,684
Volkswagen AG Preference Shares	4,142	929,544
Vonovia SE	11,695	703,448
Wacker Chemie AG	406	75,944
Wacker Neuson SE	708	20,579
Washtec AG	271	17,086
Westwing Group AG (a)	324	12,174
Wuestenrot & Wuerttembergische AG	474	10,053
Zalando SE (a)(b)(e)	5,325	489,506
zooplus AG (a)	149	84,097
		37,908,411
GHANA — 0.0% (d)
Tullow Oil PLC (a)	27,005	18,665
GREECE — 0.0% (d)
Okeanis Eco Tankers Corp. (b)	256	2,551
HONG KONG — 0.0% (d)
Cadeler A/S (a)	1,300	4,782
IRAQ — 0.0% (d)
RAK Petroleum PLC (a)	3,558	4,076
IRELAND — 1.1%
AIB Group PLC (a)	18,357	49,975

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Bank of Ireland Group PLC (a)	21,263	$ 125,875
C&C Group PLC (a)	9,142	29,017
Cairn Homes PLC (a)	15,907	21,016
COSMO Pharmaceuticals NV (a)	147	12,685
CRH PLC	17,988	845,562
Dalata Hotel Group PLC (a)	4,405	20,931
Flutter Entertainment PLC (a)	3,967	786,642
Glanbia PLC	4,565	75,338
Glenveagh Properties PLC (a)(b)	17,118	21,942
Greencore Group PLC (a)	12,836	24,438
Hibernia REIT PLC	16,195	21,923
Kerry Group PLC Class A	3,531	474,701
Kingspan Group PLC	3,532	352,034
Ryanair Holdings PLC ADR (a)	2,270	249,836
Smurfit Kappa Group PLC	5,668	298,098
		3,410,013
ITALY — 3.4%
A2A SpA	36,706	75,531
ACEA SpA	1,022	21,841
AMCO - Asset Management Co. SpA (a)(c)(f)	88	—
Amplifon SpA	3,013	143,867
Anima Holding SpA (b)	5,831	27,944
Antares Vision SpA (a)	372	4,742
Aquafil SpA (a)	416	3,442
Arnoldo Mondadori Editore SpA (a)	1,514	3,176
Ascopiave SpA	1,542	6,210
Assicurazioni Generali SpA	29,130	620,850
Atlantia SpA (a)	11,456	217,410
Autogrill SpA (a)	4,274	34,882
Avio SpA	392	4,943
Azimut Holding SpA	2,544	70,053
Banca Generali SpA (a)	1,381	60,659
Banca IFIS SpA	628	12,184
Banca Mediolanum SpA	5,133	55,622
Banca Monte dei Paschi di Siena SpA (a)(c)	8,164	10,228
Banca Popolare di Sondrio SCPA	9,199	39,297
Banco BPM SpA	34,109	107,405
Banco di Desio e della Brianza SpA	749	2,778
BasicNet SpA	587	3,112
Be Shaping the Future SpA	1,435	3,626
BF SpA	1,335	5,725
BFF Bank SpA (b)	3,883	37,779

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Biesse SpA (a)	286	$ 8,969
BPER Banca	22,457	50,309
Brembo SpA	3,645	46,088
Brunello Cucinelli SpA (a)(c)	779	42,920
Buzzi Unicem SpA	2,129	48,719
Carel Industries SpA (b)	949	25,901
Cerved Group SpA (a)	834	9,878
CIR SpA-Compagnie Industriali (a)	20,990	11,786
COIMA RES SpA (b)	415	3,323
Credito Emiliano SpA	1,742	12,214
Danieli & C Officine Meccaniche SpA (e)	858	16,407
Danieli & C Officine Meccaniche SpA (e)	287	8,299
Datalogic SpA	530	10,743
Davide Campari-Milano NV	10,478	147,908
De' Longhi SpA	1,501	54,066
DiaSorin SpA	598	125,685
doValue SpA (b)	1,403	16,293
El.En. SpA	917	15,049
Enav SpA (a)(b)	5,923	27,787
Enel SpA	175,788	1,355,005
Eni SpA	56,817	760,282
ERG SpA	1,310	39,018
Esprinet SpA	705	9,241
Eurotech SpA (a)	554	3,217
Falck Renewables SpA	2,736	21,324
Ferrari NV	2,739	574,401
Fila SpA	612	6,880
Fincantieri SpA (a)(c)	11,433	9,481
FinecoBank Banca Fineco SpA (a)	13,773	250,128
Garofalo Health Care SpA (a)	664	4,479
Gruppo MutuiOnline SpA	580	28,736
GVS SpA (b)	1,445	20,599
Hera SpA	18,261	74,834
Illimity Bank SpA (a)	1,395	22,052
Immobiliare Grande Distribuzione SIIQ SpA REIT (a)	1,090	4,952
Infrastrutture Wireless Italiane SpA (b)	7,589	84,751
Interpump Group SpA	1,892	122,793
Intesa Sanpaolo SpA	412,721	1,173,565
Iren SpA	13,942	41,429
Italgas SpA	11,474	73,670
Italmobiliare SpA	371	12,706
Juventus Football Club SpA (a)(c)	6,196	5,185

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
La Doria SpA	161	$ 3,138
Leonardo SpA (a)	9,462	78,012
LU-VE SpA	169	4,231
Maire Tecnimont SpA	3,761	14,681
MARR SpA (a)	773	18,939
Mediaset NV (c)	7,490	21,510
Mediobanca Banca di Credito Finanziario SpA (a)	14,103	170,638
Moncler SpA	4,947	303,981
Nexi SpA (a)(b)	11,554	216,391
OVS SpA (a)(b)	6,285	16,739
Pharmanutra SpA	69	4,990
Philogen SpA (a)(b)	230	3,700
Piaggio & C SpA	4,187	14,490
Pirelli & C SpA (b)	8,091	47,636
Poste Italiane SpA (b)	10,696	147,886
Prysmian SpA	6,054	212,734
RAI Way SpA (b)	2,222	13,443
Recordati Industria Chimica e Farmaceutica SpA	2,311	134,667
Reno de Medici SpA	3,261	5,450
Reply SpA	523	96,617
Retelit SpA	1,938	6,985
Sabaf SpA	165	3,997
Safilo Group SpA (a)(c)	2,821	4,708
Saipem SpA (a)(c)	13,494	33,295
Salcef SpA	417	8,385
Salvatore Ferragamo SpA (a)(c)	1,151	23,611
Sanlorenzo SpA/Ameglia	292	10,677
Saras SpA (a)(c)	13,364	13,069
Seri Industrial SpA (a)	350	3,022
Sesa SpA	169	30,633
Snam SpA	46,449	258,179
Societa Cattolica Di Assicurazione SPA (a)	3,302	26,998
SOL SpA	855	18,827
Tamburi Investment Partners SpA	2,890	30,680
Technogym SpA (b)	2,602	29,236
Telecom Italia SpA (e)	235,726	92,722
Telecom Italia SpA (e)	141,258	57,282
Terna - Rete Elettrica Nazionale	31,840	226,424
Tinexta SpA	465	19,476
Tod's SpA (a)	190	10,120
UniCredit SpA	50,741	676,272
Unieuro SpA (b)	405	8,899

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Unipol Gruppo SpA	8,785	$ 51,457
UnipolSai Assicurazioni SpA	9,235	26,029
Webuild SpA (c)	7,220	18,442
Wiit SpA	244	6,940
Zignago Vetro SpA	564	11,164
		10,191,780
JERSEY — 0.0% (d)
JTC PLC (b)	2,753	27,617
Sanne Group PLC	3,416	41,592
		69,209
JORDAN — 0.0% (d)
Hikma Pharmaceuticals PLC	3,906	129,033
LIECHTENSTEIN — 0.0% (d)
Liechtensteinische Landesbank AG	253	14,320
LUXEMBOURG — 0.4%
APERAM SA	1,079	59,874
ArcelorMittal SA	15,043	461,306
Brederode SA (a)	288	37,984
Eurofins Scientific SE	2,886	370,730
Global Fashion Group SA (a)	1,882	20,972
Reinet Investments SCA	2,434	45,980
RTL Group SA	843	50,462
SES SA	8,984	80,485
		1,127,793
MALTA — 0.0% (d)
Catena Media PLC (a)(c)	1,073	7,276
Kindred Group PLC SDR	5,387	81,557
		88,833
MEXICO — 0.0% (d)
Fresnillo PLC	4,324	45,558
MOROCCO — 0.0% (d)
Vivo Energy PLC (b)	10,180	14,687
NETHERLANDS — 7.7%
Aalberts NV	2,195	126,839
ABN AMRO Bank NV (a)(b)	10,791	155,753
Accell Group NV (a)	476	21,156
Adyen NV (a)(b)	635	1,777,279
Aegon NV	40,778	211,109
Akzo Nobel NV	4,238	463,560

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Alfen Beheer B.V. (a)(b)	490	$ 51,678
AMG Advanced Metallurgical Group NV	764	24,774
Arcadis NV	1,739	87,026
Argenx SE (a)	1,162	349,469
ASM International NV	1,053	412,731
ASML Holding NV	9,496	7,108,381
ASR Nederland NV	3,112	142,535
Basic-Fit NV (a)(b)	1,150	52,805
BE Semiconductor Industries NV	1,624	129,227
Boskalis Westminster	1,729	52,660
Corbion NV	1,141	55,222
CTP NV (b)	1,563	34,055
Euronext NV (b)	1,740	197,019
EXOR NV	2,557	216,094
Flow Traders (b)	748	28,885
Fugro NV (a)	1,723	18,086
GrandVision NV (a)(b)	1,391	45,703
Heineken Holding NV	2,282	199,015
Heineken NV (c)	5,387	563,142
IMCD NV	1,287	246,482
ING Groep NV (c)	88,334	1,286,645
Intertrust NV (a)(b)	2,118	31,763
JDE Peet's NV	2,534	75,769
Koninklijke Ahold Delhaize NV	23,654	787,736
Koninklijke BAM Groep NV (a)	6,134	19,507
Koninklijke DSM NV	3,954	791,625
Koninklijke KPN NV	75,908	238,848
Koninklijke Philips NV	20,755	922,231
Koninklijke Vopak NV	1,478	58,239
NN Group NV	7,184	376,913
OCI NV (a)	1,583	46,819
Pharming Group NV (a)	13,839	13,062
PostNL NV	10,771	52,054
Randstad NV (c)	2,874	193,521
Royal Dutch Shell PLC Class B	78,635	1,749,030
Royal Dutch Shell PLC Class A	92,811	2,090,170
SBM Offshore NV	3,412	60,897
Shop Apotheke Europe NV (a)(b)	297	43,955
Signify NV (b)	2,950	147,526
TKH Group NV	950	53,244
Universal Music Group NV (a)	17,534	469,721
Van Lanschot Kempen NV ADR	745	23,010

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Wolters Kluwer NV	6,051	$ 642,233
		22,945,203
NIGERIA — 0.0% (d)
Airtel Africa PLC (b)	18,124	24,364
NORWAY — 1.4%
2020 Bulkers, Ltd.	222	3,421
ABG Sundal Collier Holding ASA	10,120	10,666
AF Gruppen ASA	1,293	27,343
Akastor ASA (a)	3,279	2,254
Aker ASA Class A	576	45,662
Aker BioMarine ASA (a)(c)	382	1,969
Aker BP ASA	2,538	82,892
Aker Carbon Capture ASA (a)	6,716	21,235
Aker Horizons Holding A/S (a)	2,464	9,400
Aker Solutions ASA (a)	5,429	12,062
AKVA Group ASA (a)	239	2,453
American Shipping Co. ASA (a)	1,152	4,183
ArcticZymes Technologies ASA (a)	1,210	12,039
Arendals Fossekompani A/S	297	10,513
Atea ASA (a)	1,926	33,360
Austevoll Seafood ASA	2,115	25,125
Avance Gas Holding, Ltd. (b)	1,099	5,414
Axactor SE (a)	3,801	4,089
B2Holding ASA (a)	6,774	7,908
Bank Norwegian ASA	3,660	43,815
Belships ASA	1,537	2,412
Bergenbio ASA (a)(c)	1,348	3,160
BEWi ASA	1,017	6,291
Bonheur ASA	493	17,169
Borregaard ASA	2,220	54,042
Bouvet ASA	2,110	14,285
BW Offshore, Ltd.	2,171	7,063
Carasent ASA (a)	1,149	5,719
Cloudberry Clean Energy ASA (a)	3,708	7,519
Crayon Group Holding ASA (a)(b)	1,312	24,664
DNB Bank ASA	20,191	462,490
DNO ASA (a)	11,686	13,387
Elkem ASA (a)(b)	5,707	24,791
Elopak ASA (a)	2,028	6,273
Entra ASA (b)	2,833	60,851
Equinor ASA	24,309	620,030

