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

TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  
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Schedules of Investments (Unaudited)  
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244
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.

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

      
  Description % of Net Assets  
  Tencent Holdings, Ltd. 5.4%  
  Alibaba Group Holding, Ltd. ADR 4.9  
  Taiwan Semiconductor Manufacturing Co., Ltd. 4.7  
  Meituan Class B 1.9  
  Naspers, Ltd. Class N 1.3  
  Reliance Industries, Ltd. GDR 1.1  
  China Construction Bank Corp. Class H 1.1  
  JD.com, Inc. ADR 0.9  
  Infosys, Ltd. ADR 0.9  
  Ping An Insurance Group Co. of China, Ltd. Class H 0.9  
  TOTAL 23.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
1

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

      
  Description % of Net Assets  
  Samsung Electronics Co., Ltd. GDR 1.6%  
  Nestle SA 1.3  
  ASML Holding NV 1.1  
  Roche Holding AG 1.0  
  Novartis AG 0.9  
  Toyota Motor Corp. 0.8  
  LVMH Moet Hennessy Louis Vuitton SE 0.7  
  Unilever PLC 0.6  
  AIA Group, Ltd. 0.6  
  SoftBank Group Corp. 0.6  
  TOTAL 9.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
2

Table of Contents
SPDR Portfolio MSCI Global Stock Market ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2021

      
  Description % of Net Assets  
  Apple, Inc. 3.0%  
  Microsoft Corp. 2.5  
  Amazon.com, Inc. 2.0  
  Alphabet, Inc. Class C 1.0  
  Alphabet, Inc. Class A 1.0  
  Taiwan Semiconductor Manufacturing Co., Ltd. ADR 1.0  
  Facebook, Inc. Class A 1.0  
  JPMorgan Chase & Co. 0.9  
  Visa, Inc. Class A 0.8  
  Tencent Holdings, Ltd. 0.8  
  TOTAL 14.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
3

Table of Contents
SPDR Portfolio Europe ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2021

      
  Description % of Net Assets  
  Nestle SA 2.6%  
  ASML Holding NV 2.1  
  Roche Holding AG 1.8  
  Novartis AG 1.7  
  LVMH Moet Hennessy Louis Vuitton SE 1.4  
  Unilever PLC 1.2  
  Linde PLC 1.2  
  SAP SE 1.1  
  AstraZeneca PLC 1.1  
  Siemens AG 1.0  
  TOTAL 15.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
4

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.5%        
BRAZIL — 5.5%          
Afya, Ltd. Class A (a)(b)
     10,804   $ 200,846
Ambev SA ADR (b)
     3,891,146   10,661,740
Anima Holding SA (a)
     107,605   190,688
Arco Platform, Ltd. Class A (a)(b)
     9,773   247,648
Atacadao SA
     21,773   89,592
Azul SA Preference Shares (a)
     104,085   698,142
B2W Cia Digital (a)
     146,576   1,577,971
B3 SA - Brasil Bolsa Balcao
     1,796,549   17,389,245
Banco Bradesco SA ADR (b)
     4,464,236   20,981,909
Banco Bradesco SA
     108,344   451,385
Banco BTG Pactual SA
     112,995   1,943,322
Banco BTG Pactual SA Preference Shares
     1   5
Banco do Brasil SA
     950,660   5,129,824
Banco Inter SA Preference Shares (c)
     61,679   569,462
Banco Inter SA
     108,840   3,022,562
Banco Pan SA Preference Shares
     403,206   785,262
Banco Santander Brasil SA
     41,714   292,730
BB Seguridade Participacoes SA
     630,419   2,709,137
BR Malls Participacoes SA (a)
     1,170,511   2,099,162
Bradespar SA Preference Shares
     392,011   4,745,396
Brasil Brokers Participacoes SA (a)
     3,038   931
Braskem SA ADR (a)(b)
     187,897   2,671,895
BRF SA ADR (a)
     578,592   2,597,878
CCR SA
     566,629   1,297,332
Centrais Eletricas Brasileiras SA ADR (b)
     531,765   3,243,767
Cia Brasileira de Distribuicao ADR (b)
     251,912   1,466,128
Cia de Locacao das Americas
     112,492   493,984
Cia de Saneamento Basico do Estado de Sao Paulo
     516,046   3,767,694
Cia Energetica de Minas Gerais ADR (b)
     1,512,921   3,434,331
Cia Energetica de Sao Paulo Class B, Preference Shares
     52,640   262,687
Cia Hering
     39,206   111,789
Cia Siderurgica Nacional SA ADR (b)
     713,039   4,777,361
Cielo SA
     1,171,901   772,545
Cogna Educacao (a)
     1,406,208   991,797
Construtora Tenda SA
     1,668   7,682
Cosan SA
     219,012   3,548,128
Cosan SA ADR
     34,505   557,256
CVC Brasil Operadora e Agencia de Viagens SA (a)
     62,789   219,422
Cyrela Brazil Realty SA Empreendimentos e Participacoes
     491,705   2,147,887
Duratex SA
     446,753   1,479,676
See accompanying notes to financial statements.
5

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Embraer SA (a)
     893,284   $ 2,217,776
Eneva SA (a)
     820,920   2,429,446
Engie Brasil Energia SA
     87,913   651,675
Equatorial Energia SA
     189,116   831,132
Eternit SA (a)
     7,252   24,083
Gafisa SA (a)
     29,813   24,303
Gerdau SA ADR (b)
     1,226,360   6,548,762
Gol Linhas Aereas Inteligentes SA Preference Shares (a)
     24,916   94,975
Grupo SBF SA (a)
     33,763   158,015
Hapvida Participacoes e Investimentos SA (c)
     499,240   1,316,444
Hypera SA
     78,534   445,764
IRB Brasil Resseguros SA
     369,974   401,903
Itau Unibanco Holding SA Preference Shares ADR
     4,355,494   21,603,250
Itausa SA Preference Shares
     5,422,414   9,916,589
Itausa SA
     353,031   694,426
Kepler Weber SA
     10,590   81,316
Klabin SA (a)
     330,834   1,619,873
Linx SA
     35,140   235,388
Localiza Rent a Car SA
     335,364   3,549,759
Locaweb Servicos de Internet SA (c)
     120,528   488,050
LOG Commercial Properties e Participacoes SA
     3,541   17,972
Log-in Logistica Intermodal SA (a)
     5,741   15,484
Lojas Americanas SA Preference Shares
     1,171,609   4,642,420
Lojas Renner SA
     888,368   6,704,872
Magazine Luiza SA
     1,799,258   6,453,479
Marcopolo SA Preference Shares
     413,230   205,041
Marfrig Global Foods SA (a)
     192,880   601,917
Metalurgica Gerdau SA Preference Shares
     1,650,367   3,921,925
Mills Estruturas e Servicos de Engenharia SA (a)
     37,870   44,494
Minerva SA
     42,072   76,047
MMX Mineracao e Metalicos SA (a)
     20,968   102,183
MRV Engenharia e Participacoes SA
     103,078   332,451
Natura & Co. Holding SA (a)
     645,180   5,503,981
Notre Dame Intermedica Participacoes SA
     406,039   5,957,829
Odontoprev SA
     25,047   58,368
Oi SA ADR (a)(b)
     737,829   1,224,796
Pagseguro Digital, Ltd. Class A (a)(b)
     125,360   5,804,168
PDG Realty SA Empreendimentos e Participacoes (a)
     72,195   68,574
Petro Rio SA (a)
     41,539   679,287
Petrobras Distribuidora SA
     246,464   964,367
Petroleo Brasileiro SA Preference Shares ADR
     1,996,870   17,053,270
Petroleo Brasileiro SA ADR
     987,674   8,375,476
See accompanying notes to financial statements.
6

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Profarma Distribuidora de Produtos Farmaceuticos SA (a)
     12,264   $ 12,714
Qualicorp Consultoria e Corretora de Seguros SA
     91,215   490,586
Raia Drogasil SA
     665,338   2,954,700
Rede D'Or Sao Luiz SA (c)
     491,813   5,657,200
Restoque Comercio e Confeccoes de Roupas SA (a)
     8,799   6,409
Rodobens Negocios Imobiliarios SA
     55,483   80,624
Rossi Residencial SA (a)
     98,693   170,522
Rumo SA (a)
     632,268   2,268,904
Sendas Distribuidora SA (a)(b)
     251,912   3,274,856
StoneCo, Ltd. Class A (a)
     151,344   9,265,280
Sul America SA
     70,716   428,206
Suzano Papel e Celulose SA ADR (a)(b)
     204,311   2,496,680
Suzano SA (a)
     215,160   2,613,719
T4F Entretenimento SA (a)
     127,791   79,261
Telefonica Brasil SA
     620,631   4,864,524
TIM SA (b)
     257,829   2,926,359
TOTVS SA
     211,500   1,084,298
Ultrapar Participacoes SA
     610,624   2,295,115
Usinas Siderurgicas de Minas Gerais SA Usiminas ADR
     857,397   2,580,765
Vale SA ADR
     2,428,677   42,210,406
Vasta Platform, Ltd. (a)(b)
     7,789   76,722
Via Varejo S/A (a)
     991,519   2,120,793
WEG SA
     676,067   8,932,758
XP, Inc. Class A (a)
     112,992   4,256,409
YDUQS Participacoes SA
     268,847   1,272,533
          332,197,871
CANADA — 0.0% (d)          
Atlas Corp. (b)
     11,086   151,324
CAYMAN ISLANDS — 0.0% (d)          
China Online Education Group ADR (a)
     1,275   25,946
CHILE — 0.6%          
AntarChile SA
     207,658   2,586,620
Banco de Chile
     3,600,749   425,684
Banco Santander Chile
     4,709,030   294,970
Cencosud SA
     94,154   201,847
Empresas COPEC SA
     466,867   5,782,548
Empresas Iansa SA (a)
     3,039,552   77,470
Enel Americas SA ADR (b)
     894,132   7,582,239
Enel Chile SA ADR
     1,052,596   4,126,176
Enjoy SA (a)
     2,588,868   25,712
Falabella SA
     1,489,398   6,783,561
See accompanying notes to financial statements.
7

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Multiexport Foods SA
     2,781,150   $ 1,285,275
Parque Arauco SA
     2,676,388   5,234,306
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares
     90,875   4,871,376
          39,277,784
CHINA — 40.5%          
21Vianet Group, Inc. ADR (a)
     57,285   1,850,305
360 DigiTech, Inc. ADR (b)
     27,202   707,524
360 Security Technology, Inc. Class A
     111,100   235,706
3SBio, Inc. (a)(c)
     686,000   606,193
500.com, Ltd. Class A, ADR (a)(b)
     8,296   177,286
51job, Inc. ADR (a)
     5,619   351,749
AAC Technologies Holdings, Inc. (b)
     713,632   3,593,655
Addsino Co., Ltd. Class A
     272,300   766,949
Advanced Technology & Materials Co., Ltd. Class A (a)
     146,900   150,679
AECC Aviation Power Co., Ltd. Class A
     57,500   399,534
Aerospace CH UAV Co., Ltd.
     57,393   183,694
Agile Group Holdings, Ltd.
     2,683,626   4,397,661
Agora, Inc. ADR (a)(b)
     784   39,413
Agricultural Bank of China, Ltd. Class A
     6,194,300   3,209,873
Agricultural Bank of China, Ltd. Class H
     24,853,000   9,941,903
Aier Eye Hospital Group Co., Ltd. Class A
     154,299   1,393,376
Air China, Ltd. Class H
     2,775,744   2,402,840
Airtac International Group
     79,000   2,782,568
AK Medical Holdings, Ltd. (b)(c)
     166,000   211,385
Akeso, Inc. (a)(c)
     174,000   1,098,907
Alibaba Group Holding, Ltd. ADR (a)
     1,329,513   301,440,482
A-Living Smart City Services Co., Ltd. (c)
     84,500   374,978
Alpha Group Class A (a)
     413,600   342,923
Alphamab Oncology (a)(c)
     38,000   55,037
Aluminum Corp. of China, Ltd. Class H (a)
     7,854,000   3,232,743
Amoy Diagnostics Co., Ltd. Class A
     10,000   108,730
An Hui Wenergy Co., Ltd. Class A
     265,000   187,405
Angang Steel Co., Ltd. Class H
     3,027,231   1,510,802
Anhui Anke Biotechnology Group Co., Ltd. Class A
     14,700   33,808
Anhui Conch Cement Co., Ltd. Class A
     108,800   849,347
Anhui Conch Cement Co., Ltd. Class H
     1,565,771   10,180,749
Anhui Construction Engineering Group Co., Ltd. Class A
     411,100   259,397
Anhui Expressway Co., Ltd. Class H
     8,000   5,536
Anhui Guangxin Agrochemical Co., Ltd. Class A (a)
     243,300   1,154,722
Anhui Gujing Distillery Co., Ltd. Class A
     7,700   246,648
Anhui Gujing Distillery Co., Ltd. Class B
     115,600   1,620,745
See accompanying notes to financial statements.
8

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Anhui Honglu Steel Construction Group Co., Ltd. Class A
     56,800   $ 426,528
Anhui Jiangnan Chemical Industry Co., Ltd. Class A
     340,500   363,272
Anhui Jinhe Industrial Co., Ltd. Class A
     108,400   650,942
Anhui Kouzi Distillery Co., Ltd. Class A
     16,300   154,027
Anhui Transport Consulting & Design Institute Co., Ltd. Class A
     562,917   805,613
ANTA Sports Products, Ltd.
     927,506   15,127,470
Anton Oilfield Services Group (a)(b)
     130,000   8,194
Aoshikang Technology Co., Ltd. Class A
     13,700   121,315
Aotecar New Energy Technology Co., Ltd. Class A
     217,993   119,941
Apeloa Pharmaceutical Co., Ltd. Class A
     221,700   961,313
Ascentage Pharma Group International (a)(c)
     43,900   171,377
Asymchem Laboratories Tianjin Co., Ltd. Class A
     18,400   810,097
Ausnutria Dairy Corp., Ltd.
     58,000   75,946
Autobio Diagnostics Co., Ltd. Class A
     23,100   386,643
Autohome, Inc. ADR (b)
     37,909   3,535,772
Avary Holding Shenzhen Co., Ltd. Class A
     103,900   565,328
Avic Capital Co., Ltd. Class A
     260,400   158,751
AVIC International Holding HK, Ltd. (a)
     2,426,527   40,887
AVIC Jonhon Optronic Technology Co., Ltd. Class A
     20,500   211,211
AVIC Shenyang Aircraft Co., Ltd. Class A
     40,400   399,678
AVIC Xi'an Aircraft Industry Group Co., Ltd. Class A
     15,500   57,311
AviChina Industry & Technology Co., Ltd. Class H
     2,689,000   1,802,017
Bafang Electric Suzhou Co., Ltd. Class A
     9,514   277,828
BAIC Motor Corp., Ltd. Class H (c)
     6,500   2,082
Baidu, Inc. ADR (a)(b)
     208,964   45,460,118
Baidu, Inc. Class A (a)(b)
     39,450   1,080,829
BAIOO Family Interactive, Ltd. (c)
     2,460,000   626,514
Bank of China, Ltd. Class A
     2,151,450   1,098,482
Bank of China, Ltd. Class H
     70,605,440   26,881,915
Bank of Communications Co., Ltd. Class H
     20,613,864   13,124,868
Bank of Ningbo Co., Ltd. Class A
     252,300   1,495,066
Baoshan Iron & Steel Co., Ltd. Class A
     59,200   72,904
Baosheng Science and Technology Innovation Co., Ltd. Class A
     1,016,800   641,583
Baozun, Inc. ADR (a)(b)
     15,979   609,439
Bay Area Gold Group, Ltd. (a)
     231   25
BBMG Corp. Class H
     1,278,000   266,303
BeiGene, Ltd. ADR (a)
     25,551   8,893,792
Beijing BDStar Navigation Co., Ltd. Class A (a)
     119,400   786,149
Beijing Capital International Airport Co., Ltd. Class H
     3,159,490   2,458,684
Beijing Capital Land, Ltd. Class H
     28,000   3,530
Beijing Career International Co., Ltd. Class A
     30,600   240,231
See accompanying notes to financial statements.
9

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Beijing Certificate Authority Co., Ltd. Class A
     14,100   $ 89,033
Beijing Chunlizhengda Medical Instruments Co., Ltd. Class H (b)
     23,000   55,026
Beijing Ctrowell Technology Corp., Ltd. Class A
     81,406   114,146
Beijing Dabeinong Technology Group Co., Ltd. Class A
     381,700   489,836
Beijing Enterprises Clean Energy Group, Ltd. (a)
     24,114,856   378,421
Beijing Enterprises Holdings, Ltd.
     681,500   2,406,238
Beijing Enterprises Water Group, Ltd.
     5,390,000   2,045,225
Beijing GeoEnviron Engineering & Technology, Inc. Class A
     564,100   1,567,327
Beijing Jingneng Clean Energy Co., Ltd. Class H
     136,000   30,788
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. Class A
     224,100   1,747,387
Beijing Shiji Information Technology Co., Ltd. Class A
     112,300   505,429
Beijing Shunxin Agriculture Co., Ltd. Class A
     26,900   192,406
Beijing SL Pharmaceutical Co., Ltd. Class A
     248,650   358,506
Beijing Strong Biotechnologies, Inc. Class A
     9,100   26,921
Beijing Tiantan Biological Products Corp., Ltd. Class A
     198,523   988,197
Beijing Tongtech Co., Ltd. Class A
     18,500   114,955
Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd. Class A
     11,100   219,473
Beijing Zhidemai Technology Co., Ltd. Class A
     7,200   88,425
Beijing Zuojiang Technology Co., Ltd. Class A
     19,600   127,407
Beken Corp. Class A
     12,564   104,266
Berry Genomics Co., Ltd. Class A (a)
     112,000   552,387
BEST, Inc. ADR (a)(b)
     45,217   85,008
Bestsun Energy Co., Ltd. Class A
     264,200   230,327
Bethel Automotive Safety Systems Co., Ltd. Class A
     26,600   111,813
Betta Pharmaceuticals Co., Ltd. Class A
     1,400   22,652
BGI Genomics Co., Ltd. Class A
     20,100   376,224
Biem.L.Fdlkk Garment Co., Ltd. Class A
     176,963   552,908
Bilibili, Inc. ADR (a)
     103,784   11,111,115
Blue Sail Medical Co., Ltd. Class A
     120,400   353,610
BOE Technology Group Co., Ltd. Class A
     986,700   942,908
BOE Technology Group Co., Ltd. Class B
     814,700   391,922
Bosideng International Holdings, Ltd.
     2,580,000   1,161,497
Boya Bio-pharmaceutical Group Co., Ltd. Class A
     19,825   84,271
Boyaa Interactive International, Ltd. (a)
     64,000   4,692
Brilliance China Automotive Holdings, Ltd.
     2,744,000   2,576,542
B-Soft Co., Ltd. Class A
     164,784   275,511
BYD Co., Ltd. Class A
     107,800   2,702,886
BYD Co., Ltd. Class H
     582,556   12,356,306
BYD Electronic International Co., Ltd. (b)
     647,500   3,781,168
C&S Paper Co., Ltd. Class A
     7,400   29,143
See accompanying notes to financial statements.
10

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
C.banner International Holdings, Ltd. (a)
     12,000   $ 256
Cabbeen Fashion, Ltd.
     1,246,000   389,453
Caissa Tosun Development Co., Ltd. Class A (a)
     83,006   124,360
Caitong Securities Co., Ltd. Class A
     140,700   238,889
CanSino Biologics, Inc. Class H (a)(b)(c)
     19,600   741,197
CAR, Inc. (a)
     96,000   48,652
CECEP Wind-Power Corp. Class A
     537,800   352,457
Central China Securities Co., Ltd. Class A (a)
     463,600   317,960
CGN Mining Co., Ltd.
     325,000   21,738
CGN New Energy Holdings Co Ltd (a)
     24,000   6,267
CGN Nuclear Technology Development Co., Ltd. Class A
     252,400   473,548
CGN Power Co., Ltd. Class H (c)
     9,620,000   2,326,287
Chacha Food Co., Ltd. Class A
     30,900   230,813
Changchun High & New Technology Industry Group, Inc. Class A
     11,925   822,838
Changjiang Securities Co., Ltd. Class A
     402,900   433,530
Changsha Jingjia Microelectronics Co., Ltd. Class A
     26,700   320,667
Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class A
     27,200   783,515
Chanjet Information Technology Co., Ltd. Class H
     2,600   7,909
Chaowei Power Holdings, Ltd.
     75,000   28,169
Cheetah Mobile, Inc. ADR (b)
     10,984   24,714
ChemPartner PharmaTech Co., Ltd. Class A (a)
     51,800   96,239
Chengdu Fusen Noble-House Industrial Co., Ltd. Class A
     124,400   279,659
Chengdu Hongqi Chain Co., Ltd. Class A
     847,086   770,759
Chengdu Kanghong Pharmaceutical Group Co., Ltd. Class A
     23,400   104,353
Chifeng Jilong Gold Mining Co., Ltd. Class A (a)
     99,200   219,531
China Aerospace International Holdings, Ltd.
     2,254,000   188,451
China Aircraft Leasing Group Holdings, Ltd. (b)
     6,500   5,267
China Aoyuan Group, Ltd.
     1,347,000   1,446,720
China Baoan Group Co., Ltd. Class A
     289,800   383,385
China Bester Group Telecom Co., Ltd. Class A
     116,900   205,428
China Biologic Products Holdings, Inc. (a)(b)
     16,264   1,925,820
China Bohai Bank Co., Ltd. Class H (a)(c)
     42,500   19,079
China Building Material Test & Certification Group Co., Ltd. Class A
     574,320   2,188,319
China Chengtong Development Group, Ltd. (a)(b)
     3,726,000   85,788
China Cinda Asset Management Co., Ltd. Class H
     11,357,000   2,366,513
China CITIC Bank Corp., Ltd. Class H
     11,020,000   5,598,981
China Coal Energy Co., Ltd. Class H
     6,744,000   3,105,496
China Common Rich Renewable Energy Investment, Ltd. (a)(e)
     856,000   —
China Communications Services Corp., Ltd. Class H
     152,000   68,234
See accompanying notes to financial statements.
11

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
China Conch Venture Holdings, Ltd.
     1,387,200   $ 6,521,639
China Construction Bank Corp. Class H
     76,038,600   63,964,968
China Datang Corp. Renewable Power Co., Ltd. Class H
     1,238,000   235,675
China Dili Group (a)
     2,131,100   627,725
China Dongxiang Group Co., Ltd.
     1,080,000   125,025
China East Education Holdings, Ltd. (b)(c)
     31,500   68,636
China Eastern Airlines Corp., Ltd. Class H
     144,000   67,791
China Education Group Holdings, Ltd.
     163,000   289,752
China Electronics Huada Technology Co., Ltd.
     134,000   13,099
China Energine International Holdings, Ltd. (a)(b)
     1,430,000   28,142
China Enterprise Co., Ltd. Class A
     382,592   198,258
China Everbright Bank Co., Ltd. Class A
     554,500   344,809
China Everbright Environment Group, Ltd.
     3,058,111   2,069,042
China Everbright, Ltd.
     24,000   31,364
China Evergrande Group (b)
     1,850,737   3,523,196
China Fangda Group Co., Ltd. Class B
     2,011,067   794,137
China Feihe, Ltd. (c)
     1,535,000   4,343,716
China Film Co., Ltd. Class A
     150,100   324,166
China Financial Services Holdings, Ltd. (a)
     86,100   18,827
China Foods, Ltd.
     16,000   6,771
China Fortune Land Development Co., Ltd. Class A
     35,620   34,093
China Galaxy Securities Co., Ltd. Class A
     162,000   255,548
China Galaxy Securities Co., Ltd. Class H
     2,763,400   1,706,143
China Gas Holdings, Ltd.
     2,137,600   8,757,219
China Great Wall Securities Co., Ltd. Class A
     126,200   209,846
China Greatwall Technology Group Co., Ltd. Class A
     166,500   377,094
China Hanking Holdings, Ltd.
     1,162,000   200,282
China Harmony Auto Holding, Ltd.
     7,000   3,683
China High Speed Railway Technology Co., Ltd. Class A
     722,900   252,308
China Hongqiao Group, Ltd.
     50,500   67,425
China Huarong Energy Co., Ltd. (a)
     100,000   1,582
China Index Holdings, Ltd. ADR (a)(b)
     34,968   76,230
China International Capital Corp., Ltd. Class H (a)(b)(c)
     351,200   851,071
China International Marine Containers Group Co., Ltd. Class H
     134,540   236,046
China Jinmao Holdings Group, Ltd.
     880,000   353,157
China Kings Resources Group Co., Ltd. Class A
     7,400   28,467
China Lesso Group Holdings, Ltd.
     1,301,000   2,797,975
China Life Insurance Co., Ltd. Class H
     7,047,260   14,557,814
China Literature, Ltd. (a)(b)(c)
     167,600   1,658,872
China Longyuan Power Group Corp., Ltd. Class H
     2,690,000   3,653,815
China Machinery Engineering Corp. Class H
     14,000   6,249
China Medical System Holdings, Ltd.
     1,387,000   2,743,867
See accompanying notes to financial statements.
12

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
China Meidong Auto Holdings, Ltd.
     152,000   $ 704,822
China Mengniu Dairy Co., Ltd.
     2,596,345   14,861,161
China Merchants Bank Co., Ltd. Class A
     1,061,562   8,267,667
China Merchants Bank Co., Ltd. Class H
     3,504,181   26,750,850
China Merchants China Direct Investments, Ltd.
     4,000   5,567
China Merchants Port Holdings Co., Ltd.
     2,762,090   4,234,912
China Merchants Securities Co., Ltd. Class A
     385,741   1,155,248
China Merchants Shekou Industrial Zone Holdings Co., Ltd. Class A
     163,457   305,678
China Minsheng Banking Corp., Ltd. Class H
     7,411,379   4,299,381
China Modern Dairy Holdings, Ltd. (a)
     93,000   22,250
China Molybdenum Co., Ltd. Class A
     1,543,700   1,242,263
China Molybdenum Co., Ltd. Class H
     345,000   209,012
China National Accord Medicines Corp., Ltd. Class B
     266,195   789,226
China National Building Material Co., Ltd. Class H
     2,947,400   4,253,655
China National Medicines Corp., Ltd. Class A
     152,795   788,287
China National Software & Service Co., Ltd. Class A
     30,200   246,481
China Ocean Industry Group, Ltd. (a)
     57,625   927
China Oilfield Services, Ltd. Class H
     2,158,422   2,221,041
China Overseas Grand Oceans Group, Ltd.
     109,500   71,550
China Overseas Land & Investment, Ltd.
     4,170,804   10,836,810
China Overseas Property Holdings, Ltd.
     62,066   57,959
China Pacific Insurance Group Co., Ltd. Class A
     253,838   1,463,944
China Pacific Insurance Group Co., Ltd. Class H
     2,473,600   9,751,923
China Petroleum & Chemical Corp. Class H
     23,100,338   12,301,243
China Power International Development, Ltd.
     6,904,000   1,607,347
China Railway Group, Ltd. Class H
     5,534,487   2,925,833
China Rare Earth Holdings, Ltd. (a)
     2,013,200   235,645
China Resources Beer Holdings Co., Ltd.
     906,930   7,110,134
China Resources Cement Holdings, Ltd.
     332,000   372,806
China Resources Gas Group, Ltd.
     346,000   1,918,155
China Resources Land, Ltd.
     2,786,222   13,493,078
China Resources Power Holdings Co., Ltd.
     2,766,432   3,672,231
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A
     24,600   91,708
China Sanjiang Fine Chemicals Co., Ltd.
     73,000   34,179
China Science Publishing & Media, Ltd. Class A
     127,700   188,985
China Shenhua Energy Co., Ltd. Class H
     3,995,624   8,233,367
China Shipbuilding Industry Co., Ltd. Class A (a)
     1,076,900   671,298
China Singyes Solar Technologies Holdings, Ltd. (a)
     9,600   1,432
China South City Holdings, Ltd.
     2,572,000   284,511
China Southern Airlines Co., Ltd. Class H (a)
     2,604,000   1,929,273
China State Construction Engineering Corp., Ltd. Class A
     547,300   432,922
See accompanying notes to financial statements.
13

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
China Taiping Insurance Holdings Co., Ltd.
     1,103,835   $ 2,249,001
China Tianying, Inc. Class A (a)
     557,700   390,999
China Tourism Group Duty Free Corp., Ltd. Class A
     134,900   6,293,085
China Tower Corp., Ltd. Class H (c)
     27,888,000   4,125,205
China TransInfo Technology Co., Ltd. Class A
     290,300   697,743
China Travel International Investment Hong Kong, Ltd. (a)
     8,138,000   1,381,726
China Vanke Co., Ltd. Class A
     439,200   2,008,169
China Vanke Co., Ltd. Class H
     1,097,000   4,296,593
China World Trade Center Co., Ltd. Class A
     107,000   196,348
China Yangtze Power Co., Ltd. Class A
     1,253,800   4,097,036
China Yongda Automobiles Services Holdings, Ltd.
     827,500   1,511,425
China Yuhua Education Corp., Ltd. (c)
     24,000   18,800
China ZhengTong Auto Services Holdings, Ltd. (a)(b)
     38,000   3,421
China Zhenhua Group Science & Technology Co., Ltd. Class A
     240,300   1,999,692
ChinaCache International Holdings, Ltd. ADR (a)(b)
     18,355   771
Chinadive Watersports, Inc. Class A
     13,600   144,702
Chinasoft International, Ltd.
     248,000   266,679
Chinese Universe Publishing and Media Group Co., Ltd. Class A
     191,800   308,987
Chlitina Holding, Ltd.
     2,000   16,647
Chongqing Brewery Co., Ltd. Class A
     27,511   466,637
Chongqing Changan Automobile Co., Ltd. Class A (a)
     10,100   21,843
Chongqing Changan Automobile Co., Ltd. Class B (a)
     1,093,500   821,414
Chongqing Department Store Co., Ltd. Class A
     24,800   114,188
Chongqing Fuling Electric Power Industrial Co., Ltd. Class A
     5,180   15,024
Chongqing Gas Group Corp., Ltd. Class A
     151,700   268,201
Chongqing Machinery & Electric Co., Ltd. Class H
     138,000   9,585
Chongqing Zhifei Biological Products Co., Ltd. Class A
     110,700   2,910,236
Chow Tai Seng Jewellery Co., Ltd. Class A
     118,162   629,962
CIFI Holdings Group Co., Ltd.
     1,758,447   1,705,418
CIMC Enric Holdings, Ltd.
     10,000   7,139
Citic Pacific Special Steel Group Co., Ltd. Class A
     46,950   188,911
CITIC Resources Holdings, Ltd. (a)
     2,066,000   85,038
CITIC Securities Co., Ltd. Class A
     532,200   1,937,795
CITIC Securities Co., Ltd. Class H (b)
     1,412,500   3,252,159
CITIC Telecom International Holdings, Ltd.
     1,375,000   486,369
CITIC, Ltd.
     4,261,961   4,034,759
CMST Development Co., Ltd. Class A (a)
     255,300   199,611
CNHTC Jinan Truck Co., Ltd. Class A
     122,500   713,208
CNNC Hua Yuan Titanium Dioxide Co., Ltd. Class A
     975,200   1,367,408
COFCO Biotechnology Co., Ltd. Class L
     153,200   209,678
Cogobuy Group (a)(c)
     64,000   19,181
See accompanying notes to financial statements.
14

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Colour Life Services Group Co., Ltd. (b)
     69,000   $ 30,176
Comtec Solar Systems Group, Ltd. (a)
     211,500   9,250
Contemporary Amperex Technology Co., Ltd. Class A
     135,093   6,633,377
COSCO SHIPPING Development Co., Ltd. Class H
     8,279,117   1,352,440
COSCO SHIPPING Energy Transportation Co., Ltd. Class H
     2,338,000   1,025,485
COSCO SHIPPING Holdings Co., Ltd. Class H (a)
     3,899,425   5,015,692
COSCO SHIPPING Ports, Ltd.
     3,006,050   2,188,482
Cosmo Lady China Holdings Co., Ltd. (a)(c)
     71,000   11,142
Country Garden Holdings Co., Ltd.
     5,817,514   7,467,897
Country Garden Services Holdings Co., Ltd.
     939,000   9,517,484
CQ Pharmaceutical Holding Co., Ltd. Class A
     572,500   451,983
CSC Financial Co., Ltd. Class A
     159,200   771,833
CSG Holding Co., Ltd. Class B
     719,345   276,655
CSPC Pharmaceutical Group, Ltd.
     5,828,960   7,047,730
CSSC Offshore and Marine Engineering Group Co., Ltd. Class A (a)
     131,500   490,229
CSSC Science & Technology Co., Ltd. Class A
     151,300   264,035
CStone Pharmaceuticals (a)(b)(c)
     64,500   76,742
CTS International Logistics Corp., Ltd. Class A
     314,290   616,011
D&O Home Collection Co., Ltd. Class A
     106,000   293,708
Da An Gene Co., Ltd. of Sun Yat-Sen University Class A
     191,012   885,889
Dada Nexus, Ltd. ADR (a)
     1,509   40,954
Dalian Huarui Heavy Industry Group Co., Ltd. Class A
     393,000   213,235
Daqin Railway Co., Ltd. Class A
     146,000   155,987
Daqo New Energy Corp. ADR (a)
     44,571   3,365,110
DaShenLin Pharmaceutical Group Co., Ltd. Class A
     30,595   391,414
Datang International Power Generation Co., Ltd. Class H
     8,284,000   1,321,272
Dazhong Transportation Group Co., Ltd. Class B
     2,667,950   787,045
Deppon Logistics Co., Ltd. Class A
     122,400   239,905
DHC Software Co., Ltd. Class A
     153,400   173,946
Digital China Group Co., Ltd. Class A
     166,900   470,847
Digital China Information Service Co., Ltd. Class A
     127,000   284,536
Do-Fluoride Chemicals Co., Ltd. Class A
     117,300   357,378
Dongfang Electric Corp., Ltd. Class A
     131,700   255,122
Dongfang Electric Corp., Ltd. Class H (b)
     234,000   215,807
Dongfeng Motor Group Co., Ltd. Class H
     2,694,657   2,502,482
Dongjiang Environmental Co., Ltd. Class A
     295,800   386,814
Dongyue Group, Ltd.
     44,000   33,844
Double Medical Technology, Inc. Class A
     110,000   839,770
DouYu International Holdings, Ltd. ADR (a)
     61,077   635,812
East Money Information Co., Ltd. Class A
     308,920   1,283,479
Eastern Communications Co., Ltd. Class B
     374,700   172,362
See accompanying notes to financial statements.
15

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Easysight Supply Chain Management Co., Ltd. Class A (a)
     150,900   $ 191,350
E-Commodities Holdings, Ltd. (a)
     6,250   277
Eoptolink Technology, Inc., Ltd. Class A
     23,220   144,355
ESR Cayman, Ltd. (a)(c)
     494,200   1,617,785
Essex Bio-technology, Ltd.
     1,298,000   869,847
Eve Energy Co., Ltd. Class A
     113,499   1,299,983
Ever Sunshine Lifestyle Services Group, Ltd.
     192,000   483,059
Everbright Securities Co., Ltd. Class A
     126,800   314,043
Fang Holdings, Ltd. (a)(b)
     3,341   41,763
Fanhua, Inc. ADR (b)
     39,630   552,046
Fantasia Holdings Group Co., Ltd.
     1,920,000   251,902
Far East Horizon, Ltd. (b)
     2,682,000   3,222,077
FAW Jiefang Group Co., Ltd. (a)
     253,900   422,573
Fiberhome Telecommunication Technologies Co., Ltd. Class A
     30,400   85,253
Fibocom Wireless, Inc. Class A
     12,800   102,323
FinVolution Group ADR (b)
     11,624   81,484
First Capital Securities Co., Ltd. Class A
     244,300   286,702
First Tractor Co., Ltd. Class A (a)
     147,500   256,954
Flat Glass Group Co., Ltd. Class A
     167,800   688,212
Flat Glass Group Co., Ltd. Class H (b)
     20,000   60,583
Focus Media Information Technology Co., Ltd. Class A
     337,500   477,352
Foshan Haitian Flavouring & Food Co., Ltd. Class A
     151,200   3,682,521
Founder Securities Co., Ltd. Class A (a)
     288,000   381,881
Foxconn Industrial Internet Co., Ltd. Class A
     118,500   259,533
Fufeng Group, Ltd.
     71,000   25,571
Fujian Aonong Biological Technology Group, Inc., Ltd. Class A
     143,690   303,752
Fujian Boss Software Development Co., Ltd. Class A
     20,100   72,451
Fujian Green Pine Co., Ltd. Class A
     46,600   151,351
Fujian Longking Co., Ltd. Class A
     128,100   188,405
Fujian Star-net Communication Co., Ltd. Class A
     159,300   483,154
Fujian Sunner Development Co., Ltd. Class A
     117,100   459,569
Fuyao Glass Industry Group Co., Ltd. Class A
     285,217   2,003,109
Fuyao Glass Industry Group Co., Ltd. Class H (c)
     172,000   1,023,224
Ganfeng Lithium Co., Ltd. Class A
     104,800   1,505,586
Ganfeng Lithium Co., Ltd. Class H (c)
     7,400   90,329
G-bits Network Technology Xiamen Co., Ltd. Class A
     14,600   828,198
GCI Science & Technology Co., Ltd. Class A
     284,581   572,962
GCL System Integration Technology Co., Ltd. Class A (a)
     245,700   123,576
GDS Holdings, Ltd. ADR (a)
     76,595   6,211,089
Geely Automobile Holdings, Ltd.
     3,956,000   10,064,980
Gemdale Corp. Class A
     125,600   229,906
Genertec Universal Medical Group Co., Ltd. (c)
     691,100   567,142
See accompanying notes to financial statements.
16

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Genimous Technology Co., Ltd. Class A
     459,400   $ 388,598
Genscript Biotech Corp. (a)
     342,000   601,787
Getein Biotech, Inc. Class A
     139,316   721,508
GF Securities Co., Ltd. Class H
     1,654,200   2,536,265
Giant Network Group Co., Ltd. Class A
     273,100   604,373
Gigadevice Semiconductor Beijing, Inc. Class A
     26,400   687,562
Global Bio-Chem Technology Group Co., Ltd. (a)
     1,096,000   41,588
Global Top E-Commerce Co., Ltd. Class A (a)
     299,600   213,700
GoerTek, Inc. Class A
     270,100   1,117,664
Goke Microelectronics Co., Ltd. Class A
     19,100   125,030
GoldenHome Living Co., Ltd. Class A
     32,200   356,246
Goldpac Group, Ltd.
     64,000   16,053
GOME Retail Holdings, Ltd. (a)(b)
     10,974,000   2,032,627
Goodbaby International Holdings, Ltd. (a)
     67,000   12,324
Grand Baoxin Auto Group, Ltd. (a)
     3,158   329
Grandjoy Holdings Group Co., Ltd. Class A
     169,100   99,483
Great Wall Motor Co., Ltd. Class H
     2,957,750   8,198,588
Greattown Holdings, Ltd. Class A
     265,800   153,536
Greatview Aseptic Packaging Co., Ltd.
     10,000   4,978
Gree Real Estate Co., Ltd. Class A (a)
     280,600   243,342
Greentown China Holdings, Ltd. (b)
     684,500   883,970
Greentown Service Group Co., Ltd.
     94,000   142,914
Grinm Advanced Materials Co., Ltd. Class A
     125,800   217,234
GSX Techedu, Inc. ADR (a)(b)
     76,850   2,603,678
Guangdong Create Century Intelligent Equipment Group Corp Ltd Class A (a)
     91,200   185,981
Guangdong Electric Power Development Co., Ltd. Class B
     2,069,240   707,983
Guangdong Ellington Electronics Technology Co., Ltd. Class A
     116,300   122,305
Guangdong Golden Dragon Development, Inc. Class A (a)
     142,500   327,733
Guangdong Haid Group Co., Ltd. Class A
     113,200   1,345,729
Guangdong Hongda Blasting Co., Ltd. Class A
     115,300   545,115
Guangdong Huatie Tongda High-speed Railway Equipment Corp. Class A (a)
     574,400   479,746
Guangdong Investment, Ltd.
     3,416,229   5,563,025
Guangdong Kinlong Hardware Products Co., Ltd. Class A
     13,100   331,094
Guangdong Provincial Expressway Development Co., Ltd. Class B
     260,800   163,033
Guangdong Shenglu Telecommunication Tech Co., Ltd. Class A (a)
     385,300   327,093
Guangdong Topstar Technology Co., Ltd. Class A
     18,000   98,570
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. Class A
     237,500   1,266,918
Guangdong Zhongsheng Pharmaceutical Co., Ltd. Class A
     131,700   166,803
See accompanying notes to financial statements.
17

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Guangshen Railway Co., Ltd. Class H (b)
     5,522,000   $ 1,093,824
Guangxi Guiguan Electric Power Co., Ltd. Class A
     264,900   225,285
Guangxi Liuzhou Pharmaceutical Co., Ltd. Class A
     248,040   856,640
Guangzhou Automobile Group Co., Ltd. Class H
     3,160,090   2,654,257
Guangzhou Baiyun International Airport Co., Ltd. Class A
     123,200   250,486
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class A
     136,600   579,819
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H
     6,000   14,555
Guangzhou Haige Communications Group, Inc. Co. Class A
     296,900   457,939
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A
     15,400   298,203
Guangzhou R&F Properties Co., Ltd. Class H
     2,004,282   2,645,066
Guangzhou Restaurant Group Co., Ltd. Class A
     131,400   757,014
Guangzhou Shiyuan Electronic Technology Co., Ltd. Class A
     4,400   87,394
Guangzhou Tinci Materials Technology Co., Ltd. Class A
     112,800   1,403,037
Guangzhou Wondfo Biotech Co., Ltd. Class A
     8,800   110,248
Guangzhou Yuexiu Financial Holdings Group Co., Ltd. Class A
     300,500   642,568
Guangzhou Zhujiang Brewery Co., Ltd. Class A
     269,800   425,597
Guizhou Broadcasting & TV Information Network Co., Ltd. Class A
     238,900   180,235
Guizhou Xinbang Pharmaceutical Co., Ltd. Class A (a)
     276,700   371,115
Guocheng Mining Co., Ltd. Class A (a)
     136,300   182,808
Guodian Technology & Environment Group Corp., Ltd. Class H (a)
     73,000   3,521
Guomai Technologies, Inc. Class A
     268,300   256,801
Guosen Securities Co., Ltd. Class A
     424,300   773,430
Guosheng Financial Holding, Inc. Class A (a)
     141,400   220,251
Guotai Junan Securities Co., Ltd. Class A
     297,200   735,617
Guoxuan High-Tech Co., Ltd. Class A (a)
     39,744   218,249
Guoyuan Securities Co., Ltd. Class A
     171,910   202,010
Haichang Ocean Park Holdings, Ltd. (a)(c)
     1,044,000   76,543
Haidilao International Holding, Ltd. (b)(c)
     486,000   3,322,537
Haier Smart Home Co., Ltd. Class A
     160,600   763,200
Haier Smart Home Co., Ltd. Class H (a)
     1,079,400   4,317,905
Hailir Pesticides and Chemicals Group Co., Ltd. Class A
     48,160   185,485
Hainan Meilan International Airport Co., Ltd. Class H (a)
     65,000   283,010
Haisco Pharmaceutical Group Co., Ltd. Class A
     143,900   540,184
Haitian International Holdings, Ltd.
     50,000   199,371
Haitong Securities Co., Ltd. Class A
     272,100   459,085
Haitong Securities Co., Ltd. Class H
     2,730,400   2,525,140
Hang Zhou Great Star Industrial Co., Ltd. Class A (a)
     300,000   1,604,889
Hangjin Technology Co., Ltd. Class A
     134,100   404,679
Hangzhou Chang Chuan Technology Co., Ltd. Class A (a)
     58,700   269,291
See accompanying notes to financial statements.
18

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Hangzhou Dptech Technologies Co., Ltd. Class A
     17,900   $ 104,161
Hangzhou First Applied Material Co., Ltd. Class A
     131,960   1,727,837
Hangzhou Robam Appliances Co., Ltd. Class A
     34,200   190,359
Hangzhou Silan Microelectronics Co., Ltd. Class A
     107,700   397,728
Hangzhou Steam Turbine Co., Ltd. Class B
     698,320   1,062,599
Hangzhou Tigermed Consulting Co., Ltd. Class A
     92,122   2,107,607
Hansoh Pharmaceutical Group Co., Ltd. (a)(c)
     490,000   2,347,754
Harbin Boshi Automation Co., Ltd. Class A
     575,420   1,241,838
Harbin Electric Co., Ltd. Class H (a)
     2,654,000   720,300
Harbin Gloria Pharmaceuticals Co., Ltd. Class A (a)
     380,500   152,520
Health & Happiness H&H International Holdings, Ltd.
     5,000   18,972
Hebei Construction Group Corp., Ltd. Class H
     78,500   26,253
Hefei Meiya Optoelectronic Technology, Inc. Class A
     123,600   796,660
Henan Lingrui Pharmaceutical Co. Class A
     297,900   400,457
Henan Shuanghui Investment & Development Co., Ltd. Class A
     104,840   655,130
Hengan International Group Co., Ltd.
     692,000   4,548,386
Hengli Petrochemical Co., Ltd. Class A
     370,300   1,655,322
Hisense Home Appliances Group Co., Ltd. Class A
     389,500   993,756
Hithink RoyalFlush Information Network Co., Ltd. Class A
     6,200   112,827
Holitech Technology Co., Ltd. Class A
     250,900   126,957
Hongda Xingye Co., Ltd. Class A
     378,100   201,693
Hongfa Technology Co., Ltd. Class A
     29,900   225,029
Honghua Group, Ltd. (a)
     14,000   459
Honworld Group, Ltd. (c)
     35,000   13,821
Hope Education Group Co., Ltd. (c)
     180,000   60,197
Hopson Development Holdings, Ltd.
     26,000   93,640
Hua Hong Semiconductor, Ltd. (a)(c)
     181,000   985,967
Huaan Securities Co., Ltd. Class A
     413,100   402,321
Huadian Power International Corp., Ltd. Class H
     2,893,308   893,174
Huadong Medicine Co., Ltd. Class A
     34,200   192,236
Huafu Fashion Co., Ltd. Class A
     142,600   99,976
Huagong Tech Co., Ltd. Class A
     102,700   325,262
Hualan Biological Engineering, Inc. Class A
     225,027   1,363,291
Huaneng Lancang River Hydropower, Inc. Class A
     25,900   22,856
Huaneng Power International, Inc. Class H
     5,522,000   1,960,360
Huangshan Tourism Development Co., Ltd. Class B
     965,082   723,811
Huatai Securities Co., Ltd. Class A
     417,500   1,079,193
Huatai Securities Co., Ltd. Class H (c)
     812,200   1,245,287
Huawen Media Group Class A (a)
     394,300   132,211
Huaxi Securities Co., Ltd. Class A
     298,600   452,824
Huaxin Cement Co., Ltd. Class B
     383,300   827,545
See accompanying notes to financial statements.
19

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Huayu Automotive Systems Co., Ltd. Class A
     131,061   $ 550,715
Huazhu Group, Ltd. ADR (a)
     99,862   5,482,424
Hubei Biocause Pharmaceutical Co., Ltd. Class A
     424,800   267,394
Hubei Kaile Science & Technology Co., Ltd. Class A (a)
     166,300   220,763
Huizhou Desay Sv Automotive Co., Ltd. Class A
     123,900   1,619,470
Humanwell Healthcare Group Co., Ltd. Class A
     33,900   159,032
Hunan Dakang International Food & Agriculture Co., Ltd. Class A (a)
     736,300   270,451
Hunan Gold Corp., Ltd. Class A
     131,800   160,301
Hunan New Wellful Co., Ltd. Class A
     265,300   295,173
Hundsun Technologies, Inc. Class A
     141,110   1,806,566
HUYA, Inc. ADR (a)(b)
     23,154   451,040
Hygeia Healthcare Holdings Co., Ltd. (a)(c)
     16,400   119,080
Hytera Communications Corp., Ltd. Class A (a)
     438,400   364,153
HyUnion Holding Co., Ltd. Class A (a)
     115,000   108,669
iClick Interactive Asia Group, Ltd. ADR (a)
     24,106   283,728
Iflytek Co., Ltd. Class A
     162,500   1,196,980
I-Mab ADR (a)
     3,307   160,290
Industrial & Commercial Bank of China, Ltd. Class A
     5,754,105   4,858,523
Industrial & Commercial Bank of China, Ltd. Class H
     61,855,492   44,395,892
Industrial Bank Co., Ltd. Class A
     848,600   3,115,707
Industrial Securities Co., Ltd. Class A
     428,300   551,597
INESA Intelligent Tech, Inc. Class B
     2,668,400   1,192,775
Ingenic Semiconductor Co., Ltd. Class A (a)
     30,300   281,609
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd. Class A
     467,400   376,131
Inner Mongolia MengDian HuaNeng Thermal Power Corp., Ltd. Class A
     933,800   387,115
Inner Mongolia Yili Industrial Group Co., Ltd. Class A
     177,900   1,085,371
Inner Mongolia Yitai Coal Co., Ltd. Class B
     543,936   298,077
InnoCare Pharma, Ltd. (a)(c)
     18,000   42,045
Innovent Biologics, Inc. (a)(c)
     574,000   5,821,621
Inspur Electronic Information Industry Co., Ltd. Class A
     32,816   136,942
Inspur Software Co., Ltd. Class A
     116,300   237,166
Intco Medical Technology Co., Ltd. Class A
     31,500   775,786
iQIYI, Inc. ADR (a)(b)
     195,268   3,245,354
IReader Technology Co., Ltd. Class A
     110,200   520,667
JA Solar Technology Co., Ltd. Class A (a)
     81,400   358,293
Jafron Biomedical Co., Ltd. Class A
     15,420   178,614
Jason Furniture Hangzhou Co., Ltd. Class A
     123,000   1,510,224
JC Finance & Tax Interconnect Holdings, Ltd. Class A (a)
     127,800   177,251
JD Health International, Inc. (a)(b)(c)
     227,900   3,268,508
JD.com, Inc. ADR (a)
     677,223   57,110,216
See accompanying notes to financial statements.
20

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Jiajiayue Group Co., Ltd. Class A
     154,400   $ 487,589
Jiangling Motors Corp., Ltd. Class A
     109,100   477,391
Jiangnan Group, Ltd.
     201,000   9,695
Jiangsu Akcome Science & Technology Co., Ltd. Class A (a)
     368,300   147,069
Jiangsu Changshu Rural Commercial Bank Co., Ltd. Class A
     154,000   178,382
Jiangsu Eastern Shenghong Co., Ltd. Class A
     421,000   906,011
Jiangsu Expressway Co., Ltd. Class H
     2,894,000   3,603,331
Jiangsu Hengli Hydraulic Co., Ltd. Class A
     111,351   1,518,068
Jiangsu Hengrui Medicine Co., Ltd. Class A
     306,264   4,298,581
Jiangsu Huaxicun Co., Ltd. Class A
     258,300   224,790
Jiangsu Jiejie Microelectronics Co., Ltd. Class A
     84,500   489,392
Jiangsu Kanion Pharmaceutical Co., Ltd. Class A
     168,000   266,037
Jiangsu King's Luck Brewery JSC, Ltd. Class A
     33,100   247,448
Jiangsu Shagang Co., Ltd. Class A
     111,800   153,867
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A
     82,565   2,072,556
Jiangsu Yangnong Chemical Co., Ltd. Class A
     14,500   265,019
Jiangsu Yoke Technology Co., Ltd. Class A
     127,200   1,078,870
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A
     193,578   774,170
Jiangsu Zhongnan Construction Group Co., Ltd. Class A
     153,600   163,404
Jiangxi Copper Co., Ltd. Class H
     1,382,000   2,641,540
Jiangxi Lianchuang Optoelectronic Science & Technology Co., Ltd. Class A
     122,900   436,065
Jiangxi Zhengbang Technology Co., Ltd. Class A
     257,800   594,482
Jiayou International Logistics Co., Ltd. Class A
     385,499   1,288,483
Jinke Properties Group Co., Ltd. Class A
     697,630   700,692
JinkoSolar Holding Co., Ltd. ADR (a)(b)
     16,804   700,559
Jinxin Fertility Group, Ltd. (c)
     76,000   163,448
Jinyu Bio-Technology Co., Ltd. Class A
     252,700   736,008
Jinyuan EP Co., Ltd. Class A
     158,500   177,555
JiuGui Liquor Co., Ltd. Class A
     22,500   521,795
Jiumaojiu International Holdings, Ltd. (a)(c)
     20,000   80,006
Joinn Laboratories China Co., Ltd. Class A
     48,800   1,084,411
Jointown Pharmaceutical Group Co., Ltd. Class A (a)
     285,400   785,141
Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd. Class A
     4,300   31,739
Joy City Property, Ltd.
     2,634,000   164,319
Joyoung Co., Ltd. Class A
     250,656   1,176,263
JOYY, Inc. ADR (b)
     28,897   2,708,516
Ju Teng International Holdings, Ltd.
     134,500   35,985
Juewei Food Co., Ltd. Class A
     19,000   222,978
Kama Co., Ltd. Class B (a)
     1,025,600   399,984
Kandi Technologies Group, Inc. (a)(b)
     7,309   45,681
Kangji Medical Holdings, Ltd. (a)
     14,500   17,289
See accompanying notes to financial statements.
21

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
KE Holdings, Inc. ADR (a)
     114,266   $ 6,510,877
Keboda Technology Co., Ltd. Class A
     10,600   113,170
Keshun Waterproof Technologies Co., Ltd. Class A (a)
     38,200   145,436
Kingboard Holdings, Ltd.
     1,219,840   6,589,956
KingClean Electric Co., Ltd. Class A
     32,600   170,274
Kingdee International Software Group Co., Ltd.
     1,720,700   5,333,994
Kingfa Sci & Tech Co., Ltd. Class A
     54,300   179,670
Kingsoft Cloud Holdings, Ltd. ADR (a)
     6,141   241,464
Kingsoft Corp., Ltd. (b)
     483,000   3,205,732
Kintor Pharmaceutical, Ltd. (a)(b)(c)
     31,000   145,341
Konfoong Materials International Co., Ltd. Class A
     20,700   128,468
Konka Group Co., Ltd. Class B
     5,084,123   1,647,961
Koolearn Technology Holding, Ltd. (a)(b)(c)
     116,000   264,096
KPC Pharmaceuticals, Inc. Class A
     134,300   170,301
Kuaishou Technology (a)(c)
     471,700   16,381,738
Kuang-Chi Technologies Co., Ltd. Class A (a)
     178,290   549,446
Kunlun Energy Co., Ltd.
     5,188,325   5,452,298
Kunming Yunnei Power Co., Ltd. Class A
     160,800   94,355
Kunwu Jiuding Investment Holdings Co., Ltd. Class A (a)
     112,200   270,359
Kweichow Moutai Co., Ltd. Class A
     89,700   27,465,601
KWG Group Holdings, Ltd.
     1,391,668   2,380,771
KWG Living Group Holdings, Ltd. (a)
     592,333   601,899
Lao Feng Xiang Co., Ltd. Class A
     27,600   233,421
Lao Feng Xiang Co., Ltd. Class B
     143,830   428,613
Laobaixing Pharmacy Chain JSC Class A
     26,600   277,708
Lee & Man Paper Manufacturing, Ltd.
     76,000   69,896
Lenovo Group, Ltd.
     6,623,220   9,422,250
Lens Technology Co., Ltd. Class A
     250,865   999,071
Leo Group Co., Ltd. Class A
     1,435,000   643,007
Leon Technology Co., Ltd. Class A
     36,500   55,241
LexinFintech Holdings, Ltd. ADR (a)(b)
     27,544   277,093
Li Auto, Inc. ADR (a)(b)
     105,099   2,627,475
Li Ning Co., Ltd.
     1,870,151   12,147,821
Lianhua Supermarket Holdings Co., Ltd. Class H (a)
     13,000   1,956
Liaoning Wellhope Agri-Tech JSC, Ltd. Class A
     228,400   418,425
Lifetech Scientific Corp. (a)
     2,602,000   1,194,829
Lingyi iTech Guangdong Co. Class A
     531,700   662,883
Link Motion, Inc. ADR (a)(e)
     16,509   —
Livzon Pharmaceutical Group, Inc. Class H
     221,727   945,437
Lomon Billions Group Co., Ltd. Class A
     142,200   619,410
Longfor Group Holdings, Ltd. (c)
     999,500   6,620,951
LONGi Green Energy Technology Co., Ltd. Class A
     288,900   3,874,779
See accompanying notes to financial statements.
22

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Longshine Technology Group Co., Ltd. Class A
     39,450   $ 93,977
Lu Thai Textile Co., Ltd. Class B
     140,700   73,839
Luenmei Quantum Co., Ltd. Class A
     294,808   471,337
Lufax Holding, Ltd. ADR (a)(b)
     49,345   716,489
Luxshare Precision Industry Co., Ltd. Class A
     571,429   2,946,327
Luye Pharma Group, Ltd. (c)
     683,500   436,943
Luzhou Laojiao Co., Ltd. Class A
     118,814   4,074,792
Maanshan Iron & Steel Co., Ltd. Class H
     1,870,000   637,408
Maccura Biotechnology Co., Ltd. Class A
     37,572   232,663
Mango Excellent Media Co., Ltd. Class A
     90,850   804,762
Maoye Commericial Co., Ltd. Class A
     560,522   310,964
Markor International Home Furnishings Co., Ltd. Class A (a)
     554,400   458,817
Maxscend Microelectronics Co., Ltd. Class A
     11,700   1,085,975
Meinian Onehealth Healthcare Holdings Co., Ltd. Class A (a)
     277,560   652,316
Meitu, Inc. (a)(c)
     406,500   130,194
Meituan Class B (a)(c)
     2,997,800   114,984,849
Metallurgical Corp. of China, Ltd. Class H
     1,347,000   349,985
Microport Scientific Corp. (b)
     356,660   2,007,071
Milkyway Chemical Supply Chain Service Co., Ltd. Class A
     23,525   437,428
Ming Yang Smart Energy Group, Ltd. Class A
     3,700   9,840
Minth Group, Ltd.
     250,000   1,041,874
MLS Co., Ltd. Class A
     49,748   100,843
MMG, Ltd. (a)
     1,120,000   625,228
MOBI Development Co., Ltd.
     1,076,000   76,121
Momo, Inc. ADR
     100,889   1,487,104
Montnets Cloud Technology Group Co., Ltd. Class A (a)
     269,900   621,561
Muyuan Foods Co., Ltd. Class A
     265,060   4,041,022
MYS Group Co., Ltd. Class A
     270,200   149,489
NanJi E-Commerce Co., Ltd. Class A
     464,200   649,478
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. Class A
     4,810   29,324
Nanjing Xinjiekou Department Store Co., Ltd. Class A (a)
     119,800   168,347
NARI Technology Co., Ltd. Class A
     167,400   794,494
National Agricultural Holdings, Ltd. (a)(b)(e)
     72,000   —
NAURA Technology Group Co., Ltd. Class A
     30,200   660,688
NavInfo Co., Ltd. Class A
     154,300   342,643
NetEase, Inc. ADR
     295,236   30,486,069
New China Life Insurance Co., Ltd. Class H
     688,500   2,665,636
New Hope Liuhe Co., Ltd. Class A
     381,600   1,163,202
New Oriental Education & Technology Group, Inc. ADR (a)
     1,118,316   15,656,424
Newland Digital Technology Co., Ltd. Class A
     364,320   785,699
Ninestar Corp. Class A
     26,600   100,786
See accompanying notes to financial statements.
23

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Ningbo Construction Co., Ltd. Class A
     386,400   $ 233,211
Ningbo Jifeng Auto Parts Co., Ltd. Class A
     266,000   343,791
Ningbo Tuopu Group Co., Ltd. Class A
     55,200   281,334
Ningbo Xusheng Auto Technology Co., Ltd. Class A (a)
     27,200   129,135
NIO, Inc. ADR (a)
     887,704   34,602,702
NiSun International Enterprise Development Group Co., Ltd. (a)(b)
     1,158   19,200
Niu Technologies ADR (a)(b)
     2,222   81,436
Noah Holdings, Ltd. ADR (a)
     12,444   552,514
Nongfu Spring Co., Ltd. Class H (a)(b)(c)
     920,600   4,588,524
Northeast Securities Co., Ltd. Class A
     140,700   184,849
Ocumension Therapeutics (a)(c)
     11,000   32,472
Offcn Education Technology Co., Ltd. Class A
     52,100   223,687
OFILM Group Co., Ltd. Class A
     134,200   177,333
OneConnect Financial Technology Co., Ltd. ADR (a)
     14,656   216,616
Oppein Home Group, Inc. Class A
     18,620   447,281
Orient Securities Co., Ltd. Class A
     280,100   378,237
Ourgame International Holdings, Ltd. (a)
     65,000   4,933
Ourpalm Co., Ltd. Class A (a)
     95,900   73,958
Ozner Water International Holding, Ltd. (a)(c)
     738,000   8,448
Pacific Online, Ltd. (b)
     159,000   30,473
Pacific Securities Co., Ltd. Class A (a)
     740,900   365,865
Parkson Retail Group, Ltd. (a)
     1,314,000   47,324
PCI-Suntek Technology Co., Ltd. Class A
     11,100   10,810
Peijia Medical, Ltd. (a)(c)
     99,000   315,167
People's Insurance Co. Group of China, Ltd. Class A
     407,700   369,100
People's Insurance Co. Group of China, Ltd. Class H
     5,452,000   1,767,204
Perfect World Co., Ltd. Class A
     276,450   833,412
PetroChina Co., Ltd. Class H
     20,386,627   7,368,550
Pharmaron Beijing Co., Ltd. Class A
     90,900   2,076,602
PICC Property & Casualty Co., Ltd. Class H
     7,444,621   6,454,057
Pinduoduo, Inc. ADR (a)
     258,151   34,561,256
Ping An Bank Co., Ltd. Class A
     724,200   2,429,379
Ping An Healthcare and Technology Co., Ltd. (a)(b)(c)
     405,400   5,084,154
Ping An Insurance Group Co. of China, Ltd. Class A
     553,330   6,637,059
Ping An Insurance Group Co. of China, Ltd. Class H
     4,465,420   53,158,052
PNC Process Systems Co., Ltd. Class A
     35,346   166,031
Poly Culture Group Corp., Ltd. Class H
     7,200   3,714
Poly Developments and Holdings Group Co., Ltd. Class A
     446,100   967,506
Poly Property Group Co., Ltd.
     1,301,000   383,216
Pop Mart International Group, Ltd. (a)(b)(c)
     17,000   129,778
Postal Savings Bank of China Co., Ltd. Class A
     111,000   99,307
See accompanying notes to financial statements.
24

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Postal Savings Bank of China Co., Ltd. Class H (c)
     4,839,000   $ 3,616,280
Prosperous Future Holdings, Ltd. (a)
     415,000   4,431
Puxin, Ltd. ADR (a)
     14,422   57,688
PW Medtech Group, Ltd.
     68,000   5,598
Qianhe Condiment and Food Co., Ltd. Class A
     159,240   897,988
Qingdao Gon Technology Co., Ltd. Class A
     127,000   532,877
Qingdao Hanhe Cable Co., Ltd. Class A
     698,700   407,855
Quectel Wireless Solutions Co., Ltd. Class A
     7,100   226,552
Qutoutiao, Inc. ADR (a)(b)
     55,798   127,777
Raisecom Technology Co., Ltd. Class A
     276,500   356,097
Realcan Pharmaceutical Group Co., Ltd. Class A (a)
     124,400   85,509
ReneSola, Ltd. ADR (a)(b)
     22,321   275,218
Richinfo Technology Co., Ltd. Class A
     28,100   60,001
Risen Energy Co., Ltd. Class A
     47,500   106,928
Rongan Property Co., Ltd. Class A
     510,800   221,099
Rongsheng Petrochemical Co., Ltd. Class A
     276,600   1,161,002
Sai Micro Electronics, Inc. Class A
     26,100   88,509
SAIC Motor Corp., Ltd. Class A
     307,600   922,162
Sailun Group Co., Ltd. Class A
     834,200   1,148,087
Sanan Optoelectronics Co., Ltd. Class A
     262,600   931,739
Sangfor Technologies, Inc. Class A
     19,261   725,091
Sany Heavy Industry Co., Ltd. Class A
     528,300   2,749,717
SDIC Capital Co., Ltd. Class A
     432,485   805,488
SDIC Power Holdings Co., Ltd. Class A
     268,300   406,057
Sealand Securities Co., Ltd. Class A
     850,740   579,590
Seazen Group, Ltd.
     90,000   110,554
Seazen Holdings Co., Ltd. Class A
     31,600   235,030
SF Holding Co., Ltd. Class A
     191,500   2,364,709
SG Micro Corp. Class A
     12,150   428,320
Shaanxi Construction Machinery Co., Ltd. Class A (a)
     118,600   213,658
Shaanxi International Trust Co., Ltd. Class A
     569,400   289,855
Shandong Airlines Co., Ltd. Class B (a)
     5,800   4,596
Shandong Chenming Paper Holdings, Ltd. Class B
     369,800   283,494
Shandong Dawn Polymer Co., Ltd. Class A
     27,200   85,938
Shandong Denghai Seeds Co., Ltd. Class A
     7,200   18,172
Shandong Gold Mining Co., Ltd. Class A
     393,680   1,278,626
Shandong Himile Mechanical Science & Technology Co., Ltd. Class A
     248,300   1,114,497
Shandong Humon Smelting Co., Ltd. Class A
     116,300   207,919
Shandong Linglong Tyre Co., Ltd. Class A
     115,200   821,703
Shandong Pharmaceutical Glass Co., Ltd. Class A
     18,364   111,115
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
     1,036,000   2,044,163
See accompanying notes to financial statements.
25