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Europris ASA (b)	3,904	$ 25,939
Fjordkraft Holding ASA (b)	2,631	14,630
Frontline, Ltd. (a)	2,840	25,962
Froy ASA (a)	484	2,884
Gjensidige Forsikring ASA	4,423	98,196
Grieg Seafood ASA (a)	1,159	10,887
Hexagon Composites ASA (a)	2,586	9,166
Hofseth BioCare ASA (a)	4,226	3,147
IDEX Biometrics ASA (a)(c)	21,523	5,942
Kahoot! ASA (a)	6,467	46,710
Kid ASA (b)	589	7,652
Kitron ASA	3,905	8,124
Komplett ASA (a)	1,551	10,842
Komplett Bank ASA	3,182	3,077
Kongsberg Gruppen ASA	2,113	59,014
Leroy Seafood Group ASA	6,596	54,631
LINK Mobility Group Holding ASA (a)	3,257	12,667
Magnora ASA (a)	984	2,013
Medistim ASA	253	9,275
Mercell Holding ASA (a)	10,062	8,357
Mowi ASA	10,199	259,495
MPC Container Ships A/S (a)	5,249	12,477
Multiconsult ASA (b)	492	10,089
NEL ASA (a)(c)	33,586	50,268
Nordic Nanovector ASA (a)(c)	1,210	3,316
Nordic Semiconductor ASA (a)	4,011	120,662
Norsk Hydro ASA	30,708	230,488
Norske Skog ASA (a)(b)	1,101	4,679
Norway Royal Salmon ASA	421	8,643
Norwegian Energy Co. ASA (a)	533	9,220
NRC Group ASA (a)	914	1,736
NTS ASA	615	6,876
Ocean Yield ASA	1,436	6,751
Odfjell Drilling, Ltd. (a)	2,220	5,028
Odfjell SE Class A (a)	603	2,003
Olav Thon Eiendomsselskap ASA	708	15,086
Orkla ASA	16,940	155,675
Otello Corp. ASA (a)	2,839	9,936
Panoro Energy ASA (a)	1,776	4,893
Pareto Bank ASA	966	5,998
PCI Biotech Holding ASA (a)(c)	726	1,418
Pexip Holding ASA (a)(c)	2,109	17,214

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
PGS ASA (a)	8,986	$ 5,662
PhotoCure ASA (a)	570	6,687
Polaris Media ASA (a)	265	2,459
poLight ASA (a)(b)	106	1,365
Protector Forsikring ASA	1,630	16,432
Saga Pure ASA	4,479	1,470
Salmar ASA	1,261	84,016
Salmon Evolution ASA (a)	4,395	3,691
Sandnes Sparebank (a)	468	5,351
SATS ASA (a)	1,582	3,851
Sbanken ASA (b)	1,060	12,240
Scatec ASA (b)	2,749	51,379
Schibsted ASA Class A	1,739	82,913
Schibsted ASA Class B	2,299	97,920
Self Storage Group ASA (a)	1,490	4,575
Selvaag Bolig ASA	1,020	6,368
Solon Eiendom ASA (a)	751	3,252
SpareBank 1 B.V.	906	5,501
SpareBank 1 Helgeland	280	3,913
SpareBank 1 Nord Norge	2,356	25,802
SpareBank 1 Oestlandet	1,022	15,173
SpareBank 1 Ringerike Hadeland	100	3,505
SpareBank 1 SMN	3,034	45,114
SpareBank 1 SR-Bank ASA	4,288	59,684
Sparebanken More	193	8,755
Sparebanken Ost	340	2,057
Sparebanken Sor	134	2,042
Sparebanken Vest	2,159	23,496
Stolt-Nielsen, Ltd.	564	7,947
Storebrand ASA	10,958	105,045
StrongPoint ASA	834	2,971
Telenor ASA	14,547	245,470
TGS ASA	2,786	29,618
Tomra Systems ASA	2,683	140,555
Totens Sparebank	75	1,589
Treasure ASA	889	1,558
Ultimovacs ASA (a)	385	6,404
Veidekke ASA	2,555	31,377
Volue ASA (a)	30	163
VOW ASA (a)	1,448	4,562
Wallenius Wilhelmsen ASA (a)	2,412	9,046
Wilh Wilhelmsen Holding ASA Class A	326	6,536

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Wilh Wilhelmsen Holding ASA Class B	228	$ 4,545
XXL ASA (b)	3,900	7,363
Zalaris ASA	330	2,049
		4,248,486
PERU — 0.0% (d)
Hochschild Mining PLC	6,891	12,358
POLAND — 0.7%
11 bit studios SA (a)	47	4,796
AB SA	301	4,244
Ac SA	197	1,761
Agora SA (a)	829	1,699
Alior Bank SA (a)	2,077	22,489
Allegro.eu SA (a)(b)	8,852	128,949
Alumetal SA	243	3,671
Ambra SA	232	1,472
Amica SA	109	3,843
Apator SA	612	3,390
Asseco Business Solutions SA	423	3,771
Asseco Poland SA	1,306	28,808
Asseco South Eastern Europe SA	612	6,288
Atal SA	151	1,867
Atrium European Real Estate, Ltd. (a)	1,911	6,943
Auto Partner SA	1,540	5,119
Bank Handlowy w Warszawie SA	767	8,749
Bank Millennium SA (a)	14,181	24,068
Bank Ochrony Srodowiska SA (a)	804	1,952
Bank Polska Kasa Opieki SA	3,970	103,018
Benefit Systems SA (a)	37	6,522
Biomed-Lublin Wytwornia Surowic i Szczepionek SA (a)	635	1,572
Bioton SA (a)	877	1,045
BNP PARIBAS BANK POLSKA SA (a)	388	8,207
Boryszew SA (a)	1,785	1,456
Budimex SA	253	19,144
Captor Therapeutics SA (a)	39	1,846
CCC SA (a)	920	28,008
CD Projekt SA	1,582	76,406
Celon Pharma SA	348	3,286
Ciech SA	612	6,395
ComArch SA	109	6,368
Comp SA	100	1,506
Cyfrowy Polsat SA	6,392	57,268

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Datawalk SA (a)	61	$ 3,648
Develia SA	10,484	10,164
Dino Polska SA (a)(b)	1,118	93,522
Dom Development SA	190	6,411
Echo Investment SA	4,236	4,704
Enea SA (a)	5,010	11,707
Energa SA (a)	1,639	3,368
Enter Air SA (a)	196	1,629
Erbud SA (a)	100	1,959
Eurocash SA	1,838	5,244
Fabryki Mebli Forte SA	332	4,590
Famur SA (a)	7,105	5,081
Ferro SA	420	3,765
Firma Oponiarska Debica SA	43	849
Globe Trade Centre SA (a)	4,377	7,936
Grupa Azoty SA (a)	1,106	7,798
Grupa Kety SA	228	36,572
Grupa Lotos SA (a)	2,028	30,130
ING Bank Slaski SA (a)	765	44,788
InPost SA (a)	6,193	102,565
Inter Cars SA	205	23,333
Jastrzebska Spolka Weglowa SA (a)	1,238	17,376
KGHM Polska Miedz SA	3,075	122,071
KRUK SA	423	34,596
LiveChat Software SA	324	8,681
LPP SA	23	85,716
Lubelski Wegiel Bogdanka SA (a)	253	2,698
Mabion SA (a)	194	3,522
Mangata Holding SA	52	995
mBank SA (a)	301	31,152
MCI Capital SA	349	1,995
Medicalgorithmics SA (a)	61	259
Mennica Polska SA	537	2,786
Mercator Medical SA (a)	52	1,944
MLP Group SA (a)	142	2,703
Mo-BRUK SA	37	3,373
Neuca SA	44	10,005
NEWAG SA	516	2,988
Oponeo.pl SA	126	1,992
Orange Polska SA (a)	15,175	30,684
PCC Rokita SA	61	1,283
PCF Group SA	180	1,881

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
PGE Polska Grupa Energetyczna SA (a)	18,598	$ 41,821
PKP Cargo SA (a)	708	3,227
PlayWay SA	13	1,470
Polenergia SA (a)	343	6,115
Polimex-Mostostal SA (a)	1,575	1,807
Polski Bank Komorek Macierzystych SA (a)	97	2,169
Polski Koncern Naftowy ORLEN SA	7,066	145,937
Polskie Gornictwo Naftowe i Gazownictwo SA	38,079	61,981
Powszechna Kasa Oszczednosci Bank Polski SA (a)	19,914	211,814
Powszechny Zaklad Ubezpieczen SA	12,947	118,997
Poznanska Korporacja Budowlana Pekabex SA	232	1,262
R22 SA	91	1,219
Rainbow Tours SA (a)	157	917
Ryvu Therapeutics SA (a)	205	3,071
Sanok Rubber Co. SA	565	3,215
Santander Bank Polska SA (a)	777	58,736
Selvita SA (a)	201	3,786
Sniezka SA	109	2,229
Stalexport Autostrady SA	2,253	2,099
Stalprodukt SA	49	3,578
Tauron Polska Energia SA (a)	24,456	20,569
TEN Square Games SA	61	8,087
Tim SA/Siechnice	257	2,640
Toya SA	574	1,286
Vigo System SA (a)	8	1,503
VRG SA (a)	4,223	3,998
Warsaw Stock Exchange	637	6,657
Wawel SA	13	1,905
Wielton SA	564	1,801
Wirtualna Polska Holding SA	420	14,278
X-Trade Brokers Dom Maklerski SA (b)	771	2,732
Zespol Elektrocieplowni Wroclawskich Kogeneracja SA (a)	146	1,221
Zespol Elektrowni Patnow Adamow Konin SA (a)	578	2,707
		2,109,223
PORTUGAL — 0.3%
Altri SGPS SA	1,971	12,233
Banco Comercial Portugues SA Class R (a)	188,627	34,256
Corticeira Amorim SGPS SA	878	12,048
CTT-Correios de Portugal SA	3,065	16,536
EDP - Energias de Portugal SA	66,115	347,490
Galp Energia SGPS SA	11,046	125,457
Ibersol SGPS SA (a)	193	1,288

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Jeronimo Martins SGPS SA	5,507	$ 109,840
Mota-Engil SGPS SA (a)(c)	1,629	2,588
Navigator Co. SA	5,147	18,110
NOS SGPS SA	4,806	19,372
Pharol SGPS SA (a)	11,068	1,175
REN - Redes Energeticas Nacionais SGPS SA	8,229	24,319
Semapa-Sociedade de Investimento e Gestao	270	3,661
Sonae SGPS SA	22,160	23,333
		751,706
RUSSIA — 0.2%
Coca-Cola HBC AG (a)	4,622	149,507
Evraz PLC	13,108	105,055
Petropavlovsk PLC (a)(c)	57,536	15,919
Polymetal International PLC	8,276	140,380
VEON, Ltd. (a)(c)	18,301	38,093
		448,954
SAUDI ARABIA — 0.2%
Delivery Hero SE (a)(b)	4,259	545,178
SINGAPORE — 0.0% (d)
BW LPG, Ltd. (b)	1,767	9,716
Hafnia, Ltd. (a)	2,993	6,172
		15,888
SOUTH AFRICA — 0.4%
Anglo American PLC	28,659	1,013,396
Investec PLC	13,799	59,353
		1,072,749
SPAIN — 3.7%
Acciona SA	578	95,926
Acerinox SA	4,036	51,874
ACS Actividades de Construccion y Servicios SA	5,680	154,367
Aedas Homes SA (b)	365	10,575
Aena SME SA (a)(b)	1,660	287,232
Alantra Partners SA	405	7,416
Almirall SA	1,758	27,954
Amadeus IT Group SA (a)	10,188	671,604
AmRest Holdings SE (a)	1,694	12,959
Applus Services SA	3,358	32,029
Atresmedia Corp. de Medios de Comunicacion SA (a)	1,856	7,976
Banco Bilbao Vizcaya Argentaria SA (a)	150,851	999,496