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Shandong Xinhua Pharmaceutical Co., Ltd. Class A
     304,492   $ 395,396
Shandong Yisheng Livestock & Poultry Breeding Co., Ltd. Class A
     153,840   241,269
Shanghai 2345 Network Holding Group Co., Ltd. Class A
     689,700   201,827
Shanghai AtHub Co., Ltd. Class A
     95,400   626,239
Shanghai Bairun Investment Holding Group Co., Ltd. Class A
     117,100   1,945,361
Shanghai Baosight Software Co., Ltd. Class A
     105,077   935,751
Shanghai Baosight Software Co., Ltd. Class B
     712,928   2,488,119
Shanghai Belling Co., Ltd. Class A
     115,800   265,268
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B
     2,076,020   1,017,250
Shanghai Daimay Automotive Interior Co., Ltd. Class A
     174,895   620,817
Shanghai Dazhong Public Utilities Group Co., Ltd. Class A
     418,600   256,473
Shanghai Diesel Engine Co., Ltd. Class B
     375,640   192,703
Shanghai East China Computer Co., Ltd. Class A
     110,000   496,251
Shanghai Electric Group Co., Ltd. Class H (a)
     5,540,077   1,995,281
Shanghai Environment Group Co., Ltd. Class A
     124,500   222,010
Shanghai Fengyuzhu Culture and Technology Co., Ltd. Class A (a)
     115,400   342,795
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A
     178,200   1,080,683
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H
     33,500   142,843
Shanghai Fudan Microelectronics Group Co., Ltd. Class H (a)
     80,000   117,719
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H
     8,000   4,404
Shanghai Fullhan Microelectronics Co., Ltd. Class A
     11,500   262,401
Shanghai Greencourt Investment Group Co., Ltd. Class B (a)
     1,291,248   236,298
Shanghai Henlius Biotech, Inc. Class H (a)(c)
     17,400   90,307
Shanghai Huayi Group Co., Ltd. Class B
     255,100   126,019
Shanghai Industrial Development Co., Ltd. Class A
     364,300   267,067
Shanghai Industrial Urban Development Group, Ltd.
     26,000   2,542
Shanghai International Airport Co., Ltd. Class A
     124,400   1,097,781
Shanghai International Port Group Co., Ltd. Class A
     980,000   713,955
Shanghai Jin Jiang Capital Co., Ltd. Class H
     28,000   5,438
Shanghai Jin Jiang Online Network Service Co., Ltd. Class B
     1,138,274   869,641
Shanghai Jinjiang International Hotels Co., Ltd. Class B
     296,700   638,498
Shanghai Jinjiang International Travel Co., Ltd. Class B
     578,200   922,229
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B
     977,566   944,329
Shanghai Junshi Biosciences Co., Ltd. Class H (a)(c)
     4,400   45,956
Shanghai Kelai Mechatronics Engineering Co., Ltd. Class A
     21,100   93,389
Shanghai Liangxin Electrical Co., Ltd. Class A
     34,600   162,580
Shanghai Lingang Holdings Corp., Ltd. Class B
     256,100   305,271
Shanghai Lingyun Industries Development Co., Ltd. Class B (a)
     2,363,672   1,633,297
See accompanying notes to financial statements.
26

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class A
     113,200   $ 187,539
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B
     671,068   591,211
Shanghai M&G Stationery, Inc. Class A
     127,281   1,656,872
Shanghai Maling Aquarius Co., Ltd. Class A
     136,100   176,109
Shanghai Moons' Electric Co., Ltd. Class A
     277,716   637,022
Shanghai Pharmaceuticals Holding Co., Ltd. Class A
     257,900   770,807
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
     275,200   540,174
Shanghai Phichem Material Co., Ltd. Class A (a)
     43,000   99,485
Shanghai Phoenix Enterprise Group Co., Ltd. Class B (a)
     1,496,880   646,652
Shanghai Pudong Development Bank Co., Ltd. Class A
     1,019,300   1,707,326
Shanghai Putailai New Energy Technology Co., Ltd. Class A
     10,500   152,030
Shanghai RAAS Blood Products Co., Ltd. Class A
     393,500   446,205
Shanghai Runda Medical Technology Co., Ltd. Class A (a)
     161,800   284,331
Shanghai Shenda Co., Ltd. Class A
     256,300   147,267
Shanghai Shibei Hi-Tech Co., Ltd. Class B
     510,800   171,118
Shanghai Sinyang Semiconductor Materials Co., Ltd. Class A
     30,400   188,761
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class A
     106,100   229,464
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class B
     125,500   119,100
Shanghai Wanye Enterprises Co., Ltd. Class A (a)
     147,640   292,751
Shanghai Weaver Network Co., Ltd. Class A
     135,600   1,881,106
Shanghai Yaoji Technology Co., Ltd. Class A
     33,500   122,130
Shanghai Yuyuan Tourist Mart Group Co., Ltd. Class A
     393,988   643,716
Shanghai Zhangjiang High-Tech Park Development Co., Ltd. Class A
     119,700   304,303
Shanghai Zijiang Enterprise Group Co., Ltd. Class A
     547,700   399,013
Shanxi Meijin Energy Co., Ltd. Class A (a)
     263,300   287,731
Shanxi Securities Co., Ltd. Class A
     176,330   188,929
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
     32,300   1,638,334
Shengda Resources Co., Ltd. Class A
     123,800   245,479
Shengjing Bank Co., Ltd. Class H (a)(c)
     662,300   595,473
Shengyi Technology Co., Ltd. Class A
     272,300   942,915
Shennan Circuits Co., Ltd. Class A
     23,660   317,440
Shenwan Hongyuan Group Co., Ltd. Class A
     559,800   395,884
Shenzhen Agricultural Products Group Co., Ltd. Class A
     533,000   476,850
Shenzhen Anche Technologies Co., Ltd. Class A
     12,100   66,888
Shenzhen Das Intellitech Co., Ltd. Class A
     990,537   576,701
Shenzhen Desay Battery Technology Co. Class A
     32,600   339,306
Shenzhen Envicool Technology Co., Ltd. Class A
     31,900   83,917
Shenzhen Expressway Co., Ltd. Class H
     2,732,482   2,959,373
See accompanying notes to financial statements.
27

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Shenzhen Fastprint Circuit Tech Co., Ltd. Class A
     385,700   $ 536,707
Shenzhen Gongjin Electronics Co., Ltd. Class A
     285,000   377,469
Shenzhen Goodix Technology Co., Ltd. Class A
     19,400   331,336
Shenzhen H&T Intelligent Control Co., Ltd. Class A
     269,600   843,990
Shenzhen Hepalink Pharmaceutical Group Co., Ltd. Class A
     156,700   408,635
Shenzhen Infogem Technologies Co., Ltd. Class A (a)
     33,600   81,014
Shenzhen Inovance Technology Co., Ltd. Class A
     27,439   357,604
Shenzhen International Holdings, Ltd.
     742,593   1,243,633
Shenzhen Investment, Ltd.
     2,762,326   959,332
Shenzhen Jinjia Group Co., Ltd. Class A
     251,900   372,790
Shenzhen Jufei Optoelectronics Co., Ltd. Class A
     167,800   124,548
Shenzhen Kaifa Technology Co., Ltd. Class A
     160,800   468,833
Shenzhen Kangtai Biological Products Co., Ltd. Class A
     37,400   780,810
Shenzhen Kedali Industry Co., Ltd. Class A
     17,100   168,806
Shenzhen Kingdom Sci-Tech Co., Ltd. Class A
     141,600   314,010
Shenzhen Kinwong Electronic Co., Ltd. Class A
     21,420   85,860
Shenzhen Megmeet Electrical Co., Ltd. Class A
     128,100   639,016
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A
     53,822   3,273,928
Shenzhen MTC Co., Ltd. Class A (a)
     1,430,200   1,159,645
Shenzhen Nanshan Power Co., Ltd. Class B
     1,396,471   732,862
Shenzhen Neptunus Bioengineering Co., Ltd. Class A (a)
     1,118,162   533,416
Shenzhen SC New Energy Technology Corp. Class A
     34,501   569,636
Shenzhen SDG Information Co., Ltd. Class A
     240,700   250,194
Shenzhen SEG Co., Ltd. Class B
     504,485   138,865
Shenzhen Sunlord Electronics Co., Ltd. Class A
     114,900   581,050
Shenzhen Suntak Circuit Technology Co., Ltd. Class A
     35,400   64,582
Shenzhen Sunway Communication Co., Ltd. Class A
     22,200   96,058
Shenzhen Tagen Group Co., Ltd. Class A
     263,800   257,319
Shenzhen Tellus Holding Co., Ltd. Class A
     33,000   74,639
Shenzhen Weiguang Biological Products Co., Ltd. Class A
     4,402   31,124
Shenzhen Yitoa Intelligent Control Co., Ltd. Class A (a)
     140,700   179,703
Shenzhen YUTO Packaging Technology Co., Ltd. Class A
     34,400   152,727
Shenzhen Zhilai Sci and Tech Co., Ltd. Class A
     19,213   84,979
Shenzhou International Group Holdings, Ltd.
     497,400   10,306,985
Shijiazhuang Changshan BeiMing Technology Co., Ltd. Class A (a)
     286,600   218,842
Shimao Group Holdings, Ltd.
     1,392,220   4,378,416
Shinva Medical Instrument Co., Ltd. Class A
     228,200   455,969
Shoucheng Holdings, Ltd. (b)
     720,400   173,279
Shouhang High-Tech Energy Co., Ltd. Class A (a)
     382,300   143,336
Sichuan Hebang Biotechnology Co., Ltd. Class A (a)
     828,900   193,290
Sichuan Kelun Pharmaceutical Co., Ltd. Class A
     26,500   89,219
See accompanying notes to financial statements.
28

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Sichuan Swellfun Co., Ltd. Class A
     16,500   $ 179,882
Sieyuan Electric Co., Ltd. Class A
     130,600   591,374
Silergy Corp.
     11,074   894,598
Silver Grant International Holdings Group, Ltd. (a)
     142,000   12,603
Sino Wealth Electronic, Ltd. Class A
     24,700   146,065
Sinocare, Inc. Class A
     35,100   165,571
Sinofert Holdings, Ltd.
     130,000   16,721
Sinoma Science & Technology Co., Ltd. Class A
     441,700   1,569,229
SinoMedia Holding, Ltd. (b)
     65,000   8,695
Sino-Ocean Group Holding, Ltd.
     5,509,980   1,226,102
Sinopec Oilfield Service Corp. Class H (a)(b)
     148,000   12,945
Sinopec Shanghai Petrochemical Co., Ltd. Class H
     5,520,600   1,306,575
Sinopharm Group Co., Ltd. Class H
     1,076,000   2,604,727
Sino-Platinum Metals Co., Ltd. Class A
     111,100   356,776
Sinosoft Technology Group, Ltd. (a)
     1,266,600   257,411
Sinotrans, Ltd. Class H
     6,580,300   2,437,634
Sinotruk Hong Kong, Ltd.
     110,500   331,168
Sinovac Biotech, Ltd. (a)(b)(e)
     63,289   409,480
SITC International Holdings Co., Ltd.
     821,000   2,782,621
Skshu Paint Co., Ltd. Class A
     109,580   3,326,882
Skyworth Digital Co., Ltd. Class A
     387,800   458,064
Smoore International Holdings, Ltd. (a)(c)
     1,096,000   6,668,099
SOHO China, Ltd. (a)
     629,000   192,556
Sohu.com, Ltd. ADR (a)
     8,698   136,733
SooChow Securities Co., Ltd. Class A
     177,530   261,105
Sou Yu Te Group Co., Ltd. Class A (a)
     544,900   163,606
Southwest Securities Co., Ltd. Class A
     590,700   419,536
SPT Energy Group, Inc. (a)
     20,000   849
STO Express Co., Ltd. Class A
     144,879   203,588
Sun Art Retail Group, Ltd.
     1,344,500   1,099,887
Sunac China Holdings, Ltd.
     1,488,000   6,383,062
Sungrow Power Supply Co., Ltd. Class A
     123,900   1,355,475
Suning Universal Co., Ltd. Class A
     381,700   231,538
Suning.com Co., Ltd. Class A
     295,900   310,277
Sunny Optical Technology Group Co., Ltd.
     531,900   12,123,389
Sunward Intelligent Equipment Co., Ltd. Class A
     254,600   361,652
Sunwoda Electronic Co., Ltd. Class A
     91,700   271,556
Suzhou Anjie Technology Co., Ltd. Class A (a)
     134,400   311,563
Suzhou Chunxing Precision Mechanical Co., Ltd. Class A (a)
     146,100   78,826
Suzhou Dongshan Precision Manufacturing Co., Ltd. Class A
     155,700   434,741
Suzhou Good-Ark Electronics Co., Ltd. Class A
     86,181   123,206
Suzhou Maxwell Technologies Co., Ltd. Class A
     3,000   251,478
See accompanying notes to financial statements.
29

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Suzhou Secote Precision Electronic Co., Ltd. Class A
     14,500   $ 55,735
Synertone Communication Corp. (a)
     10,880   434
Taiji Computer Corp., Ltd. Class A
     145,136   470,500
TAL Education Group ADR (a)
     272,623   14,680,749
Tangrenshen Group Co., Ltd. Class A
     266,600   331,157
Tangshan Jidong Cement Co., Ltd. Class A
     147,800   352,538
TCL Electronics Holdings, Ltd.
     52,000   40,198
TCL Technology Group Corp Class A
     963,300   1,371,277
Tech-Bank Food Co., Ltd. Class A (a)
     266,300   702,562
Tencent Holdings, Ltd.
     4,218,559   330,997,175
Tencent Music Entertainment Group ADR (a)(b)
     262,109   5,370,613
Thunder Software Technology Co., Ltd. Class A
     19,500   362,140
Tian Ge Interactive Holdings, Ltd. (a)(c)
     70,000   8,013
Tianfeng Securities Co., Ltd. Class A
     552,330   424,273
Tiangong International Co., Ltd.
     138,000   68,339
Tianjin 712 Communication & Broadcasting Co., Ltd. Class A
     23,800   124,310
Tianjin Capital Environmental Protection Group Co., Ltd. Class A
     148,000   159,026
Tianjin Zhonghuan Semiconductor Co., Ltd. Class A
     259,500   1,118,889
Tianli Education International Holdings, Ltd.
     199,000   194,535
Tianma Microelectronics Co., Ltd. Class A
     115,900   247,302
Tianneng Power International, Ltd. (b)
     288,000   543,812
Tianshui Huatian Technology Co., Ltd. Class A
     182,500   324,880
Tingyi Cayman Islands Holding Corp.
     2,363,448   4,341,148
Titan Wind Energy Suzhou Co., Ltd. Class A
     560,900   792,468
Toly Bread Co., Ltd. Class A
     5,400   39,357
Tong Ren Tang Technologies Co., Ltd. Class H
     10,000   6,830
Tongcheng-Elong Holdings, Ltd. (a)
     211,200   476,490
Tongding Interconnection Information Co., Ltd. Class A (a)
     251,642   155,713
TongFu Microelectronics Co., Ltd. Class A (a)
     105,844   314,248
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A
     104,900   198,410
Tongwei Co., Ltd. Class A
     305,200   1,522,930
Tongyu Communication, Inc. Class A
     130,763   300,540
Topchoice Medical Corp. Class A (a)
     29,500   1,126,280
Topsec Technologies Group, Inc. Class A (a)
     249,400   757,186
Topsports International Holdings, Ltd. (c)
     24,000   35,748
Transfar Zhilian Co., Ltd. Class A
     144,000   159,117
TravelSky Technology, Ltd. Class H
     1,386,514   3,242,265
Trigiant Group, Ltd. (a)
     22,000   2,122
Trip.com Group, Ltd. ADR (a)
     336,923   13,352,258
Tsingtao Brewery Co., Ltd. Class A
     243,300   3,138,589
Tsingtao Brewery Co., Ltd. Class H
     274,000   2,428,288
See accompanying notes to financial statements.
30

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
UE Furniture Co., Ltd. Class A
     434,387   $ 791,155
Unigroup Guoxin Microelectronics Co., Ltd. Class A
     38,400   626,168
Uni-President China Holdings, Ltd.
     145,000   176,437
Unisplendour Corp., Ltd. Class A
     167,076   505,211
Universal Health International Group Holding, Ltd. (a)
     6,900   297
Universal Scientific Industrial Shanghai Co., Ltd. Class A
     145,600   429,397
Up Fintech Holding, Ltd. ADR (a)(b)
     43,029   765,486
Uxin, Ltd. ADR (a)(b)
     46,059   53,889
V1 Group, Ltd. (a)
     2,412,200   195,472
Valiant Co., Ltd. Class A
     280,900   769,337
Vatti Corp., Ltd. Class A
     134,100   159,623
Venus MedTech Hangzhou, Inc. Class H (a)(c)
     35,000   283,846
Vipshop Holdings, Ltd. ADR (a)
     287,940   8,597,888
Virscend Education Co., Ltd. (c)
     131,000   26,286
Visionox Technology, Inc. Class A (a)
     117,800   169,127
Visual China Group Co., Ltd. Class A
     148,000   328,202
Viva Biotech Holdings (c)
     286,500   246,905
Walvax Biotechnology Co., Ltd. Class A
     119,400   822,363
Wangfujing Group Co., Ltd. Class A
     32,500   148,700
Wangneng Environment Co., Ltd. Class A
     131,110   367,680
Wanhua Chemical Group Co., Ltd. Class A
     139,200   2,240,371
Want Want China Holdings, Ltd.
     8,198,000   6,147,617
Wasu Media Holding Co., Ltd. Class A
     243,100   307,525
Weibo Corp. ADR (a)
     31,653   1,597,210
Weichai Power Co., Ltd. Class A
     1,516,563   4,447,155
Weichai Power Co., Ltd. Class H
     1,005,000   2,481,976
Weimob, Inc. (a)(b)(c)
     1,086,000   2,427,783
Wens Foodstuffs Group Co., Ltd. Class A
     47,400   122,235
West China Cement, Ltd.
     2,612,000   446,843
Westone Information Industry, Inc. Class A
     27,100   74,057
Will Semiconductor Co., Ltd. Class A
     34,766   1,360,289
Wingtech Technology Co., Ltd. Class A
     91,272   1,363,265
Winning Health Technology Group Co., Ltd. Class A
     194,900   487,458
Wisdom Sports Group (a)
     50,000   1,344
Wolong Electric Group Co., Ltd. Class A
     140,600   233,362
Wuhan DR Laser Technology Corp., Ltd. Class A
     13,160   227,610
Wuhan Guide Infrared Co., Ltd. Class A
     280,810   1,532,617
Wuhan Jingce Electronic Group Co., Ltd. Class A
     13,700   114,529
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. Class A
     284,230   951,303
Wuliangye Yibin Co., Ltd. Class A
     262,500   10,721,324
WUS Printed Circuit Kunshan Co., Ltd. Class A
     154,500   394,186
See accompanying notes to financial statements.
31

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
WuXi AppTec Co., Ltd. Class A
     239,080   $ 5,108,672
WuXi AppTec Co., Ltd. Class H (c)
     137,400   2,702,244
Wuxi Biologics Cayman, Inc. (a)(c)
     2,221,000   27,810,887
Wuxi Boton Technology Co., Ltd. Class A
     33,900   82,874
Wuxi Lead Intelligent Equipment Co., Ltd. Class A
     29,972   360,832
Wuxi Shangji Automation Co., Ltd. Class A
     21,200   432,033
Wuxi Taiji Industry Co., Ltd. Class A
     117,300   147,850
XD, Inc. (a)
     76,200   460,663
Xiabuxiabu Catering Management China Holdings Co., Ltd. (c)
     12,500   25,307
Xiamen Hongxin Electronics Technology Group, Inc. Class A
     44,600   107,061
Xiamen International Port Co., Ltd. Class H
     26,000   3,746
Xiamen Jihong Technology Co., Ltd. Class A
     27,000   123,453
Xiamen Kingdomway Group Co. Class A
     117,900   708,169
Xiangpiaopiao Food Co., Ltd. Class A
     3,700   11,921
Xilinmen Furniture Co., Ltd. Class A
     126,200   507,978
Xinchen China Power Holdings, Ltd. (a)(b)
     728,000   33,242
Xinhua Winshare Publishing and Media Co., Ltd. Class A
     176,020   266,396
Xinhuanet Co., Ltd. Class A
     97,500   262,132
Xinjiang Goldwind Science & Technology Co., Ltd. Class A
     555,100   1,198,831
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (b)
     16,260   30,535
Xinjiang Tianshan Cement Co., Ltd. Class A
     136,000   355,069
Xinyangfeng Agricultural Technology Co., Ltd. Class A
     307,200   832,940
Xinyi Solar Holdings, Ltd.
     2,882,414   4,738,245
XPeng, Inc. ADR (a)(b)
     92,734   3,385,718
Yadea Group Holdings, Ltd. (c)
     620,000   1,376,457
YaGuang Technology Group Co., Ltd. Class A
     36,200   49,159
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (b)(c)
     6,500   8,260
Yangzhou Yangjie Electronic Technology Co., Ltd. Class A
     41,000   246,080
Yantai Dongcheng Pharmaceutical Co., Ltd. Class A
     368,712   1,071,092
Yantai Eddie Precision Machinery Co., Ltd. Class A
     199,378   1,830,235
Yantai Tayho Advanced Materials Co., Ltd. Class A (a)
     250,400   601,079
Yantai Zhenghai Bio-tech Co., Ltd.
     3,950   25,785
Yanzhou Coal Mining Co., Ltd. Class H
     2,448,000   2,896,874
Yeahka, Ltd. (a)(b)
     14,800   101,846
Yealink Network Technology Corp., Ltd. Class A
     20,645   214,499
Yestar Healthcare Holdings Co., Ltd. (a)
     22,500   3,328
YGSOFT, Inc. Class A
     546,307   730,219
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (b)(c)
     74,000   78,622
Yifeng Pharmacy Chain Co., Ltd. Class A
     47,480   641,876
Yihai International Holding, Ltd. (b)
     250,000   2,588,608
Yijiahe Technology Co., Ltd. Class A
     15,372   210,623
See accompanying notes to financial statements.
32

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Yixin Group, Ltd. (a)(b)(c)
     71,500   $ 24,372
Yixintang Pharmaceutical Group Co., Ltd. Class A
     33,900   239,530
Yonghui Superstores Co., Ltd. Class A
     537,000   556,545
Yonyou Network Technology Co., Ltd. Class A
     321,070   1,747,456
Yotrio Group Co., Ltd. Class A
     803,230   433,371
Youzu Interactive Co., Ltd. Class A
     164,800   297,138
YTO Express Group Co., Ltd. Class A
     276,000   469,871
Yuexiu Property Co., Ltd.
     10,890,000   2,465,306
Yuexiu Transport Infrastructure, Ltd.
     1,258   795
Yum China Holdings, Inc.
     277,100   16,407,091
Yunda Holding Co., Ltd. Class A
     301,888   645,996
Yunnan Baiyao Group Co., Ltd. Class A
     26,500   486,727
Yunnan Energy New Material Co., Ltd. Class A
     20,183   344,279
Yusys Technologies Co., Ltd. Class A
     17,700   97,224
Zai Lab, Ltd. ADR (a)
     48,496   6,470,821
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A
     15,400   673,533
Zhaojin Mining Industry Co., Ltd. Class H
     141,000   128,224
Zhefu Holding Group Co., Ltd. Class A
     1,183,200   1,026,094
Zhejiang Century Huatong Group Co., Ltd. Class A (a)
     288,700   313,728
Zhejiang Chint Electrics Co., Ltd. Class A
     32,900   182,020
Zhejiang Communications Technology Co., Ltd.
     260,600   225,600
Zhejiang Crystal-Optech Co., Ltd. Class A
     269,300   444,920
Zhejiang Dahua Technology Co., Ltd. Class A
     125,900   473,382
Zhejiang Dingli Machinery Co., Ltd. Class A
     35,000   513,702
Zhejiang Expressway Co., Ltd. Class H
     3,918,744   3,472,933
Zhejiang Hangmin Co., Ltd. Class A
     548,175   465,362
Zhejiang Hisoar Pharmaceutical Co., Ltd. Class A
     185,800   252,313
Zhejiang Huafeng Spandex Co., Ltd. Class A
     1,110,800   1,980,790
Zhejiang Huahai Pharmaceutical Co., Ltd. Class A
     31,500   123,432
Zhejiang Huayou Cobalt Co., Ltd. Class A (a)
     30,600   320,588
Zhejiang Jiahua Energy Chemical Industry Co., Ltd. Class A
     119,300   184,372
Zhejiang Jiecang Linear Motion Technology Co., Ltd. Class A
     14,800   160,740
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. Class A
     132,800   666,712
Zhejiang Jingu Co., Ltd. Class A (a)
     286,700   313,302
Zhejiang Jingxin Pharmaceutical Co., Ltd. Class A
     125,600   222,631
Zhejiang Jinke Culture Industry Co., Ltd. Class A (a)
     257,900   124,210
Zhejiang Juhua Co., Ltd. Class A
     260,700   366,344
Zhejiang Longsheng Group Co., Ltd. Class A
     163,900   361,713
Zhejiang Meida Industrial Co., Ltd. Class A
     120,400   334,526
Zhejiang NHU Co., Ltd. Class A
     131,200   764,460
Zhejiang Orient Financial Holdings Group Co., Ltd. Class A
     287,324   243,918
Zhejiang Sanhua Intelligent Controls Co., Ltd. Class A
     86,355   271,389
See accompanying notes to financial statements.
33

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Zhejiang Satellite Petrochemical Co., Ltd. Class A
     127,300   $ 730,871
Zhejiang Semir Garment Co., Ltd. Class A
     132,900   205,188
Zhejiang Starry Pharmaceutical Co., Ltd. Class A
     14,697   131,353
Zhejiang Supor Co., Ltd. Class A
     24,277   264,741
Zhejiang Tianyu Pharmaceutical Co., Ltd. Class A
     9,200   138,381
Zhejiang Weiming Environment Protection Co., Ltd. Class A
     228,970   767,049
Zhejiang Weixing New Building Materials Co., Ltd. Class A
     113,500   436,964
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Class A
     4,200   37,742
Zhejiang Xianju Pharmaceutical Co., Ltd. Class A
     151,100   296,618
Zhejiang Yasha Decoration Co., Ltd. Class A
     903,725   1,195,564
Zhejiang Yongtai Technology Co., Ltd. Class A (a)
     267,439   364,401
Zhengzhou Yutong Bus Co., Ltd. Class A
     14,900   32,588
Zheshang Securities Co., Ltd. Class A
     136,700   266,683
ZhongAn Online P&C Insurance Co., Ltd. Class H (a)(b)(c)
     106,400   641,867
Zhongfu Information, Inc. Class A
     21,600   127,404
Zhongji Innolight Co., Ltd. Class A
     14,400   77,342
Zhongjin Gold Corp., Ltd. Class A
     135,600   172,362
Zhongsheng Group Holdings, Ltd.
     193,000   1,360,405
Zhou Hei Ya International Holdings Co., Ltd. (b)(c)
     36,500   38,216
Zhuzhou CRRC Times Electric Co., Ltd. Class H
     686,200   2,559,641
Zijin Mining Group Co., Ltd. Class A
     534,600   783,828
Zijin Mining Group Co., Ltd. Class H
     7,299,000   8,975,354
ZJBC Information Technology Co., Ltd. Class A (a)
     322,700   299,525
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class A
     1,229,700   2,382,108
ZTE Corp. Class H (b)
     1,118,345   2,839,575
ZTO Express Cayman, Inc. ADR
     420,394   12,254,485
          2,471,625,556
COLOMBIA — 0.3%          
Banco Davivienda SA Preference Shares
     244,135   1,982,974
Banco de Bogota SA
     44,454   943,513
Bancolombia SA ADR
     82,172   2,628,682
Bancolombia SA
     226,859   1,774,747
Bolsa de Valores de Colombia
     195,711   639,589
Celsia SA ESP
     111,901   141,619
Cementos Argos SA
     157,419   220,601
Cementos Argos SA Preference Shares
     172,630   191,654
Constructora Conconcreto SA (a)
     137,785   17,809
Corp. Financiera Colombiana SA (a)
     82,110   731,282
Ecopetrol SA
     2,184,335   1,406,296
Empresa de Telecomunicaciones de Bogota (a)
     3,843,030   231,105
Grupo Argos SA Preference Shares
     178,047   460,258
See accompanying notes to financial statements.
34

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Grupo Argos SA
     54,360   $ 174,248
Grupo Aval Acciones y Valores SA
     2,627,073   849,242
Grupo de Inversiones Suramericana SA Preference Shares
     89,230   459,868
Grupo de Inversiones Suramericana SA
     88,649   523,451
Grupo Nutresa SA
     82,647   521,070
Interconexion Electrica SA ESP
     331,074   2,026,984
          15,924,992
CZECH REPUBLIC — 0.2%          
CEZ A/S
     298,447   7,385,923
Komercni banka A/S (a)
     157,673   4,874,038
          12,259,961
EGYPT — 0.2%          
Commercial International Bank Egypt SAE
     1,861,413   6,842,847
Egypt Kuwait Holding Co. SAE
     1,112,246   1,282,420
Egyptian Financial Group-Hermes Holding Co. (a)
     1,543,339   1,428,699
Orascom Financial Holding SAE (a)
     102,728   2,065
Orascom Investment Holding (a)
     104,624   1,944
Qalaa Holdings SAE (a)
     728,339   57,275
          9,615,250
GREECE — 0.2%          
Alpha Bank AE (a)
     644,025   694,400
Diana Shipping, Inc. (a)
     12,683   37,922
Ellaktor SA (a)
     369   631
Eurobank Ergasias Services and Holdings SA Class A (a)
     2,659,567   2,266,196
FF Group (a)(e)
     5,627   —
Fourlis Holdings SA (a)
     176   879
Frigoglass SAIC (a)
     44   4
GasLog, Ltd.
     23,510   135,653
GEK Terna Holding Real Estate Construction SA (a)
     34,801   424,559
Hellenic Exchanges - Athens Stock Exchange SA
     183,190   845,065
Hellenic Telecommunications Organization SA
     153,009   2,460,093
Holding Co. ADMIE IPTO SA
     5,927   19,156
Intralot SA-Integrated Lottery Systems & Services (a)
     1,721,543   339,919
JUMBO SA
     62,809   1,153,797
LAMDA Development SA (a)
     21,442   185,730
Marfin Investment Group Holdings SA (a)
     1,858,960   64,453
Mytilineos SA
     181   2,989
National Bank of Greece SA (a)
     265,027   772,485
OPAP SA
     214,917   2,912,384
Piraeus Financial Holdings SA (a)
     257,341   132,111
See accompanying notes to financial statements.
35

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Public Power Corp. SA (a)
     42,091   $ 450,173
Safe Bulkers, Inc. (a)(b)
     115,137   282,086
Sarantis SA
     22,179   225,740
Star Bulk Carriers Corp.
     46,265   679,170
Terna Energy SA
     215   3,184
          14,088,779
HONG KONG — 0.7%          
AGTech Holdings, Ltd. (a)
     56,000   1,484
Alibaba Pictures Group, Ltd. (a)
     13,672,400   1,776,219
Asian Citrus Holdings, Ltd. (a)(b)
     550,000   27,237
CA Cultural Technology Group, Ltd. (a)
     65,000   22,825
Chia Tai Enterprises International, Ltd. (a)
     2,300   414
China Ding Yi Feng Holdings, Ltd. (a)
     488,000   176,383
China Fiber Optic Network System Group, Ltd. (a)(e)
     88,800   —
China Financial International Investments, Ltd. (a)
     640,000   12,183
China Financial Leasing Group, Ltd. (a)
     80,000   648
China High Speed Transmission Equipment Group Co., Ltd.
     1,255,000   1,267,196
China Huishan Dairy Holdings Co., Ltd. (a)(b)(e)
     310,600   —
China Jicheng Holdings, Ltd. (a)(c)
     1,123   103
China National Culture Group, Ltd. (a)
     23,000   467
China NT Pharma Group Co., Ltd. (a)
     1,681,662   28,120
China Oil & Gas Group, Ltd. (a)
     132,000   7,216
China Public Procurement, Ltd. (a)
     480   13
China Vanguard You Champion Holdings, Ltd. (a)
     70,000   2,143
Chongsing Holdings,Ltd. (a)(e)
     2,281,618   —
Citychamp Watch & Jewellery Group, Ltd. (a)
     2,606,000   563,137
Comba Telecom Systems Holdings, Ltd. (b)
     146,117   37,589
Concord New Energy Group, Ltd.
     120,000   8,644
CP Pokphand Co., Ltd.
     5,398,000   694,326
Crystal International Group, Ltd. (c)
     37,500   19,246
Digital China Holdings, Ltd. (b)
     1,312,000   918,043
Eternity Investment, Ltd. (a)
     40,574   1,357
Feiyu Technology International Co., Ltd. (a)(c)
     19,500   1,179
First Shanghai Investments, Ltd. (a)
     40,000   1,801
Fullshare Holdings, Ltd. (a)(b)
     3,762,000   80,810
GCL-Poly Energy Holdings, Ltd. (a)(b)
     8,528,000   2,171,914
Ground International Development, Ltd. (a)
     4,120,000   219,925
Guotai Junan International Holdings, Ltd. (b)
     1,355,000   249,233
Hengdeli Holdings, Ltd. (a)
     16,449,600   645,335
Hi Sun Technology China, Ltd. (a)
     225,000   42,254
Huabao International Holdings, Ltd. (b)
     1,151,000   1,168,107
Huayi Tencent Entertainment Co., Ltd. (a)
     110,000   7,499
See accompanying notes to financial statements.
36

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Huiyuan Juice Group, Ltd. (a)(e)
     188,500   $ —
Imperial Pacific International Holdings, Ltd. (a)
     20,870,000   26,844
JS Global Lifestyle Co., Ltd. (c)
     634,500   1,717,964
Kingboard Laminates Holdings, Ltd.
     688,500   1,489,568
Life Healthcare Group Ltd/HK (a)
     8,800   249
MH Development, Ltd. (a)(b)(e)
     106,000   273
Millennium Pacific Group Holdings, Ltd. (a)
     4,500   46
Neo Telemedia, Ltd. (a)
     9,384,000   218,473
NetDragon Websoft Holdings, Ltd.
     34,500   87,865
New Provenance Everlasting Holdings, Ltd. (a)
     5,858,030   10,549
NewOcean Energy Holdings, Ltd. (a)(b)
     22,000   1,754
Nine Dragons Paper Holdings, Ltd.
     2,641,000   3,865,814
Nissin Foods Co., Ltd.
     42,000   31,982
Pou Sheng International Holdings, Ltd. (a)
     1,361,000   304,605
REAL NUTRI (e)
     199,000   —
Shenwan Hongyuan HK, Ltd.
     10,000   1,325
SIM Technology Group, Ltd. (a)
     4,788,000   246,345
Sino Biopharmaceutical, Ltd.
     8,793,000   8,799,277
Skyworth Group, Ltd. (a)
     1,013,992   345,629
Solargiga Energy Holdings, Ltd. (a)
     6,113,000   286,997
Solartech International Holdings, Ltd. (a)
     1,000,000   9,132
SSY Group, Ltd.
     199,740   116,384
Suncorp Technologies, Ltd. (a)
     242,500   3,369
Tech Pro Technology Development, Ltd. (a)(b)(e)
     484,000   —
Tibet Water Resources, Ltd. (a)
     67,000   7,670
United Energy Group, Ltd. (a)(b)
     5,678,000   1,095,512
United Laboratories International Holdings, Ltd.
     168,000   124,037
Vision Values Holdings, Ltd. (a)
     90,000   2,894
Wanda Hotel Development Co., Ltd. (a)
     750,000   41,482
Wasion Holdings, Ltd.
     24,000   7,409
WH Group, Ltd. (c)
     6,880,500   5,575,591
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)
     12,250   8,193
Xinyi Glass Holdings, Ltd.
     2,658,000   8,683,984
Yip's Chemical Holdings, Ltd.
     10,000   4,811
          43,269,077
HUNGARY — 0.3%          
MOL Hungarian Oil & Gas PLC (a)
     561,990   4,077,056
OTP Bank Nyrt (a)
     203,375   8,709,993
Richter Gedeon Nyrt
     188,617   5,571,948
          18,358,997
See accompanying notes to financial statements.
37

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
INDIA — 12.7%          
Aarti Drugs, Ltd.
     12,043   $ 114,362
Aarti Industries, Ltd.
     51,407   926,312
Aavas Financiers, Ltd. (a)
     15,171   502,323
Adani Enterprises, Ltd.
     172,740   2,436,215
Adani Green Energy, Ltd. (a)
     290,915   4,396,128
Adani Ports & Special Economic Zone, Ltd. (a)
     552,032   5,303,343
Adani Power, Ltd. (a)
     673,581   783,547
Adani Total Gas, Ltd. (a)
     160,099   2,104,873
Adani Transmission, Ltd. (a)
     191,634   2,380,952
Aditya Birla Capital, Ltd. GDR (a)
     285   465
Aditya Birla Fashion and Retail, Ltd. (a)(f)
     181,465   499,493
Aditya Birla Fashion and Retail, Ltd. (a)(f)
     17,599   40,655
AIA Engineering, Ltd. (a)
     17,716   497,384
Ajanta Pharma, Ltd.
     5,925   145,212
Alembic Pharmaceuticals, Ltd. (a)
     18,922   249,731
Alkem Laboratories, Ltd.
     5,243   198,623
Alok Industries, Ltd. (a)
     1,942,530   535,357
Ambuja Cements, Ltd.
     114,490   483,633
Amtek Auto, Ltd. (a)(e)
     25,821   —
Anant Raj Global, Ltd. (a)
     975,332   387,525
Anant Raj, Ltd.
     1,045,971   777,535
APL Apollo Tubes, Ltd. (a)
     42,242   809,351
Apollo Hospitals Enterprise, Ltd.
     102,921   4,086,012
Ashok Leyland, Ltd. (a)
     797,355   1,237,794
Asian Paints, Ltd.
     283,224   9,829,240
Astral Poly Technik, Ltd.
     12,667   280,120
Astral, Ltd.
     4,126   91,243
AstraZeneca Pharma India, Ltd.
     39,314   1,618,131
Atul, Ltd. (a)
     7,931   768,332
AU Small Finance Bank, Ltd. (a)(c)
     51,727   868,687
Aurobindo Pharma, Ltd.
     335,678   4,046,202
Avanti Feeds, Ltd.
     28,132   159,468
Avenue Supermarts, Ltd. (a)(c)
     104,160   4,073,087
Axis Bank, Ltd. (a)
     1,643,639   15,679,076
Azure Power Global, Ltd. (a)(b)
     22,803   620,014
Bajaj Auto, Ltd. (a)
     57,871   2,905,354
Bajaj Finance, Ltd. (a)
     197,019   13,877,257
Bajaj Finserv, Ltd. (a)
     31,803   4,205,645
Bajaj Hindusthan Sugar, Ltd. (a)
     1,392,792   118,108
Bajaj Holdings & Investment, Ltd.
     16,699   752,124
Balkrishna Industries, Ltd.
     48,968   1,130,874
See accompanying notes to financial statements.
38

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Balrampur Chini Mills, Ltd.
     785,502   $ 2,304,494
Bandhan Bank, Ltd. (a)(c)
     659,072   3,054,959
BASF India, Ltd.
     8,007   226,667
Bata India, Ltd.
     6,481   124,649
Bayer CropScience, Ltd.
     7,860   574,274
Berger Paints India, Ltd.
     113,836   1,191,083
BF Investment, Ltd. (a)
     181,413   683,583
Bharat Electronics, Ltd.
     265,791   454,777
Bharat Forge, Ltd. (a)
     133,138   1,085,208
Bharat Heavy Electricals, Ltd. (a)
     2,007,632   1,338,627
Bharat Petroleum Corp., Ltd.
     382,913   2,241,269
Bharti Airtel, Ltd.
     2,011,404   14,231,240
Biocon, Ltd. (a)
     377,276   2,109,975
Birlasoft, Ltd.
     203,762   705,229
Bombay Dyeing & Manufacturing Co., Ltd.
     46,667   44,807
Bosch, Ltd.
     1,629   313,894
Britannia Industries, Ltd.
     169,817   8,419,690
Cadila Healthcare, Ltd.
     94,267   568,461
Can Fin Homes, Ltd.
     93,477   784,688
Caplin Point Laboratories, Ltd.
     72,730   401,332
Carborundum Universal, Ltd.
     8,984   62,606
CARE Ratings, Ltd.
     21,767   122,361
Castrol India, Ltd.
     234,929   402,614
CG Power and Industrial Solutions, Ltd. (a)
     464,120   424,676
Chalet Hotels, Ltd. (a)
     64,220   128,504
Cholamandalam Investment and Finance Co., Ltd.
     246,975   1,887,602
Cipla, Ltd. (a)
     631,222   7,037,104
City Union Bank, Ltd. (a)
     80,522   171,752
Coal India, Ltd.
     728,901   1,299,513
Coforge, Ltd.
     24,641   986,449
Colgate-Palmolive India, Ltd.
     29,977   639,341
Container Corp. Of India, Ltd.
     79,192   647,714
CORE Education & Technologies, Ltd. (a)(e)
     9,253   —
Coromandel International, Ltd.
     52,414   555,262
CreditAccess Grameen, Ltd. (a)
     34,499   316,496
CRISIL, Ltd.
     5,873   147,721
Crompton Greaves Consumer Electricals, Ltd.
     114,322   613,720
Cummins India, Ltd.
     25,400   319,490
Dabur India, Ltd.
     402,538   2,975,799
Dalmia Bharat, Ltd. (a)
     2,710   58,897
DCB Bank, Ltd. (a)
     1,292,114   1,813,214
Deepak Nitrite, Ltd. (a)
     91,301   2,068,559
See accompanying notes to financial statements.
39

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Delta Corp., Ltd.
     151,439   $ 335,858
Dewan Housing Finance Corp., Ltd. (a)
     560,188   119,908
Dhani Services, Ltd. (a)
     147,377   338,843
Dilip Buildcon, Ltd. (c)
     16,135   127,996
Dish TV India, Ltd. (a)
     215,808   27,303
Dishman Carbogen Amcis, Ltd. (a)
     41,996   62,609
Divi's Laboratories, Ltd. (a)
     79,255   3,927,100
Dixon Technologies India, Ltd. (a)
     22,094   1,109,675
DLF, Ltd.
     178,098   699,226
Dr Lal PathLabs, Ltd. (c)
     19,862   735,394
Dr Reddy's Laboratories, Ltd. ADR
     125,987   7,734,342
DRC Systems India Pvt, Ltd. (a)
     1,045   4,183
Edelweiss Financial Services, Ltd. (a)
     280,928   243,220
Educomp Solutions, Ltd. (a)
     440,245   14,451
Eicher Motors, Ltd. (a)
     81,217   2,892,548
EID Parry India, Ltd. (a)
     38,735   168,659
Emami, Ltd.
     44,526   295,972
Embassy Office Parks REIT
     20,200   89,916
Endurance Technologies, Ltd. (a)(c)
     10,167   202,488
EPL ,Ltd.
     80,343   258,950
Equitas Holdings, Ltd.
     70,080   83,630
Era Infra Engineering, Ltd. (a)(e)
     2,941   —
Escorts, Ltd.
     47,075   829,163
Exide Industries, Ltd.
     84,942   213,303
FDC, Ltd. (a)
     172,341   673,913
Federal Bank, Ltd. (a)
     377,893   391,777
Fine Organic Industries, Ltd.
     6,752   210,912
Finolex Industries, Ltd. (a)
     19,077   165,947
Fortis Healthcare, Ltd. (a)
     477,508   1,300,654
Future Lifestyle Fashions, Ltd. (a)
     54,684   36,574
Future Retail, Ltd. (a)
     151,885   88,600
GAIL India, Ltd.
     2,563,490   4,750,856
Gammon India, Ltd. (a)(e)
     139,302   1,572
Gateway Distriparks, Ltd.
     338,167   820,976
Gitanjali Gems, Ltd. (a)(e)
     3,573   —
GlaxoSmithKline Pharmaceuticals, Ltd.
     1,703   33,559
Glenmark Pharmaceuticals, Ltd.
     78,343   497,936
Godrej Consumer Products, Ltd.
     177,850   1,774,882
Godrej Industries, Ltd. (a)
     491,534   3,669,005
Godrej Properties, Ltd. (a)
     29,663   570,733
Granules India, Ltd.
     364,544   1,512,997
Graphite India, Ltd. (a)
     78,030   546,427
See accompanying notes to financial statements.
40

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Grasim Industries, Ltd. GDR
     209   $ 4,159
Grasim Industries, Ltd.
     144,504   2,866,906
GTL Infrastructure, Ltd. (a)
     2,288,622   25,042
GTL, Ltd. (a)
     548,865   39,412
Gujarat Gas, Ltd.
     87,924   660,749
Gujarat NRE Coke, Ltd. (a)(e)
     25,505   —
Gujarat Pipavav Port, Ltd.
     18,829   24,993
Gujarat State Petronet, Ltd.
     92,572   346,098
GVK Power & Infrastructure, Ltd. (a)
     4,229,488   124,373
Havells India, Ltd.
     178,176   2,559,793
HCL Technologies, Ltd.
     1,030,039   13,843,741
HDFC Asset Management Co., Ltd. (c)
     9,925   396,247
HDFC Bank, Ltd. (a)
     204,723   4,182,312
HDFC Life Insurance Co., Ltd. (a)(c)
     560,700   5,339,069
HEG, Ltd. (a)
     21,542   431,363
Hemisphere Properties India, Ltd. (a)
     133,352   250,695
Hero MotoCorp, Ltd.
     155,432   6,194,001
Himadri Speciality Chemical, Ltd.
     300,962   171,446
Himatsingka Seide, Ltd.
     45,935   91,005
Hindalco Industries, Ltd.
     931,279   4,163,219
Hindustan Aeronautics, Ltd.
     6,883   93,666
Hindustan Construction Co., Ltd. (a)
     3,386,218   372,831
Hindustan Petroleum Corp., Ltd.
     279,382   896,071
Hindustan Unilever, Ltd.
     766,876   25,503,534
Hindustan Zinc, Ltd.
     31,164   116,321
Honeywell Automation India, Ltd.
     889   577,314
Housing Development & Infrastructure, Ltd. (a)
     95,665   6,150
Housing Development Finance Corp., Ltd.
     1,420,186   48,523,932
ICICI Bank, Ltd. ADR (a)(b)
     1,770,144   28,375,408
ICICI Lombard General Insurance Co., Ltd. (c)
     142,104   2,785,570
ICICI Prudential Life Insurance Co., Ltd. (a)(c)
     154,209   939,844
ICICI Securities, Ltd. (c)
     60,306   315,743
IDFC First Bank, Ltd. (a)
     251,818   191,842
IFB Industries, Ltd. (a)
     11,005   167,309
IIFL Finance, Ltd.
     73,153   282,001
IIFL Securities, Ltd.
     57,588   36,823
IIFL Wealth Management, Ltd.
     7,798   132,189
India Cements, Ltd.
     268,833   615,332
Indiabulls Housing Finance, Ltd.
     212,081   569,987
Indiabulls Real Estate, Ltd. (a)
     341,663   378,983
IndiaMart InterMesh, Ltd. (a)(c)
     2,941   311,259
Indian Energy Exchange, Ltd. (c)
     57,942   263,741
See accompanying notes to financial statements.
41

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Indian Hotels Co., Ltd.
     1,256,543   $ 1,905,083
Indian Oil Corp., Ltd.
     836,369   1,050,698
Indian Railway Catering & Tourism Corp., Ltd.
     14,014   336,771
Indraprastha Gas, Ltd.
     204,239   1,431,220
Indus Towers, Ltd.
     572,790   1,919,387
IndusInd Bank, Ltd. (a)
     87,716   1,145,072
Infibeam Avenues, Ltd. (a)
     983,046   637,986
Info Edge India, Ltd. (a)
     52,628   3,081,182
Infosys, Ltd. ADR
     2,916,727   54,601,129
Intellect Design Arena, Ltd. (a)
     101,857   1,030,917
InterGlobe Aviation, Ltd. (a)(c)
     33,450   746,627
IOL Chemicals and Pharmaceuticals, Ltd.
     12,704   95,714
Ipca Laboratories, Ltd.
     40,027   1,042,231
IRB Infrastructure Developers, Ltd.
     45,130   67,034
ITC, Ltd.
     1,091,780   3,262,778
ITC, Ltd. GDR
     59,729   178,500
IVRCL, Ltd. (a)(e)
     5,304,684   14,511
Jain Irrigation Systems, Ltd. (a)
     232,619   58,542
Jaiprakash Associates, Ltd. (a)
     497,750   46,974
JB Chemicals & Pharmaceuticals, Ltd.
     12,426   213,369
Jet Airways India, Ltd. (a)
     182,299   237,991
Jindal Steel & Power, Ltd. (a)
     153,759   722,594
JK Cement, Ltd. (a)
     7,167   284,004
JM Financial, Ltd.
     143,731   166,213
Johnson Controls-Hitachi Air Conditioning India, Ltd. (a)
     3,697   134,129
JSW Ispat Special Products, Ltd. (a)
     4,450   1,595
JSW Steel, Ltd.
     432,858   2,773,382
Jubilant Foodworks, Ltd. (a)
     67,215   2,676,097
Jubilant Ingrevia, Ltd. (a)
     51,750   183,816
Jubilant Pharmova, Ltd. (a)
     55,992   521,600
Just Dial, Ltd. (a)
     90,462   1,067,709
Kansai Nerolac Paints, Ltd.
     10,770   88,537
KEI Industries, Ltd.
     147,954   1,057,743
Kotak Mahindra Bank, Ltd. (a)
     775,844   18,601,898
KPIT Technologies, Ltd.
     167,287   406,241
L&T Finance Holdings, Ltd. (a)
     92,861   121,738
L&T Technology Services, Ltd. (c)
     16,863   612,097
Lanco Infratech, Ltd. (a)(e)
     15,749,074   —
Larsen & Toubro Infotech, Ltd. (c)
     7,665   425,039
Larsen & Toubro, Ltd. GDR
     729,776   14,040,890
Laurus Labs, Ltd. (c)
     156,319   773,965
Lemon Tree Hotels, Ltd. (a)(c)
     298,785   151,203
See accompanying notes to financial statements.
42

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
LIC Housing Finance, Ltd.
     288,874   $ 1,691,827
Linde India, Ltd.
     26,655   656,042
Lupin, Ltd.
     175,738   2,452,779
LUX Industries, Ltd.
     46,672   1,116,055
Magma Fincorp, Ltd. (a)
     101,308   152,557
Mahanagar Gas, Ltd.
     7,970   127,425
Mahanagar Telephone Nigam, Ltd. (a)
     572,903   146,921
Mahindra & Mahindra Financial Services, Ltd. (a)
     501,531   1,364,717
Mahindra & Mahindra, Ltd. GDR
     937,705   10,267,870
MakeMyTrip, Ltd. (a)(b)
     32,111   1,014,065
Manappuram Finance, Ltd.
     315,807   644,453
Manpasand Beverages, Ltd. (a)(e)
     64,129   2,566
Marico, Ltd.
     137,609   774,117
Marksans Pharma, Ltd.
     1,608,943   1,099,201
Maruti Suzuki India, Ltd.
     125,909   11,812,211
Max Financial Services, Ltd. (a)
     103,308   1,214,383
Max Healthcare Institute Ltd. (a)
     207,927   585,129
Max India, Ltd. - New Spun Off (a)
     35,901   31,500
Metropolis Healthcare, Ltd. (c)
     13,102   401,624
Minda Industries, Ltd.
     73,103   542,020
Mindtree, Ltd.
     53,088   1,513,123
Motherson Sumi Systems, Ltd. (a)
     833,232   2,295,801
Mphasis, Ltd.
     25,258   613,713
MRF, Ltd.
     2,750   3,093,994
Multi Commodity Exchange of India, Ltd.
     36,350   752,194
Muthoot Finance, Ltd. (a)
     64,463   1,063,219
Natco Pharma, Ltd.
     5,222   58,963
Navin Fluorine International, Ltd.
     33,308   1,255,079
NCC, Ltd.
     297,952   321,940
Nestle India, Ltd.
     21,859   5,131,923
Network18 Media & Investments, Ltd. (a)
     233,306   116,152
NIIT, Ltd.
     99,287   187,265
Nippon Life India Asset Management, Ltd. (c)
     95,349   441,183
NMDC, Ltd.
     58,562   108,411
NTPC, Ltd.
     2,091,254   3,047,623
Oberoi Realty, Ltd. (a)
     35,976   283,006
Oil & Natural Gas Corp., Ltd.
     3,640,194   5,085,853
OnMobile Global, Ltd.
     14,984   18,066
Opto Circuits India, Ltd. (a)
     3,281,371   130,153
Oracle Financial Services Software, Ltd.
     598   26,164
Orient Electric, Ltd.
     92,868   395,599
Page Industries, Ltd.
     4,120   1,708,405
See accompanying notes to financial statements.
43

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Paisalo Digital, Ltd.
     22,109   $ 238,890
PC Jeweller, Ltd. (a)
     176,176   65,301
Persistent Systems, Ltd.
     1,593   41,878
Petronet LNG, Ltd.
     533,771   1,640,070
Pfizer, Ltd.
     16,587   1,026,544
Phillips Carbon Black, Ltd.
     67,327   175,699
Phoenix Mills, Ltd. (a)
     31,763   339,140
PI Industries, Ltd.
     33,972   1,049,240
Pidilite Industries, Ltd. (a)
     108,434   2,683,496
Piramal Enterprises, Ltd.
     65,726   1,576,004
Power Grid Corp. of India, Ltd.
     1,332,489   3,930,194
Prestige Estates Projects, Ltd. (a)
     61,116   255,452
Prism Johnson, Ltd. (a)
     117,683   210,936
Procter & Gamble Health, Ltd.
     5,789   491,074
PS IT Infrastructure & Services, Ltd. (a)(e)
     620,932   77,283
PTC India, Ltd.
     840,784   894,099
Punj Lloyd, Ltd. (a)
     748,777   15,362
Quess Corp., Ltd. (a)(c)
     73,223   699,844
Radico Khaitan, Ltd.
     111,495   854,050
Rain Industries, Ltd.
     166,462   325,234
Rajesh Exports, Ltd.
     136,962   896,923
Rallis India, Ltd.
     91,983   318,043
RattanIndia Infrastructure, Ltd. (a)
     181,385   12,652
Raymond, Ltd. (a)
     48,947   242,045
RBL Bank, Ltd. (a)(c)
     232,303   659,445
REC, Ltd.
     115,375   206,957
Redington India, Ltd. (a)
     125,838   328,477
REI Agro, Ltd. (a)(e)
     1,873,023   —
Relaxo Footwears, Ltd. (a)
     40,634   487,072
Reliance Capital, Ltd. (a)
     1,022,662   150,363
Reliance Communications, Ltd. (a)
     792,454   18,426
Reliance Home Finance, Ltd. (a)
     632   21
Reliance Industries, Ltd. GDR (c)
     1,198,900   66,299,170
Reliance Infrastructure, Ltd. (a)
     177,536   85,230
Repco Home Finance, Ltd.
     48,828   225,094
RITES, Ltd.
     48,576   159,985
Rolta India, Ltd. (a)
     1,591,059   70,725
Ruchi Soya Industries, Ltd. (a)
     13,597   119,393
SBI Cards & Payment Services, Ltd.
     6,733   85,482
SBI Life Insurance Co., Ltd. (a)(c)
     152,764   1,840,450
Schneider Electric Infrastructure, Ltd. (a)
     97,824   126,304
Sequent Scientific, Ltd. (a)
     858,493   2,828,619
See accompanying notes to financial statements.
44

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Shankara Building Products, Ltd.
     42,241   $ 237,597
Sharda Cropchem, Ltd.
     22,212   87,130
Shilpa Medicare, Ltd.
     91,717   418,733
Shree Cement, Ltd. (a)
     2,353   948,277
Shriram Transport Finance Co., Ltd.
     133,912   2,605,023
Siemens, Ltd.
     305,219   7,697,920
Sintex Industries, Ltd. (a)
     382,272   17,515
Sintex Plastics Technology, Ltd. (a)
     51,863   2,341
Solara Active Pharma Sciences, Ltd.
     71,151   1,355,751
Srei Infrastructure Finance, Ltd. (a)
     236,844   16,359
SRF, Ltd.
     10,356   766,398
State Bank of India GDR (a)
     147,978   7,339,709
Sterlite Technologies, Ltd.
     134,299   356,716
Strides Pharma Science, Ltd.
     138,030   1,594,692
Sudarshan Chemical Industries (a)
     42,989   304,659
Sumitomo Chemical India, Ltd.
     27,085   107,690
Sun Pharma Advanced Research Co., Ltd. (a)
     174,743   339,741
Sun Pharmaceutical Industries, Ltd.
     1,091,943   8,928,054
Sun TV Network, Ltd.
     103,219   663,950
Sundaram Finance, Ltd.
     20,120   707,356
Sundram Fasteners, Ltd.
     50,522   553,115
Supreme Industries, Ltd.
     25,186   703,663
Suven Life Sciences, Ltd. (a)
     327,607   316,567
Suven Pharmaceuticals, Ltd.
     316,491   2,150,522
Suvidhaa Infoserve Pvt, Ltd. (a)
     56,568   81,084
Suzlon Energy, Ltd. (a)
     5,270,560   360,436
Swan Energy, Ltd.
     211,746   392,569
Symphony, Ltd.
     15,008   259,655
TAKE Solutions, Ltd. (a)
     174,603   107,226
Tata Communications, Ltd.
     138,326   2,010,742
Tata Consultancy Services, Ltd.
     829,441   36,051,209
Tata Consumer Products, Ltd.
     316,221   2,763,278
Tata Elxsi, Ltd.
     39,079   1,439,344
Tata Motors, Ltd. ADR (a)(b)
     370,269   7,697,892
Tata Power Co., Ltd.
     3,294,868   4,652,957
Tata Steel, Ltd.
     491,865   5,461,635
TCNS Clothing Co., Ltd. (a)(c)
     22,518   156,087
TeamLease Services, Ltd. (a)
     14,147   729,788
Tech Mahindra, Ltd.
     418,216   5,671,167
Tejas Networks, Ltd. (a)(c)
     166,519   362,014
Thyrocare Technologies, Ltd. (c)
     68,693   848,025
Timken India, Ltd.
     19,288   342,027
See accompanying notes to financial statements.
45

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Titan Co., Ltd.
     242,551   $ 5,168,748
Torrent Pharmaceuticals, Ltd.
     21,019   731,660
Torrent Power, Ltd.
     26,962   156,284
Trent, Ltd.
     105,295   1,081,627
Trident, Ltd.
     1,241,235   238,524
Tube Investments of India, Ltd.
     60,114   981,170
TV18 Broadcast, Ltd. (a)
     306,639   120,577
TVS Motor Co., Ltd.
     56,198   449,692
Ujjivan Financial Services, Ltd.
     72,533   208,630
UltraTech Cement, Ltd.
     82,216   7,576,787
Unichem Laboratories, Ltd.
     196,701   835,620
Unitech, Ltd. (a)
     768,821   17,350
United Breweries, Ltd.
     72,609   1,232,879
United Spirits, Ltd. (a)
     321,379   2,445,494
UPL, Ltd.
     347,360   3,049,399
VA Tech Wabag, Ltd. (a)
     83,463   286,358
Vaibhav Global, Ltd.
     17,250   906,434
Vakrangee, Ltd.
     441,166   338,204
Varun Beverages, Ltd.
     15,260   209,332
Vedanta, Ltd.
     960,660   3,005,604
Venky's India, Ltd. (a)
     11,752   250,041
Videocon Industries, Ltd. (a)
     1,170,924   65,662
Vinati Organics, Ltd.
     8,612   164,899
VIP Industries, Ltd.
     67,623   327,554
V-Mart Retail, Ltd. (a)
     17,745   676,052
Vodafone Idea, Ltd. (a)
     5,200,112   657,893
Voltas, Ltd.
     24,742   339,064
VST Industries, Ltd.
     19,187   889,390
Welspun India, Ltd. (a)
     179,185   198,145
Westlife Development, Ltd. (a)
     67,252   422,844
Whirlpool of India, Ltd.
     5,195   158,208
Wipro, Ltd. ADR
     1,519,967   9,636,591
WNS Holdings, Ltd. ADR (a)
     27,832   2,016,150
Wockhardt, Ltd. (a)
     92,453   523,570
Yaarii Digital Integrated Services, Ltd. (a)
     30,586   49,803
Yes Bank, Ltd. (a)
     816,899   174,299
Zee Entertainment Enterprises, Ltd.
     567,411   1,576,966
Zensar Technologies, Ltd.
     54,149   202,891
          772,577,788
INDONESIA — 1.5%          
Alam Sutera Realty Tbk PT (a)
     9,021,900   131,679
Aneka Tambang Tbk
     258,800   40,089
See accompanying notes to financial statements.
46

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Astra International Tbk PT
     20,694,703   $ 7,515,632
Bank Central Asia Tbk PT
     10,325,708   22,090,973
Bank Danamon Indonesia Tbk PT
     3,203,618   602,126
Bank Mandiri Persero Tbk PT
     19,071,369   8,074,969
Bank Negara Indonesia Persero Tbk PT (a)
     2,428,600   957,228
Bank Permata Tbk PT (a)
     164,600   23,231
Bank Rakyat Indonesia Persero Tbk PT (a)
     47,779,957   14,473,791
Barito Pacific Tbk PT (a)
     28,315,020   1,871,423
Bekasi Fajar Industrial Estate Tbk PT (a)
     5,728,700   59,555
Bumi Resources Tbk PT (a)
     2,405,300   9,770
Bumi Serpong Damai Tbk PT (a)
     4,761,700   367,167
Chandra Asri Petrochemical Tbk PT (a)
     60,700   46,491
Charoen Pokphand Indonesia Tbk PT
     5,242,800   2,526,651
Ciputra Development Tbk PT
     7,434,852   560,493
Citra Marga Nusaphala Persada Tbk PT (a)
     1,946,341   269,339
Garuda Indonesia Persero Tbk PT (a)
     15,966,300   364,944
Global Mediacom Tbk PT (a)
     818,300   14,310
Indah Kiat Pulp & Paper Tbk PT
     846,800   609,230
Indocement Tunggal Prakarsa Tbk PT
     680,800   572,997
Indofood Sukses Makmur Tbk PT
     6,807,418   3,093,216
Indosat Tbk PT (a)
     3,039,300   1,313,019
Japfa Comfeed Indonesia Tbk PT
     1,374,500   181,689
Kalbe Farma Tbk PT
     30,927,961   3,342,988
Kawasan Industri Jababeka Tbk PT (a)
     6,140,131   74,400
Lippo Cikarang Tbk PT (a)
     268,700   20,997
Lippo Karawaci Tbk PT (a)
     49,416,930   656,624
Matahari Department Store Tbk PT (a)
     440,800   40,666
Matahari Putra Prima Tbk PT (a)
     757,000   13,238
Mayora Indah Tbk PT
     7,333,707   1,322,844
Medco Energi Internasional Tbk PT (a)
     24,967,829   979,805
Media Nusantara Citra Tbk PT (a)
     1,089,100   71,607
Merdeka Copper Gold Tbk PT (a)
     618,500   91,551
Modernland Realty Tbk PT (a)(e)
     7,955,300   20,949
Pabrik Kertas Tjiwi Kimia Tbk PT
     414,038   297,167
Pakuwon Jati Tbk PT (a)
     6,812,300   253,263
Perusahaan Gas Negara Tbk PT
     16,844,700   1,525,011
Pollux Properti Indonesia Tbk PT (a)
     138,000   36,293
Semen Indonesia Persero Tbk PT
     1,091,900   783,687
Sigmagold Inti Perkasa Tbk PT (e)
     1,312,600   —
Summarecon Agung Tbk PT (a)
     5,264,800   340,717
Telkom Indonesia Persero Tbk PT
     45,763,100   10,775,201
Tiga Pilar Sejahtera Food Tbk (a)
     2,799,200   52,804
See accompanying notes to financial statements.
47

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Unilever Indonesia Tbk PT
     4,035,300   $ 1,826,650
United Tractors Tbk PT
     1,904,322   2,900,731
          91,197,205
KUWAIT — 0.5%          
A'ayan Leasing & Investment Co. KSCP (a)
     1,192,528   485,297
Agility Public Warehousing Co. KSC
     581,468   1,396,677
Ahli United Bank KSCP
     556,180   566,761
Al Ahli Bank of Kuwait KSCP
     155,450   103,890
Al Mazaya Holding Co. KSCP (a)
     1,592,853   329,374
ALAFCO Aviation Lease & Finance Co. KSCP (a)
     41,718   28,157
Alimtiaz Investment Group KSC (a)
     483,326   174,301
Boubyan Bank KSCP
     581,411   1,163,784
Boubyan Petrochemicals Co. KSCP
     454,466   1,273,557
Burgan Bank SAK
     236,653   172,254
Gulf Bank KSCP
     1,197,438   871,584
Humansoft Holding Co. KSC (a)
     145,733   1,783,994
Integrated Holding Co. KCSC
     260,125   356,300
Jazeera Airways Co. KSCP (a)
     37,176   88,558
Kuwait Finance House KSCP
     2,342,959   5,953,325
Kuwait Real Estate Co. KSC (a)
     3,179,373   1,399,029
Mabanee Co. KPSC
     319,919   768,441
Mezzan Holding Co. KSCC
     35,527   66,529
Mobile Telecommunications Co. KSCP
     412,834   826,351
National Bank of Kuwait SAKP
     4,764,788   12,721,866
National Industries Group Holding SAK
     823,204   509,311
National Investments Co. KSCP
     1,661,609   918,077
Qurain Petrochemical Industries Co.
     153,715   200,885
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC
     72,255   64,067
Warba Bank KSCP (a)
     1,379,541   1,081,724
          33,304,093
MACAU — 0.0% (d)          
Huasheng International Holding, Ltd. (a)(b)
     35,000   3,737
MALAYSIA — 2.0%          
Aeon Co. M Bhd
     7,427,990   2,310,890
AEON Credit Service M Bhd
     143,050   423,647
AirAsia Group Bhd (a)
     1,361,500   321,782
Alliance Bank Malaysia Bhd (a)
     5,876,000   3,755,312
AMMB Holdings Bhd
     55,600   39,288
ATA IMS Bhd
     785,400   553,085
Axiata Group Bhd
     1,992,938   1,754,305
See accompanying notes to financial statements.
48

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Bahvest Resources Bhd (a)
     2,132,500   $ 252,002
Berjaya Sports Toto Bhd
     2,892,447   1,471,859
BIMB Holdings Bhd
     24,400   24,891
Bintulu Port Holdings Bhd
     94   95
British American Tobacco Malaysia Bhd
     7,200   22,747
Bursa Malaysia Bhd
     1,817,239   3,922,414
Capitaland Malaysia Mall Trust REIT
     1,927,429   306,790
Careplus Group Bhd
     234,500   71,823
Carlsberg Brewery Malaysia Bhd Class B
     527,113   3,033,140
CIMB Group Holdings Bhd
     4,116,594   4,308,698
Comfort Glove Bhd
     252,000   113,648
Dagang NeXchange Bhd (a)
     2,258,000   495,546
Datasonic Group Bhd
     2,794,500   370,668
Dialog Group Bhd
     6,157,006   4,617,940
DiGi.Com Bhd
     7,474,961   6,561,886
FGV Holdings Bhd
     28,800   9,377
Focus Dynamics Group Bhd (a)
     6,623,400   950,422
Frontken Corp. Bhd
     697,900   855,018
Gabungan AQRS Bhd
     508,800   76,691
Gamuda Bhd (a)
     1,256,700   1,085,008
GDEX Bhd
     1,355,900   116,085
Genting Bhd
     3,698,600   4,486,665
Genting Malaysia Bhd
     826,900   612,223
George Kent Malaysia Bhd
     543,300   103,511
Globetronics Technology Bhd
     852,100   565,121
Greatech Technology Bhd (a)
     258,200   331,273
Hap Seng Plantations Holdings Bhd
     58,800   26,092
Hartalega Holdings Bhd
     1,263,900   2,721,965
Hong Leong Bank Bhd
     79,600   358,982
Hong Leong Financial Group Bhd
     5,500   23,106
IHH Healthcare Bhd
     1,370,000   1,757,723
IJM Corp. Bhd
     781,100   318,355
Inari Amertron Bhd
     1,533,900   1,213,359
IOI Corp. Bhd
     7,312,160   7,388,870
IOI Properties Group Bhd
     5,574,262   1,922,391
Iris Corp. Bhd (a)
     1,344,700   107,018
Iskandar Waterfront City Bhd (a)
     248,800   27,901
Karex Bhd
     2,254,500   339,820
KLCCP Stapled Group
     821,500   1,382,870
KNM Group Bhd (a)
     5,389,621   246,962
Kossan Rubber Industries
     1,012,900   796,347
KPJ Healthcare Bhd
     2,097,180   520,944
See accompanying notes to financial statements.
49

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Kuala Lumpur Kepong Bhd
     18,900   $ 104,562
Lingkaran Trans Kota Holdings Bhd
     514,500   481,433
Magni-Tech Industries Bhd
     255,500   143,571
Magnum Bhd
     4,454,243   2,363,279
Malayan Banking Bhd
     3,694,344   7,350,377
Malaysia Airports Holdings Bhd
     289,800   436,814
Malaysian Pacific Industries Bhd
     104,600   981,295
Malaysian Resources Corp. Bhd
     10,813,400   1,199,605
Maxis Bhd
     188,200   205,152
Mega First Corp. BHD
     147,700   259,317
MISC Bhd
     169,300   278,458
MPHB Capital Bhd (a)
     2,014,830   655,980
Muda Holdings Bhd
     339,000   212,565
My EG Services Bhd
     1,830,206   869,530
Nestle Malaysia Bhd
     6,500   211,624
OSK Holdings Bhd
     8,952,042   2,137,350
Padini Holdings Bhd
     228,700   165,465
Pavilion Real Estate Investment Trust
     1,807,200   610,172
Pentamaster Corp. Bhd
     690,750   932,883
Petronas Chemicals Group Bhd
     1,570,600   3,030,218
Petronas Dagangan Bhd
     302,800   1,463,430
Petronas Gas Bhd
     178,300   688,002
Pos Malaysia Bhd (a)
     1,372,800   293,001
PPB Group Bhd
     57,800   257,880
Press Metal Aluminium Holdings Bhd
     607,400   1,450,201
Public Bank Bhd
     10,590,400   10,727,042
QL Resources Bhd
     31,800   46,475
Rapid Synergy Bhd (a)
     95,200   172,423
RHB Bank Bhd
     376,100   487,075
Sapura Energy Bhd (a)
     297,600   10,407
Sime Darby Bhd
     1,389,824   804,432
Sime Darby Plantation Bhd
     743,624   832,127
Sime Darby Property Bhd
     538,324   84,387
SKP Resources Bhd
     544,900   290,421
SP Setia Bhd Group (a)
     339,663   86,011
Sunway Real Estate Investment Trust
     1,937,300   696,148
Supermax Corp. Bhd
     1,709,950   1,571,183
TA Enterprise Bhd
     360,200   56,899
Taliworks Corp. Bhd
     137,700   27,563
Telekom Malaysia Bhd
     969,727   1,433,601
Tenaga Nasional Bhd
     1,386,000   3,382,689
TIME dotCom Bhd
     20,300   70,008
See accompanying notes to financial statements.
50

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Top Glove Corp. Bhd
     3,253,500   $ 3,546,562
Uchi Technologies Bhd
     81,600   61,596
UEM Edgenta Bhd
     879,700   375,514
UEM Sunrise Bhd (a)
     6,070,988   636,894
UMW Holdings Bhd
     402,000   316,055
Unisem M Bhd
     92,300   170,955
United Plantations Bhd
     249,800   869,917
Velesto Energy Bhd (a)
     46,163   1,893
ViTrox Corp. Bhd
     142,300   512,712
VS Industry Bhd
     2,437,850   1,675,599
WCT Holdings Bhd (a)
     11,385,175   1,578,796
YTL Corp. Bhd (a)
     2,236,770   364,119
          120,748,222
MEXICO — 2.0%          
Alfa SAB de CV Class A (b)
     3,291,197   1,898,102
America Movil SAB de CV Series L
     20,227,793   13,801,226
Axtel SAB de CV (a)(b)
     2,361,330   637,059
Cemex SAB de CV Series CPO (a)
     13,068,420   9,210,265
Coca-Cola Femsa SAB de CV
     851,757   3,930,226
Concentradora Hipotecaria SAPI de CV REIT
     2,390   2,322
Consorcio ARA SAB de CV (a)(b)
     2,293,116   503,218
Controladora Nemak SAB de CV (a)(b)
     3,291,197   413,400
Desarrolladora Homex SAB de CV (a)
     26,534   40
El Puerto de Liverpool SAB de CV Series C1 (b)
     482,387   1,688,785
Fibra Uno Administracion SA de CV REIT
     1,982,899   2,315,264
Fomento Economico Mexicano SAB de CV
     1,699,350   12,797,969
Gruma SAB de CV Class B
     6,424   75,789
Grupo Aeroportuario del Pacifico SAB de CV Class B (a)(b)
     258,526   2,699,673
Grupo Aeroportuario del Sureste SAB de CV Class B (a)
     278,412   4,939,855
Grupo Bimbo SAB de CV Class A
     2,084,787   4,371,221
Grupo Elektra SAB DE CV (b)
     71,926   4,831,087
Grupo Financiero Banorte SAB de CV Series O (a)
     2,133,507   12,005,115
Grupo Financiero Inbursa SAB de CV Series O (a)
     1,786,878   1,621,775
Grupo Mexico SAB de CV Class B
     2,833,977   14,884,249
Grupo Televisa SAB Series CPO (a)
     2,355,061   4,187,440
Industrias CH SAB de CV Class B (b)
     370,835   2,118,746
Industrias Penoles SAB de CV (a)
     149,772   1,929,786
Kimberly-Clark de Mexico SAB de CV Class A
     2,515,542   4,294,513
Orbia Advance Corp. SAB de CV
     77,423   206,494
Sare Holding SAB de CV Class B (a)(e)
     1,493,393   —
Telesites SAB de CV (a)(b)
     1,653,391   1,717,190
TV Azteca SAB de CV Series CPO (b)
     5,202,670   123,580
See accompanying notes to financial statements.
51

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Urbi Desarrollos Urbanos SAB de CV (a)
     39,274   $ 16,220
Wal-Mart de Mexico SAB de CV
     4,956,877   15,618,869
          122,839,478
PERU — 0.3%          
Cia de Minas Buenaventura SAA ADR (a)(f)
     266,320   2,671,190
Cia de Minas Buenaventura SAA ADR (a)(f)
     7,183   71,830
Credicorp, Ltd.
     67,117   9,166,169
Nexa Resources SA
     5,122   52,500
Southern Copper Corp.
     60,600   4,112,922
Volcan Cia Minera SAA Class B (a)
     6,509,818   1,453,509
          17,528,120
PHILIPPINES — 0.8%          
Aboitiz Equity Ventures, Inc.
     707,300   502,742
AC Energy Corp.
     348,400   49,815
Alliance Global Group, Inc.
     2,882,700   631,922
Ayala Corp.
     120,080   1,830,733
Ayala Land, Inc.
     8,191,510   5,797,134
Bank of the Philippine Islands
     2,989,934   5,020,440
BDO Unibank, Inc.
     2,713,289   5,701,890
Bloomberry Resorts Corp. (a)
     1,109,600   159,110
Cebu Air, Inc. (a)
     1,343,520   1,246,986
Cebu Holdings, Inc. (a)
     7,918,764   1,044,143
D&L Industries, Inc.
     2,987,705   435,191
DoubleDragon Properties Corp.
     2,046,490   556,553
East West Banking Corp. (a)
     1,667,600   333,262
Filinvest Land, Inc.
     85,110,000   1,928,839
First Philippine Holdings Corp.
     560,760   806,409
Global Ferronickel Holdings, Inc. (a)
     2,726,449   134,813
GMA Holdings, Inc.
     5,051,200   867,927
GT Capital Holdings, Inc.
     14,567   156,662
JG Summit Holdings, Inc.
     1,827,866   2,250,116
Jollibee Foods Corp.
     148,480   541,151
Manila Electric Co.
     13,620   76,325
Megawide Construction Corp.
     6,437,688   842,221
Megaworld Corp.
     9,583,300   706,839
Nickel Asia Corp.
     1,394,000   143,600
PLDT, Inc.
     142,505   3,584,828
Puregold Price Club, Inc.
     423,380   342,804
San Miguel Corp.
     193,380   474,112
SM Investments Corp.
     232,175   4,592,078
SM Prime Holdings, Inc.
     7,777,990   5,608,646
See accompanying notes to financial statements.
52

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Top Frontier Investment Holdings, Inc. (a)
     27,271   $ 78,603
Universal Robina Corp.
     335,330   918,854
Vista Land & Lifescapes, Inc.
     1,475,378   113,684
          47,478,432
POLAND — 0.7%          
11 bit studios SA (a)
     1,727   241,587
Asseco Poland SA
     72,989   1,250,394
Bank Polska Kasa Opieki SA (a)
     218,445   3,909,424
Biomed-Lublin Wytwornia Surowic i Szczepionek SA (a)
     23,021   88,385
Bioton SA (a)
     1,405   1,930
CCC SA (a)
     11,058   255,965
CD Projekt SA (a)
     37,343   1,802,798
Columbus Energy SA (a)
     6,279   73,992
Datawalk SA (a)
     2,642   129,221
Dino Polska SA (a)(c)
     16,630   1,098,271
Eurocash SA (a)
     11,064   40,235
Getin Holding SA
     102,169   19,859
Getin Noble Bank SA (a)
     395,733   17,651
Globe Trade Centre SA (a)
     379,221   663,108
Grupa Lotos SA
     136,619   1,503,294
KGHM Polska Miedz SA (a)
     154,174   7,431,296
LPP SA (a)
     121   249,145
mBank SA (a)
     28,011   1,521,936
Mercator Medical SA (a)
     2,495   219,403
Orange Polska SA (a)
     1,408,502   2,350,478
PGE Polska Grupa Energetyczna SA (a)
     814,929   1,403,925
PlayWay SA
     1,695   234,963
Polimex-Mostostal SA (a)
     20,362   26,833
Polski Koncern Naftowy ORLEN SA
     282,623   4,545,174
Powszechna Kasa Oszczednosci Bank Polski SA (a)
     647,898   5,373,974
Powszechny Zaklad Ubezpieczen SA (a)
     416,645   3,600,506
Santander Bank Polska SA (a)
     32,664   1,809,516
TEN Square Games SA
     1,466   192,445
          40,055,708
QATAR — 0.7%          
Aamal Co.
     403,593   105,859
Al Meera Consumer Goods Co. QSC
     161,336   868,051
Alijarah Holding Co QPSC
     4,102,533   1,403,943
Baladna
     120,289   53,388
Commercial Bank PQSC
     645,942   860,251
Doha Bank QPSC
     222,591   138,775
See accompanying notes to financial statements.
53

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Ezdan Holding Group QSC (a)
     143,927   $ 63,959
Gulf Warehousing Co.
     96,356   135,205
Industries Qatar QSC
     844,041   2,770,198
Mannai Corp. QSC
     379,851   424,607
Masraf Al Rayan QSC
     4,359,293   5,136,327
Mazaya Real Estate Development QPSC (a)
     2,398,089   827,245
Medicare Group
     321,722   857,101
Mesaieed Petrochemical Holding Co.
     3,153,782   1,611,105
Ooredoo QSC
     1,116,053   2,167,123
Qatar Aluminium Manufacturing Co.
     434,512   140,820
Qatar Electricity & Water Co. QSC
     142,919   666,510
Qatar First Bank (a)
     752,075   388,121
Qatar Fuel QSC
     114,465   539,158
Qatar Gas Transport Co., Ltd.
     324,865   281,502
Qatar Insurance Co. SAQ (a)
     1,221,875   828,902
Qatar International Islamic Bank QSC
     342,636   822,477
Qatar Islamic Bank SAQ
     542,926   2,454,425
Qatar National Bank QPSC
     3,009,652   14,870,541
Qatar National Cement Co. QSC
     129,524   177,157
Qatar Navigation QSC
     96,366   203,530
Qatari Investors Group QSC
     1,136,168   592,892
United Development Co. QSC
     128,586   56,294
Vodafone Qatar QSC
     2,170,394   980,582
Widam Food Co.
     126,446   201,077
          40,627,125
ROMANIA — 0.0% (d)          
NEPI Rockcastle PLC
     211,185   1,333,220
RUSSIA — 3.3%          
Evraz PLC
     270,042   2,153,495
Gazprom PJSC ADR (b)
     4,635,210   27,644,392
HeadHunter Group PLC ADR (b)
     2,924   99,182
LSR Group PJSC GDR
     163,137   351,560
LUKOIL PJSC ADR
     323,312   26,143,008
Magnit PJSC GDR
     191,527   2,870,990
Mail.Ru Group, Ltd. GDR (a)
     47,795   1,094,506
Mechel PJSC ADR (a)
     198,309   343,075
MMC Norilsk Nickel PJSC ADR
     587,732   18,325,484
Mobile TeleSystems PJSC ADR
     696,250   5,806,725
Novatek PJSC GDR
     92,926   18,352,885
Novolipetskiy Metallurgicheskiy Kombinat PAO GDR (b)
     43,676   1,392,391
Novorossiysk Commercial Sea Port PJSC GDR
     2,522   19,186
See accompanying notes to financial statements.
54

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Novorossiysk Commercial Sea Port PJSC GDR (b)
     64,717   $ 492,328
Polymetal International PLC
     148,860   2,915,400
Rosneft Oil Co. PJSC GDR (b)
     1,535,412   11,610,786
Rostelecom PJSC ADR (b)
     123,648   1,047,298
Sberbank of Russia PJSC ADR (f)
     1,137,078   17,516,687
Sberbank of Russia PJSC ADR (f)
     823,888   12,696,114
Severstal PAO GDR (b)
     543,374   10,965,287
Sistema PJSC FC GDR (b)
     180,742   1,633,908
Surgutneftegas PJSC ADR
     1,199,765   5,386,945
Tatneft PJSC ADR (f)
     264,617   12,553,430
Tatneft PJSC ADR (b)(f)
     1,402   65,656
TCS Group Holding PLC GDR
     40,059   2,323,422
VEON, Ltd. ADR (a)
     531,565   940,870
VTB Bank PJSC GDR
     2,714,556   2,958,866
X5 Retail Group NV GDR
     50,389   1,624,541
Yandex NV Class A (a)
     208,319   13,344,915
          202,673,332
SAUDI ARABIA — 3.1%          
Abdul Mohsen Al-Hokair Tourism and Development Co. (a)
     226,704   1,395,139
Abdullah Al Othaim Markets Co.
     48,721   1,642,047
Advanced Petrochemical Co.
     34,935   679,996
Al Hammadi Co. for Development and Investment (a)
     139,306   1,079,042
Al Jouf Agricultural Development Co.
     39,683   866,584
Al Khaleej Training and Education Co.
     346,971   2,311,043
Al Rajhi Bank
     693,449   18,268,121
Al Rajhi Co. for Co-operative Insurance (a)
     10,093   237,362
Al Rajhi REIT
     275,273   733,249
Aldrees Petroleum and Transport Services Co.
     25,303   480,368
Al-Etihad Cooperative Insuarnce Co. (a)
     216,557   1,390,436
Almarai Co. JSC
     81,105   1,124,536
Alujain Holding (a)
     47,899   621,982
Arabian Cement Co.
     35,550   412,336
AXA Cooperative Insurance Co. (a)
     113,883   1,193,367
Bank AlBilad
     143,816   1,349,809
Banque Saudi Fransi
     287,149   2,553,439
Basic Chemical Industries, Ltd. (a)
     189,535   2,064,448
Batic Investments and Logistic Co. (a)
     151,421   1,538,273
Bawan Co.
     236,289   2,050,770
Bupa Arabia for Cooperative Insurance Co. (a)
     20,483   653,202
Buruj Cooperative Insurance Co. (a)
     119,072   906,438
City Cement Co.
     66,829   462,407
Co. for Cooperative Insurance (a)
     25,175   526,941
See accompanying notes to financial statements.
55

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Dallah Healthcare Co.
     78,417   $ 1,101,903
Dar Al Arkan Real Estate Development Co. (a)
     193,649   475,035
Derayah REIT
     269,497   866,610
Dr Sulaiman Al Habib Medical Services Group Co.
     45,748   1,512,573
Dur Hospitality Co.
     131,976   1,094,404
Eastern Province Cement Co.
     99,975   1,383,506
Etihad Etisalat Co. (a)
     222,623   1,754,082
Fawaz Abdulaziz Al Hokair & Co. (a)
     34,227   205,523
Fitaihi Holding Group
     566,409   4,727,123
Hail Cement Co.
     88,217   409,283
Herfy Food Services Co.
     38,919   677,637
Jadwa REIT Saudi Fund
     127,648   528,236
Jarir Marketing Co.
     36,995   1,795,299
Jazan Energy and Development Co. (a)
     106,629   605,588
Leejam Sports Co. JSC (a)
     52,718   1,017,700
Malath Cooperative Insurance Co. (a)
     184,654   1,265,360
Mediterranean & Gulf Insurance & Reinsurance Co. (a)
     89,176   548,790
Methanol Chemicals Co. (a)
     360,573   1,357,533
Middle East Healthcare Co. (a)
     44,434   417,043
Mobile Telecommunications Co. (a)
     459,216   1,836,668
Mouwasat Medical Services Co.
     54,496   2,281,323
Musharaka Real Estate Income Fund REIT
     218,441   585,942
Najran Cement Co.
     80,112   490,874
Nama Chemicals Co. (a)
     106,165   1,023,321
National Co. for Glass Manufacturing (a)
     315,258   3,127,026
National Co. for Learning & Education
     166,293   2,103,936
National Commercial Bank
     897,566   12,708,179
National Gas & Industrialization Co. (a)
     24,796   214,545
National Medical Care Co.
     69,857   998,383
National Petrochemical Co.
     23,603   272,507
Qassim Cement Co.
     61,287   1,390,658
Red Sea International Co. (a)
     174,069   1,267,087
Riyad Bank
     970,524   5,806,996
Riyad REIT Fund
     117,303   273,365
SABIC Agri-Nutrients Co.
     97,888   2,568,307
Sahara International Petrochemical Co.
     124,887   735,922
Samba Financial Group (a)
     538,658   5,529,632
Saudi Advanced Industries Co.
     425,002   4,663,191
Saudi Airlines Catering Co. (a)
     7,974   161,589
Saudi Arabian Amiantit Co. (a)
     96,773   695,401
Saudi Arabian Mining Co. (a)
     203,046   3,085,970
Saudi Arabian Oil Co. (c)
     847,336   8,133,558
See accompanying notes to financial statements.
56

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Saudi Automotive Services Co.
     322,021   $ 2,910,759
Saudi Basic Industries Corp.
     506,408   15,852,256
Saudi British Bank
     42,995   302,079
Saudi Cement Co.
     51,604   913,637
Saudi Ceramic Co. (a)
     214,216   2,384,684
Saudi Chemical Co. Holding (a)
     161,914   1,534,781
Saudi Co. For Hardware CJSC
     40,845   648,005
Saudi Electricity Co.
     338,812   2,122,995
Saudi Industrial Investment Group
     43,719   378,858
Saudi Industrial Services Co.
     159,380   1,636,127
Saudi Kayan Petrochemical Co. (a)
     77,487   329,336
Saudi Pharmaceutical Industries & Medical Appliances Corp.
     131,979   1,449,855
Saudi Printing & Packaging Co. (a)
     92,823   607,864
Saudi Public Transport Co. (a)
     283,507   1,961,659
Saudi Re for Cooperative Reinsurance Co. (a)
     623,826   2,458,444
Saudi Research & Marketing Group (a)
     26,468   549,770
Saudi Telecom Co.
     423,557   14,320,347
Saudi Vitrified Clay Pipe Co., Ltd.
     34,157   936,257
Saudia Dairy & Foodstuff Co.
     11,261   497,233
Savola Group
     95,175   997,328
Southern Province Cement Co.
     67,078   1,573,929
Tabuk Cement Co. (a)
     153,358   811,280
Takween Advanced Industries Co. (a)
     376,832   1,754,343
Umm Al-Qura Cement Co.
     332,852   2,698,032
United Electronics Co.
     46,283   1,295,786
United International Transportation Co.
     74,009   866,306
Walaa Cooperative Insurance Co. (a)
     68,859   430,736
Yamama Cement Co.
     71,641   633,239
Yanbu Cement Co.
     90,460   1,040,782
Yanbu National Petrochemical Co.
     96,444   1,779,524
          191,915,174
SINGAPORE — 0.0% (d)          
Aslan Pharmaceuticals, Ltd. ADR (a)(b)
     32,379   108,470
Grindrod Shipping Holdings, Ltd. (a)
     20,023   141,620
Guan Chong Bhd
     2,647,000   2,004,481
Riverstone Holdings, Ltd. (b)
     451,700   413,509
          2,668,080
SOUTH AFRICA — 4.2%          
Absa Group, Ltd.
     484,851   4,140,175
Adcock Ingram Holdings, Ltd.
     143,215   427,814
Adcorp Holdings, Ltd. (a)
     545,067   228,861
See accompanying notes to financial statements.
57

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
African Rainbow Minerals, Ltd. (b)
     149,437   $ 2,814,521
Alexander Forbes Group Holdings, Ltd.
     629,839   174,881
Allied Electronics Corp., Ltd. Class A
     157,701   106,798
Anglo American Platinum, Ltd.
     40,881   5,958,320
ArcelorMittal South Africa, Ltd. (a)
     209,949   37,252
Ascendis Health, Ltd. (a)
     106,448   3,604
Aspen Pharmacare Holdings, Ltd. (a)
     326,872   3,195,614
Astral Foods, Ltd.
     20,445   202,744
Aveng, Ltd. (a)(b)
     1,488,407   4,032
Barloworld, Ltd. (a)
     280,213   1,713,016
Bid Corp., Ltd. (a)
     141,648   2,743,604
Bidvest Group, Ltd. (b)
     344,788   3,978,561
Blue Label Telecoms, Ltd. (a)
     1,412,261   399,780
Capitec Bank Holdings, Ltd. (a)
     47,252   4,543,488
Clicks Group, Ltd.
     66,903   1,089,206
Coronation Fund Managers, Ltd.
     728,993   2,705,414
Curro Holdings, Ltd. (a)(b)
     170,538   125,771
Discovery, Ltd. (a)
     417,326   3,746,996
EOH Holdings, Ltd. (a)
     132,046   66,353
FirstRand, Ltd. (b)
     4,366,369   15,263,995
Foschini Group, Ltd. (a)
     408,547   3,397,307
Gold Fields, Ltd.
     702,999   6,546,645
Grindrod, Ltd. (a)(b)
     1,340,226   435,661
Group Five, Ltd. (e)
     219,472   —
Growthpoint Properties, Ltd. REIT
     1,140,850   1,019,841
Harmony Gold Mining Co., Ltd. (a)(b)
     325,012   1,377,855
Impala Platinum Holdings, Ltd. (b)
     576,846   10,693,308
Imperial Logistics, Ltd.
     266,295   853,370
Investec, Ltd.
     294,301   862,399
Invicta Holdings, Ltd. (a)(b)
     318,531   438,981
Kumba Iron Ore, Ltd. (b)
     57,383   2,364,687
Lewis Group, Ltd.
     332,878   692,301
Life Healthcare Group Holdings, Ltd. (a)
     172,237   215,788
Massmart Holdings, Ltd. (a)(b)
     230,321   857,879
Momentum Metropolitan Holdings (b)
     1,290,418   1,521,455
Motus Holdings, Ltd. (b)
     175,057   1,020,615
Mr. Price Group, Ltd.
     236,689   3,103,385
MTN Group, Ltd. (b)
     1,363,036   8,016,909
MultiChoice Group, Ltd.
     391,750   3,421,056
Murray & Roberts Holdings, Ltd. (a)
     471,144   345,551
Naspers, Ltd. Class N
     323,458   77,362,895
Nedbank Group, Ltd.
     364,172   3,452,744
See accompanying notes to financial statements.
58

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Net 1 UEPS Technologies, Inc. (a)(b)
     43,378   $ 242,917
Netcare, Ltd. (a)
     2,433,263   2,348,193
Ninety One, Ltd.
     130,939   425,638
Northam Platinum, Ltd. (a)
     334,349   5,827,800
Old Mutual, Ltd. (b)
     2,295,131   1,941,755
PPC, Ltd. (a)
     1,376,326   223,698
PSG Group, Ltd.
     308,556   1,476,513
Rand Merchant Investment Holdings, Ltd.
     1,287,098   2,669,859
Remgro, Ltd.
     685,073   4,825,030
Sanlam, Ltd.
     1,639,259   6,608,657
Sappi, Ltd. (a)
     409,868   1,275,993
Sasol, Ltd. (a)
     449,663   6,446,705
Shoprite Holdings, Ltd.
     434,293   4,621,086
Sibanye Stillwater, Ltd.
     1,918,603   8,445,556
Standard Bank Group, Ltd.
     1,053,603   8,949,694
Steinhoff International Holdings NV (a)(b)
     2,439,418   386,573
Sun International, Ltd. (a)
     446,436   415,409
Telkom SA SOC, Ltd.
     380,178   1,090,618
Tiger Brands, Ltd. (b)
     220,773   3,150,963
Truworths International, Ltd.
     574,730   1,862,022
Vodacom Group, Ltd.
     508,392   4,347,046
Wilson Bayly Holmes-Ovcon, Ltd. (a)
     132,678   879,833
Woolworths Holdings, Ltd. (a)
     1,183,458   3,963,227
          254,096,217
SWITZERLAND — 0.0% (d)          
Mediclinic International PLC (a)
     176,720   695,929
TAIWAN — 15.7%          
Accton Technology Corp.
     291,000   2,814,846
Acer, Inc.
     4,113,701   4,534,255
Adimmune Corp. (a)
     546,505   1,093,661
Advanced Ceramic X Corp.
     4,000   80,048
Advanced Wireless Semiconductor Co.
     13,688   74,837
Advancetek Enterprise Co., Ltd.
     3,855,996   2,419,035
Advantech Co., Ltd.
     29,048   360,389
AGV Products Corp. (a)
     6,908,415   2,188,766
Airmate Cayman International Co., Ltd.
     11,220   10,519
Alchip Technologies, Ltd.
     34,000   1,072,442
AP Memory Technology Corp.
     26,000   792,766
APCB, Inc.
     1,377,000   1,054,479
Applied BioCode Corp. (a)
     37,000   62,114
Arcadyan Technology Corp.
     37,169   151,109
See accompanying notes to financial statements.
59

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
ASE Technology Holding Co., Ltd.
     4,019,058   $ 15,142,072
ASMedia Technology, Inc.
     12,000   626,643
ASPEED Technology, Inc.
     10,000   604,563
Asustek Computer, Inc.
     1,001,474   13,074,302
AU Optronics Corp. ADR (a)(b)
     969,717   7,272,879
Audix Corp.
     1,009,657   1,910,822
Bank of Kaohsiung Co., Ltd.
     2,901,557   1,062,674
Basso Industry Corp.
     2,501,905   4,121,177
Biostar Microtech International Corp. (a)
     2,241,000   2,411,198
Bizlink Holding, Inc.
     29,000   270,354
C Sun Manufacturing, Ltd.
     1,375,000   2,342,025
Career Technology MFG. Co., Ltd.
     102,958   131,345
Carnival Industrial Corp.
     1,232,984   514,229
Catcher Technology Co., Ltd.
     969,644   7,187,457
Cathay Financial Holding Co., Ltd.
     7,043,136   11,836,062
Cathay No. 1 REIT
     1,361,000   891,020
Center Laboratories, Inc.
     882,475   2,115,490
Chailease Holding Co., Ltd.
     1,374,817   9,492,130
Champion Building Materials Co., Ltd. (a)
     1,374,000   436,282
Chang Hwa Commercial Bank, Ltd.
     12,516,950   7,698,892
Chang Wah Electromaterials, Inc.
     74,310   106,127
Charoen Pokphand Enterprise
     1,582,373   4,248,056
Chen Full International Co., Ltd.
     12,000   19,472
Cheng Loong Corp.
     1,308,000   1,599,874
Cheng Shin Rubber Industry Co., Ltd.
     130,850   221,041
Chieftek Precision Co., Ltd.
     34,100   148,193
Chilisin Electronics Corp.
     66,150   250,384
China Airlines, Ltd. (a)
     2,768,000   1,479,410
China Chemical & Pharmaceutical Co., Ltd.
     2,683,000   2,172,127
China Development Financial Holding Corp.
     17,426,945   6,413,028
China Steel Chemical Corp.
     1,309,595   4,933,987
China Steel Corp.
     11,030,451   10,012,571
Chipbond Technology Corp.
     66,000   179,729
Chong Hong Construction Co., Ltd.
     7,717   22,421
Chroma ATE, Inc.
     110,000   726,702
Chung Hwa Pulp Corp. (a)
     2,755,794   1,274,892
Chunghwa Chemical Synthesis & Biotech Co., Ltd.
     457,169   935,712
Chunghwa Telecom Co., Ltd.
     3,916,842   15,306,063
CMC Magnetics Corp.
     1,235,656   437,393
Compal Electronics, Inc.
     6,904,774   6,461,202
Concraft Holding Co., Ltd.
     15,650   43,056
Coxon Precise Industrial Co., Ltd. (a)
     10,000   5,590
See accompanying notes to financial statements.
60

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
CTBC Financial Holding Co., Ltd.
     19,310,527   $ 14,956,810
Cub Elecparts, Inc.
     3,000   25,497
Da-Li Development Co., Ltd.
     1,689,236   1,844,170
Darfon Electronics Corp.
     76,000   126,254
Delta Electronics, Inc.
     1,385,463   13,984,276
Dimerco Express Corp.
     884,910   2,552,416
E Ink Holdings, Inc.
     108,000   208,559
E.Sun Financial Holding Co., Ltd.
     4,720,955   4,318,401
Eclat Textile Co., Ltd.
     29,854   502,223
Egis Technology, Inc.
     43,000   260,716
EirGenix, Inc. (a)
     51,000   200,189
Elan Microelectronics Corp.
     9,400   64,406
Elite Advanced Laser Corp.
     12,672   29,312
Elite Material Co., Ltd.
     13,000   76,999
Elite Semiconductor Microelectronics Technology, Inc.
     1,549,750   5,648,687
eMemory Technology, Inc.
     16,000   495,146
Energenesis Biomedical Co., Ltd. (a)
     16,633   30,663
ENNOSTAR, Inc. (a)
     564,590   1,624,534
Episil Holdings, Inc. (a)
     144,000   300,284
Episil-Precision, Inc.
     66,998   166,949
Etron Technology, Inc. (a)
     7,296   5,894
Eva Airways Corp.
     1,525,110   839,177
Evergreen Marine Corp. Taiwan, Ltd. (a)
     1,485,000   2,368,048
Excelliance Mos Corp.
     35,000   208,530
Excelsior Medical Co., Ltd.
     77,848   160,427
Far Eastern New Century Corp.
     7,829,376   8,286,796
Feng TAY Enterprise Co., Ltd.
     152,985   1,045,529
First Financial Holding Co., Ltd.
     1,885,900   1,467,318
FIT Hon Teng, Ltd. (a)(b)(c)
     69,000   21,656
Flytech Technology Co., Ltd.
     8,854   20,822
Formosa Chemicals & Fibre Corp.
     4,072,243   12,502,313
Formosa Petrochemical Corp.
     320,000   1,085,620
Formosa Plastics Corp.
     5,404,714   19,131,396
Founding Construction & Development Co., Ltd.
     3,309,059   1,919,354
Foxconn Technology Co., Ltd.
     1,444,223   3,674,713
Fubon Financial Holding Co., Ltd.
     8,051,359   16,027,659
Fullerton Technology Co., Ltd.
     1,227,000   784,802
Fwusow Industry Co., Ltd.
     1,430,830   1,100,716
General Interface Solution Holding, Ltd.
     38,000   167,140
GeneReach Biotechnology Corp. (a)
     17,000   69,411
Genius Electronic Optical Co., Ltd.
     22,665   384,462
Giant Manufacturing Co., Ltd.
     84,302   1,016,363
See accompanying notes to financial statements.
61

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Global Unichip Corp.
     23,000   $ 321,225
Globalwafers Co., Ltd.
     133,000   3,495,952
Gongwin Biopharm Holdings Co., Ltd. (a)
     4,520   30,178
Grape King Bio, Ltd.
     73,664   469,872
Great Wall Enterprise Co., Ltd.
     1,359,615   2,601,724
HannStar Display Corp. (a)
     1,453,500   784,492
Himax Technologies, Inc. ADR (a)
     71,498   975,948
Hiwin Technologies Corp.
     60,757   857,067
Hocheng Corp. (a)
     3,916,000   1,420,482
Holy Stone Enterprise Co., Ltd.
     57,000   259,699
Hon Hai Precision Industry Co., Ltd.
     10,296,981   44,749,085
Hong TAI Electric Industrial
     2,605,000   2,223,101
Hota Industrial Manufacturing Co., Ltd.
     10,279   41,789
Hotai Motor Co., Ltd.
     164,433   3,388,589
HTC Corp. (a)
     1,372,198   1,483,626
Hua Nan Financial Holdings Co., Ltd.
     14,126,906   9,233,757
Hung Sheng Construction, Ltd.
     1,043,032   720,139
Ibase Technology, Inc.
     2,672,222   3,563,525
Innolux Corp.
     5,513,820   4,077,440
International Games System Co., Ltd.
     18,000   478,814
Iron Force Industrial Co., Ltd.
     6,000   16,507
Janfusun Fancyworld Corp. (a)
     806,112   77,410
KEE TAI Properties Co., Ltd.
     1,360,000   476,641
Kenda Rubber Industrial Co., Ltd.
     4,956   7,660
Kerry TJ Logistics Co., Ltd.
     1,371,000   2,123,794
Kindom Development Co., Ltd.
     1,314,000   1,821,354
Kung Long Batteries Industrial Co., Ltd.
     9,000   46,683
Kuoyang Construction Co., Ltd.
     822,734   1,150,495
Kwong Fong Industries Corp. (a)
     55,776   21,991
Land Mark Optoelectronics Corp.
     14,600   138,156
Largan Precision Co., Ltd.
     49,000   5,512,564
Laser Tek Taiwan Co., Ltd.
     89,000   101,530
Leatec Fine Ceramics Co., Ltd. (a)
     139,000   126,173
Leofoo Development Co., Ltd. (a)
     1,372,154   969,015
Li Cheng Enterprise Co., Ltd.
     11,362   10,254
Lite-On Technology Corp.
     4,073,265   8,965,095
Long Bon International Co., Ltd. (a)
     9,020   4,853
Longchen Paper & Packaging Co., Ltd.
     3,186,902   2,792,295
Lotes Co., Ltd.
     4,000   70,024
Lotus Pharmaceutical Co., Ltd. (a)
     27,000   73,525
Machvision, Inc.
     15,597   155,516
Macroblock, Inc.
     30,000   112,501
See accompanying notes to financial statements.
62

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Macronix International Co., Ltd.
     520,221   $ 808,601
Makalot Industrial Co., Ltd.
     4,671   40,353
MediaTek, Inc.
     1,274,595   43,286,109
Medigen Biotechnology Corp. (a)
     114,248   263,067
Medigen Vaccine Biologics Corp. (a)
     36,386   368,540
Mega Financial Holding Co., Ltd.
     8,270,333   9,246,263
Merida Industry Co., Ltd.
     19,100   233,621
Merry Electronics Co., Ltd.
     13,571   63,258
Microbio Co., Ltd. (a)
     160,000   384,677
Micro-Star International Co., Ltd.
     125,000   762,275
momo.com, Inc.
     2,000   69,393
Mosel Vitelic, Inc. (a)
     759   1,044
Motech Industries, Inc. (a)
     122,000   166,327
Namchow Holdings Co., Ltd.
     1,370,000   2,283,093
Nan Ya Plastics Corp.
     5,524,486   15,450,671
Nan Ya Printed Circuit Board Corp.
     57,000   707,181
Nanya Technology Corp.
     891,982   2,872,924
National Petroleum Co., Ltd.
     2,643,468   4,678,622
New Era Electronics Co., Ltd.
     70,000   67,834
Newmax Technology Co., Ltd. (a)
     75,654   151,663
Nexcom International Co., Ltd.
     1,388,638   1,250,762
Novatek Microelectronics Corp.
     833,296   16,792,668
OBI Pharma, Inc. (a)
     49,664   261,087
Oneness Biotech Co., Ltd. (a)
     137,000   1,269,986
Pacific Hospital Supply Co., Ltd.
     74,782   193,422
Pan Jit International, Inc.
     99,900   187,315
Parade Technologies, Ltd.
     30,000   1,287,982
PChome Online, Inc.
     3,519   10,680
Pegatron Corp.
     1,372,686   3,564,856
PharmaEngine, Inc.
     13,000   32,941
PharmaEssentia Corp. (a)
     20,000   67,991
Pharmally International Holding Co., Ltd. (a)(e)
     23,076   22,888
Phytohealth Corp. (a)
     10,540   10,232
Pihsiang Machinery Manufacturing Co., Ltd. (e)
     51,000   —
Polaris Group/Tw (a)
     233,746   447,290
Pou Chen Corp.
     5,331,462   6,166,132
Powertech Technology, Inc.
     1,384,285   5,118,357
President Chain Store Corp.
     125,000   1,191,603
Promate Electronic Co., Ltd.
     1,374,000   1,921,375
ProMOS Technologies, Inc. (e)
     257   —
Prosperity Dielectrics Co., Ltd.
     52,000   122,833
Quanta Computer, Inc.
     3,230,975   11,097,170
See accompanying notes to financial statements.
63

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Radiant Opto-Electronics Corp.
     51,000   $ 227,000
Realtek Semiconductor Corp.
     287,000   4,968,913
Ritek Corp. (a)
     173,938   64,008
Sampo Corp.
     3,614,600   3,882,785
Senhwa Biosciences, Inc. (a)
     8,000   49,066
Sensortek Technology Corp.
     4,000   104,861
Sesoda Corp.
     1,600,652   1,380,018
Shanghai Commercial & Savings Bank, Ltd.
     1,149,000   1,689,291
Shih Wei Navigation Co., Ltd. (a)
     1,513,221   954,613
Shin Kong Financial Holding Co., Ltd.
     7,059,755   2,263,932
Silicon Motion Technology Corp. ADR
     19,411   1,152,819
Simplo Technology Co., Ltd.
     3,000   39,007
Sinbon Electronics Co., Ltd.
     131,710   1,218,639
Sino-American Silicon Products, Inc.
     168,000   995,058
Sinon Corp.
     2,750,000   2,226,369
SinoPac Financial Holdings Co., Ltd.
     17,973,165   8,094,318
Sinphar Pharmaceutical Co., Ltd.
     933,830   1,026,025
Solar Applied Materials Technology Co.
     1,451,974   2,305,205
Stark Technology, Inc.
     1,229,747   3,047,107
Supreme Electronics Co., Ltd.
     4,063,818   6,095,798
TA Chen Stainless Pipe
     50,000   54,936
Ta Ya Electric Wire & Cable
     4,413,868   3,062,930
TA-I Technology Co., Ltd.
     60,000   168,437
TaiMed Biologics, Inc. (a)
     80,000   217,853
Taimide Tech, Inc.
     61,950   125,928
Tainan Enterprises Co., Ltd.
     1,079,589   690,516
Taishin Financial Holding Co., Ltd.
     17,806,347   8,362,424
Taisun Enterprise Co., Ltd.
     2,830,000   2,975,502
Taiwan Cement Corp.
     7,970,727   13,073,635
Taiwan Chinsan Electronic Industrial Co., Ltd. (a)
     79,983   144,364
Taiwan Cogeneration Corp.
     1,311,000   1,785,033
Taiwan Cooperative Financial Holding Co., Ltd.
     1,757,150   1,302,482
Taiwan Fire & Marine Insurance Co., Ltd.
     69,000   54,169
Taiwan FU Hsing Industrial Co., Ltd.
     1,303,000   2,162,305
Taiwan Land Development Corp. (a)
     4,163,750   1,056,515
Taiwan Mobile Co., Ltd.
     269,000   925,798
Taiwan Paiho, Ltd.
     1,211,433   3,451,775
Taiwan Sakura Corp.
     1,398,726   2,872,651
Taiwan Semiconductor Manufacturing Co., Ltd.
     13,931,560   286,609,390
Taiwan Surface Mounting Technology Corp.
     62,000   254,232
Taiwan TEA Corp. (a)
     2,687,913   1,643,854
Taiwan Union Technology Corp.
     260,612   1,091,478
See accompanying notes to financial statements.
64

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Taiyen Biotech Co., Ltd.
     1,364,500   $ 1,623,551
Tanvex BioPharma, Inc. (a)
     21,000   65,503
TCI Co., Ltd.
     28,724   217,446
Teapo Electronic Corp.
     48,300   198,901
TPK Holding Co., Ltd. (a)
     8,000   14,075
Transasia Airways Corp. (e)
     361,784   —
Tripod Technology Corp.
     1,196,923   5,893,796
TrueLight Corp. (a)
     9,100   12,980
TSEC Corp. (a)
     24,000   39,071
Tul Corp. (a)
     48,000   256,545
Tung Thih Electronic Co., Ltd. (a)
     8,000   84,674
Unimicron Technology Corp.
     520,000   1,667,543
Uni-President Enterprises Corp.
     2,750,993   7,038,254
United Microelectronics Corp. ADR (b)
     1,831,281   16,682,970
United Renewable Energy Co., Ltd. (a)
     200,295   105,297
Unity Opto Technology Co., Ltd. (a)(e)
     12,759   921
Vanguard International Semiconductor Corp.
     524,000   1,983,388
Ve Wong Corp.
     1,116,340   1,494,557
Via Technologies, Inc. (a)
     91,000   169,989
Visual Photonics Epitaxy Co., Ltd.
     310,151   1,288,084
Voltronic Power Technology Corp.
     41,000   1,587,811
Wafer Works Corp.
     177,000   261,781
Walsin Lihwa Corp.
     179,000   119,195
Walsin Technology Corp.
     100,000   874,426
Wan Hai Lines, Ltd.
     125,000   241,387
Wei Chuan Foods Corp.
     1,298,000   980,335
Wei Mon Industry Co., Ltd. (e)
     240,450   —
Weikeng Industrial Co., Ltd.
     1,445,199   1,066,184
Win Semiconductors Corp.
     161,000   2,206,252
Winbond Electronics Corp.
     1,324,670   1,369,564
WinWay Technology Co., Ltd.
     5,025   67,451
Wistron Corp.
     4,107,476   4,822,502
Wiwynn Corp.
     28,733   848,909
XinTec, Inc. (a)
     3,000   19,031
Yageo Corp.
     228,858   4,435,512
Young Optics, Inc. (a)
     43,000   131,563
Yuanta Financial Holding Co., Ltd.
     2,374,400   1,872,358
Yulon Finance Corp.
     10,890   48,471
Zeng Hsing Industrial Co., Ltd.
     70,350   403,120
Zenitron Corp.
     2,762,000   2,691,045
Zhen Ding Technology Holding, Ltd.
     39,000   164,704
          958,346,360
See accompanying notes to financial statements.
65

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
TANZANIA, UNITED REPUBLIC OF — 0.1%          
AngloGold Ashanti, Ltd.
     337,787   $ 7,362,287
THAILAND — 2.1%          
Advanced Info Service PCL
     1,552,542   8,619,713
Airports of Thailand PCL
     3,670,000   8,103,360
Asset World Corp. PCL
     7,200   1,175
Asset World Corp. PCL
     469,300   76,590
B Grimm Power PCL
     235,500   344,772
Bangkok Commercial Asset Management PCL
     153,686   106,720
Bangkok Dusit Medical Services PCL Class F
     1,097,900   758,869
Bangkok Expressway & Metro PCL (b)
     25,076,639   7,021,459
Bangkok Land PCL
     14,982,500   565,739
Bank of Ayudhya PCL
     536,000   643,200
Banpu PCL (b)
     4,602,960   1,855,913
Beauty Community PCL (a)
     1,111,200   64,716
BEC World PCL (a)
     553,400   171,775
Berli Jucker PCL
     79,000   99,224
Berli Jucker PCL
     2,400   3,014
BTS Group Holdings PCL
     690,500   213,226
Bumrungrad Hospital PCL
     139,500   607,104
Central Pattana PCL
     1,104,000   2,057,856
Central Plaza Hotel PCL (a)
     826,700   965,586
Central Retail Corp. PCL (a)(b)
     1,085,900   1,294,393
CH Karnchang PCL (a)
     138,248   79,188
Charoen Pokphand Foods PCL
     414,300   391,099
CP ALL PCL (a)
     3,810,300   8,443,625
CPN Retail Growth Leasehold REIT
     262,400   175,493
Delta Electronics Thailand PCL
     1,200   11,136
Electricity Generating PCL
     723,073   4,292,161
Energy Absolute PCL (b)
     1,673,300   3,319,827
Global Power Synergy PCL Class F
     194,500   479,248
Gulf Energy Development PCL
     2,645,720   2,836,212
Hana Microelectronics PCL
     60,700   107,318
Indorama Ventures PCL
     651,100   927,166
Intouch Holdings PCL
     2,400   4,454
Intouch Holdings PCL Class F
     116,300   215,853
IRPC PCL
     17,369,958   2,067,720
Jasmine International PCL (b)
     5,750,441   537,321
JMT Network Services PCL Class F
     26,600   39,581
Kasikornbank PCL
     1,239,600   5,791,411
KCE Electronics PCL
     43,900   78,669
Krung Thai Bank PCL
     963,100   375,994
See accompanying notes to financial statements.
66

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Land & Houses PCL
     1,506,400   $ 412,151
Minor International PCL (a)
     690,528   718,149
Muangthai Capital PCL (a)
     244,500   553,548
Pruksa Holding PCL
     552,900   226,468
PTT Exploration & Production PCL
     1,767,772   6,448,832
PTT Global Chemical PCL
     560,500   1,125,484
PTT PCL
     9,510,860   12,478,248
Quality Houses PCL
     5,138,883   404,533
Sansiri PCL
     5,329,933   184,203
Siam Cement PCL
     642,450   8,202,802
Siam Commercial Bank PCL
     2,117,500   7,555,240
Siam Future Development PCL
     4,524,175   904,835
Siam Makro PCL
     51,700   62,867
Sri Trang Agro-Industry PCL
     397,500   594,660
Sri Trang Gloves Thailand PCL (b)
     1,058,000   1,388,096
Srisawad Corp. PCL
     288,700   787,574
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund
     1,802,066   899,591
Thai Airways International PCL (a)
     1,250,900   163,318
Thai Beverage PCL
     8,365,800   4,607,541
Thai Oil PCL
     1,723,895   3,351,252
Thaicom PCL
     829,600   258,835
Tisco Financial Group PCL
     1,797,618   5,594,187
TMB Bank PCL
     80,644,394   3,174,163
Total Access Communication PCL
     134,800   141,270
True Corp. PCL (b)
     10,605,410   1,153,868
TTCL PCL (a)
     140,300   27,611
U City PCL Class F (a)
     1,791,350   55,604
VGI PCL (f)
     222,800   51,690
VGI PCL (f)
     4,800   1,114
          125,275,614
TURKEY — 0.5%          
Akbank T.A.S.
     2,643,968   1,498,288
Anadolu Efes Biracilik Ve Malt Sanayii A/S
     464,117   1,182,128
Aselsan Elektronik Sanayi Ve Ticaret A/S
     256,367   463,095
Bera Holding A/S (a)
     344,667   1,017,811
BIM Birlesik Magazalar A/S
     272,799   2,327,094
Coca-Cola Icecek A/S
     9,674   80,419
Dogan Sirketler Grubu Holding A/S
     3,150,998   1,229,751
EGE Endustri VE Ticaret A/S
     166   31,671
Enka Insaat ve Sanayi A/S
     163,449   156,413
Eregli Demir ve Celik Fabrikalari TAS
     1,708,648   3,150,457
See accompanying notes to financial statements.
67

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Ford Otomotiv Sanayi A/S
     92,327   $ 2,156,388
Gubre Fabrikalari TAS (a)
     34,511   304,819
Haci Omer Sabanci Holding A/S
     1,151,777   1,196,832
Izmir Demir Celik Sanayi A/S (a)
     98,482   30,224
KOC Holding A/S
     1,728,841   4,054,590
Logo Yazilim Sanayi Ve Ticaret A/S (a)
     11,326   212,801
Migros Ticaret A/S (a)
     17,969   75,990
MLP Saglik Hizmetleri AS (a)(c)
     75,505   188,301
Nuh Cimento Sanayi A/S
     7,910   56,102
Otokar Otomotiv Ve Savunma Sanayi A/S
     1,138   49,899
RTA Laboratuarlari Biyolojik Urunleri Ilac Sanayi Ve Ticaret A/S (a)
     34,258   126,911
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.
     94,289   119,738
Sok Marketler Ticaret AS (a)
     16,067   22,791
Tofas Turk Otomobil Fabrikasi A/S
     13,133   52,524
Turk Hava Yollari AO (a)
     567,104   873,654
Turk Telekomunikasyon A/S
     23,203   19,008
Turkcell Iletisim Hizmetleri A/S
     992,731   1,795,642
Turkiye Garanti Bankasi A/S (a)
     2,492,156   2,014,502
Turkiye Halk Bankasi A/S (a)
     221,098   115,408
Turkiye Is Bankasi A/S Class C (a)
     2,694,297   1,569,130
Turkiye Petrol Rafinerileri AS (a)
     131,880   1,434,128
Turkiye Sigorta A/S (a)
     163,892   121,391
Turkiye Vakiflar Bankasi TAO Class D (a)
     376,884   157,562
Ulker Biskuvi Sanayi A/S (a)
     596,095   1,516,842
Yapi ve Kredi Bankasi A/S (a)
     2,674,534   710,947
          30,113,251
UNITED ARAB EMIRATES — 0.7%          
Abu Dhabi Commercial Bank PJSC
     2,370,809   3,995,292
Abu Dhabi Islamic Bank PJSC
     65,580   87,127
Abu Dhabi National Oil Co. for Distribution PJSC
     1,676,388   2,049,190
Agthia Group PJSC
     78,176   137,702
Air Arabia PJSC (a)
     4,493,643   1,541,454
Ajman Bank PJSC (a)
     1,755,437   353,654
Al Waha Capital PJSC (a)
     842,011   279,666
Aldar Properties PJSC
     3,769,867   3,859,004
Arabtec Holding PJSC (a)(e)
     504,845   —
Bank of Sharjah (a)
     1,135,705   183,350
DAMAC Properties Dubai Co. PJSC (a)
     3,124,337   1,020,705
Depa, Ltd. (a)
     1,433,551   90,935
Deyaar Development PJSC (a)
     2,845,346   203,729
Dubai Financial Market PJSC
     1,809,166   507,314
See accompanying notes to financial statements.
68

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Dubai Investments PJSC
     1,534,781   $ 676,897
Dubai Islamic Bank PJSC
     205,284   254,289
DXB Entertainments PJSC (a)
     6,928,123   145,234
Emaar Malls PJSC (a)
     913,921   420,491
Emaar Properties PJSC (a)
     3,255,276   3,137,274
Emirates NBD Bank PJSC
     539,093   1,687,807
Emirates Telecommunications Group Co. PJSC
     771,373   4,544,468
Eshraq Investments PJSC (a)
     4,331,640   399,773
First Abu Dhabi Bank PJSC
     2,926,213   11,631,082
Gulf General Investment Co. (a)(e)
     638,957   15,525
Gulf Pharmaceutical Industries PSC (a)
     81,764   36,061
Invest bank PSC (a)
     76,929   9,425
National Central Cooling Co. PJSC
     2,101,136   1,601,672
Network International Holdings PLC (c)
     180,376   1,029,305
Orascom Construction PLC (f)
     5,586   33,516
Orascom Construction PLC (f)
     26,798   150,072
RAK Properties PJSC
     3,454,381   493,732
Ras Al Khaimah Ceramics
     219,983   106,603
SHUAA Capital PSC (a)
     4,669,504   839,027
Union Properties PJSC (a)
     1,075,136   78,151
          41,599,526
UNITED STATES — 0.1%          
Ideanomics, Inc. (a)(b)
     148,233   432,840
IntelliEPI, Inc.
     256,000   514,997
JBS SA
     529,611   2,841,861
Legend Biotech Corp. ADR (a)(b)
     65,331   1,895,906
Newater Technology, Inc. (a)(b)
     30,241   100,702
Titan Cement International SA (a)
     33,264   625,523
          6,411,829
TOTAL COMMON STOCKS

(Cost $5,038,646,499)
         6,065,646,264
CONVERTIBLE PREFERRED STOCKS — 0.0% (d)        
PHILIPPINES — 0.0% (d)          
Cebu Air, Inc. 6.00% 3/29/27 (a)
     683,572   573,193
TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $534,370)
         573,193
    
See accompanying notes to financial statements.
69

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
PREFERRED STOCKS — 0.0% (d)        
SOUTH AFRICA — 0.0% (d)          
Zambezi Platinum RF, Ltd. , Preference Shares 10.50%

(Cost: $526,881)
     104,110   $ 690,248
RIGHTS — 0.0% (d)        
BRAZIL — 0.0% (d)          
Eternit SA (expiring 4/26/21) (a)
     1,389   1,819
PDG Realty SA Empreendimentos e Participacoes (expiring 4/23/21) (a)
     422,305   1,497
          3,316
CHILE — 0.0% (d)          
Enjoy SA (expiring 4/16/21) (a)
     5,082,744   11,589
Sociedad Quimica y Minera de Chile SA (expiring 4/24/21) (a)
     16,651   66,695
          78,284
THAILAND — 0.0% (d)          
U City PCL (expiring 03/31/21) (a)
     4,999,650   43,197
TURKEY — 0.0% (d)          
Izmir Demir Celik Sanayi A/S (expiring 04/15/21) (a)
     91,021   49,710
TOTAL RIGHTS

(Cost $273,266)
         174,507
WARRANTS — 0.0% (d)        
MALAYSIA — 0.0% (d)          
GDEX Bhd, (expiring 01/04/28) (a)
     160,612   5,229
Malaysian Resources Corp. Bhd (expiring 10/29/27) (a)
     179,301   5,622
          10,851
SINGAPORE — 0.0% (d)          
Guan Chong Bhd (expiring 11/4/22) (a)
     227,666   80,162
THAILAND — 0.0% (d)          
Srisawad Corp. PCL (expiring 8/29/25) (a)
     9,740   6,046
TTCL PCL (expiring 6/28/21) (a)
     9,560   147
          6,193
TOTAL WARRANTS

(Cost $0)
         97,206
SHORT-TERM INVESTMENTS — 3.1%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.04% (g) (h)
   35,477,512   35,477,512
See accompanying notes to financial statements.
70

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (i) (j)
   157,040,390   $ 157,040,390
TOTAL SHORT-TERM INVESTMENTS

(Cost $192,517,902)
   192,517,902  
TOTAL INVESTMENTS — 102.6%

(Cost $5,232,498,918)
   6,259,699,320  
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.6)%
  (161,585,737)  
NET ASSETS — 100.0%
  $ 6,098,113,583  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at March 31, 2021.
(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 5.8% of net assets as of March 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d) Amount is less than 0.05% of net assets.
(e) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2021, total aggregate fair value of the securities is $565,968, representing less than 0.05% of the Fund's net assets.
(f) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at March 31, 2021.
(i) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(j) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
GDR Global Depositary Receipt
REIT Real Estate Investment Trust
See accompanying notes to financial statements.
71

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Common Stocks
   $5,949,571,962   $115,508,334   $565,968   $6,065,646,264
Convertible Preferred Stocks
   573,193   —   —   573,193
Preferred Stocks
   690,248   —   —   690,248
Rights
   131,310   43,197   —   174,507
Warrants
   97,206   —   —   97,206
Short-Term Investments
   192,517,902   —   —   192,517,902
TOTAL INVESTMENTS
   $6,143,581,821   $115,551,531   $565,968   $6,259,699,320
Sector Breakdown as of March 31, 2021

    
    % of Net Assets
  Financials 19.5%
  Consumer Discretionary 17.7
  Information Technology 15.2
  Communication Services 10.8
  Materials 8.7
  Consumer Staples 6.3
  Industrials 6.1
  Energy 5.2
  Health Care 4.7
  Real Estate 2.9
  Utilities 2.4
  Short-Term Investments 3.1
  Liabilities in Excess of Other Assets (2.6)
  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.
72

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Affiliate Table
  Number of
Shares Held
at 9/30/20 		  Value at
9/30/20 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/21 		  Value at
3/31/21 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 —   $ —   $ 14,588   $ 14,588   $—   $—   —   $ —   $ —
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 5,389,634   5,389,634   220,555,198   190,467,320   —   —   35,477,512   35,477,512   2,767
State Street Navigator Securities Lending Portfolio II
 54,591,785   54,591,785   505,673,190   403,224,585   —   —   157,040,390   157,040,390   389,778
Total
     $59,981,419   $726,242,976   $593,706,493   $—   $—       $192,517,902   $392,545
See accompanying notes to financial statements.
73

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.4%        
ARGENTINA — 0.0% (a)          
Globant SA (b)
     18,409   $ 3,821,892
AUSTRALIA — 6.7%          
Abacus Property Group REIT
     165,340   353,867
Afterpay, Ltd. (b)
     97,260   7,518,925
AGL Energy, Ltd.
     311,916   2,292,558
ALS, Ltd.
     222,450   1,640,073
Altium, Ltd.
     53,163   1,071,813
Alumina, Ltd.
     3,149,015   4,173,298
AMP, Ltd.
     1,726,920   1,663,865
Ampol, Ltd.
     125,088   2,338,959
Ansell, Ltd.
     272,111   8,132,621
APA Group Stapled Security
     858,648   6,552,972
Ardent Leisure Group, Ltd. (b)(c)
     3,041,209   2,142,612
Aristocrat Leisure, Ltd.
     456,818   11,951,582
ASX, Ltd.
     94,939   5,137,646
Atlas Arteria, Ltd. Stapled Security
     290,236   1,315,297
Aurizon Holdings, Ltd.
     1,021,085   3,033,067
AusNet Services
     827,087   1,155,960
Australia & New Zealand Banking Group, Ltd.
     1,279,561   27,463,598
Avita Medical, Ltd. CDI (b)
     602   2,325
Bendigo & Adelaide Bank, Ltd. (c)
     274,825   2,105,764
Betmakers Technology Group, Ltd. (b)(c)
     7,981,981   6,322,655
BHP Group PLC
     873,760   25,249,765
BHP Group, Ltd.
     1,227,249   42,343,460
Bigtincan Holdings, Ltd. (b)
     369,122   243,188
BlueScope Steel, Ltd.
     392,648   5,786,818
Boral, Ltd. (b)
     330,571   1,382,269
Brambles, Ltd.
     1,242,167   10,009,701
BWP Trust REIT
     1,894,167   5,698,635
carsales.com, Ltd.
     168,336   2,283,476
Chalice Mining, Ltd.
     523,675   2,070,068
Challenger, Ltd.
     308,474   1,503,675
Charter Hall Group REIT
     203,865   1,999,926
CIMIC Group, Ltd. (b)(c)
     55,279   740,596
Cleanaway Waste Management, Ltd.
     912,041   1,528,243
Coca-Cola Amatil, Ltd.
     293,153   2,998,650
Cochlear, Ltd.
     25,499   4,097,314
Coles Group, Ltd.
     548,385   6,687,016
Commonwealth Bank of Australia
     782,902   51,341,199
Computershare, Ltd. (d)
     224,826   2,575,430
See accompanying notes to financial statements.
74

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Computershare, Ltd. (d)
     25,359   $ 261,714
Crown Resorts, Ltd. (b)
     162,478   1,455,316
CSL, Ltd.
     218,880   44,119,789
CSR, Ltd. (c)
     1,095,025   4,820,669
De Grey Mining, Ltd. (b)
     542,426   406,942
Deterra Royalties, Ltd.
     250,994   749,385
Dexus REIT
     508,845   3,778,727
Domain Holdings Australia, Ltd. (b)
     74,934   239,709
Domino's Pizza Enterprises, Ltd.
     28,303   2,074,859
Dubber Corp., Ltd. (b)(c)
     945,924   1,275,220
Evolution Mining, Ltd.
     675,816   2,100,120
Flight Centre Travel Group, Ltd. (b)(c)
     24,448   334,989
Fortescue Metals Group, Ltd.
     794,980   12,103,875
Galaxy Resources, Ltd. (b)
     219,327   422,638
Glencore PLC (b)
     5,462,381   21,422,358
Goodman Group REIT
     734,376   10,135,195
GPT Group REIT
     817,909   2,865,618
GWA Group, Ltd. (c)
     1,030,996   2,245,838
Harvey Norman Holdings, Ltd. (c)
     271,515   1,184,961
Iluka Resources, Ltd.
     250,994   1,378,333
Incitec Pivot, Ltd. (b)
     785,256   1,740,443
Ingenia Communities Group REIT
     715,022   2,755,658
Insurance Australia Group, Ltd.
     1,927,249   6,869,721
JB Hi-Fi, Ltd.
     50,807   2,003,739
Kogan.com, Ltd. (c)
     67,568   617,558
LendLease Corp., Ltd. Stapled Security
     261,798   2,576,228
Liontown Resources, Ltd. (b)(c)
     1,105,099   357,722
LIVETILES, Ltd. (b)(c)
     3,738,731   612,235
Mach7 Technologies, Ltd. (b)(c)
     285,245   285,693
Macquarie Group, Ltd.
     184,733   21,503,470
Magellan Financial Group, Ltd.
     62,966   2,166,265
Medibank Pvt, Ltd.
     1,277,105   2,723,580
Megaport, Ltd. (b)
     98,922   835,564
Mesoblast, Ltd. (b)(c)
     331,162   547,338
Mineral Resources, Ltd.
     69,623   2,016,138
Mirvac Group REIT
     1,757,997   3,347,446
National Australia Bank, Ltd.
     1,296,645   25,677,332
Newcrest Mining, Ltd.
     403,929   7,512,875
NEXTDC, Ltd. (b)
     194,766   1,545,740
nib holdings, Ltd.
     203,021   808,720
Nine Entertainment Co. Holdings, Ltd.
     222,655   469,751
Northern Star Resources, Ltd.
     518,186   3,741,532
See accompanying notes to financial statements.
75

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Oil Search, Ltd.
     604,917   $ 1,889,014
Orica, Ltd.
     141,517   1,503,621
Origin Energy, Ltd.
     1,044,086   3,729,620
Orora, Ltd.
     699,671   1,620,029
OZ Minerals, Ltd.
     223,872   3,894,497
Perpetual, Ltd. (c)
     140,329   3,526,023
Pilbara Minerals, Ltd. (b)
     771,252   613,858
PointsBet Holdings, Ltd. (b)
     337,476   3,187,279
PolyNovo, Ltd. (b)(c)
     672,506   1,388,100
Qantas Airways, Ltd. (b)
     469,574   1,820,444
QBE Insurance Group, Ltd.
     629,107   4,609,513
Qube Holdings, Ltd.
     849,624   1,934,877
Ramsay Health Care, Ltd.
     59,884   3,055,913
REA Group, Ltd. (c)
     24,014   2,592,462
Redbubble, Ltd. (b)
     239,529   914,011
Rio Tinto PLC
     470,739   36,046,074
Rio Tinto, Ltd.
     180,544   15,229,381
Santos, Ltd.
     1,163,765   6,293,309
Scentre Group REIT
     2,424,259   5,206,952
SEEK, Ltd. (b)
     164,183   3,565,175
Silver Mines, Ltd. (b)(c)
     3,451,692   552,086
Sonic Healthcare, Ltd.
     283,883   7,587,142
South32, Ltd. (d)
     816,781   1,758,661
South32, Ltd. (d)
     1,467,039   3,139,810
Spark Infrastructure Group Stapled Security (c)
     812,222   1,342,425
Splitit, Ltd. (b)
     518,368   292,163
Stockland REIT
     1,154,572   3,869,271
Suncorp Group, Ltd.
     579,390   4,368,795
Sydney Airport Stapled Security (b)
     614,406   2,896,687
Tabcorp Holdings, Ltd.
     1,558,798   5,556,370
Telix Pharmaceuticals, Ltd. (b)
     107,114   349,177
Telstra Corp., Ltd.
     2,011,213   5,208,257
Temple & Webster Group, Ltd. (b)
     127,765   885,541
TPG TELECOM, Ltd.
     108,854   524,812
Transurban Group Stapled Security
     1,167,388   11,843,359
Treasury Wine Estates, Ltd.
     580,723   4,577,884
TUAS, Ltd. (b)
     54,368   27,744
Vicinity Centres REIT
     1,514,882   1,909,555
Wesfarmers, Ltd.
     548,399   21,999,632
West African Resources, Ltd. (b)(c)
     518,944   302,369
Westpac Banking Corp.
     1,557,164   28,950,601
Whispir, Ltd. (b)(c)
     362,365   932,864
See accompanying notes to financial statements.
76

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
WiseTech Global, Ltd.
     64,343   $ 1,423,649
Woodside Petroleum, Ltd.
     508,159   9,288,943
Woolworths Group, Ltd.
     494,847   15,403,912
Worley, Ltd.
     425,851   3,402,425
Zip Co., Ltd. (b)(c)
     70,740   397,628
          710,411,803
AUSTRIA — 0.3%          
ams AG (b)
     28,398   568,473
ANDRITZ AG (c)
     16,474   742,334
Erste Group Bank AG (b)
     163,726   5,564,991
IMMOFINANZ AG (b)
     42,421   868,017
Lenzing AG (b)
     5,856   752,951
Mayr Melnhof Karton AG
     3,794   782,124
Oesterreichische Post AG
     14,005   613,960
OMV AG
     162,354   8,254,638
Raiffeisen Bank International AG (b)
     61,368   1,350,916
S IMMO AG
     18,508   466,590
S&T AG (b)
     21,283   530,295
Telekom Austria AG
     61,554   486,154
UNIQA Insurance Group AG
     50,432   379,345
Vienna Insurance Group AG Wiener Versicherung Gruppe
     15,809   410,625
Voestalpine AG
     144,524   6,001,118
          27,772,531
BELGIUM — 0.8%          
Ackermans & van Haaren NV
     10,455   1,666,220
Aedifica SA REIT
     54,482   6,262,394
Ageas SA/NV
     151,674   9,191,208
Anheuser-Busch InBev SA
     341,347   21,563,690
Barco NV
     33,091   778,225
Befimmo SA REIT
     11,418   466,330
Bekaert SA
     45,002   1,887,145
Celyad Oncology SA (b)(c)
     11,837   84,168
Etablissements Franz Colruyt NV
     28,538   1,705,880
Euronav NV
     83,533   766,266
Fagron
     28,454   633,056
Galapagos NV (b)
     19,541   1,518,547
Gimv NV
     8,946   536,226
Groupe Bruxelles Lambert SA (d)
     51,212   5,312,319
Groupe Bruxelles Lambert SA (c)(d)
     108   11,203
KBC Ancora (b)
     16,579   711,213
KBC Group NV (b)
     156,520   11,405,388
See accompanying notes to financial statements.
77