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Banco de Sabadell SA (a)	128,610	$ 108,153
Banco Santander SA	392,382	1,426,327
Bankinter SA (c)	15,137	88,908
Befesa SA (b)	782	59,725
CaixaBank SA	98,099	305,149
Cellnex Telecom SA (b)	12,212	754,360
Cia de Distribucion Integral Logista Holdings SA	1,550	32,712
CIE Automotive SA	1,290	32,562
Construcciones y Auxiliar de Ferrocarriles SA (a)	468	19,499
Corp. ACCIONA Energias Renovables SA (a)	1,271	41,731
Corp. Financiera Alba SA	385	21,060
Distribuidora Internacional de Alimentacion SA (a)	266,827	4,546
Ebro Foods SA (c)	1,213	23,140
EDP Renovaveis SA	5,516	136,933
eDreams ODIGEO SA (a)	2,264	19,810
Elecnor SA	964	10,837
Enagas SA	5,437	121,015
Ence Energia y Celulosa SA (a)	3,353	9,264
Endesa SA	7,262	146,612
Faes Farma SA	7,073	27,707
Ferrovial SA	12,074	353,047
Fluidra SA	1,960	78,255
Fomento de Construcciones y Contratas SA	1,262	15,328
Gestamp Automocion SA (a)(b)	3,334	12,960
Global Dominion Access SA (b)	2,843	14,366
Grenergy Renovables SA (a)	238	8,454
Grifols SA	6,747	164,834
Grifols SA Class B, Preference Shares	6,139	91,140
Grupo Catalana Occidente SA	1,066	38,916
Iberdrola SA	131,539	1,323,851
Indra Sistemas SA (a)	2,890	31,082
Industria de Diseno Textil SA	25,142	927,181
Inmobiliaria Colonial Socimi SA REIT	6,343	61,603
Laboratorios Farmaceuticos Rovi SA	432	28,288
Lar Espana Real Estate Socimi SA REIT	1,791	11,146
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros	15,654	30,896
Mapfre SA	23,294	50,889
Mediaset Espana Comunicacion SA (a)	3,708	21,092
Melia Hotels International SA (a)	2,248	16,752
Merlin Properties Socimi SA REIT	7,740	79,584
Naturgy Energy Group SA (c)	7,517	189,482
Neinor Homes SA (a)(b)	1,350	18,055

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Parques Reunidos Servicios Centrales SAU (a)	1,617	$ 25,773
Pharma Mar SA	300	25,896
Prosegur Cash SA (b)	7,635	6,159
Prosegur Cia de Seguridad SA	4,140	12,331
Red Electrica Corp. SA	9,156	183,682
Repsol SA	31,686	414,891
Sacyr SA (c)	9,201	22,671
Siemens Gamesa Renewable Energy SA (a)	5,114	130,510
Solaria Energia y Medio Ambiente SA (a)	1,742	27,608
Solarpack Corp. Tecnologica SA (a)	333	10,131
Talgo SA (a)(b)	1,704	8,837
Telefonica SA	124,935	585,979
Unicaja Banco SA (b)	30,144	31,477
Vidrala SA	523	57,097
Viscofan SA	869	56,953
Zardoya Otis SA	4,228	34,398
		10,951,052
SWEDEN — 6.7%
AAK AB	4,092	88,285
AcadeMedia AB (b)	1,935	13,271
AddLife AB Class B	2,594	95,238
AddNode Group AB	722	28,678
AddTech AB Class B	5,854	104,386
AFRY AB	2,179	66,651
Alfa Laval AB	6,717	252,294
Alimak Group AB (b)	828	12,455
Ambea AB (b)	1,834	13,438
AQ Group AB (a)	193	6,376
Arjo AB Class B	4,797	59,328
Assa Abloy AB Class B	22,418	655,227
Atlas Copco AB Class A	14,581	887,005
Atlas Copco AB Class B	8,823	452,317
Atrium Ljungberg AB Class B	930	19,539
Attendo AB (a)(b)	2,701	11,689
Avanza Bank Holding AB	2,785	98,558
Axfood AB	2,457	58,894
Bactiguard Holding AB (a)	373	6,873
Beijer Alma AB	1,045	23,818
Beijer Ref AB	5,726	114,146
Bergman & Beving AB	572	9,716
Betsson AB Class B (a)	2,871	23,891
BHG Group AB (a)	2,203	31,955

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
BICO Group AB (a)	813	$ 48,509
Bilia AB Class A	1,945	35,305
BillerudKorsnas AB	4,139	79,198
BioArctic AB (a)(b)	830	15,426
BioGaia AB Class B	388	19,581
BioInvent International AB (a)	886	3,715
Biotage AB	1,532	41,922
Boliden AB (a)	6,174	199,224
Bonava AB Class B	2,006	18,252
BoneSupport Holding AB (a)(b)	1,145	5,229
Boozt AB (a)(b)	1,384	22,954
Bravida Holding AB (b)	4,755	64,353
BTS Group AB Class B	337	13,983
Bufab AB	634	22,683
Bure Equity AB	1,261	52,351
Byggmax Group AB	1,308	11,221
Calliditas Therapeutics AB Class B (a)(c)	830	9,127
Camurus AB (a)	612	11,473
Cantargia AB (a)(c)	1,770	4,152
Castellum AB (c)	5,277	129,383
Catena AB	635	34,405
Cellavision AB	318	14,227
Cibus Nordic Real Estate AB	882	20,869
Cint Group AB (a)	2,025	22,869
Clas Ohlson AB Class B	973	10,032
Cloetta AB Class B	4,804	14,892
Collector AB (a)	2,457	10,740
Coor Service Management Holding AB (b)	2,251	21,343
Corem Property Group AB	145	4,981
Corem Property Group AB Class B	16,090	42,669
CTT Systems AB	195	4,681
Dios Fastigheter AB	2,021	19,728
Dometic Group AB (b)	6,924	105,104
Duni AB (a)	771	8,919
Dustin Group AB (b)(c)	1,821	19,597
Eastnine AB	280	4,609
Electrolux AB Class B (c)	5,190	120,013
Electrolux Professional AB Class B (a)	5,327	38,330
Elekta AB Class B	8,392	94,332
Eltel AB (a)(b)	2,316	4,845
Enea AB (a)	350	8,461
Eolus Vind AB Class B (c)	566	10,125

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Epiroc AB Class A	14,208	$ 295,575
Epiroc AB Class B	8,990	160,151
EQT AB	15,046	629,457
Essity AB Class A	488	15,117
Essity AB Class B	13,631	423,800
Evolution AB (b)	4,344	662,681
Fabege AB (c)	6,407	97,036
Fagerhult AB	2,078	15,890
Fasadgruppen Group AB	667	12,290
Fastighets AB Balder Class B (a)	2,411	145,456
FastPartner AB Class A	3,810	45,902
Ferronordic AB	214	5,761
Fingerprint Cards AB Class B (a)	7,210	20,035
G5 Entertainment AB (c)	202	9,194
GARO AB	715	15,299
Getinge AB Class B	5,016	200,559
Granges AB	2,440	29,424
Green Landscaping Group AB (a)(b)	632	5,693
H & M Hennes & Mauritz AB Class B (a)	16,578	337,982
Haldex AB (a)(c)	862	4,592
Hansa Biopharma AB (a)	807	10,829
Heba Fastighets AB Class B	896	13,068
Hemnet Group AB (a)	836	16,149
Hexagon AB Class B	44,819	696,475
Hexatronic Group AB	786	24,662
Hexpol AB	6,097	69,796
HMS Networks AB	665	32,039
Hoist Finance AB (a)(b)	1,981	7,010
Holmen AB Class B	2,161	95,371
Hufvudstaden AB Class A	2,752	41,240
Humana AB (a)	773	6,485
Husqvarna AB Class A	588	7,071
Husqvarna AB Class B	9,354	112,320
IAR Systems Group AB (a)	301	3,441
ICA Gruppen AB	2,169	99,691
Immunovia AB (a)(c)	381	5,579
Industrivarden AB Class A	3,954	127,091
Industrivarden AB Class C	3,656	113,668
Indutrade AB	6,126	171,136
Instalco AB	1,053	48,386
Intrum AB	1,472	40,146
Investment AB Latour Class B	3,356	104,494

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Investment AB Oresund	820	$ 13,422
Investor AB Class A	14,306	311,089
Investor AB Class B	41,218	891,116
INVISIO Communications AB	858	17,094
Inwido AB	1,357	22,708
Irlab Therapeutics AB (a)	928	4,853
JM AB	1,299	46,133
John Mattson Fastighetsforetagen AB (a)	358	7,038
Karnov Group AB	1,776	10,861
Karo Pharma AB (a)	1,309	8,259
K-fast Holding AB (a)	1,410	11,701
Kinnevik AB	5	90
Kinnevik AB Class A (a)	228	8,965
Kinnevik AB Class B (a)	5,466	193,154
Klovern AB Class B	45	105
KNOW IT AB	445	17,956
Kungsleden AB	3,911	51,634
L E Lundbergforetagen AB Class B	1,676	92,454
Lagercrantz Group AB Class B	4,665	55,936
LeoVegas AB (b)	2,064	8,078
Lifco AB Class B	5,224	140,922
Lime Technologies AB	202	7,906
Linc AB (a)	373	3,795
Lindab International AB	1,837	46,825
Loomis AB	1,769	48,044
Lundin Energy AB (c)	4,361	162,904
Medcap AB (a)	211	4,616
Medicover AB Class B	1,599	43,134
Mekonomen AB (a)	969	17,279
Midsona AB Class B	1,114	7,653
MIPS AB	600	60,387
Modern Times Group MTG AB Class B (a)	2,250	27,365
Momentum Group AB Class B	381	8,710
Munters Group AB (b)	3,083	25,302
Mycronic AB	1,645	41,066
NCAB Group AB	295	19,355
NCC AB Class B	2,030	32,068
Nederman Holding AB	449	8,468
New Wave Group AB Class B (a)	1,045	15,648
Nibe Industrier AB Class B	31,916	403,667
Nobia AB	2,604	17,204
Nobina AB (b)	2,072	18,651

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Nolato AB Class B	4,518	$ 54,070
Nordic Entertainment Group AB Class B (a)	1,620	87,772
Nordic Waterproofing Holding AB	568	13,342
Nordnet AB publ	3,448	62,035
Note AB (a)	439	6,052
NP3 Fastigheter AB	620	16,158
Nyfosa AB	3,891	55,061
OEM International AB Class B	311	5,766
Oncopeptides AB (a)(b)(c)	1,405	6,745
Pandox AB (a)	2,344	37,189
Peab AB Class B	4,860	50,497
Platzer Fastigheter Holding AB Class B	1,454	21,938
Pricer AB Class B	2,444	7,934
Probi AB	92	3,880
Q-Linea AB (a)(b)	405	6,148
Ratos AB Class B	4,949	29,133
RaySearch Laboratories AB (a)(c)	612	4,302
Rejlers AB (a)	374	6,720
Resurs Holding AB (b)	3,325	15,495
Rvrc Holding AB (a)	2,490	20,208
Saab AB Class B	1,933	54,973
Sagax AB Class A	118	3,709
Sagax AB Class B	3,850	120,492
Sagax AB Class D	2,400	8,833
Samhallsbyggnadsbolaget i Norden AB (c)	24,432	135,390
Samhallsbyggnadsbolaget i Norden AB Class D	3,504	12,104
Sandvik AB	24,655	567,018
SAS AB (a)	92,686	20,341
Scandi Standard AB	1,406	8,437
Scandic Hotels Group AB (a)(b)	3,075	12,562
Sdiptech AB Class B (a)	681	33,238
Sectra AB Class B	3,360	67,595
Securitas AB Class B	7,222	114,787
Sinch AB (a)(b)	12,378	242,083
Sivers Semiconductors AB (a)	2,326	6,583
Skandinaviska Enskilda Banken AB Class A	36,249	513,371
Skanska AB Class B	9,038	228,002
SKF AB Class A	328	7,742
SKF AB Class B	8,523	202,248
SkiStar AB (a)	972	20,165
SmartCraft ASA (a)	1,859	4,818
SSAB AB Class A (a)	4,645	22,985