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Materialise NV ADR (b)(c)
     4,422   $ 158,971
Melexis NV
     8,198   869,568
Proximus SADP
     65,877   1,437,012
Shurgard Self Storage SA
     10,990   501,808
Solvay SA (c)
     34,417   4,295,820
Telenet Group Holding NV
     21,073   856,446
Tessenderlo Group SA (b)
     11,612   511,102
UCB SA
     89,590   8,541,536
Umicore SA
     91,258   4,851,165
VGP NV
     2,820   452,076
          86,974,982
BRAZIL — 0.1%          
Wheaton Precious Metals Corp.
     186,780   7,133,262
Yara International ASA
     115,766   6,032,170
          13,165,432
CANADA — 8.5%          
AGF Management, Ltd. Class B
     307,347   1,831,586
Agnico Eagle Mines, Ltd.
     108,260   6,257,779
Aimia, Inc. (b)
     110,507   454,566
Air Canada (b)
     121,895   2,536,145
Alamos Gold, Inc. Class A
     178,268   1,392,841
Algonquin Power & Utilities Corp.
     125,102   1,981,765
Alimentation Couche-Tard, Inc. Class B
     389,059   12,543,001
AltaGas, Ltd. (c)
     67,354   1,122,165
Aphria, Inc. (b)(c)
     115,695   2,125,470
ARC Resources, Ltd. (c)
     172,388   1,058,866
Atco, Ltd. Class I
     34,417   1,142,441
Athabasca Oil Corp. (b)(c)
     157,259   66,314
Aurora Cannabis, Inc. (b)(c)
     38,574   358,778
B2Gold Corp.
     512,879   2,207,642
Badger Daylighting, Ltd. (c)
     29,999   1,023,238
Ballard Power Systems, Inc. (b)(c)
     74,181   1,809,005
Bank of Montreal
     287,071   25,585,944
Bank of Nova Scotia
     552,862   34,583,292
Barrick Gold Corp.
     916,941   18,187,802
BCE, Inc.
     126,447   5,707,394
BlackBerry, Ltd. (b)(c)
     298,375   2,502,186
Bombardier, Inc. Class B (b)(c)
     1,108,597   855,583
Boralex, Inc. Class A
     33,707   1,059,872
Brookfield Asset Management, Inc. Class A
     722,496   32,133,927
Burcon NutraScience Corp. (b)(c)
     168,368   626,934
See accompanying notes to financial statements.
78

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
CAE, Inc.
     132,847   $ 3,785,059
Cameco Corp.
     308,281   5,111,649
Canada Goose Holdings, Inc. (b)(c)
     26,978   1,058,887
Canadian Apartment Properties REIT
     34,495   1,478,220
Canadian Imperial Bank of Commerce
     204,790   20,049,655
Canadian National Railway Co.
     326,239   37,855,508
Canadian Natural Resources, Ltd.
     602,663   18,628,681
Canadian Pacific Railway, Ltd.
     62,718   23,952,453
Canadian Solar, Inc. (b)(c)
     20,956   1,040,046
Canadian Tire Corp., Ltd. Class A (c)
     38,896   5,518,816
Canadian Utilities, Ltd. Class A
     53,910   1,447,208
Canadian Western Bank (c)
     204,596   5,207,484
Canopy Growth Corp. (b)(c)
     79,318   2,547,062
Cargojet, Inc. (c)
     6,084   785,351
CCL Industries, Inc. Class B
     55,461   3,067,708
Cenovus Energy, Inc.
     571,396   4,291,664
CES Energy Solutions Corp. (c)
     144,524   185,132
CGI, Inc. (b)
     102,517   8,538,393
Choice Properties Real Estate Investment Trust
     68,973   744,141
CI Financial Corp. (c)
     111,378   1,608,395
Cineplex, Inc. (b)(c)
     28,538   270,428
Colliers International Group, Inc. (c)
     13,189   1,295,761
Constellation Software, Inc.
     9,017   12,591,157
Crescent Point Energy Corp. (c)
     328,178   1,368,224
CT Real Estate Investment Trust
     134,240   1,746,290
Descartes Systems Group, Inc. (b)
     37,307   2,275,791
Docebo, Inc. (b)
     31,245   1,342,427
Dollarama, Inc.
     157,464   6,955,803
Dorel Industries, Inc. Class B (b)
     22,540   227,579
Dye & Durham, Ltd.
     14,940   471,552
ECN Capital Corp.
     13,559   84,471
Element Fleet Management Corp. (c)
     177,628   1,943,259
Emera, Inc.
     67,389   2,998,820
Empire Co., Ltd. Class A
     74,230   2,313,984
Enbridge, Inc.
     893,218   32,534,925
Enerplus Corp. (c)
     71,935   361,149
Enghouse Systems, Ltd.
     18,052   837,213
Exchange Income Corp.
     65,847   2,108,194
Fairfax Financial Holdings, Ltd.
     17,896   7,810,678
Finning International, Inc.
     64,363   1,636,664
Firm Capital Mortgage Investment Corp.
     268,575   3,002,330
First Capital Real Estate Investment Trust
     61,804   810,875
See accompanying notes to financial statements.
79

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
First Majestic Silver Corp. (b)(c)
     126,622   $ 1,974,612
FirstService Corp. (c)
     14,660   2,175,818
Fortis, Inc.
     190,668   8,272,368
Franco-Nevada Corp.
     79,655   9,981,196
George Weston, Ltd.
     32,963   2,918,505
Gildan Activewear, Inc.
     106,961   3,273,040
GoldMining, Inc. (b)(c)
     100,948   167,062
Goodfood Market Corp. (b)(c)
     227,978   1,572,637
Gran Tierra Energy, Inc. (b)
     230,604   161,460
Granite Real Estate Investment Trust
     12,068   733,768
Great Canadian Gaming Corp. (b)(c)
     26,724   920,036
Great-West Lifeco, Inc.
     140,012   3,725,187
H&R Real Estate Investment Trust
     61,804   701,217
Home Capital Group, Inc. (b)
     25,829   633,574
Hydro One, Ltd. (e)
     76,925   1,791,459
iA Financial Corp., Inc.
     43,326   2,355,465
IAMGOLD Corp. (b)(c)
     389,657   1,159,500
IGM Financial, Inc. (c)
     36,749   1,119,853
Imperial Oil, Ltd. (c)
     114,299   2,768,239
Innergex Renewable Energy, Inc. (c)
     233,213   4,076,612
Intact Financial Corp.
     64,853   7,946,344
Inter Pipeline, Ltd. (c)
     155,098   2,217,537
International Petroleum Corp. (b)(c)
     34,436   111,965
Keyera Corp. (c)
     79,344   1,648,936
Kinross Gold Corp.
     506,413   3,372,460
Kirkland Lake Gold, Ltd.
     121,952   4,117,948
Lightspeed POS, Inc. (b)
     34,784   2,187,198
Linamar Corp.
     22,540   1,328,710
Lithium Americas Corp. (b)(c)
     32,192   517,387
Loblaw Cos., Ltd.
     87,536   4,889,229
Magna International, Inc.
     181,293   15,964,920
Manulife Financial Corp.
     959,341   20,631,728
Maple Leaf Foods, Inc. (c)
     34,410   784,379
Methanex Corp. (c)
     38,904   1,435,317
Metro, Inc.
     113,091   5,158,537
Morneau Shepell, Inc. (c)
     31,041   817,733
MTY Food Group, Inc. (b)
     76,456   3,506,933
National Bank of Canada (c)
     172,790   11,736,550
New Gold, Inc. (b)
     275,923   425,899
Northern Dynasty Minerals, Ltd. (b)(c)
     554,592   357,417
Northland Power, Inc. (c)
     69,566   2,521,169
Nutrien, Ltd.
     357,664   19,265,507
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Onex Corp.
     37,462   $ 2,329,657
Open Text Corp.
     100,880   4,809,428
Osisko Gold Royalties, Ltd. (c)
     65,373   719,865
Pan American Silver Corp. (c)
     81,565   2,446,593
Parex Resources, Inc. (b)(c)
     168,108   2,997,414
Pembina Pipeline Corp. (c)
     181,671   5,246,972
Peyto Exploration & Development Corp. (c)
     61,364   260,230
Pizza Pizza Royalty Corp. (c)
     124,969   1,033,081
Power Corp. of Canada (c)
     292,698   7,692,099
PrairieSky Royalty, Ltd. (c)
     94,910   1,023,217
Precision Drilling Corp. (b)(c)
     7,169   154,862
Premium Brands Holdings Corp. (c)
     13,349   1,271,758
Pretium Resources, Inc. (b)(c)
     84,090   872,446
Quebecor, Inc. Class B
     76,224   2,046,225
Real Matters, Inc. (b)(c)
     48,929   556,697
Restaurant Brands International, Inc.
     105,449   6,857,101
RioCan Real Estate Investment Trust
     71,910   1,113,393
Ritchie Bros Auctioneers, Inc.
     49,388   2,891,331
Rogers Communications, Inc. Class B
     260,320   12,002,661
Royal Bank of Canada
     653,786   60,273,051
Russel Metals, Inc. (c)
     27,009   537,021
Sandstorm Gold, Ltd. (b)
     79,620   540,366
Saputo, Inc.
     120,770   3,631,220
Secure Energy Services, Inc. (c)
     79,263   228,925
Seven Generations Energy, Ltd. Class A (b)
     80,552   544,768
Shaw Communications, Inc. Class B
     388,034   10,089,471
Sherritt International Corp. (b)(c)
     257,863   106,686
Shopify, Inc. Class A (b)
     47,134   52,030,971
SmartCentres Real Estate Investment Trust
     31,114   664,686
SNC-Lavalin Group, Inc. (c)
     91,867   1,966,203
SSR Mining, Inc.
     43,201   617,673
Stantec, Inc. (c)
     35,896   1,536,544
Stella-Jones, Inc.
     27,385   1,110,783
Sun Life Financial, Inc.
     356,654   18,022,115
Suncor Energy, Inc.
     877,829   18,347,908
TC Energy Corp. (c)
     418,637   19,188,986
Teck Resources, Ltd. Class B (b)
     271,369   5,197,002
TELUS Corp.
     461,389   9,188,500
Thomson Reuters Corp. (c)
     115,802   10,143,328
Tilray, Inc. Class 2 (b)(c)
     41,354   939,976
TMX Group, Ltd.
     22,497   2,337,497
Torex Gold Resources, Inc. (b)
     38,853   490,589
See accompanying notes to financial statements.
81

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Toromont Industries, Ltd.
     35,896   $ 2,747,214
Toronto-Dominion Bank
     892,259   58,184,785
Tourmaline Oil Corp.
     58,429   1,112,004
TransAlta Corp. (c)
     127,837   1,210,375
Transat AT, Inc. (b)(c)
     154,756   684,603
Trillium Therapeutics, Inc. (b)(c)
     37,225   398,654
Vermilion Energy, Inc. (c)
     51,024   370,648
Well Health Technologies Corp. (b)
     20,404   116,562
West Fraser Timber Co., Ltd. (c)
     19,391   1,394,868
Whitecap Resources, Inc. (c)
     166,647   731,902
WSP Global, Inc.
     28,364   2,698,174
Xenon Pharmaceuticals, Inc. (b)(c)
     58,068   1,039,417
Yamana Gold, Inc.
     539,541   2,343,871
Zymeworks, Inc. (b)(c)
     16,531   522,049
          900,083,458
CAYMAN ISLANDS — 0.0% (a)          
Endeavour Mining Corp.
     64,708   1,304,096
CHILE — 0.1%          
Antofagasta PLC
     158,813   3,703,033
Lundin Mining Corp.
     340,740   3,505,405
          7,208,438
CHINA — 0.6%          
Alibaba Health Information Technology, Ltd. (b)
     2,242,000   6,344,372
BOC Hong Kong Holdings, Ltd.
     11,000   38,414
Budweiser Brewing Co. APAC, Ltd. (e)
     593,700   1,771,680
China Evergrande New Energy Vehicle Group, Ltd. (b)(c)
     917,500   6,821,254
China Shandong Hi-Speed Financial Group, Ltd. (b)(c)
     11,346,000   715,104
China Tobacco International HK Co., Ltd. (c)
     288,000   748,297
China Traditional Chinese Medicine Holdings Co., Ltd.
     2,122,000   1,323,785
ENN Energy Holdings, Ltd.
     134,200   2,152,531
Fosun International, Ltd.
     776,000   1,085,978
Futu Holdings, Ltd. ADR (b)(c)
     31,698   5,034,276
Gemdale Properties & Investment Corp., Ltd.
     3,086,000   468,391
HC Group, Inc. (b)(c)
     678,000   91,569
HengTen Networks Group, Ltd. (b)(c)
     2,048,400   2,571,550
Kerry Logistics Network, Ltd.
     201,500   603,895
Nexteer Automotive Group, Ltd.
     320,000   392,259
Noble Group, Ltd. (b)(c)(f)
     60,740   —
Prosus NV
     196,438   21,886,805
VSTECS Holdings, Ltd.
     882,000   802,081
Wharf Holdings, Ltd.
     1,459,000   3,865,920
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)

Security Description     Shares   Value
Wilmar International, Ltd.
     1,496,000   $ 6,034,772
Zhongyu Gas Holdings, Ltd. (c)
     277,000   239,074
          62,992,007
COLOMBIA — 0.0% (a)          
Millicom International Cellular SA SDR (b)
     27,366   1,054,917
DENMARK — 1.9%          
Ambu A/S Class B
     157,837   7,430,470
AP Moller - Maersk A/S Class A
     1,492   3,256,113
AP Moller - Maersk A/S Class B
     2,985   6,950,746
Ascendis Pharma A/S ADR (b)
     16,210   2,089,145
Asetek A/S (b)
     10,132   99,702
Bavarian Nordic A/S (b)
     31,386   1,420,515
Carlsberg AS Class B
     47,903   7,377,787
cBrain A/S
     9,605   320,270
Chr. Hansen Holding A/S (b)
     44,887   4,088,665
Coloplast A/S Class B
     40,382   6,086,703
Danske Bank A/S
     462,533   8,676,217
DSV Panalpina A/S
     91,779   18,049,916
FLSmidth & Co. A/S (c)
     84,714   3,254,446
Genmab A/S (b)
     25,377   8,369,503
GN Store Nord A/S
     65,968   5,206,176
H&H International A/S Class B (b)
     42,055   1,085,942
ISS A/S (b)
     82,897   1,549,091
Jyske Bank A/S (b)
     22,382   1,070,298
NNIT A/S (e)
    4,428   74,454
Novo Nordisk A/S Class B
    781,657   53,084,663
Novozymes A/S Class B
    100,910   6,479,149
Orsted A/S (e)
    93,340   15,111,818
Pandora A/S (b)
    56,865   6,107,105
SimCorp A/S
    18,007   2,235,242
Vestas Wind Systems A/S
    124,903   25,699,272
Zealand Pharma A/S (b)
    44,624   1,414,609
          196,588,017
EGYPT — 0.0% (a)          
Centamin PLC
    1,052,142   1,509,706
FINLAND — 1.1%          
Cargotec Oyj Class B
    30,251   1,639,039
Caverion Oyj
    120,637   733,026
Citycon Oyj (c)
    72,012   600,067
Elisa Oyj
    70,400   4,231,379
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Fortum Oyj
     207,323   $ 5,545,852
Huhtamaki Oyj
     43,105   1,953,499
Kemira Oyj
     45,396   698,402
Kesko Oyj Class B
     138,038   4,231,114
Kone Oyj Class B
     177,233   14,510,307
Konecranes Oyj
     31,501   1,406,878
Metsa Board Oyj
     88,840   970,002
Neles Oyj
     58,384   743,140
Neste Oyj
     174,772   9,296,831
Nokia Oyj (b)(d)
     1,827,949   7,314,185
Nokia Oyj (b)(d)
     976,476   3,943,331
Nokian Renkaat Oyj (c)
     51,015   1,851,500
Nordea Bank Abp (d)
     1,478,841   14,591,091
Nordea Bank Abp (d)
     20,664   204,273
Orion Oyj Class B (c)
     46,416   1,864,066
Outokumpu Oyj (b)(c)
     278,109   1,614,695
Outotec Oyj
     400,091   4,469,505
QT Group Oyj (b)
     2,315   243,241
Sampo Oyj Class A
     203,345   9,193,994
Sanoma Oyj
     36,084   607,304
Stora Enso Oyj Class R
     259,460   4,850,121
Terveystalo Oyj (e)
     59,103   822,451
Tokmanni Group Corp.
     53,103   1,248,239
UPM-Kymmene Oyj
     237,904   8,564,406
Uponor Oyj
     58,212   1,294,441
Valmet Oyj (c)
     60,650   2,210,452
Wartsila OYJ Abp
     207,332   2,177,012
YIT Oyj (c)
     57,540   306,620
          113,930,463
FRANCE — 7.8%          
Accor SA (b)
     162,714   6,150,204
Adevinta ASA (b)
     62,911   927,855
Aeroports de Paris (b)
     14,942   1,789,499
Air Liquide SA
     201,908   33,056,219
Airbus SE (b)
     271,771   30,836,064
Albioma SA
     143,948   7,071,808
Alstom SA (b)
     177,943   8,892,476
Alten SA (b)
     13,174   1,549,888
Arkema SA
     19,545   2,374,076
Atos SE (b)
     39,388   3,079,390
AXA SA
     664,628   17,876,318
BioMerieux
     19,352   2,467,767
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
BNP Paribas SA (b)
     505,377   $ 30,815,127
Bollore SA
     248,880   1,204,550
Bouygues SA
     149,010   5,987,741
Bureau Veritas SA (b)
     106,407   3,035,208
Capgemini SE
     71,956   12,271,085
Carrefour SA
     449,948   8,167,681
Casino Guichard Perrachon SA (b)
     64,369   2,151,567
CGG SA (b)
     319,606   385,211
Christian Dior SE
     1,423   864,657
Cie de Saint-Gobain (b)
     302,562   17,893,840
Cie Generale des Etablissements Michelin SCA
     70,447   10,568,950
Cie Plastic Omnium SA
     32,972   1,210,612
Claranova SADIR (b)
     55,143   453,019
CNP Assurances (b)
     71,130   1,355,141
Covivio REIT
     27,969   2,399,652
Credit Agricole SA (b)
     551,327   7,999,243
Danone SA
     245,369   16,870,350
Dassault Systemes SE
     46,514   9,971,421
Edenred
     183,826   9,622,893
Eiffage SA (b)
     24,017   2,409,471
Electricite de France SA (b)
     193,375   2,600,009
Elior Group SA (c)(e)
     54,481   405,319
Elis SA (b)
     84,386   1,380,569
Engie SA (b)
     749,739   10,666,537
EssilorLuxottica SA
     110,045   17,958,279
Eurazeo SE (b)
     22,962   1,751,471
Eutelsat Communications SA
     38,996   475,736
Faurecia SE (b)(d)
     33,715   1,800,174
Faurecia SE (b)(d)
     8,416   448,176
Fnac Darty SA (b)(d)
     15,321   942,654
Fnac Darty SA (d)
     1,233   76,008
Focus Home Interactive SA (b)
     4,031   322,159
Gaztransport Et Technigaz SA
     10,208   815,827
Gecina SA REIT
     19,568   2,699,996
Getlink SE (b)
     187,369   2,880,408
Hermes International
     16,467   18,269,851
ICADE REIT
     20,638   1,512,351
Iliad SA
     7,391   1,408,104
Imerys SA
     17,824   869,783
Ipsen SA
     16,431   1,412,625
Kering SA
     34,476   23,849,850
Klepierre SA REIT
     87,411   2,042,868
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Lagardere SCA (b)
     142,900   $ 3,765,445
Legrand SA
     125,247   11,676,120
L'Oreal SA
     103,339   39,691,255
LVMH Moet Hennessy Louis Vuitton SE
     116,028   77,470,458
McPhy Energy SA (b)
     2,811   107,703
Nanobiotix SA (b)
     38,804   615,685
Natixis SA (b)
     214,991   1,031,435
Nexans SA (b)
     44,904   3,984,561
Novacyt SA (b)
     34,742   341,358
Orange SA
     959,418   11,845,474
Orpea SA (b)
     20,967   2,434,679
Pernod Ricard SA
     96,348   18,123,702
Poxel SA (b)
     10,952   85,341
Publicis Groupe SA
     168,512   10,306,629
Renault SA (b)
     110,627   4,801,633
Rexel SA (b)
     135,637   2,694,098
Rubis SCA
     45,278   2,149,894
Safran SA (b)
     152,125   20,748,861
Sanofi
     520,634   51,552,646
Sartorius Stedim Biotech
     10,672   4,405,030
Schneider Electric SE
     263,868   40,393,639
SCOR SE (b)
     84,312   2,883,573
SEB SA
     13,203   2,333,829
Societe BIC SA
     12,036   706,164
Societe Generale SA (b)
     340,275   8,924,327
Sodexo SA (b)
     46,413   4,461,031
SOITEC (b)
     9,185   1,881,590
Suez SA
     178,993   3,799,289
Technicolor SA (b)(c)
     7,919   26,158
Teleperformance
     26,872   9,815,887
Television Francaise 1 (b)(c)
     54,035   493,452
Thales SA
     46,463   4,626,384
TOTAL SE
     1,144,183   53,487,735
Ubisoft Entertainment SA (b)
     72,728   5,545,759
Unibail-Rodamco-Westfield REIT (b)(d)
     334,225   1,361,909
Unibail-Rodamco-Westfield REIT (b)(d)
     44,372   3,563,957
Valeo SA
     176,266   6,001,580
Vallourec SA (b)(c)
     5,773   196,765
Veolia Environnement SA
     394,179   10,127,265
Vinci SA
     219,623   22,549,607
Vivendi SE
     506,210   16,658,553
Wendel SE
     13,439   1,672,675
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Worldline SA (b)(e)
     53,471   $ 4,489,607
          830,130,479
GERMANY — 7.2%          
1&1 Drillisch AG
     19,526   550,085
Aareal Bank AG (b)
     22,542   641,145
Adidas AG (b)
     90,125   28,196,932
ADLER Group SA (b)(e)
     27,675   759,817
Affimed NV (b)
     256,902   2,032,095
AIXTRON SE (b)
     50,972   1,160,705
Allianz SE
     166,359   42,437,972
alstria office REIT-AG
     70,956   1,149,177
Aroundtown SA
     450,269   3,212,249
AURELIUS Equity Opportunities SE & Co. KGaA (b)
     23,675   751,281
Aurubis AG
     13,424   1,114,503
BASF SE
     412,711   34,361,580
Bayer AG
     416,025   26,383,955
Bayerische Motoren Werke AG
     145,589   15,138,161
Bayerische Motoren Werke AG Preference Shares
     19,543   1,558,438
Bechtle AG
     12,016   2,258,171
Beiersdorf AG
     37,931   4,016,683
Bilfinger SE
     56,747   2,079,541
BioNTech SE ADR (b)
     1,636   178,635
Brenntag SE
     71,834   6,146,246
CANCOM SE
     24,438   1,411,397
Carl Zeiss Meditec AG
     16,465   2,486,643
CECONOMY AG (b)
     74,908   434,386
Commerzbank AG (b)
     423,090   2,599,662
CompuGroup Medical SE & Co. KgaA
     18,192   1,540,504
Continental AG (b)
     47,809   6,332,601
Covestro AG (e)
     83,127   5,602,067
CTS Eventim AG & Co. KGaA (b)
     21,065   1,224,020
Daimler AG
     424,533   37,925,448
Delivery Hero SE (b)(e)
     51,704   6,714,829
Deutsche Bank AG (b)
     936,322   11,211,473
Deutsche Boerse AG
     106,989   17,817,941
Deutsche EuroShop AG (b)
     28,528   595,474
Deutsche Lufthansa AG (b)
     84,567   1,123,621
Deutsche Pfandbriefbank AG (b)(e)
     94,962   1,107,159
Deutsche Post AG
     521,368   28,628,311
Deutsche Telekom AG
     1,260,789   25,442,585
Deutsche Wohnen SE
     162,843   7,613,466
Deutz AG (b)
     54,562   408,487
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
DMG Mori AG
     32,963   $ 1,631,013
Duerr AG
     21,098   880,275
DWS Group GmbH & Co. KGaA (e)
     15,195   658,539
E.ON SE
     933,960   10,893,403
Encavis AG
     73,991   1,407,038
Evonik Industries AG
     55,520   1,968,019
Evotec SE (b)
     53,887   1,946,867
Fielmann AG (b)
     11,912   952,711
Fraport AG Frankfurt Airport Services Worldwide (b)
     23,948   1,459,374
Freenet AG
     59,871   1,436,177
Fresenius Medical Care AG & Co. KGaA
     99,481   7,333,220
Fresenius SE & Co. KGaA
     183,307   8,182,435
Fuchs Petrolub SE Preference Shares
     31,539   1,513,848
Fuchs Petrolub SE
     25,083   1,011,165
GEA Group AG
     81,452   3,345,781
Gerresheimer AG
     19,458   1,937,002
Grand City Properties SA
     52,024   1,306,031
GRENKE AG (c)
     11,914   452,281
Hamborner REIT AG
     224,517   2,378,830
Hannover Rueck SE
     27,073   4,957,382
Hapag-Lloyd AG (e)
     12,263   1,908,241
HeidelbergCement AG
     65,845   5,994,443
Hella GmbH & Co. KGaA (b)
     19,556   1,099,102
HelloFresh SE (b)
     59,092   4,417,071
Henkel AG & Co. KGaA Preference Shares
     91,473   10,305,733
Henkel AG & Co. KGaA
     51,102   5,072,080
HOCHTIEF AG
     7,489   671,579
HUGO BOSS AG
     29,981   1,179,371
Hypoport AG (b)
     1,716   911,600
Infineon Technologies AG
     522,763   22,213,743
Jenoptik AG
     22,794   685,818
Jumia Technologies AG ADR (b)
     30,120   1,068,055
Jungheinrich AG Preference Shares
     21,065   1,015,065
K+S AG
     97,779   973,599
KION Group AG
     38,496   3,809,572
Krones AG
     7,416   603,149
LANXESS AG
     42,007   3,103,449
LEG Immobilien SE
     27,854   3,671,758
Leoni AG (b)
     14,948   187,982
Marley Spoon AG ADR (b)
     132,556   252,403
Merck KGaA
     95,027   16,283,699
METRO AG
     74,908   793,234
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
MorphoSys AG (b)
     10,436   $ 911,076
MTU Aero Engines AG
     23,904   5,638,538
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
     68,005   20,988,630
Nemetschek SE
     23,873   1,526,351
New Work SE
     1,374   357,692
Nordex SE (b)
     28,262   909,463
Norma Group SE
     22,506   1,071,277
Northern Data AG (b)
     13,784   1,660,534
PATRIZIA AG
     34,934   886,851
Pfeiffer Vacuum Technology AG
     2,946   536,677
Porsche Automobil Holding SE Preference Shares
     80,820   8,588,788
ProSiebenSat.1 Media SE (b)
     102,478   2,099,912
Puma SE (b)
     42,359   4,158,998
Rational AG
     1,496   1,164,839
Rheinmetall AG
     19,493   1,979,434
RWE AG
     249,034   9,781,684
Salzgitter AG (b)
     46,531   1,456,885
SAP SE
     480,841   59,011,100
Sartorius AG Preference Shares
     21,030   10,509,476
Schaeffler AG Preference Shares
     75,384   671,579
Scout24 AG (e)
     33,205   2,524,970
Siemens AG
     370,241   60,920,165
Siemens Energy AG (b)
     188,071   6,766,026
Siemens Healthineers AG (e)
     62,870   3,413,768
Siltronic AG (b)
     9,023   1,458,150
Sixt SE (b)
     4,965   657,062
Sixt SE Preference Shares
     7,493   585,633
Software AG
     22,566   953,194
Stabilus SA
     10,555   744,317
Stroeer SE & Co. KGaA
     18,446   1,506,730
Suedzucker AG
     31,441   533,965
Symrise AG
     56,867   6,910,817
TAG Immobilien AG
     65,954   1,886,732
Talanx AG (b)
     28,990   1,232,041
Telefonica Deutschland Holding AG
     234,839   690,015
Thyssenkrupp AG (b)
     239,265   3,201,553
TUI AG (b)(c)
     408,496   2,069,547
Uniper SE
     93,383   3,389,172
United Internet AG
     56,908   2,287,431
Varta AG (b)(c)
     12,138   1,790,356
Volkswagen AG (c)
     13,621   4,949,907
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Volkswagen AG Preference Shares
     82,113   $ 23,026,657
Vonovia SE
     247,425   16,197,474
Wacker Chemie AG
     7,414   1,057,404
Zalando SE (b)(e)
     50,990   5,012,421
          763,894,873
GHANA — 0.0% (a)          
Tullow Oil PLC (b)(c)
     831,381   541,525
HONG KONG — 2.2%          
AIA Group, Ltd.
     5,273,400   63,963,576
ASM Pacific Technology, Ltd.
     144,200   1,837,173
Bank of East Asia, Ltd.
     610,555   1,300,515
Cafe de Coral Holdings, Ltd.
     140,000   303,250
Cathay Pacific Airways, Ltd. (c)
     1,068,000   995,955
Champion REIT
     1,115,000   653,988
China Eco Farming, Ltd. (b)
     14,000   68
China Youzan, Ltd. (b)
     5,876,000   1,919,755
Chow Tai Fook Jewellery Group, Ltd. (c)
     532,000   812,940
CK Asset Holdings, Ltd.
     1,019,848   6,191,670
CK Infrastructure Holdings, Ltd.
     287,500   1,708,481
CLP Holdings, Ltd.
     750,500   7,288,329
Dah Sing Banking Group, Ltd.
     423,725   479,620
Dah Sing Financial Holdings, Ltd.
     46,885   154,385
Dairy Farm International Holdings, Ltd.
     255,500   1,101,205
Esprit Holdings, Ltd. (b)
     1,452,819   143,891
First Pacific Co., Ltd.
     2,606,000   858,113
Fortune Real Estate Investment Trust (c)
     1,194,000   1,144,171
Glory Sun Financial Group, Ltd. (b)(c)
     14,636,000   480,057
Haitong International Securities Group, Ltd.
     1,030,000   328,563
Hang Lung Group, Ltd.
     1,468,000   3,716,049
Hang Lung Properties, Ltd.
     1,419,000   3,686,923
Hang Seng Bank, Ltd.
     111,700   2,162,320
Henderson Land Development Co., Ltd.
     215,869   969,050
HK Electric Investments & HK Electric Investments, Ltd. Stapled Security
     4,506,000   4,474,441
HKBN, Ltd.
     548,500   798,644
HKT Trust & HKT, Ltd. Stapled Security
     1,451,900   2,069,221
Hong Kong & China Gas Co., Ltd.
     3,886,548   6,148,929
Hong Kong Exchanges & Clearing, Ltd.
     584,839   34,408,268
Hong Kong Television Network, Ltd. (b)(c)
     958,000   1,454,045
Hongkong Land Holdings, Ltd.
     1,046,300   5,137,333
Hutchison China MediTech, Ltd. ADR (b)
     27,331   772,101
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Hysan Development Co., Ltd.
     377,841   $ 1,477,451
Jardine Matheson Holdings, Ltd.
     125,205   8,187,155
Jardine Strategic Holdings, Ltd. (c)
     89,600   2,958,592
Johnson Electric Holdings, Ltd.
     110,500   297,056
K Wah International Holdings, Ltd.
     581,000   301,170
Kerry Properties, Ltd.
     471,000   1,517,606
Landing International Development, Ltd. (b)
     132,000   5,263
Link REIT
     1,335,625   12,163,208
Long Well International Holdings, Ltd. (b)(f)
     3,424,000   25,985
Luk Fook Holdings International, Ltd.
     132,000   363,344
Man Wah Holdings, Ltd.
     599,200   1,242,416
Melco International Development, Ltd.
     229,000   466,574
Melco Resorts & Entertainment, Ltd. ADR (b)
     67,391   1,341,755
New World Development Co., Ltd.
     631,129   3,263,432
NWS Holdings, Ltd.
     1,205,000   1,272,508
Pacific Basin Shipping, Ltd.
     11,820,000   3,192,766
Pacific Textiles Holdings, Ltd.
     1,174,000   752,017
PAX Global Technology, Ltd.
     1,080,000   1,159,953
PCCW, Ltd.
     1,390,875   783,597
Power Assets Holdings, Ltd.
     102,500   605,155
Shangri-La Asia, Ltd. (b)
     514,000   513,706
Shun Tak Holdings, Ltd.
     760,000   232,660
Sino Land Co., Ltd. (c)
     3,229,858   4,495,117
Sun Hung Kai Properties, Ltd.
     683,009   10,349,087
SUNeVision Holdings, Ltd. (c)
     920,000   947,874
Swire Pacific, Ltd. Class A
     25,500   191,223
Swire Pacific, Ltd. Class B
     237,500   280,438
Swire Properties, Ltd.
     580,200   1,794,829
Techtronic Industries Co., Ltd.
     726,500   12,428,468
Value Partners Group, Ltd.
     402,000   273,017
Vitasoy International Holdings, Ltd.
     230,000   884,564
VTech Holdings, Ltd.
     140,200   1,262,340
Wharf Real Estate Investment Co., Ltd.
     167,000   935,481
Yue Yuen Industrial Holdings, Ltd.
     628,000   1,567,082
Yuexiu Real Estate Investment Trust
     421,000   215,524
          235,211,442
INDIA — 0.0% (a)          
Rhi Magnesita NV
     15,496   901,802
IRELAND — 0.7%          
AerCap Holdings NV (b)
     37,486   2,201,928
Amarin Corp. PLC ADR (b)(c)
     130,940   813,137
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Bank of Ireland Group PLC (b)(c)
     416,966   $ 2,072,953
C&C Group PLC (b)
     189,172   733,412
CRH PLC
     376,670   17,694,721
Dalata Hotel Group PLC (b)
     230,476   1,144,461
Flutter Entertainment PLC (b)(d)
     39,703   8,553,312
Flutter Entertainment PLC (b)(d)
     17,600   3,765,037
Glanbia PLC
     56,887   849,781
Greencore Group PLC (b)
     196,506   426,200
ICON PLC (b)(c)
     28,372   5,571,410
Kerry Group PLC Class A
     70,324   8,818,942
Kingspan Group PLC
     65,850   5,595,548
Ryanair Holdings PLC ADR (b)
     56,636   6,513,140
Smurfit Kappa Group PLC
     88,499   4,177,155
UDG Healthcare PLC
     112,842   1,222,930
          70,154,067
ISRAEL — 0.7%          
Airport City, Ltd. (b)
     28,481   400,734
Alony Hetz Properties & Investments, Ltd.
     64,569   831,050
Amot Investments, Ltd.
     80,973   433,675
Bank Hapoalim BM (b)
     482,484   3,758,939
Bank Leumi Le-Israel BM (b)
     611,577   4,034,754
Bayside Land Corp., Ltd.
     65,822   525,834
Bezeq The Israeli Telecommunication Corp., Ltd. (b)
     978,662   1,048,011
Biondvax Pharmaceuticals, Ltd. ADR (b)(c)
     74,890   284,582
Check Point Software Technologies, Ltd. (b)(c)
     66,253   7,418,348
Compugen, Ltd. (b)(c)
     55,999   481,031
Electra, Ltd.
     875   456,563
Enlight Renewable Energy, Ltd. (b)
     362,187   679,908
First International Bank Of Israel, Ltd.
     22,931   640,407
Fiverr International, Ltd. (b)
     10,106   2,194,821
Harel Insurance Investments & Financial Services, Ltd.
     50,804   513,875
ICL Group, Ltd.
     202,426   1,187,956
Isracard, Ltd. (b)
     24,040   82,760
Israel Discount Bank, Ltd. Class A (b)
     522,049   2,174,487
Melisron, Ltd. (b)
     9,174   512,525
Mivne Real Estate KD, Ltd.
     261,156   643,120
Nano Dimension, Ltd. ADR (b)(c)
     75,536   648,854
Nice, Ltd. (b)
     28,496   6,169,704
Nova Measuring Instruments, Ltd. (b)
     11,503   1,010,699
Paz Oil Co., Ltd.
     4,310   396,530
Phoenix Holdings, Ltd. (b)
     64,219   564,446
Plus500, Ltd.
     47,056   908,925
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Radware, Ltd. (b)
     17,888   $ 466,519
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.
     74,219   4,831,902
Redhill Biopharma, Ltd. ADR (b)(c)
     16,296   119,287
Reit 1, Ltd.
     696,077   3,224,995
Sapiens International Corp. NV
     11,418   359,520
Shapir Engineering and Industry, Ltd.
     62,405   451,939
Shikun & Binui, Ltd. (b)
     98,734   573,508
Shufersal, Ltd.
     896,690   7,389,283
Strauss Group, Ltd.
     162,672   4,390,344
Teva Pharmaceutical Industries, Ltd. ADR (b)
     494,789   5,709,865
Wix.com, Ltd. (b)
     19,339   5,399,836
          70,919,536
ITALY — 1.8%          
A2A SpA
     674,069   1,229,546
AMCO - Asset Management Co. SpA (b)(c)(f)
     102   —
Amplifon SpA (b)
     37,561   1,401,176
Anima Holding SpA (e)
     125,559   648,125
Assicurazioni Generali SpA (b)
     141,558   2,838,324
ASTM SpA (b)
     16,442   498,566
Atlantia SpA (b)
     187,828   3,521,029
Autogrill SpA (b)(c)
     55,967   463,735
Azimut Holding SpA
     48,345   1,104,294
Banca Generali SpA (b)
     32,981   1,163,652
Banca IFIS SpA
     88,797   1,174,084
Banca Mediolanum SpA (b)
     113,169   1,070,710
Banca Monte dei Paschi di Siena SpA (b)(c)
     7,251   9,749
Banca Popolare di Sondrio SCPA (b)
     328,608   1,103,024
Banco BPM SpA (b)
     462,717   1,324,229
BFF Bank SpA (b)(c)(e)
     133,026   980,286
Biesse SpA
     4,547   130,609
BPER Banca (b)
     636,461   1,403,683
Brembo SpA (b)
     203,411   2,538,911
Brunello Cucinelli SpA (b)(c)
     15,340   660,947
Buzzi Unicem SpA
     52,125   1,358,189
Cerved Group SpA (b)
     87,064   964,937
Credito Valtellinese SpA (b)
     42,221   604,995
Davide Campari-Milano NV
     37,159   417,164
De' Longhi SpA
     33,782   1,367,405
DiaSorin SpA
     10,615   1,706,690
Enav SpA (e)
     112,247   547,220
Enel SpA
     2,541,908   25,372,863
Eni SpA
     1,155,559   14,252,194
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
ERG SpA
     24,289   $ 723,377
Esprinet SpA
     184,300   2,330,699
Falck Renewables SpA
     53,930   386,959
Ferrari NV
     48,732   10,214,941
FinecoBank Banca Fineco SpA (b)
     177,210   2,906,475
Hera SpA
     332,559   1,277,319
Immobiliare Grande Distribuzione SIIQ SpA REIT
     242,285   1,009,465
Infrastrutture Wireless Italiane SpA (e)
     105,596   1,179,016
Interpump Group SpA
     90,544   4,573,773
Intesa Sanpaolo SpA (b)
     7,455,548   20,245,759
Iren SpA
     1,370,968   3,796,218
Italgas SpA
     148,774   967,817
Leonardo SpA
     325,950   2,644,845
Mediaset SpA (b)
     331,443   955,943
Mediobanca Banca di Credito Finanziario SpA (b)
     192,413   2,138,407
Moncler SpA (b)
     73,272   4,208,515
Nexi SpA (b)(e)
     110,655   1,935,185
Pirelli & C SpA (b)(e)
     179,914   1,057,687
Poste Italiane SpA (e)
     205,551   2,618,770
PRADA SpA (b)
     151,200   944,216
Prysmian SpA
     93,500   3,045,066
Recordati Industria Chimica e Farmaceutica SpA
     71,837   3,872,803
Reply SpA
     62,857   7,971,198
Saipem SpA (c)
     452,885   1,237,008
Salvatore Ferragamo SpA (b)(c)
     31,368   603,141
Snam SpA
     990,366   5,503,281
Societa Cattolica di Assicurazioni SC (b)(c)
     230,328   1,354,875
Technogym SpA (b)(e)
     79,836   929,867
Telecom Italia SpA (d)
     6,625,469   3,591,323
Telecom Italia SpA (d)
     2,794,440   1,610,623
Terna Rete Elettrica Nazionale SpA
     649,294   4,912,934
UniCredit SpA (b)
     902,768   9,562,998
Unipol Gruppo SpA (b)
     166,836   932,567
UnipolSai Assicurazioni SpA (c)
     261,763   788,814
Zignago Vetro SpA
     180,510   3,436,883
          185,325,103
JAPAN — 22.7%          
3-D Matrix, Ltd. (b)
     156,800   402,997
ABC-Mart, Inc.
     9,500   536,471
Acom Co., Ltd.
     294,200   1,371,158
Activia Properties, Inc. REIT
     169   742,529
ADEKA Corp.
     22,400   440,297
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Advance Residence Investment Corp. REIT
     419   $ 1,315,774
Advanced Media, Inc. (b)(c)
     6,800   50,585
Advantest Corp.
     152,700   13,376,796
Aeon Co., Ltd.
     599,420   17,895,806
AEON Financial Service Co., Ltd.
     3,500   47,036
Aeon Mall Co., Ltd.
     22,100   385,000
AEON REIT Investment Corp.
     545   734,887
AGC, Inc.
     143,500   6,012,715
AI inside, Inc. (b)(c)
     1,800   579,095
Aica Kogyo Co., Ltd.
     13,300   480,244
Aiming, Inc. (b)(c)
     100,800   386,780
Ain Holdings, Inc.
     6,000   387,692
Air Water, Inc.
     143,500   2,519,366
Aisin Seiki Co., Ltd.
     144,200   5,480,905
Ajinomoto Co., Inc.
     294,800   6,044,067
Akita Bank, Ltd.
     16,555   219,485
ALBERT, Inc. (b)(c)
     10,100   577,665
Alconix Corp.
     7,800   116,753
Alfresa Holdings Corp.
     145,300   2,804,750
Alps Alpine Co., Ltd. (c)
     144,300   1,906,588
Amada Co., Ltd.
     151,500   1,691,864
Amano Corp.
     23,000   559,493
ANA Holdings, Inc. (b)
     29,500   686,643
AnGes, Inc. (b)(c)
     38,900   375,975
Anritsu Corp. (c)
     34,000   743,385
Aomori Bank, Ltd.
     1,010   23,079
Aoyama Trading Co., Ltd. (b)
     2,100   15,717
Aozora Bank, Ltd.
     14,200   325,636
Arcs Co., Ltd.
     21,600   467,381
As One Corp.
     5,000   629,412
Asahi Group Holdings, Ltd.
     304,436   12,852,434
Asahi Holdings, Inc.
     33,200   636,358
Asahi Intecc Co., Ltd.
     111,800   3,085,882
Asahi Kasei Corp.
     596,750   6,882,877
Asics Corp.
     144,700   2,311,271
Astellas Pharma, Inc.
     1,059,000   16,311,475
Atom Corp. (c)
     452,600   3,133,385
Awa Bank, Ltd.
     2,310   52,095
Azbil Corp.
     33,200   1,431,656
Bandai Namco Holdings, Inc.
     145,700   10,407,331
Bank of Iwate, Ltd.
     146,255   3,162,020
Bank of Kyoto, Ltd. (c)
     10,700   659,430
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Bank of Okinawa, Ltd.
     149,800   $ 4,134,751
BASE, Inc. (b)(c)
     61,500   886,602
BayCurrent Consulting, Inc.
     3,100   708,371
Benefit One, Inc.
     24,500   651,633
Benesse Holdings, Inc.
     4,100   86,378
Bic Camera, Inc.
     111,800   1,254,588
Bridgestone Corp.
     238,865   9,673,492
Brightpath Biotherapeutics Co., Ltd. (b)
     138,500   244,412
Brother Industries, Ltd.
     144,500   3,202,538
CAICA, Inc. (b)(c)
     6,267,000   2,779,032
Calbee, Inc.
     15,800   403,508
Can Do Co., Ltd.
     5,300   96,503
Canon, Inc. (c)
     589,216   13,344,009
Capcom Co., Ltd.
     35,200   1,145,195
Casio Computer Co., Ltd. (c)
     303,700   5,730,448
Central Japan Railway Co.
     86,900   13,015,339
Change, Inc. (b)(c)
     51,600   1,660,072
Chiba Bank, Ltd.
     283,350   1,859,084
Chubu Electric Power Co., Inc.
     297,565   3,837,377
Chugai Pharmaceutical Co., Ltd.
     388,040   15,763,905
Chugoku Bank, Ltd.
     143,500   1,214,231
Chugoku Electric Power Co., Inc. (c)
     144,000   1,771,004
Citizen Watch Co., Ltd.
     146,400   500,807
CKD Corp.
     26,100   544,911
Coca-Cola Bottlers Japan Holdings, Inc. (c)
     143,100   2,498,099
cocokara fine, Inc. (c)
     9,800   754,733
COLOPL, Inc.
     2,000   15,095
Colowide Co., Ltd. (c)
     2,400   41,267
Comforia Residential REIT, Inc.
     127   387,896
COMSYS Holdings Corp.
     32,900   1,015,285
Concordia Financial Group, Ltd. (c)
     596,900   2,425,413
COOKPAD, Inc. (b)
     144,200   408,458
Cosmo Energy Holdings Co., Ltd.
     8,700   207,619
Cosmos Pharmaceutical Corp.
     6,000   937,738
Crea Holdings, Inc. (b)(c)
     776,900   513,246
Credit Saison Co., Ltd.
     297,600   3,576,586
Creek & River Co., Ltd. (c)
     9,600   124,409
CrowdWorks, Inc. (b)
     51,500   808,620
CyberAgent, Inc.
     122,400   2,207,631
Dai Nippon Printing Co., Ltd.
     140,000   2,938,100
Daicel Corp. (c)
     147,400   1,136,514
Daido Steel Co., Ltd.
     8,500   393,077
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Daifuku Co., Ltd.
     10,600   $ 1,039,855
Dai-ichi Life Holdings, Inc.
     594,700   10,236,375
Daiichi Sankyo Co., Ltd.
     891,795   26,027,501
Daiichikosho Co., Ltd.
     15,000   582,353
Daikin Industries, Ltd.
     153,710   31,048,029
Daio Paper Corp.
     41,700   716,636
Daishi Hokuetsu Financial Group, Inc.
     1,517   35,831
Daito Trust Construction Co., Ltd.
     14,155   1,643,517
Daiwa House Industry Co., Ltd. (c)
     301,200   8,834,291
Daiwa House REIT Investment Corp.
     1,323   3,557,134
Daiwa Office Investment Corp. REIT
     92   648,579
Daiwa Securities Group, Inc.
     1,360,350   7,043,043
Daiwa Securities Living Investments Corp. REIT
     570   560,199
Daiwabo Holdings Co., Ltd.
     40,000   608,869
DCM Holdings Co., Ltd.
     49,200   515,598
DD Holdings Co., Ltd. (c)
     5,300   28,586
Demae-Can Co., Ltd. (b)
     1,200   26,465
DeNA Co., Ltd.
     144,100   2,819,404
Denka Co., Ltd.
     7,000   280,000
Denso Corp.
     269,510   17,919,366
Dentsu Group, Inc.
     145,300   4,668,009
DIC Corp.
     5,300   137,512
Digital Garage, Inc.
     12,500   509,615
Disco Corp.
     7,100   2,232,805
DMG Mori Co., Ltd.
     27,200   446,523
Dowa Holdings Co., Ltd.
     4,400   183,367
Duskin Co., Ltd.
     18,300   461,226
East Japan Railway Co.
     154,700   10,974,600
Ebara Corp.
     3,800   155,267
Eisai Co., Ltd.
     149,951   10,067,751
Electric Power Development Co., Ltd. (c)
     137,500   2,406,561
EM Systems Co., Ltd.
     32,700   250,947
ENEOS HoldingS, Inc.
     1,642,000   7,453,640
euglena Co., Ltd. (b)
     5,000   47,919
Ezaki Glico Co., Ltd.
     2,700   108,611
FAN Communications, Inc.
     5,200   19,388
Fancl Corp.
     16,900   571,235
FANUC Corp.
     96,055   22,761,993
Fast Retailing Co., Ltd.
     23,800   18,981,846
Feed One Co., Ltd.
     450,080   3,726,907
FFRI, Inc. (b)(c)
     7,500   149,186
Financial Products Group Co., Ltd.
     148,500   970,290
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
FINDEX, Inc.
     130,200   $ 1,279,613
Fixstars Corp.
     7,700   71,983
Focus Systems Corp. (c)
     13,300   118,797
Foster Electric Co., Ltd.
     151,500   1,790,579
FP Corp. (c)
     11,600   472,923
Freee KK (b)(c)
     3,100   263,710
Frontier Real Estate Investment Corp. REIT
     177   755,253
Fuji Corp.
     29,600   759,421
Fuji Electric Co., Ltd.
     38,300   1,597,855
Fuji Kyuko Co., Ltd. (c)
     11,500   611,946
Fuji Oil Holdings, Inc. (c)
     20,000   534,480
Fuji Seal International, Inc.
     17,500   391,810
Fuji Soft, Inc.
     10,800   560,036
FUJIFILM Holdings Corp.
     249,910   14,861,164
Fujitec Co., Ltd.
     30,500   650,851
Fujitsu General, Ltd.
     23,800   664,462
Fujitsu, Ltd.
     140,051   20,278,878
Fukuoka Financial Group, Inc. (c)
     300,634   5,710,686
Fukuoka REIT Corp.
     10   15,728
Fukuyama Transporting Co., Ltd.
     9,000   371,403
Furukawa Electric Co., Ltd. (c)
     146,755   3,944,456
Fuyo General Lease Co., Ltd.
     10,000   689,593
GA Technologies Co., Ltd. (b)(c)
     15,300   306,138
Gakujo Co., Ltd. (c)
     17,400   248,009
giftee, Inc. (b)(c)
     8,200   258,986
Glory, Ltd.
     15,000   323,077
GLP J-REIT
     1,512   2,487,616
GMO internet, Inc.
     26,400   757,357
GMO Payment Gateway, Inc.
     7,400   983,095
GNI Group, Ltd. (b)(c)
     36,900   725,644
Goldwin, Inc.
     7,600   486,950
GS Yuasa Corp. (c)
     3,400   92,308
Gumi, Inc. (c)
     15,300   125,862
GungHo Online Entertainment, Inc.
     8,100   160,241
Gunma Bank, Ltd.
     155,300   557,956
Gurunavi, Inc. (b)(c)
     5,200   29,035
H.U. Group Holdings, Inc. (c)
     20,000   672,398
Hachijuni Bank, Ltd.
     292,100   1,065,306
Hakuhodo DY Holdings, Inc.
     147,900   2,469,462
Hamamatsu Photonics KK
     144,300   8,540,471
Hankyu Hanshin Holdings, Inc.
     149,000   4,780,136
Hankyu Hanshin REIT, Inc.
     1,524   2,082,570
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Harmonic Drive Systems, Inc. (c)
     10,200   $ 690,462
Haseko Corp.
     148,300   2,078,884
Hazama Ando Corp.
     103,800   797,522
Heiwa Real Estate REIT, Inc.
     4,478   6,297,567
Hikari Tsushin, Inc.
     5,000   1,007,692
Hino Motors, Ltd.
     145,000   1,249,231
Hirogin Holdings, Inc. (c)
     15,500   94,964
Hirose Electric Co., Ltd.
     8,240   1,269,184
Hisamitsu Pharmaceutical Co., Inc.
     23,800   1,552,923
Hitachi Construction Machinery Co., Ltd.
     13,700   439,516
Hitachi Metals, Ltd. (b)(c)
     147,000   2,423,837
Hitachi Transport System, Ltd.
     18,400   619,439
Hitachi, Ltd.
     484,895   21,958,503
Hokkoku Bank, Ltd.
     16,555   422,939
Hokuhoku Financial Group, Inc.
     28,600   266,329
Hokuriku Electric Power Co.
     145,900   999,514
Honda Motor Co., Ltd.
     766,775   23,031,007
Horiba, Ltd.
     4,900   309,520
Hoshizaki Corp.
     15,400   1,376,941
House Foods Group, Inc.
     12,000   395,294
Hoya Corp.
     152,106   17,901,706
Hulic Co., Ltd.
     150,500   1,777,398
Hulic Reit, Inc.
     1,114   1,747,115
Hyakugo Bank, Ltd.
     143,850   434,805
Ibiden Co., Ltd.
     150,300   6,923,321
IBJ, Inc.
     17,100   147,168
Ichigo Office REIT Investment Corp.
     5,989   5,138,074
Idemitsu Kosan Co., Ltd. (c)
     122,694   3,168,947
IHI Corp. (c)
     30,800   625,756
Iida Group Holdings Co., Ltd. (c)
     129,900   3,145,814
Inaba Denki Sangyo Co., Ltd.
     23,600   569,817
Industrial & Infrastructure Fund Investment Corp. REIT
     160   274,968
Infomart Corp.
     592,400   5,109,115
Inpex Corp.
     453,000   3,099,258
Intage Holdings, Inc.
     293,000   3,449,710
Internet Initiative Japan, Inc. (c)
     23,000   540,760
Invesco Office J-Reit, Inc.
     4,225   666,441
Invincible Investment Corp. REIT
     2,769   1,046,206
IR Japan Holdings, Ltd.
     3,600   435,584
Iriso Electronics Co., Ltd.
     4,400   196,507
Isetan Mitsukoshi Holdings, Ltd. (c)
     152,800   1,075,823
Isuzu Motors, Ltd.
     603,100   6,489,465
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
ITmedia, Inc.
     9,100   $ 153,424
Ito En, Ltd.
     8,200   503,873
ITOCHU Corp. (c)
     690,350   22,409,823
Itochu Techno-Solutions Corp.
     23,600   761,394
Itoham Yonekyu Holdings, Inc.
     86,800   572,644
Iwatani Corp.
     18,400   1,137,303
Iyo Bank, Ltd.
     149,200   896,550
Izumi Co., Ltd.
     6,100   239,308
J Front Retailing Co., Ltd.
     143,900   1,368,678
JAFCO Group Co., Ltd. (c)
     2,100   125,050
Japan Airlines Co., Ltd. (b)
     14,000   312,941
Japan Airport Terminal Co., Ltd. (b)(c)
     18,600   915,692
Japan Excellent, Inc. REIT
     1,441   1,870,040
Japan Exchange Group, Inc.
     299,000   7,021,765
Japan Hotel REIT Investment Corp.
     1,513   853,031
Japan Logistics Fund, Inc. REIT
     37   104,471
Japan Metropolitan Fund Invest REIT
     10,307   10,549,518
Japan Post Bank Co., Ltd. (c)
     12,600   121,325
Japan Post Holdings Co., Ltd. (b)
     387,500   3,460,147
Japan Post Insurance Co., Ltd.
     14,300   294,282
Japan Prime Realty Investment Corp. REIT
     120   448,507
Japan Real Estate Investment Corp. REIT
     151   892,335
Japan Steel Works, Ltd.
     31,100   739,364
Japan Tobacco, Inc.
     443,100   8,521,154
JCR Pharmaceuticals Co., Ltd.
     24,400   791,620
Jeol, Ltd.
     15,300   607,846
JFE Holdings, Inc.
     299,710   3,696,875
JGC Holdings Corp.
     145,200   1,781,821
JSR Corp.
     295,100   8,919,765
J-Stream, Inc. (c)
     4,700   203,950
JTEKT Corp.
     146,200   1,495,077
Kadokawa Dwango
     23,400   909,529
Kagome Co., Ltd.
     11,700   372,176
Kajima Corp.
     145,337   2,066,284
Kakaku.com, Inc.
     147,600   4,033,955
Kaken Pharmaceutical Co., Ltd.
     2,000   78,462
Kamigumi Co., Ltd.
     18,400   349,184
Kaneka Corp.
     7,600   312,941
Kansai Electric Power Co., Inc.
     595,200   6,452,938
Kansai Paint Co., Ltd.
     147,700   3,949,805
Kao Corp.
     267,100   17,676,944
Katitas Co., Ltd.
     20,300   567,665
See accompanying notes to financial statements.
100