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
SSAB AB Class B (a)	14,221	$ 61,234
Stendorren Fastigheter AB (a)	291	7,684
Stillfront Group AB (a)	7,113	45,124
Svenska Cellulosa AB SCA Class A	490	7,640
Svenska Cellulosa AB SCA Class B	12,573	196,028
Svenska Handelsbanken AB Class A	34,541	388,187
Svenska Handelsbanken AB Class B	825	10,147
Sweco AB Class B	4,818	76,109
Swedbank AB Class A	20,949	424,557
Swedish Match AB	35,701	312,833
Swedish Orphan Biovitrum AB (a)	4,460	120,669
Systemair AB	1,964	17,353
Tele2 AB Class B (c)	11,440	169,798
Telefonaktiebolaget LM Ericsson Class A	1,403	16,005
Telefonaktiebolaget LM Ericsson Class B (c)	69,500	787,268
Telia Co. AB	55,868	230,693
Thule Group AB (b)(c)	2,413	121,801
Tobii AB (a)	2,294	15,615
Trelleborg AB Class B	5,465	116,939
Troax Group AB	906	34,848
VBG Group AB Class B	420	8,257
Vitec Software Group AB Class B	636	34,750
Vitrolife AB	1,362	71,894
VNV Global AB (a)	1,526	18,332
Volati AB	542	8,029
Volvo AB Class A	4,359	99,053
Volvo AB Class B	35,931	809,341
Wallenstam AB Class B	4,816	71,454
Wihlborgs Fastigheter AB	3,228	64,349
XANO Industri AB Class B	228	7,401
Xbrane Biopharma AB (a)	379	5,900
Xvivo Perfusion AB (a)	488	21,559
		19,788,268
SWITZERLAND — 13.5%
ABB, Ltd.	38,021	1,279,390
Adecco Group AG	3,753	189,169
Alcon, Inc.	11,305	921,512
Allreal Holding AG	335	66,436
ALSO Holding AG (a)	146	42,258
Arbonia AG	1,197	23,405
Aryzta AG (a)	22,458	33,704
Ascom Holding AG (a)	778	12,327

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Bachem Holding AG Class B	133	$ 101,940
Baloise Holding AG	1,033	157,577
Banque Cantonale Vaudoise	631	48,094
Barry Callebaut AG	80	181,808
Basellandschaftliche Kantonalbank	12	11,835
Basilea Pharmaceutica AG (a)	255	11,858
Belimo Holding AG	227	120,210
Bell Food Group AG	49	15,233
Berner Kantonalbank AG	103	22,911
BKW AG	468	50,671
Bobst Group SA (a)	167	14,483
Bossard Holding AG Class A	140	43,973
Bucher Industries AG	153	73,150
Burckhardt Compression Holding AG	61	24,652
Bystronic AG	31	42,005
Cembra Money Bank AG	708	47,739
Chocoladefabriken Lindt & Spruengli AG (e)	24	268,082
Chocoladefabriken Lindt & Spruengli AG (e)	2	235,622
Cie Financiere Richemont SA	11,811	1,233,454
Clariant AG (a)	5,180	97,869
Comet Holding AG	153	53,140
Credit Suisse Group AG	54,530	543,283
Daetwyler Holding AG	157	55,876
DKSH Holding AG	830	65,174
dormakaba Holding AG	71	51,679
Dottikon Es Holding AG (a)	88	29,055
Dufry AG (a)	1,599	90,539
EFG International AG (a)	1,745	12,645
Emmi AG	49	50,584
EMS-Chemie Holding AG	155	146,883
Fenix Outdoor International AG	109	18,166
Flughafen Zurich AG (a)	441	78,948
Forbo Holding AG	25	49,472
Fundamenta Real Estate AG	652	14,118
Galenica AG (b)	1,166	82,371
Geberit AG	811	599,002
Georg Fischer AG	94	140,065
Givaudan SA	180	822,383
Gurit Holding AG	8	14,974
Helvetia Holding AG	818	89,354
Holcim, Ltd. (a)	12,801	619,432
Huber + Suhner AG	326	25,266

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Idorsia, Ltd. (a)(c)	2,464	$ 59,642
Inficon Holding AG	40	46,996
Interroll Holding AG	16	67,749
Intershop Holding AG	27	16,816
IWG PLC (a)	17,773	70,215
Julius Baer Group, Ltd.	4,999	333,963
Jungfraubahn Holding AG (a)	105	15,488
Kardex Holding AG	140	39,696
Komax Holding AG (a)	86	22,697
Kongsberg Automotive ASA (a)(c)	11,300	3,139
Kuehne + Nagel International AG	1,282	438,946
Landis+Gyr Group AG (a)	520	33,669
LEM Holding SA	12	27,914
Leonteq AG	217	13,283
Logitech International SA	3,913	349,248
Lonza Group AG	1,685	1,267,295
Luzerner Kantonalbank AG	75	33,607
Medacta Group SA (a)(b)	134	20,886
Mediclinic International PLC (a)	8,213	34,595
Meyer Burger Technology AG (a)	53,526	24,260
Mobimo Holding AG (a)	152	50,593
Nestle SA	63,720	7,698,177
Novartis AG	55,103	4,538,311
OC Oerlikon Corp. AG	4,665	51,208
Partners Group Holding AG	513	806,469
PSP Swiss Property AG	1,053	127,103
Relief Therapeutics Holding, Inc. (a)	56,435	8,137
Rieter Holding AG (a)	67	14,724
Roche Holding AG Bearer Shares	600	247,242
Roche Holding AG	15,903	5,829,480
Romande Energie Holding SA	11	15,211
Schindler Holding AG (e)	920	247,740
Schindler Holding AG (e)	445	115,156
Schweiter Technologies AG	24	34,475
Sensirion Holding AG (a)(b)	233	28,374
SFS Group AG	393	53,588
SGS SA	139	406,190
Siegfried Holding AG (a)	100	89,403
SIG Combibloc Group AG (a)	7,359	196,587
Sika AG (c)	3,038	966,585
Sonova Holding AG	1,221	464,919
St Galler Kantonalbank AG	61	27,203

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Stadler Rail AG (c)	1,340	$ 55,993
STMicroelectronics NV	14,942	653,978
Straumann Holding AG	259	467,413
Sulzer AG	397	37,962
Swatch Group AG (e)	666	175,273
Swatch Group AG (e)	1,240	64,070
Swiss Life Holding AG	713	361,908
Swiss Prime Site AG	1,751	171,562
Swisscom AG	574	330,672
Swissquote Group Holding SA	243	45,065
Tecan Group AG	221	125,917
Temenos AG	1,502	204,646
UBS Group AG	78,656	1,264,769
Valiant Holding AG	374	35,642
Valora Holding AG (a)	93	18,244
VAT Group AG (b)	619	245,649
Vetropack Holding AG	229	14,214
Vifor Pharma AG	1,084	141,187
Vontobel Holding AG	661	55,801
VZ Holding AG	373	37,146
Wizz Air Holdings PLC (a)(b)	1,003	67,809
Zehnder Group AG	215	22,863
Zug Estates Holding AG	7	14,858
Zuger Kantonalbank AG	3	21,547
Zur Rose Group AG (a)	217	87,000
Zurich Insurance Group AG	3,405	1,400,180
		40,082,123
TANZANIA, UNITED REPUBLIC OF — 0.0% (d)
Helios Towers PLC (a)	21,552	52,598
UKRAINE — 0.0% (d)
Ferrexpo PLC	6,865	30,287
Kernel Holding SA	1,155	17,479
		47,766
UNITED ARAB EMIRATES — 0.0% (d)
Borr Drilling, Ltd. (a)(c)	5,153	4,389
Network International Holdings PLC (a)(b)	11,003	53,899
		58,288
UNITED KINGDOM — 20.2%
3i Group PLC	21,997	380,089
4imprint Group PLC	662	26,867

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
888 Holdings PLC	6,482	$ 37,582
A.G. Barr PLC (a)	2,260	15,754
Abrdn PLC	49,193	169,538
Admiral Group PLC	5,394	226,045
AJ Bell PLC	7,219	38,838
Allfunds Group PLC (a)	7,963	154,858
Alphawave IP Group PLC (a)	8,883	27,788
AO World PLC (a)	8,062	23,632
Argo Blockchain PLC (a)(c)	8,513	14,004
Ascential PLC (a)	9,426	52,135
Ashmore Group PLC	11,683	53,654
Ashtead Group PLC	10,210	777,265
Associated British Foods PLC	8,280	207,657
Assura PLC REIT	62,845	60,629
Aston Martin Lagonda Global Holdings PLC (a)(b)	1,548	39,981
AstraZeneca PLC	35,063	4,235,092
Auction Technology Group PLC (a)	1,666	29,876
Auto Trader Group PLC (b)	21,727	172,493
AVEVA Group PLC	2,864	139,020
Aviva PLC	88,476	472,295
Avon Protection PLC	662	17,334
B&M European Value Retail SA	20,419	162,604
Babcock International Group PLC (a)	5,915	29,653
BAE Systems PLC	72,726	554,236
Balfour Beatty PLC	14,482	52,918
Baltic Classifieds Group PLC (a)	6,284	16,649
Barclays PLC	359,917	920,118
Barratt Developments PLC	23,010	204,893
Beazley PLC (a)	13,906	71,101
Bellway PLC	2,780	122,910
Berkeley Group Holdings PLC	2,583	151,919
Biffa PLC (a)(b)	7,405	35,944
Big Yellow Group PLC REIT	3,905	73,451
Bodycote PLC	4,480	53,006
BP PLC	455,500	2,090,033
Brewin Dolphin Holdings PLC	7,108	36,707
Bridgepoint Group PLC (a)(b)	14,263	96,927
British American Tobacco PLC	48,004	1,685,470
British Land Co. PLC REIT	19,812	132,285
Britvic PLC	6,212	74,839
BT Group PLC (a)	171,131	368,730
Bunzl PLC	7,618	252,171

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Burberry Group PLC	9,142	$ 223,728
Bytes Technology Group PLC (a)	4,672	31,938
Cairn Energy PLC	12,116	30,631
Capita PLC (a)	39,161	26,908
Capital & Counties Properties PLC REIT	15,415	34,524
Centrica PLC (a)	136,605	104,400
Chemring Group PLC	6,596	28,371
Clarkson PLC	666	34,124
Clipper Logistics PLC	1,932	19,017
Close Brothers Group PLC	3,561	74,279
CLS Holdings PLC	3,277	9,853
CMC Markets PLC (b)	2,702	10,347
CNH Industrial NV	22,543	384,055
Coats Group PLC	33,835	30,749
Compass Group PLC (a)	40,386	829,886
Computacenter PLC	1,863	68,276
Concentric AB	919	17,480
ConvaTec Group PLC (b)	37,150	108,197
Countryside Properties PLC (a)(b)	10,963	74,723
Cranswick PLC	1,213	58,422
Crest Nicholson Holdings PLC	6,011	31,042
Croda International PLC	3,222	371,184
Currys PLC	27,474	49,454
Daily Mail & General Trust PLC Class A	3,566	51,544
Darktrace PLC (a)	7,397	81,785
DCC PLC	2,329	194,636
Dechra Pharmaceuticals PLC	2,493	163,030
Deliveroo PLC (a)(b)(c)	23,061	89,925
Derwent London PLC REIT	2,343	109,245
DFS Furniture PLC (a)	5,691	19,913
Diageo PLC	52,825	2,568,431
Diploma PLC	2,803	107,411
Direct Line Insurance Group PLC	31,131	121,561
DiscoverIE Group PLC	1,989	27,945
Domino's Pizza Group PLC	9,527	50,895
Dr. Martens PLC (a)	13,075	69,461
Draper Esprit PLC (a)	3,107	42,145
Drax Group PLC	9,609	62,423
DS Smith PLC	31,497	175,354
Dunelm Group PLC	2,695	51,673
easyJet PLC (a)	8,531	76,240
Electrocomponents PLC	10,770	156,544

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Elementis PLC (a)	13,599	$ 27,321
Empiric Student Property PLC REIT (a)	14,128	16,878
EnQuest PLC (a)	36,856	12,006
Entain PLC (a)	13,233	380,050
Equiniti Group PLC (a)(b)	8,550	20,636
Essentra PLC	7,507	27,077
Euromoney Institutional Investor PLC	2,555	35,002
Experian PLC	21,936	919,562
FDM Group Holdings PLC	2,170	36,984
Firstgroup PLC (a)(c)	28,480	34,158
Forterra PLC (b)	4,705	17,605
Frasers Group PLC (a)	4,248	39,149
Future PLC	2,617	130,207
Games Workshop Group PLC	764	105,795
Gamesys Group PLC	2,030	50,637
Genuit Group PLC	5,904	55,406
Genus PLC	1,529	112,771
GlaxoSmithKline PLC	113,880	2,155,230
Go-Ahead Group PLC (a)	929	10,109
Grafton Group PLC	5,059	86,972
Grainger PLC	15,397	63,320
Great Portland Estates PLC REIT	4,755	47,861
Greggs PLC	2,364	93,967
Gym Group PLC (a)(b)	3,861	15,488
Halfords Group PLC	4,372	17,921
Halma PLC	8,580	328,787
Hammerson PLC REIT	75,859	33,079
Hargreaves Lansdown PLC	8,102	156,382
Hays PLC	38,794	84,582
Headlam Group PLC	1,849	12,266
Helical PLC	2,415	14,393
Hill & Smith Holdings PLC	1,862	45,593
Hilton Food Group PLC	1,821	28,728
Hiscox, Ltd.	8,124	91,970
HomeServe PLC	6,884	83,956
Howden Joinery Group PLC	13,546	163,616
HSBC Holdings PLC	469,647	2,469,987
Ibstock PLC (b)	9,601	26,797
IG Group Holdings PLC	8,652	93,852
IMI PLC	6,018	134,699
Imperial Brands PLC	21,395	449,595
Inchcape PLC	8,469	92,610

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Indivior PLC (a)	16,714	$ 48,633
Informa PLC (a)	33,943	251,444
IntegraFin Holdings PLC	6,585	46,081
InterContinental Hotels Group PLC (a)	4,240	271,901
Intermediate Capital Group PLC	6,642	183,145
International Consolidated Airlines Group SA (a)	57,101	137,431
Intertek Group PLC	3,645	244,606
IP Group PLC	23,524	44,406
ITV PLC (a)	83,163	119,534
J D Wetherspoon PLC (a)	2,402	33,780
J Sainsbury PLC	38,522	148,240
JD Sports Fashion PLC	11,482	162,326
John Wood Group PLC (a)	15,955	49,501
Johnson Matthey PLC	4,581	165,847
Jupiter Fund Management PLC	10,720	36,136
Just Eat Takeaway (a)(b)(c)	813	59,173
Just Eat Takeaway.com NV (a)(b)	3,333	243,510
Just Group PLC (a)	24,254	29,580
Kainos Group PLC	2,078	52,591
Keller Group PLC	1,609	20,654
Kier Group PLC (a)	9,743	15,817
Kingfisher PLC	47,672	216,297
Lancashire Holdings, Ltd.	5,558	42,192
Land Securities Group PLC REIT	15,401	144,739
Legal & General Group PLC	134,983	511,614
Linde PLC (a)	11,651	3,458,099
Liontrust Asset Management PLC	1,445	41,403
Lloyds Banking Group PLC	1,605,741	1,008,288
London Stock Exchange Group PLC	7,297	732,999
LondonMetric Property PLC REIT	20,583	66,385
LXI REIT PLC	13,748	25,470
M&G PLC	59,771	164,086
Man Group PLC	33,080	91,125
Marks & Spencer Group PLC (a)	45,695	113,060
Marshalls PLC	4,700	47,276
Marston's PLC (a)	14,399	15,726
Meggitt PLC (a)	17,922	178,435
Melrose Industries PLC	93,515	219,461
Micro Focus International PLC	7,967	44,011
Mitchells & Butlers PLC (a)	4,365	13,937
Mitie Group PLC (a)	31,685	30,333
MJ Gleeson PLC	1,266	13,485

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Moneysupermarket.com Group PLC	12,581	$ 36,132
Moonpig Group PLC (a)	4,741	20,392
Morgan Advanced Materials PLC	6,681	32,475
Morgan Sindall Group PLC	872	28,042
National Express Group PLC (a)	12,597	40,968
National Grid PLC	81,935	977,280
Natwest Group PLC	121,385	368,093
NCC Group PLC	6,856	23,758
Next PLC	3,004	332,622
Ninety One PLC	7,546	26,190
Ocado Group PLC (a)	14,389	322,548
On the Beach Group PLC (a)(b)	3,498	18,064
OSB Group PLC	10,228	69,024
Oxford Biomedica PLC (a)	1,652	34,481
Oxford Instruments PLC	1,262	38,797
Pagegroup PLC	7,692	64,407
Paragon Banking Group PLC	6,139	45,154
Pearson PLC	17,444	167,420
Pennon Group PLC	6,273	95,831
Pepco Group NV (a)(b)	2,173	27,906
Persimmon PLC	7,207	259,265
Pets at Home Group PLC	11,722	75,961
Phoenix Group Holdings PLC	16,546	144,032
Picton Property Income, Ltd. REIT	11,920	15,269
Playtech PLC (a)	7,253	45,886
Premier Foods PLC	15,284	24,029
Primary Health Properties PLC REIT	30,393	61,839
Provident Financial PLC (a)	5,951	26,832
Prudential PLC	59,181	1,161,042
PZ Cussons PLC	7,581	23,050
QinetiQ Group PLC	13,399	58,572
Quilter PLC (b)	35,918	69,013
Rathbone Brothers PLC	1,309	35,565
Reach PLC	7,180	33,836
Reckitt Benckiser Group PLC	16,666	1,310,095
Redde Northgate PLC	5,273	28,582
Redrow PLC	6,756	60,815
RELX PLC	44,890	1,299,524
Renewi PLC (a)	1,731	14,144
Renishaw PLC	805	51,536
Rentokil Initial PLC	42,015	330,615
Restaurant Group PLC (a)	17,309	24,039

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Rightmove PLC	19,638	$ 180,957
Rolls-Royce Holdings PLC (a)	189,021	357,170
Rotork PLC	20,422	96,046
Royal Mail PLC	19,385	110,092
S4 Capital PLC (a)	10,520	119,860
Sabre Insurance Group PLC (b)	5,861	17,307
Safestore Holdings PLC REIT	4,941	69,886
Sage Group PLC	23,792	227,639
Savills PLC	3,358	61,170
Schroders PLC (e)	2,976	144,256
Schroders PLC (e)	818	26,912
Segro PLC REIT	27,136	437,237
Senior PLC (a)	9,226	21,421
Serco Group PLC	28,665	51,792
Severn Trent PLC	5,719	200,800
Shaftesbury PLC REIT	5,034	41,302
Smith & Nephew PLC	20,004	347,135
Smiths Group PLC	9,139	177,568
Softcat PLC	3,015	82,362
Spectris PLC	2,646	138,107
Spirax-Sarco Engineering PLC	1,664	335,875
Spire Healthcare Group PLC (a)(b)	6,177	17,157
Spirent Communications PLC	14,326	54,009
SSE PLC	23,723	502,514
SSP Group PLC (a)	18,588	69,375
St James's Place PLC	12,192	247,737
Standard Chartered PLC	58,486	343,828
SThree PLC	2,942	23,008
Stock Spirits Group PLC	3,978	20,087
Subsea 7 SA	5,380	46,890
Synthomer PLC	7,942	53,286
Tate & Lyle PLC	10,963	102,262
Taylor Wimpey PLC	82,286	172,861
TechnipFMC PLC (a)	9,895	75,137
Telecom Plus PLC	1,573	25,791
Tesco PLC	174,853	597,188
THG PLC (a)	17,376	118,785
TP ICAP Group PLC	18,493	39,811
Trainline PLC (a)(b)	11,062	52,413
Travis Perkins PLC	5,125	106,073
Treatt PLC	1,321	18,079
Tritax Big Box REIT PLC	39,999	114,661

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Trustpilot Group PLC (a)(b)	4,978	$ 25,882
TT Electronics PLC	3,804	13,310
Tyman PLC	4,353	24,651
UK Commercial Property REIT, Ltd.	17,244	17,089
Ultra Electronics Holdings PLC	1,670	72,866
Unilever PLC	59,509	3,213,571
UNITE Group PLC REIT	7,510	110,172
United Utilities Group PLC	15,394	201,006
Vectura Group PLC	9,322	20,689
Vesuvius PLC	6,392	42,059
Victrex PLC	2,026	65,070
Virgin Money UK PLC (a)	29,190	80,448
Vistry Group PLC	5,249	86,487
Vitec Group PLC	807	16,322
Vodafone Group PLC	651,989	996,031
Volution Group PLC	4,446	29,494
Watches of Switzerland Group PLC (a)(b)	5,490	70,027
Weir Group PLC (a)	5,981	136,411
WH Smith PLC (a)	2,926	67,583
Whitbread PLC (a)	4,645	207,684
Wickes Group PLC	5,690	17,462
Wincanton PLC	2,703	12,938
Wise PLC Class A (a)	9,885	144,880
Wm Morrison Supermarkets PLC	55,292	219,559
Workspace Group PLC REIT	3,015	33,539
WPP PLC	26,962	363,724
		60,054,425
UNITED STATES — 1.0%
Avast PLC (b)	15,424	118,085
Carnival PLC (a)	3,617	82,031
Cineworld Group PLC (a)(c)	23,152	24,562
Diversified Energy Co. PLC	20,471	32,736
Ferguson PLC	5,252	731,877
PolyPeptide Group AG (a)(b)	258	33,299
PureTech Health PLC (a)	6,199	29,923
QIAGEN NV (a)	5,214	270,655
REC Silicon ASA (a)(c)	6,785	10,229
Rhi Magnesita NV	728	32,177
Stellantis NV (e)	22,676	435,623
Stellantis NV (e)	23,622	452,318
Swiss Re AG	6,534	561,328

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Tenaris SA	10,507	$ 110,714
		2,925,557
TOTAL COMMON STOCKS (Cost $297,724,983)		294,873,522


RIGHTS — 0.0% (d)
FRANCE — 0.0% (d)
Veolia Environnement SA (expiring 10/1/21) (a)	12,537	10,408
GERMANY — 0.0% (d)
Deutsche Lufthansa AG (expiring 10/5/21) (a) (c)	6,910	16,417
TOTAL RIGHTS (Cost $27,127)		26,825
WARRANTS — 0.0% (d)
ITALY — 0.0% (d)
Webuild SpA (expiring 08/02/30) (a) (c) (f) (Cost: $0)	775	—
SHORT-TERM INVESTMENTS — 1.0%
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (g) (h)	53,957	53,968
State Street Navigator Securities Lending Portfolio II (i) (j)	2,762,951	2,762,951
TOTAL SHORT-TERM INVESTMENTS (Cost $2,816,919)		2,816,919
TOTAL INVESTMENTS — 100.2% (Cost $300,569,029)		297,717,266
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%		(464,780)
NET ASSETS — 100.0%		$ 297,252,486

(a)	Non-income producing security.
(b)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 4.2% of net assets as of September 30, 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 September 30, 2021.
(d)	Amount is less than 0.05% of net assets.
(e)	Reflects separate holdings of the issuer's common stock traded on different securities exchanges.

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

(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 September 30, 2021, total aggregate fair value of the securities is $0, representing less than 0.05% 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 September 30, 2021 are shown in the Affiliate Table below.
(h)	The rate shown is the annualized seven-day yield at September 30, 2021.
(i)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2021 are shown in the Affiliate Table below.
(j)	Investment of cash collateral for securities loaned.

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2021.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$294,847,554	$25,968	$ 0(a)	$294,873,522
Rights	16,417	10,408	—	26,825
Warrants	—	—	0(a)	0
Short-Term Investments	2,816,919	—	—	2,816,919
TOTAL INVESTMENTS	$297,680,890	$36,376	$ 0	$297,717,266

(a)	Fund held Level 3 securities that were valued at $0 at September 30, 2021.

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Sector Breakdown as of September 30, 2021


		% of Net Assets
	Industrials	16.2%
	Financials	15.8
	Health Care	13.2
	Consumer Discretionary	11.5
	Consumer Staples	10.8
	Information Technology	8.7
	Materials	8.6
	Energy	4.3
	Communication Services	4.0
	Utilities	3.7
	Real Estate	2.4
	Short-Term Investments	1.0
	Liabilities in Excess of Other Assets	(0.2)
	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 9/30/21	Value at 9/30/21	Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class	6,676	$ 6,677	$ 7,556,230	$ 7,508,930	$ (9)	$—	53,957	$ 53,968	$ 58
State Street Navigator Securities Lending Portfolio II	682,015	682,015	22,136,207	20,055,271	—	—	2,762,951	2,762,951	23,819
Total		$688,692	$29,692,437	$27,564,201	$ (9)	$—		$2,816,919	$23,877

See accompanying notes to financial statements.