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Kawasaki Heavy Industries, Ltd. (b)
     40,200   $ 997,542
Kawasaki Kisen Kaisha, Ltd. (b)(c)
     33,700   773,118
KDDI Corp.
     775,700   23,832,593
Keihan Holdings Co., Ltd.
     22,700   944,977
Keikyu Corp.
     149,300   2,257,740
Keio Corp.
     14,700   989,756
Keisei Electric Railway Co., Ltd.
     145,400   4,763,330
Kenedix Office Investment Corp. REIT
     42   299,131
Kenedix Residential Next Investment Corp. REIT
     223   435,909
Kewpie Corp.
     5,500   125,430
Key Coffee, Inc.
     16,100   309,907
Keyence Corp.
     100,000   45,493,213
Kikkoman Corp.
     24,800   1,479,023
Kinden Corp.
     43,500   742,059
Kintetsu Group Holdings Co., Ltd. (b)
     24,410   932,219
Kirin Holdings Co., Ltd.
     443,700   8,514,623
Kiyo Bank, Ltd.
     303,000   4,543,629
KNT-CT Holdings Co., Ltd. (b)(c)
     71,300   660,090
Kobayashi Pharmaceutical Co., Ltd.
     14,300   1,336,824
Kobe Bussan Co., Ltd. (c)
     30,400   815,710
Kobe Steel, Ltd. (b)
     151,499   1,025,532
Koei Tecmo Holdings Co., Ltd.
     21,060   946,271
Koito Manufacturing Co., Ltd.
     16,700   1,121,394
Kokuyo Co., Ltd.
     112,600   1,746,574
Komatsu, Ltd.
     503,720   15,585,689
Konami Holdings Corp.
     26,100   1,556,552
Konica Minolta, Inc. (c)
     456,075   2,476,425
Kose Corp. (c)
     10,300   1,459,710
K's Holdings Corp.
     143,900   1,980,741
Kubota Corp.
     614,250   14,005,456
Kuraray Co., Ltd.
     151,100   1,727,052
Kurita Water Industries, Ltd.
     150,610   6,467,371
Kusuri no Aoki Holdings Co., Ltd. (c)
     7,000   537,195
Kyocera Corp.
     150,900   9,593,416
Kyoritsu Maintenance Co., Ltd. (c)
     1,200   39,801
Kyowa Exeo Corp.
     12,400   327,899
Kyowa Kirin Co., Ltd.
     145,400   4,355,421
Kyudenko Corp.
     8,200   313,900
Kyushu Electric Power Co., Inc.
     153,600   1,517,929
Kyushu Financial Group, Inc.
     145,200   624,163
Kyushu Railway Co.
     18,500   430,941
LaSalle Logiport REIT
     298   452,528
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Lasertec Corp.
     31,600   $ 4,152,326
Lawson, Inc. (c)
     12,900   633,909
Leopalace21 Corp. (b)
     1,600   2,215
Like Co., Ltd. (c)
     6,200   113,115
Lion Corp.
     143,700   2,807,677
Lixil Corp.
     145,500   4,048,982
Locondo, Inc. (b)(c)
     26,200   526,845
M3, Inc.
     284,500   19,492,756
Mabuchi Motor Co., Ltd.
     3,500   154,095
Maeda Corp.
     35,900   310,592
Maeda Road Construction Co., Ltd.
     22,900   444,115
Makita Corp.
     146,700   6,299,471
Mani, Inc.
     21,000   528,326
Marubeni Corp. (c)
     1,501,050   12,508,297
Maruha Nichiro Corp.
     10,200   242,308
Marui Group Co., Ltd. (c)
     145,800   2,743,151
Maruichi Steel Tube, Ltd.
     10,200   233,077
Matsumotokiyoshi Holdings Co., Ltd.
     22,600   1,008,308
Matsuya Co., Ltd. (b)(c)
     297,600   2,472,369
Maxvalu Tokai Co., Ltd.
     5,100   119,723
Mazda Motor Corp. (b)(c)
     300,200   2,450,501
McDonald's Holdings Co. Japan, Ltd.
     20,100   927,692
Mebuki Financial Group, Inc.
     442,700   1,045,653
Medical Data Vision Co., Ltd.
     3,800   73,558
Medipal Holdings Corp.
     301,999   5,804,940
Medley, Inc. (b)(c)
     28,100   1,124,000
MedPeer, Inc. (b)
     15,500   917,376
MEIJI Holdings Co., Ltd. (c)
     29,100   1,875,041
Meiko Network Japan Co., Ltd.
     297,500   1,607,308
Meitec Corp.
     10,500   580,588
Menicon Co., Ltd.
     10,100   596,860
Mercari, Inc. (b)
     25,300   1,149,376
Milbon Co., Ltd.
     1,200   65,919
MINEBEA MITSUMI, Inc.
     152,800   3,911,957
Mirait Holdings Corp.
     39,700   656,397
MISUMI Group, Inc.
     147,700   4,297,335
Mitsubishi Chemical Holdings Corp.
     744,800   5,593,751
Mitsubishi Corp.
     770,038   21,811,936
Mitsubishi Electric Corp.
     1,099,350   16,778,767
Mitsubishi Estate Co., Ltd.
     600,225   10,497,148
Mitsubishi Estate Logistics REIT Investment Corp.
     139   547,195
Mitsubishi Gas Chemical Co., Inc.
     145,400   3,571,182
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Mitsubishi Heavy Industries, Ltd.
     31,410   $ 980,390
Mitsubishi Logistics Corp.
     4,500   137,851
Mitsubishi Materials Corp.
     17,100   399,877
Mitsubishi Motors Corp. (b)(c)
     449,400   1,281,095
Mitsubishi UFJ Financial Group, Inc.
     4,671,824   25,016,455
Mitsubishi UFJ Lease & Finance Co., Ltd. (c)
     293,400   1,773,676
Mitsui & Co., Ltd.
     955,126   19,897,738
Mitsui Chemicals, Inc.
     108,510   3,432,058
Mitsui Fudosan Co., Ltd.
     452,400   10,290,565
Mitsui Fudosan Logistics Park, Inc. REIT
     136   673,231
Mitsui Mining & Smelting Co., Ltd.
     3,200   111,204
Mitsui OSK Lines, Ltd. (c)
     14,255   499,893
Miura Co., Ltd.
     16,300   882,118
Mixi, Inc.
     2,100   52,643
Mizuho Financial Group, Inc. (c)
     1,174,970   17,002,507
Mochida Pharmaceutical Co., Ltd.
     12,000   465,882
Money Forward, Inc. (b)
     21,600   817,086
MonotaRO Co., Ltd.
     83,400   2,259,725
Mori Hills REIT Investment Corp.
     482   668,693
Mori Trust Sogo Reit, Inc.
     237   333,087
Morinaga & Co., Ltd.
     2,600   93,059
Morinaga Milk Industry Co., Ltd.
     12,000   632,036
MS&AD Insurance Group Holdings, Inc.
     299,999   8,820,785
Murata Manufacturing Co., Ltd.
     328,000   26,245,937
Musashino Bank, Ltd.
     149,855   2,477,693
Nabtesco Corp.
     15,000   686,878
Nachi-Fujikoshi Corp.
     1,500   65,362
Nagase & Co., Ltd.
     116,900   1,829,141
Nagoya Railroad Co., Ltd. (b)
     131,700   3,138,155
Nakanishi, Inc.
     32,700   682,113
Nankai Electric Railway Co., Ltd.
     29,100   669,432
NanoCarrier Co., Ltd. (b)(c)
     301,200   836,818
Nanto Bank, Ltd.
     149,655   2,670,766
NEC Corp.
     33,800   1,994,353
NEC Networks & System Integration Corp.
     32,100   565,890
NET One Systems Co., Ltd.
     18,600   595,032
Nexon Co., Ltd.
     284,400   9,239,783
NexTone, Inc. (b)
     18,000   553,032
NGK Insulators, Ltd.
     149,200   2,732,858
NGK Spark Plug Co., Ltd.
     130,800   2,262,071
NH Foods, Ltd.
     28,800   1,236,706
NHK Spring Co., Ltd. (c)
     146,000   1,096,652
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Nichias Corp.
     24,600   $ 625,575
Nichirei Corp.
     142,900   3,684,363
Nidec Corp.
     282,100   34,298,765
Nifco, Inc.
     5,000   182,579
Nihon Kohden Corp.
     21,800   637,231
Nihon M&A Center, Inc.
     65,400   1,771,423
Nihon Parkerizing Co., Ltd.
     40,600   439,068
Nihon Unisys, Ltd.
     19,300   595,593
Nikkon Holdings Co., Ltd.
     14,700   295,729
Nikon Corp.
     299,400   2,804,335
Nintendo Co., Ltd.
     43,900   24,556,190
Nippo Corp. (c)
     20,700   565,738
Nippon Accommodations Fund, Inc. REIT
     119   698,923
Nippon Building Fund, Inc. REIT
     284   1,673,158
Nippon Electric Glass Co., Ltd.
     33,700   782,267
Nippon Express Co., Ltd.
     27,000   2,013,394
Nippon Gas Co., Ltd.
     43,500   758,199
Nippon Kayaku Co., Ltd.
     92,700   896,799
Nippon Paint Holdings Co., Ltd.
     645,500   9,317,398
Nippon Paper Industries Co., Ltd. (c)
     4,200   50,400
Nippon Prologis REIT, Inc.
     1,433   4,610,240
NIPPON REIT Investment Corp.
     97   370,882
Nippon Sanso Holdings Corp.
     144,200   2,745,672
Nippon Shinyaku Co., Ltd.
     18,500   1,377,873
Nippon Shokubai Co., Ltd.
     12,200   699,982
Nippon Steel Corp.
     442,300   7,551,122
Nippon Suisan Kaisha, Ltd.
     903,900   4,351,808
Nippon Telegraph & Telephone Corp.
     533,500   13,721,330
Nippon Television Holdings, Inc.
     2,000   26,317
Nippon Yusen KK
     16,555   565,567
Nipro Corp. (c)
     122,600   1,483,404
Nishi-Nippon Railroad Co., Ltd.
     16,000   428,163
Nissan Chemical Corp.
     24,900   1,331,756
Nissan Motor Co., Ltd. (b)
     1,188,941   6,626,867
Nissei ASB Machine Co., Ltd.
     4,300   204,688
Nisshin Seifun Group, Inc.
     146,900   2,459,412
Nissin Foods Holdings Co., Ltd.
     10,400   772,706
Nitori Holdings Co., Ltd.
     14,600   2,830,814
Nitto Boseki Co., Ltd. (c)
     14,600   531,810
Nitto Denko Corp.
     145,100   12,422,136
NOF Corp.
     11,300   592,100
NOK Corp.
     5,700   77,427
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Nomura Holdings, Inc.
     1,759,685   $ 9,258,650
Nomura Real Estate Holdings, Inc.
     33,900   817,588
Nomura Real Estate Master Fund, Inc. REIT
     1,532   2,307,012
Nomura Research Institute, Ltd.
     118,300   3,666,765
NSD Co., Ltd.
     29,700   494,821
NSK, Ltd.
     153,500   1,576,674
NTN Corp. (b)
     281,500   868,701
NTT Data Corp. (c)
     599,200   9,288,956
Obayashi Corp.
     301,550   2,769,894
Obic Co., Ltd.
     8,000   1,464,615
Odakyu Electric Railway Co., Ltd.
     151,899   4,158,321
Ogaki Kyoritsu Bank, Ltd.
     16,555   333,647
Oisix ra daichi, Inc. (b)
     4,200   110,796
Oji Holdings Corp.
     316,200   2,048,862
Oki Electric Industry Co., Ltd.
     3,600   37,466
OKUMA Corp.
     11,800   678,100
Olympus Corp.
     602,800   12,497,871
Omron Corp.
     145,000   11,337,557
OncoTherapy Science, Inc. (b)(c)
     280,500   312,231
Ono Pharmaceutical Co., Ltd.
     294,700   7,707,538
Open House Co., Ltd.
     21,200   905,557
Oracle Corp.
     8,500   830,769
Oriental Land Co., Ltd.
     120,700   18,159,615
ORIX Corp.
     599,300   10,131,153
Orix JREIT, Inc.
     1,418   2,468,988
Osaka Gas Co., Ltd.
     161,000   3,142,778
OSG Corp.
     39,500   704,566
Otsuka Corp.
     28,300   1,326,643
Otsuka Holdings Co., Ltd.
     295,500   12,534,014
Outsourcing, Inc.
     45,700   737,817
PALTAC Corp.
     12,000   650,498
Pan Pacific International Holdings Corp.
     181,400   4,286,293
Panasonic Corp.
     1,065,550   13,726,791
Park24 Co., Ltd. (b)
     5,100   95,492
Penta-Ocean Construction Co., Ltd.
     139,000   1,093,131
PeptiDream, Inc. (b)
     25,100   1,149,376
Persol Holdings Co., Ltd.
     136,900   2,681,010
Pharma Foods International Co., Ltd. (c)
     96,800   3,127,385
Pigeon Corp. (c)
     129,600   4,925,973
Pilot Corp.
     15,200   485,575
Pola Orbis Holdings, Inc.
     30,800   742,545
Precision System Science Co., Ltd. (b)(c)
     34,700   302,408
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Premier Investment Corp. REIT
     285   $ 407,769
Raccoon Holdings, Inc. (c)
     11,200   274,071
Rakuten, Inc.
     301,800   3,602,481
Raysum Co., Ltd.
     3,300   26,938
Recruit Holdings Co., Ltd.
     744,400   36,384,655
Relo Group, Inc.
     10,000   211,946
Renesas Electronics Corp. (b)
     146,200   1,587,692
Rengo Co., Ltd.
     158,400   1,377,578
RENOVA, Inc. (b)(c)
     15,500   522,511
ReproCELL, Inc. (b)(c)
     301,000   1,125,004
Resona Holdings, Inc.
     1,045,500   4,397,723
Resorttrust, Inc.
     37,100   620,460
Ricoh Co., Ltd. (c)
     298,000   3,031,240
Ringer Hut Co., Ltd.
     900   18,529
Rinnai Corp.
     5,100   571,846
Riso Kyoiku Co., Ltd.
     466,218   1,426,079
Rock Field Co., Ltd. (c)
     296,800   4,531,236
Rohm Co., Ltd.
     12,300   1,203,285
Rohto Pharmaceutical Co., Ltd.
     28,501   761,660
Ryohin Keikaku Co., Ltd.
     113,400   2,686,708
Sakata Seed Corp.
     12,700   470,072
San-In Godo Bank, Ltd.
     143,950   730,823
Sankyo Co., Ltd.
     10,000   265,430
Sankyu, Inc.
     7,300   321,068
Sanrio Co., Ltd. (c)
     3,900   61,906
Sansan, Inc. (b)
     8,100   697,113
Santen Pharmaceutical Co., Ltd.
     153,600   2,117,039
Sanwa Holdings Corp.
     144,200   1,890,912
Sapporo Holdings, Ltd.
     17,300   358,995
Sawai Pharmaceutical Co., Ltd.
     12,300   590,511
SBI Holdings, Inc.
     144,800   3,931,222
SCREEN Holdings Co., Ltd.
     13,100   1,154,697
SCSK Corp.
     13,100   777,701
Secom Co., Ltd.
     150,048   12,646,127
Sega Sammy Holdings, Inc.
     132,100   2,064,585
Seibu Holdings, Inc. (b)
     145,700   1,608,633
Seiko Epson Corp. (c)
     153,900   2,506,968
Seino Holdings Co., Ltd.
     144,900   2,022,043
Sekisui Chemical Co., Ltd.
     152,700   2,936,538
Sekisui House Reit, Inc.
     2,854   2,376,181
Sekisui House, Ltd.
     299,400   6,432,358
Senko Group Holdings Co., Ltd. (c)
     56,600   536,804
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Seria Co., Ltd.
     3,800   $ 132,914
Seven & i Holdings Co., Ltd.
     360,128   14,545,260
Seven Bank, Ltd. (c)
     302,900   693,518
SG Holdings Co., Ltd.
     268,400   6,162,270
Sharp Corp. (c)
     115,000   1,987,783
SHIFT, Inc. (b)
     4,000   473,846
Shiga Bank, Ltd.
     2,310   50,088
Shikoku Bank, Ltd.
     1,820   12,880
Shikoku Electric Power Co., Inc.
     145,000   1,128,507
Shimadzu Corp.
     150,700   5,462,023
Shimamura Co., Ltd.
     9,000   1,040,090
Shimano, Inc.
     14,200   3,389,366
Shimizu Corp.
     298,113   2,417,278
Shin-Etsu Chemical Co., Ltd.
     159,217   26,814,736
Shinko Electric Industries Co., Ltd.
     28,200   874,072
Shinsei Bank, Ltd.
     51,200   828,930
Shionogi & Co., Ltd.
     149,600   8,058,092
Ship Healthcare Holdings, Inc.
     19,200   540,380
Shiseido Co., Ltd.
     158,400   10,639,319
Shizuoka Bank, Ltd.
     287,800   2,265,937
SHO-BOND Holdings Co., Ltd.
     17,600   759,747
Shochiku Co., Ltd. (b)
     3,400   422,154
Showa Denko KK
     122,500   3,492,081
Silver Life Co., Ltd. (b)
     31,100   597,514
Skylark Holdings Co., Ltd. (b)
     138,700   2,078,617
SMC Corp.
     25,500   14,840,769
SMS Co., Ltd.
     168,600   5,157,176
Softbank Corp. (c)
     461,700   6,010,457
SoftBank Group Corp.
     751,972   63,492,296
Sohgo Security Services Co., Ltd.
     26,200   1,240,054
Sojitz Corp. (c)
     595,000   1,680,000
Sompo Holdings, Inc.
     250,900   9,631,835
Sony Corp.
     597,420   62,688,551
Sosei Group Corp. (b)
     30,300   540,738
Sotetsu Holdings, Inc.
     11,800   264,726
Square Enix Holdings Co., Ltd.
     24,700   1,374,706
Stanley Electric Co., Ltd.
     137,073   4,087,380
Starts Proceed Investment Corp. REIT
     51   103,800
Subaru Corp. (c)
     299,900   5,981,716
Sugi Holdings Co., Ltd.
     8,100   642,869
SUMCO Corp.
     142,900   3,266,655
Sumitomo Bakelite Co., Ltd.
     15,300   626,538
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Sumitomo Chemical Co., Ltd.
     1,498,550   $ 7,770,762
Sumitomo Corp.
     754,775   10,771,766
Sumitomo Dainippon Pharma Co., Ltd.
     131,200   2,287,985
Sumitomo Electric Industries, Ltd.
     453,620   6,806,353
Sumitomo Forestry Co., Ltd.
     141,900   3,064,013
Sumitomo Heavy Industries, Ltd. (c)
     14,800   411,855
Sumitomo Metal Mining Co., Ltd.
     36,200   1,565,609
Sumitomo Mitsui Financial Group, Inc.
     357,300   12,956,571
Sumitomo Mitsui Trust Holdings, Inc.
     295,655   10,325,182
Sumitomo Osaka Cement Co., Ltd. (c)
     8,800   280,724
Sumitomo Realty & Development Co., Ltd.
     168,100   5,942,069
Sumitomo Rubber Industries, Ltd.
     145,500   1,718,348
Sun Corp. (b)(c)
     3,000   99,774
Sun Frontier Fudousan Co., Ltd.
     3,100   27,128
Sundrug Co., Ltd.
     3,900   142,941
Suntory Beverage & Food, Ltd.
     11,100   413,362
SuRaLa Net Co., Ltd. (b)
     1,600   55,819
Suruga Bank, Ltd. (c)
     144,600   558,771
Sushiro Global Holdings, Ltd.
     27,000   1,194,842
Suzuken Co., Ltd.
     11,800   461,855
Suzuki Motor Corp.
     163,300   7,426,086
Sysmex Corp.
     118,000   12,734,389
Systena Corp.
     29,700   594,538
T&D Holdings, Inc.
     449,800   5,804,659
Tadano, Ltd.
     5,200   55,859
Taiheiyo Cement Corp.
     17,700   466,287
Taisei Corp.
     135,787   5,247,154
Taisho Pharmaceutical Holdings Co., Ltd.
     6,300   407,077
Taiyo Yuden Co., Ltd.
     155,100   7,298,824
Takara Bio, Inc.
     19,600   526,451
Takara Holdings, Inc. (c)
     127,300   1,736,119
Takashimaya Co., Ltd.
     94,500   1,009,995
Takeda Pharmaceutical Co., Ltd.
     627,215   22,619,473
Takeuchi Manufacturing Co., Ltd.
     152,300   4,265,778
Takuma Co., Ltd.
     33,400   724,523
TDK Corp.
     16,955   2,352,219
TechnoPro Holdings, Inc.
     9,800   817,701
Teijin, Ltd.
     300,510   5,186,177
tella, Inc. (b)(c)
     85,100   177,901
TerraSky Co., Ltd. (b)(c)
     24,200   734,760
Terumo Corp.
     300,400   10,871,490
THK Co., Ltd.
     14,200   492,181
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
TIS, Inc.
     107,300   $ 2,564,519
Toagosei Co., Ltd.
     55,100   647,238
Tobu Railway Co., Ltd.
     136,600   3,678,928
Toda Corp.
     132,300   970,998
Toei Co., Ltd.
     3,400   735,077
Toho Bank, Ltd.
     12,101   26,940
Toho Co., Ltd.
     144,100   5,855,285
Toho Gas Co., Ltd. (c)
     29,600   1,829,575
Toho Holdings Co., Ltd.
     13,500   248,009
Tohoku Electric Power Co., Inc.
     297,400   2,812,516
Tokai Carbon Co., Ltd.
     144,800   2,341,698
Tokio Marine Holdings, Inc.
     337,265   16,069,685
Tokuyama Corp.
     9,100   230,012
Tokyo Century Corp.
     6,500   437,647
Tokyo Dome Corp. (b)
     1,800   21,144
Tokyo Electric Power Co. Holdings, Inc. (b)
     599,775   2,002,869
Tokyo Electron, Ltd.
     90,155   38,175,135
Tokyo Gas Co., Ltd.
     143,895   3,206,710
Tokyo Ohka Kogyo Co., Ltd.
     14,100   883,005
Tokyo Seimitsu Co., Ltd.
     14,500   661,357
Tokyo Tatemono Co., Ltd.
     144,000   2,190,624
Tokyu Corp.
     166,875   2,226,007
Tokyu Fudosan Holdings Corp.
     154,200   914,036
Tokyu REIT, Inc.
     379   620,462
Topcon Corp.
     45,200   548,945
Toppan Printing Co., Ltd.
     133,600   2,260,923
Toray Industries, Inc.
     1,433,250   9,241,544
Torikizoku Co., Ltd. (b)(c)
     34,800   518,063
Toshiba Corp.
     290,451   9,830,649
Tosoh Corp.
     140,900   2,700,690
TOTO, Ltd.
     129,100   7,944,615
Toyo Seikan Group Holdings, Ltd. (c)
     142,900   1,701,868
Toyo Suisan Kaisha, Ltd.
     30,900   1,300,317
Toyo Tire Corp.
     144,000   2,551,602
Toyoda Gosei Co., Ltd.
     16,000   421,068
Toyota Boshoku Corp. (c)
     36,100   597,855
Toyota Industries Corp.
     144,700   12,911,692
Toyota Motor Corp.
     1,058,488   82,533,327
Toyota Tsusho Corp.
     144,100   6,057,416
Trend Micro, Inc.
     20,000   1,002,715
TS Tech Co., Ltd.
     36,400   543,200
Tsumura & Co.
     3,500   125,271
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Tsuruha Holdings, Inc.
     10,000   $ 1,292,308
Ube Industries, Ltd.
     35,100   749,012
Ulvac, Inc.
     18,500   779,344
Unicharm Corp.
     152,500   6,410,520
United Urban Investment Corp. REIT
     1,483   1,994,333
Ushio, Inc.
     30,600   404,031
USS Co., Ltd.
     145,510   2,849,626
Valor Holdings Co., Ltd.
     18,900   425,378
Wacoal Holdings Corp.
     25,300   562,095
Wacom Co., Ltd.
     62,600   420,921
Warabeya Nichiyo Holdings Co., Ltd.
     150,100   2,294,289
Welcia Holdings Co., Ltd.
     13,000   447,059
West Japan Railway Co.
     115,800   6,429,258
Workman Co., Ltd. (c)
     5,600   401,882
Yakult Honsha Co., Ltd.
     142,500   7,221,719
Yamada Holdings Co., Ltd.
     753,580   4,071,378
Yamagata Bank, Ltd.
     1,634   16,798
Yamaguchi Financial Group, Inc.
     12,000   79,928
Yamaha Corp.
     145,700   7,924,498
Yamaha Motor Co., Ltd.
     146,800   3,601,582
Yamanashi Chuo Bank, Ltd.
     1,510   12,558
Yamato Holdings Co., Ltd.
     150,700   4,139,136
Yamazaki Baking Co., Ltd.
     144,900   2,345,938
Yaoko Co., Ltd. (c)
     27,100   1,667,692
Yaskawa Electric Corp.
     145,600   7,260,235
Yokogawa Electric Corp.
     145,300   2,679,832
Yokohama Rubber Co., Ltd.
     46,600   835,005
Yoshinoya Holdings Co., Ltd. (c)
     22,600   449,955
Z Holdings Corp. (c)
     430,200   2,143,603
Zenkoku Hosho Co., Ltd.
     15,800   726,371
Zenrin Co., Ltd.
     2,100   25,181
Zensho Holdings Co., Ltd.
     20,500   525,208
Zeon Corp.
     132,700   2,124,401
ZOZO, Inc.
     33,800   1,000,235
          2,401,309,382
JORDAN — 0.0% (a)          
Hikma Pharmaceuticals PLC
     64,383   2,021,754
LUXEMBOURG — 0.1%          
APERAM SA
     20,948   945,907
ArcelorMittal SA (b)
     240,669   6,966,796
Eurofins Scientific SE (b)(c)
     44,820   4,293,696
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SES SA
     155,150   $ 1,235,223
Tenaris SA
     172,817   1,952,310
          15,393,932
MACAU — 0.2%          
Galaxy Entertainment Group, Ltd. (b)
     1,361,000   12,254,243
MGM China Holdings, Ltd. (c)
     404,400   717,828
Sands China, Ltd. (b)
     1,181,200   5,902,620
SJM Holdings, Ltd.
     57,000   74,490
Wynn Macau, Ltd. (b)
     582,400   1,132,670
          20,081,851
MALTA — 0.0% (a)          
Catena Media PLC (b)
     60,932   331,074
Kindred Group PLC SDR (b)
     103,835   1,830,988
          2,162,062
MEXICO — 0.0% (a)          
Fresnillo PLC
     91,795   1,094,506
MONGOLIA — 0.0% (a)          
Turquoise Hill Resources, Ltd. (b)(c)
     43,872   706,504
NETHERLANDS — 3.7%          
Aalberts NV
     43,317   2,199,331
ABN AMRO Bank NV (b)(e)
     186,473   2,270,514
Adyen NV (b)(e)
     9,565   21,398,650
Aegon NV
     1,268,745   6,039,179
Akzo Nobel NV
     130,577   14,622,343
Argenx SE (b)(c)
     15,259   4,203,705
ASML Holding NV
     198,189   120,425,544
ASR Nederland NV
     67,444   3,028,788
Euronext NV (e)
     31,372   3,167,261
EXOR NV
     44,883   3,794,904
Fugro NV (b)
     56,688   595,964
Heineken Holding NV
     43,521   3,882,301
Heineken NV
     100,771   10,377,371
IMCD NV
     23,775   3,311,215
ING Groep NV
     1,906,215   23,371,576
Just Eat Takeaway (b)(e)
     27,287   2,517,891
Koninklijke Ahold Delhaize NV
     587,074   16,387,209
Koninklijke DSM NV
     112,213   19,030,843
Koninklijke KPN NV
     2,114,020   7,190,451
Koninklijke Philips NV (b)
     430,958   24,654,116
NN Group NV
     169,537   8,307,014
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
OCI NV (b)
     18,003   $ 389,959
Pharming Group NV (b)(c)
     204,149   265,010
PostNL NV (b)
     454,517   2,208,890
Randstad NV (c)
     29,878   2,106,234
Royal Dutch Shell PLC Class A
     1,867,662   36,430,998
Royal Dutch Shell PLC Class B
     1,690,369   31,134,909
SBM Offshore NV (c)
     192,413   3,532,352
Shop Apotheke Europe NV (b)(e)
     10,428   2,279,620
Signify NV (b)(e)
     67,458   3,485,296
Wolters Kluwer NV
     139,919   12,188,791
          394,798,229
NEW ZEALAND — 0.3%          
a2 Milk Co., Ltd. (b)(c)
     752,300   4,541,650
Air New Zealand, Ltd. (b)(c)
     578,615   692,949
Auckland International Airport, Ltd. (b)
     269,354   1,478,954
Contact Energy, Ltd.
     321,939   1,580,545
Fisher & Paykel Healthcare Corp., Ltd.
     314,605   7,072,712
Fletcher Building, Ltd.
     199,253   987,992
Goodman Property Trust REIT
     1,071,146   1,695,401
Infratil, Ltd.
     519,551   2,592,557
Kiwi Property Group, Ltd.
     1,245,770   1,081,869
Meridian Energy, Ltd.
     564,388   2,130,501
Ryman Healthcare, Ltd.
     186,438   1,997,750
Spark New Zealand, Ltd.
     852,291   2,674,122
Vital Healthcare Property Trust REIT
     1,038,856   2,117,209
Xero, Ltd. (b)
     47,948   4,620,824
          35,265,035
NORWAY — 0.7%          
Aker BP ASA
     48,168   1,370,046
Aker Carbon Capture A/S (b)
     47,713   85,831
Aker Offshore Wind A/S Class A (b)
     47,713   36,331
Aker Solutions ASA (b)
     64,363   110,761
ArcticZymes Technologies ASA (b)(c)
     53,538   457,839
DNB ASA
     554,369   11,819,473
DNO ASA (b)
     367,761   403,935
Equinor ASA
     537,809   10,540,271
Gjensidige Forsikring ASA
     84,831   1,993,486
IDEX Biometrics ASA (b)
     892,762   272,440
Kahoot! A/S (b)
     258,016   2,895,609
Leroy Seafood Group ASA
     126,275   1,081,341
Mowi ASA
     158,858   3,948,956
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Nordic Nanovector ASA (b)(c)
     43,503   $ 122,105
Norsk Hydro ASA
     929,868   5,965,028
Norwegian Finans Holding ASA (b)
     69,639   783,162
Orkla ASA
     673,572   6,615,506
Salmar ASA
     24,314   1,680,491
Schibsted ASA Class A (b)
     31,539   1,326,387
Schibsted ASA Class B (b)
     31,372   1,124,583
SpareBank 1 SR-Bank ASA (c)
     82,756   1,017,927
Storebrand ASA (b)
     515,457   5,201,458
Telenor ASA
     383,763   6,765,928
TGS Nopec Geophysical Co. ASA
     52,389   836,189
Tomra Systems ASA
     49,428   2,144,147
          68,599,230
PORTUGAL — 0.2%          
Banco Comercial Portugues SA Class R (b)(c)
     3,860,695   526,801
EDP - Energias de Portugal SA
     1,714,171   9,811,415
Galp Energia SGPS SA
     192,870   2,248,666
Jeronimo Martins SGPS SA
     111,307   1,877,253
Mota-Engil SGPS SA (b)(c)
     249,874   414,084
NOS SGPS SA
     592,167   2,160,302
Pharol SGPS SA (b)(c)
     685,121   94,211
          17,132,732
SINGAPORE — 1.0%          
AIMS APAC REIT
     1,353,131   1,299,151
ARA LOGOS Logistics Trust REIT
     1,924,117   1,045,405
Ascendas India Trust
     860,800   948,187
Ascendas Real Estate Investment Trust
     1,084,034   2,460,780
Ascott Residence Trust
     1,505,626   1,199,032
BOC Aviation, Ltd. (c)(e)
     154,700   1,498,358
CapitaLand Integrated Commercial Trust REIT
     1,872,536   3,024,266
CapitaLand, Ltd.
     3,090,846   8,649,584
City Developments, Ltd.
     294,000   1,746,145
ComfortDelGro Corp., Ltd.
     904,700   1,151,412
COSCO Shipping International Singapore Co., Ltd. (b)(c)
     4,350,700   906,666
DBS Group Holdings, Ltd.
     898,627   19,255,337
Frasers Centrepoint Trust REIT
     728,576   1,333,951
Genting Singapore, Ltd.
     6,107,864   4,182,223
IGG, Inc. (c)
     668,000   860,943
Jardine Cycle & Carriage, Ltd.
     84,433   1,414,548
Keppel Corp., Ltd.
     1,430,475   5,663,983
Keppel Infrastructure Trust
     2,717,400   1,112,362
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Keppel REIT
     445,409   $ 404,435
Lippo Malls Indonesia Retail Trust REIT
     9,032,400   443,687
Manulife US Real Estate Investment Trust
     1,282,000   935,860
Mapletree Commercial Trust REIT
     904,600   1,427,324
Mapletree Logistics Trust REIT
     1,063,223   1,527,255
Mapletree North Asia Commercial Trust REIT
     1,598,800   1,261,334
Oversea-Chinese Banking Corp., Ltd.
     1,334,110   11,667,008
Parkway Life Real Estate Investment Trust
     333,000   1,011,194
SATS, Ltd. (b)
     299,200   968,681
Sembcorp Industries, Ltd.
     435,200   595,987
Sembcorp Marine, Ltd. (b)(c)
     2,126,532   269,061
Singapore Airlines, Ltd. (b)
     149,089   615,841
Singapore Exchange, Ltd.
     443,800   3,293,157
Singapore Press Holdings, Ltd. (c)
     747,500   851,202
Singapore Technologies Engineering, Ltd.
     306,600   887,670
Singapore Telecommunications, Ltd.
     2,800,000   5,084,847
Suntec Real Estate Investment Trust
     1,027,500   1,192,989
UG Healthcare Corp., Ltd.
     311,400   129,789
United Overseas Bank, Ltd.
     594,708   11,432,947
UOL Group, Ltd.
     298,554   1,755,416
Venture Corp., Ltd.
     136,200   2,033,471
          105,541,488
SOUTH AFRICA — 0.3%          
Anglo American PLC
     719,062   28,200,163
Investec PLC
     260,995   789,328
          28,989,491
SOUTH KOREA — 5.7%          
Advanced Process Systems Corp.
     16,065   406,682
Alteogen, Inc. (b)
     34,271   2,713,215
Amorepacific Corp.
     13,552   3,095,376
AMOREPACIFIC Group
     13,109   751,733
Anterogen Co., Ltd. (b)
     2,551   110,560
Asiana Airlines, Inc. (b)
     107,505   1,439,099
BGF retail Co., Ltd.
     4,215   588,443
Bioneer Corp. (b)
     14,481   207,283
BIT Computer Co., Ltd.
     53,242   425,277
BNK Financial Group, Inc.
     137,639   825,773
Bukwang Pharmaceutical Co., Ltd.
     20,839   434,549
Celltrion Healthcare Co., Ltd. (b)
     20,982   2,521,363
Celltrion Pharm, Inc. (b)
     2,411   319,549
Celltrion, Inc. (b)
     51,369   14,728,730
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Cheil Worldwide, Inc.
     31,843   $ 597,892
CJ CGV Co., Ltd. (b)
     78,896   1,955,408
CJ CheilJedang Corp.
     5,726   2,079,422
CJ ENM Co., Ltd.
     7,138   897,493
CJ Logistics Corp. (b)
     4,059   656,326
CMG Pharmaceutical Co., Ltd. (b)
     84,446   327,189
Com2uSCorp
     4,401   657,185
CORESTEM, Inc. (b)
     23,969   347,331
Coway Co., Ltd.
     16,638   962,924
CUROCOM Co., Ltd. (b)
     54,193   63,925
Dae Han Flour Mills Co., Ltd.
     18,412   2,399,620
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (b)
     945   23,630
DB HiTek Co., Ltd.
     17,426   866,873
DB Insurance Co., Ltd.
     28,831   1,204,954
Deutsch Motors, Inc.
     56,841   355,084
Digitech Systems Co., Ltd. (b)(f)
     19,094   —
DIO Corp. (b)
     11,375   375,398
DL E&C Co., Ltd. (b)
     6,600   702,717
DL Holdings Co., Ltd.
     5,367   414,944
Dongsuh Cos., Inc.
     22,594   637,843
Dongwon F&B Co., Ltd.
     10,271   1,747,000
Dongwon Industries Co., Ltd.
     11,710   2,659,130
Doosan Bobcat, Inc. (b)
     22,094   821,875
Doosan Fuel Cell Co., Ltd. (b)
     20,815   943,503
Douzone Bizon Co., Ltd.
     8,582   744,645
Ecopro BM Co., Ltd.
     4,391   632,413
E-MART, Inc.
     7,328   1,107,213
Eone Diagnomics Genome Center Co., Ltd. (b)
     86,272   377,333
Eubiologics Co., Ltd. (b)
     1,242   22,442
Fila Holdings Corp.
     22,070   841,458
GAEASOFT (b)
     30,246   573,251
Geneonelifescience, Inc. (b)
     25,091   259,390
Genexine, Inc. (b)
     7,749   653,881
Gravity Co., Ltd. ADR (b)(c)
     1,336   153,640
Green Cross Holdings Corp.
     16,324   502,665
GS Engineering & Construction Corp.
     37,745   1,434,093
GS Holdings Corp.
     30,882   1,066,920
GS Home Shopping, Inc.
     10,242   1,358,360
GY Commerce Co., Ltd. (b)(f)
     32,705   32,510
Hana Financial Group, Inc.
     112,460   4,252,960
Hana Tour Service, Inc. (b)
     34,598   2,072,670
Hancom, Inc. (b)
     74,951   1,172,196
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Hanjin Kal Corp. (b)
     15,935   $ 808,190
Hankook Shell Oil Co., Ltd.
     4,372   973,487
Hankook Tire & Technology Co., Ltd.
     17,575   761,700
Hanmi Pharm Co., Ltd.
     3,033   848,195
Hanmi Science Co., Ltd.
     16,674   854,510
Hanon Systems
     114,969   1,792,978
Hansol Chemical Co., Ltd.
     4,113   875,841
Hanssem Co., Ltd.
     19,886   2,047,024
Hanwha Aerospace Co., Ltd.
     28,208   1,019,401
Hanwha Corp.
     23,596   664,045
Hanwha Solutions Corp. (b)
     53,704   2,377,354
Harim Co., Ltd. (b)
     399,206   1,056,437
HDC Hyundai Engineering Plastics Co., Ltd.
     494,280   2,747,092
Helixmith Co., Ltd. (b)
     5,288   120,548
Hite Jinro Co., Ltd.
     15,358   500,059
HLB, Inc. (b)
     18,174   629,486
HMM Co., Ltd. (b)
     123,651   3,168,437
Hotel Shilla Co., Ltd. (c)
     41,687   3,200,884
HS Industries Co., Ltd.
     65,870   452,811
Hugel, Inc. (b)
     3,271   515,903
Huons Co., Ltd.
     30,962   1,534,763
Huons Global Co., Ltd.
     19,090   519,525
Hyundai Bioland Co., Ltd.
     118,203   2,370,849
Hyundai Construction Equipment Co., Ltd. (b)
     1,173   55,761
Hyundai Electric & Energy System Co., Ltd. (b)
     1,518   28,100
Hyundai Elevator Co., Ltd.
     38,930   1,575,431
Hyundai Engineering & Construction Co., Ltd.
     31,240   1,215,924
Hyundai Glovis Co., Ltd.
     5,695   943,506
Hyundai Heavy Industries Holdings Co., Ltd.
     4,048   1,042,626
Hyundai Marine & Fire Insurance Co., Ltd.
     47,814   1,035,072
Hyundai Mobis Co., Ltd.
     29,948   7,726,809
Hyundai Motor Co.
     66,814   12,869,849
Hyundai Motor Co. Preference Shares (d)
     10,744   930,340
Hyundai Motor Co. Preference Shares (d)
     14,860   1,313,011
Hyundai Steel Co.
     37,219   1,580,184
Industrial Bank of Korea
     116,238   940,791
Inscobee, Inc. (b)
     27,816   76,437
Jeil Pharmaceutical Co., Ltd.
     3,857   135,979
Jenax, Inc. (b)(f)
     97,728   206,595
Kakao Corp.
     17,533   7,714,985
Kangstem Biotech Co., Ltd. (b)
     14,722   89,106
Kangwon Land, Inc. (b)
     37,180   831,150
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
KB Financial Group, Inc.
     237,085   $ 11,773,074
KCC Corp.
     1,210   253,921
KCC Glass Corp.
     909   40,079
Kia Motors Corp.
     96,082   7,037,948
Kiwi Media Group Co., Ltd. (b)(f)
     164,731   16,375
KIWOOM Securities Co., Ltd.
     50,234   5,592,652
KMW Co., Ltd. (b)
     16,642   951,392
Koh Young Technology, Inc.
     62,524   6,353,223
Korea Aerospace Industries, Ltd.
     20,957   680,512
Korea Electric Power Corp. ADR (c)
     347,753   3,567,946
Korea Investment Holdings Co., Ltd.
     25,085   1,897,306
Korea Shipbuilding & Offshore Engineering Co., Ltd. (b)
     11,705   1,380,709
Korea Zinc Co., Ltd.
     5,929   2,140,046
Korean Air Lines Co., Ltd. (b)
     109,885   2,640,930
KT&G Corp. (c)
     55,016   3,956,971
Kumho Petrochemical Co., Ltd.
     7,869   1,842,532
LabGenomics Co., Ltd. (b)
     17,836   271,066
LG Chem, Ltd.
     19,161   13,628,986
LG Chem, Ltd. Preference Shares
     8,763   2,973,264
LG Corp.
     57,184   4,567,646
LG Display Co., Ltd. ADR (b)(c)
     448,957   4,485,080
LG Display Co., Ltd. (b)
     95,178   1,913,231
LG Electronics, Inc.
     54,280   7,194,168
LG Household & Health Care, Ltd. (c)
     4,423   6,135,728
LG Household & Health Care, Ltd. Preference Shares
     1,017   615,547
LG Innotek Co., Ltd.
     11,604   2,107,022
LG Uplus Corp.
     100,385   1,086,562
Lotte Chemical Corp.
     5,915   1,573,152
Lotte Corp.
     34,325   1,031,191
Lotte Food Co., Ltd.
     2,965   991,608
Lotte Shopping Co., Ltd.
     5,869   653,408
LS Corp.
     12,282   743,377
Mando Corp. (b)
     14,647   851,577
ME2ON Co., Ltd.
     228,125   1,380,743
Medifron DBT Co., Ltd. (b)
     55,637   176,239
MedPacto, Inc. (b)
     9,050   710,886
Medy-Tox, Inc.
     6,544   1,090,522
Meritz Securities Co., Ltd.
     237,111   965,833
Mirae Asset Daewoo Co., Ltd.
     169,830   1,479,588
Modetour Network, Inc. (b)
     181,783   3,549,728
Muhak Co., Ltd.
     104,873   637,531
NAVER Corp.
     70,411   23,454,780
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
NCSoft Corp.
     7,338   $ 5,660,326
Netmarble Corp. (e)
     27,834   3,172,596
Nexon GT Co., Ltd. (b)
     77,629   939,710
NH Investment & Securities Co., Ltd.
     63,699   655,704
NHN Corp. (b)
     2,750   176,165
NongShim Co., Ltd.
     1,666   417,328
OCI Co., Ltd. (b)
     5,714   613,431
Orientbio, Inc. (b)
     28,345   39,572
Orion Corp/Republic of Korea
     7,257   839,997
Orion Holdings Corp.
     1,103   13,888
Oscotec, Inc. (b)
     10,985   387,763
Ottogi Corp.
     2,991   1,506,402
Pearl Abyss Corp. (b)
     3,044   828,678
Pharmicell Co., Ltd. (b)
     17,793   236,611
POSCO ADR (c)
     167,207   12,072,345
POSCO Chemtech Co., Ltd.
     13,208   1,808,915
Prostemics Co., Ltd. (b)
     41,171   118,775
Rsupport Co., Ltd.
     39,213   280,996
S-1 Corp.
     16,112   1,163,111
Sajo Industries Co., Ltd.
     66,203   2,916,032
Samsung Biologics Co., Ltd. (b)(e)
     5,911   3,906,718
Samsung C&T Corp.
     40,518   4,457,249
Samsung Electro-Mechanics Co., Ltd.
     24,298   4,025,514
Samsung Electronics Co., Ltd. GDR
     91,580   167,041,920
Samsung Electronics Co., Ltd. Preference Shares
     326,779   21,077,859
Samsung Engineering Co., Ltd. (b)
     55,573   687,450
Samsung Fire & Marine Insurance Co., Ltd.
     11,802   1,981,339
Samsung Heavy Industries Co., Ltd. (b)
     163,150   1,120,102
Samsung Life Insurance Co., Ltd.
     35,818   2,471,735
Samsung SDI Co., Ltd.
     25,868   15,085,381
Samsung SDS Co., Ltd.
     16,207   2,770,978
Samsung Securities Co., Ltd.
     43,056   1,500,825
Seegene, Inc.
     8,664   995,968
Shin Poong Pharmaceutical Co., Ltd.
     11,020   828,630
Shinhan Financial Group Co., Ltd.
     179,434   5,937,533
Shinsegae Food Co., Ltd.
     25,477   1,677,081
Shinsegae, Inc.
     4,413   1,095,695
SillaJen, Inc. (b)(c)(f)
     25,450   204,072
SK Chemicals Co., Ltd.
     3,324   735,730
SK Holdings Co., Ltd.
     14,782   3,683,255
SK Hynix, Inc.
     251,807   29,480,387
SK Innovation Co., Ltd. (b)(c)
     41,261   7,984,236
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SK Telecom Co., Ltd. ADR (c)
     265,678   $ 7,234,412
SKC Co., Ltd.
     8,675   984,968
S-Oil Corp. (b)
     17,664   1,267,344
SundayToz Corp. (b)
     10,207   198,413
WONIK IPS Co., Ltd.
     14,654   669,416
Wonpung Mulsan Co., Ltd. (b)
     83,912   148,287
Woori Financial Group, Inc.
     61,602   549,751
Youlchon Chemical Co., Ltd.
     95,947   1,725,223
Yuhan Corp.
     21,964   1,222,648
Yungjin Pharmaceutical Co., Ltd. (b)
     37,065   201,086
          598,868,142
SPAIN — 1.9%          
Abertis Infraestructuras SA (b)(c)
     1,675   12,737
Acciona SA
     11,996   2,014,732
Acerinox SA
     126,736   1,657,099
ACS Actividades de Construccion y Servicios SA
     111,372   3,699,105
Aedas Homes SA (b)(e)
     10,350   272,481
Aena SME SA (b)(e)
     32,194   5,232,939
Almirall SA
     67,226   1,021,608
Amadeus IT Group SA (b)
     207,548   14,728,557
Amper SA (b)(c)
     2,667,564   656,822
Applus Services SA (b)
     107,456   1,115,167
Atresmedia Corp. de Medios de Comunicacion SA (b)
     105,541   436,381
Audax Renovables SA (b)(c)
     251,914   620,276
Banco Bilbao Vizcaya Argentaria SA
     1,679,473   8,736,409
Banco de Sabadell SA
     2,158,153   1,156,633
Banco Santander SA (b)
     4,808,777   16,373,128
Bankinter SA
     380,651   2,648,483
Befesa SA (e)
     28,190   1,891,820
CaixaBank SA
     1,965,615   6,096,580
Cellnex Telecom SA (c)(e)
     141,371   8,158,125
Cia de Distribucion Integral Logista Holdings SA
     55,651   1,105,371
CIE Automotive SA
     25,272   662,952
Construcciones y Auxiliar de Ferrocarriles SA
     20,069   922,255
Deoleo SA (b)(c)
     3,058,603   1,527,779
Distribuidora Internacional de Alimentacion SA (b)(c)
     899,196   126,925
Ebro Foods SA
     47,894   989,575
eDreams ODIGEO SA (b)
     128,582   711,786
Enagas SA
     105,364   2,293,410
Ence Energia y Celulosa SA (b)
     212,197   1,061,176
Endesa SA
     141,892   3,762,232
Ercros SA
     47,131   141,529
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Euskaltel SA (e)
     78,403   $ 1,022,832
Faes Farma SA
     145,194   623,713
Ferrovial SA
     178,749   4,670,158
Fluidra SA
     47,237   1,351,854
Fomento de Construcciones y Contratas SA
     42,315   500,312
Gestamp Automocion SA (b)(e)
     78,033   396,747
Global Dominion Access SA (e)
     50,954   257,810
Grenergy Renovables (b)
     23,264   790,189
Grifols SA (c)
     190,259   4,993,240
Grifols SA ADR
     117,360   2,029,154
Grupo Catalana Occidente SA
     32,232   1,287,997
Grupo Empresarial San Jose SA
     13,460   99,030
Grupo Ezentis SA (b)
     1,000,000   503,028
Iberdrola SA
     2,361,473   30,488,185
Indra Sistemas SA (b)(c)
     231,982   2,043,499
Industria de Diseno Textil SA
     500,064   16,515,071
Inmobiliaria Colonial Socimi SA REIT
     135,535   1,314,974
Laboratorios Farmaceuticos Rovi SA
     18,847   1,018,940
Lar Espana Real Estate Socimi SA REIT (b)
     107,455   644,088
Let's GOWEX SA (b)(c)(f)
     4,019   —
Liberbank SA (b)
     2,278,118   819,306
Mapfre SA (c)
     446,278   931,530
Mediaset Espana Comunicacion SA (b)
     94,065   559,959
Melia Hotels International SA (b)
     49,692   369,983
Merlin Properties Socimi SA REIT
     146,028   1,496,584
Metrovacesa SA (b)(e)
     50,488   439,105
Miquel y Costas & Miquel SA
     22,749   411,748
Naturgy Energy Group SA
     1,245   30,582
Neinor Homes SA (e)
     40,612   500,224
Obrascon Huarte Lain SA (b)(c)
     616,555   458,695
Oryzon Genomics SA (b)(c)
     61,292   260,412
Pharma Mar SA (c)
     23,670   2,752,724
Prosegur Cash SA (e)
     731,800   668,285
Prosegur Cia de Seguridad SA
     122,798   391,119
Red Electrica Corp. SA
     201,211   3,570,896
Repsol SA
     803,481   9,972,133
Sacyr SA
     277,717   712,206
Siemens Gamesa Renewable Energy SA
     103,816   4,026,491
Solaria Energia y Medio Ambiente SA (b)
     55,790   1,185,505
Solarpack Corp. Tecnologica SA (b)
     25,887   635,882
Soltec Power Holdings SA (b)
     61,659   762,361
Talgo SA (b)(e)
     39,251   197,674
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Tecnicas Reunidas SA (b)(c)
     48,629   $ 712,134
Telefonica SA
     1,534,023   6,881,808
Tubacex SA (b)(c)
     355,989   753,109
Unicaja Banco SA (b)(e)
     860,743   867,473
Viscofan SA
     19,472   1,347,952
Zardoya Otis SA
     152,088   974,182
          203,074,955
SWEDEN — 3.3%          
Sinch AB (b)(e)
     11,459   2,019,323
AAK AB
     78,663   1,784,206
Alfa Laval AB (b)
     274,236   8,306,082
Arjo AB Class B
     34,406   256,773
Assa Abloy AB Class B
     459,598   13,234,870
Atlas Copco AB Class A
     285,309   17,400,762
Atlas Copco AB Class B
     181,685   9,473,725
Beijer Ref AB
     31,653   1,393,759
BHG Group AB (b)
     66,421   1,107,995
Bilia AB Class A (b)
     139,852   2,076,208
BillerudKorsnas AB
     82,383   1,534,468
Boliden AB
     123,441   4,588,516
Boozt AB (b)(e)
     30,135   629,923
Bravida Holding AB (e)
     90,600   1,250,436
Bure Equity AB
     37,919   1,305,106
Castellum AB (c)
     123,487   2,728,634
Cell Impact AB (b)
     162,742   970,892
Diamyd Medical AB (b)
     110,340   334,199
Dometic Group AB (b)(e)
     134,099   1,948,492
Electrolux AB Class B (c)
     224,190   6,229,572
Electrolux Professional AB Class B (b)
     3,346   17,390
Elekta AB Class B (c)
     120,634   1,567,385
Enzymatica AB (b)
     77,992   96,637
Epiroc AB Class A
     296,366   6,725,468
Epiroc AB Class B
     181,675   3,792,408
Essity AB Class B (c)
     275,231   8,711,980
Evolution Gaming Group AB (e)
     114,474   16,889,456
Fabege AB (c)
     126,627   1,710,626
Fastighets AB Balder Class B (b)
     43,560   2,161,933
G5 Entertainment AB (c)
     7,923   451,766
Getinge AB Class B (c)
     46,503   1,293,780
H & M Hennes & Mauritz AB Class B (b)(c)
     473,068   10,678,399
Hexagon AB Class B
     120,389   11,126,898
Hexpol AB
     144,659   1,636,403
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Holmen AB Class B
     44,921   $ 1,975,920
Hufvudstaden AB Class A (c)
     82,253   1,198,459
Husqvarna AB Class B
     190,934   2,755,699
ICA Gruppen AB
     35,914   1,759,379
Industrivarden AB Class A (b)
     90,286   3,327,084
Industrivarden AB Class C (b)
     76,202   2,678,693
Indutrade AB (b)
     121,266   2,804,771
Intrum AB
     33,007   1,060,308
Investment AB Latour Class B
     55,761   1,447,075
Investor AB Class B (b)
     181,475   14,499,179
JM AB (c)
     37,539   1,272,216
Kancera AB (b)(c)
     168,270   347,494
Karo Pharma AB (b)
     599,251   3,526,907
Kinnevik AB Class B (c)
     149,187   7,267,396
KNOW IT AB (b)
     177,511   5,539,391
Kungsleden AB
     80,719   845,038
L E Lundbergforetagen AB Class B (b)
     33,023   1,806,428
LeoVegas AB (e)
     174,782   1,025,676
Loomis AB
     32,917   1,003,035
Lundin Energy AB
     105,453   3,319,792
MIPS AB
     4,071   291,910
Modern Times Group MTG AB Class B (b)
     10,313   149,673
Mycronic AB
     51,507   1,211,401
NCC AB Class B
     65,608   1,109,487
Nibe Industrier AB Class B
     174,754   5,429,297
Nolato AB Class B (b)
     14,710   1,312,986
Nordic Entertainment Group AB Class B (b)
     7,320   326,516
Nyfosa AB (b)
     129,124   1,330,305
Pandox AB (b)(c)
     34,296   582,335
Saab AB Class B (b)(c)
     45,393   1,244,671
Samhallsbyggnadsbolaget i Norden AB (c)
     378,125   1,179,105
Sandvik AB (b)
     624,310   17,089,862
Sectra AB Class B
     18,756   1,181,355
Securitas AB Class B
     148,668   2,532,863
Skandinaviska Enskilda Banken AB Class A (c)
     805,834   9,841,450
Skanska AB Class B (c)
     185,397   4,658,163
SKF AB Class B (c)
     169,624   4,830,109
SSAB AB Class B (b)
     284,184   1,376,856
Stillfront Group AB (b)
     142,110   1,316,543
Svenska Cellulosa AB SCA Class B (b)(c)
     228,757   4,056,124
Svenska Handelsbanken AB Class A (c)
     690,228   7,511,791
Swedbank AB Class A
     477,594   8,432,674
See accompanying notes to financial statements.
122

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Swedish Match AB (c)
     73,403   $ 5,741,675
Swedish Orphan Biovitrum AB (b)
     102,351   1,639,838
Tele2 AB Class B
     397,021   5,365,703
Telefonaktiebolaget LM Ericsson Class B
     1,599,403   21,202,921
Telia Co. AB
     667,151   2,895,532
Tethys Oil AB
     143,009   1,063,999
Thule Group AB (b)(e)
     41,151   1,790,262
Trelleborg AB Class B (b)
     112,803   2,873,039
Vitrolife AB (b)
     46,363   1,363,821
Volvo AB Class A (b)
     95,339   2,439,177
Volvo AB Class B (b)(c)
     734,654   18,618,573
Wallenstam AB Class B
     94,836   1,298,020
Wihlborgs Fastigheter AB
     60,272   1,145,792
          349,328,238
SWITZERLAND — 7.2%          
ABB, Ltd.
     928,995   28,191,146
Adecco Group AG
     138,622   9,373,537
Alcon, Inc. (b)
     238,514   16,771,882
ALSO Holding AG
     2,880   829,283
Aryzta AG
     185,489   207,139
Bachem Holding AG Class B
     2,858   1,229,868
Baloise Holding AG
     22,549   3,852,605
Barry Callebaut AG
     1,448   3,286,328
Belimo Holding AG
     108   876,715
BKW AG
     8,846   966,232
Bucher Industries AG
     2,984   1,526,956
Cembra Money Bank AG
     12,298   1,360,274
Chocoladefabriken Lindt & Spruengli AG (d)
     200   1,753,174
Chocoladefabriken Lindt & Spruengli AG (d)
     12   1,102,906
Cie Financiere Richemont SA
     242,314   23,362,453
Clariant AG (c)
     132,438   2,682,110
Coca-Cola HBC AG
     80,869   2,577,382
Comet Holding AG
     25,399   5,856,222
Credit Suisse Group AG
     856,118   9,007,364
CRISPR Therapeutics AG (b)(c)
     19,402   2,364,134
Daetwyler Holding AG
     3,242   967,967
DKSH Holding AG
     13,969   1,076,822
dormakaba Holding AG (c)
     1,413   969,124
Dufry AG (b)(c)
     21,530   1,472,317
EMS-Chemie Holding AG
     3,010   2,699,293
Flughafen Zurich AG (b)
     8,920   1,471,897
Forbo Holding AG
     357   648,643
See accompanying notes to financial statements.
123

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Galenica AG (e)
     22,384   $ 1,403,236
Geberit AG
     17,946   11,471,406
Georg Fischer AG
     1,535   2,059,932
Givaudan SA
     4,471   17,301,580
Helvetia Holding AG
     14,759   1,740,689
Idorsia, Ltd. (b)(c)
     45,048   1,212,895
Inficon Holding AG
     985   1,039,266
Interroll Holding AG
     220   780,747
IWG PLC (b)
     315,716   1,483,632
Julius Baer Group, Ltd.
     152,938   9,821,572
Kuehne + Nagel International AG
     47,630   13,649,058
LafargeHolcim, Ltd. (d)
     281,657   16,621,399
LafargeHolcim, Ltd. (d)
     4,594   271,802
Leonteq AG (c)
     21,012   1,041,502
Logitech International SA
     77,919   8,207,926
Lonza Group AG
     31,454   17,659,559
Meyer Burger Technology AG (b)(c)
     166,804   76,352
Mobimo Holding AG
     2,969   910,117
Nestle SA
     1,206,134   134,998,837
Novartis AG
     1,084,931   93,109,363
OC Oerlikon Corp. AG
     86,178   1,000,824
Partners Group Holding AG
     8,918   11,437,099
PSP Swiss Property AG
     17,976   2,200,324
Roche Holding AG Bearer Shares
     1   343
Roche Holding AG
     323,454   104,976,916
Schindler Holding AG (d)
     20,918   6,169,938
Schindler Holding AG (d)
     10,524   3,028,103
Schweiter Technologies AG
     317   524,095
SFS Group AG
     7,561   943,167
SGS SA
     2,939   8,372,161
Sika AG
     78,641   22,560,771
Sonova Holding AG (b)
     25,694   6,836,081
St Galler Kantonalbank AG
     1,373   621,472
STMicroelectronics NV
     378,881   14,481,111
Straumann Holding AG
     4,518   5,659,801
Sulzer AG
     34,900   3,941,848
Swatch Group AG (d)
     13,641   3,940,910
Swatch Group AG (d)
     26,980   1,509,320
Swiss Life Holding AG
     14,959   7,384,531
Swiss Prime Site AG
     32,864   3,043,189
Swiss Re AG
     157,009   15,508,215
Swisscom AG (c)
     11,955   6,440,190
See accompanying notes to financial statements.
124

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Temenos AG
     44,892   $ 6,489,461
u-blox Holding AG
     7,550   491,354
UBS Group AG
     1,561,236   24,277,415
Valiant Holding AG
     7,217   754,559
VAT Group AG (e)
     11,735   3,301,735
Vifor Pharma AG
     16,570   2,265,027
Vontobel Holding AG
     12,375   946,714
VZ Holding AG
     6,426   533,253
Zur Rose Group AG (b)
     3,209   1,210,429
Zurich Insurance Group AG
     71,682   30,724,665
          762,919,664
TAIWAN — 0.0% (a)          
Medtecs International Corp., Ltd.
     358,300   248,005
THAILAND — 0.3%          
Sea, Ltd. ADR (b)
     146,371   32,674,398
TURKEY — 0.0% (a)          
Eldorado Gold Corp. (b)
     47,918   517,744
UNITED KINGDOM — 10.1%          
3i Group PLC
     445,173   7,084,859
Admiral Group PLC
     113,256   4,845,603
Afren PLC (c)(f)
     55,933   —
Aggreko PLC
     100,822   1,219,943
AO World PLC (b)
     144,301   586,326
Ashtead Group PLC
     203,017   12,120,042
Associated British Foods PLC (b)
     165,292   5,507,491
AstraZeneca PLC
     610,623   61,054,296
Auto Trader Group PLC (b)(e)
     344,780   2,637,243
AVEVA Group PLC
     52,535   2,480,353
Aviva PLC
     2,354,530   13,260,565
Avon Rubber PLC
     125,242   5,460,368
B&M European Value Retail SA
     358,621   2,611,499
Babcock International Group PLC (b)(c)
     239,497   755,372
BAE Systems PLC
     1,447,100   10,082,651
Balfour Beatty PLC (b)
     1,242,129   5,059,037
Barclays PLC
     6,508,936   16,696,326
Barratt Developments PLC (b)
     744,775   7,673,866
Beazley PLC (b)
     244,196   1,185,275
Bellway PLC
     46,519   2,184,123
Berkeley Group Holdings PLC
     49,385   3,024,580
Big Yellow Group PLC REIT
     129,045   1,985,184
BP PLC
     9,115,413   37,056,774
See accompanying notes to financial statements.
125

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
British American Tobacco PLC
     1,030,459   $ 39,438,645
British Land Co. PLC REIT
     799,610   5,569,066
Britvic PLC
     99,482   1,149,514
BT Group PLC (b)
     4,364,981   9,322,623
Bunzl PLC
     153,528   4,920,640
Burberry Group PLC (b)
     253,797   6,647,861
Cairn Energy PLC
     171,281   402,211
Capita PLC (b)
     1,072,851   644,485
Capital & Counties Properties PLC REIT
     347,624   818,706
Centrica PLC (b)
     3,160,506   2,360,803
Cineworld Group PLC (b)(c)
     551,880   734,627
Close Brothers Group PLC
     69,078   1,478,211
CNH Industrial NV (b)
     460,290   7,138,212
Coca-Cola European Partners PLC
     106,865   5,574,078
Compass Group PLC (b)
     773,580   15,598,716
Croda International PLC
     59,953   5,250,887
Daily Mail & General Trust PLC Class A
     56,283   705,095
DCC PLC
     39,011   3,385,498
Dechra Pharmaceuticals PLC
     58,800   2,782,635
Derwent London PLC REIT
     52,373   2,332,522
Diageo PLC
     1,081,292   44,599,127
Dialog Semiconductor PLC (b)
     35,976   2,715,387
Direct Line Insurance Group PLC
     662,352   2,863,084
Dixons Carphone PLC (b)
     469,688   926,033
Drax Group PLC
     177,539   1,028,793
DS Smith PLC (b)
     316,809   1,782,063
easyJet PLC (b)
     115,922   1,564,510
Electrocomponents PLC
     254,258   3,483,443
EnQuest PLC (b)(c)
     6,176,262   1,511,695
Entain PLC (b)
     253,036   5,299,549
Experian PLC
     512,379   17,652,031
Farfetch, Ltd. Class A (b)
     84,751   4,493,498
Firstgroup PLC (b)
     1,600,120   2,032,175
Frasers Group PLC (b)
     71,871   456,931
Future PLC
     51,707   1,365,451
G4S PLC (b)
     1,668,042   5,638,426
Gamesys Group PLC
     70,938   1,890,910
GlaxoSmithKline PLC
     2,347,691   41,719,742
Grafton Group PLC
     100,772   1,423,720
Great Portland Estates PLC REIT
     130,532   1,224,286
GW Pharmaceuticals PLC ADR (b)
     13,396   2,905,592
Gym Group PLC (b)(e)
     435,227   1,414,137
See accompanying notes to financial statements.
126

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Halma PLC
     175,328   $ 5,742,709
Hammerson PLC REIT (c)
     1,681,927   811,962
Hargreaves Lansdown PLC
     90,724   1,929,526
Hays PLC (b)
     639,766   1,319,615
Hiscox, Ltd. (b)
     135,430   1,607,682
HomeServe PLC
     185,028   3,065,951
Howden Joinery Group PLC (b)
     274,551   2,776,590
HSBC Holdings PLC
     8,943,503   52,220,151
IG Group Holdings PLC
     167,128   2,077,585
IMI PLC
     106,864   1,966,854
Imperial Brands PLC
     442,107   9,100,830
Inchcape PLC (b)
     191,844   1,993,095
Indivior PLC (b)
     371,875   651,607
Informa PLC (b)
     550,014   4,248,068
InterContinental Hotels Group PLC (b)
     91,373   6,271,852
Intermediate Capital Group PLC
     136,670   3,473,343
International Consolidated Airlines Group SA
     312,870   855,995
International Personal Finance PLC
     154,953   224,051
Intertek Group PLC
     77,227   5,968,938
Intu Properties PLC REIT (b)(c)(f)
     315,030   —
ITV PLC (b)
     1,680,011   2,784,971
J Sainsbury PLC
     1,130,817   3,783,458
JD Sports Fashion PLC (b)
     190,771   2,170,404
John Wood Group PLC (b)
     479,880   1,791,617
Johnson Matthey PLC
     91,498   3,803,606
Keller Group PLC
     46,403   514,739
Kingfisher PLC (b)
     1,796,669   7,890,227
Lancashire Holdings, Ltd.
     91,531   813,278
Land Securities Group PLC REIT
     566,194   5,390,910
Legal & General Group PLC
     2,710,566   10,437,696
Lloyds Banking Group PLC (b)
     32,149,670   18,867,214
London Stock Exchange Group PLC
     142,903   13,683,136
LondonMetric Property PLC REIT
     317,620   936,039
M&G PLC
     1,170,388   3,349,064
Man Group PLC
     1,264,424   2,809,560
Marks & Spencer Group PLC (b)
     1,384,683   2,881,910
Meggitt PLC (b)
     290,168   1,911,247
Melrose Industries PLC (b)
     2,133,056   4,911,831
Micro Focus International PLC
     164,898   1,258,584
Mondi PLC
     334,473   8,537,242
National Grid PLC
     1,766,184   21,053,994
Natwest Group PLC
     2,056,553   5,568,451
See accompanying notes to financial statements.
127

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Next PLC (b)
     97,959   $ 10,631,220
Ninety One PLC
     130,587   430,248
Ocado Group PLC (b)
     213,861   6,004,555
Pearson PLC
     546,915   5,822,331
Pennon Group PLC
     190,973   2,568,984
Pensana Rare Earths PLC (b)(c)
     59,971   121,631
Persimmon PLC
     58,070   2,355,505
Petrofac, Ltd. (b)(c)
     109,851   144,923
Phoenix Group Holdings PLC
     257,547   2,608,890
Provident Financial PLC (b)
     50,890   152,362
Prudential PLC
     1,170,388   24,875,761
Quilter PLC (e)
     1,079,683   2,381,188
Reckitt Benckiser Group PLC
     328,842   29,481,651
Redrow PLC
     94,383   817,783
RELX PLC (d)
     577,303   14,488,430
RELX PLC (d)
     466,720   11,749,636
Rentokil Initial PLC (b)
     847,940   5,667,011
Restaurant Group PLC (b)
     1,443,034   2,438,919
Rightmove PLC (b)
     467,477   3,755,063
Rolls-Royce Holdings PLC (b)
     4,238,505   6,157,804
Rotork PLC
     501,829   2,469,005
Royal Mail PLC (b)
     209,757   1,460,322
RSA Insurance Group PLC
     626,134   5,883,005
Sage Group PLC
     514,353   4,348,754
Schroders PLC
     52,392   2,529,984
Segro PLC REIT
     446,137   5,771,260
Serco Group PLC (b)
     830,176   1,576,062
Severn Trent PLC
     109,793   3,493,162
Shaftesbury PLC REIT (b)(c)
     143,278   1,268,122
Signature Aviation PLC (b)
     435,002   2,426,497
Smith & Nephew PLC
     438,704   8,340,760
Smiths Group PLC
     261,533   5,547,872
Spectris PLC
     56,642   2,600,017
Spirax-Sarco Engineering PLC
     32,995   5,189,647
SSE PLC
     698,238   14,016,878
SSP Group PLC (b)
     203,220   1,044,145
St James's Place PLC
     239,873   4,216,340
Standard Chartered PLC
     1,333,749   9,191,670
Standard Life Aberdeen PLC
     1,701,308   6,804,809
Subsea 7 SA (b)
     115,786   1,165,137
Tate & Lyle PLC
     417,519   4,419,465
Taylor Wimpey PLC (b)
     1,129,657   2,812,473
See accompanying notes to financial statements.
128

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Telecom Plus PLC
     28,508   $ 499,523
Tesco PLC
     3,950,482   12,473,428
Tiziana Life Sciences PLC ADR (b)
     169,944   470,745
TP ICAP Group PLC
     375,368   1,260,816
Trainline PLC (b)(e)
     129,356   819,189
Travis Perkins PLC (b)
     73,399   1,561,056
Tritax Big Box REIT PLC
     996,895   2,468,873
Unilever PLC (d)
     1,146,891   64,180,767
Unilever PLC (d)
     26,730   1,494,762
UNITE Group PLC REIT (b)
     120,571   1,774,974
United Utilities Group PLC
     325,608   4,159,078
Victrex PLC
     43,460   1,325,155
Virgin Money UK PLC ADR (b)
     341,446   892,014
Vodafone Group PLC
     13,190,520   24,000,797
Weir Group PLC (b)
     53,092   1,301,671
WH Smith PLC (b)
     49,458   1,226,223
Whitbread PLC (b)
     126,771   5,992,280
William Hill PLC (b)
     659,787   2,476,039
Wm Morrison Supermarkets PLC
     1,808,669   4,552,896
Workspace Group PLC REIT
     108,358   1,196,013
WPP PLC
     615,518   7,818,016
          1,071,446,572
UNITED STATES — 1.1%          
Access Bio, Inc. ADR (b)
     22,532   259,812
Adaptimmune Therapeutics PLC ADR (b)(c)
     130,213   691,431
Argonaut Gold, Inc. (b)(c)
     161,232   295,050
Atlassian Corp. PLC Class A (b)
     53,789   11,336,570
Bausch Health Cos., Inc. (b)
     155,101   4,920,139
Carnival PLC (b)
     147,187   3,219,738
Constellium SE (b)
     37,455   550,588
CyberArk Software, Ltd. (b)
     28,190   3,646,095
Ferguson PLC
     157,935   18,887,831
Flex, Ltd. (b)
     632,383   11,578,933
Inmode, Ltd. (b)
     7,270   526,130
International Game Technology PLC (c)
     48,026   770,817
James Hardie Industries PLC CDI
     193,250   5,864,004
Nabriva Therapeutics PLC (b)(c)
     85,936   142,654
Nitro Software, Ltd. (b)
     85,482   158,862
Nordic American Tankers, Ltd.
     181,255   589,079
Pluristem Therapeutics, Inc. (b)(c)
     27,448   130,927
Primo Water Corp.
     70,594   1,149,747
QIAGEN NV (b)
     106,938   5,186,986
See accompanying notes to financial statements.
129

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
REC Silicon ASA (b)(c)
     342,791   $ 771,007
Spotify Technology SA (b)
     43,464   11,646,179
Stellantis NV (d)
     482,915   8,558,951
Stellantis NV (d)
     493,556   8,749,868
Stratasys, Ltd. (b)
     21,037   544,858
Waste Connections, Inc.
     118,823   12,835,739
          113,011,995
ZAMBIA — 0.1%          
First Quantum Minerals, Ltd.
     308,733   5,883,085
TOTAL COMMON STOCKS

(Cost $8,753,621,780)
         10,514,965,563
       
RIGHTS — 0.0% (a)    
AUSTRALIA — 0.0% (a)      
Computershare, Ltd. (expiring 04/19/21) (b)
   25,548 29,578
CANADA — 0.0% (a)      
Pan American Silver Corp. (CVR) (expiring 2/22/29) (b)
   32,808 28,539
HONG KONG — 0.0% (a)      
Esprit Holdings, Ltd. (expiring 4/14/21) (b)
   715,909 3,315
ITALY — 0.0% (a)      
SNAM SpA (expiring 04/07/21) (b) (f)
   947,870 —
NORWAY — 0.0% (a)      
Nordic Nanovector A/S (expiring 4/9/21) (b)
   1,984 281
TOTAL RIGHTS

(Cost $14,326)
     61,713
WARRANTS — 0.0% (a)    
CANADA — 0.0% (a)      
Cenovus Energy, Inc. (expiring 1/1/26) (b)
   16,320 64,924
FRANCE — 0.0% (a)      
Technicolor SA (expiring 9/22/24) (b) (c)
   7,094 2,718
TOTAL WARRANTS

(Cost $60,791)
     67,642
SHORT-TERM INVESTMENTS — 1.6%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.07% (g) (h)
 8,615,576 8,618,161
See accompanying notes to financial statements.
130

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (i) (j)
   160,337,612   $ 160,337,612
TOTAL SHORT-TERM INVESTMENTS

(Cost $168,955,773)
   168,955,773  
TOTAL INVESTMENTS — 101.0%

(Cost $8,922,652,670)
   10,684,050,691  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%
  (106,312,742)  
NET ASSETS — 100.0%
  $10,577,737,949  
(a) Amount is less than 0.05% of net assets.
(b) Non-income producing security.
(c) All or a portion of the shares of the security are on loan at March 31, 2021.
(d) 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 1.5% of net assets as of March 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2021, total aggregate fair value of the security is $485,537, 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 March 31, 2021 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at March 31, 2021.
(i) The Portfolio invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(j) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
CDI CREST Depository Interest
CVR Contingent Value Rights
GDR Global Depositary Receipt
REIT Real Estate Investment Trust
SDR Swedish Depositary Receipt
See accompanying notes to financial statements.
131

Table of Contents
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Common Stocks
   $10,513,876,778   $603,248   $485,537   $10,514,965,563
Rights
   61,432   281   —   61,713
Warrants
   67,642   —   —   67,642
Short-Term Investments
   168,955,773   —   —   168,955,773
TOTAL INVESTMENTS
   $10,682,961,625   $603,529   $485,537   $10,684,050,691
Sector Breakdown as of March 31, 2021

    
    % of Net Assets
  Financials 16.7%
  Industrials 15.8
  Consumer Discretionary 12.2
  Information Technology 11.2
  Health Care 10.3
  Materials 8.5
  Consumer Staples 8.5
  Communication Services 5.4
  Energy 3.9
  Real Estate 3.7
  Utilities 3.2
  Short-Term Investments 1.6
  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 3/31/21 		  Value at
3/31/21 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 11,347,853   $ 11,350,122   $212,727,899   $215,460,639   $(354)   $1,133   8,615,576   $ 8,618,161   $ 3,747
State Street Navigator Securities Lending Portfolio II
 121,695,745   121,695,745   637,714,231   599,072,364   —   —   160,337,612   160,337,612   880,364
Total
     $133,045,867   $850,442,130   $814,533,003   $(354)   $1,133       $168,955,773   $ 884,111
See accompanying notes to financial statements.
132

Table of Contents
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.4%        
ARGENTINA — 0.1%          
Adecoagro SA (a)
     3,007   $ 23,635
Banco Macro SA ADR (a)(b)
     224   2,990
Despegar.com Corp. (a)
     1,759   23,975
Globant SA (a)
     734   152,386
IRSA Propiedades Comerciales SA ADR
     36   355
MercadoLibre, Inc. (a)
     219   322,399
Pampa Energia SA ADR (a)(b)
     1,644   24,397
          550,137
AUSTRALIA — 2.3%          
Afterpay, Ltd. (a)
     848   65,557
Alumina, Ltd.
     185,917   246,390
AMP, Ltd.
     49,181   47,385
Australia & New Zealand Banking Group, Ltd.
     12,278   263,526
BHP Group PLC
     3,616   104,495
BHP Group, Ltd.
     15,261   526,546
Boral, Ltd. (a)
     75,226   314,554
Brambles, Ltd.
     36,655   295,375
Coca-Cola Amatil, Ltd.
     17,955   183,661
Coles Group, Ltd.
     16,724   203,933
Commonwealth Bank of Australia
     4,049   265,526
Cooper Energy, Ltd. (a)(b)
     63,119   12,980
CSL, Ltd.
     6,456   1,301,340
De Grey Mining, Ltd. (a)
     15,786   11,843
Deterra Royalties, Ltd.
     6,123   18,281
Ecofibre, Ltd. (a)(b)
     6,137   5,609
EML Payments, Ltd. (a)(b)
     9,237   34,473
Fortescue Metals Group, Ltd.
     27,282   415,379
Glencore PLC (a)
     28,829   113,062
Iluka Resources, Ltd.
     6,123   33,624
Insurance Australia Group, Ltd.
     81,797   291,567
Kogan.com, Ltd. (b)
     3,862   35,298
LendLease Corp., Ltd. Stapled Security
     43,266   425,760
Macquarie Group, Ltd.
     7,424   864,176
Megaport, Ltd. (a)(b)
     7,041   59,473
Mesoblast, Ltd. (a)(b)
     4,907   8,110
National Australia Bank, Ltd.
     16,295   322,688
Newcrest Mining, Ltd.
     8,609   160,123
Origin Energy, Ltd.
     27,276   97,434
Orora, Ltd.
     2,167   5,018
See accompanying notes to financial statements.
133