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STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2021

	SPDR Portfolio Emerging Markets ETF	SPDR Portfolio Developed World ex-US ETF
ASSETS
Investments in unaffiliated issuers, at value*	$5,755,961,137	$11,624,216,019
Investments in affiliated issuers, at value	118,607,549	174,241,454
Total Investments	5,874,568,686	11,798,457,473
Foreign currency, at value	25,022,161	33,531,907
Net cash at broker	3,758,368	—
Cash	307,649	—
Receivable for investments sold	42,954	85
Receivable for fund shares sold	—	116,245,893
Dividends receivable — unaffiliated issuers	12,553,330	27,981,588
Dividends receivable — affiliated issuers	682	206
Securities lending income receivable — unaffiliated issuers	90,299	164,080
Securities lending income receivable — affiliated issuers	85,860	145,066
Receivable for foreign taxes recoverable	77,530	11,280,969
Other Receivable	—	6,975
TOTAL ASSETS	5,916,507,519	11,987,814,242
LIABILITIES
Payable upon return of securities loaned	94,447,065	168,665,275
Payable for investments purchased	224,297	132,649,292
Payable to broker – accumulated variation margin on open futures contracts	1,506,418	—
Deferred foreign taxes payable	25,496,763	205,292
Advisory fee payable	534,758	392,600
TOTAL LIABILITIES	122,209,301	301,912,459
NET ASSETS	$5,794,298,218	$11,685,901,783
NET ASSETS CONSIST OF:
Paid-in Capital	$5,074,147,879	$ 9,662,722,777
Total distributable earnings (loss)**	720,150,339	2,023,179,006
NET ASSETS	$5,794,298,218	$11,685,901,783
NET ASSET VALUE PER SHARE
Net asset value per share	$ 42.83	$ 36.34
Shares outstanding (unlimited amount authorized, $0.01 par value)	135,300,000	321,600,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$4,893,908,255	$ 9,601,076,728
Investments in affiliated issuers	118,607,549	174,241,454
Total cost of investments	$5,012,515,804	$ 9,775,318,182
Foreign currency, at cost	$ 25,132,834	$ 33,767,225
* Includes investments in securities on loan, at value	$ 194,311,232	$ 377,044,642
** Includes deferred foreign taxes	$ 25,496,763	$ 205,292

See accompanying notes to financial statements.

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STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2021

	SPDR Portfolio MSCI Global Stock Market ETF	SPDR Portfolio Europe ETF
ASSETS
Investments in unaffiliated issuers, at value*	$545,170,229	$294,900,347
Investments in affiliated issuers, at value	10,779,539	2,816,919
Total Investments	555,949,768	297,717,266
Foreign currency, at value	781,831	1,113,210
Cash	62,697	—
Receivable for investments sold	18,895	62,781
Dividends receivable — unaffiliated issuers	765,945	264,863
Dividends receivable — affiliated issuers	3,045	5
Securities lending income receivable — unaffiliated issuers	3,192	3,680
Securities lending income receivable — affiliated issuers	8,862	2,699
Receivable for foreign taxes recoverable	200,211	874,042
TOTAL ASSETS	557,794,446	300,038,546
LIABILITIES
Payable upon return of securities loaned	9,339,802	2,762,951
Payable for investments purchased	79,687	123
Deferred foreign taxes payable	116,742	—
Advisory fee payable	41,824	22,986
TOTAL LIABILITIES	9,578,055	2,786,060
NET ASSETS	$548,216,391	$297,252,486
NET ASSETS CONSIST OF:
Paid-in Capital	$466,900,102	$376,106,549
Total distributable earnings (loss)**	81,316,289	(78,854,063)
NET ASSETS	$548,216,391	$297,252,486
NET ASSET VALUE PER SHARE
Net asset value per share	$ 54.82	$ 41.00
Shares outstanding (unlimited amount authorized, $0.01 par value)	10,000,000	7,250,370
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$464,618,745	$ 297,752,110
Investments in affiliated issuers	10,723,999	2,816,919
Total cost of investments	$475,342,744	$300,569,029
Foreign currency, at cost	$ 790,589	$ 1,122,541
* Includes investments in securities on loan, at value	$ 15,729,261	$ 5,665,781
** Includes deferred foreign taxes	$ 113,119	$ —

See accompanying notes to financial statements.

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STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2021

	SPDR Portfolio Emerging Markets ETF	SPDR Portfolio Developed World ex-US ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers	$144,797,896	$ 318,012,627
Dividend income — affiliated issuers	5,056	6,062
Unaffiliated securities lending income	850,953	2,701,041
Affiliated securities lending income	913,557	2,069,026
Foreign taxes withheld	(15,469,646)	(28,928,640)
TOTAL INVESTMENT INCOME (LOSS)	131,097,816	293,860,116
EXPENSES
Advisory fee	6,305,865	4,159,454
Trustees’ fees and expenses	60,888	110,702
Miscellaneous expenses	12	22
TOTAL EXPENSES	6,366,765	4,270,178
NET INVESTMENT INCOME (LOSS)	$124,731,051	$ 289,589,938
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*	(14,472,159)	8,537,505
Investments — affiliated issuers	—	(939)
In-kind redemptions — unaffiliated issuers	42,863,032	23,948,609
Foreign currency transactions	(349,971)	(140,861)
Futures contracts	1,597,393	—
Net realized gain (loss)	29,638,295	32,344,314
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**	731,798,378	1,899,459,744
Investments — affiliated issuers	—	1,133
Foreign currency translations	(89,727)	(612,410)
Futures contracts	(1,534,909)	—
Net change in unrealized appreciation/depreciation	730,173,742	1,898,848,467
NET REALIZED AND UNREALIZED GAIN (LOSS)	759,812,037	1,931,192,781
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$884,543,088	$2,220,782,719
* Includes foreign capital gain taxes	$ (2,427,974)	$ —
** Includes foreign deferred taxes	$ (23,514,736)	$ (198,174)

See accompanying notes to financial statements.

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STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2021

	SPDR Portfolio MSCI Global Stock Market ETF	SPDR Portfolio Europe ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers	$ 11,841,864	$ 6,353,629
Dividend income — affiliated issuers	12,290	58
Unaffiliated securities lending income	35,392	17,217
Affiliated securities lending income	83,399	23,819
Foreign taxes withheld	(664,122)	(386,464)
TOTAL INVESTMENT INCOME (LOSS)	11,308,823	6,008,259
EXPENSES
Advisory fee	476,232	195,312
Trustees’ fees and expenses	5,802	1,576
Miscellaneous expenses	1	1
TOTAL EXPENSES	482,035	196,889
NET INVESTMENT INCOME (LOSS)	$ 10,826,788	$ 5,811,370
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*	559,092	(1,403,845)
Investments — affiliated issuers	32	(9)
In-kind redemptions — unaffiliated issuers	70,027,707	29,226,194
In-kind redemptions — affiliated issuers	29,479	—
Foreign currency transactions	(20,837)	19,403
Net realized gain (loss)	70,595,473	27,841,743
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**	40,712,950	3,468,187
Investments — affiliated issuers	98,931	—
Foreign currency translations	(15,684)	(44,804)
Net change in unrealized appreciation/depreciation	40,796,197	3,423,383
NET REALIZED AND UNREALIZED GAIN (LOSS)	111,391,670	31,265,126
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$122,218,458	$37,076,496
* Includes foreign capital gain taxes	$ (21,273)	$ —
** Includes foreign deferred taxes	$ (99,781)	$ —

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR Portfolio Emerging Markets ETF
	Year Ended 9/30/21	Year Ended 9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 124,731,051	$ 93,051,093
Net realized gain (loss)	29,638,295	(36,735,866)
Net change in unrealized appreciation/depreciation	730,173,742	235,125,314
Net increase (decrease) in net assets resulting from operations	884,543,088	291,440,541
Distributions to shareholders	(112,802,286)	(99,486,895)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	894,772,359	1,526,059,346
Cost of shares redeemed	(213,904,816)	(47,098,195)
Other Capital	1,046,225	1,342,980
Net increase (decrease) in net assets from beneficial interest transactions	681,913,768	1,480,304,131
Net increase (decrease) in net assets during the period	1,453,654,570	1,672,257,777
Net assets at beginning of period	4,340,643,648	2,668,385,871
NET ASSETS AT END OF PERIOD	$5,794,298,218	$4,340,643,648
SHARES OF BENEFICIAL INTEREST:
Shares sold	20,800,000	43,500,000
Shares redeemed	(5,100,000)	(1,500,000)
Net increase (decrease) from share transactions	15,700,000	42,000,000

See accompanying notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Portfolio Developed World ex-US ETF
	Year Ended 9/30/21	Year Ended 9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 289,589,938	$ 155,618,380
Net realized gain (loss)	32,344,314	(45,021,121)
Net change in unrealized appreciation/depreciation	1,898,848,467	231,939,456
Net increase (decrease) in net assets resulting from operations	2,220,782,719	342,536,715
Distributions to shareholders	(247,868,474)	(150,629,558)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	1,824,347,434	3,011,366,424
Cost of shares redeemed	(57,800,778)	(65,983,859)
Other Capital	92,626	138,774
Net increase (decrease) in net assets from beneficial interest transactions	1,766,639,282	2,945,521,339
Net increase (decrease) in net assets during the period	3,739,553,527	3,137,428,496
Net assets at beginning of period	7,946,348,256	4,808,919,760
NET ASSETS AT END OF PERIOD	$11,685,901,783	$7,946,348,256
SHARES OF BENEFICIAL INTEREST:
Shares sold	51,400,000	110,000,000
Shares redeemed	(1,800,000)	(2,200,000)
Net increase (decrease) from share transactions	49,600,000	107,800,000

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Portfolio MSCI Global Stock Market ETF
	Year Ended 9/30/21	Year Ended 9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 10,826,788	$ 5,197,267
Net realized gain (loss)	70,595,473	5,579,069
Net change in unrealized appreciation/depreciation	40,796,197	25,750,712
Net increase (decrease) in net assets resulting from operations	122,218,458	36,527,048
Distributions to shareholders	(9,127,730)	(4,377,172)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	219,734,634	229,814,457
Cost of shares redeemed	(185,712,742)	(28,799,861)
Other Capital	34,163	18,382
Net increase (decrease) in net assets from beneficial interest transactions	34,056,055	201,032,978
Net increase (decrease) in net assets during the period	147,146,783	233,182,854
Net assets at beginning of period	401,069,608	167,886,754
NET ASSETS AT END OF PERIOD	$ 548,216,391	$401,069,608
SHARES OF BENEFICIAL INTEREST:
Shares sold	4,300,000	5,800,000
Shares redeemed	(3,600,000)	(700,000)
Net increase (decrease) from share transactions	700,000	5,100,000

See accompanying notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Portfolio Europe ETF
	Year Ended 9/30/21	Year Ended 9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 5,811,370	$ 4,359,747
Net realized gain (loss)	27,841,743	(10,091,141)
Net change in unrealized appreciation/depreciation	3,423,383	(7,222,255)
Net increase (decrease) in net assets resulting from operations	37,076,496	(12,953,649)
Net equalization credits and charges	1,402,461	(189,965)
Distributions to shareholders	(6,742,221)	(4,113,841)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	269,193,130	47,586,639
Cost of shares redeemed	(136,670,508)	(82,623,599)
Net income equalization	(1,402,461)	189,965
Net increase (decrease) in net assets from beneficial interest transactions	131,120,161	(34,846,995)
Net increase (decrease) in net assets during the period	162,856,897	(52,104,450)
Net assets at beginning of period	134,395,589	186,500,039
NET ASSETS AT END OF PERIOD	$ 297,252,486	$134,395,589
SHARES OF BENEFICIAL INTEREST:
Shares sold	6,600,000	1,350,000
Shares redeemed	(3,450,000)	(2,850,000)
Net increase (decrease) from share transactions	3,150,000	(1,500,000)

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR Portfolio Emerging Markets ETF
	Year Ended 9/30/21	Year Ended 9/30/20	Year Ended 9/30/19(a)	Year Ended 9/30/18(a)(b)	Year Ended 9/30/17(a)(b)
Net asset value, beginning of period	$ 36.29	$ 34.39	$ 34.81	$ 36.06	$ 30.10
Income (loss) from investment operations:
Net investment income (loss) (c)	0.94	0.90	1.26(d)	1.04	0.70
Net realized and unrealized gain (loss) (e)	6.46	2.01	(0.88)	(1.71)	5.64
Total from investment operations	7.40	2.91	0.38	(0.67)	6.34
Other capital	0.01	0.01	0.02	0.02	0.01
Distributions to shareholders from:
Net investment income	(0.87)	(1.02)	(0.82)	(0.60)	(0.39)
Net asset value, end of period	$ 42.83	$ 36.29	$ 34.39	$ 34.81	$ 36.06
Total return (f)	20.38%	8.56%	1.18%(d)	(1.88)%	21.36%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$5,794,298	$4,340,644	$2,668,386	$1,486,248	$562,436
Ratios to average net assets:
Total expenses	0.11%	0.11%	0.11%	0.12%	0.59%
Net investment income (loss)	2.18%	2.60%	3.63%(d)	2.78%	2.16%
Portfolio turnover rate (g)	12%	8%	17%	10%	0%(h)

(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)	After the close of trading on October 13, 2017, the SPDR Portfolio Emerging Markets ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split.
(c)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(d)	Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividend from portfolio holding. The resulting increase to net investment income amounted to $0.26 per share and 0.75% of average net assets. If the special dividends were not received during the year ended September 30, 2019, the total return would have been 0.42%.
(e)	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.
(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)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h)	Amount is less than 0.05%.