Table of Contents
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
OZ Minerals, Ltd.
     26,552   $ 461,901
PolyNovo, Ltd. (a)(b)
     25,557   52,751
Pro Medicus, Ltd. (b)
     2,281   71,804
QBE Insurance Group, Ltd.
     12,843   94,102
Redbubble, Ltd. (a)
     3,296   12,577
Rio Tinto PLC
     11,631   890,625
Rio Tinto, Ltd.
     919   77,520
Santos, Ltd.
     22,957   124,145
Scentre Group REIT
     38,279   82,218
Shopping Centres Australasia Property Group REIT
     475,367   908,779
Sonic Healthcare, Ltd.
     20,347   543,800
South32, Ltd.
     11,214   24,146
Suncorp Group, Ltd.
     26,895   202,797
Sydney Airport Stapled Security (a)
     3,321   15,657
Temple & Webster Group, Ltd. (a)(b)
     1,419   9,835
Transurban Group Stapled Security
     34,025   345,190
Vicinity Centres REIT (b)
     142,287   179,357
Wesfarmers, Ltd.
     16,724   670,902
West African Resources, Ltd. (a)(b)
     33,101   19,287
Westpac Banking Corp.
     18,857   350,587
Woodside Petroleum, Ltd.
     8,499   155,358
Woolworths Group, Ltd.
     6,328   196,982
          12,223,506
AUSTRIA — 0.2%          
DO & Co. AG (a)(b)
     3,832   309,858
OMV AG
     7,364   374,411
S&T AG (a)
     1,022   25,465
Schoeller-Bleckmann Oilfield Equipment AG
     4,788   215,245
          924,979
BELGIUM — 0.2%          
Anheuser-Busch InBev SA
     4,267   269,556
Biocartis Group NV (a)(c)
     8,083   42,512
Solvay SA
     2,489   310,669
UCB SA
     6,449   614,850
          1,237,587
BRAZIL — 0.7%          
Ambev SA ADR (b)
     55,749   152,752
Anima Holding SA (a)
     43,543   77,163
Banco Bradesco SA ADR
     65,346   307,126
Banco Inter SA
     2,406   66,816
See accompanying notes to financial statements.
134

Table of Contents
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
BK Brasil Operacao e Assessoria a Restaurantes SA (a)
     1,585   $ 2,716
Cia Energetica de Minas Gerais ADR (b)
     6,557   14,884
Cia Siderurgica Nacional SA ADR
     27,397   183,560
Construtora Tenda SA
     5,852   26,953
Cyrela Brazil Realty SA Empreendimentos e Participacoes
     6,989   30,530
Even Construtora e Incorporadora SA
     42,579   77,869
Ez Tec Empreendimentos e Participacoes SA
     9,748   55,365
Gerdau SA ADR
     24,720   132,005
Gol Linhas Aereas Inteligentes SA Preference Shares (a)
     1,022   3,896
Itau Unibanco Holding SA Preference Shares ADR
     53,335   264,542
Light SA (a)
     300   1,071
Linx SA
     4,552   30,492
Locaweb Servicos de Internet SA (c)
     5,540   22,433
Marfrig Global Foods SA (a)
     1,813   5,658
Minerva SA
     11,420   20,642
Natura & Co. Holding SA ADR (b)
     7,262   123,381
Omega Geracao SA (a)
     20,416   142,185
Petro Rio SA (a)
     20,905   341,859
Petroleo Brasileiro SA Preference Shares ADR
     36,319   310,164
Petroleo Brasileiro SA ADR
     14,113   119,678
Santos Brasil Participacoes SA
     1,932   2,335
Trisul SA
     17,632   30,715
Vale SA ADR
     42,774   743,412
Via Varejo S/A (a)
     13,478   28,829
Wheaton Precious Metals Corp.
     4,905   187,325
Yara International ASA
     3,127   162,937
          3,669,293
CANADA — 3.1%          
Advantage Oil & Gas, Ltd. (a)(b)
     20,106   37,913
Alamos Gold, Inc. Class A
     636   4,969
Altius Minerals Corp. (b)
     5,413   64,645
Aphria, Inc. (a)(b)
     3,219   59,137
Aurinia Pharmaceuticals, Inc. (a)
     5,075   65,979
Aurora Cannabis, Inc. (a)(b)
     423   3,934
B2Gold Corp.
     6,105   26,278
Ballard Power Systems, Inc. (a)(b)
     5,506   134,271
Bank of Montreal
     4,123   367,473
Bank of Nova Scotia
     5,087   318,208
Barrick Gold Corp.
     7,275   144,302
Birchcliff Energy, Ltd. (b)
     2,784   5,781
Brookfield Asset Management, Inc. Class A
     17,516   779,046
Cameco Corp.
     10,467   173,555
See accompanying notes to financial statements.
135

Table of Contents
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Canacol Energy, Ltd. (b)
     13,489   $ 38,637
Canada Goose Holdings, Inc. (a)(b)
     501   19,664
Canadian Imperial Bank of Commerce (b)
     1,850   181,122
Canadian National Railway Co.
     7,896   916,221
Canadian Natural Resources, Ltd.
     7,896   244,070
Canadian Pacific Railway, Ltd.
     1,663   635,112
Canadian Tire Corp., Ltd. Class A (b)
     1,954   277,246
Canopy Growth Corp. (a)(b)
     1,331   42,741
Cenovus Energy, Inc.
     10,043   75,431
Corby Spirit and Wine, Ltd.
     3,486   48,732
Crescent Point Energy Corp. (b)
     5,180   21,596
Cronos Group, Inc. (a)(b)
     4,034   38,130
Docebo, Inc. (a)
     2,635   113,212
Dundee Precious Metals, Inc.
     5,893   35,962
Enbridge, Inc.
     10,873   396,043
Endeavour Silver Corp. (a)(b)
     24,826   122,861
Enerplus Corp. (b)
     10,356   51,992
Equinox Gold Corp. (a)
     7,557   60,247
Equitable Group, Inc.
     510   51,209
First Majestic Silver Corp. (a)(b)
     35,290   550,331
George Weston, Ltd.
     625   55,337
goeasy, Ltd. (b)
     720   71,671
IAMGOLD Corp. (a)
     9,211   27,409
IGM Financial, Inc. (b)
     3,098   94,405
Imperial Oil, Ltd. (b)
     5,723   138,607
Jamieson Wellness, Inc. (b)(c)
     1,545   45,200
Just Energy Group, Inc. (a)
     4   16
Kinaxis, Inc. (a)
     212   24,738
Kinross Gold Corp.
     17,001   113,218
Kirkland Lake Gold, Ltd.
     2,268   76,584
Lightspeed POS, Inc. (a)
     1,754   110,291
Lithium Americas Corp. (a)(b)
     2,917   46,882
Loblaw Cos., Ltd.
     6,434   359,364
MAG Silver Corp. (a)(b)
     212   3,191
Manulife Financial Corp.
     20,574   442,468
MEG Energy Corp. (a)
     3,306   17,150
Minto Apartment Real Estate Investment Trust (c)
     5,711   98,648
MTY Food Group, Inc. (a)
     3,198   146,688
National Bank of Canada (b)
     10,875   738,671
New Gold, Inc. (a)
     14,730   22,736
NexGen Energy, Ltd. (a)(b)
     28,453   102,552
Novagold Resources, Inc. (a)
     636   5,546
See accompanying notes to financial statements.
136

Table of Contents
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Nutrien, Ltd. (b)
     6,426   $ 346,135
Onex Corp.
     6,843   425,547
Organigram Holdings, Inc. (a)(b)
     6,540   22,635
Orla Mining, Ltd. (a)(b)
     1,734   6,457
Osisko Mining, Inc. (a)
     25,656   60,014
Pan American Silver Corp. (b)
     848   25,436
Park Lawn Corp. (b)
     3,512   91,988
Premier Gold Mines, Ltd. (a)
     22,425   49,601
Pretium Resources, Inc. (a)(b)
     2,374   24,631
Real Matters, Inc. (a)
     6,962   79,211
Rogers Communications, Inc. Class B
     10,889   502,063
Roxgold, Inc. (a)
     13,156   16,225
Royal Bank of Canada
     9,538   879,316
Sandstorm Gold, Ltd. (a)(b)
     848   5,755
Shaw Communications, Inc. Class B
     7,483   194,569
Shopify, Inc. Class A (a)
     729   804,739
Silvercorp Metals, Inc.
     7,337   36,135
SilverCrest Metals, Inc. (a)(b)
     34,788   281,769
SNC-Lavalin Group, Inc. (b)
     4,560   97,596
SSR Mining, Inc.
     7,114   101,714
Summit Industrial Income REIT
     5,694   64,603
Sun Life Financial, Inc.
     11,216   566,757
Suncor Energy, Inc.
     15,988   334,173
TC Energy Corp. (b)
     7,170   328,650
Teck Resources, Ltd. Class B (a)
     5,694   109,046
TELUS Corp.
     32,563   648,488
Tilray, Inc. Class 2 (a)(b)
     1,328   30,186
Torex Gold Resources, Inc. (a)
     1,328   16,768
Toronto-Dominion Bank
     15,430   1,006,200
TransAlta Corp. (b)
     17,831   168,826
Uranium Participation Corp. (a)
     5,413   23,472
Wesdome Gold Mines, Ltd. (a)
     7,461   49,509
WPT Industrial Real Estate Investment Trust
     6,413   96,836
Yamana Gold, Inc.
     13,490   58,603
          16,401,075
CAYMAN ISLANDS — 0.0% (d)          
China Online Education Group ADR (a)(b)
     1,428   29,060
Endeavour Mining Corp.
     4,312   86,902
          115,962
CHILE — 0.0% (d)          
Enel Americas SA ADR
     6,642   56,324
See accompanying notes to financial statements.
137

Table of Contents
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Enel Chile SA ADR
     3,445   $ 13,504
Liberty Latin America, Ltd. Class C (a)
     1,070   13,889
Sociedad Quimica y Minera de Chile SA ADR
     708   37,574
          121,291
CHINA — 4.1%          
111, Inc. ADR (a)(b)
     1,701   23,474
21Vianet Group, Inc. ADR (a)
     2,808   90,698
AAC Technologies Holdings, Inc. (b)
     2,500   12,589
Agricultural Bank of China, Ltd. Class H
     317,000   126,809
AK Medical Holdings, Ltd. (b)(c)
     4,000   5,094
Alibaba Group Holding, Ltd. ADR (a)
     15,860   3,595,938
Alibaba Health Information Technology, Ltd. (a)
     12,000   33,957
Anhui Conch Cement Co., Ltd. Class H
     6,000   39,012
ANTA Sports Products, Ltd.
     5,000   81,549
Aoyuan Healthy Life Group Co., Ltd. (b)
     16,000   10,517
Ascletis Pharma, Inc. (a)(c)
     6,000   2,161
Autohome, Inc. ADR
     501   46,728
Baidu, Inc. ADR (a)(b)
     2,180   474,259
Bank of China, Ltd. Class H
     699,000   266,133
Bank of Communications Co., Ltd. Class H
     217,000   138,164
Baozun, Inc. ADR (a)
     6,016   229,450
Beijing BDStar Navigation Co., Ltd. Class A (a)
     1,000   6,584
Beijing Chunlizhengda Medical Instruments Co., Ltd. Class H (b)
     5,000   11,962
Beijing Enterprises Urban Resources Group, Ltd. (a)
     36,000   5,649
Beijing Shunxin Agriculture Co., Ltd. Class A
     1,400   10,014
Beijing Sinnet Technology Co., Ltd. Class A
     9,500   24,861
Beijing Tiantan Biological Products Corp., Ltd. Class A
     11,480   57,145
Chifeng Jilong Gold Mining Co., Ltd. Class A (a)
     24,800   54,883
China CITIC Bank Corp., Ltd. Class H
     77,000   39,122
China Conch Venture Holdings, Ltd.
     5,000   23,507
China Construction Bank Corp. Class H
     711,000   598,105
China Gas Holdings, Ltd.
     18,800   77,019
China Life Insurance Co., Ltd. Class H
     99,000   204,508
China Meidong Auto Holdings, Ltd.
     2,000   9,274
China Mengniu Dairy Co., Ltd.
     9,000   51,515
China Merchants Bank Co., Ltd. Class H
     152,174   1,161,693
China Minsheng Banking Corp., Ltd. Class H
     45,500   26,395
China National Software & Service Co., Ltd. Class A
     1,200   9,794
China New Higher Education Group, Ltd. (b)(c)
     2,000   1,114
China Overseas Land & Investment, Ltd.
     60,000   155,895
China Overseas Property Holdings, Ltd.
     5,000   4,669
China Pacific Insurance Group Co., Ltd. Class H
     18,800   74,117
See accompanying notes to financial statements.
138

Table of Contents
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
China Petroleum & Chemical Corp. Class H
     365,200   $ 194,474
China Resources Beer Holdings Co., Ltd.
     8,000   62,718
China Resources Gas Group, Ltd.
     2,000   11,088
China Resources Land, Ltd.
     15,000   72,642
China Shenhua Energy Co., Ltd. Class H
     46,500   95,818
China Tower Corp., Ltd. Class H (c)
     234,000   34,613
China TransInfo Technology Co., Ltd. Class A
     9,800   23,555
China Vanke Co., Ltd. Class H
     7,100   27,808
Chlitina Holding, Ltd.
     2,000   16,647
Chongqing Brewery Co., Ltd. Class A
     2,100   35,620
CITIC, Ltd.
     95,000   89,936
COFCO Meat Holdings, Ltd. (b)
     83,000   42,597
COSCO SHIPPING Ports, Ltd.
     37,589   27,366
Country Garden Holdings Co., Ltd. (b)
     84,365   108,299
Country Garden Services Holdings Co., Ltd.
     4,000   40,543
CSPC Pharmaceutical Group, Ltd.
     26,880   32,500
CStone Pharmaceuticals (a)(c)
     7,500   8,923
Daqo New Energy Corp. ADR (a)
     7,603   574,027
ENN Energy Holdings, Ltd.
     1,800   28,872
Ever Sunshine Lifestyle Services Group, Ltd. (b)
     20,000   50,319
Fu Jian Anjoy Foods Co., Ltd. Class A
     400   12,715
G-bits Network Technology Xiamen Co., Ltd. Class A
     300   17,018
Geely Automobile Holdings, Ltd.
     17,000   43,252
GSX Techedu, Inc. ADR (a)(b)
     448   15,178
Guangdong Hongda Blasting Co., Ltd. Class A
     9,400   44,441
Guangdong Investment, Ltd.
     4,000   6,514
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. Class A
     7,800   41,608
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A
     8,400   162,656
Guangzhou Tinci Materials Technology Co., Ltd. Class A
     700   8,707
Health & Happiness H&H International Holdings, Ltd.
     51,500   195,416
Hengan International Group Co., Ltd.
     8,500   55,869
Homeland Interactive Technology, Ltd.
     142,000   90,594
Huaneng Power International, Inc. Class H
     188,000   66,742
HUYA, Inc. ADR (a)(b)
     1,473   28,694
iClick Interactive Asia Group, Ltd. ADR (a)
     1,020   12,005
Industrial & Commercial Bank of China, Ltd. Class H
     493,000   353,844
Innovent Biologics, Inc. (a)(c)
     5,500   55,782
Intco Medical Technology Co., Ltd. Class A
     1,600   39,405
JD.com, Inc. ADR (a)
     6,567   553,795
Jiangsu King's Luck Brewery JSC, Ltd. Class A
     8,500   63,544
JinkoSolar Holding Co., Ltd. ADR (a)(b)
     3,731   155,545
See accompanying notes to financial statements.
139

Table of Contents
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Jinyu Bio-Technology Co., Ltd. Class A
     9,300   $ 27,087
JiuGui Liquor Co., Ltd. Class A
     1,400   32,467
JOYY, Inc. ADR
     397   37,211
Kaisa Prosperity Holdings, Ltd. (b)
     18,500   59,252
Konka Group Co., Ltd. Class B
     294,400   95,426
Lenovo Group, Ltd.
     34,000   48,369
Li Ning Co., Ltd.
     6,500   42,222
Lingyi iTech Guangdong Co. Class A
     12,300   15,335
Longfor Group Holdings, Ltd. (c)
     8,500   56,306
Meituan Class B (a)(c)
     31,600   1,212,063
Microport Scientific Corp.
     3,006   16,916
Momo, Inc. ADR
     1,134   16,715
NanJi E-Commerce Co., Ltd. Class A
     18,300   25,604
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. Class A
     10,300   62,793
NetEase, Inc. ADR
     3,201   330,535
New Oriental Education & Technology Group, Inc. ADR (a)
     8,514   119,196
NIO, Inc. ADR (a)
     9,149   356,628
Niu Technologies ADR (a)
     1,244   45,593
PetroChina Co., Ltd. Class H
     186,000   67,228
PICC Property & Casualty Co., Ltd. Class H
     197,788   171,471
Pinduoduo, Inc. ADR (a)
     2,244   300,427
Ping An Healthcare and Technology Co., Ltd. (a)(b)(c)
     1,100   13,795
Ping An Insurance Group Co. of China, Ltd. Class H
     49,500   589,267
Postal Savings Bank of China Co., Ltd. Class H (c)
     79,000   59,038
Prosus NV
     3,417   380,717
Q Technology Group Co., Ltd.
     18,000   36,628
Qutoutiao, Inc. ADR (a)
     11,416   26,143
Sanquan Food Co., Ltd. Class A
     1,900   6,550
Scholar Education Group (b)
     11,000   11,263
Shanghai Bairun Investment Holding Group Co., Ltd. Class A
     1,300   21,597
Shanghai Baosight Software Co., Ltd. Class A
     2,100   18,701
Shanxi Meijin Energy Co., Ltd. Class A (a)
     22,000   24,041
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
     900   45,650
Shengyi Technology Co., Ltd. Class A
     9,000   31,165
Shenzhen Goodix Technology Co., Ltd. Class A
     400   6,832
Shenzhen Kangtai Biological Products Co., Ltd. Class A
     1,000   20,877
Shenzhen SC New Energy Technology Corp. Class A
     600   9,906
Shenzhou International Group Holdings, Ltd.
     8,100   167,846
Sichuan Swellfun Co., Ltd. Class A
     1,400   15,263
Skshu Paint Co., Ltd. Class A
     300   9,108
Sohu.com, Ltd. ADR (a)
     2,392   37,602
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Sunac China Holdings, Ltd.
     8,000   $ 34,318
Sunac Services Holdings, Ltd. (a)(c)
     257   810
Sunny Optical Technology Group Co., Ltd.
     8,300   189,179
TAL Education Group ADR (a)
     2,893   155,788
Tencent Holdings, Ltd.
     53,000   4,158,494
Tongdao Liepin Group (a)
     17,600   49,578
Trip.com Group, Ltd. ADR (a)
     2,805   111,162
Uxin, Ltd. ADR (a)(b)
     13,519   15,817
Vipshop Holdings, Ltd. ADR (a)
     6,015   179,608
Visionox Technology, Inc. Class A (a)
     10,400   14,931
Walvax Biotechnology Co., Ltd. Class A
     8,200   56,477
Weimob, Inc. (a)(b)(c)
     12,000   26,826
Will Semiconductor Co., Ltd. Class A
     600   23,476
Winning Health Technology Group Co., Ltd. Class A
     10,290   25,736
Wuhan Guide Infrared Co., Ltd. Class A
     13,029   71,110
WUS Printed Circuit Kunshan Co., Ltd. Class A
     8,700   22,197
Wuxi Biologics Cayman, Inc. (a)(c)
     13,500   169,044
XD, Inc. (a)
     7,200   43,527
Xiaomi Corp. Class B (a)(c)
     53,400   176,868
Yanzhou Coal Mining Co., Ltd. Class H
     34,000   40,234
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (b)(c)
     12,800   13,599
Yum China Holdings, Inc.
     5,411   320,385
Zai Lab, Ltd. ADR (a)
     424   56,574
Zepp Health Corp. ADR (a)(b)
     636   6,850
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Class A
     1,500   13,479
ZTO Express Cayman, Inc. ADR
     2,095   61,069
          22,094,015
COLOMBIA — 0.0% (d)          
Bancolombia SA ADR
     918   29,367
Millicom International Cellular SA SDR (a)
     1,133   43,675
          73,042
DENMARK — 0.8%          
Ambu A/S Class B
     510   24,009
AP Moller - Maersk A/S Class B
     206   479,683
Chemometec A/S
     541   51,382
Danske Bank A/S
     8,914   167,209
Drilling Co. of 1972 A/S (a)
     404   16,076
DSV Panalpina A/S
     8,833   1,737,161
Novo Nordisk A/S Class B
     19,530   1,326,341
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Zealand Pharma A/S (a)
     8,818   $ 279,536
          4,081,397
EGYPT — 0.0% (d)          
Cleopatra Hospital (a)
     74,003   21,658
Heliopolis Housing
     56,260   17,146
Medinet Nasr Housing
     22,172   5,290
          44,094
FINLAND — 0.4%          
Admicom Oyj
     195   21,956
BasWare Oyj (a)
     385   16,584
Fortum Oyj
     6,947   185,831
Musti Group Oyj
     1,859   60,128
Neles Oyj
     4,141   52,709
Nokia Oyj (a)
     43,054   172,272
Nordea Bank Abp (e)
     28,859   284,739
Nordea Bank Abp (e)
     506   5,002
Outotec Oyj
     17,807   198,926
Sampo Oyj Class A
     4,871   220,236
UPM-Kymmene Oyj
     15,853   570,699
Valmet Oyj (b)
     814   29,667
Wartsila OYJ Abp (b)
     14,112   148,178
          1,966,927
FRANCE — 2.7%          
AB Science SA (a)
     3,127   54,907
Accor SA (a)
     8,702   328,915
Air Liquide SA
     1,132   185,330
Airbus SE (a)
     3,550   402,795
Alstom SA (a)
     8,335   416,531
AXA SA
     16,721   449,740
BNP Paribas SA (a)
     8,900   542,673
Bouygues SA
     5,078   204,052
Capgemini SE
     6,241   1,064,315
Carrefour SA
     11,471   208,227
CGG SA (a)
     12,560   15,138
Credit Agricole SA (a)
     18,170   263,630
Danone SA
     5,190   356,839
Engie SA (a)
     8,520   121,214
EssilorLuxottica SA
     3,962   646,560
Faurecia SE (a)
     157   8,361
Fnac Darty SA (a)
     4,248   261,366
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Hermes International
     18   $ 19,971
Innate Pharma SA (a)
     6,129   26,854
Kering SA
     1,038   718,069
L'Oreal SA
     1,970   756,653
LVMH Moet Hennessy Louis Vuitton SE
     1,662   1,109,697
Novacyt SA (a)
     766   7,526
Orange SA
     24,373   300,922
Pernod Ricard SA
     2,371   446,001
Publicis Groupe SA
     4,788   292,846
Renault SA (a)
     5,900   256,082
Sanofi
     7,783   770,665
Schneider Electric SE
     5,619   860,172
Societe Generale SA (a)
     7,804   204,674
Sodexo SA (a)
     4,975   478,177
Technip Energies NV (a)
     1,088   16,560
TOTAL SE
     14,778   690,835
Unibail-Rodamco-Westfield REIT (a)(e)
     11,288   45,997
Unibail-Rodamco-Westfield REIT (a)(e)
     1,871   150,279
Valneva SE (a)
     1,314   16,370
Veolia Environnement SA
     14,955   384,225
Vinci SA
     7,269   746,338
Vivendi SE
     18,370   604,527
          14,434,033
GERMANY — 2.5%          
Adidas AG (a)
     3,107   972,071
AIXTRON SE (a)
     2,575   58,636
Allianz SE
     3,949   1,007,385
BASF SE
     6,449   536,932
Bayer AG
     8,298   526,252
Commerzbank AG (a)
     5,828   35,810
CompuGroup Medical SE & Co. KgaA
     9,431   798,620
CropEnergies AG
     3,624   50,856
Daimler AG
     8,935   798,204
Datagroup SE (a)
     407   29,275
Delivery Hero SE (a)(c)
     115   14,935
Deutsche Bank AG (a)
     11,828   141,628
Deutsche Boerse AG
     3,098   515,941
Deutsche Lufthansa AG (a)
     18,968   252,023
Deutsche Post AG
     15,357   843,253
Deutsche Telekom AG
     25,345   511,459
E.ON SE
     15,880   185,219
Eckert & Ziegler Strahlen- und Medizintechnik AG
     336   26,873
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Elmos Semiconductor SE
     1,435   $ 60,379
Encavis AG
     1,454   27,650
Flatex DEGIRO AG (a)
     744   69,079
Fresenius Medical Care AG & Co. KGaA
     1,559   114,921
HelloFresh SE (a)
     2,158   161,309
Home24 SE (a)
     1,023   22,274
LPKF Laser & Electronics AG
     2,377   66,629
Merck KGaA
     5,411   927,222
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
     2,371   731,770
Puma SE (a)
     830   81,493
RWE AG
     5,307   208,451
Salzgitter AG (a)
     5,294   165,755
SAP SE
     7,796   956,762
Siemens AG
     6,325   1,040,728
Siemens Energy AG (a)
     3,154   113,468
Thyssenkrupp AG (a)
     9,939   132,992
Uniper SE
     1,230   44,641
VERBIO Vereinigte BioEnergie AG
     5,909   254,876
Volkswagen AG
     1,871   679,926
Volkswagen AG Preference Shares
     1,652   463,265
Westwing Group AG (a)
     370   17,127
          13,646,089
GHANA — 0.0% (d)          
Tullow Oil PLC (a)(b)
     4,167   2,714
HONG KONG — 0.9%          
AIA Group, Ltd.
     84,200   1,021,302
Bank of East Asia, Ltd.
     61,105   130,157
CA Cultural Technology Group, Ltd. (a)
     15,000   5,267
China Youzan, Ltd. (a)
     168,000   54,887
CK Asset Holdings, Ltd.
     104,920   636,987
Hang Lung Properties, Ltd.
     106,000   275,415
Henderson Land Development Co., Ltd.
     18,910   84,888
Hong Kong Exchanges & Clearing, Ltd.
     12,668   745,306
Hong Kong Television Network, Ltd. (a)
     27,000   40,980
Link REIT
     52,623   479,225
New World Development Co., Ltd.
     32,383   167,446
Shangri-La Asia, Ltd. (a)
     34,000   33,981
Sino Biopharmaceutical, Ltd.
     94,500   94,567
Sun Hung Kai Properties, Ltd.
     51,753   784,172
Swire Pacific, Ltd. Class A
     8,500   63,741
          4,618,321
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
HUNGARY — 0.1%          
MOL Hungarian Oil & Gas PLC (a)
     9,574   $ 69,456
Richter Gedeon Nyrt
     9,756   288,203
          357,659
INDIA — 1.3%          
Aarti Drugs, Ltd.
     6,332   60,130
Aavas Financiers, Ltd. (a)
     5,416   179,328
Adani Green Energy, Ltd. (a)
     1,888   28,530
Advanced Enzyme Technologies, Ltd.
     4,389   20,707
Alkyl Amines Chemicals
     2,689   209,515
Amber Enterprises India, Ltd. (a)
     2,999   136,010
AstraZeneca Pharma India, Ltd.
     410   16,875
Birlasoft, Ltd.
     23,715   82,079
Can Fin Homes, Ltd.
     4,781   40,134
Central Depository Services India, Ltd.
     5,680   50,967
Dixon Technologies India, Ltd. (a)
     5,285   265,440
Dr Reddy's Laboratories, Ltd. ADR
     10,887   668,353
Granules India, Ltd.
     13,882   57,616
ICICI Bank, Ltd. ADR (a)
     38,260   613,308
IndiaMart InterMesh, Ltd. (a)(c)
     797   84,350
Infosys, Ltd. ADR
     69,508   1,301,190
Inox Leisure, Ltd. (a)
     1,724   6,723
IOL Chemicals and Pharmaceuticals, Ltd.
     8,599   64,786
JB Chemicals & Pharmaceuticals, Ltd.
     3,557   61,078
Just Dial, Ltd. (a)
     3,253   38,395
Larsen & Toubro, Ltd. GDR
     16,319   313,978
Laurus Labs, Ltd. (c)
     16,043   79,432
Mahindra & Mahindra, Ltd. GDR
     12,654   138,561
Navin Fluorine International, Ltd.
     1,650   62,174
Orient Electric, Ltd.
     3,820   16,272
Procter & Gamble Health, Ltd.
     65   5,514
Radico Khaitan, Ltd.
     1,150   8,809
Reliance Industries, Ltd. GDR (c)
     13,425   742,402
Reliance Industries, Ltd.
     7,965   218,217
SpiceJet, Ltd. (a)
     3,200   3,033
State Bank of India GDR (a)
     7,268   360,493
Sun Pharma Advanced Research Co., Ltd. (a)
     3,612   7,023
Tanla Platforms, Ltd.
     10,204   113,549
Tata Motors, Ltd. ADR (a)
     10,378   215,759
Thyrocare Technologies, Ltd. (c)
     569   7,024
Ujjivan Financial Services, Ltd.
     1,082   3,112
Vaibhav Global, Ltd.
     1,643   86,334
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Vedanta, Ltd. ADR (b)
     16,215   $ 203,822
Wipro, Ltd. ADR
     61,751   391,501
          6,962,523
INDONESIA — 0.2%          
Astra International Tbk PT
     268,300   97,438
Bank Central Asia Tbk PT
     230,000   492,065
Bank Mandiri Persero Tbk PT
     352,500   149,251
Bank Rakyat Indonesia Persero Tbk PT (a)
     738,400   223,680
Gudang Garam Tbk PT (a)
     19,900   49,562
Telkom Indonesia Persero Tbk PT
     1,045,600   246,193
          1,258,189
IRELAND — 0.1%          
Cairn Homes PLC (a)
     124,158   156,429
CRH PLC
     8,719   409,590
Flutter Entertainment PLC (a)
     100   21,543
Glenveagh Properties PLC (a)(c)
     17,354   18,500
Keywords Studios PLC (a)
     621   22,054
Prothena Corp. PLC (a)
     4,577   114,974
          743,090
ISRAEL — 0.3%          
Bank Hapoalim BM (a)
     35,912   279,783
Bank Leumi Le-Israel BM (a)
     163,452   1,078,341
Compugen, Ltd. (a)(b)
     1,701   14,612
Electreon Wireless, Ltd. (a)
     203   13,234
Fiverr International, Ltd. (a)
     137   29,754
Isracard, Ltd. (a)
     1,776   6,116
Teva Pharmaceutical Industries, Ltd. ADR (a)
     5,501   63,481
          1,485,321
ITALY — 0.5%          
Assicurazioni Generali SpA (a)
     15,052   301,802
Atlantia SpA (a)
     4,040   75,734
Enel SpA
     66,314   661,934
Eni SpA
     22,840   281,699
Ferrari NV
     1,228   257,407
Intesa Sanpaolo SpA (a)
     119,627   324,851
Italgas SpA
     6,203   40,352
Mediaset SpA (a)
     58,840   169,705
Saipem SpA (b)
     5,096   13,919
Snam SpA
     37,558   208,703
Telecom Italia SpA
     279,548   151,529
See accompanying notes to financial statements.
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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
UniCredit SpA (a)
     15,877   $ 168,185
          2,655,820
JAPAN — 6.7%          
Advantest Corp.
     200   17,520
Aeon Fantasy Co., Ltd.
     400   8,789
AI inside, Inc. (a)
     100   32,172
Aisin Seiki Co., Ltd. (b)
     1,700   64,615
Akatsuki, Inc.
     100   4,050
AnGes, Inc. (a)(b)
     1,200   11,598
Arcland Service Holdings Co., Ltd.
     1,300   25,659
Aruhi Corp.
     600   9,801
Asahi Group Holdings, Ltd.
     1,700   71,769
Asahi Kasei Corp.
     51,600   595,151
Astellas Pharma, Inc.
     20,700   318,836
BASE, Inc. (a)
     2,000   28,833
BayCurrent Consulting, Inc.
     300   68,552
Bengo4.com, Inc. (a)
     300   23,647
Bridgestone Corp.
     1,700   68,846
BRONCO BILLY Co., Ltd. (b)
     2,000   42,842
Canon, Inc.
     1,700   38,500
Cellsource Co., Ltd. (a)
     400   43,873
Change, Inc. (a)(b)
     4,000   128,688
Chatwork Co., Ltd. (a)
     2,300   26,497
Comture Corp.
     400   9,665
COOKPAD, Inc. (a)
     20,500   58,068
Credit Saison Co., Ltd. (b)
     10,400   124,988
Cybozu, Inc.
     10,500   212,090
Daiichi Sankyo Co., Ltd.
     30,900   901,833
Daikin Industries, Ltd.
     1,700   343,385
Daiwa Securities Group, Inc. (b)
     52,000   269,224
Demae-Can Co., Ltd. (a)
     400   8,822
Denso Corp.
     10,200   678,185
Digital Arts, Inc.
     100   8,769
Dip Corp.
     500   13,118
Ebase Co., Ltd. (b)
     7,700   65,851
Eisai Co., Ltd.
     1,700   114,138
Elan Corp.
     1,400   17,776
EM Systems Co., Ltd. (b)
     11,100   85,184
ENEOS HoldingS, Inc.
     20,100   91,241
Enigmo, Inc.
     1,600   20,011
eRex Co., Ltd.
     800   13,365
euglena Co., Ltd. (a)
     1,700   16,292
See accompanying notes to financial statements.
147

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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Fixstars Corp.
     700   $ 6,544
France Bed Holdings Co., Ltd.
     2,000   17,538
Freee KK (a)
     300   25,520
FUJIFILM Holdings Corp. (b)
     10,400   618,447
Fujio Food Group, Inc. (b)
     800   9,882
Fujitsu, Ltd.
     1,700   246,154
Fukui Computer Holdings, Inc. (b)
     300   10,765
GA Technologies Co., Ltd. (a)(b)
     1,600   32,014
giftee, Inc. (a)(b)
     1,300   41,059
GMO GlobalSign Holdings KK
     300   18,434
GNI Group, Ltd. (a)(b)
     2,700   53,096
Gurunavi, Inc. (a)(b)
     9,200   51,370
Hennge KK (a)
     600   40,127
Hitachi, Ltd. (b)
     10,400   470,965
Hokuhoku Financial Group, Inc. (b)
     10,100   94,053
Honda Motor Co., Ltd.
     10,400   312,376
Hoya Corp.
     10,300   1,212,231
Insource Co., Ltd. (b)
     1,200   25,053
Internet Initiative Japan, Inc. (b)
     200   4,702
IR Japan Holdings, Ltd.
     1,000   120,995
ITmedia, Inc.
     2,400   40,463
ITOCHU Corp. (b)
     9,800   318,123
Itokuro, Inc. (a)
     1,200   13,281
Japan Medical Dynamic Marketing, Inc.
     500   10,249
Japan Tobacco, Inc.
     10,400   200,000
JFE Holdings, Inc.
     10,400   128,282
JMDC, Inc. (a)
     800   37,792
JSR Corp. (b)
     10,400   314,353
JTOWER, Inc. (a)
     700   54,290
Kajima Corp.
     20,600   292,874
Kamakura Shinsho, Ltd.
     8,600   99,542
Kamigumi Co., Ltd.
     31,600   599,685
Kansai Electric Power Co., Inc.
     10,100   109,500
Kao Corp.
     1,700   112,508
KDDI Corp.
     31,000   952,443
Keyence Corp.
     1,200   545,919
Kitanotatsujin Corp.
     9,800   56,494
KLab, Inc. (a)
     7,800   56,824
Kobe Steel, Ltd. (a)
     9,800   66,338
Komatsu, Ltd.
     10,400   321,788
Konica Minolta, Inc. (b)
     20,300   110,226
Kyocera Corp.
     10,300   654,819
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Lasertec Corp.
     200   $ 26,281
LEC, Inc. (b)
     600   6,858
Leopalace21 Corp. (a)
     9,400   13,015
M&A Capital Partners Co., Ltd. (a)
     400   19,910
M3, Inc.
     100   6,852
Makita Corp. (b)
     10,400   446,588
Makuake, Inc. (a)
     600   38,009
Marubeni Corp. (b)
     52,000   433,318
Marui Group Co., Ltd. (b)
     20,600   387,578
Mebuki Financial Group, Inc.
     50,800   119,989
Media Do Co., Ltd.
     700   41,620
Medical Data Vision Co., Ltd.
     2,100   40,651
Medley, Inc. (a)(b)
     2,400   96,000
MedPeer, Inc. (a)
     1,500   88,778
Menicon Co., Ltd.
     1,100   65,005
Mirai Corp. REIT
     310   134,801
Mitsubishi Chemical Holdings Corp.
     20,400   153,212
Mitsubishi Corp.
     10,400   294,588
Mitsubishi Electric Corp.
     51,500   786,016
Mitsubishi UFJ Financial Group, Inc. (b)
     93,500   500,669
Mitsui & Co., Ltd.
     10,400   216,659
Mitsuuroko Group Holdings Co., Ltd. (b)
     1,500   18,421
Mizuho Financial Group, Inc. (b)
     19,660   284,492
Money Forward, Inc. (a)
     1,000   37,828
Monogatari Corp
     600   39,095
MS&AD Insurance Group Holdings, Inc.
     10,400   305,788
MTI, Ltd.
     1,500   10,968
Murata Manufacturing Co., Ltd.
     10,300   824,186
NEC Corp.
     200   11,801
Nintendo Co., Ltd.
     800   447,493
Nippon Steel Corp.
     19,000   324,376
Nissan Motor Co., Ltd. (a)
     20,300   113,147
Nitto Denko Corp.
     1,700   145,538
Nomura Holdings, Inc.
     51,900   273,074
NTT Data Corp. (b)
     20,600   319,347
Obayashi Corp.
     52,000   477,647
Oisix ra daichi, Inc. (a)(b)
     1,700   44,846
One REIT, Inc.
     13   36,588
Open Door, Inc. (a)
     400   6,643
Optim Corp. (a)
     500   13,452
ORIX Corp.
     20,800   351,624
Oro Co., Ltd.
     1,000   34,434
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Osaka Gas Co., Ltd.
     10,400   $ 203,012
Panasonic Corp.
     31,200   401,929
Pharma Foods International Co., Ltd. (b)
     1,400   45,231
PKSHA Technology, Inc. (a)
     700   18,960
PR Times, Inc. (a)
     1,400   44,724
Proto Corp.
     1,400   14,836
Rakus Co., Ltd.
     1,200   23,175
Resona Holdings, Inc.
     31,200   131,238
Riso Kyoiku Co., Ltd.
     9,400   28,753
Rohm Co., Ltd.
     1,700   166,308
Rorze Corp.
     500   35,385
RS Technologies Co., Ltd.
     700   40,480
Samty Residential Investment Corp. REIT
     203   214,757
Secom Co., Ltd.
     1,700   143,277
Serverworks Co., Ltd. (a)
     600   23,647
Seven & i Holdings Co., Ltd.
     1,700   68,662
SFP Holdings Co., Ltd. (a)
     2,300   29,307
SHIFT, Inc. (a)
     400   47,385
Shin-Etsu Chemical Co., Ltd.
     1,700   286,308
Sinanen Holdings Co., Ltd.
     1,000   27,557
Softbank Corp. (b)
     10,200   132,785
SoftBank Group Corp.
     19,400   1,638,027
Sompo Holdings, Inc. (b)
     10,400   399,247
Sony Corp.
     21,000   2,203,575
Sosei Group Corp. (a)
     400   7,138
Sourcenext Corp. (b)
     10,200   33,692
S-Pool, Inc.
     9,400   96,807
Starts Proceed Investment Corp. REIT
     7   14,247
Strike Co., Ltd.
     600   23,973
Sumitomo Chemical Co., Ltd. (b)
     52,000   269,647
Sumitomo Corp.
     10,400   148,424
Sumitomo Electric Industries, Ltd. (b)
     10,200   153,046
Sumitomo Mitsui Financial Group, Inc.
     10,400   377,129
Sumitomo Mitsui Trust Holdings, Inc. (b)
     1,700   59,369
SuRaLa Net Co., Ltd. (a)
     300   10,466
Suruga Bank, Ltd. (b)
     1,700   6,569
T&D Holdings, Inc.
     20,800   268,424
Taiko Pharmaceutical Co., Ltd. (b)
     2,700   30,494
Takeda Pharmaceutical Co., Ltd.
     1,700   61,308
Tama Home Co., Ltd.
     3,300   65,522
TDK Corp.
     1,700   235,846
TechMatrix Corp.
     1,000   17,801
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Teijin, Ltd. (b)
     10,400   $ 179,482
TerraSky Co., Ltd. (a)
     200   6,072
Terumo Corp.
     20,600   745,515
Tokio Marine Holdings, Inc. (b)
     10,300   490,765
Tokyo Electron, Ltd.
     1,700   719,846
Tokyu Corp.
     29,300   390,843
Toppan Printing Co., Ltd.
     20,700   350,308
Toridoll Holdings Corp. (b)
     700   10,516
Toshiba Corp.
     1,700   57,538
Toyo Gosei Co., Ltd.
     600   75,367
Toyota Motor Corp.
     20,700   1,614,038
Toyota Tsusho Corp.
     10,300   432,973
Tri Chemical Laboratories, Inc.
     1,200   38,281
UNITED, Inc. (b)
     1,200   15,128
UT Group Co., Ltd.
     200   6,579
UUUM Co., Ltd. (a)
     900   14,978
Uzabase, Inc. (a)
     200   5,014
ValueCommerce Co., Ltd.
     400   12,995
V-Cube, Inc.
     1,400   33,701
Vector, Inc. (a)
     1,100   12,901
Vision, Inc. (a)(b)
     1,300   13,000
WATAMI Co., Ltd. (a)(b)
     800   7,269
West Holdings Corp. (b)
     2,210   68,900
West Japan Railway Co.
     1,700   94,385
Yamada Holdings Co., Ltd.
     20,200   109,135
Yamaha Corp.
     21,100   1,147,611
YA-MAN, Ltd.
     1,700   24,154
Yokowo Co., Ltd.
     400   9,821
ZIGExN Co., Ltd. (b)
     8,500   33,615
Zuken, Inc.
     400   10,230
          36,205,973
KUWAIT — 0.0% (d)          
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC
     22,907   20,311
Warba Bank KSCP (a)
     13,325   10,449
          30,760
LUXEMBOURG — 0.0% (d)          
ArcelorMittal SA (a)
     6,013   174,062
Solutions 30 SE (a)(b)
     2,187   27,863
          201,925
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
MACAU — 0.0% (d)          
Sands China, Ltd. (a)
     41,600   $ 207,881
MALAYSIA — 0.1%          
ATA IMS Bhd
     218,600   153,940
Careplus Group Bhd
     12,500   3,828
CIMB Group Holdings Bhd
     41,184   43,106
Comfort Glove Bhd
     38,700   17,453
Duopharma Biotech Bhd
     41,400   27,457
Focus Dynamics Group Bhd (a)
     130,800   18,769
Frontken Corp. Bhd
     39,000   47,780
Greatech Technology Bhd (a)
     7,200   9,238
Hartalega Holdings Bhd
     2,800   6,030
Kossan Rubber Industries
     10,400   8,176
Malayan Banking Bhd
     22,937   45,636
Mega First Corp. BHD
     19,200   33,709
Pentamaster Corp. Bhd
     17,050   23,027
Public Bank Bhd
     100,500   101,797
Supermax Corp. Bhd
     42,071   38,657
Tenaga Nasional Bhd
     18,900   46,128
Top Glove Corp. Bhd
     13,000   14,171
          638,902
MEXICO — 0.3%          
America Movil SAB de CV Series L
     405,900   276,942
Axtel SAB de CV (a)
     102,289   27,596
Cemex SAB de CV Series CPO (a)
     187,828   132,376
Fomento Economico Mexicano SAB de CV
     41,717   314,175
Grupo Financiero Banorte SAB de CV Series O (a)
     40,156   225,955
Grupo Mexico SAB de CV Class B
     66,807   350,875
Grupo Televisa SAB Series CPO (a)
     35,493   63,109
Industrias Penoles SAB de CV (a)
     1,882   24,249
PLA Administradora Industrial S de RL de CV REIT
     20,990   31,248
          1,446,525
NETHERLANDS — 1.3%          
Akzo Nobel NV
     3,422   383,204
Alfen Beheer B.V. (a)(c)
     809   66,747
ASML Holding NV
     3,832   2,328,438
Heineken NV (b)
     2,807   289,064
ING Groep NV
     28,827   353,440
Koninklijke Ahold Delhaize NV
     15,591   435,197
Koninklijke DSM NV
     5,351   907,507
Koninklijke KPN NV
     2,482   8,442
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Koninklijke Philips NV (a)
     12,732   $ 728,369
Pharming Group NV (a)(b)
     22,242   28,873
Royal Dutch Shell PLC Class A
     9,975   194,574
Royal Dutch Shell PLC Class B
     52,017   958,101
Shop Apotheke Europe NV (a)(c)
     244   53,340
Wolters Kluwer NV
     2,203   191,910
          6,927,206
NEW ZEALAND — 0.0% (d)          
Pushpay Holdings, Ltd. (a)(b)
     22,584   32,899
NORWAY — 0.3%          
Crayon Group Holding ASA (a)(c)
     15,101   237,757
DNB ASA
     19,639   418,715
Fjordkraft Holding ASA (c)
     3,204   26,161
Frontline, Ltd.
     1,780   13,053
Norsk Hydro ASA
     54,384   348,869
Telenor ASA
     16,088   283,639
          1,328,194
PAKISTAN — 0.1%          
Packages, Ltd.
     10,699   35,437
Pakistan State Oil Co., Ltd.
     54,852   82,845
Searle Co., Ltd.
     109,232   176,710
          294,992
PERU — 0.0% (d)          
Cia de Minas Buenaventura SAA ADR (a)
     432   4,333
PHILIPPINES — 0.0% (d)          
PLDT, Inc. ADR (b)
     1,559   40,783
POLAND — 0.0% (d)          
Polski Koncern Naftowy ORLEN SA
     1,889   30,379
Powszechna Kasa Oszczednosci Bank Polski SA (a)
     6,531   54,171
          84,550
RUSSIA — 0.2%          
Gazprom PJSC ADR (b)
     41,520   248,912
LUKOIL PJSC ADR
     3,096   250,126
Mechel PJSC ADR (a)
     47,534   82,234
MMC Norilsk Nickel PJSC ADR
     843   26,378
Mobile TeleSystems PJSC ADR
     9,860   82,232
Petropavlovsk PLC (a)(b)
     203,190   66,862
Sberbank of Russia PJSC ADR
     20,159   310,549
Surgutneftegas PJSC ADR
     502   2,736
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Tatneft PJSC ADR
     4,769   $ 226,241
          1,296,270
SAUDI ARABIA — 0.3%          
Al Rajhi Co. for Co-operative Insurance (a)
     1,196   28,127
Aldrees Petroleum and Transport Services Co.
     11,489   218,115
Amlak International for Real Estate Finance Co.
     21,218   125,484
Aseer Trading Tourism & Manufacturing Co. (a)
     12,979   84,649
City Cement Co.
     8,306   57,471
Dur Hospitality Co.
     12,642   104,833
Eastern Province Cement Co.
     1,063   14,710
Etihad Etisalat Co. (a)
     1,934   15,238
Halwani Brothers Co.
     6,838   206,394
Herfy Food Services Co.
     1,108   19,292
Jadwa REIT Saudi Fund
     36,036   149,125
Leejam Sports Co. JSC (a)
     3,729   71,987
Maharah Human Resources Co.
     707   13,611
Mobile Telecommunications Co. (a)
     33,565   134,246
Najran Cement Co.
     38,452   235,609
National Agriculture Development Co (a)
     3,204   26,911
National Medical Care Co.
     734   10,490
Northern Region Cement Co.
     13,420   46,589
Saudi Ceramic Co. (a)
     6,765   75,309
Saudi Co. For Hardware CJSC
     962   15,262
Saudi Fisheries Co. (a)
     2,998   43,247
Saudi Industrial Services Co.
     1,764   18,108
Saudi Pharmaceutical Industries & Medical Appliances Corp.
     2,277   25,014
Saudi Research & Marketing Group (a)
     907   18,839
Saudia Dairy & Foodstuff Co.
     417   18,413
          1,777,073
SINGAPORE — 0.3%          
CapitaLand, Ltd.
     163,184   456,663
DBS Group Holdings, Ltd.
     10,268   220,018
Singapore Exchange, Ltd.
     103,000   764,297
Singapore Press Holdings, Ltd. (b)
     105,000   119,567
Singapore Telecommunications, Ltd.
     50,700   92,072
          1,652,617
SOUTH AFRICA — 0.5%          
Anglo American PLC
     12,061   473,008
Discovery, Ltd. (a)
     65,080   584,326
FirstRand, Ltd. (b)
     57,902   202,414
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Gold Fields, Ltd.
     9,834   $ 91,579
Harmony Gold Mining Co., Ltd. (a)(b)
     7,983   33,843
Impala Platinum Holdings, Ltd. (b)
     6,427   119,141
MTN Group, Ltd.
     21,385   125,779
MultiChoice Group, Ltd.
     2,383   20,810
Naspers, Ltd. Class N
     3,417   817,259
Nedbank Group, Ltd.
     2,065   19,579
Old Mutual, Ltd. (b)
     13,138   11,115
Sanlam, Ltd.
     53,577   215,995
Sasol, Ltd. (a)
     4,141   59,369
Standard Bank Group, Ltd.
     13,828   117,460
          2,891,677
SOUTH KOREA — 1.7%          
Advanced Process Systems Corp.
     1,770   44,807
Ahnlab, Inc.
     498   28,822
Alteogen, Inc. (a)
     159   12,588
Ananti, Inc. (a)
     1,433   9,382
Anterogen Co., Ltd. (a)
     25   1,083
BH Co., Ltd.
     3,284   52,086
Binex Co., Ltd. (a)
     3,176   71,700
Bioneer Corp. (a)
     727   10,406
Boditech Med, Inc.
     1,961   29,370
Cellivery Therapeutics, Inc. (a)
     378   42,584
Celltrion Pharm, Inc. (a)
     94   12,459
Celltrion, Inc. (a)
     456   130,746
CMG Pharmaceutical Co., Ltd. (a)
     15,544   60,226
CrystalGenomics, Inc. (a)
     1,148   14,404
DIO Corp. (a)
     8,303   274,016
Dongsung Pharmaceutical Co., Ltd. (a)
     907   9,497
Duk San Neolux Co., Ltd. (a)
     2,235   89,360
Echo Marketing, Inc.
     1,458   33,882
E-MART, Inc.
     11   1,662
Enzychem Lifesciences Corp. (a)
     839   90,072
Eone Diagnomics Genome Center Co., Ltd. (a)
     4,726   20,670
Feelux Co., Ltd. (a)
     2,792   8,523
Geneonelifescience, Inc. (a)
     1,784   18,443
Genexine, Inc. (a)
     322   27,171
Green Cross Cell Corp.
     611   22,513
Green Cross LabCell Corp.
     1,411   126,544
Hana Financial Group, Inc.
     1,211   45,797
Hanall Biopharma Co., Ltd. (a)
     731   14,791
Helixmith Co., Ltd. (a)
     57   1,299
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
HLB, Inc. (a)
     184   $ 6,373
Huons Co., Ltd.
     569   28,205
Hyundai Mobis Co., Ltd.
     734   189,378
Hyundai Motor Co.
     1,570   302,417
Hyundai Steel Co.
     130   5,519
iNtRON Biotechnology, Inc. (a)
     659   15,023
JW Pharmaceutical Corp.
     4,010   105,055
KB Financial Group, Inc.
     3,867   192,026
Kia Motors Corp.
     941   68,928
Korea Electric Power Corp. ADR (b)
     3,329   34,156
Korea Shipbuilding & Offshore Engineering Co., Ltd. (a)
     10   1,180
KT&G Corp.
     1,270   91,343
Kuk-il Paper Manufacturing Co., Ltd. (a)
     456   2,337
L&C Bio Co., Ltd.
     2,176   64,218
LG Chem, Ltd. Preference Shares
     1,876   636,522
LG Electronics, Inc.
     402   53,280
LG Household & Health Care, Ltd.
     204   282,995
Lotte Chemical Corp.
     20   5,319
Lotte Tour Development Co., Ltd. (a)
     1,043   17,234
Naturecell Co., Ltd. (a)
     3,399   29,943
NAVER Corp.
     2,055   684,546
NHN KCP Corp. (a)
     468   20,717
Oscotec, Inc. (a)
     1,004   35,441
PHARMA RESEARCH PRODUCTS Co., Ltd.
     173   10,135
Pharmicell Co., Ltd. (a)
     542   7,208
POSCO ADR
     5,915   427,063
Rsupport Co., Ltd.
     1,439   10,312
Sam Chun Dang Pharm Co., Ltd. (a)
     1,367   61,601
SAM KANG M&T Co., Ltd. (a)
     1,673   31,634
Samsung C&T Corp.
     400   44,003
Samsung Electronics Co., Ltd. GDR
     1,668   3,042,432
Samsung Engineering Co., Ltd. (a)
     735   9,092
Samsung Fire & Marine Insurance Co., Ltd.
     220   36,934
Samsung Heavy Industries Co., Ltd. (a)
     2,494   17,122
Samsung Securities Co., Ltd.
     851   29,664
Sang-A Frontec Co., Ltd.
     213   9,918
Seegene, Inc.
     190   21,841
SFA Semicon Co., Ltd. (a)
     2,383   15,897
Shin Poong Pharmaceutical Co., Ltd.
     1,296   97,450
Shinhan Financial Group Co., Ltd.
     3,867   127,960
SillaJen, Inc. (a)(f)
     131   1,050
SK Chemicals Co., Ltd.
     24   5,312
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SK Holdings Co., Ltd.
     231   $ 57,559
SK Hynix, Inc.
     5,720   669,671
SK Innovation Co., Ltd. (a)
     237   45,861
Solus Advanced Materials Co, Ltd.
     296   12,332
Telcon RF Pharmaceutical, Inc. (a)
     3,710   16,456
Theragen Etex Co., Ltd. (a)
     3,994   31,338
Unison Co., Ltd. (a)
     1,592   6,028
Wemade Co., Ltd.
     505   26,773
Winix, Inc.
     1,738   35,090
          9,084,794
SPAIN — 0.8%          
Acciona SA
     6,616   1,111,159
Acerinox SA
     15,852   207,268
ACS Actividades de Construccion y Servicios SA
     14,510   481,935
Amadeus IT Group SA (a)
     5,281   374,764
Banco Bilbao Vizcaya Argentaria SA
     47,123   245,128
Banco Santander SA (a)
     112,928   384,502
Iberdrola SA
     48,564   626,993
Industria de Diseno Textil SA
     10,483   346,211
Repsol SA
     9,068   112,544
Telefonica SA
     41,461   185,999
          4,076,503
SWEDEN — 1.1%          
Sinch AB (a)(c)
     290   51,104
Assa Abloy AB Class B
     17,859   514,279
Atlas Copco AB Class B
     14,433   752,590
Boozt AB (a)(c)
     5,062   105,813
Camurus AB (a)
     2,082   49,922
Cantargia AB (a)
     2,322   8,232
Epiroc AB Class B
     16,616   346,854
Evolution Gaming Group AB (c)
     2,874   424,029
Fortnox AB
     732   32,668
Hansa Biopharma AB (a)
     3,300   57,509
LeoVegas AB (c)
     6,510   38,203
Lime Technologies AB
     436   18,208
MIPS AB
     1,853   132,869
PowerCell Sweden AB (a)
     713   21,088
Sandvik AB (a)
     15,461   423,229
Securitas AB Class B
     24,061   409,928
Sedana Medical AB (a)
     520   19,598
Skandinaviska Enskilda Banken AB Class A (b)
     36,418   444,764
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Skanska AB Class B (b)
     15,772   $ 396,277
SKF AB Class B
     11,216   319,380
Stillfront Group AB (a)
     11,595   107,419
Svenska Handelsbanken AB Class A (b)
     14,743   160,449
Tele2 AB Class B
     11,018   148,907
Telefonaktiebolaget LM Ericsson Class B
     29,460   390,545
Telia Co. AB
     25,345   110,001
Volvo AB Class A (a)
     19,531   499,686
          5,983,551
SWITZERLAND — 2.3%          
ABB, Ltd.
     21,919   665,151
Adecco Group AG
     4,245   287,044
Alcon, Inc. (a)
     2,891   203,290
Ascom Holding AG (a)
     1,764   27,252
Basilea Pharmaceutica AG (a)(b)
     534   26,350
Cie Financiere Richemont SA
     5,929   571,638
Credit Suisse Group AG
     18,552   195,189
Geberit AG
     1,664   1,063,659
Givaudan SA
     208   804,905
Gurit Holding AG
     10   25,501
Kuehne + Nagel International AG
     1,962   562,239
LafargeHolcim, Ltd.
     4,249   250,746
Molecular Partners AG (a)
     2,575   62,518
Nestle SA
     21,166   2,369,045
Novartis AG
     14,130   1,212,644
Relief Therapeutics Holding, Inc. (a)(b)
     30,120   9,345
Roche Holding AG
     5,294   1,718,166
Sensirion Holding AG (a)(c)
     292   19,608
SGS SA
     208   592,518
Swatch Group AG
     624   180,275
Swiss Re AG
     5,100   503,741
TRANSOCEAN, Ltd. (a)(b)
     2,119   7,522
UBS Group AG
     29,472   458,293
Vetropack Holding AG (a)
     20   1,260
Zurich Insurance Group AG
     1,039   445,341
          12,263,240
TAIWAN — 2.1%          
Adimmune Corp. (a)
     16,000   32,019
Advanced Wireless Semiconductor Co.
     3,000   16,402
Alchip Technologies, Ltd.
     5,000   157,712
AU Optronics Corp. ADR (a)(b)
     106,465   798,488
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
AURAS Technology Co., Ltd.
     2,000   $ 15,421
Bizlink Holding, Inc.
     1,000   9,323
Career Technology MFG. Co., Ltd.
     12,729   16,239
Century Iron & Steel Industrial Co., Ltd.
     4,000   14,860
Charoen Pokphand Enterprise
     5,000   13,423
Chief Telecom, Inc.
     3,000   33,277
Chilisin Electronics Corp.
     2,000   7,570
Chunghwa Telecom Co., Ltd. ADR (b)
     14,243   557,471
Concraft Holding Co., Ltd.
     2,406   6,619
CTBC Financial Holding Co., Ltd.
     94,000   72,807
Darfon Electronics Corp.
     8,000   13,290
Dyaco International, Inc.
     43,000   179,336
Egis Technology, Inc.
     1,000   6,063
Formosa Chemicals & Fibre Corp.
     11,000   33,771
Formosa Plastics Corp.
     14,000   49,557
Genius Electronic Optical Co., Ltd.
     1,079   18,303
Global Lighting Technologies, Inc.
     11,000   41,250
Global Unichip Corp.
     1,000   13,966
Globalwafers Co., Ltd.
     1,000   26,285
Gold Circuit Electronics, Ltd. (a)
     78,000   153,633
Hon Hai Precision Industry Co., Ltd. GDR
     83,086   729,495
International Games System Co., Ltd.
     4,000   106,403
Jentech Precision Industrial Co., Ltd.
     3,000   30,176
KMC Kuei Meng International, Inc.
     7,000   51,519
Lotus Pharmaceutical Co., Ltd. (a)
     3,000   8,170
MediaTek, Inc.
     2,000   67,921
Medigen Vaccine Biologics Corp. (a)
     14,000   141,801
Medtecs International Corp., Ltd.
     14,900   10,313
Microbio Co., Ltd. (a)
     4,000   9,617
Motech Industries, Inc. (a)
     25,000   34,083
Nan Ya Plastics Corp.
     16,000   44,748
Newmax Technology Co., Ltd. (a)
     7,000   14,033
Nidec Chaun-Choung Technology Corp.
     3,000   22,448
Oneness Biotech Co., Ltd. (a)
     1,000   9,270
Pan Jit International, Inc.
     13,500   25,313
PChome Online, Inc.
     2,000   6,070
PharmaEngine, Inc.
     1,000   2,534
PharmaEssentia Corp. (a)
     5,364   18,235
Pharmally International Holding Co., Ltd. (a)(f)
     1,282   1,272
Power Wind Health Industry, Inc.
     6,300   36,542
RichWave Technology Corp.
     12,000   266,639
Sporton International, Inc.
     4,000   34,486
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
TaiDoc Technology Corp.
     1,000   $ 6,501
Taigen Biopharmaceuticals Holdings, Ltd. (a)
     90,000   79,802
TaiMed Biologics, Inc. (a)
     4,000   10,893
Taiwan Semiconductor Co., Ltd.
     3,000   6,067
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
     43,915   5,194,266
Taiwan Surface Mounting Technology Corp.
     3,000   12,302
Taiwan Union Technology Corp.
     2,000   8,376
Tanvex BioPharma, Inc. (a)
     5,710   17,811
TCI Co., Ltd.
     459   3,475
TSEC Corp. (a)
     16,000   26,047
United Integrated Services Co., Ltd.
     7,000   60,719
United Microelectronics Corp. ADR (b)
     161,731   1,473,369
United Renewable Energy Co., Ltd. (a)
     823,518   432,929
Universal Vision Biotechnology Co., Ltd.
     4,000   45,281
Visual Photonics Epitaxy Co., Ltd.
     2,000   8,306
Wafer Works Corp.
     5,000   7,395
Win Semiconductors Corp.
     2,000   27,407
XinTec, Inc. (a)
     15,000   95,153
          11,474,272
TANZANIA, UNITED REPUBLIC OF — 0.0% (d)          
AngloGold Ashanti, Ltd.
     4,164   90,757
THAILAND — 0.1%          
Bangkok Bank PCL
     51,500   207,648
CP ALL PCL NVDR (a)
     40,000   88,640
Kasikornbank PCL NVDR
     10,100   46,864
Prima Marine PCL
     121,600   31,519
PTT PCL
     104,000   136,448
Siam Commercial Bank PCL NVDR
     9,500   33,896
Super Energy Corp. PCL (a)
     240,300   7,766
Taokaenoi Food & Marketing PCL Class F (b)
     175,900   56,288
TQM Corp. PCL NVDR
     18,500   72,520
          681,589
TURKEY — 0.1%          
Akbank T.A.S.
     48,779   27,642
Eldorado Gold Corp. (a)(b)
     4,031   43,554
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT
     16,291   3,760
Izmir Demir Celik Sanayi A/S (a)
     5,151   1,581
Koza Anadolu Metal Madencilik Isletmeleri A/S (a)
     9,674   16,306
Migros Ticaret A/S (a)
     7,787   32,931
Nuh Cimento Sanayi A/S
     7,578   53,748
Turkiye Garanti Bankasi A/S (a)
     48,259   39,009
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Turkiye Is Bankasi A/S Class C (a)
     36,017   $ 20,976
Vestel Elektronik Sanayi ve Ticaret A/S (a)
     10,875   49,275
          288,782
UNITED ARAB EMIRATES — 0.1%          
Amanat Holdings PJSC
     404,693   93,650
Dana Gas PJSC
     213,156   46,134
National Central Cooling Co. PJSC
     52,182   39,778
Network International Holdings PLC (c)
     9,308   53,115
SHUAA Capital PSC (a)
     700,664   125,897
Union Properties PJSC (a)
     1,362,998   99,076
          457,650
UNITED KINGDOM — 4.0%          
3i Group PLC
     73,998   1,177,667
Amcor PLC
     15,647   183,411
AO World PLC (a)
     16,818   68,335
AstraZeneca PLC
     9,560   955,875
Avacta Group PLC (a)(b)
     4,957   15,046
BAE Systems PLC
     48,346   336,850
Barclays PLC
     132,075   338,791
boohoo Group PLC (a)
     4,457   20,908
BP PLC
     118,083   480,041
British American Tobacco PLC
     8,935   341,968
British Land Co. PLC REIT
     34,662   241,411
BT Group PLC (a)
     66,368   141,747
Burberry Group PLC (a)
     8,603   225,344
Cairn Energy PLC
     14,067   33,033
Capita PLC (a)
     4,749   2,853
Ceres Power Holdings PLC (a)
     7,043   122,048
CK Hutchison Holdings, Ltd.
     51,920   413,720
CMC Markets PLC (c)
     9,130   60,842
CNH Industrial NV (a)
     7,470   115,845
Compass Group PLC (a)
     23,534   474,547
Craneware PLC (b)
     110   3,263
Diageo PLC
     14,743   608,092
Eurasia Mining PLC (a)
     62,164   25,645
Experian PLC
     20,140   693,846
FLEX LNG, Ltd.
     2,710   23,604
Frontier Developments PLC (a)
     2,808   105,378
G4S PLC (a)
     33,808   114,280
Gamesys Group PLC
     1,347   35,905
GlaxoSmithKline PLC
     33,894   602,315
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Greatland Gold PLC (a)
     60,964   $ 16,150
Hammerson PLC REIT (b)
     278,727   134,557
HSBC Holdings PLC
     141,518   826,308
Imperial Brands PLC
     5,091   104,799
Indivior PLC (a)
     4,684   8,207
InterContinental Hotels Group PLC (a)
     10,368   711,661
iomart Group PLC (b)
     13,204   57,021
ITM Power PLC (a)
     7,293   47,644
J Sainsbury PLC
     39,947   133,654
Land Securities Group PLC REIT
     22,412   213,392
Learning Technologies Group PLC
     25,439   52,718
Liberty Global PLC Class A (a)
     2,201   56,478
Liberty Global PLC Class C (a)
     8,716   222,607
Linde PLC (e)
     5,411   1,515,838
Linde PLC (e)
     1,443   405,164
Lloyds Banking Group PLC (a)
     469,572   275,571
M&G PLC
     23,784   68,058
Marks & Spencer Group PLC (a)
     53,571   111,496
National Grid PLC
     10,265   122,365
Next PLC (a)
     3,927   426,186
On the Beach Group PLC (a)(c)
     5,592   31,324
Pearson PLC
     5,503   58,584
Prudential PLC
     26,279   558,541
Quilter PLC (c)
     23,368   51,537
Reckitt Benckiser Group PLC
     4,351   390,080
RELX PLC (e)
     16,901   424,160
RELX PLC (e)
     28,461   716,503
Rolls-Royce Holdings PLC (a)
     76,735   111,482
RSA Insurance Group PLC
     38,279   359,660
Sage Group PLC
     90,772   767,460
Serica Energy PLC
     46,102   71,621
Severn Trent PLC
     13,519   430,119
Silence Therapeutics PLC (a)(b)
     8,091   61,397
Smith & Nephew PLC
     24,579   467,303
Smiths Group PLC
     18,910   401,136
SSE PLC
     11,913   239,149
Standard Chartered PLC
     26,487   182,538
Standard Life Aberdeen PLC
     79,711   318,824
Team17 Group PLC (a)
     3,062   33,966
TechnipFMC PLC (a)
     5,605   42,911
Tesco PLC
     50,584   159,716
Unilever PLC (e)
     8,403   470,237
See accompanying notes to financial statements.
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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Unilever PLC (e)
     2   $ 112
United Utilities Group PLC
     24,095   307,772
Virgin Money UK PLC ADR (a)
     739   1,931
Vodafone Group PLC
     179,329   326,298
Warehouse Reit PLC
     30,931   53,771
Whitbread PLC (a)
     17,643   833,959
WPP PLC
     18,682   237,290
          21,581,865
UNITED STATES — 56.5%          
3M Co.
     5,411   1,042,591
A10 Networks, Inc. (a)
     636   6,112
Abbott Laboratories
     20,652   2,474,936
AbbVie, Inc.
     6,350   687,197
Accel Entertainment, Inc. (a)
     9,020   98,589
Accelerate Diagnostics, Inc. (a)
     4,442   36,957
Accenture PLC Class A
     5,411   1,494,789
ACM Research, Inc. Class A (a)
     622   50,251
Activision Blizzard, Inc.
     720   66,960
Adobe, Inc. (a)
     6,354   3,020,501
Advanced Micro Devices, Inc. (a)
     5,909   463,857
Adverum Biotechnologies, Inc. (a)
     1,149   11,329
Aerie Pharmaceuticals, Inc. (a)(b)
     424   7,577
Aflac, Inc.
     21,393   1,094,894
Agenus, Inc. (a)
     18,182   49,455
Agilent Technologies, Inc.
     10,806   1,373,875
AGNC Investment Corp. REIT
     4,967   83,247
Akebia Therapeutics, Inc. (a)
     2,475   8,378
Alexion Pharmaceuticals, Inc. (a)
     4,138   632,742
Allegion PLC
     1,766   221,845
Allstate Corp.
     10,806   1,241,609
Alphabet, Inc. Class A (a)
     2,535   5,228,488
Alphabet, Inc. Class C (a)
     2,605   5,388,781
Alto Ingredients, Inc. (a)(b)
     2,550   13,847
Altria Group, Inc.
     10,806   552,835
Amazon.com, Inc. (a)
     3,447   10,665,294
American Electric Power Co., Inc.
     10,806   915,268
American Express Co.
     11,097   1,569,560
American Tower Corp. REIT
     5,411   1,293,554
Amgen, Inc.
     7,667   1,907,626
Amyris, Inc. (a)(b)
     3,514   67,117
Annaly Capital Management, Inc. REIT
     10,081   86,697
Antares Pharma, Inc. (a)
     9,129   37,520
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Anthem, Inc.
     3,551   $ 1,274,631
APA Corp.
     2,376   42,530
Appian Corp. (a)(b)
     202   26,856
Apple, Inc.
     131,726   16,090,331
Applied Materials, Inc.
     14,170   1,893,112
Arbor Realty Trust, Inc. REIT
     5,297   84,222
Archer-Daniels-Midland Co.
     16,270   927,390
Arcturus Therapeutics Holdings, Inc. (a)
     622   25,689
Arcus Biosciences, Inc. (a)
     3,089   86,739
Arena Pharmaceuticals, Inc. (a)
     2   139
Ares Commercial Real Estate Corp. REIT
     22,615   310,278
Armada Hoffler Properties, Inc. REIT
     11,288   141,552
ARMOUR Residential REIT, Inc. (b)
     4,336   52,899
Arrowhead Pharmaceuticals, Inc. (a)
     3,217   213,319
Arvinas, Inc. (a)
     937   61,936
Assembly Biosciences, Inc. (a)
     715   3,289
AT&T, Inc.
     62,446   1,890,240
Athenex, Inc. (a)(b)
     1,644   7,069
Automatic Data Processing, Inc.
     5,411   1,019,811
Avanos Medical, Inc. (a)
     710   31,055
Avrobio, Inc. (a)
     435   5,520
AxoGen, Inc. (a)
     435   8,813
Axonics Modulation Technologies, Inc. (a)
     2,476   148,288
Baker Hughes Co.
     4,359   94,198
Bancorp, Inc. (a)
     3,716   76,996
Bank of America Corp.
     93,710   3,625,640
Bank of New York Mellon Corp.
     16,398   775,461
Baxter International, Inc.
     10,473   883,293
Becton Dickinson and Co.
     5,100   1,240,065
Berkshire Hathaway, Inc. Class B (a)
     6,220   1,589,023
BioCryst Pharmaceuticals, Inc. (a)
     11,232   114,229
BioDelivery Sciences International, Inc. (a)
     5,587   21,845
Biogen, Inc. (a)
     3,038   849,881
Bioxcel Therapeutics, Inc. (a)
     311   13,423
BJ's Restaurants, Inc. (a)
     1,070   62,146
Boeing Co. (a)
     4,459   1,135,796
Booking Holdings, Inc. (a)
     413   962,224
Bridgebio Pharma, Inc. (a)(b)
     2,324   143,158
Brighthouse Financial, Inc. (a)
     1,354   59,915
Bristol-Myers Squibb Co.
     16,402   1,035,458
Broadcom, Inc.
     4,031   1,869,013
C.H. Robinson Worldwide, Inc.
     5,411   516,372
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Caesars Entertainment, Inc. (a)
     1,328   $ 116,134
Capital One Financial Corp.
     5,411   688,442
Capstead Mortgage Corp. REIT
     2,315   14,422
Cara Therapeutics, Inc. (a)(b)
     2,583   56,077
CareDx, Inc. (a)
     619   42,148
Carnival Corp. (a)
     5,411   143,608
Carrier Global Corp.
     5,411   228,452
Carvana Co. (a)(b)
     212   55,629
Catalyst Pharmaceuticals, Inc. (a)
     2,992   13,793
CatchMark Timber Trust, Inc. Class A, REIT
     4,140   42,145
Caterpillar, Inc.
     5,411   1,254,649
CDK Global, Inc.
     1,547   83,631
Celldex Therapeutics, Inc. (a)
     1,620   33,372
CEL-SCI Corp. (a)(b)
     1,070   16,275
Celsius Holdings, Inc. (a)
     306   14,703
Century Communities, Inc. (a)
     697   42,043
Cerus Corp. (a)
     3,716   22,333
ChampionX Corp. (a)
     4,539   98,632
Change Healthcare, Inc. (a)
     6,965   153,927
ChannelAdvisor Corp. (a)
     2,091   49,243
Charles Schwab Corp.
     20,344   1,326,022
Charter Communications, Inc. Class A (a)
     2,294   1,415,444
ChemoCentryx, Inc. (a)
     2,490   127,588
Chemours Co.
     1,348   37,623
Chevron Corp.
     14,829   1,553,931
Chubb, Ltd.
     8,187   1,293,300
Church & Dwight Co., Inc.
     15,494   1,353,401
Cigna Corp.
     1,571   379,774
Cisco Systems, Inc.
     49,571   2,563,316
Citigroup, Inc.
     27,627   2,009,864
Citrix Systems, Inc.
     5,411   759,488
Clean Energy Fuels Corp. (a)
     16,554   227,452
Clorox Co.
     5,274   1,017,249
Cloudflare, Inc. Class A (a)
     2,223   156,188
Clovis Oncology, Inc. (a)(b)
     2,626   18,435
Coca-Cola Co.
     21,461   1,131,209
Co-Diagnostics, Inc. (a)(b)
     3,207   30,595
Coeur Mining, Inc. (a)
     5,201   46,965
Cognizant Technology Solutions Corp. Class A
     10,875   849,555
Coherus Biosciences, Inc. (a)
     931   13,602
Colgate-Palmolive Co.
     10,806   851,837
Collegium Pharmaceutical, Inc. (a)(b)
     1,436   34,033
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Colony Credit Real Estate, Inc. REIT
     34,356   $ 292,713
Comcast Corp. Class A
     27,690   1,498,306
Community Health Systems, Inc. (a)
     7,700   104,104
Community Healthcare Trust, Inc. REIT
     6,966   321,272
Computer Programs & Systems, Inc.
     212   6,487
Conagra Brands, Inc.
     10,806   406,306
ConocoPhillips
     10,806   572,394
Corning, Inc.
     21,705   944,385
Corteva, Inc.
     8,611   401,445
Costco Wholesale Corp.
     5,411   1,907,269
Coty, Inc. Class A (a)
     843   7,595
Crowdstrike Holdings, Inc. Class A (a)(b)
     1,719   313,735
CryoPort, Inc. (a)(b)
     1,149   59,759
CSX Corp.
     14,088   1,358,365
Cue Biopharma, Inc. (a)
     1,996   24,351
Cummins, Inc.
     5,411   1,402,044
CVS Health Corp.
     16,494   1,240,844
Cymabay Therapeutics, Inc. (a)(b)
     1,122   5,094
Cytokinetics, Inc. (a)
     293   6,815
CytomX Therapeutics, Inc. (a)
     5,588   43,195
Danaher Corp.
     8,397   1,889,997
Dave & Buster's Entertainment, Inc. (a)
     2,388   114,385
Deere & Co.
     5,195   1,943,657
Dell Technologies, Inc. Class C (a)
     1,130   99,610
Denny's Corp. (a)
     1,070   19,378
Devon Energy Corp.
     2,376   51,916
DexCom, Inc. (a)
     218   78,347
Dicerna Pharmaceuticals, Inc. (a)
     1,441   36,846
Diebold Nixdorf, Inc. (a)
     3,110   43,944
Digital Turbine, Inc. (a)
     5,400   433,944
Dine Brands Global, Inc. (a)
     636   57,259
Discover Financial Services
     10,806   1,026,462
DocuSign, Inc. (a)
     609   123,292
Dollar Tree, Inc. (a)
     6,114   699,808
Domo, Inc. Class B (a)
     1,101   61,975
Dow, Inc.
     8,720   557,557
Duke Energy Corp.
     5,900   569,527
DuPont de Nemours, Inc.
     6,282   485,473
Durect Corp. (a)(b)
     12,897   25,536
DXC Technology Co. (a)
     1,765   55,174
Dynavax Technologies Corp. (a)
     6,526   64,151
Dynex Capital, Inc. REIT
     17,598   333,130
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Easterly Government Properties, Inc. REIT
     30,531   $ 632,908
Eaton Corp. PLC
     10,806   1,494,254
eBay, Inc.
     16,270   996,375
Ecolab, Inc.
     3,712   794,628
Edison International
     9,337   547,148
Editas Medicine, Inc. (a)
     498   20,916
eHealth, Inc. (a)
     212   15,419
El Pollo Loco Holdings, Inc. (a)
     933   15,040
Elanco Animal Health, Inc. (a)
     2,277   67,058
Eli Lilly & Co.
     10,580   1,976,556
Ellington Financial, Inc. REIT
     3,961   63,416
Emerson Electric Co.
     10,806   974,917
Endo International PLC (a)
     3,230   23,934
Enphase Energy, Inc. (a)
     704   114,161
EOG Resources, Inc.
     11,097   804,865
Equity Residential REIT
     5,411   387,590
Essential Properties Realty Trust, Inc. REIT
     2,710   61,869
Estee Lauder Cos., Inc. Class A
     5,411   1,573,789
Etsy, Inc. (a)
     414   83,491
Everi Holdings, Inc. (a)
     2,177   30,717
EverQuote, Inc. Class A (a)
     436   15,822
Evolent Health, Inc. Class A (a)
     1,382   27,916
Exelon Corp.
     10,806   472,654
eXp World Holdings, Inc. (a)(b)
     408   18,584
Expedia Group, Inc. (a)
     398   68,504
Exxon Mobil Corp.
     29,888   1,668,647
Facebook, Inc. Class A (a)
     17,383   5,119,815
Fastenal Co.
     10,889   547,499
Fastly, Inc. Class A (a)(b)
     306   20,588
Fate Therapeutics, Inc. (a)
     715   58,952
FB Financial Corp.
     907   40,325
FedEx Corp.
     4,763   1,352,883
Ferguson PLC
     4,355   520,825
FirstEnergy Corp.
     10,806   374,860
Flexion Therapeutics, Inc. (a)
     5,401   48,339
Ford Motor Co. (a)
     43,366   531,234
Forterra, Inc. (a)
     2,488   57,846
Fortive Corp.
     5,293   373,898
Fox Corp. Class A
     7,672   277,036
Franklin Resources, Inc.
     16,270   481,592
Freeport-McMoRan, Inc. (a)
     3,110   102,412
Fulgent Genetics, Inc. (a)(b)
     204   19,710
See accompanying notes to financial statements.
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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
General Dynamics Corp.
     5,411   $ 982,421
General Electric Co.
     42,705   560,717
General Mills, Inc.
     5,411   331,803
General Motors Co. (a)
     10,806   620,913
Geron Corp. (a)
     7,688   12,147
Gilead Sciences, Inc.
     13,905   898,680
Gladstone Commercial Corp. REIT
     19,629   383,943
Global Medical REIT, Inc.
     9,570   125,463
Globalstar, Inc. (a)
     43,157   58,262
Goldman Sachs Group, Inc.
     5,411   1,769,397
Granite Point Mortgage Trust, Inc. REIT
     2,315   27,711
Green Brick Partners, Inc. (a)
     1,319   29,915
Groupon, Inc. (a)
     441   22,290
GrowGeneration Corp. (a)
     816   40,547
Halliburton Co.
     10,806   231,897
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (b)
     1,580   88,638
Healthpeak Properties, Inc. REIT
     14,722   467,276
Hecla Mining Co.
     2,176   12,381
Heron Therapeutics, Inc. (a)(b)
     1,149   18,625
Hershey Co.
     5,411   855,804
Hess Corp.
     5,411   382,882
Hewlett Packard Enterprise Co.
     21,705   341,637
Home Depot, Inc.
     11,234   3,429,179
Honeywell International, Inc.
     11,219   2,435,308
HP, Inc.
     21,705   689,134
Illinois Tool Works, Inc.
     7,668   1,698,615
ImmunoGen, Inc. (a)
     8,712   70,567
Ingersoll Rand, Inc. (a)
     8,286   407,754
Inmode, Ltd. (a)
     1,555   112,535
Innovative Industrial Properties, Inc. REIT (b)
     925   166,648
Inovio Pharmaceuticals, Inc. (a)(b)
     1,701   15,785
Inspire Medical Systems, Inc. (a)
     501   103,702
Installed Building Products, Inc.
     137   15,191
Intel Corp.
     40,363   2,583,232
Intellia Therapeutics, Inc. (a)
     936   75,119
International Business Machines Corp.
     8,736   1,164,159
International Flavors & Fragrances, Inc.
     1,672   233,428
International Money Express, Inc. (a)
     4,354   65,354
International Seaways, Inc.
     448   8,682
Intra-Cellular Therapies, Inc. (a)
     2,060   69,896
Intuit, Inc.
     4,413   1,690,444
See accompanying notes to financial statements.
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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Invitae Corp. (a)(b)
     215   $ 8,215
J.M. Smucker Co.
     5,411   684,654
Johnson & Johnson
     17,828   2,930,032
Johnson Controls International PLC
     14,341   855,727
JPMorgan Chase & Co.
     30,166   4,592,170
Juniper Networks, Inc.
     10,806   273,716
Kadmon Holdings, Inc. (a)
     5,426   21,107
Kala Pharmaceuticals, Inc. (a)(b)
     1,996   13,453
Karyopharm Therapeutics, Inc. (a)
     5,485   57,702
Kellogg Co.
     5,411   342,516
Keysight Technologies, Inc. (a)
     5,409   775,651
Kimberly-Clark Corp.
     5,411   752,400
Kinder Morgan, Inc.
     7,991   133,050
KKR Real Estate Finance Trust, Inc. REIT
     2,611   48,016
Kohl's Corp.
     5,411   322,550
Kosmos Energy, Ltd. (a)
     6,532   20,053
Kraft Heinz Co.
     626   25,040
Krystal Biotech, Inc. (a)
     2   154
L Brands, Inc. (a)
     1,562   96,625
Lamb Weston Holdings, Inc.
     3,617   280,245
Lantheus Holdings, Inc. (a)
     2,181   46,608
Las Vegas Sands Corp. (a)
     5,411   328,772
Leidos Holdings, Inc.
     1,353   130,267
LGI Homes, Inc. (a)
     137   20,455
Liberty Broadband Corp. Class C (a)
     786   118,018
Limelight Networks, Inc. (a)(b)
     4,353   15,540
Lindblad Expeditions Holdings, Inc. (a)(b)
     4,140   78,246
Lockheed Martin Corp.
     3,099   1,145,081
Lowe's Cos., Inc.
     11,111   2,113,090
Lumen Technologies, Inc.
     3,654   48,781
LyondellBasell Industries NV Class A
     5,309   552,401
M/I Homes, Inc. (a)
     448   26,463
MacroGenics, Inc. (a)
     3,310   105,424
Macy's, Inc. (a)
     2,741   44,377
Magnite, Inc. (a)(b)
     1,866   77,644
Marathon Oil Corp.
     16,270   173,764
Marathon Petroleum Corp.
     10,889   582,453
Marsh & McLennan Cos., Inc.
     10,806   1,316,171
Mastercard, Inc. Class A
     2,899   1,032,189
Matador Resources Co.
     1,701   39,888
Mattel, Inc. (a)
     330   6,574
Maxar Technologies, Inc.
     2,730   103,249
See accompanying notes to financial statements.
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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
McCormick & Co., Inc.
     11,206   $ 999,127
McDonald's Corp.
     5,411   1,212,822
McEwen Mining, Inc. (a)(b)
     15,284   15,895
McKesson Corp.
     3,520   686,541
Medifast, Inc.
     412   87,270
Medtronic PLC
     18,887   2,231,121
MeiraGTx Holdings PLC (a)
     1,020   14,719
Merchants Bancorp
     936   39,256
Merck & Co., Inc.
     21,601   1,665,221
Mersana Therapeutics, Inc. (a)
     1,555   25,160
Meta Financial Group, Inc.
     718   32,533
MetLife, Inc.
     16,061   976,348
MGP Ingredients, Inc.
     190   11,239
Micron Technology, Inc. (a)
     1,228   108,322
Microsoft Corp.
     57,375   13,527,304
Mitek Systems, Inc. (a)
     3,742   54,558
Moderna, Inc. (a)
     1,982   259,543
Monarch Casino & Resort, Inc. (a)
     759   46,011
Mondelez International, Inc. Class A
     5,411   316,706
Morgan Stanley
     16,270   1,263,528
Mosaic Co.
     4,967   157,007
Nautilus, Inc. (a)(b)
     408   6,381
Neoleukin Therapeutics, Inc. (a)(b)
     1,555   19,142
NeoPhotonics Corp. (a)
     1,996   23,852
NetApp, Inc.
     5,411   393,217
Netflix, Inc. (a)
     2,297   1,198,253
Newmont Corp. (b)
     5,411   326,121
News Corp. Class A
     2,808   71,407
NexPoint Residential Trust, Inc. REIT
     20,114   927,054
NextEra Energy, Inc.
     21,651   1,637,032
NIKE, Inc. Class B
     16,896   2,245,309
NMI Holdings, Inc. Class A (a)
     212   5,012
Norfolk Southern Corp.
     5,411   1,452,962
Northrop Grumman Corp.
     2,281   738,223
Nov, Inc. (a)
     2,376   32,599
Novavax, Inc. (a)
     514   93,193
NOW, Inc. (a)
     623   6,286
nVent Electric PLC
     401   11,192
NVIDIA Corp.
     3,514   1,876,230
Occidental Petroleum Corp.
     6,449   171,672
Ocular Therapeutix, Inc. (a)
     510   8,369
Omeros Corp. (a)(b)
     2,080   37,024
See accompanying notes to financial statements.
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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Oracle Corp.
     31,568   $ 2,215,127
O'Reilly Automotive, Inc. (a)
     2,100   1,065,225
Otis Worldwide Corp.
     2,705   185,157
Overstock.com, Inc. (a)
     1,008   66,790
Owens & Minor, Inc.
     3,011   113,183
Palomar Holdings, Inc. (a)
     933   62,548
Parker-Hannifin Corp.
     5,309   1,674,618
PayPal Holdings, Inc. (a)
     11,493   2,790,960
Peloton Interactive, Inc. Class A (a)
     2,032   228,478
Penn National Gaming, Inc. (a)
     622   65,210
PennyMac Financial Services, Inc.
     212   14,176
Pentair PLC
     401   24,990
People's United Financial, Inc.
     39,741   711,364
PepsiCo, Inc.
     11,098   1,569,812
Personalis, Inc. (a)
     1,313   32,313
Perspecta, Inc.
     1,021   29,660
PetMed Express, Inc. (b)
     715   25,150
Pfizer, Inc.
     55,070   1,995,186
PG&E Corp. (a)
     1,122   13,139
Phathom Pharmaceuticals, Inc. (a)(b)
     311   11,681
Philip Morris International, Inc.
     10,806   958,924
Phillips 66
     2,683   218,772
Pinterest, Inc. Class A (a)
     3,247   240,375
Pioneer Natural Resources Co.
     3,652   580,011
Plug Power, Inc. (a)
     909   32,579
PNC Financial Services Group, Inc.
     5,411   949,144
PPL Corp.
     16,270   469,227
Premier Financial Corp.
     212   7,051
Procter & Gamble Co.
     11,720   1,587,240
Prologis, Inc. REIT
     16,392   1,737,552
Prudential Financial, Inc.
     8,094   737,363
PTC Therapeutics, Inc. (a)
     1,331   63,023
Public Service Enterprise Group, Inc.
     10,806   650,629
Public Storage REIT
     4,560   1,125,226
Puma Biotechnology, Inc. (a)
     2,502   24,319
Purple Innovation, Inc. (a)
     510   16,142
QUALCOMM, Inc.
     13,073   1,733,349
Quidel Corp. (a)
     102   13,049
QuinStreet, Inc. (a)
     936   19,001
Quotient, Ltd. (a)
     1,701   6,260
Qurate Retail, Inc. Class A
     9,857   115,918
Radius Health, Inc. (a)
     2,082   43,431
See accompanying notes to financial statements.
171

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Raytheon Technologies Corp.
     18,136   $ 1,401,369
REGENXBIO, Inc. (a)
     190   6,481
Relmada Therapeutics, Inc. (a)(b)
     759   26,724
Renewable Energy Group, Inc. (a)
     204   13,472
Resideo Technologies, Inc. (a)
     1,054   29,776
Retail Opportunity Investments Corp. REIT
     44,611   707,977
Revance Therapeutics, Inc. (a)
     3,101   86,673
Rigel Pharmaceuticals, Inc. (a)
     23,287   79,642
Roku, Inc. (a)
     720   234,554
Ross Stores, Inc.
     9,770   1,171,521
Ruth's Hospitality Group, Inc. (a)
     5,573   138,378
Safehold, Inc. REIT (b)
     1,137   79,704
salesforce.com, Inc. (a)
     11,618   2,461,506
Sangamo Therapeutics, Inc. (a)
     711   8,909
Sarepta Therapeutics, Inc. (a)
     412   30,706
Schlumberger NV
     10,985   298,682
Scholar Rock Holding Corp. (a)
     1,913   96,913
Scientific Games Corp. Class A (a)
     1,842   70,954
Seagate Technology PLC
     5,411   415,294
Seritage Growth Properties Class A, REIT (a)
     1,555   28,534
ServiceNow, Inc. (a)
     218   109,024
SI-BONE, Inc. (a)
     622   19,786
SIGA Technologies, Inc. (a)
     2,176   14,144
Simon Property Group, Inc. REIT
     5,411   615,609
Simulations Plus, Inc.
     436   27,573
Skyline Champion Corp. (a)
     1,361   61,599
Smith & Wesson Brands, Inc.
     510   8,900
Snap, Inc. Class A (a)
     6,612   345,741
SolarEdge Technologies, Inc. (a)
     137   39,379
Sorrento Therapeutics, Inc. (a)(b)
     4,555   37,670
Southern Co.
     5,411   336,348
Sprout Social, Inc. Class A (a)
     808   46,670
Square, Inc. Class A (a)
     1,745   396,202
Starbucks Corp.
     20,564   2,247,028
State Street Corp. (g)
     5,411   454,578
Stellantis NV
     9,246   163,915
Sunnova Energy International, Inc. (a)
     933   38,085
Synchrony Financial
     6,033   245,302
Sysco Corp.
     10,806   850,864
Tabula Rasa HealthCare, Inc. (a)(b)
     822   37,853
Tandem Diabetes Care, Inc. (a)
     501   44,213
Tapestry, Inc. (a)
     5,181   213,509
See accompanying notes to financial statements.
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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Target Corp.
     5,411   $ 1,071,757
TE Connectivity, Ltd.
     10,806   1,395,163
TechTarget, Inc. (a)
     7,258   504,068
Teladoc Health, Inc. (a)(b)
     311   56,524
Tesla, Inc. (a)
     5,303   3,542,033
Texas Instruments, Inc.
     14,504   2,741,111
TherapeuticsMD, Inc. (a)(b)
     25,855   34,646
Thermo Fisher Scientific, Inc.
     5,264   2,402,384
Tivity Health, Inc. (a)
     1,070   23,882
TJX Cos., Inc.
     21,393   1,415,147
Trade Desk, Inc. Class A (a)
     101   65,818
Trane Technologies PLC
     9,353   1,548,483
Travelers Cos., Inc.
     5,411   813,814
Triumph Group, Inc. (a)
     1,701   31,264
Twilio, Inc. Class A (a)
     711   242,280
Twist Bioscience Corp. (a)
     1,441   178,482
Twitter, Inc. (a)
     3,207   204,061
Tyson Foods, Inc. Class A
     8,613   639,946
Uber Technologies, Inc. (a)
     424   23,112
UMH Properties, Inc. REIT
     31,006   594,385
Union Pacific Corp.
     8,189   1,804,937
Unisys Corp. (a)
     2,079   52,848
United Parcel Service, Inc. Class B
     5,411   919,816
UnitedHealth Group, Inc.
     9,324   3,469,181
Universal Corp.
     190   11,208
Urstadt Biddle Properties, Inc. Class A, REIT
     1,328   22,111
US Bancorp
     16,402   907,195
Valero Energy Corp.
     9,195   658,362
Vanda Pharmaceuticals, Inc. (a)
     1,253   18,820
Vapotherm, Inc. (a)(b)
     754   18,111
Vaxart, Inc. (a)
     2,346   14,193
Vector Group, Ltd.
     31,956   445,786
Verizon Communications, Inc.
     18,500   1,075,775
ViacomCBS, Inc. Class B
     11,714   528,301
Viatris, Inc. (a)
     6,833   95,457
Viking Therapeutics, Inc. (a)(b)
     931   5,889
Visa, Inc. Class A
     19,700   4,171,081
Vista Outdoor, Inc. (a)
     1,368   43,872
Vontier Corp. (a)
     2,113   63,961
Voyager Therapeutics, Inc. (a)(b)
     3,011   14,182
Walmart, Inc.
     11,098   1,507,441
Walgreens Boots Alliance, Inc.
     10,806   593,249
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Walt Disney Co. (a)
     18,814   $ 3,471,559
Waste Management, Inc.
     10,708   1,381,546
WaVe Life Sciences, Ltd. (a)
     3,505   19,663
Wayfair, Inc. Class A (a)(b)
     311   97,887
Wells Fargo & Co.
     42,959   1,678,408
Western Digital Corp.
     6,738   449,762
Williams Cos., Inc.
     9,834   232,967
Yum! Brands, Inc.
     5,411   585,362
Zillow Group, Inc. Class C (a)(b)
     303   39,281
ZIOPHARM Oncology, Inc. (a)
     14,868   53,525
Zoetis, Inc.
     623   98,110
Zoom Video Communications, Inc. Class A (a)
     1,607   516,313
Zscaler, Inc. (a)
     707   121,371
Zynex, Inc. (a)(b)
     1,996   30,479
          303,600,344
ZAMBIA — 0.0% (d)          
First Quantum Minerals, Ltd.
     4,871   92,820
TOTAL COMMON STOCKS

(Cost $443,712,132)
         534,405,791
       
RIGHTS — 0.0% (d)    
CHILE — 0.0% (d)      
Sociedad Quimica y Minera de Chile SA (expiring 4/19/21) (a)
   132 409
ITALY — 0.0% (d)      
SNAM SpA (expiring 04/07/21) (a) (f)
   37,191 —
TURKEY — 0.0% (d)      
Izmir Demir Celik Sanayi A/S (expiring 04/15/21) (a)
   5,371 2,933
UNITED STATES — 0.0% (d)      
Progenic Pharmaceuticals, Inc. (CVR) (a)
   5,004 214
TOTAL RIGHTS

(Cost $9,758)
     3,556
SHORT-TERM INVESTMENTS — 2.0%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.07% (h) (i)
 1,705,160 1,705,671
See accompanying notes to financial statements.
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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (g) (j)
   8,929,726   $ 8,929,726
TOTAL SHORT-TERM INVESTMENTS

(Cost $10,635,389)
   10,635,397  
TOTAL INVESTMENTS — 101.4%

(Cost $454,357,279)
   545,044,744  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.4)%
  (7,312,183)  
NET ASSETS — 100.0%
  $ 537,732,561  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at March 31, 2021.
(c) 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 March 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(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.
(f) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2021, total aggregate fair value of the securities is $2,322, 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 March 31, 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 March 31, 2021 are shown in the Affiliate Table below.
(i) The rate shown is the annualized seven-day yield at March 31, 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
See accompanying notes to financial statements.
175

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Common Stocks
   $534,171,432   $232,037   $2,322   $534,405,791
Rights
   3,342   214   0(a)   3,556
Short-Term Investments
   10,635,397   —   —   10,635,397
TOTAL INVESTMENTS
   $544,810,171   $232,251   $2,322   $545,044,744
(a) The Fund held a Level 3 security that was valued at $0 at March 31, 2021.
Sector Breakdown as of March 31, 2021

    
    % of Net Assets
  Information Technology 20.3%
  Financials 14.0
  Consumer Discretionary 13.3
  Industrials 11.7
  Health Care 11.5
  Communication Services 8.6
  Consumer Staples 6.3
  Materials 4.8
  Energy 3.5
  Real Estate 3.1
  Utilities 2.3
  Short-Term Investments 2.0
  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 3/31/21 		  Value at
3/31/21 		  Dividend
Income
State Street Corp.
 4,838   $ 287,039   $ 109,419   $ 65,556   $10,989   $112,687   5,411   $ 454,578   $ 5,573
State Street Institutional Liquid Reserves Fund, Premier Class
 747,570   747,720   16,267,851   15,310,072   104   68   1,705,160   1,705,671   535
State Street Navigator Securities Lending Portfolio II
 7,293,158   7,293,158   28,552,349   26,915,781   —   —   8,929,726   8,929,726   42,880
Total
     $8,327,917   $44,929,619   $42,291,409   $ 11,093   $112,755       $11,089,975   $48,988
See accompanying notes to financial statements.
176

Table of Contents
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS
March 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.0%        
AUSTRALIA — 1.5%          
BHP Group PLC
     26,584   $ 768,220
Glencore PLC (a)
     137,081   537,604
Rio Tinto PLC
     13,510   1,034,506
          2,340,330
AUSTRIA — 0.6%          
Agrana Beteiligungs AG
     148   3,048
ams AG (a)
     3,318   66,420
ANDRITZ AG
     904   40,735
AT&S Austria Technologie & Systemtechnik AG
     323   11,616
BAWAG Group AG (b)
     898   46,481
CA Immobilien Anlagen AG
     728   30,888
DO & Co. AG (a)(c)
     86   6,954
Erste Group Bank AG (a)
     3,804   129,297
EVN AG
     429   9,257
Flughafen Wien AG (a)
     111   3,816
IMMOFINANZ AG (a)
     1,185   24,247
Lenzing AG (a)(c)
     169   21,730
Mayr Melnhof Karton AG
     112   23,089
Oberbank AG
     175   17,647
Oesterreichische Post AG (c)
     404   17,711
OMV AG
     1,813   92,179
Palfinger AG
     169   6,614
Porr AG (a)
     147   2,695
Raiffeisen Bank International AG (a)
     1,725   37,973
S IMMO AG
     527   13,286
S&T AG (a)
     614   15,299
Schoeller-Bleckmann Oilfield Equipment AG
     138   6,204
Semperit AG Holding (a)
     70   3,122
Strabag SE
     191   6,768
Telekom Austria AG
     1,738   13,727
UBM Development AG
     47   2,094
UNIQA Insurance Group AG
     1,479   11,125
Verbund AG (c)
     843   61,428
Vienna Insurance Group AG Wiener Versicherung Gruppe
     486   12,623
Voestalpine AG
     1,439   59,752
Wienerberger AG
     1,478   54,197
Zumtobel Group AG
     352   3,243
          855,265
See accompanying notes to financial statements.
177

Table of Contents
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
BELGIUM — 1.6%          
Ackermans & van Haaren NV
     285   $ 45,421
Aedifica SA REIT
     445   51,150
Ageas SA/NV
     2,315   140,285
AGFA-Gevaert NV (a)
     1,890   8,796
Anheuser-Busch InBev SA
     10,684   674,933
Ascencio REIT
     65   3,617
Banque Nationale de Belgique
     4   8,603
Barco NV
     960   22,577
Befimmo SA REIT
     255   10,415
Bekaert SA
     456   19,122
bpost SA (a)
     1,244   11,916
Care Property Invest NV REIT
     259   7,488
Cie d'Entreprises CFE (a)
     91   9,166
Cie du Bois Sauvage SA
     13   5,775
Cofinimmo SA REIT
     361   52,696
D'ieteren SA
     300   29,441
Econocom Group SA
     1,772   6,966
Elia Group SA (c)
     429   47,345
Etablissements Franz Colruyt NV
     658   39,333
Euronav NV
     2,603   23,878
Fagron
     586   13,038
Financiere de Tubize SA
     274   27,115
Galapagos NV (a)
     550   42,741
Gimv NV
     238   14,266
Groupe Bruxelles Lambert SA
     1,236   128,213
Immobel SA
     52   3,948
Intervest Offices & Warehouses NV REIT
     293   7,283
Ion Beam Applications
     283   5,455
KBC Ancora (a)
     477   20,463
KBC Group NV (a)
     3,308   241,049
Kinepolis Group NV (a)
     188   9,766
Lotus Bakeries NV
     4   21,202
Melexis NV
     240   25,457
Mithra Pharmaceuticals SA (a)(c)
     195   6,211
Montea CVA REIT
     164   17,155
Ontex Group NV (a)(c)
     840   8,866
Orange Belgium SA
     357   9,609
Proximus SADP
     1,997   43,562
Recticel SA
     509   7,430
Retail Estates NV REIT
     135   9,266
Shurgard Self Storage SA
     323   14,748
See accompanying notes to financial statements.
178

Table of Contents
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Sipef NV (a)
     76   $ 4,104
Sofina SA
     195   66,119
Solvay SA (c)
     932   116,329
Telenet Group Holding NV
     558   22,678
Tessenderlo Group SA (a)
     300   13,205
TINC Comm
     288   4,197
UCB SA
     1,606   153,117
Umicore SA
     2,584   137,362
VGP NV
     94   15,069
Warehouses De Pauw CVA REIT
     1,614   53,456
Xior Student Housing NV REIT
     319   17,059
          2,498,461
BERMUDA — 0.0% (d)          
Conduit Holdings, Ltd. (a)
     2,040   14,495
BRAZIL — 0.1%          
Yara International ASA
     2,209   115,103
CHILE — 0.1%          
Antofagasta PLC
     4,925   114,836
CHINA — 0.4%          
Prosus NV
     5,604   624,389
DENMARK — 3.5%          
ALK-Abello A/S (a)
     87   33,134
Alm Brand A/S
     861   10,123
Ambu A/S Class B
     2,133   100,415
AP Moller - Maersk A/S Class A
     39   85,113
AP Moller - Maersk A/S Class B
     75   174,642
Asetek A/S (a)
     192   1,889
Bavarian Nordic A/S (a)
     717   32,451
Better Collective A/S (a)
     209   5,131
Carlsberg AS Class B
     1,307   201,298
Chemometec A/S
     150   14,246
Chr. Hansen Holding A/S (a)
     1,311   119,416
Coloplast A/S Class B
     1,517   228,654
D/S Norden A/S
     342   7,945
Danske Bank A/S
     8,712   163,420
Demant A/S (a)
     1,296   55,031
Dfds A/S (a)
     433   22,225
Drilling Co. of 1972 A/S (a)
     262   10,425
DSV Panalpina A/S
     2,584   508,188
FLSmidth & Co. A/S (c)
     522   20,054
See accompanying notes to financial statements.
179

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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Genmab A/S (a)
     831   $ 274,069
GN Store Nord A/S
     1,655   130,612
H Lundbeck A/S
     788   26,985
ISS A/S (a)
     2,006   37,486
Jyske Bank A/S (a)
     755   36,104
Netcompany Group A/S (b)
     570   54,406
NKT A/S (a)
     432   18,828
Novo Nordisk A/S Class B
     21,285   1,445,528
Novozymes A/S Class B
     2,638   169,379
Orsted A/S (b)
     2,375   384,514
Pandora A/S (a)
     1,271   136,501
Per Aarsleff Holding A/S
     244   10,623
Ringkjoebing Landbobank A/S
     378   37,036
Rockwool International A/S Class A (c)
     70   26,272
Rockwool International A/S Class B
     117   49,441
Royal Unibrew A/S
     539   56,507
Scandinavian Tobacco Group A/S Class A (b)
     805   15,482
Schouw & Co. A/S
     165   17,314
SimCorp A/S
     513   63,680
Spar Nord Bank A/S (a)
     1,089   11,651
Sydbank A/S
     787   21,255
Topdanmark A/S
     612   28,066
Tryg A/S (c)
     3,893   92,035
Vestas Wind Systems A/S
     2,507   515,825
Zealand Pharma A/S (a)
     378   11,983
          5,465,382
EGYPT — 0.0% (d)          
Centamin PLC
     14,687   21,074
FAEROE ISLANDS — 0.0% (d)          
Bakkafrost P/F (a)
     626   49,683
FINLAND — 2.2%          
Aktia Bank Oyj
     805   9,319
Alma Media Oyj
     430   4,548
Altia Oyj
     296   3,702
Asiakastieto Group Oyj (b)
     271   11,180
Aspo Oyj
     327   3,413
BasWare Oyj (a)
     169   7,280
Bittium Oyj (a)(c)
     456   3,543
CapMan Oyj Class B
     1,949   6,001
Cargotec Oyj Class B (c)
     508   27,524
Caverion Oyj
     1,139   6,921
See accompanying notes to financial statements.
180

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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Citycon Oyj (c)
     1,161   $ 9,674
Elisa Oyj
     1,913   114,980
eQ Oyj
     96   2,087
Finnair Oyj (a)
     7,902   6,589
Fiskars Oyj Abp
     637   11,874
Fortum Oyj
     5,559   148,702
F-Secure Oyj
     1,260   5,983
Harvia Oyj
     138   4,995
Huhtamaki Oyj
     1,216   55,109
Kamux Corp.
     338   5,196
Kemira Oyj
     1,339   20,600
Kesko Oyj Class A
     1,127   31,591
Kesko Oyj Class B
     3,475   106,515
Kojamo Oyj
     2,584   50,657
Kone Oyj Class B
     5,102   417,708
Konecranes Oyj
     828   36,980
Lassila & Tikanoja Oyj
     460   7,558
Marimekko Oyj
     44   2,503
Metsa Board Oyj
     2,204   24,064
Musti Group Oyj
     290   9,380
Neles Oyj
     1,066   13,569
Neste Oyj
     5,414   287,993
Nokia Oyj (a)
     67,432   269,816
Nokian Renkaat Oyj (c)
     1,677   60,864
Nordea Bank Abp
     42,879   423,069
Olvi Oyj Class A
     203   11,619
Oriola Oyj Class B
     1,423   3,428
Orion Oyj Class A
     407   17,531
Orion Oyj Class B (c)
     1,329   53,373
Outokumpu Oyj (a)
     4,143   24,054
Outotec Oyj
     8,782   98,106
Ponsse Oyj
     138   6,131
QT Group Oyj (a)
     238   25,007
Raisio Oyj Class V
     1,597   7,348
Revenio Group Oyj
     335   19,922
Rovio Entertainment Oyj (b)
     613   4,780
Sampo Oyj Class A
     6,408   289,730
Sanoma Oyj
     1,038   17,470
Stora Enso Oyj Class A
     339   6,933
Stora Enso Oyj Class R (c)
     7,779   145,414
Talenom Oyj
     349   4,389
Terveystalo Oyj (b)
     1,003   13,957
See accompanying notes to financial statements.
181

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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
TietoEVRY Oyj
     1,069   $ 33,194
Tikkurila Oyj (a)
     456   18,141
Tokmanni Group Corp.
     613   14,409
UPM-Kymmene Oyj
     6,797   244,688
Uponor Oyj
     701   15,588
Vaisala Oyj Class A
     344   12,877
Valmet Oyj (c)
     1,695   61,776
Wartsila OYJ Abp
     6,190   64,996
YIT Oyj (c)
     2,181   11,622
          3,437,970
FRANCE — 15.3%          
Accor SA (a)
     2,086   78,846
Adevinta ASA (a)
     3,493   51,517
Aeroports de Paris (a)
     352   42,157
Air France-KLM (a)
     2,947   17,651
Air Liquide SA
     5,974   978,059
Airbus SE (a)
     7,316   830,098
Albioma SA
     323   15,868
ALD SA (b)
     1,036   15,196
Alstom SA (a)
     3,423   171,060
Altarea SCA REIT
     43   7,833
Alten SA (a)
     369   43,412
Amundi SA (a)(b)
     768   61,559
ARGAN SA
     106   10,016
Arkema SA
     830   100,818
Atos SE (a)
     1,371   107,186
AXA SA
     26,076   701,359
BioMerieux
     638   81,358
BNP Paribas SA (a)
     14,542   886,692
Bollore SA
     11,630   56,288
Bouygues SA
     3,755   150,889
Bureau Veritas SA (a)
     3,699   105,512
Capgemini SE
     2,123   362,048
Carmila SA REIT
     562   8,521
Carrefour SA
     7,723   140,192
Casino Guichard Perrachon SA (a)
     587   19,621
CGG SA (a)
     9,024   10,876
Christian Dior SE
     62   37,673
Cie de Saint-Gobain (a)
     6,738   398,492
Cie Generale des Etablissements Michelin SCA
     2,240   336,060
Cie Plastic Omnium SA
     785   28,822
CNP Assurances (a)
     1,796   34,217
See accompanying notes to financial statements.
182

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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Coface SA (a)
     1,107   $ 12,282
Covivio REIT
     690   59,200
Covivio Hotels SACA REIT
     894   18,545
Credit Agricole SA (a)
     15,957   231,521
Danone SA
     8,181   562,485
Dassault Aviation SA (a)
     31   34,576
Dassault Systemes SE
     1,773   380,086
Edenred
     3,093   161,912
Eiffage SA (a)
     1,245   124,903
Electricite de France SA (a)
     6,319   84,962
Elior Group SA (b)
     1,284   9,552
Elis SA (a)
     2,468   40,377
Engie SA (a)
     23,393   332,812
EssilorLuxottica SA
     3,746   611,311
Eurazeo SE (a)
     584   44,546
Eutelsat Communications SA
     1,955   23,850
Faurecia SE (a)(e)
     1,049   56,010
Faurecia SE (a)(e)
     240   12,781
Financiere de L'Odet SA
     7   8,161
Fnac Darty SA (a)
     222   13,659
Gaztransport Et Technigaz SA
     279   22,298
Gecina SA REIT
     609   84,030
Getlink SE (a)
     5,554   85,381
Hermes International
     442   490,391
ICADE REIT
     430   31,510
Iliad SA
     229   43,628
Imerys SA
     507   24,741
Interparfums SA (a)
     186   11,236
Ipsen SA
     463   39,806
IPSOS
     508   19,225
JCDecaux SA (a)
     954   24,107
Kaufman & Broad SA
     221   9,571
Kering SA
     922   637,822
Klepierre SA REIT
     2,671   62,423
Korian SA (a)
     763   26,562
La Francaise des Jeux SAEM (b)
     1,396   63,611
Lagardere SCA (a)
     402   10,593
Legrand SA
     3,380   315,100
L'Oreal SA
     3,075   1,181,070
LVMH Moet Hennessy Louis Vuitton SE
     3,337   2,228,074
Maisons du Monde SA (a)(b)
     577   12,803
McPhy Energy SA (a)
     272   10,422
See accompanying notes to financial statements.
183

Table of Contents
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Mercialys SA REIT
     850   $ 9,386
Metropole Television SA (a)
     715   15,311
Natixis SA (a)
     11,763   56,434
Neoen SA (a)(b)
     272   13,666
Nexans SA (a)
     352   31,235
Nexity SA
     526   26,014
Orange SA
     25,781   318,306
Orpea SA (a)
     652   75,710
Pernod Ricard SA
     2,582   485,691
Publicis Groupe SA
     2,935   179,512
Quadient SA
     438   10,553
Remy Cointreau SA
     274   50,720
Renault SA (a)
     2,629   114,109
Rexel SA (a)
     3,067   60,918
Robertet SA
     8   8,697
Rothschild & Co. (a)
     365   13,213
Rubis SCA
     1,208   57,358
Safran SA (a)
     4,773   651,006
Sanofi
     14,360   1,421,913
Sartorius Stedim Biotech
     300   123,830
Schneider Electric SE
     7,138   1,092,705
SCOR SE (a)
     2,168   74,148
SEB SA
     389   68,762
Societe BIC SA
     326   19,127
Societe Generale SA (a)
     10,712   280,942
Sodexo SA (a)
     1,081   103,901
SOITEC (a)
     288   58,998
Somfy SA
     93   15,587
Sopra Steria Group SACA (a)
     211   35,338
SPIE SA (a)
     1,629   39,095
Suez SA
     5,105   108,358
Teleperformance
     742   271,040
Television Francaise 1 (a)(c)
     1,509   13,780
Thales SA
     1,346   134,023
Tikehau Capital SCA
     561   16,681
TOTAL SE
     33,107   1,547,671
Trigano SA
     103   19,296
Ubisoft Entertainment SA (a)
     1,341   102,256
Unibail-Rodamco-Westfield REIT (a)
     1,740   139,757
Valeo SA
     2,841   96,732
Veolia Environnement SA
     6,721   172,676
Verallia SASU (b)
     522   18,865
See accompanying notes to financial statements.
184