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Portfolio Developed World ex-US ETF
	Year Ended 9/30/21	Year Ended 9/30/20	Year Ended 9/30/19(a)	Year Ended 9/30/18(a)	Year Ended 9/30/17(a)
Net asset value, beginning of period	$ 29.21	$ 29.29	$ 30.76	$ 30.52	$ 26.45
Income (loss) from investment operations:
Net investment income (loss) (b)	0.98	0.72	0.96	0.97	0.70
Net realized and unrealized gain (loss) (c)	6.98	(0.09)	(1.57)	0.03	4.16
Total from investment operations	7.96	0.63	(0.61)	1.00	4.86
Other capital	0.00(d)	0.00(d)	0.00(d)	—	0.00(d)
Distributions to shareholders from:
Net investment income	(0.83)	(0.71)	(0.86)	(0.76)	(0.79)
Net asset value, end of period	$ 36.34	$ 29.21	$ 29.29	$ 30.76	$ 30.52
Total return (e)	27.30%	2.16%	(1.92)%	3.28%	18.75%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$11,685,902	$7,946,348	$4,808,920	$3,371,743	$1,013,376
Ratios to average net assets:
Total expenses	0.04%	0.04%	0.04%	0.05%	0.34%
Net investment income (loss)	2.78%	2.52%	3.34%	3.09%	2.49%
Portfolio turnover rate (f)	2%	3%	4%	3%	5%

(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 year.
(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)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR Portfolio MSCI Global Stock Market ETF
	Year Ended 9/30/21	Year Ended 9/30/20	Year Ended 9/30/19(a)(b)	Year Ended 9/30/18(a)(b)	Year Ended 9/30/17(a)(b)
Net asset value, beginning of period	$ 43.13	$ 39.97	$ 40.56	$ 37.64	$ 32.44
Income (loss) from investment operations:
Net investment income (loss) (c)	1.07	0.88	1.01	0.86	0.78
Net realized and unrealized gain (loss) (d)	11.50	3.15	(0.79)	2.94	5.17
Total from investment operations	12.57	4.03	0.22	3.80	5.95
Other capital	0.00(e)	0.00(e)	0.00(e)	—	—
Distributions to shareholders from:
Net investment income	(0.88)	(0.87)	(0.81)	(0.88)	(0.75)
Net asset value, end of period	$ 54.82	$ 43.13	$ 39.97	$ 40.56	$ 37.64
Total return (f)	29.28%	10.12%	0.73%	10.17%	18.58%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$548,216	$401,070	$167,887	$105,443	$90,321
Ratios to average net assets:
Total expenses	0.09%	0.09%	0.25%	0.25%	0.25%
Net investment income (loss)	2.05%	2.17%	2.62%	2.16%	2.25%
Portfolio turnover rate (g)	3%	5%	5%	4%	2%

(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)	After the close of trading on September 20, 2019, the SPDR Portfolio MSCI Global Stock Market ETF underwent a 2-for-1 share split. The per share activity presented here has been retroactively adjusted to reflect this split.
(c)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR Portfolio Europe ETF
	Year Ended 9/30/21	Year Ended 9/30/20	Year Ended 9/30/19(a)	Year Ended 9/30/18(a)	Year Ended 9/30/17(a)
Net asset value, beginning of period	$ 32.78	$ 33.30	$ 33.70	$ 35.49	$ 30.28
Income (loss) from investment operations:
Net investment income (loss) (b)	1.08	0.81	1.13	1.14	0.95
Net realized and unrealized gain (loss) (c)	7.97	(0.51)	(0.40)	(1.68)	5.14
Total from investment operations	9.05	0.30	0.73	(0.54)	6.09
Net equalization credits and charges (b)	0.26	(0.04)	0.04	(0.06)	0.12
Distributions to shareholders from:
Net investment income	(1.09)	(0.78)	(1.17)	(1.19)	(1.01)
Net asset value, end of period	$ 41.00	$ 32.78	$ 33.30	$ 33.70	$ 35.49
Total return (d)	28.48%	0.93%	2.34%	(1.68)%	20.83%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$297,252	$134,396	$186,500	$188,731	$317,665
Ratios to average net assets:
Total expenses	0.09%	0.09%	0.29%	0.29%	0.29%
Net investment income (loss)	2.68%	2.47%	3.47%	3.25%	2.92%
Portfolio turnover rate (e)	7%	3%	67%	5%	8%

(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 year.
(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)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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 September 30, 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 Portfolio Emerging Markets ETF

SPDR Portfolio Developed World ex-US ETF

SPDR Portfolio MSCI Global Stock Market ETF

SPDR Portfolio Europe 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.

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

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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 (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks Various inputs are used in determining the value of the Funds' investments.

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The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of each Fund’s investments, according to the fair value hierarchy as of September 30, 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.

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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.

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 Funds Management, Inc.'s (the “Adviser” or “SSGA FM”) 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 September 30, 2021, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

Equalization

Certain funds Trust follows the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

The SPDR Portfolio Europe ETF utilized equalization during the year ended September 30, 2021.

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Distributions

The SPDR Portfolio Europe ETF declares and distributes from net investment income, if any, to its shareholders quarterly. The SPDR Portfolio Emerging Markets ETF, SPDR Portfolio Developed World ex-US ETF, and the SPDR Portfolio MSCI Global Stock Market ETF declare and distribute from net investment income, if any, to their shareholders semi-annually.

Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Derivative Financial Instruments

Futures Contracts

Certain Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, 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. Securities deposited, if any, are designated on the Schedules of Investments and cash deposited, if any, is included in Net cash at broker on the Statements of Assets and Liabilities. Subsequent payments are made or received by a Fund 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. A Fund recognizes 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 year ended September 30, 2021, the SPDR Portfolio Emerging Markets ETF entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.

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The following tables summarize the value of the Fund's derivative instruments as of September 30, 2021, and the related location in the accompanying Statements of Assets and Liabilities and Statements 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 Portfolio Emerging Markets ETF
Futures Contracts	$—	$—	$—	$1,506,418	$—	$1,506,418

	Net Realized Gain (Loss)
	Interest Rate Contracts Risk	Foreign Exchange Contracts Risk	Credit Contracts Risk	Equity Contracts Risk	Commodity Contracts Risk	Total
SPDR Portfolio Emerging Markets ETF
Futures Contracts	$—	$—	$—	$1,597,393	$—	$1,597,393

	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 Portfolio Emerging Markets ETF
Futures Contracts	$—	$—	$—	(1,534,909)	$—	(1,534,909)

4. Fees and Transactions with Affiliates

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a

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percentage of each Fund’s average daily net assets as shown in the following table:

	Annual Rate
SPDR Portfolio Emerging Markets ETF	0.11%
SPDR Portfolio Developed World ex-US ETF	0.04
SPDR Portfolio MSCI Global Stock Market ETF	0.09
SPDR Portfolio Europe ETF	0.09

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.

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.

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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 year ended September 30, 2021 are disclosed in the Schedules of Investments.

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, derivative contracts and short term investments) for the year ended September 30, 2021, were as follows:

	Purchases	Sales
SPDR Portfolio Emerging Markets ETF	$1,133,222,887	$ 671,085,111
SPDR Portfolio Developed World ex-US ETF	555,622,065	224,056,944
SPDR Portfolio MSCI Global Stock Market ETF	30,749,619	16,138,563
SPDR Portfolio Europe ETF	14,890,800	16,248,323

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For the year ended September 30, 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 Portfolio Emerging Markets ETF	$ 312,187,161	$ 114,459,466	$42,863,032
SPDR Portfolio Developed World ex-US ETF	1,538,402,763	54,517,516	23,948,609
SPDR Portfolio MSCI Global Stock Market ETF	197,003,300	175,867,507	70,057,186
SPDR Portfolio Europe ETF	268,663,031	136,240,245	29,226,194

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 (the “IRS”) for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed each Fund's tax positions taken on tax returns for all open years and

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does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAV or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, in-kind transactions, foreign currency gains and losses, passive foreign investment companies, partnerships, corporate actions, forward contracts mark to market, futures contracts mark to market, return on capital basis adjustments, wash sale loss deferrals and distributions in excess of current earnings.

The tax character of distributions paid during the year ended September 30, 2021, was as follows:

	Ordinary Income	Long-Term Capital Gains	Total
SPDR Portfolio Emerging Markets ETF	$ 112,802,286	$—	$ 112,802,286
SPDR Portfolio Developed World ex-US ETF	247,868,474	—	247,868,474
SPDR Portfolio MSCI Global Stock Market ETF	9,127,730	—	9,127,730
SPDR Portfolio Europe ETF	6,742,221	—	6,742,221

The tax character of distributions paid during the year ended September 30, 2020, was as follows:

	Ordinary Income	Long-Term Capital Gains	Total
SPDR Portfolio Emerging Markets ETF	$ 99,486,895	$ —	$ 99,486,895
SPDR Portfolio Developed World ex-US ETF	150,629,558	—	150,629,558
SPDR Portfolio MSCI Global Stock Market ETF	4,377,172	—	4,377,172
SPDR Portfolio Europe ETF	4,113,841	—	4,113,841

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At September 30, 2021, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Capital Loss Carryforwards	Undistributed Long-Term Capital Gains	Net Unrealized Gains (Losses)	Total
SPDR Portfolio Emerging Markets ETF	$ 74,209,208	$(161,074,051)	$—	$ 807,015,182	$ 720,150,339
SPDR Portfolio Developed World ex-US ETF	147,545,299	(75,987,153)	—	1,951,620,860	2,023,179,006
SPDR Portfolio MSCI Global Stock Market ETF	5,527,503	(3,235,692)	—	79,024,478	81,316,289
SPDR Portfolio Europe ETF	—	(75,560,060)	—	(3,294,003)	(78,854,063)

As of September 30, 2021, the following Funds had capital loss carryforwards available to offset future realized capital gains as follows:

	Non-Expiring Short Term	Non-Expiring Long Term
SPDR Portfolio Emerging Markets ETF	$5,770,800	$155,303,251
SPDR Portfolio Developed World ex-US ETF	1,120,698	74,866,455
SPDR Portfolio MSCI Global Stock Market ETF	280,243	2,955,449
SPDR Portfolio Europe ETF	4,808,287	70,751,773

As of September 30, 2021, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

	Tax Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
SPDR Portfolio Emerging Markets ETF	$5,040,399,176	$1,410,985,838	$578,324,050	$ 832,661,788
SPDR Portfolio Developed World ex-US ETF	9,846,437,902	2,440,428,029	488,408,458	1,952,019,571
SPDR Portfolio MSCI Global Stock Market ETF	476,803,935	97,611,436	18,465,603	79,145,833
SPDR Portfolio Europe ETF	301,016,308	15,660,904	18,959,946	(3,299,042)

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

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are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.

The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.

The market value of securities on loan as of September 30, 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 September 30, 2021:

Fund	Market Value of Securities on Loan	Cash Collateral Received	Non-Cash Collateral Received *	Total Collateral Received
SPDR Portfolio Emerging Markets ETF	$ 194,311,232	$ 94,447,065	$ 110,582,558	$ 205,029,623
SPDR Portfolio Developed World ex-US ETF	377,044,642	168,665,275	228,591,390	397,256,665
SPDR Portfolio MSCI Global Stock Market ETF	15,729,261	9,339,802	7,074,847	16,414,649
SPDR Portfolio Europe ETF	5,665,781	2,762,951	3,204,666	5,967,617

*	The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of September 30, 2021:

		Remaining Contractual Maturity of the Agreements as of September 30, 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 Portfolio Emerging Markets ETF	Common Stocks	$ 94,447,065	$—	$—	$—	$ 94,447,065	$ 94,447,065
SPDR Portfolio Developed World ex-US ETF	Common Stocks	168,417,929	—	—	—	168,417,929	168,417,929
SPDR Portfolio Developed World ex-US ETF	Rights	245,999	—	—	—	245,999	245,999
SPDR Portfolio Developed World ex-US ETF	Warrants	1,347	—	—	—	1,347	1,347
SPDR Portfolio MSCI Global Stock Market ETF	Common Stocks	9,286,252	—	—	—	9,286,252	9,286,252
SPDR Portfolio MSCI Global Stock Market ETF	Rights	53,550	—	—	—	53,550	53,550
SPDR Portfolio Europe ETF	Common Stocks	2,747,324	—	—	—	2,747,324	2,747,324
SPDR Portfolio Europe ETF	Rights	15,627	—	—	—	15,627	15,627

10. Line of Credit

The SPDR Portfolio Emerging Markets ETF and other affiliated funds (each a “Participant” and, collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2022 unless extended or renewed.