Table of Contents
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Vicat SA
     222   $ 10,802
Vinci SA
     7,445   764,409
Virbac SA (a)
     52   13,415
Vivendi SE
     10,963   360,775
Wendel SE
     352   43,811
Worldline SA (a)(b)
     2,955   248,112
          23,742,475
GERMANY — 13.6%          
1&1 Drillisch AG
     560   15,776
Aareal Bank AG (a)
     764   21,730
Adidas AG (a)
     2,354   736,484
ADLER Group SA (a)(b)
     979   26,878
AIXTRON SE (a)
     1,438   32,745
Allianz SE
     5,190   1,323,962
alstria office REIT-AG
     2,406   38,967
Amadeus Fire AG (a)
     65   9,534
Aroundtown SA
     12,382   88,334
Aurubis AG
     430   35,700
BASF SE
     11,585   964,546
Bayer AG
     12,365   784,178
Bayerische Motoren Werke AG
     4,031   419,138
Bayerische Motoren Werke AG Preference Shares
     715   57,017
Bechtle AG
     352   66,151
Beiersdorf AG
     1,250   132,368
Bilfinger SE
     283   10,371
Brenntag SE
     1,961   167,787
CANCOM SE
     456   26,336
Carl Zeiss Meditec AG
     464   70,076
CECONOMY AG (a)
     2,139   12,404
Commerzbank AG (a)
     12,633   77,623
CompuGroup Medical SE & Co. KgaA
     370   31,332
Continental AG (a)
     1,358   179,876
Covestro AG (b)
     2,428   163,627
CTS Eventim AG & Co. KGaA (a)
     691   40,152
Daimler AG
     10,584   945,516
Delivery Hero SE (a)(b)
     2,106   273,507
Dermapharm Holding SE
     217   15,560
Deutsche Bank AG (a)
     25,972   310,987
Deutsche Boerse AG
     2,390   398,030
Deutsche EuroShop AG (a)
     637   13,296
Deutsche Lufthansa AG (a)
     3,742   49,719
Deutsche Pfandbriefbank AG (a)(b)
     1,708   19,914
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Deutsche Post AG
     12,399   $ 680,829
Deutsche Telekom AG
     40,885   825,055
Deutsche Wohnen SE
     4,259   199,123
Deutz AG (a)
     1,538   11,514
DMG Mori AG
     117   5,789
Duerr AG
     625   26,077
DWS Group GmbH & Co. KGaA (b)
     396   17,162
E.ON SE
     26,570   309,904
EnBW Energie Baden-Wuerttemberg AG
     229   19,647
Encavis AG
     1,228   23,352
Evonik Industries AG
     2,402   85,144
Evotec SE (a)
     1,712   61,852
Fielmann AG (a)
     300   23,994
Flatex DEGIRO AG (a)
     179   16,620
Fraport AG Frankfurt Airport Services Worldwide (a)
     473   28,824
Freenet AG
     1,627   39,028
Fresenius Medical Care AG & Co. KGaA
     2,495   183,918
Fresenius SE & Co. KGaA
     5,233   233,590
Fuchs Petrolub SE Preference Shares
     884   42,431
Fuchs Petrolub SE
     404   16,286
GEA Group AG
     1,881   77,265
Gerresheimer AG
     357   35,539
Grand City Properties SA
     1,315   33,012
GRENKE AG
     352   13,363
Hamborner REIT AG
     889   9,419
Hannover Rueck SE
     767   140,447
Hapag-Lloyd AG (b)
     91   14,160
HeidelbergCement AG
     1,881   171,244
Hella GmbH & Co. KGaA (a)
     562   31,586
HelloFresh SE (a)
     2,185   163,327
Henkel AG & Co. KGaA Preference Shares
     2,268   255,522
Henkel AG & Co. KGaA
     1,285   127,541
HOCHTIEF AG
     283   25,378
HUGO BOSS AG
     696   27,379
Hypoport AG (a)
     55   29,218
Indus Holding AG
     232   9,653
Infineon Technologies AG
     16,518   701,899
Instone Real Estate Group AG (a)(b)
     471   12,981
Jenoptik AG
     647   19,467
Jungheinrich AG Preference Shares
     612   29,491
K+S AG
     2,428   24,176
KION Group AG
     901   89,163
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Kloeckner & Co. SE (a)
     950   $ 11,992
Knorr-Bremse AG
     822   102,812
Krones AG
     195   15,859
KWS SAA t SE & Co. KGaA
     125   10,827
LANXESS AG
     998   73,732
LEG Immobilien SE
     926   122,067
MAN SE
     92   5,774
Merck KGaA
     1,629   279,143
METRO AG
     1,495   15,831
MorphoSys AG (a)
     404   35,270
MTU Aero Engines AG
     684   161,344
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
     1,763   544,121
Nemetschek SE
     755   48,272
New Work SE
     39   10,153
Nordex SE (a)
     794   25,551
Norma Group SE
     404   19,230
OSRAM Licht AG (a)
     368   22,992
PATRIZIA AG
     563   14,293
Pfeiffer Vacuum Technology AG
     65   11,841
Porsche Automobil Holding SE Preference Shares
     1,946   206,803
ProSiebenSat.1 Media SE (a)
     2,297   47,069
Puma SE (a)
     1,175   115,367
Rational AG
     65   50,611
Rheinmetall AG
     557   56,561
RWE AG
     8,545   335,635
Salzgitter AG (a)
     482   15,091
SAP SE
     13,751   1,687,588
Sartorius AG Preference Shares
     306   152,920
Sartorius AG
     28   12,176
Schaeffler AG Preference Shares
     2,112   18,815
Scout24 AG (b)
     1,271   96,649
Siemens AG
     9,419   1,549,820
Siemens Energy AG (a)
     5,966   214,632
Siemens Healthineers AG (b)
     2,813   152,743
Siltronic AG (a)
     164   26,503
Sixt SE (a)
     163   21,571
Sixt SE Preference Shares
     212   16,569
SMA Solar Technology AG (a)
     232   13,661
Software AG
     623   26,316
Softwareone Holding AG
     1,168   30,281
Stabilus SA
     315   22,213
STRATEC SE
     81   10,967
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Stroeer SE & Co. KGaA
     326   $ 26,629
Suedzucker AG
     851   14,453
Symrise AG
     1,528   185,692
TAG Immobilien AG
     1,862   53,266
Talanx AG (a)
     673   28,602
TeamViewer AG (a)(b)
     2,020   86,489
Telefonica Deutschland Holding AG
     11,634   34,184
Thyssenkrupp AG (a)
     6,176   82,640
TRATON SE
     732   19,787
TUI AG (a)
     10,608   53,743
Uniper SE
     1,118   40,576
United Internet AG
     1,270   51,048
Varta AG (a)
     203   29,943
VERBIO Vereinigte BioEnergie AG
     215   9,274
Volkswagen AG
     364   132,279
Volkswagen AG Preference Shares
     2,304   646,103
Vonovia SE
     6,678   437,170
Wacker Chemie AG
     222   31,662
Wacker Neuson SE (a)
     378   9,063
Washtec AG (a)
     170   9,790
Zalando SE (a)(b)
     2,199   216,166
zooplus AG (a)
     83   23,753
          21,084,967
GREECE — 0.0% (d)          
Energean PLC (a)
     2,021   23,696
HONG KONG — 0.0% (d)          
Cadeler A/S (a)
     706   2,965
INDIA — 0.0% (d)          
Rhi Magnesita NV
     345   20,078
IRELAND — 1.2%          
AIB Group PLC (a)
     9,962   26,250
Bank of Ireland Group PLC (a)(c)
     11,871   59,017
C&C Group PLC (a)
     4,077   15,806
Cairn Homes PLC (a)
     9,520   11,624
COSMO Pharmaceuticals NV (a)
     81   7,143
CRH PLC
     10,065   472,821
Flutter Entertainment PLC (a)
     2,084   448,961
Glanbia PLC
     2,577   38,495
Greencore Group PLC (a)
     5,668   12,293
Hibernia REIT PLC
     8,786   11,400
Kerry Group PLC Class A
     1,947   244,163
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Kingspan Group PLC
     1,979   $ 168,164
Ryanair Holdings PLC ADR (a)
     1,236   142,140
Smurfit Kappa Group PLC
     3,014   142,261
UDG Healthcare PLC
     3,259   35,320
          1,835,858
ITALY — 3.5%          
A2A SpA
     19,904   36,306
ACEA SpA
     560   12,268
AMCO - Asset Management Co. SpA (a)(c)(f)
     98   —
Amplifon SpA (a)
     1,585   59,127
Anima Holding SpA (b)
     3,545   18,299
Ascopiave SpA
     838   3,846
Assicurazioni Generali SpA (a)
     16,167   324,158
ASTM SpA (a)
     750   22,742
Atlantia SpA (a)
     6,374   119,487
Autogrill SpA (a)(c)
     1,615   13,382
Avio SpA (a)
     216   3,118
Azimut Holding SpA
     1,378   31,476
Banca Generali SpA (a)
     743   26,215
Banca IFIS SpA
     342   4,522
Banca Mediolanum SpA (a)
     2,779   26,293
Banca Monte dei Paschi di Siena SpA (a)
     4,424   5,948
Banca Popolare di Sondrio SCPA (a)
     5,759   19,331
Banco BPM SpA (a)(c)
     19,253   55,099
BF SpA
     719   3,363
BFF Bank SpA (a)(b)(c)
     1,456   10,730
BPER Banca (a)
     11,873   26,185
Brembo SpA (a)
     1,973   24,626
Brunello Cucinelli SpA (a)(c)
     427   18,398
Buzzi Unicem SpA
     1,212   31,580
Carel Industries SpA (b)
     509   10,385
Cementir Holding NV
     586   6,026
Cerved Group SpA (a)
     2,480   27,486
CIR SpA-Compagnie Industriali (a)
     11,381   6,347
Credito Emiliano SpA (a)
     950   5,560
Credito Valtellinese SpA (a)
     844   12,094
Danieli & C Officine Meccaniche SpA
     462   7,091
Datalogic SpA
     160   3,276
Davide Campari-Milano NV
     5,682   63,789
De' Longhi SpA
     819   33,151
DiaSorin SpA
     328   52,736
doValue SpA (a)(b)
     508   6,209
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Enav SpA (b)
     3,217   $ 15,683
Enel SpA
     97,998   978,198
Eni SpA
     31,603   389,779
ERG SpA
     716   21,324
Falck Renewables SpA
     1,482   10,634
Ferrari NV
     1,533   321,339
Fila SpA (a)
     326   3,870
Fincantieri SpA (a)(c)
     6,197   5,087
FinecoBank Banca Fineco SpA (a)
     7,738   126,913
Gruppo MutuiOnline SpA
     316   16,694
Guala Closures SpA (a)
     297   2,953
GVS SpA (a)(b)
     785   12,382
Hera SpA
     9,906   38,048
Illimity Bank SpA (a)
     757   8,515
Infrastrutture Wireless Italiane SpA (b)
     4,113   45,923
Interpump Group SpA
     1,085   54,808
Intesa Sanpaolo SpA (a)
     229,568   623,399
Iren SpA
     8,311   23,013
Italgas SpA
     6,216   40,437
Italmobiliare SpA
     274   9,242
Juventus Football Club SpA (a)
     3,358   3,097
Leonardo SpA
     5,128   41,610
Maire Tecnimont SpA (a)(c)
     2,045   6,023
MARR SpA (a)
     421   9,075
Mediaset SpA (a)
     4,058   11,704
Mediobanca Banca di Credito Finanziario SpA (a)
     8,029   89,231
Moncler SpA (a)
     2,505   143,879
Nexi SpA (a)(b)
     6,265   109,565
Piaggio & C SpA
     2,273   8,645
Pirelli & C SpA (a)(b)
     4,844   28,477
Poste Italiane SpA (b)
     5,932   75,575
Prysmian SpA
     3,406   110,925
RAI Way SpA (b)
     1,210   6,840
Recordati Industria Chimica e Farmaceutica SpA
     1,284   69,222
Reply SpA
     281   35,635
Saipem SpA (c)
     7,312   19,972
Salvatore Ferragamo SpA (a)(c)
     623   11,979
Saras SpA (a)(c)
     7,248   4,924
Sesa SpA (a)
     65   7,960
Snam SpA
     26,557   147,572
Societa Cattolica di Assicurazioni SC (a)
     2,216   13,035
SOL SpA
     459   9,036
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Tamburi Investment Partners SpA
     1,570   $ 13,987
Technogym SpA (a)(b)
     1,414   16,469
Telecom Italia SpA (e)
     127,840   69,296
Telecom Italia SpA (e)
     76,605   44,153
Terna Rete Elettrica Nazionale SpA
     17,918   135,578
Tod's SpA (a)
     160   5,232
UniCredit SpA (a)
     28,114   297,811
Unipol Gruppo SpA (a)
     4,759   26,602
UnipolSai Assicurazioni SpA
     5,016   15,116
Webuild SpA (c)
     5,658   11,863
Zignago Vetro SpA
     300   5,712
          5,484,690
JORDAN — 0.1%          
Hikma Pharmaceuticals PLC
     2,124   66,698
KAZAKHSTAN — 0.0% (d)          
KAZ Minerals PLC
     4,050   48,446
LIECHTENSTEIN — 0.0% (d)          
Liechtensteinische Landesbank AG
     143   8,190
LUXEMBOURG — 0.4%          
APERAM SA
     648   29,261
ArcelorMittal SA (a)
     8,904   257,750
Brederode SA
     156   17,876
Eurofins Scientific SE (a)
     1,610   154,236
Global Fashion Group SA (a)
     1,024   13,467
Kernel Holding SA
     627   8,501
RTL Group SA (a)
     487   28,596
SES SA
     4,870   38,772
Solutions 30 SE (a)
     961   12,243
Tenaris SA
     5,936   67,059
          627,761
MALTA — 0.0% (d)          
Catena Media PLC (a)
     1,073   5,830
Kindred Group PLC SDR (a)
     2,923   51,543
          57,373
MEXICO — 0.0% (d)          
Fresnillo PLC
     2,344   27,948
NETHERLANDS — 7.1%          
Aalberts NV
     1,218   61,841
ABN AMRO Bank NV (a)(b)
     5,988   72,910
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Adyen NV (a)(b)
     352   $ 787,488
Aegon NV
     23,084   109,879
Akzo Nobel NV
     2,397   268,422
Alfen Beheer B.V. (a)(b)
     270   22,277
Arcadis NV (a)(c)
     947   38,688
Argenx SE (a)
     640   176,314
ASM International NV
     587   171,095
ASML Holding NV
     5,281   3,208,893
ASR Nederland NV
     1,792   80,475
Basic-Fit NV (a)(b)
     510   19,690
BE Semiconductor Industries NV
     907   76,155
Boskalis Westminster (a)
     1,027   33,049
Corbion NV
     613   34,222
Euronext NV (b)
     678   68,450
EXOR NV
     1,442   121,923
Flow Traders (b)
     456   19,111
GrandVision NV (a)(b)
     753   23,276
Heineken Holding NV
     1,270   113,291
Heineken NV
     3,019   310,896
IMCD NV
     721   100,416
ING Groep NV
     49,324   604,748
Intertrust NV (a)(b)
     1,150   19,085
JDE Peet's NV (a)
     1,013   37,265
Just Eat Takeaway (a)(b)
     439   40,508
Just Eat Takeaway.com NV (a)(b)(c)
     1,052   97,207
Koninklijke Ahold Delhaize NV
     12,931   360,948
Koninklijke DSM NV
     2,283   387,187
Koninklijke KPN NV
     42,237   143,661
Koninklijke Philips NV (a)
     11,528   659,490
Koninklijke Vopak NV
     844   42,108
NN Group NV
     3,902   191,191
OCI NV (a)
     1,062   23,004
PostNL NV (a)
     5,848   28,420
Randstad NV (c)
     1,549   109,196
Royal Dutch Shell PLC Class B
     44,168   813,530
Royal Dutch Shell PLC Class A (c)
     51,626   1,019,357
SBM Offshore NV (c)
     1,850   33,963
Shop Apotheke Europe NV (a)(b)
     165   36,070
Signify NV (a)(b)
     1,590   82,149
TKH Group NV
     510   24,528
VEON, Ltd. (a)(c)
     7,843   13,735
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Wolters Kluwer NV
     3,362   $ 292,875
          10,978,986
NORWAY — 1.4%          
ABG Sundal Collier Holding ASA
     5,486   5,720
AF Gruppen ASA
     699   14,428
Akastor ASA (a)
     1,783   1,266
Aker ASA Class A
     312   23,922
Aker BP ASA
     1,372   39,024
Aker Solutions ASA (a)
     2,943   5,065
AKVA Group ASA (a)
     129   1,384
American Shipping Co. ASA
     624   2,240
ArcticZymes Technologies ASA (a)(c)
     414   3,540
Arcus ASA (b)
     415   2,100
Arendals Fossekompani A/S
     165   5,219
Atea ASA
     1,046   17,817
Atlantic Sapphire ASA (a)
     788   11,123
Austevoll Seafood ASA
     1,147   13,907
Avance Gas Holding, Ltd. (b)(c)
     593   3,300
Axactor SE (a)
     2,063   2,216
B2Holding ASA (a)
     3,672   3,764
Bergenbio ASA (a)
     732   2,641
BEWi ASA (a)
     555   1,658
Bonheur ASA
     273   7,228
Borregaard ASA
     1,208   26,350
Bouvet ASA
     117   8,662
BW Energy, Ltd. (a)
     574   1,807
BW Offshore, Ltd.
     1,181   4,887
Carasent ASA (a)
     621   3,092
Crayon Group Holding ASA (a)(b)
     411   6,471
DNB ASA
     11,206   238,919
DNO ASA (a)
     8,198   9,004
Elkem ASA (b)
     3,089   13,461
Entra ASA (b)
     2,049   45,582
Equinor ASA
     13,498   264,541
Europris ASA (b)
     2,122   12,728
Fjord1 ASA (a)(b)
     517   2,725
Fjordkraft Holding ASA (b)
     821   6,704
Frontline, Ltd.
     1,054   7,729
Gjensidige Forsikring ASA
     2,399   56,375
Grieg Seafood ASA (a)(c)
     631   6,257
Hexagon Composites ASA (a)
     1,398   7,763
Hexagon Purus Holding A/S (a)
     180   1,091
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Hofseth BioCare ASA (a)
     2,290   $ 2,463
Kid ASA (b)
     325   3,800
Kitron ASA
     2,123   5,471
Komplett Bank ASA (a)
     1,730   2,189
Kongsberg Gruppen ASA
     1,145   26,290
Leroy Seafood Group ASA
     3,582   30,674
LINK Mobility Group Holding ASA (a)
     1,761   8,561
Medistim ASA
     143   4,272
Mowi ASA
     5,633   140,027
MPC Container Ships A/S (a)
     2,851   3,357
Multiconsult ASA (b)
     272   5,417
NEL ASA (a)
     19,203   56,666
Nordic Nanovector ASA (a)(c)
     630   1,768
Nordic Semiconductor ASA (a)
     2,063   37,048
Norsk Hydro ASA
     17,290   110,914
Norway Royal Salmon ASA
     300   7,162
Norwegian Energy Co. ASA (a)
     291   5,233
Norwegian Finans Holding ASA (a)
     1,988   22,357
Norwegian Property ASA
     2,322   3,876
NRC Group ASA (a)
     496   1,001
NTS ASA
     329   3,469
Ocean Yield ASA
     776   2,673
Odfjell Drilling, Ltd. (a)
     1,208   2,887
Olav Thon Eiendomsselskap ASA (a)
     378   7,240
Orkla ASA
     9,478   93,088
Otello Corp. ASA (a)
     1,541   5,506
Panoro Energy ASA (a)
     962   2,338
Pareto Bank ASA
     526   2,915
PCI Biotech Holding ASA (a)
     396   1,192
Pexip Holding ASA (a)
     1,141   12,790
PGS ASA (a)
     4,872   3,533
PhotoCure ASA (a)
     306   4,875
Protector Forsikring ASA (a)
     882   9,289
Salmar ASA
     689   47,621
Sandnes Sparebank
     248   2,400
SATS ASA (a)
     856   2,241
Sbanken ASA (b)
     1,021   9,844
Scatec ASA (b)
     1,495   45,289
Schibsted ASA Class A (a)
     1,015   42,686
Schibsted ASA Class B (a)
     1,287   46,135
Self Storage Group ASA (a)
     808   2,272
Selvaag Bolig ASA
     558   4,125
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SpareBank 1 B.V.
     488   $ 2,738
SpareBank 1 Nord Norge
     1,278   12,217
SpareBank 1 Oestlandet
     560   7,308
SpareBank 1 Ringerike Hadeland
     60   1,757
SpareBank 1 SMN
     1,648   20,734
SpareBank 1 SR-Bank ASA
     2,330   28,660
Sparebanken More
     105   4,035
Sparebanken Vest
     1,169   10,723
Stolt-Nielsen, Ltd.
     300   4,435
Storebrand ASA (a)
     5,942   59,961
Telenor ASA
     8,152   143,724
TGS Nopec Geophysical Co. ASA
     1,510   24,101
Tomra Systems ASA
     1,549   67,194
Ultimovacs ASA (a)
     209   1,557
Veidekke ASA
     1,389   19,298
VOW ASA (a)(c)
     788   4,080
Wallenius Wilhelmsen ASA (a)
     1,312   4,257
Wilh Wilhelmsen Holding ASA Class A
     172   3,687
Wilh Wilhelmsen Holding ASA Class B
     118   2,474
XXL ASA (a)(b)
     2,118   4,630
          2,152,234
POLAND — 0.6%          
11 bit studios SA (a)
     25   3,497
AB SA
     169   2,064
Ac SA
     109   1,005
Agora SA (a)
     455   715
Alior Bank SA (a)
     1,131   6,592
Allegro.eu SA (a)(b)
     3,916   55,148
Alumetal SA (a)
     133   1,941
Ambra SA
     122   566
Amica SA
     65   2,438
Apator SA
     326   2,032
Asseco Business Solutions SA
     225   2,121
Asseco Poland SA
     712   12,197
Asseco South Eastern Europe SA
     326   3,362
Atal SA (a)
     85   881
Atrium European Real Estate, Ltd.
     1,980   6,458
Auto Partner SA (a)
     836   2,055
Bank Handlowy w Warszawie SA (a)
     415   4,123
Bank Millennium SA (a)
     7,696   7,380
Bank Ochrony Srodowiska SA (a)
     430   839
Bank Polska Kasa Opieki SA (a)
     2,035   36,420
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Benefit Systems SA (a)
     15   $ 3,003
Bioton SA (a)
     481   661
BNP PARIBAS BANK POLSKA SA (a)
     212   3,224
Boryszew SA (a)
     971   773
Budimex SA
     143   11,089
CCC SA (a)
     380   8,796
CD Projekt SA (a)
     856   41,325
Celon Pharma SA
     194   2,429
Ciech SA (a)
     326   3,061
ComArch SA
     65   3,657
Comp SA (a)
     56   786
Cyfrowy Polsat SA
     3,466   25,964
Datawalk SA (a)
     39   1,907
Develia SA
     5,688   3,431
Dino Polska SA (a)(b)
     612   40,417
Dom Development SA
     102   3,477
Echo Investment SA (a)
     2,300   2,553
Enea SA (a)
     2,722   4,380
Energa SA (a)
     891   1,759
Enter Air SA (a)
     108   1,013
Eurocash SA (a)
     1,002   3,644
Fabryki Mebli Forte SA (a)
     178   2,255
Famur SA (a)
     3,849   2,317
Ferro SA
     222   1,519
Firma Oponiarska Debica SA
     21   430
Globe Trade Centre SA (a)
     2,375   4,153
Grupa Azoty SA (a)
     600   4,584
Grupa Kety SA
     118   16,746
Grupa Lotos SA
     1,104   12,148
ING Bank Slaski SA (a)
     413   18,253
InPost SA (a)
     2,593   42,562
Inter Cars SA (a)
     117   9,814
Jastrzebska Spolka Weglowa SA (a)
     666   4,992
KGHM Polska Miedz SA (a)
     1,733   83,532
KRUK SA (a)
     175   8,125
LiveChat Software SA
     170   5,420
LPP SA (a)
     13   26,768
Lubelski Wegiel Bogdanka SA (a)
     143   859
Mabion SA (a)
     106   2,076
Mangata Holding SA (a)
     30   525
mBank SA (a)
     169   9,182
MCI Capital SA (a)
     195   927
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Medicalgorithmics SA (a)
     39   $ 265
Mennica Polska SA
     295   1,480
Mercator Medical SA (a)
     30   2,638
MLP Group SA (a)
     76   1,396
Mo-BRUK SA
     15   1,482
Netia SA (a)
     1,208   1,659
Neuca SA
     22   3,892
NEWAG SA
     274   1,666
Orange Polska SA (a)
     8,223   13,722
PCC Rokita SA
     39   682
PCF Group SA (a)
     92   1,784
PGE Polska Grupa Energetyczna SA (a)
     10,122   17,438
PKP Cargo SA (a)
     378   1,724
PlayWay SA
     13   1,802
Polenergia SA (a)
     189   3,784
Polimex-Mostostal SA (a)
     849   1,119
Polski Bank Komorek Macierzystych SA (a)
     53   1,061
Polski Koncern Naftowy ORLEN SA
     3,937   63,315
Polskie Gornictwo Naftowe i Gazownictwo SA
     20,651   31,474
Powszechna Kasa Oszczednosci Bank Polski SA (a)
     11,210   92,981
Powszechny Zaklad Ubezpieczen SA (a)
     7,219   62,384
Poznanska Korporacja Budowlana Pekabex SA
     122   628
Rainbow Tours SA (a)
     91   595
Ryvu Therapeutics SA (a)
     117   1,720
Sanok Rubber Co. SA (a)
     301   1,762
Santander Bank Polska SA (a)
     425   23,544
Selvita SA (a)
     113   1,976
Sniezka SA
     65   1,463
Stalexport Autostrady SA
     1,219   1,229
Stalprodukt SA (a)
     27   2,282
Tauron Polska Energia SA (a)
     13,267   8,715
TEN Square Games SA
     39   5,120
Vigo System SA (a)
     8   1,521
VRG SA (a)
     2,287   1,521
Warsaw Stock Exchange
     351   4,074
Wawel SA
     13   2,122
Wielton SA (a)
     300   648
Wirtualna Polska Holding SA (a)
     222   5,570
X-Trade Brokers Dom Maklerski SA (b)
     419   1,821
Zespol Elektrocieplowni Wroclawskich Kogeneracja SA (a)
     80   730
Zespol Elektrowni Patnow Adamow Konin SA (a)
     314   836
          951,995
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
PORTUGAL — 0.3%          
Altri SGPS SA
     1,069   $ 8,198
Banco Comercial Portugues SA Class R (a)
     102,294   13,958
Corticeira Amorim SGPS SA
     482   5,733
CTT-Correios de Portugal SA (a)
     1,657   6,563
EDP - Energias de Portugal SA
     36,783   210,535
Galp Energia SGPS SA
     6,238   72,729
Jeronimo Martins SGPS SA
     3,104   52,351
Mota-Engil SGPS SA (a)(c)
     881   1,460
Navigator Co. SA
     2,793   9,158
NOS SGPS SA
     3,129   11,415
REN - Redes Energeticas Nacionais SGPS SA
     4,467   12,495
Semapa-Sociedade de Investimento e Gestao
     289   4,008
Sonae SGPS SA
     12,023   11,001
          419,604
RUSSIA — 0.1%          
Evraz PLC
     7,399   59,005
Petropavlovsk PLC (a)(c)
     31,202   10,267
Polymetal International PLC
     4,711   92,264
          161,536
SINGAPORE — 0.0% (d)          
BW LPG, Ltd. (b)
     953   6,542
Hafnia, Ltd.
     1,629   3,328
          9,870
SOUTH AFRICA — 0.4%          
Anglo American PLC
     15,918   624,272
Investec PLC
     8,234   24,902
          649,174
SPAIN — 3.8%          
Acciona SA
     273   45,850
Acerinox SA
     2,323   30,374
ACS Actividades de Construccion y Servicios SA
     3,054   101,435
Aedas Homes SA (a)(b)
     260   6,845
Aena SME SA (a)(b)
     934   151,816
Almirall SA
     761   11,565
Amadeus IT Group SA (a)
     5,673   402,582
AmRest Holdings SE (a)
     924   7,493
Applus Services SA (a)
     1,818   18,867
Banco Bilbao Vizcaya Argentaria SA
     83,902   436,448
Banco de Sabadell SA
     72,589   38,903
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Banco Santander SA (a)
     218,625   $ 744,384
Bankinter SA
     8,207   57,102
Befesa SA (b)
     430   28,857
CaixaBank SA
     55,812   173,106
Cellnex Telecom SA (b)(c)
     4,483   258,701
Cia de Distribucion Integral Logista Holdings SA
     846   16,804
CIE Automotive SA
     696   18,258
Construcciones y Auxiliar de Ferrocarriles SA
     248   11,397
Corp. Financiera Alba SA
     209   10,403
Ebro Foods SA
     789   16,302
EDP Renovaveis SA
     1,934   41,415
Elecnor SA
     524   6,497
Enagas SA
     2,884   62,775
Ence Energia y Celulosa SA (a)
     1,813   9,067
Endesa SA
     4,025   106,722
Euskaltel SA (b)
     1,094   14,272
Faes Farma SA
     3,839   16,491
Ferrovial SA
     6,595   172,307
Fluidra SA
     1,090   31,194
Fomento de Construcciones y Contratas SA
     664   7,851
Gestamp Automocion SA (a)(b)
     2,211   11,241
Global Dominion Access SA (b)
     1,545   7,817
Grifols SA (c)
     3,748   98,364
Grifols SA Class B, Preference Shares
     3,323   56,239
Grupo Catalana Occidente SA
     582   23,257
Iberdrola SA
     73,767   952,381
Indra Sistemas SA (a)
     1,570   13,830
Industria de Diseno Textil SA
     13,985   461,867
Inmobiliaria Colonial Socimi SA REIT
     3,439   33,366
Lar Espana Real Estate Socimi SA REIT (a)
     977   5,856
Liberbank SA (a)
     22,625   8,137
Mapfre SA
     12,630   26,363
Mediaset Espana Comunicacion SA (a)
     2,014   11,989
Melia Hotels International SA (a)
     1,545   11,503
Merlin Properties Socimi SA REIT
     4,198   43,024
Naturgy Energy Group SA
     4,088   100,417
Neinor Homes SA (b)
     734   9,041
Parques Reunidos Servicios Centrales SAU (a)
     1,617   26,137
Pharma Mar SA
     168   19,538
Prosegur Cia de Seguridad SA
     3,249   10,348
Red Electrica Corp. SA
     5,498   97,573
Repsol SA
     18,172   225,536
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Sacyr SA
     4,890   $ 12,540
Siemens Gamesa Renewable Energy SA
     2,852   110,614
Solaria Energia y Medio Ambiente SA (a)
     950   20,187
Tecnicas Reunidas SA (a)(c)
     448   6,561
Telefonica SA
     64,548   289,570
Unicaja Banco SA (a)(b)
     10,297   10,378
Vidrala SA
     281   30,945
Viscofan SA
     453   31,359
Zardoya Otis SA
     2,292   14,681
          5,836,742
SWEDEN — 6.6%          
Sinch AB (a)(b)
     565   99,565
AAK AB
     2,222   50,399
AcadeMedia AB (b)
     1,055   9,913
Adapteo Oyj (a)
     567   7,286
AddLife AB Class B
     1,406   25,325
AddNode Group AB (a)
     392   11,783
AddTech AB Class B
     3,298   49,188
AF POYRY AB (a)
     1,305   38,688
Alfa Laval AB (a)
     3,779   114,459
Alimak Group AB (b)
     454   7,292
Ambea AB (a)(b)
     600   4,991
Arjo AB Class B
     2,597   19,382
Assa Abloy AB Class B
     12,561   361,714
Atlas Copco AB Class A
     8,110   494,622
Atlas Copco AB Class B
     4,958   258,528
Atrium Ljungberg AB Class B
     615   11,035
Attendo AB (a)(b)
     1,469   8,359
Avanza Bank Holding AB
     1,408   43,841
Axfood AB (c)
     1,335   31,980
Beijer Alma AB
     561   10,259
Beijer Ref AB
     1,036   45,618
Bergman & Beving AB
     308   4,290
Betsson AB
     1,551   14,422
BHG Group AB (a)
     1,191   19,868
Bilia AB Class A (a)
     1,153   17,117
BillerudKorsnas AB
     2,247   41,853
BioArctic AB (a)(b)
     456   4,761
BioGaia AB Class B
     212   9,972
Biotage AB (a)
     828   14,629
Boliden AB
     3,436   127,722
Bonava AB Class B (a)
     1,082   12,562
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
BoneSupport Holding AB (a)(b)
     617   $ 4,247
Boozt AB (a)(b)
     593   12,396
Bravida Holding AB (b)
     2,577   35,567
Bufab AB (a)
     348   8,604
Bure Equity AB
     604   20,789
Calliditas Therapeutics AB Class B (a)(c)
     456   6,383
Camurus AB (a)
     326   7,817
Cantargia AB (a)
     956   3,389
Castellum AB (c)
     2,857   63,130
Catena AB
     286   12,633
Cellavision AB (a)
     239   8,884
CELLINK AB Class B (a)(c)
     439   18,912
Clas Ohlson AB Class B (a)
     533   5,727
Cloetta AB Class B
     2,604   7,636
Collector AB (a)(c)
     1,335   4,105
Coor Service Management Holding AB (a)(b)
     1,217   9,899
Corem Property Group AB
     1,900   4,065
Dios Fastigheter AB
     1,097   9,036
Dometic Group AB (a)(b)
     3,756   54,576
Duni AB (a)
     419   5,047
Dustin Group AB (b)
     837   8,566
Electrolux AB Class B (c)
     2,923   81,221
Electrolux Professional AB Class B (a)
     2,885   14,994
Elekta AB Class B
     4,685   60,872
Eltel AB (a)(b)
     1,260   3,874
Eolus Vind AB Class B (a)(c)
     170   3,990
Epiroc AB Class A
     7,990   181,318
Epiroc AB Class B
     4,954   103,413
EQT AB
     7,938   261,828
Essity AB Class A
     268   8,486
Essity AB Class B (c)
     7,605   240,724
Evolution Gaming Group AB (b)
     2,071   305,555
Fabege AB (c)
     3,566   48,174
Fagerhult AB (a)
     1,132   6,533
Fastighets AB Balder Class B (a)
     1,246   61,840
FastPartner AB Class A
     648   6,289
Fingerprint Cards AB Class B (a)
     3,910   13,076
G5 Entertainment AB (c)
     65   3,706
GARO AB (a)
     77   5,177
Getinge AB Class B
     2,766   76,954
Granges AB (a)
     1,318   17,162
H & M Hennes & Mauritz AB Class B (a)
     9,409   212,386
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Haldex AB (a)
     466   $ 2,473
Hansa Biopharma AB (a)
     433   7,546
Heba Fastighets AB Class B
     469   6,215
Hexagon AB Class B
     3,572   330,140
Hexpol AB
     3,303   37,364
HMS Networks AB (a)
     357   11,304
Hoist Finance AB (a)(b)(c)
     1,079   4,726
Holmen AB Class B
     1,171   51,508
Hufvudstaden AB Class A (c)
     1,498   21,826
Husqvarna AB Class A
     324   4,684
Husqvarna AB Class B
     5,268   76,032
IAR Systems Group AB (a)
     169   2,567
ICA Gruppen AB
     1,179   57,758
Immunovia AB (a)
     205   2,695
Industrivarden AB Class A (a)
     2,150   79,229
Industrivarden AB Class C (a)
     1,984   69,743
Indutrade AB (a)
     3,384   78,269
Instalco AB
     569   20,857
Intrum AB
     848   27,241
Investment AB Latour Class B
     1,749   45,389
Investment AB Oresund
     446   7,133
Investor AB Class A
     2,010   159,692
Investor AB Class B (a)
     5,731   457,886
INVISIO Communications AB
     462   11,078
Inwido AB (a)
     741   12,242
JM AB
     705   23,893
Karnov Group AB
     962   5,761
Karo Pharma AB (a)
     715   4,208
Kinnevik AB Class A
     118   6,119
Kinnevik AB Class B
     3,075   149,794
Klovern AB Preference Shares
     210   7,649
Klovern AB Class B
     7,715   13,480
KNOW IT AB (a)
     247   7,708
Kungsleden AB
     2,373   24,843
L E Lundbergforetagen AB Class B (a)
     937   51,256
Lagercrantz Group AB Class B
     2,531   22,969
LeoVegas AB (b)
     1,118   6,561
Lifco AB Class B
     578   53,846
Lime Technologies AB
     114   4,761
Lindab International AB
     1,001   20,270
Loomis AB
     955   29,100
Lundin Energy AB
     2,422   76,248
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Medicover AB Class B (a)
     873   $ 18,729
Mekonomen AB (a)
     529   7,835
Midsona AB Class B
     608   5,776
MIPS AB
     303   21,727
Modern Times Group MTG AB Class B (a)
     1,216   17,648
Momentum Group AB Class B (a)
     205   3,645
Munters Group AB (a)(b)
     2,060   17,135
Mycronic AB
     897   21,097
NCC AB Class B
     1,106   18,703
New Wave Group AB Class B (a)
     561   4,492
Nibe Industrier AB Class B
     4,371   135,799
Nobia AB (a)
     1,416   10,803
Nobina AB (a)(b)
     1,126   9,469
Nolato AB Class B (a)
     245   21,868
Nordic Entertainment Group AB Class B (a)
     771   34,391
Nordic Waterproofing Holding AB (a)
     304   5,859
Nordnet AB publ (a)
     1,864   30,153
Nyfosa AB (a)
     2,133   21,975
OEM International AB Class B (a)
     184   7,177
Oncopeptides AB (a)(b)
     767   12,759
Pandox AB (a)(c)
     1,061   18,015
Peab AB Class B (a)
     2,638   31,960
Platzer Fastigheter Holding AB Class B
     794   9,456
Pricer AB Class B
     1,322   5,233
Ratos AB Class B
     2,683   14,603
RaySearch Laboratories AB (a)
     326   3,347
Resurs Holding AB (a)(b)
     1,807   9,901
Saab AB Class B (a)
     1,053   28,873
Sagax AB Class B
     2,090   45,271
Sagax AB Class D
     1,300   4,825
Samhallsbyggnadsbolaget i Norden AB (c)
     11,902   37,114
Samhallsbyggnadsbolaget i Norden AB Class D
     992   3,386
Sandvik AB (a)
     13,784   377,323
SAS AB (a)
     50,263   11,602
Scandi Standard AB (a)
     768   5,577
Scandic Hotels Group AB (a)(b)
     1,667   6,885
Sectra AB Class B
     364   22,927
Securitas AB Class B
     4,076   69,443
Skandinaviska Enskilda Banken AB Class A (c)
     20,413   249,299
Skanska AB Class B (c)
     5,027   126,305
SKF AB Class A
     174   4,951
SKF AB Class B
     4,789   136,369
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
SkiStar AB (a)
     532   $ 7,300
SSAB AB Class A (a)
     3,025   16,023
SSAB AB Class B (a)
     6,805   32,970
Svenska Cellulosa AB SCA Class A (a)
     270   4,820
Svenska Cellulosa AB SCA Class B (a)
     7,089   125,696
Svenska Handelsbanken AB Class A (c)
     19,328   210,348
Svenska Handelsbanken AB Class B (c)
     451   5,526
Sweco AB Class B
     2,618   42,831
Swedbank AB Class A
     10,930   192,986
Swedish Match AB
     2,065   161,527
Swedish Orphan Biovitrum AB (a)
     2,414   38,676
Systemair AB (a)
     166   4,476
Tele2 AB Class B
     6,343   85,725
Telefonaktiebolaget LM Ericsson Class A
     765   10,392
Telefonaktiebolaget LM Ericsson Class B
     38,855   515,092
Telia Co. AB
     31,502   136,723
Thule Group AB (a)(b)
     1,313   57,122
Tobii AB (a)
     1,238   8,856
Trelleborg AB Class B (a)
     3,078   78,395
Troax Group AB
     488   13,605
VBG Group AB Class B (a)
     222   4,304
Vitec Software Group AB Class B
     350   15,078
Vitrolife AB (a)
     774   22,768
VNV Global AB (a)
     822   10,298
Volvo AB Class A (a)
     2,088   53,420
Volvo AB Class B (a)(c)
     20,005   506,993
Wallenstam AB Class B
     2,616   35,805
Wihlborgs Fastigheter AB
     1,754   33,344
Xvivo Perfusion AB (a)
     268   8,425
          10,183,695
SWITZERLAND — 13.6%          
ABB, Ltd.
     22,606   685,998
Adecco Group AG
     2,076   140,378
Alcon, Inc. (a)
     6,191   435,340
Allreal Holding AG
     181   36,617
ALSO Holding AG
     80   23,036
Bachem Holding AG Class B
     65   27,971
Baloise Holding AG
     589   100,633
Banque Cantonale Vaudoise
     370   36,247
Barry Callebaut AG
     38   86,243
Belimo Holding AG
     6   48,706
Bell Food Group AG
     27   8,119
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Berner Kantonalbank AG
     41   $ 9,279
BKW AG
     248   27,089
Bossard Holding AG Class A
     74   16,315
Bucher Industries AG
     87   44,519
Burckhardt Compression Holding AG
     39   13,053
Cembra Money Bank AG
     378   41,810
Chocoladefabriken Lindt & Spruengli AG (e)
     13   113,956
Chocoladefabriken Lindt & Spruengli AG (e)
     1   91,909
Cie Financiere Richemont SA
     6,578   634,211
Clariant AG
     2,804   56,786
Coca-Cola HBC AG
     2,597   82,769
Comet Holding AG
     87   20,060
Conzzeta AG
     16   19,891
Credit Suisse Group AG
     29,243   307,671
Daetwyler Holding AG
     91   27,170
DKSH Holding AG
     456   35,151
dormakaba Holding AG (c)
     39   26,749
Dufry AG (a)(c)
     743   50,810
Emmi AG
     27   27,397
EMS-Chemie Holding AG
     85   76,226
Fenix Outdoor International AG (a)
     65   8,785
Flughafen Zurich AG (a)
     243   40,098
Forbo Holding AG
     14   25,437
Galenica AG (b)
     638   39,996
Geberit AG
     468   299,154
Georg Fischer AG
     52   69,783
Givaudan SA
     101   390,843
Gurit Holding AG
     4   10,200
Helvetia Holding AG
     417   49,181
Huber + Suhner AG
     172   13,378
Idorsia, Ltd. (a)(c)
     1,342   36,133
Inficon Holding AG
     20   21,102
Interroll Holding AG
     10   35,489
IWG PLC (a)
     9,633   45,268
Julius Baer Group, Ltd.
     2,843   182,575
Jungfraubahn Holding AG (a)
     61   9,528
Kardex Holding AG
     74   15,159
Komax Holding AG (a)
     42   10,202
Kongsberg Automotive ASA (a)
     6,130   2,025
Kuehne + Nagel International AG
     717   205,467
LafargeHolcim, Ltd.
     6,624   390,902
Landis+Gyr Group AG
     278   18,786
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
LEM Holding SA
     7   $ 13,581
Logitech International SA
     2,200   231,746
Lonza Group AG
     937   526,070
Luzerner Kantonalbank AG
     39   17,902
Mediclinic International PLC (a)
     4,451   17,563
Mobimo Holding AG
     86   26,362
Nestle SA
     36,273   4,059,924
Novartis AG
     31,060   2,665,586
OC Oerlikon Corp. AG
     2,531   29,394
Partners Group Holding AG
     285   365,505
PSP Swiss Property AG
     604   73,932
Roche Holding AG Bearer Shares (c)
     338   116,001
Roche Holding AG
     8,845   2,870,643
Schindler Holding AG (e)
     517   152,493
Schindler Holding AG (e)
     247   71,070
Schweiter Technologies AG
     13   21,493
SFS Group AG
     217   27,069
SGS SA
     77   219,345
Siegfried Holding AG
     56   46,322
SIG Combibloc Group AG
     3,389   78,716
Sika AG
     1,689   484,545
Sonova Holding AG (a)
     677   180,121
St Galler Kantonalbank AG
     39   17,653
Stadler Rail AG (c)
     724   34,648
STMicroelectronics NV
     8,339   318,723
Straumann Holding AG
     143   179,139
Sulzer AG
     221   24,961
Swatch Group AG (e)
     357   103,138
Swatch Group AG (e)
     666   37,258
Swiss Life Holding AG
     404   199,435
Swiss Prime Site AG
     967   89,544
Swiss Re AG
     3,636   359,138
Swisscom AG (c)
     326   175,617
Swissquote Group Holding SA
     133   17,241
Tecan Group AG
     131   58,377
Temenos AG
     822   118,826
UBS Group AG
     44,601   693,551
Valiant Holding AG
     198   20,701
Valora Holding AG (a)
     39   8,308
VAT Group AG (b)
     344   96,787
Vifor Pharma AG
     616   84,204
Vontobel Holding AG
     353   27,005
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
VZ Holding AG
     197   $ 16,348
Wizz Air Holdings PLC (a)(b)
     541   35,992
Zuger Kantonalbank AG
     2   14,450
Zur Rose Group AG (a)
     120   45,264
Zurich Insurance Group AG
     1,894   811,815
          21,155,106
TANZANIA, UNITED REPUBLIC OF — 0.0% (d)          
Helios Towers PLC (a)(c)
     11,687   27,250
UNITED ARAB EMIRATES — 0.0% (d)          
Borr Drilling, Ltd. (a)
     2,799   2,795
Network International Holdings PLC (b)
     5,965   34,039
RAK Petroleum PLC (a)
     1,930   2,103
          38,937
UNITED KINGDOM — 20.3%          
3i Group PLC
     12,363   196,755
4imprint Group PLC (a)
     354   11,966
A.G. Barr PLC (a)
     1,226   8,305
Admiral Group PLC
     2,966   126,899
Aggreko PLC
     3,255   39,385
Airtel Africa PLC (b)(c)
     10,709   11,717
AJ Bell PLC
     4,415   25,553
AO World PLC (a)
     4,366   17,740
Ascential PLC (a)
     5,119   23,731
Ashmore Group PLC
     5,631   30,408
Ashtead Group PLC
     5,652   337,422
Associated British Foods PLC (a)
     4,579   152,571
Assura PLC REIT
     30,574   30,414
Aston Martin Lagonda Global Holdings PLC (a)(b)
     827   22,809
AstraZeneca PLC
     16,525   1,652,283
Auto Trader Group PLC (a)(b)
     12,162   93,028
Avast PLC (b)
     8,766   55,151
AVEVA Group PLC
     1,391   65,674
Aviva PLC
     49,286   277,576
Avon Rubber PLC
     354   15,434
B&M European Value Retail SA
     10,815   78,755
Babcock International Group PLC (a)
     3,209   10,121
BAE Systems PLC
     40,438   281,751
Balfour Beatty PLC (a)
     8,766   35,703
Barclays PLC
     205,649   527,518
Barratt Developments PLC (a)
     12,934   133,267
Beazley PLC (a)
     8,232   39,956
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Bellway PLC
     1,569   $ 73,666
Berkeley Group Holdings PLC
     1,522   93,215
Biffa PLC (a)(b)
     2,844   10,437
Big Yellow Group PLC REIT
     2,123   32,659
Bodycote PLC
     2,434   27,755
BP PLC
     256,897   1,044,360
Brewin Dolphin Holdings PLC
     3,852   16,502
British American Tobacco PLC
     27,276   1,043,931
British Land Co. PLC REIT
     11,352   79,064
Britvic PLC
     3,374   38,987
BT Group PLC (a)
     110,018   234,974
Bunzl PLC
     4,278   137,112
Burberry Group PLC (a)
     5,086   133,221
Cairn Energy PLC
     6,572   15,433
Capita PLC (a)
     21,237   12,758
Capital & Counties Properties PLC REIT
     8,353   19,673
Centrica PLC (a)
     74,084   55,339
Chemring Group PLC
     3,582   13,146
Cineworld Group PLC (a)(c)
     12,549   16,704
Clarkson PLC
     358   13,583
Close Brothers Group PLC
     1,933   41,365
CNH Industrial NV (a)
     12,675   196,565
Coats Group PLC (a)
     18,350   14,406
Compass Group PLC (a)
     22,566   455,028
Computacenter PLC
     1,005   32,862
Concentric AB
     501   9,932
ConvaTec Group PLC (b)
     21,485   58,130
Countryside Properties PLC (a)(b)
     5,947   41,682
Cranswick PLC
     663   33,260
Crest Nicholson Holdings PLC (a)
     3,261   18,357
Croda International PLC
     1,786   156,424
Daily Mail & General Trust PLC Class A
     1,938   24,279
DCC PLC
     1,289   111,863
Dechra Pharmaceuticals PLC
     1,308   61,899
Derwent London PLC REIT
     1,347   59,991
Diageo PLC
     29,455   1,214,905
Dialog Semiconductor PLC (a)
     901   68,005
Diploma PLC
     1,577   55,439
Direct Line Insurance Group PLC
     16,001   69,166
Dixons Carphone PLC (a)
     13,297   26,216
Domino's Pizza Group PLC
     5,874   28,122
Drax Group PLC
     5,209   30,185
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
DS Smith PLC (a)
     16,534   $ 93,004
Dunelm Group PLC
     1,261   22,600
easyJet PLC (a)
     2,958   39,922
Electrocomponents PLC
     5,662   77,572
Elementis PLC (a)
     7,373   12,767
Empiric Student Property PLC REIT (a)
     7,660   8,381
Entain PLC (a)
     7,398   154,943
Equiniti Group PLC (a)(b)
     4,634   8,260
Essentra PLC (a)
     3,356   13,428
Euromoney Institutional Investor PLC
     1,389   18,282
Experian PLC
     11,549   397,876
FDM Group Holdings PLC
     1,180   16,411
Ferrexpo PLC
     3,719   19,221
Firstgroup PLC (a)
     15,441   19,610
Forterra PLC (a)(b)
     2,549   10,093
Frasers Group PLC (a)
     2,889   18,367
Future PLC
     1,345   35,518
G4S PLC (a)
     19,756   66,781
Games Workshop Group PLC
     412   56,645
Gamesys Group PLC
     1,106   29,481
Genus PLC
     825   55,296
GlaxoSmithKline PLC
     63,333   1,125,462
Grafton Group PLC
     2,749   38,838
Grainger PLC
     7,801   28,716
Great Portland Estates PLC REIT
     2,577   24,170
Greggs PLC (a)
     1,286   39,815
Halma PLC
     4,822   157,940
Hargreaves Lansdown PLC
     4,165   88,582
Hays PLC (a)
     21,037   43,392
Hill & Smith Holdings PLC
     1,004   20,390
Hilton Food Group PLC
     985   14,596
Hiscox, Ltd. (a)
     4,406   52,303
HomeServe PLC
     3,738   61,939
Howden Joinery Group PLC (a)
     7,697   77,841
HSBC Holdings PLC
     260,514   1,521,113
Ibstock PLC (a)(b)
     5,201   15,801
IG Group Holdings PLC
     4,692   58,327
IMI PLC
     3,640   66,995
Imperial Brands PLC
     11,954   246,075
Inchcape PLC (a)
     4,597   47,759
Indivior PLC (a)
     9,058   15,872
Informa PLC (a)
     18,783   145,072
See accompanying notes to financial statements.
209

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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
IntegraFin Holdings PLC
     3,571   $ 24,979
InterContinental Hotels Group PLC (a)
     2,386   163,775
Intermediate Capital Group PLC
     3,738   94,998
International Consolidated Airlines Group SA
     30,732   84,081
Intertek Group PLC
     2,052   158,601
IP Group PLC (a)
     12,757   21,860
ITV PLC (a)
     45,105   74,771
J D Wetherspoon PLC (a)
     908   17,013
J Sainsbury PLC
     21,988   73,567
James Fisher & Sons PLC
     482   7,062
JD Sports Fashion PLC (a)
     6,224   70,810
John Laing Group PLC (b)
     6,266   27,094
John Wood Group PLC (a)
     8,660   32,332
Johnson Matthey PLC
     2,528   105,090
Jupiter Fund Management PLC
     5,814   22,348
Just Group PLC (a)
     13,150   18,343
Kainos Group PLC
     951   19,576
Kingfisher PLC (a)
     26,816   117,765
Lancashire Holdings, Ltd.
     3,385   30,077
Land Securities Group PLC REIT
     8,859   84,349
Legal & General Group PLC
     75,954   292,479
Linde PLC
     6,573   1,845,561
Liontrust Asset Management PLC
     613   12,010
Lloyds Banking Group PLC (a)
     891,604   523,243
London Stock Exchange Group PLC
     3,977   380,803
LondonMetric Property PLC REIT
     10,672   31,451
LXI REIT PLC
     7,465   12,977
M&G PLC
     33,461   95,749
Man Group PLC
     19,590   43,529
Marks & Spencer Group PLC (a)
     24,779   51,572
Marshalls PLC (a)
     2,544   24,026
Meggitt PLC (a)
     9,876   65,050
Melrose Industries PLC (a)
     58,598   134,935
Micro Focus International PLC
     4,315   32,934
Mitchells & Butlers PLC (a)
     2,363   10,498
Mondi PLC
     5,649   144,188
Moneysupermarket.com Group PLC
     6,817   25,075
Morgan Advanced Materials PLC
     3,623   15,571
Morgan Sindall Group PLC
     476   11,598
National Express Group PLC (a)
     6,838   29,039
National Grid PLC
     44,354   528,727
Natwest Group PLC
     58,263   157,757
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Next PLC (a)
     1,696   $ 184,062
Ninety One PLC
     4,092   13,482
Ocado Group PLC (a)
     8,030   225,458
On the Beach Group PLC (a)(b)
     1,892   10,598
OSB Group PLC (a)
     5,346   31,436
Oxford Instruments PLC
     690   18,145
Pagegroup PLC (a)
     4,172   27,054
Paragon Banking Group PLC
     3,323   20,980
Pearson PLC
     9,463   100,741
Pennon Group PLC
     5,342   71,861
Persimmon PLC
     4,050   164,281
Petrofac, Ltd. (a)(c)
     3,569   4,708
Pets at Home Group PLC
     6,354   36,206
Phoenix Group Holdings PLC
     9,171   92,900
Playtech PLC (a)
     3,931   23,967
Polypipe Group PLC (a)
     2,542   19,465
Primary Health Properties PLC REIT
     18,066   36,940
Provident Financial PLC (a)
     3,223   9,649
Prudential PLC
     32,875   698,735
PZ Cussons PLC
     4,105   15,122
QinetiQ Group PLC
     7,261   31,657
Quilter PLC (b)
     18,403   40,587
Rathbone Brothers PLC
     715   17,362
Reckitt Benckiser Group PLC
     9,289   832,786
Redrow PLC
     4,113   35,637
RELX PLC
     25,085   629,552
Renishaw PLC
     431   38,117
Rentokil Initial PLC (a)
     23,502   157,070
Rightmove PLC (a)
     11,432   91,829
Rolls-Royce Holdings PLC (a)
     104,855   152,336
Rotork PLC
     11,081   54,519
Royal Mail PLC (a)
     10,643   74,096
RSA Insurance Group PLC
     13,004   122,182
S4 Capital PLC (a)
     6,111   42,663
Sabre Insurance Group PLC (b)
     3,177   11,090
Safestore Holdings PLC REIT
     2,675   29,360
Sage Group PLC
     14,239   120,388
Sanne Group PLC
     1,854   16,755
Savills PLC (a)
     1,818   28,645
Schroders PLC (e)
     1,612   77,843
Schroders PLC (e)
     642   22,056
Segro PLC REIT
     14,997   194,002
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
Serco Group PLC (a)
     15,544   $ 29,510
Severn Trent PLC
     3,068   97,611
Shaftesbury PLC REIT (a)
     2,103   18,613
Signature Aviation PLC (a)
     7,760   43,286
Smith & Nephew PLC
     11,263   214,135
Smiths Group PLC
     5,029   106,680
Softcat PLC
     1,547   38,697
Spectris PLC
     1,543   70,828
Spirax-Sarco Engineering PLC
     936   147,220
Spirent Communications PLC
     7,775   25,584
SSE PLC
     13,369   268,378
SSP Group PLC (a)
     6,807   34,974
St James's Place PLC
     6,760   118,823
St Modwen Properties PLC
     2,466   13,779
Standard Chartered PLC
     33,269   229,277
Standard Life Aberdeen PLC
     27,473   109,885
Subsea 7 SA (a)
     2,916   29,343
Synthomer PLC
     4,312   27,605
Tate & Lyle PLC
     5,952   63,002
Taylor Wimpey PLC (a)
     45,781   113,980
TechnipFMC PLC (a)
     5,363   41,059
Telecom Plus PLC
     847   14,841
Tesco PLC
     98,438   310,812
THG PLC (a)
     8,945   76,949
TP ICAP Group PLC
     10,028   33,683
Trainline PLC (a)(b)
     6,007   38,041
Travis Perkins PLC (a)
     3,205   68,164
Tritax Big Box REIT PLC
     21,691   53,719
UK Commercial Property REIT, Ltd.
     9,346   9,297
Ultra Electronics Holdings PLC
     900   25,182
Unilever PLC
     33,100   1,852,298
UNITE Group PLC REIT (a)
     4,078   60,034
United Utilities Group PLC
     8,661   110,629
Vesuvius PLC
     3,466   25,775
Victrex PLC
     1,102   33,601
Virgin Money UK PLC (a)
     15,828   41,285
Vistry Group PLC
     2,655   40,001
Vodafone Group PLC
     338,164   615,306
Watches of Switzerland Group PLC (a)(b)
     2,982   27,195
Weir Group PLC (a)
     3,301   80,932
WH Smith PLC (a)
     1,584   39,272
Whitbread PLC (a)
     2,606   123,182
See accompanying notes to financial statements.
212

Table of Contents
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Security Description     Shares   Value
William Hill PLC (a)
     12,677   $ 47,574
Wm Morrison Supermarkets PLC
     30,501   76,779
Workspace Group PLC REIT
     1,629   17,980
WPP PLC
     15,567   197,725
          31,494,058
UNITED STATES — 0.7%          
Carnival PLC (a)
     2,046   44,757
Diversified Gas & Oil PLC
     7,941   12,161
Ferguson PLC
     2,931   350,525
PureTech Health PLC (a)
     3,361   18,525
QIAGEN NV (a)
     2,936   142,410
REC Silicon ASA (a)(c)
     2,045   4,600
Stellantis NV (e)
     12,301   218,017
Stellantis NV (e)
     14,128   250,464
          1,041,459
TOTAL COMMON STOCKS

(Cost $144,718,957)
         153,668,779
       
RIGHTS — 0.0% (d)    
FRANCE — 0.0% (d)      
Neoen SA (expiring 4/1/21) (a)
   398 1,725
ITALY — 0.0% (d)      
SNAM SpA (expiring 04/07/21) (a) (f)
   26,557 —
NORWAY — 0.0% (d)      
Nordic Nanovector A/S (expiring 4/9/21) (a)
   30 4
TOTAL RIGHTS

(Cost $0)
     1,729
SHORT-TERM INVESTMENTS — 1.2%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.07% (g) (h)
 5,566 5,568
State Street Navigator Securities Lending Portfolio II (i) (j)
 1,802,003 1,802,003
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,807,571)
 1,807,571
TOTAL INVESTMENTS — 100.2%

(Cost $146,526,528)
 155,478,079
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%
(294,645)
NET ASSETS — 100.0%
$ 155,183,434
    
See accompanying notes to financial statements.
213

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SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
(a) Non-income producing security.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.8% of net assets as of March 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) All or a portion of the shares of the security are on loan at March 31, 2021.
(d) Amount is less than 0.05% of net assets.
(e) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(f) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2021, total aggregate fair value of the securities is $0, representing 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 March 31, 2021 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at March 31, 2021.
(i) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2021 are shown in the Affiliate Table below.
(j) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
REIT Real Estate Investment Trust
SDR Swedish Depositary Receipt
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Common Stocks
   $153,642,642   $26,137   $ 0(a)   $153,668,779
Rights
   —   1,729   0(a)   1,729
Short-Term Investments
   1,807,571   —   —   1,807,571
TOTAL INVESTMENTS
   $155,450,213   $27,866   $ 0   $155,478,079
(a) The Fund held a Level 3 security that was valued at $0 at March 31, 2021.
See accompanying notes to financial statements.
214

Table of Contents
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2021 (Unaudited)
Sector Breakdown as of March 31, 2021

    
    % of Net Assets
  Industrials 16.1%
  Financials 16.1
  Health Care 12.3
  Consumer Discretionary 11.5
  Consumer Staples 11.0
  Materials 9.2
  Information Technology 8.0
  Utilities 4.2
  Energy 4.2
  Communication Services 4.0
  Real Estate 2.4
  Short-Term Investments 1.2
  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 3/31/21 		  Value at
3/31/21 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 6,676   $ 6,677   $2,192,236   $2,193,346   $ 1   $—   5,566   $ 5,568   $ 29
State Street Navigator Securities Lending Portfolio II
 682,015   682,015   7,255,190   6,135,202   —   —   1,802,003   1,802,003   10,563
Total
     $688,692   $9,447,426   $8,328,548   $ 1   $—       $1,807,571   $10,592
See accompanying notes to financial statements.
215

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2021 (Unaudited)
  SPDR Portfolio Emerging Markets ETF   SPDR Portfolio Developed World ex-US ETF
ASSETS      
Investments in unaffiliated issuers, at value*
 $6,067,181,418   $10,515,094,918
Investments in affiliated issuers, at value
 192,517,902   168,955,773
Total Investments
 6,259,699,320   10,684,050,691
Foreign currency, at value
 27,075,782   22,454,699
Net cash at broker
 29   —
Receivable for investments sold
 —   2,276,652
Dividends receivable — unaffiliated issuers
 5,200,314   36,058,259
Dividends receivable — affiliated issuers
 344   365
Securities lending income receivable — unaffiliated issuers
 60,655   273,545
Securities lending income receivable — affiliated issuers
 83,272   224,057
Receivable for foreign taxes recoverable
 39,404   9,825,871
Other Receivable
 —   6,975
TOTAL ASSETS
6,292,159,120   10,755,171,114
LIABILITIES      
Due to custodian
 8,507,411   —
Payable upon return of securities loaned
 157,040,390   160,337,612
Payable for investments purchased
 11,644,287   16,698,130
Foreign currency contracts purchased
 1,160,997   —
Deferred foreign taxes payable
 15,131,548   45,654
Advisory fee payable
 558,652   349,814
Trustees’ fees and expenses payable
 2,252   1,955
TOTAL LIABILITIES
194,045,537   177,433,165
NET ASSETS
$ 6,098,113,583   $10,577,737,949
NET ASSETS CONSIST OF:      
Paid-in Capital
 $5,245,947,152   $ 8,851,818,347
Total distributable earnings (loss)**
 852,166,431   1,725,919,602
NET ASSETS
$ 6,098,113,583   $10,577,737,949
NET ASSET VALUE PER SHARE      
Net asset value per share
 $ 43.43   $ 35.31
Shares outstanding (unlimited amount authorized, $0.01 par value)
 140,400,000   299,600,000
COST OF INVESTMENTS:      
Investments in unaffiliated issuers
 $5,039,981,016   $ 8,753,696,897
Investments in affiliated issuers
 192,517,902   168,955,773
Total cost of investments
 $5,232,498,918   $ 8,922,652,670
Foreign currency, at cost
 $ 27,166,789   $ 22,572,771
* Includes investments in securities on loan, at value
 $ 230,127,108   $ 445,898,491
** Includes deferred foreign taxes
 $ 15,131,548   $ 43,975
See accompanying notes to financial statements.
216

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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
March 31, 2021 (Unaudited)
  SPDR Portfolio MSCI Global Stock Market ETF   SPDR Portfolio Europe ETF
ASSETS      
Investments in unaffiliated issuers, at value*
 $533,954,769   $153,670,508
Investments in affiliated issuers, at value
 11,089,975   1,807,571
Total Investments
 545,044,744   155,478,079
Foreign currency, at value
 603,800   210,888
Cash
 59,336   —
Receivable for investments sold
 85,345   —
Dividends receivable — unaffiliated issuers
 868,014   293,910
Dividends receivable — affiliated issuers
 2,879   5
Securities lending income receivable — unaffiliated issuers
 2,726   366
Securities lending income receivable — affiliated issuers
 6,437   2,204
Receivable for foreign taxes recoverable
 143,864   1,012,252
TOTAL ASSETS
546,817,145   156,997,704
LIABILITIES      
Payable upon return of securities loaned
 8,929,726   1,802,003
Payable for investments purchased
 51,291   —
Deferred foreign taxes payable
 63,561   —
Advisory fee payable
 39,979   11,809
Trustees’ fees and expenses payable
 —   458
Accrued expenses and other liabilities
 27   —
TOTAL LIABILITIES
9,084,584   1,814,270
NET ASSETS
$537,732,561   $155,183,434
NET ASSETS CONSIST OF:      
Paid-in Capital
 $449,427,556   $220,700,367
Total distributable earnings (loss)**
 88,305,005   (65,516,933)
NET ASSETS
$537,732,561   $155,183,434
NET ASSET VALUE PER SHARE      
Net asset value per share
 $ 52.21   $ 39.28
Shares outstanding (unlimited amount authorized, $0.01 par value)
 10,300,000   3,950,370
COST OF INVESTMENTS:      
Investments in unaffiliated issuers
 $443,336,668   $144,718,957
Investments in affiliated issuers
 11,020,611   1,807,571
Total cost of investments
 $454,357,279   $146,526,528
Foreign currency, at cost
 $ 607,063   $ 210,973
* Includes investments in securities on loan, at value
 $ 16,251,707   $ 3,245,593
** Includes deferred foreign taxes
 $ 57,890   $ —
See accompanying notes to financial statements.
217

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2021 (Unaudited)
  SPDR Portfolio Emerging Markets ETF   SPDR Portfolio Developed World ex-US ETF
INVESTMENT INCOME      
Dividend income — unaffiliated issuers
 $ 27,700,677   $ 110,894,397
Dividend income — affiliated issuers
 2,767   3,747
Unaffiliated securities lending income
 317,756   1,377,500
Affiliated securities lending income
 389,778   880,364
Foreign taxes withheld
 (2,866,347)   (9,559,264)
TOTAL INVESTMENT INCOME (LOSS)
 25,544,631   103,596,744
EXPENSES      
Advisory fee
 2,917,055   1,841,529
Trustees’ fees and expenses
 27,303   50,132
TOTAL EXPENSES
 2,944,358   1,891,661
NET INVESTMENT INCOME (LOSS)
 $ 22,600,273   $ 101,705,083
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers*
 (4,898,576)   995,099
Investments — affiliated issuers
 —   (354)
In-kind redemptions — unaffiliated issuers
 —   20,630,579
Foreign currency transactions
 (23,543)   561,164
Futures contracts
 69,555   —
Net realized gain (loss)
 (4,852,564)   22,186,488
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers**
 907,311,113   1,637,879,791
Investment — affiliated issuers
 —   1,133
Foreign currency translations
 (120,005)   (701,950)
Futures contracts
 (27,124)   —
Net change in unrealized appreciation/depreciation
 907,163,984   1,637,178,974
NET REALIZED AND UNREALIZED GAIN (LOSS)
 902,311,420   1,659,365,462
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $ 924,911,693   $1,761,070,545
* Includes foreign capital gain taxes
 $ (1,087,231)   $ (1,680)
** Includes foreign deferred taxes
 $ (13,149,521)   $ (36,857)
See accompanying notes to financial statements.
218

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended March 31, 2021 (Unaudited)
  SPDR Portfolio MSCI Global Stock Market ETF   SPDR Portfolio Europe ETF
INVESTMENT INCOME      
Dividend income — unaffiliated issuers
 $ 4,511,111   $ 1,887,245
Dividend income — affiliated issuers
 6,108   29
Unaffiliated securities lending income
 17,714   7,354
Affiliated securities lending income
 42,880   10,563
Foreign taxes withheld
 (201,047)   (138,956)
TOTAL INVESTMENT INCOME (LOSS)
 4,376,766   1,766,235
EXPENSES      
Advisory fee
 216,852   72,123
Trustees’ fees and expenses
 2,594   966
TOTAL EXPENSES
 219,446   73,089
NET INVESTMENT INCOME (LOSS)
 $ 4,157,320   $ 1,693,146
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers*
 (294,347)   (397,008)
Investments — affiliated issuers
 104   1
In-kind redemptions — unaffiliated issuers
 35,933,665   14,631,885
In-kind redemptions — affiliated issuers
 10,989   —
Foreign currency transactions
 2,601   32,254
Net realized gain (loss)
 35,653,012   14,267,132
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers**
 50,834,796   15,271,501
Investment — affiliated issuers
 112,755   —
Foreign currency translations
 (7,991)   (25,897)
Net change in unrealized appreciation/depreciation
 50,939,560   15,245,604
NET REALIZED AND UNREALIZED GAIN (LOSS)
 86,592,572   29,512,736
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $90,749,892   $31,205,882
* Includes foreign capital gain taxes
 $ (5,670)   $ —
** Includes foreign deferred taxes
 $ (44,552)   $ —
See accompanying notes to financial statements.
219

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
  SPDR Portfolio Emerging Markets ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 22,600,273   $ 93,051,093
Net realized gain (loss)
 (4,852,564)   (36,735,866)
Net change in unrealized appreciation/depreciation
 907,163,984   235,125,314
Net increase (decrease) in net assets resulting from operations
 924,911,693   291,440,541
Distributions to shareholders
 (63,011,813)   (99,486,895)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 894,772,359   1,526,059,346
Cost of shares redeemed
 —   (47,098,195)
Other Capital
 797,696   1,342,980
Net increase (decrease) in net assets from beneficial interest transactions
 895,570,055   1,480,304,131
Net increase (decrease) in net assets during the period
 1,757,469,935   1,672,257,777
Net assets at beginning of period
 4,340,643,648   2,668,385,871
NET ASSETS AT END OF PERIOD
 $ 6,098,113,583   $4,340,643,648
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 20,800,000   43,500,000
Shares redeemed
 —   (1,500,000)
Net increase (decrease) from share transactions
 20,800,000   42,000,000
See accompanying notes to financial statements.
220

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR Portfolio Developed World ex-US ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 101,705,083   $ 155,618,380
Net realized gain (loss)
 22,186,488   (45,021,121)
Net change in unrealized appreciation/depreciation
 1,637,178,974   231,939,456
Net increase (decrease) in net assets resulting from operations
 1,761,070,545   342,536,715
Distributions to shareholders
 (88,453,728)   (150,629,558)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 1,009,046,699   3,011,366,424
Cost of shares redeemed
 (50,329,760)   (65,983,859)
Other Capital
 55,937   138,774
Net increase (decrease) in net assets from beneficial interest transactions
 958,772,876   2,945,521,339
Net increase (decrease) in net assets during the period
 2,631,389,693   3,137,428,496
Net assets at beginning of period
 7,946,348,256   4,808,919,760
NET ASSETS AT END OF PERIOD
 $10,577,737,949   $7,946,348,256
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 29,200,000   110,000,000
Shares redeemed
 (1,600,000)   (2,200,000)
Net increase (decrease) from share transactions
 27,600,000   107,800,000
See accompanying notes to financial statements.
221

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR Portfolio MSCI Global Stock Market ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 4,157,320   $ 5,197,267
Net realized gain (loss)
 35,653,012   5,579,069
Net change in unrealized appreciation/depreciation
 50,939,560   25,750,712
Net increase (decrease) in net assets resulting from operations
 90,749,892   36,527,048
Distributions to shareholders
 (4,563,572)   (4,377,172)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 142,790,706   229,814,457
Cost of shares redeemed
 (92,334,153)   (28,799,861)
Other Capital
 20,080   18,382
Net increase (decrease) in net assets from beneficial interest transactions
 50,476,633   201,032,978
Net increase (decrease) in net assets during the period
 136,662,953   233,182,854
Net assets at beginning of period
 401,069,608   167,886,754
NET ASSETS AT END OF PERIOD
 $537,732,561   $401,069,608
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 2,900,000   5,800,000
Shares redeemed
 (1,900,000)   (700,000)
Net increase (decrease) from share transactions
 1,000,000   5,100,000
See accompanying notes to financial statements.
222

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR Portfolio Europe ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 1,693,146   $ 4,359,747
Net realized gain (loss)
 14,267,132   (10,091,141)
Net change in unrealized appreciation/depreciation
 15,245,604   (7,222,255)
Net increase (decrease) in net assets resulting from operations
 31,205,882   (12,953,649)
Net equalization credits and charges
 95,831   (189,965)
Distributions to shareholders
 (1,782,374)   (4,113,841)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 69,729,248   47,586,639
Cost of shares redeemed
 (78,364,911)   (82,623,599)
Net income equalization
 (95,831)   189,965
Net increase (decrease) in net assets from beneficial interest transactions
 (8,731,494)   (34,846,995)
Net increase (decrease) in net assets during the period
 20,787,845   (52,104,450)
Net assets at beginning of period
 134,395,589   186,500,039
NET ASSETS AT END OF PERIOD
 $155,183,434   $134,395,589
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 1,950,000   1,350,000
Shares redeemed
 (2,100,000)   (2,850,000)
Net increase (decrease) from share transactions
 (150,000)   (1,500,000)
See accompanying notes to financial statements.
223

Table of Contents
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
  SPDR Portfolio Emerging Markets ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a)(b) 		  Year
Ended
9/30/17(a)(b) 		  Year
Ended
9/30/16(a)(b)
Net asset value, beginning of period
 $ 36.29   $ 34.39   $ 34.81   $ 36.06   $ 30.10   $ 26.21
Income (loss) from investment operations:                      
Net investment income (loss) (c)
 0.18   0.90   1.26(d)   1.04   0.70   0.56
Net realized and unrealized gain (loss) (e)
 7.46   2.01   (0.88)   (1.71)   5.64   3.91
Total from investment operations
 7.64   2.91   0.38   (0.67)   6.34   4.47
Other capital
 0.01   0.01   0.02   0.02   0.01   —
Distributions to shareholders from:                      
Net investment income
 (0.51)   (1.02)   (0.82)   (0.60)   (0.39)   (0.58)
Net asset value, end of period
 $ 43.43   $ 36.29   $ 34.39   $ 34.81   $ 36.06   $ 30.10
Total return (f)
 21.15%   8.56%   1.18%(d)   (1.88)%   21.36%   17.38%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $6,098,114   $4,340,644   $2,668,386   $1,486,248   $562,436   $234,783
Ratios to average net assets:                      
Total expenses
 0.11%(g)   0.11%   0.11%   0.12%   0.59%   0.59%
Net investment income (loss)
 0.85%(g)   2.60%   3.63%(d)   2.78%   2.16%   2.05%
Portfolio turnover rate (h)
 5%(i)   8%   17%   10%   0%(j)   12%
(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 period.
(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) Annualized.
(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(i) Not annualized.
(j) Amount is less than 0.5%.
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
  Six Months
Ended
3/31/21
(Unaudited) 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a) 		  Year
Ended
9/30/17(a) 		  Year
Ended
9/30/16(a)
Net asset value, beginning of period
 $ 29.21   $ 29.29   $ 30.76   $ 30.52   $ 26.45   $ 25.17
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.37   0.72   0.96   0.97   0.70   0.69
Net realized and unrealized gain (loss) (c)
 6.05   (0.09)   (1.57)   0.03   4.16   1.32
Total from investment operations
 6.42   0.63   (0.61)   1.00   4.86   2.01
Other capital
 0.00(d)   0.00(d)   0.00(d)   —   0.00(d)   —
Distributions to shareholders from:                      
Net investment income
 (0.32)   (0.71)   (0.86)   (0.76)   (0.79)   (0.69)
Net realized gains
 —   —   —   —   —   (0.04)
Total distributions
 (0.32)   (0.71)   (0.86)   (0.76)   (0.79)   (0.73)
Net asset value, end of period
 $ 35.31   $ 29.21   $ 29.29   $ 30.76   $ 30.52   $ 26.45
Total return (e)
 22.01%   2.16%   (1.92)%   3.28%   18.75%   8.12%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $10,577,738   $7,946,348   $4,808,920   $3,371,743   $1,013,376   $634,833
Ratios to average net assets:                      
Total expenses
 0.04%(f)   0.04%   0.04%   0.05%   0.34%   0.34%
Net investment income (loss)
 2.21%(f)   2.52%   3.34%   3.09%   2.49%   2.70%
Portfolio turnover rate (g)
 2%(h)   3%   4%   3%   5%   3%
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Portfolio MSCI Global Stock Market ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  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) 		  Year
Ended
9/30/16(a)(b)
Net asset value, beginning of period
 $ 43.13   $ 39.97   $ 40.56   $ 37.64   $ 32.44   $ 29.32
Income (loss) from investment operations:                      
Net investment income (loss) (c)
 0.42   0.88   1.01   0.86   0.78   0.77
Net realized and unrealized gain (loss) (d)
 9.11   3.15   (0.79)   2.94   5.17   3.06
Total from investment operations
 9.53   4.03   0.22   3.80   5.95   3.83
Other capital
 0.00(e)   0.00(e)   0.00(e)   —   —   —
Distributions to shareholders from:                      
Net investment income
 (0.45)   (0.87)   (0.81)   (0.88)   (0.75)   (0.71)
Net asset value, end of period
 $ 52.21   $ 43.13   $ 39.97   $ 40.56   $ 37.64   $ 32.44
Total return (f)
 22.17%   10.12%   0.73%   10.17%   18.58%   13.20%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $537,733   $401,070   $167,887   $105,443   $90,321   $64,883
Ratios to average net assets:                      
Total expenses
 0.09%(g)   0.09%   0.25%   0.25%   0.25%   0.25%
Net investment income (loss)
 1.73%(g)   2.17%   2.62%   2.16%   2.25%   2.48%
Portfolio turnover rate (h)
 2%(i)   5%   5%   4%   2%   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 period.
(d) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(e) Amount is less than $0.005 per share.
(f) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(g) Annualized.
(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(i) Not annualized.
    
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Portfolio Europe ETF
  Six Months
Ended
3/31/21
(Unaudited) 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a) 		  Year
Ended
9/30/17(a) 		  Year
Ended
9/30/16(a)
Net asset value, beginning of period
 $ 32.78   $ 33.30   $ 33.70   $ 35.49   $ 30.28   $ 31.54
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.39   0.81   1.13   1.14   0.95   1.10
Net realized and unrealized gain (loss) (c)
 6.49   (0.51)   (0.40)   (1.68)   5.14   (1.21)
Total from investment operations
 6.88   0.30   0.73   (0.54)   6.09   (0.11)
Net equalization credits and charges (b)
 0.02   (0.04)   0.04   (0.06)   0.12   (0.04)
Other capital
 —   —   —   —   0.01   —
Distributions to shareholders from:                      
Net investment income
 (0.40)   (0.78)   (1.17)   (1.19)   (1.01)   (1.11)
Net asset value, end of period
 $ 39.28   $ 32.78   $ 33.30   $ 33.70   $ 35.49   $ 30.28
Total return (d)
 21.12%   0.93%   2.34%   (1.68)%   20.83%   (0.42)%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $155,183   $134,396   $186,500   $188,731   $317,665   $186,220
Ratios to average net assets:                      
Total expenses
 0.09%(e)   0.09%   0.29%   0.29%   0.29%   0.29%
Net investment income (loss)
 2.11%(e)   2.47%   3.47%   3.25%   2.92%   3.57%
Portfolio turnover rate (f)
 2%(g)   3%   67%   5%   8%   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 period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
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SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
March 31, 2021 (Unaudited)
1.    Organization
SPDR Index Shares Funds (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.
As of March 31, 2021, the Trust consists of twenty-four (24) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):
SPDR 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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
•   Equity investments (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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
•   Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;
•   Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•   Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of each Fund’s investments, according to the fair value hierarchy as of March 31, 2021, is disclosed in each Fund’s respective Schedule of Investments.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Non-cash dividends, if any, received in the form of stock are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
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
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
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 March 31, 2021, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
The Fund in the 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 following Fund utilized equalization during the period ended March 31, 2021:
SPDR Portfolio Europe ETF
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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
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 period ended March 31, 2021, the SPDR Portfolio Emerging Markets ETF entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity, however, there were none outstanding as of period ended March 31, 2021.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
The following tables summarize the value of the Fund's derivative instruments as of March 31, 2021, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:
  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
 $—   $—   $—   $69,555   $—   $69,555
  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
 $—   $—   $—   $(27,124)   $—   $(27,124)
4.    Fees and Transactions with Affiliates
Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:
  Annual Rate
SPDR 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
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
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.
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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
Other Transactions with Affiliates
The Fund may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2021 are disclosed in the Schedules of Investments.
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 period ended March 31, 2021, were as follows:
  Purchases   Sales
SPDR Portfolio Emerging Markets ETF
 $797,972,971   $ 270,231,311
SPDR Portfolio Developed World ex-US ETF
 217,849,837   136,739,477
SPDR Portfolio MSCI Global Stock Market ETF
 18,168,785   8,470,834
SPDR Portfolio Europe ETF
 3,365,893   3,761,767
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
For the period ended March 31, 2021, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:
  In-kind
Contributions 		  In-kind
Redemptions 		  In-kind Net
Realized
Gains/(Losses)
SPDR Portfolio Emerging Markets ETF
 $312,189,260   $ —   $ —
SPDR Portfolio Developed World ex-US ETF
 924,487,540   47,163,712   20,630,579
SPDR Portfolio MSCI Global Stock Market ETF
 126,245,966   87,223,290   35,944,654
SPDR Portfolio Europe ETF
 69,557,491   78,050,926   14,631,885
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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of September 30, 2020, SSGA FM has analyzed each Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of March 31, 2021, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
  Tax
Cost 		  Gross
Unrealized
Appreciation 		  Gross
Unrealized
Depreciation 		  Net Unrealized
Appreciation
(Depreciation)
SPDR Portfolio Emerging Markets ETF
 $5,256,979,607   $1,367,208,695   $364,488,982   $1,002,719,713
SPDR Portfolio Developed World ex-US ETF
 8,945,153,510   2,113,887,463   374,990,282   1,738,897,181
SPDR Portfolio MSCI Global Stock Market ETF
 454,792,938   98,505,838   8,254,032   90,251,806
SPDR Portfolio Europe ETF
 146,801,080   17,848,425   9,171,426   8,676,999
9.    Securities Lending
Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of March 31, 2021, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.
The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of March 31, 2021:
Fund   Market Value of
Securities on Loan 		  Cash
Collateral
Received 		  Non-Cash
Collateral
Received * 		  Total
Collateral
Received
SPDR Portfolio Emerging Markets ETF
   $ 230,127,108   $ 157,040,390   $ 83,411,815   $ 240,452,205
SPDR Portfolio Developed World ex-US ETF
   445,898,491   160,337,612   311,268,488   471,606,100
SPDR Portfolio MSCI Global Stock Market ETF
   16,251,707   8,929,726   8,126,521   17,056,247
SPDR Portfolio Europe ETF
   3,245,593   1,802,003   1,634,864   3,436,867
 * The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of March 31, 2021:
        Remaining Contractual Maturity of the Agreements
As of March 31, 2021
Fund   Securities
Lending
Transactions 		  Overnight
and
Continuous 		  <30 Days   Between
30 & 90
Days 		  >90 Days   Total
Borrowings 		  Gross Amount
of Recognized
Liabilities for
Securities Lending Transactions
SPDR Portfolio Emerging Markets ETF
   Common Stocks   $157,040,390   $—   $—   $—   $157,040,390   $157,040,390
SPDR Portfolio Developed World ex-US ETF
   Common Stocks   160,336,535   —   —   —   160,336,535   160,336,535
SPDR Portfolio Developed World ex-US ETF
   Warrants   1,077   —   —   —   1,077   1,077
SPDR Portfolio MSCI Global Stock Market ETF
   Common Stocks   8,929,726   —   —   —   8,929,726   8,929,726
SPDR Portfolio Europe ETF
   Common Stocks   1,802,003   —   —   —   1,802,003   1,802,003
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 2021 unless extended or renewed.
The Fund did not have any outstanding loans as of March 31, 2021.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.25% plus the New York Fed Bank Rate. Prior to October 8, 2020, interest was calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
11.    Risks
Concentration Risk
As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if the Funds were more broadly diversified.
Foreign and Emerging Markets Risk
Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.
Credit Risk
A Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.
Market Risk
Each Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in 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,
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
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 extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.
12.    Change in Audit Firm
PricewaterhouseCoopers LLP (“PWC”) resigned as independent registered certified public accounting firm on April 20, 2020. On May 21, 2020, upon recommendation by the Audit Committee of the Trust, the Board selected Ernst & Young LLP (“EY”) to replace PWC as the independent public accountant for the fiscal year ending September 30, 2020.
The reports of PWC on the financial statements for the fiscal years ended September 30, 2019 and 2018 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.
During the fiscal years ended September 30, 2019 and 2018, and in the subsequent interim period through April 20, 2020, there were no disagreements between the Trust and PWC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which, if not resolved to the satisfaction of PWC, would have caused it to make reference to the disagreements in its report on the financial statements. In addition, during the fiscal years ended September 30, 2019 and 2018, and in the subsequent interim period through April 20, 2020, there were no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
The Trust requested and PWC furnished a letter addressed to the Securities and Exchange Commission stating whether or not it agreed with the above statements. A copy of such letter was filed as an Exhibit, under Item 13(a)(4), to Form N-CSR for the period ended March 31, 2020.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2021 (Unaudited)
During this period, neither the Trust nor anyone on its behalf consulted EY concerning (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Trust’s financial statements or (ii) the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).
13.    Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
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SPDR INDEX SHARES FUNDS
OTHER INFORMATION
March 31, 2021 (Unaudited)
Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from October 1, 2020 to March 31, 2021.
The table below illustrates your Fund's cost in two ways:
Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period”.
Based on hypothetical 5% return ——This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
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OTHER INFORMATION  (continued)
March 31, 2021 (Unaudited)
  SPDR Portfolio Emerging Markets ETF   SPDR Portfolio Developed World ex-US ETF   SPDR Portfolio MSCI Global Stock Market ETF   SPDR Portfolio Europe ETF
Annualized Expense Ratio
 0.11%   0.04%   0.09%   0.09%
Actual:              
Ending Account Value
 $ 1,211.50   $1,220.10   $1,221.70   $ 1,211.20
Expenses Paid During Period(a)
 0.61   0.22   0.50   0.50
Hypothetical (assuming a 5% return before expenses):              
Ending Account Value
 1,024.40   1,024.70   1,024.50   1,024.50
Expenses Paid During Period(a)
 0.56   0.20   0.45   0.45
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 182, then divided by 365.
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OTHER INFORMATION  (continued)
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Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ Program. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period October 2019 through September 2020, including:
• the Program supported each Fund’s ability to honor redemption requests timely;
• the Program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions;
• no material liquidity issues were identified during the period;
• there were no material changes to the Program during the period;
• the implementation of the Program was effective to manage each Fund’s liquidity risk; and
• the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at www.ssga.com.
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OTHER INFORMATION  (continued)
March 31, 2021 (Unaudited)
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC’s website at www.sec.gov.
Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov, and on the Funds' website at www.ssga.com.
Quarterly Portfolio Schedule
Following the Funds’ first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit on Form N-PORT, which can be found on the Funds' website at www.ssga.com and SEC's website at www.sec.gov. The Funds’ schedules of investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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SPDR® Index Shares Funds
SPDR Index Shares Funds
Trustees
Bonny E. Boatman
Dwight D. Churchill
Clare S. Richer
James E. Ross
Sandra G. Sponem
Carl G. Verboncoeur, Chairman
Investment Manager and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, MA 02210
Custodian, Sub-Administrator
and Transfer Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.

Table of Contents
SPDR® Index Shares Funds
For more complete information, please call 1.866.787.2257 or visit www.ssga.com today.
The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indices LLC or MSCI Inc. Neither do these companies make any representation regarding the advisability of investing in the Funds. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested.
Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their
respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider a Fund's investment objective, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.ssga.com. Read it carefully.
Not FDIC Insured • No Bank Guarantee • May Lose Value
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.
State Street Global Advisors
© 2021 State Street Corporation - All Rights Reserved
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