The Fund did not have any outstanding loans as of September 30, 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.

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11. Risks

Concentration Risk

As a result of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if the Funds were more broadly diversified.

Foreign and Emerging Markets Risk

Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Credit Risk

Each 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 has been 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

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REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

To the Shareholders of SPDR Portfolio Emerging Markets ETF, SPDR Portfolio Developed World ex-US ETF, SPDR Portfolio MSCI Global Stock Market ETF and SPDR Portfolio Europe ETF and the Board of Trustees of SPDR Index Shares Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of SPDR Portfolio Emerging Markets ETF, SPDR Portfolio Developed World ex-US ETF, SPDR Portfolio MSCI Global Stock Market ETF and SPDR Portfolio Europe ETF (collectively referred to as the “Funds”) (four of the funds constituting SPDR Index Shares Funds (the “Trust”)), including the schedules of investments, as of September 30, 2021, and the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting SPDR Index Shares Funds) at September 30, 2021, the results of their operations for the year then ended and the changes in their net assets and their financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the periods ended prior to October 1, 2019 were audited by another independent registered public accounting firm whose report, dated November 26, 2019, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

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Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts
November 24, 2021

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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 April 1, 2021 to September 30, 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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Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2021.

Dividends Received Deduction

Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Qualified Business Income Deduction

Each Fund reports the maximum amount allowable of qualified REIT dividends eligible for the qualified business income deduction under Section 199A.

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2021 are considered qualified dividend income and are eligible for reduced tax rates. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Foreign Tax Credit

The Funds have made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by each Fund to its shareholders. For the year ended September 30, 2021, the total amount of foreign taxes that will be passed through are:

	Amount
SPDR Portfolio Emerging Markets ETF	$16,830,718
SPDR Portfolio Developed World ex-US ETF	17,417,775
SPDR Portfolio Europe ETF	92,400

The amount of foreign source income earned on the following Funds during the year ended September 30, 2021 was as follows:

	Amount
SPDR Portfolio Emerging Markets ETF	$ 144,511,633
SPDR Portfolio Developed World ex-US ETF	317,990,254
SPDR Portfolio Europe ETF	6,353,374

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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 https://www.ssga.com/spdrs.

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 https://www.ssga.com/spdrs.

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 Fund's website at https://www.ssga.com/spdrs and on the 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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Approval of Advisory Agreement

At a meeting held prior to September 30, 2021, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the series of the Trust (collectively, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), also met separately to consider the Agreement. The Independent Trustees were advised by their independent legal counsel throughout the process.

To evaluate the Agreement, the Board requested, and SSGA FM, the Trust’s investment adviser and administrator, and State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”) provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the SPDR ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and the materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser in managing exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring each SPDR ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board further considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment management business and that of its affiliates which make up State Street Global Advisors, through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products

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generally and exchange-traded funds in particular. The Board specifically considered the Adviser’s experience in managing equity exchange-traded funds with index-based investment objectives.

Investment Performance

The Board then reviewed the SPDR ETFs’ performance, noting that the distinctive indexed investment objective of each of the SPDR ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. Instead, the Board focused on the extent to which each SPDR ETF achieved its objective as a passively-managed index fund. The Board reviewed information regarding the SPDR ETFs’ index tracking.

Profits Realized by the Adviser

The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser and its affiliates, including data on the SPDR ETFs’ historical profitability to these entities. The Board, including the Independent Trustees with their independent legal counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations.

Fees Charged to Comparable Funds

The Board evaluated each SPDR ETF’s unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds tracking similar equity indexes. The Board reviewed the universe of similar exchange-traded funds for each SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data. In certain instances as considered appropriate by the Board, the Board explored with management the reasons for the differences between a SPDR ETF’s fee and fees paid by similar funds.

Other Benefits

The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.

Economies of Scale

The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the advisory fee rate for each SPDR ETF did not provide for breakpoints as assets of the SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several

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factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

Conclusion

After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the Agreement for each SPDR ETF In approving the continuance of the Advisory Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the Advisory Agreement is fair and reasonable and that the continuance of the Advisory Agreement is in the best interests of the applicable SPDR ETF and its shareholders. The Board’s conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each SPDR ETF had been satisfactory; (c) the Adviser’s unitary fee for each ETF, considered in relation to the services provided and in relation to the fees charged to comparable funds, was reasonable; (d) the profitability of the Trust’s relationships with the Adviser and its affiliates was not excessive in view of the nature, extent and quality of the services provided; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFsSPDR by way of the relatively low fee structure of the Trust.

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TRUSTEES AND OFFICERS INFORMATION

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†	Other Directorships Held by Trustee During the Past 5 Years
Trustees
Independent Trustees
DWIGHT D. CHURCHILL c/o SPDR Index Shares Funds One Iron Street Boston, MA 02210 1953	Independent Trustee, Audit Committee Chair	Term: Unlimited Served: since April 2010	Self-employed consultant since 2010; CEO and President, CFA Institute (June 2014 - January 2015).	118	Affiliated Managers Group, Inc. (Chairman, Director and Audit Committee Chair).
CARL G. VERBONCOEUR c/o SPDR Index Shares Funds One Iron Street Boston, MA 02210 1952	Independent Trustee, Chairman, Trustee Committee Chair	Term: Unlimited Served: since April 2010	Self-employed consultant since 2009.	118	The Motley Fool Funds Trust (Trustee).
CLARE S. RICHER c/o SPDR Index Shares Funds One Iron Street Boston, MA 02210 1958	Independent Trustee	Term: Unlimited Served: since July 2018	Retired, Chief Financial Officer, Putnam Investments LLC (December 2008 – May 2017).	118	Principal Financial Group (Director); Bain Capital Specialty Finance (Director); Putnam Acquisition Financing Inc. (Director); Putnam Acquisition Financing LLC (Director); Putnam GP Inc. (Director); Putnam Investor Services, Inc. (Director); Putnam Investments Limited (Director);University of Notre Dame (Trustee).

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Name, Address and Year of Birth		Position(s) with Funds		Term of Office and Length of Time Served		Principal Occupation(s) During Past 5 Years		Number of Portfolios in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During the Past 5 Years
SANDRA G. SPONEM c/o SPDR Index Shares Funds One Iron Street Boston, MA 02210 1958		Independent Trustee		Term: Unlimited Served: since July 2018		Retired, Chief Financial Officer, M.A. Mortenson Companies, Inc. (February 2007 – April 2017).		118		Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust, Guggenheim Funds Trust. Guggenheim Variable Funds Trust. Guggenheim Strategy Funds Trust, Transparent Value Trust, Fiduciary/ Claymore Energy Infrastructure Fund, Guggenheim Taxable Municipal Managed Duration Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Enhanced Equity Income Fund, Guggenheim Credit Allocation Fund, Guggenheim Energy & Income Fund (Trustee and Audit Committee Chair).

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Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†	Other Directorships Held by Trustee During the Past 5 Years
Interested Trustee
JAMES E. ROSS* c/o SPDR Index Shares Funds One Iron Street Boston, MA 02210 1965	Interested Trustee	Term: Unlimited Served as Trustee: since April 2010	Non-Executive Chairman, Fusion Acquisition Corp. (June 2020 - present); Retired Chairman and Director, SSGA Funds Management, Inc. (2005 - March 2020); Retired Executive Vice President, State Street Global Advisors (2012 - March 2020); Retired Chief Executive Officer and Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 - March 2020); Director, State Street Global Markets, LLC (2013 - April 2017); President, SSGA Funds Management, Inc. (2005 - 2012); Principal, State Street Global Advisors (2000 - 2005).	129	SSGA SPDR ETFs Europe I plc (Director) (November 2016 - March 2020); SSGA SPDR ETFs Europe II plc (Director) (November 2016 - March 2020); State Street Navigator Securities Lending Trust (July 2016 - March 2020); SSGA Funds (January 2014 - March 2020); State Street Institutional Investment Trust (February 2007 - March 2020); State Street Master Funds (February 2007 - March 2020); Elfun Funds (July 2016 - December 2018).
† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA Funds Management, Inc. serves as investment adviser.
* Mr. Ross is an Interested Trustee because of his former position with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.

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Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
Officers
ELLEN M. NEEDHAM SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1967	President	Term: Unlimited Served: since October 2012	Chairman, SSGA Funds Management, Inc. (March 2020 - present); President and Director, SSGA Funds Management, Inc. (2001 - present), Senior Managing Director, State Street Global Advisors (1992 - present)*; Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 - present).
BRUCE S. ROSENBERG SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1961	Treasurer	Term: Unlimited Served: since February 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 - present); Director, Credit Suisse (April 2008 - July 2015).
ANN M. CARPENTER SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1966	Vice President; Deputy Treasurer	Term: Unlimited Served: since August 2012 (with respect toVice President); Unlimited Served: since February 2016 (with respect to Deputy Treasurer)	Chief Operating Officer, SSGA Funds Management, Inc. (2005 - Present); Managing Director, State Street Global Advisors (April 2005 - present).
MICHAEL P. RILEY SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969	Vice President	Term: Unlimited Served: since February 2005	Managing Director, State Street Global Advisors (2005 - present).*
CHAD C. HALLETT SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969	Deputy Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 - present); Vice President, State Street Bank and Trust Company (2001 - November 2014).*
DARLENE ANDERSON-VASQUEZ SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1968	Deputy Treasurer	Term: Unlimited Served: since November 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 - present); Senior Vice President, John Hancock Investments (September 2007 - May 2016).
ARTHUR A. JENSEN SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 1966	Deputy Treasurer	Term: Unlimited Served: since August 2017	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 - present); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 - July 2016).

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Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
DAVID LANCASTER SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1971	Assistant Treasurer	Term: Unlimited Served: since November 2020	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 - present); Assistant Vice President, State Street Bank and Trust Company (November 2011 - July 2017).
BRIAN HARRIS SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1973	Chief Compliance Officer; Anti- Money Laundering Officer; Code of Ethics Compliance Officer	Term: Unlimited Served: since November 2013	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 - present)*.
SEAN O’MALLEY SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969	Chief Legal Officer	Term: Unlimited Served: since August 2019	Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 - present).
DAVID BARR SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1974	Assistant Secretary	Term: Unlimited Served: since November 2020	Vice President and Senior Counsel, State Street Global Advisors (October 2019 - present); Vice President at Eaton Vance Corp (October 2010 - October 2019).
TIMOTHY COLLINS SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1967	Assistant Secretary	Term: Unlimited Served: since August 2021	Vice President and Senior Counsel, State Street Global Advisors (August 2021 - present); Vice President and Managing Counsel, State Street Corporation (March 2020 - August 2021); Vice President and Senior Counsel (April 2018 - March 2020); Counsel, Sutton Place Investments (January 2010 - March 2018).
DAVID URMAN SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1985	Secretary	Term: Unlimited Served: since August 2019	Vice President and Senior Counsel, State Street Global Advisors (April 2019 - present); Vice President and Counsel, State Street Global Advisors (August 2015 - April 2019); Associate, Ropes & Gray LLP (November 2012 - August 2015).
* Served in various capacities and/or with various affiliated entities during noted time period.
The Trust's Statement of Additional Information (SAI) includes additional information about the Funds' directors and is available, without charge, upon request and by calling 1-866-787-2257.

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Table of Contents

SPDR^® Index Shares Funds

SPDR Index Shares Funds

Trustees

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 https://www.ssga.com/spdrs. 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 https://www.ssga.com/spdrs 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 https://www.ssga.com/spdrs. Read it carefully.

Not FDIC Insured • No Bank Guarantee • May Lose Value

State Street Global Advisors

SPDRISPTAR

Notes to Performance Summaries (Unaudited)	1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)
SPDR Portfolio Emerging Markets ETF (SPEM)	2
SPDR Portfolio Developed World ex-US ETF (SPDW)	5
SPDR Portfolio MSCI Global Stock Market ETF (SPGM)	9
SPDR Portfolio Europe ETF (SPEU)	12
Schedules of Investments
SPDR Portfolio Emerging Markets ETF (SPEM)	15
SPDR Portfolio Developed World ex-US ETF (SPDW)	90
SPDR Portfolio MSCI Global Stock Market ETF (SPGM)	153
SPDR Portfolio Europe ETF (SPEU)	199
Financial Statements	246
Financial Highlights	254
Notes to Financial Statements	258
Report of Independent Registered Public Accounting Firm	273
Other Information (Unaudited)	275